Macroeconomics analisis of recessions in austria norway and spain

0,1

-0,04 0,04 0,06 0,08 0,02 0,04 0,06 0,08 -0,04 -0,02 0,1 0,02 0,04 0,06 0,08 0 0 1971 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 1973 19751977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997GDP/capita growth rate Austria

GDP/capita growth rate Norway

GDP/capita growth rate Spain

1999

2001

2003

2005

2007

-0,02

-0,02

0,02

0

Recession of 1975: Oil ShockAustria: -0,6 %. No impact in Norway (probably because of proper petrol reserves - no imports are needed) Spain: The recession (-1%) is due to political and economical uncertainty rather than to the oilshock because the increase in oil prices of the 1st oil shock was supported by the government (prices were not risen) Recession of 1978 - 1981: 2nd Oil Shock. Austria: Stronger impact than 1st oil shock:-2,4% in 1978 and -0,4% in 1981. (Early 80's also crisis in the state industries and budget consolidation matters) Norway: very little impact in Norway: -0,1% in 1978 Spain: big impact: negativegrowth rates in most years between 1975 and 1981, up to -1,8%, due to not having taken any steps to lower the petrol needs after the 1st oil shock and because of the political measures to re-structure theeconomy in the new democracy (Franco died in 1975, Pactos de la Moncloa). Recession of 1988: Only in Norway (-1%): banking crisis (deregulation - credit boom - fall of oil prices - recession - banksgo bankrupt) Recession of 1993 in Europe, massive devaluations of currencies of some countries Austria: -0,8% (as an exporter it suffered the impact of devaluation of other countries -> lower exportsand the general recession in Europe -> lower tourism) No impact in Norway Spain: -2,5%: Decline in public and private investment (rising interest rates, falling company profits due to rigid...