Statistics

Pocket Book

January
2008

Statistics
Pocket Book

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

Contents
General information

6

1
1.1
1.2

Overview of major economic areas
Structural indicators
Main recent economic developments

7
8

2
2.1
2.2

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

9
9

3
3.1
3.2
3.3
3.4

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

10
10
11
11

4
4.1
4.2
4.3
4.4
4.5
4.6
4.7

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

12
12
13
14
14
15
15

5
5.1
5.2
5.3
5.4
5.5
5.6

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

16
16
17
17
18
18

6
6.1
6.2
6.3

Euro area accounts
Euro area
Households
Non-financial corporations

19
20
21

7
7.1

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

22
22

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

24
25
26
27

7.2
8
8.1
8.2
8.3
8.4
8.5

ECB • Statistics Pocket Book • January 2013

ECB • Statistics Pocket Book • January 2013

23

3

3

8.6
8.7
8.8
8.9

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

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

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

4

4

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

ECB • Statistics Pocket Book • January 2013

ECB • Statistics Pocket Book • January 2013

o. provisional seasonally adjusted ECB • Statistics Pocket Book • January 2013 5 ECB • Statistics Pocket Book • January 2013 5 ." not applicable not available nil or negligible "billion" "trillion" 109 1012 (p) s. European Commission effective exchange rate euro overnight index average European Union euro interbank offered rate free on board at the exporter’s border gross domestic product households’ gross disposable income Harmonised Index of Consumer Prices international investment position International Monetary Fund initial rate fixation London interbank offered rate monetary financial institution Organisation for Economic Co-operation and Development purchasing power parity special drawing rights Trans-European Automated Real-time Gross settlement Express Transfer system Universal Mobile Telecommunications System Conventions used in the tables "-" ".i.o.p. GDP HGDI HICP i..p.b..f." ".a. IMF IRF LIBOR MFI OECD PPP SDRs TARGET UMTS balance of payments Bank for International Settlements cost.i. CLS DG ECFIN EER EONIA EU EURIBOR f. insurance and freight at the importer’s border Continuous Linked Settlement system Directorate-General for Economic and Financial Affairs. BIS c.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.

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

4*) 78.2 121.8*) 30.2 85.1 -4. 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.8 1.1 73.9 99.0 71.6 -26. . .1 28.1 Structural indicators 2011 1) Unit Population.1 9.4 72. 1) Full definitions are available in the glossary on the ECB’s website (www.348.3 -14.9 1.2) % of GDP Gross external debt2) % of GDP Monetary and financial indicators EUR trillions Credit2) Outstanding debt securities4) EUR trillions Stock market capitalisation2) EUR trillions Euro area EU United States 332.6 14.4 78. *) 2010 figures.eu).i.4*) 18.3 49.8 58.9 18.9 54.2 .2 6.5 12.9 -4.2 0.8*) 1.2 .2 -0.4 -10.p.5 49. Eurostat.2 73.9 -1.9 39.5 37.9 19.1*) 19.4) % of GDP External Exports of goods and services % of GDP Imports of goods and services % of GDP Current account balance % of GDP Net b.1 17.4 .4 99.1*) 46.3 173.4 301. for the United States. national data and ECB calculations.6 12.2 12.4 2.0 18. 0. 45. .8*) 43. 29.7 25.7 100.europa.6 491.3 .7 19.7 13. 16.4 24.5 20. direct and portfolio investment % of GDP Net i.6 7.2*) 20.ecb.3 111. .3 26.4 502.9 312.p.3). 8.9 1.6 2.2 22. Chinese data follow a different methodology and are not directly comparable.5 -4.0*) 91.1 10.0 117.2 19. .6 2.5 71.7 72. 4) At nominal value.7 25. .8 68.7*) Japan China 127.4 11.2 0.2 24.1 10.8 .6 Sources: For the euro area and EU: ECB.7 103.8 2.2*) .1 87.4 13.6 25.7 -3.0 24.2 38.8 72.1*) - 1.1 15.1 1.9*) 133. 3) Data for the United States and Japan are based on definitions similar to those used for the euro area and the EU.4 82.0 17.3*) -8.4*) 23.6 1.8 99.o.5 8.0 27.2 25.0 13.0 51.1 Overview of major economic areas 1.7 98.3 49.4*) 188.1 17.8 17.6 88.6 172.2 15.5 2.8 -14.4 16. fishing and forestry % of total Industry (incl.6 8. 2) Figure as at year-end.0*) 78.3 50. 10.6 . IMF and national sources.5 3.8 16. ECB • Statistics Pocket Book • January 2013 7 ECB • Statistics Pocket Book • January 2013 7 .3 14.2 26.4*) 67.0 11. 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). 49.0 3.3 436.5 67.5 27. .4 11.8 25. Japan and China: BIS.

3.3 0.7 .19 0.91 2.19 4.a. Eurostat. Dec.) (% per force. 1. 2.3 5.8 .6 17. - 2010 2011 2012 Q2 Q3 2012 Oct.5 10.6 2.39 0.0 -0. 0.1 3. 1. . 1. - 6.7 . .2 2010 2011 2012 Q2 Q3 2012 Oct. 2. United States: M2.46 3.6 2.2 . 0.74 0. 3.a.europa. - -1.0 7.65 1.1 4.7 .7 2.89 3. - 2.66 3.7 .6 9.2 . 1.1 8.5 - 10-year Unit Unemploy. 1. national data and ECB calculations.2 .8 .32 0.eu).) 1) ConBroad 3-month sumer money 2) interbank prices deposit rate (% per annum) Euro area 2011 2012 2012 Q3 Q4 2012 Nov.5 1. 10.9 8. 1. 1. - -0.31 3.4 .43 0.19 0. - 1.43 0. 3.2 .1 . .3 .3 2. 11. 2011 2012 2012 Q3 Q4 2012 Nov.3 9.3 . 7. 20.30 3.7 .2 2.1 4.80 0.4 2011 2012 2012 Q3 Q4 2012 Nov.7 10.4 - 1.1 . 2) Euro area: M3. -0.4 1.) labour (s. 4.1. 2. 1) Full definitions are available in the glossary on the ECB’s website (www. unless otherwise indicated) Real GDP GDP deflator (s.63 1.79 1.2 - 7.71 1.Labour gov.ecb.7 2. - 3. .70 . - 4.3 -0.4 2. Japan: M2 + certificates of deposit.6 .1 .1 .6 .5 . Dec.9 2. -0. 7.1 .5 2.36 . -0.69 1.8 .3 .5 2.1 - 9.9 19.57 - 4. s.19 0.4 .1 2.7 10.36 0.9 1. - 8.1 .8 7.a. IMF.9 . 1.31 0.6 - 2.0 . 4. - 10.4 10.) annum) 1.48 3.19 0. - - - 3.34 0.6 15. 4.7 .22 2.2 Main recent economic developments (annual percentage changes.5 -0.9 1.1 1. - 2.58 0.9 . 3.3 . 0.76 1.25 2.7 .24 -0. .8 7. 2. 8 ECB • Statistics Pocket Book • January 2013 8 ECB • Statistics Pocket Book • January 2013 . Dec.6 1. OECD.31 2.2 1.85 0.75 0.34 3.0 1.1 . -2.74 .10 1.4 .2 . .6 . 0. labour ment productbond costs (% of ivity yield (s. 0. .6 7.8 0.4 .18 1.19 0. Nov.6 2.8 . 1.2 .97 3. 1. - 3.6 .20 0.5 . Nov.5 . -0. -0.19 0.a. .5 . .1 .0 .12 0.4 . - - European Union United States Japan China Sources: BIS. 11.3 1.06 2.82 4. 2.

5 64.7 0.7 -0.3 -1.5 0.6 10.) 68.9 10.6 -0.0 9.2 2.0 0.2 -0.8 146. the population aged 15 to 64).3 -1.0 2.9 328.2 0.3 0.5 0.5 -1.5 0.0 0.6 9 9 .6 120.7 71.6 -0.1 -0.1 0.5 0.0 .9 0.1 71. ECB • Statistics Pocket Book • January 2013 ECB • Statistics Pocket Book • January 2013 0.1 1.8 -0.4 0.1 -0.4 71.1 -0.1 -0.8 -0.7 1.7 72.1 10.4 298.2 10. .9 Annual percentage changes Selfemployed Per person employed -1.8 -1.0 Hours worked (s.5 71.8 8.4 331.2 0.9 1.5 0.7 0.2 64.4 -0.7 -0.7 0. 62.2 Population and the labour market in the euro area 2.6 71.5 -1.3 11.5 64.2 -0.5 71.5 64.5 -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 116.0 -1.2 -3.5 Labour productivity per person employed (annual percentage changes) Hourly labour productivity (annual percentage changes) 2.3 -1.7 0.0 .1 -1.a.3 1.4 -1.a.7 -0.8 330.1 -1.5 0. .2 63.6 0.1 0.6 10.4 .9 0.4 -1.2 0.9 11.a.9 -0. 1) Ratio of the labour force to the working age population (i.3 -0. .9 0.0 -1.4 147.6 2.1 Population and the labour market Population (millions.8 8.1 146.4 -1.1 0.5 64.7 147.2 1.9 0.2 9.0 -1.4 332.) Annual percentage changes 0.6 -0.1 Sources: European Commission (Eurostat and DG ECFIN). Labour Employment Unemployforce rates ment partici(% of (% of pation labour labour rate 1) force.0 0.5 0.0 147.8 71.9 147. annual averages) 1971-80 1981-90 1991-00 2001-05 2006-10 2009 2010 2011 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 288.6 64.4 -0.7 -1.9 141.5 0.9 0.7 0.7 -0. force.4 0.4 -0.3 0.8 1.4 146.9 Total Employees 0.4 -2.4 0. .5 -0. .0 0.1 -0. national data and ECB calculations.8 -0.a. 4.5 0.6 0. 1.2 Employment in terms of persons employed and hours worked Persons employed (s.8 -0.4 71.4 -1.6 0.3 64.7 9.2 -0.6 -1.7 129.1 1.e.3 146.3 9.9 Selfemployed Sources: European Commission (Eurostat and DG ECFIN). (%) s.1 1.9 -1.4 0.7 147.2 -1.7 310.3 146.0 -3.9 -0.1 -0.5 -1.5 1.5 1.6 0.5 -0.2 -1.) s.5 319. national data and ECB calculations.0 1.9 64.

0 1.9 Finance Public admini. and real stration. 1.447.7 -4. seasonally and partly working day-adjusted) GDP (market prices) 1971-80 1981-90 1991-00 2001-10 Total (quarter on quarter) Total - 3.7 0.143.7 1. 1.3 1.2 .4 2.4 0.2 -0.4 2.2 0.8 0.378.5 -0.7 9. 2.1 -0.1 1.1 3.7 0.9 0.9 1.1 1.0 100.5 4.7 1. 10 ECB • Statistics Pocket Book • January 2013 10 ECB • Statistics Pocket Book • January 2013 . accommodation and food services .3 1.8 0.9 5.1 -1.0 5.0 -0.6 0.8 .632.4 2.2 -0.9 1.1 -0.3 3.0 -0.4 0.1 -12. 1) Includes intra-euro area trade and therefore differs from Tables 4.6 0.0 2.2.4 2.2 0.7 19.1 6.0 0.1 -0.3 0.3 18.3 -0.6 2.0 4.3 -0. 1. business and social and other work services .5 2.7 2.Information.8 16.1 GDP and expenditure components (annual percentage changes in volume.6 4.9 - Level data (EUR billions at current prices) and percentages of GDP 2011 2011 Source: European Commission (Eurostat and DG ECFIN).7 -1.3 25.6 -1.3 1.1 1.2 1.1 0.7 0.2 1.1 - 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) 3.3 1.5 0.2 -12.4 2011 2011 Trade.5 -0.2 1.804.3 0.communicaestate cation. quarterly data.1 0.149.5 -3.9 2.7 -0.8 -2.1 19.5 0.9 8.1 2.0 -11.0 Level data (EUR billions at current prices) and percentages of gross value added Source: Eurostat.8 -1.6 -0.4 2.1 -0. quarterly data.5 -1.4 11.0 1.1 -1. unless otherwise indicated.1 -0.6 -0.2 4.8 1.3 1. -0.6 0.4 2.3 Euro area macroeconomic indicators 3.4 2.1 100. health tion.5 3.4 . Industry forestry (including and fishing construction) 1996-00 2001-05 2006-10 2.407. transport. 1.0 1. 5.1 -0.4 -0.9 19.7 2.631.4 2.1 and 4.0 143.4 57.2 Value added by economic activity (annual percentage changes in volume.2 0.4 2009 2010 2011 2011 Q4 2012 Q1 Q2 Q3 -4.6 1.8 1.0 -0.421. seasonally and partly working day-adjusted) Gross value added (basic prices) Total Agriculture.2 -0.4 -4.7 -0.1 1.9 - 4.3 1.2 -1.0 -0.1 1. unless otherwise indicated.5 1.5 3.2 1. edu.2 6.3 -3.8 6.5 0.9 -4.9 .3 2.0 1.4 1.9 0.7 0.9 0.9 3.1 9.1 4.030.5 -1.6 0.3 2.518.1 -11.9 0.4 0.0 -1.8 21.4 3.3 -4.013.6 6.

7 0.1 -15.2 45.7 0. 1) Difference between the percentages of respondents giving positive and negative replies.4 -33. ACEA (European Automobile Manufacturers’ Association) and ECB calculations.7 76.7 Dec.8 80.9 -29.1 .7 4.books utilisa.4 -24.6 47. Oct.6 -6.4 -14.8 -2.2 Sources: Eurostat.1 Q3 86.0 2012 89.1 -32. 52.5 3.7 -6.7 81.1 -11.8 .5 -22.8 0.4 -6.5 52.1 -12.4 .8 Sources: European Commission Business and Consumer Surveys and Markit.5 .1 -14.6 -1.9 -16.9 -15.4 -1. 0.5 -1.1 .9 -4.8 -0.6 -3.4 .6 .7 8.3 -11.8 -1.2 46. -0.0 46.6 -5.2 -14.9 -9.5 2001-10 98.8 17.4 -25.5 -16.8 80.3 Nov. .3 -13.9 .6 -12.0 -0.4 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. 85. 87.3 -4.4 -6.5 .9 -6.9 1.5) or a decrease (0) for each survey variable.3. 84.4 -2.8 - . .5 0.4 0.0).3 2012 Q2 91.5 -15.8 -1.1 -5.5 -1.8 -4.9 -26.9 -2.1 -22. construction 1991-00 2001-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.0 -17.1 8.3 -3. 3.1 45.4 45.3 -14. 50. ECB • Statistics Pocket Book • January 2013 11 ECB • Statistics Pocket Book • January 2013 11 .5 -0.3 -12. .9 46.7 -24.indicator dence indicator for manu.7 -4. ManuManu.6 -3. no change (0.3 3.3 -8.8 -10.services average dence tion indicator facturing =100) 3) indicator (%) 4) 1991-00 100.7 55.3 -15.4 .7 -26.1 -11.9 -18.1 -0.0 -10.8 -5. a value of 50 indicates "no change". unless otherwise indicated) Industrial production Total excl.9 -0.7 47.0 -15.7 54. 76. 3) Values above (below) 100 indicate above (below) average economic sentiment.5 -19. Period on period (s. 4.0 -7.4 Q4 85. 1.9 -25.2 46.8 77.4 46.4 52.6 0.6 -1.6 46.a.9 7.3 -14.8 -3.3 -1.3 10.9 47. 2) Weighted sum of the percentages of survey respondents reporting an increase (weight: 1.0 -26.Managers’ activity indicator Industrial Order Capacity dence confidence Index (PMI) for (long-term confi. 1.3 -15. .4 -3.1 46.) ConManustruction facturing -0.0 -8.5 2011 101.4 -2.9 -8. 4) The quarterly figures shown are averages of two successive surveys.7 2012 Oct.8 -12.4 -18.9 7.0 -1.3 -2. 1.8 -12.3 Short-term business indicators (annual percentage changes.5 2010 100.2 -1.5 5.5 -17.5 -15.0 -35.0 -15. 78.5 -2.6 -18.8 -2. Nov.0 -14.9 -8.Retail trade New facturing facturing turnover passenger new orders turnover (constant car (nominal) (nominal) prices) registrations discontinued 1.1 -31. A value of 100 (0) indicates that all respondents reported an increase (decrease).2 -1.3 -22.0 -3.9 4.9 45. .2 -2.4 -11.

