Does Economic Performance Really Differ Between the US, UK, and Eurozone?
Commentary
There has been a rooted impression that the economic performance in Europe is always worse than that in the United States. This is not true. The measuring period for GDP released by the U.S. is quarter-over-quarter (QoQ), while those in other places are usually year-over-year (YoY). If both are reported in YoY for comparison, the numbers for 2022 Q1 to Q4 in the U.S. were 3.7 percent, 1.8 percent, 1.9 percent, and 1.1 percent, respectively, while those in the Eurozone were 5.5 percent, 4.3 percent, 2.3 percent, and 1.9 percent. The Eurozone numbers are higher than those of the U.S. in every quarter. Even if the Eurozone is replaced by the UK, the UK is no worse than the U.S….