Statistics

Pocket Book

January
2008

Statistics
Pocket Book

© European Central Bank, 2013
Address
Kaiserstrasse 29
60311 Frankfurt am Main
Germany
Postal address Postfach 16 03 19
60066 Frankfurt am Main
Germany
Telephone
+49 69 1344 0
Website
http://www.ecb.europa.eu
Fax
+49 69 1344 6000
Telex
411 144 ecb d
ISSN 1725-552X (print)
ISSN 1725-5538 (online)

Contents
General information

6

1
1.1
1.2

Overview of major economic areas
Structural indicators
Main recent economic developments

7
8

2
2.1
2.2

Population and the labour market in the euro area
Population and the labour market
Employment in terms of persons employed and hours worked

9
9

3
3.1
3.2
3.3
3.4

Euro area macroeconomic indicators
GDP and expenditure components
Value added by economic activity
Short-term business indicators
Opinion surveys (excluding price-related developments)

10
10
11
11

4
4.1
4.2
4.3
4.4
4.5
4.6
4.7

Euro area external statistics
Balance of payments
Trade in goods with main partners
Geographical breakdown of the balance of payments
International investment position
Geographical breakdown of the international investment position
International reserves of the Eurosystem and the ECB
Exchange rates

12
12
13
14
14
15
15

5
5.1
5.2
5.3
5.4
5.5
5.6

Prices in the euro area
HICP
The impact of inflation on the purchasing power of money
Industry, construction, residential property, export and import prices
Price-related opinion surveys
Other prices and costs
Gross domestic product deflators

16
16
17
17
18
18

6
6.1
6.2
6.3

Euro area accounts
Euro area
Households
Non-financial corporations

19
20
21

7
7.1

Euro area government finance
General government revenue, expenditure, deficit/surplus and
borrowing requirement
General government debt

22
22

Monetary policy
Key ECB interest rates
Eurosystem monetary policy operations allotted through tender
procedures
Monetary developments in the euro area
Counterparts of euro area monetary aggregates
Euro area investment fund shares issued by investment policy

24
25
26
27

7.2
8
8.1
8.2
8.3
8.4
8.5

ECB • Statistics Pocket Book • January 2013

ECB • Statistics Pocket Book • January 2013

23

3

3

8.6
8.7
8.8
8.9

Euro area financial vehicle corporations
Euro area insurance corporations and pension funds
Euro area minimum reserve statistics
Assets of the banking system and selected non-bank financial
intermediaries of the euro area
8.10 EU consolidated banking data
9
9.1
9.2

Financial market developments
Securities issued by euro area residents: outstanding amounts
Debt securities issued by euro area residents: gross issues, redemptions
and net issues
9.3 Euro-denominated debt securities issued by euro area residents:
outstanding amounts and annual growth rates by sector of the issuer
9.4 Quoted shares issued by euro area residents: outstanding amounts and
annual growth rates by sector of the issuer
9.5 Money market interest rates
9.6 Interest rates implied by 3-month EURIBOR futures
9.7 Euro area yield curves
9.8 Spreads between swaps and government bond yields
9.9 Stock market indices
9.10 Euro area sectoral stock market indices
9.11 Euro area MFI interest rates on deposits
9.12 Euro area MFI interest rates on loans
10
Payment and settlement systems
10.1 Transactions involving non-MFIs by type of payment instrument
10.2 Payments processed by selected interbank funds transfer systems
in the EU
11
11.1
11.2
11.3
11.4
11.5
11.6

Selected indicators for EU Member States
Scoreboard for the surveillance of macroeconomic imbalances
HICP
GDP
GDP per capita and gross value added by economic activity
Unit labour costs
Harmonised competitiveness indicators and real effective exchange rates
based on consumer price indices
11.7 Population and employment
11.8 Unemployment
11.9 General government deficit/surplus
11.10 General government debt
11.11 General government expenditure
11.12 Private sector debt
11.13 Private sector credit flow
11.14 Gross external debt by sector
11.15 Harmonised long-term interest rates for convergence assessment
purposes
11.16 Relative importance of the main payment instruments

4

4

27
27
28
28
28
29
29
30
30
31
31
32
32
33
33
34
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52

ECB • Statistics Pocket Book • January 2013

ECB • Statistics Pocket Book • January 2013

f.Country abbreviations BE BG CZ DK DE EE IE GR ES FR IT CY LV LT LU Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Italy Cyprus Latvia Lithuania Luxembourg HU MT NL AT PL PT RO SI SK FI SE UK JP US Hungary Malta Netherlands Austria Poland Portugal Romania Slovenia Slovakia Finland Sweden United Kingdom Japan United States Other abbreviations b.o.a.i. GDP HGDI HICP i. provisional seasonally adjusted ECB • Statistics Pocket Book • January 2013 5 ECB • Statistics Pocket Book • January 2013 5 . European Commission effective exchange rate euro overnight index average European Union euro interbank offered rate free on board at the exporter’s border gross domestic product households’ gross disposable income Harmonised Index of Consumer Prices international investment position International Monetary Fund initial rate fixation London interbank offered rate monetary financial institution Organisation for Economic Co-operation and Development purchasing power parity special drawing rights Trans-European Automated Real-time Gross settlement Express Transfer system Universal Mobile Telecommunications System Conventions used in the tables "-" ".o.p. insurance and freight at the importer’s border Continuous Linked Settlement system Directorate-General for Economic and Financial Affairs...b.p. IMF IRF LIBOR MFI OECD PPP SDRs TARGET UMTS balance of payments Bank for International Settlements cost.i." not applicable not available nil or negligible "billion" "trillion" 109 1012 (p) s." ". BIS c. CLS DG ECFIN EER EONIA EU EURIBOR f.

the euro area comprised the following 11 countries (the Euro 11): Belgium. for consistency reasons. Ireland. Japan and China The HICP for the European Union refers to the composition of the EU as at the time to which the data relate. The composition of the euro area has changed a number of times over the years. France. Data for China published in the Pocket Book refer to the mainland of China. all data series including observations for 2011 relate to the "Euro 17" (i. 6 6 ECB • Statistics Pocket Book • January 2013 ECB • Statistics Pocket Book • January 2013 . Germany. the United States. the HICP and reserve assets (and. the cut-off date for the statistics included in the Pocket Book is the day preceding the Governing Council of the ECB’s first meeting of the month. For this issue.General information The Statistics Pocket Book is updated monthly. taking account of the changing composition of the euro area. Absolute changes for monetary aggregates and their counterparts (transactions) refer to the composition of the euro area at the time to which the statistics relate. euro area statistical series take into account the changing composition of the euro area. From October 2012. Slovenia joined in 2007. or contact statistics@ecb. forming the Euro 12. Online access to data and metadata For series included in the Statistics Pocket Book.eu. Euro area statistical series Unless otherwise indicated. For interest rates. the components and counterparts of M3 and the components of the HICP).europa. forming the Euro 13. monetary statistics. it was 9 January 2013. Austria. with joining countries’ series linked to the euro area series in the December index. The latest available data for the series published in the Pocket Book are presented in a "page-by-page" report in the "Reports" section of the SDW. Spain.europa. The European Union. Percentage changes are calculated on the basis of a chain-linked index. In general. at http://sdw. the euro area statistics also include the European Stability Mechanism. regardless of the composition at the time to which the statistics relate. Greece then joined in 2001. Cyprus and Malta joined in 2008. Italy. forming the Euro 15.eu). Further information All issues of the Pocket Book are available online in the "Publications" section of the ECB’s website (www. annual rates of change are compiled from chain-linked indices. For additional information see the "Euro area statistics" section of the ECB’s Monthly Bulletin and the "Statistics" section of the ECB’s website. Portugal and Finland. the euro area including Estonia) for the whole time series. methodologies and descriptions of metadata are available in the ECB’s Statistical Data Warehouse (SDW). Luxembourg. A "Data" icon under every page displays the underlying series. These data can be downloaded in several user-friendly formats.ecb. More information on this and related topics is available in the "Help" section of the SDW. When the euro was introduced in 1999. Aggregated statistical series for fixed compositions of the euro area relate to a given fixed composition for the whole time series.eu. For the HICP. bringing the number of euro area countries to 17. and Slovakia joined in 2009.e.europa. Estonia joined in 2011. Aggregated statistical series with a changing composition take into account the composition of the euro area at the time to which the statistics relate. forming the Euro 16.ecb. an international organisation resident in the euro area for statistical purposes. as well as monetary aggregates and their counterparts. the Netherlands. A comprehensive and detailed glossary on the statistics can also be found on the website.

national data and ECB calculations.1*) - 1. 16.eu).4 13.7 25.1 Structural indicators 2011 1) Unit Population.2 38.4 82.4*) 23.8 25.2 .0 27.8 1.5 49.2 .2 85.1 -4.3 49.5 2. .0 3.8*) 1.1 10.5 71.2) % of GDP Gross external debt2) % of GDP Monetary and financial indicators EUR trillions Credit2) Outstanding debt securities4) EUR trillions Stock market capitalisation2) EUR trillions Euro area EU United States 332.4 502.6 7.6 Sources: For the euro area and EU: ECB. 8.p.4 2.4 .0*) 91.9 54.1 28.9 312.5 8.1*) 46.5 20. 45.ecb.8 99.4 11.8 68.5 27.3 436. *) 2010 figures.4 72.7 98.9 18.7 25.8 -14.5 -4.3 .2 12.8 16.6 1. Japan and China: BIS. construction) % of total Services % of total Saving and investment Gross saving % of GDP Gross fixed capital formation % of GDP Households HGDI per capita (PPP) EUR thousands Gross saving % of HGDI Financial assets held2) % of HGDI Gross debt outstanding2) % of HGDI Non-financial corporations Gross fixed capital formation % of GDP % of GDP Financial assets held2) Gross debt outstanding2) % of GDP Government Expenditure % of GDP Surplus (+) or deficit (-) % of GDP Gross debt outstanding2).6 2.0 51.7 19.1 10.8 . fishing and forestry % of total Industry (incl. ECB • Statistics Pocket Book • January 2013 7 ECB • Statistics Pocket Book • January 2013 7 . Chinese data follow a different methodology and are not directly comparable.9 -1. Eurostat. .7 100.2 25.6 8.1 1.2*) .europa.2 73. . GDP and labour Total population millions Labour force participation rate % Age dependency ratio % GDP (PPP) EUR trillions GDP per capita (PPP) EUR thousands Labour productivity (PPP) (euro area = 100) Labour income share % Value added by economic activity Agriculture.1*) 19.0 11.4*) 188.2 22.1 73.3 49.6 491.2 19.p.0 71.6 88. 0.7 13.5 67.2 121.7*) Japan China 127. .2 24.2 6.3 26.2 -0.4*) 18.4 -10.3).5 12.8 17.1 Overview of major economic areas 1.9 19.6 14.4 301.8 58.4) % of GDP External Exports of goods and services % of GDP Imports of goods and services % of GDP Current account balance % of GDP Net b. for the United States.8*) 43.7 72.0 18.6 25.4 78.4*) 78.0 17.2*) 20.3 111.9 39.1 17.5 37.4 16. 3) Data for the United States and Japan are based on definitions similar to those used for the euro area and the EU.3*) -8.1 15.3 50. .2 0.2 26.6 2.2 0.348.9 1.0 117.2 15.6 172.4 24.9 99. 2) Figure as at year-end.1 17.6 . 1) Full definitions are available in the glossary on the ECB’s website (www.4 99.1 87.0 24.7 103. . .0*) 78. 10.4 11.9 -4.1 9.0 13. 49. direct and portfolio investment % of GDP Net i.i.8 2.3 -14.3 173. 29.4*) 67. IMF and national sources.7 -3.6 -26.5 3.o.3 14.8*) 30. 4) At nominal value.6 12.9 1.9*) 133.8 72.

91 2. .6 . 3. .36 0. s.82 4.43 0.5 .3 0. Japan: M2 + certificates of deposit.3 5. 1.0 1.5 10. 4.5 1.34 3.0 -0. 3. 3.19 4.8 .5 -0. - 8.74 0. 0. -0.6 9.3 .ecb. OECD.) labour (s. - 3. national data and ECB calculations.7 2. - 10.a.6 15.57 - 4.8 7.1 4.19 0. 2011 2012 2012 Q3 Q4 2012 Nov.3 -0.5 . 2.2 .2 - 7.9 2.) annum) 1. Dec.1 . 4.1 3.70 . 3.4 . - -1.7 .7 . 1) Full definitions are available in the glossary on the ECB’s website (www.31 2. 1.1 .9 1.4 2.7 2. - - European Union United States Japan China Sources: BIS. Eurostat.30 3.39 0. 8 ECB • Statistics Pocket Book • January 2013 8 ECB • Statistics Pocket Book • January 2013 . 2.a.3 9.1 - 9. -0.66 3. 0.6 17.4 10.80 0.) (% per force.97 3. labour ment productbond costs (% of ivity yield (s.58 0.8 .8 . United States: M2.76 1. .2 Main recent economic developments (annual percentage changes.74 .71 1.25 2.19 0. .8 0.8 . Dec.10 1.1 . - - - 3.36 . 1.9 .0 .4 1.9 8.31 3.9 .79 1. 1.48 3. 1. 2) Euro area: M3. 10. IMF.19 0.5 - 10-year Unit Unemploy. Nov.63 1.22 2.1 1.12 0. -0.3 1.31 0. Dec. .1 . 1. 4.5 2. 11. - 4.3 .0 7.6 2. -0.1.46 3.24 -0.5 .43 0.9 1.5 .2 2010 2011 2012 Q2 Q3 2012 Oct.1 4.2 .85 0. 0.4 - 1.1 .5 2. 1.eu).7 .4 . 1.1 . 2.4 2011 2012 2012 Q3 Q4 2012 Nov. - -0.2 . Nov.8 7.6 2.1 .) 1) ConBroad 3-month sumer money 2) interbank prices deposit rate (% per annum) Euro area 2011 2012 2012 Q3 Q4 2012 Nov. 0. - 2010 2011 2012 Q2 Q3 2012 Oct.20 0. .69 1.6 .75 0. 0. .4 . 1. 11.2 .7 . 2.4 .2 2.7 10. 20.2 1.06 2.32 0.89 3.3 2.34 0.1 8.6 7.6 .7 .7 10.3 .7 . - 3.a.19 0. unless otherwise indicated) Real GDP GDP deflator (s. 7.2 .6 .6 1.6 2.19 0.6 - 2.2 .a.3 .0 .4 . -2.1 .7 . .Labour gov. - 1.1 2.europa.18 1.9 19. 2. . - 6. 7. -0. - 2.65 1. - 2. 1.19 0.

5 1.9 64.0 0.1 Population and the labour market Population (millions.8 71.0 -3.5 64.) s. Labour Employment Unemployforce rates ment partici(% of (% of pation labour labour rate 1) force.0 Hours worked (s.0 .4 -1.5 0.1 Sources: European Commission (Eurostat and DG ECFIN).) Annual percentage changes 0.8 146.6 120.9 0.3 9.5 -0.0 147. (%) s.9 1.6 -0.4 146.7 0.a.8 -0.7 147.4 0.9 0.0 0.6 -0.5 319.6 -1.1 -0.1 0.9 0.9 0.4 71. 62.4 71.4 -1.4 332.3 -0.e.) 68.7 71.9 10.6 0.0 0.7 0.4 -0.5 0.5 Labour productivity per person employed (annual percentage changes) Hourly labour productivity (annual percentage changes) 2.6 0.9 Selfemployed Sources: European Commission (Eurostat and DG ECFIN).9 Total Employees 0.3 -1. . 1) Ratio of the labour force to the working age population (i.2 63.4 -1.5 0.3 0.6 0.6 -0.2 Population and the labour market in the euro area 2.5 0. ECB • Statistics Pocket Book • January 2013 ECB • Statistics Pocket Book • January 2013 0.4 -2.5 64.7 0.7 -0.1 10.0 9.8 -0.8 330.2 -1.5 71.2 2.2 Employment in terms of persons employed and hours worked Persons employed (s.5 0.1 -0.7 -0.4 147.0 -1.1 71.5 -1. .7 0.4 0. . annual averages) 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 288.1 1.3 146.2 0.4 -1.8 8.4 .) Millions Total Employees 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 116.7 -0. .2 64.7 9. the population aged 15 to 64).6 10.2 0.5 1.6 2. national data and ECB calculations.9 328.7 1.9 147.7 -0.3 64.1 146.8 1.6 64.2 -3.5 64.9 -0. 4.4 0.1 -0.4 0.1 -1.2 -0.1 0. national data and ECB calculations.6 0.9 -0.2 9.a.4 -0.9 11.1 1.2 -0.5 0.4 -0.1 1.1 -0.4 331.7 0. .a. force.7 129.8 -0.0 0.5 -1.7 147.0 1.0 .5 0.7 310.5 -0.4 298.5 0.2 -0.6 9 9 .1 0.8 -0.3 -1.0 2. 1.3 146.3 -1.5 -0.6 10.9 141.7 -1.5 -1.5 71.3 0.2 -1.8 -1.9 0.2 1.a.2 0.6 71.8 8.3 11.1 -0.9 Annual percentage changes Selfemployed Per person employed -1.1 -0.2 10.9 -1.3 1.5 64.0 -1.7 72.1 -1.5 0.0 -1.

