5 July, 2022 seen 14The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. The…
It has been a while since I last time compared the economic output of the former Soviet Union states.
Last time I did, I had data for 2013, see: GDP Per Capita In Former Soviet Union Countries 2013
With the latest economic sanctions against Belarus I decided to take a look, how does each of the former Soviet countries stands now, the latest data I was able to gather was from 2019 (World Bank).
Per capita gross domestic product (GDP) is a metric that breaks down a country's economic output per person and is calculated by dividing the GDP of a country by its population. For the ease of calculations GDP per capita nominal is used in following table
Without further ado, here is the raw data
Data source: World Bank
As we can see from Table above - Baltic States leads the Table, with Russia left behind with some impressive gap.
For now, the clear leader in race for higher GDP per capita is Estonia with $23,723 thousands per capita in 2019, followed by Lithuania, and Latvia.
It's also worth mentioning that the Baltic states have experienced impressive 22-33% growth over the period of 6 years, while countries like Russia, Kazakhstan, Turkmenistan, Belarus, Azerbaijan, Ukraine, Uzbekistan and Tajikistan have actually decreased their GDP per capita amount.
Euro aspiration have helped to countries like Georgia, Moldova and in some matter Ukraine to increase their economic output.
Again, it will be interesting to see how data will change in the next 5 to 10 years. I guess we will see Baltic states reaching $30,000 GDP per capita by the middle of decade. Also the growth seems will be in Georgia, Ukraine and Moldova.
I guess hard times are waiting Belarus and Russia, while the raising cost ot the oil, could actually help and stimulate economies of Russia, Azerbaijan, Turkenistan.
What are your thougts? Leave me a comment! Readers and I would love to hear!