PRODUCTIVITY, LABOUR

COST AND EXPORT
ADJUSTMENT:
DETAILED RESULTS FOR
24 EU COUNTRIES
ZSOLT DARVAS*
Highlights
• As a background document for Bruegel Policy Contribution
2012/11 ‘Compositional effects on productivity, labour cost and
export adjustment’, this working paper presents detailed results
for 24 EU countries on:
• The sectoral changes in the economy;
• The unit labour costs (ULC) based real effective exchange
(REER) rate and its main components;
• Export performance.
• The ULC-REERs are calculated:
• For the total economy, the business sector (excluding
agriculture, construction and real estate activities), and
some main sectors;
• Using both actual aggregates and fixed-weight aggregates,
as the latter is free from the impacts of compositional
changes;
• Against 30 trading partners and against three subsets of
trading partners: euro-area, non-euro area EU, non-EU.
• The REERs calculated in this paper are freely downloadable.
* Bruegel, Institute of Economics of the Hungarian Academy of Sciences,
and Corvinus University of Budapest, zsolt.darvas@bruegel.org
Thanks are due to Dana Andreicut for excellent research assistance,
Guntram Wolff for comments, and Alan Ahearne, Derry O’Brien, Fergal
O’Brien and Philip Lane for valuable insights into the interpretation of
Irish developments, which were utilised in the Policy Contribution.
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JULY 2012
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Cont ent s
1. Int roduct i on ................................................................................................................................................................................ 3
2. Def i ni t i on of t he ULC-REER ..................................................................................................................................................... 3
3. Met hodol ogy and mai n dat a sources .................................................................................................................................. 4
4. How i mport ant i s t he composi t i onal ef f ect ? ..................................................................................................................... 4
5. Whi ch count ri es were more successf ul ? ........................................................................................................................... 6
6. Det ai l ed resul t s for 2 4 EU member st at es ......................................................................................................................... 9
6 .1. Aust ri a ............................................................................................................................................................................... 10
6 .2. Bel gi um ............................................................................................................................................................................. 13
6 .3. Bul gari a ............................................................................................................................................................................. 16
6 .4. Czech Republ i c ............................................................................................................................................................... 19
6 .5. Denmark ........................................................................................................................................................................... 22
6 .6. Est oni a .............................................................................................................................................................................. 25
6 .7. Fi nl and .............................................................................................................................................................................. 28
6 .8. France ................................................................................................................................................................................ 31
6 .9. Germany ........................................................................................................................................................................... 34
6 .10 . Greece ............................................................................................................................................................................. 37
6 .11 . Hungary .......................................................................................................................................................................... 40
6 .12 . Irel and ............................................................................................................................................................................. 43
6 .13 . It al y .................................................................................................................................................................................. 46
6 .14 . Lat vi a .............................................................................................................................................................................. 49
6 .15 . Li t huani a ........................................................................................................................................................................ 52
6 .16 . Net herl ands .................................................................................................................................................................. 55
6 .17 . Pol and ............................................................................................................................................................................. 58
6 .18 . Port ugal .......................................................................................................................................................................... 61
6 .19 . Romani a ......................................................................................................................................................................... 64
6 .20 . Sl ovaki a .......................................................................................................................................................................... 67
6 .21 . Sl oveni a .......................................................................................................................................................................... 70
6 .22 . Spai n ............................................................................................................................................................................... 73
6 .23 . Sweden ........................................................................................................................................................................... 76
6 .24 . Uni t ed Ki ngdom ........................................................................................................................................................... 79
7. Dat a sources and mani pul at i ons ....................................................................................................................................... 82
8. Ref erences ............................................................................................................................................................................... 90


3
1. Int roduct i on
Sect oral shi f t s, such as shri nkage of l ow l abour product i vi t y and t he l ow-wage const ruct i on sect or, can l ead t o
apparent i ncreased aggregat e average l abour product i vi t y and average wages, especi al l y when capi t al
i nt ensi t y di f f ers across sect ors. Composi t i o per se and can al so ref l ect heal t hy
st ruct ural changes i n t he economy . But quant i f y i ng t he i mpact s of t hese composi t i onal changes i s cruci al for
assessi ng t he adj ust ment t hat count ri es have achi eved.
Inspi red by Cent ral Bank of Irel and ( 2 0 1 1) , whi ch assessed t he i mport ance of sect oral changes on t he Iri sh
rel at i ve uni t l abour cost s, Darvas ( 2 0 1 2b) assesses f or 2 4 EU count ri es t he i mport ance of t he i mpact of
sect oral changes on t he component s of t he uni t l abour cost ( ULC) based real ef fect i ve exchange rat e ( REER)
consi deri ng 1 1 mai n sect ors of t he economy and 1 3 manuf act uri ng sub-sect ors, in order t o:
- Quant i f y t he composi t i onal ef f ect on measured average product i vi t y , average hourl y l abour
compensat i on, uni t l abour cost s and ULC-REERs;
- Cal cul at e a new measure of ULC-REER, whi ch i s f ree f rom composit i onal ef f ect s, f or t he busi ness
sect or excl udi ng const ruct i on, real est at e act i vi t i es and agri cul t ure;
- Cal cul at e a new measure of ULC-REER f or cert ai n sect ors, such as manuf act uri ng;
- Rel at e export perf ormance si nce t he onset of t he cri si s t o vari ous measures of REER;
- St udy t he component s of t he ULC-REER and rank count ri es accordi ng t o t hei r success i n adj ust i ng.
As a background document f or Darvas ( 2 0 1 2b) , t hi s worki ng paper present s det ai l ed resul t s f or t he 2 4 EU
count ri es f or t he peri od 2 00 0Q1 -2 01 1Q4
1
. The ULC-REERs cal cul at ed i n t hi s paper are added t o t he dat aset of
Darvas ( 2 0 1 2a) , whi ch i s f reel y avai l abl e at ht t p:/ / www.bruegel .org/ publ i cat i ons/ publ i cat i on-
det ai l / publ i cat ion/ 7 1 6 -real -ef f ect i ve-exchange-rat es-f or-178-count ri es-a-new-dat abase/ and wi l l be
i rregul arl y updat ed.

2. Def i ni t i on of t he ULC-REER
It i s wort hwhi l e t o st art wi t h t he def i ni t i on of t he ULC-based REER, whi ch underl i nes t he component s t hat wi l l be
assessed l at er i n t hi s paper. By def i ni t i on, t he uni t l abour cost s based real ef fect i ve exchange rat e i ndex i s
gi ven as:
ty productivi ulc
hour per wage neer
worked hours
production
ulc
hour per wage neer
ulc
production
hour per wage worked hours
neer
ulc
production
on compensati labour total
neer
ulc
ulc neer
ulc reer
foreign
foreign
foreign foreign foreign
·
·
=
|
.
|

\
|
·
·
=
=
|
.
|

\
| ·
·
=
|
.
|

\
|
·
=
·
=
) (
) (
) ( ) ( ) (
_ _
_
_ _
_ _ _ _ _
) (
,
where reer( ulc) i s t he unit l abour cost based real ef f ect i ve exchange rat e, neer i s t he nomi nal ef fect i ve
exchange rat e ( an i ncrease i ndi cat es appreci at i on) , ulc i s t he domest i c uni t labour cost , ulc
( f oreign)
i s t he
wei ght ed average uni t l abour cost of t radi ng part ners, t ot al_labour_compensat ion is t ot al l abour compensat i on,

1
Cy prus, Luxembourg and Mal t a are excl uded due t o mi ssi ng dat a. Sect oral dat a f or Romani a i s avai l abl e onl y si nce 2 00 8 Q1 .
4
product ion i s val ue added at const ant pri ces, hours_worked i s t he t ot al hours worked ( whi ch i s i n t urn t he
product of t he number of peopl e empl oy ed and t he average hours worked per empl oy ee) , wage_per_hour i s t he
nomi nal hourl y labour compensat i on, and product ivit y i s product i on di vi ded by t ot al hours worked.
Theref ore, real ef f ect i ve exchange rat e depreci at i on can be engi neered t hrough a f al l i n t he nomi nal ef f ect i ve
exchange rat e, a fal l i n average nomi nal wages, product i vi t y i mprovement s and an i ncrease i n t he uni t l abour
cost of t radi ng part ners.

3. Met hodol ogy and mai n dat a sources
We col l ect ed dat a f or 1 1 mai n sect ors of t he economy and 1 3 manuf act uri ng sub-sect ors, whi ch are det ai led i n
Tabl es 1 and 2 of Darvas ( 2 0 1 2b) . For EU count ri es and Norway , most of t he dat a i s t aken f rom t he onl i ne
dat abases of Eurost at . However, some t i me seri es were mi ssi ng and t heref ore we eit her used dat a f rom
nat i onal st at i st i cal sources, or made cert ai n approxi mat i ons. For non-European OECD count ri es, dat a i s t aken
ei t her f rom Eurost at or f rom t he OECD. Al l dat a sources and dat a mani pul at ions are det ai l ed i n Sect i on 7 .
We quant i f y t he composi t i onal ef f ect s by cal cul at i ng f i xed-wei ght aggregat es f or vari ous i ndi cat ors ( eg out put
per worker, average wages, or uni t l abour cost s) and compare t hese f i xed-wei ght i ndi cat ors t o act ual
i ndi cat ors. We decompose t he economy i nt o 2 3 sect ors: t he 1 3 manuf act uri ng sub -sect ors and t he ot her 1 0
mai n sect ors of t he economy ( i e t he 1 1 sect ors l ess manuf act uri ng t ot al ) and deri ve t he wei ght s of t hese 23
sect ors f rom t he 2 00 8Q1 composi t i on of t he economy . In addi t ion t o t he t ot al economy , we al so cal culat e
f i xed-wei ght aggregat es f or t he manuf act uri ng sect or i t sel f , and f or t he busi ness sect or excl udi ng agri cul t ure,
const ruct i on and real est at e act i vi t i es.
We consi der 3 0 t radi ng part ners f or calcul at i ng t he REERs and al so t hree subset s of t hese 3 0 count ri es :
- 3 0 count ri es: 2 3 EU count ri es ( not i ncl udi ng Cy prus, Luxembourg, Mal t a and Romani a) pl us Aust ral ia,
Canada, Japan, Korea, New Zeal and, Norway and t he Uni t ed St at es. Not e we have a compl et e dat aset
f or Romani a f rom 2 00 8Q1 and t heref ore whi l e Romani a i s not i ncl uded i n t h i s basket of 30 t radi ng
part ners f or t he REER cal cul at i on, we cal cul at e REERs f or Romani a f rom 2 00 8Q1 .
- Euro-area 1 4: t he current members of t he euro area apart f rom Cy prus, Luxembourg, Mal t a.
- Non-euro EU 9 : non-euro members of t he EU except Romani a.
- Non-EU 7 : Aust ral i a, Canada, Japan, Korea, New Zealand, Norway and t he Uni t ed St at es.
We not e t hat among t he non-EU count ri es we have a compl et e dat aset onl y f or Norway ( f rom Eurost at ) . Some,
but not al l , sect oral dat a for t he ot her si x non-EU count ri es i s avai l abl e f rom t he OECD. Theref ore, i n t hese si x
count ri es we coul d not consi der sect oral devel opment s i n si mi l ar det ai l as i n t he EU count ri es and Norway .

