PRICE AND COST COMPETITIVENESSaei.pitt.edu/35536/1/A1558.pdf · 2012-06-17 · PRICE AND COST COMPETITIVENESS ECFIN/C-1 Third quarter 2001 ECFIN/351/3/01-EN ©European Communities,

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


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


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)


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



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


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


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



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


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



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




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



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)


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


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


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



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)



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)



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


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)



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


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


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



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




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



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)



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)


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


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


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



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




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



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)


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)



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


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


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



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



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)


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)


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


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


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



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




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



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)



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)



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


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


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



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




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



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)




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


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


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



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


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


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)


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


Annual data (index 1995==100) Quarterly data (index 1995==100)


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


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)


Annual data Ouarterlr data Monthly data index (1995=100) Index ( 995=100) monthly % change


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


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)



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


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


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



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




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



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)


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)



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


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


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



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


Annual data (Index 1995=100) Quarterly data (Index 1995=100)


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



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)


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)



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


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


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



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




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



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


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


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


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


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)


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




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



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


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



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


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


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



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


Annual data (index 1995=100) Qua·terly data (index 1995=100)


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


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



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


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


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



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



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)



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


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


Annual data data index (1995=100)

Ouarterll data index ( 995=100)

Monthly monthly % change


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


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


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


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


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


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)


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




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



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


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


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


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



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


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


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



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




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


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


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



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


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


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



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)



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



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




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


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


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



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


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


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



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




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


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

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ms

of t

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urre

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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

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4.9

91

0

.62

4

16

29

1

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06

1

0.0

8

1 51

. 1

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.36

7

7.

13

3

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0

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5

-1

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6

30

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5

.80

1

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5

24

0.7

1

26

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5.1

16

0

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15

43

1

. 68

6

10

.59

1

54

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4.5

94

6

.70

6

0.6

41

0

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8

-1

99

7

35

.77

6

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1

. 7

34

2

73

. 1

14

6.4

5

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7

0.6

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1

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12

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75

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19

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35

0

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2

-1

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8

36

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6

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1

. 7

60

2

95

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9.4

5

.90

0

0.7

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1

73

6

1 . 9

84

1

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8

18

0.1

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.34

4

7.9

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0

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4

0.8

93

-

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99

3

7.8

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6.9

8

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36

3

05

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15

6.2

6

. 1

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0

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10

2.

1 1

00

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10

2.3

7

5.

1 7

7.6

1

01 .

6

92

.9

76

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10

2.7

1

02

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87

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77

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78

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86

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95

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-

19

92

9

6.

1 9

4.9

9

6.2

7

8.6

7

6.4

9

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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

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101

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94

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95

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10

2.0

1

01 .

3

97

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10

2.1

1

01

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96

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10

9.4

1

00

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10

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10

1 . 3

-

19

94

1

00

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10

0.0

1

00

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10

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00

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10

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00

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10

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00

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10

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00

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10

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00

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00

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99

5

88

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88

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88

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95

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9 3

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89

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93

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1 01

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8

8.2

8

8.3

9

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9

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7.0

9

0.7

9

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99

6

92

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91 .

2

92

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99

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94

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92

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93

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92

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92

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92

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67

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86

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98

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93

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-

19

97

1

06

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10

3.8

1

06

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11

2.6

1

09

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10

5.1

9

8.7

1

05

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10

7.2

1

06

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10

5.6

9

9.4

9

8.9

9

3.5

1

04

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99

8

10

8.5

1

05

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10

8.4

12

1 . 8

11

1 . 5

1

06

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10

5.0

1

07

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10

9.0

1

08

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10

8.5

1

02

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10

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9

2.4

1

06

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99

9

11

3.

2 1

09

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11 3

. 1

12

6.0

1

16

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11

0.9

1

10

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11

2.

7 1

13

. 7

11 3

. 1

11

3.4

1

06

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10

7.1

9

4.6

-

111

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20

00

1

30

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12

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1

30

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15

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1

34

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12

8.

1 1

27

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13

0.2

13

1 . 2

1

30

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13

0.9

1

23

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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

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10

5.6

1

08

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12

2.8

1

11

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10

6.4

1

05

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10

7.8

1

09

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10

8.6

1

08

.8

10

2.6

1

03

.8

92

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10

6.3

-

98

04

1

02

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99

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10

2.5

1

16

. 1

10

5.6

1

00

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99

.9

10

2.1

1

03

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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

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11

0.7

1

05

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10

4.9

1

07

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10

7.9

1

07

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10

7.6

10

1 . 4

1

03

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93

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-1

05

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99

02

1

14

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11

0.5

1

14

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12

6.7

11

7.

