PRICE AND COST COMPETITIVENESS

Transcription

1 PRICE AND COST COMPETITIVENESS EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS *** * *** *

2 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 2, rue de Ia Loi Brussels, Belgium -l

3 PRICE AND COST COMPETITIVENESS ECFIN/C-1 Third quarter 21 Quarterly data on price and cost competitiveness of the European Union and its Member States ECFIN/351/3/01-EN This documi!nt exists in English only. European Communities, 21.

4 !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 Canada 1 ). 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 (). 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 (). Moreover, capital costs account for a sizeable fraction of total costs. Price measures such as the GOPdeflator () include the return on capital. On the other hand, the measures based on and 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 (). This series is also available on the Internet. Our Web site 2 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 _finance/document/peer/peer_ en.htm

5 Adjustment of the reference year For technical reasons, the reference year has been changed from 19 to 19. 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.

6 Database on price and cost competitiveness of the European Union and its Member States QUARTERLY REPORT- THIRD QUARTER 21 Table of Contents Part 1: Main developments Main features p. 1 I. International developments p Bilateral exchange rates of the euro p Nominal effective exchange rates p Real effective exchange rates... p 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

7 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 Spain E Euro EUR France F Spanish peseta ESP Ireland IRL Finnish markka FIM Italy I French franc FRF Luxeni:xx.Jrg L pound sterling G8P Netherlands NL G"eek drachma GRD 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 f\l'exico SMtzerland NZ MX Turkish Lira f\l'exican Peso TRL MXN CH Norvegian krone NOK Turkey TR New Zealand dollar NZD ~ unit lalxlur costs in the 'lllklole economy unit lalxlur costs in the rranufacturing industry GOP-deflator deflator of exports of goods and services deflator of private consurrption IC 24 industrial countries euroarea EUR12 European Union EU 8 and L rronetary union 8LEU

8 ECFIN/C-1/351/3/01-EN PART1 MAIN DEVELOPMENTS ECFIN/C-1 Ref. SR

9 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 21, 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 2 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 17- average and 13o/o above their 17- 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 17- average in Finland, but this large deviation is related to the economic shocks that occurred in the early s, 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 17- 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 17- average relative to EUR12.

10 DATABASE ON PRICE AND COST COMPETITIVENESS QUARTERLY REPORT - THIRD QUARTER 21 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 (daily data) Index = 1 (daily data) ~ 105~ i~~~...-~ , Ol Ol C:!II..., Ol Ol Ol Ol.!. >..!II!II ::E ::E Ol Ol Ol Ol Ol 0? 8 ~ C:...,!II z..., 3 Q. ~ !. ~ 3 Q.!II!II!II!II :E :E ~ 8..., ~ ~ C: t!. >.. z..., :E :E Q...., ~ 65 Ol Ol Ol Ol Ol Ol ~ 0 Ol Ol Ol Ol Ol 0 0 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 2 The euro (OM) against USO and JPY since 19 USD/ EUR ( monthly averages) JPY/EUR Chart 4 The euro (OM) against GBP and CHF since 19 GBP/ EUR ( monthly averages) CHF/EUR , ,.---,------r---...,.-----, , , ,...-:. -..,...--.,...---, Note: EUR rates before 19 calculated on the basis of OEM rates TABLE 1: EVOLUTION OF THE MAIN BILATERAL EXCHANGE RATES During the third quarter of 21 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 % % JPY/EUR % % GBP/EUR % % CHF/EUR % % 2

11 2. NOMINAL EFFECTIVE EXCHANGE RATES VS THE REST OF THE IC GROUP Chart 5 Nominal effective exchange rates of the euro Index = 1 (daily data) NEER vs the rest of IC > 0> 0> 0> 0> 0> 0> 0> C:.!. :)..,...!....., cu cu cu :::J..., ::2! ::2! Chart 6 Nominal effective exchange rates since 10 19=1 ( m:>nthly averages) 180., , GBP co 0 0 (0,... co 0 ~ ~ &; &; co ~ 0') 0') 0') ~ ~ ~ ffi ffi N ffi ~ co TABLE 2: NOMINAL EFFECTIVE EXCHANGE RATES (vs. the rest of IC, index 19 = 1) During the third quarter of 21 Relative to the previous quarter (monthly_ averages) (quarterly averages) Average Average Average Average Jun-01 Sep-01 %change Q2-01 Q3-01 %change EUR % % USD % % JPY % % GBP % % 3

