In addition, ICT investment, which is a good indicator of the diffusion of innovation, represented 6% of GDP in the 9 US over the period 2000-2004 compared to 3% in the euro area. 1  Groningen Growth & Development Centre database (GGDC) of Groningen University. 2  Second quarter 2005 Eurostat LFS data. 3  Eurostat. 4  Eurostat. 5  OECD (2006) Factbook.
Figures for 2005 not yet available. 6  Bureau of Labor Statistics. 7  Eurostat. 8  Eurostat. 9  Source Groningen database. BIS Review 33/2006  1  The need for structural reforms The lack of sufficient structural reform in Europe is, in my view, a major cause of the gap in economic growth between Europe and the US.