4. How i mport ant i s t he composi t i onal ef f ect ?
Tabl e 3 of Darvas ( 2 0 1 2b) present ed t he answer t o t hi s quest i on concerni ng t he busi ness sect or wi t hout
agri cul t ure, const ruct i on and real est at e act i vi t i es. Tabl e 1 overl eaf shows t he resul t s f or t he t ot al economy as
wel l .
5
Tabl e 1: Impact of composi t i onal changes on average product i vi t y, l abour compensat i on, and REER
( cumul at i ve percent change f rom 2008Q1 t o 2011Q4)

Not e: an i ncrease i n REER i ndi cat es real appreci at i on. Busi ness sect or w.o. A.C.R. = Busi ness sect or excl udi ng agri cul t ure,
const ruct i on and real est at e act i vi t i es.

Compari ng t he changes i n t he t ot al economy REER usi ng act ual aggregat es ( t he i ndex whi ch i s t he cl osest t o
t he ULC- -wei ght REER f or busi ness
sect or excl udi ng agri cul t ure, const ruct i on and real est at e act i vi t i es ( our pref erred measure) , t here are f i ve
count ri es i n whi ch t here i s a si zeabl e gap, ie bet ween 6 and 1 0 percent : Hungary , Romania, Est oni a, UK and
Greece. The gap i s al so large i n Lat vi a ( 4 .5 percent ) and t he Czech Republ i c ( 3 .1 percent ) . For t hese count ri es
t he REER usi ng act ual aggregat es of t he t ot al economy si gni f i cant l y overest imat es t he underl y i ng gai n i n
compet it i veness.


Aggre-
gate
Const.
w.
Comp.
effect
Aggre-
gate
Const.
w.
Comp.
effect
Aggre-
gate
Const.
w.
Comp.
effect
Aggre-
gate
Const.
w.
Comp.
effect
Aggre-
gate
Const.
w.
Comp.
effect
Aggre-
gate
Const.
w.
Comp.
effect
AT Austria 1.6 1.1 0.5 3.7 2.1 1.5 13.0 12.3 0.6 12.3 12.4 -0.1 2.9 2.3 0.7 -0.1 0.1 -0.1 AT
BE Belgium 0.0 -0.8 0.8 1.1 0.6 0.5 10.1 10.3 -0.2 9.2 9.6 -0.3 2.0 1.6 0.4 -0.4 -0.9 0.5 BE
BG Bulgaria 15.0 10.2 4.4 15.8 12.4 3.1 38.5 38.2 0.2 42.2 40.3 1.3 12.3 14.5 -1.9 13.6 14.6 -0.9 BG
CZ Czech Rep. 3.2 -1.3 4.5 2.6 -1.9 4.6 1.5 1.9 -0.5 0.6 1.6 -1.0 -7.6 -4.5 -3.3 -7.9 -4.5 -3.6 CZ
DK Denmark -0.1 -2.3 2.3 1.8 -1.6 3.5 6.7 6.7 0.0 6.2 6.4 -0.2 -1.7 -0.4 -1.3 -4.1 -2.3 -1.9 DK
EE Estonia 6.9 1.0 5.8 -1.0 -8.2 7.9 7.4 2.5 4.7 5.2 1.0 4.1 -7.4 -5.1 -2.5 -2.3 -0.4 -1.9 EE
FI Finland -1.8 -2.3 0.5 -2.9 -1.4 -1.6 9.1 9.2 -0.1 8.4 9.1 -0.6 2.0 1.8 0.3 2.3 -0.2 2.5 FI
FR France 2.1 1.9 0.1 1.6 1.3 0.3 10.1 9.7 0.4 10.0 10.0 0.0 0.0 -1.0 1.0 0.1 -1.2 1.3 FR
DE Germany -1.3 -1.5 0.2 -2.3 -3.1 0.9 7.4 7.6 -0.2 6.3 6.8 -0.5 0.5 -0.2 0.7 0.1 0.4 -0.3 DE
GR Greece -5.1 -1.4 -3.7 -7.2 -6.0 -1.3 -4.4 -3.4 -1.0 1.0 4.7 -3.5 -7.0 -4.7 -2.5 0.1 -0.7 0.9 GR
HU Hungary -0.9 -7.5 7.2 -4.1 -11.7 8.7 2.9 1.4 1.5 5.3 4.0 1.2 -18.3 -13.5 -5.6 -13.6 -8.3 -5.8 HU
IE Ireland 9.0 -3.5 12.9 15.1 2.5 12.3 3.5 -1.2 4.7 3.7 1.1 2.6 -12.9 -7.6 -5.7 -18.0 -14.0 -4.7 IE
IT Italy -0.8 -1.7 0.9 -1.8 -1.4 -0.5 6.1 6.1 0.1 5.2 6.4 -1.1 -1.3 0.5 -1.8 -1.5 -1.6 0.1 IT
LV Latvia 4.4 2.5 1.9 3.0 0.5 2.5 -5.3 -6.0 0.7 -1.7 -2.5 0.8 -15.9 -14.5 -1.7 -11.5 -11.4 -0.1 LV
LT Lithuania 4.0 5.1 -1.0 5.9 5.2 0.6 0.1 2.8 -2.6 1.4 1.0 0.4 -9.2 -10.8 1.8 -9.8 -11.9 2.4 LT
NL Netherlands 1.3 1.7 -0.4 1.2 0.7 0.5 8.3 7.7 0.6 7.6 8.2 -0.5 -1.5 -3.0 1.5 -2.4 -2.8 0.4 NL
PL Poland 11.4 6.6 4.5 12.0 7.1 4.6 23.5 20.0 2.9 22.6 21.2 1.2 -16.9 -15.6 -1.5 -18.0 -17.2 -1.0 PL
PT Portugal 3.4 -0.1 3.5 2.0 0.2 1.8 8.1 4.8 3.1 8.4 7.4 1.0 -1.5 -1.0 -0.5 -0.3 -1.9 1.7 PT
RO Romania 3.4 5.8 -2.3 11.5 9.1 2.2 11.2 10.9 0.3 29.4 26.6 2.2 -14.7 -11.1 -4.1 -8.3 -7.3 -1.0 RO
SK Slovakia 5.4 2.4 2.9 3.8 -0.2 4.0 9.3 8.7 0.6 5.2 5.0 0.3 6.6 4.9 1.6 4.2 6.2 -1.9 SK
SI Slovenia -0.8 -5.0 4.4 -0.7 -2.0 1.3 9.9 7.0 2.7 8.4 7.9 0.5 2.8 2.7 0.1 1.3 0.4 1.0 SI
ES Spain 8.7 10.6 -1.8 5.4 5.9 -0.5 4.3 3.9 0.4 2.7 3.9 -1.2 -11.5 -13.9 2.8 -10.5 -11.0 0.5 ES
SE Sweden 1.2 -0.8 2.0 1.4 0.6 0.8 5.0 3.9 1.1 4.2 4.6 -0.4 -2.1 -2.5 0.4 -3.2 -4.2 1.0 SE
GB UK -1.7 -4.5 3.0 -3.4 -6.3 3.0 10.2 9.3 0.9 12.8 12.1 0.7 -9.8 -8.2 -1.7 -5.6 -3.0 -2.7 GB
Gross value added per hour Labour compensation per hour REER-ULC
Total economy
Business sector w.o.
A.C.R.
Total economy
Business sector w.o.
A.C.R.
Total economy
Business sector w.o.
A.C.R.
6
5. Whi ch count ri es were more successf ul ?
Tabl e 4 i n Darvas ( 2 0 1 2b) showed t he resul t s of a ranki ng based on st abi l i t y and growt h
2
of f i ve i ndi cat ors of
t he busi ness sect or excl udi ng agri cul t ure, const ruct i on and real es t at e act i vi t i es
3
:
1. product i on;
2. product i vi t y ;
3. empl oy ment ;
4. t he rat io of empl oy ment t o t he product of average hourly l abour compensat i on and worki ng t i me;
5. and export market share.
The mot i vat ion f or t he choi ce of t hese vari abl es i s descri bed i n Darvas ( 2 0 1 2b) .
For product i on, empl oy ment and export market share we use act ual ( and not f i xed -wei ght ) dat a, because for
t hese i ndi cat ors t he act ual aggregat e i s meani ngf ul . But f or product i vi t y and t he rat i o of empl oy ment t o t he
product of average hourl y l abour compensat i on and work-t i me we use f i xed-wei ght aggregat es, because
composi t i onal changes can l ead t o seemi ng changes i n product i vi t y and average hourl y l abour cost , even
when t here i s no change i n any sect or of t he economy .
Si nce some of t he i ndi cat ors are noi sy , we base t he ranki ng on Hodri ck -Prescot t f i l t ered val ues wi t h a
smoot hi ng paramet er 1 , a very l ow val ue, so as t o remove onl y short -t erm noi se. Fi gure 1 shows t he t i mes
seri es of t he f i ve i ndi cat ors. For each i ndi cat or we order t he count ri es accordi ng t o t hei r score f or t he part i cul ar
i ndi cat or ( whi ch i s t he average of scores f or st abi l i t y and growt h) . We show bot h t he ori gi nal dat a ( t hi n l i nes)
and t he Hodri ck-Prescot t f i l t ered val ues ( t hi ck l i nes) .


2
We def i n
2 0 1 1 Q4
3
For export s onl y t he t ot al economy dat a i s avai l abl e; y et most of export s are accompl i shed by our pref erred aggregat e of t he
busi ness sect or.
7
Fi gure 1: The f i ve i ndi cat ors used t o rank count ri es ( busi ness sect or excl udi ng agri cul t ure, const ruct i on
and real est at e act i vi t i es, except f or export s, whi ch i s f or t he t ot al economy; 2008Q1=100) , 2008Q1 -
2011Q4


112
108
104
100
96
92
112
108
104
100
96
92
2008 2009 2010 2011
Bulgaria Poland
Spain Ireland
Romania Portugal
France Belgium
Productivity: best performers
104
102
100
98
96
94
92
90
104
102
100
98
96
94
92
90
2008 2009 2010 2011
Austria Netherlands
Czech Rep. Latvia
Italy Slovakia
UK Germany
Productivity: mid performers
104
100
96
92
88
84
104
100
96
92
88
84
2008 2009 2010 2011
Lithuania Sweden
Denmark Slovenia
Greece Finland
Estonia Hungary
Productivity: worst performers
115
110
105
100
95
90
115
110
105
100
95
90
2008 2009 2010 2011
Poland Bulgaria
Ireland Austria
Slovakia France
Portugal Belgium
Output: best performers
104
102
100
98
96
94
92
90
88
104
102
100
98
96
94
92
90
88
2008 2009 2010 2011
Sweden Netherlands
Spain Czech Rep.
Romania Germany
Italy UK
Output: mid performers
100
95
90
85
80
75
100
95
90
85
80
75
2008 2009 2010 2011
Denmark Slovenia
Hungary Lithuania
Finland Latvia
Greece Estonia
Output: worst performers
8