7 -19.4 -0.3 .3 34.7 2010 2011 Source: ECB.9 11. 20.8 -9. net transactions) 2010 2011 2012 Oct.1 1.3 -113.4 31.1 22.6 3.6 5.2 0.4 Euro area external statistics 4.6 453.4 227. Sources: Eurostat and ECB calculations.5 -0.2 -6.5 9.7 0.533.6 218.9 1. 11.7 27.9 2012 Oct.6 .5 6.) % of total in 2011 100 9.8 0.1 5.1 94.5 -38.9 147.1 -7.2 -0.3 .1 416.2 291.6 51.7 213.550. Oct. 19.2 -1.9 -16.5 6.2 309.b.4 3. 50.8 2.9 -8.9 23.1 -6.2 72.3 163.8 3. Current and capital accounts Goods Income and services 10.1 158.1 0.8 9. 270.0 13.0 23. 1.8 -13.4 2012 Oct.9 -0.2 34.6 8.o.5 37.6 200.1 147.5 .5 -13.f. Imports (c.5 23.0 -10.0 399.8 -1.1 .i.6 43.8 -103.6 -0.0 12.6 39.2 -0.3 18.758.1 251. 1.) % of total in 2011 2010 2011 2012 Sep.6 180. Oct.2 as a percentage of GDP 12-month cumulated transactions 12-month cumulated transactions as a percentage of GDP 4.3 23.7 -110.5 -30.3 Combined direct and portfolio investment Financial Other Reserve derivatives investment assets 29. unless otherwise indicated.745.8 166.8 -4.9 46.7 2010 2011 2012 Sep.4 52.3 0.0 34.2 -106.9 .1 156.0 .8 -0.3 18.7 12.0 12.3 -0. Oct.1 148.6 19.8 234. unless otherwise indicated. 91.5 17. Trade balance 12 ECB • Statistics Pocket Book • January 2013 12 ECB • Statistics Pocket Book • January 2013 .9 3.8 208.8 1.7 -4.1 65.2 -2.5 17.6 -30.1 0.0 43.9 .4 -4.3 26.5 -10.1 -0.9 -35.1 334.8 13. 2010 2011 2012 Sep.1 119. 129.8 -29.8 140. Current transfers -108.5 1.0 37. 100 1.9 281.0 7.8 26.9 9.1 Balance of payments (EUR billions.2 194.2 Trade in goods with main partners (EUR billions.9 46.4 3. -17.9 16.8 1.0 16.0 1.3 41.2 0.2 22.9 14.1 -7.5 -0.8 12.6 1.6 16. seasonally adjusted) Total Other EU Member States United Kingdom Other United States China Japan Other Other Asian countries countries Exports (f.8 6.1 0.8 59.8 115.9 24.8 -149.5 4.3 365.8 . not seasonally adjusted.3 -1.

7 24. ECB • Statistics Pocket Book • January 2013 13 ECB • Statistics Pocket Book • January 2013 13 .2 51.5 -0.3 -3.3 29.4 8.2 -1.3 44.1 0.8 -408.0 6.9 -1.2 509.1 7.1 -3.0 -19.9 28.3 -96.6 18.6 123.1 -0.2 19.5 13.9 16.4 119.3 93.United China Member States land States 2011 UK Current account Goods Services Income Current transfers Capital account 2.3 14.3 75.2 -47.8 -105.5 88.9 -6.5 25.7 1.5 20.7 0.4 210.0 389.4 -13.0 -10.8 -3.3 -41.1 0.5 2.4 148.0 0.6 Debits 107.2 43.0 29.6 -6.3 -12.7 196.3 0.6 0.7 5.0 233.8 451.4 6.2 87.2 -125.0 -106.8 32.8 -1.1 -21.7 177.0 12.4 9.4 0.0 2.4 6.0 19.6 52.1 -80.4 0.9 44.3 0.9 11.4 30.4 -16.0 -105.7 8.5 128.7 14.2 Current account Goods Services Income Current transfers Capital account 2.0 1.9 -12. not seasonally adjusted) Total Other EU Japan Switzer.5 -61.9 110.7 15.3 -66.4 -12.962.9 -91.5 46.2 11.3 46.3 -1.0 1.7 185.5 62.0 14.5 -149.0 -122.5 1.2 4.8 14.4 94.4 133.1 11.2 Credits 63.9 -83.0 -14.7 36.775.5 29.3 9.2 -1.2 7.1 -1.5 6.7 -128.5 18.1 0.9 71.5 59.1 1.4 9.0 413.2 5.3 0.9 157.8 117.4 485.0 39.2 3.766.5 -94.7 60.4 490.3 -82.7 -67.7 565.7 -154.3 99.3 Geographical breakdown of the balance of payments (EUR billions.5 4.0 0.975.9 390.2 231.3 9.3 -19.2 -4.7 7.5 -4.7 -9.0 12.4 201.2 0.8 -2.9 5.2 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 -154.7 -9.2 67.6 1.4 40.1 -55.3 -71.5 46.7 15.8 42.7 115.1 -36.2 5.0 964.7 40.6 -0.8 253.4 1.5 0.6 528.1 -12.8 150.6 5.4.8 37.0 -38.2 -80.7 23.8 201.7 0.7 8.0 -73.4 Net -44.0 9.5 935.0 11.8 -1.6 -145.8 42.9 97.8 178.8 4.2 -19.3 -17.5 576.0 -352.8 0.9 Source: ECB.6 6.5 -164.4 13.0 135.2 7.6 6.4 -31.8 -0.4 0.3 -30.1 21.5 1.5 2.1 283.3 -4.3 142.2 -1.3 21.5 9.9 -0.9 -56.2 105.3 -1.8 67.7 84.4 12.3 -3.5 -9.0 1.8 44.2 -5.

5 7.1 1.4 671.6 2.8 2010 2011 2012 Q1 2012 Q2 16.470.4 International investment position (EUR billions.3 5.8 663.773.8 205.3 5.280.054.308.931.230.3 -252.0 828.564.9 341.1 553.5 53.2 88.8 Reserve assets 587.7 4.3 10.617.885.4 125.8 -287.037.9 19.033.0 1.877.9 729.9 19.8 124.063.2 15.2 85.5 473.1 -376.762.195.946.6 -291.9 -24.7 203.6 1.2 Source: ECB.0 191.668.4 -75.499.541.446.557.148.7 18.6 2.9 2.214.0 22.6 4.0 19.2 5.0 7.1 257.4 400.7 United States China 40.7 3.195.0 273. 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 -1.2 1.044.0 19.7 4.5 587.1 253.6 7.7 416.224.777.5 Geographical breakdown of the international investment position (EUR billions.024.5 5.808.172.3 5.8 1.6 -32.2 4.481.4 3.9 1.4 130.8 1.099.7 192.8 855. 5.636. 1.9 99.9 6.6 131.7 4.059.8 763.703.436.7 1.2 701.172.1 20.392.038.225.6 1.4 16.2 1.7 7.044.536.0 -836.0 18.5 -154.048.723.0 1.8 96.103.050.0 63.3 4.0 -13.3 207.226.9 1.4 671.8 14 ECB • Statistics Pocket Book • January 2013 14 ECB • Statistics Pocket Book • January 2013 .1 1.647.337.7 4.6 198.908.5 5.6 2.2 5.5 275.0 1.0 2.6 30.8 663.7 1.3 Japan Switzerland -22.049.0 -10.9 789.8 4.8 1.9 UK 11.9 1.224.7 208.8 Net international investment position 1.1 1.9 5.0 18.128.763.6 11.4.4 2.626.8 236.6 184.6 2010 2011 2012 Q1 2012 Q2 18.9 1.0 394.4 1.757.6 61. unless otherwise indicated.314.004.3 2.276.1 74.2 701.563.7 4.497.0 164.818. 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.334.7 20.7 -13.6 1.6 46.5 4.9 -1.5 - 4.2 Outstanding assets 4.4 228.4 -19.129.9 4.1 1.5 80.2 2.6 5.052.762.873.1 -2.6 76.159.262.7 -24.3 1.6 52.8 1.1 68.2 3.012.1 332.9 -252.9 3.592.2 526.6 197.8 1.8 -14.811.564.3 699.4 117.219.7 -2.392.3 102.4 5.1 339.9 59.9 743.0 3.5 46.3 5.0 2.3 -1.2 1.082.0 90.807.328.377.0 -2.5 256.5 2.6 Outstanding liabilities 3.042.877.4 1.636.0 73.144.8 -243.7 -8.4 412.5 48.7 5.129.005.5 182.9 1.847.907.8 4.1 260.5 -2.2 776.6 629.

7 95.9 17.94 109.1 % change versus previous year EER-40 Real 1) 103.2 59.3920 1.8 97.1 366.4 -1.2 98.7 3.2502 1.7 0.0 Sources: ECB and BIS.8 173.8 95.825 346.7 2) 2) Bilateral exchange rates 100. 462.1 92.0 US dollar Japanese yen 1.7 440.180 346.0 0.3119 110.5 54. 56.6 International reserves of the Eurosystem and the ECB (EUR billions.6 42.4 21.0 0.693 346.8 30. 1.30 105.2967 1.6 -1.4 64.9 -39.9 -1.2 431. unless otherwise indicated.6 92.7 Exchange rates (period averages) Effective exchange rate of the euro (1999 Q1 = 100) EER-20 2011 2012 2012 Q3 Q4 2012 Nov.1 107.8 4.4 -42.7 -41.1 ECB 4.2 Real 1) 97.142 16.6 93.8 95.1 26.3 53.96 102.8 42. Nov.5 -0.9 97.1 41.0 0.3 4.0 -39.8 4.2 52. under "Exchange rates".0 155.0 -0. -2.142 Source: ECB.8 38.0 19.1 107.4 32.4 97. Dec.0 0.3 -24.4 40.0 64.9 155.2 266.4 33.6 0.8 54.8 718.694 2010 2011 2012 Q1 Q2 2012 Oct.1 -0.6 10.2 96.5 36.2 51.49 98. ECB • Statistics Pocket Book • January 2013 15 ECB • Statistics Pocket Book • January 2013 15 .0 105. Nov. 2) A positive change denotes an appreciation of the euro.122 16.2 -24.962 346.0 170.2828 1.1 -0.ecb.6 94. Nominal % change versus previous month 2012 Dec.847 346.0 39.7 0. outstanding amounts at end of period) Reserve assets Total In EUR billions SDR Reserve Foreign holdings position exchange In fine in the claims troy IMF ounces (millions) Eurosystem 2009 2010 2012 Q1 Q2 2012 Oct.4.5 2012 Dec.7 108.6 32.143 16.3 5.8 95.5 715.eu).4 0.2 671.6 20.europa.7 460.1 63.9 91.142 16.4 591.0 169.3 458.2 701.9 33.5 16.2848 1.8 -0.5 7.5 37.12 103. see the "Statistics" section of the ECB’s website (www.6 1.7 0.1 0.9 134.5 21. Memo items Monetary gold Other Predetermined foreign short-term currency net assets drains on foreign currency 50.5 2.4 106.0 0.4 -0.7 Nominal 112.3 93.7 0.5 1.9 3.8 61.71 1.5 15.7 0.2 3.8 347. 1) Real EERs are calculated using consumer price indices.142 16.1 20.3 55.9 53. For more information on EERs.

8 .0 4.7 1.1 0.3 .7 16.9 7.7 30.0 16.8 -8.0 9.4 0.1 .2 1.6 25.4 41.2 1.0 3.9 3.1 0.2 0.7 32.3 1.7 1.0 2.6 9.3 2. percentages) Inflation rate Year 1 2 3 4 5 6 7 8 9 10 15 20 Source: ECB calculations.7 8.5 0. except energy) 0. 100.1 0. as well as early information on energy prices.7 0.8 0.5 11.1 2.7 21.6 83.1 0.8 93. Nov.1 0.6 61.9 3. 2.9 5.6 2.4 25.7 21.1 2.7 16.0 2.1 2.5 -1.3 18.4 76.5 38.0 10.2 0.7 3.2 2.7 2.4 11.6 4.9 31.0 3. 1) Data refer to the changing composition of the euro area.6 51.3 10. 1.8 7.1 85.1 3.5 72.7 80.5 97.3 1.0 1. 3) 2012 Sep.5 54.1 20.4 16 ECB • Statistics Pocket Book • January 2013 16 ECB • Statistics Pocket Book • January 2013 .6 1.7 53.0 1.1 14.7 8.1 HICP 1) (annual percentage changes.9 62.2 19. 5.8 3.3 0.9 0.1 51.8 9.0 7.2 Services Housing 2) 0.4 24.1 7.1 0.0 25.5 Prices in the euro area 5.0 1.5 0.3 4.2 0.9 14.8 1.2 1.8 21.6 3.6 0.1 1.6 2.0 2.1 3.4 2.9 2. 2) Excluding owner-occupied housing. 4.1 1.7 37.4 1.6 42.2 12.0 5.0 2.8 1.6 1. Nov.4 11.8 66.8 6. 0.0 2.4 0.0 26.4 5. Dec.9 .1 -0.6 35. 1. The weights shown refer to the current year.3 57. unless otherwise indicated) HICP Total Food Processed Unprocessed food food % of total 1996-00 2001-05 2006-10 2009 2010 2011 2012 2012 Oct.8 0.3 13.7 0.3 18. 3) Estimate based on provisional national releases (which usually cover around 95% of the euro area).0 2.1 76.8 1. 0.4 2.5 2.8 7.0 0.2 1.9 29.5 11.1 17.9 4.0 1.5 Month-on-month percentage changes (seasonally adjusted.1 -0.8 0.4 0.6 8.4 2.6 2. 1.9 32.4 28.3 2.9 5.2 1.4 44.9 2.1 Sources: Eurostat and ECB calculations.7 2.5 2.0 3.2 0.7 5.7 7.9 43.8 44.6 17.8 59.2 13.6 48.6 2.8 .4 .1 23.4 2.1 1.1 3.9 1.7 3.3 35.1 0.1 0.1 11.0 24.9 5.5 17.9 18.7 32.5 11.2 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.8 1.5 13.9 Non-energy industrial goods Energy 28. Oct. for further information see page 6.6 9.2 2.

