EUROPEAN COMMISSION Brussels, 24.11.2021 SWD(2021) 361 final COMMISSION STAFF WORKING DOCUMENT STATISTICAL ANNEX Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT,

THE COUNCIL AND THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE Alert Mechanism Report 2022





















Prepared in accordance with Articles 3 and 4 of Regulation











(EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances {COM(2021) 741 final}



European Commission Statistical Annex of Alert Mechanism Report 2022 This document was prepared by the European Commission's Directorate-General Eurostat Table of Contents Background information Statistical methodology improvements The MIP quality framework Chapter 1: Tables by year - Headline indicators Table 1.1: MIP Scoreboard 2020 Table 1.2: MIP Scoreboard 2019 Table 1.3: MIP Scoreboard 2018 Table 1.4: MIP Scoreboard 2017 Table 1.5: MIP Scoreboard 2016 Table 1.6: MIP Scoreboard 2015 Table 1.7: MIP Scoreboard 2014 Table 1.8: MIP Scoreboard 2013 Table 1.9: MIP Scoreboard 2012 Table 1.10: MIP Scoreboard 2011 Chapter 2: Tables by year - Auxiliary indicators used in the economic reading of the MIP scoreboard

Table 2.1: Auxiliary indicators, 2020 Table 2.1 (continued): Auxiliary indicators, 2020 Table 2.2: Auxiliary indicators, 2019 Table 2.2 (continued): Auxiliary indicators, 2019 Table 2.3: Auxiliary indicators, 2018 Table 2.3 (continued): Auxiliary indicators, 2018 Table 2.4: Auxiliary indicators, 2017 Table 2.4 (continued): Auxiliary indicators, 2017 Table 2.5: Auxiliary indicators, 2016 Table 2.5 (continued): Auxiliary indicators, 2016 Table 2.6: Auxiliary indicators, 2015 Table 2.6 (continued): Auxiliary indicators, 2015 Table 2.7: Auxiliary indicators, 2014 Table 2.7 (continued): Auxiliary indicators, 2014 Table 2.8: Auxiliary indicators, 2013 Table 2.8 (continued): Auxiliary indicators, 2013 Table 2.9: Auxiliary indicators, 2012 Table 2.9 (continued): Auxiliary indicators, 2012 Table 2.10: Auxiliary indicators, 2011 Table 2.10 (continued): Auxiliary indicators, 2011

Chapter 3: Tables by indicator Table 3.1: Current account balance, % of GDP (3 year average) Table 3.2: Current account balance (% of GDP) Table 3.3: Net International Investment Position (% of GDP) Table 3.4: Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change) Table 3.5: Real effective exchange rate - 42 trading partners, HICP deflator (1 year % change) Table 3.6: Export market share - % of world exports (5 year % change) Table 3.7: Export market share - % of world exports (1 year % change) Table 3.8: Nominal unit labour cost index, 2010=100 (3 year % change) Table 3.9: Nominal unit labour cost index, 2010=100 (1 year % change) Table 3.10: House price index (2015=100), deflated (1 year % change) Table 3.11: Private sector credit flow, consolidated (% of GDP) Table 3.12: Private sector debt, consolidated (% of GDP) Table 3.13: General government gross debt (% of GDP) Table 3.14: Unemployment rate (3 year average) Table 3.15: Unemployment rate (%) Table 3.16: Total financial sector liabilities, non-consolidated (1 year % change) Table 3.17: Total financial sector liabilities, non-consolidated (Millions NC) Table 3.18: Activity rate - % of total population aged 15-64 (3 year change in pp) Table 3.19: Activity rate - % of total population aged 15-64

Table 3.20: Long-term unemployment rate - % of active population aged 15-74 (3 year change in pp) Table 3.21: Long-term unemployment rate - % of active population aged 15-74 Table 3.22: Youth unemployment rate - % of active population aged 15-24 (3 year change in pp) Table 3.23: Youth unemployment rate - % of active population aged 15-24 Table 3.24: Real GDP (1 year % change) Table 3.25: Gross fixed capital formation (% of GDP) Table 3.26: Gross domestic expenditure on R&D (% of GDP) Table 3.27: Current plus capital account - Net lending-borrowing (% of GDP) Table 3.28: Net international investment position excluding non-defaultable instruments (% of GDP) Table 3.29: Foreign direct investment in the reporting economy - flows (% of GDP) Table 3.30: Foreign direct investment in the reporting economy - stocks (% of GDP) Table 3.31: Net trade balance of energy products (% of GDP) Table 3.32: Real effective exchange rate - euro area trading partners (3 year % change) Table 3.33: Export performance against advanced economies (5 year % change) Table 3.34: Terms of trade (5 year % change) Table 3.35: Export market share, volume (1 year % change) Table 3.36: Real labour productivity (1 year % change) Table 3.37: Gross non-performing loans, domestic and foreign entities (% of gross loans) Table 3.38: Unit labour cost performance relative to EA (10 year % change) Table 3.39: House price index (2015=100) - nominal (3 year % change)

