an economic comparison of three countries

[ailamos]

Just wanted to share with you some statistics I found interesting while randomly going from one wikipedia page to another I looked at three countries with comparable land areas and populations, one which is European, one which has large oil reserves and one which is and has neither. It was interesting to see that the both the GDP and per capita GDP of Austria surpasses that of the UAE.

 

AUSTRIA

 

Statistics

 

GDP: $329.5 billion (2008 est.)

GDP growth: 1.8% (2008 est.)

GDP per capita: $40,200 (2008 est.)

GDP by sector: agriculture: 1.9%; industry: 30.7%; services: 67.4% (2008 est.)

Inflation (CPI): 3.2% (2008 est.)

Labour force: 3.633 million (2008 est.)

Labour force by occupation: agriculture: 5.5%; industry: 27.5%; services: 67% (2005 est.)

Unemployment: 5.4% (December 2009 est.)

Main industries: construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism

 

External

 

Exports: $163.6 billion (2008 est.)

Export goods: machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs

Main export partners Germany 29.4%, Italy 8.6%, US 4.3%, Switzerland 4.2% (2008)

Imports: $168.9 billion (2008 est.)

Import goods: machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs

Main import partners: Germany 44.4%, Italy 7.1%, Switzerland 5.2%, Netherlands 4.1% (2008)

 

UNITED ARAB EMIRATES

 

Statistics

 

GDP: $270 billion (2008 est.)

GDP growth: 8.5% (2008 est.)

GDP per capita: $55,028 (2008 est.) (7th)

GDP by sector: Agriculture (1.6%), Industry (61.8%), Services (36.6%) (2008 est.)

Inflation (CPI) 14.4% (2008 est.)

Labour force: 3.266 million (2008 est.)

Labour force by occupation: Agriculture (7%), Industry (15%), Services (78%) (2000 est.)

Unemployment: 2.1% (2006)

Main industries: Petroleum and Petrochemicals, Fishing, Aluminum, Cement, Fertilizers, Commercial Ship Repair, Construction Materials, Boat Building, Handicrafts, Textiles

 

External

 

Exports: $207.7 billion f.o.b. (2008 est.)

Export goods: Crude Oil, Natural Gas, Re-exports, Dried Fish, Dates

Main export partners: Japan 23.6%, South Korea 9.2%, Thailand 5%, India 4.8% (2007)

Imports: $141.1 billion f.o.b. (2008 est.)

Import goods: Machinery and Transport Equipment, Chemicals, Food

Main import partners: China 12.8%, India 10%, United States 8.7%, Japan 6.1%, Germany 5.9%, United Kingdom 5.3%, Italy 4.6% (2007)

Gross external debt: $73.71 billion (2008 est.)

 

JORDAN

 

Statistics

GDP: $31.01 billion (2008 est.)

GDP growth: 8.31% (2008 est.)

GDP per capita: $5,000 (2008 est.)

GDP by sector: agriculture (3.6%), industry (10.1%), services (86.3%) (2008 est.)

Inflation (CPI): 15.5% (2008 est.)

Population below poverty line: 12.5% (2001 est.)

Labour force 1.615 million (2008 est.)

Labour force by occupation: Agriculture (3.6%), Industry (10.1%), Services (77.4%) (2008 est.)

Unemployment: 13.5% (2007 est.)

Main industries: Clothing, Phosphate Mining, Fertilizers, Pharmaceuticals, Petroleum Refining, Cement, Potash, Inorganic Chemicals, Light Manufacturing, Tourism

 

External

 

Exports: $6.521 billion f.o.b. (2008 est.)

Export goods: Clothing, Pharmaceuticals, Potash, Phosphates, Fertilizers, Vegetables

Main export partners: United States 22.4%, Iraq 12.9%, India 8.3%, United Arab Emirates 7.8%, Saudi Arabia 7.5%, Syria 4.9% (2007)

Imports: $15.65 billion f.o.b. (2008 est.)

Import goods: Crude Oil, Textile Fabrics, Machinery, Transport Equipment, Manufactured Goods

Main import partners: Saudi Arabia 21%, China 9.7%, Germany 7.5%, United States 4.7%, Egypt 4.4% (2007)

[Peacenow]

Dear, may I share with you a better link. Since you need better figures than 2008. I usually use this one

http://www.dbresearch.de/servlet/reweb2.ReWEB?rwdspl=0&rwnode=CIB_INTERNET_EN-PROD$EASTERN_EUROPE_MA P&rwsite=CIB_INTERNET_EN-PROD

[ailamos]

^ That's a good link Peacenow, thanks... The GDP of Austria still surpasses that of the UAE for 2009. It's unfortunate that they only have information for one African country.