104
103
102
101
100
99
98
97
96
95
104
103
102
101
100
99
98
97
96
95
2008 2009 2010 2011
Poland Germany
Austria Belgium
Sweden France
Hungary Italy
Employment: best performers
102
100
98
96
94
92
102
100
98
96
94
92
2008 2009 2010 2011
Slovakia Czech Rep.
Netherlands UK
Finland Slovenia
Portugal Denmark
Employment: mid performers
104
100
96
92
88
84
104
100
96
92
88
84
2008 2009 2010 2011
Lithuania Romania
Estonia Bulgaria
Spain Greece
Ireland Latvia
Employment: worst performers
108
104
100
96
92
88
108
104
100
96
92
88
2008 2009 2010 2011
Lithuania Czech Rep.
Germany Hungary
Austria Belgium
Sweden Latvia
Employment/(wage*worktime):
best performers
110
105
100
95
90
85
110
105
100
95
90
85
2008 2009 2010 2011
Italy Estonia
Slovakia Netherlands
France Greece
Ireland Poland
Employment/(wage*worktime):
mid performers
110
100
90
80
70
60
110
100
90
80
70
60
2008 2009 2010 2011
Slovenia UK
Finland Portugal
Denmark Spain
Romania Bulgaria
Employment/(wage*worktime):
worst performers
130
125
120
115
110
105
100
95
130
125
120
115
110
105
100
95
2008 2009 2010 2011
Lithuania Bulgaria
Romania Estonia
Poland Germany
Latvia Spain
Exports/foreign imports: best performers
112
108
104
100
96
92
112
108
104
100
96
92
2008 2009 2010 2011
Ireland Netherlands
Hungary Portugal
UK Czech Rep.
France Belgium
Exports/foreign imports: mid performers
108
104
100
96
92
88
84
80
108
104
100
96
92
88
84
80
2008 2009 2010 2011
Sweden Denmark
Slovakia Austria
Slovenia Italy
Greece Finland
Exports/foreign imports: worst performers
9
Not e t o Fi gure 1 : t hi n l i nes show t he ori gi nal dat a and t he same-col our t hi ck l i nes t he Hodri ck-Prescot t f i l t ered val ues wi t h smoot hi ng
paramet er 1 , a very l ow val ue, i n order t o el i mi nat e onl y very short -run noi se. For each i ndi cat or we order t he count ri es accordi ng t o
t hei r score f or t he part i cul ar i ndi cat or ( whi ch i s t he average of scores f or st abi l i t y and growt h , cal cul at ed i n t he basi s of Hodri ck-
Prescot t f i l t ered dat a) .

6. Det ai l ed resul t s f or 24 EU member st at es
The chart s on t he f ol l owi ng pages show det ai l ed resul t s f or 2 4 EU count ri es.
For compari son, we al so show consumer pri ce i ndex ( CPI) based REERs, whi ch are cal cul at ed agai nst t he same
set of t radi ng part ners f or whi ch ULC-REERs are cal cul at ed. In addi t i on, we al so show t he CPI -REER cal culat ed
agai nst 1 38 t radi ng part ners as i n Darvas ( 2 0 1 2a) .
The l ast panel f or each count ry al so shows t he wei ght ed average i mport of t radi ng part ners, whi ch i s cal cul at ed
by averagi ng t he vol ume of i mport s of goods and servi ces of 4 0 t radi ng part ners: 2 7 EU count ri es pl us
Aust ral i a, Brazi l , Canada, Croat ia, Icel and, Japan, Korea, New Zeal and, Norway , Russi a, Swi t zerl and, Ukrai ne and
t he Uni t ed St at es. Weight s were deri ved on t he basi s of Bay oumi , Lee and Jaewoo ( 2 0 0 6) .
10
6.1. Aust ri a


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
140
130
120
110
100
90
80
70
60
140
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
140
130
120
110
100
90
80
70
140
130
120
110
100
90
80
70
00 02 04 06 08 10
GVA/hours worked
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
Gross value added (GVA)
101
100
99
98
97
96
95
94
93
92
101
100
99
98
97
96
95
94
93
92
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
108
104
100
96
92
88
84
80
108
104
100
96
92
88
84
80
00 02 04 06 08 10
GVA/hours worked
11
Aust ri a, cont i nued


105
104
103
102
101
100
99
98
97
96
105
104
103
102
101
100
99
98
97
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
104
100
96
92
88
84
80
76
72
68
104
100
96
92
88
84
80
76
72
68
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
50
60
70
80
90
100
110
120
130
140
50
60
70
80
90
100
110
120
130
140
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
45
40
35
30
25
20
15
45
40
35
30
25
20
15
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
115
110
105
100
95
90
85
80
75
115
110
105
100
95
90
85
80
75
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
115
110
105
100
95
90
85
80
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
130
120
110
100
90
80
140
130
120
110
100
90
80
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
112
108
104
100
96
92
112
108
104
100
96
92
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
116
112
108
104
100
96
92
88
84
116
112
108
104
100
96
92
88
84
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
12
Aust ri a, cont i nued 2


104
102
100
98
96
94
92
104
102
100
98
96
94
92
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
140
130
120
110
100
90
80
140
130
120
110
100
90
80
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
13
6.2. Bel gi um


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
105
100
95
90
85
80
75
110
105
100
95
90
85
80
75
00 02 04 06 08 10
Gross value added (GVA)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
110
105
100
95
90
85
80
75
70
110
105
100
95
90
85
80
75
70
00 02 04 06 08 10
GVA/hours worked
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
Gross value added (GVA)
102
100
98
96
94
92
90
102
100
98
96
94
92
90
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
102
100
98
96
94
92
90
88
86
102
100
98
96
94
92
90
88
86
00 02 04 06 08 10
GVA/hours worked
14
Bel gi um, cont i nued


101
100
99
98
97
96
101
100
99
98
97
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
60
70
80
90
100
110
120
130
140
60
70
80
90
100
110
120
130
140
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
60
50
40
30
20
60
50
40
30
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
115
110
105
100
95
90
85
80
75
115
110
105
100
95
90
85
80
75
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
80
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
15
Bel gi um, cont i nued 2


104
100
96
92
88
84
104
100
96
92
88
84
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
108
104
100
96
92
88
84
80
108
104
100
96
92
88
84
80
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
16
6.3. Bul gari a


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
200
100
80
60
40
30
20
10
200
100
80
60
40
30
20
10
00 02 04 06 08 10
Gross value added (GVA)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
400
200
160
120
80
60
40
20
400
200
160
120
80
60
40
20
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Gross value added (GVA)
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
GVA/hours worked
17
Bul gari a, cont i nued


105
104
103
102
101
100
99
98
97
105
104
103
102
101
100
99
98
97
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
30
40
50
60
70
80
90
100
110
30
40
50
60
70
80
90
100
110
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
20
10
8
6
4
3
2
1
20
10
8
6
4
3
2
1
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
200
160
120
100
80
60
40
20
200
160
120
100
80
60
40
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
160
140
120
100
80
60
40
160
140
120
100
80
60
40
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
18
Bul gari a, cont i nued 2


130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
160
140
120
100
80
60
160
140
120
100
80
60
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
100
80
60
40
20
120
100
80
60
40
20
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
19
6.4. Czech Republ i c


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Gross value added (GVA)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
50
110
100
90
80
70
60
50
00 02 04 06 08 10
Gross value added (GVA)
104
102
100
98
96
94
92
104
102
100
98
96
94
92
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
GVA/hours worked
20
Czech Republ i c, cont i nued


108
106
104
102
100
98
96
94
108
106
104
102
100
98
96
94
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
20
40
60
80
100
120
140
160
20
40
60
80
100
120
140
160
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
500
400
300
250
200
150
100
50
500
400
300
250
200
150
100
50
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
100
90
80
70
60
50
110
100
90
80
70
60
50
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
120
100
80
60
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
116
112
108
104
100
96
92
88
116
112
108
104
100
96
92
88
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
21
Czech Republ i c, cont i nued 2


110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
100
80
60
40
120
100
80
60
40
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
22
6.5. Denmark


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Gross value added (GVA)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
160
140
120
100
80
60
40
160
140
120
100
80
60
40
00 02 04 06 08 10
GVA/hours worked
104
100
96
92
88
84
104
100
96
92
88
84
00 02 04 06 08 10
Gross value added (GVA)
104
102
100
98
96
94
92
90
104
102
100
98
96
94
92
90
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
108
104
100
96
92
88
84
108
104
100
96
92
88
84
00 02 04 06 08 10
GVA/hours worked
23
Denmark, cont i nued


108
106
104
102
100
98
96
108
106
104
102
100
98
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
60
70
80
90
100
110
120
60
70
80
90
100
110
120
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
450
400
350
300
250
200
150
100
450
400
350
300
250
200
150
100
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
105
100
95
90
85
80
75
70
110
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
112
108
104
100
96
92
88
84
80
76
72
112
108
104
100
96
92
88
84
80
76
72
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
116
112
108
104
100
96
92
88
116
112
108
104
100
96
92
88
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
24
Denmark, cont i nued 2


105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
120
110
100
90
80
70
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
25
6.6. Est oni a


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
120
100
80
60
40
20
120
100
80
60
40
20
00 02 04 06 08 10
Gross value added (GVA)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
200
160
120
100
80
60
40
20
200
160
120
100
80
60
40
20
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
50
110
100
90
80
70
60
50
00 02 04 06 08 10
Gross value added (GVA)
110
105
100
95
90
85
80
75
110
105
100
95
90
85
80
75
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
110
100
90
80
70
60
50
110
100
90
80
70
60
50
00 02 04 06 08 10
GVA/hours worked
26
Est oni a, cont i nued


106
104
102
100
98
96
94
92
90
106
104
102
100
98
96
94
92
90
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
110
100
90
80
70
60
50
110
100
90
80
70
60
50
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
40
80
120
160
200
40
80
120
160
200
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
20
10
8
6
4
3
2
1
20
10
8
6
4
3
2
1
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
200
160
120
100
80
60
40
20
200
160
120
100
80
60
40
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
120
100
80
60
40
20
140
120
100
80
60
40
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
27
Est oni a, cont i nued 2


110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
100
80
60
40
20
120
100
80
60
40
20
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
28
6.7. Fi nl and


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
GVA/hours worked
105
100
95
90
85
80
75
70
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Gross value added (GVA)
102
100
98
96
94
92
90
102
100
98
96
94
92
90
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
GVA/hours worked
29
Fi nl and, cont i nued


105
104
103
102
101
100
99
98
97
96
105
104
103
102
101
100
99
98
97
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
60
70
80
90
100
110
120
60
70
80
90
100
110
120
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
40
35
30
25
20
15
10
40
35
30
25
20
15
10
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
130
120
110
100
90
80
70
140
130
120
110
100
90
80
70
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
112
108
104
100
96
92
88
112
108
104
100
96
92
88
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
30
Fi nl and, cont i nued 2


115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
120
115
110
105
100
95
90
85
80
120
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
31
6.8. France


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
105
100
95
90
85
80
110
105
100
95
90
85
80
00 02 04 06 08 10
Gross value added (GVA)
120
115
110
105
100
95
90
85
80
120
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
115
110
105
100
95
90
85
80
75
115
110
105
100
95
90
85
80
75
00 02 04 06 08 10
GVA/hours worked
104
100
96
92
88
84
104
100
96
92
88
84
00 02 04 06 08 10
Gross value added (GVA)
101
100
99
98
97
96
95
94
101
100
99
98
97
96
95
94
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
104
102
100
98
96
94
92
90
88
104
102
100
98
96
94
92
90
88
00 02 04 06 08 10
GVA/hours worked
32
France, cont i nued