2 -0. health tion. seasonally and partly working day-adjusted) Gross value added (basic prices) Total Agriculture.7 1.2 -0.1 0.518.communicaestate cation. 1.7 2.0 -11. accommodation and food services .1 -0.4 .1 -0. unless otherwise indicated.7 -0.6 -0.7 9.0 -0.5 1.9 5. 10 ECB • Statistics Pocket Book • January 2013 10 ECB • Statistics Pocket Book • January 2013 .9 .6 0.9 2.3 -0.7 -4.5 -1.4 2011 2011 Trade.407. 1.7 0.0 1.631.1 and 4.9 - Level data (EUR billions at current prices) and percentages of GDP 2011 2011 Source: European Commission (Eurostat and DG ECFIN).1 1.0 1.5 0.9 1.1 9.3 1.2 1.1 -0.9 0. 1.2 -12.4 2009 2010 2011 2011 Q4 2012 Q1 Q2 Q3 -4.2 4.3 3.6 -0.6 2.3 0.2 6.4 0.030.5 -0.1 1.1 6. 2.6 0.7 1. 1) Includes intra-euro area trade and therefore differs from Tables 4.1 19.4 -0.0 1. 1.1 1.8 6. Industry forestry (including and fishing construction) 1996-00 2001-05 2006-10 2.9 1.1 0.8 21.0 4.1 100.8 -2.3 -0.4 57.1 -1.Information.2 1.4 0.7 -1.7 0.5 4.5 3.2 1.4 1.421.5 -3.3 -3.5 0.8 -1.6 0.0 -0.1 1.4 -4.3 1.7 19.0 1.4 2. unless otherwise indicated. 5.2 -1.4 2.6 1.3 1.8 1.8 0.1 -0.013.0 -1. -0.0 143.9 19.8 16.9 8.2 0.3 0.7 0.0 Level data (EUR billions at current prices) and percentages of gross value added Source: Eurostat.7 2.6 0.3 2.1 -12.1 - 2009 2010 2011 2011 Q4 2012 Q1 Q2 Q3 Private Government Gross fixed consumption consumption capital formation Exports of goods and services 1) Imports of goods and services 1) 3.6 4.2 -0.3 25.9 0.3 1.632.4 2.9 Finance Public admini.6 -1.447.1 3.9 0.2 0.3 2.2 1.0 5.3 18.3 1. edu.2 0.0 0.0 2.5 -0.4 2.1 GDP and expenditure components (annual percentage changes in volume.5 -1.4 2.1 2.3 Euro area macroeconomic indicators 3.7 -0.0 -0.378.4 2.4 2.2 .9 - 4.8 0.9 3.143. transport.804.9 0.1 -11.0 100. business and social and other work services .3 -4. quarterly data.8 .7 0.3 1.4 3.1 -0.4 0.1 4.2 Value added by economic activity (annual percentage changes in volume. and real stration.1 -1.2. quarterly data.1 -0.6 6.9 -4.1 1.4 11.8 1.0 -0. seasonally and partly working day-adjusted) GDP (market prices) 1971-80 1981-90 1991-00 2001-10 Total (quarter on quarter) Total - 3.149.5 3.5 2.4 2.5 0.

5 -2.4 -33.8 Sources: European Commission Business and Consumer Surveys and Markit.4 45.8 -4.5 52.1 .1 45.7 2012 Oct. 0.5 3.3 -14.3 -13. unless otherwise indicated) Industrial production Total excl.9 -4.1 -0. .4 -2.3 -11.Retail trade New facturing facturing turnover passenger new orders turnover (constant car (nominal) (nominal) prices) registrations discontinued 1.5 -1.5 2001-10 98.6 -1. ACEA (European Automobile Manufacturers’ Association) and ECB calculations.9 . Period on period (s.7 Dec.2 45.0).4 -11.7 81.0 -3.0 -7.3 -1.0 -1.9 -2.3 -2.9 7.8 0.3 Short-term business indicators (annual percentage changes. 1.9 -15.4 -3.6 -5.3 2012 Q2 91.9 47. 78.a.7 47.6 47.8 -10. a value of 50 indicates "no change".4 0.5 .books utilisa.7 0.2 -2. 84.8 -5.5 .0 -0.5 -19. A value of 100 (0) indicates that all respondents reported an increase (decrease).6 46.7 -24.1 -5.3 3.7 76.3.6 -3. 1) Difference between the percentages of respondents giving positive and negative replies.5 -22.9 -26.5) or a decrease (0) for each survey variable. .8 -1.3 10.3 -4.0 -14.4 -1. .9 -8.1 -12.) ConManustruction facturing -0.9 -9.7 -26. -0.2 -1.2 -1. 4) The quarterly figures shown are averages of two successive surveys.6 -6.7 0. 4.5 -17. 52. 1.2 Sources: Eurostat.7 4.0 2012 89.8 -2.9 -18.9 -29.8 -1.1 -22. 50.1 .0 46.4 Q4 85.7 -6.8 -12.4 .4 -25.4 46.4 -18.4 -24.2 -14.8 -0.7 -4.6 -18.7 55. 87.0 -26.5 2010 100.4 -14.5 -16.7 54.1 Q3 86.9 -6.4 -6. Oct.8 -3.1 -14.1 8.8 -2.9 1. 2) Weighted sum of the percentages of survey respondents reporting an increase (weight: 1.6 -1. .3 -22.4 . ManuManu.0 -17.Managers’ activity indicator Industrial Order Capacity dence confidence Index (PMI) for (long-term confi. 85.2 46.3 -3.1 -31.5 -1.9 -8.9 46.3 -12.1 -11.1 -11.9 4. 76.6 .8 -12.3 -15.3 -8.1 -32.4 -2.4 52.9 45.9 -0.0 -15.5 -15.0 -15.9 -16.8 - .0 -35.5 -15.8 . 3) Values above (below) 100 indicate above (below) average economic sentiment.0 -8.8 77.6 -12.7 8.services average dence tion indicator facturing =100) 3) indicator (%) 4) 1991-00 100.4 .9 7.2 46.6 -3.4 Opinion surveys (excluding price-related developments) (seasonally adjusted) European Commission Business and Consumer Surveys (percentage balances 1) ) Purchasing Managers’ Surveys (diffusion indices 2) ) Economic Manufacturing industry Services Retail Consumer Purchasing Business sentiment confitrade confi.0 -10. 1.8 80. no change (0.9 -25. .3 -14. Nov.6 0.3 -15.4 -6.1 -15.3 Nov. ECB • Statistics Pocket Book • January 2013 11 ECB • Statistics Pocket Book • January 2013 11 .5 0. 3.5 -0.5 2011 101.1 46.8 80.5 5. construction 1991-00 2001-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.8 17.indicator dence indicator for manu.

2 291.0 .9 3.1 Balance of payments (EUR billions.7 -4. Oct.5 6.9 281.4 -0. Sources: Eurostat and ECB calculations.0 -10.9 .9 -8.3 34.3 -0. Oct.3 -113.1 0.1 147.8 12.8 -0.0 12. unless otherwise indicated.5 -13. 20. Imports (c.3 18.9 46.1 416.4 -4.7 27.6 43.1 -7.9 9.9 23.8 -4.7 2010 2011 2012 Sep.9 2012 Oct. 11.3 .4 227. 19.5 -0.8 115.1 0.3 Combined direct and portfolio investment Financial Other Reserve derivatives investment assets 29.6 5. 50.2 -1. unless otherwise indicated.3 0.5 23.3 18.5 -10.6 19.8 -149.8 9. 2010 2011 2012 Sep.5 9.o. Current and capital accounts Goods Income and services 10.6 453.3 .1 -0.5 -0.1 334.2 0.8 1.8 -29.2 -6.8 234.2 -0.6 200.8 208.8 166.2 0. Oct.0 399.8 3.9 24.9 -0. 270.533.6 1.9 46.0 13.7 213.6 16. -17.3 365.758. 129. 1.2 34.1 148.5 17.3 41.1 0.9 14.3 26. not seasonally adjusted.7 0.2 -106.0 34.8 -103.7 -110.2 22.3 -1.4 Euro area external statistics 4. Current transfers -108.4 3.8 59.5 1.550.5 17.7 2010 2011 Source: ECB.0 37.7 12.5 -38.9 -16.1 65.2 as a percentage of GDP 12-month cumulated transactions 12-month cumulated transactions as a percentage of GDP 4.1 .8 13.4 31.) % of total in 2011 2010 2011 2012 Sep.5 . 1. Trade balance 12 ECB • Statistics Pocket Book • January 2013 12 ECB • Statistics Pocket Book • January 2013 . seasonally adjusted) Total Other EU Member States United Kingdom Other United States China Japan Other Other Asian countries countries Exports (f.4 52.9 11.6 51.f.6 3.2 Trade in goods with main partners (EUR billions.) % of total in 2011 100 9.7 -19.745.0 23.5 37.4 2012 Oct.6 39.1 158.1 22.5 4.5 -30.i.2 309.2 -2.8 -1.8 2.2 194.4 3.2 -0.1 5.8 6.8 .0 7.0 16.1 251.9 147.b. 91.6 .8 0.9 .0 43.8 -9.6 218.9 16.8 26.2 72.1 156.0 1.9 -35.8 -13.6 -0.1 94.1 1.6 8.1 119. 100 1.1 -6. net transactions) 2010 2011 2012 Oct.8 140.9 1.3 23.3 163.5 6.8 1.6 180.0 12.1 -7.6 -30.

4 6.1 -55.4 12.0 -105.1 0.4 40.3 29.8 -2.2 87.6 1.3 -96.3 -4.3 -66.9 -12.4 Net -44.2 4.5 46.8 14.5 1.7 196.3 93.8 4.1 1.4 0.4.0 19.5 935.5 18.9 Source: ECB.5 25.1 -1.4 148.2 -125.7 5.8 42.1 21.3 -17.0 29.0 -38.5 2.2 Current account Goods Services Income Current transfers Capital account Financial account Direct investment Abroad Equity/reinvested earnings Other capital In the euro area Equity/reinvested earnings Other capital Portfolio investment assets Equity Debt securities of which: Bonds and notes Other investment Assets of which: MFIs Liabilities of which: MFIs -154.5 128.0 9.8 -408.0 0.0 -352.7 23.1 -12.5 9.9 28.4 119.3 0.7 14.2 -4.975.3 -71.0 1.9 -1.5 -61.0 -10.0 135.9 157.8 253.3 -19.1 -21.6 5.7 115.5 59.3 0.7 -9.4 -13.5 62.7 60.4 -16.7 565.9 44. not seasonally adjusted) Total Other EU Japan Switzer.6 528.0 6.4 133.9 -91.3 9.9 110.4 94.5 -4.6 123.5 4.2 19.2 105.4 -12.4 0.7 84.3 -12.0 233.8 201.7 -67.6 18.2 43.0 -19.3 -82.1 7.9 -56.7 1.2 -1.8 -1.8 150.0 11.3 0.8 32.3 -3.7 177.3 -1.9 16.8 451.5 1.0 12.9 -83.3 14.2 -1.1 283.7 36.9 -6.2 11.5 -149.1 -80.8 -0.7 15.9 -0.8 0.4 210.4 30.7 -154.8 178.8 44.8 67.5 576.3 -30.0 413.5 88.7 8.0 0.5 46.5 -94.United China Member States land States 2011 UK Current account Goods Services Income Current transfers Capital account 2.8 -3.9 97.0 -14.4 201.6 -0.6 6.3 75. ECB • Statistics Pocket Book • January 2013 13 ECB • Statistics Pocket Book • January 2013 13 .2 5.7 0.3 44.4 8.2 Credits 63.6 -6.4 6.6 -145.0 964.7 8.5 2.1 0.6 52.7 -128.2 5.8 -105.3 46.4 9.3 99.5 -0.7 40.4 13.0 -106.1 -3.2 509.1 0.2 -1.5 6.0 1.0 14.2 -5.3 -3.7 15.2 -80.766.2 231.4 -31.3 21.5 -9.1 11.3 142.962.3 9.5 13.2 3.5 -164.8 -1.775.0 389.2 Current account Goods Services Income Current transfers Capital account 2.2 7.9 5.1 -0.4 490.2 0.0 -73.8 42.3 -1.6 0.8 37.0 12.1 -36.0 2.9 390.2 7.7 24.3 Geographical breakdown of the balance of payments (EUR billions.2 51.2 -47.2 67.8 117.0 -122.3 -41.5 29.0 39.7 0.6 6.7 -9.4 1.6 Debits 107.5 20.9 11.7 185.0 1.9 71.5 0.4 9.4 485.4 0.7 7.2 -19.

4 International investment position (EUR billions.3 2.8 2010 2011 2012 Q1 2012 Q2 16.7 4.6 2010 2011 2012 Q1 2012 Q2 18.777.8 236.159.0 -2.3 -252.757.7 1.2 701.446.8 124.230.470.3 -1.3 Japan Switzerland -22.7 4.4 3.0 19.6 30.0 273.6 2.4 130.1 -376.148.050.6 184.6 61.0 1.564.7 4.328.9 1.723.3 1.536.7 -2.276.6 1.024.5 7.042.038.6 1.1 257.225.877.3 4.763.7 -24.172.004.314.7 5.4 671.7 4.392.808.037.9 1.377.5 587.1 260.6 131.7 3.054.436.8 663. 1.4 1.762.4 400.6 76.0 -10.1 1.5 275.7 1.262. unless otherwise indicated.195.5 80.082.172.3 5.499.1 1.144.280.6 52.7 192.557.4 671.541.1 74.4.885.049.762.4 5.7 4.8 -14.4 -75.9 -24.059.931.308.5 46.8 -243.5 48.8 763.2 5.2 5.873.5 182.564.8 -287.103.8 Reserve assets 587.9 1.8 663. outstanding amounts at end of period) Total Total Direct as a % investment of GDP Portfolio investment Financial derivatives Other investment 2010 2011 2012 Q1 2012 Q2 -1.4 2.2 Source: ECB.907.3 5.0 19.1 553.3 102.0 1.7 -13.1 332.9 -252.012.005.0 1.8 855.8 4.6 11.2 85.2 701.219.9 4.6 629.6 2.128.1 20.1 68.7 20.224.877.6 Outstanding liabilities 3.0 2.9 729.5 5.0 2.3 5.0 828.0 18.2 1.4 -19.5 256.9 2.4 228.5 4.6 4.9 99.129.2 1.7 208.226.0 73.807.2 3.5 - 4.8 1.8 1.6 -32.048.044.9 743.617.563.2 2.4 16.2 776.3 10.5 Geographical breakdown of the international investment position (EUR billions.224.497.847.052.668.6 46.334.7 7.5 53.0 90.2 4.7 18.099.0 -836.773.647.1 1.2 Outstanding assets 4.9 5.636.6 197.9 -1.946.3 5.9 19.0 63.0 7.0 164.6 1.6 7.908.2 88.703.5 -2.1 -2.6 -291.8 1.214.7 -8.0 394.129.4 117.9 59.481.626.9 UK 11.0 18.4 1.2 15.8 14 ECB • Statistics Pocket Book • January 2013 14 ECB • Statistics Pocket Book • January 2013 .0 191.636.1 253.9 3.811.8 1.9 6.5 -154.818.2 526.063.392.2 1.044.8 96.9 789.8 Net international investment position 1. outstanding amounts at end of period) Total Other EU Member States 2011 Direct investment Abroad Equity/reinvested earnings Other capital In the euro area Equity/reinvested earnings Other capital Portfolio investment assets Equity Debt securities of which: Bonds and notes Other investment Assets of which: MFIs Liabilities of which: MFIs Source: ECB.0 -13.3 699.592.9 1.7 416.7 203. 5.5 473.8 205.5 2.9 341.4 125.9 19.0 3.337.7 United States China 40.1 1.9 1.6 198.033.0 22.8 1.3 207.6 2.6 5.8 4.195.1 339.4 412.5 5.

Nominal % change versus previous month 2012 Dec.30 105. outstanding amounts at end of period) Reserve assets Total In EUR billions SDR Reserve Foreign holdings position exchange In fine in the claims troy IMF ounces (millions) Eurosystem 2009 2010 2012 Q1 Q2 2012 Oct.8 95.9 155.5 37. 1) Real EERs are calculated using consumer price indices.3119 110.71 1.5 1.0 39.0 0.7 440.5 2.8 95.2 98.49 98.1 107. 1.ecb.9 53.0 155.1 92.europa.180 346.2 52.9 134.4 -42. For more information on EERs.0 0.962 346.8 4.2 59.4 32.9 17.0 169.4 106.9 97.4 0.2828 1.6 10.5 7.6 32.7 0.2 51.4 97.0 170.5 2012 Dec.2967 1.4 64.8 30. 462.5 15.0 0.2 266. see the "Statistics" section of the ECB’s website (www.3 5.8 97. Dec.5 54.2 431.5 16.3 4.0 105.4 33.142 16.9 3.7 Exchange rates (period averages) Effective exchange rate of the euro (1999 Q1 = 100) EER-20 2011 2012 2012 Q3 Q4 2012 Nov. -2.12 103.7 0.7 95. Nov.94 109.2 -24.6 42.1 ECB 4.5 -0.8 54.6 93.7 0.2 3.5 715.9 -1.2502 1.1 20.9 91.5 36.8 347.7 -41.3 55.3 93.8 95.6 20.142 16.0 0. unless otherwise indicated.8 718.694 2010 2011 2012 Q1 Q2 2012 Oct.825 346. Nov.4 -1.3 -24.1 63.3920 1.96 102.1 107. Memo items Monetary gold Other Predetermined foreign short-term currency net assets drains on foreign currency 50.0 0.4.7 3. under "Exchange rates".6 0.1 % change versus previous year EER-40 Real 1) 103.7 Nominal 112.7 0.2 701.4 21.8 38.7 108.2 671.0 64.143 16.eu).4 -0. 2) A positive change denotes an appreciation of the euro.122 16.1 366.8 -0.1 26.6 International reserves of the Eurosystem and the ECB (EUR billions.6 1.847 346.6 94.4 40.6 -1.3 458.4 591.693 346.8 4.142 16.9 -39.8 42.8 61.1 -0.5 21.142 Source: ECB.1 41.9 33.0 19.7 0. 56.7 2) 2) Bilateral exchange rates 100.2 96.7 460.2 Real 1) 97.8 173.3 53.0 Sources: ECB and BIS.2848 1.1 -0. ECB • Statistics Pocket Book • January 2013 15 ECB • Statistics Pocket Book • January 2013 15 .1 0.0 -0.0 -39.0 US dollar Japanese yen 1.6 92.

