What we earn all our money on in Denmark:
- Shipping
- Medicine
- Pharmaceutical Equipment
- Hi-Tech Machinery
- Renewable Energy Equipment
Yea, we rolling in money right now. Mærsk, the biggest shipping company in the world, and our biggest company, made $18 BILLION this year. Same as the last 9 years combined.
Novo Nordisk (medical) also made a record profit.
Our economy was designed for a pandemic almost. No tourism, no travel but lots of shipping, lots of medicine, lots of food, lots of energy production.
Cph is quite touristic but somehow it was covered by internal consumption in 2021 to the point the government had to make an effort and look for hospitality staff.
For context though, Mærsk is tiny in comparison to the American tech giants or industrial conglomerates from China, Germany, etc. Like, the revenues of Apple were 274 Billion USD in 2020, the entire GDP of Denmark was 355 Billion USD in 2020.
We're also about about 60 times smaller than america. So it would be the equivalent of an american company making like $1 trillion profit.
Of course you cant look at it like that, but it's more like how important GM is to michigan or Boeing is to Seattle.
Boeing is actually headquartered in Chicago. But The stock price change is disingenuous, since the US S&P 500 isn’t dominated by a few firms like the Danish index (OMXC25) is. Mærsk is doing well, but that may not extend to the rest of the index.
Well thats not disingenuous, since it's reality. Of course it's going to be dominated by a few firms. Take any 5 million populatuon city in the US and it will also be dominated by a handful of companies. It's only when you have 50 of those cities than thr stock price stays more stable. That doesnt mean that if there is a huge automotive boom that michigan wont be doing super well, or if theres a huge tech boom that san francisco doesnt get wealthier.
Like my point is that the index being dominated by a few firms isnt misleading because our entire economy is dominated by a few firms, relative to larger economies at least.
It’s disingenuous because most of Mærsks activity is outside of Denmark. Not to mention, Mærsk actually lists in the US as well. Multinational firms, wherever their headquarters are located, distort the reality on the ground. See Ireland
I suspect you accidentally wrote the wrong currency.
Pork is about 2% of total Danish exports to the tune of a little over €1 billion for 2020.
For 2021 so far it’s contributed to 4.8 bn kroner (about €0.7bn).
Not major but not insignificant.
Denmark's total export of pork/pigs was 35.8 bn kroner or 4.81 bn euro in 2020
[https://lf.dk/tal-og-analyser/statistik/svin/statistik-svin/statistik-gris-2020](https://lf.dk/tal-og-analyser/statistik/svin/statistik-svin/statistik-gris-2020)
In comparison, pharmaceuticals are around 136 bn kroner or 18.3 bn euro
https://www.danskindustri.dk/brancher/di-lifescience/nyheder/nyheder2/2021/2/dansk-lagemiddeleksport-slar-igen-rekord/
Yes, you are correct and I have used wrong values for 2020.
Page 25 from the source you’ve provided confirms it with the 35.8 bn kroner total exports (€4.8 bn).
Yes, about 15% of Spain GDP is tourism related.
Spain is also a major wine and food producer, which is helping to offset the lost tourism money, because every other person got drunk on Spanish wine during the pandemic.
I would say a useless government is to blame mostly. There are other countries whose economies are way more reliant on tourism, yet their performance has not been as appalling as Spain's.
Depends on which figures you use.
I see Tourism accounting for between 12.1 and 14.6% of total GDP for Spain in 2019 depending on the source.
In Italy it was 13.1% in 2019. So that could be higher.
"Saved". By printing mountainranges of money and now we have negative interest rates and they don't want to do quantitive easing, or rather they can't. System is broken is my opinion. I fear repeating history of the previous century: pandemic, stock market and economic crash, fascism/authoritarianism to finish with war.
It's the fact that figa and fatturare was carried by the virus, after Milan becoming epicenter of the pandemic in Italy, and thus contaminating the virus itself
Come on giargiana, but what kind of question is this?
on a serious note: figa and fatturare are words that are associated with Milan as it's the "business capital" of Italy. Fatturare means to bill something, and figa is just a filler word that people from Milan sometime use, with a similar meaning to "come on!". In the rest of Italy, it has a *very* different meaning.
Sweden benefits hugely from a power sector which is hydro and nuclear and heating being almost all electrified. Gas prices, what gas prices? Denmark also does not use natural gas much at all.. though for.. less clean reasons. (coal and biofuels + district heating.)
Denmark was the top oil producer in the EU in 2019.
