The IMF’s (International Monetary Fund) 2015 Survey of Countries GDP by Capita* is out. Guess which major Western countries, including the European Union, were below Israel, which ranked 22 overall.
Also interesting to see the progression of Israel’s GDP over time as compared to two of its regional neighbors, Greece, an EU member, and Saudi Arabia, an oil producing powerhouse.
Notice that Israel has accelerated its growth output in the last decade, however, the others have slowed or declined. This growth was accomplished despite the political risk and massive per capita defense spending required for Israel to swim in the shark-infested political waters of the Middle East. Saudi Arabia and Greece once boasted more vibrant economies than Israel, and each have been overtaken, despite Greece’s acceptance to the EU and the generally sound governance required in that union.
Of the 186 countries tracked in the report, Burundi comes in dead last with only $315 per capita. Major Western and large emerging markets fall or stay behind the little Israeli powerhouse including, Italy, Japan, South Korea, and Spain to mention just a few.
Israel taps in at 22, with $35,402 GDP per capita, which is ahead of the EU as a unit, but behind the largest economies of the Union when measured separately.
* GDP – Gross Domestic Production measures output in real dollars for a country divided by the number of persons living in that country.