Sectoral specialisation in the EU a macroeconomic perspective



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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