22 Banco de Portugal Boletim Estatístico

Transcription

1 Banco de Boletim Estatístico A. National accounts Source: Banco de, Instituto Nacional de Estatística, European Central Bank, Eurostat and Bureau of Economic Analysis Euro Area () USA 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q (year-on-year rate of change - y.r. - ) 7 9 Real Gross domestic product (GDP) () Private consumption Government consumption Gross fixed capital formation (GFCF) Domestic demand () Exports Imports (chain rate of change - c.r. - ) Real Gross domestic product (GDP) () Euro Area () USA 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q ( of the disposable income () ) Households saving ratio Real GDP and domestic demand - y.r. Real GDP and external demand - y.r GDP Government consumption Private consumption GFCF - 7 GDP Exports Imports Economic activity and private consumption coincident indicators - y.r. USA Real GDP - rd Quarter of 7 () Rate of change vs previous quarter (%). y.r.(%). Austria.. Spain.. Germany Euro Area France Italy..7 United Kingdom..7 7 Economic activity Private consumption Netherlands. Greece. Belgium () Euro Area: fixed composition 9 countries. () Seasonally adjusted. () Including changes in inventories. () For and Euro Area includes adjustment for the change in net equity of households in pension fund reserves; based on four-quarter cumulated transactions. () Source: Eurostat - estimate. All data are seasonally and workind days adjusted.

2 Banco de Boletim Estatístico A. Economic activity indicators Source: Instituto Nacional de Estatística, Associação do Comércio Automóvel de, Eurostat, European Comission, Organization for Economic Co-Operation and Development, Federal Reserve System and European Automobile Manufacturers Association Euro Area () USA Dec- Nov-7 Dec-7 Jan- Dec- Nov-7 Dec-7 Jan- Dec- Nov-7 Dec-7 Jan- (year-on-year rate of change - y.r. - ) 7 9 Industrial production index (IPI) Overall (excluding construction) Consumer goods Intermediate goods Investment goods Energy Retail trade (volume) Vehicle registrations () 7 Passenger vehicles Commercial vehicles (above. ton.) (in index) Confidence indicators ()() 9 Economic sentiment indicator (balance of respondents () ) (in index) Consumer confidence indicator Industry confidence indicator IPI overall (excluding construction) - y.r. Economic sentiment indicator. - 7 Euro Area USA in index Euro Area USA (right hand scale) in index balance of respondents Consumer confidence indicator Euro Area USA (right hand scale) in index balance of respondents Industry confidence indicator Euro Area USA (right hand scale) in index () Euro Area: fixed composition 9 countries. () Seasonally adjusted. () The comparison of the absolut values is not possible. The USA indexes are: - Leading indicator (index); Source: OECD. - Consumer confidence (index); Source: Thomson Reuters / University of Michigan. - Business confidence: manufacturing (index); Source: Institute for Supply and Management. () Data is presented as a balance between the percentage of positive and negative answers. () The registrations include the registrations of new vehicles by official automobile suppliers (sales of vehicles) as well as the registrations of imported used vehicles.

3 Banco de Boletim Estatístico A. Labour market Source: Instituto Nacional de Estatística, Eurostat and Bureau of Labor Statistics () Euro Area () Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 (year-on-year rate of change - y.r. - ) 7 9 Unemployment () Unemployment rate () Euro Area () Q 7 Q 7 Q 7 Q 7 Q Q 7 Q 7 Q 7 Q 7 Q (year-on-year rate of change - y.r. - ) 7 9 Employment Labour force () Participation rate () \ 9 Labour market - Employment - y.r. persons persons Dec/ Dec/ Dec/ Dec/ Dec/ Dec/7 Employment Unemployment (right hand scale) - Q Q Q Q 7 Euro Area Unemployment rate 7 Participation rate 7 7 Q Q Q Q 7 7 Q Q Q Q 7 Euro Area Euro Area () Seasonally adjusted values based on the Labour Force Survey for population aged between and 7 years old. Monthly figures refer to estimates for centered moving quarters, where the reference month is the mid-one of each quarter. () Fixed composition 9 countries. () INE introduced a new methodology in the employment survey in the st quarter of. Consequently, data for in the table and in the charts, starting on this period, are not comparable with the ones obtained with the previous methodology. () Participation rate for the group aged between and years.

