Eurostatistics DATA FOR SHORT-TERM ECONOMIC ANALYSIS 04/2018. Statistical

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1 Eurostatistics DATA FOR SHORT-TERM ECONOMIC ANALYSIS /8 Statistical books

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3 Eurostatistics DATA FOR SHORT-TERM ECONOMIC ANALYSIS /8

4 Manuscript completed in April 8 Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use that might be made of the following information. Luxembourg: Publications Office of the European Union, 8 European Union, 8 Reuse is authorised provided the source is acknowledged. The reuse policy of European Commission documents is regulated by Decision /8/EU (OJ L,.., p. 9). Copyright for the photographs: cover Shutterstock/Isak For any use or reproduction of photos or other material that is not under the EU copyright, permission must be sought directly from the copyright holders. For more information, please consult: PDF ISSN 8- KS-BJ-8--EN-N

5 Contents Contents Editorial Summary analysis... 7 Growth forecasts for the euro area... 9 Cyclical indicators for the euro area... Latest cyclical estimates for the EA and the EU... Methodological notes.... Cross-country comparisons Principal European Economic Indicators (PEEIs) for EU countries... Detailed PEEIs analysis for the European Union (EU-8)... Detailed PEEIs analysis for the euro area... Detailed PEEIs analysis by countries...8. Principal European Economic Indicators (PEEIs) for non-eu countries... 8 Appendix... 9 Symbols and codes in the tables... 9 Data sources taken from Eurostat database Your opinion matters! Please take a few minutes to complete our survey available until the st of May. Eurostatistics /8 edition

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7 Summary. analysis Editorial International context: GDP growth declined in the US and stable in China in Q 7 The third estimate of the Bureau of Economic Analysis (BEA) revised up the annual GDP growth rate of the US to.9 in Q 7, declining from. in Q 7. In Q 7, there were positive contributions to growth from consumer spending, exports, business investment, housing investment and government spending. Falls in private inventory investment and rising imports weighed negatively on growth in Q 7. Regarding the BRICS countries (Brazil, Russia, India, China and South Africa), China reported an annual GDP growth rate of.8 in Q 7, which is stable compared to Q. India declared an annual GDP growth rate of.8 in Q 7, accelerating from. in Q. Export growth dropped to an annual rate of. in Q 7, from. in Q, while the growth in general government expenditures and gross fixed capital formation accelerated to. and. in Q following.9 and 7. in Q respectively. The growth of imports also accelerated to 8.7 in Q from. in Q. Brazil extended its economic recovery in Q 7 with an annual GDP growth rate of., up from. in Q. Similar to India, export growth contracted to 8.9 in Q from. in Q. However private final consumption expenditure and gross fixed capital formation accelerated to. and.7 in Q after. and. in Q respectively. The growth of import declined to 7. in Q from 8.9 in Q. South Africa also reported an acceleration of its annual GDP growth rate to.9 in Q 7, from. in Q. Export and private final consumption expenditures growth accelerated to.9 and.7 in Q, from. and. in Q respectively. Nevertheless import growth also accelerated to. in Q from. in Q. In Russia, the annual GDP growth rate was. in Q 7, down from.7 in Q 7. European Union and euro area: Annual GDP growth stable in Q 7 in the euro area The annual GDP growth rate of the euro area was.7 in Q 7, stable compared to Q. The ESI (Economic Sentiment Indicator) declined for a third month in a row reaching. in March 8 (. points). The decline concerned the five largest economies in the euro area and reflected drops in industry, services and retail trade. The euro area annual inflation rate grew to. in March 8, up from. in February 8. Processed food, alcohol and tobacco remained the component with the highest annual inflation rate, at. in March 8 and up from. in February 8. Energy inflation slightly declined to. in March 8 from. in February. As concerns the EU, annual GDP growth fell to. in Q 7, slightly down from.7 in Q. Situation in EU Member States: GDP growth accelerating in Germany and in France while contracting in Italy and the UK in Q 7 Focusing on the five largest EU economies, annual GDP growth accelerated in Germany and in France while contracting in Italy and in the UK in Q 7. In Germany, the annual GDP growth rate was.9 in Q 7, accelerating from.7 in Q. Private final consumption expenditures contracted to. in Q, from. in Q, while export growth accelerated to 7. in Q from.9 in Q. The growth of general government expenditures and gross fixed capital formation remained stable (. and. ) in Q compared to Q. Import growth fell to. in Q after. in Q. Eurostatistics /8 edition 7