103
102
101
100
99
98
103
102
101
100
99
98
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
115
110
105
100
95
90
85
80
120
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
70
80
90
100
110
70
80
90
100
110
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
45
40
35
30
25
20
15
45
40
35
30
25
20
15
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
112
108
104
100
96
92
88
84
80
76
112
108
104
100
96
92
88
84
80
76
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
110
105
100
95
90
85
80
110
105
100
95
90
85
80
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
33
France, cont i nued 2


104
100
96
92
88
84
104
100
96
92
88
84
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
110
105
100
95
90
85
80
110
105
100
95
90
85
80
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
34
6.9. Germany


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Gross value added (GVA)
130
120
110
100
90
80
130
120
110
100
90
80
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
GVA/hours worked
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
Gross value added (GVA)
102
101
100
99
98
97
96
95
94
102
101
100
99
98
97
96
95
94
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
GVA/hours worked
35
Germany, cont i nued


106
104
102
100
98
96
94
106
104
102
100
98
96
94
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
110
105
100
95
90
85
80
75
70
110
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
60
80
100
120
140
160
60
80
100
120
140
160
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
35
30
25
20
15
35
30
25
20
15
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
115
110
105
100
95
90
85
80
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
112
108
104
100
96
92
88
84
112
108
104
100
96
92
88
84
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
130
120
110
100
90
80
70
140
130
120
110
100
90
80
70
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
116
112
108
104
100
96
116
112
108
104
100
96
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
36
Germany, cont i nued 2


116
112
108
104
100
96
116
112
108
104
100
96
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
130
120
110
100
90
80
130
120
110
100
90
80
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
37
6.10. Greece


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
240
200
160
120
80
240
200
160
120
80
00 02 04 06 08 10
GVA/hours worked
105
100
95
90
85
80
75
70
65
105
100
95
90
85
80
75
70
65
00 02 04 06 08 10
Gross value added (GVA)
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
GVA/hours worked
38
Greece, cont i nued


104
103
102
101
100
99
98
97
104
103
102
101
100
99
98
97
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
20
40
60
80
100
120
140
160
180
200
20
40
60
80
100
120
140
160
180
200
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
30
20
10
8
6
4
3
2
1
30
20
10
8
6
4
3
2
1
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
200
160
120
100
80
60
40
20
200
160
120
100
80
60
40
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
200
100
80
60
40
30
20
10
200
100
80
60
40
30
20
10
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
39
Greece, cont i nued 2


110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
160
140
120
100
80
60
160
140
120
100
80
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
60
50
110
100
90
80
70
60
50
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
40
6.11. Hungary


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Gross value added (GVA)
160
140
120
100
80
60
160
140
120
100
80
60
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
160
140
120
100
80
60
160
140
120
100
80
60
00 02 04 06 08 10
GVA/hours worked
105
100
95
90
85
80
75
70
65
105
100
95
90
85
80
75
70
65
00 02 04 06 08 10
Gross value added (GVA)
106
104
102
100
98
96
94
106
104
102
100
98
96
94
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
104
100
96
92
88
84
80
76
72
68
104
100
96
92
88
84
80
76
72
68
00 02 04 06 08 10
GVA/hours worked
41
Hungary, cont i nued


106
105
104
103
102
101
100
99
98
97
106
105
104
103
102
101
100
99
98
97
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
40
60
80
100
120
140
160
40
60
80
100
120
140
160
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
8,000
4,000
3,200
2,400
1,600
1,200
800
400
8,000
4,000
3,200
2,400
1,600
1,200
800
400
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
160
140
120
100
80
60
40
160
140
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
115
110
105
100
95
90
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
42
Hungary, cont i nued 2


120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
300
250
200
150
100
50
300
250
200
150
100
50
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
43
6.12. Irel and


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
140
120
100
80
60
40
20
140
120
100
80
60
40
20
00 02 04 06 08 10
Gross value added (GVA)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
160
140
120
100
80
60
40
20
160
140
120
100
80
60
40
20
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
GVA/hours worked
44
Irel and, cont i nued


105
104
103
102
101
100
99
98
97
96
105
104
103
102
101
100
99
98
97
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
40
60
80
100
120
140
40
60
80
100
120
140
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
50
40
30
20
10
50
40
30
20
10
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
160
140
120
100
80
60
40
160
140
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
110
100
90
80
70
110
100
90
80
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
45
Irel and, cont i nued 2


105
100
95
90
85
80
75
70
65
105
100
95
90
85
80
75
70
65
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
46
6.13. It al y


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
105
100
95
90
85
80
75
110
105
100
95
90
85
80
75
00 02 04 06 08 10
Gross value added (GVA)
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
120
115
110
105
100
95
90
85
80
120
115
110
105
100
95
90
85
80
00 02 04 06 08 10
GVA/hours worked
102
100
98
96
94
92
90
88
102
100
98
96
94
92
90
88
00 02 04 06 08 10
Gross value added (GVA)
102
100
98
96
94
92
90
102
100
98
96
94
92
90
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
101
100
99
98
97
96
95
94
93
101
100
99
98
97
96
95
94
93
00 02 04 06 08 10
GVA/hours worked
47
It al y, cont i nued


105
104
103
102
101
100
99
98
97
96
105
104
103
102
101
100
99
98
97
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
60
70
80
90
100
110
120
130
60
70
80
90
100
110
120
130
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
50
40
30
25
20
15
10
5
50
40
30
25
20
15
10
5
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
105
100
95
90
85
80
75
110
105
100
95
90
85
80
75
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
112
108
104
100
96
92
88
84
80
76
112
108
104
100
96
92
88
84
80
76
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
48
It al y, cont i nued 2


108
104
100
96
92
88
84
80
76
72
108
104
100
96
92
88
84
80
76
72
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
110
100
90
80
70
110
100
90
80
70
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
49
6.14. Lat vi a


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Gross value added (GVA)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Gross value added (GVA)
105
100
95
90
85
80
75
70
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
110
100
90
80
70
60
50
110
100
90
80
70
60
50
00 02 04 06 08 10
GVA/hours worked
50
Lat vi a, cont i nued


112
108
104
100
96
92
112
108
104
100
96
92
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
20
40
60
80
100
120
20
40
60
80
100
120
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
10.0
5.0
4.0
3.0
2.0
1.5
1.0
0.5
10.0
5.0
4.0
3.0
2.0
1.5
1.0
0.5
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
120
100
80
60
40
20
120
100
80
60
40
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
120
100
80
60
40
20
120
100
80
60
40
20
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
120
100
80
60
40
20
120
100
80
60
40
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
112
108
104
100
96
92
88
84
112
108
104
100
96
92
88
84
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
51
Lat vi a, cont i nued 2

120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
140
120
100
80
60
40
140
120
100
80
60
40
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
100
80
60
40
20
120
100
80
60
40
20
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
52
6.15. Li t huani a


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
120
100
80
60
40
20
120
100
80
60
40
20
00 02 04 06 08 10
Gross value added (GVA)
160
140
120
100
80
60
40
160
140
120
100
80
60
40
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
200
175
150
125
100
75
50
200
175
150
125
100
75
50
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Gross value added (GVA)
104
100
96
92
88
84
80
76
72
104
100
96
92
88
84
80
76
72
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
GVA/hours worked
53
Li t huani a, cont i nued


104
102
100
98
96
94
92
104
102
100
98
96
94
92
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
20
40
60
80
100
120
140
20
40
60
80
100
120
140
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
35
30
25
20
15
10
5
35
30
25
20
15
10
5
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
54
Li t huani a, cont i nued 2


110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
100
80
60
40
120
100
80
60
40
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
100
80
60
40
20
120
100
80
60
40
20
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
55
6.16. Net herl ands


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
105
100
95
90
85
80
75
70
110
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Gross value added (GVA)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
GVA/hours worked
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
Gross value added (GVA)
101
100
99
98
97
96
95
94
93
92
101
100
99
98
97
96
95
94
93
92
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
GVA/hours worked
56
Net herl ands, cont i nued


105
104
103
102
101
100
99
98
97
105
104
103
102
101
100
99
98
97
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
115
110
105
100
95
90
85
80
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
60
70
80
90
100
110
120
130
140
60
70
80
90
100
110
120
130
140
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
50
40
30
20
50
40
30
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
105
100
95
90
85
80
75
70
110
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
110
105
100
95
90
85
110
105
100
95
90
85
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
57
Net herl ands, cont i nued 2


104
100
96
92
88
84
104
100
96
92
88
84
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
110
105
100
95
90
85
110
105
100
95
90
85
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
105
100
95
90
85
80
75
70
65
105
100
95
90
85
80
75
70
65
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
58
6.17. Pol and


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Gross value added (GVA)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
160
140
120
100
80
60
40
160
140
120
100
80
60
40
00 02 04 06 08 10
GVA/hours worked
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
GVA/hours worked
59
Pol and, cont i nued


103
102
101
100
99
98
97
103
102
101
100
99
98
97
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
40
60
80
100
120
140
40
60
80
100
120
140
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
30
25
20
15
10
30
25
20
15
10
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
180
160
140
120
100
80
60
180
160
140
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
112
108
104
100
96
92
88
84
112
108
104
100
96
92
88
84
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
60
Pol and, cont i nued 2


120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
180
160
140
120
100
80
60
180
160
140
120
100
80
60
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
140
120
100
80
60
140
120
100
80
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
100
80
60
40
20
120
100
80
60
40
20
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
180
160
140
120
100
80
60
40
180
160
140
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
61
6.18. Port ugal


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Gross value added (GVA)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
GVA/hours worked
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
Gross value added (GVA)
102
100
98
96
94
92
90
102
100
98
96
94
92
90
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
108
104
100
96
92
88
84
108
104
100
96
92
88
84
00 02 04 06 08 10
GVA/hours worked
62
Port ugal , cont i nued


104
103
102
101
100
99
98
97
104
103
102
101
100
99
98
97
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
125
120
115
110
105
100
95
90
85
80
125
120
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
60
80
100
120
140
160
60
80
100
120
140
160
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
40
32
24
20
16
12
8
4
40
32
24
20
16
12
8
4
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
105
100
95
90
85
80
75
70
110
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
110
105
100
95
90
85
80
110
105
100
95
90
85
80
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
63
Port ugal , cont i nued 2


102
100
98
96
94
92
90
88
86
102
100
98
96
94
92
90
88
86
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
108
104
100
96
92
88
84
80
76
108
104
100
96
92
88
84
80
76
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
64
6.19. Romani a


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Gross value added (GVA)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
160
140
120
100
80
60
160
140
120
100
80
60
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
GVA/hours worked
65
Romani a, cont i nued


