Statistics

Pocket Book

January
2008

Statistics
Pocket Book

© European Central Bank, 2013
Address
Kaiserstrasse 29
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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
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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

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

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

8 1. national data and ECB calculations.1 87.2 38.1 -4.7 72.7 -3.europa.0 18.9 19.2 19.i.2 0.7 25.3 173.2 26.6 1.1 1.4 11.9 1.4 82.4 16.7 98. 8.3 49.0 3.4 .5 2.2*) .9 99.1 28. .1 17. 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.0 13.2 . direct and portfolio investment % of GDP Net i. . Eurostat.4 -10. .8 58.9 312.4 72.8 72.2 .6 25.0 11. 0.9 39.0 117.3 436.1 10.0*) 91. 45.1*) 19. 1) Full definitions are available in the glossary on the ECB’s website (www.7*) Japan China 127.8 2.8 -14.2 25.4 13.2) % 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 332.7 19.4 99.3 49.2 -0.8 25. 10. *) 2010 figures. 3) Data for the United States and Japan are based on definitions similar to those used for the euro area and the EU. .5 8.2 12.4 11.1 15.8 16.5 12.7 100.0*) 78.4*) 188.5 3.2 0.4) % of GDP External Exports of goods and services % of GDP Imports of goods and services % of GDP Current account balance % of GDP Net b.9 18.8*) 43.4 24.6 88. ECB • Statistics Pocket Book • January 2013 7 ECB • Statistics Pocket Book • January 2013 7 .6 .p.6 2.6 2.2 73.8 68.9 -4.5 37.4*) 18. 2) Figure as at year-end.7 13.6 8.1 Overview of major economic areas 1.2*) 20.p.0 24.8*) 1.3 50.8 . Japan and China: BIS.9*) 133.2 15. 29. Chinese data follow a different methodology and are not directly comparable.5 49. IMF and national sources.5 -4. for the United States.1 9.3).6 14.ecb. .1*) - 1.0 17.6 Sources: For the euro area and EU: ECB.o.4 502.0 71.3 .2 121.1 10.4*) 67.4 2.0 27.9 54.6 -26.1*) 46. .5 71.3*) -8.3 -14.3 111.9 -1.3 14.8 99.2 24.8 17.7 103.1 73.2 85.6 491.4*) 23. 49.5 27.5 20. . fishing and forestry % of total Industry (incl.2 6.348.4 78.4 301.2 22.7 25. 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).9 1.6 12.4*) 78.6 172. 16.6 7.0 51.8*) 30.5 67.1 17.eu).3 26.1 Structural indicators 2011 1) Unit Population. 4) At nominal value.

- 3.europa. 1.6 2.3 2.9 1.4 . 1.1 8. 3.a.2 .0 -0.7 .25 2.75 0.6 .22 2. - 8.91 2.71 1.9 8.3 9. . - 2010 2011 2012 Q2 Q3 2012 Oct.5 2.4 .eu).79 1. 2) Euro area: M3.1 . 0. 11. Japan: M2 + certificates of deposit.1 .74 . OECD. 7. 3. - 4. 1.2 . Nov.7 .4 10.8 0.) annum) 1.85 0. 1.63 1.74 0. unless otherwise indicated) Real GDP GDP deflator (s. -0.2 . Eurostat.a. labour ment productbond costs (% of ivity yield (s.8 .34 0. - 1. - 3.70 . 2. 4. 0.6 . - - - 3.9 2.5 - 10-year Unit Unemploy.8 7.3 1.6 15.3 0.1 .8 . 2. Dec. 1.19 0.0 1.7 .Labour gov.1 .97 3. - -0.31 0.82 4. 1) Full definitions are available in the glossary on the ECB’s website (www.43 0.7 .58 0.1 . 4. . 2. - 10.5 1.4 2011 2012 2012 Q3 Q4 2012 Nov. - 2.8 . . . 1.5 2. Dec.) (% per force.43 0.1 . 2.31 2.48 3. Dec.7 .3 -0. -0.19 0.6 17.2 .5 .9 19.1. 20. 0.4 .1 2. 1.6 .19 0.30 3.6 7.2 .a. 3. 2011 2012 2012 Q3 Q4 2012 Nov.9 .39 0.5 .65 1.4 2.0 .9 1.5 -0. 0.19 0. 2.18 1.1 1.36 0.2 1.5 . 8 ECB • Statistics Pocket Book • January 2013 8 ECB • Statistics Pocket Book • January 2013 .0 7. IMF.9 .6 1. United States: M2. - - European Union United States Japan China Sources: BIS. 1.0 .3 .89 3.6 9.69 1.1 4.20 0.1 .6 - 2. 10. -0.7 .7 2. .5 .19 0.4 1. - 2.6 2.19 0.2 2. .4 - 1.2 2010 2011 2012 Q2 Q3 2012 Oct.4 .12 0.31 3. .4 . -0.) labour (s.80 0. 3. - 6. Nov. 1.32 0.19 4.3 5. .1 .46 3.2 Main recent economic developments (annual percentage changes.76 1.8 .1 - 9.3 .1 4. 11.06 2. national data and ECB calculations.8 7.66 3.57 - 4.7 2.3 . -0.2 . 1. 7. s.10 1.6 2.36 .6 .24 -0.3 .7 .1 3.5 10.ecb. -2.2 - 7.7 10. 0. - -1.7 10.) 1) ConBroad 3-month sumer money 2) interbank prices deposit rate (% per annum) Euro area 2011 2012 2012 Q3 Q4 2012 Nov.34 3. 4. .a.

9 0.3 -1.8 1.1 -0.1 Sources: European Commission (Eurostat and DG ECFIN).1 -0.4 71.7 1.7 0.5 64.3 11.0 .2 9.9 147.5 -1.7 310.5 319.6 -0.5 1.1 71.5 Labour productivity per person employed (annual percentage changes) Hourly labour productivity (annual percentage changes) 2.6 0. 1.5 -0.4 0.9 141.0 0. .5 0.7 -0.6 120.2 -0.2 -3.5 0.0 0.a.2 -0.0 -1.0 0.9 0.7 147. the population aged 15 to 64).4 -1. national data and ECB calculations.8 8.4 0. 1) Ratio of the labour force to the working age population (i.7 0. ECB • Statistics Pocket Book • January 2013 ECB • Statistics Pocket Book • January 2013 0.1 -0.1 -0.) s.6 71.7 -1. .2 64.3 146.1 10.7 147.5 0.9 0.5 1.1 -1.0 . 4.2 -1.9 1.4 -0.6 64.0 0.0 9.3 146.8 -0.6 -0.5 0.6 0.0 -1.0 Hours worked (s.3 1.4 0.8 146.6 -1.e. Labour Employment Unemployforce rates ment partici(% of (% of pation labour labour rate 1) force.5 -1.4 -2.7 0.) Millions Total Employees 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 116.5 0. force.8 8.5 64.0 1.8 -1.3 9.4 0. .6 -0.5 -0.2 Employment in terms of persons employed and hours worked Persons employed (s. .4 147.a.7 0.4 -1.7 71.9 0.4 332.0 -3.1 146.9 0.2 63.5 -1.9 64.4 .9 Total Employees 0.9 11.9 -1.4 -0.) Annual percentage changes 0.3 64.4 -1.5 0. annual averages) 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 288.9 Selfemployed Sources: European Commission (Eurostat and DG ECFIN).3 0.8 -0.4 298.1 0.1 0.7 72.a.5 0. (%) s.1 1.1 -0.6 10.6 10.9 Annual percentage changes Selfemployed Per person employed -1.2 0.8 71. 62.2 0.2 -0.1 Population and the labour market Population (millions.1 1.0 147.5 0.9 -0.1 -1.6 0.5 64.3 -1.2 1.1 -0.5 71.2 -1.3 0.6 0.4 146.2 10.a.4 71.4 -1.1 0.) 68.7 -0.5 0.6 2.5 -0.4 -0.7 9.1 1.0 -1.8 -0.7 0.4 331.7 129.8 -0.5 71.7 -0.2 Population and the labour market in the euro area 2.3 -1.2 2. national data and ECB calculations.0 2.9 328.5 64.9 10.9 -0.3 -0. .6 9 9 .8 330.2 0.7 -0.

0 2. health tion.1 -0.3 -0.518.4 1.8 1.6 -1.6 0.9 5.1 0.378.5 -1. Industry forestry (including and fishing construction) 1996-00 2001-05 2006-10 2.0 -1.9 - Level data (EUR billions at current prices) and percentages of GDP 2011 2011 Source: European Commission (Eurostat and DG ECFIN).1 1.1 3.2 Value added by economic activity (annual percentage changes in volume.5 0.3 3.7 -1.3 1.2 -0.447.3 -3.9 0.1 0.3 Euro area macroeconomic indicators 3.4 3.0 1.0 -0. transport.6 0. 1.9 19.5 2.1 -0.0 1.7 -4.9 0.3 1.2 0.2 .communicaestate cation.804.3 25.2 4.5 -3.0 -0.7 1.7 2. 1.5 -1.3 2.4 2.1 -0.5 -0.5 3.8 0.6 4. 10 ECB • Statistics Pocket Book • January 2013 10 ECB • Statistics Pocket Book • January 2013 .4 11.0 1.1 -0.5 0.2 -0.1 9.6 2.3 2.4 2.Information.7 19.2 1. unless otherwise indicated.0 Level data (EUR billions at current prices) and percentages of gross value added Source: Eurostat.3 1.4 2. -0.4 2011 2011 Trade.1 -0.7 0.1 -12.1 1.421.9 1.0 100.1 GDP and expenditure components (annual percentage changes in volume.2 -1.3 0.0 0.3 -0.407.4 2009 2010 2011 2011 Q4 2012 Q1 Q2 Q3 -4. seasonally and partly working day-adjusted) Gross value added (basic prices) Total Agriculture.9 2.5 0.4 2.8 -1.013.0 -0. and real stration.2.4 2.6 6.631.2 -12. seasonally and partly working day-adjusted) GDP (market prices) 1971-80 1981-90 1991-00 2001-10 Total (quarter on quarter) Total - 3.1 -0.0 4.6 -0.1 19.1 - 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) 3.4 0.4 0.5 3.9 8.9 Finance Public admini.149.0 5.8 21.2 1.3 0.8 0.0 1.143.7 0.9 .5 1.1 and 4.7 -0. 1. 1) Includes intra-euro area trade and therefore differs from Tables 4.4 2.4 -4.1 1.9 - 4.6 0.6 -0.2 1. 2.9 1.7 0.8 1.7 -0.6 1.4 .3 -4.8 16. unless otherwise indicated.4 2.9 -4.1 6.9 3.0 143.0 -0.2 -0.4 2.7 1.1 2.1 4.1 1.8 .3 1.2 1.1 1.3 1.8 6.1 -1.1 -11. 5.4 57. 1.2 0.5 4.9 0.4 -0.7 2. business and social and other work services .9 0.8 -2.5 -0.1 100.030.0 -11.3 1.3 18.2 0.7 0. accommodation and food services . quarterly data. edu.632.4 0.2 6.7 9.6 0. quarterly data.1 -1.

5 -17.4 -6. 78.8 -3.4 52.0 -35.4 -25.7 -6.0).4 -2.7 -4. .8 -5.9 47.0 -1.9 -26.9 1.8 -1.5 .2 -1. 50. 1) Difference between the percentages of respondents giving positive and negative replies. ECB • Statistics Pocket Book • January 2013 11 ECB • Statistics Pocket Book • January 2013 11 . 3) Values above (below) 100 indicate above (below) average economic sentiment.4 -14.7 Dec.0 -26.3.5 0. ManuManu.5 2001-10 98. ACEA (European Automobile Manufacturers’ Association) and ECB calculations.4 46.8 -2.6 -6.8 80.2 45.5 -2.9 -4.9 -16.3 -2.9 -25.3 Short-term business indicators (annual percentage changes.2 Sources: Eurostat.books utilisa. 85.5 -22.4 -11.6 46. no change (0.1 -12.1 -31.5 3.3 -22.1 -11.8 -0.4 0. 87.0 -14. .4 -6.8 -4.6 -1.3 -14.5 -16.1 .0 -17.Retail trade New facturing facturing turnover passenger new orders turnover (constant car (nominal) (nominal) prices) registrations discontinued 1.9 -18.1 -5.0 -8.5) or a decrease (0) for each survey variable.4 .5 5.7 0.9 -8.4 .) ConManustruction facturing -0.1 Q3 86. 2) Weighted sum of the percentages of survey respondents reporting an increase (weight: 1.7 76.0 2012 89.1 -11.9 -6.3 10. 84.2 -1.9 -8.8 Sources: European Commission Business and Consumer Surveys and Markit.8 17.5 -1.3 3.0 -15.Managers’ activity indicator Industrial Order Capacity dence confidence Index (PMI) for (long-term confi. 0.2 46. 3.7 47.7 2012 Oct. 1.2 -14.1 .5 52.5 -0.0 -3.9 .7 -26.6 -1.2 -2.6 47. 52. .3 2012 Q2 91.8 -2.9 4. 4. Period on period (s.4 45.3 -12.5 -15.3 -11.3 -14. Oct.9 -0.6 -3.4 -3.1 45.5 -19.3 -4. .1 -15.8 -1. .3 -3.4 Opinion surveys (excluding price-related developments) (seasonally adjusted) European Commission Business and Consumer Surveys (percentage balances 1) ) Purchasing Managers’ Surveys (diffusion indices 2) ) Economic Manufacturing industry Services Retail Consumer Purchasing Business sentiment confitrade confi. 1.9 45.3 -1.8 -10.0 -15.3 -15.8 77. construction 1991-00 2001-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.7 0.0 -0.0 -10.1 -22.8 -12.7 55.9 7.8 - . 1.4 Q4 85.4 -1. Nov.6 0.1 46. A value of 100 (0) indicates that all respondents reported an increase (decrease).8 80.5 -15.3 Nov.2 46.3 -8.services average dence tion indicator facturing =100) 3) indicator (%) 4) 1991-00 100.5 2010 100. 4) The quarterly figures shown are averages of two successive surveys. 76.9 7.6 -3. -0.3 -15.3 -13. unless otherwise indicated) Industrial production Total excl.4 .7 81.1 -0.7 54.9 46.1 -32.8 -12.9 -29.5 .4 -33.7 8.6 .4 -24.5 2011 101.4 -18.6 -12.8 0.9 -2.5 -1.1 -14.1 8.7 -24.9 -9.6 -18.8 .0 -7.0 46. a value of 50 indicates "no change".4 -2.6 -5.a.9 -15.indicator dence indicator for manu.7 4.

