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

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

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

4 11. national data and ECB calculations. IMF and national sources.0 17.9 18.4) % of GDP External Exports of goods and services % of GDP Imports of goods and services % of GDP Current account balance % of GDP Net b. 45.7*) Japan China 127.6 25.7 100.2 25.3*) -8.6 2.0 71.8 .0*) 91. 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).1 17.1 10.5 2.4 24.1*) 19.4 . 16. 3) Data for the United States and Japan are based on definitions similar to those used for the euro area and the EU.7 98.6 Sources: For the euro area and EU: ECB.6 .i.3 -14.8 25.3 436.3). 29. Eurostat.5 71.8 -14. 49.2 73. Chinese data follow a different methodology and are not directly comparable.3 49.6 -26.9 1.5 37.3 49.4 11.8 17.5 20.eu).7 103.4*) 18.1 17.8 72.p.2 15. for the United States.0 51.2*) .3 14. .7 19.8 58.8 16. direct and portfolio investment % of GDP Net i.0 11.3 173.9 -1.o.0 117.5 49. 8.8 99.6 88.2 0.1*) - 1.0 3.9*) 133.2 26. .2 85.2 -0.8*) 30.1 87.4*) 67.8 68.9 312.p.1 1. .0 18.2 121.6 172.4 2. .4 99.9 99.4*) 78.1 Overview of major economic areas 1.348.7 25.6 8.5 12.1 9.0 24.8*) 1.8*) 43.6 14.6 1.2 22.5 3.7 13.5 67.2*) 20.8 2.2 24.9 39.9 1.3 50.6 12.7 25.7 72.6 7. 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.6 2.4 -10.2) % of GDP Gross external debt2) % of GDP Monetary and financial indicators EUR trillions Credit2) Outstanding debt securities4) EUR trillions Stock market capitalisation2) EUR trillions Euro area EU United States 332.4 13.2 0.1 73. fishing and forestry % of total Industry (incl.4 16.0*) 78.4 78.9 -4.1*) 46.2 38.3 26.2 .ecb.1 -4.4 502. 10.3 111.1 15.0 13.9 19.2 19. Japan and China: BIS.4 82.1 10.0 27.5 27.3 . .2 12.2 6.9 54. 4) At nominal value.5 -4.europa. 0.8 1.4 301.4*) 188. 1) Full definitions are available in the glossary on the ECB’s website (www.7 -3.4 72.4*) 23.5 8. 2) Figure as at year-end. . *) 2010 figures.2 .6 491.1 Structural indicators 2011 1) Unit Population.1 28. . ECB • Statistics Pocket Book • January 2013 7 ECB • Statistics Pocket Book • January 2013 7 .

5 - 10-year Unit Unemploy.4 1.7 .8 7. 3.7 . 2.4 . Japan: M2 + certificates of deposit.2 Main recent economic developments (annual percentage changes.91 2. 0.6 - 2.2 .80 0.0 . 10.2 1. s. 1.1 3.0 -0. 0.9 8.a. 20.8 .46 3.1. .6 9.4 2. .6 . 2.36 0.2 2010 2011 2012 Q2 Q3 2012 Oct. 8 ECB • Statistics Pocket Book • January 2013 8 ECB • Statistics Pocket Book • January 2013 .2 . .eu). 2) Euro area: M3.8 .0 1. Nov.70 .Labour gov.7 2. 3.57 - 4.3 . labour ment productbond costs (% of ivity yield (s.9 1. unless otherwise indicated) Real GDP GDP deflator (s.6 2.85 0.3 . -0.6 7. .2 2. 3.32 0. 1.4 .6 . 4.) 1) ConBroad 3-month sumer money 2) interbank prices deposit rate (% per annum) Euro area 2011 2012 2012 Q3 Q4 2012 Nov.1 . .10 1. - 2010 2011 2012 Q2 Q3 2012 Oct.34 0. 4.97 3.4 - 1. 3. 1. Eurostat.6 17.9 2.63 1.39 0.7 . 4. - 10. - 6. 0.8 7.a. 2011 2012 2012 Q3 Q4 2012 Nov.6 2.) annum) 1. - 3.43 0. -2.5 .) labour (s.4 2011 2012 2012 Q3 Q4 2012 Nov.19 0. 7.5 . .1 1.4 10.3 -0.79 1. 1.6 . 1) Full definitions are available in the glossary on the ECB’s website (www.19 0.7 .48 3.a. - 4.69 1. -0.3 9. -0.3 5. Dec.1 .europa.19 0.4 .9 . - -1.6 1.7 .1 .5 .19 0.1 - 9. 1.12 0. - 2. - -0.22 2.5 10.3 2.76 1. Dec.5 2.24 -0. 1. 7. 11. national data and ECB calculations.6 .7 10.71 1.43 0.20 0.82 4.66 3.1 4. - 2. .1 2. IMF.8 .9 .2 - 7.6 2.7 . - 1.58 0.30 3.34 3. 2. 2.5 .) (% per force.1 8. United States: M2.18 1.2 .19 4.2 .5 -0.89 3. - - European Union United States Japan China Sources: BIS. 1. 1.25 2. - - - 3.4 . 1.1 .7 2.2 .6 15.31 3.06 2.1 .74 0.19 0. 1.31 0.3 .5 1.9 19. Nov. 0. -0.9 1.0 . .3 0. - 8.3 1.1 4.0 7.5 2. 11.8 .8 0.ecb. -0.7 10.36 .7 .2 . Dec.3 .1 .75 0.1 .a. OECD.74 . 2.31 2.1 .65 1. . 0.19 0. - 3.4 .

4 -1.7 147.1 0.0 0.1 1.3 -0.2 10. annual averages) 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 288. 4.9 64.5 -1.0 -1.5 64.4 -0.2 0.6 -1.4 .9 11.3 11.8 8.1 71.9 Annual percentage changes Selfemployed Per person employed -1.2 -0.7 129.1 -0.3 -1.0 .4 -1.2 Employment in terms of persons employed and hours worked Persons employed (s.9 -0.4 0.9 328.5 64.7 0.7 1. ECB • Statistics Pocket Book • January 2013 ECB • Statistics Pocket Book • January 2013 0.5 0. 62.8 8.7 -1.7 -0.2 -3.6 2.) 68.5 0.a.6 120.6 -0.9 0.5 319.6 0.7 0.0 -1.5 1.5 64.6 0.7 -0.7 -0.0 9.9 Total Employees 0.4 -2.0 2.6 64.6 10.6 9 9 .9 -1.3 -1.5 Labour productivity per person employed (annual percentage changes) Hourly labour productivity (annual percentage changes) 2.5 -1.6 71.3 -1. .7 9.1 -0.3 146. 1) Ratio of the labour force to the working age population (i.8 330.5 0.0 147. .3 0.5 -0.5 0.9 -0.6 10.4 -1.3 146.1 0. . Labour Employment Unemployforce rates ment partici(% of (% of pation labour labour rate 1) force.4 146.9 Selfemployed Sources: European Commission (Eurostat and DG ECFIN).6 0.1 -1.1 Sources: European Commission (Eurostat and DG ECFIN).3 0.0 -1.4 331.2 -1.7 0.a.5 64.a.8 1.) Millions Total Employees 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 116.8 146.4 -0.1 10.4 71.8 -0.) Annual percentage changes 0.5 71.2 0. 1.7 147.5 0.2 64.5 -0.4 147.1 1.8 -1.8 71. national data and ECB calculations.6 0.) s. . (%) s.5 0.4 298.0 0.2 63.0 .8 -0.5 -0.7 71.1 -0.2 -1.7 310.2 0.5 1.4 0.6 -0.e.1 -0.9 1.3 64.5 71.9 10.0 -3.0 0.9 0.2 9.1 -1. the population aged 15 to 64).5 0.9 0.1 0. force.0 1.1 146.2 -0.8 -0. .4 332.6 -0.7 0.0 0.2 -0.7 0. national data and ECB calculations.1 Population and the labour market Population (millions.5 -1.4 0.7 -0.3 9.1 -0.9 0.9 141.a.5 0.7 72.9 0.9 147.4 0.0 Hours worked (s.1 1.4 71.2 2.2 Population and the labour market in the euro area 2.2 1.3 1.1 -0.5 0.4 -0.8 -0.4 -1.

9 Finance Public admini. and real stration.2 1.9 -4.7 0.3 -0.8 16. business and social and other work services .4 . 1. 1.1 1.4 1.3 3.8 1.447.4 -0.0 2.4 57.9 8.9 0.0 0.2 6.5 -0.0 -0. health tion.030.4 0.1 -0.1 100.804.4 2011 2011 Trade.2 0.3 0.4 2.7 -4.4 -4.0 1.3 -0.1 1. unless otherwise indicated.7 2. accommodation and food services .communicaestate cation.2 1.1 -12.7 9.2 -0.6 6.0 1.9 1.6 1.1 0.4 2.0 1.632.2.5 0.4 11.3 25.1 4.3 1.6 0.2 4.1 1. 1) Includes intra-euro area trade and therefore differs from Tables 4.9 0.2 -12.1 -0. unless otherwise indicated. seasonally and partly working day-adjusted) Gross value added (basic prices) Total Agriculture.1 1. 1.1 -0.9 1.421.5 -1.5 3. 1.7 -0.7 1.2 1.6 -1.4 2. Industry forestry (including and fishing construction) 1996-00 2001-05 2006-10 2.8 0.4 2.1 -1.6 -0.1 0.8 -1.7 -0.9 - Level data (EUR billions at current prices) and percentages of GDP 2011 2011 Source: European Commission (Eurostat and DG ECFIN).8 0.1 -1.7 0.1 and 4.9 2.6 2.5 3.7 0.7 1.2 1.3 1.1 GDP and expenditure components (annual percentage changes in volume.8 21.7 19.9 0.2 .5 4.2 -0. quarterly data.9 5.5 1.Information.4 3.6 4.5 0. edu.407.6 0.2 -0.2 Value added by economic activity (annual percentage changes in volume.9 .5 0.6 0.518.4 2. quarterly data.5 -0.0 5.0 -0.8 1.1 6.3 -4.0 -1.7 0.3 1.0 143.9 19.5 2.6 0.0 -0.149. seasonally and partly working day-adjusted) GDP (market prices) 1971-80 1981-90 1991-00 2001-10 Total (quarter on quarter) Total - 3.1 3.8 -2.143.1 -11. 2.4 0.3 2. transport.9 0.9 3.5 -3.1 -0.4 2.4 2. -0.4 0.0 100.3 1.4 2009 2010 2011 2011 Q4 2012 Q1 Q2 Q3 -4.8 .1 1.631.8 6.6 -0.0 1.378.1 -0.2 -1.3 Euro area macroeconomic indicators 3. 10 ECB • Statistics Pocket Book • January 2013 10 ECB • Statistics Pocket Book • January 2013 .9 - 4.0 Level data (EUR billions at current prices) and percentages of gross value added Source: Eurostat.1 19.3 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. 5.3 -3.1 2.3 1.2 0.0 -11.7 2.3 1.2 0.1 9.0 -0.013.5 -1.3 0.3 18.1 -0.7 -1.4 2.0 4.

3 -15.4 -11.4 -6.5 .1 46.6 0.7 0.6 -18.9 -25.8 -10. .5 -1.0 -17. .7 -24.1 -5.1 -0.1 Q3 86.8 -3.0 -0.8 -12. Nov.3 -3.3 -15.indicator dence indicator for manu.2 Sources: Eurostat.1 .3 -4.7 -4. 4.8 17. 1.3 Nov.2 -14.5) or a decrease (0) for each survey variable. ECB • Statistics Pocket Book • January 2013 11 ECB • Statistics Pocket Book • January 2013 11 .8 -1.9 4.1 8.0 2012 89.4 -18. A value of 100 (0) indicates that all respondents reported an increase (decrease). ManuManu.9 -15.2 45.4 Q4 85. 50.9 -8.6 .9 -18.5 0.1 .2 46. 52.5 -1.7 81.5 -17.0 -8.7 76. 87.6 -12.5 2001-10 98.6 -3.2 -1.3 Short-term business indicators (annual percentage changes.8 -2.a.5 .1 -22.7 55.1 -31.5 2010 100. 78.3 -14.7 8. a value of 50 indicates "no change".8 -1.9 -0.4 -2. no change (0.0 -35.0 -10.0 -14.4 -33.9 -9.0 -1.7 -26. .4 . 85.8 . 0.9 -2.0 -26.3 -1.4 -14.3 2012 Q2 91.1 -12.7 54.services average dence tion indicator facturing =100) 3) indicator (%) 4) 1991-00 100.4 .9 -4.3 -8.5 3.3 -2.0 -7.2 46. 4) The quarterly figures shown are averages of two successive surveys.4 -2.6 -5.1 -32.3 -13.8 -2.0).9 .Retail trade New facturing facturing turnover passenger new orders turnover (constant car (nominal) (nominal) prices) registrations discontinued 1.1 -11.4 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.9 7.5 -2.8 80.9 47.6 -6. 84.1 -14.0 46.8 -0.9 -6.8 -12.9 -8.5 52.4 0.9 45.7 47.9 1. Oct. -0.7 0. 1.6 -1.8 - .2 -1. 2) Weighted sum of the percentages of survey respondents reporting an increase (weight: 1.4 45.8 0. unless otherwise indicated) Industrial production Total excl.9 46. ACEA (European Automobile Manufacturers’ Association) and ECB calculations. .5 5.0 -15. 76.5 -0.books utilisa.7 Dec.9 7.3 3.5 -16.3 10.4 -24.4 -25.5 -15.1 -15. .3 -11.9 -26.0 -3.1 -11.8 77.4 46.3.2 -2.6 47.9 -16.1 45.4 -3.3 -22.5 2011 101.5 -15.4 -1.Managers’ activity indicator Industrial Order Capacity dence confidence Index (PMI) for (long-term confi.5 -22.8 Sources: European Commission Business and Consumer Surveys and Markit.6 -3.8 80. construction 1991-00 2001-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.4 .8 -5.8 -4.4 -6. 1) Difference between the percentages of respondents giving positive and negative replies.7 2012 Oct.0 -15.) ConManustruction facturing -0.3 -12.7 -6.5 -19.3 -14. Period on period (s.9 -29.4 52. 3. 1.7 4.6 46. 3) Values above (below) 100 indicate above (below) average economic sentiment.6 -1.

