les: 9.2% 2H2011-2H14 GDP: 4.0% Sales: 3.0% S&P 500 Sales Avg 1991-now GDP: 4.5% Sales: 4.9% Recession Source: BEA, Deutsche Bank Real GDP Real Exports of Goods -20% -15% -10% -5% 0% 5% EFTA01476369 10% 15% 20% 25% 30% Figure 24: ... even though GDP growth was not particularly strong -20% -15