European economies: Europe’s deepening crisis | The Economist
A really useful economic tool found on the economist.
Looking through the different graphs you can find a few interesting conclusions:
– Luxembourg is top of the GDP ratings, this might seem strange but it is how the GDP is worked out, GDP (basically what the country produces) is divided by the population, so Luxembourg with a low population and high living standard, have a very high GDP.
– In the unemployment stats, Greece and Spain dominate, Greece seems fairly obvious, but Spain’s problem was a reliance on the housing sector and tourism. Both have dried up in Spain and this has meant a lot of jobs lost. (I will be writing a new article on Spains youth unemployment problem).
– In the public debt to GDP ratio, Italy join the stat leaders Greece, with a incredibly high 118%. Though this stat can be misleading, and taking debt out of the picture shows Italy to have an even better economy than Germany (Look at Germany article)
-Britain doesn’t do too bad on the above categories, but fails miserably when it comes to balancing it budget, spending far more than it makes, and has the worst budget balance in Europe. This means there still adding to their debt even now, though the numbers don’t tell the whole story as Britain can still borrow cheaply with the Pound.