2 -0.9 .5 -13.5 .3 .8 2.8 3. 20.0 7.2 Trade in goods with main partners (EUR billions.0 23.1 -7.8 12.9 281. 50.0 1.2 -1.1 0.9 1.1 .7 -110.8 -0.0 12.8 -9. seasonally adjusted) Total Other EU Member States United Kingdom Other United States China Japan Other Other Asian countries countries Exports (f.1 5.7 -4.b.4 2012 Oct. Oct.1 0.5 -30.2 0.8 13.3 163.7 213.1 Balance of payments (EUR billions.4 3.9 16.8 166.1 334.3 18.1 -0.7 2010 2011 2012 Sep.9 2012 Oct. not seasonally adjusted.6 -30. Current and capital accounts Goods Income and services 10.1 94.0 43.1 147.758.8 -103.9 147.i.9 9.5 17.2 34.9 -8.9 14.2 as a percentage of GDP 12-month cumulated transactions 12-month cumulated transactions as a percentage of GDP 4. Trade balance 12 ECB • Statistics Pocket Book • January 2013 12 ECB • Statistics Pocket Book • January 2013 .6 180.o.7 27.745.5 -0.5 9.9 3.2 0.2 72.5 -10.3 26.6 453.2 291.0 -10. 91. -17.6 19.8 208.0 .8 0.8 -149.2 22.3 41. net transactions) 2010 2011 2012 Oct.3 34.9 .0 13.3 Combined direct and portfolio investment Financial Other Reserve derivatives investment assets 29.1 22.3 .2 -2.4 52.8 1.2 -106.8 9.3 23.8 -13.1 65.8 26.8 -29. Oct.9 46.6 218. 100 1.3 -113.6 200.9 23.1 156.6 -0.5 17. unless otherwise indicated. 270.5 23.4 Euro area external statistics 4.8 59.3 0.8 140.8 -1. 129.8 6.f.6 16.8 -4.1 -6.9 -16.2 -6.9 11.8 .3 -0.4 3. Sources: Eurostat and ECB calculations.7 0.0 34.4 31.5 -0.) % of total in 2011 100 9. 1.0 37. 11.1 0.9 -0.6 43.1 251.6 8.533.5 6.1 416.4 227.5 -38.5 37.7 2010 2011 Source: ECB.1 1. unless otherwise indicated.6 5.9 24.0 12.3 18. 2010 2011 2012 Sep.1 148.2 309. 1.6 51.1 158.7 -19. 19. Current transfers -108.7 12. Oct.4 -4.6 3.3 365.8 1.8 234.5 4.8 115.0 399.5 1. Imports (c.550.0 16.2 -0.9 46.6 1.6 .4 -0.1 119.2 194.) % of total in 2011 2010 2011 2012 Sep.6 39.1 -7.9 -35.3 -1.5 6.

9 11.7 -128.2 3.2 105.2 0.1 -12.0 -19.4.5 4.2 4.3 -96.0 -73.1 -36.5 46.5 2.3 9.9 28.7 1. not seasonally adjusted) Total Other EU Japan Switzer.4 -31.4 Net -44.0 0.3 -41.6 Debits 107.3 -82.7 5.2 11.2 -80.3 142.0 1.5 -164.7 8.2 43.3 0.5 46.4 -13.9 110.5 62.2 5.9 44.7 185.7 0.0 1.5 -9.0 -106.7 -154.4 1.8 -105.8 42.3 -30.0 389.9 157.4 -12.3 9.7 -9.5 1.1 -1.9 -56.1 1.9 390.8 4.6 18.4 0.0 12.5 935.4 0.1 0.0 -10.6 528.975.4 9.5 25.4 0.766.5 576.3 44.3 75.1 -3.5 0.9 Source: ECB.5 88.3 93.2 -47.7 15.3 21.8 14.1 -80.6 6.2 -19.4 94.775.8 201.4 490.2 -1.8 451.3 14.8 42.2 7.7 84.4 -16.5 29.3 -3.2 509.0 -105.4 6.3 -4.0 -38.9 -1.9 71.8 150.9 97.5 13.8 -3.4 12.6 52.0 964.7 0.7 23.0 2.4 210.4 6.0 -352.2 51.0 6.2 -4.4 133.3 -12.0 11.2 67.7 8.6 -145.2 -1.2 87.4 40.4 13.8 37.8 178.1 21.5 59.1 -55.0 1.3 -3.3 Geographical breakdown of the balance of payments (EUR billions.0 135.7 177.5 -149.5 -94.7 15.8 0.6 6.2 5.2 19.3 29.9 16.1 -0.8 253.7 60.962.0 14.1 11.0 29.6 5.2 -5.8 -1.8 44.0 12.0 -14.9 -12.1 283.4 119.7 7.0 233.8 117.7 565.6 -0.2 231.5 128.2 7.8 -1.4 9.2 Credits 63.5 6.0 19.9 -0.4 8.7 115. ECB • Statistics Pocket Book • January 2013 13 ECB • Statistics Pocket Book • January 2013 13 .8 -408.6 123.1 0.3 -1.3 46.United China Member States land States 2011 UK Current account Goods Services Income Current transfers Capital account 2.2 -125.5 18.0 9.2 -1.9 5.9 -83.0 -122.8 67.7 14.0 413.8 32.5 -4.2 Current account Goods Services Income Current transfers Capital account 2.4 201.5 1.1 7.5 20.0 39.4 30.5 9.6 -6.7 -9.7 -67.6 0.7 24.5 2.3 0.2 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 -154.3 0.1 -21.3 -66.9 -91.6 1.9 -6.7 40.8 -2.3 -71.8 -0.4 148.5 -61.0 0.5 -0.4 485.3 -17.3 -19.7 36.7 196.1 0.3 99.3 -1.

0 18.3 -252.8 663.3 207.7 4.012.9 99.9 6.226.2 1.0 -2.005.2 4.6 5.4 5.172.8 4.2 701.3 5.0 1.5 5.9 1.6 1.7 -13.7 1.049.9 5.3 4.1 332.059.497.024.129.536.4 117.617.0 2.564.129.5 182.0 191.6 1.2 2.8 1.5 275.219.2 526.557.8 236.8 1.8 205.9 789.7 5.6 -32.0 19.6 198.7 United States China 40.3 -1.1 260.2 701.148.7 -8.9 -252.033.6 184.9 2.3 102.8 1.1 68.2 776.563.499.8 124.7 -2.9 1.7 416.6 61.0 7.128.9 -24.1 1.052.0 63.5 46.9 UK 11.877.224.470.392.0 3.818.3 5. 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.6 76.6 46.1 -2.392.6 2010 2011 2012 Q1 2012 Q2 18.592.8 -243.6 11.4 -75.626.4 3.1 553.159.5 -2.224.0 22.1 253.873.5 7.3 699.6 52. 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 -1.195.6 629.050.7 4.4 228.377.703.2 5.3 Japan Switzerland -22.1 -376.9 19.7 4.7 1.757.6 131.1 257.262.308.8 2010 2011 2012 Q1 2012 Q2 16.636.436.5 - 4.2 85.0 -836.044.0 -13.4 2.103.037.5 256.763.908.9 19.8 96.9 743.885.808.5 -154.0 18.0 -10.7 -24.4 130.8 -287.054.3 10.9 3.636.564.5 53.9 1.2 Outstanding assets 4.314.3 5.7 208.9 729.762.4 1.6 30.5 2.337.9 1.082.3 1.1 1.328.907.280.1 20.4 16.2 88.807.6 2.1 74.7 4.6 7.8 Net international investment position 1.8 -14.946.811.225.8 1.723.038.7 7.4 125.481.044.1 1.8 Reserve assets 587.647.2 Source: ECB.0 394.773.8 763.2 3.048.1 339. unless otherwise indicated.541.8 663.004.5 80.1 1.6 1. 5.446.4 1.7 3.5 473.2 1.0 1.144.9 59.0 19.8 855.4 400.6 4.9 341.9 -1. 1.042.172.847.2 5.3 5.0 73.9 4.6 2.0 1.4 International investment position (EUR billions.276.5 4.7 192.777.9 1.7 203.7 20.8 4.6 2.0 90.5 48.8 1.6 -291.2 15.877.931.4.4 671.0 828.7 18.7 4.5 5.4 671.195.762.214.5 587.099.5 Geographical breakdown of the international investment position (EUR billions.063.4 412.0 164.668.6 197.334.2 1.0 273.8 14 ECB • Statistics Pocket Book • January 2013 14 ECB • Statistics Pocket Book • January 2013 .0 2.4 -19.6 Outstanding liabilities 3.3 2.230.

1 20.4 32.6 -1.0 0.0 US dollar Japanese yen 1.8 38. 462.4 -1.3 53.7 0.1 366.0 0.6 42.7 2) 2) Bilateral exchange rates 100.2 -24.2 96.6 32.2 701. Nov.1 -0.962 346.5 7.0 155.2 266.5 2.5 16.0 170.4 33.0 169.1 -0.2 98.825 346.2848 1.3 55.2 51.9 53.6 92.142 Source: ECB.9 -1.0 39.7 0.49 98.7 0.1 107. Nov.4 0.8 30.2828 1. Memo items Monetary gold Other Predetermined foreign short-term currency net assets drains on foreign currency 50.9 3.6 94.3 -24.ecb.180 346.8 42.0 -39.5 1. For more information on EERs.1 92.6 93.4 40.1 0.5 15.1 26. Dec. ECB • Statistics Pocket Book • January 2013 15 ECB • Statistics Pocket Book • January 2013 15 .7 460.eu).693 346.847 346. 1) Real EERs are calculated using consumer price indices.0 -0. 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.694 2010 2011 2012 Q1 Q2 2012 Oct.2 431.9 91. -2.9 155.143 16.4 -0.12 103.3 458.5 715.2 3.2 59.3920 1.1 63.5 37.9 17.8 4.4 -42. under "Exchange rates".0 19.9 97. see the "Statistics" section of the ECB’s website (www. 2) A positive change denotes an appreciation of the euro.8 97.7 108.9 -39.europa.94 109.2 52.3 4.8 4.3 5.6 International reserves of the Eurosystem and the ECB (EUR billions.96 102.8 -0.1 107.5 21.9 33.3 93.4 21.4 64.7 0.6 1.6 20.0 0.7 Nominal 112. 56.7 0.0 105.142 16. Nominal % change versus previous month 2012 Dec.4 591.8 61.142 16.9 134.5 2012 Dec.0 64.7 -41.122 16. 1.8 54.4 97.3119 110.7 3.6 10.2 Real 1) 97.7 95.8 347.2 671.142 16.2502 1.30 105.5 36.1 ECB 4.8 718.0 0.0 0.6 0.7 Exchange rates (period averages) Effective exchange rate of the euro (1999 Q1 = 100) EER-20 2011 2012 2012 Q3 Q4 2012 Nov.0 Sources: ECB and BIS.2967 1.1 % change versus previous year EER-40 Real 1) 103.8 95.1 41.4 106.7 440.4.71 1. unless otherwise indicated.8 95.5 -0.8 95.5 54.8 173.

4 2.8 1.8 66.0 9.5 0. 100.6 1.9 4.3 2.6 61. percentages) Inflation rate Year 1 2 3 4 5 6 7 8 9 10 15 20 Source: ECB calculations.4 1.7 0. 1) Data refer to the changing composition of the euro area.1 Sources: Eurostat and ECB calculations.5 0.6 83.3 35.0 2. Oct.8 3.7 16.1 3.4 41.8 1.7 2.2 1.0 3.0 24. for further information see page 6.4 25.5 2.3 .1 76. 1. 1.8 7.7 1.2 19.7 16.3 57.7 32.0 2.1 14.0 26.6 3.2 13.5 54.2 12.6 4.0 4.3 2.4 0.0 7.0 1.0 3.6 51.7 32.8 1.1 23.4 44. except energy) 0. Dec.1 1.7 30.2 2.8 -8.8 59. unless otherwise indicated) HICP Total Food Processed Unprocessed food food % of total 1996-00 2001-05 2006-10 2009 2010 2011 2012 2012 Oct.9 1.8 21. 2. 3) 2012 Sep.2 Services Housing 2) 0.6 2.8 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. as well as early information on energy prices.0 1.9 0.0 2.6 2.1 2.8 93.7 21.9 31.1 51.1 -0.3 0.7 1.5 11.1 0.5 2.3 4.2 1.6 42. 5.6 2. 3) Estimate based on provisional national releases (which usually cover around 95% of the euro area).7 80.2 1.8 0.1 0.4 0.0 2.8 44.7 53.9 43.9 5.5 11.8 6.4 0.9 3.4 2.9 .4 76.0 0.0 25.7 2.1 -0.6 0.6 9.7 8.9 29.0 2. 0.6 2.4 11.5 38.4 2.4 28.1 0.9 3.4 11.7 3.0 5.1 0.4 16 ECB • Statistics Pocket Book • January 2013 16 ECB • Statistics Pocket Book • January 2013 .8 9.3 18.2 0.7 37.1 0.2 0. 0.1 1.6 1.7 0.1 .2 1.1 17.9 14.8 .9 62.7 21.1 7.0 3.1 0.6 48.1 0.1 1.7 3.0 16.4 24.5 72.2 0. 1.4 .6 17.6 8.2 2.9 2.0 2.7 5.7 7.8 7.1 0.3 1.5 -1.8 0.5 Month-on-month percentage changes (seasonally adjusted.9 7.5 13.0 1.1 3.1 3.3 13. 2) Excluding owner-occupied housing.9 2.5 17.0 10.6 35. 4.1 2.8 .4 2.9 Non-energy industrial goods Energy 28.8 0.9 5.4 5. The weights shown refer to the current year.1 HICP 1) (annual percentage changes. Nov.5 Prices in the euro area 5.2 1.9 5.6 25.9 18.7 8.6 9.5 97.0 1.1 20. Nov.2 0.1 2.3 1.3 10.9 32.5 11.3 18.1 11.1 85.

4 -1. ECB calculations and national data.9 38.4 0.5 49.3 53.9 0.0 1.8 1.0 56.7 -0. 5.9 48.4 0.1 4.7 53.9 6.7 54.2 7.3 3.0 40. construction.7 37. - Industrial producer export prices (f.5 9.6 2.9 3.8 2.9 57.4 0.2 -2.6 8.1 -11.7 2.1 11.0 39.9 4. export and import prices (annual percentage changes) Industrial producer prices excluding construction Construc.1 7.5 4.1 2.8 39.5 Purchasing Managers’ Surveys (diffusion indices 2) ) Consumer Input prices Prices charged price trends (compared with previous month) over past 12 months Manufac.1 6.6 35.3 3.6 2.2 - 6.8 8.1 52.9 5.2 0.Capital Consumer Energy prices) mediate goods goods goods 2001-05 2006-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.1 6.f.8 54.5 1.9 0.3 55.1 46.3 -2.2 1.5 Sources: Eurostat. Manufacturing 5.2 6.3 1.1 3.9 1. Oct.3 5.2 1.2 -5. 2.) 2) .5 .0 2.4 -0.8 1.2 6. mainly because they exclude cross-border trade within the euro area and all services.1 4. 1) Experimental data.2 1.3 5.5 39.2 0.6 1.0 -0.9 15.4 4.4 3.4 48.4 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.7 54.8 47.1 55.6 6. 2) These indices differ from the GDP deflators used for imports and exports (which are shown in Table 5.3 2.6).6 2.3 57.6 2.7 49.8 4.5 64.7 2.0 47.1 54.7 51.0 -0.1 13.1 38.3) Industrial import prices (c.5 1.6 2.9 6.7 52. 3) Industrial producer export prices refer to direct transactions between domestic producers and nondomestic customers.2 -5. Nov.4 0.7 53.9 0.7 2.3 2.i.8 49.0 .Services turing turing 20.9 49.5 55.7 2.3 1.7 66.9 2.1 3.1 1.4 6.6 53.9 2.0 2. 1.1 1.9 9.0 5.8 2.7 2.5 2.1 -3.0 Sources: European Commission Business and Consumer Surveys and Markit.6 54. Nov.o.3 1.9 48.Services Manufac.) 2).2 2.1 1. 2) See footnote 2 of Table 3.2 4.3 Industry.7 -9. 49.0 2.4 1.4.1 ECB • Statistics Pocket Book • January 2013 17 ECB • Statistics Pocket Book • January 2013 17 .9 1.1 2.7 49.5 5.4 47.1 2.5 50.9 0.9 54. residential property.3 0.7 1.5.3 1.8 0. Exports by wholesalers and re-exports are not covered.Residential tion property (input prices 1) Total Inter.8 -1.6 2.5 2.3 0.1 3.5 Retail trade Services 1. Dec. 1.3 -0.1 51.5 47.7 3.b.2 37.9 3. 1) Difference between the percentages of respondents giving positive and negative replies.7 3.1 5.0 1.6 47.7 48.