1 0.0 12.9 2012 Oct.1 416. Imports (c.3 18.3 365.6 5. unless otherwise indicated.5 -30. 1.1 1.6 19.9 23.4 2012 Oct.2 as a percentage of GDP 12-month cumulated transactions 12-month cumulated transactions as a percentage of GDP 4.6 180. 50.4 52.2 -1.7 -110.1 -7.7 -19. 91.8 -29.7 2010 2011 Source: ECB. 11.6 51.2 -2.9 11.9 281.8 9.2 0.3 -0.6 3.f. Current transfers -108.8 -0.1 94.1 65.2 Trade in goods with main partners (EUR billions.3 -113.1 251.5 -0.8 26.0 13.8 3.1 -7. 1.9 -16.2 291.8 -13.1 -0.3 23.1 .6 .6 200.4 3.1 148.8 140.8 -4.5 4.1 119.0 23.8 -103.0 37.7 2010 2011 2012 Sep.0 399.1 156.5 -10. 100 1.8 1.9 24.9 46.6 16.5 6.2 194.4 31.1 -6.2 72.758.9 14.533.9 3.3 0.8 59. -17.6 -0. 20.) % of total in 2011 2010 2011 2012 Sep. unless otherwise indicated.2 22.6 218.9 1.b.0 43.) % of total in 2011 100 9.0 1. net transactions) 2010 2011 2012 Oct. seasonally adjusted) Total Other EU Member States United Kingdom Other United States China Japan Other Other Asian countries countries Exports (f.8 .8 2.1 158.o.9 -35.3 .6 1.5 23.0 -10.2 -106.5 -38.8 234.4 -4.7 -4.8 208. 2010 2011 2012 Sep.5 17. 129.6 39. Current and capital accounts Goods Income and services 10.5 17.4 -0.5 6.9 46.3 .2 309.0 7.4 227.6 8.1 22.1 334. not seasonally adjusted.9 .9 16.2 34.3 18.3 Combined direct and portfolio investment Financial Other Reserve derivatives investment assets 29.4 Euro area external statistics 4.550.6 -30.2 -6.0 34.8 -9.2 -0.3 -1. Sources: Eurostat and ECB calculations.1 Balance of payments (EUR billions.2 0.8 6.2 -0.3 163.5 .6 43. 270. Oct. Trade balance 12 ECB • Statistics Pocket Book • January 2013 12 ECB • Statistics Pocket Book • January 2013 .8 13.9 -8.9 9.7 213.3 26.8 -1.6 453.5 -13.1 5.5 1.8 1.1 0.3 34.0 .9 147.7 27.8 0.5 37.0 12. Oct.7 12.8 -149. 19.9 .5 -0.8 166.1 0. Oct.745.9 -0.8 115.i.7 0.8 12.5 9.3 41.0 16.4 3.1 147.

8 -408.3 21.3 29.9 5.3 -12.4 1.775.3 46.1 11.8 37.7 196.3 -3.5 -149.0 -10.0 -122.7 -9.5 -61.3 99.962.3 14.6 52.0 9.5 29.0 19.0 -38.2 51.0 39.2 231.3 -3.2 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 -154.1 0.3 Geographical breakdown of the balance of payments (EUR billions.0 964.0 -19.0 -73.5 59.9 Source: ECB.9 -6.7 -9.3 -4.4 Net -44.2 -1.2 19.0 0.8 4.9 390.6 18.2 -19.4 9.2 87.0 -352.2 -80.7 0.9 110.7 565.2 43.7 0.5 2.4 9.4 -16.766.1 -36.8 -1.8 -1.2 -4.1 -0.6 -145.0 -105.6 6.3 -17.9 -0.3 75.7 5.9 44.7 14.7 185.7 1.5 13.3 -19.6 123.5 -0.8 0.5 6.3 -30.7 15.3 0.5 0.1 -55.0 2.7 24.4 148.5 25.8 -0.5 -9.4 210.4 -13.2 105.8 -3.0 135.0 1.0 233.4 12.6 -6.2 0.9 -56.2 3.7 7.7 84.2 67.3 9.9 -91.8 67.7 8.United China Member States land States 2011 UK Current account Goods Services Income Current transfers Capital account 2.7 -128.0 6.1 1.3 -96.7 15. ECB • Statistics Pocket Book • January 2013 13 ECB • Statistics Pocket Book • January 2013 13 .7 40.7 -67.8 14.4 6.3 0.0 413.6 5.3 0.5 576.2 7.6 6.7 177.8 150.3 9.5 46.3 -1.3 -41.5 9.4 40.4 0.2 11.8 -2.5 -94.0 -14.5 128.7 -154.0 0.9 16.2 -47.4 119.4 0. not seasonally adjusted) Total Other EU Japan Switzer.2 -125.2 509.5 -164.4 490.1 21.2 -1.8 451.4 133.8 42.3 -82.0 14.1 -21.9 -12.9 157.2 4.2 Current account Goods Services Income Current transfers Capital account 2.0 -106.4 485.7 8.0 11.2 7.2 5.1 0.2 Credits 63.5 18.1 7.4 -31.4 8.6 1.9 97.6 Debits 107.8 -105.0 1.5 20.8 44.8 117.975.7 36.1 -80.4 0.4 30.1 -12.9 -1.3 142.3 93.4.4 94.8 253.6 0.6 528.2 -1.9 -83.0 389.3 -1.7 115.2 5.3 -71.5 62.7 60.5 88.5 2.5 4.0 1.1 -3.1 283.5 935.8 32.3 44.4 201.3 -66.9 28.4 -12.1 -1.8 42.4 6.7 23.9 71.4 13.0 12.5 46.8 201.1 0.2 -5.6 -0.0 29.5 1.9 11.5 -4.0 12.8 178.5 1.

392.763.8 663.7 5.103.7 203.4 3.4 -75.481.050.4 671.4 125.0 2.9 1.012.9 59.0 -10. 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 -1.0 164.1 339.8 236.0 273.048.5 2.4 130.2 Source: ECB.6 -32.082.4.9 19.5 5.762.564.3 5.808.7 4.049.1 260.0 394.6 Outstanding liabilities 3.0 22.4 2.877.3 699.262.8 855.2 1.8 1.7 7.7 18.219.2 88.6 2.2 1.4 412.2 701.3 207.9 UK 11.0 18.334.7 192.7 United States China 40.0 90.0 19.757.5 48.6 629.0 63.2 1.224.8 1.4 400.7 4.9 729.224.172.7 4.6 46.0 1.7 3.6 52.225.1 1.7 -13.818.8 -287.3 10.037.5 80.5 256.8 1.9 -24.5 473.9 1.5 53.908.337.4 5.2 3.6 184.3 5.6 198.885.497.1 -2.2 15.6 197.811.129.446.777.9 789.059.5 7.4 16.2 2.7 1.004.9 1.3 1.1 257.8 1.063. unless otherwise indicated.0 -836.6 30.1 553.1 1.9 341.8 663.044.0 19.6 1.647.6 2.6 5.946.5 587.129.9 1.4 1.8 14 ECB • Statistics Pocket Book • January 2013 14 ECB • Statistics Pocket Book • January 2013 .8 4.2 5.0 2.9 6.7 -2.0 18.5 -2.2 526.0 191.4 -19.8 205.7 1.159.1 68.931.9 743.328.3 4.052.3 -252.8 -14.470.230.6 1.3 2.6 131.1 1.1 332.0 828.148.2 85.9 -252.8 763.6 -291.5 - 4.5 Geographical breakdown of the international investment position (EUR billions.3 102.8 Net international investment position 1.873.377.4 671.214.773.564.4 117.2 5.033.8 1.6 76.847.703.7 4.3 5.054.392.6 4.5 275.4 International investment position (EUR billions.2 Outstanding assets 4.636.005.7 416.5 -154.9 3.5 182.314.436.5 4.044. 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.877.5 46.042.0 -2.807.617.276.4 1.668.2 701.7 208.038.9 1.144.9 5. 1.8 Reserve assets 587.195.563.4 228.6 7.636.195.762.7 4.3 Japan Switzerland -22.1 253.128.0 3.536.8 96.6 2010 2011 2012 Q1 2012 Q2 18.9 2.9 19.9 -1.557.7 20.499.8 4.9 4.0 1.1 74. 5.1 1.9 99.592.1 -376.8 -243.172.099.6 61.6 1.0 1.226.2 4.626.3 5.0 -13.2 776.907.7 -8.3 -1.0 73.5 5.0 7.7 -24.541.6 2.8 2010 2011 2012 Q1 2012 Q2 16.723.308.6 11.8 124.024.1 20.280.

1 107.12 103.6 10.8 61. 462.5 54.4.962 346.4 106.122 16.8 97.6 32.9 -1.142 Source: ECB.2 52.5 -0.9 3.142 16.4 97.8 173.4 32. unless otherwise indicated.1 107.825 346. Memo items Monetary gold Other Predetermined foreign short-term currency net assets drains on foreign currency 50.7 2) 2) Bilateral exchange rates 100.2 671.9 91.0 0.0 0.8 95.5 715.0 Sources: ECB and BIS.4 -0.4 591.8 30.1 0.6 International reserves of the Eurosystem and the ECB (EUR billions. Dec.3920 1.7 95.1 ECB 4.0 155.0 -39.5 2.7 3.6 92.8 54.8 38.9 155. under "Exchange rates".0 -0.0 0. Nov.6 -1.4 64.96 102.2 59.5 2012 Dec.9 97.7 440.7 460.694 2010 2011 2012 Q1 Q2 2012 Oct.5 21.7 Nominal 112.7 0.5 36.6 42.2 96. 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.0 0.30 105. see the "Statistics" section of the ECB’s website (www.4 40.6 20.142 16.0 64. For more information on EERs.49 98.1 % change versus previous year EER-40 Real 1) 103.9 -39.8 -0.5 15. 1) Real EERs are calculated using consumer price indices.0 169.2 Real 1) 97.2 3.0 39.europa. ECB • Statistics Pocket Book • January 2013 15 ECB • Statistics Pocket Book • January 2013 15 .142 16.5 1.4 -1.9 134.180 346.9 17.3 55. Nominal % change versus previous month 2012 Dec.3 -24.7 108.1 41.7 0.1 -0.9 53.3 93.1 20.8 347.4 21.1 366.7 0.3 5.94 109.0 170.143 16.4 -42.2 51.8 4.5 37.6 0.2 701.2 266.7 0.0 105. Nov.4 0. 2) A positive change denotes an appreciation of the euro.1 26. 56.7 Exchange rates (period averages) Effective exchange rate of the euro (1999 Q1 = 100) EER-20 2011 2012 2012 Q3 Q4 2012 Nov.3 4.8 95.2828 1.71 1.6 93.3 458.7 -41.5 7.847 346.5 16.ecb.1 92.2 431.2502 1. -2.3119 110.7 0.0 US dollar Japanese yen 1.2848 1.2 98.8 42.0 19.693 346.2967 1.0 0.4 33.8 4.eu).1 63.1 -0.6 1. 1.9 33.6 94.2 -24.8 718.8 95.3 53.

8 .9 3. 3) Estimate based on provisional national releases (which usually cover around 95% of the euro area).8 7.4 25.4 11.4 0.5 13.0 7.6 2.0 0.3 18.1 2.7 2. Oct.7 2.0 1.0 10.8 0. Nov.1 Sources: Eurostat and ECB calculations.6 3.8 7.1 3.9 4.3 2.8 1.3 57.1 1. 4.7 3.1 0.4 2.8 3.0 4.8 0.7 5.0 2.9 14.2 1.1 23.7 7.2 2.1 0.1 2.6 0.2 0.0 25. 1) Data refer to the changing composition of the euro area.6 9.9 1. 100.0 2.5 2. 5. 2.1 1.7 1. 1.7 16.1 17.6 1.9 Non-energy industrial goods Energy 28.1 51.4 11.1 0.0 2.8 6.2 0.1 76.1 0.5 17.8 66.1 -0.1 0.1 .0 5.9 62. except energy) 0.1 HICP 1) (annual percentage changes.1 14.3 10.1 20.2 1.0 2.2 0.4 76.3 4.1 7.6 51.9 .7 32.3 0.1 3.0 3. 3) 2012 Sep.0 1.2 0.6 2. unless otherwise indicated) HICP Total Food Processed Unprocessed food food % of total 1996-00 2001-05 2006-10 2009 2010 2011 2012 2012 Oct.9 5.8 1.0 9.6 61.1 0.6 1.3 1.7 21. The weights shown refer to the current year.0 3.0 3.7 8. Dec.4 2. 0.6 8.2 19. for further information see page 6.8 .5 0.4 2.5 2.3 2.4 5.4 16 ECB • Statistics Pocket Book • January 2013 16 ECB • Statistics Pocket Book • January 2013 .6 4.7 1.4 . as well as early information on energy prices.5 Month-on-month percentage changes (seasonally adjusted.3 13.9 2.2 1.0 1.8 21.1 0.2 13.6 48.9 2.5 11. 2) Excluding owner-occupied housing.2 2.1 1. Nov.6 2.0 2.7 80.9 43.7 53.8 0.8 93.3 1.5 11.6 83.9 5. 0.4 0.6 42.0 2.5 Prices in the euro area 5.5 38.4 0.7 30.1 -0.9 18.7 0.4 41.3 .2 1.0 26. 1.4 28.1 11.2 Services Housing 2) 0.7 21.7 3.2 12.8 59.5 0.6 17.8 -8.7 32.1 2.6 9.1 85.4 24.7 0.0 24.9 5.9 7.4 1.0 16.4 44.8 44.1 3.7 8.2 1.3 35.9 32.4 2.9 29. 1.9 3.6 2.1 0.5 97.7 37.9 31.5 54.3 18.7 16.0 1.8 1.6 35.8 9.8 1. percentages) Inflation rate Year 1 2 3 4 5 6 7 8 9 10 15 20 Source: ECB calculations.5 72.9 0.6 25.5 -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.5 11.

1 3.8 8. 2) See footnote 2 of Table 3.1 1.6 35.f.3 53.1 5. 1.7 53.4 47.6 54.7 3.7 54. export and import prices (annual percentage changes) Industrial producer prices excluding construction Construc.9 48.6 2.0 56.2 -5. Nov.i.4 -1.0 2.7 51.4 0.1 6.0 -0.2 1.5 9.1 51.1 52.1 4.7 37.9 6. ECB calculations and national data.3 0.3 3.0 5.1 3.5 1.4 0.Capital Consumer Energy prices) mediate goods goods goods 2001-05 2006-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.9 0.0 40.4.9 0.7 -9.1 1.6 2.6 2.3) Industrial import prices (c. 2. 49.2 0.5 2.9 38. 1) Difference between the percentages of respondents giving positive and negative replies.3 3.1 2.1 3.1 7.8 0.7 49.9 1.Services turing turing 20. 2) These indices differ from the GDP deflators used for imports and exports (which are shown in Table 5. residential property.9 2.8 39.6 6.6 2.0 1.8 2.6 8.2 4.2 7. 3) Industrial producer export prices refer to direct transactions between domestic producers and nondomestic customers.6 47. Nov.3 1.3 1.1 -11.9 2.4 6. 1.9 0.5 39.3 2.9 54.5 1.4 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.4 0.3 5. Manufacturing 5.8 -1.5 5.3 0.9 49.2 37.1 13.3 57.3 -0.9 3.9 3.0 2.7 2.9 48.3 -2.1 ECB • Statistics Pocket Book • January 2013 17 ECB • Statistics Pocket Book • January 2013 17 .5 Purchasing Managers’ Surveys (diffusion indices 2) ) Consumer Input prices Prices charged price trends (compared with previous month) over past 12 months Manufac.1 11.1 2.6 2.6 2. 1) Experimental data. Dec.6 53.2 1.8 2.5 .5 50.5 64.9 9.) 2).7 2.2 - 6.2 6.0 .2 1.0 1.1 2.8 54.7 54.2 -2.2 -5.7 -0.0 2.8 1.5 Sources: Eurostat.2 6.4 0.7 2.Residential tion property (input prices 1) Total Inter.8 1.7 53.4 1.o.3 1.6).7 49.0 39.5.2 2.b.9 0.5 55.5 4.4 -0. mainly because they exclude cross-border trade within the euro area and all services.7 52.0 -0.9 1. - Industrial producer export prices (f.1 54.5 49.1 46.9 6.4 48. Exports by wholesalers and re-exports are not covered.1 55.9 4.1 1.0 Sources: European Commission Business and Consumer Surveys and Markit.1 -3.8 4. Oct.9 15.3 55. 5.3 5.7 48.3 1.3 Industry.0 47.5 47.) 2) .4 3.7 2.8 49.4 4.9 5.7 1.7 3.9 57.8 47.1 6.2 0.7 2.5 2.7 66.6 1.Services Manufac.5 Retail trade Services 1.3 2.1 4.1 38. construction.