102
101
100
99
98
97
96
102
101
100
99
98
97
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
40
60
80
100
120
140
40
60
80
100
120
140
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
50
40
30
20
10
50
40
30
20
10
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
180
160
140
120
100
80
60
180
160
140
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
128
124
120
116
112
108
104
100
96
92
88
128
124
120
116
112
108
104
100
96
92
88
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
200
160
120
80
40
200
160
120
80
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
120
116
112
108
104
100
96
120
116
112
108
104
100
96
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
116
112
108
104
100
96
92
88
84
116
112
108
104
100
96
92
88
84
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
66
Romani a, cont i nued 2


120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
120
110
100
90
80
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
140
130
120
110
100
90
80
70
140
130
120
110
100
90
80
70
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
67
6.20. Sl ovaki a


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Gross value added (GVA)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
160
140
120
100
80
60
40
160
140
120
100
80
60
40
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
50
110
100
90
80
70
60
50
00 02 04 06 08 10
Gross value added (GVA)
104
100
96
92
88
84
80
104
100
96
92
88
84
80
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
GVA/hours worked
68
Sl ovaki a, cont i nued


103
102
101
100
99
98
97
96
95
94
103
102
101
100
99
98
97
96
95
94
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Manufacturing data from different
databases (2008Q1=100)
0
20
40
60
80
100
120
140
160
180
0
20
40
60
80
100
120
140
160
180
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross value added in manufacturing sub-sectors
14
12
10
8
6
4
2
14
12
10
8
6
4
2
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
69
Sl ovaki a, cont i nued 2


120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
140
120
100
80
60
40
140
120
100
80
60
40
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
70
6.21. Sl oveni a


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Gross value added (GVA)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
180
160
140
120
100
80
60
180
160
140
120
100
80
60
00 02 04 06 08 10
GVA/hours worked
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
102
100
98
96
94
92
90
88
86
102
100
98
96
94
92
90
88
86
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
104
100
96
92
88
84
80
76
72
104
100
96
92
88
84
80
76
72
00 02 04 06 08 10
GVA/hours worked
71
Sl oveni a, cont i nued


104
103
102
101
100
99
98
97
96
104
103
102
101
100
99
98
97
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Manufacturing data from different
databases (2008Q1=100)
40
60
80
100
120
140
40
60
80
100
120
140
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross value added in manufacturing sub-sectors
24
20
16
12
8
4
24
20
16
12
8
4
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
200
160
120
100
80
60
40
20
200
160
120
100
80
60
40
20
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
72
Sl oveni a, cont i nued 2


112
108
104
100
96
92
88
112
108
104
100
96
92
88
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
115
110
105
100
95
90
85
80
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
160
140
120
100
80
160
140
120
100
80
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
73
6.22. Spai n


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
100
90
80
70
60
50
40
110
100
90
80
70
60
50
40
00 02 04 06 08 10
Gross value added (GVA)
120
100
80
60
40
120
100
80
60
40
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
180
160
140
120
100
80
60
40
180
160
140
120
100
80
60
40
00 02 04 06 08 10
GVA/hours worked
100
95
90
85
80
75
100
95
90
85
80
75
00 02 04 06 08 10
Gross value added (GVA)
104
100
96
92
88
84
80
76
104
100
96
92
88
84
80
76
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
112
108
104
100
96
92
112
108
104
100
96
92
00 02 04 06 08 10
GVA/hours worked
74
Spai n, cont i nued


107
106
105
104
103
102
101
100
99
107
106
105
104
103
102
101
100
99
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
60
70
80
90
100
110
120
60
70
80
90
100
110
120
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
36
32
28
24
20
16
12
8
36
32
28
24
20
16
12
8
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
105
100
95
90
85
80
75
70
110
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
120
100
80
60
40
140
120
100
80
60
40
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
105
100
95
90
85
80
75
70
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
120
115
110
105
100
95
90
85
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
75
Spai n, cont i nued 2


100
95
90
85
80
75
100
95
90
85
80
75
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
110
100
90
80
70
110
100
90
80
70
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
120
110
100
90
80
70
60
50
120
110
100
90
80
70
60
50
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
120
110
100
90
80
70
60
120
110
100
90
80
70
60
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
110
100
90
80
70
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
76
6.23. Sweden


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
115
110
105
100
95
90
85
80
75
115
110
105
100
95
90
85
80
75
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
GVA/hours worked
105
100
95
90
85
80
75
70
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Gross value added (GVA)
104
102
100
98
96
94
92
104
102
100
98
96
94
92
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
104
100
96
92
88
84
80
76
72
104
100
96
92
88
84
80
76
72
00 02 04 06 08 10
GVA/hours worked
77
Sweden, cont i nued


103
102
101
100
99
98
97
103
102
101
100
99
98
97
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
110
100
90
80
70
110
100
90
80
70
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
50
60
70
80
90
100
110
50
60
70
80
90
100
110
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
450
400
350
300
250
200
150
450
400
350
300
250
200
150
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
110
100
90
80
70
110
100
90
80
70
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
110
105
100
95
90
85
80
75
70
110
105
100
95
90
85
80
75
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
160
140
120
100
80
60
160
140
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
116
112
108
104
100
96
92
88
116
112
108
104
100
96
92
88
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
120
115
110
105
100
95
90
85
80
120
115
110
105
100
95
90
85
80
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
78
Sweden, cont i nued 2


115
110
105
100
95
90
85
115
110
105
100
95
90
85
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
130
120
110
100
90
80
130
120
110
100
90
80
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
130
120
110
100
90
80
130
120
110
100
90
80
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
130
120
110
100
90
80
70
130
120
110
100
90
80
70
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
140
130
120
110
100
90
80
70
140
130
120
110
100
90
80
70
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
130
120
110
100
90
80
70
60
130
120
110
100
90
80
70
60
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
79
6.24. Uni t ed Ki ngdom


0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of hours worked
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Construction Real estate Agriculture Finance/insurance
Public services Other services Other industry Manufacturing
Composition of GVA, 2005 prices
0
20
40
60
80
100
0
20
40
60
80
100
00 02 04 06 08 10
Composition of GVA, current prices
110
100
90
80
70
60
110
100
90
80
70
60
00 02 04 06 08 10
Gross value added (GVA)
140
130
120
110
100
90
80
70
140
130
120
110
100
90
80
70
00 02 04 06 08 10
Public services Financial services Real estate services
Other services Construction Manufacturing
Manufacturing - constant weights
Hours worked
120
110
100
90
80
70
60
120
110
100
90
80
70
60
00 02 04 06 08 10
GVA/hours worked
104
100
96
92
88
84
80
76
104
100
96
92
88
84
80
76
00 02 04 06 08 10
Gross value added (GVA)
104
102
100
98
96
94
92
104
102
100
98
96
94
92
00 02 04 06 08 10
Total economy Total economy - constant weights
Business sector w.o. A.C.R. Business sector w.o. A.C.R. - constant weights
Hours worked
105
100
95
90
85
80
75
105
100
95
90
85
80
75
00 02 04 06 08 10
GVA/hours worked
80
Uni t ed Ki ngdom, cont i nued


104
103
102
101
100
99
98
97
96
104
103
102
101
100
99
98
97
96
00 02 04 06 08 10
Total economy
Business sector w.o. A.C.R.
Hours worked/employee (2008Q1=100)
150
140
130
120
110
100
90
80
150
140
130
120
110
100
90
80
00 02 04 06 08 10
Gross value added (national accounts database)
Gross production (industry database)
Hours worked (national accounts database)
Hours worked (industry database)
Manufacturing data from different
databases (2008Q1=100)
70
80
90
100
110
120
130
70
80
90
100
110
120
130
00 02 04 06 08 10
Food Cloth
Wood Chemic/Pharma
Plastic Metal
Electric Machine
Other Total
Gross production in manufacturing
sub-sectors (2008Q1=100)
35
30
25
20
15
10
5
35
30
25
20
15
10
5
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (local currency)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Hourly labour compensation (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Hourly labour compensation (2008Q1=100)
140
120
100
80
60
140
120
100
80
60
00 02 04 06 08 10
Public services
Financial services
Real estate services
Other services
Construction
Manufacturing
Manufacturing - constant weights
Unit labour costs (2008Q1=100)
130
120
110
100
90
80
130
120
110
100
90
80
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Unit labour costs (2008Q1=100)
112
108
104
100
96
92
88
112
108
104
100
96
92
88
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
Al l 30
ULC of trading partners
Bus.sec. w.o. A.C.R. - const.w. (2008Q1=100)
81
Uni t ed Ki ngdom, cont i nued 2




112
108
104
100
96
92
88
84
80
76
112
108
104
100
96
92
88
84
80
76
00 02 04 06 08 10
Total economy
Total economy - constant weights
Business sector w.o. A.C.R.
Business sector w.o. A.C.R. - constant weights
Eurostat (Total economy)
REER-ULC - aggregates (2008Q1=100)
120
110
100
90
80
70
120
110
100
90
80
70
00 02 04 06 08 10
Manuf acturing
Manuf acturing - constant weights
Trade, transport, tourism
Inf ormation and communication
Business sector w.o. A.C.R. - constant weights
REER-ULC - sectors (2008Q1=100)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
00 02 04 06 08 10
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
REER-ULC - trading partners (2008Q1=100)
Bus.sec. w.o. A.C.R. - constant weights
130
120
110
100
90
80
70
130
120
110
100
90
80
70
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
NEER (2008Q1=100)
130
120
110
100
90
80
70
130
120
110
100
90
80
70
1990 1995 2000 2005 2010
Euro-area 14
Non-euro EU 9
Non-EU 7
All 30
138 countries
REER-CPI (2008Q1=100)
110
100
90
80
70
110
100
90
80
70
00 02 04 06 08 10
Exports
Foreign imports
REER-ULC: Business sector w.o. A.C.R. - constant weights
REER-ULC: Manuf acturing - constant weights
Export, export demand and REER
82
7. Dat a sources and mani pul at i ons

Dat a f or 11 mai n sect ors of t he economy
4

For t he l i st of t he 11 sect ors, see Tabl e 1 i n Darvas ( 2 01 2b) . We col l ect ed dat a f rom t he onl i ne dat abase of
Eurost at for:
- gross added val ue at const ant 2 00 5 pri ces ( our out put measure) ,
- gross added val ue at current pri ces,
- t ot al l abour compensat ion in nat i onal currency ,
- t ot al hours worked ( our labour i nput measure) ,
- number of empl oy ed people.
The sample peri od covers 2 00 0Q1 -2 01 1 Q4 f or al l count ri es but Romani a, f or whi ch sect oral dat a i s avai l abl e
f rom 2 00 8 . Seasonal l y adj ust ed dat a i s avai l abl e for al most al l count ri es, except a f ew t i me seri es of Greece,
Hungary , Romani a and Sweden t hat we adj ust ed seasonal l y usi ng X1 2.
In t he case of Li t huania, seasonal l y adj ust ed hours worked dat a cont ai ned some obvi ous errors ( eg t he val ue
of t he seasonal l y adj ust ed seri es was about 1 0 -t i mes t he val ue of t he non-adj ust ed seri es i n several quart ers) .
Theref ore we used t he non-adj ust ed seri es and adj ust ed seasonal l y t hese t i mes seri es usi ng X1 2 by
oursel ves.
For most EU count ri es and Norway , al l dat a were avai l abl e at t he quart erl y l evel f or at l east t he 2 00 0Q1 -
2 01 1Q4 peri od, but f or t he fol l owi ng count ri es t here were some gaps i n t he dat a.

