EUROP

E
 TOP 10 GROWING
ECONOMY IN EUROPE
1. Ireland
 1. Ireland

• 9.0% growth rate

• The Irish gross domestic product advanced by
2.5% on quarter in the three months to June of
2018, following an upwardly revised 0.4%
contraction in the previous period.
 Factors that contributed to growth rate:
EXPENDITURE OUTPUT
1. Household Consumption 1. Industry
2. Government Spending 2. Manufacturing
3. Imports 3. Construction
4. Exports 4. Distribution, trade, hotels & restaurants
5. Finance and Insurance Activities
6. Professional, Administrative and Support
Services
7. Information and Communication

On the other hand, contractions were seen in agriculture (-

3.4% vs -2.5%); arts and entertainment (-2.8% vs -3.8%);
public administration, education, health (-1.1% vs 2.0%)
and real estate activities (-0.1% vs 0.1%).
2. Iceland
 2. Iceland

• 7.2% growth rate

• The economy of Iceland grew 7.2% year-on-year in the
second quarter of 2018, following an upwardly revised
5.6% expansion in the previous period. It was the
strongest growth since the last quarter of 2016
Factors that contributed to growth rate:
• Public expenditure (2.8% compared to 3.3%)
• Household consumption (5.1% compared to 5.6%)
• Exports rose at softer pace (0.8% compared to 9.3%)
• While imports dropped (-0.4% compared to 9.9%

Iceland's economy depends heavily on the fishing industry, which

provides 40% of export earnings, more than 12% of GDP, and employs
nearly 5% of the work force. Its economy has been diversifying into
manufacturing and service industries in the last decade,
particularly within the fields of software production,
biotechnology, and tourism. On the expenditure side, household
consumption is the main component of GDP and accounts for 53% of
its total use, followed by government expenditure (24%) and gross fixed
capital formation (17%). Exports of goods and services account for
54% of GDP while imports account for 47%, adding 7% of total GDP.
3. malta
 3. malta

• The gross domestic product expanded 5.9%

year on year in the second quarter of 2018
• Household consumption is the main component
of GDP and accounts for 55% of its total use.
4. moldova
 4. moldova

• Moldova economy advanced 5.2% year-on-year in the

three month to June of 2018, up from a 3.7% perfect
expansion in its previous period.
• Output rose faster for gross fixed capital formation
9.3% while it slowed for houseld consumption 3.3%
5. turkey
 5. turkey

• Turkish economy grew by 5.2% year-on-year in the second quarter of

2018
• It was the weakest growth rate since the last quarter of 2016
• Household consumption and fixed investment increased at softer pace
• Household consumption accounts to 70%
• Gross fixed capital formation is 22 %.
• Government expenditure is 15%
• Exports of goods and services account for 27% of GDP
• Imports account for 32% from total GDP
6. Poland
 6. Poland

• Poland’s economy grew 5.1% year-on-year in the third quarter of

2018
• Poland's main industries are: food and beverage processing,
shipbuilding and the manufacture of machinery, iron and steel
products, chemicals, glass and textiles.
• Household spending advanced at a softer pace of 4.5%
• Government expenditure rose further of 3.6%
• Gross capital formation increased by 9.9%
• Exports grew 4.9%
• Imports went up at a faster 6.9%
7. Montenegro
 7. Montenegro

• The economy of Montenegro advanced

4.9% year-on-year in the second quarter of
2018
• It was the strongest pace of expansion
since the three months to June of 2017
8. hungary
 8. hungary

• Hungary’s gross domestic product

expanded 4.8% year-on-year in the third
quarter of 2018
9. Slovenia
 9. Slovenia

• Slovenia Slovenian economy expand 4.8 percent year on year in

3rdQ of 2018
• GDP (annual) growth rate in Slovenia averaged 2.74% from
1996-2018
• Household expenditure is also the main component of
Slovenia's GDP accounted to 53% of its total use
• Gross fixed capital formation at 20% : Gov't consumption at
19% Exports of goods and services account at 77% while
Imports is at 69%
10. latvia
 10. latvia

• Latvian GDP grew 4.7% year on year in the 3rdQuarter of 2018

• Annual GDP growth rate averaged 4.20% from 1996-2018
• Household consumption is the main component of it GDP which
accounts 61% of its total use; Gross fixed capital formation @
23%; Gov't expenditure at 18%
• Exports of goods and services accounts @ 59% while Import is
at 62%
 REFERENCE
https://tradingeconomics.com/country-list/gdp-
annual-growth-rate?continent=europe