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PRICE AND COST COMPETITIVENESS
EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS
*** * * * * * * ***
The quarterly reports on "Price and Cost Competitiveness" provide a periodic assessment by the Commission services of the price and cost competitiveness of the European Union and its Member States. Comments and enquiries should be addressed to :
European Commission Directorate-General for Economic and Financial Affairs 200, rue de Ia Loi 1 049 Brussels, Belgium
-l
PRICE AND COST COMPETITIVENESS
ECFIN/C-1 Third quarter 2001
ECFIN/351/3/01-EN
©European Communities, 2001.
Quarterly data on price and cost
competitiveness of the European
Union and its Member States
This documi!nt exists in English only.
!PRICE AND COST COMPETITIVENESSI
The format of the series "price and cost competitiveness of the euro area and the individual Member States of the European Union" has been modified. In order to improve our assessment of the competitiveness of the euro area and individual Member States, the database has been disentangled from the assessment part. This allows for a timely presentation of the Database on price and cost competitiveness for the euro area, for each Member State, as well as for five other industrial countries (United States, Japan, Norway, Australia, and Canada1). The second component offers an analytical rather than a purely descriptive assessment of the main features of the euro area and Lhe individual member States' price and cost competitiveness. This assessment will be made twice a year, while the quarterly update of the database is maintained.
The nominal effective exchange rate (NEER) of a country (or currency area) aims to track changes in the value of that country's currency relative to the currencies of its principal trading partners. It is calculated as a weighted average of the bilateral exchange rates with those currencies.
Changes in cost and price competitiveness depend not only on exchange rate movements but also on cost and price trends. The real effective exchange rate (REER) aims to assess a country (or currency area's) price or cost competitiveness relative to its principal competitors in international markets. It corresponds to the NEER deflated by selected relative price or cost deflators.
Countries in the euro area share a single currency and there is no longer any exchange rate between them. For these countries, the terms "nominal effective exchange rate" and "real effective exchange rate" have been replaced by the terms "trade-weighted currency index" and "relative price and cost indicators" but the underlying concepts and their calculation remains the same. The trade-weighted currency indices for individual countries using the euro may diverge because they have different trading patterns. In addition, the relative price and cost indicators may evolve differently due to diverging price and cost trends.
A comprehensive assessment of developments in cost and price competitiveness should ideally draw on various measures of the real effective exchange rate. Most international trade is in manufactured goods and some widely used measures focus on unit labour costs in the manufacturing industry (ULCM). However, in-house labour costs account for only a limited share of total costs in the manufacturing industry. The sector purchases a growing amount of inputs from the rest of the economy, including financial services, marketing, accounting etc. In addition, an increasing amount of services are traded internationally. Therefore, some prefer to consider developments based on unit labour costs in the whole economy (ULCE). Moreover, capital costs account for a sizeable fraction of total costs. Price measures such as the GOPdeflator (PGDP) include the return on capital. On the other hand, the measures based on ULCE and PGDP cover many sectors whose output is neither directly nor indirectly traded. The report also displays real exchange rates based on the deflator of private consumption, and the deflator of exports of goods and services (PX).
This series is also available on the Internet. Our Web site2 permits the downloading of standard statistics to your PC or Macintosh. Moreover, differently defined nominal and real exchange rates are available upon request. A technical annex provides further details.
1 Part two and old data section of part one
2 http://www.europa.eu.int/comm/economy _finance/document/peer/peer_ en.htm
Adjustment of the reference year
For technical reasons, the reference year has been changed from 1994 to 1995. One should recall that the choice of the reference period in assessing developments in nominal and real effective exchange rates is necessarily arbitrary and should not be seen as implying that exchange rates prevailing in this reference period were in equilibrium.
Database on price and cost competitiveness of the European Union and its Member States
QUARTERLY REPORT- THIRD QUARTER 2001
Table of Contents
Part 1: Main developments
Main features . . . . . . . . . . . . . . . . . . .. . . . .. . . . . . . .. . . . . .. . . . . .. . .. . . . . . . .. .. . .. .. . . . . .. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 1
I. International developments . . .. . .. . .. . . . . .. . . . . . . . .. . . . . .. . . . . . . .. ...... .. . ... . . . . . . . . . . . . . . . . . . .. p. 2
1. Bilateral exchange rates of the euro...... . . . . . . . . . .. . .. . . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . p. 2
2. Nominal effective exchange rates . . . . . ................................................. ... p. 3
3. Real effective exchange rates......................................................... p. 4
4. Cost competitiveness of the the USA and Japan relative to the euro area.... p. 5
II. Developments within the European Union ......... ......................................... p. 6
Part 2: Tables and graphs by country
Technical annex
ABBREVIATIONS USED
Name Abbreviation Currency Code Other abbreviations
Belgium 8 AJ..Jstrian schilling ATS NEER Noninal effective exchange rate
Denmark OK Belgian franc 8EF REER Real effective exchange rate
Gerrrany 0 <?enran mark OEM
G"eece EL Danish crO/v'Tl (krone) DKK ULCE unit lalxlur costs in the 'lllklole economy ~
Spain E Euro EUR ULCM unit lalxlur costs in the rranufacturing industry
France F Spanish peseta ESP PGDP GOP-deflator
Ireland IRL Finnish markka FIM PX deflator of exports of goods and services
Italy I French franc FRF PCP deflator of private consurrption
Luxeni:xx.Jrg L pound sterling G8P
Netherlands NL G"eek drachma GRD IC 24 industrial countries
AJ..Jstria A Irish pound (punt) IEP
Portugal p Italian lira ITL
Rnland FIN Luxeni:x:>urg franc LUF
SM3den s DJtch guilder NLG
United Kingdom UK Portuguese escudo PTE
AJ..Jstralia AU Sv..edish crO/v'Tl (krona) SEK
Canada CA Canadian dollar C'AD
United States us SMssfranc CHF
Japan JP Japanese yen JPY
Norway NO United States dollar USD
New Zealand NZ Turkish Lira TRL
f\l'exico MX f\l'exican Peso MXN
SMtzerland CH Norvegian krone NOK
Turkey TR New Zealand dollar NZD
euroarea EUR12
European Union EU
8 and L rronetary union 8LEU
ECFIN/C-1/351/3/01-EN
PART1
MAIN DEVELOPMENTS
ECFIN/C-1 Ref. SR
DEVELOPMENTS IN THE COST COMPETITIVENESS OF THE EUROPEAN UNION, THE UNITED STATES AND JAPAN
MAIN FEATURES
The euro against major international currencies:
• During the third quarter of 2001, the euro appreciated against the US dollar by about 7%, the Japanese yen by nearly 4%, the pound sterling by 2%, while depreciating against the Swiss franc by about 2%.
• All in all, the nominal effective exchange of the euro appreciated by about 5% against the currencies of 12 industrialised countries. Nevertheless, by the end of the third quarter, the euro is about 9% below its changeover level.
Relative cost and price indicators: international developments
• The appreciation of the euro exchange rate led to a slight deterioration of the cost competitiveness of euro area producers (against 12 industrialised countries) of about 2% in the third quarter of 200 1. However, the euro still displays a total gain of around 13% since its launch, and is 17% below its long-term average.
• In a longer-term perspective, the unit labour costs in the United States relative to EUR12 are 37% above their 1987-00 average and 13o/o above their 1987-00 average relative to Japan.
Relative cost and price indicators: intra-EMU developments
• Over the last two years, the Netherlands, Spain, and Portugal saw a deterioration in cost competitiveness relative to EMU partners. In these countries, cost and price pressures are related to their strong cyclical position and partly to a catching-up process. Italy and Belgium and Luxembourg also displayed a small deterioration over the last year. In the case of the BLEU union, this is linked to the acceleration in CPI as Luxembourg is one of the few Member States where wages are automatically indexed on consumption prices. In contrast, moderate wage increases or weaker cyclical positions led to an improvement in intra-EMU cost competitiveness in France, Germany and Greece.
• In a longer term perspective, intra-EMU cost competitiveness is considerably better than its 1987-00 average in Finland, but this large deviation is related to the economic shocks that occurred in the early 90s, including the collapse of trade with the former Soviet Union. The current position in Portugal, Greece, and to a lesser extent in the Netherlands and Spain is considerably worse than their long-term average.
Relative cost and price indicators: Member States outside the euro area
• Denmark has seen a further deterioration in its cost and price competitiveness against EUR12 (wages are less moderate than in the euro area) that led to a position some 7o/o above its 1987-00 average. In Sweden, as wage increases continue to be moderate, price and cost competitiveness continues to improve.
• Despite a slight improvement over the last year (quarter on quarter) - due to the depreciation of the pound vis-a-vis the euro over the third quarter - manufacturing cost competitiveness in the UK remains some 36% higher than its 1987-00 average relative to EUR12.
DATABASE ON PRICE AND COST COMPETITIVENESS
QUARTERLY REPORT - THIRD QUARTER 2001
I. INTERNATIONAL DEVELOPMENTS
1. BILATERAL EXCHANGE RATES OF THE EURO
Chart 1 The euro against USO and JPY since changeover
Chart 3 The euro against GBP and CHF since changeover
Index 1.1.1999 = 100 (daily data) Index 1.1.1999 = 100 (daily data) 105.---------------------------------------~ 105~-------------------------------------.
100
95
90
85
80
75
70
65 Ol Ol C: !II ...,
Ol Ol Ol Ol .!. >.. !II !II
::E ::E
Ol Ol Ol 8 0? Ol Ol
3 Q. ~ C: ~ !II ..., z ...,
0 0 ~ 8 0 0 0 ....
0 0 0 0 .!. ~ 3 Q. ~ C: t!. >.. !II
~ !II !II !II :E :E
..., z ..., :E :E
Chart 2 The euro (OM) against USO and JPY since 1994
9 0 3 Q.
~ ...,
USD/ EUR ( monthly averages) JPY/EUR
1.4
1.2
1.0
140
120
100
0.8 +------..---..,...----,.---,------r---....,.-----,---+ 80
1994 1995 1996 1997 1998 1999 2000 2001
Note: EUR rates before 1999 calculated on the basis of OEM rates
1 00 1¥1i~~~....-~.-..---..,
95
90
85
80 -·--------·-----------···· ···-------------·-----
75 --------------------------------------------------------------------------
70 ------------------------------------------------------------------·-------
65 Ol Ol Ol Ol Ol Ol 0 0 0 0 8 0 0 ....
~ 9 0 Ol Ol Ol 0? Ol Ol 0 0 9 9 ~ 0
C: .!. ~ 3 Q. > C: .!. ~ 3 Q. C: ~ 3 6..
!II !II ..., ~ 0 !II CG ..., Q) 0 CG ..., Q) ..., ::E ::E z ..., ::E :E en z ..., ::E ::E en
Chart 4 The euro (OM) against GBP and CHF since 1994 GBP/ EUR ( monthly averages) CHF/EUR
0.85
0.75
0.65
0.55 +---..,...---...-----..,...----.,....-:.__-..,...--.,....---,...----+ 1.1
1994 1995 1996 1997 1998 1999 2000 2001
TABLE 1: EVOLUTION OF THE MAIN BILATERAL EXCHANGE RATES
During the third quarter of 2001 Relative to the previous quarter {monthly averages) (quarterly averages)
Average Average Average Average Jun-O 1 Sep-01 %change Q2-0l Q3-01 %change
USD/EUR 0.853 0.911 6.8% 0.873 0.891 2.0%
JPY/EUR 104.3 108.2 3.7% 107.0 108.2 1.1%
GBP/EUR 0.6089 0.6228 2.3% 0.6146 0.6193 0.8%
CHF/EUR 1.522 1.492 -2.0% 1.528 1.506 -1.4%
2
2. NOMINAL EFFECTIVE EXCHANGE RATES VS THE REST OF THE IC GROUP
Chart 5 Nominal effective exchange rates of the euro
Index 1.1.1999 = 100 (daily data)
105
100 NEER vs. -----
95 the rest of IC
90
85
80
75
70 0> 0> 0> 0> 0> 0> 0> 0> C: .!. :).., ....!..
cu cu cu :::J ..., ::2! ::2! ...,
Chart 6 Nominal effective exchange rates since 1970 1995=1 00 ( m:>nthly averages)
180 .,.------------------------------,
160
140
120
100
80
60
40
20
GBP
0
~ ~ (0 co 0 ~ ~ ~
co 0
ffi ~ § co § ,....... &; &; co ~ ffi ffi 0') 0') 0')
..- ..- ..- ..- ..- ..- N
TABLE 2: NOMINAL EFFECTIVE EXCHANGE RATES (vs. the rest of IC, index 1995 = 1 00)
During the third quarter of 2001 Relative to the previous quarter (monthly_ averages) (quarterly averages)
Average Average Average Average Jun-01 Sep-01 %change Q2-01 Q3-01 %change
EUR12 88.3 92.7 4.9% 89.7 91.3 1.9%
USD 137.2 134.7 -1.8% 136.7 135.7 -0.7%
JPY 94.7 95.4 0.8% 93.7 93.8 0.2%
GBP 128.9 129.4 0.3% 128.8 129.0 0.2%
3
3. REAL EFFECTIVE EXCHANGE RATES VERSUS THE REST OF THE IC GROUP, BASED ON ULCE
EUR12
USD
JPY
GBP
Chart 7 Real effective exchange rate: euro since 1970 1995=1 00 (quarterly data)
Chart 8 Real effective exchange rates since 1970 1995=100 (quarterly data)
TABLE 3: REAL EXCHANGE RATES (ULCE) (vs. the rest of IC, index 1995 = 1 00)
Relative to the previous quarter Rei. to the previous year Rei. to long-term average (quarterly data) (quarterly data) (quarterly data)
Average Q2-01 Q3-01 %change Q3-00 %change 87-00 %change
75.6 76.8 1.6% 74.3 3.4% 92.7 -17.1%
128.7 128.7 0.0% 119.7 7.5% 106.8 20.5%
78.4 77.4 -1.3% 90.7 -14.7% 81.9 -5.6%
135.6 135.7 0.1% 134.8 0.7% 114.3 18.8%
4
4. COST COMPETITIVENESS OF THE USA AND JAPAN RELATIVE TO THE EURO AREA
Chart 9 Real exchange rates1 : USD and JPY vs. EUR12 (quarterly data) 1995=100
190
170
150
130
110
90
70
50 0 N 'V <0 00 ,.._ ,.._ ,.._ ,.._ ,.._ 0> 0> 0> 0> 0> ..-- ..-- ..-- ..-- ..--
1 Deflated by unit labour costs in total econonv
TABLE 4 A: REAL COST AND PRICE INDICATORS OF INDIVIDUAL COUNTRIES RELATIVE TO EUR 12
Over the last year Over the last two years Relative to 1987-2000 average (Q3-0l I Q3-00) (Q3-01 I Q3-99) (Q3-01 I Average 87-00)
%Change ULCE ULCM PGDP ULCE ULCM POOP ULCE ULCM PGDP USA 3.9 1.9 2.0 20.6 19.4 19.1 36.8 23.5 31.6 Japan -13.8 -16.1 -11.3 4.3 -2.6 6.0 12.8 7.1 11.9
5
II. DEVELOPMENTS WITHIN THE EUROPEAN UNION
Within the euro area, diverging movements in costs and prices may change the relative cost competitiveness positions of euro area Member States. Table 5 and Chart 1 0 show three measures of the real effective exchange rate of individual Member States against EUR12. The different measures do not always give a uniform picture of the movement over time in the real effective exchange rate of a given country against its partners and, as such, the indicators of cost and price competitiveness need to be interpreted carefully.
In some cases, deviating price and cost trends among euro area Member States could lead to a build-up of competitive imbalances which might ultimately hamper economic growth and cause unemployment in individual Member States. In other cases, however, longer-term changes in relative prices and costs may be justified by changes in economic fundamentals related e.g. to a catching-up in the level of economic development, changes in non-price competitiveness factors, or changes in underlying savings and investment patterns. Moreover, differences in cyclical positions may cause movements in relative costs and prices in the short term. An indepth assessment of movements in real exchange rates therefore requires a comprehensive analysis of the economic situation in each country seen in a longer term perspective. This report merely provides a descriptive overview of movements in intra-euro area cost and price competitiveness indicators.
TABLE 5: RELATIVE COST AND PRICE INDICATORS OF INDIVIDUAL COUNTRIES RELATIVE TO THE EURO AREA (EUR12)
Over the last year Over the last two years Relative to 1987-2000 avt:rage (Q3-01/ Q3-00) (Q3-0 II Q3-99) (Q3-0l I Average 87-00)
Euro area Member States %Change ULCE ULCM PGDP ULCE ULCM PGDP ULCE ULCM BLEU -0.2 -0.1 0.3 0.0 2.1 0.8 2.7 -2.9 Gennany -1.8 -0.8 -1.4 -3.4 -2.6 -4.1 -5.0 3.6 Greece -0.3 -2.5 -0.3 -2.1 -6.2 -2.1 11.0 8.4 Spain 1.3 1.2 1.1 3.9 4.6 3.5 4.1 9.6 France 0.1 0.3 -0.9 -0.7 0.0 -1.9 1.0 -4.6 Ireland 4.0 0.3 3.4 5.8 -2.5 9.2 2.4 -27.9 Italy 0.4 0.1 0.7 1.2 0.5 2.1 -1.3 3.1 Netherlands 1.8 1.1 2.7 4.1 3.2 5.5 6.4 1.2 Austria -0.4 -0.4 -0.7 -1.5 1.1 -0.4 -1.4 -3.1 Portugal 2.4 1.5 2.3 5.4 5.1 3.3 12.4 8.7 Finland 0.2 -1.5 -1.3 -0.8 -6.5 0.8 -12.6 -23.4
Non-euro area Member States %Change ULCE ULCM PGDP ULCE ULCM PGDP ULCE ULCM Denmark 0.8 1.6 0.2 1.3 -0.9 2.3 7.1 7.0 Sweden -10.6 -10.8 -10.8 -1.9 -8.3 -8.0 -5.3 -18.5 UK -0.7 -0.5 -1.2 7.0 7.6 5.9 27.6 36.0
Note: relative ULCE and ULCM for Italy relative to any period before 1998 are distorted by the 1998 tax reform which shifted taxation from labour costs to value added but did not significantly change competitiveness.
A minus means an improvement in cost competitiveness.
6
PGDP 2.0
-4.6 10.0
1.5 -3.0 16.5
1.3
5.3 -0.1 16.6 -6.6
PGDP 6.9
-12.3 21.9
Chart 10: Price and cost indicators for individual countries relative to EUR12
1995=100
130
Germany vs. rest of EUR12
• • • PGDP ---ULCE
120 ------------------------------------------------------------ULCM
110 ----------------------------------------------------------------------------
100
90
80
70 +-~~~--~--r-~---r--~~r-~--,---r-~--~--~~
1987 1989 1991 1993 1995 1997 1999 2001
1995=100 Italy vs. rest of EUR12
150 ~----------------------------------------------~
140
130
120
110
100
90 +-~--~~~~--~~--~~--~--r-~--~~--~~
1987 1989 1991 1993 1995 1997 1999 2001
1995=100 Austria vs. rest of EUR12
140 ------- --l • • • PGDP
-==~~~~----------------------------------------------------------130
120
110
100
90
80 +------r--~--~~--~--~-,------~--~~------~~ 1987 1989 1991 1993 1995 1997 1999 2001
1995=100 Finland vs. rest of EUR12
150 ------------------------- PGDP
140 ---------------------------------------ULCE----ULCM
130 ----------------------------------------------------
120
100
90
80 +-----~~---r--~-T~~~--~--------~----,-~ 1987 1989 1991 1993 1995 1997 1999 2001
7
1995=100 France vs. rest of EUR12
140 .---------------------------------
130
• PGDP ---ULCE ---ULCM
120
110
100
90
80 +-~---r--~~--~--~~--~--r-~--~--r-----~~ 1987 1989 1991 1993 1995 1997 1999 2001
1995=100 Netherlands vs. rest of EUR12
140 .-----------------------------------------------~ • • • PGDP ---ULCE
130 -------------------------------------------------------------ULCM
120
110
100
90
80 +-~---r--~~------~~---r--r-~--~--r-~--,-~ 1987 1989 1991 1993 1995 1997 1999 2001
1995=100 BLEU vs. rest of EUR12
140 ,----------------------·----------------, • PGDP
130 ---ULCE I
----ULCM·---------------------------------------------------------J
120
110 ------------------------------------------------------------------------- -- j
100
90
80 +-~--~--------~----~--------~----,-~--~~ 1987 1989 1991 1993 1995 1997 1999 2001
1995=100 Ireland vs. rest of EUR12
170 ,----·---------------------------------,
160 • • • PGDP ;
- ------------------------------------------------------- -ULCE -~
150 ----------------------------------------------- ---ULCM _j !
140 -I j
130 ----------------------------1 ,_,. .... I
-... --~,~t! i _, .... ,---- l
120
110
100
90
80 +-~---r--~~--~--r-~------~~------------~--1987 1989 1991 1993 1995 1997 1999 2001
Chart 10 contd.: Price and cost indicators for individual countries relative to EUR12
1995=100 Spain vs. rest of EUR12
140 ·-·-----------·------------· - - - PGDP ---ULCE
130 . ---ULCM ----------------------------------------------------------
120
110
100
90
80 +-~--r-T-~---r--~~---r--~~--~--~~---r~ 1987 1989 1991 1993 1995 1997 1999 2001
1995=100 Denmark vs. EUR12
140 .------------------------------------, - PGDP
---ULCE 130 - ---ULCM ---------------------------------------------------------
120
110
100
90
80 +-~---r--T-~---r-~~--r-T-~-~-~~--r~ 1987 1989 1991 1993 1995 1997 1999 2001
1995=100 UK vs. EUR12 170 ·----------------------------------1
- - - PGDP i 160 - ---ULCE ----------------------------------------------- -~
150 ---ULCM ____________ J
140
130
120
110
100
90 +-~---r-~~--~--~~---r--~--r----~--~~-~ 1987 1989 1991 1993 1995 1997 1999 2001
1995=100 USA vs. EUR12 160 -·-- ---------------------------·---·
- - - PGDP
150 ---ULCE ---ULCM
140
130
120
110
100
90 +-~--r--~~----,---~---~--r-~--r-~~--~ 1987 1989 1991 1993 1995 1997 1999 2001
8
1995=100 Portugal vs. rest of EUR12
120 ~--------------------------------- PGDP
---ULCE 110 ---ULCM
100
90
80 ------------------------------------------------------------1
70 -----------------------------------------------------------------------,
60+-~~~--~~~~--~~~~~--~~~' 1987 1989 1991 1993 1995 1997 1999 2001
1995=100 Greece vs. rest of EUR12
::: . ---~~f~ .. . ... .............. . . . . . . . . . .. . . . . . . .. 1 110 ----------------------------------------------------
100 ;
90 --...,."<..::--------------------------------------------i
,,' I ----------------------------------------------------------------------------1 80
I 70 +-~--r-~~-~-,--r--r-,-~----,-~--r~ 1987
1995=100
150
140
130
120
110
100
90 1987
1995=100
120
1989
1989
- PGDP ---ULCE
110 ---ULCM
1991 1993 1995
Sweden vs. EUR12
1991 199;j 1995
Japan vs. EUR12
100 ---------------------------------
90
80
70
60 1987 1989 1991 1993 1995
1997 1999 2001
- - - PGDP ---ULCE ---ULCM'
-I
1997 1999 2001
1997 1999 2001
ECFIN/C-1
ECFIN/C-1 /3 51/3/0 l-EN
PART2
TABLES AND GRAPHS BY COUNTRY
PART 2:
TABLES AND GRAPHS BY COUNTRY
The tables and graphs on Pages 1 to 40 present nominal and real effective exchange rates of the currencies of the European Union Member States and five other industrial countries. Aggregate measures for the European Union as a whole (EU) and the group of countries participating in the Economic and Monetary Union (EUR12) are presented as well. Each country (or country group) is compared with 24 industrial countries (the 15 EU countries, Norway, Australia, Canada, Japan, the United States, Mexico, New Zealand, Turkey and Switzerland), with the European Union and with the euro area.
The tables on Pages 41 to 51 present bilateral exchange rates of the US dollar against the currencies of the 24 industrial countries; and nominal and real effective exchange rates of the EU currencies, the US dollar and Japanese yen (as well as aggregate measures for EU and EUR12). Each cross-national table of real effective exchange rates is based on a single price or cost deflator. Price and cost indices in national currency are presented as well. These tables aim to facilitate a comparison of developments in the different industrial countries. The final table shows the latest double export weight matrices that were used to calculate effective exchange rates. 1
The technical annex provides further details.
Part 2: Table of Contents
EU- EUR12 ................................................................................................. .. p.
Belgium and Luxembourg- BLEU.................................................................... p. 3
Denmark - DK.... ...... ........ ... .... ... .... ... ... .. ...... ... ... ... ... ... ... ...... .. ... .... .. ... ... .......... .. p. 5
Germany- D..................................................................................................... p. 7
Greece- EL............ ........................................................................................... p. 9
Spain - E........................................................................................................... p. 11
France- F.......................................................................................................... p. 13
Ireland - IRL.................. .. . . . ... . .. . .. . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .. . . . .. . . . .. . . . . . . . . . . p. 15
Italy - I.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p. 1 7
Netherlands- NL................................................................................................ p. 19
Austria - A......................................................................................................... p. 21
Portugal- P........................................................................................................ p. 23
Finland- FIN...................................................................................................... p. 25
Sweden- S......................................................................................................... p. 27
United Kingdom- UK........................................................................................ p. 29
Norway -NO..................................................................................................... p. 31
Australia- AU.................................................................................................... p. 33
Canada- CA...................................................................................................... p. 35
Japan- JP........................................................................................................... p. 37
USA - US.......................................................................................................... p. 39
Table A: Bilateral exchange rate of the US dollar .................................................. .. p. 41
Table 8: Trade-weighted indices........... .............................................................. .. p. 45
Table C: Real effective exchange rate based on Consumer Price Index...... .... . . . . . p. 46
Table D: Real effective exchange rate based on GOP deflator ................................. p. 4 7
Table E: Real effective exchange rate based on Export price deflator ..................... p. 48
Table F: Real effective exchange rate based on ULC in economy as a whole............ p. 49
Table G: Real effective exchange rate based on ULC in manufacturing.................. p. 50
Table H: Double export weights............................................................................... p. 51
88 89 90 9 1 92 93 94 95 96 97 98 99 00
60 I '
1975
EU and EUR12
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1995=100) index (1995=100) monthly % change
EU EUR12 EUR12 EU EUR12 EUR12 EU EUR12 EUR12 vs. ( the rest of) vs. (the rest of) vs. ( the rest 0 f )
IC IC EU IC IC EU IC IC EU
85.8 82.4 8 2. 1 9803 1 1 5 . 1 99.8 85.2 SEPOO -2.9 -1 . 9 0 . 1 84.2 82.1 83.2 9804 1 1 6 . 7 102.5 88.7 OCTOO -0.6 -1 . 4 -1 . 9 95.9 91 . 7 88.2 9901 1 1 3 . 4 99.4 86.6 NOVOO 0 . 1 0.9 1 . 6 94.2 90.0 86.6 9902 1 1 0 . 2 95.9 83.9 DECOO 3.8 3.2 1 . 5 98.8 94.5 89.8 9903 109.4 95.0 83.2 JAN01 4.0 4. 1 3.0 88.5 90.8 96.0 9904 108.6 93.4 81 . 5 FEB01 -0.2 -0.3 0 . 1 91 . 6 92.6 95.4 0001 106.2 90.7 79.3 MAR01 1 . 8 0.8 -0.2
100.0 100.0 100.0 0002 102.4 88.0 78.4 APR01 0.6 -0.3 -0.8 105.7 102.3 97.3 0003 1 0 0 . 1 87.0 78.9 MAY01 -2.6 -2. 1 -1 . 1 105.1 95.5 86.2 0004 9 8. 1 85.4 78.3 JUN01 -1 . 6 -1 . 1 -0. 1 1 1 3 . 0 98.3 84.8 0101 1 0 5 . 1 9 1 . 1 81 . 9 JUL01 1 . 8 1 . 1 0. I
1 1 1 . 0 95.9 83.5 0102 104.4 89.6 80.5 AUG01 3.2 3 . 1 2.1 1 0 1 . 8 87.6 78.6 0103 106.9 91 . 2 81 . 4 SEP01 1 . 0 0.7 0.4
Trade- weighted currency indices Annual data Ondex 1995 = 100) Quarterly data Ondex 1995=100)
1980 1985 1990 1995 2000
- EU vs.IC
EUR12 vs.IC
EUR12 vs. EU
120r-------------~-.......,
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Relative cost indicators {based on ULCE) Annual data (index 1995=100)
_ EU vs.IC
EUR12 vs.IC
EUR12 vs. EU
Page 1
Quarterly data (index 1995 = 100)
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Annual
PCP
88 96.9 89 93.6 90 105.0 91 102.3 92 106.3 93 94.7 94 95.5 95 100.0 96 103.2 97 98.5 98 100.6 99 94.7 00 84.2
Annual
PCP
88 92.9 89 90.5 90 98.3 91 94.3 92 98.4 93 94. 1 94 94.6 95 100.0 96 100.7 97 91 . 7 98 91 . 7 99 87.4 00 79.1
Annual
PCP
88 89.6 69 88.8 90 90.5 91 86.1 92 89.4 93 95.6 94 95.6 95 100.0 96 97.0 97 85.5 98 83.6 99 82.1 00 78.0
EU and EUR12
Relative price and cost indicators of EU vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX
95.9 92.9 98.1 99.4 9803 102.3 102.8 102.7 92.9 91 . 1 94.7 94.0 9804 102.6 103.3 103.0
105.3 102.4 106.9 106.6 99Q1 98.6 99.5 9 9. 1 102.6 99.7 103.0 102.4 99Q2 94.8 95.6 95.4 1 0 7. 1 103.3 107.9 105.9 99Q3 93.2 93.9 94.2 94.9 94.6 95.6 94.2 9904 91 . 6 92.0 93.2 95.3 94.2 9 5. 1 92.4 OOQ1 88.8 89.0 91 . 0
100.0 100.0 100.0 100.0 OOQ2 85.0 84.9 87.5 102.7 102.4 102.6 105.4 OOQ3 82.6 82.4 85.0 97.8 97.3 96.5 98.2 OOQ4 80.4 80.1 82.5
1 01 . 0 100.8 9ij.2 99.9 01 Q1 85.7 85.4 87.5 95.4 95.6 9 3. 1 97.4 01Q2 84.8 84.6 85.9 84. 1 86.4 82.9 86.5 01Q3 86.5 86.3 86.9
Relative price and cost indicators of EUR12 vs. (the rest of) 24 industrial countries
ULCE
99.9 100.4
96.7 93.2 91 . 7 90.3 87.6 83.8 81 . 4 79.2 84.3 83.3 84.8
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX
91 . 5 93.2 94. 1 93.0 9803 93.0 92.7 97.8 88.8 91 . 3 89.5 89.9 98Q4 94.9 94.7 100.0 97.3 99.4 97.2 98.5 99Q1 91 . 4 91 . 3 96.5 93.8 96.5 9 3. 1 94.0 99Q2 87.7 87.6 92.7 98.3 100.0 98.4 98.5 99Q3 86.5 86.2 91 . 8 9 4. 1 94.7 94.8 95.8 9904 84.7 8 4. 1 90.4 94.4 94.2 94.3 94.0 OOQ1 82.1 81 . 2 8 8. 1
100.0 100.0 100.0 100.0 OOQ2 79.5 78.3 85.7 1 0 0. 1 100.6 99.8 1 01 . 4 OOQ3 78.5 77.1 84.5 90.8 93.6 89.3 89.9 0004 76.9 75.4 82.5 91 . 3 96.2 88.4 89.0 01Q1 82.0 80.3 87.3 87.1 92.8 84.0 8 5. 1 01Q2 80.5 78.8 85.1 77.8 85.0 75.0 76.2 01Q3 81 . 9 80.1 85.6
Relative price and cost indicators of EUR12 vs. (the rest of) EU
ULCE
89.6 91 . 4 8 8. 1 84.5 83.1 8 1 . 1 78.3 75.6 74.3 72.6 77.2 75.6 76.8
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
87.9 94.8 89.7 85.6 98Q3 63.9 83.0 92.7 60.3 86.0 9 3. 1 84.8 85.8 98Q4 8 7. 1 86.2 96.6 83.2 88.2 95.3 85.8 87.9 99Q1 84.9 84.0 94.3 80.9 84.9 93.1 82.8 84.4 99Q2 82.2 81 . 2 91 . 4 7 8. 1 88.4 95.9 87.3 89.2 99Q3 81 . 7 80.4 91 . 0 7 7. 1 95.2 96.9 95.4 99.2 99Q4 80.2 78.6 89.5 75.0 95.3 96.2 9 5. 1 98.0 OOQ1 78.3 76.4 87.6 72.6
100.0 100.0 100.0 100.0 OOQ2 77.7 75.5 86.9 71 . 5 96.4 98.0 95.8 95.7 OOQ3 78.6 76.0 87.6 71 . 7 84.6 90.6 83.1 82.5 OOQ4 7 8. 1 75.3 86.7 71 . 0 82.7 9 2. 1 8 0. 1 79.7 01Q1 81 . 8 78.8 90.2 7 4. 1 80.8 91 . 4 77.6 75.7 01Q2 80.5 77.5 88.2 72.8 75.6 87.1 71 . 6 70.5 01Q3 81 . 5 78.4 88.6 73.7
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union =Countries in the euro area
Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 2
ULCM
1 0 1 . 9 1 03. 3 1 00. 6 97.7 96.5 94.9 91 . 8 87.5 84.9 82.7 88.5 87.9 89.9
ULCM
90.3 92.4 89.2 85.7 84.4 82.4 79.5 76.7 75.5 73.9 78.6 77.4 78.6
ULCM
79.9 82.3 79.5 7 6. 1 75.0 73.2 71 . 2 70.4 70.8 70.2 73.3 71 . 9 72.6
BLEU euro (before 1999: BEF/LUF)
Trade- weighted currency indices
Annual data Ouarterlr data Monthly data index (1995=100) index ( 995=100) monthly % change
vs. ( the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 84.8 86.9 90. 1 9803 95.6 93.5 96.9 SEPOO -0.6 0.0 0.0 89 84.3 86.7 89.7 9804 96.6 94.4 96.9 OCTOO -0.6 -0.4 0.0 90 88.9 8 9. 1 9 1 . 1 9901 95.5 94.0 96.9 NOVOO 0.3 0.3 0.0 91 8 9. 1 89.6 92.0 9902 94.2 93.3 96.9 DECOO 1 . 2 0.3 0.0 92 91 . 3 91 . 2 93.0 9903 93.9 93.2 96.9 JAN01 1 . 5 0.6 0.0 93 92.5 94.3 9 5. 1 9904 93.2 92.7 97.0 FEB01 -0. 1 0.0 0.0 94 94.9 96.4 97.4 0001 92.2 92.2 97.0 MAR01 0.2 -0. 1 0.0 95 100.0 100.0 100.0 0002 91 . 3 92.0 97.0 APR01 -0.2 -0.2 0.0 96 98.3 97.4 97.9 0003 91 . 0 9 2. 1 97.0 MAY01 -0.7 -0.2 0.0 97 94.2 93.6 96.6 0004 90.4 91 . 9 97.0 JUN01 -0.4 -0.1 -0.0 98 95.0 93.4 96.8 0101 92.5 92.8 97.0 JUL01 0.4 0.0 0.0 99 9 4. 1 93.2 96.9 0102 91 . 9 92.4 97.0 AUG01 1 . 1 0.5 0.0 00 91 . 0 91 . 9 96.9 0103 92.5 92.6 97.0 SEP01 0.2 0.0 0.0
Trade- weighted currency indices Annual data Ondex 1995 = 100) Quarterly data (Index 1995 = 100)
...... . . : ~ .