5 Other prices and costs (annual percentage changes.5 2. 1) Excluding agriculture.0 2.4 18.6 -0.9 Sources: Eurostat and ECB calculations. 5.0 7. - Labour Negoticost ated index wages 2.1 14.0 7.1 -3.0 5.4 -6.2 1.7 2.2 2.0 .3 1. - Non-energy commodity prices ImportUseweighted 2) weighted 3) 5.5.8 82.0 5.9 0.1 5.6 1.6 1.4 1.9 1.4 2.2 .3 8.2 2. 1) Includes intra-euro area trade. 2.6 -0.3 60.0 31.0 1.6 12.4 -5.4 2.4 85. OECD and national data.2 1.3 4.8 2.6 0.4 5.6 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 1.3 1.9 0.3 2.7 8.4 Sources: Eurostat and ECB calculations based on Thomson Reuters. Unit Compen.7 .8 -6.2 0.6 30.8 7.5 1.2 1.2 1.) 1991-95 1996-00 2001-05 2006-10 2010 2011 2012 2012 Q2 Q3 Q4 2012 Oct.7 4.2 2.1 3.9 2.6 44. fishing and forestry.4 19.7 5.2 1.5 42.2 1.8 -0.5 Oil prices (EUR per barrel) 4.7 1.8 1.1 1.3 10.4 2. 1.0 2.6 84.0 .3 84. 2.9 1.2 .0 4.3 0.5 2.8 2.1 7.6 1.5 3.8 .4 2. 1.9 55.4 1. - 4.2 .5 1. 2) Weighted according to the structure of euro area imports in the period 2004-06.2 2.1 1.7 1. Nov. Experimental data. Data are working day-adjusted.1 .8 1.0 .3 1.5 2.7 2.0 Exports Imports of goods and of goods and services 1) services 1) 1.6 2.4 4.2 2. - 1) 1. European Commission (Eurostat and DG ECFIN).9 8.6 1.5 -1. 3) Weighted according to euro area domestic production plus imports minus exports in the period 2004-06.2 1.1 0.1 0.7 86. Dec.3 36.7 0.7 2.9 1. unless otherwise indicated) Whole economy (s.0 2.1 12.1 10.2 1.8 2.a.7 2.5 0.1 0.7 1.4 8.9 1.7 2. Gross fixed capital formation 1.1 0.6 87.6 6.7 4.8 .3 18 ECB • Statistics Pocket Book • January 2013 18 ECB • Statistics Pocket Book • January 2013 .8 1.7 79.0 2.6 3.5 2. - 4.2 1.6 0.3 1. 1.Hourly labour sation per compencosts employee sation 2.6 84.6 1.1 2.3 5.

3 1.7 84.5 72.4 1.9 2.7 -10.9 0.2 -2.2 -0.7 2.6 3.6 1.2 19.4 84.7 -11.9 79.8 1.7 3.5 1.3 95.5 3.5 3.3 2.2 19.2 As a percentage of GDP Net lending/ borrowing Sources: ECB and Eurostat.3 2.7 1) 0.2 0.6 94.6 4.7 5.3 -0.9 1.9 19.3 24.5 -17.8 0.3 4.5 1.1 -14.0 2.3 2.0 3.8 1.0 -4.3 ECB • Statistics Pocket Book • January 2013 19 ECB • Statistics Pocket Book • January 2013 19 .3 95.8 3.3 0.1 1.2 2.7 0.7 -31.1 0.9 72.0 1.1 2.3 2.1 3.9 2.0 94.3 83.2 -3.3 -0.8 2.5 15.8 69.2 6.6 3.7 -6.5 3.4 2.3 -0.0 2.6 2010 2011 2012 Q2 83.3 73.0 1.1 2.7 3.2 -10.1 -8.0 71.5 83.9 -7.3 1.3 Net saving Net capital transfers Annual percentage changes 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -2.1 19.4 0.7 2.1 2.5 79.6 Euro area accounts 6.4 2.6 Net Current disposable transfers income payable -0.5 3.4 2.4 19.4 84.9 2.9 -67.0 100.6 1.0 2.5 1.6 1.5 2.1 -2.5 1.3 -30.0 3.0 73.3 As a percentage of GDP Net disposable Final income consumption expenditure Current transfers receivable Net acquisition Gross of nonfixed financial capital assets formation 1) -40.6 0.6 -9.3 83.6 1.6 0.6 0.2 2.1 -0.8 1.1 Euro area Non-financial accounts GDP ConsumpPrimary tion income of fixed receivable capital Net Primary national income income payable Annual percentage changes 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -0.3 -1.3 -2.6 -0.3 95.5 2.0 100.1 2.0 3.3 79.9 307.9 3.6 1.6 15.3 4.4 4.7 3.7 0.8 3.5 95.3 2.5 10.6 28.9 1.1 1.3 73.8 -8.5 19.5 1.3 2. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.1 0.8 3. -0.5 83.6 2010 2011 2012 Q2 100.6 3.0 15.4 4.6 83.

1 -0. saving and investment Gross Final disposable Compen.4 -1.2 64.7 -11. adjusted 3) 9.1 2.3 3.e.8 -0.6 0.6 4.3 17.1 -1.7 7.5 3.8 74.7 0.3 2.6 108.1 29.2 2.0 -4.9 0.0 36.1 20.0 7.5 94.7 13.7 299.9 -6.7 2.8 2.0 Outstanding amounts as a percentage of households’ gross disposable income.0 2.9 3.1 -1.9 3.1 14.6 0.5 1.3 -1.0 13.1 1.4 109.8 1.1 24.8 107.3 0.6 -7. based on four-quarter cumulated transactions.8 87.0 3.5 0.5 2.8 Financial investment and financing (loans) Financial investment Currency and deposits Shortterm debt securities Longterm debt securities Shares Insurance and technical other reserves equity Loans taken From MFIs Annual growth rates 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 2.7 4.3 1.7 0.9 1.7 1.7 0.4 96.0 2.5 3.8 84.8 2.5 73. receivables minus payables).0 3.1 3.4 36.6 1.7 2.1 1.6.9 2.1 2.1 Changes in net worth 2) 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 1.5 0.2 2.2 13.6 3.6 -0.8 2.4 98.3 72.4 21.0 -0.8 -10.8 -11.3 0.2 2. adjusted 3) Sources: ECB and Eurostat.8 -0.2 1.7 87.7 1.0 73.1 3.6 1.3 2.2 -5.7 1.6 -2.7 2010 2011 2012 Q2 99.7 0.1 0.4 2.8 -10.9 2.9 1.7 2.5 0.5 1.8 -5.6 4.8 -3.3 86.5 -11.2 2.2 2.6 2.1 99.5 1.9 21.1 99.8 0.8 36.2 Households 1) Income.6 -1.1 3.6 -4.0 9.4 2.8 86.8 -0.0 3.6 2.0 301.7 1.0 As a percentage of households’ gross disposable income. 1) Households and non-profit institutions serving households. Net consumpincome sation mixed and current tion of emploproperty transfers expendiyees income receivable ture Annual percentage changes Gross saving Gross fixed capital formation -8.5 1.6 84.0 27.0 7.4 64.0 2.4 1.0 94.3 2.0 1. 3) Net adjustment for the change in the net equity of households in pension fund reserves (i.2 2.3 3.6 2.7 7.8 -36.0 -2.9 98.9 0.9 -0.Operating.6 -7.8 2.8 2.3 2.2 2010 2011 2012 Q2 305.6 2.1 99.0 9.3 -52.8 -1.1 84. 2) Annual observations are identical to the quarterly observations for the fourth quarter of the year. 20 ECB • Statistics Pocket Book • January 2013 20 ECB • Statistics Pocket Book • January 2013 .9 3.6 1.0 6.5 9.

1 1.0 100.7 2.7 3.2 3.8 -2.4 1.0 3. saving and investment Gross value added Net entrepreneurial income 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -1.0 4.9 3.2 1.7 -20.7 Net saving Net acquisition of nonfinancial assets Net Gross fixed Consumption lending/ capital of fixed borrowing formation capital Annual percentage changes 1) -10.1 3.2 341.7 3.0 26.8 1.4 175.4 4.5 2.3 -0.9 3.8 41.3 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 3.3 27.6.2 2.7 201.8 -2.9 1.4 17. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.0 0.7 247.0 129.7 1.0 -2.1 1.4 -0.9 1.4 200.0 -81.3 1.3 2.5 2.2 -0.2 2.9 0.5 480.8 250. entrepreneurial income.3 5.3 Non-financial corporations Value added.5 2010 2011 2012 Q2 349. ECB • Statistics Pocket Book • January 2013 21 ECB • Statistics Pocket Book • January 2013 21 .4 1.6 2.4 177.2 148.1 8.2 4.1 17.3 4.1 52.2 452.8 -6.5 -0.7 5.0 20.1 4.6 96.4 3.3 1.6 1.8 449.2 1.4 2.2 2.1 2.9 2.7 3.8 3.8 3.3 As a percentage of gross value added 3.4 3.0 28.6 0.2 2.8 3.3 3.0 7.5 0.2 2.8 203.8 1.0 82.8 1.9 6.7 3.9 4.6 2.9 2.4 2.1 97.0 336.0 100.4 -16.6 2.6 -0.9 4.0 2.4 -11.3 1.1 2010 2011 2012 Q2 100.0 151.6 4.6 2.8 1.8 Outstanding amounts as a percentage of gross value added Sources: ECB and Eurostat.2 2.2 4.5 41.6 1.1 -0.1 17.6 20.0 -2.1 21.7 -6.7 7.5 100.9 -4.7 3.7 -0.6 276.2 3.4 28.9 5.0 -2.1 2.8 163.1 2.3 20.4 2.0 1.8 3.6 41.8 3.2 0.3 174.1 -1.9 1.7 6.

5 11. 12.2 General government debt (Outstanding amounts at nominal value at end of period.6 Source: ECB.2 7.3 7.0 3.6 Deficit(-)/ Borrowing surplus(+) requirement 3.9 5.5 49. Total Currency and deposits Loans Short-term securities Long-term securities 70.6 11.6 12.8 3.1 Total expenditure Indirect Social taxes contributions 12.7 15.9 12.4 7.4 2.5 18.8 12.1 -6.4 45.4 87.1 -2.6 15.5 11.8 15.1 -3.5 12.9 7.1 51.4 15.2 -4.5 60.1 General government revenue.8 15.5 11. expenditure.4 2.4 6. deficit/surplus and borrowing requirement (as a percentage of GDP.2 51.5 12.7 Euro area government finance 7.3 91.3 -6. four-quarter moving sum for quarterly data) Total revenue Direct taxes 2008 2009 2010 2011 2012 Q2 45.2 62.7 15.3 49. as a percentage of GDP) General government debt 2008 2009 2010 2011 2012 Q2 Source: ECB.4 7.0 2.6 2.0 5.5 8.0 44.8 56.8 45.3 15.7 4.0 49.3 2.4 22 ECB • Statistics Pocket Book • January 2013 22 ECB • Statistics Pocket Book • January 2013 .9 44.7 Interest 47.3 7.5 2.9 2.1 63.0 85.7 12.2 80.

25 0.50 3.75 4. -0..25 3.25 2.25 -0. 2002 6 Dec.50 -0.25 0.25 0.25 4.25 -0. 6 June 2005 6 Dec.50 3.1 Key ECB interest rates (levels in percentages per annum.50 1.25 0.75 -1.25 0.25 0.50 -0.. 11 Oct.50 1.50 -0.50 1.25 -0.25 -0.25 0.25 0.25 0.50 -0.50 -0.25 2.25 -0. changes in percentage points) With effect from: Deposit facility Main refinancing operations Marginal lending facility Fixed rate Variable rate tender tender procedures procedures Fixed rate Minimum bid rate 2000 28 June 1 Sep.50 -0.75 3.75 5.25 0. 13 Dec.25 -0.50 -0.25 2.00 2.25 -0..50 3..25 3.50 1.50 2. 18 Sep.25 1. 15 June 9 Aug.25 -0. 9 15 1) 12 Nov.25 3.25 2. 1) On 8 October 2008 the ECB announced that.50 0.00 1.25 0.75 2.50 2.50 0.25 0.75 Level 4.25 -0.25 1.50 3.25 -0.25 -0. -0.25 4.25 -0.50 5.25 3.50 2.25 -0.25 0.00 2.00 3.75 3.00 Change .00 1.50 -0. 2001 11 May 31 Aug.75 3.25 0.25 4.50 4.00 3. 13 May 2011 13 Apr.25 - Change .50 -0.25 0.25 2.75 3..50 0.50 4..25 1.25 0.25 0.50 .25 Level 3.25 0.25 0. 0.00 1. 6 Oct.00 1.25 0.25 -0.50 -0. 2006 8 Mar.25 -0.25 0.50 0. 2012 11 July Level 3.00 0.00 3.75 4.75 4.25 0.00 4.25 0.50 3.50 -0.25 -0.50 0.25 3.25 0.25 -0. 0. 9 Nov.00 2.50 -0. 0.75 3.25 0.25 -0.50 -0.75 4. 2009 21 Jan. starting from the operation to be settled on 15 October 2008.50 4.25 0.75 4.25 -0. 0. 13 July 9 Nov...75 2.50 Change .25 1.25 5.25 0.50 0.25 -0.50 0.25 1.00 0.50 .25 3.50 5.25 3.25 Source: ECB.00 1. 13 June 2008 9 July 8 Oct.25 0.25 0.25 -0.25 2.25 1.75 2.75 3..25 0. the weekly main refinancing operations would be carried out through fixed rate tender procedures with full allotment at the interest rate on the main refinancing operations.75 2.25 -0.00 4.00 3.75 5.75 1..25 .50 -0.75 .50 2.75 -0. ECB • Statistics Pocket Book • January 2013 23 ECB • Statistics Pocket Book • January 2013 23 .00 -0.75 1. 11 Mar.75 3.50 0.75 2.25 0.25 -0.25 4.00 2..75 3.. 2003 7 Mar.50 -0.25 -0.50 2. 10 Dec.00 5. 14 Dec.25 -0. -0.25 0.8 Monetary policy 8. 8 Apr.25 2.50 -0.25 0.50 -0. 2007 14 Mar.25 0.25 2..25 4..50 -0.75 0.25 Level 5.25 -0.

25.295 24.988 8.75 0.629 1 Nov.296 20 3) 14. after one year counterparties have the option to repay any part of the liquidity that they have been allotted in these operations.75 0.398 26 8.217 79 72.371 15.75 0. 81.75 0.295 28 11 July 24.214 85 75.661 69 81.709 12.8. 24 ECB • Statistics Pocket Book • January 2013 24 ECB • Statistics Pocket Book • January 2013 .75 .764 82 73.398 8.746 13.844 27 18.764 12 73.00 0.293 87 83.75 0.75 0. 0.844 18.709 10 Oct.783 96 91.75 0.307 31 13 June 18.214 75.75 0.75 0.293 31 83. 15. 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.156 14 15. 0.180 30 9. 1) In liquidity-providing (absorbing) operations.2 Eurosystem monetary policy operations allotted through tender procedures (EUR millions.156 15.383 3 Oct.75 0.661 2013 3 Jan.307 18.746 12 Sep.75 0.926 29 3) 7.962 85 117. 3) In this longer-term refinancing operation.75 .097 75 77.217 19 72.474 14 75.725 2012 9 May 12.180 9.75 0.591 74 70.75 0.450 25. 3) 6. 70.591 5 Dec. - - - 35 91 28 91 28 98 35 91 28 84 35 91 28 91 35 98 Longer-term refinancing operations 2) 12. 2) For the operations settled on 22 December 2011 and 1 March 2012.629 6.383 84 102.75 0.428 21 28 74. on any day that coincides with the settlement day of a main refinancing operation.905 26.683 28 89.75 0... the marginal rate is the lowest (highest) rate at which bids were accepted.725 0.75 .75 0. 79.296 14.75 - - - 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 1.886 86 89.75 0.474 84 75.75 0.730 7 Nov. 117. 13.450 8 Aug.988 8. 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 (.75 0.79 0. 102.962 Source: ECB.75 0.905 26.86 1.75 0.428 79 74.371 12 Dec.730 81 79.926 7.813 93 77.097 9 77.783 17 91.) days Fixed Minimum Marginal Weighted rate bid rate rate 1) average rate Main refinancing operations 2012 26 Sep. 12.813 24 77.00 0.886 10 89.683 86 89.