4 Banco de Boletim Estatístico A. Productivity and labour costs Sources: Banco de, Instituto Nacional de Estatística, Ministério da Economia e do Emprego, Instituto de Informática do Ministério da Solidariedade e Segurança Social, European Central Bank and Eurostat Euro Area () Differential (annual rate of change - a.r. - ) ( points) 7 9 Compensation per employee () Productivity () Unit labour costs () May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Jan- (rate of change () - ) 7 9 Implicit average negotiated wage growth - Total excluding general government... Compensation of employees declared to Social Security (accumulated rate of change () - ) Relative unit labour costs (7) in index Euro Area Germany Spain France Greece Ireland Italy () Euro Area: fixed composition 9 countries. The annual series are computed on quarterly series working day adjusted. () Compensation per employee is calculated as the ratio of compensation of employees to employees. In the case of Portuguese data, compensation per employee is adjusted for the direct effects of the sale of tax credits by the general government in. For more details see Box. Budgetary effects of the temporary measures implemented from to ", Annual Report, Banco de. In addition, the series on compensation per employee is based on data from the national accounts ESA base, applying the same methodology for the period prior to. For more details about this methodology, see Box "Relative unit labour costs in : methodological issues and developments in the last decade", Economic Bulletin Summer, Banco de. Employment is measured as number of individuals. () Productivity is calculated as the ratio of real GDP to total employment. Total employment is measured as number of individuals. () Unit labour costs are calculated as the ratio of compensation per employee to productivity. () Rates for each month are based on the annual increase of the negotiated wages weighted by the number of workers covered. () Total compensation includes all types of payments to employees reported in the Compensations Management System of Instituto de Informática and identified in the Identification and Qualification System of the Social Security. The categories of compensations included are: permanent compensation, vacation and christmas subsidies and other types of compensation (namely bonuses, promotions, variable income and other subsidies). The Compensations Management database is permanently updated. Nevertheless, there are some reporting delays that affect mainly the last months. (7) The series plotted refer to real effective exchange rates deflated by the relative unit labour costs. A positive change means an increase in the relative costs of exporting. For, compensation data were adjusted (for more details see note ). Figures for the Euro Area refer to a group of 9 trading partners. For the other countries, including, the series are calculated vis-à-vis the other Euro Area countries and a group of 9 non-euro Area trading partners.

5 Banco de Boletim Estatístico A. Prices Source: Instituto Nacional de Estatística, European Central Bank, Eurostat and Bureau of Labor Statistics Euro Area () USA () Nov-7 Dec-7 Jan- Nov-7 Dec-7 Jan- (7) Nov-7 Dec-7 Jan- (year-on-year rate of change - y.r. - ) 7 9 Harmonized index of consumer prices (HICP) - Total Goods Food Unprocessed Processed Industrial Non-energy Energy Services HICP excl. unprocessed food and energy () Euro Area () USA () (average rate of change - ) 7 9 Harmonized index of consumer prices (HICP) - Total Goods Food Unprocessed Processed Industrial Non-energy Energy Services HICP excl. unprocessed food and energy () HICP Total - y.r HICP - y.r Differential () Euro Area - 7 Differential () Goods Services Non-energy commodity prices - y.r. () in euros Brent crude price 9 () (per barrel) 7 7 () Euro Area: changing composition. () Consumer price index (CPI). () For USA, CPI excluding food and energy. () The differential is measured points (pp). () Source: ECB. This indicator refers to prices expressed in euro, weighted according to the structure of Euro Area imports in the - period. () Source: ECB. Brent Blend (for one-month forward delivery). (7) Estimate based on provisional national releases, which usually cover around 9% of the euro area, as well as on early information on energy prices.

6 Banco de Boletim Estatístico A. Financial accounts Source: Banco de, Instituto Nacional de Estatística and European Central Bank Euro Area () Q Q 7 Q 7 Q 7 Q Q Q 7 Q 7 Q 7 Q (as a percentage of GDP () ) 7 9 Net lending (+) / net borrowing (-), by institutional sector Four quarters cumulated flows Total economy Non-financial corporations Financial corporations General government Households Euro Area Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 7 - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 7 Total economy Non-financial corporations Financial corporations General government Households Euro Area () Q Q 7 Q 7 Q 7 Q Q Q 7 Q 7 Q 7 Q (as a percentage of GDP () ) 7 9 Net financial assets, by institutional sector End of period outstanding amounts Total economy Non-financial corporations Financial corporations General government Households Euro Area Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 7 - Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 7 Total economy Non-financial corporations Financial corporations General government Households () Euro Area: fixed composition 9 countries. () GDP figures refer to the last four quarters cumulated flows.

7 BANCO DE PORTUGAL Boletim Estatístico A.7 Monetary aggregates Source: Banco de and European Central Bank Euro Area () Portuguese contribution () Dec- Nov- Dec- Nov-7 Dec-7 Dec- Nov- Dec- Nov-7 Dec-7 ( 9 euros) 7 9 End-of-month outstanding amounts M M M (annual rate of change - a.g.r. - ) M M M Evolution of M - a.g.r. - - Dec- Dec- Dec- Dec- Dec- Dec-7 Portuguese contribution Euro Area Evolution of M - a.g.r. - - Dec- Dec- Dec- Dec- Dec- Dec-7 Portuguese contribution Euro Area Evolution of M - a.g.r. - Dec- Dec- Dec- Dec- Dec- Dec-7 Portuguese contribution Euro Area () Euro Area: changing composition. () In the case of, these aggregates exclude the currency in circulation.