0 .6 12.7 0.1 .4 1.6 44. - Non-energy commodity prices ImportUseweighted 2) weighted 3) 5.9 1.9 0.7 2. 2.6 0. 1) Excluding agriculture. 1.9 1.1 0. Data are working day-adjusted.4 2.9 8.6 3.7 2.2 1.2 0.0 .6 1. Experimental data.1 1.1 7. - Labour Negoticost ated index wages 2.9 1.2 1.2 .3 2.4 2.6 87. European Commission (Eurostat and DG ECFIN).4 4.1 -3.Hourly labour sation per compencosts employee sation 2.4 8.0 31.5 0.9 1.1 2.5 42. 2) Weighted according to the structure of euro area imports in the period 2004-06.2 1.0 5.2 2.2 .8 2.4 19. OECD and national data. Dec.8 1.1 0.2 1. - 1) 1.5 2.2 1.7 4.2 2. - 4.1 0. Gross fixed capital formation 1.6 2.9 2.a.7 2.7 8.8 82.2 2. 5.9 55.1 3.6 1.2 1.5 -1.4 5. 1) Includes intra-euro area trade.7 86.3 1.5 3.5 1.1 12.6 84.1 1.8 .) 1991-95 1996-00 2001-05 2006-10 2010 2011 2012 2012 Q2 Q3 Q4 2012 Oct.7 .1 10. Unit Compen.3 18 ECB • Statistics Pocket Book • January 2013 18 ECB • Statistics Pocket Book • January 2013 .0 4.3 60.3 1.2 1.3 1.3 0.6 84.2 2.2 2.7 1.3 36.0 1.6 -0.4 Sources: Eurostat and ECB calculations based on Thomson Reuters.0 5.7 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 1.0 .6 1.4 -6. Nov.0 7.9 Sources: Eurostat and ECB calculations.7 5.4 85.7 1.1 0.6 1.5 Other prices and costs (annual percentage changes.0 2.0 2.8 2.3 4.8 1.0 2. 1.5 Oil prices (EUR per barrel) 4.2 1.7 1.1 5. 2.8 .5 2. 3) Weighted according to euro area domestic production plus imports minus exports in the period 2004-06.6 0.0 2.3 5.3 1.5 1.5 2.8 -6.4 18.6 30.5 2.2 1.3 8.4 -5.3 10.6 6.4 2.9 0. - 4.8 1.2 . 1.8 7.6 -0.4 1.7 2.7 4. unless otherwise indicated) Whole economy (s.0 Exports Imports of goods and of goods and services 1) services 1) 1.8 -0.5. fishing and forestry.3 84.1 14.7 79.6 1.8 2.0 7.4 2.

4 1.3 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 0.1 0.6 Euro area accounts 6.3 4. -0.5 -17.5 1.6 2010 2011 2012 Q2 83.2 2.4 4.7 5.7 1) 0.8 1.0 1.5 3.7 0.0 100.9 19.2 19.9 2.2 As a percentage of GDP Net lending/ borrowing Sources: ECB and Eurostat.3 73.5 83.3 2.5 83.5 15.6 -0.9 3.8 0.0 71.5 1.1 0.3 95.1 3.5 3.0 100.6 94.1 2.3 2.8 -8.6 28.7 -31.6 0.3 2.9 2.3 2.5 3.8 3.3 4.7 -10.9 1.1 -2.2 -2.5 2.3 -0.7 3.8 69.5 19.3 -1.6 1.4 2.3 73.9 0.1 -0.8 3.1 2.6 1.8 1.9 307.6 3.5 1.5 79.7 -6.0 2.3 -2.3 1.0 3.6 1.3 ECB • Statistics Pocket Book • January 2013 19 ECB • Statistics Pocket Book • January 2013 19 .2 -0.5 1.0 73.5 95.4 0.6 2010 2011 2012 Q2 100.1 -14.2 19.8 1.3 24. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.3 2.1 1.5 10.2 -10.6 Net Current disposable transfers income payable -0.3 95.6 1.0 3.0 2.6 3.1 -8.1 2.7 84.7 2.2 0.7 3.1 1.7 3.4 19.3 Net saving Net capital transfers Annual percentage changes 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -2.7 -11.4 2.6 1.0 15.6 83.4 2.9 -67.8 3.5 72.5 1.0 94.3 0.6 0.6 15.3 -30.4 84.0 2.3 95.1 2.3 83.9 1.3 -0.6 3.6 0.1 19.0 3.3 83.1 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 -0.0 1.6 4.5 3.2 2.3 2.3 1.2 6.8 2.4 84.3 -0.2 -3.3 79.4 4.6 -9.9 -7.9 72.5 2.9 79.7 2.0 -4.9 2.

6 108.7 13.4 64.9 -0.1 -1.5 1.9 3.7 -11.1 3.6 0.0 73.5 -11.9 2.0 2.5 2.1 -0.7 7.8 86.8 2. receivables minus payables).0 301.4 2.0 3.7 1. 2) Annual observations are identical to the quarterly observations for the fourth quarter of the year.4 -1.5 73.7 1.1 2.8 -0.4 98.9 21.3 1.1 24.8 -0.0 -4.4 96.8 0.5 0.1 0.9 1.7 299.1 2.0 1.6 0. 1) Households and non-profit institutions serving households.6 4.0 7.8 1.2 2.5 1.7 0.2 2.8 2.6 1.0 Outstanding amounts as a percentage of households’ gross disposable income.8 -11. based on four-quarter cumulated transactions.7 0.5 1. saving and investment Gross Final disposable Compen.7 2.6 -1.7 2010 2011 2012 Q2 99. 3) Net adjustment for the change in the net equity of households in pension fund reserves (i.3 -52.5 1.2 2.7 0.e.1 Changes in net worth 2) 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 1.1 84.6 2.0 3.7 0.0 6.1 1.7 87.8 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 2.5 0.3 0.1 1.6.Operating.8 -3.6 3. adjusted 3) 9.9 0.6 -7.0 36.3 3.3 2.3 72.4 21.0 94.2 2.8 -5.2 64.2 1.8 36.0 27.1 99. adjusted 3) Sources: ECB and Eurostat.9 98.1 20.2 Households 1) Income.7 4.8 84.9 2.2 -5.2 13.0 2.0 As a percentage of households’ gross disposable income.8 2.1 99.8 -1.8 -36.8 74.3 2.1 3.6 -2.3 86.5 3.8 87.0 7.0 13.4 2.2 2.0 3.8 -10.5 94.4 109.9 0.0 -0.1 14.5 3.6 -0.1 3.8 2.7 1.8 -10.6 4.3 17.3 2.0 2.4 1.8 2.6 84.0 -2.6 -4.6 -7. Net consumpincome sation mixed and current tion of emploproperty transfers expendiyees income receivable ture Annual percentage changes Gross saving Gross fixed capital formation -8.6 1.1 29.6 2.3 2.6 2.8 -0.9 -6.3 3.8 107. 20 ECB • Statistics Pocket Book • January 2013 20 ECB • Statistics Pocket Book • January 2013 .7 7.6 1.7 1.3 0.9 3.5 9.5 0.7 2.6 2.9 3.1 -1.0 9.0 9.4 36.3 -1.7 2.1 99.2 2010 2011 2012 Q2 305.9 1.2 2.

9 3.8 -2.5 -0.4 17.1 2.1 1.7 2.5 41.0 0.2 2.2 4.9 6.1 8.8 1.2 2.4 175.6 1.8 1.2 2.3 1.4 3.8 -6.4 3.0 82.3 27.1 3.2 0.0 100.0 -81.6 2.7 -0.9 1.1 4.6 2.0 336.2 1.8 41.2 3.7 3.8 Outstanding amounts as a percentage of gross value added Sources: ECB and Eurostat.9 4.3 1.7 201.9 4.3 -0.7 247.5 2.0 129.5 2010 2011 2012 Q2 349.8 3.0 -2.9 -4.1 -1.6 -0.1 97.2 2.0 2.5 0.6 96.7 3.0 -2.9 1.5 100.6 4.9 2.3 5.6 1.1 1.0 7.7 Net saving Net acquisition of nonfinancial assets Net Gross fixed Consumption lending/ capital of fixed borrowing formation capital Annual percentage changes 1) -10.3 1.8 250. entrepreneurial income.0 3.4 200.7 3.1 2.8 163.1 17.4 28.4 1.6 0.2 2.4 -16.0 4.2 3.6 276.8 3.4 2.6 2. saving and investment Gross value added Net entrepreneurial income 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -1.4 177.3 2.8 449.7 7.0 100.0 28.6 20.3 Non-financial corporations Value added.2 4.3 4.1 21.7 -20.1 2.9 2.3 20.2 148.4 -11.8 3.1 2010 2011 2012 Q2 100. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.9 5.9 0.0 1.4 2.7 1.7 3.1 -0.8 203.2 -0.4 -0.7 6.2 1.6.0 20.4 4.9 1.8 3.8 1.1 17. ECB • Statistics Pocket Book • January 2013 21 ECB • Statistics Pocket Book • January 2013 21 .6 2.3 3.2 341.4 2.0 26.3 As a percentage of gross value added 3.0 151.3 174.7 -6.7 3.3 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 3.2 2.1 52.6 41.2 452.8 1.0 -2.8 3.5 2.4 1.9 3.7 5.8 -2.5 480.

5 11.9 44. as a percentage of GDP) General government debt 2008 2009 2010 2011 2012 Q2 Source: ECB.5 11.4 22 ECB • Statistics Pocket Book • January 2013 22 ECB • Statistics Pocket Book • January 2013 .1 -6. expenditure.7 15.7 4.8 45.1 51.5 8.2 51.9 7.0 2.5 12.7 Interest 47.4 15.2 General government debt (Outstanding amounts at nominal value at end of period.9 12.4 2.4 45.5 12.3 2. Total Currency and deposits Loans Short-term securities Long-term securities 70.5 2.6 15.5 49.6 12.4 2.3 -6.1 Total expenditure Indirect Social taxes contributions 12.0 3.8 15.8 3.0 5.5 60.6 11.7 15. four-quarter moving sum for quarterly data) Total revenue Direct taxes 2008 2009 2010 2011 2012 Q2 45.1 General government revenue.7 12.0 44.8 15.3 7.2 -4.1 -3.5 18.8 56.1 -2.6 Source: ECB.4 87.3 91.7 Euro area government finance 7.2 7.4 7.2 62. deficit/surplus and borrowing requirement (as a percentage of GDP.2 80.6 Deficit(-)/ Borrowing surplus(+) requirement 3.3 49.3 7.9 2.3 15.4 7.0 49.0 85.6 2.4 6. 12.1 63.5 11.9 5.8 12.

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. 6 Oct.00 2.25 3.25 -0.00 2. -0.00 3.25 2..00 5..50 -0.50 -0.50 4.75 3..00 3.25 0.25 -0.25 -0.50 1.75 1.25 0.25 -0.50 0. 2012 11 July Level 3.75 0.25 3.25 Source: ECB.25 4.25 -0.50 -0.25 2.75 5.25 2. 11 Oct.75 3. 9 Nov. ECB • Statistics Pocket Book • January 2013 23 ECB • Statistics Pocket Book • January 2013 23 .50 2.25 0.75 3.00 2.25 0. 0.25 0.50 3. 2001 11 May 31 Aug. -0.25 -0.00 2.25 0.50 0. 2002 6 Dec.50 3. 2003 7 Mar. 2007 14 Mar.25 0.50 2. 14 Dec.00 3.50 0.75 3.25 - Change . -0.50 0. 18 Sep.50 .25 2.50 -0.25 0.00 1.25 0.50 1.50 .25 -0.25 3.50 -0.50 -0.25 4.25 1.25 1. 0..75 2.25 0.25 4.50 0.25 -0.50 4.25 0.25 -0.50 4...25 1.50 -0.50 5.00 Change .75 4.. 13 July 9 Nov.50 0.25 -0.25 Level 5.75 2.75 4.25 0. 15 June 9 Aug.75 1.25 -0.00 1.50 -0.50 3.75 4.75 2.50 2.50 -0.25 0..25 3.75 3.50 -0.25 -0.50 1.25 2.50 0.50 -0.50 2. 13 Dec.75 -0.00 1.00 -0.25 2.25 0. 1) On 8 October 2008 the ECB announced that.50 1.25 0.25 0.25 0. 8 Apr.25 0.50 3.50 0.50 5.25 0..75 Level 4.25 -0.00 0.25 -0.25 0.25 -0.25 0.25 .00 1.75 5.75 4.25 -0.50 3.25 -0.25 2.50 -0.25 -0.50 -0.50 -0.25 -0.75 3.25 4.25 -0..25 3.75 -1.75 3. 6 June 2005 6 Dec.50 2.25 -0.25 0. 11 Mar.25 0.00 3.75 2.50 -0.25 3..25 5.00 1.25 4. 9 15 1) 12 Nov.75 2.25 1. 13 May 2011 13 Apr.25 -0.25 0.50 -0. 2009 21 Jan.25 0.1 Key ECB interest rates (levels in percentages per annum.50 -0.25 0. 13 June 2008 9 July 8 Oct. 0.25 1.25 0.00 0..25 3. changes in percentage points) With effect from: Deposit facility Main refinancing operations Marginal lending facility Fixed rate Variable rate tender tender procedures procedures Fixed rate Minimum bid rate 2000 28 June 1 Sep.25 -0.25 0..00 4.25 -0.50 -0.25 Level 3.25 2.25 -0. starting from the operation to be settled on 15 October 2008.8 Monetary policy 8.25 0. 2006 8 Mar.75 4. 10 Dec.00 4.25 0.25 1.25 0.75 3.25 -0.75 . 0..25 0.50 Change .25 0.

75 0.474 14 75. 0.) days Fixed Minimum Marginal Weighted rate bid rate rate 1) average rate Main refinancing operations 2012 26 Sep..383 84 102.217 19 72.75 0.75 0.295 24.75 0.180 9.296 14.725 2012 9 May 12. 3) 6. 25.813 93 77.75 0.75 0.293 87 83. 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 (.725 0. 24 ECB • Statistics Pocket Book • January 2013 24 ECB • Statistics Pocket Book • January 2013 .00 0. 70.886 10 89.307 31 13 June 18.217 79 72.886 86 89.75 0.730 7 Nov.75 .8.764 12 73. 117.75 0.383 3 Oct.75 0.75 0. 0.156 15.293 31 83.428 79 74.75 0.629 1 Nov.00 0.296 20 3) 14.86 1.214 85 75.474 84 75.783 17 91. the rate at which all bids are satisfied is indexed to the average minimum bid rate in the main refinancing operations over the life of the operation.75 0.709 10 Oct.398 26 8.926 29 3) 7.988 8.214 75.75 0.783 96 91.75 0. 12.905 26.709 12.629 6.591 74 70. - - - 35 91 28 91 28 98 35 91 28 84 35 91 28 91 35 98 Longer-term refinancing operations 2) 12. 81.661 2013 3 Jan.75 0.926 7.75 .730 81 79..75 . 3) In this longer-term refinancing operation. 13.962 85 117. after one year counterparties have the option to repay any part of the liquidity that they have been allotted in these operations.371 15.307 18. 15.905 26.591 5 Dec.962 Source: ECB.180 30 9.75 0.450 25. the marginal rate is the lowest (highest) rate at which bids were accepted.75 0.813 24 77.988 8.683 28 89.75 0.371 12 Dec. 1) In liquidity-providing (absorbing) operations.764 82 73. 102.295 28 11 July 24.097 75 77.746 13.844 27 18.844 18.2 Eurosystem monetary policy operations allotted through tender procedures (EUR millions.398 8.683 86 89.746 12 Sep. 2) For the operations settled on 22 December 2011 and 1 March 2012.661 69 81.75 - - - 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 1.75 0.156 14 15.79 0.75 0. 79.75 0.097 9 77.428 21 28 74.450 8 Aug. on any day that coincides with the settlement day of a main refinancing operation.