Table 3.40: Residential construction (% of GDP) Table 3.41: Household debt, consolidated (incl. Non-profit institutions serving households, % of GDP) Table 3.42: Consolidated banking leverage, domestic and foreign entities (asset-to-equity multiple) Table 3.43: Employment (1 year % change) Table 3.44: Young people neither in employment nor in education and training - % of total population aged 15-24 Table 3.45: People at risk of poverty or social exclusion - % of total population Table 3.46: People at risk of poverty after social transfers - % of total population Table 3.47: Severely materially deprived people - % of total population Table 3.48: People living in households with very low work intensity - % of total population aged 0-59 Chapter 4: Tables by Member State - Headline indicators Table 4.1: The MIP scoreboard for Belgium Table 4.2: The MIP scoreboard for Bulgaria Table 4.3: The MIP scoreboard for Czech Republic Table 4.4: The MIP scoreboard for Denmark Table 4.5: The MIP scoreboard for Germany Table 4.6: The MIP scoreboard for Estonia Table 4.7: The MIP scoreboard for Ireland Table 4.8: The MIP scoreboard for Greece Table 4.9: The MIP scoreboard for Spain Table 4.10: The MIP scoreboard for France

Table 4.11: The MIP scoreboard for Croatia Table 4.12: The MIP scoreboard for Italy Table 4.13: The MIP scoreboard for Cyprus Table 4.14: The MIP scoreboard for Latvia Table 4.15: The MIP scoreboard for Lithuania Table 4.16: The MIP scoreboard for Luxembourg Table 4.17: The MIP scoreboard for Hungary Table 4.18: The MIP scoreboard for Malta Table 4.19: The MIP scoreboard for Netherlands Table 4.20: The MIP scoreboard for Austria Table 4.21: The MIP scoreboard for Poland Table 4.22: The MIP scoreboard for Portugal Table 4.23: The MIP scoreboard for Romania Table 4.24: The MIP scoreboard for Slovenia Table 4.25: The MIP scoreboard for Slovakia Table 4.26: The MIP scoreboard for Finland Table 4.27: The MIP scoreboard for Sweden Chapter 5: Tables by Member State - Auxiliary indicators used in the economic reading of the MIP scoreboard Table 5.1: Auxiliary indicators for Belgium Table 5.1 (continued): Auxiliary indicators for Belgium

Table 5.2: Auxiliary indicators for Bulgaria Table 5.2 (continued): Auxiliary indicators for Bulgaria Table 5.3: Auxiliary indicators for Czech Republic Table 5.3 (continued): Auxiliary indicators for Czech Republic Table 5.4: Auxiliary indicators for Denmark Table 5.4 (continued): Auxiliary indicators for Denmark Table 5.5: Auxiliary indicators for Germany Table 5.5 (continued): Auxiliary indicators for Germany Table 5.6: Auxiliary indicators for Estonia Table 5.6 (continued): Auxiliary indicators for Estonia Table 5.7: Auxiliary indicators for Ireland Table 5.7 (continued): Auxiliary indicators for Ireland Table 5.8: Auxiliary indicators for Greece Table 5.8 (continued): Auxiliary indicators for Greece Table 5.9: Auxiliary indicators for Spain Table 5.9 (continued): Auxiliary indicators for Spain Table 5.10: Auxiliary indicators for France Table 5.10 (continued): Auxiliary indicators for France Table 5.11: Auxiliary indicators for Croatia Table 5.11 (continued): Auxiliary indicators for Croatia

Table 5.12: Auxiliary indicators for Italy Table 5.12 (continued): Auxiliary indicators for Italy Table 5.13: Auxiliary indicators for Cyprus Table 5.13 (continued): Auxiliary indicators for Cyprus Table 5.14: Auxiliary indicators for Latvia Table 5.14 (continued): Auxiliary indicators for Latvia Table 5.15: Auxiliary indicators for Lithuania Table 5.15 (continued): Auxiliary indicators for Lithuania Table 5.16: Auxiliary indicators for Luxembourg Table 5.16 (continued): Auxiliary indicators for Luxembourg Table 5.17: Auxiliary indicators for Hungary Table 5.17 (continued): Auxiliary indicators for Hungary Table 5.18: Auxiliary indicators for Malta Table 5.18 (continued): Auxiliary indicators for Malta Table 5.19: Auxiliary indicators for Netherlands Table 5.19 (continued): Auxiliary indicators for Netherlands Table 5.20: Auxiliary indicators for Austria Table 5.20 (continued): Auxiliary indicators for Austria Table 5.21: Auxiliary indicators for Poland Table 5.21 (continued): Auxiliary indicators for Poland