8 BANCO DE PORTUGAL Boletim Estatístico A. Monetary policy operations Source: Banco de and European Central Bank 9 Apr/ May/ Apr/ Jul/ Nov/9 Dec/ Jul/ May/ Nov/ Jun/ Sep/ Dec/9 Mar/ () 7 9 Key ECB interest rates Deposit facility Marginal lending facility Main refinancing operations Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan ( euros) 7 9 Provision and absorption of liquidity End-of-month outstanding amounts Provisions of liquidity of which: Main refinancing operations 9 9 Longer-term refinancing operations Marginal lending facility 7 Other operations ().. 9 Absorption of liquidity.. of which: Deposit facility. Other operations (). Key ECB interest rates - Jan/ Jul/ Jan/ Jul/ Jan/ Jul/ Jan/ Jul/ Jan/7 Jul/7 Jan/ Deposit facility Marginal lending facility Main refinancing operations Monetary policy operations 9 euros Jan/ Jul/ Jan/ Jul/ Jan/ Jul/ Jan/ Jul/ Jan/7 Jul/7 Jan/ Provision minus absorption of liquidity () Includes "Fine-tuning operations" and "Structural operations". () Includes "Fixed-term deposits" and "Reserve transactions".

9 BANCO DE PORTUGAL Boletim Estatístico A.9 Banking () loans and deposits Source: Banco de and European Central Bank () Euro Area () Dec- Nov- Dec- Nov-7 Dec-7 Dec- Nov- Dec- Nov-7 Dec-7 (annual rate of change - a.g.r. - ) 7 9 Loans Loans to non-financial corporations Loans to households Housing Consumption Other purposes Loans to non-financial corporations and households Memo item: 7 Loans to non-financial corporations adjusted for sales of loans portfolios Deposits Deposits of non-financial corporations Deposits of households of which: Overnight deposits Deposits with agreed maturity Memo item: Excluding deposits in banks' branches located in Madeira and Azores off-shores Non-financial corporations Households Loans to non-financial corporations and households (housing) - a.r. - Dec- Dec- Dec- Dec- Dec- Dec-7 Deposits of households - a.r. - - Dec- Dec- Dec- Dec- Dec- Dec-7 - non-financial corporations - households (housing) Euro Area - non-financial corporations Euro Area - households (housing) Euro Area Net external assets Eurosystem financing to banks in 9 euros euros - - Dec- Dec- Dec- Dec- Dec- Dec-7 Net external assets Net external assets - banks Net external assets - Banco de Dec- Dec- Dec- Dec- Dec- Dec-7 Provisions of Liquidity - Other operations Provisions of Liquidity - Main refinancing operations Provisions of Liquidity - Longer term refinancing operations () Includes loans and deposits on universal banks, savings banks and mutual agricultural credit banks which, along with money market funds, are the subsector of Other monetary financial institutions (OMFIs). () Loans excludes securities and includes credit to emigrants. Annual growth rates adjusted for derecognised securitisation operations. () Euro Area: changing composition.

10 BANCO DE PORTUGAL Boletim Estatístico A. Banking () interest rates - Loans and deposits () Source: Banco de and European Central Bank (with calculations by Banco de ) Euro Area () Dec- Nov- Dec- Nov-7 Dec-7 Dec- Nov- Dec- Nov-7 Dec-7 (annualised agreed rates - aar - ) 7 9 Loans Non-financial corporations Transactions up to and including million euros Transactions over million euros Households: Housing Consumption Other purposes Deposits 7 Non-financial corporations: with agreed maturity, up to year Households: with agreed maturity, up to year Loans to non-financial corporations - aar Loans to households (housing) - aar 7 7 Dec/ Mar/ Jun/ Sep/ Dec/7 (< MEUR) (> MEUR) Euro Area (< MEUR) Euro Area (> MEUR) Dec/ Mar/ Jun/ Sep/ Dec/7 Euro Area Deposits of non-financial corporations with agreed maturity (up to year) - aar Deposits of households with agreed maturity (up to year) - aar Dec/ Mar/ Jun/ Sep/ Dec/7 Euro Area ECB reference rate () Dec/ Mar/ Jun/ Sep/ Dec/7 Euro Area ECB reference rate () () Includes the rates set by universal banks, savings banks and mutual agricultural credit banks which, along with money market funds, are the subsector of Other monetary financial institutions (OMFIs). () Banking interest rates on new loans and deposits of residents in the Euro Area. () Euro Area: changing composition. () Fixed rate (fixed rate tenders) or marginal rate (variable rate tenders) in Eurosystem main refinancing operations (end-of-month value).