6 -0. Oct. ECB • Statistics Pocket Book • January 2013 25 ECB • Statistics Pocket Book • January 2013 25 .3 72.0 -0.9 2.4 1. 3) Money market fund shares/units.4 0.787 Outstanding amounts (EUR billions) Main components of the annual growth rate of M3 (contributions in percentage points.5 13.1 1.2 M1 M2-M1 2) M3-M2 3) 1.1 0.5 4. debt securities issued with a maturity of up to two years and repurchase agreements.8 0.9 5.3 0.6 -0.4 -3.0 0.8 0.3 M3 11.3 0.0 1.9 -0.3 Monetary developments in the euro area Monetary aggregates and main components (annual percentage changes.8 2009 2010 2011 2012 Nov. 2) Deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months. Sep.7 17.1 -0.4 0.1 1.4 12. Currency in circulation Overnight deposits 0. .8 0.2 5.5 0. .1 7.792 5. end of period) 2007 2008 2009 2010 2011 2012 July Aug. Sep.1 7.7 1.255 1.4 2.8 -8.04 .2 3.3 -0.4 0.2 -11.5 3.6 1.9 -0. 4.0 6.6 7.118 3.949 4.703 4.345 9. Oct. seasonally adjusted.3 -1.9 1.5 3.873 1.9 2.5 2.2 2.8 20.800 3.7 0.281 9.9 2.3 4.9 3.7 0. 1) Growth rates are adjusted for non-transaction-related changes. 757 794 843 863 3.1 0.1 3.1 3.3 1.7 2.6 2. .4 1.8 4.5 2.5 5. Nov.6 1.9 5.9 2.3 3. .5 5.1 24.6 2.3 0.4 42.0 -0.498 4.2 3.2 0.2 4.5 0.9 2.6 7. 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.6 3. 8.4 6.1 4.6 11.3 1. 4.479 9.6 -4.1 4.2 .8 Source: ECB.8 6.4 1.4 6.5 0.5 6.0 0.2 1.9 3.707 3.3 0. 1) unless otherwise indicated.909 3.5 -1. Nov.45 3.6 2.137 870 887 796 9.1 13.6 -8.7 -6.7 0.2 5. Growth rates not adjusted for non-transaction-related changes.741 3.3 -1.2 5.8.0 3.5 -0.9 13.2 46.72 2.7 -0.9 4.5 5. seasonally adjusted.4 0.3 0.1 0.5 3.6 3.4 1. 4) Not seasonally adjusted.1 3.7 5.710 3.

6 0.6 1.444 16.2 5.2 0.7 1.293 7. 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.1 1.0 -1. 1) unless otherwise indicated.5 Plus other M3 0.0 0. Nov.5 3.7 -0.2 -1. 26 ECB • Statistics Pocket Book • January 2013 26 ECB • Statistics Pocket Book • January 2013 .0 0.6 2.1 9.287 13.4 7.2 -2.7 -0. 17.4 1.2 6.1 3.3 -1.euro area ment residents -0.5 0.0 2.6 7.6 0.6 -1.4 3.0 3.7 1.1 0.8 -1.8.9 2.3 3.9 -1.8 2.213 3.0 2.8 1.9 3.0 2009 2010 2011 2012 Nov.2 0.6 3.0 -0.5 0.6 -0.478 2.8 -1.3 -1.023 10.4 8.2 6.liabilities external term against assets financial central liabilities government -0.2 1.9 3.6 11.6 -0.2 Loans 13.898 11.2 -1.3 1.5 -1.1 0.4 -0.1 1.729 7.5 0.5 1.8 11.4 -1.6 18.1 10.864 3.8 6.8 Source: ECB.6 -1.637 Outstanding amounts (EUR billions) Breakdown of the annual growth rate of M3 by counterpart (contributions in percentage points.157 3. end of period) MFI assets 2007 2008 2009 2010 2011 2012 July Aug.1 -0.680 7.2 8.3 0.6 11.4 Counterparts of euro area monetary aggregates Main counterparts of M3 (annual percentage changes.9 4.7 1.7 1. 10.9 -0.6 2.4 -1.5 2.2 7.2 0. Sep.0 -0.0 -0.5 -0.8 -0. seasonally adjusted.4 3.8 -0.8 7. Sep.3 -1.7 0.4 0.3 2.7 -2. Oct.9 1.9 0.1 9.457 16.4 0.6 -0.244 13.0 1.9 5. 15.3 0.6 2.0 0.432 13.1 2.9 3.9 1.3 -1.2 0.0 -2.1 8.9 Minus Minus Net longer. 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. Oct.9 -0.7 1.7 2.114 13.4 -0.0 4.4 11. 1) Growth rates are adjusted for non-transaction-related changes.7 1.8 4.2 Credit to Credit general to other govern.9 13.5 -0.8 1.2 -1. Nov.4 -0.6 -2.931 6.1 1.7 -0.4 -0.1 2.9 2.5 3.797 10.0 -2.8 9.2 -1.3 1. seasonally adjusted.978 16.046 10.8 -0.1 -1.7 2.

1 -0.395 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.9 -4.6 10.262 1.5 30.5 Euro area investment fund shares issued by investment policy (EUR billions.0 64. outstanding amounts at end of period. claims 2.7 Euro area insurance corporations and pension funds (EUR billions.085 203 1.1 -0. 10.6 17.974 7.9 Transactions 8.8. 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.574 1.0 -1.7 -56.4 21.4 -71.330 1.121 827 846 847 844 Source: ECB.9 -29.3 24.0 6.2 0.556 316 138 405 945 -4.9 -2.3 -0.309 1.6 35.9 13.3 -65.872 2.079 301 2011 Q3 Q4 2012 Q1 Q2 Q3 -32.006 2.0 1.2 -0.8 63.4 12.296 7.3 -3.3 Transactions 8.1 5.9 -0.5 -51.3 4.5 -72.1 -63.236 7.8 18.844 2.5 17.0 -1. ECB • Statistics Pocket Book • January 2013 27 ECB • Statistics Pocket Book • January 2013 27 .2 -19.6 1.685 0.8 23.0 -49.1 -25.3 0.5 0. transactions during period) Total assets Deposits and loan claims Outstanding amounts 2012 Q3 2.6 Euro area financial vehicle corporations (EUR billions.7 67.9 2.393 1.5 -4. outstanding amounts at end of period) Total financial assets 2011 Q4 2012 Q1 Q2 Q3 6. Sep.2 -0.683 1.4 -83.1 -22.5 -14.6 61.5 -25.7 5.340 3.2 -12.342 3.1 1.7 -6.8 -5.9 1. outstanding amounts at end of period.647 2012 June July Aug.372 2.7 -54.726 2.1 17. Oct.6 -1.131 2.0 2.683 1.0 -82.6 -15.7 1.1 Liabilities Securitised loans Originated by euro area MFIs Securities other than shares Debt securities issued 1.7 -14.758 3.5 -1.299 3.978 1.6 -1.307 1.300 1.061 2.1 -14. 6.

8 Euro area minimum reserve statistics (EUR billions.0 107.8.218 6. 8.147 2.025 2.691 3.074 32.638 35.238 5.016 7.10 EU consolidated banking data 1) (EUR billions. 1) Data are fully consolidated on a cross-border and cross-sector basis. unless otherwise indicated. Credit institutions Eurosystem Money market funds Investment funds Financial vehicle corporations Insurance corporations and pension funds 31.225 2.945 8.00 0. Sep.9 Assets of the banking system and selected non-bank financial intermediaries of the euro area (outstanding amounts in EUR billions.69 5.019 7. . .649 . unless otherwise indicated.038 1. 1.681 6.916 8.873 3.0 106. . .955 3.2 509. 2013 Jan.684 34.252 8.730 3.079 7. 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 10.81 Number (thousands) Total assets 1.4 106.196 32.9 .278 2.077 18.327 8.2 540.75 0.75 0.707 7. Reserve base Total 19.1 529.448 7.692 10.4 106.902 34.17 13.59 13.805 33.042 1.289 6. end of period) 2010 2011 2012 Q1 Q2 Q3 Source: ECB.211 8.75 0.943 18.61 Source: ECB.520 32. .0 111.126 Return on Overall equity (%) solvency ratio (%) 1.352 2.133 1.490 1.683 10.159 . Nov. 106.021 981 988 961 6.808 .700 5.1 107.75 . .234 8.02 3.573 5. Dec. interest rates as percentages per annum) Reserve base as at/ maintenance period ending in: 2012 July Aug.750 10.0 538.653 8.9 107. 13. A coefficient of 2% is applied to all previous maintenance periods. Source: ECB. 1) A coefficient of 1% is applied as of the maintenance period beginning on 18 January 2012. 8.212 4.847 34.022 1.5 510. end of period) Foreign-controlled subsidiaries and branches Domestic credit institutions 2009 2010 2011 2011 30 June Number (thousands) Total assets 3.75 0.90 -0. Oct.387 7.894 18.124 7.094 28 ECB • Statistics Pocket Book • January 2013 28 ECB • Statistics Pocket Book • January 2013 .53 13.

9 89. Mar.841 16.9 88.814 9.550 11.389 4.078 3.9 88.409 4.599 1.345 4.535 4. the difference between aggregated gross issues and redemptions may deviate from the aggregated net issues.616 1. May June July Aug. "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.8 90. 1) Nominal value for debt securities.811 16.6 87.4 88.242 4. ECB • Statistics Pocket Book • January 2013 29 ECB • Statistics Pocket Book • January 2013 29 . market value for equity securities. Oct. transactions during period.5 88.7 88.4 90. nominal or market values 1) ) Debt securities Equity securities of which: 2) 2009 2010 2011 2012 Feb.6 88.4 Seasonally Non-seasonally adjusted adjusted 1) 96 82 -9 -1 15 56 -5 34 24 1.544 1.763 16.381 4.499 10.409 10.862 16.251 4.9 89.6 91. May June July Aug.601 1.6 15.3 88.229 10.7 90.3 Net issues In euro (%) 12.555 8.647 1. nominal values) Gross issues Redemptions In euro (%) 2009 2010 2011 2012 Feb.475 10.3 88.018 10.363 4.062 4.1 Securities issued by euro area residents: outstanding amounts (EUR billions.566 1.4 88.935 4. 9.9 86. Oct.1 89.283 15.6 88.373 10.228 903 979 960 956 799 845 898 93.185 4.532 16.019 1.301 4.0 88.344 4.521 12.445 10.2 Debt securities issued by euro area residents: gross issues.2 89.096 12.319 Source: ECB. redemptions and net issues (EUR billions.580 3. 2) "Short-term".412 4.737 16.737 16.191 942 936 983 944 835 871 882 93.6 89. unless otherwise indicated.809 16.0 89.071 552 619 161 80 -2 60 -17 29 -36 -22 35 Source: ECB. Sep.789 Quoted shares 4.244 10. Sep.252 89.5 88.2 87. Apr.499 11.640 1.879 16. of which: Short-term Long-term fixed rate Long-term variable rate issued in euro (%) 1.5 89.6 88.0 89.631 1.9 86.888 4. outstanding amounts at end of period.422 10. 13.1 88.2 89. Apr.642 1.004 1.166 1.267 4.204 10. Mar.640 1. unless otherwise indicated.401 1.395 4.342 4. 1) As a full breakdown of net issues into gross issues and redemptions may not be available in all countries.0 88.9 Financial market developments 9.646 1.9 89.747 16.772 3.250 4.351 4.

118 14.7 10. 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.5 3. 9.118 14.888 3.3 13.6 106.4 0.580 3.062 4. outstanding amounts at end of period.8 5.205 496 544 609 Outstanding amounts per sector (EUR billions) Source: ECB. 2008 = 100 1) 4. market values) Total economy 2010 2011 2012 May June July Aug. nominal values) Total economy MFIs Financial Nonincluding corporations financial the Euro.6 6.2 -1.1 -1.5 6.0 1. 2010 2011 2012 Oct.0 2.1 14.9 107.5 12.8 13. unless otherwise indicated.5 4.319 MFIs Financial corporations other than MFIs Non-financial corporations 104.871 111.1 3.278 3.5 7.874 14.788 3.5 106.5 118.8 3.0 0.319 4.3 -2.7 12.9 1.8 106.3 6. unless otherwise indicated.840 6.2 1.857 14.7 2.6 3.9 118.106 6.935 4.4 0.690 14.6 1.735 2.7 3.3 10.2 9.3 0.7 0.311 4.9 116.871 - - 4.5 3. 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. Sep.6 4.0 2010 2011 2012 Oct.4 1.0 6.4 2.1 3.9 3.7 5.9 0. outstanding amounts at end of period.5 -2.1 106.9 0.894 14.3 0.888 4. 30 ECB • Statistics Pocket Book • January 2013 30 ECB • Statistics Pocket Book • January 2013 .591 4.2 3.5 9.9.8 118.608 2.8 4.2 5.8 3.2 -0.4 - - 458 339 384 334 271 330 3.7 118.9 118.9 1.0 7.7 13.7 -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 12.8 2.6 3.7 10.606 Outstanding amounts per sector (EUR billions) Source: ECB.4 106.768 2.885 14.185 4.651 703 714 798 5.3 0.772 3.4 5.4 10.3 4.0 12.9 3. 2008 = 100 1) Central government Other general government 2010 2011 2012 May June July Aug.242 4.8 2.3 Euro-denominated debt securities issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.9 3.9 118.9 5.895 14.8 106.690 14.1 -0. Oct.3 2. 14.580 3.5 1.6 3. Sep.7 9.4 0.1 1.3 4.0 4.7 4. EUR Index: billions Dec. Oct.other than corporasystem MFIs tions EUR Index: billions Dec. 14.5 12.3 3.

