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A measure of recovery

The GDP growth story over the past year or two has been one of diverging trends, with relative buoyancy returning to economies such as Sweden, the UK and the US, but with the euro area still looking off colour. How have the crisis and subsequent economic growth patterns affected the actual size of each country’s economy compared to 2007? Have OECD countries recovered their pre-crisis levels of GDP? 

As our chart shows, Sweden, the US and the UK, which were among the first countries in our chart to see their annual GDP dip in 2008, started to pick up again from 2010. They recovered and surpassed their 2007 levels for gross domestic product: by 2011 in the case of Sweden and the US, and by 2013 in the case of the UK. Japan also recovered its 2007 GDP level by 2013.

As for France and Germany, they saw a dip in annual GDP a whole year later, in 2009, though also recovered their pre-crisis GDP levels by 2011. However, France in particular has struggled with very sluggish growth, as witness its relatively flat GDP level compared to its starting point.

Italy’s GDP level remains well below its pre-crisis level. This is in sharp contrast to Australia, which is a case apart in our chart, having recorded growth in every year since 2007.

For key indicators go to OECD Data at http://data.oecd.org

©OECD Observer 301 Q4 2014

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