In fact, the current expansion is shorter in length and smaller in size than historical averages. It has lasted just five years and real GDP is now 10% above the trough in the first quarter of 2013.1 In the past, growth phases lasted, on average, seven and a half years from trough to peak, with GDP increasing 21% over the same period.
While risks surrounding the euro area growth outlook remain broadly balanced, uncertainties emerging from increased global protectionism, the finalisation of the Brexit negotiations and vulnerabilities in emerging markets have become more visible than a few months ago. The ongoing expansion has led to strong employment gains. Since the beginning of the recovery, around 8.4 million jobs have been created.