Table 5.22: Auxiliary indicators for Portugal Table 5.22 (continued): Auxiliary indicators for Portugal Table 5.23: Auxiliary indicators for Romania Table 5.23 (continued): Auxiliary indicators for Romania Table 5.24: Auxiliary indicators for Slovenia Table 5.24 (continued): Auxiliary indicators for Slovenia Table 5.25: Auxiliary indicators for Slovakia Table 5.25 (continued): Auxiliary indicators for Slovakia Table 5.26: Auxiliary indicators for Finland Table 5.26 (continued): Auxiliary indicators for Finland Table 5.27: Auxiliary indicators for Sweden Table 5.27 (continued): Auxiliary indicators for Sweden Chapter 6: Tables by year - MIP Scoreboard (base indicators) Table 6.1: MIP Scoreboard (base indicators) 2020 Table 6.2: MIP Scoreboard (base indicators) 2019 Table 6.3: MIP Scoreboard (base indicators) 2018 Table 6.4: MIP Scoreboard (base indicators) 2017 Table 6.5: MIP Scoreboard (base indicators) 2016 Table 6.6: MIP Scoreboard (base indicators) 2015 Table 6.7: MIP Scoreboard (base indicators) 2014

Table 6.8: MIP Scoreboard (base indicators) 2013 Table 6.9: MIP Scoreboard (base indicators) 2012 Table 6.10: MIP Scoreboard (base indicators) 2011 Background information This Statistical Annex to the 2022 Alert Mechanism Report (AMR 2022) presents the Macroeconomic Imbalance Procedure (MIP) scoreboard and auxiliary indicators used in the economic reading of the MIP scoreboard. The Statistical annex covers the years from 2011 to 2020. Eurostat mainly compiles MIP indicators from data transmitted by Member States, following European legislation. The MIP scoreboard indicators are presented with their indicative thresholds (used in the AMR), while no threshold is applied to the auxiliary indicators. The policy framework of the MIP relies on timely and high quality socio-economic and financial statistics. Since the publication of the first Statistical Annex in 2012, significant progress has been achieved towards enhancing the standards and methods used for the compilation of underlying data as well as strengthening the statistical quality assurance framework. The MIP Scoreboard consists of 14 scoreboard indicators measuring internal and external imbalances as well as social and labour market developments. The MIP scoreboard indicators for the last ten years are displayed in this statistical annex by year in chapter 1, and by country in chapter 4. Table 1 lists the MIP scoreboard indicators together with detailed information on their data sources. The cut-off date for the data, that is the date on which the data were extracted from the Eurostat database for the preparation of this document, was 22nd October 2021. For additional information about the data, please contact ESTAT-MIP@ec.europa.eu . Table 1. MIP scoreboard indicators (AMR 2022) Indicator Unit Data source Statistical domain Current account balance (% of GDP) 3 year average Eurostat BoP/NA Net international investment position % of GDP Eurostat BoP/NA Real effective exchange rate (42 trading partners, HICP deflator) 3 year % change DG ECFIN Export market share (% of world exports) 5 year % change Eurostat, IMF BoP Nominal unit labour cost index (2010=100) 3 year % change Eurostat NA House price index (2015=100), deflated 1 year % change Eurostat Price statistics/NA Private sector credit flow, consolidated % of GDP Eurostat NA (FA) Private sector debt, consolidated % of GDP Eurostat NA (FA) General government gross debt % of GDP Eurostat EDP/GFS Unemployment rate 3 year average Eurostat EU-LFS Total financial sector liabilities, non-consolidated 1 year % change Eurostat NA (FA) Activity rate (% of total population aged 15-64) 3 year change in pp Eurostat EU-LFS Long-term unemployment rate (% of active population aged 15-74) 3 year change in pp Eurostat EU-LFS Youth unemployment rate (% of active population aged 15-24) 3 year change in pp Eurostat EU-LFS Note: NA – National Accounts; BoP – Balance of Payments; FA – Financial Accounts; EDP – Excessive Deficit Procedure Statistics / GFS – Government Finance Statistics; and LFS – Labour Force Survey / Labour Market Statistics; pp – percentage points Supplementing the MIP scoreboard indicators, a list of 28 auxiliary indicators (see Table 2) provides additional information on aspects linked to the general macroeconomic situation, nominal and real convergence inside and outside the European Union and the euro area, detailed data on external liabilities, including foreign direct investment and net external debt, and social statistics. The auxiliary indicators enhance the information base for understanding potential imbalances, as well as the adjustment capacity of the economy. The auxiliary indicators are also presented in this Statistical Annex by year (in Chapter 2) and by country (in Chapter 5). Table 2. MIP auxiliary indicators (AMR 2022)

