Economic Competitiveness Statistics by Country 1 of 2

Color Coding Key:

GREEN: Countries ranking first or second in statistic
RED: Countries ranking last or second to last in statistic

The United States ranks as the fifth most competitive economy in the index and has made recent improvements along with other countries in its current accounts balance.


  Competitiveness by rank Industrial Production Index Current Accounts Balance Current Accounts Balance per capita Balance of Trade Balance of Trade per capita
Australia 21 119.1 -8,510 -370 1.17 -59
Canada 14 94.1 -14,086 -409 .33 10
Denmark 15 87.5 21,690 3,926 1.09 197
France 23 88.6 -11,095 -173 -7.21 -113
Germany 4 113.6 46,590 574 21.87 270
Italy 49 81 320 5 4.36 74
Japan 9 91.9 782,000 6,146 -8.13 -64
Netherlands 8 109.5 20,124 1,194 6.06 360
Norway 11 84.7 84,230 17,382 6.67 1,376
Sweden 6 90.7 62,040 6,454 .42 44
United Kingdom 10 86.6 -14,512 -228 -11.96 188
United States 5 103.8 -106,140 -332 -53.16 -166

Sources:

View WEF reportView Graphical Data

World Economic Forum's Global Competitiveness Index, 2013-14. Competitiveness based on survey which accumulated 12 different pillars, including infrastructure, macroeconomic environment, education, market efficiency, technological readiness, innovation, and others.

View OECD statistics

The industrial production index is based on 2000 = 100, for August 2013 (updated monthly). View Graphical Data

Current Accounts Balance, in millions US Dollars, for August 2013 (updated monthly). View Graphical Data

Balance of Trade is Total Exports less Imports of Goods, Current Prices, in billions US Dollars, for May or June 2013 (updated monthly). View Graphical Data

Indices are derived by summing constant price estimates of sales (for the different categories), other operating revenue and changes in the level of stocks of finished goods and work-in-progress.

Notes:

Industrial Production Index is sensitive to base years. The US has high deficits despite robust industrial production.

Needed:

International Payments Deficit: need some measure of structural imbalance of payments, that is, how much is a country borrowing or lending to keep its total payments in balance. The imbalance is what needs to be financed after balance of trade, balance of services, direct investment transactions (direct private investment, stock, loans, dividends, interest, and capital gains), private remittances, tourism, and other transactions not a result of an imbalance of payments.

The current account measures most of this issue. The US has the biggest deficit of any nation. Spain has the next largest deficit, less than 1/7 of the US, and it is greatly offset by major tourism.

Given some natural volatility, a five year or three year average could be used.

Deficits are usually financed with short-term loans from payment-surplus countries. Short term lenders are usually foreign banks, central banks, and sovereign funds (controlled by a national government).

Average age of machine tools and similar industrial equipment; a leading indicator of future competitiveness