PRICE AND COST
COMPETITIVENESS
EUROPEAN COMMISSION
DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS
----..
UJ
UJ
(.)
****
*
*
*
**** *
The quarterly reports on "Price and Cost Competitiveness" provide a
periodic assessment by the Commission services of the price and cost
competitiveness of the European Union and its Member States.
Comments and enquiries should be addressed to :
European Commission
Directorate-General for Economic and Financial Affairs
200, rue de Ia Loi
1049 Brussels, Belgium
DATA SOURCES
1.
Nominal bilateral exchange rates and deflators
Exchange rate data are taken from the TXI (DGII) data base. TXI contains the official
daily rates recorded at 14.15 hours. Monthly figures are calculated as the arithmetic mean
of the daily rates. Quarterly and yearly data are geometric means of these monthly
figures.
Annual figures on the deflators (including Commission forecasts for the current year)
come from the AMECO (DGII) data base. As the calculation of real effective exchange
rates requires a full data set, missing data have been estimated. The annual figures have
been transformed into quarterly data by applying a straight-forward spline method.
2.
Weight matrices:
The double export weight matrices are derived from trade matrices with domestic
production for the home market on the diagonal. The source of data on bilateral exports is
the DoT (IMF) data base. The source of data on domestic production (defined as GDPexports) is national accounts' data from AMECO. Table H in Part 2 of the report
reproduces the most recent weight matrices used in calculating effective exchange rates.
In this report the latest weight matrices available are those of 1995.
COUNTRY COVERAGE
1.
Competitors
The report presents nominal and real effective exchange rates relative to a group of 23
industrial countries (IC23), relative to the European Union as a whole (EUR15) and
relative to the group of countries participating in the Exchange Rate Mechanism. IC23
consists of the 19 economies for which competitiveness indicators are calculated (see
Introduction) plus Mexico, New Zealand, Turkey and Switzerland.
2.
Markets
Besides the countries considered as competitors, the following markets are distinguished:
other Europe (including the Central and Eastern European Countries and the countries
that used to be part of the USSR), other Asia/Oceania, other Western hemisphere, Africa,
the Middle East and the rest of the World (including North Korea and Cuba). The
conventions used in DoTIIFS (IMF) are followed strictly with two exceptions: (1) the
industrial countries are not treated as a separate category; (2) the former East and West
Germany are considered as a s:ngle entity: Germany.
PRICE AND COST COMPETITIVENESS
DG 11-D-4
Fourth quarter 1997
Quarterly report on the price· and cost
competitiveness of the European Union
and its Member States
11/224/4/97-EN
This document exists in English only
PRICE AND COST COMPETITIVENESS
QUARTERLY REPORT- FOURTH QUARTER 1997
This report provides a periodic assessment of the price and cost competitiveness of the
European Union (EUR15), the group of countries participating in the Exchange Rate
Mechanism (ERM), the 15 EU Member States. individually, as well as 5 other industrial
countries 1• It appears quarterly and consists of two parts. Part 1 offers an analysis of recent
developments. The discussion is illustrated by a small number of tables and graphs. Part 2
provides more detailed information. For each country, changes in nominal and real effective
exchange rates are presented in the form of tables and graphs.
The nominal effective exchange rate (NEER) aims to track changes in the value of a nation's
currency relative to the currencies of its principal trading partners. It is calculated as a weighted
average of the bilateral exchange rates with those currencies.
The real effective exchange rate (REER) aims to assess a nation's price or cost
· competitiveness relative to its principal competitors2 in international markets. It corresponds to
the NEER deflated by, selected relative (or 'effective') price or cost deflators. The discussion in
Part .1 focuses on real rates based on unit labour costs in the manufacturing sector. Part 2
of the report presents real rates based on the consumer price index (CPI), the GDP deflator, the
price deflator of exports of goods and services (PX), unit labour costs in the whole economy
(ULCE), as well as unit labour costs in manufacturing (ULCM).
1987, the year of the Louvre Accord, is taken as the base period for the various indicators of
price and cost competitiveness, because, the Accord marked the beginning of a period of
exchange-rate stability that ended with the September 1992 ERM crisis. This does not imply
that 1987 exchange rates should be treated as equilibrium rates.
Part 1 of the report focuses on developments since 1987 in the European Union, the United ·
States and Japan. It consists of two sections. The first section describes the changes observed
in the cost competitiveness of the US, Japanese and EU economies relative to 23 industrial
countries. In this first section the bllateral position of the European Union relative to the United
States and Japan is also examined. The second section comments on exchange rate
developments within the European Union.
The quarterly report is also available on the Internet. Our Web site,
"http://europa.eu.int/en/commldg02r', permits the downloading of standard statistics to
your PC or Macintosh. Moreover, differently defined nominal and real exchange rates are
available upon request. A technical annex provides further details. In addition, the March/April
1997 issue of Supplement A of the European Economy contains a more general discussion of
price and cost competitiveness indicators.
Norway, Australia, Canada, Japan and the United States.
2
In this report three alternative groups of competitor countries are considered: the 23 industrial countries
(IC 23), the 15 Member states of the European Union (EUR 15) and the 12 participants in the Exchange Rate
Mechanism (ERM).
7 April, 1998
PRICE AND COST COMPETITIVENESS
QUARTERLY REPORT- FOURTH QUARTER 1997
Table of Contents .
Part 1:
Analysis of developments in th.e cost competitiveness
of the European Union, the United States and Japan
Main conclusions ..................................................................... 1........
p. 1
I. International developments..........................................................
p. 2
United States .......... ...... .............. ..................................... ........ ...
p. 3
Japan..........................................................................................
p. 5
European Union ........•.................................................................
p. 8
II. Intra-Union developments ..·... ....... ... ...... ............. ................ ...... ...
p. 10
Part 2:
Tables and graphs by country
Technical Annex
doc. no 111224/4/97-EN
I
PART 1
ANALYSIS OF DEVELOPMENTS IN
THE COST COMPETITIVENESS OF .
.THE EUROPEAN UNION,.
·THE UNITED STATES AND JAPAN
CCE-DG II 0-4
Ref. GUat
ANALYSIS OF DEVELOPMENTS IN THE COST COMPETITIVENESS
O.F THE EUROPEAN UNION, THE UNITED STATES AND JAPAN
MAIN CONCLUSIONS
In the fourth quarter of 1997:
•
The EU currencies appreciated by 3% against the US dollar and by 9% against the
Japanese yen. These currency movements contributed to the 4% loss in the Union's cost
competitiveness relative to 23 industrial countries.
•
The 2 Y2% depreciation of the Irish pound resulted in a cost competitiveness gain of about
the same size. Denmark and Greece lost 1% and 1Y2% respectively in cost competitiveness
following higher unit labour costs. All other movements in cost competitiveness inside the
EU were smaller than 1%.
·
Since the fourth quarter of 1996:
•
The EU currencies depreciated by 1OY2% against the US dollar and by Y2% against the
Japanese yen. These currency movements contributed to the 5Y2% gain in the Union's cost
competitiveness relative to 23 industrial countries.
•
Italy, Denmark, Greece and the United Kingdom made a competitiveness loss. This was
purely due to higher unit labour costs~ except for the United Kingdom, where a 15Y2%
appreciation of the pound contributed to a 20Y2% loss of cost competitiveness.
Since 1987- (year of the Louvre Accord):
•
The EU currencies depreciated by 4Y2% against the US dollar and by 17% against the
Japanese yen. These currency movements contributed to the 5Y2% gain in the Union's cost
competitiveness in manufacturing relative to 23 industrial countries. The same figure is
obtained if unit labour costs for the whole economy are taken into account.
Note on recent turbulence in Asian financial markets
As not all the necessary data are available for the concerned Asian countries, they are not
taken into account in the calculation of the competitiveness measures.
PRICE AND COST COMPETITIVENESS
QUARTERLY REPORT- FOURTH QUARTER 1997
I.
INTERNATIONAL DEVELOPMENTS
1. BILATERAL EXCHANGE RATES
GRAPH 1A: BILATERAL EXCHANGE RATE AGAINST THE US DOLLAR
(Monthly averages since 1987)
Yen/$
OM/$
160 ~----~~--------~------~----~--~~~~--~~~- 2
140
1.8
120
1.6
\
\
.
\ J1\
~\t'l"'
.
1.4
-------:---~ ~
:
.
:
:1
; I
:
\
: I
I
:~
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
87
88
89
90
91
92
93
94
95
96
97
98
Source: European Commission
The weakness of the yen was the highlight of exchange rate developments in the fourth
quarter of 1997. On December 8, the dollar broke through the 130 yen level for the first
time in five and a half years. Major collapses in the Japanese financial sector came on
top of the worries about the development of Japan's real economy and about the impact
of the wider Asian economic and financial tensions. In the meantime, the US economy
continued to show remarkable strength. The dollar did however not continue its rise and
ended the quarter at 130.1 yen (see Table 1 and Graph lB). The yen was kept relatively
stable in December by the announcement of a major economic package and by
interventions of the Bank of Japan. The yen lost 6.2% on a quarterly average against the
dollar and 9.3% against the mark.
2
TABLE 1: EVOLUTION OF MAIN BILATERAL EXCHANGE RATES
rom ore qm.rter to am
-··- ..-·---··--·········-··-····-···
DEM/USD
JPY USD
·-·-····-··-·--··-··-·-····...···-··-·········· -··--·····--··--··-···--··-.-~------·-··---
1.77
12 .7
1.79!
130.1
1.1
7.8
6 .
r
-··---·-·------------ --·--·-·-----·- ·---··-·1.81
1.76
-2.8
17.9
12 .2
.2
71.
Source: European Commission
GRAPH IB: BILATERAL EXCHANGE RATE OF THE YEN
(Monthly averages since 1987)
Yen/OM
Yen/$
160 ~------------~----------~--------------------~--------~ 100
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
Jan-
87
88
89
90
91
92
93
94
95
96
97
98
Source: European Commission
The dollar-mark rate was relatively stable in the 1. 70-1.80 range. It closely tracked the
long term interest rate differential between the two countries. On a quarterly average
basis, the mark advanced almost 3% against the dollar (see Table 1 and Graph lA).
3
2. NOMINAL EFFECTIVE EXCHANGE RATES (RELATIVE TO 23 INDUSTRIAL COUNTRIES)
The yen's depreciation against most currencies of the industrial countries was even
larger than' against the dollar. Only the Turkish lira posted a depreciation against the
yen. The' yen's nominal effective exchange rate .against the currencies of 23 industrial
countries consequently dropped by 6Y2% in the fourth quarter of 1997. This fall .resulted
in a nominal effective exchange rate depreciation of 4Yl% for 1997 as a whole (quarter
on quarter).
While the dollar lost ground against the European currencies, gains against its other
important trade partners (Japan, Canada and Mexico) led to a 1% increase in the US'
nominal effective exchange rate in the fourth quarter of 1997 and a 9Y1% appreciation
compared with the fourth quarter of 1996.
The European currencies surged against almost all other currencies of the 23 industrial
countries. Only the Norwegian krone and the Swiss franc strengthened (by less than 2%)
against the ECU. Europe's nominal effective exchange rate increased as a result by 5%
in the fourth quarter of 1997, but depreciated over the year as a whole with some 2%.
Following the decline in Japan's nominal effective exchange rate in the fourth quarter of
1997 and the rises in the rates of Europe and of the US, the nominal effective exchange
rates of the three major players converged at 20 to 25% above their 1987 level (see
Graph 2A and Table 2).
GRAPH 2A: NOMINAL EFFECTIVE EXCHANGE RATES
RE;LATIVE TO 23 INDUSTRIAL PARTNERS SINCE THE LOUVRE ACCORD
180
160
~------------------------------------------------------~
.
.
.......... -.......... .:.- .... -... -:-. ....... -...... . .............. :. .. .. .. .... .:- ............... -:- ... -. .
--------~---- -a--Japan
~USA
.
-EUR15
~-
.
_Germany
140
.
--------:---------:---------:-------I
I
.
--------:-.-------:--- --
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
120
100
80 ~--~----~----~--~----~--~----~----~--~----~--~
1987q1
1988q1
1989q1
1990q1
1991q1
1992q1
1993q1
1994q1
1995q1
1996q1
1997q1
Index 1987=100. Source: European Commission
4
TABLE2:
COST COMPETITIVENESS OF THE UNITED STATES, JAPAN, THE EUROPEAN
UNION AND GERMANY RELATIVE TO 23 INDUSTRIAL COUNTRIES.
------·--·· · -· · -· · - ___L______________________j _____________________.J_ _ _ _ _ _ _ _ _ _ _ _ _ _ L--------······-··--;t·-····-···---···-----l-c-··---······· ---- ____J_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _t______:_________________l______________________
A. EVOLUTION IN MANUFACTURING INDU.STRY
----··--·-------·-···-··-··---·----·-·
D~ring
1997Q4
Since 1996
--··--·····-··--····-··r9··7···-Q·4~--~-·g·-,-··Q···j·)-··------···-·-·····
% change
NEER
ULC REER
NEER
(1)
(2)
(3)
(1)
--------------·-·----- ------------- -------------· ----- -------·---------
·tTs·ir----·· ·---·-· . . - - . . . . ------- -
1-~2'--
Iapan
-6.5
"Et~r&:Ts·---------- ---------------·4:~r
Germany
1.7
--------------:·cr· 3. . . . . . . . . . . . . . .o3r. --------· ----9
-1.2
-7.6
:~c·
-4.3
ULC
(2)
1.0
-3.4
REER
(3)
NEER
(1)
ULC
(2)
REER
(3)
------------·---·- ------·- ----·--------- -=T:-6-·- --------·--·,r:·i·--- ·--· ---·-i'cr:--r--r·--·-·:2-<L·r-- -------------------~--
·---=4~-4--
-5.3
-----------·---:·crtr. ·----------·-·;:cr-· --------=I·:--1----- -------------~-3:6 . .
-0.7
Since 1987
········---------·<·9·7·-··Q-4-,-·96·-··Q-·4>·-·····-·······-·-·-·--··· -------------------·(9_7___ cf·4···-~·--s··?->·--······-···-·····--····--
-9.3
---------·=·s~6·---
-3.7
-7.0
24.6
1
-20.6
-1.0
--------·-:rr:2·---·-----:·2·3·:-s. . . ------ ------~·s-:r
16.8
.....-·-·····-···-·····---·-------- ······--·-·--··--·-···· ........,.,__________________ --·····-···--·------- ---------······· -------------- ·------..-- ···-----..- ······--·-·----..
-~--
-12.8
1.9
-----·--·--· ----·-·------
B. EVOLUTION IN WHOLE ECONOMY
------------·-·--···------------·---- ------·-·---------------·--··1----------------------,----------------------- -------·-·------------·--T·-·--·--------T-·--·---··--------------· . . ---------------------T-------------------·-r···---·--··--·---------·-
o uring 1997Q 4
-·-----· . ---·-· . . . . . . . . ·---- . . . ---------------·---· . . . . . . . . . . . .______
Since 1996
Since 1987
------------------------- ·-----·-(97-Q 4-T91'Q3")___ ·----(9-7Q4I 96-Q4-)------ ----------(97 Q 4 I 8-'f)"____
~---------------
·-·----------·- -------------------- ----------·-···---- .---·--·-·-----------r--·--·-·-·-----------· --------·----···---·-··
% change NEER
ULC REER
NEER
ULC REER
·NEER I ULC REER
------------------------------·
---------<rr- ··----------<2r-·
---------(3>___ --------·-ro·-· -·--w- ----<"3">'-- --------------<Tr--t·---<2r-- -------cn··rrsA._______ . . . 1. 2 ·~-·o-:r·-·--·--r:-4 ---"9.:4 -OT- --9-:-s·- -·-w:·'f+-=-14.2--- ------3T
Japan
EUR15
-6.5
4.9
·ae-rm·a:--ii:Y. . . . . . -----------r-7··-·
-0.2
-1.2
-6.7
3.6
. . . ---------<r:s·-
----------------~<[.9
-4.3
-2.1
0.0
-5.1
-----------:3~·4··- ------------=4]·--
-4.3
-7.0
--·--·-::;-~s---
24.6
23.2
-22.6
-23.2
-3 .S
-5.4
·------r6·:--s-·r·-·:2o·:-6-- ---------=·7.3
Source : European Commission
(l) NEER
= No.minal Effective Exchange Rate. A minus means a depreciation of the NEER.
(2) ULC
= Relative Unit Labour Costs (in national currency).
(3) REER
= Real Effective Exchange Rate =relative unit labour co.sts (in common currency).
A minus means an improvement in cost competitiveness.
5
!
I
3. REAL EFFECfiVE EXCHANGE RATES (RELATIVE TO 23
INDUSTRIAL COUNTRIES)
In the fourth quarter of 1997, the changes in the relative unit labour costs in
manufacttlriilg were small compared to the changes in the nominal effective exchange
rates. As a re~ult, developments in real and nominal effective exchange rates are quite
similar.
,
Japan's real effective exchange rate decreased by 7~% in the fourth quarter of 1997,
which means that there is a cost competitiveness improvement for Japan of th&t size.
The improvement since the fourth quarter of 1996 amounts to 9~% (see Graph 3).
Europe, on the other hand, saw its cost competitiveness deteriorating by 4% in the
foUrth quarter of •997. Compared to the fourth quarter of 1996, however, there is still an
improvement of 5Yl%.
Germany and the US both experienced a 1% loss of competitiveness in the fourth
quarter of 1997. Compared to the fourth quarter of 1996, however, German
competitiveness improves by 7%, while the US loses 7Yl%.
The levels of the real effective exchange rates of the major players are now very close to
their 1987levels. The deviation is the biggest for Europe and the US which gained 5~%
and 4Y2% respectively in cost competitiveness (see Graph 2B).
GRAPH 2B: REAL EFFECTIVE EXCHANGE RATES (1)
RELATIVE TO 23 INDUSTRIAL PAR1NERS SINCE THE LOUVRE ACCORD
160
--------------------------------~----~------~----------~·
---e--USA
140
------··=-····
-a--Japan
. -........
. -....,... .... .
--EUR15
-Germany
120
100
80 ~--~----~----~----~--~----~----~--~----~----~~~~
1987q1
1988q1
1989q1
1990q1
1991q1
1992q1
1993q1
1994q1
1995q1
1996q1
1997q1r
(I) Deflated by Unit Labour Costs in Manufacturing lndustry.lndex 1987=100. Source: European Commission
6
If unit labour costs in the economy as a whole are used to deflate nominal effective
exchange rates {instead of unit labour costs in manufa~turing), the picture for 1997 as a
whole changes (see Table 2). It hardly changes in the fourth quarter of 1997, because of
the importance of nominal effective exchange rate developments over unit labour cost
developments.
Compared to 1987, however, there are· two important switches of sides. Germany has
now gained 7Yl% in cost competitiveness, while the US has now lost 3Yl%. Europe
sticks on the contrary to a 5Yl% improvement.
GRAPH 3: DEVELOPMENT OF COST COMPETITIVENESS (I)
RELATIVE TO 23 INDUSTRIAL PARTNERS
15.0
0 96Q4 I 87 (2)
g97Q4 /96Q4 (2)
10.0
5.0
0.0
-5.0
-10.0
-15.0
USA
Japan
EUR15
Germany
(I) Cost competitiveness as measured by the nominal effective exchange rate deflated by unit labour cost in manufacturing. A
negative sign illustrates a gain. Source: European Commission.
(2) Expressed as the natural logarithm ofthe ratio (in%)
4.
COST COMPETITIVENESS OF THE EU
In this section, the cost competitiveness in manufacturing of the EU as a whole is
examined. This analysis may obscure diverging developments among the Member
States. Intra-Union developments are presented in Section II.
In the fourth quarter of 1997, the appreciation of the European currencies against most
currencies considered has led to a 4% cost competitiveness loss relative to the 23
industrial countries (Table 2).
7
TABLE 3: COST COMPETITIVENESS OF THE EUROPEAN UNION
RELATIVE TO THE UNITED STATES AND JAPAN_
A. EVOLUTION IN MANUFACTURING INDUSTRY
During 1997Q4
(97 Q4 /97 Q3)
%
change NEER
---·--·----·--·---····-·············
Since 1987
(97 Q4/87)
I
REER NEER
ULC REER NEER
ULC REER
. . . . .------rrr·- . . . . . .--:-(2f"' ··--------"(j'f'"'"' . . . . . . . . . . (Tf. . . . . . . . . . . . . (if"" --·---·-(3f""" -·--··-··-"·-·---(1)........-- -···-···-~-(2')-· ·-· . ·-··-T3f___
2.8
USA . ____________
Japan_
·---·--··--§]-
--·-·-··········-·-·-··-
Since 1996
(97 Q4 I 96 Q4)
ULC
2.8
0.1
-10.5
0.4
-10.1
. ····-------..·-·---,-------·-·······-.. . · · ·--------------..-:· · -r··-----------r-----------------
Since 1996
(97 Q4/96 Q4)
----·..··-····-··-·--···---..- --·--·-·---··-·-- ·--··----------··. --------·-·----·· ·-······-··---····-·-·--·· ---··-··------ ..--·-----------··change NEER(1)
usx-····---- ----------2:8Japan
5.0
0.4
B. EVOLUTION IN WHOLE ECONOMY
···------------~--l-------
During 1997Q4
(97 Q4 /97 Q3)
%
-4.4
. ----·--·--·--o- ··--.-----43-" . ---·:r6.s___ -----20 .-s- f--··-·-------···--L1-· ---------10.3 ···----..--::<r~:r-4.8
0.3
9.1
-----------------1-------~--------·r····--····-------
Since 1987
(97 Q4/87)
-·-···-··-·-············-··--·-
---...-----·----
-----···-··-····-------
ULC
REER
NEER
ULC
REER
NEER
ULC
REER
(2)
(3)
(1)
(2)
(3)
(1)
(2)
(3)
·--··--··-~o·3·-- ·----2~3-
-0.1
8.9
. . . . . . . . -:.4:4'"" ----·--·-·-·-·-- -------=6}
··--·-·:To:s---·- ·-···-···--·:r:-s··- --------·-·
-11.8
-2.0
-0.3
-1.2
-1.6
-16.8
21.2
0.8
Source : European Commission
=Nominal Effective Exchange Rate. A minus means a depreciation of the NEER.
(1) NEER
= Relative Unit Labour Costs (in national currency).
(2) ULC
=Real Effective Exchange Rate= relative unit labour costs (in common currency).
(3) REER
A minus means an improvement in cost competitiveness.
Europe's loss of cost competitiveness against Japan amounts to lOY2% in the fourth
quarter of 1997, turning the total result since the fourth quarter of 1996 also in a loss (of
4~%, see Table 3). Against the US, Europe's fourth quarter loss is 3%, but this leaves a
gain of 10% compared to the fourth quarter of 1996. As a result, Europe's cost
competitiveness, whether it is relative to the US or relative to Japan, is again very close
to its 1987 level (Graph 4B).
8
GRAPH 4A: NOMINAL EFFECTIVE EXCHANGE RATES OF THE EUROPEAN
CURRENCIES RELATIVE TO THE US DOLLAR AND JAPANESE YEN
120
. .... -............
. .
110
100
90
80
········,·····
70
• • • • • • • .,. • • • • • • • ' • • • • • .. • • r • • • • • • • .,. • • • • • .. • ' • .. • • • • • ··r .. • • • • • • .,. •
.
I
60
1987q1
.
I
I
t
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
• • • • •
• • •
I
I
• • • • ' • • • • • • • .,. • • • • •
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
t
1988q1
1989q1
1990q1
1991q1
1992q1
1993q1
1994q1
1995q1
1996q1
1997q1
Index 1987=100. Source: European Commission
GRAPH 4B: REAL EFFECTIVE EXCHANGE RATES O> OF THE EUROPEAN
CURRENCIES RELATIVE TO THE US DOLLAR AND JAPANESE YEN
130
120
•
-
.
.
• • • • • - . - . -:· • • • • • • I
I
I
I
~
••••••••
I
I
..
.
.
.
~.
'P • • • • • - : - • • • • •
I
I
t
I
I
I
I
I
110
100
90
I
I
~
I
~·
I
I
t
I
I
I
I
I
'
• • • • • • • .. , .. • • • •
I
__._'USA
_Japan
I
I
I
I
.-
I
I
I
I
I
I
I
I
;
.
:
60
1987q1
I
I
:
.
I
f
t
I
I
I
1
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
f
I
t
I
I
t
I
I
I
t
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
1989q1
1990q1
• • • • .,.. • • • • • • • , . • • •
f
I
.
1988q1
I
1
.
~
I
f
.
.
~
I
1
• • • • • •.- • • • • • • •--. • • • • • • • • r • •
................ :- ........... ............... ............. :- ....... -: .........
t
I
\
I
I
I
70
I
~
I
80
.
.
-........ ·: .. . ...... :.............. :............... ·: ................ ................ : ............. ·:· ........ ... :.............. :.. - ........ ·:· ....... .
1991q1
'
1992q1
-· . ............:- ............ -:...
I
t
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
ll
I
I
I
I
I
~
1993q1
(1) Deflated by Unit Labour Costs in Manufacturing Industry. Index 1987=100.
Source: European Commission
9
1994q1
1995q1
.
:
• • • r • • • • • • • .. ,. • • • • -
I
I
I
. ....... ..............:· ...... ~
1996q1
1997q1
II.
INTRA-UNION DEVELOPMENTS
TA8LE 4: COST COMPETITIVENESS OF THE MEMBER STATES
RELATIVE TO THE EUROPEAN UNION AS A WHOLE
I
i
r---·-----~~----~--A~.~E~V~O~L~U~T~IO~N~IN~M~A~N~U~F~A~C~T~U~R~IN~G~IN~D~U~~S~T~R~Y~----·------~----~
. _______. . . . . . ·. . . . . ·- . . . . . _. ____________T. . . . . . .-.. . ._.__ ·-r. . . . . . . . -.. .-. ·-- . . . . . . . . . ._____. . . . .
During 1997Q4
Since 1996
Since 1987
(97 Q4/97 Q3)
(97 Q4/96 Q4)
(97 Q4 I 87)
. . . .-.. . . . . . . . . . . . _._ . . . ·--.. . . . . . . . . . . . . . . .r . . . . . . . . . . . ·-·-·-- ______. _. ___. . . . . ._..._____. . . . . . __
o/o ~hange
NEER 1'
ULC
REER
NEER
l
ULC
. . . . . . . . . ,. ._._ -.. - . ---.. . ··r..,..-· ____. . . . . . . . . .
REER
NEER
!
-r. ______. _ _ _ . . _
ULC
REER
=---=~=~ =-~~-~=- -==--= ~~~== =~~ :=====±=== - ::_:-_~=±-=~_)= ==-=-=
BLEU
0.2
•=---:----:---
~gii;~~~;
OoO
0.1
-2.3
006
. . . . . . . . . . . . . . ~ ~~---1---·· . . . . . ~~-~~- . . . . . .·--·-=~~~--- ·--..·-----..~~~-!. -· ·- · . . . ~-~-~-:-~-
-1.7
.1
ot .....................=~-~~
608 ,
-508
0.6
·----....;----:--:-+--......_,..-:---11
· - . . . . . . . . . . . :--:~·-t·. ·--·-- --~-~-~~. . . . . . . _ __!~~~
------.................................................................................._.. __.......................................................................___ ..............................................................., .............- ....................................................j...................................._. ·-....·-·------
Greece
Spain
001
000
-~i:;~-~-~.......
1.3
001
1.4
0.1
-1.7
-205
6.9 .
0.6 .
501
-1.9
-4708 i
- -1202
I
211.4
2704
62.6
11.8
. . . . . . . =~·:-~--. . . . . . . . . . -. ~~-:-~·-· . . . . . . -..---~-~-:-~. . . . . . . . . . . . . .~-~-:-~-:. . . . . . . . . . . . ~~ :~-+--· . . . . -~~-:-~...... ·-·-:. . . . ~~-:-~-+-· ----~~-~ -:~-- ---..---~-j~-:~.
Italy
-004
0.4
001
N e the ria n d s
0 .1
-0.2
01
·jrli
. s-iriil..
. . . . . . . --.. <fT
. . . . . . . -·--·-·::-cl'
T. . -.. . . . . . . . .-0
. <Lo___
Portugal
Finland
-006
-0.7
-002
-Ool ·
_ ........ --·- ---· . . . . . . .........- . . . . . . . -.. ·1-· ............. -·-·---..
Sweden
tnf·-- _........................._·
-0.2
.
·---·~-o~--r-
-002
--·-·---·-o~~r-
-0.7
o ...... _ _ _ _ _ _ _ _ _ _ .. _
-0.4
_o~i-·
3.0
-23.0
!
-7.~
19.8
. . .L.. . . . . . . . . .-t.
:.~~.?.1. . . . . . . . . . . . 6.
~. :.~8. .J.i . . . .-.. . . :!.~_?_
___. __::_~~!
-6.9
-o 06
......______:__'1:_:7.... ..........-.............?..:.~
-1.5
-o 02 :
-0.9
-0.8
---o. . . . .
l
308
-1.6 !
0.7
-303
-3.1
....... -
...... ___ . . . . . . . . . . . . .
.........
-201
Ts~·i
•................. -
......
-409
-16.'91
6204
3501
-409
-1305
i
2.7
-11.2
! -2.5
-12.3 ;
-12.5
-23.3
""f". . . ............................................. ··-r··-- ......................._.... ----..........- ................
-208 .
.... --·-·-··-fo- -·- ·2o:J --- . . . . . . . .K:·s-r. . . . . . . . . II:9·- o-------fo'3·-
l
. . . . . ._. . . . . . . . . . . . . . . . . . . . . . . . . . . .-............................._. . . . . . . .
. . iii''\v
·-·-a~·E'v-oT.ufloN
H"o'I:-i~
. r<fM. Y:___ ......................... ...J. . .-.. . ._. . . . . . . . . ________. _______
. .E'c<rt'
r-------~-------~-----~~---~-------r-----~---------------~------~----~
.........................-.. . . . . . . . . . .
o/o change
During 1997Q4
_(97--<~f479·7--Q'3f
NEER
ULC
Since 1996
. . . . . . . .-.. . . . . . . . -.. . . . . . . . . . . . (97. .
<i4T!firi~f4Y
REER
-----..................................................;. . . . "(IT. . . . . . . . . . . . . .('2'5""- . . . . . . . .-..·-enBLEU
0.2
Den mark····............ .. ....... ....... 0.2
!
0.0
. .-.. . . . . . . -.. -
i
Since 1987
-.. . . . . -- . . <9_7_o.4T8'75··------.. . . . . . .---·
_l REER
NEER ~
ULC
REER
. . .___NEER
. . . . ('iy·· ....................ULC
(2'5". . f ...... -.....<3f..... . . . . . . . . 0 y-·T. . . ---.. ·--(2Y.....................(3"5 . . ..
0.2
-203
-0.2 ;
-2.5
608 ,
-207
3.9
. . . . o-:-3·-· . . . . . . . . . . . . -6~6..... .. . . .-.. . . .:f:·s..... . . . . . . . . . .2":.i. ~...... 0 06
.......8j .....~ ....... -I 0. 3 __...............-:.2 :·9. .
Germa-ny·-- ·------o~fT"'-· . ·- -006
-0.4
-209----:3.-r~--·-··-·---::-s-.--9· --·---·--9-:-6. :-----Ci""9- ---~
i~-:
- -:~~ .
-0.4
..
:-_l~! ~~ - -- ~~:_
1
-----~-r--~~~---~~-----~~--------~---·~-------~-------~--~~H
3
_;;~~· . . . . ·- . •. . · ·-. ~ ~ 1-- -. ~; --=-~~t ~-=-~-:~ ~
France ----· ____
-~-r~land
..
Italy
Netherlands-
0.8 ;
-206: ... .
-0.4 1
o:'i'·r ·
:·o.T..
007
002
oo4
-002
oo4.
t
-1.7J___
?. :? ............ -~0-~........ _ _-1.3!
-007
-207 1
~.7_
:~~ ~
-~
-0.7
1.6
-0.8
2.4
0
_
Ool j
----~---
-001
·-if6. f..................O'.I
001
-1.5 1
-005 .............. ~3.3 f.
-002:
. ...'t:.i ·:.......
-1.7
~-2.'2'..
~~-1~~~-. -·-·- - . . ~.~~-:g-r-- . . . :~-~ ---~------~~-~~ ----~+L :0~~-- · :! ~
UK
.......
~.?.:.? . j..
o.5
..........-.o_:.:.....
15.7
1..?.. ;...
~04.
-2300
6:2
ioo · --- ___, ______. . . ·---·-·----· --·--- _:.. ____________. _ _ -----·- . . . .
Austria
Portugal
906
--0~
608
-~-16":9· . •
-1301
-4.8
-22041
20.2
-13.3
-7.4
~709 ..
------·-·-· -···--· ------7.1 !
-0.8
....75:-7 ·1· ......46'.i
---: :~j-- -- --c~:+--~~:~
:~T??. ·----~_-_6.~ ..;_--~. ~oo~_J.... ~-~~
I
I
Source : European Commission
(1) NEER
=Nominal Effective Exchange Rate. A minus means a depreciation of the NEER.
(2) ULC
= Relative Unit Labour Costs (in national currency).
(3) REER
= Real Effective Exchange Rate.= relative unit labour costs (in common currency).
A minus means an improvement in cost competitiveness.
10
~190! ..
In the fourth quarter of 1997, only minor movements in ·Member States' cost
competitiveness relative to EU were recorded. Denmark and Greece lost 1% and 1Yl%
respectively in cost competitiveness following higher unit labour costs. France lost Y2%
in cost competitiveness following an appreciation of the franc of almost 1% (see Table
4, Graphs 7 and 8).
The depreciation in the currencies of Ireland, Portugal and Finland resulted in a cost
competitiveness gain of ~bout the same size (respectively 2Yz%, 1% and 1%).
The cost competitiveness results, when unit labour costs in the economy as a whole are
·
used to deflate, are very similar.
Since the fourth quarter of 1996, all Member States' recorded a depreciation of their
currency relative to the EU, except for the United Kingdom, which experienced an
appreciation of 15Yz%. This contributed to a loss of cost competitiveness of 20Yz% for
the United Kingdom. Italy, Denmark and Greece! were the only other Member States
who made a competitiveness loss, which was purely due to higher unit labour costs (see
Graphs 5A and 5B).
GRAPH 5A: DEVELOPMENT OF COST COMPETITIVENESS (1)
RELATIVE TO THE EUROPEAN UNION AS A WHOLE
15
10
5
0
-5
-1 0
-15
-20
••••••••• I
-25
.........
I· •••••••••••......•••••••
0 9604/87 (2)
1
I· ....................... .
IEJ9704 19604 (2)i
1
-30
-35
-40
BLEU
Denmark
Germ any
France
Ireland
Netherlands
Austria
(l) Cost competitiveness as measured by the nominal effective exchange rate deflated by unit labour cost in manufacturing. A
negative sign illustrates a gain. Source: European Commission.
(2) Expressed as the natural logarithm of the ratio (in%)
11
GRJ\PH 5B: DEVELOPMENT OF COST COMPETITIVENESS (1)
RELATIVE TO THE EUROPEAN UNION AS A WHOLE
50
0 9604 I 87 (2)
40
1119704 I 9604 (2)
30
20
10
0
-10
-20
-30
Greece
Spain
Italy
Portugal
Finland
Sweden
UK
(1) Cost competitiveness as measured by the nominal effective exchange rate deflated by unit labour cost in manufacturing. A .
negative sign illustrates a gain. Source: European Commission.
·
(2) Expressed as the natural logarithm of the ratio (iq %)
Compared to 1987, Greece and Portugal have exp~rienced significant losses in cost
competitiveness due to a substantial rise in relative unit labour costs 1• The more limited
loss of Spain (12%) can also be attributed to cost factors. The Danish, German and
BLEU cost competitiveness losses are, on the contrary, due to nominal exchange rate
flu~tuations. The 20Yl% decline in British cost competitiveness is due to a 13% rise in
relative unit labour costs and a 7% appreciation of the British pound (see Graph 8). All
other Member States experienced a gain in cost competitiveness. Among them, Italy
managed to outweigh its rise in relative unit labour costs with depreciation of the lira.
a
The global picture does not change if unit labour costs in the economy as a whole are
used to deflate nominal effective exchange rates. In three ~ases the sign of the
competitiveness change is different: Denmark and Germany experience now a
competitiveness gain relative to the EU as a whole, instead of a loss, while the opposite
is true for Sweden. ·
The Greek and Portuguese series on manufacturing unit labour costs (ULCM) in the DG II AMECO data base
are not as reliable as the series for other Member States. Both series show sharp increases over the course of the
past decade. The ensuing rapid rise in the ULCM-based real effective exchange rates of the Greek drachma and
Portuguese escudo may therefore be easily misinterpreted. A formal discussion of developments in ·price and
cost competitiveness in Greece and Portugal should therefore be based on a battery of indicators.
12
GRAPHS
BILATERAL EXCHANGE RATES AGAINST 11-IE GERMAN MARK.
