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

3 PRICE AND COST COMPETITIVENESS ECFIN/C-1 Second quarter 2 1 Quarterly data on price and cost competitiveness of the Euopean Union and its Member States ECFIN/3 5112/0 1-EN This document exists in English only. European Communities, 2 I.

4 !PRICE AND COST COMPETITIVENESS! 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 the 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 (ULCE). Moreover, capital costs account for a sizeable fraction of total costs. Price measures such as the GDPdeflator (PGDP) include the return on capital. On the other hand, the measures based on ULCE and PGDP cover many sectors whose output is neither directly nor indirectly traded. The report also displays real exchange rates based on the deflator of private consumption, and the deflator of exports of goods and services (PX). This series is also available on the Internet. Our Web sitel 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 europa. eu. inti comm/ economy_ finance/ documentlpccr/pccr _en. htm

5 Adjustment in the computation of the annual data in part 2 of the databank on price and cost competitiveness Up to this issue annual data displayed in part 2 of the price and cost competitiveness were calculated from quarterly data (geometric averages). However, as some of the quarterly data (e.g. unit labour costs) are calculated from annual data by applying a cubic-spline method, the re-constructed annual data slightly diverged from the "true" annual data. For consistency, this problem has been resolved and from now onwards, our databank provides now true "annual data".

6 Quarterly data on price and cost competitiveness of the European Union and its Member States QUARTERLY REPORT- SECOND QUARTER 21 Table of Contents Part 1: Main developments Main features p. 1 I. Inte-rnational 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 ECFIN/C-1 /3 51/2/0 l-en PART1 MAIN DEVELOPMENTS ECFIN/C-1 Ref. SR

8 DEVELOPMENTS IN THE COST COMPETITIVENESS OF THE EUROPEAN UNION, THE UNITED STATES AND JAPAN MAIN FEATURES The euro against major international currencies: During the second quarter of 22, the euro depreciated against the US dollar by about 6%, the Japanese yen by about 5%, the pound sterling by 3% and the Swiss franc by about 1%. In all, the nominal effective exchange of the euro depreciated by 3.5% against the currencies of 13 industrialised countries during the last quarter. By the end of the second quarter is 13% below its changeover level at 1 January 19. Relative cost and price indicators: international developments The depreciation of the euro exchange rate led to an improvement in the cost competitiveness of euro area producers (against other industrialised countries) of about 2% in the second quarter of 21. However, the euro still displays a total gain of 17% since its launch. In a longer-term perspective, the unit labour costs in the United States relative to EUR12 are 40% above their 17- average and 18% above their 17- average in Japan. Relative cost and price indicators: intra-emu developments Over the_ last two years, the Netherlands, Ireland, 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, in some cases, to a catching-up process. 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 time perspective, intra-eur12 cost competitiveness is considerably better than its 17- average in Finland (about 11% ), while it is considerably worse than this average in Portugal (about 14%), Greece (11 %), the Netherlands (about 7o/o) and to a lesser extent in Spain (2% ). Relative cost and price indicators: Member States outside the euro area Denmark has seen a further deterioration in its unit labour cost competitiveness against the EUR12 over the last two years (about 2%) and relative to its 17- average (about 8%). Unit labour costs in manufacturing in the UK remain some 40o/o higher than their 17- average relative to EUR12. Despite an improvement over the last year (about 9%), cost competitiveness in Sweden remains above its long term average.

9 DATABASE'ON PRICE AND COST COMPETITIVENESS QUARTERLY REPORT - SECOND QUARTER 21 I. INTERNATIONAL DEVELOPMENTS 1. BILATERAL EXCHANGE RATES OF THE EURO Chart 1 Chart 3 The euro against USO and JPY since changeover The euro against GBP and CHF since changeover lndexu.19=1 (dailydata) Index U. 19 = 1 (daily data) 105~ ~ 105~ , 1 1 fli';o;.:.;;.;~"'t..-.;.i"""'\'o >7">.;./'... --"\: ) 0) C: cu..., 0) 0) 0) 9l cij >- cu ~ ~ 0) 0) 0) 0 0) 0) 0 9l :;..., 0.. > C: Q) D cu en z..., !.. cu >. :; 0.. > C: cij >. cu..., Q) 0 cu cu en z..., ~ ~ ~ ~ 65 0) 0) 0) 0) 0) 0) ) 0) 0) 0) 0) l C: cij >. :; a. > C: cij >. :; a. > C: tii >. cu cu Q) 0 cu cu Q) 0...,..., cu cu ~ ~ en z...,..., ~ ~ en z..., ~ ~ Chart 2 The euro (OM) against USO and JPY since 14 Chart4 The euro (OM) against GBP and CHF since 14 USO/ EUR (monthly averages) JPY/EUR GBP/ EUR (monthly averages) CHF/EUR 1.6, r : , , ,------, , , ,------r ' Note: EUR rates before 19 calculated on the basis of OEM rates. Note: EUR rates before 19 calculated on the basis of OEM rates. TABLE 1: EVOLUTION OF THE MAIN BILATERAL EXCHANGE RATES During the first quarter of 21 Relative to the previous quarter (monthly averages) (quarterly averages) Average Average Average Average Mar-01 Jun-01 %change %~1lan2e USD/EUR % ~5.4% JPY/EUR :-5.5% _,_ -1.8% --,'- GBP/EUR ~3.2% _.:.2.8% CHF/EUR % % 2

