Statistic Book

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
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 February 2013
23
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
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
Country abbreviations
BE
BG
CZ
DK
DE
EE
IE
GR
ES
FR
IT
CY
LV
LT
LU
Belgium
Bulgaria
Czech Republic
Denmark
Germany
Estonia
Ireland
Greece
Spain
France
Italy
Cyprus
Latvia
Lithuania
Luxembourg
HU
MT
NL
AT
PL
PT
RO
SI
SK
FI
SE
UK
JP
US
Hungary
Malta
Netherlands
Austria
Poland
Portugal
Romania
Slovenia
Slovakia
Finland
Sweden
United Kingdom
Japan
United States
Other abbreviations
b.o.p.
BIS
c.i.f.
CLS
DG ECFIN
EER
EONIA
EU
EURIBOR
f.o.b.
GDP
HGDI
HICP
i.i.p.
IMF
IRF
LIBOR
MFI
OECD
PPP
SDRs
TARGET
UMTS
balance of payments
Bank for International Settlements
cost, insurance and freight at the importers border
Continuous Linked Settlement system
Directorate-General for Economic and Financial Affairs, European
Commission
effective exchange rate
euro overnight index average
European Union
euro interbank offered rate
free on board at the exporters border
gross domestic product
households gross disposable income
Harmonised Index of Consumer Prices
international investment position
International Monetary Fund
initial rate fixation
London interbank offered rate
monetary financial institution
Organisation for Economic Co-operation and Development
purchasing power parity
special drawing rights
Trans-European Automated Real-time Gross settlement Express
Transfer system
Universal Mobile Telecommunications System
Conventions used in the tables

"-"
"."
"..."
not applicable
not available
nil or negligible
"billion"
"trillion"
109
1012
(p)
s.a.
provisional
seasonally adjusted
General information
The Statistics Pocket Book is updated monthly. In general, the cut-off date for the statistics
included in the Pocket Book is the day preceding the Governing Council of the ECBs first
meeting of the month. For this issue, it was 6 February 2013.
Euro area statistical series
Unless otherwise indicated, all data series including observations for 2011 relate to the
"Euro 17" (i.e. the euro area including Estonia) for the whole time series. For interest rates,
monetary statistics, the HICP and reserve assets (and, for consistency reasons, the
components and counterparts of M3 and the components of the HICP), euro area statistical
series take into account the changing composition of the euro area.
The composition of the euro area has changed a number of times over the years. When the
euro was introduced in 1999, the euro area comprised the following 11 countries (the Euro
11): Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands,
Austria, Portugal and Finland. Greece then joined in 2001, forming the Euro 12. Slovenia
joined in 2007, forming the Euro 13; Cyprus and Malta joined in 2008, forming the
Euro 15; and Slovakia joined in 2009, forming the Euro 16. Estonia joined in 2011, bringing
the number of euro area countries to 17. From October 2012, the euro area statistics also
include the European Stability Mechanism, an international organisation resident in the euro
area for statistical purposes.
Aggregated statistical series for fixed compositions of the euro area relate to a given fixed
composition for the whole time series, regardless of the composition at the time to which
the statistics relate.
Aggregated statistical series with a changing composition take into account the composition
of the euro area at the time to which the statistics relate. For the HICP, as well as monetary
aggregates and their counterparts, annual rates of change are compiled from chain-linked
indices, with joining countries series linked to the euro area series in the December index.
Percentage changes are calculated on the basis of a chain-linked index, taking account of
the changing composition of the euro area. Absolute changes for monetary aggregates and
their counterparts (transactions) refer to the composition of the euro area at the time to
which the statistics relate.
The European Union, the United States, 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. Data for China published in the Pocket Book refer to the mainland
of China.
Online access to data and metadata
For series included in the Statistics Pocket Book, methodologies and descriptions of
metadata are available in the ECBs Statistical Data Warehouse (SDW), at
http://sdw.ecb.europa.eu. 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. A
"Data" icon under every page displays the underlying series. These data can be downloaded
in several user-friendly formats. More information on this and related topics is available in
the "Help" section of the SDW.
Further information
All issues of the Pocket Book are available online in the "Publications" section of the
ECBs website (www.ecb.europa.eu). A comprehensive and detailed glossary on the
statistics can also be found on the website. For additional information see the "Euro area
statistics" section of the ECBs Monthly Bulletin and the "Statistics" section of the ECBs
website, or contact statistics@ecb.europa.eu.
1 Overview of major economic areas

1.1 Structural indicators
2011
1)
Unit
Population, 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, fishing and forestry % of total
Industry (incl. 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
% of GDP
Gross debt outstanding2),3),4)
External
Exports of goods and services
% of GDP
Imports of goods and services
% of GDP
Current account balance
% of GDP
Net b.o.p. direct and portfolio
investment
% of GDP
Net i.i.p.2)
% of GDP
Gross external debt2)
% of GDP
Monetary and financial indicators
EUR trillions
Credit2)
Outstanding debt securities4) EUR trillions
Stock market capitalisation2) EUR trillions
Euro
area
EU
United
States
332.4 502.9 312.0

71.5
71.2
73.3
50.5
49.3
49.1
9.4
13.2
12.1
28.3
26.2
38.7
100.0*) 91.9*) 133.4*)
67.8
68.5
67.7*)
Japan
China
127.9 1,348.1
73.8
58.0
3.5
27.6
88.4*)
60.3
-
1.7
25.4
72.9
1.7
25.7
72.6
1.2*)
20.0*)
78.8*)
1.2
26.8
72.1
10.1*)
46.8*)
43.1*)
19.7
19.2
19.0
18.6
12.2
15.2
24.5
20.6
.
45.4*)
18.7
13.2
303.9
100.3
17.0
11.2
.
.
29.6
8.3
436.3
111.9
18.5
8.6
491.4
99.3
.
.
.
.
10.6
172.4
102.9
10.4
.
.
8.2
121.4
78.0
13.3
173.9
99.2
.
.
.
49.5
-4.1
87.3
49.1
-4.4
82.5
37.4
-10.2
86.0
40.5
-8.9
204.4
23.9
-1.2
25.8
25.0
24.2
0.1
17.1
17.2
-0.2
14.0
17.7
-3.1
15.8
16.5
2.0
27.4
24.8
2.8
1.3
-14.0
117.1
1.8
-14.8
.
0.6
-26.7
98.2
0.9
54.0
51.9
-4.8*)
30.2*)
.
16.4
16.5
3.9
19.2
22.2
6.5
12.6
25.6
14.4
11.4
11.6
2.6
7.4
2.6
2.6
Sources: For the euro area and EU: ECB, Eurostat, national data and ECB calculations; for the United
States, Japan and China: BIS, IMF and national sources. *) 2010 figures.
1) Full definitions are available in the glossary on the ECBs website (www.ecb.europa.eu).
2) Figure as at year-end.
3) Data for the United States and Japan are based on definitions similar to those used for the euro area and
the EU. Chinese data follow a different methodology and are not directly comparable.
4) At nominal value.
1.2 Main recent economic developments
(annual percentage changes, unless otherwise indicated)

Real
GDP
GDP deflator
(s.a.)
1)
ConBroad 3-month
sumer money 2) interbank
prices
deposit
rate
(% per
annum)
Euro area
2011
2012
2012 Q3
Q4
2012 Dec.
2013 Jan.
1.4
.
-0.6
.
-
1.2
.
1.3
.
-
2.7
2.5
2.5
2.3
2.2
2.0
2011
2012
2012 Q3
Q4
2012 Nov.
Dec.
1.5
.
-0.4
.
-
1.5
.
1.6
.
-
3.1
2.6
2.6
2.4
2.4
2.3
2011
2012
2012 Q3
Q4
2012 Dec.
2013 Jan.
1.8
2.2
2.6
1.5
-
2.1
1.8
1.6
1.8
-
3.2
2.1
1.7
1.9
1.7
.
2011
2012
2012 Q3
Q4
2012 Dec.
2013 Jan.
-0.5
.
0.5
.
-
-1.9
.
-0.7
.
-
2011
2012
2012 Q3
Q4
2012 Nov.
Dec.
9.4
.
.
.
-
7.5
.
-
10-year
Unit Unemploy- Labour
gov. labour
ment productbond costs
(% of
ivity
yield (s.a.)
labour
(s.a.)
(% per
force; s.a.)
annum)
1.5
2.9
3.1
3.6
3.3
.
1.39
0.58
0.36
0.20
0.19
0.20
4.31
3.06
2.91
2.22
2.10
2.40
1.0
.
1.7
.
-
10.2
11.4
11.5
11.7
11.7
.
1.2
.
0.1
.
-
4.30
3.74
3.66
3.20
3.24
3.02
1.0
.
2.1
.
-
9.7
10.4
10.5
10.7
10.7
10.7
1.3
.
-0.2
.
-
7.3
8.5
7.0
7.5
7.9
.
0.34
0.43
0.43
0.32
0.31
0.30
2.76
1.79
1.63
1.69
1.71
1.89
1.9
.
0.1
.
-
8.9
8.1
8.0
7.8
7.8
7.9
0.7
.
1.7
.
-
-0.3
0.0
-0.4
-0.2
-0.1
.
2.7
2.5
2.4
2.3
2.6
.
0.19
0.19
0.19
0.19
0.18
0.17
1.12
0.85
0.80
0.75
0.74
0.78
0.8
.
.
.
-
4.6
.
4.2
.
.
.
-2.4
.
-
5.4
.
1.9
.
.
.
15.6
.
19.1
.
.
.
.
.
.
.
.
.
3.89
.
3.36
.
3.57
3.57
4.1
.
.
.
-
European Union
United States
Japan
China
Sources: BIS, Eurostat, IMF, OECD, national data and ECB calculations.
1) Full definitions are available in the glossary on the ECBs website (www.ecb.europa.eu).
2) Euro area: M3. United States: M2. Japan: M2 + certificates of deposit.
2 Population and the labour market in the euro area

2.1 Population and the labour market
Population
(millions,
annual
averages)
1971-80
1981-90
1991-00
2001-05
2006-10
2010
2011
2012
2011 Q3
Q4
2012 Q1
Q2
Q3
Q4
288.4
298.7
310.5
319.9
328.8
331.4
332.4
.
.
.
.
.
.
.
Labour Employment Unemployforce

rates
ment
partici(% of
(% of
pation
labour
labour
rate 1)
force;
force;
(%)
s.a.)
s.a.)
68.7
71.1
71.4
71.5
.
71.6
71.8
71.7
72.0
72.2
.
62.6
64.9
64.2
64.3
.
64.5
64.2
63.5
64.0
64.1
.
4.0
9.3
9.8
8.8
8.7
10.1
10.2
11.4
10.2
10.6
10.9
11.3
11.5
11.7
Labour
productivity
per person
employed
(annual
percentage
changes)
Hourly
labour
productivity
(annual
percentage
changes)
2.8
1.7
1.5
0.6
0.4
2.5
1.2
.
1.0
0.7
0.4
0.3
0.1
.
Sources: European Commission (Eurostat and DG ECFIN), national data and ECB calculations.
1) Ratio of the labour force to the working age population (i.e. the population aged 15 to 64).
1.0
0.8
2.0
1.3
.
1.1
0.9
1.1
1.1
1.0
.
2.2 Employment in terms of persons employed and hours worked

Persons employed (s.a.)
Millions
Total Employees
1971-80
1981-90
1991-00
2001-05
2006-10
2009
2010
2011
2011 Q2
Q3
Q4
2012 Q1
Q2
Q3
116.6
120.7
129.9
141.7
147.9
147.4
146.7
147.0
147.4
147.1
146.8
146.3
146.3
146.0
Hours worked (s.a.)
Annual percentage changes
0.4
0.7
0.7
0.9
0.4
-1.8
-0.5
0.3
0.5
0.3
-0.1
-0.5
-0.7
-0.7
0.9
0.9
0.9
0.9
0.5
-1.8
-0.5
0.5
0.7
0.5
0.1
-0.4
-0.7
-0.9
Selfemployed
Per person
employed
-1.5
-0.2
0.0
0.6
-0.3
-1.9
-0.6
-0.8
-0.6
-1.0
-1.2
-1.1
-0.9
-0.1
-0.4
-0.4
-1.4
0.5
-0.1
-0.4
-0.2
-0.2
-0.7
-0.8
-0.9
Total Employees
0.5
0.0
-3.2
0.0
0.2
0.1
0.2
-0.3
-1.2
-1.5
-1.6
0.6
0.2
-3.6
0.1
0.5
0.4
0.5
0.0
-1.0
-1.5
-1.9
Selfemployed
Sources: European Commission (Eurostat and DG ECFIN), national data and ECB calculations.
0.1
-0.7
-1.7
-0.4
-1.1
-1.1
-1.3
-1.4
-1.9
-1.6
-0.6
3 Euro area macroeconomic indicators

3.1 GDP and expenditure components
(annual percentage changes in volume, unless otherwise indicated; quarterly data; seasonally and
partly working day-adjusted)
GDP (market prices)
1971-80
1981-90
1991-00
2001-10
Total
(quarter on
quarter)
Total
3.4
2.4
2.1
1.1
-0.3
0.0
-0.2
-0.1
-
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)
3.7
2.3
2.0
1.1
4.4
2.2
1.8
1.9
2.1
2.4
2.2
0.1
6.0
4.8
6.9
3.3
-4.4
2.0
1.4
0.6
-0.1
-0.5
-0.6
-1.0
0.9
0.1
-0.8
-1.1
-1.1
-1.4
2.6
0.7
-0.1
-0.4
-0.1
-0.2
-0.1
-12.7
-0.1
1.5
0.8
-2.5
-3.9
-4.2
-12.4
11.2
6.3
3.6
2.4
3.5
3.0
-11.1
9.6
4.2
0.5
-1.1
-0.6
-0.7
9,421.0
100.0
5,407.4
57.4
2,030.8
21.6
1,804.9
19.2
4,149.9
-
4,013.9
-
Level data (EUR billions at current prices) and percentages of GDP
2011
2011
Source: European Commission (Eurostat and DG ECFIN).