9 62.7 0.4 2.9 0.8 0.8 44.0 2.4 28.8 93.8 59.2 2.6 2.0 1.8 .9 2.0 10. 1) Data refer to the changing composition of the euro area. 1.7 16.6 0.2 0.8 0.6 35.4 11.1 1.9 5.8 7.5 11.5 0.2 0.5 Prices in the euro area 5.1 0.9 .8 66.7 53.7 32.9 3.9 1.4 44.0 2.0 0.7 5.1 HICP 1) (annual percentage changes.4 76.7 2.3 .4 1.6 9.1 11.5 11.8 1.1 .0 1. Nov.4 0.4 2.2 19.1 2. The weights shown refer to the current year.6 1.6 2.2 1.6 42.1 14.5 Month-on-month percentage changes (seasonally adjusted.1 0.4 0.3 0. 100.7 32.9 3.1 0.7 80.7 37.4 16 ECB • Statistics Pocket Book • January 2013 16 ECB • Statistics Pocket Book • January 2013 .5 72.0 5.7 21.1 1.6 17.7 7.8 3.9 2.6 48.1 -0.7 1.1 0.4 0.1 51.5 17.0 1.0 3.3 18.6 61.1 2.1 0.0 3.1 Sources: Eurostat and ECB calculations.0 2.7 1.9 5.7 3.7 2.2 0.8 0.8 21.0 16.0 1.2 1. Dec.8 1.6 9.0 2.1 23.9 Non-energy industrial goods Energy 28.9 43.8 7.0 4.1 2. 2.4 2.0 26.1 1.2 0.0 3.2 13.3 4.9 32.1 0. Oct. 1.2 The impact of inflation on the purchasing power of money (decrease in the purchasing power of money after x years at a given inflation rate. 3) 2012 Sep.6 2. 0.0 7.5 11.7 21.6 8.3 1.0 2.9 5.7 3.2 Services Housing 2) 0.8 6.5 54.6 51. Nov.3 13.8 .5 13.8 9. as well as early information on energy prices.4 2. 3) Estimate based on provisional national releases (which usually cover around 95% of the euro area). for further information see page 6.5 -1. 1.7 30.9 31.1 76. percentages) Inflation rate Year 1 2 3 4 5 6 7 8 9 10 15 20 Source: ECB calculations.9 7.3 18.1 85.9 29.5 2.2 12.1 7.1 20.2 2.9 18.2 1.1 3.3 57.1 0. unless otherwise indicated) HICP Total Food Processed Unprocessed food food % of total 1996-00 2001-05 2006-10 2009 2010 2011 2012 2012 Oct.5 0.6 2.4 41.2 1. except energy) 0. 4.7 8.6 1.6 25.0 2. 2) Excluding owner-occupied housing.3 35.5 2.8 1.3 1.3 10.3 2.7 0.7 8.1 3.6 83.0 25.1 0.9 14.8 1.7 16.2 1.9 4.1 17.6 4.6 3.4 11.8 -8.4 25.5 97.1 -0.4 24.0 9.4 5.0 24.5 38. 5.3 2.4 .1 3. 0.

0 47.5.7 2.7 54.1 -3.9 6.5 Sources: Eurostat.9 0. residential property.1 ECB • Statistics Pocket Book • January 2013 17 ECB • Statistics Pocket Book • January 2013 17 .7 2.7 49.6 1.9 0.1 2.1 55.1 4.4 0.2 6.9 38.1 1.1 3.7 49.3 1. export and import prices (annual percentage changes) Industrial producer prices excluding construction Construc.5 4.i.2 -5.1 54.1 7.1 52.9 0.1 46.1 -11.0 39.8 2.5 49.7 3. 1) Difference between the percentages of respondents giving positive and negative replies.3 -0.1 5.2 6.8 49.4 0.9 3.3 0.1 6.3 Industry.0 56.Residential tion property (input prices 1) Total Inter.9 5.7 66.8 39.2 4.5 Retail trade Services 1.7 -0.5 .6 6.3 2.3) Industrial import prices (c.2 7.1 1.3 -2.1 11.6 47.7 51.2 1. ECB calculations and national data. 5.5 64.4 0.Capital Consumer Energy prices) mediate goods goods goods 2001-05 2006-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.o. Oct.8 0.8 8.4 3.9 1.8 1.5 50.2 1.6 35.7 2.4 Price-related opinion surveys (seasonally adjusted) European Commission Business and Consumer Surveys (percentage balances 1) ) Selling price expectations (for next 3 months) 1991-00 2001-10 2010 2011 2012 2012 Q2 Q3 Q4 2012 Oct. - Industrial producer export prices (f.1 1.0 1.2 0. Nov.6 2.3 53.5 2.5 2.6 8. 1.3 3.4 -0.5 39.9 57.6 53. 2) These indices differ from the GDP deflators used for imports and exports (which are shown in Table 5.3 1.3 2.1 2.1 13.5 55.7 -9.4.8 54.6 2.1 3.3 1. 1) Experimental data.4 48.7 1.0 2.7 2.1 2.8 47.9 48.4 4.6 2.9 2.9 9.f.3 57.5 1.7 52.3 1.6 2.0 40. Nov. 49. construction.9 15.) 2).1 51.2 -2.7 53. Exports by wholesalers and re-exports are not covered.7 3.9 2.Services turing turing 20. 1. 2.9 1.5 1.9 48.7 53.4 -1.9 3.6).b. Dec.8 2.3 55.5 5.9 49.0 -0.4 47.9 54.1 6.2 2.3 0. mainly because they exclude cross-border trade within the euro area and all services.9 6.1 38.0 1.4 1.7 54.3 5.7 48.0 2.Services Manufac.5 Purchasing Managers’ Surveys (diffusion indices 2) ) Consumer Input prices Prices charged price trends (compared with previous month) over past 12 months Manufac.0 2.4 0.8 -1. 2) See footnote 2 of Table 3.5 9.8 4. Manufacturing 5.1 4.3 5.6 2.0 .2 0.) 2) .2 - 6.2 -5.4 6.6 2.2 1.6 54.1 3.7 37.3 3.7 2.2 37.9 0.0 Sources: European Commission Business and Consumer Surveys and Markit.8 1.0 5.0 -0.9 4. 3) Industrial producer export prices refer to direct transactions between domestic producers and nondomestic customers.5 47.

1) Excluding agriculture.6 Gross domestic product deflators (annual percentage changes) GDP (market prices) 1996-00 2001-05 2006-10 2009 2010 2011 2011 Q4 2012 Q1 Q2 Q3 Total Private consumption Government consumption 1.7 4. 3) Weighted according to euro area domestic production plus imports minus exports in the period 2004-06.8 1.1 .7 2.6 0.0 .1 1.0 2.9 1.5 2.0 2.4 8.4 2.9 8.7 2. Dec.6 -0.4 5.6 12.5.4 85.7 8.0 .7 2.9 1.4 1. - 4.0 5.8 1.3 10.6 84.7 86.9 Sources: Eurostat and ECB calculations.0 7.4 Sources: Eurostat and ECB calculations based on Thomson Reuters.4 19.2 2.0 5. unless otherwise indicated) Whole economy (s.6 1. 1.0 Exports Imports of goods and of goods and services 1) services 1) 1.2 1.2 1.8 1. 1.4 2.1 0.2 1.2 1.4 4. Unit Compen.3 2.2 2.0 31.5 2. - Labour Negoticost ated index wages 2.0 .6 87.1 0.5 -1.2 1.7 1.8 .9 1.2 2.2 .2 2.1 -3. Gross fixed capital formation 1.7 79.8 -6. fishing and forestry.6 84.6 1.2 .7 1.5 2.2 1.3 1.8 -0.3 1. OECD and national data.9 0.5 2.1 12.3 4. - Non-energy commodity prices ImportUseweighted 2) weighted 3) 5.3 84.2 0.7 5.4 -5.a. 1) Includes intra-euro area trade. - 1) 1.6 2.9 1.9 55.5 3.3 1.1 3.0 4.8 .6 1.) 1991-95 1996-00 2001-05 2006-10 2010 2011 2012 2012 Q2 Q3 Q4 2012 Oct.7 0. Experimental data.1 1. Nov.4 -6.1 10.8 2.7 2.7 1.2 1. European Commission (Eurostat and DG ECFIN).6 3.1 2.3 5. 5.3 8.3 1.5 0.7 2.9 2.4 1. 2) Weighted according to the structure of euro area imports in the period 2004-06.6 -0.7 4.9 0.4 2.8 82.2 1.8 2.1 0.7 .0 2.0 7. 2. Data are working day-adjusted.0 1. 2. - 4.2 .4 18.1 5. 1.3 18 ECB • Statistics Pocket Book • January 2013 18 ECB • Statistics Pocket Book • January 2013 .3 36.5 Oil prices (EUR per barrel) 4.Hourly labour sation per compencosts employee sation 2.8 2.6 6.5 Other prices and costs (annual percentage changes.2 1.4 2.5 42.5 1.6 1.3 60.0 2.6 1.1 14.5 1.3 0.6 44.8 7.1 7.6 0.2 2.1 0.6 30.

6 1.5 10.7 -10.9 79.3 -2.9 3.7 3.1 -8.3 4.5 1.1 1.9 -7.5 15.1 0.5 1.3 2.3 -30.4 4.8 3.5 3.7 0.4 19.3 0.8 1.6 Net Current disposable transfers income payable -0.0 73.0 3.0 -4.7 3.5 -17.0 2.9 19.2 -3.3 2.6 15.3 Net saving Net capital transfers Annual percentage changes 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -2.4 1.0 3.8 2. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.7 1) 0.0 2.6 83.4 2.3 -0.3 2.8 69.5 19.2 19.0 100.3 2.6 4.3 73.6 2010 2011 2012 Q2 100.1 2.5 1.7 -11.3 -0.7 84.6 -0.8 0.1 -14.2 As a percentage of GDP Net lending/ borrowing Sources: ECB and Eurostat.2 19.1 0.9 2.7 3.6 1.1 2.1 19.3 2.6 0.5 2.9 -67.3 83.2 -0.8 1.6 3.5 79.7 2.3 95.9 2.1 -0.9 1.1 2.3 -1.1 3.7 2.4 84.5 1.0 3.9 0.6 28.5 95.4 2.0 15.6 2010 2011 2012 Q2 83.0 94.6 3.8 3.5 1.6 1.3 95.3 -0.3 As a percentage of GDP Net disposable Final income consumption expenditure Current transfers receivable Net acquisition Gross of nonfixed financial capital assets formation 1) -40.0 1.6 1.8 1.6 1.6 Euro area accounts 6.3 2.0 2.5 2.2 -2.1 Euro area Non-financial accounts GDP ConsumpPrimary tion income of fixed receivable capital Net Primary national income income payable Annual percentage changes 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -0.1 -2.7 -31.3 ECB • Statistics Pocket Book • January 2013 19 ECB • Statistics Pocket Book • January 2013 19 .3 73.6 -9.3 95.5 3.5 3.6 3.3 1.6 94.7 -6.4 4.2 6.0 100.3 83. -0.3 79.8 -8.5 83.3 4.9 2.1 1.4 84.9 307.3 1.7 0.9 1.2 -10.4 2.8 3.3 24.2 2.5 72.5 83.6 0.2 2.0 71.9 72.5 3.6 0.2 0.7 5.1 2.0 1.4 0.

8 74.7 1.4 -1.8 0.6 -7.6 0.9 98.1 99.2 2.1 3.0 27.6 2.2 -5. adjusted 3) 9.3 1.7 13.7 0.3 72.7 1.6 1.0 9.4 21.5 73.9 -6. Net consumpincome sation mixed and current tion of emploproperty transfers expendiyees income receivable ture Annual percentage changes Gross saving Gross fixed capital formation -8.5 0.9 3.6 2.8 -3.5 3.7 0.5 1.8 107.1 2. 3) Net adjustment for the change in the net equity of households in pension fund reserves (i.7 1.5 0.1 Changes in net worth 2) 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 1.0 9.6 -4.7 2.0 36.8 1.7 7.0 3.6 3.0 94.2 2.8 -5.8 Financial investment and financing (loans) Financial investment Currency and deposits Shortterm debt securities Longterm debt securities Shares Insurance and technical other reserves equity Loans taken From MFIs Annual growth rates 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 2. 20 ECB • Statistics Pocket Book • January 2013 20 ECB • Statistics Pocket Book • January 2013 .5 1.9 2.7 87.9 3.e.5 2.8 -10.5 9.0 7.0 13.5 -11.7 2010 2011 2012 Q2 99.7 2.0 301.3 0.3 2.3 -52.2 2.5 3.5 1.1 1.0 -0.1 20.6 108.8 -10.1 24.6 -1.2 2.2 2.1 99.4 109.5 94.1 0.8 2.1 99.6 -2.1 2.9 2.0 -2.3 17.6 4.3 2.6 -7.6 1.0 7.9 0.4 2. adjusted 3) Sources: ECB and Eurostat.8 -1.1 3.9 21.7 7.6 2.1 -1.4 96.1 3.3 2.4 36.6 4.9 1.2 Households 1) Income.4 2.7 4.7 0.8 -0.5 0.8 36.5 1.9 0.8 86.2 2010 2011 2012 Q2 305. saving and investment Gross Final disposable Compen.3 86.3 0.6 1.8 -11.7 299.2 2. based on four-quarter cumulated transactions.0 2.1 -0.3 2. receivables minus payables).0 1.8 84.6 0.0 Outstanding amounts as a percentage of households’ gross disposable income.1 1.9 -0.8 -36.2 13.9 1.8 2.2 1.4 98.4 1.8 -0.1 84.6.Operating.1 -1.8 2.1 29.8 -0.8 2.0 3.7 0.6 -0.6 2.7 -11. 2) Annual observations are identical to the quarterly observations for the fourth quarter of the year.8 87.4 64.1 14.3 3.3 -1.3 3.7 2.0 6. 1) Households and non-profit institutions serving households.0 As a percentage of households’ gross disposable income.0 3.7 1.0 -4.0 73.0 2.0 2.8 2.6 84.9 3.2 64.

2 1.8 449.3 5.9 1.9 1.6 2.7 6.8 -2.0 2.4 -16.2 4.0 3.8 1.8 3.2 148.3 1.3 Non-financial corporations Value added.7 3.1 -0.7 247.1 21.0 -2.6 1.4 1.4 28.7 Net saving Net acquisition of nonfinancial assets Net Gross fixed Consumption lending/ capital of fixed borrowing formation capital Annual percentage changes 1) -10.6 2.7 201.0 20.2 2.1 1.9 1.8 1.7 7.8 -6.4 175.0 28.2 2.0 0.4 -11.6 0.7 2.7 3.8 163.9 -4.5 41.9 6.7 3.2 -0.8 1.0 -2.4 4.6 4.8 250.2 2. ECB • Statistics Pocket Book • January 2013 21 ECB • Statistics Pocket Book • January 2013 21 .3 4.0 26.2 4.6 -0.2 2.4 3.1 -1.7 1.3 27.4 200.1 97.5 2.9 4.5 480.4 -0.2 1.7 3.1 52.9 0.8 Outstanding amounts as a percentage of gross value added Sources: ECB and Eurostat.9 2.8 41.1 17.0 151.8 203.8 3.8 3.2 3.0 7.1 2010 2011 2012 Q2 100.3 174.0 -81.3 2.9 4.2 3.1 17.4 17.3 -0.4 2.9 3.0 100.8 3. saving and investment Gross value added Net entrepreneurial income 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -1.7 -0.7 3.2 0.8 -2.1 8.9 5.6 276.6 96.4 177.3 1.0 336.4 3.2 2.1 2.5 0. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.5 2010 2011 2012 Q2 349.0 1.0 4.0 -2.6 1. entrepreneurial income.4 2.6 2.7 -6.7 -20.2 341.5 100.6 20.1 4.9 2.1 2.2 452.3 3.7 5.6.3 20.4 2.3 As a percentage of gross value added 3.8 3.6 41.5 2.3 Financial investment and financing Financial investment Currency and deposits Shares and other equity Financing Total Debt Loans taken Annual growth rates From MFIs Shares and other equity 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 3.1 2.4 1.0 82.8 1.0 100.5 -0.0 129.1 3.6 2.1 1.9 3.3 1.2 2.

2 62.5 12.1 -2.2 80.4 87.8 15.8 15.5 11.8 3.4 15.9 12.9 44.2 General government debt (Outstanding amounts at nominal value at end of period.3 91.1 General government revenue.7 Interest 47.0 3.0 5.1 -6.0 49.6 15.5 12.9 7.2 7.1 -3.8 12.1 51.7 Euro area government finance 7.2 51.0 85. 12.4 6.7 15.3 2.9 5.8 45.5 8. as a percentage of GDP) General government debt 2008 2009 2010 2011 2012 Q2 Source: ECB. four-quarter moving sum for quarterly data) Total revenue Direct taxes 2008 2009 2010 2011 2012 Q2 45.6 Deficit(-)/ Borrowing surplus(+) requirement 3.3 7.6 2.4 22 ECB • Statistics Pocket Book • January 2013 22 ECB • Statistics Pocket Book • January 2013 .7 4. Total Currency and deposits Loans Short-term securities Long-term securities 70.3 -6.4 7. deficit/surplus and borrowing requirement (as a percentage of GDP. expenditure.4 45.6 12.6 11.0 44.5 11.4 2.2 -4.5 2.7 15.8 56.3 15.4 2.0 2.5 11.6 Source: ECB.3 49.4 7.1 Total expenditure Indirect Social taxes contributions 12.3 7.5 18.9 2.7 12.1 63.5 60.5 49.