10 2. NOMINAL EFFECTIVE EXCHANGE RATES (I C) Chart 5 Nominal effective exchange rates of the euro Index = 1 (daily data) 105~ ~ 1 NEERvs the rest of 24 countries en q> c: cu..., en q> (ij ~ en en en en 0 0 en en en en !... >. a. > c 9 9 ::J ~ >- :; a. > c: cu..., 0 cu cu..., (ij 0 cu ~ ~ :::!: z..., ~ ~ z..., ~ 9 >- cu :::!: Chart 6 14=1 Nom ina I effective exchange rates since 10 ( monthly averages) 180~ GBP EUR USD 40 TABLE 2: NOMINAL EFFECTIVE EXCHANGE RATES ( vs. 24 industrialised countries, index 14 = 1) During the first quarter of 21 Relative to the previous quarter (monthly averages) (quarterly avera_ges) Average Average Average Average Mar-01 Jun-01 %change Q1-01 Q2-01.%change EUR % % USD '1.4% _ 2.7%.... '..., JPY % L3% ' GBP % % 3

11 3. REAL EFFECTIVE EXCHANGE RATES (IC) BASED ON ULCE Chart 7 Real effective exchange rate 1 : euro since 10 14=1 (quarterly data) ~~~~~~~~~~~~~~~~~~~~~~~~~ 0 8 N 1 vs. rest of IC, deflated by unit labour costs in total economy Chart 8 Real effective exchange rates 1 since 10 14=1 (quarterly data) 1 vs. rest of IC, deflated by unit labour costs in total economy TABLE 3: REAL EXCHANGE RATES (ULCE) ( vs. 24 industrialised countries, index 14 = 1) Relative to the previous quarter Rel. to the previous year Rel. to long-term average (quarterly data) (quarterly data) (quarterly data) Average Q1-01 Q2-01 %change Q2- %change 87- %change EUR12 81,4 79,8-1,9% 79,7 0,2%,2-18,7% USD 125,1 129,1.3,2% 119,2 ': 8,~% 106,7,' 21,0% JPY 85,4 83,5. -2;2%,9-12,0% 85,2 ;.. 1,/t, GBP 129,8 132,5 2,1% 133,0-0,4% 109,9 '. 20,5% 4

12 4. COST COMPETITIVENESS OF THE USA AND JAPAN RELATIVE TO THE EURO AREA Olart 9 14=1 Real exchange rates 1 : USD and JPYvs. EUR12 (quarterly data) I'-- N I'-- Ol Ol "'t CD I'-- 1'-- 1'-- Ol 0> Ol ~flated by unit labour costs in total econorry TABLE 4 A: REAL COST AND PRICE INDICATORS OF INDIVIDUAL COUNTRIES RELATIVE TO EUR 12 %Change USA Japan Over the last year Over the last two years Relative to average (Q2-01 I Q2-) (Q2-01 I Q2-) (Q2-01 I Average 87-) ULCE PGDP ULCE PGDP ULCE PGDP 8,6 8,8 7,8 23,2 23,2 23,3 39,4 28,5 34,9-8,6-10,7-7,5 16,0 8,6 15,9 18,4 14,6 14,4 USD JPY TABLE 4 B: REAL EXCHANGE RATES (ULCE) (vs. EUR12, index 14 = 1) Relative to the previous quarter Rel. to the previous year Rel. to long-term average (quarterly data) (quarterly data) (quarterly data) Average Q1-01 Q2-01 %change Q2- % change 87- %change 135,8 144,3 6,2% 132,9 8,6% 103,5 39,4% 102,3 103,6 1,3% 113,3-8,6% 87,5 18,4% 5

