Home > Financial arcana > Why we aren’t all doooooooooooooomed

Why we aren’t all doooooooooooooomed

A commenter at CiF, against all odds, cites some relevant statistics:

Financial services which – some people fondly believe – is “all we do nowadays” made up only about 5% of the economy at their height, (rather less now, methinks), whilst industry accounts – according to that CIA thing everybody else seems to be quoting from – for 23.4% of GDP.

In Germany, by contrast, industry makes up a massively larger 31.1% of GDP. (With France a measly 20.6%, the US an even more measly 19.8%, and mighty Japan, at 26.5% only 2% bigger.)

(Link)

The Bill Emmott piece on which he’s commenting isn’t at all bad, either. Although the total, ruinous collapse of the dollar next year is going to be the major story…

Categories: Financial arcana
  1. Matthew
    December 17, 2008 at 12:08 am | #1

    5% seems a little low, maybe he means The City (and Canary Wharf) on their own, excluding the rest of the country.

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