Synchronization of business cycles in the Eurozone

Here we show the synchronization of quarterly GDP growth in Austria, Belgium, Finland, France, Germany, Greece, Italy, Netherlands, Portugal, and Spain over the 1973Q1 to 2019Q1 period. We use a window of 24 quarters, which approximates the length of the business cycle.

Note: the first observation is 1979Q1 which shows the degree of convergence over the previous 24 quarters, i.e. 1973Q1 until 1978Q4