PRICE AND COST COMPETITIVENESS

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

The quarterly reports on "Price and Cost Competitiveness" provide a periodic assessment by the Commission services of the price and cost competitiveness of the European Union and its Member States. Comments and enquiries should be addressed to : European Commission Directorate-General for Economic and Financial Affairs 2, rue de Ia Loi 1 049 Brussels, Belgium -l

PRICE AND COST COMPETITIVENESS ECFIN/C-1 Fourth quarter 20 Quarterly data on price and cost competitiveness of the European Union and its Member States ECFIN/266/4/-EN This document exists in English only. European Communities, 20.

IPRICE AND COST COMPETITIVENESSI The format of the series "price and cost competitiveness of the euro area and the individual Member States of the European Union" has been modified. In order to improve our assessment of the competitiveness of the euro area and individual Member States, the database has been disentangled from the assessment part. This allows for a timely presentation of the Database on price and cost competitiveness for the euro area, for each Member State, as well as for five other industrial countries (United States, Japan, Norway, Australia, and Canada 1 ). The second component offers an analytical rather than a purely descriptive assessment of the main features of the euro area and 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 tradeweighted currency indices for individual countries using the euro may diverge because they have different trading patterns. In addition, the relative price and cost indicators may evolve differently due to diverging price and cost trends. A comprehensive assessment of developments in cost and price competitiveness should ideally draw on various measures of the real effective exchange rate. Most international trade is in manufactured goods and some widely used measures focus on unit labour costs in the manufacturing industry (). However, in-house labour costs account for only a limited share of total costs in the manufacturing industry. The sector purchases a growing amount of inputs from the rest of the economy, including financial services, marketing, accounting etc. In addition, an increasing amount of services are traded internationally. Therefore, some prefer to consider developments based on unit labour costs in the whole economy (). Moreover, capital costs account for a sizeable fraction of total costs. Price measures such as the GDP-deflator () include the return on capital. On the other hand, the measures based on and cover many sectors whose output is neither directly nor indirectly traded. The report also displays real exchange rates based on the deflator of private consumption, and the deflator of exports of goods and services (). This series is also available on the Internet. Our Web 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 http:/ /europa.eu.int/comm/economy _ finance/publications/priceandcostcompetiteveness _ en.htm

Database on price and cost competitiveness of the European Union and its Member States QUARTERLY REPORT- FOURTH QUARTER 20 Table of Contents Part 1: Main developments Main features..................................................................................................... p. 1 I. International developments.......................... p. 2 1. Bilateral exchange rates of the euro.....:.......... p. 2 2. Nominal effective exchange rates...... p. 3 3. Real effective exchange rates... p. 4. 4. Cost competitiveness of the the USA and Japan relative to the euro area... p. 5 ll. Developments within the European Union............................................ p. 6 Part 2: Tables and graphs by country Technical annex Abbreviations used

ABBREVIATIONS USED Name Abbreviation Currency Code Other abbreviations Belgium B Belgian franc BEF NEER Nominal effective exchange rate Denmark DK Danish crown (krone) DKK REER Real effective exchange rate Germany D German mark OEM Greece EL Greek drachma GRD unit labour costs in the whole economy Spain E Spanish peseta ESP unit labour costs in the manufacturing industry France F French franc FRF GOP-deflator Ireland IRL Irish pound (punt) IEP deflator of exports of goods and services Italy I Italian lira ITL deflator of private consumption Luxembourg L Luxembourg franc LUF Netherlands NL Dutch guilder NLG IC 24 industrial countries Austria A Austrian schilling ATS Portugal p Portuguese escudo PTE Finland Sweden FIN s Finnish markka Swedish crown (krona) FIM SEK United Kingdom UK pound sterling GBP Australia AU Austalian dollar AUD Canada United States CA us Canadian dollar United States dollar CAD USD Japan JP Japanese yen JPY Norway NO Norvegian krone NOK New Zealand NZ New Zealand dollar NZD Mexico MX Mexican peso MXN Switzerland CH Swiss franc CHF Turkey TR Turkish lira TRL euro area EUR12 Euro EUR European Union EU B and L monetary union BLEU

ECFIN/C-1/226/4/-EN PART1 MAIN DEVELOPMENTS ECFIN/C-1 Ref. SR

DEVELOPMENTS IN THE COST COMPETITIVENESS OF THE EUROPEAN UNION, THE UNITED STATES AND JAPAN MAIN FEATURES The euro against major international currencies: Pursuing its appreciating trend over the fourth quarter, the euro gained on average 4% against the US dollar, 5% against the Japanese yen, 2% against the pound sterling and remained stable against the Swiss franc. All in all, the nominal effective exchange rate of the euro against the currencies of 12 industrialised countries appreciated by about 2 Yz% during the fourth quarter of 20. However, in December, it still stood about 4% below its inception-level (monthly data). Over the fourth quarter, the dollar, the pound sterling and the Japanese yen depreciated in effective terms by 1 Yz%, Yz% and about 3% respectively. Relative cost and price indicators: international developments The appreciation of the euro exchange rate led to a deterioration of the cost competitiveness (based on ) of euro area producers (against 12 industrialised countries) of about 1% in the fourth quarter of 20. Cost competitiveness of the euro area producers deteriorated by 7% compared to one year ago but is still (9Yz%) above its longterm average. Despite its depreciation against the euro, the real effective exchange rate of the US dollar has been relatively stable over the fourth quarter. However, earlier depreciation led to a gain of 6% in terms of cost competitiveness over the year. Nevertheless, the real effective exchange rate of the US dollar is still 11% above its long-term average. The larger depreciation of the yen, notably against the euro, induced an improvement of 4% of the Japanese cost competitiveness over the last quarter. Consequently, the Japanese cost competitiveness is some 15% above its historical average. Relative cost and price indicators: intra-emu developments Over the last two years, the Netherlands, Spain, and Portugal saw a deterioration in cost competitiveness relative to EMU partners. In these countries, cost and price pressures are related to inter alia their strong cyclical position. In contrast, moderate wage increases or weaker cyclical positions led to an improvement in intra-emu cost competitiveness in France, Germany and Austria. In a longer term perspective, intra-emu cost competitiveness is better than its 17- average in France and Austria and considerably better in Finland, but this large deviation is related to the economic shocks that occurred in the early s, including the collapse of trade with the former Soviet Union. The current position in Portugal, Greece, Spain and the Netherlands is considerably worse than their long-term average, partly due to a catching-up process. Relative cost and price indicators: Member States outside the euro area Despite the small improvement against the euro area over the last year, the Danish price and cost competitiveness is still down compared to its 17- average, partly due to less moderate wages. Although Sweden experienced a small deterioration of price and cost competitiveness over the last year, it is still in a favourable position as it stands some 10% above its historical level. Despite an improvement over the last two years, manufacturing cost competitiveness in the UK remains about 28% below its 17- average relative to the euro area.

DATABASE ON PRICE AND COST COMPETITIVENESS QUARTERLY REPORT - FOURTH QUARTER 20 I. INTERNATIONAL DEVELOPMENTS Chart 1 The euro against USO and JPY since changeover Index 1.1.19 = 1 (daily data) 105.--------------------------------------. 1 Chart 3 The euro against GBP and CHF since changeover Index 1.1.19 = 1 (daily data) 105~---------------------------------~ 1 111io~~""""''.,...,.._~ 85 85 80 80 ------------------------------------------------------------------------ 75 75 ----------------------------------------------------------------------- 70 70 ----------------------------------------------------------------------- 65 m m m 0 0 m m ~ 9 0 C: >. c.. c: >. Ill Ill Cl) Ill Ill..., ::: Cl)..., ::: 0 9 ~ c: ~ Cl) Ill Ill Cl)..., ::: N ~ 9 c: Cl) Ill Cl)..., N N 0 9 >. c.. Ill Cl) ::: Cl) 65 m 0 0 0 N N N ~ m m 0 0 ~ 9 9 i 9 c: >. a. C: >. c: >- c: ~ ~ Ill Ill Cl) Ill Ill Cl) Ill Ill Cl) Ill Ill Cl)..., ::: Cl)..., ::: (/)..., ::: Cl)..., ::: Cl) Chart 2 The euro (OEM) against USO and JPY since 19 USD/ EUR (monthly averages) JPY/EUR Chart 4 The euro (OEM) against GBP and CHF since 19 GBP/ EUR (monthly averages) CHF/EUR 1.4 140 0.85 1.7 1.2 120 0.75 1.5 1.0 1 0.65 1.3 0.8 +----.----,--..,.----+---.-----.----,-----+ 80 19 19 17 18 19 20 20 20 Note: EUR rates before 19 calculated on the basis of OEM rates. 1. BILATERAL EXCHANGE RATES OF THE EURO 0.55 +-----..-----,.------...----+-----r-----,-----..----+ 1.1 19 19 17 18 19 20 20 20 Note: EUR rates before 19 calculated on the basis of OEM rates. TABLE 1: EVOLUTION OF THE MAIN BILATERAL EXCHANGE RATES USDIEUR Average Q3-0.4 JPY/EUR 118.4 124.2 GBP/EUR 0.6306 ~: 0.6425 ".':,,~-~9% ' ~ ~ ',,,,... _:1~9% 117.3 0.6352 122.5 }<t:n' <~'-.::,~:~~:1,_,~-~-:~,~\~ :-, -;,:- --I:_._,._ 0.6365 ::!,::;~;_\~: ;' ;:0~2~ CHF/EUR 1.465 1.467.-.. oa% 1.464 1.466 2

Chart 5 Nominal effective exchange rates of the euro Index 1.1.19 = 1 (daily data) 105~----------------------------------------------------------------------------~ 1 NEER vs. the rest of 24 countries 85 80 ---------------- 75 0) 0) c..., ro 0) 0) 6.. Q) (/J 0 9 t:: ro..., 0 6. ~ c T"" 0 -, ro... 0 6.. Q) (/J N 0 c -, ro C\1 0 6.. Q) (/J Chart 6 19=1 Nominal effective exchange rates since 10 ( monthly averages) 160 -----~-~--~-------------------------------------------- ---------------------------------------------------------------------------------------------- '-v. 140 120 1 80 60 40 20 0 N -.:t c.o IX) 0 N -.:t c.o co 0 C\1 -.:t c.o............... IX) IX) IX) IX) IX) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0)............... IX) 0 C\1 0) 0) 0 0 N N 2. NOMINAL EFFECTIVE EXCHANGE RATES VS THE REST OF THE IC GROUP TABLE 2: NOMINAL EFFECTIVE EXCHANGE RATES (vs. the rest ofic, index 19 = 1) During the fourth quarter of 20 EUR12 Average Se -.7 Average Q3-.8 USD 132.3 130.4 ::, 131.4 131.6 JPY GBP.8 130.6..,, --.---'-' 129.8 < '::_~(i6%.8 129.7 130.3 ' -< :-~;4%_ -.< ;:L.o~ s% 3

Chart 7 Real effective exchange rate 1 : eurozone since 10 19=1 (quarterly data) 110 105 1 85 80 75 70 0 C\1 'V co <X),... 0 C\1 'V co <X) 0 C\1 'V co <X),...,...,...,... C\1 <X) <X) <X) <X) <X) 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0> 0 0 ~ ~ ~ C\1 C\1 1 vs. rest of IC, deflated by unit labour costs in total econom~ Chart 8 Real effective exchange rates 1 since 10 19=1 (quarterly data) 150 130 110 70 50 30_ 0,... C\1,...,... -.:t,... co co,... 0 C\1 -.:t co co 0 C\1 'V co co C\1 co co <X) <X) co C» C» C» C» C» C» C» C» 0> C» C» C» C» C» C» C» C» 0> C» C» 0 0 C\1 C\1 1 vs. rest of IC, deflated by unit labour costs in total economy 3. REAL EFFECTIVE EXCHANGE RATES VERSUS THE REST OF THE IC GROUP, BASED ON TABLE 3: REAL EXCHANGE RATES () (vs. the rest ofic, index 19 = 1 Relative to the previous quarter Rei. to the previous yea uarterl data uarterl data Q3- EUR12 81.9 "''', : ~. ~~,;<)~ USD 121.2 121.1 7:0~1%.. 12 8. 7 ~:--~)<>- ;A~:~~~: " - ' - - '-~-- t '1: -~ JPY 71.7 68.8 _:~_ _.::,'-4~2%~ 73.8 f:-,-~_::-:'-.j~_6::-s%~ _-_;-,-:_ '-< - GBP 138.6 139.5 '.0.7%~ 13 7.1 '._:- '..-._: < ;~:-t.:&o/2 4

4. COST COMPETITIVENESS OF THE USA AND JAPAN RELATIVE TO THE EURO AREA Chart 9 19=1 Real exchange rates 1 : USD and JPY vs. EUR12 (quarterly data) 1 170 150 130 110 70 50 0 I'- 0'>... C'\1.q- c:o I'- I'- I'- 0'> 0'> 0'>...... 1 Deflated by unit labour costs in total economy TABLE 4 A : RELATIVE COST AND PRICE INDICATORS OF INDIVIDUAL COUNTRIES RELATIVE TO EUR12 Over the last year Over the last two years Relative to 17-20 average (Q4- I Q4-) (Q4- I Q4-) (Q4- I Average 87-) %Change USA -12.9-11.5-11.5-17.2-17.6-14.5 14.3 4.4 12.8 Japan -13.6-14.8-12.1-28.9-25.3-26.9-8.1-3.9-8.5 TABLE 4B: EVOLUTION OF REAL EFFECTIVE EXCHANGE RATES () (vs. EUR12; index 19 = 1) Relative to the previous quarter (quarterly data) Rei. to the previous year Rei. to long-term averag«(quarterly data) (quarterly datal USD JPY Q3-136.1 133.3 ::}-~;::;,::??r~l:~: 88.8 87.2.: ::.:-.:..::~~'Ls% 5

II. DEVELOPMENTS WITHIN THE EUROPEAN UNION Within the euro area, diverging movements in costs and prices may change the relative cost competitiveness positions of euro area Member States. Table 5 and Chart 10 show three measures of the real effective exchange rate of individual Member States against EUR12. The different measures do not always give a uniform picture of the movement over time in the real effective exchange rate of a given country against its partners and, as such, the indicators of cost and price competitiveness need to be interpreted carefully. In some cases, deviating price and cost trends among euro area Member States could lead to a build-up of competitive imbalances which might ultimately hamper economic growth and cause unemployment in individual Member States. In other cases, however, longer-term changes in relative prices and costs may be justified by changes in economic fundamentals related e.g. to a catching-up in the level of economic development, changes in non-price competitiveness factors, or changes in underlying savings and investment patterns. Moreover, differences in cyclical positions may cause movements in relative costs and prices in the short term. An indepth assessment of movements in real exchange rates therefore requires a comprehensive analysis of the economic situation in each country seen in a longer term perspective. This report merely provides a descriptive overview of movements in intra-euro area cost and price competitiveness indicators. TABLE 5: RELATIVE COST AND PRICE INDICATORS OF INDIVIDUAL COUNTRIES RELATIVE TO THE EURO AREA (EUR12) Over the last year Over the last two years Relative to 17-20 average ( Q4- I Q4-0 1) (Q4- I Q4-) (Q4- I Average 87-) Euro area Member States %Change BLEU -0.3 0.4-0.2 1.0 1.7-0.6 4.0-1.6 Germany -1.9-2.4-1.3-4.2-4.3-2.3-6.0 5.4 Greece 1.7-0.4 1.3-0.2-1.4 1.8 8.6 8.3 Spain 1.2 3.1 1.5 1.7 5.7 3.1 3.8 15.4 France -0.7-1.1-0.4-0.7-1.3-1.6-1.2-10.5 Ireland 3.1-0.6 3.3 6.6-3.7 6.5 7.4-27.8 Italy 1.3 2.7 0.4 1.3 3.1 0.5-3.3 2.9 Netherland. 2.6 3.6 1.4 5.9 7.0 4.1 11.8 8.6 Austria -0.4-2.0-0.6-1.0-4.7-1.4-1.6-15.2 Portugal 1.8 1.9 2.2 4.2 1.0 4.9 26.7 5.9 Finland -1.6-1.8-1.2 0.5 2.9-1.6-11.2-17.2 Non-euro area Member States %Change Denmark -0.3-0.7-0.3 0.5-1.6-0.4 6.1 2.0 Sweden 4.2 3.4 4.5-5.3-5.7-5.2-1.7-12.8 UK -2.5-0.4-1.6-5.2-2.8-5.2 22.4 28.0 0.7-5.7 11.8 4.0-3.3 17.6 1.1 8.1-1.2 18.8-7.0 5.3-8.2 17.9 Note: relative and for Italy relative to any period before 18 are distorted by the 18 tax reform which shifted taxation from labour costs to value added but did not significantly change competitiveness. A minus means an improvement in cost competitiveness. 6

Chart 10: Price and cost indicators for individual countries relative to EUR12 19=1 Germany vs. rest of EUR12 130.---------------------------------------~ 120 --- ----------------------------------------------- --- 110 19=1 France vs. rest of EUR12 140 ~--------------------------------------~ 130 - --- 120 1 80 70 +-~~--~,-~~--~~~~r-~-r~--r-~~ 17 19 11 19 19 17 19 20 80 +-~------~~~--~,-~~--~-r~~,-~~ 17 19 11 19 19 17 19 20 19=1 Italy vs. rest of EUR12 150 ~--------------------------------------~ - - - 140 - --- 130 120 110 1 19=1 Netherlands vs. rest of EUR12 140 -.----------------------------------. - 130 ----------------------------------------------- --- --- 120 110 1 ---------------------------------------------------------------- +-~~--~,-~~--~~~~r-~-r~--r-~~ 17 19 11 19 19 17 19 20 80 +-~~--~,-~~--~-r----r-~-r~--r-~~ 17 19 11 19 19 17 19 20 19=1 Austria vs. rest of EUR12 140 ~--------------------------------------~ - 130 ---u LCE ----------------------------------------------- --- 120 110 1 19=1 BLEU vs. rest of EUR12 140.---------------------------------------~ - 130 - ------------------------------------------------ --- 120 110 1 80 +-~~--~,-~~--~~~~--~-r----~~4 17 19 11 19 19 17 19 20 eo +--r~--~~~~--~-r~--r-~-r~--r-~~ 17 19 11 19 19 17 19 20 19=1 Finland vs. rest of EUR12 150 ~--------------------------------------~ - 140 --------------------------------- 130 120 110 1 80 +-~----~,-~~~~~~~--~-r----r-~~ 17 19 11 19 19 17 19 20 19=1 Ireland vs. rest of EUR12 170.---------------------------------------~ 160 - - - --- 150 140 130 120 110 1 ------ --------------------------------------- --- 80 +---~--r-,-~~--~~--~--~-r~--r-~4 17 19 11 19 19 17 19 20 7

Chart 10 contd.: Price and cost indicators for individual countries relative to EUR12 19=1 Spain vs. rest of EUR12 140.---------------------------------------~ - --- 130 --- 120 110 1 19=1 Portugal vs. rest of EUR12 120.-------------------------------~~-----. 110 1 80 70 ---------------------------------------------------------------- 80 +-~~----,-~-.--~~~~~~-r~----,-~ 17 19 11 19 19 17 19 20 60 +-~~----,_~-,--~~~--~--~----r-~~ 17 19 11 19 19 17 19 20 19=1 Denmark vs. EUR12 140.---------------------------------------~ - 130 --- ---------------------------------------------- --- 120 110 1 ---------------------- ----------------------------------------- 19=1 Greece vs. rest of EUR12 130 ~--------------------------------------~ - --- 120 110 1 80 80 +-~~--~~~~r-~-r~------~----~~~ 17 19 11 19 19 17 19 20 70 +--r------,-~~r-~-r~----,--r~--r-~-4 17 19 11 19 19 17 19 20 19=1 UK vs. EUR12 170 ~--------------------------------------~ - 160 --- --- 150 140 130 120 110 1 +-~~----,-~~r-~~~--r-~-r~--~~-4 17 19 11 19 19 17 19 20 19=1 Sweden vs. EUR12 150.----------------------------------------, - - - 140 ------- --------------------- --- -- --- 130 120 110 1 +-~~----,--r-,--~-r~------~----r-~~ 17 19 11 19 19 17 19 20 19=1 USA vs. EUR12 170 ~---------------------------------------, - 160- --- --- 150 140 130 120 19=1 Japan vs. EUR12 120 ~---------------------------------------. - 110 _--- ------------------- --- 1 80 1 +-~~----~~~--~~~--~~~~--~~~ 17 19 11 19 19 17 19 20 70 60 +-~~----,-~~~~-r----r-~~----~-r~ 17 19 11 19 19 17 19 20 8

ECFIN/C-1/266/4/-EN PART2 TABLES AND GRAPHS BY COUNTRY ECFIN/C-1

PART 2: TABLES AND GRAPHS BY COUNTRY The tables and graphs on Pages 1 to 40 present nominal and real effective exchange rates of the currencies of the European Union Member States and five other industrial countries. Aggregate measures for the European Union as a whole (EU) and the group of countries participating in the Economic and Monetary Union (EUR12) are presented as well. Each country (or country group) is compared with 24 industrial countries (the 15 EU countries, Norway, Australia, Canada, Japan, the United States, Mexico, New Zealand, Turkey and Switzerland), with the European Union and with the euro area. The tables on Pages 41 to 51 present bilateral exchange rates of the US dollar against the currencies of the 24 industrial countries; and nominal and real effective exchange rates of the EU currencies, the US dollar and Japanese yen (as well as aggregate measures for EU and EUR12). Each cross-national table of real effective exchange rates is based on a single price or cost deflator. Price and cost indices in national currency are presented as well. These tables aim to facilitate a comparison of developments in the different industrial countries. The final table shows the latest double export weight matrices that were used to calculate effective exchange rates. 1 The technical annex provides further details.

Part 2: Table of Contents EU - EUR 12............................. p. 1 Belgium and Luxembourg- BLEU...... p. 3 Denmark- DK...... p. 5 Germany- D... p. 7 Greece - EL.................................... p. 9 Spain - E................................................... p. 11 France- F... p. 13 Ireland - IR.L............................................... p. 15 Italy - I... p. 17 Netherlan.ds- NL... p. 19 Austria- A... p. 21 Portugal - P... p. 23 Finland- FIN... p. 25 Sweden- S... p. 27 United Kingdom - UK... p. 29 Norway- NO... p. 31 Australia- AU... p. 33 Canada- CA... p. 35 Japan- JP... p. 37 USA- US... p. 39 Table A: Bilateral exchange rate of the US dollar... p. 41 Table B: Trade-weighted indices............ p. 45 Table C: Real effective exchange rate based on Consumer Price Index......... p. 46 Table D: Real effective exchange rate based on GDP 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

EU and EUR12 Trade-weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change EU EUR12 EUR12 EU EUR12 EUR12 EU EUR12 EUR12 vs. ( the rest of) vs. ( the rest of) vs. ( the rest 0 f ) IC IC EU IC IC EU IC IC EU.9. 7 88.2 108.6.4 81. 5 DEC 0.8 0.7 0.2.2.0 86.6 106.2.7 79.2 JAN -0.4-0.6-0.9.8.5 89.8 1.3 8 8. 1 78.3 FEB -1. 1-1. 0-0.6 88.5.8.0 03 1 0 0. 1 8 7. 1 78.9 MAR -0.1 0.0 0.2. 6.7.4 04.0 85.5 78.3 APR 0.5 0.3-0.0 1.0 1.0 1.0 105.2. 5 81. 9 MAY 2. 1 2.2 1. 8 105.7 1.3.3 104.5.2 80.5 JUN 3.4 2.9 1. 5 1 05. 1.5 86.2 03 107.0.2 81. 5 JUL 3.2 1. 8-0.2 1 1 3. 0.3 84.8 04 108.4.0 81. 7 AUG -0.9-0.7-0.3 1 1 1. 0.9 83.5 107.0. 8 80.6 SEP 0.7 0. 1-0.8 1 0 1. 7 87.8 78.5 109.8. 1 81. 8 OCT 0.5 0.3-0.2 106.6. 8 81. 2 03 11 6. 3.9 82.6 NOV 0.9 1. 0 0.7 11 2. 9.3 81. 6 04 118.3.9 82.4 DEC 1. 3 1. 2 0.6 data Ondex 19=1) Trade -weighted currency indices Quarterly data Ondex 19=1) - EU vs.ic EURI2 -- vs.ic EURI2 vs. EU,... ~ ; \. /---,------------ - \ I I" \ \ r../ ', I \ v ' "/-/ ---------..::.------------::.. ----------'\-:;._T....:.... -.. "... :~, ::_.,_!'_:::_:~::... Q1 Q1 Q1 OOQ1 Q1 03Q1 Relative cost indicators (based on ) data Ondex 19 = 1) Quarterly data Ondex 19=1) 1~~~===-~--~~~~. ~~~~ ' ---- -- ------------------------------------r----------------- - EU vs.ic EUR12 -- vs.ic... :~ 12 17 19 17 20 Q1 Q1 Q1 OOQ1 Q1 Q1 03Q1 Page 1

