Graph:% of Spain for the U.S. in 1964-2010: population, employment, production and consumption Note: Guisan (2010), English Economy Report 2010 (will include link coming soon), based on OECD data.
Intrior Percent Product (GDP) and consumption are measured in purchasing power parities and would be lower if the measurement had been made in exchange rates. Consumption refers to household consumption and the percentage would be quite similar in case to also include consumption utilities.
The graph clearly shows how the English economic policies of the period 1975-2010 have not been sufficient to bring closer the percentage of GDP of Spain to its percentage of the population, compared with the United States of America. The reality is that opportunities for improvement has not been tapped. We discussed some of the major shortcomings of English economic policies and analyze more aspects in future Blog entries.
Period 1964-75: increased the percentage of GDP and consumption Spain compared to the U.S.. While the percentage of non-agricultural employment increased in that period, the percentage of total employment in Spain compared to the U.S. declined ligeralmente to have been a significant decline in agricultural employment in Spain, the fruit of the modernization of these activities and other factors.
Period 1975-95: Spain maintained, with variations, a certain stability in the percentage of production to USA, but there was a sufficient increase to have prevented the fall in the percentage of employment.
Period 1995-2010: Spain made policies to expand use of low cost without sufficient economic policies to boost production. This leads to increased employment does not result in an increased percentage of GDP and consumption to levels closer to the percentage that the population of Spain is about USA. Therefore not significantly improve the wages and real per capita income.
Period 1995-2010: Spain made policies to expand use of low cost without sufficient economic policies to boost production. This leads to increased employment does not result in an increased percentage of GDP and consumption to levels closer to the percentage that the population of Spain is about USA. Therefore not significantly improve the wages and real per capita income.
Spain has a GDP per capita well below the USA and other leading countries of the OECD. One of the most important, as mentioned in other entries in this Blog is the insufficient increase in industrial production per capita. More information on the 37 of this blog entry.
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