Chart 4 shows that the indicator turned negative in 2013, pointing to a shortage  3  According to the Cabinet Office, the output gap is estimated to be about minus 1.5 percent for July-September 2013, about minus 1.6 percent for October-December 2013, and about minus 0.3 percent for January-March 2014. BIS central bankers’ speeches  5  in employment and production capacity.
Ewald Nowotny: The future of European integration – some economic perspectives Opening remarks by Prof Dr Ewald Nowotny, Governor of the Central Bank of the Republic of Austria, at the 39th OeNB (Austrian National Bank) Annual Economic Conference on “The Future of European Integration: Some Economic Perspectives”, Vienna, 23 May 2011.