EU and EUR12 of EU vs. (the rest of) 24 industrial countries data {index 19=1) Quarterly data (index 19=1) 105.0 1.4 106.5.8.5 1.0 103.2.5 1.7.8 84.3 86.0 89.3 105.5 1.5 107.4 105.7 Q4. 9.3.2 1.7.8 103.4 1. 8 OOQ1 89.2 89.4. 0 107.2 103.4 1 0 8. 1 1 0 5. 1 OOQ2 85.3 85.3 87.4.0.6.7.0 OOQ3 82.8 82.7 84.9.4.2.3.4 OOQ4 80.5 80.4 8 2. 1 1.0 1.0 1.0 1.0 Q1 85.8 85.7 87.0 1.8 1.4 103.2 105.3 Q2 84.6 84.7 85.4.0.3.4.8 Q3 86.1 86.3 86.7 1. 1 1.7.5.2 Q4 86.8 87.1 87.3.5.5. 3.8 Q1 85.3 85.7 85.9 84.3 86.2 81. 2 83.1 Q2 87.2 87.6 88. 1 8 6. 1 86.8 83.6 84.7 Q3.0.6.2 89.9.4 88.5 89.4 Q4.3.0.6 88.1 85.6 82. 1 79.8 77.7 82.9 82.0 83.9 84.9 83.9 86.2. 3.9. 8 88.6 84.2 81. 3 78.9 84.1 83.2 85.0 86.1 85.0 87.2.3.7 of EUR12 vs. (the rest of) 24 industrial countries data (index 19=1) Qua r t e r I y data (index 19=1).2.2.4. 1.7 1.0 1.7. 7. 7 87.4 79.1 82.0 84.8.3.5.3.3 Q4 84.7 84. 1.5.8.6.1.9 OOQ1 82.2 81. 2 88.2.3 1. 1.3.0 OOQ2 79.6 78.4 85.7. 1.8.7.5 OOQ3 78.6 77.1 84.6.4.3.5.0 OOQ4 77.0 75.5 82.6 1.0 1.0 1.0 1.0 Q1 82.2 80.5 87.7 1 0 0. 1 1.6 1.2 1. 3 Q2 80.9 79.2 85.9.9.6 89.9.1 Q3 82.4 80.6 8 7. 1. 5.2 88.3 87.8 Q4 83.0 81. 2 87.6 87.1.9 83.2 85.3 Q1 81. 8 79.9 86.2 77.8 8 5. 1 74.2 75.5 Q2 83.8 81. 8 88.1 80.2 87.0 76.4 77.2 Q3 87. 1 84.9. 6 82.7 89.3 79.7 79.9 Q4 88.0 85.7.4 80.3 77.5 74.8 73.5 71. 8 76.5 75.3 76.8 77.5 76.6 78.7 81. 9 82.9 82.6 79.4 76.2 74.6 72.8 77.5 76.2 77.7 78.3 77.2 79.0 8 2. 1 82.9 of EUR12 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1).3 85.9 89.2.5.7 1.0.0 85.7 83.6 82.0 78.0 82.0 83. 1 8 8. 1.4 85.5 86.8 Q4 80.1 78.3 89.7 75.2 84.8. 1 82.4 83.1 OOQ1 78.2 76.0 87.6 72.7 88.3.0 86.8 89.1 OOQ2 77.6 75.1 87.0 71. 4.2.0.1.8 OOQ3 78.5 75.6 87.9 71. 6.4.2.4 9 8. 1 OOQ4 78.3 7 5. 1 87.4 70.8 1.0 1.0 1.0 1.0 Q1 82.2 78.7. 5 73.9.4.9.9.6 81. 1 77.5 89.9 72.5 84.6.5 83.2 82.4 03 82.4 78.5.9 73.4 82.8.2 79.6 78.2 Q4 82.8 78.7. 0 73.6 80.7. 7 77.6 7 8. 1 Q1 81. 9 77.5 89.6 72.6 75.3 87.4 71. 5 72.3 Q2 83.3 78.6.8 73.8 78.2.8 73.2 74.0 03 84.1 7 9. 1. 5 74.5 78.4.7 73.6 73.5 Q4 84.1 78.9. 3 74.3 76.1 73.6 72.2 72.4 71. 6 74.8 73.4 74.2 74.2 72.9 73.8 74.2 73.9 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 2

BLEU euro (before 19: BEF/LUF) Trade -weighted currency indices data Ouarterll data Monthly data index (19=1) index ( 9=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 88.9 89. 1. 2.3.8.0 DEC 0.3 0.0 0.0 89.1 89.6.0.3.2.0 JAN -0.2-0.2-0.0. 3. 2.0. 3. 1.0 FEB -0.4-0. 1 0.0.5.3. 1 03. 0.2.0 MAR 0.0 0. 1 0.0.9.4.4 04.4.0.0 APR 0. 1-0.0 0.0 1.0 1.0 1.0.7.9.0 MAY 0.8 0.4 0.0.3.4.9. 1.5.0 JUN 1. 0 0.4 0.0.2.6.6 03.7.7.0 JUL 0.5-0. 1 0.0.0.4.8 04.0.7.0 AUG -0.2-0. 1 0.0 9 4. 1.2.9.6.5.0 SEP -0.0-0.2 0.0 9 1. 1.0.0.4.8.0 OCT 0. 1-0.0 0.0.4.6.0 03.6.0.0 NOV 0.4 0.2 0.0.6.7.0 04.0.0.0 DEC 0.4 0. 1-0.0..... Trade-weighted currency indices data Ondex 19=1) Quarter1y data Ondex 19=1) 12 17 19 17 20 Relative cost indicators (based on ) data Ondex 19=1) Quarter1y data Ondex 19 =1) Page 3

BLEU euro (before 19: BEF/LUF) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1). 1.3.6.9.5 1.0.8.0.8. 6 88.6 89.8.6.0.5.6.7.7 1.0.2.4.7. 7 8 8. 1 88.8 89.5.6 87.6.9 Q4.7.6.0 88.5.8 OOQ1 89.7 89.5.3.6.0 88.8 88.5.3.8.6 OOQ3 88.5 88.0.5.5.8 04 87.9 87.3 1.0 1.0 1.0 Q1.1 89.3.9.2.7 Q2 89.5 88.5.0.0 86.9 03.1 89.0.5.1 86.7 Q4.3 89.2.6.8 85.9 Q1 89.8 88.7 1.7 86.3 82.4.5 89.4 1 0 1. 4 8 8. 1 8 4. 1 Q3. 6.5 1. 8 89.7 85.6 04. 8.8.7 89.3 1.4 87.8 1.9 86.5 1. 4 86.0 1.7 85.6 1.7 88.0 1. 3 87.8 1. 4 88.6 1. 3 8 9. 1 1.7 88.8 1. 5 89.6 1.8.7 103.3.9 84.9 83.7 82.6 82.3 81. 9 84.1 83.8 84.6 85.0 84.8 85.5 86.7 87.0 vs. (the rest of) EU data (index 19=1) Qua r t e r I y data (index 19=1).2.8.5.8.4 1.0.2 9 3. 1.4.3. 5.4.4.9. 1 86.2.8.0. 9 1. 0. 2 89.9. 1 87.7.3 OOQ1. 6. 4 1.3.2. 3.7 8 9. 1.0 OOQ2. 5. 1 103.7 89.6.5.3.4.6 OOQ3. 7. 2 104.7 89.6. 5.6.4.3 OOQ4. 7.9 104.7 89.6 1.0 1.0 1.0 1.0 Q1.6. 7 105.3.8.6.5.5.7.3. 2 104.4.8.6.4.3 86.9 Q3.5. 3 104.1. 3.3.3.1 86.5 04.6. 3 103.9. 5.3.5 9 2. 1 86.4 Q1.3. 0 103.5. 3. 0 103.8 89.6 85.1 Q2.5. 2 103.8. 5. 3 104.3. 0 86.6 Q3.6. 3 104.0. 6. 1 103.7. 3 87.0 04.6. 3 104.0. 5 85.8 85.2 85.0 85.2 85.3 86.5 86.4 86.8 87.0 86.8 87.1 87.3 87.3 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1).9.0.0 88.6.9 Q4.6.9 103.6.9.4.6.3.8.2.6.9 105.4.5.5.4.5. 4.7.6.9 106.9 9 6. 1.7.5.9.4.8 OOQ3.6.8 107.8.1.3.5.4.3.7 04.7.7 107.9.3 1.0 1.0 1.0 1.0 1.0 Q1.7.5 107.6.8.8.3.9.2.4.7.4 107.0.2.3.9 1.6.9.5 Q3.6.3 106.5.5.2.2 1.2.7. 2 Q4.5.2 106.3.7.5.8 1. 5.2. 2.4.2 106.2.7.6.8 107.0.2. 3.3 9 6. 1 106.2.6.6.3 106.8.2.5 03.2 9 6. 1 106.3.4.2.0 106.2.5 9 3. 1 04.1 9 6. 1 106.4.3. 2. 1. 2. 4. 8.1.5.8.0.1.1.2.3 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 4

Denmark DKK Trade -weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. ( the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1.2 89.0.0.5.7 1.5 DEC 0.4 0. 1 0.0 89. 1 88.4.9.1.0 1.4 JAN -0.2-0.2 0. 1. 7.3.3.9.5 1.4 FEB -0.5-0. 1 0.0.3.8.2 03.4.6 1.2 MAR -0.2-0. 1-0.0.0.4.8 04. 9.7 1.3 APR 0.2 0.0-0.0 1.0 1.0 1.0.6.8 1.2 MAY 0.8 0.4-0.0.6.4.6.8.7 1.3 JUN 0.9 0.2 0.0.7.2.8 03.7.2 1.4 JUL 0.8 0. 1 0.0.0.3 1.2 04. 1.4 1.5 AUG -0.2-0.0 0.0.7.2 1.5.6.9 1.5 SEP -0.0-0.2-0.0.5.5 1.3.2.2 1.5 OCT 0. 1-0. 1-0.0.2.9 1.3 03.7.5 1.6 NOV 0.4 0. 1 0.0.6 9 6. 1 1.5 04.1.4 1.6 DEC 0.5 0.2 0.0 Trade -weighted currency indices data Ondex 19=1) Quarterly data Ondex 19 = 1) ------.--------------------------------------- 12 17 19 17 20 m~~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 OOQ1 Q1 Q1 03Q1 data (index 19 =1) 110,...--------~---... Relative cost indicators {based on ) I I I I. I # I......... Quarterly data Ondex 19=1) --------------------------------------------.-;...:-~:_ _~~-:~=- -~----...-...- 12 17 19 17 20 Page 5

Denmark DKK vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) 9 7. 1.2.0.0.9 1.0.3.3.1.8.5.3 9 7. 1.9.7.9.1.1 1.0.9 9 7. 1.6.3.3.6.7.7.2.8 Q4 9 6. 1.7. 9.0.5 OOQ1.0.7.0.1.9 OOQ2.8.6.0.4 1.6 OOQ3.4.3.8.4.7 OOQ4.9.1 1.0 1.0 1.0 Q1.6.9 1.4 1. 1 105.3 Q2.8.2.4.0.7 Q3.7 9 7. 1.0 1.5 1 0 2. 1 Q4.2.4.5.6 1.6 Q1.8.8.7.7.3 Q2.7.4 104.3.1. 1 Q3.3.8 1.9.8.8 Q4.8.2.9. 1.1.5.4.0 1.3.5 1.9. 1 104.6.1 1 0 4. 1.6 104.8.7 104.6.2 1 0 3. 1.7 1.8.5 103.4 1.0 103.0 1.4 1.3.6. 1.6.5.8.8.5.7.0.5.7.0 vs. (the rest of) EU data (index 19=1) Qua r t e r I y data (index 19:::::1).8.5.6.3 9 7. 1 1.0.3.2 9 6. 1.5.8.3.9.6.7.3.6 Q4.6.4 1. 2 1.6. 9.4.8. 1 OOQ1. 1.3 1.4.6.3.5.9.8 OOQ2.8.4 103.9.9.3.6.2 1. 4 OOQ3.0.8 105.7.0.3.3.5.4 OOQ4. 1.1 1 07. 1.2 1.0 1.0 1.0 1.0 Q1.2 1.4 109.2 1.7.0.9.0 103.7 Q2.0 1.2 109.3 1.8.2 1.0.1.7 Q3.6 1.7 109.6 1. 5.6.4 1.3 1.0 Q4.9 1.7 109.0 1. 7.0.7 1. 2 103.6 Q1.5 1 0 0. 1 107.4 1. 1.4 104.7.0.4 Q2.9 1.2 106.6 1. 2 1.3 109.2 1.9.9 Q3.4 1.4 105.8 1. 4 1.0 106.1 1. 0. 1 Q4.4 1 0 0. 1 104.9 1. 2 1.2 1.2.7.9.5.3.9.2. 1.3.3.3.0 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1).9.6.5 1. 3.7 Q4 1.7 104.0 103.5 107.4 9 7. 1.0.9.7.3 OOQ1 1.8 104.6 105.3 107.4.4.6.2.7.7 OOQ2 1.8 1 0 5. 1 1 0 7. 1 107.3.7.8.3.8 1.3 OOQ3 1.6 105.2 108.5 107.3.3.6 9 9. 1.9 9 8. 1 OOQ4 1.5 105.5 109.9 107.7 1.0 1.0 1.0 1.0 1.0 Q1 1.2 105.4 110.6 107.8.5 1.4 1.7 1.7 105.4 Q2 1.3 105.5 1 1 1. 1 108.3 1.0 1. 3 1.4 1.9 103.7 Q3 1.2 105.4 110.9 108.4 1.3 1.9 1 0 0. 1 105.9 108.0 Q4 1.4 105.4 110.3 108.5 1.1 1.9 1. 5 107.3 109.3 Q1 1.5 105.3 109.4 108.5 1.6 105.0 107.7 107.4 106.2 Q2 1.6 105.1 108.2 108.3 1.2 105.4 11 0. 7 108.2 104.6 Q3 1.8 105.1 107.2 108.3 1.7 1 0 5. 1 107.7 108.3 103.8 Q4 1.9 1 0 5. 1 106.3 108.2 108.4 107.4 106.5 105.6 105.2 104.8 104.7 104.5 104.3 1 0 4. 1 103.8 103.7 103.5 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 6

Germany euro (before 19: OEM) Trade-weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. ( the rest of) vs. ( the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 85.0 84.8 86.5.3. 2.9 DEC 0.4 0. 1 0.0 84.7 84.8 87.0 OOQ1.0.6.9 JAN -0.2-0.2 0.0 88. 1 87.2 88.9 OOQ2.6.3.9 FEB -0.5-0.2-0.0. 8.5.2 OOQ3.0.5.9 MAR 0.0 0.0-0.0.6.4.3 04 89.1.3.9 APR 0.2-0.0-0.0 1.0 1.0 1.0.1. 4.9 MAY 1. 0 0.4 0.0.4.3.8. 2. 0.9 JUN 1. 4 0.4-0.0.2.1.3 03.0. 2.9 JUL 0.9-0. 1 0.0.8.0.7 04.4. 3.9 AUG -0.4-0. 1 0.0.5. 7.8. 9. 0.9 SEP 0. 1-0.2-0.0.3.3.9.0. 4.9 OCT 0. 1-0.0-0.0. 9. 1.9 03.8. 6.9 NOV 0.5 0.2 0.0.5. 2.9 04.3. 5.9 DEC 0.6 0.2 0.0 Trade-weighted currency indices data Qndex 19 = 1) Quarterly data Qndex 19=1) Relative cost indicators (based on ) data Qndex 19=1) Quarterly data Qndex 19=1) Q1 Q1 OOQ1 Q1 03Q1 Page 7

Germany euro (before 19: OEM) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1). De f I at or 89.4 87.4.9.5.2 1.0.9. 8. 9 89.0 84.0 84.8 85.5 88.5 87.0.9.3.9 1.0.3.1.2 87.4 81. 1 81. 2 81. 8 89.6 87.7 81. 5 Q4 87.4 85.5 89.0 84.9 79.0 OOQ1 85.9 83.5.9 89.4 85.4 OOQ2 84.4 81. 6.0.4.9 OOQ3 83.7 80.5.2.0. 9 OOQ4 82.8 79.5 1.0 1.0 1.0 Q1 85.4 81. 8.8.0.5 Q2 84.4 80.9.0 88.2 89.4 Q3 85.0 81. 4.9 87.8 89.9 Q4 85. 1 81. 5.0 84.6.7 Q1 84.4 80.8 86.6 79.6 86.8 Q2 8 5. 1 81. 5 8 7. 1 79.3 86.9 Q3 86.6 82.9 88.5 79.7 86.7 Q4 86.9 83.1.4 83.1 88.7 81. 6 87.0 8 0. 1 86.2 79.3 85.1 78.1 87.6 80.2 86.5 79.0 87.2 79.4 87.4 79.4 86.9 78.7 88.0 79.4 89.7 80.7.2 81. 0.1 88.8 87.3 86.5 85.4 87.9 86.6 87.0 86.9 85.9 86.5 87.7 87.8 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) 87.2 85.7 88.4.9.4 1.0.3. 1.5 89.3 87.4 87.9 87.3 86.0 88.0 84.4 78.3 Q4 88.5 86. 1. 6 84.6 85.1 88.1 82.5 76.5 OOQ1 87.8 84.9.5 83.9 88.2. 4 86.1 82.6 OOQ2 87.4 84. 1 89.9 83.4.5.4. 1. 8 OOQ3 87.6 83.9 89.8 83.3.2.8.9.7 OOQ4 87.4 83.5 89.4 82.8 1.0 1.0 1.0 1.0 Q1 88.3 84.3.4 83.3.8.5.3.2 87.9 83.7.0 82.4 89.4. 8 87.5 88.4 03 88.0 83.8.3 82.2 88.5.0 86.7 88.8 04 87.9 83.7.4 81. 8 87.3.7 85.4.9 87.4 83.2. 1 81. 2 84.0 89.8 83.2.7 87.5 83.2.5 81. 1 83.8.2 82.3.5 03 87.5 83. 1.7 81. 0 82.9.4 80.8 88.3 04 87.3 82.8.7 80.7. 2.9.8. 0.7. 5.7.5.0 89.0 88.8 88.4 87.9 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (Index 19=1) 88.4 87.8 88.0 86.7 79.3.1.9.6.3 88.0 87.8 88.8 85.5 78.3.9.3.0.3.3.4. 7 88.4 83.7.7 89.7.4.2.8.5.9.0. 4 03.6 89.2.0.0.3. 1.5.7.6 04.4 88.9. 8 89.6 1.0 1.0 1.0 1.0 1.0.2 88.6. 7 89.1.8.4.8.0.2.0 88.4. 7 88.6.4.8.7. 0.4 03. 8 88.2. 8 88.0.4.3.5. 3.3 04. 5 88.0. 8 87.5.5. 6.3.4.9. 2 87.7. 9 87.0.6 89.5.3.0.8.9 87.4.0 86.5. 9 88.3. 8 88.2.9 03.6 87.1. 1 8 6. 1.8 87.2.0 86.3.5 04.4 86.8. 1 85.8.9.4.8.0.9.6.2.7.0.4.7 9 5. 1.7 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the Eur.opean Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 8

Greece euro (before 20 : GRD) Trade-weighted currency indices data Ouarterll data Monthly data Index (19=1) Index ( 9=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 1 3 7. 1 142.7 145.9.5 89.5.7 DEC 0. 1 0.0 0.0 122.7 127.6 130.7.7 8 8. 1. 7 JAN -0.4-0.2 0.0 11 4. 5 117.4 119.6. 0 8 7. 1.8 FEB -0.4-0. 1 0.0 106.4 110.9 111. 7 03.2 86.7.3 MAR 0. 1 0.0 0.0 1. 4 103.8 104.6 04 89.0 86.0 89.7 APR 0. 1-0.0 0.0 1.0 1.0 1.0. 6 86.5 89.5 MAY 1. 0 0.3 o.o.6.8.3.2 86.2 89.5 JUN 1. 3 0.3 0.0.7.2.6 03.5 86.4 89.5 JUL 0.9-0.1 0.0.9. 1.7 04.1 86.5 89.5 AUG -0.3-0. 1-0.0.9.7.6.3 86.3 89.5 SEP 0.0-0.2 0.0.7 86.8.5.3 86.5 89.5 OCT 0. 1-0.0 0.0.0 86.3 89.4 03.1 86.7 89.5 NOV 0.3 0.2-0.0.7 86.4 89.4 04.4 86.7 89.5 DEC 0.4 0. 1 0.0 Trade -weighted currency indices data Ondex 19 =1) Quarterly data Ondex 19=1) 84 Q1 OOQ1 Q1 03Q1 Relative cost indicators (based on ) data Ondex 19=1) Quarterly data Ondex 19 =1)........ 12 17 19 17 20 Q1 OOQ1 Q1 03Q1 Page 9

Greece euro (before 20 GRD) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (Index 19=1).3. 6.3.8.1 1.0 103.9 104.5 1. 0 1. 4.7.8.6 87.9 89.4. 8. 1.1 1.0 103.2 105.4 1.5 103.9.7 1.2 1 0 2. 1 1. 3.0 1. 0 1.0 1.8 1. 2 87.6.1.2 1 0 1. 1 1.8 88.0.8 OOQ2.4.4 1.1 89.4 87.4 03.5.6 1 0 0. 1.2.7 OOQ4. 1.3 1.0 1.0 1.0 Q1.4.8 103.2 1.3 1. 2 Q2.7 1 0 0. 1 103.0 107.7 108.6 Q3.7 1. 3 1. 8 106.7 1. 5 Q4.2 1. 7 104.2 105.2 108.2.4 1.9.5 9 8. 1 1 0 1. 1.5 1.0 1.6.0 1 0 0. 1 Q3 1.4 104.0 1.6.8 1.6 Q4 1.9 104.5 103.3 103.3 1. 7 1. 3 1. 1.2.4.9.9.7 1.3.3 1.4.9 1. 5.5 1.0.9 1. 3.3 1.4.6 104.5 1.8 105.0 1. 5 108.3 105.4 1.3 1.4.2 1.3 1.2 1 0 1. 1 1. 3 1.1 1.9 1.4 1.4 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1).2. 8.7.3.1 1.0 103.3 105.0 1. 2 1.9.7.9 1. 2 87.7 1. 3.6 1 0 1. 1 Q4 1. 9 104.6 104.6 106.7. 89.5 1. 6.9.9 OOQ1 1.7 103.6 103.5 105.2. 2 1.6 87.5.9 OOQ2.9 1.9 1.7 104.0.6 1. 5.8 89.4 OOQ3.8 1.9 1.8 103.3.2 1. 5.3.5 OOQ4.1 1.3 1.3 1. 7 1.0 1.0 1.0 1.0.9 103.2 103.4 1. 6 1.7 1.7 1. 8 1.4.8 103.1 103.4 1.6 1 0 6. 1 103.8 108.6 109.3 03 1.2 103.5 104.0 1.5 1.7 1. 9 107.5 1.3 04 1.5 103.8 104.3 1.6 105.2 105.4 108.0 11 0. 3 1.6 103.9 104.3 1.7 1.7 1.7 103.3 106.2 Q2 1. 2 104.5 104.8 1. 5 103.2 103.7 1.6 104.0 Q3 1. 8 105.0 105.2 1.2 104.4 104.8 1. 5 103.4 Q4 1 0 2. 1 105.3 105.4 1.7 110.8 108.8 106.8 105.7 104.3 104.6 104.0 104.1 104.0 103.5 103.7 103.7 103.5 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1). 6 89.6 1.0.1 103.3 105.8 109.0 106.5 1 1 1. 9.1.0 1.8.7.5 OOQ1 105.0 108.5 105.7 1 11. 0.5. 1 103.3 89.5.5 OOQ2 104.3 108.0 1 0 5. 1 11 0. 1.1.4 1.1. 6 89.4 03 104.0 107.9 104.9 109.3.9.0 1.1.0.8 OOQ4 103.3 107.3 104. 5 107.8 1.0 1.0 1.0 1.0 1.0 103.2 107.3 104.8 106.8 103.9 103.4 1 0 3. 1 1.5 1. 2 Q2 103.3 107.5 105.2 1 0 6. 1 107.8 1 0 9. 1 105.6 11 2. 0 11 3. 0 03 103.4 107.7 105.5 105.8 104.4 1 0 6. 1 103.3 1 11. 8 106.8 Q4 103.6 107.9 105.8 105.8 106.5 1 0 9. 1 106.9 11 2. 8 115.3 103.9 108.2 1 0 6. 1 106.0 104.0 107.7 105.0 109.4 112.5 Q2 104.2 108.5 106.3 106.5 103.3 107.5 105.2 106.0 109.6 Q3 104.5 108.9 106.6 107.1 104.3 108.6 106.4 106.7 109.1 Q4 104.8 109.3 106.8 107.6 116.3 11 4. 9 11 3. 1 111. 9 110.6 110.0 109.8 109.6 109.4 109.3 109.2 1 0 9. 1 109.0 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 10

Spain euro (before 19: ESP) Trade -weighted currency indices data Ouarterll data Monthly data index (19=1) index ( 9=1) monthly % change vs. (the rest of) vs. (the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 11 9. 3 1 21. 5 124.4.0.1.8 DEC 0.2 0.0 0.0 120.0 122.6 125.9.0.6.8 JAN -0.2-0. 1-0.0 1 1 7. 8 119.3 1 21. 7. 1.5.9 FEB -0.4-0. 1 0.0 1 0 4. 1 107.8 108.8 03.7.6.9 MAR 0.0 0. 1 0.0.7 1. 4 1.4 04.1.4.9 APR 0. 1-0.0 0.0 1.0 1.0 1.0.4.2.9 MAY 0.9 0.3 0.0 1.4 1.3 1.7.9.8.9 JUN 1. 1 0.3-0.0 9 7. 1.5.2 03.7.0.9 JUL 0.6-0. 1-0.0.7.9.9 04. 1 9'5. 1.9 AUG -0.3-0. 1 0.0.7.5.8.6.8.9 SEP 0.0-0. 1-0.0.8.4.9.5 9 5. 1.9 OCT 0. 1-0.0 0.0.4.9.9 03.9.3.9 NOV 0.4 0.2-0.0.7.0.9 04.3.3.9 DEC 0.4 0. 1 0.0 Trade -weighted currency indices data Ondex 19 =1) Quarter1y data Ondex 19=1) ~~~~~~~~~~~~~~~~ Q1 Q1 Q1 OOQ1 Q1 03Q1 Relative cost indicators (based on ) data Ondex 19=1) Quarter1y data Ondex 19=1) 1~~----~----------~------~ I I I I -----{--------------------..,..._": _...-. -... ---------------------------------~~:::: '"-------------------------- 12 17 19 17 20 Page 11