12 3. REAL EFFECTIVE EXCHANGE RATES VERSUS THE REST OF THE IC GROUP, BASED ON Chart 7 Real effective exchange rate: euro since 10 19=1 (quarterly data) Chart 8 Real effective exchange rates since 10 19=1 (quarterly data) TABLE 3: REAL EXCHANGE RATES () (vs. the rest of IC, index 19 = 1 ) EUR12 USD JPY GBP 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- %change 87- %change % % % % % % % % % % % % 4

13 4. COST COMPETITIVENESS OF THE USA AND JAPAN RELATIVE TO THE EURO AREA Chart 9 19=1 Real exchange rates 1 : USD and JPY vs. EUR12 (quarterly data) N 'V <0,.._,.._,.._,.._,.._ 0> 0> 0> 0> 0> 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 average (Q3-0l I Q3-) (Q3-01 I Q3-) (Q3-01 I Average 87-) %Change POOP USA Japan

14 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 avt:rage (Q3-01/ Q3-) (Q3-0 II Q3-) (Q3-0l I Average 87-) Euro area Member States %Change BLEU Gennany Greece Spain France Ireland Italy Netherlands Austria Portugal Finland Non-euro area Member States %Change Denmark Sweden UK Note: relative and for Italy relative to any period before 18 are distorted by the 18 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

15 Chart 10: Price and cost indicators for individual countries relative to EUR12 19=1 Germany vs. rest of EUR =1 France vs. rest of EUR ~~~--~--r-~---r--~~r-~--,---r-~--~--~~ ~---r--~~--~--~~--~--r-~--~--r-----~~ =1 Italy vs. rest of EUR ~ ~ =1 Netherlands vs. rest of EUR ~ ~--~~~~--~~--~~--~--r-~--~~--~~ =1 Austria vs. rest of EUR l -==~~~~ ~---r--~~------~~---r--r-~--~--r-~--,-~ =1 BLEU vs. rest of EUR12 140, , --- I J j r--~--~~--~--~-,------~--~~------~~ ~--~ ~----~ ~----,-~--~~ =1 Finland vs. rest of EUR ~~---r--~-t~~~--~ ~----,-~ =1 Ireland vs. rest of EUR12 170, , ; ~ _j! 140 -I j ,_,... I ~,~t! i _,...,---- l ~---r--~~--~--r-~------~~ ~

16 Chart 10 contd.: Price and cost indicators for individual countries relative to EUR12 19=1 Spain vs. rest of EUR =1 Portugal vs. rest of EUR ~ ~--r-t-~---r--~~---r--~~--~--~~---r~ , 60+-~~~--~~~~--~~~~~--~~~' =1 Denmark vs. EUR , =1 Greece vs. rest of EUR12 :::. ---~~f~ ; ~---r--t-~---r-~~--r-t-~-~-~~--r~ ,."<..:: i 80,,' ~--r-~~-~-,--r--r-,-~----,-~--r~ I I 19=1 UK vs. EUR i ~ J 19= Sweden vs. EUR ' I ~---r-~~--~--~~---r--~--r----~--~~-~ ;j =1 USA vs. EUR = Japan vs. EUR12 +-~--r--~~----,---~---~--r-~--r-~~--~

17

18 ECFIN/C-1 /3 51/3/0 l-en PART2 TABLES AND GRAPHS BY COUNTRY ECFIN/C-1

19 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.

20 Part 2: Table of Contents EU- EUR 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. 17 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. 47 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

21 EU and EUR12 Trade- weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) 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 SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL I AUG SEP Trade- weighted currency indices data Ondex 19 = 1) Quarterly data Ondex 19=1) 120r ~-..., - EU vs.ic EUR12 vs.ic EUR12 vs. EU 60 I ' Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators {based on ) data (index 19=1) Quarterly data (index 19 = 1) _ EU vs.ic EUR12 vs.ic EUR12 vs. EU Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 1

22 EU and EUR12 of EU vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q OOQ OOQ OOQ OOQ ij Q Q Q of EUR12 vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q OOQ OOQ OOQ Q Q Q of EUR12 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union =Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 2

