The OECD Economic Outlook has a table showing output gaps for OECD countries. The output gap is defined as the percentage change of actual output from potential output. Potential output is also known as the full employment or natural level of output. This is the amount of output that could be produced if the economy used all of its resources efficiently.
The effects of the most recent recession are clear as all of the countries recorded negative output gaps in 2009 and 2010. Canada's -5.2% output gap in 2009 was slightly above the OECD average while Canada's forecasted output gap for 2011 and 2012 are slightly above the OECD average. .Many countries are expected to have negative output gaps in the years 2011 and 2012. Greece, for example, is forecast to have a negative output gap of 11.1% and 11.2% in 2011 and 2012 respectively.