Filling gaps in t he quart erly nat ional account s dat abase f or t he 11 main sect ors
For Bel gi um t he hours worked seri es was not avai l abl e at Eurost at , but was avai labl e at t he Nat i onal Bank of
Bel gi um onl i ne st at i st i cal dat abase.
For Bel gi um and Bul gari a manuf act uri ng dat a i s mi ssi ng f or al l vari abl es at Eurost at , but dat a for i ndust ry
( excl udi ng const ruct i on) i s avai l abl e. However, i n t he AMECO annual dat a, t he dat a i s avai l able separat el y f or
t he manuf act uri ng sect or f or f our of t he f i ve vari abl es we col l ect ed: const ant pr i ce gross val ue added, current
pri ce gross val ue added, labour compensat i on and empl oy ment . For Bel gi um AMECO dat a ends i n 2 01 1, but for
Bul gari a t he manuf act uri ng sect or dat a i s avai l abl e t i l l 2 01 0. We cal cul at ed t he share of manuf act uri ng in
i ndust ry and we assumed t hat i n Bul gari a t he 2 00 9 -2 01 0 t rend of t he share of manuf act uri ng cont i nued in
2 01 1. We t hen convert ed t he shares ( of bot h Bel gi um and Bul gari a) t o quart erl y f requency usi ng a cubi c spl i ne
and mul t i pl i ed t he avai l able i ndust ry dat a wi t h t hese shares t o approxi mat e manuf act uri ng dat a. For hours
worked we assumed t hat t he rat io i s t he same as i n empl oy ment .

4
( i e sect ors) i n t he name of t he dat abase, but t he 1 0 sect or
c sect ors.
83
For Greece and Norway quart erl y hours worked were not avai labl e. Quart erl y empl oy ment was avai l abl e, as
wel l as annual hours worked and empl oy ment . We have cal culat ed t he rat i o of annual hours worked over
empl oy ment and convert ed t hese rat i os t o t he quart erl y f requency usi ng a cubi c spl i ne. Then we mul t i pl i ed t he
quart erl y empl oy ment f i gures wi t h t he one- t i os, i n order t o approxi mat e
hours worked at t he quart erl y l evel .
Empl oy ment dat a f or t he Greek real est at e sect or ( bot h at t he quart erl y and annual f requenci es) and hours
worked ( whi ch i s avai l abl e at t he annual f requency onl y ) had rat her st range pat t ern s. Eg empl oy ment
i ncreased by 6 6 percent f rom 2 00 1 t o 2 00 2, t hen f el l by 3 3 percent t he next y ear, and t hen i ncreased by 6 3
percent t he y ear af t er. Gross added val ue di d not f l uct uat e t hat much and t heref ore t he huge f l uct uat i on i n
empl oy ment coul d be a dat a error. To el i mi nat e t hese unreasonabl e f l uct uat ions, we use a Hodri ck -Prescot t
f i l t ered t rend f or t he empl oy ment and hours worked of t he real est at e sect or of Greece. Si nce t he real est at e
sect or i s not i ncl uded i n our pref erred aggregat e measure ( busi n ess sect or excl udi ng agri cul t ure, const ruct i on
and real est at e act i vi t i es) , t he smoot hi ng of l abour i nput of t he real est at e sect or of Greece wi l l not af f ect our
mai n resul t s.
For Lat vi a, gross added val ue dat a i s avai l abl e si nce 2 00 1 at t he quart erl y f requency , but annual dat a is
avai l abl e f or earl i er y ears as wel l . For 2 00 0 we assumed i dent i cal quart erl y percent changes i n each quart er
2 00 0 so t hat t he average annual growt h f rom 2 00 0 t o 2 00 1 equal s t he growt h of act ual annual dat a.
For Pol and, labour compensat i on dat a st art i n 2 00 1 and hours worked i n 2 00 4 at t he 1 1 -sect or cl assi f i cat i on
( but dat a f or t he t ot al economy i s avai labl e si nce 19 95 ) . Quart erl y dat a on hours worked f or t he 7 -sect or
cl assi f i cat ion i s avai l abl e si nce 2 00 1. Theref ore, f or 2 0 01 -20 03 we used t he 7 -sect or cl assi f i cat ion t o mat ch
t he 1 1 -sect or
arat el y i n t he 7 -
sect or cl assi f i cat i on ( si mi l arl y t o t he 1 1 -sect or cl assi f i cat i on) , but ot her servi ces are l ess di saggregat ed i n t he
7 -sect or cl assi f i cat ion. For t hese sect ors we assumed t hat t he dy nami cs of each el ement of a broader group
( eg f i nance and real est at e) f ol l ow t he dy nami cs of t hei r aggregat e. For 2 00 0, i n t he case of hours worked and
empl oy ment , we assumed t hat sect oral composit i on i s i dent i cal t o t he sect oral composi t i on of t he 2 00 1Q1
seasonal l y adj ust ed dat a. For l abour compensat i on, annual dat a i s avai l able f or 2 00 0 at t he 1 1 -sect or
cl assi f i cat ion as wel l and we assumed i dent i cal quart erl y percent changes i n each quart er 2 00 0 so t hat t he
average annual growt h f rom 2 00 0 t o 2 00 1 equal s t he growt h of act ual annual dat a.
For Port ugal , sect oral l abour compensat i on dat a are missi ng at t he quart erl y f requency ( avai l abl e onl y f or t he
t ot al economy ) , but sect oral dat a are avai l abl e at t he annual f requency up t o 2 00 9. Up t o 2 00 9 we convert ed
t he sect oral annual dat a t o quart erl y by assumi ng t hat t he wi t hi n-y ear di st ri but i on of l abour compensat i on is
t he same as t he wi t hi n y ear di st ri but i on of gross added val ue, whi ch shoul d be a f ai r approxi mat ion. For 2 01 0
and 2 01 1, we assumed t hat t he 2 00 9 rat i o of l abour compensat i on t o gross added val ue remai ned t he same
and used quart erl y sect oral gross added val ue dat a t o approxi mat e t he quart erl y sect oral l abour
compensat i on, whi ch bri ngs some uncert ai nt y t o t he approxi mat i on. For t he t ot al economy , t he rat i o of l abour
compensat i on t o gross added val ue was remarkabl y st abl e duri ng our whol e sampl e peri od ( i ncl udi ng i n 2 01 0 -
2 01 1) , but at t he sect oral l evel t here were some changes up t o 2 00 9, t i l l dat a f or bot h i ndi cat ors are avai l able
at t he sect or l evel , and hence we cannot excl ude t hat t hi s rat i o has al so change d i n 2 0 1 0-2 01 1 f or cert ai n
sect ors. Due t o t hese approxi mat i ons, t he sum of t he sect oral dat a sl i ght l y devi at ed f rom t he known t ot al ( t he
84
devi at i on was t y pi cal l y i n t he range of pl us/ mi nus hal f percent ) , so we have rescal ed t he deri ved sect oral dat a
so t hat t hei r sum be equal t he know t ot al .
For Romani a we ai m t o assembl e a compl et e dat aset st art i ng i n 2 0 08 Q1 , because f or earl i er peri ods many t ime
seri es are mi ssi ng ( y et a f ew of t hem are avai l abl e and t heref ore t he count ry -speci f i c chart s i n Sect i on 6 .19 of
t hi s paper show some earli er dat a as wel l ) . Const ant pri ce GVA i s avai l abl e f rom 2 00 0Q1 f or t he 7 - sect or
cl assi f i cat ion, whi ch t o a large ext ent overl aps wi t h t he 11 -sect or cl assi f i cat i on we use ( see t he not es we made
f or Pol and above) . The current pri ce GVA i s avai l abl e f or al l 1 1 sect ors f rom 2 00 8 Q1 . For t hose sect ors f or whi ch
const ant pri ce GVA i s not avai l abl e, we def l at ed t he avai l abl e current pri ce GVA wi t h t he def lat or of a sect or
whi ch may have si mi l ar pri ce development s. For exampl e, f or t he aggregat e of sect ors R-U ( ot her servi ces, et c.


For Sl oveni a, seasonal l y adj ust ed gross added val ue at 2 00 5 pri ces i s not avai l able f or 2 00 0 -2 00 1, but a non-
adj ust ed seri es i s avai l abl e. We t heref ore adj ust ed, usi ng X1 2, t he non -adj ust ed seri es and ext ended

For t he Uni t ed Ki ngdom, gross added val ue and t ot al l abour compensat i on are avail abl e f rom Eurost at , but t ot al
worked per week at t he sect oral l evel as wel l . We have mul t i pl i ed t he number of empl oy ees wi t h average hours
worked per week and wi t h 1 3 t o get a quart erl y measure of t ot al hours worked. The di f f erent sources for l abour
compensat i on and t ot al hours worked may not make t he deri ved hourl y wage l evel of UK dat a f ul l y comparabl e
t o dat a of ot her count ri es, t hough t he f i gures are reasonab l e and t he dy nami cs shoul d not be i mpact ed much
by our approxi mat i on of t he t ot al hours worked.

Dat a f or manuf act uri ng sub-sect ors
We hi ghl i ght t hat dat a f or t he t ot al manuf act uri ng i ndust ry i s avai l able f rom t he 1 1 -sect or decomposi t i on of t he
economy f or al l f i ve i ndi cat ors ( see t he previ ous sub-sect i on) . In t hi s sub-sect ion we descri be dat a f or sub-
sect ors wi t hi n manuf act uring.
We used t wo mai n dat a sources of Eurost at :
-
dat a on gross product i on, hours worked, empl oy ment , and wages for 2 4 manuf act uri ng sub -sect ors
( C1 0, C1 1 , C1 2 , ... and C3 3 ) . Onl y i ndi ces ( 2 0 0 5=10 0) are avai l able. The l at est observat i on i s 2 01 1Q4 .
-
mai n sect ors of t he economy ( see above) . Dat a i s avai l abl e i n t hei r nat ural uni t ( eg euro, 1 00 0 hours
worked, et c) . Thi s dat abase decomposes t he manuf act uri ng sect or i nt o 1 3 sub-sect ors onl y , whi ch are
t he combi nat i ons of t he 24 subsect ors avai l abl e i n t he i ndust ry dat abase: C1 0 -1 2, C1 3-1 5, C1 6-1 8,
C1 9 , C2 0 , C2 1 , C2 2-2 3, C2 4 -2 5, C2 6 , C2 7 , C2 8 , C2 9 -3 0, and C3 1 -3 3. The lat est observat i on i s 2 01 0 f or
most count ri es, but t here are some gaps.
In order t o be consi st ent wi t h t he 1 1 - sect or dat a, we use const ant pri ce gross added val ue as t he out put
measure f or manuf act uri ng sub-sect ors as wel l . Therefore, we use 1 3 sub-sect oral decomposit i on f or whi ch at
85
l east annual dat a i s avai labl e and use dat a f rom t he quart erl y i ndust ry dat abase t o approxi mat e t he wi t hin-
y ear devel opment s ( whenever annual dat a i s avai labl e) and al so use quart erl y dat a f rom t he i ndust ry
dat abase t o approxi mat e t hese sub-sect oral dat a for t hose y ears ( eg 2 01 1) f or whi ch even annual dat a is
mi ssi ng. Our pri nci pl es f or t hese approxi mat ions are:
1. Mat chi ng: we mat ch t he 24 sub-sect ors of t he i ndust ry dat abase wi t h t he 1 3 sub-sect ors of t he
nat i onal account s dat abase. Si nce we do not have sub-sect oral wei ght s at t he 24 sub-sect oral level,
we si mpl y assume equal wei ght s f or t he sub-sect oral aggregat es of t he 1 3 sub-sect oral cl assi f i cat ion,
eg we approxi mat e t he aggregat e of C1 0 -1 3 as t he equal l y -wei ght ed average of C1 0 , C1 1 and C1 2.
2. or t he period f or whi ch annual const ant pri ce gross added val ue i s avai l able f or
manuf act uri ng sub-sect ors ( 2 0 0 0-2 01 0 f or most count ri es) we use t he wi t hi n-y ear devel opment of
gross product i on t o approximat e t he wi t hi n-y ear development of gross added val ue.
3. Proj ect i ng: f or t hose y ears f or whi ch const ant pri ce gross added val ue i s not avai l abl e ( 2 0 1 1 f or most
added val ue and t hen rescal e t hese
proj ect ed sub-sect oral series so t hat t hei r sum be equal t he known manufact uri ng t ot al dat a. ( i e: we
cal cul at e t he sum of gross added val ue of t he 1 3 manuf act uri ng subsect ors, cal cul at e t he rat i o of
act ual manuf act uri ng t ot al t o t he sum of t he approxi mat ed sub -sect ors, and scal e t he approxi mat ed
sub-sect oral dat a wi t h t hi s rat i o) .