Indicator Unit Data source Statistical domain Real GDP 1 year % change Eurostat NA Gross fixed capital formation % of GDP Eurostat NA Gross domestic expenditure on R&D % of GDP Eurostat Business Statistics/ NA Current plus capital account (Net lending-borrowing) % of GDP Eurostat BoP/NA Net international investment position excluding non-defaultable instruments % of GDP Eurostat BoP/ NA Foreign direct investment in the reporting economy – net inward flows % of GDP Eurostat BoP/NA Foreign direct investment in the reporting economy - stocks % of GDP Eurostat BoP/NA Net trade balance of energy products % of GDP Eurostat International Trade/ NA Real effective exchange rates – euro area trading partners 3 year % change DG ECFIN Export performance against advanced economies 5 year % change Eurostat/OECD BoP Terms of trade 5 year % change Eurostat NA Export market share - in volume 1 year % change Eurostat /IMF Labour productivity 1 year % change Eurostat NA Gross non-performing loans, domestic and foreign entities % of gross loans ECB CBD Unit labour cost performance relative to euro area 10 year % change DG ECFIN House price index (2015=100) - nominal 3 year % change Eurostat Price statistics Residential construction % of GDP Eurostat NA Household debt, consolidated (incl. NPISH) % of GDP Eurostat NA (FA) Consolidated banking leverage Total asset/ total equity ECB CBD Employment 1 year % change Eurostat NA Activity rate % of total population aged 15-64 Eurostat EU-LFS Long term unemployment rate % of active population aged 15-74 Eurostat EU-LFS Youth unemployment rate % of active population aged 15-24 Eurostat EU-LFS Young people neither in employment nor in education and training % of total population aged 15-24 Eurostat EU-LFS People at risk of poverty or social exclusion % of total population Eurostat EU-SILC People at risk of poverty after social transfers % of total population Eurostat EU-SILC Severely materially deprived people % of total population Eurostat EU-SILC People living in households with very low work intensity % of total population aged 0-59 Eurostat EU-SILC Note: NA – National Accounts; BoP – Balance of Payments; CBD – Consolidated banking data; FA – Financial Accounts; LFS – Labour Force Survey/Labour Market Statistics; SILC – Statistics on Income and Living Conditions In Chapter 3, the data are presented by indicator to allow easy comparison of Member States, for the 10-year time series. In addition, short descriptions of the indicators and detailed information on sources and methods employed for their compilation are provided. Statistical methodology improvements Since 2014, MIP indicators stemming from the National Accounts (NA) and Balance of Payments (BoP) and International Investment Position (IIP) domains have been computed following the ESA 2010 and BPM6 statistical standards (the European System of Accounts 2010 and the Balance of Payments and International Investment Position Manual, 6th edition) that guarantee a high level of comparability across European Union Member States. The implementation of the standards ensures conceptual consistency between National Accounts and Balance of Payments / International Investment Position. However, in practice, differences in the components of the accounts (the BoP/IIP and NA Rest of the world data) still persist. Eurostat has further elaborated on the reconciliation of the Balance of Payments and the Rest of the World (RoW) account at national level, and regularly assesses the state of consistency between Balance of Payments and National Accounts statistics. Additional changes in 2020 Concerning the COVID-19 pandemic, which impacted the ability of statistical authorities to collect and process data in the traditional manner, Eurostat and national statistical authorities in the European Statistical System (ESS) have worked together to elaborate guidelines and notes on how to address the methodological issues triggered by these changes in statistical production. This ensured that European statistics continued to be based on sound foundations. The COVID-19 pandemic’s impact on 2020 economic data was substantial. Notably, drops in GDP were sharper than during the 2008/9 economic and financial crisis in most countries, with the highest contractions in the output of trade, transport, accommodation and food service activities, as well as industry, and impacts on both external trade and private consumption (on the expenditure side). This impacted on indicators expressed as a percentage of GDP. There was also a large impact of COVID-19 on the employment data, especially for hours worked, while employment in persons decreased less, due to the government support measures to preserve employment. Therefore, labour productivity and unit labour cost should be interpreted with caution for 2020, especially for indicators based on employed persons rather than hours worked. The implementation of the harmonised European revision policy (HERP) for National Accounts and Balance of Payments statistics covering benchmark and routine revisions is progressing on a voluntary basis. All Member States have now carried out benchmark revisions