Stagflation (stagnation and inflation in one word) depicts a time period when an economy is not only suffering from a recession (declining GDP), but high unemployment and inflation rates as well. Usually unemployment and inflation are inversely related, which makes stagflation a rare occurrence. It first happened in the 1970s, when OPEC put an oil embargo on the United States, resulting in oil prices skyrocketing to three times the standard value at that time. As of September 2023, the price of oil fell by 20 percent in comparison to last year after having increased by 76 perent as a result of Russian invasion of Ukraine. The has been signs of stagflation in some countries through 2022 and 2023, but falling inflation rates indicate that the worst has been avoided.

economic growth for 2023 was 11.23 billion US dollars, a 8.88% increase from 2022.

<ul style='margin-top:20px;'>

<li> economic growth for 2022 was <strong>10.32 billion US dollars</strong>, a <strong>8.66% increase</strong> from 2021.</li>
<li> economic growth for 2021 was <strong>9.49 billion US dollars</strong>, a <strong>0.12% decline</strong> from 2020.</li>
<li> economic growth for 2020 was <strong>9.51 billion US dollars</strong>, a <strong>11.41% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The 1973-1975 recession marked the end of a remarkably prosperous period for developed economies. Apart from the United States, who experienced a brief recession in 1969-70, the other nations had enjoyed a period of uninterrupted growth in the 25 years leading up to this event. Japan in particular had the fastest growth of any major economy. This ended, however, following the 1973 oil crisis, which saw the member states of the OAPEC (Organization of Arab Petroleum Exporting Countries) place an embargo on the nations who supported Israel during the Yom Kippur War, particularly the U.S., who supplied arms to Israel. As a result, oil prices quadrupled in some periods; the U.S. and most of its major economic partners then went into recession due to their dependency on oil imports. Additional factors exacerbated the effects of the recession in each country, such as the miners' strike in the United Kingdom, or Nixon's unstable economic policies in the early 1970s. It was not until 1976 when the major OECD economies would come out of their recession, although real GDP growth rates would not return to the consistent highs experienced in the 1950s and 1960s. Additionally, while GDP growth resumed within a few years, inflation rates and unemployment rates generally remained higher going into the 1980s.

Beyer and Wacker (2022) data set in STATA .dta format, containing data on income levels and potential covariables for about 150 countries over the time period 1970-2019, averaged over non-overlapping 5-year periods.

