Economic notes

I can spend hours by researching latest GDP data on World DataBank to later import them to Google Spreadsheets and make some graphs, diagrams or charts. In fact, posts about minimum wages in European Union member countries are one of the most read on this blog. Minimum wages, average wages, GDP, different World regions are just a few to name topics covered in Economic notes by Reinis Fischer.

What's Minimum Wage in European Union 2017

This is already third annual article covering minimum wage and its disproportion among 22 of 28 European Union member countries. Feel free to browse through the archives for previous years, before proceeding, see: 2016, 2015, 2014 #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; width:100%;} /* Add your own MailChimp form style overrides in your site stylesheet or in this style block. We recommend moving this block and...

Top 10 Largest Economies In The World by GDP Nominal (2015)

According to the World Bank Gross Domestic Product (GDP) of World in 2015 was 73,502 Trillion USD. More than half (48.77 Trillion USD) of it was produced in the TOP 10 largest economies of the World.  In this article we will figure out and name those TOP 10 economies, as well compare some historical data, but before that - there are different ways to calculate GDP. For the ease of this article I will cover details only about GDP nominal, although GDP PPP is another great...

Average Monthly Salary in Former Soviet Union Republics 2016

About two years ago I first compared average monthly salary in Former Soviet Union Republics. Now, two years later, I decided to compare again. I was surprised after seeing results. Let me explain. First - call it as you wish - major world economic crisis, sanctions against Russia, better integrated or worst integrated parts of the World, but after seeing huge drops in all but Baltic States and Armenia's average salary for me it seems, those countries are still very closely...

Life Expectancy in European Union 2015

In today's article - Life expectancy in European Union (EU).  Life expectancy equals the average number of years a person born in a given country expected to live if mortality rates at each age were to remain steady in the future. In following table I have listed the life expectancy separately for males and females, as well as a combined figure in EU in year 2015. There was an average life expectancy in EU of 79.6 years for both female and male. With higher life expectancy for...

Average Salary in European Union 2016

My previous two articles about average salaries in European Union (EU) member countries turned out to be one of the most popular on blog so far, I would even call them killer articles.  #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; width:100%;} /* Add your own MailChimp form style overrides in your site stylesheet or in this style block. We recommend moving this block and the preceding CSS link to the HEAD of your HTML file...

Georgia - 5 years latter (Economic Developments 2011-2016)

April 1st marks my five year anniversary since I opted to move to this amazing country on the edge where East meets West - Republic of Georgia. Today, to celebrate this small anniversary I decided to take a look back - to see economic developments in Georgia 2011-2016 - how things how changed since I first landed at Tbilisi airport back at at April 1st, 2011.  See: 3 years in Georgia and 16 places to visit in Georgia and Tbilisi , for my previous annul reviews...

Minimum Wages in European Union 2016

In 2016 there were 22 out of 28 European Union member states with official minimum wage set by government. #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; width:100%;} /* Add your own MailChimp form style overrides in your site stylesheet or in this style block. We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. */ Signup for the latest investment articles Update...

Median Household Income in US by State 2014

After reviewing minimum and average salaries in member states of European Union, I decided to take a look on US average wages -  and compare all 50 American States + D.C. It was easier to come up with idea than actually get data, as it turns out in US they prefer more count household income rather per-capita. So the closest data I found worth of comparing - median household income. Which, basically means following - Median income is the amount that divides the income...

Minimum Wage Set to Rise in All Baltic States in 2016

There has been some positive improvements for rise of minimum wage in all three Baltic states (Estonia, Latvia and Lithuania) in recent years. And there are more to come. In 2016 minimum wage is set to rise in all Baltic states. Estonia will have minimum wage of EUR 430; Latvia - EUR 370 and Lithuania - EUR 350. Here are my previous articles about minimum wage in Baltic states: Minimum wage in Baltic States 2013 and 2014 Minimum wage in Baltic States 2015 Minimum wage in Baltic...

Average Salary In European Union 2015

My previous post about average salary in European Union for 2014 generated some buzz on social networks (Facebook, Reddit, Twitter) and on other websites, in total it has generated more than 15,000 page views. I decided to compare how does average salary have changed a year latter. And I found following; Average median salary has decreased for about -1.3% in European Union in 2015, resulting in EUR 1470 / USD 1631 down from EUR 1489 / USD 1861 in 2014. #mc_embed_signup{...

What Is Minimum Wage In European Union 2015

A year ago I created a blog post about minimum wages in European Union in 2014, that post generated a lot of views (more than 20,000 page views) and some buzz (got shared on Facebook, Reddit and many other websites) #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; width:100%;} /* Add your own MailChimp form style overrides in your site stylesheet or in this style block. We recommend moving this block and the preceding CSS link to the HEAD...

Projected Future Forecast For GDP In Former Soviet Union Block Countries (2014-2019)

In past I have created many GDP reviews regarding former Soviet Union republics, but have never made future GDP forecast report yet. In this article that's exactly what I'm doing. Now, Soviet Union doesn't exist for more than 25 years already. Those former 15 republics have gone more or less separate way since dissolution of USSR.   There has happened some geopolitical changes over last 25 years, starting of dissolution of USSR, formation of CIS (Commonwealth of Independent States),...