13 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 asse:sment of movements in real exchange rates therefore requires a comprehensive analysis of the economic situation in each country seen in a longer term per:.spective. 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 average (Q2-0 I I Q2-) (Q2-0l I Q2-) (Q2-0l I Average 87-) Euro area Member States %Change ULCE PGDP ULCE PGDP ULCE BLEU -0,1 0,7-0,3-0,2 2,7-0,4 3,1-1,7 Germany -1,4-1,7-1, I -2,7-3,3-3,2-3,4 4,7 Greece -0,4-1,6-0,5-2,8-4,7-2,6 11,5 11' 1 Spain 1,4 1,7 1,6 3,2 4,0 4,1 2,1 8,2 France -0,3 0,3-0,9-1,0-0,7-1,2 1,4-6,4 Ireland 2,2 3,2 2,5 4,0 6,3 6,2 1,0-20,7 Italy 0,3-0,2 0,5 0,8-0,6 1,6-4,5-0,9 Netherlands 2,0 1,4 2,0 4,3 3,7 3,5 6,6 2,3 Austria -0,4 1,4-0,4-1,4 3,2-0,3-0,7-0,4 Portugal 2,4 2,0 0,6 5,8 5,3 1,3 13,6 9,2 Finland -0,3-3,5 0,9 0,4-6,0 3,2 -II, 1-21,4 Non-euro area Member States %Change ULCE PGDP ULCE PGDP ULCE Denmark 0,4 1,2 0,6 2,1 1,8 2,4 7,9 10,2 Sweden -8,6-7,5-9,3-0,4 2,2-2,2-5,1-12,1 UK -0,2 0,1-0,2 9,1 10,4 9,1 29,5 38,7 PGDP 0,8-3,3 9,5 1,6-2,1 12,6 0,5 3,2 0,0 13,9-4,6 PGDP 6,6-8,8 24,7 Note: relative ULCE 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. (I) ULCE =Based on unit labour costs in the economy as a whole. (2) = Based on unit labour costs in manufacturing industry. (3) PGDP = Based on GOP-deflator. A minus means an improvement in cost competitiveness. 6

14 Chart 10: Price and cost indicators for individual countries relative to EUR12 14=1 Germany vs. rest of EUR ~ , PGDP ---ULCE =1 France vs. rest of EUR , - PGDP ULCE ~---r--~--r-~--~--~~------~--~~--~--r-~ ~---r--~--r-~---r--~~------~--~~--~--r-~ =1 Italy vs. rest of EUR , PGDP ULCE =1 Netherlands vs. rest of EUR , PGDP _---ULCE ~-T--~--r-~---r--~~--~--~--r-~--~--~~ ~---r--~--r-~---r--~~--~--~--r-~--~--r-~ =1 Austria vs. rest of EUR , PGDP ULCE =1 BLEU vs. rest of EUR PGDP 130 _ ---ULCE =1 Finland vs. rest of EUR12 14=1 Ireland vs. rest of EUR ~ , 140 TT , PGDP PGDP ULCE ULCE _, ' 120 if' ,',.. -,., ~;_, ~--~--r-~--~--~~------~----~-----r-~

15 Chart 10 contd.: Price and cost indicators for individual countries relative to EUR12 14=1 Spain vs. rest of EUR ~ , PGDP ULCE =1 Portugal vs. rest of EUR ~ PGDP ULCE r" ,..,., I ~---r--~--~~--~--~~--~--~--~~--~--t-~ ~---r--~--r-~---r--~~---r--,---r-~--~--~~ =1 Denmark vs. EUR ~ , PGDP ULCE =1 Greece vs. rest of EUR ~ ~ PGDP ULCE ~---r--~--~-t---r--~-,--~--~--~~--~--r-~ ~~---r--~~--~--~~--~--~~--~--r--r--~~ =1 UK vs. EUR ~ ~ 170 _ PGDP ---ULCE ~~--~--~~---r--~--r-~--~--~~---r--,-~ =1 Sweden vs. EUR PGDP ULCE r--,---r-----r--~~--~--,---r-~--~--~~ =1 USA vs. EUR PGDP ULCE =1.Japan vs. EUR PGDP 110 _ ---ULCE r--~--~~---r--~--r-~---r--~-----r--,-~ ~--~~~-----r--~--r-~---r--~-----r--,-~

16

17 ECFIN/C-1/3 51/2/0 l-en PART2 TABLES AND GRAPHS BY COUNTRY ECFIN/C-1

18 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 group oferm participants. 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.