[Peacenow]

Unfortunetly that's how Africa is today. At least Angola, Botswana should be included.

[N.O.R.F]

Edit

 

What is IN the numbers?

 

How has GDP grown over the years?

 

Austria was created in 1918 whereas the UAE was created in 1971 (53 years later) but the GDP is already at $270 billion (a phenomenal growth rate).

 

What is Austria's main industry? Banking?

 

Going off Peacenow's link Years 2006-2010r:

 

Austria

 

GDP growth (real) % yoy 2.9 3.4 3.4 1.9 -3.4

 

UAE

 

GDP growth (real) % yoy 9.4 6.3 7.4 -1.0 3.0

[ailamos]

It's an interesting observation, of course if you go into temporals then none of the countries of the world would be comparable because they all were founded at different times. Anyway, I just thought it's rather interesting that a country that has no petroleum has a higher GDP than one with that resource and with similar population and geographical size. It's not a scientific comparison by any means

 

I don't think it has a main industry, but rather a collection of them that contribute to the economy.

[N.O.R.F]

^Services = banking/financial services.

 

UAE's industrial sector contributes more to GDP than Austria's.

 

It might not have any oil but it (along with Switzerland) holds most of the oil money

[ailamos]

hmmmmm... that's the one of the biggest perks of being a neutral country... hehe

[Gheelle.T]

ailamos, Austria and UAE have similar population? Check that again, I doubt they do!

[ailamos]

Austria's got 8 million and the UAE's got 6 million (projected 7 million for 2010), they're not exactly the same but comparable +/- 2 million...

[Gheelle.T]

Austria got close to 9 mil where UAE is about 4 million, based on my source. It's like twice the size. Anyhow, UAE is doing quite well.

[Abu-Salman]

To begin with, a relaxation of "happy hours" or licensure for alcohol premises, the development of tabacco plantations, "tourism" & banking (euphemisms for licentiousness and plutocracy in many ways) etc will boost the GDP (though that will not provide much succor to victims of stress, pollution and obesity related diseases or alcohol fuelled traffic accidents).

 

Indeed, all sorts of ethically questionable and unsustainable activities, which contributes negatively in the overall picture (Public Health, famillial & social cohesion, global environment & stability etc), represent a very significant part of the economic activity of many countries (no wonder the "service" component, including the "restauration" and "entertainment" industries, is inflated in the case of countries such as Austria).

 

Even in purely statistical terms, GDP figures are both not readily measurable and misleading in many ways, eg, not accounting for nomadic milk production depress significantly Somalia figures whereas the informal sector or the most crucial activities, ie, volunteering or parents attending to their household duties are not included despite studies confirming that children reared by their housewife mothers are more adjusted, which translates into all sorts of social & security costs to the wider society being prevented.

 

Here, all the essential parts are missing and, to take just one example, World leading Abu-Dhabi sovereign wealth fund alone, approximating a trillion of US$, would trump the rest comparing to the typical, ageing and debt-based Western economy of Austria's, whereas the UAE one is growing at a double-digit rate despite the recession while a young population means less soaring health & care costs and much more potential (Emiratis represent only 16% of the official population, the rest is basically employed expatriates, a situation which means GDP comparisons in this case are even more of an exercise in futility).

 

All that to underline that superficial knowledge, including the focus on narrow, simplistic, as well as unreliable economic frameworks to analyse the world, and much worse, to arrive to similar conclusions reflects an immature intellect and ethical intelligence typical of Western brainwashing (who tend likewise to discount their historical and relentless role in the very problems they associate with Islam)...

[ailamos]

^^ I see the IDF have reappeared again Stop being a paranoiac awoowe, no one attacking Islam here...

 

PS: The 'brainwashing' statement is overused and quite lame

[Yaabka-Yaabkiis]

CAN ARABS STAND BY THEIR OWN--I CAN SEE THEY ARE YET IN BASE ECONOMIES AND I AM NOT SURE WHERE THEY WILL BE NEXT 10-20 YEARS....

[ailamos]

^ makes one wonder what will happen after the oil runs out...