25 -0..50 -0.50 -0.50 -0.25 -0.25 0.25 -0. changes in percentage points) With effect from: Deposit facility Main refinancing operations Marginal lending facility Fixed rate Variable rate tender tender procedures procedures Fixed rate Minimum bid rate 2000 28 June 1 Sep.25 0.50 0.75 2.25 2.50 -0..50 3.75 3.75 4.75 Level 4.50 0.25 0.50 1.50 2.50 3.00 1.75 3.00 4.25 1. 0. 2007 14 Mar..25 0. 2012 11 July Level 3.50 4.25 1.25 2.75 -1.25 -0. 18 Sep.25 Level 3.50 -0. the weekly main refinancing operations would be carried out through fixed rate tender procedures with full allotment at the interest rate on the main refinancing operations. 11 Oct. 0..25 5.50 1.25 0.25 -0.25 -0.25 0.25 - Change .75 4.25 0.00 0.50 -0.75 .50 0.75 5.50 -0.50 1.50 3.00 1..25 3.75 3.00 1..25 0.75 1.00 2.00 3.25 0.25 -0.25 3.50 -0.75 2.25 3.25 2.25 -0. 6 Oct.50 .25 -0.25 0.50 -0.75 2..75 4.25 2.25 0.8 Monetary policy 8.75 1.25 -0.25 0. -0.25 2.00 1.25 -0. 9 Nov.00 -0.75 4.. 2006 8 Mar.25 Level 5. 13 Dec.25 4.75 3.00 2. 2003 7 Mar.50 0.50 -0.1 Key ECB interest rates (levels in percentages per annum.25 2.25 0.25 -0.25 0.50 0.50 3.00 4. 13 June 2008 9 July 8 Oct.25 -0.50 -0.50 0.50 0.50 -0.75 3.25 -0..25 4.25 Source: ECB.75 3.75 2. 2009 21 Jan.25 3.50 -0. 8 Apr.50 5. 13 July 9 Nov. 2001 11 May 31 Aug.75 4.25 4.00 3. -0.25 1.50 2..25 2. starting from the operation to be settled on 15 October 2008.25 .25 -0.25 -0.25 -0.00 3.25 0.25 0. 6 June 2005 6 Dec.00 Change .00 1.. 10 Dec.25 -0.50 2.00 2.50 -0.25 0..50 2.25 -0.25 0.50 4.25 1.25 0.75 5.25 0.25 -0.00 3. 14 Dec.50 -0.50 4.25 0.25 0.25 -0.25 0.25 0.00 2.50 0.00 0.25 0. 1) On 8 October 2008 the ECB announced that.25 -0. -0. 13 May 2011 13 Apr.25 0.25 0.00 5.25 3.50 5.25 -0.25 0.25 -0. 0.75 0.25 4.50 -0.25 0.50 -0.75 3.25 0.25 1.25 -0. 15 June 9 Aug.50 -0..75 2. 2002 6 Dec.50 Change .50 3.25 0.75 3.50 .25 3. 11 Mar.25 0.50 1. 0.50 2.25 4. 9 15 1) 12 Nov.25 2.75 -0.25 0.25 -0.25 0.25 3. ECB • Statistics Pocket Book • January 2013 23 ECB • Statistics Pocket Book • January 2013 23 ..25 1.

730 81 79. 2) For the operations settled on 22 December 2011 and 1 March 2012.75 .428 79 74.8.725 0.75 0.450 25.295 28 11 July 24.214 85 75.75 0. on any day that coincides with the settlement day of a main refinancing operation.783 17 91. 70.926 7. 102.591 74 70.75 0.75 0.730 7 Nov.591 5 Dec.709 12.844 27 18.886 10 89.2 Eurosystem monetary policy operations allotted through tender procedures (EUR millions.00 0.75 0.725 2012 9 May 12.926 29 3) 7. 3) 6.783 96 91. 25.75 0. 1) In liquidity-providing (absorbing) operations.371 12 Dec.661 69 81.156 15.371 15. 13. 24 ECB • Statistics Pocket Book • January 2013 24 ECB • Statistics Pocket Book • January 2013 . 15.217 19 72. 117. the marginal rate is the lowest (highest) rate at which bids were accepted. after one year counterparties have the option to repay any part of the liquidity that they have been allotted in these operations.75 0.629 1 Nov. the rate at which all bids are satisfied is indexed to the average minimum bid rate in the main refinancing operations over the life of the operation.75 0.398 26 8. 0.764 12 73.293 87 83.75 0.683 86 89.75 0.75 0.75 0.474 14 75.75 0.75 0.988 8.813 93 77.905 26.156 14 15. interest rates in percentages per annum) Date of Bids settlement (amount) Number Allotment of (amount) participants Fixed rate tender procedures Variable rate tender procedures Running for (.746 13. 0..474 84 75.428 21 28 74.296 20 3) 14. 3) In this longer-term refinancing operation.75 - - - 7 7 7 7 7 7 7 7 7 7 7 7 9 6 6 7 20 33 21 50 27 36 28 36 26 55 27 52 30 37 26 50 1.450 8 Aug.683 28 89.844 18.217 79 72. 79.905 26.097 75 77.75 0.746 12 Sep.307 18.988 8.097 9 77.813 24 77..75 0.214 75.307 31 13 June 18.383 84 102.75 0.661 2013 3 Jan.75 0.00 0.962 85 117.75 0.709 10 Oct.75 0.86 1. - - - 35 91 28 91 28 98 35 91 28 84 35 91 28 91 35 98 Longer-term refinancing operations 2) 12.75 .296 14.886 86 89.) days Fixed Minimum Marginal Weighted rate bid rate rate 1) average rate Main refinancing operations 2012 26 Sep.764 82 73.180 9.295 24.180 30 9.293 31 83.75 .962 Source: ECB.79 0.75 0.629 6.383 3 Oct.398 8. 81. 12.

7 0.5 0.6 -0.2 1. 757 794 843 863 3.1 -0.7 -6.873 1.9 1.8 0.8 0.9 2.1 4. Currency in circulation Overnight deposits 0.3 1.4 0.8 6.7 17.345 9. 2) Deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months. 8.2 3.1 3.2 46.909 3.255 1.5 -1.6 3.4 0.5 3.4 2.7 0.9 3.7 0. Oct.498 4.8 0.8 4.3 0.4 1.8 20.9 -0.1 13.6 2.9 2.8 2009 2010 2011 2012 Nov.1 7.8.703 4.707 3.6 -8.5 3.2 5.281 9.45 3.6 1.5 13.4 1.949 4.137 870 887 796 9.1 3. Nov.2 .9 5.800 3.3 0. .4 -3.8 Source: ECB. end of period) 2007 2008 2009 2010 2011 2012 July Aug.7 5.7 1.2 3. 1) unless otherwise indicated.7 -0.6 -0.3 4.0 0. debt securities issued with a maturity of up to two years and repurchase agreements.787 Outstanding amounts (EUR billions) Main components of the annual growth rate of M3 (contributions in percentage points.6 7.5 0.6 1.3 3.710 3.118 3.0 1. .3 0.2 0.2 2.2 5.1 0.6 2.5 6.7 2.1 7. Growth rates not adjusted for non-transaction-related changes.9 13.1 1. 4. Nov.0 0.3 -1.4 1.4 0.5 3.2 M1 M2-M1 2) M3-M2 3) 1.4 6.792 5.0 6. end of period) Currency in Overnight circulation deposits M1 M2-M1 2) M3-M2 3) M3 E-money 4) 2007 2008 2009 2010 2011 2012 July Aug.1 0.5 5. 4.1 24.5 0.1 3.3 0.3 72. 1) Growth rates are adjusted for non-transaction-related changes.4 0.3 -0. 4) Not seasonally adjusted.1 1.9 3. . seasonally adjusted.9 -0.6 7. 3) Money market fund shares/units.2 4.4 42.1 0.4 6. Oct.3 Monetary developments in the euro area Monetary aggregates and main components (annual percentage changes.2 5.6 11.9 2.9 4.9 2.04 .3 M3 11.6 3.3 -1.479 9. .5 5. Sep.5 5.5 4.2 -11.9 2.9 5.0 -0.6 -4.3 1. ECB • Statistics Pocket Book • January 2013 25 ECB • Statistics Pocket Book • January 2013 25 .6 2.4 1.0 3. seasonally adjusted.3 0.72 2.8 -8.5 -0.5 2.4 12.1 4.741 3.5 2.0 -0. Sep.

8 11.8.931 6.0 0.7 1.0 -0.2 0.7 -2.2 -1.6 -1.2 0.7 -0.6 1.1 3.5 -0. seasonally adjusted.2 6.1 -1.7 -0.6 2.5 -0.4 3. Oct.2 1.729 7.1 2.680 7.5 3.0 2009 2010 2011 2012 Nov.637 Outstanding amounts (EUR billions) Breakdown of the annual growth rate of M3 by counterpart (contributions in percentage points.9 2.5 Plus other M3 0.1 0.7 1.4 -0.9 3.7 1.1 10.1 9.1 9.287 13.8 1. Nov.8 1.6 11.0 0.9 3.1 0. seasonally adjusted.6 -0.4 0.0 -0.244 13.5 -1.7 0.8 -0.6 -0.2 0. 2) MFI loans granted to non-MFIs resident in the euro area and MFI holdings of securities issued by non-MFIs in the euro area.liabilities external term against assets financial central liabilities government -0.6 -0. end of period) MFI assets 2007 2008 2009 2010 2011 2012 July Aug.2 -2.6 11.4 -1.4 3.9 -1.3 1.4 -0.432 13.9 -0.8 Source: ECB.6 7.2 -1.5 3.157 3. 1) Growth rates are adjusted for non-transaction-related changes.3 1.6 18. end of period) Credit 2) To general government To other euro area residents Loans Longer-term financial liabilities 2007 2008 2009 2010 2011 2012 July Aug.3 0.4 11.293 7.4 -1.9 13.8 6.8 -1.3 -1.7 1.6 0.9 -0.9 1.7 -0.4 1. Oct.1 1.1 1.4 -0.6 -2.9 1.478 2.7 2.9 4.8 9.4 7.797 10.8 2.0 4.2 6.0 0. Sep.7 2. 10.4 8.5 2.3 -1.457 16.4 Counterparts of euro area monetary aggregates Main counterparts of M3 (annual percentage changes.4 0. 26 ECB • Statistics Pocket Book • January 2013 26 ECB • Statistics Pocket Book • January 2013 .3 3.1 2.2 5.4 -0.euro area ment residents -0. 1) unless otherwise indicated.023 10.1 8.1 1.7 1.0 -0.0 2.213 3.8 4.3 -1.5 0.8 7.6 2.2 7.1 -0.9 2.114 13.2 Loans 13.8 -0.9 3. Sep. Nov.0 -1.2 -1.6 -1.6 3.2 0.3 2.2 Credit to Credit general to other govern.046 10.2 8.5 1.864 3.444 16.6 0.9 5.0 2.6 2.9 Minus Minus Net longer.5 0.3 -1. 17.9 0.8 -0.0 -2.3 0.7 1.5 0.978 16.2 -1.898 11.0 3.8 -1.0 -2.0 1. 15.

5 0.5 -25.7 -6.5 17.309 1.300 1.683 1.1 1.685 0.9 -0.2 0.0 -1.9 2.0 2.1 -22.8.061 2.2 -0.395 2.1 5.0 -49.3 -65.5 -14.6 35.0 -82.006 2. 6.5 -72.7 Euro area insurance corporations and pension funds (EUR billions.726 2.9 1.5 -4. outstanding amounts at end of period.2 -12.6 Euro area financial vehicle corporations (EUR billions.647 2012 June July Aug.9 -4. Oct. claims 2.1 -0.9 Transactions 8. transactions during period) Total assets Deposits and loan claims Outstanding amounts 2012 Q3 2.1 -25.7 -54.683 1.262 1.5 30.3 4.5 Euro area investment fund shares issued by investment policy (EUR billions.1 -0.4 -83.6 17.3 0.7 5.0 6.2 -0.9 13.1 -63.574 1. outstanding amounts at end of period.8 23.4 12.6 -1.7 -14.5 -1.1 Liabilities Securitised loans Originated by euro area MFIs Securities other than shares Debt securities issued 1.1 17.2 -19. 10.6 10.7 -56. ECB • Statistics Pocket Book • January 2013 27 ECB • Statistics Pocket Book • January 2013 27 .3 Transactions 8.296 7.5 -51.758 3.9 -29.978 1. Sep.556 316 138 405 945 -4.330 1.3 -3.8 -5.7 1.6 61.131 2.974 7.3 -0.844 2.085 203 1.0 1.393 1.307 1.4 -71.0 -1.372 2.6 1. outstanding amounts at end of period) Total financial assets 2011 Q4 2012 Q1 Q2 Q3 6.8 63.8 18.3 24.500 Liabilities Securities Investment Insurance technical reserves other funds than Issued by shares Net equity of Net equity of Prepayments of shares euro area households households insurance General in life in pension premiums and government insurance fund reserves for reserves reserves outstand.299 3.6 -1.7 67.342 3. transactions during period) Total Funds by investment policy Bond funds Equity funds Mixed Real estate funds funds Hedge funds Other funds Memo item: Money market funds Outstanding amounts 2012 Oct.340 3.1 -14.872 2.6 -15.121 827 846 847 844 Source: ECB.0 64.236 7.079 301 2011 Q3 Q4 2012 Q1 Q2 Q3 -32.4 21.9 -2.

8.387 7. . Nov.022 1.9 Assets of the banking system and selected non-bank financial intermediaries of the euro area (outstanding amounts in EUR billions.234 8. .730 3.225 2.684 34.159 .1 529.490 1.4 106.9 . Sep.943 18.02 3.653 8.90 -0.8 Euro area minimum reserve statistics (EUR billions.17 13.75 0. 1) A coefficient of 1% is applied as of the maintenance period beginning on 18 January 2012.4 106.352 2.520 32.289 6.042 1.124 7.0 106.9 107.238 5. unless otherwise indicated.955 3. interest rates as percentages per annum) Reserve base as at/ maintenance period ending in: 2012 July Aug.252 8. . 13.805 33.133 1.074 32.81 Number (thousands) Total assets 1.691 3. A coefficient of 2% is applied to all previous maintenance periods.00 0.750 10. Source: ECB.147 2.10 EU consolidated banking data 1) (EUR billions.681 6.75 0.692 10.212 4.211 8.53 13.448 7. Reserve base Total 19.126 Return on Overall equity (%) solvency ratio (%) 1.025 2.2 509.021 981 988 961 6. Dec.683 10.278 2. Credit institutions Eurosystem Money market funds Investment funds Financial vehicle corporations Insurance corporations and pension funds 31.75 0. 2013 Jan.700 5.094 28 ECB • Statistics Pocket Book • January 2013 28 ECB • Statistics Pocket Book • January 2013 .327 8. 1.5 510.016 7. end of period) 2010 2011 2012 Q1 Q2 Q3 Source: ECB.649 . 8. end of period) Foreign-controlled subsidiaries and branches Domestic credit institutions 2009 2010 2011 2011 30 June Number (thousands) Total assets 3. 1) Data are fully consolidated on a cross-border and cross-sector basis.0 107.218 6.75 0.2 540.077 18.707 7.0 538.894 18.038 1.019 7.079 7.873 3. 8. Reserve maintenance Liabilities to which a positive 1) reserve coefficient is applied Liabilities to which a 0% reserve coefficient is applied Required reserves Credit institutions’ current accounts Interest rate on minimum reserves 10. Oct. 106.573 5.69 5.638 35.0 111. .1 107. .945 8.902 34.916 8.808 . unless otherwise indicated.61 Source: ECB.75 .196 32.59 13. .847 34.

0 89.772 3. Mar. Oct.4 88.555 8.9 88.191 942 936 983 944 835 871 882 93.532 16. outstanding amounts at end of period. unless otherwise indicated. redemptions and net issues (EUR billions.841 16.640 1.251 4. the difference between aggregated gross issues and redemptions may deviate from the aggregated net issues.646 1.9 89.004 1.811 16.8 90.250 4.475 10.6 88.412 4.228 903 979 960 956 799 845 898 93.535 4.409 4.0 88. 13. ECB • Statistics Pocket Book • January 2013 29 ECB • Statistics Pocket Book • January 2013 29 .809 16.267 4.381 4. Oct.763 16. nominal values) Gross issues Redemptions In euro (%) 2009 2010 2011 2012 Feb.344 4. May June July Aug.395 4.6 88.5 88.566 1.5 88.9 89.737 16.1 88.647 1.0 88.599 1.499 11.071 552 619 161 80 -2 60 -17 29 -36 -22 35 Source: ECB.9 86.935 4.616 1.4 Seasonally Non-seasonally adjusted adjusted 1) 96 82 -9 -1 15 56 -5 34 24 1.3 88. Apr.0 89.640 1.879 16.078 3.9 89.6 89.062 4.2 Debt securities issued by euro area residents: gross issues.789 Quoted shares 4.166 1.345 4. unless otherwise indicated.642 1.283 15.737 16.242 4.319 Source: ECB.2 87.2 89.550 11.6 88.814 9. 9.301 4.6 87.2 89.747 16.096 12. Mar.4 90. Sep.342 4.185 4.9 Financial market developments 9.445 10.422 10.019 1.018 10.3 88.580 3. market value for equity securities.521 12.389 4.244 10.7 88.601 1.5 89. May June July Aug. Apr.888 4.1 89. "long-term fixed rate" and "long-term variable rate" may not add up to the figures for total debt securities as the latter also includes long-term zero coupon bonds.252 89.544 1.3 Net issues In euro (%) 12.9 86.4 88.204 10.351 4.229 10.862 16.631 1.363 4.6 15. of which: Short-term Long-term fixed rate Long-term variable rate issued in euro (%) 1. Sep. 1) Nominal value for debt securities. 1) As a full breakdown of net issues into gross issues and redemptions may not be available in all countries. 2) "Short-term". nominal or market values 1) ) Debt securities Equity securities of which: 2) 2009 2010 2011 2012 Feb.401 1.373 10. transactions during period.409 10.6 91.9 88.1 Securities issued by euro area residents: outstanding amounts (EUR billions.7 90.499 10.

