GDP per head
- at PS6,715 - is now just PS2 below its level in the first quarter of 2008.
Where Gini is Gini coefficient, FD is financial sector development, GDPH is GDP per head
, EDU is educational level, TRO is trade openness and INF is inflation rate.
He suggested that countries joining the bloc in the future be required to reach a certain level of GDP per head
before their citizens are allowed to work anywhere in the EU, to stop "vast migrations" caused by income disparity.
"The crisis brought to an end a long period during which regional disparities in GDP per head
and unemployment were shrinking." Simply put: between 2000 and 2008, regional disparities in GDP per head
dropped every single year; in 2009, those reductions in disparities came to a halt; and, worse, the trend reversed and disparities in fact grew in 2010 and 2011.
Taking 100 as the EU average across all 27 member states, Wales as a whole had a GDP per head
"GDP per head
can be a misleading measure, and needs to be set in the context of a wider set of indicators, for example, employment, unemployment, economic inactivity, average earnings, gross disposable household income and primary incomes.
The International Monetary Fund estimates that GDP per head
of the population is almost $34,000 in Japan, while in China it is roughly $7,500.
On the other hand, GDP per head
, provides an, albeit incomplete, indicator of the average well-being of the population.
The report, for instance, quotes a study by Professor Richard Easterlin to suggest that in spite of a 30 per cent increase in the American GDP per head
between 1972 and 1993, the share of individuals who were "very happy did not increase.
"You don't normally get asked that, you get asked what the GDP per head
is in relation to England," he said.
As the graph indicates, life satisfaction is higher in countries with higher GDP per head
. The slope is steepest among the poorest countries, where income gains are associated with the largest increases in life satisfaction, but it remains positive and substantial even among the rich countries; it is not true that there is some critical level of GDP per capita above which income has no further effect on life satisfaction.
* E-mail: email@example.com Table 1 India GDP Growth 7.9% GDP $1.33 trn (PPP:$5.31 trn) Inflation 5.2% Population 1.13bn GDP pr head $1,180 (PPP:$4,720) United States GDP Growth 1.2% GDP $14.40trn (PPP:$14.40 trn) Inflation 2.1% Population 304.8m GDP per head
$47,330 (PPP:$47,330) China GDP Growth 10.1% GDP $3.94trn (PPP: $12.91trn) Inflation 3.0% Population 1.33bn GDP per head
$2,960 (PPP: $9,700) Source: The World in 2008, Economist Publications