World basic facts

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Last Updated: Saturday, 28 December 2024 17:56

Published: Tuesday, 13 November 2018 20:58

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World Basic Facts:

2018 stats from World (updated to 2020 numbers at some places):

A very good place to see a lot of world stats is here: https://ourworldindata.org

Population:

Let's start with population since that's the most important factor in determining the economy of a country and it's prosperity. Population increases by having births, while decreases by deaths. Pretty simple. If every couple has 2 kids, then assuming 2 people (i.e parents) die for every 2 kids born, then the world population will remain constant. You will hear the term "fertility rate", which is the number of children per woman. It needs to be above 2 (as seen above in the example of a couple) for the population to increase, which is known as the replacement rate. Of course, depending on how long people live, this replacement rate may vary a little. If people live longer, then a lower replacement rate may be enough to keep the population constant. If you ever heard the slogan "hum do, hamare do" (For hindi handicapped, it means "2 kids per family"), that's where it comes from - when a couple has 2 kids, the population will hold steady.

Largest countries in world by population: http://www.worldometers.info/world-population/population-by-country/

Total population = 8B, China=1.4B, India=1.4B, USA=0.33B, Indonesia=0.28B, Pakistan=0.2B, Brazil=0.2B, Nigeria=0.2B.

Among 225 countries, only 90 countries have population of over 10M (1 crore which is the population of any metropolitan city in India). In fact, only 13 countries have population over 100M. After Bangladesh, India is most densely populated country when looking at top 50 countries by population. Pakistan and Bangladesh though much smaller in area are still at no. 6 and no. 8 when it comes to population. If Pakistan and Bangladesh were 1 country (as they were before 1970), they would be 3rd largest country ahead of USA. In the next 30 years, India will be the most populous country, while Russia and Japan with their declining population will fall out of top 10. What you see is that more and more 3rd world countries are moving up the chart - USA and China will be the only developed countries to be in top 10.

Area wise, Russia is the biggest country followed by China, USA, Canada, Brazil and Australia all of which are about half the size of Russia. Next comes India which is much smaller at about 1/6 the the size of Russia. Among large countries, Australia, Canada and Russia are very sparsely populated with less than 10 people per km^2.

Past and future population growth of all major countries is listed here: https://en.wikipedia.org/wiki/List_of_countries_by_past_and_projected_future_population

Population growth rate:

If we look at population growth since 1985 to 2020, world population went from 5B to 8B in 35 years, implying about 1.5% growth rate. Growth rate has slowed down to just over 1% as of 2021. It's inching down by 0.03% every year, so world population growth rate will be under 1% by 2022-2023 or so.

Death rate is around 1% of population, while birth rate is around 2%. That is what gives net 1% population growth rate. Birth rates have been falling, while death rate has hung kind of around 1% (it's falling too, but by much slower rate). In most developed countries where population growth has  stagnated, the main reason is falling birth rate - it has come close to the death rate and population can't grow anymore.

Top causes of death worldwide: (out of deaths of 70M/year worldwide as of 2023):

• Diseases: A lot of disease are due to old age, i.e heart attack.
• Accident: Accidents kill > 3M people every year worldwide. Out of these, 1.2M are crashes by cars and other vehicles. About 0.8M are due to falls among children and elderly people.

Why is the birth rate 2%? As a very simple scenario, let's consider a couple in their mid thirties having 2 kids. Then these 2 kids have 2 kids of their own when they are around 35. Then those 2 kids have 2 of their own when they are around 35. That means 6 new kids get born every 100 years or so for every couple that is there. So, every year it's 0.06 kids per 2 people. That implies 0.06/2*100=3 new births per 100 people or 3% birth rate. Now this birth rate is dependent on number of kids per couple as well as the age at which they have these kids. Looks like couples are having less than 2 kids on avg, and they are having them in their 40's instead of 30's. Then the birth rate will come out to be 2%.

