Comparing Russia and EU GDP

[target2019]

Here is an interesting analysis from The FRED Blog: https://fredblog.stlouisfed.org/2022/03/comparing-russia-and-the-european-union-gdp-and-population/

- Russia is the largest country by area
- EU GDP increases over time vs. Russia GDP
- Russian population is decreasing vs. EU

Because Russian GDP was approximately 10% of EU GDP in 2020, Russia would have to spend 40% of its GDP on defense to simply match EU spending.

I have no idea where Russia goes from here, but these statistics suggest bad outcomes continuing for this part of the world.

 

[Koolau]

Russia also has significantly lower life expectancy than EU which might contribute to some of the economic differences but YMMV.

 

[Badger]

I have no idea where Russia goes from here, but these statistics suggest bad outcomes continuing for this part of the world.

Not something I will lose sleep over.




Cheers!

 

[CaptTom]

Interesting, and answers some questions I'd been wondering about. It's sometimes said that the Allies in WWII primarily won by out-producing the Axis. A similar argument has been made about the cold war. A new war, be it cold or hot, seems to be developing. Of course, it's not Russia against the EU. It's Russia and China against the EU and the US. So we'd need too see those numbers, too.

To tie this back to ER, we're all trying to figure out how this will impact our own economies. Right now the impact is significant for anyone who buys gasoline, heats their home or buys groceries. It could get much, much worse. Or not. My crystal ball is cloudy.

I'm not sure whether or not this should be affecting our sleep, but baseline numbers like in the OP might help when trying to identify a long-term direction to all this. The one thing I'm sure of is this does affect us all.

 

[Chuckanut]

Russia's GDP is about the same as Italy or South Korea's.

On a per capita basis, Russia's GDP is about 1/3 of the above countries.

 

[target2019]

Thanks for the decent comments. I'm understanding just how large the gap is between Russia and other countries in the area.

It's a bit more than news to me since my great-grandparents came from Ukraine, and I also have family and friends living all over the EU.