Nov.0 1.3 57.4 0.1 5.0 56.6 2.5 50.Residential tion property (input prices 1) Total Inter. 49. 2) See footnote 2 of Table 3.3 1.0 2.9 3.i.o. Oct.8 -1.5 5.0 40.2 37.8 2.6 6.4 -0.3) Industrial import prices (c.3 2.1 3. 2) These indices differ from the GDP deflators used for imports and exports (which are shown in Table 5.7 48.0 47.9 0.) 2) .3 1.2 -5.2 0.7 1.1 2.1 6.5 55.7 53.7 2.f.9 49.9 3.6 2.0 2.2 1. Exports by wholesalers and re-exports are not covered.2 0.3 -0.8 54.8 1. ECB calculations and national data. Dec.7 49.5 .8 1. construction.1 11.7 2.0 -0.1 4.2 4.3 1.9 9. 1) Experimental data.9 1.1 51.6 8.6 2.8 8. Manufacturing 5.9 5.6 2.3 5. 1) Difference between the percentages of respondents giving positive and negative replies.4 1.7 49. 1.6 54.3 5.7 -0.2 6.5 39. Nov.5 1.3 3.5 4.7 53.4 6.Capital Consumer Energy prices) mediate goods goods goods 2001-05 2006-10 2009 2010 2011 2012 Q1 Q2 Q3 2012 Sep.5 Purchasing Managers’ Surveys (diffusion indices 2) ) Consumer Input prices Prices charged price trends (compared with previous month) over past 12 months Manufac.6).2 2.6 2.9 6.1 46.1 -11.3 55.4 48.9 2.3 Industry.9 6.9 48.7 2.1 2.3 3.8 0.1 2.6 47.1 52.1 ECB • Statistics Pocket Book • January 2013 17 ECB • Statistics Pocket Book • January 2013 17 .8 47.9 38.1 3.2 1.1 13.2 1.7 54.1 54. 1.9 1.3 2.9 57.8 2.0 .5 Sources: Eurostat.9 4.5 2.5 2.7 51.4.1 38.1 7.) 2).3 53.6 53.9 15. export and import prices (annual percentage changes) Industrial producer prices excluding construction Construc.1 -3.1 1.6 35.1 3.7 2.3 0.2 -5.Services turing turing 20.5.0 1. 5.8 49.2 -2.8 4.3 1.4 -1.0 5.0 -0.0 39.4 0.5 9.7 3.2 7.2 - 6.9 0.4 0.5 Retail trade Services 1.5 1.9 0.8 39. 2.4 Price-related opinion surveys (seasonally adjusted) European Commission Business and Consumer Surveys (percentage balances 1) ) Selling price expectations (for next 3 months) 1991-00 2001-10 2010 2011 2012 2012 Q2 Q3 Q4 2012 Oct.9 0.0 2.7 52.6 2.7 2.1 6.3 0.7 3.4 4.1 4.9 48.4 3.6 1.7 54.9 54.7 37. mainly because they exclude cross-border trade within the euro area and all services. 3) Industrial producer export prices refer to direct transactions between domestic producers and nondomestic customers.4 0.1 55.7 66.5 49. - Industrial producer export prices (f.5 47.Services Manufac.9 2.4 47.7 -9.2 6.b.1 1.0 Sources: European Commission Business and Consumer Surveys and Markit.5 64.1 1.3 -2. residential property.

5 1.0 4.3 2.3 1.2 1.3 18 ECB • Statistics Pocket Book • January 2013 18 ECB • Statistics Pocket Book • January 2013 .0 2. 1) Includes intra-euro area trade.1 .3 1.3 8.1 2. - Labour Negoticost ated index wages 2.8 2.9 1.6 1.0 7.1 10.3 36.6 3.2 1.5.3 0.5 Oil prices (EUR per barrel) 4.Hourly labour sation per compencosts employee sation 2.8 7.4 18.3 1.1 1.1 3.3 60.5 3.6 44.6 12.3 1.0 5.4 5.7 2.6 1.0 . OECD and national data. 2.3 5.1 -3.5 2. Experimental data.0 31.4 2.4 -6.4 85.8 .6 1.4 19.6 2. Nov.0 5.4 1. 1.8 1.6 6.7 2.2 1.7 2. Dec.7 4.1 0.5 42.6 87.5 Other prices and costs (annual percentage changes.6 -0.9 55.6 0.6 1.7 .1 1.4 2. unless otherwise indicated) Whole economy (s. - Non-energy commodity prices ImportUseweighted 2) weighted 3) 5.1 7.4 8.4 -5.7 86. - 1) 1.6 0.2 1.7 2.0 Exports Imports of goods and of goods and services 1) services 1) 1. Unit Compen.2 2.4 2.2 1.1 5.0 .6 1.2 2.5 1.4 2.8 82.1 0.8 .2 .5 0.0 2.2 2.7 1.7 1. 3) Weighted according to euro area domestic production plus imports minus exports in the period 2004-06.7 0. fishing and forestry.7 4.6 84. 2) Weighted according to the structure of euro area imports in the period 2004-06. - 4.2 . 1.1 0.7 79. - 4.2 1.8 1.9 1.1 0.0 7.8 -6. 5.7 2. 1.5 2.4 1.5 -1.1 12.a.4 4. 1) Excluding agriculture.0 . Gross fixed capital formation 1.8 2.4 Sources: Eurostat and ECB calculations based on Thomson Reuters.9 0.6 84.8 -0.2 1.9 8.) 1991-95 1996-00 2001-05 2006-10 2010 2011 2012 2012 Q2 Q3 Q4 2012 Oct.3 4.7 5.2 .6 -0.9 1.7 1.2 0.5 2. Data are working day-adjusted. 2.6 Gross domestic product deflators (annual percentage changes) GDP (market prices) 1996-00 2001-05 2006-10 2009 2010 2011 2011 Q4 2012 Q1 Q2 Q3 Total Private consumption Government consumption 1.2 1.3 10.9 1.3 84.2 1.0 1.9 Sources: Eurostat and ECB calculations.2 2.9 2.0 2.8 1.5 2.9 0.0 2.2 2.1 14.6 30.8 2. European Commission (Eurostat and DG ECFIN).7 8.

0 71.2 19.6 -0.7 -11.6 1.6 0.5 1.8 -8.7 0.6 83.3 83.9 79.5 79.3 83. -0.4 1.7 2.7 -6.3 79.0 15.0 3.1 2.2 19.3 1.6 0.8 1.6 4.6 -9.9 0.5 95.0 2.7 3.3 2.1 -14.3 0.4 84.0 -4.5 19.3 -30.5 3.5 83.3 2.2 -3.0 1.1 1.9 2.2 -0.1 0.7 1) 0.1 2.3 73.2 6.2 -10.4 4.6 15.8 69.5 1.4 19.6 2010 2011 2012 Q2 83.4 4.9 -7.2 2. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.4 2.9 -67.3 Net saving Net capital transfers Annual percentage changes 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -2.1 -0.3 2.3 2.9 1.0 3.6 28.6 3.0 94.3 1.6 1.5 10.6 3.7 -31.3 2.2 0.9 1.6 1.3 95.9 2.1 3.7 2.0 2.8 3.5 3.7 5.7 3.7 -10.3 4.5 2.0 100.1 0.3 2.1 2.5 72.7 3.8 1.0 1.8 0.6 1.4 2.9 19.2 2.8 3.9 72.3 -1.3 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) -40.1 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 -0.6 3.6 Euro area accounts 6.1 19.3 4.5 83.5 3.4 0.3 24.8 3.5 -17.0 2.6 2010 2011 2012 Q2 100.5 3.9 3.1 -8.2 As a percentage of GDP Net lending/ borrowing Sources: ECB and Eurostat.6 Net Current disposable transfers income payable -0.5 1.9 2.8 2.0 3.7 84.4 84.1 -2.6 1.5 1.2 -2.3 -0.1 1.0 73.6 94.5 2.8 1.1 2.3 -0.5 15.3 -2.6 0.3 95.3 95.3 ECB • Statistics Pocket Book • January 2013 19 ECB • Statistics Pocket Book • January 2013 19 .7 0.5 1.4 2.9 307.0 100.3 -0.

5 0.7 1.3 -52.0 3.9 0.8 -0.7 13.5 0.8 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 2.8 2.1 84.8 36.6 -0.2 Households 1) Income.2 2. adjusted 3) 9.0 9.5 3.7 2010 2011 2012 Q2 99.0 -0.7 0.6 108.1 3.8 86. saving and investment Gross Final disposable Compen.6 -7.6 1.2 13.1 Changes in net worth 2) 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 1.0 As a percentage of households’ gross disposable income.8 2.7 4.9 3.6 2. 2) Annual observations are identical to the quarterly observations for the fourth quarter of the year.9 -0.0 Outstanding amounts as a percentage of households’ gross disposable income.4 96. receivables minus payables).6 1.4 2.1 -0.6 3.1 1.4 64.2 2.8 2.8 -3.3 86.3 2.0 6.7 2.2 2.3 2.7 7.1 0.6 2.9 1.1 3.3 3.8 84.9 21.5 1.3 0.3 1.9 2.3 17.8 -36.9 1.5 1.7 1.4 109.5 2.8 -5.8 107.7 -11.3 2.6 4.0 7.7 2. 1) Households and non-profit institutions serving households.0 13.5 3.0 73.6 2.0 2.3 3. based on four-quarter cumulated transactions.6 -7.8 -1.0 301.8 74.1 99.8 -0.5 73.6 4.Operating.0 3.7 7.2 2.5 1.1 3.2 2.2 2010 2011 2012 Q2 305. 20 ECB • Statistics Pocket Book • January 2013 20 ECB • Statistics Pocket Book • January 2013 .3 2.8 1.8 -10.8 -11.1 29.9 3. 3) Net adjustment for the change in the net equity of households in pension fund reserves (i.4 98.e.5 -11.5 1.5 0.2 64.5 9.0 2.6 84.8 2.4 2.0 36.4 36.3 0.1 -1.7 0.8 2.4 -1.9 98.6 2.6.3 72.7 2.1 99.1 99.8 -0.6 -1.6 -4.4 21.6 -2.0 2.1 2.7 0.7 87.1 20.0 9.9 -6.1 -1.2 2. Net consumpincome sation mixed and current tion of emploproperty transfers expendiyees income receivable ture Annual percentage changes Gross saving Gross fixed capital formation -8.0 -2.5 94.3 -1.0 27.9 3.7 1.6 0.1 2.0 94.9 2.8 -10.0 3.7 0.7 1.9 0.0 7. adjusted 3) Sources: ECB and Eurostat.1 14.8 0.8 87.1 1.6 0.2 1.4 1.6 1.0 1.7 299.2 -5.1 24.0 -4.

4 17.4 -16.1 2.6 2.4 1.5 41.8 -6.0 -81.1 2.4 175.2 -0.4 1.3 3.7 7.4 -11.3 1.6 41.9 2. entrepreneurial income.4 3.0 2.7 3.3 5.1 97. saving and investment Gross value added Net entrepreneurial income 2008 2009 2010 2011 Q2 Q3 Q4 2012 Q1 Q2 -1.8 449.2 2.4 2.1 1.9 2.7 3.5 2.2 1.1 2010 2011 2012 Q2 100.6 276.1 17.7 3.5 100.7 1.8 1.7 3.1 3.9 4.2 2. ECB • Statistics Pocket Book • January 2013 21 ECB • Statistics Pocket Book • January 2013 21 .0 151.4 4.8 3.2 2.8 41.8 250.1 2.4 -0.0 336.4 2.0 3.9 6.1 -1.2 3.2 2.9 1.9 0.3 20.3 -0.7 -0.0 1.7 6.3 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 3.5 2010 2011 2012 Q2 349.8 -2.8 Outstanding amounts as a percentage of gross value added Sources: ECB and Eurostat.0 100.2 2.3 As a percentage of gross value added 3.0 7.6 96.7 247.2 0. 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.8 3.7 201.4 28.8 1.8 3.1 21.8 3.5 0.3 4.0 0.6 2.0 28.3 174.6 20.0 20.2 4.0 -2.0 4.2 2.8 163.9 5.0 26.8 3.4 177.0 -2.3 1.3 1.8 1.0 100.2 148.9 -4.0 82.6 0.3 27.8 1.8 -2.2 341.1 17.6 4.4 2.2 452.5 2.2 4.7 -20.7 2.7 5.2 1.9 3.9 1.3 Non-financial corporations Value added.0 129.1 8.4 200.5 -0.7 Net saving Net acquisition of nonfinancial assets Net Gross fixed Consumption lending/ capital of fixed borrowing formation capital Annual percentage changes 1) -10.6 1.6 1.1 52.7 -6.0 -2.7 3.1 -0.6 2.6 -0.8 203.3 2.9 4.9 3.1 4.9 1.1 1.6 2.5 480.6.2 3.4 3.

4 7.0 2.7 15.5 11.9 5.0 5.1 -2. expenditure.5 60.0 49.1 -6.2 62.3 7.8 3.2 General government debt (Outstanding amounts at nominal value at end of period.7 12.6 12.1 Total expenditure Indirect Social taxes contributions 12.4 22 ECB • Statistics Pocket Book • January 2013 22 ECB • Statistics Pocket Book • January 2013 .5 11.0 3.4 2.2 51.1 51.9 12.4 6. Total Currency and deposits Loans Short-term securities Long-term securities 70.1 -3.1 General government revenue.8 56.4 45.4 2.6 Source: ECB.9 2.7 4.7 Interest 47.2 7. four-quarter moving sum for quarterly data) Total revenue Direct taxes 2008 2009 2010 2011 2012 Q2 45.8 12.7 Euro area government finance 7.5 2.0 85.5 12.6 11.6 15.6 Deficit(-)/ Borrowing surplus(+) requirement 3.0 44. as a percentage of GDP) General government debt 2008 2009 2010 2011 2012 Q2 Source: ECB.3 -6.2 80. deficit/surplus and borrowing requirement (as a percentage of GDP.3 7. 12.5 49.3 91.6 2.5 18.5 12.8 45.8 15.7 15.3 15.4 15.5 8.3 49.4 7.1 63.2 -4.4 87.9 44.5 11.3 2.9 7.8 15.

13 Dec..25 0.50 -0.75 3. 2006 8 Mar. 0..75 3.50 3. 13 May 2011 13 Apr. 9 15 1) 12 Nov.75 0.25 1.25 -0.50 2.25 4.25 0.25 -0.75 2.25 0..25 2.25 0.00 3.25 0. 2003 7 Mar.00 -0..25 0.25 3.00 2.75 4.25 0. changes in percentage points) With effect from: Deposit facility Main refinancing operations Marginal lending facility Fixed rate Variable rate tender tender procedures procedures Fixed rate Minimum bid rate 2000 28 June 1 Sep.25 -0.50 4. 1) On 8 October 2008 the ECB announced that.00 5.50 5.75 1. 11 Oct.00 2.25 1.25 Level 5.75 1.25 Source: ECB.25 3.50 1.50 1.25 -0.00 3. 2012 11 July Level 3. 0.00 0.00 1.25 5.75 3.50 -0. 8 Apr.50 0.25 -0.50 -0.8 Monetary policy 8.25 -0.50 0.75 2.25 0.50 -0.00 2.25 0.25 .25 -0.50 -0.50 2.75 4.25 3. 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.00 4.25 3.50 2.25 2..25 0.25 -0.25 -0.50 -0.25 2.75 Level 4.00 Change .25 0. -0.50 0.25 -0.75 .25 1. 6 June 2005 6 Dec.25 0. 9 Nov.25 0.25 4.25 2. 13 June 2008 9 July 8 Oct.50 0.25 0.25 4.25 -0.25 0.25 0.25 1.75 -0.50 0.25 2.75 5.50 -0.00 1.25 0.25 3.25 0.50 3.25 0.25 0.50 4.25 -0.25 0.25 2.25 -0.75 5.25 1..25 -0.25 -0.50 -0.00 2.25 0. 2009 21 Jan. ECB • Statistics Pocket Book • January 2013 23 ECB • Statistics Pocket Book • January 2013 23 .50 0.75 3.25 4. 2002 6 Dec..75 2.00 3.75 3.25 -0.25 4.50 4.50 -0. 6 Oct. 10 Dec.25 0.25 0. 11 Mar.50 -0.75 2.00 4. 13 July 9 Nov.25 0.50 0.1 Key ECB interest rates (levels in percentages per annum.25 -0.00 1. starting from the operation to be settled on 15 October 2008.25 0.25 Level 3.00 1.25 0.50 -0.25 -0.75 3.50 -0.50 3.25 -0..75 4.25 -0.25 0.50 2.25 3.25 2.25 0.00 3.50 5.25 -0.50 1...50 -0. 14 Dec.50 3.25 0..75 3..50 1.50 0. -0.00 1. 15 June 9 Aug.25 0. 0.25 -0.25 0.50 -0.50 -0. 2007 14 Mar.25 -0.25 -0.75 4.75 3.50 .25 -0. 18 Sep.25 -0.50 2. 0. 2001 11 May 31 Aug.00 0.25 0.50 -0.25 - Change ..50 -0.25 2.25 0.75 4.50 3.25 3.50 .50 -0..25 1.50 Change . -0.75 2.75 -1.

