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

" ".i. provisional seasonally adjusted ECB • Statistics Pocket Book • January 2013 5 ECB • Statistics Pocket Book • January 2013 5 . GDP HGDI HICP i.i. insurance and freight at the importer’s border Continuous Linked Settlement system Directorate-General for Economic and Financial Affairs. CLS DG ECFIN EER EONIA EU EURIBOR f.o.f.a. BIS c. 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.." not applicable not available nil or negligible "billion" "trillion" 109 1012 (p) s. IMF IRF LIBOR MFI OECD PPP SDRs TARGET UMTS balance of payments Bank for International Settlements cost.b.p.p.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.

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

1 10.2 38.5 -4. IMF and national sources.9 1.1 Structural indicators 2011 1) Unit Population.7 -3.2*) 20.5 12.eu).9 -1.0 13.2 24.8*) 43.4*) 67.2 .4*) 18.6 8.9 1.2) % 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 332.0*) 78.8 25. 4) At nominal value.2 73.1 17. Eurostat. direct and portfolio investment % of GDP Net i.2 -0.5 27.2 0. fishing and forestry % of total Industry (incl.1 9.o.6 25.3 436.3 26.4 .6 .3).6 7.5 2.7*) Japan China 127.1 73.europa.9 54.2 26.4 -10.4 99. .3 173.2 15. 29.8 -14.4 78.3 -14.4) % of GDP External Exports of goods and services % of GDP Imports of goods and services % of GDP Current account balance % of GDP Net b. 2) Figure as at year-end.0 71.0*) 91. 8.2 6.5 8.5 20.2*) .6 491.5 71. ECB • Statistics Pocket Book • January 2013 7 ECB • Statistics Pocket Book • January 2013 7 .4 82.8 17.8 99.1 28.1 87.9 18.5 3.8 2. 16.0 24. 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).7 25.0 11.4*) 188.9 99.1*) - 1.7 72.1 15.p.6 88.8 16. 45.9 312.8*) 1.0 17.2 19.2 .7 103.1 -4. Chinese data follow a different methodology and are not directly comparable. .5 37.2 121.0 27.1 Overview of major economic areas 1.1*) 19.3 49. 10.8 72.p. .6 14. .5 49.4 72.3*) -8.1 17.4 13.9 19.7 13. . 3) Data for the United States and Japan are based on definitions similar to those used for the euro area and the EU.0 18.0 117.ecb.9 39.7 25.0 3.4*) 23.6 1.4*) 78.7 19.4 11.0 51.6 2.i.348.6 2.2 12.4 11.3 50.8*) 30.3 111. 49.4 16.8 58.9 -4. for the United States.1*) 46. national data and ECB calculations.4 24. .7 98.8 68.1 10.2 85. 1) Full definitions are available in the glossary on the ECB’s website (www.6 -26.8 .2 22.2 25. 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.7 100. Japan and China: BIS.6 Sources: For the euro area and EU: ECB.6 12. .4 502.1 1.5 67.4 2. 0.8 1.9*) 133.3 14.3 49.3 .4 301.2 0. *) 2010 figures.6 172.

8 .69 1. Dec.2 .ecb. 2.1 4.3 .5 .3 5. 1. . -0.6 . Nov. - 2010 2011 2012 Q2 Q3 2012 Oct.a.80 0. 2.a. 0.6 17.6 7.71 1.2 2.9 1.6 15.5 .2 2010 2011 2012 Q2 Q3 2012 Oct. 4. - -1.4 . -0. . - 3.europa.89 3.6 2. 11.2 . 11. - 10. 2.31 0. Dec. labour ment productbond costs (% of ivity yield (s.7 .48 3.57 - 4. 3.8 0.30 3. - - - 3.19 0. .25 2.4 . 4.0 7.1 .4 1.19 0.8 .1 . 20.3 0. 0.2 .5 -0.5 1. 3. 7. - 4. s.) annum) 1.1 .6 1. Dec.24 -0.65 1.6 9.0 . United States: M2.1 3. 1) Full definitions are available in the glossary on the ECB’s website (www.3 -0. 1.1 4.3 .2 .91 2.5 .7 10.39 0.) 1) ConBroad 3-month sumer money 2) interbank prices deposit rate (% per annum) Euro area 2011 2012 2012 Q3 Q4 2012 Nov. 0.82 4.4 2.6 2.9 .34 3.7 .19 4. 2) Euro area: M3. . 1.0 -0. Nov.43 0.34 0.a.3 2.1 .2 . .4 2011 2012 2012 Q3 Q4 2012 Nov.3 9. 1. -0. 3.2 .1 8.4 .43 0.2 Main recent economic developments (annual percentage changes.74 0.4 10. 7.7 .76 1. 1. - 2.5 10. 1.2 - 7. -0.7 .1 .9 2.9 8. 0.66 3. IMF.31 3. OECD.8 7.3 1.5 - 10-year Unit Unemploy.) (% per force. - -0.19 0.6 .79 1. - 8.32 0.7 10.4 .5 2. 1.36 .97 3.4 .9 19.1 - 9.06 2. 1. - 3.) labour (s.19 0.10 1.1 1.8 .85 0. 2.1. unless otherwise indicated) Real GDP GDP deflator (s.46 3. 1.1 . - 6.8 .6 .8 7.36 0.1 2.7 .12 0.9 .3 . 2.2 1. .3 .63 1.74 . Japan: M2 + certificates of deposit. - 2. .19 0. 4.6 2.7 2.31 2.70 .6 - 2.4 - 1. - 1.6 .58 0.eu).9 1.75 0. national data and ECB calculations. -2.Labour gov.18 1. 10.22 2.1 . 1. 2011 2012 2012 Q3 Q4 2012 Nov.20 0. -0. .7 2. 0. Eurostat. 3.7 .5 .0 .1 . - - European Union United States Japan China Sources: BIS.0 1. .19 0.a. 8 ECB • Statistics Pocket Book • January 2013 8 ECB • Statistics Pocket Book • January 2013 .5 2.7 .

2 64.5 0.2 -3.4 -1.4 -1.6 2.6 71.4 0.7 0.9 64.1 10.0 1.0 Hours worked (s.9 0.1 -0.5 0.5 -0.4 71. Labour Employment Unemployforce rates ment partici(% of (% of pation labour labour rate 1) force.9 Annual percentage changes Selfemployed Per person employed -1.2 0.3 -0.8 146.9 10.9 -0. the population aged 15 to 64). .a.9 0.9 0.1 1.8 -0.7 0.9 147.5 64.2 Employment in terms of persons employed and hours worked Persons employed (s.4 -1.6 0.5 1.4 0.2 -1.1 0. 1) Ratio of the labour force to the working age population (i.5 64.9 Selfemployed Sources: European Commission (Eurostat and DG ECFIN).2 0.5 1.5 -0.7 0.5 Labour productivity per person employed (annual percentage changes) Hourly labour productivity (annual percentage changes) 2.4 -0.2 -0.6 10.3 -1.1 146.4 -2.3 -1. 62.) Annual percentage changes 0.0 -1.1 -1.3 64.1 0.5 71.6 -0.8 8.0 0.4 -1.3 9.7 147.5 64.3 0.7 71.1 1.0 9.9 1.9 -0.0 -1.8 71.1 0.2 1.7 72.5 -1.6 -1.4 331.8 330. annual averages) 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 288.0 .4 71.2 63.a.8 -0.e.5 64.5 0.9 0.2 0.1 -0.2 -0.7 9.6 0.5 -0. .5 -1.5 -1.3 -1.9 Total Employees 0.0 0.5 0.5 71.9 11.3 146.0 2. (%) s.3 146.9 -1.1 71.8 -1.7 -0.4 0.4 -0.7 310.8 1.8 -0.0 -1.9 141. 4.1 Population and the labour market Population (millions.4 147.7 147.9 328.7 -1.4 0.a.4 146.5 0.2 -0.2 10.) s.5 0.0 0. national data and ECB calculations.8 -0.6 10.6 -0. 1. .7 1.5 319.) 68.0 .1 Sources: European Commission (Eurostat and DG ECFIN).8 8.) Millions Total Employees 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 116.2 Population and the labour market in the euro area 2.7 0.2 -1.3 11. .1 -0.3 0.1 -0.5 0.2 9. ECB • Statistics Pocket Book • January 2013 ECB • Statistics Pocket Book • January 2013 0.9 0. national data and ECB calculations.7 0.0 147.1 -0.6 0. force.6 120.7 -0.5 0.6 0.1 -0.5 0.7 129.0 0.7 -0.1 -1.4 -0.6 9 9 .6 -0.4 332.4 298.0 -3. .4 .1 1.6 64.2 2.3 1.a.7 -0.

business and social and other work services .4 1.5 -1.013.9 Finance Public admini.407.2 1.0 1.1 1.5 -3.2 -0.1 -1.6 0.6 1. 1.5 2.4 0.149.1 19.2 0.8 1.4 2.3 Euro area macroeconomic indicators 3.4 0.9 19.5 4.3 2.3 0.9 0.5 0.421. 1.5 1. 2.9 3.9 1.6 0.1 -1.1 -12.2 -1.2 -0. and real stration.3 18.0 -0.1 1.9 - Level data (EUR billions at current prices) and percentages of GDP 2011 2011 Source: European Commission (Eurostat and DG ECFIN).1 and 4.9 0.1 4. 1.8 1.7 -4.7 2.0 -0. accommodation and food services .0 5.1 GDP and expenditure components (annual percentage changes in volume.1 6.631.0 -11.0 0.8 21.2 Value added by economic activity (annual percentage changes in volume.5 -1.0 Level data (EUR billions at current prices) and percentages of gross value added Source: Eurostat.7 -0.4 .2 4.3 3.0 -0.8 0.3 1.632.3 -0.8 0.1 0.4 2011 2011 Trade.030.3 0.378.6 -1.0 -0.143.1 1.7 0.5 -0.1 -0.2 0.5 3.4 11. edu. Industry forestry (including and fishing construction) 1996-00 2001-05 2006-10 2.4 2.1 3.6 -0.5 -0.3 1.2.1 -0.0 2. seasonally and partly working day-adjusted) GDP (market prices) 1971-80 1981-90 1991-00 2001-10 Total (quarter on quarter) Total - 3.518.3 -4.0 143.1 0.4 2009 2010 2011 2011 Q4 2012 Q1 Q2 Q3 -4.0 -1.Information.1 9.6 4.7 9.3 1.1 1.2 .5 0.9 5.7 -0.3 -3. health tion.4 2.9 0.6 0.7 2.communicaestate cation. transport.447.4 -4.7 0.8 6.1 -11.3 1.3 25.4 3.4 2.9 .5 3.1 -0.1 100.1 2.1 - 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) 3.1 -0.8 -1.4 0.0 1.8 16.5 0.8 .9 -4. unless otherwise indicated.2 -0. 5. 1.4 2.1 -0.3 -0.9 - 4. seasonally and partly working day-adjusted) Gross value added (basic prices) Total Agriculture.2 0.7 19. 10 ECB • Statistics Pocket Book • January 2013 10 ECB • Statistics Pocket Book • January 2013 .4 2.2 1.2 -12. unless otherwise indicated.9 8.6 -0.0 1. quarterly data. 1) Includes intra-euro area trade and therefore differs from Tables 4.0 1.9 0. quarterly data.4 -0.0 4.3 1.6 2.8 -2.804.7 0.6 0.3 2.9 1.4 2. -0.7 1.4 2.3 1.2 1.4 57.7 0.7 -1.2 6.9 2.6 6.7 1.1 1.2 1.1 -0.0 100.

3 -12.8 77. 50.9 -8. .9 1.7 0.2 -1.8 80.1 -31.3 -13.0 -35.0 -0.8 80.5 .7 55.6 -18.8 -1.2 45.0 -7.0 -10.1 Q3 86. Oct. Nov.5 -15.0 -15.7 47. a value of 50 indicates "no change".9 -6. 85.0 -26.6 -5.5 -0.5 2011 101.5 2001-10 98.0 -8. 78.9 -0.3 -2.0 2012 89.3 -15.1 -32.8 .3 Nov.3. 2) Weighted sum of the percentages of survey respondents reporting an increase (weight: 1.3 Short-term business indicators (annual percentage changes.Retail trade New facturing facturing turnover passenger new orders turnover (constant car (nominal) (nominal) prices) registrations discontinued 1.7 54. 0.7 81.5 -22.9 -18. ECB • Statistics Pocket Book • January 2013 11 ECB • Statistics Pocket Book • January 2013 11 .1 46.9 -29.5 -16.3 -14.8 -12.4 -24.4 . 1.7 8.8 -2.6 46. 3.1 -12.3 -8.4 -33.4 -25.4 Q4 85.9 -25.a.2 Sources: Eurostat.0 -1.2 46.6 -3.5 -1.1 -15. -0.5 52.5 . 4.8 -3.3 -22.3 3.2 -14.9 -16.4 -11.9 46.0 -15.4 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.1 -14.7 0.0 -3.9 4. A value of 100 (0) indicates that all respondents reported an increase (decrease).5 -17.1 -0.5) or a decrease (0) for each survey variable. 84.9 -4.8 -10.8 -0.5 -15.3 -3.0 -17.7 -6.4 -18.6 . .8 17.9 -26.6 -1. 52.7 Dec.2 -1.books utilisa.8 Sources: European Commission Business and Consumer Surveys and Markit.3 -14.8 -12. 1.5 5.1 -5. 76.1 45.4 -2.9 .9 45.9 -15.4 -14.3 -15.7 76.7 -26. no change (0.4 .8 -5.9 -2.0 -14. .6 -6.8 - .9 -8.7 -24.3 -11. .5 -2.6 -3.1 -11.) ConManustruction facturing -0.3 2012 Q2 91.4 -1.4 -6.1 8.8 -2.0). 1.7 -4. .4 52. 1) Difference between the percentages of respondents giving positive and negative replies.2 -2. construction 1991-00 2001-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.0 46.1 -11.5 -1.6 47. ACEA (European Automobile Manufacturers’ Association) and ECB calculations. Period on period (s. 87.9 -9.1 . 4) The quarterly figures shown are averages of two successive surveys. unless otherwise indicated) Industrial production Total excl.4 46.3 -4.4 0.5 3.4 -2.7 2012 Oct. 3) Values above (below) 100 indicate above (below) average economic sentiment.3 10.8 -4.1 -22.5 0.4 -3.9 7.5 2010 100.4 .9 7.4 -6.Managers’ activity indicator Industrial Order Capacity dence confidence Index (PMI) for (long-term confi. ManuManu.services average dence tion indicator facturing =100) 3) indicator (%) 4) 1991-00 100.8 0.4 45.5 -19.6 -1.7 4.1 .indicator dence indicator for manu.9 47.2 46.6 0.8 -1.6 -12.3 -1.