since the introduction of ESA 2010 in September 2014, with Luxembourg completing the exercise in September 2021. While the introduction of benchmark revisions is usually associated with more significant data updates, such revisions improve the overall quality and consistency of data through further improvements in the methodology, sources or estimation techniques applied. The revisions often relate to statistical improvements and actions agreed in the context of the verification of GNI and/or EDP data. The coordinated benchmark revisions were considered successfully implemented and improved the quality of the accounts. The good practices developed will be retained for the next harmonised benchmark revisions in 2024. The COVID-19 crisis has impacted the compilation of Balance of Payments statistics. Eurostat and ECB jointly published on 1 July 2020 a note “Guidance on the compilation of balance of payments statistics in the context of the Covid-19 crisis”. This joint guidance note elaborated on common and alternative data sources that can be used to compile the Balance of Payments statistics. It provided additional advice on data collection and compilation to ensure continuity; and provided guidance on data and metadata dissemination. In the Balance of Payments domain, progress has been made in particular concerning the asymmetries in trade in goods and services. In summer 2020, Eurostat launched a comprehensive survey on asymmetries in services, in which thirty countries participated. The survey elaborates on data sources used by countries, and their contribution to the reported values (impact) on the compilation of Extended Balance of Payments Services (EBOPS) categories. Based on the results, in close cooperation with the Balance of Payments Working Group, Eurostat has broadened the scope of its work and intends to publish an “Inventory of identified causes of asymmetries in trade in goods and services, primary income, and foreign direct investments, and the related methodology”. In addition, Asymmetries Resolution Meetings (ARM) are set up by ECB and Eurostat in the context of the quarterly BOP production. The purpose of ARM is to facilitate bilateral and/or multilateral reconciliation exercises to reduce bilateral asymmetries in foreign direct investment. In the domain of Financial Accounts, regarding Total Financial Sector Liabilities, work is ongoing to ensure a comprehensive and timely coverage of Other financial institutions (OFIs). Other areas of ongoing or planned statistical work which are important for the quality of MIP indicators concern the recording of other equity, of derivatives, of loans between non-financial corporations, of foreign-controlled corporations, and of the vertical discrepancy with non-financial sector accounts. On the latter, Eurostat and the ECB are cooperating in order to develop methodology and propose a solution for reducing the discrepancies. It is aimed to further align the national revision policies and practices in financial accounts to the harmonized European revision policy. Concerning the Labour Force Survey, no major methodological changes were implemented during 2020. In view of the entry into force of the Framework Regulation 2019/1700 (IESS FR) in the beginning of 2021, all countries postponed methodological changes, in order to introduce them together with the new standards provided by the regulation. An exception is the German data, due to the introduction of the new German system of integrated household surveys, including the LFS. German 2020 data are not directly estimated from LFS micro-data, but are based on a larger sample including additional data from other integrated household surveys, with the intention to return to purely LFS-based data as soon as possible. Nevertheless, the spread of COVID-19 across Europe implied that field activities have been halted in many countries. This has negatively impacted the collection of household survey data during 2020 and put simultaneous pressures on the producers of EU-LFS data: data collection impacted by decreases in the overall volume of attempted interviews, higher non-response and changes in the shares of interview modes. At the same time, the real impact of the crisis has led to large shifts in the labour market, with loss of labour inputs both in headcounts and in working hours. The European Statistical System reacted quickly, with the purpose of providing data allowing the users to evaluate these shifts, and compare data over time and between countries. Eurostat drafted a series of methodological papers to guide, in a harmonised way, the reactions of the EU National Statistical Institutes to the COVID-19 crisis. In the House Prices domain, the index for France has been slightly revised for the years 2011 to 2019 following an improvement in the estimation methods for the weights for new and existing dwellings. General Government Gross Debt data notified for the years 2017 to 2020 were released on 21 October 2021 within the EDP notification. For more information on the main revisions between the April 2021 and the October 2021 notifications please see the latest EDP news release .