75 0.75 - - - 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 1.661 69 81.629 1 Nov.428 21 28 74.371 12 Dec.156 15.307 18.307 31 13 June 18.383 3 Oct.591 74 70.813 24 77.371 15.398 8.293 31 83.886 86 89.295 24.764 12 73. 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 (.097 9 77.75 0. on any day that coincides with the settlement day of a main refinancing operation.844 18.217 19 72.75 0. 3) 6.450 25.709 10 Oct.450 8 Aug.180 9.746 13.75 .383 84 102.783 96 91. the rate at which all bids are satisfied is indexed to the average minimum bid rate in the main refinancing operations over the life of the operation.156 14 15.293 87 83.886 10 89.296 20 3) 14.86 1.629 6.75 .428 79 74.844 27 18.75 0.725 0.730 7 Nov. 13.725 2012 9 May 12.00 0. after one year counterparties have the option to repay any part of the liquidity that they have been allotted in these operations.295 28 11 July 24.75 0.180 30 9.214 85 75.75 0.926 7.398 26 8.474 14 75.75 0.962 85 117.2 Eurosystem monetary policy operations allotted through tender procedures (EUR millions.988 8.75 0.75 0.75 .764 82 73.730 81 79.988 8.75 0. 70. 102..905 26.75 0.926 29 3) 7. 3) In this longer-term refinancing operation.75 0.75 0.296 14.709 12.591 5 Dec.783 17 91.661 2013 3 Jan. 25.474 84 75.75 0. 2) For the operations settled on 22 December 2011 and 1 March 2012.00 0.217 79 72.962 Source: ECB. 79. 24 ECB • Statistics Pocket Book • January 2013 24 ECB • Statistics Pocket Book • January 2013 .905 26.75 0. 12.75 0. - - - 35 91 28 91 28 98 35 91 28 84 35 91 28 91 35 98 Longer-term refinancing operations 2) 12.75 0.097 75 77.75 0.79 0.683 86 89. 0.214 75.8.813 93 77.. 15. 0.683 28 89.75 0. 1) In liquidity-providing (absorbing) operations. the marginal rate is the lowest (highest) rate at which bids were accepted. 117.75 0. 81.746 12 Sep.) days Fixed Minimum Marginal Weighted rate bid rate rate 1) average rate Main refinancing operations 2012 26 Sep.75 0.

800 3.5 4.0 -0.4 1. seasonally adjusted.8 6.0 0.3 Monetary developments in the euro area Monetary aggregates and main components (annual percentage changes.1 4. . seasonally adjusted.4 0.7 5.1 3.7 -0. Sep.45 3.8 2009 2010 2011 2012 Nov.2 46.1 7.6 2.1 1.6 -8.2 2.5 3.9 2.1 24.787 Outstanding amounts (EUR billions) Main components of the annual growth rate of M3 (contributions in percentage points.4 6.8 4.4 1.7 2.5 5.0 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.9 5.2 5.2 .5 13.9 13.8 0. .7 0.1 4. 1) Growth rates are adjusted for non-transaction-related changes. debt securities issued with a maturity of up to two years and repurchase agreements. 4.1 -0.9 -0.345 9. 8.4 -3.6 3.4 2.1 0.6 7.04 .2 -11.2 5.3 -0.4 12.6 11.873 1.3 -1. Sep.1 3.5 2. 4.7 -6.4 1.4 1.5 -1.5 3.9 2.255 1. 757 794 843 863 3.5 6.6 -0.6 7. . 2) Deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months.6 2. Nov.8 20.1 0.3 1.6 1.1 13. Oct.3 0.9 2.2 4.3 3.7 0.4 0.5 0.9 3.9 2.707 3.3 -1.8 -8.5 5. Oct.8.8 0.3 0.5 5. 1) unless otherwise indicated.1 1.6 -4.792 5.2 M1 M2-M1 2) M3-M2 3) 1.3 4.6 -0. 3) Money market fund shares/units.118 3.6 2.1 7. . Nov.9 1.4 6.498 4.949 4.2 5.9 4.7 1.9 -0.6 1.9 5.3 1.8 0.4 0.1 0.7 17.3 M3 11.3 0.2 3.479 9.0 0.5 -0. Currency in circulation Overnight deposits 0.9 2.0 -0.3 0.741 3.1 3.2 0.281 9.7 0.2 3.9 3.6 3.3 0. ECB • Statistics Pocket Book • January 2013 25 ECB • Statistics Pocket Book • January 2013 25 .137 870 887 796 9.3 72.72 2.5 0.0 1.4 42.2 1. end of period) 2007 2008 2009 2010 2011 2012 July Aug.703 4.5 2.0 6. Growth rates not adjusted for non-transaction-related changes.5 3. 4) Not seasonally adjusted.909 3.710 3.4 0.5 0.8 Source: ECB.

6 -1.8 6.1 1.1 2.5 3.864 3.4 8.680 7.8 2.6 -0.5 Plus other M3 0.023 10.9 Minus Minus Net longer.9 13.7 1.6 1. Nov.2 Credit to Credit general to other govern.8 -1.4 -1. Oct.457 16. 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.5 -1.2 6.7 -0.1 8.0 -0.4 3. end of period) MFI assets 2007 2008 2009 2010 2011 2012 July Aug. 1) Growth rates are adjusted for non-transaction-related changes.euro area ment residents -0.4 -0.0 -2.5 0.114 13.637 Outstanding amounts (EUR billions) Breakdown of the annual growth rate of M3 by counterpart (contributions in percentage points.6 -0.2 7.0 2009 2010 2011 2012 Nov.4 -0.0 0.4 Counterparts of euro area monetary aggregates Main counterparts of M3 (annual percentage changes.6 -1.432 13.9 1.6 18.6 11.2 0.8 -0.9 3.6 7.3 -1.liabilities external term against assets financial central liabilities government -0.9 0.3 2.4 0.4 7.2 -1.8 7.3 3.4 0.9 4.8 -0. seasonally adjusted.7 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.0 2.6 -0.9 3.7 -0. Nov.2 -1.9 -0.046 10.1 -0.1 9.4 -0.4 3.978 16.4 -0.2 1.0 4.5 0.9 1.931 6.0 3.1 0.7 0.478 2.1 10.6 0.293 7.3 -1.1 1.1 3.8 1.2 5.3 -1.7 1.6 -2.0 0.9 2.9 2.7 1.7 1. 10.4 11.157 3.2 Loans 13.729 7.6 2.797 10.3 1. seasonally adjusted.5 1. 17.0 -1.6 3.0 -0. 15. Sep.3 0.1 -1.2 8. Oct.287 13.3 1.1 0.6 2.0 -2.5 -0.7 -2.0 0.6 2.213 3.2 0.3 -1.8 9.2 0.9 -1.2 -1.7 -0. 26 ECB • Statistics Pocket Book • January 2013 26 ECB • Statistics Pocket Book • January 2013 .9 3.7 2. 1) unless otherwise indicated.5 -0.2 -1. Sep.1 9.7 1.0 -0.2 6.8 11.8 Source: ECB.4 1.9 -0.8 -1.444 16.3 0.8 -0.898 11.244 13.0 1.7 1.9 5.5 3.5 2.2 -2.0 2.6 11.1 1.2 0.1 2.8 1.6 0.8 4.4 -1.8.5 0.

0 -1.9 -29.0 -1.3 -65.9 -2.6 35.3 4.4 12.330 1. Oct.5 -4.683 1. 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.7 -54. 10.395 2.3 0. Sep.4 21.300 1.9 1.8 63.309 1.8.2 -19.6 17.5 -1.647 2012 June July Aug.299 3.0 64.1 -22.121 827 846 847 844 Source: ECB.9 2.978 1.236 7.6 Euro area financial vehicle corporations (EUR billions.7 -56.2 0.079 301 2011 Q3 Q4 2012 Q1 Q2 Q3 -32.9 13.061 2. outstanding amounts at end of period) Total financial assets 2011 Q4 2012 Q1 Q2 Q3 6.0 6.1 -63.0 -49.6 1.1 5.372 2.8 -5.342 3.500 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.1 -0. claims 2.131 2.872 2.1 -25.9 -4.6 61.7 Euro area insurance corporations and pension funds (EUR billions.4 -83.574 1.1 -14.1 -0.758 3.3 Transactions 8.9 -0.556 316 138 405 945 -4.6 -1.9 Transactions 8.7 1.296 7. 6.5 -72.3 24.5 30.085 203 1.006 2.685 0.7 67.8 23.5 -51. transactions during period) Total assets Deposits and loan claims Outstanding amounts 2012 Q3 2.4 -71.3 -0.1 Liabilities Securitised loans Originated by euro area MFIs Securities other than shares Debt securities issued 1.7 -14.7 5.683 1.5 17.262 1.844 2.8 18.1 1.7 -6.2 -12.3 -3.0 -82.6 10.340 3.1 17.5 -25.6 -1.5 -14.0 1.5 0. ECB • Statistics Pocket Book • January 2013 27 ECB • Statistics Pocket Book • January 2013 27 .393 1.974 7. outstanding amounts at end of period.307 1.0 2.6 -15.2 -0.2 -0. outstanding amounts at end of period.726 2.5 Euro area investment fund shares issued by investment policy (EUR billions.

042 1.10 EU consolidated banking data 1) (EUR billions. 1) A coefficient of 1% is applied as of the maintenance period beginning on 18 January 2012. Credit institutions Eurosystem Money market funds Investment funds Financial vehicle corporations Insurance corporations and pension funds 31. .8.289 6.943 18.077 18.916 8.90 -0. interest rates as percentages per annum) Reserve base as at/ maintenance period ending in: 2012 July Aug.847 34.700 5.692 10.00 0.278 2. unless otherwise indicated.955 3. .691 3.2 509.019 7.520 32.902 34. unless otherwise indicated. .17 13.02 3.873 3.2 540. Reserve base Total 19.5 510.490 1.75 0.225 2.094 28 ECB • Statistics Pocket Book • January 2013 28 ECB • Statistics Pocket Book • January 2013 .75 0. Dec.252 8. 8.59 13.945 8.9 Assets of the banking system and selected non-bank financial intermediaries of the euro area (outstanding amounts in EUR billions.448 7. 1. .133 1.038 1.81 Number (thousands) Total assets 1.212 4.730 3.1 529.218 6.683 10. Nov.159 .022 1.805 33.4 106.707 7.238 5.638 35.021 981 988 961 6.0 538.75 0.681 6. 13. 1) Data are fully consolidated on a cross-border and cross-sector basis.025 2. Oct. Sep.75 .808 .0 107.9 . 106.387 7. Source: ECB.61 Source: ECB. .327 8.4 106.1 107.9 107.124 7.234 8.69 5. A coefficient of 2% is applied to all previous maintenance periods.079 7.8 Euro area minimum reserve statistics (EUR billions.53 13.894 18. end of period) Foreign-controlled subsidiaries and branches Domestic credit institutions 2009 2010 2011 2011 30 June Number (thousands) Total assets 3.211 8.573 5.0 106.653 8.649 . 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 10.126 Return on Overall equity (%) solvency ratio (%) 1.196 32.147 2.074 32.750 10.352 2.0 111. . 8. 2013 Jan.75 0. end of period) 2010 2011 2012 Q1 Q2 Q3 Source: ECB.684 34.016 7.

789 Quoted shares 4.2 Debt securities issued by euro area residents: gross issues.772 3.811 16.6 87.204 10. redemptions and net issues (EUR billions.0 88. nominal values) Gross issues Redemptions In euro (%) 2009 2010 2011 2012 Feb. market value for equity securities.475 10. unless otherwise indicated.5 89. 13.499 11. the difference between aggregated gross issues and redemptions may deviate from the aggregated net issues.252 89. Sep. Apr.2 87.373 10.3 88.0 89.229 10.018 10.244 10.6 88.737 16. 1) Nominal value for debt securities.555 8.4 88.228 903 979 960 956 799 845 898 93.640 1.6 88. May June July Aug.319 Source: ECB. 2) "Short-term". Sep.1 89.0 89. Mar.062 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. outstanding amounts at end of period.019 1.251 4.814 9.250 4. nominal or market values 1) ) Debt securities Equity securities of which: 2) 2009 2010 2011 2012 Feb.841 16.499 10.191 942 936 983 944 835 871 882 93.5 88.601 1.550 11.1 Securities issued by euro area residents: outstanding amounts (EUR billions. ECB • Statistics Pocket Book • January 2013 29 ECB • Statistics Pocket Book • January 2013 29 .4 88.879 16.395 4.6 89.631 1.2 89.004 1.2 89.763 16. 9.185 4.401 1. Mar.737 16.301 4.389 4.9 88.6 91.1 88.0 88.409 10.7 90.9 86.3 Net issues In euro (%) 12. May June July Aug.6 15.646 1.4 90.647 1.096 12.9 89.616 1.580 3.888 4. of which: Short-term Long-term fixed rate Long-term variable rate issued in euro (%) 1.862 16.640 1.4 Seasonally Non-seasonally adjusted adjusted 1) 96 82 -9 -1 15 56 -5 34 24 1.532 16.342 4.9 89. Oct.166 1.242 4.422 10.412 4. unless otherwise indicated. Oct.8 90.599 1.809 16.409 4.935 4.521 12. Apr.747 16.9 89.642 1.566 1.9 88.344 4.267 4.071 552 619 161 80 -2 60 -17 29 -36 -22 35 Source: ECB.9 Financial market developments 9.6 88.283 15.351 4.3 88.345 4.544 1.078 3.7 88.381 4.5 88. 1) As a full breakdown of net issues into gross issues and redemptions may not be available in all countries. transactions during period.535 4.363 4.9 86.445 10.

651 703 714 798 5.3 13.9.3 3.591 4.1 14.5 106.5 9.4 0.735 2.5 3.2 3.580 3.8 13.6 3. Oct.871 111.5 6.185 4.5 12.6 106.9 3.894 14.768 2.205 496 544 609 Outstanding amounts per sector (EUR billions) Source: ECB.4 0.9 107.3 -2. Sep.580 3.3 0.4 106.8 4.9 0.8 2.3 10.8 3.8 106.3 0.6 6.885 14.4 5.1 -0. 9.1 106.5 4.5 1.606 Outstanding amounts per sector (EUR billions) Source: ECB.0 2.9 0.857 14.3 0. 2008 = 100 1) Central government Other general government 2010 2011 2012 May June July Aug. EUR Index: billions Dec.0 6.1 3.3 12.8 5.9 118.4 2.106 6.7 13. Oct.6 4.6 1.2 5.690 14.2 -0.2 -1.242 4.7 4.0 12. 2008 = 100 1) 4. 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 12.1 1.4 0.1 3. 1) The index data and annual growth rates are shown as end-of-period values in order to ensure consistency with other information in this table. unless otherwise indicated.840 6.608 2.0 0.7 118.7 5.871 - - 4.4 10.4 1.7 0.8 3.874 14.2 9.118 14. unless otherwise indicated.788 3.278 3.0 1. 2010 2011 2012 Oct.0 2010 2011 2012 Oct.690 14.9 3. 30 ECB • Statistics Pocket Book • January 2013 30 ECB • Statistics Pocket Book • January 2013 .8 106.7 9.5 12.4 Quoted shares issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.772 3.7 -2. Sep.3 6.9 116.5 -2.3 4.3 4.5 118. outstanding amounts at end of period.9 1.6 3. outstanding amounts at end of period.9 118.1 -1.9 118.6 3.3 2.311 4.935 4.7 10.8 118.2 1. 14.5 3. 14. nominal values) Total economy MFIs Financial Nonincluding corporations financial the Euro.8 2.118 14.7 2.7 3.319 4. market values) Total economy 2010 2011 2012 May June July Aug.319 MFIs Financial corporations other than MFIs Non-financial corporations 104.4 - - 458 339 384 334 271 330 3.other than corporasystem MFIs tions EUR Index: billions Dec.888 3.9 5.3 Euro-denominated debt securities issued by euro area residents: outstanding amounts and annual growth rates 1) by sector of the issuer (annual growth rates.5 7.9 3.888 4.895 14.0 4.0 7.9 1.7 10.062 4.

