Courthouse News Service

14/2009-30 January 2009 Sector Accounts: Third quarter of 2008 Household saving rate at 14.4% in the euro area and 10.7% in the EU27 Business investment rate at 23.5% in the euro area and 23.6% in the EU27 Eurostat, the Statistical Office of the European Communities, and the European Central Bank (ECB) release a detailed set of quarterly European sector accounts 1. This Eurostat News Release focuses on three key indicators: the household saving rate, and the investment rate and profit share of non-financial businesses. Developments in the euro area are detailed in an annex. Household saving rate up in the euro area In the third quarter of 2008, the seasonally 2 gross saving rate 3 of households was 14.4% in the euro area 4 (EA15). It was 14.0% in the second quarter of 2008. In the EU27 5, the household saving rate was 10.7% in the third quarter of 2008, compared with 10.6% in the second quarter of 2008. 15% 14% 13% 12% Household saving rate (seasonally, %) Euro area EU27 Courthouse News Service 15% 14% 13% 12% 11% 11% 10% 10% 9% 9%

Business investment rate still growing in the euro area The investment rate 6 of non-financial corporations was 23.5% in the euro area in the third quarter of 2008 compared with 23.3% in the second quarter of 2008. In the EU27, the investment rate was 23.6% in the third quarter of 2008. It was also 23.6% in the second quarter of 2008. Investment rate of non-financial corporations (seasonally, %) 25% Euro area EU27 25% 24% 24% 23% 23% 22% 22% 21% 21% 20% 20% Business profit shares down in both zones In the third quarter of 2008, the profit share 7 of non-financial corporations was 38.4% in the euro area. It was 39.1% in the second quarter of 2008. In the EU27, the profit share was 38.1% in the third quarter of 2008 compared with 38.4% in the second quarter of 2008. Profit share of non-financial corporations (seasonally, %) 41% Euro area EU27 41% 40% 40% 39% 39% 38% 38% 37% 37% 36% 36%

Methodological information The compilation of the European sector accounts follows the European System of Accounts (ESA 95) and covers the period from the first quarter of 1999 to the third quarter of 2008. The European sector accounts are not a simple sum of the data of individual countries. There are six specific compilation steps: (1) conversion to euro, (2) estimation of missing countries, (3) incorporation of the European institutions, (4) estimation of the flows between the euro area / EU and third countries, (5) balancing of the accounts and (6) seasonal adjustment of key series. Due to the conversion to euro, the growth rates of EU aggregates may be affected by movements in exchange rates and should be viewed with caution. However, there is hardly any impact on ratios such as saving and investment rates or profit shares. For the time being, the publication is limited to the European aggregates: the EA15 and the EU27, i.e. no quarterly individual country data are published by Eurostat. The rest of the world accounts, as compiled by Member States, record transactions between the national economy and all non-resident units, including those in other EU Member States. To measure the external transactions of the euro area / EU, it is necessary to remove cross-border flows within the area concerned. Imbalances between intra-imports and intra-exports, called asymmetries, are then eliminated. Currently, intra-flows and resulting asymmetries are not removed in the other domains of national accounts of Eurostat. Therefore, European sector accounts are internally consistent but have discrepancies with other national accounts data. For detailed data and methodology, please see Eurostat's website at: http://ec.europa.eu/eurostat/sectoraccounts and ECB's