3 23.8 26.8 166.8 12.1 -0.1 156.8 -1.2 -2.5 -0.5 9.0 13.5 -30.1 -7.8 -0.9 1.1 65.1 147.4 2012 Oct. Current and capital accounts Goods Income and services 10.6 51.9 .9 46.9 11.1 0.2 0.4 52.5 6.2 22.0 37.5 -10.4 3.1 1.7 0.8 234.8 -13.6 19.7 213.5 17. Current transfers -108. 1.8 208.2 0. 20.9 147.5 6.8 -149.2 -1.5 17.0 23.5 -13.6 218.1 5. -17.b.4 -0.6 .758.1 0.1 251. Oct.9 14.8 0.0 12.8 1.2 72. seasonally adjusted) Total Other EU Member States United Kingdom Other United States China Japan Other Other Asian countries countries Exports (f.6 -0.6 16.0 12.9 46.9 16.7 12.9 .6 200.5 .) % of total in 2011 100 9.1 Balance of payments (EUR billions.8 .3 -0. not seasonally adjusted.) % of total in 2011 2010 2011 2012 Sep.1 158.2 309. 91.6 -30.5 -0.9 -8.745.3 -113.6 43.9 281.9 -35.5 37. 50.8 59.6 8.9 -16.2 -6. 100 1. 129.6 453.0 -10.550.3 .3 163.6 1.7 -19.9 3.3 Combined direct and portfolio investment Financial Other Reserve derivatives investment assets 29.9 23.533.6 180.7 -110.8 1.4 227.8 -9.3 18. Trade balance 12 ECB • Statistics Pocket Book • January 2013 12 ECB • Statistics Pocket Book • January 2013 .8 140. net transactions) 2010 2011 2012 Oct.3 365.4 31.2 -0.9 2012 Oct.4 3.7 27.8 -103. 19.5 23.1 22.4 -4.0 .1 119.1 0. Sources: Eurostat and ECB calculations.0 399.3 41.0 7. 1.i.2 -106.1 334.7 -4.8 13.1 94. Oct.6 39.3 -1.5 1.1 -6. 2010 2011 2012 Sep.0 34. 11.2 as a percentage of GDP 12-month cumulated transactions 12-month cumulated transactions as a percentage of GDP 4.8 -4.0 16.8 3.8 115.2 -0.8 9.6 3. Oct. Imports (c.9 9.o.3 34.3 18.7 2010 2011 2012 Sep.f.8 2.2 34.7 2010 2011 Source: ECB.1 148.3 26.9 -0.5 4.3 . 270.0 43.2 291.6 5.2 194.1 .1 416.1 -7.4 Euro area external statistics 4. unless otherwise indicated.9 24.2 Trade in goods with main partners (EUR billions.5 -38.8 -29. unless otherwise indicated.3 0.8 6.0 1.

9 71.4 148.8 42.4 -16.6 18.6 1.4 6.3 9.3 -41.9 -83.9 -0.4 -12.9 390.7 1.5 25.1 11.7 7.766.2 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 -154.8 37.0 -106.6 Debits 107.975.6 123.8 178.1 -1.5 1.1 0.7 -9.2 Current account Goods Services Income Current transfers Capital account 2.8 -1.7 40.5 -94.2 51.0 135.4 94.3 -1.3 0.United China Member States land States 2011 UK Current account Goods Services Income Current transfers Capital account 2.5 4.7 24.6 528.4 9.3 -82.5 -9.0 -105.4 490.0 -38.8 117.5 46.2 -19.5 13.4 -13.0 19.0 -352.9 44.5 62.5 -61.8 -0.0 413.2 105.9 16.4 12.3 75.0 12.0 -14.4 8.2 4.3 -30.1 -3.2 5.1 -0.2 -1.9 -12.5 935.0 1.5 2.8 150.2 -1.7 -67.0 29.4 201.5 88.8 451.4.5 29.1 -36.7 5.6 52.0 11.5 59.3 -96.5 18.8 -2.1 -80.4 1.2 Credits 63.9 Source: ECB.9 -56.9 157.5 6.5 2.0 -73.3 29.4 0.8 0.3 Geographical breakdown of the balance of payments (EUR billions.8 -1.5 -164.5 -0.0 1.2 5.7 15. ECB • Statistics Pocket Book • January 2013 13 ECB • Statistics Pocket Book • January 2013 13 .2 7.9 5.5 46.6 -6.2 -80.9 -6.1 0.0 9.8 -105.7 15.7 36.8 44.3 0.2 87.0 1.3 0.8 201.7 196.1 7.4 40.4 119.775.3 -3.2 -47.8 -3.7 84.2 0.4 13.3 -12.5 -149.2 19.9 97.0 964.0 12.5 9.962.4 0.9 28.6 0.3 -66.4 210.2 509.2 7.4 -31.7 14.0 14.3 142.8 67.7 177.5 -4.1 21.2 11.1 1.0 389.7 60.3 -4.7 8.8 4.2 -125.4 6.8 32.7 -154.7 115.6 -145.7 23.0 39.3 -1.0 233.9 110.7 -9.1 -55.6 -0.2 -1.5 20.5 1.3 21.8 253.0 6.0 -10.3 9.4 485.5 128.4 30.0 -122.3 -71.9 11.1 -12.0 -19.3 93.7 185.8 42.5 0.7 0.3 99.2 67.4 Net -44.1 283.9 -1.2 231.7 565.4 0.3 -19.6 6.3 44.4 133.6 6.7 8.3 -3.1 0.3 -17.3 14.5 576.0 2.0 0.6 5.2 -5.0 0.7 0.2 -4.2 3.9 -91.4 9.8 14.7 -128.1 -21.3 46. not seasonally adjusted) Total Other EU Japan Switzer.2 43.8 -408.

224.2 2.873.0 -2.5 5.7 1.3 -1.5 4.811.8 1.8 205.159.7 4.762. unless otherwise indicated.6 198.004.4 16.144.6 2010 2011 2012 Q1 2012 Q2 18.2 4.8 -14.1 253.038.9 99.048.931.9 -1.946.763.4 117.225.7 United States China 40.7 3.762.4 412.7 -8.5 Geographical breakdown of the international investment position (EUR billions.703.7 1.0 1. 1.6 1.9 1. 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 -1.044.6 11.7 4.128.5 -2.1 -2.9 1.059.6 76.9 4.4 1.9 5.9 341.5 7.276.4 -75.9 2.9 -24.1 -376.3 1.042.6 5.564.7 4.8 763.3 -252.5 - 4.2 5.0 -836.8 -243.280.4 3.2 1.877.9 19.9 1.392.172.9 1.8 2010 2011 2012 Q1 2012 Q2 16.885.6 629.314.7 4.4 International investment position (EUR billions.2 701.8 663.3 2.7 4.636.7 -24.099.7 192.626.2 Outstanding assets 4.337.6 131.4 -19.8 -287.050.224.6 30.7 416.195.5 275.377.1 332.5 2.9 1.392.0 19.005.481.129.3 4.9 59.148.636.497.818.4 125.9 6.0 828.0 63.052.6 -32.3 10.226.2 1.6 52.4 2.9 729.6 61.0 73.0 90.1 1.5 182.908.1 260.3 5.9 789.2 5.564.3 207.1 257.9 19.012.214.2 526.3 102.5 53. 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.2 701.563.6 184.334.328.2 1.6 4.773.470.054.6 1.8 14 ECB • Statistics Pocket Book • January 2013 14 ECB • Statistics Pocket Book • January 2013 .446.1 1.3 Japan Switzerland -22.907.8 855.0 18.807.8 1.647.230.262.2 3.0 19.4 671.541.0 -10.8 Reserve assets 587.0 3.5 -154.7 20.8 663.668.4.7 18.5 256.536.0 7.4 5.1 339.9 -252.5 46.8 Net international investment position 1.9 UK 11.1 553.037.877.9 743.0 2.0 164.8 4.6 7.777.3 699.6 2.1 20.8 4.0 1.172.2 85.0 2.7 208.0 273.6 -291.2 88.044.063.0 22.0 1.0 191.1 74.4 130.1 68.4 671.4 228.082.5 473.033.7 -2.6 1.436.8 1.6 2.0 -13.557.049.1 1.7 7.808.757.2 Source: ECB.4 400.7 203.8 96.2 15.8 124.7 -13.847.195.3 5.308.0 394.9 3.024.5 587.103.6 197.3 5.499.8 236. 5.3 5.617.6 2.6 46.219.1 1.8 1.592.5 48.8 1.0 18.7 5.129.5 80.2 776.5 5.723.6 Outstanding liabilities 3.4 1.

12 103.3 -24.2 431.1 92.0 Sources: ECB and BIS.6 International reserves of the Eurosystem and the ECB (EUR billions.2 59.8 4.7 2) 2) Bilateral exchange rates 100.7 Exchange rates (period averages) Effective exchange rate of the euro (1999 Q1 = 100) EER-20 2011 2012 2012 Q3 Q4 2012 Nov.94 109.1 26.2848 1.9 3.2 96.0 170.5 7.0 155.9 -39. 2) A positive change denotes an appreciation of the euro.3 458.8 95.1 0.0 19.7 Nominal 112. Nominal % change versus previous month 2012 Dec.6 32.6 -1.8 95.143 16.9 53.30 105.5 715.9 155. see the "Statistics" section of the ECB’s website (www.8 173.3 93.7 0.5 21.142 16.7 95.6 1.4 33.4 -42.7 -41. For more information on EERs.1 366. Dec.0 0.5 15. 1) Real EERs are calculated using consumer price indices. under "Exchange rates".6 10.1 ECB 4.8 42.europa. Nov.1 107.9 17.5 36.1 63.6 94.ecb.8 54.2 671.122 16.3 55.5 2012 Dec.4 -1. -2.142 16. 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.7 460.0 -0.2 701.2 -24. 56.6 0.7 0. ECB • Statistics Pocket Book • January 2013 15 ECB • Statistics Pocket Book • January 2013 15 .4 0.2 98.0 0.1 20.8 97.9 91.96 102.3920 1.9 134.2 266.4 -0.142 16.1 107.5 37.7 440.8 4.4 64.2502 1.693 346.7 0.8 95.3 53.5 16.0 169.2 3.1 41.847 346.0 US dollar Japanese yen 1.4 591.0 0.6 42.0 -39.8 61. unless otherwise indicated.6 93.5 1.5 -0.9 97.5 2.180 346.8 718.2 Real 1) 97.1 -0.9 -1.6 92. 462.2828 1.6 20.8 38.0 0.4 40.4 106.142 Source: ECB.7 0.825 346.0 0. Nov. 1.0 39.2 52.49 98.2 51.8 30.1 -0.0 105.3119 110.7 108.eu).8 347.4 97.4 32.0 64.1 % change versus previous year EER-40 Real 1) 103.5 54.2967 1.962 346.694 2010 2011 2012 Q1 Q2 2012 Oct.8 -0.71 1.4 21.3 4.4.7 3.3 5.7 0. Memo items Monetary gold Other Predetermined foreign short-term currency net assets drains on foreign currency 50.9 33.

7 3. Nov.9 3.6 61.0 3.2 1.4 0.7 80.0 2.1 76.1 3.6 2.1 0.8 59.7 37.9 1.0 3.0 2.6 17.6 9.1 HICP 1) (annual percentage changes.9 31.8 7.2 1.4 1.5 2.1 14.4 76.3 2.2 19.2 0. Oct.3 1.6 8.8 3.5 97.1 Sources: Eurostat and ECB calculations.0 2.0 1.0 10.7 1.6 51.9 29. 1.2 2.5 11.8 1.4 2.7 32. The weights shown refer to the current year.1 85.9 7.7 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.0 5.4 11.3 13.8 0.4 5.7 7.2 Services Housing 2) 0.3 .6 1.1 0.6 0.4 24.1 2.1 1.8 9.4 2.9 62.1 .4 41.4 0. Nov.5 0.0 7. 0.7 53.1 7.2 13.6 2.1 0.5 13.3 1.5 -1.8 0.5 72.1 2.8 .1 20.6 4.9 18.9 2.3 0.9 5.0 0.5 11.8 44. 2.5 Month-on-month percentage changes (seasonally adjusted.0 4.3 2.4 28.9 0.0 1. Dec.4 25.4 0.5 Prices in the euro area 5.3 35.7 21.9 Non-energy industrial goods Energy 28.9 4.4 2.0 3.3 4.6 3.7 2.7 3.4 16 ECB • Statistics Pocket Book • January 2013 16 ECB • Statistics Pocket Book • January 2013 .0 1.8 1.7 32.5 2. unless otherwise indicated) HICP Total Food Processed Unprocessed food food % of total 1996-00 2001-05 2006-10 2009 2010 2011 2012 2012 Oct.4 2.8 93.8 6. 4.8 1.9 5.1 51.8 .7 0.9 14.2 0.5 11.1 0.6 2.7 8.0 26.1 0.1 -0.9 3.1 11. 3) Estimate based on provisional national releases (which usually cover around 95% of the euro area).7 16.1 -0.2 1.0 2.3 18.5 38. 1.3 18.8 -8. 0. 5.1 2.8 66.1 1.0 2.2 1.9 .6 83.0 9.7 21.7 30.7 0.1 23.6 9. 1) Data refer to the changing composition of the euro area.6 42. percentages) Inflation rate Year 1 2 3 4 5 6 7 8 9 10 15 20 Source: ECB calculations.1 0.0 24.9 43.4 .2 1.9 2.8 0. for further information see page 6.1 0.1 17.1 3.6 48.1 3.2 0.4 11.6 35.7 2.2 2.7 16.6 2.8 21.2 12.0 25.8 1. 100.5 17.9 5.5 0.1 0.3 57. 1.3 10.7 5.0 2.7 8. except energy) 0.1 1.0 16. as well as early information on energy prices. 2) Excluding owner-occupied housing.9 32.8 7.6 1. 3) 2012 Sep.2 0.4 44.5 54.6 25.0 1.

7 3. Nov. residential property.0 39. Nov.4 3.3 1.7 54.6 35.0 1.7 48.2 -2.9 6.3 -0.8 8.5 55.7 2.Residential tion property (input prices 1) Total Inter.4 48.0 47.8 49.9 0. 3) Industrial producer export prices refer to direct transactions between domestic producers and nondomestic customers.1 -3.3 1.2 6.8 39. - Industrial producer export prices (f. 1.6 2.5 1.2 2.Services Manufac.9 0.6 8.0 56.2 -5.7 -9.7 37.5 Retail trade Services 1.2 -5.3 0.8 0.2 - 6.1 5.7 -0.4 0.8 54.5 Purchasing Managers’ Surveys (diffusion indices 2) ) Consumer Input prices Prices charged price trends (compared with previous month) over past 12 months Manufac.6 54.7 51.1 54.1 2.0 .6 2.1 52.5 .0 2. 1) Experimental data. 5.6 53.2 0.Capital Consumer Energy prices) mediate goods goods goods 2001-05 2006-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.8 -1.9 49.6).3 2.7 2.4 1.6 47. Oct.1 ECB • Statistics Pocket Book • January 2013 17 ECB • Statistics Pocket Book • January 2013 17 .4 47.5 5.8 2.9 5.5 4.6 1.8 1.1 3.5.9 15.9 38.1 2.2 6.3 -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.3 0.6 2.7 49.1 1. 2) See footnote 2 of Table 3.1 7.9 54.3 1.o.0 -0.b.3 3.3 57.0 2.1 51.9 48. mainly because they exclude cross-border trade within the euro area and all services.0 Sources: European Commission Business and Consumer Surveys and Markit.1 6.3 5.2 1. Manufacturing 5.4 0.3 3.3 1.0 1.3) Industrial import prices (c.2 4.4 -0.9 3.8 4. Dec.5 2.5 2.2 1.4 0.0 -0.9 0.1 6.1 38.7 53.f.5 49.7 2. 2) These indices differ from the GDP deflators used for imports and exports (which are shown in Table 5.3 2.) 2) .3 53.1 11.3 55.9 2.6 2.5 50.1 55.4 -1.7 53.1 3.0 40.5 1.5 9.7 52. 49.1 46.7 66.Services turing turing 20.6 2.9 3.2 7.4 6.6 2. export and import prices (annual percentage changes) Industrial producer prices excluding construction Construc.9 6.7 3.9 0.6 6.1 4. Exports by wholesalers and re-exports are not covered.8 47.9 2.4 0. 1.9 48.7 2.1 1.1 -11.7 2.2 37.7 1.3 5.4.5 39.5 64.5 47.9 1.1 13.1 1. 1) Difference between the percentages of respondents giving positive and negative replies.2 0.9 57.9 9.7 49.) 2).0 5.0 2. construction. 2.i. ECB calculations and national data.3 Industry.8 2.9 1.9 4.1 4.8 1.1 2.5 Sources: Eurostat.7 54.1 3.4 4.2 1.