23 0.08 0.33 -1.41 1.74 0. 2014 2.83 2.71 0.27 0.39 0.37 1.76 0.20 0.58 2.32 0.19 0.81 -1.14 1.93 0.47 0.44 0.00 -2.25 0.67 1.28 -2.42 0.10 -0.79 0. Dec.90 0.20 0. 2013 2.68 0.47 0.46 0.16 1.52 0.36 0.22 1.11 0. period averages.29 0.61 -1. Mar.19 0.71 0.34 0.47 0.02 0.22 0.35 1.17 1.05 1.79 0. Apr.16 Jun.56 0.43 0.01 1.66 -2.54 1.71 0.11 0.17 0.11 0.20 0.84 1.47 1.25 0.57 0.33 0.45 0.40 0.72 2.46 0.64 0.66 0.38 0.74 0.35 0.63 0.87 0.18 -1.43 0. 9.19 0.48 0. Dec.50 1.09 0.88 0.35 2. period averages) Euro area EONIA EURIBOR 1 month 2010 2011 2012 2011 Dec.82 0.19 0.36 -2.74 0.41 0.11 3 months Nominal 0.06 0. May June July Aug.19 0. Sep.31 0.48 0. Mar.33 0.67 1.84 -1.24 Sources: ECB calculations based on underlying data provided by Bloomberg.47 0.18 0.98 0.20 0.24 -1.57 1.97 0.72 1.20 0.50 1.19 0.22 1.81 1. 2013 2.35 ECB • Statistics Pocket Book • January 2013 31 ECB • Statistics Pocket Book • January 2013 31 . 2014 3.43 1. 2013 2.01 1.45 . Jun.99 0.20 0. Nov.38 0. 0.85 0.49 0.84 -1.6 Interest rates implied by 3-month EURIBOR futures (percentages per annum.65 0.37 -2. 2012 Jan.41 0.10 0.20 Mar.47 0.31 3 months Real Nominal -1.22 0.80 0.13 0.11 2.25 0.09 0.17 0. Feb.29 1.19 6 months Real -0.91 0.84 0.30 0.46 0.91 -2.89 0.70 -1.97 0.20 0.05 0.39 0.39 0.34 0.58 1.57 0.84 0.70 0.95 0.36 0.88 0. by maturity date of futures contract) 2010 2011 2012 2011 Dec.08 0.21 0.56 0.82 -1.19 0.20 1.04 0.16 Sep.95 0.60 0.88 0.30 0.07 0.98 0.08 0.61 0.47 0.18 Real 0.68 -1. 2012 Jan.32 1 year 1.75 1.67 0.83 1.32 1.07 2.50 0.12 0.61 0.18 0.41 1.30 -2.33 0. Feb. 0.42 0.27 0.36 0.00 1.39 0. Apr.5 Money market interest rates (percentages per annum.64 0. 2014 2.37 0.35 0.59 0.38 0.41 -2.33 1.86 0. Oct.50 1.83 -1.21 0.34 0.68 1.20 0.82 -1.75 -1. Sources: ECB calculations based on underlying data provided by Thomson Reuters.26 -1.53 0.23 0.84 1.59 0.54 0.19 0.32 1.92 -1.80 0.45 2.28 -2.30 Sep.59 0.60 1.9. Mar.27 1.95 2.38 0.95 -1.57 1.00 0. Sep.50 0.95 0.20 0.29 1.34 0.73 0. May June July Aug.63 0.42 0.27 1.24 0.08 1.19 0.55 United States Japan LIBOR LIBOR 3 months Nominal 0. 2013 2.17 Dec.11 -0.31 -0.20 -0.53 0.36 -2.28 0.22 0.50 0.24 0.65 0.39 .65 0. Nov.30 0.43 -1.04 0.21 0.59 0.78 0.33 0.32 -1.87 0.39 0.58 0. Oct.10 0.14 0.

76 1.49 -1.15 1.84 2.06 2.13 1.85 -1.05 0.8 Spreads between swaps and government bond yields (percentage points.01 0.09 0.45 -0.04 -4. Dec.97 2.32 1.90 -0.21 2.04 0.01 -0.07 0.58 3.71 0.57 -1. rates in percentages per annum.98 -1.32 0.64 3.30 0.57 -1.82 -0.63 -1.66 -3.02 -0.48 -1.34 0.87 1.28 -1.53 -0.02 0.92 -10. Nov.53 1.36 1.17 2.10 3.87 1.84 -0.38 0.95 1.92 -0.27 -0.60 -1.84 -0.24 2.09 0.56 -1. United States Japan 10 years 10 years 0. Apr.41 -0. Sep. end of period) Euro area 2010 2011 2012 2011 Dec.65 2.12 -0.27 1.80 -5.17 0.07 3.76 1. spreads in percentage points) Spot rates Instantaneous forward rates 3 months 1 year 2 years 5 years 10 years 10Y-3M spread 2011 Nov. Sep.05 -0.41 0.05 -1.98 -4. 2012 Jan.74 0.07 2.25 -1.06 -0.10 2.39 0.69 0.01 0.04 0.01 -0.90 1.20 0.03 -0.60 3.11 0.04 -0.52 0. Oct.40 -12.03 0.96 -4.03 0.01 -0.00 -0.26 4.55 -1.16 0.91 1.91 1.53 2.21 -0.82 3.41 3.98 7 years -0.89 1.62 -3.07 -1.15 -0.89 1.69 -8.03 -1.75 0.7 Euro area yield curves (AAA-rated euro area central government bonds.29 0. Mar.16 -1.06 0.98 -0.89 2.03 0.08 -4.60 2.07 0.60 -0.11 0.26 0.00 0.95 0.02 -0.06 4.50 Sources: ECB calculations based on underlying data provided by Bloomberg.15 0.04 -2.03 0.59 2. Apr.94 1.60 -8.63 -1. Nov. end of period.26 0.69 -6.08 0.00 0.92 1.32 0. Feb.02 -0.04 0.07 -1.22 2.10 0.87 -5.00 0.03 -4.24 3.05 1.76 0. Mar.27 0.45 0.65 0.01 -0.01 -0.69 2.39 1. Dec. May June July Aug.21 0.9.01 0.67 2.87 5 years -0.10 0.68 -0. 0.50 -1.09 0.09 0.26 4.02 0.21 -2.23 -1.77 -1.95 0.16 -1.02 -0.46 -1.93 -1.78 0.80 1.22 2.23 -1.00 0.11 0.84 Sources: ECB calculations based on underlying data provided by EuroMTS and ratings provided by Fitch Ratings. Oct.32 -1.37 0.87 1.79 -1.87 2.17 3.40 -1.02 0.08 -0.09 0.55 3.59 -1.55 -0.66 10 years -0.11 -0.75 3.17 0.82 2.93 -3.63 -3.02 0.01 1.91 -0.05 0.56 1.09 -0.07 0.15 1.72 -1.49 -1.44 1.39 0.22 -2.92 1.44 1.85 0.11 0.84 4.43 -5.47 1.23 3.72 2.62 -0.74 0.13 0.01 -0.01 0.04 -0.80 -2.69 3 years -0.88 1. 4.03 0. Feb.72 3.07 0.49 2.02 0. 2012 Jan.94 1.07 -0.72 2.66 10Y-2Y 1 year 2 years 5 years 10 years spread 2.00 32 ECB • Statistics Pocket Book • January 2013 32 ECB • Statistics Pocket Book • January 2013 .04 0.26 0.00 0.66 -1.14 0.50 9.36 0.87 -2.39 0.65 2.03 0.52 3.76 0.03 -0. 2 years -0.13 0.20 -0.11 0.55 2.00 0. Dec.17 2.12 2.86 1. May June July Aug.09 1.40 -2.33 2.

9.63 5.425 9.46 5. Basic Consumer Oil Finanmaand gas cials terials Services Goods 463 493 504 498 469 453 479 509 531 528 526 559 166 158 152 146 140 137 146 155 158 159 163 170 323 351 386 381 374 358 379 400 398 398 404 423 307 312 307 301 282 275 290 313 321 312 308 312 183 153 122 117 105 104 106 117 130 130 131 138 Indus.49 6.30 21.638 8.523 2.761 8.65 8.35 5.140 1.521 2.4 2. Dec. Oct. May June July Aug. 1) The bases for the Dow Jones STOXX 50.78 6.10 Euro area sectoral stock market indices (index levels in points.425 2.153 2.379 1.307 2.17 9.rate of ity 2) change 8.63 12.6 2.81 4.584 Level 2.403 1.626 Annual Volatil.9 Stock market indices (index levels in points. Nov.2 2. 1) rates of change in percentages.4 Level 10.24 -12.514 2.531 2. Sep.96 2. period averages) Dow Jones EURO STOXX main industry indices 2010 2011 2012 2012 Apr. Oct.8 11. 31 December 1991=1. Standard & Poor’s 500 and Nikkei 225 indices.24 -8.8 -5.6 -23.435 2.443 1.30 4.323 1.814 Annual Volatil.103 9.0 19.83 4. Europe Euro area United States Japan Dow Jones STOXX 50 Dow Jones EURO STOXX 50 Standard & Poor’s 500 Nikkei 225 Level 2.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. Standard & Poor’s 500 and Nikkei 225 indices are.88 5. Sep.412 2.rate of ity 2) change 7.3 12.395 1.541 2.8 2.81 -5. Dow Jones EURO STOXX 50.26 4.72 7.468 2.63 5.4 1.1 8. May June July Aug.21.72 8.545 2.7 5.949 8. the period 1941-43=10.258 2. 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 2.3 15.67 7.11 -2.268 1.rate of ity 2) change 3.006 9.950 8.1 13.22 5.0 -5.5 2.6 9.1 0.438 1.8 -22.78 4.2 2.5 19.843 8. Nov.10 -1.9 2.34 4.03 4.9 -20.4 23.360 1.341 1. period averages) 2010 2011 2012 2012 Apr.2 -17.317 2.611 2.000.17 -9.0 Level 1.503 2.779 2.8 2.422 Annual Volatil. and 16 May 1949=176.627 8.59 5. Dec.6 18.7 14.9 1.9.1 4.64 5.85 4.341 2.386 1.000.11 15. 2) Values are based on the average daily implied volatility of the Dow Jones EURO STOXX 50.46 8.450 2.412 2.827 9.199 2.09 -0.554 2. respectively: 31 December 1991=1.4 Sources: ECB calculations based on underlying data provided by Bloomberg and Thomson Reuters.Tech.1 1. index: 31 December 1991=100.060 9.4 2.74 1.

1) For this instrument category. May June July Aug.73 3.69 2.89 1.40 2.14 1.70 1.53 3.74 1.49 3.76 2.75 2.54 3.62 1.12 Euro area MFI interest rates on loans (percentages per annum excluding charges. unless otherwise indicated) To households 2012 Feb.9.29 4.70 2. unless otherwise indicated) From households 2012 Feb.72 2.77 3.42 0.34 3.40 4.14 8.50 3.79 1.45 0.80 3.81 1.04 2.58 4.28 4.48 0.60 3.60 4.76 1. Over.42 4.74 2.08 4. Oct. 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) 8.40 3.31 2. May June July Aug.66 Overnight 1) 0.39 8.85 3.67 3.82 1.07 1.Redeemable night 1) at notice of up to 3 months 1) 0.66 2.25 4.95 3. Nov.70 2.41 0.12 3.86 3. Oct.84 3.46 3.52 0.72 2.72 3.11 1.82 2.96 3.61 3.98 3.13 2.45 2.25 8.56 2.78 1.83 2.39 4. 2.00 1.10 1.01 2.78 2. 2) Data are end-of-period values and represent rates on outstanding amounts.88 2.65 1. Maturity over 5 over overdrafts.18 34 ECB • Statistics Pocket Book • January 2013 34 ECB • Statistics Pocket Book • January 2013 .26 8.54 0.93 1.93 3.14 4.32 2.69 3. new business rates as period averages.90 2.58 2.52 3. To non-financial corporations Revolving Lending for house purchase Revolving Loans Other loans with floating loans and loans and with and up to 1 year IRF overdrafts.65 2. Nov.05 1.38 3.15 3.49 0.73 2.70 3.73 1.04 7.37 2. Mostly end-of-period rates.21 3.12 8.04 2. the interest rates on outstanding amounts and new business coincide.03 Source: ECB.12 2.21 2.56 2.61 3.96 2. Sep.22 2.48 0.21 4.73 2.36 3.93 2.52 2.80 2.51 0.61 From non-financial corporations With an agreed maturity of: Up to Over 1 Up to 1 year and up to 2 years 2) 2 years 2.49 3.55 0.81 2.05 2.65 2.31 1.41 8.79 9.91 3. the interest rates on outstanding amounts and new business coincide. Apr.43 With an agreed maturity of: Up to Over 1 Up to 1 year and up to 2 years 2) 2 years 1. Mar.17 3.15 8.79 2.46 0.46 4.52 0.31 3. 2.94 3.67 3.66 3.16 2.90 Source: ECB.70 2. 1) For this instrument category. Mostly end-of-period rates.26 8.18 4.44 0.62 3.68 1.46 0.19 4.80 2. Mar.46 3.84 1.96 1.47 0.89 2.76 2.13 1.40 1.45 0.11 Euro area MFI interest rates on deposits (percentages per annum excluding charges.20 4.59 3. 2) Data are end-of-period values and represent rates on outstanding amounts.26 3.16 1.60 3.18 2.59 0.76 3. Apr.87 3.14 3.26 1.67 2. Sep.58 0.20 4.21 3. new business rates as period averages.54 2.

350 9.897 16.10 3.61 43.195 27.g.134 8.83 0.30 13.40 16.54 11.166 49.898 45.26 31.77 10.06 0.83 47.922 199. or electronic money. ECB • Statistics Pocket Book • January 2013 35 ECB • Statistics Pocket Book • January 2013 35 .800 236.732 16.025 15.427 5.13 73.94 367.22 1.98 9.05 424.68 1.472 355.64 1.933 21.718 31.05 10.85 15.499 111.129 1.155 52.597 6.915 2.282 16.124 22.232 1.823 14.001 18.36 59.81 0.640 1.125 3.428 23.92 0.10 12.46 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.66 475.22 43.668 1. represented by a claim on the issuer.98 3.71 54.95 54.73 28.62 44.90 35.48 2007 2008 2009 2010 2011 15.66 49. a card or computer).11 0. 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.030 6.04 3.01 0.65 18.438 4.26 3.469 20. 1) E-money.67 2.95 16.136 1.22 40.080 42.648 6.83 2.020 22.01 0.291 1.64 50.76 12.717 1.96 12.782 1.21 14.30 1.71 3.081 5.46 3.625 22.75 51.98 1.494 16.146 1.074 1.06 0.25 3.676 15.484 29.59 47.177 21.93 2.62 42.09 18.336 1.722 120.66 43.76 11.21 6.255 21.642 1.660 22.002 1.657 34.33 2.1 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 14.94 42.631 14.90 44.13 31.35 5.09 0.800 18.44 339.41 338.74 10.198 280.57 5 17 21 28 38 5 17 21 28 38 0.88 936 960 1.867 5.03 0.45 3.89 1.81 2007 2008 2009 2010 2011 427 750 856 1.496 20.10 Payment and settlement systems 10.04 3.05 0.858 24.36 2.51 113.13 58.09 0.04 0.09 398.629 1.17 2.36 52.49 66.85 9.56 49.329 1.97 31.688 111.78 55.08 13.616 14.43 44.62 565.60 3.33 50.105 19.025 1.73 40.091 1.711 1.159 20.482 6.17 4.10 1.874 3.740 118.682 213.22 62.93 46. which is stored on an electronic device (e.006 4.102 13.24 404.58 56.50 361.35 1.056 18.59 13.34 2.55 3.178 37.70 1.425 18.004 4.97 12.720 4.103 19.676 1.333 5.043 5.59 63.07 2007 2008 2009 2010 2011 4.47 39.452 15.31 3.685 16.256 202.93 2007 2008 2009 2010 2011 544 528 445 404 433 545 541 458 416 446 1.266 488 836 915 1.664 4.238 5. is a monetary value.367 14.27 68.705 15.42 3.29 3.26 2.563 17.

