As a Portuguese, I think I can speak for all of us when I say that we are more than tired of this "graph going up = good" bs. Things are tough here

As a Norwegian calling Romania, Austria and France northern Europe feels so wrong

I feel like this video simply reinforces how bad a metric GDP is. It says nothing about how the citizens of these countries experience daily life.

It has always amazed me how comfortable everyone felt calling a bunch of countries "PIGS"... 😐 Not a single sensitivity expert raising an eyebrow... Not a tolerance guru screaming abt it... When Italy was outperforming the UK economy in the 80s... Silence... When the tables turned: "hah! Get to work pigs!!! Hahahahah" When Germany and France had structural deficit compared to the sound economy of Spain in the early 2000s... again silence... respectful understanding, solidarity... As soon as the 2008 crisis affects Spain... "Hah!!! Time to stop with your siesta and get to work pigs!!! Hahahahah" Did they include Belgium (first country to falter) in the acronym? Iceland perhaps after the banking crisis? Naaah... But for a bit they included Ireland and called them PIIGS... as soon as they saw the chance they took Ireland out again to fit their weird xenophobic narrative 😐😐😐... Simply insane.

Is this "Economic boom" you talk about with us in the room?

A spaniard here. When we were having a huge crisis they were calling us "pigs" and lazy. Now, those who called us like that are the ones who are facing struggles, but they are just having a "rough time".

GDP growth shows an increase of wealth, but it doesn't show how this wealth is distributed

Ok, the pigs can fly comment was genuinely good. Hats off!

As an Italian, it seems that the economy is growing, but only for a very restricted amount of people. General conditions of the population are not really improving, and families are tapping into their relatively (compared to the rest of the EU) large savings to cope with inflation. If something doesn't change, we are going to have a lot more poor people around, especially younger ones who will likely expatriate.

As a European from Belgium calling southern european countries "pigs" feels outraging... I am shocked. Seems more english than european as a sobriquet.

Those are some pretty graphics indeed for Portugal, but thats not what the population feels and it seems to me that our economy is very fragile.

The comments from people from south Europe are spot on. Like George Carlin once told, it's a big party, and we aren't in it.

Go visit Portugal and see if the local people are living well

Comments are much more enlightening than the video

Southern Europe has been dealing and coping with policies imposed by northern Europe without considering the South. Portugal's textile industry was decimated when the north decides to do a trade deal with China. Sugar beet priduction destroyed after a treaty with Brazil. Soft fruit production after one with the Maghreb and just before the pandemic a treaty eith Vietname was threatening rice production. Guess which countries in Europe produce rice? Abd which ones do not? Northern Europe wants to open markets around the world for their production and always and only offer southern European whole economic sectors as a sacrificial lamb for these agreements

That is bias. Italy had a lower deficit than Germany from 1991 to 2007. Spain deficit and public debt was lower than France before 2007. Same woth Ireland

The GDP might be growing well, but I can assure that most people don't feel like that. At least this is in Italy

This year will feature my fourth vacation to Spain since 2021. Spain has it all and is well deserving of my tourist dollars.

People Always talk shit about Italy but forget it's still the 7th worlds largest economy and the third world largest gold deposit owner. Cry more baby

How is Italy's economy looked down upon by Northern European nations? They seem to have done and been doing quite well, demographic crisis aside. I am not European so help me understand this. A bunch of high-valued global companies and many present in my country are Italian.

Speaking from the Portuguese POV: We are NOT in an economic boom, we are in the midst of a housing crysis propping up the economy and living through very harsh austerity measures. Our lives have never been as bad or as expensive in the last 30 years. Our National Health System was never this broken, our public schools were never struggling this much. We're now faced with political instability and a growing inequality and migration crysis, all the young people are leaving or already left and nobody is having kids. If this "economic boom" keeps going you might be looking at a poverty crysis and complete destruction of the social fabric of Porrtugal. Do not romanticise this destruction.

The acromym was in fact PIIGS with one I for Italy and another one for Ireland.

LOL, Portugal is always depicted as some sort of powerhouse, but when I talk with my portuguese friends living there, they talk about a very different scenario (cost of living rising more than wages etc...)

