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 2023 Prepared in accordance with Articles 3 and 4 of Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances
Date: 2022-11-22
Institutions: Directorate-General for Economic and Financial Affairs, European Commission
Subjects: economic disparity, economic growth, economic recovery, economic statistics, energy crisis, euro area, inflation, macroeconomics, national accounts, public debt

EN 

  EN 

   EUROPEAN COMMISSION  Strasbourg, 22.11.2022  SWD(2022) 381 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 2023          Prepared in accordance with Articles 3 and 4 of Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances {COM(2022) 781 final}  
 
 
European 
Commission 

                     Statistical Annex of 
                       Alert Mechanism Report 2023 

This document was prepared by the European Commission's Directorate-General Eurostat 

 
 
 
 
 
 
 
 
 
 
 
 
                    
 
 
 
 
 
 
 
Table of Contents 

BACKGROUND INFORMATION ......................................................................................................................... 9 

STATISTICAL METHODOLOGY IMPROVEMENTS ........................................................................................... 11 

THE MIP QUALITY FRAMEWORK .................................................................................................................. 14 

Chapter 1: Tables by year - Headline indicators ........................................................................................ 17 

Table 1.1: MIP Scoreboard 2021 ................................................................................................................. 17 

Table 1.2: MIP Scoreboard 2020 ................................................................................................................. 18 

Table 1.3: MIP Scoreboard 2019 ................................................................................................................. 19 

Table 1.4: MIP Scoreboard 2018 ................................................................................................................. 20 

Table 1.5: MIP Scoreboard 2017 ................................................................................................................. 21 

Table 1.6: MIP Scoreboard 2016 ................................................................................................................. 22 

Table 1.7: MIP Scoreboard 2015 ................................................................................................................. 23 

Table 1.8: MIP Scoreboard 2014 ................................................................................................................. 24 

Table 1.9: MIP Scoreboard 2013 ................................................................................................................. 25 

Table 1.10: MIP Scoreboard 2012 ............................................................................................................... 26 

Chapter 2: Tables by year - Auxiliary indicators used in the economic reading of the MIP scoreboard
 ......................................................................................................................................................................... 27 

Table 2.1: Auxiliary indicators, 2021 .......................................................................................................... 27 

Table 2.1 (continued): Auxiliary indicators, 2021....................................................................................... 28 

Table 2.2: Auxiliary indicators, 2020 .......................................................................................................... 29 

Table 2.2 (continued): Auxiliary indicators, 2020....................................................................................... 30 

Table 2.3: Auxiliary indicators, 2019 .......................................................................................................... 31 

Table 2.3 (continued): Auxiliary indicators, 2019....................................................................................... 32 

Table 2.4: Auxiliary indicators, 2018 .......................................................................................................... 33 

Table 2.4 (continued): Auxiliary indicators, 2018....................................................................................... 34 

Table 2.5: Auxiliary indicators, 2017 .......................................................................................................... 35 

Table 2.5 (continued): Auxiliary indicators, 2017....................................................................................... 36 

Table 2.6: Auxiliary indicators, 2016 .......................................................................................................... 37 

Table 2.6 (continued): Auxiliary indicators, 2016....................................................................................... 38 

Table 2.7: Auxiliary indicators, 2015 .......................................................................................................... 39 

Table 2.7 (continued): Auxiliary indicators, 2015....................................................................................... 40 

Table 2.8: Auxiliary indicators, 2014 .......................................................................................................... 41 

Table 2.8 (continued): Auxiliary indicators, 2014....................................................................................... 42 

Table 2.9: Auxiliary indicators, 2013 .......................................................................................................... 43 

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Table 2.9 (continued): Auxiliary indicators, 2013....................................................................................... 44 

Table 2.10: Auxiliary indicators, 2012 ........................................................................................................ 45 

Table 2.10 (continued): Auxiliary indicators, 2012..................................................................................... 46 

Chapter 3: Tables by indicator..................................................................................................................... 47 

Table 3.1: Current account balance, % of GDP (3 year average) ................................................................ 47 

Table 3.2: Current account balance (% of GDP) ......................................................................................... 48 

Table 3.3: Net International Investment Position (% of GDP) .................................................................... 49 

Table 3.4: Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change) ............... 50 

Table 3.5: Real effective exchange rate - 42 trading partners, HICP deflator (1 year % change) ............... 51 

Table 3.6: Export market share - % of world exports (5 year % change) ................................................... 52 

Table 3.7: Export market share - % of world exports (1 year % change) ................................................... 53 

Table 3.8: Nominal unit labour cost index, 2015=100 (3 year % change) .................................................. 54 

Table 3.9: Nominal unit labour cost index, 2015=100 (1 year % change) .................................................. 55 

Table 3.10: House price index (2015=100), deflated (1 year % change) .................................................... 56 

Table 3.11: Private sector credit flow, consolidated (% of GDP) ............................................................... 57 

Table 3.12: Private sector debt, consolidated (% of GDP) .......................................................................... 58 

Table 3.13: General government gross debt (% of GDP) ............................................................................ 59 

Table 3.14: Unemployment rate (3 year average) ....................................................................................... 60 

Table 3.15: Unemployment rate (%) ........................................................................................................... 61 

Table 3.16: Total financial sector liabilities, non-consolidated (1 year % change) ..................................... 62 

Table 3.17: Total financial sector liabilities, non-consolidated (Millions NC) ........................................... 63 

Table 3.18: Activity rate - % of total population aged 15-64 (3 year change in pp) ................................... 64 

Table 3.19: Activity rate - % of total population aged 15-64 ...................................................................... 65 

Table 3.20: Long-term unemployment rate - % of active population aged 15-74 (3 year change in pp) .... 66 

Table 3.21: Long-term unemployment rate - % of active population aged 15-74 ....................................... 67 

Table 3.22: Youth unemployment rate - % of active population aged 15-24 (3 year change in pp) ........... 68 

Table 3.23: Youth unemployment rate - % of active population aged 15-24 .............................................. 69 

Table 3.24: Real GDP (1 year % change) ................................................................................................... 70 

Table 3.25: Gross fixed capital formation (% of GDP) ............................................................................... 71 

Table 3.26: Gross domestic expenditure on R&D (% of GDP) .................................................................. 72 

Table 3.27: Current plus capital account - Net lending-borrowing (% of GDP) ......................................... 73 

Table 3.28: Net international investment position excluding non-defaultable instruments (% of GDP) .... 74 

Table 3.29: Foreign direct investment in the reporting economy - flows (% of GDP) ............................... 75 

Table 3.30: Foreign direct investment in the reporting economy - stocks (% of GDP) .............................. 76 

Table 3.31: Net trade balance of energy products (% of GDP) ................................................................... 77 

Table 3.32: Real effective exchange rate - euro area trading partners (3 year % change) .......................... 78 
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Table 3.33: Export performance against advanced economies (5 year % change) ..................................... 79 

Table 3.34: Terms of trade (5 year % change) ............................................................................................ 80 

Table 3.35: Export market share, volume (1 year % change) ..................................................................... 81 

Table 3.36: Real labour productivity (1 year % change) ............................................................................. 82 

Table 3.37: Gross non-performing loans, domestic and foreign entities (% of gross loans) ....................... 83 

Table 3.38: Unit labour cost performance relative to EA (10 year % change) ............................................ 84 

Table 3.39: House price index (2015=100), nominal (3 year % change) .................................................... 85 

Table 3.40: Residential construction (% of GDP) ....................................................................................... 86 

Table 3.41: Household debt, consolidated (incl. Non-profit institutions serving households, % of GDP) . 87 

Table 3.42: Consolidated banking leverage, domestic and foreign entities (asset-to-equity multiple) ....... 88 

Table 3.43: Employment (1 year % change) ............................................................................................... 89 

Table 3.44: Young people neither in employment nor in education and training - % of total population 
aged 15-24 ................................................................................................................................................... 90 

Table 3.45: People at risk of poverty or social exclusion - % of total population ....................................... 91 

Table 3.46: People at risk of poverty after social transfers - % of total population .................................... 92 

Table 3.47: Severely materially and socially deprived people - % of total population ............................... 93 

Table 3.48: People living in households with very low work intensity - % of total population aged 0-64 . 94 

Chapter 4: Tables by Member State - Headline indicators ....................................................................... 95 

Table 4.1: The MIP scoreboard for Belgium ............................................................................................... 95 

Table 4.2: The MIP scoreboard for Bulgaria ............................................................................................... 96 

Table 4.3: The MIP scoreboard for Czech Republic ................................................................................... 97 

Table 4.4: The MIP scoreboard for Denmark .............................................................................................. 98 

Table 4.5: The MIP scoreboard for Germany .............................................................................................. 99 

Table 4.6: The MIP scoreboard for Estonia .............................................................................................. 100 

Table 4.7: The MIP scoreboard for Ireland ............................................................................................... 101 

Table 4.8: The MIP scoreboard for Greece ............................................................................................... 102 

Table 4.9: The MIP scoreboard for Spain ................................................................................................. 103 

Table 4.10: The MIP scoreboard for France .............................................................................................. 104 

Table 4.11: The MIP scoreboard for Croatia ............................................................................................. 105 

Table 4.12: The MIP scoreboard for Italy ................................................................................................. 106 

Table 4.13: The MIP scoreboard for Cyprus ............................................................................................. 107 

Table 4.14: The MIP scoreboard for Latvia .............................................................................................. 108 

Table 4.15: The MIP scoreboard for Lithuania ......................................................................................... 109 

Table 4.16: The MIP scoreboard for Luxembourg .................................................................................... 110 

Table 4.17: The MIP scoreboard for Hungary........................................................................................... 111 

Table 4.18: The MIP scoreboard for Malta ............................................................................................... 112 

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Table 4.19: The MIP scoreboard for Netherlands ..................................................................................... 113 

Table 4.20: The MIP scoreboard for Austria ............................................................................................. 114 

Table 4.21: The MIP scoreboard for Poland ............................................................................................. 115 

Table 4.22: The MIP scoreboard for Portugal ........................................................................................... 116 

Table 4.23: The MIP scoreboard for Romania .......................................................................................... 117 

Table 4.24: The MIP scoreboard for Slovenia........................................................................................... 118 

Table 4.25: The MIP scoreboard for Slovakia........................................................................................... 119 

Table 4.26: The MIP scoreboard for Finland ............................................................................................ 120 

Table 4.27: The MIP scoreboard for Sweden ............................................................................................ 121 

Chapter 5: Tables by Member State - Auxiliary indicators used in the economic reading of the MIP 
scoreboard .................................................................................................................................................... 122 

Table 5.1: Auxiliary indicators for Belgium ............................................................................................. 122 

Table 5.1 (continued): Auxiliary indicators for Belgium .......................................................................... 123 

Table 5.2: Auxiliary indicators for Bulgaria.............................................................................................. 124 

Table 5.2 (continued): Auxiliary indicators for Bulgaria .......................................................................... 125 

Table 5.3: Auxiliary indicators for Czech Republic .................................................................................. 126 

Table 5.3 (continued): Auxiliary indicators for Czech Republic............................................................... 127 

Table 5.4: Auxiliary indicators for Denmark ............................................................................................ 128 

Table 5.4 (continued): Auxiliary indicators for Denmark ......................................................................... 129 

Table 5.5: Auxiliary indicators for Germany ............................................................................................ 130 

Table 5.5 (continued): Auxiliary indicators for Germany ......................................................................... 131 

Table 5.6: Auxiliary indicators for Estonia ............................................................................................... 132 

Table 5.6 (continued): Auxiliary indicators for Estonia ............................................................................ 133 

Table 5.7: Auxiliary indicators for Ireland ................................................................................................ 134 

Table 5.7 (continued): Auxiliary indicators for Ireland ............................................................................. 135 

Table 5.8: Auxiliary indicators for Greece ................................................................................................ 136 

Table 5.8 (continued): Auxiliary indicators for Greece ............................................................................. 137 

Table 5.9: Auxiliary indicators for Spain .................................................................................................. 138 

Table 5.9 (continued): Auxiliary indicators for Spain ............................................................................... 139 

Table 5.10: Auxiliary indicators for France .............................................................................................. 140 

Table 5.10 (continued): Auxiliary indicators for France ........................................................................... 141 

Table 5.11: Auxiliary indicators for Croatia ............................................................................................. 142 

Table 5.11 (continued): Auxiliary indicators for Croatia .......................................................................... 143 

Table 5.12: Auxiliary indicators for Italy .................................................................................................. 144 

Table 5.12 (continued): Auxiliary indicators for Italy ............................................................................... 145 

Table 5.13: Auxiliary indicators for Cyprus .............................................................................................. 146 

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Table 5.13 (continued): Auxiliary indicators for Cyprus .......................................................................... 147 

Table 5.14: Auxiliary indicators for Latvia ............................................................................................... 148 

Table 5.14 (continued): Auxiliary indicators for Latvia ............................................................................ 149 

Table 5.15: Auxiliary indicators for Lithuania .......................................................................................... 150 

Table 5.15 (continued): Auxiliary indicators for Lithuania ....................................................................... 151 

Table 5.16: Auxiliary indicators for Luxembourg ..................................................................................... 152 

Table 5.16 (continued): Auxiliary indicators for Luxembourg ................................................................. 153 

Table 5.17: Auxiliary indicators for Hungary ........................................................................................... 154 

Table 5.17 (continued): Auxiliary indicators for Hungary ........................................................................ 155 

Table 5.18: Auxiliary indicators for Malta ................................................................................................ 156 

Table 5.18 (continued): Auxiliary indicators for Malta ............................................................................. 157 

Table 5.19: Auxiliary indicators for Netherlands ...................................................................................... 158 

Table 5.19 (continued): Auxiliary indicators for Netherlands ................................................................... 159 

Table 5.20: Auxiliary indicators for Austria ............................................................................................. 160 

Table 5.20 (continued): Auxiliary indicators for Austria .......................................................................... 161 

Table 5.21: Auxiliary indicators for Poland .............................................................................................. 162 

Table 5.21 (continued): Auxiliary indicators for Poland ........................................................................... 163 

Table 5.22: Auxiliary indicators for Portugal ............................................................................................ 164 

Table 5.22 (continued): Auxiliary indicators for Portugal ........................................................................ 165 

Table 5.23: Auxiliary indicators for Romania ........................................................................................... 166 

Table 5.23 (continued): Auxiliary indicators for Romania ....................................................................... 167 

Table 5.24: Auxiliary indicators for Slovenia ........................................................................................... 168 

Table 5.24 (continued): Auxiliary indicators for Slovenia ........................................................................ 169 

Table 5.25: Auxiliary indicators for Slovakia ........................................................................................... 170 

Table 5.25 (continued): Auxiliary indicators for Slovakia ........................................................................ 171 

Table 5.26: Auxiliary indicators for Finland ............................................................................................. 172 

Table 5.26 (continued): Auxiliary indicators for Finland .......................................................................... 173 

Table 5.27: Auxiliary indicators for Sweden ............................................................................................. 174 

Table 5.27 (continued): Auxiliary indicators for Sweden ......................................................................... 175 

Chapter 6: Tables by year - MIP Scoreboard (base indicators) ............................................................. 176 

Table 6.1: MIP Scoreboard (base indicators) 2021 ................................................................................... 176 

Table 6.2: MIP Scoreboard (base indicators) 2020 ................................................................................... 177 

Table 6.3: MIP Scoreboard (base indicators) 2019 ................................................................................... 178 

Table 6.4: MIP Scoreboard (base indicators) 2018 ................................................................................... 179 

Table 6.5: MIP Scoreboard (base indicators) 2017 ................................................................................... 180 

Table 6.6: MIP Scoreboard (base indicators) 2016 ................................................................................... 181 
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Table 6.7: MIP Scoreboard (base indicators) 2015 ................................................................................... 182 

Table 6.8: MIP Scoreboard (base indicators) 2014 ................................................................................... 183 

Table 6.9: MIP Scoreboard (base indicators) 2013 ................................................................................... 184 

Table 6.10: MIP Scoreboard (base indicators) 2012 ................................................................................. 185 

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BACKGROUND INFORMATION 

This  Statistical  Annex  to  the  2023  Alert  Mechanism  Report  (AMR  2023)  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 2012 
to 2021. Eurostat mainly compiles MIP indicators from data transmitted by Member States, 
following  the  relevant  European  legislation.  MIP  scoreboard  indicators  are  presented  with 
their  indicative  thresholds  (used  in  the  AMR),  while  no  threshold  is  applied  to  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. 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 data were extracted from the Eurostat 
database  for  the  preparation  of  this  document,  was  21st  October  2022.  For  additional 
information about the data, please contact ESTAT-MIP@ec.europa.eu. 

Table 1. MIP scoreboard indicators (AMR 2023) 
Note: NA – National Accounts; BoP – Balance of Payments; FA – Financial Accounts; EDP – Excessive Deficit Procedure 
Statistics; GFS – Government Finance Statistics; LFS – Labour Force Survey/Labour Market Statistics; pp  – percentage 
points 

Indicator 

Unit 

Data source 

Current account balance (% of GDP) 

Net international investment position  
Real effective exchange rate (42 trading partners, 
HICP deflator) 
Export market share (% of world exports) 

3 year average 

% of GDP 

Eurostat 

Eurostat 

3 year % change 

DG ECFIN 

5 year % change  

Eurostat, IMF 

Nominal unit labour cost index (2015=100) 

3 year % change 

1 year % change  
% of GDP 
% of GDP 
% of GDP 
3 year average 

House price index (2015=100), deflated 
Private sector credit flow, consolidated 
Private sector debt, consolidated 
General government gross debt  
Unemployment rate 
Total financial sector liabilities, non-consolidated  1 year % change  
Activity rate (% of total population aged 15-64) 
Long-term unemployment rate (% of 
active population aged 15-74) 
Youth unemployment rate (% of active 
population aged 15-24) 

3 year change in pp 

3 year change in pp 

3 year change in pp 

Eurostat 

Eurostat 
Eurostat 
Eurostat 
Eurostat 
Eurostat 
Eurostat 
Eurostat 

Eurostat 

Eurostat 

Statistical 
domain 

BoP/NA 

BoP/NA 

BoP 

NA 

Price statistics/NA 
NA (FA) 
NA (FA) 
EDP/GFS 
EU-LFS 
NA (FA) 
EU-LFS 

EU-LFS 

EU-LFS 

Supplementing the MIP scoreboard indicators, a list of 28 auxiliary indicators (see Table 2) 
provides  additional  information  on  some  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.  Auxiliary  indicators  enhance  the  information  base  for 

8 

 
 
 
 
understanding  potential  imbalances,  as  well  as  the  adjustment  capacity  of  the  economy. 
Auxiliary indicators are also presented in this Statistical Annex by year (Chapter 2) and by 
country (Chapter 5). 

Table 2. MIP auxiliary indicators (AMR 2023) 

Indicator 

Real GDP 
Gross fixed capital formation 
Gross domestic expenditure on R&D 

Unit 

1 year % change 
% of GDP 
% of GDP 

Current plus capital account (Net lending-borrowing)  % of GDP 
% of GDP 
Net international investment position excluding non-
defaultable instruments 
Foreign direct investment in the reporting economy – 
net inward flows 
Foreign direct investment in the reporting economy - 
stocks 
Net trade balance of energy products 

% of GDP 

% of GDP 

% of GDP 

Real effective exchange rates – euro area trading 
partners 
Export performance against advanced economies 

Terms of trade 
Export market share - in volume 

Labour productivity 
Gross non-performing loans of domestic and foreign 
entities 
Unit labour cost performance relative to euro area 

3 year % change 

5 year % change 

5 year % change 
1 year % change 

1 year % change 
% of gross loans 

10 year % change 

House price index (2015=100) - nominal 

3 year % change 

Residential construction 
Household debt, consolidated (incl. NPISH) 
Consolidated banking leverage, domestic and foreign 
entities 
Employment 
Activity rate 

Long term unemployment rate 

Youth unemployment rate 

in 

in  employment  nor 

Young  people  neither 
education and training 
People at risk of poverty or social exclusion  
People at risk of poverty after social transfers  
Severely materially and socially deprived people  
People  living  in  households  with  very  low  work 
intensity  

% of GDP 
% of GDP 
Total asset/ total 
equity 
1 year % change 
% of total population 
aged 15-64 
% of active population 
aged 15-74 
% of active population 
aged 15-24 
%  of  total  population 
aged 15-24 
% of total population  
% of total population 
% of total population 
%  of  total  population 
aged 0-64 

Data 
source 

Eurostat 
Eurostat 
Eurostat 

Eurostat 
Eurostat 

Statistical 
domain 

NA 
NA 
Business 
Statistics/ NA 
BoP/NA 
BoP/ NA 

Eurostat 

BoP/NA 

Eurostat 

BoP/NA 

Eurostat 

DG 
ECFIN 
Eurostat/
OECD 
Eurostat 
Eurostat 
/IMF 
Eurostat 
ECB 

DG 
ECFIN 
Eurostat 

Eurostat 
Eurostat 
ECB 

Eurostat 
Eurostat 

International 
Trade/ NA 

BoP 

NA 

NA 
CBD 

Price 
statistics 
NA 
NA (FA) 
CBD 

NA 
EU-LFS 

Eurostat 

EU-LFS 

Eurostat 

EU-LFS 

Eurostat 

EU-LFS 

Eurostat 
Eurostat 
Eurostat 
Eurostat 

EU-SILC 
EU-SILC 
EU-SILC 
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, data are presented by indicator to allow an 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. 

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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) persist.  

Eurostat has been working 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.  

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 
notes1 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.  A  number  of  guidance  notes  helped  compilers  of  official  statistics  to  ensure 
cross-comparability  of  statistical  data  despite  the  measurement  challenges  due  to  the 
COVID-19  pandemic,  and  additional  metadata  were  published  both  at  Eurostat  and  at 
national levels to explain the impact of the pandemic. 

The  COVID-19  pandemic’s  impact  on  2020/21  economic  data  was  substantial.  Notably, 
drops in GDP were sharper in 2020 than during the 2008/09 economic and financial crisis in 
most countries. Contractions with the highest impact were observed in the output of trade, 
transport,  accommodation  and  food  service  activities,  as  well  as  industry,  and  on  both 
external  trade  and  private  consumption.  This  impacted  MIP  indicators  expressed  as  a 
percentage  of  GDP.  In  2021,  GDP  recovered  but  European  GDP  aggregates  (expressed  in 
chain-linked volumes) remained slightly below their 2019 levels. 

There  was  also  a  large  impact  of  COVID-19  on  employment  data,  especially  for  hours 
worked, while employment in persons decreased less, partly due to the government support 
measures  to  preserve  employment.  Therefore,  labour  productivity  and  unit  labour  cost 
should be interpreted with caution for 2020/21, especially when indicators are based on the 
number of employed persons. 

The IESS framework regulation came into force in January 2021 and introduced changes to 
the EU-LFS. The impact of the revised LFS on the national accounts' employment data vary 
among the countries. There is  currently  a break in Polish and Romanian employment data 
(in 2021 for both). 

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 basis2.  

1 https://ec.europa.eu/eurostat/data/metadata/covid-19-support-for-statisticians  
2 Information on data revisions and on the publication of benchmark data is available on the Eurostat website: 
https://ec.europa.eu/eurostat/web/esa-2010/esa-2010-implementation-and-data-quality and 
https://ec.europa.eu/eurostat/documents/737960/9861115/Benchmark_revisions_2019.pdf  

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All  Member  States3  have  now  carried  out  benchmark  revisions  since  the  introduction  of 
ESA 2010 in September 2014.  

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, for which 
preparations have started. 

In the Balance of Payments domain, progress has been made on the asymmetries in trade in 
goods and services. Eurostat carried on activities to further reduce asymmetries, in particular 
the follow up of some of the recommendations resulting from the previous ITSS asymmetry 
study,  a  new  initiative  to  obtain  the  Member  States’  VIES  (VAT  Information  Exchange 
System) data for the intra-exports side, and the development of a flexible tool to exchange 
information  on  compensation  of  employees.  Furthermore,  Eurostat  is  working  on  VAT 
“mini one Stop Shop” (MOSS) and “One Stop Shop” (OSS) data to be applied for services 
categories for balance of payments purposes. 

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.  Eurostat  also  set  up  an  ARM  on  international  trade  in  services,  aiming  at 
resolving asymmetries in trilateral meetings organized by Eurostat and partner countries. 

Eurostat  published  a  guidance  note  titled  “Next  Generation  EU  -  Statistical  recording  in 
balance of payments (BOP)”. The note recommends, for balance of payments purposes, the 
statistical recording of additional funds generated by the EU’s borrowing, their disbursement 
to  the Member States  as grants  and loans via the existing instruments  of the MFF  and the 
recording of new NGEU instruments. 

Eurostat  also  published  a  guidance  note  on  the  statistical  recording  of  cross-border 
transactions  related  to  the  Russian  aggression  against  Ukraine.  This  note,  based  on  BPM6 
and  ESA  2010,  provides  basic  guidance  to  compilers  for  the  recording  of  balance  of 
payments transactions in the current, capital and financial account and on the classification 
of Ukrainian refugees.  

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 that 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. The aim is to further align national revision policies and practices in financial 
accounts to the harmonized European revision policy.  

3 Greece has still to complete its revision for years prior to 2010. 

11 

 
 
                                                           
Concerning  the  Labour  Force  Survey,  in  2021  the  EU  regulation  2019/1700  (Integrated 
European Social Statistics Framework regulation, IESS FR) entered into force, together with 
its EU LFS implementing regulation (the EU regulation 2019/2240). Innovations concern all 
aspects  of  the  survey,  from  the  sample  design  and  its  temporal  distribution,  to  the 
underlining definitions, to the precision requirements, to the dissemination modalities. The 
main purpose is the harmonization among countries of the fundamentals of the survey. On 
top of the innovation due to the IESS regulation, several countries exploited the occasion to 
introduce national specific innovations, to produce a maximum of one break only in the time 
series. Due to pre-existing differences among national surveys, it is not possible to assess the 
overall impact  of the new regulation  on the survey results:  the further a  country was  from 
the harmonised new standards the more that country has been affected by the change. Some 
countries show figures in line with those of the old LFS, while others declare relevant breaks 
in the LFS series. An exception to this framework is German data, due to the introduction of 
the  new  German  system  of  integrated  household  surveys,  including  the  LFS,  in  2020. 
Because of technical reasons, 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. In 2021, Germany returned to purely LFS-based data. 

Consistency  in  MIP  scoreboard  indicators  has  been  ensured  thanks  to  back-calculation,  as 
required  by  the  new  regulation4.  The  back  estimates  cover  a  number  of  years  enough  to 
ensure full coverage of the MIP labour market indicators. Each country was asked to provide 
either the back-calculated series or the information to run the back-calculation in Eurostat. 
The  labour  market  indicators  in  the  MIP  scoreboard  can  then  show  different  figures  than 
those  published  in  the  past,  even  in  the  initial  part  of  the  series.  However,  series  are 
consistent over time and multiannual indicators are calculated on consistent figures. 

For  the  LFS,  the  spread  of  COVID-19  implied  that  field  activities  were  halted  in  many 
countries.  This  negatively  impacted  the  collection  of  household  survey  data  during  2020 
and, in a minor extent, 2021. This put simultaneous pressures on the producers of EU-LFS 
data:  data  collection  was  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 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 Portugal has been revised for the years 2019 and 
2020  due  to  access  to  more  detailed  information  from  the  tax  and  customs  authority.  The 
index  for  Finland  has  been  revised  between  2015  and  2020  due  to  improvements  in  data 
sources, in the calculation of weights for new and existing dwellings and in the calculation 
formula. Greece does not provide official data to Eurostat in this domain. 

General Government Gross Debt data notified for the years 2018 to 2021 were released on 
21 October 2022 within the EDP notification. For more information  on the main revisions 
between April 2022 and October 2022 notifications, please see the latest EDP news release. 
Timeliness and availability of general government gross debt data remained excellent.  

4 More information on the page: EU-LFS correction for breaks in time series 

12 

 
 
                                                           
Concerning  auxiliary  indicators,  in  the  domain  of  Income  and  Living  Conditions  (EU-
SILC), following a request of the ISG group of the Council’s Social Protection Committee, 
Eurostat has modified the definition of the “At risk of poverty or social exclusion” (AROPE) 
indicator.  Two  of  its  components  have  slightly  changed,  according  to  the  new  EU  2030 
target: the severe material and social deprivation rate, and the low work intensity indicator. 
The revision allows to better measure deprivation, based on a revised list of items, as well as 
to better account for the social exclusion situation of people in the working age (aged 18 to 
64  instead  of  18  to  59).  This  change  impacts  on  three  MIP  auxiliary  indicators:  People  at 
risk  of  poverty  or  social  exclusion,  Severely  materially  and  socially  deprived  people,  and 
People living in households with very low work intensity. Finally, with the entry into force 
of the Regulation  (EU) 2019/1700,  timeliness improved and data are now available for all 
countries  for  the  most  recent  years.  However,  due  to  the  new  definition,  time  series  are 
shorter5. 

THE MIP QUALITY FRAMEWORK  

The  credibility  of  the  MIP  and  its  smooth  implementation  critically  depends  on  the 
availability and quality of the MIP underlying statistics. The statistics used in the procedure 
must 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 2021, the Economic and Financial Affairs Council (ECOFIN)6 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  webpage7  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 eighth report was 
published on 8 July 2022 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. 

5 Historical data according to the previous definition can be found on Eurostat website at the following links: People at 
risk of poverty or social exclusion, ilc_peps01, Severely materially deprived people - % of total population ilc_mddd11, 
People living in households with very low work intensity - % of total population aged 0-59 ilc_lvhl11. Those data will 
not be any more updated and are not relevant in the context of the current MIP exercise  
6 Council conclusions of ECOFIN Council meeting on 6 November 2020 - 
https://data.consilium.europa.eu/doc/document/ST-12693-2020-INIT/en/pdf 
7 https://ec.europa.eu/eurostat/web/macroeconomic-imbalances-procedure/quality 

13 

 
 
                                                           
  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 accounts8, 
the fifth annual Eurostat quality report was published on 17 December 20219, and covered 
data  transmissions  in  2020  in  line  with  the  ESA  2010  transmission  programme.  The  sixth 
quality report, based on 2021 data, is close to completion. The Eurostat quality report also 
explicitly covers data underlying the MIP indicators. From 2021 onwards, the complete set 
of quality indicators was applied for the assessment of data transmissions, in  line with  the 
requirements  of 
implementing  regulation.  An  overview  on  ESA  2010 
implementation  and  quality  is  available  on  the  Eurostat  website10.  After  the  expiration  of 
ESA  2010  derogations,  Eurostat  is  closely  monitoring  remaining  compliance  gaps  and 
encouraging countries to address them urgently. 

the  2016 

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 to a great extent harmonized.  

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 website11. 

  Level 3: 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  website12;  in  particular, 
Financial Accounts reports were updated in 2021 and 2022 for most countries.  

8 http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2016.345.01.0027.01.ENG 
Commission  Implementing  Regulation  (EU)  2016/2304  of  19  December  2016  on  the  modalities,  structure, 
periodicity and assessment indicators of the quality reports on data transmitted pursuant to Regulation (EU) No 
549/2013 of the European Parliament and of the Council, OJ L 345, 20.12.2016, p. 27-36. 
9 Quality report on national and regional accounts - 2020 data - 2021 edition (europa.eu) 
10 ESA 2010 implementation and data quality - ESA 2010 - Eurostat (europa.eu)  
11 https://ec.europa.eu/info/files/report-quality-sources-and-methods_en  
12 https://www.cmfb.org/main-topics/mip-quality 

14 

 
 
                                                           
Moreover,  joint  ECB-Eurostat  visits  to  Member  States  have  taken  place,  focusing  on 
Balance  of  Payments  and  Financial  Accounts.  The  last  visited  country  was  Finland  in 
January 2022. A visit to Cyprus is already planned for 2023. 

The rest of this document presents the 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. 

15 

 
 
 
 
 
 
 
 
 
 
 
 
Chapter 1: Tables by year - Headline indicators 
Table 1.1: MIP Scoreboard 2021 

16 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE0.5 59.9 0.6 2.4 5.4p4.5 3.8p169.0p109.2 5.9 7.5 1.1 0.0 2.2 BG0.5 -18.4 3.8 12.2 16.4 2.5p4.4 84.4 23.9 5.5 9.5 0.6 -1.0 -0.1 CZ0.5 -15.6 5.0 -1.1 13.9 16.4 2.9 78.8 42.0 2.5 7.9 0.0 0.1 1.5 DK8.5 77.0 -1.1 6.5 6.1 9.5 12.3 214.7 36.6 5.2 11.7 1.4 0.0 0.3 DE7.3 70.7 0.5 -5.9 7.4p8.2p5.7p120.4p68.6 3.4b7.2 1.2 -0.2 0.3 EE-0.1 -13.0 1.9 17.8 10.7 10.4 6.5 95.3 17.6 5.9 17.5 -0.2 0.3 4.7 IE-4.2 -145.5 -2.6 39.9 -7.9 4.2 2.6p168.1p55.4 5.7 18.8p1.8 -0.3 0.7 EL-5.0 -171.9 -3.1 9.6 4.0p6.4e-0.1p120.7p194.5 16.7 14.3 -0.8 -3.3 -5.7 ES1.2 -71.5 -0.5 -10.5 12.3p1.5 2.5p139.1p118.3 14.8d6.6 0.0d-0.2d0.5dFR-0.3 -32.1 -0.4 -11.4 4.6p4.7 6.5p167.8p112.8 8.1d7.3p0.2d-0.2d-3.1dHR1.8 -35.1 -1.5 7.9 6.4p4.5 3.0p88.5p78.4 7.2 11.7 2.4 -0.6 -1.8 IT3.4 8.1 -1.8 -6.2 4.6 0.9 3.3 113.5 150.3 9.6 6.2 -1.1 -1.1 -2.5 CY-7.5 -117.8 -2.4 24.9 4.1p-4.3 4.3p248.4p101.0 7.4 -0.8 1.7 -0.1 -3.1 LV-0.7 -27.4 2.3 13.4 14.5 7.3 0.9 58.0 43.6 7.3 13.2 -1.8 -1.1 2.6 LT4.0 -7.4 4.4 37.9 19.2 11.0 5.9 53.9 43.7 7.3 25.2 0.9 0.6 3.2 LU4.2 30.6 0.6 13.1 11.2p12.4 53.9p340.6p24.5 5.9 11.4 2.1 0.4 2.7 HU-1.9 -53.1 -4.1 0.0 12.4p10.0p12.7p80.5p76.8 3.8 16.4 2.1 -0.1 3.6 MT-0.8 52.8 -1.2 -0.9 12.9 3.8p9.4 131.8 56.3 3.8 7.7 3.5 -0.9 0.3 NL6.4 93.0 2.2 1.1 11.2p11.2p11.7p229.3p52.4 4.5 -0.3p1.0 -0.4 0.4 AT1.9 14.7 1.2 -2.7 9.9 9.9 7.4 129.7 82.3 5.7 8.0 0.1 0.3 1.0 PL0.3 -39.5 -0.4 24.9 9.9b3.7 4.0 71.6 53.8 3.3 13.6 3.4 -0.1 0.1 PT-0.6 -94.7 -2.8 -5.3 12.5p7.9 4.0p156.9p125.5 6.8 7.1 0.7 -0.3 3.1 RO-5.7 -47.2 1.0 10.6 14.4p-1.1 3.8p48.1p48.9 5.5 14.3 3.2 -0.2 0.5 SI5.8 -6.8 -0.4 11.6 12.8 7.8 3.5 66.4 74.5 4.7 14.1 0.6 -0.3 3.9 SK-1.8 -61.0 3.1 -2.9 14.1 3.0 5.5 95.0 62.2 6.4 24.0 0.2 -0.8 4.8 FI0.3 -1.4 -0.7 4.9 6.0 2.8 6.1 150.1 72.4 7.4 9.4 1.8 -0.2 -0.2 SE5.6 21.2 2.1 -1.0 5.5 8.1 16.6 215.2 36.3 8.1 10.9 0.6b0.2 7.9 Year2021External imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. d:Definition differs. e:Estimated. p:Provisional. 1)Foremploymentindicators,seepage2oftheAMR2016.2)Housepriceindexe=estimatebyNCBforEL.3)Employmentindicators,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonce COVID-19 health measures allow it.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 1.2: MIP Scoreboard 2020   

17 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE0.1 47.0 2.5 10.1 7.1p3.3 -3.3p180.9p112.0 5.8 8.8 0.4b-1.0 -3.5 BG0.9 -26.1 7.1 15.7 19.9 5.2 3.6 92.5 24.5 5.8 10.6 0.9 -1.2 1.3 CZ0.9 -16.3 5.6 8.1 18.7 5.4 0.6 81.7 37.7 2.3 4.8 0.5 -0.4 0.1 DK7.9 70.0 0.9 10.6 6.7 4.7 5.0 221.3 42.2 5.2 5.6 1.1b-0.3 -0.8 DE7.5 64.1 2.4 0.9 10.3p7.1 6.4p121.2p68.0 3.3b11.4 0.3b-0.4b0.8bEE0.8 -21.9 5.3 16.4 15.7 7.0 3.0 101.4 18.5 5.6 17.9 0.4 -0.8 6.2 IE-7.2 -177.0 -1.2 51.5 -6.3 -0.5 -3.6p187.3p58.4 5.6 7.4p-1.8 -1.6 1.4 EL-3.7 -173.8 0.4 -10.7 6.2p5.7e5.1p124.9p206.3 18.4 27.5 -2.9 -3.8 -6.5 ES1.5 -85.7 1.1 -7.2 14.3p2.2 4.7p148.1p120.4 15.0 9.8 -1.7 -2.7 -0.3 FR-0.7 -30.7 2.7 -8.5 5.0p4.1 13.5p175.0p115.0 8.5 11.3 -0.4 -1.0 -2.0 HR1.3 -48.1 0.5 -1.3 13.7p7.3 1.3p98.0p87.0 7.5 7.3 0.7 -2.5 -6.3 IT3.3 1.4 0.6 -2.9 6.6 1.8 4.0 118.5 154.9 9.9 7.3 -1.8 -1.8 -4.8 CY-6.5 -134.5 0.1 38.9 6.9 0.7 -1.2 269.8 113.5 7.7 -7.1 1.9 -2.4 -6.5 LV0.6 -34.1 5.9 19.7 16.1 2.7 -1.9 64.7 42.0 7.3 10.8 1.1 -1.2 -2.1 LT3.7 -15.6 6.9 38.7 17.4 6.1 0.3 54.4 46.3 7.0 28.5 2.6 -0.2 6.3 LU3.9 55.7 1.5 17.6 13.0 13.1 42.9 320.3 24.5 6.0 -2.6 2.0 -0.4 7.8 HU-0.5 -52.2 -4.9 7.4 13.7 1.5 8.1 76.8 79.3 3.7 55.0 2.0 -0.5 2.0 MT2.8 51.0 2.1 12.5 19.6 2.2 6.6 138.6 53.3 3.9 1.7 4.9 -0.9 0.3 NL7.1 113.0 3.8 6.8 14.4p6.2 -0.7p233.1p54.7 4.7 1.4p1.2 -1.0 0.2 AT2.1 11.5 3.2 5.4 12.0 6.1 4.4 130.4 82.9 5.3 11.4 -0.4 -0.6 1.2 PL0.1 -43.9 1.1 33.6 14.0 6.7 1.8 76.1 57.2 3.5 11.6 1.4 -0.9 -4.0 PT0.0 -104.6 0.0 -1.5 15.6 8.1 4.4 163.7 134.9 7.0 6.6 0.0 -2.3 -1.4 RO-4.8 -47.6 3.4 19.9 20.7 2.3 1.3 48.0 46.9 5.4 13.4 2.3 -0.6 -1.4 SI6.5 -15.6 1.9 19.5 14.5 5.2 -0.9 69.5 79.6 4.8 14.0 0.2 -1.2 3.0 SK-1.7 -64.8 5.3 7.4 15.4 7.2 2.5 94.5 58.9 6.3 10.2 0.4 -2.2 0.4 FI-0.5 -4.0 2.3 11.6 5.3 1.3 6.1 152.6 74.8 7.3 8.0 1.5 -1.1 1.0 SE4.7 9.4 -4.8 3.1 8.7 3.3 14.4 212.8 39.5 7.3b10.7 0.0 -0.2 6.3 Year2020External imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. p:Provisional. 1)Foremploymentindicators,seepage2oftheAMR2016.2)Housepriceindexe=estimatebyNCBforEL.3)LabourForceSurveyindicators,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfrom LFS micro-data, but based on a larger sample including additional data from other integrated household surveys.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
Table 1.3: MIP Scoreboard 2019   

18 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE0.0 40.9 2.7 -2.3 4.8 2.5 4.7 178.3 97.6 6.2b5.8 1.4 -1.6 -5.8 BG2.0 -30.2 4.6 15.1 20.4 3.9 5.6 90.7 20.0 6.2 5.2 4.5 -2.1 -8.3 CZ0.8 -19.8 8.7 4.8 14.5 6.2 1.4 78.6 30.0 2.4 4.6 1.7 -1.1 -4.9 DK7.9 77.7 -0.2 1.7 3.4 1.4 10.5 221.2 33.7 5.3b13.4 1.6b-0.4 -2.1 DE7.8 58.5 2.0 -1.2 8.1p4.4 6.4p112.7p58.9 3.3 7.3 1.3 -0.5 -1.3 EE1.8 -22.6 6.1 1.7 15.8 4.4 3.4 98.9 8.5 5.2 11.6 1.3 -1.3 -2.4 IE-4.7 -193.4 -1.4 73.1 -3.9 0.5 -9.6p209.3p57.0 5.8 15.4p0.6 -2.6 -4.3 EL-2.1 -154.1 0.5 3.2 -1.1 7.2e-1.0 110.3 180.6 19.8 11.6 0.3 -4.1 -10.7 ES2.3 -73.7 1.7 2.3 5.7 4.1 1.5 129.3 98.2 15.5 1.6 -0.4 -4.2 -11.9 FR-0.4 -24.6 1.6 -0.7 0.9p2.5 8.4p153.1p97.4 8.9 6.0b0.3 -0.8 -5.3 HR2.6 -47.0 1.5 22.0 2.8 7.8 1.1 88.3 71.0 8.8 6.8 0.9 -4.2 -14.7 IT2.9 -1.2 0.2 -2.4 3.2 -0.7 0.3 106.0 134.1 10.6 4.7 0.9 -1.2 -8.5 CY-4.9 -115.4 0.0 25.3 5.2 3.4 -0.5 265.5 90.4 8.9 7.5 2.6 -3.7 -12.5 LV0.2 -40.3 3.8 3.3 15.3 5.8 1.1 66.2 36.5 7.5 4.6 1.1 -1.7 -4.8 LT1.5 -23.5 3.8 16.4 16.6 4.5 2.6 55.2 35.8 6.5 6.2 2.5 -1.1 -2.6 LU4.0 67.8 2.0 7.0 14.7 8.3 24.9 310.8 22.4 5.6 3.7 2.0 -0.9 -1.9 HU0.5 -49.8 0.4 5.0 11.5 11.8 4.2 67.3 65.3 3.6 36.8 2.6 -1.2 -1.5 MT5.7 53.5 1.8 20.0 7.2 4.2 12.7 124.1 40.7 3.8 7.5 5.3 -1.5 -1.4 NL8.4 89.6 2.4 -0.3 6.0 4.6 -0.3 229.9 48.5 5.1 7.9 1.2 -1.4 -3.6 AT1.6 14.4 2.1 1.2 5.6 4.0 5.1 121.5 70.6 5.3 3.6 0.7 -1.0 -2.9 PL-1.1 -48.8 2.8 22.0 8.0 6.4 3.6 74.2 45.7 4.1 4.3 2.1 -1.5 -7.9 PT0.8 -100.0 -0.3 8.3 8.5 9.0 2.6 149.5 116.6 7.7 -0.2 2.2 -3.6 -9.7 RO-4.2 -43.4 0.2 17.4 24.0 -1.9 2.0 46.5 35.1 5.4 10.3 3.1 -1.4 -4.9 SI6.0 -16.2 1.0 15.8 8.0 5.3 0.8 68.6 65.4 5.4 9.9 3.5 -2.4 -7.2 SK-2.5 -65.6 2.6 1.3 14.2 6.2 4.5 91.0 48.0 6.8 5.8 0.8 -2.9 -6.3 FI-1.0 4.0 0.1 3.1 1.3 -0.6 6.6 146.1 64.9 7.7 7.8 2.3 -1.4 -2.8 SE3.7 13.2 -8.3 -2.9 7.2 0.4 9.7 200.0 35.2 6.8b11.5 0.8 -0.5 1.1 1) For employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB for EL. 3) Unemployment rate, b = change in the survey methodology for BE; b = data collection improvement, introduction of CAWI (computer-assisted web interviewing) technique for DK.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2019External imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. p:Provisional.  
 
