A Breakdown of GDP Contraction in the EU

Eurostat has just released its second estimates for how much EU countries' GDP contracted by in the first quarter. For the most part the first estimates have held firm. The countries that suffered the biggest contractions in Q1, compared to Q1 last year, in order of biggest contraction to smallest were:

1. Latvia -18.6%
2. Estonia -15.1%
3. Lithuania -11.8%
4. Slovenia - 9.0%
5. Ireland -8.4%

The five biggest contractions on a quarter by quarter basis were:

1. Slovakia -11.4%
2. Latvia -11.2%
3. Lithuania -10.5%
4. Slovenia -6.4%
5. Estonia -6.1%

Incredibly Ireland had only contracted 1.5% on a quarterly basis, which would seem to indicate that after such a swift and severe contraction over the year, that the Irish economy may be starting to level off. The best performers were:

Poland

Poland had grown 1.9% year on year in Q1, and had also seen a quarter by quarter growth of 0.4%

Cyprus

Cyprus had grown 1.5% year-on-year and its GDP remained constant on a quarterly basis in Q1 this year

Greece

Greece had grown 0.3% year-on-year and had only contracted 1.2% on a quarterly basis

On the whole GDP in the EU had contracted by 4.7% year-on-year in Q1 this year, and 2.4% on a quarterly basis.