5 2.4 4.9 2.9 0.5 1.8 -6.3 36.0 7.8 7.9 0.7 79.0 2.6 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 1.4 -6.0 .0 2.2 1.2 1.5 3.6 84.7 .5 42.9 1.7 1. OECD and national data.4 8. 1) Includes intra-euro area trade.0 5.1 7.3 60.1 0.3 1.7 2.8 2.9 1.4 -5.0 Exports Imports of goods and of goods and services 1) services 1) 1.5 Oil prices (EUR per barrel) 4.2 2.4 1.6 2.6 84. 1.3 5.6 1. - 4. fishing and forestry.5 -1. Data are working day-adjusted.3 10.1 10.4 19. Nov. 1.6 1.2 1.1 .7 2.3 18 ECB • Statistics Pocket Book • January 2013 18 ECB • Statistics Pocket Book • January 2013 .8 .8 2.3 1.a.5 2.6 6.4 Sources: Eurostat and ECB calculations based on Thomson Reuters. Experimental data.3 0.6 3.8 .2 1.9 Sources: Eurostat and ECB calculations.6 -0. 3) Weighted according to euro area domestic production plus imports minus exports in the period 2004-06.3 4. 1.0 5.0 31. 2. European Commission (Eurostat and DG ECFIN).4 5.1 14.3 2.0 7.0 .7 2.5 1.1 5.2 .1 0.) 1991-95 1996-00 2001-05 2006-10 2010 2011 2012 2012 Q2 Q3 Q4 2012 Oct. Gross fixed capital formation 1.8 82.9 55.7 4.1 0.4 2.4 2.5 2.8 2.2 2.2 0.6 12.1 1.6 1.6 0.9 1.9 8.8 -0.2 1. unless otherwise indicated) Whole economy (s. - 1) 1.6 1.2 1.6 44.7 2.8 1.4 1.1 12.1 0.6 0.2 2.5.0 2.Hourly labour sation per compencosts employee sation 2.8 1.3 84.1 1.2 1.1 3.7 86.0 1.3 1. - 4.5 Other prices and costs (annual percentage changes.2 1. 2) Weighted according to the structure of euro area imports in the period 2004-06.1 2.2 .4 2. 2.6 30.7 0.8 1. 1) Excluding agriculture.1 -3.4 2.2 2.9 1.3 8.7 4.4 85.6 -0.5 0.7 5. Unit Compen.7 8.2 1. - Non-energy commodity prices ImportUseweighted 2) weighted 3) 5.5 2.2 2. - Labour Negoticost ated index wages 2.7 2.0 4.0 2.7 1.7 1.3 1.0 . 5.6 1.6 87.2 .4 18. Dec.

6 0.4 2.3 2.4 4.1 2.5 -17.3 As a percentage of GDP Net disposable Final income consumption expenditure Current transfers receivable Net acquisition Gross of nonfixed financial capital assets formation 1) -40.7 5.8 3.8 -8.6 3.5 1.1 2.5 3.3 0.6 3.5 3.0 -4.9 -67.9 2.6 1.3 4.5 1.5 1.3 2.6 4.3 95.2 6.5 15.3 79.3 95.9 3. -0.4 1.8 2.6 -9.6 0.1 2.6 1.0 100.3 -0.3 73.2 0.1 2.3 2.3 -0.5 79.0 1.9 19.7 3. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.9 0.8 3.7 3.8 3.5 19.1 3.7 2.9 72.0 3.5 3.2 2.5 1.8 1.3 -2.1 0.5 95.2 2.0 2.7 -6.6 0.4 4.4 84.2 19.3 73.4 84.0 2.3 24.9 1.6 1.2 -0.0 3.3 Net saving Net capital transfers Annual percentage changes 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -2.3 83.6 Net Current disposable transfers income payable -0.3 2.4 2.2 -10.5 2.3 2.5 3.3 1.5 83.3 95.0 15.9 2.6 1.6 Euro area accounts 6.1 19.4 0.7 0.8 1.9 -7.6 2010 2011 2012 Q2 83.0 94.7 1) 0.8 69.7 -10.0 73.9 1.4 19.9 307.1 0.3 4.2 -3.1 1.8 1.1 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 -0.3 -1.0 1.5 1.2 19.5 2.9 79.6 3.6 1.6 83.7 -31.7 3.7 84.0 3.8 0.6 15.0 2.7 0.3 -0.4 2.3 2.3 -30.5 72.0 100.6 2010 2011 2012 Q2 100.0 71.1 -8.9 2.7 -11.1 1.1 -14.3 ECB • Statistics Pocket Book • January 2013 19 ECB • Statistics Pocket Book • January 2013 19 .3 1.6 -0.5 83.2 As a percentage of GDP Net lending/ borrowing Sources: ECB and Eurostat.3 83.7 2.6 94.1 -2.5 10.2 -2.6 28.

5 1.6 3.1 2. saving and investment Gross Final disposable Compen. adjusted 3) Sources: ECB and Eurostat.0 2.8 2.5 -11.7 0.4 36.2 -5.9 -0.4 109.0 -4.5 9.0 7.2 2.3 2.1 99.6 -4.0 3.1 20.1 -1.1 1.0 -2.5 73.1 29.1 3.3 3.4 21.3 1.0 13.2 2.0 27.5 0.1 84.0 301.8 2.2 64.0 1.7 2.4 1.5 0. 3) Net adjustment for the change in the net equity of households in pension fund reserves (i.1 2.6 -0.3 17.Operating.6 2.5 1.8 2.5 94. Net consumpincome sation mixed and current tion of emploproperty transfers expendiyees income receivable ture Annual percentage changes Gross saving Gross fixed capital formation -8.1 -1.0 94.9 3.6 0.0 6. adjusted 3) 9.7 0.8 84.4 64.6 4.2 2010 2011 2012 Q2 305.8 1.2 2.4 2.5 0.9 2.6.8 36.5 3.5 1.6 -2.1 Changes in net worth 2) 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 1.3 -1.9 -6.8 107.8 -10.3 72.7 2010 2011 2012 Q2 99.1 24.0 36.9 3.7 13.9 3.8 2.0 7.5 1.1 3.8 -0.2 13.8 86.1 99.0 2.6 1.7 0.4 2.6 2.9 0.9 21.8 -0.8 -11.9 1.8 -3.7 1.3 86.8 2.6 1.4 -1.3 -52.0 3.6 108.3 2.8 87.7 2.0 3.9 1.1 99.6 1.5 2.0 9.8 -1.8 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 2.7 4.0 As a percentage of households’ gross disposable income.1 1.2 2.6 -7.0 73.0 -0.7 7.7 1.6 0.8 -10.7 299.4 98.3 2.6 2.7 7.7 2.9 0.9 2.7 1.8 -0.8 -5.5 3.6 84.7 0. 1) Households and non-profit institutions serving households. 2) Annual observations are identical to the quarterly observations for the fourth quarter of the year.8 74.0 9.1 14.6 2.3 2.9 98.2 2.0 Outstanding amounts as a percentage of households’ gross disposable income. receivables minus payables).8 -36.7 -11.6 -7.6 -1.7 87.3 3.1 3. based on four-quarter cumulated transactions.2 1.3 0.7 1.1 -0.e.0 2.1 0.8 0.2 Households 1) Income.2 2.4 96. 20 ECB • Statistics Pocket Book • January 2013 20 ECB • Statistics Pocket Book • January 2013 .6 4.3 0.

8 1.2 3.8 3.7 7.1 17. entrepreneurial income.7 3.4 -16.4 28.3 5.2 1.6 2.5 2.1 2.7 3.2 2.9 2.9 4.8 1.1 -0.0 129.2 148.3 174.0 82.2 0.7 247.8 1.4 2.4 2.4 -0.3 As a percentage of gross value added 3.6 2.1 3.7 3.5 2.9 -4.8 3.7 3.1 2.6 276.7 Net saving Net acquisition of nonfinancial assets Net Gross fixed Consumption lending/ capital of fixed borrowing formation capital Annual percentage changes 1) -10.1 21.0 20.1 1.1 2.3 2.5 41.6 96.0 100.4 3.8 -2.9 5.5 480.2 -0.1 52.0 -2.4 1.0 7.0 -81.8 449.6 0.0 2.6 1.6 2.3 1.9 6.3 3.3 4.6 2.7 5.5 100.0 28.2 2.4 4.2 4.4 175.3 27.9 1.6 4.0 0.8 250.0 336.4 17.9 1.7 6.3 20.3 Non-financial corporations Value added.4 2.7 -0.8 163.8 Outstanding amounts as a percentage of gross value added Sources: ECB and Eurostat.8 3.8 203.6 41.5 2010 2011 2012 Q2 349.7 1.0 -2.9 4.8 3.5 0.7 201.2 2.3 1. saving and investment Gross value added Net entrepreneurial income 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -1.2 4.0 3.0 100.2 2.4 3.8 -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) Annual observations are identical to the quarterly observations for the fourth quarter of the year.9 3.5 -0.1 4.6 20.2 3.1 17.6 -0.2 2.8 41.1 1.7 -6.1 -1.0 26.8 1.2 452.4 -11.8 -6.4 177.0 1.9 2.9 1. ECB • Statistics Pocket Book • January 2013 21 ECB • Statistics Pocket Book • January 2013 21 .1 2010 2011 2012 Q2 100.3 -0.2 341.3 1.1 97.4 1.0 4.2 1.8 3.6.0 151.9 0.7 2.7 -20.2 2.9 3.6 1.7 3.4 200.0 -2.1 8.

4 45.3 -6.1 -6.3 15.2 -4.4 2. expenditure.7 15.4 2.9 12.5 2. deficit/surplus and borrowing requirement (as a percentage of GDP.6 2.7 4. Total Currency and deposits Loans Short-term securities Long-term securities 70.5 11.4 15.3 7.8 12.5 11.3 2.4 6.5 18.3 91.8 56.2 General government debt (Outstanding amounts at nominal value at end of period.1 General government revenue.7 12.5 12.0 44.2 51.6 11.6 15.2 7.6 12.8 15.9 7.5 12.1 -3.5 49. as a percentage of GDP) General government debt 2008 2009 2010 2011 2012 Q2 Source: ECB.5 60.1 Total expenditure Indirect Social taxes contributions 12.3 49.8 3. 12. four-quarter moving sum for quarterly data) Total revenue Direct taxes 2008 2009 2010 2011 2012 Q2 45.1 51.9 44.6 Deficit(-)/ Borrowing surplus(+) requirement 3.0 2.5 8.7 Euro area government finance 7.8 15.6 Source: ECB.4 7.0 3.0 85.1 63.3 7.4 87.9 2.7 Interest 47.4 22 ECB • Statistics Pocket Book • January 2013 22 ECB • Statistics Pocket Book • January 2013 .5 11.4 7.7 15.9 5.0 49.8 45.1 -2.0 5.2 62.2 80.

2007 14 Mar.75 2.75 0.50 -0.50 2.25 -0.75 3. 13 May 2011 13 Apr.50 -0.50 -0.00 1.75 2.25 3.00 1.. -0.25 1.25 4.25 0.75 1.25 -0.25 2.50 0. 0.75 4.00 2..25 Level 5.75 2.50 . 11 Mar..50 3.25 0.25 -0. 0.25 -0.25 0.50 2. 13 Dec.25 0.50 -0.25 4. ECB • Statistics Pocket Book • January 2013 23 ECB • Statistics Pocket Book • January 2013 23 .50 1.75 2.00 2.25 -0.25 -0.25 -0.25 0.25 - Change . 10 Dec.00 3.75 -0.50 -0.00 Change .50 -0.75 Level 4.25 4.25 -0..50 -0.00 4.25 0.25 3.75 1.00 3.50 3.50 -0.50 0.25 0.25 0.00 2.50 0..50 -0.25 3.25 0.75 3.25 -0.50 3.25 2.25 1.25 4.75 4.. 2001 11 May 31 Aug.25 3.75 4.50 -0.75 .00 3.25 Source: ECB.50 2. 2006 8 Mar.75 5.50 3.00 1. 0.50 Change . 18 Sep.75 3.50 -0.75 3.. 0..25 -0.50 2.50 -0.25 1.75 2.25 2.25 0. 15 June 9 Aug.25 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.25 -0.25 2. 9 Nov. 14 Dec..25 0.50 2.25 -0.25 0.25 5.25 0.25 -0....25 0.25 1.00 -0.75 5.25 .25 0.25 2.25 0.25 0.25 -0.75 3.25 1.25 0.00 4.50 0.25 -0. 9 15 1) 12 Nov. -0.75 4.25 -0. 6 June 2005 6 Dec.75 3.25 3.25 -0.25 0.25 0.25 -0.25 3.00 1.25 0.25 0.50 -0. 2003 7 Mar.00 0.25 3. 11 Oct.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.75 4. -0.25 -0.8 Monetary policy 8.00 1.50 0.25 -0.25 2.1 Key ECB interest rates (levels in percentages per annum.25 -0.25 0.25 1..25 -0.00 3.25 0.00 2.50 1.50 . 1) On 8 October 2008 the ECB announced that.75 -1.25 0. 8 Apr.50 1. 2009 21 Jan.50 5.25 0.25 0.25 -0. 6 Oct. starting from the operation to be settled on 15 October 2008.25 -0.50 4.50 1.25 4.50 0.50 -0.50 0.50 -0.00 0.25 -0. 13 July 9 Nov.25 0.50 4.50 0.25 2.25 0..50 -0.25 2. 13 June 2008 9 July 8 Oct.25 0. 2002 6 Dec.25 0.50 3.00 5.50 -0.50 4. 2012 11 July Level 3.25 Level 3.75 3.75 3.50 5.

886 10 89.844 27 18. 102.75 .988 8. 1) In liquidity-providing (absorbing) operations.180 30 9.709 12.217 19 72.746 12 Sep. 81.764 12 73.75 0.661 2013 3 Jan.307 18.746 13. - - - 35 91 28 91 28 98 35 91 28 84 35 91 28 91 35 98 Longer-term refinancing operations 2) 12.75 0. 0. the marginal rate is the lowest (highest) rate at which bids were accepted.293 31 83.75 0.730 7 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.296 14.75 0.75 0.398 8. on any day that coincides with the settlement day of a main refinancing operation. 117.296 20 3) 14.474 14 75.293 87 83.) days Fixed Minimum Marginal Weighted rate bid rate rate 1) average rate Main refinancing operations 2012 26 Sep. 0.75 0.75 0.629 1 Nov. 25.730 81 79.. 13.295 24.629 6.371 12 Dec.75 0.683 28 89.450 8 Aug.75 0.926 7.428 21 28 74.783 17 91.75 0.75 .591 5 Dec.725 0.75 0.75 0.214 85 75.79 0. after one year counterparties have the option to repay any part of the liquidity that they have been allotted in these operations.295 28 11 July 24.156 15.905 26.75 0. 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 (.217 79 72.428 79 74.75 0.75 0.75 0.962 85 117.709 10 Oct.75 0.661 69 81.813 24 77.75 0.383 84 102.156 14 15. 12.097 75 77. 24 ECB • Statistics Pocket Book • January 2013 24 ECB • Statistics Pocket Book • January 2013 .764 82 73. 15.383 3 Oct.683 86 89. 2) For the operations settled on 22 December 2011 and 1 March 2012. 79.307 31 13 June 18.8.097 9 77.00 0.86 1.75 - - - 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 1.2 Eurosystem monetary policy operations allotted through tender procedures (EUR millions. 3) In this longer-term refinancing operation.926 29 3) 7.75 .725 2012 9 May 12.783 96 91.180 9.813 93 77.450 25.75 0.886 86 89.75 0.. 70.474 84 75.905 26.844 18.75 0. 3) 6.214 75.00 0.988 8.398 26 8.962 Source: ECB.371 15.591 74 70.

