GDP (Gross Domestic Product) is the value of all goods and services a country produces in a given period: in short, the size of the economy. Here we show its real growth versus a year earlier (net of inflation): a positive number means the economy grew, a negative one that it shrank — a recession, if it lasts two quarters in a row. We compare the euro area with Italy, Germany, France and the United States. It’s the backdrop against which corporate profits, employment and — indirectly — markets move.