Why is the death rate 1%? This is much simpler. Let's assume a person dies at age of 70 on avg. If we assume a population of 70 people with ages from 0 to 70 in serial order, then 1 person out of 70 dies every year. That implies 1/70 death every year. So, for every 100 people, death rate = 1/70*100 =1.5% death rate. However, we have to consider birth rate too, since that determines the mix of old and young people. If we have more young people and less old people in that mix of 70 people, then the deaths will be < 1 every 70 people, bringing the death rate to lower than 1.5%. As an example, consider US population group. 50M out of 330M people are over age 65. Assuming avg age to die is 78 yrs (avg life expectancy), these 50M people will die in next 13 years, implying 50M/330M=0.15 ppl every 13 years, or 0.011 ppl every year. or out of 100 people, it's 0.011*100=1.1 ppl => 1.1% death rate. So, mix of the population and avg life expectancy determines the death rate.

Country Population:

Biggest Asian country: China: Went from 1B in 1985 to 1.4B in 2020, implying about 1% growth. It's population growth has stalled to almost 0 now (due to it's "one child per couple" policy), so it will likely stay at this level.

Other Asian countries: India, Pakistan, Bangladesh, Indonesia, Philippins, Vietnam: All 6 countries almost doubled in population in last 35-40 years, implying almost a 2% growth rate. They are going to grow at close to 1% for the foreseeable future, implying their economies will keep growing just thru their population growth.  These are all 3rd world countries, so their economies run on back of high internal population growth. These top 4 countries combined have population over 2B (or 25% of world population).

Declining Asian countries: Russia, Japan and South Korea are all struggling with stagnant or declining population. Their economies will continue to suffer unless they can import people or export their products. Russia since peaking at 148M in 2000 has declined to 146M as of 2020. Similarly Japan since peaking at 127M in 1995 has declined to 126M as of 2020. South Korea had been growing at 0.5% in last decade, but it's population is now stagnant at around 50M.

S Korean population growth: https://www.bloomberg.com/news/articles/2022-08-24/fastest-aging-wealthy-economy-breaks-own-fertility-record-again

It shows S Korea's fertility rate at 0.8, and it's population declining from 50M in 2020 to 24M in 2100.

North American countries: USA, Canada: Both USA and Canada have grown their population by about 50% in last 35 years, which is commendable for a developed nation. Their growth rate is still > 0.5%. Since they are developed countries, their internal growth rate is declining as people have fewer babies. A big reason for their high growth rate is immigration, which is basically importing people to juice up their economic numbers. Canada at 37M people is about 1/10th the size of USA which is at at 330M.

Oceanian country: Australia is the only developed country besides USA and Canada which has strong population growth. It grew 60% in the last 35 years, growing from 15M in 1985 to 25M in 2020. It's population is 25M and is expected to continue growing at > 1% for the forseeable future. Australia is also big on immigration, though not as big as Canada.

South American countries: Brazil, Mexico, Colombia, Argentina: All 4 grew their population by 50%-60% in last 35 years, which is at a slower rate than Asian economies, but still a decent rate, and expected to continue at that rate. They also being 3rd world economies, are able to grow population internally as people in these countries continue having more babies. They are going to grow at close to 1% for the foreseeable future, Brazil has about 200M people, followed by Mexico at 125M, Colombia at 50M and Argentina at 45M.

European countries: Germany, UK, France, Italy, Spain: Most European countries are suffering with population decline or zero growth. Again the reason is that they are developed economies and people are having fewer kids. Germany, the largest economy and most populated Euro nation was 78M in 1980, peaked at 82M in 2000 and started declining. However, as of 2020, it's population has increased to 84M, and is growing at about 0.5M/year. The reason it was able to reverse the population decline was thru immigration. Britain also falls in the same camp as Germany. It's population also kept on growing thru immigration although at a lower rate. It's still growing by 0.5M/year. The next 3 countries: France, Italy and Spain are stuck at 0% growth rate, since they didn't import people in large enough numbers. So, these top 5 countries have about 300M people, but growing at about 1M people per year. Most of this growth is thru importing people.

African countries: Nigeria, Ethiopia, Egypt, DR Congo, S. Africa, Kenya: African countries win the gold medal for population growth. Many African countries have more than doubled their population in last 35 years. All these countries have upward of 2% growth rate, and will continue to have higher rates for a long time. So, these African countries are going to rule the world, when it comes to exporting people. These 6 countries combined have > 600M people and will likely double their population in next 30-35 years.

Immigration:

Let's look at immigration component of the population growth: https://worldpopulationreview.com/country-rankings/immigration-by-country

 Countries by population and immigrant population (people born in other country). Data is as of 2020:

1. USA: Total population = 330M, Immigrant population = 50m (15% of total population). 50% of the population growth is due to immigrants. More details in USA basic facts.