1) Includes intra-euro area trade and therefore differs from Tables 4.1 and 4.2.
5.5
4.6
6.5
3.1
3.2 Value added by economic activity
(annual percentage changes in volume, unless otherwise indicated; quarterly data; seasonally and
partly working day-adjusted)
Gross value added (basic prices)
Total Agriculture,
Industry
forestry (including
and fishing
construction)
1996-00
2001-05
2006-10
2.7
1.6
0.9
.
-0.2
1.2
.
1.2
-0.4
2009
2010
2011
2011 Q4
2012 Q1
Q2
Q3
-4.4
2.1
1.6
0.9
0.0
-0.3
-0.5
1.3
-3.0
2.1
1.7
1.4
0.0
-1.1
-11.9
5.3
2.3
0.2
-1.5
-1.7
-1.9
8,447.1
100.0
143.1
1.7
2,143.3
25.4
2011
2011
Trade,
transport,
accommodation and
food services
.
1.8
0.9
Finance Public admini- Information,

and real stration, edu- communicaestate cation, health tion, business
and social
and other
work
services
.
1.9
1.8
.
1.3
1.4
.
2.0
1.7
-4.5
2.2
1.7
0.8
0.0
-0.3
-0.5
0.5
-0.1
0.9
1.2
0.9
0.5
0.3
1.3
1.1
0.7
0.9
0.7
0.7
0.4
-4.0
1.4
1.8
1.4
0.6
0.0
-0.2
1,632.1
19.3
1,378.8
16.3
1,631.7
19.3
1,518.3
18.0
Level data (EUR billions at current prices) and percentages of gross value added
Source: Eurostat.
10
10
3.3 Short-term business indicators

Industrial production
Total excl. construction
1991-00
2001-10
2010
2011
2012
2012 Q2
Q3
Q4
2012 Oct.
Nov.
Dec.
1.8
0.1
7.3
3.4
.
-2.3
-2.2
.
-3.3
-3.7
.
Period on
period
(s.a.)
Con- Manustruction facturing
-0.5
0.3
.
-1.0
-0.3
.
.
-0.9
-8.1
-1.0
.
-6.3
-4.8
.
-3.3
-4.7
.
ManuManu- Retail trade

New
facturing facturing
turnover passenger
new orders turnover
(constant
car
(nominal) (nominal)
prices) registrations
discontinued
1.7
0.0
7.7
4.5
.
-2.7
-2.3
.
-3.6
-4.2
.
1.1
17.7
8.6
.
.
.
.
.
.
.
1.6
10.1
8.9
.
-0.8
-0.8
.
-1.1
-2.9
.
0.9
0.9
-0.6
-1.7
-1.6
-1.2
-2.8
-2.9
-1.9
-3.4
0.8
-1.5
-8.5
-1.1
-11.0
-6.8
-12.7
-14.2
-15.1
-15.1
-12.0
Sources: Eurostat, ACEA (European Automobile Manufacturers Association) and ECB calculations.
3.4 Opinion surveys (excluding price-related developments)

(seasonally adjusted)
European Commission Business and Consumer Surveys

(percentage balances 1) )
Purchasing Managers
Surveys
(diffusion indices 2) )
Economic Manufacturing industry

Services
Retail Consumer Purchasing Business
sentiment
confitrade
confi- Managers activity
indicator Industrial Order Capacity
dence
confidence Index (PMI)
for
(long-term
confi- books utilisa- indicator
dence indicator for manu- services
average
dence
tion
indicator
facturing
=100) 3) indicator
(%) 4)
1991-00
100.8
2001-10
99.0
2010
101.1
2011
101.7
2012
90.1
2012 Q2
91.9
Q3
87.2
Q4
86.5
2012 Nov. 86.6
Dec. 87.8
2013 Jan.
89.2
-7.6
-6.9
-4.7
0.2
-12.1
-10.9
-15.4
-15.8
-14.9
-14.2
-13.9
-18.4
-17.4
-24.4
-6.5
-24.9
-22.5
-29.1
-32.7
-31.9
-31.4
-32.0
81.9
80.8
76.9
80.5
78.3
78.9
77.5
77.0
77.2
.
4.9
4.4
5.3
-6.9
-5.1
-10.5
-11.3
-12.0
-9.8
-8.8
-10.9
-8.3
-4.1
-5.4
-15.2
-14.4
-16.8
-16.0
-14.8
-15.9
-15.6
-12.3
-13.3
-14.2
-14.5
-22.3
-19.5
-23.8
-26.2
-26.7
-26.3
-23.9
.
50.7
55.4
52.2
46.2
45.4
45.1
45.9
46.2
46.1
47.9
.
52.7
54.5
52.6
47.6
46.9
47.1
46.9
46.7
47.8
48.6
Sources: European Commission Business and Consumer Surveys and Markit.

1) Difference between the percentages of respondents giving positive and negative replies.
2) Weighted sum of the percentages of survey respondents reporting an increase (weight: 1.0), no change
(0.5) or a decrease (0) for each survey variable. A value of 100 (0) indicates that all respondents
reported an increase (decrease); a value of 50 indicates "no change".
3) Values above (below) 100 indicate above (below) average economic sentiment.
4) The quarterly figures shown are averages of two successive surveys.
11
11
4 Euro area external statistics

4.1 Balance of payments
(EUR billions, not seasonally adjusted, unless otherwise indicated; net transactions)
2010
2011
2012 Nov.
Current
and
capital
accounts
65.2
72.0
19.7
41.0
43.6
2.6
0.1
0.2
0.7
0.8
1.8
1.9
2012 Nov.
117.8
186.1
2012 Nov.
1.2
2.0
2010
2011
Source: ECB.
10.9
23.9
21.4
Goods Income
and
(s.a.)
services
(s.a.)
Current
transfers
(s.a.)
-108.2
-106.8
-7.5
Combined
direct and
portfolio
investment
Financial
Other Reserve
derivatives investment
assets
29.1
119.2
26.2
17.8
-4.9
10.2
-30.8
-149.5
-61.5
-10.5
-10.2
-1.0
-4.7
-4.5
1.1
5.3
0.8
-0.2
-1.1
-6.5
-0.5
-0.4
31.2
-109.7
-11.0
-7.3
-93.2
-20.1
0.3
-1.2
-0.1
-0.1
-1.0
-0.2
as a percentage of GDP
12-month cumulated transactions
12-month cumulated transactions as a percentage of GDP
4.2 Trade in goods with main partners
(EUR billions, unless otherwise indicated; seasonally adjusted)

Total Other EU Member States
United
Kingdom
Other
United
States
China
Japan
Other
Other
Asian countries
countries
Exports (f.o.b.)
% of total
in 2011
2010
2011
2012 Oct.
Nov.
100
1,533.1
1,745.1
155.8
157.1
12.2
194.7
213.4
19.6
.
19.2
291.1
334.8
28.4
.
11.5
6.6
180.6
200.6
18.1
18.1
94.8
115.5
9.8
9.9
2.3
34.6
39.4
3.9
3.9
14.4
227.1
251.5
22.4
24.0
26.0
399.7
453.6
41.1
.
Imports (c.i.f.)
% of total
in 2011
100
9.5
17.6
8.0
12.4
3.0
16.0
23.7
2010
2011
2012 Oct.
Nov.
1,550.7
1,759.1
148.3
146.1
147.8
166.9
13.7
.
270.2
309.9
26.5
.
129.8
140.8
12.5
12.0
208.6
218.6
16.8
16.7
51.4
52.6
3.8
3.9
234.7
280.9
23.1
22.3
365.4
416.4
36.7
.
2010
2011
2012 Oct.
Nov.
-17.6
-14.0
7.4
11.0
46.9
46.5
5.9
.
20.9
24.9
1.9
.
50.8
59.7
5.5
6.1
-113.8
-103.1
-7.0
-6.8
-16.8
-13.2
0.1
0.0
-7.6
-29.4
-0.7
1.7
34.3
37.2
4.4
.
Sources: Eurostat and ECB calculations.
Trade balance
12
12
4.3 Geographical breakdown of the balance of payments

(EUR billions; not seasonally adjusted)
Total
Other EU
Japan Switzer- United China
Member States
land States
2011
UK
Current account
Goods
Services
Income
Current transfers
Capital account
2,975.0
1,775.5
576.6
528.4
94.5
25.0
964.7
565.8
178.9
157.5
62.5
20.8
451.2
231.9
110.9
97.2
11.1
1.2
Current account
Goods
Services
Income
Current transfers
Capital account
2,962.5
1,766.2
509.4
485.4
201.4
13.5
935.4
490.4
148.7
177.4
119.0
2.0
413.7
185.2
87.5
128.4
12.5
1.0
12.5
9.2
67.2
43.0
-106.9
11.5
29.3
75.4
30.2
-19.9
-56.5
18.8
37.5
46.7
23.4
-31.2
-1.4
0.2
Current account
Goods
Services
Income
Current transfers
Capital account
Financial account
Direct investment
Abroad
Equity/reinvested earnings
Other capital
In the euro area
Other capital
Portfolio investment assets
Equity
Debt securities
of which: Bonds and notes
Other investment
Assets
of which: MFIs
Liabilities
of which: MFIs
-154.8
-408.0
-352.1
-55.8
253.1
283.3
-30.2
51.9
71.0
-19.1
11.5
-149.5
-164.2
-47.0
14.7
-154.3
-82.3 -66.7
-128.3 -96.0
-122.0 -105.6
-6.4
9.5
46.0
29.3
46.8
32.6
-0.8
-3.3
9.8
42.8
14.7
14.3
-4.9
28.5
-4.6
18.4
6.0 -73.2
19.2
7.7
84.8
67.4
-13.2 -80.9
-91.2 -125.2
Credits
63.0
233.0
39.6
123.5
13.7
60.4
8.7
40.0
1.0
9.0
0.2
0.6
Debits
107.7
196.6
52.3
99.3
9.8
44.3
44.9
44.4
0.7
8.6
0.1
0.4
Net
-44.7
36.4
-12.7
24.2
3.9
16.1
-36.2
-4.3
0.3
0.5
0.1
0.2
5.5
-0.1
0.8
-0.9
5.6
6.9
-1.3
-1.8
4.9
-6.7
5.5
4.2
-1.3
-3.2
5.5
6.9
390.8 150.8
201.7 115.5
88.0 19.3
93.7 15.2
7.4
0.7
0.3
0.0
389.3
142.4 210.2
105.3 14.0
135.4
6.2
4.6
1.8
0.4
1.5
59.3
-17.3
-41.7
1.2
-1.5
-94.6
5.3
-3.9
-0.4
9.0
12.3
-12.8 -105.3
-19.7 -67.1
7.0 -38.3
21.8 117.7
15.4 133.6
6.4 -16.0
6.0
0.7
8.1
21.8
-2.1 -21.1
-1.1
-0.3
29.6 -145.1
-12.9 -83.8
-1.1 -80.8
42.5 -61.4
40.3 -71.9
-12.0
-14.7
-9.5
-9.5
2.7
0.5
2.2
-5.1
-3.8
-1.3
-1.0
1.0
-10.7
-9.0
11.7
7.9
Source: ECB.
13
13
4.4 International investment position
(EUR billions, unless otherwise indicated; outstanding amounts at end of period)

Total
Total
Direct
as a % investment
of GDP
Portfolio
investment
Financial
derivatives
Other
investment
2010
2011
2012 Q2
2012 Q3
-1,262.3
-1,314.9
-1,218.9
-1,194.9
-13.8
-14.0
-12.9
-12.6
2010
2011
2012 Q2
2012 Q3
16,885.7
18,063.0
18,809.1
19,042.4
184.0
191.7
198.7
201.0
Net international investment position

1,038.1 -2,563.6
-32.6
-291.9
1,172.7 -2,873.9
-24.3
-252.8
1,241.6 -2,799.7
-28.9
-333.3
1,232.8 -2,855.7
-20.5
-285.3
Outstanding assets
4,946.7
4,907.3
1,636.3
4,807.6
5,564.7
4,762.6
2,195.2
4,877.2
5,834.8
5,042.8
2,297.1
4,932.9
5,879.6
5,194.0
2,353.5
4,881.5
2010
2011
2012 Q2
2012 Q3
18,148.0
19,377.9
20,028.0
20,237.3
197.8
205.7
211.6
213.6
Outstanding liabilities
3,908.6
7,470.9
1,668.9
4,392.0
7,636.5
2,219.5
4,593.2
7,842.6
2,326.1
4,646.8
8,049.7
2,373.9
Source: ECB.
5,099.5
5,129.9
5,266.2
5,166.8
Reserve
assets
587.8
663.4
701.5
733.8
587.8
663.4
701.5
733.8
-
4.5 Geographical breakdown of the international investment position

(EUR billions; outstanding amounts at end of period)
Total Other EU Member

States
2011
Direct investment
Abroad
Other capital
In the euro area
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.
1,172.7
5,564.7
4,230.1
1,334.6
4,392.0
3,337.2
1,054.7
4,762.6
1,703.4
3,059.2
2,592.9
-252.8
4,877.2
3,103.3
5,129.9
3,617.1
260.7
1,541.1
1,128.4
412.8
1,280.4
1,052.4
228.0
1,536.9
341.8
1,195.1
1,050.8
-287.0
2,159.9
1,497.4
2,446.9
1,757.9
UK
11.4
1,049.2
776.0
273.2
1,037.8
855.5
182.2
1,005.5
275.9
729.6
629.5
-154.0
1,777.6
1,225.7
1,931.6
1,436.3
Japan Switzerland
-22.1
74.5
53.7
20.8
96.6
76.9
19.7
208.0
90.4
117.6
46.3
10.9
99.5
80.2
88.6
61.4
125.2
526.0
394.6
131.4
400.8
236.0
164.8
124.3
102.0
22.2
15.4
-75.1
257.4
130.1
332.5
256.7
United
States
China
40.0
1,082.9
743.1
339.8
1,042.9
789.1
253.8
1,557.1
553.1
1,004.0
828.0
63.8
763.5
473.3
699.7
416.0
73.2
85.1
68.4
16.6
11.9
6.3
5.6
52.5
48.7
3.9
2.7
-13.5
46.1
20.9
59.6
30.8
14
14
4.6 International reserves of the Eurosystem and the ECB
(EUR billions, unless otherwise indicated; 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
2010
2011
2012 Q2
Q3
2012 Nov.
Dec.
591.2
667.1
701.5
733.8
718.2
689.4
366.2
422.1
440.3
476.4
460.8
437.2
346.962
346.846
346.825
346.827
346.694
346.693
2010
2011
2012 Q2
Q3
2012 Nov.
Dec.
56.8
61.2
64.0
65.3
63.9
61.9
17.0
19.6
20.5
22.2
21.5
20.4
16.122
16.143
16.142
16.142
16.142
16.142
Source: ECB.
Memo items
Monetary gold
Other Predetermined
foreign
short-term
currency
net
assets
drains on
foreign
currency
54.2
54.0
54.3
53.8
53.6
52.8
15.8
30.2
33.4
34.2
32.9
31.9
155.0
160.9
173.0
168.9
170.4
166.8
26.3
97.4
51.5
39.9
36.3
32.8
-24.4
-86.0
-41.9
-39.5
-39.7
-35.0
0.4
0.7
0.7
0.7
0.7
0.7
0.0
0.0
0.0
0.0
0.0
0.0
39.4
40.8
42.8
42.5
41.8
40.9
4.3
4.8
3.7
3.4
3.0
2.9
-0.5
-0.4
-0.1
-0.3
0.1
0.2
ECB
4.7 Exchange rates

(period averages)
Effective exchange rate of the euro

(1999 Q1 = 100)
EER-20
2011
2012
2012 Q3
Q4
2012 Dec.
2013 Jan.
Nominal
103.4
97.8
95.9
97.8
98.7
100.4
% change versus previous month
2013 Jan.
1.7
2013 Jan.
1.4
% change versus previous year
2)
2)
Bilateral
exchange rates
EER-40
US dollar
Japanese
yen
97.6
92.9
91.3
93.1
93.8
95.1
1.3920
1.2848
1.2502
1.2967
1.3119
1.3288
110.96
102.49
98.30
105.12
109.71
118.34
1.5
1.4
1.3
7.9
1.7
1.5
3.0
19.1
Real 1)
Nominal
Real 1)
1.7
2.0
100.7
95.6
93.8
95.8
96.6
98.2
112.1
107.0
105.1
107.4
108.2
109.8
Sources: ECB and BIS.