11 Banco de Boletim Estatístico A. Loans granted by the financial sector () Source: Banco de Central Credit Register Dec- Dec- Jan-7 Dec-7 Jan- Dec- Dec- Jan-7 Dec-7 Jan- (end-of-period figures - euros) (annual rate of change - a.r. - ) 7 9 Granted loans Non-financial corporations (NFC) By size () : Micro corporations Small corporations Medium-sized corporations Large corporations By statute: Public corporations Private corporations of which: Exporting corporations () Households and NPISH Non-profit institutions serving households (NPISH) Households House purchase Consumption and other purposes Memo item: Loans to NFC adjusted for sales of loans portfolios (overdue loans ratio - ) () (borrowers with overdue loans - ) Loans in default Non-financial corporations (NFC) By size () : Micro corporations Small corporations Medium-sized corporations Large corporations By statute: Public corporations Private corporations of which: Exporting companies () Households and NPISH Non-profit institutions serving households (NPISH) Households House purchase Consumption and other purposes Loans to non-financial corporations - a.r Jan/ Jan/ Jan/ Jan/ Jan/7 Jan/ Total Private exporting companies 9 Loans to households - a.r Jan/ Jan/ Jan/ Jan/ Jan/7 Jan/ Total House purchase Consumption and other purposes () This statistics cover loans granted by financial sector entities residents in including, besides banks, savings banks and mutual agricultural credit banks, non-monetary financial institutions that grant credit, namely credit financial institutions, factoring and financial leasing companies, credit-purchase financing companies and mutual guarantee companies. () Head offices are excluded from this classification. Classification based on the Commission Recommendation //EC of May concerning the definition of micro, small and medium sized enterprises: Micro corporations - number of employees below and turnover and/or annual balance sheet total not above million euros; Small corporations - number of employee below and turnover and/or annual balance sheet total not above million euros; Medium sized corporations - number of employees below and turnover not above million euros and/or annual balance sheet total not above million euros; Large corporations - remaining cases. () Private-owned exporting companies, defined as follows: a) companies that export more than % of the turnover; or b) companies that export more than % of the turnover and the total amount exceeds thousand euro. () Ratio between overdue loans and the total amount of granted loans by each category.

12 Banco de Boletim Estatístico A. Financial markets Source: Banco de, European Central Bank, NYSE Euronext, Reuters and MSCI 7 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan () 7 9 Yield on treasury bonds ( years) Monthly average Germany () USA (in index) Share price indices End-of-month PSI Euro Stoxx Dow Jones Industrial Average Nikkei MSCI BRIC () (chain rate of change - ) 9 PSI Euro Stoxx Dow Jones Industrial Average Nikkei MSCI BRIC () Money market yield curve in the euro area - month months months months Diferencial (right-hand scale) // 7//9 in basis points Yield on treasury bonds ( years) - monthly average - Germany USA base: Dec-= Share price indices - end of period PSI Euro Stoxx MSCI BRIC in basis points Yield spread over Germany's -year bonds - Spain Italy Ireland () Yield on Germany treasury bonds, usually used as Euro Area reference rate. () A grouping acronym that refers to the countries of Brazil, Russia, India and China.

13 BANCO DE PORTUGAL Boletim Estatístico A. Exchange rates Source: European Central Bank and Federal Reserve System 7 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan (in foreign currency units) 7 9 Euro bilateral exchange rates () Monthly average US dollar (USD) Japanese yen (JPY) Pound sterling (GBP) Swiss franc (CHF) Brazilian real (BRL) (chain rate of change - ) US dollar (USD) Japanese yen (JPY) Pound sterling (GBP) Swiss franc(chf) Brazilian real (BRL) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan (year-on-year rate of change - y.r. - ) 7 9 Effective exchange rate indices - group of 9 (EER-9) () () : Nominal Real (CPI) () Euro Area () : Nominal Real (CPI) () ( month moving average rate of change - ) () : Nominal Real (CPI) () Euro Area () : 7 Nominal Real (CPI) () EER - 9 real (CPI) - y.r.. Euro daily reference exchange rates $ Euro Area USA(). 9 / / / / / / / USD JPY (right hand scale) () X foreign currency units per Euro. () Figures referring to the 9 trading partner group. Further information is available on () Effective exchange rate. () CPI - consumer price index. () Euro Area: fixed composition 9 countries. () For the U.S. it is considered the group of largest trading partners.

14 Banco de Boletim Estatístico A. Public finances Source: Banco de, Instituto Nacional de Estatística and Eurostat Euro Area () Q Q 7 Q 7 Q 7 Q Q Q 7 Q 7 Q 7 Q (as a percentage of GDP) 7 9 General government Balance Total revenue Taxes on income and wealth Taxes on products Social contributions Other revenue Total expenditure Social benefits Compensation of employees Intermediate consumption Interest on public debt Gross fixed capital formation Other expenditure Memo item: primary balance Public debt (EDP approach) Breakdown by original maturity: Short-term Long-term Euro Area () (as a percentage of GDP) 7 General government Balance Public debt Deficit-debt adjustment Euro Area as a percentage of GDP as a percentage of GDP as a percentage of GDP as a percentage of GDP Balance Primary balance Public debt (right hand scale) General government (EDP approach) - Netherlands Finland Germany Ireland Austria Euro area France Spain Belgium Italy Greece Public debt (as a percentage of GDP) () Netherlands Finland Germany Ireland Austria Euro area France Spain Belgium Italy Greece Deficit (symmetric of the balance), change in debt and deficit-debt adjustment (as a % of GDP) 9 - Deficit (symmetric of the balance) Deficit-debt adjustment Change in debt () Euro Area: fixed composition 9 countries (under ESA). () Dotted line refers to value defined by the Maastricht Treaty.

