What accounts for the growth gap between the United States and the euro zone?

Since the mid-1990s, (real) GDP has grown by 87 % in the United States and by 46 % in the euro zone. What accounts for this growth gap in favour of the United States? Demographics (growth in the working-age population)? The labour force has grown faster in the United States; Change in the employment rate? The employment rate has declined sharply in the United States relative to the euro zone, wiping out the demographic advantage; Productivity gains? Yes, clearly; If it is per capita productivity gains, then why? It may be thanks to: Working time; The investment effort; The corporate modernisation and innovation effort; The weight of the sector that produces new technologies. The greater ease of financing investment and innovative companies. We find that all these factors are present. Altogether, the euro zone’s growth shortfall relative to the United States is explained by the latter’ s investment and corporate modernisation effort, the large size of its new technologies sector and its greater ease of financing companies. The United States’ demographic advantage is cancelled out by the decline in its employment rate.