Deflation, like inflation, tends to be closely linked to changes in the national money supply, defined as the sum of currency and bank deposits outstanding, and such was the case in the Depression. Like real output and prices, the U.S. money supply fell about one-third between 1929 and 1933, rising in subsequent years as output and prices rose.
Despite higher living costs and a devastating war, economic growth in the euro area and in Slovenia continues, albeit at a slower pace than would otherwise be the case.