15 Banco de Boletim Estatístico A. General government debt and financing Source: Banco de and Instituto Nacional de Estatística Dec- Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 ( euros) 7 9 End of period outstanding amounts Maastricht debt () Currency and deposits Loans Short-term Long-term Securities Short-term Long-term Memo item: 9 Maastricht net debt of assets in deposits of general government (as a percentage of GDP) () Maastricht debt Dec- Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 ( euros) 7 9 Cumulative flows since the beginning of the year General government financing () By sub-sector: Central government Regional government Local government Social security funds By counterpart: Banks () Other resident sectors () Rest of the world By financial instrument: 9 Securities Loans and deposits (as a percentage of GDP) () General government financing euros Public debt Dec- Dec- Dec- Dec- Dec-7 Public debt Maastricht net debt of assets in deposits of general government 9 euros Public debt - monthly change by instrument Dec- Jun- Dec- Jun-7 Dec-7 Currency and deposits Loans Securities 9 euros - Jan Feb General government financing Mar Apr May Jun Jul Aug Sep Oct Nov 7 Dec 9 euros General government financing by counterpart cumulative flows since the beginning of the year 9 Rest of the world Banks Other resident sectors Total Dec- Dec-7 () Debt compiled according to the definition of the Excessive Deficit Procedure (Regulation (CE) 79/9, of May), i.e., general government consolidated gross debt at nominal or face value (Maastricht debt). It includes the liabilities in currency and deposits (AF.), debt securities (AF.) and loans (AF.). In the table, the debt of general government is consolidated within this sector, therefore including only its liabilities vis-à-vis the other sectors of the economy. () The nominal GDP figures used for the calculation of the ratios are published by Instituto Nacional de Estatística (INE). For the latest quarter, and when such figure is not available, an extrapolation for the nominal GDP of this quarter is performed, based on partial information disseminated by INE. Therefore, the estimate takes into account the GDP of the same quarter of the previous year, the published year-on-year change rate in volume for the latest quarter, and the last published figure for the year-on-year growth rate of the GDP deflator. For the series on stocks, the nominal GDP used in the calculation of the ratios corresponds to the accumulated GDP of the last four quarters, regardless the quarter to which it relates; in the case of flows, the nominal GDP used in the calculation of the ratios corresponds to the accumulated amount since the beginning of the year until the quarter to which the figures relate. () Change of liabilities in the form of deposits, securities and loans obtained from residents and non-residents, and other accounts payable obtained from non-residents, net of investments in assets in the form of deposits and securities with MFIs residents and non-residents, and of securities, loans and other credit facilities with non-residents. () Includes universal banks, savings banks and mutual agricultural credit banks which, along with money market funds, are the subsector of Other monetary financial institutions (OMFIs). () Includes Non-monetary financial institutions, Non-financial corporations and Households.

16 Banco de Boletim Estatístico A. Balance of payments Source: Banco de, Instituto Nacional de Estatística, European Central Bank, Eurostat and Bureau of Economic Analysis () Euro Area () USA () Jan-Dec/ Jan-Dec/7 Jan-Dec/ Jan-Dec/7 Jan-Dec/ Jan-Dec/7 Jan-Dec/ Jan-Dec/7 ( euros) (as a percentage of GDP) 7 Current and capital accounts Current account Goods () Services Primary income Secondary income of which: Migrants' remittances Capital account Financial account () Direct investment Portfolio investment Financial derivatives () and employee stock options Other investment Reserve assets Errors and omissions Current and capital accounts Current and capital accounts balance, by main components 7 9 euros 9 euros euros Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 7 Goods and services Capital account Income Current and capital accounts Direct Investment Net foreign assets change, by institutional sector 9 euros 9 euros euros Assets Liabilities Central bank Financial corp., excl. central bank Net foreign assets changes General government Non-financial corp. and households () The nominal GDP figures used for the calculation of the ratios are published by Instituto Nacional de Estatística (INE). For the latest quarter, and when such figure is not available, an extrapolation for the nominal GDP of this quarter is performed, based on partial information disseminated by INE. Therefore, the estimate takes into account the GDP of the same quarter of the previous year, the published year-on-year change rate in volume for the latest quarter, and the last published figure for the year-on-year growth rate of the GDP deflator. For the series on stocks, the nominal GDP used in the calculation of the ratios corresponds to the accumulated GDP of the last four quarters, regardless the quarter to which it relates; in the case of flows, the nominal GDP used in the calculation of the ratios corresponds to the accumulated amount since the beginning of the year until the quarter to which the figures relate. () Euro Area: fixed composition 9 countries. () Preliminary balance of payments values for the current period because the capital account is not available and the financial account and errors and omissions do not include the net value of financial derivatives. () Based on data from international trade adjusted to f.o.b. values. () A plus (minus) sign means a net increase (net decrease) on assets. () Financial derivatives other than reserves

