Some economic considerations

Ignacio Escañuela Romana 02 September, 2023 Investment relative to domestic production: Gross fixed capital formation / GDP (Data from OECD, Economic Outlook.) Countries: United States, China, Japan, India, Germany, France, Brazil.

  Ignacio Escañuela romana 23 de agosto de 2023 El índice de producción industrial es un indicador que mide la evolución del volumen del valor añadido bruto generado por las ramas industriales. Es un índice de volumen: mide los cambios en la producción industrial, sin el efecto de los precios. ¿Evolución en España? Lo más llamativo es que, en estos 23 años la producción industrial española no se ha movido del mismo nivel relativo- producción relativa. Con la excepción de la construcción naval, en declive claro. De hecho, el índice para la construcción naval, aumentando la serie de dato en el tiempo, muestra una completa decadencia de este sector en nuestro país. Se observa la importante caída de esta partida en la economía española. Fuente de los datos; INE, índice de producción industrial. Datos sin estacionalidad, ni efectos calendario, https://www.ine.es/

Ignacio Escañuela Romana The key variable is not inflation, because part of it is driven by international prices (mainly oil, in general, energy). It is core inflation, by which we can better measure the domestic inflationary impulses of the economy.  An additional problem is that measures of core inflation across countries are often not comparable.  OECD, Consumer price indices (CPIs) - Complete database : Consumer prices - Annual inflation, All items non-food non-energy: 2023, Germany (5.5% July), Italy (4.2% July), France (3.7% June), Spain (4.8% July).  (https://stats.oecd.org/index.aspx?DataSetCode=PRICES_CPI) In reality, I do not see any relevant differences between the four countries. Over time, core inflation tends to evolve along the same lines. This is not surprising for countries that are part of the same market, with a common currency and subject to the same international ups and downs.

Ignacio Escañuela Romana.  High-technology exports (% of manufactured exports). High-tech exports are R&D-intensive products, such as aerospace, computers, pharmaceuticals, scientific instruments and electrical machinery. Figures drawn up by the author based on data from:  "High-technology exports (% of manufactured exports). High-technology exports are products with high R&D intensity, such as in aerospace, computers, pharmaceuticals, scientific instruments, and electrical machinery." Source: United Nations, Comtrade database through the WITS platform.The method for determining high-technology exports was developed by the Organisation for Economic Co-operation and Development in collaboration with Eurostat. https://data.worldbank.org/indicator/TX.VAL.TECH.MF.ZS (accessed August 01, 2023)

  Real GDP per capita, Spain Let us compare the evolution of Spain's GDP per capita. First of all, with respect to other European countries In 2000, GDP per capita in real terms (deflated to 2010 US dollars): Spain: 23937.97 Germany: 34490.08 France: 33592.47  Italy: 32350.90 In the year 2022 Spain: 27434.88 Germany: 43032.14 France: 38913.94 Italy: 32902.67 In other words, Spain had 69.41% of Germany's average income in real terms in the year 2000 and now has 63.75%. We have become poorer compared to the evolution of an economy like Germany's. In principle, we should have done the opposite. In principle, we should have done the opposite. In principle, we should have done the opposite, we should have converged (compared to France we have gone from 71.26% to 70.50%, compared to Italy, which has serious problems, from 73.99% to 83.28%). So Spain has done something wrong, it is moving away from the per capita income of the richest economies in the Eurozone. How can it be said ...

Comparemos la evolución del PIB per capita de España. Primero, respecto a otros países europeos En el año 2000, los PIB per cápita en términos reales (deflactados a dólares USA 2010): España: 23937'97 Alemania: 34490'08 Francia: 33592'47 Italia: 32350'90 En el año 2022: España: 27434'88 Alemania: 43032'14 Francia: 38913'94 Italia: 32902'67 Es decir, España tenía en el año 2000 un 69'41% de la renta media en términos reales de Alemania y ahora tiene un 63'75% de ella. Nos hemos empobrecido en comparación con la evolución de una economía como la alemana. En principio, deberíamos haber hecho lo contrario, haber convergido. (Respecto a Francia hemos pasado del 71'26% al 70'50%, respecto a Italia que tiene graves problemas del 73'99% al 83'28%). Luego algo ha hecho mal España, que se aleja de la renta per cápita de las economías más ricas de la eurozona. ¿Cómo puede venderse que vamos bien?. Fuente de los datos: World Bank, Constant GD...