 
 
 
 
Table 1.4: MIP Scoreboard 2018   

19 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE0.1 34.3 7.0 -1.3 4.0 0.8 -1.5 180.1 99.9 7.0b-3.9 0.9 -1.4 -6.5 BG2.4 -37.0 4.2 13.0 20.5 4.1 3.9 94.9 22.1 7.3 6.6 2.2 -2.5 -8.8 CZ1.3 -24.4 11.0 11.0 13.1 5.9 6.8 83.0 32.1 3.0 3.4 2.6 -1.7 -5.9 DK7.7 64.0 2.6 -0.1 1.2 3.7 4.8 215.3 34.0 5.6b-0.3 1.3 -0.6 -1.7 DE8.1 52.3 5.3 3.2 6.0 5.1 6.2 109.6 61.3 3.6 3.2 1.1 -0.6 -1.1 EE1.5 -29.9 7.6 -0.1 14.2 2.3 4.6 101.2 8.2 6.0 6.6 2.3 -1.1 -2.3 IE0.5 -183.3 2.3 78.4 -1.3 8.3 -8.8p230.7p63.0 7.0 5.2p0.8 -3.2 -6.4 EL-2.2 -148.6 3.8 6.3 -1.0 1.7e-0.8 119.1 186.4 21.8 -4.7 0.4 -3.9 -9.1 ES2.6 -79.1 4.2 4.3 1.0 5.2 0.0 133.1 100.4 17.4 -1.3 -0.6 -5.0 -14.0 FR-0.7 -19.3 4.5 0.5 2.4 1.2 8.2 148.4 97.8 9.5 1.8b0.6 -0.6 -4.1 HR2.4 -56.0 4.2 22.2 -0.1 4.6 2.2 92.1 73.2 10.9 4.5 -0.6 -6.8 -18.6 IT2.6 -5.0 3.4 -0.2 2.3 -1.5 2.0 107.8 134.4 11.2 0.1 1.8 -0.9 -8.1 CY-4.4 -125.2 2.0 21.8 -0.4 0.5 11.4 281.8 98.1 10.8 -1.8 1.1 -4.1 -12.6 LV0.9 -45.4 5.1 8.4 14.7 6.4 -0.2 69.8 37.0 8.6 -3.5 1.9 -1.5 -4.1 LT-0.1 -30.2 6.6 2.9 16.4 4.5 4.3 56.1 33.7 7.1 8.2 3.2 -1.9 -5.2 LU4.4 61.1 3.3 11.6 9.9 5.1 6.0 280.6 20.9 5.8 -0.6 0.2b-0.5 -3.1 HU2.2 -50.7 2.0 8.2 12.3 10.7 4.3 68.7 69.1 4.2 -9.1 3.6 -1.6 -7.2 MT3.9 55.5 4.5 18.9 10.1 5.0 6.2 121.4 43.7 4.1 2.7 5.9 -0.9 -2.5 NL8.5 73.1 3.3 1.5 3.7 7.1 5.2 241.3 52.4 5.9 -2.8 0.6 -1.5 -3.6 AT1.7 6.0 4.8 2.7 5.0 2.6 4.8 122.9 74.1 5.9 -1.0 1.3 -0.3 -1.3 PL-1.4 -54.7 0.1 22.2 6.6 5.0 3.8 76.7 48.7 5.1 3.3 2.6 -2.0 -9.2 PT1.0 -106.4 3.3 8.5 6.3 8.6 0.8 155.1 121.5 9.3 0.4 2.2 -4.3 -11.7 RO-3.1 -43.4 -0.7 23.4 28.7 1.7 1.9 47.1 34.5 6.2 3.4 2.5 -1.4 -6.8 SI5.6 -18.9 2.0 19.4 5.7 6.6 1.3 72.5 70.3 6.6 4.1 3.2 -2.5 -7.5 SK-2.3 -69.4 2.5 2.0 11.3 4.9 6.2 90.5 49.4 8.1 9.6 1.5 -4.1 -11.9 FI-1.5 -5.6 2.9 -4.2 -2.0 -0.4 4.3 143.9 64.9 8.4 20.1 2.2 -0.9 -5.2 SE2.7 8.1 -4.0 -6.8 8.1 -3.3 8.9 195.0 39.2 6.8b-1.3 0.9b-0.6b-2.9bYear2018External imbalances and competitivenessInternal imbalancesFigures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. p:Provisional. 1)Foremploymentindicators,seepage2oftheAMR2016.2)Housepriceindexe=estimatebyNCBforEL.3)InTotalfinancialsectorliabilities,theincreaseforFIislargelyexplainedbyinternationalgroupchangesinthedeposit-takingcorporationssector.4)Unemploymentrate,b=changeinthesurveymethodologyforBE;b=data collection improvement, introduction of CAWI (computer-assisted web interviewing) technique for DK.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Employment indicators¹ 
 
 
 
 
 
Table 1.5: MIP Scoreboard 2017   

20 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE0.9 56.0 0.9 1.6 1.4 1.7 0.8 185.5 102.0 7.9b1.3 0.2b-0.8b-4.0bBG2.1 -43.0 -3.3 20.1 15.8 3.9 4.5 98.6 25.1 8.6 7.1 2.3 -3.5 -10.8 CZ1.3 -24.9 5.3 8.3 5.7 9.1 6.0 80.3 34.2 4.0 28.3 2.4 -1.7 -8.0 DK8.0 55.4 -2.1 1.5 0.9 3.5 2.0 216.7 35.9 6.0b2.5 1.3b-0.5b-1.8bDE8.3 44.2 -2.0 5.7 4.9 4.6 4.1 107.1 64.6 4.0 4.1 0.5 -0.7 -1.1 EE1.8 -33.0 3.0 1.7 12.3 1.1 4.2 106.2 9.1 6.3 12.3 3.3 -1.3 -2.8 IE0.2 -166.9 -6.3 70.9 -13.9 9.3 0.3 249.1 67.6 8.3 4.2 0.8 -3.6 -9.0 EL-1.5 -143.4 -3.0 -0.6 -3.3 -1.4e-1.2 120.4 179.5 23.6 -13.0 0.9 -3.2 -8.5 ES2.7 -85.5 -2.6 9.5 -0.6 4.6 0.7 139.2 101.8 19.6 4.4 -0.3 -5.2 -14.6 FR-0.5 -20.1 -3.0 2.5 1.7 2.3 7.1 145.0 98.1 9.9 4.3 0.4 -0.2 -2.2 HR2.9 -64.5 0.1 22.8 -4.0 2.9 1.5 96.3 76.5 13.5 3.9 0.3 -5.5 -18.1 IT2.3 -7.3 -3.1 0.6 1.2 -2.1 1.2 109.4 134.2 11.7 1.9 1.7 -1.3 -8.1 CY-3.2 -135.7 -6.4 21.1 -4.6 1.2 7.5 303.6 92.6 13.0 0.8 -0.4 -3.2 -11.3 LV0.8 -51.5 1.7 7.3 14.2 5.3 2.8 75.7 38.9 9.4 6.2 2.5 -1.5 -2.6 LT-1.0 -37.3 2.6 3.5 16.3 5.2 4.5 56.2 39.1 8.0 13.9 2.2 -2.1 -6.0 LU4.8 80.6 -1.0 23.6 6.0 3.3 -5.0 281.2 21.8 6.2b0.9 -0.6 0.5 -7.2 HU2.9 -54.4 0.0 10.2 9.3 8.6 0.6 69.9 72.1 5.2 -7.1 4.3 -2.0 -9.6 MT2.7 56.6 -2.5 24.1 6.7 4.3 6.0 124.3 47.8 4.7 7.4 4.4 -0.9 -1.1 NL7.1 61.5 -1.8 1.3 0.1 6.1 3.5 247.6 57.0 6.9 0.5 0.7 -1.0 -3.4 AT1.9 4.3 0.2 2.2 4.3 3.4 3.6 122.3 78.5 6.2 4.4 1.1 0.4 -0.5 PL-1.1 -60.3 -3.5 23.6 4.0 2.0 3.1 77.3 50.8 6.3 4.6 2.3 -2.4 -9.2 PT0.9 -110.4 -0.8 13.9 2.8 7.6 2.9 163.0 126.1 11.2 1.3 2.0 -4.1 -10.9 RO-1.8 -47.8 -5.6 38.0 17.6 3.3 1.7 51.3 35.3 7.2 8.2 3.0 -1.0 -7.0 SI4.9 -24.2 -2.0 17.8 3.6 6.6 0.9 76.1 74.2 7.9 5.3 3.2 -2.2 -9.2 SK-2.2 -68.2 -2.0 4.9 7.8 4.4 5.0 89.8 51.5 9.7 16.6 1.9 -4.8 -11.0 FI-1.2 1.2 -2.6 -5.3 -3.7 0.1 8.3 147.7 66.0 9.0 -4.1 1.2 0.2 -0.5 SE2.9 -0.9 -5.5 -5.7 4.0 4.8 13.2 198.7 41.0 7.2 6.9 1.0 -0.3 -5.1 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. 1) For employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB for EL. 3) Labour Force Survey indicators, b = change in the survey methodology for BE; b = data collection improvement, introduction of CAWI (computer-assisted web interviewing) technique for DK.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2017External imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
Table 1.6: MIP Scoreboard 2016   

21 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE0.9 54.5 -0.4 -5.2 -0.7 1.1 23.7 193.4 105.0 8.4 2.7 0.1 0.2 -3.6 BG1.4 -47.5 -4.7 9.2 11.0 5.3 2.9 103.9 29.1 10.4 9.5 0.4 -2.9 -11.1 CZ0.8 -27.2 -3.7 2.5 3.3 6.8 6.2 80.4 36.6 5.1 16.8 2.1 -1.3 -8.5 DK8.3 52.6 -1.7 -3.1 1.3 5.1 3.1b222.4b37.2 6.4b15.4b0.9b-0.6b-2.6bDE8.1 39.2 -2.1 1.9 5.2 6.7 4.6 107.2 69.0 4.3 5.4 0.3 -0.6 -0.8 EE1.2 -39.5 4.4 -0.9 12.6 3.7 6.4 111.9 10.0 6.8 8.9 2.1 -1.6 -4.6 IE0.4 -172.6 -7.1 58.3 -15.6 6.8 -14.7 284.1 74.3 10.1 1.5 0.8 -3.7 -9.9 EL-1.1 -139.1 -4.0 -10.0 -4.7 -1.5e-2.2 127.0 180.5 25.2 -10.3 0.8 -1.3 -11.0 ES2.3 -85.4 -4.3 2.7 -1.2 4.5 -0.4 147.7 102.7 22.1 2.0 -0.1 -3.5 -11.1 FR-0.6 -13.0 -3.2 1.0 1.7 0.8 6.2 143.2 98.0 10.2 4.9 0.5 0.2 -0.4 HR1.9 -72.1 0.0 9.2 -5.5 2.0 -0.2 102.7 79.7 15.5 3.4 1.9 -4.4 -18.7 IT2.0 -12.0 -3.4 -4.2 1.5 0.2 0.0 112.1 134.8 12.2 3.3 1.9 -0.3 -2.3 CY-2.9 -133.2 -7.4 7.8 -9.3 2.2 12.0 326.6 102.6 14.7 -0.2 -0.2 -0.3 -9.8 LV-0.2 -54.3 4.8 9.2 14.9 7.2 2.5 78.3 40.3 10.2 4.7 2.4 -1.9 -5.7 LT0.0 -42.8 5.3 -1.5 15.0 4.4 4.4 56.6 39.7 9.2 15.8 3.1 -2.1 -7.4 LU4.8 55.5 -1.5 25.7 2.6 5.2 3.1 298.7 19.6 6.3b5.0 0.1 0.4 3.4 HU2.7 -59.1 -5.2 -2.3 5.6 12.3 -3.2 76.8 74.9 6.4 19.5 5.4 -2.5 -13.4 MT2.6 47.8 -2.9 17.7 6.3 4.5 10.7 134.2 54.7 5.3 3.7 4.3 -1.1 -2.0 NL6.9 62.6 -2.3 -3.1 -0.3 4.4 3.6 257.8 61.9 7.8 7.4 0.3 0.0 -2.1 AT2.3 4.1 0.9 -3.0 5.5 7.0 3.3 123.3 82.8 6.2 -3.5 0.8 0.8 1.7 PL-1.7 -66.2 -5.1 13.6 2.4 2.7 4.9 82.3 54.5 7.7 9.2 2.4 -2.3 -9.8 PT0.5 -110.5 -1.8 5.0 -0.5 6.1 -1.8 169.3 131.5 13.0 -0.4 1.5 -3.3 -10.3 RO-0.9 -50.0 -2.6 24.5 11.3 5.2 0.6 54.6 37.9 8.1 7.0 2.3 -0.5 -3.7 SI4.6 -28.8 -0.6 3.2 1.3 3.6 -0.8 81.0 78.5 8.9 3.4 1.1 -0.9 -6.3 SK-1.2 -66.6 -1.6 7.1 4.0 7.0 9.2 87.9 52.3 11.4 8.6 2.1 -4.8 -11.5 FI-1.4 5.5 0.4 -15.9 0.3 1.1 1.3 148.1 68.0 9.0 3.8 0.6 0.8 -0.1 SE3.3 -3.5 -9.2 -9.5 3.0 7.3 8.4 192.5 42.3 7.6 8.7 1.0 -0.3 -4.6 Year2016External imbalances and competitivenessFigures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. 1)Foremploymentindicators,seepage2oftheAMR2016.2)Housepriceindexe=estimatebyNCBforEL.3)Privatesectordebt:thedeclineforIErelativeto2015predominantlyreflectsrestructuringandre-domicilingactivitiesoflargemultinationalcompanies.4)LabourForceSurveyindicators,b=datacollectionimprovement,introduction of CAWI (computer-assisted web interviewing) technique for DK.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Internal imbalancesEmployment indicators¹ 
 
 
 
 
 
Table 1.7: MIP Scoreboard 2015   

22 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE1.0 45.2 -1.7 -13.7 0.4 0.8 11.0 173.6 105.2 8.7 2.6 0.7 0.9 2.5 BG0.8 -61.5 -4.3 12.9 17.2 0.4b-3.8 108.7 25.9 12.1 9.6 2.2 -1.1 -6.5 CZ0.0 -32.9 -8.2 -2.0 0.6 4.0 -0.4 78.2 39.7 6.1 7.9 2.4 -0.6 -6.9 DK8.3 30.8 -1.7 -8.6 2.2 6.6 2.9 211.4 39.8 6.9 -0.9 -0.3 -0.5 -3.6 DE7.5 34.6 -1.5 -3.3 6.2 4.1 2.9 106.3 71.9 4.7 3.1 0.4 -0.4 -0.9 EE0.9 -40.2 5.8 7.1 15.0 7.3 2.3 113.3 10.1 7.4 7.5 1.4 -3.0 -6.4 IE2.3 -198.3 -6.4 37.6 -18.6 10.9 -2.2 303.8 76.7 11.9 9.5 0.9 -3.9 -10.6 EL-1.0 -136.1 -5.6 -14.1 -11.0 -3.8e-3.1 129.1 176.7 26.5 6.3 0.4 3.3 -5.6 ES1.9 -88.9 -3.2 -3.4 -1.2 3.7 -2.0 155.7 103.3 24.2 -1.5 0.0 0.4 -4.6 FR-0.6 -12.9 -2.9 -3.8 2.3 -1.6 4.6 142.8 95.6 10.3 2.2 0.8 0.5 0.3 HR0.8 -78.8 0.1 -6.0 -6.1 -2.6 -1.5 110.5 83.2 16.9 1.5 3.0 0.0 0.2 IT1.5 -19.3 -2.4 -9.8 2.0 -4.0 -1.3 116.0 135.3 12.4 1.4 0.8 1.4 5.0 CY-2.0 -153.5 -6.2 -4.9 -10.8 1.0b4.3 345.3 106.8 15.7 9.7 0.4 3.2 5.1 LV-1.6 -60.1 2.5 13.1 16.7 -2.8 -0.8 78.3 37.0 10.9 13.3 1.4 -3.7 -12.2 LT0.9 -43.8 4.2 6.3 11.8 4.7 2.6 55.2 42.5 10.5 7.1 2.3 -2.7 -10.4 LU4.9 63.3 -0.7 17.9 5.6 4.5 21.3 322.7 21.1 6.2b16.8 1.5b0.3b-1.5bHU2.3 -67.5 -7.2 -9.4 1.3 12.5 -2.5 83.8 75.8 8.0 0.4 4.8 -1.8 -10.7 MT2.8 36.1 -2.8 8.9 0.9 4.1 7.1 131.2 56.2 5.7 3.6 4.9 -1.1 -2.2 NL7.8 50.0 -0.9 -6.9 -0.4 3.4 0.0 261.5 64.6 8.2 4.0 0.6 1.0 -0.4 AT2.0 2.2 1.3 -9.3 6.4 3.4 2.1 124.0 84.9 5.9 -0.1 0.4 0.5 1.3 PL-2.0 -60.6 -1.4 5.1 0.4 1.9 3.6 79.1 51.3 9.2 2.9 2.0 -1.2 -5.8 PT0.7 -118.9 -3.1 0.7 0.2 2.2 -1.4 179.3 131.2 14.9 -1.4 1.0 -0.6 -6.1 RO-0.7 -54.7 2.7 21.3 3.9 1.7 0.2 58.0 37.8 8.7 4.1 2.3 -0.1 -0.9 SI4.1 -31.2 0.3 -5.0 -0.1 1.4 -5.0 87.4 82.6 9.6 -3.8 1.4 0.4 -4.4 SK0.3 -63.6 -1.2 3.9 2.5 5.5 5.0 80.2 51.7 12.9 10.4 1.6 -2.1 -7.6 FI-1.4 4.8 2.1 -23.2 3.3 -0.5b6.9 152.1 68.3 8.8 1.4 0.4 0.8 3.0 SE4.3 -6.6 -8.3 -10.5 2.5 12.0 7.5 190.9 43.7 8.0 1.8 1.5 0.0 -3.3 1)Foremploymentindicators,seepage2oftheAMR2016.2)InternationalinvestmentpositionofLUhasbeenreviseddownwardsfollowingtherevisedtreatmentofeurobanknotesinnationalBalanceofpayments/Internationalinvestmentpositionstatistics.3)Housepriceindexe=estimatebyNCBforEL;b=breakintimeseriesduetofullimplementationofharmonisedEUmethodologyforBGandCY;b=breakintimeseriesduetonewcalculationmethodforNewdwellings(apartments)forFI.4)Privatesectordebt:significantincreasesforIEduetore-domicilingoflargemultinationalcorporationsandmovementoflargepartsoftheirbalancesheets.5)Labour Force Survey indicators, b = change in sampling strategy and data collection technique for LU.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. Employment indicators¹Year2015External imbalances and competitivenessInternal imbalances 
 
 
 
 
 
Table 1.8: MIP Scoreboard 2014   

23 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE0.5 44.8 -0.6 -13.5 4.3 -1.3 -2.3 160.9 107.0 8.3 2.6 1.0 0.8 4.5 BG0.6 -71.9 -2.8 5.4 19.2 0.1 2.3 125.1 27.0 13.2 7.9 3.1b0.6 -1.3 CZ-0.6 -36.3 -10.0 -6.4 4.6 1.6 2.3 83.0 41.9 6.7 5.2 3.0b0.0 -2.2 DK7.7 43.3 -1.2 -16.1 2.3 3.1 -0.3 214.0 44.3 7.4 7.3 -1.2 -0.1 -2.2 DE7.0 29.0 -0.4 -9.7 7.4 2.2 0.2 107.1 75.3 4.9 5.3 0.5b-0.5 -0.8 EE-0.3 -47.0 4.8 20.3 14.7 12.9 6.3 116.9 10.6 8.6 12.6 0.7 -3.7 -7.4 IE-0.3 -164.5 -3.6 -14.8 -3.1 15.5 2.5 276.4 104.3 13.7 19.6 0.6 -2.2 -6.2 EL-1.9 -133.0 -5.6 -19.6 -8.5 -5.2e-3.1 132.4 180.3 26.4 -8.1 0.2 9.5 7.8 ES1.3 -95.9 -1.0 -11.7 -3.7 0.2 -7.1 167.4 105.1 25.1 0.1 0.3 4.0 7.0 FR-0.8 -15.6 -1.3 -14.7 4.4 -1.6 3.2 141.5 94.9 10.1 5.6 1.2 0.6 1.6 HR-0.9 -89.6 -0.8 -19.6 -6.9 -1.3 -0.2 115.8 83.8 16.9 1.0 2.0 1.7 8.8 IT0.9 -20.8 0.2 -15.7 2.6 -4.9 -0.3 119.8 135.4 12.1 0.9 1.9 3.6 13.5 CY-3.1 -163.1 -1.7 -20.3 -6.5 -1.1 -0.8 351.1 108.8 14.6 11.6 0.8 6.1 13.6 LV-2.7 -64.1 0.4 11.5 13.2 4.7 -4.6 82.2 41.6 12.6 10.9 1.8 -4.7 -11.4 LT1.2 -46.8 1.7 19.6 8.7 6.4 0.2 54.1 40.5 12.0 16.7 2.3 -3.2 -13.3 LU5.1 67.3 0.5 9.0 5.8 3.7 28.1 313.2 21.9 5.6 38.4 2.9 0.2 5.8 HU2.1 -80.1 -6.8 -17.0 6.1 2.8 -0.2 91.4 76.5 9.3 8.7 4.3 -1.5 -5.3 MT1.8 41.8 0.1 -12.7 2.3 2.0 6.6 140.2 62.1 6.0 6.0 6.0 -1.0 -1.6 NL9.5 48.0 0.7 -11.5 3.7 -0.1 4.2 266.0 67.9 7.8 8.0 0.9 1.3 2.4 AT2.0 3.4 1.9 -15.9 7.9 1.4 0.9 124.8 84.0 5.6 -0.8 0.9 0.4 1.5 PL-3.0 -68.8 -1.0 1.2 2.6 1.3 4.9 79.0 51.4 10.1 1.7 2.5 0.2 -1.9 PT0.1 -123.8 -1.8 -7.5 -2.9 4.0 -6.8 190.1 132.9 16.1 -7.3 0.1 2.2 4.5 RO-2.0 -57.0 -1.0 20.9 9.4 -3.2 -2.3 62.0 39.2 8.8 1.2 1.7 -0.2 0.6 SI3.2 -38.4 1.2 -13.2 0.1 -6.2 -4.7 97.9 80.3 9.6 -0.1 0.7 1.6 4.6 SK1.3 -63.4 1.2 1.7 3.0 1.5 5.0 78.8 53.5 13.7 9.4 1.6b0.0 -3.8 FI-1.7 -3.1 2.7 -27.5 7.6 -1.6 1.7 148.8 64.5 8.3 9.4 0.6 0.2 0.2 SE5.0 -3.7 -3.7 -10.1 7.4 8.3 4.5 193.1 45.0 8.1 12.6 1.6 0.0 0.2 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. 1) For employment indicators, see page 2 of the AMR 2016. 2) International investment position of LU has been revised downwards following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics. 3) House price index e = estimate by NCB for EL.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Internal imbalancesEmployment indicators¹Year2014External imbalances and competitiveness 
 
 
 
 
 
Table 1.9: MIP Scoreboard 2013   

24 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE-0.4 43.2 -0.2 -13.2 7.4 0.1 8.5 162.8 105.5 7.8 1.2 -0.1 -0.2 1.5 BG0.3 -73.3 -0.9 -0.4 16.2 -0.8 2.6 130.1 17.0 13.2b1.1 1.7b2.7 6.4 CZ-1.4 -40.9 -3.1 -10.0 4.3 -0.7 4.3 84.8 44.4 6.9b10.1 2.7 0.0 0.7 DK6.9 37.2 -2.5 -18.0 1.5 3.1 -3.0 216.1 44.0 7.7 1.8 -1.4 0.4 -0.8 DE6.6 24.7 -1.8 -13.2 6.0 1.7 2.7 114.9 78.3 5.2b-6.6 1.0b-0.9 -2.2 EE-0.1 -50.0 3.1 9.7 11.6 7.3 4.6 116.7 10.2 10.3 11.4 1.2 -3.7 -14.0 IE-1.2 -133.6 -3.8 -10.8 -1.4b-0.1 -0.7 266.2 119.9 14.9 2.1 0.2 1.0 -1.4 EL-4.6 -131.0 -4.4 -26.8 -4.4 -9.3e-4.1 133.4 178.2 23.6 -17.5 -0.3 11.5 25.6 ES-0.2 -92.8 -0.3 -10.5 -5.1 -10.0 -10.2 178.1 100.5 24.1 -10.7 0.8 5.7 14.0 FR-0.8 -16.6 -2.2 -14.4 4.6 -2.5 2.1 137.4 93.4 9.8 0.5 0.8 0.5 1.7 HR-1.6 -90.0 -3.9 -23.5 -5.0 -5.7 -0.6 115.6 80.1 15.7 2.7 -1.4 4.4 17.6 IT-0.6 -23.4 0.1 -20.6 2.9 -7.5 -2.8 122.0 132.5 10.6 -2.3 1.3 3.1 12.0 CY-2.5 -162.1 -0.8 -12.2 -0.7 -3.9 -12.1 340.2 103.7 11.9 -3.1 0.0 4.8 22.3 LV-3.3 -67.9 -1.7 5.6 9.6 6.4 -0.6 90.7 40.3 14.4 5.7 1.1 -3.4 -13.0 LT-1.2 -50.8 -0.6 10.8 6.1 0.4 -0.2 56.6 38.7 13.5 -1.3 2.2 -2.3 -13.8 LU5.3 61.5 0.8 7.0 9.9 3.4 26.4 296.8 22.4 5.3 10.3 1.7 0.5 1.3 HU1.9 -82.0 -3.8 -23.0 7.3 -4.2 -0.9 95.6 77.2 10.4 -1.2 2.7 -0.5 0.2 MT-0.8 25.9 -1.2 -0.9 9.3 -1.6 2.9 147.3 66.4 6.2 0.0 5.9 -0.6 -0.5 NL9.5 30.7 0.5 -11.6 4.8 -7.9 9.7 256.6 67.7 7.0 -1.6 1.5 1.2 1.8 AT1.7 1.3 0.7 -18.6 6.4 3.0 1.0 127.1 81.3 5.3 -3.2 1.1 0.1 0.2 PL-3.7 -68.8 -4.3 -2.5 3.5 -4.7 3.2 76.5 57.1 10.3 6.0 2.0b1.4 3.6 PT-2.0 -120.2 -0.6 -8.3 -3.8 -2.6 -2.3 201.6 131.4 15.8 -5.2 -0.3 3.4 10.3 RO-3.5 -63.6 0.5 13.9 0.9 -1.7 -1.5 67.2 37.8 8.9 0.8 0.5 0.9 1.6 SI1.3 -39.3 -0.6 -18.5 0.1 -7.2 -3.7 107.2 70.0 9.1 -10.1 -0.8 2.0 6.9 SK-0.7 -62.0 2.1 -4.3 3.4 -0.4 4.9 75.0 54.7 13.8b1.4 1.3 0.9 0.0 FI-1.8 3.0 0.2 -32.6 9.3 -1.3 3.0 147.0 60.6 8.1 -11.5 0.9 -0.4 -1.4 SE5.4 -17.2 5.1 -16.9 8.7 4.5 4.6 193.8 40.3 8.1 9.8 2.1 -0.2 -1.2 1) For employment indicators, see page 2 of the AMR 2016. 2) International investment position of LU has been revised downwards following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics. 3) House price index e = estimate by NCB for EL.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. Year2013External imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
Table 1.10: MIP Scoreboard 2012  

25 

Current account balance - % of GDP (3 year average)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change)Export market share - % of world exports(5 year % change)Nominal unit labour cost index (2015=100)(3 year % change)House price index (2015=100), deflated (1 year % change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (3 year average)Total financial sector liabilities, non-consolidated(1 year % change)Activity rate - % of total population aged 15-64(3 year change in pp)Long-term unemployment rate - % of active population aged 15-74(3 year change in pp)Youth unemployment rate - % of active population aged 15-24(3 year change in pp)Thresholds-4%/+6%-35%±5% (EA)±11% (Non-EA)-6%9% (EA) 12% (Non-EA)6%14%133%60%10%16.5%-0.2 pp0.5 pp2 ppBE-0.1 40.8 -4.3 -15.6 4.9 0.2 14.3 189.4 104.8 7.7 -5.1 0.0 -0.1 -2.0 BG-0.7 -77.3 -4.0 -1.1 10.9 -4.6 2.6 127.6 16.6 12.3b11.7 0.0 3.8 11.8 CZ-2.4 -45.6 0.5 -4.6 4.3 -3.5 3.1 81.8 44.2 7.0b5.0 1.5 1.0 2.9 DK6.5 36.1 -7.8 -17.8 -0.2 -4.9 7.9 224.0 44.9 7.8 2.5 -1.5 1.5 2.3 DE6.4 28.7 -9.0 -16.8 2.5 2.1 1.6 114.6 80.7 5.7b3.3 1.0 -1.0 -3.3 EE0.4 -51.1 -3.6 6.8 0.7 3.1 7.7 118.1 9.8 12.9 10.9 1.1 1.7 -6.5 IE-2.1 -137.4 -12.2 -18.4 -10.0b-14.4 -0.5 276.4 119.6 15.2 -1.1 -1.9 5.7 6.3 EL-7.5 -117.6 -5.0 -26.3 1.6b-12.5e-4.8 135.2 162.0 18.6 -2.1 -0.1 9.5 29.8 ES-2.1 -88.9 -5.3 -17.6 -5.0 -16.5 -11.1 188.6 90.0 22.0 -0.1 1.2 6.7 15.2 FR-0.8 -12.8 -7.8 -18.4 4.1 -1.9 4.2 138.3 90.6 9.4 1.4 0.5 0.6 0.8 HR-2.0 -90.5 -8.4 -25.8 -2.1 -4.6 -2.8 117.1 69.2 13.8 0.9 -1.7 5.1 16.9 IT-2.1 -23.0 -6.2 -25.8 2.0 -5.0 -0.9 124.7 126.5 9.3 7.1 1.2 2.3 9.9 CY-5.6 -140.7 -5.9 -19.1 3.3 -5.5 0.7 325.1 80.1 8.7 11.8 0.5 3.0 13.9 LV-1.8 -68.4 -8.6 8.2 -5.7 -0.3 -2.4 96.3 42.4 17.0 5.4 1.0 3.6 -4.9 LT-1.7 -54.4 -6.7 23.9 -4.3 -3.2 0.4 61.0 39.7 15.5 -0.6 2.2 3.3 -2.9 LU5.6 63.2 -2.4 -6.3 8.0 2.0 24.5 287.9 20.9 4.8 14.9 0.7 0.4 1.6 HU0.8 -91.7 -0.8 -23.3 7.0 -8.9 -5.9 101.7 78.2 10.7 -5.8 2.3 0.8 2.0 MT-2.8 19.1 -7.6 12.1 7.2 0.4 0.6 158.4 66.6 6.5 8.3 4.5 0.9 -0.7 NL8.6 26.7 -6.0 -12.9 2.6 -7.9 6.1 250.9 66.2 6.3 6.0 0.9 0.8 1.3 AT2.0 -3.2 -4.7 -21.8 3.8 4.8 1.2 128.2 81.9 5.1 0.4 0.8 0.1 -1.3 PL-4.8 -64.5 1.4 0.2 7.1b-6.4 4.9 74.2 54.8 10.1b9.1 2.3 1.6 5.8 PT-5.9 -119.3 -4.0 -17.4 -6.2 -8.7 -4.3 210.6 129.0 14.2 -3.5 0.2 3.3 12.8 RO-4.9 -64.6 -2.0 12.2 3.7 -8.9 0.3 68.9 35.4 8.9 4.8 3.5 1.1 3.4 SI-0.1 -44.0 -4.5 -20.9 0.1 -8.5 -2.8 112.2 53.6 8.1 -0.7 -1.6 2.5 7.0 SK-2.9 -60.4 -3.2 -10.4 -0.5 -5.9 1.8 70.8 51.7 13.9b1.1 1.0 3.3 6.8 FI-0.7 10.6 -8.3 -32.4 5.8 -0.4 7.2 147.7 57.7 8.2 -1.3 0.3 0.4 -2.2 SE5.6 -15.5 10.3 -19.6 4.1 0.7 2.3 191.0 37.5 8.3 5.6 1.5 0.6 -1.4 Year2012External imbalances and competitivenessFigures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. 1) For employment indicators, see page 2 of the AMR 2016. 2) International investment position of LU has been revised downwards following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics. 3) House price index e = estimate by NCB for EL.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Internal imbalancesEmployment indicators¹ 
 
 
 
 
 
Chapter 2: Tables by year - Auxiliary indicators used in the economic reading of the MIP scoreboard 
Table 2.1: Auxiliary indicators, 2021 

26 

Year2021Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE6.1p24.2pna0.6 37.3 4.0 166.7 -3.3p0.4 7.1 -1.2p1.0p4.2p1.6p-3.3 16.1 6.3p62.1 13.8pBG7.6 16.3 0.8p0.2 49.8 2.6 80.8 -3.4 2.3 17.4 8.2 0.7 7.4 4.8p54.2 20.5p2.8 24.9 8.0pCZ3.5 26.0 2.0p0.7 36.4 2.7 82.1 -2.5 4.5 3.4 0.8 -3.4 3.2 1.7p15.1 41.7 4.6 34.4 12.3pDK4.9 22.6 2.8p9.1 32.1 3.3 56.6 -0.5 -1.3 11.3 1.9 -2.3 2.3 1.8p-6.6 20.2 6.0 104.3 16.2pDE2.6p21.8p3.1p7.3 54.6 1.7 49.6 -1.9p0.6 -1.6 -1.6p-0.6p2.5p1.1p12.9 27.1p7.2p56.7 14.1pEE8.0 28.9 1.7p7.1 39.9 19.6 125.9 -0.3 1.4 23.2 1.4 9.6 7.9 1.1p21.7 30.5 4.9 37.8 9.4pIE13.6 23.3 1.3p15.1 -335.1 16.5 418.6 -1.2 -1.7 46.3 -4.4 3.8 7.1 2.4p-37.6 11.2 2.1 29.7p8.8pEL8.4p13.3p1.4p-4.6 -150.2 3.1 23.4 -3.1p-4.3 14.6 -5.2p13.8p5.6p8.6p-22.5 20.4e1.3p55.2 17.0pES5.5p19.8pna1.9 -39.7 3.0 76.4 -2.1p-0.7 -6.4 0.0p4.1p3.0p2.9p-8.5 11.5 5.4p58.4 15.8pFR6.8p24.2 2.2 0.8 -37.2 3.0 51.9 -1.7 -0.5 -7.4 -1.0 -1.5p4.2p1.9p-5.2 15.6 6.7p66.7p15.8pHR10.2p21.6p1.3p5.5 12.0 6.9 63.4 -2.5p-2.3 12.8 -1.8p23.0p8.9p4.2p-16.6 25.9 3.1p34.7 7.8pIT6.7 20.0 1.5p3.0 6.4 0.9 30.8 -2.5 -2.1 -1.9 -2.0 3.1 6.1 3.5p-6.1 4.5 4.8 43.4 14.3pCY6.6p19.5pna-6.4 -76.4 -123.3 1595.5 -4.4p-2.4 30.6 -1.6p3.3p5.3p5.6p-16.3 0.0 7.6p83.0 16.0pLV4.1 22.3 0.7p-2.8 18.9 9.5 67.1 -2.5 1.1 18.5 7.7 -4.4 6.8 2.1p35.8 25.0 2.2 19.4 10.3pLT6.0 21.4 1.1p2.6 22.2 4.5 55.5 -4.8 3.2 44.2 -4.3 6.7 4.7 1.2p30.7 33.0 3.0 23.6 15.7pLU5.1p16.5pna5.9 -4766.5 -269.1 5498.4 -2.8p0.6 18.2 2.0p-0.6p2.1p0.6p9.8 43.6 3.3p66.0 15.2pHU7.1p27.2p1.6 -1.5 -1.5 16.1 323.0 -4.4p-4.4 4.6 -2.2p0.0p6.0p3.2p14.9 43.0p3.9p21.0 10.8pMT10.3 22.1p0.7 -3.6 259.4 25.1 1481.5 -4.4 -1.2 3.6 1.6 -1.3 7.2 3.0p14.8 15.3p3.7p53.4 12.6pNL4.9p21.6pna7.3 26.0 -14.4 549.9 -1.5p2.4 5.7 -0.8p-5.1p2.8p1.4p1.6 32.8p5.5p100.4p16.3pAT4.6 26.5 3.2p0.4 -4.2 2.6 60.1 -2.4 1.1 1.7 -2.6 -0.7 2.5 1.8p7.2 28.1 5.3 52.1 11.7pPL6.8 17.0 1.4p-0.8 0.8 5.5 50.1 -2.0 -0.6 30.6 1.1 2.2 5.3b5.0p5.1 31.1 2.3 32.3 12.9pPT5.5p20.3p1.7p0.6 -36.1 3.1 85.6 -2.7p-3.0 -1.0 -0.5p3.2p3.5p3.6p2.3 30.9 3.8p66.4 12.0pRO5.1p24.1p0.5p-5.1 -6.5 4.1 46.6 -2.0p0.2 15.7 5.6p2.2p3.2p3.4p35.4 13.0 2.6p15.8 10.2pSI8.2 20.3 na3.9 9.7 3.4 43.3 -2.8 -1.0 16.7 -1.5 4.2 6.8 2.1p-0.4 24.5 2.4 26.4 9.6pSK3.0 18.9 1.0 -1.2 -14.7 0.8 66.5 -3.6 3.1 1.5 -2.6 0.3 3.6 2.0p11.9 27.2 3.9 47.8 10.4pFI3.0 23.7 3.0 0.7 15.8 8.0 51.6 -1.9 -1.0 9.7 1.3 -4.9 -0.3 1.2p-5.9 6.9 7.2 67.8 16.2pSE5.1 25.6 3.4 5.5 -2.0 9.2 91.7 -0.7 1.7 3.5 -0.1 -2.4 3.8 1.0p4.2 17.6 5.3 92.5 16.4pFlags:b:Break in series. e:Estimated. p:Provisional. 1) The official transmission deadline for 2021 data on Gross domestic expenditure on R&D is 31 October 2022 while data were extracted on 21 October 2022. 2) House price index e = estimate by NCB for EL.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 2.1 (continued): Auxiliary indicators, 2021 

27 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE1.9p69.7 2.6 18.2 7.4b-1.8b18.8 -1.7 12.7 -3.7 6.3 -0.2 11.9 -1.2 BG0.2 72.0 2.6 15.8 14.0b-1.0b31.7 -1.3 22.1 0.1 19.1 -3.2 8.4 -0.6 CZ0.4 76.6 0.8 8.2 6.5b0.9b10.7 -1.1 8.6 -1.0 1.8 -0.6 5.4 0.9 DK2.4 79.6 1.0 10.8 7.1b-0.6b17.3 -0.2 12.3 -0.4 3.1 -0.4 9.7 -0.3 DE0.1p78.7 1.2 6.9 7.5b1.6b20.7 2.2 15.8 -0.2 4.2 0.8 9.3 1.3 EE0.1 79.1 1.6 16.7 10.9b0.6b22.2 -1.4 20.6 -1.3 1.9 -1.2 5.1 -0.2 IE6.0 74.6 1.8 14.5 7.8b-2.3b20.0 -0.8 12.9 -2.0 5.1 -1.0 13.0 -0.2 EL2.7p67.3 9.2 35.5 11.0b-3.1b28.3 -2.0 19.6 1.1 13.9 -2.2 12.1 -1.5 ES2.5p73.7d6.2d34.8d11.0bd-1.4bd27.8 0.5 21.7 0.2 8.3 -0.4 11.6 0.8 FR2.5p73.0d2.3d18.9d10.6bd-0.5bd19.3 1.4 14.4 1.0 5.9 -0.8 10.7 3.2 HR1.2 68.7 2.8 21.9 12.7b-0.9b20.9 -1.2 19.2 -0.1 3.5 -2.6 7.5 -1.8 IT0.6 64.5 5.4 29.7 19.8b0.6b25.2p-0.5p20.1p-0.2p5.9p-0.6p10.8p0.1pCY1.3p76.7 2.6 17.1 12.8b-0.4b17.3 -1.8 13.8 -1.6 2.6 -1.2 5.8 -2.3 LV-2.6 75.8 2.3 14.8 8.6b0.8b26.1 -2.3 23.4 0.1 5.3 -5.1 6.6 -0.7 LT1.2 78.2 2.6 14.3 11.3b3.3b23.4 -5.1 20.0 -2.9 6.4 -5.6 7.8 -1.4 LU3.0p73.2 1.8 16.9 8.7b3.4b21.1b1.0b18.1b1.4b2.4b0.8b5.5b-2.3bHU1.0p76.2 1.3 13.5 10.6b-0.1b19.4 -1.2 12.7 -0.1 10.2 -1.7 5.3 -0.2 MT2.9 78.2 0.9 9.4 9.8b2.5b20.3 1.1 16.9 0.1 5.4 0.7 5.3 0.0 NL2.0p83.7 0.8 9.3 5.1b0.9b16.6 0.1 14.4 1.1 2.1 -0.5 8.6 0.2 AT2.0 77.2 2.0 11.0 8.5b1.7b17.3 0.5 14.7 0.4 1.8 -1.0 7.4 1.0 PL1.5b72.8 0.9 11.9 11.2b2.5b16.8p-1.4p14.8p0.0p2.9p-1.6p4.2p-1.5pPT1.9p75.2 2.9 23.4 7.6b-0.8b22.4 0.8 18.4 1.1 6.0 -0.6 5.3 -1.6 RO1.8p65.6 2.0 21.0 18.0b3.5b34.4 -4.3 22.6 -0.9 23.1 -5.2 3.5 -2.5 SI1.3 75.0 1.9 12.8 6.6b0.0b13.2 -2.2 11.7 -1.6 1.8 -1.4 3.6 -0.8 SK-0.6 74.6 3.9 20.6 11.0b0.8b15.6 0.4 12.3 0.1 5.7 0.3 5.0 -0.2 FI3.3 78.8 1.8 17.1 7.7b-0.8b14.2 -2.4 10.8 -1.2 1.1 -1.1 8.6 -2.5 SE1.2 82.9 1.9 24.7 5.1b-0.9b17.2 -0.5 15.7 -0.7 1.4 0.0 8.9 0.6 Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total populationPeople living in households with very low work intensity -% of total population aged 0-64Year2021Employment(1 year % change)Flags:b:Break in series. d:Definition differs. p:Provisional. 1)Employmentindicators,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)Youngpeopleneither in employment nor in education and training, b = Break in the data series  due to the implementation of Regulation (EU) 2019/1700. 3) Income and Living Conditions, b = Introduction of a CAWI component for the newly selected households in 2021 for LU.Source: European Commission, Eurostat 
 
 
 
 
 
 
Table 2.2: Auxiliary indicators, 2020 

28 

Year2020Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE-5.4p24.2p3.4e1.1 34.6 -4.9 180.0 -1.7p0.4 10.7 1.2p3.2p-5.4p2.1e0.5 11.5 6.1p65.6 14.2eBG-4.0 19.1 0.9 1.5 47.9 5.1 85.9 -2.0 3.0 16.3 12.8 -2.2 -1.7 5.9e39.2 18.2 2.9 24.4 7.9eCZ-5.5 26.5 2.0 3.2 37.3 3.4 83.2 -1.5 3.7 8.7 2.0 0.2 -3.9 1.9e10.9 28.6 4.6 33.9 12.1eDK-2.0 22.3 3.0 7.8 32.6 -0.1 57.5 -0.3 -2.0 11.2 1.3 1.9 -0.9 1.9e-8.1 12.3 5.7 111.9 17.4eDE-3.7p21.6p3.1e6.8 54.9 3.6 50.2 -1.2p0.1 1.4 2.8p-1.1p-2.9p1.2e11.2 21.6 7.0p57.0 14.4eEE-0.6 31.2 1.8 0.8 41.5 11.4 111.7 -0.5 1.3 17.0 2.3 2.9 2.2 1.6e23.4 20.2 5.4 40.7 8.8eIE6.2 42.4 1.2e-10.0 -294.4 8.3 430.7 -0.7 -2.5 52.4 -2.2 19.4 9.3 3.4e-35.4 13.2 2.1 34.4p8.8eEL-9.0p12.0p1.5 -5.0 -155.1 1.8 22.3 -1.8p-3.2 -10.2 -3.0p-13.3p-7.3p26.5e-13.7 14.1e1.1p59.5 13.8eES-11.3p20.4p1.4 1.1 -52.1 2.9 78.7 -1.3p-1.2 -6.6 1.3p-11.7p-7.5p2.8e-11.2 14.8 5.9p62.7 15.8eFR-7.8p22.9p2.3 -1.7 -41.3 0.5 50.5 -1.1p0.6 -8.0 0.2p-8.6p-7.1p2.2e-3.6 11.9 6.1p68.6 16.2eHR-8.1p22.3p1.3 1.6 3.0 2.2 65.4 -2.0p-2.0 -0.7 1.5p-14.5p-7.0p5.3e-11.9 24.5 3.4p38.0 7.6eIT-9.0 17.9 1.5 3.9 1.2 -1.1 31.8 -1.3 -1.9 -2.3 5.7 -5.3 -7.0 4.5e-7.5 1.2 4.0 44.9 13.9eCY-4.4 21.3 0.9 -10.1 -111.4 -103.3 1856.0 -3.2 -3.0 39.7 -1.1 10.4 -3.2 11.0e-15.0 5.3 8.1 89.4 13.6eLV-2.2 23.1 0.7 4.3 14.1 2.7 58.8 -1.5 1.5 20.4 9.3 7.9 0.1 4.6e27.8 23.5 2.6 20.3 10.0eLT0.0 21.3 1.2 9.0 15.2 8.0 55.9 -2.4 2.1 39.5 2.6 8.6 1.6 2.2e26.5 23.0 3.2 24.2 15.5eLU-0.8 16.5 1.1ep4.5 -4172.4 -249.2 6121.4 -2.0 0.0 18.3 0.1 8.4 -2.5 0.7e6.6 35.0 3.8 68.5 14.3eHU-4.5 26.5 1.6 1.0 -2.4 109.7 324.3 -2.3 -6.6 8.0 1.6 2.1 -3.5 3.6e14.4 40.3 4.1 20.8 10.8eMT-8.3 20.5p0.7 -2.2 254.6 29.7 1601.2 -6.0 0.7 13.2 2.4 4.4 -10.8 3.6e20.7 16.1 3.9p55.1 10.7eNL-3.9 21.7 2.3 5.1 12.9 -23.9 568.4 -0.4 2.0 7.4 1.5 3.9 -3.4p1.9e3.0 26.4 5.4 103.8p16.7eAT-6.5 25.0 3.2e2.9 -4.6 -2.5 58.4 -1.4 1.4 5.9 -0.4 -2.5 -4.9 2.0e5.5 19.3 5.0 53.2 11.9ePL-2.0 18.3 1.4 3.9 -4.5 3.1 49.2 -1.6 -1.0 34.3 3.8 7.1 -2.0 6.0e4.9 28.0 2.2 34.6 10.5ePT-8.3 19.2 1.6 -0.1 -46.7 1.7 85.8 -1.7 -1.9 -1.0 2.5 -10.4 -6.6 4.9e-1.0 31.9 3.4 69.1 11.4eRO-3.7 23.5 0.5 -3.1 -7.0 1.4 45.9 -1.2 0.9 20.5 5.4 -1.3 -1.7 3.9e23.5 14.3 2.4 16.1 9.1eSI-4.3 18.9 2.2 7.0 1.6 0.9 43.0 -2.0 -0.2 20.2 1.4 -0.4 -3.7 3.0e-0.5 21.4 2.3 27.8 9.3eSK-3.4 19.5 0.9 1.3 -14.8 -1.0 70.0 -2.1 3.8 8.0 -2.1 1.8 -1.5 2.5e10.1 28.4 3.8 46.6 9.7eFI-2.2 24.0 2.9 0.8 5.8 -0.8 49.9 -0.9 -1.0 12.3 0.5 1.4 -0.3 1.5e-5.5 3.1 7.0 69.0 16.0eSE-2.2 25.1 3.5 5.9 -10.9 3.4 91.2 -0.7 -7.4 3.7 -0.5 2.7 -0.8 1.0e7.4 5.8 4.9 93.7 17.6e1) House price index e = estimate by NCB for EL.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services)Flags:e:Estimated. p:Provisional.  
 