8 Summary analysis France declared an annual GDP growth rate of. in Q 7, accelerating from. in Q. This is the highest rate since Q. In Q 7, the growth of exports and gross fixed capital formation accelerated to. and.7 in Q, from. and. in Q, while private final consumption growth fell to. in Q, after.8 in Q. Import growth also fell to. in Q, from. in Q, while government final consumption expenditures remained stable at.8 in Q compared to Q. In Spain, the GDP growth rate was. in Q 7, and has been stable since Q 7. Export and import growth decelerated to. and. in Q 7, from. and.9 in Q respectively. Gross fixed capital formation growth remained stable at. in Q, while the growth in private final consumption expenditures and government final consumption rose to. and. in Q, from. and. respectively in Q. Italy reported a GDP growth rate of. in Q 7, slightly decelerating from.7 in Q. Private and general government consumption expenditures growth decelerated to. and. in Q 7, from. and. in Q respectively. The growth of gross fixed capital formation declined to. in Q, following. in Q. Export growth slightly improved to. in Q 7 (after. in Q) while import growth fell to. in Q after. in Q. Regarding the UK, the annual GDP growth rate declined to. in Q 7 from.8 in Q. Export growth dropped to.7 in Q 7, from 7. in Q, while import growth accelerated to. in Q, after. in Q. Gross fixed capital formation and general government final expenditures growth rose to.8 and.9 in Q, following. and. in Q. Private final consumption expenditure growth remained stable at. in Q 7. Latest macroeconomic developments Mixed economic indicators in the euro area EVOLUTION OF GDP Seasonally adjusted GDP rose by. in both the euro area (EA9) and the EU-8 during the fourth quarter of 7, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 7, GDP grew by.7 in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by.7 in the euro area and by. in the EU-8 in the fourth quarter of 7, after +.7 in both zones in the previous quarter. Over the whole year 7, GDP rose by. in the euro area and by. in the EU-8, compared with.8 and. respectively in. INDUSTRIAL PRODUCTION In January 8 compared with December 7, seasonally adjusted industrial production fell by. in the euro area (EA9) and by.7 in the EU-8, according to estimates from Eurostat, the statistical office of the European Union. In December 7, industrial production rose by. in the euro area and by. in the EU-8. In January 8 compared with January 7, industrial production increased by.7 in the euro area and by. in the EU-8. CONSTRUCTION PRODUCTION In January 8 compared with December 7, seasonally adjusted production in the construction sector decreased by. in the euro area (EA9) and by. in the EU-8, according to first estimates from Eurostat, the statistical office of the European Union. In December 7, production in construction grew by.7 in the euro area and by. in the EU-8. In January 8 compared with January 7, production in construction increased by.7 in the euro area and by. in the EU-8. RETAIL TRADE In February 8 compared with January 8, the seasonally adjusted volume of retail trade increased by. in the euro area (EA9) and by. in the EU-8, according to estimates from Eurostat, the statistical office of the European Union. In January, the retail trade volume fell by. in the euro area and remained unchanged in the EU-8. In February 8 compared with February 7, the calendar adjusted retail sales index increased by.8 in the euro area and by. in the EU-8. INFLATION Euro area annual inflation is expected to be. in March 8, up from. in February, according to a flash estimate from Eurostat, the statistical office of the European Union. In March 7, the annual inflation rate was. in the euro area. UNEMPLOYMENT The euro area (EA9) seasonally-adjusted unemployment rate was 8. in February 8, down from 8. in January 8 Eurostatistics /8 edition

9 Summary analysis 8 and from 9. in February 7. This is the lowest rate recorded in the euro area since December 8. The EU-8 unemployment rate was 7. in February 8, down from 7. in January 8 and from 8. in February 7. This is the lowest rate recorded in the EU-8 since September 8. These figures are published by Eurostat, the statistical office of the European Union. Eurostat estimates that 7. million men and women in the EU-8, of whom.9 million in the euro area, were unemployed in February 8. Compared with January 8, the number of persons unemployed decreased by in the EU-8 and by in the euro area. Compared with February 7, unemployment fell by.98 million in the EU-8 and by. million in the euro area. INTEREST RATES On th April 8, The Governing Council of the European Central Bank held its benchmark refinancing rate at. percent since th March. On March st 8, The Federal Reserve raised the target range for the federal funds rate by a quarter point to.7 percent before a value of. percent. The Bank of Japan left the key interest rate unchanged at. percent at its March 8 meeting, as expected, after a decrease from. percent in December. The Bank of England Monetary Policy Committee kept its benchmark Bank Rate to. percent on th March, 8. The euro area s -month rate, Euribor, remained unchanged at. percent in March 8, compared to February 8, after a decrease from. percent in December. Long-term interest rates (monthly average weighted -year government bond yield) of the euro area increased at.9 in February 8 after. in January 8. The EU-8 long-term interest rates increased to. in February 8 after. in January 8. EXCHANGE RATES The euro/us dollar exchange rate (monthly average) decreased at USD. in March 8, after USD.8 in February 8. The euro decreased against the Japanese yen in March 8 with an exchange rate of Yen.8 for one euro from Yen.9 in February 8. The euro increased against the Swiss Franc to SF.8 in March 8 from SF. in February 8. The euro/uk Pound Sterling exchange slightly decreased to GBP.889 in March 8 from GBP.88 in February 8. Growth forecasts for the euro area Steady growth in the euro area The Euro Growth Indicator, calculated by the Euroframe group in April 8, suggests that euro area GDP growth has been robust in the first quarter of 8, but is poised to decelerate markedly in the second quarter. The first quarter GDP forecast is. per cent, on par with Eurostat growth estimate for the fourth quarter 7, but lower than the fourth quarter estimate of the Euro Growth Indicator. For the second quarter the Indicator estimates growth of. per cent, suggesting that the euro area is about to experience noticeably slower growth in the months to come. The Indicator estimate for the first quarter 8 is almost unchanged from March, whereas the estimate for the second quarter has been revised down by. percentage point. On a year-over-year basis, growth would decelerate to. per cent in the second quarter, down from. per cent in the first quarter and.7 per cent in the last quarter of 7. The -coin indicator fell for the first time since May last year (.89;.9 in February), though it remained around the highest levels recorded since. The indicator was affected by the slowdown in industrial activity and, in particular, by the deterioration in business confidence, as well as by the downward correction in share prices. For a description of the sources and methods on the indicators of growth and turning points, see the Methodological notes at the end of this section. Eurostatistics /8 edition 9