7 3. unless otherwise indicated. 2010 2011 2012 Oct.6 3.319 4.7 12. outstanding amounts at end of period.4 0.840 6.7 10.319 MFIs Financial corporations other than MFIs Non-financial corporations 104.0 2. 2008 = 100 1) 4.0 0.7 9.3 4.4 1.8 2.4 2. Sep.6 106.3 13.3 0.5 -2.591 4.8 2.5 4. market values) Total economy 2010 2011 2012 May June July Aug.3 Euro-denominated debt securities issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.7 -2.5 106.888 3.9 0.0 6.5 1.9 0.3 -2.5 7.8 4. 30 ECB • Statistics Pocket Book • January 2013 30 ECB • Statistics Pocket Book • January 2013 .888 4.3 4. outstanding amounts at end of period.2 -1. 2008 = 100 1) Central government Other general government 2010 2011 2012 May June July Aug. 1) The index data and annual growth rates are shown as end-of-period values in order to ensure consistency with other information in this table.894 14.4 106.7 0. 14.7 4.608 2.1 3.9.8 106.895 14.242 4.9 3.8 3.7 5.9 118.871 - - 4.4 Quoted shares issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.7 2.1 -0.4 - - 458 339 384 334 271 330 3.788 3.1 3.0 7.1 14.2 9.8 118.5 12.5 118.5 3.2 -0. 9.3 2.871 111.885 14.857 14. EUR Index: billions Dec.772 3.311 4.5 6.106 6.3 10.118 14.7 118.651 703 714 798 5.3 0.3 0.185 4.5 3.0 1.9 3.690 14.9 5.6 1.6 3.690 14. 1) The index data and annual growth rates are shown as end-of-period values in order to ensure consistency with other information in this table. Oct.4 0.9 3.4 0.3 3.874 14.4 5.9 1.8 3.9 116. unless otherwise indicated.5 9.580 3.7 10.9 107.0 2010 2011 2012 Oct.0 12.9 118.2 3.6 6.8 106. Oct.768 2.5 12.2 5.2 1.735 2.062 4.118 14.3 6.8 5.0 4. nominal values) Total economy MFIs Financial Nonincluding corporations financial the Euro.4 10.other than corporasystem MFIs tions EUR Index: billions Dec.9 1.1 106.1 -1.3 12.606 Outstanding amounts per sector (EUR billions) Source: ECB.8 13.6 3.7 13.205 496 544 609 Outstanding amounts per sector (EUR billions) Source: ECB.6 4.278 3.935 4.9 118. Sep. 14.580 3.1 1.

37 -2.80 0.63 0. 2013 2.47 0.64 0.67 1.45 0.84 1.95 0.47 0.35 2.37 0.95 0.48 0.33 -1.25 0.58 2.20 0.19 0.91 0.33 0.18 0.38 0.32 1.30 0.86 0.39 0.61 -1.42 0.57 0.33 1.36 0.20 0.67 0.50 0.23 0.20 0.71 0.47 1.21 0.00 0.09 0.22 1.47 0. 9.08 1.08 0.14 0.04 0.38 0.23 0.27 0.88 0.88 0. 2012 Jan.74 0.10 0.19 0.67 1.06 0.82 -1. Dec.52 0.73 0.39 0.49 0.9.16 Jun.33 0.13 0.79 0.36 0.34 0.64 0.84 1.14 1.63 0.19 0.19 6 months Real -0.76 0.08 0.6 Interest rates implied by 3-month EURIBOR futures (percentages per annum.97 0. by maturity date of futures contract) 2010 2011 2012 2011 Dec.66 -2.47 0.19 0.39 0.28 -2.04 0.53 0.32 0.88 0.44 0.22 1.60 1. May June July Aug.83 -1.41 1.26 -1.84 0.19 0. Nov.61 0.16 1.98 0. Sources: ECB calculations based on underlying data provided by Thomson Reuters.36 0.10 -0.68 0.33 0.95 -1.38 0.34 0.20 0.29 0.43 -1.08 0.95 0.48 0.25 0. 2014 2.79 0.28 -2. 2013 2.47 0.84 -1. 0.87 0.32 1 year 1. 2013 2. Sep.01 1.72 1.24 0.20 Mar. Feb.19 0.54 1.40 0. 2013 2.71 0.65 0.02 0. 2014 3.11 0.82 0.31 0.00 -2.78 0.28 0. Mar.27 1.72 2.05 0.99 0.46 0.41 1.20 -0. Mar.97 0.50 0.31 3 months Real Nominal -1.68 -1.59 0.89 0.35 0.37 1.17 1.32 -1.61 0. period averages) Euro area EONIA EURIBOR 1 month 2010 2011 2012 2011 Dec.55 United States Japan LIBOR LIBOR 3 months Nominal 0.83 2.5 Money market interest rates (percentages per annum.50 0.27 0.71 0.11 -0.19 0.57 0.84 0.39 0.57 1.92 -1.22 0. 2012 Jan. Jun.45 2.18 Real 0. Mar.83 1.65 0.42 0.24 Sources: ECB calculations based on underlying data provided by Bloomberg.70 -1.39 .38 0.36 -2.17 Dec.60 0.58 1.74 0.30 -2.56 0.36 -2.20 1. Apr.75 1.43 0.22 0.07 2. Sep.41 -2. Apr.05 1.90 0.82 -1.01 1.91 -2.65 0.95 2.41 0.68 1.11 2.32 1.20 0.43 1.59 0.24 -1.53 0.59 0.21 0.35 0.58 0.50 1.30 0.70 0.11 0.46 0.16 Sep.20 0.75 -1.30 0.31 -0.12 0.20 0. May June July Aug.87 0.19 0.59 0.35 ECB • Statistics Pocket Book • January 2013 31 ECB • Statistics Pocket Book • January 2013 31 .47 0.43 0.18 -1.18 0.19 0.66 0.11 0.56 0.35 1. 2014 2. 0. Oct. Oct.39 0.74 0. Dec.29 1.93 0.22 0.00 1.25 0.42 0.57 1.17 0.54 0.29 1.81 -1.27 1.24 0.98 0.07 0.46 0.10 0.17 0.41 0.45 .34 0.84 -1.50 1.21 0.50 1.80 0. Nov.09 0.11 3 months Nominal 0.33 0. Feb.85 0.34 0.20 0. period averages.20 0.81 1.30 Sep.

75 3.69 0.44 1.17 3.60 2.03 -0.92 -10.02 0.07 2.03 0.40 -2. Sep.04 -4. Dec.13 0.74 0.82 2.98 -1.94 1.06 -0.05 0.60 -8.01 1.05 -1.45 0.00 0.01 -0.33 2.16 -1.69 -6. end of period) Euro area 2010 2011 2012 2011 Dec.48 -1.03 0.03 -1.41 0.85 -1.92 1.72 2.24 3.10 0.66 10Y-2Y 1 year 2 years 5 years 10 years spread 2.02 0.60 -0. 2012 Jan.21 -0.32 0.90 -0.65 0.22 2.46 -1.89 2.05 0.52 3.76 0.76 1. end of period.05 -0. Apr.09 0.25 -1.89 1.90 1. Dec.80 -2. Apr.06 4.01 0.7 Euro area yield curves (AAA-rated euro area central government bonds.06 0.80 1.01 -0.15 1.04 0.27 1.09 -0.88 1.21 -2.15 -0.41 -0.04 0.75 0.55 2.77 -1.07 0. Sep.94 1.66 -1.20 0.36 1.01 -0. Mar.07 0.92 1.17 2.13 1.72 2.62 -0.09 0.32 0.03 0.8 Spreads between swaps and government bond yields (percentage points.58 3.49 -1.98 -0. Nov.23 -1.64 3.04 -0.47 1. May June July Aug.10 3.16 0.02 -0. Dec.03 -0.91 1.65 2.39 0.60 3.09 1.39 1. Oct.69 3 years -0.9.92 -0.45 -0.20 -0. Nov. 2 years -0. Mar.39 0.22 -2.76 1.69 -8.87 2.12 2. Oct.32 -1.78 0.50 Sources: ECB calculations based on underlying data provided by Bloomberg.12 -0.15 1.07 -0.82 3.09 0.22 2.87 -5.11 0.00 0.00 0.28 -1. United States Japan 10 years 10 years 0.96 -4.53 1.27 -0.40 -1.00 32 ECB • Statistics Pocket Book • January 2013 32 ECB • Statistics Pocket Book • January 2013 .04 -0.03 0.02 -0. 2012 Jan.95 1.26 4.04 0.11 0.02 -0. 0.44 1.82 -0.87 5 years -0.17 2.00 0.97 2.95 0.55 -1.89 1.11 -0.16 -1.01 0.60 -1.91 1.08 -4.57 -1.53 -0.07 0.21 0. May June July Aug.63 -1.76 0.10 0.66 10 years -0.39 0. Feb.80 -5.69 2.00 -0.40 -12.00 0.36 0.07 -1.72 -1.87 1.37 0.23 -1.01 0.57 -1.02 0.32 1.11 0.84 4.56 -1.43 -5.49 -1. spreads in percentage points) Spot rates Instantaneous forward rates 3 months 1 year 2 years 5 years 10 years 10Y-3M spread 2011 Nov.17 0.52 0.93 -3.87 1.04 0.27 0.01 -0.07 3.50 9.59 2.08 -0.55 3.84 Sources: ECB calculations based on underlying data provided by EuroMTS and ratings provided by Fitch Ratings.09 0.98 -4.74 0.09 0.29 0.86 1.93 -1.01 -0.24 2.71 0.08 0.02 0.07 0.72 3.84 2. Feb. 4.02 0.79 -1.21 2.50 -1.26 0.17 0.49 2.91 -0.15 0.30 0.01 0.55 -0.07 -1.62 -3.03 0.87 1.63 -3.11 0.98 7 years -0.00 0.26 0.06 2.53 2.01 -0.85 0.65 2.05 1.02 -0.26 0.84 -0.13 0.23 3.84 -0.34 0.59 -1.41 3.03 -4.68 -0.38 0.14 0.67 2.03 0. rates in percentages per annum.56 1.11 0.04 -2.95 0.26 4.10 2.66 -3.87 -2.63 -1.

4 23.9 -20.81 -5.950 8. Nov. Basic Consumer Oil Finanmaand gas cials terials Services Goods 463 493 504 498 469 453 479 509 531 528 526 559 166 158 152 146 140 137 146 155 158 159 163 170 323 351 386 381 374 358 379 400 398 398 404 423 307 312 307 301 282 275 290 313 321 312 308 312 183 153 122 117 105 104 106 117 130 130 131 138 Indus.5 2.814 Annual Volatil.4 1. 9.626 Annual Volatil.6 -23.638 8.611 2.4 Level 10.rate of ity 2) change 7.30 4.rate of ity 2) change 3.9 1. May June July Aug.8 2.30 21.541 2.26 4.761 8.554 2.627 8.341 2.438 1.Tech.21.1 8.317 2.22 5.11 15. 31 December 1991=1.503 2.000.2 2.67 7.4 2. Sep.49 6. index: 31 December 1991=100.88 5.779 2.2 2.827 9.24 -12.10 Euro area sectoral stock market indices (index levels in points.7 5.395 1.258 2. Dow Jones EURO STOXX 50.268 1.63 5.46 5. Oct.0 Level 1.531 2.000. 1) The bases for the Dow Jones STOXX 50. Europe Euro area United States Japan Dow Jones STOXX 50 Dow Jones EURO STOXX 50 Standard & Poor’s 500 Nikkei 225 Level 2. the period 1941-43=10.514 2. Oct.153 2.rate of ity 2) change 8.35 5. period averages) 2010 2011 2012 2012 Apr.412 2.1 0. Standard & Poor’s 500 and Nikkei 225 indices.4 Sources: ECB calculations based on underlying data provided by Bloomberg and Thomson Reuters.521 2.78 4.341 1.34 4.03 4.360 1. period averages) Dow Jones EURO STOXX main industry indices 2010 2011 2012 2012 Apr.1 4.4 2.8 11.46 8.386 1.8 -22.10 -1.379 1.24 -8.425 2. Dec. respectively: 31 December 1991=1.72 8.3 12.83 4.74 1.17 -9.323 1. Dec.450 2.103 9.17 9.422 Annual Volatil.09 -0.545 2.81 4.060 9.425 9.8 2.6 9.199 2.8 -5.78 6.140 1.412 2. and 16 May 1949=176.006 9. Standard & Poor’s 500 and Nikkei 225 indices are.843 8.9 2.96 2.5 2. Nov.63 12.468 2.2 -17.Utilities Telecoms Health trials nology care 338 349 330 328 310 298 314 330 340 340 344 362 224 222 219 221 205 198 204 221 223 220 231 247 345 302 236 238 219 215 224 232 247 242 227 226 Sources: ECB calculations based on underlying data provided by Thomson Reuters. 1) rates of change in percentages.6 2.403 1.6 18.949 8.11 -2.72 7.63 5.523 2.59 5.9 Stock market indices (index levels in points.85 4.65 8.0 -5.64 5.5 19.3 15.443 1.1 1. 390 358 269 275 261 250 257 266 275 256 239 240 408 433 523 489 492 499 534 553 560 568 563 583 ECB • Statistics Pocket Book • January 2013 33 ECB • Statistics Pocket Book • January 2013 33 .9. May June July Aug.307 2.0 19.435 2.584 Level 2. 2) Values are based on the average daily implied volatility of the Dow Jones EURO STOXX 50.7 14. Sep.1 13.

70 2.76 1.08 4.21 3.66 2.39 4. Nov. 2) Data are end-of-period values and represent rates on outstanding amounts.52 0. new business rates as period averages.72 2.18 4.74 2.59 0. 1) For this instrument category.70 2.65 2.12 Euro area MFI interest rates on loans (percentages per annum excluding charges.32 2.90 2.48 0.56 2.66 Overnight 1) 0.79 1.75 2.04 2. Sep. Over. the interest rates on outstanding amounts and new business coincide.82 2.10 1.84 3.90 Source: ECB. Mar.85 3.13 1.43 With an agreed maturity of: Up to Over 1 Up to 1 year and up to 2 years 2) 2 years 1.16 1.51 0.54 0.72 2.31 3.46 0.9.79 2.12 3.15 3.98 3.76 2.25 4.78 2.88 2.87 3.80 2.54 2.26 3.20 4.26 8.76 3.91 3.18 2.93 2.46 4.40 4.46 3. Maturity over 5 over overdrafts.14 8.80 2.05 2.45 2.16 2.66 3.60 3.42 4.59 3. new business rates as period averages.69 2.38 3.67 3. Mostly end-of-period rates.26 8.72 3.76 2.70 2.31 1.37 2.49 3.40 2.40 3.67 2.34 3.52 2.31 2.65 2. 2.58 4.73 3. unless otherwise indicated) To households 2012 Feb.12 2.25 8.39 8.22 2.77 3.50 3.96 3.58 2.44 0.54 3. To non-financial corporations Revolving Lending for house purchase Revolving Loans Other loans with floating loans and loans and with and up to 1 year IRF overdrafts.19 4.94 3. May June July Aug.73 1.60 4.Redeemable night 1) at notice of up to 3 months 1) 0. unless otherwise indicated) From households 2012 Feb.55 0. 1) For this instrument category.62 1.03 Source: ECB. Nov.61 3.21 3.53 3.65 1.46 3.47 0.29 4.15 8.20 4.96 2.70 3.45 0.42 0.61 From non-financial corporations With an agreed maturity of: Up to Over 1 Up to 1 year and up to 2 years 2) 2 years 2.40 1.04 7.80 3.56 2.52 0.49 3.78 1.18 34 ECB • Statistics Pocket Book • January 2013 34 ECB • Statistics Pocket Book • January 2013 . Mar.21 2.21 4. Oct.89 1. a matuconvenience of over and up to 10 years convenience -rity Up to EUR Over EUR and 5 years 2) 10 years IRF and of over 1 million 1 million extended IRF extended 5 years 2) credit credit card debt 1) card debt 1) 8.17 3.14 3.58 0.86 3.11 Euro area MFI interest rates on deposits (percentages per annum excluding charges.45 0.07 1.52 3. May June July Aug.73 2.74 1.68 1.48 0.61 3.70 1.79 9. 2) Data are end-of-period values and represent rates on outstanding amounts.04 2.93 3.49 0.13 2.83 2.05 1.14 1.89 2.11 1.69 3.14 4.01 2. 2.60 3. the interest rates on outstanding amounts and new business coincide.46 0.73 2. Mostly end-of-period rates.67 3.28 4. Oct.26 1.81 2.41 0.62 3.82 1.96 1.41 8.36 3. Apr.12 8.95 3.81 1.93 1.84 1. Sep. Apr.00 1.

