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It's hardly fair to pick on Germany in this regard. Most of affluent Europe has seen between zero and negative real economic growth for 15 years, basically sinc
by adventured 3y ago
It's hardly fair to pick on Germany in this regard. Most of affluent Europe has seen between zero and negative real economic growth for 15 years, basically since the great recession crashed everything.
The standard we'll compare to is the US (it has tended to have a gradual upward sloping economic growth, somewhat consistent). Going with per capita figures, as that is almost always more important than the total figure.
US 1990: $29,000. US 2000: $36,000. US 2007: $48,000 (peak before great recession hit). Today: $80,000. $48k in 2007 is $73k today (painful inflation). The US per capita figure is up roughly 10% since the great recession, in real terms, which is not a great outcome (if you want to know why the US population is so restless, this is one reason; in real terms major costs (healthcare, education, housing) have skyrocketed over the past ~16 years and the economy has not). Since 2000 per capita GDP has increased by a bit over 20% in real terms ($65k to $80k). Since 1990 the US has added around 85 million people (close to a 1/3 increase).
The UK 1990: $19,000. The UK 2000: $28,000. The UK 2007: $50,000. UK today: $46,000. Since the year 2000, the UK has added 10% to its population and their inflation adjusted GDP per capita has contracted by almost 10%. Since the peak in 2007 their GDP per capita has dropped by 1/3 inflation adjusted (!) - $50k in 2007 is $75k today. That's a massive erosion over what will soon be two decades. In 2007 the UK briefly had a higher per capita figure than the US, now it's approaching half the US.
Germany 1990: $22,000. Germany 2000: $24,000. Germany 2008: $45,000 (peak before great recession). Germany today: $51,000. $24k in 1990 is around $43k-$44k today (via the BLS inflation calculator). So Germany has seen a bit under 20% real growth over 33 years, which is exceptionally poor by most any standard (but at least it's growth). Since the peak in 2008, they have seen more than a 20% drop ($45k in 2008 is $65k today). They are lagging behind, however there are clearly worse outcomes in Europe, including the UK.
France 1990: $22,000. France 2000: $22,000. France 2008: $45,000. France today: $44,000. Their population has increased by around ten million (~58m to ~68m) in 33 years. Since the year 2000 their per capita output has grown by a real 10% roughly. They're in the same boat as the UK, with a 1/3 drop in their per capita GDP since the peak in 2008.
Italy 1990: $21,000. Italy 2000: $20,000. Italy 2008: $41,000. Italy today: $37,000. $41k in 2008 is equal to $60k today. So Italy has seen a near 40% drop since 2008 in real terms. Obviously far worse than Germany.
Spain 1990: $14,000. Spain 2000: $15,000. Spain 2008: $35,000. Spain today: $31,000. $35k in 2008 is equal to $51k today. Spain has seen roughly a 1/3 decline since the 2008 peak in real terms.
Netherlands 1990: $21,000. Netherlands 2000: $26,000. Netherlands 2008: $58,000. Netherlands today: $61,000. $58k in 2008 is equal to $84k today. Nearly a 1/3 drop in real terms since the 2008 peak.
And so on it goes for most of Western Europe. The exceptions are the Baltics and Ireland.
Figures are rounded to nearest thousand.