Real GDP growth has been notably weaker in the euro area than in the United States since the start of the pandemic. [ 1 ] Between the fourth quarter of 2019 and the fourth quarter of 2023, the euro area economy grew by around 3% in cumulative terms, while real GDP in the United States rose by more than 8% (Chart A), resulting in a cumulative growth differential of around 5 percentage points.[ 2 ] This gap is primarily attributable to weaker private consumption in the euro area than in the United States, where direct income support and a relatively larger reduction in excess savings provided a particularly strong ... (full story)