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| Author: | Benner, J. (et al.) |
| Title: | Industrieländer: Aufschwung setzt sich durch |
| Journal: | Weltwirtschaft
2003 : 4, p. 323-349 |
| Index terms: | Economic growth European Union Exchange rates |
| Freeterms: | Industrial countries |
| Language: | ger |
| Abstract: | In the course of 2003, output growth in the industrial countries accelerated to an annualised rate of 5% in the third quarter. Real GDP grew most rapidly in USA, buoyed by strong economic policy stimulus. The cyclical laggard is the euro area where, despite some pick up in economic activity in recent months, the output gap continued to widen. Meanwhile, the labour market has been slow to respond to the acceleration of output, particularly in USA, due to an exceptional boost in productivity. While inflation in the industrial countries remained subdued, fears subsided that USA or Euroland could slip into deflation as Japan did in the nineties, and central banks shifted their focus towards the detection of signs of rising inflationary expectations. |
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