Real GDP and GDP per capita, 1870-1913, Selected Nations

Here are the annual average compound rates of growth of real GDP and GDP per capita, from 1870-1913, for a number of countries:

Country | GDP | GDP per capita
Australia | 3.5% | 0.9%
Austria | 2.4% | 1.5%
Belgium | 2.0% | 1.0%
Canada | 4.1% | 2.3%
Denmark | 2.7% | 1.6%
Finland | 2.7% | 1.4%
France | 1.5% | 1.3%
Germany | 2.8% | 1.6%
Italy | 1.9% | 1.3%
Japan | 2.3% | 1.4%
Netherlands | 2.3% | 1.0%
Norway | 2.1% | 1.3%
Sweden | 2.2% | 1.5
Swtzerland | 2.1% | 1.2%
United Kindom | 1.9% | 1.0%
United States | 3.9% | 1.8%

Arithmetic Average: 2.5% | 1.4%
(Kenwood and Lougheed 1999: 20, from Maddison 1991: 49-50, Table 3.1 and 3.2).
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United States Average real GNP growth rate, 1870–1900: 4.17%.
(Romer 1989: 22).

United States Average real GNP growth rate, 1870–1900: 4.08%.
(Balke and Gordon 1989: 84).

Some comments:

(1) The averages from the estimates of Balke and Gordon and Romer for US GNP from 1870–1900 are similar to the averages for 1870-1913 in Maddison, although somewhat higher.

(2) It is notable that the fastest growing countries in terms of GDP growth from 1870-1913 were Canada, the US, Australia and Germany.

(3) While the GDP growth of Australia is probably explained by primary commodity exports (and perhaps even that of Canada to some extent), the figures confirm that the industrialising nations were the fastest growing in this period: the US and Germany.

(4) The UK’s main period of industrialisation was before 1870, which explains its lower growth rate.

BIBLIOGRAPHY

Kenwood, G. and A. Lougheed. 1999. Growth of the International Economy, 1820-2000: An Introductory Text (4th edn.), Routledge, London.

Maddison, A. 1991. Dynamic Forces in Capitalist Development: A Long-Run Comparative View, Oxford University Press, Oxford.