19 Part 2: Table of Contents EU -EUR12... p. 1 Belgium and Luxembourg - BLEU p. 3 Denmark - DK p. 5 Germany 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 ofthe US dollar... p. 41 Table B: Trade-weighted indices p. 45 Table C: Real effective exchange rate based on Consumer Price Index (CPI)... p. 46 TableD: 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 Other abbrevitions used: Mexico- MX New-Zealand- NZ Switzerland- CH Turkey- TR

20 EU and EUR12 Trade -weighted currency indices data auarterll data Monthly data index (14=1) index ( 4=1) monthly % change EU EUR12 EUR12 EU EUR12 EUR12 EU EUR12 EUR12 vs. ( the rest of) vs. ( the rest of) vs. ( t h a rest 0 f) IC IC EU IC IC EU IC IC EU Q JUNOO JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN data Ondex 14 = 1) Trade -weighted currency indices Quartel1y data Ondex 14 = 1) - EU va.ic EUR12 -- va.ic EURt2 va.eu ~-"!Jy.~ ~ \ , \ II \ :... \ fv ' ~ ~ ',~... "' ''J \::-::::::.:-:..-.::::~:: :-:: Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 data Onclex 14=1) Relative cost indicators {based on ULCE) Quarterly data Ondex 14 = 1) - EU va.ic EURt2 -- va.ic EURt2 va.eu Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 1

21 EU and EUR12 of EU vs. (the rest of) 24 industrial countries data (Index 14=1) Qua r t e r I y data (Index 14=1) PCP Def I a tor PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q of EUR12 vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (Index 14=1) PCP' De f I at or PGDP PX ULCE PCP PGDP PX ULCE _ Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q of EUR12 vs. (the rest of) EU PCP data (index 14=1) Quarterly data (index 14=1) PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q OOQ OOQ OOQ Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 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

22 BLEU euro (before 19: BEF/LUF) Trade -weighted currency indices data index (14=1) au a r t e r I l data Index ( 4=1) Monthly data monthly " change vs. (the rest of} vs. ( the rest of} vs. ( t h 8 rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO Q4 10' AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade -weighted currency indices data Onclex 14=1) Quarterty data Ondex 14 =1) data Ondex 14 =1) Relative cost indicators (based on ULCE) Quarterty data Onclex 14 = 1) Q1 Q1 Q1 01 Q1 OOQ1 01Q1 02Q1 Page 3

23 BLEU euro (before 19: BEF/LUF) vs. (the rest of) 24 industrial countries data (index 14-1) Quarterly data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q vs. (the rest of) EU data (Index 14=1) Quarterly data (index 14 1) PCP' Def I a tor PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q vs. (the rest of) the countries in the euro area (EUR12) data (Index 14=1) Quarterly data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 24 Industrial Countries "" 15 Member States of the European Union =Countries in the euro area De f I at or of p r i vat e cons ump t I on 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

24 Denmark - DKK Trade-weighted currency indices data Quarterll data Monthly data Index (14=1) Index ( 4=1) monthly " change vs. (the rest of) v s. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO AUGOO Q SEPOO Q OCTOO NOVOO DECOO JAN OOQ FEB MAR APR Q MAY Q JUN Trade -weighted currency indices data Ondex 14 =1) Quartel1y data Ondex 14=1) ~~~~~~~~~~~~~~~~ Q Q1 OOQ Relative cost indicators {based on ULCE) data Ondex 14 = 1) Quarterly data Ondex 14 = 1) Page 5

25 Denmark DKK vs. (the rest of) 24 industrial countries data {Index 14=1) Quarterly data {Index 14=1) PCP PGDP De f I at or PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP- data {Index 14=1) Quarterly data {Index 14=1) Def I a tor PGDP PX ULCE PCP PGDP PX ULCE _ Q 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 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q OOQ OOQ OOQ Q I Abbreviations: IC = 24 Industrial Countries EU 15 Member States of the European Union EUR12 Countries in the euro area PCP of private consumption PGDP =Gross Domestic Product PX =Price Exports of Goods and Services ULCE Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 6

26 Germany euro (before 19: OEM) Trade -weighted currency indices data Ouarterll data Monthly data index (14=1) Index ( 4=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN Trade -weighted currency indices data pndex 14 = 1) Quarterly data Pndex 14=1) 110~ ~----J Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators (based on ULCE) data Ondex 14 =1) Quarterly data Ondex 14 = 1) 01 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 7

27 Germany euro (before 19: OEM) vs. (the rest of) 24 industrial countries data (index 14=1) Quarterly data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (index 14=1) Quarterly data (index 14=1) PGDP PX ULCE PCP PGDP PX ULCE _ Q 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 14=1) Qua r t e r I y data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Abbreviations: IC = 24 Industrial Countries EU 15 Member States of the European Union EUR12 Countries in the euro area PCP = of private consumption PGDP Gross Domestic Product PX Price Exports of Goods and Services ULCE Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 8

28 Greece euro (before 21 : GRD) Trade -weighted currency indices data Quarterly data Monthly data index (14=1) index ( 4=1) monthly " change vs. ( the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade -weighted currency indices data Ondex 14 =1) Quarterly data Onclex 14 = 1) Relative cost indicators (based on ULCE) data Ondex 14=1) Quarterly data Ondex 14 = 1) Page 9