6 7.7 -6.0 6.5 5.281 9.8 2009 2010 2011 2012 Nov.4 6.1 13.9 5.118 3. 3) Money market fund shares/units. 757 794 843 863 3.6 11.5 0.137 870 887 796 9.6 2.2 1. 8.6 -4.6 7.2 0.1 0.3 0.4 0.0 0.2 M1 M2-M1 2) M3-M2 3) 1.8 6. seasonally adjusted.0 -0.2 3. 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.4 12.9 4.1 -0.8 Source: ECB.5 -1.1 24.1 4.9 2.741 3.2 46.345 9.7 2.1 7.45 3.3 -1.5 6.2 3. debt securities issued with a maturity of up to two years and repurchase agreements.1 3.9 3.2 5.800 3.1 7.9 -0.8 4. Currency in circulation Overnight deposits 0.4 2.5 2.498 4. .6 -0.9 2. Oct.5 3.5 3.8.949 4. Nov.8 0.6 2.5 4.1 4.3 3. Sep.9 2. 1) Growth rates are adjusted for non-transaction-related changes.3 4.9 5.72 2.5 0.4 0.873 1. 4) Not seasonally adjusted.4 1. Growth rates not adjusted for non-transaction-related changes.5 5.792 5.710 3.5 -0. Nov.6 -8.7 5.9 -0.2 -11.0 3.4 1.2 4.9 13. Oct.6 1. 1) unless otherwise indicated.6 -0.6 2.2 2.6 1. 4.3 0.9 3.3 -1.7 17.8 20.9 1.5 13.2 .3 0.3 0.7 1.4 1.9 2.1 1.4 0.787 Outstanding amounts (EUR billions) Main components of the annual growth rate of M3 (contributions in percentage points.3 72.4 -3.5 5.1 0.5 3.7 -0.7 0.6 3.4 1.8 0.0 -0.4 0.0 0.5 0.6 3.3 1. Sep.1 3. ECB • Statistics Pocket Book • January 2013 25 ECB • Statistics Pocket Book • January 2013 25 .04 .9 2.0 1.5 2.8 0.707 3.703 4.1 3.479 9.3 1.3 Monetary developments in the euro area Monetary aggregates and main components (annual percentage changes.3 0.4 6. .909 3.1 1. .7 0.2 5. seasonally adjusted.8 -8.4 42.3 -0.1 0. .255 1.2 5. 2) Deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months. end of period) 2007 2008 2009 2010 2011 2012 July Aug.7 0.3 M3 11. 4.

6 -1.0 0.3 0.9 3.5 2.9 5.3 -1.7 1.4 3.0 -2.9 2.2 Loans 13.3 -1.931 6.3 -1.1 1.8 11. 15.5 -0.3 1.1 10.2 5.9 0.2 0. Oct. Sep.4 1.8 1. end of period) MFI assets 2007 2008 2009 2010 2011 2012 July Aug.6 7.5 3.0 3.8 Source: ECB.864 3.7 1.1 1.213 3.2 -1.9 -0.2 Credit to Credit general to other govern. 1) Growth rates are adjusted for non-transaction-related changes.6 0.7 1.6 0.5 Plus other M3 0.9 1.1 0.978 16.898 11.2 1.9 1.1 9.4 0.6 2.157 3.2 -1.7 2.4 -1.9 -0. 1) unless otherwise indicated.5 1. Nov. 17.6 3.8 2.4 0.3 -1.6 18.7 1.4 -1.4 3.2 -2.5 -0.287 13.5 0.2 -1.4 8.0 2009 2010 2011 2012 Nov.1 0.0 4.1 1.8 4. Nov.7 1.7 2.8 9.8 7.0 -2.9 2.4 -0.2 0.0 -0.6 -1.2 7.293 7.7 -0.8 6.9 -1.3 0.8 -0.2 0.9 4.liabilities external term against assets financial central liabilities government -0.1 8.4 Counterparts of euro area monetary aggregates Main counterparts of M3 (annual percentage changes.6 11.1 -1.4 -0.0 2.8.3 3.046 10.7 -0.6 -2.5 -1.6 -0.6 11. 10.729 7.2 -1.8 -1.6 -0.637 Outstanding amounts (EUR billions) Breakdown of the annual growth rate of M3 by counterpart (contributions in percentage points.432 13.1 3.0 1.2 0.6 2. 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.5 3.457 16.5 0.8 1.114 13.478 2.3 2.4 7.7 0.8 -0.0 -0.2 6.3 1.4 -0.1 -0.023 10. Oct.444 16.680 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.9 Minus Minus Net longer.7 1.244 13.6 2.4 -0.0 -0.2 8.0 0.7 -2.9 3.euro area ment residents -0.6 -0.9 13.8 -1.0 0.0 2.5 0.2 6.6 1.0 -1.8 -0. seasonally adjusted.1 2.4 11. 26 ECB • Statistics Pocket Book • January 2013 26 ECB • Statistics Pocket Book • January 2013 .1 9.797 10. Sep.7 -0. seasonally adjusted.1 2.9 3.

7 -14.1 -25.8 23.8 -5.5 -51.4 -83.9 13. transactions during period) Total Funds by investment policy Bond funds Equity funds Mixed Real estate funds funds Hedge funds Other funds Memo item: Money market funds Outstanding amounts 2012 Oct.3 4.262 1.683 1.5 Euro area investment fund shares issued by investment policy (EUR billions.3 0. claims 2.2 -12.2 -0.872 2.0 6.7 1.5 -72.330 1.061 2.3 24. ECB • Statistics Pocket Book • January 2013 27 ECB • Statistics Pocket Book • January 2013 27 .1 -14.1 -63.726 2.1 -22.556 316 138 405 945 -4.974 7. Sep.685 0.0 2.5 30.1 17.6 35.372 2.7 5.5 -25.340 3.2 0.0 64.3 -65.6 -1.9 2.6 Euro area financial vehicle corporations (EUR billions.9 -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.342 3.2 -0.7 -6. Oct.647 2012 June July Aug.307 1.683 1.4 -71.9 -4.079 301 2011 Q3 Q4 2012 Q1 Q2 Q3 -32.9 Transactions 8.5 0. transactions during period) Total assets Deposits and loan claims Outstanding amounts 2012 Q3 2.5 17. outstanding amounts at end of period.121 827 846 847 844 Source: ECB.758 3.6 -15.5 -14.6 1. outstanding amounts at end of period) Total financial assets 2011 Q4 2012 Q1 Q2 Q3 6.5 -1.7 -54.1 Liabilities Securitised loans Originated by euro area MFIs Securities other than shares Debt securities issued 1.085 203 1. outstanding amounts at end of period.978 1.8 18.1 5.3 -3.4 12.1 -0.1 1.3 Transactions 8.9 -0.9 -29.0 -1.574 1.3 -0.299 3.309 1.6 10.300 1.6 17.236 7.7 67.395 2. 6.6 61.0 -1.296 7. 10.7 -56.2 -19.844 2.5 -4.0 -82.1 -0.7 Euro area insurance corporations and pension funds (EUR billions.006 2.8 63.4 21.8.0 -49.393 1.131 2.9 1.0 1.6 -1.

808 .038 1.252 8.289 6.61 Source: ECB.8. Nov.352 2.638 35. Sep.490 1.147 2.074 32.847 34.327 8. 8.69 5. .730 3.00 0.094 28 ECB • Statistics Pocket Book • January 2013 28 ECB • Statistics Pocket Book • January 2013 .211 8.53 13.573 5. end of period) Foreign-controlled subsidiaries and branches Domestic credit institutions 2009 2010 2011 2011 30 June Number (thousands) Total assets 3.805 33.2 509. unless otherwise indicated. 13.133 1.90 -0. 1.684 34. unless otherwise indicated.653 8. end of period) 2010 2011 2012 Q1 Q2 Q3 Source: ECB. A coefficient of 2% is applied to all previous maintenance periods.5 510.75 0.75 0. Source: ECB.9 107.750 10.945 8.649 .916 8. 8.75 0.75 0.17 13.943 18.681 6.0 538.955 3. Dec.0 107.218 6.692 10. .234 8. Oct.707 7.124 7.0 106.022 1.10 EU consolidated banking data 1) (EUR billions.700 5.159 .025 2.126 Return on Overall equity (%) solvency ratio (%) 1.894 18.2 540.042 1.4 106.81 Number (thousands) Total assets 1.225 2. 2013 Jan.8 Euro area minimum reserve statistics (EUR billions.9 .520 32.019 7. Reserve base Total 19.902 34.0 111.021 981 988 961 6.079 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. .9 Assets of the banking system and selected non-bank financial intermediaries of the euro area (outstanding amounts in EUR billions.238 5.196 32.02 3.75 .212 4.691 3.077 18. .448 7.387 7. 1) Data are fully consolidated on a cross-border and cross-sector basis.59 13.4 106.873 3. 1) A coefficient of 1% is applied as of the maintenance period beginning on 18 January 2012. interest rates as percentages per annum) Reserve base as at/ maintenance period ending in: 2012 July Aug.278 2.1 529. 106.683 10.1 107. Credit institutions Eurosystem Money market funds Investment funds Financial vehicle corporations Insurance corporations and pension funds 31. . .016 7.

935 4.019 1.862 16. nominal values) Gross issues Redemptions In euro (%) 2009 2010 2011 2012 Feb.071 552 619 161 80 -2 60 -17 29 -36 -22 35 Source: ECB.2 Debt securities issued by euro area residents: gross issues.747 16. unless otherwise indicated. Sep. Apr.4 90.9 Financial market developments 9.814 9.763 16.616 1.9 86.0 88. 13.475 10.888 4.737 16.401 1.344 4.599 1.8 90.191 942 936 983 944 835 871 882 93.3 88.204 10.267 4.185 4.544 1.5 89. 1) As a full breakdown of net issues into gross issues and redemptions may not be available in all countries.6 88. 9.1 88.301 4.251 4. "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.580 3.445 10.018 10.342 4.521 12.772 3.2 89.789 Quoted shares 4. May June July Aug.228 903 979 960 956 799 845 898 93.555 8.7 88.345 4. ECB • Statistics Pocket Book • January 2013 29 ECB • Statistics Pocket Book • January 2013 29 . nominal or market values 1) ) Debt securities Equity securities of which: 2) 2009 2010 2011 2012 Feb. transactions during period.642 1. Oct.499 11.6 89.395 4. 1) Nominal value for debt securities.6 87.2 87.640 1.647 1.9 89.5 88.351 4.283 15.389 4.5 88.242 4.319 Source: ECB. May June July Aug.646 1.535 4.640 1.9 86. outstanding amounts at end of period.250 4.244 10.363 4.6 88.004 1.0 88.4 88. 2) "Short-term".601 1.412 4. the difference between aggregated gross issues and redemptions may deviate from the aggregated net issues.166 1.499 10.078 3.373 10.6 88.229 10.3 Net issues In euro (%) 12.841 16.062 4.631 1.7 90.879 16.4 Seasonally Non-seasonally adjusted adjusted 1) 96 82 -9 -1 15 56 -5 34 24 1. Oct.252 89.9 89.532 16. Mar. Mar.381 4.422 10. redemptions and net issues (EUR billions.9 88.811 16.3 88.6 91. of which: Short-term Long-term fixed rate Long-term variable rate issued in euro (%) 1.409 10.4 88.809 16.9 88.2 89.0 89.566 1. Sep.0 89. unless otherwise indicated.9 89. market value for equity securities.550 11.096 12. Apr.1 Securities issued by euro area residents: outstanding amounts (EUR billions.409 4.1 89.6 15.737 16.

7 10.4 10.4 5.7 -2.0 7.2 3. 2008 = 100 1) Central government Other general government 2010 2011 2012 May June July Aug.2 9.062 4. Oct.9 3.6 106.8 118.9 1. unless otherwise indicated.6 1.3 4.3 0.6 3.7 10.7 13.3 4.1 3.4 1.106 6.9 3.9 118.888 4. Oct.2 5.4 - - 458 339 384 334 271 330 3.5 3.1 1.735 2.3 0.7 12. 1) The index data and annual growth rates are shown as end-of-period values in order to ensure consistency with other information in this table.0 4.690 14.888 3.857 14.6 3.3 6.3 13.3 -2.608 2.8 106.606 Outstanding amounts per sector (EUR billions) Source: ECB.4 2.8 2.9 3.6 3.8 106.5 3.5 6.7 4. outstanding amounts at end of period.895 14. 14.5 9.1 -1.1 -0.0 6.9 116.319 MFIs Financial corporations other than MFIs Non-financial corporations 104. nominal values) Total economy MFIs Financial Nonincluding corporations financial the Euro.other than corporasystem MFIs tions EUR Index: billions Dec.5 1.278 3.185 4.7 9. 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.7 2.0 1.871 111. Sep.3 10.311 4.9. market values) Total economy 2010 2011 2012 May June July Aug.4 0. 14.935 4.8 2.118 14.580 3. 9.9 0. Sep.772 3.319 4.3 Euro-denominated debt securities issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.4 0.5 4.7 3.0 0.9 118.9 5.0 2010 2011 2012 Oct.205 496 544 609 Outstanding amounts per sector (EUR billions) Source: ECB.2 -1.768 2.118 14.6 6.7 118.5 106.591 4. 30 ECB • Statistics Pocket Book • January 2013 30 ECB • Statistics Pocket Book • January 2013 .3 12.7 0.6 4.5 12.5 12.1 14. 2010 2011 2012 Oct.894 14.874 14.9 1.5 7.8 4.8 5.3 0.9 118.0 12.871 - - 4.3 2.885 14.8 3.1 106.5 -2. unless otherwise indicated.4 Quoted shares issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.4 106.242 4.4 0. EUR Index: billions Dec.0 2.8 13.788 3.840 6.2 1. outstanding amounts at end of period. 2008 = 100 1) 4.5 118.651 703 714 798 5.8 3.9 0.580 3.9 107.3 3.690 14.2 -0.1 3.7 5.

