Qualitatively, there are some resemblances between the behaviour of GDP now and
then, although no sharp fall has been recorded in the recent period, nor have
we seen recently more than a single quarter's decline in sequence. And unlike
the 1980s episode, employment is not declining. Figures 11, 12, and 13 provide GDP
information about France, Germany and Italy. |
Based on currently available data, our current judgment is therefore that the euro area has
been experiencing a prolonged pause in the growth of economic activity, rather
than a full-fledged recession as we have defined it. The picture may of course change
as revised GDP statistics appear. |