23 BLEU euro (before 19: BEF/LUF) Trade- weighted currency indices data Ouarterlr data Monthly data index (19=1) index ( 9=1) monthly % change vs. ( the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade- weighted currency indices data Ondex 19 = 1) Quarterly data (Index 19 = 1)... : ~. ro~~~~~~~~~~~~~~ Relative cost indicators {based on ) data Ondex 19 = 1) Quarterly data (index 19 = 1) 110~ Page 3

24 BLEU euro {before 19: BEF/LUF) vs. (the rest of) 24 industrial countries data (Index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 4

25 Denmark DKK Trade- weighted currency indices data Ouarterlr data Monthly data index (19=1) Index ( 9=1) monthly % change vs. (the rest of) vs. (the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade- weighted currency indices data Ondex 19 = 1) Quarterly data Ondex 19=1) 70L...J.:..._...~...~.-~l...I...I.~......~..-.-~.-..I..-J...J.--L...I...I...J,...-I...-.L.-.I..-J ~~~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators {based on ) data (index 19=1) Quarterly data (index 19 = 1).. I ~=-.-,:--;. -.-,.. ---t~ ~~I ~~~~~~~~~~~~~~ Page 5

26 Denmark DKK vs. (the rest of) 24 industrial countries data (Index 19=1) Quarterly data (index 19=1) De f I at or Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) I Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 6

27 Germany euro (before 19: OEM) Trade- weighted currency indices data ouarterll data Monthly data index (19=1) index ( 9=1} monthly % change vs. ( the rest of) vs. (the rest of} vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO 1. t: O.il JAN FEB MAR APR MAY JUN JUL AUG SEP Trade- weighted currency indices data Ondex 19 = 1) Quarterly data Ondex 19 = 1) 1~~~----~~------~~--~! ~ i : : : , /~ ~-: :_ _: _j_ I [..,.,.,.~ : :t : ty.... : _ : _ ~:::: :: -- :- : : -: ::]_-_:: :_:- ~~~~~~~~~~~~~~~~~ Relative cost indicators {based on ) data (index 19=1) Quarterly data (index 19=1) 70~~~~~~~~~~~~~~~~ Q1 Q1 Q1 Q Q1 02Q1 Page 7

28 Germany euro (before 19: OEM) vs. (the rest of} 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of} EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of} the countries in the euro area (EU R12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 industrial Countries = 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 8

29 Greece euro (before 21 : GRD) Trade-weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. ( the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO ~ JAN FEB MAR APR MAY JUN JUL u.u AUG SEP Trade-weighted currency indices data Ondex 19 = 1) Quarterly data Ondex 19=1) o~~~~~~~~~~~~~~~ Relative cost indicators (based on ) data Ondex 19=1) Quarterly data (index 19=1) ~~: ~ ~~~~~~~~~~~~~~~ Page 9

30 Greece euro (before 21 GRD) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) De f I at or Q Q Q Q Q Q OOQ OOQ OOQ ~" OOQ Q Q Q vs. (the rest of) EU data (Index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q o Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 10

31 Spain euro {before 19: ESP) Trade- weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade-weighted currency indices data ~ndex 19=1) Quarter1y data Ondex 19=1) ~~~~~~~~~~~~~~~ Q Relative cost indicators {based on ) data Ondex 19 = 1) Quarter1y data (index 19 = 1) Page 11

32 Spain euro {before 19: ESP) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data ( in d fl x 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 12

33 France euro (before 19: FRF) Trade- weighted currency indices data Quarterly data Monthly data index (19=1) index ( 9=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. { the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade- weighted currency indices data Ondex 19 = 1) Quarterly data Ondex 19 = 1) 1~~ ~----~ \::-----: ~ \ i '. [ I ' ~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators (based on ) data Ondex 19=1) Quarterly data (index 19 = 1) i ao~~ ~~~~~~~~~~~~~~~ as~~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 Q1 OOQ1 01Q Page 13

34 France euro (before 19: FRF) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (Index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of} the countries in the euro area (EUR12) data ( index 19=1) Quarterly data (index 19=1 ) Def iator Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 14

