This finding holds for various measures of synchronisation applied to overall economic activity, for annual and quarterly data, as well as for various country groupings. Also last year, the strengthening of activity and the rebound in the euro area’s real GDP growth was a very widely shared phenomenon across the various countries within the euro area.
And the third relevant stylised fact, related to the previous one, is that since the beginning of the 1990s the contribution to dispersion from the cyclical component of real GDP seems to have been relatively limited while most of the dispersion can be explained by differences in the trend component.