10 Summary analysis Figure : Quarter-over-quarter GDP growth indicators (q/q ) Figure : Year-over-year GDP growth indicators (q/q-) Q Q Q Q 7Q 7Q 7Q 7Q 8Q 8Q Q Q Q Q 7Q 7Q 7Q 7Q 8Q 8Q GDP release Euroframe EuroCoin GDP release Euroframe EuroCoin Table : Comparison of GDP growth forecasts for the euro area Percentage change Over previous quarter (q/q ) Over previous year (q/q ) 7Q 7Q 8Q 8Q 7Q 7Q 8Q 8Q EUROSTAT release.7. : :.7.7 : : EUROFRAME EuroCOIN.7..9 :..7. : Cyclical indicators for the euro area Cyclical indicators pointing to accelerating growth In March 8, the Business Climate Indicator (BCI) for the euro area decreased (. points to +.). Managers appraisals of past production, stocks of finished products, overall order books, and their production expectations worsened markedly. Meanwhile, managers assessment of export order books deteriorated only slightly. The Composite leading indicators (CLIs) continue to anticipate stable growth momentum in the OECD area as a whole. Among large European economies, signs of growth losing momentum are now emerging in Germany, France, Italy and the euro area as a whole. In the United Kingdom, the CLI continues to point to easing growth. Among other major OECD economies, stable growth momentum remains the assessment in the United States, Japan and Canada. Amongst major emerging economies, stable growth momentum remains the outlook for the industrial sector in China, while in India, Brazil and Russia the CLIs point to growth gaining momentum. The IFO Economic Climate in the euro area hit its highest level since summer this quarter, rising sharply to. points from 7. balance points. According to experts, the current economic situation in particular continued to improve. Economic expectations also brightened slightly. The dynamic upswing is expected to continue. The improvement in the economic climate was primarily due to more positive assessments by experts in France and Italy. The indicator also rose somewhat in Germany. In The Netherlands, by contrast, the climate deteriorated. In the euro area s large member states the economic situation improved. Spain was the only exception to this rule, although economic expectations did brighten there too. There are several drivers behind the upswing. A growing number of the experts surveyed reported an uptick in investment activity and private consumption, which they expect to generate marked growth in the months ahead. Experts also expect foreign trade to pick up. They expect an inflation rate of.7 percent in 8, following the. percent increase in consumer prices in 7. At the same time, fewer survey participants expect long term interest rates to rise. Experts assessed access to bank loans as largely restrictive. The DZ BANK s Euro-Indicator dipped in March 8. It lost. percent on the February level, which is the strongest monthly fall for more than six years, and stands now at.9 points. Compared to the same month the prior year, the increase was +. percent, as against +. percent in February. Eurostatistics /8 edition

11 Summary analysis Table : Comparison of indicators of turning points in the business cycle for the euro area 7M 7M 8M 8M 8M OECD - CLI Index : DZ-Euroland indicator Index DG ECFIN Business Climate Indicator Points of std-dev Q 7Q 7Q 7Q 8Q IFO Balances Figure : DZ-Euroland and IFO Business climate Indicators DZ-Euroland-Indicator (left-hand scale) Y-O-Y GDP growth rate (left-hand scale) IFO Indicator (right-hand scale) Figure : DG-ECFIN Business climate Indicator Y-O-Y growth rate of the industrial production index (left-hand scale, excl. construction) DG-ECFIN business climate indicator (right-hand scale) Figure : OECD Leading indicator T June P Feb 8 T June 9 P May T March 98 T: trough / P: peak in the reference Detrended GDP OECD indicator Eurostatistics /8 edition

12 Summary analysis Latest cyclical estimates for the EA and the EU Figure : EA GDP, trend and cycle with HP filter (GDP, Trend) (cycle) 8 8 Figure : EU-8 GDP, trend and cycle with HP filter (GDP, Trend) (cycle) Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q GDP Trend Cycle GDP Trend Cycle Figure : EA GDP, trend and cycle with CF filter (GDP, Trend) 7 (cycle) Figure : EU-8 GDP, trend and cycle with CF filter (GDP, Trend) (cycle) Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q GDP Trend Cycle GDP Trend Cycle Figure : EA GDP, trend and cycle with UC filter (GDP, Trend) (cycle) 8 8 Figure : EU-8 GDP, trend and cycle with UC filter (GDP, Trend) (cycle) Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q GDP Trend Cycle GDP Trend Cycle Note: The estimation is based on total employment (domestic concept) series, seasonally and calendar adjusted (in thousand of persons), ESA. Eurostatistics /8 edition

13 Summary analysis Figure 7: EA IPI, trend and cycle with HP filter Figure : EU-8 IPI, trend and cycle with HP filter (IPI, Trend) (cycle) (IPI, Trend) (Cycle) M 99M 99M 997M 999M M M M 7M 9M M M M 7M 99M 99M 99M 997M 999M M M M 7M 9M M M M 7M IPI Trend Cycle IPI Trend Cycle Figure 8: EA IPI, trend and cycle with CF filter Figure : EU-8 IPI, trend and cycle with CF filter (IPI, Trend) (cycle) 8 8 (IPI, Trend) (cycle) M 99M 99M 997M 999M M M M 7M 9M M M M 7M 99M 99M 99M 997M 999M M M M 7M 9M M M M 7M IPI Trend Cycle IPI Trend Cycle Figure 9: EA IPI, trend and cycle with UC filter (IPI, Trend) (Cycle) 8 Figure : EU-8 IPI, trend and cycle with UC filter (IPI, Trend) (cycle) 8 99M 99M 99M 997M 999M M M M 7M 9M M M M 7M 99M 99M 99M 997M 999M M M M 7M 9M M M M 7M IPI Trend Cycle IPI Trend Cycle Eurostatistics /8 edition

