Which G7 economy was the best performer of the past decade?


Extrait de: Which G7 economy was the best performer of the past decade? And can it keep it up? , The Economics,  Feb 3rd 2011

Allemagne - G7 Growth

Remarquez, comment la dette des Canadiens est élevée.

..THE euro zone may be limping, but its largest member is sprinting. Germany grew at its fastest pace for two decades in 2010. An expansion rate of 3.6% put it ahead of most other rich economies, including America, whose GDP grew by 2.9% last year. Sceptics argue that Germany’s strong rebound merely follows a deeper drop in output during the recession than in most other economies. For a proper assessment of countries’ relative performance, you need to take a longer period, such as a decade.

At first glance, the popular perception of Germany as a laggard seems borne out by the numbers. Germany’s GDP has expanded by an annual average of only 0.9% over the past ten years, just half the pace in America. (For countries which have not yet published their full-year figures, we have used 2010 estimates from The Economist’s poll of forecasters.) But that is misleading. America’s economy grew more quickly partly because its population rose by almost 1% a year, thanks to immigration and a higher birth rate. In contrast, the number of German citizens is shrinking. That matters because a better gauge of prosperity is not growth in GDP, but growth in GDP per person or average income.

This measure produces a very different ranking. Over the past decade Germany had the fastest growth in GDP per person among the G7 club of rich economies; America was in only fifth place (see chart). Using GDP per head also casts new light on the recent recession. Measured by the fall in output per head from the fourth quarter of 2007, Germany’s recession was no deeper than America’s. Germany is also the only G7 country where GDP per head last year was back above its 2007 level.