 
 
 
 
 
 
 
29 

 
 
 
Table 2.2 (continued): Auxiliary indicators, 2020 

30 

 
 
 
 
 
 
31 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE0.1p68.4 2.1 15.9 9.2 -0.1b20.3 -1.7 14.1 -1.8 6.7 -0.5 12.3 -2.2 BG-2.3 72.1 2.7 17.4 14.4 -0.9 33.6 -4.4 23.8 0.4 22.1 -7.9 8.4 -2.7 CZ-1.7 76.4 0.6 8.0 6.6 0.3 11.5 -0.6 9.5 0.4 1.9 -1.5 4.4 -1.3 DK-1.1 79.0 0.9 11.6 7.4 -0.2b16.8b-1.0b12.1b-0.3b3.5 -0.1 9.1 -1.4 DE-0.8p77.3b1.1b8.0b7.4b1.1b20.4b1.6b16.1b0.0b4.4b0.7b8.3b-0.4bEE-2.7 79.6 1.2 18.3 9.2 -0.8 22.8 -0.5 20.7 -0.3 2.3 -1.7 4.8 -0.6 IE-2.8 70.8 1.4 15.8 12.0 1.1b20.1b-2.3b13.8b-1.8b5.7b-1.2b11.5b-4.6bEL-1.8p65.3 10.5 38.0 13.2 -2.1 27.4 -4.8 17.7 -2.5 14.9 -3.4 11.8 -2.5 ES-4.2p72.2 5.0 38.3 13.9 0.6 27.0 -0.5 21.0 -0.6 8.5 0.2 10.0 -2.8 FR-0.7p72.0 1.9 21.5 11.4 0.0 19.3b1.5b14.2b1.0b7.0b0.7b9.7b2.0bHR-1.2 67.1 2.1 21.1 12.2 -3.2 20.5 -3.2 18.3 -1.7 4.4 -2.7 7.2 -3.4 IT-2.2 63.5 5.1 29.8 19.0 -1.1 24.9 -1.0 20.0 -0.3 6.2 -0.4 10.2 -0.6 CY-1.2 75.8 2.1 18.2 14.4 -1.7 17.6 -3.8 14.3 -1.4 3.2 -2.9 5.3 -3.4 LV-2.3 78.0 2.4 14.9 7.1 -3.2 25.1 -3.4 21.6 -0.5 7.0 -5.9 7.4 0.1 LT-1.6 78.5 2.5 19.6 10.8 1.7 24.5 -5.3 20.9 -2.0 8.1 -6.3 7.2 -2.2 LU1.7 72.2 1.7 23.2 6.6 0.7 19.9b0.6b17.4b1.0b1.7b-0.2b7.1b0.6bHU-1.1 75.1 1.1 12.5 11.7 0.7 19.4 -6.5 12.3 -1.1 10.7 -5.4 4.9 -1.4 MT2.8 77.1 1.1 10.9 9.3 0.7b19.9 0.5 16.9 0.2 5.1 0.8 5.4 -1.2 NL-0.5p83.4 0.7 10.6 4.5 0.5 16.0 -0.6 13.4 0.2 2.2 -0.4 8.7 -0.7 AT-1.6 76.4 1.7 11.7 8.0 1.5 16.7 -0.4 13.9 -0.5 3.0 -0.4 6.1 -1.1 PL0.0 70.1 0.6 10.9 8.6 -0.9 17.0 -1.7 14.8 -0.2 2.6 -2.7 4.3 -1.5 PT-1.8 73.8 2.3 22.5 9.1 -0.2 20.0 -3.4 16.2 -2.1 5.4 -2.6 5.0 -2.7 RO-2.1 64.1 1.8 21.6 14.8 -0.4 35.6 -6.9 23.4 -0.2 25.3 -7.1 4.7 -0.7 SI-0.7 73.8 1.9 14.3 7.7 1.2 14.3 -2.3 12.4 -0.9 2.6 -1.9 3.9 -1.3 SK-1.9 74.5 3.7 20.4 10.7 -1.4 13.8 -2.0 11.4 -1.0 4.5 -1.8 4.3 -1.0 FI-1.9 77.3 1.5 21.0 9.3 -0.1 15.9 -0.1 12.2 0.7 1.8 0.0 10.3 -1.1 SE-1.3 82.1 1.8 23.5 6.5 0.3 17.7 0.5 16.1 0.3 2.0 1.0 7.9 -0.3 Severely materially and socially deprived people  -% of total populationPeople living in households with very low work intensity -% of total population aged 0-64Flags:b:Break in series. p:Provisional. Year2020Employment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total population1)LabourForceSurveyindicators,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys;b=majorsubstantiveandmethodologicalchangesforDE.2)IncomeandLivingConditions,b=majorsubstantiveandmethodologicalchangesforDE;methodologicalrevisionsonincomevariablesforDK;increaseduseofadministrative data for IE; change occurred in the duration of the panel for poverty longitudinal indicators (from 9 to 4 years) for FR; change from CAPI to CATI mode of data collection for LU. Source: European Commission, Eurostat 
 
 
 
Table 2.3: Auxiliary indicators, 2019 

32 

Year2019Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE2.2 24.3 3.2 0.2 36.1 -3.9 185.8 -2.5 1.1 -3.9 1.3 1.5 0.6 2.1e0.4 10.9 6.1 60.4 13.4eBG4.0 18.6 0.8 3.3 40.2 3.2 81.2 -3.0 1.7 13.2 8.9 3.1 3.7 6.5e42.9 22.8 2.8 23.0 8.2eCZ3.0 27.1 1.9 0.8 30.2 4.3 77.1 -2.4 7.5 3.1 0.9 0.6 2.8 1.7e9.4 32.4 4.4 31.5 12.1eDK1.5 21.2 2.9p8.5 29.0 -1.0 56.5 -0.2 -2.5 0.0 -0.7 3.6 0.1 1.9e-7.4 11.7 5.2 110.6 16.7eDE1.1p21.4p3.2 7.5 51.0 1.8 46.2 -1.8p0.3 -2.9 3.2p0.4p0.1p1.2e10.6 19.7 6.4p53.4 13.7eEE3.7 25.4 1.6 4.1 31.0 9.8 98.5 -1.3 4.4 -0.0 2.4 5.2 2.4 1.6e21.6 19.6 4.9 38.6 7.5eIE5.4 54.3 1.2 -29.7 -282.6 7.1 469.0 -1.2 -2.9 70.2 2.0 10.9 2.4 3.4e-35.4 25.1 2.3 38.6p7.4eEL1.9 10.7 1.3 -1.1 -133.5 2.4 23.8 -2.3 -2.0 1.5 1.9 4.0 -0.3 35.5e-16.3 8.1e0.8 55.9 10.9eES2.0 20.0 1.3 2.4 -46.1 1.8 68.4 -1.9 0.0 0.6 -0.4 1.3 -0.6 3.1e-12.0 19.2 5.8 56.8 13.5eFR1.8p23.5p2.2 0.6 -35.2 2.0 46.5 -1.8p-0.1 -2.4 2.6p0.7p0.6p2.5e-2.0 9.7 6.5p62.2 15.1eHR3.5 21.5 1.1 4.4 1.2 6.3 60.2 -2.8 0.5 19.9 3.7 5.9 0.4 5.2e-16.0 20.0 3.0 34.1 7.5eIT0.5 18.0 1.5 3.2 -0.1 1.5 28.9 -2.0 -1.7 -4.0 4.4 0.7 0.0 6.7e-2.9 -1.8 4.0 41.1 12.9eCY5.5 19.0 0.7 -5.7 -155.3 203.1 1879.9 -3.9 -2.5 23.2 2.6 7.8 1.7 18.1e-12.1 7.9 7.6 86.2 12.8eLV2.6 23.1 0.6 0.9 5.8 3.3 56.1 -2.7 2.8 1.6 6.9 1.2 2.7 3.9e16.9 29.9 2.7 20.2 9.8eLT4.6 21.4 1.0 5.2 5.6 6.3 48.2 -3.6 3.4 14.4 3.7 9.2 4.0 1.7e16.7 24.9 3.0 23.0 14.5eLU2.3 17.4 1.2 3.3 -4153.8 -570.1 6851.0 -3.2 0.9 5.2 -1.8 3.6 -1.2 0.6e8.3 24.5 4.0 67.2 15.0eHU4.9 27.0 1.5 1.1 -2.6 60.9 210.0 -3.8 -0.6 3.2 0.3 4.5 3.7 4.2e11.2 50.1 3.2 18.5 9.5eMT5.9 20.5p0.6 5.7 234.8 26.5 1426.4 -6.0 0.0 18.0 3.7 6.1 0.2 3.2e13.3 18.2 4.6p48.5 11.2eNL2.0 21.3 2.2 6.9 -0.3 -1.7 597.2 -0.9 0.9 -2.0 1.9 1.1 -0.3 1.8e-1.3 26.3 5.1 99.7 16.1eAT1.5 24.9 3.1 2.4 -0.6 -2.9 58.1 -2.2 1.1 -0.5 0.4 3.1 0.4 2.2e5.4 16.6 4.7 49.6 11.2ePL4.4 18.9 1.3 1.3 -10.7 2.9 47.6 -2.4 1.6 20.0 3.7 4.4 4.5 6.1e5.2 20.3 2.1 34.4 9.7ePT2.7 18.1 1.4 1.3 -46.7 4.3 81.1 -2.5 -1.6 6.5 4.3 3.2 1.9 6.1e-5.7 32.4 3.2 63.5 10.8eRO3.9 23.0 0.5 -3.6 -4.0 2.9 44.1 -1.7 -1.2 15.4 4.8 4.5 3.7 4.3e32.7 15.8 2.3 15.4 9.1eSI3.5 19.6 2.1 5.5 0.8 4.0 40.4 -3.5 0.4 13.8 2.0 3.6 1.0 3.4e-2.0 25.6 2.2 26.8 8.2eSK2.5 21.5 0.8 -2.6 -14.1 2.2 69.6 -3.1 1.9 -0.4 -2.0 -0.1 1.5 2.9e6.9 24.1 3.3 43.4 9.6eFI1.2 23.8 2.8 -0.2 6.9 5.8 51.0 -1.7 -1.7 1.4 2.5 5.8 -0.6 1.4e-2.9 2.4 7.0 65.8 16.6eSE2.0 24.4 3.4 5.5 -11.4 2.9 88.9 -1.1 -9.7 -4.5 -0.8 5.1 1.4 1.1e6.2 8.3 4.7 88.5 17.9e1) House price index e = estimate by NCB for EL. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services)Flags:e:Estimated. p:Provisional.  
 
 
 
 
 
 
 
 
Table 2.3 (continued): Auxiliary indicators, 2019 

33 

 
 
 
 
 
 
34 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE1.6 69.1 2.1 14.5 9.3 -0.6 20.0b-2.2b14.8b-0.7b6.3 -2.1 12.8 -2.4 BG0.3 73.1 2.9 12.1 13.7 -4.5 33.2 -7.8b22.6 -0.3b22.1 -11.4 9.2 -2.3 CZ0.2 76.7 0.6 5.6 5.7 -1.3 12.1 -0.3 10.1 0.4 2.1 -1.4 4.4 -2.3 DK1.4 79.1 0.8 10.1 7.7 1.0b17.3 -0.2 12.5 0.6 3.8 1.2 9.5 -1.6 DE0.9p78.0 1.2 6.2 5.7 -1.0 17.3 -2.5 14.8 -1.7 3.0 -1.7 7.6 -1.8 EE1.3 79.2 0.9 11.6 7.9 -1.7 23.7 0.6 21.7 0.0 2.6 0.4 5.3 -0.2 IE3.0 73.2 1.6 12.5 10.1 -2.5 20.6 -3.2 13.1 -3.7 7.1 -0.9 13.8 -4.0 EL2.2 68.5 11.3 37.5 12.5 -3.3 29.0 -3.6 17.9 -3.3 15.8 -2.6 12.7 -3.0 ES2.6 73.8 5.3 32.5 12.1 -2.5 26.2 -2.6 20.7 -1.6 7.7 -0.8 10.9 -4.0 FR1.2p72.6 2.3 20.7 10.6 -1.3 18.9 0.2 13.6 0.0 7.3 0.6 7.1 -0.7 HR3.1 66.5 2.4 16.6 11.8 -5.1 20.8 -2.7 18.3 -1.2 4.6 -2.7 7.5 -3.6 IT0.5 65.7 5.9 29.2 18.1 -1.8 24.6 -3.2 20.1 -0.5 6.4 -3.7 9.6 -2.5 CY3.8 76.0 2.1 16.6 13.7 -2.3 18.6 -4.0 14.7 -1.4 3.2 -3.4 6.6 -3.5 LV-0.1 77.3 2.7 12.7 7.9 -3.3 26.7 -1.5 22.9 1.1 7.5 -5.1 7.4 0.4 LT0.6 78.0 1.9 11.9 8.6 -0.8 25.5 -4.5 20.6 -1.3 9.7 -5.7 7.6 -2.6 LU3.5 72.0 1.3 17.0 5.6 0.2 20.1 1.0b17.5 1.7b1.4 -0.6 6.9 0.4 HU1.1 74.7 1.1 11.2 11.0 0.0 20.0 -8.6 12.3 -2.2 10.9 -9.7 4.9 -2.8 MT5.7 75.9 0.9 9.3 8.6 -0.2 20.8 0.6 17.1 0.6 5.0 -0.2 4.9 -1.9 NL2.3 83.4 0.9 8.5 4.3 -0.3 16.5 0.2b13.2 0.5b2.8 0.2 8.9 -0.6 AT1.1 77.3 1.4 9.1 7.1 -0.6 16.5 -0.7 13.3 -0.8 2.7 -0.6 6.6 -0.4 PL0.0 69.9 0.7 9.9 8.1 -2.4 17.9 -2.7 15.4 -1.9 3.5 -1.9 5.0 -1.6 PT0.8 74.9 2.8 18.3 8.0 -2.6 21.1 -3.8 17.2 -1.8 5.6 -3.5 6.2 -2.3 RO0.1 63.3 2.0 21.0 14.7 -2.7 36.3 -9.7 23.8 -1.5 24.5 -11.4 4.5 -1.9 SI2.5 74.6 1.9 8.1 7.0 -1.0 13.7 -3.2 12.0 -1.9 2.2 -1.9 4.3 -1.7 SK1.0 74.7 3.9 17.1 10.3 -2.0 14.9 -2.2 11.9 -0.8 5.9 -1.7 6.3 -0.1 FI1.8 77.3 1.5 17.7 8.2 -1.7 15.4 -1.1 11.6 0.0 1.9 0.7 10.0 -2.1 SE0.6 82.5 1.5 19.4 5.5 -1.0 18.4 0.7 17.1 0.9 1.5 0.8 8.3 0.5 People at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total populationPeople living in households with very low work intensity -% of total population aged 0-64Flags:b:Break in series. p:Provisional. Year2019Employment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-241) Income and Living Conditions indicators, b = major substantive and methodological changes for BE.Source: European Commission, Eurostat 
 
 
 
Table 2.4: Auxiliary indicators, 2018 

35 

Year2018Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE1.8 23.6 2.9 -0.8 34.4 -7.7 187.5 -3.4 2.8 -3.5 0.9 -3.2 0.3 2.3e-1.2 9.4 5.9 59.0 13.1eBG2.7 18.8 0.8 2.0 36.4 2.7 84.5 -3.4 -1.1 10.5 7.5 -2.6 2.8 7.7e47.8 24.0 2.7 23.0 7.5eCZ3.2 26.3 1.9 0.7 27.8 3.4 78.9 -2.9 7.6 8.6 1.9 -0.6 1.9 2.1e4.8 30.0 4.3 31.8 12.5eDK2.0 21.7 3.0 7.3 15.9 2.5 57.8 -0.2 -1.8 -2.3 1.0 -0.9 0.5 2.3e-5.2 14.8 4.8 111.9 16.4eDE1.0 21.1 3.1 8.0 45.7 4.2 45.6 -2.0 0.4 1.0 3.8 -2.1 -0.4 1.4e11.7 21.7 6.3 52.7 13.9eEE3.8 27.1 1.4 2.3 24.5 4.0 93.8 -1.0 4.1 -2.3 4.3 -1.4 2.8 1.3e16.3 17.1 4.5 38.5 6.9eIE8.5 28.4 1.2e-10.7 -249.9 18.9 486.8 -1.4 -3.0 74.5 -0.5 5.5 5.6 5.5e-40.1 31.3 2.3 42.9p6.7eEL1.7 11.1 1.2 -2.7 -135.1 1.9 19.4 -2.5 -1.5 4.0 4.3 4.8 -2.8 41.6e-13.0 -1.6e0.7 58.7 11.5eES2.3 19.4 1.2 2.4 -52.1 4.0 67.6 -2.1 -0.2 2.0 -1.0 -2.6 0.1 3.7e-15.3 18.6 5.4 58.9 13.6eFR1.9 22.9 2.2 -0.7 -34.1 2.8 44.6 -1.9 -0.1 -1.7 2.9 0.2 0.9 2.7e-0.2 7.3 6.3 60.4 15.3eHR2.9 20.1 1.0 3.0 -11.8 2.1 55.4 -3.2 1.2 19.5 3.2 -0.6 0.3 7.3e-13.9 11.1 2.6 33.7 7.5eIT0.9 17.8 1.4 2.6 -6.0 2.1 27.6 -2.3 -1.3 -2.4 6.2 -2.2 0.0 8.4e-1.7 -1.4 4.1 40.8 13.1eCY5.6 18.8 0.6 -3.4 -180.9 -2.6 1817.1 -4.1 -3.2 19.2 2.6 2.9 0.3 20.2e-9.5 4.3 6.5 95.8 14.1eLV4.0 22.1 0.6 1.6 0.6 1.3 55.8 -3.4 1.3 6.0 5.0 0.1 2.5 5.3e-3.5 29.3 2.5 21.0 7.8eLT4.0 20.9 0.9 1.8 -2.5 2.4 42.8 -4.0 3.0 0.7 3.7 2.5 2.6 2.6e7.5 23.2 2.7 22.6 10.4eLU1.2 16.2 1.2 6.5 -3672.7 -864.5 7435.5 -3.3 0.4 9.2 -0.4 -0.7 -2.3 0.8e10.3 19.9 3.8 65.7 14.6eHU5.4 24.7 1.5b2.5 -3.9 -42.3 161.2 -3.8 -0.9 5.8 0.6 0.7 3.0 5.4e7.0 45.5 3.0 17.7 9.4eMT6.2 20.3p0.6 7.3 230.7 29.3 1479.3 -8.7 0.3 16.3 4.2 -4.7 0.1 3.1e11.1 17.5 4.8p46.9 12.2eNL2.4 20.4 2.1 9.3 -16.9 -37.4 603.6 -1.4 -0.8 -0.7 1.3 0.0 -0.4 1.9e-1.4 23.6 4.9 103.4 16.1eAT2.4 24.1 3.1e0.3 -6.2 -6.6 61.4 -2.5 1.7 0.5 2.0 0.9 0.7 2.6e5.3 19.6 4.5 49.7 11.4ePL5.9 18.7 1.2 -0.3 -14.9 3.2 48.4 -2.7 -3.0 19.5 4.4 2.5 5.4 6.2e0.4 12.7 2.0 35.0 9.3ePT2.8 17.5 1.4 1.5 -55.3 3.2 79.6 -2.5 -0.3 6.1 4.5 -0.2 0.5 9.4e-6.4 29.0 3.1 66.0 11.0eRO6.0 21.4 0.5 -3.4 -3.9 3.0 43.3 -1.6 -4.1 20.7 5.2 1.0 5.9 5.0e19.5 18.6 2.1 15.7 9.3eSI4.5 19.3 2.0 5.5 -0.9 2.8 39.2 -2.9 -0.4 16.9 2.5 1.9 1.2 6.0e-0.6 21.6 2.1 26.9 8.2eSK4.0 20.9 0.8 -1.2 -16.6 2.1 70.7 -3.9 -0.4 -0.2 -1.7 0.8 2.0 3.2e5.3 21.3 3.3 42.2 9.5eFI1.1 24.1 2.8 -1.8 -0.8 -3.9 46.6 -2.0 -1.4 -6.2 3.8 -2.8 -1.3 1.5e1.2 3.3 7.2 65.2 16.1eSE2.0 25.2 3.3 2.8 -14.7 -0.2 85.8 -1.3 -7.6 -8.8 -1.1 -0.1 0.3 1.0e5.9 14.4 5.2 88.1 18.1e1) House price index e = estimate by NCB for EL. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services)Flags:b:Break in series. e:Estimated. p:Provisional.  
 
 
 
 
 
 
 
Table 2.4 (continued): Auxiliary indicators, 2018 

36 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE1.5 68.6 2.6 16.0 9.2 -3.0 20.5 -1.1 16.4 1.5 6.5 -0.7 13.1 -1.9 BG-0.1 71.4 3.6 15.9 15.0 -4.3 33.0 -10.3 22.0 0.0 22.3 -14.5 9.0 -2.5 CZ1.3 76.6 0.7 6.7 5.6 -1.9 11.8 -1.2 9.6 -0.1 2.4 -2.1 4.5 -2.3 DK1.5 78.2 1.0 10.5 7.7 0.7 17.5 -1.1 12.7 0.5 3.5 0.3 10.0 -1.9 DE1.4 77.5 1.4 6.6 5.9 -0.3 18.5 -1.5 16.0 -0.7 3.4 -2.3 8.0 -1.5 EE0.9 79.3 1.3 12.0 10.3 -1.2 23.6 0.0 21.9 0.3 3.1 -0.4 5.3 -0.9 IE2.8 72.8 2.1 13.8 10.1 -4.2 20.8 -4.6 14.9 -1.3 6.1 -3.3 13.2 -5.6 EL4.6 68.1 12.5 41.2 14.1 -3.1 30.3 -2.1 18.5 -2.9 16.1 -1.5 13.6 -1.7 ES2.2 73.7 6.4 34.3 12.4 -3.2 27.3 -1.4 21.5 -0.6 8.7 1.3 10.8 -4.6 FR1.0 72.8 2.5 22.0 11.1 -0.9 17.9 -0.5 13.4 -0.2 6.7 -0.1 7.5 -0.8 HR2.6 66.3 3.4 23.7 13.6 -4.5 22.1 -2.3 19.3 -0.7 6.1 -2.3 9.3 -3.0 IT0.9 65.6 6.5 32.2 19.2 -2.2 25.7 -2.7 20.3 0.4 6.5 -5.6 10.7 -0.5 CY5.3 75.0 2.7 20.2 13.2 -2.1 19.1 -3.7 15.4 -0.8 3.8 -4.1 8.1 -2.3 LV1.5 77.6 3.4 12.2 7.8 -2.7 28.4 -1.6 23.3 0.8 10.4 -5.0 7.3 -0.4 LT1.4 77.3 2.0 11.1 8.0 -1.2 28.5 -0.9 22.9 0.7 12.0 -2.6 9.2 0.1 LU3.6 71.1 1.4 14.2 5.3 -0.9b20.1 1.7 16.7 1.4 1.6 -0.9 7.8 2.4 HU2.3 74.1 1.4 9.9 10.7 -0.9b20.6 -10.0 12.8 -2.1 11.9 -12.2 5.5 -3.3 MT6.0 74.7 1.8 9.1 7.3 -3.2 19.2 -3.0 16.8 0.2 4.7 -3.5 5.3 -3.9 NL2.7 82.7 1.2 8.9 4.2 -0.5 16.5 0.1 13.3 1.7 2.6 -0.6 8.4 -1.6 AT1.7 77.1 1.7 10.0 6.8 -0.7 16.8 -0.1 14.3 0.4 2.8 -0.1 6.4 0.1 PL0.5 69.4 1.0 11.8 8.7b-2.3b18.2 -4.3 14.8 -2.8 4.5 -3.3 5.7 -1.2 PT2.3 74.5 3.2 20.3 8.4 -2.9 21.6 -4.8 17.3 -2.2 6.6 -4.3 6.9 -3.3 RO0.1 62.4 2.2 20.5 14.5 -3.6 38.7 -5.8 23.5 -1.9 28.3 -5.7 6.0 -0.2 SI3.2 74.4 2.2 8.9 6.6 -2.9 15.4 -2.3 13.3 -1.0 3.2 -1.6 4.4 -1.4 SK2.0 74.4 4.7 15.8 10.2 -3.5 15.2 -2.1 12.2 -0.1 5.4 -3.0 5.2 -1.8 FI2.5 77.0 2.0 17.3 8.5 -2.1 16.6 -0.3 12.0 -0.4 2.2 1.2 11.1 -0.4 SE1.6 82.3b1.7b16.8b6.0b-0.7b17.7 -0.5 16.4 0.1 1.4 0.3 8.3 0.5 People living in households with very low work intensity -% of total population aged 0-64Year2018Employment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = changes in the weighting procedure for PL. Source: European Commission, Eurostat 
 
 
 
 
 
 
 
Table 2.5: Auxiliary indicators, 2017 

37 

Year2017Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE1.6 23.3 2.7 0.8 44.7 -7.2 201.4 -2.5 2.6 -1.1 2.1 -0.3 0.1 2.7e0.8 8.2 5.7 58.9 13.2eBG2.8 18.3 0.7 4.3 32.9 3.3 86.4 -3.0 -3.2 16.9 5.7 0.0 1.0 10.2e53.9 19.5 2.8 22.5 7.7eCZ5.2 24.9 1.8 2.4 26.5 5.2 77.3 -2.5 5.6 5.5 3.0 1.4 3.6 2.8e1.2 24.4 4.2 31.5 12.4eDK2.8 21.2 2.9 8.1 18.6 1.0 53.9 -0.1 -0.7 -1.1 2.8 -1.0 1.3 2.5e-2.7 17.7 4.6 113.8 16.4eDE2.7 20.4 3.1 7.7 45.1 3.0 43.8 -1.7 0.8 2.9 5.7 -0.9 1.3 1.8e8.4 19.5 6.0 52.9 14.1eEE5.8 25.9 1.3 3.2 19.8 6.5 95.5 -0.6 2.3 -0.9 4.1 -1.0 3.0 1.9e23.9 18.1 4.6 39.4 6.8eIE9.0 33.2 1.3 -8.2 -263.9 19.2 477.8 -1.2 -2.2 66.5 -0.1 3.8 6.0 9.9e-34.6 32.8 2.1 46.7 6.6eEL1.1 11.8 1.2 -1.4 -128.9 1.7 18.0 -1.8 -1.9 -3.2 8.3 2.7 1.6 45.0e-11.3 -8.3e0.6 58.1 8.8eES3.0 18.7 1.2 3.0 -57.4 2.5 64.8 -1.8 -1.1 6.7 1.0 -0.3 0.3 4.4e-12.3 15.1 4.8 61.1 13.5eFR2.3 22.5 2.2 -0.8 -33.7 1.4 44.4 -1.7 -0.7 -0.2 5.3 -1.4 1.1 3.1e-0.3 2.8 6.3 58.4 15.2eHR3.4 19.7 0.9 4.3 -18.3 0.9 57.3 -2.8 0.6 19.7 2.4 1.1 0.9 8.8e-14.5 1.7 2.6 33.7 7.4eIT1.7 17.5 1.4 2.7 -5.8 0.6 26.2 -1.9 -0.8 -2.0 8.6 -0.4 0.5 11.2e-1.1 -4.6 4.0 40.8 12.2eCY5.7 20.8 0.5 -4.6 -218.9 62.8 1990.4 -4.0 -3.9 17.9 3.2 5.2 0.3 30.7e-9.8 1.0 5.0 105.0 12.1eLV3.3 20.6 0.5 2.2 -3.1 3.8 59.6 -2.9 0.7 4.5 3.8 0.6 3.3 5.6e7.6 14.0 2.1 22.3 8.9eLT4.3 20.1 0.9 1.7 -7.4 2.8 44.2 -3.0 1.4 0.8 4.9 7.7 5.0 3.2e8.3 19.0 2.7 22.4 10.7eLU1.3 17.8 1.2 4.4 -3837.5 -94.6 8286.9 -2.7 0.0 20.4 -0.2 -6.0 -2.1 0.7e13.9 18.0 3.6 62.5 13.2eHU4.3 22.1 1.3 2.8 -8.7 -8.2 208.5 -3.7 0.4 7.4 2.1 0.7 2.3 8.4e6.9 43.9 2.7 18.6 9.7eMT10.9 20.6 0.6 6.5 226.8 28.7 1532.0 -6.1 1.2 20.9 4.1 2.9 2.7 3.1e7.4 17.5 4.3 47.3 13.5eNL2.9 20.1 2.2 8.9 -18.9 28.0 640.8 -0.7 -0.7 -1.4 1.8 0.7 0.5 2.1e-1.7 17.0 4.5 106.8 16.7eAT2.3 23.6 3.1 1.3 -4.3 3.2 71.1 -2.1 1.8 -0.5 2.5 -0.9 0.6 3.5e5.6 19.9 4.5 50.3 11.6ePL5.1 17.6 1.0 -0.1 -18.8 2.2 49.8 -2.0 -3.2 20.4 6.4 3.2 3.8 6.6e3.4 7.4 2.2 35.0 8.8ePT3.5 16.8 1.3 2.2 -58.4 4.9 83.0 -2.2 0.8 10.9 6.9 2.6 0.2 13.3e-9.2 20.6 2.8 69.2 10.6eRO8.2 22.8 0.5 -1.9 -5.6 2.8 44.8 -1.3 -5.1 34.4 5.1 2.0 5.7 6.6e33.9 15.6 2.7 16.3 9.6eSI4.8 18.3 1.9 5.5 -9.6 2.5 37.9 -2.6 -1.6 14.7 3.4 5.3 1.9 9.2e1.2 12.7 2.1 27.1 8.0eSK2.9 21.1 0.9 -1.8 -15.1 4.4 71.3 -2.9 -1.7 2.2 -1.6 -2.1 0.7 3.7e3.8 19.0 3.1 40.9 9.3eFI3.2 23.3 2.7 -0.7 4.8 6.9 56.8 -1.6 -1.2 -7.8 3.8 3.0 2.1 1.2e2.6 2.4 6.8 64.4 18.9eSE2.6 25.1 3.4 2.9 -10.0 4.5 88.1 -0.9 -4.0 -8.2 0.4 -1.7 0.1 1.3e5.7 30.6 5.7 87.2 16.5eFlags:e:Estimated. 1) House price index e = estimate by NCB for EL.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services) 
 
 
 
 
 
 
 
 
 
Table 2.5 (continued): Auxiliary indicators, 2017 

38 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE1.6 68.0b3.1b19.4b9.3b-2.7b22.0 na15.9 0.4 7.2 na14.5 naBG1.8 71.2 3.9 16.1 15.3 -4.9 38.0 na23.4 1.6 30.0 na11.1 naCZ1.5 75.9 1.0 7.9 6.3 -1.8 12.1 na9.1 -0.6 3.4 na5.7 naDK1.5 77.9b1.2b12.4b7.6b1.2b17.8 na12.4 0.3 3.6 na10.5 naDE1.4 77.0 1.5 7.2 6.3 -0.1 18.8 na16.1 -0.6 3.7 na8.7 naEE2.7 79.2 2.0 12.1 10.0 -1.7 23.3 na21.0 -0.8 4.0 na5.4 naIE2.8 72.6 3.0 14.4 10.9b-4.4b22.4 na15.6 -1.2 6.9 na16.1 naEL-0.5 68.2 14.3 44.5 15.3 -3.8 32.2 na20.2 -1.9 18.3 na14.3 naES2.6 73.9 7.7 38.6 13.3 -3.8b27.5 na21.6 -0.6 8.3 na12.8 naFR1.1 72.4 2.9 23.5 11.4 0.2b17.8 na13.2 -0.1 6.3 na7.7 naHR2.4 66.4 4.6 27.4 15.4 -3.9 23.7 na20.0 0.6 7.1 na10.6 naIT1.2 65.3 6.9 34.6 20.1 -2.0 25.9 na20.3 0.9 6.6 na10.8 naCY5.4 73.9 4.5 24.7 16.1 -0.9 21.4 na15.7 1.3 6.1 na8.7 naLV0.0 76.9 3.6 17.0 10.3 -1.7 28.5 na22.1 0.9 12.9 na7.3 naLT-0.7 75.9 2.7 13.3 9.1 -0.8 29.8 na22.9 3.8 14.4 na9.4 naLU3.5 70.2 2.1 15.4 5.9 -0.4 19.3 na16.4 0.0 1.9 na6.5 naHU1.9 73.1 1.6 10.5 11.0 -2.6 25.9 na13.4 -1.6 16.1 na6.3 naMT8.0 72.2 2.0 10.6 8.6b-1.7b19.4 na16.7 0.9 4.3 na6.6 naNL2.4 82.2 1.7 10.4 4.0 -1.5 16.6 na13.2 1.6 2.6 na9.4 naAT1.6 76.8 2.3 10.5 6.5 -1.2 17.1 na14.4 0.3 3.4 na7.2 naPL1.3 68.7 1.5 14.9 9.5 -2.5 18.7 na15.0 -2.0 5.3 na5.8 naPT3.3 73.8 4.6 23.9 9.3 -3.0 23.4 na18.3 -1.2 8.0 na7.7 naRO2.4 61.8 2.4 23.0 15.2 -1.8 42.5 na23.6 -1.5 32.4 na5.4 naSI2.9 73.6 3.1 11.3 6.5 -2.9 16.6 na13.3 -1.2 4.5 na5.2 naSK2.2 74.1 5.9 20.0 12.1 -0.7 15.8 na12.4 -0.2 6.3 na5.3 naFI1.0 75.8 2.6 20.0 9.4 -0.8 16.0 na11.5 -1.3 1.8 na11.4 naSE2.5 82.1 2.0 17.2 6.2 -1.0 17.2 na15.8 0.2 1.0 na8.2 naEmployment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total populationPeople living in households with very low work intensity -% of total population aged 0-64Flags:b:Break in series. Year20171)LabourFourceSurveyindicators,b=changeinthesurveymethodologyforBE;b=improvementinthedatacollectionandintroductionofCAWI(computer-assistedwebinterviewing)techniqueforDK.2)Youngpeopleneitherinemploymentnorineducationandtraining,b=introduction of the new Labour Force Survey in substitution to the Quarterly National Household Survey (QNHS) as data source for IE; b = changes in the weighting procedure for MT.Source: European Commission, Eurostat 
 
 
 
 
 
 
 
Table 2.6: Auxiliary indicators, 2016 

39 

Year2016Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE1.3 23.3 2.5 0.7 52.2 12.2 221.9 -2.2 1.9 -6.9 2.6 4.0 0.0 3.2e0.0 3.8 5.7 58.2 14.2eBG3.0 18.4 0.8 5.3 30.1 2.7 89.4 -2.4 -4.8 7.2 3.1 6.4 2.5 12.8e53.4 11.6 2.7 22.6 7.7eCZ2.5 24.9 1.7 2.9 27.6 5.5 78.0 -2.0 -3.8 0.7 3.4 2.1 0.9 4.0e0.4 14.2 3.8 31.1 10.7eDK3.2 21.0 3.1 7.8 15.5 2.5 56.3 0.0 -0.4 -4.8 3.4 1.9 1.5 3.3e1.5 16.8 4.2 116.4b16.7eDE2.2 20.3 2.9 8.6 37.9 1.8 42.9 -1.5 1.0 0.1 6.4 0.3 1.0 2.6e5.1 16.1 6.0 53.3 18.4eEE3.2 24.4 1.2 2.3 18.1 3.8 98.5 -1.0 0.2 -2.7 3.7 2.6 2.9 1.7e32.2 27.3 4.4 40.0 7.7eIE2.0 35.8 1.2 -5.8 -249.2 34.7 517.6 -1.1 -1.1 55.4 -0.3 2.4 -1.7 13.1e-29.7 39.6 1.8 52.3 7.4eEL-0.5 11.0 1.0 -1.2 -128.4 1.4 15.8 -1.6 -3.3 -11.6 7.3 -2.6 -3.8 46.3e-9.2 -14.2e0.7 61.0 10.1eES3.0 18.0 1.2 3.4 -61.6 3.6 63.8 -1.5 -2.3 0.8 0.4 3.2 0.9 5.7e-10.0 8.7 4.4 64.5 13.2eFR1.1 21.8 2.2 -0.4 -30.4 1.3 44.7 -1.4 0.0 -0.9 6.4 -0.4 0.5 3.6e-0.1 -1.8 6.0 57.1 16.0eHR3.5 19.8 0.9 3.6 -27.1 0.8 56.5 -2.6 -1.1 7.2 1.5 4.8 3.3 10.7e-11.5 -3.6 2.8 34.7 7.2eIT1.3 17.2 1.4b2.5 -11.7 1.4 26.3 -1.5 -0.9 -6.0 8.6 -0.3 -0.1 15.0e0.7 -8.1 4.1 41.2 14.2eCY6.6 18.0 0.5 -4.1 -226.6 40.6 2060.4 -3.3 -3.5 5.8 3.9 5.0 1.8 35.4e-11.2 -2.9 4.4 115.7 10.7eLV2.4 19.3 0.4 2.8 -7.1 1.2 57.6 -2.4 -0.3 7.1 0.4 1.8 2.7 6.3e30.2 11.1 2.0 23.4 9.9eLT2.5 19.9 0.8 0.4 -12.6 2.7 44.7 -2.6 -0.9 -3.3 4.0 2.7 0.2 4.0e6.2 16.3 3.0 22.8 11.6eLU5.0 17.3 1.3 4.5 -3639.2 56.8 8972.9 -2.3 -0.4 23.4 0.5 3.1 1.9 0.8e8.8 16.6 4.1 60.5 13.4eHU2.2 19.5 1.2 4.5 -12.0 55.2 257.1 -3.1 -5.3 -4.1 1.5 1.6 -1.5 11.9e7.6 33.6 2.4 20.1 9.9eMT3.4 22.7 0.6 -0.2 213.6 23.9 1650.6 -8.1 1.8 15.5 3.2 4.8 -1.1 4.1e7.2 14.4 3.6 50.3 15.8eNL2.2 20.0 2.2 6.9 -34.0 30.8 641.2 -0.6 -0.6 -4.9 2.0 -0.5 0.6 2.4e0.1 9.7 4.1 109.6 17.7eAT2.0 23.1 3.1e2.6 -9.4 -7.5 65.0 -1.9 2.1 -4.8 3.2 0.8 0.7 5.1e5.7 17.8 4.3 51.1 12.5ePL3.0 18.5 1.0 0.0 -20.8 3.8 50.9 -1.4 -5.7 11.5 4.9 6.8 2.1 6.4e4.0 4.4 2.5 36.8 9.4ePT2.0 15.5 1.3 2.1 -64.2 3.6 80.2 -1.6 0.3 3.1 8.4 2.2 0.4 17.2e-11.2 15.1 2.6 72.6 12.9eRO2.9 23.1 0.5 0.9 -6.5 3.4 46.1 -1.0 -2.8 22.2 3.6 14.1 4.0 9.7e23.4 6.7 2.6 17.0 9.8eSI3.2 17.4 2.0 4.0 -14.7 3.2 37.1 -2.1 -1.8 1.3 2.9 4.0 1.3 12.3e2.2 -2.8 2.1 27.3 8.0eSK1.9 21.0 0.8 -1.0 -14.7 5.3 70.7 -2.5 -2.2 5.1 -2.3 2.8 -0.4 4.6e-0.7 14.0 3.1 38.2 9.2eFI2.8 22.7 2.7 -1.9 10.2 2.1 54.5 -1.4 0.3 -17.5 3.2 1.7 2.3 1.4e5.4 0.9 6.6 64.1 17.7eSE2.1 24.2 3.3e2.3 -13.7 2.9 85.3 -0.8 -7.9 -11.2 1.3 0.2 0.2 1.2e7.4 34.0 5.3 85.7 17.6e1) House price index e = estimate by NCB for EL. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services)Flags:b:Break in series. e:Estimated.  
 