14 Summary analysis Figure : EA Employment, trend and cycle with HP filter Figure : EU-8 Employment, trend and cycle with HP filter (Emp., Trend) (cycle) (Emp., Trend) (cycle) 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q Employment Trend Cycle Employment Trend Cycle Figure : EA Employment, trend and cycle with CF filter Figure 7: EU-8 Employment, trend and cycle with CF filter (Emp., Trend) (cycle) (Emp., Trend) 9 9 (cycle) 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q Employment Trend Cycle Employment Trend Cycle Figure : EA Employment, trend and cycle with UC filter (Emp., Trend) (cycle) Figure 8: EU-8 Employment, trend and cycle with UC filter (Emp., Trend) (cycle) 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q 99Q 997Q 999Q Q Q Q 7Q 9Q Q Q Q 7Q Employment Trend Cycle Employment Trend Cycle Eurostatistics /8 edition

15 Summary analysis Methodological notes Indicators of growth and turning points sources and methods The EUROFRAME Euro Growth Indicator: calculated by the OFCE (Paris) in cooperation with the EUROFRAME group, which consists of: CPB (Den Haag), DIW (Berlin), ESRI (Dublin), ETLA (Helsinki), IFW (Kiel), NIESR (London), PROMETEIA (Bologna), WIFO (Vienna), and CASE (Poland). The purpose of this leading indicator is to anticipate the development of the GDP in the euro area two quarters ahead of official statistics. The indicator considers surveys from industry, construction, and households, ISM survey of US industry, real euro/dollar exchange rate, and European stock index. The indicator is based on ordinary least squares (OLS) estimation of the GDP growth rate, and released on a monthly basis. -COIN: a real-time monthly estimate of euro area GDP growth, computed each month by the Banca d Italia. It is obtained by collecting a large set of statistics and extracting from it information relevant to forecast future GDP. It tracks GDP growth anticipating official GDP releases by several months, by giving each month an early estimate of euro area growth in terms of quarter- on-quarter changes in GDP. Moreover, it sheds light on the underlying trend by removing short-run fluctuations and measurement errors from the growth rate; in this respect it is not only a forecast, but also an indicator of the true growth momentum in the euro area. The OECD Composite Leading Indicator: designed to predict cyclical turning points (peaks and troughs) in GDP as a proxy of the business growth cycle of the overall economy. It comprises a set of component series from a wide range of economic indicators. IFO: Economic Climate Indicator, designed to give an accurate picture of the economic situation and forecasts for economies on a quarterly basis. It consists of qualitative information: appraisals and expectations of economic experts. For the euro area the trend of the indicator correlates well with the actual business-cycle trend. DG ECFIN: Business Climate Indicator (monthly), designed to deliver a clear and early assessment of the cyclical situation of the euro area. The indicator uses, as input, five balances of opinions from DG ECFIN s Business and Consumer Surveys. The resulting common factor may be read as a survey result: the higher the level, the healthier the cyclical situation, and a rise in the indicator points to an upswing in activity and an improvement in business climate. DZ-Euroland-Indicator: calculated by DZ Bank (monthly), aims at predicting recessions and has also proved to reflect movements in GDP growth rate. It is built on concepts implemented by the US Conference Board for monitoring cyclical indicators. Nine series for euro area or for the main countries are selected for their leading properties, and aggregated to give a composite index which can be compared with the level of GDP in order to anticipate recessions. Trend-cycle decomposition The trend and cycle are two components of a time series that represent variations of low frequency and business cycle frequency, respectively, the high frequency fluctuations having been filtered out. Identifying and estimating trend and cyclical components of key economic indicators is invaluable when making decisions and informing policy-makers. The distinction between the two components helps the analyst ascertain whether any change to the indicator is temporary or permanent. However, there exist many alternative methods to identify and estimate trends and (business or deviation) cycles. The estimates for three indicators GDP, industrial production, and employment are produced using three different filters: Hodrick-Prescott (HP): a filter widely used in macroeconomics to fit a smooth curve through a set of points. Christiano-Fitzgerald (CF): a well-known approximation to an ideal band pass filter, estimated non-parametrically. Unobserved Components (UC): a parametric approach which involves estimating a statistical model and decomposing the series into components, including the trend and cycle. Date Period Comparisons Q/Q : the value of the indicator (quarterly) is divided by the value of this indicator for the previous quarter (as a percentage). Q/Q : the value of the indicator (quarterly) is divided by the value of the same indicator for the previous year (as a percentage). M/M : the value of the indicator (monthly) is divided by the value of this indicator for the previous month (as a percentage). M/M : the value of the indicator (monthly) is divided by the value of the same indicator for the previous year (as a percentage). Eurostatistics /8 edition

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17 . Cross-country comparisons This part presents an overview of some of the Principal European Economic Indicators (PEEIs) for the EU Member states and some other countries. Eurostatistics /8 edition 7