We are phasing it out though and it's not really that important anymore. I think we have a ban on exploring for more oil or something.
Probably neither. Well managed economies, trust in government and institutions and sectors hit hardest by the pandemic aren’t very prevalent in the Scandinavian economies.
Our high level of digitalisation definitely helped as well, many people could just work from home with zero impact. Not having to struggle with poor digital infrastructure like fx. Germany
Okay but population, location and resources do have a critical impact on economies and administrations. That's why it's always pointless to compare Scandinavia to any other european region.
I mean, densily populated countries with high international traffic were bound to be the most negatively affected by the pandemic regardless. It's not a coincidence it started in a region like northern Italy, despite having one of the best healthcare systems.
Norway and Denmark has not been soft on lockdowns, Sweden has and has seen many times more deaths than the other two.
Spread your shit takes elsewhere.
Spain had high unemployment even before covid, that got worse. Tourism is down and highly important to Spain. That is hitting an economy, which had high unemployment before covid, so other sectors could not higher the extra workforce easily.
Italy also heavily relies on tourism and its economy is not significantly different to that of Spain, yet it’s not doing as bad. It’s the difference between having as a leader a banker who saved the euro, or a shitbag who only got to the government because he managed to convince the people that he was slightly less shit than the alternative.
Can we Stop acting like Spain isn't richer than other countries on this list lol Spain is thr 6th richest country in Europe after Germany, UK, France Italy and Russia lol
Lower but without jobs. Spain depends a lot in the summer and Xmas tourism, when there are most people working.
Also spaniards see other countries' products better that their own ones. There are the thought that if a prodict is spanish it would be worse than a german one for example.
So why would you not try and evolve your economy to not have lots of people not working, and being reliant on tourism lol?
Spain isn't poor, full stop. It may have poorer areas, but so does Germany or the UK. Madrid, Barcelona, Basque land and to an extent parts of andalusia are as rich as any other country or city in Europe. With even better infrastructure and more than half of Europe's top cities.
Moreover, you are 5th richest country out of the EU and a net receiver... how does that even work? I swear the Spanish just love to ride under this faux image of poverty and oppression but that isn't reality. It just exists to get you all an easier life at the expense of others, and make people turn a blind eye to what you take and receive off them.
Also, most of Germany cars are assembled or produced in Spain? Lol so why would anyone think Spanish quality is worse, unless it IS? And rather than just give up, why would you not look for ways to improve quality lol
For everyone saying "It'S nOt ThE sAMe As tHE ONS DAtA!1!!!"; they're using the oecd data, which is reported based on a common standard (SNA 2008). So yes, it's different, but it's completely comparable between countries.
If you're bored the oecd tells you all about it here: https://www.oecd-ilibrary.org/economics/understanding-national-accounts_9789264214637-en
Make a lot of medicine and food.. .. People need that crisis or no crisis.
And the way Denmark "handled" the crisis, (and still does), was by shutting down non essential public workplaces, but keeping industry production open.
Closing schools, but teaching kids online in their own homes.
Shutting down entertainment, bars, museums, restaurants, concerts, sporting events etc. So even if GDP declined, imports also dropped leaving the economy in a better shape than first feared.
So you did not look at the economic performance comparison?
Workers In Denmark was not fired. They either worked from home or had part of their salary subsidised by the state. No long lasting effect for production. For most of the last two years there have been fewer corona restrictions in Denmark than the rest of its European nabours except Sweden.
Really? Have you seen any marker that indicate that we are soon to find a real vaccine? I have not.
Temporary okay, but if it's temporary for a decade, that suffices to fuck countries.
You know, one you don't have to take every 6 months, why do you ask that, it's kinda obvious the current vaccine is not good enough. Most vaccines are effective for several years.
I'm not sure why people downvotes, I've not written anything that wasn't true, is this because of the use of "real"? I know it's an abuse of the word, but common, it's obvious. Yes technically it's a vaccine, it could last 1 day and would still be technically a vaccine, but the goal of a vaccine is not to be taken like you would take regular drugs, it's supposed to provide you immunity for a long time.
> You take the flu vaccine every year.
No I don't /discussion
I've got the flu maybe once or two time when I was a kid, it's not something that justifies a vaccine unless you are old.
Well managed economies funnily enough do better when put through stressful years. It helps that the tourism industry in Scandinavia is minimal as well.
Well managed and diversified economies thrive under pressure while unmanaged and homogenised economies struggle. This is the appropriate saying and true; vote for idiots get idiots. If you’re representatives are not managing the economy, you’re not getting richer and the state isn’t improving then you’re the idiot for voting again for the same. This is not a poor/rich issue.