76 0.61 0.31 0.65 0.65 0.19 0.74 0.22 0. 0.33 -1.59 0.81 -1.22 0. Sep.00 0.50 0.68 0.44 0.20 0.67 1.91 -2.20 0.41 -2.37 -2. 2013 2.47 0. Apr.27 0.36 0.43 -1.81 1.30 0.59 0.17 0.57 0.08 0.01 1.19 6 months Real -0.34 0.34 0.22 1.20 0.25 0.36 -2.35 ECB • Statistics Pocket Book • January 2013 31 ECB • Statistics Pocket Book • January 2013 31 .47 0.61 0.39 0.95 0.11 -0.95 0.84 0.18 -1.09 0.20 0.34 0.42 0.01 1.27 1.35 0. 0.60 1.19 0.35 0. 2012 Jan.17 0.89 0.07 2.46 0.08 0.30 0.97 0.85 0.88 0.61 -1. 2014 2.18 0.34 0.42 0. Oct. by maturity date of futures contract) 2010 2011 2012 2011 Dec.39 .05 1.36 0.31 -0.79 0. Dec.56 0.05 0.25 0.33 0.30 0.66 0.84 -1.29 1.11 0.18 Real 0. Nov.29 1.45 2.08 0.24 0.28 -2. Mar.07 0.67 1.80 0.12 0.74 0.02 0.67 0.24 -1.63 0.33 1.33 0.84 0.30 Sep.57 1.19 0.39 0.35 1.38 0.64 0.33 0.43 1.82 -1. Feb.83 1.36 0.32 1.66 -2.73 0.59 0.47 0.88 0.93 0.38 0.47 0.83 -1.36 -2.50 0.71 0. Mar.82 0.20 0.53 0.33 0.27 0.72 2. 2014 2. Feb.19 0.54 0.97 0. Sources: ECB calculations based on underlying data provided by Thomson Reuters.47 0.21 0.28 -2.25 0.42 0. Sep.72 1. May June July Aug. Oct.82 -1.14 0.70 -1.21 0.98 0.9.95 -1.13 0.57 1. Mar.71 0.98 0.06 0.84 1.45 0.86 0.24 0.88 0.19 0. May June July Aug.23 0.48 0.56 0.48 0.32 0.41 0.19 0. 2013 2.55 United States Japan LIBOR LIBOR 3 months Nominal 0.95 0.58 0.20 Mar.75 1.84 1.26 -1.32 -1. 2013 2.21 0.17 1.10 -0. period averages.09 0.30 -2.79 0.22 0.59 0.68 1.19 0.31 3 months Real Nominal -1.65 0.08 1.54 1.45 .87 0.41 0.58 2. 2013 2.10 0.80 0.74 0.84 -1.20 1.37 1.41 1.50 1.27 1.83 2.04 0.50 1. period averages) Euro area EONIA EURIBOR 1 month 2010 2011 2012 2011 Dec.46 0.49 0.20 0.10 0.19 0.00 -2.95 2.16 1.38 0.32 1. Apr.20 -0.11 2.46 0.64 0.28 0.11 3 months Nominal 0.04 0.39 0.58 1.23 0.38 0.5 Money market interest rates (percentages per annum.20 0.60 0.47 0.99 0.16 Jun.41 1.39 0.6 Interest rates implied by 3-month EURIBOR futures (percentages per annum.11 0.68 -1.19 0.39 0.24 Sources: ECB calculations based on underlying data provided by Bloomberg.71 0.50 0.20 0.50 1.87 0. 2014 3.43 0.22 1.40 0.63 0.37 0.53 0.57 0.75 -1. Nov.78 0.14 1.00 1. 2012 Jan.90 0. 9.20 0.29 0.52 0. Jun.92 -1.32 1 year 1.17 Dec.47 1.70 0.91 0.35 2.11 0.18 0. Dec.16 Sep.43 0.

00 -0.55 3.04 0.03 0.01 -0.29 0.13 1.60 3.94 1.57 -1.69 2.86 1.52 3.72 3.34 0.02 -0.89 1.21 -2.63 -1.14 0.95 1.32 0.75 0.91 1.55 -1.27 1.09 1.08 0.89 2.10 2.45 0.50 -1.05 0.10 0. Feb.48 -1.92 1.37 0.87 2.32 -1.44 1.04 0.44 1.04 -0.01 -0.15 1.09 0.00 0. Mar.75 3.84 Sources: ECB calculations based on underlying data provided by EuroMTS and ratings provided by Fitch Ratings.02 0.17 2.10 0.66 -1.07 0.01 -0.89 1.40 -2.05 1.30 0.07 0.95 0.76 0.57 -1.59 2.23 3.00 32 ECB • Statistics Pocket Book • January 2013 32 ECB • Statistics Pocket Book • January 2013 .60 -1.21 -0.59 -1.25 -1.90 -0.7 Euro area yield curves (AAA-rated euro area central government bonds.76 0.58 3.02 0.01 -0. Feb. Apr.27 0.05 0. spreads in percentage points) Spot rates Instantaneous forward rates 3 months 1 year 2 years 5 years 10 years 10Y-3M spread 2011 Nov.05 -0.50 9.04 0.24 3.96 -4. Oct.79 -1.17 0.87 5 years -0. Oct.03 0.10 3.22 2.07 0.03 -0.01 -0.87 -2.21 2.88 1.09 0.92 -10.39 0.04 0.01 0.62 -3.12 -0.00 0.90 1.98 -0.80 -2.60 2.49 2.03 0.92 -0.98 -4.67 2.01 1.66 -3.02 -0.94 1.80 -5.13 0.74 0.04 -2.95 0.06 -0.00 0.66 10Y-2Y 1 year 2 years 5 years 10 years spread 2. 4. end of period.11 0.03 0.65 0.17 0.26 4.98 -1.72 -1.22 -2.50 Sources: ECB calculations based on underlying data provided by Bloomberg. Apr.04 -0.76 1.07 2.53 1.91 -0.07 -1.46 -1.84 -0.71 0.20 0.49 -1.02 0.13 0.53 2.72 2.11 -0.38 0.16 -1.27 -0.60 -8.98 7 years -0.63 -3.24 2. Dec. May June July Aug.84 2.84 4.26 4.04 -4.08 -0.32 0.87 1.55 2.32 1.00 0.05 -1.08 -4.01 -0.21 0.41 -0.16 0.43 -5.9.74 0.91 1.84 -0.65 2.82 2.76 1.23 -1.16 -1.15 0. end of period) Euro area 2010 2011 2012 2011 Dec.07 3.72 2.06 2.02 -0.39 1.11 0.8 Spreads between swaps and government bond yields (percentage points.49 -1.45 -0.03 -4.39 0.82 3.00 0. Sep.69 -8.01 0.87 -5. 0. rates in percentages per annum.17 2.11 0.52 0.39 0.60 -0.15 -0.85 -1. Sep.40 -12. 2012 Jan.03 0.07 -1.47 1.09 -0.82 -0.15 1.02 0.53 -0.68 -0.01 0.09 0.12 2.36 1. Nov. 2 years -0.33 2. Dec.92 1. United States Japan 10 years 10 years 0.26 0.02 -0.17 3.66 10 years -0.77 -1.85 0.78 0.36 0.63 -1.62 -0.03 -1.20 -0.55 -0.26 0.87 1.09 0.22 2.03 0. May June July Aug.00 0.07 -0.03 -0.69 3 years -0. 2012 Jan.11 0.93 -1.65 2.87 1.06 4. Nov.56 1.64 3.07 0.11 0.01 0.09 0.23 -1.26 0.02 0.06 0.69 0.93 -3. Mar.69 -6.56 -1.41 0.80 1.97 2. Dec.40 -1.41 3.28 -1.

Europe Euro area United States Japan Dow Jones STOXX 50 Dow Jones EURO STOXX 50 Standard & Poor’s 500 Nikkei 225 Level 2.34 4.450 2.30 21.30 4.9.49 6. 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.395 1. period averages) Dow Jones EURO STOXX main industry indices 2010 2011 2012 2012 Apr.412 2.2 -17.2 2.1 13.4 1.949 8.438 1.199 2.6 18.258 2.9 2.81 -5.96 2.379 1.5 2.1 4.1 1.3 15.5 2. May June July Aug. respectively: 31 December 1991=1.21.521 2. Standard & Poor’s 500 and Nikkei 225 indices.468 2.307 2.17 -9.360 1.827 9. 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 .64 5.4 Level 10.63 12.5 19.3 12. and 16 May 1949=176.843 8. May June July Aug.514 2.0 Level 1.11 -2. period averages) 2010 2011 2012 2012 Apr.435 2.4 2. 9. 1) rates of change in percentages.Tech. 2) Values are based on the average daily implied volatility of the Dow Jones EURO STOXX 50.103 9.341 1.03 4.9 -20. 31 December 1991=1.67 7.rate of ity 2) change 3.761 8.9 Stock market indices (index levels in points.268 1.8 2.341 2.0 19.81 4.78 6.8 -5.317 2.541 2.10 Euro area sectoral stock market indices (index levels in points.140 1.59 5.386 1.4 2.412 2.060 9.6 -23.1 0.63 5.1 8.814 Annual Volatil.rate of ity 2) change 7. Dow Jones EURO STOXX 50.006 9. 1) The bases for the Dow Jones STOXX 50. Oct.17 9.9 1.8 2. Sep.8 -22.78 4. Nov. Sep.8 11.611 2.10 -1.6 2.72 8.2 2.11 15.425 9.72 7.09 -0.626 Annual Volatil.83 4.422 Annual Volatil.46 8.584 Level 2.85 4.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.323 1.554 2.35 5.950 8.638 8.46 5.74 1.6 9.7 5.531 2.443 1.22 5.4 23.627 8. Dec. Standard & Poor’s 500 and Nikkei 225 indices are.545 2.403 1.24 -12.0 -5.523 2. Dec. index: 31 December 1991=100.503 2.000.4 Sources: ECB calculations based on underlying data provided by Bloomberg and Thomson Reuters.rate of ity 2) change 8.425 2. Nov.63 5.65 8.7 14.26 4. Oct.153 2.779 2.88 5.24 -8.000. the period 1941-43=10.

Mar.31 1. May June July Aug.98 3.79 9. 1) For this instrument category.26 8.38 3.83 2.39 8.40 4.84 1. new business rates as period averages.80 3.25 8. Mostly end-of-period rates.61 3.62 1.82 2.47 0.21 3.05 2.44 0.96 1. unless otherwise indicated) To households 2012 Feb.55 0.14 3.04 2.90 Source: ECB.60 3.20 4.84 3.73 2.01 2.40 3.73 3.28 4.70 2.53 3.42 4.34 3. Sep.72 2.70 3.73 1.18 34 ECB • Statistics Pocket Book • January 2013 34 ECB • Statistics Pocket Book • January 2013 .73 2.26 3.50 3.74 2. Nov.58 2.82 1.14 4.80 2. 1) For this instrument category.76 2.77 3. May June July Aug.41 0.Redeemable night 1) at notice of up to 3 months 1) 0.93 3.39 4. new business rates as period averages.21 4.80 2.70 2. Nov. the interest rates on outstanding amounts and new business coincide.40 2.93 2.9.94 3.52 0.11 1.15 8.74 1.37 2.18 2.15 3.13 1. unless otherwise indicated) From households 2012 Feb.76 3.48 0.19 4.68 1.52 0.54 3.00 1.03 Source: ECB.79 1.56 2. Mostly end-of-period rates. Over.95 3.76 2.86 3.25 4. 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.54 0.56 2.59 0.22 2.96 2.88 2.87 3. 2) Data are end-of-period values and represent rates on outstanding amounts.65 1.43 With an agreed maturity of: Up to Over 1 Up to 1 year and up to 2 years 2) 2 years 1.17 3.08 4.12 Euro area MFI interest rates on loans (percentages per annum excluding charges.46 3.52 3.66 3.12 3.52 2.59 3.32 2.04 2.12 8.16 1.05 1.46 0. 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) 8.42 0.79 2.72 3.26 8.69 3.36 3.81 1.07 1.67 2.65 2. Oct.66 Overnight 1) 0.41 8.12 2.90 2.20 4.16 2.45 2.49 3.78 1.61 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 2.78 2.93 1.70 2.58 0. Apr.31 3.62 3. 2.49 3.46 0. 2.54 2.67 3.70 1.49 0.13 2.58 4.14 1.65 2.11 Euro area MFI interest rates on deposits (percentages per annum excluding charges.46 3. 2) Data are end-of-period values and represent rates on outstanding amounts. Apr.69 2.85 3.96 3. the interest rates on outstanding amounts and new business coincide.61 3.45 0.76 1.51 0.40 1.89 2.72 2.29 4.45 0.75 2. Sep.21 3.91 3.10 1.89 1.67 3.48 0.18 4.04 7.46 4.60 4.66 2.14 8.26 1.60 3.31 2. Mar. Oct.81 2. Maturity over 5 over overdrafts.21 2.

05 0.30 1.81 2007 2008 2009 2010 2011 427 750 856 1.93 46.09 0.09 398.04 3.92 0.26 31. a card or computer).800 18.94 367.66 475.22 43.718 31.43 44.48 2007 2008 2009 2010 2011 15.125 3.21 14.06 0.025 1.49 66.676 15. is a monetary value.922 199.24 404.60 3.688 111.002 1.10 1.58 56.77 10.68 1.57 5 17 21 28 38 5 17 21 28 38 0.83 2.740 118.30 13.001 18.66 43.129 1.452 15.75 51.472 355.134 8.05 10.13 73.59 63.255 21.78 55.124 22.640 1.22 40.782 1.350 9.01 0.27 68.563 17.26 3.232 1.177 21.59 47.705 15. or electronic money.22 1.625 22.732 16.915 2.46 3.40 16.61 43.90 35.025 15.657 34.59 13.10 12.10 3.484 29.55 3. which is stored on an electronic device (e.83 47.155 52.98 1.427 5.36 52.004 4.42 3.97 31.1 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 14.93 2.080 42.62 44.74 10.056 18.282 16.336 1.70 1.291 1.09 0.329 1.711 1.33 50.238 5. represented by a claim on the issuer.685 16.006 4.438 4.51 113.09 18.629 1.33 2.62 565.34 2.499 111.648 6. ECB • Statistics Pocket Book • January 2013 35 ECB • Statistics Pocket Book • January 2013 35 .17 4.642 1.07 2007 2008 2009 2010 2011 4.93 2007 2008 2009 2010 2011 544 528 445 404 433 545 541 458 416 446 1.367 14.178 37.35 1.83 0.76 12.64 1.091 1.13 58.73 40. 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.90 44.47 39.06 0.01 0.333 5.67 2.31 3.36 59.102 13.35 5.428 23.823 14.04 0.36 2.81 0.22 62.65 18.800 236.146 1.95 16.10 Payment and settlement systems 10.73 28.50 361.266 488 836 915 1.89 1.17 2.469 20.676 1.867 5.04 3.897 16.98 3.020 22.043 5.11 0.105 19.71 54.494 16.166 49.76 11.631 14.198 280.46 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.29 3.08 13.682 213.720 4.44 339.081 5.136 1.668 1.45 3.25 3.85 9.66 49.425 18.54 11.722 120.664 4.21 6.98 9.717 1.05 424. 1) E-money.94 42.874 3.159 20.64 50.95 54.03 0.56 49.13 31.96 12.858 24.933 21.85 15.62 42.88 936 960 1.41 338.482 6.030 6.616 14.97 12.898 45.660 22.597 6.256 202.g.71 3.195 27.103 19.496 20.26 2.074 1.

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.824 -10.666 161.091 11.39 2.25 0.421 18.134 536.44 13.878 10. HICP adjusted) -10.232 414 356 418 -92.28 626 493 512 537 -48.56 -6.97 73.06 -15.204 62.28 1.85 4.482 10.440 651.537 113.020 24.62 9.791 182.68 2.15 -1.371 -7.85 142.04 1.886 2.98 3.55 2.59 19.881 -4.90 145. 36 ECB • Statistics Pocket Book • January 2013 36 ECB • Statistics Pocket Book • January 2013 .75 1.68 -10.512 1.64 3.30 3.09 -12.16 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 52.321 18.42 20.10 -9.846 19.752 8.64 2.28 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.065 28.10 0.33 -0.908 11.92 -1.917 9.88 -1.19 1.95 611.53 0.87 14.71 -0.426 65.208 64.381 3.98 2008 2009 2010 2011 26.99 4.09 15.56 -1.340 28.90 5.032 631.805 112.45 7.66 0.87 -13.22 9.01 -6.65 1.72 -15.403 27.278 8. in the United States.77 26 25 25 25 -13.22 -21.14 -21.85 -66.10.69 2008 2009 2010 2011 10.11 32.143 120.47 18.637 131.