18 Cross-country comparisons Figure : Gross Domestic Product, in volume Q/Q Quarterly growth in percentage, 7 Q and 7 Q EU8EA9 MT LU EL HR IT LV UK BE RO DE FI BG ES FR PT CZ NL AT DK SK SE PL CY HU LT SI EE IE NO JP CH US 7 Q 7 Q Figure : Gross Domestic Product, in volume Q/Q Quarterly growth in percentage, 7 Q and 7 Q 8 EU8EA9 UK DK IT LU EL BE HR FI DE PT FR SE NL AT BG ES SK CY LT LV MT HU PL EE CZ SI RO IE NO CH JP US 7 Q 7 Q Figure : Private Consumption, in volume Q/Q Quarterly growth in percentage, 7 Q and 7 Q EU8EA9 LT BG CY HU DK LV LU SI PL RO SK HR FI CZ EE ES SE AT PT UK FR BE IE IT DE MT NL EL US NO JP CH 7 Q 7 Q 8 Eurostatistics /8 edition

19 Cross-country comparisons Figure : Private Consumption, in volume Q/Q Quarterly growth in percentage, 7 Q and 7 Q 9 EU8EA9 RO HU LV BG PL CY CZ SK LT HR SI EE LU ES SE FI IE MT UK DE AT BE IT NL FR DK EL PT US NO JP CH 7 Q 7 Q Figure : Balance of payments, current account Quarterly figure as a percentage of GDP, 7 Q EU8EA9 CY EL HR BG UK RO SK BE HU CZ PL FR PT LV FI AT SE ES IT EE SI LT LU DK DE NL MT IE NO CH US JP 7 Q Figure : Harmonized Index of Consumer Prices: all items, M/M Monthly growth in percentage, 8 M EU8EA9 BE CY LU EE IE SE NL DK MT SI DE FI AT BG LV HU RO SK EL ES FR CZ HR LT PL IT PT NO US CH JP 8 M ( * ) for more information, see footnote on LU table Eurostatistics /8 edition 9

20 Cross-country comparisons Figure 7: Harmonized Index of Consumer Prices: all items, M/M Monthly growth in percentage, 8 M and 8 M EU8EA9 RO EE LT SK HU AT LV CZ SE BE BG SI FR MT NL DE ES LU HR IE PL PT FI DK IT EL CY NO US JP CH 8 M 8 M Figure 8: Unemployment rates, harmonized rates: total As a percentage of unemployed persons in the total number of active population, 8 M and 8 M EU8 EA9 CZ DE MT NL PL RO DK AT BG SI LU SE IE BE LT SK PT LV FI FR HR CY IT ES JP US 8 M 8 M Figure 9: Long term interest rates Long term government bond yields* Average according to Maastricht definition, 8 M and 8 M EU8EA9 RO EL PL HU HR IT PT CY CZ UK ES MT SI IE BG FR BE SE AT FI LU DK SK NL LV DE LT US NO CH JP 8 M 8 M ( * ) for more information, see footnote on LU table Eurostatistics /8 edition

21 Cross-country comparisons Figure : General government deficit (-) / surplus (+), NSA Quarterly figure as a percentage of GDP, 7 Q 8 EU8EA9 BE FR HU IE IT UK SK FI NL DK SI RO PL EE AT LU DE SE LT LV PT CZ ES HR BG EL MT CY CH NO 7 Q Figure : General government gross debt, NSA Quarterly figure as a percentage of GDP, 7 Q EU8EA9 EL IT PT BE CY ES FR UK HR AT SI HU IE DE FI NL MT PL SK LT SE LV DK RO CZ BG LU EE JP US NO 7 Q ( * ) for more information, see footnote on LU table Eurostatistics /8 edition

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23 . Principal European Economic Indicators (PEEIs) for EU countries Eurostatistics /8 edition

24 Principal European Economic Indicators (PEEIs) for EU countries Detailed PEEIs analysis for the European Union (EU-8) Indicators Unit Reference Period Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q GDP (volume) Q/Q- (¹) Q/Q Private final consumption (volume) Q/Q- (¹)..... Q/Q-.. Investment (GFCF) (volume) Q/Q- (¹) Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M (extra EU8) (²) mn euro : : Q 7Q 7Q 7Q 7Q BOP Current account (extra EU8) mn euro M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Inflation (Harmonized Index M/M : of Consumer Prices - All items) M/M : Industrial producer prices M/M : M/M : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M total (²) : Unemployment rate age <year (²) : age > year (²) : Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Labour Cost Index Q/Q- (¹)..... Q/Q- (³) Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Employment Q/Q- (¹)..... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Industrial production M/M- (¹) : : M/M- (³) : : Production in construction Retail trade deflated turnover General government deficit (-) /surplus (+) M/M- (¹) : : M/M : : M/M- (¹) : M/M : Q 7Q 7Q 7Q 7Q : General government gross debt : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Economic sentiment indicator (²) index M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M -month interest rate Long term government bond yields : The set of indicators is selected from the PEEIs list (COM//) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator. ( ) sca: Seasonally and calendar adjusted data ( ) sa: Seasonally adjusted data ( ) ca: Calendar adjusted data, not seasonally adjusted data «:» not available data; not existing data Indicator Source: Current account European Central Bank () for euro area only months Interest rate Long term government bond yields Euro dollar exchange rate Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN) Eurostatistics /8 edition

25 Principal European Economic Indicators (PEEIs) for EU countries European Union (EU-8) Figure : Output 7M 7M 7M8 7M 7M 8M Index 9 9 Figure : Demand (PFC,I) (RT) 7M 7M 7M8 7M 7M 8M Figure : Labour (PFC,I) Index (RT) Figure : Prices. 7M 7M 7M8 7M 7M 8M Industrial producer prices (m/m-) Industrial producer prices (m/m-) HICP (m/m-) HICP (m/m-) M 7M 7M8 7M 7M 8M Figure : External transactions Mio EUR 8 7M 7M 7M8 7M 7M 8M BOP current account ( ) ( ) Figure : Financial 7M 7M 7M8 7M 7M 8M Long-term government bond yields ( ) is a monthly basis data ( ) The BOP current account is a quarterly basis data Eurostatistics /8 edition