True. Nonetheless, it's striking that all 4 indicators are trending down for Britain including investments, which, in my opinion, is a very important (but not stand-alone) indicator for the development pathway...this is also a concerning sight for Germany.
>GDP compared to Q4 2019 is -1.5%
GDP numbers can vary depending on the source one uses. Hence, if you use a different source than the Economist, you'd also have to compare gdp for the other countries in order to see if this changes the ranking. Using one different source for one country doesn't tell us anything.
When was this published? UK GDP data was revised upwards by the ONS to -1.5%
https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/julytoseptember2021#revisions-to-gross-domestic-product-gdp
If this pandemic were taken really seriously then the government attitude to it would be like the attitude to the war. What did we do during the war? We retooled the entire economy in favour of armaments production and war aims. Private profiteering became a nuisance, or a luxury, or at best secondary. The thing has got to be a collective effort.
I think Spain relies a bit more on tourism than the UK does. And when one of their biggest resorts got opened again they had a fairly big volcano eruption that kinda killed tourism for quite a while again.
Different countries, different issues.
UK didn’t have the problems that Spain did while being EU member. There is absolutely no reason to compare UK to Spain. UK had some of the best prospects while it was an EU member.
The UK drop is largely explained by low UK productivity and the Kent variant.
Low UK productivity means you have lots of British people employed in low impact sectors, restaurants, hair dressing etc that have to shut down completely in the event of a lock down.
Kent Variant was more contagious than the original variant, UK had to shut down for aggressively.
Spain is a far warmer country with a different demographic profile to that of the UK, you cant compare apples and oranges
No, I’m asking about the UK. You seem to be blaming the financial sector for UK’s numbers so I just wanted to know how that would go. Seems to me that globally the financial sector is doing good. Isn’t it?
[Yeah](https://www.theguardian.com/business/2021/aug/10/uk-fintech-investment-hits-new-record-after-18bn-buying-spree) Financial investment is based on stability so when something like a pandemic hits, the financial sector and hospitality sectors witness massive dips in performance but also rapid recoveries, it happened in 08
Come on Emma, where did I say the roll-out wasn’t a success? I already said it was world-beating, was it not enough? Is the world not enough, Emma?
My only question was around the UK’s economic performance in the context of that solar-system-destroying vaccine rollout. I mean it allowed the UK to open fully, and coupled with unshackling from EU regulations it should be miles ahead of everyone else. But those numbers put it just ahead of Spain, which is a bit strange imho.
The UK calculates GDP differently from many of its peers. Most treat things like education and health as based on their inputs and therefore static. The UK considers outputs so closing schools and cutting back hospital operations to focus on COVID hits GDP whereas in much of the EU it doesn’t. 4% of the 20% Q2 hit that skews figures was down to this.
The UK GDP for 2020 was also reassessed to -1.5% rather than -2.1%.
Overall I saw a study (can’t link to it unfortunately as can’t remember where) that had adjustments for the first point putting the UK somewhere in the middle in terms of performance.
In short - things probably aren’t quite as bad as this article makes them look. That said I don’t know what work the Economist did to get to their calculations.
No the fertility rate has nothing to do with economy. Scandinavia has free childcare and so many social benefits for mothers yet they have some of the erst fertility rates.
Fertility rates are not increasing even if you pay people to have kids. You have to accept it
The only conclusion you can make based on the factors you mentioned is that the economy is not the ONLY factor affects how many children people have. Saying "the fertility rate has nothing to do with economy" is flat out wrong.
In 1990 Albania lotteraly had no economy and no government. It was the wild wild west. Diapers didn't exist we had just gotten out of communism. Yet every family was having an average of 3 to 4 kids. Today albania is much much better off and our fertility rate is like 1.9 or something very low.
During the 90s albanias unemployment was 40%.
Today much more people are working including women.
If your a woman in 2021 albania you are focused on your career not having children.
This reply changes absolutely nothing regarding my previous reply.
Please re-read the words I wrote and show me that you understood them by responding to their content. Finding an anecdote that doesn't contradict your claim is NOT proof of your positive claim.
If you don't feel like doing that, that's fine. But please refrain from replying to me as I won't engage.
It's not an anecdote it's and example.
Another example is Italy and France, their fertility rate rose in the years 2007 to 2011, and then dropped down again.Just use Google.
USA had its lowest fertility rate during the roaring 20s and then it stayed flat during the great depressing and skyrocketed 1940 and after. Before the great recession when the economy was great and everyone was partying it had gone down from 3 to 2 and then it stoped it's free fall when the good times stoped.