I
'()5
'()0
1>0 ....
v
95
80
60
90
jGreecej
jsLBJj
85
40
87
88
89
90
91
92
93
94
95
96
97
87
98
1)5
88
89
90
91
92
·93
94 . 95
96
97
98
90
91
92
93
94
95
96
ffT
98
120
100
'()0
95
80
90
!Spainj
60
88
89
90
91
92
93
94
95
96
97
98
1)5
87
88
89
120
1>0
1)0
95
80
90
jGermanyj
llalyj
85
60
87
88
89
90
91
92
93
94
95
96
97
98
1)5
87
88
89
90
91
92
93
94
95
96
97
98
88
89
90
91
92
93
94
95
96
97
98
90
91
92
93
94
95
96
97
'98
89
90
91
92
93
94
95
96
97
98
89
90
91
92
93
94
95
96
97
98
120
100
'()0
95
80
90
jFrancej
85
87
88
89
90
91
92
93
94
95
96
97
98
1)5
120
1)0
1>0
95
80
9o
!Ireland!
!Rnlandj
85
60
87
88
89
90
91
92
93
94
95
96
97
98
'()5
87
88
89
120
'()0
100
95
80
90
j Netherlands j
ISwedenj
85
60
87
88
89
90
91
92
93·
94
95
96
97
98
105
87
88
87
88
120
100
'()0
95
80
90
~
IAustriaj
85
60
87
88
89
90
91
92
93
94
95
96
97
98
=
1\fonthly Averages.
tldex 1987 100
13
GRAPH 7
NOMINAL EFFECTIVE EXCHANGE RATES RELATIVE TO THE EUROPEAN UNION.
120
'DO
IBL~,
11)
90
80
70
1)0
jGreecej
60
90
e7
ee
e9
91
90
92
93
94
95
96
50
97
87
120
ee
89
90
91
92
93
94
95
96
97
90
91
92
93
94
95
96
97
90.
91
92
93
94
95
96
97
90
91
92
93
94
95
96
97
90
91
92
93
94
95
96
'97
90
91
92
93
94
95
96
97
95
96
120
!Denmark!
11)
11>
1)0
90
1)0
jspainj
eo
90
e7
ee
e9
90
91
92
93
94
95
96
70
97
e7
120
ee
e9
11)
1)0
jGermanyl
11>
90
eo
1)0
jttatyJ·
70
60
90
87
ee
e9
91
90
92
93
94
95
96
87
97
ee
89
m
120
1)0
!Francej
m
90
80
1)0
IPortugalj
70
60
90
e7
ee
e9
90
91
92
93
94
95
96
97
e7
e8. 89
120
120
11)
, ..eland!
100
110
90
80
1)0
!Fmlandl
'7o
60
90
87
88
89
90
91
92
93
94
95
96
87
97
88
89
110
120
j Netherlands
11>
I
1>0
90
80
100
jswedenl
70
90
60
87
88
89
90
91
92
93
94
95
96
97
87
88
89
120
120
11)
jAustriaj
110
100
90
1)0
EJ
80
70
90
87
88
89
90
91
92
93
94
95
96
97
87
88
89
90
91
92r
93
94
97
kldex 1987
Quarterly averages.
14
=100
GRAPH 8
REAL EFFECTIVE EXCHANGE RAlES (1) RELATIVE TO lliE EUROPEAN UNION.
120
170
160
IBLEUI
tKl
'1)0
90
80
87
88
89
90
91
92
93
94
95
96
97
87
120
140
130
120
1'Kl
'KlO
90
80
IDenmarkj
tKl
I Greece!
150
.140
130
120
1'Kl
'KlO
90
'KlO
90
88
90
91
92
93
94
95
96
97
89
90
91
92
93
94
95
96
97
89
90
91
92
93
94
95
96
97
89
I Spain I
70
80
87
88
89
90
91
92
93
94
95
96
60
97
87
130
140
130
120
IGermanyj
120
88
I kalyj
tKl
1'Kl
'1)0
'KlO
90
80
90
60
70
87
88
89
90
91
92
93
94
95
96
87
97
88
160
120
150
jFrancel
tKl
140
130
120
1'Kl
'KlO
90
80
1)0
90
80
87
88
89
90
91
92
93
94
95
96
:97
'Kl5
I Portugal I
87
88
89
90
91
92
93
94
95
96
97
87
88
89
90
91
92
93
~4
95
96
97
87
88
89
90
91
92
93
94
95
96
97
87
88
89
90
91
92
93
94
95
96
97
140
130
120
95
tKl
'KlO
90
80
70
60
85
I Ireland I
75
65
87
88
120
89
90
91
lNetherlands
1'1)
92
93
94
95
96
97
140
130
120
1'Kl
1)0
90
80
70
60
j
'KlO
90
80
87
88
89
90
91
92
93
94
95
96
97
90
140
130
120
11)
'KlO
90
80
80
60
120
I Austria I
tKl
100
70
87
88
89
90
91
92
93
94
95
96
97
(1) Deflated by Unit Labour Costs in Manufacturing. Quarterly averages.
15
Index 1987 = 100
l
l
i
I
!
I.
I
f •
1
I
l
I
\
..r
doc. n° 111224/4/97-EN
PART 2
·I
TABLES AND GRAPHS
BY COUNTRY
CCE-DG II D-4
.
PART2:
TABLES AND GRAPHS BY COUNTRY
The tables and graphs on Pages 1 to 40 present nominal and real effective exchange
rates of the currencies of the European Union Member States and five other industrial
countries. Aggregate measures for the European Union as a whole (EUR15) and the
group of countries participating in the Exchange Rate Mechanism (ERM) are presented
as well. Each country (or country group) is compared with 23 industrial countries (the
countries listed below plus Mexico, New Zealand, Turkey and Switzerland), with the
European Union and with the group of ERM participants.
The tables on Pages 41 to 58 present bilateral exchange rates of the US dollar against
the currencies of the 23 industrial countries; and nominal and real effective exchange
rates of the EU currencies, the US dollar and Japanese yen (as well as aggregate
measures for EUR15 and the ERM). Each cross-national table of real effective exchange
rates is based on a single price or cost deflator. Price and cost indices in national
currency are presented as well. These tables aim to , facilitate a comparison of
developments in the different industrial countries. The final table shows the latest
double export weight matrices that were used to calculate effective exchange rates. 1
The technical annex provides further details.
Part 2: Table of Contents
EUR 15- ERM
.~..............................................................................................
p. 1
BLEU ...............................................................................................................
p. 3
Denmark ................................................. ~.........................................................
p. 5
Germany .........................................................·........................................... .-......
p. 7
Greece..............................................................................................................
p. _9
Spain ............................................,....................................................................
p. 11
France ...................................................................................................... :........
p. 13
Ireland...............................................................................................................
p. 15
Italy...................................................................................................................
p. 17
Netherlands ... .... .. .... ... ........... ... ........... ..... ................. ....... .... .... .. .......................
p. 19
Austria .. ........................................ ..................... ... ......... ..... .......... ......................
p. 21
Portugal ........ .... .... ... ..... ..... .... ... .. ....... ... ... ... .... .. .... .... .. .... ... .... .... .......... .. ..... ........
p. 23
Finland ................. .............................................................................................
p. 25
Sweden .............. ~..............................................................................................
p. 27
United Kingdom .................... :...........................................................................
p. 29
Norway ...............-.................................................................. ............................
p. 31
Australia............................................................................................................
p. 33
Canada ................................................................................. ~ ....... ·.....................
p. 35
Japan ··························································································~·····················
USA..................................................................................................................
p. 37
Table A: Bilateral exchange rate ofthe US dollar..............................................
p. 41
Table B: Nominal effective exchange rate..........................................................
p. 46
Table C: Real effective exchange rate based on Consumer Price Index (CPI) .....
p. 48
TableD: Real effective exchange rate based on GOP deflator............................
p. SO
Table E: Real effective exchange rate based .on Export price deflator.................
p. 52
Table F: Real effective exchange rate based on ULC in economy as a whole............
p. 54
Table G: Real effective exchange rate based on ULC in manufacturing .......... ~..
p. 56
Table H: Double expert weights ........................................................................
p. 58
•
•
J
p. 39
EUR15
ERM
Nominal Effective Exchange Rate
Quarterly figures
index (1987=100)
Annual fi¥ures
index (198 =100)
EUR15
ERM
ERM
Relative to
IC23
IC23
EUR15
85
86
87
88
8i
90
91
92
93
94
95
98
97
78.0
90.4
100.0
100.9
99.2
11 2. 9
11 1 . 1
116.4
104.1
107.4
11 5. 9
122.7
121 . 1
77.2
91 . 0
100.0
98.5
98.3
11 0. 4
108. 8
11 4. 5
11 0. 5
11 3. 0
122.2
125.3
11 7 . 1
Monthly figures
monthly % change
EUR15
ERM
ERM
Relative t 0
IC23
IC23
EUR15
82.4
94.5
100.0
95.3
96.6
103.5
102.2
106.6
11 6 . 1
11 6 . 1
122.8
11 9. 3
104.7
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
111 . 5
11 3 . 9
11 3. 6
11 6. 3
119.9
120.8
120.6
123.6
125.8
123.1
120.8
117.4
123.2
11 6. 4
11 9 . 5
1 21 . 0
122.9
125.4
125.8
124.3
126.2
124.9
120.4
11 7. 5
11 3. 3
11 7. 2
11. 7. 0
11 9. 9
124.0
123.8
123.4
1 2 3. 1
120.2
120.0
11 4. 0
108.6
106.0
10 1 . 9
102.5
EUR15
ERM ERM
Relative to
IC23
IC23 EUR15
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-0.6
-·o. 1
-2.1
-1 . 0
0.6
-1 . 0
-1.3
-1 . 5
-1 . 6
3.0
1.8
2.7
-0.7
-1 . 0
-1 . 3
-2.2
-0.6
-0.3
-0.7
-1.6
-2.9
-0.7
2.9
1.1
1.2
-0.7
-1 . 5
-2.0
-1 . 8
0.2
-1.6
0. 1
-1.4
-4.2
0.9
2. 1
-0.2
-1 . 2
-0.5
Nominal Effective Exchange Rate
Annual figures fmdex 1987 =100)
Quarterly figures (Index 1987 =100)
1~~--------------~--------~
-~"
--="::.:
.....
....
1977
1982
1987
1992
1997
9401 9501 96Q1 9701 98Qt
Real Effective Exchange Rate (based on ULCM)
Annual figures Ondex 1987 =100)
Quarterly figures (Index 1987 =100)
...
EUR1$"
-IC23
--~"
. . . =l
ro~~~~~~----~--~~~~
1972
Page 1
1977
1982
1987
1992
1997
...
90 __ :~.~-·-·---·
EUR15
ERM
Real Effective Exchange Rate of EUR15
relative to 23 Industrial Countries (IC23)
Annual
85
88
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
81 . 0
92.6
100.0
98.7
95.1
106.2
103.7
107.9
95.7
96.5
1 01 . 4
104.5
99.5
78.9
91 . 7
100.0
99.0
95.6
107.8
105.4
110.3
97.8
98.3
103.2
106.0
100.8
(Index 1987=100)
Deflator
PX
ULCE
81 . 5
93.3
100.0
98.3
96.1
107.6
105.3
109.4
100.4
1 01 . 0
108.5
110.2
104.6
80.5
92.3
100.0
98.0
94.6
106.4
102.8
107.9
95.3
94.6
98.9
1 01 . 0
94.7
Quarterly figures
ULCM
76.4
87.2
100.0
97.3
93.1
1 0 5. 2
102.5
105.9
93.4
91 . 2
95.8
98.8
93.8
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
·97Q1
97Q2
97Q3
97Q4
CPI
GOP
99.1
100.5
99.6
1 01 . 4
104.0
1 0 4. 1
103.2
104.9
105.8
102.5
99.7
96. 1
100.0
100.9
102.4
1 01 . 5
103.3
105.9
105.8
104.7
106.4
107.2
103.8
100.9
97.2
1 01 . 2
(Index 1987=100)
Deflator
PX
ULCE
104.3
106.9
106.8
109.0
111 . 5
110.8
109.0
110.2
111 . 0
107.5
104.7
10 1 . 1
1
105.3
96.8
98.2
97.3
98.9
1 01 . 3
1 01 . 1
99.9
1 01 . 2
10 1 . 7
98.2
95.1
-91. 3
94.6
ULCM
93.1
94.7
94. 1
96.0
98.6
98.8
97.6
99. 1
99.9
96.7
94.0
90.6
94.3
Real Effective Exchange Rate .of the countries In the ERM
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
'95
98
97
figures
CPI
GOP
81.3
93.7
100.0
95.7
93.1
101 . 6
97.5
1 01 . 6
97.1
97.7
103.4
1 0 4. 1
94.8
78.8
93.0
100.0
95.7
92.7
1 01 . '6
98.1
102.9
98.8
99.0
104.8
105.0
95.2
(Index 1987•100)
oe.flator
PX
ULCE
80.4
94.6
100.0
97.1
95.0
103.3
100.7
105.0
99.6
99.9
106.4
106.3
98.8
80.0
93.1
100.0
94.2
89.4
98.4
92.7
98.1
94.6
93.7
98.9
98.0
87.8
Quarterly figures
ULCM
77.3
89.5
100.0
94.7
91 . 4
100.4
97.1
102.3
98.9
96.4
1 01 . 5
100.9
90.8
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
98Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
CPI
GOP
99.8
101.8
102.7
103.8
105.5
105.3
103.6
104.6
102.8
98.5
95.5
91 . 5
94. 1
10 1 . 1
103.3
1 0 4. 1
105.2
106.8
106.5
104.5
105.4
103.5
99.0
95.8
91 . 7
94.3
(Index 1987•100)
Deflator
PX
ULCE
102.3
104.8
105.8
106.8
108.2
107.6
105.5
106.7
105.4
101 . 7
99.3
95.7
98.7
95.5
97.5
98.3
99.2
100.5
99.9
97.7
98.2
96.2
91 . 7
88.6
84.5
86.5
ULCM
97.8
99.9
100.9
102.0
103.3
102.8
100.6
1 01 . 2
99.1
94'. 6
91.5
87.4
89.7
Real Effective Exchang~ Rate of the countrl~s In the ERM
relative to European Union as a whole (EUR15)
Annual
figures
GOP
CPI
85
86
87
88
89
90
91
92
93
94
95
96
97
86.9
97.0
100.0'
92.6
91 . 5
94.8
89.8
93.1
100.6
100.8
1 06. 1
102.9
89.8.
84.3
96.7
100.0
92.2
89.9
93.1
89.3
93.1
1 01 . 4
1 01 . 6
1·06. 8
102.9
89.2
Abbrevlat Ions:
(Index 1987=100)
deflator
PX
ULCE
83.5
98.0
100.0
95.9
94. 1
96.8
94.7
98.2
99.6
99.2
102.2
99.8
91 . 8
Quarterly figures
ULCM
84.8
84.9
96.1
95.6
100.0
100.0
90.5
92.4
84.8
91 . 2
85.2
94.3
91 . 2
82.2
87.1
97.7
109.4
96.5
9 5. 7- 107.4
11 2. 0
100.6
95.7
1 05·. 6
82.4
90. 1
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
·96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
9704
CPI
GOP
1 01 . 5
103.8
107.2
107.0
106.5
106.2
103.7
103.5
98.2
93.4
91.0
8 7'. 4
87.8
102.3
104.6
108.0
107.7
10 t. 1
106.6
103.9
103.4
97.9
92.9
90.4
86.6
88.9
(Index 1987=100)
deflator
ULCE
PX
99.7
101 . 1
103.5
102.6
1 01 . 8
1 01 . 6
99.8
100.7
,97. 0
93.7
92.7
89.9
90.8
96.3
98.6
1 01 . 9
1 01 . 5
100.6
99.6
96.7
96.0
90.8
86. 1
83.7
80.1
80. 1
ULCM
107.5
110.0
113.6
112.9
111 . 7
110.3
106.8
105.7
99.7
94.3
91 . 5
87.4
87.2
IC23
= 23 Industrial Countries
EUR15 = '15 Member States of the European Union
Countries in the Exchange Rate Mechanism
ERM
Consumer Price Index
CPI
=Gross Domestic Product Deflator
GOP
Price Oeflat~r Exports of Goods and Services
PX
= Nominal Unit Labour Cost in total Economy
ULCE
Nominal Unit Labour Cost In Manufactur;ng industry
ULCM
Page 2
BLEU - -franc
Nominal Effective Exchange Rate
IC23
85
86
87
88
89
90
91
92
93
94
85
96
97
Relative
EUR15
89. 1
95.4
100.0
99.3
98.8
1 04. 1
104.3
106.9
108.4
11 1 . 2
117 . 1
11 5. 4
111 . 1
94. 1
97.5
100.0
99.0
98.8
1 01 . 4
102.0
103.7
107.5
109.8
11 3. 9
11 1 . 0
107.3
to
Monthly figures
monthly % change
Quarterly figures
index ( 987=100)
Annual fi¥ures
index (198 -100}
ERM
IC23
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
97.9
98.6
100.0
99.8
99.3
100.8
1 01 ·. 6
102.6
104.9
107.2
11 0. 1
107.7
106.5
Relative
EUR15
11 2. 9
11 5. 8
118.0
116.9
11 7. 8
11 6. 8
11 5 . 2
115.5
114.2
11 2. 4
111 . 4
109.7
111 . 0
to
107.9
109.8
H 1. 4
109.7
109.7
1 o8·. 8
107.7
107.5
106.9
106.6
106.5
106.3
106.4
11 0 . 7
11 3 . 0
11 5. 4
113.6
11 3. 7
112.6
11 1 . 2
11 0 . 9
109.3
108.1
107.6
106.6
106.8
Relative. to
IC23
EUR15
ERM
ERM
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
·NOV97
DEC97
-0.7
-0.7
-0.7
-0.0
-0.3
-0.2
-0.6
-1 . 2
-0. 1
0.9
0.5
0.3
-0.2
-0.6
-0.5
-0.2
0.2
-0.4
0.0
-0.3
-0.9
0.2
0.3
0. 1
--0.2
-0. 1
-0.3
-0.2
0. 1
0.2
-0.2
0.0
-o .1
-0.2
o.o
-0.0
0. 1
-0.0
-0.0
Nominal Effective Exchange Rate
Quarterly figures
Annual figtres (Index 1987 =100)
~ndex 1987 =100)
1m~------------~--------~
1~~------------------------~
1997
100
9101 9201 9301 9401 9501 9601 9701 98Q1
1977
1982
1987
1992
Real Effective Exchange Rate (based on ULCM)
Annual figures (index 1987 =100)
99
" 1977
Page 3
1982
1987
1992
1997
-~---------------------------------------------------------------
989101 92Q1 9301 9401 9501 9601 9701 9801
BLEU
franc
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
(Index
1987=100)
Deflator
ULCE
PX
CPI
GOP
91 . 6
96.4
100.0
97.2
96.2
100.3
98.9
99.5
100.8
103.0
107.2
105.2
100.5
90.8
96.6
100.0
97.6
97.3
1 01 . 1
99.7
1 01 . 8
103.7
106.2
110.4
1 0 8. 1
103.2
94.3
99.0
100.0
1 00. 1
1 01 . 3
1 04. 1
102.3
103.5
102.6
104.3
1 0 7. 1
105.9
103.4
92.2
98.2
100.0
95.9
93.7
98.9
99.8
1 0 2. 1
104.7
1 0 8. 1
11 3. 0
109.3
103.9
Quarterly
ULCM
92.2
96.7
100.0
96.6
94.2
98.6
99.9
102.3
102.6
1 0 4. 1
108.4
104.4
100.3
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
figures
CPI
GOP
1 04. 1
106.3
1 0 8. 1
106.8
107.5
106.6
1 0 5. 1
1 05. 3
103.9
102.0
100.8
99. 1
1 0 0. 1
107.3
109.6
111. 4
110.0
110.7
109.6
107.9
108.1
106.7
104.7
103.5
1 01 . 8
10 2. 8
(Index
Deflator
PX
105.0
106.8
108.0
106.5
107.2
106.5
105.4
1 0 6. 1
105.5
104. 2
103.6
102.3
103.5
1987=100)
ULCE
ULCM
109.6
11 2. 2
11 4 . 1
112.6
112.9
111 . 4
109.3
1 0 9. 1
107.5
105.4
104.2
102.4
103.4
105.3
107.8
109.6
108.0
108.1
106.4
104.3
104.2
103.0
101 . 4
100.6
99.1
100.1
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
96.0
98.0
100.0
97.3
97. 1
99.0
98.0
97.9
1 01 . 4
103.5
106.5
103.7
100.0
95.7
98.4
100.0
97.7
98.1
99.5
98.5
99.8
104.0
106.3
109.4
106.3
102.4
(Index
1987=100)
Deflator
ULCE
PX
98.5
100.5
100.0
100.4
102.0
102.5
1 01 . 1
1 01 . 6
102.3
103.8
104.9
103.3
1 01 . 9
96.8
99.9
100.0
96.1
94.7
97.5
99.0
100.4
105.4
109.1
11 2. 9
108.6
104.4
Quarterly
ULCM
97.9
99.5
100.0
97.0
95.5
97.5
99.2
1 01 . 0
103.7
105.8
109.0
104.1
100.9
'94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
figures
CPI
GOP
104.0
105.9
107.8
1 0 6. 1
1 0 6. 1
105.2
103.9
103.7
102.2
100.9
100.3
99.3
99.4
106.9
108.8
11 0. 8
108 .·9
108.9
107.9
106.4
106.2
104.6
103.3
102.7
1 01 . 8
1 01 . 9
(Index
1987•100)
Deflator
PX
ULCE
103.8
105.0
106.3
104.2
104.3
103.8
103.0
103.5
102.7
1 0 2. 1
1 0 2. 1
1 01 . 5
1 01 . 9
110.2
112.4
11 4. 6
112.5
11 2. 2
110.7
108.8
108.3
106.6
105.2
104.7
103.8
103.9
ULCM
106.6
108.8
110.7
108.5
107.9
106.2
104.2
103.8
102.3
101 . 4
1 01 . 2
100.4
100.6
Real Effective Exchange Rate
relative to the countries In the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
98.9
98.7
100.0
98.6
98.5
99.8
99.8
99.1
1 01 . 4
103.5
105.5
103.2
1 01 . 8
99.1
99.2
100.0
99. 1
99.8
100.6
100.4
1 01 . 0
104.0
106.3
108.3
105.9
104.6
Ab b rev i at Ions :
(Index
deflator
PX
102.3
1 01 . 0
100.0
10 1 . 1
103.0
103.1
102.1
102.0
102.6
104.2
104.6
103.4
103.5
1987==100)
ULCE
ULCM
100.2
100.9
100.0
97.8
97.3
100.3
102.5
103.0
106.5
110.3
11 3. 2
109.6
108.1
101. 4
100.5
100.0
98 .. 3
96.8
98.3
100.7
1 01 . 4
102.4
104.8
107.2
103.3
102.9
Quarterly
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
figures
CPI
GOP
103.9
105.3
106.7
. 104.9
105.0
104.2
103.2
1 0 3. 1
102.4
1 0 2. 1
1 01 . 9
1 01 . 6
1 01 . 6
10 6. 7
108.3
109.6
107.8
107.8
106.8
105.9
105.7
105.1
104.7
104.6
104.4
104.5
(Index
deflator
PX
1 0 4. 1
104.9
105.7
103.9
1 0 4. 1
103.6
103.2
103.5
103.3
103.3
103.5
103.5
103.7
1987=100)
ULCE
ULCM
111 . 3
113 . 1
11 4. 6
11 2. 6
112.3
111 . 0
109.6
109.3
108.5
1 0 8. 1
1 0 8. 1
107.9
1 0 8. 1
105.7
107.4
108.7
106.6
1 0 6. 1
104.6
103.2
102.9
102.5
102.6
102.9
102.9
1 0 3. 1
IC23
= 23 Industrial Countries
EUR15
15 Member States of the European Union
ERM
=Countries In the Exchange Rate Mechanism
CPI
Consumer Price Index
GOP
=Gross Domestic Product Deflator
PX
=Price Deflator Exports of Goods and Services
ULCE
Nominal Unit Labour Cost in total Economy
ULCM
Nomin.al Unit Labour Cost in Manufacturing industry
Page 4
·oenmark
krone
Nominal Effective Exchange Rate
Annual fi¥ures
index _(198 =100)
IC23
Relative
EUR15
to
Monthly figures
monthly % change
Ouarterlf figures
Index ( 987•100)
ERM
IC23
Relative
EUR15
to
Relative
IC23
EUR15
ERM
to
ERM
I
85
86
87
88
89
90
91
92
93
94
95
96
97
87.9
95.2
100.0
98.5
96.2
103.3
102.0
105.0
108.2
109.0
11 4. 7
11 4 . 1
110.9
94.8
98. 1
100.0
98.5
96.8
100.6
99.8
102.0
108.4
1 0 9. 1
11 3 . 1
111 . 1
108.8
100.5
99.9
100.0
99.7
97.8
99.5
99. 1
100.4
103.5
1 0 4. 1
1 o·6. 6
106.0
1 0 6. 1
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
110.5
11 2 . 1
11 5. 3
11 5. 3
11 6. 0
115.3
11 3 . 5
11 4 . 1
11 3. 5
11 2. 2
111 . 5
109.3
11 0. 8
109.8
110.9
114. 4
11 3 . 7
11 3. 4
11 2. 6
111 . 0
111 . 0
11 0. 0
109.5
109.4
1 0 8. 1
108.3
104.6
105.0
107.4
107.0
107.1
106.6
105.8
105.7
105.8
1 0 6. 1
106.3
106.0
1 0 6. 1
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN91.
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-0.4
-0.5
-0.7
0. 1
-0. 1
-0.2
-0.8
-1 . 6
-0.2
1.0
0.4
0.7
-0.3
-0.2
-0.2
-0.1
0.4
-0.3
0. 1
-0.4
-1 . 2
0.2
0.3
0.0
-0.1
-0.1
0.0
0. 1
0.2
0.2
-0.0
0. 1
-0·. 1
-0.3
0. 1
0.0
0. 1
0.0
-0.0
Nominal Effective Exchange Rate
Quarterly figures (Index 1987 =100)
Annual figures (Index 1987 =100)
1m----------------~--------~
....·...
,•
.~
•••
••
•••
i
'
------------- ---·~----------- ---- -.----~ ----------------- ____ "\,._
1977
1982
1987
1992
1997
Real Effective Exchange Rate (based on ULCM)
Quarterly ftgures Ondex 1987 =100)
Annual ftgures Ondex 1987=100)
r
l
I •
110
I
----------------------------------------~-------------------
I
i
l
f
1977
Page 5
1982.
1987
1992
1997
92Q1 93Q1 94Q1 9501 9601
~701
9801
~
Denmark
krone
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
(Index t987•100)
Deflator
PX
ULCE
CPI
GOP
87.6
94.5
100.0
98.5
95.8
100.5
96.3
97.0
96.9
96.4
100.6
99.8
96.7
86.8
94.5
100.0
97.6
94.7
99.4
95.5
97.7
9 8. 1
97.9
102.0
1 01 . 2
99.0
91.2
98. 1
100.0
96.4
95. 1
100.8
98.6
1 01 . 2
1 0 0. 1
99.8
102.0
1 01 . 6
100.4
84.9
91 . 3
100.0
9 8. 1
94.4
97.7
92.9
94.9
94.7
94.2
99.7
98.7
96.9
Quarterly figures
ULCM
79.4
89.4
100.0
96.5
93.6
1 01 . 6
97.0
98.4
96.2
10 1 . 1
109.6
108.8
109.6
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
(Index 1987•100)
Deflator
PX
ULCE
CPI
GOP
97.4
98.6
1 01 . 2
101 . 1
1 01 . 6
1 01 . 0
99.3
99.8
99. 1
97.9
97.2
95.2
96.5
99.0
100.2
102.7
102.5
102.9
102.2
100.6
1 0.1 . 2
100.8
99.8
99.4
97.6
99.1
100.3
100.8
102.7
102.2
102.5
102.0
100.8
1 01 . 8
1 01 . 7
10 1 . 1
100.9
99.1
100.5
95.8
97.4
100.3
100.4
100.7
99.8
98.1
98.6
98.3
97.6
97.4
95.7
97.2
ULCM
104.7
107.0
110.4
110.4
110.6
109.6
101.8
108.8
109.1
109. 1
109.7
108.6
110. 9
Real Effective Exchange Rate
relative. to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
93.4
96.6
100.0
99.0
97.0
98.7
94.9
94.9
97.5
96.9
100.0
98.2
96.2
93.7
96.9
100 .·0
97.9
95.8
97.1
93.7
94.9
98.0
97.8
100.8
99.0
98.0
(Index 1987•100)
Deflator
PX
ULCE
98.2
90.7
93.4
100.3
100.0
100.0
96.7
98.7
95.5
96.2
95.4
98.9
97.0 . 91 . 1
98.5
92.0
99.4
94.6
94.6
98.8
99.1
99.3
97.1
98.6
98.8
96.9
Quarterly figures
ULCM
86.1
93.1
100.0
97.3
95.0
99.6
95.5
96.4
97.1
1 0 3. 1
11 0. 5
108.7
11 0. 9
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
(Index 1987•100)
,Deflator
PX
ULCE
CPI
GOP
97.3
98.2
1 01 . 2
100.5
1 0 0. 1
99.5
98.1
98.0
97.1
96.7
96.6
95.5
95.8
98.3
99. 1
102.0
1 01 . 2
100.8
1 00. 1
98.8
98.9
98.3
98.2
98.4
97.5
97.9
98.5
98.4
100.5
99.3
99.0
98.8
98.1
98.8
98.7
98.9
99.2
98.4
98.7
95.6
97.0
100.4
99.7
99.2
98.3
96.8
96.9
96.5
96.7
97.2
96.6
97.1
ULCM
106.4
108.3
11 2. 0
111 . 2
110.6
109.5
108.0
108.5
108.7
109.7
111 . 0
110.9
11 2. 1
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
Annual
figures
CPI
85
86
87
88
89
90
91
92
93
94
95
96
97
97.3
97.5
100.0
101 . 1
99.6
100.5
98.3
97.4
97.4
96.7
98.6
97.9
98.2
GOP
(Index 1987=100)
deflator
PX
ULCE
98.6
103.4
98.0
1 01 . 0
1 00. 0 . 100.0
100.1
97.9
98.8
98.0
99.3
99.8
97.0
98.5
97.1
99.0
97.2
98.9
98.4
97.0
98.9
98.4
98.4
98.3
99.9
100.0
Abbreviations:
95.1
94.6
100.0
1 01 . 4
100.2
1 0 0. 1
96.5
96.0
95.2
9-5.4
98.9
98.8
1 01 . 2
Quarterly figures
CPI
ULCM
90.3
94.4
100.0
99.6
9 8. 1
1 01 . 9
98.8
97.9
94.5
100.7
1 06. 8'
107.2
11 2. 5
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
96.9
97.2
99.4
98.9
9 9. 1
98.5
97.8
97.7
97.8
98.1
98.3
98. 1
98.4
GOP
97.3
97.6
99.7
99.1
99.3
98.7
98. 1
98.3
98.7
99.3
99.9
100.0
100.4
( 1 ndex 1987•100)
deflator
ULCE
PX
9 8. 1
97.7
99.2
98.4
98.5
98.2
97.9
98.4
98.9
99.6
1 0 0. 1
100.0
100.2
96.3
9 7 ·. 1
99.6
99.3
99.5
98.9
98.3
98.6
99.2
100.2
10 1 . 1
1 01 . 5
1 0 2. 1
ULCM
103.8
105.0
107.7
107.2
107.4
106.9
106.4
107.2
108.5
110.3
11 2. 1
113.2
114.4
IC23
23 Industrial Countries
EUR15
15 Member States of the European Union
Countries in the Exchange Rate Mechanism
ERM
CPI
Consumer Price Index
GOP
=Gross Domestic Product Deflator
PX
=Price Deflator Exports of Goods and Services
ULCE
Nominal Unit Labour Cost in total Economy
ULCM -Nominal Unit Labour Cost in Manufacturing industry
Page 6
Germany
mark
Nominal Effective Exchange Rate
Annual fi¥ures
Index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
82. 2·
92.6
100.0
100.2
99.5
1"05. 1
104.8
109.0
11 3. 5
116. 0
1 24. 1
1 2 2. 1
116. 9
88.5
95.5
100.0
99.6
99.3
10 1 . 2
10 1 . 3
1 0 4' 1
11 2. 8
11 4 . 1
11 9 . 6
11 5. 2
11 0. 3
to
Monthly figures
monthly % change
a.uarterll figures
index ( 987=100)
ERM
92.6
96.7
100.0
100.8
1 0 0. 1
100.3
100.8
102.6
109.5
11 0. 8
11 4. 8
111 . 2
109.5
IC23
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative to
EUR15
ERM
11 8. 4
122.6
125.1
123.7
124.9
123.6
1 21 . 4
122.3
120.9
11 8. 6
11 7. 2
114.9
11 6' 8
115 . 1
11 8 . 6
1 21 . 6
11 9. 2
11 9 . 1
11 7. 5
11 5 . 3
11 5 . 2
11 2 . 9
111 . 4
11 0. 7
109.4
109.6
Relative t 0
IC23
EUR15
ERM
111 . 6
114.6
11 6. 6
11 4 . 1
11 4. 2
11 2. 6
111 . 0
111 ' 0
110.0
109.6
109.7
109.3
109.4
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-0.9
-0.8
-0.8
-0. 1
-0.4
-0.3
-0.9
-1 . 6
-0.3
1.3
0.6
0.6
-0.3
-0.8
-0.7
-0.1
0.3
-0.6
0. 1
-0.5
-1 . 3
0.3
0.4
0. 1
-0.3
-0.1
-0.5
-0.3
0.3
0.3
-0.3
0. 1
-0.2
-0.3
0. 1
-0. 1
. 0. 1
-0.0
0.0
Nominal Effective Exchange Rate
Annual figures (Index 1987 =100)
Quarterly figures (Index 1987 =100)
Real Effective Exchange Rate (based on ULCM)
Annual figures Qndex 1987 =100)
Quarterly figures (Index 1987 =100)
t
t •
I
J
I·
t
Page 7
mark·
Germany
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
88.8
96.0
100.0
97.3
94.5
97.4
95.6
99.8
104.0
1 0 5. 1
110.7
107.4
102.0
85.4
94.8
100.0
97.0
93.7
96.9
95.3
100.5
1 0 5. 1
106.4
11 2 . 1
108.0
1 01 . 3
(Index
1987=100)
Deflator
PX
ULCE
81 . 7
94.7
100.0
98.7
95.1
98.9
98.4
102.7
104.7
1 0 5. 1
110.3
106.8
101.8
84.8
94.3
100.0
96.4
92.2
93.2
90.3
96.0
100.8
1 01 . 8
108.0
103.0
9 4. 1
au art e r I y
ULCM
79.5
89.3
100.0
98.9
96.4
98.7
95.7
1 01 . 7
107.3
109.0
11 7. 6
112.5
103.2
9404
9501
·9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
figures
CPI
GOP
106.7
11 0. 0
111 . 8
11 0. 2
11 0. 8
109.3
1 0 7. 0
107.5
106.0
103.8
1 02. 4
1 0 0. 2
1 01 . 7
108.0
111. 4
11 3. 3
111. 6
11 2 . 1
11 0. 3
107.8
107.9
106.0
103.4
1 01 . 7
99.3
100.6
(Index
Deflator
PX
106.5
109.8
111 . 5
109.8
11 0. 3
108.7
106.3
106.8
105.5
103.4
102.2
100.0
1 01 . 6
1987=100)
ULCE
ULCM
103.6
107.1
109.2
107.6
108.0
106.0
1.0 3. 1
102.7
100.2
9 7. 1
94.8
92.0
92.7
111 . 6
116.0
118.8
117.5
118.0
115.9
112.6
11 2. 1
109.5
106.2
103.9
100.9
1 01 . 9
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
95.0
98.4
100.0
97.2
95.2
95.1
93.8
97.2
105.6
106.5
110.8
106.0
1 01 . 7
91.9
97.3
1 0'0. 0
96.8
94.1
94.0
93.0
97.2
106. 1
107.3
111 . 8
106.1
100.4
(Index
1987•100)
Deflator
ULCE
PX
86.0
96.6
100.0
98.9
95.6
96.4
96.5
100.0
105.0
1 0 5. 1
1 0 8. 1
103.7
100.0
90.5
96.5
100.0
96.5
92.8
90.4
88.4
93. 1
102.3
103.6
108.9
102.6
94.8
Quarterly
ULCM
85.9
92.8
100.0
99.5
98.2
96.9
94.5
100.0
11 0. 6
113.4
121 . 3
114.2
105.5
9404
9501
9502
9•503
9504
9601
9602
9603
9604 .
