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International Comparisons Of Australian Gdp In The 19th Century

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  • Bryan Haig

Abstract

This paper summarises the results of a new comparison of the level of Australian and U.K. real product in the 1890s, obtained by the direct deflation of money values of GDP by relative prices. The object of the study was to provide a check on the existing comparisons, obtained by extrapolation of time series of real GDP, as shown, for example, in Maddison (1982). Existing estimates imply that in the 1890s Australian GDP per capita was about 50 percent higher in the U.K. and U.S.A. and more than twice that for the average of 12 other western countries. The present study suggests these results probably overstate Australia's real GDP, and that Australian real GDP per capita was 36 percent higher than the U.K. in 1891 and 3 percent higher in 1900. Personal consumption per capita was 15 percent higher in Australia than in the U.K. in 1891, but about the same level in 1900. Although this study compares prices and GDP in the colony of New South Wales with those in the U.K., the colony may be taken as representative of Australia as a whole.1

Suggested Citation

  • Bryan Haig, 1989. "International Comparisons Of Australian Gdp In The 19th Century," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 35(2), pages 151-162, June.
    • Handle: RePEc:bla:revinw:v:35:y:1989:i:2:p:151-162
    DOI: 10.1111/j.1475-4991.1989.tb00587.x
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    Cited by:

    1. Ian W. Mclean, 2004. "Australian Economic Growth in Historical Perspective," The Economic Record, The Economic Society of Australia, vol. 80(250), pages 330-345, September.
    2. Marianne Ward & John Devereux, 2021. "New Income Comparisons for the late Nineteenth and Early Twentieth Century," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(1), pages 222-247, March.
    3. McLean, Ian W., 2007. "Why was Australia so rich?," Explorations in Economic History, Elsevier, vol. 44(4), pages 635-656, October.

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