1) Real EERs are calculated using consumer price indices. For more information on EERs, see
the "Statistics" section of the ECBs website (www.ecb.europa.eu), under "Exchange rates".
2) A positive change denotes an appreciation of the euro.
15
15
5 Prices in the euro area

5.1 HICP 1)

HICP
Total
Food
Processed Unprocessed
food
food
% of total
1996-00
2001-05
2006-10
2009
2010
2011
2012
2012 Nov.
Dec.
2013 Jan. 3)
2012 Oct.
Nov.
Dec.
100.0
1.6
2.2
1.9
0.3
1.6
2.7
2.5
2.2
2.2
2.0
19.1
1.4
2.9
2.4
0.7
1.1
2.7
3.1
3.0
3.2
3.2
11.9
Non-energy
industrial
goods
Energy
28.5
11.0
7.2
1.4
2.9
2.6
1.1
0.9
3.3
3.1
2.4
2.4
.
1.4
2.7
2.1
0.2
1.3
1.8
3.0
4.1
4.4
.
0.4
0.2
0.2
0.7
0.2
0.5
Services
Housing 2)
0.8
0.8
0.7
0.6
0.5
0.8
1.2
1.1
1.0
0.8
3.6
3.8
3.8
-8.1
7.4
11.9
7.6
5.7
5.2
3.9
0.1
0.2
0.1
-0.5
-1.4
-0.5
41.5
Month-on-month percentage changes (seasonally adjusted, except energy)
0.1
-0.1
0.2
0.5
0.2
0.3
2.0
2.6
2.1
2.0
1.4
1.8
1.8
1.6
1.8
1.7
0.1
0.0
0.3
10.1
2.6
2.3
2.3
2.0
1.8
1.8
1.8
1.9
1.8
.
0.1
0.1
0.2

1) Data refer to the changing composition of the euro area; for further information see page 6. The weights
shown refer to the current year.
2) Excluding owner-occupied housing.
3) Estimate based on provisional national releases (which usually cover around 95% of the euro area), as
well as early information on energy prices.
5.2 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; percentages)
Inflation rate
Year
1
2
3
4
5
6
7
8
9
10
15
20
Source: ECB calculations.
1.0
1.0
2.0
2.9
3.9
4.9
5.8
6.7
7.7
8.6
9.5
13.9
18.0
2.0
2.0
3.9
5.8
7.6
9.4
11.2
12.9
14.7
16.3
18.0
25.7
32.7
3.0
2.9
5.7
8.5
11.2
13.7
16.3
18.7
21.1
23.4
25.6
35.8
44.6
4.0
3.8
7.5
11.1
14.5
17.8
21.0
24.0
26.9
29.7
32.4
44.5
54.4
5.0
4.8
9.3
13.6
17.7
21.6
25.4
28.9
32.3
35.5
38.6
51.9
62.3
10.0
9.1
17.4
24.9
31.7
37.9
43.6
48.7
53.3
57.6
61.4
76.1
85.1
20.0
16.7
30.6
42.1
51.8
59.8
66.5
72.1
76.7
80.6
83.8
93.5
97.4
16
16
5.3 Industry, construction, residential property, export and import prices

(annual percentage changes)
Industrial producer prices excluding

construction
Construc- Residential
tion property
(input
prices 1)
Total Inter- Capital Consumer Energy
prices)
mediate goods
goods
goods
2001-05
2006-10
2010
2011
2012
2012 Q2
Q3
Q4
2012 Oct.
Nov.
Dec.
2.0
2.2
2.9
5.9
2.6
2.2
2.4
2.3
2.6
2.1
2.1
1.6
2.2
3.5
5.9
0.8
0.4
0.3
1.4
1.2
1.4
1.6
0.7
1.3
0.3
1.4
1.0
1.2
0.9
0.9
0.8
0.9
0.9
1.5
1.1
0.4
3.1
2.3
2.0
2.1
2.2
2.3
2.1
2.2
4.3
4.3
6.4
11.9
6.6
5.9
6.5
4.6
5.9
4.1
3.7
3.1
2.9
1.9
3.3
.
1.6
1.2
.
-
Industrial
producer
export
prices
(f.o.b.) 2),3)
Industrial
import
prices
(c.i.f.) 2)
.
1.2
4.1
4.1
2.6
2.6
2.8
1.8
2.3
2.0
1.2
.
1.7
9.8
8.9
.
3.1
3.7
.
2.2
1.5
.
6.6
2.1
1.0
1.0
.
-1.6
-2.6
.
-
Sources: Eurostat, ECB calculations and national data.

1) Experimental data.
2) These indices differ from the GDP deflators used for imports and exports (which are shown in Table
5.6), 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. Exports by wholesalers and re-exports are not covered.
5.4 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 Nov.
Dec.
2013 Jan.
Manufacturing
5.8
4.3
5.1
13.7
2.7
2.6
-0.4
1.6
0.7
2.5
2.1
Retail trade Services
1.9
15.2
8.0
6.7
6.3
6.0
5.3
6.7
3.3
0.9
6.6
2.2
3.0
1.0
-0.8
-1.4
-0.4
-0.8
Purchasing Managers Surveys

(diffusion indices 2) )
Consumer
Input prices
Prices charged
price trends
(compared with previous month)
over past
12 months Manufac- Services Manufac- Services
turing
turing
20.2
37.6
8.0
39.0
38.5
39.7
35.8
39.0
38.7
37.3
35.8
57.7
66.5
64.1
52.7
51.4
48.7
53.7
53.3
53.0
51.3
56.6
53.9
57.1
55.1
54.6
54.8
54.9
54.3
55.7
54.6
52.5
55.5
49.9
49.9
48.8
49.7
49.5
50.0
49.3
Sources: European Commission Business and Consumer Surveys and Markit.

1) Difference between the percentages of respondents giving positive and negative replies.
2) See footnote 2 of Table 3.4.
49.7
48.1
51.0
47.9
48.1
46.8
47.4
47.6
47.1
47.4
17
17
5.5 Other prices and costs

Whole economy
(s.a.)
1991-95
1996-00
2001-05
2006-10
2010
2011
2012
2012 Q2
Q3
Q4
2012 Nov.
Dec.
2013 Jan.
Unit Compen- Hourly

labour sation per compencosts employee
sation
2.5
0.9
1.7
1.8
-0.9
1.0
.
1.3
1.7
.
-
4.4
2.0
2.3
2.2
1.7
2.2
.
1.6
1.8
.
-
Labour Negoticost
ated
index wages
2.7
2.6
1.2
2.1
.
2.4
2.8
.
-
1)
1.5
2.2
.
1.9
2.0
.
-
4.2
2.4
2.4
-5.5
1.7
2.0
.
2.2
2.2
.
-
Non-energy
commodity prices
ImportUseweighted 2) weighted 3)
5.2
1.3
10.6
44.6
12.2
0.5
-1.1
5.3
4.4
5.2
2.5
-3.8
Oil prices
(EUR per
barrel)
4.1
0.4
8.5
42.1
12.8
2.6
1.1
7.8
7.0
8.0
5.1
-1.6
14.4
18.6
30.9
55.3
60.7
79.7
86.6
84.6
87.3
84.4
84.8
82.8
84.2
-6.4
19.0
7.6
6.3
36.0
31.3
8.7
4.1
10.0
4.7
4.3
1.4
-2.4
Sources: Eurostat and ECB calculations based on Thomson Reuters, European Commission (Eurostat and
DG ECFIN), OECD and national data.
1) Excluding agriculture, fishing and forestry. Data are working day-adjusted.
2) Weighted according to the structure of euro area imports in the period 2004-06.
3) Weighted according to euro area domestic production plus imports minus exports in the period 2004-06.
Experimental data.
5.6 Gross domestic product deflators

(annual percentage changes)
GDP (market prices)
1996-00
2001-05
2006-10
2009
2010
2011
2011 Q4
2012 Q1
Q2
Q3
Total
Private
consumption
Government
consumption
1.5
2.2
1.6
0.9
0.8
1.2
1.3
1.2
1.2
1.3
1.7
2.1
1.6
-0.4
1.7
2.5
2.5
2.4
2.0
2.0
2.0
2.6
1.8
2.1
0.7
0.8
1.1
1.1
0.9
0.9

1) Includes intra-euro area trade.
Gross fixed
capital
formation
1.2
1.8
1.6
-0.3
0.8
2.0
1.9
1.7
1.2
1.0
Exports
Imports
of goods and of goods and
services 1)
services 1)
1.1
0.5
1.1
-3.5
3.1
3.6
2.7
1.9
1.4
1.6
1.6
0.2
1.4
-6.3
5.0
5.7
4.6
3.1
2.2
2.3
18
18
6 Euro area accounts

6.1 Euro area
Non-financial accounts
GDP ConsumpPrimary
tion
income
of fixed receivable
capital
Net
Primary national
income income
payable
2008
2009
2010
2011 Q3
Q4
2012 Q1
Q2
Q3
-0.3
-1.5
2.9
2.5
1.6
1.4
0.3
0.3
4.5
1.2
2.8
3.5
3.5
3.0
2.6
2.4
2010
2011
2012 Q3
100.0
100.0
100.0
15.5
15.6
15.8
1)
0.3
-10.6
3.3
4.3
1.8
2.2
0.1
-0.6
-2.1
-0.6
3.1
1.5
1.8
1.7
0.3
1.0
2.3
1.0
1.8
2.9
1.9
2.2
2.2
2.2
2.4
1.1
1.4
2.7
2.0
2.4
2.4
2.2
-2.3
-0.7
3.4
1.7
1.7
1.5
0.1
1.0
94.4
95.1
95.5
94.1
95.0
94.9
84.8
84.5
84.7
72.0
71.8
72.7
73.2
73.0
73.9
83.6
83.4
83.5
Net
saving
Net
capital
transfers
2008
2009
2010
2011 Q3
Q4
2012 Q1
Q2
Q3
-2.3
-0.7
3.4
1.7
1.7
1.5
0.1
1.0
1.9
1.1
2.3
2.2
1.3
1.5
0.4
0.3
2010
2011
2012 Q3
83.6
83.4
83.5
79.9
79.4
79.5
Net
Current disposable
transfers
income
payable
-0.6
-9.6
3.5
3.5
2.3
2.7
0.4
0.5
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
-29.7
29.0
-9.5
9.3
2.0
-5.9
16.6
-31.8
73.4
-9.2
5.5
29.2
-14.4
313.7
42.2
-6.1
-14.2
6.9
3.4
-0.3
-3.7
-6.4
-6.3
-5.0
-9.9
3.1
2.9
1.9
-0.3
-3.0
-3.7
3.7
3.9
4.0
0.1
0.1
0.1
19.5
19.9
19.0
19.3
19.4
19.0
As a percentage of GDP
Net
lending/
borrowing
Sources: ECB and Eurostat.

1) Annual observations are identical to the quarterly observations for the fourth quarter of the year.
-0.2
-0.3
1.0
19
19
6.2 Households 1)
Income, saving and investment
Gross
Final
disposable Compen- Operating,
Net consumpincome
sation mixed and
current
tion
of emploproperty
transfers expendiyees
income receivable
ture
Gross
saving
Gross
fixed
capital
formation
-9.2
-10.9
1.8
2.4
2.6
0.4
-2.2
-2.3
Changes
in net
worth
2)
2008
2009
2010
2011 Q3
Q4
2012 Q1
Q2
Q3
1.6
0.4
1.7
2.0
1.4
1.5
-0.3
0.4
2.9
-0.3
1.7
2.7
2.1
1.5
0.9
1.0
-1.9
-5.6
3.0
3.5
1.3
2.6
-0.4
0.2
0.3
17.0
-5.4
-12.0
-5.2
-5.7
-6.9
-3.9
0.7
-0.2
3.1
2.8
1.6
1.6
0.5
0.2
8.4
2.8
-7.2
-3.4
0.6
1.2
-3.4
1.3
2010
2011
2012 Q3
99.1
99.1
99.0
73.6
74.0
74.4
36.4
36.7
36.8
-11.0
-11.7
-12.1
86.3
86.9
87.0
13.7
13.1
13.0
As a percentage of households gross disposable income; adjusted
3)
9.0
9.1
9.0
7.6
6.9
6.7
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 Q3
Q4
2012 Q1
Q2
Q3
2.9
3.0
2.7
2.2
2.0
2.2
1.9
1.7
7.1
3.1
2.7
3.1
2.6
3.1
3.1
3.1
14.4
-53.5
-39.2
8.1
91.2
27.5
27.8
48.8
2.3
0.6
-1.0
3.0
3.7
2.2
-1.6
-3.0
-1.6
2.7
0.8
-0.7
-0.8
0.1
0.9
0.7
2.6
4.6
4.5
2.7
2.1
1.7
1.6
1.7
4.6
1.9
2.1
2.0
1.6
1.3
0.8
0.4
1.7
1.3
3.0
2.9
1.6
0.6
0.2
0.0
2010
2011
2012 Q3
308.2
301.1
307.8
107.8
108.7
110.3
0.5
0.9
0.9
21.6
21.3
20.7
72.7
64.1
66.4
94.2
94.5
97.6
99.8
99.4
98.9
85.0
84.4
84.1
Outstanding amounts as a percentage of households gross disposable income; adjusted
3)

1) Households and non-profit institutions serving households.
3) Net adjustment for the change in the net equity of households in pension fund reserves
(i.e. receivables minus payables), based on four-quarter cumulated transactions.
20
20
6.3 Non-financial corporations

Value added, entrepreneurial income, saving and investment
Gross
value
added
Net
entrepreneurial
income
2008
2009
2010
2011 Q3
Q4
2012 Q1
Q2
Q3
-1.0
-2.3
4.0
3.2
1.8
1.5
0.6
0.2
-16.5
-2.2
21.6
-4.4
-5.8
-1.0
-0.6
3.2
2010
2011
2012 Q3
100.0
100.0
100.0
28.2
27.0
26.9
Net
saving
Net
acquisition
of nonfinancial
assets
Net
Gross fixed Consumption
lending/
capital
of fixed borrowing
formation
capital
1)
-9.8
-80.7
130.2
50.8
24.8
-4.6
-20.2
-34.9
-6.7
-11.7
6.8
5.5
3.5
0.2
-1.5
-3.9
4.7
1.5
3.0
4.1
3.9
3.1
2.7
2.6
3.5
4.2
2.8
20.0
20.6
20.2
17.1
17.2
17.4
As a percentage of gross value added
3.6
2.1
1.7
1.5
-0.7
0.6
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 Q3
Q4
2012 Q1
Q2
Q3
3.5
1.1
3.8
3.9
3.2
3.3
2.5
2.2
2.8
5.0
4.7
5.7
3.9
3.2
2.7
2.4
4.7
2.2
3.4
3.3
2.6
3.0
2.2
1.6
4.1
1.6
1.8
2.0
1.8
1.9
1.8
1.6
7.7
0.8
1.5
2.2
2.4
2.4
2.1
2.0
8.0
-0.2
1.0
1.9
2.1
1.8
1.3
1.0
8.8
-2.2
-0.4
1.8
1.4
-0.1
-0.7
-1.6
2.0
2.2
2.1
1.9
1.4
1.6
1.5
1.2
2010
2011
2012 Q3
347.5
335.7
347.5
41.5
41.8
42.3
162.9
148.5
157.6
480.4
449.1
462.3
203.3
200.3
202.5
177.4
174.9
174.5
99.9
97.5
95.5
276.5
248.1
259.2
Outstanding amounts as a percentage of gross value added

21
21
7 Euro area government finance
7.1 General government revenue, expenditure, deficit/surplus and

borrowing requirement
(as a percentage of GDP; four-quarter moving sum for quarterly data)
Total revenue
Direct
taxes
2008
2009
2010
2011
2012 Q3
45.0
44.9
44.8
45.4
45.8
Source: ECB.
12.5
11.6
11.5
11.9
12.2
Total expenditure
Indirect
Social
taxes contributions
12.5
12.5
12.7
12.8
12.8
15.3
15.8
15.6
15.7
15.8
Interest
47.1
51.2
51.0
49.5
49.7
Deficit(-)/ Borrowing
surplus(+) requirement
3.0
2.9
2.8
3.0
3.1
-2.1
-6.3
-6.2
-4.1
-3.9
5.2
7.4
7.7
4.0
5.0
(Outstanding amounts at nominal value at end of period; as a percentage of GDP)

General government debt
2008
2009
2010
2011
2012 Q3
Source: ECB.
Total
Currency and
deposits
Loans
Short-term
securities
Long-term
securities
70.2
80.0
85.4
87.3
90.0
2.3
2.5
2.4
2.4
2.5
11.6
12.7
15.4
15.5
16.5
6.5
8.3
7.3
7.4
7.2
49.8
56.5
60.2
62.1
63.7
22
22
8 Monetary policy
8.1 Key ECB interest rates
(levels in percentages per annum; 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.
6 Oct.
2001 11 May
31 Aug.
18 Sep.
9 Nov.
2002 6 Dec.
2003 7 Mar.
6 June
2005 6 Dec.
2006 8 Mar.
15 June
9 Aug.
11 Oct.
13 Dec.
2007 14 Mar.
13 June
2008 9 July
8 Oct.
9
15 1)
12 Nov.
10 Dec.
2009 21 Jan.
11 Mar.
8 Apr.
13 May
2011 13 Apr.
13 July
9 Nov.
14 Dec.
2012 11 July
Level
3.25
3.50
3.75
3.50
3.25
2.75
2.25
1.75
1.50
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
2.75
3.25
3.25
2.75
2.00
1.00
0.50
0.25
0.25
0.50
0.75
0.50
0.25
0.00
Change
...
0.25
0.25
-0.25
-0.25
-0.50
-0.50
-0.50
-0.25
-0.50
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
-0.50
0.50
...
-0.50
-0.75
-1.00
-0.50
-0.25
...
0.25
0.25
-0.25
-0.25
-0.25
Level
3.75
3.25
2.50
2.00
1.50
1.25
1.00
1.25
1.50
1.25
1.00
0.75
Level
4.25
4.50
4.75
4.50
4.25
3.75
3.25
2.75
2.50
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
-
Change
...
0.25
0.25
-0.25
-0.25
-0.50
-0.50
-0.50
-0.25
-0.50
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
-0.50
-0.50
-0.75
-0.50
-0.50
-0.25
-0.25
0.25
0.25
-0.25
-0.25
-0.25
Level
5.25
5.50
5.75
5.50
5.25
4.75
4.25
3.75
3.50
3.00
3.25
3.50
3.75
4.00
4.25
4.50
4.75
5.00
5.25
4.75
4.25
4.25
3.75
3.00
3.00
2.50
2.25
1.75
2.00
2.25
2.00
1.75
1.50
Change
...
0.25
0.25
-0.25
-0.25
-0.50
-0.50
-0.50
-0.25
-0.50
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
-0.50
-0.50
...
-0.50
-0.75
...
-0.50
-0.25
-0.50
0.25
0.25
-0.25
-0.25
-0.25
Source: ECB.
1) On 8 October 2008 the ECB announced that, starting from the operation to be settled on 15 October
2008, 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.
23
23
8.2 Eurosystem monetary policy operations allotted through tender

procedures
(EUR millions; 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
(...) days
Fixed Minimum Marginal Weighted

rate
bid rate
rate 1) average rate
Main refinancing operations
2012 24 Oct. 77,293