Timeliness and availability of general government gross debt data remained generally excellent despite the COVID-19 pandemic-related challenges. Extensive guidance on the recording of policy measures to combat the effects of the COVID-19 pandemic was developed and a specific reporting template aided in maintaining the accuracy of data reported. The MIP quality framework The credibility of the MIP and its smooth implementation depends critically on the availability and quality of the MIP underlying statistics. The statistics used in the procedure have to be fit for the purpose, reliable and comparable among Member States and in time. For that reason, the scoreboard indicators are regularly reviewed; the underlying statistical methodology and the statistical production processes are constantly improved. Statistics underlying the MIP indicators are based on European Union legislation and compiled by the ESS and in part by the European System of Central Banks (ESCB). In 2020, the Economic and Financial Affairs Council (ECOFIN) welcomed the progress on quality assurance of statistics underlying the MIP, and appreciated the annual ESS-ESCB quality assessment report on MIP statistics by Eurostat and the ECB, taking note of the actions identified therein. The MIP quality assurance framework, developed jointly by Eurostat and the Directorate General Statistics of the European Central Bank, follows a three-level structure. A comprehensive webpage with information and links to all relevant quality documents is available on the MIP dedicated section of Eurostat website. In this framework, the work performed consisted of the following actions: ·Level 1: preparation of an annual ESS-ESCB quality assessment report on MIP statistics by Eurostat and the ECB towards the European Parliament and Council, policy makers and the public at large, to assess the reliability and comparability of MIP underlying statistics and address the most relevant quality issues. The seventh report was published on 7 July 2021 on the websites of Eurostat, the ECB, and of the Committee on Monetary, Financial and Balance of Payments Statistics (CMFB). The report relates to recent developments, with a clear separation from more permanent features. ·Level 2: domain-specific quality reports produced by Eurostat and the ECB summarising the main findings for the euro area or the European Union Member States. These reports assess the underlying compilation process and its robustness, describe its legal basis and evaluate whether the statistics are in line with international statistical standards. The following level 2 reports are currently available: -National Accounts (including Financial Accounts) ( Eurostat ) and Financial Accounts ( ECB ) -Balance of Payments and International Investment Position statistics ( Eurostat , ECB ) -House Price Statistics ( Eurostat ) -Labour Force Survey ( Eurostat ) In line with the legal requirements of quality reporting for national and regional accounts, the fourth annual Eurostat quality report was published on 18 December 2020, and covered data transmissions in 2019 in line with the ESA 2010 transmission programme. The fifth quality report, based on 2020 data, is close to completion. The Eurostat quality report also explicitly covers data underlying the MIP indicators. In 2021, the complete set of quality indicators was applied for the assessment of 2020 data transmissions, in line with the requirements of the 2016 implementing regulation. An overview on ESA 2010 implementation and quality is available on the Eurostat website . All ESA 2010 derogations expired on 1 January 2020. Eurostat is closely monitoring remaining compliance gaps and encouraging countries to address them urgently. The implementation of the alignment of the existing Quality Reports on Balance of Payments/International Investment Position produced by the ESS and the ESCB has been achieved. While due to the different data coverage and legislation, it is currently not possible to have one common report, its structure, the indicators and the findings included in the Eurostat and the ECB reports are harmonized to a large extent. In addition, the Commission (DG ECFIN), in its capacity as compiler of the Real Effective Exchange Rate (REER) indicator, publishes quality information on real effective exchange rate indicators on its website . ·Level 3: development of condensed country specific self-assessment reports on the quality and statistical processes for statistics underlying the MIP indicators that are easily understandable by users. They should provide the basis for assuring the quality of the statistics and their comparability across countries. Member States are encouraged to publish such reports. The latest updates to the level 3 are usually published on the CMFB website ; in particular, House Price Statistics reports were updated in 2020 and Financial Accounts ones in 2021, for almost all countries. Moreover, in the context of the MoU, joint ECB-Eurostat visits to the Member States have taken place, focusing on Balance of Payments and Financial Accounts. The next visit is planned to Finland in 2022. The rest of this document presents MIP scoreboard and auxiliary indicators by different perspectives: Chapter 1 and Chapter 2 illustrate the headline and auxiliary indicators by year respectively, Chapter 3 focuses on the evolution of indicators in time, while Chapter 4 and Chapter 5 present the scoreboard and auxiliary indicators by Member State respectively, and finally Chapter 6 illustrates untransformed scoreboard indicators by year.