´For the first time, this study on East Germany presents data on the macroeconomic development in the period from 1970 until 2000, which are comparable as to their method, their price, and their structure. Hereby the domestic product, added value in the different economic fields, employment, and the consumption of the national economy according to their respective main deployment serve as indicators. The data collected so far are insufficient for a presentation of the development of major economic factors concerning the above-mentioned period, on a similar methodical basis, streamlined with regard to price changes, i.e. the prices of a basic year, and the structural definitions of today. As a matter of fact, the creation of comparable statistical findings for East Germany over the whole period of three decades is still difficult both in objective and subjective terms. The accession of East Germany to the former Federal Republic of Germany on 3rd October 1990, followed by the German Reunification, divides the period of this comparative study into two different phases: - from 1970 until 3rd October 1990: German Democratic Republic,- from 3rd October 1990 until 2000: the New Länder in the Federal Republic of Germany. For each of these two periods, extensive statistical data are available, which have been collected from the different statistical systems of the GDR and the Federal Republic of Germany. These two systems originated and developed from different socio-economic and political backgrounds. As to the field of study examined here – the complete national economy in total figures -, this means that the generated figures for the quantitative representation of the national economic output, employment, and consumption rely on different theoretical basises and statistical analogies, which makes a direct comparison of the data impossible. With the publication at hand, the author intends to make a contribution to closing the existing data gap.´ (Heske, G., 2005: Gross Domestic Product, Consumption, and Employment in East Germany 1970-2000. New Results of Comprehensive Calculations on the National Economy. Historical Social Research/Historische Sozialforschung. Supplement/Beiheft No. 17. Cologne: Zentrum für Historische Sozialforschung, S. 10-12). Factual classification of the tables in HISTAT:1. German Democratic Republic from 1970 until 19891.0.0 Gross domestic product, gross value added, gainfully employed persons, labour productivity, domestic utilisation1.1.0 Gross value added per economic domain, in million euro 95 (1970-1989)1.1.1 Gross value added, index of 1970 = 100 (1970-1989)1.1.2 Gross value added in percent per economic domain (1970-1989)1.2.0 Gainfully employed persons per economic domain (1970-1989)1.2.1 Gainfully employed persons per economic domain, index of 1970 = 100 (1970-1989)1.2.2 Gainfully employed persons in percent per economic domain (1970-1989)1.3.0 Labour productivity per economic domain, in euro 95 (1970-1989)1.3.1 Labour productivity per economic domain, index of 1970 = 100 (1970-1989)1.3.2 Labour productivity, total percentage according to economic domain (1970-1989)1.4.0 Utilisation of gross domestic product (GDP) in million euro 95 (1970-1989)1.4.1 Utilisation of gross domestic product, index of 1970 = 100 (1970-1989)1.4.2 Utilisation of gross domestic product, percentage of domestic utilisation (1970-1989) 2. Federal Republic of Germany 1970 until 19892.0.0 Gross domestic product, gross value added, gainfully employed persons, labour productivity, domestic utilisation (1970-1989)2.1.0 Utilisation of gross domestic product, percentage of domestic utilisation (1970-1989)2.1.1 Utilisation of gross domestic product, percentage of domestic utilisation (1970-1989)2.1.2 Gross value added in percent according to economic domain (1970-1989)2.2.0 Gainfully employed persons per economic domain (1970-1989)2.2.1 Gainfully employed persons, index of 1970 = 100 (1970-1989)2.2.2 Gainfully employed persons in percent per economic domain (1970-1989)2.3.0 Labour productivity per economic domain, euro 95 (1970-1989)2.3.1 Labour productivity per economic domain, index of 1970 = 100 (1970-1989)2.3.2 Labour productivity, total percentage per economic domain (1970-1989)2.4.0 Utilisation of gross domestic product (GDP) in million euro 95 (1970-1989)2.4.1 Utilisation of gross domestic product, index of 1970 = 100 (1970-1989)2.4.2 Utilisation of gross domestic product, percentage of domestic utilisation (1970-1989) 3. New Länder including Berlin from 1970 until 20003.0.0 Gross domestic product, gross value added, gainfully employed persons, labour productivity, domestic utilisation (1970-2000)3.1.0 Gross value added per economic domain, in million euro 95 (1970-2000)3.1.1 Gross value added, index of 1970 = 100 (1970-2000)3.1.2 Gross value added, index of 1989 = 100 (1970-2000)3.1.3 Gross value added in percent according to economic domain (1970-2000)3.2.0 Gainfully employed persons according to economi...

Historical dataset showing Andorra economic growth by year from 1970 to 2023.

Data Set Information:

The dataset is compiled from the National Accounts Main Aggregates Database that presents a series of analytical national accounts tables from 1970 onwards for more than 200 countries and areas of the world. It is the product of a global cooperation effort between the Economic Statistics Branch of the United Nations Statistics Division, international statistical agencies, and the national statistical services of these countries and is developed in accordance with the recommendation of the Statistical Commission at its first session in 1947 that the Statistics Division should publish regularly the most recent available data on national accounts for as many countries and areas as possible.

This dataset can be used to perform clustering, regression, and time series tasks.

The Gross Domestic Product (GDP) in Cuba was worth 107.35 billion US dollars in 2020, according to official data from the World Bank. The GDP value of Cuba represents 0.10 percent of the world economy. This dataset provides - Cuba GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The decades that followed the Second World War were among the most prosperous in modern history, and are referred to as the Golden Age of Capitalism in many countries. This period came to an end, however, with the 1973-1975 recession. Differences across the bloc Across the OECD member states, there was a significant drop in real GDP growth over the two decades, falling from an average of five percent annual growth in the 1960s to just 3.5 percent annually in most of the 1970s. Of all OECD countries shown here, Japan experienced the highest rate of real GDP growth in both decades, although it dropped from 11 to six percent between these years (Japan's real GDP growth was still higher in the 1970s than the other members' rates in the 1960s). Switzerland saw the largest relative decline over the two periods, with growth in the 1970s below one third of its growth rate in the 1960s. What caused the end of rapid growth? The Yom Kippur War between Israel and its Arab neighbors (primarily Egypt and Syria) resulted in the Arab oil-producing states placing an embargo on Israel's Western allies. This resulted in various energy and economic crises, compounded by other issues such as the end of the Bretton Woods financial system, which had far-reaching consequences for the OECD bloc. Additionally, the cost of agricultural goods and raw materials increased, and there was a very rare case of stagflation across most of the world's leading economies.

Czechoslovakia's economy saw out the 1970s and 1980s with a positive trade balance and current account, making it just one of three Eastern Bloc states (along with Romania and the USSR) to do so. Overall, Czechoslovakia exported approximately 400 million U.S. dollars more goods and services than was imported in these two decades.