31
83,730
7 Nov. 79,474
14
75,214
21
75,428
28
74,591
5 Dec. 70,764
12
73,217
19
72,683
28
89,661
2013 3 Jan. 81,097
9
77,725
16
131,242
23
125,302
30
124,149
6 Feb. 129,308
2012 13 June
28
11 July
26
8 Aug.
30
12 Sep.
27
10 Oct.
1 Nov.
14
29 3)
12 Dec.
20 3)
2013 16 Jan.
31 3)
18,905
26,295
24,398
8,450
25,180
9,746
13,844
18,709
12,629
6,156
15,926
7,371
15,296
14,962
10,455
3,713
93
87
81
84
85
79
74
82
79
86
69
75
72
71
74
73
77,293
83,730
79,474
75,214
75,428
74,591
70,764
73,217
72,683
89,661
81,097
77,725
131,242
125,302
124,149
129,308
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
7
7
7
7
7
7
7
7
9
6
6
7
7
7
7
7
21
50
27
36
28
36
26
55
27
52
30
37
26
50
19
46
18,905
26,295
24,398
8,450
25,180
9,746
13,844
18,709
12,629
6,156
15,926
7,371
15,296
14,962
10,455
3,713
1.00
0.79
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
.
0.75
.
0.75
.
28
91
28
98
35
91
28
84
35
91
28
91
35
98
28
84
Longer-term refinancing operations 2)
Source: ECB.
1) In liquidity-providing (absorbing) operations, the marginal rate is the lowest (highest) rate at which bids
were accepted.
2) For the operations settled on 22 December 2011 and 1 March 2012, after one year counterparties have
the option to repay any part of the liquidity that they have been allotted in these operations, on any day
that coincides with the settlement day of a main refinancing operation.
3) In this longer-term refinancing operation, 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.
24
24
8.3 Monetary developments in the euro area

Monetary aggregates and main components
(annual percentage changes, 1) unless otherwise indicated; seasonally adjusted; 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 Aug.
Sep.
Oct.
Nov.
Dec.
8.1
13.4
6.3
4.8
6.2
5.1
4.2
3.5
2.2
2.5
3.4
1.5
13.5
4.3
0.9
5.2
5.1
7.1
7.7
7.0
-6.3
72.3
46.4
42.1
24.1
.
.
.
.
.
4.1
3.4
12.2
4.4
1.8
5.2
5.0
6.5
6.7
6.2
17.9
13.8
-8.9
-0.4
1.9
0.7
0.6
1.7
1.8
2.1
20.1
3.2
-11.6
-8.3
-1.1
-0.3
-1.5
-0.4
-3.7
-7.6
11.6
7.6
-0.3
1.1
1.5
2.9
2.6
3.9
3.8
3.3
2009
2010
2011
2012 Dec.
757
794
843
864
3,741
3,909
3,949
4,222
1.72
2.45
3.04
.
4,498
4,703
4,792
5,086
3,710
3,707
3,800
3,884
1,137
870
887
770
9,345
9,281
9,479
9,741
Outstanding amounts (EUR billions)
Main components of the annual growth rate of M3
(contributions in percentage points; seasonally adjusted; end of period)
2007
2008
2009
2010
2011
2012 Aug.
Sep.
Oct.
Nov.
Dec.
Currency in
circulation
Overnight
deposits
0.6
1.0
0.5
0.4
0.5
0.4
0.4
0.3
0.2
0.2
1.3
0.5
5.0
1.7
0.4
2.2
2.1
3.0
3.2
2.9
M1
M2-M1 2)
M3-M2 3)
1.9
1.5
5.5
2.1
0.9
2.6
2.5
3.3
3.4
3.1
6.9
5.6
-4.1
-0.2
0.8
0.3
0.3
0.7
0.7
0.9
2.8
0.5
-1.7
-0.9
-0.1
0.0
-0.1
0.0
-0.3
-0.7
M3
11.6
7.6
-0.3
1.1
1.5
2.9
2.6
3.9
3.8
3.3
Source: ECB.
1) Growth rates are adjusted for non-transaction-related changes.
2) Deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to
three months.
3) Money market fund shares/units, debt securities issued with a maturity of up to two years and
repurchase agreements.
4) Not seasonally adjusted. Growth rates not adjusted for non-transaction-related changes.
25
25
8.4 Counterparts of euro area monetary aggregates

Main counterparts of M3
(annual percentage changes, 1) unless otherwise indicated; seasonally adjusted; end of period)
Credit 2)
To general
government
To other
euro area
residents
Loans
Longer-term
financial
liabilities
2007
2008
2009
2010
2011
2012 Aug.
Sep.
Oct.
Nov.
Dec.
10.4
7.1
2.5
3.3
0.9
0.6
0.6
0.6
0.3
0.4
-2.4
3.8
11.6
11.9
3.2
8.5
8.7
9.3
8.4
5.8
13.2
7.7
0.7
1.4
0.4
-1.2
-1.2
-1.5
-1.6
-0.8
11.2
5.8
-0.1
1.7
1.0
-0.7
-0.9
-0.8
-0.8
-0.7
9.0
4.2
6.5
3.7
2.9
-1.3
-1.4
-1.8
-1.8
-1.6
2009
2010
2011
2012 Dec.
15,978
16,457
16,444
16,454
2,864
3,213
3,157
3,398
13,114
13,244
13,287
13,056
10,797
10,898
11,023
10,863
6,729
7,293
7,680
7,563
Outstanding amounts (EUR billions)
Breakdown of the annual growth rate of M3 by counterpart

(contributions in percentage points; seasonally adjusted; end of period)
MFI assets
2007
2008
2009
2010
2011
2012 Aug.
Sep.
Oct.
Nov.
Dec.
17.1
9.9
5.8
4.9
3.3
0.6
0.3
0.9
1.4
1.8
Credit to
Credit
general to other
govern- euro area
ment residents
-0.7
1.1
3.3
3.7
1.0
2.7
2.8
3.0
2.8
1.9
18.1
10.7
1.0
2.0
0.5
-1.6
-1.7
-2.1
-2.2
-1.2
Loans
13.2
6.7
-0.1
2.0
1.1
-0.8
-1.0
-0.9
-0.9
-0.8
Minus
Minus
Net longer- liabilities
external
term against
assets financial
central
liabilities government
-0.3
-1.9
1.4
-0.8
1.7
-0.5
-0.8
0.0
0.9
1.0
6.3
2.9
4.5
2.7
2.3
-1.0
-1.1
-1.5
-1.5
-1.3
-0.2
1.5
0.0
0.2
0.0
0.1
0.4
0.2
0.5
0.0
Plus
other
M3
0.8
2.1
-1.6
-0.9
0.5
1.4
1.7
1.7
1.4
0.2
11.6
7.6
-0.3
1.1
1.5
2.9
2.6
3.9
3.8
3.3
Source: ECB.
1) Growth rates are adjusted for non-transaction-related changes.
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.
26
26
8.5 Euro area investment fund shares issued by investment policy

(EUR billions; outstanding amounts at end of period; 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 Nov.
6,454
2,349
1,668
2012 July
Aug.
Sep.
Oct.
Nov.
37.4
16.9
21.4
30.2
25.3
23.5
17.4
12.3
24.3
24.7
-2.5
-2.8
4.9
1.1
-3.8
1,572
317
137
411
946
17.0
2.7
5.1
5.6
4.2
0.3
0.7
1.0
1.2
0.0
-0.4
-1.0
-0.4
-0.9
-1.8
-0.5
0.0
-1.6
-1.1
2.0
-14.9
13.1
-22.0
6.3
1.6
Transactions
8.6 Euro area financial vehicle corporations
(EUR billions; outstanding amounts at end of period; transactions during period)

Total assets
Deposits
and loan
claims
Outstanding amounts
2012 Q3
2,079
301
2011 Q3
Q4
2012 Q1
Q2
Q3
-32.7
67.7
-54.4
-83.0
-82.6
-15.9
2.7
-6.5
-14.9
-4.1
Liabilities
Securitised loans
Originated by
euro area
MFIs
Securities
other than
shares
Debt
securities
issued
1,393
1,085
203
1,685
0.0
64.9
-29.0
-49.1
-63.6
10.8
63.2
-19.5
-51.3
-65.8
-5.6
-1.2
-12.9
-2.1
-14.5
-25.6
61.7
-56.5
-72.4
-71.9
Transactions
8.7 Euro area insurance corporations and pension funds

(EUR billions; outstanding amounts at end of period)
Total financial assets
2011 Q4
2012 Q1
Q2
Q3
6,974
7,236
7,296
7,500
Liabilities
Securities
Investment
Insurance technical reserves
other
funds
than Issued by
shares Net equity of Net equity of Prepayments of
shares
euro area
households households
insurance
General
in life in pension premiums and
government
insurance
fund
reserves for
reserves
reserves outstand. claims
2,726
2,844
2,872
2,978
1,262
1,307
1,300
1,330
1,574
1,683
1,683
1,758
3,299
3,340
3,342
3,395
2,006
2,061
2,131
2,121
827
846
847
844
Source: ECB.
27
27
8.8 Euro area minimum reserve statistics

(EUR billions; interest rates as percentages per annum)
Reserve base
as at/
maintenance
period
ending in:
2012 Aug.
Sep.
Oct.
Nov.
Dec.
2013 Jan.
Feb.
Reserve base
Reserve maintenance
Total
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
18,943
18,894
18,808
18,752
.
.
.
10,692
10,683
10,649
10,591
.
.
.
8,252
8,211
8,159
8,161
.
.
.
107.0
107.1
107.0
106.4
106.4
106.0
105.4
510.2
540.0
538.1
529.2
509.9
489.0
.
0.75
0.75
0.75
0.75
0.75
0.75
.
Source: ECB.
1) A coefficient of 1% is applied as of the maintenance period beginning on 18 January 2012.
A coefficient of 2% is applied to all previous maintenance periods.
8.9 Assets of the banking system and selected non-bank financial

intermediaries of the euro area
(outstanding amounts in EUR billions, unless otherwise indicated; end of period)
2010
2011
2012 Q1
Q2
Q3
Source: ECB.
Credit
institutions
Eurosystem
Money
market
funds
Investment
funds
Financial
vehicle
corporations
Insurance
corporations
and pension funds
31,074
32,520
32,805
33,196
32,955
3,212
4,700
5,238
5,573
5,490
1,133
1,021
981
988
961
6,289
6,218
6,681
6,707
7,025
2,352
2,278
2,225
2,147
2,079
7,019
7,124
7,387
7,448
7,653
8.10 EU consolidated banking data 1)
(EUR billions, unless otherwise indicated; end of period)

Foreign-controlled
subsidiaries and branches
Domestic credit institutions
2009
2010
2011
2012 30 June
Number
(thousands)
Total
assets
3,873
3,730
3,691
3,650
34,847
34,638
35,902
36,915
Return on
Overall
equity (%) solvency ratio (%)
1.02
3.90
-0.69
2.65
Source: ECB.
1) Data are fully consolidated on a cross-border and cross-sector basis.
13.17
13.59
13.53
14.11
Number
(thousands)
Total
assets
1,042
1,038
1,022
996
7,945
8,234
8,916
8,848
28
28
9 Financial market developments
9.1 Securities issued by euro area residents: outstanding amounts

(EUR billions, unless otherwise indicated; outstanding amounts at end of period;
nominal or market values 1) )
Debt securities
Equity
securities
of which: 2)
2009
2010
2011
2012 Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
of which:
Short-term
Long-term
fixed rate
Long-term
variable rate
issued in
euro (%)
1,640
1,544
1,599
1,646
1,646
1,641
1,601
1,632
1,616
1,565
1,553
1,543
8,813
9,474
10,016
10,227
10,242
10,371
10,407
10,420
10,443
10,497
10,533
10,631
4,378
4,384
4,408
4,346
4,340
4,358
4,335
4,338
4,294
4,242
4,246
4,203
89.3
88.9
88.9
88.9
88.7
88.4
88.6
88.3
88.5
88.6
88.6
88.5
15,280
15,874
16,525
16,730
16,730
16,833
16,802
16,854
16,800
16,753
16,779
16,827
Quoted
shares
4,409
4,580
3,888
4,251
4,078
3,772
3,935
4,062
4,185
4,242
4,319
4,407
Source: ECB.
1) Nominal value for debt securities; market value for equity securities.
2) "Short-term", "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.
9.2 Debt securities issued by euro area residents: gross issues, redemptions
and net issues
(EUR billions, unless otherwise indicated; transactions during period; nominal values)
Gross issues
Redemptions
In euro (%)
2009
2010
2011
2012 Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
13,521
12,096
12,005
1,229
905
980
962
957
800
843
899
793
93.0
89.8
90.2
89.0
88.6
88.4
90.6
87.0
88.5
89.9
86.3
85.5
Net issues
In euro (%)
12,500
11,553
11,403
1,193
943
938
985
945
837
870
880
754
93.1
89.7
90.0
91.6
89.4
88.9
89.2
89.9
86.6
88.2
87.7
86.8
Seasonally Non-seasonally
adjusted
adjusted 1)
82
-8
-2
14
56
-6
33
27
-24
1,070
549
618
79
-2
60
-18
29
-37
-23
38
49
Source: ECB.
1) As a full breakdown of net issues into gross issues and redemptions may not be available in all countries,
the difference between aggregated gross issues and redemptions may deviate from the aggregated net
issues.
29
29
9.3 Euro-denominated debt securities issued by euro area residents:

outstanding amounts and annual growth rates 1) by sector of the issuer
(annual growth rates, unless otherwise indicated; outstanding amounts at end of period; nominal values)
Total economy
2010
2011
2012 June
July
Aug.
Sep.
Oct.
Nov.
MFIs
Financial
Nonincluding corporations financial
the Euro- other than corporasystem
MFIs
tions
EUR
Index:
billions Dec. 2008 =
100 1)
Central
government
Other
general
government
14,113
14,683
14,885
14,877
14,865
14,847
14,860
14,893
111.9
116.4
118.9
118.8
118.7
118.6
118.8
119.0
3.6
4.0
3.9
3.9
3.6
3.5
3.1
2.6
-0.6
6.5
5.3
6.2
5.6
3.8
2.9
1.6
1.2
-2.3
-0.3
-1.5
-2.2
-1.8
-2.6
-2.3
6.4
5.8
10.8
10.4
10.6
12.3
12.5
12.7
7.3
4.5
3.3
3.1
3.2
3.8
3.8
3.9
13.2
9.7
12.1
14.5
12.7
13.3
13.0
8.4
2010
14,113
2011
14,683
2012 Nov. 14,893
4,311
4,591
4,587
2,762
2,728
2,643
703
714
806
5,840
6,106
6,251
496
544
605
Outstanding amounts per sector (EUR billions)
Source: ECB.
1) The index data and annual growth rates are shown as end-of-period values in order to ensure consistency
with other information in this table.
9.4 Quoted shares issued by euro area residents: outstanding amounts and
annual growth rates 1) by sector of the issuer
(annual growth rates, unless otherwise indicated; outstanding amounts at end of period; market values)
Total economy
2010
2011
2012 June
July
Aug.
Sep.
Oct.
Nov.
2010
2011
2012 Nov.
EUR
Index:
billions Dec. 2008 =
100 1)
4,580
3,888
3,935
4,062
4,185
4,242
4,319
4,407
4,580
3,888
4,407
MFIs
Financial
corporations
other than
MFIs
Non-financial
corporations
104.4
106.1
106.6
106.8
106.8
106.9
107.0
107.0
1.4
1.6
1.1
1.0
0.9
0.9
1.0
1.0
6.5
9.3
7.7
5.8
4.6
4.9
5.0
5.5
2.3
4.9
2.8
2.7
3.3
2.8
2.9
2.4
0.7
0.4
0.3
0.3
0.3
0.4
0.4
0.4
458
339
396
334
271
338
3,788
3,278
3,673
Outstanding amounts per sector (EUR billions)
Source: ECB.
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.
30
30
9.5 Money market interest rates

