But the dispersion of growth rates of real gross domestic product (GDP) between member states of the euro area is comparable to the differences in the states of the United States. The same holds true for the dispersion of inflation and unit labour costs (as an indicator of competitiveness).
In short: Heterogeneity within the euro area and the United States have been quite similar over the past 12 years. The current edge: robust economic recovery at temporarily elevated inflation levels Incoming statistical data releases and survey-based indicators point towards a continued recovery of economic activity in the euro area, albeit at a slower pace.