Here's some data I obtained from the superb compendium _Triumph of the Optimists_ by Dimson, Marsh, and Staunton. This book presents data and commentary for 1900-2000 for the returns of equities, bonds, bills, and inflation for 16 countries.
I've copied some of the data below for a selection of countries. This data is the annualized percent real total equity returns (dividend reinvested plus capital gains, inflation corrected). I also included annualized percentage growth of real GDP and real GDP per capita for the 101 year period. Note that there is little to no correlation between real GDP and equity returns. Depending on what kind of economic growth you are interested in, I think a case can be made for using real equity returns, real GDP, or real GDP per capita as a metric. They are all useful in various circumstances. years Austral France Germany Japan Sweden Switzrl UK US World ----------------------------------------------------------------------------- 1900-20 7.8 1.0 -4.9 9.4 7.9 -9.4 0.2 2.5 0.8 1920-40 12.8 1.8 6.1 6.4 3.6 6.9 5.9 8.0 7.2 1940-60 6.0 3.8 5.7 -2.7 8.6 7.2 8.3 9.7 8.8 1960-80 2.7 0.0 0.6 5.9 1.1 2.5 2.5 2.4 3.2 1980-00 8.4 12.8 10.7 4.8 17.5 10.2 12.3 11.2 9.4 ----------------------------------------------------------------------------- 1900-2000 equities 7.5 3.8 3.6 4.5 7.6 5.0 5.8 6.7 5.8 ----------------------------------------------------------------------------- 1900-2000 Real GDP 3.3 2.4 2.8 4.1 2.6 2.7 1.9 3.3 2.9 ----------------------------------------------------------------------------- 1900-2000 Real GDP 1.6 2.0 1.8 3.0 2.0 1.8 1.4 2.0 2.1 per cap ----------------------------------------------------------------------------- -- "Erik Reuter" <[EMAIL PROTECTED]> http://www.erikreuter.net/ _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