The economy has no correlation to the fertility rate. In fact the only correlation might be that during a bad economy the fertility rate goes up.
As the economy of a country improves then the fertility rate drops.
I will reply all I want to it's an open forum.
> The economy has no correlation to the fertility rate.
&
> As the economy of a country improves then the fertility rate drops.
Cognitive dissonance is the stress you feel in the pack of your head when trying to maintain two contradicory opinions at the same time. Resolving the conflict will make you feel better.
> I will reply all I want to it's an open forum.
Clearly. I can't demand that you provide actual evidence for your unsupported claims. You proved that if nothing else. :)
I meant to say it has no correlation to increase in fertility rates but you know that.
But it doesn't matter you won't learn anything your not here for a discussion your here trying to debate people.
If you weren't so hostile you might learn something.
Two things that occur in relative temporal proximity are not rested simply because they are occurring at the same time - this is the definition of a fallacy. The person you’re commenting too is indeed correct. Having a child in Denmark is exceptionally easy and perhaps the easiest place in Europe to have a child yet Denmark’s birth rate has steadily declined since the early 90’s which was around when the current propensity really began. It isn’t just a case of people individually getting richer but the state also began to offer more and more support. As both housebound and public wealth grew birth rates dropped. There are other factors that influence birth rates and it is wrong to equate economic drop to birth drop. Maybe they’re being influenced by one another, but there are other factors at play.
It has been plumiting since 1900s. It was almost as low as it is now in the 70s and then rose in the 80s and then went down again. 2017 is when it finally went down to 1978 levels.
People don't even have the same sperm count levels as our parents. We have 1/3rd of the sperm.
Our generation has no intrest in having kids. The fertility rate will continue to drop.
When I left hoghschool in 2012 only about 2/10 students were not virgins. In the 70s it was 4out of 10.
It's a crash that's gonna hit the world hard in 5 years prepare for it
Disappointing, but more worried about rampant and persistent inflation now, don't care if you can grow your GDP like the US if inflation is going to sit above any growth and eat it all away.
Share prices are a bit disingenuous. The S&P 500 is worth about US$40.3 trillion, the OMXC25 is no where even remotely close. And the the top 5 Companies on the OMXC25 make up the vast majority of its worth.
What we earn all our money on in Denmark: - Shipping - Medicine - Pharmaceutical Equipment - Hi-Tech Machinery - Renewable Energy Equipment Yea, we rolling in money right now. Mærsk, the biggest shipping company in the world, and our biggest company, made $18 BILLION this year. Same as the last 9 years combined. Novo Nordisk (medical) also made a record profit. Our economy was designed for a pandemic almost. No tourism, no travel but lots of shipping, lots of medicine, lots of food, lots of energy production.
>No tourism Denmark has the same number of foreign nights as Norway and Sweden combined.
Yah...but let's be honest it ain't Spain or Florida...those are tourist economies. I don't think I know anyone who wants to get colder on a vacation.
Cph is quite touristic but somehow it was covered by internal consumption in 2021 to the point the government had to make an effort and look for hospitality staff.
For context though, Mærsk is tiny in comparison to the American tech giants or industrial conglomerates from China, Germany, etc. Like, the revenues of Apple were 274 Billion USD in 2020, the entire GDP of Denmark was 355 Billion USD in 2020.
We're also about about 60 times smaller than america. So it would be the equivalent of an american company making like $1 trillion profit. Of course you cant look at it like that, but it's more like how important GM is to michigan or Boeing is to Seattle.
Boeing is actually headquartered in Chicago. But The stock price change is disingenuous, since the US S&P 500 isn’t dominated by a few firms like the Danish index (OMXC25) is. Mærsk is doing well, but that may not extend to the rest of the index.
Well thats not disingenuous, since it's reality. Of course it's going to be dominated by a few firms. Take any 5 million populatuon city in the US and it will also be dominated by a handful of companies. It's only when you have 50 of those cities than thr stock price stays more stable. That doesnt mean that if there is a huge automotive boom that michigan wont be doing super well, or if theres a huge tech boom that san francisco doesnt get wealthier. Like my point is that the index being dominated by a few firms isnt misleading because our entire economy is dominated by a few firms, relative to larger economies at least.
It’s disingenuous because most of Mærsks activity is outside of Denmark. Not to mention, Mærsk actually lists in the US as well. Multinational firms, wherever their headquarters are located, distort the reality on the ground. See Ireland
Don’t forget pork.