27 0.20 0.21 0.50 1.66 -2.26 -1.01 1.24 0.39 0.88 0.58 0.79 0.14 1.33 0.00 0. Dec.81 1.68 0.32 0.17 1.95 0.19 0.88 0.00 1.29 0.57 1.11 -0.28 -2.13 0.34 0.20 Mar.47 0.37 0. Jun.91 0.99 0.78 0.32 -1.33 0. 2014 3.67 1.84 0.18 Real 0.19 0.70 -1.63 0.5 Money market interest rates (percentages per annum.04 0.38 0.54 1.07 0.95 -1.38 0.6 Interest rates implied by 3-month EURIBOR futures (percentages per annum.11 0.43 0.84 -1.54 0.53 0. Sep. May June July Aug.83 1.27 0.44 0.47 0.36 -2.28 -2.21 0. Mar.39 0.65 0.11 0. 0.34 0.72 1.25 0.20 -0.47 0.47 0.61 -1.50 1.22 1. 9.90 0.82 0.23 0.61 0. Oct.67 0.20 0.43 1.09 0.71 0.9.20 0.82 -1.32 1 year 1.88 0.29 1. Nov.20 0.56 0.98 0.50 0.25 0.04 0.19 0. Oct.63 0.35 1.46 0.19 0.74 0.45 0.87 0. 2012 Jan. 2012 Jan.36 0.64 0.27 1.50 0. Mar.49 0.32 1.17 0.50 0.97 0.20 0.43 0.71 0.42 0.07 2.42 0.30 Sep.56 0.82 -1.23 0.45 2.31 0.73 0.84 1.37 -2.00 -2.17 0.10 -0.86 0.21 0.46 0.57 0.84 0.64 0.47 1.85 0.10 0.92 -1. Nov.74 0.68 1.95 2.01 1.58 1.30 0.53 0.19 6 months Real -0. period averages) Euro area EONIA EURIBOR 1 month 2010 2011 2012 2011 Dec.27 1. Sources: ECB calculations based on underlying data provided by Thomson Reuters.22 1.09 0.66 0.38 0.75 1.31 3 months Real Nominal -1.42 0.05 0.19 0.18 -1.11 3 months Nominal 0.35 ECB • Statistics Pocket Book • January 2013 31 ECB • Statistics Pocket Book • January 2013 31 .24 0.20 0.22 0.31 -0.08 1. Feb.38 0.05 1.16 Sep.93 0.24 Sources: ECB calculations based on underlying data provided by Bloomberg. by maturity date of futures contract) 2010 2011 2012 2011 Dec.83 2.40 0.45 .48 0.60 0.20 0.36 0.47 0.14 0.33 1.36 0.71 0.30 0.08 0. 2013 2.41 0.17 Dec. 2014 2.59 0.65 0.67 1.75 -1.58 2.79 0.19 0. 0.47 0.65 0. Sep.25 0. 2013 2.35 2.32 1.35 0.10 0.24 -1.80 0.43 -1.81 -1.84 1.59 0.02 0.19 0.50 1.52 0. Dec. Apr.83 -1.36 -2.46 0.57 1.39 0.48 0. Apr.08 0.91 -2.39 .20 0.34 0.33 -1.19 0.12 0.22 0.35 0.39 0.39 0.11 0. period averages.08 0.33 0. 2013 2.16 1.72 2.41 -2. May June July Aug.87 0.06 0. Feb.84 -1.59 0.11 2.18 0. 2014 2.22 0.97 0.18 0.41 1.30 0.61 0.41 0.19 0.59 0.80 0.76 0.55 United States Japan LIBOR LIBOR 3 months Nominal 0. Mar.95 0. 2013 2.33 0.20 0.20 1.98 0.34 0.57 0.60 1.68 -1.74 0.41 1.30 -2.29 1.37 1.89 0.70 0.28 0.16 Jun.95 0.

55 2.48 -1.59 -1.12 2.02 0.39 1.10 0.26 4.39 0.27 -0.00 0.49 2.95 0.02 0.05 -0. rates in percentages per annum.55 -0.33 2.16 0.41 -0.69 3 years -0.52 0.63 -1.07 2.56 1.87 1.04 -4.26 0.13 1.45 0.02 -0.89 2.05 1.52 3.17 3.17 2.57 -1.32 0.12 -0.84 Sources: ECB calculations based on underlying data provided by EuroMTS and ratings provided by Fitch Ratings.87 2.69 2.09 0.86 1.93 -1.50 9.01 -0.01 -0.08 -4.01 1. Nov.84 -0.39 0.62 -0.11 0.32 1.03 -1.91 1.85 0.87 1.09 0. United States Japan 10 years 10 years 0.07 0.07 0.84 -0.11 0.94 1.87 -2.72 2.21 2.98 -1.82 3.65 2.98 -4.45 -0.80 -2.53 -0.29 0.95 1.98 -0.40 -12.22 2.24 2.97 2.03 0.09 0.49 -1.49 -1.02 0.23 -1. Sep.07 0.66 10 years -0. 2012 Jan.26 0.01 0. Dec.21 -2.10 2.04 0.92 -0.32 0.11 -0.00 0.15 1.64 3.13 0. Apr.58 3. May June July Aug.02 -0.07 -0.01 0.06 4.02 0.71 0.00 0.00 -0.32 -1.50 Sources: ECB calculations based on underlying data provided by Bloomberg.82 2.7 Euro area yield curves (AAA-rated euro area central government bonds.06 -0.41 3.88 1.08 0.53 1. 4.80 -5.22 2.47 1.60 -0.62 -3.95 0.36 1.03 0.57 -1.15 -0.93 -3.09 1.11 0.11 0.16 -1.56 -1.09 0.41 0.63 -1.69 -6.06 0.01 -0.17 2.21 -0.03 0.06 2.02 0.50 -1.72 2.9.02 -0.72 3.26 0.39 0.00 0. Feb.80 1.37 0.01 -0.05 0.05 -1.04 0.07 -1.01 -0.92 1.53 2.96 -4. end of period) Euro area 2010 2011 2012 2011 Dec.09 0.25 -1.66 -1.60 2.00 0. Nov.60 -8.07 0.36 0.89 1.98 7 years -0.27 0.92 -10.72 -1.91 1.46 -1.16 -1.44 1.85 -1.40 -1.27 1.02 -0.92 1.22 -2.04 0.28 -1.23 -1.69 0.90 -0.30 0.74 0.03 -0.04 -2.44 1.03 0.23 3.78 0.43 -5.03 0.75 3.03 -0.69 -8.77 -1.65 0.60 -1.03 0.55 -1.00 32 ECB • Statistics Pocket Book • January 2013 32 ECB • Statistics Pocket Book • January 2013 .21 0.04 -0.01 0.08 -0.17 0.60 3.40 -2.65 2.76 1.14 0. 2012 Jan.8 Spreads between swaps and government bond yields (percentage points.76 1.01 -0.05 0. Sep.17 0.10 0.24 3.11 0.59 2.89 1. 0. May June July Aug.66 -3. Apr.20 -0. Oct.03 -4.87 1.55 3. 2 years -0.84 2.79 -1.10 3. Feb.67 2.76 0.91 -0.20 0.04 -0.15 0.63 -3.75 0.26 4.90 1.04 0.82 -0.66 10Y-2Y 1 year 2 years 5 years 10 years spread 2. spreads in percentage points) Spot rates Instantaneous forward rates 3 months 1 year 2 years 5 years 10 years 10Y-3M spread 2011 Nov.01 0.74 0.38 0.00 0.76 0. end of period.94 1. Oct.87 -5.13 0.07 -1. Dec.15 1. Mar. Mar.84 4.09 -0.34 0.68 -0.87 5 years -0.07 3. Dec.

8 -22.30 21.140 1.4 23. May June July Aug. Nov.4 1.03 4. index: 31 December 1991=100. Oct.26 4.341 1.1 13.323 1. Oct. Dec. the period 1941-43=10. Standard & Poor’s 500 and Nikkei 225 indices are.88 5.006 9.46 5.9 -20.531 2.63 5.8 -5.468 2.425 9. 1) rates of change in percentages.827 9.96 2.258 2.81 -5. 31 December 1991=1.341 2.4 Level 10.3 12.523 2.rate of ity 2) change 3.63 12.103 9.83 4.74 1.379 1.422 Annual Volatil.626 Annual Volatil.438 1.412 2.6 2.67 7.17 9.9 1.24 -8.46 8.1 8.554 2.6 9.9 Stock market indices (index levels in points.450 2.307 2.rate of ity 2) change 7.64 5.4 2.503 2.2 2.3 15.Tech.30 4.1 0.9 2. respectively: 31 December 1991=1.814 Annual Volatil.21. 1) The bases for the Dow Jones STOXX 50.9. Europe Euro area United States Japan Dow Jones STOXX 50 Dow Jones EURO STOXX 50 Standard & Poor’s 500 Nikkei 225 Level 2.000.403 1. 390 358 269 275 261 250 257 266 275 256 239 240 408 433 523 489 492 499 534 553 560 568 563 583 ECB • Statistics Pocket Book • January 2013 33 ECB • Statistics Pocket Book • January 2013 33 .5 2.35 5. period averages) 2010 2011 2012 2012 Apr.72 8.11 15.843 8. Standard & Poor’s 500 and Nikkei 225 indices.060 9.59 5.65 8.11 -2.000.950 8. May June July Aug.1 1. Nov.627 8. Sep.72 7.10 -1.85 4.8 2.514 2.1 4.4 2.541 2.0 Level 1.4 Sources: ECB calculations based on underlying data provided by Bloomberg and Thomson Reuters.6 -23. Dec.10 Euro area sectoral stock market indices (index levels in points.779 2.78 4.5 19.199 2.49 6.545 2.rate of ity 2) change 8.425 2. 2) Values are based on the average daily implied volatility of the Dow Jones EURO STOXX 50.6 18. 9.435 2.611 2. Sep.386 1.317 2.153 2.34 4.7 5.395 1.81 4.5 2.09 -0.584 Level 2.24 -12. Dow Jones EURO STOXX 50.78 6.63 5.17 -9. 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.0 19.2 2.2 -17.8 2.22 5.412 2.638 8.360 1.443 1.8 11. and 16 May 1949=176.0 -5.949 8.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.761 8. period averages) Dow Jones EURO STOXX main industry indices 2010 2011 2012 2012 Apr.521 2.268 1.7 14.

96 3.Redeemable night 1) at notice of up to 3 months 1) 0. To non-financial corporations Revolving Lending for house purchase Revolving Loans Other loans with floating loans and loans and with and up to 1 year IRF overdrafts.70 1.21 3.44 0.70 2.31 2.46 4.13 2. a matuconvenience of over and up to 10 years convenience -rity Up to EUR Over EUR and 5 years 2) 10 years IRF and of over 1 million 1 million extended IRF extended 5 years 2) credit credit card debt 1) card debt 1) 8. 2.66 2.29 4.79 2.22 2.00 1.70 3.14 8.81 2.73 1.96 2.58 0.86 3.74 1.58 4.18 2.65 2.31 1.83 2.62 1.28 4.43 With an agreed maturity of: Up to Over 1 Up to 1 year and up to 2 years 2) 2 years 1.84 1.59 3.08 4. 2) Data are end-of-period values and represent rates on outstanding amounts.89 1.40 4. Apr.13 1.58 2.11 Euro area MFI interest rates on deposits (percentages per annum excluding charges.67 3.67 2.98 3. the interest rates on outstanding amounts and new business coincide.03 Source: ECB.41 8.46 3.72 2.18 4.61 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 2.51 0.88 2. 1) For this instrument category.90 Source: ECB.52 2.37 2.18 34 ECB • Statistics Pocket Book • January 2013 34 ECB • Statistics Pocket Book • January 2013 .49 3.48 0. Mar. Oct.61 3.21 4. 2.56 2.93 3.76 2.79 1.80 3.52 0.04 2.82 1.32 2.69 2.69 3. new business rates as period averages.46 0.25 4.89 2. 2) Data are end-of-period values and represent rates on outstanding amounts.60 3.39 4.38 3.46 3.73 2.50 3.90 2.60 3.72 2. Mostly end-of-period rates.85 3.05 2. Mostly end-of-period rates.80 2.14 1.17 3.67 3.39 8.84 3. May June July Aug.05 1.80 2. Maturity over 5 over overdrafts.14 4.55 0.12 Euro area MFI interest rates on loans (percentages per annum excluding charges.54 2.77 3.36 3.19 4.79 9.12 2.78 1. Mar.76 3.21 3.25 8. Over.42 0.56 2.40 1.11 1.14 3.54 0.62 3.74 2.87 3. Nov.66 3.26 8.65 2.49 0.45 2. Oct.94 3.31 3.45 0.16 2.16 1. May June July Aug.76 2.68 1.45 0. Apr.95 3.52 3.96 1.04 2.48 0.42 4. 1) For this instrument category.73 2.73 3. unless otherwise indicated) From households 2012 Feb.34 3.49 3.21 2. Nov.81 1.61 3.70 2. Sep.60 4.93 2. unless otherwise indicated) To households 2012 Feb.04 7.82 2.15 3.72 3.26 3.52 0.26 1.91 3.10 1. Sep. new business rates as period averages.78 2.70 2.53 3. the interest rates on outstanding amounts and new business coincide.40 3.12 8.93 1.26 8.9.20 4.12 3.75 2.15 8.59 0.47 0.76 1.20 4.01 2.54 3.41 0.40 2.66 Overnight 1) 0.65 1.46 0.07 1.

22 40.29 3.75 51.469 20.329 1.50 361.04 3.78 55.46 3.427 5.92 0.09 0.001 18.97 31.33 2.350 9.04 3.717 1.93 46.30 13.664 4.65 18.922 199.81 0.70 1.90 35.631 14.42 3.60 3.732 16.59 13.648 6.09 398.06 0.256 202.22 43.54 11.62 44.64 50.155 52.103 19.97 12.124 22.496 20.25 3.22 62.134 8.291 1.21 6.705 15.718 31.125 3.657 34.36 59.05 0.146 1.81 2007 2008 2009 2010 2011 427 750 856 1.499 111.59 47.04 0.88 936 960 1.68 1.96 12.13 58.10 3.166 49.71 54.95 54.081 5.255 21.05 10.722 120.563 17.685 16.482 6.13 31.44 339. 1) E-money.11 0.043 5.858 24.26 2.898 45.336 1.01 0.640 1.428 23.61 43.89 1.51 113.800 236.46 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.22 1.484 29.129 1.782 1.472 355.10 1.367 14.282 16.232 1.177 21. is a monetary value.31 3.688 111.45 3.676 1.616 14.49 66.55 3.73 28.452 15.105 19.629 1.95 16.98 9.625 22.41 338.77 10.74 10.01 0.43 44.62 565.66 49.33 50.238 5.94 42.915 2.682 213.24 404.36 2.195 27.66 43.93 2.83 2.73 40.025 15.030 6.08 13.35 1.g.720 4.13 73. ECB • Statistics Pocket Book • January 2013 35 ECB • Statistics Pocket Book • January 2013 35 .266 488 836 915 1.05 424.26 31.17 2.056 18.83 0.59 63.98 3.35 5. which is stored on an electronic device (e.020 22.58 56.800 18.10 12.48 2007 2008 2009 2010 2011 15.17 4.823 14.26 3.10 Payment and settlement systems 10.83 47.874 3.136 1.85 9.867 5.004 4.425 18.711 1.933 21.080 42.198 280. represented by a claim on the issuer.025 1.494 16.30 1. a card or computer). or electronic money.64 1.67 2.85 15.47 39.333 5.091 1.03 0.102 13.34 2.27 68.09 18.76 12.62 42.57 5 17 21 28 38 5 17 21 28 38 0.1 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 14.21 14.36 52.56 49.06 0.07 2007 2008 2009 2010 2011 4.074 1.740 118.93 2007 2008 2009 2010 2011 544 528 445 404 433 545 541 458 416 446 1.438 4.71 3.897 16.40 16.09 0.159 20.66 475.98 1.002 1.178 37.597 6.676 15.660 22.668 1.642 1.94 367.90 44.006 4. 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.76 11.

134 536.28 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.47 18.16 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 52.68 -10.482 10.10 -9.805 112.22 9.30 3.10 0.88 -1.09 15.85 4.85 142.666 161.14 -21.98 3. HICP adjusted) -10.886 2.06 -15.98 2008 2009 2010 2011 26.77 26 25 25 25 -13.68 2.25 0.512 1.908 11.97 73.824 -10.278 8.44 13.99 4.032 631.11 32.537 113.15 -1.421 18.56 -6.637 131.791 182.22 -21.2 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.878 10.371 -7.72 -15.10.45 7.66 0.917 9.62 9.42 20.39 2.04 1.53 0.340 28.208 64.426 65.64 3.091 11.56 -1.87 14.33 -0.19 1.28 1.204 62.381 3.90 5.752 8.09 -12.87 -13. in the United States.020 24.143 120.846 19.71 -0.59 19.403 27.69 2008 2009 2010 2011 10.75 1.321 18.065 28. 36 ECB • Statistics Pocket Book • January 2013 36 ECB • Statistics Pocket Book • January 2013 .28 626 493 512 537 -48.64 2.95 611.55 2.440 651.92 -1.65 1.01 -6.881 -4.90 145.85 -66.232 414 356 418 -92.