Si mi l arl y , we use hourl y l abour compensat i on as t he labour cost measure f or t he manuf act uri ng sub -sect ors i n
order t o be consi st ent wi t h our dat a for t he 1 1 mai n sect ors of t he economy . We fol l ow t he same procedure as
descri bed above usi ng quart erl y wage i ndexes f rom t he i ndust ry dat abase.

Filling gaps of t he quart erly indust ry dat abase f or manuf act uring sub-sect ors
Dat a f or some sub-sect ors are mi ssi ng i n t he i ndust ry dat abase. Thi s i s not a major concern, because we use
dat a f rom t he i ndust ry dat abase pri mari l y t o approxi mat e t he wi t hi n -y ear development s of nat i onal account s
dat a. Theref ore even i f t he approxi mat i on i s not correct , t hi s does not impact t he medi um t erm ( i e over one
y ear) movement of t he i ndicat ors. Yet we t ri ed t o f i l l t he gaps i n t he i ndust ry dat abase as wel l .
In a number of cases dat a was not avai l abl e for one sub-sect or of t he t hree sub-sect ors whi ch f orm an
aggregat e i n t he nat i onal account s dat abase. For exampl e, t he sub-sect ors C1 0 ( Manuf act ure of f ood
product s) , C1 1 ( Manuf act ure of beverages) and C1 2 ( Manuf act ure of t obacco product s) f orm an aggregat e in
t he nat i onal account s dat abase. For some count ri es dat a was not avai l abl e for C1 2 and t heref ore we used t he
average of C1 0 and C1 1 only ( Aust ri a, Czech Republ i c, Est oni a, Irel and, It al y , Lat via, Li t huani a and Sweden) . We
f ol l owed a si mi l ar procedure f or ot her sub-sect oral aggregat es.
Whenever dat a was not avai l abl e f or a sect or whi ch i s i n i t sel f ( wi t hout f urt her aggregat i on) i ncl uded i n t he
annual nat ional account s dat abase, t hen we used dat a f or t ot al manuf act uri ng i nst ead. For exampl e, dat a f or
sub-sect or C1 9 ( Manuf act ure of coke and ref i ned pet rol eum product s) was mi ssi ng f or Bul gari a, Denmark,
Fi nl and, Irel and, Lat vi a, Li t huani a and Norway .
86
For Hungary onl y product i on was avai l abl e i n t he dat abase of Eurost at and we col lect ed empl oy ment dat a f rom
Cent ral St at i st i cal Of f i ce of Hungary . The wi t hi n-y ear movement s of hours worked and l abour compensat ion
was approxi mat ed wi t h t he wi t hi n-y ear movement s of empl oy ment .
For Sl ovaki a and Sl oveni a t he onl y i ndi cat or i n t he dat abase of Eurost at i s t ot al manuf act uri ng gross product ion
t hat we used t o approxi mat e t he wi t hi n-y ear devel opment s of al l i ndi cat ors of al l sub-sect ors. For St ep 3 above
( Proj ect i ng) we t heref ore coul d not rel y on sub-sect oral dat a and t heref ore we had t o assume t hat t here were
no f urt her composi t i onal changes wi t hi n t he manuf act uri ng i ndust ry of t hese t wo count ri es i n 2 0 11.

Filling gaps of t he annual nat ional account s dat abase f or manuf act uring sub-sectors
Bel gi um: f or 2 00 0 gross added val ue, l abour compensat i on and hours worked are mi ssi ng ( avai l abl e f rom
2 00 1) . We worked back f rom t he correspondi ng i ndi cat ors of t he i ndust ry dat abase ( gross product i on, wages
and hours worked) t o approxi mat e t he mi ssi ng val ues in 2 00 0.
Bul gari a: no nat i onal account s dat a i s avai labl e, but dat a f rom i ndust ry dat abase is avai l able f or al l sub-sect ors.
For 2 00 5 we t ake t he composi t i on of t he EU1 3 nat i onal account s dat a.
5
For l at er and earl i er y ears we use dat a
f rom t he i ndust ry dat abase t o approxi mat e t he mi ssi ng annual nat ional account s seri es, y et we al way s
normal i se t he resul t i ng series so t hat t he sum of approxi mat ed dat a equal s t he act ual manuf act uri ng t ot al . The
f i rst approxi mat i on ( t he use of 2 00 5 dat a f rom EU1 3 ) may carry a si gni f i cant error , but second ( t he use of dat a
f rom t he i ndust ry dat abase) may not i ncrease much t he approxi mat i on error i n our vi ew.
For t he Czech Republ i c t he const ant pri ce GVA dat a f or sub-sect or C1 9 ( Manuf act ure of coke and ref i ned
pet rol eum product s) has negat i ve val ues i n 1 99 5 -2 00 4 ( eg -1 4.9 percent of t ot al manuf act uri ng i n 2 00 1) and
very l arge posi t i ve val ues t oward t he end of t he sample ( eg 2 0.5 %of t ot al manuf act uri ng i n 2 01 0) , whi ch l i kel y
ref l ect dat a errors. For Denmark t he const ant pri ce GVA f or sub-sect or C1 9 al so has a negat i ve f i gure f or 2 00 2
( al bei t qui t e smal l , -0 .1 percent of t ot al manuf act uri ng) . But f or bot h count ri es t he current pri ce GVA f i gures
l ook reasonabl e ( eg t he share of sub-sect or C1 9 i n t ot al manuf act uri ng vari es bet ween pl us 0 .3 percent and
1 .7 percent i n t he case of t he Czech Republ i c) . We t heref ore assume t hat t he share of sub-sect or C1 9 i n
const ant pri ce GVA i s t he same as it s share i n current pri ce GVA.
Germany , Port ugal and Sweden: Annual nat i onal account s dat a end ei t her i n 2 00 9 ( Germany and Port ugal ) , or
t he 2 01 0 dat a i ncl udes some obvi ous errors ( Sweden: added val ue of sect or C1 9 i ncreases 1 0-f ol d f rom 2 00 9
t o 2 01 0 and C2 0 dat a i s not avai l abl e f or 2 01 0) . For t hese t hree count ri es we approxi mat ed 2 01 0 dat a i n a
si mi l ar way as we approxi mat ed t he 2 01 1 dat a f or most count ri es.
Est oni a: hours worked i s mi ssi ng onl y f or sub-sect ors C1 9 ( Manuf act ure of coke and ref i ned pet rol eum
product s) and C2 1 ( Manufact ure of basi c pharmaceut i cal product s and pharmaceut i cal preparat i ons) f or t he
f ul l peri od and f or C2 9-3 0 ( Manuf act ure of mot or vehi cl es, t rai l ers and semi -t rai l ers; and Manuf act ure of ot her
t ransport equi pment ) f or 2 00 0-2 00 3. Dat a f or t ot al manuf act uri ng and f or ot her sub-sect ors i s avai l able and
hence we can cal culat e t he sum of t hese mi ssi ng sect ors. We di vi de t hi s sum across C1 9 , C2 1 and C2 9 -3 0 by