website at: http://www.ecb.eu/stats/acc/html/index.en.html. Eurostat's website also includes detailed annual sector accounts by country and derived key indicators. Release and revision policy The quarterly News Releases are published four months after each quarter. The next Release will be issued on 30 April 2009. The whole time series are revised every quarter. Compared with News Release 153/2008 of 4 November 2008, the household saving rate for the second quarter of 2008 has been revised from 13.9% to 14.0% in the euro area and from 10.2% to 10.6% in the EU27. While the business investment rate remained unchanged in the euro area, it was revised from 23.9% to 23.6% in the EU27. The ECB and Eurostat are publishing integrated non-financial and financial accounts, including financial balance sheets, for the euro area. Eurostat is also publishing the non-financial accounts of the European Union. 1. Institutional sectors bring together economic units with broadly similar characteristics and behaviour, namely: households (including non-profit institutions serving households), non-financial corporations, financial corporations, government and the rest of the world. 2. Seasonal adjustment has been performed using the Tramo-Seats method. Euro area seasonally series are built up indirectly as the sum of seasonally components. On the contrary, as European Union series are affected by exchange rate movements, the EU ratios have been directly. 3. The gross saving rate of households is defined as gross saving divided by gross disposable income. The latter is for the change in the net equity of households in pension funds reserves. Gross saving is the part of the gross disposable income which is not spent as final consumption expenditure. Therefore, saving rates increase when gross disposable income grows at a higher rate than final consumption expenditure. 4. The euro area (EA15) consisted of 15 Member States up to 31 December 2008: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia and Finland plus the European Central Bank. From 1 January 2009, the euro area (EA16) also includes Slovakia. Data for EA16 will be published as of 30 July 2009 (first release of sector accounts for the first quarter of 2009). 5. The European Union (EU27) consists of 27 Member States: Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom plus the European Central Bank and the EU institutions. 6. The gross investment rate of non-financial corporations is defined as gross fixed capital formation divided by gross value added. This ratio relates the investment of non-financial businesses in fixed assets (buildings, machinery etc.) to the value added created during the production process. The seasonally data published in this news release have been for one outlier found in national data, in the second quarter of 2005. 7. The profit share of non-financial corporations is defined as gross operating surplus divided by gross value added. This profitability-type indicator shows the share of the value added created during the production process remunerating capital. It is the complement of the share of wage costs (plus net taxes on production) in value added. Issued by: Eurostat Press Office Tim ALLEN Tel: +352-4301-33 444 eurostat-pressoffice@ec.europa.eu Eurostat news releases on the Internet: http://ec.europa.eu/eurostat For further information: Denis LEYTHIENNE Peeter LEETMAA Hervé RENNIÉ Tel: +352-4301-33 493 Tel: +352-4301-34 558 estat-sector-query@ec.europa.eu Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators

