Economics GDP Comparison

By: Richie Mastrodicasa

Italy VS. Cuba

Question 1

No, you could not tell that Greece was on the border on economic collapse because most of there numbers were very close to the US,Cuba and Italy. There numbers were not drastically different from most countries. So if you just looked at these numbers you would think Greece was doing good except there real growth rate was decreasing like Italy. But, Greece is actually on the brink of an economic collapse which shows you can not just use GDP to evaluate a countries economy.

Question 2

My research shows that Italy is significantly richer then Cuba is, but there are factors that go along with it. Italys purchasing power, at 1.8 trillion, is much great then Cubas at 121 billion. But, Cuba is ranked much hire for real growth rate then Italy is with Cuba increasing by 3.1% and ranked 112 while Italy is decreasing by 1.8% and ranked 211. Italy is also ranked higher then Cuba in the GDP per capita as Italy comes in at 51 while Cuba is at 118. So, my results do support that Italy is a much wealthier country, but it economy is on the decline while Cuba is increasing. For now Italy continues to be wealthier then Cuba but it is possible if both countries continued at the same pace that Cuba could be wealthier then Italy.

Question 3

The GDP be sector break down suggests that poor and rich countries spend there money in very similar amounts on the same things. I believe this happens because the poorer countries look up to these wealthier countries. There are three sectors compared among the countries, Agriculture, Industry and Service. The biggest gap between Italy and Cuba in any of these three categories was Industry and the gap was only by 2%. The other two categories were both within one percent of each other which proves that these poor and rich countries spend there money in very similar ways,

Question 4

The US compares to Italy and Cuba but has many differences. For example, the US GDP purchasing power, real growth rate and GDP capita are all better then Italy. But, Cubas real growth rate is actually higher then the US because there economy is growing and increasing faster then the US. For the three GDP sectors the US spent there money also very similarly to Italy and Cuba. The farthest gap in any of these 3 categories is 5% which is on the Service category. The other 2 are within two or three percent of each other.