17 BANCO DE PORTUGAL Boletim Estatístico A.7 External trade of goods and services Source: Banco de and Instituto Nacional de Estatística Exports Imports Jan-Dec/ Jan-Dec/7 Jan-Dec/7 Jan-Dec/ Jan-Dec/7 Jan-Dec/7 ( euros) (y.r. - in %) ( euros) (y.r. - in %) Goods By broad economic categories Consumer goods Intermediary goods Equipment goods Fuels Others Memo : Total excluding fuels By region Intra-European Union of which: Germany Spain France Italy United Kingdom Extra-European Union of which: Angola Brazil China USA Services () Manufacturing services on physical inputs owned by others Maintenance and repair services n.i.e Transportation Travel Other business services -.9. Personal, cultural and recreational services Government goods and services n.i.e. () Sep/ Dec/ Goods Exports - y.r. Mar/7 Jun/7 Sep/7 Services Dec/7 - Sep/ Dec/ Goods Imports - y.r. Mar/7 Jun/7 Sep/7 Services Dec/7 Goods trade Exports Jan-Dec/7 - Intra-Euro Area Imports Jan-Dec/7 - Extra-Euro Area - United Kingdom 7 - Other EU countries - USA 9 - Africa 7 - Asia Latin America 9 - Others () n.i.e. - not included elsewhere. () Balance of payments values.

18 BANCO DE PORTUGAL Boletim Estatístico A. International investment position Source: Banco de, Instituto Nacional de Estatística, European Central Bank and National Central Banks () Euro Area () 7 Q 7 Q 7 Q 7 Q 7 Q 7 Q (as a percentage of GDP) End-of-period outstanding amounts International investment position (IIP) () Assets Direct investment Portfolio investment Financial derivatives () and employee stock options Other investment Reserve assets Liabilities Direct investment Portfolio investment Other investment Net external debt () IIP - Euro Area countries - () % GDP IE GR CY PT ES SK EE SI FR IT AE FI AT LU MT BE DE NL - Portuguese International Investment Position (IIP) (7) Net External Debt and International Investment Position ( - 7) EUR 9, inverted scale % GDP Stock Dec Transactions Price changes Exchange rate changes Other Adjustments Stock Dec 7 Net External Debt International Investment Position () The nominal GDP figures used for the calculation of the ratios are published by Instituto Nacional de Estatística (INE). For the latest quarter, and when such figure is not available, an extrapolation for the nominal GDP of this quarter is performed, based on partial information disseminated by INE. Therefore, the estimate takes into account the GDP of the same quarter of the previous year, the published year-on-year change rate in volume for the latest quarter, and the last published figure for the year-on-year growth rate of the GDP deflator. For the series on stocks, the nominal GDP used in the calculation of the ratios corresponds to the accumulated GDP of the last four quarters, regardless the quarter to which it relates; in the case of flows, the nominal GDP used in the calculation of the ratios corresponds to the accumulated amount since the beginning of the year until the quarter to which the figures relate. () Euro Area: fixed composition 9 countries. () Calculated as the difference between assets and liabilities. () Financial derivatives other than reserves. Net figures. () It corresponds to the opposite sign of the net external debt as defined by international organizations. It is based on the IIP excluding equity capital and reinvested earnings from direct investment, shares and other equity from portfolio investment, financial derivatives. () Data according to the th edition of the Balance of Payments and International Investment Position Manual. (7) Includes universal banks, savings banks and mutual agricultural credit banks which, along with money market funds, are the subsector of other monetary financial institutions (OMFIs).

19 BANCO DE PORTUGAL Boletim Estatístico A.9 Non-financial corporations from the central balance-sheet database Source: Banco de 7 Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep (EBITDA () / Total assets - ) 7 9 Total non-financial corporations Public corporations () Private corporations Private corporations by economic activities Industry (B+C) Electricity, gas and water (D+E) Construction (F) Commerce (G) Transportation (H) Other services Head offices (M, 7) Private corporations by size (excluding Head offices) Small and medium-sized corporations Large corporations % % % % % % Structure of funding (in % of total assets) 7 Sep Equity Obtained funding Trade creditors Others Interest expenses / Obtained funding () Cost of debt and interest coverage ratio (evolution between Q and 7 Q) 7 9 EBITDA / Interest expenses (units) Total non-financial corporations Industry (B+C) Electricity, gas and water (D+E) Construction (F) Commerce (G) Transportation (H) Other services Head offices (M, 7) Days accounts receivables () nr. of days nr. of days Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 7 Public corporations() and Private corporations Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 7 Private corporations by economic activities Total Public corporations() Private corporations Days accounts payables () Industry (B+C) Construction (F) Transportation (H) Electricity, gas and water (D+E) Commerce (G) Other services nr. of days nr. of days Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 7 Public corporations() and Private corporations Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 7 Private corporations by economic activities Total Public corporations() Private corporations Industry (B+C) Construction (F) Transportation (H) Electricity, gas and water (D+E) Commerce (G) Other services () Earnings before depreciations and amortizations, interest expenses and income tax () Public corporations not included in the general government sector () Days accounts receivables = *[Trade debtors] / [Net turnover, VAT adjusted for domestic transactions]. () Days accounts payables = *[Trade creditors] / [Purchases of goods for resale, raw materials, secondary and consumables + External supplies and services, VAT adjusted for domestic transactions].

