ARCHIVE // None // TIME-SERIES
Economic overview
World — 33 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | In 1989 the World economy grew at an estimated 3.0%, somewhat lower than the estimated 3.4% for 1988. The technologically advanced areas--North America, Japan, and Western Europe--together account for 65% of the gross world product (GWP) of $20.3 trillion; these developed areas grew in the aggregate at 3.5%. In contrast, the Communist (Second World) countries typically grew at between 0% and 2%, accounting for 23% of GWP. Experience in the developing countries continued mixed, with the newly ind |
| 1991 | In 1990 the world economy grew at an estimated 1.0%, considerably lower than the estimated 3.0% for 1989 and the 3.4% for 1988. The technologically advanced areas--North America, Japan, and Western Europe--together account for 67% of the gross world product (GWP) of $20.9 trillion; these developed areas grew in the aggregate at 2.3% in 1990. In contrast, output in the USSR and Eastern Europe fell an average of 5.2%; these countries account for 15% of GWP. Experience in the developing countries c |
| 1992 | Aggregate world output in 1991 increased by 1.3%, in contrast to estimated 2% growth in 1990 and 3% growth in 1989. In 1991, the developed countries grew by 2.5% and the LDCs by 3.5%, these gains being offset by a 10-15% drop in the former Communist-dominated areas of the USSR and Eastern Europe. As usual, results among individual countries differed widely. In the developed group, Japan led with 4.5%, the West European members averaged 1.2%, and the recession-plagued United States lagged,with GD |
| 1993 | Real global output--gross world product (GWP)--rose one-half of 1% in 1992, with results varying widely among regions and countries. Average growth of 1.5% in the GDP of industrialized countries (62% of GWP in 1992) and average growth of 5% in the GDP of less developed countries (30% of GWP) were offset by a further 15-20% drop in the GDP of the former Soviet-East European area (now only 8% of GWP). The United States accounted for 23% of GWP in 1992; the 12-member European Community, which estab |
| 1994 | Real global output - gross world product (GWP) - rose roughly 2% in 1993, with results varying widely among regions and countries. Average growth of 1% in the GDP of industrialized countries (57% of GWP in 1993) and average growth of 6% in the GDP of less developed countries (37% of GWP) were partly offset by a further 10% drop in the GDP of the former USSR/Eastern Europe area (now only 6% of GWP). Within the industrialized world the US posted a 3% growth rate whereas both Japan and the 12-membe |
| 1995 | Led by recovery in Western Europe and strong performances by the US, Canada, and key Third World countries, real global output - gross world product (GWP) - rose 3% in 1994 compared with 2% in 1993. Results varied widely among regions and countries. Average growth of 3% in the GDP of industrialized countries (60% of GWP in 1994) and average growth of 6% in the GDP of less developed countries (34% of GWP) were partly offset by a further 11% drop in the GDP of the former USSR/Eastern Europe area ( |
| 1996 | Real global output - gross world product (GWP) - again rose 3% in 1995, with the newly industrializing Third World countries setting the pace. And once more, results varied widely among regions and countries. Average growth of 2.5% in the GDP of industrialized countries (56% of GWP in 1995) and average growth of 5% in the GDP of less developed countries (38% of GWP) were partly offset by a small 1.5% drop in the GDP of the former USSR/Eastern Europe area (only 6% of GWP). With the notable except |
| 1997 | Real global output - gross world product (GWP) - rose an estimated 3.6% in 1996, with the newly industrializing Third World countries again setting the pace. And once more, results varied widely among regions and countries. Average growth of 2.3% in the GDP of industrialized countries (55% of GWP in 1996) and average growth of 6.5% in the GDP of less developed countries (39% of GWP) were partly offset by a 2% drop in the GDP of the former USSR/Eastern Europe area (only 6% of GWP). With the notab |
| 1998 | Real global output-gross world product (GWP)-rose an estimated 4.0% in 1997. And, once more, results varied widely among regions and countries. With its solid 3.8% growth, the US again accounted for 21% of GWP in 1997. Western Europe grew at 2.5%, not enough to cut into its high unemployment, and accounted for another 21% of GWP. Japan's faltering economy grew at only 0.9% with its share of GWP at 8%. The advanced countries as a whole accounted for an estimated 53% of GWP, with overall growth at |
| 1999 | Growth in global output (gross world product, GWP) dropped to 2% in 1998 from 4% in 1997 because of continued recession in Japan, severe financial difficulties in other East Asian countries, and widespread dislocations in the Russian economy. The US economy continued its remarkable sustained prosperity, growing at 3.9% in 1998, and accounted for 22% of GWP. Western Europe's economies grew at roughly 2.5%, not enough to cut deeply into the region's high unemployment; these economies produced 21% |
| 2000 | Growth in global output (gross world product, GWP) rose to 3% in 1999 from 2% in 1998 despite continued recession in Japan, severe financial difficulties in other East Asian countries, and widespread dislocations in several transition economies, notably Russia. The US economy continued its remarkable sustained prosperity, growing at 4.1% in 1999, and accounted for 23% of GWP. Western Europe's economies grew at roughly 2%, not enough to cut deeply into the region's high unemployment; the EU econo |
| 2001 | Growth in global output (gross world product, GWP) rose to 4.8% in 2000 from 3.5% in 1999, despite continued low growth in Japan, severe financial difficulties in other East Asian countries, and widespread dislocations in several transition economies. The US economy continued its remarkable sustained prosperity, growing at 5% in 2000, although growth slowed in fourth quarter 2000; the US accounted for 23% of GWP. The EU economies grew at 3.3% and produced 20% of GWP. China, the second largest ec |
