Chart 10 Business cycle synchronisation
1
0.5
0
-0.5
-1
1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001
3 SECTORAL
COMPOSITION
AND BUSINESS
CYCLES
-1
1983 1985 1987 1989 1991 1993 1995 1997 1999 2001
1
0.5
0
-0.5
ECB
Occasional Paper No. 19
July 2004
43
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