29 Greece euro (before 21 GRD) vs. (the rest of) 24 industrial countries data (index 14=1) Quarterly data (Index 14 1) PCP PGDP Def I a tor PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP" uata (Index 14=1) Quarterly data (index 14=1} De f I at or PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q OOQ OOQ OOQ Q vs. (the rest of) the countries in the euro area (EUR12) data (Index 14=1) Quarterly data (index 14=1} Def I a tor PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q AbbrevIatIons: IC EU EUR12 PCP PGDP PX ULCE 24 Industrial Countries - 15 Member States of the European Union =Countries in the euro area De f I at or of p r i vat e cons ump t I on =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

30 Spain euro (before 19: ESP) Trade -weighted currency indices data Ouarterll data Monthly data index (14=1) Index ( 4=1) monthly " change vs. ( the rest of} vs. (the rest of} vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN Trade -weighted currency indices data Onclex 14 =1) Quartel1y data Ondex 14=1) I I -\ ~ Relative cost indicators (based on ULCE) data Onclex 14 =1) Quarterly data Ondex 14 = 1) Page 11

31 Spain euro (before 19: ESP) vs. (the rest of) 24 industrial countries data (Index 14 1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (index 14=1) Quarterly data (Index 14=1) PGDP PX ULCE PCP PGDP PX ULCE Q 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 14=1) Quarterly data (index 14=1) Def I at or PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 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

32 France euro (before 19: FRF) Trade -weighted currency indices data au a r t e r I l data Monthly data Index (14=1) Index ( 4=1) monthly " change vs. (the rest of} vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN Trade -weighted currency indices data pndex 14 = 1) Quart8l1y data Pnclex 14 =1) Relative cost indicators (based on ULCE) data Ondex 14 =1) Quarterly data Ondex 14 = 1) ~ '-J" -~~~~~~~~~~~~~~~ 01 Q1 01 Q1 OOQ Page 13

33 France euro (before 19: FRF) vs. (the rest of) 24 industrial countries data (index 14=1) Quarterly data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (Index 14 1) Quarterly data (Index 14=1) PGDP PX ULCE PCP PGDP PX ULCE Q 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 14=1) Quarterly data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 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

34 Ireland euro (before 19: IEP) Trade -weighted currency indices data Qua r t e r I l data Monthly data index (14=1) index ( 4=1) monthly " change vs. (the rest of} v s. (the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade -weighted currency indices data Ondex 14=1) Quarterly data Ondex 14=1) 110r , Relative cost indicators {based on ULCE) data Ondex 14 =1) Quarterly data Ondex 14 = 1) ~,._ I : : /_~\~-- -:=~ :;,.. ::: ~ i :~.t: ~~- ---::~_:::: Q1 Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 15

35 Ireland euro (before 19: IEP) vs. (the rest of) 24 industrial countries data (Index 14 1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCJ=f' data (Index 14=1) Quarterly data (Index 14=1) PGDP PX ULCE PCP PGDP PX ULCE _ Q 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 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 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

36 Italy euro (before 19: ITL) Trade -weighted currency indices data Ou a r t e r ll data Monthly data index (14=1) index ( 4=1) monthly " change vs. (the rest of) vs. ( the rest of} vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN Trade -weighted currency indices data ~ndex 14 =1) Quarterly data ~ndex 14 = 1) ~~ ~------~ 110~-----~ ~ , Q1 Qt 01 Qt 01 01Qt 0201 Relative cost indicators (based on ULCE) data Ondex 14 =1) Quarterty data Ondex 14 = 1) 110r ~ , Q1 Q1 01 Qt 01 01Qt 0201 Page 17

37 Italy euro (before 19: ITL) vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP" data (Index 14=1) Quarterly data (Index 14=1) De f I at or PGDP PX ULCE PCP PGDP PX ULCE Q 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 14=1) Qua r t e r I y data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q AbbrevIatIons: IC = 24 Industrial Countries EU = 15 Member States of the European Union EUR12 Countries In the euro area PCP = of private consumption PGDP Gross Domestic Product PX Price Exports of Goods and Services ULCE Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing Industry Page 18

38 Netherlands euro (before 19: NLG} Trade -weighted currency indices data Quarterly data Monthly data Index (14=1) Index ( 4=1) monthly " change vs. ( the rest of} vs. ( the rest ofl vs. ( the rest of~ IC EU EUR12 IC EU EUR 2 IC EU EUR Q JUNOO Q JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade -weighted currency indices data Ondex 14 = 1) Quarterly data Ondex 14 = 1) 110r ~----J Relative cost indicators (based on ULCE) data Ondex 14 =1) Quarterly data Qndex 14 = 1) QI Q1 Q1 Q1 OOQ1 OIQ Page 19