9701
9702
9703
9704
figures
CPI
GOP
107.3
110.3
112.8
110.3
109.9
108.3
1 0 6. 1
105.9
103.9
102.5
1 0 2. 1
100.9
1 01 . 2
1 0 8. 1
111 . 3
113.8
111 . 2
110.8
108.9
106 .-4
105.9
103.5
101 . 7
100.9
99.5
99.6
(Index
1987-=100)
Deflator
PX
ULCE
105.5
108.0
110.0
107.3
107.0
105.5
103.6
103.7
1 01 . 9
100.7
100.4
99.4
99.6
104.7
1 0 8. 1
110.9
108.5
108.0
105.9
1 0 3. 1
102.1
99.2
96.9
95.5
93.7
93.3
ULCM
11 5. 5
11 9. 9
123.5
1 21 . 1
120.6
11 8 . 1
114.8
113.6
110.3
107.7
106.2
104.2
103.9
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
Annual
85
86
'87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
98.4
99.1
100.0
99.0
97.2
9 6. 1
9 6. 1
99.0
106.3
107.2
110.3
1 06. 1
104.9
95.7
98.0
100.0
98.6
96.3
95.4
95.3
9 9. 1
106.7
107.8
111 . 2
106.3
103.7
Abbreviations:
( Index
deflator
PX
8 9. 1
96.8
100.0
99.9
96.7
96.9
97.7
100.6
105.7
1 o·5. 8
108.2
1 04. t
.1 0 2. 3
1987=100)
ULCE
ULCM
94.0
97.3
100.0
98.8
96.5
93.8
92.3
96.3
104.0
105.5
109.9
104.5
99.6
88.8
93.3
100.0
1 01 . 7
100.8
98.5
96.7
1 01 . 1
109.6
11 3. 2
120.4
11 4. 6
109.5
Quarterly
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
figures
CPI
GOP
107.7
11 0. 4
1 12 . 1
109.5
109.3
107.6
105.9
105.8
105.0
104.8
105.0
104.7
104.9
108.5
111 . 3
113.0
110.4
1 1 0. 1
108.2
106.3
105.9
104.7
1 0 4. 1
103.9
103.5
103.5
(Index
deflator
PX
106.1
108.5
109.9
107.3
107.2
105.6
104.0
103.9
103.0
102.5
102.5
102.1
102.2
1987=100)
ULCE
ULCM
106.6
109.7
111 . 7
109.3
109.0
107.0
104.8
-103. 9
1 0 2. 1
100.8
100.0
99.0
98.6
115.4
11 9 '5
122.3
120.0
119.8
11 7. 6
11 5. 0
11 4. 0
11 2. 0
11 0. 7
109.9
108.9
108.6
IC23
23 Industrial Countries
EUR15
15 Member States of the European Union
ERM
Countries In the Exchange Rate Mechanism
CPI
Consumer P r I c e I n de x
GOP
=Gross Domestic Product Deflator
c
Price Deflator Exports of Goods and Services
PX
Nominal Unit Labour Cost in total Economy
ULCE
Nominal Unit Labour Cost in Manufacturing industry
ULCM
Page 8
Greece
drachma
Nominal Effective Exchange Rate
Annual fi~ures
Index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
136.7
11 0. 0
·1 00. 0
94.0
87.5
80.4
72.0
67.1
62.3
59-.4
58.5
58.2
57.6
1 4 7. 1
11 3. 0
100.0
93.2
86.9
77.5
69.3
63.7
60.2
56.3
54.3
. 53. 1
52.3
t
0
Qua r t e r I y f i g u res
Index (1987=100)
ERM
IC23
1 51 . 9
1 14 . 1
100.0
94.0
87.4
77.2
69.3
63.3
59.0
55.3
52.9
52.0
52.2
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
58.8
58.9
58.9
~8.4
57.6
57.3
58.3
58.7
58.6
58.2
57.2
57. 1
57.8
to
55.2
55.0
54.9
54.2
53.0
52.5
53.4
53.4
53. 1
52.8
52. 1
52.2
52.2
Monthly figures
monthly % change
Relative to
IC23
EUR15
ERM
ERM
54. 1
53.8
53.4
52.7
51. 6
51 . 1
52.2
52.2
52.3
52.4
51 . 8
52.2
52.2
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
OEC97
-1 . 1
0.3
-0.3
-0.3
-0.7
-0.9
0. 1
-0.0
0.1
0.2
0.6
0.7
-0.3
-1 . 0
0.4
0. 1
-0.2
-0.9
-0.8
0.2
0.2
0.3
-0.4
0.2
0.2
-0 ·. 2
-0.8
0.7
0.3
-0.2
-0.7
-0.8
0.4
0.8
0.2
-0.6
0.2
0.3
-0.1
Nominal Effective Exchange Rate
Annual figures. (Index 1987 =100)
Quarterly figures (Index 1987 =100)
~~.--------------~--------~
~~--------------------------~
..
400
---~~:
-------------------------------!---------------------------
~
..
i
70 -\----- -----------------------------------------------------------
"\\
300 ------------------- -------------------:---------------------------
~
------------- ___ :_._,.,.;,~- ---------------------------------------
i
100 ---------------------------------------:
\._
·. ' ...,
200 ---------------------------- -- -~-----~----------------------- ----
··~
..........
----------------~--------
···."::"'"'~
---
·- .. ~·. ....... ·····-~­
'
1977
1982
1987
1992
···
92Q1 93Q1 94Q1 9501 96Q1 97Q1 98Q1
1997
Real Effective Exchange Rate (based on ULCM)
Annual figures Ondex 1987 =100)
Quarterly figures Ondex 1987 =100)
170.....-----~--......,....-------,
170,........--------------,
160
---------------------------------------:------------------------.l.-
:.
160 ------------------------- ---------------- .. ---------- -··:::t -----
150 ----------------------------------------:--------------------:.. ---140 ------.. ---------------------------------~------------------ -------
~
150 ----------------------------------- _;_ ----,-----
~
90 ------------ ---------------- ----· ----- ------------------------80---- - --------------------------------------------------------1977
Page 9
1982
1987
1992
1997
.~·: ______________ _
111 . 9
103.0
100.0
97.7
96.5
1 01 . 4
1 01 . 8
102.5
100.8
1 01 . 3
102.4
106.4
109.2
11 8. 4
102.0
100.0
104.7
112.0
120.8
1 11 . 1
11 0. 5
107.9
113.7
121.4
129.1
135.51
117.5
102.4
100.0
111 . 0
125.8
1 31 . 2
1 31 . 7
129.7
127.3
133.7
145.2
1 51 . 8
158.5
ULCM
94Q4
9501
95Q2
9503
9504
96Q1
96Q2
96Q3
9604
97Q1
9702
97Q3
97Q4
11 6. 4
11 8 . 1
119.5
1 20. 1
120.0
120.7
124.3
126.3
127.0
126.7
125.3
125.5
127.4
CPI
11 7. 8
119.5
120.9
1 21 . 5
1 21 . 3
122.0
125.7
127.9
1 2 9. 1
129.2
12 8. 2
128.9
1 31 . 1
GOP
1 01 . 5
102.2
102.6
102.6
102.3
102.8
106.0
108.0
109.0
1 09. 1
1 08. 2
108.8
110.8
118.4
102.2
100.0
103.9
106.3
1 09. 1
111 . 4
112.4
115.5
116.3
119.2
123.8
128.3
GOP
figures
11 8. 5
105.0
100.0
98.0
97.2
99.8
100.6
100.5
J 00.5
100.7
100.3
103.9
107.7
128.0
104.2
100.0
105.0
113.4
119.6
110.7
108.9
108.9
114.3
120.7
127.9
135.9
Deflator
ULCE
PX
126.8
1 06. 1
100.0
111 . 4
1 2 7. 9
130.2
131 . 5
128.3
1 29. 0
13 5. 3
145.4
1 51 . 0
159.4
ULCM
(Index 1987•100)
94Q4
95Q1
95Q2
9503
9504
9601
9602
9603
96Q4
9701
9702
97Q3
97Q4
GOP
116.7
11 '8. 1
119.6
11 9. 9
1 19 . 1
119.8
123.6
125.5
126.5
127.5
1 2 7. 1
128.6
129.9
CPI
11 5 .. 7
1 17 . 1
118.7
. 11 9. 0
118.2
118.9
122.6
124.2
124.8
125.3
124.5
125.6
126.5
13 8. 1
142.2
145.4
146.8
146.5
148.9
150.9
153.6
155.7
158.9
158.7
158.5
1 61 . 8
100.3
100.4
100.8
100.5
99.6
100.3
103.7
1 05. 4
106.3
1 07. 1
106.8
108.0
1 0 9. 1
11 6. 8
118.8
120.9
121 . 7
1 21 . 4
122.7
127.3
130.0
132.0
133.9
134.4
136.7
138.8
1 3 9. 1
142.7
146.0
147.0
145.9
146.2
150.5
152.8
154.7
156.9
157.6
160.4
162.6
ULCM
(Index 1987•100).
Deflator
PX
ULCE
Quarterly figures
11 6. 8
11 9. 3
1 21 . 3
122.3
122.6
123.9
128.3
1 31 . 3
133.3
134.3
134.0
135.4
138.3
ULCM
(Index 1987-100)
De f I at or
PX
ULCE
Qua r t e r I y figures
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
11 0. 6
99.9
100.0
103.9
105.4
110.8
112.8
114.9
11 5. 4
118.7
120.8
1 26. 1
129.3
De f I at or
PX
ULCE
(Index 1987=100)
112.6
1 01 . 0
100.0
104.5
1 0 6. 1
108.1
111 . 2
11 2. 0
114.4
115.2
11 7. 2
122.0
127.3
CPI
Annual
1-22. 4
105.4
100.0
98.6
98.2
100.3
1 01 . 5
100.8
100.7
100.9
100.0
103.9
1 09. 1
129.7
105.0
100.0
106.7
11 6. 4
122.6
11 4. 2
111 . 4
109.8
11 5. 3
120.9
128.9
139.8
deflator
PX
ULCE
130.4
107.0
100.0
11 2. 7
129.5
13 1 . 1
133.0
128.6
127.2
133.8
142.8
149.5
1 61 . 3
ULCM
(Index 1987=100)
9404
9501
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
9604
9701
9702
97Q3
9704
GOP
11 6. 4
11 7. 3
11 8. 3
11 8. 6
11 7. 9
11 8. 7
122.9
124.8
126.8
128.7
128.9
1 31 . 2
132.4
CPI
11 5. 5
11 6. 4
117.4
11 7. 8
11 7. 1
11 7. 8
1 21 . 8
123.5
125.0
126.4
1 2 6. 1·
127.9
128.8
100.4
100.3
100.3
1 0 0. 1
99.4'
1 0 0. 1
103.7
105.3
106.8
108.1
107.9
109.7
110.6
133.9
136.9
138.0
1 41 . 3
143.3
~130.9
117.7
11 9. 4
120.9
1 21 . 7
1 21 . 5
1 2 2 .'9
128.1
Page 10
137.5
140.5
1 43. 1
144.2
143.3
143.9
148.7
1 51 . 2
154.3
157.8
159.2
183.0
185.3
ULCM
(Index 1987=100)
deflator
PX
ULCE
Quarterly figures
IC23
= 23 Industrial Countries
15 Member States of the European Union
EUR15
Countries in the Exchange Rate Mechanism
ERM
CPI
=Consumer Price Index
= Grriss Domestic Product Deflator
GOP
-Price Deflator Exports of Goods and Services
PX
'ULCE
Nominal Unit Labour Cost in total Economy
Nominal Unit Labour Cost in Manufacturing industry
ULCM
122.0
102.9
100.0
105.3
108.1
110.3
113.4
113.7
115. 4'
11 6 . 1
118.0
123.2
130.3
GOP
figures
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
109.8
100.4
100.0
1 03. 1
104.6
107.3
109.4
110.8
114.5
115.3
118.2
122.6
125.5
CPI
Annual
103.3
98.4
100.0
103.2
103.6
108.7
110.4
11 2. 8
11 3. 9
115.4
119.4
124.5
126.2
GOP
figures
AbbreviatIons:
92
93
94
95
96
97
91
85
86
87
88
89
90
91
92
93
94
95
96
97
eo·
85
86
87
88
89
85
86
87
88
89
90
91
.92
93
94
95
96
97
CPI
Annual
drachma
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23) ·
Greece
Spain
peseta
Nominal Effective Exchange Rate
l
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
96.9
98.3
100.0
104.2
109. 1
114.4
11 5. 2
113. 2
100.2
94.9
96.1
97.7
93.6
107.2
102.2
100.0
103.4
1 0 9. 1
11 0. 7
11 1 . 6
108.6
98.4
92.4
91 . 1
91 . 5
8 8. 1
to
M~nthly figures
monthly % change
Ou a r t e r I
f i g u res
index ( 987=100)
Annual f iyures
index (198 =100)
ERM
IC23
111 . 9
103.5
100.0
104.5
109.9
11 0 . 1
111 . 2
107.4
9 6. 1
90.2
88.0
88.7
87.3
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
95.4
93.6
95.7
97.2
98.1
98.9
97.9
97.4
96.6
94.6
93.9
92.6
93.5
I
t
92.0
89.2
91 . 2
9 2. 1
92. 1
92.9
92.0
91. 1
9 0. 1
88.7
88.4
87.7
87.8
0
ERM
89.7
86.5
87.9
88.9
88.8
89.6
8 9. 1
88.2
87.9
87.4
87.4
87.3
87.3
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
Relative
IC23
EUR15
to
ERM
-0.8
-0.5
-1 . 4
-0.2
0.2
-0.1
-0.7
-1 . 0
-0.3
1.0
0.4
0.3
-0.4
-0.4
0.0
-0.7
0.0
0.3
0. 1
-0.2
-0.0
-0.1
0. 1
0.0
-0.1
-0.1
-0.7
-0.3
-0.9
0.0
0.0
0. 1
-0.4
-0.7
0. 1
0.4
0.0
-0.3
-0.2
Nominal Effective Exchange Rate
Annual ftgtns
fandex 1987=100)
Quarterly figures (index 1987 =100)
110 -~-~-~-\- --------------------------------------------,------
'\
100
~"'~
~.··.~
-----------------~--\
.
--------------------------------------------··\.:
····~-....... ,...,...,
90 ------------------------- ____._._ ...... ~\/------;-.. ... ..---'-------------
·...··
.....' .:"::-:
Real Effective Exchange Rate (based on ULCM)
Quarterly figures Ondex 1987 =100)
Annual figures Ondex 1987 =100)
130 ----------------------------------------(--- ---,;,·
~fm
110
1977
Page 11
1982
1987
1992
1997
:"
Spain
peseta
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
90.9
97.0
100.0
104.8
111 . 2
118.2
119.9
120.0
107.9
103.5
106.0
108.0
1 0 3. 1
90.6
.97. 0
100.0
1 0 5. 1
11 2 . 1
119.9
122.6
123.4
110.0
105.0
107.8
109.9
104.7
(index
1987=100)
Deflator
PX
ULCE
94.7
97.4
100.0
103.6
107.4
11 2. 8
11 4. 0
115 . 1
104.5
1 01 . 2
104.2
106.6
103.5
93. 1
97.1
100.0
1 06. 1
112.5
1 21 . 4
124.4
126.4
114.0
1 0 6. 1
1 0 6. 1
1 0 9. 1
104.7
Quarterly
ULCM
95.9
98.0
100.0
107.4
116.8
1 2 8. 1
130.1
13 1 . 1
120.1
11 0. 4
108.6
11 5. 4
11 2. 3
9404
-9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
figures
CPI
GOP
104.5
102.9
105.5
107.3
108.4
109.4
108.3
107.7
106.7
104.4
103.4
1 01 . 8
102.8
1 06. 1
104.5
107.3
109.2
110;3
1 11 . 4
110.2
109.5
108.5
106.0
1 05. 1
103.4
104.4
(Index
Deflator
PX
102.5
1 01 . 0
103.7
105.5
106.6
107.6
106.7
106.4
105.9
1 0 4. 1
103.7
102.5
103.6
1987=100)
ULCE
ULCM
105.7
103.3
105.5
107.2
108.6
110.0
109.3
1 0 9. 1
108.2
105.9
105.0
103.5
104.6
108.8
105.6
107.5
1.09. 5
111 . 9
114.6
115.2
116.0
115.7
113.5
112.6
110.9
112.0
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
83
94
95
98
97
figures
CPI
GOP
98.3
99.7
100.0
105.0
112.8
116.7
118.9
118.0
108.7
103.9
104.5
105.9
102.2
98.8
99.9
100.0
1 0 5. 1
113.5
117.8
1 21 . 0
120.7
110.2
104.9
105.8
107.3
103.5
(Index
1987•100)
Deflator
PX
ULCE
101 . 8
99.7
100.0
103.9
108.5
110.8
112.3
11 2. 5
104.0
100.4
1 01 . 4
103.5
1 01 . 6
1 01 . 0
99.8
100.0
106.4
114.2
119.7
123.4
124.3
115.0
107.0
1 05. 1
107.6
104.7
au art e r I y
ULCM
105.9
102.6
100.0
107.9
11 9 . 1
126.8
129.2
129.4
1 21 . 5
11 2 . 1
108.0
114.0
11 2 . 1
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
figures
CPI
GOP
104.3
1 01 . 6
104.4
105.9
106.2
107.3
106.5
105.5
104.3
102.8
102.5
1 01 . 7
1 01 . 8
105.4
1 02. 8
105.6
107.2
107.6
108.8
107.9
108.9
1 05. 7
1 04. 1
. 103.7
103.0
1 03. 1
(Index
Deflator
PX
1 01 . 1
98.6
1 01 . 3
102.8
103.2
104.4
103.8
1.03. 3
102.7
101 . 7
101 . 8
1 01 . 4
1 01 . 6
1987•100)
ULCE
ULCM
106.0
102.5
104.8
106.3
106.9
108.4
108.1
107.5
106.5
1 0 5. 1
104.9
104.3
104.6
109.7
105.3
107.3
109.0
110.4
113.3
11 4. 1
114.5
114.0
11 2. 7
11 2. 4
111 . 8
111 . 8
Real Effective Exchange Rate
relative to the countries In the Exchange Rate Mechanism (ERM)
Annual
figures
CPI
85
86
87
88
89
90
91
92
93
94
95
96
97
1 01 . 5
100.4
100.0
106.6
11 4. 8
117.9
121.2_
119.6
109.0
104.0
103.7
105.6
104.2
GOP
102.7
100.7
100.0
106.9
11 5. 9
11 9 . 5
123.7
122.6
110.5
105.1
105.0
1 07. 1
105.8
Abbreviations:
(Index
deflator
PX
106:0
100.2
100.0
104.8
109.7
111 . 6
113.6
113.2
104.4
100.8
1 01 . 3
103.8
103.4
1987=100)
ULCE
ULCM
104.9
100.7
100.0
108.6
118.0
123.5
128.3
128.0
11 6. 6
108.6
105.7
109.0
108.8
109.8
103.6
100.0
109.6
1 21 . 2
128.2
1 31 . 4
130.2
120.3
111. 2
106.5
113.3
11 4. 6
au art e r I y
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
figures
CPI
GOP
1 04. 3
1 01 . 2
103.4
104.9
1 05. 3
106.4
106.0
1 0 5. 1
104.8
104.2
104.3
104.2
104.2
105.5
102.4
104.7
106.3
106.7
107.9
107.6
106.7
106.4
105.7
105.9
105. 8
105.9
(Index
deflator
PX
1987=100)
ULCE
107.4
10 1 . 4
103.5
98.6
105.3
100.9
106.7
102.6
107.4
103.1
1 0 9. 1
104.3
109.2
1 0 4. 1
108.8
103.4
108.8
103.4
1 0 3. 1 . 108.4
108.7
103.4
108.8
103.4
109. 1
103.5
ULCM
108.9
104.2
105.6
107.3
108.8
111 . 8
113.3
113.8
114.4
.11 4. 2
114.6
114.7
114.9
IC23
23 Industrial Countries
EUR15 = 15 Member States of the European Union
ERM
Coun~ries
in the Exchange Rate Mechanism
CPI:
Consumer Price Index
GOP
Gross Domestic Product Deflator
PX
=Price Deflator Exports of Goods and Services
ULCE
=Nominal Unit Labour Cost In total Economy
ULCM
-Nominal Unit Labour Cost ·in Manufacturing industry
Page 12
France - franc
Nominal Effective Exchange Rate
Annual f i¥ures
Index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative to
EUR15
ERM
92.0
98.1
100.0
98.4
97.4
103.5
101 . 9
106.1
109.2
111 . 5
116. 7
117. 6
113. 6
99.6
1 01 . 2
100.0
98.0
97.7
1 00. 1
99. 1
1 0 2. 1
109.0
11 0. 6
11 3. 5
11 2. 8
109.6
Monthly f lgures
monthly % change
Quarterll figures
index ( 987=100)
IC23
104.4
102.6
100.0
99.0
98.3
99.3
98.5
100.6
105.9
107.6
109.0
108.9
108.9
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
Relative t 0
EUR15
ERM
11 3 . 1
11 4. 9
11 6. 3
117. 4
11 8. 2
1 18 . 1
117.5
117.7
11 7. 0
115.0
113.7
111 . 6
113.9
111 . 1
11 2. 2
11 3. 8
11 4 . 1
11 3 . 9
11 3. 7
11 3. 3
11 2 . 8
111 . 5
11 0 . 3
109.8
108.8
109.6
Relative t 0
IC23
EUR15
ERM
107.9
108.4
1 09. 1
109.4
109.2
109.0
109.2
108.7
108.7
108.7
108.8
108.6
109.4
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
.,JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-0.7
-0.8
-0.7
o.o
-0.3
-0.4
-0.9
-1 . 5
-0. 1
1.5
0.8
0.6
-0.3
-0.5
-0.6
-0. 1
0.4
-0.4
-0.1
-0.5
-1 . 1
0.4
0.7
0.3
-0.1
-0.1
-0.2
-0.1
0.2
0.3
-0.1
-0.1
-0.2
-0.2
0.2
0.3
0.3
0.2
0.0
Nominal Effective Exchange Rate
Annual figures (Index 1987 =100)
Quarterly figures (Index 1987 =100)
1~~---------------~--------~
118
116 --------------------------------------- -------------- ------------
1977
1982
1987
1992
1997
9301 9401 9501 9601 9701 98Q1
Real Effective Exchange Rate (based on ULCM)
Annual figures
~ndex
Quarterly figures (index 1987 =100)
1987 =100)
90
~~~~·~~~~~~~~~~~~~
1972
Page 13
1977
1982
1987
1992
1997
France
franc
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
93.3
98.7
' 100. 0
97.1
94.6
98.3
94.7
96.3
97.3
97.8
100.6
100.3
95.5
92.5
99.1
100.0
96.9
94.0
97.7
94.3
95.8
97.4
97.8
100.6
99.6
95.1
(Index 1987=100)
Deflator
PX
ULCE
92.7
99.5
100.0
97.9
96.5
99.5
97.1
98.5
97.2
99.5
1 01 . 1
100.0
96.6
96.4
100.6
100.0
95.5
92.0
9 5. 1
91.4
93.0
95.7
96.0
99.7
99.2
94.4
Quarterly figures
ULCM
94.8
99.5
100.0
94. 1
90.1
94.3
92.6
94.7
97.0
94.8
96.9
95.9
89.9
94Q4
95Q1
9502
9503
9504
9601
9602
9603
9604
97Q1
97Q2
9703
97Q4
CPI
GOP
98.6
99.7
100. 4
101.0
1 01 . 4
101. 1
100.4
100.3
99.3
97.2
95.8
93.7
95.4
98.6
99.8
100.5
101 . 0
1 01 . 2
100.6
99·. 7
99.5
98.7
96.7
95.4
93.4
9 5. 1
(Index 1987=100)
Deflator
PX
ULCE
'1 00. 4
101.0
1 01 . 1
10 1 . 1
1 01 . 2
100.6
99.9
100.0
99.4
97.7
96.7
95.0
96.9
ULCM
96.9
98.4
99.5
100.2
100.7
100.2
\99.3
9 9. 1
98.1
96.0
94.6
92.6
94.2
94.8
95.9
96.7
97.3
97.7
97.2
96.2
95.7
94.4
92.0
90.3
88.1
89.5
Real Effective Exchange Rate
relative to the, European Union as a whole .(EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
99.8
1 01 . 1
100.0
97.3
95.8
96.4
93.3
93.9
98.4
98.8
100.0
98.7
95.1
99.7
1 01 . 8
100.0
96.9
94.9
95.4
92.5
92.9
97.9
98.2
99.5
97.7
94.4
(Index 1987=100)
Deflator
PX
ULCE
98.6
1 01 . 7
100.0
98.2
97.4
97.2
95.4
95.8
96.9
99.1
98.5
96.9
94.8
103.5
103.2
100.0
95.8
93.0
93.0
90.1
90.5
96.8
97.4
99.9
98.7
95.3
Quarterly figures
ULCM
103.6
103.9
100.0
94.5
91 . 5
92.5
91 . 5
92.7
98.8
97.1
97.8
95.8
90.8
CPI
9404
9501
9502
9503
9504
9601
.9602
9603
9604
9701
9702
9703
97Q4
98.7
99.3
100.3
100.4
100.0
99.7
99.3
98.6
97.4
96. 1
95.4
94.3
94.8
GOP
(Index 1987•100)
Deflator
PX
ULCE
99. 1
98.9
99.0
98.4
97.7
97.4
97.1
96.9
96.0
95.1
94.9
94.1
95.0
98.2
98.9
99.9
99.8
99.3
98.8
98. 1
97.5
96.3
95. 1
94.6
93.6
94.2
ULCM
96.5
97.1
98.2
98.2
97.8
97.3
96.5
95.5
93.8
92.1
91 . 1
89.8
90.2
97.7
98.7
100.2
100.4
1 00. 1
99.8
99.2
98.5
97.3
96.1
95.5
94.5
95.2
Real Effective Exchange Rate
relative to the countries in the Exchange · Rate Mechanism (ERM)
Annual
figures
CPI
85
86
87
88
89
90
91
92
93
94
95
96
97
GOP
103.3
104.0
1 01 . 9
102.7
100.0
100.0
98.9
98.6
97.0
97.4
96.7
97.3
94.6
95.2
9 5. 1
94.1
98.3
97.8
98.798. 1
98.7
98.2
98.0
97.0
97.2
96.7
Abbreviations:
(Index 1987-100)
deflator
PX
ULCE
..
IC23
EUR15
ERM
CPI
GOP
PX
ULCE
ULCM
102.9
102.3
100.0
99.0
98.5
97.8
96.4
96.1
97.2
99.4
98.0
96.9
96.6
107.9
104.3
100.0
97.8
96.2
96. 1
93.7
93.0
97.8
98.5
99.9
99.7
99.4
Quarterly figures
ULCM
107.9
105.2
100.0
95.9
93.0
93.3
92.9
92.9
97.1
95.9
95.7
94.7
92.9
94Q4
9501
9502
95Q3
9504
96Q1
9602
9603
96Q4
9701
97Q2
9703
9704
CPI
GOP
98.4
98.6
98.9
98.9
98.6
98.3
98.3
97.8
97,6
97.4
97.3
96.9
97.4
97.9
9 8. 1
98.4
98.4
97.8
97.4
97.3
96.7
96.7
96.6
96.7
96.5
97.0
(Index 1987=100)
deflator
ULCE
PX
99.3
98.7
98.3
97.9
97.3
97.0
97.2
96.7
96.6
96.5
96.5
96.3
97.0
98.7
99.3
100.0
100.3
1 0 0. 1
99.9
99.9
99.4
99.3
99.3
99.4
99.2
99.9
ULCM
95.3
95.4
95.8
96.0
95.7
95.4
95.2
94.4
93.9
93.3
92.9
92.4
92 .. 9
= 23
Industrial Countries
15 Member States of the European Union
=Countries In the Exchange Rate Mechanism
Consumer Price Index
=Gross Domestic Product Deflator
=Price Deflator Exports of Goods and Services
Nominal Unit Labour Cost in total Economy
Nominal Unit Labour Cost in Manufacturing industry
Page 14
Ireland
pound
Nominal Effective Exchange Rate
Qua r t e r I y
Annual f tyures
index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
95.4
10 1 . 3
100.0
98.6
97.8
103.6
102.6
105.9
100.4
1 01 . 2
10 1 . 8
104.6
106.9
102.4
104.0
100.0
98.4
98.3
10 1 . 3
100.9
103.3
100.8
10 1 . 5
100.6
102.5
105.7
to
f i g u res
(1987=100)
Index
IC23
ERM
1 11 . 0
106.5
100.0
100.6
99.8
1 o·o. 2
100.5
10 1 . 1
96.1
96.9
93.9
96.4
104.4
9404
\ 9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
102.2
1 01 . 6
101. 5
1 02. 1
102.0
102.5
103.7
104.9
107.4
109.6
106.7
106.5
104.9
1 01 . 7
100.7
100.6
100.8
100.0
100.6
102.0
102.7
1-()4. 8
107.8
105.5
1 0 6. 1
103.4
t0
Monthly figures
monthly % change
ERM
96.8
94.9
93.7
93.9
92.9
93.5
95.6
96.3
100.2
105.1
103.9
105.9
103.0
DEC96
JAN97
FEB97
MAR97
APA97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
Relative
IC23
EUR15
t0
1.2
0.4
0.5
-0.4
-0.5
-3.0
-0.1
0.9
-0.3
0.5
-2.2
1.0
-0.7
2. 1
1.5
1.7
-0.1
-0.1
-2.8
0.8
2.9
-0.2
-1 . 0
-2.6
0.9
-0.3
1.4
0.7
1.0
-=-0.1
-0.7
-2.7
0.2
1.3
0.2
-0.2
-2.6
0.4
-0.5
Nominal Effective Exchange Rate
Quarterty figures (Index 1987 =100)
Annual figures (Index 1987=100)
1977
1982
1987
1992
1997
Real Effective Exchange Rate (based on ULCM)
Annual figures (Index 1987 =100)
Quarter1y figures Qndex 1987 =100)
110-- - -------------------------· -- -"--------------------------100 --90-80 --- ----------------------- --70
-- -- -- ----
oo~--~~--~~--~~~~~~~
1972
Page 15
1977
1982
1987
1992
1997
~
~
70------------------
ERM
Ireland
pound
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
(Index 1987=100)
Deflator
PX
UlCE
CPI
GOP
96.4
102.6
100.0
98.6
9 7. 1
100.2
96.9
98.3
91 . 9
92.5
92.5
93.8
95.0
95.5
103.1
100.0
97.6
97. 1
97.3
93.3
94.5
90.6
90.2
88.7
90.0
91 . 3
97.5
1 0 2. 1
100.0
1 01 . 8
102.4
98.0
95.6
96.1
94.2
94.5
93.9
95.0
95.4
96.3
104.0
100.0
97.5
92.6
92.4
88.4
90.5
8 7. 1
85.9
81 . 1
79.9
81 . 3
Quarterly figures
UlCM
108.0
111 . 0
100.0
93.3
88.1
90.4
8 7. 1
84.8
80.6
77.7
69.6
69.4
70.2
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
9602
96Q;J
96Q4
97Q1
97Q2
97Q3
97Q4
(Index 1987=100)
Deflator
PX
UlCE
CPI
GOP
93.4
92.7
92.4
92.7
92.3
92.4
93. 1
93.9
95.8
97.5
94.8
94.5
93.0
90.2
89.2
88.6
88.8
88.3
88.4
89.3
90.2
92.2
94.0
91 . 4
90.9
89.2
94.8
94. 1
93.7
94. 1
93.6
93.7
94.4
95.1
96.9
98.5
95.5
94.9
92.8
UlCM
85.0
83.0
81 . 4
80.7
79.4
78.9
79.3
79.8
81 . 6
83.3
81 . 2
81 . 0
79.7
75.1
72. 1
69.8
68.7
67.9
68.0
68.8
69.6
71 . 0
72.3
70.1
69.8
68.6
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
88
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
102.6
104.8
100.0
98.7
98. 1
98.8
95.9
96.5
92.6
93.2
91 . 9
92.6
94.8
102.3
105.5
100.0
97.6
98.0
95.5
92.0
92.3
90.9
90.4
87.7
88.5
90.9
(Index 1987•100)
Deflator
PX
UlCE
103.3
104.0
100.0
1 0 2. 1
103.4
96.3
94.4
94.1
94.0
94.0
91 . 7
92.5
94.0
102.6
106.3
100.0
97.7
. 93.5
90.6
87.3
88.4
87.6
86.7
80.9
79.3
81 . 9
Quarterly figures
UlCM
116.8
115.2
100.0
93.7
89.3
89.0
86. 1
83.3
81 . 4
79.0
69.9
69.1
70.7
9404
95Q_1
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
CPI
GOP
93.4
92.4
92.1
92.0
91.0
91 . 2
92.3
92.6
94.3
96.8
94.6
95.2
92.8
89.8
88.5
87.9
87.7
86.7
87.0
88. 1
88.6
90.4
92.9
90.8
91 . 2
88.6
(Index 1987=100)
Deflator
PX
UlCE
93.5·
92.3
91.9
91 . 9
90.9
91 . 1
9 2". 1
92.5
94.1
96.4
94.1
94.2
91 . 3
ULCM
85.3
83.0
81 . 6
80.4
78.7
78.3
78.9
79.2
80.8
83.2
81 . 7
82.3
80.3
76.0
72.6
70.3
68.9
67.7
67.8
68.8
69.3
70.6
72.3
'70. 6
70.9
69.0
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
Annual
I
85
86
87
88
89
90
91
92
93
94
95
96
97
f lgures
CPI
GOP
109.1
106.3
100.0
1 0 2. 1
1 01 . 6
100.5
99.6
98.8
92.4
92.9
89.7
91 . 1
98.2
11 0. 2
107.0
100.0
10 1 . 1
102.3
98.0
96.0
94.7
90.8
90.:
85.7
87.4
94.7
Abbreviations:
(Index 1987=100)
deflator
PX
UlCE
111. 9
104.9
100.0
1 03'. 8
105.8
97.6
96.5
94.9
94.9
94.9
91 . 3
92.8
97.4
11 0. 2
108.1
100.0
1 01 . 9
99.8
96.5
94.4
93.5
89.5
88.9
81 . 2
80.5
87.9
Quarterly figures
UlCM
125.5
11 7. 5
100.0
96.4
91 . 8
90.2
88.4
8 3. 1
78.5
76.8
66.7
67.0
72.8
9404
9501
9502
9503
9504
9601
96Q2
9603
9604
9701
9702
9703
9_7Q4
(index 1987.:100)
de.f lator
PX
UlCE
CPI
GOP
92.8
91 . 0
89.7
89.6
88.5
88.8
90.4
90.9
94.4
98.8
97.6
99.5
96.9
89.4
87.2
85.7
85.5
84.4
84.8
86. 6 '
87.3
90.9
95.4
94.3
96.0
93.2
9 4. 1
92.3
91 . 1
91 . 4
90.4
90.8
92.4
92.6
95.5
99.3
97.2
98.3
94.9
8 7. 1
84.1
81 . 5
80.4
78.7
78.5
79.8
80.2
83.6
88 .. o
87.3
89.3
87.0
UlCM
73.8
69.9
66.9
65.7
64.4
64.8
66.4
6 7. 1
69.8
73.2
72.4
73.8
71 . 9
IC23
23 Industrial Countries
EUR15
15 Member States of the European Union
ERM
Countries In the Exchange Rate Mechanism
CPI
Consumer Price Index
GOP
=Gross Domestic Product Deflator
PX
=Price Deflator Exports of Goods and Services
UlCE
Nominal Unit labour Cost in total Economy
Nominal Unit labour Cost In Manufacturing industry
UlCM
Page 16
Italy
lira
Nominal Effective Exchange Rate
Annual fl,ures
index (198 =100)
IC23
Relative
EUR15
85 . 92.0
86
97.8
100.0
87
97.5
88
89
98.5
90
1 0 2. 1
10 1 . 1
91
92
98.9
83.3
93
81 . 2
94
95
74.8
82.7
96
97
83.4
10 1 . 1
1 01 . 4
100.0
96.8
98.3
98.0
97.4
93.8
81 . 2
78.0
69.8
76. 1
7 7. 1
Monthly figures
monthly % change
Ouarterll figures
index ( 987=100)
to
ERM
IC23
106.0
102.9
100.0
97.6
98.8
97. 1
96.5
9 2. 1
78.2
75.0
66. 1
72.6
75.4
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
79.9
76.0
71 . 4
75.5
76.5
79.6
82.5
83.7
84.9
83.9
83.2
82.8
83.7
75.7
71 . 4
66.9
70.4
70.6
73.6
76.4
76.9
77.6
77.2
77.0
77.3
77.0
t
0
ERM
72.5
68.0
63.2
66.6
66.8
69.7
72.8
73.3
74.6
75.0
7 5. 1
75.9
75.6
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
Relative
IC23
EUR15
to
ERM
1.0
0.0
-1. 9
-1 . 3
0.7
-0.0
-0.0
-0.5
-0.6
1.3
0.2
0 .. 6
-0.3
1.5
0.7
-1. 0
-1.0
0.8
0.3
0.7
0.7
-0.3
0. 1
-0.4
-0.0
0.0
1.2
0.3
-1. 3
-1 . 0
0.5
0.3
0.4
-0. 1
-0.1
0.4
-0.4
-0.3
-0. 1
Nominal Effective Exchange Rate
Annual figures
~ndex
Quarterly figures (Index 1987 =100)
1987 =100)
110 ..........---~~~---------,
~
~
1972
19n
1982
1987
1992
1997
92Q1 9301 9401 9501 96Q1 9701 9801
Real Effective Exchange Rate (based on ULCM)
Annual figures Ondex 1987 =100)
Quarterly figures Ondex 1987 =100)
ro~~~~~~~~~~~~~~
1972
·Page 17
19n
1982
1987
1992
1997
Italy
lira
Real Effective· Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
88.1
96.3
100.0
99.5
102.2
107.3
108.0
106.7
91 . 0
89.4
84.3
94.3
94.4
87.3
95.6
100.0
100.0
1"02.4
109.0
110.6
108.4
91 . 7
89.4
83.7
94.6
95.2
(index 1987=100)
Deflator
PX
ULCE
91 . 8
97.8
100.0
97.6
1 00. 1
105.3
106.0
104.9
95.6
92.7
91 . 1
1 01 . 0
101.8
89.4
96.4
100.0
99.8
102.6
11 0. 1
111 . 9
108.9
90.4
86.3
78.7
89. 1
91 . ~
Quarterly figures
ULCM
93.4
97.9
100.0
98.3
102.6
108.3
109.8
105.8
88.7
84.8
76.8
86.9
90.8
CPI
GOP
88.4
84.8
80.3
85.5
87.0
90.8
94.3
95.5
96.7
95.4
94.3
93.5
8 8. 1
84.2
79.6
84.7
86.4
90.6
94.4
96.0
97.4
96.2
95. 1
94.4
95.2
-
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
9602
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
94~3
(index 1987=100)
Deflator
PX
ULCE
92.5
90.3
86.8
93.1
94.5
98.1
1 01 . 0
1 01 . 9
103.3
102.3
1 01 . 6
1 0.1 . 2
102.2
84.1
79.8
74.9
79.3
80.8
84.8
88.6
90.6
92.5
92.0
91 . 5
91 . 1
91 . 9
ULCM
82.4
78.1
73.1
77.4
78.7
82.5
86.3
88.4
. 90.6
90.5
90.5
90.4
91. 6
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
'95. 1
98.9
100.0
99.6
103.6
105.4
106.7
1 04. 1
91.6
89.5
82.9
92.2
93.6
95.0
98.6
100.0
100.0
103.7
106.5
108.8
105.2
91 . 8
89.1
81 . 8
92.1
94.2
(Index 1987•100)
Deflator
PX
ULCE
98.6
100.2
100.0
97.9
101 . 1
103.0
104.3
1 0 2. 1
95.1
91 . 9
88. 1
97.6
100.0
96.8
99. 1
100.0
1 0 0. 1
104.2
108.2
111 . 0
106.5
91 . 2
86.9
77.7
87.8
92.2
Quarterly figures
CPI
ULCM
103.4
102.9
100.0
98.7
104.8
106.8
109.0
103.8
89. 9.