ro~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Relative cost indicators {based on ULCE) Annual data Ondex 1995 = 100) Quarterly data (index 1995 = 100)
110~-----
1980 1985 1990 1995 2000
Page 3
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
BLEU euro {before 1999: BEF/LUF)
Annual
PCP
93.3 9 2. 1 95.5 93.5 93.9 94.3 9 6. 1
100.0 97.8 92.9 92.8 91 . 4 88.7
Annual
PCP
93.9 93.4 94.6 93.0 92.8 95.3 97.0
100.0 97.2 93.0 92.4 92.2 91 . 7
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (Index 1995=100) Quarterly data (index 1995=100)
PGDP
88.7 88.6 91 . 9 90.3 92.6 9 4. 1 96.0
100.0 97.2 92.4 92.6 91 . 1 87.9
Deflator PX ULCE ULCM PCP PGDP
91 . 4 85.3 9 2. 1 98Q3 93.2 9 3. 1 92.9 83.2 89.5 98Q4 93.9 93.9 95.5 88.2 93.9 99Q1 92.8 92.6 93.9 88.9 94.9 99Q2 91 . 4 91 . 3 9 5. 1 91.0 95.9 99Q3 91 . 2 90.8 93.9 93.8 96.3 99Q4 90.6 9 0. 1 96.3 96.4 96.6 OOQ1 89.8 8 9. 1
100.0 100.0 100.0 OOQ2 89.0 88.2 99.5 97.3 95.7 OOQ3 88.7 87.9 98.5 9 2. 1 9 0. 1 OOQ4 88.0 87.3 99.6 91 . 8 86.2 01 Q1 89.9 89.4 98.8 90.0 84.5 01Q2 8 9. 1 88.8 99.7 86.6 82.9 01Q3 89.4 89.4
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
100.0 92.3 100.7 93.0
99.4 91 . 7 98.2 90.2 98.6 89.8 99.2 89.0 99.5 87.9 99.8 86.9
100.3 86.5 99.9 85.8
102.0 87.7 100.9 87.0 1 0 1 . 0 87.4
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
89.4 92.9 85.6 92.2 98Q3 92.5 92.3 99.4 92.0 89.9 94.7 84.0 90.6 98Q4 93.3 9 3. 1 100.0 92.6 90.8 95.0 87.0 92.6 99Q1 92.8 92.6 99.5 92.0 89.7 93.9 88.2 94.3 99Q2 92.2 91 . 9 9 9. 1 91 . 2 91 . 3 94.5 89.6 94.7 99Q3 92.2 9 1 . 8 99.7 91 . 0 95.0 94.9 94.5 97.2 99Q4 92.0 91 . 4 100.5 90.5 96.9 97.4 97.4 98.0 OOQ1 91 . 7 9 1 . 0 1 01 . 4 90.0
100.0 100.0 100.0 100.0 OOQ2 91 . 8 90.9 102.5 89.8 96.6 99.0 96.7 94.7 OOQ3 92.0 9 1 . 1 103.6 89.9 92.6 98.9 92.5 90.1 OOQ4 91 . 7 91 . 0 103.7 89.6 92.2 99.4 91 . 8 85.9 01Q1 92.5 92.0 104.7 90.4 91 . 8 99.6 91 . 0 84.6 01Q2 91 . 9 91 . 7 104.0 90.0 90.9 102.7 89.7 85.1 01Q3 91 . 9 91 . 9 103.9 90.1
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
95.8 91 . 5 93.8 8 7. 1 94.5 98Q3 96.2 96.2 1 0 1 . 2 96.4 95.5 92.3 95.9 86.4 92.8 98Q4 96.2 96.2 1 01 . 0 96.4 96.3 92.9 95.9 89.3 94.4 99Q1 96.2 96.2 100.9 96.3 95.6 92.4 95.1 91 . 2 97.0 99Q2 96.2 96.2 1 0 1 . 1 96.2 94.7 93.4 95.3 91 . 8 96.5 99Q3 96.4 96.2 1 0 1 . 9 96.2 9 6. 1 96.0 95.5 95.4 97.3 99Q4 96.6 96.3 103.1 96.3 97.9 97.9 98.2 98.4 98.4 OOQ1 96.8 96.4 104.5 96.3
100.0 100.0 100.0 100.0 100.0 OOQ2 96.9 96.6 105.8 96.4 97.8 97.3 99.4 97.4 95.4 OOQ3 96.9 96.7 106.7 96.4 96.3 96.0 1 0 1 . 1 96.2 93.9 OOQ4 96.8 96.8 107.1 96.4 96.2 96.2 1 01 . 3 96.3 90.2 01Q1 96.7 96.9 1 0 7 . 2 96.4 96.3 96.2 1 0 1 . 7 96.2 90.0 01Q2 96.4 96.9 107.1 96.3 96.8 96.6 106.0 96.4 92.0 01Q3 96.2 97.0 106.9 96.2
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 4
ULCM
8 6. 1 86.5 85.5 84.5 84.5 84.3 83.7 83.2 8 3. 1 82.6 84.6 83.9 84.3
ULCM
85.4 85.6 85.0 84.6 84.8 84.8 84.9 85.1 85.5 85.5 86.3 85.8 85.8
ULCM
89.7 89.4 89.4 89.8 90.3 90.9 91 . 5 92.0 92.3 92.4 92.5 92.4 92.2
Denmark DKK
Trade- weighted currency indices
Annual data Ouarterlr data Monthly data index (1995=100) Index ( 995=100) monthly % change
vs. (the rest of) vs. (the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 86.0 8 7. 1 93.0 9803 98.8 96.4 100.2 SEPOO -0.8 -0.0 -0. 1 89 84.0 85.6 91 . 2 9804 100.3 97.9 100.4 OCTOO -0.2 -0. 1 0.2 90 90.2 89.0 93.0 9901 98.6 97.2 100.4 NOVOO 0.3 0.3 -0. 1 9 1 8 9. 1 88.4 92.9 9902 9 7. 1 96.5 100.5 DECOO 1 . 4 0.3 -0.0 92 9 1 . 7 90.3 94.2 9903 96.3 96.2 100.4 JAN01 1 . 8 0.7 -0. 1 93 94.3 95.8 97.2 9904 95.5 95.7 1 00. 5 FEB01 -0.2 0 . 1 0.0 94 95.0 96.4 97.8 0001 94.0 94.9 100.3 MAR01 0.3 0.0 -0.0 95 100.0 100.0 100.0 0002 92.7 94.4 100.2 APR01 -0.3 -0.2 0.0 96 99.6 98.4 99.6 0003 92.3 94.6 100.1 MAY01 -0.9 -0.2 0.0 97 96.7 96. 1 99.8 0004 91 . 9 94.6 100.2 JUN01 -0.3 0.2 0 . 1 98 97.9 96.3 100.2 0101 94.4 95.7 100.1 JUL01 0.6 0.2 0 . 1 99 96.7 96.2 100.5 0102 93.7 95.5 100.2 AUG01 1 . 1 0.5 -0.0 00 92.4 94.4 100.2 0103 94.6 9 6. 1 100.4 SEP01 0.5 0.4 0.0
Trade- weighted currency indices Annual data Ondex 1995 = 100) Quarterly data Ondex 1995=100)
92 70L...J.:...._.......~........~.-~l.....I....I.~ .......... ...~..-.-~.-..I..-J.....J.--L....I......I....J,...-I....-.L.-.I..-J
1975 1980 1985 1990 1995 2000 ~~~~~~~~~~~~~~~~
95Q1 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Relative cost indicators {based on ULCE) Annual data (index 1995=100) Quarterly data (index 1995 = 100)
.··. I ------· ------------------------------ -------~=-.- ,:--;. -.-,.. ---t~---- -----
~~I ~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Page 5
I
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
94.7 92.5 9 7. 1 93.2 94.0 95.0 95.9
100.0 99.3 96.2 97.5 97.2 94.0
Annual
PCP
95.9 94.3 95.8 92.6 92.6 96.3 9 7. 1
100.0 98.2 9 6. 1 96.6 97.9 97.4
Denmark DKK
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (Index 1995=100) Quarterly data (index 1995=100)
PGDP
92.6 90.7 95.9 92.6 94.9 9 6. 1 9 6. 1
100.0 99.8 97.0 98.3 98.2 95.4
De f I at or PX ULCE ULCM PCP PGDP
87.7 97.3 93.7 98Q3 98.3 99.2 87.0 94.3 87.9 98Q4 1 0 0. 1 1 0 1 . 0 92.7 97.9 95.9 99Q1 98.7 99.6 92.0 93.8 92.7 99Q2 97.5 98.5 9 7. 1 95.9 95.9 99Q3 9 7. 1 98.2 97.0 97.2 100.4 9904 96.5 97.7 96.8 95.3 95.5 OOQ1 95.4 96.7
100.0 100.0 100.0 OOQ2 94.2 95.6 100.3 99.9 105.2 OOQ3 94.0 95.4
99.3 97.6 98.8 OOQ4 93.5 95.1 100.9 99.3 100.3 01Q1 9 6. 1 97.7 1 01 . 2 99.3 1 01 . 3 01Q2 95.2 96.9 1 0 2. 1 9 5. 1 94.9 01Q3 9 6. 1 97.8
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
1 0 1 . 6 100.3 103.1 102.2 1 0 1 . 7 100.9 100.8 99.7 1 0 1 . 2 99.2 1 0 1 . 8 98.3 102.1 96.8 1 0 2. 1 95.4 102.7 95.0 102.6 94.6 105.4 97.3 104.2 96.6 104.8 97.7
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
93.9 89.8 98.6 93.7 98Q3 96.8 97.6 100.2 99.5 92.7 89.7 96.0 88.9 98Q4 98.6 99.4 1 01 . 8 1 0 1 . 5 94.7 92.8 96.2 93.5 99Q1 98.2 9 9. 1 1 0 1 . 5 1 0 1 . 3 91 . 9 92.5 92.7 91 . 2 99Q2 98.0 98.9 1 0 1 . 7 1 0 1 . 0 93.3 96.7 93.8 93.7 99Q3 98.1 99.3 102.7 100.9 97.3 98.7 98.0 1 0 1 . 2 99Q4 98.1 99.5 104.2 100.6 97.3 98.3 96.4 97.2 OOQ1 97.6 99.4 105.4 99.7
100.0 100.0 100.0 100.0 OOQ2 97.3 99.4 106.6 9 9. 1 98.9 99.9 98.9 103.7 OOQ3 97.7 100.0 108.1 99.4 97.2 100.0 98.0 98.9 OOQ4 97.8 100.3 108.7 99.5 97.4 100.2 99.2 99.9 01Q1 98.9 1 0 1 . 4 109.9 100.8 99.0 102.4 100.7 102.0 01Q2 98.6 1 0 1 . 1 109.3 100.7 99.6 107.1 99.2 98.4 01Q3 99.2 1 0 1 . 7 109.6 1 0 1 . 5
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
98.9 97.7 91 . 9 1 0 1 . 9 98.8 98Q3 100.8 1 0 1 . 8 101. 8 104.9 97.8 97.2 92.3 1 0 1 . 1 94.2 98Q4 1 0 1 . 5 102.4 102.1 1 0 5 . 7 98.8 98.6 94.6 1 0 1 . 1 98.3 99Q1 1 01 . 9 102.9 102.6 106.3 9 7. 1 97.0 95.0 98.5 9 7. 1 99Q2 102.4 103.6 103.5 1 0 6. 9 96.4 97.6 98.4 98.4 98.5 99Q3 102.7 104.2 104.8 107.2 97.7 98.8 99.4 99.5 1 0 2. 1 99Q4 1 0 3 . 1 105.0 106.6 1 0 7. 6 98.3 98.7 99.2 97.9 97.9 OOQ1 103.2 105.6 108.3 107.6
100.0 100.0 100.0 100.0 100.0 OOQ2 103.2 106.0 109.9 107.7 99.5 100.3 100.7 1 0 0 . 6 105.4 OOQ3 103.2 106.4 1 1 1 . 0 107.8
100.0 1 0 1 . 3 102.3 1 0 2 . 8 103.9 OOQ4 103.3 106.6 1 1 1 . 7 108.0 100.8 1 0 1 . 8 102.0 104.7 105.5 01Q1 1 0 3. 0 106.5 1 1 1 . 8 108.1 102.5 103.9 104.4 1 0 7. 0 108.7 01Q2 103.0 106.4 1 1 1 . 7 108.3 103.2 1 0 6. 1 1 1 0. 2 107.7 106.9 01Q3 1 0 3 . 1 106.6 111 . 7 108.6
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 6
ULCM
1 0 1 . 5 104.1 103.2 102.1 1 0 1 . 2 99.6 97.3 95.2 94.4 94.0 97.0 96.7 98.3
ULCM
100.5 1 0 3 . 0 1 0 2 . 9 102.6 102.1 1 0 1 . 1 99.5 98.3 98.2 98.3 99.7 99.9
101. 1
ULCM
1 0 5 . 9 107.3 1 0 8 . 3 109.0 109.0 108.6 107.7 106.8 106.4 106.5 106.7 107.3 1 0 8 . 1
Germany euro (before 1999: OEM)
Trade- weighted currency indices
Annual data ouarterll data Monthly data index (1995=100) index ( 995=100} monthly % change
vs. ( the rest of) vs. (the rest of} vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 81 . 0 83.4 86.7 9803 96.5 92. 1 95.7 SEPOO -1 . 0 0.0 0.0 89 80.5 83.2 8 6. 1 9804 97.9 93.3 95.9 OCTOO -0.7 -0.5 0.0 90 85.0 84.8 86.5 9901 96.3 92.7 95.8 NOVOO 0.4 0.4 0.0 9 1 84.7 84.8 87.0 9902 94.6 91 . 9 95.8 DECOO 1 . t: O.il 0.0 92 8 8. 1 87.2 88.8 9903 94. 1 91 . 7 95.8 JAN01 2.0 0.8 0.0 93 91 . 8 94.4 95.2 9904 93.3 91 . 2 95.9 FEB01 -0.2 0.0 0.0 94 93.6 95.4 96.3 0001 92.0 90.6 95.9 MAR01 0.3 -0.0 -0.0 95 100.0 100.0 100.0 0002 90.6 90.4 95.9 APR01 -0.2 -0.2 0.0 96 98.4 96.3 96.8 0003 90.0 90.5 95.9 MAY01 -1 . 0 -0.3 0.0 97 94.2 9 2. 1 95.3 0004 89.1 90.3 95.9 JUN01 -0.6 -0.0 0.0 98 95.8 92.0 95.7 0101 91 . 9 91 . 4 95.9 JUL01 0.5 0.0 0.0 99 94.5 91 . 7 95.8 0102 91 . 0 91 . 0 95.9 AUG01 1 . 5 0.5 0.0 00 90.3 90.3 95.9 0103 91 . 8 91 . 2 95.9 SEP01 0.3 0. 1 -0.0
Trade- weighted currency indices Annual data Ondex 1995 = 100) Quarterly data Ondex 1995 = 100)
100~~~----~~------~~--~
•• ! ~ i : --90 --------------------------------------------: ------:------------ --
80 ---------------- ------ ___ _,·/~ ~-: :_·_: ------ _j_ -- ---------..... ·I [
.. ,.,.,.~ : 70 ------- ------------.:t----- -----------------------+--------------
: ty.. .. ·:·_· ··:·_·~:::: :: __ -- :-___ : __ : __ -: ::]_-_:: __ :_: -~~~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Relative cost indicators {based on ULCE) Annual data (index 1995=100) Quarterly data (index 1995=100)
70~~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000 96Q1 97Q1 98Q1 99Q1 0001 01Q1 02Q1
Page 7
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Germany euro (before 1999: OEM)
Annual
PCP
89.5 86.9 89.4 87.4 90.9 94.5 95.2
100.0 96.9 91 . 8 91 . 8 88.8 83.8
Annual
PCP
89.6 87.7 87.2 85.7 88.5 96.0 96.4
100.0 95.3 9 1 . 1 90.5 8 9. 1 87.2
Relative price and cost indicators vs. (the rest of} 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
PGDP
88.6 85.6 88.5 87.0 90.9 94.3 95.0
100.0 96.3 90.0 90. 1 87.7 81 . 3
Deflator PX ULCE ULCM PCP PGDP
8 9. 1 90.3 82.0 98Q3 92.5 90.8 8 6. 1 86.4 79.6 98Q4 93.3 91 . 9 89.6 87.5 81 . 5 99Q1 91 . 2 90.2 89.0 84.8 79.2 99Q2 89.2 88.2 93.0 89.3 85.4 99Q3 88.3 87.3 9 5. 1 93.3 90.7 99Q4 87.2 85.8 95.3 93.8 91 . 7 OOQ1 85.7 83.8
100.0 100.0 100.0 OOQ2 84.2 8 1 . 8 96.8 95.9 97.6 OOQ3 83.5 80.7 91 . 9 88.0 89.6 OOQ4 82.6 79.5 93.5 87.0 90.0 01Q1 8 5. 1 81 . 7 91 . 7 84.4 88.2 01Q2 8 4. 1 80.7 86.3 78.9 82.4 01Q3 84.7 8 1 . 1
Relative price and cost indicators vs. (the rest of} EU
Deflator PX ULCE
94.3 87.6 95.5 88.5 93.8 86.7 91 . 9 84.8 9 1 . 2 84.0 9 0. 1 82.8 88.5 81 . 2 86.7 79.4 85.8 78.5 84.6 77.3 86.8 79.3 85.6 7 8. 1 85.9 78.4
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
88.9 90.3 89.8 80.3 98Q3 90.5 88.5 92.7 85.9 86.3 87.3 86.4 7 9. 1 98Q4 91 . 3 89.6 94.0 86.8 86.0 88.0 84.3 78.1 99Q1 90.4 89.0 93.4 86.0 8 5. 1 88.2 82.5 76.6 99Q2 89.4 8 8. 1 92.5 8 5. 1 88.3 91 . 5 8 6. 1 82.5 99Q3 89.0 87.6 9 2. 1 84.6 95.6 96.5 94.0 91 . 5 99Q4 88.3 86.6 91 . 3 83.8 96.2 96.8 94.8 93.4 OOQ1 87.6 85.4 90.2 82.8
100.0 100.0 100.0 100.0 OOQ2 87.3 84.6 89.5 82.2 94.8 95.5 94.3 95.2 OOQ3 87.4 84.2 89.3 81 . 9 89.4 9 1 . 7 87.5 88.7 OOQ4 8 7. 1 83.7 88.8 81 . 3 88.5 92.5 85.9 88.6 01Q1 8 8. 1 84.3 89.6 81 . 9 87.7 92.2 84.7 87.6 01Q2 87.6 83.7 89.0 81 . 2 84.3 89.4 81 . 9 84.7 01Q3 87.8 83.8 89.1 81 . 1
Relative price and cost indicators vs. (the rest of} the countries in the euro area (EU R12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
91 . 3 91 . 0 90.7 91 . 5 81 . 7 98Q3 94.3 92.3 94.0 90.2 89.4 88.7 87.8 89.2 80.5 98Q4 9 4. 1 92.5 94.4 90.3 88.4 87.8 8 8. 1 86.6 78.8 99Q1 93.8 92.4 94.4 90. 1 88.0 87.7 88.9 85.3 78.0 99Q2 93.5 92.3 94.2 89.9 90.3 90.3 91 . 9 88.2 83.5 99Q3 93.2 92.0 93.9 89.7 96.8 96.6 9 7. 1 94.8 91 . 0 99Q4 92.9 9 1 . 4 93.3 89.4 97.3 97.2 97.6 95.7 93.3 OOQ1 92.7 90.7 92.7 8 9. 1
100.0 100.0 100.0 100.0 100.0 OOQ2 92.5 9 0. 1 9 2. 1 88.7 95.8 95.4 95.7 95.1 96.2 OOQ3 92.3 89.5 91 . 7 88.3 94.4 92.7 93.6 9 1 . 1 92.7 OOQ4 92.2 89.0 91 . 4 87.9 94.4 92.3 94.0 90.3 93.7 01 Q1 92.0 88.7 91 . 2 87.5 93.3 92.0 93.9 89.8 93.9 01Q2 91 . 9 88.4 91 . 2 8 7. 1 92.4 89.8 92.0 88.5 92.5 01Q3 91 . 8 88.2 9 1 . 1 86.7
Abbreviations: IC 24 industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
= 15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 8
ULCM
90.8 9 2. 1 90.5 88.7 87.8 86.5 84.7 82.9 81 . 9 80.8 83.2 82.3 82.9
ULCM
88.9 89.9 89.0 88.0 87.4 86.5 85.5 84.9 84.7 84.3 85.0 84.5 84.6
ULCM
93.9 94.3 94.3 94.2 93.9 93.5 93.1 92.6 92.2 92.0 91 . 8 9 1 . 6 91 . 5
Greece euro (before 2001 : GRD)
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1995=100) index (1995=100) monthly % change
vs. ( the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 160.5 1 71 . 5 177.5 9803 94.7 89.7 92.2 SEPOO -1 . 0 -0.4 -0.4 89 149.3 159.9 165.1 9804 95.9 90.2 92.0 OCTOO -0.7 -0.6 -0.3 90 1 3 7. 1 142.7 145.9 9901 97.7 92.3 94.6 NOVOO 0 . 1 0 . 1 -0.2 91 1 2 2. 7 127.6 130.7 9902 96.0 9 1 . 1 93.9 DECOO 1 . 0 0 . 1 -0.~ 92 1 1 4. 5 11 7 . 4 11 9 . 6 9903 95.6 90.7 93.5 JAN01 1 . 4 0.5 -0.0 93 106.4 1 1 0. 9 1 1 1 . 7 9904 94.4 89.5 92.7 FEB01 0.2 0.0 -0.0 94 1 0 1 . 4 103.8 104.6 0001 92.6 88.0 91 . 6 MAR01 0.7 -0.0 0.0 95 100.0 100.0 100.0 0002 90.8 87.0 90.7 APR01 0.4 -0.1 0.0 96 99.6 97.8 98.3 0003 90.2 86.7 90.3 MAY01 -0.9 -0.2 0.0 97 98.6 9 6. 1 98.6 0004 89.0 85.9 89.6 JUN01 -0.3 -0.0 -0.0 98 94.9 9 0. 1 92.7 0101 91 . 2 86.5 89.5 JUL01 0.6 0.0 u.u 99 95.9 90.7 93.6 0102 91 . 4 86.2 89.5 AUG01 1 . 3 0.4 -0.0 00 90.6 86.8 90.5 0103 92.4 86.4 89.5 SEP01 0.4 0 . 1 0.0
Trade- weighted currency indices
Annual data Ondex 1995 = 100) Quarterly data Ondex 1995=100)
o~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Relative cost indicators (based on ULCE)
Annual data Ondex 1995=100)
~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Page 9
Quarterly data (index 1995=100)
------------------ ------~~:- ------------------ ~ -------------------.. . . -----------------------... ---- .. --------------------------------------
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 9 1 92 93 94 95 96 97 98 99 00
Annual
PCP
85.7 86.2 90.2 91 . 5 94.3 95.7 9 7. 1
100.0 103.9 104.4 100.9 1 01 . 5 95.4
Annual
PCP
86.8 88.0 9 0. 1 91 . 7 93.7 97.2 98.1
100.0 103.3 104.9 1 0 1 . 1 103.0
99.6
Greece euro (before 2001 • • GRD)
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
PGDP
82.5 83.8 87.9 89.4 91 . 8 94.1 9 6. 1
100.0 103.2 105.3 102.4 103.5 97.8
Deflator PX ULCE ULCM PCP PGDP
93.7 86.2 91 . 1 98Q3 1 01 . 2 102.7 92.6 91 . 7 9 7. 1 98Q4 102.3 104.0 97.3 94.9 1 0 1 . 1 99Q1 104.0 105.9 97.6 87.5 90.3 99Q2 1 0 1 . 9 104.0 98.9 88.2 90.8 99Q3 1 0 1 . 3 103.5 96.9 89.5 87.3 99Q4 99.9 102.3 97.6 93.2 90.6 OOQ1 97.9 100.3
100.0 100.0 100.0 OOQ2 96.0 98.4 1 0 3. 1 1 0 2. 1 1 0 1 . 2 OOQ3 95.2 97.7 103.2 ~"7.5 103.9 OOQ4 93.8 96.3 102.3 1 0 6. 1 103.1 01Q1 96.0 98.6 104.0 105.0 107.6 01Q2 9 6. 1 98.8 100.8 98.6 100.2 01Q3 97.0 99.8
Relative price and cost indicators vs. (the rest of) EU
De f I at or PX ULCE
103.0 106.6 104.2 107.2 105.9 108.4 103.9 105.6 103.8 104.7 103.4 103.2 102.4 1 0 1 . 2 1 01 . 3 99.3 1 01 . 0 98.6 99.7 97.2
1 01 . 8 99.5 1 01 . 5 99.6 102.0 100.6
data (Index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
83.8 95.6 8 7. 1 91 . 9 98Q3 1 0 1 . 1 102.5 102.6 1 0 7. 1 85.7 94.8 93.6 99.5 98Q4 102.0 103.5 103.7 107.5 87.8 97.4 94.6 1 0 1 . 1 99Q1 104.6 106.2 106.2 109.5 89.6 9 8. 1 87.9 91 . 0 99Q2 103.3 1 0 5 . 1 105.0 107.5 91 . 2 98.7 87.6 90.8 99Q3 103.0 105.0 105.1 106.8 95.6 98.3 91 . 0 89.2 99Q4 102.0 1 0 4 . 1 104.7 105.6 97.2 99.0 94.4 92.4 OOQ1 100.7 102.9 104.2 104.3
100.0 100.0 100.0 100.0 OOQ2 99.7 1 0 2 . 1 104.0 103.5 102.7 102.7 1 0 1 . 8 100.3 OOQ3 99.7 102.2 104.5 103.6 1 0 6. 1 104.0 108.8 104.9 OOQ4 99.0 1 0 1 . 5 104.0 102.9 102.6 102.4 107.2 103.8 01Q1 99.7 102.3 104.8 103.7 104.9 1 0 5. 1 107.1 108.7 01Q2 99.5 102.2 104.6 1 03. 5 102.0 1 0 4. 1 103.4 104.1 01Q3 99.8 102.5 104.7 103.8
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
88.3 85.5 96.4 88.6 9 4. 1 98Q3 104.2 105.8 103.9 11 1 . 2 89.7 87.8 95.9 96.2 1 0 1 . 8 98Q4 104.4 106.1 104.2 1 1 0 . 9 91 . 5 89.6 9 8. 1 97.0 103.0 99Q1 107.4 109.3 107.2 1 1 3 . 4 94.0 92.0 99.3 90.6 93.3 99Q2 106.8 108.9 106.6 1 1 2 . 2 95.4 93. 1 99.4 89.6 92.3 99Q3 106.6 108.9 106.7 1 1 1 . 7 98.0 96.4 98.9 91 . 7 89.2 99Q4 105.9 108.5 106.7 1 1 1 . 0 98.8 98.0 99.6 95.2 92.6 OOQ1 104.9 107.7 106.5 11 0. 2
100.0 100.0 100.0 100.0 100.0 OOQ2 1 0 4. 1 107.1 106.4 109.6 1 0 3. 8 103.4 103.0 102.6 1 0 1 . 1 OOQ3 103.8 107.0 106.8 1 0 9 . 6 107.7 1 0 9. 1 105.7 11 2 . 3 108.5 OOQ4 103.2 106.5 106.5 109.1 104.3 106.0 103.8 1 1 1 . 4 108.2 01Q1 103.1 106.4 106.6 1 0 9 . 1 106.6 108.8 106.7 1 1 1 . 9 11 4. 3 01Q2 103.2 106.6 106.7 1 0 9. 2 103.9 107.0 106.5 109.5 1 1 0 . 9 01Q3 103.2 106.7 106.8 1 0 9. 3
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 10
ULCM
103.9 106.3 109.4 1 0 8 . 4 1 0 8 . 2 106.7 1 0 4 . 1 1 0 1 . 3
99.8 97.8 99.6 99.3 99.9
ULCM
1 0 4 . 1 105.9 109.6 1 0 9 . 1 1 0 9 . 1 107.9 106.1 104.6 103.9 1 0 2 . 5 1 0 2 . 7 102.0 1 0 1 . 8
ULCM
1 0 8. 3 1 0 9 . 6 1 1 4 . 1 11 4 . 5 11 4 . 9 1 1 4. 2 1 1 2 . 8 111 . 3 11 0. 5 109.2 1 0 8 . 6 1 0 8 . 1 1 o 1 . 1 1
88 89 90 91 92 93 94 95 96 97 98 99 00
Spain euro {before 1999: ESP)
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1995=100) index (1995=100) monthly % change
vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
108.6 11 3 . 5 11 7 . 9 9803 98.3 96.0 98.9 SEPOO -0.6 0.0 0.0 1 1 3 . 8 11 9 . 8 124.1 9804 99.2 96.6 98.8 OCTOO -0.5 -0.4 0.0 1 1 9. 3 1 21 . 5 124.4 9901 98.2 96.2 98.8 NOVOO 0.3 0.3 0.0 120.0 122.6 125.9 9902 96.8 95.6 98.8 DECOO 1 . 1 0.3 0.0 1 1 7 . 8 11 9. 2 1 21 . 7 9903 96.5 95.5 98.8 JAN01 1 . 4 0.5 0.0 1 0 4. 1 107.8 108.8 9904 96.0 9 5. 1 98.8 FEB01 -0.1 0.0 0.0 98.7 1 01 . 4 102.4 0001 95.0 94.6 98.8 MAR01 0.2 -0. 1 -0.0
100.0 100.0 100.0 0002 94. 1 94.4 98.8 APR01 -0.1 -0.2 0.0 1 01. 4 100.3 100.7 0003 93.7 94.6 98.9 MAY01 -0.8 -0.2 -0.0
9 7. 1 96.4 99.2 0004 9 3. 1 94.4 98.9 JUN01 -0.4 -0.1 -0.0 97.7 95.8 98.9 0101 95.2 9 5. 1 98.9 JUL01 0.4 0.0 0.0 96.7 95.4 98.8 0102 94.6 94.8 98.9 AUG01 1 . 1 0.4 0.0 93.8 94.4 98.9 0103 95.3 95.0 98.9 SEP01 0.3 0.0 0.0
Trade- weighted currency indices Annual data ~ndex 1995=100)
95
94
Quarter1y data Ondex 1995=100)
~~~~~~~~~~~~~~~
9501 9601 9701 9801 99Q1 0001 0101 0201
Relative cost indicators {based on ULCE) Annual data Ondex 1995 = 100) Quarter1y data (index 1995 = 100)
Page 11
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
99.2 105.3 111 . 8 113.3 11 3 . 5 1 01 . 7 97.6
100.0 1 01 . 9
97.3 97.4 96.9 94.9
Annual
PCP
100.9 108.3 111 . 8 113.9 11 3 . 3 103.9
99.4 100.0 1 01 . 3 97.7 97.5 98.2 98.8
Spain euro {before 1999: ESP)
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data ( in d fl x 1995=100)
PGDP
97.7 104.0 111. 0 113.4 114.2 1 0 2. 1
97.5 100.0 1 0 2. 1 97.5 97.7 97.5 95.8
Deflator PX ULCE ULCM PCP PGDP
99.0 93.9 94.7 98Q3 98.0 98.4 104.4 100.0 1 01 . 8 98Q4 99.0 99.4 108.7 108.8 1 1 1 . 1 99Q1 98.0 98.6 109.4 112.0 11 2. 0 99Q2 96.9 97.5 11 0. 3 114.7 11 3 . 6 99Q3 96.8 97.5 1 0 0. 1 103.8 103.6 99Q4 96.5 97.3
9 7. 1 98.4 98.7 OOQ1 95.8 96.6 100.0 100.0 100.0 OOQ2 9 5. 1 96.0 1 0 1 . 6 102.9 104.5 OOQ3 95.0 95.9
9 9. 1 98.2 103.4 OOQ4 94.6 95.6 100.2 98.7 1 0 4. 1 01Q1 96.9 97.9 99.6 97.9 104.8 01Q2 96.4 97.5 9 9. 1 96.3 1 0 4. 1 01Q3 9 7. 1 98.2
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
100.7 99.5 1 01 . 6 100.4 100.4 99.3
99.2 98.0 99.4 97.9 99.6 97.6 99.4 97.0 99.2 96.5 99.3 96.5 98.8 96. 1
100.9 98.6 100.0 9 8. 1 100.4 98.8
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
99.5 101.4 9 5. 1 95.8 98Q3 97.7 97.9 100.3 99.5 1 0 7. 1 107.5 102.4 104.8 98Q4 98.5 98.8 1 01 . 0 100.3 110.8 108.8 108.1 1 1 0. 8 99Q1 98.4 98.8 100.7 100.0 11 3. 8 1 1 0 . 1 11 2. 2 11 2. 6 99Q2 9 8. 1 98.6 100.3 99.5 113.8 11 0. 2 114.0 11 3. 6 99Q3 98.4 99.0 100.8 99.7 104.2 1 0 1 . 8 105.8 1 0 6. 1 99Q4 98.5 99.2 1 0 1 . 2 99.8
99.3 98.7 100.3 1 0 1 . 4 OOQ1 98.5 99.3 1 0 1 . 6 99.9 100.0 100.0 100.0 100.0 OOQ2 98.7 99.6 102.2 100.3 1 01 . 6 1 01 . 2 102.4 103.4 OOQ3 99.2 100.2 103.0 100.9
98.0 99.7 99.0 103.8 OOQ4 99.3 100.4 103.1 1 01 . 2 97.7 100.2 99.2 104.2 01 Q1 100.4 1 0 1 . 6 104.0 1 0 2. 4 98.7 100.6 99.6 105.6 01Q2 100.3 1 0 1 . 4 103.6 102.3 99.7 102.4 100.4 107.6 01Q3 100.6 1 0 1 . 8 1 0 3. 8 102.7
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
102.9 1 01 . 8 102.4 96.8 98.3 98Q3 1 0 1 . 0 1 0 1 . 5 1 0 1 . 9 103.7 11 0. 8 11 0 . 1 109.0 105.5 107.5 98Q4 1 0 1 . 2 1 0 1 . 7 1 0 1 . 7 103.8 11 3 . 8 113.3 109.8 1 1 1 . 1 1 1 3 . 2 99Q1 1 0 1 . 5 102.1 1 0 1 . 8 1 0 4. 0 11 7 . 1 11 7. 2 1 1 1 . 6 1 1 6 . 1 11 5 . 8 99Q2 1 0 1 . 9 102.6 1 0 2 . 1 104.3 11 5. 7 11 6. 3 1 1 1 . 1 11 6. 8 1 1 5 . 7 99Q3 1 0 2. 3 103.2 102.6 104.8 104.9 105.2 102.6 106.9 106.3 99Q4 102.7 103.8 103.4 1 05. 4 100.3 100.2 99.5 1 0 1 . 3 1 01 . 8 OOQ1 1 0 3 . 1 104.5 1 0 4. 2 106.1 100.0 100.0 100.0 100.0 100.0 OOQ2 103.5 105.1 105.0 1 0 6. 8 1 01 . 8 102.2 1 0 1 . 5 103.0 1 0 4. 1 OOQ3 103.9 105.6 105.6 1 0 7. 4 100.7 1 0 1 . 2 1 0 1 . 6 102.5 107.7 OOQ4 104.2 106.0 106.0 107.9 100.9 1 01 . 4 1 0 1 . 9 103.5 109.0 01Q1 104.4 106.3 106.2 1 0 8. 3 102.1 102.9 102.5 104.6 1 1 1 . 6 01Q2 104.6 106.6 106.3 108.6 103.7 105.2 105.2 107.0 11 5 . 4 01Q3 104.8 106.8 106.3 108.8
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 12
ULCM
1 0 4 . 8 1 0 6 . 1 105.5 104.7 1 0 5 . 1 105.2 1 0 4 . 8 104.4 104.5 104.1 106.8 106.3 107.2
ULCM
104.4 105.3 105.3 1 0 5. 3 105.9 1 0 6 . 4 106.8 107.4 108.3 108.5 109.7 109.6 1 0 9. 9
ULCM
1 0 9. 1 109.4 11 0. 2 1 1 1 . 1 1 1 2 . 1 1 1 3 . 1 1 1 4. 2 1 1 5 . 1 11 5. 8 11 6. 4 1 1 6. 8 1 1 7. 0 1 1 7 . 2
France euro (before 1999: FRF)
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1995=100) index ( 995=100) monthly % change
vs. (the rest of) vs. ( the rest of) vs. { the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 84.4 86.4 90.2 9803 99.6 96.9 100.8 SEPOO -0.9 0.0 0.0 89 83.4 8 6. 1 89.5 9804 100.8 97.9 100.9 OCTOO -0.7 -0.5 0.0 90 88.7 88.3 90.6 9901 99.3 97.4 1 0 0. 9 NOVOO 0.4 0.4 0.0 91 87.3 87.4 90.0 9902 97.6 96.6 100.9 DECOO 1 . 5 0.4 0.0 92 90.9 90.0 92.0 9903 9 7. 1 96.5 100.9 JAN01 1 . 8 0.7 0.0 93 93.7 96.2 9 7. 1 9904 96.2 96.0 100.9 FEB01 -0.2 0.0 0.0 94 95.4 97.4 98.6 0001 94.9 95.3 100.9 MAR01 0.3 -0.1 0.0 95 100.0 100.0 100.0 0002 93.7 9 5. 1 100.9 APR01 -0.2 -0.2 -0.0 96 100.7 99.4 100.0 0003 93.1 95.3 100.9 MAY01 -0.9 -0.3 0.0 97 97.2 96.4 99.9 0004 92.3 95.0 100.9 JUN01 -0.6 -0.1 0.0 98 98.9 96.7 100.8 0101 95.0 96.0 100.9 JUL01 0.5 0.0 -0.0 99 97.5 96.4 100.8 0102 94.2 95.6 100.9 AUG01 1 . 4 0.5 0.0 00 93.4 95.0 100.9 0103 94.9 95.8 100.9 SEP01 0.3 0.0 0.0
. Trade- weighted currency indices Annual data Ondex 1995 = 100) Quarterly data Ondex 1995 = 100)
1~~--------------------~----~
110 -----\::-----:------------------------------- ------~---------------\ • ••• ••• i
' •. [ -· --.---------------------------------
80 ---------------------
70 I '
1975 1980 1985 1990 1995 2000 92~~~~~~~~~~~~~~
95Q1 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Relative cost indicators (based on ULCE) Annual data Ondex 1995=100) Quarterly data (index 1995 = 100)
i ao~~ ~~~~~~~~~~~~~~~ as~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000 95Q1 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 0201
Page 13
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
9 5. 1 92.8 96.6 93.2 9 5. 1 96.5 96.9
100.0 99.7 94.9 95.0 92.5 87.4
Annual
PCP
96.0 94.7 95.2 92.4 93.4 98.2 98.4
100.0 98.7 95.0 94.4 93.5 91 . 3
France euro (before 1999: FRF)
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
PGDP
96.3 93.4 96.9 93.2 94.9 96.7 97.2
100.0 99.4 94.8 94.9 91 . 9 86.5
Deflator PX ULCE ULCM PCP PGDP
103.4 96.4 1 0 1 . 2 98Q3 95.6 95.4 1 0 1 . 1 92.8 97.2 98Q4 96.4 9 6. 1 104.3 9 6. 1 102.0 99Q1 94.7 94.3 100.3 91 . 8 97.3 99Q2 92.8 92.3 1 01 . 7 93.5 9 7. 1 99Q3 92.1 9 1 . 4 99.5 95.6 99.3 99Q4 91 . 0 90.2 98.7 96.2 98.5 OOQ1 89.4 88.6
100.0 100.0 100.0 OOQ2 87.8 87.0 1 0 1 . 1 100.0 100.2 OOQ3 87.0 86.2 98.2 95.4 91 . 9 OOQ4 86.0 85.1 98.9 95.3 92.5 01 Q1 88.2 87.3 97.1 92.7 89.3 01Q2 87.2 86.3 90.3 87.6 84.4 01Q3 87.6 86.8
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
99.5 95.9 100.8 96.7
99.4 95.0 97.7 93.2 96.8 92.4 9 5. 1 91 . 2 92.9 89.6 90.7 88.0 89.6 87.2 88.4 86.3 90.8 88.7 90.0 87.8 90.7 88.5
data (Index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
97.4 105.9 96.8 1 01 . 4 98Q3 94.5 94.2 98.6 95.3 95.4 104.2 9 4. 1 99.0 98Q4 95.3 94.9 99.9 96. 1 95.4 103.9 94.0 1 0 0. 1 99Q1 94.7 9 4. 1 99.6 95.4 92.3 100.5 90.5 96.3 99Q2 93.8 93.0 98.8 94.5 93.0 1 01 . 0 91 . 1 95.3 99Q3 93.5 92.6 98.2 9 4. 1 98.3 1 01 . 2 96.7 1 0 1 . 1 99Q4 92.8 91 . 9 96.8 93.3 98.7 100.5 97.6 100.9 OOQ1 92.0 91 . 0 95.1 92.4
100.0 100.0 100.0 100.0 OOQ2 91 . 6 90.6 93.9 91 . 9 98.5 100.4 99.0 98.5 OOQ3 91 . 5 90.5 93.4 91 . 9 95.0 98.7 95.9 91 . 7 OOQ4 91 . 0 90.0 92.9 91 . 6 9 4. 1 98.6 95.2 91 . 8 01Q1 91 . 7 90.8 94.0 92.5 92.7 98.2 9 4. 1 89.3 01Q2 91 . 1 90.2 93.8 92. 1 90.3 93.7 91 . 7 87.2 01Q3 91 . 2 90.3 94.3 92.4
Relative price and cost indicators vs. (the rest of} the countries in the euro area (EUR12)
Annual data ( index 1995=100) Quarterly data (index 1995=1 00)
Deflator Def iator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
98.4 100.4 107.6 9 9. 1 104.9 98Q3 98.6 98.6 100.5 100.5 97.2 98.7 1 0 6. 1 97.5 102.3 98Q4 98.5 98.3 100.8 1 0 0. 5 97.3 98.1 105.2 97.2 102.8 99Q1 98.4 98.0 1 0 1 . 1 100.4 95.5 95.6 102.3 94.3 99.7 99Q2 98.3 97.8 1 0 1 . 1 100.3 95.7 95.5 1 0 2. 1 93.8 97.4 99Q3 98.1 97.5 1 0 0. 5 100.2 99.3 99.6 102.3 97.8 1 0 1 . 3 99Q4 97.9 97.3 99.4 1 0 0. 0 99.6 100.0 1 0 1 . 7 98.8 1 0 1 . 5 OOQ1 97.5 97.1 98.1 99.8
100.0 100.0 100.0 100.0 100.0 OOQ2 97.2 96.8 96.9 99.6 99.3 99.2 100.9 99.9 99.4 OOQ3 96.8 96.6 96.2 99.5 98.6 98.8 1 0 1 . 1 100.2 95.9 OOQ4 96.5 96.3 96.0 99.4 98.6 98.6 100.6 100.5 9 7. 1 01Q1 96.2 9 6. 1 9 6. 1 99.4 98.2 97.6 100.5 100.2 95.7 01Q2 96.0 95.9 96.5 99.5 97.0 96.6 96.8 99.5 95.2 01Q3 95.8 95.7 97.0 99.6
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 14
ULCM
93.4 94.0 92.0 89.8 88.8 87.6 8 6. 1 84.7 84.2 83.4 85.8 8 5. 1 85.8
ULCM
92.2 92.6 91 . 2 89.7 89.0 88.2 87.5 87.3 87.5 87.3 88.2 87.8 88.1
ULCM
97.4 97.1 96.5 95.9 95.5 95.2 95.2 95.2 95.2 95.3 95.3 95.4 95.5
Ireland euro (before 1999: IEP)
Trade- weighted currency indices
Annual data Ouarterll data Monthly data index (1995=100} index ( 995=100} monthly % change
vs. (the rest of} vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 97.2 98.0 106.6 9803 1 0 1 . 1 99.9 106.5 SEPOO -1 . 0 0.0 0.0 89 96.3 97.9 105.8 9804 1 0 2. 0 100.5 105.7 OCTOO -1 . 0 -0.8 0.0 90 102.0 100.9 106.3 9901 99.8 99.5 105.4 NOVOO 0.5 0.5 0.0 9 1 1 0 1 . 0 100.4 106.7 9902 97.6 98.4 105.4 DECOO 1 . ') o.e 0.0 92 104.3 103.0 107.6 9903 97.0 98.2 105.4 JAN01 2.3 1 . 0 0.0 93 99.5 1 0 1 . 1 103.1 9904 95.8 97.4 105.4 FEB01 -0.4 -0.0 0.0 94 99.5 1 0 1 . 0 103.2 0001 94.0 96.5 105.4 MAR01 -0.0 -0. 1 0.0 95 100.0 100.0 100.0 0002 92.4 96.2 105.4 APR01 -0.5 -0.3 0.0 96 102.7 1 0 1 . 9 102.7 0003 91 . 8 96.4 105.4 MAY01 -1 . 1 -0.4 -0.0 97 104.8 105.0 1 1 1 . 3 0004 90.7 96.0 105.4 JUN01 -0.8 -0.1 0.0 98 100.3 99.5 106.2 0101 93.8 97.5 105.4 JUL01 0.4 -0.0 0.0 99 97.5 98.2 105.4 0102 92.3 96.8 105.4 AUGO 1 1 . 7 0.8 0.0 00 9 2. 1 9 6. 1 105.4 0103 93.0 9 7. 1 105.4 SEP01 0.2 -0.0 -0.0
Trade- weighted currency indices Annual data Ondex 1995 = 100) Quarterly data (Index 1995=100)
100~~~--~~----~--~~~~
140 --~-------------------------------------------------+------ --------• I
130 - \ --- -- - -- -- - - __ J -----120 -- -_:~::_·_ :~-·-~ • ..._.\ -----:----- -------------------~-------- -------
~ · .. · ·. :
110 --- -=- ----- ----- --\-::~-::--- ----:.-:::· --;\::-_-:--~~
1980 1985 1990 1995
.. .. . . . · ·.· ·. ----- --- ---------,:-------·.:. ------------------------- -- -------------
:' ".. .. ·· .... ...................