(percentages per annum; period averages)
Euro area
EONIA
EURIBOR
1 month
2010
2011
2012
2012 Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
2013 Jan.
0.44
0.87
0.23
0.38
0.37
0.36
0.35
0.34
0.33
0.18
0.11
0.10
0.09
0.08
0.07
0.07
0.57
1.18
0.33
0.84
0.63
0.47
0.41
0.39
0.38
0.22
0.13
0.12
0.11
0.11
0.11
0.11
3 months
Nominal
0.81
1.39
0.58
1.22
1.05
0.86
0.74
0.68
0.66
0.50
0.33
0.25
0.21
0.19
0.19
0.20
6 months
Real
-0.81
-1.33
-1.92
-1.43
-1.68
-1.82
-1.84
-1.75
-1.70
-1.91
-2.28
-2.36
-2.28
-2.00
-2.04
-1.80
1.08
1.64
0.83
1.50
1.35
1.16
1.04
0.97
0.93
0.78
0.61
0.48
0.41
0.36
0.32
0.34
1 year
1.35
2.01
1.11
1.84
1.68
1.50
1.37
1.27
1.22
1.06
0.88
0.74
0.65
0.59
0.55
0.58
United States
Japan
LIBOR
LIBOR
3 months
Nominal
0.34
0.34
0.43
0.57
0.50
0.47
0.47
0.47
0.47
0.45
0.43
0.39
0.33
0.31
0.31
0.30
3 months
Real Nominal
-1.30
-2.82
-1.64
-2.36
-2.37
-2.18
-1.84
-1.24
-1.20
-0.95
-1.26
-1.61
-1.83
-1.45
-1.43
.
Sources: ECB calculations based on underlying data provided by Thomson Reuters.
0.23
0.19
0.19
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.19
0.19
0.19
0.19
0.18
0.17
Real
0.95
0.48
0.23
0.10
-0.11
-0.31
-0.30
0.00
0.30
0.60
0.70
0.49
0.59
0.39
0.28
.
9.6 Interest rates implied by 3-month EURIBOR futures
(percentages per annum; period averages; by maturity date of futures contract)
2010
2011
2012
2012 Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
2013 Jan.
Mar. 2013
2.32
1.99
0.47
0.85
0.80
0.74
0.71
0.61
0.54
0.38
0.25
0.22
0.21
0.17
0.16
0.25
Jun. 2013
2.45
2.10
0.50
0.90
0.84
0.80
0.76
0.64
0.56
0.39
0.27
0.24
0.24
0.19
0.16
0.30
Sep. 2013
2.58
2.20
0.54
0.95
0.89
0.88
0.82
0.67
0.59
0.42
0.29
0.27
0.28
0.21
0.17
0.34
Dec. 2013
2.72
2.34
0.60
1.04
0.97
0.98
0.91
0.73
0.65
0.47
0.35
0.32
0.33
0.25
0.20
0.40
Mar. 2014
2.83
2.46
0.67
1.14
1.05
1.08
0.98
0.79
0.71
0.52
0.42
0.38
0.39
0.30
0.24
0.45
Sources: ECB calculations based on underlying data provided by Bloomberg.
Jun. 2014
2.95
2.59
0.75
1.27
1.17
1.20
1.08
0.87
0.79
0.58
0.50
0.46
0.46
0.36
0.30
0.51
Sep. 2014
3.07
2.71
0.84
1.41
1.29
1.32
1.19
0.95
0.88
0.65
0.57
0.53
0.53
0.42
0.35
0.58
31
31
9.7 Euro area yield curves
(AAA-rated euro area central government bonds; end of period; rates in percentages per annum;
spreads in percentage points)
Spot rates
Instantaneous forward rates
3 months 1 year 2 years 5 years 10 years 10Y-3M

spread
2011 Dec.
2012 Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
2013 Jan.
0.00
0.11
0.11
0.07
0.03
0.07
0.04
0.00
0.03
0.02
0.01
0.04
0.06
0.07
0.09
0.21
0.15
0.16
0.10
0.05
0.08
-0.09
-0.05
-0.01
-0.01
-0.02
-0.04
0.15
0.41
0.45
0.37
0.39
0.32
0.17
0.27
-0.02
0.01
0.07
0.09
0.04
-0.01
0.32
1.56
1.44
1.39
1.36
1.26
0.89
1.17
0.71
0.75
0.76
0.78
0.65
0.58
0.99
2.65
2.67
2.59
2.60
2.47
1.89
2.32
1.87
1.91
1.94
1.95
1.80
1.72
2.02
2.65
2.55
2.49
2.53
2.44
1.82
2.27
1.87
1.88
1.92
1.94
1.76
1.66
1.95
10Y-2Y 1 year 2 years 5 years 10 years

spread
2.24
2.22
2.22
2.21
2.15
1.72
2.05
1.89
1.90
1.87
1.86
1.76
1.74
1.71
0.32
0.39
0.29
0.34
0.26
0.10
0.20
-0.11
-0.08
0.00
0.02
-0.03
-0.09
0.28
1.15
1.03
0.95
0.95
0.85
0.52
0.76
0.26
0.30
0.36
0.39
0.27
0.17
0.70
3.24
3.07
3.06
2.97
2.84
2.17
2.69
2.12
2.17
2.10
2.13
1.91
1.84
2.18
Sources: ECB calculations based on underlying data provided by EuroMTS and ratings provided by
Fitch Ratings.
3.84
4.26
4.06
4.26
4.10
3.23
3.82
3.52
3.55
3.75
3.72
3.60
3.50
3.62
9.8 Spreads between swaps and government bond yields

(percentage points; end of period)
Euro area
2010
2011
2012
2012 Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
2013 Jan.
2 years
-0.60
-8.92
-0.69
-10.40
-12.43
-5.06
-0.68
-0.85
-1.28
-1.23
-1.15
-0.84
-0.84
-0.82
-0.69
-0.40
3 years
-0.80
-5.03
-0.87
-4.69
-6.40
-2.56
-1.07
-1.25
-1.49
-1.49
-1.41
-0.91
-0.90
-0.98
-0.87
-0.66
5 years
-0.96
-4.04
-0.98
-4.08
-4.32
-1.93
-1.23
-1.48
-1.63
-1.57
-1.40
-1.16
-1.07
-1.12
-0.98
-0.82
7 years
-0.93
-3.63
-1.66
-3.62
-3.87
-2.03
-1.80
-2.04
-2.22
-2.21
-2.05
-1.72
-1.66
-1.79
-1.66
-1.35
10 years
-0.77
-1.60
-0.50
-1.59
-1.45
-0.98
-1.16
-1.57
-1.55
-1.46
-1.21
-0.62
-0.53
-0.55
-0.50
-0.64
Sources: ECB calculations based on underlying data provided by Bloomberg.
United States
Japan
10 years
10 years
0.09
0.13
0.03
0.11
0.07
0.05
0.09
0.11
0.14
0.11
0.09
0.04
0.03
0.02
0.03
0.02
0.07
-0.02
0.00
-0.01
0.00
0.02
0.00
0.01
-0.01
-0.01
-0.01
-0.02
-0.01
0.00
0.00
0.01
32
32
9.9 Stock market indices
(index levels in points; 1) rates of change in percentages; period averages)
2010
2011
2012
2012 May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
2013 Jan.
Europe
Euro area
United States
Japan
Dow
Jones
STOXX
50
Dow Jones
EURO STOXX 50
Standard & Poors 500
Nikkei 225
Level
2,521
2,450
2,468
2,317
2,307
2,435
2,541
2,554
2,545
2,523
2,584
2,645
Level
2,779
2,611
2,412
2,199
2,153
2,258
2,425
2,531
2,503
2,514
2,626
2,715
Annual
Volatil- rate of
ity 2) change
7.17 12.0
9.22 -5.8
5.63 -5.9
7.65 -23.8
8.72 -22.2
8.67 -17.7
7.49
5.5
6.64 19.1
5.88
8.3
5.59 12.3
5.63 15.0
6.34 14.0
Level
1,140
1,268
1,379
1,341
1,323
1,360
1,403
1,443
1,438
1,395
1,422
1,480
Annual
Volatil- rate of
ity 2) change
8.35
5.85
4.30
5.34
4.81
4.83
4.78
4.46
5.26
4.03
4.30
4.96
21.8
11.6
9.1
0.2
2.8
2.6
18.4
23.0
19.1
13.7
14.4
13.8
Level
10,006
9,425
9,103
8,843
8,638
8,761
8,950
8,949
8,827
9,060
9,814
10,751
Annual
Volatil- rate of
ity 2) change
3.46
8.8
2.81 -5.6
2.11 -2.9
2.24 -8.4
2.17 -9.5
2.24 -12.4
2.10 -1.4
1.96
2.9
1.74
1.1
1.78
6.5
2.11 15.4
2.24 24.8
Sources: ECB calculations based on underlying data provided by Bloomberg and Thomson Reuters.
1) The bases for the Dow Jones STOXX 50, Dow Jones EURO STOXX 50, Standard & Poors 500 and
Nikkei 225 indices are, respectively: 31 December 1991=1,000; 31 December 1991=1,000; the period
1941-43=10; and 16 May 1949=176.21.
2) Values are based on the average daily implied volatility of the Dow Jones EURO STOXX 50,
Standard & Poors 500 and Nikkei 225 indices.
9.10 Euro area sectoral stock market indices
(index levels in points; index: 31 December 1991=100; period averages)

Dow Jones EURO STOXX main industry indices
2010
2011
2012
2012 May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
2013 Jan.
Basic
Consumer
Oil Finanmaand gas
cials
terials Services Goods
463
493
504
469
453
479
509
531
528
526
559
568
166
158
152
140
137
146
155
158
159
163
170
176
323
351
386
374
358
379
400
398
398
404
423
434
307
312
307
282
275
290
313
321
312
308
312
320
183
153
122
105
104
106
117
130
130
131
138
149
Indus- Tech- Utilities Telecoms Health

trials nology
care
338
349
330
310
298
314
330
340
340
344
362
374
224
222
219
205
198
204
221
223
220
231
247
255
345
302
236
219
215
224
232
247
242
227
226
229
Sources: ECB calculations based on underlying data provided by Thomson Reuters.
390
358
269
261
250
257
266
275
256
239
240
252
408
433
523
492
499
534
553
560
568
563
583
589
33
33
9.11 Euro area MFI interest rates on deposits
(percentages per annum excluding charges; new business rates as period averages, unless otherwise indicated)
From households
2012 Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Over- Redeemnight 1)
able
at notice
of up to 3
months 1)
0.51
0.49
0.48
0.47
0.45
0.44
0.42
0.41
0.40
0.39
1.79
1.76
1.74
1.73
1.70
1.68
1.65
1.62
1.61
1.60
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
2.88
2.82
2.65
2.72
2.80
2.66
2.80
2.74
2.73
2.71
3.04
2.93
2.70
2.73
2.89
2.76
2.83
2.56
2.46
2.58
2.81
2.78
2.76
2.73
2.72
2.70
2.69
2.67
2.66
2.64
Overnight 1)
0.58
0.55
0.54
0.52
0.48
0.46
0.46
0.45
0.43
0.42
With an agreed maturity of:

Up to
Over 1
Up to
1 year and up to 2 years 2)
2 years
1.31
1.16
1.07
1.11
1.14
1.10
1.13
1.05
1.04
1.08
2.75
2.70
2.31
2.32
2.01
2.12
2.37
2.18
2.03
1.91
Source: ECB.
1) For this instrument category, the interest rates on outstanding amounts and new business coincide.
Mostly end-of-period rates.
2) Data are end-of-period values and represent rates on outstanding amounts.
2.05
2.00
1.96
1.93
1.89
1.84
1.82
1.78
1.79
1.80
9.12 Euro area MFI interest rates on loans
(percentages per annum excluding charges; new business rates as period averages, unless otherwise indicated)
To households
2012 Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
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, Maturity
over 5
over overdrafts, 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)
8.39
8.26
8.26
8.25
8.15
8.12
8.14
8.04
7.96
7.92
3.85
3.80
3.77
3.76
3.72
3.67
3.66
3.61
3.60
3.56
3.61
3.59
3.53
3.46
3.31
3.21
3.21
3.15
3.14
3.25
3.91
3.96
3.84
3.69
3.62
3.52
3.49
3.49
3.40
3.45
4.60
4.46
4.42
4.39
4.29
4.20
4.18
4.21
4.17
4.18
3.60
3.54
3.50
3.46
3.40
3.36
3.34
3.26
3.25
3.22
4.20
4.19
4.14
4.08
4.12
3.94
3.87
3.93
3.90
3.79
Source: ECB.
1) For this instrument category, the interest rates on outstanding amounts and new business coincide.
Mostly end-of-period rates.
2) Data are end-of-period values and represent rates on outstanding amounts.
2.52
2.54
2.58
2.56
2.40
2.16
2.21
2.22
2.18
2.28
34
34
10 Payment and settlement systems
10.1 Transactions involving non-MFIs by type of payment instrument

(period totals)
Volume of transactions
(millions)
Euro area
Value of transactions
(number
per capita)
(EUR thousands
per capita)
(EUR billions)
EU Euro area
EU Euro area
Credit transfers
EU Euro area
EU
2007
2008
2009
2010
2011
14,676
15,025
15,685
16,282
16,933
21,177
21,660
22,428
23,858
24,898
45.93
46.59
47.66
49.33
50.94
42.66
43.43
44.83
47.56
49.51
113,740
118,499
111,688
111,722
120,198
280,800
236,922
199,256
202,682
213,472
355.94
367.44
339.41
338.50
361.62
565.66
475.09
398.24
404.05
424.48
2007
2008
2009
2010
2011
15,897
16,563
17,425
18,056
18,105
19,469
20,255
21,124
22,020
22,166
49.75
51.36
52.95
54.71
54.47
39.22
40.62
42.22
43.90
44.08
13,616
14,102
13,367
14,732
16,705
15,452
15,823
14,494
16,001
18,080
42.61
43.73
40.62
44.64
50.26
31.13
31.73
28.97
31.90
35.95
16,800
18,103
19,159
20,625
22,195
27,484
29,718
31,657
34,178
37,155
52.58
56.13
58.22
62.49
66.78
55.36
59.59
63.27
68.13
73.88
936
960
1,002
1,074
1,146
1,642
1,640
1,629
1,782
1,915
2.93
2.98
3.04
3.25
3.45
3.31
3.29
3.26
3.55
3.81
2007
2008
2009
2010
2011
427
750
856
1,025
1,266
488
836
915
1,091
1,291
1.34
2.33
2.60
3.10
3.81
0.98
1.68
1.83
2.17
2.57
5
17
21
28
38
5
17
21
28
38
0.01
0.05
0.06
0.09
0.11
0.01
0.03
0.04
0.06
0.07
2007
2008
2009
2010
2011
4,664
4,438
4,125
3,874
3,648
6,333
5,867
5,427
5,006
4,631
14.59
13.76
12.54
11.74
10.97
12.76
11.77
10.85
9.98
9.21
6,597
6,081
5,004
4,720
4,350
9,134
8,030
6,482
6,043
5,496
20.65
18.85
15.21
14.30
13.09
18.40
16.10
12.96
12.05
10.93
2007
2008
2009
2010
2011
544
528
445
404
433
545
541
458
416
446
1.70
1.64
1.35
1.22
1.30
1.10
1.09
0.92
0.83
0.89
1,711
1,668
1,329
1,129
1,232
1,717
1,676
1,336
1,136
1,238
5.35
5.17
4.04
3.42
3.71
3.46
3.36
2.67
2.26
2.46
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.
1) E-money, or electronic money, is a monetary value, represented by a claim on the issuer, which is
stored on an electronic device (e.g. a card or computer), 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.
35
35
10.2 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;
HICP adjusted)
-10.15
-1.33
-0.75
1.95
611,134
536,032
631,440
651,824
-10.87
-13.09
15.25
0.47
18.10
-9.19
1.85
4.97
73,426
65,204
62,208
64,020
24.09
-12.01
-6.66
0.16
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
52.44
13.11
32.45
7.90
145,637
131,666
161,791
182,482
10.68
-10.42
20.22
9.77
26
25
25
25
-13.88
-1.56
-1.71
-0.04
1,232
414
356
418
-92.85
-66.72
-15.87
14.28
626
493
512
537
-48.22
-21.30
3.99
4.85
142,805
112,537
113,143
120,881
-4.14
-21.92
-1.64
3.98
2008
2009
2010
2011
26,403
27,340
28,065
28,512
1.98
3.55
2.65
1.59
19,421
18,321
18,846
19,886
2.56
-6.53
0.64
2.69
2008
2009
2010
2011
10,878
10,908
11,091
11,381
3.10
0.28
1.68
2.62
9,752
8,278
8,917
9,371
-7.06
-15.90
5.39
2.28
2008
2009
2010
2011
2008
2009
2010
2011
EURO1/STEP1
CLS 1) (totals processed in euro)
Other EU large-value payment systems processing euro
EU large-value payment systems processing other currencies
EU retail systems processing euro
EU retail systems processing other currencies
Source: ECB
1) CLS is situated outside the EU, in the United States.
36
36
11 Selected indicators for EU Member States
11.1 Scoreboard for the surveillance of macroeconomic imbalances