2. Russia: Total population = 145M, Immigrant population = 12m (8% of total population). Russia not only has lots of immigrants, but also a lot of emigrants (people who leave to go to another country), which stood at about 10M. So, net effect is that it doesn't gain from immigration. So, Russia's population will keep on declining, taking it's GDP down with it. The only saving grace is Oil, of which Russia is biggest producer and 2nd biggest exporter.

3. Germany: Total population = 83M, Immigrant population = 10m (12% of total population). As per this link: https://en.wikipedia.org/wiki/Demographics_of_Germany, there were 20M ppl with immigrant background, defined as ppl with atleast 1 parent who was born outside Germany. So, 10M ppl were born outside Germany, and remaining 10M are kids of these immigrants (kids themselves were born in Germany). So, 25% of German population is not native. Germany is a huge immigrant hub. Since 1970, the natural population growth in Germany has been negative -100K to -200K every year. Deaths have been at 1.1% of population, while births have been at 0.9% of population, resulting in -0.2% negative growth rate not accounting for immigrants. Hence there was a steep decline in native population over the last 50 years. What saved it since 1980's is huge immigrant population coming in every year. Even birth rate has improved due to immigrants having more babies than native Germans. Since mid 2000, Germany is allowing even more immigrants at about 0.5M/year, which allows it to keep it's population growth +ve at about 0.5% per year.

4. UK: Total population = 67M, Immigrant population = 10m (14% of total population). In 1950, foreign born population was 2M (or 5% of population). Now as of 2020, it's 10M. Link here: https://en.wikipedia.org/wiki/Foreign-born_population_of_the_United_Kingdom. So, UK is also a big immigrant hub. Largest immigrant population is Indians - 0.8M of the population is India born. India, Pakistan and Bangladesh comprise 1.5M of population (roughly 2.5% of population).  UK population increased by 8M from 2000 to 2018. Of that about 5M was due to immigrants, accounting for 60% of population increase. In last couple of years, population has increased by 0.5M/year of which 0.35M/year (or 70%) increase is due to import of people.

5. France: Total population = 65M, Immigrant population = 8m (12% of total population). 20% of the French population is with immigrant background, defined as ppl with atleast 1 parent who was born outside France. However, most of the population growth in France is due to native French population growth and not due to immigrants. Here's the link: https://en.wikipedia.org/wiki/Demographics_of_France#Population_projections. Death rate is 0.9%, while birth rate is 1.1% resulting in 0.2% (or 150K) population growth per year. That matches closely to net population growth implying net immigration every year is small. Most of the immigration happened before 2000 (after world war 1 and 2). France is the most fertile in terms of baby births, so their native growth will keep sustaining them. However, the population growth rate is so small at 0.2% that it contributes almost nothing to GDP.

6. Canada: Total population = 37M, Immigrant population = 8m (20% of total population). Canada lives and breathes on immigration. 80% of the population growth in Canada is due to immigrants. Their population grew from 25M in 1985 to to 37.5M in 2019, implying about 50% increase. As of 2019, their growth rate was about 1.4% or 500K/year, which was the highest growth rate of any developed country. Canada sets an immigration target for each year, so they can raise the target as much as they want depending on how many more people they need to import to juice up their GDP numbers. We can expect to see 1.2% population increase per year for the foreseeable future. Canadian Govt has an immigration target of 400K immigrants per year for the next few years. Canada wants to get to 100M before the end of the century. Canada is the worst developed country to immigrate to, since they import slaves to work, who then are said to get all benefits in retirement. I guess it's still something for people from 3rd world countries where they get nothing, so that keeps "import of slaves" going !!

7. Australia: Total population = 25M, Immigrant population = 7m (30% of total population). Australia is also big on immigration, right behind Canada. Population of Australia increases by 1.2% (300K) per year of which 150K is due to immigrants. So, 50% of the population growth is due to immigrants. Link: https://worldpopulationreview.com/countries/australia-population. Australia is expected to keep growing at this growth rate for foreseeable future. Their population will almost double by 2100. This is the highest population growth of any developed country. Whatever is the shortfall in the native growth rate will be made up by immigrants.

