by Benn Steil
2.5
-2.0
-1.6
25.8
0.2
1954
4.0
0.0
-0.8
24.8
1.0
1955
5.0
1.0
-1.0
23.7
1.3
West Germany
Real output6
Inflation
Budget deficit5
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
n/a
10.3
n/a
n/a
n/a
1947
n/a
6.7
n/a
n/a
n/a
1948
18.5
15.0
n/a
n/a
n/a
1949
116382.0
7.6
-3.4
n/a
0.0
1950
19.5
-7.1
-0.2
n/a
0.0
1951
11.5
8.7
-2.5
6.1
0.0
1952
7.9
2.0
-1.7
6.3
0.0
1953
8.1
-2.0
-0.7
7.3
0.0
1954
n/a
0.0
0.7
11.3
0.0
1955
n/a
2.0
1.4
11.1
0.0
Greece
Real output4
Inflation
Budget deficit7
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
n/a
640.0
n/a
n/a
n/a
1947
31.7
18.9
n/a
n/a
n/a
1948
9.3
43.2
-7.6
n/a
-4.7
1949
n/a
14.3
-10.4
n/a
-0.3
1950
-1.5
8.3
-12.7
11.3
-1.7
1951
10.7
11.5
-11.5
15.0
-1.1
1952
-1.9
5.7
-7.2
18.3
0.1
1953
14.1
8.7
-3.0
15.9
2.8
1954
3.2
16.0
-2.9
13.7
-1.0
1955
13.0
5.2
-3.6
12.2
0.4
Iceland
Real output
Inflation
Budget deficit
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
n/a
n/a
n/a
2.8
n/a
1947
n/a
n/a
n/a
5.8
n/a
1948
n/a
n/a
n/a
9.4
n/a
1949
n/a
n/a
n/a
12.8
n/a
1950
n/a
n/a
n/a
14.6
n/a
1951
n/a
n/a
n/a
14.4
n/a
1952
n/a
n/a
n/a
13.6
n/a
1953
n/a
n/a
n/a
10.7
n/a
1954
n/a
n/a
n/a
9.3
n/a
1955
n/a
n/a
n/a
8.6
n/a
Ireland
Real output1
Inflation
Budget deficit5
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
n/a
-1.2
n/a
24.5
n/a
1947
n/a
10.2
-1.7
20.6
-9.0
1948
4.8
-1.1
-1.2
21.0
-8.0
1949
4.2
-56.4
-2.0
27.5
-3.7
1950
2.0
1.3
-4.8
37.7
-8.6
1951
2.0
0.0
-4.8
45.6
-16.0
1952
2.3
11.3
-7.7
47.4
-3.6
1953
2.6
10.1
-5.5
49.2
-3.0
1954
1.0
2.0
-6.4
56.0
-2.0
1955
2.0
2.0
-5.1
63.8
-7.0
Italy
Real output8
Inflation
Budget deficit7
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
-99.8
18.0
-9.6
44.8
-4.8
1947
15.7
62.1
-5.8
25.4
-5.9
1948
6.4
5.9
-7.6
29.5
0.6
1949
7.4
1.2
-5.6
32.1
1.3
1950
6.9
-1.1
-5.0
32.3
1.6
1951
6.4
9.3
-4.9
33.7
0.4
1952
3.9
4.3
-5.9
35.7
-2.0
1953
7.5
2.0
-4.6
36.6
-1.1
1954
4.1
3.0
-2.8
38.4
-0.4
1955
6.7
2.9
-2.8
38.1
-0.3
Netherlands
Real output4
Inflation
Budget deficit
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
n/a
7.9
-2.3
223.0
n/a
1947
n/a
6.0
-2.4
214.0
n/a
1948
n/a
3.8
-7.1
175.9
-4.2
1949
4.2
7.9
2.3
162.4
-9.5
1950
6.1
7.3
0.8
141.0
0.4
1951
-2.2
13.6