The Gross Domestic Product (GDP) in Germany expanded 0.40 percent in the first quarter of 2025 over the previous quarter. This dataset provides the latest reported value for - Germany GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Abstract copyright UK Data Service and data collection copyright owner.

The 1964-1970 Wilson governments were committed to economic planning and consensus with both sides of industry, designed to deliver 4 per cent growth and industrial modernization. But it achieved only 2.4 per cent average annual growth. This arose from a lack of confidence, arising from a weak external balance, on the part of the financial markets that the sterling-dollar rate of 1£=$2.80 was sustainable. Ultimately the pound was devalued by 14.3 per cent in November 1967.

Wilson’s defence of the pound has often been criticized. It has been argued that by drawing on external support to supplement the reserves Labour gave overriding influence over macroeconomic policy to foreign central bankers and the IMF whose main concern was not growth but a fall in imports, to be achieved by deflation. Devaluation, it is said, would have freed Britain from such influences. Yet the evidence suggests that throughout 1964-67 the case for an adjustment was not as powerful as has been assumed. Only in the autumn of 1967 did devaluation become inescapable, following bad trade figures occasioned by dock strikes, a global economic slowdown and the closure of the Suez Canal during and after the Arab-Israeli War. The events of 1968, when the exchange rate came under renewed pressure and the budget was by the government’s own admission ‘punishing’ suggests the choice between disinflation and devaluation may have been illusory. At the same time the measures taken to protect Sterling after 1964 were largely successful exercises in the control of speculative forces which were gaining strength in an increasingly interdependent world economy. The government’s actions reveal a commitment to managed markets at home and within the international environment: they were not rewarded with rapid growth but by 1970 they had arguably freed the UK from its ‘balance of payment constraints’.

Main Topics:

The material falls into two distinct parts. First, there is a set of graphs covering aspects of macroeconomic policy and outcome. Most of these have been compiled using material in the time series data provided in National Statistics Online. Particular attention is paid to the balance of payments. The period covered sometimes extends beyond the years under investigation (1964-1970), in order to achieve some sense of relative performance.

The second part consists of files of my own research notes covering key aspects of the study. Three of these are chronologies of crucial events (the 1965 Sterling crisis, the 1967 devaluation of Sterling, a narrative of the troubled history of Sterling in 1968). The fourth is a discussion of macroeconomic policy in 1965-67. These notes are based on secondary and, above all, on primary source material. The greater part of the latter was found in the National Archives, Kew, London.

The format of these research notes varies between summaries of events, documents and leading actors’ views (as recorded in their published diaries), and some discursive sections arising from my own interrogation of the source material. They provide the raw material for the published work which has started to emerge from this project.

´For the first time, this study on East Germany presents data on the macroeconomic development in the period from 1970 until 2000, which are comparable as to their method, their price, and their structure. Hereby the domestic product, added value in the different economic fields, employment, and the consumption of the national economy according to their respective main deployment serve as indicators. The data collected so far are insufficient for a presentation of the development of major economic factors concerning the above-mentioned period, on a similar methodical basis, streamlined with regard to price changes, i.e. the prices of a basic year, and the structural definitions of today. As a matter of fact, the creation of comparable statistical findings for East Germany over the whole period of three decades is still difficult both in objective and subjective terms. The accession of East Germany to the former Federal Republic of Germany on 3rd October 1990, followed by the German Reunification, divides the period of this comparative study into two different phases: - from 1970 until 3rd October 1990: German Democratic Republic, - from 3rd October 1990 until 2000: the New Länder in the Federal Republic of Germany.

For each of these two periods, extensive statistical data are available, which have been collected from the different statistical systems of the GDR and the Federal Republic of Germany. These two systems originated and developed from different socio-economic and political backgrounds. As to the field of study examined here – the complete national economy in total figures -, this means that the generated figures for the quantitative representation of the national economic output, employment, and consumption rely on different theoretical basises and statistical analogies, which makes a direct comparison of the data impossible. With the publication at hand, the author intends to make a contribution to closing the existing data gap.´ (Heske, G., 2005: Gross Domestic Product, Consumption, and Employment in East Germany 1970-2000. New Results of Comprehensive Calculations on the National Economy. Historical Social Research/Historische Sozialforschung. Supplement/Beiheft No. 17. Cologne: Zentrum für Historische Sozialforschung, S. 10-12).