is a monetary value.94 42.676 1.452 15.26 31.77 10.85 9.59 47.76 11.78 55.74 10.1 Transactions involving non-MFIs by type of payment instrument (period totals) Volume of transactions (millions) Euro area Value of transactions (number per capita) (EUR thousands per capita) (EUR billions) EU Euro area EU Euro area Credit transfers EU Euro area EU 2007 2008 2009 2010 2011 14.13 58.62 44.333 5.897 16.782 1.616 14.425 18.898 45.81 0.04 3.682 213.51 113.93 2007 2008 2009 2010 2011 544 528 445 404 433 545 541 458 416 446 1.41 338.10 3.705 15.95 54.232 1.13 31.718 31.05 10.134 8.08 13.34 2.17 4.93 46.57 5 17 21 28 38 5 17 21 28 38 0.256 202.49 66.56 49.496 20.88 936 960 1.266 488 836 915 1.858 24.10 1.62 42.074 1.05 424.61 43.166 49.136 1.36 59.35 5.22 62.800 18.631 14.g.177 21.915 2.50 361.31 3.09 18.081 5.66 49.89 1.97 12.438 4.35 1.43 44.933 21.336 1.922 199.717 1.198 280.05 0. a card or computer).867 5.159 20.103 19.002 1.056 18.30 13.09 0.030 6.676 15.81 2007 2008 2009 2010 2011 427 750 856 1.043 5.33 2.98 9.22 1.740 118.732 16.24 404.09 0.90 35.291 1.711 1.484 29.73 40.96 12.55 3.40 16.13 73.004 4.47 39.09 398.722 120.36 52.625 22.499 111.685 16.26 2.70 1.025 1.21 6.65 18.62 565.10 12.68 1.98 1.155 52.17 2. or electronic money.642 1.64 50.350 9.494 16.92 0.36 2.22 43.091 1.025 15.11 0.125 3.93 2.020 22.21 14.329 1.105 19.629 1.42 3.469 20.71 3.102 13.97 31.48 2007 2008 2009 2010 2011 15.66 43.07 2007 2008 2009 2010 2011 4.178 37.75 51.76 12.83 0.58 56.83 2.664 4.10 Payment and settlement systems 10.472 355.90 44.67 2.45 3.30 1.129 1.83 47.720 4.823 14.85 15.146 1.95 16.124 22.59 13.640 1.73 28.238 5.27 68.66 475.01 0.60 3.660 22.71 54.64 1.668 1.25 3.428 23.006 4.648 6.563 17.01 0.001 18.59 63.54 11. ECB • Statistics Pocket Book • January 2013 35 ECB • Statistics Pocket Book • January 2013 35 .800 236.06 0.282 16.22 40.29 3. which is stored on an electronic device (e.657 34.06 0.33 50.04 0.427 5.26 3.98 3.874 3. represented by a claim on the issuer.44 339.367 14.195 27.03 0.688 111.04 3.255 21.597 6. issued upon receipt of funds in an amount not less in value than the monetary value and accepted as a means of payment by undertakings other than the issuer.46 2007 2008 2009 2010 2011 Direct debits Card payments using cards issued in the country (except cards with an e-money function only) E-money purchases 1) Cheques Other payment instruments Source: ECB.94 367. 1) E-money.080 42.46 3.482 6.

01 -6. HICP adjusted) -10.403 27.482 10.69 2008 2009 2010 2011 10.99 4.06 -15.68 -10.134 536.232 414 356 418 -92.791 182.04 1.22 -21.28 1.98 3.020 24.22 9.56 -6.30 3.55 2.340 28.10.666 161.204 62.881 -4.381 3.278 8.64 2.88 -1.371 -7.752 8.95 611.66 0.143 120.440 651. 36 ECB • Statistics Pocket Book • January 2013 36 ECB • Statistics Pocket Book • January 2013 .87 14.091 11.28 2008 2009 2010 2011 2008 2009 2010 2011 EURO1/STEP1 CLS 1) (totals processed in euro) Other EU large-value payment systems processing euro EU large-value payment systems processing other currencies EU retail systems processing euro EU retail systems processing other currencies Source: ECB 1) CLS is situated outside the EU.98 2008 2009 2010 2011 26.10 0.59 19.77 26 25 25 25 -13.65 1.065 28.44 13.16 TARGET/TARGET2 2008 2009 2010 2011 89 88 87 89 2008 2009 2010 2011 64 58 59 62 2008 2009 2010 2011 28 32 42 45 52.28 626 493 512 537 -48.15 -1.19 1.87 -13.321 18.68 2.637 131.90 145.45 7.90 5.421 18.537 113.33 -0.97 73.208 64.64 3. in the United States.39 2.14 -21.09 -12.62 9.47 18.11 32.10 -9.805 112.85 142.85 -66.71 -0.92 -1.824 -10.886 2.426 65.512 1.25 0.56 -1.032 631.75 1.85 4.2 Payments processed by selected interbank funds transfer systems in the EU (period totals) Volume of transactions (millions) Value of transactions (annual % change) (EUR billions) (annual % change.53 0.09 15.72 -15.878 10.846 19.908 11.42 20.917 9.

4 UK -2.9 206.6 42.4 13.4 HU 0.9 20.3 79.1 IE 0.6 1.4 -0.3 -7.3 4.1 -3.4 -85.2 11.3 208.7 2.4 38.2 -10.4 8.1 167.5 35.3 -24.8 132.7 160.6 26.3 CZ -3.4 23.1 ES -4. 5) Five-year percentage change.6 -15.4 5.4 FI 0.5 -10.7 4.8 -10.5 6.2 4.0 -96.4 4.8 AT 2.5 -10.1 LT 0.3 +6% -9.8 LU 7.6 284.6 10.3 40.9 PT -9.3 128.0 -11.5% +60% 7.6 4.2 38.3 -1.8 46. 6) Three-year percentage change.0 -5.3 70.4 -64.4 7.3 1.3 86.credit debt 2) sector ment ment deflabour ption.8 0.3 SK -2.6 3.8 -57.8 -2.7 71.5 72.1 Thd8) -4/+6% -35% +/-5% -6% +9% Non-euro area BG -3.0 120.5 1.5 8. sector sector cial governloyHICP.8 1.3 0.4 -71.0 -8.6 -105.6 8.0 -49.1 FR -1.5 224.6 15.1 18.3 4.8 0.1 -18.8 4.0 -5.1 236.5 -2.9 -2.6 4.6 3.3 -1.6 235.2 -13.6 -63.0 -3.5 -0.3 1.1 -10.3 -0.9 -17.9 32.0 2.0 0.7 -16.6 -4.0 GR -10.2 -5.0 3.9 3.4 33.3 76.9 3.1 70.4 56.8 80. 3) Three-year average.9 4.7 -1.8 -0.1 7. 3) Net i.4 4.6 -2. ECB • Statistics Pocket Book • January 2013 37 ECB • Statistics Pocket Book • January 2013 37 .1 -1.2 -0.6 69.2 0.1 -24.3 DK 5.7 146.3 -91. 7) Year-on-year percentage change.9 43.3 -15. 4) Three-year percentage change relative to 35 other industrial countries.4 -4.6 3. 2) 1) Internal imbalances Real Export Nom.8 97.1 8.3 9.3 DE 5.2 30.p.8 4.share 5) unit consum.1 7.8 6.4 4.9 -10.0 326.4 -86.8 6.9 -7.9 1.4 125.3 -0.0 27.4 3.0 2.1 -73.8 NL 7.0 4.1 +10% Sources: European Commission (Eurostat and DG ECFIN) and ECB.1 Scoreboard for the surveillance of macroeconomic imbalances 2011 External imbalances/ competitiveness indicators Current account balance 2).4 170.flow 2) liabili.9 160.4 7.8 5.6 24.2 19.1 3. 2) As a percentage of GDP.1 106.1 -105.9 6.2 -2.6 -3.4 11.2 6.1 -12.9 -20.4 108.4 3.0 18.1 -2.5 107.11 Selected indicators for EU Member States 11.1 16.7 12.3 3.9 2.5 13.5% +15% +160% +16.0 SE 6.8 6.0 -8.0 -5.0 SI -0.3 5.3 65.2 6.5 -2.3 -0.7 2.0 IT -2.7 PL -4.3 RO -4.3 -4.9 5.9 309.9 EE 2.9 217.4 +6% 11.9 9.8 4.1 3.7 230.3 3.2 -6.8 -64.1 -5.0 8.6 -3.7 -0.3 1.1 15.2 8.5 -1.5 9.6 -7.8 -1.i.1 1.0 78.6 13. 8) Threshold.9 -2.9 2.9 7.4 CY -8.7 -18.1 -17.4 -41.4 3.0 -52.8 6.6 -3.4 -13.6 4.1 17.1 13.0 +60% +10% -6.5 74.7 9.6 -0.7 7.6 8.6 4.9 1.7 6.5 128.1 -4.9 14.5 2.3 49.2 Thd8) -4/+6% -35% +/-11% -6% +12% -0.7 7. market inal prices.6 MT -4.6 5.4 128.7 249.5 81.8 4.2 -0.9 12.0 -1.9 7.House Private Private Finan. A positive value indicates a loss of competitiveness.1 4.8 -7.0 -9.9 65.2 -2.0 -4.1 46.9 -6.7 LV 3.3 -0.2 -7.8 -1.4 85.9 -3.2 1.7 127.1 1. 1) Data may differ from the European Commission’s Alert Mechanism Report as a result of revisions.1 4.7 -4.5 6.debt 2) rate 3) lated 4) costs 6) defties 7) lated 7) Euro area BE -0.3 -5.7 13.General UnempEER.1 -18.7 9.3 178.9 -8.8 +15% +160% +16.9 -3.1 -8.0 9.

6 3.5 2.2 3. 38 ECB • Statistics Pocket Book • January 2013 38 ECB • Statistics Pocket Book • January 2013 . .7 1.0 *) 64.4 SK 0.5 3.2 2.6 2.2 6.0 BG 0.4 4.9 1.7 FI 1.5 3.6 10.3 2.4 3.4 SI 0.2 15. 2.7 6.7 CZ 1.7 2.3 2.1 1.9 2. for further information see page 6. .9 2.0 3.2 8. 2012 Dec. 2012 Nov.5 2.0 EU 3) 1.4 2. .5 2.4 2.1 3.3 2.7 1.9 2.0 2) .3 2. .1 1.2 2010 2.9 .1 2011 3.3 2.0 5.1 LV 0.4 2.1 0.1 1.2 HICP (annual percentage changes.1 3.7 3. Euro area: estimate based on provisional national releases (which usually cover around 95% of the euro area).2 3. .4 3.2 4.7 -1.9 1.0 1. .4 2.8 5.1 2.5 3.1 NL 4.1 1.2 CY 0.8 2. 2.2 1. .1 .9 *) 1.8 12.2 -1.4 2.3 1. .0 4.0 1.6 1. .2 2) . .8 2.1 3.2 2.5 2.9 3.2 3.2 2.5 100. Sources: Eurostat and national data.1 1.4 5.7 2.0 5.7 3.7 2.9 1.1 2012 2012 Oct.3 *) 8. .6 3.2 *) 1. .8 1.4 RO 1.8 2.7 2.1 0. as well as early information on energy prices.1 IE 1. .6 1.7 3.8 2. 2. .2 2.7 2.1 3.5 2.6 SE 1.7 1.7 1. .9 3. 1) Non-euro area countries: percentage share in the EU total.2 4.2 2.4 2. 2.6 4. .2 4.3 1.1 2.0 6.2 2. .9 2.6 2.4 8.6 2.3 ES 12.1 11.6 1.3 MT 0.2 2.5 5.9 3.8 3.6 3.1 4.6 2.7 2.6 4.8 1. . 2.3 2.2 3.6 IT 18. 3) Data refer to the changing composition of the euro area and EU. 3.4 2.8 1.6 2.8 Euro area 3)100.9 3. 2) Flash estimate.4 DK 1.1 1.3 **) 6.2 3. .4 0. *) Data for 1997-2000.6 2) . 2. .1 1.5 EE 0.0 3.6 3.5 DE 26. . unless otherwise indicated) Share 1) Average Average (%. . .2 1. . .6 2.6 4.6 1. . .5 3. 3.2 2.7 4. 2012) 1996-00 2001-10 BE 3.4 4.1 8.11. . .7 2.2 LT 0.1 2) .1 4.4 HU 1.6 2. .9 5.6 2.6 3.6 2.1 2. .4 GR 3. .9 2.9 UK 15.7 4.1 2. .9 3. .6 2.0 1.7 2.2 2.3 2.2 1.6 0.4 2.0 1. .9 AT 3.6 .2 1.2 2. .5 3.1 2. .2 1.4 *) 1.4 FR 20. . .3 LU 0.8 .5 2.1 PL 5.5 .0 0. **) Data for 1998-2000.8 2.0 2.9 3. 2.1 PT 2.

7 0.9 2.7 FI 189.8 0.9 1.0 -5.1 2.3 2.5 0.1 -0.3 1.2 ES 1.0 3.2 LT 30.0 1.9 6.9 -1.3 3.3 2.6 4.3 1.5 0.2 2.4 4.0 -6.5 -1.7 10.7 -7.8 3.7 16.5 2.9 3.1 3.2 2.7 1.2 -0.579.3 -2.0 -1.7 2.4 -4.0 2. unless otherwise indicated) GDP in 2011 1) EUR Share 2) Average Average billions (%) 1996-00 2001-10 BE 369. 3) Quarterly data unadjusted.6 -14.1 2.5 -2.1 -2.7 -3.5 1.1 0.3 -1.9 1.5 1. 1) Current prices.0 -0.5 0.7 -2.1 0.8 6.7 1.8 2.9 1.8 SI 36.3 1.2 3.3 FR 1.3 1.0 -2.1 -3.0 0.2 HU 99.4 1.6 -5.4 11.5 0.4 0.0 6.0 3.7 3.5 -3.4 2.3 2.6 2.4 2.1 -0.4 -2.5 1.5 EE 16.7 0.2 -0.8 3.5 MT 6.2 5.6 4.7 1.4 Source: Eurostat.7 0.6 3.7 6.0 -3.4 1.8 0.4 AT 300.8 PL 369.3 1.6 3.8 0.2 4.0 1.4 4.6 0. 2) Non-euro area countries: percentage share in the EU total.4 -0.4 -2.5 -3.1 5.2 4.2 -4.1 2011 2012 Q1 2012 Q2 2012 Q3 1.0 1.4 5.1 UK 1.6 0.2 0.2 -1.9 1.8 -4.1 -2.7 1.5 0.5 0.3 -0.7 -5.4 1.5 1.4 3.7 4.4 0.3 4.1 0. ECB • Statistics Pocket Book • January 2013 39 ECB • Statistics Pocket Book • January 2013 39 .2 IE 159.747.3 GDP (annual percentage changes in volume and quarterly data seasonally adjusted.9 2.7 1.2 DK 240.421.8 2.5 0.5 2.5 -1.9 LV 20.7 -2.3 -1.6 21.5 1.1 .7 -0.1 1.3 0.3 -3.7 -4.3 3.1 0.6 27.7 -6.0 -1.8 1. 3.063.7 -2.0 2.3 0.9 1.9 1.4 -7.1 3.1 -6.7 -0.4 4.9 1.592.8 2.9 -0.7 -0.8 2.6 4.7 1.4 2.2 0.9 5.6 2.9 5.6 2.8 3.8 4.8 3.2 IT 1.4 SK 69.9 1.2 LU 42.1 13.9 -0.9 2009 1.5 0.1 -5.9 -1.2 0.2 -1.3 -0.2 4.642.5 -0.0 -3.9 1.7 0.5 2.1 1.7 2.6 -0.9 1.8 -6.0 1.4 .1 0.3 -0.3 -1.4 2.8 CY 18.8 0.11.5 3.6 -17.5 5.6 0.3 2.8 EU 12.6 0.7 100.4 -5.2 -1.7 1.3 0.8 0.0 0.5 -1.9 2.0 0.6 1.2 1.2 4.6 0.996.2 3.0 8.8 -1.0 SE 387.0 BG 38.1 5.3 3.6 -0.9 3.8 -4.5 3.9 1.7 GR 3) 208.0 1.0 Euro area 9.3 -0.3 -0.7 -1.9 2.3 -0.0 100.2 -5.4 1.8 1.1 -6.7 -8.1 2.1 1.7 0.2 PT 171.1 NL 602.5 4.3 -0.4 -4.7 1.1 -0.7 0.3 2010 2.9 RO 131.6 1.8 -4.3 CZ 156.7 3.4 -14.5 3.6 1.1 2.9 DE 2. 4.