512 1.47 18.90 5.92 -1.091 11.340 28.278 8.09 -12.22 -21.62 9.68 -10.020 24.06 -15.2 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.28 626 493 512 537 -48. in the United States. HICP adjusted) -10.371 -7.33 -0.95 611.321 18.065 28.381 3.032 631.64 3.28 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.72 -15.90 145.752 8.421 18.232 414 356 418 -92.69 2008 2009 2010 2011 10.66 0.98 2008 2009 2010 2011 26.846 19.19 1.482 10.68 2.805 112.881 -4.403 27.75 1.85 -66.10 -9.426 65.45 7.204 62.87 14.77 26 25 25 25 -13.42 20.85 142.886 2.01 -6.143 120.98 3.15 -1.440 651.56 -1.59 19.25 0.908 11.09 15.14 -21.10.88 -1.537 113.71 -0.666 161.878 10.30 3.64 2.04 1.10 0.824 -10.97 73.55 2.44 13.53 0.87 -13.56 -6.11 32.85 4. 36 ECB • Statistics Pocket Book • January 2013 36 ECB • Statistics Pocket Book • January 2013 .39 2.134 536.637 131.16 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 52.22 9.917 9.208 64.65 1.791 182.99 4.28 1.

2 6.9 9.9 6.3 -0.3 3.3 -1.9 3.4 4.0 -3.3 SK -2.2 Thd8) -4/+6% -35% +/-11% -6% +12% -0.8 LU 7.8 4.8 0.0 -9.1 Thd8) -4/+6% -35% +/-5% -6% +9% Non-euro area BG -3.7 9.1 -12.3 -0.4 7.1 236.3 49.8 1.6 10.3 -0.4 -41.3 9.4 170.8 4.4 38.3 -1.8 -7.4 UK -2.3 1.2 -10.flow 2) liabili.9 -3.3 0.9 217.1 70.0 SI -0.8 +15% +160% +16.2 6.1 -2.9 206. ECB • Statistics Pocket Book • January 2013 37 ECB • Statistics Pocket Book • January 2013 37 .6 4.8 4.9 20.1 Scoreboard for the surveillance of macroeconomic imbalances 2011 External imbalances/ competitiveness indicators Current account balance 2).7 13.1 -10.4 8.1 8.1 7.4 125.8 5.4 -4. 3) Three-year average.1 -3.9 3.6 4.6 -3.0 9.3 1.4 11.0 -5.5 2.9 4.4 5.3 70.0 +60% +10% -6.1 167.3 3.3 86.2 8.6 4.8 6.6 8.5 8.6 13.0 4. 2) 1) Internal imbalances Real Export Nom.3 -5.1 -73.3 128.4 3.4 -64.9 2.8 -1. 1) Data may differ from the European Commission’s Alert Mechanism Report as a result of revisions.6 24.6 MT -4.1 17.11 Selected indicators for EU Member States 11. 2) As a percentage of GDP.9 2.6 -63.7 9.9 -20.3 -91.0 -5.6 -15.0 -8.0 326.6 3.0 -1.7 6.1 15.8 -2.1 -8.4 128.3 40.4 7.5 -2.9 5.3 79.4 -71.6 69.5 13.5 74.9 32.9 -6.9 -2.5 -0.2 -5.i.9 -2. 8) Threshold.9 65.7 -18.9 1.4 -86.9 -17.5 -2.9 7.0 -49.8 6.6 3.2 11.4 33.7 PL -4.3 178.7 2.1 1.7 71.4 3.2 -2.1 -17.2 -7.3 76.0 18.2 38.2 0.6 -105.9 EE 2.4 -85.6 5.3 65.General UnempEER.4 13.8 -0.5% +60% 7.7 -16.0 0.2 -6.0 -4.8 132. 3) Net i.8 NL 7.7 4.9 12.3 5.1 3.share 5) unit consum.1 3.9 -7.1 1.5 -10.5 107.7 12.9 -8.4 108.2 1. 5) Five-year percentage change.2 -0. 7) Year-on-year percentage change.4 HU 0.8 -57.3 208.3 -4.7 -1.2 -0.1 LT 0.3 -7.8 -64.6 1.7 7.1 -18.6 -7.8 6.5 1.5 72.8 80.6 3.3 4.0 78.4 56. A positive value indicates a loss of competitiveness. 6) Three-year percentage change.8 -1.7 230.5 -10.p.3 4.4 3.2 -13.3 DE 5.0 -52.1 46.5 6.0 27.debt 2) rate 3) lated 4) costs 6) defties 7) lated 7) Euro area BE -0.3 CZ -3.5 224.9 309.0 GR -10.5 128.8 -10.1 -18.4 FI 0.4 CY -8.6 284.9 160.0 IT -2.2 19.7 7.House Private Private Finan.3 +6% -9.3 -0.8 AT 2.6 235.1 -5.0 8.4 +6% 11.4 -0.6 -4.1 -1.1 18.0 -5.2 30.9 43.7 146.9 14.1 FR -1.5 -1.6 8.1 13.4 85.1 16.3 RO -4.2 4.0 SE 6.1 -24.0 3.1 4.7 249.0 120.9 1.1 7.credit debt 2) sector ment ment deflabour ption.8 97.0 -11.1 IE 0.6 -0.7 -0.1 -105.5 6.5 35.6 -3.7 -4.4 23.6 -3.1 +10% Sources: European Commission (Eurostat and DG ECFIN) and ECB.3 -24.7 LV 3.0 -96.1 -4.8 6.8 0.4 4.1 ES -4.0 2.3 DK 5.9 7.4 4.7 127.2 -2.6 15.6 26.7 2.6 42.5 81.3 -15. 4) Three-year percentage change relative to 35 other industrial countries.8 4. market inal prices.1 4.6 -2.8 46. sector sector cial governloyHICP.0 2.1 106.9 -3.9 -10.7 160.5 9.3 1.0 -8.9 PT -9.4 -13.6 4.5% +15% +160% +16.

1 IE 1. unless otherwise indicated) Share 1) Average Average (%.4 0.6 3. . 2.0 5.2 2.6 2) .1 8.1 3.9 1.6 2.4 DK 1.1 2012 2012 Oct.9 3. 2012 Dec. .6 1. . 2012 Nov.3 2. 2.3 2.1 3. .6 SE 1. .8 2.4 RO 1.7 FI 1.2 2) .6 4.6 2. .1 4.1 NL 4. 2.2 15.3 2.2 2.2 -1.7 2.0 3. . .1 3.11. .1 1.3 2.1 1.4 HU 1. .6 2.6 1. 2.0 5.1 0.4 2.9 1.2 4. .7 -1. .3 2.1 1.6 3.2 3.0 *) 64.2 2.6 10.9 AT 3.6 2.1 3. .3 *) 8.1 . .1 2011 3.7 2.4 SI 0.1 11.2 3.5 2.5 3.9 . .6 .7 1.0 2.0 0.1 2.9 2.7 3.9 2.9 3.9 1.2 6.5 .0 4.7 1.2 1. 3.5 100.8 .9 3.3 **) 6.3 2.1 1.6 2.1 PL 5. 2012) 1996-00 2001-10 BE 3.0 2) .2 4.4 8.7 3.2 HICP (annual percentage changes.2 2010 2.6 3. .5 2.6 IT 18.1 0.8 1.4 3.8 2.2 2.2 2.1 1. .3 LU 0.0 1. .0 BG 0.4 2.6 3.7 CZ 1. as well as early information on energy prices.4 GR 3. **) Data for 1998-2000.2 2.2 3. 2) Flash estimate.9 3.1 1.1 2.9 2.1 2. 2.4 2. Sources: Eurostat and national data. .2 LT 0.6 3.2 3. Euro area: estimate based on provisional national releases (which usually cover around 95% of the euro area).6 2.9 UK 15.7 1.8 2.3 1. 2.0 1.2 8.6 1. .6 1.5 3.9 3.8 1.7 2.1 LV 0.9 2.5 EE 0. 2.0 1. .7 4.8 5.2 2. .4 3.7 6. .3 MT 0.1 PT 2.9 3.5 5. .1 4.7 2.2 2. .6 2.8 Euro area 3)100.2 2.7 3.3 2. .2 *) 1.8 2. 3) Data refer to the changing composition of the euro area and EU.5 2.9 5.5 DE 26.8 2.7 4.8 1. .5 2.2 3.4 SK 0.5 2.4 2. .0 6.1 2. .7 2.4 4.2 1.2 1.5 3.6 2.7 1.6 4.9 2.6 2.4 5.2 1. .4 4.7 2. 1) Non-euro area countries: percentage share in the EU total. *) Data for 1997-2000. .3 ES 12. . . for further information see page 6.4 2.1 2.4 *) 1.2 CY 0. .8 3.4 2. .5 3.5 3.0 1. . .2 4.2 2.2 1.4 2.3 1. .6 0.6 4.6 2.5 2.0 3.9 *) 1.7 2.1 1.4 FR 20. .0 EU 3) 1. 3.4 2.8 12.7 2. 38 ECB • Statistics Pocket Book • January 2013 38 ECB • Statistics Pocket Book • January 2013 .1 2) .

0 -0.1 1.5 1.6 1.7 10.0 1.0 2.2 3.0 6.3 -0.3 -1.7 -6.9 3.1 -2.0 BG 38.9 2.9 RO 131.8 3.5 0.6 0.0 2.6 4.1 2.6 4.5 1.5 0.8 4.4 1.0 1.3 3.5 MT 6. 3) Quarterly data unadjusted.1 -0.3 1.6 21.2 DK 240.1 -0.9 1.8 0.7 0.8 0.3 2.3 1.2 4.5 -2.6 1.9 2009 1.1 -2.0 -1.4 2.8 PL 369.2 4.7 6.3 -2.4 1.0 -5.0 0.5 -0.4 -7.9 1.7 -7.4 1. 4.6 -5.3 2.7 -1.5 0.2 IE 159.3 1.0 1.7 1.2 LT 30.7 1.5 EE 16.3 2010 2.7 1.1 3.2 4.7 1.8 0.3 CZ 156.0 -3.2 2.8 SI 36.3 -0.1 5.8 3.8 3.4 AT 300.4 .7 -4.579.9 DE 2.9 -1.5 2.3 -0.6 0.9 1.4 Source: Eurostat.8 3.1 -6.9 6.2 -4.6 -17.3 GDP (annual percentage changes in volume and quarterly data seasonally adjusted.1 5.1 2.4 SK 69. unless otherwise indicated) GDP in 2011 1) EUR Share 2) Average Average billions (%) 1996-00 2001-10 BE 369.0 -1.5 0.4 4.5 2.2 4.3 3.6 -0.8 -4.6 3.9 -1.0 3.4 0.3 FR 1.1 3.7 0.2 IT 1.6 27.1 UK 1.7 0.4 -5.4 2.4 11.0 100.8 6.0 1.5 3.8 -4.2 -0.8 1. 1) Current prices.7 1.0 -6.0 -3.5 -1.3 -1.5 1.6 -14.9 3.1 0.3 -1.5 0.7 100.7 3.6 3.6 0.7 1.3 0. 2) Non-euro area countries: percentage share in the EU total.3 0.9 1.0 0.592.2 LU 42.1 2011 2012 Q1 2012 Q2 2012 Q3 1.5 -1.063.0 0.5 2.1 2.2 1.7 -3.6 0.8 -4.7 -0.0 8.3 -0.9 LV 20.3 1.8 2.996.1 2.1 -3.9 1.9 -0.2 0.3 -0. ECB • Statistics Pocket Book • January 2013 39 ECB • Statistics Pocket Book • January 2013 39 .9 -0.0 -2.9 1.4 -4.8 0.4 5.11.7 -0.5 3.5 0.2 -5.9 2.9 5.6 2.9 1.3 4.1 1.8 1.4 1.6 2.8 CY 18.4 -2.7 1. 3.7 16.0 Euro area 9.4 -4.7 GR 3) 208.9 1.6 1.7 0.7 -2.7 3.4 2.7 0.4 4.7 -0.9 1.8 -1.9 1.5 4.3 2.5 -3.6 0.6 4.2 3.2 -0.7 4.7 2.7 FI 189.5 0.8 0.1 -6.5 1.3 -0.2 -1.2 PT 171.1 1.7 -2.7 -8.1 -0.7 -2.1 0.6 2.7 -5.9 5.4 -2.2 0.3 0.4 3.5 -3.9 2.2 HU 99.7 0.9 1.8 2.5 -1.8 2.5 0.3 3.6 -0.2 -1.1 0.4 -0.2 ES 1.1 0.1 13.9 2.2 0.2 2.2 5.3 1.8 -6.642.0 1.3 -0.8 2.7 2.2 -1.5 3.8 EU 12.4 2.3 -3.0 3.4 4.1 .1 NL 602.421.5 5.4 0.0 SE 387.1 -5.7 1.3 2.747.5 1.4 -14.1 0.

7 16.1 30.2 30.3 17.9 35.9 66.5 -35.0 11.0 19.2 14.0 31.8 2.7 31. For non-euro area countries.6 -34.9 12.7 11.9 14.1 82.9 1.3 80.6 -32.6 2.9 19.7 30.1 37.6 1.6 150.1 15.1 21.2 24.6 1.1 -7.4 18.3 28.3 25.9 76. 40 ECB • Statistics Pocket Book • January 2013 40 ECB • Statistics Pocket Book • January 2013 .7 3.8 10.3 21.5 73.7 1.6 12.6 71.1 32.2 10.0 Agriculture.0 9.9 3.0 27.3 33.2 10.7 8.3 -22.0 24.0 80.4 2.5 23.2 2.3 23.3 17.6 70.0 18.9 60.4 1.9 26. forestry and including fishing construction 0.0 -53. Industry.2 -34.3 31.4 2.2 31.6 80.7 5.2 1.8 30.4 33.3 1.5 4.8 15.2 41.2 65.0 24.0 2.6 3. deviation (in percentages) from EU GDP per capita in PPSs.6 17.4 72.1 7.1 -9.4 76.7 22.8 23.4 26.1 31.5 4.5 63.0 22.8 28.8 71.0 26.4 67.5 79.0 72.3 0.8 0.2 16.0 0.0 51.9 -19.2 60.6 6.6 -37.3 6.0 41.5 36.2 9.6 25.8 25.8 25.3 66.6 26.0 21. calculated on the basis of PPP rates relative to the euro area (Euro 17 = 1).3 15.7 0.6 26.0 73.1 0.6 68.0 28. 2) Deviation (in percentages) from euro area GDP per capita in PPSs.7 31.6 Sources: Eurostat and ECB calculations.8 27.2 64.6 -52.6 2.5 1.0 33.7 24.6 -12.4 34.9 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) 33.8 70.9 43.0 21.3 5.7 Services 76.6 33.3 12.11.6 1.7 35.1 -41.9 20.6 36. 1) GDP in Purchasing Power Standards (PPSs) in euro.8 0.7 16.4 31.1 17.1 35.3 -28.8 20.7 -26.1 3.9 63.1 18.8 85.5 69.8 19.6 69.8 29.4 5.5 73.2 28.9 30.0 22.6 -21.1 27.