86.2
76.5
86.1
91 . 5
9404
9501
9502
9503
9504
.9601
9602
9603
9604
9701
9702
9703
9704
87.7
83.6
79.2
84.0
84.8
88.8
92.5
93.3
94.2
93.8
93.5
93.8
93.5
GOP
{Index 1987•100)
Deflator
PX
ULCE
90.7
87.7
84.2
90.0
90.8
94.5
97.9
98.5
99.6
99.6
99.8
100.4
100.2
87.0
82.5
78.0
82.8
83.9
88.2
92.3
93.5
94.5
94.3
94.0
94.4
' 94. 0
ULCM
83.1
7 8. 1
73.1
77.1
77.7
81.7
85.8
87.6
89.5
90.4
91 . 1
92.2
92.2
83.9
79.0
74.2
78.4
79.3
83.4
87.7
89.3
91.1
91 . 6
92.0
92.8
92.6
Real Effective Exchange Rate
relative to the countries In the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
98.2
99.6
100.0
1 01 . 2
105.5
106.6
109.1
105.8
91 . 6
&9.4
81 . 8
91 . 8
95.7
98.9
99.3
100.0
1 01 . 7
106.0
108.3
111 . 6
107.0
91 . 8
89.0
80.7
·91 . 8
96.6
Abbreviations:
(Index 1987=100)
de f I at or.
PX
ULCE
102.8
100.8
100.0
98.6
102.3
103.7
105.6
102.7
95.3
92.1
87.6
97.8
10 1 . 9
100.7
100.1
100.0
102.2
108.0
112 . 1
11 5. 8
109.8
92.1
87.8
77.6
88.8
96.1
Quarterly figures
ULCM
107.7
104.0
100.0
100.3
1 0 7'. 0
108.3
11 1 . 4
104.7
88.7
85.3
74.9
85.5
93.8
94Q4
9501
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
9604
9701
9702
97Q3
97Q4
CPI
GOP
87.5
82.9
77.9
82.8
83.7
87.8
92.0
92.9
94.7
95.2
95.4
96.4
96.0
86.7
81 . 8
76.7
81 . 6
82.8
87.2
91 . 9
9 3. 1
95.2
95.9
96.2
97.3
96.9
(Index ·1987•100)
deflator
~X
90.7
87.4
83.4
89.5
90.4
94.2
9 8. 1
98.6
100.4
1 01 . 1
1 01 . 5
102.7
102.3
ULCE
84.7
79.3
73.8
78.2
79.2
83.6
88.5
90.3
93.1
94.6
95.6
97.2
97.0
ULCM
82.2
76.8
71 . 4
75.4
76.2
80.4
85.1
87.0
90.0
91 . 8
93.2
95.1
95.3
IC23
23 Industrial Countries
EUR15 = 15 Member States of the European Union
ERM
Countries In the Exchange Rate Mechanism
CPI
a .Consumer
Price Index
GOP
• Gross Domestic Product Deflator
PX
• Price Deflator Exports of Goods and Services
ULCE
=Nominal Unit Labour Cost in total Economy
ULCM
Nominal Unit Labour Cost in Manufacturing industry
. Page 18
Netherlands
guilder
Nominal Effective Exchange Rate
Annual fi~ures
index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
87.2
94.8
100.0
100.0
99.4
103.4
103.2
1 0 6. 1
11 0. 0
111 . 7
117 . 1
11 5. 4
11 0. 8
91 . 7
96.7
100.0
99.8
99.5
1 01 . 0
1 01 . 0
103.0
109.0
109.9
11 3 . 7
11 0 . 9
106.9
au a r t e r I y f I g u res
index (1987=100)
to
ERM
IC23
95.2
97.7
100.0
100.7
1 0 0. 1
100.2
100.5
1 01 ,. 7
10 6. 1
107.0
109.5
107.3
105.8
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
11 3 . 3
11 6. 0
11 8. 0
11 6. 9
11 7 . 6
11 6 . 7
11 5. 2
11 5. 4
11 4. 1
11 2. 2
1 11 . 2
109.5
110.5
to
11 0. 7
11 2. 9
11 5. 0
11 3 . 4
11 3. 5
11 2. 5
111 . 1
11 0 . 8
109.2
107.8
107.2
106.2
106.2
Monthly figures
monthly % change
Relative
IC23
EUR15
ERM
107.6
109.2
11 0. 5
109.0
1 0 9. 1
108.2
107.3
107.0
106.5
106.0
106.0
105.6
105.6
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-0.7
-0.8
-0.6
-0.2
-0.2
-0.1
-0.6
-1.3
-0. 1
0.9
0.3
0.2
-0.2
-0.6
-0.6
-0.2
-0.0
-0.4
'0. 1
-0.4
-1.0
0.2
0.3
-0.0
-0.3
-0.1
~ndex
1987 =100)
to
ERM
-0.4
-0.3
0. 1
-0.0
-0.1
0. 1
-0. 1
-0.3
0.0
-0.0
0.0
-0.1
0.0
Nominal Effective Exchange Rate
Annual flglres (index 1987 =100)
Quarterly figures
1~~--~--------------~--~
118 ------------------------ :___________ ---- ---------------------------
Real Effective Exchange Rate (based on ULCM)
Annual figures
~ndex
Quarterly figures (Index 1987=100)
1987 = 100)
8887 . ------- ·----· ---~~~~~~~----~------~~
1972
Page 19
1977
1982
1987
1992
1997
869101 92Q1 9301 94Q1 95Q1 9601 9701 98Q1
Netherlands
gu_ilder
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Ann u a. I figures
85
86
87
88
89
90
91
92
93
94
95
96
97
CPI
GOP
92.0
97.7
100.0
97. 1
93.2
94.8
92.9
94.3
96. 1
97.0
100.3
97.4
93.2
95.0
99.0
100.0
97.4
93.5
95.0
92.7
93.3
95.2
96.1
99.4
96.8
92.8
(Index 1987=100)
Deflator
PX
ULCE
106.2
100.4
100.0
97.7
96.4
98.3
96.8
96.7
96.3
96.5
99.4
97.2
94.2
90.7
96.5
100.0
97.2
91 . 2
91 . 1
89.3
91 . 1
94.0
93.9
97.6
94.8
91 . 7
Quarterly figures
ULCM
89.6
96.0
100.0
96.7
90.9
91 . 1
89.5
92.8
95.9
92.4
94.1
91 . 4
87.4
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
CPI
GOP
98.0
100.0
1 01 . 2
99.8
100.0
98.9
97.4
97.3
96. 1
94.4
93.5
92.0
92.8
97.1
99.0
100.4
99.0
99.3
98.2
96.8
96.8
95.6
93.9
93.1
91 . 6
92.5
(Index 1987=100)
Deflator
PX
ULCE
97.4
99.2
100.3
98.9
99.2
98.2
96.9
97.3
96.5
95. 1
94.5
,93. 2
94.0
94.9
97.1
98.6
97.4
97.5
96.3
94.7
94.7
93.8
92.5
92.0
90.8
91 . 8
ULCM
' 92. 1
93.7
94.9
93.7
93.9
92.8
91.4
91 . 3
90.2
88.8
87.8
86.3
86.9
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15).
Annual
85
88
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
96.1
99.2
100.0
97.3
94.0
93.6
92.0
92.7
96.5
97.1
99.5
96.1
92.7
99.8
100.7
100.0
97.5
94.2
93.5
91.6
91 . 4
95.1
95.9
98.3
95.2
92. 1
(Index 1987=100)
Deflator
PX
.ULCE
11 0. 8
1 01 . 8
100.0
98.0
9 7. 1
96.9
95.7
94.9
95.9
95.9
97.4
95.0
93.0
94.8
98.0
100.0
97.4
92.0
89.9
88.5
89.5
94.4
94.3
97.2
94.0
92.0
Quarterly figures
CPI
ULCM
94.7
98.6
100.0
97.1
92.0
90.1
88.8
91 . 5
96.6
93.3
94.2
91 . 0
87.8
94Q4
95Q1
95Q2
95Q3
95Q4
9601
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
97.7
99.3
100.8
99. 1
98.8
97.7
96.3
95.9
94.5
93.4
93.0
92. 1
-92.3
GOP
(Index 1987•100)
Deflator
PX
ULCE
96.2
97.5
98.6
96.9
96.7
95.9
95.0
95.1
94.1
93.4
93.3
92.6
92.6
96.4
98. 1
99.5
97.9
97.7
96.7
95.4
95. 1
93.8
92.7
92.3
91 . 5
91 . 7
94.8
96.8
98.5
96.9
96.6
95.4
94.0
93.8
92.8
92. 1
92.2
91. 7
92.1
ULCM
92.7
94.0
•95. 4
93.7
93.5
92.5
91 . 2
90~9
89.6
88.6
·88.2
87.3
87.2
Real Effective· Exchange Rate
relative to the countries In the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
98.7
99.8
100.0
98.7
95.5
94.4
93.7
93.9
96.5
97.1
98.5
,95. 6
94.5
103.2
1 01 . 4
100.0
99.0
96. 1
94.7
93.5
92.6
95.1
lo
95.8
97.3
94.8
94. 1
Abbreviat,ions:
(Index 1987=100)
deflator
PX
ULCE
115 . 1
102.2
100.0
98,. 7
98.1
97.4
96.7
95.2
96.0
96. 1
97.0
95. 1
94.4
97.9
98.-7
100.0
99.3
94.9
92.6
91 . 8
91 . 9
95.3
95.3
97.4
95.0
95.5
Quarter I y figures
ULCM
97.7
99.5
100.0
98.5
93.5
90.9
90.2
91 . 8
95.3
92.3
92.4
90.2
89.6
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q_4
(Index 1987=100)
deflator
PX
ULCE
CPI
GOP
.97. 5
98.8
99.6
97.9
97.7
96.6
95.7
95.3
94.9
94.6
94.6
94.4
94.5
96.2
97.4
98.3
96.7
96.6
95.7
94.8
94.6
94.2
94.0
94. 1
94.0
94. 1
96.3
97.3
98.0
96.4
96.4
95.7
95.0
95.0
94.7
94. 5 94.6
94.4
94.3
95.8
97.3
98.4
96.9
96.7
95.7
94.8
94.7
94.6
94.9
95.4
95.7
9 6. 1
ULCM
91 . 6
92.6
93.4
91 . 9
91 . 8
90.9
90.2
90. 1
89.7
89.6
89.7
89 . 5
89.5
IC23
23 Industrial Countries
EUR15
15 Member States of the European Union
ERM
Countries In the Exchange Rate Mechanism
CPI
Consumer Price Index
GOP
Gross Domestic Product Deflator
Price Deflator Exports of Goods and Services
PX
Nominal Unit Labour Cost in total Economy
ULCE.
ULCM =Nominal Unit Labour Cost in Manufacturing industry
Page 20
Austria
schilling
Nominal Effective Exchange Rate
Annual f iyures
index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
88. 1
95.3
100.0
100.2
99.9
103.5
103.4
106.3
109.9
111 . 4
11 6. 2
11 4. 5
111 . 5
92.7
97.2
100.0
99.9
99.6
100.8
100.9
102.7
108.4
109.3
11 2. 7
109.8
10 7. 1
to
Monthly figures
monthly % change
Ouarterll figures
index ( 987=100)
ERM
IC23
95.6
98.0
100.0
100.5
100.0
100.2
100.5
1 01 . 8
106.2
107.0
109.6
107.2
106.0
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
1 .1 2. 7
11 5. 3
117.0
116.0
11 6. 5
115.6
11 4. 0
11 4 . 5
11 3 . 8
11 2. 6
111 . 7
110.3
111 . 5
to
107.5
109.3
110.7
109.2
109.2
108.2
107.1
107.0
106.4
1 0 6. 1
106.1
105.9
106.0
109.9
11 2 . 1
11 4. 0
11 2. 5
11 2. 3
111 . 3
109.8
109.7
108.4
107.6
107.3
106.6
106.8
Relative
IC23
EUR15
t
-0.6
-0.5
-0.4
-0.0
-0.2
-0.2
-0.6
-1 . 0
-0.2
0.8
0.4
0.4
-0.2
-0.4.
-0.2
0.2
0.2
-0.2
0.0
-0.1
-0.2
0. 1
-0.1
0. 1
-0.0
0.0
ERM
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-0.5
-0.4
0.0
0.2
-0.4
0.0
-0.3
-0.7
0.2
0.2
o.o
-0. 1
-0.0
0
ERM
Nominal Effective Exchange Rate
Quarterly figures (Index 1987 =100)
Annual figures (Index 1987 =100)
11&.....-------~-~-------.
116 -------------------------------------- -- - --------------------114
112 --------------------------------
.-- ··~,j ::
'
------------------------ -;#'·t--~- --- -~- --------------------------
...-
-----------------·-----------··c··-- --,------·· ·• --------------
/\
---,--,-~,---------
---------
110 ------------------- --- - ---,-1-;l\------~------------: __ _
/'..1
'
:
···.
\
I......
.
104 - ----- ------r/·------------------------------------------------102 ------------- -'1-------------· ---------------.-.-------------------·
-J.·
.
100 :::-.../.······
..
'
1977
1982
1987
1992
9101 9201 9301 9401 9501 96Q1 9701 98011
1997
Real Effective Exchange Rate (based on ULCM)
Quarterly figures (Index 1987 =100)
Annual figures Ondex 1987 =100)
110....-------~~----..........,
~
~
9501 96Q1 9701 98Q1
Page 21
.
108 --------------- ---,.;;;;l------------,:----------\;·-----"----------1 .·. .··
·.. '
'
106 ---· ---------- ··t·---/---~-~: ____________________ ~~~-._ ...._-;: ___ _
Austria
schilling
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
An·nua I
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
(Index 1987=100)
Deflator
PX
ULCE
CPI
GOP
91 . 2
97.6
100.0
98.5
96.2
98.6
96.5
98. 4.
100.8
1 01 . 9
104.8
102.9
99.4
91 . 0
96.6
100.0
98.0
96.0
98. 1
96.8
99.2
1 01 . 5
102.5
105.9
103.9
100.4
89.5
97.5
100.0
99.8
96.4
99.5
98.3
100.6
102.6
1 0 3. 1
105.3
102.7
99.3
89. ·a
96.7
100.0
97.7
95.6
96.6
95.7
98.4
102. 1
103.5
106.9
102.3
98.0
Quarterly figures
ULCM
92.8
97.5
100.0
97.6
93.9
96.6
93.2
95.5
98.0
99.1
1 0 5. 1
1 01 . 7
97.6
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
97Q2
97Q3
97Q4
(Index 1987•100)
Def I a tor
PX
CPI
GOP
102.7
104.5
105.6
104.4
104.7
104.0
1 02. 6
103.0
102.1
100.8
99.7
98.2
99.1
103.5
105.5
106.7
105.6
105.9
1 0 5. 1
103.6
103.9
1 0 3. 1
1 01 . 7
100.7
99.2
100.0
103.7
105.4
106.2
10.4.8
104.9
103.9
102.4
102.6
1 01 . 8
100.6
99.6
98.1
98.9
ULCE
104.7
106.9
108.0
106.5
106.1
104.4
102.2
1 01 . 9
100.8
·99. 4
98.3
96.8
97.5
ULCM
101 . 0
104 .. o
106.1
105.2
.1 05.2
103.7
101 . 6.
101 . 4
100.3
98.9
98.0
96.5
97.2
Real Effective Exchange R~te
relative to the European Union as· a whole (EUR15)
Annual
85
86
87
88·
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
95.2
99.0
100.0
98.6
96.8
97.4
95.7
96.8
1 01 . 5
102.6
104.7
1 0 2. 1
99.4
95.4
98.2
100.0
98.1
96.5
96.6
95.7
97.2
1 01 . 7
102.8
105.5
102.8
100.2
(Index 1987•100)
Deflator
PX
ULCE
93.2
98.8
100.0
1 0 0. 1
97.0
98.1
97.2
98.8
102.4
103.0
103.8
100.9
98.6
93.8
98.2
100.0
98.0
96.5
95.6
95.3
97.1
1 0 3. 1
104.9
107.6
102.7
99.6
Quarterly figures
ULCM
97.9
100.2
100.0
98.1
95.1
95.8
93.0
94.6
99.6
1 01 . 4
106.8
102.9
99.8
94Q4
9501
95Q2
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
CPI
GOP
102.9
104.5
105.9
104.3
104. 2
103.3
1 0 2. 1
1 02. 1
100.9
1 00. 1
99.7
98.9
99.0
103.3
1 05. 1
106.7
105. 1
105.0
104. 1
102.8
102.8
1 01 . 6
.1 00.8
100.5
99.7
99.8
(Index 1987•100)
Deflator
PX
ULCE
102.9
104.1
105. 1
103.2
102.9
102.0
100.8
100.9
99.9
99.2
98.9
98.2
98.2
105.6
107.6
109. 1
107.2
106.4
104.8
102.8
102.3
100.9
100.1
99.8
99.1
99.2
ULCM
103.0
105.8
108.2
106.9
106.5
104.9
103.0
102.5
1 01 . 1
100.4
100. 1
99.4
99.4
Real Effective Exchange Rate
relative to the countries In the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
9495
96
97
figures
CPI
GOP
97.2
99.5
100.0
99.6
98.0
98.1
9 7. 1
97.8
1 01 . 6
102.6
1 0 4. 1
102.0
100.9
98.0
98.8
100.0
99.2
97.9
97.6
97.2
98.3
1 01 . 7
102.8
104.8
102.8
1 01 . 7
Ab b rev i at Ions :
(Index 1987=100)
deflator
PX
ULCE
IC23
EUR15
ERM
CP I
GOP
PX
ULCE
ULCM
95.6
99.1
100.0
100.6
97.7
98.5
98.0
99.1
102.5
1 0 3. 1
103.6
1 01 . 0
99.7
96.2
98.8
100.0
99.4
98.7
97.8
97.9
99.1
103.8
105.7
107.8
103.6
102.2
Quarterly
ULCM
100.4
100.8
100.0
99.3
96.5
96.8
94.3
95.2
98.7
100.7
105.7
102.6
1 01 . 3
94Q4
9501
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
9604
9701
97Q2
97Q3
97Q4
figures
CPI
GOP
102.8
104.2
1 0 5. 1
103.6
103.6
102.8
1 01 . 9
1 0 2. 0
101. 4
10 1 . 1
1 01 . 0
100.7
100.7
103.2
104,7
105.8
104.4
104.4
103.6
102.6
102.7
1 0 2. 1
1 01 . 9
1 01 . 8
101 . 6
1 01 . 6
(Index 1987=100)
deflator
·px
103.0
104.0
104.7
1 0 2 •. 9
102.8
1 01 . 9
100.9
100.9
100.3
100.0
99.8
99.5
99.4
ULCE
ULCM
106.4
108.0
1 0 9. 1
107.3
106.7
105.2
103.6
103.2
102.5
102.2
102.2
102.0
1 0 2. 1
102.3
104.9
106.8
1 0 5. 6
105.4
1 0 4. 1
102.6
102.2
1 01 . 6
1 01 . 3
1 01 . 4
1 01 . 2
1 01 . 2
23 Industrial Countries
15 Member States of the European Union
=Countries in the Exchange Rate Mechanism
Consumer Price Index
=Gross Domestic Product Deflator·
=Price Deflator Exports of Goods and Services
Nominal Unit Labour Cost in total Economy
=·Nominal Unit Labour Cost in Manufacturing industry
Page 22
Portugal,_
escudo
Nominal Effective Exchange Rate
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative to
ERM
EUR15
11 3 . 6
106. ·9
100.0
9·5. 1
9 2. 1
90.7
91 . 7
95.1
89.1
85.9
87.8
87.8
85.8
1 21 . 0
109.3
100.0
94.9
92.4
89.0
90.2
93.0
88.6
85.2
86.2
85.8
84.3
Monthly figures
monthly % change
Ouarterll figures
Index ( 987=100)
Annual. fi¥ures
index (198 =100)
IC23
127.2
1 11 . 0
100.0
96.0
93.2
88.4
89.8
91 . 9
86.2
82.8
82.9
82.9
83.5
9404
9501
9502
9503
9504
9601
9602'
9603
9604
9701
9702
9703
9704
Relative t 0
EUR15
ERM
86.9
87.9
88.0
87.8
87.6
87.8
87.4
88.0
88.2
87.4
86.4
84.8
84.7
85.7
86.5
86.6
86.2
85.7
85.9
85.6
85.9
86.0
85.6
84.9
83.7
8 3. 1
Relative t 0
IC23
EUR15
ERM
83.2
83.6
83.1
82.7
82.2
82.5
82.5
82.9
83.7
84.2
83.9
83.2
82.6
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-0.4
0. 1
-1 . 0
-0.1
-0.2
-0.5
-0.8
-1.2
-0.4
0.5
-0.0
-0.1
-0.3
-0.3
0.3
-0.6
0.1
-0.3
-0.3
'-0.6
-0.9
-0.1
0. 1
-0.3
-0.5
-0.2
0.0
0.7
-0.2
0. 1
-0.0
-0.3
-0.3
-0.1
-0.3
-0.3
-0.2
-0.2
-0. 1
Nominal Effective Exchange Rate
Annual figures (IndeX 1987 =100)
Quarterly figures (Index 1987 =100)
------------------------
1977
1982
1987
1992
1997
9201 9301 94Q1 9501
~
9701 9801
Real Effective Exchange Rate {based on ULCM)
Quarterly figures Ondex 1987 =100)
Annual figures Ondex 1987 =100)
140 -·140 ----------
l30 -· ---·
120 --- .. -------
-------------------------~--------
1977
Page 23
1982
1987
------------------
1992
1997
130 - ---:.-" ·--- ----------------------------------- ·- --.----------------
Portugal
esc~ do
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
f I g.u res
(Index 1987=100)
Deflator
PX
ULCE
CP I
GOP
97.0
100.6
100.0
102.5
106.9
11 3 . 4
122.3
1 3 2. 8
127.9
125.5
1 3 0. 1
1 31 . 1
128.0
92.6
100.6
100.0
102.2
106.0
111 . 9
120.8
1 3 3. 1
127.9
1 2 7. 1
132.8
133.4
132.5
94.6
97.1
100.0
103.8
106.0
109.0
111 . 0
113.2
109.5
109.0
11 2 . 1
107.9
104.5
97.9
100.8
100.0
1 01 . 6
105.9
11 4. 4
130.3
145. 1
137.3
1 4 4. 6
147.6
1 49. 1
1 4 7. 6
Quarterly figures
UL~M
92.9
95.3
100.0
9.9. 8
102.6
11 2. 8
124.8
145.0
142.1
152.7
151 . 1
143.9
137.0
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
97Q4
CPI
GOP
127.7
129.6
1 3 0. 1
130.3
1 30. 2
1 30. 8
130.4
131.4
1 31 . 7
130.5
128.9
126.3
126.2
130.2
132.5
133.1
1 3 3. 1
132.7
133.0
132.4
133.7
134.7
134.2
1 33.4
1 31 . 2
1 31 . 4
(Index 1987=100)
De f I at or
PX
ULCE
111 . 3
11 3. 0
11 3. 0
11 2 . 1
110.6
109.4
107.6
107.4
107.2
106.2
1 0 5. 1
103.2
103.4
148.5
149.2
147.9
146.8
146.5
147.6
147.9
149.8
1 51 . 0
1 50. 1
148.7
145.9
145.8
ULCM
156.5
155.8
152.6
149.4
146.8
145.6
143.6
143.5
142.8
140.6
138.2
134.9
134.5
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
(Index 1987=100)
·Deflator
PX
ULCE
CPI
GOP
102.5
102.5
100.0
102.6
107.7
11 2 . 1
1 21 . 2
130.7
127.9
125.4
128.8
129.4
127.4
98.6
102.7
100.0
102.2
106.7
110.2
119.2
130.5
127.4
126.5
1 31 . 1
1 31 . 3
1 31 . 5
99.8
98.7
100.0
104.0
106.7
107.6
109.7
111 . 2
108.9
108.2
110.0
105.6
103.2
103.5
102.6
100.0
1 01 . 8
106.7
112.8
128.8
142.4
137.0
144.5
1 46. 5
147.7
147.8
Quarterly figures
ULCM
99.5
98.4
100.0
1 00. 1
103.7
111 . 5
123.6
142.9
142.3
153.6
150.9
143.2
137.6
94Q4
95Q1
9502
95Q3
9504
9601
96Q2
9603
9604
9701
9702
9703
9704
CPI
GOP
127.0
128.6
1 2 9. 1
129.0
128.6
129.2
129.0
129.7
129.9
129.4
128.3
126.4
125.6
12 9. 0
1 31 . 0
1 31 . 5
1 31 . 3
130.5
130.9
130.6
131 . 5
132.3
132.6
132.3
130.9
130.3
(I nde,x 1987•1 00.)
Deflator
PX
ULCE
109.9
111 . 1
111 . 0
109.9
1 0 8. 1
107.0
105.5
1 0 5. 1
104.9
104.4
103.7
102.5
1 0 2. 1
147.9
148.3
147.0
145.7
145.0
146.2
146.8
148.4
149.4
149.5
148.8
146.9
1 4 6. 1
ULCM
156.9
155.9
152.7
149.2
1 4 6. 1
144.9
143.3
142.8
142.0
140.6
138.7
136.2
135.1
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
106.4
103.4
100.0
104.5
11 0. 0
113.4
1 2 4. 1
132,9
1 2 8. 1
125.5
127.6
128.9
130.1
1 0 3. 1
103.7
100.0
104.2
109.4
1 12 . 1
122.3
132.7
127.5
126.0
129.8
130.8
134.6
Abbreviations:
( Index 1987=100)
deflator
PX
ULCE
104.6
99.3
100.0
105.0
108.2
108.4
1 11 . 1
111 . 8
109.2
108.5
1 o,9. 6
105.8
104.9
108.1
103.8
100.0
104.2
11 0. 8
11 6. 9
134.7
147.3
138.9
146.7
1 4 7. 1
149.6
153.9
Quarterly figures
ULCMi
103.8
99.6
100.0
1 01 . 9
105.8
11 2. 9
126.1
143.8
140.1
1 51 . 8
147.9
1 41 . 7
140.3
CPI
9404
9501
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
9703
97Q4
126.9
128.0
127.7
127.6
127.2
127.9
128.3
129.0
130.4
13 f. 2
1 30. 8.
129.8
1 2 8. 8
GOP
128.8
130.2
130.0
1 29. 8
1 2 9. 1
129.6
129.9
130.9
133.1
134.7
1 3 5. 1
134.7
134.0
(Index 1987=100)
deflator
PX
ULCE
11 0 . 1
1 1 .1 . 0
110.4
109.4
107.7
106.8
105.6
105.1
105.5
105.8
105.3
104.6
104.0
149.9
149.6
147.3
146.2
145.6
147.0
148.4
150.2
152.8
154.5
154.5
153.8
152.9
ULCM
155.0
153.3
149.2
145.9
1 4 3. 1
142.3
1 41 . 4
1 41 . 2
1 41 . 9
142.0
1 41 . 0
139.6
138.5
IC23
23 Industrial Countries
EUR15 = 15 Member States. of the European Union
ERM
=Countries in the Exchange Rate Mechanism
CPI
Consumer Price Index
GOP
=Gross Domestic Product Deflator
PX
• Price Deflator Exports of Goods and Services
ULCE
Nominal Unit labour Cost in total Economy
ULCM
Nominal Unit Labour Cost in Manufacturing industry
Page 24
Finland
Nomin~l
Effective Exchange Rate
Qu.a r t e r I y f i g u res
index (1987=100)
Annual tlyures
index (198 =100)
IC23
Relative
EUR15
97.7
98.2
100.0
10 1 . 9
105.7
107.7
104.0
91 . 2
79.3
86.6
96.6
94.3
91 . 7
85
86
87
88
89
90
91
92
93
94
95
96
97
104.7
100.7
100.0
1 01 . 9
106.3
104.9
1 01 . 6
88. 1
78.7
85.4
93.6
90.4
88.7
t0
markka
ERM
IC23
11 0 . 8
102.5
100.0
103.2
107.5
103.6
100.8
86.4
74.5
80.8
87.4
85.4
86.2
94Q4
95Q1
95Q2
95Q3
9504
9601
9602
9603
9604
9701
9702
9703
9704
Monthly figures
monthly % change
Relative t 0
ERM
EUR15
92.0
93.9
96.5
97.7
98.1
94.6
92.4
95.2
94.9
93.6
91 . 8
90.5
91 . 1
.89.9
91 . 4
94.0
94.7
94.3
90.9
89.0
91.1
90.5
90.0
88.8
88.3
87.7
85.0
85.8
87.3
88.2
88.3
85.1
83.9
86.0
86.4
86.7
86.0
86.4
85.7
Nominal Effective Exchange
Annual figures (index 1987 =100)
OEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
to
ERM
-o ..1
-0.5
-0.7
-0.5
-0.7
-0.8
-0.2
-0.6
-1 . 1
1.1
0.4
0. 1
-0.5
0.4
0.2
0.3
-0.3
-0.6
-0.5
'0. 5
0.9
-0.8
-0.2
-0.0
-0.6
-0.2
0. 1
-0.2
-0.1
-0.2
-0.9
-0.5
0.2
-0.2
-0.6
0.3
•0.1
-0.8
-0.3
R~te
Quarterty figures
1m~----~--~~~--------~
Relative
IC23
EUR15
~ndex
1987 =100)
110·~--~--------~
·..... ·....... . •,
.........
80
-;;-.:;.---
.~..·· ... .
---------------------------------------+------------~..-/--------
..
'
'
1982
1987
\.
1992
~---------
-- . --- --------------'
1997
Real Effective Exchange Rate (based on ULCM)
Quarterly figures Ondex 1987 =100)
Annual figures Ondex 1987 =100)
1~~~--~----~~----~--~
120 ----------
110 --------- ----
100 --------.--------------- ------------- --- ---------.------------- ---
80·
~~~--~~--~~~~~~~~~
Page 25
90
···~·ERM
80---70-
70-
1972
-IC23
--EUR15
19n
1982
1987
1992
1997
Finland
markka
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
98.0
98.3
100.0
102.5
106.3
109.2
105.5
92.4
80.7
86.5
93.9
90.8
87.3
96.7
97.4
100.0
104.6
109.6
11 2. 3
105.7
89.8
77.4
83.3
92.4
89.2
85.6
( 1 nde x 1987=100)
Deflator
PX
ULCE
96. 1
97.2
100.0
103.8
108.2
109.2
102.5
95.8
86.5
93.8
106.3
103.7
98.5
97.5
98.3
100.0
102.9
107.5
112.4
111 . 0
92.0
74.7
7 9. ·1
87.0
83.7
80.2
Quarterly figures
ULCM
103.3
1 01 . 5
100.0
102.6
107.5
112.5
1 0 9. 1
85.1
68.8
72.9
83.6
79.6
77.0
9404
95Q1
9502
95Q3
9504
9601
9602
9603
96Q4
97Q1
9702
97Q3
9704
CPI
GOP
90.8
92.0
94.0
94.8
94.9
91: 4
89.2
91 . 7
91 . 1
89.4
87.4
85.9
86.3
88.2
90.0
92.4
93.5
93.7
90.0
87.6
89.9
89.3
87.6
85.7
84.3
84.7
(Index 1987=100)
De f I at or
PX
ULCE
99.9
102.6
1 0 6. 1
108.0
108.7
104.8
102.1
104.6
103.4
10 1 . 1
98.6
96.9
97.5
ULCM
83.6
85.1
87.1
88.0
88.0
84.5
82.2
84.3
83.. 8
82.3
80.4
79.0
79.2
78.1
80.8
83.8
85.1
84.9
80.9
78.2
80.0
79.5
78.5
77.1
76.1
76.4
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
103.9
100.2
100.0
102.9
107.8
107.5
104.2
90.3
80.9
86.5
92.7
88.9
86.6
103.5
99.5
100.0
104.9
11 0. 9
11 0 . 1
103.9
87.2
77.2
82.9
90.7
87.0
84.7
(Index 1987•100)
Deflator
PX
ULCE
102.4
99.0
100.0
104.2
109.4
107.2
100.9
93.3
85.8
92.7
1 0 3. 1
100. 3·
96.6
103.5
100.3
100.0
103.5
109.0
110.2
109.4
89.6
74.7
79.2
86.2
82.3
80.3
Quarterly figures
ULCM
111 . 1
105.0
100.0
103.4
109.4
110.8
107.8
83.4
69.2
73.9
83.7
79.0
77.6
9404
95Q1
9502
9503
95Q4
96Q1
96Q2
9603
9604
97Q1
97Q2
9703
9704
CPI
GOP
90.2
91 . 1
93.2
93.5
93.0
89.6
87.6
89.6
88.8
88. 1
86.7
86.1
85.5
87.1
88.6
91 . 1
91. 7
91 . 3
87.8
85.7
87.6
86.7
86.0
84.8
84.2
83.6
(Index 1987•100)
D.eflator
PX
ULCE
97.8
99.9
103.2
104.6
104.6
10 1 . 1
99.0
1 01 . 1
99.8
98.6
96.7
96.0
95.4
ULCM
78.8
81 . 2
84.4
85.2
84.3
80.4
77.9
79.3
78.7
78.4
77.7
77.4
76.7
83.2
84.5
86.7
87.1
86.4
83.0
81 . 1
82.8
82.1
81. 6
80.4
79.9
79.2
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
- 94
95
96
97
figures
CPI
GOP
108.1
1 01 . 0
100.0
105.3
1 11 . 0
109.7
108.2
92.8
80.5
86.0
91 . 0
88.3
88.6
108.6
100.6
100.0
107.5
11 4. 8
11 2. 9
107.9
89.4
76.3
81 . 8
88.5
86.0
86.4
Abbreviations:
(index 1987=100)
deflator
PX
ULCE
107.4
99.5
100.0
105.7
1 11 . 8
108.3
102.6
. 93. 7
85.0
92.0
1 01 . 9
99.8
97.9
108.4
1 01 . 5
100.0
106.6
11 5. 0
116.2
11 6. 6
93.8
74.9
79.7
85.6
83.2
84.0
Quarter I y figures
ULCM
11 6. 5
106.5
100.0
106.3
11 3. 6
11 3. 8
112 . 1
84.9
67.0
71 . 6
80.3
77.4
78.6
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
9704
CPI
GOP
89.5
89.8
91 . 0
91 . 6
91 . 5
88.2
86.9
88.9
89.2
89.3
88.4
88.7
87.9
85.9
86.8
88.4
89.3
89.3
86.0
84.6
86.5
86.7
86.9
86. 1
86.5
85.8
(Index
1987=100)
deflator
PX
ULCE
97.2
98.9
1 01 . 6
103.3
103.8
100~3
98.6
100.4
100.0
99.3
97.7
97.8
97.0
83.6
84.2
85.6
86.2
86.2
83. 1
81 . 9
83.8
84.2
84.5
83.8
84.2
83.4
ULCM
76.3
78.1
80.4
8'1 . 5
81 . 2
77.8
76.1
77.7
78.1
78.7
78.4
79.0
78.4
IC23
= 23 Industrial Countries
EUR15
15 Member States of the European Union
ERM
Countries In the Exchange Rate Mechanism
CPI
Consumer Price Index
GOP
Gross Domestic Product Deflator
Price Deflator Exports of Goods and Services
PX.