Euro area (EA15) Households Non-financial corporations Saving rate, % Investment rate*, % Profit share, % Investment rate, % 1999 2000 2001 2002 2003 2004 2005 2006 2007 14.2 15.2 9.9 10.1 40.3 37.7 21.8 21.7 17.1 14.6 10.4 10.2 37.0 37.5 23.0 22.1 12.8 14.0 10.6 10.3 39.0 37.6 22.2 22.4 13.1 13.7 10.1 10.3 34.4 37.9 21.7 22.5 11.9 13.1 10.3 10.4 40.1 37.6 22.9 22.7 15.8 13.2 10.4 10.3 37.1 37.5 23.7 22.8 12.7 13.7 10.4 10.2 39.0 37.6 22.6 22.9 13.6 13.8 9.8 10.0 34.5 37.8 22.1 22.8 12.8 14.0 9.8 9.9 41.0 38.7 22.7 22.5 16.9 13.9 9.8 9.8 38.0 38.3 23.2 22.3 13.2 14.5 9.9 9.7 39.6 38.2 21.6 22.0 14.1 14.5 9.6 9.7 34.6 37.9 21.3 21.9 13.3 14.8 9.5 9.6 40.2 37.7 21.6 21.6 18.2 15.0 9.6 9.6 37.9 38.2 22.3 21.4 13.0 14.7 9.8 9.6 39.7 38.4 20.8 21.2 14.4 14.6 9.5 9.6 34.8 38.2 20.7 21.1 13.5 14.9 9.4 9.6 40.8 38.2 21.0 21.1 17.9 14.9 9.7 9.6 37.4 37.8 22.0 21.1 12.6 14.4 9.9 9.7 39.7 38.3 20.6 20.9 14.2 14.4 9.8 9.8 35.0 38.4 20.4 21.0 13.4 14.7 9.6 9.8 41.2 38.7 21.0 21.0 17.9 14.6 9.8 9.8 38.0 38.6 22.0 21.0 12.4 14.6 10.1 9.8 40.2 38.7 21.0 21.2 14.1 14.3 9.9 9.9 35.5 38.8 20.5 21.2 12.8 14.0 9.7 9.9 40.5 38.1 21.3 21.5 17.6 14.0 10.1 10.1 38.4 39.1 22.6 21.6 11.3 13.9 10.5 10.2 40.4 38.8 21.6 21.8 14.1 14.0 10.4 10.4 36.2 39.0 21.4 22.1 12.0 13.4 10.4 10.6 41.4 39.1 22.3 22.2 17.4 13.8 10.6 10.7 37.8 38.9 23.4 22.4 11.0 13.7 11.1 10.9 40.6 39.1 22.1 22.6 14.1 13.8 11.0 11.0 36.5 39.1 21.9 22.6 12.7 14.1 11.0 11.0 41.7 39.4 23.3 22.9 17.7 13.8 10.8 11.0 38.1 39.2 23.9 22.9 11.0 13.7 11.2 11.0 41.0 39.3 22.4 23.0 14.0 13.9 10.8 10.8 36.5 39.1 22.5 23.2 12.3 13.7 10.7 10.7 40.9 38.9 23.6 23.2 2008 17.8 14.0 10.4 10.6 38.2 39.1 24.2 23.3 11.5 14.4 10.5 10.4 40.2 38.4 22.8 23.5 * The investment rate of households is defined as their gross fixed capital formation (investment) divided by their gross disposable income ( for the change in net equity of households in pension funds reserves). Household investment mainly consists of the purchase and renovation of dwellings.

European Union (EU27) Households Non-financial corporations Saving rate, % Investment rate*, % Profit share, % Investment rate, % 1999 2000 2001 2002 2003 2004 2005 2006 2007 11.6 12.9 9.1 9.2 38.4 37.1 22.1 22.3 15.2 12.4 9.2 9.2 36.6 37.1 22.9 22.4 10.7 11.9 9.5 9.3 37.9 37.0 22.5 22.6 11.0 11.2 9.2 9.3 35.5 37.3 22.3 22.5 9.6 11.0 9.3 9.4 38.5 37.1 22.5 22.7 13.8 11.1 9.3 9.3 36.3 36.9 23.4 22.8 10.3 11.5 9.3 9.1 37.8 36.9 22.5 22.8 11.8 11.9 8.8 8.9 35.1 37.0 22.7 22.8 10.9 12.3 8.8 8.9 38.6 37.2 22.4 22.6 14.9 12.1 8.8 8.8 36.6 37.1 23.0 22.4 11.1 12.5 9.0 8.9 37.9 36.9 21.8 22.1 12.4 12.5 8.8 8.8 34.7 36.6 22.0 22.0 10.6 12.1 8.7 8.8 37.7 36.3 21.5 21.7 15.6 12.5 8.8 8.9 36.5 36.9 22.1 21.5 10.4 12.1 9.0 8.8 37.8 36.8 21.0 21.4 12.0 12.1 9.0 9.0 34.9 36.8 21.3 21.3 10.9 12.3 8.8 8.9 38.6 37.3 20.9 21.2 15.5 12.2 8.9 9.0 36.4 36.9 21.8 21.2 10.2 12.0 9.3 9.2 38.3 37.2 20.8 21.0 12.0 12.0 9.3 9.3 35.4 37.2 21.0 21.1 10.4 11.9 9.3 9.4 39.1 37.8 20.6 21.0 15.0 11.7 9.3 9.4 37.3 37.8 21.7 21.0 9.8 11.8 9.5 9.4 39.1 38.0 21.0 21.2 11.6 11.5 9.5 9.4 36.1 37.8 20.8 21.1 10.3 11.8 9.2 9.3 38.9 37.7 21.0 21.3 15.1 11.6 9.3 9.5 37.9 38.4 23.8 21.5 9.1 11.4 9.9 9.7 39.3 38.2 21.6 21.8 11.9 11.6 9.8 9.7 36.6 38.2 21.8 22.0 9.5 11.1 9.8 9.9 39.5 38.4 22.0 22.1 14.9 11.2 10.0 10.1 37.3 38.0 23.0 22.3 8.6 11.0 10.5 10.3 39.6 38.5 22.1 22.4 11.3 10.9 10.4 10.4 37.2 38.7 22.4 22.6 9.4 11.1 10.4 10.5 39.8 38.7 22.8 22.9 14.6 10.8 10.2 10.4 37.8 38.6 23.5 22.9 8.1 10.5 10.6 10.4 39.9 38.8 22.8 23.2 11.0 10.6 10.3 10.3 37.4 38.8 23.3 23.3 8.3 10.3 10.1 10.1 39.3 38.3 23.2 23.4 2008 14.5 10.6 9.8 9.9 37.7 38.4 24.2 23.6 8.3 10.7 9.8 9.7 39.1 38.1 23.3 23.6 * The investment rate of households is defined as their gross fixed capital formation (investment) divided by their gross disposable income ( for the change in net equity of households in pension funds reserves). Household investment mainly consists of the purchase and renovation of dwellings.