39 Netherlands euro (before 19: NLG) vs. (the rest of) 24 industrial countries data (index 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP- data (Index 14:o:1) Quarterly data (index 14=1) De f I at or PGDP PX ULCE PCP PGDP PX ULCE _ Q 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 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Abbrevlat ions: IC EU EUR12 PCP PGDP PX ULCE 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 20

40 Austria euro (before 19: ATS) Trade- weighted currency indices data Qua r t e r ll data Monthly data Index (14=1) Index ( 4=1) monthly " change vs. (the rest ofl vs. (the rest of) vs. ( the rest of~ IC EU EUR 2 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade -weighted currency indices Amua1 data Ondex 14=1) Quarter1y data Ondex 14 =1) 110r :"------"1 Relative cost indicators {based on ULCE) data ~ndex 14 =1) Quarter1y data ~ndex 14 = 1) 11Qr------~-~----: , Page 21

41 Austria euro (before 19: ATS) vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (Index 14=1) Quarterly data (Index 14=1) PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q vs. (the rest of) the countries in the euro area (EUR12) data (Index 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q OOQ OOQ OOQ Q Abbreviations: IC = 24 Industrial Countries EU 15 Member States of the European Union EUR12 =Countries in the euro area PCP of private consumption PGDP Gross Domestic Product PX =Price Exports of Goods and Services ULCE Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 22

42 Portugal euro (before 19: PTE) Trade -weighted currency indices data auarterll data Monthly data index (14==1) index ( 4=1) monthly " change vs. (the rest ofl vs. ( the rest of} vs. ( the rest of~ IC EU EUR 2 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY ' Q JUN Trade -weighted currency indices data Pndex 14 =1) Quarterly data Pndex 14 =1) Q1 Q1 Q1 Q1 OOQ1 01Q Relative cost indicators (based on ULCE) data Pndex 14 =1) Quarterly data Onclex 14 = 1) 1~~~~~~ ~----~ --- -::::::_:_: ::-_:_:: :_:_ ::::::-:--:-::1::-::-- : :: , p ~- -~~~~~~~ ~~~~~~~~~~~ ~~~ ~~~~~~~ ~ ~~~ ~:/~~~ ~~~ ~~~ ~~~~ ~~~~~~~ ~~ Page 23

43 Portugal euro (before 19: PTE) vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (Index 14 1) PCP PGDP Def I a tor PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (Index 14==1) Quarterly data ( l ndex 14=1) PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q vs. (the rest of) the countries in the euro area (EUR12) data (Index 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 24 Industrial Countries 15 Member States of the European Union Countries in the euro area De f I at or of p r I vat e cons ump t i on =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

44 Finland euro (before 19: FIM) Trade -weighted currency indices data Qua r t e r I l data Monthly data Index (14=1) Index ( 4==1) monthly " change vs. (the rest of) v s. (the rest of} vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade-weighted currency indices data Ondex 14=1) Quarterty data Ondex 14=1) 114, ~ , Relative cost indicators (based on ULCE) data Ondex 14 =1) Quarterly data Ondex 14 = 1)... Q1 Q1 Q1 OOQ1 01Q1 02Q1 Page 25

45 Finland euro (before 19: FIM) vs. (the rest of) 24 industrial countries data (index 14=1) Quarterly data (Index 14=1) PCP PGDP Def I a tor PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (Index 14=1) Quarterly data (Index 14=1) Def I a tor PGDP PX ULCE PCP PGDP PX ULCE _ Q 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 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 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

46 Sweden SEK Trade -weighted currency indices data Qua r t e r I{ data Monthly data index (14 1) Index ( 4=1) monthly "' change vs. (the rest of} vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade -weighted currency indices data Ondex 14 =1) Quarterty data Ondex 14 = 1) Relative cost indicators (based on ULCE) data Ondex 14 =1) Quarterly data Ondex 14 = 1) Q1 Q1 Q1 OOQ1 01Q Page 27

47 Sweden SEK vs. (the rest of) 24 industrial countries data (Index 14-1) Quarterly data (index 14=1) PCP PGDP Def I a tor PX ULCE PCP PGDP Def I a tor PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP- data (Index 14=1) Quarterly data (Index 14=-1) PGDP PX ULCE PCP PGDP PX ULCE ,_ Q 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 14=1) Quarterly data (Index 14=1) De f I at or PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 24 Industrial Countries = 15 Member States of the European Union =Countries in the euro area De f I at or of p r I vat e cons ump t I on =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