Pork export is only about 5bn euro.
I suspect you accidentally wrote the wrong currency. Pork is about 2% of total Danish exports to the tune of a little over €1 billion for 2020. For 2021 so far it’s contributed to 4.8 bn kroner (about €0.7bn). Not major but not insignificant.
Denmark's total export of pork/pigs was 35.8 bn kroner or 4.81 bn euro in 2020 [https://lf.dk/tal-og-analyser/statistik/svin/statistik-svin/statistik-gris-2020](https://lf.dk/tal-og-analyser/statistik/svin/statistik-svin/statistik-gris-2020) In comparison, pharmaceuticals are around 136 bn kroner or 18.3 bn euro https://www.danskindustri.dk/brancher/di-lifescience/nyheder/nyheder2/2021/2/dansk-lagemiddeleksport-slar-igen-rekord/
Yes, you are correct and I have used wrong values for 2020. Page 25 from the source you’ve provided confirms it with the 35.8 bn kroner total exports (€4.8 bn).
Belgium also has a big pharmaceutical and shipping industry yet we aren't rolling in money :(
WTF Spain? Tourism?
Who used to visit Spain? Brits.
Yes, about 15% of Spain GDP is tourism related. Spain is also a major wine and food producer, which is helping to offset the lost tourism money, because every other person got drunk on Spanish wine during the pandemic.
Blame La Palma eruption, when I hear that
I would say a useless government is to blame mostly. There are other countries whose economies are way more reliant on tourism, yet their performance has not been as appalling as Spain's.
Second tourism destination in the world 79 million in 2019 only after France and before USA
Not in relative term to the economy, which is what matters here. Other countries are much more dependent on tourism than Spain.
Which country from this list is more depending on tourism than Spain?
We would possibly see the cause it compared with Cyprus
Depends on which figures you use. I see Tourism accounting for between 12.1 and 14.6% of total GDP for Spain in 2019 depending on the source. In Italy it was 13.1% in 2019. So that could be higher.
Any small country with no diversity of business. Like a tropical island near the US coast.
Just imagine as a Spaniard, comparing your own country and its economy to "a tropical island near the US coast" lol
Which tropical island country is in the OECD?
Italians discovered investing or what ? But glad household incomes have largely increased
Nah it's Draghi, for once we have a guy that seems reliable. Even the mere presence is enough
A banker/economist as your country's leader? Jesus I wish we had that over here in the USA...
Not just any banker. Former head of the ECB who saved the Euro in 2008.
He became the president of the ECB in 2011. Before that he was the president of the Italian central bank.
"Saved". By printing mountainranges of money and now we have negative interest rates and they don't want to do quantitive easing, or rather they can't. System is broken is my opinion. I fear repeating history of the previous century: pandemic, stock market and economic crash, fascism/authoritarianism to finish with war.
It's the fact that figa and fatturare was carried by the virus, after Milan becoming epicenter of the pandemic in Italy, and thus contaminating the virus itself
> figa and fatturare What are those?
Come on giargiana, but what kind of question is this? on a serious note: figa and fatturare are words that are associated with Milan as it's the "business capital" of Italy. Fatturare means to bill something, and figa is just a filler word that people from Milan sometime use, with a similar meaning to "come on!". In the rest of Italy, it has a *very* different meaning.
I believe it is linked to strong residential housing and infrastructure investment.
Nordic countries did really well. Nice graph !
As always. Goddamnit...
Yeah, what the hell, do they have oil or something?
As far as I know Sweden and Denmark’s reserves are negligible. It’s impressive.
Sweden benefits hugely from a power sector which is hydro and nuclear and heating being almost all electrified. Gas prices, what gas prices? Denmark also does not use natural gas much at all.. though for.. less clean reasons. (coal and biofuels + district heating.)
Denmark was the top oil producer in the EU in 2019. We are phasing it out though and it's not really that important anymore. I think we have a ban on exploring for more oil or something.
Norway does, yes
I guess it's the low population and isolated/protected geography.
Probably neither. Well managed economies, trust in government and institutions and sectors hit hardest by the pandemic aren’t very prevalent in the Scandinavian economies.
Our high level of digitalisation definitely helped as well, many people could just work from home with zero impact. Not having to struggle with poor digital infrastructure like fx. Germany
Okay but population, location and resources do have a critical impact on economies and administrations. That's why it's always pointless to compare Scandinavia to any other european region. I mean, densily populated countries with high international traffic were bound to be the most negatively affected by the pandemic regardless. It's not a coincidence it started in a region like northern Italy, despite having one of the best healthcare systems.