 
 
 
 
 
 
 
 
Table 2.6 (continued): Auxiliary indicators, 2016 

40 

 
 
 
 
 
 
41 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE1.3 67.7 3.7 20.3 9.9 -2.8 22.2 na15.5 0.4 8.4 na15.2 naBG0.5 68.6 5.0 20.4 18.2 -3.4 41.0bna22.9b1.9b33.5 na11.5 naCZ1.6 75.0 1.7 10.5 7.0 -2.1b12.4 na9.7 1.1 3.5 na6.7 naDK1.7 77.5b1.2b12.2b6.7b0.1b17.5 na11.9 0.0 2.6 na11.1 naDE1.2 76.7 1.7 7.5 6.7 0.4 19.8 na16.5 0.4 4.7 na9.4 naEE0.3 77.9 2.2 14.0 9.6 -1.7 23.1 na21.7 3.1 2.2 na5.5 naIE3.7 72.6 4.2 16.8 12.6 -3.8 23.8 na16.8 1.1 8.0 na17.8 naEL3.4 68.2 15.4 48.2 15.8 -4.6 32.6 na21.2 -1.9 18.4 na15.7 naES2.1 74.2 9.5 44.4 14.6 -4.0 28.8 na22.3 1.9 8.5 na14.9 naFR0.6 72.3 3.1 26.0 11.9 0.7b18.7 na13.6 -0.1 6.7 na7.8 naHR0.2 65.6 6.6 31.3 16.9 -2.7 23.5 na19.5 0.0 7.3 na11.1 naIT1.4 64.8 7.1 37.7 19.9 -2.3 27.8 na20.6 1.3 10.1 na12.1 naCY4.7 73.4 5.8 29.1 16.0 -2.7 22.6 na16.1 0.8 6.6 na10.1 naLV-0.3 76.2 4.4 17.5 11.2 -1.8 28.2 na21.8 2.4 12.6 na7.0 naLT2.3 75.5 3.0 14.5 9.4 -1.7 30.0 na21.9 1.3 15.4 na10.2 naLU3.0 70.0 2.2 18.9 5.4 0.4 19.1bna15.8b-0.1b2.0 na6.5 naHU3.7 72.1 2.3 12.7 11.0 -4.5 28.6 na14.5 -0.5 20.6 na7.7 naMT4.5 70.6 2.4 10.7 8.8 -1.1 20.2 na16.5 0.7 5.2 na6.8 naNL1.5 82.2 2.3 12.1 4.6 -1.0b16.3bna12.7b2.3b2.6 na9.5 naAT1.3 76.6 2.4 12.0 7.7 0.4 17.2 na14.1 -0.3 3.3 na7.0 naPL0.8 67.8 2.2 17.8 10.5 -1.7b20.6 na17.3 0.0 5.4 na6.6 naPT1.6 72.7 6.4 28.0 10.6 -3.5 24.9 na19.0 0.3 9.1 na8.5 naRO-1.1 60.2 3.4 25.9 17.4 0.4 46.0 na25.3 2.3 35.9 na6.4 naSI1.8 71.1 4.3 15.3 8.0 -1.2 16.9 na13.9 -0.6 4.1 na6.0 naSK2.4 73.9 6.8 23.4 12.3 -1.4 17.1 na12.7 -0.1 7.6 na6.4 naFI0.5 75.0 2.9 20.5 9.9 0.6 16.5 na11.6 -0.2 1.2 na12.1 naSE1.9 81.7 2.0 18.3 6.5 -1.0 17.7 na16.2 0.2 0.7 na7.8 naFlags:b:Break in series. Year2016Employment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total populationPeople living in households with very low work intensity -% of total population aged 0-641)LabourForceSurveyindicators,b=datacollectionimprovement,introductionofCAWI(computer-assistedwebinterviewing)techniqueforDK.2)Youngpeopleneitherinemploymentnorineducationandtraining,b=dataareimpactedfromthechangesinthequestionnaireintroducedin2013andinclusionofFrenchoverseasdepartments(DROM)forFR.3)IncomeandLivingConditionsindicators,b=forBG,theincreaseofrotationalgroupsfrom4to6in2016leadstoincreaseofoverallsamplesize.Thenumberofpensioners(fromNationalSocialSecurityInstitute)wasusedascalibrationvariableforthefirsttime;b=forLU,newproceduresdevelopedindatavalidationandcompilation,weighting,estimationandimputation,adjustment.BettercoverageofcertainsegmentsoftheresidentpopulationbyuseofLuxembourg'sNational Population Register; b = for NL, introduction of CAWI, oversampling of lower income groups, use of register information for housing costs, changes in fieldwork period, weighting, calculation of imputed rent.Source: European Commission, Eurostat 
 
 
 
Table 2.7: Auxiliary indicators, 2015 

42 

Year2015Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE2.0 23.0 2.4 1.4 51.7 -4.3 225.3 -2.7 0.1 -11.7 0.3 0.9 1.2 3.8e1.9 2.3 5.7 57.9 14.7eBG3.4 20.9 1.0 3.1 21.4 4.4 92.5 -3.8 -4.1 15.6 3.6 3.6 3.1 14.5e54.3 2.0b1.4 23.2 7.7eCZ5.4 26.5 1.9 2.6 20.3 0.9 75.3 -2.4 -8.2 0.3 0.8 3.2 3.9 na-1.2 6.5 3.8 30.2 10.1eDK2.3 19.9 3.1 7.9 9.6 0.6 50.0 0.0 -1.5 -6.5 1.6 0.8 1.0 3.9e4.0 15.3 4.0 128.9 16.7eDE1.5 20.0 2.9 8.6 34.5 1.9 42.2 -2.0 1.0 -1.0 1.9 2.6 0.5 3.0e0.5 11.4 5.8 53.6 18.6eEE1.9 24.5 1.5 3.8 16.7 -3.2 98.0 -1.5 1.5 9.7 2.9 -4.3 -1.0 2.2e44.9 34.5 4.0 39.7 7.7eIE24.4 24.1 1.2 3.9 -243.1 81.9 497.3 -1.5 -1.5 40.9 1.9 36.4 20.2 14.9e-29.7 31.5 1.5 56.5 7.8eEL-0.2 10.8 1.0 0.3 -128.5 0.7 14.8 -2.2 -5.3 -12.1 4.5 2.2 2.8 46.8e-9.9 -21.7e0.8 62.5 11.0eES3.8 18.0 1.2 2.7 -64.8 1.9 61.1 -2.0 -1.4 -1.2 -3.6 1.5 1.0 6.3e-5.7 -5.6 4.0 68.0 13.7eFR1.1 21.5 2.2 -0.4 -29.7 1.8 43.9 -1.8 -0.6 -1.6 2.8 1.8 0.9 4.0e1.1 -4.7 5.9 56.1 17.3eHR2.5 19.3 0.8 4.0 -37.7 0.0 53.2 -3.4 -1.2 -3.8 0.5 7.5 1.3 13.0e-7.7 -8.2 2.8 37.9 8.0eIT0.8 16.9 1.3 1.8 -17.3 0.7 25.5 -2.0 -0.7 -7.7 2.5 1.5 0.1 16.5e3.5 -14.3 4.1 41.8 13.1eCY3.4 12.8 0.5 -0.4 -257.4 145.6 2124.7 -4.0 -2.6 -2.7 1.4 6.1 1.8 36.3e-7.3 -7.1b3.6 126.4 10.7eLV3.9 21.9 0.6 2.3 -10.9 3.0 59.1 -3.5 -2.2 15.8 0.5 0.2 2.4 6.5e43.4 9.5 2.4 24.3 9.5eLT2.0 19.6 1.0 0.6 -13.5 2.5 42.9 -3.6 -1.6 8.8 1.4 -0.4 0.6 5.6e11.2 11.7 2.8 22.3 9.0eLU2.3 17.3 1.3 4.6 -3679.7 960.6 9052.3 -2.9 0.1 20.7 1.3 2.3 -0.3 1.1e12.9 15.5 3.8 59.0 13.4eHU3.7 22.2 1.3 6.9 -18.3 -4.3 219.9 -4.1 -7.3 -7.3 -0.5 4.6 1.4 15.2e6.3 14.8 2.2 21.1 11.2eMT9.6 24.2 0.7 5.4 191.3 32.8 1662.6 -8.5 0.8 11.5 2.0 12.6 5.6 5.1e5.0 8.1 2.9 50.7 14.1eNL2.0 22.1 2.2 4.7 -53.4 43.5 615.5 -1.1 0.8 -4.7 -0.1 4.6 1.0 2.7e-0.4 -1.8 3.5 111.3 18.0eAT1.0 22.7 3.1 1.2 -11.3 -2.1 75.4 -2.3 2.0 -7.2 0.4 0.2 0.4 6.5e6.1 14.2 4.3 50.8 13.5ePL4.4 20.4 1.0 1.4 -24.1 3.3 48.5 -1.6 -2.1 7.6 2.8 3.8 2.8 6.6e1.4 -2.0 2.6 36.1 9.2ePT1.8 15.5 1.2 1.5 -72.3 0.6 81.0 -2.3 -1.1 3.1 4.7 3.5 0.4 17.5e-12.0 5.4 2.4 77.0 12.4eRO3.2 24.9 0.5 1.6 -12.9 2.4 44.3 -0.9 2.2 24.1 5.7 1.8 4.5 13.4e20.5 0.5 2.4 17.4 9.8eSI2.2 18.7 2.2 4.9 -19.0 4.0 34.4 -3.1 -0.9 -2.8 0.6 1.9 0.9 17.9e2.1 -10.8 2.1 27.6 8.6eSK5.2 23.7 1.2 1.1 -13.9 1.7 62.5 -3.0 -1.5 6.4 -3.2 3.8 3.1 4.4e-0.9 7.8 2.5 34.3 9.0eFI0.5 21.2 2.9 -0.9 15.2 7.4 57.3 -1.8 0.9 -21.4 1.9 -2.4 0.6 1.5e8.4 0.8b6.0 63.3 19.1eSE4.5 23.8 3.2 3.2 -15.1 2.0 83.9 -0.8 -7.9 -8.4 0.3 3.0 3.0 1.3e5.3 30.2 4.7 82.4 18.8e1) House price index e = estimate by NCB for EL; b = break in time series due to full implementation of harmonised EU methodology for BG and CY; b = break in time series due to new calculation method for new dwellings (apartments) for FI.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services)Flags:b:Break in series. e:Estimated.  
 
 
 
 
 
 
 
 
Table 2.7 (continued): Auxiliary indicators, 2015 

43 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE0.9 67.7 4.0 22.5 12.2 -0.1 21.6 na14.9 -0.4 7.2 na15.0 naBG0.4 69.2 6.1 24.7 19.3 -2.2 43.3 na22.0 0.8 36.8 na11.5 naCZ1.4 74.0 2.4 12.6 7.5 -1.4 13.0 na9.7 0.1 4.5 na6.8 naDK1.4 76.9 1.6 12.2 7.0 -0.3 18.6 na12.2 0.2 3.2 na11.9 naDE0.9 76.4 2.0 7.7 6.2 -0.9 20.0 na16.7 0.6 5.7 na9.5 naEE2.9 77.0 2.4 14.3 11.5 -0.7 23.6 na21.6 4.1 3.5 na6.2 naIE3.5 72.0 5.3 20.2 14.3 -4.9 25.4 na16.2 -0.1 9.4 na18.8 naEL-2.9 67.7 16.4 50.3 17.2 -3.0 32.4 na21.4 -1.7 17.6 na15.3 naES2.8 74.3 11.4 48.3 15.6 -3.0 28.7 na22.1 1.3 7.4 na15.4 naFR0.2 72.2 3.1 26.1 12.0 -0.5 18.4 na13.6 -0.5 6.8 na8.3 naHR1.3 66.9 10.2 42.3 18.1 1.5 24.4 na20.0 -0.4 8.4 na12.3 naIT0.7 63.8 7.4 40.3 21.4 0.4 28.4 na19.9 0.4 12.1 na11.2 naCY1.6 73.9 6.8 32.8 15.3 -0.7 22.8 na16.2 1.5 7.9 na10.4 naLV1.4 75.7 4.9 16.3 10.5 -4.4 30.0 na22.5 3.3 15.4 na7.7 naLT1.4 74.1 3.9 16.3 9.2 -2.0 29.4 na22.2 3.6 14.6 na9.1 naLU2.6 70.9b1.9b17.3b6.2b0.3b18.4 na15.3 0.2 2.5 na5.4 naHU2.2 70.5 3.0 17.1 11.6b-3.2b30.6 na14.9 0.6 24.1 na8.8 naMT3.8 68.8 2.7 11.6 10.5 -0.3 22.2 na16.6 1.5 8.2 na9.2 naNL1.0 82.1 2.7 12.5 4.7 -0.2 16.4 na11.6 1.5 3.2 na10.0 naAT0.6 75.8 2.0 11.3 7.5 0.7 16.9 na13.9 -0.5 2.9 na6.3 naPL1.5 66.8 3.0 21.0 11.0 -0.8 22.5 na17.6 0.5 7.8 na6.9 naPT1.4 72.3 7.5 32.0 11.3 -2.6 26.4 na19.5 1.6 10.9 na10.2 naRO-1.3 59.9 3.6 27.3 18.1 1.3 44.5 na25.4 2.5 34.0 na6.2 naSI1.3 71.2 4.7 16.4 9.5 0.2 17.7 na14.3 0.8 4.8 na5.8 naSK2.0 72.9 8.8 27.7 13.7 -0.1 17.3 na12.3 -0.9 8.4 na7.0 naFI-0.1 74.8 2.9 22.5 10.6 2.0 16.9 na12.4 -0.8 1.0 na11.5 naSE1.5 81.4 2.3 19.7 6.7 -1.1 18.2 na16.3 1.1 1.1 na7.8 naPeople at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total populationPeople living in households with very low work intensity -% of total population aged 0-64Flags:b:Break in series. Year2015Employment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-241) Labour Force Survey indicators, b = change in the sampling strategy and data collection technique for LU.Source: European Commission, Eurostat 
 
 
 
 
 
 
Table 2.8: Auxiliary indicators, 2014 

44 

Year2014Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE1.6 22.8 2.4 0.6 51.8 -2.7 226.9 -3.8 -0.1 -6.9 -2.5 1.1 1.2 4.3e3.3 2.9 5.9 57.5 15.1eBG1.0 21.1 0.8 3.5 10.8 1.9 92.8 -5.6 -3.0 13.5 3.0 -1.0 0.6 16.0e56.2 -2.7 1.6 25.1 7.9eCZ2.3 25.4 2.0 0.9 19.0 3.9 76.7 -3.9 -10.1 0.7 -1.6 4.6 1.7 na-1.1 0.9 3.8 30.2 10.0eDK1.6 19.2 2.9 8.7 11.4 2.0 49.8 0.0 -1.4 -9.6 3.7 -1.0 0.7 5.1e5.2 4.9 3.9 131.5 18.4eDE2.2 20.0 2.9 7.3 31.7 0.5 41.3 -2.8 0.0 -2.8 -2.6 0.7 1.3 3.9e-4.5 10.0 5.9 54.2 19.2eEE3.0 25.7 1.4 1.8 12.8 6.6 103.8 -2.1 3.1 29.5 0.4 -1.5 2.2 3.2e41.1 35.0 3.8 38.9 6.6eIE8.6 20.6 1.5 -2.4 -351.6 38.4 387.9 -2.7 -1.8 -8.3 -5.3 10.5 5.9 21.6e-13.2 2.1 1.8 80.9 9.1eEL0.5 10.8 0.8 0.7 -129.7 1.1 11.9 -3.4 -5.6 -13.4 3.7 4.1 -3.0 39.7e0.4 -27.1e1.1 64.2 12.8eES1.4 17.8 1.2 2.1 -70.1 2.3 60.0 -2.9 -0.6 -4.9 -6.7 0.4 0.4 8.1e-3.7 -22.3 4.2 73.4 14.0eFR1.0 21.8 2.2 -1.0 -31.0 0.2 42.1 -2.5 -0.7 -8.2 -1.7 -0.8 0.4 4.2e2.2 -3.9 6.0 55.6 18.9eHR-0.3 19.0 0.8 0.7 -45.2 5.2 59.5 -4.0 -1.4 -13.4 0.7 3.3 -2.9 13.6e-5.9 -6.9 2.7 39.6 7.2eIT0.0 16.7 1.3e2.1 -21.0 0.8 25.0 -2.6 0.4 -9.2 -3.8 -1.5 -0.1 16.5e3.9 -13.1 4.3 42.6 14.0eCY-1.8 13.3 0.5 -3.3 -197.0 222.1 1935.7 -5.9 -0.1 -14.2 -0.8 2.2 0.2 38.6e-1.5 -8.7 3.9 131.0 10.3eLV1.9 22.8 0.7 1.4 -17.2 3.3 56.6 -4.7 -1.3 20.1 0.1 2.2 3.3 9.7e56.8 16.6 2.5 26.4 10.2eLT3.5 18.9 1.0 6.2 -16.9 0.8 41.4 -4.7 -0.1 28.8 -0.5 -5.9 1.5 6.8e11.4 7.5 2.5 21.5 9.7eLU2.6 19.2 1.2 3.9 -3277.8 274.7 7568.0 -4.2 0.8 17.3 2.3 2.4 0.1 1.4e15.8 14.2 3.6 58.5 13.4eHU4.2 22.0 1.3 4.9 -29.5 9.5 216.5 -6.1 -7.0 -10.6 -1.2 5.1 -0.3 19.4e9.1 -2.2 1.9 25.6 10.9eMT7.6 16.7 0.7 7.3 205.7 2.7 1789.7 -14.4 0.7 -6.0 1.2 -0.6 1.5 6.0e3.6 5.2 2.5 54.8 11.9eNL1.4 17.6 2.2 8.4 -45.8 13.0 558.1 -1.6 1.3 -4.8 -3.0 0.4 1.5 3.4e-0.1 -11.6 3.1 113.2 18.5eAT0.7 22.7 3.1e2.4 -11.3 0.4 77.8 -3.0 1.6 -9.5 -2.7 -1.2 -0.3 7.5e5.4 16.8 4.3 51.0 14.2ePL3.8 20.1 0.9 -1.0 -25.5 3.8 52.1 -2.6 -1.5 9.0 -1.4 1.4 2.1 7.2e2.4 -6.8 2.6 36.0 9.3ePT0.8 15.0 1.3 1.5 -77.7 5.3 81.5 -3.6 -1.2 -0.4 0.1 0.2 -0.6 16.6e-10.1 -4.9 2.5 81.9 13.7eRO4.1 24.4 0.4 2.4 -14.5 1.9 44.9 -1.4 -1.3 30.1 3.7 4.4 3.3 20.7e48.0 -7.3 2.4 18.0 10.5eSI2.8 19.1 2.4 5.3 -28.5 2.0 31.5 -4.1 0.4 -6.5 -4.6 1.9 2.3 22.8e2.9 -17.6 2.2 28.3 9.3eSK2.7 20.5 0.9 2.1 -13.0 -0.4 61.9 -4.0 0.5 9.5 -3.7 -0.4 1.3 5.2e1.8 -0.4 2.6 32.4 8.4eFI-0.4 21.5 3.2 -1.2 0.1 6.4 52.0 -2.4 2.0 -21.9 -3.2 -6.1 0.1 1.6e9.2 3.2 6.0 62.5 24.3eSE2.7 23.2 3.1e4.1 -22.8 -1.7 83.4 -1.3 -3.8 -3.2 -0.8 0.3 1.2 1.3e5.4 16.5 4.2 82.1 20.6e1) House price index e = estimate by NCB for EL. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services)Flags:e:Estimated.  
 
 
 
 
 
 
 
 
 
Table 2.8 (continued): Auxiliary indicators, 2014 

45 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE0.4 67.8 3.9 23.4 12.0 0.2bnana15.5 0.2 nanananaBG0.4 68.9 7.4 26.9 20.2 -1.6 nana21.8 -0.4 nanananaCZ0.6 73.5 2.7 15.9 8.1 -0.2bnana9.7 -0.1 nanananaDK0.9 76.6 1.7 14.2 6.4 -0.8 nana12.1 0.0 nanananaDE0.9 76.5 2.2 8.3 6.4 -1.1bnana16.7 0.9 nanananaEE0.8 75.9 3.3 14.9 11.7 0.1 nana21.8 4.3 nanananaIE2.6 71.8 6.6 23.4 15.3 -3.8 nana16.8 1.6 nanananaEL3.6 67.3 17.5 53.0 19.1 1.7 nana22.1 0.7 nanananaES1.0 74.2 12.9 53.2 17.1b-1.1bnana22.2 1.6 nanananaFR0.5 72.0 3.1 25.7 11.2b-1.1bnana13.3 -0.7 nanananaHR2.6 66.1 10.1 45.5 19.3 3.1 nana19.4 -1.5 nanananaIT0.1 63.6 8.2 42.7 22.1 2.4 nana19.4 -0.4 nanananaCY-2.0 74.3 7.7 36.0 17.0 2.4 nana14.4 -0.4 nanananaLV-1.3 74.4 5.1 19.6 12.0 -4.0 nana21.2 2.2 nanananaLT2.0 73.7 4.8 19.3 9.9 -1.9 nana19.1 -0.1 nanananaLU2.5 70.8 1.6 22.6 6.3 1.6 nana16.4 2.8 nanananaHU4.6 68.8 3.6 20.1 13.6 0.4 nana15.0 0.9 nanananaMT6.1 67.8 2.9 11.7 10.3 0.1 nana15.8 0.2 nanananaNL-0.1 81.5 2.7 13.8 5.5 1.2 nana11.6 0.6 nanananaAT1.0 75.7 1.9 11.0 7.7 0.4 nana14.1 -0.4 nanananaPL1.7 66.4 3.9 24.1 12.0 0.5 nana17.0 -0.7 nanananaPT1.4 71.8 8.7 34.8 12.3 -0.3bnana19.5 1.5 nanananaRO0.8 58.8 3.4 30.0 17.0 -0.5 nana25.1 2.8 nanananaSI0.4 70.4 5.3 20.5 9.4 2.3 nana14.5 0.9 nanananaSK1.4 72.2 10.7 31.0 12.8 -1.0bnana12.6 -0.4 nanananaFI-0.4 74.6 2.4 20.5 10.2 1.8 nana12.8 -0.9 nanananaSE1.4 81.1 2.3 22.3 7.2 -0.3 nana15.6 0.2 nanananaYear2014Employment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion -% of total populationFlags:b:Break in series. People living in households with very low work intensity -% of total population aged 0-64People at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total population1)Youngpeopleneitherinemploymentnorineducationandtraining,b=changeintheclassificationofnon-formaleducationactivitiesforES;b=dataareimpactedfromthechangesinthequestionnaireintroducedin2013andinclusionofFrenchoverseasdepartments(DROM)forFR.Source: European Commission, Eurostat 
 
 
 
 
 
 
 
Table 2.9: Auxiliary indicators, 2013 

46 

Year2013Real GDP* (1 year % change) Gross fixed capital formation* (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products*(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade*(5 year % change)Export market share in volume*(1 year % change)Labour productivity*(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction* (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE0.5 22.2 2.3 0.9 58.5 -5.6 231.9 -4.5 0.6 -6.1 0.2 -3.0 0.8 na2.9 7.6 5.7 55.7 15.7eBG-0.6 21.2 0.6 2.4 7.3 3.6 89.2 -6.2 -0.4 7.7 4.2 6.2 -0.1 na53.2 -9.3 1.7 25.5 7.8eCZ0.0 25.4 1.9 1.5 14.8 3.5 76.6 -4.7 -2.4 -2.7 -1.0 -3.1 -0.4 na1.1 -1.4 3.8 31.4 10.8eDK0.9 19.1 3.0 7.7 -3.6 0.2 41.8 0.3 -1.3 -11.3 2.4 -1.8 0.9 na4.5 -0.6 3.7 133.3 18.4eDE0.4 19.9 2.8 6.5 29.5 1.8 41.3 -3.4 -0.7 -6.1 0.4 -2.4 -0.3 na-7.3 10.4 5.9 55.7 20.3eEE1.5 27.9 1.7 2.9 7.4 4.4 98.9 -2.2 5.3 18.6 -0.7 -0.6 0.2 na42.3 28.8 3.4 40.2 6.8eIE1.1 18.6 1.6e1.0 -310.6 29.6 348.2 -3.2 -3.1 -3.5 -4.8 -0.4 -1.8 na-7.1 -27.3 1.6 93.5 15.0eEL-2.5 11.2 0.8 0.3 -130.3 1.2 12.1 -3.7 -3.5 -20.9 1.2 -1.6 -1.9 na3.6 -25.5e2.3 66.1 14.0eES-1.4 17.4 1.3 2.6 -69.7 3.5 57.7 -3.4 0.4 -3.2 -1.6 1.0 1.1 na-0.4 -28.5 3.9 77.7 14.9eFR0.6 22.0 2.2 -0.5 -26.9 1.1 41.3 -3.1 -1.4 -7.5 -0.4 -1.3 0.4 na2.1 3.2 6.1 55.6 18.1eHR-0.4 19.4 0.8 -0.9 -49.3 1.6 52.1 -5.0 -2.9 -17.3 1.4 -0.9 2.5 na-2.5 -5.3 2.6 39.7 7.5eIT-1.8 17.2 1.3 1.1 -23.8 0.9 23.7 -3.3 1.0 -14.1 -0.8 -3.0 -0.1 na6.6 -7.6 4.7 43.3 15.0eCY-6.6 14.1 0.5 -0.9 -141.1 108.6 1646.3 -6.4 1.0 -5.1 -0.6 -2.3 -1.1 na3.0 -8.5 4.1 129.3 16.2eLV2.0 24.3 0.6 -0.3 -22.3 3.3 54.0 -5.6 0.2 14.2 1.2 -2.7 -0.3 na57.4 21.5 2.2 29.2 9.9eLT3.6 18.4 1.0 4.9 -18.6 1.7 42.9 -6.1 1.4 19.8 -5.2 3.9 2.2 na12.6 7.7 2.2 22.3 9.6eLU3.2 18.5 1.2 4.4 -2546.8 974.2 6123.9 -5.1 1.7 15.7 3.0 2.9 1.3 na16.9 13.4 3.4 57.0 13.9eHU1.8 20.8 1.4 7.2 -35.2 -2.6 211.1 -6.3 -3.0 -16.8 -1.1 0.7 0.5 na14.5 -9.4 1.8 28.3 10.7eMT5.5 16.5 0.7 1.8 216.5 5.4 1898.1 -8.7 0.1 7.2 0.3 -2.5 0.9 na6.0 1.2 2.6 57.1 6.6eNL-0.1 18.4 2.2b9.9 -66.9 37.5 534.5 -1.4 1.3 -4.4 -2.0 -0.9 1.1 na0.0 -14.0 3.0 115.1 20.8eAT0.0 23.0 3.0 1.8 -11.7 0.1 75.2 -3.5 1.6 -12.0 -1.9 -2.8 -0.3 na3.3 19.9 4.3 51.2 13.4ePL0.9 19.0 0.9 -0.2 -26.2 0.2 50.8 -2.7 -3.3 5.4 -0.2 1.7 0.9 na0.5 -7.6 3.0 35.6 9.0ePT-0.9 14.8 1.3 3.3 -78.1 6.9 77.4 -3.7 0.1 -0.9 3.9 3.8 2.0 na-8.8 -13.3 2.5 86.1 14.8eRO0.3 24.4 0.4 1.2 -20.5 2.0 45.3 -1.9 0.7 23.1 2.7 17.2 1.2 na45.9 -17.0 2.4 19.3 9.7eSI-1.0 19.6 2.6 3.7 -32.8 0.2 28.9 -5.5 0.0 -11.9 -2.3 -0.3 0.1 na7.9 -9.4 2.4 29.6 11.3eSK0.6 20.5 0.8 3.3 -10.5 1.0 64.5 -5.9 2.5 3.5 -4.9 2.6 1.4 na3.9 -3.3 3.2 29.6 8.2eFI-0.9 22.0 3.3 -1.7 -4.6 -1.9 46.6 -2.6 1.9 -27.1 -2.7 -2.8 -0.1 na8.4 6.9 6.4 61.5 21.7eSE1.2 22.4 3.3e5.0 -25.6 0.2 89.5 -1.5 5.9 -10.1 0.2 -4.5 0.2 na3.6 9.2 3.6 81.2 21.3e1) House price index e = estimate by NCB for EL. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services)Flags:b:Break in series. e:Estimated.  
 
 
 
 
 
 
 
 
 
Table 2.9 (continued): Auxiliary indicators, 2013 

47 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE-0.3 67.6 3.5 23.9 12.7 1.8 nana15.1 0.5 nanananaBG-0.4 68.2 7.9 31.5 21.6 0.6bnana21.0 0.3 nanananaCZ0.3 72.9 3.0 19.0 9.1b0.3bnana8.6 -0.4 nanananaDK0.0 76.6 1.8 14.8 6.6 -0.3 nana11.9 -1.4 nanananaDE0.8 76.4 2.3 8.3 6.3 -2.0bnana16.1 0.5 nanananaEE1.2 75.8 3.8 18.6 11.3 -2.7 nana18.6 2.8 nanananaIE2.9 71.8 7.9 26.7 16.4 -3.0 nana15.7 0.5 nanananaEL-0.6 67.4 16.7 59.2 20.4 5.6 nana23.1 3.0 nanananaES-2.4 74.3 13.0 55.5 18.6 0.8 nana20.4 -0.3 nanananaFR0.2 71.8 2.9 26.4 11.2b-1.5bnana13.7 0.4 nanananaHR-2.8 63.7 11.0 50.0 19.6 3.9 nana19.5 -1.1 nanananaIT-1.8 62.9 7.4 40.0 22.2 3.2 nana19.3 0.6 nanananaCY-5.6 73.6 6.1 38.9 18.7 7.0 nana15.3 -0.3 nanananaLV2.3 73.8 6.3 23.2 13.0 -4.8 nana19.4 -1.5 nanananaLT1.4 72.4 5.1 21.9 11.1 -2.1 nana20.6 0.1 nanananaLU1.8 69.9 1.8 15.5 5.0 -0.1 nana15.9 1.4 nanananaHU1.3 66.7 4.8 26.1 15.5 2.9 nana15.0 2.7 nanananaMT4.5 66.3 3.5 12.7 9.9 0.4 nana15.8 0.3 nanananaNL-1.2 81.9 2.3 14.2 5.6b0.8bnana10.4 0.1 nanananaAT0.3 75.8 1.6 10.3 7.3 -0.1 nana14.4 -0.3 nanananaPL-0.1 65.4 4.5 27.6 12.2b1.4bnana17.3 -0.3 nanananaPT-2.9 71.2 9.7 38.3 14.1 2.7 nana18.7 0.8 nanananaRO-0.9 57.9 3.9 29.6 17.0 0.4bnana23.0 1.4 nanananaSI-1.1 70.0 5.2 21.6 9.2 2.1 nana14.5 1.8 nanananaSK-0.8 71.8 11.6 34.9 13.7 -0.4 nana12.8 0.8 nanananaFI-0.8 74.4 2.1 20.6 9.3 0.3 nana11.8 -1.3 nanananaSE1.0 80.7 2.3 22.9 7.5 -0.2 nana16.0 1.2 nanananaFlags:b:Break in series. Year2013Employment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%)Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total populationPeople living in households with very low work intensity -% of total population aged 0-641) Young people neither in employment nor in education and training, b = changes in the implementation of variables on education used for the derivation of the indicator for PL.Source: European Commission, Eurostat 
 
 
 
 
 
 
 
Table 2.10: Auxiliary indicators, 2012 

48 

Year2012Real GDP (1 year % change) Gross fixed capital formation (% of GDP)Gross domestic expenditure on R&D (% of GDP)Current plus capital account (Net lending-borrowing)(% of GDP)Net international investment position excluding non-defaultable instruments (% of GDP) Foreign direct investment in the reporting economy - flows(% of GDP) Foreign direct investment in the reporting economy - stocks(% of GDP)Net trade balance of energy products(% of GDP)Real effective exchange rate - euro area trading partners(3 year % change)Export performance against advanced economies(5 year % change)Terms of trade(5 year % change)Export market share in volume(1 year % change)Labour productivity(1 year % change)Gross non-performing loans of domestic and foreign entities  (% of gross loans)Unit labour cost performance relative to EA(10 year % change)House price index (2015=100) - nominal (3 year % change)Residential construction (% of GDP)Household debt, consolidated (incl. NPISH, % of GDP)Consolidated banking leverage, domestic and foreign entities (total assets/total equity)BE0.7 23.0 2.3 0.6 58.6 2.4 244.0 -5.0 1.9 -6.4 -2.8 -3.5 0.3 na1.1 9.7 5.9 55.1 17.4eBG0.8 21.1 0.6 0.4 4.2 3.3 89.5 -6.8 1.9 9.7 5.9 -1.0 3.3 na42.1 -16.7e1.7 25.4 7.6eCZ-0.8 26.2 1.8 -0.3 9.3 4.5 74.2 -4.6 5.6 5.9 -3.3 1.3 -1.2 na3.5 -3.1 4.1 30.7 10.4eDK0.2 18.8 3.0 6.3 -2.7 -4.9 43.6 0.8 0.7 -8.8 3.1 -1.8 0.9 na5.4 -1.7 4.1 136.3 20.3eDE0.4 20.3 2.9 7.1 22.1 1.8 40.0 -3.6 -1.3 -7.8 -2.3 -0.1 -0.7 na-9.7 8.2 5.9 56.6 23.5eEE3.2 28.7 2.1 1.5 3.3 7.8 94.3 -1.3 5.2 18.5 -1.5 1.8 1.6 na42.0 23.0 2.9 42.0 7.1eIE0.0 19.6 1.6e-3.3 -256.0 25.8 336.9 -3.0 -5.1 -9.5 -3.6 -3.8 0.4 na-4.0 -37.9 1.5 98.2 15.8eEL-7.1 11.5 0.7 -2.3 -124.1 0.7 11.7 -4.1 2.0 -18.3 -1.6 -1.0 -3.2 na12.4 -20.4e3.3 66.1 26.6eES-3.0 18.5 1.3 0.6 -73.7 1.6 55.4 -3.8 0.8 -8.6 -4.6 -2.1 1.1 na1.5 -22.7 4.6 81.5 17.9eFR0.3 22.5 2.2 -1.1 -27.0 1.2 40.5 -3.3 -0.5 -9.5 -2.1 -0.2 0.0 na1.7 10.0 6.2 55.1 20.1eHR-2.3 19.4 0.7 -1.8 -50.1 2.3 51.8 -5.5 -2.6 -17.7 2.9 -4.5 1.4 na4.0 -7.6 3.4 40.6 naIT-3.0 18.3 1.3 -0.1 -24.6 0.0 23.0 -3.8 1.4 -17.7 -4.8 -1.0 -2.7 na10.4 -0.5e4.9 43.7 14.4eCY-3.4 15.5 0.4 -3.7 -103.8 276.0 1432.8 -7.5 2.0 -10.3 -2.1 -3.6 0.1 na14.1 -10.1 4.9 127.5 26.0eLV7.0 26.0 0.7 -0.8 -26.0 3.8 49.4 -6.1 -0.7 20.0 -1.1 6.5 5.5 na54.7 1.2 2.4 32.7 10.2eLT3.8 17.3 0.9 1.4 -22.9 1.6 42.2 -7.5 1.7 37.4 -1.5 7.8 1.9 na9.3 -1.5 1.9 23.6 10.2eLU1.6 19.2 1.2b4.8 -2328.9 980.0 5978.7 -6.0 2.8 4.0 5.7 -1.4 -0.8 na17.2 13.9 2.9 57.9 15.1eHU-1.3 19.1 1.3 4.1 -41.8 8.2 225.7 -6.3 4.6 -14.9 -2.4 -4.7 -2.1 na23.6 -9.2 2.0 31.7 11.5eMT4.1 17.6 0.8 1.5 260.8 35.2 1996.3 -11.9 1.1 24.3 -0.2 2.5 1.3 na6.9 2.7 2.8 59.0 5.0eNL-1.0 18.8 1.9b8.9 -69.6 29.4 503.2 -2.6 -0.4 -3.4 -2.6 0.3 -0.8 na1.2 -10.1 3.5 117.9 22.3eAT0.7 22.6 2.9e1.3 -16.0 1.3 74.7 -3.9 1.3 -13.3 -3.2 -1.6 -0.4 na1.3 21.1e4.3 52.0 13.5ePL1.5 19.6 0.9 -1.6 -25.0 1.4 48.3 -3.5 7.3 11.1 -2.6 1.0 1.4 na-3.4 -7.0e3.1 34.4 9.1ePT-4.1 15.8 1.4 0.5 -82.1 9.9 70.8 -4.7 0.9 -8.4 -0.2 0.1 0.0 na-8.5 -11.0 3.0 90.5 15.5eRO1.9 27.0 0.5 -3.4 -23.9 1.7 41.4 -2.9 3.2 24.4 4.6 -1.9 0.5 na79.1 -23.0 3.0 19.7 9.7eSI-2.6 19.0 2.6 1.4 -37.6 0.1 29.6 -6.7 0.2 -12.3 -4.3 -2.5 -1.7 na11.4 -4.2 2.5 30.7 12.9eSK1.3 20.4 0.8 2.8 -8.5 1.8 63.8 -5.7 1.9 -0.6 -6.0 6.1 1.3 na5.5 -8.0 2.8 28.0 8.5eFI-1.4 23.1 3.4 -2.0 -2.2 1.9 51.7 -2.6 1.6 -25.1 -5.3 -2.8 -2.2 na6.2 12.3 6.7 61.0 26.3eSE-0.6 22.7 3.2e5.3 -20.5 0.8 90.1 -1.7 19.3 -10.8 -0.3 -1.9 -1.3 na1.7 12.0 3.5 79.3 22.1e1) House price index e = Eurostat estimate for PL; e = NSI estimates for BG; e = estimate by NCB for EL, IT and AT. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFunddata,WEO(forworldvolume exports of goods and services)Flags:b:Break in series. e:Estimated.  
 