1 DK 2.4 0.3 3.4 SK 0.3 -1.9 -7.5 3.3 4.7 0.2 12.4 0.3 2.5 Unit labour costs (whole economy.6 AT 3. 2.8 3.6 4.9 -2.3 1.0 1.1 3.4 1.1 -1.3 2.2 1.9 7.7 9.6 0.6 FI 2.7 6.3 6.1 7.6 3.5 2010 -0.4 CY 0.9 1.0 1.6 1.9 -0.3 1.6 2.4 1.0 FR 23.2 1.4 3.0 2.0 4.7 6.2 PT 1.4 3.6 4.9 4.5 5.0 2009 3.9 2.3 0.3 3.4 -0.6 -0.8 6.0 -5.9 95.3 2.3 0.0 1.5 3.4 4.5 1.3 1.1 3. 1) Country shares are based on compensation of employees.5 1.7 -3.2 -10.9 2012 Q3 3. unless otherwise indicated) Share 1) Average Average (%.3 -1.8 2.5 1.9 2.4 -1.7 EE 0.4 1.5 2.0 2. 1.0 4.5 0.0 4.3 -1.2 -0.1 -6.9 -3.0 .9 -0.4 -6.2 -0.6 -0.1 DE 28.2 BG2) CZ 1.0 3.2 0.6 1.6 5.3 2011 2.7 0.1 13.6 2.7 13.2 -0.3 UK 15.0 -1.4 2.0 -1.4 5.7 4.1 Sources: Eurostat and ECB calculations.1 LV 0.1 8.1 EU 100.6 2. Non-euro area countries: percentage share in the EU total.1 1.4 2.7 2.7 -0.3 4.8 RO2) SE2) 3.3 3.5 1.3 2.6 0.4 2. annual percentage changes.4 2.5 2.0 0.8 1.1 1.9 4. 2011) 1996-00 2001-10 BE 4.4 MT 0.1 IT 14.7 .2 -6.6 0.5 2.9 -1. ECB • Statistics Pocket Book • January 2013 41 ECB • Statistics Pocket Book • January 2013 41 .8 -1.8 -6.0 0.4 1.2 2.7 3.6 -0.9 5.11.3 5.2 IE 1.1 Euro area 100.0 0.6 -0.7 -0.1 5.5 0.7 -2.3 3.0 2012 Q1 3.5 5.6 -0.3 7.1 1.1 -2.1 LU 0.0 3.2 1.5 6.1 1.7 0.8 5.7 2.9 2.0 6.8 SI 0.1 0.2 1.2 3.6 1.7 1.9 5.7 1.8 1.7 1.1 2012 Q2 4.1 0.4 -0.6 4. 2) Quarterly data unadjusted.9 3.8 0.7 2) PL 2.5 1.0 0.4 -5.7 3.3 4.7 2.7 10.3 0.6 1.6 1.9 5.3 -1.6 -1.7 -5.9 0.6 3.1 LT 0.3 1.4 1.0 .0 -1.4 5.0 7.6 7.5 1.3 0.9 0.4 -3.8 0.1 2.3 1.6 1. 1.5 2.8 1.9 -1.0 -1.8 4.9 3.4 1.2 1.5 5.6 -0.2 5.2 5.4 3.9 1.9 3.0 NL 6.2 HU 0.0 3.3 1.4 -3.9 3.6 GR2) ES 11.7 3.0 4.1 2.0 3.2 2.7 1.7 1.2 5.5 1.3 2.7 2.5 2.4 -0.

7 96.0 100.6 97.3 152.8 -1.5 92.4 104.4 109.2 78.1 108.3 -2.1 131.8 94.4 95.8 104.1 149.6 Harmonised competitiveness indicators and real effective exchange rates based on consumer price indices 1) (period averages.6 -1. 1) For the non-euro area EU countries the real effective exchange rate of the euro vis-à-vis 40 trading partners is displayed.7 117. 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 101.2 107.6 149.7 98.5 106.7 109.7 186.2 96.3 126.9 -1.6 98. 2012 Oct.8 87.6 127.4 99.0 99.4 94.5 -1.9 115.9 90.3 152.2 88.5 100.8 107.9 -2.5 100.6 91.1 100.8 97.3 108.5 99.3 130.2 118.2 106.0 141.4 100.0 144.9 95.0 92.4 133.1 116.3 117.8 -2.7 1.6 122.3 102.4 140.8 150.7 106.2 121.8 96.6 97.9 191.5 117.9 97.7 92. A positive change points to a decrease in price competitiveness.0 100.6 -0.1 105.2 116. 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.2 108.5 -1.6 92.1 -3.2 102.9 108.3 115.4 107.5 103.9 98.6 Source: ECB.9 116.1 98.1 109.9 108.1 94. 101.3 82.3 99.9 99.4 97.7 98.1 107.7 110.4 150.5 83.5 106.5 94.8 130.2 -4.5 104.9 191.1 106.6 102.0 129.5 122.8 144.11.5 106.8 101.2 92.4 97.7 91.1 103.2 95.5 102.6 88.9 42 ECB • Statistics Pocket Book • January 2013 42 ECB • Statistics Pocket Book • January 2013 .0 93.9 152.7 191.4 -3.8 104.9 5.2 103.4 -2.0 -1.8 97.0 106.3 98.2 103. -2.4 -2.8 103.4 102.7 -3.4 9.1 -3.8 98.9 95.3 134.0 101.4 -1.4 108.6 190.9 129.1 150.1 108.2 94.2 110.4 88.6 104.0 78.7 112.5 99.0 121.7 82.1 102.1 122.5 155.1 2011 2012 Sep.8 141.9 192.5 119.8 92.9 133.8 105.3 103.4 92.8 109.0 121.2 109.1 111.7 151.6 152.0 133.4 100.2 102.4 140.6 3.7 2010 101.7 115.4 98.2 140.8 103.8 105.2 117.3 109.4 104.3 135.3 93.0 139.3 -4.6 108.4 148.3 104.5 96.6 107.9 -4.6 103. 2012 Nov.6 95.2 94.9 93.8 115.6 -1.6 122.0 -2.2 100.1 128.3 100.6 -2.1 96.3 122.5 95.0 100.8 106.8 148.7 111.8 125.6 147.9 105. % change versus previous year 2012 Nov.

9 -7.0 DE 81.1 1.8 -4.4 1.9 2.1 -0.2 -0. 2) Quarterly data unadjusted.0 12.6 LV 2.9 -0.3 2.3 1. .3 0.2 4.2 -0.4 0.8 -1.1 -4.9 -1.2 0.6 -2.3 0.5 -1.6 0.6 0. 1) Non-euro area countries: percentage share in the EU total.0 100.0 1.7 -0.1 -0. .2 -0.2 -0.1 0. .6 2010 0.3 -4.7 0.6 0.8 7. .3 2.8 1.2 0.1 FR 65.3 -0.2 -3.0 HU 10.5 0. .4 0.4 -9.1 -1.2 -2.1 -0.1 -0.5 3.9 2.5 -1.1 0.0 0.1 3.4 3.7 -2.7 0.3 2012 2012 Q1 2012 Q2 2012 Q3 . . .4 1.0 -2.4 NL 16.8 0.5 -4. .2 -8. .8 0.1 1. .6 -4.4 0.8 -3. 0.2 1.2 -0.8 -2.6 1.6 1.0 0. .5 0.5 -0.9 2.2 -0.9 0.3 -0.5 0.2 -4.3 1.9 LU 0.3 0.4 FI 5.1 -0.9 1.0 -0.0 -0.5 DK 5.1 13.1 -1.3 -4.6 -0. .0 -2.7 0.9 -5.8 1.2 4.7 -1.2 0.9 1.6 -1. .8 3.5 -1.2 2.0 1. .7 -1.9 -8.3 -0.5 0.2 -1.2 0. *) Population data refer to 2010.3 0.5 -4.6 0.1 1. .3 0.6 18.3 IE 4.5 -0.4 1.1 -5.4 7.5 -2.5 11.8 1.2 -0.1 0.2 0.5 -0.3 0.1 0.9 1.2 0. .4 RO*) SE 9.4 2011 1.0 1.4 0.1 SK 5.7 CY 0.7 2. .3 1.7 1.6 3.0 0.6 0.1 .8 -2. .7 100.3 0.5 0.8 EE 1.2 IT 60.1 -0.1 -0.0 1.0 0.1 5. .3 0.9 0.5 1.1 2.6 0.2 3.1 0.2 -1.9 0.0 0.6 0.9 3.11.4 0.6 1.3 1.3 16.9 -4.5 2.2 3.0 1.7 1.3 GR2) ES 46.0 1.5 -0.9 0.5 MT 0.2 0.7 0.4 0.8 0.8 -5.0 .4 0.4 -0.4 -8.1 2.4 BG 7. unless otherwise indicated) Population Employment Share 1) 2011 (%.7 Population and employment (annual percentage changes.1 2.9 -4.7 EU 502.8 2.6 1.6 -1. 1.3 0.6 0.1 0.3 1.6 1.7 -1.3 0.7 0.7 0.5 21.2 -0.4 Euro area 332.3 Source: Eurostat.5 2.5 0. .7 AT 8. .8 2. .6 1.7 SI 2.1 2.0 PL 38.4 0. . ECB • Statistics Pocket Book • January 2013 43 ECB • Statistics Pocket Book • January 2013 43 .3 CZ 10.0 -0.3 0.5 -2. . Average Average (millions) 2011) 1996-00 2001-10 BE 11.0 0.8 -0.5 0.6 1. .5 0.4 -5.5 0.2 -0. .1 28. 0.0 5.8 0.8 2.7 -2.0 1.0 1.3 0.1 LT 3.4 PT 10.8 -0.2 -0.7 2.3 0.9 -0.2 -0.4 UK 62.

6 9.9 8.4 11.5 7.6 14.2 17.3 9.6 7.9 4.3 14.0 8.4 12.1 0.8 9.6 8.5 19.11.1 . 5.4 14.8 7.6 1.6 10.2 10.5 31.6 16.6 4.0 7.3 7.8 12.0 11.5 14.4 6.8 18.3 7.8 11.1 14.0 5.0 18.0 .8 10.3 7.0 1.2 7.0 6.0 9.2 3.6 4.3 9.0 11.1 7.1 4.8 6.6 0.6 .6 8. 12.4 .1 6.7 . 10.8 10.4 7.2 .3 7.4 7. 4.4 4. 7.7 17.0 25.6 14.9 .5 14.5 8.8 10.1 0.8 11.1 .6 5.9 8.9 12.2 6.4 16.2 13.2 12.1 8.3 7.7 6.4 10.7 8.5 4.8 8.1 2. 26.1 8. 7.2 0. 8. unless otherwise indicated) Share 1) Average (%.3 1. 10.8 13.7 12.7 . 11.7 7.8 5.4 7.5 8.7 . 26.9 7.5 10.2 5.4 .5 11.0 5.5 14.7 5.9 11.5 18.8 26.9 7.2 9.3 9.8 11. 44 ECB • Statistics Pocket Book • January 2013 44 ECB • Statistics Pocket Book • January 2013 .9 13.8 10. .8 Unemployment (as a percentage of the labour force.5 .0 0.6 7.4 10.2 9.4 0.9 .2 5.5 16.5 1.4 4. 2.0 7.4 5.1 15.9 7.9 12.5 4.0 2010 8.1 7. 7.3 7.8 15.5 6.5 4. 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 2.8 7.6 6.7 9.1 13.2 1.6 2011 2012 Sep.1 6.4 9.3 8.6 11.9 9.8 10.7 14.4 11.2 13.0 7.8 5.3 15.0 9.5 10.6 2009 7.9 4.0 8.4 16.5 7.9 5.4 1.2 11.2 8.9 10.7 Source: Eurostat.8 12.0 9.4 7.4 5.6 6.7 7.9 6.0 2. 8.1 16.0 100.9 12.0 9.0 8.4 9.1 .7 4.9 7.7 8. 14.1 3.1 9.9 10.6 2012 Oct.0 .6 12.4 7.2 7.0 5.6 20.5 2. .5 4.4 7.8 6.8 10.4 14.3 7. 1) Non-euro area countries: percentage share in the EU total.7 1. 10.0 5.1 10.1 6. 12.6 .7 7.3 6.1 7.6 6.1 6. .6 7.2 15.4 4.3 7.8 12.3 100.0 7.9 5.4 5.4 8. 2012 Nov.6 10.4 10.5 13.8 5.2 9.9 3.5 2.8 4.5 5.8 12.3 11.7 21.9 4.1 12.1 6. Average 2001-10 7.7 8.

5 4.4 -5.3 -5.0 -0.2 -5.8 -4.5 2011 -3.7 -7.8 -3.0 -2.7 -4.7 -9.0 0.7 -2.4 -7.2 -3.9 -1.1 0.9 -4.6 -7.0 -3.5 -6.2 -4.4 -9.8 -5.1 -4.0 0.5 -6.9 -1.9 2010 -3.0 0.2 -6.0 -4.8 -4.2 3.5 -3.7 -2.1 -2.5 -4.5 -6.9 3. countries’ deficits/surpluses: European Commission.2 -30.1 -4.1 -2.2 0.9 -2.0 0.4 -7.4 -6.3 -5.1 -10.9 General government deficit/surplus (as a percentage of GDP.1 -2.6 -3.7 -3.1 -13.6 0. while the absence of a sign indicates that a country’s surplus improves the aggregate deficit/surplus.4 -2.3 -2.0 -5.0 0.7 2.3 -0.4 -4.9 0.8 -3.9 -6.8 0. -3.1 -4.3 -0.1 -2.2 -3.4 -5.5 -0.4 -3.8 -3.4 2009 -5.1 -1.2 -6.0 0.2 -7.1 -9. For non-euro area countries.0 -1.7 -2.8 -9.4 -9.7 -0.6 -5.7 . 0. 2011) BE DE EE IE GR ES FR IT CY LU MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU -0.8 -4.0 -0.7 -4.1 -2.6 .5 -5.1 0.1 4.5 -3.7 -7.0 -0.0 0.8 -2.3 -2.5 -0.7 -9.2 -3.6 -11.0 -8.5 -5.6 -5. 1) A minus sign indicates that a country’s deficit worsens the aggregate deficit/surplus.8 -2.1 -0. the respective countributions to the EU total are shown.9 -10.9 -2.1 -7.2 -1.3 -1. ECB • Statistics Pocket Book • January 2013 45 ECB • Statistics Pocket Book • January 2013 45 .4 -6.11.3 -4.0 0.9 -0.6 -4.9 -7.1 0.3 -10. unless otherwise indicated.2 -6.9 -15.1 -0.6 -4.2 -4.2 -0.8 1.2 -4.1 -3.5 -8.7 -4.4 -9.8 -4.4 -9.0 -0.1 .7 -11.1 -4.1 -0.9 -3.6 -1.1 1.4 2012 Q2 -3.0 -13.3 -0.5 -3.2 -0.1 -0.5 -2.7 -5. Sources: Euro area and EU data: ECB.4 -4.3 -3.0 0. four-quarter moving sum for quarterly data) Contribution 1) (percentage points.9 -6.2 0.0 -8.4 2008 -1.7 0.6 0.9 -5.0 -1.5 -9.0 -0.4 -4.0 -13.5 0.8 -6.

1 Euro area 100.4 SE 1.5 15.0 27.7 91.3 61.3 76.0 93.5 44.8 74.7 29.2 64.0 48.5 80.0 58.0 35.9 65.8 42.4 38.6 42.0 2008 89.3 16.2 68.3 49.0 GR 4.4 33.9 44.5 7.9 14.3 40.2 116.2 106.3 19.2 83.6 69.1 LV 0.0 120.1 MT 0.4 19.5 44.9 33.5 72.4 77.3 20.7 43.6 PT 2.0 126.5 81.5 82.3 63.4 38.1 72.1 106.8 50.11.3 86.8 RO 0.0 91.6 37.4 85.2 37.8 80.0 87.5 82.1 13.8 15.8 .8 AT 2. countries’ debt: European Commission.5 73.0 46.9 70.2 38.1 HU 0.6 67.10 General government debt (as a percentage of GDP.1 51.9 79.1 84.5 112.9 81.5 79.1 CZ 0.7 EU 100.5 2012 Q2 102.8 71.5 63.8 7.2 68.2 SK 0.2 75.3 68. unless otherwise indicated) Share 1) (%.7 22. 2011) BE 4.6 34.2 LU 0.3 62.9 129.2 13.9 40.4 58.7 33.6 42.3 85. 1) Non-euro area countries: percentage share in the EU total.8 46.0 47.2 66.9 23.3 119.0 2011 97.8 52.7 PL 1.5 82.9 43.7 71.7 28.7 92.0 14.6 85.0 CY 0.1 46.4 DE 25.7 74.3 67.3 ES 8.3 70.1 117.3 111.4 16.1 18.8 IT 23.9 76.4 UK 14.4 108.0 82.6 2010 95.5 6.2 SI 0.2 61.1 48.4 62.2 EE 0.0 IE 2.1 50.5 39.6 43.8 4.0 40.1 NL 4.9 FR 20.8 69.4 80.6 41.5 38.2 35.2 40.3 79.6 16.7 53.4 56.2 148.0 BG 0. 46 ECB • Statistics Pocket Book • January 2013 46 ECB • Statistics Pocket Book • January 2013 .5 144.2 2009 95.6 48.8 30. Sources: Euro area and EU data: ECB.6 60.4 170.6 DK 1.5 6.6 36.8 54.4 FI 1.1 LT 0.5 37.7 57.0 35.