48 United Kingdom GBP Trade -weighted currency indices data Ouarterll data Monthly data Index (14=1) Index ( 4=1) monthly " change y s. (the rest of) vs. (the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN Trade -weighted currency indices data Pnclex 14=1) Quarterly data Pndex 14=1) 01 Q Q data Ondex 14 = 1) Relative cost indicators {based on ULCE) Quartet1y data Ondex 14 = 1).;:...Y\ _, ----v J./ ! Page 29

49 United Kingdom GBP vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (Index 14=1) Quarterly data (Index 14=1) PGDP PX ULCE PCP PGDP PX ULCE Q 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 14=1) Quarterly data {Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 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 30

50 Norway NOK Trade -weighted currency indices data Ou a r t e r I l data Monthly data Index (14=1) Index ( 4=1) monthly % change vs. ( the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN Trade -weighted currency indices data Ondex 14 =1) Quarterly data Ondex 14 = 1) Q1 01 Q1 Q data Ondex 14 = 1) Relative cost indicators {based on ULCE) Quarterly data Ondex 14=1) :~ -.-~ :~~;~:~-. ~\~.-! : :..../ ~ J : : \...-.J Q1 Q Page 31

51 Norway NOK vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (index 14=1) PCP PGDP Def I a tor PX ULCE PCP PGDP Def I a tor PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (Index 14=1) Quarterly data (index 14==1) Def I a tor PGDP PX ULCE PCP PGDP PX ULCE : Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q vs. (the rest of) the countries in the euro area (EUR12) data (Index 14=1) Quarterly data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ s OOQ Q Q Abbrevlat ions: IC = 24 Industrial Countries EU = 15 Member States of the European Union EUR12 Countries in the euro area PCP of private consumption PGDP -Gross Domestic Product PX =Price Exports of Goods and Services ULCE Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 32

52 Australia AUD Trade -weighted currency indices data auarterll data Monthly data index (14=1) Index ( 4=1) monthly " change vs. (the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR Q JUNOO JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade -weighted currency indices data Ondex 14 =1) Quarterty data Ondex 14 = 1) Q1 01 Q Relative cost indicators {based on ULCE) data Ondex 14 =1) Quarterty data Ondex 14=1) Q1 01 Q Q Page 33

53 Australia AUD vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (index 14 1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU data (Index 14=1) Quarterly data (Index 14::o:1) PCP PGDP PX ULCE PCP PGDP PX ULCE _ Q 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 14=1) Quarterly data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ I Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 24 Industrial Countries = 15 Member States of the European Union ==Countries in the euro area De f I at o r o f p r i vat e cons u mp t I on ==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

54 Canada CAD Trade -weighted currency indices data Qua r t e r I l data Monthly data Index {14=1} Index ( 4==1) monthly % change vs. ( the rest of} vs. ( the rest of} vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN Trade -weighted currency indices data ~ndex 14 =1) Quarterly data ~ndex 14 = 1) 01 Q1 01 OOQ1 01Q1 02Q1 data Ondex 14 = 1) Relative cost indicators (based on ULCE) Quarter1y data Ondex 14 = 1) , ,...r Q1 01 OOQ1 01Q1 02Q1 Page 35

55 Canada CAD vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (Index 14=1) Quarterly data (Index 14=1) PGDP PX ULCE PCP PGDP PX ULCE Q 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 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 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

56 Japan JPY Trade -weighted currency indices data Ou art e r ll data Monthly data index (14=1) Index ( 4=1) monthly " change vs. (the rest ofl vs. (the rest ofl vs. ( the rest of~ IC EU EUR 2 IC EU EUR 2 IC EU EUR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN Trade-weighted currency indices data Onclex 14 =1) Quartel1y data Ondex 14 = 1) Q1 Q1 Q1 OOQ1 01Q1 02Q1 Relative cost indicators (based on ULCE) data Onclex 14 =1) Quarterty data Onclex 14 = 1) Q1 Q1 Q1 OOQ1 01Q Page 37

57 Japan JPY vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP' data (index 14=1) Qua r t e r I y data (index 14=1) De f I at or PGDP PX ULCE PCP PGDP PX ULCE Q 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 14=1) Quarterly data (index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ :? OOQ OOQ Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 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

58 United States USD Trade -weighted currency indices data Qua r t e r I l data Monthly data index (14=1} index ( 4=1) monthly " change vs. (the rest of} vs. (the rest of} vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR Q JUNOO Q JULOO Q AUGOO Q SEPOO Q OCTOO Q NOVOO Q DECOO OOQ JAN OOQ FEB OOQ MAR OOQ APR Q MAY Q JUN Trade -weighted currency indices data Pndex 14 =1) Quartel1y data Pnclex 14 = 1) ~~'{~_ :I \1..., :: I , !.~~ ~..,...,,.,,..., ',-, :; ; 'V \ ~~,,.../. -- ~.JI& Q1 01 Q1 Q1 OOQ Relative cost indicators (based on ULCE) data Ondex 14=1) Quarterly data Ondex 14 = 1) :.~;~... -/ : 1\. I !--"'' :; ;~-l ~ Q1 01 Q1 Q1 OOQ Page 39

