A while ago I already compared Baltic nations with Caucasian nation by GDP (that time I was comparing data for 2012). Since it's second half of 2014 already, I decided to compare how 6 independent states looks alike in 2013 (Most recent data we can get from World Bank)
Some might argue - why I'm comparing those regions? Well - why not?
Baltic states and South Caucasus GDP 2013/2012
|Country||2012 ($bln)||2013 ($bln)||Growth ($bln)|
The Largest economy of those 6 Former Soviet Union countries is in Azerbaijan, making $73.56 billions in 2013. The smallest economy is Armenia with modest $10.41 billions.
Since both of them (Azerbaijan and Armenia) is in military conflict over Nagorno Karabakh - for now it seems Armenia is in deep troubles. Economy of Armenia is about 7 times bellow the fold compared to Azerbaijan's economy.
Baltic states (Lithuania, Latvia and Estonia) follows Azerbaijan.
Georgia has a just little bit more economy than Armenia.
In total those two political and economical regions have economy of little less than $200 billions. Back then in 2013 I asked:
Which region first will reach mark 100 billion USD, and will it happen in 2013?
Now - lets break data down and see which region is "richer" in term of total Gross Domestic Product
|2012||2013||Growth||% of Total|
Gross Domestic Product in South Caucasus 2013 (Data source World Bank)
According to table above we can say for sure - South Caucasus has reached $100 billion mark. With Azerbaijan taking it's lion share from it (73.4%)
|2012||2013||Grotwh||% of Total|
Gross Domestic Product in Baltic States 2013 (Data source: World Bank)
In Baltic's - Lithuania leads the table with share of 44.75% of it. Compared to South Caucasus Baltic states looks more equal compared each to other. Why? Well, Baltic states doesn't have any natural resources (like Azerbaijan does) and their economies are more diversified.
Speaking of equality - great way to compare it - is to see GDP per capita in each country
GDP per capita 2013 (Data source: World Bank)
As we can see from this table - Baltic states are clear leaders in term of GDP per capita in 2013 with Estonia topping at $18.47 thousands. Armenian's are about 5 times bellow the Estonian fold with $3.5 thousands.
Lithuania and Latvia follows Estonia with small, but "to be concerned about" gap.
Azerbaijan with its Oil and Gas driven economy made $7.8 thousands per capita thus topping following Georgia and Armenia about 2 times.
Minimum wages 2014
What we can learn from those data?
Regions of Baltic and Caucasus, since collapse of Soviet Union has chosen different path to walk. While first ones have joined European Union already for 10 years, Caucasian nation Georgia is just seeking its way into European Union.
If Armenia with ease took away Nagorno Karabakh from Azerbaijan some 20 years ago, then today Armenia should be more than concerned about it's neighbouring Azerbaijan eager to took back it's territory. Many of us believe that any disputes should be regulated in diplomatic way. Unfortunately I'm aware of comming regional conflict over Nagorno Karabakh in very close future.