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Economic Activity in Industrialized Countries

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Most industrial countries entered the last recession later than the U.S. and recovered more slowly. Except for Japan, however, they are now experiencing fairly solid growth. German economic activity grew at a 4.1% annual rate in 1997:IIQ, led by exports and personal consumption expenditures. Japan’s lackluster performance persists, with real GDP declining at an 11.2% annualized rate in 1997:IIQ. Forecasters expect real economic activity among industrial countries abroad to expand 2.3% this year and 2.8% in 1998. Other things being equal, foreign economies must grow at nearly twice the U.S. pace before our trade deficit will narrow.

Suggested citation: “Economic Activity in Industrialized Countries,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-11, pp. 19, 11.01.1997.

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