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Relative cost indicators {based on ULCE) Annual data Ondex 1995 = 100) Quarte~y data Ondex 1995 = 100)
-----------------------r------------------------ -------- -•!~------- -1
.-._: ........ ·· ·.. . ...... ·· i
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Page 15
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
106.6 104.7 107.6 103.5 105.8
99.7 99.6
100.0 102.7 105.0 102.4 1 0 1 . 3 99.3
Annual
PCP
107.6 106.7 106.7 103.1 104.5 1 0 1 . 1 100.9 100.0 102.0 105.6 102.2 103.0 105.0
Ireland euro (before 1999: IEP)
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (Index 1995=100) Quarterly data (Index 1995=100)
PGDP
104.8 103.9 1 0 4. 1 99.8
102.3 99.8 99.2
100.0 102.6 107.0 1 0 6. 1 105.3 103.7
Deflator PX ULCE ULCM PCP PGDP
108.5 112.0 143.5 98Q3 103.6 107.5 109.3 105.9 135.1 98Q4 104.7 108.8 104.7 106.7 138.3 99Q1 102.8 106.8 1 0 2. 1 102.4 130.3 99Q2 100.9 104.8 102.9 106.9 124.4 99Q3 1 01 . 0 105.0 1 01 ' 9 104.2 1 1 7 ' 1 99Q4 100.7 104.8 100.7 103.7 1 1 1 . 5 OOQ1 99.9 1 0 4. 1 100.0 100.0 100.0 OOQ2 99.3 103.7 101.3 100.6 99.8 OOQ3 99.6 104.2 104.2 100.3 95.8 OOQ4 99.2 103.9 103.8 96.6 85.6 01Q1 103.2 108.4 103.8 93.5 79.4 01Q2 102.0 107.3 102.8 88.9 72.4 01Q3 103.3 108.9
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
105.2 97.7 106.7 98.4 104.9 9 6. 1 103.2 93.7 103.6 92.9 103.8 91 . 8 103.4 9 0. 1 103.0 88.9 103.1 88.8 102.2 88.4 105.6 92.3 103.4 91 . 6 103.8 93.1
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
106.0 11 0. 7 11 2. 7 144.0 98Q3 102.9 106.7 104.6 97.5 105.9 1 1 2 . 1 107.3 137.4 98Q4 103.9 107.8 105.9 98.0 103.0 104.5 105.0 136.4 99Q1 103.3 107.2 105.4 96.9
99.2 102.4 1 01 . 3 129.4 99Q2 102.6 106.4 104.8 95.5 100.9 102.4 104.9 122.8 99Q3 103.2 107.2 105.7 95.2 1 0 1 ' 1 103.4 105.1 11 8. 7 99Q4 103.5 107.6 106.3 94.4 100.6 102.2 105.0 11 3. 8 OOQ1 103.8 108.1 106.8 93.7 100.0 100.0 100.0 100.0 OOQ2 104.7 109.3 107.8 93.8 102.0 100.8 99.9 98.6 OOQ3 105.9 11 0 . 8 108.9 94.5 107.7 105.0 1 0 1 . 1 96.0 OOQ4 106.3 1 1 1 . 5 108.8 94.9 105.9 103.7 96.9 85.3 01Q1 108.6 1 1 4. 2 11 0. 4 97.3 106.9 105.4 95.3 79.8 01Q2 108.4 11 4. 2 109.4 97.5 109.7 107.9 94.0 75.4 01Q3 109.2 11 5 . 3 109.4 98.8
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 2 . 9 1 1 1 . 8 1 1 3 . 3 11 7. 5 153.7 98Q3 1 1 0. 5 11 5. 2 108.3 106.2 1 1 2 . 1 11 2 . 5 11 5 . 5 11 4. 5 146.0 98Q4 1 1 0 . 1 11 4. 9 108.1 105.5 1 1 1 . 0 108.2 106.6 1 1 1 . 5 143.4 99Q1 11 0. 3 11 5 . 1 108.3 105.2 109.6 106.0 105.6 109.4 138.3 99Q2 1 1 0. 9 11 5 . 7 109.0 105.1 109.4 105.9 104.2 11 0. 7 127.9 99Q3 1 1 1 . 8 11 6 . 8 1 1 0. 0 105.1 103.2 103.5 1 0 5 . 3 107.4 1 1 9. 3 99Q4 1 1 2 . 9 1 1 8 . 3 1 1 1 . 3 1 0 5. 3 1 0 3. 0 102.8 104.2 107.4 11 5. 2 OOQ1 1 1 4 . 1 120.0 11 2. 6 1 0 5. 6 100.0 100.0 100.0 100.0 100.0 OOQ2 1 1 5 . 3 1 21 . 8 1 1 3 . 8 1 0 6 . 1 1 0 3 . 1 103.3 1 0 1 . 6 1 0 1 . 1 99.7 OOQ3 1 1 6. 4 123.3 1 1 4. 7 1 0 6. 9 11 2 . 4 1 1 5 . 1 109.4 108.5 103.3 OOQ4 1 1 7. 2 124.6 1 1 5 . 2 107.8 109.9 1 1 4. 4 107.5 105.6 93.2 01Q1 1 1 7. 9 125.7 1 1 5. 3 1 0 8. 9 1 11 . 4 1 1 6. 4 109.6 105.1 88.8 01Q2 1 1 8. 4 126.7 1 1 5. 3 1 1 0 . 1 11 5 . 7 122.4 11 4. 0 106.5 86.2 01Q3 1 1 9. 0 127.5 1 1 5 . 1 111 . 2
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 16
ULCM
85.7 85.3 82.7 79.9 78.6 76.8 74.6 72.7 71 . 9 70.9 73.4 72.3 73.1
ULCM
85.0 84.3 82.4 80.3 79.2 77.8 76.4 75.6 75.4 75.0 76.1 75.7 76.0
ULCM
92.8 91 . 2 9 0. 1 89.3 88.5 87.6 86.9 86.3 86.0 85.9 85.9 86.1 86.2
88 89 90 9 1 92 93 94 95 96 97 98 99 00
Italy euro {before 1999: ITL)
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1995=100) index (1995=100) monthly % change
vs. (the rest of) vs. ( t h 8 rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
130.6 138.6 145.6 9803 11 3 . 7 109.9 11 4 . 0 SEPOO -0.9 0.0 0.0 1 3 1 . 8 140.8 147.5 9804 11 4 . 7 1 1 0 . 5 1 1 3 . 6 OCTOO -0.6 -0.4 0.0 136.7 140.6 145.4 9901 11 3 . 0 109.9 1 1 3 . 5 NOVOO 0.3 0.3 0.0 135.2 139.5 144.8 9902 1 1 1 . 2 1 0 9 . 1 11 3 . 5 DECOO 1 . 5 0.3 0.0 132.2 134.3 138.3 9903 11 0 . 7 1 0 9. 0 11 3 . 5 JAN01 1 . 8 0.6 0.0 1 1 1 . 3 1 1 6 . 1 11 7 . 6 9904 109.9 108.5 11 3 . 5 FEB01 -0.2 0.0 0.0 108.7 1 1 1 . 8 11 3 . 2 0001 108.5 107.9 11 3 . 6 MAR01 0.3 -0. 1 0.0 100.0 100.0 100.0 0002 107.0 107.7 11 3 . 6 APR01 -0.2 -0.2 0.0 1 1 0. 5 108.9 109.7 0003 106.4 107.9 11 3 . 6 MAY01 -0.9 -0.2 0.0 1 1 1 . 4 110.2 1 1 4 . 0 0004 105.4 1 0 7. 7 1 1 3 . 6 JUN01 -0.6 -0.0 n. o 1 1 2 . 8 109.6 11 3 . 8 0101 108.5 108.7 11 3 . 6 JUL01 0.5 0.0 0.0 1 1 1 . 1 108.9 1 1 3 . 5 0102 107.6 108.3 11 3 . 6 AUG01 1 . 4 0.4 -0.0 106.7 107.6 1 1 3 . 6 0103 108.4 108.5 11 3 . 6 SEP01 0.3 0.0 0.0
Trade- weighted currency indices Annual data Ondex 1995 =100) Quarterly data (index 1995 = 100)
~~~ww~~~~~~~~~~~~
95Q1 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Relative cost indicators (based on ULCE) Annual data Ondex 1995 = 100)
Page 17
Quarterly data Ondex 1995 = 100)
········
----------------------------------- -------- -----------1
~~ ~~ ~~~~~~~~~~~~~~~ ~~~~~~~~ ~~~~~~~~~~ ~ ~ ~~ ~~~~~ ~~~~~~ ~~~~~~~~~~~~I
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
88 89 90 9 1 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
11 7. 5 120.7 126.9 127.5 125.7 107.3 105.9 100.0 11 1 . 9 111 . 8 11 2. 6 111 . 0 106.9
Annual
PCP
11 9 . 9 124.6 126.6 128.1 124.9 109.9 108.0 100.0 1 1 1 . 2 11 2 . 7 11 2 . 8 11 3 . 3 1 1 3 . 1
Italy euro (before 1999: ITL)
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (Index 1995=100) Quarterly data (index 1995=100)
PGDP
11 8. 7 1 21 . 8 130.4 1 3 2. 1 129.6 109.5 106.9 100.0 113.2 1 1 3. 6 11 5. 0 1 1 2. 7 108.4
Deflator PX ULCE ULCM PCP PGDP
106.8 1 2 5. 1 123.4 98Q3 11 3. 8 11 6. 3 109.6 128.7 128.7 98Q4 11 4. 6 11 7. 0 11 5. 8 138.5 136.9 99Q1 11 2. 9 11 5. 0 11 7. 2 140.3 138.2 99Q2 111. 1 11 2. 9 114.6 137.2 1 31 . 9 99Q3 11 0. 7 11 2. 3 105.0 114.4 11 2. 2 99Q4 11 0. 0 1 1 1 . 5 103.0 11 0. 0 107.9 OOQ1 108.7 11 0 . 1 100.0 100.0 100.0 OOQ2 107.3 108.7 109.7 11 3. 9 11 5. 9 OOQ3 106.7 108.2 108.6 ; ~ 5 . 1 1 1 9. 0 OOQ4 105.9 107.4 11 0. 9 11 5. 3 11 9. 6 01Q1 108.9 11 0 . 5 1 0 9. 1 11 2 . 9 1 1 9. 4 01Q2 108.0 109.7 107.2 108.2 114.3 01Q3 108.9 11 0 . 6
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
1 1 2 . 1 11 6. 4 11 2. 7 11 7. 2 1 1 0. 7 11 5. 3 108.8 11 3. 3 108.7 11 2. 7 108.7 1 1 1 . 7 108.2 11 0. 3 107.5 108.7 107.3 108.0 106.3 1 0 7 . 0 109.0 1 1 0 . 0 107.5 109.0 107.8 109.7
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
1 21 . 4 109.7 127.2 125.0 98Q3 1 1 3 . 3 11 5 . 8 1 1 1 . 7 11 6. 9 125.9 11 3 . 3 132.3 132.8 98Q4 11 4. 2 1 1 6 . 4 1 1 2. 3 1 1 7. 5 130.0 1 1 5 . 7 137.6 136.3 99Q1 11 3 . 8 11 5 . 7 1 1 1 . 5 11 6. 9 132.8 1 1 8 . 2 140.9 139.2 99Q2 1 1 3. 3 114.9 1 1 0. 8 1 1 6 . 2 128.7 11 4 . 3 136.0 1 31 . 5 99Q3 11 3 . 5 11 4. 9 1 1 1 . 1 1 1 6 . 1 1 1 2 . 1 107.2 11 7. 0 11 5. 3 99Q4 1 1 3 . 3 1 1 4. 7 1 1 1 . 4 1 1 5 . 7 1 0 9. 1 105.2 11 2. 3 1 1 1 . 1 OOQ1 1 1 3 . 1 1 1 4. 5 1 1 1 . 8 11 5 . 2 100.0 100.0 100.0 100.0 OOQ2 11 3. 2 1 1 4. 6 11 2 . 4 1 1 5 . 1 11 2. 7 109.2 11 3. 5 114.5 OOQ3 11 3. 6 1 1 5 . 2 1 1 3. 1 1 1 5 . 4 114.8 109.8 11 6. 9 120.2 OOQ4 11 3 . 6 11 5. 2 1 1 3 . 1 1 1 5 . 3 1 1 5. 2 1 1 1 . 1 11 6. 5 120.2 01Q1 11 4. 8 11 6. 5 1 1 4. 0 11 6. 4 114.8 1 1 1 . 0 11 5. 9 1 21 . 0 01Q2 11 4. 4 1 1 6. 2 11 3 . 3 1 1 6 . 1 114.6 11 2 . 4 11 5. 0 120.1 01Q3 11 4 . 8 1 1 6. 6 1 1 3 . 2 1 1 6. 3
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
123.0 1 2 5 . 1 1 1 1 . 1 130.5 129.3 98Q3 1 1 8 . 0 120.9 11 3 . 8 122.9 128.2 130.4 11 5. 2 137.6 137.5 98Q4 1 1 7 . 9 120.5 1 1 3 . 4 122.6 129.8 134.1 11 7. 2 142.8 140.4 99Q1 1 1 8 . 1 120.4 11 3. 2 122.7 132.7 138.1 120.3 147.5 144.7 99Q2 11 8 . 5 120.5 11 3 . 2 122.9 128.4 132.6 11 5. 7 140.7 1 3 5 . 1 99Q3 1 1 8 . 8 120.7 1 1 3. 6 1 2 3 . 1 1 1 1 . 2 11 3 . 6 108.2 11 8. 6 11 5. 8 99Q4 1 1 9 . 1 1 2 1 . 1 11 4 . 3 123.4 109.2 11 0 . 5 106.3 11 3 . 8 111 . 9 0001 1 1 9 . 4 1 21 . 5 11 5 . 2 123.6 100.0 100.0 100.0 100.0 100.0 OOQ2 1 1 9. 7 122.0 1 1 6 . 0 123.9 11 2 . 2 1 1 3 . 8 109.9 11 4 . 7 1 1 5 . 9 OOQ3 11 9. 9 122.4 11 6. 5 1 2 4 . 1 11 6. 9 1 1 9 . 4 11 2 . 4 1 2 2. 1 125.8 OOQ4 120.0 122.7 11 6 . 8 124.3 11 7 . 7 120.5 11 3 . 5 122.7 127.0 01Q1 120.1 122.9 1 1 6 . 8 124.4 11 8. 6 120.6 1 1 3 . 5 1 2 3. 0 129.4 01Q2 120.2 1 2 3 . 1 1 1 6 . 6 124.5 11 9 . 7 1 2 2 . 1 1 1 6 . 1 123.9 1 3 0. 4 0103 120.3 123.3 1 1 6 . 4 124.5
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 18
ULCM
1 2 0 . 8 122.2 1 2 1 . 1 11 9. 7 1 1 9. 5 11 8. 6 11 6. 8 11 4 . 9 11 4. 0 11 2. 9 1 1 6 . 1 11 5. 2 1 1 6 . 1
ULCM
120.6 1 21 . 7 1 21 . 5 1 2 1 . 2 1 2 1 . 4 1 2 1 . 1 1 2 0 . 5 1 2 0. 3 1 2 0 . 4 120.2 1 2 1 . 3 1 2 0 . 9 1 2 1 . 1
ULCM
127.3 1 2 7. 6 1 28. 4 129.3 129.9 130.2 130.4 1 3 0. 4 130.4 130.5 1 30. 5 130.6 1 3 0. 6
Netherlands euro (before 1999: NLG)
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1995=100) index (1995=100) monthly % change
vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 85.5 87.7 91 . 1 9803 95.6 93.7 96.7 SEPOO -0.6 0.0 0.0 89 84.9 87.4 90.6 9804 96.6 94.5 96.8 OCTOO -0.5 -0.4 0.0 90 88.3 88.8 90.9 9901 95.6 94.2 96.8 NOVOO 0.3 0.3 0.0 91 88. 1 88.8 91 . 3 9902 94.5 93.5 96.8 DECOO 1 . 1 0.3 0.0 92 90.6 90.6 92.5 9903 94. 1 93.4 96.8 JAN01 1 . 4 0.6 0.0 93 94.0 95.9 96.7 9904 93.5 93.0 96.9 FEB01 -0. 1 0.0 0.0 94 95.4 96.6 97.6 0001 92.6 92.4 96.9 MAR01 0.2 -0.1 0.0 95 100.0 100.0 100.0 0002 91 . 7 92.3 96.9 APR01 -0.2 -0.2 0.0 96 98.4 97.5 98.0 0003 91 . 4 92.4 96.9 MAY01 -0.7 -0.2 0.0 97 94.5 93.9 96.6 0004 90.9 92.2 96.9 JUN01 -0.4 -0.0 0.0 98 9 5. 1 93.6 96.7 0101 92.9 93.1 96.9 JUL01 0.3 0.0 -0.0 99 94.4 93.4 96.8 0102 92.3 92.7 96.9 AUG01 1 . 0 0.5 0.0 00 91 . 5 92.2 96.9 0103 92.8 92.9 96.9 SEP01 0.2 0.0 0.0
Trade- weighted currency indices
Annual data Ondex 1995 = 100) Quarterly data Ondex 1995 = 100)
100~------~~--------~r---~ .. '
.. ~ j
90 --------------- ----------------.~-~:.:-_·-~.:'-~ ~. ~--- ---~---------------···r- i
.. : I i _.-· I :
801············--·-/;--d._ ·-······· ·----·--···+-············
I ...... :I l
:· I : :/- : 7l? ..... . ............. ·················T···· ..
~~I ~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Relative cost indicators (based on ULCE)
Annual data Ondex 1995 = 100) Quarterly data (index 1995 = 100)
Page 19
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 9 1 92 93 94 95 96 97 98 99 00
Netherlands euro {before 1999: NLG)
Annual
PCP
97.5 93.7 94.9 92.8 94.3 96.2 97.3
100.0 97.6 93.3 93.6 93.2 90.9
Annual
PCP
98.4 95.2 94.3 92.5 93.4 97.3 98.2
100.0 97.0 93.4 93.4 94.0 93.7
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
PGDP
9 7. 1 93.2 94.5 92.3 93.4 95.6 96.5
100.0 97.2 93.2 93.7 92.8 91 . 5
Deflator PX ULCE ULCM PCP PGDP
98.6 98.8 104.5 98Q3 9 4. 1 9 4. 1 97.4 92.7 98.0 98Q4 95.2 95.0 99.4 92.8 98.2 99Q1 94.4 94.0 97.9 91 . 0 96.8 99Q2 93.3 92.8 97.9 93.3 100.4 99Q3 93.0 92.6 97.3 96.4 102.9 99Q4 92.4 92.3 9 7. 1 96.3 98.6 OOQ1 91 . 6 91 . 8
100.0 100.0 100.0 OOQ2 90.9 91 . 4 97.7 97.6 9 7. 1 OOQ3 90.9 9 1 . 7 95.0 9 4. 1 94.8 OOQ4 90.8 91 . 7 94.8 94.7 94.6 01Q1 93.3 94.3 93.6 94.2 93.4 01Q2 93.3 94.2 94.0 92.5 91 . 7 01Q3 94.4 95.3
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
95.0 95.2 95.5 96.2 94.3 95.3 93.2 94.2 93.5 9 4. 1 93.8 93.7 94.0 93.1 9 4. 1 92.6 94.4 92.6 94.0 92.4 95.8 94.7 94.8 94.4 94.9 95.3
data (index 1995=100) Quarterly data (index 1995==100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
98.2 100.3 99.6 1 0 5 . 1 98Q3 93.6 93.5 94.4 95.0 94.8 99.4 93.9 99.5 98Q4 94.6 94.3 94.9 95.9 93.9 99.3 91 . 9 97.3 99Q1 94.4 93.9 94.4 95.7 9 2. 1 98.2 90.6 96.5 99Q2 94.0 93.4 93.9 95.3 92.4 97.5 9 2. 1 99.5 99Q3 9 4. 1 93.6 94.4 95.4 96.6 98.4 97.2 1 0 4. 1 99Q4 93.8 93.6 94.9 95.4 97.4 98.3 97.2 100.1 OOQ1 93.4 93.6 95.6 95.2
100.0 100.0 100.0 100.0 OOQ2 93.5 94.1 96.4 95.5 96.7 97.3 9 7. 1 96.2 OOQ3 94.0 94.9 97.3 96.0 93.5 95.3 94.6 95.0 OOQ4 94.3 95.4 97.3 96.3 93.4 94.6 94.9 94.5 01 Q1 95.8 97.0 98.2 97.6 93.5 94.4 95.3 93.8 01Q2 9 6. 1 97.2 97.5 97.6 94.4 96.6 95.6 94. 1 01Q3 96.9 98.0 97.4 98.2
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995==100) Quarterly data (index 1995==100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
100.5 100.8 1 01 . 3 1 01 . 7 1 08. 3 98Q3 96.9 97.0 95.8 99.3 97.4 97.6 100.8 97.0 102.4 98Q4 97.2 9 7. 1 95.5 99.5 96.0 96.2 100.2 94.6 99.6 99Q1 97.5 97.2 95.4 99.9 95.2 95.0 99.6 93.9 99.6 99Q2 97.8 97.4 95.6 1 0 0. 2 95.4 94.6 98.3 94.5 1 01 . 6 99Q3 97.9 97.8 96.2 1 0 0. 6 98.2 97.6 99.1 98.2 104.4 99Q4 98.0 98.3 97.1 1 01 . 1 99.1 98.4 9 9. 1 98.1 1 0 0. 5 OOQ1 98.2 98.9 98.2 1 0 1 . 7
100.0 100.0 100.0 100.0 100.0 OOQ2 98.4 99.7 99.2 1 0 2. 3 97.6 97.4 97.6 97.8 97.0 OOQ3 98.7 100.4 99.9 102.8 96.3 96.6 97.2 9 8. 1 98.7 OOQ4 99.2 1 0 1 . 2 100.3 1 0 3 . 3 96.8 97.0 9 6. 1 99.2 99.0 01Q1 99.8 1 0 1 . 9 100.3 103.8 97.8 97.6 9 6. 1 100.4 99.4 01Q2 100.5 102.5 1 0 0. 1 104.2 98.6 100.0 99.4 102.5 1 01 . 4 01Q3 1 0 1 . 1 1 0 3. 1 99.9 104.7
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Def I a tor of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 20
ULCM
94.9 95.6 94.6 93.4 93.3 92.9 92.3 91 . 8 91 . 9 91 . 6 93.8 93.4 94.1
ULCM
94.4 95.0 94.4 93.7 93.8 93.7 93.7 94.0 94.6 94.7 95.8 95.6 96.0
ULCM
98.9 98.9 99.0 99.2 99.6
1 0 0. 1 100.7 1 01 . 2 1 01 . 7 1 0 2 . 1 1 0 2 . 3 102.6 102.8
Austria euro (before 1999: ATS)
Trade- weighted currency indices
Annual data Ouarterlr data Monthly data index (1995=100) Index ( 995=100) monthly % change
vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 86.3 88.6 91 . 2 9803 97.8 95.2 97.2 SEPOO -0.6 0.0 0.0 89 86.0 88.3 90.7 9804 98.6 95.9 97.4 OCTOO -0.4 -0.2 0.0 90 8 9. 1 89.4 91 . 0 9901 97.7 95.5 97.3 NOVOO 0.2 0.2 0.0 91 89.0 89.5 91 . 3 9902 96.8 9 5. 1 97.3 DECOO 0.9 0.2 0.0 92 91 . 6 91 . 1 92.6 9903 96.6 95.0 97.3 JAN01 1 . 1 0.4 0.0 93 94.7 96.2 96.8 9904 96.2 94.7 97.3 FEB01 -0. 1 0.0 0.0 94 95.8 96.9 97.5 0001 95.4 94.4 97.3 MAR01 0.2 -0.0 -0.0 95 100.0 100.0 100.0 0002 94.6 94.3 97.3 APR01 -0. 1 -0.1 0.0 96 98.5 97.5 97.9 0003 94.2 94.4 97.3 MAY01 -0.6 -0. 1 -0.0 97 96. 1 95.0 96.9 0004 93.7 94.3 97.3 JUN01 -0.3 -0.0 -0.0 98 97.3 95. 1 97.2 0101 95.5 94.9 97.3 JUL01 0.3 0.0 -0.0 99 96.8 95.0 97.3 0102 95.0 94.6 97.3 AUG01 0.8 0.3 0.0 00 94.3 94.2 97.3 0103 95.5 94.8 97.3 SEP01 0.2 0 . 1 0.0
Trade- weighted currency indices
Annual data (index 1995=100)
100~~------~------~~----~
• . . j
90 ---------------------- --------•• !:_: ~~-':~-·. :_ ------~----- ----------·;- I
.. ···! l /.,../ i 80 ------- ----------~-:-~------ _______________________ l ______________ _
... , i .·I :
70 ------; .. ~:::. -- ----------- -----------------------+--------------• .1: '
:~ i :!J :
60 : ----- ---------------------------- - -- ------ --~------- -- --
50 I '
1975 1980 1985 1990 1995 2000
95
94
Quarterly data Qndex 1995 = 100)
~~~~~~~~~~~~~~~~
95Q1 96Q1 97Q1 9801 99Q1 OOQ1 01Q1 0201
Relative cost indicators {based on ULCE)
Quarterly data (index 1995=100)
as~~~~~~~~~~~~~~
9501 96Q1 97Q1 9801 9901 OOQ1 0101 0201
Page 21
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 9 1 92 93 94 95 96 97 98 99 00
Annual
PCP
93.5 91 . 3 93.3 91 . 7 93.7 96.3 96.8
100.0 97.8 94.2 93.7 92.3 89.5
Annual
PCP
93.8 92.0 92.2 91 . 0 92.3 97.0 97.5
100.0 9 7. 1 94. 1 93.3 92.9 9 2. 1
Austria euro {before 1999: ATS)
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
PGDP
91 . 8 90. 1 91 . 9 90.6 92.8 95.4 96.3
100.0 97.4 94.1 93.8 92.4 89.7
Deflator PX ULCE ULCM PCP PGDP
93.8 93.2 94.8 98Q3 9 4. 1 94.2 91 . 2 90.9 92.9 98Q4 94.6 94.7 94.3 91 . 3 92.5 99Q1 93.6 93.6 93.2 90.2 91 . 4 99Q2 92.5 92.6 95.4 9 2. 1 93.5 99Q3 92.2 92.3 96.7 95.7 96.5 99Q4 91 . 6 91 . 8 97.0 9 7. 1 98.7 OOQ1 90.9 91 . 0
100.0 100.0 100.0 OOQ2 89.9 9 0. 1 98.5 95.7 93.9 OOQ3 89.5 89.7 9 5. 1 92.3 90.5 OOQ4 88.8 89.0 96.5 92.1 8 9. 1 01 Q1 90.4 90.5 95.8 90.6 86.9 01Q2 89.8 89.9 92.9 87.0 85.2 01Q3 90.1 9 0. 1
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
97.1 92.5 98.0 93.1 97.0 92.1 96.0 91 . 0 95.6 90.5 95.1 89.7 94.3 88.6 93.3 87.4 92.8 86.8 92.0 8 6. 1 93.5 87.6 92.9 87.0 93. 1 87.3
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
92.3 94.9 93.0 9 4 . 1 98Q3 93.3 93.3 96.5 92.2 90.9 92.4 91 . 1 93. 1 98Q4 93.9 93.8 97.4 92.8 90.7 93.6 89.7 90.7 99Q1 93.4 93.3 9 7. 1 92.3 89.9 93.0 89.3 90.4 99Q2 93.0 92.9 96.7 91 . a 91 . 2 94.6 90.4 91 . 9 99Q3 92.9 92.9 96.5 91 . 5 9 6. 1 97.5 96.0 96.9 99Q4 92.7 92.7 96.2 91 . 0 9 7. 1 9 8. 1 97.7 99.9 OOQ1 92.3 92.5 95.7 90.3
100.0 100.0 100.0 100.0 OOQ2 92.2 92.4 95.4 89.9 96.8 98.0 9 5. 1 92.9 OOQ3 92.2 92.5 95.4 89.7 94.2 95.4 92.6 90.5 OOQ4 9 2. 1 92.3 95.2 89.5 93.3 96.3 9 2. 1 88.9 01 Q1 92.5 92.7 95.7 90.0 92.8 96.5 91 . 5 8 7. 1 01Q2 92.2 92.4 95.4 89.7 92.3 95.3 89.7 87.3 01Q3 92.3 92.3 95.5 89.7
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
95.2 93.9 95.5 94.4 96.0 98Q3 95.4 95.5 97.4 94.9 93.4 92.8 93.2 93.3 9 5. 1 98Q4 95.5 95.5 97.7 95.0 93.4 92.3 9 4. 1 91 . 7 92.3 99Q1 95.4 95.4 97.7 95.0 92.9 92.0 93.9 91 . 7 92.5 99Q2 95.4 95.4 97.7 94.9 93.8 92.9 95.2 92.2 93.4 99Q3 95.4 95.5 97.7 94.8 97.6 96.7 97.8 96.7 97.0 99Q4 95.4 95.6 97.5 94.5 98.1 97.7 98.5 98.4 1 0 0. 1 OOQ1 95.3 95.7 97.3 94.3
100.0 100.0 100.0 100.0 100.0 OOQ2 95.3 95.8 9 7. 1 94.0 97.6 97.4 98.3 95.8 93.6 OOQ3 95.2 95.8 97.0 93.8 9 6 . 1 96.3 96.7 95.0 93.0 OOQ4 95.0 95.7 96.9 93.7 95.6 95.7 97.3 95.0 91 . 9 01Q1 94.9 95.6 96.9 93.6 95.4 95.5 97.6 94.8 90.7 01Q2 94.8 95.3 96.9 93.5 95.2 95.7 97.0 93.9 91 . 7 01Q3 94.6 9 5. 1 96.9 93.4
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 22
ULCM
89.3 89.5 88.2 87.1 86.8 86.5 8 6. 1 85.5 85.3 84.9 86.4 85.8 86.0
ULCM
88.7 88.7 87.9 87.2 87.1 87.1 87.2 87.4 87.7 87.7 88.2 87.8 87.7
ULCM
91 . 5 9 1 . 1 90.7 90.5 90.6 90.9 91 . 3 91 . 7 92.0 9 2. 1 92.0 91 . 8 9 1 . 6
Portugal euro (before 1999: PTE)
Trade- weighted currency indices
Annual data data index (1995=100)
Qua r t e r I l data index ( 995=100)
Monthly monthly % change
vs. ( the rest of) vs. ( the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 109.3 1 1 1 . 1 1 1 6 . 1 9803 97.9 97.0 100.3 SEPOO -0.5 0.0 89 105.8 108.1 11 2 . 6 9804 99.2 9 8. 1 100.6 OCTOO -0.5 -0.4 90 104.2 104.1 107.0 9901 98.0 97.4 100.3 NOVOO 0.3 0.3 91 105.2 105.5 108.8 9902 96.7 96.7 100.3 DECOO o.~ 0.3 92 109.1 108.8 1 11 . 4 9903 96.4 96.6 100.3 JAN01 1 . 2 0.6 93 102.1 103.4 104.4 9904 95.8 96.2 100.3 FEB01 -0. 1 0.0 94 98.4 99.5 100.5 0001 94.9 95.7 100.3 MAR01 0.0 -0.1 95 100.0 100.0 100.0 0002 9 4. 1 95.5 100.3 APR01 -0.2 -0.2 96 100.7 100.2 100.7 0003 93.9 95.6 100.3 MAY01 -0.6 -0.2 97 98.3 98.4 1 0 1 . 4 0004 93.3 95.4 100.3 JUN01 -0.3 -0. 1 98 97.6 97.0 100.4 0101 95.0 96.2 100.3 JUL01 0.2 0.0 99 96.6 96.6 100.3 0102 94.3 95.9 100.3 AUG01 0.9 0.5 00 94.0 95.4 100.3 0103 94.7 96.0 100.3 SEP01 0 . 1 0.0
Trade- weighted currency indices Annual data Ondex 1995=100)
700~--------~~--------~--~
600 -~·~:------------------------------------------------1--------------. . 500 --- \---------------------------------------- ------~---------------
400 --- ___ :\-- ----------------------------------------1---------------
300 -- -- __ \. -.-;:·.::·-------------------------------+--------- -200 -------------------:· .. *" ______________ ---------- ---~---------------
& i
100 -------------------------------------- - --- :
0 I
1975 1980 1985 1990 1995 2000
Quarterly data (Index 1995 = 100)
Relative cost indicators {based on ULCE) Annual data Ondex 1995=100) Quarter1y data (index 1995 = 100)
Page 23
0.0 0.0 0.0 0.0 0.0
-0.0 0.0 0.0 0.0
-0.0 0.0 0.0
-0.0
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
78.7 82.3 86.9 93.5
102.2 98.3 97.0
100.0 1 01 . 8 99.9 99.9 99.6 97.5
Annual
PCP
79.6 83.8 86.6 93.6
1 01 . 7 99.3 97.8
100.0 1 01 . 4 100.4 100.0 100.6 100.2
Portugal euro (before 1999: PTE)
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (Index 1995=100) Quarterly data (index 1995=100)
PGDP
76.3 79.3 83.9 90.6 99.6 96.5 96.4
100.0 1 01 . 4 100.6 1 01 . 7 102.6 100.5
Deflator PX ULCE ULCM PCP PGDP
91 . 0 72.4 69.9 98Q3 100.4 102.3 93.0 75.2 72.7 98Q4 102.0 104.4 9 6. 1 81 . 5 80.8 99Q1 100.9 103.6 97.9 92.6 93.6 99Q2 99.7 102.7
100.0 103.2 103.0 99Q3 99.6 102.7 96.2 98.7 98.7 99Q4 99.0 1 0 2. 1 96.5 96.9 99.7 OOQ1 98.2 1 0 1 . 2
100.0 100.0 100.0 OOQ2 97.5 100.5 97.9 9 4. 1 93.9 OOQ3 97.5 100.5 96.9 92.3 90.3 OOQ4 97.2 100.3 97.9 92.2 89.0 01 Q1 99.3 102.7 97.0 92.4 88.1 01Q2 98.9 102.6 94.7 92.0 87.9 01Q3 99.7 103.6
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
98.3 92.6 99.7 94.0 98.3 93. 1 97.0 92.3 96.8 92.5 96.4 92.5 95.6 9 2. 1 95.0 91 . 9 94.7 92.3 94.0 92.3 95.4 94.4 94.4 94.2 94.6 95.0
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
77.4 92.5 73.2 70.5 98Q3 100.2 1 0 2 . 1 98.1 92.7 80.9 95.0 76.5 74.0 98Q4 1 0 1 . 6 103.9 99.3 94.0 83.6 9 6. 1 81 . 0 80.4 99Q1 1 0 1 . 2 103.8 98.6 93.7 90.6 98.3 92.5 93.5 99Q2 100.7 103.6 97.9 93.5 99.0 99.9 102.3 102.3 99Q3 100.8 103.9 97.9 93.9 97.4 97.2 99.4 99.6 99Q4 100.5 103.6 97.6 94.0 97.3 97.5 97.7 1 01 . 0 OOQ1 1 0 0. 1 103.2 97.3 94.1
100.0 100.0 100.0 100.0 OOQ2 1 0 0. 1 103.2 97.2 94.5 1 0 1 . 1 97.7 93.7 93.3 OOQ3 100.5 103.7 97.4 95.3 1 01 . 2 97.4 92.8 90.6 OOQ4 100.6 104.0 97.0 95.7 1 01 . 8 98.0 92.6 8 9. 1 01Q1 1 01 . 9 105.5 97.7 9 7. 1 103.6 97.9 93.6 88.5 01Q2 1 01 . 9 105.8 9 7. 1 97.3 103.4 9 7. 1 94.8 89.9 01Q3 102.4 106.6 97.1 97.9
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (Index 1995=100) Quarterly data (Index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
81 . 4 79.4 93.6 74.7 72.7 98Q3 104.0 106.2 99.7 97.0 85.9 83.5 96.5 79.2 76.4 98Q4 104.6 107.2 100.1 97.7 88.4 85.9 97.2 83.7 82.5 99Q1 104.6 107.6 99.8 97.9 96.6 93.9 99.9 96.3 97.0 99Q2 104.9 108.2 99.8 98.4
104.2 1 01 . 7 100.9 105.3 104.9 99Q3 1 0 5 . 1 108.7 99.9 99.1 100.3 98.5 97.9 100.4 99.8 99Q4 105.2 109.0 99.9 99.8
98.8 98.3 98.4 98.8 1 0 1 . 4 OOQ1 105.3 1 0 9 . 1 100.0 100.5 100.0 100.0 100.0 100.0 1 0 0. 0 OOQ2 105.4 109.4 1 0 0. 1 1 01 . 2 102.0 1 01 . 8 9 8. 1 94.5 94.0 OOQ3 105.7 109.8 100.0 102.0 103.6 104.7 99.5 96.4 94.3 OOQ4 106.0 11 0 . 3 100.0 102.7 103.8 105.9 99.7 97.0 93.5 01Q1 106.3 1 1 1 . 0 99.9 103.3 104.9 108.3 99.8 98.7 94.0 01Q2 106.7 1 1 1 . 7 99.8 103.9 105.6 109.6 100.0 1 0 1 . 5 96.9 01Q3 107.0 11 2. 3 99.7 104.4