26 Principal European Economic Indicators (PEEIs) for EU countries Detailed PEEIs analysis for the euro area Indicators Unit Reference Period Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q GDP (volume) Q/Q- (¹) Q/Q Private final consumption (volume) Q/Q- (¹)..... Q/Q Investment (GFCF) (volume) Q/Q- (¹) Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M (extra EA9) (²) mn euro : : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M BOP Current account (extra EA9) mn euro : : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Inflation (Harmonized Index M/M : of Consumer Prices - All items) M/M : Industrial producer prices M/M : M/M : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M total (²) : Unemployment rate age <year (²) : age > year (²) : Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Labour Cost Index Q/Q- (¹)..... Q/Q- (³) Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Employment Q/Q- (¹)..... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Industrial production M/M- (¹) : : M/M- (³) : : Production in construction Retail trade deflated turnover General government deficit (-) /surplus (+) M/M- (¹) : : M/M : : M/M- (¹) : M/M : Q 7Q 7Q 7Q 7Q.... : General government gross debt : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Economic sentiment indicator (²) index M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M -month interest rate Long term government bond yields : Euro-dollar exchange rate Average The set of indicators is selected from the PEEIs list (COM//) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator. ( ) sca: Seasonally and calendar adjusted data ( ) sa: Seasonally adjusted data ( ) ca: Calendar adjusted data, not seasonally adjusted data «:» not available data; not existing data * Data refer to the EA 9 aggregate (euro area with 9 Member States) with the exception of Inflation (HICP all items ), months Interest rate, Long term government bond yields and Euro dollar exchange rate which refer to the evolving euro area aggregate, i.e. euro area with Member States till //, euro area with Member States from // till //, euro area with Member States from //7 till //7, euro area with Member States from //8 till //8, euro area with Member States from //9 till //, euro area with 7 Member States from // till //, euro area with 8 Member States from // till //, euro area with 9 Member States from // till next euro area enlargement Indicator Source: Current account European Central Bank () for euro area only months Interest rate Long term government bond yields Euro dollar exchange rate Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN) Eurostatistics /8 edition

27 Principal European Economic Indicators (PEEIs) for EU countries Euro area Figure : Output Index 9 9 7M 7M 7M8 7M 7M 8M Figure : Demand (PFC,I) (RT) M 7M 7M8 7M 7M 8M Figure : Labour Figure : Prices 8. 7M 7M 7M8 7M 7M 8M. 7M 7M 7M8 7M 7M 8M Industrial producer prices (m/m-) Industrial producer prices (m/m-) HICP (m/m-) HICP (m/m-) Figure : External transactions Mio EUR 7M 7M 7M8 7M 7M 8M BOP current account ( ) ( ) Figure : Financial 7M 7M 7M8 7M 7M 8M -month interest rates Long-term government bond yields Euro-dollar exchange rates /$ Eurostatistics /8 edition 7

28 Principal European Economic Indicators (PEEIs) for EU countries Detailed PEEIs analysis by for countries Belgium Indicators Unit Reference Period Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q GDP (volume) Q/Q- (¹) Q/Q Private final consumption (volume) Q/Q- (¹).... Q/Q Investment (GFCF) (volume) Q/Q- (¹)...9. Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M (extra euro area) (²) mn euro : : (extra EU8) (²) BOP Current account (all countries of the world) Inflation (Harmonized Index of Consumer Prices - All items) mn euro : : Q 7Q 7Q 7Q 7Q mn euro M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M M/M : M/M : Industrial producer prices M/M : M/M : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M total (²) : Unemployment rate age <year (²) : : : age > year (²) : Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Labour Cost Index Q/Q- (¹)..... Q/Q- (³) Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Employment Q/Q- (¹)..... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Industrial production M/M- (¹) : : M/M- (³) : : Production in construction Retail trade deflated turnover General government deficit (-) /surplus (+) M/M- (¹) : : M/M : : M/M- (¹) : M/M : Q 7Q 7Q 7Q 7Q : General government gross debt : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Economic sentiment indicator (²) index M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M -month interest rate Long term government bond yields : The set of indicators is selected from the PEEIs list (COM//) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator. ( ) sca: Seasonally and calendar adjusted data ( ) sa: Seasonally adjusted data ( ) ca: Calendar adjusted data, not seasonally adjusted data «:» not available data; not existing data Indicator Source: Current account European Central Bank () for euro area only months Interest rate Long term government bond yields Euro dollar exchange rate Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN) 8 Eurostatistics /8 edition

29 Principal European Economic Indicators (PEEIs) for EU countries Belgium Figure : Output Figure : Demand 9 Index (PFC,I) (RT) 9 7M 7M 7M8 7M 7M 8M 9 7M 7M 7M8 7M 7M 8M Figure : Labour Figure : Prices.. 7M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Industrial producer prices (m/m-) HICP (m/m-) Figure : External transactions Mio EUR 7M 7M 7M8 7M 7M 8M BOP current account ( ) ( ) Figure : Financial 7M 7M 7M8 7M 7M 8M -month interest rates Long-term government bond yields Euro-dollar exchange rates /$ Eurostatistics /8 edition 9