Stratfor: How Currency Woes Undermine Georgia, Moldova

Governments across the former Soviet Union have felt the impact of currency devaluations, but currency depreciations and related economic problems in Georgia and Moldova are exposing their governments to major political pitfalls this year, including even potential government collapse. Both countries have been pursuing greater integration with the West but are still heavily linked to Russia, making them susceptible to Russia's economic downturn. Economic difficulties will undermine both...

ProCredit Bank Withdraws From Micro-loans, Will Focus on SME's

On 27 January, ProCredit Bank held a press conference to announce its performance results for 2014 and to reveal its new strategies. After 15 years in the banking sector, the bank is changing its strategy to focus on small and medium business clients and will stop offering micro loans below EUR 10,000 and will sell the 5% of its loan portfolio that consists of micro loans.  Asmus Rotne, General Director of ProCredit Bank: “In line with the bank’s new strategy, we will direct...

Lithuania joins Eurozone

January 1st, 2015 is a historic day for a Baltic nation - Lithuania is changing it currency to Euro, following Latvia (2014) and Estonia (2011).Starting today - there are 19 countries in Euro zone. Here is the article I found on BBC by Zivile KropaiteSome Lithuanians fear price rises, but opinion polls point to growing optimism towards the euro.Government officials believe the euro will not only boost investment but will also bring deeper integration with the West."Given the current...

Minimum Wages in Baltic States 2015

A year ago I wrote an article covering minimum wages in Baltic States. In that article I found that minimum wages for 2013/2014 were at: EUR 330 Estonia, EUR 320 Latvia and EUR 290 in Lithuania. Now - 2015 will be a special year - starting 2015 all three Baltic countries will have Euro as currency, Lithuania will adopt Euro starting January 1st. There are other good news as well - the minimum wages are to be increased in all three Baltic States in 2015: in Latvia – from EUR 320 to EUR...

World Tourism Highlights for 2013, UNWTO 2014 Edition

Did you now that 9% of Worlds GDP in 2013 was made thanks to tourism and related services?It turns out that every 1 of 11 employees is employed in tourism sector. Tourism industry in 2013 generated $1.4 trillions in export, what is about 6% of Worlds export and pretty serious 29% of services export.World Tourism Organization (Image source: unwto.org)I didn't. But thanks to The United Nations World Tourism Organization (UNWTO) I learned that.International tourism in 2013 - key trends...

Average Salary in European Union 2014

A time ago I measured what is the minimum government set wage in European Union (EU). It turned out - the most minimum wage is received in Luxembourg while the least in Romania. In today's article - average salary in EU for the year of 2014. Update: See latest update on average salary in EU: Average Salary in European Union 2016 #mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; width:100%;} /* Add your own MailChimp form style...

Baltic States Vs South Caucasus States by GDP 2013

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) Azerbaijan 68.73 73.56...

Average Salary in Former Soviet Union 2014

Some time ago I did a comparison of minimum government set wages in Former Soviet Union republics. Today, I decided to figure out - what is the average salaries in those republics. I must admit, it was harder to gather data about average salaries, than gathering data for minimum wages. Seems governments are not eager to share such data. So in this average salary table you will find figures for 2012, 2013 and 2014. Unfortunately it makes this table not 100% reliable, but it gives us some...

Top 10 Largest Countries by GDP 2013

Last year I started pay more attention to the TOP 10 largest economies in the World by terms of Gross Domestic Product. It's time to compare them again. Gross Domestic Product in TOP 10 Largest Economies 2013 Rank Country 2012 2013 Growth bln $ Growth % 1 United States 16,244 16,800 556 3.42 2 China 8,229 9,240 1,011 12.28 3 Japan 5,937 4,901 -1,036 -17.44 4 Germany 3,425...

Estonia To Catch Up Income Level like in Scandinavia in next 9-14 years

Last year I red an excellent article pointing out that income level in Estonia could reach level its in Scandinavia in next 10-15 years. Although this article made me smile, I decided to compare - is it real for Estonia to reach level like that? Since its almost a year since  I wrote that article - I decided to compare again and see how Estonia is doing in it's already 9-14 years plan to reach that level.In my measurements I'm using raw data for GDP, GDP per capita, I could use...

African Union GDP Per Capita 2013

Probably few will be heard of African Union - Union that "unites" countries in Africa's continent. This Union has been created a while ago actually in 2001. The African Union consists of 54 countries (52 states and 2 Kingdoms). Although African Union is not so integrated so closely like European Union, with common parliament, money e.t.c. - I do believe that there might be some future prospects by doing it so. Anyway - I decided to measure GDP per capita in African Union this time. GDP per...

GDP In BRICS Countries 2013

BRICS is the acronym of 5 developing countries - Brazil, Russia, India, China and South Africa. Originally created as BRIC, the South Africa was added in 2010 to this economical group.  BRICS countries with 3 trillion population represents about 40% of Worlds population and is awaited (by some) to have about 40% of world economy by 2030. Personally I would call this union a - RICh (Russia, India and China)  - because they at least are situated on one continent and share a common...