7 16.0 9.6 -12.6 Sources: Eurostat and ECB calculations.5 73.3 -28.3 5.6 -34.8 2.8 28.3 6.8 27. Industry.0 2.3 15.2 10.8 25.3 1.1 15.9 19.3 17.6 33.9 -19.8 10.6 1.5 -35.6 12.9 25. 1) GDP in Purchasing Power Standards (PPSs) in euro.3 0. deviation (in percentages) from EU GDP per capita in PPSs.7 35.6 17.5 63.4 33.1 7.8 15.6 71.7 5.6 68.1 0.2 30. forestry and including fishing construction 0.1 32. For non-euro area countries.4 5.3 66.9 76.3 31.6 26.1 35.3 -22.3 17.8 23.2 2.0 22.6 150.4 2.2 10.6 1.9 43.1 21.8 30.1 -9.0 72.4 67.6 2. 2) Deviation (in percentages) from euro area GDP per capita in PPSs.0 11.7 16.0 22.1 82.0 41.2 14.7 30.9 35.0 19. calculated on the basis of PPP rates relative to the euro area (Euro 17 = 1).9 20.9 60.4 2.9 12.7 11.1 -7.7 31.5 79.1 37.3 28.4 18.3 80.9 26.7 3.6 70.4 31.6 -37.0 31.0 51.6 3.7 1.7 Services 76.6 80.1 31.6 69.1 17.2 65.9 14.6 -21.7 31.3 33.5 69.8 85.5 4.6 -32.2 -34. 40 ECB • Statistics Pocket Book • January 2013 40 ECB • Statistics Pocket Book • January 2013 .0 21.5 4.4 26.6 1.7 8.9 1.6 2.0 -53.2 24.3 23.8 25.0 21.6 -52.1 27.0 28.0 Agriculture.0 18.5 1.6 6.9 63.5 23.4 72.3 21.0 26.4 76.2 9.5 73.0 80.8 71.11.2 16.8 20.9 66.8 29.7 24.1 3.0 24.9 30.2 64.8 0.1 -41.7 -26.0 0.7 22.1 18.5 36.0 24.6 26.4 34.0 33.6 25.3 25.9 3.4 GDP per capita and gross value added by economic activity (current prices) GDP per capita 2011 BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU Gross value added (% of total) in EUR thousands PPPs 1) in EUR thousands Deviation (%) 2) 33.7 0.4 1.8 70.2 60.8 19.3 12.2 31.0 27.8 0.2 1.1 30.0 73.2 41.2 28.6 36.

4 1.3 -1.4 -1.6 3.3 1. 1.6 2.0 4.4 4.3 2. 1.5 2.4 5.5 0.9 -0.8 0.1 7.7 6.2 -0.3 6.5 5.4 -5.6 -0.1 -6.3 1.5 2.8 4.1 0.0 0.3 -1.6 0.5 5.1 0.2 3.5 3.0 6.2 HU 0.7 2. unless otherwise indicated) Share 1) Average Average (%.7 2.9 5.0 1.6 -0.5 1.0 2012 Q1 3.0 0.4 1.6 1.9 2.8 -1.4 1.1 Euro area 100.7 3.3 2.7 1.2 2.3 0.0 -1.1 -2.8 RO2) SE2) 3.6 4.1 LV 0.0 NL 6.9 5. 2) Quarterly data unadjusted.6 -1.2 5.1 3.3 2.7 EE 0.6 -0.6 1.9 1.8 3.0 3.4 1.6 1.3 -1.9 2.0 3.9 3.9 3.3 5. ECB • Statistics Pocket Book • January 2013 41 ECB • Statistics Pocket Book • January 2013 41 .3 3.7 -2.5 1.3 3.0 2.5 2.5 2.2 -6.4 2.4 3.3 1.5 Unit labour costs (whole economy.0 FR 23.9 -1. 2.7 1.2 2.2 1.4 2.9 0.0 -5.0 3.3 4.4 -6.3 7.7 -0.7 2.4 1.5 3.6 1.2 -0.6 GR2) ES 11.2 12.4 2.7 2.5 1.9 2012 Q3 3.0 1.1 1.0 0. annual percentage changes.1 IT 14.4 0.7 -0.7 3.9 4.0 -1.2 IE 1.2 1.8 SI 0.8 6.9 -2.0 -1.0 2.6 5.2 1.1 1.3 3.1 DK 2.7 -3.5 1.0 4.9 -3.1 -1.0 .9 1.3 0.4 3.4 -3.0 4.9 3.6 FI 2.3 1.4 3.6 -0.6 -0.1 DE 28.6 4.9 4.5 6.6 1.8 0.7 1.4 -3.6 4.3 2.3 -1.6 1.1 LU 0.7 .7 9.1 13.8 2.9 2.3 1.9 95.8 1.6 2.9 5.0 3.1 5.5 1.7 0.4 MT 0.1 EU 100.0 1.5 1.1 1.3 UK 15.2 0.0 0.7 1.7 2) PL 2.7 6.6 7.9 0.5 2.6 3.3 4.3 1.1 2012 Q2 4.3 3.6 -0. 1) Country shares are based on compensation of employees.8 1.9 -7.2 BG2) CZ 1.3 2011 2.6 0.2 PT 1.7 -5.8 -6. 2011) 1996-00 2001-10 BE 4.2 5.4 0.8 5.5 5.7 13.3 2.11.5 0.1 2.7 3.7 0.6 AT 3.7 4.1 LT 0.8 1.2 1.7 0.7 10.4 -0.3 0. Non-euro area countries: percentage share in the EU total.6 2.1 3.4 1.2 -0.9 -0.2 1.4 SK 0.4 5.5 1.0 7.6 0.1 8.3 0.0 2009 3.7 1.0 .0 -1.3 4.0 4.4 2.9 7.4 -0.9 3.4 -0.2 5.1 2.5 2010 -0.2 -10.4 CY 0.9 -1.1 Sources: Eurostat and ECB calculations.1 1.

6 -1.4 104.6 103.6 127.7 109.7 92.3 -4.3 152.4 100.0 144.9 95.8 144.9 152.8 148.1 107.5 99.3 98.8 106.2 106.6 Source: ECB.5 92.5 -1.7 82.4 97.4 140.6 92.2 107.7 91.6 97.3 103.7 96.0 -1.8 96.9 93.9 108.7 106. 101.7 -3.1 108.9 95.5 106.9 90.9 129.5 96.3 134.6 -2.4 95.1 -3.2 94.0 100.6 108.3 102.7 117.8 94.1 106.3 108.6 -0.2 109. -2.1 102.4 97.4 -2.2 118. A positive change points to a decrease in price competitiveness.9 -1.3 126.2 110.6 95.2 95.8 -2.7 191.8 98.0 101.0 129.2 102.3 99.7 115.1 149.8 115.5 122.0 133.4 94. % change versus previous year 2012 Nov.4 99.2 116.1 108.8 104.8 107.6 91.0 100.0 -2.1 94. 1) For the non-euro area EU countries the real effective exchange rate of the euro vis-à-vis 40 trading partners is displayed.4 98.0 93.2 96.9 105.4 92.3 104.9 116.5 -1.6 122.2 -4.6 Harmonised competitiveness indicators and real effective exchange rates based on consumer price indices 1) (period averages.9 99.8 130.1 96. 1999 Q1 = 100) Average Average 2004-06 2007-09 BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK 101.9 191.8 92.5 100.5 83.7 111.9 192.4 -3.1 2011 2012 Sep.3 117.2 121.8 104.8 97.7 151.8 109.0 78.3 122.4 109.0 99.9 5.6 107.6 147.5 117.0 121.4 150.4 88.7 98.7 2010 101.4 140.6 149.2 94.2 108.0 100.1 105.4 -2.3 135. 2012 Nov.5 106.6 122.8 105.8 103.8 105.3 130.0 141.9 97. For euro area countries the table shows the harmonised competitiveness indicators calculated vis-à-vis these same trading partners plus the other euro area countries.3 -2.3 100.7 110.1 98.2 88.5 95.9 133.6 98.2 117.5 106.2 103.9 191.6 88.7 112.2 100.8 125.8 87.1 100.5 104.3 82.3 115.9 108.4 104.2 78.9 98.0 106.6 97.4 9.5 94.2 102.3 93.6 104.7 186.8 103.6 152.0 92.6 102.8 97.1 150.4 107.5 99.1 128.1 131.4 102.1 109.1 103.5 119.8 -1.4 133.2 103.1 116.1 111.0 121.7 1.9 42 ECB • Statistics Pocket Book • January 2013 42 ECB • Statistics Pocket Book • January 2013 .8 150.2 140.9 -4.0 139.5 155.3 109.4 -1. 2012 Oct.5 100.9 115.5 102.6 3.4 148.7 98.11.8 101.3 152.6 190.6 -1.4 108.5 103.9 -2.4 100.8 141.1 -3.1 122.2 92.

6 LV 2.5 0.3 -4.3 1.0 100.7 100.9 -7. .3 16.0 0.1 .7 2.8 -5.8 0.4 -9.1 SK 5.5 -0.6 18.4 PT 10. 2) Quarterly data unadjusted.11. 1) Non-euro area countries: percentage share in the EU total.3 -0.5 1.8 -0.0 0.2 0.1 2.6 -2.9 -4.6 -0.0 -0.0 -2.2 -0.6 0.1 -0.2 -0.2 -0.5 -1. .5 0.7 -1.2 -0.6 1.1 0.7 EU 502.4 1.3 0. .4 0. .1 28.6 1. . .9 0.8 1.3 0.7 -2.3 0.5 0.5 11.5 DK 5.9 0.2 -0. .1 -0.2 2.6 0. .2 1.4 RO*) SE 9.8 -1.1 FR 65. 0.6 0.4 0.8 2.3 1.2 0.8 -2.9 LU 0.4 2011 1.1 -1.6 2010 0.2 0.8 1.0 1.9 -4.2 -3.1 -0.9 -5.9 3.0 HU 10.1 2. *) Population data refer to 2010. ECB • Statistics Pocket Book • January 2013 43 ECB • Statistics Pocket Book • January 2013 43 .7 0.1 2.6 1.5 -0. .8 EE 1.5 MT 0.1 -1. .3 -0.9 0. .1 0.1 -5.9 -8.0 0.8 7.3 0.5 21.5 -2.4 BG 7.3 0.1 2.2 0.7 AT 8.3 1.3 -0.3 2. Average Average (millions) 2011) 1996-00 2001-10 BE 11.0 1.0 12.3 0.8 -4. .3 0.1 -0.4 -5.4 1.5 0.0 1.1 LT 3. .9 1.5 0. .7 -1.0 0.3 CZ 10.3 0.4 UK 62.7 0.5 -4.9 -0.1 13.2 4.1 -0.4 0.1 5.3 0.1 1.2 -0.7 0. 0.6 1.6 -1.5 -2.9 2.3 0.0 .0 0.4 NL 16. .7 SI 2.2 0.3 -4.8 0.2 -1.1 0.4 1.0 DE 81.4 0.0 -0.7 1.9 2. .6 1.0 1.6 1.3 IE 4. .4 -8.0 1.0 PL 38.4 Euro area 332.6 -1.4 -0.2 0.5 2.2 -0.1 1.8 -3.6 0. .9 1.1 3.8 -2.2 -8.0 1.5 0. .4 FI 5.8 0. .0 -0.3 0.3 1.0 5.4 3.2 3.0 1.3 Source: Eurostat.5 -4.2 3. 1.2 -0.5 3.1 0. .9 1.7 -0.6 0.0 1.7 CY 0.2 -0.1 0.9 -0.5 -0.4 0.6 0.7 Population and employment (annual percentage changes.1 -0.9 2.2 -0.4 0.5 0.5 0.7 0.8 1.6 0. .1 -0.8 2.9 -1.3 GR2) ES 46.9 0.5 -0.8 2.1 1.3 2.3 1. .8 -0.6 0.5 -1.3 0. unless otherwise indicated) Population Employment Share 1) 2011 (%.7 2.7 1.2 -0.2 -4.5 0.8 0.3 0.6 -4. .3 2012 2012 Q1 2012 Q2 2012 Q3 .1 0.0 0.4 0.2 IT 60.2 -2.7 0.6 1.7 -2.5 2.5 -1.0 -2. .4 7.6 3.7 0.2 -1.2 0.7 -1.2 4.4 0.8 3. .1 -4.

8 Unemployment (as a percentage of the labour force.3 7.4 .2 5.4 14.2 3.4 5.7 .2 10.4 6.8 12.7 5.3 9.1 3.4 7. 2011) 1996-00 BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU 2.0 6.2 9.5 2.1 .4 14.3 15.7 21.0 11.4 8. 8. 26.8 10.0 7.3 7.2 8.6 14.6 8.7 17.5 1.0 5.9 12.6 6.2 9.3 7.3 6.4 4.5 10. 12.0 8.8 13.9 8.0 18.5 5. 10.0 100.5 14.8 6.4 9.7 7.1 0.6 9.3 7.0 7.9 10. 10.7 .1 .6 12.1 12.2 13.0 2010 8.0 7.1 6.8 8.9 .7 14.6 0.8 15.9 7.0 9.5 2.5 14.9 4.1 8.4 11.9 5.2 9.7 8.2 11.9 12.9 7.4 16.7 8.9 5.0 5. 2012 Nov.8 10.1 9.1 13.5 4.2 5.8 5.3 7.8 10.7 8. 7.5 8. 44 ECB • Statistics Pocket Book • January 2013 44 ECB • Statistics Pocket Book • January 2013 .9 6. 7. 4.8 12.5 18.2 6.0 2.1 4.4 10.1 15.8 11.2 17.2 12.1 6.8 11.9 8.7 12.1 6.6 1.0 9.4 11.7 .3 7.9 7.5 4.8 10.1 0.5 4.7 9.9 .2 0.1 7. 2.9 3.2 1.5 6.3 11.0 25.6 4.5 10.9 4.4 12.4 9.4 1.8 10.4 .5 .6 7.0 7.4 4.6 2009 7.0 9.1 8.4 10.0 1.7 7.5 8.8 9.6 11.0 0.6 20.5 19.2 7.8 11.3 100.0 8. 10.8 7.9 9.8 18.3 14.8 5.3 7.0 8. .8 4.5 31.0 5.9 4.5 7.0 .8 12. 8.0 5.1 14.4 4.7 Source: Eurostat. 11.1 10.8 5.1 .7 7.4 7.3 1.6 2011 2012 Sep. . 12.9 7.6 .6 .0 11.5 16.2 15.1 16.3 8. Average 2001-10 7.5 11.2 .5 14.5 7.6 10.4 7. unless otherwise indicated) Share 1) Average (%. 26.5 4.6 16.3 9.6 4.8 7.6 7.11.6 14. 14.6 10.4 16.4 5.3 7.2 7.5 13.8 10.9 11.8 26. 7.6 5.1 7.1 7.9 13.7 6.8 6.9 10. .4 7.4 0.6 6.6 6.7 1.4 7.2 13.4 7.1 6.6 8.0 .8 12.4 5.0 9.1 2.4 10.6 2012 Oct.1 6. 5.6 7.7 4.9 12. 1) Non-euro area countries: percentage share in the EU total.3 9.

9 2010 -3.6 .7 -4.2 -7.0 0.7 -5.5 -3.8 -3.6 -11.7 -4.9 -10.0 0.8 -4.8 -3.6 -1.2 -3.8 -4.4 -7.4 -5.0 0.4 -6.2 -1.4 2008 -1.4 -3.5 2011 -3.5 -0.7 -9.8 -2.7 -7.0 -2.7 -3.1 . countries’ deficits/surpluses: European Commission. 1) A minus sign indicates that a country’s deficit worsens the aggregate deficit/surplus.1 -0.9 -7.1 -3.7 -2.2 -6.4 2012 Q2 -3. For non-euro area countries.5 -5.3 -3.5 0.4 2009 -5.2 0.1 -0. the respective countributions to the EU total are shown.1 1.2 -4.2 0.9 -1.7 -2.4 -7.4 -4.2 -6.3 -0.4 -9.6 -4.5 -3.7 -2.1 -4.5 -8.7 0. Sources: Euro area and EU data: ECB.1 -4.5 -9.5 -6. -3. 2011) BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU -0.4 -9.4 -6.1 -4.5 4.0 0.1 -9.7 -11.0 -13.2 -3.0 0.0 0. ECB • Statistics Pocket Book • January 2013 45 ECB • Statistics Pocket Book • January 2013 45 .1 -2.0 0.9 -5. four-quarter moving sum for quarterly data) Contribution 1) (percentage points.4 -4.6 0.4 -9.2 -5.7 .0 -5.1 -10.9 -15.1 -13.6 0.1 -2.8 -3.2 -0.0 0.1 -0.5 -6.11.8 -4. unless otherwise indicated.9 -1.0 -0.1 -2.5 -5.2 3.8 -2.1 0.0 -4.8 -6.0 -8.3 -10.9 0.0 -1.0 -13.2 -4.4 -4.5 -4.2 -3.5 -0.5 -3.9 3.5 -6.1 -2.8 -5.0 -0.7 -4.1 -4.7 -0.3 -1.7 -7.1 -7.3 -0.2 -4.6 -4.1 0.0 -0.8 -4.0 0.3 -4.2 -6.6 -3.9 -6.2 -0.8 0.0 -8.3 -2. 0.2 -30.1 -2.7 2.6 -5.9 -6.4 -5.6 -7.9 -2.9 -3.3 -5.7 -9.9 -4.9 -0.0 -1.3 -5.3 -2.8 -9.1 -1.9 -2.9 General government deficit/surplus (as a percentage of GDP.0 -3.1 4.5 -2.6 -5.0 -0.4 -2. while the absence of a sign indicates that a country’s surplus improves the aggregate deficit/surplus.0 -0.1 0.8 1.4 -9.3 -0.1 -0.