59 United States USD vs. (the rest of) 24 industrial countries data (Index 14=1) Quarterly data (index 14=1) PCP PGDP Def I a tor PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q vs. (the rest of) EU PCP. data (index 14=1) Quarterly data (Index 14=1) PGDP PX ULCE PCP PGDP PX ULCE Q 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 14=1) Quarterly data (Index 14=1) PCP PGDP PX ULCE PCP PGDP PX ULCE Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Abbreviations: IC EU EUR12 PCP PGDP PX ULCE 24 Industrial Countries 15 Member States of the European Union Countries in the euro area De f I at or of p r i vat e cons ump t Ion =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

60 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 D EL E F IRL I NL A, FIN s UK ECU EUR Qt r BLEU DK D EL E F IRL I NL A p FIN s UK ECU EUR12 Q D D Q D Q Q Q D D Q D Q OOQ D 13 OOQ OOQ D5 DOQ D D Q D1Q D D Month BLEU OK D EL E F IRL I NL A p FIN s UK ECU EUR12 JUNOD D54 JULOD AUGOO SEPDO OCTOO NOVOO D 0.D DECOO D JANDt D66 FEB MAR D D D 10.D4 D.6-1.1DO APRD MAY D D D JUN D D data (period average) Quarterly data (period average) Monthly data (period average)

61 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) at r AU CA JP MX NZ NO CH TR Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q E8 Monthly data (period average) Month AU CA JP MX NZ NO CH TR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR E6 MAY E8 JUN E6

62 Table A3: Bilateral exchange rate of the US dollar against the EU currencies (index 14 = 1) Year BLEU DK D EL E F IRL I Nl A pi FIN s UK ECU EUR Qt r BLEU DK D EL E F IRL I NL A p FIN s UK ECU EUR12 Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Month BLEU DK D EL E F IRL I NL A p FIN s UK ECU EUR12 JUNOD JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN data Quarterly data Monthly data

63 Table A4: Bilateral exchange rate of the US dollar against the non - EU currencies index 14=1 data (period average) Year AU CA JP MX NZ NO CH TR Quarterly data (period average) Qt r AU CA JP MX NZ NO CH TR Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Monthly data (period average) Month AU CA JP MX NZ NO CH TR JUNOO JULOO AUGOO SEPOO OCTOO NOVOO DECOO JAN FEB MAR APR MAY JUN

64 Table B: Trade- weighted currency indices vs. (the rest of) 24 Industrial Countries (IC) data Ondex 14 = 1) Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Quarterly data (Index 14=1) at r BLEU OK 0 EL E F IRL I NL A Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q p FIN s UK EUR12 EU USA JP Monthly data (monthly % change) Month BLEU OK 0 EL E F IRL I NL A JUNOD JULOO AUGOO SEPOO OCTOO NOVOO OECOO JAN FEB MAR APR MAY JUN p FIN s UK EUR12 EU USA JP

65 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 14 = 1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table C2: Relative price indicators based on private consumption deflator data Ondex 14 = 1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data Ondex 14=1): relative to 24 Industrial countries (IC)

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 Qt r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Q Q Q Q Q Q Q OOQ OOQ OOQ OOQ Q Q Table 01: Price deflator GOP data (Index 14=1): In national currency vs. (the rest of) 24 Industrial counb'les (IC) Table 02: Relative price indicators based on GOP deflator data (Index 14 = 1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 14 = 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 E1: Price Exports of Goods and Services data (Index 14=1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table E2: Relative price indicators based on Export Price data (Index 14 = 1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data Ondex 14 = 1): relative to 24 Industrial countries (IC)

68 Year BLEU OK 0 EL E F IRL I NL A fl 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 at 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 (ULCE) data (Index 14=1): In national currency vs. (the rest of) 24 Industrial counb'les (IC) Table F2: Relative price indicators based on ULCE data (Index 14=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 14=1): relative to 24 Industrial countries (IC)

69 Year BLEU DK D EL E F IRL I NL, A, FIN s UK EUR12 EU USA JP Year BLEU DK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Qtr BLEU DK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Q Q Q Q Q Q Q OOQ OOQ OOQ Q Q Table G1: Unit Labour Costs in Manufacturing () data Ondex 14=1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table G2: Relative price indicators based on data Ondex 14=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data Ondex 14 = 1): relative to 24 Industrial countries (IC)