Chart of the Day: Economic Depression in the Euro Zone Periphery
By Global Macro Monitor
Nice chart and analysis from the New York Fed’s blog,
The chart also shows that the current economic situation is much weaker in several euro-area periphery countries. The recession in Greece has yet to end, and real GDP is now more than 17 percent below its prior peak. While a recovery recently appeared to be under way in Ireland, real growth is still 12 percent below peak. Portugal’s economic contraction during 2008-09 was less severe than that for the euro area. However, Portugal’s recovery faltered in mid-2010, and the economy has been contracting since then. Spain also experienced a milder recession than the euro area, but its recovery began later and has been progressing at a slower pace, leaving it around 4 percent below peak.