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 24
ULCM
89.2 90.2 89.0 87.9 88.0 8 8. 1 87.9 87.9 88.3 88.3 90.2 89.8 90.4
ULCM
89.0 89.8 88.9 88.3 88.6 88.8 8 9. 1 89.8 90.6 90.9 92.1 92.0 92.3
ULCM
93.4 93.6 93.3 93.6 94.1 94.9 95.8 96.7 97.4 98.0 98.5 98.8 98.9
Finland euro (before 1999: FIM)
Trade- weighted currency indices
Annual data ouarterll data Monthly data index (1995=100) index ( 995=100) monthly % change
vs. (the rest of) vs. { t h 9 rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 105.9 109.0 1 1 7 . 1 9803 95.5 93.2 97.4 SEPOO -0.8 0.0 0.0 89 109.7 11 3 . 6 1 2 1 . 8 9804 97.1 94.6 97.5 OCTOO -0.5 -0.3 0.0 90 1 1 1 . 8 1 1 2 . 1 11 7 . 7 9901 95.3 93.8 97.5 NOVOO 0.4 0.4 0.0 91 108.0 108.7 11 4 . 7 9902 93.7 93.1 97.5 OECOO 1 . 5 0.4 0.0 92 94.6 94.2 98.4 9903 9 3. 1 92.9 97.5 JAN01 1 . 9 0.8 0.0 93 82.4 84.2 8 5. 1 9904 92.3 92.4 97.5 FEB01 -0. 1 0 . 1 -0.0 94 89.6 91 . 1 92.2 0001 91 . 0 91 . 8 97.5 MAR01 0.4 0.0 0.0 95 100.0 100.0 100.0 0002 89.7 91 . 4 97.6 APR01 -0.2 -0.2 -0.0 96 97.7 96.6 97.7 0003 89.3 91 . 6 97.6 MAY01 -1 . 0 -0.3 0.0 97 95.0 94.7 98.6 0004 88.8 91 . 6 97.6 JUN01 -0.4 0. 1 " .0 98 9 5. 1 93.3 97.5 0101 91 . 6 92.7 97.6 JUL01 0.5 0.0 0.0 99 93.7 92.9 97.5 0102 90.9 92.4 97.6 AUG01 1 . 3 0.5 -0.0 00 89.8 91 . 5 97.5 0103 91 . 7 92.8 97.6 SEP01 0.5 0.3 -0.0
Trade- weighted currency indices Annual data Ondex 1995=100) Quarterly data Qndex 1995 = 100)
~~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000 9601 97Q1 98Q1 9901 OOQ1 01Q1 02Q1
Relative cost indicators (based on ULCE) Annual data Ondex 1995 = 100) Quarterly data Ondex 1995 = 100)
1 90 ---------------------------------------------- -•-+--- _ .. ""
- ~-:.::.------------------------
' ,., '--
so~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Page 25
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 9 1 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
110.4 114.6 116.9 11 3 . 0 99.2 86.5 91 . 9
100.0 96.6 92.7 92.4 90.5 87.3
Annual
PCP
11 2 . 4 11 7 . 8 116.5 11 3 . 1
98.3 87.9 93.2
100.0 95.6 93.0 91 . 9 91 . 6 91 . 4
Finland euro (before 1999: FIM)
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
PGDP
1 1 1 . 5 116.6 11 8. 9 1 1 1 . 1 94.9 8 2. 1 88.7
100.0 95.2 92.2 93.0 90.3 87.0
Deflator PX ULCE ULCM PCP PGDP
97.5 11 6. 5 120.1 98Q3 92.8 93.6 101.7 1 2 2. 1 1 2 6. 1 98Q4 9 4. 1 94.6 102.7 127.8 1 31 . 6 99Q1 92.2 92.3
97.4 125.4 126.9 99Q2 90.5 90.3 90.6 1 0 4. 1 99.6 99Q3 89.9 89.6 81 . 7 84.8 79.9 99Q4 89.3 88.9 88.2 89.7 85.8 OOQ1 88.3 88.0
100.0 100.0 100.0 OOQ2 87.4 87.1 96.3 95.9 96.3 OOQ3 8 7. 1 86.8 91 . 5 90.6 89.9 OOQ4 86.6 8 6. 1 9 1 . 1 89.5 87.6 01 Q1 89.2 88.5 84.8 87.0 81 . 4 01Q2 88.4 87.4 81 . 5 81 . 6 73.4 01Q3 8 9. 1 87.8
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
9 1 . 5 89.9 91 . 3 91 . 1 87.9 89.3 84.9 87.4 83.6 86.4 82.9 8 5. 1 82.3 83.4 8 1 . 6 81 . 8 8 1 . 4 8 1 . 1 80.5 80.4 82.4 82.8 80.9 82.2 80.7 83.0
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 3 . 8 100.3 11 8. 5 1 21 . 2 98Q3 91 . 9 92.5 90.6 89.6 119.9 105.2 124.9 128.9 98Q4 93. 1 93.4 90.4 90.8 11 8 . 3 103.1 126.6 130.0 99Q1 92.3 92.3 88.0 89.9 1 1 1 . 1 98.2 124.9 126.4 99Q2 91 . 6 9 1 . 3 86.0 89.0 93.8 90.4 102.5 98.3 99Q3 91 . 5 9 1 . 1 85.1 88.4 83.4 8 3. 1 85.6 80.9 99Q4 91 . 4 9 1 . 1 84.9 87.4 89.9 89.7 90.9 87.5 OOQ1 91 . 2 91 . 0 84.9 86.4
100.0 100.0 100.0 100.0 OOQ2 91 . 2 91 . 2 85.2 85.7 94.4 95.7 95.0 94.7 OOQ3 91 . 7 91 . 7 85.7 85.7 92.7 92.3 91 . 3 9 0. 1 OOQ4 91 . 8 91 . 6 85.4 85.5 92.5 90.8 89.6 87.2 01Q1 92.9 92.5 85.9 86.6 91 . 3 85.9 88.5 81 . 8 01Q2 92.6 91 . 9 84.9 86.5 91 . 3 85.2 85.7 76.2 01Q3 92.8 91 . 8 84.5 86.9
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 6. 5 1 1 9 . 1 102.6 123.2 128.8 98Q3 96.2 97.2 92.2 95.2 123.0 127.0 108.5 133.2 138.0 98Q4 96.4 96.9 90.8 95.3 1 21 . 0 124.3 105.3 134.6 138.2 99Q1 96.3 96.5 89.0 95.2 119.6 1 1 8. 2 1 0 1 . 0 134.2 136.2 99Q2 96.3 96.3 87.6 95.0 102.6 98.4 91 . 9 108.1 103.8 99Q3 96.5 96.4 86.9 94.7
88.9 84.3 83.4 86.7 8 1 . 1 99Q4 96.8 96.9 87.0 94.4 94.3 90.9 90.3 9 2. 1 87.8 OOQ1 9 7. 1 97.5 87.5 94.2
100.0 100.0 100.0 100.0 1 0 0 . 0 OOQ2 97.5 98.1 88.1 93.9 96.8 95.6 96.3 96.7 96.5 OOQ3 97.6 98.4 88.4 93.8 97.1 9 7. 1 94.6 96.3 95.2 OOQ4 97.7 98.4 88.3 93.8 96.3 97.2 92.5 95.2 92.7 01Q1 97.6 98.1 87.8 93.8 96.4 96.4 87.6 94.8 88.0 01Q2 97.5 97.7 87.2 93.9 97.4 9 8. 1 8 8. 1 93.9 83.3 01Q3 97.3 97.2 86.5 94.0
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 26
ULCM
87.8 88.0 85.2 82.2 80.3 7 8. 1 75.8 73.6 72.5 71 . 6 73.5 72.8 73.4
ULCM
87.0 87.0 84.8 82.7 8 1 . 0 79.2 77.6 76.3 75.8 75.3 75.9 75.5 75.6
ULCM
92.4 91 . 5 90.2 88.7 87.3 85.9 84.6 83.6 82.8 82.3 82.0 81 . 8 81 . 6
Sweden SEK
Trade- weighted currency indices
Annual data ouarterlr data Monthly data index (1995=100) index ( 995=100) monthly % change
vs. ( the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 1 2 1 . 2 124.9 129.3 9803 105.3 102.9 106.6 SEPOO -1 . 2 -0.2 -0.2 89 1 21 . 9 126.9 130.7 9804 1 0 1 . 2 98.4 1 0 1 . 3 OCTOO -1 . 9 -1 . 8 -1 . 3 90 120.5 120.5 122.9 9901 104.0 102.4 105.8 NOVOO -0.9 -0.9 -1 . 2 91 120.5 1 21 . 3 124.2 9902 102.8 102.5 106.6 DECOO 1 . 2 -0.0 -0.4 92 122.4 1 21 . 9 124.0 9903 104.5 104.6 1 0 8. 9 JAN01 -0.9 -2.2 -2.8 93 99.8 102.2 103.2 9904 104.5 1 0 5 . 1 109.8 FEB01 -1 . 0 -0.8 -0.8 94 99.6 1 0 1 . 5 102.6 0001 104.8 106.2 1 1 1 . 6 MAR01 -1 . 4 -1 . 8 -1 . 6 95 100.0 100.0 100.0 0002 106.3 1 0 9. 0 11 4 . 7 APR01 -0.0 -0.0 0.2 96 1 1 0. 2 109.2 109.5 0003 104.0 107.4 1 1 2 . 9 MAY01 -0.5 0.4 0.6 97 106.2 106.3 109.7 0004 100.6 1 04. 6 1 1 0 . 3 JUN01 -2.3 -1 . 8 -1 . 7 98 105.2 103.4 107.3 0101 9 9. 1 1 00. 8 105.4 JUL01 -0.0 -0.6 -0.6 99 104.0 103.6 107.8 0102 96.8 98.9 104.0 AUG01 1 . 0 -0.0 -0.5 00 104.0 106.6 11 2 . 4 0103 94.6 96.0 100.8 SEP01 -3.5 -3.9 -3.8
Trade- weighted currency indices Annual data Qndex 1995 = 100) Quarterly data Qndex 1995 = 100)
100 ------------------------------------------------oo~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Relative cost indicators {based on ULCE) Annual data (index 1995=100) Quarterly data (index 1995 =100)
... . : ·., ------------------------------- ------------ ----r--- --.--------------
100 ---------------------
oo~~ ~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Page 27
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
107.4 110.3 114.3 120.2 11 9. 9 99.9 99.5
100.0 109.0 104.7 102.4 100.0 98.2
Annual
PCP
109.7 11 4. 2 114.2 120.8 11 9. 2 1 01 . 9 1 0 1 . 1 100.0 108.2 105.5 102.1 1 01 . 7 103.6
Sweden SEK
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data (inuex 1995=100)
PGDP
11 2. 4 116.4 119.4 123.2 122.3
99.4 9 9. 1
100.0 1 0 9. 1 104.4 102.0
99.2 96.8
Deflator PX ULCE ULCM PCP PGDP
108.3 1 1 2 . 5 130.0 98Q3 102.5 1 0 2. 1 109.9 120.4 136.7 98Q4 9 8. 1 97.7 108.8 125.4 138.7 99Q1 100.6 100.0 109.5 127.0 143.6 99Q2 99.2 98.4 107.5 125.9 140.8 99Q3 100.5 99.5
94. 1 1 01 . 8 104.9 99Q4 100.0 98.9 95.9 1 01 . 0 98.3 OOQ1 99.8 98.5
100.0 100.0 100.0 OOQ2 100.8 99.3 103.6 113.9 11 3. 2 OOQ3 98.2 96.7
98.4 108.6 107.0 OOQ4 94.7 93.4 97.0 105.9 1 01 . 7 01Q1 93.0 91 . 9 94.5 1 01 . 9 97.6 01Q2 90.7 89.7 9 2. 1 105.6 95.5 01Q3 88.4 87.7
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
9 7. 1 106.0 93.1 100.6 95.4 102.2 93.9 100.3 94.8 102.2 94.0 103.2 93.4 105.0 94.2 1 0 8 . 1 91 . 9 106.7 8 9. 1 103.7 8 8. 1 102.0 86.5 99.3 84.9 96.6
data (index 1995=100) Quarterly data (Index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 5. 4 11 2. 3 115.4 1 31 . 6 98Q3 1 01 . 4 100.9 95.9 1 0 6. 1 1 2 1 . 1 11 5. 2 124.8 140.9 98Q4 96.9 96.2 91 . 7 100.4 119.5 1 1 0 . 1 124.8 137.3 99Q1 100.7 99.9 95.4 103.5 123.9 1 1 1 . 3 127.3 143.6 99Q2 100.7 99.9 95.4 103.0 1 21 . 2 107.6 124.3 1 3 9 . 2 99Q3 1 0 2. 7 1 0 1 . 8 97.2 105.5 1 01 . 2 9 6. 1 1 0 3 . 1 106.2 99Q4 102.8 102.0 97.2 1 0 7 . 1 100.6 97.7 102.6 1 0 0 . 3 OOQ1 103.6 102.9 97.8 1 1 0. 0 100.0 100.0 100.0 100.0 OOQ2 105.9 105.4 1 0 0 . 1 11 4 . 7 108.5 103.4 11 3. 2 1 1 1 . 8 OOQ3 1 0 4. 1 103.7 98.7 1 1 4. 3 105.6 99.8 11 0 . 1 108.2 OOQ4 1 0 1 . 2 100.9 96.5 1 1 1 . 9 1 01 . 6 96.6 106.7 102.0 01Q1 97.4 97.2 93.6 108.0 100.8 96.2 104.7 9 9. 1 01Q2 95.5 95.5 92.5 105.8 103.0 98.2 11 2. 5 100.8 01Q3 92.6 92.7 90.3 102.3
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
112.0 11 8. 0 11 2. 7 11 7. 7 134.4 98Q3 105.6 105.3 97.9 1 1 1 . 5 11 6. 6 124.2 11 6. 0 128.5 1 4 3 . 1 98Q4 100.2 99.9 93.0 105.0 1 1 6 . 1 122.0 11 0. 6 128.2 139.1 99Q1 104.6 1 0 4. 1 9 7. 1 1 08. 7 123.9 127.3 11 2. 5 1 3 1 . 4 146.5 99Q2 105.4 104.8 97.8 109.1 1 21 . 4 123.8 108.4 1 2 7. 1 140.7 99Q3 107.5 107.0 99.7 1 1 2. 0 103.0 102.5 9 7. 1 104.3 106.4 99Q4 108.0 107.7 1 0 0. 1 1 1 4. 3 102.2 1 01 . 8 98.7 103.7 100.8 OOQ1 109.4 109.3 1 01 . 2 1 1 8 . 1 100.0 100.0 100.0 100.0 100.0 OOQ2 1 1 1 . 9 1 1 2 . 1 1 0 3. 7 1 23. 3 108.6 109.2 103.8 1 1 3 . 8 1 1 2 . 7 OOQ3 109.8 11 0 . 3 1 0 2 . 1 122.8 109.2 109.5 102.2 11 4. 6 1 1 2. 9 OOQ4 107.0 107.6 100.2 1 2 0. 6 106.3 1 0 6. 1 98.8 1 1 2. 2 107.8 01Q1 102.0 102.8 96.4 11 5. 4 106.4 105.9 98.7 1 1 1 . 0 106.2 0102 100.5 1 0 1 . 4 95.9 11 3. 6 109.5 109.8 1 0 1 . 8 1 2 1 . 2 109.7 0103 97.3 98.4 93.6 109.8
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 28
ULCM
1 01. 5 96.7 98.7 96.9 97.9 97.3 97.0 98.0 95.5 92.3 90.9 88.7 86.7
ULCM
1 0 1 . 0 95.8 98.8 98.2 99.8 99.8
100.6 103.0 1 0 1 . 4 98.7 95.0 93.2 90.4
ULCM
1 0 6 . 8 1 0 0 . 9 104.8 1 0 5. 2 1 0 7 . 1 1 0 7. 7 109.2 1 1 2 . 0 1 1 0 . 1 107.5 102.7 1 0 1 . 3 98.2
88 89 90 91 92 93 94 95 96 97 98 99 00
United Kingdom GBP
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1995=100) index ( 995=100) monthly % change
vs. ( the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
1 1 7 . 6 123.8 125.1 9803 125.8 124.5 124.9 SEPOO -1 . 2 -0.0 -0.0 11 4 . 0 1 21 . 3 122.6 9804 1 21 . 7 1 1 9 . 5 1 1 9 . 6 OCTOO 2.8 3.2 3.2 1 1 3 . 0 1 1 3 . 7 1 1 4. 6 9901 122.1 1 2 1 . 8 1 2 2. 2 NOVOO -1.7 -1 . 8 -1 . 9 1 1 4. 4 11 6 . 4 11 7. 4 9902 125.4 127.3 127.7 DECOO -0.5 -2. 1 -2. 1 1 1 0 . 6 11 0 . 5 1 1 1 . 5 9903 125.3 1 2 7. 7 1 2 8. 2 JAN01 -1.5 -3.3 -3.4 1 0 1 . 9 105.8 105.9 9904 128.0 1 3 1 . 4 132.0 FEB01 -0.2 0.2 0 . 1 103.6 106.8 107.0 0001 130.6 136.0 136.7 MAR01 1 . 2 0.9 0.8 100.0 100.0 100.0 0002 129.5 137.0 137.9 APR01 1 . 0 1 . 2 1 . 2 102.2 1 0 1 . 0 1 0 1 . 5 0003 127.7 136.3 137.1 MAY01 0.3 1 . 4 1 . 4 1 1 9. 3 120.7 1 21 . 2 0004 129.1 139.2 139.8 JUN01 0.0 0.8 0.7 124.9 124.5 124.9 0101 126.3 132.5 132.8 JUL01 0.7 0 . 1 0. 1 125.2 127.0 127.5 0102 128.7 136.5 136.7 AUG01 -1 . 5 -2.9 -2.9 1 2 9 . 1 137.0 137.8 0103 128.9 135.6 135.7 SEP01 1 . 2 0.8 0.6
Trade- weighted currency indices Annual data pndex 1995 = 100) Quarterly data (index 1995=100)
1~r-----~----~--------~--~ ... _.,.,, r....... "
I V ----- -----------------------------------1-
N.. ~
~~ I.
I I I I I I I I I I I I I I I I I I I I I I I. J I 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 0201
Relative cost indicators {based on ULCE) Annual data Ondex 1995 = 100) Quarterty data Ondex 1995 = 100)
------- --------------------------------------r:-=:~, _ _,;.:.. ______ _ I 'I
----------------------------- -------- --y ./_ -----------------------
~--" I ----------------------r..:J-- ~/- ----------------------------
I ------. ------------t ---------------------------------------------
100 -----------
ao~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Page 29
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
110.3 108.4 110.7 11 5 . 4 11 2 . 2 103.3 103.8 100.0 102.7 11 9 . 7 125.5 125.3 126.7
Annual
PCP
11 3 . 7 11 3 . 6 110.3 11 6. 4 111 . 4 106.3 106.6 100.0 1 01 . 9 122.3 127.4 130.4 138.6
United Kingdom GBP
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
PGDP
111 . 3 11 0. 8 113.2 1 1 7. 0 11 3. 5 104.0 104.3 100.0 1 0 3. 1 120.8 127.4 1 2 8. 1 1 31 . 3
Deflator PX ULCE ULCM PCP PGDP
1 01 . 0 108.9 1 1 1 . 8 98Q3 126.6 128.6 1 01 . 2 11 2. 4 107.2 98Q4 122.5 124.5 104.3 11 6. 4 109.5 99Q1 122.8 125.1 1 0 6. 1 120.4 11 2. 7 99Q2 125.9 128.5 104.0 11 5 . 1 107.3 99Q3 125.3 128.2 102.9 103.7 96.6 99Q4 127.4 130.8 103.4 104.2 99.7 OOQ1 129.3 133.3 100.0 100.0 100.0 OOQ2 127.4 1 31 . 9 102.3 102.6 103.2 OOQ3 125.0 129.8 112.2 1 21 . 3 1 2 4. 1 OOQ4 125.9 130.9 11 2. 5 128.8 132.5 01 Q1 122.9 128.0 1 1 1 . 1 1 31 . 8 140.6 01Q2 125.0 130.3 1 1 1 . 6 136.2 146.8 01Q3 125.0 130.4
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
11 3. 0 130.1 109.0 126.6 109.2 127.9 1 1 1 . 8 132.0 1 1 1 . 0 132.3 11 2. 5 135.4 11 3. 8 138.2 112.0 136.9 11 0. 0 134.8 1 1 1 . 0 1 3 6. 1 108.8 133.1 1 1 1 . 2 1 3 5 . 6 1 11 . 9 1 3 5 . 7
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 5. 2 105.3 1 1 1 . 5 11 4. 0 98Q3 127.5 1 2 9. 4 11 2. 8 1 3 2. 3 11 6. 5 106.6 11 7. 2 11 2 . 0 98Q4 122.8 124.6 108.2 1 2 8 . 1 11 2. 8 104.4 11 5 . 2 108.2 99Q1 125.3 127.3 1 1 0. 2 1 31 . 6 11 7. 9 107.4 120.8 11 3. 0 99Q2 130.9 133.3 11 4 . 9 1 3 8. 5 11 2. 3 1 0 3. 7 11 3 . 3 106.0 99Q3 1 3 1 . 1 134.0 11 4 . 7 1 3 9 . 6 107.0 105.9 106.0 99.0 99Q4 134.4 138.0 1 1 6 . 9 144.0 1 0 7. 1 106.5 106.9 1 0 3 . 1 OOQ1 138.4 142.9 1 1 9 . 8 149.2 100.0 100.0 100.0 100.0 OOQ2 138.8 144.0 11 9 . 8 150.4 102.4 1 0 1 ' 7 1 01 . 8 1 0 1 . 4 OOQ3 137.6 143.3 1 1 8 . 7 149.8 123.8 11 4 . 5 124.7 126.7 OOQ4 140.1 146.2 1 2 1 . 3 153.0 129.2 1 1 3 . 2 1 31 . 9 135.0 01Q1 1 3 3 . 1 139.2 11 6 . 0 145.7 1 3 3. 1 1 1 4. 2 138.3 145.5 01Q2 136.9 143.3 120.2 1 50. 3 144.0 11 9 . 8 150.4 1 6 0. 1 01Q3 136.0 142.4 120.3 149.5
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1995=100) Qua·terly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 4. 2 11 5. 9 105.7 1 1 2. 3 11 5 . 3 98Q3 127.9 129.8 11 2. 8 133.2 11 4 . 3 11 7. 6 107.1 1 1 8. 6 1 1 3 . 6 98Q4 122.8 124.7 107.9 1 2 8. 6 1 1 1 . 0 11 3 . 7 104.8 11 6. 5 109.7 99Q1 125.6 127.7 1 1 0. 2 132.4 11 7. 5 1 1 9 . 1 107.9 122.3 11 4. 8 99Q2 1 31 . 3 133.7 1 1 4 . 9 1 3 9. 3 11 2 . 3 11 3. 3 104.1 1 1 4. 5 107.5 99Q3 1 3 1 . 6 134.5 1 1 4 . 8 1 4 0. 6 106.5 1 0 7. 1 105.8 106.2 99.3 99Q4 1 3 5. 0 138.7 1 1 7 . 1 145.2 106.6 107.2 106.4 107.0 103.2 OOQ1 1 3 9. 1 143.7 120.1 150.7 100.0 100.0 100.0 100.0 100.0 OOQ2 139.6 145.0 120.2 152.2 102.3 102.8 1 0 1 . 9 102.4 102.1 OOQ3 138.3 144.2 1 1 9 . 1 1 51 . 5 122.8 124.3 11 4 . 7 125.6 127.6 OOQ4 140.6 146.9 1 2 1 . 6 154.6 127.8 129.6 11 3 . 2 132.9 135.7 01 Q1 133.3 139.5 1 1 6. 1 147.0 130.8 133.6 1 1 4 . 2 139.3 146.3 01Q2 137.0 143.5 120.3 1 51 . 5 139.3 144.8 120.2 152.2 1 61 . 2 01Q3 135.8 142.4 120.2 1 50. 4
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the El1ropean Union Countries in the euro areR Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 30
ULCM
134.0 1 3 1 . 8 134.7 140.7 142.1 145.9 149.0 147.5 145.2 146.8 143.9 146.9 147.5
ULCM
135.4 1 3 2. 1 136.9 1 4 5 . 4 147.5 152.8 1 58. 6 1 6 0 . 0 1 59 . 4 1 6 2 . 9 155.3 160.2 1 59. 5 i
ULCM
1 3 6. 1 132.4 137.6 1 4 6. 1 148.4 153.8 1 59 . 7 1 61 . 3 160.5 163.9 155.9 1 6 0. 7 159.8
Norway NOK
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1995=100) index (1995=100) monthly % change
v s. ( the rest of) vs. (the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 99.0 100.5 109.3 9803 94.6 93.9 99.5 SEPOO -0.0 0.9 0.9 89 99.5 1 0 1 . 6 109.9 9804 92.7 91 . 7 95.8 OCTOO -0.4 -0.3 0.3 90 99.5 99.0 104.5 9901 93.2 93.2 98.1 NOVOO 0.7 0.6 0 . 1 91 97.8 97.9 104.0 9902 95.5 96.3 102.4 DECOO -ll. I -1 . 2 -1.7 92 99.6 99.0 103.9 9903 95.1 96.2 102.6 JAN01 0.8 -0.3 -1 . 3 93 97.2 98.9 100.7 9904 94.4 95.9 103.0 FEB01 0.0 0.3 0.3 94 96.4 97.8 99.7 0001 93.7 96. 1 1 04. 0 MAR01 0.8 0.6 0.7 95 100.0 100.0 100.0 0002 91 . 3 94.6 102.9 APR01 0 . 1 0.3 0.6 96 100.5 99.9 1 01 . 2 0003 92.0 96.0 104.2 MAY01 0.6 1 . 2 1 . 5 97 99.4 99.8 105.3 0004 91 . 9 96.5 104.9 JUN01 0 . 1 0.7 0.7 98 9 5. 1 94.8 100.5 0101 93.0 9 6. 1 102.9 JUL01 -0.0 -0.4 -0.4 99 94.4 95.3 1 0 1 . 5 0102 94.0 97.8 105.3 AUG01 0.4 -0.4 -1. 0 00 91 . 9 95.6 104.0 0103 94.9 98.3 1 05. 4 SEP01 1 . 2 0.9 0.7
Trade- weighted currency indices
Annual data Ondex 1995=100) Quarterly data Ondex 1995=100)
1~~--~~~~------~~--~~
108 --:: ::-:::::/tz\;.~: :::::-:--:~_.:._;~:;:T ::::-:1 I
... . . : : . .. .. . '• .. -
oo~~ ~~~~~~~~~~~~~-U
1975 1980 1985 1990 1995 2000
. . , .. --------------- _J_ --------- -+--------!.- ---------------------------. . . . · .· ~ :
96Q1 97Q1 98Q1 99Q1 0001 01Q1 02Q1
Relative cost indicators (based on ULCE)
Annual data Ondex 1995=100)
Page 31
Quarterly data (index 1995 = 100)
1~~~~----~------------~~
120 ------- ----- ----- --- - --;::~-;:;: ::; '•;:f'-----1
---------------------- ---·~: _·_·_ ~~· .. ___ ... ·~ ------------------------------. . . ·: - , r ""' -J v
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
106.4 106.7
Norway NOK
Relative price and cost indicators vs. (the rest of} 24 industrial countries
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
109.4 1 1 1 . 0 122.6 96.8 98Q3 94.9 94.4 93.9 1 01 . 9 1 1 0. 4 11 7. 0 117.6 96.0 98Q4 9 3. 1 92.7 92.7 1 01 . 0
105. 9. 1 08. 8 11 8. 8 11 2 . 0 94.7 99Q1 93.8 94.3 95.9 102.6 102.2 103.0 98.9 96.7
100.0 99.6 98.7 95.3 95.3 93.9
Annual
PCP
107.9 1 0 9. 1 105.5 102.3 102.3 100.6
98.0 100.0
9 9. 1 99.4 95.4 96.8 98.5
104.3 102.4 99.2 96.1
100.0 102.6 102.4
95.3 99.3
1 0 9. 1
1 1 4 . 1 1 0 5. 1 93.2 99Q2 96.2 98.6 1 0 7. 1 103.9 9 2. 1 99Q3 9 6. 1 1 0 1 . 2 103.3 98.4 89.5 99Q4 95.8 104.2
97.9 96.5 92.8 OOQ1 95.5 107.5 100.0 100.0 100.0 OOQ2 93.3 108.0 107.3 1 0 0. 1 102.8 OOQ3 94.2 1 1 1 . 0 107.7 100.6 106.3 OOQ4 9 4. 1 1 1 1 . 5
95.5 1 01 . 5 105.8 01 Q1 95.2 1 1 2 . 3 1 0 6. 1 104.4 1 1 0 . 1 01Q2 96.0 1 1 2 . 2 133.4 100.6 1 1 1 . 4 01Q3 96.8 1 1 1 . 8
Relative price and cost indicators vs. (the rest of} EU
103.0 105.8 109.7 105.5 11 7. 9 104.5 126.8 103.3 1 3 1 . 9 1 0 0. 1 1 3 8 . 0 100.5 138.7 100.2 138.1 1 01 . 3 135.6 102.4 132.4 103.5
data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
1 1 1 . 0 11 3 . 3 123.7 97.6 98Q3 94.7 94.0 93.7 1 0 1 . 9 11 2. 8 11 9 . 8 11 9. 5 98.0 98Q4 92.6 9 2. 1 92.3 100.8 108.2 11 8 . 6 11 0. 8 94.0 99Q1 94.2 94.5 96.3 103.3 104.2 11 4 . 5 104.7 9 3. 1 99Q2 97.6 99.7 104.3 107.4 1 0 1 . 5 106.8 102.6 91 . 5 99Q3 97.8 102.8 1 1 1 . 3 107.6 100.7 104.8 99.5 91 . 0 99Q4 98.0 106.4 120.1 107.0
97.4 99.3 97.7 94.6 OOQ1 98.5 11 0. 7 130.1 106.7 100.0 100.0 100.0 100.0 OOQ2 97.4 11 2 . 7 136.6 104.6 102.2 106.8 99.6 1 0 1 . 7 OOQ3 9 9. 1 11 6 . 7 143.9 105.8 103.2 108.5 1 0 1 . 5 106.6 OOQ4 99.6 11 7 . 9 145.6 106.2 95.3 95.7 1 01 . 9 105.6 01Q1 9 9. 1 11 6. 8 142.8 105.7
100.7 107.5 106.2 110.7 01Q2 100.8 11 7 . 7 1 41 . 4 107.7 114.2 138.7 105.6 1 1 5. 7 01Q3 1 0 1 . 2 1 1 6. 7 137.7 108.4
Relative price and cost indicators vs. (the rest of} the countries in the euro area (EUR12)
Annual data (index 1995=100) Quarterly data (index 1995=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 2 . 5 11 6. 8 11 5 . 7 1 2 9. 1 103.7 98Q3 100.8 100.4 96.3 11 0. 3 11 4. 3 11 9. 9 123.4 127.9 104.3 98Q4 97.2 97.0 93.5 107.7 109.8 11 3 . 9 120.9 1 1 8 . 1 99.0 99Q1 99.8 100.5 98.4 1 1 1 . 5 108.9 1 1 1 . 6 11 8. 0 1 1 3. 3 99.9 99Q2 104.4 107.2 107.6 11 7. 2 107.3 107.1 108.8 108.8 96.2 99Q3 105.0 11 0 . 8 1 1 5 . 1 1 1 7. 9 102.4 102.8 106.1 1 0 1 . 5 91 . 4 99Q4 1 0 5. 7 1 1 5 . 6 1 2 4 . 8 1 1 8. 3 99.7 99.2 100.7 99.7 95.3 OOQ1 1 0 7 . 1 1 21 . 4 136.2 1 1 9. 3
100.0 100.0 100.0 100.0 1 0 0 . 0 OOQ2 106.2 124.0 143.4 11 7. 6 100.5 103.8 107.8 1 0 1 . 5 103.8 OOQ3 1 0 7. 6 128.1 150.6 1 1 8. 9 105.2 109.5 11 2 . 4 108.6 1 1 4. 5 OOQ4 1 0 8 . 3 129.7 152.9 1 1 9. 6 1 01 . 7 1 0 1 . 9 98.5 110.4 11 4. 8 01Q1 106.1 126.5 1 4 7 . 9 1 1 7. 3 103.7 108.4 1 1 1 . 1 1 1 6. 2 1 2 2 . 3 01Q2 108.4 1 2 8 . 1 1 4 7 . 6 1 2 0. 1 107.3 125.7 145.6 11 8. 8 130.9 01Q3 1 0 8 . 3 126.5 143.4 120.4
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost !n Manufacturing industry
Page 32
ULCM
105.8 104.7 106.6 11 0. 6 1 1 1 . 7 11 2. 4 11 2 . 9 1 1 0. 8 11 2. 0 1 1 1 . 5 1 1 2 . 1 1 1 2. 3 1 1 2. 4
ULCM
105.2 103.6 106.2 1 1 1 . 0 11 2. 4 11 3. 7 11 5 . 3 11 4 . 6 1 1 6 . 7 1 1 6. 9 11 5. 6 11 6. 6 1 1 6 . 1
ULCM
11 4 . 3 1 1 1 . 4 11 5. 6 122.4 124.6 1 2 7. 0 129.9 129.7 1 3 1 . 7 132.3 128.8 130.7 1 2 9. 6
Australia AUD
Trade- weighted currency indices
Annual data data index (1995=100)
Ouarterll data index ( 995=100)
Monthly monthly % change
vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 1 1 9. 0 111 . 5 11 7 . 3 9803 1 0 1 . 7 9 2. 1 96.2 SEPOO -3.4 -1 . 0 -1 . 1 89 127.4 120.7 126.6 9804 98.4 91 . 5 94.6 OCTOO -3.3 -3.2 -2.6 90 122.8 104.2 107.6 9901 100.4 96.9 100.7 NOVOO -0.8 -0.9 -1 . 3 91 120.7 106.6 11 0 . 7 9902 106.6 1 0 5. 1 11 0. 3 DECOO 3.7 0.2 -0.2 92 1 1 0 . 5 96.9 99.5 9903 104.5 105.4 11 0 . 7 JAN01 1 . 7 -2.0 -2.8 93 1 0 1 . 0 1 0 1 . 1 102.2 9904 100.9 104.7 11 0 . 6 FEB01 -3.1 -2.0 -2.0 94 1 0 4. 7 107.3 108.6 0001 1 0 1 . 4 107.2 1 1 4 . 1 MAR01 -3.6 -4.7 -4.6 95 100.0 100.0 100.0 0002 96.5 105.4 11 2 . 6 APR01 0.9 1 . 0 1 . 3 96 1 1 2. 7 107.5 108.2 0003 95.8 106.1 1 1 3 . 2 MAY01 3.7 5.9 6.2 97 1 1 5. 6 11 2 . 3 11 6 . 9 0004 9 1 . 1 102.2 109.3 JUN01 0.6 2.0 : . 1 98 103.2 96.3 100.7 0101 91 . 5 9 7. 1 102.6 JUL01 -1 . 1 -2.5 -2.5 99 1 0 3. 0 102.8 108.0 0102 91 . 5 98.7 104.8 AUG01 0.4 -1 . 1 -1 . 6 00 95.8 1 0 5 . 1 11 2 . 2 0103 90.9 97.1 102.8 SEP01 -4.5 -4.7 -4.8
Trade- weighted currency indices
Annual data Qndex 1995=100)
200~------~~--~~----~--~
240 ---- ----------------------------------------- ------t---------------220 ----- ---------------------------------------------1---------------
200 ------- ------ --- ---:·~---------------------------1---------------
180 _:::; ___________ ;_·_~.!_, __ ··.------------------------ ---~- --------------
/\·. : I ·. : . ·,..-. ' 100 -----\··- _____ ; ________ -- . ------- -----------------~---------------
140 ....... '\.} ........... ······················+·············
120 ----------------------------- --- "';-- --------+--------------~:v~ \:;.:. i ~~ ••••
100 --------------------------- ----------------~ ---- i ------v- ---
so~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Quarterly data Qndex 1995 = 100)
9601 9701 9801 9901 OOQ1 01Q1 02Q1
Relative cost indicators (based on ULCE)
Annual data Qndex 1995 = 100) Quarterly data (index 1995 = 100)
... , --•-- ---------- ~---- ---- -~- --------- ----------
.· .. ··. : .. . •.
