Economics, 3rd Edition

Growth Rates in Ireland, Greece and the Whole Euro Area

The figure shows annual growth rates in real GDP for Ireland, Greece and for the euro area as a whole for every year from 2005 to 2014 

(note, 2014 is an estimate). The growth rates do not move closely together; Ireland and Greece’s growth rate was higher than that of 

the euro area as a whole up to 2007, but Ireland slipped into recession first and the depth of Greece’s recession has been much worse 

than that of the euro area

2005

–7.5

–5.5

–3.5

–1.5

0.5

2.5

4.5

6.5

2006 2007 2008 2009 2010

Annual percentage

change in real GDP

2011 2012 2013 2014

Ireland

Euro area (17 countries)

Greece