30 Principal European Economic Indicators (PEEIs) for EU countries Detailed PEEIs analysis for Bulgaria Indicators Unit Reference Period Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q GDP (volume) Q/Q- (¹) Q/Q Private final consumption (volume) Q/Q- (¹) Q/Q Investment (GFCF) (volume) Q/Q- (¹).... Q/Q-... 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M (extra EU8) (²) mn euro : : Q 7Q 7Q 7Q 7Q BOP Current account (all countries of the world) mn euro M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Inflation (Harmonized Index M/M : of Consumer Prices - All items) M/M : Industrial producer prices M/M : M/M : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M total (²) : Unemployment rate age <year (²) : age > year (²) : Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Labour Cost Index Q/Q- (¹) Q/Q- (³) Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Employment Q/Q- (¹).... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Industrial production M/M- (¹) : M/M- (³) : Production in construction Retail trade deflated turnover General government deficit (-) /surplus (+) M/M- (¹) : M/M : M/M- (¹) : M/M : Q 7Q 7Q 7Q 7Q : General government gross debt : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Economic sentiment indicator (²) index M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M -month interest rate : Long term government bond yields New bulgarian Lev exchange rates against the euro : Average The set of indicators is selected from the PEEIs list (COM//) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator. ( ) sca: Seasonally and calendar adjusted data ( ) sa: Seasonally adjusted data ( ) ca: Calendar adjusted data, not seasonally adjusted data «:» not available data; not existing data Indicator Source: Current account European Central Bank () for euro area only months Interest rate Long term government bond yields Euro dollar exchange rate Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN) Eurostatistics /8 edition

31 Principal European Economic Indicators (PEEIs) for EU countries Bulgaria Figure : Output Figure : Demand Index (PFC,I) (RT) 9 7M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Figure : Labour.. Figure : Prices M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Industrial producer prices (m/m-) HICP (m/m-) Figure : External transactions Mio EUR 7M 7M 7M8 7M 7M 8M BOP current account ( ) ( ) Figure : Financial 7M 7M 7M8 7M 7M 8M -month interest rates Long-term government bond yields Bulgarian Lev Euro exchange rates Bulgarian Lev/ Eurostatistics /8 edition

32 Principal European Economic Indicators (PEEIs) for EU countries Detailed PEEIs analysis for Czech Republic Indicators Unit Reference Period Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q GDP (volume) Q/Q- (¹) Q/Q Private final consumption (volume) Q/Q- (¹) Q/Q Investment (GFCF) (volume) Q/Q- (¹).... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M (extra EU8) (²) mn euro : : Q 7Q 7Q 7Q 7Q BOP Current account (all countries of the world) mn euro M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Inflation (Harmonized Index M/M : of Consumer Prices - All items) M/M : Industrial producer prices M/M : M/M : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M total (²) : Unemployment rate age <year (²) : age > year (²) : Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Labour Cost Index Q/Q- (¹) Q/Q- (³) Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Employment Q/Q- (²)....8 Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Industrial production M/M- (¹) : : M/M- (³) : : Production in construction Retail trade deflated turnover General government deficit (-) /surplus (+) M/M- (¹) : : M/M : : M/M- (¹) : : M/M : : Q 7Q 7Q 7Q 7Q....8 : General government gross debt : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Economic sentiment indicator (²) index M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M -month interest rate : Long term government bond yields Czech Koruna exchange rates against the euro : Average The set of indicators is selected from the PEEIs list (COM//) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator. ( ) sca: Seasonally and calendar adjusted data ( ) sa: Seasonally adjusted data ( ) ca: Calendar adjusted data, not seasonally adjusted data «:» not available data; not existing data Indicator Source: Current account European Central Bank () for euro area only months Interest rate Long term government bond yields Euro dollar exchange rate Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN) Eurostatistics /8 edition

33 Principal European Economic Indicators (PEEIs) for EU countries Czech Republic Figure : Output 7M 7M 7M8 7M 7M 8M Index Figure : Demand (PFC,I) (RT) 7M 7M 7M8 7M 7M 8M Figure : Labour...9 Figure : Prices... 7M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Industrial producer prices (m/m-) HICP (m/m-) Figure : External transactions Mio EUR 7M 7M 7M8 7M 7M 8M BOP current account ( ) ( ) Figure : Financial 7M 7M 7M8 7M 7M 8M -month interest rates Long-term government bond yields Czech Koruna Euro exchange rates Czech Koruna/ 8 7 Eurostatistics /8 edition

34 Principal European Economic Indicators (PEEIs) for EU countries Detailed PEEIs analysis for Denmark Indicators Unit Reference Period Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q GDP (volume) Q/Q- (¹) Q/Q Private final consumption (volume) Q/Q- (¹)..... Q/Q Investment (GFCF) (volume) Q/Q- (¹) Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M (extra EU8) (²) mn euro : : Q 7Q 7Q 7Q 7Q BOP Current account (all countries of the world) mn euro M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Inflation (Harmonized Index M/M : of Consumer Prices - All items) M/M : Industrial producer prices M/M : M/M : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M total (²) : Unemployment rate age <year (²) : age > year (²) : Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Labour Cost Index Q/Q- (¹) Q/Q- (³) Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Employment Q/Q- (¹)..... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Industrial production M/M- (¹) : : M/M- (³) : : Production in construction Retail trade deflated turnover General government deficit (-) /surplus (+) M/M- (¹) : : M/M : : M/M- (¹) : M/M : Q 7Q 7Q 7Q 7Q..8.7 : General government gross debt : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Economic sentiment indicator (²) index M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M -month interest rate Long term government bond yields Danish Krone exchange rates against the euro : Average The set of indicators is selected from the PEEIs list (COM//) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator. ( ) sca: Seasonally and calendar adjusted data ( ) sa: Seasonally adjusted data ( ) ca: Calendar adjusted data, not seasonally adjusted data «:» not available data; not existing data Indicator Source: Current account European Central Bank () for euro area only months Interest rate Long term government bond yields Euro dollar exchange rate Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN) Eurostatistics /8 edition