UlCE
Nominal Unit labour Cost in total Economy
=Nominal Unit labour Cost in Manufacttning industry
UlCM
Page 26
Sweden
krona
Nominal Effective .Exchange Rate
Annual fi~ures
index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
99.2
99.8
100.0
100.6
1 01 . 3
1 0 0. 1
1 0 0. 1
10 1 . 9
83.1
82.9
83.3
91 . 8
88.5
109.9
103.9
100.0
100.4
102.0
96.9
97.5
98.2
82.3
81 . 7
80.5
87.9
85.8
to
Quarter!~
Index
ERM
IC23
1 14 . 1
105.0
100.0
1 01 . 4
102.7
96.3
97.2
97.1
80.6
80.0
77.8
85.2
85.3
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Monthly figures
monthly % change
figures
( 987=100)
Relative t 0
EUR15
ERM
83.7
82.3
.79.7
82.4 '
89.0
89.7
92.2
92.6
92.7
88.9
87.0
88.5
89.6
81 . 7
79.9
77.4
79.6
85.3
8 6. 1
88.8
88.5
88.4
85.7
84.3
86.7
86.5
79.8
77.7
74.8
76.9
82.2
82.9
85.9
85.6
86.4
84.6
83.7
86.6
86.4
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
Relative
IC23
EUR15
t
-1 . 3
-1 . 1
-1 . 4
-2.3
0.4
-0.5
-0.4
1.4
0.2
2.0
0.4
-0.6
-0.5
-0.7
-0.3
-0.3
-1.9
0.4
-o .. 3
0.3
2.7
0.6
0.7
-0.0
-1.3
-0.2
-1 . 0
-0.7
-0.6
-1 . 9
0. 1
-0.3
0.0
1.9
0.8
1.2
-0.0
-1 . 6
-0.3
0
ERM
Nominal Effective Exchange Rate
Quarterly figures (Index 1987 =100}
Annual figures Ondex 1987 =100)
.......
110,.....---~~--------
B!J
~
Real Effective Exchange Rate (based on ULCM)
Annual figures Ondex 1987 =100)
Quarterly figures
~ndex
1987 =100)
100 --------------=--- --··--·- ---------- ---·-·· -· ·----------- --------
90
90
80-
80
ro~~~~~--~~~~~~~~
1972
Page 27
1977
1982
1987
1992
1997
Sweden
krona
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
(Index 1987=100)
Deflator
PX
ULCE
CPI
GOP
96.3
98.5
100.0
102.5
105.4
109.4
115.2
11 5. 0
95.8
95.6
95.8
1 0 4. 1
99.7
96.1
99.4
100.0
102.6
106.4
109.3
112.7
1 11 . 8
90.7
90.4
91 . 6
99.3
95.5
94.8
98.6
100.0
103.3
104 ·. 7
103.5
104.5
102.8
90.2
92.0
96.4
98.3
94.5
96.9
100.0
100.0
103.5
11 0. 9
11 5. 3
116.8
115.6
93.5
93.0
92.3
105.4
101.0
Quarterly
CPI
ULCM
97.2
99.0
100.0
1 06. 1
112 . 1
11 3. 9
1 18 . 1
1 16 . 1
87.5
84.0
80.9
92.8
87.5
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
96.3
94.8
91 . 8
94.8
1 01 . 9
102.3
104.6
104.7
104.7
100.3
98. 1
99.7
100.8
figures
(Index 1987•100)
Deflator
PX
ULCE
GOP
91 . 6
90.5
87.8
90.8
97.6
97.8
99.8
99.9
99.9
95.8
93.9
95.5
96.6
94.8
95.2
93.3
96.0
1 01 . 3
99.1
99.0
97.7
97.6
94. 1
92.9
95.0
96.2
ULCM
93.1
90.9
87.8
91 . 2
99.6
1 01 . 8
105.9
107.0
1 0 7. 1
1 0 2. 1
99.4
100.7
1 01 . 8
83.0
80.2
76.8
79.6
87.2
89.5
93.4
94.4
94.0
89.2
86.2
87.0
87.7
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
t'tgures
CPI
GOP
104.5
1 01 . 3
100.0
103.2
107.6
107.9
11 4. 3
11 2. 7
96.4
95.8
94,5
1 0 2. 1
99.4
106.0
102.6
100.0
103.0
108.4
107.2
111 . 0
108.4
90 .. 2
89.7
89.5
96.7
94.5
(Index 1987 ... 100)
Deflator
PX
ULCE
104.2
1 01 . 2
100.0
103.7
106.5
1 01 . 7
103.0
99.8
·89.2
90.5
92.9
94.7
92.7
105.3
102.9
'1 00.0
104.4
11 3 . 1
113.0
11 5. 1
11 2. 2
93.1
92.8
90.9
103.4
1 01 . 2
Quarterly
ULCM
107.6
104.0
100.0
107.4
115.0
112.2
11 7. 0
113. 8
88.0
85.2
80.8
92.3
88.8
CPI
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
95.8
93.9
91 . 0
93.5
99.9
100.3
1 0 3. 1
102.6
102.3
99.2
97.7
100.4
100. 2·
figures
GOP
(Index 1987•100)
Deflator
PX
ULCE
92.3
92.1
90.2
92.4
97.0
95.2
95.7
94.1
93.9
91 . 6
91 . 0
94.1
94. 1
90.2
88.7
86.2
88.7
94.7
9 5. 1
97.6
9 7. 1
97.0
9 4. 1
92.8
95.5
95.4
ULCM
83.7
80.5
77.1
79.5
86.4
88.9
93.3
93.8
93.4
89.7
87.4
89.2
88.8
92.3
89.8
86.8
89.8
97.4
99.7
104.3
104.8
104.8
1 01 . 4
99.5
1 0 2. 1
102.0
Real Effective Exchange Rate
relative to the countries In the Exchange Rate Mechanism (ERM)
Annual
figures
CPI
85
86
87
88
89
90
91
92
93
94
95
96'
97
107.6
1 01 . 9
100.0
104.7
109.2
108.6
116.0
11 3. 8
96.6
95.9
93.5
1 01 . 3
1 01 . 4
GOP
(Index 1987=100)
deflator
PX
ULCE
107.9
109.6
103.2
1 01 . 5
100.0
100.0
104.6
104.4
.1 07. 4
110.3
108.3
102.2
1 13 . 1
104.0
109.8
100.3
90.6
89.9
91 . 2
90.0.
88.7
92.7
9'5. 0
96.3
96.8
94.6
Ab b rev i'a t i on s :
108.9
103.7
100.0
106.3
116.4
11 6 . 1
1 19 . 1
11 5. 0
94.4
94.2
91 . 2
104.3
105.1
.Quarterly
CPI
ULCM
1 11 . 2
104.8
100.0
108.9
116.5
112. 9
11 8. 3
113. 9
87.1
84.7
79.6
91 . 6
91 . 0
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
95.7
,93. 4
89.9
92.4
98.5
99.0
102.2
1 01 . 7
102.5
100.5
99.5
103.0
10 2. 7
figures
GOP
90.2
88.3
85.3
87.8
93.6
94.1
97.0
96.6
97.5
95. 794.9
98.4
98.2
(index 1987==100)
deflator
PX
92.7
92.2
89.9
92.2
96.7
9 5. 1
96.0
94.3
94.7
9'3. 2
92.8
96.4
96.2
ULCE
ULCM
93.5
90.6
87.0
90.0
97.5
99.9
104.9
105.6
106.7
104.4
1 0 3. 1
106.6
106.5
83.2
79.7
75.9
78.3
85.0
87.6
92.4
93.0
93.7
91 . 1
89.3
. 91 . 9
91 . 6
IC23
23 Industrial. Countries
EUR15
15 Member States of the European Union
ERM
Cou;.trles In the Exchange Rate Mechanism
CPI
Consumer Price Index
GOP
=Gross Domestic Product Deflator
PX
=Price Deflator Exports of Goods and Services
ULCE
Nominal Unit Labour Cost In total Economy
ULCM
=Nominal Unit Labour Cost in Manufacturing indu'stry
·Page 28
United Kingdom
pound sterling\
Nominal Effective Exchange Rate
Annual fi~ures
index (198 =100)
IC23
85
86
87
·88
89
90
91
92
93
94
95
96
97
Relative
EUR15
106.0
100.0
100.0
106.7
103.4
102.7
104.0
100.7
92.7
94.2
91 . 0
93.1
108.4
120.0
104.9
100.0
106.7
104.6
98.3
100.4
95'. 5
91 . 3
92. 1
86.3
87.2
1 0 4. 1
to
Monthly figures
monthly % c·hange
Quarterly figures
index ( 987=100)
ERM
IC23
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
1 21 . 5
105.3
100.0
106.7
104.7
97.9
99.9
95.0
90.1
90.7
84.8
8 6. 1
102.8
Relative
EUR15
94.6
93.2
90.3
90.4
90.0
90. 1
91 . 4.
92.4
98.8
104.6
107.4
110.3
11 1 . 5
91 . 3
89.2
86.2
85.6
84.3
84.4
8 6. 1
86.4
92.3
99.3
1 0 3. 1
107.5
106.8
t
0
ERM
89.9
87.7
84.5
84.1
83.0
83.2
85.0
85.3
91 . 1
98.0
1 01 . 7
106.2
105.5
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
Relative
IC23
EUR15
to
ERM
1.9
2.2
1.4
-0. 1
2.2
-0.3
1.2
4. 1
-2.1
-1 . 8
0.8
3.0
0.4
2.4
2.8
2. 5
0.3
2. 1
0. 1
1 . 8.
5. 1
-1. 4
-2.9
0.2
2.0
0.7
2.4
2.8
2.5
0.3
2. 1
0. 1
1.8
5.0
-1-.5
-3.0
0.2
2. 1
0.8
Nominal Effective Exchange Rate
Annual figures
~ndex 1987 =100)
Quarterly figures (Index 1987 =100)
170r------------:-------,
1977
1982
1987
1992
1997
9201 9301 9401 9501 9601 9701 98Q1
Real Effective Exchange Rate (based on ULCM)
Quarter1y figures (index 1987 =100)
Annual figures ~ndex 1987 =100)
120 . ····--·-----------·----------------------·----------------,..____ _
I
t
110 -----------------·------------- ------------------------ ----------
ro~~~~~~~~~~~~~~
1972
Page 29
1977
1982
1987
1992
1997
80
9101 92Q1 9301 9401 9501 9601 9701 9801
United Kingdom
pound sterling
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
figures
CPI
GOP
(Index
1987=100)
Deflator
PX
ULCE
Quarterly
CPI
ULCM
figures
GOP
(index
1987•100)
Deflator
PX
ULCE
ULCM
I
85
86
87
88
89
90
91
92
93
94
95
96
97
104.6
99.4
100.0
107.8
105.6
105.8
109.8
107.3
98.5
99.0
95.3
' 97.4
11 3. 2
106. 1
98.8
100.0
108.6
107.7
108.9
112.3
1'0 9. 5
100.6
100.9
96.9
99.7
116.6
109.3
98.2
100.0
103.1
103.2
108.3
108.0
106.0
105.1
1 05. 6
1 0 4. 1
107.0
11 a·. e
106.0
99.5
100.0
110.0
113.2
118.0
1 21 . 7
11 6. 8
105.1
105.6
1 01 . 6
1 0 4. 1
1 21 . 9
102.2
97.0
100.0
105.9
102.2
104.0
1 0 6. 1
'1 00. 1
90.9
92.9
91 . 2
94.8
113.8
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
99. 2'
97.6
94.6
94.7
94.2
94.3
95.6
96.6
103.2
109.2
11 2. 2
11 5. 2
116.4
105.8
1 0 5. 1
102.9
104.1
104.4
104.9
1 0 6. 1
1 0 6. 1
111 . 2
115.2
116.0
11 7. 5
117.8
100.9
99.3
96.2
96.3
96.0
96.2
97.8
99. 1
106.0
11'2. 3
115.5
11 8. 7
1 2 0. 1
105.9
104.2
100.9
100.9
100.4
100.6
102.1
103.4
110.6
117.2
120.6
1 24. 1
125.7
93.8
92.9
90.4
90.8
90.7
91 . 1
92 . .1
94.3
101 . 5
108.3
112.2
118.1
11 8. 2
Real Effective Exchange Rate
relative to the. European Union as a whole (EUR15)
Annual
figures
CPI
GOP
(Index
1987•100)
Deflator
PX
ULCE
Quarterly
CPI
ULCM
figures
GOP
(Index 1987•100)
Deflator
PX
ULCE
ULCM
\
85
88
87
88
89
90
91
92
93
94
95
96
97
116.6
-103. 2
100.0
108.9
108.6
103.5
108. 6.
104.3
99.4
99.5
93.3
94.6
113.4
119. 7
102.9
100.0
109.5
110.6
106.0
110.5
105.6
100.8
100.8
94.3
96.4
116.5
1 21 . 3
1 01 . 4
100.0
1 0 4. 1
105.4
103.4
105.9
102.4
104.6
104.6
99.9
102.3
-11 4. 4
118.6
103.5
100.0
111 . 5
11 7 . 1
116.0
1 21 . 1
113.9
108.4
107.3
100.9
102.9
124.9
11 7 . 1 .
103.3
100.0
107.3
105.7
1 01 . 8
104.6
97.1
91 . 7
94.6
90.8
93.8
11 5. 9
94Q4
95Q1
95Q2
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
98.5
96.3
93.1
92.6
91 . 2
91 . 4
93.2
93.7
100.2
108.0
112.3
11 7. 2
11 6. 5
103.4
t01.6
99. 1
99.7
99. 1
99.9
1 01 . 9
1 01 . 2
106.2
111 . 8
113.7
116.8
115.3
99.6
97.2
94.0
93.6
92.3
92.8
94.9
95.8
102.5
110.6
11 5. 2
120.4
11 9. 9
106.6
104.1
100.7
100.2
98.7
99.1
101 . 3
102.0
109.4
\11 8. 3
123.4
129.2
129.0
94.8
93.1
90.5
90.3
·89. 2
89.7
91.9
92.9
100.2
108.9
114.2
120.2
120.5
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
11 7. 3
103.4
100.0
109.2
109.2
1'04.0
109.6
1·05. 1
99.5
99.6
93.2
94.9
113.9
120.6
103.2
100.0
109.9
111 . 3
106.6
111 . 3
106.3
100.6
100.6
94.0
96.5
116.7
Abbrevlat Ions:
(Index
1987==100)
deflator
PX
ULCE
122.1
1 01 . 6
100.0
104.4
105.8
103.5
106.2
102.4
104.2
104.3
99.6
102.1
11 4. 3
119.5
103.8
100.0
111 . 9
11 8. 2
117 . 1
122.4
114.9
106.4
101. 3100.8
103.5
125.8
Quarterly
ULCM
11 8. 2
103.7
100.0
107.9
106.8
102.7
105.8
98.0
91 . 5
94.3
90.2
93.7
11 6 . 1
9404
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
figures
CPI
GOP
98.5
96.2
92.9
92.5
91 .. 4
91 . 6
93.6
94.0
100.6
108.4
11 2 ·. 6
11 7. 7
11 7. 1
99.4
96.9
93.5
93.3
92.3
92.8
9 5. 1
·95. 8
102.7
110.8
115.3
120.7
120.2
(Index
deflator
PX
103.1
1 01 . 3
98.7
99.3
99.0
99.8
10 1 . 8
10 1 . 1
1 0 6. 1
11 1 . 6
113.5
11 6. 8
11 5 .·3
1987=100)
ULCE
ULCM
106.6
104.0
100.3
100.0
98.9
99.5
1 01 . 9
102.7
110.2
119.0
1 2 4. 1
130.2
130.0
94.4
92.6
89.7
89.7
89.0
89.6
92.1
93. 1
100.4
109.0
114.3
120.5
120.8
IC23
::::! 23
Industrial Countries
15 Member States of the European Union
EUR15
ERM
Countries In the Exchange Rate Mechanism
CPI
~Consumer Price
Index
GOP
• Gross Domestic Product Deflator
-Price Deflator Exports of Goods and Services
PX
=Nominal Unit Labour Cost in total Economy
ULCE
Nom I n a I U n i t L a b o u r Co s t I n Ma n u f a c t u r I n g 1-n d u s t r y
ULCM
Page 30
Norway - krone
Nominal Effective Exchange Rate
Annual fi¥ures
Index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
107.2
102.9
100.0
99.5
99.9
99.9
98.2
10 0. 1
97.8
97.1
100.6
. 1 01 . 1
100.2
11 2 . 1
104.8
100.0
99.4
100.5
97.9
96.7
97.8
97.8
96.9
99.0
98.9
99.0
to
Monthly figures
monthly% change
Ouarterll figures
index ( 987=100)
ERM
IC23
1 2 2. 1
107.6
100.0
1 01 . 3
102.0
96.8
96.3
96.0
92.9
91 . 9
9 2. 1
93.1
97.0
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
98.1
99.9
100.6
1 01 . 0
101 . 1
101 . 1
100.9
101 . 1
·1 01 . 4
104.0
99.4
97.3
100.2
t0
97.2
98.6
99.3
99.3
98.9
99.0
99. 1
98.8
98.9
102.2
98.2
96.9
98.8
Relative
IC23
EUR15
ERM
91 . 9
92.4
91. 9
92.1
92.0
92.2
93.1
92.9
94.4
99.0
95.8
95.7
97.5
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-0.1
2.4
0.7
-1 . 2
-2.2
-1 . 8
-1.6
-1.4
0.2
2.4
2.0
-0.9
-0.3
0. 1
2.7
1.3
-0.9
-2.3
-1 . 6
-1 . 3
-1 . 0
0.7
1.8
1.6
-1 . 5
-0.0
to
ERM
0.5
3.3
1.8
-1.0
-1 .. 8
-1.5
-0.8
0.4
0.4
1.2
1.7
-1. 2
0. 1
Nominal Effective Exchange Rate
Annual figures. ~ndex 1987 =100)
Quarterly figures (index 1987 =100)
1~----------------~--------~
1~~----~----------~----~
...
.......
104 -------------------------------------------------------- -----------
.
.
94 ------------- ----~\~-.-:~------------- _. ______ ---- ~:~:/· ------------
92 --------------------- ____ _._._':!-.-:;··:-·....... -.~~: ····----------------
90
1977
1982
1992
1987
1997
I
9101 9201 9301 9401 9501 9601 9701 98Q1
Real Effective Exchange Rate (based on ULCM)
I
Quarterly figures (index 1987 =100)
Annual figures fmdex 1987 =100)
110 --,----------------·----------------- -------·-·--- .
~~~~~~~~~~~~~~~
1972
Page 31
1977
1982
1987
1992
1997
9o
I
.
9101 9201 93Q1 9401 9501 9601 9701 9801 '
NQrway. - krone
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
99.4
98.7
100.0
1 01 . 7
102.0
1 01 . 7
98.2
98.8
95.1
93.0
96.7
96.0
94.4
109.2
99.8
100.0
1 0 0. 1
10 1 . 1
99.9
95.7
93.7
90.7
87.8
91 . 8
93.5
91 . 3
(Index 1987=100)
Deflator
PX
ULCE
125.0
1 01 . 9
100.0
97.7
102.9
104.3
100.2
94.2
91 . 1
86.5
89.0
94.4
96.2
96.8
97.4
100.0
102.0
97.9
93.2
87.7
86.7
82.3
80.7
83.6
81 . 8
81 . 8
Quarter I y figures
ULCM
96.0
98.2
100.0
104.8
1 01 . 5
99.2
96. 1
98.2
93.3
96.1
100.0
103.4
109.4
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
97Q3
9704
CPI
GOP
93.9
95.9
96.8
97. 1
96.9
96.5
95.9
95.7
95.7
9 8. 1
93.6
91 . 7
94.4
88.4
90.3
91 . 4
92.3
93.0
93.5
93.6
93.6
93.4
95.2
90.5
88.4
91 . 1
(Index 1987=100)
Deflator
PX
ULCE
86.0
87.3
88.3
89.5
90.9
92.4
93.8
95.2
96.2
99.2
95.2
93.6
96.9
81 . 7
83.4
84.0
83.9
83.2
82 .. 4
81.6
81 . 4
81 . 7
84.2
81 . 0
79.7
82.4
ULCM
97.9
99.5
99.9
1 00. 1
100.5
1 01 . 2
102.2
104.0
106.2
111 . 0
107.9
107.2
111 . 4
Real Effective Exchange Rate
relative to the European Union as a whole {EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
103.4
100.3
100.0
1 01 . 9
1 03. 1
100.3
97.3
97.0
95.6
93.2
95.8
94.6
94.2
11 4. 1
1 01 . 5
100.0
100.2
102.0
98.2
94.5
91.6
90.8
87.8
90.6
91.9
90.8
(Index 1987=100)
Deflator
PX
ULCE
129.5
103.3
100.0
98.0
103.7
102.6
99.0
92.4
90.9
86.1
87.2
92.2
95.0
100.9
99. 1
100.0
102.2
98.8
91 . 7
86.8
85.0
82.6
81 . 2
83.2
81 . 2
82.4
Quarterly figures
ULCM
1 01 . 2
1 01 . 0
100.0
105.2
102.9
97.8
95.2
96.6
94.0
97.2
100.0
102.9
110.0
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
97Q3
9704
(Index 1987=100)
Deflator
PX
ULCE
CPI
GOP
93.6
95.2
96.1
96.2
95.5
95.2
94.8
94.3
94.2
97.3
93.4
92.2
94.0
87.8
89.3
90.5
91 . 1
91 . 4
91 . 9
92. 391 . 9
91 . 6
94.2
90.0
88.6
90.5
85.0
85.8
86.7
87.5
88.5
90.2
91 . 9
92.9
93.8
97.5
94.0
93.2
95.6
81 . 8
83.2
83.8
83.5
8 2. "5
81 . 8
81 . 3
80.8
81 . 0
84.2
81 . 5
80.9
83.0
ULCM
98.6
99.7
100. 1
1 00. 1
100.0
100.8
1 0 2. 1
103.4
105.4
11 1 . 1
108.6
108.6
111 . 8
Real Effective Exchange Rate
relative to the countries In the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
11 0. 5
102.0
100.0
104.9
106.7
102.4
1 01 . 7
100.2
95.6
93.1
93.8
93.9
97.4
123.4
103.3
100.0
103.4
106.3
1 01 . 0
99.9
94.6
90.5
87.4
88.5
91 . 1
94.0
Abbreviations:
(Index 1987=100)
deflator
PX
ULCE
140.5
104.5
100.0
99.6
106.1
103.8
1 01 . 2
93.2
91 . 0
86.3
86.4
92.2
97.5
108.8
1 01 . 1
100.0
106.2
105.4
97.6
93.9
90.0
84.1
82.7
83.2
82.8
87.9
Quarterly f lgures
ULCM
108.9
1 0 3. 1
100.0
108.4
106.7
100.0
98.8
97.9
91 . 1
94.6
95.8
100.9
1 13 . 1
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701 .
9702
9703
9704
CPI
GOP
93.2
94.0
93.8
94.0
93.6
93.5
93.9
93.4
94.8
99.4
96.2
96.2
98.0
8 7. 1
87.9
87.9
88.8
89.3
9 0. 1
91 . 2
91 . 0
92.2
96.2
92.8
92.6
94.5
(Index
deflator
PX
85.0
85.4
85.5
86.7
88.0
89.8
92.0
92.7
94.6
99.3
9 6. 1.
96.2
98.4
1987=100)
ULCE
83.0
83.7
83.3
83.2
82.6
82.3
82.6
82.3
84.0
88.7
86.5
8 7. 1
89.3
ULCM
95.8
96. 1
9.5. 3
95.6
96.1
97.3
99 .. 7
1 01 . 4
105.2
11 2. 6
111 . 1
112.7
11 6 . 1
IC23
= 23 Industrial Countries
EUR15 = 15 Member States of the European Union
ERM
=Countries In the Exchange Rate Mechanism
CPI,
Consumer Price Index
GOP
Gross Domestic Product Deflator
PX
• Price Deflator Exports of Goods and Services
ULCE
Nominal Unit Labour Cost in total Economy
ULCM
=Nominal Unit Labour Cost in Manufacturing industry
Page 32
Australia
dollar
Nominal Effective Exchange Rate
Annual f i¥ures
index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
138.0
106.9
100.0
105.4
11 2. 9
108.8
106.7
98.0
89. 1
92.5
88.3
99.8
102.6
t0
Month I y f i g u res
monthly% change
Quarterll figures
index ( 987=100)
ERM
IC23
147.7
154.8
111 . 2
11 2 . 7
100.0
100.0
109.7
108.3
11 7. 2
11 8. 3
1 01 . 0
100.4
103.0
103.3
92.7
93.9
95.0
98.0
1 0 4. 1
10 1 . 1
93.0
9 7. 1
1 04. 5 . 100.6
108.8
109.4
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
to
93.0
103.1
90.7
100.3
82.5
94.2
88.1
96.7
97.2
92.0
9 5. 1
100.2
100.9
107.0
100.6
104.8
102.9
106.0
105.9
110. 6
105. 1 . 11 2. 5
1 01 . 7
11 2 . 1
98.0
102.9
ERM
99.9
96.7
90.0
92.5
92.9
95.8
102.9
100.8
103.2
109.0
111 . 5
11 2. 2
102.8
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
Relative
IC23
EUR15
to
ERM
1.4
..:o.3
1.8
2.9
0. 1
-2.9
-4.0
-0.3
2.0
-1 . 9
-0.8
-2.6
-1 . 6
2.4
0.5
3.4
4.0
-0.4
-0.9
-1.5'
1.8
2.7
-5.1
-2. 1
-5.0
-1 . 5
2.0
0.0
2.9
4. 1
-0.7
-0.9
-1 . 8
0.8
3.0
-4.6
-2.2
-5.3
-1 . 6
Nominal Effective Exchange Rate
Annual figures (index 1987 =100)
Quarterly figures (Index 1987 =100)
~~--------------~--------~
1977
1982
1987
1992
1997
Real Effective Exchange Rate (based on ULCM)
Quarterly figures Ondex 1987 =100)
Annual figures Ondex 1987 =100)
...
130 --------------------------------------------------------fj·\.----- .
120 -----------------------------------------
130----120 110
100-
90
~~~~~~~~~~--~~~~
1972
Page 33
1977
1982
1987
1992
1997
\
dollar
Australia
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
(Index 1987•100)
Deflator
PX
ULCE
CP I
GOP
126.0
102.9
100.0
109.3
119.7
116.5
112.6
1 0 2. 1
92.1
95.2
91 . 6
103.8
1 0 6. 1
1 28. 1
102.4
100.0
110.9
1 21 . 0
11 5. 9
111 . 4
100.8
90.7
94.3
91 . 0
103.4
106.8
11 5. 8
98.6
100.0
109.4
117.0
108.7
103.6
99.0
90.5
96. 1
93.4
100.3
101 . 7
1 31 . 9
105.6
100.0
11 0 . 1
1 2 2. 7
119.8
115.2
103.9
92.9
96.2
92.9
107.2
110.6
Quarterly
ULCM
138. 8
105.5
100.0
109.4
123.3
11 9. 1
112.9
102.7
90.6
97.0
97.4
11 3. 5
123.9
94Q4
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
figures
CPI
GOP
96.0
93.9
85.6
91.6
95.8
99.1
105.0
104.5
106.8
109.7
108.7
105.0
10 1 . 1
95.2
93.2
85.0
91 . 0
.95.2
98.5
104.5
104.2
106.8
110.0
1 0'9. 3
105.9
1 02. 1
(Index 1987=100)
Deflator
PX
ULCE
98.2
96.5
87.9
93.3
96.1
97.5
101. 7
1 00. 1
1 01 . 9
104.7
104.1
100.9
97.4
97.0
94.9
86.6
93.0
97.7
101 . 6
108.2
108.2
11 0. 9
11 4 . 1
113.2
109.6
105.6
ULCM
99.8
98.7
90.8
97.8
102.6
106.6
113.8
·114. 7
119.3
125.0
126.3
124.0
120.5
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
figures
CPI
GOP
134.7
106.9
100.0
11 2 . 1
123.7
107.4
1 0 7. 1
95.0
97.3
102.2
95.4
102.3
106.6
138.6
107.0
100.0
113. 6
124.6
10 5. 8
104.9
92.7
94.7
100.2
93.7
100.9
106.3
(Index 1987•100}
Deflator
PX
ULCE
Quarterly
CPI
ULCM
figures
GOP
(Index 1987•100)
Deflator
PX
ULCE
ULCM
I
85
86
87
88
89
90
91
92
93
94
95
96
97
1 2 7. 1
103.0
100.0
11 2. 1
120.2
1 0 0. 1
97.9
91 . 5
90.9
96.9
89.4
93.4
97.5
142.2
11 0. 3
100.0
112.7
126.2
108.7
108.0
95.0
96.8
1 04. 1
98.5
107.2
11 3. 7
1 53. 1
114.3
100.0
112.4
1 2 8. 1
109.2
106.3
95.9
97.8
11 0 . 1
107.0
11 6. 6
128.0
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
99.4
1 01 . 2
96.8
98.5
91. 0
92.5
93.4
95. 1
93.8
95.4
98.3
96.7
103.2
104.8
1 01 . 2
102.5
103.5 . 102.5
107.2
107.9
109.2
109.6
1 0 9. 1
109.0
100.2
1 0 0. 1
96.5
93.5
87.2
88.8
88.4
90.3
95.8
93.4
94.3
98.3
1 0 0. 1
100.0
91 . 9
103.8
101 . 3
95.4
98.3
99.0
102.3
109.6
107.7
109.3
114.3
116.6
116.6
107.4
111 . 9
11 0 .. o
103.9
106.9
107.4
110.8
118.7
117.2
120.1
127.1
1 31 . 1
132.0
1 21 . 9
Real Effective Exchange Rate
r~lative to the countries In ·the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
139.5
107.8
100.0
11 4. 3
126.4
108.7
109.8
96.6
97.2
102.1
94.0
1 01 . 4
109.3
144.7
107.9
100.0
116.0
127.9
107.6
107.8
94.3
94.5
100.0
92.4
100.2
109.3
Abbreviations:
(Index 1987=100)
deflator
PX
ULCE
IC23
EUR15
ERM
CPI
GOP
PX
ULCE
ULCM
133.0
103.5
100.0
11 3. 3
122.0
100.9
99.3
91 . 9
91 . 2
97.3
89.1
93.5
99.6
1 4 8. 1
111 . 4
100.0
115.6
1 31 . 3
113.0
11 3. 4
98.3
98.0
105.5
98.5
108.3
11 9 . 1
Quarterly
ULCM
159.4
115.6
100.0
11 4. 5
130.7
11 0. 5
108.4
96.1
95.7
108.3
1 0 4. 1
11 4. 9
131.0
9404
9501
95Q2
9503
95Q4
9601
9602
9603
9604
97Q1
9702
97Q3
9704
figures
CPI
GOP
100.9
97.7
91 . 0
93.5
93.9
96.8
103.8
1 01 . 5
103.9
1 09. 6
11 2. 0
11 2. 6
103.2
99. 1
95.9
,89. 4
91 . 9
92.3
95.2
102.3
100.3
103.0
109.0
111 . 9
112.8
103.6
(index 1987•100)
deflator
ULCE
PX
96.7
93.4
86.6
88.4
88.1
90.1
95.9
93.3
95.0
100.0
102.0
102.6
94.1
1 0 5. 1
102.0
95.2
98. 1
98.9
102.5
110.5
108.7
1 11 . 8
118.5
1 21 . 8
123.0
11 3. 2
ULCM
11 0. 1
107.5
100.8
103.9
104.5
1 0 8. 1
116.7
115.4
119.9
128.7
133.7
1 3 6. 1
125.7
23 Industrial Countries
15 Member States of the European Union
=Countries In the Exchange Rate Mechanism
=Consumer Price Index
• Gross Domestic Product Deflator
=Price Deflator Exports of Goods and Services
~Nominal
Unit Labour Cost in total Economy
"'Nominal Unit Labour Cost In ManufactJring industry
Page 34
Canada
dollar
Nominal Effective Exchange Rate
.Quarterly figures
Index (1987=100)
Annual f i¥ures
index (198 =100)
IC23
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
105.2
98.0
100.0
106.5
11 3 . 0
11 3 . 1
114.9
108.0
10 1 . 8
95.6
94.4
96.5
97.2
142.8
11 0. 8
100.0
104.4
116.2
103.2
1 0 7. 7
98.6
104.6
97.5
89.5
91 . 7
9 9. 1
t
0
ERM
IC23
150.3
1 12 . 5
100.0
105.8
1 1 7. 3
102.4
107.3
9 7. 1
10 1 . 1
94.3
85.3
87.9
98.5
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
94.8
92.3
93.5
95.5
96.2
95.8
96.5
96.0
97.8
98.5
96.8
97.3
96.0
93.4
89.3
88.4
90.3
89.9
90.7
92.8
90.9
92.3
97.6
98.3
102.4
9 8. 1
t0
Monthly figures
monthly % change
Relative
IC23
EUR15
ERM
90.2
85.7
8 4. 1
85.9
85.5
86.3
88.8
87.0
89.6
96. 1
97.5
102.6
98.2
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
-1 . 4
1.4
0.5
-1 . 1
-1 . 4
0.6
-0.5
0.9
-0.4
0. 1
-0.1
-1.7
-0. 1
0.0
3.2
4.0
0.2
-1 . 3
0.8
0.5
2.8
2.2
-2.1
-1.7
-3.6
1.7
t0
ERM
0.4
3.8
4.5
0.2
-0.9
0.8
0.8
4.0
1.9
-2.6
-1.7
-3.2
1.8
Nominal Effective Exchange Rate
Annual figures (Index 1987 =100)
Quarterly figures
fmdex 1987 =100)
~~I~~~~~~~~~~--~·~~~
1972
1977
1982
1987
1992
1997
9201 9301 9401 9501 96Q1 97Q1 98Q1
Real Effective Exchange Rate (based on ULCM)
Annual
f~gures
Quarterly figures Ondex 1987 =100)
Ondex 1987 =100)
90
~~~~~~~~~~----~~~
1972
Page 35
1977
1982
1987
1992
1997
Canada
dollar
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
figures
CPI
85
86
87
88
89
90
91
92
93
94
95
96
97
104.6
98.2
100.0
1 06. 1
112.5
111. 9
114.2
105.3
98.2
90.7
88.8
89.6
89.5
GOP
(Index 1987=100)
Deflator
PX
ULCE
104.9
9 7. 1
100.0
107.1
114.0
11 2. 6 .