I don’t think you can group Italy (population around 60 million) and Spain (population around 49 million) both with big diversified economies (but Italy with more industry) together with Portugal and Greece. As an example, the Region of Madrid alone, with a population around 7 million has similar GDP than Portugal as a whole with 10 million.

Portuguese guy here, as the Italian guy mentioned and i agree, the economic indicators indeed indicate that the economy is recovering but that the thing is we don't feel it. For example, work in AI, I have a Bachelors in Applied Statistics, Masters in Data Science. My gross monthly first wage was around 1250 euros + some others expenses totalling around 1350 gross. I received around 1100 euros per month. Now think of how privileged I am to be working in this sector, with these studies completed just to earn this fucking piece of shit wage. This is just to say that 75% OF PEOPLE BETWEEN 18-35 IN PORTUGAL EARN LESS THAN 1000 EUROS NET. This country is cooked, i don't think this is the only one, just the beggining of a slow colapse in all our societies, but yeah don't expect governments to help you that would be my advice, try to get other sources of income, the governments will end up fucking you. Immigrating at the beginning of 2025

I don't think we can conclude that austerity was a main reason for this rebound (if we can call it that). If this were true, we would have experienced it long before. The main reason is surely the cut off of cheap Russian gas that was giving the German economy a hidden competitive advantage over most of the south. Then the COVID recovery fund, which is the first attempt to adress the problem of the missing fiscal capacity of the EU, which according to many economists is the main reason why the Eurozone crisis was as bad as it was. Austerity was largely seen as a northern imposition on the south, which was the consequence of the stringent refusal by the frugals to allow any common fiscal capacity (and thus common borrowing). Austerity and fiscal union are two extremes on the policy response range to the Eurozone crisis.

Portuguese people suffered the effect of lots of rich foreigns buying property and increasing the cost of life there. It is a separate case.

You know the Italian north is really rich right?

Imo the advance of southern European economy has to be with energy. I´m from Barcelona and literally yesterday the energy price was free for all Spain, it's mad. The advances in renewable energies in Spain is mind-blowing. Maybe there are other factors but I have notice that Spain is starting a massive reindustralization.

Its much easier to increase all the good numbers when you start from a very low base. Increasing Germanys GDP by 2% is far harder than 2% of Portugal for example

Well it isn’t “trickling down” as they say

As a Spaniard that recently moved to Germany to work and have a better life -- no, our economy is shit, our wages are shit and it´s even cheaper to live in Germany than in Spain. Inflation and incompetent politicians (people are responsible of that) ruin everything and every time i get back to Spain, I am reafirmed that I took the best decision. My friends are each day poorer and poorer, with lower hope of improving.

I'm soryy but northern europe? Da'hell. Maybe you ment central? Since claiming that everything apart from Portugale, Spain, Italy and Greece is northern Europe is blatantly wrong.

Let's not forget that Italy has been running a budget surplus for decades now. Decades. It's the horrible burden of the gynormous previously acquired debt that it's dragging the general budget down.

Up untill 1500, 1600s southern Europe was always richer and economically stronger. Things are just returning to normal, nature is renewing itself. 😅

So many stupid stereotypes about Italy... Productivity has always been high, and it's higher than Germany and France....

0:53 Monteriggioni !!! A really wonderfull place here in Toscany !!! 🤩🤩🤩

The so called countries PIGS doesn't include Italy but Ireland, as it was the first EU-State which got bailed out. PIIGS as a risk-factor for the whole of the Eurozone does include Italy. Italy never got any bail-out...please get your facts right

2% for Greece is nothing when you realise their GDP shrank like 30% after the bank crisis

Spain, Greece and Portugal benefited greatly from COVID travel restrictions easing and people having that itch to visit, as well as having their digital nomad visa; foreigners who are economically viable to live in their country for multiple years by working remotely. Italy just created their own version of it last week, which could be a great boon for the economy, but terrible for the housing supply. Having just recovered from over construction of housing from the market crash of '09, it will be interesting to see what these countries will do to help alleviate the housing affordability crisis that is affecting all.