7 12.1 4.3 -0.5 -0.9 2.0 2.7 7.9 -2.9 -3.2 -0.6 -3.7 146.3 9.credit debt 2) sector ment ment deflabour ption.5 -10.9 5.7 2.2 -6.6 8.6 42.6 69.8 -57. 2) 1) Internal imbalances Real Export Nom.8 0.3 3.4 23.8 -1.3 -0. 7) Year-on-year percentage change.2 6.share 5) unit consum.5 81.8 132.5% +15% +160% +16.5 6.9 43.1 -105.5 224.House Private Private Finan.6 -0.4 4.3 0.1 LT 0.8 -10.4 125.3 76.2 -7.4 85.3 -0. 1) Data may differ from the European Commission’s Alert Mechanism Report as a result of revisions.3 1.6 8.9 7.0 18.8 6.8 4. 6) Three-year percentage change.3 1.3 +6% -9.3 -15.3 4. ECB • Statistics Pocket Book • January 2013 37 ECB • Statistics Pocket Book • January 2013 37 .4 38.0 -1.5 2.8 -2.7 -1. sector sector cial governloyHICP.4 -41.6 13.3 70.7 160.1 Scoreboard for the surveillance of macroeconomic imbalances 2011 External imbalances/ competitiveness indicators Current account balance 2).1 46.1 70.2 -2.2 Thd8) -4/+6% -35% +/-11% -6% +12% -0.5 107.4 3.1 1.1 IE 0.6 4. 2) As a percentage of GDP.0 78.3 178.4 -13.4 -71.3 -7.3 RO -4.3 208.4 11.1 1.2 6.4 128.1 -18.5 8.3 40.8 6.5 74.1 18.6 235.debt 2) rate 3) lated 4) costs 6) defties 7) lated 7) Euro area BE -0.6 -3.5 -2.9 206.0 SI -0.1 -73.1 167.6 3.8 -64.2 19.3 CZ -3.0 -5.9 PT -9. 8) Threshold.3 DK 5.9 309.flow 2) liabili.9 -6.0 2.1 -3.1 -5.4 4.0 9. A positive value indicates a loss of competitiveness.4 3.8 6.6 26.9 1.0 0.8 -1.0 +60% +10% -6.9 9.2 -0.3 -24.9 32.3 DE 5.0 8.9 12.2 0.7 4.9 7.2 30.6 MT -4.5 -2.0 4.7 71.9 3.6 -105.1 -1.0 -8.9 EE 2.5% +60% 7.4 -64.8 -0.4 -86.9 -7.2 -10.5 35.0 SE 6.0 -96.4 170.3 -1.3 128.5 13.3 -0.2 11.1 16.9 2.9 6.7 -4.9 65.4 -0.0 IT -2.7 230.2 1.2 8.6 24.4 4.7 PL -4. 3) Three-year average.1 7.0 GR -10.0 -11.9 -20.1 4.7 9.6 3.6 -4.0 27.3 1.3 5.8 4.0 -5.0 326.5 6.0 -52. 5) Five-year percentage change.8 5.8 AT 2.5 -1.4 UK -2.8 1.1 13.1 -2.0 -4.4 3.4 FI 0.3 65.7 LV 3.3 49.8 NL 7.4 108.4 33.8 97.4 7.4 7. 3) Net i.7 -0.9 217.6 15.1 3.4 13.6 4.General UnempEER.3 -5.4 HU 0.8 +15% +160% +16.9 160.6 -7.4 8.1 3.i.8 -7.1 8.3 -91.1 15.9 -3.5 -10.0 -8.6 1.0 3.8 4.0 120.9 -8.7 13. market inal prices.4 -4.1 -18.4 -85.3 86.5 1.11 Selected indicators for EU Member States 11.1 17.7 2.1 236.7 6.1 -17.9 1.9 -2.2 -13.6 -63.4 56.8 LU 7.6 -3.9 -10.6 10.4 5.1 -12.1 -24.3 -1.1 ES -4.3 -4.9 20.1 -10. 4) Three-year percentage change relative to 35 other industrial countries.p.8 6.7 -18.6 5.7 7.0 -9.6 -15.8 46.1 FR -1.6 4.5 72.7 127.1 Thd8) -4/+6% -35% +/-5% -6% +9% Non-euro area BG -3.4 CY -8.6 284.7 249.3 SK -2.1 -4.9 3.8 4.3 4.1 -8.7 9.9 -17.1 106.0 -3.2 -2.5 128.1 +10% Sources: European Commission (Eurostat and DG ECFIN) and ECB.6 4.4 +6% 11.9 4.3 79.6 3.9 14.3 3.2 -5.8 0.8 80.2 38.0 -49.7 -16.5 9.2 4.1 7.6 -2.0 -5.

1 3. .1 NL 4.5 100.1 0. 2012 Nov.0 2) .9 2. .5 2.5 3. 2012 Dec.2 1.0 5.4 8.8 12.9 2.9 2.4 HU 1.6 IT 18.4 2.3 1.7 4.4 2. 2) Flash estimate.4 2. .3 1.7 1.9 *) 1.5 EE 0.6 4.3 2.2 1. 2.6 10. . 2.6 3. .0 3.5 5.9 UK 15.9 3.4 4.7 6.1 4.6 2) .6 2.7 1.7 2.4 2.4 3.2 4.4 2.1 1.2 2. .2 3.6 1.4 RO 1.6 2.9 3.6 1.9 1. . .2 2.2 4.4 DK 1.1 1.3 2. .8 2.9 3.3 **) 6.8 2.2 3. . .0 1.4 SI 0.8 2.1 1.2 2. for further information see page 6.8 1.4 *) 1.0 2.4 0.1 11. 2.6 0.6 3.1 3.5 2.6 2. 1) Non-euro area countries: percentage share in the EU total. . . 2.9 1. 3.2 6.0 3. as well as early information on energy prices.6 2. .5 3.0 1. .0 0. .2 -1.1 LV 0. .2 2.6 3.2 2.9 2.2 2) . .2 3. .5 2.2 15.0 BG 0.9 3.1 1. 2. .6 2. .4 5.4 3.6 1.1 PL 5.9 2. .2 1. .1 2) .4 SK 0.1 3.5 2.1 8. 2.3 MT 0.5 DE 26.1 IE 1.3 2.8 Euro area 3)100.1 2.7 4.2 2010 2.2 2.3 2.2 2. 38 ECB • Statistics Pocket Book • January 2013 38 ECB • Statistics Pocket Book • January 2013 .7 FI 1.6 2.4 GR 3.4 2.2 4. .0 4.8 2.4 4.1 1. .2 1. . .0 6.0 EU 3) 1.5 3.6 3.11.6 2.5 2.1 2.7 3.7 1.6 4. **) Data for 1998-2000.7 2. Euro area: estimate based on provisional national releases (which usually cover around 95% of the euro area).0 *) 64.7 3. Sources: Eurostat and national data.0 1.7 2. . .8 1. 2012) 1996-00 2001-10 BE 3.9 1.4 2.1 1.3 2.8 3. *) Data for 1997-2000.7 2.1 PT 2.2 *) 1.4 FR 20. 3) Data refer to the changing composition of the euro area and EU.7 2.0 5.7 -1.1 4.7 1.2 1.1 2.7 3.7 2.2 3.7 CZ 1.8 1.2 CY 0. .3 *) 8. .1 2. .0 1. 3.2 LT 0.3 2.2 3.6 .4 2.2 2.2 2.2 HICP (annual percentage changes. .1 2012 2012 Oct.1 1.6 SE 1.2 8.7 2.6 2. .9 5.1 2.1 0.6 3. . 2.8 2.2 2.8 5.3 ES 12.9 . .6 4.6 2.5 3.9 3.1 2011 3.6 1.3 LU 0. .5 2.1 .5 . . .3 2.1 3.9 AT 3.8 .5 3.6 2.9 3.7 2. unless otherwise indicated) Share 1) Average Average (%.

4 2.4 -5.3 -0.9 1.4 5.9 DE 2.5 4.7 1.1 2011 2012 Q1 2012 Q2 2012 Q3 1.996.8 -6.6 3.6 0.0 1.5 5.4 1.7 0.5 MT 6.9 5.9 -0.5 -1.5 0.3 3.6 1.7 100.0 1.1 -0.4 4.0 0.0 3. 1) Current prices.7 0.6 3.2 PT 171.1 UK 1.9 1. 2) Non-euro area countries: percentage share in the EU total.1 1.5 1.9 3.0 100.5 EE 16.1 0.3 4.1 5.1 -3.6 -0.3 -0.1 2.8 SI 36.1 -6.0 -2.7 1.2 -1.7 -0.5 0.7 FI 189.579.6 1.4 1.7 1.7 -2.0 -6.0 -1.6 -5.8 0.4 -0.3 2.8 0.2 3.2 0.4 0.6 4.0 -1.9 2.3 3.1 2.3 1.9 1.2 5.5 -0.7 -0.0 Euro area 9.1 0.0 -3.8 0.5 -2.6 0.1 2.6 2.8 3.0 SE 387.2 1.3 2.7 1.8 PL 369.9 1.9 1.2 LT 30.7 2.3 2.0 -3.6 -14.3 CZ 156.4 11.7 1.5 0.11.3 0.5 1.7 -2.0 8.7 4.5 1.3 3.6 2.3 1.8 0.5 2.2 0.2 -0.7 0.1 .4 -4.3 0.8 1.3 -1.9 1.5 2.8 2.6 0. 3.9 5.2 -1.5 0.2 2.0 1.4 -2.7 -4.6 27.9 1.3 GDP (annual percentage changes in volume and quarterly data seasonally adjusted.5 1.7 -0.1 -0.5 -1.5 3.1 -0.1 3.4 1.3 FR 1.6 1.8 1.1 0.0 -5.5 3.6 4.4 1.8 -4.8 CY 18.9 LV 20.9 2009 1.7 1.8 EU 12.642.0 2.9 3.2 LU 42.9 -1.0 0.4 4. 4.4 -2.1 -6.2 -1.4 -4.5 0.2 IE 159.8 2.2 4.5 0.4 Source: Eurostat.0 0.421.3 2010 2.4 2.1 NL 602.6 4.7 -8.0 2.5 2.7 2.9 2.3 -1.7 0.0 BG 38.3 2.9 6.2 2.0 -0.2 4.7 3.0 6.7 10.2 ES 1.1 0.9 2.7 3.2 DK 240.9 RO 131.6 21.8 3.8 6.3 1.5 -3.747.9 -1.4 2.5 1.592.5 -1.4 SK 69.3 -0.2 HU 99.6 2.4 2.1 5.8 2.5 -3.5 0.2 -5.3 1.2 3.1 -5.7 6.7 -5.5 3.3 0. ECB • Statistics Pocket Book • January 2013 39 ECB • Statistics Pocket Book • January 2013 39 .4 AT 300.6 -0.0 1.7 0.2 -0.7 -3.3 -1.8 4.7 1.3 -0.2 0.9 1.3 1.7 GR 3) 208.1 1.9 2.2 4.7 -6.7 -2.4 -14.063.4 -7.4 3.2 -4.1 2. 3) Quarterly data unadjusted.3 -3.1 13.8 -4.9 1.1 3.9 -0.8 0.5 0.0 3.9 1.1 -2.3 -2.8 2.6 0.2 IT 1.4 4.6 0.8 3.8 3.0 1.1 -2.1 0.3 -0.8 -1.6 -17.7 0.7 16.7 -7.9 1.4 0.3 -0.4 .2 4.7 -1.3 -0.8 -4.7 1. unless otherwise indicated) GDP in 2011 1) EUR Share 2) Average Average billions (%) 1996-00 2001-10 BE 369.1 1.

6 80.2 16.7 30.7 16.1 18.9 30.6 68.7 5.8 23.2 60.9 19.4 72.0 73. 1) GDP in Purchasing Power Standards (PPSs) in euro.1 15.5 -35.4 18.5 1.4 33.7 -26.11.7 31.6 26.4 67.2 14.1 -7.9 20.7 31.4 34.9 14.6 71.3 66.7 3.5 63.2 64.9 66.2 9.1 17.1 32.2 -34.0 11.7 Services 76.4 5.0 22.3 6.2 41. 2) Deviation (in percentages) from euro area GDP per capita in PPSs. For non-euro area countries.0 Agriculture.7 16.8 0.0 0.4 1.6 2.5 4.3 17.3 31.6 1.6 -12.8 2.8 30.6 17. 40 ECB • Statistics Pocket Book • January 2013 40 ECB • Statistics Pocket Book • January 2013 .2 1.7 22.0 21.3 28.9 26.2 30.6 1.0 24.0 72. deviation (in percentages) from EU GDP per capita in PPSs.8 71.3 21.0 24.1 21.6 6. forestry and including fishing construction 0.6 2.2 10.6 3.5 79.2 2.0 21.6 12.9 -19.9 60.5 4.3 15.6 26.2 28.1 7.0 9.5 73.4 2.2 31.6 -34.4 76. calculated on the basis of PPP rates relative to the euro area (Euro 17 = 1).8 29.3 17.9 12.6 1.3 -22.0 28.0 2.0 80.0 27.1 27.8 19.6 25.1 37.5 36.1 30.6 69.7 35.0 31.3 0.1 -9.1 82.6 70.0 19.8 27.3 5.4 26.4 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) 33.0 33.8 10.1 35.3 25.8 85.6 Sources: Eurostat and ECB calculations.3 33.9 35.0 51.6 -21.8 15.6 150.3 80.0 41.7 0.5 73.5 69.1 3.1 0.0 26.8 28.9 1.4 31.2 65.2 10.8 25.6 -37.4 2.9 63.0 18.5 23.3 -28.2 24.7 11.7 8.8 25.3 12.3 1.9 25.3 23.6 33.8 70. Industry.9 76.9 3.6 -32.9 43.0 -53.1 -41.8 0.6 36.1 31.6 -52.8 20.7 24.7 1.0 22.

