ECONOMIC INDICATORS: COUNTRY COMPARISONS (CRS Report for Congress)
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| Release Date |
Sept. 5, 2000 |
| Report Number |
RL30668 |
| Report Type |
Report |
| Authors |
Shawn Waddoups, Foreign Affairs, Defense, and Trade Division |
| Source Agency |
Congressional Research Service |
Summary:
Policymaking in this time of globalization often requires information about the economic output
of
various countries, how those countries' economies compare with one another, and where the United
States stands relative to the rest of the world. This report provides a summary of output measures,
explaining their strengths and weaknesses, and various cross-country comparisons. It does not delve
into any of several other measures of economic performance that also may be of use depending on
the focus of a particular line of inquiry.
Although perhaps seemingly straight forward, comparing the economic output of national
economies can be complicated for several reasons. First, there are different indicators to choose
from when contrasting national economies. These include gross national product (GNP), per capita
GNP, purchasing power parity (PPP) per capita GNP, and (for contrasting purposes) the human
development index (HDI). Each measure has relative strengths and weaknesses and no one measure
provides a complete picture for comparative purposes.
Second, while all country data originate from national governments, comparing them raises
numerous problems. The World Bank is a primary source for cross-country economic (and social)
data and is the source of data comparison used in this report--with the exception of one table
constructed from United Nations data. As a single comprehensive source, the World Bank has many
advantages: standardization, reliability, and completeness. Perhaps most importantly, using a single
consistent source when comparing national economies reduces the possibility of distortion from
varying data collection and report methods that can occur when multiple sources are being used.
According to these measures, the United States ranks first in total gross national product (GNP),
tenth in per capita GNP, fourth in per capita GNP adjusted for purchasing power, and third using a
broader indicator of economic and social well being.
After discussing the merits of various output measures, this report provides a detailed
comparison of economic output among the world's economies, including tables summarizing GNP,
per capita GNP, PPP GNP, and HDI, along with comparisons of selected countries by each category.
This report concludes with a list of sources and appendix of acronyms and abbreviations.