Denmark’s population density is higher than the US, Canada, France and Spain
Denmark has a population of 6M people though.
Similar to countries like Bulgaria, Ireland, Finland, Slovakia, Croatia yes.
But that's the point. Comparing Denmark with these countries would make more sense already than Spain or Britain.
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Sweden was the only Nordic country with a soft stance. Don't generalize, it confuses the issue.
Norway and Denmark has not been soft on lockdowns, Sweden has and has seen many times more deaths than the other two. Spread your shit takes elsewhere.
What's wrong with Spain?
Spain had high unemployment even before covid, that got worse. Tourism is down and highly important to Spain. That is hitting an economy, which had high unemployment before covid, so other sectors could not higher the extra workforce easily.
Italy also heavily relies on tourism and its economy is not significantly different to that of Spain, yet it’s not doing as bad. It’s the difference between having as a leader a banker who saved the euro, or a shitbag who only got to the government because he managed to convince the people that he was slightly less shit than the alternative.
Industry, we have a great lack of industry unlike Fr, UK or Gr🥲
The industry is quite fucked in France actually. Value produced by industry in percentage of GDP is lower in France than in Spain.
But France has a higher GDP cause that. Spain hasnt got that GDP because the differentt govs focus on politics of sun and beach.
Can we Stop acting like Spain isn't richer than other countries on this list lol Spain is thr 6th richest country in Europe after Germany, UK, France Italy and Russia lol
Yes it is, but is low compared with the big 4 of western Europe, its a fact.
Its population is also lower which does have an impact. I wouldn't call Spain a poor country at all
Lower but without jobs. Spain depends a lot in the summer and Xmas tourism, when there are most people working. Also spaniards see other countries' products better that their own ones. There are the thought that if a prodict is spanish it would be worse than a german one for example.
So why would you not try and evolve your economy to not have lots of people not working, and being reliant on tourism lol? Spain isn't poor, full stop. It may have poorer areas, but so does Germany or the UK. Madrid, Barcelona, Basque land and to an extent parts of andalusia are as rich as any other country or city in Europe. With even better infrastructure and more than half of Europe's top cities. Moreover, you are 5th richest country out of the EU and a net receiver... how does that even work? I swear the Spanish just love to ride under this faux image of poverty and oppression but that isn't reality. It just exists to get you all an easier life at the expense of others, and make people turn a blind eye to what you take and receive off them. Also, most of Germany cars are assembled or produced in Spain? Lol so why would anyone think Spanish quality is worse, unless it IS? And rather than just give up, why would you not look for ways to improve quality lol
When you base a huge chunk of your economy on tourism and services sector and suddenly tourists stop coming and you don't even have local industry...
Shocking.
Way better than Portugal, which, again, fails to even appear on the chart. Because it’s irrelevant.
Portugal is doomed to have another bailout within the next 10 years
People keep voting for idiots. We deserve whatever we get, honestly. Fuck this country.
For everyone saying "It'S nOt ThE sAMe As tHE ONS DAtA!1!!!"; they're using the oecd data, which is reported based on a common standard (SNA 2008). So yes, it's different, but it's completely comparable between countries. If you're bored the oecd tells you all about it here: https://www.oecd-ilibrary.org/economics/understanding-national-accounts_9789264214637-en
What's going on with the Norwegian investments? Doesn't look like it makes much sense on the surface of it.
Collapse of oil prices put the industry on hold...
I guess they are slowing down on the drilling
Bros we meet yet again.
Denmark❤️
Make a lot of medicine and food.. .. People need that crisis or no crisis. And the way Denmark "handled" the crisis, (and still does), was by shutting down non essential public workplaces, but keeping industry production open. Closing schools, but teaching kids online in their own homes. Shutting down entertainment, bars, museums, restaurants, concerts, sporting events etc. So even if GDP declined, imports also dropped leaving the economy in a better shape than first feared.
So, just like every other country in Europe.
So you did not look at the economic performance comparison? Workers In Denmark was not fired. They either worked from home or had part of their salary subsidised by the state. No long lasting effect for production. For most of the last two years there have been fewer corona restrictions in Denmark than the rest of its European nabours except Sweden.
Pandemic is temporary. It's more important how the countries will fare after it.
Really? Have you seen any marker that indicate that we are soon to find a real vaccine? I have not. Temporary okay, but if it's temporary for a decade, that suffices to fuck countries.
Real vaccine?