35 Principal European Economic Indicators (PEEIs) for EU countries Denmark Figure : Output Figure : Demand Index (PFC,I) (RT) M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Figure : Labour Figure : Prices M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Industrial producer prices (m/m-) HICP (m/m-) Figure : External transactions Mio EUR 7 7M 7M 7M8 7M 7M 8M BOP current account ( ) ( ) Figure : Financial 7M 7M 7M8 7M 7M 8M -month interest rates Long-term government bond yields Danish Krone Euro exchange rates Danish Krone/ Eurostatistics /8 edition

36 Principal European Economic Indicators (PEEIs) for EU countries Detailed PEEIs analysis for Germany Indicators Unit Reference Period Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q GDP (volume) Q/Q- (¹) Q/Q-.... Private final consumption (volume) Q/Q- (¹) Q/Q Investment (GFCF) (volume) Q/Q- (¹)... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M (extra euro area) (²) mn euro : : (extra EU8) (²) BOP Current account (all countries of the world) Inflation (Harmonized Index of Consumer Prices - All items) mn euro : : Q 7Q 7Q 7Q 7Q mn euro M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M M/M M/M Industrial producer prices M/M : M/M : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M total (²) : Unemployment rate age <year (²) : age > year (²) : Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Labour Cost Index Q/Q- (¹)..... Q/Q- (³)..... Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Employment Q/Q- (¹)..... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Industrial production M/M- (¹) : : M/M- (³) : : Production in construction Retail trade deflated turnover General government deficit (-) /surplus (+) M/M- (¹) : : M/M : : M/M- (¹) : M/M : Q 7Q 7Q 7Q 7Q : General government gross debt : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Economic sentiment indicator (²) index M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M -month interest rate Long term government bond yields : The set of indicators is selected from the PEEIs list (COM//) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator. ( ) sca: Seasonally and calendar adjusted data ( ) sa: Seasonally adjusted data ( ) ca: Calendar adjusted data, not seasonally adjusted data «:» not available data; not existing data Indicator Source: Current account European Central Bank () for euro area only months Interest rate Long term government bond yields Euro dollar exchange rate Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN) Eurostatistics /8 edition

37 Principal European Economic Indicators (PEEIs) for EU countries Germany Figure : Output Figure : Demand Index (PFC,I) (RT) 7M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Figure : Labour.. Figure : Prices M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Industrial producer prices (m/m-) HICP (m/m-) Figure : External transactions Mio EUR 8 7M 7M 7M8 7M 7M 8M BOP current account ( ) ( ) Figure : Financial 7M 7M 7M8 7M 7M 8M -month interest rates Long-term government bond yields Euro-dollar exchange rates /$ Eurostatistics /8 edition 7

38 Principal European Economic Indicators (PEEIs) for EU countries Detailed PEEIs analysis for Estonia Indicators Unit Reference Period Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q GDP (volume) Q/Q- (¹)..7.. Q/Q Private final consumption (volume) Q/Q- (¹) Q/Q Investment (GFCF) (volume) Q/Q- (¹) Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M (extra euro area) (²) mn euro : : (extra EU8) (²) BOP Current account (all countries of the world) Inflation (Harmonized Index of Consumer Prices - All items) mn euro : : Q 7Q 7Q 7Q 7Q mn euro M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M M/M : M/M : Industrial producer prices M/M : M/M : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M total (²) : : Unemployment rate age <year (²) : : age > year (²) : : Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Labour Cost Index Q/Q- (¹) Q/Q- (³) Q 7Q 7Q 7Q 7Q Q 7Q 7Q 7Q 7Q Employment Q/Q- (¹).... Q/Q M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Industrial production M/M- (¹) : M/M- (³) : Production in construction Retail trade deflated turnover General government deficit (-) /surplus (+) M/M- (¹) M/M- M/M- (¹) : M/M : Q 7Q 7Q 7Q 7Q.8. : General government gross debt : 7M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M Economic sentiment indicator (²) index M 7M 7M 7M7 7M8 7M9 7M 7M 7M 8M 8M 8M -month interest rate Long term government bond yields The set of indicators is selected from the PEEIs list (COM//) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator. ( ) sca: Seasonally and calendar adjusted data ( ) sa: Seasonally adjusted data ( ) ca: Calendar adjusted data, not seasonally adjusted data «:» not available data; not existing data Indicator Source: Current account European Central Bank () for euro area only months Interest rate Long term government bond yields Euro dollar exchange rate Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN) 8 Eurostatistics /8 edition

39 Principal European Economic Indicators (PEEIs) for EU countries Estonia Figure : Output 9 7M 7M 7M8 7M 7M 8M Index 9 9 Figure : Demand (PFC,I) 7M 7M 7M8 7M 7M 8M (RT) Figure : Labour 7. Figure : Prices M 7M 7M8 7M 7M 8M 7M 7M 7M8 7M 7M 8M Industrial producer prices (m/m-) HICP (m/m-) Figure : External transactions Mio EUR 7M 7M 7M8 7M 7M 8M BOP current account ( ) ( ) Figure : Financial 7M 7M 7M8 7M 7M 8M -month interest rates Long-term government bond yields Euro-dollar exchange rates /$ Eurostatistics /8 edition 9