8. Italy: Total population = 61M, Immigrant population = 6m (10% of total population). Population grew from 57M in 1985 to 61M in 2019, implying 0.2% population growth. In recent years, population growth has been negative at -0.2%, making it the fastest shrinking country in the world. In 2019, there were 650K deaths and 450K births, resulting in -200K native population decline. Net immigration in Italy is about 100K/year, resulting in net -100K/yr decline. In absence of +ve population growth, house prices have been falling in Italy (Italy, spain and Ireland are the only 3 countries in EU where house prices have been falling), and construction has come down to really low levels. Home ownership is already high at 72%. With population projected to go to 40M by end of century, everyone will own a house with even zero construction of new houses. That's good news for people wanting to immigrate to Italy.

9. Spain: Total population = 46M, Immigrant population = 6m (12% of total population). Here's a link: https://en.wikipedia.org/wiki/Demographics_of_Spain. Population grew from 38M in 1985 to 46M in 2019, implying 0.4% population growth.  However most of this population growth was driven in 2000's via mass immigration. For 2019, there were 350K births and 400K deaths, resulting in -50K population decline. This was largely offset by 200K-300K immigrants. However immigration hasn't been steady, due to high unemployment in Spain. Spain's native population growth will remain negative even with +ve immigration. by 2060, Spain is still projected to have 40M people which is much better than Italy. However, due to declining population, Spain's economy will be heading south.

Most of the immigrants to these countries came from 3rd world countries as India, Pakistan, Bangladesh, Philippines. China, Russia, Mexico, etc. India was the largest exporter of people at 16M people exported to other countries. So, 1% of the Indians born in India have already immigrated and settled in other countries over the last 20-30 years.

GDP (as of 2020):

When we say GDP, we are referring to nominal GDP (unless mentioned otherwise). Total World GDP is at $80T. Look in GDP section for details. As you can see in GDP section, countries with largest population and largest land area tend to have higher GDP. Printing money has the biggest effect on nominal GDP followed by population growth. NOTE: GDP is measured in US dollars, so if more USD gets printed, the GDP of US as mesued in USD goes up, even though printing more USD just devalued the currency.

GDP numbers for top countries are: https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

Historical GDP is shown here for all countries:

https://en.wikipedia.org/wiki/List_of_countries_by_past_and_projected_GDP_(nominal)

All countries below have nominal GDP > $1T, and have large population base. Exceptions are Canada and Australia, which in spite of lower population, still manage to be in top 15 largest economies. However, both of them rely on huge immigration to drive up those GDP numbers.

1. USA: GDP= $21T. Large immigrant population and money printing allows it to keep growing it's nominal GDP at 5%/year.

2. China: GDP=$15T. China's GDP grew

3. Japan: GDP=$5T. GDP has remained stuck at this level for last 20 years. They had close to 0% GDP growth since the "Real Estate Bubble burst" in 1980's.

4. Germany: GDP= $4T. Large immigrant population every year allows it to keep it's GDP growing, even though it's native population is declining. Germany's GDP grew from $2T in 2000 to $3.5T in 2009, and then from $3.5T in 2009 to $4T in 2020, implying a paltry 1% nominal GDP growth in last 10 years. Most of it is driven by 0.5% population growth due to immigrants.

5. India:

6. UK: Heavily reliant on immigration to bump their population number, which in turn drives GDP. Helping them is also heavy worldwide usage of their currency "pound".

7. France

8. Italy

9. Canada

10. South Korea

11. Russia

12. Brazil

13. Australia

14. Spain

15. Indonesia

16. Mexico

Government Debt:

This refers to total amount of money that Central Govt owes to others. Govt Debt is also called public debt or Federal debt or debt held by the government. Central or Federal Govt accumulates debt when the money it collects as taxes is lower than the money it spends on various programs. We are talking about debt of Central Govt and NOT state Govt, since Central Govt is the one that has the power to print money. Central Govt in any country can take any amount of debt in their own currency as they have the power to print money in their own currency.The problem arises when Country A takes debt from other country B in other country's currency. That other country B demands interest and payback of principal. The only way for  country A to pay interest and principal is to somehow sell things to the other country B, so that they can get the currency notes of country B to pay the interest. This is where countries go bankrupt. Debt of any country matters, but more important is in which country's currency is the debt owed in.

