Estimating the Similarities of G7 Countries Using Economic Parameters

The contribution of this paper is to estimate the equality and differences between and within G7 countries: Canada, France, Germany, Italy, Japan, United Kingdom and United States. We used five parameters (GDP per capita, Employment, Population, General government revenue, General government total expenditure, Gross national savings) which widely correlate economic growth in the G7 countries. The means of the seven countries are identically equal is considered as a null hypothesis for each five parameters. We are using One-way analysis of variance statistical technique. Furthermore, the complete data set is evaluated to test the equivalence of the means between the G7 countries and each of a seven countries. The results show significant gaps between the group of G7 countries as well as selected parameters.