11 3. 0
104.6
97.0
89.8
87.8
88.8
88.2
106.7
99.4
100.0
1 01 . 4
106.2
103.6
99.9
96.1
95.3
93.4
93.4
9 7. 1
97.5
105.8
98.3
100.0
106.6
115.3
116.4
118.7
110.8
1 01 . 9
93.5
90.6
96.6
95\6
Quarterly figures
ULCM
97.8
93.8
100.0
108.8
11 6. 1
116.2
1 21 . 0
109.9
1 01 . 0
91 . 9
93.2
102.2
105.5
94Q4
95Q1
9502
95Q3
9504
·9601
9602
9603
9604
9701
9702
9703
9704
CPI
GOP
89.6
8 7. 1
8 8. 1
89.8
90.1
89.4
89.6
88.9
90.4
90.9
89.2
89.6
88.3
88.7
86.2
87.1
88.7
89.1
88.5
88.9
88.2
89.5
89.8
88.0
88.2
86.9
(Index 1987=100)
Deflator
PX
ULCE
93.4
91 . 1
92.3
94.6
95.8
95.9
97.0
96.8
98.6
99.2
97.3
97.6
9 6. 1
91 . 5
88.4
89.2
91 . 5
93.4
94.6
96.6
96.8
98.4
98.3
95.7
95.2
93.2
ULCM
90.9
89.2
91 . 4
94.9
97.5
99.1
101 . 7
102.6
105.4
106.7
106.2
105.8
104.4
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
140.4
109.8
100.0
104.9
11 7 . 1
103.8
107.7
95.8
99.7
91.0
82.7
83.8
90.2
144.2
109.5
100.0
105.3
117.4
102.5
104.7
93.1
96.5
88.7
80.5
81 . 8
87.8
(I n.dex
1987•100)
Deflator
PX
ULCE
137.0
109.0
100.0
102.2
11 0. 1
95.7
94.9
88.2
94.8
91 . 2
83.6
86.0
91 . 4
142.6
109.9
100.0
105.7
118.8
105.7
11 0. 1
98.6
102.0
94.4
86.0
92.3
99.3
Quarterly figures
ULCM
143.5
113.3
100.0
1 0 8. 1
1 21 . 3
106.4
111 . 7
98.3
100.1
92.3
87.6
95. 1
104.8
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
CPI
GOP
86.7
82.8
81 . 8
83.4
82.7
83.3
84.9
82.9
84. 1
88.8
89.5
93.2
89.2
84.6
80.6
79.6
81 . 2
80.6
81 . 3
82.9
81 . 0
82.1
86.6
87.1
90.7
86.8
(Index 1987•100)
Deflator
ULCE
PX
87.8
83.6
82.5
84.2
84.0
8 5. 1
87.2
85.3
86.3
90.7
90.9
94.2
89.9
89.8
85.3
84.4
86.8
87;6
89.9
93.4
92.1
93.6
98.6
98.7
102.3
97.7
ULCM
88.9
85.7
85.8
89.0
90.0
92.4
95.9
94.9
97.1
103.1
104.0
108.4
103.7
Real Effective Exchange Rate
relative to the countries In the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
1 4 6. 1
11 0. 8
100.0
1 0 7. 1
119.8
105.0
11 0. 6
97.3
99.5
90.8
81 . 3
82.9
92.6
151.3
1 1 0. 6
100.0
107.5
120.6
104.2
107.7
94.7
96.2
88.3
79.1
81 . 0
90.4
Abbrevlat ions:
(Index 1987=100)
deflator
PX
ULCE
1 4 4. 1
109.7
1 00.0
103.3
111 . 8
96.5
96.2
88.6
95.0
91 . 5
83.1
86.0
93.5
149.2
111. 2
100.0
108.5
123.9
110.0
11 5. 7
1 0 2. 1
103.0
95.6
85.8
93.0
104.3
Quarterly figures
ULCM
150.1
11 4 . 7
100.0
11 0. 2
123~9
107.6
11 3. 9
98.4
97.6
90.5
84.9
93.4
107.6
9404
9501
95Q2
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
CPI
GOP
86.3
81 . 9
80.3
81 . 8
81 . 2
81 . 7
83.8
81 . 9
84.2
90-. 3
91 . 6
96.4
92.2
8 4. 1
79.7
78.0
79.6
79.0
79.7
81 . 9
8 0. 1
82.4
88.2
89.5
94. 1
90.0
(Index 1987=100)
deflator
ULCE
PX
87.9
83. 4'
81 . 8
83.7
83.6
84.7
87.2
8 5. 1
87.0
92.3
92.8
96.9
92.2
90.7
85.7
84.0
86.4
87.3
89.8
93.9
92.8
95.8
102.4
103.4
108.3
103.4
ULCM
87.1
83.5
83.0
86.1
87.2
89.8
93.9
93.2
96.9
104.5
106.4
112.2
107.4
IC23
23 Industrial Countries
EUR15
15 Member States of the European Union
= Co~ntrles in the Exchange Rate Mechanism
ERM
CP I
Consumer Price Index
GOP
Gross Domestic Product Deflator
PX
Price Deflator Exports of Goods and Services
==Nominal Unit Labour Cost in total Economy
ULCE
Nominal Unit Labour Cost in Manufacturing industr}
ULCM
Page 36
Japan -_ yen
Nominal' Effective Exchange Rate
Annual f i¥ures
index (198 =100)
1023
85
86
87
88
89
90
91
92
93
94
95
96
97
Relative
EUR15
69. 1
90.8
100.0
111 . 3
106.6
96.5
105.4
111 . 1
134.3
145.9
154.7
135.0
127.9
89.6
99.9
1'00. 0
109•2
108.6
90.6
99.9
102; 2
1 31 . 4
1 41 . 1
141.3
124.4
123.5
to
Monthly figures
monthly % change
Ouarterll figures
Index. ( 987=100)
ERM
IC23
94.2
10 1 . 4
100.0
11 0. 7
109.7
90.0
99.5
100.8
127.3
136.7
135.0
11 9. 5
122.5
9404
9501
9502
9503
9504
960,1
9602
9603
9604
9701
9702
9703
9704
Relative to
ERM
. EUR 1 5
148.1
152.4
170.7
1 54. 1
142.7
138.4
137.2
134.4
130.2
125.2
128.6
133.3
124.6
139.8
1 41 . 2
154.8
140.6
129.5
126.9
127.4
123.5
119.7
119.0
124.0
13 1 . 1
120.2
135.2
135.8
147.7
134.2
123.6
12 1 . 1
122.2
11 8. 5
116.3
117.0
122.7
130.8
119.8
DEC96
JAN97
FEB97
MAA97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
Relative
IC23
EUR15
to
ERM
-0.5
-2.1
-2.3
0.8
-2.0
5.3
4.8
0.5
-0.9
-3.3
-0.9
-3.8
-2.0
0.8
-0.4
0.4
1.6
-1.6
5. 1
5.5
2.7
0.5
-5.2
-1 . 9
-4.7
-0.8
0.4
-0.9
-0.0
1.6
-1 . 9
5. 1
5. 1
1.7
0.7
-4.7
-2.0
-5 .·0
-0.9
. Nominal Effective Exchange Rate
Annual figures fmdex 1987 =100)
Quarterly ~ (Index 1987 =100)
Real Effective Exchange Rate (based on ULCM)
Annual figures
~ndex
Quarterly figures (Index 1987 =100)
1987 =100)
1~~--------------~----~~~
130 ---120 ·-110 ------. ---------------------------------~--=----------
-------- ---
1\i. ·.
.
100 -----------·-------------------~-·1--: --- ------ -------------1'-~
'
:
70
-:--l~--:~t--- -c:_ :~: : -
~\,_(.· ' !I
-~·----~,·--- -----~~------
--
.
----~---------------------------
~
1977
Page 37
1982
1987
1992
1997
Japan
yen
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
74.3
94.6
100.0
106.7
99.2
87.6
93.6
96.7
114.4
1 21 . 5
124.3
105.7
99. 1
74.0
94.8
100.0
106.8
99.5
88.0
94.4
97.7
11 5 . 1
122.0
124.5
105.9
99.2
(Index 1987•100)
Deflator
ULCE
PX
84.6
98.1
100.0
103.7
98.8
89.5
93.2
94.1
103.4
106.3
105.7
98.9
97.6
75.4
95.7
100.0
1 05. 4
98.6
86.0
91 . 8
94.7
112.6
122.4
126.8
105.5
99.1
Quarterly figures
ULCM
70.5
94.3
100.0
105.7
98.9
86.9
92.7
99.0
125.0
139.2
139.4
11 5. 4
103.6
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
CPI
GOP
1 21 . 9
124.2
137.8
123.3
11 3. 2
1 0 9. 1
107.6
105.0
1 01 . 4
97.4
99.8
103.2
96.3
122.2
124.5
138.0
123.4
11 3. 4
109.3
107.8
105.2
1 01 . 6
97.4
99.9
103.2
96.3
(Index 1987•100)
Deflator
PX
ULCE
104.7
105.0
115.8
104.5
98.3
97.8
99.7
99.9
98.2
95.3
98.2
1 01 . 9
95.3
124.0
127.0
141 . 0
125.8
114. 8
109.8
107.3
104.3
100.8
97.0
99.8
103.4
96.5
ULCM
139.6
1 41 . 1
155.0
137.6
125.6
120.4
11 8. 0
114. 2
109.2
103.5
104.8
107. 1
99.0
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
93.8
102.4
100.0
106.3
103.3
84.7
90.9
90.8
114.0
11 9. 8
1'16. 4
100.4
99.2
95.2
103.3
100.0
106.0
102.9
83.9
90.4
90.3
113.0
11 8. 7
11 5. 2
99.4
98.2
(Index 1987•100)
Deflator
ULCE
PX
102.8
104.6
100.0
104.4
1 02. 1
85.5
90.0
88.4
1 01 . 7
103.5
97.2
90.9
·93. 3
95.5
103.7
100.0
105.2
102.2
82.3
88.5
88. 1
111 . 5
121 . 3
' 1 2 0. 1
1 01 . 9
1 01 . 6
Quarterly figures
ULCM
95.0
107.7
100.0
105.9
103.8
83.7
89.3
92 ..3
122.7
137.2
1 31 . 6
11 0. 1
104.3
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
9701
97Q2
97Q3
9704
CPI
GOP
117.5
117.7
128.0
115.4
105.6
102.9
102.9
99.5
96.4
95.7
99.7
1 05. 2
96.3
11 6. 4
11 6. 5
126.6
11 4. 1
104.5
1 01 . 9
1 01 . 9
98.6
95.4
94.8
98.7
104.3
95.4
(Index 1987•100)
Deflator
PX
ULCE
99.6
98.1
105.8
95.9
89.6
89.8
92.5
91.5
89.8
89.8
93.8
99.2
90.8
120.6
1 21 . 6
132.5
119.2
108.5
105.0
104.4
100.7
97.7
97.4
101 . 9
108.1
99.3
ULCM
135.4
134.8
145.3
129.8
118.0
114.3
113.4
108.8
104.2
102.3
105.3
110.0
99.8
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
97.4
103.3
100.0
108.4
105.6
85.8
93.3
92.4
113.9
11 9. 7
11 4. 8
99.6
1 01 . 6
99.6
104.2
100.0
108.2
105.7
85.3
92.9
91 . 8
11 2. 8
11 8. 5
11 3. 5
98.7
100.9
AbbrevIatIons:
(Index 1987=100)
def I a tor
PX
ULCE
IC23
EUR15
ERM
CPI
GOP
PX
ULCE
ULCM
107.9
105.2
100.0
105.5
103.7
86.2
91 . 2
88.8
102.0
103.9
96.8
91 . 0
95.3
99.8
104.8
100.0
108.0
106.5
85.6
93.0
91 . 2
11 2. 8
123.0
120.3
103.0
106.4
Quarterly figures
ULCM
99.2
108.9
100.0
107.9
106.0
84.7
91 . 1
92.6
1 2 0. 1
135.0
128.1
108.5
106.7
94Q4
95Q1
95Q2
95Q3
95Q4
96Q1
96Q2
96Q3
96Q4
97Q1
97Q2
97Q3
97Q4
(Index
deflator
PX
CPI
GOP
11 7. 2
11 6. 8
126.0
11 3. 6
104.0
10 1 . 4
1 01 . 9
98.6
96.6
97.2
1 01 . 9
108.5
99.2
11 5. 9
11 5. 4
1 24. 5·
11 2. 3
102.8
100.3
100.9
97.7
95.9
96.5
10 1 . 1
107.8
98.6
99.9
98.0
105.0
95.4
89.2
89.6
92.6
91 . 4
90.5
91 . 3
95.6
1 01 . 7
93.0
1987=1.00)
UL.CE
ULCM
1 2 2. 1
122.3
132.3
11 9 . 1
108.5
105.2
105.3
1 01 . 7
100.0
101 . 0
106.4
11 4. 0
104.6
133.2
1 31 . 8
1 41 . 0
126.2
114.9
11 1 . 5
111 . 5
1 07. 1
104.0
103.6
107.4
113.4
102.9
23 Industrial Countries
15 Member States of the European Union
=Countries in the Exchange Rate Mechanism
Consumer Pr·ice Index
=Gross Domestic Product Deflator
=Price Deflator Exports of Goods and Services
=Nominal Unit labour Cost in total Economy
... Nominal Unit labour Cost in Manufacturing Industry
Page 38
United States
dollar
Nominal Effective Exchange Rate
Annual f iyures
index (198 =100)
IC23
Relative
EUR15
11 9. 5
1 0 6 •. 1
100.0
97.3
1 0 2. 1
98.2
98.2
97.1
10 1 . 1
1 01 . 2
102.6
'1 0 9. 1
11 8. 2
85
86
87
88
89
90
91
92
93
94
95
96
97
147.2
1 16 . 1
100.0
96.9
103.6
90.6
92.9
89.5
10 1 . 1
99.9
92.0
93.8
1 0 3. 7
to
Monthly figures
monthly % change
Ouarterll figures
Index ( 987=100)
ERM
IC23
154.4
11 7. 7
100.0
98.2
104.7
90.0
92.6
88.4
98.0
96.9
8 8. 1
90.3
102.8
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
Relative
EUR15
99.4
103.9
99. 1
101 . 9
105.4
107.9
109.1
109.0
110.3
11 5. 7
117.4
11 9. 2
120.7
95.9
94.3
90.8
91 . 7
91 . 2
93.0
94.9
93.4
93.7
1 0 0. 1
103.0
107.4
104.5
to
Relative
IC23
EUR15
to
ERM
1.6
1.9
1.8
2.5
3.0
4.4
0.9
1.4
1.1
0.4
-1 . 6
-0.3
-0.4
0.9
1.1
2.5
2.0
3. 1
-.0. 4 . -2.4
-0.6
-1 . 8
1.1
-1.7
2.4
2.0
2.3
3.0
4 .. 8
1.4
0.7
-0.3
1.2
3.5
2.8
-2.8
-1.7
-1.4
2.5
ERM
92.8
90.8
86.8
87.6
87.2
89.0
91 . 2
89.7
91 . 1
98.4
1 01 . 8
1 01. 1
1 0 4. 1
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
Nominal Effective Exchange Rate
Annual figures (Index 1987 =100)
Quarterly figures
~ndex
1987 =100)
1m----------------~--------~
120 ------------------------------------------------------------- -----
1977
1982
1987
1992
9201 9301 9401 9501 96Q1 9701 9801
1997
Real Effective Exchange Rate (based on ULCM)
Annual figures
On®x 1987 =100)
Quarterly figures
~ndex
1987 =100)
..
:,. .
100 ---------- ------------------}\- ----------------------------/1-\---I
.·~
:..,~
.
' \~
I' ~':
1\ if
.-
..~
/.'•,\
r:·,
I ••
t··· t:
!I
l1
'•\
~\
.,
·.. \
90 - -- r~ ---t!--~-~------- -- -··\y;.~<~--
·... · ··.
.
...
90
~~~~~~~--~~~~~--~
1972
Pag_e
39
1977
1982
1987
1992
1997
0
------------
United States
dollar
Real Effective Exchange Rate
relative to 23 Industrial Countries (IC23)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
(Index 1987=100)
Deflator
PX
ULCE
CPI
GOP
130.2
1 11 . 0
100.0
94.1
98.0
93.4
91 . 7
89.8
92.7
92.2
91.1
94.9
1 01 . 5
132.0
111 . 9
100.0
93.6
96.8
92.0
90.7
88.6
91.9
91 . 5
90.2
94. 1
100.9
1 21 . 1
108.3
100.0
99.0
1 01 . 0
96.3
98.4
96.5
99.2
97.6
93. 1
93.2
96.8
128.3
109.9
'1 00.0
94.8
96.7
91.6
89.8
86.9
90.0
90.1
90.6
94.1
1 01 . 3
Quarterly figures
ULCM
142.9
118.7
100.0
93.9
96.8
91 . 3
88.5
85.9
86.4
86.0
86.4
88.8
94.2
9404
9501
9502
9'503
9504
96Q1
9602
9603
9604
9701
9702
9703
9704
(Index 1987=100)
Deflator
PX
ULCE
CPI
GOP
90.0
93.3
88.3
90.1
92.6
94.4
95.2
94.7
95.4
99.8
100.9
1 0 2. 1
1 03. 1
89.2
92.4
87.4
89.2
91 . 7
93.5
94.3
93.9
94.7
99. 1
100.3
1 01 . 7
102.7
94.3
96.9
90.8
91 . 7
93.3
94.1
93.9
92.5
92.4
95.8
96.3
97.2
97.9
ULCM
88.5
92.4
87.9
89.9
92.3
93;9
94.4
93.8
94.6
99. 1
100.5
102.2
103.6
84.6
88.3
83.9
85.6
87.7
89.0
89.2
88.4
88.8
92.7
93.7
94.8
95.6
Real Effective Exchange Rate
relative to the European Union as a whole (EUR15)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CPI
GOP
146.3
115.2
100.0
97.7
105.0
92.4
93.6
89.2
99.7
98.0
89.9
91 . 7
1 01 . 5
150.5
11 6. 3
100.0
96.9
103.5
90. 1
91. 5
86.8
97.3
96.1
88.1
90.0
99.9
(Index 1987•100)
Deflator
PX
ULCE
136.8
112.0
100.0
100.4
104.6
91 . 9
94.8
90.7
99.0
96.7
87.4
86.9
93.5
146.5
114.8
100.0
98. 1
103.6
90.2
91. 8
86.7
97.7
98.2
91. 4
93.6
104.8
Quarterly figures
ULCM
163.5
126.2
100.0
98.3
105.5
90.9
91 . 1
86.8
95.4
96.0
89.3
89.8
98.7
9404
9501
95Q2
9503
95Q4
9601
9602
96Q3
96Q4
9701
97Q2
9703
9704
CPr
GOP
93.9
92. 2.
88 ..a
89.6
89. 1
90.9
92.8
91.3
91.7
97.9
100.8
1 0 5. 1
102.3
9 2. 1
90.4
87.0
87.8
87.3
89.1
91.0
89.6
90. 1
96.3
99.2
10,3.5
100.8
(Index 1987•100}
Deflator
PX
ULCE
92.4
90.4
86.6
86.9
85.9
87.1
88.3
86.2
85.9
91 . 0
93.0
96.4
93.6
94.8
93.5
90.3
91.2
90.8
92.7
94.7
93.3
93.9
100.5
103.8
108.7
106.3
ULCM
93.0
91. 7
8.8. 4
89.1
88.3
89.6
91 . 1
89.3
89.4
95.4
98.0
1 0 2. 1
99.3
Real Effective Exchange Rate
relative to the countries in the Exchange Rate Mechanism (ERM)
Annual
85
86
87
88
89
90
91
92
93
94
95
96
97
figures
CP I
GOP
1 51 . 8
116.1
100.0
99.7
107.3
93.5
96.0
90.7
99.7
98.0
88.8
91.0
103.8
157.3
117.3
100.0
- 98.9
106.3
91 . 7
94.0
88.4
97.3
95.9
87.0
89.4
102.5
Abbreviations:
(index 1987=100)
deflator
PX
ULCE
143.2
11 2. 6
100.0
1 01 . 5
1 0 6. 1
92.6
96.1
91 . 2
99.3
97.0
87.1
87.0
95.3
152.7
116.0
100.0
100.7
108.0
93.8
96.4
89.9
99.0
99.6
91 . 7
94.8
109.6
Quarterly figures
CPI
ULCM
170.3
127.6
100.0
100.3
107.7
91 . 9
92.9
8 7. 1
93.5
94.5
87.1
88.6
100.9
9404
9501
9502
9503
95Q4
96Q1
9602
9603
9604
97Q-1
9702
9703
9704
93.6
91 . 5
87.5
88.3
87.8
89~6
92.0
90.5
92.0
99.3
102.8
108.2
105.2
GOP
91 . 8
89.7
85.7
86.5
86.1
87.9
90.3
89.0
90.5
97.9
101 . 5
106.8
104.0
(index 1987=100)
deflator
ULCE
PX
92.6
90.3
86.0
86.4
85.6
86.8
88.4
8 6. 1
86.5
92.3
94.6
98.7
95.6
96.0
94.2
90.3
91 . 3
91 . 0
93. 1
95.7
94.4
96.1
104.2
108.3
114.5
111. 9
ULCM
91 . 5
89.8
86.0
86.7
86.1
87.6
89.6
88.0
89.3
96.5
99.9
1 05. 1
102.2
IC23
= 23 Industrial Countries
EUR15 = 15 Member States of the European Union
ERM
=Countries In the Exchange Rate Mechanism
CPI
= Consumer.Price Index
GOP
=Gross Domestic Product Deflator
PX
=· P r I c e 0 e f I a t o r E x p o r t s o f Go o d s a n d S e r v I c e s
ULCE
=Nominal Unit Labour Cost In total Economy
UI.CM
Nominal Unit Labour Cost In Manufacturing industry
Page 40
~.
59. 14
44.58
37.31
36.72
39.37
33.37
34. 11
32.12
34.53
33.40
29.48
30.95
35.74
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
10.56
8.08
8.83
8.72
7.31
8. 18
8.39
6.03
8. 48_
8.35
5.80
5.80
6.60
OK
GR
138.0
139.8
135.4
141 . 6
162.3
158.4
181.9
190.5
229.0
242.5
231.7
240.7
272.8
0
2.931
2.166
1. 796
1. 754
1. 879
1 . 814
1. 858
1. 580
1. 653
1. 821
1. 433
1. 504
1. 732
6.05
5.86
5. 47
5.56
5.52
5.68
5.87
5.78
5.87
6.32
6.53
8.88
8.88
31.76
30.49
28.71
29.44
29.28
30.17
31.28
30.85
31. 54
34. 17
35.37
37.31
38.20
9404
9501
9502
9503
9504
9801
9802
9603
9604
9701
9702
9703
9704
E
128.9
130.5
123.0
122.8
122.3
123.7
127.4
128.6
128.. 9
140.0
144.7
152.5
148.2
GR
237.6
234.4
226.5
231 . 1
234.8
241.4
242.3
238.0
241.3
280.1
272.0
283.9
275.9
1. 544
1. 4 79
1. 397
1. 432
1. 424
1. 468
1. 522
1.497
1. 531
1. 857
1. 714
1. 807
1. 755
BLEU
31.99
33.01
34.58
34.97
35.30
35.18
35.84
36.98
38.01
38.94
38.23
35.73
38.84
Month
OEC98
JAN97
-FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
OEC97
5.94
8. 11
8.39
8.47
8.52
6.49
8.58
8.82
7.01
8.81
8.89
6.59
8.78
OK.
169.8
139.9
123.3
116.3
118.4
1 01 . 8
103.8
102.2
126.9
133.8
124.8
126.6
146.3
E
0
E
130.7
134.5
141.9
143.8
144.4
143.9
145.9
151. 1
155.5
1 51.. 0
148.3
148.3
150.1
GR
245.8
251 . 1
282.5
268.8
270.5
271.7
273.7
281.0
288.5
282.2
276.6
271.9
279.1
0
1. 552
1 . 801
1. 875
1.695
1:711
1. 705
1.727
1.792
1 . 841
1. 789
1. 757
1.732
1. 778
Monthly figures (period average)
OK
BLEU
Otr
Quarterly figures (period average)
BLEU
Year
Annual figures (period average)
IRL
0.802
0.812
0.830
0.839
0.845
0. 881
0. 884
0. 688
o. 889
0.878
0. 881
0.885
0. 884
5.243
5.405
5.655
5.718
5.783
5. 748
5.830
6. 044
6.204
6.015
5.893
5.801
5.945
0.840
0.636
0.815
0.821
0.823
0. 833
0.837
0. 822
0.808
0.627
0.858
0.878
0. 877
F
5.301
5. 167
4.915
4.948
4.931
5.034
5. 157
5.095
5. 175
5.591
5.780'
8.087
5.879
IRL
0.942
0. 746
0.872
0. 858
0.705
0.804
0. 820
0.587
0. 882
0.888
0. 824
0. 825
0. 659
8.947
6.919
6.007
5.949
6.375
5. 439
5.633
5.288
5.860
5.545
4.989
5. 115
5.832
F
IRL
F
1528
1585
1655
1693
1894
1884
1895
1744
1798
1748
1721
1&97
1740
I
1588
1640
1887
1810
1598
1573
1555
1521
1522
1837
1891
1763
1719
I
1905
1488
1296
1300
1371
1197
1238
1229
1570
1812
1829
1543
1702
I
A
10.92
11.27
11 . 79
11 . 93
12.04
12 .oo
12.18
12.81
12.95
12.59
12.38
12.19
12.50
1. 742
1.798
1 . 881
1.907
1. 924
1. 917
1.943
2. 017
2.073
2.015
1. 979
1. 953
2.001
10.87
10.41
9.82
10.07
10.02
10.32
10.71
10.54
10.77
11 . 86
12.08
12.72
12.35
1.730
1.859
1.563
1.604
1.595
1. 643
1.702
1. 880
1. 717
1. 862
1. 928
2.035
1. 977
NL
A
20.80
15.23
12.63
12.33
13.22
11 . 36
11 . 66
10.98
11 . 63
11 . 40
10.08
10.58
12. 19
A
NL
3.306
2. 444
2.024
1. 974
2.120
1. 819
1.867
1.757
1.857
1.818
1.805
1.885
1. 950
NL
156.5
180.1
188.3
170.4
171.7
171 . 7
174.4
180.9
188.5
181.8
178.9
178.8
181.4
p_
157.9
153·. 8
147.3
149.4
149.8
152.3
158.4
153.8
154.8
186.2
172.8
183.0
179.1
p
171. 2
149.8
140.9
143.8
157.4
142.5
144.3
134.8
180.4
185. a
150.0
154.2
175.1
p
5.~22
5.382
4.837
4. 788
4.979
5. 082
5.130
5. 141
5.175
5.310
5.504
5. 356
5.284
SF
4.747
4.585
4.296
4.307
4. 280
4.531
4. 718
4.534
4. 588
4.934
5.149
5.389
5.282
SF
8. 180
5.088
4.391
4.180
4.287
3. 819
4.039
4.473
5. 714
5. 212
4.385
4.592
5. 186
SF
6.828
7.049
7.404
7. 852
7. 881
7.880
7.750
7.811
7. 987
7.704
7-.570
7.588
7.773
s
7.375
7. 377
7.301
7.183
6. 885
8.780
6.731
6. 834
6. 884
7. 384
7.703
7.833
7.838
s
8.583
7.117
6. 338
8.124
8. 445
5.915
6.041
5.809
7. 776
7. 712
7.131
8.707
7.832
s
0.601
0.602
0.815
0.822
0.614
0. 812
0.808
0.598
0. 824
0. 825
0. 813
0. 592
0.803
UK
0.631
0.632
0.626
0.636
0.641
0.853
0. 656
0.643
0.611
0.613
0.811
0. 818
0.803
UK
0.775
0.882
0.611
0. 582
0.611
0.562
0.566
0.568
0.666
0.653
0.834
0.641
0.611
UK
(Price of one US dollar in terms of the currencies of each of the countries indicated)
-
0.800
0.821
0.858
0.889
0.873
0.871
0.880
0.905
0.932
0.909
0.893
0.878
0.899
ECU
0.807
0.786
0.751
0.762
0.759
0. 777
0.797
0.785
0.793
0.849
0.875
0.918
0.890
ECU
1 . 317
1 .018
0.867
0.845
0.908
0.787
0.808
0. 772
0.853
0. 842
0.785
0.788
0.882
ECU
Table A1: Bilateral exchange rate of ·the US dollar against the EU currencies
t,
0.252
0.592
1. 350
2.273
2.459
2. 811
3. 018
3.095
3.116
3.372
6.399
1', 599
7. 919
237.6
167.9
144.4
128. 1
137.8
144.5
134.4
126.6
111 . 0
102.1
93.8
108.7
120.9
1. 365
1 . 390
1. 326
1 . 2 31
1 . 184
1.187
1.146
1. 208
1. 290
1. 365
1. 372
1. 364
1. 384
1. 429
1. 493
1. 427
1. 277
1. 264
1 . 2 81
1. 284
1. 381
1. 4 72
1. 387
1. 349
1. 278
1. 345
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
6.733
8.521
8.242
6.305
6.282
8. 414
6.. 533
6.440
6.437
6.625
7.089
7.461
7. 121
1. 807
1.582
1.497
1 . 510
1.529
1.487
1.467
1. 446
1 . 418
1 . 435
1 . 448
1 . 546
1 . 616
3.598
5.967
8. 162
8. 219
7.364
7. 519
7.485
7.560
7.838
7.864
7. 919
7.810
8.086
98.9
96.1
84.5
93.9
101. 5
105.7
107.5
109.0
112.8
121.1
119.6
117.9
12 5. 1
1. 368
1. 407
1. 372
1. 358
1. 358
1. 369
1. 364
1. 370
1 . 351
1.359
1. 388
1. 384
1. 407
1. 32-3
1. 337
1. 374
1. 350
1. 337
1. 323
1. 263
1. 288
1. 257
1. 286
1. 300
1. 359
1.441
9404
9501
9502
9503
9504
9801
9802
9603
9604
9701
9702
9703
9704
CH
1. 328
1. 389
1.464
1. 464
1. 482
1. 433
-1.442
1 . 481
1. 513
1.472
1.452
1. 407
1. 437
N
6.470
8.449
8.635
6.796
6.979
7.072
7. 218
7. 443
7.825
7. 319
7.078
7.059
7.229
NZ
1 . 418
1.425
1. 447
1.433
1. 444
1. 448
1.455
1 . 511
1.557
1 . 572
1.572
1 . 602
1. 675
MX
7.873
7.830
7.802
7.960
7.907
7.899
7.950
7.871
7.783
7. 778
7.852
8.276
8. 138
J
113.9
117.8
122.9
122.7
125.6
119. 1
114.3
115. 1
117.8
120.7
121.0
125.2
129.3
CND
1. 362
1. 351
1. 355
1. 371
1. 394
1. 380
1. 384
1 . 377
1.389
1. 387
1. 388
1 . 412
L422
AUS
1. 254
1. 285
1.303
1.270
1. 284
1. 292
1. 328
1. 348
1. 349
1. 381
1. 387
1.440
1.499
DEC96
JAN97
FEB97
MAR97
' APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
OEC97
1. 298
1. 243
1 .155
1 .181
1 . 151
1. 190
1.243
1. 222
1.287
1. 435
1. 446
1.489
1.432
CH
2.444
1. 793
1. 489
1. 481
1. 834
1. 386
1. 431
1. 404
1. 477
1. 386
1 .182
1.235
1.450
CH
Month
Monthly figures (period average)
N
NZ
MX
J
CND
8.571
7.391
8:731
8.510
6.902
6.252
6.478
8.208
7.090
7.053
8.337
6.456
7.068
N
AUS
2. 013
1. 907
1. 689
1 . 525
1. 872
1. 876
1 . 729
1. 859
1. 849
1. 685
1.524
1:454
1 . 510
NZ
Ot r
Quarterly figures (period average)
MX
J
CND
AUS
Year
Annual figures (period average)
104817
111973
119115
124905
131212
137236
144187
153580
183673
170390
178380
187393
197477
TR
38252
41015
42838
46322
52970
64292
76402
85523
98998
118546
137443
162399
187588
TR
521
873
854
1405
2117
2803
4118
8812
10853
28733
45587
80305
149282
TR
(Price of one US dollar in terms of the currencies of each of the countries Indicated)
Table A2: Bilateral exchange rate of the US dollar against the non- EU currencies
85.1
81.7
77.0
78.9
78.5
80.9
83.8
82.7
84.5
91 . 6
94.8
100.0
97.0
94Q4
95Q1
95Q2
95Q3
95Q4
98Q1
96Q2
96Q3
98Q4
97Q1
97Q2
97Q3
97Q4
F
87.3
90.0
94.1
95.2
95.9
95.7
97. 1
100.6
103.3
100.1
98.1
98.6
99.0
E
106.0
109.1
115. 1
116. 6
11 7. 1
116.7
118.4
122.6
126.2
122.5
120.3
118.7
121.8
GR
181. 4
185.5
193.9
197.2
199.9
200.8
202.2
207.6
213.2
208.5
204.4
200.9
206.2
86.4
89.2
93.3
94.4
95.3
94.9
96.2
99.8
102.5
99.6
97.8
98.5
98.9
86.9
89.4
93.5
94.8
95.4
95.0
96.2
99.9
102.6
99.7
97.9
98.5
99 .o
85.7
88.5
92.6
93.7
94.6
94.3
95.5
99.1
101.9
99.0
97.1
95.8
98.2
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
DEC97
88.3
88.0
81.8
82.4
82.1
83.8
85.9
84.8
88.2
93. 1
96.2
101 . 3
97.9
0
104.8
105.9
99.8
99.6
99.2
100.3
103.3
102.7
104.5
113.6
117.4
123.7
120.2
175.8
173.2
167.3
170.7
173.5
178.3
179.0
175.8
178.2
192.1
201. 0
209.7
203.8
F
OK
88.0
82.4
77.8
79.7
79.3
81. 7
84.7
83.4
85.2
92.3
95.5
100.6
97.7
88.5
85.8
80.1
81.4
80.8
83.1
85.9
84.5
85.9
92.5
95.5
100.7
97.8
E
149.0
115.2
100.0
99.0
1 06. 1
90.5
93.8
88.0
94.2
92.3
83.1
85.2
97. 1
137.8
113.5
100.0
94.4
96.0
82.8
84.2
82.9
103.0
108.6
1 01 . 1
102.7
118.7
GR
F
E
BLEU
0
102.0
103.3
100.0
104.7
119.9
117.0
134.4
140.7
169.2
179. 1
171 . 2
177.8
201.6
GR
Month
Monthly figures
BLEU
Qt r
OK
163.2
120.8
100.0
97.7
104.6
89.9
92.2
86.9
92.0
90.3
79.8
83.8
96.5
154.5
118.2
100.0
98.4
108.9
90.4
93.5
88.2
94.8
93.0
82.0
84.8
98.8
158.5
119.5
100.0
98.4
105.5
89.4
91 . 4
86.1
92.6
89.5
79.0
83.0
95.8
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Quarterly figures
0
OK
BLEU
Year
Annual figures
(index 1987 = 100)
89.8
91.0
93.7
95. 1
95.9
98.3
98.7
99.4
102.5
100.5
101.3
99.0
101.7
IRL
95.2
94.6
91.4
92.3
92.7
94.2
94.7
92.5
90.5
93.3
97.6
100.8
100.8
IRL
140.1
110. 9
100.0
97.6
104.9
89.1
92.3
87.4
101.5
99.4
92.8
92.9
88.0
IRL
118.0
120.8
127.8
130.7
130.7
130.0
130.8
134.6
138.8
134.8
132.8
131.0
134.3
I
122.6
126.6
128.7
124.3
123.3
121.4
120.0
117.4
117.5
126.3
130.5
136.0
132.7
I
147.0
114. 8
100.0
100.3
105.8
92.4
95.8
94.9
121.2
124.4
125.7
119. 1
131.3
I
91.9
88. 1
88.9
93.0
94.3
95. 1
94.7
98.0
99.7
102.5
99.8
97.8
98.5
NL
85.5
82.0
77.3
79.3
78.8
81.2
84.1
83.. 0
84.9
92.0
95.3
100.6
97.7
NL
163.4
120.8
100.0
97.5
104.7
89.9
92.2
88.8
91.8
89.8
79.3
83.3
98.3
NL
p
88.5
89.2
93.3
94.4
95.3
95.0
98.2
99.8
102.5
99.7
97.9
96.5
98.9
A
88.0
82.4
77.8
79.7
79.3
81.7
84.8
83.4
85.3
92.3
95.5
100.7
97.8
A
111 . 1
113.7
119.4
120.9
121 . 8
121.9
123.8
128.4
132.4
129.0
127.0
125.5
128.8
p
112. 1
109.1
104.5
108.0
108.1
108.1
111 . 0
109.0
109.7
117.9
122.5
128.9
127.1
p
121.5
101. 1
100.0
97 .I 102.0
104.7 111 . 7
81.9 1 01 . 1
92.3 102.4
88.9
95.7
92.1
113.8
90.3 117.7
79.8 108.4
83.8 . 109.4
98.5 124.3
163. 1
120.8
100.0
A
105.6
108.5
113.4
115.3
116.8
117. 1
117.9
120.9
125.3
122.0
118.9
118.9
122.1
SF
108. 1
104.4
97.8
98. 1
97.5
103.2
107.4
103.2
104.4
112. 4
117.2
122.7
120.3
SF
140.7
115.4
100.0
95.2
97.6
87 .o
92.0
101. 9
130.1
118.7
99.4
104.6
118.1
SF
107.8
111.3
118.9
120.8
121 . 2
121.2
122.3
123.3
126.1
121 . 6
119.5
119.4
122.7
s
118.4
116.4
115.2
113.4
105.5
107.0
108.2
104.7
105.5
116.2
121.8
123.8
120.5
s
135.5
112.3
100.0
98.8
101. 7
93.4
95.3
91. 7
122.7
121 . 7
112.5
105.9
120.5
s
ECU
151 . 9
117.4
100.0
97.5
104.7
90.7
93.2
89. 1
98.4
97.2
88.2
90.9
101. 7
ECU
97.0
88.7
98.4
98.5
100.7
1 01 . 8
100.5
100.2
99.8
97.9
102.2
102.3
100.4
UK
92.3
94.8
99.0
100.2
100.8
100.4
101.5
104.4
107.6
104.9
103.0
101.3
103.7
ECU
103.3
93.0
103.5
90.7
102.5
86.6
104. 1
87.9
104.9
87.8
108.9
89.8
107.4
91.9
105.3
90.5
100.0·
91. 4
100.3
98.0
100.1
100.9
100.8 105.6
98.7 102.6
UK
126.9
111. 7
100.0
92.0
100.0
91. 9
92.7
93.0
109.0
108.9
103.7
104.9
100.0
UK·
Table A3: Bilateral exchange rate of the US dollar against the EU currencies
266.4
442.0
456.5
460.7
545.5
557.0
554.5
560.1
580.5
582.6
586.6
578.6
599.0
68.5
66.6
58.5
65.1
70.3
73.2
74.4
75.5
78.2
83.9
82.8
81. 6
86.7
103. 1
106. 1
103.4
102.2
102.2
103.3
102.9
103.3
1D1 . 9
102.5
104.5
104.4
106.1
92.7
93.7
96.3
94.6
93.7
92.7
88.5
88.9
88. 1
90. 1
91 . 1
95.3
101.0
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
MX
583.2
580.1
578.0
589.7
585.8
585.1
589.0
583. 1
576.6
576.2
581.7
613.1
602.7
J
78.9
81.6
85.1
85.0
87.0
82.5
79.2
79.8
81.6
83.6
83.8
86.7
89.6
CND
102.7
101 . 9
102.2
103.4
105. 1
104.0
104.4
103.8
104.8
104.6
104.5
106.5
107.2
AUS
87.9
90.0
91.3
89.0
90.0
90.5
93.0
94.4
94.5
96.8
97.2
100.9
105.0
Month
DEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
N'OV97
DEC97
Monthly figures (period average)
MX
J
CND
AUS
Ot r
84.0
84.4
85.7
84.9
85.5
85.8
86. 1
89.5
92.2
93. 1
93.1
94.9
99.2
NZ
95.2
92.5
88.6
89.4
90.5
88.0
86.9
85.6
83.9
85.0
85.8
91.6
95.7
NZ
119.2
112.9
100.0
90.3
99.0
99.2
102.4
11 0. 1
109.5
99.8
90.2
86.1
89.4
18.7
43.9
100.0
168.4
182.2
208.3
223.6
229.3
230.8
249.8
474.1
562.9
586.7
184.5
116.3
100.0
88.7
95.5
100. 1
93.1
87.7
76.9
70.7
. 65. 0
75.3
83.7
103.0
104.8
100.0
92.8
89.3
88.0
86.4
91 . 1
97.3
103.0
103.5
102.8
104.4
1 0 0. 1
104.6
100.0
89.5
88.5
89.8
90.0
95.4
103. 1
95.8
94.6
89.5
94.3
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
.1996
1997
Quarterly figures (period average)
NZ
MX
J
CND
AUS
Year
Annual figures (period average)
index 1987 = 100
TR
12277
13115
13952
14830
15369
18074
16888
17989
19171
19958
20893
21949
23130
89.2
93.3
97.6
98.3
98.2
96.2
98.9
99.4
101.6
98.9
97.5
94.5
96.5
96. 1
95.8
98.6
101.0
103.7
105. 1
107.2
110.6
113.3
108.7
105.1
104.9
107.4
4246
4804
5018
5426
6204
7530
8949
10017
11595
13885
16099
19022
21972
CH
87.0
83.5
77.5
79 .. 3
77.3
79.9
83.5
82. 1
86.4
96.4
97.1
100.0
96. 1
100.0
96.9
92.7
93.7
93.3
95.3
97.1
95.7
95.6
98.4
105.3
110. 8
105.8
TR
61.0
78.8
100.0
184.5
247.9
so-4.9
482.4
797.9
1271
3365
5337
9406
17483
TR
N
CH
164. 1
120.4
100.0
98.1
109.8
93. 1
96. 1
94 ;3
99.2
91.7
79.4
82.9
97.4
CH
N
127.3
109.8
100.0
96.7
102.5
92.9
96.2
92.2
105.8
104.8
94. 1
95.9
105.0
N
Table A4: Bilateral exchange rate of the US dollar against the non - EU currencies
118.4
122.6
12 5. 1
123.7
124.9
123.6
121 . 4
122.3
120.9
118.6
117.2
114.9
118. 8
110.5
112.1
115. 3
115.3
116.0
115. 3
113.5
1 14. 1
113.5
112.2
111.5
109.3
110.8
112.9
115.8
118.0
116. 9
117.8
116.8
115.2
1 15.5
114.2
1·12. 4
111 . 4
109.7
111 . 0
9404
9501
9502
9503
9504
9801
9602
9603
9804
9701
9702
9703
9704
-0.8
-0.5
-1.4
-0.2
0.2
-0.1
-0.7
-1.0
-0.3
1.0
0.4
0.3
-0.4
-1 . 1
0.3
-0.3
-0.3
-0.7
-0.9
0. 1
-0.0
0. 1
0.2
0.6
0.7
-0.3
-0.9
-0.8
-0.8
-0.1
-0.4
-0.3
-0.9
-1.6
-0.3
1.3
0.8
0.8
-0.3
-0.4
-0.5
-0.7
-0.7
-0.7
-0.0
-0.3
-0.2
-0.8
-1.2
-0. 1
0.9
0.5
0.3
-0.2
OEC96
JAN97
FEB97
MAR97
APR97
MAY97
JUN97
JUL97
AUG97
SEP97
OCT97
NOV97
OEC97
-0.2
-0.8
-1.6
-0.2
1. 0
0.4
0.7
-0.3
-o .1
0.1
--o. 1
E
GR
0
1. 0
0.0
-1.9
-1.3
0.7
-0.0
-0.0
-0.5
-0.6
1.3
0.2
0.6
-0.3
1.2
0.4
0.5
-0.4
-0.5
-3.0
-0. 1
0.9
-0.3
0.5
-2.2
1.0
-0.7
-0.7
-0.8
-0.7
0.0
-0.3
-0.4
-0.9'
-1.5
1
1.5
0.8
0.8
-0.3
-o.