2.1
114.9
1.8
1952
1.6
0.0
3.0
108.5
9.4
1953
8.7
0.0
0.8
99.3
6.3
1954
5.0
4.0
0.8
91.1
1.0
1955
8.5
1.0
-0.3
87.9
2.6
Norway
Real output4
Inflation
Budget deficit7
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
10.0
2.5
-3.8
65.0
-4.9
1947
13.9
0.6
-4.7
53.1
-9.6
1948
6.9
-0.6
-0.4
45.5
-4.3
1949
2.5
0.0
-0.7
45.5
-4.1
1950
4.9
5.4
-0.9
31.5
1.5
1951
5.6
15.4
1.6
26.3
2.3
1952
3.5
8.9
2.1
23.8
-0.1
1953
4.2
2.0
1.3
26.0
-4.0
1954
4.9
4.0
-0.5
26.2
-4.8
1955
n/a
1.0
0.8
26.7
-3.7
Portugal
Real output1
Inflation
Budget deficit
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
n/a
15.0
n/a
15.6
n/a
1947
n/a
3.0
-2.5
17.6
n/a
1948
3.8
-5.7
-3.2
18.4
-13.1
1949
2.0
1.0
-2.3
19.4
-7.3
1950
9.2
-2.0
-0.4
19.5
n/a
1951
1.3
1.0
0.1
18.2
3.2
1952
-0.2
0.0
0.3
17.5
-0.8
1953
5.7
1.0
0.2
17.3
1.9
1954
6.0
1.0
-0.2
20.3
2.1
1955
1.2
3.0
-0.7
19.7
-0.2
Sweden
Real output4
Inflation
Budget deficit7
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
4.9
0.7
-0.6
47.2
-0.5
1947
3.5
5.6
-0.9
43.3
-5.8
1948
4.5
1.3
0.3
39.8
-1.5
1949
5.4
1.3
-0.6
39.3
1.5
1950
5.2
1.3
-0.4
36.5
0.5
1951
2.9
16.5
-1.1
30.3
2.2
1952
1.7
7.6
-0.5
27.7
0.3
1953
3.2
1.0
-1.9
27.5
0.8
1954
6.0
1.0
-1.4
28.0
-0.3
1955
3.0
3.0
-1.6
27.8
-0.8
Turkey
Real output9
Inflation
Budget deficit10
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
n/a
-2.7
n/a
27.2
n/a
1947
n/a
0.9
-0.6
26.9
-0.7
1948
20.9
0.0
-1.1
23.1
-2.1
1949
-10.3
9.3
-0.8
25.6
-1.3
1950
10.0
-3.4
n/a
23.7
0.5
1951
9.1
-1.8
-0.3
24.4
-1.0
1952
8.3
6.3
-1.7
20.8
-2.7
1953
0.0
3.4
-4.3
17.7
-0.9
1954
0.0
8.5
-2.8
14.7
-0.8
; 1955
0.0
9.7
-2.5
20.5
-1.2
United Kingdom
Real output4
Inflation
Budget deficit5
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
-0.9
0.0
-235.8
237.1
-0.8
1947
-2.6
0.0
8.1
237.9
-2.4
1948
3.0
8.1
81.7
213.7
0.6
1949
3.2
2.6
-16.6
197.7
0.7
1950
3.7
2.5
-27.3
194.2
2.8
1951
3.6
9.9
27.9
175.2
-3.2
1952
0.0
9.0
-29.1
161.6
1.0
1953
4.6
3.1
-63.4
151.9
1.0
1954
3.8
2.0
-19.9
146.5
0.8
1955
3.2
3.9
-24.7
138.1
-0.9
United States
Real output1
Inflation
Budget deficit7
Government debt
Current account
Annual % change
Annual % change
as % of GDP
as % of GDP
as % of GDP
1946
-11.6
8.6
-1.0
121.3
2.6
1947
-1.1