Spain euro (before 19: ESP) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (Index 19=1) De f I at or 111. 7 11 3. 2 11 3. 5 1. 6.6 1.0 1.0.5.9.4.0.8.5 111. 0 11 3. 4 114.2 1.0.4 1.0 1.2.6 9 8. 1.7.9.6 1. 2 108.9 108.4 106.8 Q4.9.4 109.5 111. 8 108.0 OOQ1.0.7 11 0. 2 11 4. 6 110.3 OOQ2.2.1 1 0 0. 1 103.7 1.0 OOQ3.9.0 9 7. 1.2 9 8. 1 OOQ4.4.7 1.0 1.0 1.0 Q1.8.3 1 0 1. 7 1.5 104.4 Q2.4 9 8. 1. 1.8 1.4. Q3.3.2 1.4.1 103.5 Q4.9.8 1.0.4 1.6 Q1.8.6 1.2.0 1.0 Q2.1 1.9 1.2.7 105.8 Q3 1. 0 1.7 1 0 4. 1.0 110.0 Q4 1. 7 103.4 1.2.8 1.3.0 1.3.4 1.5.1 1 0 0. 1.6 1.4.9 1. 7.3 1.4.2 1.8.7 1.5.5 103.7.7 105.4 1.5 106.0 1. 3 1.6 1.4 1.2 1.5 1.3 105.3 105.2 106.6 107.6 107.8 109.6 11 2. 0 11 3. 2 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) De f I at or 111. 7 11 3. 9 11 3. 3 103.9.4 1.0 1. 3.0.0.7.8 1.4 1.3 11 0. 7 108.9 107.7 106.6 Q4.8.3 1. 9.4 11 3. 9 11 0. 1 111. 9 108.7 OOQ1.7.3 1.5.3 11 3. 7 11 0. 1 113.8 11 0. 4 OOQ2.8.6 103.3.5 1 0 4. 1 1 0 1. 8 105.7 104.5 OOQ3.1 1.2 104.2.9.1.6 1 0 0. 1 1.7 OOQ4.2 1.5 104.5.9 1.0 1.0 1.0 1.0 Q1 1.2 1. 8 105.6 1.8 1. 6 1. 2 1. 8 103.3 Q2 1 0 0. 1 1. 9 105.3 1.5.2.7.4 1.7 Q3 1.7 1.5 105.6 1.8.0 1.4.6 103.7 Q4 1. 2 1.9 105.8 1 0 1. 1.9 1 0 1. 1.4 103.8 Q1 1. 4 1 0 3. 1 105.8 1 0 1. 1.8 103.5.5 106.3 Q2 1.2 103.8 106.3 1. 7 1 0 2. 1 105.5 1.6 109.8 Q3 1.8 104.3 106.7 1.2 103.8 106.3 1. 7 112.9 Q4 103.2 104.6 106.9 1.5 104.4 105.0 106.0 1 0 7. 1 107.7 109.2 109.4 110.2 111. 0 111. 5 11 2. 6 11 3. 6 114.4 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Qua r t e r I y data (index 19=1) 11 3. 8 11 3. 3 109.9 11 0. 7 1 0 9. 1 Q4 1 0 3. 1 104.0 1 0 4. 1 104.8 117.0 117.3 111. 6 11 5. 8 11 2. 1 OOQ1 103.4 104.6 105.1 105.3 11 5. 6 116.3 111. 0 116.7 112.5 OOQ2 103.6 1 0 5. 1 106.1 105.9 104.9 105.2 1.5 106.8 104.8 OOQ3 103.8 105.7 106.8 106.2 1.3 1 0 0. 1.4 1 0 1. 1 1. 2 OOQ4 103.9 1 0 6. 1 107.2 106.5 1.0 1.0 1.0 1.0 1.0 Q1 1 0 4. 1 106.6 107.4 106.6 1. 8 1.2 1 0 1. 6 1.4 104.0 Q2 104.3 107.0 107.5 106.7 1.9 1. 3 1 0 1. 6 1. 8 106.6 Q3 104.6 107.4 107.7 106.9 1. 4 1. 7 1 0 2. 1 104.0 108.8 Q4 105.0 107.9 107.9 1 0 7. 1 1.6 1 0 3. 1 1.9 104.4 1 0 9. 1 Q1 105.4 108.3 1 0 8. 1 107.4 103.7 105.3 106.3 105.9 113.3 Q2 105.9 108.7 108.4 107.7 104.5 107.2 107.6 106.8 116.7 Q3 106.3 1 0 9. 1 108.7 108.0 106.0 108.9 108.5 107.8 1 2 0. 1 Q4 106.7 109.5 108.9 1 0 8. 3 11 0. 2 111. 5 112.8 11 4. 0 11 4. 9 11 5. 6 11 6. 3 11 7. 0 11 7. 8 118.7 11 9. 6 120.5 1 21. 4 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 12

France euro (before 19: FRF) Trade -weighted currency indices data Ou a r t e r I y data Monthly data index (19=1) index (19=1) monthly % change vs. ( the rest of) v s. ( the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 88.7 88.3.6.2.0 1.9 DEC 0.3 0. 1 0.0 87.3 87.4.0.0.3 1.9 JAN -0.2-0.2 0.0.9.0.0.7. 1 1.9 FEB -0.5-0.1 0.0.7.2 9 7. 1 03.2.3 1.9 MAR 0.0 0. 1 0.0.4.4.6 04.3. 1 1.9 APR 0.2-0.0 0.0 1.0 1.0 1.0.2. 1 1.9 MAY 1. 0 0.4-0.0 1.7.4 1.0.2.6 1.9 JUN 1. 3 0.4 0.0 '.2.4.9 03.0.9 1.9 JUL 0.8-0. 1 0.0.9.7 1.8 04.4.9 1.9 AUG -0.3-0.1-0.0.5.4 1.9.9.7 1.9 SEP 0.0-0.2 0.0.5.0 1.9.0.0 1.9 OCT 0. 1-0.0-0.0.9.7 1.9 03.7.2 1.9 NOV 0.5 0.2 0.0.5.9 1.9 04.2.2 1.9 DEC 0.5 0.2 0.0 Trade -weighted currency indices data pndex 19 =1) Quartel1y data Ondex 19 =1) 110~'""'"""'"""~~=~=~--...,...---...,..... ~~~~~~~~~~~~~~~~ Q1 Q1 Q1 Q1 OOQ1 Q1 Q1 03 Relative cost indicators {based on ) data Ondex 19=1) Quartel1y data Ondex 19 =1) 1~~~~~~~~~~~~~--~ I I I I. : --\-:/":----------------------r----------------- ~ -------- ~'\.--------------------------------- '--../'-...-- \ ------------------------------- --_"'" ------------------------ 12 17 1& 17 20 Page 13

France euro (before 19: FRF) vs. (the rest of) 24 industrial countries data (index 19=1) Ou a r t e r I y data (index 19=1).6.2.1.5.9 1.0.7.0.9.1 87.3 87.7 88.7.9.2.9.7 9 7. 1 1.0.5.9.0.2 87.0 87.0 87.9 104.3.4 1.4 Q4.6.6 1.3.8.5 OOQ1 89.2 8 9. 1 1. 6.9.5 OOQ2 87.7 87.5.4.9.0 OOQ3 87.0 86.6.7.4.5 04 86.0 85.5 1.0 1.0 1.0 Q1 88.4 87.8 1 0 1. 2.9 1.3 Q2 87.3 86.6.2.3.5 Q3 87.8 87.1.7.7.5 Q4 87.9 87.2.4 9 2. 1 87.5 Q1 87.4 86.7.5 86.7 80.6 Q2 88.3 87.5.3 87.5 80.8 Q3 89.8 89.0. 3 89.0 81. 6 Q4.2 89.4.6.5.8 88.7.9 87. 1 89.9 86.2 88.6 85.3. 0 87.9 89.8 87.0.2 87.7.4 88. 1 89.8 87.7.7 88.7.3.2.7.6 85.5 83.3 81. 1 80.0 79.0 81. 3 80.5 81. 1 81. 3 80.7 81. 4 82.6 82.8 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1).2.3.3.1.4 1.0.7.0.2.0. 2. 2. 0.4 103.8.2 1.8 Q4.4.2.4.0.2 1.4. 4.8 OOQ1. 7. 4.0. 9.9 1.9. 5.0 OOQ2. 4. 0. 1. 3.2 1 0 1. 1.0 1.8 OOQ3. 4.9.8. 2.7 1.5.8 1. 0 OOQ4. 0.4.2.8 1.0 1.0 1.0 1.0 Q1. 8. 1. 1. 8.5 1.4.8.7 Q2. 2.4.5. 4.0.7.6.3 03. 3.4.6. 6.2.4.6 89.9 Q4. 2.3.6. 8.0.5.7 87.9.9 89.9.2. 3.7.9. 1 83.9 Q2. 2.1.5. 5.4.6. 4 83.8 03. 3.2.6. 5 89.9.4. 2 83.0 04. 3.1.5. 3 86.6 85.1 84.1 83.7 83.4 84.2 83.9 84.0 83.9 83.3 83.3 83.2 82.9 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1).3 9 8. 1 105.2.6 103.9 Q4.4.8.9.5.4.6 1.2.4 1.5 OOQ1.2.6.0.2.6.5 1.0.3.1 OOQ2.0.4.2.9.3.5 1 0 2. 1.2 1 0 1. 1 OOQ3.8 9 7. 1.5.6.5.9 1. 6.9 1. 6 04.5.8.1.6 1.0 1.0 1.0 1.0 1.0.2.4.8.6.3.3 1 0 1. 0.6.6 Q2.9.1.7.7.6.9 1. 2.8.7 Q3.6.8.6.7.5.7 1.4 1.0.5 Q4.4.6.6.6.7.0.6.7.3 Q1.3.5.5.4.8.2.9.8.7 Q2.2.4.5.3.7.9.7.6.1 Q3 9 5. 1.3.5.1 9 5. 1.3.5 9 8. 1 89.3 Q4.0.2.5.9.5. 6.8.3.2.2.2.2.0 89.8 89.5 89.2 89.0 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 14

Ireland euro (before 19: IEP) Trade-weighted currency indices data Ouarterll data Monthly data Index (19=1) index ( 9=1) monthly % change vs. ( the rest of) vs. ( the rest of} vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 1.0 1.9 106.3.8.4 105.4 DEC 0.5 0.1-0.0 1. 0 1.4 106.7.0.5 105.4 JAN -0.3-0.2 0.0 104.3 103.0 107.6.4.2 105.4 FEB -0.6-0.2 0.0.5 1. 1 1 0 3. 1 03. 8.4 105.4 MAR 0. 1 0. 1 0.0.5 1. 0 103.2 04.7.0 105.4 APR 0.2-0.0-0.0 1.0 1.0 1.0. 1.4 105.4 MAY 1. 3 0.6 0.0 1.7 1. 9 1.7.6.7 105.4 JUN 1. 7 0.7-0.0 104.8 105.0 111. 3 03.4.0 105.4 JUL 0.9-0.2 0.0 1.3.5 106.3 04.8.1 105.4 AUG -0.4-0. 1-0.0.5.2 105.4.2.8 105.4 SEP -0.0-0.3 0.0. 1 9 6. 1 105.4.7.3 105.4 OCT 0. 1-0.0 0.0.2.9 105.4 03.7.7 105.4 NOV 0.7 0.3-0.0 9 ij. 1.2 105.4 04.4.7 105.4 DEC 0.7 0.2 0.0 Trade-weighted currency indices data Ondex 19 = 1) Quarterly data Ondex 19 = 1).... :....... I I I I I I I I Q1 Q1 Q1 03Q1 data Ondex 19 = 1) Relative cost indicators {based on ) Quarterly data Ondex 19 =1)....... --------------------------------------------..:!:... :" :'...... Q1 OOQI Q1 03Q1 Page 15

Ireland euro (~efore 19: IEP) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (Index 19=1) De f I at or 107.5 103.4 105.7.6.6 1.0 1.8 105.2 1.5 1. 2.5 1.8 105.8 104.0.7 1.3.8.2 1.0 1.4 106.6 106.2 105.7 1 0 2. 1 106.3 1 1 2. 1 104.6 106.5 1 3 7. 1 Q4 1 0 0. 1 104.7 1.0 1 0 2. 1 128.9 OOQ1.7 103.3 1.8 106.7 123.9 OOQ2.6 1.2 1. 8 104.0 116.7 OOQ3.5 1 0 2. 1 1.6 103.6 111. 3 OOQ4.8 1. 6 1.0 1.0 1.0 1.9 1 0 6. 1 1. 3 1.3 1.6.8 105.1 104.2 1 0 0. 1.0 Q3 1. 3 106.9 104.2. 1 86.8 Q4 1.4 108.3 104.9.8 82.3 Q1 1.5 108.6 1. 4 89.8 75.3 Q2 104.9 11 1. 2 105.7.9 73.5 Q3 108.0 114.5 107.7.6 74.0 Q4 109.5 116.0 103.9.0 1.4.7 1. 3 89.8 1. 4 89.9 1. 2 89.5 105.9.6 105.0.8 106.4.5 107.0.9 106.2.3 107.4.8 109.3 1. 8 109.6 103.3 80.2 78.0 76.0 74.7 73.0 75.0 73.2 73.3 73.3 72.7 73.7 75.2 75.7 vs. (the rest of) EU data {index 19=1) Quarterly data {Index 19=1) 106.6 1.9 104.3 1. 0 1. 0 1.0 1. 1 105.8 1.3 1.9 103.0 106.2 109.5 103.0 104.4 104.7 135.6 1.9 107.4 106.5.0.2 1.3 1. 0 1 2 8. 1 1.5 107.1 105.8.6 1.8 1.3 104.6 122.4 OOQ2 1.8 107.6 106. 1. 1 1. 1 103.4 104.9 11 8. 4 OOQ3 103.6 108.5 1 0 7. 1.1 1.6 1.2 104.9 113.5 OOQ4 103.7 108.9 107.7.5 1.0 1.0 1.0 1.0 Q1 105.8 111. 2 11 0. 4.6 1. 8 1.8.5.4 Q2 105.6 111. 3 110.6.7 107.3 105.0 1.7.1 Q3 106.6 112.5 111. 5.8 105.9 1 04. 1.4 86.8 Q4 107.4 113. 6 111. 8 1.7 107.3 106.5.8 83.0 Q1 107.8 11 4. 1 111. 2 1. 1 107.8 106.5.4 79.1 Q2 109.3 115.7 111. 5 1.6 111. 9 11 0. 9.3 76.9 Q3 11 0. 5 116.9 111. 4 103.7 115.8 11 1. 1 1.8 75.6 Q4 111. 3 117.6 11 1. 0 104.4 81. 7 80.4 79.6 79.0 77.9 78.3 77.0 76.6 76.2 75.6 75.8 75.9 75.8 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) 1 1 1. 1 108.3 106.5 111. 4 143.3 11 2. 2 118.3 111. 4 105.8 109.6 106.0 105.5 109.3 138.0 OOQ1 11 2. 7 119.2 11 1. 6 106.6 109.3 105.9 104.0 110.6 127.6 OOQ2 11 3. 3 1 2 0. 1 112.0 107.7 103.2 103.5 105.2 107.3 11 9. 1 OOQ3 11 3. 7 120.9 11 2. 7 108.7 103.0 1.8 1 0 4. 1 107.2 115.0 OOQ4 114.2 1 21. 8 113.6 109.7 1.0 1.0 1.0 1.0 1.0 Q1 1 1 4. 6 122.6 11 4. 7 11 0. 6 1 0 3. 1 103.0 1 0 1. 6 1.7 1.6 11 5. 1 123.4 11 5. 7 111. 5 11 2. 5 114.6 109.4 108.0 104.7 Q3 11 5. 7 124.4 11 6. 4 112.5 11 0. 0 114.4 108.0 107.4.4 Q4 11 6. 4 125.5 116.7 113.4 111. 4 116.9 11 0. 7 105.7. 5 Q1 11 7. 2 126.6 116.7 11 4. 3 11 3. 4 120.4 11 2. 4 1 0 8. 1 89.5 Q2 11 8. 0 127.7 116.4 11 5. 3 115.4 123.9 11 5. 8 1 1 1. 9 86.5 Q3 11 8. 8 128.7 11 6. 1 11 6. 1 11 8. 4 1 2 8. 1 1 1 6. 1 11 5. 6 85.3 Q4 11 9. 6 129.6 11 5. 7 116.9.8.4 89.9 89.3 88.4 87.6 86.8 8 6. 1 85.7 85.4 85.2 85.2 85.2 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 16

Italy euro (before 19: ITL) Trade-weighted currency indices data index (19=1) Quarterly data index (19=1) Monthly data monthly % change vs. ( the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EUR12 IC EU EU EUR1 136.8 140.6 145.4 Q4 109.9 108.5 11 3. 5 DEC 0.3 0.0-0.0 135.2 139.5 144.8 OOQ1 108.5 107.9 11 3. 6 JAN -0.2-0.2 0.0 132.2 134.3 138.3 OOQ2 107.0 107.7 11 3. 6 FEB -0.5-0. 1 0.0 1 1 1. 3 11 6. 1 117.6 OOQ3 106.4 107.9 11 3. 6 MAR 0.0 0. 1-0.0 108.7 111. 8 113.2 OOQ4 105.5 107.7 11 3. 6 APR 0.2-0.0 0.0 1.0 1.0 1.0 Q1 108.8 108.7 11 3. 6 MAY 1. 0 0.4-0.0 11 0. 5 109.0 109.7 Q2 107.9 108.3 11 3. 6 JUN 1. 4 0.3 0.0 11 1. 4 110.2 114.0 Q3 108.9 108.5 11 3. 6 JUL 0.9-0. 1-0.0 1 1 2. 8 109.6 113.8 Q4 109.4 108.6 11 3. 6 AUG -0.4-0. 1 0.0 1 1 1. 1 108.9 113.5 Q1 108.8 108.3 11 3. 6 SEP 0. 1-0.2 0.0 106.8 107.6 113.6 Q2 1 1 0. 1 108.7 1 1 3. 6 OCT 0. 1-0.0 0.0 108.6 108.3 113.6 Q3 11 2. 2 108.9 11 3. 6 NOV 0.5 0.2-0.0 11 0. 7 108.5 113.6 Q4 11 2. 9 108.8 1 1 3. 6 DEC 0.5 0.1 0.0 Trade -weighted currency indices data pndex 19=1) Quarterly data pndex 19 =1) I I -~.. -------------------------------------------+-------------------- 106,----------------------------------------- ---------------------- 12 17 19 17 20 1~~~~~~~~~~~~~~~ Q1 Q1 Q1 OOQ1 Q1 03 data Ondex 19=1) Relative cost indicators (based on ) Quarterly data Ondex 19=1)..... ------7~~=~-----~-------------------------------------.-.; _,-~: -,..... Q1 Q1 OOQ1 03 Page 17

Italy euro (before 19: ITL) vs.. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) 126.9 127.4 125.7 107.3 105.9 1.0 111. 9 1 11. 8 112.6 1 11. 1 107.0 108.9 111. 4 130.4 132.2 129.6 109.4 106.9 1.0 11 3. 2 11 3. 7 11 5. 2 11 3. 0 108.5 11 0. 1 1 1 2. 1 115.7 138.5 136.7 11 0. 1 111. 8 11 7. 2 140.3 137.8 108.8 11 0. 4 114.5 137.3 1 31. 8 OOQ2 107.3 109.0 104.9 114.5 112.4 03 106.8 108.3 103.0 11 0. 1 1 0 8. 1 04 105.9 107.4 1.0 1.0 1.0 109.2 11 0. 6 109.8 11 4. 1 11 5. 8 108.3 109.6 108.6 115.4 11 8. 6 03 109.4 11 0. 6 11 1. 0 111. 1 11 7. 2 04 109.9 111. 0 109.3 108.4 11 6. 1 109.4 11 0. 3 105.6 103.7 11 0. 4 Q2 11 0. 8 1 11. 6 108.7 104.7 111. 0 03 11 3. 2 113.9 1 1 0. 1 108.0 115.5 04 11 3. 9 11 4. 6 108. 1 107.2 106.9 105.8 105.7 104.3 105.5 103.4 105.0 1.2 108.7 1 0 5. 1 1 08. 1 104.0 109.3 105.0 109.6 105.8 108.8 105.6 109.7 107.3 111. 6 109.9 111. 9 110.8 114.9 11 3. 1 111. 1 109.9 108.4 1 1 1. 3 110.2 111. 4 112.5 112.6 114.8 117.8 118.8 vs. (the rest of) EU data (index 19=1) Qua r t e r I y data (index 19=1) 126.6 128.0 124.8 109.8 108.0 1.0 111. 2 11 2. 8 11 2. 8 11 3. 3 11 3. 0 114.7 11 5. 8 130.0 115.6 137.4 136.5 11 3. 4 11 4. 9 110.8 111. 5 132.7 11 8. 1 140.8 1 3 9. 1 OOQ1 11 3. 0 114.6 110.3 111. 0 128.6 114.2 136.0 1 31. 7 OOQ2 11 3. 0 114.7 110.4 11 0. 8 11 2. 0 1 0 7. 1 117.0 11 5. 6 OOQ3 113.4 115.0 1 1 1. 1 110.9 109.0 105.2 112. 4 111. 4 OOQ4 113.5 115.0 111. 6 110.4 1.0 1.0 1.0 1.0 Q1 114.7 116.2 113.5 111. 2 112.7 109.2 113.4 114.5 114.5 11 5. 8 113.8 110.7 114.9 109.8 116.9 119.6 03 115.0 11 6. 1 114.4 111. 0 11 5. 3 111. 2 112. 0 11 8. 0 04 115.3 11 6. 2 114.5 111. 3 1 1 5. 1 111. 3 111. 7 11 8. 3 115.3 11 5. 9 11 4. 1 111. 4 114.6 110.7 110.6 117.0 11 5. 9 11 6. 4 11 4. 1 112.2 11 5. 8 113.9 110.8 11 7. 1 Q3 11 6. 3 11 6. 7 11 4. 0 112.8 11 6. 2 113.8 11 2. 1 11 9. 7 04 11 6. 5 11 6. 7 113.8 113.0 118.2 117.6 117.3 117.2 11 6. 7 11 7. 4 11 6. 8 117.3 117.9 118.4 119.6 120.6 1 21. 0 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) 129.8 1 3 4. 1 1 1 7. 1 142.8 1 41. 0 119.2 1 21. 4 113.6 118.7 132.7 1 3 8. 1 120.2 147.5 145.0 11 9. 4 1 21. 8 113.6 118.9 128.4 132.7 115.5 140.9 135.3 11 9. 6 1 2 2. 1 11 3. 8 11 9. 1 111. 2 11 3. 5 108.0 118.7 116.2 03 11 9. 7 122.4 114.3 11 9. 1 109.2 11 0. 4 106.2 11 3. 8 11 2. 1 04 11 9. 8 122.5 11 5. 0 118.9 1.0 1.0 1.0 1.0 1.0 120.0 122.5 11 5. 9 118.7 11 2. 2 113.9 109.9 114.6 11 5. 9 1 2 0. 1 122.6 11 6. 6 118.6 11 6. 9 119.4 112.4 122.0 125.3 03 120.2 122.6 11 7. 0 118.6 11 7. 6 120.6 11 3. 5 117.9 125.1 04 120.4 122.6 11 7. 1 118.9 118.7 120.9 11 3. 7 118.2 125.6 120.6 122.7 11 7. 0 119.3 11 9. 6 1 2 2. 1 11 4. 1 119.0 1 2 6. 1 120.9 122.8 116.8 119.8 1 2 0. 1 122.5 116.6 118.7 125.7 Q3 1 21. 1 122.9 11 6. 5 120.2 120.9 122.8 1 1 6. 6 119.9 128.6 Q4 1 21. 2 1 2 3. 1 116.3 120.5 125.9 126.2 126.3 1 2 6. 1 125.8 125.5 125.3 125.6 126.3 127.2 128.2 1 2 9. 1 129.7 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 18

Netherlands euro (before 19: NLG) Trade-weighted currency.indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. ( the rest of) vs. (the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 88.3 88.8.9 Q4.5.0.9 DEC 0.2 0. 1-0.0 8 8. 1 88.8. 3 OOQ1.6.5.9 JAN -0.2-0.2 0.0.6.6.5 OOQ2. 8.3.9 FEB -0.3-0. 1 0.0.0.9.7 OOQ3. 5.4.9 MAR 0.0 0. 1 0.0.4.6.6 OOQ4. 0.2.9 APR 0. 1-0.0-0.0 1.0 1.0 1.0 Q1.1. 1.9 MAY 0.7 0.4-0.0.4.6.0 Q2.4.8.9 JUN 0.9 0.4 0.0.6.0.7 Q3.0.0.9 JUL 0.5-0. 1 0.0.2.7.7 Q4.3.0.9 AUG -0.2-0.1-0.0.4.5.9 Q1.9.8.9 SEP -0.0-0.2 0.0. 6.3.9 Q2.6. 1.9 OCT 0. 1-0.0 0.0.8.9.9 Q3.6.3.9 NOV 0.3 0.2-0.0.8.0.9 Q4.9.3.9 DEC 0.4 0. 1 0.0 Trade -weighted currency indices Ann~al data Ondex 19 =1) Quarterty data Ondex 19 =1) Relative cost indicators {based on ) data Ondex 19=1) Quarterly data Ondex 19=1) 112r------------~~~----, Q1 Q1 Q1 OOQ1 Q1 Q1 03Q1 Page 19

Netherlands euro (before 19: NLG) vs. (the rest of) 24 industrial countries data (index 19=1) Qua r t e r I y data (index 19=1).1.2.0.0.0 1.0.6.3.7.1. 5.8.2.3.2.4.4.3 1.0.2.4.6.7.1.0.6 1 0 0. 1. 7.2 Q4.5.3.5.0.7 OOQ1. 9.0.5.8.2 OOQ2. 4. 9.7.9 1.6 OOQ3. 6.4.4.8.1 OOQ4. 7.6 1.0 1.0 1.0 Q1.3.4.7.5.9 Q2.3.4.0.0.3 Q3.3.6.6.1.8 Q4.0.3.6.5 9 5. 1 Q1.9.2.9.8. 9 Q2.9.3. 1.4.8 Q3.2.6.9 1.3. 1 Q4.7 1.2.1.9.6.2.0.7.4.9.0.9.8.6.7.7.0.0.1.1.8.4.6.9.8 1. 7 9 8. 1 1.5.1.0.0. 8. 6.1.1.5.6. 1.7 1.6 1. 6 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1).5.0.1.1.9 1.0 9 7. 1.5.4.9.3.4.1.6.9.7.4 Q4.8.6.3.8.0.8 89.5.5 OOQ1.7.8.2.6.4.1. 6.5 OOQ2.9.5.3.8.4.8.7 1. 8 OOQ3.6.5.3.5.2.6.6.6 OOQ4. 1.2.3.9 1.0 1.0 1.0 1.0 Q1.7.9. 1.5.8.3.9.0 Q2.0.3.4.9.6.4.4.4 Q3.8 9 9. 1.4.9.3.5.3.9 Q4.3.6.4 1.7.4.4.9.9 Q1.4.8.2 1. 2.9.5.1.8 Q2.1 1.4.7 1.3.6.6.4.6 Q3.5 1.9.0 1 0 3. 1 1.5.7 1.4 1. 0 Q4.7 1 0 1. 1.9 103.6.3.7.6.0.2.7.0. 1.0.6 1.8 1 0 1. 7 1.4 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1).2.9 1.9.4.8 Q4. 1.3.4 1. 5.7.9 1.2.9.7 OOQ1.5.2.8 1.0 9 5. 1.6.0. 1.5 OOQ2.9 1.2 1.1 1.6.0.4.5.7 1 0 2. 1 OOQ3.4 1 0 1. 1 1.9 103.3.8.1.4.6.0 OOQ4 1.0 1.0 1 0 1. 1 104.0 1.0 1.0 1.0 1.0 1.0 Q1 1.6 1.9 1.9 104.8.6.4.7.7.8 Q2 1. 2 103.6 1.6 105.7.3.7.3.8.1 Q3 1. 8 104.2 1.4 106.5.8.8.0.7 1.8 Q4 1.2 104.8 1.4 107.4.7.4.9 1.9 1.9 Q1 1.6 105.2 1.5 108.2.2 1.6 1.2 1.9 1. 4 Q2 1.9 105.6 1.6 108.9 1. 5 103.8 1.6 1 0 6. 1 104.0 Q3 1 0 3. 1 105.9 1.8 109.6 1.9 105.7 1.7 109.2 107.9 Q4 103.3 106.2 1.8 11 0. 1 1.8 1 0 1. 0 1. 2 1. 6 1 0 2. 1 1.7 103.5 104.4 105.4 106.5 107.5 108.4 109.2 Abbreviations: IC EU EUA12 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

