Table 5.
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 | 0.60 | 0.66 |
| Belgium | 1.00 | 1.00 | 0.73 | 0.73 |
| Finland | 0.50 | 0.00 | 0.58 | 0.08 |
| France | 1.00 | 1.00 | 0.51 | 0.68 |
| Germany | 1.00 | 1.00 | 0.61 | 0.78 |
| Greece | −0.50 | 1.00 | −0.30 | −0.36 |
| Ireland | 0.00 | 0.00 | −0.22 | 0.06 |
| Italy | 1.00 | 1.00 | 0.35 | 0.64 |
| Netherlands | 0.50 | 0.50 | 0.50 | 0.31 |
| Portugal | 0.50 | 1.00 | −0.25 | 0.67 |
| Spain | 0.50 | 1.00 | 0.11 | 0.62 |
| Overall | 0.59 | 0.77 | 0.29 | 0.44 |
Note: Numbers shown refer to four quarters before the COVID-19 pandemic and four quarters during the COVID-19 pandemic. The last row is the mean of all 11 countries per period.