Historical Year Data · 1998

Real GDP in 1998

Real GDP opened 1998 at $13B and closed at $13B, a +3.84% move for the year. The high of $13B was reached on October 1, and the low of $13B on January 1.

Open

$13B

1998-01

$13B

4 data points

High

$13B

Oct 1

Low

$13B

Jan 1

Full Year Change

+3.84%

1997 Change

+3.81%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	$13B	$13B	$13B	$13B	+0.00%
Apr	$13B	$13B	$13B	$13B	+0.00%
Jul	$13B	$13B	$13B	$13B	+0.00%
Oct	$13B	$13B	$13B	$13B	+0.00%

Events During 1998

1990 Japanese Bubble Collapse

Deflation

January 1990 – 2003

The Nikkei 225 peaked at 38,957 on December 29, 1989, then fell 82% over 13 years. Japan entered its "lost decades" of deflation, zero rates, and structural stagnation that still shapes global markets today.

1997 Asian Financial Crisis

Deflation

July 1997 – 1998

Thailand's forced devaluation of the baht on July 2, 1997 triggered contagion across Southeast Asia. Indonesia, Korea, and Malaysia saw currency collapses, sovereign debt crises, and economic contractions of 10-15%.

1998 LTCM Collapse & Russia Default

Deflation

August – October 1998

Russia's default on August 17, 1998 blew up Long-Term Capital Management, which had $125 billion of assets on $4.7 billion of equity. The Fed orchestrated a private bailout to prevent systemic contagion.

1998 Euro Launch & 1999 Introduction

Goldilocks

May 1998 – January 2002

Eleven European Union members locked exchange rates on January 1, 1999, creating the euro as a virtual currency. Physical notes and coins circulated from January 1, 2002. The euro became the largest monetary experiment since Bretton Woods.