4% ANNEX (euro area) Household saving rate in the euro area (EA15) Nominal growth of the components (seasonally, percentage change compared to the previous quarter) Gross disposable income (left scale) Final consumption expenditure (left scale) Saving rate (right scale) 16% 3% 15% 2% 14% 1% 13% 0% 12% -1% 11% In the third quarter of 2008, disposable income grew at a higher rate (+1.3%) than final consumption expenditure (+0.8%) leading to an increase in the household saving rate. Household investment rate in the euro area (EA15) Nominal growth of the components (seasonally, percentage change compared to the previous quarter) Gross disposable income (left scale) Gross fixed capital formation (left scale) Investment rate (right scale) 4% 3% 12% 11% 2% 10% 1% 9% 0% 8% -1% 7% In the third quarter of 2008, gross fixed capital formation (investment, mostly in dwellings) fell (-0.6%) while disposable income rose (+1.3%). This led to a decrease in the household investment rate, extending the downward trend that started in the beginning of 2007. Further details on household disposable income, final consumption expenditure and investment are provided in tables A.1 and A.2.

4% Investment rate of non-financial corporations in the euro area (EA15) Nominal growth of the components (seasonally, percentage change compared to the previous quarter) Gross value added (left scale) Gross fixed capital formation (left scale) Investment rate (right scale) 24% 3% 23% 2% 22% 1% 21% 0% 20% -1% 19% In the third quarter of 2008, gross fixed capital formation (investment) grew at a higher rate (+0.9%) than value added (+0.1%) which led to an increase in the investment rate of non-financial corporations. 4% Profit share of non-financial corporations in the euro area (EA15) Nominal growth of the components (seasonally, percentage change compared to the previous quarter) Gross value added (left scale) Compensation of employees and taxes less subsidies on production (left scale) Profit share (right scale) 41% 3% 40% 2% 39% 1% 38% 0% 37% -1% 36% The profit share of non-financial corporations decreased in the third quarter of 2008, as compensation of employees (wage costs) plus net taxes on production grew at a higher rate (+1.2%) than gross value added (+0.1%). Further details on the key indicators of non-financial corporations and their components are provided in table A.3.