 
 
 
 
 
 
 
 
Table 2.10 (continued): Auxiliary indicators, 2012 

49 

%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in pp%3 year change in ppBE0.4 67.0 3.1 20.0 12.3 1.2 nana15.3 0.7 nanananaBG-2.5 67.0 7.2 31.2 21.5 2.0 nana21.2 -0.6 nanananaCZ0.4 71.6 3.0 19.5 8.9 0.4 nana9.6 1.0 nanananaDK-0.7 77.2 2.1 15.8 7.3 0.8 nana12.0 -1.1 nanananaDE1.1 76.0 2.4 8.6 7.1 -1.7 nana16.1 0.6 nanananaEE1.6 75.6 5.4 20.7 12.2 -2.3bnana17.5 -2.2 nanananaIE-0.4 71.1 9.2 30.8 19.2 0.9 nana16.3 1.3 nanananaEL-4.0 67.3 13.1 55.9 20.2 7.8bnana23.1 3.4 nanananaES-4.0 74.3 11.0 52.9 18.6 0.5 nana20.8 0.4 nanananaFR0.3 71.4 2.6 25.8 12.5 -0.2 nana14.1 1.2 nanananaHR-3.6 63.9 10.2 42.1 16.6 3.2 nana20.4 nananananaIT-0.3 63.0 6.0 35.3 21.0 3.4 nana19.5 1.1 nanananaCY-3.5 73.5 3.6 27.7 16.0 6.1bnana14.7 -1.1 nanananaLV1.4 74.3 8.6 28.5 14.9 -2.6 nana19.2 -7.2 nanananaLT1.9 71.8 6.6 26.7 11.2 -0.9 nana18.6 -1.7 nanananaLU2.4 69.4 1.6 18.8 5.9 0.1bnana15.1 0.2 nanananaHU0.9 65.7 4.8 27.8 14.8 1.2 nana14.3 1.9 nanananaMT2.8 63.9 3.8 13.8 10.8 0.9 nana15.1 0.2 nanananaNL-0.2 81.5 1.7 12.9 4.9 -0.1 nana10.1 -1.0 nanananaAT1.0 75.4 1.5 10.0 6.8 -1.4 nana14.4 -0.1 nanananaPL0.1 64.8 4.2 26.8 11.8 1.7 nana17.1 0.0 nanananaPT-4.1 71.3 8.1 38.1 13.9 2.7 nana17.9 0.0 nanananaRO1.4 57.6 3.7 28.2 16.8 2.9 nana22.9 0.8 nanananaSI-0.9 69.8 4.3 20.8 9.3 1.8 nana13.5 2.2 nanananaSK0.1 71.3 10.9 35.3 13.8 1.3 nana13.2 2.2 nanananaFI0.9 74.4 2.1 19.5 8.6 -1.3 nana13.2 -0.6 nanananaSE0.7 79.9 2.3 23.0 7.8 -1.8 nana15.2 0.8 nanananaYoung people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion -% of total populationPeople at risk of poverty after social transfers -% of total populationSeverely materially and socially deprived people  -% of total populationPeople living in households with very low work intensity -% of total population aged 0-64Source: European Commission, EurostatFlags:b:Break in series. Year2012Employment(1 year % change)Activity rate - % of total population aged 15-64(%)Long-term unemployment rate - % of active population aged 15-74(%) Youth unemployment rate - % of active population aged 15-24(%) 
 
 
 
 
 
 
 
Chapter 3: Tables by indicator   
Table 3.1: Current account balance, % of GDP (3 year average) 

50 

2012201320142015201620172018201920202021BE-0.1 -0.4 0.5 1.0 0.9 0.9 0.1 0.0 0.1 0.5 BG-0.7 0.3 0.6 0.8 1.4 2.1 2.4 2.0 0.9 0.5 CZ-2.4 -1.4 -0.6 0.0 0.8 1.3 1.3 0.8 0.9 0.5 DK6.5 6.9 7.7 8.3 8.3 8.0 7.7 7.9 7.9 8.5 DE6.4 6.6 7.0 7.5 8.1 8.3 8.1 7.8 7.5 7.3 EE0.4 -0.1 -0.3 0.9 1.2 1.8 1.5 1.8 0.8 -0.1 IE-2.1 -1.2 -0.3 2.3 0.4 0.2 0.5 -4.7 -7.2 -4.2 EL-7.5 -4.6 -1.9 -1.0 -1.1 -1.5 -2.2 -2.1 -3.7 -5.0 ES-2.1 -0.2 1.3 1.9 2.3 2.7 2.6 2.3 1.5 1.2 FR-0.8 -0.8 -0.8 -0.6 -0.6 -0.5 -0.7 -0.4 -0.7 -0.3 HR-2.0 -1.6 -0.9 0.8 1.9 2.9 2.4 2.6 1.3 1.8 IT-2.1 -0.6 0.9 1.5 2.0 2.3 2.6 2.9 3.3 3.4 CY-5.6 -2.5 -3.1 -2.0 -2.9 -3.2 -4.4 -4.9 -6.5 -7.5 LV-1.8 -3.3 -2.7 -1.6 -0.2 0.8 0.9 0.2 0.6 -0.7 LT-1.7 -1.2 1.2 0.9 0.0 -1.0 -0.1 1.5 3.7 4.0 LU5.6 5.3 5.1 4.9 4.8 4.8 4.4 4.0 3.9 4.2 HU0.8 1.9 2.1 2.3 2.7 2.9 2.2 0.5 -0.5 -1.9 MT-2.8 -0.8 1.8 2.8 2.6 2.7 3.9 5.7 2.8 -0.8 NL8.6 9.5 9.5 7.8 6.9 7.1 8.5 8.4 7.1 6.4 AT2.0 1.7 2.0 2.0 2.3 1.9 1.7 1.6 2.1 1.9 PL-4.8 -3.7 -3.0 -2.0 -1.7 -1.1 -1.4 -1.1 0.1 0.3 PT-5.9 -2.0 0.1 0.7 0.5 0.9 1.0 0.8 0.0 -0.6 RO-4.9 -3.5 -2.0 -0.7 -0.9 -1.8 -3.1 -4.2 -4.8 -5.7 SI-0.1 1.3 3.2 4.1 4.6 4.9 5.6 6.0 6.5 5.8 SK-2.9 -0.7 1.3 0.3 -1.2 -2.2 -2.3 -2.5 -1.7 -1.8 FI-0.7 -1.8 -1.7 -1.4 -1.4 -1.2 -1.5 -1.0 -0.5 0.3 SE5.6 5.4 5.0 4.3 3.3 2.9 2.7 3.7 4.7 5.6 TheCurrentaccountprovidesinformationaboutthetransactionsofacountrywiththerestoftheworld.Itcoversalltransactions(otherthanthoseinfinancialitems)ingoods,services,primaryincomeandsecondaryincome,whichoccurbetweenresidentandnon-residentunits.TheMIPScoreboardindicatoristhethree-yearbackwardmovingaverageofthecurrentaccountbalanceexpressedinpercentageofGDP.TheindicatorisbasedonBalanceof Payments (BoP) data. Starting from October 2014 definitions are based on the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6).Source: European Commission, Eurostat 
 
 
 
 
 
 
Table 3.2: Current account balance (% of GDP)  

51 

2012201320142015201620172018201920202021BE-0.1 1.0 0.8 1.4 0.6 0.7 -0.9 0.1 1.1 0.4 BG-0.8 1.3 1.2 0.0 3.1 3.3 0.9 1.9 0.0 -0.5 CZ-1.5 -0.5 0.2 0.4 1.8 1.5 0.4 0.3 2.0 -0.8 DK6.3 7.8 8.9 8.2 7.8 8.0 7.3 8.5 7.9 9.0 DE7.1 6.6 7.2 8.6 8.5 7.8 8.0 7.6 7.0 7.4 EE-1.9 0.3 0.7 1.8 1.2 2.3 0.9 2.4 -1.0 -1.8 IE-3.4 1.6 1.1 4.4 -4.2 0.5 5.2 -19.8 -6.8 14.2 EL-3.5 -1.4 -0.7 -0.8 -1.7 -1.9 -2.9 -1.5 -6.6 -6.8 ES0.1 2.0 1.7 2.0 3.2 2.8 1.9 2.1 0.6 1.0 FR-1.0 -0.5 -1.0 -0.4 -0.5 -0.8 -0.8 0.5 -1.8 0.4 HR-1.9 -1.1 0.3 3.2 2.1 3.4 1.7 2.8 -0.5 3.1 IT-0.2 1.1 1.9 1.4 2.6 2.7 2.6 3.3 3.9 3.1 CY-3.9 -1.5 -4.1 -0.4 -4.2 -5.0 -4.0 -5.6 -10.1 -6.8 LV-3.7 -2.8 -1.6 -0.6 1.6 1.3 -0.1 -0.6 2.6 -4.2 LT-1.6 1.7 3.5 -2.4 -1.1 0.5 0.3 3.5 7.3 1.1 LU5.3 5.1 4.9 4.8 4.8 4.7 3.7 3.4 4.6 4.7 HU1.6 3.4 1.2 2.3 4.5 2.0 0.2 -0.8 -1.1 -4.0 MT-0.4 0.1 5.6 2.7 -0.6 5.9 6.4 5.0 -2.9 -4.6 NL10.2 9.8 8.5 5.2 7.1 8.9 9.3 6.9 5.1 7.2 AT1.5 1.9 2.5 1.7 2.7 1.4 0.9 2.4 3.0 0.4 PL-4.1 -2.0 -2.9 -1.3 -1.0 -1.1 -1.9 -0.2 2.5 -1.4 PT-1.6 1.6 0.2 0.2 1.2 1.3 0.6 0.4 -1.0 -1.2 RO-4.7 -1.0 -0.3 -0.8 -1.6 -3.1 -4.6 -4.9 -4.9 -7.3 SI1.3 3.3 5.1 3.8 4.8 6.2 6.0 5.9 7.6 3.8 SK0.9 1.9 1.1 -2.1 -2.7 -1.9 -2.2 -3.3 0.6 -2.5 FI-2.1 -1.8 -1.3 -0.9 -2.0 -0.8 -1.8 -0.3 0.7 0.6 SE5.5 5.2 4.2 3.3 2.4 3.0 2.7 5.5 5.9 5.4 TheCurrentaccountprovidesinformationaboutthetransactionsofacountrywiththerestoftheworld.Itcoversalltransactions(otherthanthoseinfinancialitems)ingoods,services,primaryincomeandsecondaryincome,whichoccurbetweenresidentandnon-residentunits.TheindicatorisexpressedinpercentageofGDPandbasedonBalanceofPayments(BoP)data.StartingfromOctober2014definitionsarebasedontheSixthEditionoftheIMF's Balance of Payments and International Investment Position Manual (BPM6).Source: European Commission, Eurostat 
 
 
 
Table 3.3: Net International Investment Position (% of GDP)   

52 

2012201320142015201620172018201920202021BE40.8 43.2 44.8 45.2 54.5 56.0 34.3 40.9 47.0 59.9 BG-77.3 -73.3 -71.9 -61.5 -47.5 -43.0 -37.0 -30.2 -26.1 -18.4 CZ-45.6 -40.9 -36.3 -32.9 -27.2 -24.9 -24.4 -19.8 -16.3 -15.6 DK36.1 37.2 43.3 30.8 52.6 55.4 64.0 77.7 70.0 77.0 DE28.7 24.7 29.0 34.6 39.2 44.2 52.3 58.5 64.1 70.7 EE-51.1 -50.0 -47.0 -40.2 -39.5 -33.0 -29.9 -22.6 -21.9 -13.0 IE-137.4 -133.6 -164.5 -198.3 -172.6 -166.9 -183.3 -193.4 -177.0 -145.5 EL-117.6 -131.0 -133.0 -136.1 -139.1 -143.4 -148.6 -154.1 -173.8 -171.9 ES-88.9 -92.8 -95.9 -88.9 -85.4 -85.5 -79.1 -73.7 -85.7 -71.5 FR-12.8 -16.6 -15.6 -12.9 -13.0 -20.1 -19.3 -24.6 -30.7 -32.1 HR-90.5 -90.0 -89.6 -78.8 -72.1 -64.5 -56.0 -47.0 -48.1 -35.1 IT-23.0 -23.4 -20.8 -19.3 -12.0 -7.3 -5.0 -1.2 1.4 8.1 CY-140.7 -162.1 -163.1 -153.5 -133.2 -135.7 -125.2 -115.4 -134.5 -117.8 LV-68.4 -67.9 -64.1 -60.1 -54.3 -51.5 -45.4 -40.3 -34.1 -27.4 LT-54.4 -50.8 -46.8 -43.8 -42.8 -37.3 -30.2 -23.5 -15.6 -7.4 LU63.2 61.5 67.3 63.3 55.5 80.6 61.1 67.8 55.7 30.6 HU-91.7 -82.0 -80.1 -67.5 -59.1 -54.4 -50.7 -49.8 -52.2 -53.1 MT19.1 25.9 41.8 36.1 47.8 56.6 55.5 53.5 51.0 52.8 NL26.7 30.7 48.0 50.0 62.6 61.5 73.1 89.6 113.0 93.0 AT-3.2 1.3 3.4 2.2 4.1 4.3 6.0 14.4 11.5 14.7 PL-64.5 -68.8 -68.8 -60.6 -66.2 -60.3 -54.7 -48.8 -43.9 -39.5 PT-119.3 -120.2 -123.8 -118.9 -110.5 -110.4 -106.4 -100.0 -104.6 -94.7 RO-64.6 -63.6 -57.0 -54.7 -50.0 -47.8 -43.4 -43.4 -47.6 -47.2 SI-44.0 -39.3 -38.4 -31.2 -28.8 -24.2 -18.9 -16.2 -15.6 -6.8 SK-60.4 -62.0 -63.4 -63.6 -66.6 -68.2 -69.4 -65.6 -64.8 -61.0 FI10.6 3.0 -3.1 4.8 5.5 1.2 -5.6 4.0 -4.0 -1.4 SE-15.5 -17.2 -3.7 -6.6 -3.5 -0.9 8.1 13.2 9.4 21.2 Theinternationalinvestmentposition(IIP)isastatisticalstatementthatshowsatapointintimethevalueandcompositionoffinancialassetsofresidentsofaneconomythatareclaimsonnon-residentsandgoldbullionheldasreserveassets,andliabilitiesofresidentsofaneconomytonon-residents.Thedifferencebetweenaneconomy’sexternalfinancialassetsandliabilitiesistheeconomy’snetIIP(NIIP),whichmaybepositiveornegative.TheNIIPprovidesanaggregateviewofthenetfinancialposition(assetsminusliabilities)ofacountryvis-à-vistherestoftheworld.TheMIPScoreboardindicatorisexpressedinpercentageofGDPandbasedonBalanceofPayments(BoP) statistics. Starting from October 2014 definitions are based on the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6). 1) 2012-2015: LU international investment position has been revised downwards following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics.Source: European Commission, Eurostat 
 
 
 
Table 3.4: Real effective exchange rate - 42 trading partners, HICP deflator (3 year % change) 

53 

2012201320142015201620172018201920202021BE-4.3 -0.2 -0.6 -1.7 -0.4 0.9 7.0 2.7 2.5 0.6 BG-4.0 -0.9 -2.8 -4.3 -4.7 -3.3 4.2 4.6 7.1 3.8 CZ0.5 -3.1 -10.0 -8.2 -3.7 5.3 11.0 8.7 5.6 5.0 DK-7.8 -2.5 -1.2 -1.7 -1.7 -2.1 2.6 -0.2 0.9 -1.1 DE-9.0 -1.8 -0.4 -1.5 -2.1 -2.0 5.3 2.0 2.4 0.5 EE-3.6 3.1 4.8 5.8 4.4 3.0 7.6 6.1 5.3 1.9 IE-12.2 -3.8 -3.6 -6.4 -7.1 -6.3 2.3 -1.4 -1.2 -2.6 EL-5.0 -4.4 -5.6 -5.6 -4.0 -3.0 3.8 0.5 0.4 -3.1 ES-5.3 -0.3 -1.0 -3.2 -4.3 -2.6 4.2 1.7 1.1 -0.5 FR-7.8 -2.2 -1.3 -2.9 -3.2 -3.0 4.5 1.6 2.7 -0.4 HR-8.4 -3.9 -0.8 0.1 0.0 0.1 4.2 1.5 0.5 -1.5 IT-6.2 0.1 0.2 -2.4 -3.4 -3.1 3.4 0.2 0.6 -1.8 CY-5.9 -0.8 -1.7 -6.2 -7.4 -6.4 2.0 0.0 0.1 -2.4 LV-8.6 -1.7 0.4 2.5 4.8 1.7 5.1 3.8 5.9 2.3 LT-6.7 -0.6 1.7 4.2 5.3 2.6 6.6 3.8 6.9 4.4 LU-2.4 0.8 0.5 -0.7 -1.5 -1.0 3.3 2.0 1.5 0.6 HU-0.8 -3.8 -6.8 -7.2 -5.2 0.0 2.0 0.4 -4.9 -4.1 MT-7.6 -1.2 0.1 -2.8 -2.9 -2.5 4.5 1.8 2.1 -1.2 NL-6.0 0.5 0.7 -0.9 -2.3 -1.8 3.3 2.4 3.8 2.2 AT-4.7 0.7 1.9 1.3 0.9 0.2 4.8 2.1 3.2 1.2 PL1.4 -4.3 -1.0 -1.4 -5.1 -3.5 0.1 2.8 1.1 -0.4 PT-4.0 -0.6 -1.8 -3.1 -1.8 -0.8 3.3 -0.3 0.0 -2.8 RO-2.0 0.5 -1.0 2.7 -2.6 -5.6 -0.7 0.2 3.4 1.0 SI-4.5 -0.6 1.2 0.3 -0.6 -2.0 2.0 1.0 1.9 -0.4 SK-3.2 2.1 1.2 -1.2 -1.6 -2.0 2.5 2.6 5.3 3.1 FI-8.3 0.2 2.7 2.1 0.4 -2.6 2.9 0.1 2.3 -0.7 SE10.3 5.1 -3.7 -8.3 -9.2 -5.5 -4.0 -8.3 -4.8 2.1 Realeffectiveexchangerate(REER)aimstoassessacountry'spriceorcostcompetitivenessrelativetoitsprincipalcompetitorsininternationalmarkets.Changesincostandpricecompetitivenessdependnotonlyonexchangeratemovementsbutalsooncostandpricetrends.ThespecificREERfortheMacroeconomicImbalanceProcedureisdeflatedbytheconsumerpriceindicesrelativetoapanelof42countries(doubleexportweightsareusedtocalculateREERs,reflectingnotonlycompetitioninthehomemarketsofthevariouscompetitors,butalsocompetitioninexportmarketselsewhere).Apositivevaluemeansappreciationinrealterms.TheMIPScoreboardindicator is the 3-year percentage change of the real effective exchange rate based on consumer price index deflators relative to 42 trading partners.Source: European Commission, Directorate General for Economic and Financial Affairs 
 
 
 
 
Table 3.5: Real effective exchange rate - 42 trading partners, HICP deflator (1 year % change) 

54 

2012201320142015201620172018201920202021BE-2.3 1.5 0.2 -3.4 2.9 1.5 2.5 -1.2 1.3 0.5 BG-2.1 0.1 -0.8 -3.6 -0.4 0.6 4.0 0.0 2.9 0.8 CZ-2.8 -2.2 -5.2 -0.9 2.5 3.7 4.4 0.3 0.7 3.9 DK-2.9 1.0 0.8 -3.4 1.0 0.4 1.2 -1.8 1.5 -0.9 DE-3.3 2.2 0.8 -4.4 1.6 1.0 2.7 -1.5 1.4 0.8 EE-0.9 2.9 2.8 0.1 1.5 1.5 4.5 0.0 0.7 1.2 IE-4.4 1.6 -0.8 -7.2 0.9 0.0 1.3 -2.7 0.3 -0.1 EL-4.5 -0.6 -0.6 -4.5 1.1 0.5 2.1 -2.1 0.4 -1.4 ES-2.4 1.9 -0.5 -4.5 0.7 1.4 2.1 -1.7 0.7 0.5 FR-3.2 1.6 0.3 -4.7 1.3 0.5 2.6 -1.4 1.5 -0.5 HR-2.5 1.2 0.5 -1.5 1.1 0.5 2.5 -1.5 -0.5 0.5 IT-1.9 1.9 0.3 -4.5 0.8 0.6 1.9 -2.2 0.9 -0.5 CY-2.1 1.1 -0.8 -6.5 -0.2 0.4 1.8 -2.2 0.5 -0.8 LV-1.5 -1.0 2.9 0.6 1.2 -0.1 3.9 0.0 2.0 0.3 LT-2.0 0.9 3.0 0.3 1.9 0.3 4.2 -0.7 3.3 1.8 LU-1.6 1.6 0.5 -2.7 0.7 1.0 1.6 -0.6 0.4 0.8 HU-1.9 -1.4 -3.6 -2.4 0.8 1.7 -0.5 -0.8 -3.6 0.3 MT-2.0 1.5 0.6 -4.8 1.4 1.0 2.0 -1.2 1.4 -1.3 NL-1.8 2.7 -0.1 -3.4 1.2 0.5 1.5 0.4 1.8 0.0 AT-1.8 2.1 1.7 -2.4 1.7 1.0 2.1 -1.0 2.1 0.1 PL-2.2 0.2 1.0 -2.6 -3.5 2.7 1.0 -0.9 1.1 -0.6 PT-1.6 0.3 -0.5 -2.9 1.6 0.6 1.0 -1.9 0.8 -1.8 RO-6.1 4.0 1.4 -2.6 -1.3 -1.8 2.3 -0.3 1.4 0.0 SI-1.2 1.4 1.1 -2.1 0.5 -0.3 1.8 -0.5 0.6 -0.5 SK0.0 1.0 0.2 -2.4 0.5 -0.1 2.1 0.6 2.5 -0.1 FI-2.6 2.9 2.5 -3.2 1.2 -0.6 2.3 -1.5 1.6 -0.8 SE-0.7 1.7 -4.6 -5.5 0.8 -0.8 -4.0 -3.8 3.0 3.0 Realeffectiveexchangerate(REER)aimstoassessacountry'spriceorcostcompetitivenessrelativetoitsprincipalcompetitorsininternationalmarkets.Changesincostandpricecompetitivenessdependnotonlyonexchangeratemovementsbutalsooncostandpricetrends.ThespecificREERfortheMIPisdeflatedbytheconsumerpriceindicesrelativetoapanelof42countries(doubleexportweightsareusedtocalculateREERs,reflectingnotonly competition in the home markets of the various competitors, but also competition in export markets elsewhere). A positive value means appreciation in real terms.The indicator is the 1-year percentage change of REER.Source: European Commission, Directorate General for Economic and Financial Affairs 
 
 
 
 
Table 3.6: Export market share - % of world exports (5 year % change) 

55 

2012201320142015201620172018201920202021BE-15.6 -13.2 -13.5 -13.7 -5.2 1.6 -1.3 -2.3 10.1 2.4 BG-1.1 -0.4 5.4 12.9 9.2 20.1 13.0 15.1 15.7 12.2 CZ-4.6 -10.0 -6.4 -2.0 2.5 8.3 11.0 4.8 8.1 -1.1 DK-17.8 -18.0 -16.1 -8.6 -3.1 1.5 -0.1 1.7 10.6 6.5 DE-16.8 -13.2 -9.7 -3.3 1.9 5.7 3.2 -1.2 0.9 -5.9 EE6.8 9.7 20.3 7.1 -0.9 1.7 -0.1 1.7 16.4 17.8 IE-18.4 -10.8 -14.8 37.6 58.3 70.9 78.4 73.1 51.5 39.9 EL-26.3 -26.8 -19.6 -14.1 -10.0 -0.6 6.3 3.2 -10.7 9.6 ES-17.6 -10.5 -11.7 -3.4 2.7 9.5 4.3 2.3 -7.2 -10.5 FR-18.4 -14.4 -14.7 -3.8 1.0 2.5 0.5 -0.7 -8.5 -11.4 HR-25.8 -23.5 -19.6 -6.0 9.2 22.8 22.2 22.0 -1.3 7.9 IT-25.8 -20.6 -15.7 -9.8 -4.2 0.6 -0.2 -2.4 -2.9 -6.2 CY-19.1 -12.2 -20.3 -4.9 7.8 21.1 21.8 25.3 38.9 24.9 LV8.2 5.6 11.5 13.1 9.2 7.3 8.4 3.3 19.7 13.4 LT23.9 10.8 19.6 6.3 -1.5 3.5 2.9 16.4 38.7 37.9 LU-6.3 7.0 9.0 17.9 25.7 23.6 11.6 7.0 17.6 13.1 HU-23.3 -23.0 -17.0 -9.4 -2.3 10.2 8.2 5.0 7.4 0.0 MT12.1 -0.9 -12.7 8.9 17.7 24.1 18.9 20.0 12.5 -0.9 NL-12.9 -11.6 -11.5 -6.9 -3.1 1.3 1.5 -0.3 6.8 1.1 AT-21.8 -18.6 -15.9 -9.3 -3.0 2.2 2.7 1.2 5.4 -2.7 PL0.2 -2.5 1.2 5.1 13.6 23.6 22.2 22.0 33.6 24.9 PT-17.4 -8.3 -7.5 0.7 5.0 13.9 8.5 8.3 -1.5 -5.3 RO12.2 13.9 20.9 21.3 24.5 38.0 23.4 17.4 19.9 10.6 SI-20.9 -18.5 -13.2 -5.0 3.2 17.8 19.4 15.8 19.5 11.6 SK-10.4 -4.3 1.7 3.9 7.1 4.9 2.0 1.3 7.4 -2.9 FI-32.4 -32.6 -27.5 -23.2 -15.9 -5.3 -4.2 3.1 11.6 4.9 SE-19.6 -16.9 -10.1 -10.5 -9.5 -5.7 -6.8 -2.9 3.1 -1.0 Source: European Commission, Eurostat, and International Monetary Fund data, WEO (for world volume exports of goods and services) Theexportmarketshareiscalculatedbydividingtheexports(goodsandservices)ofthecountrybythetotalexportsoftheregion/world.TheMIPScoreboardindicatorisexpressedasa5-yearpercentagechange.Thetotalworldexport data are based on International Monetary Fund (IMF) data. 
 
 
 
 
Table 3.7: Export market share - % of world exports (1 year % change) 

56 

2012201320142015201620172018201920202021BE-6.4 1.4 0.5 -7.1 7.0 0.3 -1.5 -0.5 4.7 -0.5 BG-4.9 6.4 0.8 -1.2 8.2 4.6 0.2 2.7 -0.7 5.0 CZ-4.2 -1.5 4.8 -0.6 4.4 1.2 0.9 -1.0 2.4 -4.5 DK-5.1 2.1 0.5 -1.9 1.5 -0.7 0.5 2.3 6.6 -2.3 DE-4.7 1.0 2.5 0.0 3.3 -1.3 -1.4 -1.9 2.1 -3.6 EE-2.7 3.6 0.8 -8.4 6.5 -0.2 1.8 2.6 4.8 7.8 IE-6.1 1.9 13.1 40.7 4.0 1.4 6.3 9.7 23.2 -4.0 EL-4.9 0.5 3.6 -7.2 -2.1 5.0 7.5 0.7 -19.7 20.1 ES-6.1 3.8 0.9 -1.4 5.8 0.2 -1.2 -0.9 -10.5 2.0 FR-4.6 2.3 0.2 1.0 2.2 -3.1 0.3 -1.0 -6.9 -1.1 HR-9.0 1.7 4.4 3.7 9.0 2.4 1.2 4.2 -16.1 19.1 IT-5.4 0.1 0.7 -2.3 2.7 -0.7 -0.7 -1.4 -2.8 -0.8 CY-7.6 2.8 2.4 2.5 8.2 3.8 3.4 5.3 13.6 -2.7 LV3.4 1.9 3.5 -3.6 3.7 1.7 2.9 -1.3 11.8 -1.8 LT4.2 5.6 -5.8 -8.6 3.9 9.6 5.0 6.5 8.9 3.4 LU-0.2 9.0 7.5 4.8 2.6 -1.9 -1.6 3.1 15.2 -1.4 HU-10.9 1.5 4.2 0.3 3.3 0.5 -0.4 1.1 2.6 -3.8 MT-1.6 1.1 3.0 11.0 3.4 3.7 -3.1 4.0 4.1 -8.9 NL-3.3 1.4 0.5 -2.0 0.3 1.1 1.6 -1.3 5.0 -5.0 AT-6.4 1.6 1.4 -3.5 4.2 -1.3 2.1 -0.1 0.5 -3.8 PL-3.3 4.7 3.9 1.6 6.3 5.2 3.5 3.8 11.3 -0.7 PT-5.1 6.7 0.9 -1.3 4.1 2.9 1.6 0.8 -10.2 0.1 RO-7.3 15.8 6.7 -0.1 8.9 2.8 3.5 1.5 1.9 0.5 SI-7.6 2.4 3.9 -1.5 6.7 5.4 3.9 0.7 1.7 -0.5 SK0.6 4.9 -1.6 -2.6 6.0 -1.5 2.0 -2.3 3.3 -4.2 FI-7.8 -0.4 -4.5 -6.7 2.8 3.9 0.9 2.7 1.0 -3.5 SE-6.3 -1.1 -1.3 -2.0 0.9 -2.4 -2.2 2.9 4.1 -3.2 Theexportmarketshareiscalculatedbydividingtheexports(goodsandservices)ofthecountrybythetotalexportsoftheregion/world.Theindicatorisexpressedasa1-yearpercentagechange.Thetotalworldexportdataarebased on International Monetary Fund (IMF) data.Source: European Commission, Eurostat, and International Monetary Fund data, WEO (for world volume exports of goods and services)  
 
 
 
 
Table 3.8: Nominal unit labour cost index, 2015=100 (3 year % change) 

57 

2012201320142015201620172018201920202021BE4.9 7.4 4.3 0.4 -0.7 1.4 4.0 4.8 7.1p5.4pBG10.9 16.2 19.2 17.2 11.0 15.8 20.5 20.4 19.9 16.4 CZ4.3 4.3 4.6 0.6 3.3 5.7 13.1 14.5 18.7 13.9 DK-0.2 1.5 2.3 2.2 1.3 0.9 1.2 3.4 6.7 6.1 DE2.5 6.0 7.4 6.2 5.2 4.9 6.0 8.1p10.3p7.4pEE0.7 11.6 14.7 15.0 12.6 12.3 14.2 15.8 15.7 10.7 IE-10.0b-1.4b-3.1 -18.6 -15.6 -13.9 -1.3 -3.9 -6.3 -7.9 EL1.6b-4.4 -8.5 -11.0 -4.7 -3.3 -1.0 -1.1 6.2p4.0pES-5.0 -5.1 -3.7 -1.2 -1.2 -0.6 1.0 5.7 14.3p12.3pFR4.1 4.6 4.4 2.3 1.7 1.7 2.4 0.9p5.0p4.6pHR-2.1 -5.0 -6.9 -6.1 -5.5 -4.0 -0.1 2.8 13.7p6.4pIT2.0 2.9 2.6 2.0 1.5 1.2 2.3 3.2 6.6 4.6 CY3.3 -0.7 -6.5 -10.8 -9.3 -4.6 -0.4 5.2 6.9 4.1pLV-5.7 9.6 13.2 16.7 14.9 14.2 14.7 15.3 16.1 14.5 LT-4.3 6.1 8.7 11.8 15.0 16.3 16.4 16.6 17.4 19.2 LU8.0 9.9 5.8 5.6 2.6 6.0 9.9 14.7 13.0 11.2pHU7.0 7.3 6.1 1.3 5.6 9.3 12.3 11.5 13.7 12.4pMT7.2 9.3 2.3 0.9 6.3 6.7 10.1 7.2 19.6 12.9 NL2.6 4.8 3.7 -0.4 -0.3 0.1 3.7 6.0 14.4p11.2pAT3.8 6.4 7.9 6.4 5.5 4.3 5.0 5.6 12.0 9.9 PL7.1b3.5 2.6 0.4 2.4 4.0 6.6 8.0 14.0 9.9bPT-6.2 -3.8 -2.9 0.2 -0.5 2.8 6.3 8.5 15.6 12.5pRO3.7 0.9 9.4 3.9 11.3 17.6 28.7 24.0 20.7 14.4pSI0.1 0.1 0.1 -0.1 1.3 3.6 5.7 8.0 14.5 12.8 SK-0.5 3.4 3.0 2.5 4.0 7.8 11.3 14.2 15.4 14.1 FI5.8 9.3 7.6 3.3 0.3 -3.7 -2.0 1.3 5.3 6.0 SE4.1 8.7 7.4 2.5 3.0 4.0 8.1 7.2 8.7 5.5 Flags:b:Break in series. p:Provisional. Thenominalunitlabourcost(NULC)indexisdefinedastheratiooflabourcosttolabourproductivity,wherelabourcostistheratioofcompensationofemployees(currentprices)tothenumberofemployees,andlabourproductivityistheratioofgrossdomesticproduct(atmarketpricesinmillions,chain-linkedvolumesreferenceyear2015)tototalemployment.Dataonemployeesandemploymentarepresentedaccordingtothedomesticconcept used in national accounts. The MIP Scoreboard indicator is the 3-year percentage change. Input data are obtained from the official national accounts' country data, through ESA 2010 transmission programme,Source: European Commission, Eurostat 
 
 
 
 
Table 3.9: Nominal unit labour cost index, 2015=100 (1 year % change) 

58 

2012201320142015201620172018201920202021BE2.8 1.7 -0.2 -1.0 0.6 1.9 1.5 1.4 4.1p-0.1pBG4.3 8.9 5.0 2.5 3.2 9.5 6.7 3.1 9.0 3.6 CZ3.2 0.3 1.1 -0.8 3.0 3.5 6.1 4.3 7.3 1.8 DK0.9 0.7 0.7 0.8 -0.2 0.3 1.1 1.9 3.5 0.6 DE3.4 2.3 1.5 2.2 1.3 1.3 3.3 3.3p3.4p0.6pEE4.3 5.5 4.2 4.6 3.3 3.9 6.4 4.7 3.9 1.8 IE1.0 0.5 -4.6 -15.1 4.1 -2.7 -2.5 1.3 -5.1 -4.2 EL-0.6 -6.5 -1.5 -3.3 0.1 -0.1 -1.0 0.0 7.2p-3.1pES-2.5 -0.9 -0.2 0.0 -0.9 0.4 1.5 3.7 8.6p-0.3pFR2.2 1.4 0.7 0.2 0.7 0.8 0.8 -0.7p4.8p0.5pHR-1.3 -3.5 -2.2 -0.5 -2.8 -0.7 3.6 0.0 9.8p-3.1pIT1.5 0.8 0.2 0.9 0.4 -0.1 2.0 1.3 3.2 0.0 CY1.6 -4.3 -3.8 -3.1 -2.7 1.2 1.2 2.7 2.9 -1.4pLV1.8 6.1 4.8 5.0 4.5 4.1 5.4 5.0 4.8 4.0 LT2.2 3.2 3.1 5.1 6.1 4.3 5.2 6.3 4.9 6.8 LU2.1 1.7 1.9 1.9 -1.2 5.3 5.6 3.1 3.8 3.9pHU5.2 -0.3 1.1 0.5 4.0 4.6 3.3 3.1 6.7 2.1pMT2.0 0.9 -0.6 0.5 6.4 -0.2 3.7 3.6 11.4 -2.2 NL2.8 0.8 0.1 -1.3 0.9 0.5 2.3 3.2 8.5p-0.6pAT3.1 2.5 2.2 1.5 1.7 1.0 2.2 2.3 7.1 0.3 PL1.8 0.6 0.2 -0.4 2.6 1.8 2.1 3.9 7.5 -1.6bPT-3.1 1.5 -1.2 -0.1 0.8 2.1 3.4 2.8 8.7 0.6pRO2.6 3.6 2.8 -2.5 11.0 8.7 6.7 6.9 5.8 1.2pSI0.7 0.4 -1.1 0.6 1.8 1.2 2.7 3.9 7.3 1.1 SK1.2 1.1 0.7 0.6 2.7 4.3 3.9 5.3 5.5 2.8 FI5.1 1.6 0.9 0.8 -1.4 -3.2 2.6 1.9 0.7 3.3 SE4.5 1.8 1.0 -0.3 2.3 2.0 3.6 1.5 3.4 0.5 Thenominalunitlabourcost(NULC)indexisdefinedastheratiooflabourcosttolabourproductivity,wherelabourcostistheratioofcompensationofemployees(currentprices)tothenumberofemployees,andlabourproductivityistheratioofgrossdomesticproduct(atmarketpricesinmillions,chain-linkedvolumesreferenceyear2015)tototalemployment.Dataonemployeesandemploymentarepresentedaccordingtothedomesticconcept used in national accounts. The MIP Scoreboard indicator is the 3-year percentage change. Input data are obtained from the official national accounts' country data, through ESA 2010 transmission programme,Source: European Commission, EurostatFlags:b:Break in series. p:Provisional.  
 
 
 
 
Table 3.10: House price index (2015=100), deflated (1 year % change) 

59 

2012201320142015201620172018201920202021BE0.2 0.1 -1.3 0.8 1.1 1.7 0.8 2.5 3.3 4.5 BG-4.6 -0.8 0.1 0.4b5.3 3.9 4.1 3.9 5.2 2.5pCZ-3.5 -0.7 1.6 4.0 6.8 9.1 5.9 6.2 5.4 16.4 DK-4.9 3.1 3.1 6.6 5.1 3.5 3.7 1.4 4.7 9.5 DE2.1 1.7 2.2 4.1 6.7 4.6 5.1 4.4 7.1 8.2pEE3.1 7.3 12.9 7.3 3.7 1.1 2.3 4.4 7.0 10.4 IE-14.4 -0.1 15.5 10.9 6.8 9.3 8.3 0.5 -0.5 4.2 EL-12.5e-9.3e-5.2e-3.8e-1.5e-1.4e1.7e7.2e5.7e6.4eES-16.5 -10.0 0.2 3.7 4.5 4.6 5.2 4.1 2.2 1.5 FR-1.9 -2.5 -1.6 -1.6 0.8 2.3 1.2 2.5 4.1 4.7 HR-4.6 -5.7 -1.3 -2.6 2.0 2.9 4.6 7.8 7.3 4.5 IT-5.0 -7.5 -4.9 -4.0 0.2 -2.1 -1.5 -0.7 1.8 0.9 CY-5.5 -3.9 -1.1 1.0b2.2 1.2 0.5 3.4 0.7 -4.3 LV-0.3 6.4 4.7 -2.8 7.2 5.3 6.4 5.8 2.7 7.3 LT-3.2 0.4 6.4 4.7 4.4 5.2 4.5 4.5 6.1 11.0 LU2.0 3.4 3.7 4.5 5.2 3.3 5.1 8.3 13.1 12.4 HU-8.9 -4.2 2.8 12.5 12.3 8.6 10.7 11.8 1.5 10.0pMT0.4 -1.6 2.0 4.1 4.5 4.3 5.0 4.2 2.2 3.8pNL-7.9 -7.9 -0.1 3.4 4.4 6.1 7.1 4.6 6.2 11.2pAT4.8 3.0 1.4 3.4 7.0 3.4 2.6 4.0 6.1 9.9 PL-6.4 -4.7 1.3 1.9 2.7 2.0 5.0 6.4 6.7 3.7 PT-8.7 -2.6 4.0 2.2 6.1 7.6 8.6 9.0 8.1 7.9 RO-8.9 -1.7 -3.2 1.7 5.2 3.3 1.7 -1.9 2.3 -1.1 SI-8.5 -7.2 -6.2 1.4 3.6 6.6 6.6 5.3 5.2 7.8 SK-5.9 -0.4 1.5 5.5 7.0 4.4 4.9 6.2 7.2 3.0 FI-0.4 -1.3 -1.6 -0.5b1.1 0.1 -0.4 -0.6 1.3 2.8 SE0.7 4.5 8.3 12.0 7.3 4.8 -3.3 0.4 3.3 8.1 Thedeflatedhousepriceindex(HPI),orrealhousepriceindex,istheratiobetweenHPIandthenationalaccountsdeflatorforprivatefinalconsumptionexpenditure(householdsandnon-profitinstitutionsservinghouseholds(NPISHs)).TheindicatormeasuresinflationinthehousemarketrelativetoinflationinthefinalconsumptionexpenditureofhouseholdsandNPISHs.Eurostat'sHPIcapturespricechangesofallresidentialpropertiespurchasedbyhouseholds(flats,detachedhouses,terracedhouses,etc.),bothnewandexisting,independentlyoftheirfinaluseandtheirpreviousowners.Onlymarketpricesareconsidered,self-builddwellingsarethereforeexcluded.Theland component is included. The MIP Scoreboard indicator is the 1-year percentage change of the deflated HPI. The indicator is based on Price statistics and National accounts data.Flags:b:Break in series. e:Estimated. p:Provisional. 1) e = source NCB for EL; b = break in time series due to full implementation of harmonised EU methodology for BG and CY; b = break in time series due to new calculation method for New dwellings (apartments) for FI.Source: European Commission, Eurostat 
 
 
 
 
Table 3.11: Private sector credit flow, consolidated (% of GDP) 

60 

2012201320142015201620172018201920202021BE14.3 8.5 -2.3 11.0 23.7 0.8 -1.5 4.7 -3.3p3.8pBG2.6 2.6 2.3 -3.8 2.9 4.5 3.9 5.6 3.6 4.4 CZ3.1 4.3 2.3 -0.4 6.2 6.0 6.8 1.4 0.6 2.9 DK7.9 -3.0 -0.3 2.9 3.1b2.0 4.8 10.5 5.0 12.3 DE1.6 2.7 0.2 2.9 4.6 4.1 6.2 6.4p6.4p5.7pEE7.7 4.6 6.3 2.3 6.4 4.2 4.6 3.4 3.0 6.5 IE-0.5 -0.7 2.5 -2.2 -14.7 0.3 -8.8p-9.6p-3.6p2.6pEL-4.8 -4.1 -3.1 -3.1 -2.2 -1.2 -0.8 -1.0 5.1p-0.1pES-11.1 -10.2 -7.1 -2.0 -0.4 0.7 0.0 1.5 4.7p2.5pFR4.2 2.1 3.2 4.6 6.2 7.1 8.2 8.4p13.5p6.5pHR-2.8 -0.6 -0.2 -1.5 -0.2 1.5 2.2 1.1 1.3p3.0pIT-0.9 -2.8 -0.3 -1.3 0.0 1.2 2.0 0.3 4.0 3.3 CY0.7 -12.1 -0.8 4.3 12.0 7.5 11.4 -0.5 -1.2 4.3pLV-2.4 -0.6 -4.6 -0.8 2.5 2.8 -0.2 1.1 -1.9 0.9 LT0.4 -0.2 0.2 2.6 4.4 4.5 4.3 2.6 0.3 5.9 LU24.5 26.4 28.1 21.3 3.1 -5.0 6.0 24.9 42.9 53.9pHU-5.9 -0.9 -0.2 -2.5 -3.2 0.6 4.3 4.2 8.1 12.7pMT0.6 2.9 6.6 7.1 10.7 6.0 6.2 12.7 6.6 9.4 NL6.1 9.7 4.2 0.0 3.6 3.5 5.2 -0.3 -0.7p11.7pAT1.2 1.0 0.9 2.1 3.3 3.6 4.8 5.1 4.4 7.4 PL4.9 3.2 4.9 3.6 4.9 3.1 3.8 3.6 1.8 4.0 PT-4.3 -2.3 -6.8 -1.4 -1.8 2.9 0.8 2.6 4.4 4.0pRO0.3 -1.5 -2.3 0.2 0.6 1.7 1.9 2.0 1.3 3.8pSI-2.8 -3.7 -4.7 -5.0 -0.8 0.9 1.3 0.8 -0.9 3.5 SK1.8 4.9 5.0 5.0 9.2 5.0 6.2 4.5 2.5 5.5 FI7.2 3.0 1.7 6.9 1.3 8.3 4.3 6.6 6.1 6.1 SE2.3 4.6 4.5 7.5 8.4 13.2 8.9 9.7 14.4 16.6 1) 2016: the decline for IE relative to 2015 predominantly reflects restructuring and re-domiciling activities of large multinational companies.Source: European Commission, EurostatFlags:b:Break in series. p:Provisional. TheprivatesectorcreditflowrepresentsthenetamountofliabilitiesinwhichthesectorsNon-financialcorporations(S.11),HouseholdsandNon-profitinstitutionsservinghouseholds(S.14_S.15)haveincurredalongtheyear.TheinstrumentstakenintoaccountareDebtsecurities(F.3)andLoans(F.4).Dataarepresentedinconsolidatedterms,i.e.datadonottakeintoaccounttransactionswithinthesamesectorandareexpressedinpercentageofGDP.The indicator is based on National accounts data. Definitions regarding sectors and instruments are based on the ESA 2010 transmission programme. 
 