5 2.949 4.4 6.5 0.787 Outstanding amounts (EUR billions) Main components of the annual growth rate of M3 (contributions in percentage points.5 3.3 -1. seasonally adjusted.2 0.8 6.8. Sep.6 1.1 -0.3 M3 11.5 2.4 42.5 3. .1 1.1 4. ECB • Statistics Pocket Book • January 2013 25 ECB • Statistics Pocket Book • January 2013 25 . 4.6 -8.1 7.6 2.7 1.6 7.3 -1.9 4.7 5.2 2.5 -1.3 0. .5 0.4 -3.2 5.6 2.9 2.8 20.8 0. 3) Money market fund shares/units.9 2. 1) unless otherwise indicated. debt securities issued with a maturity of up to two years and repurchase agreements. 4.1 13.6 -4.5 5.0 3.1 1.2 .873 1.5 13.6 3.3 0.3 -0.8 -8. . Nov.04 .0 6.8 2009 2010 2011 2012 Nov.800 3.479 9.4 0.9 5.4 1. 4) Not seasonally adjusted. Growth rates not adjusted for non-transaction-related changes. 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.9 3.9 -0.7 0.6 3.1 3.255 1.8 0.72 2.1 0. Oct.3 4.3 72.2 5.6 7.5 5.9 2.3 1.0 1.4 1. Nov.2 3.345 9.9 5.2 4. .2 5.4 12.1 24.9 2. 2) Deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months.7 17.6 -0.5 -0.2 46.3 0.741 3.703 4.137 870 887 796 9.5 5.281 9.9 13.8 Source: ECB.118 3.0 -0.9 3. 757 794 843 863 3.9 2.1 0.4 6.6 2. Oct.6 1. end of period) 2007 2008 2009 2010 2011 2012 July Aug.7 -6.9 -0.6 -0.792 5.4 1.4 0.710 3.1 3.7 0.0 -0.1 4.3 1.3 0.1 7.2 -11.1 3.4 1.498 4.3 3.3 0.707 3.5 4.5 3.2 3.7 2.2 1. 8.4 0.909 3.8 0.9 1.4 2.7 0.5 0.1 0. Sep. 1) Growth rates are adjusted for non-transaction-related changes.4 0.5 6. seasonally adjusted.3 Monetary developments in the euro area Monetary aggregates and main components (annual percentage changes.7 -0.0 0.0 0.8 4.2 M1 M2-M1 2) M3-M2 3) 1. Currency in circulation Overnight deposits 0.45 3.6 11.

157 3.5 0.6 -1.3 2.7 -0.4 -0.7 1.2 Loans 13.6 2.2 8.9 -0.8 7.6 1.5 2.0 4.432 13.1 -1.046 10.9 -0.2 -1. end of period) MFI assets 2007 2008 2009 2010 2011 2012 July Aug. 1) unless otherwise indicated.9 5.8 -0.4 -1.114 13.0 2.7 1.6 11.0 0.5 Plus other M3 0.1 9.5 -1.6 -1.4 Counterparts of euro area monetary aggregates Main counterparts of M3 (annual percentage changes. 17.3 -1.6 2.2 0.478 2.1 1.9 4.680 7.797 10.6 0.213 3.2 -1.7 -0.8 9.8 -1.9 1.7 1.5 0.1 2.4 1. 1) Growth rates are adjusted for non-transaction-related changes.9 3.4 -0.2 -1. Nov.2 0.6 11.6 18.5 3.4 -0.5 1.0 -2.0 2009 2010 2011 2012 Nov.0 3.457 16.0 1.8 -0. 15.0 0.4 0.4 3.5 -0.9 3.8 -0.637 Outstanding amounts (EUR billions) Breakdown of the annual growth rate of M3 by counterpart (contributions in percentage points.7 0.9 2.1 0.1 9.8 6.8 11.5 -0.9 2.4 -0.4 3.8 2. 26 ECB • Statistics Pocket Book • January 2013 26 ECB • Statistics Pocket Book • January 2013 .978 16.7 1.8 -1.9 1.9 -1. Sep.864 3.8.3 0.7 2.8 1.5 3.293 7.3 1.2 -1.2 Credit to Credit general to other govern.9 Minus Minus Net longer. seasonally adjusted.7 1. Nov.6 -0.4 8.1 1.2 6.6 -0.0 -0.0 -0.2 0.4 11.3 -1.3 1.3 -1.9 3.1 2.1 8.7 2.3 0.0 -2.6 -0.9 13.244 13.1 -0.2 5.8 1.0 -0.6 2.6 3.0 2.1 10.444 16. 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.euro area ment residents -0.6 0.1 1.7 1.6 7.9 0.7 -0.0 -1.3 3. Oct. seasonally adjusted.1 3.2 6.6 -2. 10.2 0. 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.8 Source: ECB.5 0.898 11.2 1.0 0.4 7.3 -1. Oct.2 -2.4 0.4 -1.931 6.2 7.7 -2.023 10.8 4.1 0.729 7.liabilities external term against assets financial central liabilities government -0. Sep.287 13.

0 64.9 -0.8 23.3 0.1 -63.6 1.3 -65.4 -71. Oct.5 -25.726 2.5 -14.5 -4.9 -4.1 1.1 -0.5 17. outstanding amounts at end of period.974 7.0 6.5 0.0 2.2 -12.6 35. outstanding amounts at end of period.0 -1.7 Euro area insurance corporations and pension funds (EUR billions. transactions during period) Total assets Deposits and loan claims Outstanding amounts 2012 Q3 2.0 -1. Sep.5 Euro area investment fund shares issued by investment policy (EUR billions.9 2. 6.309 1.7 1. 10.844 2.5 -51.395 2.500 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. claims 2.3 -3.4 21.3 4.2 0.872 2.7 -56.685 0.6 61.5 30.1 5.3 -0.6 -15.236 7.1 -22.978 1.1 Liabilities Securitised loans Originated by euro area MFIs Securities other than shares Debt securities issued 1.340 3. ECB • Statistics Pocket Book • January 2013 27 ECB • Statistics Pocket Book • January 2013 27 .6 -1.085 203 1.2 -0.2 -0.079 301 2011 Q3 Q4 2012 Q1 Q2 Q3 -32.9 1.372 2.9 -29.7 -6.006 2.4 12.1 -25.8.556 316 138 405 945 -4.6 10.300 1.2 -19.3 24.330 1.683 1.296 7.5 -72.5 -1.299 3.574 1.7 -14.342 3.9 -2. outstanding amounts at end of period) Total financial assets 2011 Q4 2012 Q1 Q2 Q3 6.262 1.131 2.647 2012 June July Aug.7 -54.0 1.1 -14.9 Transactions 8.8 63.393 1.0 -49.758 3.4 -83.7 67.1 17.8 18. 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.3 Transactions 8.121 827 846 847 844 Source: ECB.307 1.7 5.6 Euro area financial vehicle corporations (EUR billions.1 -0.0 -82.8 -5.6 17.9 13.6 -1.683 1.061 2.

17 13.5 510.0 106.692 10.025 2. .126 Return on Overall equity (%) solvency ratio (%) 1. 106.916 8. Reserve base Total 19.02 3.945 8.212 4. Dec. 13.0 538.252 8.218 6.00 0.69 5.211 8.077 18. Credit institutions Eurosystem Money market funds Investment funds Financial vehicle corporations Insurance corporations and pension funds 31.955 3. Oct.133 1.021 981 988 961 6. .649 .684 34. .75 .094 28 ECB • Statistics Pocket Book • January 2013 28 ECB • Statistics Pocket Book • January 2013 .038 1.2 540.90 -0.042 1.4 106.022 1. interest rates as percentages per annum) Reserve base as at/ maintenance period ending in: 2012 July Aug.573 5.691 3.1 529.707 7.016 7.352 2.9 107.2 509.75 0. 8.10 EU consolidated banking data 1) (EUR billions.234 8. 1) A coefficient of 1% is applied as of the maintenance period beginning on 18 January 2012.124 7.1 107.75 0.490 1.805 33.873 3. 2013 Jan.681 6.653 8.327 8.159 . Source: ECB. 8. unless otherwise indicated.9 Assets of the banking system and selected non-bank financial intermediaries of the euro area (outstanding amounts in EUR billions.75 0.750 10.8 Euro area minimum reserve statistics (EUR billions.75 0. A coefficient of 2% is applied to all previous maintenance periods.8.387 7.61 Source: ECB. end of period) 2010 2011 2012 Q1 Q2 Q3 Source: ECB. .278 2.683 10.0 107.4 106.225 2.730 3.0 111. end of period) Foreign-controlled subsidiaries and branches Domestic credit institutions 2009 2010 2011 2011 30 June Number (thousands) Total assets 3.079 7.59 13.238 5. 1.943 18.074 32. Nov. unless otherwise indicated.448 7.520 32.638 35.019 7.700 5.847 34.81 Number (thousands) Total assets 1.289 6.902 34. 1) Data are fully consolidated on a cross-border and cross-sector basis.147 2. .196 32.808 . 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 10.9 .53 13. .894 18. Sep.

412 4.499 11.0 89.811 16.229 10. Mar.0 88.640 1.445 10. ECB • Statistics Pocket Book • January 2013 29 ECB • Statistics Pocket Book • January 2013 29 .550 11.422 10.7 90.631 1.0 89.345 4.250 4. the difference between aggregated gross issues and redemptions may deviate from the aggregated net issues.5 88.737 16.2 89.1 88.0 88.2 89.062 4.071 552 619 161 80 -2 60 -17 29 -36 -22 35 Source: ECB. Sep.9 89.078 3.647 1. market value for equity securities.5 88.018 10.3 Net issues In euro (%) 12.4 Seasonally Non-seasonally adjusted adjusted 1) 96 82 -9 -1 15 56 -5 34 24 1.401 1.228 903 979 960 956 799 845 898 93. unless otherwise indicated.381 4.185 4.640 1. 1) As a full breakdown of net issues into gross issues and redemptions may not be available in all countries. unless otherwise indicated.747 16.879 16. 9.019 1.6 91. Oct.646 1.244 10. 2) "Short-term".8 90.409 10. "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.4 88.363 4.9 Financial market developments 9. transactions during period.599 1. redemptions and net issues (EUR billions.283 15.9 86.2 Debt securities issued by euro area residents: gross issues. Mar.772 3.4 88. 13.3 88.566 1.096 12.344 4. Apr.580 3.252 89. Sep.6 88.737 16.616 1.888 4.004 1.267 4.6 87.204 10.7 88.301 4.862 16.2 87.1 89.389 4.499 10.1 Securities issued by euro area residents: outstanding amounts (EUR billions.521 12.763 16. nominal or market values 1) ) Debt securities Equity securities of which: 2) 2009 2010 2011 2012 Feb. May June July Aug.532 16. Oct.642 1. May June July Aug.809 16. of which: Short-term Long-term fixed rate Long-term variable rate issued in euro (%) 1.191 942 936 983 944 835 871 882 93.342 4.351 4.395 4.475 10.935 4.5 89.3 88.6 89.373 10.9 88.544 1.6 88.789 Quoted shares 4.251 4. Apr. nominal values) Gross issues Redemptions In euro (%) 2009 2010 2011 2012 Feb.242 4. outstanding amounts at end of period.555 8.841 16.6 88.9 88.601 1.409 4.9 89.319 Source: ECB.166 1.9 89. 1) Nominal value for debt securities.535 4.9 86.814 9.4 90.6 15.

3 4.690 14.0 12.4 0.2 1.9 107.580 3.8 2. outstanding amounts at end of period. 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.0 4.768 2.4 106.690 14.062 4.7 0.888 4.0 2010 2011 2012 Oct.4 0. EUR Index: billions Dec.735 2.7 4.5 9. 14. 2008 = 100 1) Central government Other general government 2010 2011 2012 May June July Aug.8 118.5 7.0 7. 2010 2011 2012 Oct.9 118.8 13.2 3.other than corporasystem MFIs tions EUR Index: billions Dec.185 4.4 - - 458 339 384 334 271 330 3.840 6.5 3.871 - - 4.885 14.8 3.319 4.3 3.3 10.205 496 544 609 Outstanding amounts per sector (EUR billions) Source: ECB.894 14.118 14.9 1.2 -0.5 12.8 4.888 3.7 -2.5 118.4 5.3 0.5 3.591 4.9 3.9 0.7 13. Oct.4 0.9 5. 30 ECB • Statistics Pocket Book • January 2013 30 ECB • Statistics Pocket Book • January 2013 .6 106.0 0.0 1.6 3.3 12.106 6.6 4.319 MFIs Financial corporations other than MFIs Non-financial corporations 104.5 4.7 9.8 106.1 -1.7 3.118 14.2 5.9 3.1 3.7 10.1 1.9 116.8 2.9 1.4 1. unless otherwise indicated.9.857 14.608 2.6 3.935 4.1 -0.278 3.5 6. outstanding amounts at end of period.8 106.0 6.4 10.651 703 714 798 5. Sep.7 5.1 106.3 0.5 106.6 3.7 12.242 4.6 1.874 14.9 118.788 3.1 14.9 0.0 2.4 Quoted shares issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.3 0.3 -2.9 118.5 -2.8 5. Oct.2 -1.895 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.9 3. Sep. unless otherwise indicated.3 2.871 111.3 Euro-denominated debt securities issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.7 118.5 1. 2008 = 100 1) 4.3 6.6 6. 14.8 3.5 12.3 4. market values) Total economy 2010 2011 2012 May June July Aug. 9.772 3. nominal values) Total economy MFIs Financial Nonincluding corporations financial the Euro.7 10.580 3.311 4.4 2.7 2.1 3.3 13.606 Outstanding amounts per sector (EUR billions) Source: ECB.2 9.