Debt to GDP ratio matters, and any debt over 100% of GDP is usually considered risky. Japan has debt to GDP ratio of over 250% which is insane. However, almost all of it's debt is in it's own currency, so Japan can just print more Yen at any time, and eliminate the debt by paying itself. So, the risk of default is zero, and debt doesn't matter at all, whether it's 1% of GDP or 1000% of GDP.

On the other hand, Greece has debt which is only 150% of GDP, but still came close to bankruptcy. Reason is that the debt of Greece is in Euro, which Greece can't print. Euro is the common currency of Euro zone nations (around 27 nations), and they collectively decide whether to print more currency or not. Of course, countries which are doing good, don't want to print more currency, as the value of currency goes down. But countries whose economy is doing poorly want to print as much money as they can. This is where countries like Greece end up in trouble as the currency is not in their control.

What about USA? Well, USA is in the best position because US dollar is world's reserve currency. So, no matter what kind of debt USA has and who owns it, it can always print as many US dollars as it wants and pay off the debt. So, the risk of default is zero, just as it's for Japan. No matter whether US debt is owned by china or Japan, US can just pay them anytime. It just chooses not to print trillions of dollars to pay the debt.

NOTE that as the amount of debt goes up, the nominal GDP also goes up. Nominal GDP is just the total amount of money in the system. So, it's pretty hard for Debt to Nominal GDP ratio to go too high. That is why governments like to show this number, as debt to gdp ratio can never look too bad. Or if it looks bad tody, it will eventually start improving as the debt makes it way into the GDP number, which the current govt can take the credit for.

This link shows GDP as well as debt for various countries. Many GDP numbers look to be wrong based on wikipedia GDP estimates.

https://usdebtclock.org/world-debt-clock.html

As we see below, countries with high GDP are also the countries with high debt (as higher debt drives GDP higher). Debt as of mid 2020 is

1. USA: $27T (GDP=$21T)

2. Japan: $12T (GDP=$5T) => highest debt to GDP ratio for any large economy.

3. China: $8.4T (GDP=$15T)

4. UK: $3.5T (GDP=$2.8T)

5. Italy/France/Germany/Spain: $2.9T/$2.9T/$2.4T/$1.6T (GDP=$2T/$2.5T/$3.8/$1.3)) => Germany is in the best position of al euro nations when it comes to debt to GDP ratio, which is paltry 70%, while for other countries it's > 120%. That's why Germany keeps pushing back on printing more Euro, to bail out other countries.

6. India: $2.5T ((GDP=$2.9T)

7. Brazil: $1.8T (GDP=$1.8T)

8. Canada: $1.9T (GDP=$1.8T)

9. Mexico: $0.8T (GDP=$1.3T)

10. South Korea: $0.8T (GDP=$1.6T). Large population decline of 50% or more expected in next 100 years, so GDP will start declining too (unless they can make up for that via increased exports)

11. Australia: $0.7T (GDP=$1.4T)

12. Russia: $0.3T ($1.7T) => lowest debt to GDP ratio for any developed country. However with the population declining, GDP will start falling too.

These top 15 countries account for 75% of world GDP ($85T), and their debt is also pretty close to their GDP level (except China, Germany, Mexico, Korea, Australia and Russia).

Government Bond interest rates:

Not only the Government debt matters, but the interest rate that it has to pay on that debt also matters. Of course the interest rate is decided by the central bank of the country which is a part of the government. So, Governments have power to decide how much money to print, as well as the interest rate at which they are going to loan that printed money to themselves as well as others. It loans itself that printed money at a rate that it finds convenient, so it's all a scam in the end.

These are the rates fixed by the Central banks of different countries: http://www.worldgovernmentbonds.com/central-bank-rates/

As you can see above, some countries as Switzerland, Denmark, Japan have negative interest rates, implying debt will pay itself off if kept long enough.

These are the interest rates on Government bonds: http://www.worldgovernmentbonds.com/

As you can see almost half the European nations have negative interest rates on 10 year government bonds. Germany, Switzerland and Denmark have 10 yr interest rates below -0.5%. Home loan rates and deposit rates are all under 1% for most of the developed countries. In fact, Denmark mortgage rates went negative at -0.5% per year for a 10 year mortgage, implying you were being paid every month by the bank for having a mortgage. If you kept refinancing the mortgage, you will eventually owe nothing to the bank. Insane times !!!