2011
External imbalances/
competitiveness indicators
Current
account
balance
2), 3)
Net
i.i.p. 2)
1)
Internal imbalances
Real Export Nom- House Private Private Finan- General UnempEER, market
inal prices, sector sector
cial governloyHICP- share 5)
unit consum- credit debt 2) sector
ment
ment
deflabour
ption- flow 2)
liabili- debt 2) rate 3)
lated 4)
costs 6)
defties 7)
lated 7)
Euro area
BE
-0.3 65.7 -0.5 -10.3
6.3
DE
5.9 32.6 -3.9 -8.5
5.9
EE
2.8 -57.8
0.8 10.8 -6.1
IE
0.0 -96.0 -9.1 -12.4 -13.0
GR
-10.4 -86.1
3.1 -18.9
4.1
ES
-4.3 -91.8 -1.3 -7.8 -2.1
FR
-1.6 -15.9 -3.2 -11.4
6.0
IT
-2.9 -20.6 -2.1 -18.6
4.4
CY
-8.4 -71.3 -0.9 -16.6
8.8
LU
7.5 107.8
0.8 -10.3 12.6
MT
-4.3
7.5 -3.0
6.2
7.8
NL
7.5 35.5 -1.6 -8.4
5.8
AT
2.2
-2.3 -1.0 -12.9
5.9
PT
-9.1 -105.0 -1.9 -9.7
1.0
SI
-0.4 -41.2 -0.3
8.4
8.3
SK
-2.8 -64.4
4.3 -1.3
4.4
FI
0.6 13.1 -1.3 -23.0
9.1
Thd8) -4/+6% -35% +/-5% -6% +9%
Non-euro area
BG
-3.4 -85.6
3.1 16.9 20.3
CZ
-3.0 -49.3
0.3
8.2
3.3
DK
5.0 27.8 -1.7 -17.1
4.7
LV
3.1 -73.3 -0.6 23.3 -13.1
LT
0.0 -52.6
3.6 24.9 -8.4
HU
0.6 -105.9 -3.3 -3.0
3.7
PL
-4.6 -63.5 -10.9 12.6
4.3
RO
-4.4 -64.9 -2.4 22.6 13.0
SE
6.9
-6.9
3.9 -11.8
1.4
UK
-2.1 -17.2 -7.1 -24.6
8.2
Thd8) -4/+6% -35% +/-11% -6% +12%
-0.1
1.4
3.3
-15.2
-5.1
-10.0
3.8
-2.0
-8.5
1.5
-2.3
-4.0
-8.0
-3.6
1.0
-5.6
-0.3
+6%
-9.0
0.0
-4.9
4.9
2.4
-4.1
-5.7
-18.9
1.0
-5.4
+6%
12.7
4.8
6.8
4.0
-5.6
-4.1
4.0
2.6
15.9
2.5
2.2
0.7
4.1
-3.2
1.9
3.3
4.5
236.9
127.8
132.9
309.5
128.9
218.1
160.4
128.6
284.0
326.3
208.5
224.7
160.7
249.3
128.3
76.3
178.7
4.7
2.1
-4.4
-0.7
-3.4
3.7
7.3
3.8
-0.2
11.3
1.4
7.2
-0.3
-0.7
-1.3
1.2
30.8
97.8
80.5
6.1
106.4
170.6
69.3
86.0
120.7
71.1
18.3
70.9
65.5
72.4
108.1
46.9
43.3
49.0
+60%
+10%
-6.7
2.5
-2.2
-2.5
-0.8
6.4
7.1
1.9
6.3
1.7
146.0
78.1
236.4
125.1
70.1
167.3
79.5
74.7
230.9
206.4
5.6
3.8
4.7
-4.5
8.9
-2.6
4.4
4.3
3.5
9.1
16.3
40.8
46.6
42.2
38.5
81.4
56.4
33.4
38.4
85.0
9.5
6.9
7.0
18.1
15.6
10.7
9.1
7.2
8.1
7.8
+15% +160% +16.5%
+15% +160% +16.5%
+60%
7.8
6.9
14.4
13.5
13.2
19.9
9.6
8.2
6.6
4.8
6.8
4.2
4.4
11.9
7.1
13.4
8.1
+10%
Sources: European Commission (Eurostat and DG ECFIN) and ECB.

1) Data may differ from the European Commissions Alert Mechanism Report as a result of revisions.
2) As a percentage of GDP.
3) Three-year average.
4) Three-year percentage change relative to 35 other industrial countries. A positive value indicates a
loss of competitiveness.
5) Five-year percentage change.
6) Three-year percentage change.
7) Year-on-year percentage change.
8) Threshold.
37
37
11.2 HICP

Share 1) Average Average
(%; 2012) 1996-00 2001-10
BE
3.5
DE
26.5
EE
0.1
IE
1.4
GR
3.3
ES
12.4
FR
20.6
IT
18.2
CY
0.3
LU
0.3
MT
0.1
NL
4.9
AT
3.1
PT
2.4
SI
0.4
SK
0.7
FI
1.8
Euro area 3)100.0
BG
0.7
CZ
1.4
DK
1.1
LV
0.2
LT
0.4
HU
1.1
PL
5.4
RO
1.6
SE
1.9
UK
15.5
100.0
EU 3)
1.6
1.1
8.8
2.6
4.6
2.6
1.3
2.4
2.9 *)
1.7
3.2 *)
1.9
1.2
2.4
8.2
8.2
1.6
1.6
10.3 **)
6.5
2.0
4.3 *)
8.2
15.1
11.0 *)
64.2
1.1
1.4 *)
1.7
2.1
1.6
4.2
2.2
3.4
2.8
1.9
2.2
2.4
2.6
2.4
2.1
1.9
2.4
4.2
4.1
1.7
2.0
6.0
2.3
2.0
5.4
3.0
5.6
2.8
12.1
1.9
2.1
2.2
2010
2.3
1.2
2.7
-1.6
4.7
2.0
1.7
1.6
2.6
2.8
2.0
0.9
1.7
1.4
2.1
0.7
1.7
1.6
3.0
1.2
2.2
-1.2
1.2
4.7
2.7
6.1
1.9
3.3
2.1
2011
3.5
2.5
5.1
1.2
3.1
3.1
2.3
2.9
3.5
3.7
2.5
2.5
3.6
3.6
2.1
4.1
3.3
2.7
3.4
2.1
2.7
4.2
4.1
3.9
3.9
5.8
1.4
4.5
3.1
2012 2012 Nov. 2012 Dec. 2013 Jan.
2.6
2.1
4.2
1.9
1.0
2.4
2.2
3.3
3.1
2.9
3.2
2.8
2.6
2.8
2.8
3.7
3.2
2.5
2.4
3.5
2.4
2.3
3.2
5.7
3.7
3.4
0.9
2.8
2.6
2.2
1.9
3.8
1.6
0.4
3.0
1.6
2.6
1.4
2.7
3.6
3.2
2.9
1.9
2.8
3.5
3.2
2.2
2.7
2.8
2.2
1.5
2.8
5.3
2.7
4.4
0.8
2.7
2.4
2.1
2.0
3.6
1.7
0.3
3.0
1.5
2.6
1.5
2.5
2.8
3.4
2.9
2.1
3.1
3.4
3.5
2.2
2.8
2.4
1.9
1.6
2.9
5.1
2.2
4.6
1.1
2.7
2.3
.
1.9 2)
.
.
.
2.8 2)
.
.
.
.
.
.
.
.
.
.
.
2.0 2)
.
.
.
.
.
.
.
.
.
.
.
Sources: Eurostat and national data.

*) Data for 1997-2000. **) Data for 1998-2000.
1) Non-euro area countries: percentage share in the EU total.
2) Flash estimate. Euro area: estimate based on provisional national releases (which usually cover around
95% of the euro area), as well as early information on energy prices.
3) Data refer to the changing composition of the euro area and EU; for further information see page 6.
38
38
11.3 GDP
(annual percentage changes in volume and quarterly data seasonally adjusted, unless otherwise indicated)
GDP in 2011
1)
EUR Share 2) Average Average

billions
(%) 1996-00 2001-10
BE
369.8
3.9
DE
2,592.6 27.5
EE
16.0
0.2
IE
159.0
1.7
GR 3)
208.5
2.2
ES
1,063.4 11.3
FR
1,996.6 21.2
IT
1,579.7 16.8
CY
18.0
0.2
LU
42.6
0.5
MT
6.5
0.1
NL
602.0
6.4
AT
300.7
3.2
PT
171.0
1.8
SI
36.2
0.4
SK
69.1
0.7
FI
189.5
2.0
Euro area 9,421.0 100.0
BG
38.5
0.3
CZ
156.2
1.2
DK
240.5
1.9
LV
20.2
0.2
LT
30.8
0.2
HU
99.8
0.8
PL
369.7
2.9
RO
131.3
1.0
SE
387.6
3.1
UK
1,747.1 13.8
EU
12,642.7 100.0
2.9
1.9
6.7
10.3
3.3
4.1
2.7
1.9
3.8
6.1
.
4.0
3.2
4.2
5.1
3.4
4.8
2.7
0.2
2.4
2.9
5.5
4.7
2.9
5.4
.
3.5
3.6
2.9
1.4
1.0
3.6
2.7
2.0
2.0
1.1
0.4
2.8
2.7
1.7
1.3
1.5
0.7
2.7
4.8
1.7
1.2
4.1
3.4
0.6
3.6
4.4
2.0
3.9
4.1
2.2
1.8
1.4
2010
2.4
4.2
3.3
-0.8
-4.9
-0.3
1.7
1.8
1.3
2.9
2.7
1.6
2.1
1.9
1.2
4.4
3.3
2.0
0.4
2.5
1.6
-0.9
1.5
1.3
3.9
-1.7
6.6
1.8
2.1
2011
1.8
3.0
8.3
1.4
-7.1
0.4
1.7
0.4
0.5
1.7
1.6
1.0
2.7
-1.6
0.6
3.2
2.7
1.4
1.7
1.9
1.1
5.5
5.9
1.6
4.3
2.5
3.7
0.9
1.5
2012 2012 Q2 2012 Q3 2012 Q4
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.6
.
.
.
.
0.0
.
-0.3
1.0
3.1
0.1
-6.3
-1.4
0.1
-2.3
-2.5
0.9
1.2
-0.6
0.5
-3.1
-2.3
2.6
-0.2
-0.5
0.5
-1.0
-1.2
4.8
3.2
-1.4
2.3
1.1
1.3
-0.3
-0.3
-0.4
0.9
3.7
0.8
-6.9
-1.6
0.0
-2.4
-2.1
-0.1
2.0
-1.3
0.7
-3.5
-2.9
2.5
-1.1
-0.6
0.5
-1.3
-0.4
5.2
3.2
-1.6
1.9
-0.6
0.7
0.0
-0.4
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.1
.
.
.
.
0.0
.
Source: Eurostat.
1) Current prices.
3) Quarterly data unadjusted.
39
39
11.4 GDP per capita and gross value added by economic activity
(current prices)
GDP per capita

2011
BE
DE
EE
IE
GR
ES
FR
IT
CY
LU
MT
NL
AT
PT
SI
SK
FI
Euro area
BG
CZ
DK
LV
LT
HU
PL
RO
SE
UK
EU
Gross value added

(% of total)
in EUR
thousands
PPPs 1)
in EUR
thousands
Deviation
(%) 2)
33.7
31.7
11.9
35.4
18.5
23.1
30.6
26.0
21.1
82.1
15.6
36.1
35.7
16.1
17.6
12.7
35.2
28.3
5.2
14.9
43.2
9.8
10.2
10.0
9.6
6.2
41.1
27.8
25.1
31.2
31.6
17.6
33.9
20.9
25.8
28.4
26.2
24.8
71.0
22.4
34.3
33.8
20.3
21.9
19.2
30.1
28.3
12.1
21.1
32.8
15.3
17.3
17.2
16.9
12.4
33.3
28.6
26.2
10.0
11.6
-37.8
19.7
-26.1
-9.1
0.1
-7.6
-12.6
150.6
-21.0
21.0
19.3
-28.3
-22.6
-32.3
6.0
0.0
-53.9
-19.6
25.1
-41.6
-34.2
-34.5
-35.6
-52.9
26.7
8.8
0.0
Agriculture,
Industry,
forestry and
including
fishing construction
0.7
0.9
3.6
1.7
3.4
2.5
1.8
2.0
2.3
0.3
1.6
1.6
1.6
2.2
2.6
3.4
2.9
1.7
5.6
2.2
1.4
5.1
3.5
4.5
4.1
7.4
1.8
0.7
1.7
22.7
30.8
30.0
31.3
15.8
27.0
18.7
24.7
16.9
14.1
18.0
24.8
29.3
23.9
30.5
36.0
27.8
25.4
31.1
37.0
22.0
24.7
31.3
31.0
33.0
41.0
26.8
23.3
25.7
Services
76.6
68.3
66.4
67.0
80.8
70.5
79.5
73.3
80.8
85.6
80.5
73.6
69.0
73.9
66.9
60.5
69.4
72.9
63.2
60.9
76.6
70.2
65.2
64.5
63.0
51.6
71.4
76.0
72.6

1) GDP in Purchasing Power Standards (PPSs) in euro, calculated on the basis of PPP rates relative to the
euro area (Euro 17 = 1).
2) Deviation (in percentages) from euro area GDP per capita in PPSs. For non-euro area countries,
deviation (in percentages) from EU GDP per capita in PPSs.
40
40
11.5 Unit labour costs
(whole economy; annual percentage changes, unless otherwise indicated)

