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Gross Domestic Product - GDP Growth: EU Comparison

High Level Summary of Statistics Trend Last update: October, 2011

GDP Growth - EU Comparison

The small independent EU countries are defined as: Austria, Denmark, Finland, Ireland, Luxembourg, Portugal and Sweden. Annual Gross Domestic Product (GDP) growth rates for Scotland and the Small EU Countries are calculated on a rolling four quarters on four quarters basis.

The chart below shows annual GDP growth rates (calculated on a 4 quarters on 4 quarters basis) for Scotland and the Small EU. The figures indicate a divergence in the nature of the impact of the recession and in the recovery phase in Scotland compared to the Small EU countries. Over the year to 2011Q2 GDP in Scotland increased by 1.1%, whilst GDP in the Small EU increased by 3.1% - a gap of 2.0 percentage points in favour of the Small EU. Over the year to 2011Q1 - the comparison period - GDP in Scotland increased by 1.4%, whilst Small EU GDP rose by 3.2%, resulting in a gap of 1.8 percentage points in favour of the Small EU. Therefore, the gap between annual Scottish and Small EU GDP growth rates - when presented to one decimal place - increased by 0.3 percentage point in favour the Small EU between 2011Q1 and 2011Q2.

Scotland and Small EU Countries Annual GDP Growth Rates and Gap, 2002Q2 to 2011Q2

Source: Scottish Government, OECD

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The table below provides details of quarterly and annual GDP growth rates for the individual Small EU countries, and shows that six of the seven Small EU countries exhibited positive growth in 2011Q2. The Small EU has witnessed a stronger recovery in output since emerging from recession (in 2009Q3) compared to both Scotland and the UK. In 2011Q2 Small EU GDP had increased by 5.3% from it's recession low. This has been driven by relatively strong GDP growth in Sweden, Austria and Finland over this period. As the largest economies in the Small EU, the performance of Austria and Sweden are important determinants of overall growth, as together they account for around 45% of Small EU GDP.

Quarterly and Annual GDP Growth Rates for Individual Small EU Countries
Quarterly Growth RatesAnnual (4Q on 4Q) Growth Rates
Small EU0.3%0.5%0.7%2.6%3.2%3.1%

Source: Scottish Government, OECD

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