Table A.1 Household gross disposable income and its components, final consumption expenditure and gross fixed capital formation, in the euro area (EA15) (millions of euro at current prices, seasonally ) Compensation of employees (received) Gross operating surplus and mixed income Gross disposable income Net property income and other current transfers Net social benefits* Taxes (-) Total* Final consumption expenditure Gross fixed capital formation 1999 2000 2001 2002 2003 2004 2005 2006 2007 772422 255237 179271 8810 149991 1065750 903379 107733 783530 258217 179017 8406 157314 1071855 915795 109829 793863 261014 181866 7542 161181 1083105 931271 111774 804796 264587 186223 7446 165323 1097729 947291 113230 815040 267390 186607 5309 169911 1104435 959793 114909 824830 271007 189599 5048 169593 1120891 973485 115416 835477 274767 192749 5156 168037 1140112 983515 115799 844789 277857 194224 4318 166299 1154890 994940 115655 853902 281609 198797 7123 170643 1170789 1006640 115896 862444 284241 200299 6589 172728 1180845 1016586 115723 870584 287098 200951 7983 170152 1196463 1022558 115732 878523 289586 198905 8968 174672 1201309 1027299 116387 886694 292667 194525 11160 171553 1213493 1033735 116637 892997 295513 197037 13305 174318 1224534 1040517 117291 898649 298193 196396 14180 176619 1230799 1049839 118319 904789 300491 196849 16077 175417 1242789 1060810 119304 909459 301666 200790 14956 172472 1254398 1067882 120162 915825 303957 200409 16182 172739 1263633 1075827 121907 924717 306325 199884 17468 177469 1270925 1087762 123328 929543 309345 201779 18498 180272 1278893 1094527 124917 937199 312758 205184 18746 174683 1299203 1107759 127284 943654 316102 205655 19042 176685 1307768 1117146 127951 947937 319667 206977 18816 176836 1316561 1124350 129488 954691 322344 210042 18996 178771 1327302 1137347 131538 961462 325532 211489 19735 183642 1334576 1147360 132425 968564 328980 216379 19834 182025 1351732 1161948 136804 977378 331783 221808 19941 186264 1364646 1174996 139874 989322 335805 222845 18508 187573 1378907 1186512 143171 997412 341312 225404 17755 196473 1385410 1199744 147154 1009629 345979 227671 17428 195216 1405491 1211662 150408 1020280 351751 229177 14495 198233 1417470 1223924 153839 1028587 358286 232421 13504 201769 1431030 1233789 156930 1041526 362740 234608 13598 205832 1446639 1242168 159526 1052538 367909 235372 11293 210130 1456982 1255319 160072 1064887 373152 236285 11778 216512 1469590 1268761 161276 1078201 376997 238583 12030 218296 1487513 1281444 161145 1090865 381390 240167 10934 221369 1501986 1296165 160831 2008 1102909 385215 243071 11815 224140 1518870 1305908 160563 1114477 388367 246028 12487 223118 1538241 1316595 159528 * Including net adjustment for the change in net equity of households in pension funds reserves.