5
EU1 3 i s t he aggregat e of t he 1 3 EU count ri es f or whi ch al l nat i onal account s dat a ( added val ue, hours worked, l abour compensat i on,
empl oy ment ) i s avai l abl e f or 20 05 . The share of t hese 1 3 count ri es i s 6 6 percent i n EU2 7 out put .
87
assumi ng t hat t he di st ri but i on i s t he same as t he dist ri but i on of l abour compensat i on among t hese t wo or
t hree sect ors.
Irel and: const ant pri ce gross val ue added i s not avai labl e. For 2 00 5 we use current pri ce gross val ue added
( not e t hat Eurost at report s const ant pri ce gross val ue added at 2 0 05 pri ces and t heref ore const ant and current
pri ce gross val ue added are equal f or 2 00 5 f or al l count ri es) . For l at er and earl i er y ears we use gross i ndust ri al
product i on t o approxi mat e gross val ue added, and t hen re-scal e t he resul t i ng approxi mat ed seri es do t hat t hei r
sum be equal t he avai l abl e manuf act uri ng t ot al . Not e t hat gross val ue added and gross product i on di verged
si gni f i cant l y af t er 2 00 8 ( see Darvas 2 01 2b f or possi bl e expl anat i ons) . Si nce gross val ue added grew by about
a cumul at i ve 25 percent more t han gross product i on f rom 2 00 8Q1 t o 2 01 1 Q4
product i on vari es across sub-sect ors t hen t hen our approxi mat i on i s poor. Unf ort unat el y , t he non-publ i cat ion
of sub-sect oral def lat ors prevent s us f rom maki ng a bet t er approxi mat i on. Dat a on sub-sect oral hours worked
i s al so mi ssi ng, but empl oy ment i s avai l abl e. We t heref ore assume t hat t he di st ri but i on of t ot al manuf act uri ng
hours worked ( whi ch i s avai l abl e) i s t he same as t he dist ri but i on of t ot al manuf act uri ng empl oy ment .
Spai n: const ant pri ce gross val ue added i s mi ssi ng f or 2 00 0 t hat we approxi mat ed usi ng gross i ndust ri al
product i on ( ensuri ng t hat t he sum of t he approxi mat ed sub-sect oral dat a equals t he avai l abl e dat a on t ot al
manuf act uri ng) .
France: dat a on hours worked and l abour compensat i on i s mi ssi ng f or 8 sub-sect ors, but we can calcul at e t hei r
sum, si nce dat a f or t ot al manuf act uri ng and f or t he ot her 5 sub -sect ors i s avai l abl e. Empl oy ment i s avai l abl e
f or al l 1 3 sub-sect ors. We assume t hat t he di st ri but i on of hours worked across t hese 8 sub -sect ors i s t he same
as t he di st ri but i on of empl oy ment among t hese sub-sect ors. For l abour compensat i on we use wages f rom t he
i ndust ry dat abase t o approxi mat e t he val ues of t he nat i onal account s dat a ( ensuri ng t hat t he sum of t he
approxi mat ed sub-sect oral dat a equal s t he avai l abl e dat a on t ot al manuf act uri ng) .
Lat vi a: l abour compensat ion i s mi ssi ng f or 5 subsect ors up t o 2 0 0 8 and f or 6 subsect ors i n 2 00 9 -2 0 1 0, but
dat a f or t ot al manuf act uri ng and t he ot her sub-sect ors i s avai l abl e, so we can deri ve t he sum of val ues of t he
mi ssi ng sub-sect ors. Hours worked i s avai labl e f or al l 1 3 sub-sect ors. For 2 00 5 we assume t hat t he
di st ri but i on of l abour compensat i on wi t hi n t he aggregat e of t he 5 sub -sect ors f or whi ch dat a i s mi ssi ng i s t he
same as t he di st ri but i on of hours worked among t he same sub-sect ors. For earl i er and l at er y ears we use t he
wage i ndexes of t he i ndust ry dat abase ( ensuri ng t hat t he sum of t he approxi mat ed sub-sect oral dat a equals
t he avai l abl e dat a on t ot al manuf act uri ng) . Current pri ce gross val ue added i s al so mi ssi ng f or 5 sub-sect ors up
t o 2 00 8 and 6 sub-sect ors in 2 00 9 -2 01 0 . Empl oy ment dat a i s avai labl e f or al l 1 3 sub-sect ors. We assume t hat
t he current pri ce gross val ue added/ empl oy ment rat i o is si mi l arl y di st ri but ed i n Lat vi a t o t he di st ri but i on i n t he
EU2 7 . Const ant pri ce gross val ue added dat a i s al so not avai labl e for manuf act uri ng sub -sect ors. For 2 00 5 we
use t he current pri ce gross val ue and f or l at er and earl i er y ears we use i ndust ri al product i on vol ume t o t rack
const ant pri ce GVA ( ensuri ng t hat t he sum of t he approxi mat ed sub-sect oral dat a equal s t he avai l abl e dat a on
t ot al manuf act uri ng) .
Li t huani a: dat a f or sub-sect or C1 9 ( Manuf act ure of coke and ref i ned pet rol eum product s) i s mi ssi ng, but dat a
f or t ot al manuf act uri ng and al l ot her sub-sect ors i s avai l abl e. We t heref ore cal cul at e dat a f or sect or C1 9 as t he
resi dual ( t ot al mi nus t he sum of ot her sub-sect ors) .
88
Hungary : dat a f or hours worked i s not avai l able f or sub-sect ors, but empl oy ment i s. We assume t hat t he
di st ri but i on of manuf act uri ng hours worked across sub-sect ors i s t he same as t he di st ri but i on of empl oy ment .
6

Pol and: const ant pri ce gross val ue added i s mi ssi ng f or 2 00 0 and t heref ore we use i ndust ri al out put t o
approxi mat e val ues f or t his y ear ( ensuri ng t hat t he sum of t he approxi mat ed sub-sect oral dat a equal s t he
avai l abl e dat a on t ot al manuf act uri ng) . Sub-sect oral dat a on empl oy ment and hours worked are al so mi ssi ng.
We assume t hat t he current pri ce GVA/ empl oy ment rat i o i s si mi l arl y di st ri but ed i n Pol and t o t he di st ri but i on in
t he EU2 7 . For hours worked we assume t hat t he di st ri but i on of hours worked wi t hi n manuf act uri ng i s t he same
as t he di st ri but i on of empl oy ment .
Romani a: onl y dat a for current pri ce GVA, l abour compensat i on and employ ment i s avai l abl e and onl y for 2 00 8 -
2009. ( Not e t hat we any way use Romani a dat a onl y f rom 2 00 8Q1 .) For 2 00 8 we t ake t he current pri ce GVA as
t he st art i ng poi nt f or const ant pri ce GVA ( i e we use dat a i n 2 00 8 pri ces) and use i ndust ri al product i on dat a for
l at er y ears t o approxi mat e vol ume changes. For 2 01 0 -1 1 l abour compensat ion dat a we use t he wage i ndex
f rom t he i ndust ry dat abase. For 2 0 10 -1 1 empl oy ment dat a we use t he empl oy ment i ndex f rom t he i ndust ry
dat abase. For hours worked we assume t hat t he sub-sect oral di st ri but i on i s t he same as t he sub-sect oral
di st ri but i on of empl oy ment . For al l vari abl es, agai n, we rescaled t he approxi mat ed f i gures so t hat t he sum of
t he approxi mat ed sub-sect oral dat a equal s t he avai labl e dat a on t ot al manuf act uri ng.
Uni t ed Ki ngdom: Eurost at does not publ i sh manuf act uri ng sub-sect oral dat a for t he UK. The UK Of f i ce f or
Nat i onal St at i st ics provi ded us dat a on hours worked and empl oy ment f or manuf act uri ng sub-sect ors
aggregat ed i nt o 1 0 aggregat es ( even at t he quart erl y f requency ) f or 1994-2011 and vol ume change i n GVA for
1 3 subsect ors ( annual) f or 2007 -2 01 1. To approxi mat e current pri ce GV we assume t hat t he current pri ce GVA
/ hours worked rat i o i s si mi larl y di st ri but ed i n t he UK t o t he di st ri but i on i n t he EU27 . For t he const ant pri ce GVA
t ake t he 2007 current pri ce GVA as t he st art i ng poi nt ( i e we use dat a i n 2 00 7 pri ces) and use t he vol ume i ndex
of GVA for 2 00 8 -2 01 1. Bef ore 2 00 7 we use i ndust ri al product i on as a proxy . For l abour compensat ion we
assume t hat f or 2 00 7 t he l abour compensat ion/ hours worked rat io i s si mi l arl y di st ri but ed i n t he UK t o t he
di st ri but i on i n t he EU1 3 .
7
For earl i er and lat er y ears we use wages f rom t h e i ndust ry dat abase. For al l vari abl es,
agai n, we rescaled t he approxi mat ed f i gures so t hat t he sum of t he approxi mat ed sub -sect oral dat a equal s t he
avai l abl e dat a on t ot al manuf act uri ng.
Norway : hours worked i s not avai l abl e at t he sub-sect oral l evel , but empl oy ment i s. We assume t hat t he
di st ri but i on of sub-sect ors wi t hi n t ot al manuf act uri ng is t he same i n hours worked and i n empl oy ment .

Sect oral dat a f or si x non-EU count ri es
For Aust ral i a, Canada, Japan, Korea, New Zealand, and t he Uni t ed St at es we use sect oral uni t l abour cost dat a
f rom t he OECD. Unf ort unat el y , t he OECD does not publ i sh t he component s of ULCs and we coul d not col lect

6
We not e t hat i n t he case of Hungary , t he l arge composi t i onal ef f ect on product i vi t y and REER i s t he resul t of an unusual
devel opment of a si ngl e manuf act uri ng sub-sect or, C2 9 ( Manuf act ure of machi nery and equi pment not el sewhere cl assi f i ed) . The
added val ue at const ant pri ces grew by a cumul at i ve 1 7 9 %bet ween 2 0 0 8 and 20 1 0 , rai si ng t he share of t hi s sect or f rom 5 perce nt of
manuf act uri ng added val ue t o 1 7 percent , accordi ng t o t he avai l abl e st at i st i cal dat a. Empl oy ment i n t hi s sect or has even decl i ned, by
1 1 percent , duri ng t hi s peri od. The Cent ral St at i st i cal Of f i ce of Hungary conf i rmed t hat t he numbers are correct , y et t he 2 0 1 0 numbers
are prel i mi nary and may change.
7
See t he previ ous f oot not e on t he def i ni t i on of EU1 3 .
89
t hese ei t her f rom t he nat i onal st at i st ical of f i ces, or cent ral banks, of t hese count ri es ( except New Zealand) . In
addi t i on t o t he t ot al economy , t he OECD publ i shed sect oral uni t l abour cost s f or Manuf act uri ng ( D) , Indust ry
( C_E) , Const ruct i on ( F) , Trade, t ransport and communi cat i on ( G_I) , Fi nanci al and busi ness servi ces ( J_K) , Market
servi ces ( G_K) , and busi ness sect or excl . agri cul t ure ( C_K) , whi ch overl aps wi t h t he 11-brach decomposi t i on of
t he Eurost at , but not perf ect l y . Theref ore, we mat ched t hese OECD sect ors wi t h our 1 1 sect ors. To mat ch our
st at e act i vat es
percent ( const ant ) share.
We coul d not col l ect quart erl y sub-sect oral manuf act uring dat a f or t hese count ri es and t heref ore we are unable
t o cal cul at e t he composi t i onal ef f ect wi t hi n t he manufact uri ng i ndust ry .

Exchange rat es
We col l ect ed exchange rat e agai nst t he euro f rom Eurost at . For euro-area members exchange rat es are not
avai l abl e ( whi ch i s obvi ousl y needed onl y f or t he peri od pri or t o t hei r ent ry t o t he euro area) , but Eurost at
publ i shes cert ai n vari abl es, such as gross added value at current pri ces, bot h i n nat i onal currency and i n
euros, whi ch we used t o deri ve t he exchange rat e.

Wei ght s f or t he NEERs and REERs
Si mi l arl y t o Darvas ( 2 0 1 2 a) , we deri ve t he wei ght s of t radi ng part ners for t he REER cal culat i ons on t he basi s of
Bay oumi , Lee and Jaewoo ( 2 00 6) .

Export and i mport s vol ume
Export s and i mport s vol ume dat a correspond t o goods and servi ces f rom t he quart erl y nat i onal account s
dat abase and were t aken from Eurost at ( f or al l EU and some ot her OECD count ri es) , f rom t he OECD ( f or t he
remai ni ng OECD count ri es) , and f rom St at i st i cs Commi t t ee of Ukrai ne ( f or Ukrai ne) .



90
8. Ref erences
St af f Papers
5 3( 2 ) , 2 72 -305 ht t p:/ / www.i mf .org/ Ext ernal / Pubs/ FT/ st af f p/ 2 0 0 6/ 0 2 / pdf / bay oumi .pdf
Quart erly Bullet in
ht t p:/ / www.cent ral bank.i e/ publ i cat i ons/ Document s/ Quart erl y %2 0Bul l et i n%2 0Q%2 0 1%20 web%2 0 versi on.pdf
Working Paper 2 01 2/ 6 , Bruegel ,
ht t p:/ / www.bruegel .org/ publ i cat i ons/ publ i cat i on-det ai l / publ i cat i on/ 7 1 6 -real -ef f ect ive-exchange-rat es-f or-178-
count ri es-a-new-dat abase/
Policy
Cont ribut ion 2 01 2/ 1 1 , Bruegel , ht t p:/ / www.bruegel .org/ publ i cat i ons/ publ i cat i on-det ai l / publ i cat i on/ 7 3 0 -
composi t i onal -ef fect s-on-product i vi t y -l abour-cost -and-export -adj ust ment s/

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