While the global economy muddled through with modest 3.0% growth in 2023, the real story is found in the dramatic splits between booming giants like India, stagnant powerhouses like Germany, and nations grappling with inflation crises that tell a tale of two very different worlds.
Key Takeaways
- World GDP growth rate in 2023 was 3.0%
- US GDP growth rate Q4 2023 was 3.4% annualized
- China GDP growth rate 2023 was 5.2%
- US CPI inflation rate December 2023 was 3.4% year-over-year
- Euro Area HICP inflation December 2023 was 5.9%
- China CPI inflation 2023 average was 0.2%
- US unemployment rate December 2023 was 3.7%
- Euro Area unemployment rate December 2023 was 6.4%
- Japan unemployment rate December 2023 was 2.6%
- US trade deficit in goods and services December 2023 was $64.3 billion
- China trade surplus 2023 was $823 billion
- Germany trade surplus 2023 was €217 billion
- US federal debt held by public Q4 2023 was $26.9 trillion
- Japan gross government debt 2023 was 255% of GDP
- Euro Area government debt 2023 average was 88.3% of GDP
World economies in 2023 grew unevenly while inflation and government debt levels remained varied.
GDP Growth
- World GDP growth rate in 2023 was 3.0%
- US GDP growth rate Q4 2023 was 3.4% annualized
- China GDP growth rate 2023 was 5.2%
- Euro Area GDP growth 2023 was 0.4%
- India GDP growth 2023 was 7.0%
- Japan GDP growth 2023 was 1.9%
- UK GDP growth 2023 was 0.1%
- Brazil GDP growth 2023 was 2.9%
- Germany GDP growth 2023 was -0.3%
- Canada GDP growth 2023 was 1.1%
- France GDP growth 2023 was 0.9%
- Italy GDP growth 2023 was 0.9%
- Russia GDP growth 2023 was 3.6%
- Australia GDP growth 2023 was 1.5%
- South Korea GDP growth 2023 was 1.4%
- Mexico GDP growth 2023 was 3.2%
- Spain GDP growth 2023 was 2.5%
- Indonesia GDP growth 2023 was 5.0%
- Netherlands GDP growth 2023 was 0.1%
- Turkey GDP growth 2023 was 4.5%
- Saudi Arabia GDP growth 2023 was -0.8%
- Switzerland GDP growth 2023 was 0.7%
- Poland GDP growth 2023 was 0.2%
- Argentina GDP growth 2023 was -1.6%
- Sweden GDP growth 2023 was -0.2%
- Belgium GDP growth 2023 was 1.1%
- Thailand GDP growth 2023 was 1.9%
- Austria GDP growth 2023 was -0.8%
- Norway GDP growth 2023 was 0.5%
- Ireland GDP growth 2023 was -1.1%
GDP Growth Interpretation
The global economy stumbled through 2023 with a 3% limp, a performance made possible only by India sprinting ahead and China holding a steady jog, while Europe’s biggest engine sputtered in reverse and a few others just managed to avoid falling over.
Inflation
- US CPI inflation rate December 2023 was 3.4% year-over-year
- Euro Area HICP inflation December 2023 was 5.9%
- China CPI inflation 2023 average was 0.2%
- UK CPI inflation December 2023 was 4.0%
- Japan CPI inflation 2023 was 3.2%
- India CPI inflation 2023 average was 5.7%
- Brazil IPCA inflation 2023 was 4.6%
- Germany HICP inflation December 2023 was 5.9%
- Canada CPI inflation December 2023 was 3.4%
- France CPI inflation December 2023 was 4.8%
- Italy HICP inflation December 2023 was 1.0%
- Russia CPI inflation 2023 was 7.4%
- Australia CPI inflation Q4 2023 was 4.1%
- South Korea CPI inflation 2023 was 3.6%
- Mexico CPI inflation December 2023 was 0.1% monthly
- Spain CPI inflation December 2023 was 3.1%
- Indonesia CPI inflation 2023 was 3.7%
- Netherlands HICP inflation December 2023 was 3.8%
- Turkey CPI inflation December 2023 was 64.8%
- Saudi Arabia CPI inflation 2023 was 2.3%
- Switzerland CPI inflation December 2023 was 1.7%
- Poland CPI inflation December 2023 was 3.9%
- Argentina CPI inflation 2023 was 211.4%
- Sweden CPI inflation December 2023 was 8.1%
- Belgium CPI inflation December 2023 was 3.4%
- Thailand CPI inflation 2023 was 1.2%
- Austria HICP inflation December 2023 was 5.7%
- Norway CPI inflation December 2023 was 5.5%
- Ireland HICP inflation December 2023 was 2.5%
Inflation Interpretation
The global inflation story reads like a chaotic dinner party where the US and Canada are politely complaining about the bill, Europe is having a heated argument over the wine, China is mysteriously not eating, and Argentina's table is quite literally on fire.