3 70.9 44.4 33.8 4.0 CY 0.6 34.0 91.1 Euro area 100.1 HU 0.8 30.9 65. 1) Non-euro area countries: percentage share in the EU total.11.3 16.5 37.9 79.0 GR 4.1 106.7 92.4 FI 1.0 40.6 16.6 PT 2.5 39.5 82.8 74.1 MT 0.0 2011 97.1 CZ 0.3 40.3 19.5 15.8 52.9 FR 20.2 116.2 83.4 UK 14.4 85.10 General government debt (as a percentage of GDP.0 126. Sources: Euro area and EU data: ECB.8 54.8 50. 2011) BE 4. 46 ECB • Statistics Pocket Book • January 2013 46 ECB • Statistics Pocket Book • January 2013 .1 48.1 LV 0.2 37.0 35.1 84.2 SI 0.2 148.2 2009 95.3 111.3 85.5 7.6 41.8 80.0 46.3 119.1 46.3 20.7 43.2 38.2 68.2 66.3 79.6 2010 95.9 70.8 RO 0.6 42.2 40.2 35.3 86.0 120.6 67.3 67.2 75.4 58.8 69.6 69.4 DE 25. unless otherwise indicated) Share 1) (%.7 PL 1.0 IE 2.4 38.4 77.1 18.5 79.5 38.2 106.4 16.5 73.5 44.5 82.0 58.9 81. countries’ debt: European Commission.0 93.6 43.2 EE 0.6 48.9 40.5 63.3 76.9 23.7 71.3 61.9 14.4 170.8 42.8 46.3 ES 8.5 81.4 62.8 IT 23.0 35.5 112.9 76.9 43.0 2008 89.1 50.5 2012 Q2 102.5 6.2 64.7 EU 100.3 68.2 13.8 7.8 15.1 72.0 82.7 22.8 .1 117.5 80.8 71.7 29.7 57.1 13.5 44.6 42.2 SK 0.0 47.7 91.5 6.0 87.6 60.4 38.8 AT 2.3 63.1 51.6 37.1 NL 4.5 82.0 48.0 14.2 LU 0.4 SE 1.5 72.2 68.4 80.7 33.2 61.3 49.4 108.3 62.6 36.9 129.7 74.6 DK 1.4 19.9 33.6 85.7 53.1 LT 0.0 27.5 144.4 56.0 BG 0.7 28.

8 36.1 0.0 46.2 25.7 38.2 45.0 49.2 44.6 54.8 49.4 49.6 43.3 38.3 50.1 6.7 49.3 44.4 0.7 47.8 46.8 3.0 43.3 34. four-quarter moving sum for quarterly data) BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU Share 1) (%.4 0. 50.3 49.7 66.3 10.2 41.6 41.1 51.1 2012 Q2 53.0 51.1 41.4 44.1 42.2 56.0 38.7 40.1 39.5 49.7 43.6 0.4 50.0 58.4 46.3 59.2 13.4 41.3 56.6 48.3 40.11 General government expenditure (as a percentage of GDP.5 49.5 47.7 58.3 43. 1) Non-euro area countries: percentage share in the EU total.5 56.3 51.4 46.8 49.4 43. Sources: Euro area and EU data: ECB.3 51.9 46.9 0.8 42.2 0.9 46.2 0.8 51.8 49.1 2009 53.4 .3 1.2 1.0 0.3 45. countries’ expenditure: European Commission.8 45.8 43.2 47.6 37.9 47.5 35. unless otherwise indicated.4 3.9 51.1 39.5 48.2 0.5 50.6 36.1 48.9 49.1 50.2 42.3 56.0 16.3 50.2 43.6 2. ECB • Statistics Pocket Book • January 2013 47 ECB • Statistics Pocket Book • January 2013 47 .0 44.2 54.0 2008 49.8 37.8 0.6 43.2 43.8 49.6 51.0 55.0 2010 52.8 45.9 51. 39.11.1 51.2 100.7 40.7 57.4 40.2 52.7 47.2 37.0 42.4 44.6 42.5 45.8 2.8 44.4 50.4 43.2 52.0 37.5 49.2 .6 49.6 2.5 51.1 1.1 37.5 39.2 49.7 51.5 46.6 50.7 100.7 48.2 0.3 24.7 54.3 51.6 2011 53.3 48.1 54.8 50.1 51.6 43.1 43.1 2.2 49.8 44.5 53. 2011) 4.2 48.4 37.8 51.6 51.4 52.2 39.2 42.6 41.1 38.3 48.9 .1 51.1 37.5 50.

2) Data for Latvia (prior to 2010) and for Bulgaria.7 226.3 . 346.6 70. 327.8 169.9 150.8 169.9 71.5 . 236.7 127. 327.8 127.7 249. 77.7 .0 .5 241.3 . 235.2 2011 235.4 174.2 129.9 125. 74.2 .7 209.9 217. and loans taken out by households and non-profit institutions serving households.4 176. 224.2 241.2 78.4 127.5 135.9 199.5 163.4 252.7 206.9 129.4 130.1 .3 161. 77.8 .5 124.3 158.7 134.8 164.4 .7 133.2 209.6 220. 75. 48 ECB • Statistics Pocket Book • January 2013 48 ECB • Statistics Pocket Book • January 2013 .4 134.4 176.9 .0 .6 .3 239.6 73.3 160.7 170.0 2012 Q1 237.3 .8 78.0 125.8 166.5 155.9 160.8 2010 232.7 222. 78.2 127.1 158.11.0 164.6 74.1 213.6 136.4 2011 Q4 235.2 241.8 127. 250.9 .6 157.2 253.0 251. 235.9 122.5 78.6 176.9 75.9 129.2 169.6 73.5 124.5 .4 251.5 .2 71.3 126.12 Private sector debt 1) (as a percentage of GDP.2 318.5 242.8 117.7 163.5 212. 234.0 152.5 134.8 154.2 78.9 142. 82.9 142.0 2011 Q3 232.0 .7 250.4 2012 Q2 237.6 209. 77.9 75.1 .6 135.1 127.1 2009 228.8 207.0 209.2 225.4 131.7 202.8 .4 315.2 219.9 .4 159.5 161.2 224.1 160.0 251. unless otherwise indicated) BE DE EE IE GR ES FR IT CY 2) LU MT NL AT PT SI SK FI Euro area 3) BG 2) CZ DK LV 2) LT HU PL RO 2) SE UK 2008 217.0 222.7 134. 3) Euro area debt does not correspond to a plain sum of country data. 325.3 129.5 313.7 75.6 70.1 156.3 127.0 74. 233.5 154.6 168.0 125.8 242.2 141.6 202.6 145.6 202.5 160.0 164.4 69.5 219.9 156. it is the outcome of a complex data integration process. 235.8 129.2 169. Cyprus and Romania are not available for publication owing to national confidentiality constraints.9 223.1 152.2 79.7 250.9 126.1 237. 233.1 116.1 276. 1) Outstanding amounts of securities other than shares issued. 333.8 310.2 118.3 141.9 79.2 216.3 170.8 . 87.5 . loans taken out and insurance technical reserves liabilities of non-financial corporations.4 316.7 216.0 .9 68.5 .9 160.7 222.7 180.7 .6 149.9 125.3 160.3 73. 335.6 128.2 216.9 170.4 176.8 67.8 Source: ECB calculations.5 313.3 203.9 209.6 243.4 121.9 .1 315.3 215.4 134. 71.6 74.7 164. 75.1 200.7 222.3 177.5 157.6 209. 374.

9 3.6 2.9 -12.4 0.2 7.6 11.8 8.3 1.1 .3 7.6 2.4 11.2 .8 .1 31.2 1.1 3.8 .2 8.8 -2.3 6.6 -20.3 6.9 9.9 -1. unless otherwise indicated) BE DE EE IE GR ES FR IT CY 2) LU MT NL AT PT SI SK FI Euro area 3) BG 2) CZ DK LV 2) LT HU PL RO 2) SE UK 2008 20. 20.0 -3.3 -0. 10.5 2.4 -5. -12.6 .4 1.0 1.0 -6.8 .3 6.8 2011 Q3 10.2 -5.9 2009 8.4 3.3 2.8 2012 Q1 10.9 0.2 4.3 9.8 0.4 1.9 1.0 7.9 -16.5 .2 3.6 .2 7.3 7.11.6 3.4 0.3 4.6 -4. 2.1 4.3 6. 174.8 6.4 10.2 2011 Q4 11.4 4.2 0.2 3.3 4.6 6.2 5.0 3.2 7. 2.5 -0.3 16. and loans taken out by households and non-profit institutions serving households.5 5.3 -3. 2.9 4.9 0.9 -1. -35.9 3. 2.3 -4.1 . 2.2 5.4 2.0 8.3 17.9 6.1 4.1 10.5 .1 4.5 -2. 6.3 -3.0 1. 16.4 -0.5 -2.7 0.5 2.4 11.6 -4.7 .4 4.2 8.4 2.8 19.7 -2.2 0.4 0.6 6. 2. it is the outcome of a complex data integration process.2 3.4 1.4 7.9 1.1 20.0 -2.2 -8.1 13.8 .5 .7 . 9.0 0. 4.6 4.5 -3.3 2. 1) Transactions in securities other than shares issued. 9.8 3.3 20.2 .7 2012 Q2 7.7 . 5.9 2011 11.1 -3.6 .8 20.6 2.8 -1.0 4.2 7.2 1.1 Source: ECB calculations.8 4.3 3.5 .1 .6 21. 1.6 7.1 -16.0 0.8 0.9 3.0 1.1 .3 6.5 7.0 -3.13 Private sector credit flow 1) (as a percentage of GDP.3 1. 7.8 2.3 .9 .4 2.7 -3.3 2.4 7. 2.3 -0.7 . 2) Data for Latvia (prior to 2010) and for Bulgaria.0 2.6 1.1 7.1 3.3 6. ECB • Statistics Pocket Book • January 2013 49 ECB • Statistics Pocket Book • January 2013 49 .6 .3 4.6 -6.7 -0. 4.2 1.5 .9 2. 0.5 5.0 9.7 2.5 -19. 6.5 7.1 2010 13. Cyprus and Romania are not available for publication owing to national confidentiality constraints. 7. 6. 3.1 20. loans taken out and insurance technical reserves libilities of non-financial corporations.8 5. 3) Euro area credit flow does not correspond to a plain sum of country data.1 1.5 -2.2 -9.3 .1 -3.1 3.3 6.6 -4.5 0.5 12.0 0.9 19.6 10.4 18.9 -19.

6 11.855.1 31.0 134.7 33.838.6 175.5 119.3 25.6 114.7 144.5 115.9 35.242.5 619.11.3 1.1 18.882.0 27.3 33.8 13.0 264.8 60.8 76.6 32.6 5.8 33.2 1.3 124.0 30.9 83.0 16.087.6 84.0 118.5 11.4 13.7 14.14 Gross external debt by sector (as a percentage of GDP) Total 2012 Q2 BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK Source: ECB.7 16.9 42.9 75.1 50.9 10.9 99.7 15.5 18.0 472.920.0 472.7 532.7 4.1 14.5 55.2 200.1 228.7 25.0 4.2 29.7 131.8 807.0 55.7 1.223.5 3.9 523.1 32.8 21.7 3.7 104.7 13.300.9 190.4 464.9 123.5 417.7 17.9 88.8 23.0 211.7 35. EUR billions 1.8 17.5 23.0 1.6 41.9 35.5 4.6 32.4 Direct investment/ inter-company lending 81.6 245.1 13.8 94.5 6.0 7.0 27.7 54.7 70.803.1 15.7 24.2 97.1 22.5 17.8 24.3 24.6 7.7 27.2 27.6 8.8 9.4 415.0 36.1 66.9 27.5 36.4 51.9 15.2 452.0 170.8 62.2 236.8 15.5 25.2 1.8 47.5 56.686.7 28.0 191.6 71.462.0 MFIs Other sectors 118.3 170.4 50 ECB • Statistics Pocket Book • January 2013 50 ECB • Statistics Pocket Book • January 2013 .0 37.8 1.5 68.3 16.0 207.9 49.1 16.3 1.3 69.7 13.5 385.3 29.7 16.9 41.103.3 19.8 6.3 329.4 90.9 General government % of GDP 291.9 1.0 26.5 16.7 25.798.4 18.1 318.3 40.0 72.871.8 26.4 29.4 20.1 13.5 143.3 49.6 9.7 36.8 35.4 7.6 1.4 29.4 12.3 41.1 78.1 16.1 191.5 203.2 53.043.

Before that time the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years.74 4.14 1.32 5.82 6.97 9. Therefore the average yield on a basket of long-term bonds issued by a private credit institution with a residual maturity of close to ten years is presented for the period up to mid-May 2010.24 6.00 1.61 1.99 6.41 1.12 25.02 8.25 7.70 4. The same applies to Bulgaria and Romania prior to December 2005.26 5.75 2. 3.17 1.53 7.53 3.60 1. ECB • Statistics Pocket Book • January 2013 51 ECB • Statistics Pocket Book • January 2013 51 .19 4.81 4.07 10.15 4.00 1.89 6.10 4.82 6.24 1.22 1.64 2.55 Source: ECB.29 10.39 2.95 7.92 1.34 5.56 5.52 1.57 5. Slovenia prior to October 2003 and Lithuania prior to October 2007.15 Harmonised long-term interest rates for convergence assessment purposes (percentages per annum.30 7.30 5. 2012 Nov.32 4.44 1.90 7.38 1.34 6.62 3.95 1.84 1.93 2.99 1.62 6.00 1.11 3.91 24.28 20.27 1.41 1.07 4.91 2.87 4.54 1.82 7.20 1. 4) A harmonised long-term interest rate is presented starting mid-May 2010.45 4.80 1.00 1.49 5.94 4. 2) For Cyprus.09 27.43 4. 1) Yields refer to government bonds with maturities of close to ten years.54 3.69 1.17 5.28 6.24 6.65 1.84 7.55 2.67 4.20 1.54 1.87 2.29 3.55 2.14 4.68 1. period averages.04 1.34 4.28 4. 2012 Sep.58 2.65 4.46 1.80 2.96 5.49 3.24 1.11 6.20 5.76 1.00 1.67 5.85 1. 2012 Oct.57 6.15 1.77 2.32 4.00 1.04 8.96 8.92 4.66 4.31 3.79 2.85 7.18 6.84 1.11 1.76 2.12 5.63 4.85 8.78 2.44 1.00 1.60 4. secondary market yields 1) Euro area BE DE EE 3) IE GR ES FR IT CY LU 4) MT NL AT PT SI SK FI Non-euro area BG CZ DK LV LT HU PL RO SE UK 2) ) 2012 June 2012 July 2012 Aug.51 1.34 4.11.29 1.07 3.47 4.82 2.59 17. 3) There are no Estonian sovereign debt securities that comply with the definition of long-term interest rates for convergence purposes.00 7.47 4.59 2.24 5.52 3.88 6.52 4.45 1.85 6.56 4.54 1.49 6.69 2.77 17.82 7.36 4.91 5.84 2.82 4.33 1.28 2. No suitable proxy indicator has been identified.32 6. the indicator is thus not fully harmonised for that period. primary market yields are reported.

99 55.46 1.00 12.66 -0.71 -0. 0.23 55. which accounted for 79.84 1.13 3.04 22.15 2.03 -0.00 -0.28 50.67 16.00 -1.07 -0.67 11.93 0.60 -2.48 -1.82 27.06% in 2011.83 .23 27.39 0.40 11.43 21.50 4.77 0.48 70.29 1.62 2.94 7.04 -0.72 2. 2) All cards issued in the country.27 -1.08 17.68 39.88 -1.04 0.94 49.45 -0.55 0.19 -0.56 43.07 Direct debits Share Change (%) from 2010 (percentage points) 10.25 -0.83 1.99 34.17 38.24 -0.04 0.98 30.03 2.52 3.46 -0.89 69.37 1.54 55.00 -0.26 0. 0.02 -1.16 Relative importance of the main payment instruments (percentages of total number of transactions.27 1.05 0.78 2.10 0.14 0.21 -0.11 2.37 -0.56 30.67 Source: ECB.92 -0.32 7.85 0.22 6.34 -0.80 -0.58 62.38 -1.28 -0.47 27.36 40.53 Cheques Share Change (%) from 2010 (percentage points) 0.56 15.19 14.45 -1.08 5.47 0.80 63.01 0.12 -5.55 -0.43 -0.73 36.65 -0.48 -0.58 7.88 11. 1) Percentages may not add up to 100% as e-money transactions and other payment instruments are not shown.02 0.22 -3. except cards with an e-money function only.67 24.42 39.02 0.57 0.31 36.06 72.94 20.14 14.02 7.00% of the total in 2010 and 83.02 0.62 .00 0.49 2. 0. 3) Shares for Luxembourg are influenced by the importance of e-money transactions.26 55.15 16.55 0.45 5.45 14.46 63.44 8.29 27.02 15.31 0.24 27.01 21.84 -0.00 0.04 0.95 60.69 -2.09 0.80 4.15 14.99 0.39 -0.15 -0.64 41.11 -0.27 49.39 -3.97 .31 2.97 0.89 -0.58 27.82 47.12 0.23 0.75 28.94 -0. 0.31 -2.87 1.65 0.28 18.01 5.44 0.22 1.02 1.23 -2.67 41.29 -0.29 1.00 -0.10 -0.00 -1.97 Card payments 2) Share Change (%) from 2010 (percentage points) 46.58 -1.95 0.11 37.86 42.11.14 -1.41 18.58 48.48 -1.21 0.77 5.00 -0.71 16.44 1.18 46.47 43.43 0.60 .33 0.07 -4.73 6.39 49.80 -0.00 2.04 20.07 1.16 -0.20 -0. 52 ECB • Statistics Pocket Book • January 2013 52 ECB • Statistics Pocket Book • January 2013 .86 13.48 0.07 35.87 -3.27 0.36 -0.07 0.77 38.47 0.26 31.22 -2.69 43.00 -1.33 10.02 30.66 1.06 0.12 -0.85 -0.18 23.41 1.01 -2.20 0.94 5.20 9.15 -0.07 2. unless otherwise indicated 1) ) Credit transfers 2011 BE DE EE IE GR ES FR IT CY LU 3) MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU Share Change (%) from 2009 (percentage points) 40.02 5.01 35.33 28.00 0.01 0.76 56.11 45.67 29.

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