Great Graphic: GDP and GDP Per Capita International Comparison

This Great Graphic were posted on George Dorgan's blog SNBCHF.

The top chart shows growth in six of the high income countries since 1999.  The US and UK are on top.  Japan and Italy are on the bottom.  This would not surprise many.  

The picture dramatically changes if one looks a GDP per capita.  With significant demographic changes taking place, for some questions, this may be a more relevant measure.    

Since 2003, on a per capita basis, Australia and Sweden have led the per capita growth of the high income economies.  Interestingly, Japan's growth per capita has been greater than the US and the other G7 countries, save Germany.  

The under performance of Italy and Spain seems noteworthy.  Italy, in particular, stands out.  It was the laggard even before the crisis hit.  And post-crisis things have continued to deteriorate. 

The implosion of Greece's growth per capita may not be as surprising.  It is one of the few euro area countries that actually fits the typical German narrative.   That said, Greece's excesses had a number of enablers and among them, German banks, should be included.