Chart 3  Real GDP Japan 105  United States  s.a., CY 2019 = 100  105  Euro Area  s.a., CY 2019 = 100  105  100  100  100  95  95  95  90  90  90  85  85 CY19  20  21  22  Sources: Cabinet Office; Haver.
CY 19  s.a., CY 2019 = 100  85 20  21  22  CY19  20  21  22  Chart 4  Output Gap Developments since the Outbreak of COVID-19  Long Time Series 6  ％  6  4  4  2  2  0  0  -2  -2  -4  -4  -6  -6  -8 CY 85  90  95  00  05  10  15  20 22  ％  -8 19/Q4  21/Q1  21/Q1  Note: The output gap is estimated by the Bank's Research and Statistics Department.