Labor Market
- US unemployment rate December 2023 was 3.7%
- Euro Area unemployment rate December 2023 was 6.4%
- Japan unemployment rate December 2023 was 2.6%
- UK unemployment rate Q4 2023 was 4.2%
- Canada unemployment rate December 2023 was 5.8%
- Australia unemployment rate December 2023 was 4.0%
- Germany unemployment rate December 2023 was 5.9%
- France unemployment rate Q4 2023 was 7.4%
- Italy unemployment rate December 2023 was 6.6%
- Spain unemployment rate Q4 2023 was 11.8%
- South Korea unemployment rate December 2023 was 3.4%
- Netherlands unemployment rate December 2023 was 3.7%
- Sweden unemployment rate December 2023 was 7.8%
- Poland unemployment rate December 2023 was 2.8%
- Switzerland unemployment rate December 2023 was 2.2%
- Norway unemployment rate December 2023 was 3.7%
- Belgium unemployment rate December 2023 was 5.7%
- Austria unemployment rate December 2023 was 6.4%
- Ireland unemployment rate December 2023 was 4.2%
- Denmark unemployment rate December 2023 was 2.7%
- Finland unemployment rate December 2023 was 7.2%
- Portugal unemployment rate Q4 2023 was 6.5%
- Greece unemployment rate October 2023 was 10.1%
- Czech Republic unemployment rate December 2023 was 2.6%
- Hungary unemployment rate Q4 2023 was 4.3%
- Slovakia unemployment rate December 2023 was 5.4%
Labor Market Interpretation
Europe seems to be conducting a high-stakes, uncoordinated experiment in labor markets, from Switzerland's enviable 2.2% to Spain's stubborn 11.8%, proving that on the continent, your job prospects depend heavily on which side of the Alps—or Pyrenees—you wake up on.
Public Debt
- US federal debt held by public Q4 2023 was $26.9 trillion
- Japan gross government debt 2023 was 255% of GDP
- Euro Area government debt 2023 average was 88.3% of GDP
- US budget deficit FY2023 was $1.7 trillion
- UK public sector net debt December 2023 was 97.6% of GDP
- France government debt 2023 was 110.6% of GDP
- Italy government debt 2023 was 137.3% of GDP
- Germany government debt 2023 was 63.6% of GDP
- Canada federal debt 2023 was CAD 1.2 trillion
- Spain government debt 2023 was 107.7% of GDP
- Japan budget deficit 2023 was 6.1% of GDP
- Brazil gross debt 2023 was 78.4% of GDP
- India government debt 2023 was 81.6% of GDP (central+states)
- China local government debt 2023 estimated at 76% of GDP
- Australia gross debt 2023 was A$907 billion
- Netherlands government debt 2023 was 51.5% of GDP
- Belgium government debt 2023 was 105.1% of GDP
- Greece government debt 2023 was 161.9% of GDP
- Portugal government debt 2023 was 99.1% of GDP
- Sweden government debt 2023 was 33.1% of GDP
- Poland government debt 2023 was 49.5% of GDP
- Austria government debt 2023 was 78.4% of GDP
- Finland government debt 2023 was 72.3% of GDP
- Ireland government debt 2023 was 43.7% of GDP
- Norway government debt net 2023 was -22.2% of GDP (asset rich)
- Denmark government debt 2023 was 29.3% of GDP
- Switzerland government debt 2023 was 38.3% of GDP
Public Debt Interpretation
While Japan is busy building a debt skyscraper with no visible exit, and the US is cheerfully adding a massive new wing each year, the Scandinavians are quietly sipping coffee in their fiscally sound, debt-free lounge, proving that global economic management is less a unified theory and more a bizarre cocktail party where everyone brought a different drink.