Chapter 1: Tables by year - Headline indicators Table 1.1: MIP Scoreboard 2020 Table 1.2: MIP Scoreboard 2019 Table 1.3: MIP Scoreboard 2018 Table 1.4: MIP Scoreboard 2017 Table 1.5: MIP Scoreboard 2016

Table 1.6: MIP Scoreboard 2015 Table 1.7: MIP Scoreboard 2014 Table 1.8: MIP Scoreboard 2013 Table 1.9: MIP Scoreboard 2012 Table 1.10: MIP Scoreboard 2011

Chapter 2: Tables by year - Auxiliary indicators used in the economic reading of the MIP scoreboard Table 2.1: Auxiliary indicators, 2020 Table 2.1 (continued): Auxiliary indicators, 2020 Table 2.2: Auxiliary indicators, 2019 Table 2.2 (continued): Auxiliary indicators, 2019 Table 2.3: Auxiliary indicators, 2018

Table 2.3 (continued): Auxiliary indicators, 2018 Table 2.4: Auxiliary indicators, 2017 Table 2.4 (continued): Auxiliary indicators, 2017 Table 2.5: Auxiliary indicators, 2016 Table 2.5 (continued): Auxiliary indicators, 2016

Table 2.6: Auxiliary indicators, 2015 Table 2.6 (continued): Auxiliary indicators, 2015 Table 2.7: Auxiliary indicators, 2014 Table 2.7 (continued): Auxiliary indicators, 2014 Table 2.8: Auxiliary indicators, 2013

Table 2.8 (continued): Auxiliary indicators, 2013 Table 2.9: Auxiliary indicators, 2012 Table 2.9 (continued): Auxiliary indicators, 2012 Table 2.10: Auxiliary indicators, 2011 Table 2.10 (continued): Auxiliary indicators, 2011

Chapter 3: Tables by indicator Table 3.1: Current account balance, % of GDP (3 year average) Table 3.2: Current account balance (% of GDP) Table 3.3: Net International Investment Position (% of GDP) Table 3.4: Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change) Table 3.5: Real effective exchange rate - 42 trading partners, HICP deflator (1 year % change) Table 3.6: Export market share - % of world exports (5 year % change)

Table 3.7: Export market share - % of world exports (1 year % change) Table 3.8: Nominal unit labour cost index, 2010=100 (3 year % change) Table 3.9: Nominal unit labour cost index, 2010=100 (1 year % change) Table 3.10: House price index (2015=100), deflated (1 year % change) Table 3.11: Private sector credit flow, consolidated (% of GDP) Table 3.12: Private sector debt, consolidated (% of GDP) Table 3.13: General government gross debt (% of GDP)

Table 3.14: Unemployment rate (3 year average) Table 3.15: Unemployment rate (%) Table 3.16: Total financial sector liabilities, non-consolidated (1 year % change) Table 3.17: Total financial sector liabilities, non-consolidated (Millions NC) Table 3.18: Activity rate - % of total population aged 15-64 (3 year change in pp) Table 3.19: Activity rate - % of total population aged 15-64

Table 3.20: Long-term unemployment rate - % of active population aged 15-74 (3 year change in pp) Table 3.21: Long-term unemployment rate - % of active population aged 15-74 Table 3.22: Youth unemployment rate - % of active population aged 15-24 (3 year change in pp) Table 3.23: Youth unemployment rate - % of active population aged 15-24 Table 3.24: Real GDP (1 year % change) Table 3.25: Gross fixed capital formation (% of GDP) Table 3.26: Gross domestic expenditure on R&D (% of GDP)

Table 3.27: Current plus capital account - Net lending-borrowing (% of GDP) Table 3.28: Net international investment position excluding non-defaultable instruments (% of GDP) Table 3.29: Foreign direct investment in the reporting economy - flows (% of GDP) Table 3.30: Foreign direct investment in the reporting economy - stocks (% of GDP) Table 3.31: Net trade balance of energy products (% of GDP) Table 3.32: Real effective exchange rate - euro area trading partners (3 year % change) Table 3.33: Export performance against advanced economies (5 year % change)

Table 3.34: Terms of trade (5 year % change) Table 3.35: Export market share, volume (1 year % change) Table 3.36: Real labour productivity (1 year % change) Table 3.37: Gross non-performing loans, domestic and foreign entities (% of gross loans) Table 3.38: Unit labour cost performance relative to EA (10 year % change) Table 3.39: House price index (2015=100) - nominal (3 year % change)

Table 3.40: Residential construction (% of GDP) Table 3.41: Household debt, consolidated (incl. Non-profit institutions serving households, % of GDP) Table 3.42: Consolidated banking leverage, domestic and foreign entities (asset-to-equity multiple) Table 3.43: Employment (1 year % change) Table 3.44: Young people neither in employment nor in education and training - % of total population aged 15-24 Table 3.45: People at risk of poverty or social exclusion - % of total population Table 3.46: People at risk of poverty after social transfers - % of total population

Table 3.47: Severely materially deprived people - % of total population Table 3.48: People living in households with very low work intensity - % of total population aged 0-59 Chapter 4: Tables by Member State - Headline indicators Table 4.1: The MIP scoreboard for Belgium Table 4.2: The MIP scoreboard for Bulgaria Table 4.3: The MIP scoreboard for Czech Republic

Table 4.4: The MIP scoreboard for Denmark Table 4.5: The MIP scoreboard for Germany Table 4.6: The MIP scoreboard for Estonia

Table 4.7: The MIP scoreboard for Ireland Table 4.8: The MIP scoreboard for Greece Table 4.9: The MIP scoreboard for Spain

Table 4.10: The MIP scoreboard for France Table 4.11: The MIP scoreboard for Croatia Table 4.12: The MIP scoreboard for Italy Table 4.13: The MIP scoreboard for Cyprus