5 48.8 49.5 35.8 3.1 37.2 25.5 47.8 36.11.8 49.7 57.6 2.0 43.4 3.2 43.2 54.5 49. 39.2 42.8 43.8 45.8 50.1 51.1 37.3 51.8 44.2 47.3 51.2 43.1 38.6 42.4 41.2 13.3 56.6 49.2 42.7 54.6 43.3 44.6 2011 53.7 38.3 48.9 .8 45.0 2008 49.8 2.0 38.5 50.8 42.8 49.6 48.6 0.2 .5 46.0 44.2 41.9 51.0 42.5 49.3 51.5 53.2 39.3 10.3 49.7 43.5 39.4 50. 1) Non-euro area countries: percentage share in the EU total.5 51.6 50.1 51.6 37.1 1.5 50.9 51.0 0.4 44.6 41.3 38.1 41.3 45.6 51.2 56.8 37. countries’ expenditure: European Commission.8 44.3 59.9 47.1 42.2 100.9 0.1 2.1 2009 53.8 46.7 40.7 40.8 51.4 .3 34.9 46.2 0.1 6.5 49.4 52.0 51.6 51.6 2.4 46.4 37.5 45.1 50.2 52.1 39.4 43.3 40.9 49.4 46.2 37.4 44.2 44.4 50.7 49.0 55.9 46.4 0.7 66.3 56.2 49.4 40.8 0.1 39. unless otherwise indicated.1 43.2 0.2 0. ECB • Statistics Pocket Book • January 2013 47 ECB • Statistics Pocket Book • January 2013 47 .2 49.0 2010 52.2 1.11 General government expenditure (as a percentage of GDP.6 43.6 36.4 0.7 58.3 50.1 54.2 0.3 50.1 51.7 47.3 24.7 51.0 37.8 49.3 48.1 0.3 43.1 48.2 48. 2011) 4.2 52.0 16.4 43.0 46.3 1.6 43.7 47. 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) (%.2 45.8 51. Sources: Euro area and EU data: ECB.6 54.7 100.6 41.0 58.7 48.0 49. 50.5 56.4 49.1 51.1 2012 Q2 53.

4 174.8 Source: ECB calculations. 48 ECB • Statistics Pocket Book • January 2013 48 ECB • Statistics Pocket Book • January 2013 .1 .3 203.8 2010 232.0 74.8 129.4 130.6 70.5 313.9 142. 333. 236.9 160.8 164.7 170.4 121.9 122.9 156.5 124.6 .7 206.3 160.2 78.8 78.0 222.7 127.5 135.7 .1 213.9 75.6 243.3 158.7 216.8 .9 223.3 160.2 78.6 70.9 125.3 .5 78.3 126.2 219.9 .1 152.3 127.3 73. 87.9 129.0 2012 Q1 237. 335. Cyprus and Romania are not available for publication owing to national confidentiality constraints.3 141.7 75.6 202.5 124.8 169.9 150.4 134.2 318. 235. 71.9 .5 .5 313.8 242.12 Private sector debt 1) (as a percentage of GDP.4 .3 . 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 217.6 149.4 315.9 75.2 253. 250.8 207.9 . 234.7 202.9 129.2 225.0 164. 346.2 241.9 199. 75.4 176.9 79.8 .7 222.7 222.0 .9 71. 233. 77.4 316.9 126.2 118.0 .0 152.2 127.3 161.5 .5 242.4 251.6 202.2 2011 235.4 69.3 177.7 133. 3) Euro area debt does not correspond to a plain sum of country data.2 169.6 157.5 134.2 71.4 134.6 176.0 125.5 160.11.0 164.9 160.2 129.7 .6 168.8 127.2 241. 78.7 164.1 2009 228.8 169. 235. 224.6 135. 233.6 74.6 73.1 315.7 226.3 170.0 125.7 163.8 166.9 125.7 250.1 237.2 216.0 251.5 154.9 . 327.1 276.4 159. 74.6 220.2 209.6 209.7 209. 75.7 222. 374.5 157.9 142.6 74.1 .7 134.4 176.8 .6 145.8 154.1 158. loans taken out and insurance technical reserves liabilities of non-financial corporations.2 216.5 212.8 117.5 155.9 68. 327.1 160.4 2011 Q4 235.9 217.0 .4 127. 2) Data for Latvia (prior to 2010) and for Bulgaria.9 170. it is the outcome of a complex data integration process.4 252.5 161.3 .5 .1 116.2 169.8 127.8 310.5 163.0 209.7 249.5 .0 2011 Q3 232. 82.7 180.1 200.0 .3 215. 1) Outstanding amounts of securities other than shares issued.4 131. and loans taken out by households and non-profit institutions serving households.6 136.3 239.4 176.2 . 77.9 209.2 224.5 219.8 67.2 79. 77.0 251.6 209.6 128.1 156.5 241.3 129.5 .7 134.2 141. 325.4 2012 Q2 237.6 73.1 127.7 250. 235.

5 .4 4.6 4.6 11.8 .9 2.7 -2.0 -3.2 8.7 -0.9 6.2 7.6 6.7 .9 0.8 0.5 0. Cyprus and Romania are not available for publication owing to national confidentiality constraints.9 -1.1 3. 1) Transactions in securities other than shares issued.2 .4 3.7 0.5 7.1 1. 1.4 0.3 7.6 2.9 9.1 20.5 -2.9 -12. -35.2 5. 9. 4.1 .2 3.3 4.3 2. 7. 4. 2.0 0.6 6.13 Private sector credit flow 1) (as a percentage of GDP.3 2.4 11.2 0.5 7.0 -6.3 17.3 6.4 7.0 4.6 -6.6 .0 2.2 -8.3 6. 2.4 -0. 16.8 0.1 31.2 1.1 .1 7.0 1.6 .5 5.7 2.6 1.0 9.5 -19.3 16.3 .1 . 2.5 2.4 0. 6.2 3.2 1.4 1.7 . 20.4 4.3 3. 6. -12.8 3.9 -16.5 2.6 -20. 2) Data for Latvia (prior to 2010) and for Bulgaria.2 7.3 7.4 1.6 21.5 -3.3 1.3 -4.8 19.4 7.2 2011 Q4 11.8 4. loans taken out and insurance technical reserves libilities of non-financial corporations.1 4.8 -1.2 5.1 4.3 6.1 . and loans taken out by households and non-profit institutions serving households.4 2.8 2011 Q3 10.1 Source: ECB calculations. 3) Euro area credit flow does not correspond to a plain sum of country data.2 . 10.8 2.9 2011 11.4 0. 2.1 3.5 .0 7.4 -5.3 4.2 7.9 19. ECB • Statistics Pocket Book • January 2013 49 ECB • Statistics Pocket Book • January 2013 49 .8 5. 5.0 0.2 3.3 6.8 6.8 .0 3.0 1.9 3.4 18. 2.4 2. 9.2 1.1 10.6 -4.0 8.6 .3 6.4 10.6 2.5 5.9 3.5 -0.0 0.2 7.9 .9 -19. 3. unless otherwise indicated) BE DE EE IE GR ES FR IT CY 2) LU MT NL AT PT SI SK FI Euro area 3) BG 2) CZ DK LV 2) LT HU PL RO 2) SE UK 2008 20.0 1.6 7.2 -5.7 .9 2009 8.5 .5 .7 -3.3 . 2.3 1.4 11.9 1. 0. 7.2 0.6 -4.2 -9.3 -0.5 12.7 2012 Q2 7.4 1.3 2.6 .5 -2.8 20.5 -2.0 -3.8 2012 Q1 10.3 20.3 -0. 174.1 13.8 -2.1 20.3 -3.3 6.0 -2.3 -3.5 .3 6.1 -16.9 4.6 3.8 8. 6.4 2.8 .1 2010 13.8 .2 4.1 3. 2.3 9.1 -3.2 8.1 4.6 2.11.9 1.3 4.6 -4.7 .1 -3. it is the outcome of a complex data integration process.9 -1.9 3.6 10.9 0.

5 385.8 17.8 47.1 228.8 60.5 619.7 15.3 329.0 27.4 7.0 36.8 21.1 18.4 12.1 16.1 78.0 30.2 200.7 104.4 415.0 MFIs Other sectors 118.6 84.5 6.6 175.871.0 472.6 5.7 35.798.462.0 191.3 25.2 452.9 10.2 236.4 51.5 16.3 1.4 Direct investment/ inter-company lending 81.7 131.9 35.4 50 ECB • Statistics Pocket Book • January 2013 50 ECB • Statistics Pocket Book • January 2013 .0 211.803.8 24.5 55.855.9 35.7 4.7 16.9 41.7 27.9 General government % of GDP 291.14 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.9 190.7 17.7 33.0 4.4 13.920.4 29.8 6.4 18.6 32.882.5 17.2 1.5 4.7 3.5 11.1 22.7 16.7 13.3 29.7 532.3 16.2 29.0 264.3 49.3 170.9 88.223.9 99.043.8 94.6 41.8 13.3 124.1 318.9 1.1 14.0 55.4 29.8 76.5 68.0 1.3 69.9 49.1 13.5 36.9 83.0 37.4 464.7 54.103.4 90.0 134.2 53.7 14.838.5 115.6 9.8 1.5 18.0 26.5 3.9 42.1 16.1 191.5 203.1 66.7 28.7 144.0 207.9 123.4 20.5 119.8 26.3 24.5 25.686.2 27.8 33.6 114.3 41.8 35.9 27.6 1.5 417.0 170.0 118.5 56.7 13.7 36.0 472.11.2 97.6 71.6 7.7 70.7 24.8 23.0 27.6 245.242.8 15.9 523.7 1.7 25. EUR billions 1.5 23.3 1.0 16.5 143.3 33.1 13.8 9.9 75.1 50.0 72.7 25.2 1.1 32.8 807.8 62.0 7.1 31.300.6 11.3 40.6 32.087.3 19.1 15.6 8.9 15.

00 1.79 2.94 4.44 1.54 1.54 3.92 4.89 6.11 3.32 4.87 4.60 1.61 1.24 1.85 7. No suitable proxy indicator has been identified.36 4.14 1. 2) For Cyprus.58 2. The same applies to Bulgaria and Romania prior to December 2005.85 8.96 5.99 6.87 2.59 2.88 6.93 2.77 2.34 4.00 1.69 2.34 5.12 25.04 8.96 8.11 6.75 2.00 1. Before that time the Luxembourg Government did not have outstanding long-term debt securities with a residual maturity of close to ten years.00 1.41 1. 3.76 1.74 4.62 3.02 8.00 7.25 7.65 4.04 1.43 4.95 7.29 1.11.28 2.32 5.45 1. 2012 Sep.55 2.84 1.07 10.15 1. Slovenia prior to October 2003 and Lithuania prior to October 2007.80 1. 4) A harmonised long-term interest rate is presented starting mid-May 2010. 3) There are no Estonian sovereign debt securities that comply with the definition of long-term interest rates for convergence purposes. ECB • Statistics Pocket Book • January 2013 51 ECB • Statistics Pocket Book • January 2013 51 .82 6.20 1. 2012 Nov.52 3. period averages.84 7. 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. 2012 Oct. the indicator is thus not fully harmonised for that period.19 4.57 6.46 1.12 5.00 1.00 1.99 1.84 2.24 6.28 6.26 5.56 5.38 1. 1) Yields refer to government bonds with maturities of close to ten years.59 17.28 20.91 2.52 4.81 4.60 4.29 3.33 1.76 2.39 2.15 Harmonised long-term interest rates for convergence assessment purposes (percentages per annum.18 6.11 1.00 1.47 4.82 7.09 27.32 4.24 5.54 1.97 9.15 4.68 1.44 1.34 4.85 1.45 4.53 3.24 6.95 1.69 1.52 1.34 6.66 4. primary market yields are reported.10 4.31 3.82 6.14 4.70 4.65 1.30 5.41 1.91 5.28 4.91 24.07 3.67 5.64 2.54 1. 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.57 5.17 5.77 17.27 1.29 10.56 4.62 6.84 1.53 7.82 7.07 4.90 7.80 2.63 4.55 Source: ECB.92 1.82 4.30 7.20 1.55 2.47 4.22 1.17 1.20 5.49 3.85 6.82 2.51 1.24 1.49 6.49 5.32 6.78 2.67 4.

29 1.65 0. 52 ECB • Statistics Pocket Book • January 2013 52 ECB • Statistics Pocket Book • January 2013 . except cards with an e-money function only. 1) Percentages may not add up to 100% as e-money transactions and other payment instruments are not shown.46 63.56 43.33 28.94 5.33 10.12 -5.00 0.03 2. 0.19 -0.46 -0.00 -0.55 0.22 -2. 2) All cards issued in the country.15 -0.27 -1.82 47.80 4.31 -2.02 0.75 28.98 30.69 43.56 30.39 0.73 6.06 72.00 -0.99 55.84 -0.01 35.42 39.23 27.49 2.23 -2.71 -0.38 -1.95 0. 0.67 29.77 38.22 6.00 -1.15 16.01 0.41 1.93 0.62 .57 0.73 36.58 -1.01 -2.69 -2.56 15.07 2.92 -0.24 -0.02 7.07 0.50 4.86 13.18 23.09 0.39 -3.88 11.28 18.16 -0.13 3.07 1.27 0.94 20.11 45.03 -0.43 -0.02 0.87 1.66 -0.39 -0.10 0.28 -0.26 31.20 9.11 -0.55 -0.14 0.44 0.00 -1.67 11.14 14.71 16.00 12. 0.26 0.67 Source: ECB.10 -0.58 62.77 0.12 0.04 0.01 5.64 41.85 0.31 2.02 -1.00 -0.04 0.24 27. 0.00 0.94 7.43 0.17 38.43 21.12 -0.82 27.88 -1.94 49.95 60.00 0.04 20.62 2.46 1.34 -0.83 1.54 55.47 43.14 -1.11 2.02 5.00 -1.80 -0.36 40.20 -0.45 14.02 30.67 41.00 2.02 0.41 18.89 -0.16 Relative importance of the main payment instruments (percentages of total number of transactions.06% in 2011.15 -0.00 -0.39 49.53 Cheques Share Change (%) from 2010 (percentage points) 0.48 70.58 48.44 1.00% of the total in 2010 and 83. 3) Shares for Luxembourg are influenced by the importance of e-money transactions.02 15.27 1.32 7.29 1.08 5.97 Card payments 2) Share Change (%) from 2010 (percentage points) 46. which accounted for 79.04 -0.15 14.65 -0.22 -3.27 49.58 27.21 0.02 1.48 0.45 -1.04 22.86 42.07 Direct debits Share Change (%) from 2010 (percentage points) 10.72 2.37 -0.29 -0.22 1.45 -0.40 11.77 5.76 56.07 35.97 .33 0.68 39.31 0.67 24.47 0.05 0.99 0.07 -4.29 27.26 55.66 1.85 -0.45 5.44 8.60 -2.52 3.80 63.11.28 50.87 -3.47 27.36 -0.80 -0.15 2.04 0.47 0.01 0.48 -1.18 46.25 -0.97 0. unless otherwise indicated 1) ) Credit transfers 2011 BE DE EE IE GR ES FR IT CY LU 3) MT NL AT PT SI SK FI Euro area BG CZ DK LV LT HU PL RO SE UK EU Share Change (%) from 2009 (percentage points) 40.67 16.23 55.84 1.20 0.23 0.83 .55 0.89 69.60 .07 -0.58 7.01 21.78 2.48 -0.37 1.99 34.08 17.31 36.21 -0.94 -0.06 0.19 14.11 37.48 -1.

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