1999 Table A.2 Household gross disposable income and its components, final consumption expenditure and its deflator and gross fixed capital formation, in the euro area (EA15) (seasonally, percentage change compared to the previous quarter) Compensation of employees (received) Nominal growth of the components of gross disposable income Gross operating surplus and mixed income Net property income and other current transfers Net social benefits* Taxes (-) Contribution** of the components to nominal growth of gross disposable income Compensation of employees (received) Gross operating surplus and mixed income Net property income and other current transfers Net social benefits* Taxes Nominal growth of gross disposable income* Nominal growth of final consumption expenditure Growth of the deflator of final consumption expenditure*** : : : : : : : : : : : : : : 1.4 1.2-0.1-4.6 4.9 1.0 0.3 0.0 0.0-0.7 0.6 1.4 0.4 1.9 1.3 1.1 1.6-10.3 2.5 1.0 0.3 0.3-0.1-0.4 1.0 1.7 0.3 1.8 1.4 1.4 2.4-1.3 2.6 1.0 0.3 0.4 0.0-0.4 1.4 1.7 0.5 1.3 1.3 1.1 0.2-28.7 2.8 0.9 0.3 0.0-0.2-0.4 0.6 1.3 0.8 1.5 2000 1.2 1.4 1.6-4.9-0.2 0.9 0.3 0.3 0.0 0.0 1.5 1.4 0.5 0.4 1.3 1.4 1.7 2.1-0.9 0.9 0.3 0.3 0.0 0.1 1.7 1.0 0.8 0.3 1.1 1.1 0.8-16.3-1.0 0.8 0.3 0.1-0.1 0.2 1.3 1.2 0.8-0.1 1.1 1.4 2.4 65.0 2.6 0.8 0.3 0.4 0.2-0.4 1.4 1.2 0.3 0.2 2001 1.0 0.9 0.8-7.5 1.2 0.7 0.2 0.1 0.0-0.2 0.9 1.0 0.8-0.1 0.9 1.0 0.3 21.2-1.5 0.7 0.2 0.1 0.1 0.2 1.3 0.6 0.3 0.0 0.9 0.9-1.0 12.3 2.7 0.7 0.2-0.2 0.1-0.4 0.4 0.5 0.3 0.6 0.9 1.1-2.2 24.4-1.8 0.7 0.3-0.4 0.2 0.3 1.0 0.6 0.5 0.2 2002 0.7 1.0 1.3 19.2 1.6 0.5 0.2 0.2 0.2-0.2 0.9 0.7 0.5 0.6 0.6 0.9-0.3 6.6 1.3 0.5 0.2-0.1 0.1-0.2 0.5 0.9 0.4 0.9 0.7 0.8 0.2 13.4-0.7 0.5 0.2 0.0 0.2 0.1 1.0 1.0 0.5 0.8 0.5 0.4 2.0-7.0-1.7 0.4 0.1 0.3-0.1 0.2 0.9 0.7 0.9 0.7 2003 0.7 0.8-0.2 8.2 0.2 0.5 0.2 0.0 0.1 0.0 0.7 0.7 0.2 1.5 1.0 0.8-0.3 8.0 2.7 0.7 0.2 0.0 0.1-0.4 0.6 1.1 0.5 1.2 0.5 1.0 0.9 5.9 1.6 0.4 0.2 0.1 0.1-0.2 0.6 0.6 0.5 1.3 0.8 1.1 1.7 1.3-3.1 0.6 0.3 0.3 0.0 0.4 1.6 1.2 0.5 1.9 2004 0.7 1.1 0.2 1.6 1.1 0.5 0.3 0.0 0.0-0.2 0.7 0.8 0.7 0.5 0.5 1.1 0.6-1.2 0.1 0.3 0.3 0.1 0.0 0.0 0.7 0.6 0.5 1.2 0.7 0.8 1.5 1.0 1.1 0.5 0.2 0.2 0.0-0.1 0.8 1.2 0.4 1.6 0.7 1.0 0.7 3.9 2.7 0.5 0.2 0.1 0.1-0.4 0.5 0.9 0.5 0.7 2005 0.7 1.1 2.3 0.5-0.9 0.5 0.3 0.4 0.0 0.1 1.3 1.3 0.6 3.3 0.9 0.9 2.5 0.5 2.3 0.7 0.2 0.4 0.0-0.3 1.0 1.1 0.7 2.2 1.2 1.2 0.5-7.2 0.7 0.9 0.3 0.1-0.1-0.1 1.0 1.0 0.6 2.4 0.8 1.6 1.1-4.1 4.7 0.6 0.4 0.2-0.1-0.6 0.5 1.1 0.5 2.8 2006 1.2 1.4 1.0-1.8-0.6 0.9 0.3 0.2 0.0 0.1 1.4 1.0 0.6 2.2 1.1 1.7 0.7-16.8 1.5 0.8 0.4 0.1-0.2-0.2 0.9 1.0 0.5 2.3 0.8 1.9 1.4-6.8 1.8 0.6 0.5 0.2-0.1-0.2 1.0 0.8 0.2 2.0 1.3 1.2 0.9 0.7 2.0 0.9 0.3 0.2 0.0-0.3 1.1 0.7 0.6 1.7 2007 1.1 1.4 0.3-17.0 2.1 0.8 0.4 0.1-0.2-0.3 0.7 1.1 0.6 0.3 1.2 1.4 0.4 4.3 3.0 0.8 0.4 0.1 0.0-0.4 0.9 1.1 0.7 0.8 1.3 1.0 1.0 2.1 0.8 0.9 0.3 0.2 0.0-0.1 1.2 1.0 0.9-0.1 1.2 1.2 0.7-9.1 1.4 0.9 0.3 0.1-0.1-0.2 1.0 1.1 0.8-0.2 2008 1.1 1.0 1.2 8.1 1.3 0.8 0.3 0.2 0.1-0.2 1.1 0.8 0.9-0.2 1.0 0.8 1.2 5.7-0.5 0.8 0.2 0.2 0.0 0.1 1.3 0.8 0.8-0.6 * Including net adjustment for the change in net equity of households in pension funds reserves. ** The contribution of a component ("C") to the growth of an aggregate ("A") is equal to the product of the growth rate of this component by its weight in the aggregate at the previous period: ((C t -C t-1 )/C t-1 ) * (C t-1 /A t-1 ) or simply (C t -C t-1 )/A t-1. *** Deflator for the seasonally final consumption expenditure of households (including non-profit institutions serving households). Nominal growth of gross fixed capital formation