And yet, in Portugal, I still live a life full of anxiety about the ever approaching day where I'll have to choose between rent and meals, let alone dreaming of ever owning my own house unless I end up marrying someone or sharing living costs with other people and never having a place that I can fully call my own. Economy and the GDP can grow all it wants, but that still doesn't change the fact that I'm working ~50h a week just to barely make the cut, much like more than half our entire population at this point, all while public services are on the brink of collapse. Working this much just to survive and so GDP can grow and give everyone the false illusion that everything is getting better? And people wonder why productivity is low.

The economy of Italy is a highly developed social market economy.[28] It is the third-largest national economy in the European Union, the second-largest manufacturing industry in Europe (7th-largest in the world),[29] the 8th-largest economy in the world by nominal GDP, and the 12th-largest by GDP (PPP). Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20;[30] it is the eighth-largest exporter in the world, with $611 billion exported in 2021. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share in exports, are Germany (12.5%), France (10.3%), the United States (9%), Spain (5.2%), the United Kingdom (5.2%) and Switzerland (4.6%).[31] In the post-World War II period, Italy saw a transformation from an agricultural-based economy which had been severely affected by the consequences of the World Wars, into one of the world's most advanced nations,[32] and a leading country in world trade and exports. According to the Human Development Index, the country enjoys a very high standard of living. According to The Economist, Italy has the world's 8th highest quality of life.[33] Italy owns the world's third-largest gold reserve,[34] and is the third-largest net contributor to the budget of the European Union. Furthermore, the advanced country private wealth is one of the largest in the world.[35] In terms of private wealth, Italy ranks second, after Hong Kong, in private wealth to GDP ratio. Italy is the world's seventh-largest manufacturing country,[36] characterised by a smaller number of global multinational corporations than other economies of comparable size and many dynamic small and medium-sized enterprises, notoriously clustered in several industrial districts, which are the backbone of the Italian industry. Italy is a large manufacturer[37] and exporter[38] of a significant variety of products. Its products include machinery, vehicles, pharmaceuticals, furniture, food and clothing.[39] Italy has a significant trade surplus. The country is also well known for its influential and innovative business economic sector, an industrious and competitive agricultural sector (Italy is the world's largest wine producer),[40] and manufacturers of creatively designed, high-quality products: including automobiles, ships, home appliances, and designer clothing. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.[41][42] Italy has a strong cooperative sector, with the largest share of the population (4.5%) employed by a cooperative in the EU.[43]

I live in portugal. The number look great, but that's all they do. They "look" great

The data is excellent for Portugal is great, but housing is so unaffordable hardly anyone with a Portuguese salary can live. There are so many people from richer countries buying up property in mass in our cities especially, and there's not nearly enough housing being built, public or private, to balance that out.

There is a difference between boom and recovery

Italian here. This video should be used as a reason why only economists should speak about economics. The GDP growth metric is fallacious, simply because a GDP growth thanks to very niche sectors of the economy (such as, in the case of Italy, Leonardo, which is an aerospace company manufacturing aircraft parts and other high end, highly technological assets) does not reflect how the economy is doing on a wider scale. The "real economy" so to speak, isn't nearly as florid.

i dont think this point is made enough.... the EU funds ARE MADE FOR THAT. they're the only reason most southern countries even agreed the euro being made as a carbon copy of the german mark... without those funds the southern countries would be simply slaves to the northern ones in the eurozone so the "billions of EU funds" are a way to help southern countries invest and push their economies to the same level of the german so EU could have internal economic homogeny... and even then the southern economies investing HARD has benefited nothern ones through preferencial consumption of their goods over those external to the EU and Northern Europe has been syphoning that money back over and over every time it's invested reinforcing their own economy. Besides...if a country like germany drops below the EU average the southern countries are OBLIGATED to do the same and lift them up. it's beneficial to both sides otherwise they wouldnt even lend it in the first place!

What is Bulgaria doing in Northern Europe at 1:21? Did it get lost on the way to the store?