35 Ireland euro (before 19: IEP) Trade- weighted currency indices data Ouarterll data Monthly data index (19=1} index ( 9=1} monthly % change vs. (the rest of} vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO 1. ') o.e JAN FEB MAR APR MAY JUN JUL AUGO SEP Trade- weighted currency indices data Ondex 19 = 1) Quarterly data (Index 19=1) 1~~~--~~----~--~~~~ ~ I \ J _:~::_ _ :~- -~..._.\ -----: ~ ~... : = \-::~-:: :.-::: --;\::-_-: ,: : :' " ~~ Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators {based on ) data Ondex 19 = 1) Quarte~y data Ondex 19 = 1) r !~ _: i Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 15

36 Ireland euro (before 19: IEP) vs. (the rest of) 24 industrial countries data (Index 19=1) Quarterly data (Index 19=1) Q Q Q Q Q ' ' 1 Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q ' Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 16

37 Italy euro {before 19: ITL) Trade- weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. (the rest of) vs. ( t h 8 rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN n. o JUL AUG SEP Trade- weighted currency indices data Ondex 19 =1) Quarterly data (index 19 = 1) ~~~ww~~~~~~~~~~~~ Q1 Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 data Ondex 19 = 1) Relative cost indicators (based on ) Quarterly data Ondex 19 = 1) ~~ ~~ ~~~~~~~~~~~~~~~ ~~~~~~~~ ~~~~~~~~~~ ~ ~ ~~ ~~~~~ ~~~~~~ ~~~~~~~~~~~~I Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 17

38 Italy euro (before 19: ITL) vs. (the rest of) 24 industrial countries data (Index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ ; ~ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 18

39 Netherlands euro (before 19: NLG) Trade-weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade-weighted currency indices data Ondex 19 = 1) Quarterly data Ondex 19 = 1) 1~------~~ ~r---~.. '.. ~ j ~-~:.:-_ -~.:'-~ ~. ~ ~ r- i..: I i _.- I : /;--d._ l? :I l : I : I :/- : T.. ~~I ~~~~~~~~~~~~~~ Relative cost indicators (based on ) data Ondex 19 = 1) Quarterly data (index 19 = 1) Page 19

40 Netherlands euro {before 19: NLG) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19==1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19==1) Quarterly data (index 19==1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area Def I a tor of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 20

41 Austria euro (before 19: ATS) Trade-weighted currency indices data Ouarterlr data Monthly data index (19=1) Index ( 9=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade-weighted currency indices data (index 19=1) Quarterly data Qndex 19 = 1) 1~~------~------~~----~.. j !:_: ~~-':~-. :_ ~ ;- I..! l /.,../ i ~-:-~ l..., i. I : ;.. ~::: : ' :~ i :!J : 60 : ~ I ' ~~~~~~~~~~~~~~~~ Q1 Q1 Q1 01 Q1 OOQ1 01Q Relative cost indicators {based on ) Quarterly data (index 19=1) as~~~~~~~~~~~~~~ 01 Q1 Q1 01 OOQ Page 21

42 Austria euro {before 19: ATS) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q a Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 22

43 Portugal euro (before 19: PTE) Trade- weighted currency indices data index (19=1) Qua r t e r I l data index ( 9=1) Monthly data monthly % change vs. ( the rest of) vs. ( the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO o.~ JAN FEB MAR APR MAY JUN JUL AUG SEP data Ondex 19=1) 7~ ~~ ~--~ Trade- weighted currency indices Quarterly data (Index 19 = 1) 6 -~ ~: \ ~ :\ \. -.-;:.:: :.. *" ~ & i : 0 I Relative cost indicators {based on ) data Ondex 19=1) Quarter1y data (index 19 = 1) Page 23

44 Portugal euro (before 19: PTE) vs. (the rest of) 24 industrial countries data (Index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (Index 19=1) Quarterly data (Index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 24

45 Finland euro (before 19: FIM) Trade- weighted currency indices data ouarterll data Monthly data index (19=1) index ( 9=1) monthly % change vs. (the rest of) vs. { t h 9 rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO OECOO JAN FEB MAR APR MAY JUN " JUL AUG SEP Trade- weighted currency indices data Ondex 19=1) Quarterly data Qndex 19 = 1) ~~~~~~~~~~~~~~~~ Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators (based on ) data Ondex 19 = 1) Quarterly data Ondex 19 = 1) _.."" - ~-:.:: ',., '-- so~~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 25