Austria euro (before 19: ATS) Trade-weighted currency indices data Quarterll data Monthly data Index (19=1) index ( 9=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 89. 1 89.4. 0 Q4.2.8.3 DEC 0.2 0.0 0.0 89.0 89.5. 3 OOQ1.5.4.4 JAN -0.2-0. 1-0.0. 6. 1.6 OOQ2.6.3.4 FEB -0.3-0. 1 0.0.7.2.8 OOQ3.2.4.4 MAR -0.0 0.0 0.0.8.9.5 OOQ4.7.3.4 APR 0. 1-0.0-0.0 1.0 1.0 1.0 Q1.6.9.4 MAY 0.6 0.3-0.0.5.5.9 Q2.1.7.4 JUN 0.8 0.2 0.0.2. 1.0 Q3.6.9.4 JUL 0.5-0.0 0.0.4.1.3 Q4.8.9.4 AUG -0.2-0.0-0.0.8.0.3 Q1.4.7.4 SEP 0.0-0. 1 0.0.4.2.4. 1.9.4 OCT 0. 1-0.0 0.0.4.7.4 Q3.2.0.4 NOV 0.3 0. 1-0.0.4.8.4 Q4.5.0.4 DEC 0.3 0.1-0.0 Trade -weighted currency indices data Qndex 19=1) Quarterly data Qndex 19 = 1) 1oo~~~~~~~~~~~~~~~.! ~-! -- - ------------------------;-"=-~~-:~~- -: --------i--------------------,..._..., I. ; :.. I! :,I :.: /! ------------:-~------ -----------------------:--------------------.:I i..-,!... 1 i.., : - ---- -- ------------------------------------'--------------------.! 12 17 19 17 20 Q1 Q1 OOQ1 03Q1 Relative cost indicators (based on ) data Qndex 19 =1) Quarterly data Qndex 19=1) Page 21

Austria euro (before 19: ATS) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (Index 19=1).3. 7.7.3.8 1.0.8.3.8.6 89.5.0.6. 9.6.8.4.3 1.0.5.9.4. 9 89.3 89.5 89.8.2 89.4 9 2. 1. 8. 3.2 88.5. 7.9.6.3.4.9 89.8 89.8.6.9.0 03 89.3 89.3.0.5.8 04 88.7 88.7 1.0 1.0 1.0.4.2.5.8.0 89.8 89.5 9 5. 1.9. 1 03.2 89.8.3.3 88.5 04.4 89.8.9.5 83.4 89.9 89.3.0 86.5 77.5.5 89.7.8 86.3 75.7 03. 4.6. 0 87.0 74.7 04. 7.7. 1 89.5.0 88.3.6 87.0. 7 86.2.5 85.4. 7 86.8.7 86.2.8 86.5.7 86.6.2 86.3.8 86.9. 8 87.9.0 88.1 81. 4 79.8 78.2 77.2 76.0 76.8 75.8 75.7 75.4 74.7 74.8 75.3 75.2 vs. (the rest of) EU data (index 19=1) Ou a r t e r I y data (index 19=1).2. 0.2.0.5 1.0.1.2.4.1. 9.3.2.6.5 87.7.5.8.2.2. 1 89.9.9 87.5.8.3.0.4.3. 2.5 88.6.4.0. 9.8 89.7.0.4.2.5 03.0.1.3 89.3.0.0.1 1.0 04. 9. 9.7 89.0 1.0 1.0 1.0 1.0.5.3.9 89.3.9.1.1.0.3. 9.3 88.9.9.5.0.1 03.4. 9. 1 89.0.9 9 6. 1.3 88.5 04.4. 8.0 88.9.3.6. 7 83.9.2. 4.7 88.7. 8.4 89.4 79.9.4. 5.9 88.8. 8.2 88.9 77.9 03.4. 5.0 88.9. 2.7 88.6 76.1 04.4. 3.9 88.8 82.3 81. 2 80.4 79.8 79.1 79.0 78.2 77.8 77.3 76.7 76.4 76.1 75.7 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Ou a r t e r I y data (index 19=1).4.3 9 4. 1 89.7.2.5.1.4.6.9.0.8.0. 1.3.3.9. 1.7.9 9 5. 1.4.9. 1.4.4.7.6.7.8.9.6 03.9.4.8.3 9 8. 1.6.5.7 1.2 04.8.3.3.1 1.0 1.0 1.0 1.0 1.0.8 9 5. 1.8.8.6.4.4.8.7.7.9.4.7.2.0.7.4.5 03.6.7. 1.5.6.2 9 7. 1.2. 5 04.6.5.0.4.6.9.7.8 86.8.5.3.9.3.0.3.1.5 83.6.4.2.9.3.6.7.3.6 81. 2 03.3.1.9.2.4. 1.8.2 79.3 04.3.9.8. 1 85.3 84.6 83.9 83.3 82.7 82.0 81. 4 80.9 80.4 79.9 79.5 79.1 78.8 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing Industry Page 22

Portugal euro (before 19: PTE) Trade-weighted currency indices data Quarter!{ data Monthly data index {19=1) index { 9=1) monthly % change vs. { the rest of) v s. {the rest of) vs. { the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 104.2 104.2 1 0 7. 1 Q4.8.2 1.3 DEC 0.2 0.0 0.0 105.2 105.5 108.8 OOQ1.9.7 1.3 JAN -0.2-0. 1 0.0 1 0 9. 1 108.8 111. 4 OOQ2.2.5 1.4 FEB -0.3-0. 1 0.0 1 0 2. 1 103.4 104.4 OOQ3.9.6 1.4 MAR 0. 1 0. 1-0.0.4.5 1.5 OOQ4.4.4 1.4 APR 0. 1-0.0 0.0 1.0 1.0 1.0 Q1.2.2 1.4 MAY 0.7 0.3-0.0 1.7 1.3 1.8 Q2.5.9 1.4 JUN 0.8 0.3 0.0.4.4 1. 4 Q3.9.0 1.4 JUL 0.4-0.1 0.0.6.0. 1.4 Q4.2. 1 1.4 AUG -0.2-0. 1-0.0.6.6 1.3 Q1.7.9 1.4 SEP -0.0-0. 1 0.0.0.4 1.3 Q2.4.2 1.4 OCT 0.0-0.0-0.0.8.9 1.3 Q3.5.3 1.4 NOV 0.3 0.2-0.0.6.1 1.3 Q4.8.3 1.4 DEC 0.3 0. 1-0.0 Trade -weighted currency indices data ~ndex 19=1) Quarterly data Ondex 19 = 1) #....... s~--- -------~--.. ------------------------------------------------------- ----- ------.. ---------------------------------------------------- ::_.._~~-.._::~~:_-:_:_-_~::_:~_-:_::_~:_ _::_~::_~::_::_ data Ondex 19 =1) Relative cost indicators (based on ) Quarterly data Ondex 19 =1)...... --------------------------------~~=---;;;.~"~::_~-------------------.:,.,. ------------------------~: -/-...... /..... : / Q1 Q1 OOQ1 03Q1 Page 23

Portugal euro (before 19: PTE) vs. (the rest of) 24 industrial countries data (index 19=1) Qua r t e r I y data {Index 19=1) 87.6.9 1 0 2. 1.4.2 1.0 1. 8 1.0 1 0 0. 1.8.7 1.3 1.5 84.4 89.5.7.1.0 1.0 1. 5 1.8 1. 8 1.2 1.6 103.6 107.2.9 81. 0 81. 7 Q4.2 1. 8.8.4.4 OOQ1.3 1. 0.4 1 0 2. 1 1 0 7. 1 OOQ2.7 1.5.4.7 103.8 OOQ3.7 1.7.2.3 1 0 2. 1 OOQ4.6 1.6 1.0 1.0 1.0 Q1 1 0 0. 1 103.2.0 103.3.0 Q2.8 103.0.0 103.3. 1 Q3 1.8 104.3.8 1 03. 1. 3 Q4 1. 4 105.3.2 108.8.1 Q1 1. 3 105.5.7 108.3 89.3 Q2 1.3 106.9.5 111. 0 89.5 Q3 103.6 108.6. 1 114.7. 1 Q4 104.2 109.3.6 109.9.0 1 09. 1.6 108.4.8 108.3.6 108.0.8 11 0. 7.3 11 0. 4.9 111. 7.0 112.6.5 11 2. 8.0 114.3.9 11 6. 1.1 116.9.0 89.8 89.6 89.6 89.0.4 89.3 89.6 89.9 89.8.9.3.0 vs. (the rest of) EU data {index 19=1) Qua r t e r I y data (index 19=1) 87.3.9 1. 5.4.1 1.0 1. 5 1.4 1.2 1.8 1.4 103.0 104.6 84. 1.9 80.4 81. 3 Q4 1.6 103.3.9 112. 0 89.4.2.2.4 OOQ1 1.2 103.0.7 111. 8.0.2 1. 2 106.6 OOQ2 1.2 103.2.9 111. 7.0.3.4 104.8 OOQ3 1.7 103.8.5 11 2. 1.8 9 7. 1. 1 103.4 OOQ4 1. 0 104.2.7 11 2. 3 1.0 1.0 1.0 1.0 Q1 1.5 105.7 1.0 113.8 1. 1.8 1.9.3 Q2 1.7 106.0.9 11 4. 0 1. 3.5 103.9. 4 Q3 103.4 107.0 1.2 11 4. 9 1. 8.8 103.5. 5 Q4 103.9 107.8 1.2 11 5. 6 103.2 9 8. 1 110.4.8 Q1 104.0 108.3.8 116.0 103.4 9 8. 1 111. 8. 7 104.6 109.2 1.0 117.0 106.5 1.0 114.4. 8 03 105.0 109.9.9 11 7. 7 109.3.8 117.0.6 04 105.3 11 0. 3.8 11 8. 1. 0. 3. 9.4'.1.5. 8. 8. 9. 9.5.1.6 vs. (the rest of) the countries in the euro area (EUR12) data {index 19=1) Qua r t e r I y data (index 19=1) 89. 1 86.4.9 83.1 83.7 105.3 108.6 1.2 118.8.0.7.8. 1 1.2 OOQ1 105.4 109.0 1.4 119.4 104.0 1. 8 1.2 104.4 109.3 105.6 109.5 1.7 119.7 1.4.1.0 1.5 1 0 5. 1 03 105.9 110.0 1 0 1. 1 120.0.0.9.0 1. 1 103.9 04 106.3 110.6 1. 5 120.5 1.0 1.0 1.0 1.0 1.0 106.8 111. 2 1. 9 1 21. 2 1.0 1 0 1. 9.2 103.7.1 107.3 112.0 1.2 1 21. 9 103.6 104.8.6 107.8.0 Q3 107.8 112.7 1.3 122.6 104.0 105.9.5 108.5.4 Q4 108.2 113.5 1.3 123.3 1 0 5. 1 107.9.9 11 6. 4.7 Q1 108.5 114.3 1.2 124.0 105.7 109.7 1.9 11 9. 8.3 108.8 11 5. 0 1 0 2. 1 124.6 107.5 11 2. 3 1 0 2. 1 122.2.0 03 109.0 11 5. 6 1.0 125.1 108.8 11 5. 1 1.0 124.8.9 Q4 109.2 11 6. 0 1. 9 125.6.4.5.3.8.7.4.0.8.9.2.7.2.8 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 24

Finland euro (before 19: FIM) Trade -weighted currency indices data Qua r t e r I y data Monthly data index (19=1) Index (19=1) monthly % change vs. ( the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 1 11. 8 11 2. 1 117.8 Q4.3.4.5 DEC 0.4 0. 1-0.0 108.0 108.7 11 4. 7. 0. 8.6 JAN -0.3-0.3 0.0.6.2.4 89.7. 4.6 FEB -0.5-0.2 0.0 82.4 84.2 8 5. 1 03 89.3. 6.6 MAR -0.1-0.0-0.0 89.6. 1.2 04 88.8. 6.6 APR 0.2 0.0 0.0 1.0 1.0 1.0. 7.7.6 MAY 1. 0 0.4-0.0.8.6.7. 0.4.6 JUN 1. 2 0.3 0.0.0.7.6 03. 9.8.6 JUL 0.9 0.0-0.0.1.3.5 04.3.9.6 AUG -0.3-0.1 0.0.7.0.5. 7.5.6 SEP 0.0-0.2 0.0 89.8. 5.5.6.8.6 OCT 0. 1-0. 1-0.0. 8.6.6 03.3.0.6 NOV 0.5 0.2 0.0.2.7.6 04.7.9.6 DEC 0.6 0.2 0.0 Trade -weighted currency indices data Ondex 19=1) Quarterly data Onclex 19=1) 1~~~--~~~~~--~~~~~~ ~-~ I ~-------+::\:~----\------/\-------------~-------------------- : :. ~~.:...! \!,...~ - r \ i r =::~----~"::...r---\.;1- - -~--------1-------------------- ~ I ~! ~ l ~ i ------;~~.!~.~~-;~--------------------------------------------------- --... ;------------------------------------------------ 12 17 19 17 20 Relative cost indicators (based on ) data Ondex 19 =1) Quarterly data Ondex 19=1) 82 ~~ww~~~~~~~~~~~~w Q1 Q1 Q1 03Q1 Page 25

Finland euro (before 19: FIM) vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) 117.0 11 3. 0.2 86.5. 9 1.0.6.7.4.3 87.8.0. 4 11 8. 9 1 1 1. 1.0 82. 1 88.6 1.0.2.3.2 89.8 86.2 88.3 88.7 1.6 128.0 1 31. 6 Q4 89.3 88.2.3 125.5 126.6 OOQ1 88.5 8 7. 1.5 1 04. 1.7 OOQ2 87.7 86.1 81. 7 84.8 80.0 OOQ3 87.7 86.0 88.2 89.8 86.0 OOQ4 87.3 85.6 1.0 1.0 1.0 Q1. 1 88.6.3.0.3 Q2 89.4 87.8. 5.8 89.8 Q3.2 88.5. 2 89.9 87.8 Q4.6 88.6 85.3 87.3 82.9 Q1.0 87.7 80.6 81. 4 74.3 Q2.9 88.3 79.6 84.5 78.3 Q3.5 89.6 78.9 85.9 79.8 Q4.0 89.9 83.2 85. 1 82.0 83.0 80.9 81. 3 80.2 80.8 79.1 80.6 80.8 83.9 79.2 83.8 79.3 8 5. 1 79.0 85.5 78.1 84.9 78.5 85.5 79.6 86.7 79.7 86.8 79.2 76.3 74.0 73.4 73.5 7 7. 1 77.6 79.2 79.8 7 9. 1 79.6 80.5 80.5 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) 116.5 113.0.2 87.8.2 1.0.7. 1. 9. 4. 8.7.9 11 8. 3 103.0 126.5 1 3 0. 1 Q4. 3.2 85.2 87.8 1 11. 1 9 8. 1 124.9 126.2 OOQ1. 3.0 84.7 86.4.8.3 1.5.4 OOQ2. 6.1 84.5 85.5 83.3 8 3. 1 85.6 81. 0 OOQ3.3.8 84.5 85.7 89.9 89.7.9 87.7 OOQ4.5. 1 84.0 86. 1 1.0 1.0 1.0 1.0 Q1.7.4 84.3 87.9.4.7.0.7 Q2.5. 1 83.2 88.2.8.3. 4 89.9 Q3.9.3 82.9 89.0.6.8.0 87.7 Q4.0. 1 82.4 89.2.8 86.5 89.2 83.7 Q1.6. 4 81. 5 88.6.4 84.4 85.9 77.8 Q2.0. 3 81. 4 88.5. 1 8 3. 1 88.5 81. 7 Q3.2. 2 81. 3 88.3. 1 81. 2 88.2 81. 8 Q4.2. 0 81. 0 87.8 80.8 78.6 77.3 77.4 78.2 80.4 81. 4 82.6 82.9 82.3 82.1 81. 8 81. 3 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Qua r t e r I y data (index 19=1) 1 21. 0 124.3 105.2 134.7 138.8 Q4.7.0 87.2.7 119.5 118.2 1.9 134.4 136.5 OOQ1.3.5 87.2. 1 1.5.4. 8 108.2 1 0 4. 1 OOQ2.9.0 87.3.7 88.8 84.3 83.3 86.8 81. 4 OOQ3.2.5 87.1.8.3.9.2 9 2. 1 88.0 OOQ4.4.8 86.5.4 1.0 1.0 1.0 1.0 1.0 Q1.4.0 85.8.2.8.7.4.6.5 Q2.3.9 85.0.9.1 9 7. 1.6.3.0 Q3.3.8 84.3.4.3.2.5.7.7 Q4.2.5 83.7.4.2.9 8 8. 1.4 89.2 Q1.2.1 83.3.2.9.2 87.0.9 84.6 Q2.2.7 82.9.7.3.7 84.7.9 88. 1 Q3.2.4 82.6.3.2.6 82.7.5 88.3 Q4.2.3 82.3.9 86.6 85.0 84.1 84.2 85. 1 86.5 88.0 88.9 89.2 89.0 88.5 88.0 87.6 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 26

Sweden SEK Trade-weighted currency indices data Ou a r t e r I r data Monthly data index (19=1) index ( 9=1) monthly % change vs. ( the rest of) vs. c the rest of} vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 120.5 120.6 123.0 104.5 1 0 5. 1 109.8 DEC 0.2-0.2-0.2 120.6 1 21. 3 124.2 104.9 106.3 111. 8 JAN 2.0 2. 1 2.2 122.4 1 21. 9 124.0 106.5 109.1 114.9 FEB -0.1 0.4 0.5.8 1.2 103.2 03 1 0 4. 1 107.5 113.0 MAR 1. 4 1. 5 1. 4.6 1. 5 1.6 04 1.7 104.6 110.4 APR -0.6-0.8-0.8 1.0 1.0 1.0.5 1. 0 105.6 MAY -0.0-0.7-1. 0 110.2 109.2 109.5.0.2 104.3 JUN 2.5 1. 6 1. 2 106.2 106.3 109.7 03.6. 1 1.8 JUL -0.8-1. 8-1. 7 105.2 103.4 107.3 04.5.6 1.3 AUG -0.1 0. 1 0.2 104.0 103.6 107.8. 1.7 103.7 SEP 1. 0 0.7 0.9 104.0 106.7 112.5. 1.0 103.7 OCT 0.9 0.7 0.7.3.8 1.7 03.2.4 1.9 NOV 0.8 0.4 0.3.8.9 103.7 04 1. 4.9 104.4 DEC 0.4-0. 1-0.2 Trade -weighted currency indices data ~ndex 19=1) Quarter1y data Ondex 19 = 1) Q1 OOQ1 03 data Ondex 19 =1) Relative cost indicators (based on ) Quarter1y data Ondex 19 = 1) ~........:.. --------------------------------------.-----~---------------------- Q1 Q1 OOQ1 Q1 03 Page 27

Sweden SEK vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) 114.0 1 2 0. 1 11 9. 7.9.5 1.0 109.0 104.8 1.5 1.4.6.5.9 11 9. 7 1 2 3. 1 1 2 2. 1.4.0 1.0 1 0 9. 1 104.5 1.2.5.3 89.5.2 1 0 9. 1 125.6 138.8 Q4 1.5.3 109.8 127.2 143.4 OOQ1 1.3.0 107.9 126.4 140.9 1. 4 1.0. 1 1. 8 1 05. 1 03.6.3.9 1 0 1. 1.4 04. 1.8 1.0 1.0 1.0.8.6 103.7 114.0 11 3. 3 Q2. 3.3.4 108.8 106.9 03 88.9 88.0 9 7. 1 106.2 1. 8 Q4 88.8 88.0.4 1. 6.9 Q1. 3.5. 5 104.9.0.4. 6 85.9 9 8. 1.2 Q3.4.8 87.6 1. 2.2 Q4.5.9.6 1.7.9 104.4.6 107.4. 3 106.0 88.7 1.9 88.2 1. 7 86.6.0 84.7.4 84.6.4 86.7.3 87.3 1.5 87.8 1. 9 89.3 104.2.1.4.1.9.3.5. 2 88.8 88.6.9. 8.7.6 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) 113.9 120.7 118.9 1. 9 1 0 1. 1 1.0 108.2 105.6 1 0 2. 1 1.0 104.0.8.9 11 9. 7 110.3 124.9 137.4 Q4 103.2 1.4.8 107.0 123.7 111. 5 127.3 143.4 1 0 4. 1 103.4.4 109.9 1 21. 0 107.9 124.8 139.4 106.4 106.0.7 114.5 1. 2.0 1 0 3. 1 106.5 OOQ3 104.5 104.2.3 113.9 1.6.6 1.6 1.5 OOQ4 1. 5 1. 3.3 111. 5 1.0 1.0 1.0 1.0 Q1.9.8.7 107.7 108.6 103.4 11 3. 2 111. 8 Q2 9 6. 1.0.6 105.7 105.6.8 110.2 107.9 03. 1.9.0 1.3 1. 7.7 1 0 7. 1 1.6 Q4.7.5 89.5 1. 7 1 0 1. 1. 1 104.6.7 Q1.7.5.0 105.0 103.5.8 11 2. 2 1.2 Q2.0.9. 8 105.4.6. 3 104.2.7 03.5.4.7 104.9.8. 4 105.3.0 Q4.9.9. 6 106.5.9.5 104.0 103.9 1.0.9.2.0.4.1.2.4.7 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Quarterly data (index 19=1) 11 5. 9 122.3 110.9 128.4 139.7 Q4 108.4 108.2.6 114.0 123.8 127.3 11 2. 6 1 31. 6 146.8 OOQ1 109.9 109.9 1.7 117.8 1 21. 2 123.7 108.7 127.7 1 41. 1 11 2. 4 11 2. 8 1 0 3. 1 123.0 1.9 1.5.0 104.4 106.7 03 11 0. 2 11 0. 8 1. 5 122.3 1 0 2. 1 1. 8.7 103.6 1. 0 04 107.3 108.0.7 1 2 0. 1 1.0 1.0 1.0 1.0 1.0 Q1 1.4 103.3. 1 11 5. 1 108.6 109.2 103.9 113.8 11 2. 8 1. 0 1 0 1. 9.5 113.5 109.2 109.6 1.3 11 4. 6 11 2. 8 03.5.5.7 109.7 106.3 106.2.8 112.7 108.9 Q4.0.0.2 109.0 106.7 106.3.4 110.9 1.0 Q1 1.2 1. 3.9 11 2. 7 109.9 110.3 1. 2 120.7 11 0. 4 1.3 1. 4.4 112.7.4 1.3.1 111. 7 103.0 03.5 1.8. 1 11 1. 9 1.3 1. 5. 1 11 2. 7 103.4 Q4 1. 0 1.4.0 11 3. 6 103.7 107.2 112.2 112.0 110.3 106.0 104.7 1 0 1. 1 1.5 103.6 103.4 1.5 103.9 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 28

United Kingdom GBP Trade -weighted currency indices data Qua r t e r ll data Monthly data index (19=1) index ( 9=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 11 3. 0 113.7 114.6 Q4 128.0 1 3 1. 4 132.0 DEC 0. 1-0.3-0.3 114.4 116.4 117.4 OOQ1 130.7 13 6. 1 136.8 JAN 0.4 0.5 0.6 110.6 11 0. 5 111. 5 OOQ2 129.5 137.0 137.9 FEB 0.2 0.7 0.8 1. 9 105.8 105.9 OOQ3 127.7 136.4 137.2 MAR -0.7-0.7-0.6 103.6 106.8 107.0 OOQ4 129.0 139.2 139.8 APR 0.5 0.3 0.3 1.0 1.0 1.0 Q1 126.4 132.5 132.8 MAY -1. 2-2. 1-2.2 1.2 1 0 1. 1 1 0 1. 5 Q2 128.5 136.5 136.7 JUN -1. 2-2.6-2.5 119.3 120.7 1 21. 2 Q3 128.8 135.7 135.7 JUL 2. 1 0.9 0.8 124.9 124.5 124.9 Q4 129.0 135.3 135.3 AUG -0.0 0.4 0.4 125.3 127.0 127.5 Q1 129.6 136.5 136.7 SEP 1. 1 0.9 0.9 1 2 9. 1 1 3 7. 1 137.9 Q2 128.2 133.5 133.7 OCT 0.3 0. 1 0. 1 127.9 134.9 1 3 5. 1 Q3 129.7 132.1 132.3 NOV -0.6-1. 1-1. 1 1 2 9. 1 133.3 133.6 Q4 130.4 1 31. 8 132.0 DEC -0.2-0.8-0.8 Trade -weighted currency indices data Ondex 19=1) Quarterty da1a Ondex 19 =1) 'v..._,, 1~~----------------~~--~~ r:~"' J "-... ---------------------------------1- - ------------------- ~ Q1 Q1 Q1 OIQ1 Q1 03Q1 Relative cost indicators (based on ) data Ondex 19=1) Quarterly data Ondex 19 = 1) Q1 Q1 Q1 OIQ1 Q1 03 Page 29

