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2019-04-21

Debt mystery of Luxembourg



All informations according to tradingeconomics.com:

In year 2017 GDP of Luxembourg amounted to 62,40 billion US$ (62.400.000.000 US$).
In year 2011 GDP of Luxembourg amounted to exactly 62 billion US$ (62.000.000.000 US$).

In year 2017 private sector debt of Luxembourg was 474,84% of GDP
62,4 * 4,4784 = 296,30016 billon US$ (296.300.160.000 US$)
In year 2011 private debt to GDP of Luxembourg was 407,9% of GDP.
62 * 4,079 = 252,898 billion US$ (252.898.000.000 US$)

In year 2017 public sector debt of Luxembourg was 23% of GDP.
62,40 * 0,23 = 14,352 billion US$ (14.352.000.000 US$).
In year 2011 public sector debt of Luxembourg was 18,8% of GDP.
62,40 * 0,188 = 11,7312 billion US$ (11.731.200.000 US$).

So,
in year 2017 public & private sector debt of Luxembourg amounted to 310,65216 billion US$ (310.652.160.000 US$).
In year 2011 public & private sector debt of Luxembourg amounted to 264,6292 billion US$ (264.629.200.000 US$).

In year 2017 population of Luxembourg was 590.000 citizen (habitants).
In year 2011 population of Luxembourg was 510.000 citizen (habitants).

So,
in year 2017 public + private debt per citizen amounted to 526.529,08 US$. (= 468.171,23 €)
In year 2011 public + private debt per citizen amounted to 518.880,78 US$. (= 461.370,63 €)
Private & public sector debt per citizen in Luxembourg amounts approximately to ½ million US$ (constantly between 2010 - 2018)
Quiet a very high amount per citizen, but dear Hans-Werner Sinn, how do you calculated in 2011 1,9 billion € (maybe trillion, cause german word Billionen means english trillion) of public sector + banking debt per citizen in Luxembourg?


Hans Werner Sinn debt calculation differs to tradingeconomics calculation by 380.000%. (That's really quiet a huge difference, in best case, when he meaned trillion it's another factor 1.000 => 380.000.000%)  


Debt comparsion with other countries in year 2017

Germany

Germany pub. + priv. 211,5% debt of 3.677,44 billion US$ GDP
7.777,7856 billion US$ = 7.777.785,6 million US$ total debt in Germany.
7.777.785,6 million US$ / 82,52 million citizen = 94.276 US$.
83.827 € total debt per german citizen.

Austria

Austria pub. + priv. 241,6% debt of 416,60 billion US$ GDP
1.006,5056 billion US$ = 1.006.505,6 million US$ total debt in Austria.
1.006.505,6 million US$ / 8,77 million austrian citizen = 115.690,30 US$
102.868 € debt per austrian citizen.
Austria gdp per capita = 49.129,23 US$
Austria gdp per capita ppp = 45.436,69 US$
Austria gdp per citizen = 47.340,90 US$
Austria gdp per gainfully employed (4,2605 million 82,78% in private sector, 17,21% in public sector) = 97.782 US$ (= 86.944,33 €)
Average income of employed in Austria is (45.345€ labor costs for company) 32.267€ before taxes, 22.640€ after taxes per year (2017).
How gdp per capita ppp is calculated? Are only working people included or retired people too?

Japan

Japan pub. + priv. 483% debt of 4.872,14 billion US$ GDP
23.532,4362 billion US$ = 23.532.436,2 million US$ total debt in Japan.
23.532.436,2 million US$ / 126,7 million japanese citizen = 185.734 US$.
20.787.295¥ debt per japanese citizen

United States

United States pub. + priv. 358,4% debt of 19.390,60 billion US$ GDP
69.495,9104 billion US$ = 69.495.910,4 million US$ total debt in United States.
69.495.910,4 million US$ / 325,7 million american citizen = 213.374 US$.
213.374 US$ debt per american citizen

Switzerland

pub. + priv. 296% debt of 678,89 billion US$ GDP
2.009,5144 billion US$ = 2.009.514,4 million US$ total debt in Switzerland.
2.009.514,4 million US$ / 8,5 million swiss citizen = 236.413,46 US$.
 236.413,46 US$ debt per swiss citizen

Ireland

Ireland pub. + priv. 450,27% debt of 333,73 billion US$ GDP
1.502,686071 billion US$ = 1.502.686,071 million US$ total debt in Ireland.
1.502.686,071 million US$ / 4,8 million irish citizen = 313.060 US$.
278.362 € debt per irish citizen



https://docs.google.com/spreadsheets/d/1HdcmVGGl0WJPWmcv3vqYp5I1lHNFon3yvK0inYzcL9Y/edit?usp=sharing

When looking at GDP per capita, we see that GDP calculaton is often a very big bullshit.
According to tradingeconomics an irish citizen yields almost twice the GDP per capita performance of average japanese citizen. Japan is an industrial export country with at huge positive balance of trade and current account, while Ireland's current account is tiny positive cause of tourism and US tech giants IT cloud services (like amazon cloud Ireland or Microsoft IT departments). Prices in Ireland are very high compared to the rest of euro-area. But blowing up GDP, by increasing prices is a very evil GDP magick in my point view (Really, really)! (And yes, high prices in Ireland are one reason for that "greater" GDP per capita, but that's not the only reason of this GDP distortion). On the other side, Germany artificially shrinks his GDP (according to all other macroeconomic indicators of Germany).

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