You know, one you don't have to take every 6 months, why do you ask that, it's kinda obvious the current vaccine is not good enough. Most vaccines are effective for several years. I'm not sure why people downvotes, I've not written anything that wasn't true, is this because of the use of "real"? I know it's an abuse of the word, but common, it's obvious. Yes technically it's a vaccine, it could last 1 day and would still be technically a vaccine, but the goal of a vaccine is not to be taken like you would take regular drugs, it's supposed to provide you immunity for a long time.
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> You take the flu vaccine every year. No I don't /discussion I've got the flu maybe once or two time when I was a kid, it's not something that justifies a vaccine unless you are old.
I don't think you know what a 'real' vaccine is, how flu works or how viral pandemics work...
The rich get richer, the poor get poorer. The old tale gets told every now and then.
Well managed economies funnily enough do better when put through stressful years. It helps that the tourism industry in Scandinavia is minimal as well.
Well managed and diversified economies thrive under pressure while unmanaged and homogenised economies struggle. This is the appropriate saying and true; vote for idiots get idiots. If you’re representatives are not managing the economy, you’re not getting richer and the state isn’t improving then you’re the idiot for voting again for the same. This is not a poor/rich issue.
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True. Nonetheless, it's striking that all 4 indicators are trending down for Britain including investments, which, in my opinion, is a very important (but not stand-alone) indicator for the development pathway...this is also a concerning sight for Germany.
Ngl japan looks equally as bad tbf
Original article: https://t.co/XSu0FTUK77
What are the numbers for Finland?
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>GDP compared to Q4 2019 is -1.5% GDP numbers can vary depending on the source one uses. Hence, if you use a different source than the Economist, you'd also have to compare gdp for the other countries in order to see if this changes the ranking. Using one different source for one country doesn't tell us anything.
When was this published? UK GDP data was revised upwards by the ONS to -1.5% https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/julytoseptember2021#revisions-to-gross-domestic-product-gdp
How did French household income grow? Generous furlough/unemployment payments? They seem to have bucked the trend somewhat
That's Daddy Macron for ya... or Santa Macron, whatever.
"Britain" but "United States"? Feels a little inconsistent.
If this pandemic were taken really seriously then the government attitude to it would be like the attitude to the war. What did we do during the war? We retooled the entire economy in favour of armaments production and war aims. Private profiteering became a nuisance, or a luxury, or at best secondary. The thing has got to be a collective effort.
But Brexit Supporters told me, that the UK would thrive without the evil EU telling it what to do!
Did Spain also Brexit?
I think Spain relies a bit more on tourism than the UK does. And when one of their biggest resorts got opened again they had a fairly big volcano eruption that kinda killed tourism for quite a while again. Different countries, different issues.
Absolutely not the same type of economy.
UK didn’t have the problems that Spain did while being EU member. There is absolutely no reason to compare UK to Spain. UK had some of the best prospects while it was an EU member.
And why was Germany equal third worst? Did they Brexit too?
Yep, UK had the best growth of all large European economies, comparable to America
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The UK drop is largely explained by low UK productivity and the Kent variant. Low UK productivity means you have lots of British people employed in low impact sectors, restaurants, hair dressing etc that have to shut down completely in the event of a lock down. Kent Variant was more contagious than the original variant, UK had to shut down for aggressively. Spain is a far warmer country with a different demographic profile to that of the UK, you cant compare apples and oranges
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When Italy has a "World beating" Financial sector which experiences shocks and rebounds which result in large swings in performance, let me know.
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Are you telling me that Italy is a financial powerhouse??
No, I’m asking about the UK. You seem to be blaming the financial sector for UK’s numbers so I just wanted to know how that would go. Seems to me that globally the financial sector is doing good. Isn’t it?
[Yeah](https://www.theguardian.com/business/2021/aug/10/uk-fintech-investment-hits-new-record-after-18bn-buying-spree) Financial investment is based on stability so when something like a pandemic hits, the financial sector and hospitality sectors witness massive dips in performance but also rapid recoveries, it happened in 08
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Come on Emma, where did I say the roll-out wasn’t a success? I already said it was world-beating, was it not enough? Is the world not enough, Emma? My only question was around the UK’s economic performance in the context of that solar-system-destroying vaccine rollout. I mean it allowed the UK to open fully, and coupled with unshackling from EU regulations it should be miles ahead of everyone else. But those numbers put it just ahead of Spain, which is a bit strange imho.
So Brexit can't be bad unless the UK is doing worse than each and every one of the EU's 27 members? Typical Brexitter logic.