 
 
 
Table 3.12: Private sector debt, consolidated (% of GDP) 

61 

2012201320142015201620172018201920202021BE189.4 162.8 160.9 173.6 193.4 185.5 180.1 178.3 180.9p169.0pBG127.6 130.1 125.1 108.7 103.9 98.6 94.9 90.7 92.5 84.4 CZ81.8 84.8 83.0 78.2 80.4 80.3 83.0 78.6 81.7 78.8 DK224.0 216.1 214.0 211.4 222.4b216.7 215.3 221.2 221.3 214.7 DE114.6 114.9 107.1 106.3 107.2 107.1 109.6 112.7p121.2p120.4pEE118.1 116.7 116.9 113.3 111.9 106.2 101.2 98.9 101.4 95.3 IE276.4 266.2 276.4 303.8 284.1 249.1 230.7p209.3p187.3p168.1pEL135.2 133.4 132.4 129.1 127.0 120.4 119.1 110.3 124.9p120.7pES188.6 178.1 167.4 155.7 147.7 139.2 133.1 129.3 148.1p139.1pFR138.3 137.4 141.5 142.8 143.2 145.0 148.4 153.1p175.0p167.8pHR117.1 115.6 115.8 110.5 102.7 96.3 92.1 88.3 98.0p88.5pIT124.7 122.0 119.8 116.0 112.1 109.4 107.8 106.0 118.5 113.5 CY325.1 340.2 351.1 345.3 326.6 303.6 281.8 265.5 269.8 248.4pLV96.3 90.7 82.2 78.3 78.3 75.7 69.8 66.2 64.7 58.0 LT61.0 56.6 54.1 55.2 56.6 56.2 56.1 55.2 54.4 53.9 LU287.9 296.8 313.2 322.7 298.7 281.2 280.6 310.8 320.3 340.6pHU101.7 95.6 91.4 83.8 76.8 69.9 68.7 67.3 76.8 80.5pMT158.4 147.3 140.2 131.2 134.2 124.3 121.4 124.1 138.6 131.8 NL250.9 256.6 266.0 261.5 257.8 247.6 241.3 229.9 233.1p229.3pAT128.2 127.1 124.8 124.0 123.3 122.3 122.9 121.5 130.4 129.7 PL74.2 76.5 79.0 79.1 82.3 77.3 76.7 74.2 76.1 71.6 PT210.6 201.6 190.1 179.3 169.3 163.0 155.1 149.5 163.7 156.9pRO68.9 67.2 62.0 58.0 54.6 51.3 47.1 46.5 48.0 48.1pSI112.2 107.2 97.9 87.4 81.0 76.1 72.5 68.6 69.5 66.4 SK70.8 75.0 78.8 80.2 87.9 89.8 90.5 91.0 94.5 95.0 FI147.7 147.0 148.8 152.1 148.1 147.7 143.9 146.1 152.6 150.1 SE191.0 193.8 193.1 190.9 192.5 198.7 195.0 200.0 212.8 215.2 1)2015:significantincreasesforIEduetore-domicilingoflargemultinationalcorporationsandmovementoflargepartsoftheirbalancesheets;2016:thedeclineforIErelativeto2015predominantlyreflectsrestructuringandre-domicilingactivitiesoflargemultinational companies.Source: European Commission, EurostatTheprivatesectordebtisthestockofliabilitiesheldbythesectorsNon-financialcorporations(S.11),HouseholdsandNon-profitinstitutionsservinghouseholds(S.14_S.15).TheinstrumentstakenintoaccountareDebtsecurities(F.3)andLoans(F.4).Dataarepresentedinconsolidatedterms,i.e.donottakingintoaccounttransactionswithinthesamesectorandareexpressedinpercentageofGDP.TheindicatorisbasedonNationalaccountsdata.Definitions regarding sectors and instruments are based on the ESA 2010 transmission programme.Flags:b:Break in series. p:Provisional.  
 
 
 
 
Table 3.13: General government gross debt (% of GDP) 

62 

2012201320142015201620172018201920202021BE-4.3 -0.2 -0.6 -1.7 -0.4 0.9 7.0 2.7 2.5 0.6 BG-4.0 -0.9 -2.8 -4.3 -4.7 -3.3 4.2 4.6 7.1 3.8 CZ0.5 -3.1 -10.0 -8.2 -3.7 5.3 11.0 8.7 5.6 5.0 DK-7.8 -2.5 -1.2 -1.7 -1.7 -2.1 2.6 -0.2 0.9 -1.1 DE-9.0 -1.8 -0.4 -1.5 -2.1 -2.0 5.3 2.0 2.4 0.5 EE-3.6 3.1 4.8 5.8 4.4 3.0 7.6 6.1 5.3 1.9 IE-12.2 -3.8 -3.6 -6.4 -7.1 -6.3 2.3 -1.4 -1.2 -2.6 EL-5.0 -4.4 -5.6 -5.6 -4.0 -3.0 3.8 0.5 0.4 -3.1 ES-5.3 -0.3 -1.0 -3.2 -4.3 -2.6 4.2 1.7 1.1 -0.5 FR-7.8 -2.2 -1.3 -2.9 -3.2 -3.0 4.5 1.6 2.7 -0.4 HR-8.4 -3.9 -0.8 0.1 0.0 0.1 4.2 1.5 0.5 -1.5 IT-6.2 0.1 0.2 -2.4 -3.4 -3.1 3.4 0.2 0.6 -1.8 CY-5.9 -0.8 -1.7 -6.2 -7.4 -6.4 2.0 0.0 0.1 -2.4 LV-8.6 -1.7 0.4 2.5 4.8 1.7 5.1 3.8 5.9 2.3 LT-6.7 -0.6 1.7 4.2 5.3 2.6 6.6 3.8 6.9 4.4 LU-2.4 0.8 0.5 -0.7 -1.5 -1.0 3.3 2.0 1.5 0.6 HU-0.8 -3.8 -6.8 -7.2 -5.2 0.0 2.0 0.4 -4.9 -4.1 MT-7.6 -1.2 0.1 -2.8 -2.9 -2.5 4.5 1.8 2.1 -1.2 NL-6.0 0.5 0.7 -0.9 -2.3 -1.8 3.3 2.4 3.8 2.2 AT-4.7 0.7 1.9 1.3 0.9 0.2 4.8 2.1 3.2 1.2 PL1.4 -4.3 -1.0 -1.4 -5.1 -3.5 0.1 2.8 1.1 -0.4 PT-4.0 -0.6 -1.8 -3.1 -1.8 -0.8 3.3 -0.3 0.0 -2.8 RO-2.0 0.5 -1.0 2.7 -2.6 -5.6 -0.7 0.2 3.4 1.0 SI-4.5 -0.6 1.2 0.3 -0.6 -2.0 2.0 1.0 1.9 -0.4 SK-3.2 2.1 1.2 -1.2 -1.6 -2.0 2.5 2.6 5.3 3.1 FI-8.3 0.2 2.7 2.1 0.4 -2.6 2.9 0.1 2.3 -0.7 SE10.3 5.1 -3.7 -8.3 -9.2 -5.5 -4.0 -8.3 -4.8 2.1 Realeffectiveexchangerate(REER)aimstoassessacountry'spriceorcostcompetitivenessrelativetoitsprincipalcompetitorsininternationalmarkets.Changesincostandpricecompetitivenessdependnotonlyonexchangeratemovementsbutalsooncostandpricetrends.ThespecificREERfortheMacroeconomicImbalanceProcedureisdeflatedbytheconsumerpriceindicesrelativetoapanelof42countries(doubleexportweightsareusedtocalculateREERs,reflectingnotonlycompetitioninthehomemarketsofthevariouscompetitors,butalsocompetitioninexportmarketselsewhere).Apositivevaluemeansappreciationinrealterms.TheMIPScoreboardindicator is the 3-year percentage change of the real effective exchange rate based on consumer price index deflators relative to 42 trading partners.Source: European Commission, Directorate General for Economic and Financial Affairs 
 
 
 
 
Table 3.14: Unemployment rate (3 year average) 

63 

2012201320142015201620172018201920202021BE7.7 7.8 8.3 8.7 8.4 7.9b7.0b6.2b5.8 5.9 BG12.3b13.2b13.2 12.1 10.4 8.6 7.3 6.2 5.8 5.5 CZ7.0b6.9b6.7 6.1 5.1 4.0 3.0 2.4 2.3 2.5 DK7.8 7.7 7.4 6.9 6.4b6.0b5.6b5.3b5.2 5.2 DE5.7b5.2b4.9 4.7 4.3 4.0 3.6 3.3 3.3b3.4bEE12.9 10.3 8.6 7.4 6.8 6.3 6.0 5.2 5.6 5.9 IE15.2 14.9 13.7 11.9 10.1 8.3 7.0 5.8 5.6 5.7 EL18.6 23.6 26.4 26.5 25.2 23.6 21.8 19.8 18.4 16.7 ES22.0 24.1 25.1 24.2 22.1 19.6 17.4 15.5 15.0 14.8dFR9.4 9.8 10.1 10.3 10.2 9.9 9.5 8.9 8.5 8.1dHR13.8 15.7 16.9 16.9 15.5 13.5 10.9 8.8 7.5 7.2 IT9.3 10.6 12.1 12.4 12.2 11.7 11.2 10.6 9.9 9.6 CY8.7 11.9 14.6 15.7 14.7 13.0 10.8 8.9 7.7 7.4 LV17.0 14.4 12.6 10.9 10.2 9.4 8.6 7.5 7.3 7.3 LT15.5 13.5 12.0 10.5 9.2 8.0 7.1 6.5 7.0 7.3 LU4.8 5.3 5.6 6.2b6.3b6.2b5.8 5.6 6.0 5.9 HU10.7 10.4 9.3 8.0 6.4 5.2 4.2 3.6 3.7 3.8 MT6.5 6.2 6.0 5.7 5.3 4.7 4.1 3.8 3.9 3.8 NL6.3 7.0 7.8 8.2 7.8 6.9 5.9 5.1 4.7 4.5 AT5.1 5.3 5.6 5.9 6.2 6.2 5.9 5.3 5.3 5.7 PL10.1b10.3 10.1 9.2 7.7 6.3 5.1 4.1 3.5 3.3 PT14.2 15.8 16.1 14.9 13.0 11.2 9.3 7.7 7.0 6.8 RO8.9 8.9 8.8 8.7 8.1 7.2 6.2 5.4 5.4 5.5 SI8.1 9.1 9.6 9.6 8.9 7.9 6.6 5.4 4.8 4.7 SK13.9b13.8b13.7 12.9 11.4 9.7 8.1 6.8 6.3 6.4 FI8.2 8.1 8.3 8.8 9.0 9.0 8.4 7.7 7.3 7.4 SE8.3 8.1 8.1 8.0 7.6 7.2 6.8b6.8b7.3b8.1 1)2021,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys.3)2017,b=changeinthesurveymethodologyforBE;b=LabourForceSurveydatacollectionimprovement,introductionofCAWI(startingwith2016)forDK.4)2015,b=changeinsamplingstrategyanddatacollectiontechniqueforLU.Source: European Commission, EurostatTheunemploymentrateisthenumberofunemployedpersonsexpressedasapercentageofthelabourforce(thetotalnumberofpeopleemployedandunemployed).Unemployedpersonscomprisepersonsaged15to74whofulfilallthreeofthefollowingconditions:werenotemployedduringthereferenceweek;wereavailabletostartworkingwithinthetwoweeksfollowingthereferenceweek;andhavebeenactivelyseekingworkinthefourweeksprecedingthereferenceweekorhavealreadyfoundajobtostartwithinthenextthreemonths.TheMIPScoreboardindicatoristhe3-yearbackwardmovingaverage.ThedatasourceisthequarterlyEULabourForceSurvey(EU-LFS), which covers the resident population in private households.Flags:b:Break in series. d:Definition differs.  
 
 
 
 
Table 3.15: Unemployment rate (%) 

64 

2012201320142015201620172018201920202021BE7.6 8.6 8.7 8.7 7.9 7.2b6.0 5.5 5.8 6.3 BG13.3 13.9 12.4 10.1 8.6 7.2 6.2 5.2 6.1 5.3 CZ7.0 7.0 6.1 5.1 4.0 2.9 2.2 2.0 2.6 2.8 DK7.8 7.4 6.9 6.3 6.0b5.8b5.1 5.0 5.6 5.1 DE5.1 5.0 4.7 4.4 3.9 3.6 3.2 3.0 3.7b3.6 EE9.9 8.6 7.3 6.4 6.8 5.8 5.4 4.5 6.9 6.2 IE15.5 13.8 11.9 9.9 8.4 6.7 5.8 5.0 5.9 6.2 EL24.8 27.8 26.6 25.0 23.9 21.8 19.7 17.9 17.6 14.7 ES24.8 26.1 24.5 22.1 19.6 17.2 15.3 14.1 15.5 14.8dFR9.8 10.3 10.3 10.3 10.1 9.4 9.0 8.4 8.0 7.9dHR16.0 17.3 17.3 16.2 13.1 11.2 8.5 6.6 7.5 7.6 IT10.9 12.4 12.9 12.0 11.7 11.3 10.6 9.9 9.3 9.5 CY11.9 15.9 16.1 15.0 13.0 11.1 8.4 7.1 7.6 7.5 LV15.1 11.9 10.9 9.9 9.7 8.7 7.4 6.3 8.1 7.6 LT13.4 11.8 10.7 9.1 7.9 7.1 6.2 6.3 8.5 7.1 LU5.1 5.9 5.9 6.7b6.3 5.5 5.6 5.6 6.8 5.3 HU10.7 9.8 7.5 6.6 5.0 4.0 3.6 3.3 4.1 4.1 MT6.2 6.1 5.7 5.4 4.7 4.0 3.7 3.6 4.4 3.4 NL6.8 8.2 8.4 7.9 7.0 5.9 4.9 4.4 4.9 4.2 AT5.2 5.7 6.0 6.1 6.5 5.9 5.2 4.8 6.0 6.2 PL10.4 10.6 9.2 7.7 6.3 5.0 3.9 3.3 3.2 3.4 PT16.6 17.2 14.6 13.0 11.5 9.2 7.2 6.7 7.0 6.6 RO8.7 9.0 8.6 8.4 7.2 6.1 5.3 4.9 6.1 5.6 SI8.9 10.1 9.7 9.0 8.0 6.6 5.1 4.4 5.0 4.8 SK13.9 14.1 13.1 11.5 9.6 8.1 6.5 5.7 6.7 6.8 FI7.9 8.3 8.7 9.4 8.9 8.7 7.5 6.8 7.7 7.7 SE8.1 8.2 8.1 7.6 7.1 6.8 6.5b7.0 8.5 8.8 Theunemploymentrateisthenumberofunemployedpersonsexpressedasapercentageofthelabourforce(thetotalnumberofpeopleemployedandunemployed).Unemployedpersonscomprisepersonsaged15to74whofulfilallthreeofthefollowingconditions:werenotemployedduringthereferenceweek;wereavailabletostartworkingwithinthetwoweeksfollowingthereferenceweek;andhavebeenactivelyseekingworkinthefourweeksprecedingthereferenceweekorhavealreadyfoundajobtostartwithinthenextthreemonths.TheMIPScoreboardindicatoristhe3-yearbackwardmovingaverage.ThedatasourceisthequarterlyEULabourForceSurvey(EU-LFS), which covers the resident population in private households.Flags:b:Break in series. d:Definition differs. 1)2021,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys.3)2017,b=changeinthesurveymethodologyforBE;b=LabourForceSurveydatacollectionimprovement,introductionofCAWI(startingwith2016)forDK.4)2015,b=changeinsamplingstrategyanddatacollectiontechniqueforLU.Source: European Commission, Eurostat 
 
 
 
Table 3.16: Total financial sector liabilities, non-consolidated (1 year % change) 

65 

2012201320142015201620172018201920202021BE-5.1 1.2 2.6 2.6 2.7 1.3 -3.9 5.8 8.8 7.5 BG11.7 1.1 7.9 9.6 9.5 7.1 6.6 5.2 10.6 9.5 CZ5.0 10.1 5.2 7.9 16.8 28.3 3.4 4.6 4.8 7.9 DK2.5 1.8 7.3 -0.9 15.4b2.5 -0.3 13.4 5.6 11.7 DE3.3 -6.6 5.3 3.1 5.4 4.1 3.2 7.3 11.4 7.2 EE10.9 11.4 12.6 7.5 8.9 12.3 6.6 11.6 17.9 17.5 IE-1.1 2.1 19.6 9.5 1.5 4.2 5.2p15.4p7.4p18.8pEL-2.1 -17.5 -8.1 6.3 -10.3 -13.0 -4.7 11.6 27.5 14.3 ES-0.1 -10.7 0.1 -1.5 2.0 4.4 -1.3 1.6 9.8 6.6 FR1.4 0.5 5.6 2.2 4.9 4.3 1.8b6.0b11.3 7.3pHR0.9 2.7 1.0 1.5 3.4 3.9 4.5 6.8 7.3 11.7 IT7.1 -2.3 0.9 1.4 3.3 1.9 0.1 4.7 7.3 6.2 CY11.8 -3.1 11.6 9.7 -0.2 0.8 -1.8 7.5 -7.1 -0.8 LV5.4 5.7 10.9 13.3 4.7 6.2 -3.5 4.6 10.8 13.2 LT-0.6 -1.3 16.7 7.1 15.8 13.9 8.2 6.2 28.5 25.2 LU14.9 10.3 38.4 16.8 5.0 0.9 -0.6 3.7 -2.6 11.4 HU-5.8 -1.2 8.7 0.4 19.5 -7.1 -9.1 36.8 55.0 16.4 MT8.3 0.0 6.0 3.6 3.7 7.4 2.7 7.5 1.7 7.7 NL6.0 -1.6 8.0 4.0 7.4 0.5 -2.8 7.9 1.4p-0.3pAT0.4 -3.2 -0.8 -0.1 -3.5 4.4 -1.0 3.6 11.4 8.0 PL9.1 6.0 1.7 2.9 9.2 4.6 3.3 4.3 11.6 13.6 PT-3.5 -5.2 -7.3 -1.4 -0.4 1.3 0.4 -0.2 6.6 7.1 RO4.8 0.8 1.2 4.1 7.0 8.2 3.4 10.3 13.4 14.3 SI-0.7 -10.1 -0.1 -3.8 3.4 5.3 4.1 9.9 14.0 14.1 SK1.1 1.4 9.4 10.4 8.6 16.6 9.6 5.8 10.2 24.0 FI-1.3 -11.5 9.4 1.4 3.8 -4.1 20.1 7.8 8.0 9.4 SE5.6 9.8 12.6 1.8 8.7 6.9 -1.3 11.5 10.7 10.9 1) 2018: the increase for FI is largely explained by international group changes in the deposit-taking corporations sector.Source: European Commission, EurostatFlags:b:Break in series. p:Provisional. ThetotalFinancialcorporationssectorliabilitiesmeasurestheevolutionofthesumofliabilities,whichincludesCurrencyanddeposits(F.2),Debtsecurities(F.3),Loans(F.4),Equityandinvestmentfundshares(F.5),Insurance,pensionsandstandardisedguarantees(F.6),Financialderivativesandemployeestockoptions(F.7)andOtheraccountspayable(F.8)oftheFinancialcorporationssector(S.12).Dataarepresentedinnon-consolidatedterms,i.e.datatakeintoaccounttransactionswithinthesamesectorandareexpressedas1-yearpercentagechange.TheindicatorisbasedonNationalaccountsdata.DefinitionsregardingsectorsandinstrumentsarebasedontheESA2010 transmission programme. 
 
 
 
 
 
Table 3.17: Total financial sector liabilities, non-consolidated (Millions NC) 

66 

2012201320142015201620172018201920202021BE2,180,843.62,207,834.62,265,281.12,324,481.92,387,441.52,418,557.72,325,110.52,459,329.22,675,041.12,874,398.3BG134,828.0136,284.7147,052.7161,148.8176,529.1189,132.5201,598.5212,147.8234,609.0256,928.3CZ7,305,355.08,040,729.08,458,862.09,126,720.010,657,615.013,670,621.014,137,169.014,783,576.015,496,265.016,716,029.0DK14,763,194.015,027,912.016,127,830.015,986,470.018,447,205.0b18,914,372.018,863,498.021,395,224.022,587,159.025,225,349.0DE13,181,809.012,310,478.012,965,222.013,365,298.014,084,401.014,658,541.015,129,790.016,237,735.018,086,319.019,383,512.0EE30,935.234,475.038,809.141,738.445,448.251,021.654,394.660,683.671,569.884,069.4IE3,567,906.03,642,231.04,355,897.04,770,137.04,840,811.05,045,711.05,306,953.0p6,124,261.0p6,575,214.0p7,811,084.0pEL618,810.9510,440.2469,027.5498,600.3447,048.6388,838.5370,696.6413,525.9527,251.3602,755.3ES4,993,581.04,459,680.04,464,445.04,395,520.04,481,307.04,680,334.04,621,093.04,694,151.05,154,614.05,493,404.0FR12,341,703.012,402,374.013,091,478.013,376,008.014,035,900.014,634,292.014,899,144.0b15,787,343.0b17,575,342.015,861,454.0pHR631,546.8648,633.1655,366.9665,507.7688,408.0715,317.0747,665.8798,153.1856,628.1957,224.6IT5,914,920.05,778,283.05,832,161.05,914,375.06,106,920.06,220,483.06,223,909.06,516,916.06,989,448.07,423,869.0CY452,927.0438,663.2489,604.8537,188.8535,885.8540,404.2530,683.7570,308.6529,687.4525,616.1LV39,455.041,706.046,265.052,418.054,878.058,296.056,254.058,852.065,187.073,793.0LT36,302.235,823.141,793.144,779.451,840.059,036.363,854.667,812.187,114.2109,080.9LU8,236,515.69,085,498.812,575,404.814,688,909.315,417,024.215,552,168.515,461,284.616,025,949.815,604,176.717,387,853.2HU90,957,564.089,837,099.097,629,411.098,032,446.0117,143,616.0108,833,791.098,912,291.0135,304,437.0209,760,456.0244,110,257.0MT234,047.2234,145.8248,096.7256,987.9266,563.3286,289.3293,980.0316,146.4321,467.9346,322.9NL9,189,958.09,044,746.09,770,506.010,160,233.010,881,580.010,917,710.010,582,693.011,392,581.011,551,842.0p11,520,923.0pAT1,541,091.11,491,604.41,479,310.21,477,350.51,426,002.11,488,477.31,474,233.01,526,647.21,701,342.61,837,814.6PL2,530,631.02,682,606.02,728,521.02,807,311.03,064,808.03,206,228.03,311,047.03,452,167.03,852,742.04,377,687.0PT922,468.2874,230.4810,743.8799,382.0796,169.1806,548.3809,564.2807,632.1860,861.7922,211.2RO629,204.0634,055.0641,824.0667,914.0714,759.0773,601.0799,619.0881,907.01,000,161.01,142,811.0SI74,385.066,869.066,769.064,263.066,455.069,978.072,823.080,015.091,216.0104,121.0SK96,488.197,880.9107,034.9118,179.8128,314.9149,570.4163,999.2173,572.7191,241.8237,066.9FI863,871.0764,312.0836,122.0847,431.0879,688.0843,518.01,013,226.01,092,514.01,179,599.01,290,114.0SE18,460,396.020,271,440.022,829,100.023,245,026.025,269,711.027,001,159.026,640,757.029,717,739.032,891,181.036,475,395.0ThetotalFinancialcorporationssectorliabilitiesmeasurestheevolutionofthesumofliabilities,whichincludesCurrencyanddeposits(F.2),Debtsecurities(F.3),Loans(F.4),Equityandinvestmentfundshares(F.5),Insurance,pensionsandstandardisedguarantees(F.6),Financialderivativesandemployeestockoptions(F.7)andOtheraccountspayable(F.8)oftheFinancialcorporationssector(S.12).Dataarepresentedinnon-consolidatedterms,i.e.datatakeintoaccounttransactionswithinthesamesectorandareexpressedinmillionsofnationalcurrency.TheindicatorisbasedonNationalaccountsdata.DefinitionsregardingsectorsandinstrumentsarebasedontheESA2010transmissionprogramme.Flags:b:Break in series. p:Provisional. 1) 2018: the increase for FI is largely explained by international group changes in the deposit-taking corporations sector.Source: European Commission, Eurostat 
 
 
 
 
Table 3.18: Activity rate - % of total population aged 15-64 (3 year change in pp)   

67 

2012201320142015201620172018201920202021BE0.0 -0.1 1.0 0.7 0.1 0.2b0.9 1.4 0.4b1.1 BG0.0 1.7b3.1b2.2 0.4 2.3 2.2 4.5 0.9 0.6 CZ1.5 2.7 3.0b2.4 2.1 2.4 2.6 1.7 0.5 0.0 DK-1.5 -1.4 -1.2 -0.3 0.9b1.3b1.3 1.6b1.1b1.4 DE1.0 1.0b0.5b0.4 0.3 0.5 1.1 1.3 0.3b1.2 EE1.1 1.2 0.7 1.4 2.1 3.3 2.3 1.3 0.4 -0.2 IE-1.9 0.2 0.6 0.9 0.8 0.8 0.8 0.6 -1.8 1.8 EL-0.1 -0.3 0.2 0.4 0.8 0.9 0.4 0.3 -2.9 -0.8 ES1.2 0.8 0.3 0.0 -0.1 -0.3 -0.6 -0.4 -1.7 0.0dFR0.5 0.8 1.2 0.8 0.5 0.4 0.6 0.3 -0.4 0.2dHR-1.7 -1.4 2.0 3.0 1.9 0.3 -0.6 0.9 0.7 2.4 IT1.2 1.3 1.9 0.8 1.9 1.7 1.8 0.9 -1.8 -1.1 CY0.5 0.0 0.8 0.4 -0.2 -0.4 1.1 2.6 1.9 1.7 LV1.0 1.1 1.8 1.4 2.4 2.5 1.9 1.1 1.1 -1.8 LT2.2 2.2 2.3 2.3 3.1 2.2 3.2 2.5 2.6 0.9 LU0.7 1.7 2.9 1.5b0.1 -0.6 0.2b2.0 2.0 2.1 HU2.3 2.7 4.3 4.8 5.4 4.3 3.6 2.6 2.0 2.1 MT4.5 5.9 6.0 4.9 4.3 4.4 5.9 5.3 4.9 3.5 NL0.9 1.5 0.9 0.6 0.3 0.7 0.6 1.2 1.2 1.0 AT0.8 1.1 0.9 0.4 0.8 1.1 1.3 0.7 -0.4 0.1 PL2.3 2.0b2.5 2.0 2.4 2.3 2.6 2.1 1.4 3.4 PT0.2 -0.3 0.1 1.0 1.5 2.0 2.2 2.2 0.0 0.7 RO3.5 0.5 1.7 2.3 2.3 3.0 2.5 3.1 2.3 3.2 SI-1.6 -0.8 0.7 1.4 1.1 3.2 3.2 3.5 0.2 0.6 SK1.0 1.3 1.6b1.6 2.1 1.9 1.5 0.8 0.4 0.2 FI0.3 0.9 0.6 0.4 0.6 1.2 2.2 2.3 1.5 1.8 SE1.5 2.1 1.6 1.5 1.0 1.0 0.9b0.8 0.0 0.6b1)2021,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys.3)2017,b=changeinthesurveymethodologyforBE;b=LabourForceSurveydatacollectionimprovement,introductionofCAWI(startingwith2016)forDK.4)2015,b=changeinsamplingstrategyanddatacollectiontechniqueforLU.Source: European Commission, EurostatTheactivityrateisthepercentageofthetotalpopulationbeinginthelabourforce.Forthepurposesofthelabourmarketstatistics,peopleareclassifiedasemployed,unemployedoroutsidethelabourforce.Thelabourforceisthesumofemployedandunemployedpersons.TheMIPScoreboardindicatorcoversthe15-64agegroupandiscalculatedasthe3-yearchangeinpercentagepoints.ThedatasourceisthequarterlyEULabourForceSurvey(EU-LFS). The survey covers the resident population in private households.Flags:b:Break in series. d:Definition differs.  
 
 
 
Table 3.19: Activity rate - % of total population aged 15-64 

68 

2012201320142015201620172018201920202021BE67.0 67.6 67.8 67.7 67.7 68.0b68.6 69.1 68.4 69.7 BG67.0 68.2 68.9 69.2 68.6 71.2 71.4 73.1 72.1 72.0 CZ71.6 72.9 73.5 74.0 75.0 75.9 76.6 76.7 76.4 76.6 DK77.2 76.6 76.6 76.9 77.5b77.9b78.2 79.1 79.0 79.6 DE76.0 76.4 76.5 76.4 76.7 77.0 77.5 78.0 77.3b78.7 EE75.6 75.8 75.9 77.0 77.9 79.2 79.3 79.2 79.6 79.1 IE71.1 71.8 71.8 72.0 72.6 72.6 72.8 73.2 70.8 74.6 EL67.3 67.4 67.3 67.7 68.2 68.2 68.1 68.5 65.3 67.3 ES74.3 74.3 74.2 74.3 74.2 73.9 73.7 73.8 72.2 73.7dFR71.4 71.8 72.0 72.2 72.3 72.4 72.8 72.6 72.0 73.0dHR63.9 63.7 66.1 66.9 65.6 66.4 66.3 66.5 67.1 68.7 IT63.0 62.9 63.6 63.8 64.8 65.3 65.6 65.7 63.5 64.5 CY73.5 73.6 74.3 73.9 73.4 73.9 75.0 76.0 75.8 76.7 LV74.3 73.8 74.4 75.7 76.2 76.9 77.6 77.3 78.0 75.8 LT71.8 72.4 73.7 74.1 75.5 75.9 77.3 78.0 78.5 78.2 LU69.4 69.9 70.8 70.9b70.0 70.2 71.1 72.0 72.2 73.2 HU65.7 66.7 68.8 70.5 72.1 73.1 74.1 74.7 75.1 76.2 MT63.9 66.3 67.8 68.8 70.6 72.2 74.7 75.9 77.1 78.2 NL81.5 81.9 81.5 82.1 82.2 82.2 82.7 83.4 83.4 83.7 AT75.4 75.8 75.7 75.8 76.6 76.8 77.1 77.3 76.4 77.2 PL64.8 65.4 66.4 66.8 67.8 68.7 69.4 69.9 70.1 72.8 PT71.3 71.2 71.8 72.3 72.7 73.8 74.5 74.9 73.8 75.2 RO57.6 57.9 58.8 59.9 60.2 61.8 62.4 63.3 64.1 65.6 SI69.8 70.0 70.4 71.2 71.1 73.6 74.4 74.6 73.8 75.0 SK71.3 71.8 72.2 72.9 73.9 74.1 74.4 74.7 74.5 74.6 FI74.4 74.4 74.6 74.8 75.0 75.8 77.0 77.3 77.3 78.8 SE79.9 80.7 81.1 81.4 81.7 82.1 82.3b82.5 82.1 82.9 1)2021,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys.3)2017,b=changeinthesurveymethodologyforBE;b=LabourForceSurveydatacollectionimprovement,introductionofCAWI(startingwith2016)forDK.4)2015,b=changeinsamplingstrategyanddatacollectiontechniqueforLU.Source: European Commission, EurostatFlags:b:Break in series. d:Definition differs. Theactivityrateisthepercentageofthetotalpopulationbeinginthelabourforce.Forthepurposesofthelabourmarketstatistics,peopleareclassifiedasemployed,unemployedoroutsidethelabourforce.Thelabourforceisthesumofemployedandunemployedpersons.TheMIPScoreboardindicatorcoversthe15-64agegroupandiscalculatedasthe3-yearchangeinpercentagepoints.ThedatasourceisthequarterlyEULabourForceSurvey(EU-LFS). The survey covers the resident population in private households. 
 
 
 
 
Table 3.20: Long-term unemployment rate - % of active population aged 15-74 (3 year change in pp) 

69 

2012201320142015201620172018201920202021BE-0.1 -0.2 0.8 0.9 0.2 -0.8b-1.4 -1.6 -1.0 0.0 BG3.8 2.7 0.6 -1.1 -2.9 -3.5 -2.5 -2.1 -1.2 -1.0 CZ1.0 0.0 0.0 -0.6 -1.3 -1.7 -1.7 -1.1 -0.4 0.1 DK1.5 0.4 -0.1 -0.5 -0.6b-0.5b-0.6 -0.4 -0.3 0.0 DE-1.0 -0.9 -0.5 -0.4 -0.6 -0.7 -0.6 -0.5 -0.4b-0.2 EE1.7 -3.7 -3.7 -3.0 -1.6 -1.3 -1.1 -1.3 -0.8 0.3 IE5.7 1.0 -2.2 -3.9 -3.7 -3.6 -3.2 -2.6 -1.6 -0.3 EL9.5 11.5 9.5 3.3 -1.3 -3.2 -3.9 -4.1 -3.8 -3.3 ES6.7 5.7 4.0 0.4 -3.5 -5.2 -5.0 -4.2 -2.7 -0.2dFR0.6 0.5 0.6 0.5 0.2 -0.2 -0.6 -0.8 -1.0 -0.2dHR5.1 4.4 1.7 0.0 -4.4 -5.5 -6.8 -4.2 -2.5 -0.6 IT2.3 3.1 3.6 1.4 -0.3 -1.3 -0.9 -1.2 -1.8 -1.1 CY3.0 4.8 6.1 3.2 -0.3 -3.2 -4.1 -3.7 -2.4 -0.1 LV3.6 -3.4 -4.7 -3.7 -1.9 -1.5 -1.5 -1.7 -1.2 -1.1 LT3.3 -2.3 -3.2 -2.7 -2.1 -2.1 -1.9 -1.1 -0.2 0.6 LU0.4 0.5 0.2 0.3b0.4 0.5 -0.5 -0.9 -0.4 0.4 HU0.8 -0.5 -1.5 -1.8 -2.5 -2.0 -1.6 -1.2 -0.5 -0.1 MT0.9 -0.6 -1.0 -1.1 -1.1 -0.9 -0.9 -1.5 -0.9 -0.9 NL0.8 1.2 1.3 1.0 0.0 -1.0 -1.5 -1.4 -1.0 -0.4 AT0.1 0.1 0.4 0.5 0.8 0.4 -0.3 -1.0 -0.6 0.3 PL1.6 1.4 0.2 -1.2 -2.3 -2.4 -2.0 -1.5 -0.9 -0.1 PT3.3 3.4 2.2 -0.6 -3.3 -4.1 -4.3 -3.6 -2.3 -0.3 RO1.1 0.9 -0.2 -0.1 -0.5 -1.0 -1.4 -1.4 -0.6 -0.2 SI2.5 2.0 1.6 0.4 -0.9 -2.2 -2.5 -2.4 -1.2 -0.3 SK3.3 0.9 0.0 -2.1 -4.8 -4.8 -4.1 -2.9 -2.2 -0.8 FI0.4 -0.4 0.2 0.8 0.8 0.2 -0.9 -1.4 -1.1 -0.2 SE0.6 -0.2 0.0 0.0 -0.3 -0.3 -0.6b-0.5 -0.2 0.2 1)2021,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys. 3) 2017, b = change in the survey methodology for BE; b = Labour Force Survey data collection improvement, introduction of CAWI (starting with 2016) for DK. 4) 2015, b = change in sampling strategy and data collection technique for LU.Source: European Commission, EurostatThelong-termunemploymentrateisthenumberofpersonsunemployedfor12monthsorlongerasapercentageofthelabourforce(thetotalnumberofpeopleemployedandunemployed).Unemployedpersonscomprisepersonsaged15to74whofulfilallthreeofthefollowingconditions:werenotemployedduringthereferenceweek;wereavailabletostartworkingwithinthetwoweeksfollowingthereferenceweek;andhavebeenactivelyseekingworkinthefourweeks preceding the reference week or have already found a job to start within the next three months. The MIP Scoreboard indicator is the 3-year change in percentage points. The data source is the quarterly EU Labour Force Survey (EU LFS), which covers the resident population in private households.Flags:b:Break in series. d:Definition differs.  
 
 
 
 
Table 3.21: Long-term unemployment rate - % of active population aged 15-74 

70 

2012201320142015201620172018201920202021BE3.1 3.5 3.9 4.0 3.7 3.1b2.6 2.1 2.1 2.6 BG7.2 7.9 7.4 6.1 5.0 3.9 3.6 2.9 2.7 2.6 CZ3.0 3.0 2.7 2.4 1.7 1.0 0.7 0.6 0.6 0.8 DK2.1 1.8 1.7 1.6 1.2b1.2b1.0 0.8 0.9 1.0 DE2.4 2.3 2.2 2.0 1.7 1.5 1.4 1.2 1.1b1.2 EE5.4 3.8 3.3 2.4 2.2 2.0 1.3 0.9 1.2 1.6 IE9.2 7.9 6.6 5.3 4.2 3.0 2.1 1.6 1.4 1.8 EL13.1 16.7 17.5 16.4 15.4 14.3 12.5 11.3 10.5 9.2 ES11.0 13.0 12.9 11.4 9.5 7.7 6.4 5.3 5.0 6.2dFR2.6 2.9 3.1 3.1 3.1 2.9 2.5 2.3 1.9 2.3dHR10.2 11.0 10.1 10.2 6.6 4.6 3.4 2.4 2.1 2.8 IT6.0 7.4 8.2 7.4 7.1 6.9 6.5 5.9 5.1 5.4 CY3.6 6.1 7.7 6.8 5.8 4.5 2.7 2.1 2.1 2.6 LV8.6 6.3 5.1 4.9 4.4 3.6 3.4 2.7 2.4 2.3 LT6.6 5.1 4.8 3.9 3.0 2.7 2.0 1.9 2.5 2.6 LU1.6 1.8 1.6 1.9b2.2 2.1 1.4 1.3 1.7 1.8 HU4.8 4.8 3.6 3.0 2.3 1.6 1.4 1.1 1.1 1.3 MT3.8 3.5 2.9 2.7 2.4 2.0 1.8 0.9 1.1 0.9 NL1.7 2.3 2.7 2.7 2.3 1.7 1.2 0.9 0.7 0.8 AT1.5 1.6 1.9 2.0 2.4 2.3 1.7 1.4 1.7 2.0 PL4.2 4.5 3.9 3.0 2.2 1.5 1.0 0.7 0.6 0.9 PT8.1 9.7 8.7 7.5 6.4 4.6 3.2 2.8 2.3 2.9 RO3.7 3.9 3.4 3.6 3.4 2.4 2.2 2.0 1.8 2.0 SI4.3 5.2 5.3 4.7 4.3 3.1 2.2 1.9 1.9 1.9 SK10.9 11.6 10.7 8.8 6.8 5.9 4.7 3.9 3.7 3.9 FI2.1 2.1 2.4 2.9 2.9 2.6 2.0 1.5 1.5 1.8 SE2.3 2.3 2.3 2.3 2.0 2.0 1.7b1.5 1.8 1.9 Thelong-termunemploymentrateisthenumberofpersonsunemployedfor12monthsorlongerasapercentageofthelabourforce(thetotalnumberofpeopleemployedandunemployed).Unemployedpersonscomprisepersonsaged15to74whofulfilallthreeofthefollowingconditions:werenotemployedduringthereferenceweek;wereavailabletostartworkingwithinthetwoweeksfollowingthereferenceweek;andhavebeenactivelyseekingworkinthefourweekspreceding the reference week or have already found a job to start within the next three months. The data source is the quarterly EU Labour Force Survey (EU LFS), which covers the resident population in private households.Flags:b:Break in series. d:Definition differs. 1)2021,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys. 3) 2017, b = change in the survey methodology for BE; b = Labour Force Survey data collection improvement, introduction of CAWI (starting with 2016) for DK. 4) 2015, b = change in sampling strategy and data collection technique for LU.Source: European Commission, Eurostat 
 
 
 
Table 3.22: Youth unemployment rate - % of active population aged 15-24 (3 year change in pp)  

71 

2012201320142015201620172018201920202021BE-2.0 1.5 4.5 2.5 -3.6 -4.0b-6.5 -5.8 -3.5 2.2 BG11.8 6.4 -1.3 -6.5 -11.1 -10.8 -8.8 -8.3 1.3 -0.1 CZ2.9 0.7 -2.2 -6.9 -8.5 -8.0 -5.9 -4.9 0.1 1.5 DK2.3 -0.8 -2.2 -3.6 -2.6b-1.8b-1.7 -2.1 -0.8 0.3 DE-3.3 -2.2 -0.8 -0.9 -0.8 -1.1 -1.1 -1.3 0.8b0.3 EE-6.5 -14.0 -7.4 -6.4 -4.6 -2.8 -2.3 -2.4 6.2 4.7 IE6.3 -1.4 -6.2 -10.6 -9.9 -9.0 -6.4 -4.3 1.4 0.7 EL29.8 25.6 7.8 -5.6 -11.0 -8.5 -9.1 -10.7 -6.5 -5.7 ES15.2 14.0 7.0 -4.6 -11.1 -14.6 -14.0 -11.9 -0.3 0.5dFR0.8 1.7 1.6 0.3 -0.4 -2.2 -4.1 -5.3 -2.0 -3.1dHR16.9 17.6 8.8 0.2 -18.7 -18.1 -18.6 -14.7 -6.3 -1.8 IT9.9 12.0 13.5 5.0 -2.3 -8.1 -8.1 -8.5 -4.8 -2.5 CY13.9 22.3 13.6 5.1 -9.8 -11.3 -12.6 -12.5 -6.5 -3.1 LV-4.9 -13.0 -11.4 -12.2 -5.7 -2.6 -4.1 -4.8 -2.1 2.6 LT-2.9 -13.8 -13.3 -10.4 -7.4 -6.0 -5.2 -2.6 6.3 3.2 LU1.6 1.3 5.8 -1.5b3.4 -7.2 -3.1 -1.9 7.8 2.7 HU2.0 0.2 -5.3 -10.7 -13.4 -9.6 -7.2 -1.5 2.0 3.6 MT-0.7 -0.5 -1.6 -2.2 -2.0 -1.1 -2.5 -1.4 0.3 0.3 NL1.3 1.8 2.4 -0.4 -2.1 -3.4 -3.6 -3.6 0.2 0.4 AT-1.3 0.2 1.5 1.3 1.7 -0.5 -1.3 -2.9 1.2 1.0 PL5.8 3.6 -1.9 -5.8 -9.8 -9.2 -9.2 -7.9 -4.0 0.1 PT12.8 10.3 4.5 -6.1 -10.3 -10.9 -11.7 -9.7 -1.4 3.1 RO3.4 1.6 0.6 -0.9 -3.7 -7.0 -6.8 -4.9 -1.4 0.5 SI7.0 6.9 4.6 -4.4 -6.3 -9.2 -7.5 -7.2 3.0 3.9 SK6.8 0.0 -3.8 -7.6 -11.5 -11.0 -11.9 -6.3 0.4 4.8 FI-2.2 -1.4 0.2 3.0 -0.1 -0.5 -5.2 -2.8 1.0 -0.2 SE-1.4 -1.2 0.2 -3.3 -4.6 -5.1 -2.9b1.1 6.3 7.9 1)2021,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys. 3) 2017, b = change in the survey methodology for BE; b = Labour Force Survey data collection improvement, introduction of CAWI (starting with 2016) for DK. 4) 2015, b = change in sampling strategy and data collection technique for LU.Source: European Commission, EurostatTheyouthunemploymentrateisthepercentageoftheunemployedintheage15to24yearsoldcomparedtothetotallabourforce(bothemployedandunemployed)intheagegroup.Unemployedpersonscomprisepersonswhofulfilallthreeofthefollowingconditions:werenotemployedduringthereferenceweek;wereavailabletostartworkingwithinthetwoweeksfollowingthereferenceweek;andhavebeenactivelyseekingworkinthefourweeksprecedingthereferenceweek;orhavealreadyfoundajobtostartwithinthenextthreemonths.TheMIPScoreboardindicatoristhe3-yearchangeinpercentagepoints.ThedatasourceisthequarterlyEULabourForceSurvey(EU-LFS),whichcoversthe resident population in private households.Flags:b:Break in series. d:Definition differs.  
 