6 1.8 1.7 1.4 -3.7 4.4 SK 0.6 GR2) ES 11.6 4.3 0.7 2.4 -0.1 3.7 2.6 4.3 4.0 NL 6.5 1.0 1.2 12.3 0.4 2.0 4.3 3.4 0.6 -0.6 3.4 1.5 5.2 -0.9 5.1 7.0 0.6 -0.3 2.5 2.3 6.2 -0.5 1.9 0.5 2.1 1.6 0.4 MT 0. ECB • Statistics Pocket Book • January 2013 41 ECB • Statistics Pocket Book • January 2013 41 .7 0.7 3.6 1.2 PT 1.3 2.7 10.5 1.9 3.6 2.7 .0 4.3 0.9 2.9 -7.6 1.9 4.4 5.9 5.3 3.3 0.9 -0.2 1.4 2.3 -1.1 LV 0.2 -6.4 3.7 3.4 0.7 -0.5 6.5 2.9 7. annual percentage changes.9 2.4 -5.5 0.8 SI 0.3 1.1 DE 28.5 5.5 1.1 -6. 1) Country shares are based on compensation of employees.6 3.5 1.6 2.0 3.5 3.1 0.2 5.2 -0.8 1.9 3.4 1.2 BG2) CZ 1.4 -6.1 Euro area 100.0 -1.3 1.3 3.1 1.9 0.3 UK 15.2 1.8 -6.6 5. unless otherwise indicated) Share 1) Average Average (%.7 0.0 -1.1 2.9 95.4 5.7 3.0 2009 3.1 -1.0 -1.2 2.3 1.1 2.0 3.7 -3.4 -0.2 1.2 2.1 13.0 3.3 -1.8 1.4 CY 0.5 Unit labour costs (whole economy.5 0.2 3.9 2.6 -0.3 5.7 1.5 2.4 -3.9 3.3 2.1 3.6 1.1 LU 0.9 2012 Q3 3.9 5.7 0.3 3.1 1.8 RO2) SE2) 3.0 -5.0 0.0 .9 -0.7 -5.8 6.0 4.1 Sources: Eurostat and ECB calculations.4 3.0 4.1 0.2 0.3 -1.0 3.2 IE 1.9 1.0 6.1 1.6 2.8 0.0 1.0 FR 23.0 -1.8 3.8 2.4 -1.5 2.4 4.3 1.1 EU 100.3 7.2 1.6 7.0 2.6 4. 1.3 4.0 .0 1.3 2.2 -10.3 2011 2.4 1. 1.5 1.1 -2.7 2.4 1.4 -0.7 6.3 -1.5 1. Non-euro area countries: percentage share in the EU total.2 5.1 IT 14.7 1.6 1.0 0.9 -1.9 -1.6 -0.6 1.6 0.5 2010 -0.7 -0.11.8 5.3 2.0 2012 Q1 3.5 3.7 1.2 5.4 1.8 4.9 -3.8 -1.4 3.6 AT 3.4 1.8 0.7 1. 2.5 5.0 2.1 DK 2.4 2.6 FI 2. 2011) 1996-00 2001-10 BE 4.6 0.2 1.9 3.1 5.7 EE 0.7 13.2 HU 0.1 LT 0.7 6.0 0.4 2.7 -2.3 1.6 -0.1 2012 Q2 4.3 4.7 9.1 8.9 4.0 7.9 -2.7 2) PL 2.3 1. 2) Quarterly data unadjusted.9 1.6 -1.7 2.6 -0.

3 122.1 149. 101.3 100.0 92.5 117.7 91.6 88.3 98.4 99.9 192.3 109.3 126.9 108.6 Source: ECB.7 2010 101.8 130.1 111.5 -1.1 128.2 96.3 103.6 -1.8 106.0 100.1 -3.5 -1.2 118.2 78.4 -1.7 92.3 82.9 99.5 99. 1) For the non-euro area EU countries the real effective exchange rate of the euro vis-à-vis 40 trading partners is displayed.6 122.9 191.0 99.1 98.5 102.9 -2.2 88.6 147.9 42 ECB • Statistics Pocket Book • January 2013 42 ECB • Statistics Pocket Book • January 2013 .0 144.2 107.9 95.1 131.8 115.9 97.4 97.7 111.7 109.3 -2.1 102.4 104.0 100.0 -2.0 139.5 104.3 152.0 121.9 191.7 1.9 -1.1 -3.1 107.1 108.8 144.3 93.5 94.6 98.1 116.8 98.2 102.6 108.4 94.4 -3.4 88.8 107.1 94.8 94.1 103.8 103.4 133.2 109.0 106.6 122.11.9 93.6 127.3 135.8 101.7 151.7 106.2 92.7 98.0 100.6 103.3 99.0 93.1 150.0 -1.2 94.9 152.1 108.4 100.2 140.3 134.2 103.8 103.1 96.9 -4. A positive change points to a decrease in price competitiveness.9 129.2 103.4 -2.6 104.7 82.4 97.4 140.1 106.5 106.4 -2.8 105.4 109.3 117.6 190.5 95.6 3.7 110.8 97.3 -4.3 115.9 5.7 191.8 105.9 95.9 133.6 97.9 115.2 100.3 108. % change versus previous year 2012 Nov.8 141.8 125.2 94.4 98.2 121.5 99.3 102.5 92.0 78.5 106.1 105.4 9.9 105.6 -0.6 149.7 186.8 87. -2.4 92. 2012 Nov.4 140.7 117.4 148.5 106.5 103.9 116.0 121.8 104.7 -3. 2012 Oct.3 152.5 96.5 155.0 101.2 116.8 -1.5 122.2 108.8 150.6 95.6 91. 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 97.6 102.4 108.5 83.6 107.9 108.4 107.3 130.4 100.8 109.5 100.4 150.2 102.2 -4.1 2011 2012 Sep.8 97.6 Harmonised competitiveness indicators and real effective exchange rates based on consumer price indices 1) (period averages.8 148.8 -2.6 152.6 -2.4 102.2 95.8 104.1 122.4 104.9 98.5 119.7 96.5 100.0 129.7 112.9 90.8 92. 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 101.0 133.2 117.3 104.7 98.2 106.7 115.1 100.4 95.2 110.6 92.8 96.0 141.6 -1.1 109.

1 -1.0 1. .7 -2.1 13.1 -0.0 1.3 1.7 2.7 0.4 1.9 -7. .6 0.8 7.4 1.3 0. 1. .5 0.0 -0.8 0.0 100.3 -0.3 0.7 -1.3 2.3 CZ 10.5 0.3 0. . .8 2.5 -1.2 -0.0 -2.1 -0.0 DE 81.8 -4. .4 0.6 -1.5 DK 5. .3 -4.9 -1.6 0.1 SK 5.4 0.9 1.2 -8.0 -0.2 -0.3 1.3 0.4 0.9 3.2 0. .6 1.4 -8.0 0.3 0. .6 0.7 0.5 0.1 28.4 0.9 -0.2 3.6 -1.8 -0.2 -4.4 RO*) SE 9.1 -4.4 1. . .1 -0.1 -0.6 1.4 PT 10.5 2.5 0.11. 0.1 FR 65.8 2.2 4.2 0. 2) Quarterly data unadjusted.7 CY 0.5 -0.1 -1.0 1.1 5.8 -2.2 0.2 -0.5 0.2 -1.2 -0.4 3.0 1.6 18.6 1.1 LT 3.2 -0.1 -5.6 0.0 PL 38.1 0.3 16.1 2. .4 Euro area 332.2 -1.5 MT 0. unless otherwise indicated) Population Employment Share 1) 2011 (%.0 -0.4 BG 7. 1) Non-euro area countries: percentage share in the EU total.8 -2.5 0.9 -5.2 3.0 0.8 1.8 2.5 11.4 NL 16.5 -4.8 0. .8 -5.5 -2. .7 0.0 0.7 -2.7 100.4 2011 1.7 -0.1 0.4 0.1 0.7 -1.2 -0.3 1.4 0.3 0.6 1.2 -0.3 0.4 UK 62.3 1.5 -0. Average Average (millions) 2011) 1996-00 2001-10 BE 11.5 21.0 1.7 2.4 -0.8 -1.9 2.2 4.9 0.0 .6 -0.2 -0. . .1 2.3 Source: Eurostat.1 0. *) Population data refer to 2010.8 1.1 1.8 -0.8 -3.9 -0.8 0.5 -1.0 12.7 AT 8.9 1.3 0.6 1.9 LU 0.3 0.1 0.5 2.3 0.6 3.4 0.3 2012 2012 Q1 2012 Q2 2012 Q3 .2 0. .1 -0.9 2. .0 HU 10.2 0.8 1.5 1.6 0.1 2.5 -2.6 0.7 EU 502.3 2.6 -2. .0 0.0 0.9 0.1 -0. .9 1.6 1.4 0.3 -0.7 0.1 2.6 0.6 2010 0.0 5.3 -0. .8 0.2 -3.9 -4.3 0.3 0.2 IT 60.3 0.6 1.8 3.7 0.9 -4.7 1.5 -4.1 0. .4 7.6 -4.9 0.9 0. ECB • Statistics Pocket Book • January 2013 43 ECB • Statistics Pocket Book • January 2013 43 .8 EE 1.4 FI 5.7 SI 2.5 3.5 -1. .0 1.2 -2.2 -0.2 0.1 3.9 -8.2 -0.7 0.0 1.1 1.2 1.9 2.5 0.3 1.2 -0.6 LV 2.5 -0.5 -0.7 -1. . . 0.0 -2.7 1.7 Population and employment (annual percentage changes.0 0.4 -5.3 GR2) ES 46.4 -9.1 -0.2 0.5 0.1 1.6 0.3 IE 4.1 .0 1.5 0. .3 -4.2 2.

2 15.4 10.8 10. 2.6 4.8 13.8 5.4 7.6 . 26.4 5.9 6.3 7. Average 2001-10 7.5 4.7 4.5 2.5 19.4 12.6 6.6 7.1 7.6 1.2 5.4 10.3 100.8 12.2 6.6 10.9 12.6 6. 14.7 8.9 12.0 .5 13. 44 ECB • Statistics Pocket Book • January 2013 44 ECB • Statistics Pocket Book • January 2013 .8 10. 1) Non-euro area countries: percentage share in the EU total.4 5.8 12. 10.5 8.7 7.9 10.7 7.5 16.0 8.4 11.0 9.4 4.4 10.8 6.2 9.8 7.1 8.3 7. .7 .4 14.7 8.6 8. .3 8.3 15.3 7.5 14.0 2010 8.8 5.1 6.9 7.2 9.1 16. 5.1 13.5 1. 4.6 16.5 .5 4.6 12.9 5.4 7.6 10.2 13. 8.0 5.6 6.9 8.2 17.8 26.9 .1 15. .3 7.9 7.0 6.1 4.3 11. 11.9 13.1 6.7 9.2 .0 9.8 6.6 5.1 6.9 9.0 8.6 14.6 2009 7.9 11.1 .0 .1 6.8 18.9 8.9 12.8 7.7 5.8 8. 26.0 0.5 11.0 7.3 9.4 11.5 31.1 7.8 11.5 10.5 8.1 0. 10.3 6.6 .2 7.1 6.4 0. 2012 Nov.9 4.5 14. 7.7 21.9 7.4 9.1 . 2011) 1996-00 BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU 2.0 11.8 10.0 5.9 5.3 7.4 9.5 7. unless otherwise indicated) Share 1) Average (%.4 16.0 7.1 0.5 6.0 18.5 10.7 Source: Eurostat.5 4.4 .7 17.0 25.0 5.8 12.1 9.4 7.1 2.2 13.2 10.8 10.3 14.2 8.9 7.3 9.6 7. 12. 7.6 8.8 10.0 100.11.0 9.4 7.8 Unemployment (as a percentage of the labour force.7 14.0 7.6 0.6 4.4 7.1 7.5 18.3 7.7 .1 3.5 7.4 6.8 9.5 5.6 7.3 7. 12.6 11.6 9.0 8.5 14.4 5.5 2.8 12.6 20.3 9.0 11.2 0.7 6.6 2012 Oct.1 10.6 2011 2012 Sep.4 1.4 7.7 7.4 .2 12.2 7.1 .3 7.9 .7 8.4 14.8 5.4 4.2 5. 8.2 3.7 12.2 9.9 10.8 11.9 4.0 5. 10.4 8.2 11.8 4.3 1.7 1.9 4.0 9.1 14.0 7.5 4.0 1.8 10.7 .2 1.0 2.9 3.1 8.1 12. 7.6 14.8 11.4 16.8 15.4 4.

2 -4.2 0.5 -9.2 -0.2 0.1 -1.6 0.8 1.6 -3.1 -3.1 -2.4 -4.1 -0.0 -0. For non-euro area countries.7 -4.9 -1.7 -0.5 0.1 -0.0 -13.5 -5.2 -0.7 -2.6 -7.0 0.5 -5.4 2009 -5.3 -5. while the absence of a sign indicates that a country’s surplus improves the aggregate deficit/surplus.7 -7.5 -3. 1) A minus sign indicates that a country’s deficit worsens the aggregate deficit/surplus.8 -2.4 -6.1 -4.4 -2.4 -5.4 -9.7 0.2 -6.1 -0. Sources: Euro area and EU data: ECB.7 -4.6 0.5 2011 -3.5 -4.8 -3.6 -1.2 -7. -3.1 -9.1 -2.5 -6.3 -0.9 General government deficit/surplus (as a percentage of GDP.5 -0.1 -4.0 0.1 -4.0 0.9 -3.5 -0.0 0.9 -2.0 -0.1 0.7 -9.0 -0.2 -30.8 -4.1 -4. countries’ deficits/surpluses: European Commission.9 0. four-quarter moving sum for quarterly data) Contribution 1) (percentage points.8 -4.0 -0.3 -4.1 -2.3 -2.3 -3.6 .0 -1.3 -2.5 -3.4 2012 Q2 -3.9 -7.9 3.2 -3.6 -11.4 -4.0 -8.5 -6.1 -2.4 -5.7 -5.5 -2.1 -2.7 .4 2008 -1.3 -5.8 -5.0 0.0 -1.9 -1.4 -9.8 0.8 -4.0 0.9 -2. 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 -0.7 -11.4 -9.7 -2.2 -6.9 -6.8 -4.1 1.0 -4.0 0.8 -9.0 -0.4 -9.5 -6.5 -8.2 -4.7 -2.8 -6.4 -4.0 0.9 -6.4 -6.1 -7.2 -6.8 -2.5 -3.3 -0.1 -0.4 -7.4 -3.4 -7.1 .2 -1.9 2010 -3.7 -7.3 -10. the respective countributions to the EU total are shown.9 -5.0 -3.6 -5.3 -1.2 3. unless otherwise indicated.3 -0.9 -0.1 4.6 -4.0 -13.1 -10.7 2.0 -8.11.1 0. 0.9 -4.5 4.7 -4.1 0.7 -9.2 -3.2 -5.9 -10.7 -3.8 -3.2 -3.8 -3.0 -2.9 -15.1 -13.2 -4.0 -5. ECB • Statistics Pocket Book • January 2013 45 ECB • Statistics Pocket Book • January 2013 45 .0 0.6 -5.6 -4.

9 129.6 48.2 40.0 27.8 AT 2.2 37.6 36.9 70.6 85.5 81.3 86.0 82.4 77.0 14.6 2010 95.7 71.8 30.4 38.0 2008 89.3 67.6 37.3 16.3 119.9 14.0 126.8 42.5 80.5 6.1 46.5 39.2 2009 95.4 19.1 50.6 DK 1.9 33.5 82.7 33.0 2011 97.7 53.6 69.0 58.0 91.6 PT 2.3 79.0 CY 0.1 HU 0.6 42.8 54.0 47.8 69.2 148.1 CZ 0.1 Euro area 100.3 68.7 EU 100.1 84.4 SE 1.4 170.2 35.0 48.2 SK 0.9 23.9 44.1 18.2 LU 0.0 BG 0.8 71. unless otherwise indicated) Share 1) (%.10 General government debt (as a percentage of GDP.6 67.7 57.8 52.1 106.9 79.3 85.4 62.1 72.0 IE 2.7 PL 1.0 35.3 ES 8.5 82.2 75.8 RO 0.2 64.3 40.7 29.2 116.5 7.5 79.4 56.4 UK 14.2 38.4 16.4 33.2 66.6 34.6 60.5 44.0 87.5 72.3 76.6 41.4 DE 25.3 111.8 50. 2011) BE 4.2 83.3 70.0 93.7 74.4 58.4 108. countries’ debt: European Commission.1 NL 4.4 FI 1.0 120.5 82. 1) Non-euro area countries: percentage share in the EU total.3 49.9 40.9 65.5 144.2 13.8 74.3 63.3 19.0 46.5 15.6 43.5 73.0 40.1 51.6 16.9 81.7 22.0 35.3 61.1 48.2 68.3 20.11.2 SI 0.4 80.5 2012 Q2 102.5 63.7 91.8 .5 38.7 28.2 61.1 LT 0.7 92.0 GR 4.9 FR 20.5 44.1 MT 0.5 6. Sources: Euro area and EU data: ECB.8 IT 23.4 38.1 LV 0.8 4.8 46.8 7.1 117.8 15.6 42.5 37.9 43.7 43.3 62.2 68. 46 ECB • Statistics Pocket Book • January 2013 46 ECB • Statistics Pocket Book • January 2013 .2 106.1 13.4 85.8 80.9 76.5 112.2 EE 0.

