A new set of
The Most Important Charts from
BusinessInsider.com is out, this time covering the full year:
http://www.businessinsider.com/most-important-charts-2013-12
My contribution is here:
http://www.businessinsider.com/most-important-charts-2013-12#constantin-gurdgiev-trinity-college-dublin-85
The full chart:
Note:
2013 marks the fifth consecutive
year of the European growth crisis. Amidst the recent firming up in global
conditions, it is important to remember that per capita GDP (in US Dollar
terms) in both the euro area and the UK remains below the pre-crisis peaks. In absolute terms, euro
area cumulated 2008-2013 losses in GDP per capita range from EUR 1,311 for
Malta to EUR 56,496 for Ireland, with the euro area average losses of EUR
20,318. No advanced economy within the EU27 has managed to recover cumulative
losses in GDP per capita to-date. On
average, euro area GDP per capita in 2013 is forecast to be 9.7% lower than
pre-crisis. Across other advanced economies, the GDP per capita is expected to
be 8.4% higher in 2013. While this makes the euro area a strong candidate for
growth in 2014-2015, absent apparent catalysts for longer term gains in value
added, and TFP and labour productivity expansion, a European recovery can be a
short-lived bounce-back, rather than a dawn of a New Age.
Sources: Author own calculations based on IMF data.
There is an earlier version of the same chart I prepared, covering also the duration of the crisis and its extent using as a metric GDP per capita in constant prices in national currency (not USD):
