The chart that debunks the Argentina vs Spain myth
Argentina is growing at 4% and is a G20 member, but its GDP per capita is still half of Spain's. The chart going back to 1960 tells the whole story.
English · Original discussion in Spanish · Published
Argentina vs Spain: the GDP per capita chart that debunks the myths
When an Argentinian boasts that his country is a member of the G20 and Spain is not, you know what's coming: the economic comparison. But the figure that is usually forgotten is GDP per capita since 1960, a chart that shows how Argentina, which started far ahead, kept losing ground until Spain overtook it in the early 90s. Today, under Milei, things are changing.
Argentina is a member of the G20, Spain is not. It is also true that Spain has been receiving European funds for decades, without which it would be at the level of countries like Albania. But the hard data: Spain has double Argentina's unemployment rate, according to the latest records. And Argentina's GDP is growing at 4% year-on-year under Milei, a pace Spain has not seen since before the 2008 crisis. Moreover, Argentina sentenced its former president to house arrest, something Spain has not done with its former leaders. Yet Spain's GDP per capita is still 50% higher than Argentina's, according to World Bank data. The chart you need to pull out is that one, the long-term one, to put the green shoots in context.
Argentina has moved forward, but a huge gap remains. Spain, with all its problems, still has a cushion that growth figures do not fully reflect. The uncomfortable fact: no country in the Americas lives on other people's money, the argument goes; but Spain's GDP per capita is almost double Argentina's. That is the key.
When an Argentinian boasts that his country is a member of the G20 and Spain is not, you know what's coming: the economic comparison. But the figure that is usually forgotten is GDP per capita since 1960, a chart that shows how Argentina, which started far ahead, kept losing ground until Spain overtook it in the early 90s. Today, under Milei, things are changing.
Argentina is a member of the G20, Spain is not. It is also true that Spain has been receiving European funds for decades, without which it would be at the level of countries like Albania. But the hard data: Spain has double Argentina's unemployment rate, according to the latest records. And Argentina's GDP is growing at 4% year-on-year under Milei, a pace Spain has not seen since before the 2008 crisis. Moreover, Argentina sentenced its former president to house arrest, something Spain has not done with its former leaders. Yet Spain's GDP per capita is still 50% higher than Argentina's, according to World Bank data. The chart you need to pull out is that one, the long-term one, to put the green shoots in context.
Argentina has moved forward, but a huge gap remains. Spain, with all its problems, still has a cushion that growth figures do not fully reflect. The uncomfortable fact: no country in the Americas lives on other people's money, the argument goes; but Spain's GDP per capita is almost double Argentina's. That is the key.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (16 replies).
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