I
IRL
79.9
78.0
71.4
75.5
76.5
79.6
82.5
83.7
84.9
83.9
83.2
82.8
83.7
I
92.0
97.8
100.0
97.5
98.5
1-02.1
1 01 . 1
98.9
83.3
81.2
74.8
82.7
83.4
I
F
102.2
101.6
101. 5
102. 1
102.0
102.5
103.7
104.9
107.4
109.6
108.7
108.5
104.9
11 3. 1
114.9
116.3
117.4
118.2
11 8. 1
117.5
1 17. 7
117.0
115.0
11 3. 7
111 . 6
113.9
95.4
93.6
95.7
97.2
98. 1
98.9
97.9
97.4
96.6
94. 6,
93.9
92.8
93.5
OK
IRL
95.4
101.3
100.0
98.6
97.8
103.6
102.6
105.9
100.4
101.2
101 . 8
104.6
106.9
92.0
98.1
100.0
98.4
97.4
103.5
101. 9
106.1
109.2
111 . 5
116. 7
117.6
113.6
F
IRL
F
E
BLEU
58.8
58.9
58.9
58.4
57.6
57.3
58.3
58.7
58.6
58.2
57.2
57.1
57.8
GR
59.4
58.5
58.2
57.6
96.9
98.3
100.0
104.2
109. 1
114.4
115.2
113.2
100.2
94.9
96.1
97.7
93.6
E
Month
Monthly figures (monthly % change)
0
OK
BLEU
Ot r
Quarterly figures (Index 1987 =100)
136.7
110.0
100.0
94.0
87.5
80.4
72.0
67.1
82.2
92.6
100.0
100.2
99.5
105.1
104.8
109.0
113.5
116.0
124.1
1 2 2. 1
116.9
87.9
95.2
100.0
98.5
96.2
103.3
102.0
105.0
108.2
109.0
114.7
114. 1
110. 9
89. 1
95.4
100.0
99.3
98.8
1 04. 1
104.3
106.9
108.4
111. 2
117. 1
115.4
111 . 1
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
62.3
GR
0
OK
BLEU
_Year
Annual figures (Index 1987 =100)
Relative to 23 Industrial Countries (IC23)
-0.6
-0.5
-0.4
-0.0
-0.2
-0.2
-0.8
-0.7
-0.8
-0.8
-0.2
-0.2
-o. 1
-0.8
-1.3
-o .1
0.9
0.3
0.2
-0.2
0.4
-0.2
o.:
0.
-0.2
-1.0
A
112.7
115.3
117.0
118.0
118.5
115.8
114.0
114.5
113.8
112.6
1 11 . 7
110.3
111--:--5
A
88. 1
95.3
100.0
100.2
99.9
103.5
103.4
108.3
109.9
111.4
116. 2
114.5
111.5
A
NL
113.3
116.0
118.0
116.9
117.8
118.7
115.2
115. 4
114. 1
112'. 2
111 . 2
109.5
110.5
NL
87.2
94.8
100.0
100.0
99.4
103.4
103.2
106. 1
110.0
111 . 7
117. 1
115.4
110.8
Nl
Table B: Nominal Effective Exchange Rate
-
-0.4
0.1
-1.0
-0.1
-0.2
-0.5
-0.8
-1.2
-0.4
0.5
-0.0
-0.1
-0.3
p
86.9
87.9
88.0
87.8
87.8
87.8
87.4
88.0
88.2
87.4
88.4
84.8
84.7
p
113.6
108.9
100.0
95. 1
92.1
90.7
91.7
95.1
89. 1
8$.9
87.8
87.8
85.8
p
-0.1
-0.5
-0.7
-0.5
-0.7
-0.8
-0.2
-0.8
-1. 1
1.1
0.4
0. 1
-0.5
SF
92.0
93.9
98.5
87.7
88.1
94.8
92.4
95.2
94.9
93.6
91.8
90.5
91 . 1
SF
97.7
98.2
100.0
101 . 9
105.7
107.7
104.0
91. 2
79.3
86.8
98.8
94.3
91.7
SF
UK
2.0
0.4
-0.8
-0.5
0.2
-1.3
-1 . 1
-1.4
-2.3
0.4
-0.5
-0.4
1.4
s
83.7
82.3
79.7
82.4
89.0
89.7
92.2
92.8
92.7
88.9
87.0
88.5
89.8
s
1.9
2.2
1.4
-0.1
2.2
-0.3
1. 2
4. 1
-2.1
-1.8
0.8
3.0
0.4
UK
94.8
93.2
90.3
90.4
90.0
90.1
91.4
92.4
98.8
104.6
107.4
110.3
111 . 5
UK
99.2 106.0
99.8 100.0
100.0 100.0
100.8 106.7
101 . 3 103.4
100.1
102.7
100. 1 104.0
101.9 100.7
83. 1 '
92.7
82.9
94.2
83.3
91.0
91 . 8
93.1
88.5 108.4
.- s
1.2
-0.7
-1.0
-1.3
-2.2
-0.8
-0.3
-0.7
-1.8
-2.9
-0.7
2.9
1.1
ERM
116.4
119.5
121 . 0
122.9
125.4
125.8
124.3
126.2
124.9
120.4
117.5
113. 3
117.2
ERM
77.2
91.0
100.0
98.5
98.3
110.4
108.8
114.5
110.5
113. 0
122.2
125.3
117. 1
ERM
-1.5
-1.8
3.0
1.8
2.7
-0.7
-1.3
-0.6
-0.7
-2. 1
-1 .o
0.6
-1.0
EUR15
111.5
113. 9
113.6
116.3
119.9
120.8
120.8
123.8
125.8
123. 1
120.8
117. 4
123.2
EUR15
78.0
90.4
100.0
100.9
99.2
112. 9
111 . 1
118.4
104.1
107.4
115.9
122.7
1 21 . 1
EUR15
1.6
1.8
3.0
0.9
1. 1
-1.8
-0.4
1.1
2.0
-0.4
-0.8
1.1
2.0
USA
99.4
103.9
99. 1
101 . 9
105.4
107.9
109. 1
109.0
110.3
115.7
117.4
119.2
120.7
USA
119. 5
106. 1
100.0
97.3
102.1
98.2
98.2
97. 1
1 01 . 1
101 . 2
102.8
109.1
118.2
USA
-0.5
-2.1
-2.3
0.8
-2.0
5.3
4.8
0.5
-0.9
-3.3
-0.9
-3.8
-2.0
J
148. 1
152.4
170.7
154.1
142.7
138.4
137.2
134.4
130.2
125.2
128.6
133.3
124.8
J
69. 1
90.8
100.0
111 . 3
106. 6
96.5
105.4
111 . 1
134.3
145.9
154. 7
135.0
127.9
J
108.1
103.6
100.0
97.1
95.0
92.7
91. 2
91.6
91.6
90.6
89.2
88.0
87.3
9917
99.2
100.0
100.0
99.5
97.3
94.4
92.5
89.8
88.4
87 .. 7
87.5
87.2
102.9
101.0
100.0
97.8
97.4
96.4
94.9
93.1
92.9
92.6
91 . 5
91 . 2
90.4
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
199'1
75.6
89.5
100.0
109.8
118.3
135.2
153.3
188.0
182.9
194.3
204.3
213.9
219.2
GR
93.8
98.8
100.0
100.6
102.0
103.3
104.1
106.0
107.7
109.0
110.3
110. 6
11 0. 1
E
101 . 4
100.6
100.0
98.7
97. 1
95.1
92.9
90.8
8 9. 1
87.8
86.2
85.3
84.1
F
101. 1
101 . 3
100.0
100.0
99.3
96.7
94.4
92.8
91.4
91. 4
90.9
89.7
88.8
IRL
95.7
.98. 4
100.0
102.0
103.7
105.2
106.9
107.8
109.2
110.0
112. 7
114. 1
113 .1
I
105.5
103.0
100.0
97. 1
93.8
81 . 7
90.0
88.9
87.3
88.8
85.8
84.4
84. 1
NL
p
103.5
85.3
102.4 - 94. 1
100.0 100.0
98.2 107.8
96.3 116.0
95.3 125.0
93.3 133.4
92.5 139.8
91.7 143.4
91.5 148.1
90.2 148.1
89.9 149.2
89.2 149.1
A
100.3
100.1
100.0
100.8
100.6
101 . 4
101 . 4
101 . 4
101 . 7
99.9
97.3
96.;1
95.1
SF
97. 1
98.7
100.0
101.9
104. 1
109.3
115.0
112. 9
11 5. 3
115. 3
115. 0
113.4
112.6
s
88.8
96.0
100.0
97.3
94.5
97.4
95.6
99.8
104.0
105.1
11.0.7
107.4
102.0
87.6
94.5
100.0
98.5
95.8
100.5
96.3
97.0
96.9
96.4
100.6
99.8
. 96.7
91.6
96.4
100.0
97.2
96.2
100.3
98.9
99.5
100.8
103.0
107.2
105.2
100.5
1985
1986
1987
1988
1989
1990
1991
1992
1993.
1994
1995
1996
1997
E
90.9
97.0
100.0
104.8
111 . 2
118.2
119.9
120.0
107.9
103.5
106.0
108.0
103.1
GR
103.3
98.4
100.0
103.2
103.8
108.7
110. 4
112. 8
113.9
115. 4
119. 4
124.5
126.2
93.3
98.7
100.0
97.1
94.6
98.3
94.7
96.3
97.3
97.8
1 00'. 6
100.3
95.5
F
I
88. 1
96.3
100.0
99.5
102.2
107.3
108.0
106.7
91.0
89.4
84.3
94.3
94.4
IRL
98.4
102.6
100.0
98.6
97.1
100.2
96.9
98.3
91.9
92.5
92.5
93.8
95.0
98.6
99.7
100.4
101 . 0
101. 4
1 01 . 1
100.4
100.3
99.3
97.2
95.8
104.5
102.9
105.5
107.3
108.4
109.4
108.3
107.7
106.7
104.4
103.4
101 . 8
102.8
116. 4
11 8. 1
119.5
120. 1
120.0
120.7
124.3
128.3
12'7. 0
128.7
125.3
125.5
127.4
106.7
110.0
111 . 8
110.2
110.8
109.3
107.0
107.5
106.0
103.8
102.4
100.2
101. 7
97.4
98.8
101.2
1 01 . 1
101 . 6
101.0
99.3
99.8
99.1
97.9
97.2
95.2
98.5
104. 1
108.3
108.1
108.8
107.5
108.6
105.1
105.3
103.9
102.0
100.8
99.1
100. 1
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
95.4
·as. 1
F
E
GR
0
OK
BLEU
Ot r
NL
98.0
100.0
101 . 2
99.8
100.0
98.9
97.4
97.3
98.1
94.4
93.5
92.0
82.8
I
88.4
84.8
80.3
85.5
87.0
90.8
94.3
9'5. 5
96.7
95.4
94.3
93.5
94.3
93.4
92.7
92.4
92.7
92.3
92.4
93.1
93.9
95.8
97.5
94.8
94.5
93.0
92.0
97.7
100.0
97.1
93.2
94.8
92.9
94.3
98.1
97.0
100.3
97.4
93.2
NL
IRL
Quarterly figures (Index 1987 = 100): relative to 23 Industrial CQuntrles (IC23)
0
OK
BLEU
Year
Annual figures (Index 1987 = 100): relative to 23 Industrial countries (IC23)
p
127.7
129.8
130.1
130.3
130.2
130.8
130.4
131.4
131.7
130.5
128.9
128.3
128.2
102.7
104.5
105.8
104.4
104.7
104.0
102.8
103.0
102. 1
100.8
99.7
98.2
99.1
97.0
100.8
100.0
102.5
108.9
113.4
122.3
132.8
127.9
125.5
130. 1
1 31 . 1
128.0
p
A
91.2
'97.8
100.0
98.5
98.2
98.8
96.5
98.4
100.8
1 01 . 9
104.8
102.9
99.4
A
90.8
92.0
14.0
94.8
94.9
91.4
89.2
91.7
91.1
89.4
87.4"
85.9
88.3
SF
98.0
98.3
100.0
102.5
108.3
109.2
105.5
92.4
80.7
86.5
93 .. 9
90.8
87.3
SF
96.3
94.8
91.8
94.8
101 . 9
102.3
104.8
104.7
104.7
100.3
98.1
99.7
100.8
s
96,3
98.5
100.0
102.5
105.4
109.4
115.2
115.0
95.8
95.6
95.8
104.1
99.7
s
Table C2: Real Effective Exchange Rate based on CPI
0
OK
BLEU
Year
Annual figures (Index 1987 =·100): In national currency relative to 23 Industrial countries (IC23)
Table C1: Consumer Price Index {CPI)
99.2
97.6
94.8
94.7
94.2
94.3
95.8
98.8
103.2
109.2
112.2
115.2
118.4
UK
104.6
99.4
100.0
107.8
105.6
105.8
109.8
107.3
98.5
99.0
95.3
97.4
113. 2
UK
98.7
99.4
100.0
101.1
1 02. 1
102.9
105.7
106.6
106.3
1 05. 1
104.7
104.6
104.4
UK
99.8
101. 8
102.7
103.8
105.5
105.3
103.6
104.8
102.8
98.5
95.5
91.5
94. 1
ERM
81.3
93.7
100.0
95.7
93.1
101 . 6
97.5
101 . 6
97.1
97.7
103.4
104. 1
94.8
ERM
105.4
103.0
100.0
97.1
94.7
92.0
89.6
88.7
87.8
88.4
84.7
83. 1
81 . 0
ERM
99. 1
100.5
99.6
1 01 . 4
104.0
104. 1
103.2
104.9
105.8
102.5
99.7
98.1
100.0
EUR15
81.0
92.6
100.0
98.7
95.1
106.2
103.7
107.9
95.7
96.5
101 . 4
104.5
99.5
EUR15
103.8
102.4
100.0
97.8
95.9
94. 1
93. 4.
92.7
92.0
89.8
87.5
85.2
82.2
EUR15
90.0
93.3
88.3
9(). 1
92.6
94.4
95.2
94.7
95.4
99.8
100.9
1112.1
103. 1
USA
130.2
111 . 0
100.0
94.1
98.0
93.4
91.7
89.8
92.7
92.2
91 . 1
94.9
101 . 5
USA
109.0
104.5
100.0
96.7
95.9
95.2
93.4
92.5
91 . 7
91 . 1
88.8
8 7. 1
85.8
USA
121 . 9
124.2
137.8
123.3
113.2
109. 1
107.6
105.0
101.4
97.4
99.8
103.2
96.3
J
74.3
94.6
100.0
106.7
99.2
87.6
93.6
96.7
114.4
121. 5
124.3
105.7
9·9 .1
J
107.5
104.2
100.0
95.9
93.0
90.8
88.7
87.0
85.1
83.3
80.4
78.3
77.5
J
93.5
98.7
100.0
100.9
102.8
104.8
106.5
109.0
109.7
110.7
112.2
112.5
111 . 9
80.9
90.8
100.0
11 0. 6
120.4
137.9
156.7
171 . 2
185.3
196.6
208.8
216.6
224.6
104.0
102.3
100.0
96.8
94.2
92.2
90.9
92.2
92.6
91.7
90.4
88.5
86.6
98.8
99.2
100.0
99. 1
98.4
96.2
93.6
93. 1
90.8
89.8
89.0
88.7
89.2
102.0
101. 3
100.0
98.3
98:5
97.1
95.8
95.2
95.7
95.4
94.3
93.6
92.9
1985
1988
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
100.5
101. 0
100.0
98.4
96.5
94.5
92.5
90.3
89.2
87.8
88.2
84.8
83.8
F
NL
109.0
104.4
100.0
97.3
94.1
91.9
89.9
88.0
88.5
88.0
84.9
83.9
83.7
I
94.8
97.8
100.0
102.5
104.0
108.8
1g9.5
1 9. 8
11 0. 1
11 0. 1
111 . 8
114.4
11 4. 1
IRL
100. 2.
1 01 . 8
100.0
99.0
99.3
93.9
90.9
89.2
90.2
89.1
87.1
88.0
85.4
103.3
101.4
100.0
97.8
96. 1
94.8
93.8
93.3
92.3
92.0.
91.2
90.8
90. 1
A
81.5
94. 1
100.0
107.5
1 t5. 1
123.3
131.8
140.0
143.5
148.1
151 . 2
151 . 9
154.4
p
99.0
99.2
100.0
102.8
103.6
104.3
101.8
98.5
97.6
96.3
95.7.
94.8
93.3
SF
98.9
99.8
100.0
102.0
105. 1
108.3
112.8
109.7
109. 1
109. 1
110.0
108.3
107.8
s
100. 1
98.8
100.0
1 01 . 8
104. 1
106.0
108. 1
108.8
108.5
107. 1
108.5
1 07. 1
107.6
UK
102.1
102.2
100.0
97.1
94.3
92.0
90. 1
89.8
89.3
87.8
85.8
83.8
81.3
ERM
OK
86.8
94.5
100.0
97.6
94.7
99.4
95.5
97.7
98.1
97.9
102.0
101 . 2
99.0
BLEU
90.8
98.8
100.0
97.6
97.3
101 . 1
99.7
101. 8
103.7
106.2
110.4
108. 1
103.2
Year
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
GR
85.4 110. 6
99.9
94.8
100.0 100.0
97.0 103.9
93.7 105.4
96.9 110.8
95.3 112.8
100.-5 114. 9
105. 1 115. 4
106. 4 . 116.7
112. 1 120.8
108.0 126. 1
1 01 . 3 129.3
0
F
92.5
99.1
100.0
96.9
94.0
97.7
94.3
95.8
97.4
97.8
100.8
99.8
95.1
E
90.6
97.0
100.0
105. 1
11 2. 1
119.9
122.6
123.4
110.0
105.0
107.8
109.9
104.7
NL
95.0
99.0
100.0
97.4
93.5
95.0
92.7
93.3
95.2
98.1
99.4
98.8
92.8
I
87.3
95.8
100.0
100.0
102.4
109.0
110.6
108.4
91.7
89.4
83.7
94.6
95.2
IRL
95.5
103.1
100.0
97.6
97.1
97.3
93.3
94.5
90.6
90.2
88.7
90.0
91.3
99.4
97.8
99.1
u. a
98.6
1 06. 1
104.5
107.3
109.2
110.3
111 . 4
110.2
109.5
108.5
106.0
105. 1
103.4
104.4
117. 8
119.5
120.9
121. 5
121 . 3
122.0
125.7
127.9
129. 1
129.2
128.2
128.9
1 31 . 1
108.0
111 . 4
113. 3
111 . 6
112. 1
110.3
107.8
107.9
106.0
103.4
101 . 7
99.3
100.6
99.0
100.2
102.7
102.5
102.9
102.2
100.8
101.2
100.8
107.3
109.6
111 . 4
110.0
110.7
109.6
107.9
108. 1
106.7
104.7
103.5
101 . 8
102.8
9404
9501
9502
9503
9504
9801
9802
9603
9604
9701
9702
9703
9704
100.5
101 . 0
101. 2
100.6
99.7
99.5
98.7
98.7
95.4
93.4
95.1
u.s
F
E
GR
0
OK
BLEU
Ot r
NL
97. 1
99.0
100.4
99.0
99.3
98.2
98.8
96.8
95.6
93.9
93 ..1
91.6
92.5
I
88.1
84.2
79.6
84.7
88.4
90.6
94.4
98.0
97.4
88.2
95.1
94.4
95.2
IRL
90.2
89.2
88.6
88.8
88.3
88.4
89.3
90.2
92.2
94.0
91.4
90.9
89.2
Quarterly figures (Index 1987=100): relative to 23 Industrial countries (IC23)
1
Annual figures (Index 1987=100): relative to 23 Industrial countries (IC23)
p
103.5
105.5
106.7
105.6
105.9
105. 1
103.8
103.9
103.1
101.7
100.1
99.2
100.0
A
130.2
132.5
133.1
133.1
132.7
133.0
132.4
133.7
134.7
134.2
133.4
131.2
131.4
p
91 . 0
92.8
98.6 100.6
100.0 100.0
98.0 102.2
96.0 108.0
98. 1 111 . 9
98.8 120.8
99.2 133.1
101 . 5 127.9
102.5 . 127.1
105.9 132.8
103.9 133.4
100.4 132.5
A
88.2
90.0
92.4
93.5
93.7
90.0
87.8
89.9
89.3
87.8
85.7
84.3
84.7
SF
98.7
97.4
100.0
104.6
109.6
112.3
105.7
89.8
77.4
83.3
92.4
89.2
85.6
SF
91.6
90.
87.
90.
97.
97.
99.
99.
99.
95.
93.
95.
96.
