Quote of the Day
Long-term consistency trumps short-term intensity.
— Bruce Lee
I have been trying to understand the economic situation with Greece and its creditors, but it has been difficult because I do not have an intuitive feel for the size of the Greek economy. To understand a number, I need to relate it to something that I know.
While listening to a report on the radio this morning, I heard a commentator compare the size of the Greek economy to that of the state of Oregon – this one statement gave me an economic number that I can understand. As usual, I want to see if I can determine this relationship for myself, which is the subject of this post.
I immediately went to the Wikipedia and found a list of estimated US state (and DC) GDPs for 2015, and Global Finance magazine had a 2015 projection for the Greek GDP. I threw all this data into a pivot table and ranked Greece as if it were a US state. Table 1 shows my pivot table results – if Greece were a state, it would rank between Louisiana and Oregon. If Greece were a state, it would rank 25th in GDP. So the news report I heard this morning was accurate.
I now understand how big the Greek economy is. As another point of reference, I live in Minnesota, which ranks 17th in GDP among the states and has an economy ~29% larger than Greece.
A reader asked that I add a column on per capita GDP output, which I have added. If Greece were a state, it would have the least per capita GDP by a wide margin.
|State||2015 GSP $ Billions||Employment||$ Per Capita||State $ Per Capita Rank||State GDP Rank|
|District of Columbia||105,465||736,869||143,126||6||38|
Interesting. Why don't you add population and calculate the per capita GDP?
I'm guessing Greece would be way below any U.S. state.
You bring up an interesting point. I have no idea what the relative productivity levels would be. I will take a look.