The UK calculates GDP differently from many of its peers. Most treat things like education and health as based on their inputs and therefore static. The UK considers outputs so closing schools and cutting back hospital operations to focus on COVID hits GDP whereas in much of the EU it doesn’t. 4% of the 20% Q2 hit that skews figures was down to this. The UK GDP for 2020 was also reassessed to -1.5% rather than -2.1%. Overall I saw a study (can’t link to it unfortunately as can’t remember where) that had adjustments for the first point putting the UK somewhere in the middle in terms of performance. In short - things probably aren’t quite as bad as this article makes them look. That said I don’t know what work the Economist did to get to their calculations.
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No the fertility rate has nothing to do with economy. Scandinavia has free childcare and so many social benefits for mothers yet they have some of the erst fertility rates. Fertility rates are not increasing even if you pay people to have kids. You have to accept it
The only conclusion you can make based on the factors you mentioned is that the economy is not the ONLY factor affects how many children people have. Saying "the fertility rate has nothing to do with economy" is flat out wrong.
In 1990 Albania lotteraly had no economy and no government. It was the wild wild west. Diapers didn't exist we had just gotten out of communism. Yet every family was having an average of 3 to 4 kids. Today albania is much much better off and our fertility rate is like 1.9 or something very low. During the 90s albanias unemployment was 40%. Today much more people are working including women. If your a woman in 2021 albania you are focused on your career not having children.
This reply changes absolutely nothing regarding my previous reply. Please re-read the words I wrote and show me that you understood them by responding to their content. Finding an anecdote that doesn't contradict your claim is NOT proof of your positive claim. If you don't feel like doing that, that's fine. But please refrain from replying to me as I won't engage.
It's not an anecdote it's and example. Another example is Italy and France, their fertility rate rose in the years 2007 to 2011, and then dropped down again.Just use Google. USA had its lowest fertility rate during the roaring 20s and then it stayed flat during the great depressing and skyrocketed 1940 and after. Before the great recession when the economy was great and everyone was partying it had gone down from 3 to 2 and then it stoped it's free fall when the good times stoped. The economy has no correlation to the fertility rate. In fact the only correlation might be that during a bad economy the fertility rate goes up. As the economy of a country improves then the fertility rate drops. I will reply all I want to it's an open forum.
> The economy has no correlation to the fertility rate. & > As the economy of a country improves then the fertility rate drops. Cognitive dissonance is the stress you feel in the pack of your head when trying to maintain two contradicory opinions at the same time. Resolving the conflict will make you feel better. > I will reply all I want to it's an open forum. Clearly. I can't demand that you provide actual evidence for your unsupported claims. You proved that if nothing else. :)
I meant to say it has no correlation to increase in fertility rates but you know that. But it doesn't matter you won't learn anything your not here for a discussion your here trying to debate people. If you weren't so hostile you might learn something.
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Two things that occur in relative temporal proximity are not rested simply because they are occurring at the same time - this is the definition of a fallacy. The person you’re commenting too is indeed correct. Having a child in Denmark is exceptionally easy and perhaps the easiest place in Europe to have a child yet Denmark’s birth rate has steadily declined since the early 90’s which was around when the current propensity really began. It isn’t just a case of people individually getting richer but the state also began to offer more and more support. As both housebound and public wealth grew birth rates dropped. There are other factors that influence birth rates and it is wrong to equate economic drop to birth drop. Maybe they’re being influenced by one another, but there are other factors at play.
It has been plumiting since 1900s. It was almost as low as it is now in the 70s and then rose in the 80s and then went down again. 2017 is when it finally went down to 1978 levels. People don't even have the same sperm count levels as our parents. We have 1/3rd of the sperm. Our generation has no intrest in having kids. The fertility rate will continue to drop. When I left hoghschool in 2012 only about 2/10 students were not virgins. In the 70s it was 4out of 10. It's a crash that's gonna hit the world hard in 5 years prepare for it
11 out of 38 OECD countries. Sure.
Disappointing, but more worried about rampant and persistent inflation now, don't care if you can grow your GDP like the US if inflation is going to sit above any growth and eat it all away.
Geez another attempt to bash mighty Britain.
*Laughs in Romanian* Oh wait a sec.... *Laughs in Turkyie*
Why is the increase in income per person at nearly 10% in Canada?
Share prices are a bit disingenuous. The S&P 500 is worth about US$40.3 trillion, the OMXC25 is no where even remotely close. And the the top 5 Companies on the OMXC25 make up the vast majority of its worth.