As a Dutch living in Spain, I think we need to stop trying to measure success or what works well with North European standards. The north and the south of Europe are two very different worlds. In so many ways.

@TLDRnewsEU you forgot to mention that during austerity in the Iberian Peninsula, there were also huge investments in renewables that mitigate energy imports, such as Portugal which stopped importing coal for its energy industry and closed one of its last coal-powered plants. Reducing energy imports weighs in the balance of payments, promoting governmental savings. Until the last decade, energy was the highest import weight in the Portuguese balance of payments.

Please do a video on the migration pact 🙏

Glad to hear this. My grandmother was born in Italy and I recently got my Italian citizenship recognized. I have toured Italy many times. Where I live in San Francisco I am involved with several Italian tech companies.

I mean has a Portuguese it makes sense for the GDP boom to happen, since we got like a 30% income tax, just people living here are not doing so great

As an Italian, I am smiling hearing this news with a plate of pasta. Roman Empire returns!!

1.more tourism 2. now remote work . but like germany is like 2 countries glued , so is italy , north and south

Wait. Romania is doing well? Whaaaa

OK, this video is completely misleading in regards to the Italian economic status. Some example. The greatest auto manufacturer is closing a lot o factories to delocalize them in other countries, Hundreds of people might lose their job, the "superbonus 110%", a policy that aimed to boost the Italian economy by financing the house building firms with public moneys failed completely, drugged the economy and left a gigant debt weight that won't permit us to satisfy the pil/deficit ratio imposed in the new EU stability pact, the debt from the superbonus also limited our capacity of public spending for the nation health service that is collapsing. Add low fertility, unproductivity and a government not interested in economic development that protects powerful lobbies like taxi drivers and holders of sea touristic facilities, that pay a ridiculous low amount of taxes. Well you have found the perfect recipe for decline.

Germany better get ready to tighten their belts and comply with austerity measures dictated to them by responsible economies.

Tourism has played a huge part alongside more flexible working. These have boomed post covid as they are fantastic countries to live in vs the dreary north

When you say (1:27) that "southern European countries racked up some pretty significant debt" in the early years of the euro, you elide the fact, iirc, that _in_ Spain, it was not the government but the construction and real estate industry that racked up the debt, and that the government took on debt to save the banks thus endangered.

7:19 reminds me of the Cartmanland where Cartman kicks everyone out of his theme park and lets everyone in, so nationwide, businesses start using his "you can't come" strategy

Italy, the 2nd largest manufacturer in Europe, one of the biggest net contributor to EU budget and G7 member from 1975, considered like Spain and Greece as "less productive" make me laugh.

i would love to see more about the netherlands!

Meloni didn’t diversify gas supply, Mario Draghi did

Portugal (and I believe the same applies to Spain, Italy and possibly Greece) is an historical loser of the Euro (of course there are other benefits but here talking strictly about GDP) and globalization. Burdened by a too strong currency and a market design that doesn't help their particular economies. Even unable to use low cost energy imports due to mostly French blocks on pipeline development. The post pandemic expansion (GDP are always presented as variations...), the current deglobalization climate and the fact that together with Spain we had to prepare decades ago for high cost energy imports all seem to provide a somewhat favourable situation. And inflation provides a psychological help for salaries moderation which helps stimulate growth (which leads to many feeling what the heck is this talk about growth all about?).

Great graphics for Portugal but me and my friends had to leave due to housing prices and low wages.. you should show the purchasing power graphs. I would love to see a reaction to that.

I live in spain and the situation is worse now than a couple of years ago

How much of this is just recovery from the crisis?

France frugal??? 😂😂😂

Thank you

The economy is increasing, yes, but I cannot notice in the street, we cannot buy a house, because the prices and the interests are too high and the price of everything (especially food) are 30% higher than before, but the salaries does not increase in the same way.

Northern Italy is one of the richest and industrialized zone in Europe (in the blu banana zone). Milan is in the core of Europe... Comparing Italy, as a whole, to Greece or Portugal is ridicolous.