57 1.39 .16 Sep.46 0.39 0.42 0.53 0.84 -1.19 0.04 0.66 0.57 0.41 -2.84 0.55 United States Japan LIBOR LIBOR 3 months Nominal 0.63 0.00 0.32 1.39 0.33 1. Feb.41 0. 2013 2.73 0.97 0.82 -1.82 0.02 0.41 1.38 0.20 0. 2013 2.58 1.50 1.14 1.23 0.33 0.49 0.44 0.90 0.36 -2.18 -1. Nov.23 0.20 0. 2012 Jan.71 0.11 0.24 0. Feb.80 0. Jun.75 -1.95 0.12 0.41 0.11 2.61 -1.20 Mar. Sep.47 0.50 0.38 0. Oct.27 1. period averages.36 0.39 0.75 1.80 0.65 0.95 0.39 0. May June July Aug.45 .59 0.07 2.09 0.30 0.48 0.41 1.56 0.08 1.43 -1.48 0. Mar.04 0.46 0.35 1.09 0.21 0. 2013 2.07 0.81 -1.17 1.72 2.17 0.19 6 months Real -0.99 0.43 0. 2014 2. 2012 Jan.64 0. 2014 2.29 1.59 0.37 -2.08 0.74 0.58 0.31 -0.28 -2.22 0.47 0.24 -1.47 0.10 -0.71 0.32 1.57 0.22 1.18 Real 0.34 0. Sep.20 0.19 0.20 0.47 0.97 0.29 0.37 1.18 0.11 -0.79 0.95 2.11 0.20 0.19 0.37 0.98 0.08 0.11 0.20 0.31 3 months Real Nominal -1. Apr.50 1.84 0.17 0.26 -1.52 0.71 0.28 -2.82 -1.20 0.70 0.31 0.68 -1. May June July Aug.81 1.85 0.54 1.25 0.9.14 0.79 0. 0.28 0.84 1.89 0.95 0.93 0. Oct.24 Sources: ECB calculations based on underlying data provided by Bloomberg.47 0. Apr.43 1.74 0.21 0.86 0.18 0.56 0.33 0.34 0.30 0.27 1.20 -0.21 0.17 Dec.05 0.29 1.87 0.64 0.20 0.36 0.27 0.88 0.16 1. period averages) Euro area EONIA EURIBOR 1 month 2010 2011 2012 2011 Dec.83 -1.38 0.32 1 year 1.88 0.65 0.35 ECB • Statistics Pocket Book • January 2013 31 ECB • Statistics Pocket Book • January 2013 31 .50 0. Dec.19 0.35 0.95 -1.59 0.47 0.60 0.70 -1.67 0. 2014 3.22 0.98 0.00 1.61 0.11 3 months Nominal 0.30 0.67 1.19 0.65 0.19 0.84 1.54 0.68 1.10 0.50 0.36 0.45 2.72 1.20 1.67 1.16 Jun. Mar.35 0. Sources: ECB calculations based on underlying data provided by Thomson Reuters.39 0.32 -1.91 -2.10 0. 9.91 0.19 0.30 Sep.01 1.63 0.01 1.38 0.74 0.20 0.32 0. Nov.13 0.30 -2. 2013 2.27 0.34 0.83 1.36 -2.43 0. 0. by maturity date of futures contract) 2010 2011 2012 2011 Dec.33 0.60 1.50 1.35 2.08 0.05 1.57 1.58 2.22 1.76 0.84 -1.68 0.25 0.53 0.22 0.33 0.19 0.19 0.83 2. Mar.87 0.00 -2.42 0.40 0.88 0.92 -1.66 -2.78 0.34 0.6 Interest rates implied by 3-month EURIBOR futures (percentages per annum.59 0.06 0.45 0.24 0.25 0.5 Money market interest rates (percentages per annum.46 0.33 -1. Dec.42 0.61 0.47 1.

39 0.11 0.90 -0.57 -1.49 -1.17 0.72 2.71 0.09 1.60 2. Oct.72 -1.00 0.24 2.98 7 years -0.02 0.88 1.01 -0.53 2.09 -0.20 -0.09 0.10 0.87 -5.64 3.08 -4.50 Sources: ECB calculations based on underlying data provided by Bloomberg.63 -3.98 -4.9.23 3.01 -0.39 0.76 0.16 -1.17 3.05 -0.59 -1. 4.07 3. Dec.25 -1.60 -0.82 3. Feb.85 0.79 -1.95 0. Sep.00 0.87 5 years -0.08 0.33 2.26 4.05 1.47 1.75 3.98 -0.89 1.65 0.21 -2.90 1.07 2.15 1.92 -0.60 -1.26 0.04 -2.03 -4.00 0.06 -0.32 -1.69 -8.86 1.55 3.11 0.52 0.03 0.44 1.12 2.02 0.16 -1.82 -0.62 -0.13 0.24 3.63 -1.07 0.23 -1. Feb.48 -1.00 0.66 10Y-2Y 1 year 2 years 5 years 10 years spread 2.06 0.13 0.07 -0.01 0.21 0.40 -1.02 0.22 2.69 -6.32 0.78 0.37 0.03 -1.72 3.32 0.32 1.34 0.03 -0. Apr.09 0.22 -2.17 0.68 -0.55 2.91 1.55 -0.04 -4.04 0.55 -1.04 -0.21 -0.26 0.87 1.04 0.93 -1.89 1.09 0.92 1.65 2.40 -2. 2012 Jan.27 1.76 1.04 -0.50 -1.56 1.87 -2.02 -0.36 0.07 0.11 0.66 10 years -0.04 0.74 0.03 0.15 -0.11 0.69 2.44 1. 0.95 0.66 -3.94 1.65 2. May June July Aug.49 2.27 -0.01 1.87 1. Mar.50 9.01 -0.41 3.02 -0.15 0.03 0.59 2.02 -0.77 -1.10 2. Sep.96 -4.07 0.46 -1.16 0.72 2.21 2.85 -1.09 0.11 -0.94 1. Nov.01 -0.89 2.75 0.17 2.80 -5.01 -0.15 1.08 -0.01 0. Apr.74 0.02 0.00 -0.04 0.53 -0. Oct.52 3.45 -0.49 -1.91 -0.80 1.98 -1.05 0.02 0.36 1. end of period. end of period) Euro area 2010 2011 2012 2011 Dec.00 0.7 Euro area yield curves (AAA-rated euro area central government bonds.06 2. Nov.38 0.76 0.05 0.30 0.41 -0.17 2. May June July Aug.80 -2. spreads in percentage points) Spot rates Instantaneous forward rates 3 months 1 year 2 years 5 years 10 years 10Y-3M spread 2011 Nov.62 -3.60 -8.92 -10. United States Japan 10 years 10 years 0.14 0.43 -5. 2 years -0.00 32 ECB • Statistics Pocket Book • January 2013 32 ECB • Statistics Pocket Book • January 2013 .07 -1.01 0.97 2.84 -0.40 -12.03 0.56 -1.10 0.27 0.23 -1. 2012 Jan.87 1.60 3.76 1.01 -0. Dec.84 4.95 1.91 1.57 -1.12 -0.84 -0.07 -1.01 0. Dec.03 -0.29 0.20 0.69 3 years -0.09 0.05 -1.39 0.58 3.26 4.53 1.67 2.10 3.93 -3.41 0.92 1.02 -0.87 2.03 0.82 2.84 Sources: ECB calculations based on underlying data provided by EuroMTS and ratings provided by Fitch Ratings. rates in percentages per annum.45 0.11 0.66 -1.00 0.28 -1.69 0.06 4.39 1. Mar.03 0.26 0.22 2.84 2.8 Spreads between swaps and government bond yields (percentage points.63 -1.13 1.07 0.

554 2.000.1 4.4 2.35 5.8 -5. Dec.545 2.4 1.10 -1.268 1.22 5.2 2.3 15.006 9. Oct.6 18.627 8.4 23.1 13. 31 December 1991=1.4 Sources: ECB calculations based on underlying data provided by Bloomberg and Thomson Reuters.386 1.827 9.403 1.395 1.63 5. 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.450 2.24 -12.5 19.21.435 2.6 2.72 8. index: 31 December 1991=100. 1) rates of change in percentages.468 2.9 1.17 -9.46 8.6 -23.140 1.814 Annual Volatil.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.843 8.503 2.611 2.6 9. Dow Jones EURO STOXX 50. Sep.8 2.59 5.638 8.63 5.rate of ity 2) change 3.626 Annual Volatil.0 -5.0 Level 1.103 9. Standard & Poor’s 500 and Nikkei 225 indices are.9 2.11 15.17 9.81 4.83 4.7 14.949 8.425 2. May June July Aug.63 12.88 5.9 Stock market indices (index levels in points.Tech.307 2.1 8.81 -5.4 Level 10.341 2.1 1.2 -17.03 4.30 21.46 5.000. period averages) Dow Jones EURO STOXX main industry indices 2010 2011 2012 2012 Apr. and 16 May 1949=176.96 2.531 2. Nov.153 2. Oct.30 4.9.5 2.4 2.258 2.199 2.78 4.950 8. 9.8 -22.8 2. period averages) 2010 2011 2012 2012 Apr.521 2.3 12. respectively: 31 December 1991=1. Sep.317 2.8 11.0 19.2 2. Standard & Poor’s 500 and Nikkei 225 indices. Dec.rate of ity 2) change 8. 1) The bases for the Dow Jones STOXX 50.5 2.24 -8.360 1.438 1.rate of ity 2) change 7.523 2.65 8.11 -2.1 0.379 1.443 1.26 4.541 2.49 6. the period 1941-43=10.323 1.412 2.060 9.7 5. Europe Euro area United States Japan Dow Jones STOXX 50 Dow Jones EURO STOXX 50 Standard & Poor’s 500 Nikkei 225 Level 2. 2) Values are based on the average daily implied volatility of the Dow Jones EURO STOXX 50.9 -20.67 7. May June July Aug.34 4.514 2.761 8.341 1.779 2.85 4.422 Annual Volatil.72 7.10 Euro area sectoral stock market indices (index levels in points.584 Level 2.09 -0.74 1. Nov.64 5.425 9.412 2.78 6. 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 .

84 3.67 2.13 1.90 2. new business rates as period averages.39 8.12 Euro area MFI interest rates on loans (percentages per annum excluding charges.34 3.67 3.72 2.86 3.75 2.45 0.11 1.72 3.10 1. Nov.21 3.73 1.76 1.14 4.88 2.19 4.89 2. Sep.12 2.60 3.78 1.53 3.52 0.85 3.21 3.72 2.28 4.14 3.54 3. 2) Data are end-of-period values and represent rates on outstanding amounts.69 2.04 7.70 2. new business rates as period averages.61 3.54 2. 2.04 2.31 3.47 0.62 1.65 2.70 1.59 3.79 1.38 3.31 1.11 Euro area MFI interest rates on deposits (percentages per annum excluding charges. unless otherwise indicated) From households 2012 Feb.40 1.91 3.05 1.76 2.12 3.43 With an agreed maturity of: Up to Over 1 Up to 1 year and up to 2 years 2) 2 years 1.9.70 2.40 3.98 3.17 3.95 3.74 2.76 2.50 3.76 3.96 2.79 9.80 2.45 2.66 Overnight 1) 0.52 3.81 2.42 0.25 8.93 2.08 4.40 2.21 4.20 4.87 3.21 2.79 2. 1) For this instrument category.52 0.48 0. Mostly end-of-period rates.26 8.40 4.16 1.82 1.16 2.58 2.20 4.73 2. 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) 8.26 1.46 0.73 2.00 1.58 4.66 3.73 3.18 34 ECB • Statistics Pocket Book • January 2013 34 ECB • Statistics Pocket Book • January 2013 .01 2.14 1.83 2.56 2.93 1.46 3.41 0. the interest rates on outstanding amounts and new business coincide.15 8.60 3.74 1.44 0.65 2. Mostly end-of-period rates.68 1. Apr. Apr.70 2. Maturity over 5 over overdrafts.69 3. 2.41 8. May June July Aug.46 4.51 0.66 2.14 8.32 2.81 1.37 2.03 Source: ECB.48 0. Mar.26 8.39 4.07 1.31 2.78 2.45 0. 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. unless otherwise indicated) To households 2012 Feb.80 2.89 1.49 0.49 3.18 2.82 2.46 3.54 0.49 3. the interest rates on outstanding amounts and new business coincide.26 3.42 4.25 4.15 3.80 3. Oct.05 2.56 2.93 3.61 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 2.96 3.55 0.36 3.77 3.Redeemable night 1) at notice of up to 3 months 1) 0.22 2. 2) Data are end-of-period values and represent rates on outstanding amounts.12 8.70 3. Mar. Over. Sep.13 2.46 0.90 Source: ECB.58 0.65 1. May June July Aug.94 3.96 1. 1) For this instrument category.59 0.04 2.84 1. Oct.18 4.62 3.67 3.52 2. Nov.61 3.29 4.60 4.

21 6.78 55.93 46.59 13.47 39.57 5 17 21 28 38 5 17 21 28 38 0.616 14.81 2007 2008 2009 2010 2011 427 750 856 1.36 2.48 2007 2008 2009 2010 2011 15.22 43.494 16.452 15.080 42. 1) E-money.740 118.10 1.09 0.025 15.33 50.03 0.640 1.29 3.438 4.668 1.56 49.125 3.103 19.51 113.36 52.83 47.44 339.64 50.98 1.62 44.22 1.67 2.27 68.874 3.09 398.004 4.025 1.291 1.98 3.11 0.30 13.056 18.688 111.76 11. or electronic money.34 2.336 1.657 34.105 19.01 0.42 3.66 475.30 1.428 23.427 5.46 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.95 54.006 4.178 37.96 12.97 12.93 2007 2008 2009 2010 2011 544 528 445 404 433 545 541 458 416 446 1.66 43.629 1.88 936 960 1. a card or computer).898 45.030 6.54 11.10 3.597 6.75 51.40 16.01 0.21 14.59 47.933 21.95 16.46 3.625 22.238 5.472 355.49 66.98 9.682 213.05 0.563 17.35 5.41 338.001 18.922 199.73 28.33 2.55 3.83 0. represented by a claim on the issuer.77 10.867 5.800 18.17 4.482 6.13 58.65 18.26 3.70 1.915 2.g. ECB • Statistics Pocket Book • January 2013 35 ECB • Statistics Pocket Book • January 2013 35 .329 1.266 488 836 915 1.73 40.155 52.631 14.59 63.800 236.62 565.333 5.43 44.66 49.04 3.76 12.45 3.71 54.091 1.823 14.499 111.425 18.94 367.177 21.282 16.685 16. is a monetary value.85 9.469 20.09 18.124 22.26 2.71 3. 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.92 0.256 202.09 0.24 404.97 31.676 1.35 1.676 15.134 8.26 31.648 6.717 1.146 1.367 14.83 2.60 3.10 12.90 35.718 31.198 280.897 16.720 4.13 31.50 361.36 59.05 10.711 1.858 24.17 2.232 1.020 22.195 27.90 44.74 10.081 5. which is stored on an electronic device (e.129 1.64 1.08 13.159 20.68 1.06 0.22 40.62 42.660 22.002 1.782 1.350 9.93 2.496 20.732 16.664 4.81 0.06 0.074 1.85 15.89 1.642 1.05 424.705 15.13 73.484 29.04 3.22 62.58 56.255 21.10 Payment and settlement systems 10.07 2007 2008 2009 2010 2011 4.61 43.136 1.166 49.25 3.94 42.31 3.1 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 14.722 120.043 5.102 13.04 0.

208 64.381 3.14 -21.87 -13.64 3.846 19.917 9.95 611.62 9.53 0.637 131.091 11.01 -6.22 -21.10.92 -1.30 3.44 13.56 -1.15 -1.68 2.371 -7.16 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 52.881 -4.537 113.71 -0.06 -15.69 2008 2009 2010 2011 10.482 10.88 -1.39 2.22 9.824 -10.321 18.42 20.10 0.878 10.805 112.134 536.99 4.791 182.85 4.45 7.032 631.66 0.85 142.065 28.512 1.666 161.09 15.10 -9.908 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.204 62.98 2008 2009 2010 2011 26.77 26 25 25 25 -13.65 1.64 2.98 3.72 -15.97 73. HICP adjusted) -10.340 28.90 145.232 414 356 418 -92.2 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.403 27.421 18.85 -66.47 18.33 -0. 36 ECB • Statistics Pocket Book • January 2013 36 ECB • Statistics Pocket Book • January 2013 .09 -12.04 1.90 5.68 -10.426 65.59 19.440 651.886 2.25 0.28 1.752 8.19 1.75 1.143 120.11 32.28 626 493 512 537 -48.56 -6.020 24.87 14.278 8. in the United States.55 2.

