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The kaleidoscopic recovery in the Eurozone

The economic recovery in the Eurozone picked up some momentum last year. In 2015, real GDP grew by 1.6% per annum and we expect this pace to continue into this year – Eurozone GDP grew by 0.6% in quarter-on-quarter terms in the first quarter of 2016. However, a key question is how economic growth has been distributed across the various Eurozone member states.

To answer this we calculated the variation in real GDP compound annual growth rates (CAGRs) and unemployment rates across the 19 Eurozone economies and compared it to other global economic slowdowns at the same stage of the economic cycle.2 We used the range and standard deviation as measures of variation in our analysis.

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