United Kingdom GBP vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) De f I at or 111. 2 115.9 11 2. 7 103.5 103.7 1.0 1.7 119.4 125.5 125.5 127.0 123.0 122.7 113.5 117.3 113.8 1 0 4. 1 104.2 1.0 1 0 3. 1 120.9 127.4 128.5 132.4 1 3 0. 1 1 3 2. 1 104.2 117.0 1 1 1. 1 127.7 1 31. 5 1 0 6. 1 1 21. 2 114.9 129.7 134.3 103.9 115.8 107.2 127.8 133.0 1.8 1 0 4. 1.0 03 125.3 130.9 103.4 103.9.5 04 125.7 1 31. 8 1.0 1.0 1.0 122.5 128.8 1.4 1.6 103.4 123.9 130.7 112.3 1 21. 3 124.6 03 123.6 130.9 112.7 129.2 134.6 04 123.3 1 31. 3 111. 1 130.8 135.7 123.5 1 3 2. 1 1 1 1. 8 135.8 140.4 1 21. 9 1 3 1. 1 108.5 135.6 139.7 03 123.2 133.0 111. 2 137.7 144.3 04 123.5 134.0 112.7 134.2 114.4 137.2 112.6 136.2 11 0. 1 134.5 110.4 1 3 6. 1 107.4 133.7 108.8 136.2 108.9 136.7 109.5 1 3 7. 1 110.6 137.9 11 0. 1 136.7 112.0 138.6 11 3. 0 139.5 1 3 9. 1 142.2 1 41. 0 1 3 9. 1 140.5 137.7 140.2 140.9 142.0 143.6 1 4 3. 1 145.7 14 7. 1 vs. (the rest of) EU data (index 19=1) Qua r t e r I y data (index 19=1) 110.8 11 6. 9 111. 8 106.5 106.4 1.0 1. 8 122.0 127.4 130.5 138.7 133.7 130.6 113.0 104.3 115.7 110.2 134.6 138.7 11 7. 3 143.5 118.2 107.4 1 21. 5 115.6 138.8 143.9 120.5 1 49. 1 112.6 103.6 11 3. 9 106.2 1 3 9. 1 145.0 120.4 150.5 1 0 7. 1 105.8 106.3.4 03 137.7 144.3 11 8. 9 150.3 107.0 106.4 106.4 103.0 04 139.7 146.9 120.4 153.7 1.0 1.0 1.0 1.0 132.2 139.5 11 4. 0 146.7 1.4 1. 8 1. 6 1. 6 135.5 143.4 11 7. 1 1 51. 3 123.8 11 4. 6 124.4 127.0 03 1 34. 1 142.5 116.5 150.5 129.2 11 3. 5 132.5 137.6 04 133.3 142.2 116.6 150.0 133.4 114.2 137.9 140.9 1 3 4. 1 143.7 118.4 1 51. 3 144.9 120.0 150.8 154.2 130.8 140.9 116.5 147.8 1 41. 8 11 6. 1 149.5 152.9 03 129.2 139.8 116.0 146.3 140.9 11 6. 7 147.8 153.9 04 128.6 139.7 11 6. 2 1 4 6. 1 146.3 152.2 154.0 153.9 157.2 149.8 154.4 153.9 1 54. 1 156.4 153.8 153.0 153.3 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Qua r t e r I y data (index 19=1) 11 1. 5 114.0 104.6 117.0 111. 7 135.2 139.3 11 7. 3 144.7 11 7. 9 119.4 107.8 123.0 117.5 139.5 144.7 120.7 150.5 112.7 11 3. 6 103.9 11 5. 1 107.8 139.9 146.0 120.7 152.3 106.6 107.2 105.6 106.6.8 03 138.4 1 4 5. 1 119.2 152.0 106.5 107.0 106.3 106.6 103.0 04 140.2 147.6 120.7 155.3 1.0 1.0 1.0 1.0 1 0 0. 0 132.4 139.9 11 4. 1 147.9 1.2 1.9 1.0 1.3 1.4 135.6 143.7 11 7. 1 152.4 122.5 124.4 11 4. 8 125.4 127.9 03 134.0 142.5 116.3 1 51. 4 127.8 129.6 113.4 133.4 138.5 04 133.2 142.2 116.5 150.9 1 31. 0 133.9 114.2 138.8 1 41. 5 1 3 4. 1 144.0 11 8. 3 152.4 139.4 145.8 120.3 152.4 155.3 130.8 1 41. 1 11 6. 4 148.9 133.8 142.0 11 6. 0 150.6 153.4 03 129.2 139.9 11 5. 8 147.3 130.6 1 4 1. 1 11 6. 6 148.9 154.5 04 128.7 139.9 11 6. 0 147.2 146.9 1 53. 1 155.2 155.0 158.2 150.4 155.0 154.2 154.4 156.9 154.3 153.4 153.8 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 30

Non,~ay NOK Trade -weighted currency indices data Quarterly data Monthly data index (19=1) index ( 9=1) monthly % change vs. ( the rest of) vs. (the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1.5.0 104.5.4.9 103.0 DEC -0.6-0.8-0.9.8.9 104.0.7.0 104.0 JAN 0.6 0.6 0.9.6.0 103.9. 3.7 103.0 FEB 1. 3 1. 5 1. 7.2.9 1.7 03.0.0 104.2 MAR 0.9 0.9 0.9.4.8.7 04. 9.5 104.9 APR 1. 4 1. 2 1. 2 1.0 1.0 1.0.0.2 1.9 MAY 2.4 2.0 1. 4 1.5.9 1. 2.9.9 105.4 JUN 2.9 2.1 1. 6.4.9 105.3 03.8.4 105.4 JUL 0.7-0. 1-0.0. 1.8 1.5 04.6.0 105.9 AUG -0.6-0.4-0.3.4.3 1. 5.0 1.5 1 0 8. 1 SEP 0.8 0.6 0.9. 9.6 1 0 4. 1 1. 9 105.0 112.3 OCT 0.3 0.2 0.3.0.6 104.9 03 105.3 107.0 11 4. 1 NOV 0.8 0.5 0.3 1.3 104.8 112.4 04 106.9 108.1 115.3 DEC 0.9 0.6 0.4 Trade-weighted currency indices data pndex 19 =1) Quarterly data Ondex 19 =1) 12 17 19 17 20 Q1 Q1 Q1 OOQ1 Q1 Q1 03Q1 Relative cost indicators (based on ) data Ondex 19=1) Quarterly data Ondex 19=1)... ----------------------------------------~:--~;::. 7..,. _... I...: I ---------:-----.~._::...,---f--------------------;,;i'l_ ----------......./....... ~.--.,/~ Q1 Q1 Q1 OOQ1 Q1 Q1 03Q1 Page 31

Norway NOK vs. (the rest of) 24 industrial countries data (index 19=1) Ou a r t e r I y data (index 19=1) 105.5 1. 8 1.4.8.6 1.0.5.4.8.6.2.1 1.9 108.9 104.5 1.4.3.3 1.0 1.4 1 0 2. 1. 1.2 110.0 11 1. 7 117.6 11 7. 7 11 0. 5.2.1 104.5 11 3. 1 104.0.6.8 108.2 106.6 103.1.7.7 1 0 9. 1 1.8.1 89.1 03.5 11 2. 1.7.8.4 04.4 11 2. 3 1.0 1.0 1.0.4 11 2. 7 106.9 1. 1 1.9.2 11 2. 3 107.4 1.4 105.8 03.8 111. 9.7 1. 0 108.3 04.5 111. 7 106.3 1.7 109.5.7 11 2. 4 137.3 1.0 1 1 1. 1 1.6 11 7. 5 135.4 103.6 114.7 03 105.8 120.8 132.6 11 3. 6 125.8 04 107.5 122.3 119.4 1.8 129.8 1. 9 136.2.3 142.6 1.1 142.8 1.4 1 41. 2 1.0 137.5 103.5 133.8 104.8 130.8 106.0 129.3 107.7 133.0 113.3 134.9 11 7. 1 1 3 5. 1 11 8. 9 111. 0 111. 7 110.3 112.0 11 2. 3 11 3. 7 114.7 11 5. 7 116.9 118.9 125.3 129.8 1 3 2. 1 vs. (the rest of) EU data (index 19=1) Ou a r t e r I y data (index 19=1) 1 0 5. 1 1. 9 1. 7 1.4.0 1.0.0.2.9.1.8.7 106.4 108.3 11 7. 5 109.3. 7.3 106.7 1 21. 6 105.6 104.4 11 3. 4 103.5.6.8 111. 4 133.1 105.6 1. 5 106.3 1. 8.3.8 113.7 1 41. 1 104.0 1.8 104.3.3.6 03.4 11 7. 7 148.8 105.7.6 9 9. 1.0.3 04.9 11 8. 6 149.9 106.6 1.0 1.0 1.0 1.0.5 11 7. 3 146. 1 106.6 1 0 1. 9 106.4.5.9 1.0 11 7. 8 143.5 108.9 1.8 108.2 1. 2 1 0 6. 1 03 1.3 116.8 1 3 9. 1 109.8.1.9 1. 4 108.3 04 1.7 116.2 135.6 110.5 1.5 107.8 104.7 11 0. 4 1.1 11 7. 1 134.2 112.3 11 5. 1 142.8 105.3 116.0 106.5 1 21. 5 1 3 7. 1 117.3 11 6. 7 140.8 108.7 119.8 03 108.5 123.2 137.4 119.4 1 21. 1 1 3 6. 1 11 7. 1 1 2 9. 1 04 109.6 1 24. 1 136.9 120.6 112.6 11 4. 5 114.5 117.3 118.5 118.2 120.2 120.7 121. 4 123.4 129. 1 1 31. 8 133.5 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Ou a r t e r I y data (index 19=1) 109.4 11 4. 1 11 9. 8 116.7.1 105.0 116.0 126.2 116.5 108.5 111. 9 11 6. 9 112.2.8 106.4 122.3 139.2 11 7. 9 106.7 1 0 7. 1 108.3 108.2.0 105.6 125.4 147.9 116.9 1.3 1.9 105.6 1. 4. 2 03 106.9 129.4 155.5 118.6.7.4 1.5.9.0 04 107.5 130.6 156.9 120.0 1.0 1.0 1.0 1.0 1.0 105.1 126.9 150.3 11 8. 1 1.4 103.6 107.4 1. 4 1. 1 107.2 1 2 8. 1 148.7 1 21. 4 104.8 109.2 1 1 2. 1 108.3 114.0 03 106.9 126.4 143.5 1 21. 8 1 0 1. 1 1. 6.7 11 0. 0 118.4 04 1 0 7. 1 125.6 139.8 122.5 103.0 108.3 111. 2 11 4. 4 120.7 109.0 127.2 1 3 9. 1 125.0 106.6 126.8 149.7 11 8. 3 130.1 11 3. 0 1 31. 4 1 41. 5 129.8 106.6 126.7 145.5 120.9 133.1 03 11 4. 7 133.0 1 41. 4 1 31. 8 1 1 3. 1 1 31. 3 140.7 129.9 143.6 04 11 6. 0 134.0 1 41. 1 133.2 124.0 127.5 128.4 1 31. 5 1 3 3. 1 130.7 133.7 133.7 134.4 137.5 143.2 146.0 148.0 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost In Manufacturing Industry Page 32

Australia AUD Trade -weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change vs. ( the rest of) vs. { the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 122.8 104.2 107.6 Q4 1.9 104.7 110.6 DEC 0.7-1. 0-1.0 120.7 106.6 110.7 OOQ1 1. 4 107.2 11 4. 2 JAN 2.0 1. 2 1. 5 1 1 0. 5.9.5 OOQ2.5 105.6 11 2. 7 FEB 0. 1 0.6 0.8 1. 0 1. 1 1.2 OOQ3.8 106.3 113.3 MAR 1. 3 1. 8 1. 7 104.7 107.3 108.6 OOQ4.1 1.3 109.3 APR 1. 4 0.9 0.9 1.0 1.0 1.0 Q1. 8. 1 1.7 MAY 0.3-0.4-0.8 11 2. 7 107.6 108.2 Q2. 7.8 104.9 JUN 1. 1-0.3-0.7 115.6 112.3 116.9 Q3. 2.3 103.0 JUL -5.3-6.4-6.3 103.2.3 1.7 Q4. 4.4 1.0 AUG -1. 2-0.8-0.7 103.0 1.8 108.0 Q1.1.4 105.5 SEP 1. 3 0.5 0.7.7 1 0 5. 1 11 2. 2 Q2.8 1 0 1. 3 1 0 7. 1 OCT 1. 3 0.5 0.5. 1.3 103.1 Q3.1.2.3 NOV 0.5 0. 1-0. 1.7.2 1.7 Q4.9.4.6 DEC -0.2-1. 2-1. 3 Trade-weighted currency indices data Ondex 19=1) Quarterly data Ondex 19 = 1) Q1 OOQ1 Q1 Q1 03 Relative cost indicators (based on ) data Ondex 19 =1) Quarterly data Ondex 19=1) Q1 OOQ1 Q1 Q1 03 Page 33

Australia AUD vs. (the rest of) 24 industrial countries data {index 19=1) Quarterly data {index 19=1) 125.9 122.4 111. 4 1 0 1. 1 1 04. 1 1.0 112.6 11 5. 1 1 0 2. 1 1. 1.0.5 1. 1 128.4 1 2 3. 7 111. 6 1.8 104.2 1.0 113.2 11 5. 8 1.0 103.0.0.0 1 0 1. 1 120.2 127.5 120.9 1. 0 1.2 114.7 1 2 2. 1 115.8 1.6 103.8 108.5 109.7 104.2.6.7.1.0. 2 03.6.7 103.3 103.0.7 04.3.2 1.0 1.0 1.0.6.3 106.8 11 5. 1 110.5.9.5 1 1 3. 2 116.8 11 2. 8 03.8.2.5 103.2.3 04.5.8 103.0 103.2 1 0 0. 1 1.9 1. 1 106.9.2 1. 5 104.3 104.3 109.5.7.9 03.7.6 11 6. 7 1.4 1.5 04 1.2 1.0 105.2 1.4 108.9 104.0 106.6.9 108.5.9 105.4.3 108.3.3 109.8.3 110.3.9 111. 3.3 11 6. 4 1.5 1 2 0. 1 103.6 114.7.9 117.5 1. 2 1.2 105.6 1.7 103.0.8.9.0.9.0 1.3 103.7.4 1.0 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) 112.2 112.3 1.2 1.6 107.5 1.0 106.6 110.9.2 1.8 105.8.2.9 113.4 11 2. 7 109.6 104.8 103.5 103.6 1 0 8. 1 1 0 5. 1 11 2. 8 110.5 108.7 103.5 106.9 1 0 7. 1 113.3 108.8.9 1.8.9.3 1 0 6. 1 106.3 114.3 108.0 1.2 1.3.2. 6 03 107.5 107.6 117.8 109.3 107.6 107.9 105.6 1. 6 04 103.8 103.9 116.2 105.3 1.0 1.0 1.0 1.0.8.8 112.8.8 107.0 1.6 108.3 1.7 1.7 1.5 116.8 1. 1 111. 3 111. 3 112.6 107.5 03.3.0 116.6.2.8.0.2.5 04.6. 1 116.5.0 1.7 1 0 3. 1 1.3.0 1. 9 1. 2 120.7 1.7 106.0 11 5. 2 107.6 107.2 1 04. 1 103.2 123.4 1.4.9 115.5.4.4 03.0.0 115.0.0.0 11 8. 5 9 8. 1.2 04.5.3 115.7.0 1. 5 106.8 107.6 109.7 105.9 1.2 1 0 1. 1.9.7 1.5 1.3.2.5 vs. (the rest of) the countries in the euro area (EUR12) data (Index 19=1) au a r t e r I y data (index 19=1) 11 5. 1 117.0 11 4. 0 113.9 108.4 11 0. 0 11 0. 8 1 11. 4 113. 6 116.8 117.6 11 2. 5 11 4. 2 108.2 11 4. 3 11 5. 4 11 7. 5 11 8. 5 103.2 1 0 3. 1 103.9.3.8 11 3. 6 114.9 11 8. 6 118.2 103.9 103.6 103.2.5. 8 03 11 4. 7 11 6. 1 122.0 119.5 108.8 108.9 1 0 9. 1 106.9 1 0 2. 1 04 1 1 1. 0 11 2. 3 120.5 115.5 1.0 1.0 1.0 1.0 1.0 104.4 105.6 115.6 108.4 107.4 107.9 103.2 109.3 103.8 106.7 107.8 120.3 110.3 11 5. 6 116.4 114.4 118.3 113.3 03 104.8 105.9 11 9. 7 107.9.0.7 9 5. 1 1.3.8 04 104.0 104.9 11 9. 7 106.5 106.5 106.8 105.6 109.7 103.9 107.8 108.6 124.4 109.8 11 3. 2 114.4 119.4 117.7 117.2 109.6 11 0. 3 126.8 111. 2 104.9 105.9 11 8. 7 1 0 8. 1 108.0 03 1. 9 1.5 11 8. 0 1.9 105.2 105.9 1 21. 8 106.5 106.9 04 1.3 1.9 11 8. 8 103.0 109.4 11 6. 1 11 7. 5 119. 8 11 6. 0 108.5 11 0. 1 107.4 1 0 6. 1 109.6 111. 3 103.4 103.8 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 34

Canada CAD Trade-weighted currency indices data Quarterly data Monthly data index (19=1) index (19=1) monthly % change v s. (the rest of) vs. ( the rest of) v s. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 11 9. 8 11 5. 6 11 9. 7.1 1 1 1. 7 118.6 DEC 1. 1 0.6 0.5 1 21. 9 120.7 125.6 OOQ1.8 118.2 126.4 JAN -1. 2-0.6-0.4 1 1 4. 5 11 0. 4 11 3. 7 OOQ2.5 122.3 1 31. 2 FEB 0.4 1. 6 1. 8 107.9 11 7. 0 11 8. 3 03.8 126.4 135.4 MAR 0.3-0. 1-0.2 1. 3 1 0 9. 1 11 0. 6 04.4 127.4 136.8 APR 0.3-0.7-0.7 1.0 1.0 1.0.3 1 2 1. 3 128.6 MAY 1. 7-1.0-1. 4 1.3 1.4 103.1.0 126.4 134.8 JUN 0.9-2.4-2.9 1.7 110.6 115.5 03.5 123.9 1 31. 8 JUL -1. 3-4.6-4.5.9 104.6 109.8 04.5 120.6 1 2 8. 1 AUG -1. 4-0.2-0.1.6 108.6 114.5.0 1 2 1. 7 129.8 SEP -0.3-0.9-0.7.5 123.4 132.5.9 11 9. 7 127.0 OCT -0.2-0.3-0.3.4 122.8 130.8 03.8 1 1 1. 5 11 8. 0 NOV 0.2-1. 4-1. 6.9 11 5. 1 122.4 04.3 109.1 11 5. 5 DEC 0.7-0.7-0.9 Trade-weighted currency indices data Ondex 19=1) Quarterly data Ondex 19=1)... ~..... : ~:. ---------------------------------------:------~----~:';."~---------- ;,,,, \ --------------:r,-------------------:&-1------------------,-~------! I V '"' ~ :...... I \....,,..... / ~/ \ --------:--1---'r/-,-~-----. -F----------------------------~----- r \'., / ~,~ I _f:~--------------------------------------- v Q1 Q1 Q1 OOQ1 Q1 Q1 03 data Ondex 19 =1) Relative cost indicators (based on ) Quarterly data Ondex 19 =1)... ~... ".,.. 1~~----------------/--~--.------~ -------------------------------------:--------------l..-... ~----------. ~.. : r'....: I \'~ ~ -- -- ----L'----;--------------_. 'f ~------~-------........ :. I -,... 1\. : I \ "'\.. / -------;1_,1----"---y.~-fr--------------------------\-,----. \..., 1 ------------------ \\1--------------------------------------- Q1 Q1 Q1 OOQ1 Q1 Q1 03 Page 35

Canada CAD vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) 124.5 127.3 11 7. 6 110.6 1.6 1.0 1. 6 1. 7.7.3.7.5. 3 125.5 1 2 6. 1 11 6. 8 109.0 1. 3 1.0 1. 9 1 0 1. 1.6.5.9. 8.2 109.8 127.8 122.0.7.7 105.9 130.9 125.9.3.0 1. 9 122.1 11 5. 6.9 9 6. 1 1.3 11 2. 8 104.8 03.0.4.3 1.6.5 04.5.8 1.0 1.0 1.0.4.3 103.0 1.8 104.0. 1.5 103.6 103.4 104.9 03.7. 8. 1.1.9 04.8 89.6 1. 3.7.9.4 89.2 106.7.0.2.4. 1 105.4.4 103.8 03. 4.2 1 0 1. 8.6 103.2 04. 0.0 103.3.7 106.4.0 106.3.2 107.7. 1 105.9. 4 106.4. 1 106.3.8 105.7.5 103.0 89.0 1. 8 89.1 103.2 9.1. 5 1. 3.9 1.4.8.3.0.2.8.6 1.0 104. 1 105.2 103.7 103.2 104.8 1.8 1. 7 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) 125.0 129.7 115.6 120.9 110.8 1.0 1. 7 109.4 1.9 107.3 122.2 1 21. 3 11 3. 6 124.6 111. 4 1 2 4. 1 123.8 11 0. 6 1 09. 1 114.6 111. 5 127.3 11 0. 1 129.3 130.3 11 7. 0 116.2 122.0 11 8. 0 11 3. 7 1.5 116.0 116.6 1 21. 1 1 21. 0 126.9 122.0 11 8. 6 109.5 120.5 117.2 03 125.2 125.3 1 31. 7 125.9 109.4 106.4 110.2 109.4 04 126.0 126.0 1 3 3. 1 126.3 1.0 1.0 1.0 1.0 11 9. 9 119. 5 127.0 11 9. 8 1. 9 1 0 2. 1 1 0 2. 1 1. 0 124.9 123.9 132.3 124.3 1 0 9. 1 109.2 111. 2 109.4 03 122.3 120.8 129.2 1 21. 4 1.7 103.9 1 05. 1 1.5 04 119.0 11 7. 1 125.0 11 7. 8 104.9 110.3 108.4 103.4 1 2 0. 1 11 7. 8 125.2 11 8. 7 1 21. 9 128.2 122.9 1 21. 5 11 8. 0 11 5. 5 122.3 11 6. 6 120.0 1 2 8. 1 120.6 128.4 03 110.0 107.5 113.3 108.6 1 1 1. 1 11 7. 4 11 2. 2 11 9. 0 04 107.6 105.2 110.5 106.3 106.4 113.5 119.2 125.4 128.8 125.0 132.2 130.5 126.9 127.4 124.1 114.6 111. 3 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Qua r t e r I y data (index 19=1) 128.5 128.9 11 2. 9 129.4 128.4 11 8. 0 11 7. 1 11 8. 3 1 21. 1 135.3 133.3 112.3 136.4 136.8 125.7 125.8 126.7 129.3 11 9. 3 11 7. 6 103.7 120.5 120.0 130.3 131. 4 132.0 134.3 122.5 120.3 11 0. 6 1 2 2. 1 117.5 03 134.2 135.8 136.6 138.4 11 2. 2 1 1 1. 0 107.6 111. 7 110.0 04 135.3 136.9 138.4 139.5 1.0 1.0 1.0 1.0 1.0 127.0 128.2 130.2 130.7 1.4 1.8 1.6 103.1 1.0 132.9 133.6 136.4 136.4 114.5 114.6 112.4 117.2 115.7 03 129.7 129.9 132.8 132.9 108.5 106.5 106.5 11 2. 3 11 0. 1 04 126.0 125.8 128.5 128.9 11 3. 8 11 1. 7 11 3. 3 11 6. 8 111. 3 127.5 127.0 129.3 130.3 1 31. 4 132.4 133.4 135.4 133.6 124.7 1 2 4. 1 125.7 127.4 128.8 129.2 1 31. 9 1 3 2. 1 140.6 03 11 5. 8 11 5. 2 11 6. 3 118.3 1 2 0. 1 119.5 1 21. 0 122.7 130.6 04 11 3. 3 11 2. 8 113.6 115.8 11 5. 2 124.2 130.9 137.7 142.0 136. 1 144.8 142.7 138.8 139.9 135.9 125.3 1 21. 9 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 36

Japan JPY Trade -weighted currency indices data Ou a r t e r ll data Monthly data index (19=1) index ( 9=1) monthly % change vs. (the rest of) vs. ( the rest of) vs. ( the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1 62.6 64.3 66.4 1.8 108.7 114.5 DEC -3.9-4.1-4.1 68.3 70.9 73.6 1.3 110.9 11 7. 7 JAN -3.8-3.3-3.1 72.1 72.7 74.7 103.4 117.4 124.9 FEB -0.2 0.5 0.7 87.0.2.3 03 1 0 4. 1 120.3 127.8 MAR 1. 5 1. 3 1. 3.6 1.2 1. 4 04 1 04. 1 122.3 130.3 APR -0.4-0.9-0.9 1.0 1.0 1.0.0 108.3 11 4. 1 MAY 2.0 0.4-0.0 87.5 88.2 88.7.6 109.8 116.2 JUN 0.8-1. 3-1. 6 82.8 87.5.9 03.7 108.7 11 4. 7 JUL 3. 1 0.5 0.'6 78.4 81. 9 85.5 04.2 106.5 112.3 AUG -0.0 0.6 0.7. 8.9 1.6 86.6 1 0 1. 3 107.2 SEP -1. 7-1. 9-1.8 1 0 3. 1 117.8 125.4 88.5 1. 3 106.7 OCT -2.7-2.7-2.6.7 108.4 114.5 03. 8 1.8 106.0 NOV 1. 1 0. 1-0. 1 88.9 1.0 105.5 04 88.7.5 1. 5 DEC -1. 0-1. 9-2.0 Trade -weighted currency indices data Ondex 19=1) Quarterly data Ondex 19 =1) Relative cost indicators (based on ) data Qndex 19=1) Quarterly data Ondex 19=1) Q1 Q1 Q1 OOQ1 Q1 Q1 03Q1 Page 37