| 2002 | Growth in global output (gross world product, GWP) fell from 4.8% in 2000 to 2.2% in 2001. The causes: slowdowns in the US economy (21% of GWP) and in the 15 EU economies (20% of GWP); continued stagnation in the Japanese economy (7.3% of GWP); and spillover effects in the less developed regions of the world. China, the second largest economy in the world (12% of GWP), proved an exception, continuing its rapid annual growth, officially announced as 7.3% but estimated by many observers as perhaps |
| 2003 | Growth in global output (gross world product, GWP) fell from 4.8% in 2000 to 2.2% in 2001 and 2.7% in 2002. The causes: sluggishness in the US economy (21% of GWP) and in the 15 EU economies (19% of GWP); continued stagnation in the Japanese economy (7.2% of GWP); and spillover effects in the less developed regions of the world. China, the second-largest economy in the world (12% of GWP), proved an exception, continuing its rapid annual growth, officially announced as 8% but estimated by many ob |
| 2004 | Global output rose by 3.7% in 2003, led by China (9.1%), India (7.6%), and Russia (7.3%). The other 14 successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 5%-7% range of growth. Growth results posted by the major industrial countries varied from a loss by Germany (-0.1%) to a strong gain by the United States (3.1%). The developing nations also varied in their growth re |
| 2005 | Global output rose by 4.9% in 2004, led by China (9.1%), Russia (6.7%), and India (6.2%). The other 14 successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 7% range of growth. Growth results posted by the major industrial countries varied from a small gain in Italy (1.3%) to a strong gain by the United States (4.4%). The developing nations also varied in their growth re |
| 2006 | Global output rose by 4.4% in 2005, led by China (9.3%), India (7.6%), and Russia (5.9%). The other 14 successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 7% range of growth. Growth results posted by the major industrial countries varied from no gain for Italy to a strong gain by the United States (3.5%). The developing nations also varied in their growth results, with |
| 2007 | Global output rose by 5% in 2006, led by China (10.5%), India (8.5%), and Russia (6.6%). The 14 other successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 7%-10% range of growth. Growth results posted by the major industrial countries varied from no gain for Italy to a strong gain by the United States (3.4%). The developing nations also varied in their growth results, w |
| 2008 | Global output rose by 5.2% in 2007, led by China (11.4%), India (9.2%), and Russia (8.1%). The 14 other successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 8%-10% range of growth. From 2006 to 2007 growth rates slowed in all the major industrial countries except for the United Kingdom (3.1%). Analysts attribute the slowdown to uncertainties in the financial markets and |
| 2009 | Global output rose by 3.8% in 2008, down from 5.2% in 2007. Among major economies, growth was led by China (9.8%), Russia (7.4%), and India (7.3%). Worldwide, nations varied widely in their growth results, with Macau (15%), Azerbaijan (13.2%), and Angola (11.6%), registering the highest. Growth rates slowed in all the major industrial countries and most developing countries, because of uncertainties in the financial markets and lowered consumer confidence. Externally, the nation-state, as a bedr |
| 2010 | In 2010, world output - and per capita income - began to recover from the 2008-09 recession, the first global downturn since 1946. Gross World Product (GWP) grew 4.6%, largely on the strength of rebounding exports, which rose about 20% from the level of 2009. Growth was not evenly distributed across countries, however. Lower income countries - those with per capita incomes below $30,000 per year - averaged 6.3% growth, while higher income countries - with per capita incomes above $30,000 - avera |
| 2011 | In 2010, world output - and per capita income - began to recover from the 2008-09 recession, the first global downturn since 1946. Gross World Product (GWP) grew 4.9%, largely on the strength of rebounding exports, which rose about 20% from the level of 2009. Growth was not evenly distributed across countries, however. Lower income countries - those with per capita incomes below $30,000 per year - averaged 6.6% growth, while higher income countries - with per capita incomes above $30,000 - avera |
| 2012 | The international financial crisis of 2008-09 led to the first global recession since 1946 and presented the world economy with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. The fiscal stimulus packages put in place in 2009-12 required most countries to run budget deficits. Treasuries issued new public debt - totaling $7.6 trillion since 2008 - to pay for the additional expenditure |
| 2013 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2014 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2015 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2016 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2017 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2018 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2019 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2020 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2021 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |
| 2022 | The international financial crisis of 2008-09 led to the first downturn in global output since 1946 and presented the world with a major new challenge: determining what mix of fiscal and monetary policies to follow to restore growth and jobs, while keeping inflation and debt under control. Financial stabilization and stimulus programs that started in 2009-11, combined with lower tax revenues in 2009-10, required most countries to run large budget deficits. Treasuries issued new public debt - tot |