OECD.-OUTPUT GAPS*
Deviations of actual GDP from potential GDP as a percentage of
potential GDP
1981 1982 1983 1984 1985 1986 1987 1988 1989
United States -1.1 -5.5 -3.8 -0.2 0.2 0.1 0.1 1.2 2.1
Japan 0.9 0.3 -1.0 -0.9 -0.8 -2.0 -1.9 0.2 1.2
Germany -0.4 -3.2 -3.3 -2.2 -1.8 -1.4 -1.9 -0.6 0.1
France -0.8 0.6 -0.9 -1.9 -2.4 -2.2 -2.3 -0.4 1.4
Italy 1.6 -0.9 -2.3 -2.7 -2.2 -1.6 -0.7 0.5 1.8
United Kingdom -3.7 -3.8 -2.1 -2.0 -0.8 1.0 3.5 5.9 5.7
Canada 0.4 -6.0 -5.7 -2.4 -0.3 0.1 1.6 3.8 3.6
Total of above
countries -0.6 -3.3 -2.9 -1.1 -0.7 -0.7 -0.4 1.1 2.0
Australia 0.8 -3.2 -5.0 -0.8 0.2 -1.1 0.2 0.8 1.3
Austria -0.8 -2.1 -2.2 -2.8 -2.2 -2.7 -2.7 -0.5 1.4
Belgium 0.4 -0.1 -1.8 -1.5 -2.4 -2.5 -2.7 -0.6 0.4
Denmark -3.1 -2.2 -1.7 0.3 2.0 2.9 0.8 -0.3 -1.2
Finland 0.1 0.5 0.3 0.4 0.9 0.6 1.9 4.7 8.2
Greece 0.6 -2.0 -4.0 -3.1 -2.0 -1.8 -3.3 -0.4 1.4
Ireland 2.4 0.5 -1.9 -0.4 -0.1 -3.1 -3.4 -3.8 -0.5
Netherlands -1.0 -3.0 -2.4 -0.6 0.8 0.8 -0.5 -0.8 0.9
New Zealand -0.9 -0.1 -2.4 1.8 1.1 0.9 0.5 -1.1 -1.4
Norway** 0.9 -0.7 -0.6 0.6 3.8 4.5 3.0 -0.9 -4.4
Portugal 2.5 2.2 -0.4 -4.7 -4.8 -3.8 -0.9 0.5 2.1
Spain -2.9 -2.4 -2.2 -2.6 -2.0 -1.3 1.3 3.2 4.4
Sweden -1.1 -1.5 -1.3 1.3 1.7 2.4 3.7 4.3 4.6
Switzerland 1.9 -0.4 -0.3 0.5 0.9 0.5 -0.7 -1.1 1.0
Total of above
European countries-0.7 -1.8 -2.1 -2.0 -1.5 -0.9 -0.4 1.0 2.0
Total of above
OECD countries -0.6 -3.1 -2.8 -1.1 -0.6 -0.6 -0.3 1.1 2.0
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OECD.-OUTPUT GAPS*
Deviations of actual GDP from potential GDP as a percentage of
potential GDP
projections
1990 1991 1992 1993 1994 1995 1996 1997 1998
United States 1.1 -1.8 -1.0 -0.8 0.3 -0.3 -0.3 0.9 0.6
Japan 2.8 3.3 1.4 -1.0 -2.7 -3.9 -2.8 -3.1 -2.9
Germany 2.1 2.7 2.7 -0.9 -0.6 -0.9 -1.4 -1.2 -0.8
France 1.5 0.2 -0.7 -3.6 -2.6 -2.4 -2.8 -2.3 -1.6
Italy 1.8 1.2 -0.1 -2.1 -1.7 -0.6 -1.6 -2.3 -2.3
United Kingdom 3.7 -0.6 -2.9 -3.2 -1.6 -1.3 -1.4 -0.6 0.0
Canada 1.4 -2.5 -3.8 -3.7 -1.9 -1.9 -2.7 -1.7 -1.1
Total of above
countries 1.8 0.0 -0.3 -1.4 -1.0 -1.4 -1.3 -0.7 -0.7
Australia -0.6 -4.5 -4.5 -3.1 -0.7 -0.2 0.2 0.2 0.1
Austria 2.1 1.4 0.5 -1.6 -0.1 -0.2 -1.0 -1.3 -0.9
Belgium 1.7 1.0 0.5 -2.9 -2.5 -2.3 -2.7 -2.4 -1.7
Denmark -1.6 -2.0 -3.5 -3.8 -1.7 -1.0 -0.9 -0.8 -0.3
Finland 5.9 -3.4 -7.8 -9.7 -6.1 -3.1 -2.3 -0.4 0.3
Greece -0.7 0.5 -0.3 -2.5 -2.6 -2.6 -2.4 -2.0 -1.5
Ireland 4.0 -0.2 -2.1 -4.7 -4.1 -0.5 0.4 0.7 1.1
Netherlands 2.1 1.5 0.8 -0.9 0.2 -0.2 0.0 0.1 0.3
New Zealand -3.1 -6.0 -7.1 -4.6 -1.3 -0.6 -0.7 -0.8 -0.4
Norway** -4.6 -4.8 -4.3 -2.8 -0.7 -0.3 0.6 1.3 1.4
Portugal 3.6 3.3 2.4 0.3 -1.4 -2.0 -1.6 -1.1 -0.6
Spain 4.9 3.9 1.6 -2.0 -2.4 -2.4 -2.7 -2.3 -1.9
Sweden 3.9 1.5 -0.9 -4.0 -2.3 -0.7 -1.2 -1.2 -0.9
Switzerland 2.2 0.9 0.1 -1.2 -1.3 -2.3 -4.1 -4.6 -4.5
Total of above
European countries 2.4 1.1 0.0 -2.3 -1.6 -1.4 -1.8 -1.6 -1.2
Total of above
OECD countries 1.8 0.1 -0.4 -1.6 -1.1 -1.4 -1.4 -0.8 -0.7
________________________________________________________________________
* For further details, see Giorno et al., "Potential output, output gaps
and structural budget balances", OECD Economic Studies, No. 24, 1995/I
** Mainland Norway
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Source: OECD Economic Outlook, No.61, June 1997
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