Japan JPV vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1t De f I at or 70.7 75.6 7 8. 1.1.9 1.0 85.1 79.4 73.7 84.2 9 1. 1 79.6 73.2 7 0. 1 75.3 78.3.4.9 1.0 84.6 78.6 73.0 82.6 88.8 77.5 71. 6 81.1 67.1 65.3. 4 89.3 85.3 72.3 69.0. 1 87.9 87.3 75.1 73.0. 9 89.6.8 89.2 88.5 03. 5 8 9. 1 1.0.5.0 04.6 8 8. 1 1.0 1.0 1.0 81. 9 79.7.0 84.0 84.2 80.0 77.8 86.5 79.0 79.7 03 79.4 77.2 83.3 73.3 76.5 04 77.4 75.4 89.5 81. 8 85.4 72.2 70.4.2 87.3 88.8 73. 1 71. 5 85.8 75.9 83.0 03 75.3 73.7 82.2 69.7 76.5 04 72.2 70.8.3 88. 1. 9 86.6.5 88. 1.5 87.6.7 86.6 86. 1 78.2 85.6 76.3 86.2 75.7 85.2 73.8 80.2 68.8 81. 9 69.7 84.9 71. 7 81. 9 68.8.4 87.7 88.8 88.9 89.7 83.1 83.1 83.8 82.2 76.4 76.9 78.5 74.7 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) 73.1 78.6 78.6.2 103.2 1.0 86.1 84.5 77.7. 3 106.7.7 84.6 72.0 83.3 68. 1 67.9 1.5.1 1. 3.4 77.9 88.6 74.0 72.6 1. 8.2 1.1.5 78.3 88.2 74.3 74.6 106.8 1 04. 1 105.4 104.4 9 8. 1 1.4.8.2 03 108.5 105.7 107.3 105.9 103.2 105.3 1. 5 105.4 04 109.3 106.4 109.2 106.5 1.0 1.0 1.0 1.0.9.4.3.3 85.7.2 84.8 83.6.4.8.4.4 83.8.6 84.2 83.3 03.6 9 2. 1.0. 4 76.9 86.0 78.3 79.8 04. 9 89.5.3 88.4 89.4.0.0 89.8 86.7 84.4.8 83.1 103.9 105.9 1 04. 1 1 0 2. 1 86.0 83.8.7 82.1.2.3. 6.9 03 84.9 82.8.3 80.8 82.4. 5 80.6 85.0 04 80.7 78.7 88.3 76.6.4.7 1. 3 103.7 106.4.3.5.7.0 88.3 86.8 84.9 8 0. 1 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1) Qua r t e r I y data (index 19=1) 74.9 74.3 84.3 70.7 70.2 106.4 104.4 1 0 4. 1 105.8 81. 7 81. 3.3 77.7 75.9 108.4 106.4 104.6 107.9 80.9 80.8 8 9. 1 76.9 76.6 11 4. 0 11 2. 0 109.2 11 3. 6.4.4 103.3.0.4 03 11 5. 4 11 3. 5 11 0. 8 11 5. 2 104.4 104.5 106.4 1.7 105.9 04 11 6. 5 11 4. 6 113.0 11 6. 3 1.0 1.0 1.0 1.0 1.0 1.9.4.5 1.8 86.7 86.4.6 85.5 84.4 1. 8 1.2 1 0 2. 1 1. 4 87.9 87.5.9 88.2 87.5 03.6 9 8. 1 1. 5.9 81. 5 80.8 87.9 83.0 85.0 04.6.3.7.6.2.5.2.0.8. 4.2.4.2 113.8 11 1. 8 109.6 11 3. 5 1 1 1. 1.2 89.2 9 5. 1 88.8.8.3 1.8.3 103.8 03 88.9 88.0.4 87.2 88.8 87.9.9 87.3.2 04 84.5 83.8.4 82.7 103.5 104.6 11 0. 1 11 2. 7 11 5. 9 1.7 105.6 104.5 1. 7.8.9. 8 86.6 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 38

United States USD Trade-weighted currency indices data Quarterly data Monthly data index (19=1) Index (19=1) monthly % change v s. (the rest of) vs. (the rest of} vs. (the rest of~ IC EU EUR12 IC EU EUR12 IC EU EUR1.7.7 1. 7 Q4 121. 0 120.9 127.2 DEC 0.3-0.4-0.5.7 1. 2 104.8 OOQ1 123.5 126.3 133.9 JAN 1. 4 0.8 1. 1.6.5 1.0 OOQ2 127.2 133.2 1 41. 5 FEB 0.5 1. 3 1. 5.5 109.9 111. 0 OOQ3 129.0 137.7 1 4 6. 1 MAR -0.8-0.6-0.6.6 108.7 109.9 OOQ4 133.0 143.0 152.0 APR -0.5-1. 1-1. 1 1.0 1.0 1.0 Q1 133.0 136.2 143.2 MAY -1. 8-3.0-3.4 1 0 6. 1 1 0 1. 8 1.4 Q2 136.4 143.4 1 51. 4 JUN -1. 9-3.7-4. 1 11 4. 9 1 1 2. 4 116.6 Q3 135.6 1 41. 0 148.4 JUL -2. 1-3.8-3.7 122.4 1 1 3. 9 11 8. 7 Q4 136.5 140.3 147.6 AUG 1. 2 1. 4 1. 5 1 2 2. 1 11 8. 4 123.9 Q1 139.0 142.8 1 50. 8' SEP 0.4-0.5-0.3 128.0 134.8 143.3 Q2 135.2 136.8 143.9 OCT 0.5-0.1-0.0 1 3 5. 1 140.0 147.6 Q3 1 31. 2 128.0 134.3 NOV -1. 2-1. 8-2.0 133.8 133.0 140.0 Q4 131. 4 125.8 1 3 2. 1 DEC -0.8-1. 6-1. 7 Trade- ~eighted currency indices data Ondex 19 =1) Quarterty data Ondex 19 = 1) ------------------... ~.:':...------------------------~-------------------- I I -----------------i--~-----------------------~-------------------- 1' : ==:::::st::~:::::_::::_: ::_::::E:::::i~~::: :1 ~ i : I I 12 17 19 17 20 03 Relative cost indicators (based on ) data Ondex 19=1) Quarterly data Ondex 19 = 1) 03 Page 39

United States USD vs. (the rest of) 24 industrial countries data (index 19=1) Quarterly data (index 19=1) 103.5 1. 3.2 1.0 1. 2 1.0 104.1 111. 2 115.7 114.2 119.4 125.9 1 2 4. 1 103.0 1. 3.9 1.3 1. 7 1.0 104.2 11 1. 6 117.3 115.4 119.8 126.8 124.6 103.9 1 0 3. 1 107.7 Q4 11 3. 0 113.8 105.4 1.4 105.7 OOQ1 11 5. 3 115.8 103.0 9 7. 1 103.2 OOQ2 11 8. 7 119.0 106.0 1.2 105.8 OOQ3 120.4 120.7 104.7 1.2 104.2 OOQ4 124.1 124.6 1.0 1.0 1.0 Q1 1 2 4. 1 124.8 1. 6 104.3 1.6 Q2 127.3 128.3 106.4 110.7 107.7 Q3 126.4 127.5 110.0 11 7. 1 11 2. 8 Q4 1 2 7. 1 128.2 109.3 115.8 108.0 Q1 129.3 130.2 11 2. 3 122.5 113.3 Q2 125.6 126.3 11 5. 9 128.3 113.3 Q3 1 21. 7 1 2 2. 1 114.8 123.8 109.6 Q4 1 21. 8 122.0 107.7 11 5. 1 109.3 11 8. 0 111. 8 122.0 112.6 124.0 115.2 127.8 11 4. 4 127.5 116.8 130.3 115.7 128.7 116.4 128.7 118.7 1 3 0. 1 11 5. 6 125.7 11 2. 4 1 21. 2 112.8 1 21. 1 107.0 109.9 11 3. 6 114.6 116.6 114.5 115.3 11 2. 9 11 2. 6 11 4. 2 11 0. 9 107.6 108.1 vs. (the rest of) EU data (index 19=1) Quarterly data (index 19=1) 103.7 104.8 1.0 111. 3 109.2 1.0 1. 5 111. 9 11 2. 8 11 7. 8 134.9 1 4 0. 1 132.5 1.4 103.3 1.5 106.0 120.6 120.4 114.0 123.3 103.9 106.1 1. 8 107.9 126.2 126.0 11 8. 2 129.6.8 1. 6.5 103.6 OOQ2 133.3 133.0 123.7 137.3 110.7 1 1 1. 1 108.6 114.5 OOQ3 137.9 137.7 126.9 142.4 109.2 109.6 108.6 113.9 04 143.3 143.2 1 31. 0 147.9 1.0 1.0 1.0 1.0 136.5 136.5 124.2 140.7 1. 6.9 1.9.3 143.6 143.6 130.2 147.4 112.3 106.0 111. 8 107.8 Q3 1 41. 1 1 41. 1 127.6 144.0 113.0 107.9 115.0 11 0. 1 Q4 140.2 140.0 126.7 1 4 2. 1 117.7 112.2 1 2 0. 1 110.3 142.5 1 42. 1 128.9 143.5 134.7 124.8 139.0 1 2 8. 1 136.3 135.6 123.5 136.3 140.0 127.0 143.2 129.7 03 127.5 126.5 11 5. 7 126.7 1 31. 6 120.2 1 3 2. 1 119.9 04 125.2 124.0 113.9 1 24. 1 11 2. 8 11 9. 1 126.9 1 31. 6 1 3 6. 1 128.4 133.6 129.9 128.0 129.5 123.5 11 5. 3 11 3. 2 vs. (the rest of) the countries in the euro area (EUR12) data (index 19=1QO) Ou a r t e r I y data (index 19=1) De f I at or 1 0 6. 1 105.5 104.4 1 04. 1 109.3 127.5 127.9 11 7. 0 132.3 108.8 1 0 8. 1 108.0 106.7 112.5 134.2 134.9 122.1 140.3 1.8 1. 8 1.5.7 106.2 OOQ2 1 41. 9 142.8 127.9 149.2 11 2. 6 11 2. 0 11 1. 9 109.8 11 4. 7 03 146.5 147.7 1 31. 0 154.7 11 0. 4 110.5 11 0. 7 109.8 114.4 04 152.3 153.8 135.4 1 61. 2 1.0 1.0 1.0 1.0 1.0 143.3 144.8 126.8 1 51. 6 1.2 1.4 1.3 1. 8.2 1 51. 3 1 53. 1 133.5 159.6 116.3 11 7. 1 11 0. 7 116.9 11 3. 1 03 148.0 149.8 130.5 155.5 118.0 11 8. 5 110.2 1 21. 7 11 7. 1 04 146.8 148.6 129.6 153.3 123.8 124.2 114.7 128.0 117.4 149.8 1 51. 4 132.4 155.3 143.7 144.7 1 2 9. 1 1 51. 3 139.2 142.6 144.0 126.4 146.9 147.3 149.0 130.0 154.9 1 4 0. 1 03 133.0 1 3 4. 1 11 8. 2 136.3 138.7 139.9 1 2 3. 1 142.7 129.7 04 130.7 1 31. 5 11 6. 4 133.5 120.7 128.7 137.7 142.8 148.0 1 3 8. 1 144.4 140.0 138.0 140.2 133.2 124.2 122.2 Abbreviations: IC EU EUR12 24 Industrial Countries 15 Member States of the European Union Countries in the euro area of private consumption Gross Domestic Product Price Exports of Goods and Services Nominal Unit Labour Cost in total Economy Nominal Unit Labour Cost in Manufacturing industry Page 40

Table A1: Bilateral exchange rate of the US dollar against the EU currencies (Price of one US dollar in terms of the currencies of each of the countries/currency areas indicated} Year BLEU OK 0 EL E F IRL I NL A p FIN s UK ECU EUR12 Ot r BLEU OK D EL E F IRL I NL A p FIN s UK ECU EUR12 Month BLEU OK D EL E F IRL I NL A p FIN s UK ECU EUR12 DEC 45.21 8.34 2. 1 381. 9 186.5 7.351 0.883 2170 2.470 15.42 224.7 6.663 10.57 0.6-1. 121 JAN 45.68 8.42 2.215 385.9 188.4 7.429 0.8 21 2.4 15.58 227.0 6.733 10.45 0.6-1.132 FEB 46.37 8.54 2.248 3.7 1. 2 7.540 0.5 2226 2.533 15.82 230.4 6.834 10.55 0.703-1. 149 MAR 46.07 8.49 2.234 389.2 1.0 7.4 0.8 2 211 2.517 15.72 229.0 6.7 10.34 0.703-1. 142 APR 45.57 8.40 2.210 385.0 188.0 7. 411 0.8 2187 2.4 15.55 226.5 6.717 10.31 0.6-1.130 MAY 44.03 8. 12 2. 135 371. 9 181.8 7. 160 0.860 2113 2.405 15. 218.8 6.4 10.07 0.685-1. 0 JUN 42.24 7.78 2.048 358.8 174.2 6.868 0.825 27 2.307 14. 41 209.9 8.225 9.543 0.674-1. 04 7 JUL 40.66 7.49 1. 2 343.5 167.7 6.612 0.7 12 2.221 13.87 2.1 5.9 9.342 0.844-1. 8 AUG 41.26 7.60 2.0 348.5 170.2. 6.709 0.806 10 2.254 14.07 205.0 6.081 9.460 0.651-1. 3 SEP 41. 13 7.57 1. 9 347.4 169.7 6.688 0.803 14 2.247 14.03 204.4 6.063 9.348 0.643-1. 0 OCT 41. 12 7.57 1. 9 347.3 169.6 6.688 0.803 14 2.248 14.03 204.3 6.080 9.281 0.642-1. 9 NOV 40.29 7.42 1. 3 340.3 166.2 6.551 0.787 14 2.2 13.74 2.2 5.8 9.070 0.636-0.9 DEC 39.59 7.29 1.9 334.4 163.3 6.437 0.773 10 2. 163 13.50 1.7 5.835 8.9 0.631-0.1 data (period average) 19 33.42 6. 19 1. 616 158.5 1. 9 5.445 0.605 11 1. 821 11. 37 142.6 3.824 5.9 0.563 11 34. 15 6.40 1. 660 182.3 103.9 5.642 0.621 1241 1. 870 11. 68 144.5 4.044 6.047 0.567 19 32. 15 6.04 1. 562 1.6 1.4 5.2 0.588 1232 1. 758 10. 135.0 4.479 5.824 0.570 19 34.60 6.48 1. 653 229.3 127.3 5.663 0.877 1574 1. 857 11. 63 180.8 5.712 7.783 0.667 19 33.46 6.36 1. 623 242.6 134.0 5.552 0.669 1612 1. 820 11.42 166.0 5.224 7.716 0.653 19 29.48 5.60 433 231.7 124.7 4.1 0.624 1629 1. 606 10.08 151. 1 4.367 7. 13 3 0.634 19 30. 5.80 1. 505 240.7 126.7 5. 116 0.625 1543 1. 686 10.59 154.2 4.5 6.706 0.641 17 35.77 6.60 1. 734 273. 1 146.4 5.837 0.660 1703 1. 1 12.20 175.3 5. 1 7.635 0. 611 18 36.30 6.70 1. 760 2.5 149.4 5.0 0.7 1736 1. 4 12.38 180.1 5.344 7.0 0.604-19 37.86 6. 1. 836 305.6 156.2 6. 157 0.739 1817 2.068 12. 188.2 5.581 8.282 0.618 20 43.78 8.08 2. 123 365.4 180.6 7. 120 0.855 21 2.3 14. 217.6 6.453 9. 162 0.661 20 45.08 8.32 2.186 380.8 185.9 7.330 0.880 2164 2.463 15.38 224.0 6.844 10. 33 0.6 20 42.77 7.88 2.073 361. 2 176.4 6.4 0.835 2053 2.336 14.59 212.5 6.303 9.710 0.666-1:060 Quarterly data (period average) 38.86 7. 16 1. 884 316.9 160.3 6.319 0.759 1865 2. 123 13.26 1.1 5.728 8.322 0.613 40.89 7.54 1. 2 337.0 168.6 6.649 0.7 13 2.234 13. 203.2 6.6 8.608 0.622 43.22 7. 2.0 359.9 178.3 7.8 0.844 2074 2.361 14.74 214.8 6.370 8.853 0.653 03 44.61 8.25 2. 163 373.3 184.0 7.254 0.871 2141 2.437 15.22 221. 7 6.575 9.288 0. 677 04 46.43 8.58 2.251 3.4 1.5 7.549 0.6 2228 2.536 15.84 230.7 6.843 9.0 0.6 43.71 8.08 2. 119 369.3 180.3 7. 108 0.853 20 2.388 14. 217.3 6.443 9.739 0.685 46.23 8.54 2.241 3.5 1.7 7.517 0.2 2219 2.525 15.77 229.7 6.813 10.43 0.704 03 45.33 8.37 2. 1 382.9 186.9 7.370 0.885 2176 2.476 15.46 225.3 6.681 10.58 0.6 04 45.05 8.31 2. 184 380.6 185.8 7.326 0.880 2163 2.461 15.37 223.9 6.641 10.57 0.6 46.04 8.48 2.232 388.9 189.9 7.486 0.8 2210 2.515 15.70 228.8 6.786 10.45 0.7-43. 8. 10 2. 130 3 71. 0 181. 2 7. 143 0.858 2108 2.4 14. 218.3 6.474 9.0 0.684-1. 089 03 41. 7.55 1. 9 346.5 169.2 6.670 0.8 19 2.241 13. 203.8 6.046 9.383 0.646-1. 7 04 40.33 7.43 1. 5 340.6 166.3 6.557 0.787 16 2.203 13.76 2.4 5.4 9.0 0.636-1. 0 1: 141 Monthly data (period average)

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 19 1 '2 81 1.167 144.8 2.813 1 '676 6.260 1 '389 2609 11 1 '284 1 '146 134.7 3.8 1 '734 6.483 1 '434 4172 19 1 '362 1 '209 126.7 3.0 1 '862 6.215 1 '406 6872 19 1 '4 71 1 '2 111 '2 3.116 1 '851 7.0 1 '478 105 19 1 '368 1 '366 1.2 3.375 1 '687 7.058 1 '368 209 19 1 '349 1 '372 ' 1 6.419 1 '524 6.335 1.182 45845 19 1 '27 8 1 '363 108.8 7.5 1 '455 6.450 1 '236 81405 17 1 '34 7 1 '385 121 '0 7.8 1 '512 7.073 1 '451 151865 18 1 '5 1 '483 130.9 9' 136 1 '868 7.545 1. 450 260724 19 1 '550 1. 486 113.9 9.560 1. 8 7.7 1 '5 418783 20 1 '725 1 '485 107.8 9.456 2.2 8.8 1. 689 625218 20 1. 3 1 '549 121.5 9.342 2.379 8.9 1 '688 1. 23E6 20 1. 840 1 '570 125. 1 9.651 2.157 7.0 1 '555 1.51E6 Quarterly data (period average) Ot r AU CA JP MX NZ NO CH TR 1. 5 53 1. 473 104.5 9.458 1. 5 7.8 1. 541 4779 1. 584 1. 454 107' 1 9.407 2.6 8.220 1 '628 563714 1. 6 1 '480 106.6 9.560 2.088 8. 778 1 '675 61 0611 03 1 '742 1 '481 107.6 9.362 2.266 8.5 1. 707 646581 04 1 '8 79 1 '526 109.8 9.4 2.445 9.255 1 '745 67 1 '8 83 1 '5 27 11 8' 1 9.6 2' 311 8.8 1 '662 75 1 '0 1 '541 122.6 9' 1 2.413 9' 179 1 '751 1.18E6 03 1 '7 1 '5 46 121 '7 9.222 2.384 8.7 1 '6 1. 4E6 04 1 '4 1. 580 123.6 9.253 2.407 8.1 1 '646 1. 52E6 1 '0 1 '5 132.4 9' 1 07 2.353 8.1 1 '682 1. 36E6 1 '814 1. 554 126.8 9.473 2' 155 8. 186 1 '5 1. 42E6 03 1 '826 1 '562 119' 2 9.8 2' 120 7.523 1 '488 1.65E6 04 1 '7 1 '569 122.4 10' 17 2.5 7.315 1 '466 1. 62E6 Monthly data (period average) Month AU CA JP MX NZ NO CH TR DEC 1 '4 1. 5 77 127. 1 9.161 2.404 8.5 1 '653 1. 45E6 JAN 1. 6 1. 6 132.5 9. 162 2.360 8.1 1 '670 1.37E6 FEB 1. 0 1. 5 133.6 9.0 2.387 8.8 1. 6 1. 36E6 MAR 1. 5 1. 588 131. 1 9.064 2.312 8.814 1. 676 1. 36E6 APR 1. 867 1 '582 130.8 9' 154 2.258 8. 615 1 '656 1.32E6 MAY 1.819 1 '551 126.5 9.506 2' 169 8.212 1 '5 1. 4E6 JUN 1 '758 1.531 123.3 9.770 2.043 7.753 1 '541 1. 54E6 JUL 1 '806 1. 544 11 8' 0 9' 777 2.081 7.464 1 '474 1. 66E6 AUG 1 '846 1 '568 119' 0 9.832 2' 156 7.5 1 '4 1. 64E6 SEP 1. 828 1. 574 120.7 10.07 2. 125 7.506 1. 4 1. 65E6 OCT 1.817 1. 578 123.9 10.09 2.077 7.482 1 '4 1. 66E6 NOV 1 '782 1 '571 121 '5 10' 19 2.3 7.309 1 '465 1. 6E6 DEC 1 '775 1. 558 121. 8 10.22 1. 7 7. 157 1 '439 1. 6E6

Table A3: Bilateral exchange rate of the US dollar against the EU currencies (index 19 = 1) Year BLEU OK 0 EL E F IRL I NL A p FIN s UK ECU EUR12 Ot r BLEU OK 0 EL E F IRL I NL A p FIN s UK ECU EUR12 Month BLEU OK 0 EL E F IRL I NL A p FIN s UK ECU EUR12 data 19 113.4 11 0. 5 112. 7 68.4 81. 8 109. 1.9 73.6 113. 4 112.8.3 87.6 83.0 88.9 11 115.8 114. 2 115.8 78.7 83.3 113.0.6 76.2 116.4 115.8.6.6 84.8 89.5 19 109. 1 107.7 109.0 82.3 82.1 106. 1.2 75.7 109.5 109.0 89.3 1.6 81. 6 89.9 19 117.4 115.7 115.4.0 1.1 113. 5 108.6.6 115.7 115.4 106.4 130.8 109.1 105.2 19 113.5 113. 5 113.2 104.7 107.4 111. 2 107.2.0 113. 3 113. 3 109.9 119.6 108.2 103. 1 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19 105.0 103.5 105.0 103.9 1.6 1.5 1.2.7 105.0 105.0 1. 1 105.2.0 1. 2 17 121. 3 117.9 121. 0 117. 9 117.4 116.9 105.8 104.6 121. 5 121. 1 116. 0 118.9 107.0.4 18 123. 1 119. 6 122.8 127.6 119.8 118.2 112.6 106.6 123.5 122.8 119. 2 122.4 111. 4.3-19 128.4 124.5 12 8. 131.9 125.3 123.3 118.5 111.6 128.8 128.1 124.5 127.8 115. 8.5 20 148.5 144.3 14 8. 1 157.7 144.8 142.6 137.0 129.0 149.0 148. 1 144.0 147.8 128.4 104.3 20 152.9 148.6 152.5 164.4 149. 1 146.9 141. 1 132.8 153.4 152.5 148.3 152.2 144.8 109.6 20 145.1 140.6 144.7 155.9 141.5 139.3 133.9 126.0 145.5 144.7 140.7 144.4 136. 1 105.2 - Quarterly data 131.8 127. 8 131. 5 136.8 128.5 126.6 121.6 114.5 132.2 131. 5 127.8 131. 2 11 6. 7.7 138.7 134.5 138.3 145.5 135.3 133.2 128.0 120.5 13 9. 1 138.3 134.5 138.0 120.7.2 146.6 142.3 146.2 155.3 143.0 140.8 135.3 127.3 147.0 146.2 142. 1 145.9 124. 1 103.0 03 151. 3 147.2 150.9 161. 1 147.6 145.3 139.6 131.4 151. 8 150.9 146.7 150.6 130.2 106.9 04 157.5 15 3. 1 157.1 169.0 153.6 151.2 145.3 136.8 157.9 15 7. 1 152.7 156.7 138.8 109. 1 148.3 144.3 147.9 159.4 144.6 142.4 136.8 128.8 148.7 147.9 143.8 147.6 136.5 108.2 156.8 152.4 156.4 168.6 152.9 150.6 144.7 136.2 157.3 156.4 152.0 156.0 146.2 111. 1 03 153.8 149.3 15.3. 3 165.3 149.9 147.7 141. 9 133.6 154.2 153.4 149. 1 153.0 148.3 109.8 04 152.8 148.3 152.4 164.3 149.0 146.8 141.0 132.8 153.3 152.4 148.2 152. 1 148.2 109.4 156.2 151.4 155.8 167.9 152.3 150. 0 144. 1 135.7 156.6 155.8 151. 4 155.4 146.5 110. 7 149.0 144.5 148.6 160.2 145.3 143.1 137.5 129.4 149.4 148.6 144.5 148.3 139.8 108.0 03 139.1 134.8 138.8 149.6 135.7 133.6 128.4 120.9 139.5 138.8 134.9 138.4 131.5 1. 9 04 136.8 132.5 136.4 147.0 133.4 131. 4 126.2 118.8 137.2 136.4 132.6 13 6. 1 127.5 1.4 - Monthly data OEC 153.4 148.9 152.9 184.8 149.5 147.3 141.5 133.2 153.8 153.0 148.7 152.6 148.2 109.7 JAN 155.0 150.3 154.6 186.6 151. 1 148.8 143.0 134.6 155.4 154.6 150.3 154.2 146.5 11 0. 1 FEB 157.3 152.4 156.9 189. 1 153.4 151. 0 145. 1 138.8 157.7 158.9 152.5 156.5 148.0 110.9 MAR 156.3 151.5 155.9 188.0 152.4 150. 1 144.2 135.8 156.7 155.9 151. 5 155.5 145.0 110.9 APR 154.8 149.9 154.2 188.2 150.8 148.5 142.6 134.3 155. 1 154.2 149.9 153.8 144.6 109.5 MAY 149.4 144.9 149.0 160.5 145.6 143.4 137.8 129.7 149.8 149.0 144.8 148.8 141. 1 108. 1 JUN 143.3 138.9 142.9 154.0 139.7 137.8 132.2 124.5 143.7 142.9 138.9 142.6 133.8 106.4 JUL 137.9 133.7 137.6 148.3 134.5 132.5 127.3 119.8 138.3 137.6 133.7 137.3 131. 0 1. 6 AUG 140.0 135.8 139.8 150.4 138.5 134.4 129. 1 121. 8 140.4 139.6 135.7 139.3 132.6 1.7 SEP 139.5 135.2 139.2 150.0 138.1 134.0 128.7 121.2 139.9 139.2 135.3 138.8 131. 0 1. 5 OCT 139.5 135.2 139.1 149.9 138.0 133.9 128.7 121.2 139.9 139. 1 135.2 138.8 130. 1 1. 3 NOV 136.7 132.4 136.3 146.9 133.3 131.2 126.1 11'8. 7 13 7. 1 136.3 132.5 136.0 127.1 1.4 OEC 134.3 130.1 133.9 144.3 130.9 129.0 123.9 116.6 134.7 133.9 130.2 133.6 125.2.5 -