Table A.3 Main components of non-financial corporations' key indicators and their nominal growth, in the euro area (EA15) (seasonally ) Millions of euro at current prices % change compared to the previous quarter Gross value added Compensation of employees (paid) Other taxes less subsidies on production Gross operating surplus Gross fixed capital formation Gross value added Compensation of employees and other taxes less subsidies on production Total Of which Compensation of employees Gross operating surplus Gross fixed capital formation 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 795249 484144 11609 299496 172850 : : : : : 806085 491861 12171 302054 178391 1.4 1.7 1.6 0.9 3.2 820543 499296 12654 308593 183536 1.8 1.6 1.5 2.2 2.9 837021 506979 13151 316891 188075 2.0 1.6 1.5 2.7 2.5 846600 514285 13917 318398 192473 1.1 1.6 1.4 0.5 2.3 856759 521515 13788 321456 195762 1.2 1.3 1.4 1.0 1.7 868666 528562 13657 326448 199200 1.4 1.3 1.4 1.6 1.8 883215 535208 13727 334281 201040 1.7 1.2 1.3 2.4 0.9 905620 541732 13489 350398 203703 2.5 1.1 1.2 4.8 1.3 910090 547125 14011 348954 202924 0.5 1.1 1.0-0.4-0.4 917088 552903 13844 350341 201853 0.8 1.0 1.1 0.4-0.5 920363 557219 14072 349072 201723 0.4 0.8 0.8-0.4-0.1 925712 561810 14888 349014 199748 0.6 0.9 0.8 0.0-1.0 938160 565493 14187 358480 200608 1.3 0.5 0.7 2.7 0.4 947351 568766 14686 363898 200454 1.0 0.7 0.6 1.5-0.1 949465 572507 14263 362694 200754 0.2 0.6 0.7-0.3 0.1 953749 575315 13997 364436 201024 0.5 0.4 0.5 0.5 0.1 954896 579794 14058 361045 201489 0.1 0.8 0.8-0.9 0.2 970413 583908 14515 371990 202900 1.6 0.8 0.7 3.0 0.7 979836 588126 15002 376709 205600 1.0 0.8 0.7 1.3 1.3 991322 592994 14810 383518 208408 1.2 0.8 0.8 1.8 1.4 999141 597020 16057 386065 210068 0.8 0.9 0.7 0.7 0.8 1006811 600964 16200 389647 213651 0.8 0.7 0.7 0.9 1.7 1017784 605484 17665 394635 215320 1.1 1.0 0.8 1.3 0.8 1013980 609409 18522 386049 217856-0.4 0.8 0.6-2.2 1.2 1039686 614347 18356 406984 224475 2.5 0.8 0.8 5.4 3.0 1045271 620236 19156 405880 228131 0.5 1.1 1.0-0.3 1.6 1055978 626178 18391 411409 233342 1.0 0.8 1.0 1.4 2.3 1070850 633647 18424 418779 237451 1.4 1.2 1.2 1.8 1.8 1079374 640754 19067 419553 241818 0.8 1.2 1.1 0.2 1.8 1094835 648284 19007 427544 247049 1.4 1.1 1.2 1.9 2.2 1109202 656329 19435 433438 250920 1.3 1.3 1.2 1.4 1.6 1128954 663457 20219 445278 258639 1.8 1.2 1.1 2.7 3.1 1138987 672451 20353 446183 261032 0.9 1.3 1.4 0.2 0.9 1154551 680337 20439 453774 265634 1.4 1.2 1.2 1.7 1.8 1164279 688408 20388 455483 270434 0.8 1.1 1.2 0.4 1.8 1175224 697189 20389 457646 272543 0.9 1.2 1.3 0.5 0.8 1190000 704509 20464 465028 276861 1.3 1.0 1.0 1.6 1.6 1190759 712611 20707 457441 279305 0.1 1.2 1.2-1.6 0.9