Overall, the different incorporation in the economy of the ICT revolution helps explain the diverging trends in labour productivity growth between the euro area and the US in recent years in two ways. First, we observe lower productivity growth in the ICT-using sectors in the euro area compared with the US.
The deficit would have been large enough to push the total federal budget into the red, and an accrual-based budget measure could conceivably record noticeable deficits over the next few years, rather than the surpluses now indicated by the official projections for either the total unified budget or the on-budget accounts.