1 -2. 5) Five-year percentage change.9 EE 2.1 -12.1 4.2 4. 1) Data may differ from the European Commission’s Alert Mechanism Report as a result of revisions.1 -10.2 -2.1 -17.7 146.7 160.9 32.0 -5.0 -96.9 -2.4 -64.1 15.9 309.0 -9.2 -6.4 FI 0.1 -3.9 9.3 -0.9 2.1 ES -4.6 69.4 56.9 6.7 2.5 -10.1 FR -1.5 128.8 6.0 -1.0 9.0 -49.0 -5.9 -20.2 -7. 6) Three-year percentage change. 2) As a percentage of GDP.General UnempEER.1 -24.6 284. 3) Net i.0 78.3 40.8 1.3 86.0 0.7 13.3 1.7 7. 8) Threshold.9 -3.6 3.9 12.8 132.3 5.3 76.9 PT -9.1 1.9 -6.4 -0.8 -0.2 6.6 15.8 +15% +160% +16.House Private Private Finan.3 208.2 30.8 6.9 14.1 18.8 -57.5 2.4 -41.6 4.8 46.1 Thd8) -4/+6% -35% +/-5% -6% +9% Non-euro area BG -3.1 106.6 MT -4.0 GR -10.7 -18.7 127.4 170.5 -1.1 -73.0 4.7 7. 7) Year-on-year percentage change.3 +6% -9.5 -0.3 3.6 235.1 7.3 128.p. A positive value indicates a loss of competitiveness.3 DK 5.9 -17. sector sector cial governloyHICP.6 4.6 4.5 107.5 74.1 8.4 5.1 16.4 CY -8.1 17.2 -2.3 SK -2.2 -5.9 7.4 -86.5 -10.2 0.0 2.7 6.share 5) unit consum.4 4. 3) Three-year average.4 38.0 27.6 8.0 -8.5 72.4 11.7 9.2 19.2 Thd8) -4/+6% -35% +/-11% -6% +12% -0.9 65.9 -8. 2) 1) Internal imbalances Real Export Nom.9 -7.3 4.4 -4. 4) Three-year percentage change relative to 35 other industrial countries.7 PL -4.0 120.3 -4.0 3. market inal prices.6 -15.0 IT -2.2 11.8 97.4 3.0 SI -0.3 178.8 0.4 13.6 -3.2 6.6 26.5 81.flow 2) liabili.9 206.0 8.6 -0.4 8.8 4.3 4.9 43.4 4.debt 2) rate 3) lated 4) costs 6) defties 7) lated 7) Euro area BE -0.4 3.3 -0.4 -71.4 HU 0.2 -0.1 3.2 -13.7 -16.1 167.11 Selected indicators for EU Member States 11.6 42.1 +10% Sources: European Commission (Eurostat and DG ECFIN) and ECB.7 -1.1 46.1 13.3 -91.3 0.8 4.8 -1.9 3.1 -1.8 4.0 -52.6 -7.1 7.2 -10.5 8.9 20.6 -63.9 1.6 5.3 79.0 -11.5 6.6 24.4 -13.7 230.5 -2.3 3.7 71.3 DE 5.3 -0.3 -24.3 -7.5 35.8 -7.5 9.5 13.8 LU 7.8 -1.9 160.1 LT 0.8 6.1 3.3 -5.9 4.7 12.0 -5.0 SE 6.9 2.9 1.4 UK -2.3 RO -4.7 9.3 1.8 4.4 125.6 13.7 -4.0 +60% +10% -6.6 1.1 -105.7 4.2 8.4 33.1 IE 0.1 Scoreboard for the surveillance of macroeconomic imbalances 2011 External imbalances/ competitiveness indicators Current account balance 2).1 70.3 1.4 128.5 6.5 -2.9 217.0 2.5% +15% +160% +16.3 65.2 38.6 3.1 -4.8 NL 7.4 85.8 -2.i.6 -3.0 326.4 4.8 6.6 -3.1 -18.6 -2.1 4.3 -0.4 -85.1 1.4 23.6 8.8 -10.6 3.3 49.8 5.credit debt 2) sector ment ment deflabour ption.8 0.5 224.4 3.9 5.3 70.0 -4. ECB • Statistics Pocket Book • January 2013 37 ECB • Statistics Pocket Book • January 2013 37 .3 -1.2 1.2 -0.3 9.1 -5.9 3.1 -8.6 -4.0 -8.4 +6% 11.8 -64.9 -2.6 10.9 -3.5 1.8 AT 2.1 236.4 108.7 -0.6 4.7 2.3 -1.8 80.4 7.9 7.3 CZ -3.0 18.3 -15.9 -10.0 -3.4 7.5% +60% 7.7 LV 3.1 -18.6 -105.7 249.

2 4. 3.5 DE 26. .7 FI 1.9 2. 3.2 1. 2. .5 .4 4.9 1.1 4.0 1.5 3. .0 *) 64.6 2.5 3.9 3.7 1.6 2.0 EU 3) 1.5 2.0 4. . .1 2.6 2. unless otherwise indicated) Share 1) Average Average (%.0 0. for further information see page 6.7 CZ 1.6 IT 18.8 3. 1) Non-euro area countries: percentage share in the EU total.3 2.5 EE 0. 3) Data refer to the changing composition of the euro area and EU.9 2.6 1.0 3.0 2) .1 1.2 4.6 4.3 *) 8. .4 SI 0.2 1.1 2012 2012 Oct.0 BG 0.7 1.6 2.9 3.7 4.1 .9 3. . .4 2. .0 2.11.1 0.9 *) 1.2 1.7 4. .7 2.3 2.2 CY 0.3 **) 6.7 2.2 2. .3 MT 0. 2.1 2.7 1.5 2.5 3.6 1.5 100. .4 2. Euro area: estimate based on provisional national releases (which usually cover around 95% of the euro area).5 2.5 2.8 1.4 HU 1.4 2. 2.3 2. . .8 1.0 1.4 3.4 FR 20. Sources: Eurostat and national data.7 -1. . 2.7 3. . . .8 5.1 2) . .9 2. 2012 Dec.2 2.6 2) .4 0.9 3.1 3.2 2) .1 2011 3. *) Data for 1997-2000.2 2.1 PL 5.1 2.8 12.4 SK 0.0 5.2 2.2 4.1 3. .1 0.7 2.6 2.4 2.8 2.6 2. .6 2.0 1. .8 1.9 1.4 DK 1.7 2.4 5. .6 .9 AT 3.6 3.2 1.2 3.3 2.1 3.1 1.5 3.6 4.9 5.9 3.6 2.2 6.2 *) 1.1 1.9 2.7 2.9 .9 3.5 5.4 2.4 GR 3. .2 15.6 2.1 11.6 10.8 Euro area 3)100.3 1. .6 2.6 3.1 NL 4. .3 2.0 5.2 2010 2.2 2.4 2.7 2.4 2.8 2. 2012) 1996-00 2001-10 BE 3.6 SE 1.9 UK 15.1 4.1 2. 2012 Nov.2 1. **) Data for 1998-2000. 2) Flash estimate.8 2.1 1.1 8.1 1.6 1.2 -1.4 4. .5 2. .0 3.1 2. .2 3.4 *) 1.2 HICP (annual percentage changes. as well as early information on energy prices.7 3.1 3.6 3.3 LU 0.2 3. 38 ECB • Statistics Pocket Book • January 2013 38 ECB • Statistics Pocket Book • January 2013 .5 2.6 4.6 3.8 2.2 3.1 PT 2.2 2.7 3.3 1.2 2.4 8. 2.7 6.4 3.6 3.9 2. . .5 3.3 2. .7 1.1 LV 0. . 2.2 8.7 2.2 3.1 1.7 2.3 2. .0 1.0 6. .2 2.1 IE 1. .3 ES 12.1 1. 2.6 0.6 1.4 RO 1. .9 1.2 2. . .8 .4 2.2 LT 0.2 2.8 2.

1 0.9 1.4 Source: Eurostat.4 -4.8 -4.9 1.9 5.6 -5.7 3.3 -3.4 4.1 5.2 IE 159.8 2.3 3.5 3.8 0.6 4.8 SI 36.1 -2.7 1.1 2.0 1.3 -0.5 0.4 2.5 1.5 0.4 1.6 3.7 6.5 4.7 -6.9 3.9 1.7 -0.1 -0.4 -2.7 1.3 1.0 3.2 -1.2 -5.8 1.4 11.9 3.4 -4.0 2.3 3.6 1.5 0.5 -1.1 0.1 -3.3 -0.8 -6.5 3.4 AT 300.2 -4.4 -2.0 -2.592.1 -6.2 DK 240.7 0.4 3.6 3.6 0.0 8.0 1.6 -14.5 1.6 -0.3 1.9 -0.5 MT 6.0 0.3 2.1 1.3 -0.5 2.579.6 2.9 LV 20.7 1.4 2.7 0.5 -1.7 10.8 4.8 0.7 2.0 2.7 4.3 CZ 156.7 0.4 .3 -0.747.2 -0. unless otherwise indicated) GDP in 2011 1) EUR Share 2) Average Average billions (%) 1996-00 2001-10 BE 369.2 HU 99.9 2.6 4.2 PT 171.8 EU 12.3 1.1 0.3 1.7 -2.6 0.8 2.6 2.3 -0.2 0.0 3.7 -0.4 2.7 GR 3) 208.7 -4. 3) Quarterly data unadjusted.9 1.2 3.8 0.1 2.6 -17.8 PL 369.6 1.3 2010 2.0 0.9 1.0 -0.4 4.5 -1.4 0.4 4.0 Euro area 9.3 -1.0 -5.4 1.5 -3.8 2.7 -8.1 -6.3 0.1 -5.7 1.4 1.0 -3.0 0.4 5.1 0.5 0.3 -0.8 CY 18.0 6.2 -0.9 RO 131.4 2.3 4.7 -3.6 4.1 NL 602.5 1.7 -1. 2) Non-euro area countries: percentage share in the EU total.9 1.4 -0.8 2.8 -4.9 1.2 4.9 2.5 -3.5 2.7 100.1 -0.6 1.7 1.0 -1.642.0 -3.4 -7.2 -1.421.4 SK 69.2 4.3 2.6 27.0 1.7 1.9 2.3 -2.6 0.2 LU 42.7 -7.6 -0.9 1.5 EE 16.1 UK 1.1 -0.3 0.1 2.5 0.2 3.0 -1.8 0.9 5.8 -4.3 1.2 0.9 -1.2 2.3 0.5 5.0 1.9 1.2 LT 30.5 0.9 -1. 1) Current prices. ECB • Statistics Pocket Book • January 2013 39 ECB • Statistics Pocket Book • January 2013 39 . 3.3 GDP (annual percentage changes in volume and quarterly data seasonally adjusted.9 2.3 2.0 SE 387.1 -2.7 2.1 1.5 1.7 0. 4.7 3.3 FR 1.9 1.7 -2.2 1.7 1.7 0.9 -0.7 -0.7 16.1 2.5 3.0 -6.2 2.2 ES 1.8 6.4 1.9 1.1 5.3 -1.7 -5.8 -1.2 -1.8 3.9 6.0 100.1 0.5 1.7 FI 189.7 1.2 5.4 0.3 -0.8 0.5 -0.0 BG 38.8 3.0 1.4 -5.7 0.9 DE 2.996.8 1.7 -2.2 4.1 1.6 0.6 21.3 2.8 3.6 0.6 2.1 3.2 0.1 .8 3.1 3.1 13.2 4.4 -14.2 IT 1.5 0.3 -1.5 2.3 3.1 2011 2012 Q1 2012 Q2 2012 Q3 1.11.5 0.063.9 2009 1.5 -2.

8 15.8 30.2 28.8 28.3 66.6 26.9 19.4 18.0 11.8 27.6 3.4 26.3 5.6 -34. forestry and including fishing construction 0.3 15.9 12.9 60.7 16.8 23.4 5.5 73.8 25.2 2.0 24.9 25.1 21.7 Services 76.3 28.5 69.1 27.6 6.7 -26.0 2.7 1.0 41.9 20.3 17.8 10.5 63.6 33.6 Sources: Eurostat and ECB calculations.3 0.2 1.8 70.6 2.0 21.6 68.3 31.2 10.1 17.3 80.7 11.6 1.7 8.3 6.3 1.0 51.2 64.9 35.1 3.7 31.0 19.6 1.2 65.1 0.0 24.9 63.8 29.2 60.8 0.1 -7. deviation (in percentages) from EU GDP per capita in PPSs.0 72.5 23.5 -35.3 -22.3 12.5 4.0 22.6 36. 40 ECB • Statistics Pocket Book • January 2013 40 ECB • Statistics Pocket Book • January 2013 .3 21.9 -19.0 -53.8 85.6 71.9 26.2 10.5 36.0 Agriculture.0 80.0 73. calculated on the basis of PPP rates relative to the euro area (Euro 17 = 1).9 30.4 76.0 33.5 79.9 14.6 -32.4 2.0 9.6 -21.7 16.6 -37.9 1.4 72.7 35. 1) GDP in Purchasing Power Standards (PPSs) in euro.7 0.9 66.8 20.3 17.6 150.0 21.5 73.1 7.0 22.6 69.1 -41.7 3.6 1. For non-euro area countries.1 15.1 18.2 24.1 -9.0 26.5 4.4 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) 33.9 76.2 16.3 25.0 28.6 -52.2 -34.1 82.4 67.8 19.6 80.3 33.4 33.2 30.1 37.9 3. 2) Deviation (in percentages) from euro area GDP per capita in PPSs.7 24.2 41.7 5.9 43.0 31.6 -12.8 25.11.8 2.4 2.4 34.2 31.0 0.1 32.7 30.0 27. Industry.1 31.6 2.8 71.1 30.6 25.2 9.0 18.7 31.7 22.3 -28.4 31.5 1.1 35.4 1.6 70.8 0.3 23.6 12.2 14.6 26.6 17.