 
Table 3.23: Youth unemployment rate - % of active population aged 15-24   

72 

2012201320142015201620172018201920202021BE20.0 23.9 23.4 22.5 20.3 19.4b16.0 14.5 15.9 18.2 BG31.2 31.5 26.9 24.7 20.4 16.1 15.9 12.1 17.4 15.8 CZ19.5 19.0 15.9 12.6 10.5 7.9 6.7 5.6 8.0 8.2 DK15.8 14.8 14.2 12.2 12.2b12.4b10.5 10.1 11.6 10.8 DE8.6 8.3 8.3 7.7 7.5 7.2 6.6 6.2 8.0b6.9 EE20.7 18.6 14.9 14.3 14.0 12.1 12.0 11.6 18.3 16.7 IE30.8 26.7 23.4 20.2 16.8 14.4 13.8 12.5 15.8 14.5 EL55.9 59.2 53.0 50.3 48.2 44.5 41.2 37.5 38.0 35.5 ES52.9 55.5 53.2 48.3 44.4 38.6 34.3 32.5 38.3 34.8dFR25.8 26.4 25.7 26.1 26.0 23.5 22.0 20.7 21.5 18.9dHR42.1 50.0 45.5 42.3 31.3 27.4 23.7 16.6 21.1 21.9 IT35.3 40.0 42.7 40.3 37.7 34.6 32.2 29.2 29.8 29.7 CY27.7 38.9 36.0 32.8 29.1 24.7 20.2 16.6 18.2 17.1 LV28.5 23.2 19.6 16.3 17.5 17.0 12.2 12.7 14.9 14.8 LT26.7 21.9 19.3 16.3 14.5 13.3 11.1 11.9 19.6 14.3 LU18.8 15.5 22.6 17.3b18.9 15.4 14.2 17.0 23.2 16.9 HU27.8 26.1 20.1 17.1 12.7 10.5 9.9 11.2 12.5 13.5 MT13.8 12.7 11.7 11.6 10.7 10.6 9.1 9.3 10.9 9.4 NL12.9 14.2 13.8 12.5 12.1 10.4 8.9 8.5 10.6 9.3 AT10.0 10.3 11.0 11.3 12.0 10.5 10.0 9.1 11.7 11.0 PL26.8 27.6 24.1 21.0 17.8 14.9 11.8 9.9 10.9 11.9 PT38.1 38.3 34.8 32.0 28.0 23.9 20.3 18.3 22.5 23.4 RO28.2 29.6 30.0 27.3 25.9 23.0 20.5 21.0 21.6 21.0 SI20.8 21.6 20.5 16.4 15.3 11.3 8.9 8.1 14.3 12.8 SK35.3 34.9 31.0 27.7 23.4 20.0 15.8 17.1 20.4 20.6 FI19.5 20.6 20.5 22.5 20.5 20.0 17.3 17.7 21.0 17.1 SE23.0 22.9 22.3 19.7 18.3 17.2 16.8b19.4 23.5 24.7 Theyouthunemploymentrateisthepercentageoftheunemployedintheage15to24yearsoldcomparedtothetotallabourforce(bothemployedandunemployed)intheagegroup.Unemployedpersonscomprisepersonswhofulfilallthreeofthefollowingconditions:werenotemployedduringthereferenceweek;wereavailabletostartworkingwithinthetwoweeksfollowingthereferenceweek;andhavebeenactivelyseekingworkinthefourweeksprecedingthereference week; or have already found a job to start within the next three months. The data source is the quarterly EU Labour Force Survey (EU-LFS), which covers the resident population in private households.Flags:b:Break in series. d:Definition differs. 1)2021,d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys. 3) 2017, b = change in the survey methodology for BE; b = Labour Force Survey data collection improvement, introduction of CAWI (starting with 2016) for DK. 4) 2015, b = change in sampling strategy and data collection technique for LU.Source: European Commission, Eurostat 
 
 
 
Table 3.24: Real GDP (1 year % change)  

73 

2012201320142015201620172018201920202021BE0.7 0.5 1.6 2.0 1.3 1.6 1.8 2.2 -5.4p6.1pBG0.8 -0.6 1.0 3.4 3.0 2.8 2.7 4.0 -4.0 7.6 CZ-0.8 0.0 2.3 5.4 2.5 5.2 3.2 3.0 -5.5 3.5 DK0.2 0.9 1.6 2.3 3.2 2.8 2.0 1.5 -2.0 4.9 DE0.4 0.4 2.2 1.5 2.2 2.7 1.0 1.1p-3.7p2.6pEE3.2 1.5 3.0 1.9 3.2 5.8 3.8 3.7 -0.6 8.0 IE0.0 1.1 8.6 24.4 2.0 9.0 8.5 5.4 6.2 13.6 EL-7.1 -2.5 0.5 -0.2 -0.5 1.1 1.7 1.9 -9.0p8.4pES-3.0 -1.4 1.4 3.8 3.0 3.0 2.3 2.0 -11.3p5.5pFR0.3 0.6 1.0 1.1 1.1 2.3 1.9 1.8p-7.8p6.8pHR-2.3 -0.4 -0.3 2.5 3.5 3.4 2.9 3.5 -8.1p10.2pIT-3.0 -1.8 0.0 0.8 1.3 1.7 0.9 0.5 -9.0 6.7 CY-3.4 -6.6 -1.8 3.4 6.6 5.7 5.6 5.5 -4.4 6.6pLV7.0 2.0 1.9 3.9 2.4 3.3 4.0 2.6 -2.2 4.1 LT3.8 3.6 3.5 2.0 2.5 4.3 4.0 4.6 0.0 6.0 LU1.6 3.2 2.6 2.3 5.0 1.3 1.2 2.3 -0.8 5.1pHU-1.3 1.8 4.2 3.7 2.2 4.3 5.4 4.9 -4.5 7.1pMT4.1 5.5 7.6 9.6 3.4 10.9 6.2 5.9 -8.3 10.3 NL-1.0 -0.1 1.4 2.0 2.2 2.9 2.4 2.0 -3.9 4.9pAT0.7 0.0 0.7 1.0 2.0 2.3 2.4 1.5 -6.5 4.6 PL1.5 0.9 3.8 4.4 3.0 5.1 5.9 4.4 -2.0 6.8 PT-4.1 -0.9 0.8 1.8 2.0 3.5 2.8 2.7 -8.3 5.5pRO1.9 0.3 4.1 3.2 2.9 8.2 6.0 3.9 -3.7 5.1pSI-2.6 -1.0 2.8 2.2 3.2 4.8 4.5 3.5 -4.3 8.2 SK1.3 0.6 2.7 5.2 1.9 2.9 4.0 2.5 -3.4 3.0 FI-1.4 -0.9 -0.4 0.5 2.8 3.2 1.1 1.2 -2.2 3.0 SE-0.6 1.2 2.7 4.5 2.1 2.6 2.0 2.0 -2.2 5.1 Grossdomesticproduct(GDP)atmarketpricesisthefinalresultoftheproductionactivityofresidentproducerunits.Itisdefinedasthevalueofallgoodsandservicesproducedlessthevalueofanygoodsorservicesusedintheircreation.TheESA2010(EuropeanSystemofAccounts)regulationmaybereferredtoformorespecificexplanationsonmethodology.Dataareexpressedas1-yearpercentagechangeofrealGDP,i,e,measuredinchain-linked volumes.Flags:p:Provisional. Source: European Commission, Eurostat 
 
 
 
Table 3.25: Gross fixed capital formation (% of GDP)   

74 

2012201320142015201620172018201920202021BE23.0 22.2 22.8 23.0 23.3 23.3 23.6 24.3 24.2p24.2pBG21.1 21.2 21.1 20.9 18.4 18.3 18.8 18.6 19.1 16.3 CZ26.2 25.4 25.4 26.5 24.9 24.9 26.3 27.1 26.5 26.0 DK18.8 19.1 19.2 19.9 21.0 21.2 21.7 21.2 22.3 22.6 DE20.3 19.9 20.0 20.0 20.3 20.4 21.1 21.4p21.6p21.8pEE28.7 27.9 25.7 24.5 24.4 25.9 27.1 25.4 31.2 28.9 IE19.6 18.6 20.6 24.1 35.8 33.2 28.4 54.3 42.4 23.3 EL11.5 11.2 10.8 10.8 11.0 11.8 11.1 10.7 12.0p13.3pES18.5 17.4 17.8 18.0 18.0 18.7 19.4 20.0 20.4p19.8pFR22.5 22.0 21.8 21.5 21.8 22.5 22.9 23.5p22.9p24.2 HR19.4 19.4 19.0 19.3 19.8 19.7 20.1 21.5 22.3p21.6pIT18.3 17.2 16.7 16.9 17.2 17.5 17.8 18.0 17.9 20.0 CY15.5 14.1 13.3 12.8 18.0 20.8 18.8 19.0 21.3 19.5pLV26.0 24.3 22.8 21.9 19.3 20.6 22.1 23.1 23.1 22.3 LT17.3 18.4 18.9 19.6 19.9 20.1 20.9 21.4 21.3 21.4 LU19.2 18.5 19.2 17.3 17.3 17.8 16.2 17.4 16.5 16.5pHU19.1 20.8 22.0 22.2 19.5 22.1 24.7 27.0 26.5 27.2pMT17.6 16.5 16.7 24.2 22.7 20.6 20.3p20.5p20.5p22.1pNL18.8 18.4 17.6 22.1 20.0 20.1 20.4 21.3 21.7 21.6pAT22.6 23.0 22.7 22.7 23.1 23.6 24.1 24.9 25.0 26.5 PL19.6 19.0 20.1 20.4 18.5 17.6 18.7 18.9 18.3 17.0 PT15.8 14.8 15.0 15.5 15.5 16.8 17.5 18.1 19.2 20.3pRO27.0 24.4 24.4 24.9 23.1 22.8 21.4 23.0 23.5 24.1pSI19.0 19.6 19.1 18.7 17.4 18.3 19.3 19.6 18.9 20.3 SK20.4 20.5 20.5 23.7 21.0 21.1 20.9 21.5 19.5 18.9 FI23.1 22.0 21.5 21.2 22.7 23.3 24.1 23.8 24.0 23.7 SE22.7 22.4 23.2 23.8 24.2 25.1 25.2 24.4 25.1 25.6 Grossfixedcapitalformation(GFCF)consistsofresidentproducers'acquisitions,lessdisposals,offixedassetsduringagivenperiodpluscertainadditionstothevalueofnon-producedassetsrealisedbytheproductiveactivityofproducerorinstitutionalunits.GFCFincludesacquisitionlessdisposalsof,e.g.buildings,structures,machineryandequipment,mineralexploration,computersoftware,literaryorartisticoriginalsandmajorimprovementstolandsuch as the clearance of forests. The input data are obtained through official National accounts' country data in the ESA 2010 transmission programme.Flags:p:Provisional. Source: European Commission, Eurostat 
 
 
 
Table 3.26: Gross domestic expenditure on R&D (% of GDP)  

75 

2012201320142015201620172018201920202021BE2.3 2.3 2.4 2.4 2.5 2.7 2.9 3.2 3.4enaBG0.6 0.6 0.8 1.0 0.8 0.7 0.8 0.8 0.9 0.8pCZ1.8 1.9 2.0 1.9 1.7 1.8 1.9 1.9 2.0 2.0pDK3.0 3.0 2.9 3.1 3.1 2.9 3.0 2.9p3.0 2.8pDE2.9 2.8 2.9 2.9 2.9 3.1 3.1 3.2 3.1e3.1pEE2.1 1.7 1.4 1.5 1.2 1.3 1.4 1.6 1.8 1.7pIE1.6e1.6e1.5 1.2 1.2 1.3 1.2e1.2 1.2e1.3pEL0.7 0.8 0.8 1.0 1.0 1.2 1.2 1.3 1.5 1.4pES1.3 1.3 1.2 1.2 1.2 1.2 1.2 1.3 1.4 naFR2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.2 HR0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.1 1.3 1.3pIT1.3 1.3 1.3e1.3 1.4b1.4 1.4 1.5 1.5 1.5pCY0.4 0.5 0.5 0.5 0.5 0.5 0.6 0.7 0.9 naLV0.7 0.6 0.7 0.6 0.4 0.5 0.6 0.6 0.7 0.7pLT0.9 1.0 1.0 1.0 0.8 0.9 0.9 1.0 1.2 1.1pLU1.2b1.2 1.2 1.3 1.3 1.2 1.2 1.2 1.1epnaHU1.3 1.4 1.3 1.3 1.2 1.3 1.5b1.5 1.6 1.6 MT0.8 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.7 0.7 NL1.9b2.2b2.2 2.2 2.2 2.2 2.1 2.2 2.3 naAT2.9e3.0 3.1e3.1 3.1e3.1 3.1e3.1 3.2e3.2pPL0.9 0.9 0.9 1.0 1.0 1.0 1.2 1.3 1.4 1.4pPT1.4 1.3 1.3 1.2 1.3 1.3 1.4 1.4 1.6 1.7pRO0.5 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5pSI2.6 2.6 2.4 2.2 2.0 1.9 2.0 2.1 2.2 naSK0.8 0.8 0.9 1.2 0.8 0.9 0.8 0.8 0.9 1.0 FI3.4 3.3 3.2 2.9 2.7 2.7 2.8 2.8 2.9 3.0 SE3.2e3.3e3.1e3.2 3.3e3.4 3.3 3.4 3.5 3.4 1) Official transmission deadline for 2021 data on Gross domestic expenditure on R&D is 31 October 2022 while data were extracted on 21 October 2022.Source: European Commission, EurostatResearchandexperimentaldevelopment(R&D)comprisecreativeandsystematicworkundertakeninordertoincreasethestockofknowledge–includingknowledgeofhumankind,cultureandsociety–andtodevisenewapplications of available knowledge (Commission Implementing Regulation (EU) 2020/1197 and OECD Frascati Manual, 2015 edition, § 2.5).Flags:b:Break in series. e:Estimated. p:Provisional.  
 
 
 
Table 3.27: Current plus capital account - Net lending-borrowing (% of GDP) 

76 

2012201320142015201620172018201920202021BE0.6 0.9 0.6 1.4 0.7 0.8 -0.8 0.2 1.1 0.6 BG0.4 2.4 3.5 3.1 5.3 4.3 2.0 3.3 1.5 0.2 CZ-0.3 1.5 0.9 2.6 2.9 2.4 0.7 0.8 3.2 0.7 DK6.3 7.7 8.7 7.9 7.8 8.1 7.3 8.5 7.8 9.1 DE7.1 6.5 7.3 8.6 8.6 7.7 8.0 7.5 6.8 7.3 EE1.5 2.9 1.8 3.8 2.3 3.2 2.3 4.1 0.8 7.1 IE-3.3 1.0 -2.4 3.9 -5.8 -8.2 -10.7 -29.7 -10.0 15.1 EL-2.3 0.3 0.7 0.3 -1.2 -1.4 -2.7 -1.1 -5.0 -4.6 ES0.6 2.6 2.1 2.7 3.4 3.0 2.4 2.4 1.1 1.9 FR-1.1 -0.5 -1.0 -0.4 -0.4 -0.8 -0.7 0.6 -1.7 0.8 HR-1.8 -0.9 0.7 4.0 3.6 4.3 3.0 4.4 1.6 5.5 IT-0.1 1.1 2.1 1.8 2.5 2.7 2.6 3.2 3.9 3.0 CY-3.7 -0.9 -3.3 -0.4 -4.1 -4.6 -3.4 -5.7 -10.1 -6.4 LV-0.8 -0.3 1.4 2.3 2.8 2.2 1.6 0.9 4.3 -2.8 LT1.4 4.9 6.2 0.6 0.4 1.7 1.8 5.2 9.0 2.6 LU4.8 4.4 3.9 4.6 4.5 4.4 6.5 3.3 4.5 5.9 HU4.1 7.2 4.9 6.9 4.5 2.8 2.5 1.1 1.0 -1.5 MT1.5 1.8 7.3 5.4 -0.2 6.5 7.3 5.7 -2.2 -3.6 NL8.9 9.9 8.4 4.7 6.9 8.9 9.3 6.9 5.1 7.3 AT1.3 1.8 2.4 1.2 2.6 1.3 0.3 2.4 2.9 0.4 PL-1.6 -0.2 -1.0 1.4 0.0 -0.1 -0.3 1.3 3.9 -0.8 PT0.5 3.3 1.5 1.5 2.1 2.2 1.5 1.3 -0.1 0.6 RO-3.4 1.2 2.4 1.6 0.9 -1.9 -3.4 -3.6 -3.1 -5.1 SI1.4 3.7 5.3 4.9 4.0 5.5 5.5 5.5 7.0 3.9 SK2.8 3.3 2.1 1.1 -1.0 -1.8 -1.2 -2.6 1.3 -1.2 FI-2.0 -1.7 -1.2 -0.9 -1.9 -0.7 -1.8 -0.2 0.8 0.7 SE5.3 5.0 4.1 3.2 2.3 2.9 2.8 5.5 5.9 5.5 Netlending/borrowingofacountrycorrespondstothesumoftotalcurrentandcapitalaccounts’balancesinbalanceofpayments.Itrepresentsthenetresourcesthatthetotaleconomymakesavailabletotherestoftheworld(ifitis positive) or receives from the rest of the world (if it is negative). The indicator is based on the Balance of Payments data. Definitions are based on the IMF's Sixth Balance of Payments Manual (BPM6). Source: European Commission, Eurostat 
 
 
 
 
Table 3.28: Net international investment position excluding non-defaultable instruments (% of GDP)  

77 

2012201320142015201620172018201920202021BE58.6 58.5 51.8 51.7 52.2 44.7 34.4 36.1 34.6 37.3 BG4.2 7.3 10.8 21.4 30.1 32.9 36.4 40.2 47.9 49.8 CZ9.3 14.8 19.0 20.3 27.6 26.5 27.8 30.2 37.3 36.4 DK-2.7 -3.6 11.4 9.6 15.5 18.6 15.9 29.0 32.6 32.1 DE22.1 29.5 31.7 34.5 37.9 45.1 45.7 51.0 54.9 54.6 EE3.3 7.4 12.8 16.7 18.1 19.8 24.5 31.0 41.5 39.9 IE-256.0 -310.6 -351.6 -243.1 -249.2 -263.9 -249.9 -282.6 -294.4 -335.1 EL-124.1 -130.3 -129.7 -128.5 -128.4 -128.9 -135.1 -133.5 -155.1 -150.2 ES-73.7 -69.7 -70.1 -64.8 -61.6 -57.4 -52.1 -46.1 -52.1 -39.7 FR-27.0 -26.9 -31.0 -29.7 -30.4 -33.7 -34.1 -35.2 -41.3 -37.2 HR-50.1 -49.3 -45.2 -37.7 -27.1 -18.3 -11.8 1.2 3.0 12.0 IT-24.6 -23.8 -21.0 -17.3 -11.7 -5.8 -6.0 -0.1 1.2 6.4 CY-103.8 -141.1 -197.0 -257.4 -226.6 -218.9 -180.9 -155.3 -111.4 -76.4 LV-26.0 -22.3 -17.2 -10.9 -7.1 -3.1 0.6 5.8 14.1 18.9 LT-22.9 -18.6 -16.9 -13.5 -12.6 -7.4 -2.5 5.6 15.2 22.2 LU-2328.9 -2546.8 -3277.8 -3679.7 -3639.2 -3837.5 -3672.7 -4153.8 -4172.4 -4766.5 HU-41.8 -35.2 -29.5 -18.3 -12.0 -8.7 -3.9 -2.6 -2.4 -1.5 MT260.8 216.5 205.7 191.3 213.6 226.8 230.7 234.8 254.6 259.4 NL-69.6 -66.9 -45.8 -53.4 -34.0 -18.9 -16.9 -0.3 12.9 26.0 AT-16.0 -11.7 -11.3 -11.3 -9.4 -4.3 -6.2 -0.6 -4.6 -4.2 PL-25.0 -26.2 -25.5 -24.1 -20.8 -18.8 -14.9 -10.7 -4.5 0.8 PT-82.1 -78.1 -77.7 -72.3 -64.2 -58.4 -55.3 -46.7 -46.7 -36.1 RO-23.9 -20.5 -14.5 -12.9 -6.5 -5.6 -3.9 -4.0 -7.0 -6.5 SI-37.6 -32.8 -28.5 -19.0 -14.7 -9.6 -0.9 0.8 1.6 9.7 SK-8.5 -10.5 -13.0 -13.9 -14.7 -15.1 -16.6 -14.1 -14.8 -14.7 FI-2.2 -4.6 0.1 15.2 10.2 4.8 -0.8 6.9 5.8 15.8 SE-20.5 -25.6 -22.8 -15.1 -13.7 -10.0 -14.7 -11.4 -10.9 -2.0 Source: European Commission, EurostatTheindicatorisasubsetoftheNetinternationalinvestmentposition(NIIP)thatabstractsfromitspureequity-relatedcomponents,i.e.foreigndirectinvestment(FDI)equityandequityshares,andfromintra-companycross-borderFDIdebt,andrepresentstheNIIPexcludinginstrumentsthatcannotbesubjecttodefault.TheindicatorisbasedonannualfiguresfromtheEurostatBalanceofPaymentsandisdefinedastheNIIPminusnetdirectinvestmentminus net portfolio equity. The indicator is calculated as a percentage of GDP. 
 
 
 
 
Table 3.29: Foreign direct investment in the reporting economy - flows (% of GDP) 

78 

2012201320142015201620172018201920202021BE2.4 -5.6 -2.7 -4.3 12.2 -7.2 -7.7 -3.9 -4.9 4.0 BG3.3 3.6 1.9 4.4 2.7 3.3 2.7 3.2 5.1 2.6 CZ4.5 3.5 3.9 0.9 5.5 5.2 3.4 4.3 3.4 2.7 DK-4.9 0.2 2.0 0.6 2.5 1.0 2.5 -1.0 -0.1 3.3 DE1.8 1.8 0.5 1.9 1.8 3.0 4.2 1.8 3.6 1.7 EE7.8 4.4 6.6 -3.2 3.8 6.5 4.0 9.8 11.4 19.6 IE25.8 29.6 38.4 81.9 34.7 19.2 18.9 7.1 8.3 16.5 EL0.7 1.2 1.1 0.7 1.4 1.7 1.9 2.4 1.8 3.1 ES1.6 3.5 2.3 1.9 3.6 2.5 4.0 1.8 2.9 3.0 FR1.2 1.1 0.2 1.8 1.3 1.4 2.8 2.0 0.5 3.0 HR2.3 1.6 5.2 0.0 0.8 0.9 2.1 6.3 2.2 6.9 IT0.0 0.9 0.8 0.7 1.4 0.6 2.1 1.5 -1.1 0.9 CY276.0 108.6 222.1 145.6 40.6 62.8 -2.6 203.1 -103.3 -123.3 LV3.8 3.3 3.3 3.0 1.2 3.8 1.3 3.3 2.7 9.5 LT1.6 1.7 0.8 2.5 2.7 2.8 2.4 6.3 8.0 4.5 LU980.0 974.2 274.7 960.6 56.8 -94.6 -864.5 -570.1 -249.2 -269.1 HU8.2 -2.6 9.5 -4.3 55.2 -8.2 -42.3 60.9 109.7 16.1 MT35.2 5.4 2.7 32.8 23.9 28.7 29.3 26.5 29.7 25.1 NL29.4 37.5 13.0 43.5 30.8 28.0 -37.4 -1.7 -23.9 -14.4 AT1.3 0.1 0.4 -2.1 -7.5 3.2 -6.6 -2.9 -2.5 2.6 PL1.4 0.2 3.8 3.3 3.8 2.2 3.2 2.9 3.1 5.5 PT9.9 6.9 5.3 0.6 3.6 4.9 3.2 4.3 1.7 3.1 RO1.7 2.0 1.9 2.4 3.4 2.8 3.0 2.9 1.4 4.1 SI0.1 0.2 2.0 4.0 3.2 2.5 2.8 4.0 0.9 3.4 SK1.8 1.0 -0.4 1.7 5.3 4.4 2.1 2.2 -1.0 0.8 FI1.9 -1.9 6.4 7.4 2.1 6.9 -3.9 5.8 -0.8 8.0 SE0.8 0.2 -1.7 2.0 2.9 4.5 -0.2 2.9 3.4 9.2 Source: European Commission, EurostatForeigndirectinvestment(FDI)isacategoryofinvestmentthatreflectstheobjectiveofestablishingalastinginterestbyaresidententerpriseinoneeconomy(directinvestor)inanenterprise(directinvestmententerprise)thatisresidentinaneconomyotherthanthatofthedirectinvestor.Thelastinginterestisdeemedtoexistiftheinvestoracquiresatleast10%ofthevotingpowerofthedirectinvestmententerprise.Dataarepresentedaccordingtotheasset/liabilityprinciple,compiledintheframeworkofBalanceofpaymentsandareconsistentwiththecomponentsofNationalaccountsstatistics.InwardFDIflowsrepresentthevalueofFDIliabilitiesfromallcountriesoftheworldinthereportingeconomyinthereferenceperiod.DataareexpressedaspercentageofGDPtoremovetheeffectofdifferencesinthesizeoftheeconomiesofthereportingcountries.DefinitionsarebasedontheIMF'sSixthBalance of Payments Manual (BPM6).  
 
 
 
 
Table 3.30: Foreign direct investment in the reporting economy - stocks (% of GDP) 

79 

2012201320142015201620172018201920202021BE244.0 231.9 226.9 225.3 221.9 201.4 187.5 185.8 180.0 166.7 BG89.5 89.2 92.8 92.5 89.4 86.4 84.5 81.2 85.9 80.8 CZ74.2 76.6 76.7 75.3 78.0 77.3 78.9 77.1 83.2 82.1 DK43.6 41.8 49.8 50.0 56.3 53.9 57.8 56.5 57.5 56.6 DE40.0 41.3 41.3 42.2 42.9 43.8 45.6 46.2 50.2 49.6 EE94.3 98.9 103.8 98.0 98.5 95.5 93.8 98.5 111.7 125.9 IE336.9 348.2 387.9 497.3 517.6 477.8 486.8 469.0 430.7 418.6 EL11.7 12.1 11.9 14.8 15.8 18.0 19.4 23.8 22.3 23.4 ES55.4 57.7 60.0 61.1 63.8 64.8 67.6 68.4 78.7 76.4 FR40.5 41.3 42.1 43.9 44.7 44.4 44.6 46.5 50.5 51.9 HR51.8 52.1 59.5 53.2 56.5 57.3 55.4 60.2 65.4 63.4 IT23.0 23.7 25.0 25.5 26.3 26.2 27.6 28.9 31.8 30.8 CY1432.8 1646.3 1935.7 2124.7 2060.4 1990.4 1817.1 1879.9 1856.0 1595.5 LV49.4 54.0 56.6 59.1 57.6 59.6 55.8 56.1 58.8 67.1 LT42.2 42.9 41.4 42.9 44.7 44.2 42.8 48.2 55.9 55.5 LU5978.7 6123.9 7568.0 9052.3 8972.9 8286.9 7435.5 6851.0 6121.4 5498.4 HU225.7 211.1 216.5 219.9 257.1 208.5 161.2 210.0 324.3 323.0 MT1996.3 1898.1 1789.7 1662.6 1650.6 1532.0 1479.3 1426.4 1601.2 1481.5 NL503.2 534.5 558.1 615.5 641.2 640.8 603.6 597.2 568.4 549.9 AT74.7 75.2 77.8 75.4 65.0 71.1 61.4 58.1 58.4 60.1 PL48.3 50.8 52.1 48.5 50.9 49.8 48.4 47.6 49.2 50.1 PT70.8 77.4 81.5 81.0 80.2 83.0 79.6 81.1 85.8 85.6 RO41.4 45.3 44.9 44.3 46.1 44.8 43.3 44.1 45.9 46.6 SI29.6 28.9 31.5 34.4 37.1 37.9 39.2 40.4 43.0 43.3 SK63.8 64.5 61.9 62.5 70.7 71.3 70.7 69.6 70.0 66.5 FI51.7 46.6 52.0 57.3 54.5 56.8 46.6 51.0 49.9 51.6 SE90.1 89.5 83.4 83.9 85.3 88.1 85.8 88.9 91.2 91.7 Source: European Commission, EurostatForeigndirectinvestment(FDI)isthecategoryofinvestmentmadebyanentityresidentinaneconomy(directinvestor)toacquirealastinginterestinanentityoperatinginaneconomyotherthanthatoftheinvestor(directinvestmententerprise).Thelastinginterestisdeemedtoexistiftheinvestoracquiresatleast10%ofthevotingpowerofthedirectinvestmententerprise.Dataarepresentedaccordingtotheasset/liabilityprinciple,compiledintheframeworkofInternationalinvestmentpositionandareconsistentwiththecomponentsofNationalaccountsstatistics.InwardFDIstocksarethevalueofFDIliabilitiesfromallcountriesoftheworldinthereportingeconomyattheendofthereferenceperiod.DataareexpressedaspercentageofGDPtoremovetheeffectofdifferencesinthesizeoftheeconomiesofthereportingcountries.DefinitionsarebasedontheIMF'sSixthBalanceofPaymentsManual (BPM6).  
 
 
 
 
Table 3.31: Net trade balance of energy products (% of GDP)  

80 

2012201320142015201620172018201920202021BE-5.0 -4.5 -3.8 -2.7 -2.2 -2.5 -3.4 -2.5 -1.7p-3.3pBG-6.8 -6.2 -5.6 -3.8 -2.4 -3.0 -3.4 -3.0 -2.0 -3.4 CZ-4.6 -4.7 -3.9 -2.4 -2.0 -2.5 -2.9 -2.4 -1.5 -2.5 DK0.8 0.3 0.0 0.0 0.0 -0.1 -0.2 -0.2 -0.3 -0.5 DE-3.6 -3.4 -2.8 -2.0 -1.5 -1.7 -2.0 -1.8p-1.2p-1.9pEE-1.3 -2.2 -2.1 -1.5 -1.0 -0.6 -1.0 -1.3 -0.5 -0.3 IE-3.0 -3.2 -2.7 -1.5 -1.1 -1.2 -1.4 -1.2 -0.7 -1.2 EL-4.1 -3.7 -3.4 -2.2 -1.6 -1.8 -2.5 -2.3 -1.8p-3.1pES-3.8 -3.4 -2.9 -2.0 -1.5 -1.8 -2.1 -1.9 -1.3p-2.1pFR-3.3 -3.1 -2.5 -1.8 -1.4 -1.7 -1.9 -1.8p-1.1p-1.7 HR-5.5 -5.0 -4.0 -3.4 -2.6 -2.8 -3.2 -2.8 -2.0p-2.5pIT-3.8 -3.3 -2.6 -2.0 -1.5 -1.9 -2.3 -2.0 -1.3 -2.5 CY-7.5 -6.4 -5.9 -4.0 -3.3 -4.0 -4.1 -3.9 -3.2 -4.4pLV-6.1 -5.6 -4.7 -3.5 -2.4 -2.9 -3.4 -2.7 -1.5 -2.5 LT-7.5 -6.1 -4.7 -3.6 -2.6 -3.0 -4.0 -3.6 -2.4 -4.8 LU-6.0 -5.1 -4.2 -2.9 -2.3 -2.7 -3.3 -3.2 -2.0 -2.8pHU-6.3 -6.3 -6.1 -4.1 -3.1 -3.7 -3.8 -3.8 -2.3 -4.4pMT-11.9 -8.7 -14.4 -8.5 -8.1 -6.1 -8.7 -6.0 -6.0 -4.4 NL-2.6 -1.4 -1.6 -1.1 -0.6 -0.7 -1.4 -0.9 -0.4 -1.5pAT-3.9 -3.5 -3.0 -2.3 -1.9 -2.1 -2.5 -2.2 -1.4 -2.4 PL-3.5 -2.7 -2.6 -1.6 -1.4 -2.0 -2.7 -2.4 -1.6 -2.0 PT-4.7 -3.7 -3.6 -2.3 -1.6 -2.2 -2.5 -2.5 -1.7 -2.7pRO-2.9 -1.9 -1.4 -0.9 -1.0 -1.3 -1.6 -1.7 -1.2 -2.0pSI-6.7 -5.5 -4.1 -3.1 -2.1 -2.6 -2.9 -3.5 -2.0 -2.8 SK-5.7 -5.9 -4.0 -3.0 -2.5 -2.9 -3.9 -3.1 -2.1 -3.6 FI-2.6 -2.6 -2.4 -1.8 -1.4 -1.6 -2.0 -1.7 -0.9 -1.9 SE-1.7 -1.5 -1.3 -0.8 -0.8 -0.9 -1.3 -1.1 -0.7 -0.7 Source: European Commission, EurostatThetradebalanceofenergyproductsiscalculated,foreachMemberState,asthedifferencebetweenexportstoandimportsfromtherestoftheworld(intra-EUandextra-EUtrade)ofgoodsincludedintheSITCsection3-Mineral fuels, lubricants and related materials.The data source from International trade statistics and is expressed as percentage of GDP (according to ESA 2010 transmission programme).Flags:p:Provisional.  
 
 
 
Table 3.32: Real effective exchange rate - euro area trading partners (3 year % change) 

81 

2012201320142015201620172018201920202021BE1.9 0.6 -0.1 0.1 1.9 2.6 2.8 1.1 0.4 0.4 BG1.9 -0.4 -3.0 -4.1 -4.8 -3.2 -1.1 1.7 3.0 2.3 CZ5.6 -2.4 -10.1 -8.2 -3.8 5.6 7.6 7.5 3.7 4.5 DK0.7 -1.3 -1.4 -1.5 -0.4 -0.7 -1.8 -2.5 -2.0 -1.3 DE-1.3 -0.7 0.0 1.0 1.0 0.8 0.4 0.3 0.1 0.6 EE5.2 5.3 3.1 1.5 0.2 2.3 4.1 4.4 1.3 1.4 IE-5.1 -3.1 -1.8 -1.5 -1.1 -2.2 -3.0 -2.9 -2.5 -1.7 EL2.0 -3.5 -5.6 -5.3 -3.3 -1.9 -1.5 -2.0 -3.2 -4.3 ES0.8 0.4 -0.6 -1.4 -2.3 -1.1 -0.2 0.0 -1.2 -0.7 FR-0.5 -1.4 -0.7 -0.6 0.0 -0.7 -0.1 -0.1 0.6 -0.5 HR-2.6 -2.9 -1.4 -1.2 -1.1 0.6 1.2 0.5 -2.0 -2.3 IT1.4 1.0 0.4 -0.7 -0.9 -0.8 -1.3 -1.7 -1.9 -2.1 CY2.0 1.0 -0.1 -2.6 -3.5 -3.9 -3.2 -2.5 -3.0 -2.4 LV-0.7 0.2 -1.3 -2.2 -0.3 0.7 1.3 2.8 1.5 1.1 LT1.7 1.4 -0.1 -1.6 -0.9 1.4 3.0 3.4 2.1 3.2 LU2.8 1.7 0.8 0.1 -0.4 0.0 0.4 0.9 0.0 0.6 HU4.6 -3.0 -7.0 -7.3 -5.3 0.4 -0.9 -0.6 -6.6 -4.4 MT1.1 0.1 0.7 0.8 1.8 1.2 0.3 0.0 0.7 -1.2 NL-0.4 1.3 1.3 0.8 -0.6 -0.7 -0.8 0.9 2.0 2.4 AT1.3 1.6 1.6 2.0 2.1 1.8 1.7 1.1 1.4 1.1 PL7.3 -3.3 -1.5 -2.1 -5.7 -3.2 -3.0 1.6 -1.0 -0.6 PT0.9 0.1 -1.2 -1.1 0.3 0.8 -0.3 -1.6 -1.9 -3.0 RO3.2 0.7 -1.3 2.2 -2.8 -5.1 -4.1 -1.2 0.9 0.2 SI0.2 0.0 0.4 -0.9 -1.8 -1.6 -0.4 0.4 -0.2 -1.0 SK1.9 2.5 0.5 -1.5 -2.2 -1.7 -0.4 1.9 3.8 3.1 FI1.6 1.9 2.0 0.9 0.3 -1.2 -1.4 -1.7 -1.0 -1.0 SE19.3 5.9 -3.8 -7.9 -7.9 -4.0 -7.6 -9.7 -7.4 1.7 Source: European Commission, Directorate General for Economic and Financial AffairsRealeffectiveexchangerate(REER)aimstoassessacountry'spriceorcostcompetitivenessrelativetoitsprincipalcompetitorsininternationalmarkets.Changesincostandpricecompetitivenessdependnotonlyonexchangeratemovementsbutalsooncostandpricetrends.ThespecificREERfortheMIPisdeflatedbytheconsumerpriceindicesrelativetotheeuroareacountries,since2015(doubleexportweightsareusedtocalculateREERs,reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere). The MIP scoreboard indicator is the 3-year percentage change of REER. 
 
 
 
 
Table 3.33: Export performance against advanced economies (5 year % change) 

82 

2012201320142015201620172018201920202021BE-6.4 -6.1 -6.9 -11.7 -6.9 -1.1 -3.5 -3.9 10.7 7.1 BG9.7 7.7 13.5 15.6 7.2 16.9 10.5 13.2 16.3 17.4 CZ5.9 -2.7 0.7 0.3 0.7 5.5 8.6 3.1 8.7 3.4 DK-8.8 -11.3 -9.6 -6.5 -4.8 -1.1 -2.3 0.0 11.2 11.3 DE-7.8 -6.1 -2.8 -1.0 0.1 2.9 1.0 -2.9 1.4 -1.6 EE18.5 18.6 29.5 9.7 -2.7 -0.9 -2.3 -0.0 17.0 23.2 IE-9.5 -3.5 -8.3 40.9 55.4 66.5 74.5 70.2 52.4 46.3 EL-18.3 -20.9 -13.4 -12.1 -11.6 -3.2 4.0 1.5 -10.2 14.6 ES-8.6 -3.2 -4.9 -1.2 0.8 6.7 2.0 0.6 -6.6 -6.4 FR-9.5 -7.5 -8.2 -1.6 -0.9 -0.2 -1.7 -2.4 -8.0 -7.4 HR-17.7 -17.3 -13.4 -3.8 7.2 19.7 19.5 19.9 -0.7 12.8 IT-17.7 -14.1 -9.2 -7.7 -6.0 -2.0 -2.4 -4.0 -2.3 -1.9 CY-10.3 -5.1 -14.2 -2.7 5.8 17.9 19.2 23.2 39.7 30.6 LV20.0 14.2 20.1 15.8 7.1 4.5 6.0 1.6 20.4 18.5 LT37.4 19.8 28.8 8.8 -3.3 0.8 0.7 14.4 39.5 44.2 LU4.0 15.7 17.3 20.7 23.4 20.4 9.2 5.2 18.3 18.2 HU-14.9 -16.8 -10.6 -7.3 -4.1 7.4 5.8 3.2 8.0 4.6 MT24.3 7.2 -6.0 11.5 15.5 20.9 16.3 18.0 13.2 3.6 NL-3.4 -4.4 -4.8 -4.7 -4.9 -1.4 -0.7 -2.0 7.4 5.7 AT-13.3 -12.0 -9.5 -7.2 -4.8 -0.5 0.5 -0.5 5.9 1.7 PL11.1 5.4 9.0 7.6 11.5 20.4 19.5 20.0 34.3 30.6 PT-8.4 -0.9 -0.4 3.1 3.1 10.9 6.1 6.5 -1.0 -1.0 RO24.4 23.1 30.1 24.1 22.2 34.4 20.7 15.4 20.5 15.7 SI-12.3 -11.9 -6.5 -2.8 1.3 14.7 16.9 13.8 20.2 16.7 SK-0.6 3.5 9.5 6.4 5.1 2.2 -0.2 -0.4 8.0 1.5 FI-25.1 -27.1 -21.9 -21.4 -17.5 -7.8 -6.2 1.4 12.3 9.7 SE-10.8 -10.1 -3.2 -8.4 -11.2 -8.2 -8.8 -4.5 3.7 3.5 Source: European Commission, Eurostat and OECDTheindicatorshowsdevelopmentsinsharesofexportsofgoodsandservicesofEUMemberStatesinrelationtototalexportsofgoodsandservicesofOECDcountries.Tocapturethestructurallossesincompetitivenessthatcan accumulate over longer time periods, the indicator is calculated as the 5-year percentage change. 
 
 
 
 
Table 3.34: Terms of trade (5 year % change) 

83 

2012201320142015201620172018201920202021BE-2.8 0.2 -2.5 0.3 2.6 2.1 0.9 1.3 1.2p-1.2pBG5.9 4.2 3.0 3.6 3.1 5.7 7.5 8.9 12.8 8.2 CZ-3.3 -1.0 -1.6 0.8 3.4 3.0 1.9 0.9 2.0 0.8 DK3.1 2.4 3.7 1.6 3.4 2.8 1.0 -0.7 1.3 1.9 DE-2.3 0.4 -2.6 1.9 6.4 5.7 3.8 3.2p2.8p-1.6pEE-1.5 -0.7 0.4 2.9 3.7 4.1 4.3 2.4 2.3 1.4 IE-3.6 -4.8 -5.3 1.9 -0.3 -0.1 -0.5 2.0 -2.2 -4.4 EL-1.6 1.2 3.7 4.5 7.3 8.3 4.3 1.9 -3.0p-5.2pES-4.6 -1.6 -6.7 -3.6 0.4 1.0 -1.0 -0.4 1.3p0.0pFR-2.1 -0.4 -1.7 2.8 6.4 5.3 2.9 2.6p0.2p-1.0 HR2.9 1.4 0.7 0.5 1.5 2.4 3.2 3.7 1.5p-1.8pIT-4.8 -0.8 -3.8 2.5 8.6 8.6 6.2 4.4 5.7 -2.0 CY-2.1 -0.6 -0.8 1.4 3.9 3.2 2.6 2.6 -1.1 -1.6pLV-1.1 1.2 0.1 0.5 0.4 3.8 5.0 6.9 9.3 7.7 LT-1.5 -5.2 -0.5 1.4 4.0 4.9 3.7 3.7 2.6 -4.3 LU5.7 3.0 2.3 1.3 0.5 -0.2 -0.4 -1.8 0.1 2.0pHU-2.4 -1.1 -1.2 -0.5 1.5 2.1 0.6 0.3 1.6 -2.2pMT-0.2 0.3 1.2 2.0 3.2 4.1 4.2 3.7 2.4 1.6 NL-2.6 -2.0 -3.0 -0.1 2.0 1.8 1.3 1.9 1.5 -0.8pAT-3.2 -1.9 -2.7 0.4 3.2 2.5 2.0 0.4 -0.4 -2.6 PL-2.6 -0.2 -1.4 2.8 4.9 6.4 4.4 3.7 3.8 1.1 PT-0.2 3.9 0.1 4.7 8.4 6.9 4.5 4.3 2.5 -0.5pRO4.6 2.7 3.7 5.7 3.6 5.1 5.2 4.8 5.4 5.6pSI-4.3 -2.3 -4.6 0.6 2.9 3.4 2.5 2.0 1.4 -1.5 SK-6.0 -4.9 -3.7 -3.2 -2.3 -1.6 -1.7 -2.0 -2.1 -2.6 FI-5.3 -2.7 -3.2 1.9 3.2 3.8 3.8 2.5 0.5 1.3 SE-0.3 0.2 -0.8 0.3 1.3 0.4 -1.1 -0.8 -0.5 -0.1 Source: European Commission, EurostatAcountry’stermsoftrademeasuresacountry'sexportpricesinrelationtoitsimportprices.Theindicatormeasuresthecountry'stradecompetitiveness,asitindicateshowmuchimportsaneconomycangetforaunitofexportofgoodsandservices.Itiscalculatedastheratioofthepriceindexforexportsofgoodsandservicestothepriceindexforimportsofgoodsandservices.Theseareobtainedbydividingcurrentpricesbychain-linkedvolumesusingthe standard reference year 2015. Data are expressed as 5-year percentage change. Data source: National accounts statistics.Flags:p:Provisional.  
 
