Convergence of real GDP per capita in the EU15 area: How do the accession countires fit it?

The EU15 countries’ real GDP per capita levels adjusted for purchasing power have converged in 1960-2001. Convergence has occurred in two spells, in 1960-73 and 1986-2001, with an interim period of stagnation. We analyse both σ and β convergence and discuss the impact of EU membership, trade and investment. We also analyse how seven accession countries fit into the historical picture of the EU15 area. The CEE countries are well positioned to catch up with the incumbent EU countries. After the mid-1990s an increase in productivity and high investment rates have supported economic growth in the accession countries. Still, the experience of the EU15 countries shows that convergence cannot be taken for granted. – Convergence ; EU ; Accession countries ; Enlargement