Poor Greece

Paul Krugman beat me to it. When the New York Times published graphs showing debt-to-GDP ratios, Greece, of course, was at the top, around 200 percent (see below), I suspected that the country’s output had taken a substantial hit, squeezing the ratio’s denominator. Krugman had also suspected as much, on which he commented here.

First the Times‘s graphs:

Screen Shot 2015-07-07 at 9.51.45 AM

And now, Krugman’s chart:

Screen Shot 2015-07-07 at 9.53.43 AM

In the chart below I compare Greece’s real GDP to both France and Germany’s.

GDP real France, Germany, Greece

As we can see, Greece is a relatively poor country. Yet, such disparity exists in the U.S. Below I compare the GDPs of Mississippi and New York:

GDP Mississippi and New York

New York’s GDP is 14 times greater than Mississippi’s. Germany’s economic output is about 15 times as large as Greece’s.