What's puzzling is that interest rates on Government bonds are negative for many European countries, even though the Central bank rates are at 0%. May be the central bank is buying Government bonds from open market very aggressively at negative rates. But then why not take the Central bank interest rate negative, to keep both rates in sync ??

Oil:

Oil production per year = 100M barrels per day as of 2018. That is also the consumption rate. 1 barrel is 40 gallons or 160 litres, so per day, we are consuming 100Mx160=1600M litres. That equates to 0.2 litres per person per day.  We consume 35B barrels per year. Assuming 1Barel cost $100 USD, we spend $3.5T per year on Crude Oil alone. That's a big contributor of World GDP at about 4%. That's also a lot of money in nominal terms (around $500 per person per year), which if given to bottom 25% of people directly, would not leave anyone poor. In fact, we are consuming as much oil per day as the amount of water we drink every day. Not really, they are off by a factor of 5 !!

Largest producers of Oil: These countries below produce about 90% of world oil.

USA: produces 12M barrels per day. Consumes 20M, so imports 8M. => BIGGEST producer, BIGGEST consumer, BIGGEST importer

Russia: produces 12M barrels per day. . Consumes 6M, so exports 6M. => BIGGEST producer, 2nd BIGGEST exporter

OPEC: Saudi Arabia, Iran, Iraq, UAE, Kuwait, Venezuela, Nigeria, Angola, Qatar, Algeria, Libya (all OPEC countries) = produces 40M barrels per day. consumes 15M only, exports about 25M. Biggest exporter of oil is Saudi Arabia at 8M (produces 10M, consumes 2M) => BIGGEST producer, BIGGEST exporter

China: produces 4M barrels per day. Consumes 12M, so imports 8M. => 2nd BIGGEST consumer, 2nd BIGGEST importer

Canada: produces 4M barrels per day. Consumes 1M, exports 3M. BIG producer, exports most of it.

Brazil: produces 3M barrels per day. Consumes most of it, exports 0.5M.

Mexico: produces 2M barrels per day. Consumes 1M, exports 1M.

India: produces 1M barrels per day. Consumes 6M, so imports 5M. => 3rd BIGGEST consumer, 3rd BIGGEST importer

Japan: produces 4K (almost nothing) barrels per day. Consumes 4M, so imports 4M. => 4th BIGGEST consumer, 4th BIGGEST importer

South Korea: produces nothing. Consumes 3M, so imports 3M. => 5th BIGGEST consumer, 5th BIGGEST importer

Phones:

1.5B smartphones sold in 2017 with total revenue of $0.5T (implying $300/phone). These smartphones also require phone service which can easily be $300/year (assuming $25/month for USA market). So, total money spent on phone +service every year is $1T, or more than 1% of GDP. Smartphone sales are projected to reach 2B in 2019 (with 1.3B of these to be 4G enabled), and all phone sales (including dumb mobile phone) to reach 2.35B. Since bottom 85% of world lives on < $20/day, they can't afford any of these smartphones or the phone services that go with it. Assuming top 15% or 1B people of the world buy these smartphones every year, not sure where the remaining 1B sales come from. Since just Samsung, Apple and few more sold over 0.5B high end expensive phones, almost everyone living on >$50/day is buying these phones every year. Hard to believe, that !!

Milk:

Milk is such a important part of food consumption everywhere in the world, that it's economic impact on the economy can't be neglected.

About 1 Trillion litres of milk is produced every year (930M tonnes in 2022). This implies about Quarter Litre/person per day milk consumption for all of the world population. This seems reasonable as most people who can afford drinking milk drink a glass of milk a day. Then they also eat other products based off milk. Milk is mostly gotten from mammary animals such as cow, buffalo, goat and sheep. Milk also comes from plants for plant based milk. We are talking about milk coming from animals in this section.

Wiki link => https://en.wikipedia.org/wiki/Milk

Milk is 87% water, so it's density is close to that of water at 1.03kg/litre (buffalo milk is slightly more dense than cow milk).

India is the largest producer of milk at 200M tonnes/year, followed by USA at 100M tonnes (as of 2022). 250M dairy cows produce 1T litres of milk, implying ~4000L/cow per year. In US, a single cow produces 10K litres/year, while in India, they only produce 1K litres/yr. By contrast, China, 3rd largest producer has a yield of only 2K litres/cow per year.