20 Banco de Boletim Estatístico A. Non-financial sector indebtedness () Source: Banco de and Instituto Nacional de Estatística Dec- Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Dec- Sep-7 Dec-7 ( euros) (as a percentage of GDP () ) 7 9 Total debt General government Public corporations Public corporations included in general government () Public corporations not included in general government Non-financial public sector ( + ) Private corporations Micro, small and medium corporations () Micro corporations ( thousand) Small corporations ( thousand) Medium corporations ( thousand) Large corporations () ( thousand) Non-financial holdings ( thousand) Private individuals () of which: housing Non-financial private sector ( + ) Total - non-financial sector indebtedness ( + ) Indebtedness of the non-financial sector by debtor sector Indebtedness by debtor and creditor sectors in billion euros in billion euros Dec/ Nov/7 Dec/7 Dec/ Nov/7 Dec/7 Dec/ Nov/7 Dec/7 Non-financial public sector Private corporations Private individuals Financed by: Non-financial public sector Private corporations Private individuals General government Financial sector Corporations Private individuals External Private corporations indebtedness, by NACE: Dec-7 Private corporations indebtedness, by size: Dec-7 Industry (B+C) K, J I H Other G B+C F+L D+E Electricity, gas and water (D+E) Construction (F) + Real estate activity (L) Commerce (G) Transportation (H) Accomodation and food service (I) Information and communication (J) % 9% % % % Micro corporations Small corporations Medium corporations Large corporations Non-financial holdings Non-financial holdings (K, ) () For more information see notes for Table K.., on chapter K of the Statistical Bulletin.

21 Banco de Boletim Estatístico A. Total credit granted to the non-financial sector, excluding general government () Source: Banco de Dec- Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 (annual rate of change - ) 7 9 Credit granted to the non-financial sector, excluding general government Credit granted to non-financial corporations Credit granted to private non-financial corporations Credit granted to public non-financial corporations non-consolidating in general government Credit granted to private individuals Credit granted to private individuals for house purchase Credit granted to private individuals for consumption and other purposes Total credit granted to the non-financial sector, excluding general government Dec/ Dec/ Dec/ Dec/ Dec/7 Credit granted to the non-financial sector, excluding general government Credit granted to non-financial corporations Credit granted to private individuals Credit granted to non-financial corporations nonconsolidating in general government Credit granted to private individuals Dec/ Dec/ Dec/ Dec/ Dec/7 Credit granted to private non-financial corporations Credit granted to public non-financial corporations non-consolidating in general government - Dec/ Dec/ Dec/ Dec/ Dec/7 Credit granted to private individuals for house purchase Credit granted to private individuals for consumption and other purposes () Annual rates of change of outstanding amounts, on a consolidated basis, i.e., excluding operations between entities of the same institutional sector. They consider loans, debt securities and trade credits. The figures are adjusted for securitisation operations, reclassifications, write-offs / write-downs, exchange rate changes and price revaluations. Whenever relevant, the figures are also adjusted for credit portfolio sales.

22 Fevereiro A. Economic and financial indicators of the private non-financial corporations () (to be continued) Source: Banco de (In percentage, unless otherwise indicated) Coverage rates for the CBSD data Number of corporations Turnover Ratios of profitability Return on equity Operational and financial components Borrowing component (in units) Fiscal effect (in units) Return on assets Return on investment Operating profitability (on investments) Net profits / Revenues EBITDA () / Revenues Ratios of activity (number of days) Accounts receivables in days 7 Accounts payables in days Days sales of inventories 7 7 Ratios of funding and debt service Obtained funding / EBITDA () (in units) EBITDA () / Interest expenses (in units) Interest expenses / Obtained funding Interest expenses / Turnover Ratios of financial structure 9 Liabilities / Equity (in units)..... Current ratio Acid ratio Short term debt / Liabilities Financial leverage Distribution of revenues Suppliers Employees Banks and other lenders Government..... Corporation, self-financing Other..... Return on equity Obtained funding / EBITDA In percentage - - Total SMEs Large corporations Exporting corporations Total Of which: Exporting corporations Micro corporations Small corporations By size class Medium corporations Large corporations () Exclude head offices. For more information on ratios, see metadata available in BPstat. () Earnings before depreciations and amortisations, interest expenses and income tax.