Table 4.14: The MIP scoreboard for Latvia Table 4.15: The MIP scoreboard for Lithuania Table 4.16: The MIP scoreboard for Luxembourg

Table 4.17: The MIP scoreboard for Hungary Table 4.18: The MIP scoreboard for Malta Table 4.19: The MIP scoreboard for Netherlands

Table 4.20: The MIP scoreboard for Austria Table 4.21: The MIP scoreboard for Poland Table 4.22: The MIP scoreboard for Portugal Table 4.23: The MIP scoreboard for Romania

Table 4.24: The MIP scoreboard for Slovenia Table 4.25: The MIP scoreboard for Slovakia Table 4.26: The MIP scoreboard for Finland

Table 4.27: The MIP scoreboard for Sweden Chapter 5: Tables by Member State - Auxiliary indicators used in the economic reading of the MIP scoreboard Table 5.1: Auxiliary indicators for Belgium Table 5.1 (continued): Auxiliary indicators for Belgium Table 5.2: Auxiliary indicators for Bulgaria

Table 5.2 (continued): Auxiliary indicators for Bulgaria Table 5.3: Auxiliary indicators for Czech Republic Table 5.3 (continued): Auxiliary indicators for Czech Republic

Table 5.4: Auxiliary indicators for Denmark Table 5.4 (continued): Auxiliary indicators for Denmark Table 5.5: Auxiliary indicators for Germany Table 5.5 (continued): Auxiliary indicators for Germany

Table 5.6: Auxiliary indicators for Estonia Table 5.6 (continued): Auxiliary indicators for Estonia Table 5.7: Auxiliary indicators for Ireland Table 5.7 (continued): Auxiliary indicators for Ireland

Table 5.8: Auxiliary indicators for Greece Table 5.8 (continued): Auxiliary indicators for Greece Table 5.9: Auxiliary indicators for Spain Table 5.9 (continued): Auxiliary indicators for Spain

Table 5.10: Auxiliary indicators for France Table 5.10 (continued): Auxiliary indicators for France Table 5.11: Auxiliary indicators for Croatia Table 5.11 (continued): Auxiliary indicators for Croatia

Table 5.12: Auxiliary indicators for Italy Table 5.12 (continued): Auxiliary indicators for Italy Table 5.13: Auxiliary indicators for Cyprus Table 5.13 (continued): Auxiliary indicators for Cyprus

Table 5.14: Auxiliary indicators for Latvia Table 5.14 (continued): Auxiliary indicators for Latvia Table 5.15: Auxiliary indicators for Lithuania Table 5.15 (continued): Auxiliary indicators for Lithuania

Table 5.16: Auxiliary indicators for Luxembourg Table 5.16 (continued): Auxiliary indicators for Luxembourg Table 5.17: Auxiliary indicators for Hungary Table 5.17 (continued): Auxiliary indicators for Hungary

Table 5.18: Auxiliary indicators for Malta Table 5.18 (continued): Auxiliary indicators for Malta Table 5.19: Auxiliary indicators for Netherlands Table 5.19 (continued): Auxiliary indicators for Netherlands

Table 5.20: Auxiliary indicators for Austria Table 5.20 (continued): Auxiliary indicators for Austria Table 5.21: Auxiliary indicators for Poland Table 5.21 (continued): Auxiliary indicators for Poland

Table 5.22: Auxiliary indicators for Portugal Table 5.22 (continued): Auxiliary indicators for Portugal Table 5.23: Auxiliary indicators for Romania Table 5.23 (continued): Auxiliary indicators for Romania

Table 5.24: Auxiliary indicators for Slovenia Table 5.24 (continued): Auxiliary indicators for Slovenia Table 5.25: Auxiliary indicators for Slovakia Table 5.25 (continued): Auxiliary indicators for Slovakia

Table 5.26: Auxiliary indicators for Finland Table 5.26 (continued): Auxiliary indicators for Finland Table 5.27: Auxiliary indicators for Sweden Table 5.27 (continued): Auxiliary indicators for Sweden

Chapter 6: Tables by year - MIP Scoreboard (base indicators) Table 6.1: MIP Scoreboard (base indicators) 2020 Table 6.2: MIP Scoreboard (base indicators) 2019 Table 6.3: MIP Scoreboard (base indicators) 2018 Table 6.4: MIP Scoreboard (base indicators) 2017 Table 6.5: MIP Scoreboard (base indicators) 2016

Table 6.6: MIP Scoreboard (base indicators) 2015 Table 6.7: MIP Scoreboard (base indicators) 2014 Table 6.8: MIP Scoreboard (base indicators) 2013 Table 6.9: MIP Scoreboard (base indicators) 2012