How does the stock market correlate with the economy?
This study, "Is There a Link between GDP Growth and Equity Returns?", compares a number of advanced economies over the period 1969-2009. On average, the growth in stock prices was just 0.3% higher than the growth in GDP. However this ratio varies considerably between individual countries. Stock price growth was 4.5% higher than GDP growth in Spain, but -3.5% in Sweden. Here's the relevant data table.