Share 1) Average Average
(%; 2011) 1996-00 2001-10
BE
4.1
DE
28.7
EE
0.2
IE
1.5
GR2)
1.6
ES
11.0
FR
23.1
IT
14.4
CY
0.1
LU
0.4
MT
0.0
NL
6.6
AT
3.2
PT
1.8
SI
0.4
SK
0.6
FI
2.1
Euro area 100.0
0.2
BG2)
CZ
1.1
DK
2.1
LV
0.1
LT
0.2
HU
0.7
2)
PL
2.1
0.8
RO2)
SE2)
3.3
UK
15.1
EU
100.0
0.7
0.0
7.4
1.0
.
2.3
0.7
1.5
2.1
1.0
.
1.7
-0.5
3.6
5.1
7.3
0.4
0.9
95.7
6.4
1.9
5.6
7.7
13.7
10.7
.
1.9
2.3
1.6
2.0
0.4
5.7
2.3
3.0
2.7
2.1
2.6
2.9
3.4
3.0
2.2
1.4
2.3
4.3
2.9
2.2
1.7
6.1
2.5
3.0
6.4
2.6
4.6
1.1
13.8
1.4
2.5
2.0
2009
3.8
5.6
1.4
-3.8
6.2
1.3
3.7
4.0
3.9
7.3
6.3
5.3
5.0
3.1
8.5
5.7
9.0
4.2
12.7
2.2
5.9
-7.9
-1.5
2.8
2.2
3.0
4.4
5.3
4.5
2010
-0.3
-1.1
-6.2
-6.4
-0.1
-2.0
0.6
-0.5
1.4
1.6
-0.2
-0.8
0.0
-1.4
0.4
-0.9
-1.6
-0.9
5.6
0.0
-1.2
-10.4
-6.9
-0.9
1.3
7.7
-2.4
1.2
-0.3
2011
2.7
1.4
-1.4
-3.3
-1.8
-1.5
1.6
0.9
3.3
3.3
1.6
1.2
0.9
-0.6
-0.6
-0.4
1.8
1.0
1.1
1.1
0.1
5.2
-0.1
1.8
0.7
1.9
-0.5
1.6
1.0
2012 Q1
3.5
2.4
3.6
-0.8
-6.0
-1.7
2.2
1.1
1.9
4.1
3.5
1.9
3.3
-5.5
0.6
-1.7
3.5
1.6
1.9
4.3
1.1
-1.3
3.9
5.5
0.0
4.6
1.6
4.3
2.1
2012 Q2
4.5
2.5
5.7
0.0
-5.7
-3.3
1.9
0.9
1.6
3.3
2.3
1.8
3.7
-3.3
0.4
-0.3
4.3
1.3
0.7
3.3
2.0
-1.8
4.5
6.5
0.6
4.2
2.4
4.7
1.9
2012 Q3
3.5
2.5
5.4
1.4
-5.9
-3.0
1.9
2.3
0.0
3.1
3.8
1.9
3.7
-3.0
1.3
-1.0
4.2
1.7
3.2
2.5
1.7
-2.6
2.9
5.6
1.5
-0.8
3.0
3.6
2.1

1) Country shares are based on compensation of employees. Non-euro area countries: percentage share in
the EU total.
41
41
11.6 Harmonised competitiveness indicators and real effective exchange rates

based on consumer price indices 1)
(period averages; 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
101.1
96.8
109.3
115.4
102.9
108.5
100.2
103.3
108.1
108.1
108.2
106.7
98.0
106.1
100.7
151.8
97.8
103.3
126.6
127.1
100.9
99.9
116.9
133.7
115.0
133.2
95.9
98.3
103.4
97.0
121.0
121.1
106.6
112.3
100.4
104.1
109.2
110.7
111.5
106.4
97.8
106.5
103.7
186.8
97.9
105.6
147.1
149.2
102.3
117.1
128.0
144.8
125.8
148.9
90.8
87.7
2011
101.7
91.6
122.7
110.2
107.7
109.8
96.4
100.4
107.2
109.1
108.4
100.9
95.6
103.8
101.9
192.1
94.6
97.6
152.5
155.4
99.2
117.1
131.2
140.5
119.8
144.4
95.0
78.5
2012 2012 Oct. 2012 Nov. 2012 Dec.
99.4
88.8
122.4
105.0
103.7
107.4
93.8
98.8
105.4
106.7
105.5
98.1
94.1
102.6
100.6
191.6
92.6
92.9
149.7
150.6
96.6
116.5
129.6
136.5
116.9
136.1
94.6
81.8
99.5
88.6
122.6
104.9
103.3
108.3
93.7
98.8
105.0
107.2
105.4
98.6
94.5
102.2
101.0
191.8
92.8
92.8
150.3
152.2
96.2
116.0
129.8
141.2
118.4
133.9
95.3
82.6
99.3
88.4
122.3
104.0
102.8
107.7
93.2
98.6
103.8
106.7
105.3
98.2
94.4
102.1
100.5
191.5
92.5
92.6
149.4
148.7
95.9
115.9
129.4
140.5
117.3
134.3
94.7
82.6
99.9
89.1
122.7
104.9
103.4
108.3
93.8
99.4
104.1
107.4
106.4
99.1
94.9
102.5
100.9
192.2
93.3
93.8
150.1
150.0
96.3
116.4
129.8
139.8
118.9
136.4
95.1
82.6
Source: ECB.
1) For the non-euro area EU countries the real effective exchange rate of the euro
vis--vis 40 trading partners is displayed. For euro area countries the table shows
the harmonised competitiveness indicators calculated vis--vis these same trading
partners plus the other euro area countries. A positive change points to a decrease
in price competitiveness.
% change
versus previous year
2012 Dec.
-1.1
-1.6
-0.3
-2.2
-2.8
-0.1
-1.9
-0.9
-1.7
-0.5
0.2
-0.3
-0.3
-1.1
-0.7
-0.7
-0.4
-2.0
-1.3
-0.1
-2.3
-2.4
-1.5
8.0
8.0
-3.3
1.7
3.3
42
42
11.7 Population and employment

Population
Employment
Share 1)
2011
(%; Average Average
(millions) 2011) 1996-00 2001-10
BE
11.0
DE
81.8
EE
1.3
IE
4.5
GR2)
11.3
ES
46.1
FR
65.2
IT
60.7
CY
0.9
LU
0.5
MT
0.4
NL
16.7
AT
8.4
PT
10.7
SI
2.1
SK
5.4
FI
5.4
Euro area 332.4
BG
7.3
CZ
10.5
DK
5.6
LV
2.1
LT
3.0
HU
10.0
PL
38.5
21.4
RO*)
SE
9.4
UK
62.7
EU
502.9
3.1
28.0
0.4
1.2
3.0
12.6
18.3
16.8
0.3
0.3
0.1
5.9
2.8
3.3
0.6
1.5
1.7
100.0
1.5
2.3
1.3
0.4
0.6
1.8
7.2
4.1
2.1
13.0
100.0
1.2
0.8
-2.0
5.7
0.6
3.9
1.6
1.0
1.2
4.1
0.2
2.6
0.9
2.1
-0.2
-0.8
2.2
1.5
-1.6
-1.0
1.0
-0.6
1.1
.
0.8
1.3
1.1
0.9
0.3
-0.4
0.9
1.0
1.4
0.5
0.7
2.2
3.1
1.1
0.6
0.9
-0.2
0.5
0.7
0.8
0.6
0.9
0.4
0.2
-0.1
-0.4
-0.4
0.9
-1.6
0.5
0.5
0.6
2010
0.7
0.6
-4.8
-4.2
-2.6
-2.5
-0.1
-0.7
0.0
1.8
1.7
-0.4
0.8
-1.5
-2.2
-1.5
-0.1
-0.5
-4.7
-1.0
-2.3
-4.8
-5.1
0.7
0.5
-0.3
1.2
0.2
-0.4
2011
1.4
1.4
7.0
-2.1
-5.6
-1.5
0.4
0.3
0.5
2.9
2.6
0.7
1.7
-1.5
-1.6
1.8
1.1
0.3
-4.2
0.3
-0.4
-8.1
2.0
0.4
1.0
-0.8
2.2
0.5
0.3
2012 2012 Q1 2012 Q2 2012 Q3
.
1.0
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.7
1.4
3.2
-0.9
-8.8
-3.5
0.2
-0.8
-2.3
2.7
2.3
0.1
1.5
-4.2
-0.7
0.6
0.8
-0.5
-1.9
0.2
-0.3
1.9
-5.0
0.3
0.3
2.5
0.8
0.2
-0.3
0.3
1.1
3.1
-1.4
-9.1
-4.3
0.0
-0.7
-2.8
2.1
2.1
0.1
1.2
-4.2
-1.0
0.3
0.1
-0.7
-2.5
0.2
-0.6
1.9
-7.2
0.6
0.0
1.2
0.8
0.9
-0.3
0.0
0.9
1.2
-0.2
-8.9
-4.2
-0.1
-0.2
-3.1
2.0
1.1
-0.4
0.9
-4.1
-1.3
0.0
0.5
-0.7
-1.6
0.3
-0.5
3.4
-5.6
-0.5
-2.9
0.3
0.6
1.8
-0.3
Source: Eurostat.
*) Population data refer to 2010.
43
43
11.8 Unemployment
(as a percentage of the labour force, unless otherwise indicated)

Share 1) Average
(%; 2012) 1996-00
BE
DE
EE
IE
GR
ES
FR
IT
CY
LU
MT
NL
AT
PT
SI
SK
FI
Euro area
BG
CZ
DK
LV
LT
HU
PL
RO
SE
UK
EU
2.0
12.8
0.4
1.8
6.5
31.9
16.6
15.2
0.3
0.1
0.1
2.6
1.0
4.7
0.5
2.1
1.1
100.0
1.6
1.5
0.9
0.6
0.8
1.9
7.0
2.8
1.5
10.0
100.0
8.7
8.9
.
7.8
15.5
10.4
11.0
.
2.6
.
4.5
4.2
5.8
7.1
.
11.8
10.0
.
.
5.2
.
.
8.1
.
.
8.0
6.4
.
Average
2001-10
7.8
8.9
9.8
6.3
9.8
12.0
8.9
7.8
4.7
4.1
7.1
3.9
4.4
8.2
6.0
15.1
8.2
8.8
11.2
7.0
5.0
11.8
10.9
7.4
14.3
7.0
7.0
5.6
8.6
2010
8.3
7.1
16.9
13.9
12.6
20.1
9.7
8.4
6.4
4.6
6.9
4.5
4.4
12.0
7.3
14.5
8.4
10.1
10.3
7.3
7.5
19.8
18.0
11.2
9.6
7.3
8.4
7.8
9.6
2011
7.2
5.9
12.5
14.7
17.7
21.7
9.6
8.4
7.9
4.8
6.5
4.4
4.2
12.9
8.2
13.6
7.8
10.2
11.3
6.7
7.6
16.3
15.3
11.0
9.6
7.4
7.5
8.0
9.7
2012 2012 Oct. 2012 Nov. 2012 Dec.
7.3
5.5
.
14.8
.
25.1
10.2
10.6
12.1
5.0
6.5
5.3
4.3
15.7
9.0
14.0
7.7
11.4
12.2
7.0
7.7
.
13.0
.
10.2
7.0
7.7
.
10.4
7.4
5.4
9.7
14.7
26.8
26.0
10.4
11.2
13.9
5.1
6.9
5.5
4.4
16.3
9.9
14.2
7.7
11.7
12.3
7.3
7.7
.
12.6
10.9
10.4
6.9
7.7
7.8
10.7
7.5
5.3
9.9
14.7
.
26.2
10.5
11.2
14.2
5.2
6.9
5.6
4.4
16.3
9.8
14.5
7.7
11.7
12.4
7.4
7.9
.
12.7
10.9
10.5
6.7
8.1
.
10.7
7.5
5.3
.
14.7
.
26.1
10.6
11.2
14.7
5.3
6.7
5.8
4.3
16.5
10.0
14.7
7.7
11.7
12.3
7.5
8.0
.
12.3
.
10.6
6.5
7.8
.
10.7
Source: Eurostat.
44
44
11.9 General government deficit/surplus
(as a percentage of GDP, unless otherwise indicated; four-quarter moving sum for quarterly data)
Contribution 1)
(percentage points; 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
-0.2
-0.2
0.0
-0.2
-0.2
-1.1
-1.5
-0.6
0.0
0.0
0.0
-0.3
-0.1
-0.2
0.0
0.0
0.0
-4.1
0.0
0.0
0.0
0.0
0.0
0.0
-0.1
-0.1
0.0
-1.1
-4.4
2008
-1.0
-0.1
-2.9
-7.4
-9.8
-4.5
-3.3
-2.7
0.9
3.2
-4.6
0.5
-0.9
-3.6
-1.9
-2.1
4.4
-2.1
1.7
-2.2
3.2
-4.2
-3.3
-3.7
-3.7
-5.7
2.2
-5.1
-2.4
2009
-5.5
-3.1
-2.0
-13.9
-15.6
-11.2
-7.5
-5.4
-6.1
-0.8
-3.9
-5.6
-4.1
-10.2
-6.0
-8.0
-2.5
-6.3
-4.3
-5.8
-2.7
-9.8
-9.4
-4.6
-7.4
-9.0
-0.7
-11.5
-6.9
2010
-3.8
-4.1
0.2
-30.9
-10.7
-9.7
-7.1
-4.5
-5.3
-0.8
-3.6
-5.1
-4.5
-9.8
-5.7
-7.7
-2.5
-6.2
-3.1
-4.8
-2.5
-8.1
-7.2
-4.4
-7.9
-6.8
0.3
-10.2
-6.5
2011
-3.7
-0.8
1.1
-13.4
-9.4
-9.4
-5.2
-3.9
-6.3
-0.3
-2.7
-4.5
-2.5
-4.4
-6.4
-4.9
-0.6
-4.1
-2.0
-3.3
-1.8
-3.4
-5.5
4.3
-5.0
-5.5
0.4
-7.8
-4.4
2012 Q3
-3.6
.
-0.4
-8.7
-9.9
-9.9
.
-3.4
-6.6
-1.8
-3.1
-4.4
-3.3
-3.5
-4.3
-5.2
-1.2
-3.9
-0.6
-3.0
-3.4
-1.3
-4.2
-3.2
-4.0
-4.3
0.0
-6.2
.
Sources: Euro area and EU data: ECB; countries deficits/surpluses: European Commission.
1) A minus sign indicates that a countrys deficit worsens the aggregate deficit/surplus, while the absence
of a sign indicates that a countrys surplus improves the aggregate deficit/surplus. For non-euro area
countries, the respective countributions to the EU total are shown.
45
45
(as a percentage of GDP, unless otherwise indicated)