s
96.1
99.4
100.0
102.8
106.4
109.3
112.7
111 . 8
90.7
90.4
91.6
99.3
95.5
s
100.9
99.3
96.2
96.3
98.0
96.2
97.8
89.1
106.0
112.3
115.5
118.7
120.1
UK
10 6. 1
98.8
100.0
108.6
107.7
108.9
112.3
109.5
100.8
100.9
96.9
99.7
116.6
UK
101. 1
103.3
104.1
105.2
106.8
106.5
104.5
105.4
103.5
99.0
95.8
91.7
·94.3
ERM
78.8
93.0
100.0
95.7
92.7
101.6
98.1
102.9
98.8
99.0
104.8
105.0
95.2
ERM
Table 02: Real Effective Exchange Rate based on GOP deflator
E
GR
0
OK
BLEU
Year
Annual figures (Index 1987 = 100): In naHonal currenCy relative to 23 Industrial countries (IC23)
Table 01: GOP deflator
100.9
102.4
101.5
103.3
105.9
105.8
104.7
106.4
107.2
103.8
100.9
97.2
101 . 2
EUR15
78.9
91. 7
100.0
99.0
95.8
107.8
105.4
110.3
97.8
98.3
103.2
108.0
100.8
EUR15
1 01 . 1
101 . 4
100.0
98.1
96.5
95.5
94.9
94.7
94.0
91.5
89.1
88.4
83.2
EUR15
89.2
92.4
87.4
89.2
91.7
93.5
94.3
93.9
94.7
99.1
100.3
101.7
102.7
USA
132.0
111 . 9
100.0
93.6
96.8
92.0
90.7
8 8 .-6
91.9
91.5
90. 2·
94.1
100.9
USA
110.5
105.4
100.0
96. 1
94.8
93.7
92.3
91.2
90.8
90.4
87.9
88.3
85.4
USA
122.2
124.5
138.0
123.4
113.4
109.3
107.8
105.2
101.8
97.4
99.9
103.2
98.3
J
74.0
94.8
100.0
106.8
99.5
.88. 0
94.4
97.7
115. 1
122.0
124.5
105.9
99.2
J
107.0
104.5
100.0
96.0
93.3
91.1
89.5
87.9
85.7
83.8
80.5
78.4
77.6
J
105.9
103.8
100.0
100.8
102.5
100.0
98.0
96.8
94.7
93.8
91.5
91 . 7
93.1
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1"995
1996
1997
0
103.8
99.4
103.0 102.2
100.0
100.0
97.!1
98.5
98.!1
95.6
94. 1
97.5
93.9
96.6
96.4
94.2
92.3
92.5
90.6
91.5
88.9
89.0
89.0
87.5
90.5·
87.1
OK
81. 9
93.7
100.0103.9
110.3
126.2
141.4
152.7
161. 9"
170.6
175.2
182.7
189.7
GR
F
100.7
101. 5
100.0
99.5
99.1
96. 1
95.3
92.8
89.0
89.2
88 .'6
85.1
85.1
E
97.7
99.2
100.0
99.5
98.5
98.6
99.0
101 . 7
104.2
106.7
108.4
109.2
110.5
102.3
100.8
100.0
103.2
104.8
94.5
93. 1
90.7
93.8
93.3
92.2
90.8
89.2
IRL
99.8
100.0
100.0
1 00. 1
101.6
103.2
104.9
108. 1
114.8
114.2
121 . 8
122.2
122.1
I
121 . 8
105.9
100.0
87.7
97.0
9 5. 1
93.9
91. 2
87.5
86.4
84.9
84.3
85.0
Nl
101.6
102.3
100.0
98.6
96.5
98.2
95 .. 0
94.8
93.3
92.6
90.8
89.7
89.0
A
83.3
90.9
100.0
109. 1
115 . 1
120.2
121 . 0
119.0
122.8
126.9
127.7
122.8
121 . 7
p
98.4
99. 1
100.0
1 01 . 8
102.4
101.4
98.5
105. 1
109. 1
108.3
11 0. 1
110.0
107.4
SF
95.6
98.8
100.0
102.8
103.4
103.5
104.3
100.9
108.6
111.0
115.7
107.2
106.8
s
1 03. 1
98.2
100.0
96.7
99.8
103.5
103.9
105.3
113.4
112. 1
114.4
115. 0
107.6
UK
104. 1
104.0
100.0
98.5
96.7
93.6
92.6
91 . 7
90. 1
88.4
87. 1
84.8
84.4
ERM
104.5
103.1
100.0
97.4
96.9
95.3
94.8
94.0
96.5
94.0
93.6
89.8
86.4
EUR15
101 . 4
102.0
100.0
1 01 . 7
98.9
98.1
100.2
99.4
9 8. 1
96.4
90.8
85.5
81 . 9
USA
94.7
97.4
100.0
103.6
107.4
112. 8
114.0
115.1
104.5
101.2
104.2
106.6
103.5
111 . 9
103.0
100.0
97.7
96.5
101.4
1 01 . 8
102.5
100.8
101. 3
102.4
106.4
109.2
81 . 7
94.7
100.0
98.7
95.1
98.9
98.4
102.7
104.7
105. 1
110. 3
106.8
101 . 8
91 . 2
98.1
100.0
96.4
95. 1
100.8
98.6
101 . 2
100.1
99.8
102.0
101.8
100.4
84.3
99.0
100.0
100.1
101.3
104.1
102.3
103.5
192.6
104.3
107. 1
105.9
103.4
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
92.7
99.5
100.0
97.9
96.5
99.5
97. 1
98.5
97.2
99.5
1 01 . 1
100.0
96.6
F
Nl
106.2
100.4
100.0
97.7
96.4
98.3
96.8
96.7
98.3
96.5
99.4
97.2
94.2
I
91.8
97.8
100.0
97.6
1 00. 1
105.3
108.0
104.9
95.6
92.7
91 . 1
1 01 . 0
101 . 8
IRL
97.5
102. 1
100.0
101.8
102.4
98.0
95.6
96. 1
94.2
94.5
93.9
95.0
95.4
E
102.5
101 . 0
103.7
105.5
106.6
107.8
106.7
106.4
105.9
104. 1
103.7
102.5
103.6
GR
101.5
102.2
102.6
102.6
102.3
102.8
106.0
108.0
109.0
109. 1
108.2
108.8
110. 8
0
106.5
109.8
111 . 5
109.8
110.3
108.7
106.3
106.8
105.5
103.4
102.2
100.0
101.6
OK
100.3
100.8
102.7
102.2
102.5
102.0
100.8
101 . 8
101.7
1 01 . 1
100.9
99.1
100.5
BLEU
105.0
106.8
108.0
106.5
107.2
106.5
105.4
106. 1
105.5
104.2
103.6
102.3
103.5
Ot r
9404
9501
9502
9503
9504
9601
9602
9603
9604
9701
9702
9703
9704
IRL
94.8
94. 1
93.7
94. 1
93.6
93.7
94.4
95. 1
96.9
98.5
95.5
94.9
92.8
F
100.4
101 . 0
1 01 . 1
10 1 . 1
101 . 2
100.6
99.9
100.0
99.4
97.7
96.7
95.0
96.9
Nl
97.4
99.2
100.3
98.9
99.2
98.2
96.9
97.3
96.5
95.1
94.5
93.2
94.0
I
92.5
90.3
86.8
93.1
94.5
98.1
101 . 0
1 01 . 9
103.3
102.3
101 . 6
101 . 2
102. 2
Quarterly figures (Index 1987 =100): relative to 23 Industrial countries· (IC23)
E
GR
0
OK
BLEU
Year
Annual figures (Index 1987 =100): relative to 23 Industrial countries (IC23)
103.7
105.4
106.2
104.8
104.9
103.9
102.4
102.6
101. 8
100.6
99.6
98.1
98.9
A
89.5
97.5
100.0
99.8
96.4
99.5
98.3
100.6
102.6
103.1
105.3
102.7
99.3
A
SF
99.9
102.6
108. 1
108.0
108.7
104.8
102. 1
104.8
103.4
1 01 . 1
98.8
96.9
97.5
111 . 3
113.0
113.0
112. 1
110.6
109.4
107.8
107.4
107.2
106.2
1 05. 1
103.2
103.4
96.1
87.2
100.0
103.8
108.2
109.2
102.5
95.8
86.5
93.8
106.3
103.7
98.5
SF
p
94.6
97.1
100.0
103.8
106.0
109.0
111 . 0
113.2
109.5
109.0
112. 1
107.9
104.5
p
UK
109.3
98.2
100.0
103.1
103.2
106.3
108.0
106.0
105. 1
105.6
104. 1
107.0
116. 6
UK
94.8
105.8
95.2
105. 1
93.3 102.9
96.0 104. 1
101.3 104.4
99. 1 . 104.9
99.0 106. 1
97.7 106. 1
97.8
111 . 2
94.1
115.2
92.9
116.0
95.0 117.5
96.2
117.8
s
94.8
98.6
100.0
103.3
104.7
103.5
104.5
102.8
90.2
92.0
96.4
98.3
94.5
s
102.3
104.8
105.8
108. 8
108.2
107.8
105.5
106.7
105.4
101.7
99.3
95.7
98.7
ERM
80.4
94.6
100.0
97. 1
95.0
103.3
100.7
105.0
99.6
99.9
106.4
106.3
98.8
ERM
104.3
106.9
108.8
109.0
111 . 5
110.8
109.0
110.2
111 . 0
107.5
104.7
1 01 . 1
105.3
EUR15
81 . 5
93.3
100.0
98.3
96. 1
107.6
1()5. 3
108.4
100.4
1 01 . 0
108.5
110.2
104.6
EUR15
94.3
96.9
90.8
91. 7
93.3
94. 1
93.9
92.5
92.4
95.8
96.3
97.2
97.9
USA
121. 1
108.3
100.0
99.0
101 . 0
96.3
98.4
96.5
99.2
97.6
9 3. 1
93.2
96.8
USA
Table E2: Real Effective Exchange Rate. based on Export Price Deflator
BLEU
Year
Annual figures (Index 1987=100): In national currency relative ~o 23 Industrial countries (IC23)
Table E1: Price Deflator Exports of Goods and Services
•
104.7
105.0
115. 8
104.5
98.3
97.8
99.7
99.9
98.2
95.3
98.2
101.9
95.3
J
84.6
98. 1
100.0
103.7
98.8
89.5
93.2
94. 1
103.4
106.3
105.7
98.9
97.6
J
122.3
108. 1
100.0
93.2
92.6
92.7
88.4
84.7
77.0
72.9
68.3
73.2
76.3
J
•
96.6
95.9
100.0
99.6
98.1
94.6
91.1
90.4
87.5
88.4
87.0
86.5
87.4
103.6
103.0
100.0
98.6
94.9
95.0
95.7
95.5
96.6
97.2
96.5
94.7
93.5
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
GA
86.6
92.8
100.0
111 . 4
128.0
150.3
154.3
164.7
173.3
191.6
207.6
221.8
235.3
0
103.2
101 . 8
100.0
96.2
92.7
88.6
86.1
88.1
88.8
87.7
87.0
84.4
80.5
96.1
98.8
100.0
101 . 8
103.2
106. 1
108.0
111 . 7
113.7
111. 8
110.4
111 . 7
111.9
E
104.7
102.5
100.0
97.1
94.4
91 . 9
89.7
87.7
87.7
86.1
85.4
84.4
83.1
F
100.9
102.7
100.0
98.9
94.7
89.1
88.2
65.4
86.8
64.9
79.7
76.4
76.0
IAL
97. 1
98.6
100.0
102.3
104.2
107.9
110.7
11 0. 1
108.6
106.2
1'05.1
107.7
109.8
I
1 04. 1
101 . 8
100.0
97. 1
91. 8
88.2
88.6
85.9
85.5
84.1
83.4
82.2
82.8
NL
101.9
101.5
100.0
97.5
95.7
93.4
92.5
92.8
92.9
93.0
91.9
89.4
87.9
A
86. 1
94.3
100.0
106.9
1'15. 0
126. 1
142. 1
152.6
'15 4. 1
168.4
188.1
169.7
172.0
p
99.8
100. 1
100.0
101 . 0
101 . 7
104.3
106.7
101.0
94.2
91.4
90. 1
88.7
87.4
SF
93. 1
97.1
100.0
106.1
112.5
121.4
124.4
126.4
11 4. 0
106.1
106. 1
109. 1
104.7
118.4
102.0
100.0
104.7
112.0
120.8
111 . 1
110. 5
107.9
113.7
121. 4
129. 1
135.5
84.8
94.3
100.0
96.4
92.2
93.2
90.3
96.0
100.8
101 . 8
108.0
103.0
94.1
84.9
91.3
100.0
98.1
94.4
97.7
92.9
94.9
94.7
94.2
99.7
98.7
98.9
92.2
98.2
100.0
95.9
93.7
98.9
99.8
102. 1
104.7
108. 1
113.0
109.3
103.9
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
96.4
100.6
100.0
95.5
92.0
95. 1
91.4
93.0
95.7
96.0
99.7
99.2
94.4
F
96.3
104.0
100.0
97.5
92.8
92.4
88.4
90.5
87. 1
85.9
81 . 1
79.9
81.3
IAL
E
105.7
103.3
105.5
107.2
108.6
110.0
109.3
109. 1
108.2
105.9
105.0
103.5
104.6
GA
116.8
119.3
121.3
122.3
122.6
123.9
128.3
131.3
133.3
134.3
134.0
135.4
138.3
0
103.6
107.1
109.2
107.6
108.0
106.0
103.1
102.7
100.2
97.1
94.8
92.0
92.7
OK
95.8
97.4
100.3
100.4
100.7
99.8
98.1
98.6
98.3
97.6
97.4
95.7
97.2
BLEU
109.6
112.2
114.1
112.6
112.9
111.4
109.3
109. 1
107.5
105.4
104.2
102.4
103.4
Qt r
9404
9501
9502
9503
9504
9801
9602
9603
9604
9701
9702
9703
9704
96.9
98.4
99.5
100.2
100.7
100.2
99.3
99.1
98.1
96.0
94.6
92.8
94.2
F
85.0
83.0
81.4
80.7
79.4
78.9
79.3
79.8
81.8
83.3
81.2
81.0
79.7
IAL
NL
84. B
88.6
. 90.6
92.5
92 ..o
91.5
91. 1
91.9
84.1
79.8
·74. 9
79.3
80.8
I
94.9
97. 1
98.6
97.4
97.5
98.3
94.7
94.7
93.8
92.5
92.0
90.8
91.8
NL
89.4
90.7
98.4
98.5
100.0 100.0
99.8
97.2
102.6
91. 2
110. 1 - 91.1
111 . 9
89.3
108.9
91.1
90.4
94.0
86.3
93.9
78.7
97.6
89. 1
94.8
91.8
91 . 7
I
Quarterly figures (index 1987 =100): relative to 23 Industrial countries (IC23)
E
GA
0
OK
BLEU
Year
Annual figures Ondex 1987=100): relative to 23 Industrial countries (IC23)
104.7
106.9
108.0
106.5
106. 1
104.4
102.2
101.9
100.8
99.4
98.3
98.8
97.5
A
89.8
98.7
100.0
97.7
95.6
96.6
95.7
98.4
102. 1
103. 5
106.9
102.3
98.0
A
148.5
149.2
147.9
146.8
146.5
147.6
147.9
149.8
151.0
150.1
148.7
145.9
145.8
p
97.9
100.8
100.0
101. 6
105.9
114.4
130.3
145.1
137.3
144.-6
147.6
149.1
147.6
p
83.6
85. 1
87.1
88.0
88.0
84.5
82.2
84.3
83.8
82.3
80.4
79.0
79.2
SF
97.5
98.3
100.0
102.9
107.5
112.4
111 . 0
92.0
74.7
79. 1
87.0
83.7
80.2
SF
UK
93.1
90.9
87.8
91.2
99.6
101.8
105.9
107.0
107. 1
102. 1
99.4
100.7
101. 8
s
96.9
100.0
100.0
103.5
11 0. 9
115.3
116.8
115.6
93.5
93.0
92.3
105.4
101 . 0
s
J
105.9
104.2
100.9
100.9
100.4
100.6
102 1
103.4
110.6
117.2
120.6
124.1
125.7
UK
106.0
99.5
100.0
110.0
113.2
118.0
121.7
116.8
105.1
105.6
101.6
104.1
121 . 9
UK
100.0
97.7
100.2
99.5
100.0 100.0
102.8 103.2
109.6 109.5
115. 2 - 114.9
116.6 117.0
113.4 116. 1
112.5 113.3
112.2 112. 1
110.8 111 . 7
114.9 111 . 8
11 4. 1 112.4
s
Table F2: Real Effective Exchange Rate based on ULCE
OK
BLEU
Year
Annual figures Ondex 1987 = 100): In national currency relative to 23 Industrial countries (IC23)
Table F1: Unit- Labour Costs in Economy as a whole (ULCE)
95.5
97.5
98.3
99.2
100.5
99.9
97.7
98.2
98.2
91.7
88.8
84.5
88.5
EAM
80.0
93. 1
100.0
94.2
89.4
98.4
92.7
98. 1
94.6
93.7
98.9
98.0
87.8
EAM
103.7
102.3
100.0
95.6
90.9
87.3
85.2
85.7
85.6
82.9
80.9
78.2
75.0
EAM
96.8
98.2
-97.3
98.9
101 . 3
1 01 . 1
99.9
101 . 2
101.7
98.2
95.1
91.3
94.8
EUA15
80.5
92.3
100.0
98.0
94.6
106.4
102.8
107.9
95.3
94.6
98.9
101 . 0
94.7
EUA15
103.2
102.0
100.0
97.2
95.4
94.2
92.5
92.7
91.8
88.0
85.3
82.3
78.2
EUA15
88.5
92.4
87.9
89.9
92.3
93.9
94.4
93.8
94.8
99.1
100.5
102.2
103.6
USA
128.3
109.9
100.0
94.8
96.7
91.6
89.8
86.9
90.0
90. 1
90.6
94. 1
101. 3
USA
107.4
103.5
100.0
97.4
94.7
93.3
91. 5
89.5
89.0
89.0
88.4
86.3
85.7
USA
124.0
127.0
141.0
125.8
114. 8
109.6
107.3
104.3
100.8
97.0
99.8
103.4
96.5
J
75.4
95.7
100.0
105.4
98.6
86.0
91 . 8
94.7
112.6
122.4
126.8
105.5
99. 1
J
109.0
105.4
100.0
94.7
92.5
89. 1
87.0
85.2
83.8
83.9
82.0
78.1
77.5
J
90.3
93.9
100.0
98.0
97.2
98.3
95.1
93.8
89.0
92.7
95.8
95.4
98.8
103.6
101.3
100.0
97.3
95.3
94.7
95.8
95.7
94.7
93.8
92.5
90.5
90.3
19-85
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
199'7
96.7
96.4
100.0
98.7
96.9
93.9
91.3
93.3
94.5
94.0
94.8
92. 1
88.3
0
85.9
93.2
100.0
118.1
143.7
163.2
183.0
193.2
204.4
225.3
248.4
260.8
275.2
GR
99.0
99.7
100.0
103. 1·
107. 1
112. 0
112. 9
11 5. 9
119.8
116.4
113.0
11 8. 1
119.9
E
103.1
101 . 5
100.0
95.6
92.4
91 . 1
90.9
89.3
88.9
85.1
83.1
81. 8
79.2
F
113.2
109.6
100.0
94.6
90. 1
87.2
84.9
80. 1
80.2
78.7
68.4
68.3
85.8
IRt
101 . 5
100. 1
1 00 .. 0
100.7
104.2
108. 1
108.7
106.9
108.5
104.4
102.6
105.1
108.8
I
7~.9
102.8
101 . 3
100.0
96.6
91.4
88.1
88.8
87.5
87. 1
82.7
80.3
79.3
NL
105.3
102.3
100.0
97.4
94.0
93.4
90.2
89.8
89.2
89.0
90.5
88.9
87.6
A
81. 7
89.2
100.0
104.9
111 . 3
124.4
138.2
152.5
158.'4
177.8
172 .1
183.8
159.6
p
105.7
103.4
100.0
100.7
101.7
104.4
104.9
93.4
88.7
84.2
88.8
84.5
83.9
SF
98.0
99.3
100.0
105.5
110.7
113.8
118.0
113.9
105.4
101 . 4
97.1
1 01 . 1
98.9
s
92.2
96.7
100.0
96.6
94.2
98.8
99.9
102.3
102.6
1 04. 1
108.4
104.4
100.3
1985
1986
1987
1988
1989
1990
1991
1992
1.993
1994
1995
1996
1997
D
79.4
79.5
89.3
89.4
100.0 100.0
98.9
96.5
96.4
93.8
101.8 - 98.7
95.7
97.0
98.4 101.7
98.2 107.3
109.0
101.1
109.6 117.6
108.8 112.5
109.6 103.2
DK
117. 5
102.4
100.0
111 . 0
125.8
131 . 2
131. 7'
129.7
127.3
133.7
145.2
151.8
158.5
GR
95.9
98.0
100.0
107.4
118.8
128. 1
130. 1
131 . 1
120. 1
110. 4
108.6
115.4
112.3
E
94.8
99.5
100.0
94.1
90.1
94.3
92.6
94.7
97.0
94.8
96.9
95.9
89.9
F
I
93.4
97.9
100.0
98.3
102.6
108.3
109.8
105.8
88.7
84.8
76.8
86.9
90.8
IRL
108.0
111 . 0
100.0
93.3
88. 1
90.4
87. 1
84.8
80.6
77.7
89.8
69.4
70.2
F
94.8
95.9
96.7
97.3
97.7
97.2
98.2
9.5. 7
94.4
92.0
90.3
88.1
89.5
E
108.6
105.6
107.5
109.5
111. 9
114.8
115. 2
118. 0
115. 7
113.5
112.8
110.9
112.0
GR
138. 1
142.2
145.4
146.8
146.5
148.9
150.9
153.6
155.7
158.9
156.7
158.5
181 . 8
D
111 . 6
116. 0
118.8
117.5
118.0
115.9
112.8
112.1
109.5
106.2
103.9
100.9
101 . 9
OK
1 04'. 7
j07.0
110.4
110.4
110.6
109.8
107.8
108.8
109.1
109.1
109.7
108.8
110. 9
BLEU
105.3
107.8
109.6
108.0
108.1
108.4
104.3
104.2
103.0
1 01 . 4
100.6
99. 1
100. 1
Ot r
9404
9501
9502
9503
9504
9601
9602
9803
9804
9701
9702
9703
9704
I
82.4
78. 1
7 3. 1
77.4
78.7
82.5
88.3
88.4
90.8
90.5
90.5
90.4
91.8
IRL
75. 1
72.1
69.8
88.7
67.9
68.0
68.8
69.8
71.0
72.3
70. 1
89.8
68.8
Quarterly figures (Index 1987=100): relative to 23 Industrial countries (IC23)
BLEU
Year
Annual figures (Index 1987=100): relative to 23 Industrial countries OC23)
92. 1
93.7
94.9
93.7
93.9
92.8
91.4
91.3
90.2
88-.8
87.8
88.3
88.9
NL
89.6
96.0
100.0
98.7
90.9
91 . 1
89.5
92.8
95.9
92.4
94.1
91.4
87.4
NL
101.0
104.0
106. 1
105.2
105.2
103.7
101. 8
101.4
100.3
98.9
98.0
98.5
97.2
156.5
155.8
152.8
149.4
148.8
145.6
143.8
143.5
142.8
140.8
138.2
134.9
134.5
p
92.9
95.3
100.0
99.8
102.8
112.8
124.8
145.0
142.1
152.7
151 . 1
143.9
137.0
92.8
97.5
100.0
97.6
93.9
98.6
93.2
95.5
98.0
99. 1
105. 1
101. 7
97.6
A
p
A
78.1
80.8
83.8
85. 1
84.9
80.9
78.2
80.0
79.5
78.5
77.1
78.1
78.4
SF
103.3
101 . 5
100.0
102.8
107.5
112.5
109. 1
85. 1
88.8
72.9
83.8
79.6
77.0
SF
83.0
80.2
78.8
79.8
87.2
89.5
93.. 4
94.4
94.0
89.2
88.2
87.0
87.7
s
97.2
99.0
100.0
108.1
112.1
113.9
118. 1
118.1
87.5
84.0
80.9
92.6
87.5
s
UK
ERM
77.3
89.5
100.0
94.7
91.4
100.4
97. 1
102.3
98.9
96.4
101. 5
100.9
90.8
ERM
100.2
98.3
100.0
98. 1
93. 1
90.9
89.3
89.3
89.5
85.3
83. 1
80.5
77.5
ERM
93.8
97.8
92.9
99.9
90.4
100.9
90.8
102.0
90.7
103.3
91 . 1 102.8
92.7
100.8
94.3 101.2
1 01 . 5
99.1
108.3 - 94.8
91.5
1'2. 2
18.1
87.4
118.2
89.7
UK
102.2
97.0
100.0
105.9
102.2.
104.0
106. 1
100. 1
90.9
92.9
91. 2
94.8
113.6
UK
98.4
97.0
100.0
99.3
98.9
101.2
102.0
99.5
98.1
98.6
100.2
101 . 9
104.8
Table G2: Real Effective Exchange Rate based on ULCM
OK
BLEU
Year
Annual figures Ondex 1987 = 100): In national currency relative to 23 Industrial countries (IC23)
Table G1: Unit Labour Costs in Manufacturing (ULCM)
(··
93. 1
94.7
94. 1
98.0
98.6
98.8
97.8
99.1
99.9
98.7
94.0
90.8
84.3
EUR15
76.4
87.2
100.0
97.3
93. 1
105.2
102.5
105.9
93.4
91.2
95.8
98.8
93.8
EUR15
97.9
96.5
100.0
96.5
93.9
93.1
92.2
91. 0
89.8
84.9
82.7
80.5
77.5
EUR-15
84.6
88.3
83.9
85.8
87.7
89.0
89.2
88.4
88.8
92.7
93.7
94.8
95.8
USA
142.9
118.7
100.0
93.9
96.8
91.3
88.5
85.9
86.4
86.0
86.4
86.8
94.2
USA
119.8
111. 8
100.0
96.5
94.8
93.0
90.2
88.4
85.4
85.0
84.2
81. 4
79.7
USA
139.6
141 . 1
155.0
137.8
125.8
120.4
118.0
114.2
109.2
103.5
104.8
107. 1
99.0
J
70.5
94.3
100.0
105.7
98.9
8-6.9
92.7
99.0
125.0
139.2
139.4
115.4
103.6
J
102.0
103.9
100.0
95.0
92.8
9.0. 0
87.9
89. 1
93. 1
95.4
90. 1
85.4
81.0
J
g:
CD
l
1.0000
0.0018
0. 0230
0. 00118
1. 0000
g:nu
0. 0015
0. 0255
0.0000
0.2281
0. 0012
0. 0277
0. 0784
0. 0083
0. 0855
0. 0371
0. 0183
0. 0088
0.0241
0.1007
0.0967
0. 0854
0.0011
0. 0014
0. 0148
0.0035
0.0028
0. 0520
0. 0235
0.0073
0.0000
0. 0117
0.2458
0. 0082
0. 0844
0. 1855
0. 0010
0.0788
0. 0811
0. 0135
0. 0071
0.00811
0.0173
0. 0872
0. 0128
0. 0081
0.0071
DK
1.0000
g:gu:
0.01111
0.0511
0.0215
0.0000
0. 0082
0.0421
0. 1480
0.0073
0.1082
0.0700
0.0588
0. 0080
0. 0110
0. 0281
0.1388
0.1008
0.0125
0.0111
0. 0712
0. 0012
0. 0021
D
0.0313
0. 0015
0.1.121
0. 0011
0.0000
0. 2118
0.0055
0.1015
0. 0381
0. 0117
0. 0883
0. 0072
0.0131
0.0841
0.0818
0. 0081
0. 001111
0.05011
0.00114
0.0013
0.0011
0.01117
0.0081
1.0000
1.0000
E
0.0211
0.0111
0. 2115
0.0000
0. 0318
0.0811
0.0058
0.1870
0. 0370
0. 0283
0. 0058
0.0152
0. 0113
0.0814
0.0785
0.0073
0.0072
0. 03118
0.0020
0. 0011
0.0071
0.0117
0. 0231
GR
1. 0000
0.0577
0. 0111
0. 2281
0.0081
0. 0785
0.0000
0. 0081
0.1173
0.0501
o.ou-8
0.0135
0. 0083
0.0178
0.1227
0.1081
0.0088
0. 0114
0. 0731
0. 0053
0. 0020
0.0075
0.0311
0. 0013
F
1.0000
0. 0352
0.0138
0.1108
0. 0081
0. 0294
0.1111
0.0000
o. 0552
0.0581
0.0011
0.0050
0.0088
0.0210
0.1178
0. 2277
0. 0077
0.0104
0.0582
0.0041
0.0013
0. 0131
0.0211
0. 0048
IRL
g:g~n
1.0000
0.0151
0.1345
0.0802
0.0115
0.0121
0. 0750
0.0041
0.0022
0. 0073
0. 0314
0.0174
0.0315
0. 0111
0.2414
0.0187
0.0538
0.1507
0.0080
0.0000
0.0371
0. 0288
I
1.0000
0.0815
0.0111
0. 3028
0. 0014
0. 0341
0.1325
0. 0074
0.0748
0.0000
0.0171
0. 0071
0.0117
0. 0221
0. 0111
0.1015
0.0088
0.0015
0. 0471
0. 0027
0. 0011
0.0114
0. 0221
0. 0015
' Nl
1.0000
0. 0251
o. 0118
0.1143
0. 007t
0.0211
0.0741
0.0050
0.1217
0. 0340
0.0000
0.0047
0.0140
0.8204
0.0111
0. 0471
0. 0012
0.0104
0. 0532
0.0115
0.0011
0. 0011
0.0181
0.0115
A
1.0000
0. OUt
0.0210
0.2131
0.0044
0.1341
0.1541
0. 0058
0.0525
0. 0411
0.0117
0. 0000
0.0101
0.0221
0.0777
0.1110
0. 0041
0. 0071
0. 0308
0. 0023
0.0010
0.0123
o. 0215
0. 0044
p
SF
1.0000
0.0215
0. 0121
0.1812
0.0071
O.Utt
0.0731
0.0011
0.8518
0.0441
0.0115
0.0011
0.0000
0.0144
0.1211
0.1124
0.0171
0. 0101
0.0710
0.0032
0. 0021
0. 0101
0.0110
0.0011
s
1.0000
0.0171
0. 0122
0.1171
0.0110
0. 0247
0. 0123
0.0011
0.0574
0.0411
0.0188
0.0061
0.0431
0.0000
0.1142
0. 0145
0. 0221
0.0151
0.0112
0. 0048
Q, 0037
0.0588
0.0211
0.0010
1.0000
o. 0424
o. 0151
0.17-71
0. 0070
0. 0431
0.1213
0.0283
0. 0721
0.0850
0.0107
o. 0010
0.0140
0. 0271
0. 1185
0. 0000
0.0112
0.0184
0. 0881
0. 0043
o.oou
0.0154
o.ouo
0. 0108
UK
1.0000
0. 0118
0. 0048
0.0884
0.0010
0.0011
0. 0317
0. 0028
0. 0388
0. 0187
0. 0038
0. 0014
0.0080
0. 0011
0.1817
0. 0551
0.0000
0.0232
0.41111
0. 0030
o. 0812
0. 0030
0.0148
0.0051
AUS
1.0000
0.0088
o.oou
0. 0285
0.0008
0. 0044
0.0151
0.0014
0. 0112
0.0071
0. 0011
0.0007
0.0011
0.0030
0.7851
0.0202
0. 0087
0.0000
0.0817
o. 0123
0.0012
0.0031
0.0048
0.0015
CND
1.0000
0.0503
0.0307
0. 0000
0. 0121
0.00111
0.11050
0.0188
0. 0041
o.oeu
0.0251
0. 0081
0.1211
0.0021
0. 0145
0. 0587
0.0054
0. 0445
0. 0300
0. 0071
0. 0028
0. 0083
0. 0132
0. 4812
J
1.0000
0.0054
0.0011
0. 0205
0. 0001
0.0122
0. 0148
0. 0015
0. 0101
0.0052
0. 0013
0. 0012
0. 0011
0. 0022
0.1185
0. 0130
0.0021
0. 0317
0. 0405
0.0000
0.0008
0.0011
0.0071
0.0005
MX
1.0000
0.0154.
0.0041
0. 0858
0. 0024
0.0103
0.0343
0. 002!1
0.0330
0.0130
0.0037
0.0018
0.0048
0.0010
0.1131
0.0715
0.2003
0.0213
0. 2147
0.0073
0.0000
0. 0028
0.0104
0. 0085
NZ
1.0000
0.0306
0.0447
0.1825
0. 0032
0. 0228
0.01145
0.0011
0.0452
0.0704
0.0078
0. 0081
0.0214
0. 0810
0.1050
0.1158
0.0051
0.0310
0. 0481
0. 0022
0.0014
0.0000
0.01011
0. 0031
N
1.0000
0.0258
0. 0132
0.2550
0. 0084
0. 0271
0.1118
0.0047
0. 0822
0. 0318
0.0320
0.0070
0. 0013
0. 0117
0.1408
0.0735
0.01411
0.0118
0. 0112
0.0054
0. 0024
0.0075
0.0000
0.0111
CH
USA
1.0000
1.0000
0.03'23 0.0255
0.0114 0. 0085
0. 3052 0. 0178
0.0124 o.oou
0. 0274 0. 0184
0.0870 0.0801
0.0083 0.0088
0.1098 0.0453
0. 0438 0. 0315
0. 0213 0. 0087
0.0043 0. 0027
0.0108 0.0081
0. 0134 0.0118
0.1301 0.0000
0. 0108 ·0.0721
0.0070 0.0314
0. 0013 0.2118
0. 0542 0.2432
0.0018 0.01114
0.0011 0. 0054
0. 0014 0. 0058
0.0213 0. 0118
0.0000 0.00811
TR
BLEU
DK
GR
E
F
IRL
I
Nl
A
p
SF
s
UK
0.01104
0. 0322
0.0000
0.0110
0.0511
0. 20911
0.0154
0. 1172
0. 0815
0. 0885
0.0111
0.0212
0. 0514
0.1881
1.0000
0. 0417
0.0000
0. 3170
0.0108
0. 03113
0.1171
0. 0113
0.1024
0.0541
0. 0233
o.oou
0.0317
0.1171
0. 12115
1. 0000
1.0000
D
0.0000
o. 0151
0.3087
0.0071
0.0413
0.2155
0.0017
0. 1024
0.1102
0. 0175
0.0014
0. 0130
0.0261
0.1282
DK
0. 0438
0. 0132
0. 2504
0. 0107
0.0000
0.2433
0. 0015
0. 13411
0.0511
0. 0157
0.06811
0.0112
0.0217
0 .1250
1. 0000
1.0000
E
0.0315
0.01113
0.3440
0. 0000
0.0458
0.1183
0. 0012
0.1807
0. 0472
0.0217
0.0070
0.0178
0. 02112
0.1077
GR
1. 0000
0. 0787
0. 01112
0. 31111
0. 0015
0.01117
0.0000
0.0127
0.1514
0.0703
0.0213
0.0151
0.0150
0.0311
0. 11101
F
1.0000
0. 0482,
0.01112
0. 2473
0. 0072
0. 0178
0.1432
0.0000
o.oau
0. 0728
0. 0133
0. 0085
0.0147
0.0110
0. 2753
IRL
1.0000
0.0514
0. 0112
0.3433
0. 0203
0. 0851
0.1U7
0. 0124
0.0000
0. 0551
0. 0331
0. 0150
0. 0171
0. 0301
0.1150
I
1.0000
0.0110
0.0207
0. 3827
0.0103
0.0408
0.1800
0.0111
0.0171
0.0000
0.0218
0.0091
0.0157
0.0315
0.1321
Nl
1.0000
0. 0112
0.0117
0. 4421
0.00115
0. 01511
0.1071
0. 00111
0.1511
0.0472
0.0000
0.0013
0.0118
0.0333
0.0101
A
1.0000
0.0311
0. 0242
0.2718
0.0051
0.1421
0.1770
0. 00117
0. 0712
0.0570
0. 0110
0.0000
0.0141
0. 0211
0.1378
p
1.0000
0.0411
0.08111
0. 2170
0.0071
0.0411
0.1147
0. 0121
0.0151
0.0811
0.02211
0. 0071
0.0000
0.1011
0.1814
SF
1.0000
0. 0517
0.0710
0. 2713
0.0078
0. 0381
0.1308
0. 0124
0;1045
0. 0838
0. 0253
0.0078
0. 0527
0.0000
0.1411
s
1.0000
0.0113
0. 0234
0.2171
0. 0018
0. 0582
0.181S
0.0431
0.1278
0. 0111
0.0113
0.0117
0. 0232
0. 0-4511
0.0000
UK
1.0000
o :oeo1
0.0231
0. 2750
0. 0025
o. 0301
0.1375
0. 0184
0. 13011
0. 0544
0.0171
0. 0044
0. 0251
0. 0448
0.1710
AUS
1.0000
0. 0517
0.01113
o. 2107
0. 0021
0.0308
0.1213
0. 0241
0.1281
0. 0485
0.0147
0.0073
0.0200
0.0428
0. 2083
CND
MX
1.0000
1.0000
0. 0582 0. 0502
0.0180 0.0144
0. 28311 . 0. 2784
o.oou 0. 0028
0. OUt 0.04011
0.1375 0.1312
0. 0181 0.0251
0.1118 0.1284
0. 0804 0. 0470
0.0183 0. 0144
0.0058 .0.00112
0. 0227 0.0112
0.0317 0. 0411
o. 1770 0. 2024
J
1.0000
0.0585
0.0210
0.2718
0.0044
0.0321
0.1257
0.0170
0.1231
0.0470
0.0181
0. 0053
0. 0240
0.0501
0.2051
NZ
1.0000
0.0415
O.OUO
0.2111
0. 00311
0. 0211
0.1201
0.0134
0.0882
0. 0149
0.0113
0.0102
0. 0330
0. 0111
0. 2211
N
1.0000
0.0430
0. 0183
0. 3314
0. 0074
0. 0370
0.1513
0.0103
0 .1287
0.0477
0.0372
0. 00811
0. 0158
0.0300
0.1233
CH
1.0000
0.0485
0.0155
0. 3724
0. 0131
0. 0348
0.1175
0.0104
0.1414
0.0570
0.02112
0.0057
0.0155
0.02111
0.1114
TR
BLEU
DK
D
E
F
IRL
I
Nl
A
p
SF
1. 0000
0.0000
0.0215
0.3131
0.0411
0. 2443
0.0111
0.1252
0.1217
0.0214
0.0103
0.0118
BLEU
1.0000
0. 0822
0.0000
0. 4054
0. 0412
0.1811
0.02411
o.uu
0.0771
0.0212
0.0115
0. 0401
DK
1.0000
0.1105
o. 0443
0.0000
0. 0728
0.21188
0. 0325
o. 2HI2
0.1325
0. 0735
0.0183
0. 0815
0
E
1.0000
1. 0000
0. 0412 0. 0580
0.0218 0.0111
0. 3100 0.3043
o. 0527 0. 0000
0.1328 0. 2728
0.0147 0. 0118
0.2111 0.1574
0.0512 0.0151
0. 0331 0.0114
0.0011 0.0715
0. 0242- 0. 0187
GR
1.0000
0.1012
0. 02110
0. 3178
0.10011
0.0000
o.ou8
0.1120
0. 0115
0. 02114
0.0111
0. 0221
F
1.0000
0.0724
o.oaoo
0.8844
0. 0504
0.1123
o:oooo
0.1281
0.1011
0.0233
0.00111
0.0270
IRL
1.0000
0. 0888
0.0288
0.4105
0.0711
0.2811
0,.02!1
0.0000
0.0710
0.0381
0.0171
0.0241
I
1.0000
o. 1048
0.0274
0. 4218
0.0418
0.1101
0.0201
0.1211
0.0000
0.0251
0.0111
0. 0224
Nl
1.0000
0.0111-1
0. 0241
0.47U
0.0410
0.1311
0.0113
0.1143
0.0801
0.0000
o.oou
0.0231
A
1.0000
0.0512
0.0308
0.3311
0.1824
0.20-St
0.0157
0. 0131
0. 0724
0.0118
0.0000
0. 0202
p
1.0000
0.0111
0. 0412
0.1100
0. 0531
0.1111
0.0218
0.1311
0.0111
0. 0217
0.-1110
0.0000
SF
1.0000
0.0727
0.0141
0.3223
0.0438
o. tl44
o.oua
0.1200
0.0110
0.0211
0. OtOI
0. 0111
s
1.0000
0. 0727
0.0213
0.3171
0. IIIII
0.1111
0.0458
1.1340
0.0111
0. 0112
0.0118
o. 0271
UK
1.0000
0.0781
0.0801
0.3541
0. 0118
o. 1773
0.0133
0.1851
0. 07t2
o.ouo
0.0011
o. 0330
AUS
1.0000
0.0812
o. 0207
0.3751
0. 0401
0.1711
0.0344
0.1177
0. 0141
0. 0113
o.oou
0.0270
CNO
1.0000
0.0785
0.0210
0.3725
0.0417
0.1711
0.0241
o.uu
0.0711
0.0201
0.0071
0.0201
J
1.0000
0. 0887
0.0112
0.3112
0.0511
0.1733
0.0343
0.1112
0. 0121
0.0111
0.0108
o.oua
MX
1.0000
0.0771
0.0282
0.3841
o. 0430
0 .tits
0. 0218
0.1121
0.0851
0.0211
0.0078
0. 0337
NZ
1.0000
0. 0880
0.0871
0.3183
0.0427
0.1711
0.0327
0.1011
0.1111
0.0151
0.0151
0. 0500
N
1.0000
0. 0580
0. 0247
0. 3130
0.0441
0. 17118
0.0175
0.1521
0.0815
0. 0402
0.0105
0.0214
CH
--
1.0000
0. 0583
0.0185
0. 4240
0.0411
0.1432
o. 0111
0.11118
0. 0701
0. 0317
0. 0072
0. 0201
TR
Table H3: Double Export Weights (1995) in relation to the ERM countries (ERM)
0
BLEU
1.0000
0. 0718
ff.0253
0.1488
0.0542
0.1120
0. 0275
0.1114
0.0711
0.0231
0. 0011
0. 0217
USA
1.0000
0.0557
0. 0113
0. 2745
0.0041
0.0441
0.1443
0.0185
0.1252
0. 0804
0.0111
0. 0081
0.0113
0. 0421
0.1158
us~
-
Table H2: Double Export Weights (1995) in relation to the European Union (EUR15)
BLEU
DK
D
GR
E
F
IRL
I
NL
A
p
SF
s
USA
UK
AUS
CNO
J
MX
NZ
N
CH
TR
BLEU
Table H1: Double Export Weights (1995) in relation to 23 industrial countries (IC23)
(,
TECHNICAL ANNEX
INTRODUCTION
The quarterly report. on price and cost competitiveness presents recent changes in the
nominal and real effective exchange rates of the 14 EU currencies•, Norway, Australia,
Canada, Japan and the United States. Aggregate measures for the European Union
(EUR15) and the group of countries participating in the Exchange Rate Mechanism
(ERM) are presented as well.
The nominal effective exchange rate (NEER) describes the changes ~n value of a currency
with reference to a given base period. It is calculated as a weighted geometric average of
bilateral exchange rates against the currencies of competing countries. In this report, three
alternative groups of competitor countries are considered: a group of 23 industrial
countries (IC23), the 15 Member states of the European Union (EUR15) and the group of
countries participating in the Exchange Rate Mechanism (ERM).
The real effective exchange rate (REER) is the main indicator of price and cost
competitiveness. It is calcul~ted as the sum of the nominal rate and a trade-weighted price
or cost deflator. The REER attempts to show the movement in the prices or costs of
production of domestically produced goods relative to the prices or costs of goods
produced by competitor countries, when expressed in a common currency.
Double export weights are used to calculate NEERs and REERs, reflecting not only
competition in the home markets of the various competitors, but also competition in
export markets elsewhere.
Our computer programme _permits each user to make his own choice of competitor
countries, reference period, method to calculate trade weights and, in the case of real
effective exchange rates, price or cost deflators. This technical annex describes the
choices made in writing this report. We are ready to provide differently defined nominal
and real exchange rates to interested persons or organisations, upon request. Please fax
your request to the European Commission, Directorate-General for Economic and'
Financial Affairs (DG II-D-4), fax n° 32-2-299.35.05, or consult our web site
"http://europa.eu.int/en/comm/dg02f'.
METHOD
1.
Choice of reference period
The choice of the reference period in assessing developments in n~minal and real
effective exchange rates is important, even if always arbitrary. In the present report,
reference has been made primarily to 1987 and several arguments are presented hereafter
in order to explain this choice. However, this should not be seen as implying that
exchange rates prevailing in this reference period were in equilibrium. The stability of
exchange rates throughout the period 1987-1992 seems to indicate that the rates of the
Louvre Accord of January 1987 were appropriate and that at the time an international
The Belgium Luxembourg Economic Union (BLEU) uses a single currency.
59
balance was struck. In other words, imbalances slowly began to. build up thereafter and
1987 could be considered as a suitable basis for analysis.
2.
Calculation and application of trade weights
(that transform the bilateral exchange rates into effective exchange rates)
The trade weights used are double export weights. This implies that the bilateral
exchange rates between the currency of a given country and the currencies of its
competitor countries are weighted according to both:
(1)
(2)
the competitors' share in the total supply of competing goods (including the
supply by domestic producers) in each market separately; and
the relative share of each market in the total exports of the given country.
The weight matrices of year t-1 are used to calculate the change in the effective exchange
rate between the year t and t-1. If no weights are available for the year t-1, the weights of
the latest year available are used instead.
3.
Price and cost deflators
(to transform the nominal exchange rates into real rates)
Five real effective exchange rates (each based on a different deflator) have been
calculated in order to proyide a comprehensive assessment of a country's price and cost
competitiveness. The following deflators have been used:
(1)
(2)
(3)
(4)
(5)
the Consumer Price Index (CPI);
the GDP deflator;
the price deflator of exports of goods and services (PX);
Unit Labour Costs in Economy as a whole (ULCE); and
Unit Labour Costs iri Manufacturing (ULCM).
4.
German unification
The competitiveness indicators presented here reflect developments in the unified
Germany wherever possible. In practice, this means that pan-German data are used to
calculate the weight matrices. The deflators, however, are unified only from 1995 on.
Earlier data concern western Germany only. Consequently, the transitional high rates of
inflation observed in the new German Lander immediately ~fter unification (i.e. between
1991 and 1994) are not reflected in the real effective exchange rate of the German mark
as presented in this report. The introduction of pan-German· data causes a break not only
in the German series, but also in all other series of effective exchange rates because of
Germany's role as a competitor. However, a break in the series is technically -unavoidable
and a reflection of reality.
·
60
t