Table 1.
Mean output gap synchronicity and similarity before and during COVID-19 shock.
| Period |
Synchronicity |
Similarity |
||
|---|---|---|---|---|
| 2019Q2–2020Q1 | 2020Q2–2021Q1 | 2019Q2–2020Q1 | 2020Q2–2021Q1 | |
| Austria | 1.00 | 1.00 | 0.74 | 0.68 |
| Belgium | 1.00 | 1.00 | 0.86 | 0.89 |
| Finland | 0.50 | 0.00 | 0.71 | 0.25 |
| France | 1.00 | 1.00 | 0.42 | 0.80 |
| Germany | 1.00 | 1.00 | 0.65 | 0.75 |
| Greece | −0.50 | 1.00 | −0.44 | −0.53 |
| Ireland | 0.00 | 0.00 | −0.36 | 0.15 |
| Italy | 1.00 | 1.00 | 0.21 | 0.47 |
| Netherlands | 0.50 | 0.50 | 0.65 | 0.33 |
| Portugal | 0.50 | 1.00 | −0.12 | 0.79 |
| Spain | 0.50 | 1.00 | 0.24 | 0.45 |
| Overall | 0.59 | 0.77 | 0.33 | 0.46 |
Note: Numbers shown refer to four quarters before the COVID-19 pandemic and four quarters during the COVID-19 pandemic. The last row shows the mean of all 11 countries per period.