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  1. 1 Ekonomista

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  1. 1 Grzeda L. R.

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  1. 1 2005

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Econometric Analysis of Business Activity in the Euro-zone

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Grzeda L. R.
Ekonomista
|
2005
|
issue 5
621-643
EN
The article contains the results of an attempt to analyze the pattern of cyclic variations in capacity utilization in the countries of Euro-zone. Two sets of data (official statistics and survey returns) were used as inputs into two different formulae. When Hodrick-Prescott filter was used to calculate the deviation of the real GNP from the trend path then less intensive fluctuations in capacity utilization were observed than when survey data were employed in an index constructed by the author. It has been empirically verified that the official statistics of Euro-zone countries display lower, than the actual, levels of output in the service sector.
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