46 Finland euro (before 19: FIM) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 26

47 Sweden SEK Trade- weighted currency indices data ouarterlr data Monthly data index (19=1) index ( 9=1) monthly % change vs. ( the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade- weighted currency indices data Qndex 19 = 1) Quarterly data Qndex 19 = 1) oo~~~~~~~~~~~~~~~ Relative cost indicators {based on ) data (index 19=1) Quarterly data (index 19 =1).... :., r oo~~ ~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 27

48 Sweden SEK vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (inuex 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (Index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 28

49 United Kingdom GBP Trade- weighted currency indices data Quarterly data Monthly data index (19=1) index ( 9=1) monthly % change vs. ( the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade- weighted currency indices data pndex 19 = 1) Quarterly data (index 19=1)... _.,.,, r... " I V 1~r-----~----~ ~--~ 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 Q1 Q1 Q1 Q1 OOQ1 01Q Relative cost indicators {based on ) data Ondex 19 = 1) Quarterty data Ondex 19 = 1) r:-=:~, _,;.:.. I 'I y./_ ~--" I r..:j-- ~/ I t ao~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 29

50 United Kingdom GBP vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ ' OOQ OOQ Q Q Q i vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Qua terly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the El1ropean Union Countries in the euro arer of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 30

51 Norway NOK Trade-weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change v s. ( the rest of) vs. (the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO -ll. I JAN FEB MAR APR MAY JUN JUL AUG SEP Trade-weighted currency indices data Ondex 19=1) Quarterly data Ondex 19=1) 1~~--~~~~------~~--~~ I... : :... ' :: ::-:::::/tz\;.~: :::::-:- -:~_.:._;~:;:T ::::-:1., _J_ ! ~ : oo~~ ~~~~~~~~~~~~~-U Q1 Q1 Q1 Q Q1 02Q1 Relative cost indicators (based on ) data Ondex 19=1) Quarterly data (index 19 = 1) 1~~~~----~ ~~ ;::~-;:;: ::; ' ;:f' r ""' -J ~: _ _ _ ~~..... ~ : -, v Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 31

52 Norway NOK vs. (the rest of} 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of} EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of} the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost!n Manufacturing industry Page 32

53 Australia AUD Trade-weighted currency indices data index (19=1) Ouarterll data index ( 9=1) Monthly data monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN : JUL AUG SEP Trade-weighted currency indices data Qndex 19=1) Quarterly data Qndex 19 = 1) 2~------~~--~~----~--~ t : ~ _:::; ;_ _~.!_, ~ /\..,..-. : I. : ' \ - ; ~ '\.} "'; ~:v~ \:;.:. i ~~ ~ ---- i v- --- so~~~~~~~~~~~~~~ OOQ1 01Q1 02Q1 Relative cost indicators (based on ) data Qndex 19 = 1) Quarterly data (index 19 = 1)..., ~ ~ :.... Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 33

54 Australia AUD vs. (the rest of) 24 industrial countries data {Index 19=1) Quarterly data {Index 19=1) vs. (the rest of) EU data {Index 19=1) Quarterly data {index 19=1) Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 34

55 Canada CAD Trade-weighted currency indices data Ouarterlr data Monthly data index {19=1) index ( 9=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of! IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade-weighted currency indices data Ondex 19=1) Quarterly data Ondex 19 = 1). ~ ~...:... :,.,.., / I \v"' _...t._ :; : : I.: ". -., :' I :--,---V, : : I. : / 1 \'.., :1. \'. ~ :1 ---\~ Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators {based on ) data Ondex 19 = 1) Quarte~y data Ondex 19=1) ::~- --\-:.'\~ : """ :' 1 \ r,.. : I.; ~~ -~... ~~~ ~:-/ :. : I :1\,',,'I ';I...,, /~ \~ :--ff \.:I \~L " Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 35

56 Canada CAD vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (Index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (Index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries In the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 36

57 Japan JPY Trade- weighted currency indices data ouarterlr data Monthly data Index (19=1) index ( 9=1) monthly % change vs. (the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP Trade- weighted currency indices data Ondex 19=1) Quarterly data Ondex 19 = 1) Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators {based on ) data Ondex 19 = 1) Quarterly data Ondex 19 = 1) ~~~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 37