Trade Balance
- US trade deficit in goods and services December 2023 was $64.3 billion
- China trade surplus 2023 was $823 billion
- Germany trade surplus 2023 was €217 billion
- Euro Area current account surplus Q3 2023 was €56.4 billion
- Japan trade deficit 2023 was ¥9.5 trillion
- Mexico trade deficit 2023 was $10.3 billion
- Canada trade deficit with US 2023 was CAD 20 billion
- UK trade deficit in goods 2023 was £200 billion
- India trade deficit 2023 was $238 billion
- South Korea trade surplus 2023 was $54 billion
- Netherlands trade surplus 2023 was €116 billion
- Italy trade deficit 2023 was €44 billion
- France trade deficit 2023 was €103 billion
- Russia trade surplus 2023 was $139 billion
- Australia trade surplus 2023 was A$122 billion
- Switzerland trade surplus 2023 was CHF 48 billion
- Sweden trade surplus 2023 was SEK 200 billion
- Poland trade surplus 2023 was €5 billion
- Turkey trade deficit 2023 was $105 billion
- Saudi Arabia trade surplus 2023 was $78 billion
- Belgium trade surplus 2023 was €25 billion
- Austria trade deficit 2023 was €11 billion
- Ireland trade surplus 2023 was €170 billion
- Norway trade surplus 2023 was NOK 700 billion
Trade Balance Interpretation
Despite Uncle Sam's persistent shopping spree abroad, the global economy remains a fractured and deeply unbalanced dinner party where a few thrifty exporters hoard the appetizers while most of the other guests are left picking at an empty plate and wondering who's going to foot the bill.
Sources & References
- Reference 1DATAdata.worldbank.orgVisit source
- Reference 2BEAbea.govVisit source
- Reference 3IMFimf.orgVisit source
- Reference 4ECec.europa.euVisit source
- Reference 5OECDoecd.orgVisit source
- Reference 6ONSons.gov.ukVisit source
- Reference 7DESTATISdestatis.deVisit source
- Reference 8STATCANstatcan.gc.caVisit source
- Reference 9INSEEinsee.frVisit source
- Reference 10ISTATistat.itVisit source
- Reference 11ABSabs.gov.auVisit source
- Reference 12KOSTATkostat.go.krVisit source
- Reference 13INEGIinegi.org.mxVisit source
- Reference 14INEine.esVisit source
- Reference 15BPSbps.go.idVisit source
- Reference 16CBScbs.nlVisit source
- Reference 17DATAdata.tuik.gov.trVisit source
- Reference 18BFSbfs.admin.chVisit source
- Reference 19STATstat.gov.plVisit source
- Reference 20INDECindec.gob.arVisit source
- Reference 21SCBscb.seVisit source
- Reference 22STATBELstatbel.fgov.beVisit source
- Reference 23NSOnso.go.thVisit source
- Reference 24STATISTIKstatistik.atVisit source
- Reference 25SSBssb.noVisit source
- Reference 26CSOcso.ieVisit source
- Reference 27BLSbls.govVisit source
- Reference 28STATstat.go.jpVisit source
- Reference 29MOSPImospi.gov.inVisit source
- Reference 30IBGEibge.gov.brVisit source
- Reference 31ROSSTATrosstat.gov.ruVisit source
- Reference 32BANXICObanxico.org.mxVisit source
- Reference 33GOSTATgostat.gov.saVisit source
- Reference 34BOTbot.or.thVisit source
- Reference 35DSTdst.dkVisit source
- Reference 36STATstat.fiVisit source
- Reference 37INEine.ptVisit source
- Reference 38STATISTICSstatistics.grVisit source
- Reference 39CZSOczso.czVisit source
- Reference 40KSHksh.huVisit source
- Reference 41SLOVAKslovak.statistics.skVisit source
- Reference 42WITSwits.worldbank.orgVisit source
- Reference 43CUSTOMScustoms.go.jpVisit source
- Reference 44INTERNATIONALinternational.gc.caVisit source
- Reference 45TRADESTATtradestat.commerce.gov.inVisit source
- Reference 46CUSTOMScustoms.go.krVisit source
- Reference 47DOUANEdouane.gouv.frVisit source
- Reference 48CUSTOMScustoms.gov.ruVisit source
- Reference 49EZVezv.admin.chVisit source
- Reference 50GASTATgastat.gov.saVisit source
- Reference 51ECONOMIEeconomie.fgov.beVisit source
- Reference 52FISCALDATAfiscaldata.treasury.govVisit source
- Reference 53CBOcbo.govVisit source
- Reference 54CANADAcanada.caVisit source
- Reference 55MOFmof.go.jpVisit source
- Reference 56TESOUROTRANSPARENTEtesourotransparente.gov.brVisit source
- Reference 57DEAdea.gov.inVisit source
- Reference 58BUDGETbudget.gov.auVisit source
- Reference 59DGOdgo.ptVisit source
- Reference 60REGERINGENregeringen.seVisit source
- Reference 61GOVgov.plVisit source
- Reference 62BMFbmf.gv.atVisit source
- Reference 63VMvm.fiVisit source
- Reference 64GOVgov.ieVisit source
- Reference 65REGJERINGENregjeringen.noVisit source
- Reference 66EFVefv.admin.chVisit source