Top 10 Small States in the World by Gross Domestic Product (RGDP) Per Capita 1960-2018

This video features the top 10 small states in the world by gross domestic product (RGDP) per capita from 1960 to 2018.

Real GDP per capita is widely accepted as one of the best economic indicators of national prosperity and standard of living. It is computed by dividing the real GDP of a country by its average population, which is usually the midyear population estimates.

The GDP figures in this video represent the GDP at purchaser’s prices, which takes into account the total gross value added by all domestic producers in the economy and all relevant product taxes before deducting any subsidies not included in the product prices.

Moreover, these data are expressed in constant 2010 U.S dollars to adjust for changing cost of living as a result of inflation to help observe the real economic growth of countries over time. Last but not least, these #GDP figures are expressed in USD terms using 2010 official exchange rate to facilitate cross-country comparison of economic well-being of countries under study.

Note that these countries/economies/territories are classified by World Bank as small states and, thus, members of the Small State Forum (SSF), based on a few common characteristics such as population size (less than 1.5 million with only a few exceptions), confined land area, limited human capital for the purpose of statistical analysis. Therefore, the resulting classification by no means implies political independence nor represents the political or any other affiliation of the countries or entities in question.

Objectives:

1) To find out the 10 most productive small states in the world from 1960 to 2018.
2) To visually compare the economic performance of World Bank small states from the perspective of real GDP per capita over the years.

Key Takeaways:

1) Qatar was the most prosperous small state in the world by real GDP per capita in 2018. It produced $63,222’s worth of economic output per individual that year, which is about 5.06 and 5.81 times that of the average small state and the world respectively.
2) During 1960-2018, the mean GDP per capita of the 10 most prosperous small states has climbed from $5,026 to $34,655 (up 589%) while that of the entire small states category has increased by 185% from $4,244 to $12,083. Meanwhile, the world’s has gone up from $4,811 to $16,198 (a 237% hike).
3) As of 2018, the real economic output produced by the average resident in the 10 most productive small states ($37,396) was about 2.99 and 3.44 times as much as that of the average person in small states in general ($12,498) and the world ($10,881) respectively.
4) For the past 10 years, the average person in the top 10 richest small states by real GDP per capita has, on average, grown richer by 1.549% annually. This is about 1.16 and 1.25 times faster than the global rate (1.333%) and the overall small states rate (1.240%) respectively over the same period.

Some of the most prosperous small states covered: Qatar, San Marino, Iceland, Brunei Darussalam, Cyprus, Malta, Bahamas and Bahrain.

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Questions Worth Asking:

1) Why do you think these #countries are being featured as the 10 most prosperous small states in the #world by real GDP per capita?
2) Should countries place their highest priorities on enhancing and improving their real GDP per capita when it comes to designing the most appropriate socioeconomic policy and improving the general standard of living?
3) What should policymakers do to ensure sustainable development in both their economy, environment and social structure?

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We have created the following playlists to organize our videos by theme:

Economic Performance Indicators Rankings: GDP Per Capita https://bit.ly/325PXz4
Greatest Battle of the 21st Century https://bit.ly/2Rzd93P
Economic Performance Indicators Rankings: GDP https://bit.ly/37dfmZf
Social Media Rankings https://bit.ly/38r3nYp
Demographic and Social Statistics: Population https://bit.ly/2uhALSM

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Data Source:
World Bank https://data.worldbank.org/
United Nations Population Division – World Population Prospect 2019 https://population.un.org/wpp/

Music Source: YouTube Audio Library
Music Title: Animal (Sting) & Invincible & OK Pop KO
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