Table A4: Bilateral exchange rate of the US dollar against the non - EU currencies index 19 = 1 data (period average) Year AU CA JP MX NZ NO CH TR 19.0 85.0 153.9 43.8 110. 0.8 117.5 5.7 11.2 83.5 143.2 47.0 113. 8 1.3 121.3 9. 1 19 1.9 8 8. 1 134.6 48.2 122.2.1 118. 9 15.0 19 109.0.0 118.2 48.5 121. 4 112.0 125.0 24.0 19 1. 4.5 108.7 52.6 110.7 111.4 115.7 64.6 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.7.3 115.6 118. 4.5 1.8 104.5 177.6 17.9 1.9 128.6 123.4.2 111.7 122.7 331. 3 18 118.0 1 0 8. 1 139.2 142.3 122.6 119. 1 122.6 568.7 19 114.9 108.3 1 21. 1 148.9 124.0 123.1 127.0 3.5 20 127.9 108.2 114.6 147.3 144.4 138.9 142.8 1364 20 143.3 112.8 129.2 145.5 156.1 141. 9 142.7 2673 20 136.4 114.4 133.0 150.3 141. 8 125.6 131. 5 3289 Quarterly data (PJerlod average) Ot r AU CA JP MX NZ NO CH TR 115. 1 107.3 111. 1 147.3 128.3 124.6 130.4 1086 11 7. 4 105.9 113.8 146.5 131.7 129.8 137.7 1230 125.7 107.9 11 3. 3 148.9 137.0 138.6 141. 6 1332 03 129.1 107.9 114.4 145.8 148.7 141. 3 144.4 1410 04 139.3 111.2 118.8 147.9 160.4 146. 1 147.6 1483 139.6 111. 3 125.5 151. 1 151.7 140.3 140.5 1738 144.5 112.3 130.4 143.3 158.4 144.9 148.0 2581 03 144.3 112.7 129.4 143.7 156.4 142.0 143. 1 3049 04 144.8 11 5. 1 131. 5 144.1 158.0 140.5 139.2 3325 143. 1 116.2 140.8 141.9 154.4 140.7 142.2 25 134.5 113.3 134.8 147.6 141. 4 129.2 134.9 30 03 135.4 113.8 126.8 154. 1 139.1 118.7 125.9 36 04 132.8 114.3 130. 1 158.4 132.2 115.5 124.0 3533 Monthly data (period average) Month AU CA JP MX NZ NO CH TR OEC 144. 1 114.9 135.1 142.7 157.8 141. 4 139.8 3173 JAN 143.5 116.6 140.9 142.7 154.9 141. 6 141. 2 21 FEB 144.5 116.2 142.0 141.7 156.7 141. 3 143.6 27 MAR 141.2 115.7 139.4 141. 2 151. 7 139. 1 141. 8 28 APR 138.4 115.3 139. 1 142.6 148.2 136.0 140.0 2883 MAY 134.9 113. 0 134.4 148.1 142.4 129.6 134.5 3053 JUN 130.3 111. 6 131. 1 152.2 13 4. 1 122.4 130.4 3352 JUL 133.9 112. 5 125.5 152.3 136.6 117.8 124.7 3628 AUG 136.8 114. 3 126.5 153.2 1 41. 5 119.9 126.6 3575 SEP 135.5 114.7 128.3 156.8 139.5 118.5 126.3 3604 OCT 134.7 11 5. 0 1 31. 7 157.2 136.3 118. 1 126.3 3614 NOV 132.1 114.5 129.2 158.8 132.1 11 5. 4 123.9 34 OEC 131. 6 113.5 129.5 159.2 128.4 113. 0 121.7 3485

Table B: Trade- weighted currency indices vs. (the rest of) 24 Industrial Countries (IC) data (Index 19=1) Year BLEU OK 0 EL E F IRL I NL A 19 88.9.2 85.0 13 7. 1 119.3 88.7 1.0 136.8 88.3 89. 1 1 9 89. 1 89. 1 84.7 122.7 120.0 87.3 1. 0 135.2 88.1 89.0 19. 3. 7 8 8. 1 114. 5 117. 8.9 104.3 132.2.6. 6 19.5.3. 8 106.4 104. 1.7.5 111. 3.0.7 19.9.0.6 1. 4.7.4.5 108.7.4.8 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.3.6.4.6 1.4 1.7 1.7 110.5.4.5 17.2.7.2.7.1.2 104.8 111. 4.6.2 18.0.0.8.9.7.9 1.3 112.8.2.4 19. 1.7.5.9.7.5.5 111. 1.4.8 20. 1.5.3.7.8.5.1 106.8.6.4 20.4.2. 9.0.4.9.2 108.6.8.4 20.6.6.5.7.7.5.1 110.7.8.4 p FIN s UK EUR12 EU USA JP 104.2 111. 8 120.5 113.0. 7.9.7 62.6 105.2 108.0 120.6 114.4.0.2.7 68.3 109.1.6 122.4 110.6.5.8.6 72. 1 1.1 82.4.8 1. 9.8 88.5.5 87.0.4 89.8.8 103.6.7. 8.8.8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.7.8 110.2 1.2 1.3 105.7 1 06. 1 87.5.4.0 106.2 11 9. 3.5 105.1 114.9 82.8.6. 1 105.2 124.9.3 113. 0 122.4 78.4.6.7 104.0 125.3.9 111. 0 122. 1. 8.0 89.8 104.0 129. 1 87.8 1. 7 128.0 103.1.8. 8.3 127.9. 8 106.6 135.1.7.6.2.8 129. 1.3 112. 9 133.8 88.9 Quarterly data (Index 19 = 1) at r BLEU OK 0 EL E F IRL I NL A...3.5.3.5.0.2.8 109.9.5.2 ooa1.3.1.0.7.0.0.0 108.5.6.5 OOQ2.3.9.6. 0. 1.7.4 107.0.8.6 03.0.4.0.2.7.2. 8 106.4.5.2 OOQ4.4.9 89. 1 89.0. 1.3.7 105.5. 0.7.7.8.1. 6.4.2.1 108.8. 1.6.1.8.2.2.9.2.6 107.9.4.1 03.7.7.0.5.7.0.4 108.9.0.6 Q4.0. 1.4.1. 1.4.8 109.4.3.8.8.6.9.3.6.9.2 108.8.9.4 Q2.4.2.0.3.5.0.7 11 0. 1.6. 1 Q3.6.7.8. 1.9.7.7 112.2.6.2 Q4.0.1.3.4.3.2.4 112.9.9.5 p FIN s UK EUR12 EU USA JP.8.3 104.5 128.0.4 108.6 121. 0 1.8.9. 0 104.9 130.7.7 106.2 123.5 1.3.2 89.7 106.5 129.5 88. 1 1.3 127.2 103.4.9 89.3 1 0 4. 1 127.7 87.1 1 0 0. 1 129.0 1 04. 1.4 88.8 1.7 129.0 85.5.0 133.0 104.1.2. 7.5 126.4. 5 105.2 133.0.0.5.0.0 128.5.2 104.5 136.4.6.9.9.6 128.8.2 107.0 135.6.7.2.3.5 129.0.0 108.4 136.5.2.7.7.1 129.6. 8 107.0 139.0 86.6.4.8.1 128.2.1 109.8 135.2 88.5.5.3.2 129.7.9 116.3 131.2.8.8.7 1. 4 130.4.9 118.3 131. 4 88.7 Monthly data (monthly% change) Month BLEU OK 0 EL E F IRL I NL A OEC 0.3 0.4 0.4 0. 1 0.2 0.3 0.5 0.3 0.2 0.2 JAN -0.2-0.2-0.2-0.4-0.2-0.2-0.3-0.2-0.2-0.2 FEB -0.4-0.5-0.5-0.4-0.4-0.5-0.6-0.5-0.3-0.3 MAR 0.0-0.2 0.0 0. 1 0. 0 0.0 0. 1 0.0 0.0-0.0 APR 0. 1 0.2 0.2 0. 1 0. 1 0.2 0.2 0.2 0. 1 0. 1 MAY 0.8 0.8 1. 0 1. 0 0. 9 1. 0 1. 3 1. 0 0.7 0.8 JUN 1. 0 0.9 1. 4 1. 3 1.1 1.3 1. 7 1. 4 0.9 0. 8 JUL 0.5 0.8 0.9 0.9 0.8 0.8 0.9 0.9 0.5 0.5 AUG -0.2-0.2-0.4-0.3-0.3-0.3-0.4-0.4-0.2-0.2 SEP -0.0-0.0 0. 1 0.0 0.0 0.0-0.0 0. 1-0.0 0.0 OCT 0.1 0. 1 0. 1 0.1 0.1 0. 1 0.1 0. 1 0. 1 0. 1 NOV 0.4 0.4 0.5 0.3 0.4 0.5 0.7 0. 5 0.3 0.3 DEC 0.4 0.5 0. 6 0.4 0.4 0.5 0. 7 0.5 0.4 0.3 p FIN s UK EUR12 EU USA JP 0.2 0.4 0.2 0.1 0. 7 0.8 0.3-3.9-0.2-0.3 2.0 0.4-0.6-0.4 1. 4-3.8-0.3-0.5-0.1 0.2-1.0-1.1 0.5-0.2 0. 1-0.1 1. 4-0.7 0.0-0.1-0.8 1. 5 0. 1 0. 2-0.6 0. 5 0.3 0. 5-0.5-0.4 0.7 1. 0-0.0-1.2 2.2 2. 1-1.8 2.0 0.8 1. 2 2.5-1.2 2.9 3.4-1.9 0.8 0.4 0.9-0.8 2. 1 1. 8 3.2-2.1 3. 1-0.2-0.3-0.1-0.0-0.7-0.9 1.2-0.0-0.0 0.0 1. 0 1.1 0.1 0.7 0.4-1.7 0.0 0.1 0.9 0.3 0.3 0.5 0.5-2.7 0.3 0.5 0.8-0.8 1. 0 0.9-1. 2 1. 1 0.3 0.6 0. 4-0.2 1. 2 1. 3-0.8-1.0

Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19 108.1 107.6 105. 1 65.9.6 108.9 105.3.8 106.5 104.7 84.0 104.6.6.4 1 07. 1 109.6 108.2 112.9 11 105.9 104.7 103.1 74.6.4 106.7 1.4.2 104.7 103.0 89.2 104.6.6 1. 2 104.7 108.7 105.9 110.6 19 103.6 1.6 103. 1 82.4.3 104.6 1. 3. 1 103.7 1.3.6 104.9.8 1. 9 1 04. 1 107.8 104.8 108.2 19 1.6 1.8 103.0.0.6 103.0 1. 1.4 1.1 1. 7.4 104.9 1.1 1. 5 103.6 107.0 103.5 105.8 19 1. 8 1.9 1. 7.8.9 1.6 1. 1.4 1. 7 1. 1.8 1.6.9 1. 1 1.2 104.3 1.6 103.4 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.6.7.5 104.4 1.5.0 1. 1 1. 3.2.3 1. 1.8.9 1.4.4.7.2.3 17.7.6.5 105.9 1.5.7 1.4 1.4.7. 1 1. 7.6.6 1.1 9 6. 1.7.8.9 18.7 9 9. 1.0 106.4 1.2.0 1.2.9.4.4 1.5.1.4 1.5.3 89.1.5.0 19.3 1.2. 1 105.7 1.7.5 103.8.9.6.6 103.3.3.5 1.2. 1 85.4.5. 8 20.2 1. 0. 1 105.5 1. 2.5 105.9 1.2.9.8 103.9.7.8.3.2 82.9.3 88.4 20.2 1 0 1. 1.3 1 04. 1 1. 5.4 108.1 1.2 1.1.4 105.8.0.0.2 89.3 80.6.2 85.0 20.9 1.6. 4 104. 1 1.9.9 111.2 1.6 103.6.1 107.2.1.1.0 89.0 79. 1.8 82.3 Year BLEU OK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19.1. 1 89.4.3 111. 7.6 107.5 126.9.1.3 87.6 117. 0 11 4. 0 111. 2.2 105.0 103.5 70.7 11.3.2 87.4. 6 11 3. 2.2 103.4 127.4.2. 7.9 113. 0 120. 1 115. 9.2 1.4 1. 3 75.6 19.6.0.9.3 113. 5. 1 105.7 125.7.0.7 1. 1.2 119.7 11 2. 7.4 106.5.2 78. 1 19.9.0.5.8 1. 6.5.6 107.3.0.3.4 86.5.9 103.5.1.8 1.0. 1 19.5.9.2.1.6.9.6 105.9.0.8.2.9.5 103.7.7.5 1. 2.9 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.8.3.9 103.9 1.0.7 1.8 111. 9.6.8 1. 8.6 109.0 1.7 1.7 103.2 1 04. 1 85. 1 17.0.3. 8 104.5.5.0 105.2 111. 8.3.3 1.0.7 104.8 119. 4.7.5 111. 2 79.4 18.8. 1. 9 1. 0.9.9 1.5 112.6.7.8 1. 1.4 1.5 125.5. 7 1.7 115.7 73.7 19.6.8 89.0 1. 4.4. 1 1.2 111. 1. 1.6.8.3 1.4 125.5 87.4.8 114.2 84.2 20 88.6.5 84.0.7.0 87.3.5 107.0. 5 89.5.7 87.8.6 127.0 79.1 84.3 119.4. 1 20 89.8.3 84.8.8.8 87.7 1.8 108.9.8.0 1.3.0.5 123.0 82.0 86.0 125.9 79.6 20.6 9 7. 1 85.5.6.5 88.7 105.8 111. 4.2.6 1.5. 4.9 122.7 84.8 89.3 124.1 73.2 at r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP.7.1 87.4 1.0.9.6 1. 1 110. 1.5.8.2 89.3 1.5 127.7 84.7. 9 113. 0. 4 89.7.0 85.9.2.0 89.2.7 108.8. 9.9.3 88.5 1.3 129.7 82.2 89.2 115.3. 1 88.8.8 84.4.4.2 87.7.6 107.3.4 89.8-.7 87.7 1. 4 127.8 79.6 85.3 118. 7. 9 03 88.5.4 83.7.5.9 87.0.5 106.8.6 89.3.7 87.7.6 125.3 78.6 82.8 120.4. 5 04 87.9.9 82.8. 1.4 86.0.8 105.9. 7 88.7.6 87.3.1 125.7 77.0 80.5 124. 1.6 9 0. 1. 6 85.4.4.8 88.4 1.9 109.2.3.4 1. 1.1.8 122.5 82.2 85.8 124. 1 81. 9 89.5.8 84.4.7.4 87.3.8 108.3.3 89.8.8 89.4. 3 123.9 80.9 84.6 127.3 80.0 03 9 0. 1.7 85.0.7.3 87.8 1. 3 109.4.3.2 1.8.2 88.9 123.6 82.4 86.1 126.4 79.4 04.3.2 8 5. 1.2.9 87.9 1.4 109.9.0.4 1. 4.6 88.8 123.3 83.0 86.8 127. 1 77.4 89.8.8 84.4.4.8 87.4 1.5 109.4.9 89.9 1. 3.0. 3 123.5 81. 8 85.3 129.3 72.2.5.7 85. 1.5. 1 88.3 104.9 110. 8.9.5 1.3.9.4 121. 9 83.8 87.2 125.6 73.1 03. 6.3 86.6 1.4 1. 0 89.8 108.0 113.2.2.4 103.6.5.4 123.2 87.1.0 121. 7 75.3 04. 8.8 86.9 1. 9 1.7.2 109.5 113.9.7. 7 104.2.0.5 123.5 88.0.3 121. 8 72.2 Table C1: Price deflator private consumption data (Index 19 = 1}: In national currency vs. (the rest of) 24 Industrial countries (IC) Table C2: Relative price indicators based on private consumption deflator data (Index 19=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19=1): relative to 24 Industrial countries (IC)

Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19 103.5 106.2 1 0 4. 1 64. 1.0 109.3 1.0.4 106.8 103.1 81. 0 106.3.3 1.4 106.1 110. 0 107.7 111. 9 11 1. 6 104.0 1.7 72.9.5 106.7.8.7 104.7 1. 8 85. 1 1.9 1. 1 1.5 104.2 109.0 105.9 110.3 19 1.4 103.6 103.2 80.2.0 104.4.0.1 103.0 1. 3. 4 1.4.8 1.9 104.0 108.5 104.5 108.6 19 1.4 1.9 1.7 88.4.9 103.2 1.2.3 1. 5 1.7.2.8.5 1.2 103.6 107.3 103.8 108.1 19 1.9 1.2 1. 4.8.6 1. 8.7.3 1. 0 1.5.5.9.4 1.6 1. 9 104.0 103.2 103.5 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.9 1.3.9 103.6 1.8.8.7 1.5.8.9 1.7.4.0 1.9.9.3.2.7 17.1 1.4.7 106.8 1.6.6 1. 7 1.1.7.7 1.5. 1.4 1.3.2.3. 1.9 18.6.6.1 108.1 1.4. 1 105.9 1.2.3.9 104.3.9.1 1.0. 1 89.5.8.1 19.4 1.8.5 108.3 1. 0.6 106.4 1. 7.2.9 105.8.8.8 1.6.8 86.0.5.0 20.8 1.0 89.8 108.8 1.3. 1 110.9 1.6 1.5.7 107.0.0.5 1.5 88.7 82.9.6 86.1 20. 1 1.5 88.4 107.8 103.3. 7 114.0 1.3 103.4.9 109.4.2.9 1. 7 87.4 80.8.9 82.8 20.7 1.2 87.5 107.8 104.6. 1 117.8 1. 3 105. 1.2 112. 1.2.3 1.3 86.8 79.6.2 80.5 Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19.0.9 88.5 87.9 111. 0.9 104.0 130.4.3. 9 84.4 118.9 119.7 113.5.3 105.5 103.0 70. 1 11.5.7 87.0 89.4 113. 4.2.7 132.2.2.6 89.5 111. 1 123.1 117.3.8 1.7 1. 3 75.3 19.6.9.9. 8 114.2.9 1.3 129.8.4.8.7.0 122.1 113.8.3 107.2.9 78.3 19.7. 1.3. 1 1.0.7.8 109.4.4.4.1 82. 1.4 1 04. 1. 1.0 1.3.4 19.7.1.9. 1.4. 1.2 106.9.3.3.0 88.6.0 104.2.4.4 1. 7.9 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.2.9.3 103.2 1.2.5 1.4 113. 2.2.5 1. 5.2 1 09. 1 103.1 1. 1 1.8 104.2 84.6 17.4.1. 1 105.4.6.9 106.6 113. 7.4.9 1.8.3 104.5 120.9.9.0 111.6 78.6 18.7.8.2 1.5. 1.0 106.2 115.2.6.4 1. 8.2 1.2 127.4. 5 1. 1 117.3 73.0 19.7.3 87.4 103.9.7.2 105.7 113.0.7. 9 1.2 89.8.5 128.5 87. 1.5 115.4 82.6 20 88. 1.3 81.1.7.9 87.0 1. 1 108.5.1 89.3 1.6 86.2.3 132.4 77.8 84.3 119.8 88.8 20 88.8.6 81. 2 1.2.6 87.0 106.3 11 0. 1.0 89.5 103.6 88.3 89.5 13 0. 1 80.2 86. 1 126.8 77.5 20 89.5.7 81.8 1. 1 1. 2 87.9 112. 1 112. 1.6 89.8 107.2 88.7.2 132. 1 82.7 89.9 124.6 71.6 at r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Q4.6.7 85.5 1.8.4.6 104.7 111. 8.3.3 1.8 88.2.3 131. 5 84. 1.3 113.8 89.3 OOQ1 89.5.7 83.5 1. 1.7 89.1 103.3 110.4.0.6 1.0 87.1.0 134.3 81. 2 89.4 115.8 87.9 OOQ2 88.5.6 81. 6.4. 1 87.5 1.2 109.0.9 89.8 1.5 86. 1 1.0 133.0 78.4 85.3 119.0 89.6 OOQ3 88.0.3 80.5.6.0 86.6 1. 1 108.3.4 89.3 1.7 86.0.3 130.9 77.1 82.7 120.7 89. 1 OOQ4 87.3.1 79.5.3.7 85.5 1. 6 107.4.6 88.7 1.6 85.6.8 131. 8 75.5 80.4 124.6 88.1 Q1 89.3.9 81.8.8.3 87.8 1 06. 1 110.6.4.2 103.2 88.6.6 128.8 80.5 85.7 124.8 79.7 Q2 88.5.2 80.9 1. 1. 1 86.8 105.1 109.8.4 89.5 103.0 87.8.3 130.7 79.2 84.7 128.3 77.8 Q3 89.0. 1 81. 4 1. 3.2 87. 1 106.9 110.6.6 89.8 104.3 88.5 88.0 130.9 80.8 86.3 127.5 77.2 Q4 89.2.4 81. 5 1. 7.8 87.2 108.3 111.0.3 89.8 105.3 88.6 88.0 131. 3 81. 2 87. 1 128.2 75.4 Q1 88.7.8 80.8 1.9.6 86.7 108.6 110.3.2 89.3 105.5 87.7.5 132.1 79.9 85.7 130.2 70.4 Q2 89.4.4 81. 5 1.0 1.9 87.5 111.2 111.6.3 89.7 106.9 88.3.6 1 31. 1 81. 8 87.6 126.3 71.5 Q3.5.8 82.9 104.0 1.7 89.0 114.5 113. 9.6.6 108.6 89.6.8 133.0 84.9.8 122. 1 73.7 Q4.8.2 83.1 104.5 103.4 89.4 116.0 114.6 1.2.7 109.3 89.9.9 134.0 85.7.0 122.0 70.8 " Table : Price deflator GOP data (Index 19 =1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table : Relative price indicators based on GOP deflator data (Index 19 =1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19 =.1): relative to 24 Industrial countries (IC)

Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19 107.5 1.7 105.4 73.9. 2 117.6 1.6 84.6 113.3 105.7 89. 1.8.6.2 108.4 106.9 108.6 129.4 1 9 105.6 103.2 105.0 82.4.3 114.9 1. 0 86.6 111. 8 104.6. 1.2. 1.7 107.3 105.9 11 0. 1 124.9 19 104.4 105.8 105.3 89.8.6 111. 9.6 86.6 108.7 1 04. 1. 1.7 88. 1.9 106.0 104.7 108.8 121. 0 19 1.0 1.9 103.5.1. 1 106.1 1.3.2 103.9 1.0.4.1.3 1.9 104.4 106.9 107.6 111. 2 19 1. 8 1. 9 1. 7.7.3 103.4 1 0 1. 1.7 1.2 1. 3.7.4.2.8 1. 7 1.8 106.2 105.7 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0. 19 1.7 1.8.4 103.6 1.3 1.5.7.4.3 1.0.3.5.0 1.2.4.9.7 1.9 17 104.0 1.8.7 104.4 1.0 1. 0.4.5 1.5.0.6.3.6.2.0.6.6 104.4 18 103.7 1. 1.0 107.3 1.8.8 103.8.4.5.9 1.2.8.3.3.9 89. 1 89.8 106.3 19 104.8 1. 9.3 108.7 103.4.9 107.6.3. 1.0 1.6. 1.7 88.7.8 86.0 89.5.5 20 110.6 107.7.9 109.7 106.8.8 110.2.9 103.6.5 1. 8 89.7 88.0 86.6.0 84.8 87.8.5 20 109.8 110.6.8 108.3 107. 1.2 113.4 1.0 103.5.2 1.9 86.7 89.2 84.8.8 81. 4 85.8. 6 20 108.8 107.6.7 108.4 107.6.6 113. 2.5 103.3.4 1.6 84.7 88.7 86.1.7 80. 1 85.8.5 Year BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19.6.7 89.6 1. 3 1 08. 9 104.3 104.6 115.7 1 0 0. 1.2.9 1.6 109.1 104.2.5 1.5 103.9 81. 1 11.0.9 89.0 1. 2 109.5 1.3 1.0 117. 2.5.2.8.3 109.8 106.1.6.8 105.4 85.3 19.3.0.9 1.8 110.2 1. 6 1.8 114.5.5.3.4.5 107.9 103.9 1. 1 103.4 103.0 87.3 19.3.0.0 1 0 0. 1 1. 1.4 1. 8 104.9.7.6.4 81. 7.1 1.8.8.6 106.0.8 19.5.8.2 1. 1.1.7 1.6 103.0.4.0.2 88.2.9 103.4.3.2 104.7 1.0 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.9 1.4.8 103.2 1. 7 1. 2 1. 3 109.8.7.5.0.3 103.7 1.4 1.6 1.4 1. 6.0 17.0.4.0 103.0. 1.2 104.2 108.6.0. 1.0. 5.4 112. 3.6.3 106.4 86.5 18.5.0.9 1. 8 1.4.7 104.2 111.0.6.3.8. 2. 1 112.7.2 1.7 110.0 83.3 19.6.5.0 104.2 1.0.4 104.9 109.3.6.9.2 85.3.4 111. 1.9.5 109.3 89.5 20 1.7.7 86.6.5 1.2.5 1. 4 105.6.9.0.7 80.6. 5 111. 8 85. 1 86.2 112. 3.2 20 1. 4 104.3 8 7. 1 1.6 1.2.3 105.7 108.7.1.8.5 79.6 85.9 108.5 87.0 86.8 115.9 85.8 20 1. 8 1.9 88.5 1.6 104. 1. 3 107.7 11 0. 1.9. 0.1 78.9 87.6 111.2 89.3.4 114.8 82.2 Ot r BLEU OK 0 EL E F IRL I NL A p FIN s UK EUR12 EU USA JP.7.9.4 103.3 1.2.6 103.9 1 08. 1. 1.1.6 83.2.6 112. 7.5.2 107.7.3 1.4.1 88.7 1. 7 1.3.8 1.4 106.9.6.0.0 82.0.9 114.4 88.2. 0 109.3. 9 1.9.4 87.0 1.1 1.3.9 1. 3 105.7.0.6.6 80.9.6 112.6 85.7 87.4 111. 8.5 03 1. 4 1.3 86.2.4 1.5 89.9 1. 4 105.5.4. 7.8 80.2. 3 11 0. 1 84.6 84.9 112. 6.5 04 1.7 1.9 85. 1.9 1. 1 88.6 1. 2 105.0.0.5.6 79.1 88.7 110.4 82.6 82. 1 115. 2.7 1.7 104.6 87.6 1.3 1.4.0 105.9 108.7.8. 7.8 80.8 88.2 107.4 87.7 87.0 114.4 86. 1 1. 3 104. 1 86.5 1.4 1. 7 89.8 105.0 108.1.7.7.3 79.2 86.6 108.8 85.9 85.4 116.8 85.6 03 1. 4 104.8 87.2 1. 5 1.4.2 106.4 109.3.0.8.9 79.3 84.7 108.9 87. 1 86.7 115.7 86.2 04 1. 3 104.6 87.4 1.0 1.8.4 107.0 109.6.1.7.0 79.0 84.6 109.5 87.6 87.3 116. 4 85.2 1.7 103. 1 86.9 1. 3 1.5 89.8 106.2 108.8.8.2.5 78.1 86.7 110.6 86.2 85.9 118. 7 80.2 1. 5 1.8 88.0 1.4 103.7.7 107.4 109.7.8.8.0 78.5 87.3 11 0. 1 88.1 88. 1 115. 6 81.9 03 1.8 103.4 89.7 104.5 105.4.3 109.3 111. 6.8. 8.9 79.6 87.8 112.0.6.2 112.4 84.9 04 103.3 103.0.2 105.0 106.0.7 109.6 111. 9. 1.0. 1 79.7 89.3 113.0.4.6 112. 8 81.9 Table E1: Price Exports of Goods and Services data (Index 19 = 1): In national currency vs. (the rest of) 24 Industrial countries (IC} Table E2: Relative price indicators based on Export Price data (Index 19 = 1): vs. (the rest of) 24 Industrial countries (IC} Quarterly data (Index 19 = 1): relative to 24 Industrial countries (IC)

