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International Monetary Fund

benchmark, the contributions to growth have been small, on average, during the past two decades and drops in the sector’s output have shaved up to ½ percentage point from GDP growth rates in bad years. Figure 1. State of the Auto Industry Sources: U.S. Bureau of Economic Analysis, DesRosiers Automotive Yearbook 2010 , OICA, and Fund staff calculations. 2. During the 2000s, the industry has undergone two of the largest shocks in the history of the sector . Energy crisis . Between 2003 and 2008, the prices of automotive fuels surged to unprecedented levels