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Page 33
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 9 1 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
118.9 129.1 126.8 123.2 11 2 . 2 1 01 . 9 104.4 100.0 11 2. 5 114.6 1 0 2. 1 1 01 . 7
97.2
Annual
PCP
11 8 . 1 129.0 11 2 . 9 11 3 . 0 1 01 . 0 103.5 107.8 100.0 106.5 110.4 94.3
100.5 104.8
Australia AUD
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data {Index 1994=100) Quarterly data {Index 1994=100)
PGDP
122.9 133.5 127.9 123.4 111 . 7 1 01 . 2 1 0 4. 1 100.0 112.5 11 4. 7 1 01 . 4 102.0 97.0
Deflator PX ULCE ULCM PCP PGDP
120.3 117.5 11 4. 4 9803 1 0 0. 7 99.8 129.6 1 31 . 4 130.0 9804 97.2 96.7 120.3 127.4 124.2 9901 99.0 98.9 11 4. 8 122.4 11 9. 2 9902 105.1 105.4 108.5 109.7 105.9 9903 103.3 103.8
9 9. 1 99.3 91 . 9 9904 100.4 100.9 103.4 103.8 97.4 0001 1 01 . 7 102.0 100.0 100.0 100.0 0002 97.6 97.6 106.9 114.2 11 0. 2 0003 97.6 97.3 11 3. 3 11 5. 7 11 7. 8 0004 93.4 92.8 97.5 103.0 100.0 0101 94.2 93.4
102.6 103.8 100.9 0102 94.4 93.4 104.7 99.0 97.8 0103 94.0 92.8
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
95.2 1 01 . 6 92.9 98.6 96.4 100.8
104.8 107.4 105.5 105.7 104.5 102.7 107.6 103.9 104.6 99.5 105.7 99.4 1 0 1 . 8 95.0 103.2 95.8 103.7 96.2 1 0 3. 1 95.9
data {Index 1994=100) Quarterly data {index 1994=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
122.2 125.6 11 4. 5 108.8 9803 90.2 8 9. 1 88.2 91 . 7 133.3 135.5 128.3 125.5 9804 89.4 88.4 88.0 91 . 1 11 3 . 3 112.8 11 0. 0 105.8 99Q1 94.5 93.7 94.2 96.4 1 1 2. 8 11 0. 6 109.4 104.8 99Q2 102.5 102.0 103.8 104.6 100.2 103.0 96.0 92.5 99Q3 103.0 102.7 106.0 105.2 102.6 102.4 98.5 9 2. 1 99Q4 102.8 102.5 107.3 105.0 107.5 108.0 106.5 102.3 OOQ1 106.0 105.6 11 2. 0 108.2 100.0 100.0 100.0 100.0 OOQ2 105.0 104.4 1 1 2 . 1 1 0 7. 1 106.5 102.6 108.0 102.3 OOQ3 106.3 105.5 11 4. 6 108.3 11 0. 6 111 . 4 11 2. 2 1 1 2 . 1 OOQ4 102.8 1 0 1 . 9 1 1 1 . 9 104.7
93.3 92.9 95.9 92.6 01Q1 97.9 96.9 107.4 99.7 100.0 102.6 102.5 97.7 01Q2 99.7 98.5 11 0. 0 1 01 . 5 104.2 11 2. 5 106.8 102.6 0103 98.3 97.0 108.8 100.0
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1994=100) Quarterly data (index 1994=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
1 21 . 5 126.3 127.3 11 7. 6 11 3 . 0 98Q3 94.6 93.7 9 0. 1 97.3 133.0 138.5 137.9 133.7 130.2 98Q4 92.8 92.1 88.8 95.7 11 5. 7 11 6. 9 1 1 4 . 1 11 4. 2 109.0 99Q1 98.7 98.2 95.7 102.0 117.4 11 7. 5 11 2 . 6 11 4. 7 109.2 99Q2 1 0 8. 1 107.9 106.4 1 1 1 . 9 103.9 103.3 104.0 99.3 95.0 99Q3 108.8 108.9 108.8 11 2. 9 104.7 104.0 103.4 99.7 92.2 99Q4 109.2 109.5 1 1 0. 6 1 1 3. 5 109.1 108.9 109.2 107.9 102.9 OOQ1 11 3 . 3 11 3 . 7 11 6 . 1 11 8. 0 100.0 100.0 100.0 100.0 100.0 OOQ2 1 1 2 . 4 1 1 2. 7 11 6. 4 11 7. 2 107.3 107.4 103.1 109.0 103.3 OOQ3 1 1 3 . 5 1 1 3 . 7 1 1 8. 7 11 8. 4 1 1 5 . 2 1 1 5 . 7 1 1 4 . 4 11 7. 8 1 1 8 . 0 OOQ4 11 0 . 0 1 1 0 . 1 1 1 6. 3 114.9 99.0 98.3 95.0 1 01 . 8 98.5 01Q1 103.5 103.5 1 1 0. 5 108.1
1 0 6. 1 106.0 105.2 109.9 1 0 5 . 5 01Q2 105.8 105.7 11 3. 9 1 1 0. 6 1 1 2 . 2 11 2. 4 11 6 . 8 11 7. 0 1 1 3 . 0 01Q3 104.0 103.8 11 2. 5 108.7
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 34
ULCM
97.6 94.4 97.0
1 0 4. 1 103.3 100.8 102.3 98.2 98.3 9 4. 1 95.2 95.7 95.4
ULCM
87.8 86.5 91 . 4 99.5
100.3 100.5 103.7 102.8 104.0 100.5 95.5 97.0 95.3
ULCM
93.3 91 . 3 97.3
107.2 108.6 1 0 9 . 5 11 3 . 9 11 3 . 2 1 1 4 . 4 1 1 0. 8 104.1 106.3 1 04. 3
88 89 90 91 92 93 94 95 96 97 98 99 00
Canada CAD
Trade- weighted currency indices
Annual data Ouarterlr data Monthly data index {1994=100) index ( 994=100) monthly % change
vs. (the rest of) vs. ( the rest of) vs. ( the rest of! IC EU EUR12 IC EU EUR12 IC EU EUR1
1 1 3 . 2 117.0 123.6 9803 95.5 102.7 107.7 SEPOO 0.2 3.6 3.6 120.2 130.1 136.9 9804 92.5 96.4 99.9 OCTOO -1 . 5 -0.4 0.2 1 1 9 . 8 11 5 . 6 11 9 . 7 9901 94.6 102.4 106.8 NOVOO -1 . 9 -1 . 7 -2. 1 1 21 . 9 120.7 125.6 9902 97.6 1 1 0. 6 11 6 . 5 DECOO 0.9 -3.0 -3.4 1 1 4 . 5 11 0 . 4 11 3 . 7 9903 96.5 1 1 0 . 3 11 6 . 4 JAN01 1 . 4 -2.2 -3.0 107.9 1 1 7 . 0 11 8 . 3 9904 97.1 1 1 1 . 7 11 8 . 6 FEB01 -1 . 1 0.5 0.5 1 0 1 . 3 1 0 9. 1 11 0 . 6 0001 98.8 11 8. 2 126.4 MAR01 -2.0 -1 . 1 -1 . 0 100.0 100.0 100.0 0002 97.6 122.4 1 3 1 . 2 APR01 0.2 1 . 6 1 . 9 102.3 102.4 103.1 0003 97.7 126.3 135.3 MAY01 1 . 1 2.9 3.2 102.7 1 1 0 . 6 1 1 5 . 5 0004 95.4 127.3 136.7 JUN01 1 . 2 3.4 3.5 96.9 104.5 109.8 0101 95.3 1 2 1 . 3 128.6 JUL01 -0. 1 -1 . 0 -1 . 0 96.6 108.6 1 1 4 . 5 0102 94.9 126.3 134.7 AUG01 -1 . 2 -4.5 -5. 1 97.5 123.3 132.3 0103 94.6 124.0 1 31 . 9 SEP01 -1 . 8 -2.8 -2.8
Trade- weighted currency indices
Annual data Ondex 1994=100) Quarterly data Ondex 1994 = 100)
.·· ~ . . · ~ :· .... . . . -------------------------- ---------- ---------- __ .__-- -- _...t._-- -------: , .,..,
/ I \v"' ---------------------- -:;.-- ------------------:--1--- ------- --------
: · .. ·. . .. ·· I .:·"·.·-., :' I
: I ·. : / ------------------:--,---V,-·.-----:---------------------------·1· \'• :1 . . ., . \' . . ~ :1
---\~------------------------------
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Relative cost indicators {based on ULCE)
Annual data Ondex 1994 = 100) Quarte~y data Ondex 1994=100)
... -------- -------- --------- --------- ---------- ---- ::~- --\-:.'\~-- -----
: .. ----------- ----- ------------ ------------- ---- .... ----"""- ------- -----
:' 1 \ r, .. : I .;
-------- -------- ----- ~~ -~ ... ~~~ ... ---------.- -~:- /-------- -------- -----.: ·. : I :1\,', ,'I ';I ...... , • • ,
----------------/~-----------\~·:--fF-------------------------.. \·.:I
---------------------- __ \~L --------- --------------------"
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Page 35
• 88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
11 8 . 0 125.4 124.4 127.2 11 7. 4 110.4 102.5 100.0 1 01 . 6 1 01 . 6 95.5 94.6 94.9
Annual
PCP
127.4 1 41 . 6 125.0 129.7 11 5 . 6 120.8 11 0. 7 100.0 1 01 . 6 109.3 102.7 106.7 1 21 . 0
Canada CAD
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1994=100) Quarterly data (Index 1994=100)
PGDP
11 9. 2 127.2 125.4 126.0 11 6. 8 1 0 9. 1 1 01 . 4 100.0 1 01 . 8 1 0 1 . 1 93.4 93.0 95.3
Deflator PX ULCE ULCM PCP PGDP
106.6 117.0 1 1 5 . 1 98Q3 94.0 91 . 8 11 2. 0 126.7 122.6 98Q4 91 . 0 88.7 109.8 127.3 122.9 99Q1 92.9 90.7 105.9 130.4 127.0 99Q2 95.8 93.8 1 01 . 9 1 21 . 7 11 6. 3 99Q3 94.5 9 3. 1 100.3 11 2. 2 105.2 99Q4 94.9 94.2 98.3 102.5 97.5 OOQ1 96.5 96.4
100.0 100.0 100.0 OOQ2 9 5. 1 95.5 103.0 103.0 103.4 OOQ3 95.2 95.8 103.4 104.6 104.0 OOQ4 92.8 93.4 98.2 97.9 97.7 01 Q1 92.6 93.0 99.4 96.6 99.6 01Q2 92.3 92.3
103.3 98.6 105.9 01Q3 91 . 9 91 . 6
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
96.9 96.3 9 4. 1 92.8 96.6 94.6
1 0 0. 1 97.5 99.6 96.6
100.9 97.6 103.6 99.8 103.1 98.9 104.1 9 9. 1 102.2 96.4 102.6 95.7 102.6 94.6 102.6 93.6
data (index 1994=100) Quarterly data (Index 1994=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
128.9 11 8 . 9 124.7 124.9 98Q3 100.8 98.4 1 0 1 . 1 104.6 1 4 3. 1 127.8 139.7 1 41 . 5 98Q4 94.6 9 2. 1 95.3 97.7 124.7 1 1 1 . 5 123.8 124.4 99Q1 100.6 97.9 1 01 . 7 1 03. 5 127.3 11 0. 2 129.1 1 31 . 2 99Q2 108.7 1 0 6. 1 11 0. 4 1 1 1 . 6 11 3. 8 102.6 11 5. 8 11 6. 9 99Q3 108.5 106.4 11 0. 5 1 1 1 . 4 11 8. 7 109.6 11 9. 8 1 1 7. 4 99Q4 109.8 108.5 1 1 2 . 1 11 3. 2 109.5 106.4 1 1 0 . 1 109.2 OOQ1 1 1 6 . 1 11 5. 6 11 8. 8 120.2 100.0 100.0 100.0 100.0 OOQ2 1 2 0. 1 120.3 123.3 124.9 1 01 . 9 102.1 102.5 100.4 OOQ3 123.9 124.6 127.8 129.2 1 0 9. 1 109.0 11 2. 6 108.7 OOQ4 124.9 125.6 129.5 130.2 100.5 1 0 2. 9 106.5 1 02. 5 01Q1 1 1 9 . 0 1 1 9 . 4 124.1 1 2 3. 8 104.5 108.5 109.7 105.4 01Q2 124.0 123.9 1 3 0. 1 128.6 1 21 . 2 124.6 125.8 126.3 01Q3 1 21 . 7 1 2 1 . 1 128.4 125.8
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1994=100) Quarterly data (index 1994=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
1 31 . 4 133.6 120.8 128.4 130.3 98Q3 106.2 104.0 103.5 11 1 . 5 146.3 149.2 130.4 146.1 147.4 98Q4 98.6 96.3 96.4 1 03. 2 128.4 129.0 1 1 3 . 0 129.0 128.5 99Q1 105.6 103.1 103.5 1 1 0 . 1 135.2 133.2 11 2. 4 136.0 137.2 99Q2 1 1 5 . 1 11 2 . 8 1 1 3. 3 120.0 11 9. 2 11 7. 6 103.8 1 2 0. 1 120.3 99Q3 1 1 5 . 0 11 3 . 4 11 3. 5 120.1 122.4 120.4 1 1 0 . 7 1 21 . 4 1 1 7. 5 99Q4 1 1 7 . 1 11 6 . 4 11 5. 7 122.9 1 1 2 . 1 111 . 0 1 0 7. 7 1 1 1 . 7 109.9 OOQ1 124.6 124.9 123.4 1 31 . 7 100.0 100.0 100.0 100.0 100.0 OOQ2 129.1 130.5 128.2 137.4 102.4 102.8 102.6 103.5 1 0 1 . 3 OOQ3 132.9 134.9 132.6 142.0 114.4 11 4. 5 1 1 2 . 3 11 8. 8 11 4. 9 OOQ4 134.2 136.3 134.9 143.6 108.3 106.3 105.5 11 3 . 7 109.6 01Q1 126.2 128.0 127.8 134.9 1 1 3 . 1 1 1 1 . 2 1 1 1 . 4 1 1 8 . 2 1 1 4. 4 01Q2 1 3 2. 2 133.6 135.0 140.9 130.1 1 31 . 5 129.6 138.6 140.1 01Q3 129.4 130.2 1 3 3 . 1 1 3 7. 5
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries In the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 36
ULCM
96.2 93.4 96.0 99.9
100.1 102.2 105.7 105.8 106.9 104.7 104.5 103.8 1 0 3. 1
ULCM
100.5 93.5 98.8
106.5 107.0 1 1 0 . 1 11 8. 6 125.0 130.6 132.2 125.9 130.7 127.6
ULCM
107.4 9 9. 1
1 05. 7 11 5. 4 11 6. 4 120.6 1 31 . 0 138.5 144.5 146.8 138.1 144.2 140.5
Japan JPY
Trade- weighted currency indices
Annual data ouarterlr data Monthly data Index (1994=100) index ( 994=100) monthly % change
vs. (the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
88 72.3 77.6 81 . 7 9803 73.6 76.7 79.9 SEPOO 3 . 1 5.0 5.0 89 69.2 77. 1 80.9 9804 84.2 85.5 88.2 OCTOO -0.6 -0. 1 0.4 90 62.6 64.3 66.4 9901 88.0 91 . 6 95.0 NOVOO -0.2 -0.2 -0.6 • 91 68.3 70.9 73.6 9902 86.5 93.0 97.2 DECOO -4.8 -6.9 -7.3 92 7 2. 1 72.7 74.7 9903 92.4 99.6 104.4 JAN01 -5.6 -7.5 -8.2 93 87.0 93.2 94.3 9904 100.8 108.7 1 1 4 . 5 FEB01 1 . 6 2.3 2.3 94 94.6 100.2 1 0 1 . 4 0001 100.4 1 1 0 . 9 1 1 7 . 7 MAR01 -3.3 -3.0 -3.0 95 100.0 100.0 100.0 0002 103.4 1 1 7 . 4 124.9 APR01 -1 . 1 -0.2 -0.0 96 87.5 88.2 88.7 0003 104.0 120.2 127.7 MAY01 2.0 3.4 3.6 97 82.8 87.5 90.9 0004 104.1 122.3 130.3 JUN01 0.6 2.0 2 . 1 98 78.4 81 . 9 85.5 0101 94.9 108.3 1 1 4 . 1 JUL01 -2.1 -2.7 -2.7 99 91 . 8 97.9 102.6 0102 93.7 109.8 11 6 . 2 AUG01 0.8 -1 . 4 -2.0 00 103.0 11 7 . 7 125.2 0103 93.8 108.8 11 4 . 9 SEP01 2. 1 1 . 1 1 . 1
Trade- weighted currency indices Annual data Ondex 1994=100) Quarterly data Ondex 1994 = 100)
96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Relative cost indicators {based on ULCE) Annual data Ondex 1994 = 100) Quarterly data Ondex 1994 = 100)
~~~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000 96Q1 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Page 37
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
85.9 80.0 70.7 75.6 7 8. 1 9 2. 1 97.8
100.0 8 5. 1 79.4 73.7 84.0 91 . 0
Annual
PCP
92.2 89.4 73.1 78.6 78.7 98.3
103.2 100.0
86.1 84.5 77.7 91 . 2
106.4
Japan JPY
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1994=100) Quarterly data (index 1994=100)
PGDP
84.8 79.2 70.5 75.6 78.5 92.4 97.9
100.0 85.0 79.3 73.3 8 3. 1 90.1
Deflator PX ULCE ULCM PCP PGDP
93.4 82.6 76.9 98Q3 69.0 68.7 89.1 7 7. 1 7 1 . 1 98Q4 78.5 78.0 8 1 . 1 67.7 62.6 99Q1 81 . 6 80.8 85.4 72.6 66.2 99Q2 79.6 78.7 87.3 75.2 70.8 99Q3 84.4 83.3 96.8 8 9. 1 88.4 99Q4 91 . 1 90.0
100.0 96.6 98.5 OOQ1 89.9 88.8 100.0 100.0 100.0 OOQ2 91 . 7 90.7 90.0 84.8 83.6 OOQ3 91 . 4 90.6 86.5 79.6 78.0 OOQ4 90.7 90.2 83.3 73.2 75.2 01Q1 82.2 81 . 9 89.3 82.0 84.6 01Q2 80.7 80.5 93.3 90.0 88.9 01Q3 80.4 80.4
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
78.4 68.5 87.9 77.3 89.4 79.8 85.2 77.5 88.5 82.2 94.4 89.2 92.4 88.6 93.9 90.9 93.6 90.7 93.1 89.7 84.7 80.7 83.5 78.4 83.5 77.4
data (index 1994=100) Quarterly data (index 1994=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
91 . 5 1 0 1 . 9 88.0 82.6 98Q3 72.6 7 2. 1 80.6 72.8 88.7 99.5 85.1 80.9 98Q4 80.6 79.9 88.3 80.2 72.5 83.3 68.8 6 5. 1 99Q1 86.0 85.0 92.3 84.9 78.3 88.7 74.4 69.8 99Q2 86.9 85.7 91 . 1 85.3 78.5 88.3 74.4 72.3 99Q3 92.5 91 . 2 95.0 90.8 98.2 102.5 93.8 95.0 99Q4 100.2 98.8 1 01 . 3 98.7
103.2 105.4 1 0 1 . 7 105.8 OOQ1 1 0 1 . 5 100.2 1 01 . 5 100.5 100.0 100.0 100.0 100.0 OOQ2 106.5 105.3 105.8 105.9
8 6. 1 90.2 85.6 8 3 . 1 OOQ3 108.3 107.4 107.4 107.9 84.5 90.6 84.9 81 . 9 OOQ4 109.4 108.8 108.8 108.8 77.3 86.0 78.0 78.3 01Q1 96.4 96.0 96.3 95.3 89.9 94.8 89.7 88.5 01Q2 97.2 97.0 97.7 95.5
105.4 105.9 105.7 100.5 01Q3 96.0 95.9 97.0 93.5
Relative price and cost indicators vs. (the ·rest of) the countries in the euro area (EUR12)
Annual data (index 1994=100) Quarterly data (index 1994=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
94.8 94.5 103.3 90.3 85.9 98Q3 76.0 75.7 82.3 77.0 92.2 92.2 1 0 1 . 4 88.7 84.0 98Q4 83.6 83.0 8 9. 1 8 4. 1 74.9 74.8 84.4 71 . 4 6 7. 1 99Q1 89.7 88.9 93.7 89.6 81 . 7 81 . 6 90.3 78.0 72.7 99Q2 91 . 4 90.4 93.2 90.9 80.9 81 . 0 89.2 77.0 74.3 99Q3 97.5 96.4 97.3 97.0 99.5 99.5 103.4 94.9 9 5. 1 99Q4 1 0 6. 1 105.1 104.2 106.2
104.4 104.5 106.5 103.0 106.4 OOQ1 108.1 107.3 104.9 109.0 100.0 100.0 100.0 100.0 100.0 OOQ2 1 1 3 . 6 11 3 . 2 109.6 11 5. 3 86.7 86.8 90.6 86.4 83.8 OOQ3 1 1 5 . 2 11 5 . 2 1 1 1 . 0 11 7. 3 87.9 88.2 92.9 88.9 86.0 OOQ4 1 1 6 . 6 1 1 7 . 0 1 1 2 . 8 11 8. 7 81 . 5 81 . 2 87.9 82.6 8 3. 1 01 Q1 1 0 1 . 5 102.1 98.8 102.8 96.0 95.0 9 7. 1 95.7 95.2 01 Q2 102.9 103.7 100.9 103.5
11 3 . 5 11 3 . 2 109.7 1 1 5. 2 1 1 0 . 1 01Q3 1 0 1 . 2 102.2 100.0 1 01 . 2
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 38
ULCM
7 1 . 0 80.6 83.2 80.5 84.6 90.8 89.0 9 0. 1 89.0 87.4 78.2 75.8 74.6
ULCM
73.5 80.9 85.1 84.7 89.2 95.9 96.7
1 0 1 . 0 102.0 102.0
88.8 88.3 86.0
ULCM
77.9 85.1 90.3 90.9 96.0
104.0 105.6 1 1 0. 6 1 1 1 . 5 1 1 1 . 9
96.3 96.3 93.6
88 89 90 91 92 93 94 95 96 97 98 99 00
United States USD
Trade- weighted currency indices
Annual data Quarterly data Monthly data index (1994=100) index (1994=100) monthly % change
vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1
94.8 105.5 11 0 . 9 9803 126.1 1 1 4. 3 11 8 . 9 SEPOO 1 . 5 3.7 3.7 99.5 11 2 . 8 1 1 8 . 1 9804 120.6 109.0 11 2 . 3 OCTOO 1 . 7 1 . 5 2.0 95.7 98.7 1 0 1 . 7 9901 1 2 1 . 5 1 1 3 . 6 11 7 . 7 NOVOO n ~ <.'.2 -0.2 95.7 1 0 1 . 2 104.8 9902 123.6 11 9 . 6 125.0 DECOO -, . 6 -4. 1 -4.5 94.6 97.5 100.0 9903 122.7 120.4 126.0 JAN01 -0.7 -3.7 -4.4 98.5 109.9 1 1 1 . 0 9904 1 21 . 0 120.9 1 2 7. 2 FEB01 1 . 1 1 . 8 1 . 8 98.6 108.7 109.9 0001 123.5 126.3 133.8 MAR01 2 . 1 1 . 3 1 . 4
100.0 100.0 100.0 0002 127.2 133.2 1 41 . 5 APR01 0.9 1 . 7 1 . 9 1 0 6. 1 1 0 1 . 8 102.4 0003 129.0 137.6 146.0 MAY01 -0.3 1 . 8 2 . 1 1 1 4 . 9 11 2 . 4 11 6 . 6 0004 133.0 142.9 152.0 JUN01 0.8 2.4 2.4 122.4 11 3 . 8 118.7 0101 132.7 1 3 6 . 1 143.2 JUL01 0.3 -0.8 -0.9 122.1 11 8 . 4 123.9 0102 136.4 143.3 1 51 . 4 AUG01 -2.0 -3.9 -4.4 127.9 134.6 1 4 3. 1 0103 135.4 140.8 148.4 SEP01 -0.0 -1 . 1 -1 . 2
Trade- weighted currency indices
Annual data Qndex 1994=100) Quarte~y data Qndex 1994=100)
---------------------------------------------------:1'·.: -~;~ •. ------... ... •:" -------------------------------------------- --- -.L -I\_ -t --'-------
... I \ -------------------------------------------- ..:.~ L_- ---------------
... .:I
9601 97Q1 98Q1 99Q1 OOQ1 01Q1 02Q1
Relative cost indicators {based on ULCE)
Annual data Qndex 1994=100) Quarte~y data Qndex 1994 = 100)
oo~~ ~~~~~~~~~~~~~~
1975 1980 1985 1990 1995 2000
Page 39
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
88 89 90 91 92 93 94 95 96 97 98 99 00
Annual
PCP
105.5 1 0 9. 1 103.6 1 01 . 4 99.2
102.0 1 01 . 2 100.0 1 0 4. 1 111 . 2 11 5. 8 114.2 119.5
Annual
PCP
111 . 2 118.7 103.7 104.9 1 0 0. 1 111 . 4 109.2 100.0 1 01 . 5 111 . 9 11 2 . 8 11 7. 9 134.7
United States USD
Relative price and cost indicators vs. (the rest of) 24 industrial countries
data (index 1994=100) Quarterly data (Index 1994=100)
PGDP
106.0 109.0 102.9 1 0 1 . 2 98.8
102.3 1 01 . 7 100.0 1 0 4. 1 111 . 4 11 7 . 1 11 5. 3 11 9. 8
Deflator PX ULCE ULCM PCP PGDP
108.3 107.4 11 0. 3 98Q3 11 8. 8 120.4 109.8 109.2 11 5. 4 98Q4 11 3. 3 11 4. 8 103.9 102.9 108.6 99Q1 1 1 3 . 8 11 5 . 2 105.4 100.3 106.6 99Q2 11 5 . 6 1 1 6. 8 103.0 9 7. 1 103.7 99Q3 11 4. 7 11 5. 6 106.0 100.4 105.6 99Q4 1 1 3 . 0 1 1 3 . 8 104.7 1 0 0. 1 103.9 OOQ1 1 1 5. 4 1 1 5 . 8 100.0 100.0 100.0 OOQ2 11 8 . 9 11 9 . 2 1 0 1 . 5 103.9 102.9 0003 120.5 120.7 106.4 110.0 108.3 0004 124.2 124.4 11 0 . 1 1 1 6 . 1 11 2. 2 01Q1 124.0 124.2 1 1 0 . 1 11 4. 8 107.3 01Q2 127.3 127.6 11 3. 2 11 8. 7 1 1 1 . 0 01Q3 126.4 126.7
Relative price and cost indicators vs. (the rest of) EU
Deflator PX ULCE
11 2. 8 11 9. 6 108.1 11 4. 3 109.3 1 1 5. 0 1 1 1 . 4 11 6. 6 11 0. 5 1 1 5. 3 108.5 1 1 3 . 1 1 1 0 . 1 1 1 4. 9 11 2. 6 11 8. 0 11 3 . 5 119.7 11 6. 5 123.8 11 6. 0 124.4 11 9 . 0 128.7 11 8. 0 128.7
data (index 1994=100) Quarterly data (index 1994=100)
Deflator Deflator PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 1 . 7 11 4. 6 11 0. 5 1 1 3 . 1 98Q3 1 1 3 . 1 11 3. 3 108.1 11 4. 8 118.4 11 8 . 5 1 1 6 . 1 123.4 98Q4 108.0 108.0 103.4 109.6 102.5 103.4 100.5 106.0 99Q1 11 2 . 7 112.6 108.0 11 4. 2 103.9 106.2 1 01 . 9 108.1 99Q2 1 1 9. 0 11 8. 7 11 3 . 8 120.2
98.8 1 0 1 . 6 96.5 103.4 99Q3 120.0 11 9. 7 11 4. 3 120.8 11 0. 7 1 1 1 . 2 108.6 11 4. 3 99Q4 120.7 120.4 11 4 . 1 1 2 1 . 1 109.3 109.6 108.5 113.7 OOQ1 1 2 6. 2 126.0 11 8. 4 126.3 100.0 100.0 100.0 100.0 OOQ2 133.2 133.1 124.0 133.1 1 0 1 . 6 99.9 100.9 98.3 OOQ3 137.8 137.8 127.6 137.8 11 2. 3 108.0 111. 8 1 0 8. 1 OOQ4 143.2 143.3 132.3 143.7 1 1 3. 0 107.9 11 4. 2 1 0 9. 1 01Q1 136.5 136.6 126.2 137.6 117.6 1 1 2. 4 11 8. 9 1 0 9. 1 0102 143.8 143.9 133.0 145.7 134.7 125.3 134.8 124.3 01Q3 1 41 . 4 1 41 . 5 1 3 1 . 1 144.1
Relative price and cost indicators vs. (the rest of) the countries in the euro area (EUR12)
Annual data (index 1994=100) Quarterly data (index 1994=100)
Deflator Deflator PCP PGDP PX ULCE ULCM PCP PGDP PX ULCE
11 4 . 2 1 1 5. 2 1 1 6 . 1 1 1 3 . 1 1 1 7. 2 9803 11 8. 2 11 8 . 7 11 0 . 1 1 2 1 . 1 122.1 122.8 120.5 120.7 127.7 9804 1 1 1 . 8 1 1 2 . 1 104.2 1 1 4. 6 1 0 6. 1 105.5 104.5 1 0 4 . 1 108.9 9901 11 7. 4 1 1 7 . 5 109.5 120.3 108.8 1 0 8. 1 108.0 106.6 1 1 2 . 3 99Q2 124.9 125.0 11 6. 3 127.8 102.8 1 0 1 . 8 102.6 99.7 106.0 9903 1 2 6. 1 126.3 11 6. 9 128.8 11 2. 6 1 1 2 . 1 1 1 2. 0 109.8 11 4. 3 99Q4 127.5 127.8 11 7. 2 130.0 11 0. 4 1 1 0. 6 1 1 0. 7 109.8 11 4 . 2 OOQ1 1 3 4 . 1 134.8 122.3 136.7 100.0 100.0 100.0 100.0 100.0 0002 1 41 . 8 142.7 128.3 144.6 102.2 102.4 100.3 1 01 . 8 99.1 OOQ3 146.4 147.6 1 31 . 8 149.6 11 6. 3 1 1 7. 0 11 0. 7 11 6. 9 1 1 3 . 4 OOQ4 152.4 153.8 1 3 7. 1 156.5 11 8 . 0 1 1 8 . 5 11 0. 1 120.7 1 1 5. 5 01Q1 143.6 145.0 129.3 148.2 1 2 3. 9 1 2 4. 1 11 5 . 0 126.7 1 1 7. 1 0102 1 51 . 8 153.4 137.2 157.7 143.5 144.5 129.7 146.6 136.0 01Q3 148.9 150.5 1 3 5 . 1 155.5
Abbreviations: IC 24 Industrial Countries EU EUR12 PCP PGDP PX ULCE ULCM
15 Member States of the European Union Countries in the euro area
=Deflator of private consumption Gross Domestic Product Deflator Price Deflator Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry
Page 40
ULCM
1 1 5. 3 109.0 108.4 109.0 107.3 105.3 107.2 11 0. 4 1 1 2 . 1 11 5. 7 11 5. 8 11 9. 2 11 8. 7
ULCM
109.4 1 0 3. 1 105.9 11 0. 3 11 0 . 3 11 0 . 7 11 6 . 0 122.8 127.4 132.6 126.3 132.9 130.6
ULCM
1 1 5. 6 108.2 112.2 1 1 8 . 1 11 8. 5 119.8 126.4 134.2 139.0 145.0 136.7 144.6 1 41 . 7
Tabl
e A1
: Bi
late
ral
exch
ange
rat
e of
the
US
dolla
r ag
ains
t th
e EU
cur
renc
ies
(Pric
e of
one
US
dolla
r in
ter
ms
of t
he c
urre
ncie
s of
eac
h of
the
cou
ntrie
s/cu
rrenc
y ar
eas
indi
cate
d)
Ann
ual
data
(pe
riod
aver
age)
Year
BL
EU
O
K
0 E
l E
F
IRL
I
Nl
A
p F
IN
s U
K
ECU
E
UR
12
19
88
3
6.7
7
6.7
3
1 . 7
56
1
41
.9
11 6
. 5
5.9
57
0
.65
6
13
02
1
. 9
77
1
2.3
5
14
4.0
4
. 1
83
6
. 1
27
0
.56
2
0.8
45
-
19
89
3
9.4
0
7.3
1
1 . 8
80
1
62
.4
11
8.4
6
.38
0
0.7
06
1
37
2
2.1
21
1
3.2
3
15
7.5
4
.29
1
6.4
47
0
. 6
11
0
.90
8
-1
99
0
33
.42
6
. 1
9
1.6
16
1
58
.5
10
1 .
9
5.4
45
0
.60
5
11
98
1
. 82
1
11 .
3 7
1
42
.6
3.8
24
5
.91
9
0.5
63
0
.78
7
-1
99
1
34
. 1
5
6.4
0
1 . 6
60
1
82
.3
10
3.9
5
.64
2
0.6
21
1
24
1
1.
87
0
11 .
6 8
1
44
.5
4.0
44
6
.04
7
0.5
67
0
.80
8
-1
99
2
32
. 1
5
6.0
4
1 . 5
62
1
90
.6
10
2.4
5
.29
4
0.5
88
1
23
2
1 . 7
58
1
0.9
9
13
5.0
4
.47
9
5.8
24
0
.57
0
0.7
72
-
19
93
3
4.6
0
6.4
8
1 . 6
53
2
29
.3
12
7.3
5
.66
3
0.6
77
1
57
4
1 . 8
57
1
1.
63
1
60
.8
5.7
12
7
.78
3
0.6
67
0
.85
3
-1
99
4
33
.46
6
.36
1
. 6
23
2
42
.6
13
4.0
5
.55
2
0.6
69
1
61
2
1.
82
0
11
.42
1
66
.0
5.2
24
7
.71
6
0.6
53
0
.84
2
-1
99
5
29
.48
5
.60
1
. 4
33
2
31
. 7
1
24
.7
4.9
91
0
.62
4
16
29
1
. 6
06
1
0.0
8
1 51
. 1
4
.36
7
7.
13
3
0.6
34
0
.76
5
-1
99
6
30
.96
5
.80
1
. 50
5
24
0.7
1
26
.7
5.1
16
0
.62
5
15
43
1
. 68
6
10
.59
1
54
.2
4.5
94
6
.70
6
0.6
41
0
.78
8
-1
99
7
35
.77
6
.60
1
. 7
34
2
73
. 1
14
6.4
5
.83
7
0.6
60
1
70
3
1 . 9
51
12
.20
1
75
.3
5.
19
1
7.6
35
0
. 6
11
0
.88
2
-1
99
8
36
.30
6
.70
1
. 7
60
2
95
.5
14
9.4
5
.90
0
0.7
02
1
73
6
1 . 9
84
1
2.3
8
18
0.1
5
.34
4
7.9
50
0
.60
4
0.8
93
-
19
99
3
7.8
6
6.9
8
1 . 8
36
3
05
.6
15
6.2
6
. 1
5 7
0
.73
9
18
17
2
.06
8
12
.92
1
88
.2
5.5
81
8
.26
2
0.6
18
-
0.9
38
2
00
0
43
.72
8
.08
2
.12
0
36
4.9
1
80
.3
7.1
10
0
.85
4
20
99
2
.38
9
14
.91
2
17
.3
6.4
45
9
. 1
54
0
.66
0
-1
. 0
84
Qua
rterly
dat
a (p
erio
d av
erag
e)
Ot
r B
LE
U
OK
0
El
E
F IR
L
I N
l A
p
FIN
s
UK
EC
U
EU
R12
98
03
3
6.3
6
6.7
1
1 . 7
63
2
97
.8
14
9.6
5
.90
8
0.7
02
1
73
8
1.
98
8
12
.40
1
80
.6
5.3
62
8
.01
2
0.6
06
0
.89
5
-9
80
4
34
.31
6
.32
1
. 66
3
281
. 6
14
1 .
5
5.5
78
0
.66
8
16
46
1
. 8 7
5
11 .
69
1
70
.0
5.0
55
7
.96
4
0.5
97
0
.85
0
-9
90
1
35
.94
6
.62
1
. 7 4
2
28
7.3
1
48
.2
5.8
44
0
.70
2
17
25
1
. 96
3
12
.26
1
78
.6
5.2
97
7
.99
2
0.6
12
-
0.
89
1
99
02
3
8.
17
7
.03
1
. 85
1
30
7.4
1
57
.5
6.2
07
0
.74
5
18
32
2
.08
5
13
.02
1
89
.7
5.6
27
8
.42
4
0.6
22
-
0.9
46
9
90
3
38
.48
7
. 0
9
1 . 8
66
3
11
. 0
1
58
.7
6.2
58
0
.75
1
18
47
2
. 1
0 2
13
. 1
3
19
1 .
3
5.6
72
8
. 3
11
0
.62
5
-0
.95
4
99
04
3
8.8
6
7.
16
1
. 88
4
31
6.9
1
60
.3
6.3
19
0
.75
9
18
65
2
. 1
23
1
3.2
6
19
3.1
5
.72
8
8.3
22
0
.61
3
-0
.96
3
00
01
4
0.8
7
7.5
4
1 . 9
82
3
37
.1
16
8.6
6
.64
6
0.7
98
1
96
2
2.2
33
1
3.9
4
20
3.1
6
.02
4
8.6
13
0
.62
3
-1
. 01
3
00
02
4
3.2
1
7.9
9
2.0
95
3
60
. 1
17
8.2
7
.02
6
0.8
44
2
07
4
2.3
60
1
4.7
4
21
4.7
6
.36
8
8.8
63
0
.65
3
-1
. 0
71
0
00
3
44
.59
8
.25
2
. 1
62
3
73
. 1
18
3.9
7
.25
1
0.8
71
2
14
0
2.4
36
1
5.
21
22
1 .
6
6.5
72
9
.29
0
0.6
77
-
1 . 1
05
0
00
4
46
.41
8
.58
2
.25
0
39
1 .
3
19
1 .
4
7.5
47
0
.90
6
22
28
2
.53
6
15
.83
2
30
.7
6.8
41
9
.90
0
0.6
91
-
1 .1
51
0
10
1
43
.71
8
.09
2
.11
9
36
9.2
1
80
.3
7.