9 65.1 -73. 6) Three-year percentage change.0 120.1 13.House Private Private Finan.8 4.5 74.6 -63.8 1.0 27.1 167.8 4.2 Thd8) -4/+6% -35% +/-11% -6% +12% -0.2 -6.8 LU 7.5 6.3 128. ECB • Statistics Pocket Book • January 2013 37 ECB • Statistics Pocket Book • January 2013 37 .flow 2) liabili.5 8.3 1.2 -0.9 2.4 128.3 65.4 125.1 -2.7 -1.0 2.1 LT 0.7 160.2 0.8 6.1 -105.5 -2.9 -3.4 -0.0 4.0 IT -2.1 -10.8 46.8 -7.3 DE 5.7 -18.4 +6% 11.6 10.5 1.General UnempEER.9 206.3 40.8 -57.0 9.9 -2.0 -4.7 -0.9 -17.4 23.6 8.3 86.1 7.3 3.6 -105.7 9.1 70.8 AT 2. 4) Three-year percentage change relative to 35 other industrial countries.2 -2.1 -17.9 20.1 17.0 -5.1 16.8 -0. 5) Five-year percentage change.2 -0.9 14.6 24.p.1 236.5 2. 1) Data may differ from the European Commission’s Alert Mechanism Report as a result of revisions.0 SI -0.8 4.6 -3.4 7.8 5.9 PT -9.3 -1.4 -85.2 -13.2 30.0 +60% +10% -6.1 -12. 3) Three-year average.2 6.7 2.5 107.8 0.6 5.0 SE 6.0 326.3 -0.9 1.1 4.7 7.i.5% +60% 7.6 MT -4.3 70. 2) 1) Internal imbalances Real Export Nom.2 4.9 3.2 11.3 3.1 -1.1 15.0 0.5 81. 8) Threshold.1 106.6 4.6 3.6 3. sector sector cial governloyHICP.7 146.5 6.1 7.9 12.7 71.1 +10% Sources: European Commission (Eurostat and DG ECFIN) and ECB.1 -4.credit debt 2) sector ment ment deflabour ption.0 -1.2 6.5 72.2 -7.2 -5.8 6.4 FI 0.3 DK 5.2 1.9 -2.9 1.6 -15.9 EE 2.7 PL -4.8 -2.4 4.4 11.7 13.3 208.9 -6.share 5) unit consum.9 7.3 -0. market inal prices.6 284.6 -0.1 -18.6 4.6 -7.4 3.3 CZ -3.1 4. 3) Net i.6 235.9 9.3 1.4 -13.7 4.3 0.0 78.3 178.7 6.2 -2.3 -91.3 -24.3 -5.7 -4.5 128.6 -3.0 8.4 -64.4 3.4 8.1 Thd8) -4/+6% -35% +/-5% -6% +9% Non-euro area BG -3.3 1.1 -18.1 Scoreboard for the surveillance of macroeconomic imbalances 2011 External imbalances/ competitiveness indicators Current account balance 2).8 6.4 -71.4 56.1 8.2 19.7 12.9 3.4 33.6 13.4 5.6 4.9 -3.3 -4.1 -8.4 170.0 -5.4 13.debt 2) rate 3) lated 4) costs 6) defties 7) lated 7) Euro area BE -0.1 1.0 -52.5 -10.5 -10.8 NL 7.9 -10.1 46. 7) Year-on-year percentage change.11 Selected indicators for EU Member States 11.1 3.9 2.0 GR -10.3 79.3 9.4 -4.1 -5.7 9.5 -0.0 2.5 13.8 132.0 -9.7 LV 3.0 -8.9 217.7 2.1 3.5 224.8 80.6 8.9 160.8 97.0 -96.4 3.4 7.7 -16.3 49.7 127.4 CY -8.4 -41.3 4.4 4.5% +15% +160% +16.3 +6% -9.3 SK -2.9 -7.3 4.3 5.7 7.0 -11.5 -2.1 ES -4.7 249.2 -10.1 -3.1 1.1 FR -1.6 26.0 -5.3 -0.2 38.3 -7.8 -64.4 -86.8 4.3 -1.4 38.6 42.6 -2. A positive value indicates a loss of competitiveness.6 4.8 6.5 9.9 4.6 69.9 -20.3 RO -4.1 IE 0.9 43.6 -4. 2) As a percentage of GDP.8 -10.0 -49.1 -24.6 1.5 35.4 HU 0.4 85.1 18.4 108.0 -8.8 -1.8 0.3 -0.0 3.0 18.0 -3.5 -1.6 -3.4 UK -2.7 230.2 8.9 -8.3 76.9 32.9 7.6 15.9 6.3 -15.9 309.8 +15% +160% +16.4 4.6 3.8 -1.9 5.

2 3.6 1.8 2.1 2011 3.9 5.5 3.7 2. .4 4.1 3. .1 1.2 3.1 1. .4 SI 0.5 2.6 2.5 3.2 2.1 LV 0.3 MT 0.2 2. 2) Flash estimate.9 1.5 3.3 2. 2.0 6.7 2. 2012) 1996-00 2001-10 BE 3. .2 LT 0.1 2. .9 3.6 1.9 2. 1) Non-euro area countries: percentage share in the EU total.4 0. .9 2.2 2.2 2.9 .6 2.2 1.6 3.1 2012 2012 Oct.5 2. .4 2. .6 IT 18. . .2 3.7 3.2 1.1 4. .7 -1.6 2) . .5 EE 0. 2.2 2. .7 1.0 2) .0 5.4 5.2 3. .8 2.7 2.1 11.6 0. 2.1 IE 1.3 2.4 *) 1.5 2.1 PL 5.2 1.0 0. .9 UK 15. 2.5 .4 3.6 1.7 2.0 1.4 SK 0.6 4.2 *) 1.1 3.3 2.9 3.2 2.7 3.9 3.3 1.6 .2 1.2 4.2 2.0 1.3 2.7 1.8 1.2 6. .4 2.8 12.4 FR 20.0 1.9 3.8 .2 4.6 2.1 . 3) Data refer to the changing composition of the euro area and EU.8 1.4 2.4 RO 1. .4 DK 1.9 1. . .1 1.1 NL 4. .9 3.1 2.7 FI 1.2 8. .7 3.0 BG 0.7 4.1 2.7 2.3 2.1 2. 2. *) Data for 1997-2000.5 2.2 2.9 *) 1.2 2.6 3.9 2. .2 2010 2. 38 ECB • Statistics Pocket Book • January 2013 38 ECB • Statistics Pocket Book • January 2013 .6 2.4 2. .0 3.2 4.6 2.5 5.6 2. .0 4.0 EU 3) 1.4 2.3 LU 0.8 2. .5 DE 26.7 4.9 2.0 5.11.6 2.0 *) 64. 3. .8 3.4 GR 3.1 2.6 SE 1.7 2.4 3. .1 3.9 2.2 1. .4 2.4 8. 3. . .2 2) .1 1.6 2.5 3. .4 2.6 1.3 *) 8.0 1.7 1.7 1.6 4. Euro area: estimate based on provisional national releases (which usually cover around 95% of the euro area).1 0.1 4. **) Data for 1998-2000.7 CZ 1.6 3. .3 **) 6. 2012 Dec.9 1. for further information see page 6.4 4.9 AT 3.5 100.8 5.7 2.3 ES 12.1 2) .5 3.8 2.7 6. 2.7 2.9 3. unless otherwise indicated) Share 1) Average Average (%.1 PT 2.6 10.6 2.5 2.4 2.3 2.3 2. . 2012 Nov. .8 Euro area 3)100.4 HU 1.6 2.0 2.1 0. .6 4. 2.8 1.1 1.1 3.5 2. .2 -1.1 8.2 3. .2 15. . as well as early information on energy prices.6 3. .2 CY 0.0 3.8 2. Sources: Eurostat and national data.6 3.3 1.2 2.1 1.2 HICP (annual percentage changes.1 1.

7 -0.6 27.7 1.5 -3.1 2.0 3.6 1.2 -0.2 2.1 -5.7 -8.1 2.9 -0.4 -2.7 FI 189.7 -0.7 -2.7 6.8 PL 369.579.5 -1.0 -6.0 Euro area 9.1 -0.5 0.1 2.1 .5 -3.7 1.3 2.2 5.3 -1.1 5.1 -3.3 -0.4 2.0 -2.7 -0.4 .9 1.2 -0.8 EU 12.5 MT 6.7 -2.7 1.8 -4.3 -1.6 0.3 -0.5 0.7 1. 4.9 1.4 2.3 -0.7 0.3 -3.2 4.1 0.9 2.4 1.9 1.2 4.5 1.2 4.8 4.7 1.0 0.9 -0.2 -1.8 SI 36.3 2.1 -6.6 2.1 13.3 3.5 1.0 100.4 -4.6 4.8 0.5 1.063.3 0.2 LU 42.8 2.2 ES 1.7 -1.0 1.1 0.9 2.3 1.9 1. 3) Quarterly data unadjusted.7 16.1 3.2 4.2 LT 30.0 0.7 0.5 -1.9 1.2 -1.9 5.6 3.7 -4.0 SE 387.642.3 2.4 -5.0 1.8 2.1 UK 1.5 -1.9 -1.5 1.4 2.747.3 1.8 -1.592.3 CZ 156.6 21.3 -0.6 2.5 0.1 1.8 -6.3 -0.8 3.8 -4.8 2.9 1.6 -17. ECB • Statistics Pocket Book • January 2013 39 ECB • Statistics Pocket Book • January 2013 39 .5 4.2 0.0 -1.9 1.6 -0.3 FR 1.7 0.0 1.5 0.4 5.9 1.1 0.4 -14.4 -7.8 0.8 3.8 1.4 Source: Eurostat. 1) Current prices.1 1.6 1.1 -0.6 0.4 3.0 -1.5 2.9 1.1 0.4 -2.1 -2.9 -1.7 2.3 -1.6 -0.9 2.4 4.3 3.3 -0.0 6.4 1.3 2.4 0.1 NL 602.7 2.2 DK 240.6 1.2 PT 171.3 -0.9 2.4 1.9 6.4 1.1 2.2 -1.5 5.4 -4.4 4.8 0.3 2010 2. unless otherwise indicated) GDP in 2011 1) EUR Share 2) Average Average billions (%) 1996-00 2001-10 BE 369.2 HU 99.0 3.8 6. 3.7 3.1 -2.7 1.8 3.9 5.9 3.6 -5.1 2011 2012 Q1 2012 Q2 2012 Q3 1.9 LV 20.0 -5.6 4.9 1.8 3.3 0.2 0.7 3.7 100.4 AT 300.9 DE 2.7 -3.9 RO 131.11.2 -4.8 0.3 GDP (annual percentage changes in volume and quarterly data seasonally adjusted.7 10.0 1.6 4.5 3.0 8.5 0.7 1.9 1.5 3.7 -5.1 0.3 1.9 2009 1.5 1.6 0.7 0.3 0.7 GR 3) 208.4 4.5 0.2 3. 2) Non-euro area countries: percentage share in the EU total.7 -6.5 EE 16.1 -0.7 -2.8 0.4 SK 69.9 3.0 0.8 CY 18.7 -7.0 -3.421.3 4.7 1.6 -14.7 4.6 0.5 3.996.0 -0.3 1.1 1.4 0.5 2.3 3.8 -4.0 2.3 -2.5 0.6 3.3 1.0 -3.0 BG 38.5 0.4 2.6 0.2 3.2 IE 159.1 3.8 2.0 1.2 -5.6 2.4 -0.7 0.2 0.2 IT 1.2 1.8 1.0 2.4 11.1 -6.5 2.1 5.7 0.5 -2.5 -0.2 2.

1 7.0 31.1 18.9 12.0 51.6 -37.1 -7.3 1.3 25.4 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. deviation (in percentages) from EU GDP per capita in PPSs.5 79.6 -52.4 76.0 26.6 17.6 71.6 25. calculated on the basis of PPP rates relative to the euro area (Euro 17 = 1).6 2.6 -34.6 26.2 28.7 16.4 34.8 25.6 80.7 8.0 9.6 -32.8 85.7 24.0 19.4 67.6 69.6 -21.3 80.3 17.3 5.0 27.6 33.6 1.9 63.9 76.3 21.0 41.2 1.1 82.2 64.9 1.8 0.1 31.9 35.7 11.9 14.8 23.6 70.3 6.5 73.7 3.7 31.0 22.1 35.1 17.8 27.0 0.2 9.1 21.6 6.4 2.2 30. 40 ECB • Statistics Pocket Book • January 2013 40 ECB • Statistics Pocket Book • January 2013 .8 0.1 -9.5 1.0 72.5 23.8 2.2 10.3 66.0 21.1 3.3 17.1 0.2 24.7 5.6 -12.4 33.0 22. forestry and including fishing construction 0.0 21.0 11.2 2.1 30.0 80.4 2.5 73.4 5.6 150.6 68.4 1.1 37.9 26.0 28.3 28.8 15.9 60.5 4.0 73.9 -19.9 19.9 30.5 4.9 3.4 72.11.2 31.9 25.8 19.7 Services 76.2 41.0 33.3 33.6 36.1 32.8 20.7 1.3 12.8 30.2 60.8 71. Industry.6 Sources: Eurostat and ECB calculations.0 24.5 36.5 -35.4 26.3 -28.3 15.5 69.3 31.7 35.3 0.5 63.2 16.0 2.0 18.6 3.2 -34.9 43.0 -53.9 66.1 27.7 30.6 2. 2) Deviation (in percentages) from euro area GDP per capita in PPSs.7 16. 1) GDP in Purchasing Power Standards (PPSs) in euro.7 0.6 1.4 18.9 20.1 -41.2 14.6 26.8 25.4 31.8 29.0 24.8 28.7 22.6 12.3 23.7 -26.1 15.8 70.2 65.7 31.2 10.0 Agriculture.8 10. For non-euro area countries.3 -22.6 1.