23 BANCO DE PORTUGAL Boletim Estatístico A. Economic and financial indicators of the private non-financial corporations () (continued) Source: Banco de (In percentage) Sources of funding (in % of assets) Equity Securities market Loans Credit institutions Participated and participant companies..... Other funders Trade creditors Others (In million euros, unless otherwise indicated) Domestic loans granted by resident credit instituitions Total loans Average number of financial institutions per borrower (in units) Total loans, by original maturity Up to year 7 9 More than year Undetermined () Total loans, by residual maturity Up to year More than year Undetermined () (In percentage) Risk indicators Overdue loans granted by resident credit instituitions Overdue loans ratio () Overdue loans ratio - up to year () Overdue loans ratio - over year () Borrowers with overdue loans (in % of number of borrowers) Corporations with interest expenses > EBITDA (in % of number of corporations) Corporations with negative EBITDA (in % of number of corporations) Corporations with negative net profits (in % of number of corporations) Corporations with negative equity (in % of number of corporations) Liabilities of corporations with interest expenses > EBITDA (in % of liabilities) Loans in default Risk indicators ( of the number of corporations): Total Large corporations Industry SMEs Electricity, gas and water In percentage Exporting corporations Construction Other activities Trade Consultancy, technical and administrative activities Real estate activities Transportation Accommodation and food services Overdue loans ratio up to year Overdue loans ratio over year Negative net profits Negative EBITDA Overdue loans ratio Interest expenses > EBITDA Negative equity () Exclude head offices. For more information on ratios, see metadata available in BPstat. () The undetermined maturity category includes loans for which the assignment of the original maturity is not possible. It may include among others the financial products, credit on current accounts and overdrafts. () Ratio between overdue loans and the total amount of loans.

24 Banco de Boletim Estatístico A. Investment funds () Source: Banco de, Securities Market Comission and European Central Bank Euro Area Dec- Nov- Dec- Nov-7 Dec-7 Dec- Nov- Dec- Nov-7 Dec-7 (end-of-period figures - 9 euros) 7 9 Assets Deposits and loan claims () Debt securities Shares and other equity Non-financial assets () Liabilities Shares / units issued by investment funds () Of which - By investment policy () Equity funds Bond funds Real estate funds Of which - By institutional sector of the investor: 9 Monetary financial institutions Insurance corporations and pension funds Private individuals Investors non-residents in Memo item: Shares / units issued by money market funds () euros Assets of investment funds by instrument - End-of-period figures Dec- Dec- Dec- Dec- Dec- Dec-7 Deposits and loan claims Shares and other equity Debt securities Non-financial assets 9 euros Assets of investment funds in domestic and foreign securities - End-of-perod figures Dec- Dec- Dec- Dec- Dec- Dec-7 Foreign equity securities National equity securities Foreign debt securities National debt securities 9 euros Investment funds shares/units issued - total and broken down by investment policy - End-of-period figures Dec- Dec- Dec- Dec- Dec- Dec-7 Equity funds Bond funds Real estate funds Total of investment funds shares/units issued (right scale) 9 euros 9 euros Investors in investment funds shares/units broken down by institutional sector - End-of-period figures Dec- Dec- Dec- Dec- Dec- Dec-7 Private individuals Monetary financial institutions Insurance corporations and pension funds () Excluding money markey funds, which in the statistics of the Eurosystem are considered as other monetary financial institutions. () Deposits and loan claims include, other than deposits, loans and shareholders loans. () The non-financial assets correspond mostly to the assets held by real estate funds in real estate. () The amount of the investment fund shares/units correspond to funds' net value and include the amount invested plus sundry assets less loans and sundry liabilities. () View notes (a) and (b) in table B... in Statistical Bulletin. () Euro Area: changing composition.

25 7 Banco de Boletim Estatístico A. International consolidated banking statistics Source: Banco de 7 Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep ( euros) 7 9 End of period outstanding amounts Foreign claims () Immediate risk basis Ultimate risk basis External claims Local claims Net risk transfers () By geographical aggregates () European Union Ultimate risk basis Net risk transfers Portuguese Speaking African Countires Ultimate risk basis Net risk transfers BRICS Ultimate risk basis Net risk transfers Off-shore Financial Centers Ultimate risk basis Net risk transfers Others Ultimate risk basis Net risk transfers Foreign claims - risk basis and Net risk transfers Net risk transfers, by main geographical aggregates 9 euros 9 euros - 9 euros Q 7 Q Q Total - Immediate risk basis Total - Ultimate risk basis Net risk transfers (right hand scale) 7 Q - - Q Q 7 Q 7 Q European Union PALOP BRICS Off-shore Others Total () Data for the first quarter of 7 incorporate revisions to data in the wake of the new guidelines issued by the Bank for International Settlements. () Net risk transfers represent the difference between ultimate risk basis and immediate risk basis. A positive (negative) sign reflects a higher (lower) risk exposure of vis-à-vis foreign countries at the ultimate risk basis. () The composition of geographical aggregates can be found in BPstat Statistics online.