Are we richer or poorer than before the onset of the crisis?

January 4, 2016

3The global financial crisis triggered a deep recession in 2008 and 2009, the deepest since the Great Recession of the early 1930s. In 2009, the EU’s GDP dropped by 4.4%, and in 2014 it barely exceeded the level of 2008. In terms of economic growth, the EU does seem to be experiencing a ‘lost decade’, after having experienced an average annual GDP growth of 2.29% between 1990 and 2007 and 2.45% during the six years preceding the crisis (2001-2007). According to Eurostat, GDP per capita in the EU28 was € 27 400 in 2014, which in real terms is 99% of the value in 2007, the year preceding the crisis.