3 1.7 -0.0 7.1 3.3 3.7 13.4 SK 0.3 UK 15.5 1. 1) Country shares are based on compensation of employees. 1.1 Sources: Eurostat and ECB calculations.3 3.6 5.4 -0.9 3.5 5.7 6.0 -1.3 -1.3 2.7 10.5 2.0 FR 23.0 0.4 1. 2011) 1996-00 2001-10 BE 4.0 6.9 0.6 1.0 0.9 2.3 0.6 -0.4 1.0 0.1 3.2 1.4 1.4 2.7 2.4 3.0 2.1 LT 0.8 0.9 5.11.6 4.2 IE 1.3 2.0 . ECB • Statistics Pocket Book • January 2013 41 ECB • Statistics Pocket Book • January 2013 41 .6 7.6 4.7 1.8 -6.0 3.8 5.3 4.0 1.0 2012 Q1 3.9 5.0 -5.5 0.7 2.4 2.4 -5.5 1.4 1.7 -5.4 -1.1 2.5 2.3 2. 2.4 3.6 0.5 6.9 -0.6 1.2 2.6 2.9 2012 Q3 3.4 -3.3 4. Non-euro area countries: percentage share in the EU total.1 LV 0.2 1.2 5.3 0.1 -2.9 -1.3 2011 2.6 -1.1 7.1 DK 2.7 3.2 5.5 2.5 1.0 4.2 1.9 3.4 3.4 4.2 -6.5 Unit labour costs (whole economy.7 2.6 FI 2.6 2.0 2.7 EE 0.4 -0.4 2.0 2009 3.7 1.9 -7.6 1.8 2.9 2.0 4.7 3. unless otherwise indicated) Share 1) Average Average (%.0 -1.5 1.4 -6.5 2010 -0.6 AT 3.2 PT 1.7 -2. 1.2 -0.0 1.3 1.8 1.6 2.7 6.3 1.9 -0.1 8.7 3.2 1.6 -0.9 4.7 0. 2) Quarterly data unadjusted.3 1.2 BG2) CZ 1.4 CY 0.5 5.0 -1.2 HU 0.1 1.7 1.6 GR2) ES 11.9 3.4 -0.5 2.6 1.2 -0.1 2.0 -1.1 1.2 12.3 -1.8 3.4 -3.3 1.5 5.8 -1.7 .8 0.2 0.7 9.7 -0.8 1.6 -0.3 0.0 .9 1.5 1.9 95.3 -1.9 7.1 1.1 Euro area 100.5 3.0 3.9 -2.4 5.2 5.1 2012 Q2 4.9 4.5 1.1 5.7 0.1 0.6 0.7 1.3 -1.3 3.2 3.4 1.4 0.2 2.3 2.8 6.6 -0.6 1.2 1.1 -1. annual percentage changes.4 MT 0.7 1.0 NL 6.3 3.3 7.1 LU 0.0 1.8 1.9 -3.1 IT 14.8 RO2) SE2) 3.7 2.7 -3.1 13.6 0.5 0.0 3.5 2.3 5.3 4.9 5.7 4.8 SI 0.5 1.6 3.0 4.6 3.0 0.4 0.3 2.7 2) PL 2.4 2.1 DE 28.0 4.2 -10.9 0.3 1.3 0.6 1.2 -0.6 4.1 1.5 3.6 -0.7 0.4 1.1 -6.8 4.0 3.9 1.1 EU 100.1 0.9 -1.4 5.6 -0.3 6.9 3.9 2.

7 98. % change versus previous year 2012 Nov.7 2010 101.9 93.0 100.2 109.2 116.8 -2.5 92.5 155.7 92.8 98.3 152.8 105.6 -1.4 -1.8 106.4 9.2 94.1 150.6 122.5 95.0 129.6 98.6 149.3 122.7 191.8 87.0 141.9 129.1 108.8 97.5 119.8 104.8 107.9 191.5 104.9 108.7 82.5 99.1 105.1 111.5 106.1 103.5 117.1 2011 2012 Sep.3 152.1 122.2 102.0 121.1 96.4 104.4 109.4 94.2 -4.4 97.0 78.6 95.3 82.6 Harmonised competitiveness indicators and real effective exchange rates based on consumer price indices 1) (period averages.8 92.6 122. 2012 Nov.1 94.9 152.3 93.9 5.4 108.6 97.6 88.1 149.7 112.3 130.1 106.1 108.4 140.6 147.8 125.0 106.3 103.5 122. 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 101.5 103.8 144.1 -3.3 108.6 91.5 83.6 127.3 99. 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.7 186.7 96. 101.1 -3.6 108.9 95.8 101.9 99.1 109.1 102.0 100.1 131.6 102.5 -1.6 107.9 116.4 102.0 121.11.4 133.3 117.4 107.3 -4.2 108.6 97.9 95.8 105.9 90.4 98.4 100.0 -1.9 97.9 -1.5 106.6 92.5 100.4 100.1 128.4 -3.9 191.8 103.5 106.8 97.3 135.9 133.5 100.2 78.6 103.1 100.4 140.8 148.3 109.9 98.6 104.9 108.2 102.9 105.7 110.5 -1.3 -2.7 -3.2 106.6 -2.8 115.3 115.0 99.4 150.2 117.6 -1.2 118.0 -2.9 -4.5 96.2 95.2 103.2 92.7 106.1 98.4 104.8 -1.2 121.0 133.8 109.3 98.2 140.4 97.6 Source: ECB.2 100.0 139.7 91. 1) For the non-euro area EU countries the real effective exchange rate of the euro vis-à-vis 40 trading partners is displayed.3 102.0 92.0 100.7 115.4 148.8 150.1 107.7 109.8 130.6 190.8 141.0 101.6 152.0 144.4 -2.8 103.7 111.8 94.8 96.4 -2. -2.7 1.9 115.2 96. 2012 Oct.2 103.4 92.9 -2.1 116.6 3.9 42 ECB • Statistics Pocket Book • January 2013 42 ECB • Statistics Pocket Book • January 2013 .8 104.2 107.3 134.3 100.4 88.7 98.2 88.4 95.4 99.5 102.2 110.2 94.5 99.7 151.9 192.3 126.5 94.6 -0.7 117.3 104. A positive change points to a decrease in price competitiveness.0 93.

0 HU 10. .4 2011 1.4 3.5 21.8 2.7 -1.8 -1.2 -0.8 -3.5 -2.1 0.2 0.3 0. Average Average (millions) 2011) 1996-00 2001-10 BE 11.1 .2 0.9 0.8 1. .8 3.8 0.6 0.5 0.9 -1.6 1.4 1.8 2.7 SI 2.6 -1.3 1.0 100.9 -8.1 LT 3.9 2.3 1.5 DK 5.1 2.6 1. . .0 DE 81.6 18. .8 7.4 UK 62.9 2.7 AT 8.2 0.0 -2.2 -0. 2) Quarterly data unadjusted. .3 -0.2 1.3 -4. .8 -5.4 0.2 4.5 -0.3 16.7 -0.9 0.0 1. .7 1.2 -0.9 1.4 NL 16.7 CY 0.4 RO*) SE 9.1 -0. .2 -0.4 1.1 1.1 -0.8 1.5 MT 0.2 -8.1 -0.2 -0.7 100.7 0.9 -7.9 -0.3 0.6 0.3 2. .5 -4.5 0.5 11. .0 1.3 2.6 0.1 0.5 -0.9 -0.6 2010 0.3 0.8 1.7 -1.8 2. .3 1.8 EE 1.3 1.4 Euro area 332.0 1.5 0. 1.2 -4.0 0.4 BG 7.0 0.2 0.2 -1.4 7.1 FR 65.3 1.3 0. .1 SK 5.3 CZ 10.4 1.7 0.3 -0.6 0.6 3.6 LV 2.4 0.2 -0.3 0.4 -0.5 2.3 0.2 -0.4 -5.6 0.0 -0.7 1.2 IT 60.9 -4.7 0.3 0.1 0.7 0.2 -1.8 -4.9 2.1 28.1 2.8 0. unless otherwise indicated) Population Employment Share 1) 2011 (%.1 13.4 0.5 0.3 0.4 0.3 0. .2 3.5 -0.1 0.3 GR2) ES 46.4 FI 5.1 0.5 -1. .2 0.9 0.9 -4.9 1.9 3.6 1.0 1.6 0.6 1. .5 1.7 -2.9 LU 0.1 0.0 12. 0.1 1.3 0. .6 -0. .2 -0.6 1. .0 0.0 PL 38.1 2.1 3.0 -0.6 1.7 0.7 2.3 2012 2012 Q1 2012 Q2 2012 Q3 . .8 -2.2 -3.2 -0.5 0.5 3.5 -1.1 1.7 EU 502. ECB • Statistics Pocket Book • January 2013 43 ECB • Statistics Pocket Book • January 2013 43 .0 1. .1 -0.2 0.6 1.3 -4.6 0.3 0.6 -4.1 -1. .7 Population and employment (annual percentage changes.7 0. .4 0.7 -1. 1) Non-euro area countries: percentage share in the EU total. . .1 -5.0 0.5 2.8 -0.0 -0.5 0.2 2.8 -0.3 0.2 -0.1 2.9 0. *) Population data refer to 2010.1 -0.6 0.2 3.0 5.8 0.6 -2.0 1.1 -0.5 -4.9 -5.2 -0.5 0.0 -2.7 -2.0 0.1 5.4 0.6 -1.1 -0.0 1.2 0.9 1.3 IE 4.5 -2.5 0.4 PT 10.5 -1.3 0. .8 -2.0 1.5 0.3 -0.7 2.2 4.2 -2.4 -8.0 . 0.1 -1.3 Source: Eurostat.1 -4.11.4 -9.5 -0.8 0.0 0.4 0.4 0.

6 2012 Oct.9 7.2 5.7 7.9 12.4 4.0 25.5 14. Average 2001-10 7.4 10.9 7.3 7.5 6.8 12.5 4.8 7.7 5.8 11.4 5.9 4.8 26.3 9.0 11.9 3.7 1.1 7.0 5.6 11.0 . 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 0.8 6.7 8.6 2009 7.9 8.1 16.2 7.1 0. 7.2 12.4 4.2 10. 14.6 4.8 6.8 12. 26.1 4.0 2010 8.9 5.6 12. 12.3 6.1 7. 10.6 7.2 13.1 6.6 4. 44 ECB • Statistics Pocket Book • January 2013 44 ECB • Statistics Pocket Book • January 2013 .5 8.4 5.5 2.9 4.4 5.6 9.3 7.2 8. .9 13.4 7.5 .3 14.9 12.1 9.5 11.4 6.7 7. 12.4 16.7 14.3 11.5 18.4 4.9 8.5 31.6 14.8 10.4 11.2 0.0 7.4 .0 9.1 .9 10.7 4.3 8.6 14.8 13.8 12.6 0.8 4.8 5. 26.4 7.8 9.8 15.0 5.1 6.2 17.8 7.4 8.2 13.2 5.2 9.5 14.5 4.6 10.0 9. 7. 1) Non-euro area countries: percentage share in the EU total. .4 7.6 8.9 9. .4 10.3 7.4 9.2 9.1 3.0 9.2 7.2 9.1 .3 1.1 10.0 9.0 8.8 10.9 7.2 11.8 8.2 .4 1.7 8.8 10. 4.1 8.8 10.1 6.1 6.7 6.3 15.7 .3 7.1 .4 7.8 Unemployment (as a percentage of the labour force.5 4.3 7.6 .2 15.0 100.4 .5 7. 5.6 6.5 10.4 16.2 6.4 14.0 11.6 6.4 12.7 9.2 1.3 7. 7.5 16.6 7.0 7.8 18.0 2.1 14.3 7.7 21.4 0.9 .3 9. 10.5 19.1 7.6 7.0 5.5 10.4 9.0 7.11.4 10.1 13. 2012 Nov.4 7. 11.9 7.0 8.6 5.0 7.6 .2 3.5 7.0 8.6 20.9 12.4 11.1 0.3 7.4 7.9 11.1 15.1 2.6 10.6 2011 2012 Sep.5 1.7 .7 Source: Eurostat.1 8.6 16.5 8.9 4.4 14.8 5.9 6. unless otherwise indicated) Share 1) Average (%.0 6.1 6.0 18. 8.3 9.1 12.8 11.5 2.9 .9 5.0 .8 10.8 5.8 12.6 1.6 8.5 5.5 14.7 7.7 8.0 5.8 11.6 6. 8.7 12.5 13.5 4.9 10.8 10.3 100. 10.0 1.7 .7 17. 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 -2.9 -0.3 -5.7 -5.7 -3.2 -3.8 -4.9 3.9 -6.0 -13.5 -3.7 -2.9 -4.7 2.1 -2.2 -6.1 -10.2 -4.5 -4. the respective countributions to the EU total are shown.5 2011 -3.1 0.7 -0.8 0.1 -4.4 -4.1 -9.3 -2.6 -5.5 -5.7 -11.1 -4.0 0.0 0.9 -6.0 0.2 -6.6 -1.5 -6.0 -13.4 -5.5 -6.5 -2.6 -4. -3.9 -1.0 -0. For non-euro area countries.3 -5.1 -4.0 -1.9 -2.9 -1.2 -3.5 -3.8 -4.9 -15.5 -0.0 -0.4 -9.4 2008 -1.2 0.1 -2.7 -9.4 -7.2 3.1 -0. while the absence of a sign indicates that a country’s surplus improves the aggregate deficit/surplus.1 1.5 -8. countries’ deficits/surpluses: European Commission.8 -6.3 -10.3 -1.0 -0.8 1.1 -13.1 -2.1 -1.2 -30.5 -9.4 -4.1 .3 -2. Sources: Euro area and EU data: ECB. four-quarter moving sum for quarterly data) Contribution 1) (percentage points.6 -3.11.1 -0.7 -4.6 0.8 -5.4 -4.2 -4.5 -0.7 -7.7 -4.7 -2.4 -9.9 General government deficit/surplus (as a percentage of GDP.0 -0.0 0.0 0.7 -7.7 .6 .8 -3.1 -4.3 -0.6 -5.0 0.4 -3.8 -4.0 0.4 -2.2 -1.8 -2.4 -5.5 -5.7 -9.9 -5.1 -3. ECB • Statistics Pocket Book • January 2013 45 ECB • Statistics Pocket Book • January 2013 45 .3 -0.0 -1.1 -7.2 -0.0 0.0 -2.5 4.1 4.4 -6.4 2012 Q2 -3.1 0.1 -2.5 -6.2 -6.0 0. 1) A minus sign indicates that a country’s deficit worsens the aggregate deficit/surplus.4 -6. unless otherwise indicated.5 0.9 -7.5 -3.0 -0.0 -4.2 -3.9 2010 -3.0 -8.0 -3.6 -4.1 -0.3 -3.7 0.4 -9.9 -10.2 0.7 -4.8 -9.1 -0.0 -5. 0.2 -0.8 -2.3 -4.6 -7.8 -3.1 -2.9 -2.9 -3.9 0.8 -4.2 -7.4 -7.1 0.4 2009 -5.2 -5.6 0.3 -0.8 -3.2 -4.4 -9.6 -11.0 -8.

6 42.5 38.2 66.8 69.3 119.9 129.1 84. Sources: Euro area and EU data: ECB.2 35.4 19.3 111.5 15.4 FI 1.7 29.1 Euro area 100.7 22.5 80.2 2009 95.9 65.0 58. 2011) BE 4.9 79.4 UK 14.9 40.6 16.8 .2 40.0 82.4 38.6 PT 2.6 36.5 6.4 62.2 106.0 120.1 HU 0.3 63.3 68.4 38.4 77.5 79.3 20.0 GR 4.1 72.8 IT 23.5 7.3 70.10 General government debt (as a percentage of GDP.3 67.9 33.8 4.9 14.5 44.0 14.9 23.2 116.3 79.3 19.5 144.5 72.6 DK 1.3 85. unless otherwise indicated) Share 1) (%.7 92.1 46.6 43.8 80.3 62.0 35.6 48.0 2008 89.0 IE 2.8 15.1 LV 0.5 82.11.0 2011 97.6 2010 95.0 35.0 BG 0.0 46.1 106.1 51.4 33.1 MT 0.2 38.5 81.4 85.4 SE 1.0 CY 0.0 91.5 63.6 67.8 71.7 33.5 44.4 16.2 37.2 SK 0.2 SI 0.9 43.6 34.7 71.5 112.8 42.3 ES 8.1 CZ 0.2 83.0 40.4 80.2 68.5 82.8 RO 0.2 LU 0.3 40.1 50.7 43.0 27.8 54.6 41.9 81.7 74.2 61.4 56.3 16.8 46.7 EU 100.5 82.7 57.7 PL 1.1 48.3 61.8 AT 2.5 39.0 47.2 148.6 85.6 42.7 28.0 93.8 52.5 6.2 13.3 76.1 18.1 LT 0.4 DE 25.9 FR 20.8 7.8 74.7 53.9 76.4 170.3 49. 46 ECB • Statistics Pocket Book • January 2013 46 ECB • Statistics Pocket Book • January 2013 .0 48. countries’ debt: European Commission.1 13.4 108.5 73.3 86.8 30.4 58.9 44. 1) Non-euro area countries: percentage share in the EU total.6 37.1 117.6 69.1 NL 4.6 60.5 2012 Q2 102.2 75.2 EE 0.2 64.9 70.2 68.8 50.5 37.0 126.7 91.0 87.