10
8
0.8
53
2
09
8
2.3
88
1
4.9
1
21
7.2
6
.44
3
9.7
55
0
.68
5
-1
. 0
84
0
10
2
46
.22
8
.55
2
.24
1
39
0.4
1
90
.6
7.5
15
0
.90
2
22
18
2
.52
5
15
.76
2
29
.7
6.8
12
1
0.4
6
0.7
04
-
1 . 1
46
0
10
3
45
.31
8
.36
2
. 1
97
3
82
.7
18
6.9
7
.36
8
0.8
85
2
17
5
2.4
75
1
5.4
6
22
5.2
6
.67
9
10
.57
0
.69
6
-1
.12
3
Mon
thly
dat
a (p
erio
d av
erag
e)
Mo
nth
B
LE
U
OK
0
El
E
F
IRL
I
Nl
A
p F
IN
s U
K
ECU
E
UR
12
SEPO
O
46
.27
8
.56
2
.24
3
38
8.4
1
90
.8
7.5
23
0
.90
3
22
21
2
.52
8
15
.78
2
29
.9
6.8
19
9
.65
1
0.6
97
-
1.
14
7
OC
TOO
4
7.
19
8
.71
2
.28
8
3 9
7.
1 1
94
.6
7.
67
4
0.9
21
2
26
5
2.5
78
1
6.
10
2
34
.5
6.9
55
9
.97
1
0.6
89
-
1 .
1 7
0
NO
VO
O
47
.11
8
.71
2
.28
4
39
7.2
1
94
.3
7.6
60
0
.92
0
22
61
2
.57
4
16
.07
2
34
.1
6.9
44
1
0.0
8
0.7
01
-
1.1
68
O
ECO
O
44
.98
8
.32
2
. 1
81
3
79
.9
18
5.5
7
.31
3
0.8
78
2
15
9
2.4
57
1
5.3
4
22
3.5
6
.62
9
9.6
56
0
.68
4
-1
. 11
5 JA
N01
4
3.0
0
7.9
6
2.0
85
3
63
.2
17
7.4
6
.99
2
0.8
39
2
06
4
2.3
49
1
4.6
7
21
3.7
6
.33
8
9.4
93
0
. 6
77
-
1 . 0
66
F
EB
01
43
.77
8
. 1
0
2.
12
2
36
9.8
1
80
.5
7.1
18
0
.85
5
21
01
2
.39
1
14
.93
2
17
.5
6.4
52
9
.74
2
0.6
88
-
1 . 0
85
M
AR
01
44
.37
8
.21
2
.15
1
37
4.8
1
83
.0
7.2
15
0
.86
6
21
30
2
.42
4
15
. 1
4
22
0.5
6
.54
0
10
.04
0
.69
2
-1
. 1
00
A
PR
01
45
.23
8
.37
2
. 1
93
3
82
.0
18
6.6
7
.35
5
0.8
83
2
17
1
2.4
71
1
5.4
3
22
4.8
6
.66
6
10
.22
0
.69
7
-1
.12
1
MA
Y01
4
6.
16
8
.54
2
.23
8
38
9.9
1
90
.4
7.5
06
0
.90
1
22
16
2
.52
2
15
.74
2
29
.4
6.8
03
1
0.3
6
0.7
02
-
1 .1
44
JU
N01
4
7.2
8
8.7
4
2.2
93
3
99
.4
19
5.
0 7
.68
9
0.9
23
2
27
0
2.5
83
1
6.
1 3
23
5.0
6
.96
9
10
.80
0
.71
4
-1
. 1
72
JU
L01
4
6.8
8
8.6
5
2.2
73
3
96
.0
19
3.4
7
.62
3
0.9
15
2
25
0
2.5
61
1
5.9
9
23
3.0
6
.91
0
10
.77
0
.70
7
-1
. 16
2
AU
G01
4
4.8
1
8.2
7
2.1
73
3
78
.5
18
4.8
7
.28
7
0.8
75
2
15
1
2.4
48
1
5.2
9
22
2.7
6
.60
5
10
.34
0
.69
6
-1
. 1
11
S
EP
01
44
.29
8
. 1
7
2.
14
7
3 7
4.
1 1
82
. 7
7.2
01
0
.86
5
21
26
2
.41
9
15
. 11
2
20
. 1
6.5
27
1
0.6
2
0.6
84
-
1.
09
8
Tabl
e A2
: Bi
late
ral
exch
ange
rat
e of
the
US
dolla
r ag
ains
t th
e no
n -
EU c
urre
ncie
s (P
rice
of o
ne U
S do
llar
in t
erm
s of
the
cur
renc
ies
of e
ach
of t
he c
ount
ries
indi
cate
d)
Annu
al d
ata
(per
iod
aver
age)
Yea
r AU
CA
JP
M
X N
Z NO
CH
TR
19
88
1
. 2
80
1
. 231
1
28
.2
2.2
73
1
. 5
28
6
.51
7
1 . 4
63
1
42
2
19
89
1
. 2
65
1
. 18
4
13
8.0
2
.46
1
1.
67
2
6.9
05
1
. 63
6
21
22
1
99
0
1 . 2
81
1 . 1
67
1
44
.8
2.8
13
1
. 8
76
6
.26
0
1 . 3
89
2
60
9
1991
1
. 28
4
1.1
46
1
34
.7
3.0
18
1
. 7
34
6
.48
3
1.
43
4
41
72
1
99
2
1 . 3
62
1
. 2
09
1
26
.7
3.0
95
1
. 86
2
6.2
15
1
. 4
08
6
87
2
19
93
1
. 4 7
1 1
. 2
90
11
1 . 2
3
.11
6
1 . 8
51
7.0
94
1
. 4 7
8 1
09
85
1
99
4
1.
36
8
1.
36
6
10
2.2
3
.37
5
1 . 6
8 7
7.0
58
1
. 36
8
29
60
9
19
95
1
. 3
49
1
. 37
2
94
. 1
6.4
19
1
. 5 2
4 6
.33
5
1 . 1
8 2
4
58
45
1
99
6
1 . 2
7 8
1 . 3
63
1
08
.8
7.5
99
1
. 45
5
6.4
50
1
. 2
36
8
14
05
1
99
7
1 . 3
4 7
1 . 3
85
1
21
.0
7.9
18
1
.51
2
7.0
73
1
. 4 5
1 1
51
86
5
19
98
1
. 59
2
1 . 4
83
1
30
.9
9.
13
6
1 . 8
68
7
.54
5
1.
45
0
26
07
24
1
99
9
1 . 5
50
1
. 4
86
1
13
. 9
9.5
60
1
. 89
0
7.7
99
1
. 5 0
2 4
18
78
3
20
00
1
. 7 2
2
1.
48
5
10
7.7
9
.45
7
2.
19 7
8
.79
4
1.
68
8
62
28
79
Qua
rterly
dat
a (p
erio
d av
erag
e)
Ot
r AU
CA
JP
M
X NZ
NO
CH
TR
98
03
1
. 6
70
1
. 51
5
14
0.0
9
.46
0
1.
96
8
7.6
37
1
.47
0
27
25
19
9
80
4
1.
60
4
1 . 5
42
1
19
.8
10
.02
1
. 9
00
7
.48
9
1 . 3
60
2
93
74
2
9901
1
. 57
8 1
. 511
1
16
.5
9.9
65
1
. 8
57
7
.66
3
1.
42
5
34
21
32
9
90
2
1.5
31
1
. 4 7
3
12
0.9
9
.45
0
1 . 8
43
7
.79
8
1 . 5
14
3
96
44
0
99
03
1
. 53
7 1
. 48
8
11
3.6
9
.36
9
1.
90
3
7.8
43
1
. 52
8
43
87
80
9
90
4
1 . 5
53
1
. 4 7
3 1
04
.5
9.4
58
1
. 95
5
7.8
92
1
. 5 4
1 4
97
77
9
0001
1
. 58
4
1 . 4
53
1
07
.0
9.4
03
2
.00
8
8.2
18
1
. 62
9
56
24
67
0
00
2
1.
69
7
1.
48
0
10
6.6
9
.57
3
2.0
92
8
.78
4
1 . 6
75
6
09
43
1
00
03
1
. 74
3
1 . 4
82
1
07
.6
9.3
53
2
.26
9
8.9
52
1
. 70
7
64
55
76
0
00
4
1 . 8
78
1 . 5
26
1
09
.8
9.5
01
2
.44
2
9.2
54
1
. 7
44
6
80
21
5
0101
1
. 8 8
5 1
. 52
7 11
8.
1 9
.69
7
2.3
13
8
.88
8
1 . 6
82
7
99
44
3
01
02
1
. 95
1 1
. 5
42
1
22
.6
9.
19
0
2.4
16
9
.18
1
1.7
51
1
. 19
E6
0
10
3
1.
94
9
1.
54
4
121
. 6
9.2
33
2
.38
6
8.9
95
1
. 69
2
1.
4E6
Mon
thly
dat
a (p
erio
d av
erag
e)
Mo
nth
AU
CA
JP
M
X N
Z NO
CH
TR
SEPO
O
1.
80
6
1 . 4
8 4
10
6.8
9
.34
9
2.3
95
9
.20
6
1 . 7
55
6
63
87
3
OC
TOO
1
. 8
92
1
. 511
1
08
.5
9.5
36
2
.49
6
9.3
61
1
. 7
70
6
77
92
9
NO
VO
O
1.
91
4
1 . 5
42
1
08
.9
9.5
07
2
.50
3
9.3
37
1
. 7
77
6
84
48
8
DEC
OO
1
. 8 3
1 1
. 52
5
11
2.1
9
.46
1
2.3
31
9
.06
7
1 . 6
8 7
67
82
47
JA
N01
1
. 801
1
. 50
3
11
6.8
9
.77
4
2.2
49
8
.77
8
1 . 6
3 0
67
16
24
FE
B01
1
. 8 7
1 1
. 52
2
11
6.2
9
.71
4
2.2
99
8
.91
2
1.
66
6
78
14
75
M
AR
01
1 . 9
88
1
. 55
8
121
. 3
9.6
03
2
.39
3
8.9
74
1
. 6
89
9
73
46
7
APR
01
2.0
01
1
. 55
9
12
3.7
9
.33
5
2.4
64
9
.09
8
1.
71
4
1.
22
E6
M
AY
01
1 . 9
23
1
.54
1
121
. 8
9.
14
2
2.
3 71
9
. 1
44
1
. 7 5
4
1 .1
4E
6
JUN
01
1.
93
0
1.
52
6
12
2.2
9
.09
3
2.4
13
9
.30
2
1 . 7
85
1
.22
E6
JU
L01
1
. 96
2
1 . 5
28
1
24
.6
9.
15
6
2.4
49
9
.26
4
1 . 7
59
1
. 33
E6
A
UG
01
1.
90
7
1.
53
9
121
. 5
9.1
31
2
.32
1
8.9
47
1
. 68
2
1.
41 E
6 S
EP
01
1 . 9
79
1 . 5
65
1
18
.8
9.4
13
2
.39
0
8.7
80
1
. 63
7 1
. 4
8E
6
l CQ
CD e
Tabl
e A3
: Bi
late
ral
exch
ange
rat
e of
the
US
dolla
r ag
ains
t th
e EU
cur
renc
ies
(inde
x 19
94 =
100)
Ann
ual
data
Yea
r B
LEU
OK
0
EL
E
F IR
L
I N
L A
p
FIN
s
UK
EC
U
EU
R12
19
88
1
09
.9
10
5.8
1
08
.2
58
.5
87
.0
10
7.3
9
8.2
8
0.7
1
08
.6
10
8.
1 8
6.7
8
0.
1 7
9.4
8
6.0
1
00
.4
-1
98
9
11 7
. 8
11
4.9
11
5.
9 6
6.9
8
8.4
1
14
.9
10
5.5
8
5.
1 1
16
.5
11
5.8
9
4.9
8
2.2
8
3.6
9
3.5
1
07
.8
-1
99
0
99
.9
97
.3
99
.6
65
.3
7 6
. 1
98
.1
90
.4
74
.3
10
0.1
9
9.5
8
5.9
7
3.2
7
6.7
8
6.2
9
3.4
0
-19
91
10
2.
1 1
00
.6
10
2.3
7
5.
1 7
7.6
1
01 .
6
92
.9
76
.9
10
2.7
1
02
.2
87
.0
77
.4
78
.4
86
.8
95
.91
-
19
92
9
6.
1 9
4.9
9
6.2
7
8.6
7
6.4
9
5.3
8
7.9
7
6.4
9
6.6
9
6.2
81
. 3
8
5.8
7
5.5
8
7.2
9
1.6
7
-1
99
3
10
3.4
1
01
.9
101
. 9
94
.5
95
.0
10
2.0
1
01 .
3
97
.6
10
2.1
1
01
. 8
96
.9
10
9.4
1
00
.9
10
2.0
10
1 . 3
-
19
94
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
-1
99
5
88
. 1
88
.1
88
.3
95
.5
9 3
. 1
89
.9
93
.3
1 01
. 0
8
8.2
8
8.3
9
1.0
8
3.6
9
2.4
9
7.0
9
0.7
9
-1
99
6
92
.5
91 .
2
92
.7
99
.2
94
.6
92
. 1
93
.5
95
.7
92
.6
92
.7
92
.9
67
.9
86
.9
98
. 1
93
.53
-
19
97
1
06
.9
10
3.8
1
06
.9
11
2.6
1
09
.3
10
5.1
9
8.7
1
05
.6
10
7.2
1
06
.9
10
5.6
9
9.4
9
8.9
9
3.5
1
04
.7
-1
99
8
10
8.5
1
05
.3
10
8.4
12
1 . 8
11
1 . 5
1
06
.3
10
5.0
1
07
.7
10
9.0
1
08
.4
10
8.5
1
02
.3
10
3.0
9
2.4
1
06
.0
-1
99
9
11
3.
2 1
09
.7
11 3
. 1
12
6.0
1
16
.6
11
0.9
1
10
.6
11
2.
7 1
13
. 7
11 3
. 1
11
3.4
1
06
.8
10
7.1
9
4.6
-
111
. 4
20
00
1
30
.7
12
7.0
1
30
.6
15
0.4
1
34
.6
12
8.
1 1
27
.7
13
0.2
13
1 . 2
1
30
.6
13
0.9
1
23
.4
11
8.6
1
01 .
1
-1
28
.7
Qua
rterly
dat
a
Ot
r B
LEU
OK
0
EL
E
F IR
L
I N
L A
p
FIN
s
UK
ECU
E
UR
12
98
03
1
08
.7
10
5.6
1
08
.6
12
2.8
1
11
.7
10
6.4
1
05
.0
10
7.8
1
09
.2
10
8.6
1
08
.8
10
2.6
1
03
.8
92
.7
10
6.3
-
98
04
1
02
.5
99
.4
10
2.5
1
16
. 1
10
5.6
1
00
.5
99
.9
10
2.1
1
03
.0
10
2.4
1
02
.4
96
.8
10
3.2
91
. 3
1
00
.9
-99
01
10
7.4
1
04
. 1
10
7.4
1
18
.4
11
0.7
1
05
.3
10
4.9
1
07
.0
10
7.9
1
07
.3
10
7.6
10
1 . 4
1
03
.6
93
.7
-1
05
.7
99
02
1
14
.1
11
0.5
1
14
. 1
12
6.7
11
7.
5 11
1 . 8
11
1 . 5
1
13
.6
11
4.6
1
14
. 0
11
4.
3 1
07
.7
10
9.2
9
5.2
-
11
2.
3 9
90
3
11
5.0
11
1 . 5
11
5.
0 1
28
.2
11 8
. 5
11
2.7
11
2.
4 1
14
.6
11
5.5
1
14
.9
11
5.
2 1
08
.6
10
7.7
9
5.6
-
11
3.3
9
90
4
11
6.2
1
12
.6
11
6.
1 1
30
.6
11
9.7
1
13
.8
11 3
. 5
11
5.7
1
16
.6
11
6.
1 1
16
. 3
10
9.7
1
07
.9
93
.8
-1
14
. 4
0001
1
22
.2
11
8.6
1
22
.1
13
9.0
1
25
.9
11
9.7
1
19
.3
1 21
. 7
1
22
.7
12
2.
1 1
22
.4
11
5.
3 11
1 . 6
9
5.3
-
12
0.3
0
00
2
12
9.
1 1
25
.6
12
9.
1 1
48
.4
13
3.0
1
26
.5
12
6.2
1
28
.6
12
9.7
1
29
.0
12
9.4
12
1 . 9
1
14
.9
99
.9
-1
27
.2
00
03
1
33
.3
12
9.6
1
33
.2
15
3.8
1
37
.3
13
0.6
1
30
.2
13
2.7
1
33
.8
13
3.2
1
33
.5
12
5.8
1
20
.4
10
3.6
-
13
1.2
0
00
4
13
8.7
1
34
.8
13
8.7
16
1 . 3
1
42
.9
13
5.9
1
35
.5
13
8.2
1
39
.3
13
8.6
1
39
.0
13
1.0
1
28
.3
10
5.8
-
13
6.6
01
01
13
0.7
1
27
.2
13
0.6
1
52
.2
13
4.6
1
28
.0
12
7.6
1
30
.1
131
. 2
13
0.5
1
30
.9
12
3.
3 1
26
.4
10
4.9
-
12
8.7
0
10
2
13
8.1
1
34
.4
13
8.1
1
60
.9
14
2.3
1
35
.4
13
4.9
1
37
.6
13
8.7
1
38
.0
13
8.4
1
30
.4
13
5.5
1
07
.7
-1
36
.0
01
03
1
35
.4
131
. 5
13
5.4
1
57
.8
13
9.5
1
32
.7
13
2.3
1
34
.9
13
6.0
1
35
.3
13
5.7
1
27
.9
13
7.0
1
06
.5
-1
33
.4
Mon
thly
dat
a
Mo
nth
B
LEU
O
K
0 EL
E
F
IRL
I
NL
A
p F
IN
s UK
EC
U
EU
R12
SE
PO
O
13
8.3
1
34
.6
13
8.2
1
60
.1
14
2.5
1
35
.5
13
5.1
1
37
.7
13
8.9
1
38
.2
13
8.5
1
30
.6
12
5.
1 1
06
.7
-1
36
.2
OC
TOO
14
1 . 1
1
37
.0
141
. 0
16
3.7
1
45
.3
13
8.2
1
37
.8
14
0.5
14
1 . 6
1
40
.9
14
1.3
1
33
.2
12
9.2
1
05
.5
-1
38
.9
NO
VO
O
14
0.8
1
36
.9
14
0.7
1
63
.7
14
5.1
1
38
.0
13
7.6
1
40
.2
14
1.4
1
40
.7
14
1.0
1
32
.9
13
0.6
1
07
.3
-1
38
.7
OEC
OO
1
34
.4
13
0.7
1
34
.4
15
6.6
1
38
.5
131
. 7
131
. 3
13
3.9
1
35
.0
13
4.3
1
34
.7
12
6.9
1
25
.1
10
4.6
-
13
2.4
JA
N01
1
28
.5
12
5.1
1
28
.5
14
9.7
1
32
.4
12
5.9
1
25
.6
12
8.0
1
2 9
. 1
12
8.4
1
28
.7
121
. 3
12
3.0
1
03
.6
-1
26
.8
FEB
01
13
0.8
1
27
.3
13
0.8
1
52
.4
13
4.8
1
28
.2
12
7.8
1
30
.3
131
. 4
13
0.7
1
31 .
1
12
3.5
1
26
.3
10
5.3
-
12
8.8
M
AR
01
13
2.6
1
29
. 1
13
2.6
1
54
.5
13
6.6
1
30
.0
12
9.6
1
32
.1
13
3.2
1
32
.5
13
2.8
1
25
.2
13
0.
1 1
05
.9
-1
30
.6
APR
01
13
5.2
1
31
.6
13
5.
1 1
57
.5
13
9.3
1
32
.5
13
2.1
1
34
.6
13
5.8
1
35
.1
13
5.4
1
27
.6
13
2.4
1
06
.7
-1
33
. 1
MA
Y01
1
38
.0
13
4.2
1
37
.9
16
0.7
1
42
. 1
13
5.2
1
34
.8
13
7.4
1
38
.5
13
7.8
1
38
.2
13
0.2
1
34
.3
10
7.4
-
13
5.
9 JU
N01
14
1 . 3
1
37
.4
14
1.3
1
64
.6
1 4
5.
6 1
38
.5
13
8.1
1
40
.8
141
. 9
141
. 2
141
. 6
13
3.4
1
39
.9
10
9.2
-
13
9.2
JU
L01
1
40
. 1
13
6.0
1
40
.1
16
3.2
1
44
.3
13
7.3
1
36
.9
13
9.6
1
40
.7
14
0.0
1
40
.4
13
2.3
1
39
.5
10
8.2
-
13
8.0
A
UG
01
13
3.9
1
30
.0
13
3.9
1
56
.0
13
8.0
1
31
.2
13
0.8
1
33
.4
13
4.5
1
33
.8
13
4.2
1
26
.4
13
4.0
1
06
.5
-1
31
. 9
SE
P01
1
32
.4
12
8.4
1
32
.3
15
4.2
1
36
.4
12
9.7
1
29
.3
131
. 8
13
2.9
1
32
.3
13
2.6
1
25
.0
13
7.6
1
04
.6
-1
30
.3
Tabl
e A4
: Bi
late
ral
exch
ange
rat
e of
the
US
dolla
r ag
ains
t th
e no
n -
EU c
urre
ncie
s in
dex
1994
=100
Ann
ual
data
(pe
riod
aver
age)
Yea
r AU
CA
JP
M
X N
Z NO
CH
TR
19
88
9
3.6
9
0.
1 1
25
.4
67
.3
90
.5
92
.3
10
7.0
4
.8
19
89
9
2.5
8
6.7
1
35
.0
72
.9
99
.1
97
.8
11
9.6
7
.2
19
90
9
3.7
8
5.4
1
41
. 7
83
.3
99
.4
88
.7
10
1.6
8
.8
1991
9
3.9
8
3.9
1
31
. 8
89
.4
10
2.8
91
. 9
1
04
.8
14
. 1
19
92
9
9.6
8
8.5
1
23
.9
91 .
7
11
0.4
8
8.
1 1
02
.8
23
.2
19
93
1
07
.5
94
.5
10
8.8
9
2.3
1
09
.7
10
0.5
1
08
.0
37
. 1
19
94
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
99
5
98
.6
10
0.5
9
2.0
1
90
.2
90
.4
89
.8
86
.5
15
4.8
1
99
6
93
.4
99
.8
10
6.4
2
25
.2
86
.3
91
.4
90
.4
27
4.9
1
99
7
98
.5
10
1.4
1
18
.4
23
4.6
8
9.7
1
00
.2
10
6.
1 5
12
.9
19
98
1
16
.4
10
8.6
1
28
.1
27
0.7
1
10
.8
10
6.9
1
06
.0
88
0.6
1
99
9
11
3.
3 1
08
.8
11
1.4
2
83
.3
11 2
. 0
11
0.5
1
09
.8
14
14
2
00
0
12
5.9
1
08
.7
10
5.4
2
80
.2
13
0.3
1
24
.6
12
3.4
2
10
4
Qua
rterly
dat
a (p
erio
d av
erag
e)
Ot
r AU
CA
JP
M
X N
Z NO
CH
TR
98
03
1
22
.1
11
0.9
1
37
.0
28
0.3
1
16
.7
10
8.2
1
07
.5
92
0.4
9
80
4
11 7
. 3
11
2.9
1
17
.2
29
6.8
1
12
.7
10
6.1
9
9.4
9
92
. 1
9901
11
5.
4 1
10
.7
11
4.0
2
95
.2
11
0.
1 1
08
.6
10
4.2
1
15
6
99
02
1
11
.9
10
7.8
1
18
.3
28
0.0
1
09
.3
11 0
. 5
11
0.7
1
33
9
99
03
1
12
.4
10
8.8
1
11
.2
27
7.6
1
12
.8
111
. 1
111
. 7
14
82
9
90
4
11
3.6
1
07
.8
10
2.3
2
80
.2
11
5.
9 11
1 . 8
11
2.
7 1
68
1
0001
1
15
. 8
10
6.4
1
04
.7
27
8.6
11
9.
1 1
16
. 4
11
9.
1 1
90
0
00
02
1
24
. 1
10
8.4
1
04
.3
28
3.6
1
24
. 1
12
4.5
1
22
.4
20
58
0
00
3
12
7.4
1
08
.5
10
5.3
2
77
.1
13
4.6
1
26
.8
12
4.8
2
18
0
00
04
1
37
.3
11
1.7
1
07
.4
281
. 5
14
4.8
1
31 .
1
12
7.5
2
29
7
0101
1
37
.8
11
1.8
11
5.
5 2
87
.3
13 7
. 1
12
5.9
12
1 . 5
2
70
0
01
02
1
42
.7
11
2.
9 11
9.
9 2
72
.3
14
3.2
1
30
. 1
12
8.0
4
02
4
01
03
1
42
.5
11
3.
1 1
19
. 0
27
3.5
1
41
.5
12
7.4
1
23
.7
47
40
Mon
thly
dat
a (p
erio
d av
erag
e)
Mo
nth
AU
CA
JP
M
X N
Z NO
CH
TR
SEPO
O
13
2.1
1
08
.7
10
4.5
2
77
.0
14
2.0
1
30
.4
12
8.4
2
24
2
OC
TOO
1
38
.3
11
0.7
1
06
. 1
28
2.5
1
48
.0
13
2.6
1
29
.4
22
90
N
OV
OO
1
39
.9
11
2.9
1
06
.6
28
1.7
1
48
.4
13
2.3
1
29
.9
23
12
D
ECO
O
13
3.8
1
11
.6
10
9.7
2
80
.3
13
8.2
1
28
.5
12
3.4
2
29
1
JAN
01
13
1.6
11
0.
0 1
14
.3
28
9.6
1
33
.4
12
4.4
11
9.
2 2
26
8
FEB
01
13
6.8
11
1 . 4
1
13
. 7
28
7.8
1
36
.3
12
6.3
12
1 . 8
2
63
9
MA
R01
1
45
.3
11 4
. 1
11
8.
7 2
84
.5
141
. 9
12
7.2
1
23
.5
32
88
A
PR01
1
46
.3
11 4
. 1
121
. 0
27
6.6
1
46
.1
12
8.9
1
25
.3
41
21
M
AY
01
14
0.6
1
12
. 9
11 9
. 2
27
0.9
1
40
.6
12
9.6
1
28
.3
38
48
JU
N01
1
41
. 1
111
. 7
11
9.6
2
69
.4
14
3.1
13
1 . 8
1
30
.5
41
09
JU
L01
1
43
.5
111
. 9
121
. 9
2 71
. 3
1
45
.2
131
. 3
12
8.6
4
48
4
AU
G01
1
39
.4
11
2.
7 1
18
. 8
27
0.5
1
37
.6
12
6.8
1
23
.0
47
45
S
EP
01
14
4.7
1
14
.6
11
6.2
2
78
.9
14
1.7
1
24
.4
11
9.7
5
00
6
~
CQ
CD
Tabl
e B:
Tra
de-w
eigh
ted
curre
ncy
indi
ces
vs.
{the
rest
of}
24 I
ndus
trial
Cou
ntrie
s (IC
)
Ann
ual
data
(In
dex
1994
=10
0)
Year
BL
EU
O
K
0 EL
E
F
IRL
I
NL
A
19
88
8
4.8
8
6.0
81
. 0
1
60
.5
10
8.6
8
4.4
9
7.2
1
30
.6
85
.5
86
.3
19
89
8
4.3
8
4.0
8
0.5
1
49
.3
11
3.8
8
3.4
9
6.3
1
31
.8
84
.9
86
.0
19
90
8
8.9
9
0.2
8
5.0
1
37
.1
11
9.3
8
8.7
1
02
.0
13
6.7
8
8.3
8
9.
1 1
99
1
89
. 1
89
.1
84
.7
12
2.7
1
20
.0
87
.3
10
1.0
1
35
.2
88
. 1
89
.0
19
92
91
. 3
91
. 7
8
8.
1 1
14
.5
11
7.
8 9
0.9
1
04
.3
13
2.2
9
0.6
9
1.
6 1
99
3
92
.5
94
.3
91 .
8
10
6.4
1
04
.1
93
.7
99
.5
11
1.3
9
4.0
9
4.7
1
99
4
94
.9
95
.0
93
.6
10
1.4
9
8.7
9
5.4
9
9.5
1
08
.7
95
.4
95
.8
19
95
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
99
6
98
.3
99
.6
98
.4
99
.6
10
1.4
1
00
.7
10
2.7
1
10
. 5
98
.4
98
.5
19
97
9
4.2
9
6.7
9
4.2
9
8.6
9
7.
1 9
7.2
1
04
.8
11
1 .
4
94
.5
96
. 1
19
98
9
5.0
9
7.9
9
5.8
9
4.9
9
7.7
9
8.9
1
00
.3
11
2.8
9
5.
1 9
7.3
1
99
9
94
. 1
96
.7
94
.5
95
.9
96
.7
97
.5
97
.5
11
1.1
9
4.4
9
6.8
2
00
0
91
.0
92
.4
90
.3
90
.6
93
.8
93
.4
92
. 1
10
6.7
91
. 5
9
4.3
Qua
rter
ly d
ata
(inde
x 19
94 =
100
)
Ot
r B
LE
U
OK
0
EL
E
F IR
L
I N
L A
98
03
9
5.6
9
8.8
9
6.5
9
4.7
9
8.3
9
9.6
1
01 .
1
11
3.7
9
5.6
9
7.8
9
80
4
96
.6
10
0.3
9
7.9
9
5.9
9
9.2
1
00
.8
10
2.0
1
14
.7
96
.6
98
.6
99
01
9
5.5
9
8.6
9
6.3
9
7.7
9
8.2
9
9.3
9
9.8
1
13
. 0
95
.6
97
.7
99
02
9
4.2
9
7.
1 9
4.6
9
6.0
9
6.8
9
7.6
9
7.6
1
11
.2
94
.5
96
.8
99
03
9
3.9
9
6.3
9
4.
1 9
5.6
9
6.5
9
7.
1 9
7.0
1
10
. 7
94
.1
96
.6
99
04
9
3.2
9
5.5
9
3.3
9
4.4
9
6.0
9
6.2
9
5.8
1
09
.9
93
.5
96
.2
00
01
9
2.2
9
4.0
9
2.0
9
2.6
9
5.0
9
4.9
9
4.0
1
08
.5
92
.6
95
.4
00
02
91
. 3
9
2.7
9
0.6
9
0.8
9
4.
1 9
3.7
9
2.4
1
07
.0
91 .
7
94
.6
00
03
91
. 0
9
2.3
9
0.0
9
0.2
9
3.7
9
3.
1 91
. 8
1
06
.4
91
.4
94
.2
00
04
9
0.4
9
1.9
8
9.
1 8
9.0
9
3.
1 9
2.3
9
0.7
1
05
.4
90
.9
93
.7
01
01
9
2.5
9
4.4
9
1.9
91
. 2
9
5.2
9
5.0
9
3.8
1
08
.5
92
.9
95
.5
01
02
9
1.9
9
3.7
91
. 0
9
1.4
9
4.6
9
4.2
9
2.3
1
07
.6
92
.3
95
.0
01
03
9
2.5
9
4.6
91
. 8
9
2.4
9
5.3
9
4.9
9
3.0
1
08
.4
92
.8
95
.5
Mo
nth
ly d
ata
(mo
nth
ly%
cha
nge)
Mo
nth
B
LE
U
OK
0
EL
E
F
IRL
I
NL
A
SEPO
O
-0.6
-0
.8
-1.0
-1
.0
-0.6
-0
.9
-1.0
-0
.9
-0.6
-0
.6
OC
TOO
-0
.6
-0.2
-0
.7
-0.7
-0
.5
-0.7
-1
.0
-0.6
-0
.5
-0.4
N
OV
OO
0
.3
0.3
0
.4
0.
1 0
.3
0.4
0
.5
0.3
0
.3
0.2
D
E C
OO
1
. 2
1 .
4 1
. 6
1.
0 1
.1
1 . 5
1
.9
1 . 5
1
.1
0.9
JA
N01
1
. 5
1.
8 2
.0
1.
4 1
. 4
1.
8 2
.3
1 . 8
1
. 4
1 .
1 F
EB
01
-0.1
-0
.2
-0.2
0
.2
-0.1
-0
.2
-0.4
-0
.2
-0.1
-0
.1
MA
R01
0
.2
0.3
0
.3
0.7
0
.2
0.3
-0
.0
0.3
0
. 2
0.2
A
PR
01
-0.2
-0
.3
-0.2
0
.4
-0.1
-0
.2
-0.5
-0
.2
-0.2
-0
.1
MA
Y01
-0
.7
-0.9
-1
.0
-0.9
-0
.8
-0.9
-1
.1
-0
.9
-0.7
-0
.6
JUN
01
-0.4
-0
.3
-0.6
-0
.3
-0.4
-0
.6
-0.8
-0
.6
-0.4
-0
.3
JUL
01
0.4
0
.6
0.5
0
.6
0.4
0
.5
0.4
0
.5
0.3
0
.3
AU
G01
1
.1
1.1
1
. 5
1.
3 1
.1
1.4
1
. 7
1 .
4 1
. 0
0.8
S
EP
01
0
.2
0.5
0
.3
0.4
0
.3
0.3
0
.2
0.3
0
.2
0.2
p F
IN
s U
K
EU
R12
EU
U
SA
JP
10
9.3
1
05
.9
12
1 .
2
11
7.
6 8
2.4
8
5.8
9
4.8
7
2.3
1
05
.8
10
9.7
1
21
. 9
1
14
.0
82
. 1
84
.2
99
.5
69
.2
10
4.2
1
11
. 8
1
20
.5
11
3.
0 91
. 7
9
5.9
9
5.7
6
2.6
1
05
.2
10
8.0
1
20
.5
11
4.4
9
0.0
9
4.2
9
5.7
6
8.3
1
09
. 1
94
.6
12
2.4
1
10
.6
94
.5
98
.8
94
.6
72
. 1
10
2.
1 8
2.4
9
9.8
1
01
. 9
9
0.8
8
8.5
9
8.5
8
7.0
9
8.4
8
9.6
9
9.6
1
03
.6
92
.6
91 .
8
98
.6
94
.6
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.7
9
7.7
11
0.
2 1
02
.2
10
2.3
1
05
.7
10
6.
1 8
7.5
9
8.3
9
5.0
1
06
.2
11
9.3
9
5.5
1
05
.1
11
4.9
8
2.8
9
7.6
9
5.
1 1
05
.2
12
4.9
9
8.3
1
13
. 0
12
2.4
7
8.4
9
6.6
9
3.7
1
04
.0
12
5.2
9
5.9
1
11
. 0
1
2 2
. 1
91 .
8
94
.0
89
.8
10
4.0
1
29
. 1
87
.6
101
. 8
12
7.9
1
03
.0
p F
IN
s U
K
EU
R12
EU
U
SA
JP
97
.9
95
.5
10
5.3
1
25
.8
99
.8
11 5
. 1
12
6.
1 7
3.6
9
9.2
9
7.1
1
01
. 2
1
21
. 7
1
02
.5
11
6.
7 1
20
.6
84
.2
98
.0
95
.3
10
4.0
1
22
. 1
99
.4
11
3.
4 1
21
. 5
8
8.0
9
6.7
9
3.7
1
02
.8
12
5.4
9
5.9
1
10
.2
12
3.6
8
6.5
9
6.4
9
3.1
1
04
.5
12
5.3
9
5.0
1
09
.4
12
2.7
9
2.4
9
5.8
9
2.3
1
04
.5
12
8.0
9
3.4
1
08
.6
12
1.0
1
00
.8
94
.9
91 .
0
10
4.8
1
30
.6
90
.7
10
6.2
1
23
.5
10
0.4
9
4.
1 8
9.7
1
06
.3
12
9.5
8
8.0
1
02
.4
12
7.2
1
03
.4
93
.9
89
.3
10
4.0
1
27
.7
87
.0
10
0.1
1
29
.0
10
4.0
9
3.3
8
8.8
1
00
.6
12
9.1
8
5.4
9
8.
1 1
33
.0
10
4.
1 9
5.0
91
. 6
9
9.1
1
26
.3
91 .
1
10
5.
1 1
32
.7
94
.9
94
.3
90
.9
96
.8
12
8.7
8
9.6
1
04
.4
13
6.4
9
3.7
9
4.7
91
. 7
9
4.6
1
28
.9
91
. 2
10
6.9
1
35
.4
93
.8
p F
IN
s U
K
EU
R12
EU
U
SA
JP
-0.5
-0
.8
-1.2
-1
.2
-1.9
-2
.9
1 . 5
3
. 1
-0.5
-0
.5
-1.9
2
.8
-1.4
-0
.6
1 . 7
-0
.6
0.3
0
.4
-0.9
-1
.7
0.9
0
. 1
0.6
-0
.2
0.9
1
. 5
1.
2 -0
.5
3.2
3
.8
-1
.6
-4.8
1
. 2
1.
9 -0
.9
-1.5
4
.1
4.0
-0
.7
-5.6
-0
.1
-0.1
-1
.0
-0.2
-0
.3
-0.2
1
.1
1 . 6
0
.0
0.4
-1
.4
1.
2 0
.8
1.
8 2
.1
-3.3
-0
.2
-0.2
-0
.0
1.
0 -0
.3
0.6
0
.9
-1 .
1
-0.6
-1
.0
-0.5
0
.3
-2.1
-2
.6
-0.3
2
.0
-0.3
-0
.4
-2.3
0
.0
-1.1
-1
.6
0.8
0
.6
0.2
0
.5
-0.0
0
.7
1 . 1
1
. 8
0.3
-2
.1
0.9
1
. 3
1.
0 -1
.5
3.1
3
.2
-2.0
0
. 8
0.
1 0
.5
-3.5
1
. 2
0.7
1
. 0
-0
.0
2.1
•
Tabl
e C1
: Pr
ice
defla
tor
priv
ate
cons
umpt
ion
Ann
ual
data
(In
dex
1994
= 1
00):
In n
atio
nal
curr
ency
vs.
(t
he r
est
of)
24 I
ndus
tria
l co
untr
ies
(I C
)
Ye
ar
BL
EU
O
K
0 EL
E
F
IRL
I
NL
A
p F
IN
s U
K
EU
R12
EU
U
SA
JP
19
88
1
10
.0
11
0.
2 11
0.
5 5
3.4
9
1.
3 1
12
.8
10
9.7
9
0.0
1
14
.0
10
8.3
7
2.0
1
04
.2
88
.6
93
.8
11
2.
7 1
12
.9
11
1 .
2
11
8.8
1
98
9
10
9.3
1
10
. 1
10
8.1
5
7.7
9
2.6
1
11
. 4
1
08
.8
91
.6
11
0.4
1
06
. 1
77
.8
10
4.5
9
0.5
9
5.1
1
10
.3
11
1 .