As far as Italy is concerned, excluding economic crises made in the USA, Covid wars outside the EU and speculation, the public accounts have been in order since the 90s, with positive budget surpluses and positive exports for billions of euros, figures that the countries Northern Europeans can only dream. The public debt was created in the 80s and is only growing due to speculation and crises outside Italy! Italy is the eighth economy in the world, the seventh industrial power on the planet and the second in Europe after Germany!

Before entering the EU, Spain had no debt, it had the most powerful agricultural and fishing sector in Europe. It also had industries such as blast furnaces. It was the 9th economic power in the world, now it is the 15th, its per capita income was more equal with the countries of Europe. Convergence with Europe is getting worse since it joined the EU. Upon entering the EU everything was dismantled, it became a country of tourism and we have a debt of 150% of GDP. Great business for Spain to enter the EU.

About time! Excellent. Congratulations from Finland.

Just using GDP is worthless, always show GDI with it

PIIGS: PORTUGAL IRELAND ITALY GREECE AND SPAIN

0:40 PIGS can indeed fly that's too funny

Graph at 4:30 has incorrect scale

0:39 In Portugal it wasn't pigs, it was cows that could fly (reference for my Portuguese compatriots), but even that didn't work very well...

Where is this famous Portuguese boom? I have no idea, the standart of living is becoming worse and worse, inflation in food and houses prices is crazy. Its way cheaper in relatives term to live in Germany....

You mentioned the increase in Portugal's tourism income. Can you compare the UK's tourism income in 2014 with that in 2023?

From here in Spain I don't notice things are getting better.

in greece actually peoples lives get worse only some rich greeks are getting more wealthy the average greek right now is in a really bad situation we do really hate our goverment

Here in Portugal, our former Prime Minister once talked about how our economy was growing faster than Germany, and leaving aside the fact that a big growth rate of our small economy is nothing when compared with a small growth rate of Germany's huge economy

I am from Italy, Milan. Things here seem to go always bad, salaries don't grow.

you be forgotten many things as for italy mainly the fact of the building bonus of 110% tax relief, the manufacturing, etc

Yesterday saw a video on VisualEconomik Spanish channel with some calculations that indicate that Spain GDP growth has been mainly due to tourism and that actual industrial growth was -7.5% (? if I recall), PIGS maybe flying, and good that they are flying, but if Germany (and northern Europe ) is not OK when WE ALL will have problems.

Does this mean I can finally head Back to Portugal and expect a proper salary for once on my life? Or must I keep working in The Northern Lands so to avoid Receiving a humiliating salary?

I 💘 your videos guys!

As a Greek, It's so sad that I'm reading comments from our fellows southern Europeans friends describing that econonic growth it's not real. In fact it's more difficult at the end of the month to have some money left for anything. We measure everything we purchase, even 0.01€. And this brings us anger.. Things are also tough here.😢

Wasn’t the ‘i’ in PIGS initially referred to Ireland?

This video is full of inaccuracies. How can you conclude that austerity has worked 13 later due to mild growth rates? Spain has received very little of what was promised of its eu recovery fund, italy is complaning about it as well

Please in one of these vidoes explain how the "Productivity" index is calculated. For sure it has nothing to do with perceived daily productivity.

The productivity metric is flawed AF. I work for german company in country with "lower" productivity than germans yet for lower salary we produce more results (and often times better) than our colleagues in germany and HQ is slowly moving more and more projects to us. But because we are owned by HQ it shows in their productivity metrics.

Northern Europeans: The Mediterraneans are lazy and sit around in the sun all day, drinking wine. We have to work cos it's cold up here and if we don't, we'd starve. Southern Europeans:

No wonder, we in the UK, for one, buy all their wonderful veg during the winter!

Italy never get bailout by anyone

I was in Portugal last year, beautiful country, beautiful people. Just don't look at incomes and house prices. I was slightly shocked to hear students coughing up like €600 in Coimbra for shared accommodation. Looking at current prices, it seems to be around €3k / sq mtr to purchase a flat. For a median salary of €30k / yr that's about 7-10 years of no-expense income to purchase a 80 sq mtr flat.

it was actually 5 countries in P.I.I.G.S....