2 41.3 51.7 43.0 44.1 54.8 43.4 44.1 2.0 43.6 51.1 42.7 47.0 49.2 52. 50.0 0.3 34.6 37.6 36.9 49.6 43.1 37.1 48.4 41.3 45.1 1.7 40.4 44.8 0.5 49. 39.0 37.8 50.4 46.5 45.8 49.8 45. Sources: Euro area and EU data: ECB.2 39.6 50.9 46.6 48.11.5 50.0 2008 49. unless otherwise indicated.2 42.5 53.5 56.2 .2 13.1 2012 Q2 53.7 54.5 50.6 41.6 54.3 51.3 50.7 38.3 56.1 39.1 41.2 43.1 51.6 41.2 0.6 2.1 39.2 37.3 40.0 42.2 45.6 51.1 51.8 44.4 0.6 2.2 1.3 59.6 49.4 3.2 0.2 49.2 25.2 47.3 10.1 51.2 0.2 43.4 43.0 16.4 50.6 0.2 54.4 40.11 General government expenditure (as a percentage of GDP.5 47.4 43.5 46.3 43.8 45.7 57.7 47.3 51.5 49.0 2010 52.1 38.2 49.2 56.1 50.7 49. four-quarter moving sum for quarterly data) BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU Share 1) (%.4 46.1 51.7 40.5 35.6 2011 53.8 49.1 2009 53.2 44.6 43.8 49.6 42.5 39.1 37. 1) Non-euro area countries: percentage share in the EU total.8 44. ECB • Statistics Pocket Book • January 2013 47 ECB • Statistics Pocket Book • January 2013 47 .1 0.8 51.4 37.6 43. countries’ expenditure: European Commission.3 44.3 48.4 0.3 50.7 100.4 52.9 51.8 49.3 56.5 48.7 51.3 49.8 46.2 48.9 51.5 49.8 3.8 2.8 51.9 46.8 42.2 52.3 1.2 42.3 24.0 55.7 66.8 37. 2011) 4.0 58.0 46.1 6.3 38.9 47.8 36.9 .2 0.0 38.2 100.1 43.5 51.9 0.0 51.4 49.3 48.4 50.4 .7 48.7 58.

3 160.2 241.3 160.6 135.9 170.2 241.6 220.2 129.1 158.0 .9 129.0 152.11. and loans taken out by households and non-profit institutions serving households.1 116.2 78.8 154.1 315.0 251.3 .6 243.6 74. 234. 82.5 .6 128.9 142. 335. 235.7 134.4 176.7 127.0 125. 77.9 79.5 242. 77.9 126.9 160.9 156.1 213.7 180.3 239.8 310. 327.4 121.8 67.6 209.9 68.7 206.0 .9 .9 125. Cyprus and Romania are not available for publication owing to national confidentiality constraints. it is the outcome of a complex data integration process.9 129.0 2012 Q1 237.7 170.7 222.5 157.4 2011 Q4 235.5 163. 325.8 164. 224. 78.6 157.5 .8 129.9 125.6 70.8 242. 233.5 154.4 130. 77.8 169.7 209.3 . 233.2 224.5 241.8 166. 346.8 78. 235.0 164.8 207.6 202.3 170.2 118. 333.7 222.0 .4 2012 Q2 237.9 .7 .9 160.4 176.6 168.5 78.9 142.5 .9 217. 3) Euro area debt does not correspond to a plain sum of country data.5 219.7 250.8 127.9 122.9 71.5 124.0 125.6 74.9 75.4 .7 216.0 .7 163.7 226. 87.9 199. 48 ECB • Statistics Pocket Book • January 2013 48 ECB • Statistics Pocket Book • January 2013 .2 78.2 253.4 69.7 . loans taken out and insurance technical reserves liabilities of non-financial corporations.8 .1 156.4 176.3 203.2 169. 75.6 70.0 74. 75.2 71. 74. 2) Data for Latvia (prior to 2010) and for Bulgaria.5 134. 71.9 75.0 222.9 .5 313.7 134.2 225.5 135. 236.4 315.2 216.4 134.6 145.4 134.3 127. 374.0 251.4 174.2 79.5 .1 127.5 212.1 160.2 216.1 152.8 127.2 219.6 .9 150.7 164.1 .2 169.3 .2 127.6 202.8 117.1 2009 228.9 209.7 75.12 Private sector debt 1) (as a percentage of GDP.7 222.8 .4 316.1 200.1 .9 223.3 73.4 127.7 250.3 215. 250.6 209.0 2011 Q3 232.3 141.2 209.2 2011 235.8 .6 149.0 164.5 124.1 276.4 252.3 126. 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 217.7 202.4 251.3 129.3 177.0 209.6 176.6 73.8 Source: ECB calculations.7 133.6 136.7 249.1 237. 327.5 .5 161.6 73.8 169.5 313.4 159.2 141.5 155. 235. 1) Outstanding amounts of securities other than shares issued.2 .9 .8 2010 232.4 131.5 160.3 161.3 158.2 318.

10.7 0.1 31.1 10.1 13.5 -2.0 1.6 -4.3 7.9 -16.3 3.13 Private sector credit flow 1) (as a percentage of GDP.2 5.4 -5. 7.6 1. 1.9 -12.8 8.5 .6 -20.9 1.2 8. ECB • Statistics Pocket Book • January 2013 49 ECB • Statistics Pocket Book • January 2013 49 . Cyprus and Romania are not available for publication owing to national confidentiality constraints.1 3.1 20.3 1.0 3.2 .2 5.1 4.2 -8.0 4. 20. 6.3 9.8 0.6 3. 1) Transactions in securities other than shares issued.4 4.8 0.3 7.5 .7 2012 Q2 7.6 -4.6 11.11.2 3.0 8.6 -4.3 17. 174. 9.8 -1.3 4. 2.9 4.9 3.6 -6. 0.1 20.1 -3.0 7.9 6.3 16.9 2011 11. 2.3 6.5 -0.1 . 5.6 .4 2.8 .7 .5 5.4 1.0 0.2 1.7 -2. 2.5 .7 -3.4 11.8 19. and loans taken out by households and non-profit institutions serving households.4 2.2 7. 9.8 3.8 6.9 2009 8.9 0.3 6.6 2.0 1.2 3. -12.3 2.6 7.4 -0.4 11.3 2.8 4.6 10.6 2.0 -6.4 7.1 2010 13.3 2. 6.3 20.1 1.1 3.0 -3.3 -0.3 4.4 7.0 9.5 . 2) Data for Latvia (prior to 2010) and for Bulgaria.2 3.2 7.3 -3.8 2012 Q1 10.5 2.9 2.9 -1.6 2.8 .5 0.0 0.9 0.4 4.8 20.8 2.5 12.1 .8 .7 2.1 -16.2 -5. 3) Euro area credit flow does not correspond to a plain sum of country data.3 . 2.3 1.9 1.1 . loans taken out and insurance technical reserves libilities of non-financial corporations.9 3.3 6.2 7.5 5.3 6.4 1. 2.5 -19. 16.9 -1. 2.6 6.4 3.5 2. 4.6 . 2. it is the outcome of a complex data integration process.2 2011 Q4 11. 7.9 9.4 1. 3. 6.5 .4 18.6 4.5 7.0 -3.3 6.6 .5 -2.1 .9 3.2 .8 -2.1 4.3 6.2 8.4 10.3 6.7 .3 .9 19.1 7.4 0.9 -19.2 4.4 2.3 4.3 -4.5 7.0 1.8 2011 Q3 10.8 5.6 21.5 -2.3 -3.7 .0 2.6 .6 6.2 1.2 0.7 .7 -0.2 -9. 4.1 -3.4 0.9 . 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 20.0 0.2 1.1 3.0 -2. -35.8 .3 -0.5 -3.1 4.4 0.2 0.1 Source: ECB calculations.2 7.

7 24.2 53.6 1.3 40.3 24.3 16.1 16.14 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.6 9.7 532.2 452.6 7.7 54.0 55.6 84.882.462.5 68.6 8.9 123.7 25.4 415.7 104.5 18.5 17.9 27.1 32.3 170.7 27.4 29.0 191.4 50 ECB • Statistics Pocket Book • January 2013 50 ECB • Statistics Pocket Book • January 2013 .0 37.6 71.0 118.9 41.1 78.5 115.2 97.9 83.1 50.3 124.8 6.0 4.8 24.855.2 1.5 36.9 1.2 27.7 14.9 99.8 94.5 143.6 41.300.3 33.8 62.6 32.2 236.4 464.7 4. EUR billions 1.7 17.0 MFIs Other sectors 118.5 417.5 619.9 75.0 72.803.5 3.9 35.9 35.0 170.8 13.0 27.5 203.043.1 14.8 21.3 29.871.5 23.9 190.0 7.9 General government % of GDP 291.6 114.3 1.5 119.3 69.686.8 17.8 26.8 9.0 30.4 20.7 70.7 1.1 22.0 264.1 66.2 1.9 49.1 228.2 200.6 11.7 13.920.7 131.4 13.8 15.8 60.3 25.8 35.838.4 12.6 32.798.8 33.4 90.0 26.3 329.8 76.7 144.7 28.7 33.1 318.0 16.1 16.4 29.7 16.223.9 42.8 47.1 13.0 207.0 1.5 6.2 29.5 56.8 807.1 15.7 36.3 49.4 Direct investment/ inter-company lending 81.3 19.7 16.7 35.3 1.5 55.103.0 134.8 23.087.7 25.0 27.5 16.5 4.4 51.0 472.6 5.8 1.5 385.0 36.11.1 18.7 15.9 88.242.0 211.5 25.4 18.7 13.5 11.9 523.9 10.1 191.4 7.0 472.1 31.3 41.6 175.1 13.9 15.6 245.7 3.

77 17.58 2.33 1.24 6.20 5.87 4.32 4.53 3. 3) There are no Estonian sovereign debt securities that comply with the definition of long-term interest rates for convergence purposes.28 2.07 10.82 7. 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.94 4.76 2.59 2.29 3.00 1.32 5.32 4.97 9. Before that time the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years.96 8. 2012 Oct.00 1.67 4.14 1.90 7.15 4.49 6.85 7.60 4.65 1.28 6.99 6.65 4.28 4.80 1.39 2.59 17.19 4.15 Harmonised long-term interest rates for convergence assessment purposes (percentages per annum.29 10.68 1.04 8.60 1.91 2.41 1.28 20.69 1.54 1.45 1. 4) A harmonised long-term interest rate is presented starting mid-May 2010.46 1. The same applies to Bulgaria and Romania prior to December 2005.12 25.43 4. Slovenia prior to October 2003 and Lithuania prior to October 2007.55 Source: ECB.75 2.88 6.25 7.82 7.00 1.85 6.52 4.20 1.79 2.04 1.18 6.76 1.55 2.57 6.66 4.49 3.17 5.49 5.52 1.82 6.36 4.52 3.44 1.34 5.17 1.62 6.30 5.92 1. 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 2010.84 1.70 4.24 1.32 6.11 1.20 1.00 1.00 7.31 3.82 2.95 1.45 4.51 1.96 5. the indicator is thus not fully harmonised for that period.11 6.74 4.24 6.93 2.78 2. primary market yields are reported. ECB • Statistics Pocket Book • January 2013 51 ECB • Statistics Pocket Book • January 2013 51 .69 2. 3. No suitable proxy indicator has been identified.82 4.84 2.89 6.15 1.24 5.26 5. 1) Yields refer to government bonds with maturities of close to ten years.91 5.53 7.44 1. 2) For Cyprus.00 1.30 7.84 1.24 1.67 5.29 1.84 7.54 1.11 3.34 6.54 3.62 3. 2012 Sep.99 1.77 2.14 4.11.92 4.91 24.27 1.64 2.80 2.47 4.41 1.47 4.34 4.85 8.56 4.95 7.55 2.00 1.81 4.38 1.61 1.57 5.10 4.02 8. 2012 Nov.00 1.85 1.22 1.07 3.12 5.63 4.54 1.82 6.07 4.56 5.87 2.09 27.34 4. period averages.

67 Source: ECB.67 29.14 -1.46 1.67 16.58 27.39 -3.44 1.58 7. 0.36 -0.07 0.52 3.50 4.71 -0.02 0.53 Cheques Share Change (%) from 2010 (percentage points) 0.07 2.17 38.01 0.77 0.69 43.04 -0.31 0.06 0.92 -0.60 -2.33 28.07 1.01 0.99 55.77 5. 52 ECB • Statistics Pocket Book • January 2013 52 ECB • Statistics Pocket Book • January 2013 . 0.21 -0.67 11.11 -0.15 14.28 -0.20 9.48 -0.00 0. 3) Shares for Luxembourg are influenced by the importance of e-money transactions.69 -2.24 27.94 49.20 0.00 -1.47 0.00 -0.16 Relative importance of the main payment instruments (percentages of total number of transactions.62 .58 -1.39 0.58 48.89 -0.22 1.01 5.41 1.82 27.87 1.80 63.87 -3.95 60.12 0.39 49.34 -0.93 0.68 39.14 0.57 0.42 39.04 22.08 5.00 -0.86 42.28 50.55 0.29 1.41 18.31 -2.43 -0.02 15.27 0.02 30.00 0.38 -1.46 -0.15 -0.80 -0.07 35.29 -0.62 2.72 2.12 -5. 0.64 41.00 -0. which accounted for 79.67 41.99 34.00 0.36 40.07 -4.13 3.01 35.83 1.22 -3.04 0.06% in 2011.26 0.43 21.65 0.11 37.88 11.23 0.60 .56 43.48 70.86 13.08 17.47 0.23 -2.02 -1.07 -0.39 -0.78 2.48 -1.48 -1.47 27.40 11.54 55.45 14.89 69.84 -0.26 31.80 -0.21 0.43 0.82 47. 2) All cards issued in the country.22 6.75 28.45 5.27 1.29 1.10 -0.31 36.02 0.48 0.04 0.04 20.00% of the total in 2010 and 83.44 0.88 -1.02 0.33 0.05 0.15 2.32 7.45 -0.49 2.00 -1.09 0. 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) 40.37 1.46 63.02 1.85 -0.10 0.97 0.25 -0.94 5.03 -0.24 -0.11 45.76 56.23 55.06 72.83 .44 8.19 -0.14 14.04 0.01 -2.73 6.47 43.56 30.28 18.22 -2.31 2.99 0.94 20.55 0.02 5.97 Card payments 2) Share Change (%) from 2010 (percentage points) 46.20 -0.37 -0.56 15.77 38.12 -0.84 1.27 49.11 2.27 -1.45 -1.97 .00 2. 0.16 -0.11.95 0.71 16.98 30.55 -0.00 -0.18 46. except cards with an e-money function only.67 24.66 1.07 Direct debits Share Change (%) from 2010 (percentage points) 10.01 21.15 16.94 7.80 4. 1) Percentages may not add up to 100% as e-money transactions and other payment instruments are not shown.85 0.03 2.02 7.00 -1.33 10.18 23.65 -0.26 55.15 -0.66 -0.00 12.19 14.58 62.73 36.23 27.94 -0.29 27.

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