2
10
9.7
1
15
.6
19
90
1
07
.5
10
7.6
1
05
.2
65
.8
93
.7
10
9.0
1
05
.4
92
.8
10
7.4
1
04
.7
83
.4
10
4.6
9
4.9
9
8.0
1
07
.2
10
9.5
1
08
.3
11
2.
9 1
99
1
10
5.0
1
04
.7
10
3.2
7
4.6
9
4.5
1
06
.8
10
2.5
9
4.3
1
05
.3
10
3.0
8
9.0
1
04
.7
99
.7
10
0.9
1
04
.7
10
8.6
1
06
.0
11
0.
6 1
99
2
10
2.8
1
02
.6
10
3.1
8
2.3
9
6.4
1
04
.7
10
1.4
9
5.1
1
04
.0
10
2.3
9
3.7
1
04
.9
98
.0
10
1 .
5
10
4.
1 1
07
.6
10
4.9
1
08
.3
19
93
1
02
.0
10
0.8
1
03
.0
90
.0
97
.6
10
3.0
1
00
. 1
98
.4
10
2.3
1
01 .
7
96
.3
10
5.0
1
00
.1
10
1 .
3
10
3.6
1
06
.9
10
3.6
1
05
.8
19
94
1
01
.4
10
0.9
1
01
. 7
9
5.7
9
8.9
1
01
.6
10
0.
1 9
7.4
1
02
.0
1 01
. 1
9
8.6
1
02
.6
99
.8
10
0.2
1
02
.1
10
4.2
1
02
.6
10
3.4
1
99
5
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
19
96
9
9.6
9
9.7
9
8.5
1
04
.4
10
0.5
9
9.0
1
00
.0
10
1 .
3
99
.2
99
.2
10
1.
0 9
8.8
9
8.9
1
00
.5
98
.4
97
.7
98
.2
97
.3
19
97
9
8.7
9
9.5
9
7.5
1
05
.8
10
0.2
9
7.7
1
00
.2
10
0.4
9
8.7
9
8.0
1
01
. 6
97
.5
98
.6
10
0.3
9
6.0
9
3.7
9
8.8
9
8.0
1
99
8
97
.7
99
.5
95
.9
10
6.3
9
9.7
9
6.
1 1
02
.1
99
.9
98
.4
96
.3
10
2.4
9
7.1
9
7.3
1
00
.5
93
.3
89
. 1
94
.6
94
.0
19
99
9
7.
1 1
00
.6
94
.0
10
5.8
1
0 0
. 1
94
.9
10
3.9
9
9.9
9
8.7
9
5.4
1
03
. 1
96
.5
96
.2
10
0.
1 91
. 1
8
5.3
9
3.5
9
1.6
2
00
0
97
.4
101
. 7
92
.8
10
5.2
1
01
.2
93
.6
10
7.9
1
00
.2
99
.3
94
.9
10
3.7
9
7.2
9
4.4
9
8.1
9
0.2
8
2.6
9
3.4
8
8.3
Tabl
e C2
: Re
lativ
e pr
ice
indi
cato
rs b
ased
on
priv
ate
cons
umpt
ion
defla
tor
Ann
ual
data
(In
dex
1994
=100
): v
s. (
the
rest
of)
24
Indu
stria
l co
untr
ies
(IC)
Ye
ar
BL
EU
O
K
0 EL
E
F
IRL
I
NL
A
p F
IN
s U
K
EU
R12
EU
U
SA
JP
19
88
9
3.3
9
4.7
8
9.5
8
5.7
9
9.2
9
5.
1 1
06
.6
11 7
. 5
97
.5
93
.5
78
.7
11
0.4
1
07
.4
11
0.3
9
2.9
9
6.9
1
05
.5
85
.9
19
89
9
2.
1 9
2.5
8
6.9
8
6.2
1
05
.3
92
.8
10
4.7
1
20
.7
93
.7
91 .
3
82
.3
11
4.8
1
10
. 3
10
8.4
9
0.5
9
3.6
1
09
. 1
80
.0
19
90
9
5.5
9
7.1
8
9.4
9
0.2
1
11
. 8
9
6.6
1
07
.6
12
6.9
9
4.9
9
3.3
8
6.9
1
16
.9
11
4.3
1
10
.7
98
.3
10
5.0
1
03
.6
70
.7
19
91
9
3.5
9
3.2
8
7.4
91
. 5
1
13
. 3
93
.2
10
3.5
1
27
.5
92
.8
91 .
7
93
.5
11
3.0
1
20
.2
11
5.4
9
4.3
1
02
.3
10
1.4
7
5.6
1
99
2
93
.9
94
.0
90
.9
94
.3
11 3
. 5
95
. 1
10
5.8
1
25
.7
94
.3
93
.7
10
2.2
9
9.2
1
19
.9
11
2.
2 9
8.4
1
06
.3
99
.2
78
.1
19
93
9
4.3
9
5.0
9
4.5
9
5.7
1
01
.7
96
.5
99
.7
10
7.3
9
6.2
9
6.3
9
8.3
8
6.5
9
9.9
1
03
.3
94
. 1
94
.7
10
2.0
9
2.1
1
99
4
96
. 1
95
.9
95
.2
9 7
. 1
97
.6
96
.9
99
.6
10
5.9
9
7.3
9
6.8
9
7.0
9
1.9
9
9.5
1
03
.8
94
.6
95
.5
1 01
. 2
9
7.8
1
99
5
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
19
96
9
7.8
9
9.3
9
6.9
1
03
.9
1 01
. 9
9
9.7
1
02
.7
11
1 .
9
97
.6
97
.8
1 01
. 8
9
6.6
1
09
.0
10
2.7
1
00
.7
10
3.2
1
04
. 1
8 5
. 1
19
97
9
2.9
9
8.2
9
1.8
1
04
.4
97
.3
94
.9
10
5.0
1
11
. 8
9
3.3
9
4.2
9
9.9
9
2.7
1
04
.7
11
9.7
91
. 7
9
8.5
1
11
. 2
7
9.4
1
99
8
92
.8
97
.5
91 .
8
10
0.9
9
7.4
9
5.0
1
02
.4
11
2.
6 9
3.6
9
3.7
9
9.9
9
2.4
1
02
.4
12
5.5
9
1.7
1
00
.6
11
5.8
7
3.7
1
99
9
91
.4
97
.2
88
.8
10
1 .
5
96
.9
92
.5
1 01
. 3
1
11
. 0
9
3.2
9
2.3
9
9.6
9
0.5
1
00
.0
12
5.3
8
7.4
9
4.7
1
14
.2
84
.0
20
00
8
8.7
9
4.0
8
3.8
9
5.4
9
4.9
8
7.4
9
9.3
1
06
.9
90
.9
89
.5
97
.5
87
.3
98
.2
12
6.7
7
9.
1 8
4.2
1
19
.5
91
.0
Qua
rter
ly d
ata
(Ind
ex 1
994=
100)
: re
lativ
e to
24
Indu
stria
l co
untr
ies
(IC)
Ot
r B
LE
U
OK
0
EL
E
F
IR
L
I N
L A
p
FIN
s
UK
E
UR
12
EU
USA
JP
98
03
9
3.2
9
8.3
9
2.5
1
01 .
2
98
.0
95
.6
10
3.6
1
13
. 8
94
.1
94
.1
10
0.4
9
2.8
1
02
.5
12
6.6
9
3.0
1
02
.3
11
8.8
6
9.0
9
80
4
93
.9
10
0.
1 9
3.3
1
02
.3
99
.0
96
.4
10
4.7
1
14
.6
95
.2
94
.6
10
2.0
9
4.1
9
8.1
1
22
.5
94
.9
10
2.6
1
13
. 3
78
.5
99
01
9
2.8
9
8.7
9
1.2
1
04
.0
98
.0
94
.7
10
2.8
1
12
.9
94
.4
93
.6
10
0.9
9
2.2
1
00
.6
12
2.6
9
1.4
9
8.6
1
13
. 8
81
.6
99
02
9
1.4
9
7.5
8
9.2
10
1 . 9
9
6.9
9
2.8
1
00
.9
11
1 .
1
93
.3
92
.5
99
.7
90
.5
99
.2
12
5.9
8
7.7
9
4.8
1
15
.6
79
.6
99
03
91
. 2
9
7.
1 8
8.3
10
1 . 3
9
6.8
9
2.
1 10
1 . 0
1
10
.7
93
.0
92
.2
99
.6
89
.9
10
0.5
1
25
.3
86
.5
93
.2
11
4.7
8
4.4
9
90
4
90
.6
96
.5
87
.2
99
.9
96
.5
91
.0
10
0.7
1
10
.0
92
.4
91 .
6
99
.0
89
.3
10
0.0
1
27
.4
84
.7
91 .
6
11
3.0
91
. 1
0
00
1
89
.8
95
.4
85
.7
97
.9
95
.8
89
.4
99
.9
10
8.7
91
. 6
9
0.9
9
8.2
8
8.3
9
9.8
1
29
.3
82
. 1
88
.8
11
5.4
8
9.9
0
00
2
89
.0
94
.2
84
.2
96
.0
9 5
. 1
87
.8
99
.3
10
7.3
9
0.9
8
9.9
9
7.5
8
7.4
1
00
.8
12
7.4
7
9.5
8
5.0
1
18
.9
91
.7
00
03
8
8.7
9
4.0
8
3.5
9
5.2
9
5.0
8
7.0
9
9.6
1
06
.7
90
.9
89
.5
97
.5
87
. 1
98
.2
12
5.0
7
8.5
8
2.6
1
20
.5
91
.4
00
04
8
8.0
9
3.5
8
2.6
9
3.8
9
4.6
8
6.0
9
9.2
1
05
.9
90
.8
88
.8
97
.2
86
.6
94
.7
12
5.9
7
6.9
8
0.4
1
24
.2
90
.7
01
01
8
9.9
9
6.
1 8
5.
1 9
6.0
9
6.9
8
8.2
1
03
.2
10
8.9
9
3.3
9
0.4
9
9.3
8
9.2
9
3.0
1
22
.9
82
.0
85
.7
12
4.0
8
2.2
0
10
2
89
. 1
95
.2
84
. 1
9 6
. 1
96
.4
87
.2
10
2.0
1
08
.0
93
.3
89
.8
98
.9
88
.4
90
.7
12
5.0
8
0.5
8
4.8
1
27
.3
80
.7
01
03
8
9.4
9
6.
1 8
4.7
9
7.0
9
7.
1 8
7.6
1
03
.3
10
8.9
9
4.4
9
0.
1 9
9.7
8
9.1
8
8.4
1
25
.0
81 .
9
86
.5
12
6.4
8
0.4
Tabl
e 01
: Pr
ice
defla
tor
GOP
Ann
ual
data
(In
dex
1994
=100
): In
nat
iona
l cu
rten
cy v
s. (
the
rest
of)
24
Indu
stria
l co
untr
ies
(IC)
Ye
ar
BL
EU
O
K
0 EL
E
F
IRL
I
NL
A
p F
IN
s U
K
EU
R12
EU
U
SA
JP
19
88
1
04
.5
10
7.6
1
09
.4
51 .
4
89
.9
11
4.2
1
07
.9
90
.9
11
3.6
1
06
.3
69
.8
10
5.2
9
2.7
9
4.6
1
11
. 0
1
11
. 8
1
11
. 7
1
17
.3
19
89
1
05
.1
10
7.9
1
06
.4
56
.1
91 .
4
11 2
. 0
10
7.9
9
2.4
1
09
.8
10
4.7
7
4.9
1
06
.3
95
.5
97
.2
10
8.2
1
10
.4
10
9.6
1
14
.4
19
90
1
03
.4
10
6.3
1
04
.1
64
. 1
93
.0
10
9.3
1
02
.0
95
.4
10
7.0
1
03
. 1
80
.5
10
6.3
9
9.
1 1
00
.2
1 0
6.
1 1
09
.8
10
7.6
1
12
. 6
19
91
1
01
. 4
1
04
.0
10
2.6
7
2.9
9
4.5
1
06
.7
98
.8
97
.7
10
4.8
1
01 .
8
86
.2
10
2.9
1
02
.2
10
2.3
1
04
.2
10
8.9
1
05
.8
11 0
. 8
19
92
1
01
.4
10
3.6
1
03
.2
80
.2
97
.0
10
4.4
9
8.
1 9
8.1
1
03
.1
10
1 .
3
91 .
3
10
0.4
9
9.9
1
02
.6
10
4.0
1
08
.4
10
4.5
1
08
.8
19
93
1
01
. 8
1
01
.9
10
2.7
8
8.4
9
8.0
1
03
.3
10
0.3
9
8.4
1
01 .
7
10
0.8
9
4.5
9
9.7
9
9.5
1
02
. 1
10
3.6
1
07
.2
10
3.8
1
06
.2
19
94
1
01 .
2
101
. 2
10
1.4
9
4.8
9
8.7
1
01
.8
99
.8
98
.3
1 01
. 2
1
00
.5
97
.9
99
.0
99
.4
10
0.7
1
01
. 9
10
4.0
1
03
.2
10
3.5
1
99
5
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
19
96
9
8.9
1
00
.2
97
.9
10
3.6
1
00
.7
98
.7
99
.9
10
2.5
9
8.8
9
8.9
1
00
.7
97
.4
98
.9
10
0.8
9
7.9
9
7.2
9
8.
1 9
7.2
1
99
7
98
. 1
10
0.3
9
5.6
1
06
.8
10
0.4
9
7.6
1
02
.1
10
2.0
9
8.7
9
8.0
1
02
.3
97
.0
98
.3
10
1 .
3
95
.1
93
. 1
97
.0
95
.7
19
98
9
7.5
1
00
.4
94
. 1
10
7.9
1
00
. 1
96
.0
10
5.8
1
02
.0
98
.5
96
.4
10
4.3
9
7.8
9
7.0
1
02
.0
92
.9
89
.4
95
.7
93
.6
19
99
9
6.8
1
01
.6
92
.8
10
7.9
1
00
.8
94
.3
10
8.0
1
01
.4
98
.3
95
.4
10
6.2
9
6.3
9
5.3
1
02
.3
90
.8
85
.9
94
.4
90
.5
20
00
9
6.6
1
03
.2
90
.0
10
7.9
1
02
.2
92
.6
11
2.7
1
01
.6
10
0.0
9
5.
1 1
06
.9
96
.9
93
.1
1 01
. 7
8
8.8
8
2.6
9
3.6
8
7.5
Tabl
e 02
: Re
lativ
e pr
ice
indi
cato
rs b
ased
on
GOP
defla
tor
Ann
ual
data
(In
dex
1994
=100
): vs
. (th
e re
st o
f) 2
4 In
dust
rial
coun
trie
s (IC
)
Ye
ar
BL
EU
O
K
0 EL
E
F
IRL
I
NL
A
p F
IN
s U
K
EU
R12
EU
U
SA
JP
19
88
8
8.7
9
2.6
8
8.6
8
2.5
9
7.7
9
6.3
1
04
.8
11
8.7
9
7.1
91
. 8
7
6.3
1
11
. 5
11
2.4
1
11
. 3
9
1.
5 9
5.9
1
06
.0
84
.8
19
89
8
8.6
9
0.7
8
5.6
8
3.8
1
04
.0
93
.4
10
3.9
12
1 . 8
9
3.2
9
0.1
7
9.3
1
16
.6
11
6.4
1
10
. 8
88
.8
92
.9
10
9.0
7
9.2
1
99
0
91 .
9
95
.9
88
.5
87
.9
11
1 .
0
96
.9
1 0
4.
1 1
30
.4
94
.5
91 .
9
83
.9
11
8.
9 1
19
.4
11
3.2
9
7.3
1
05
.3
10
2.9
7
0.5
1
99
1
90
.3
92
.6
87
.0
89
.4
11
3.
4 9
3.2
9
9.8
1
32
. 1
92
.3
90
.8
90
.6
11
1.
1 1
23
.2
11
7.
0 9
3.8
1
02
.6
10
1 .
2
75
.6
19
92
9
2.6
9
4.9
9
0.9
9
1.8
1
14
.2
94
.9
10
2.3
1
29
.6
93
.4
92
.8
99
.6
94
.9
12
2.3
1
13
.5
98
.3
10
7.
1 9
8.8
7
8.5
1
99
3
94
. 1
96
. 1
94
.3
94
. 1
10
2.1
9
6.7
9
9.8
1
09
.5
95
.6
95
.4
96
.5
8 2
. 1
99
.4
10
4.0
9
4.
1 9
4.9
1
02
.3
92
.4
19
94
9
6.0
9
6.
1 9
5.0
9
6.
1 9
7.5
9
7.2
9
9.2
1
06
.9
96
.5
96
.3
96
.4
88
.7
99
. 1
10
4.3
9
4.4
9
5.3
1
01
. 7
97
.9
19
95
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
99
6
97
.2
99
.8
96
.3
10
3.2
1
02
.1
99
.4
10
2.6
1
13
.2
97
.2
97
.4
1 01
. 4
9
5.2
1
09
. 1
10
3.
1 1
00
. 1
10
2.7
1
04
.1
85
.0
19
97
9
2.4
9
7.0
9
0.0
1
05
.3
97
.5
94
.8
10
7.0
1
13
.6
93
.2
94
. 1
10
0.6
9
2.2
1
04
.4
12
0.8
9
0.8
9
7.8
1
11
. 4
79
.3
19
98
9
2.6
9
8.3
9
0.
1 1
02
.4
97
.7
94
.9
10
6.
1 1
15
.0
93
.7
93
.8
10
1 .
7
93
.0
10
2.0
1
27
.4
91
.3
1 01
. 0
11
7.
1 7
3.3
1
99
9
91 .
1
98
.2
87
.7
10
3.5
9
7.5
91
. 9
1
05
.3
11
2.7
9
2.8
9
2.4
1
02
.6
90
.3
99
.2
12
8.
1 8
7.1
9
5.4
1
15
.3
83
.1
20
00
8
7.9
9
5.4
81
. 3
9
7.8
9
5.8
8
6.5
1
03
.7
10
8.4
9
1.5
8
9.7
1
00
.5
87
.0
96
.8
13
1 .
3
77
.8
84
. 1
11
9.
8 9
0.
1
Qua
rter
ly d
ata
(Inde
x 19
94=1
00):
rel
ativ
e to
24
Indu
stria
l co
untr
ies
(IC)
Ot
r B
LE
U
OK
0
EL
E
F IR
L
I N
L A
p
FIN
s
UK
E
UR
12
EU
USA
JP
98
03
9
3.
1 9
9.2
9
0.8
1
02
.7
98
.4
95
.4
10
7.5
1
16
.3
94
. 1
94
.2
10
2.3
9
3.8
1
02
.1
12
8.6
9
2.7
1
02
.8
12
0.4
6
8.7
9
80
4
93
.9
1 01
. 0
91
. 9
1
04
.0
99
.4
96
. 1
10
8.8
1
17
.0
95
.0
94
.7
10
4.4
9
4.6
9
7.7
1
24
.5
94
.7
10
3.3
1
14
.8
78
.0
99
01
9
2.6
9
9.6
9
0.2
1
05
.9
98
.6
94
.3
10
6.8
1
15
.0
94
.0
93
.6
10
3.6
9
2.3
1
00
.0
12
5.
1 91
. 3
9
9.5
1
15
.2
80
.8
99
02
91
. 3
9
8.5
8
8.2
1
04
.0
97
.5
92
.3
10
4.8
1
12
.9
92
.8
92
.6
10
2.7
9
0.3
9
8.4
1
28
.5
87
.6
95
.6
11
6.8
7
8.7
9
90
3
90
.8
98
.2
87
.3
10
3.5
9
7.5
9
1.4
1
05
.0
11
2.3
9
2.6
9
2.3
1
02
.7
89
.6
99
.5
12
8.2
6
6.2
9
3.9
1
15
.6
83
.3
99
04
9
0.
1 9
7.7
8
5.8
1
02
.3
97
.3
90
.2
10
4.8
1
11
.5
92
.3
91
.8
10
2.1
8
8.9
9
8.9
1
30
.8
84
. 1
92
.0
11
3.
8 9
0.0
0
00
1
89
. 1
96
.7
83
.8
10
0.3
9
6.6
8
8.6
1
04
. 1
11 0
. 1
91 .
8
91 .
0
10
1 .
2
88
.0
98
.5
13
3.3
81
. 2
8
9.0
1
15
.8
88
.8
00
02
8
8.2
9
5.6
81
. 8
9
8.4
9
6.0
8
7.0
1
03
.7
1 0
8.
7 91
. 4
9
0.
1 1
00
.5
87
. 1
99
.3
13
1.9
7
8.3
8
4.9
1
19
.2
90
.7
00
03
8
7.9
9
5.4
8
0.7
9
7.7
9
5.9
8
6.2
1
04
.2
10
8.2
91
. 7
8
9.7
1
00
.5
86
.8
96
.7
12
9.8
7
7.
1 8
2.4
1
20
.7
90
.6
00
04
8
7.3
9
5.
1 7
9.5
9
6.3
9
5.6
8
5.
1 1
03
.9
10
7.4
91
. 7
8
9.0
1
00
.3
86
. 1
93
.4
13
0.9
7
5.4
8
0.1
1
24
.4
90
.2
01
01
8
9.4
9
7.7
81
. 7
9
8.6
9
7.9
8
7.3
1
08
.4
11 0
. 5
94
.3
90
.5
10
2.7
8
8.5
91
. 9
1
28
.0
80
.3
85
.4
12
4.2
8
1.
9 0
10
2
88
.8
96
.9
80
.7
98
.8
97
.5
86
.3
10
7.3
1
09
.7
94
.2
89
.9
10
2.6
8
7.4
8
9.7
1
30
.3
78
.8
84
.6
12
7.6
8
0.5
0
10
3
89
.4
97
.8
81
. 1
99
.8
98
.2
86
.8
10
8.9
1
10
.6
95
.3
90
. 1
10
3.6
8
7.8
8
7.7
1
30
.4
80
. 1
86
.3
12
6.7
8
0.4
•
,.
Tabl
e E1
: Pr
ice
Defla
tor
Expo
rts o
f G
oods
and
Ser
vice
s A
nnua
l da
ta (
Inde
x 19
94 =
100
): In
nat
iona
l cu
rren
cy v
s. (
the
rest
of)
24
Indu
stria
l co
untr
ies
(IC)
Ye
ar
BL
EU
O
K
0 EL
E
F
IRL
I
NL
A
p F
IN
s U
K
EU
R12
EU
U
SA
JP
19
88
1
07
.8
10
2.0
1
10
.0
58
.4
91
.2
12
2.5
1
11
. 7
81
. 8
1
15
.3
10
8.7
8
3.2
9
2.1
8
9.3
8
5.9
1
13
.0
10
8.3
1
14
.2
12
9.
1 1
98
9
11 0
. 1
10
3.5
1
07
.0
62
.0
91
.8
12
1.
3 1
13
.6
83
. 1
11
4.7
1
06
.0
87
.8
92
.7
90
.1
88
.8
11
1 .
3
10
8.3
1
10
.4
12
8.7
1
99
0
10
7.4
1
02
.8
10
5.4
71
. 0
91
. 1
1
17
. 7
10
2.6
8
4.7
1
12
.6
10
5.8
9
2.2
9
1.
8 9
0.3
9
2.3
1
08
.3
10
6.8
1
08
.6
12
9.5
1
99
1
10
5.4
1
03
.3
10
5.1
7
9.6
91
. 2
1
14
.9
1 01
. 1
8
6.7
1
11
. 1
1
04
.7
93
.1
90
.2
90
.9
92
.7
10
7.2
1
05
.8
11
0.2
1
25
.0
19
92
1
0 4
. 1
10
5.9
1
05
.5
66
.4
93
.6
11
2.0
9
8.6
8
6.7
1
08
.0
10
4.2
9
1.7
9
5.8
8
7.8
9
4.0
1
05
.8
10
4.6
1
08
.9
1 21
. 1
1
99
3
1 01
. 5
1
02
.9
10
3.6
91
. 1
9
6.
1 1
06
.2
10
2.3
9
4.3
1
03
.4
10
2.
1 9
4.3
9
9.2
9
4.3
1
01
.0
10
4.3
1
06
.8
10
7.6
1
11
. 2
1
99
4
1 01
. 5
1
01
.9
1 01
. 7
9
6.3
9
8.3
1
03
.4
10
1.2
9
4.8
1
01
. 9
10
1.3
9
8.1
9
8.5
9
6.2
9
9.9
1
01
. 7
1
02
.8
10
6.2
1
05
.7
19
95
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
99
6
1 01
. 2
1
00
.8
98
.3
10
3.6
1
00
.2
10
0.4
9
8.6
9
9.3
9
9.3
1
00
.0
97
.2
98
.5
94
.0
10
0.1
9
8.4
9
6.9
9
5.7
1
02
.9
19
97
1
04
.6
10
2.8
9
7.6
1
04
.6
10
2.0
1
01
. 0
9
9.4
9
7.5
1
00
.5
99
.0
98
.6
96
.3
92
.6
94
.1
98
.0
92
.6
92
.6
10
4.5
1
99
8
10
4.8
1
03
.0
97
.6
10
7.9
1
02
.6
10
0.0
1
03
.5
98
.4
99
.6
99
. 1
10
0.3
9
5.8
9
2.2
9
0.
1 9
7.9
8
9.2
9
0.0
1
06
.3
19
99
1
05
.0
10
4.7
9
7.0
1
08
.4
10
2.9
9
9.7
1
06
.5
98
.2
99
.2
99
.0
10
0.4
9
0.5
9
0.8
8
8.7
9
6.7
8
6.1
9
0.2
9
7.3
2
00
0
10
9.5
1
10
.5
95
.6
11
1.2
1
05
.6
96
.7
11
1.6
1
00
.5
10
2.7
9
8.5
1
00
.8
90
.7
88
.6
86
.4
97
. 1
84
.9
88
.5
90
.6
Tabl
e E2
: Re
lativ
e pr
ice
indi
cato
rs b
ased
on
Expo
rt Pr
ice
Defla
tor
Ann
ual
data
(In
dex
1994
=100
): v
s. (
the
rest
of)
24
Indu
stria
l co
untr
ies
(IC)
Ye
ar
BL
EU
O
K
0 EL
E
F
IRL
I
NL
A
p F
IN
s U
K
EU
R12
EU
U
SA
JP
19
88
9
1.
4 8
7.7
8
9.
1 9
3.7
9
9.0
1
03
.4
10
8.5
1
06
.8
98
.6
93
.8
91 .
0
97
.5
10
8.3
1
01
. 0
9
3.2
9
2.9
1
08
.3
93
.4
19
89
9
2.9
8
7.0
8
6.
1 9
2.6
1
04
.4
1 01
. 1
1
09
.3
10
9.6
9
7.4
91
. 2
9
3.0
1
01
. 7
1
09
.9
10
1 .
2
91 .
3
91 .
1
10
9.8
8
9.
1 1
99
0
95
.5
92
.7
89
.6
97
.3
10
8.7
1
04
.3
10
4.7
1
15
.8
99
.4
94
.3
96
. 1
10
2.7
1
08
.8
10
4.3
9
9.4
1
02
.4
10
3.9
81
. 1
1
99
1
93
.9
92
.0
89
.0
97
.6
10
9.4
1
00
.3
10
2.
1 11
7.
2 9
7.9
9
3.2
9
7.9
9
7.4
1
09
.5
10
6.
1 9
6.5
9
9.7
1
05
.4
85
.4
19
92
9
5.
1 9
7.
1 9
3.0
9
8.9
11
0.
3 1
01
.7
10
2.9
1
14
.6
97
.9
95
.4
10
0.0
9
0.6
1
07
.5
10
4.0
1
00
.0
10
3.3
1
03
.0
87
.3
19
93
9
3.9
9
7.0
9
5.
1 9
6.9
1
00
.1
99
.5
10
1.9
1
05
.0
97
.3
96
.7
96
.2
81
.7
94
. 1
10
2.9
9
4.7
9
4.6
1
06
.0
96
.8
19
94
9
6.3
9
6.8
9
5.3
9
7.6
9
7.
1 9
8.7
1
00
.7
10
3.0
9
7.1
9
7.0
9
6.5
8
8.2
9
5.9
1
03
.4
94
.2
94
.2
10
4.7
1
00
.0
19
95
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
99
6
99
.5
10
0.3
9
6.8
1
03
.1
10
1.6
1
01 .
1
10
1 .
3
10
9.7
9
7.7
9
8.5
9
7.9
9
6.3
1
03
.6
10
2.3
1
00
.6
10
2.4
1
01
. 5
9
0.0
1
99
7
98
.5
99
.3
91 .
9
10
3.2
9
9.1
9
8.2
1
04
.2
10
8.6
9
5.0
9
5.
1 9
6.9
91
. 5
9
8.4
1
12
. 2
93
.6
97
.3
10
6.4
8
6.5
1
99
8
99
.6
10
0.9
9
3.5
1
02
.3
10
0.2
9
8.9
1
03
.8
11 0
. 9
94
.8
96
.5
97
.9
91 .
1
97
.0
11
2.
5 9
6.2
1
00
.8
11 0
. 1
83
.3
19
99
9
8.8
1
01 .
2
91
.7
10
4.0
9
9.6
9
7.1
1
03
.8
10
9.
1 9
3.6
9
5.8
9
7.0
8
4.8
9
4.5
1
11
. 1
9
2.8
9
5.6
11
0.
1 8
9.3
2
00
0
99
.7
10
2.
1 8
6.3
1
00
.8
99
.1
90
.3
10
2.8
1
07
.2
94
.0
92
.9
94
.7
81
.5
92
.1
11
1 .
6
85
.0
86
.4
11
3.2
9
3.3
Qua
rter
ly d
ata
(Ind
ex 1
994=
100)
: re
lativ
e to
24
Indu
stria
l co
untr
ies
(IC)
Ot
r B
LE
U
OK
0
EL
E
F IR
L
I N
L A
p
FIN
s
UK
E
UR
12
EU
USA
JP
98
03
1
00
.0
10
1 .
6
94
.3
10
3.0
1
00
.7
99
.5
10
5.2
11
2 .
1 9
5.0
9
7.
1 9
8.3
91
. 5
9
7.
1 1
13
.0
97
.8
10
2.7
1
12
.8
78
.4
98
04
1
00
.7
10
3.
1 9
5.5
1
04
.2
10
1.6
1
00
.8
10
6.7
1
12
. 7
95
.5
98
.0
99
.7
91 .
3
93
.1
10
9.0
1
00
.0
10
3.0
1
08
. 1
87
.9
99
01
9
9.4
1
01
.7
93
.8
10
5.9
1
00
.4
99
.4
10
4.9
1
10
.7
94
.3
97
.0
98
.3
87
.9
95
.4
10
9.2
9
6.5
9
9.
1 1
09
.3
89
.4
99
02
9
8.2
1
00
.8
91 .
9
10
3.9
9
9.2
9
7.7
1
03
.2
10
8.8
9
3.2
9
6.0
9
7.0
8
4.9
9
3.9
1
11
.8
92
.7
95
.4
11
1 .
4
85
.2
99
03
9
8.6
1
01
. 2
9
1.2
1
03
. 8
99
.4
96
.8
10
3.6
1
08
.7
93
.5
95
.6
96
.8
83
.6
94
.8
11
1.0
9
1.
8 9
4.2
1
10
.5
88
.5
99
04
9
9.2
1
01
.8
90
. 1
10
3.4
9
9.6
9
5.
1 1
03
.8
10
8.7
9
3.8
9
5.1
9
6.4
8
2.9
9
4.0
1
12
.5
90
.4
93
.2
10
8.5
9
4.4
0
00
1
99
.5
10
2.1
8
8.5
1
02
.4
99
.4
92
.9
10
3.4
1
08
.2
94
.0
94
.3
95
.6
82
.3
93
.4
11
3.8
8
8.
1 9
1.
0 11
0.
1 9
2.4
0
00
2
99
.8
10
2.
1 8
6.7
1
01 .
3
99
.2
90
.7
10
3.0
1
07
.5
94
. 1
93
.3
95
.0
81
.6
94
.2
11
2.0
8
5.7
8
7.5
1
12
.6
93
.9
00
03
1
00
.3
10
2.7
8
5.8
1
01 .
0
99
.3
89
.6
10
3.1
1
07
.3
94
.4
92
.8
94
.7
81
.4
91 .
9
11
0.0
8
4.5
8
5.0
1
13
. 5
93
.6
00
04
9
9.9
1
02
.6
84
.6
99
.7
98
.8
88
.4
10
2.2
1
06
.3
94
.0
92
.0
94
.0
80
.5
89
.1
11
1 .
0
82
.5
82
.5
11
6.5
9
3.1
0
10
1
10
2.0
1
05
.4
86
.8
10
1.8
1
00
.9
90
.8
10
5.6
1
09
.0
95
.8
93
.5
95
.4
82
.4
88
.1
10
8.8
8
7.3
8
7.5
1
16
.0
84
.7
01
02
1
00
.9
10
4.2
8
5.6
1
01 .
5
10
0.0
9
0.0
1
03
.4
10
7.5
9
4.8
9
2.9
9
4.4
8
0.9
8
6.5
1
11
. 2
8
5.1
8
5.9
1
19
.0
83
.5
01
03
1
01
. 0
1
04
.8
85
.9
10
2.0
1
00
.4
90
.7
10
3.8
1
07
.8
94
.9
93
. 1
94
.6
80
.7
84
.9
11
1 .
9
85
.8
86
.9
11
8.0
8
3.5
Tabl
e F1
: Un
it La
bour
Cos
ts i
n Ec
onom
y as
a w
hole
(UL
CE)
Ann
ual
data
(In
dex
1994
=100
): I
n na
tiona
l cu
rren
cy v
s. (
the
rest
of)
24 I
ndus
tria
l co
untr
ies
(IC)
Ye
ar
BL
EU
O
K
0 EL
E
F
IRL
I
NL
A
p F
IN
s U
K
EU
R12
EU
U
SA
JP
19
88
1
00
.5
11
3.
1 1
11
. 5
5
3.7
8
6.5
1
14
.3
11
5.
3 9
5.8
1
15
.6
10
8.0
6
6.2
1
10
.0
92
.8
92
.6
11
4.2
1
14
.3
11
3.3
1
14
. 1
19
89
9
8.7
1
12
. 2
10
7.4
61
. 4
8
7.9
1
11
. 3
11
0.
0 9
7.6
1
09
.2
10
5.7
71
. 1
1
11
. 3
9
8.7
9
8.6
1
09
. 1
11
2.5
1
09
.8
11
1 .
3
19
90
9
9.3
1
08
.5
10
3.0
6
9.2
91
. 2
1
08
.4
10
4.6
1
01 .
3
10
5.1
1
02
.5
78
.2
11
4.3
1
04
.0
10
3.0
1
05
.9
11
1 .
5
10
7.6
1
08
.2
19
91
9
9.6
1
05
.3
10
0.
1 71
. 3
9
3.4
1
05
.2
10
1.4
1
03
.7
10
3.3
1
01
.4
88
. 1
11
6.
1 1
05
.4
10
5.2
1
03
.5
10
9.3
1
04
.9
10
6.3
1
99
2
99
.6
10
4.6
1
01 .
3
77
.0
97
.4
10
2.9
1
02
.5
10
3.8
1
03
.0
10
0.6
9
4.6
11
0.
1 1
02
.8
10
4.1
1
04
. 1
10
9.2
1
02
.6
10
4.3
1
99
3
10
1.5
1
03
. 2
10
1.
7 8
4.
1 9
9.7
1
02
. 1
10
4.7
1
02
. 8
10
2.5
1
01 .
1
96
.7
10
2.9
1
02
.0
10
1 .
6
10
4.4
1
06
.0
1 01
. 9
1
02
.3
19
94
1
01
. 7
1
00
.3
10
0.2
9
2.0
9
9.6
1
00
.8
10
4.2
1
01
.2
1 01
. 0
1
01
. 3
98
.5
1 0
0.
1 1
01
. 4
1
00
.6
10
1.8
1
03
.8
10
1 .
5
10
2.
1 1
99
5
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
19
96
9
9.0
1
00
.3
97
.4
10
2.6
1
01 .
5
99
.3
97
.9
10
3.2
9
9.2
9
7.1
9
3.4
9
8.
1 1
03
.3
10
0.4
9
7.6
9
7.
1 9
7.9
9
6.9
1
99
7
97
.8
1 01
. 0
9
3.4
1
08
.9
1 01
. 1
9
8.2
9
5.7
1
03
.4
99
.6
96
.1
93
.8
95
.4
10
2.2
1
01
. 7
9
3.5
91
. 8
9
5.8
9
6.
1 1
99
8
96
.7
10
1 .
4
90
.8
11
1.9
1
0 1
. 1
96
.4
96
.4
10
2.3
9
9.5
9
4.7
9
4.5
9
4.
1 1
00
.6
10
3.1
8
9.9
8
6.9
9
4.8
9
3.4
1
99
9
95
.7
10
2.7
8
9.3
1
09
.5
1 01
. 2
9
5.2
9
5.9
1
01
. 6
9
9.8
9
3.6
9
5.7
9
2.8
9
7.9
1
05
.2
87
.6
83
.8
94
.0
89
.3
20
00
9
5.1
1
02
.9
87
.4
10
8.8
1
02
.6
93
.7
96
.6
10
1.4
1
01 .
1
92
.2
97
.9
90
.9
1 01
. 6
1
05
.5
85
.6
81
.4
92
.8
87
.4
Tabl
e F2
: Re
lativ
e pr
ice
indi
cato
rs b
ased
on
ULCE
A
nnua
l da
ta (
Inde
x 19
94=1
00):
vs.
(the
res
t of
) 24
Ind
ustr
ial
coun
trie
s (IC
)
Ye
ar
BL
EU
O
K
0 E
L
E
F IR
L
I N
L A
p
FIN
s
UK
E
UR
12
EU
USA
JP
19
88
8
5.3
9
7.3
9
0.3
8
6.2
9
3.9
9
6.4
1
12
. 0
12
5.
1 9
8.8
9
3.2
7
2.4
1
16
.5
11
2.
5 1
08
.9
94
.1
98
.1
10
7.4
8
2.6
1
98
9
83
.2
94
.3
86
.4
91
. 7
10
0.0
9
2.8
1
05
.9
12
8.7
9
2.7
9
0.9
7
5.2
1
22
. 1
12
0.4
1
12
.4
89
.5
94
.7
10
9.2
7
7.1
1
99
0
88
.2
97
.9
87
.5
94
.9
10
8.8
9
6.
1 1
06
.7
13
8.5
9
2.8
91
. 3
8
1.5
1
27
.8
12
5.4
1
16
.4
97
.2
10
6.9
1
02
.9
67
.7
19
91
8
8.9
9
3.8
8
4.8
8
7.5
1
12
. 0
91 .
8
10
2.4
1
40
.3
91 .
0
90
.2
92
.6
12
5.4
1
27
.0
12
0.4
9
3.
1 1
03
.0
10
0.3
7
2.6
1
99
2
91 .
0
95
.9
89
.3
88
.2
11
4.
7 9
3.5
1
06
.9
13
7.2
9
3.3
9
2.
