Real GDP grew in all regions of the European Union in 2021 compared to 2020 except in three located in Belgium, France and Austria, according to data released by Eurostat, the statistical service of the EU. Cyprus’ real GDP was up by 6.6%.
In 2021, real GDP changes in individual EU regions ranged from -2.4% in Province Brabant wallon (Belgium) to +16.7% in Notio Aigaio (Greece) compared with 2020.
Real GDP increased in all EU regions on the NUTS 2 level except three: Prov. Brabant wallon (Belgium), Mayotte (-0.7%; France) and Tirol (-0.2%; Austria).
The regions with the largest growth in GDP volume after the Notio Aigaio region in Greece were the Southern region of Ireland (+16.3%) and Jadranska Hrvatska in Croatia (+16.0%).
Cyprus, which is considered a single region on all NUTS levels, recorded a 6,6% growth in GDP in 2021 compared to 2020.
The COVID-19 crisis strongly impacted all regions, affecting social and economic indicators in 2020. The GDP volume growth rates in 2021 are, in many cases, inversely proportional to falls in GDP in 2020.
When comparing GDP volume levels in 2021 with the pre-COVID year of 2019, the three regions with the largest increases were all in Ireland: Southern (+28.4%), Eastern and Midland (+15.4%) and Northern and Western (+14.1%).
A total of 79 NUTS 2 regions in the European Union had a higher GDP volume level in 2021 than in 2019.
Meanwhile, the largest decreases were recorded in Illes Balears (-15.0%; Spain), Algarve (-13.8%; Portugal) and Canarias (-13.4%; Spain).
Also, regional GDP per capita expressed in terms of national purchasing power standards (PPS) in 2021 ranged from 28% of the EU average in Mayotte (France) to 268% in Luxembourg.
This indicator was at 91% in 2021, that is a little below the EU average.
The leading regions in the ranking of regional GDP per capita in 2021 expressed in terms of national PPS after Luxembourg were in Southern Ireland (261% of the EU average), Eastern and Midland Ireland (239%) and Région de Bruxelles Capitale / Brussels Hoofdstedelijk Gewest (204%; Brussels).
The high GDP per capita in these regions can be partly explained by a high inflow of commuting workers (Luxembourg and Brussels) and by some major multinational enterprises domiciled in the regions (Southern, and Eastern and Midland Ireland).
In contrast, after Mayotte, the lowest regions in the ranking were all in Bulgaria: Yuzhen tsentralen (38% of the EU average), Severen tsentralen and Severozapaden (both 39%).
Source: Cyprus News Agency