After Five Years


When the Great Recession began five years ago, there were fears it could turn into a new Great Depression. That did not happen — except in Greece. This week Greece reported that its real gross domestic product fell for the fifth consecutive year, leaving the 2012 Greek economy 20 percent smaller than it was in 2007. The charts contrast the past five years in Greece with the same period after 1929 in the United States. All figures are adjusted for inflation. The economic numbers show the total change for each year compared with the base year.

CRISISNotes: Greek economic figures are totals of four quarters for each year. The U.S. figures are annual totals. Unemployment rates are seasonally adjusted. Economic numbers are adjusted for inflation.
Sources: Hellenic Statistical Authority and Haver Analytics (Greek figures); Bureau of Economic Analysis and National Bureau of Economic Research, all via Haver Analytics (U.S. figures).


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