Year BLEU DK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19.5 108.8 1 0 3. 1 69.3.9 109.9 104.4 1. 3 103.8 1.3 77.7 114.4 104.3 103.5 1 0 6. 1 11 2. 1 107.8 1 07. 1 11.3 105.5 1.2 71.4.2 106.3 1. 1 103.8 1.2.4 86.0 116.2 105.5 105.9 103.4 109.7 104.9 105.8 19.2 104.8 1. 4 76.9.3 103.3 1.3 103.8 1.4.7.6 11 0. 1 103.3 104.7 104.0 109.5 1.6 104.2 19 1. 4 103.3 1.8 84.0.6 1.4 104.5 1.9 1. 9.2.7 1.9 1.0 1.1 104.3 108. 1 1.7 1.4 19 1. 7 1.4 1.3.9.5 1. 0 104.2 1. 3 1. 5.7.9 1.2 1. 4 1.3 1.0 103.9 1. 6 1.0 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.9 1.5.6 1.8 1 0 1. 1.2.7 103.3. 1.3 1.5.2 103.4 1.4.0.6.3.0 17.7 1. 3.6 109.2 1.7. 1.5 103.7.5.6 1 05. 1.6 1.4 1. 7.1.7.3.4 18.9 1.6. 6 112. 4 1. 5.8.8.6 1.0.8 105.6.4 1. 0 103.5 89.8 8 7. 1.7.6 19.5 103.0 89.5 109.7 1.7.5.2.6 1. 1.5 112.6.2.6 104.4 86.6 62.2.6 69.1 20.7 1.3 86. 1 106.2 1. 2.7.5.2 1.3. 6 115. 2.6 1.6 105.2 64.5 79.6.6 64.6 20.4 1 03. 0 66.4 104.4 1. 3.2 1.7.4 103.6.5 11 7. 2. 1 1. 6 106.0 63.3 76.4.0 61. 1 20.6 103.4 65.2 104.4 1.3.3 104.7.6 107.0.3 119.9.1 1.4 106.7 63.6 78.4.6 76.4 Year BLEU DK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19 67.6.2 67.7.0 106.4.4 106.5 136.5. 7 69.4 81. 0 126.0 125.6 117.0.3 107.4 103.1 67.1 11 66.5.0 64.9 67.6 111.8.8 1. 1 140.3.0 88.5.4 125.5 127.2 121. 2. 1 103.4 1.4 72.3 19.6. 1 8.9.4 88.0 114.6.9 106.7 137.3.8.4 1. 1 1 04. 1 126.4 115.6.3 108.1. 1 75.1 19.8.4.4 89.4 103.7.9 104.0 114.5.9.9.7 84.8 1. 8 104. 1.7.7 1.2 89.2 19.5.4.0.2.2.4 103.6 11 0. 1.8.5.3 89.8 1. 1 103.9.5.3 1.2.5 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.2 1. 1.0 1.3 1.5.9 1.3 114. 1.5.8 103.3.0 114.0 1.6 1.2 103.2 104.3 84.0 17.0.0 88.2 107.7.8.3 1. 1 115. 4.0.9 103.3.8 108.8 121. 3 89.9.4 110.7 79.0 18. 1 1.5 87.8 106.7. 1.7. 1 111. 1.1.3 103. 1 89.9 106.2 129.2 88.3.5 11 7. 1 73.3 19.8.6 84.8 105.2.4. 1.8 108.4.5.5 108.8 87.3 1. 8 130.8 83.2. 3 115.8 81. 8 20 86.3.7 79.6.1.0 86.7 89.8 103.7.8 86.5 108.3 81.4 104.9 135.8 74.2 81. 2 122.5 87.3 20 88. 1. 1 79.3.0.7 87.5.9 104.7.4 86.3 111. 0 84.5. 1 135.6 76.4 83.6 128.3 75.9 20 89.7.8 79.7.8.0 89.0.6 108.0 1.3 87.0 114.7 85.9 1. 2 137.7 79.7 88.5 123.8 69.7 Ot r BLEU DK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 89.3 9 8. 1 83. 1 103.3.8.5.0 107.2.9 89.5 109.9 85. 1 1.7 134.2 80.3 88. 1 11 5. 1 88. 1 87.8.5 81.6 1. 3.0 88.7.7 105.8.2 88.3 109. 1 83.0 104.4 137.2 77.5 85.6 118.0 86.6 86.5.0 80.1.2.4 87. 1 89.8 104.3.7 87.0 108.4 81. 3 107.4 136.2 74.8 82. 1 122.0 88. 1 03 86.0.5 79.3.9.1 86.2 89.9 103.4.9 86.2 108.3 80.8 106.0 134.5 73.5 79.8 124.0 87.6 04 85.6. 1 78. 1.7.8 85.3 89.5 1.2.9 85.4 108.0 80.6 1.9 136. 1 71. 8 77.7 127.8 86.6 88.0. 1 80.2.3.9 87.9.6 105. 1.6 86.8 110.7 83.9 1. 7 133.7 76.5 82.9 127.5 78.2 87.8.6 79.0.9.3 87.0.8 104.0.7 86.2 110.4 83.8.0 136.2 75.3 82.0 130.3 76.3 03 88.6.7 79.4.5.2 87.7.5 105.0.0 86.5 111. 7 85.1.4 136.7 76.8 83.9 128.7 75.7 04 89. 1.2 79.4.9.7 88. 1.9 105.8. 1 86.6 112. 6 85.5.4 13 7. 1 77.5 84.9 128.7 73.8 88.8.7 76.7.3.5 87.7.3 105.6.4 66.3 112.8 84.9.3 137.9 76.6 83.9 130.1 66.6 69.6.5 79.4.6.7 86.7.8 107.3.9 86.9 114. 3 85.5 1.5 136.7 76.7 86.2 125.7 69.7 03.7 1.0 80.7 1.8 1.5.2 1. 8 109.9 1.7 87.9 116.1 66.7 1. 9 136.6 81. 9.3 121. 2 71. 7 04.9 1.4 81.0 1. 5 1. 3.6 103.3 11 0. 8 1.5 8 8. 1 116.9 86.8 104.2 139.5 82.9.9 1 21. 1 68.6... Table F1: Unit Labour Costs in Economy as a whole {) data (Index 19 =1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table F2: Relative price indicators based on data (Index 19=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19 = 1): relative to 24 Industrial countries (IC)

Year BLEU DK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19 105.6 106.2.9 73.7 89.5 115.5 134.4 1.0 107.8 103.3 78.4 117.7 115.2.3 106. 1 110.3 112. 5 104.3 11 106.4 103.8.2 73.4.0 111. 7 127.8 1. 9 107.4 103.0. 8 117.3 119.0 1.4 103.2 108.0 110.5 1. 1 19 1 05. 1 104.6.9 79.3.7 107.3 11 8. 7.7 108.4 1.8.2 105.4 11 5. 1.0 103.7 106.4 109.0 1. 2 19 104.4 106.7.0 82.2.0 105.7 11 7. 3 1. 0 107.0 1.4 1. 7.1 105.3.2 105.2 106.2 107.4 1. 7 19 1. 1 1.7.2 89.5.4 103.2 111. 8.4 1. 8 103.2 103.7.0.8.1 1. 5 1.9 105.7 103.6 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.4 105.7. 1 1. 7 103.0.6.0 104.9.4.4.3.5 1.8 1. 2.0.7.7.2 17.3 1. 1.9 110.0 105.5.2.5 106.5.7.7.6.5 1.6 104.4.4.0.8.2 18.2 104.2.9 107.0 105.9. 5 86.6 103.9 1.7.9.5.3.8 107.7 89.3 87.8.2.6 19.2 108. 1.9 112.8 106.0 89.8 84.4 104.4 1.7 88. 1.2 88.4.3 108.4 88.9 85.4 88.4.0 20.4 1.0. 1 111.5 108.7 86.3 81. 7 103.4 1.3 82.2.0 82.7.2 108.8 86.0 81.7 88.5 86. 1 20.0.8.6 107.7 110.9 85.2 78.8 1.2 1.2 79.4.4 85.3.7 109.2 84.2 79.5 83.9 88.6 20.5. 1.7 106.3 113. 8 84.5 77.8 104.3 105.7 77.6.3 85.6.3 111. 7 83.8 79.2 81.9 86. 1 Year BLEU DK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP 19.9.8 81. 5 1.0 106.8 1.4 13 7. 1 136.7.2.1 81. 7 131. 6 138.8 111. 1.3 105.7 107.7 65.3 11.8.5 79.0. 1 108.0.5 128.9 137.8.7. 7.4 126.6 143.4 114.9.9 1. 8 105.7 69.0 19.0.9 85.4.8 110. 3.5 123.9 131. 8.2.9 1 0 7. 1.7 140.9 107.2.0 105. 1 103.2 73.0 19.6 1.6.9 87.4 1.0.0 116. 7 112.4 1.6.0 103.8 80.0 105. 1.0.5.0 105.8 88.5 19.8.7. 9.7. 1.5 111. 3 108.1. 1.8 1.1 86.0.4.5.0.4 104.2.0 19 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 19.7 105.3.5 1. 2 104.4 1.3 1.6 115.8.9.0.0.3 113.3 103.4 1.3 105.3 1.6 84.2 17 86.9.7 89.4 108.6 1.4.5.0 118.6.3. 1 '1 89.8 108.9 124.6.1.8 107.7 79.7 18 86.7 1 0 2' 1 89.9 1 '5 103.5.5 86.8 117.2.8 88.5 '3 87.8 1. 8 134.6 87.8.2 112 '8 76.5 19 85.9 1.6.7 108.2 1.6 87.5 82.3 116. 1.1 83.4 ' 1 82.9.9 135.7 85.3.8 108.0 85.4 20 82.4.3 86.8 1 0 1 ' 1 1.0 80.6 75.3 110.4. 9 77.5 89.3 74.3.0 140.4 75.5 83.1 113. 3 88.8 20 84. 1 ' 1 86.9 1. 1 105.8 80.8 73.5 111. 0.8 75.7 89.5 78.3.2 139.7 77.2 84.7 113. 3 83.0 20 85.6.8 86.7 1.6 110' 0 81.6 74.0 115.5. 1 74.7.1 79.8.2 144.3 79.9 89.4 109.6 76.5 Qt r BLEU DK D EL E F IRL I NL A p FIN s UK EUR12 EU USA JP Q4 84.9 1.3. 1 108.3 1.6 85.5 80.2 114.9.1 81.4.0 79.2 ' 1 139' 1 82.6 '8 107.0.4 OOQ1 83.7.6 88.8 105.4 1.4 83.3 78.0 11 3 ' 1.0 79.8 89.8 76.3.4 142 '2 79.4 88.6 109.9 87.7 OOQ2 62.6. 1 87.3 1.3 1.2 81 ' 1 76.0 111 ' 1.0 78.2 89.6 74.0.1 141 '0 76.2 84.2 11 3. 6 88.8 OOQ3 82.3.6 86.5 1.4 1.5 80.0 74.7 109.9 '8 77' 2 89.6 73.4.9 139' 1 74.6 81. 3 114.6 88.9 OOQ4 81.9.5 85.4.2 1.3 79.0 73.0 108.4. 6 78.0 89.0 73.5.3 140.5 72.8 78.9 116.6 89.7 Q1 84. 1.8 87.9 1.3 105.3 81.3 75.0 111. 3. 1 76.8.4 77. 1.5 137.7 77.5 84. 1 114.5 83.1 Q2 83.8.8 86.6 1.2 105.2 80.5 73.2 110.2 ' 1 75.8 89.3 77.6 '2 140.2 76.2 83.2 115 '3 83.1 Q3 84.6.5 87.0 1. 1 106.6 81. 1 73.3 111 '4.5 75.7 89.6 79.2 88.8 140.9 77.7 85.0 112.9 83.8 Q4 85.0.7 86.9 1. 3 107.6 81.3 73.3 112' 5.6 75.4 89.9 79.8 88.6 142.0 78.3 86' 1 112.8 82.2 Q1 84.8.0 85.9 1.1 107.8 80.7 72.7 112.8. 1 74.7 89.8 79' 1.9 143.6 77.2 85.0 114.2 76.4 Q2 85.5.5 86.5 1.9 109.6 81.4 73.7 114. 8.7 74.8.9 79.6.8 143. 1 79.0 87.2 110.9 76.9 Q3 86.7.7 87.7 1.4 112. 0 82.6 75.2 117.8 1.6 75.3.3 80.5.7 145.7 82.1.3 107.6 78.5 Q4 87.0.0 87.8 1.4 113' 2 82.8 75.7 118.8 1. 6 75.2.0 80.5.6 1 4 7. 1 82.9.7 108. 1 74.7 Table G1: Unit Labour Costs in Manufacturing {) data Ondex 19 = 1): In national currency vs. (the rest of) 24 Industrial countries (IC) Table G2: Relative price indicators based on data (Index 19=1): vs. (the rest of) 24 Industrial countries (IC) Quarterly data (Index 19=1): relauve to 24 Industrial countries (IC)

BLEU OK 0 EL E F IRL I NL A p FIN s UK AU CA JP MX NZ NO CH TR USA EUR12 EU BLEU 0.0 2.3 3.5 2.8 3.0 3.6 3.0 2.8 4. 0 2.7 3.0 2.6 2.7 3.9 2.2 0.4 2.2 0.4 1. 5 2.8 2.2 3.7 2.0 OK 1. 0 o.o 1. 9 1. 4 0.9 1. 3 0.8 1.1 1. 6 1. 2 1.2 2.6 5.0 1. 4 0.4 0.2 0.8 0.1 0.5 3.3 0.9 1. 2 0.6 3:9 0 21. 2 20.5 0.0 23.8 16.3 19.8 15. 1 20.8 28.8 34.8 20.7 19.1 15.7 16.8 6.5 1. 9 10.3 2. 1 8.5 15.2 21.0 22.9 9.3 EL 0.6 0.7 1. 0 0.0 1.0 0.8 0. 4 1. 9 0.8 0.7 0.4 0.9 0.8 0.8 0. 1 0.1 0.2 0.0 0.2 0.4 0.5 1. 6 0.2 E 4.5 2.6 5.2 4.5 0.0 9.0 3.0 8.4 4.1 3.4 15.5 3.2 2.7 4.6 1. 4 0.3 1.4 1. 0 1.1 2.2 2.9 4.3 1. 9 F 17.8 7.7 14.4 8.5 19.8 0.0 8. 4 14.8 13.5 8.3 14.8 7.8 7.8 12.8 4.5 1. 2 5.3 1. 2 3.7 12.5 11.1 10.4 8.1 IRL 1.1 0.7 0.9 0.7 0.9 1. 0 0.0 0.8 1. 0 0.7 0.8 0.8 0.7 1. 5 0.9 0.2 0.9 0.2 0.8 0.9 0.7 1. 3 0.7 I 7.8 5.8 11.1 13.5 10.7 10.8 5. 1 0.0 8.4 11. 8 6.8 8.8 8.2 8.8 4.1 0.9 4.1 0.8 3.4 3.8 10.4 10.9 4.1 NL 8.2 4.3 6.6 4.4 4.4 5.6 4. 8 4.2 0.0 4.4 5.0 4.6 5.1 6.9 2.3 0. 5 3.3 0.5 1. 7 7.2 3.5 3.3 3.1 A 1. 5 1. 6 5.5 2.8 1.4 1. 8 0. 9 2.7 2. 0.0 1. 2 2.0 1. 8 1. 2 0.5 0. 2 0.7 0.2 0.4 0.8 3.0 2. 1 0.8 p 0.8 0.5 1. 0 0.8 7.4 1. 9 0. 4 1. 2 1. 0 0.8 0.0 0.8 0.8 0.8 0.2 0. 1 0.2 0.1 0.2 0.9 0.5 0.9 0.3 FIN 0.9 2.7 1. 8 1. 7 0.8 1.0 0.7 1.1 1. 3 1. 3 0.8 0.0 3.8 1. 2 0.8 0. 1 0.8 0.1 0.5 2.0 0.8 1. 0 0.7 s 1. 7 10.9 2.7 2.1 1.4 1.9 1. 8 1.8 2.4 1. 8 1.7 8.9 0.0 2.3 1. 0 0.2 1.4 0.2 0.8 8.3 1. 5 1. 5 1. 3 5:9 UK 12.1 8.9 10.8 10.8 10.5 12.0 20.7 8.8 12.4 8.9 11.2 11.0 9.2 0.0 7.0 1. 7 8.2 1. 3 8.3 19.0 8.8 10.8 7.9 25.8 AU 1.1 1.1 1. 0.9 0.9 1.1 1.5 1.3 0.7 0.7 0.7 1.4 1. 2.0 0.0 0.5 5.3 0.4 18.5 0.5 1.8 1. 3 3.0 2.8 5: 1 CA 0.7 1. 3 1. 2 1. 0 0.7 1. 3 1.1 1.3 0.7 0.9 0.8 1.1 1. 7 1. 9 2.0 0.0 2.9 5.7 2.3 3.2 1.4 1. 0 21. 2 2.3 3.8 JP 4. 3 7.8 8.3 3.3 3.7 5. 7 6.6 5.8 3.7 3.8 2.3 8.3 7.2 8.8 34.5 4.3 0.0 3.3 23.0 4.0 9.1 3.8 18.5 12.1 18.5 MX 0.5 0.5 1.1 0.4 1.7 0. 8 0.8 1. 0 0.4 0.4 0.5 0.7 1.6 0.7 0.8 1. 7 1.7 0.0 1. 8 0.5 0.9 0.4 14.6 1. 7 2.4 NZ 0. 1 0.2 0.2 0.1 0.1 0. 2 0.1 0.2 0.1 0.1 0.1 0.2 0.3 0.3 5. 2 0.1 0.8 0.1 0.0 0.1 0.2 0.2 0.5 0.4 0.7 NO 1. 0 4.8 1. 4 0.9.0. 9 0. 9 1.1 0.9 1. 2 0.8 1.5 2.8 5.7 1.8 0.4 0.3 0.8 0.1 0.3 0.0 0.8 0.8 0.7 2.2 4.0 CH 1. 8 1. 7 4.2 1. 8 1.5 3. 3 2.7 3. 4 1. 9 4.4 1.4 1.9 1. 7 2. 2 1.4 0. 3 1. 9 0.5 1.1 0.9 0.0 1. 6 2.0 7.8 11.1 TR 1. 0 0.7 1. 4 3.7 1.3 1.2 0.7 1. 8 0.9 1.1 0.8 1. 0 1.0 1.2 0.7 0.1 0.4 0.1 0.4 0.5 1.4 0.0 0.7 4.0 7.6 USA 10.3 12.7 16.8 10.4 10.8 15.4 20.4 18. 1 8. 9 9.3 9.8 15.5 17.5 23.0 23.4 84.9 48.8 81. 7 25.3 12.9 17.0 15.5 0.0 31.1 47.0 1.0 1.0 1.0 1~0.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 BLEU OK 0 EL E F IRL I NL A p FIN s UK AU CA JP MX NZ NO CH TR USA EUR12 BLEU 0.0 3.9 6.1 4.0 4.2 5.6 5. 1 4.8 5.3 3.8 3.9 4.4 4.9 8.8 8.4 5.1 5.8 5.0 5.7 4.0 4.1 5.2 5. 1 OK 1.4 0.0 2.9 2.0 1.3 1.9 1. 5 1.8 1. 9 1.7 1.4 3.3 5.9 2.3 2.2 1.6 1.8 1.8 2.2 3.8 1.6 1. 6 2.0 1o:s 0 27.0 29.5 0.0 29.8 22. 1 29. 1 25. 1 30.9 34.8 41.6 25.5 27.8 27.1 29.2 25.4 27.8 27.8 27.4 28.0 21.0 30. 1 29.5 26.1 EL 0.7 0. 9 1.1 0.0 1.1 0.9 0.5 2.0 0.9 0.8 0.5 1. 0 0.7 0.7 0.3 0.3 0.4 0.2 0.4 0.5 0.8 1. 7 0.4 E 5.2 3.5 8.8 5.2 0.0 10.4 4.3 7.7 4.7 4.1 18.5 4.2 4.0 6.4 3.3 2.6 3.2 3.4 3.3 2.9 4.0 5.2 5.0 F 21.0 11.8 20.8 11.9 23.2 0.0 13.2 19.7 16.4 11.2 17.2 12.1 13.2 19.2 13.8 13.1 13.8 13.3 12.7 15.5 15.5 13.8 14.3 IRL 1. 9 2. 0 2.8 1. 7 1. 8 2.4 0.0 2. 3 1.8 1.8 1.5 2.2 2.4 3.8 4.1 6.1 3.9 5.8 4.3 1.8 2. 1 2.3 2.9 I 10.0 9.3 16.5 18. 1 13.1 14. 8 9.1 0.0 10.5 14.1 8. 4 10.3 10.9 11.9 11.7 11.0 11. 1 11.0 11. 8 8.0 14.2 13.9 11. 3 NL 10.3 8.2 9.7 5.8 5.8 7.9 7.1 6.4 0.0 5.8 8. 2 8.8 7.8 10.1 6.4 4.8 6.7 4.8 5.5 9.0 5.4 4.6 8.2 A 2.0 2.4 6.8 3.2 1.9 2.3 1. 8 3. 5 2.5 0.0 1.8 2.7 2.8 2.1 1. 8 1.7 1. 8 1. 7 1. 8 1. 2 3.8 2.8 2.0 p 0.9 0.7 1. 3 0.9 7.8 2.2 0.8 1. 4 1.1 0.8 0. 0 0.8 0.8 1.1 0.4 0.8 0. 5 0.7 0.5 1. 0 0.8 1.1 0.8 FIN 1. 4 3.5 2.7 2.0 1.2 1. 7 1. 5 1. 8 1. 7 1.7 1.1 0.0 4.8 2.2 2.4 2.0 2.3 1. 9 2.1 2.5 1.5 1.5 1. 9 s 2.5 12.8 4.8 3.2 2. 3 3. 3 3.1 3.2 3. 2 2.9 2.4 8.8 0.0 4.2 4.2 3.9 4.1 3.9 4.3 7.3 2.9 2.4 4.7 20: 1 UK 15.6 13.8 17.7 14.2 14.2 17.5 27.3 14.4 15.5 10.0 14.0 16.1 15.2 0.0 17.8 19.7 17.1 19.2 19.3 23.5 13.9 14.8 17.6 89.5 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 BLEU OK D EL E F IRL I NL A p FIN s UK AU CA JP MX NZ NO CH TR USA 0 33.7 38.1 0.0 34.7 27.9 37.8 36.7 37.4 42.4 45.7 31.4 37.0 34.0 31. 8 33.4 38.9 35.5 38.5 34.7 31.6 36.1 35.1 34.0 EL 0.8 0.9 1. 3 0.0 1.2 1.1 0.7 2. 1 1.0 0.8 0.8 1.1 0.8 0.7 0.3 0.4 0.5 0.3 0.5 0.8 0.7 1. 8 0.5 E 6.3 4.7 8. 5 8.3 0.0 11.9 5.8 8.9 5.8 4.9 17.8 5.8 5.1 8.4 4. 3 3.5 4.1 4.3 4.4 4.4 4.8 8.2 8.4 F 24.8 15.6 27.2 15.5 28.8 0.0 18.8 23.8 20.3 13.9 20.2 18.9 18.4 20.2 17.9 17.4 17.8 17.7 17.0 21.3 18.7 17.2 18.8 IRL 3.2 3.6 5.5 3.6 2.9 4. 1 0.0 3. 9 3. 1 3.0 2.4 4. 3 3.7 4.2 5.7 8.2 5.4 7.8 8.2 4.3 3.3 3.8 4.3 I 12.4 11.5 20.4 17.6 15.3 18. 1 13.3 0.0 13.0 15.3 10.5 13.8 12. B 12.8 15.0 14.8 14.3 14.7 15.8 9.2 18.4 16.1 14.7 NL 13.2 9. 9 14.3 8.9 7.8 11. 0 10.8 8.9 0.0 8.0 8.2 10.0 10.8 11.0 8.8 8.5 8.7 8.4 7.7 13.9 7.3 8.5 8.4 A 2.6 2.9 7.8 3.3 2.4 3.1 2.8 3.9 3.2 0.0 2.2 3.5 2.9 2.2 2.4 2.3 2.4 2.3 2.4 2.0 4.1 3. 1 2.8 p 1.1 1.1 1.7 1. 2 8. 1 2.5 0.9 1. 7 1. 3 1. 0 0. 0 1.1 1.1 1.2 0.8 0.8 0.7 0.9 0.8 1. 4 0. 8 1. 3 0.8 FIN 2. 0 5.5 3.9 2.7 1. 8 2.5 2.8 2.5 2.4 2.2 1. 6 0.0 5.9 2.8 3. 1 2.7 3.0 2.8 2.9 4.0 2. 1 2.0 2.5 BLEU 0.0 6.2 9.5 6.2 5.9 8.2 8. 0 8.9 7.4 5.4 5.4 7.0 8.7 7.3 8.7 8.8 7.7 6.7 8.0 7.3 5.7 7.2 7.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Table H1: Double Export Weights (20) in relation to (the rest of) 24 industrial countries (I C) Table H2: Double Export Weights (20) in relation to the (rest of the) European Union (EU) Table H3: Double Export Weights (20) in relation to the (rest of the) EUR12 countries