1 Euro area 100.0 2012 Q1 3.2 2.7 -3.1 Sources: Eurostat and ECB calculations.1 5.0 2. Non-euro area countries: percentage share in the EU total.1 DE 28.7 0.6 -0.8 5.6 4.2 HU 0.6 2.3 1.0 4.3 4.7 0.11.3 2.0 1.4 1.0 .3 2.7 2.3 2.2 0.6 1.4 1.4 1.6 0.2 IE 1.9 0.2 -0.8 2.6 -0.7 1.9 -1.8 1.6 2.0 0.2 BG2) CZ 1.3 1.5 6.6 7.1 LU 0.1 13.5 1.1 0.0 .5 5.9 -1.6 -0.5 1.9 1.7 6.1 LV 0.4 2.3 5.7 1.6 -0.8 SI 0. ECB • Statistics Pocket Book • January 2013 41 ECB • Statistics Pocket Book • January 2013 41 .9 3.3 0.8 4.4 SK 0.4 1.3 7.1 -2.4 3.2 PT 1.5 2.6 1.0 4.7 .5 3.8 1.0 0.3 0.0 3.7 10.2 -6.0 0.2 1.0 -1.3 3.9 0.4 -6.9 3.0 7.8 3.2 -10.2 12.3 -1.9 2.6 5.7 1.5 1. unless otherwise indicated) Share 1) Average Average (%.6 AT 3. annual percentage changes.3 3.2 1.1 IT 14.6 1.3 0.5 1.7 2.8 1.0 3.2 1.9 5.8 RO2) SE2) 3.6 4.5 3.0 FR 23.0 1.2 3.7 3.4 2.3 1.5 2.4 2.3 3.6 -1.4 -3.1 3.6 FI 2.0 -1.0 -1.2 1.4 -5.3 1.3 4.2 5.9 -0. 1.8 -6.1 2.8 -1.0 6.6 2.3 2.5 1.4 1.3 0.7 -0.7 1.1 -6.1 1.8 0.6 1.9 4.7 13.0 NL 6.3 2.7 6.8 6.7 4.2 -0.5 1.4 2.5 2.6 -0.4 -0.8 0.6 4.9 2012 Q3 3.4 5.5 1.7 0.9 4.3 3.4 -3.3 1.2 1.1 0.3 UK 15.0 1.4 CY 0.9 -3.2 -0.4 4.9 5.9 -2.5 2010 -0.9 3.4 -0.6 GR2) ES 11.6 3.1 EU 100.7 -2. 1.1 1.6 3.1 7.6 -0.4 -1.1 -1.3 6.9 7. 1) Country shares are based on compensation of employees.0 4.4 MT 0.9 3.7 -0.2 5.3 -1.6 0.0 4.3 -1.4 1. 2011) 1996-00 2001-10 BE 4.1 8.7 3.2 5.7 9.3 2011 2.4 -0.3 -1.6 1.7 1.5 5.3 4.3 1.1 3.5 0.2 2.0 -5.9 2.5 5.7 -5.9 -0.1 LT 0.5 2.1 2.5 Unit labour costs (whole economy.1 1.1 1.6 1.0 3.9 2.7 2) PL 2.7 3.7 2.5 2.9 -7.4 0.9 1.6 0.4 0.1 DK 2.0 0.0 -1.7 2.7 EE 0.0 2009 3.4 3.0 2.0 3.9 5.1 2012 Q2 4.5 0.4 3.9 95. 2) Quarterly data unadjusted. 2.4 5.

8 109.0 99.9 191.1 108.4 95.5 122.0 106.2 94.7 117.1 106.6 Harmonised competitiveness indicators and real effective exchange rates based on consumer price indices 1) (period averages.5 83.9 95.6 92. 2012 Oct.3 108.0 100.2 94.5 117.5 95.8 92.1 2011 2012 Sep.6 122.7 2010 101.6 -1.5 94.7 191.1 105.2 92.6 97.4 104.5 92.8 130.2 118.6 104.8 105.3 -4.4 108.8 144.1 108.5 106. A positive change points to a decrease in price competitiveness.3 99.4 -1.6 107.0 144.0 133.9 42 ECB • Statistics Pocket Book • January 2013 42 ECB • Statistics Pocket Book • January 2013 .2 140.6 147.0 -2.1 94.3 -2.5 99.3 98.6 -1.7 112.1 98.7 91.5 100.4 92.5 119.9 98.3 117.0 129.7 1.4 107.0 121.8 150.0 121.0 93.7 106.4 -3.5 -1.4 9.4 104.2 110.5 103.4 97.4 140.3 122.6 -0.0 78.0 141.1 107.9 108.4 97.2 96.4 109.1 -3.2 103.7 92. % change versus previous year 2012 Nov.6 149.9 -1.1 96.6 Source: ECB.8 103.9 191.7 111.8 103.9 5.6 91. -2.3 126.3 130.5 104.4 99.2 108.6 152.3 134.2 102.4 -2.2 107.5 106.4 100.1 -3.8 98.9 133.7 109.1 116.9 108. 2012 Nov.9 116.3 152.2 -4.2 78.3 103.3 152.1 102.8 115.9 -4.2 103.5 106.5 99.1 111.0 101.6 98.0 100.6 102.6 -2.9 115.7 151.8 107.9 105.6 127.3 100.4 140.5 100.4 133.3 82.7 186.7 -3. 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.6 103.1 128.9 97.8 96.8 -1.8 105.4 94.7 82.6 190.2 109.6 95.8 97.8 -2.2 88.7 98.8 97.9 93.4 100.8 106.7 96.9 99.11.9 95.8 104.1 131.0 -1.2 116.6 122.9 90.3 115. 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 101.4 150.7 110.7 98.5 96.5 -1.3 93.3 104.9 129.4 88.9 152.8 101.9 -2.2 121.0 92.9 192. 101.3 135.1 122.0 100.6 3.2 102.1 150.2 95.8 87.8 104.2 117.8 94.8 141.3 102.4 148.4 98.1 100.1 103.2 100.5 155.6 88. 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 -2.1 149.3 109.7 115.2 106.4 102.6 108.6 97.0 139.8 148.5 102.1 109.8 125.

1 0.5 -4.3 -4.2 0.5 0.1 28.1 -5.1 1.7 -2.5 1.8 2. . .2 -1.9 LU 0. .4 0.6 -4.2 -0. .1 .4 Euro area 332.7 0.5 -0.9 0. .0 0.3 0.5 0.3 -0.8 -1.3 0. .4 -0.5 2. .0 DE 81.2 IT 60.9 2.2 3.8 0.6 0.9 2.3 0.4 UK 62.5 21. *) Population data refer to 2010.0 100.3 0.7 EU 502.0 -2.3 1.3 1.2 0.7 CY 0.9 1.6 1.4 0.2 -0.3 1.6 0.2 4.8 7.0 -0.1 2. .2 -0.1 2.9 -4.1 -0.2 -0.7 100.5 0.4 0.4 -9.7 -1. 0. 0. .2 -0.7 0.3 -0.4 -8.2 -0.7 0.3 Source: Eurostat.2 1.5 -4.5 2.8 -2.3 0.1 -0.6 0.8 0.7 0.8 1. .1 0. .3 -0. .7 0.2 -0.9 2.6 -1.1 2. 1.0 1.7 1.9 -1.9 -0.4 3.7 1.3 0.0 1.0 PL 38.5 -1.6 1. .0 1.2 -0.3 GR2) ES 46.5 0. .4 0.2 4.2 -1.9 -8.0 1. .8 -4.1 -0.4 1.1 0.0 12. 1) Non-euro area countries: percentage share in the EU total.5 11.0 0.8 -0.1 -1.7 -1.4 PT 10.7 2.0 0.2 -2.3 2.4 2011 1.7 SI 2. ECB • Statistics Pocket Book • January 2013 43 ECB • Statistics Pocket Book • January 2013 43 .9 1.1 0.0 1.9 1. Average Average (millions) 2011) 1996-00 2001-10 BE 11.8 1.0 1.5 0.6 3.7 0.8 EE 1.0 .4 0.1 FR 65.0 1.3 2012 2012 Q1 2012 Q2 2012 Q3 .0 0.3 1.4 0.4 NL 16.6 1.1 -0.1 -0.1 2.5 3.6 0.3 -4.2 0.6 1.9 3.6 0.5 0.2 2.5 MT 0.7 AT 8.9 0.6 0. .2 0.4 -5.3 0.8 2.1 3.1 1.2 -8.8 -2.2 -0.1 13.5 0.3 0.8 0.0 HU 10.6 1.7 2.3 0. . 2) Quarterly data unadjusted.2 -0.3 0.2 -3.5 -1.2 -4.0 -0.1 -4.5 -0.7 -1. .11.6 -2.5 -0.4 RO*) SE 9.5 0.8 -3.7 Population and employment (annual percentage changes.6 1.6 LV 2.4 0.9 -4.6 -1.4 1.1 -1.9 0.9 -7.8 -0.0 -2.2 3.5 -2. .9 -0. .7 -0.2 -0.3 2. .1 1.6 0.8 1.4 0.4 7. .0 5.1 0.8 3.3 0.9 -5.2 0.3 IE 4.5 -0.6 18.1 SK 5.5 DK 5.8 2.1 -0.5 -2. unless otherwise indicated) Population Employment Share 1) 2011 (%.5 -1.0 0. .0 -0.8 0.0 0.9 0.3 CZ 10.4 BG 7.8 -5.2 0.4 1.0 1.1 -0.6 1.4 FI 5.3 1.6 0. . .5 0.3 0.1 LT 3.2 0.3 0.7 -2.6 2010 0.3 16.1 5.1 0. .6 -0.

6 6.8 Unemployment (as a percentage of the labour force.2 0.1 6.4 8. 2.4 16.0 25.9 7.9 10.4 10.4 5.6 5.8 5.5 8.6 7.1 7.4 0.4 7.2 3.6 14.6 2009 7.9 5.3 7.9 7. 1) Non-euro area countries: percentage share in the EU total.0 2.1 10.0 8.4 4.3 7.9 .7 Source: Eurostat.2 13.7 9.7 17.2 .1 6.6 1.1 8.4 . 11. 10.8 10.5 5.8 5.0 0.9 8.5 1.4 5. .8 10.7 5.6 6.3 7.5 10.3 14.8 10.8 6.5 10.8 10.0 9. 4.9 4.7 .5 14.4 16.0 100.3 9. 44 ECB • Statistics Pocket Book • January 2013 44 ECB • Statistics Pocket Book • January 2013 .6 8.8 12.4 7. 7.7 8.2 9.8 10.8 11.6 10.1 14.0 7.4 14.0 5.9 8.0 18.1 12.6 12.4 11.5 11.5 14.2 17.9 .1 15.8 18.0 .1 4.6 7.5 14.8 11.5 4. Average 2001-10 7.6 7. 14.6 9.6 11.7 7.0 . 8. 5.0 7.5 13. 10.7 4.2 8.4 11.1 2.5 4.1 9.9 13.7 6.8 8.9 12.7 14.0 7.5 4.11.6 .6 6.9 3.4 4.2 15.1 . 7.8 7.3 7.8 7.9 4.7 1.2 10.4 14.4 6.9 12.0 5.9 4.9 7.5 16.2 12.0 1.1 3.0 7.9 7.2 11.1 7.0 8.9 12.3 7.5 2.2 7.4 1.5 2. 26.8 9.8 15.5 7.0 6.3 7.6 . 10.7 7.4 4.0 9.1 0.8 11.8 10.7 21.3 11.5 7.7 12.0 5.6 8.2 7. 2012 Nov.3 9.3 7.2 5.0 11.5 .4 .1 7.0 11.0 5.4 9.7 8.4 10.6 0.8 12.1 .1 8.8 26.2 6.0 9. 12.7 .3 8.7 8.6 2011 2012 Sep.5 18.1 6.1 0.4 10.4 7.3 1.6 4.8 4.2 9.3 9.5 31.3 7.0 9.9 5.2 9.8 5.0 8.7 7.5 19.5 4.6 14.6 10.8 12.1 6. unless otherwise indicated) Share 1) Average (%. .8 12.4 5.4 7.1 13.1 16. 8.4 12. .3 15.2 1.4 7. 7.9 6.4 7.6 4.9 10.8 13. 26.4 9.0 2010 8. 12.6 2012 Oct.9 9. 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 2.3 100.2 5.8 6.1 6.5 8.7 .1 .2 13.6 20.3 6.9 11.5 6.6 16.

4 -4.1 -0.2 -5.5 -3. 1) A minus sign indicates that a country’s deficit worsens the aggregate deficit/surplus.4 -7.8 -5. while the absence of a sign indicates that a country’s surplus improves the aggregate deficit/surplus.0 -13.7 0.1 -2.5 -8.4 -9.1 -3.2 -7.5 -6.2 3.6 -1.0 0.1 -2. countries’ deficits/surpluses: European Commission.0 -1.4 -4.1 -7.0 -4.8 -4.0 -1.2 -1.0 -0.6 -3.11.6 -4.7 .0 0.7 -9.9 -2.4 2012 Q2 -3.9 -4.0 0.1 1.8 -3. For non-euro area countries.9 2010 -3.7 -7.3 -2.1 -2.4 -7.3 -0.0 0.0 0.5 -4.0 0.2 -4.1 4.9 -5.0 -8.9 -2.1 -4.5 2011 -3.7 -3.9 -6.6 0.2 -0.8 -2.5 4.9 0.2 -3.1 -0.2 -4.7 -0.5 -2.9 -7.3 -5.1 0.9 -3.9 3.0 -0.4 -5.7 -4.8 -4.0 0.8 -4. four-quarter moving sum for quarterly data) Contribution 1) (percentage points.9 General government deficit/surplus (as a percentage of GDP.4 -2.9 -0.6 -11.8 0.4 -5.1 -4.1 0.2 -30.4 -6. 0.4 -3. unless otherwise indicated.8 -3.4 -4.8 1.0 -0.3 -10.6 -7.8 -9.1 -10.4 -9.8 -2.7 -2.6 0.4 -6.1 -13.8 -4.9 -10.1 -4.5 -0.7 -2.7 -7.3 -1.5 0.2 -6.0 -0.5 -6.3 -0.9 -1.3 -5.2 0.0 0.6 .1 0.7 -2.4 -9.3 -0.5 -5.0 -3.7 -5. the respective countributions to the EU total are shown.4 -9.7 -4.1 -0.5 -3.7 -4.4 2009 -5.4 2008 -1.2 -3.5 -0.6 -5.2 0.0 -8. Sources: Euro area and EU data: ECB.5 -9.2 -6.2 -4.0 -13.1 .2 -6.1 -0.2 -0.2 -3.1 -9.5 -6.1 -2.6 -4.7 -9.7 -11.0 0.7 2.9 -6.1 -2.9 -1.8 -6.0 -0. 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 -0.0 -5. -3.3 -3. ECB • Statistics Pocket Book • January 2013 45 ECB • Statistics Pocket Book • January 2013 45 .9 -15.5 -3.1 -1.0 -2.8 -3.3 -2.3 -4.5 -5.1 -4.6 -5.

4 FI 1.8 42.6 2010 95.5 82.5 44.0 40.2 13.7 43.0 91.7 33.6 42.3 49.9 79.1 117.0 82.1 51.5 81.2 106.0 93.5 6.3 79.8 46.8 71.7 71.4 170.0 BG 0.2 2009 95.10 General government debt (as a percentage of GDP.5 37.4 16.3 16.6 PT 2.2 68. countries’ debt: European Commission.4 33.5 38.8 30.6 60.3 19.3 68. 46 ECB • Statistics Pocket Book • January 2013 46 ECB • Statistics Pocket Book • January 2013 .6 42.5 82.3 70.2 83.0 GR 4.4 UK 14.1 48.5 144.9 44. 1) Non-euro area countries: percentage share in the EU total.7 74.0 126.0 IE 2.2 EE 0.2 66.3 61.0 46.0 48.3 ES 8.6 43.0 2011 97.9 81.2 64.8 54.8 .3 40.7 53.1 106.0 2008 89.6 16.0 58.9 FR 20.8 4.5 6.2 35.6 69.11.4 38.2 116.5 44. unless otherwise indicated) Share 1) (%.6 85.5 73.7 EU 100.1 13.0 27.8 80.5 7.4 77.1 84.9 76.1 LV 0.2 SK 0.4 38.9 40.7 28.9 43.2 148.1 NL 4.1 Euro area 100.9 70.3 111.2 61.8 69.9 14.6 67.9 129.2 SI 0.4 56.7 29.2 37.5 112.8 15.4 19.8 7.0 35.3 62.3 85.2 LU 0.0 120.1 50.5 15.9 23.5 82.5 39.0 35.3 67.5 79.1 LT 0.9 33.8 50.7 92.7 PL 1.3 63.9 65.6 36.2 75.8 IT 23.8 AT 2.1 CZ 0.1 46.0 CY 0.6 37.7 91.4 108.1 18.2 40.3 20.6 DK 1.1 HU 0.1 MT 0.4 62.4 DE 25.4 80.5 72.8 52.5 80.4 85. Sources: Euro area and EU data: ECB.6 34.8 RO 0.8 74.5 2012 Q2 102.0 14.1 72.2 38.0 87.3 119.3 76.6 41.6 48.5 63.0 47.7 57. 2011) BE 4.4 58.2 68.7 22.4 SE 1.3 86.