Share 1)
(%; 2011)
BE
4.4
DE
25.2
EE
0.0
IE
2.0
GR
4.3
ES
8.9
FR
20.8
IT
23.0
CY
0.2
LU
0.1
MT
0.1
NL
4.8
AT
2.6
PT
2.2
SI
0.2
SK
0.4
FI
1.1
Euro area 100.0
BG
0.1
CZ
0.6
DK
1.1
LV
0.1
LT
0.1
HU
0.7
PL
1.8
RO
0.4
SE
1.4
UK
14.7
EU
100.0
2008
89.2
66.8
4.5
44.5
112.9
40.2
68.2
106.1
48.9
14.4
62.0
58.5
63.8
71.7
22.0
27.9
33.9
70.2
13.7
28.7
33.4
19.8
15.5
73.0
47.1
13.4
38.8
52.3
62.2
2009
95.7
74.5
7.2
64.9
129.7
53.9
79.2
116.4
58.5
15.3
67.6
60.8
69.2
83.2
35.0
35.6
43.5
80.0
14.6
34.2
40.6
36.7
29.3
79.8
50.9
23.6
42.6
67.8
74.6
2010
95.5
82.5
6.7
92.2
148.3
61.5
82.3
119.2
61.3
19.2
68.3
63.1
72.0
93.5
38.6
41.0
48.6
85.4
16.2
37.8
42.9
44.5
37.9
81.8
54.8
30.5
39.5
79.4
80.0
2011
97.8
80.5
6.1
106.4
170.6
69.3
86.0
120.7
71.1
18.3
70.9
65.5
72.4
108.1
46.9
43.3
49.0
87.3
16.3
40.8
46.6
42.2
38.5
81.4
56.4
33.4
38.4
85.0
82.5
2012 Q3
101.6
81.7
9.6
117.0
152.6
77.4
89.9
127.3
84.0
20.9
73.1
69.5
73.7
119.7
48.2
51.2
51.1
90.0
18.7
44.9
47.5
40.4
40.6
78.6
55.9
35.2
37.4
87.8
.
Sources: Euro area and EU data: ECB; countries debt: European Commission.
46
46
11.11 General government expenditure
(as a percentage of GDP, unless otherwise indicated; 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)
(%; 2011)
4.2
25.2
0.1
1.6
2.3
10.3
24.0
16.9
0.2
0.4
0.1
6.4
3.3
1.8
0.4
0.6
2.2
100.0
0.2
1.1
2.2
0.1
0.2
0.8
2.6
0.8
3.2
13.7
100.0
2008
49.8
44.1
39.7
43.1
50.6
41.5
53.3
48.6
42.1
39.1
43.8
46.2
49.3
44.8
44.3
34.9
49.2
47.1
38.4
41.1
51.5
39.1
37.2
49.2
43.2
39.3
51.7
47.7
47.1
2009
53.7
48.2
45.5
48.7
54.0
46.3
56.8
51.9
46.2
44.6
43.3
51.4
52.6
49.8
49.1
41.5
56.1
51.2
41.4
44.7
58.0
44.4
43.7
51.4
44.6
41.1
54.9
51.3
51.1
2010
52.5
47.7
40.7
66.1
51.5
46.3
56.6
50.4
46.2
42.8
42.5
51.2
52.6
51.3
50.3
40.0
55.8
51.0
37.4
43.7
57.8
43.7
40.8
49.8
45.4
40.2
52.3
50.4
50.6
2011
53.3
45.3
38.3
48.1
51.8
45.2
56.0
49.9
46.1
42.0
42.3
49.8
50.5
49.4
50.7
38.2
54.8
49.5
35.6
43.0
58.0
38.4
37.4
49.6
43.6
37.9
51.1
48.5
49.1
2012 Q3
54.0
.
40.6
42.7
54.5
45.4
.
50.8
46.1
43.6
43.4
50.2
51.2
48.3
49.1
37.4
55.3
49.7
36.1
43.1
59.3
37.3
35.7
48.7
42.5
36.7
51.6
48.4
.
Sources: Euro area and EU data: ECB; countries expenditure: European Commission.
47
47
11.12 Private sector debt
1)
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
218.4
130.6
157.1
279.7
118.4
219.6
149.6
128.7
.
224.1
197.1
209.1
156.5
241.1
116.8
67.8
164.5
163.2
.
71.1
239.2
.
82.5
154.9
71.0
.
235.9
217.1
2009
229.8
136.8
166.2
306.6
122.5
225.9
156.7
134.9
.
374.5
208.8
223.1
158.4
252.9
126.0
74.4
174.3
170.5
.
73.8
254.6
.
87.7
170.2
71.4
.
250.7
216.8
2010
233.5
131.5
155.9
303.8
127.6
226.4
158.6
135.5
.
346.2
206.4
222.7
164.4
251.1
127.6
73.1
177.9
170.6
.
75.1
243.4
155.9
79.0
153.4
73.9
.
234.7
206.2
2011
237.1
129.9
144.0
313.9
129.1
217.1
160.4
134.3
.
327.6
208.3
222.3
160.7
250.7
127.9
75.4
176.9
169.0
.
77.0
240.8
125.6
70.0
165.3
79.1
.
232.3
202.6
2011 Q4
237.1
129.9
144.0
313.9
129.1
217.1
160.4
134.3
.
327.6
208.3
222.3
160.7
250.7
127.9
75.4
176.9
169.0
.
77.0
240.8
125.6
70.0
165.3
79.1
.
232.3
202.6
2012 Q1
238.6
129.2
142.5
310.4
128.4
215.4
161.7
134.0
.
336.0
205.9
222.4
159.8
249.2
127.6
74.6
178.0
168.4
.
76.8
242.4
121.9
68.8
156.7
78.2
.
237.7
203.8
2012 Q2
239.2
129.6
140.8
314.2
130.5
214.1
163.7
133.1
.
340.8
205.1
224.5
161.2
251.2
127.9
74.7
182.2
169.5
.
78.1
243.4
117.4
69.3
154.9
78.8
.
239.4
204.0
2012 Q3
238.3
130.5
140.4
309.0
129.2
211.7
163.8
133.5
.
342.6
202.9
223.8
160.7
250.3
127.3
79.4
183.7
169.8
.
78.9
240.8
117.6
68.3
146.3
78.0
.
239.1
202.5

1) Outstanding amounts of securities other than shares issued, loans taken out and insurance technical
reserves liabilities of non-financial corporations, and loans taken out by households and non-profit
institutions serving households.
2) Data for Latvia (prior to 2010) and for Bulgaria, Cyprus and Romania are not available for publication
owing to national confidentiality constraints.
3) Euro area debt does not correspond to a plain sum of country data; it is the outcome of a complex data
integration process.
48
48
11.13 Private sector credit flow
1)
BE
DE
EE
IE
GR
ES
FR
IT
CY 2)
LU
MT
NL
AT
PT
SI
SK
FI
Euro area 3)
BG 2)
CZ
DK
LV 2)
LT
HU
PL
RO 2)
SE
UK
2008
20.4
2.1
13.8
34.1
16.5
12.4
10.9
6.5
.
-35.8
20.3
7.6
6.6
21.4
18.1
10.3
20.9
11.0
.
9.3
17.8
.
10.1
31.6
11.5
.
20.4
11.9
2009
8.7
1.1
-16.8
7.1
4.0
-2.8
2.4
1.1
.
174.6
10.4
6.7
-3.5
7.3
4.2
1.5
-2.4
2.3
.
0.7
0.0
.
-12.3
6.4
4.3
.
4.9
-12.1
2010
13.4
1.3
-4.5
-0.4
0.0
1.5
5.0
3.8
.
7.3
6.1
5.3
6.8
5.0
2.3
2.4
7.1
3.3
.
2.1
1.1
-9.0
-6.6
-20.4
3.9
.
3.6
1.9
2011
12.2
4.0
2.6
8.7
-3.7
-4.2
7.0
1.8
.
2.6
2.2
2.3
4.1
-3.4
2.2
7.2
9.0
3.8
.
2.2
0.4
-0.9
0.4
7.4
7.0
.
6.4
1.7
2011 Q4
12.2
4.0
2.6
8.7
-3.7
-4.2
7.0
1.8
.
2.6
2.2
2.3
4.1
-3.4
2.2
7.2
9.0
3.4
.
2.2
0.4
-0.9
0.4
7.4
7.0
.
6.4
1.7
2012 Q1
12.1
3.8
2.2
1.2
-5.4
-4.0
8.0
0.6
.
16.5
-1.5
2.4
3.5
-3.6
2.1
4.3
11.1
3.3
.
1.3
3.0
-2.4
0.3
6.2
7.1
.
6.1
1.9
2012 Q2
8.8
3.9
4.8
-1.0
-5.6
-6.3
7.5
-2.1
.
1.8
-0.5
3.8
4.6
-4.5
0.9
4.0
11.1
2.7
.
3.1
3.6
-3.5
-0.2
4.5
6.5
.
6.7
0.9
2012 Q3
9.1
3.7
5.2
-4.9
-6.1
-7.6
5.5
-2.7
.
-1.7
1.1
2.7
4.6
-6.4
-1.1
2.8
11.0
2.3
.
2.2
2.1
-3.5
-0.3
0.7
5.1
.
5.3
-1.1

1) Transactions in securities other than shares issued, loans taken out and insurance technical
reserves libilities of non-financial corporations, and loans taken out by households and non-profit
institutions serving households.
2) Data for Latvia (prior to 2010) and for Bulgaria, Cyprus and Romania are not available for publication
owing to national confidentiality constraints.
3) Euro area credit flow does not correspond to a plain sum of country data; it is the outcome of a
complex data integration process.
49
49
11.14 Gross external debt by sector

(as a percentage of GDP)
Total
2012 Q3
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.
EUR
billions
1,074.0
4,443.3
16.2
1,678.5
413.7
1,750.3
3,878.1
1,883.0
84.5
1,848.0
35.4
1,901.8
619.9
386.0
40.8
52.0
478.5
11,797.9
36.9
90.2
455.7
30.4
25.4
127.1
272.8
99.0
835.3
7,980.6
General
government
% of
GDP
286.4
168.7
96.7
1,028.7
209.6
165.8
191.8
120.2
472.2
4,204.2
528.0
316.3
201.6
229.9
114.0
73.1
247.2
124.5
95.0
59.0
187.7
139.4
79.1
128.2
70.8
74.9
199.3
414.5
56.8
50.2
6.0
74.6
105.5
24.2
57.2
44.4
33.5
7.8
5.1
38.1
61.5
73.7
24.4
25.6
48.5
25.8
8.9
14.1
22.9
32.0
36.5
52.7
28.6
17.5
17.3
28.4
MFIs Other sectors
114.1
71.5
39.3
202.4
39.6
51.3
83.3
32.3
333.9
1,045.8
456.8
187.6
86.9
65.5
29.8
6.4
146.3
47.6
14.2
10.6
120.5
64.5
22.6
25.9
12.6
16.6
114.0
232.4
27.2
23.2
36.2
526.1
6.1
35.7
26.4
16.6
37.4
1,824.8
30.0
54.7
26.4
33.6
27.6
12.1
27.0
25.8
31.0
18.2
27.7
29.1
9.6
18.1
12.7
18.5
20.8
126.5
Direct investment/
inter-company
lending
79.8
20.1
15.0
173.9
3.7
16.6
17.5
8.9
11.5
1,316.7
28.0
35.2
13.5
14.4
15.3
16.8
24.4
20.6
40.9
15.9
16.5
13.8
10.4
29.1
15.5
14.8
46.6
27.1
50
50
11.15 Harmonised long-term interest rates for convergence assessment

purposes
(percentages per annum; period averages; 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 July
2012 Aug.
2012 Sep.
2012 Oct.
2012 Nov.
2012 Dec.
2.69
1.24
6.12
25.82
6.79
2.28
6.00
7.00
1.70
4.15
1.75
2.07
10.49
6.34
4.41
1.55
2.54
1.34
5.91
24.34
6.58
2.12
5.82
7.00
1.66
4.04
1.76
1.97
9.89
6.81
4.24
1.55
2.61
1.49
5.28
20.91
5.91
2.24
5.25
7.00
1.65
4.00
1.84
2.04
8.62
6.32
4.20
1.82
2.44
1.47
4.77
17.96
5.64
2.19
4.95
7.00
1.62
3.99
1.77
2.02
8.17
5.74
4.20
1.78
2.29
1.34
4.59
17.20
5.69
2.14
4.85
7.00
1.52
3.95
1.65
1.85
8.32
5.43
4.14
1.67
2.10
1.30
4.67
13.33
5.34
2.01
4.54
7.00
1.43
3.88
1.56
1.77
7.25
5.33
3.92
1.60
4.87
2.60
1.10
4.67
4.82
7.56
4.99
6.52
1.33
1.47
4.28
2.38
1.15
4.45
4.84
7.36
4.88
6.84
1.44
1.49
3.80
2.41
1.31
3.92
4.53
7.28
4.85
6.54
1.51
1.53
3.39
2.24
1.29
3.52
4.32
6.94
4.57
6.85
1.54
1.54
3.22
1.92
1.11
3.32
4.11
6.87
4.18
6.84
1.46
1.55
3.44
2.12
1.07
3.24
4.00
6.44
3.88
6.65
1.51
1.60
Source: ECB.
1) Yields refer to government bonds with maturities of close to ten years.
2) For Cyprus, primary market yields are reported. The same applies to Bulgaria and Romania prior to
December 2005, Slovenia prior to October 2003 and Lithuania prior to October 2007.
3) There are no Estonian sovereign debt securities that comply with the definition of long-term interest
rates for convergence purposes. No suitable proxy indicator has been identified.
4) A harmonised long-term interest rate is presented starting mid-May 2010.
Before that time the Luxembourg Government did not have outstanding long-term debt securities with a
residual maturity of close to ten years. 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; the indicator is thus not fully harmonised for that period.
51
51
11.16 Relative importance of the main payment instruments

(percentages of total number of transactions, 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)
40.99
34.26
31.04
22.31
36.45
14.67
16.98
30.33
28.02
7.43
21.67
29.86
42.40
11.27
49.26
55.18
46.23
27.06
72.23
55.08
17.39
49.99
55.80
63.95
60.76
56.29
27.04
20.24
27.48
-1.14
0.39
-3.19
-0.31
2.20
0.25
-0.55
-0.31
0.23
-2.07
1.71
-0.39
0.09
0.66
-0.84
-0.72
2.85
0.04
0.57
0.45
-1.02
-1.94
5.31
-2.69
-2.12
-5.48
0.92
-0.29
-0.07
Direct debits
Share
Change
(%) from 2010
(percentage
points)
10.58
48.73
6.02
15.67
11.42
39.94
20.15
14.44
8.22
1.80
4.18
23.73
36.86
13.56
15.14
14.52
3.75
28.93
0.19
14.88
11.46
1.77
5.32
7.47
0.87
1.20
9.41
18.67
24.47
0.27
-1.45
-0.65
-0.03
2.22
-2.27
0.15
-0.37
-0.39
-0.43
0.21
-0.43
-0.34
-0.21
0.20
-0.89
-0.48
-1.03
-0.07
-0.80
-0.48
-0.12
-0.80
-0.10
-0.10
0.65
0.15
-0.85
-0.97
Card payments 2)
Share
Change
(%) from 2010
(percentage
points)
46.15
16.58
62.94
49.68
39.56
43.11
45.11
37.67
41.58
7.69
43.47
43.28
18.89
69.07
35.56
30.28
50.01
35.47
27.58
27.48
70.82
47.77
38.82
27.17
38.36
40.46
63.54
55.64
41.02
1.44
1.13
3.84
1.22
-3.11
2.29
1.77
0.15
2.58
-1.55
0.99
0.97
0.29
1.02
0.66
1.60
-2.37
1.24
-0.50
4.83
1.62
2.07
-4.49
2.78
2.22
6.38
-1.07
2.41
1.53
Cheques
Share
Change
(%) from 2010
(percentage
points)
0.26
0.23
0.00
12.33
10.27
1.71
16.94
7.01
21.44
0.02
30.62
.
0.08
5.95
0.04
0.01
0.02
5.83
.
0.07
0.33
0.01
0.06
0.00
0.00
2.04
0.01
5.45
5.11
-0.04
-0.05
0.00
-0.88
-1.94
-0.14
-1.36
-0.87
-3.16
-0.01
-2.97
.
0.00
-1.46
-0.02
0.00
0.00
-0.60
.
0.00
-0.12
0.00
-0.02
0.00
0.00
-1.55
0.00
-1.28
-0.67
Source: ECB.
1) Percentages may not add up to 100% as e-money transactions and other payment instruments are not
shown.
2) All cards issued in the country, except cards with an e-money function only.
3) Shares for Luxembourg are influenced by the importance of e-money transactions, which accounted for
79.00% of the total in 2010 and 83.06% in 2011.
52
52
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Statistics

European Central Bank, 2013

Overview of major economic areas

Population and the labour market in the euro area

Euro area macroeconomic indicators

Euro area external statistics

Prices in the euro area

Euro area accounts

Euro area government finance

ECB Statistics Pocket Book February 2013

ECB Statistics Pocket Book February 2013

Euro area financial vehicle corporations

Financial market developments

Selected indicators for EU Member States

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ECB Statistics Pocket Book February 2013

Conventions used in the tables

ECB Statistics Pocket Book February 2013

ECB Statistics Pocket Book February 2013

ECB Statistics Pocket Book February 2013

ECB Statistics Pocket Book February 2013

1 Overview of major economic areas

Population, GDP and labour

332.4 502.9 312.0

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ECB Statistics Pocket Book February 2013

1.2 Main recent economic developments

(annual percentage changes, unless otherwise indicated)

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2 Population and the labour market in the euro area

Labour Employment Unemployforce

2.2 Employment in terms of persons employed and hours worked

Hours worked (s.a.)

Annual percentage changes

Annual percentage changes

ECB Statistics Pocket Book February 2013

ECB Statistics Pocket Book February 2013

3 Euro area macroeconomic indicators

Private Government Gross fixed

Level data (EUR billions at current prices) and percentages of GDP

Source: European Commission (Eurostat and DG ECFIN).

3.2 Value added by economic activity

Finance Public admini- Information,

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3.3 Short-term business indicators

(annual percentage changes, unless otherwise indicated)

Con- Manustruction facturing

ManuManu- Retail trade

3.4 Opinion surveys (excluding price-related developments)

European Commission Business and Consumer Surveys

Economic Manufacturing industry

Sources: European Commission Business and Consumer Surveys and Markit.

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4 Euro area external statistics

12-month cumulated transactions

12-month cumulated transactions as a percentage of GDP

4.2 Trade in goods with main partners

(EUR billions, unless otherwise indicated; seasonally adjusted)

Sources: Eurostat and ECB calculations.

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ECB Statistics Pocket Book February 2013