5 11

1 . 8

11

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1

13

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11

4.6

1

14

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11

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3 1

07

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10

9.2

9

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11

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3 9

90

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11

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11

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28

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14

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11

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14

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11

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08

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10

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9

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11

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12

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11

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1 1

30

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11

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13

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11

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16

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1 1

16

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10

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07

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93

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14

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0001

1

22

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11

8.6

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22

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13

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25

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19

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12

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22

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25

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12

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48

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13

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26

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28

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12

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29

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12

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14

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99

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27

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00

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1

33

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1

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37

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13

0.6

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30

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13

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1

33

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13

3.2

1

33

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12

5.8

1

20

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10

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-

13

1.2

0

00

4

13

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1

34

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13

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16

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1

42

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13

5.9

1

35

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13

8.2

1

39

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13

8.6

1

39

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13

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28

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10

5.8

-

13

6.6

01

01

13

0.7

1

27

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13

0.6

1

52

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13

4.6

1

28

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12

7.6

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30

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13

0.5

1

30

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12

3.

3 1

26

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10

4.9

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12

8.7

0

10

2

13

8.1

1

34

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13

8.1

1

60

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14

2.3

1

35

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13

4.9

1

37

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13

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38

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13

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1

30

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13

5.5

1

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36

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1

35

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131

. 5

13

5.4

1

57

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13

9.5

1

32

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13

2.3

1

34

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13

6.0

1

35

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13

5.7

1

27

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13

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1

06

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33

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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

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13

8.2

1

60

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14

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35

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13

5.1

1

37

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13

8.9

1

38

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13

8.5

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30

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12

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1 1

06

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36

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OC

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14

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37

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16

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1

45

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13

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1

37

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14

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14

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14

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33

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12

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14

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36

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14

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1

63

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14

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38

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13

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1

40

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14

1.4

1

40

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14

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1

32

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13

0.6

1

07

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38

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OEC

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1

34

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13

0.7

1

34

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15

6.6

1

38

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131

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131

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13

3.9

1

35

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13

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1

34

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12

6.9

1

25

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4.6

-

13

2.4

JA

N01

1

28

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12

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1

28

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14

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1

32

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12

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12

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28

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121

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12

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03

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26

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FEB

01

13

0.8

1

27

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13

0.8

1

52

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13

4.8

1

28

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12

7.8

1

30

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13

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1

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13

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1

29

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13

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1

54

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13

6.6

1

30

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1

32

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13

3.2

1

32

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13

2.8

1

25

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13

0.

1 1

05

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30

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APR

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13

5.2

1

31

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13

5.

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13

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MA

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1

38

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13

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16

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1

42

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13

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34

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13

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1

38

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13

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1

38

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13

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34

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10

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13

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9 JU

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14

1 . 3

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1

64

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13

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13

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1

40

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13

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40

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16

3.2

1

44

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13

7.3

1

36

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13

9.6

1

40

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14

0.0

1

40

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13

2.3

1

39

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10

8.2

-

13

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01

13

3.9

1

30

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13

3.9

1

56

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13

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1

31

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13

0.8

1

33

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13

4.5

1

33

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13

4.2

1

26

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13

4.0

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SE

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1

32

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12

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1

32

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15

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29

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13

2.9

1

32

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13

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1

25

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13

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04

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30

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Tabl

e A4

: Bi

late

ral

exch

ange

rat

e of

the

US

dolla

r ag

ains

t th

e no

n -

EU c

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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

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67

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90

.5

92

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10

7.0

4

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19

89

9

2.5

8

6.7

1

35

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72

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99

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97

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11

9.6

7

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19

90

9

3.7

8

5.4

1

41

. 7

83

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99

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88

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10

1.6

8

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1991

9

3.9

8

3.9

1

31

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89

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10

2.8

91

. 9

1

04

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14

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19

92

9

9.6

8

8.5

1

23

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91 .

7

11

0.4

8

8.

1 1

02

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23

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19

93

1

07

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94

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10

8.8

9

2.3

1

09

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10

0.5

1

08

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37

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19

94

1

00

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10

0.0

1

00

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10

0.0

1

00

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10

0.0

1

00

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10

0.0

1

99

5

98

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10

0.5

9

2.0

1

90

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90

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89

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86

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15

4.8

1

99

6

93

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99

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10

6.4

2

25

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86

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91

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90

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27

4.9

1

99

7

98

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10

1.4

1

18

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23

4.6

8

9.7

1

00

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10

6.

1 5

12

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19

98

1

16

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10

8.6

1

28

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27

0.7

1

10

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10

6.9

1

06

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88

0.6

1

99

9

11

3.

3 1

08

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11

1.4

2

83

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11 2

. 0

11

0.5

1

09

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14

14

2

00

0

12

5.9

1

08

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10

5.4

2

80

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13

0.3

1

24

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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

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11

0.9

1

37

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28

0.3

1

16

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10

8.2

1

07

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92

0.4

9

80

4

11 7

. 3

11

2.9

1

17

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29

6.8

1

12

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10

6.1

9

9.4

9

92

. 1

9901

11

5.

4 1

10

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11

4.0

2

95

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11

0.

1 1

08

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10

4.2

1

15

6

99

02

1

11

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10

7.8

1

18

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28

0.0

1

09

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11 0

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11

0.7

1

33

9

99

03

1

12

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10

8.8

1

11

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27

7.6

1

12

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111

. 1

111

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14

82

9

90

4

11

3.6

1

07

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10

2.3

2

80

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11

5.