2 45.9 47.3 10.8 46.1 51.0 38.5 39.6 54.2 100.1 39.1 54.9 51.2 56.4 43.3 49.1 37.3 50.2 0.4 3.1 42.3 56.6 51.4 50.3 51.6 43.2 1.0 55.0 42.4 0.6 36.1 2009 53.8 49.5 47.8 51. ECB • Statistics Pocket Book • January 2013 47 ECB • Statistics Pocket Book • January 2013 47 .7 49.4 43.8 50.3 44.1 50.6 2011 53.7 40.7 66.0 43.2 37.8 49.5 50.3 56.7 54.0 58.8 51.4 46.0 46.8 3.4 .9 .3 51.4 37.6 49.8 0.6 2.8 2.4 49.2 48.2 0.2 41.1 43.0 51.1 2012 Q2 53.7 47.2 44.8 36.3 1.2 25.5 53.4 50.4 40.1 41.4 46.8 45.2 42.3 50.2 13.8 42.0 16.8 45.1 38.7 100.4 44.2 0.0 2008 49.5 49.2 52. unless otherwise indicated.6 43.3 48.2 39.5 46.3 59.3 45.7 51.6 43.5 49.9 46.6 2.8 43.2 49.6 41.0 37.8 37.6 0.1 51.3 24.11 General government expenditure (as a percentage of GDP. 39.5 56.5 50.0 0.2 43.1 0.9 46.3 43. 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) (%.5 35.6 42. 50.3 48.8 49.1 51.3 51.1 1.2 49.5 49.2 .6 37.11.2 47.1 51.1 6.1 37.4 52.2 42.6 50.7 43.7 40.3 38.5 48.1 48. Sources: Euro area and EU data: ECB.4 0. 2011) 4.5 45.9 0. 1) Non-euro area countries: percentage share in the EU total.4 44.2 0.5 51.0 2010 52.6 41. countries’ expenditure: European Commission.7 58.6 51.7 48.9 51.2 54.1 2.8 44.3 34.7 47.0 49.8 49.7 57.2 43.2 52.9 49.8 44.3 40.7 38.0 44.6 48.4 41.1 39.

82.0 222.6 209.5 219.1 2009 228. 346.7 164. 2) Data for Latvia (prior to 2010) and for Bulgaria.5 .9 199.8 169. 77.9 170. 235.2 169. 77. 224.9 75. 75. 71.2 .1 276.7 249.9 122. 48 ECB • Statistics Pocket Book • January 2013 48 ECB • Statistics Pocket Book • January 2013 . 235. 78.3 177.4 134.9 75.4 2011 Q4 235.4 176.3 160.3 .6 70.6 73.9 160.1 315.0 .2 216.5 .7 127.2 241.2 2011 235.1 237.5 124.9 125.0 251.5 155.3 141. loans taken out and insurance technical reserves liabilities of non-financial corporations.7 250. 250.9 .8 129.1 160.0 125.6 135.1 152.3 161. 233.5 124.6 176.2 219.6 220.3 170.12 Private sector debt 1) (as a percentage of GDP.4 251.0 .8 242.5 313.6 149.9 156.9 142.9 150.2 253. it is the outcome of a complex data integration process.4 130.1 .5 157.6 .5 241.8 127.9 79.6 157.5 . 233.5 .5 160.7 209.9 217.6 128.3 .5 163.3 215.7 170.7 134.8 169. 1) Outstanding amounts of securities other than shares issued.9 209.7 . 77.0 2011 Q3 232.6 202.2 216.9 223.9 129.8 154. 234.9 .0 251.4 .7 226.3 129.9 142.0 .0 164. 75.1 158.8 207.0 2012 Q1 237.4 315.7 .8 Source: ECB calculations.6 74.0 74.2 224.7 206.1 127.5 242. 333.6 209.6 70.6 73.4 69.8 .8 310.5 313. 3) Euro area debt does not correspond to a plain sum of country data.0 164.9 129.7 163.8 .9 160.0 152.7 222.7 134. 374.2 71.1 116.0 .4 252.2 78. 335.5 212.8 78.8 2010 232.6 168.2 127.8 .4 2012 Q2 237.2 225.2 118.5 135.8 67.1 .4 176.4 134.6 145.9 .8 127.7 216.3 158.4 131.9 68.1 213.4 121.5 78.0 209.3 127.2 209.3 126.6 202.9 71.4 159. 325.8 164.4 176.9 126.7 75.6 74.7 180.2 129.2 318.7 202.6 136.5 .2 79.0 125.8 166. 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 217.11. and loans taken out by households and non-profit institutions serving households.5 134.1 156.3 .9 125. 236.5 161.7 222.8 117.7 250.3 203.3 160.2 78.5 154.1 200.9 . 87.2 241. Cyprus and Romania are not available for publication owing to national confidentiality constraints.4 316.4 174.2 141. 327.7 222.3 239. 235.7 133.3 73.6 243. 327. 74.4 127.2 169.

4 0.5 .1 20.2 8.3 4. 2) Data for Latvia (prior to 2010) and for Bulgaria. 3) Euro area credit flow does not correspond to a plain sum of country data.8 6.2 1.2 8. 2.0 -3.5 . 9. 174.8 -2.5 7.3 6.2 7.3 2.11.4 0.3 6.6 1.1 Source: ECB calculations.2 -8.9 6. 6.2 . 2.4 2. 16.5 5.0 1.5 7.8 8.6 -4.8 2012 Q1 10.6 10. 6.3 6.6 -20. 10.1 10.6 . 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. 7.6 2.0 1.8 0.3 3.8 -1. 7.2 .6 2.0 2. 5.0 0.8 .9 -1.3 6.1 13.6 . 9.6 6.4 2.2 1.7 .0 9.2 1.5 -2.4 4.9 -19.9 2.9 4.1 20.8 .1 3. 0.2 7.1 4.1 2010 13.8 4.3 16.0 -2.0 4.9 19. it is the outcome of a complex data integration process. loans taken out and insurance technical reserves libilities of non-financial corporations.2 -5.1 4.1 1.3 1.3 .3 -3.6 2.3 -0.9 2009 8. 2.2 2011 Q4 11.8 2011 Q3 10.5 2.0 3.7 .0 0.6 6.8 2.9 -16.9 3.2 4.6 .6 21.8 . 2.3 20.2 7.2 3.0 8.4 10.3 4.4 2.2 3.2 3.9 .4 -5.9 1.8 3. 4.8 20.3 . 6.13 Private sector credit flow 1) (as a percentage of GDP.7 -2.3 9.5 2.5 -3.4 7.7 .5 5.3 2.3 -4.8 .1 -3.4 -0. Cyprus and Romania are not available for publication owing to national confidentiality constraints.9 9.7 . 4.4 11. 2.3 -3.9 3.4 11.1 7.3 2. 1) Transactions in securities other than shares issued.2 5.4 3.4 1.5 -2.6 -4.5 0.1 -3.3 17.8 19.5 . -35.5 -0.1 . ECB • Statistics Pocket Book • January 2013 49 ECB • Statistics Pocket Book • January 2013 49 .6 -4.1 .9 -12.2 -9.7 -3.1 31.6 7.6 4.4 0. and loans taken out by households and non-profit institutions serving households. 2.3 6.9 0.2 0.8 0. 2.7 2.4 4.6 3.2 0.1 .1 4.0 0. 20.5 -2.7 2012 Q2 7.1 3.1 -16.1 .2 7.5 -19.1 3. 3.3 7.3 -0.7 0.5 12.3 1. 1.9 0.2 5.4 18.9 -1.8 5.3 4.3 7.3 6.7 -0.0 1.0 -3.9 3. -12.9 1.3 6.4 1.6 -6.0 7.6 11.4 1.9 2011 11.5 .5 .4 7.6 .0 -6.

2 27.8 62.3 16.9 49.5 385.1 13.8 47.3 41.6 114.6 245.4 13.3 29.0 211.7 16.5 16.5 25.8 17.0 27.7 33.9 88.9 75.7 70.2 53.4 29.8 94.6 11.9 99.2 97.1 15.855.9 123.1 228.7 144.0 472.686.7 35.6 71.8 1.2 1.8 807.6 7.043.8 15.0 207.0 134.1 191.1 14.5 68.4 7.5 4.8 33.798.9 10.1 18.1 32.1 318.4 50 ECB • Statistics Pocket Book • January 2013 50 ECB • Statistics Pocket Book • January 2013 .2 29.0 72.6 8.1 31.2 452.4 20.0 472.3 40.1 22.0 55.3 33.223.4 29.7 3.9 27.1 16.8 23.9 General government % of GDP 291.8 21.5 115.5 203.2 1.9 41.6 41.0 26.3 49.300.5 11.8 9.4 Direct investment/ inter-company lending 81.5 3.5 23.6 84.7 131.3 329.0 264.5 119.838.14 Gross external debt by sector (as a percentage of GDP) Total 2012 Q2 BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK Source: ECB.7 27.4 415.871.1 16.5 55.3 24.7 4.0 16.8 24.462.1 78.6 32.9 1.5 36.7 28.1 13.7 15.6 1.4 18.0 4.4 464.2 236.0 191.3 19.3 124.0 37.0 30.9 15.087.8 13.7 16.1 50.8 76.4 12.4 90.7 25.11.0 MFIs Other sectors 118.3 25.7 13.8 6.0 118. EUR billions 1.8 26.7 532.0 170.6 9.7 14.8 35.6 175.5 619.5 6.9 42.3 1.7 36.6 32.803.0 27.882.0 36.0 1.7 17.3 69.1 66.9 523.7 25.7 24.9 83.5 18.7 104.6 5.8 60.3 170.3 1.242.0 7.7 1.5 143.5 417.9 35.920.2 200.7 54.5 17.9 190.5 56.4 51.7 13.103.9 35.

82 6.87 4.53 3.30 5.15 Harmonised long-term interest rates for convergence assessment purposes (percentages per annum.78 2.32 4.31 3.00 1.24 1.84 2.55 2.20 1.32 5.12 5.99 6.96 5.90 7.93 2. 2) For Cyprus.34 6.60 1.61 1.34 4.96 8. 3.24 6. 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 2010.67 4.55 2.00 1.10 4.33 1.95 7.00 1.82 7.14 1.85 1.18 6.70 4.62 3.80 1.57 6.09 27.19 4.91 5.24 1.84 1.52 4. ECB • Statistics Pocket Book • January 2013 51 ECB • Statistics Pocket Book • January 2013 51 .00 1.28 2.82 2.32 6.47 4.51 1.28 6.11 6.94 4.76 1.34 4.53 7.45 1.02 8.12 25.11. The same applies to Bulgaria and Romania prior to December 2005.14 4.77 2.84 7.52 1. primary market yields are reported.47 4.54 1. the indicator is thus not fully harmonised for that period. No suitable proxy indicator has been identified.17 5.32 4.39 2.00 1.89 6.49 5.07 10.85 8.11 3. Before that time the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years.54 1.24 6.46 1.44 1.11 1. 2012 Sep. 3) There are no Estonian sovereign debt securities that comply with the definition of long-term interest rates for convergence purposes.20 1.97 9.20 5.52 3. 4) A harmonised long-term interest rate is presented starting mid-May 2010.75 2.95 1.56 4.99 1.34 5.15 4.38 1.28 4.69 2.76 2.26 5.91 24. period averages.74 4.29 1.85 7.59 17. 1) Yields refer to government bonds with maturities of close to ten years.59 2.41 1.29 10.07 4.63 4.00 7.54 3.79 2.92 1.49 6.58 2.07 3.67 5.43 4.22 1.24 5.57 5.30 7.66 4.91 2.84 1.54 1.41 1.65 1.00 1. 2012 Oct.81 4.29 3.25 7. Slovenia prior to October 2003 and Lithuania prior to October 2007.64 2.28 20.00 1.56 5.69 1.80 2.04 1.92 4.60 4.15 1.82 4.68 1.36 4.62 6. 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.55 Source: ECB.44 1.04 8.27 1.45 4.87 2.85 6.88 6. 2012 Nov.77 17.82 7.65 4.17 1.82 6.49 3.

22 1.45 14.12 -0.11 -0.39 -0.47 27.94 5.28 -0.87 -3.80 -0.38 -1.03 2.66 1.75 28.02 0.00 0.99 0.84 -0.44 1.21 0.48 -1.67 29.37 -0.41 18.08 5.67 Source: ECB.46 1.47 43.07 1.50 4.77 0.88 11.00 2.97 Card payments 2) Share Change (%) from 2010 (percentage points) 46.00 -0.66 -0.48 0.20 9.67 16.11.58 27.02 -1. 2) All cards issued in the country.07 2.15 16.29 27.62 .97 .15 2.07 Direct debits Share Change (%) from 2010 (percentage points) 10.40 11.60 .58 7.00 0.69 43.04 -0.67 11.25 -0.55 0.82 27.67 24.45 -1.32 7.07 -0.39 49.77 38.16 Relative importance of the main payment instruments (percentages of total number of transactions.95 60.80 4.58 62.80 63.00 -1.24 -0.36 -0.16 -0.01 21.73 36.65 -0.02 5.80 -0.28 18.89 -0.46 -0.22 -3. 3) Shares for Luxembourg are influenced by the importance of e-money transactions.15 -0.00 -0.39 -3.48 -0.43 -0.44 8.68 39.85 -0.45 -0.04 0.94 -0.31 36.04 22.65 0.56 43. 52 ECB • Statistics Pocket Book • January 2013 52 ECB • Statistics Pocket Book • January 2013 .02 7.00 -1.18 23.23 27.72 2.77 5.27 49.26 55.24 27.54 55.94 7.83 1.00 12.71 -0.19 14.11 45.00% of the total in 2010 and 83.00 -0. 0.53 Cheques Share Change (%) from 2010 (percentage points) 0.99 34.01 35.00 -1.10 -0.49 2.39 0.07 35.64 41.04 0. 1) Percentages may not add up to 100% as e-money transactions and other payment instruments are not shown.36 40.82 47.29 -0.41 1.07 -4.69 -2.98 30.14 14.07 0.33 28.48 -1.12 -5.01 0.44 0.83 .88 -1.42 39.43 21.99 55.71 16.26 0.47 0.27 0.03 -0.93 0.22 6.14 0.47 0.06 72. unless otherwise indicated 1) ) Credit transfers 2011 BE DE EE IE GR ES FR IT CY LU 3) MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU Share Change (%) from 2009 (percentage points) 40.02 30.15 14.27 1.02 15.13 3.92 -0.56 30.19 -0.26 31.00 -0.97 0.55 -0.02 1.06% in 2011. 0.22 -2.45 5.08 17.29 1.17 38.11 37.23 0.31 -2.20 0.28 50.29 1.01 0.02 0.23 55.18 46.87 1.76 56.05 0. 0.62 2.67 41.00 0.73 6.58 -1.01 -2.78 2.33 0.12 0.14 -1.94 49.01 5.86 13.21 -0.20 -0.09 0.89 69.43 0.23 -2.31 2.06 0.48 70.15 -0. 0.60 -2.27 -1.10 0.04 20.04 0.37 1.85 0.31 0.84 1.86 42.95 0.46 63. which accounted for 79.57 0. except cards with an e-money function only.52 3.34 -0.94 20.33 10.02 0.56 15.55 0.11 2.58 48.

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