Friday, August 19, 2011

The Great Recession's impact on GDP

The Economist (see here) has some good data on the impact of the Great Recession on GDP.  The graph below (click to enlarge) provides a good summary.


The Economist states that:

GDP growth rates slowed sharply in most rich economies in the second quarter. So where does that leave output relative to its level before the start of the financial crisis? If we rank the G7 countries according to the change in real GDP since the end of 2007, Canada tops the league. But Canada, like the United States, has a fast-growing population, whereas the number of Germans and Japanese has started to shrink. GDP per person is therefore a better measure of relative performance. As the chart below shows, by this gauge Canada is still 1% below its pre-crisis level and America is 3.5% down.


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