9 11

1 . 8

11

2.

7 1

68

1

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1

15

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10

6.4

1

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27

8.6

11

9.

1 1

16

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11

9.

1 1

90

0

00

02

1

24

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10

8.4

1

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28

3.6

1

24

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12

4.5

1

22

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20

58

0

00

3

12

7.4

1

08

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10

5.3

2

77

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13

4.6

1

26

.8

12

4.8

2

18

0

00

04

1

37

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11

1.7

1

07

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281

. 5

14

4.8

1

31 .

1

12

7.5

2

29

7

0101

1

37

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11

1.8

11

5.

5 2

87

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13 7

. 1

12

5.9

12

1 . 5

2

70

0

01

02

1

42

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11

2.

9 11

9.

9 2

72

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14

3.2

1

30

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12

8.0

4

02

4

01

03

1

42

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11

3.

1 1

19

. 0

27

3.5

1

41

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12

7.4

1

23

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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

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10

4.5

2

77

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14

2.0

1

30

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12

8.4

2

24

2

OC

TOO

1

38

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11

0.7

1

06

. 1

28

2.5

1

48

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13

2.6

1

29

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22

90

N

OV

OO

1

39

.9

11

2.9

1

06

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28

1.7

1

48

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13

2.3

1

29

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23

12

D

ECO

O

13

3.8

1

11

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10

9.7

2

80

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13

8.2

1

28

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12

3.4

2

29

1

JAN

01

13

1.6

11

0.

0 1

14

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28

9.6

1

33

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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

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12

6.3

12

1 . 8

2

63

9

MA

R01

1

45

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11 4

. 1

11

8.

7 2

84

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141

. 9

12

7.2

1

23

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32

88

A

PR01

1

46

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11 4

. 1

121

. 0

27

6.6

1

46

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12

8.9

1

25

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41

21

M

AY

01

14

0.6

1

12

. 9

11 9

. 2

27

0.9

1

40

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12

9.6

1

28

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38

48

JU

N01

1

41

. 1

111

. 7

11

9.6

2

69

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14

3.1

13

1 . 8

1

30

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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

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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

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3.0

5

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0

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0.1

0

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0

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4.4

1

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0

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1.0

2

2.6

0

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24

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17

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20

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15

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8

28

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37

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21

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18

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15

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15

. I

8.2

1

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10

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2.5

8

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14

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24

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0

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1

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1

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0

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3

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8

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1 8

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3

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15

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3

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1

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1

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0.7

1

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3

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3.9

1

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8.2

7

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14

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2

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13

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1

5.3

8

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1

2.8

4

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5

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3

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10

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10

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10

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1. 0

1

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0

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1

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0.

11

2.8

0

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0

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0

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0

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I 7

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1

0.8

1

5.9

1

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1

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5

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7

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11

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8

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8

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0

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3.11

0

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3. 3

3

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9.3

9

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NL

8

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4.6

6

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4.3

4

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5.3

5

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4.0

0

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4

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4.7

5

. 3

8.5

2

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0.5

3

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0.5

1

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8.9

3

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3

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A

1. 5

1

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5. 8

2

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1

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1 . 0

2

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1

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0

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0

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1

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p

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1

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1

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0

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N

1. 0

3

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1

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0

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4.7

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1. 8

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3

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1

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14

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e H2

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port

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(19

99}

in r

elat

ion

to t

he (

rest

of

the}

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(EU

}

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L I

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p FI

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AU

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TR

U

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1

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1. 7

1

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1

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1

0:7

0

26

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30

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3

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2

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3

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3

3.7

4

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2

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2

7.

1 2

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2

7.8

2

4.8

2

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2

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2

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3

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0

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3

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1. 6

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1

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2

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1

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14

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17

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12

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10

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00

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10

0.0

1

00

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Tabl

e H

3: D

oubl

e Ex

port

Wei

ghts

(19

99}

in r

elat

ion

to t

he (

rest

of

the}

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ount

ries

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OK

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EL

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F

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I NL

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p

FIN

s

UK

AU

CA

JP

MX

NZ

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CH

TR

USA

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3.3

3

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0

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37

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35

. 1

37

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41

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47

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31

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38

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32

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29

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32

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37

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35

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37

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34

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32

. 1

38

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0

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1

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1

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0.4

0

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4

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5

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1

1.5

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5

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1

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5

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1

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1

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1

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1 0

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N

2.

1 5

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8 2

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EU

0.0

6

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10

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6

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5

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7

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9

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6.9

8

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8

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10

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00

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1

00

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00

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10

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00

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10

0.0

1

00

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10

0.0

1

00

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10

0.0

1

00

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10

0.0

1

00

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0.0

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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.

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Documents

PRICE AND COST COMPETITIVENESSaei.pitt.edu/35536/1/A1558.pdf · 2012-06-17 · PRICE AND COST COMPETITIVENESS ECFIN/C-1 Third quarter 2001 ECFIN/351/3/01-EN ©European Communities,