58 Japan JPY vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 38

59 United States USD Trade-weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR SEPOO OCTOO NOVOO n ~ <.' DECOO -, JAN FEB MAR APR MAY JUN JUL AUG SEP Trade-weighted currency indices data Qndex 19=1) Quarte~y data Qndex 19=1) :1'.: -~;~ :" L-I\_-t--' I \ :.~ L_ :I 01 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators {based on ) data Qndex 19=1) Quarte~y data Qndex 19 = 1) oo~~ ~~~~~~~~~~~~~~ Page 39

60 United States USD vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (Index 19=1) Q Q Q Q Q Q OOQ OOQ Q Q Q vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) Q Q OOQ OOQ OOQ Q Q Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area = of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 40

61 Table A1: Bilateral exchange rate of the US dollar against the EU currencies (Price of one US dollar in terms of the currencies of each of the countries/currency areas indicated) Year BLEU OK 0 El E F IRL I Nl A p FIN s UK ECU EUR Ot r BLEU OK 0 El E F IRL I Nl A p FIN s UK ECU EUR Month BLEU OK 0 El E F IRL I Nl A p FIN s UK ECU EUR12 SEPOO OCTOO NOVOO OECOO JAN FEB MAR APR MAY JUN JUL AUG SEP data (period average) Quarterly data (period average) Monthly data (period average)

62 Table A2: Bilateral exchange rate of the US dollar against the non - EU currencies (Price of one US dollar in terms of the currencies of each of the countries indicated) data (period average) Year AU CA JP MX NZ NO CH TR Quarterly data (period average) Ot r AU CA JP MX NZ NO CH TR E E6 Monthly data (period average) Month AU CA JP MX NZ NO CH TR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR E6 MAY E6 JUN E6 JUL E6 AUG E6 SEP E6

63 Table A3: Bilateral exchange rate of the US dollar against the EU currencies (index 19 = 1) Year BLEU OK 0 EL E F IRL I NL A p FIN s UK ECU EUR Month BLEU OK 0 EL E F IRL I NL A p FIN s UK ECU EUR12 SEPOO OCTOO NOVOO OECOO JAN FEB MAR APR MAY JUN JUL AUG SEP data l CQ CD e Quarterly data Ot r BLEU OK 0 EL E F IRL I NL A p FIN s UK ECU EUR Monthly data

64 Table A4: Bilateral exchange rate of the US dollar against the non - EU currencies index 19=1 data (period average) Year AU CA JP MX NZ NO CH TR Quarterly data (period average) Ot r AU CA JP MX NZ NO CH TR Monthly data (period average) Month AU CA JP MX NZ NO CH TR SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN JUL AUG SEP

65 Table B: Trade- weighted currency indices vs. {the rest of} 24 Industrial Countries (IC) data (Index 19=1) Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP ~ CQ CD Quarterly data (index 19 = 1) Ot r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Monthly data (monthly% change) Month BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP SEPOO OCTOO NOVOO DE COO JAN FEB MAR APR MAY JUN JUL AUG SEP

66 Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Ot r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Table C1: Price deflator private consumption data (Index 19 = 1): In national currency vs. (the rest of) 24 Industrial countries (I C) Table C2: Relative price indicators based on private consumption deflator data (Index 19=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19=1): relative to 24 Industrial countries (IC)

67 Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Ot r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Table 01: Price deflator GOP data (Index 19=1): In national curtency vs. (the rest of) 24 Industrial countries (IC) Table 02: Relative price indicators based on GOP deflator data (Index 19=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19=1): relative to 24 Industrial countries (IC)

68 Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Ot r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP ,. Table E1: Price Exports of Goods and Services data (Index 19 = 1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table E2: Relative price indicators based on Export Price data (Index 19=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19=1): relative to 24 Industrial countries (IC)

69 Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Ot r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP ~ Table F1: Unit Labour Costs in Economy as a whole () data (Index 19=1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table F2: Relative price indicators based on data (Index 19=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19=1): relative to 24 Industrial countries (IC)

70 Year BLEU OK D El E F IRL I Nl A p FIN s UK EUR12 EU USA JP Year BLEU OK 0 El E F IRL I Nl A p FIN s UK EUR12 EU USA JP Ot r BLEU OK 0 El E F IRL I Nl A p FIN s UK EUR12 EU USA JP r Table G1: Unit Labour Costs in Manufacturing {) data (Index 19=1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table G2: Relative price indicators based on data (Index 19=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19 = 1): relative to 24 Industrial countries (IC)