7 51.1 0.8 51. ECB • Statistics Pocket Book • January 2013 47 ECB • Statistics Pocket Book • January 2013 47 .11 General government expenditure (as a percentage of GDP.3 40.0 49.4 44.9 0.1 6.0 58.0 42.4 0.2 25.1 39.8 42.1 37.4 46.3 38.8 36.3 48.2 41.3 51.6 54.3 43.7 49.7 40.4 37.8 3.3 51.4 46.1 2009 53.8 50.0 16.2 47.2 56.5 50.9 46.1 41.7 54.5 49.1 50.6 42.1 51.6 36. 2011) 4.0 0.5 56.3 10.8 45.1 2.7 48.2 44.9 49.3 56.2 45.4 .5 49.8 2.2 0.2 1.2 .1 51.3 24.2 48.2 37.8 44.9 51.4 43.0 55.3 59.1 42. countries’ expenditure: European Commission.4 0.4 52.8 49.3 50.6 51.6 2011 53.4 40.4 43.2 39.0 44.1 38.6 48. 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) (%.1 51.6 49.6 43.6 37.1 51.4 50.1 1.6 41.2 42.2 43.9 51.2 0.0 43. 50.9 46.4 41.3 48.7 40.1 39.8 46.3 1.1 43.7 57.6 2.2 42.0 2010 52.0 46. 1) Non-euro area countries: percentage share in the EU total.5 51.9 .1 2012 Q2 53.1 37.6 51.7 66.4 50.5 35.6 2.5 47.7 38.1 48.6 43.2 54.8 49.7 58.6 50.8 45.2 43.6 0.3 50.5 49.5 45.3 45.8 0.2 0.7 100.5 50.0 2008 49.5 46.5 39. Sources: Euro area and EU data: ECB.7 47.8 43. 39.8 51.2 49.4 49.6 43.6 41.2 52.3 44.5 48.8 44.0 51.3 56.9 47.2 49.2 0.8 49.4 3.8 49.1 54.3 49.2 13.4 44.2 52.11.7 43.7 47.5 53.0 38.2 100.0 37. unless otherwise indicated.3 34.3 51.8 37.

6 202.5 .5 154.3 129.2 318.1 315. loans taken out and insurance technical reserves liabilities of non-financial corporations.6 202.8 169.8 127.4 252.0 164.5 163.1 152. 327.9 75.5 313.9 150.6 73. 82.7 .6 157. 325.5 124.8 242. 75.5 .9 125.8 310.8 169.6 149.8 164.6 128.5 .5 161.4 .8 Source: ECB calculations.5 212.9 142.6 74.7 75. 346.3 126.1 160.5 124.5 135.4 121.3 .7 202.4 315. 235.9 . 3) Euro area debt does not correspond to a plain sum of country data.1 127.2 127.9 209.6 74.3 177.3 160. and loans taken out by households and non-profit institutions serving households.3 160.6 209.8 166.7 .0 125.6 70.6 136. 2) Data for Latvia (prior to 2010) and for Bulgaria.4 2012 Q2 237. 335.7 222.7 164.4 131.5 219.2 2011 235.0 .5 78.8 67.12 Private sector debt 1) (as a percentage of GDP. 71.9 160.4 134.3 141.4 174.5 241.7 180.0 125.0 .5 134.0 .2 169. 74. 374.7 250.9 170. 77.7 209.9 122.6 220. 75.9 217.3 203.8 207.4 134.3 158.9 125.7 250.5 .2 141.2 169.3 127.2 118.1 .8 2010 232.8 .7 206.8 78.0 2012 Q1 237.5 .9 68.5 157.7 249.9 156.8 127.7 134.2 78.4 176.4 316. 224.9 75.9 .4 251.1 .0 251.9 142.2 216.7 170.9 129.3 .7 226.1 158.9 223. it is the outcome of a complex data integration process.3 73.3 .4 176.3 161.5 160. 233.6 145.2 219.7 134.0 .6 243. 234.1 276. 333.6 176.5 313.5 155.7 127.8 129.2 78. 77. 233.2 253.2 224.4 176.1 200.0 2011 Q3 232.2 79.2 . 87. 77.1 156.9 126.2 225.0 209.9 160.0 74.1 237. Cyprus and Romania are not available for publication owing to national confidentiality constraints.6 168.7 222.1 116.11. 1) Outstanding amounts of securities other than shares issued.4 130.2 241.7 222.6 135.0 164.1 213. 250. 236. 78.7 133. 235.3 170.1 2009 228.4 2011 Q4 235.0 152.0 222.4 159.2 241. 235.6 209. 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 217.9 199.9 .2 209.7 216.9 79.5 242.4 69.9 129.9 71.0 251. 327.8 117.7 163.8 . 48 ECB • Statistics Pocket Book • January 2013 48 ECB • Statistics Pocket Book • January 2013 .2 216.2 71.6 70.8 .4 127.8 154.3 239.3 215.9 .6 .2 129.6 73.

6 -4.8 6.4 -0.2 1.1 3.5 -19.0 0.5 -0. 20.7 0.7 -3. 9.8 0. 0.6 3.3 16.1 10. 3.9 4.2 7.3 4.1 2010 13. loans taken out and insurance technical reserves libilities of non-financial corporations.9 2011 11.9 2. 6.8 0.3 9.2 .7 .5 -2.9 0.0 7.5 .0 0. and loans taken out by households and non-profit institutions serving households.11.4 4.2 5.9 9.3 6.3 -0.1 20.6 .2 7. 3) Euro area credit flow does not correspond to a plain sum of country data. ECB • Statistics Pocket Book • January 2013 49 ECB • Statistics Pocket Book • January 2013 49 .3 2.5 7.3 2.8 3.8 -1.9 3.2 .4 1.2 8.4 7.2 -9.4 2. 2.6 11.1 20.1 .3 20.0 9.6 2.9 6.6 10.0 8.3 2. -35.6 4. 2.4 2.1 .5 7. 1) Transactions in securities other than shares issued.3 1. 16.2 0.9 -1.6 21.0 -6.1 13.1 . 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. 4. Cyprus and Romania are not available for publication owing to national confidentiality constraints.8 20.3 -3.6 -6.3 3.8 19. 5.3 7.4 1.4 0. 4.0 -2.2 4.0 1.4 7.8 . 9.9 1. 6.5 0.8 2.9 0.0 1.3 4.5 5.7 .8 . 1. 2) Data for Latvia (prior to 2010) and for Bulgaria.6 2. 2.8 2011 Q3 10.5 12.3 -3. 7.3 -0.1 Source: ECB calculations.3 6.8 .1 4.2 3.1 -3.2 7.3 7.1 .6 -4. 2.3 6.0 1.3 1.5 -2.4 -5.4 18.4 4.2 3.3 17.1 4.1 31.9 -1.9 2009 8.1 7.1 4.0 3.0 0.7 2012 Q2 7.3 .4 0.2 -5.6 .2 7.9 1.5 .5 -3. 7.5 .7 -2.3 6. 174.3 6.1 -16.5 5.9 .1 3.8 .6 2.9 19.9 -19.2 8.7 .6 -4.9 -12. 2.4 10.6 6.2 2011 Q4 11.8 5.4 3. 10.4 1.3 6.4 11.6 .4 0.0 2.8 4.5 2.9 3.4 2. 6.9 3.7 .0 -3.4 11.3 6.2 5.8 2012 Q1 10.6 .3 .1 3.2 0.6 -20.2 1.5 .1 -3.6 7.2 -8. it is the outcome of a complex data integration process.7 -0.2 3.5 2.0 -3. 2.9 -16.3 -4.6 6.8 8.13 Private sector credit flow 1) (as a percentage of GDP.5 .1 1. -12.2 1.0 4.6 1. 2.8 -2.3 4.5 -2.7 2.

0 211.5 417.223.7 17.3 49.3 24.9 88.5 385.7 35.1 16.4 415.9 42.087.4 7.2 1.8 13.4 13.3 29.9 41.1 32.2 452.7 13.1 318.7 131.5 18.4 20.3 25.1 78.3 19.8 47.3 124.7 3.3 16.9 15.0 134.3 33.8 17.882.5 143.1 22.9 35.0 36.0 191.4 51.7 4.5 17.2 97.0 472.2 27.7 104.1 18.5 36.8 35.9 35.6 41.4 90.5 55.6 1.7 70.7 25.7 16.4 50 ECB • Statistics Pocket Book • January 2013 50 ECB • Statistics Pocket Book • January 2013 .920.5 4.2 29.5 115.1 16.5 68.4 29.0 1.8 26.7 144.1 191.8 24.6 84.5 16.8 33.9 83.4 Direct investment/ inter-company lending 81.0 30.1 228.5 3.6 32.3 1.1 50.103.5 119.9 1.8 23.8 9.838.0 170.7 25.7 27.3 329.5 619.9 27.3 69.4 464.3 1.803.8 21.6 71.855.0 27.0 16.8 62.0 207.5 23.11.1 66.043.9 75.6 114.9 190.0 55.3 40.4 18.9 123.7 14.300.7 54.7 28.9 10.0 27.8 60.1 31.0 118.1 15.7 36.1 13.2 236.4 29.5 56.5 11.6 32.8 6.2 53.6 9.2 200.1 13.6 11.0 7.9 General government % of GDP 291.5 25.7 15.0 26.0 4.7 532.798.5 6.7 24.0 72.6 7.8 15.8 94.0 MFIs Other sectors 118.0 37.3 170.8 76.8 807.6 5.7 16.7 33.686.0 264.9 523.6 8.6 175.2 1.5 203.871.7 1.3 41.8 1.7 13. EUR billions 1.4 12.1 14.462.0 472.9 99.6 245.242.9 49.14 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.

11.99 6.49 3.84 7.20 1.85 7.15 1.91 2.00 1.61 1.59 17.34 4.75 2.09 27.80 1.79 2.07 3.30 5.76 2.82 6.41 1.12 5. 3) There are no Estonian sovereign debt securities that comply with the definition of long-term interest rates for convergence purposes.95 1.34 6.34 4.53 7. ECB • Statistics Pocket Book • January 2013 51 ECB • Statistics Pocket Book • January 2013 51 . 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.47 4. primary market yields are reported.53 3. Before that time the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years. 4) A harmonised long-term interest rate is presented starting mid-May 2010.00 1.84 1.54 1.49 6.26 5.29 3.45 1.32 4.33 1.24 1.82 7.24 6.92 4.04 8.95 7.62 6.77 17.82 2.76 1.25 7.64 2.78 2.87 2.87 4.28 4.51 1.52 1.84 2.24 5.29 10.54 1.56 4.32 5.31 3. 2012 Sep.85 6.36 4.07 10.15 4.89 6. 3.34 5.11 6.57 6.52 3.60 4. 2) For Cyprus.14 1.11 1.28 2.10 4.55 Source: ECB.82 4.58 2.20 5.17 5.30 7.97 9.99 1.54 3. 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 2010.81 4.90 7.67 5. 2012 Nov.18 6.92 1.19 4. Slovenia prior to October 2003 and Lithuania prior to October 2007.91 5.14 4.44 1.96 8.38 1.28 20.47 4.77 2.00 1.65 1.68 1.93 2.46 1. 2012 Oct.32 6.54 1.07 4.00 1.49 5.55 2.82 7.00 1.59 2.94 4.62 3.80 2. The same applies to Bulgaria and Romania prior to December 2005.44 1.28 6.32 4.82 6.27 1.00 1.85 1.12 25.84 1.24 1.22 1.57 5.20 1.00 7.52 4.69 1. period averages.00 1.91 24.11 3.66 4. 1) Yields refer to government bonds with maturities of close to ten years.63 4.70 4.65 4.04 1.17 1.43 4. the indicator is thus not fully harmonised for that period.96 5.45 4.85 8.69 2.56 5.24 6.60 1. No suitable proxy indicator has been identified.15 Harmonised long-term interest rates for convergence assessment purposes (percentages per annum.39 2.88 6.74 4.55 2.29 1.41 1.67 4.02 8.

28 18.94 20.15 2.19 14.12 -0.04 20.50 4.17 38.00 -1.68 39.14 0.82 27.46 -0.94 5.43 21.19 -0.31 -2.15 16.00 -1.45 5.16 -0.07 Direct debits Share Change (%) from 2010 (percentage points) 10.29 1.77 38.03 -0.07 35.99 0.85 -0.33 10.80 4.83 .88 11.99 34.01 5.26 55.39 -0.31 36.55 0.23 0.55 0.20 -0.66 1.46 1.84 1.95 60.36 40.66 -0.02 5.00 -0.47 27.41 18.67 24.69 -2.73 6.72 2.15 -0.05 0.56 30.27 0.67 29.23 -2.07 1.97 0.00 -0.04 22.22 1.62 2.97 Card payments 2) Share Change (%) from 2010 (percentage points) 46.31 2.47 43.27 49.39 49.98 30.27 -1. 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) 40.33 0.04 -0. 2) All cards issued in the country.02 30.21 -0.24 -0.23 55.58 7.80 63.38 -1.01 -2. 0.02 1.32 7.71 16.58 27.77 0.14 14.52 3.48 0.80 -0.44 1.60 -2.80 -0.65 -0.00 0.23 27.84 -0.11 -0.47 0.00 0.12 0.29 1.04 0.02 0.29 27.18 23.07 0.86 42.13 3.69 43.00 2.87 -3.60 . 0.11.78 2.00 -0.02 0.08 5.58 62.89 -0.54 55.41 1.56 15.44 0.37 -0.97 .93 0.18 46.73 36.37 1.01 0.67 11.07 -4.43 -0.14 -1.10 -0.82 47.58 48.67 16.83 1.62 .75 28.00% of the total in 2010 and 83.43 0.94 -0.42 39.06 0. 1) Percentages may not add up to 100% as e-money transactions and other payment instruments are not shown.22 -2.86 13.99 55.00 12.00 0.45 -0.02 15.01 35.77 5.21 0.01 21.46 63.02 7.40 11.44 8.06 72.57 0.94 49.67 Source: ECB.02 -1.55 -0.64 41.45 14.48 -1.36 -0.00 -1.94 7.39 -3. 0.04 0.12 -5.20 9.07 2.29 -0.24 27.02 0.01 0.10 0.95 0.26 0.00 -0. 0.88 -1.67 41.16 Relative importance of the main payment instruments (percentages of total number of transactions. 52 ECB • Statistics Pocket Book • January 2013 52 ECB • Statistics Pocket Book • January 2013 .20 0.11 45.08 17.58 -1.11 2.26 31.48 70.48 -1.22 6.06% in 2011.03 2.56 43. 3) Shares for Luxembourg are influenced by the importance of e-money transactions.76 56.71 -0.47 0.49 2.33 28.27 1.65 0.85 0.89 69.34 -0.48 -0.09 0.04 0.45 -1.15 -0.28 -0.53 Cheques Share Change (%) from 2010 (percentage points) 0. which accounted for 79.22 -3. except cards with an e-money function only.28 50.15 14.39 0.11 37.25 -0.31 0.92 -0.87 1.07 -0.

eu .europa.If you require further information. please contact us at: statistics@ecb.