Factual classification of the tables in HISTAT: 1. German Democratic Republic from 1970 until 1989 1.0.0 Gross domestic product, gross value added, gainfully employed persons, labour productivity, domestic utilisation 1.1.0 Gross value added per economic domain, in million euro 95 (1970-1989) 1.1.1 Gross value added, index of 1970 = 100 (1970-1989) 1.1.2 Gross value added in percent per economic domain (1970-1989) 1.2.0 Gainfully employed persons per economic domain (1970-1989) 1.2.1 Gainfully employed persons per economic domain, index of 1970 = 100 (1970-1989) 1.2.2 Gainfully employed persons in percent per economic domain (1970-1989) 1.3.0 Labour productivity per economic domain, in euro 95 (1970-1989) 1.3.1 Labour productivity per economic domain, index of 1970 = 100 (1970-1989) 1.3.2 Labour productivity, total percentage according to economic domain (1970-1989) 1.4.0 Utilisation of gross domestic product (GDP) in million euro 95 (1970-1989) 1.4.1 Utilisation of gross domestic product, index of 1970 = 100 (1970-1989) 1.4.2 Utilisation of gross domestic product, percentage of domestic utilisation (1970-1989)

1. Federal Republic of Germany 1970 until 1989 2.0.0 Gross domestic product, gross value added, gainfully employed persons, labour productivity, domestic utilisation (1970-1989) 2.1.0 Utilisation of gross domestic product, percentage of domestic utilisation (1970-1989) 2.1.1 Utilisation of gross domestic product, percentage of domestic utilisation (1970-1989) 2.1.2 Gross value added in percent according to economic domain (1970-1989) 2.2.0 Gainfully employed persons per economic domain (1970-1989) 2.2.1 Gainfully employed persons, index of 1970 = 100 (1970-1989) 2.2.2 Gainfully employed persons in percent per economic domain (1970-1989) 2.3.0 Labour productivity per economic domain, euro 95 (1970-1989) 2.3.1 Labour productivity per economic domain, index of 1970 = 100 (1970-1989) 2.3.2 Labour productivity, total percentage per economic domain (1970-1989) 2.4.0 Utilisation of gross domestic product (GDP) in million euro 95 (1970-1989) 2.4.1 Utilisation of gross domestic product, index of 1970 = 100 (1970-1989) 2.4.2 Utilisation of gross domestic product, percentage of ...

Historical dataset showing Guinea economic growth by year from 1970 to 2023.

The Gross Domestic Product (GDP) in Germany was worth 4659.93 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Germany represents 4.39 percent of the world economy. This dataset provides the latest reported value for - Germany GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Historical dataset showing Marshall Islands economic growth by year from 1970 to 2023.

The Gross Domestic Product (GDP) in Qatar was worth 217.98 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Qatar represents 0.21 percent of the world economy. This dataset provides - Qatar GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

During the "Golden Age of Capitalism", between 1950 and 1969, economic growth and output grew across virtually all countries in Europe. Growth in Western Europe was the fastest of any region in the world; Japan was the only individual, major economic power to experience faster growth during this time. In Western Europe, the fastest growth rates were across the southern states*, and in the founding countries of the European Coal and Steel Community (Benelux, France, Italy, and West Germany). Not only was West Germany the largest economy in post-WWII Western Europe, but it also had the highest growth rate of economic output, at an average of 6.2 percent each year. Causes Increased European integration removed many trade barriers and incentivized cooperation; for the countries who were reluctant to integrate, most notably the United Kingdom, economic growth was still achieved but at a much lower rate. Generally, there was also a correlation between social spending and economic growth, as countries who invested the most in public services and welfare also saw the largest rises in GDP throughout this period. American influence was also fundamental, particularly in private investment from American companies and the Americanization of business practices and corporate structures. Manufacturing In terms of manufacturing, West Germany and the southern countries saw the sharpest increases in annual output. West Germany already had a relatively industrialized economy, but greatly expanded these industries in the post-war period. For those states along the Mediterranean, there was a much stronger emphasis on agriculture than industrialization during the interwar period, which meant that when industrialization began in the late 1940s and 1950s it grew significantly. For example, Italy sought to strengthen its agricultural sector in the 1930s by restricting urbanization and migration abroad; after the war, the reversal of these policies saw manufacturing industries boom and employment reached record highs.

The Gross Domestic Product (GDP) in North Korea was worth 18 billion US dollars in 2019, according to official data from the World Bank. The GDP value of North Korea represents 0.02 percent of the world economy. This dataset provides - North Korea GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Leading Economic Index South Korea increased to 119.10 in May of 2025 over the same month in the previous year. This dataset provides - South Korea Leading Economic Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.