1 1
03
.2
10
4.
1 1
25
.9
11
5.
1 9
8.4
1
07
.9
97
. 1
75
.2
19
93
9
3.8
9
7.2
9
3.3
8
9.5
1
03
.8
95
.6
10
4.2
1
14
.4
96
.4
95
.7
98
.7
84
.8
1 01
. 8
1
03
.7
94
.8
95
.6
10
0.4
8
9.
1 1
99
4
96
.4
95
.3
93
.8
93
.2
98
.4
96
.2
10
3.7
1
10
.0
96
.3
97
. 1
96
.9
89
.7
1 01
. 0
1
04
.2
94
.3
95
.1
1 0
0.
1 9
6.6
1
99
5
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
19
96
9
7.3
9
9.9
9
5.9
1
02
. 1
10
2.9
1
00
.0
10
0.6
1
13
. 9
97
.6
95
.7
94
.1
95
.9
11
3.9
1
02
.6
99
.8
10
2.6
1
03
.9
84
.8
19
97
9
2.
1 9
7.6
8
8.0
1
07
.5
98
.2
95
.4
10
0.3
1
15
. 1
94
. 1
92
.3
92
.3
90
.6
10
8.6
1
21
. 3
8
9.3
9
6.5
1
10
.0
79
.6
19
98
91
. 8
9
9.3
8
7.0
1
06
.1
98
.7
95
.3
96
.6
11
5.
3 9
4.7
9
2.1
9
2.2
8
9.5
1
05
.9
12
8.8
8
8.4
9
8.2
11
6.
1 7
3.2
1
99
9
90
.0
99
.3
84
.4
10
5.0
9
7.9
9
2.7
9
3.5
1
12
.9
94
.2
90
.6
92
.4
87
.0
10
1 .
9
13
1.8
8
4.0
9
3.1
1
14
.8
82
.0
20
00
8
6.6
9
5.
1 7
8.9
9
8.6
9
6.3
8
7.6
8
8.9
1
08
.2
92
.5
87
.0
92
.0
81
.6
10
5.6
1
36
.2
75
.0
82
.9
11
8.
7 9
0.0
Qua
rter
ly d
ata
(Inde
x 19
94=1
00):
rel
ativ
e to
24
Indu
stria
l co
untr
ies
(IC)
Ot
r B
LE
U
OK
0
EL
E
F IR
L
I N
L A
p
FIN
s
UK
E
UR
12
EU
USA
JP
98
03
9
2.3
1
00
.3
87
.6
10
6.6
9
9.5
9
5.9
9
7.7
1
16
.4
95
.2
92
.5
92
.6
89
.9
10
6.0
1
3 0
. 1
89
.6
99
.9
11
9.
6 6
8.5
9
80
4
93
.0
10
2.2
8
8.5
1
07
.2
10
0.4
9
6.7
9
8.4
1
17
. 2
96
.2
93
.1
94
.0
91 .
1
10
0.6
1
26
.6
91 .
4
10
0.4
1
14
.3
77
.3
99
01
91
. 7
1
00
.9
86
.7
10
8.4
9
9.3
9
5.0
9
6.1
1
15
. 3
95
.3
92
. 1
93
. 1
89
.3
10
2.2
1
27
.9
88
. 1
96
.7
11
5.0
7
9.8
9
90
2
90
.2
99
.7
84
.8
10
5.6
9
8.0
9
3.2
9
3.7
11
3.
3 9
4.2
91
. 0
9
2.3
8
7.4
1
00
.3
13
2.0
8
4.5
9
3.2
1
16
.6
77
.5
99
03
8
9.8
9
9.2
8
4.0
1
04
.7
97
.9
92
.4
92
.9
11
2.
7 9
4.
1 9
0.5
9
2.5
8
6.4
1
02
.2
13
2.3
8
~ . 1
91
. 7
1
15
. 3
82
.2
99
04
8
9.0
9
8.3
8
2.8
1
03
.2
97
.6
91 .
2
91 .
8
11
1 .
7
93
.7
89
.7
92
.5
85
. 1
10
3.2
1
35
.4
8 1
. 1
90
.3
11 3
. 1
89
.2
00
01
8
7.9
9
6.8
81
. 2
1
01 .
2
97
.0
89
.6
90
. 1
11 0
. 3
93
.1
88
.6
9 2
. 1
83
.4
10
5.0
1
38
.2
78
.3
87
.6
11
4.9
6
8.6
0
00
2
86
.9
95
.4
79
.4
99
.3
96
.5
88
.0
88
.9
10
8.7
9
2.6
8
7.4
91
. 9
8
1.8
1
0 8
. 1
13
6.9
7
5.6
8
3.8
1
18
.0
90
.9
00
03
8
6.5
9
5.0
7
8.5
9
8.6
9
6.5
8
7.2
8
8.8
1
08
.0
92
.6
86
.8
92
.3
81 .
1
10
6.7
1
34
.8
74
.3
81
. 4
11
9.7
9
0.7
0
00
4
85
.8
94
.6
77
.3
97
.2
96
. 1
86
.3
88
.4
10
7.0
9
2.4
8
6.
1 9
2.3
8
0.4
1
03
.7
13
6.1
7
2.6
7
9.2
1
23
.8
89
.7
01
01
8
7.7
9
7.3
7
9.3
9
9.5
9
8.6
8
8.7
9
2.3
1
10
.0
94
.7
87
.6
94
.4
82
.8
10
2.0
1
33
.1
77
.2
84
.3
12
4.4
8
0.7
0
10
2
87
.0
96
.6
7 8
. 1
99
.6
98
. 1
87
.8
91 .
6
10
9.0
9
4.4
8
7.0
9
4.2
8
2.2
9
9.3
1
35
.6
75
.6
83
.3
12
8.7
7
8.4
0
10
3
87
.4
97
.7
78
.4
10
0.6
9
8.8
8
8.5
9
3.
1 1
09
.7
95
.3
87
.3
95
.0
83
.0
96
.6
13
5.7
7
6.8
8
4.8
1
28
.7
77
.4
r
Tabl
e G1
: Un
it La
bour
Cos
ts i
n M
anuf
actu
ring
{ULC
M)
Ann
ual
data
(In
dex
1994
=100
): I
n na
tiona
l cu
rren
cy v
s. (
the
rest
of)
24
Indu
stria
l co
untr
ies
(IC)
Ye
ar
BL
EU
O
K
D
El
E
F IR
L
I N
l A
p
FIN
s
UK
E
UR
12
EU
USA
JP
19
88
1
08
.6
10
8.9
10
1 . 2
5
6.8
8
7.
1 1
20
.0
14
7.7
9
4.5
1
22
.3
10
9.8
6
4.0
1
13
.4
10
7.3
9
5.0
1
12
. 8
11 5
. 8
11
6.3
1
06
.3
19
89
1
06
.2
10
4.6
9
8.9
6
5.0
8
9.5
1
16
. 6
14
0.3
9
7.6
1
15
.5
10
8.0
6
8.7
1
15
.0
11 2
. 1
94
.0
10
9.5
1
11
. 7
1
16
.0
10
2.8
1
99
0
10
5.6
1
06
.3
95
.9
73
.8
9 3
. 1
11
5.
0 1
35
.6
1 0
0.
1 1
11
. 2
1
03
.8
77
.6
11
7.7
11
5.
1 9
6.9
1
07
.4
11
1 .
2
11
3.5
9
9.9
1
99
1
10
6.6
1
04
. 1
93
.4
73
.6
93
.4
11
1 .
4
12
9.0
1
02
.2
10
9.9
1
02
.7
89
.0
11
7.5
11
9.
1 9
8.5
1
04
.5
10
8.7
1
11
. 5
9
7.0
1
99
2
10
5.0
1
04
.6
96
.9
79
.3
96
.5
10
6.8
1
19
.3
99
.8
11
0.8
1
02
.2
94
.4
10
5.4
11
5 .
1 9
7.0
1
04
.3
10
7.2
1
09
.6
98
.2
19
93
1
04
.1
10
6.6
9
8.8
8
2.
1 9
9.4
1
06
.0
11 7
. 6
10
0.8
1
09
.4
10
1.
9 9
6.7
9
6.9
1
05
.1
94
.8
10
5.5
1
06
.4
10
7.2
1
01
. 6
1
99
4
1 01
. 8
1
00
.6
97
.9
89
.3
10
0.0
1
03
.2
11
2.
1 9
9.2
1
03
.4
10
3.0
1
01
. 3
95
.8
98
.8
96
.3
10
1.4
1
00
.9
10
5.4
1
04
. 1
19
95
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
99
6
97
.4
10
5.7
9
9.2
1
01 .
7
1 0
3.
1 9
9.5
9
7.2
1
04
.9
98
.7
95
.3
93
.3
98
.5
10
2.7
1
01
. 0
99
.2
99
.8
97
.0
95
.6
19
97
9
5.7
1
02
.3
95
. 1
10
5.3
1
06
.5
94
.6
91
.4
10
6.8
1
00
.3
94
.1
91
. 9
94
.7
10
0.7
1
04
.0
94
.1
93
.4
94
.3
94
.2
19
98
9
0.7
1
02
.4
93
.9
10
8.7
1
06
.8
93
.5
85
.3
10
6.0
9
9.4
9
1.
6 9
1.2
9
2.
1 9
6.7
1
06
. 1
90
.5
88
.4
91
. 7
96
.0
19
99
8
9.8
1
04
.7
93
.3
11
2.
2 1
08
.3
91
. 8
81 .
5
10
7.4
9
8.9
8
9.8
9
1.
2 8
6.9
9
3.8
1
12
.3
88
.8
87
.7
87
.9
92
.1
20
00
9
1.
1 1
02
.6
91 .
2
11
0.5
1
11
. 0
9
0.3
7
8.6
1
07
.1
10
0.2
9
0.3
9
3.6
81
. 7
91
. 8
1
13
. 6
86
.9
85
.0
86
.8
86
.2
Tabl
e G
2: R
elat
ive
pric
e in
dica
tors
bas
ed o
n UL
CM
Ann
ual
data
(In
dex
1994
=100
): v
s. (
the
rest
of)
24 I
ndus
tria
l co
untr
ies
(IC)
Ye
ar
BL
EU
O
K
0 E
l E
F
IRL
I
Nl
A
p F
IN
s U
K
EU
R12
EU
U
SA
JP
19
88
9
2.
1 9
3.7
8
2.0
9
1.
1 9
4.7
1
01
. 2
1
43
.5
12
3.4
1
04
.5
94
.8
69
.9
12
0.
1 1
30
.0
11
1 .
8
93
.0
99
.4
11
0.3
7
6.9
1
98
9
89
.5
87
.9
79
.6
97
. 1
10
1 .
8
97
.2
13
5.
1 1
28
.7
98
.0
92
.9
72
.7
12
6.
1 1
36
.7
10
7.2
8
9.9
9
4.0
1
15
.4
71 .
1
19
90
9
3.9
9
5.9
81
. 5
1
01 .
1
11 1
. 1
10
2.0
1
38
.3
13
6.9
9
8.2
9
2.5
8
0.8
1
31
. 6
1
38
.7
10
9.5
9
8.5
1
06
.6
10
8.6
6
2.6
1
99
1
94
.9
92
.7
79
.2
90
.3
11
2.0
9
7.3
1
30
.3
13
8.2
9
6.8
9
1.4
9
3.6
1
26
.9
14
3.6
1
12
.7
94
.0
10
2.4
1
06
.6
66
.2
19
92
9
5.9
9
5.9
8
5.4
9
0.8
1
13
.6
97
.1
12
4.4
1
31
. 9
1
00
.4
93
.5
10
3.0
9
9.6
1
40
.8
10
7.3
9
8.5
1
05
.9
10
3.7
7
0.8
1
99
3
96
.3
10
0.4
9
0.7
8
7.3
1
03
.6
99
.3
11
7.
1 1
12
. 2
10
2.9
9
6.5
9
8.7
7
9.9
1
04
.9
98
.6
95
.8
94
.2
10
5.8
8
8.4
1
99
4
96
.6
95
.5
91 .
7
90
.6
98
.7
98
.5
11
1 .
5
10
7.9
9
8.6
9
8.7
9
9.7
8
5.8
9
8.3
9
9.7
9
4.0
9
2.4
1
03
.9
98
.5
19
95
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
99
6
95
.7
10
5.2
9
7.6
1
01
. 2
1
04
.5
10
0.2
9
9.8
1
15
. 9
97
. 1
93
.9
93
.9
96
.3
11
3.2
1
03
.2
10
1.4
1
05
.4
10
2.9
8
3.6
1
99
7
90
. 1
98
.8
89
.6
10
3.9
1
03
.4
91 .
9
95
.8
11
9.0
9
4.8
9
0.5
9
0.3
8
9.9
1
07
.0
12
4.1
8
9.9
9
8.2
1
08
.3
78
.0
19
98
8
6.2
1
00
.3
90
.0
10
3.1
1
04
. 1
92
.5
85
.6
11
9.6
9
4.6
8
9.1
8
9.0
8
7.6
1
01 .
7
13
2.5
8
9.0
9
9.9
1
12
.2
75
.2
19
99
8
4.5
1
01
.3
88
.2
10
7.6
1
04
.8
89
.3
79
.4
11
9.4
9
3.4
8
6.9
8
8.1
8
1.
4 9
7.8
1
40
.6
85
.1
97
.4
10
7.3
8
4.8
2
00
0
82
.9
94
.9
82
.4
10
0.2
1
04
. 1
84
.4
72
.4
11
4.3
9
1.
7 8
5.2
8
7.9
7
3.4
9
5.5
1
46
.8
76
.2
88
.5
11
1 .
0
88
.9
Qua
rter
ly d
ata
(Ind
ex 1
994
= 1
00):
rela
tive
to 2
4 In
dust
rial
coun
trie
s (IC
)
Ot
r B
LE
U
OK
0
El
E
F IR
L
I N
l A
p
FIN
s
UK
E
UR
12
EU
USA
JP
98
03
8
6.
1 1
01
.5
90
.8
10
3.9
1
04
.8
93
.4
85
.7
12
0.8
9
4.9
8
9.3
8
9.2
8
7.8
1
01 .
5
13
4.0
9
0.3
1
01
. 9
11
5.
3 7
1.
0 9
80
4
86
.5
10
4.
1 9
2.1
1
06
.3
10
6.1
9
4.0
8
5.3
1
22
.2
95
.6
89
.5
90
.2
88
.0
96
.7
13
1.8
9
2.4
1
03
.3
10
9.0
8
0.6
9
90
1
85
.5
10
3.2
9
0.5
1
09
.4
10
5.
5 9
2.0
8
2.7
1
21
. 1
94
.6
88
.2
89
.0
85
.2
98
.7
13
4.7
8
9.2
1
00
.8
10
8.4
8
3.2
9
90
2
84
.5
10
2.
1 8
8.7
1
08
.4
10
4.7
8
9.8
7
9.9
1
19
.7
93
.4
8 7
. 1
87
.9
82
.2
96
.9
14
0.7
8
5.7
9
7.7
1
09
.0
80
.5
99
03
8
4.5
1
01
.2
87
.8
10
8.2
1
05
.1
88
.8
78
.6
11
9.5
9
3.3
8
6.8
8
8.0
8
0.3
9
7.9
1
42
.1
84
.4
96
.5
10
7.3
8
4.6
9
90
4
84
.3
99
.6
86
.5
10
6.7
1
05
.2
87
.6
76
.8
11
8.6
9
2.9
8
6.5
8
8.
1 7
8.
1 9
7.3
1
45
.9
82
.4
94
.9
10
5.3
9
0.8
0
00
1
83
.7
97
.3
84
.7
10
4.
1 1
04
.8
86
. 1
74
.6
11
6.8
9
2.3
8
6.1
8
7.9
7
5.8
9
7.0
1
49
.0
79
.5
91 .
8
10
7.2
8
9.0
0
00
2
83
.2
95
.2
82
.9
10
1.3
1
04
.4
84
.7
72
.7
11
4.9
91
. 8
8
5.5
8
7.9
7
3.6
9
8.0
1
47
.5
76
.7
87
.5
11
0.4
9
0.1
0
00
3
83
.1
94
.4
81
.9
99
.8
10
4.5
8
4.2
71
. 9
1
14
.0
91 .
9
85
.3
88
.3
72
.5
95
.5
14
5.2
7
5.5
8
4.9
11
2.
1 8
9.0
0
00
4
82
.6
94
.0
80
.8
97
.8
10
4.1
8
3.4
7
0.9
1
12
.9
91 .
6
84
.9
88
.3
71
. 6
92
.3
14
6.8
7
3.9
8
2.7
1
15
. 7
87
.4
01
01
8
4.6
9
7.0
8
3.2
9
9.6
1
06
.8
85
.8
73
.4
11
6.
1 9
3.8
8
6.4
9
0.2
7
3.5
9
0.9
1
43
.9
78
.8
88
.5
11
5.8
7
8.2
0
10
2
83
.9
96
.7
82
.3
99
.3
10
6.3
8
5.
1 7
2.3
1
15
.2
93
.4
85
.8
89
.8
72
.8
88
.7
14
6.9
7
7.4
8
7.9
1
19
. 2
75
.8
01
03
8
4.3
9
8.3
8
2.9
9
9.9
1
07
.2
85
.8
7 3
. 1
11
6.
1 9
4.
1 8
6.0
9
0.4
7
3.4
8
6.7
1
47
.5
78
.8
89
.9
11
8.7
7
4.6
Tabl
e H1
: D
oubl
e Ex
port
Wei
ghts
(19
99}
in r
elat
ion
to (
the
rest
of}
24 i
ndus
trial
cou
ntrie
s (IC
}
BLEU
OK
0
EL
E
F IR
L I
NL
A
p FI
N
s UK
AU
CA
JP
MX
NZ
NO
CH
TR
U
SA
EUR
12
EU
BLEU
0
.0
2. 5
4
.3
2.7
3
. 1
4.5
3
.4
3.0
5
.7
2.8
3
.4
2.9
3
.3
4.7
2
.3
0.4
2
.3
0.3
1
. 7
2.7
2
.4
4.1
2
.2
4:1
OK
1
. 2
0.0
2
.1
1. 4
1
. 0
1.
2 1
.1
1 . 2
1
. 8
1. 3
1
. a
3.0
5
.0
1.5
0
.4
0.1
0
.7
0.1
0
.5
4.4
1
.1
1.1
0
.7
0 2
1.0
2
2.6
0
.0
24
.7
17
.1
20
.3
15
.2
21 .
8
28
. 1
37
.3
21
. 1
18
.2
15
.3
15
. I
8.2
1
. 8
10
.3
2.5
8
.4
14
.9
23
.7
24
.0
9.0
EL
0
.7
0.9
1
. 0
0.0
1
. 0
0.9
0
.4
2.0
0
.8
0.7
0
.5
1. 0
0
.8
0.8
0
.1
0.1
0
.3
0.0
0
.3
0.3
0
.7
1.5
0
.2
E
4.5
2
.9
5.0
3
.8
0.0
8
.8
3.
1 8
.5
3.9
3
.4
15
.1
3.3
3
.8
4.7
1
.4
0.3
1
. 5
0.7
1
.1
2.8
3
.3
3.9
1
.9
F 1
8.2
7
.8
14
.5
8.0
2
0.
1 0
.0
10
.1
15
. 1
13
.4
7.7
1
5.3
8
.2
7.11
1
2.8
4
.5
1. 2
5
.3
0.9
3
.7
10
. 1
10
.7
10
. 5
8.0
IR
L 0
.9
1. 0
1
.0
0.8
0
. 8
1.0
0
.0
0. 8
1
. 0
0.7
0
.8
0.8
0.
11
2.8
0
.7
0.2
0
.8
0.2
0
.5
1.0
0
.8
1.0
0
.8
I 7
.5
5.7
1
0.8
1
5.9
1
0.7
1
1.1
5
.2
0.0
7
.9
11
.1
5.9
8
.5
5.8
8
.8
3.5
0
.9
3.11
0
.7
3. 3
3
.9
9.3
9
.2
4.1
NL
8
.3
4.6
6
.6
4.3
4
. 1
5.3
5
.2
4.0
0
.0
4. 0
4
.8
4.7
5
. 3
8.5
2
.1
0.5
3
.3
0.5
1
. 8
8.9
3
.8
4.4
3
.2
A
1. 5
1
. 6
5. 8
2
.9
1. 3
1
. 6
1 . 0
2
.8
2.0
0
.0
1.3
2
.2
1. 5
1
.1
0.4
0
.1
0.7
0
. 1
0.4
0
.8
3.0
1
. 9
0.7
p
0.8
0
.8
1.1
0
.5
7.6
1
. 4
0.5
1
. 3
0.9
0
.5
0.0
0
.7
0.7
0
.9
0.2
0
.1
0.3
0
. 1
0.2
1
. 0
0.7
0
.7
0.3
FI
N
1. 0
3
. 2
1. 8
1
. 6
0.8
0
.9
1 . 0
1
.0
1. 3
1
.3
0.8
0
.0
4.8
1
.2
0.7
0
.1
0.11
0
.1
0.4
2
.4
0.8
0
.9
0.8
8
:5
s 2
. 1
9. 3
3
.0
2.1
1
. 7
2.0
2
.0
1. 7
2
.7
1. 9
2
. 1
8.3
0
.0
2.11
1
.1
0.3
1
. 4
0.2
0
.8
7.7
1
. 7
1.11
1
. 3
UK
12
. 1
10
.7
10
.7
8.4
1
0. 1
1
2.5
2
0.2
9
.0
11
.8
8.2
1
2.3
1
0.7
1
1.1
0
.0
7.5
1
. 8
8.7
1
. 2
7.7
1
8.8
8
.9
12
.0
7.9
2
5.8
AU
0
.9
1.0
1
. 2
0.9
0
.8
1.0
1
. 3
1.3
0
.7
0.7
0
.8
1.5
1
. 7
2.2
0
.0
0.5
5
.1
0.2
21
.1
0.8
1
. 4
1. 3
3
.0
2.5
5
: 1
CA
0.7
0
.8
1.1
0
.8
0.7
1
. 3
1. 0
1
.1
0.7
0
.8
0.8
1
. 0
1.
2 1
. 8
1. 8
0
.0
2.8
3
.3
1. 7
3
.5
1.1
0
.9
22
.5
2.2
3
.4
JP
4.7
8
.6
8.3
3
.8
3.9
5
.6
8.0
5
.5
4.1
3
.8
2.3
6
.0
8.2
8
.9
34
.8
4.7
0
.0
2.7
2
2.9
5
.5
1.8
3.
11
18
.8
12
.4
19
. 1
MX
0.3
0
.4
1. 0
0
.3
1.
2 0
.6
0.5
0
.8
0.3
0
.4
0.3
0
.5
0.8
0
.7
0.8
1
. 8
1. 8
0
.0
1. 0
0
.3
0.8
0
.3
12
.7
1. 5
2
.2
NZ
0.
1 0
.2
0.2
0
.1
0.1
0
.2
0.2
0
.2
0.1
0
. 1
0.1
0
.3
0.2
0
.3
8.7
0
.1
0.8
0
.0
0.0
0
. 1
0.2
0
.1
0.5
0
.4
0.8
NO
0
.8
5.3
1
. 2
0.8
0
.8
0.7
1
.1
0.8
1
.1
0.7
0
.9
2.8
8
.8
1. 5
0
.4
0.2
0
.8
0.1
0
.3
0.0
0
.7
0.8
0
.8
2.2
4
.5
CH
1. 8
1
. 7
4.3
1
. 7
1. 5
3
.7
2.3
3
. 3
2.0
5
.2
1. 4
1
.8
1. 7
2
.0
1. 2
0
.3
1. 8
0
.4
0.9
0.
11
0.0
1
.8
1. 7
8
.2
11
. 4
TR
1.1
0
.8
1. 5
3
.8
1. 4
1
. 5
0.8
1
. 8
1. 0
1
.1
0.5
1
. 4
1. 7
1
. 5
0.7
0
. 1
0.5
0
.1
0.4
0
.5
1.1
0
.0
0.7
3
.8
7.5
U
SA
8.8
1
0. 1
1
8.0
1
0.8
1
0.0
1
4.0
1
8.7
1
5.4
8
. 8
8.3
8
.3
13
. 1
14
.0
21
.3
22
.7
84
.8
48
.8
85
.4
22
.8
13
.2
17
.5
14
.2
0.0
3
0.2
4
5.8
10
0.0
1
00
.0
10
0.0
1
00
.0
1 D
O. 0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
Tabl
e H2
: D
oubl
e Ex
port
Wei
ghts
(19
99}
in r
elat
ion
to t
he (
rest
of
the}
Eur
opea
n U
nion
(EU
}
BLEU
OK
0
EL
E
F IR
L I
NL
A
p FI
N
s UK
AU
CA
JP
MX
NZ
NO
CH
TR
U
SA
EUR
12
BLEU
0
.0
3.9
8
.8
3.9
4
. 3
6.7
5
.2
4.8
7
.3
3.8
4
.3
4.5
5
.3
7.5
8
.7
5.
1 8
.0
4.11
5
.8
4.0
4
.2
5.5
5
.2
OK
1. 6
0
.0
3. 1
2
.0
1. 4
1
. 8
1. 7
1
. 9
2.2
1
. 9
1. 8
3
.7
5.8
2
.3
2.2
1
. 5
1. 7
1
. 4
2.2
4
.9
1 . 8
1
.5
1.11
1
0:7
0
26
.6
30
.5
0.0
3
0.5
2
2.6
2
9.2
2
3.9
3
0.8
3
3.7
4
3.9
2
5.2
2
7.
1 2
5.8
2
7.8
2
4.8
2
7.7
2
7.2
2
8.2
2
5.4
2
1.0
3
2.5
3
0.
1 2
5.8
EL
0
.7
1. 0
1
.1
0.0
1
.1
1. 0
0
.5
2. 1
0
.9
0.8
0
.5
1.1
0
.9
0.8
0
.3
0.3
0
.5
0.3
0
.5
0.3
0
.8
1. 8
0
.4
E
5. 2
3
. 7
6.5
4
.5
0.0
9
.8
4.3
7
. 7
4.6
4
.1
15
.9
4.2
4
.9
8.3
3
.5
2.7
3
.2
3.2
3
. 1
3.2
4
.4
4.7
4
.8
F 2
1.3
1
1. 3
2
1.0
1
1. 8
2
3.5
0
.0
14
.6
20
. 1
16
.2
10
.8
t 7
. 5
12
.4
12
.8
19
.1
14
.1
13
.3
14
.0
13
.3
12
.5
13
.6
15
.0
13
.8
15
.4
IRL
1. 6
1
.9
2.5
1
. 6
1. 6
2
. 1
0.0
2
.0
1. 6
1
. 4
1.3
1
. 8
2.0
5
. 2
3.3
5
.2
3.4
5
.1
3.4
1
. 9
1.9
1
. 8
2.4
I
9.7
8
.6
15
.5
18
.5
13
.0
14
.8
8.8
0
.0
9.8
1
3.4
7
.4
8.8
9
.8
11
.5
10
.7
11
.2
10
.8
11
.2
11
.3
8.4
1
2.7
1
1.8
1
1.0
NL
1
0.3
6
. 4
9.6
5
.7
5. 5
7
.5
7.3
5
.9
0.0
5
.3
5.7
6
.5
7.8
8
.8
6. 2
4
.7
6.8
4
.8
5.5
8
.8
5.5
5
.8
8.3
A
2
.0
2. 4
7
.0
3.3
1
. 8
2.3
1
. 8
3.5
2
.4
0.0
1
.8
2. 9
2
.8
2.0
1
.8
1. 8
1
.8
1. 8
1
. 8
1. 3
3
.8
2.4
1
. 9
p 1
. 0
0. 7
1
.3
0.7
8
.0
1 . 7
0
.7
1.5
1
.0
0.8
0
.0
0.9
0
.8
1.1
0
.4
0.8
0
.8
0.7
0
.5
1. 2
0
.8
0.8
0
.5
FIN
1
. 4
3.9
2
.7
1.9
1
.1
1. 5
1
. 8
1.7
1
.8
1. 7
1
.1
0.0
5
.6
2.0
2
.3
1. 8
2
.2
1.7
2
. 1
2.8
1
.5
1. 3
1
. 8
s 3
.0
10
.9
5.3
3
.8
2.8
3
.5
3.4
3
.4
3.8
3
.2
2.7
1
0.1
0
.0
4.9
4
.3
4.0
4
.0
3.9
4
.5
8.9
3
.1
2.7
4
.3
20
:9
UK
15
.7
14
.8
17
.6
12
.0
13
.7
17
.8
26
.3
14
.5
15
. 1
9.2
1
4.9
1
5.3
1
8.5
0
.0
18
.5
20
.3
18
.1
19
.8
21
.3
21
.8
12
.3
18
.1
18
.2
68
.3
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
Tabl
e H
3: D
oubl
e Ex
port
Wei
ghts
(19
99}
in r
elat
ion
to t
he (
rest
of
the}
EUR
12 c
ount
ries
BLEU
OK
D
EL
E
F
IRL
I NL
A
p
FIN
s
UK
AU
CA
JP
MX
NZ
NO
CH
TR
USA
0 3
3.3
3
8.5
0
.0
35
.0
28
.2
37
.9
35
. 1
37
.8
41
.3
47
.9
31
.7
38
.8
32
.1
29
.9
32
.9
37
.3
35
.4
37
.8
34
.9
32
. 1
38
.2
35
.5
33 .a
EL
0
.9
1.1
1
.3
0.0
1
. 2
1. 2
0
.7
2.3
1
.1
0. 8
0
.7
1.2
1
. 0
0.8
0
.4
0.4
0
.8
0.4
0
.8
0. 5
0
.9
1. 7
0
.5
E
6.3
4
.9
8.3
5
. 5
0.0
1
1.5
5
.7
8.8
5
.6
4.9
1
7.1
5
.8
8.2
8
.5
4.7
3
.8
4.2
4
.1
4.3
4
.8
5.
1 5
.9
8.0
F
25
.5
15
.0
27
.8
15
.3
27
. 1
0.0
2
0.2
2
4.3
2
0.2
1
3.5
2
0.9
1
7.8
1
8.3
2
0.3
1
9.2
1
7.8
1
8.4
1
7. 8
1
7.4
1
9.8
1
8.0
1
8.0
2
0.5
IR
L 2
.8
3.7
5
.0
3. 2
2
.6
3.7
0
.0
3.4
3
.0
2.6
2
.3
3.8
3
.8
5.8
4
.8
7.2
4
.8
7.0
5
.2
4.3
2
.9
3.0
3
.7
I 1
2.2
1
0.9
1
9.7
2
0.
1 1
5. 1
1
8. 1
1
2.7
0
.0
12
.4
14
.6
9.6
1
2.9
1
1.8
1
2.2
1
4.1
1
5.0
1
3.8
1
5.0
1
5.2
9
.8
14
.8
14
.1
14
.3
NL
13
.2
9.9
1
4.0
8
.2
7.4
1
0.6
1
0.8
8
.4
0.0
7
.3
7.7
9
.8
10
.8
10
.4
8.5
8
.4
8.8
8
.2
7.8
1
3.5
7
.3
7.9
8
.5
A
2.6
2
.8
7.8
3
.2
2.2
3
.0
2.8
3
.9
3.
1 0
.0
2.3
3
.7
2.7
2
. 1
2.4
2
. 1
2.3
2
. 1
2.5
2
.0
4.0
2
.8
2.5
p
1. 2
1
.1
1 . 8
1
. 0
8. 4
2
.0
1 . 0
1
. 8
1.
2 0
.9
·o. o
1
. 2
1.2
1
. 2
0.6
0
.8
0.8
0
.9
0.8
1
. 7
1.0
1
.1
0.8
FI
N
2.
1 5
.9
4.0
2
.6
1. 7
2
.4
2.8
2
.4
2.4
2
.2
1 . 8
0
.0
8.
8 2
.5
3.1
2
.4
2.9
2
.3
2.8
4
.7
2.
1 1
. 9
2.5
BL
EU
0.0
6
.2
10
.4
6.0
6
.0
9.5
8
.0
6.9
9
.7
5.2
5
.9
7.3
7
.8
8.2
9
. 4
6.9
8
.0
8.6
8
. 3
7.2
5
.7
8.2
7
.1
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
1
00
.0
10
0.0
TECHNICAL ANNEX
INTRODUCTION
The quarterly report on price and cost competitiveness presents recent changes in the nominal and real effective exchange rates of the euro area (EUR12), of the 15 individual EU Member States, as well as of the United States, Japan, Norway, Australia, and Canada (part 2). Aggregate measures for the European Union (EU) are presented as well.
The nominal effective exchange rate (NEER) (or, equivalently, the "Trade-weighted currency index") describes changes in the average value of a currency with reference to a given base period and a given group of reference countries. It is calculated as a weighted geometric average of the bilateral exchange rates against the currencies of competing countries. In this report, three alternative groups of competitor countries are considered: a group of 24 industrial countries (IC), the 15 Member states of the European Union (EU) and the countries in the euro area (EUR12).
The real effective exchange rate (REER) (or, equivalently, the "Relative price and cost indicators") is calculated as the sum of the nominal rate and a trade-weighted price or cost deflator. The REER attempts to show the movement in the prices or costs of production of domestically produced goods relative to the prices or costs of goods produced by competitor countries, when expressed in a common currency.
Double export weights are used to calculate NEERs and REERs, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere.
DG ECFIN's system for the calculation of effective exchange rates permits the user to make individual choices of competitor countries, reference period, method to calculate trade weights and, in the case of real effective exchange rates, price or cost def1ators. This technical annex describes the standard measures used in this series of Quarterly Reports. Differently defined nominal and real exchange rates can be provided to interested persons or organisations upon request. Please fax your request to the European Commission, Directorate-General for Economic and Financial Affairs (DG ECFIN-C-1), fax no +32-2-299.35.05.
METHOD
1. Choice of reference period
The choice of the reference period in assessing developments in nominal and real effective exchange rates is necessarily arbitrary and should not be seen as implying that exchange rates prevailing in this reference period were in equilibrium. The reference year is 1995.
2. Calculation and application of trade weights (that transform the bilateral exchange rates into effective exchange rates)
The trade weights used are double export weights. This implies that the bilateral exchange rates between the currency of a given country and the currencies of its competitor countries are weighted according to both:
(1) the competitors' share in the total supply of competing goods (including the supply by domestic producers) in each market separately; and
52
(2) the relative share of each market in the total exports of the given country.
Moving weight matrices are used in order to capture the influence of changing trade patterns over time. The weight matrix of year t-1 are used to calculate the change in the effective exchange rate between the year t and t-1. If no weights are available for the year t-1, the weights of the latest year available are used.
3. Price and cost deflators (to transform the nominal effective exchange rates into real effective rates)
Five real effective exchange rates (each based on a different deflator) have been calculated in order to provide a comprehensive assessment of a country's price and cost competitiveness. The following deflators have been used:
(1) the deflator of private consumption (PCP);
(2) the GDP deflator (PGDP);
(3) the price deflator of exports of goods and services (PX);
( 4) Unit Labour Costs in Economy as a whole (ULCE); and
(5) Unit Labour Costs in Manufacturing (ULCM).
4. German unification
The data used in the quarterly reports on price and cost competitiveness have been adjusted 1 to reflect the shift in the average level of unit labour costs, thereby better capturing the deterioration in average German cost competitiveness associated with unification. An estimate had to be made for the level shift in unit labour costs in the manufacturing sector. On the basis of data for value-added and employment in the manufacturing sector in subsequent years the productivity gap was found to be smaller in this sector. Average unit labour costs in manufacturing have been adjusted by 1.3 per cent from 1991 onwards.
5. Italy In January 1998 a tax reform was introduced, bringing in a new tax on firms (IRAP) specifically on value added. This tax reform abolished also some social contributions which caused the reduction to the non-wage labour costs as well as the total labour costs in 1998. In January 1999 another law was introduced which caused further reductions in social security contributions.
6. Adjustment in the computation of the euro effective exchange rate indices following the adoption of the euro by Greece
Up until 31 December 2000 the effective exchange rates (EER) indices of the euro were calculated against IC including Greece as a trading partner. As from 1 January 2001, following the adoption of the euro by Greece, the euro EER series have been modified to reflect the enlargement of the euro area. The new series now treat Greece as a euro area country prior to January 2001. The new weights were applied for the whole of the period over which the euro indices are calculated2• In this
1 For more details, see the box on German unification and cost competitiveness box published in the first qarter 2000 report
2 Similarly, euro area-wide deflators used for this purpose include Greek cost or price developments, again prior to Greece's adoption of the single currency.
53
r
..
context, a "theoretical" euro exchange rate has been computed in which the Greek drachma is treated as an EMU legacy currency.
7. Adjustment in the computation of the annual data in part 2 of the databank on price and cost competitiveness
Up to this issue annual data displayed in part 2 of the price and cost competitiveness were calculated from quarterly data (geometric averages). However, as some of the quarterly data (e.g. unit labour costs) are calculated from annual data by applying a cubic-spline method, the re-constructed annual data slightly diverged from the "true" annual data. For consistency, this problem has been resolved and from now onwards, our databank provides now "true" annual data.
DATA SOURCES
1. Nominal bilateral exchange rates and deflators
Exchange rate data for the current year are the official daily rates recorded at 14.15 hours by the ECB. Monthly data are calculated as the arithmetic mean cf the daily rates. Quarterly and yearly data are geometric means of these monthly figures. Historical data are provided by the IFS (IMF) database. For the period before 1999, a weighted average of the currencies if the Member States now participating in the euro area is used as a proxi for the euro.
Annual data for the deflators (including Commission forecasts for the current year) come from DG ECFIN's AMECO database. As the calculation of real effective exchange rates requires a full data set, missing data have been estimated. The annual data have been transformed into quarterly data by applying a straight-forward spline method.
2. Weight matrices
The moving double export weight matrices are derived from trade matrices with domestic production for the home market on the diagonal. The source of data on bilateral exports is the DoT (IMF) database. The source of data on domestic production (defined as GDP - exports) is national accounts' data from AMECO. Table H in Part 2 of the report reproduces the most recent weight matrices used in calculating effective exchange rates.
COUNTRY COVERAGE
1. Competitors
The report presents nominal and real effective exchange rates relative to a group of 24 industrial countries (IC), relative to the European Union as a whole (EU) and relative to the countries in the euro area (EUR12). IC consists of the 15 EU Member States plus United States, Canada, Japan, Switzerland, Norway, Australia, New Zealand, Mexico, and Turkey .
2. Markets
Besides the countries considered as competitors, the following markets are distinguished: other Europe (including the Central and Eastern European Countries and the countries that used to be part of the USSR), other Asia/Oceania, other Western hemisphere, Africa, the Middle East and the rest of the World (including North Korea and Cuba). The conventions used in DoT/IFS (IMF) are followed strictly with two exceptions: (1) the industrial countries are not treated as a separate category; (2) the former East and West Germany are considered as a single entity: Germany.
54