 
 
 
Table 3.35: Export market share, volume (1 year % change) 

84 

2012201320142015201620172018201920202021BE-3.5 -3.0 1.1 0.9 4.0 -0.3 -3.2 1.5 3.2p1.0pBG-1.0 6.2 -1.0 3.6 6.4 0.0 -2.6 3.1 -2.2 0.7 CZ1.3 -3.1 4.6 3.2 2.1 1.4 -0.6 0.6 0.2 -3.4 DK-1.8 -1.8 -1.0 0.8 1.9 -1.0 -0.9 3.6 1.9 -2.3 DE-0.1 -2.4 0.7 2.6 0.3 -0.9 -2.1 0.4p-1.1p-0.6pEE1.8 -0.6 -1.5 -4.3 2.6 -1.0 -1.4 5.2 2.9 9.6 IE-3.8 -0.4 10.5 36.4 2.4 3.8 5.5 10.9 19.4 3.8 EL-1.0 -1.6 4.1 2.2 -2.6 2.7 4.8 4.0 -13.3p13.8pES-2.1 1.0 0.4 1.5 3.2 -0.3 -2.6 1.3 -11.7p4.1pFR-0.2 -1.3 -0.8 1.8 -0.4 -1.4 0.2 0.7p-8.6p-1.5pHR-4.5 -0.9 3.3 7.5 4.8 1.1 -0.6 5.9 -14.5p23.0pIT-1.0 -3.0 -1.5 1.5 -0.3 -0.4 -2.2 0.7 -5.3 3.1 CY-3.6 -2.3 2.2 6.1 5.0 5.2 2.9 7.8 10.4 3.3pLV6.5 -2.7 2.2 0.2 1.8 0.6 0.1 1.2 7.9 -4.4 LT7.8 3.9 -5.9 -0.4 2.7 7.7 2.5 9.2 8.6 6.7 LU-1.4 2.9 2.4 2.3 3.1 -6.0 -0.7 3.6 8.4 -0.6pHU-4.7 0.7 5.1 4.6 1.6 0.7 0.7 4.5 2.1 0.0pMT2.5 -2.5 -0.6 12.6 4.8 2.9 -4.7 6.1 4.4 -1.3 NL0.3 -0.9 0.4 4.6 -0.5 0.7 0.0 1.1 3.9 -5.1pAT-1.6 -2.8 -1.2 0.2 0.8 -0.9 0.9 3.1 -2.5 -0.7 PL1.0 1.7 1.4 3.8 6.8 3.2 2.5 4.4 7.1 2.2 PT0.1 3.8 0.2 3.5 2.2 2.6 -0.2 3.2 -10.4 3.2pRO-1.9 17.2 4.4 1.8 14.1 2.0 1.0 4.5 -1.3 2.2pSI-2.5 -0.3 1.9 1.9 4.0 5.3 1.9 3.6 -0.4 4.2 SK6.1 2.6 -0.4 3.8 2.8 -2.1 0.8 -0.1 1.8 0.3 FI-2.8 -2.8 -6.1 -2.4 1.7 3.0 -2.8 5.8 1.4 -4.9 SE-1.9 -4.5 0.3 3.0 0.2 -1.7 -0.1 5.1 2.7 -2.4 Source: European Commission, Eurostat, and International Monetary Fund data, WEO (for world volume exports of goods and services) Theindicatoriscalculatedbysubtractingtheworldexportsvolumegrowthratefromthecountryexportsvolumegrowthrate.Eurostat'sNationalaccountsvolumesforexports(asforalltransactionsconcerninggoodsandservices)areestimatedinpreviousyearpricestoeliminatetheinfluenceofinflation.ThevolumegrowthrateisalwayscalculatedbycomparingtheyearYvolumeinpreviousyearpriceswiththeyearY-1figureincurrentprices.TheMIPindicatorisexpressedaspercentagechangecomparingyearYwithyearY-1.Country'sexportsofgoodsandservicesseriesarebasedonEurostatdata,whileworldexportsofgoodsandservicesonIMFdata,WorldEconomic Outlook (WEO).Flags:p:Provisional.  
 
 
 
 
Table 3.36: Real labour productivity (1 year % change)  

85 

2012201320142015201620172018201920202021BE0.3 0.8 1.2 1.2 0.0 0.1 0.3 0.6 -5.4p4.2pBG3.3 -0.1 0.6 3.1 2.5 1.0 2.8 3.7 -1.7 7.4 CZ-1.2 -0.4 1.7 3.9 0.9 3.6 1.9 2.8 -3.9 3.2 DK0.9 0.9 0.7 1.0 1.5 1.3 0.5 0.1 -0.9 2.3 DE-0.7 -0.3 1.3 0.5 1.0 1.3 -0.4 0.1p-2.9p2.5pEE1.6 0.2 2.2 -1.0 2.9 3.0 2.8 2.4 2.2 7.9 IE0.4 -1.8 5.9 20.2 -1.7 6.0 5.6 2.4 9.3 7.1 EL-3.2 -1.9 -3.0 2.8 -3.8 1.6 -2.8 -0.3 -7.3p5.6pES1.1 1.1 0.4 1.0 0.9 0.3 0.1 -0.6 -7.5p3.0pFR0.0 0.4 0.4 0.9 0.5 1.1 0.9 0.6p-7.1p4.2pHR1.4 2.5 -2.9 1.3 3.3 0.9 0.3 0.4 -7.0p8.9pIT-2.7 -0.1 -0.1 0.1 -0.1 0.5 0.0 0.0 -7.0 6.1 CY0.1 -1.1 0.2 1.8 1.8 0.3 0.3 1.7 -3.2 5.3pLV5.5 -0.3 3.3 2.4 2.7 3.3 2.5 2.7 0.1 6.8 LT1.9 2.2 1.5 0.6 0.2 5.0 2.6 4.0 1.6 4.7 LU-0.8 1.3 0.1 -0.3 1.9 -2.1 -2.3 -1.2 -2.5 2.1pHU-2.1 0.5 -0.3 1.4 -1.5 2.3 3.0 3.7 -3.5 6.0pMT1.3 0.9 1.5 5.6 -1.1 2.7 0.1 0.2 -10.8 7.2 NL-0.8 1.1 1.5 1.0 0.6 0.5 -0.4 -0.3 -3.4p2.8pAT-0.4 -0.3 -0.3 0.4 0.7 0.6 0.7 0.4 -4.9 2.5 PL1.4 0.9 2.1 2.8 2.1 3.8 5.4 4.5 -2.0 5.3bPT0.0 2.0 -0.6 0.4 0.4 0.2 0.5 1.9 -6.6 3.5pRO0.5 1.2 3.3 4.5 4.0 5.7 5.9 3.7 -1.7 3.2pSI-1.7 0.1 2.3 0.9 1.3 1.9 1.2 1.0 -3.7 6.8 SK1.3 1.4 1.3 3.1 -0.4 0.7 2.0 1.5 -1.5 3.6 FI-2.2 -0.1 0.1 0.6 2.3 2.1 -1.3 -0.6 -0.3 -0.3 SE-1.3 0.2 1.2 3.0 0.2 0.1 0.3 1.4 -0.8 3.8 Source: European Commission, EurostatThelabourproductivityistheratioofgrossdomesticproduct(marketpricesinmillions,chain-linkedvolumesreferenceyear2015)tothetotalemployment(domesticconcept),The'personsemployed'doesnotdistinguishbetweenfull-timeandpart-timeemployment,TheGDPperpersonemployedisintendedtogiveanoverallimpressionoftheproductivityofnationaleconomies,Theinputdataareobtainedthroughofficialnationalaccounts'country data in the ESA 2010 transmission programme, The MIP indicator is expressed as 1-year percentage change,Flags:b:Break in series. p:Provisional.  
 
 
 
Table 3.37: Gross non-performing loans, domestic and foreign entities (% of gross loans)  

86 

2012201320142015201620172018201920202021BEnana4.3e3.8e3.2e2.7e2.3e2.1e2.1e1.6pBGnana16.0e14.5e12.8e10.2e7.7e6.5e5.9e4.8pCZnananana4.0e2.8e2.1e1.7e1.9e1.7pDKnana5.1e3.9e3.3e2.5e2.3e1.9e1.9e1.8pDEnana3.9e3.0e2.6e1.8e1.4e1.2e1.2e1.1pEEnana3.2e2.2e1.7e1.9e1.3e1.6e1.6e1.1pIEnana21.6e14.9e13.1e9.9e5.5e3.4e3.4e2.4pELnana39.7e46.8e46.3e45.0e41.6e35.5e26.5e8.6pESnana8.1e6.3e5.7e4.4e3.7e3.1e2.8e2.9pFRnana4.2e4.0e3.6e3.1e2.7e2.5e2.2e1.9pHRnana13.6e13.0e10.7e8.8e7.3e5.2e5.3e4.2pITnana16.5e16.5e15.0e11.2e8.4e6.7e4.5e3.5pCYnana38.6e36.3e35.4e30.7e20.2e18.1e11.0e5.6pLVnana9.7e6.5e6.3e5.6e5.3e3.9e4.6e2.1pLTnana6.8e5.6e4.0e3.2e2.6e1.7e2.2e1.2pLUnana1.4e1.1e0.8e0.7e0.8e0.6e0.7e0.6pHUnana19.4e15.2e11.9e8.4e5.4e4.2e3.6e3.2pMTnana6.0e5.1e4.1e3.1e3.1e3.2e3.6e3.0pNLnana3.4e2.7e2.4e2.1e1.9e1.8e1.9e1.4pATnana7.5e6.5e5.1e3.5e2.6e2.2e2.0e1.8pPLnana7.2e6.6e6.4e6.6e6.2e6.1e6.0e5.0pPTnana16.6e17.5e17.2e13.3e9.4e6.1e4.9e3.6pROnana20.7e13.4e9.7e6.6e5.0e4.3e3.9e3.4pSInana22.8e17.9e12.3e9.2e6.0e3.4e3.0e2.1pSKnana5.2e4.4e4.6e3.7e3.2e2.9e2.5e2.0pFInana1.6e1.5e1.4e1.2e1.5e1.4e1.5e1.2pSEnana1.3e1.3e1.2e1.3e1.0e1.1e1.0e1.0pSource: European Central BankAloan,otherthanheldfortrading,isconsideredasnon-performingifitsatisfieseitherorbothofthefollowingcriteria:(a)Itisamaterialloanwhichismorethan90dayspast-due;(b)Thedebtorisassessedasunlikelytopayitscreditobligationsinfullwithoutrealisationofcollateral,regardlessoftheexistenceofanypast-dueamountorofthenumberofdayspast-due.Non-performingloansincludedefaultedandimpairedloans.TheMIPindicatorisdefinedastotalgrossnon-performingloansandadvancesaspercentageoftotalgrossloansandadvances(grosscarryingamount),forthereportingsector"domesticbankinggroupsandstand-alonebanks,foreigncontrolledsubsidiaries and foreign controlled branches, all institutions". Data on domestically controlled banks are consolidated across borders and sectors. Data source: European Central Bank (ECB). Flags:e:Estimated. p:Provisional.  
 
 
 
Table 3.38: Unit labour cost performance relative to EA (10 year % change) 

87 

2012201320142015201620172018201920202021BE1.1 2.9 3.3 1.9 0.0 0.8 -1.2 0.4 0.5 -3.3 BG42.1 53.2 56.2 54.3 53.4 53.9 47.8 42.9 39.2 54.2 CZ3.5 1.1 -1.1 -1.2 0.4 1.2 4.8 9.4 10.9 15.1 DK5.4 4.5 5.2 4.0 1.5 -2.7 -5.2 -7.4 -8.1 -6.6 DE-9.7 -7.3 -4.5 0.5 5.1 8.4 11.7 10.6 11.2 12.9 EE42.0 42.3 41.1 44.9 32.2 23.9 16.3 21.6 23.4 21.7 IE-4.0 -7.1 -13.2 -29.7 -29.7 -34.6 -40.1 -35.4 -35.4 -37.6 EL12.4 3.6 0.4 -9.9 -9.2 -11.3 -13.0 -16.3 -13.7 -22.5 ES1.5 -0.4 -3.7 -5.7 -10.0 -12.3 -15.3 -12.0 -11.2 -8.5 FR1.7 2.1 2.2 1.1 -0.1 -0.3 -0.2 -2.0 -3.6 -5.2 HR4.0 -2.5 -5.9 -7.7 -11.5 -14.5 -13.9 -16.0 -11.9 -16.6 IT10.4 6.6 3.9 3.5 0.7 -1.1 -1.7 -2.9 -7.5 -6.1 CY14.1 3.0 -1.5 -7.3 -11.2 -9.8 -9.5 -12.1 -15.0 -16.3 LV54.7 57.4 56.8 43.4 30.2 7.6 -3.5 16.9 27.8 35.8 LT9.3 12.6 11.4 11.2 6.2 8.3 7.5 16.7 26.5 30.7 LU17.2 16.9 15.8 12.9 8.8 13.9 10.3 8.3 6.6 9.8 HU23.6 14.5 9.1 6.3 7.6 6.9 7.0 11.2 14.4 14.9 MT6.9 6.0 3.6 5.0 7.2 7.4 11.1 13.3 20.7 14.8 NL1.2 0.0 -0.1 -0.4 0.1 -1.7 -1.4 -1.3 3.0 1.6 AT1.3 3.3 5.4 6.1 5.7 5.6 5.3 5.4 5.5 7.2 PL-3.4 0.5 2.4 1.4 4.0 3.4 0.4 5.2 4.9 5.1 PT-8.5 -8.8 -10.1 -12.0 -11.2 -9.2 -6.4 -5.7 -1.0 2.3 RO79.1 45.9 48.0 20.5 23.4 33.9 19.5 32.7 23.5 35.4 SI11.4 7.9 2.9 2.1 2.2 1.2 -0.6 -2.0 -0.5 -0.4 SK5.5 3.9 1.8 -0.9 -0.7 3.8 5.3 6.9 10.1 11.9 FI6.2 8.4 9.2 8.4 5.4 2.6 1.2 -2.9 -5.5 -5.9 SE1.7 3.6 5.4 5.3 7.4 5.7 5.9 6.2 7.4 4.2 Source: European Commission, Directorate General for Economic and Financial AffairsTherelativeunitlabourcost(ULC)seriesmeasuresthetradingpositionofanindividualcountryrelativetoitspartnersintheeuroareaandassuchoffersanindicationaboutchangesinitscompetitiveposition.Themeasuretakesintoaccountnotonlychangesinmarketexchangerates,butalsovariationsinrelativepricelevelsbasedontheunitlabourcostandthereforecanbeusedasindicatorofcompetitiveness.Thedataareexpressedas10-yearpercentage change. 
 
 
 
Table 3.39: House price index (2015=100), nominal (3 year % change) 

88 

2012201320142015201620172018201920202021BE9.7 7.6 2.9 2.3 3.8 8.2 9.4 10.9 11.5 16.1 BG-16.7e-9.3 -2.7 2.0b11.6 19.5 24.0 22.8 18.2 20.5pCZ-3.1 -1.4 0.9 6.5 14.2 24.4 30.0 32.4 28.6 41.7 DK-1.7 -0.6 4.9 15.3 16.8 17.7 14.8 11.7 12.3 20.2 DE8.2 10.4 10.0 11.4 16.1 19.5 21.7 19.7 21.6 27.1pEE23.0 28.8 35.0 34.5 27.3 18.1 17.1 19.6 20.2 30.5 IE-37.9 -27.3 2.1 31.5 39.6 32.8 31.3 25.1 13.2 11.2 EL-20.4e-25.5e-27.1e-21.7e-14.2e-8.3e-1.6e8.1e14.1e20.4eES-22.7 -28.5 -22.3 -5.6 8.7 15.1 18.6 19.2 14.8 11.5 FR10.0 3.2 -3.9 -4.7 -1.8 2.8 7.3 9.7 11.9 15.6 HR-7.6 -5.3 -6.9 -8.2 -3.6 1.7 11.1 20.0 24.5 25.9 IT-0.5e-7.6 -13.1 -14.3 -8.1 -4.6 -1.4 -1.8 1.2 4.5 CY-10.1 -8.5 -8.7 -7.1b-2.9 1.0 4.3 7.9 5.3 0.0 LV1.2 21.5 16.6 9.5 11.1 14.0 29.3 29.9 23.5 25.0 LT-1.5 7.7 7.5 11.7 16.3 19.0 23.2 24.9 23.0 33.0 LU13.9 13.4 14.2 15.5 16.6 18.0 19.9 24.5 35.0 43.6 HU-9.2 -9.4 -2.2 14.8 33.6 43.9 45.5 50.1 40.3 43.0pMT2.7 1.2 5.2 8.1 14.4 17.5 17.5 18.2 16.1 15.3pNL-10.1 -14.0 -11.6 -1.8 9.7 17.0 23.6 26.3 26.4 32.8pAT21.1e19.9 16.8 14.2 17.8 19.9 19.6 16.6 19.3 28.1 PL-7.0e-7.6 -6.8 -2.0 4.4 7.4 12.7 20.3 28.0 31.1 PT-11.0 -13.3 -4.9 5.4 15.1 20.6 29.0 32.4 31.9 30.9 RO-23.0 -17.0 -7.3 0.5 6.7 15.6 18.6 15.8 14.3 13.0 SI-4.2 -9.4 -17.6 -10.8 -2.8 12.7 21.6 25.6 21.4 24.5 SK-8.0 -3.3 -0.4 7.8 14.0 19.0 21.3 24.1 28.4 27.2 FI12.3 6.9 3.2 0.8b0.9 2.4 3.3 2.4 3.1 6.9 SE12.0 9.2 16.5 30.2 34.0 30.6 14.4 8.3 5.8 17.6 TheHousepriceindex(HPI)capturespricechangesofallresidentialpropertiespurchasedbyhouseholds(flats,detachedhouses,terracedhouses,etc.),bothnewandexisting,independentlyoftheirfinaluseandtheirpreviousowners.Only market prices are considered, self-build dwellings are therefore excluded. The land component is included. The data are expressed as 3-year percentage change of the HPI.Flags:b:Break in series. e:Estimated. p:Provisional. 1)e=EurostatestimatesforPL;e=NSIestimatesforBG;e=sourceNCBforEL,ITandAT;2)b=breakintimeseriesduetofullimplementationofharmonisedEUmethodologyforBGandCY;b=breakintimeseriesduetonewcalculationmethodfornewdwellings(apartments) for FI.Source: European Commission, Eurostat 
 
 
 
 
Table 3.40: Residential construction (% of GDP) 

89 

2012201320142015201620172018201920202021BE5.9 5.7 5.9 5.7 5.7 5.7 5.9 6.1 6.1p6.3pBG1.7 1.7 1.6 1.4 2.7 2.8 2.7 2.8 2.9 2.8 CZ4.1 3.8 3.8 3.8 3.8 4.2 4.3 4.4 4.6 4.6 DK4.1 3.7 3.9 4.0 4.2 4.6 4.8 5.2 5.7 6.0 DE5.9 5.9 5.9 5.8 6.0 6.0 6.3 6.4p7.0p7.2pEE2.9 3.4 3.8 4.0 4.4 4.6 4.5 4.9 5.4 4.9 IE1.5 1.6 1.8 1.5 1.8 2.1 2.3 2.3 2.1 2.1 EL3.3 2.3 1.1 0.8 0.7 0.6 0.7 0.8 1.1p1.3pES4.6 3.9 4.2 4.0 4.4 4.8 5.4 5.8 5.9p5.4pFR6.2 6.1 6.0 5.9 6.0 6.3 6.3 6.5p6.1p6.7pHR3.4 2.6 2.7 2.8 2.8 2.6 2.6 3.0 3.4p3.1pIT4.9 4.7 4.3 4.1 4.1 4.0 4.1 4.0 4.0 4.8 CY4.9 4.1 3.9 3.6 4.4 5.0 6.5 7.6 8.1 7.6pLV2.4 2.2 2.5 2.4 2.0 2.1 2.5 2.7 2.6 2.2 LT1.9 2.2 2.5 2.8 3.0 2.7 2.7 3.0 3.2 3.0 LU2.9 3.4 3.6 3.8 4.1 3.6 3.8 4.0 3.8 3.3pHU2.0 1.8 1.9 2.2 2.4 2.7 3.0 3.2 4.1 3.9pMT2.8 2.6 2.5 2.9 3.6 4.3 4.8p4.6p3.9p3.7pNL3.5 3.0 3.1 3.5 4.1 4.5 4.9 5.1 5.4 5.5pAT4.3 4.3 4.3 4.3 4.3 4.5 4.5 4.7 5.0 5.3 PL3.1 3.0 2.6 2.6 2.5 2.2 2.0 2.1 2.2 2.3 PT3.0 2.5 2.5 2.4 2.6 2.8 3.1 3.2 3.4 3.8pRO3.0 2.4 2.4 2.4 2.6 2.7 2.1 2.3 2.4 2.6pSI2.5 2.4 2.2 2.1 2.1 2.1 2.1 2.2 2.3 2.4 SK2.8 3.2 2.6 2.5 3.1 3.1 3.3 3.3 3.8 3.9 FI6.7 6.4 6.0 6.0 6.6 6.8 7.2 7.0 7.0 7.2 SE3.5 3.6 4.2 4.7 5.3 5.7 5.2 4.7 4.9 5.3 Source: European Commission, EurostatResidential Construction tracks the actual construction (not sales) of housing and is part of Gross fixed capital formation. GFCF consists of resident producers' acquisitions, less disposals, of fixed assets during a given period plus certainadditionstothevalueofnon-producedassetsrealisedbytheproductiveactivityofproducerorinstitutionalunits.DatasourcefromNationalaccountsstatistics,usingasadenominatorGDPfromtheESA2010transmission programme. Flags:p:Provisional.  
 
 
 
 
Table 3.41: Household debt, consolidated (incl. Non-profit institutions serving households, % of GDP)   

90 

2012201320142015201620172018201920202021BE55.1 55.7 57.5 57.9 58.2 58.9 59.0 60.4 65.6 62.1 BG25.4 25.5 25.1 23.2 22.6 22.5 23.0 23.0 24.4 24.9 CZ30.7 31.4 30.2 30.2 31.1 31.5 31.8 31.5 33.9 34.4 DK136.3 133.3 131.5 128.9 116.4b113.8 111.9 110.6 111.9 104.3 DE56.6 55.7 54.2 53.6 53.3 52.9 52.7 53.4 57.0 56.7 EE42.0 40.2 38.9 39.7 40.0 39.4 38.5 38.6 40.7 37.8 IE98.2 93.5 80.9 56.5 52.3 46.7 42.9p38.6p34.4p29.7pEL66.1 66.1 64.2 62.5 61.0 58.1 58.7 55.9 59.5 55.2 ES81.5 77.7 73.4 68.0 64.5 61.1 58.9 56.8 62.7 58.4 FR55.1 55.6 55.6 56.1 57.1 58.4 60.4 62.2 68.6 66.7pHR40.6 39.7 39.6 37.9 34.7 33.7 33.7 34.1 38.0 34.7 IT43.7 43.3 42.6 41.8 41.2 40.8 40.8 41.1 44.9 43.4 CY127.5 129.3 131.0 126.4 115.7 105.0 95.8 86.2 89.4 83.0 LV32.7 29.2 26.4 24.3 23.4 22.3 21.0 20.2 20.3 19.4 LT23.6 22.3 21.5 22.3 22.8 22.4 22.6 23.0 24.2 23.6 LU57.9 57.0 58.5 59.0 60.5 62.5 65.7 67.2 68.5 66.0 HU31.7 28.3 25.6 21.1 20.1 18.6 17.7 18.5 20.8 21.0 MT59.0 57.1 54.8 50.7 50.3 47.3 46.9 48.5 55.1 53.4 NL117.9 115.1 113.2 111.3 109.6 106.8 103.4 99.7 103.8p100.4pAT52.0 51.2 51.0 50.8 51.1 50.3 49.7 49.6 53.2 52.1 PL34.4 35.6 36.0 36.1 36.8 35.0 35.0 34.4 34.6 32.3 PT90.5 86.1 81.9 77.0 72.6 69.2 66.0 63.5 69.1 66.4 RO19.7 19.3 18.0 17.4 17.0 16.3 15.7 15.4 16.1 15.8 SI30.7 29.6 28.3 27.6 27.3 27.1 26.9 26.8 27.8 26.4 SK28.0 29.6 32.4 34.3 38.2 40.9 42.2 43.4 46.6 47.8 FI61.0 61.5 62.5 63.3 64.1 64.4 65.2 65.8 69.0 67.8 SE79.3 81.2 82.1 82.4 85.7 87.2 88.1 88.5 93.7 92.5 Source: European Commission, EurostatTheHouseholddebtisthestockofliabilitiesheldbythesectorHouseholdsandNon-profitinstitutionsservinghouseholds(S.14_S.15).TheinstrumentsthataretakenintoaccounttocompilesuchindicatorareDebtsecurities(F.3)andLoans(F.4).Dataarepresentedinconsolidatedterms,i.e.nottakingintoaccounttransactionswithinthesamesector,andareexpressedinpercentageofGDPandmillionsofnationalcurrency.Definitionsregardingsector and instruments are based on ESA 2010. Flags:b:Break in series. p:Provisional.  
 
 
 
Table 3.42: Consolidated banking leverage, domestic and foreign entities (asset-to-equity multiple) 

91 

2012201320142015201620172018201920202021BE17.4e15.7e15.1e14.7e14.2e13.2e13.1e13.4e14.2e13.8pBG7.6e7.8e7.9e7.7e7.7e7.7e7.5e8.2e7.9e8.0pCZ10.4e10.8e10.0e10.1e10.7e12.4e12.5e12.1e12.1e12.3pDK20.3e18.4e18.4e16.7e16.7e16.4e16.4e16.7e17.4e16.2pDE23.5e20.3e19.2e18.6e18.4e14.1e13.9e13.7e14.4e14.1pEE7.1e6.8e6.6e7.7e7.7e6.8e6.9e7.5e8.8e9.4pIE15.8e15.0e9.1e7.8e7.4e6.6e6.7e7.4e8.8e8.8pEL26.6e14.0e12.8e11.0e10.1e8.8e11.5e10.9e13.8e17.0pES17.9e14.9e14.0e13.7e13.2e13.5e13.6e13.5e15.8e15.8pFR20.1e18.1e18.9e17.3e16.0e15.2e15.3e15.1e16.2e15.8pHRna7.5e7.2e8.0e7.2e7.4e7.5e7.5e7.6e7.8pIT14.4e15.0e14.0e13.1e14.2e12.2e13.1e12.9e13.9e14.3pCY26.0e16.2e10.3e10.7e10.7e12.1e14.1e12.8e13.6e16.0pLV10.2e9.9e10.2e9.5e9.9e8.9e7.8e9.8e10.0e10.3pLT10.2e9.6e9.7e9.0e11.6e10.7e10.4e14.5e15.5e15.7pLU15.1e13.9e13.4e13.4e13.4e13.2e14.6e15.0e14.3e15.2pHU11.5e10.7e10.9e11.2e9.9e9.7e9.4e9.5e10.8e10.8pMT5.0e6.6e11.9e14.1e15.8e13.5e12.2e11.2e10.7e12.6pNL22.3e20.8e18.5e18.0e17.7e16.7e16.1e16.1e16.7e16.3pAT13.5e13.4e14.2e13.5e12.5e11.6e11.4e11.2e11.9e11.7pPL9.1e9.0e9.3e9.2e9.4e8.8e9.3e9.7e10.5e12.9pPT15.5e14.8e13.7e12.4e12.9e10.6e11.0e10.8e11.4e12.0pRO9.7e9.7e10.5e9.8e9.8e9.6e9.3e9.1e9.1e10.2pSI12.9e11.3e9.3e8.6e8.0e8.0e8.2e8.2e9.3e9.6pSK8.5e8.2e8.4e9.0e9.2e9.3e9.5e9.6e9.7e10.4pFI26.3e21.7e24.3e19.1e17.7e18.9e16.1e16.6e16.0e16.2pSE22.1e21.3e20.6e18.8e17.6e16.5e18.1e17.9e17.6e16.4pSource: European Central BankTheindicator,coveringthebankingsectoronly,isdefinedastotalassetsdividedbytotalequity,forthereportingsector"domesticbankinggroupsandstand-alonebanks,foreigncontrolledsubsidiariesandforeigncontrolledbranches, all institutions, full sample (all banking groups / stand-alone banks irrespective of their accounting /supervisory framework)". Data source: European Central Bank (ECB).Flags:e:Estimated. p:Provisional.  
 
 
 
 
Table 3.43: Employment (1 year % change) 

92 

2012201320142015201620172018201920202021BE0.4 -0.3 0.4 0.9 1.3 1.6 1.5 1.6 0.1p1.9pBG-2.5 -0.4 0.4 0.4 0.5 1.8 -0.1 0.3 -2.3 0.2 CZ0.4 0.3 0.6 1.4 1.6 1.5 1.3 0.2 -1.7 0.4 DK-0.7 0.0 0.9 1.4 1.7 1.5 1.5 1.4 -1.1 2.4 DE1.1 0.8 0.9 0.9 1.2 1.4 1.4 0.9p-0.8p0.1pEE1.6 1.2 0.8 2.9 0.3 2.7 0.9 1.3 -2.7 0.1 IE-0.4 2.9 2.6 3.5 3.7 2.8 2.8 3.0 -2.8 6.0 EL-4.0 -0.6 3.6 -2.9 3.4 -0.5 4.6 2.2 -1.8p2.7pES-4.0 -2.4 1.0 2.8 2.1 2.6 2.2 2.6 -4.2p2.5pFR0.3 0.2 0.5 0.2 0.6 1.1 1.0 1.2p-0.7p2.5pHR-3.6 -2.8 2.6 1.3 0.2 2.4 2.6 3.1 -1.2 1.2 IT-0.3 -1.8 0.1 0.7 1.4 1.2 0.9 0.5 -2.2 0.6 CY-3.5 -5.6 -2.0 1.6 4.7 5.4 5.3 3.8 -1.2 1.3pLV1.4 2.3 -1.3 1.4 -0.3 0.0 1.5 -0.1 -2.3 -2.6 LT1.9 1.4 2.0 1.4 2.3 -0.7 1.4 0.6 -1.6 1.2 LU2.4 1.8 2.5 2.6 3.0 3.5 3.6 3.5 1.7 3.0pHU0.9 1.3 4.6 2.2 3.7 1.9 2.3 1.1 -1.1 1.0pMT2.8 4.5 6.1 3.8 4.5 8.0 6.0 5.7 2.8 2.9 NL-0.2 -1.2 -0.1 1.0 1.5 2.4 2.7 2.3 -0.5p2.0pAT1.0 0.3 1.0 0.6 1.3 1.6 1.7 1.1 -1.6 2.0 PL0.1 -0.1 1.7 1.5 0.8 1.3 0.5 0.0 0.0 1.5bPT-4.1 -2.9 1.4 1.4 1.6 3.3 2.3 0.8 -1.8 1.9pRO1.4 -0.9 0.8 -1.3 -1.1 2.4 0.1 0.1 -2.1 1.8pSI-0.9 -1.1 0.4 1.3 1.8 2.9 3.2 2.5 -0.7 1.3 SK0.1 -0.8 1.4 2.0 2.4 2.2 2.0 1.0 -1.9 -0.6 FI0.9 -0.8 -0.4 -0.1 0.5 1.0 2.5 1.8 -1.9 3.3 SE0.7 1.0 1.4 1.5 1.9 2.5 1.6 0.6 -1.3 1.2 Source: European Commission, EurostatPersonsinemploymentarethosewho,duringthereferenceweek,didanyworkforpayorprofit,orwerenotworkingbuthadajobfromwhichtheyweretemporarilyabsent.Anyonewhoreceivesawage(incashorinkind)foron-the-jobtrainingthatinvolvestheproductionofgoodsorservicesisalsoconsideredasbeinginemployment.Self-employedandfamilyworkersarealsoincluded.Datapresentemploymentinresidentproductionunitsirrespectiveoftheplaceofresidenceoftheemployedperson(i.e.domesticscope).Employmentgrowthratesarebasedonnumberofpersonswithoutdistinctionaccordingtofull-timeorpart-timework.DataaresourcedfromNationalaccounts statistics.Flags:b:Break in series. p:Provisional.  
 
 
 
 
Table 3.44: Young people neither in employment nor in education and training - % of total population aged 15-24 

93 

2012201320142015201620172018201920202021BE12.3 12.7 12.0 12.2 9.9 9.3b9.2 9.3 9.2 7.4bBG21.5 21.6 20.2 19.3 18.2 15.3 15.0 13.7 14.4 14.0bCZ8.9 9.1b8.1 7.5 7.0 6.3 5.6 5.7 6.6 6.5bDK7.3 6.6 6.4 7.0 6.7b7.6b7.7 7.7 7.4 7.1bDE7.1 6.3 6.4 6.2 6.7 6.3 5.9 5.7 7.4b7.5bEE12.2 11.3 11.7 11.5 9.6 10.0 10.3 7.9 9.2 10.9bIE19.2 16.4 15.3 14.3 12.6 10.9b10.1 10.1 12.0 7.8bEL20.2 20.4 19.1 17.2 15.8 15.3 14.1 12.5 13.2 11.0bES18.6 18.6 17.1b15.6 14.6 13.3 12.4 12.1 13.9 11.0bdFR12.5 11.2b11.2b12.0 11.9 11.4 11.1 10.6 11.4 10.6bdHR16.6 19.6 19.3 18.1 16.9 15.4 13.6 11.8 12.2 12.7bIT21.0 22.2 22.1 21.4 19.9 20.1 19.2 18.1 19.0 19.8bCY16.0 18.7 17.0 15.3 16.0 16.1 13.2 13.7 14.4 12.8bLV14.9 13.0 12.0 10.5 11.2 10.3 7.8 7.9 7.1 8.6bLT11.2 11.1 9.9 9.2 9.4 9.1 8.0 8.6 10.8 11.3bLU5.9 5.0 6.3 6.2b5.4 5.9 5.3 5.6 6.6 8.7bHU14.8 15.5 13.6 11.6b11.0 11.0 10.7 11.0 11.7 10.6bMT10.8 9.9 10.3 10.5 8.8 8.6b7.3 8.6 9.3 9.8bNL4.9 5.6b5.5 4.7 4.6 4.0 4.2 4.3 4.5 5.1bAT6.8 7.3 7.7 7.5 7.7 6.5 6.8 7.1 8.0 8.5bPL11.8 12.2b12.0 11.0 10.5 9.5 8.7b8.1 8.6 11.2bPT13.9 14.1 12.3 11.3 10.6 9.3 8.4 8.0 9.1 7.6bRO16.8 17.0 17.0 18.1 17.4 15.2 14.5 14.7 14.8 18.0bSI9.3 9.2 9.4 9.5 8.0 6.5 6.6 7.0 7.7 6.6bSK13.8 13.7 12.8 13.7 12.3 12.1 10.2 10.3 10.7 11.0bFI8.6 9.3 10.2 10.6 9.9 9.4 8.5 8.2 9.3 7.7bSE7.8 7.5 7.2 6.7 6.5 6.2 6.0b5.5 6.5 5.1b1)2021,b=BreakinthedataseriesduetotheimplementationofRegulation(EU)2019/1700;d=SpainandFrancehaveassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)2020,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys.3)2018,b=changesintheweightingprocedureforPL.4)2017,b=changeinthesurveymethodologyforBE;b=changesintheweightingprocedureforMT;b=introductionoftheLabourForceSurveyinsubstitutiontotheQuarterlyNationalHouseholdSurvey(QNHS)asdatasourceforIE;b=LabourForceSurveydatacollectionimprovement,introductionofCAWI(startingwith2016)forDK.5)2015,b=changeinsamplingstrategyanddatacollectiontechniqueforLU.6)2014,b=changeintheclassificationofnon-formaleducationactivitiesforES;b=dataarefurtherimpactedfromthechangesinthequestionnaireintroducedin2013andinclusionofFrenchoverseasdepartments(DROM)forFR.7)2013,b=changesinthe implementation of variables on education used for the derivation of the indicator for PL.Source: European Commission, EurostatTheindicatoryoungpeopleneitherinemploymentnorineducationandtraining(NEET)providesinformationonyoungpeoplewhomeetthefollowingtwoconditions:(a)theyarenotemployedand(b)theyhavenotreceivedanyeducationortraininginthefourweeksprecedingthesurvey.ForthepurposesoftheMIPScoreboardtheagegroup15-24isconsidered.Dataareexpressedasapercentageofthetotalpopulationinthesameagegroup,excludingtherespondentswho have not answered the question ‘participation in regular (formal) education and training’. The data source is the quarterly EU Labour Force Survey (EU-LFS), which covers the resident population in private households.Flags:b:Break in series. d:Definition differs.  
 
 
 
Table 3.45: People at risk of poverty or social exclusion - % of total population 

94 

2012201320142015201620172018201920202021BEnanana21.6 22.2 22.0 20.5 20.0b20.3 18.8 BGnanana43.3 41.0b38.0 33.0 33.2 33.6 31.7 CZnanana13.0 12.4 12.1 11.8 12.1 11.5 10.7 DKnanana18.6 17.5 17.8 17.5 17.3 16.8b17.3 DEnanana20.0 19.8 18.8 18.5 17.3 20.4b20.7 EEnanana23.6 23.1 23.3 23.6 23.7 22.8 22.2 IEnanana25.4 23.8 22.4 20.8 20.6 20.1b20.0 ELnanana32.4 32.6 32.2 30.3 29.0 27.4 28.3 ESnanana28.7 28.8 27.5 27.3 26.2 27.0 27.8 FRnanana18.4 18.7 17.8 17.9 18.9 19.3b19.3 HRnanana24.4 23.5 23.7 22.1 20.8 20.5 20.9 ITnanana28.4 27.8 25.9 25.7 24.6 24.9 25.2pCYnanana22.8 22.6 21.4 19.1 18.6 17.6 17.3 LVnanana30.0 28.2 28.5 28.4 26.7 25.1 26.1 LTnanana29.4 30.0 29.8 28.5 25.5 24.5 23.4 LUnanana18.4 19.1b19.3 20.1 20.1 19.9b21.1bHUnanana30.6 28.6 25.9 20.6 20.0 19.4 19.4 MTnanana22.2 20.2 19.4 19.2 20.8 19.9 20.3 NLnanana16.4 16.3b16.6 16.5 16.5 16.0 16.6 ATnanana16.9 17.2 17.1 16.8 16.5 16.7 17.3 PLnanana22.5 20.6 18.7 18.2 17.9 17.0 16.8pPTnanana26.4 24.9 23.4 21.6 21.1 20.0 22.4 ROnanana44.5 46.0 42.5 38.7 36.3 35.6 34.4 SInanana17.7 16.9 16.6 15.4 13.7 14.3 13.2 SKnanana17.3 17.1 15.8 15.2 14.9 13.8 15.6 FInanana16.9 16.5 16.0 16.6 15.4 15.9 14.2 SEnanana18.2 17.7 17.2 17.7 18.4 17.7 17.2 1)2021,b=forLU,IntroductionofaCAWIcomponentforthenewlyselectedhouseholds.2)2020,b=forDE,majorsubstantiveandmethodologicalchanges;forDK,methodologicalrevisionsonincomevariables;forIE,increaseduseofadministrativedata;forFR,changeoccurredinthedurationofthepanelforpovertylongitudinalindicators(from9to4years);forLU,changefromCAPItoCATImodeofdatacollection.3)2019,b=forBE,majorsubstantiveandmethodologicalchanges.4)2016,b=forBG,theincreaseofrotationalgroupsfrom4to6in2016leadstoincreaseofoverallsamplesize:thenumberofpensioners(fromNationalSocialSecurityInstitute)wasusedascalibrationvariableforthefirsttime;forLU,newproceduresdevelopedindatavalidationandcompilation,weighting,estimationandimputation,adjustment,bettercoverageofcertainsegmentsoftheresidentpopulationbyuseofLuxembourg'sNationalPopulationRegister;forNL,introductionofCAWI,oversamplingoflowerincomegroups,useofregisterinformationforhousingcosts,changesinfieldworkperiod, weighting, calculation of imputed rent.Source: European Commission, EurostatPeopleatriskofpovertyorsocialexclusioncorrespondstothesumofpersonswhoareatriskofpovertyorseverelymateriallydeprivedorlivinginhouseholdswithverylowworkintensity.Personsareonlycountedonce,evenwhentheyarepresentinmorethanoneofthethreesub-indicators.Atrisk-of-povertyarepersonswithanequaliseddisposableincomebelowtherisk-of-povertythreshold,whichissetat60%ofthenationalmedianequaliseddisposableincome(aftersocialtransfers).Severelymateriallydeprivedarepersonshavinglivingconditionsseverelyconstrainedbyalackofresources,theyexperienceatleastsevenoutofthirteendeprivationitems.Personslivinginhouseholdswithverylowworkintensityarethoseaged0-64livinginhouseholdswheretheadults(aged18-64)workedaworkingtimeequalorlessthan20%oftheirtotalcombinedwork-timepotentialduringthepastyear.Studentsaged18-24,peoplewhoareretiredorwhoreceiveanypension(exceptsurvivor’spension),peopleaged60-64whoareinactiveandlivinginahouseholdwherethemainincomeispensions,areexcluded.ThedatasourceisEUStatisticsonIncomeandLivingConditions (EU SILC).Flags:b:Break in series. p:Provisional.  
 
 
 
 
Table 3.46: People at risk of poverty after social transfers - % of total population 

95 

2012201320142015201620172018201920202021BE15.3 15.1 15.5 14.9 15.5 15.9 16.4 14.8b14.1 12.7 BG21.2 21.0 21.8 22.0 22.9b23.4 22.0 22.6 23.8 22.1 CZ9.6 8.6 9.7 9.7 9.7 9.1 9.6 10.1 9.5 8.6 DK12.0 11.9 12.1 12.2 11.9 12.4 12.7 12.5 12.1b12.3 DE16.1 16.1 16.7 16.7 16.5 16.1 16.0 14.8 16.1b15.8 EE17.5 18.6 21.8 21.6 21.7 21.0 21.9 21.7 20.7 20.6 IE16.3 15.7 16.8 16.2 16.8 15.6 14.9 13.1 13.8b12.9 EL23.1 23.1 22.1 21.4 21.2 20.2 18.5 17.9 17.7 19.6 ES20.8 20.4 22.2 22.1 22.3 21.6 21.5 20.7 21.0 21.7 FR14.1 13.7 13.3 13.6 13.6 13.2 13.4 13.6 14.2b14.4 HR20.4 19.5 19.4 20.0 19.5 20.0 19.3 18.3 18.3 19.2 IT19.5 19.3 19.4 19.9 20.6 20.3 20.3 20.1 20.0 20.1pCY14.7 15.3 14.4 16.2 16.1 15.7 15.4 14.7 14.3 13.8 LV19.2 19.4 21.2 22.5 21.8 22.1 23.3 22.9 21.6 23.4 LT18.6 20.6 19.1 22.2 21.9 22.9 22.9 20.6 20.9 20.0 LU15.1 15.9 16.4 15.3 15.8b16.4 16.7 17.5 17.4b18.1bHU14.3 15.0 15.0 14.9 14.5 13.4 12.8 12.3 12.3 12.7 MT15.1 15.8 15.8 16.6 16.5 16.7 16.8 17.1 16.9 16.9 NL10.1 10.4 11.6 11.6 12.7b13.2 13.3 13.2 13.4 14.4 AT14.4 14.4 14.1 13.9 14.1 14.4 14.3 13.3 13.9 14.7 PL17.1 17.3 17.0 17.6 17.3 15.0 14.8 15.4 14.8 14.8pPT17.9 18.7 19.5 19.5 19.0 18.3 17.3 17.2 16.2 18.4 RO22.9 23.0 25.1 25.4 25.3 23.6 23.5 23.8 23.4 22.6 SI13.5 14.5 14.5 14.3 13.9 13.3 13.3 12.0 12.4 11.7 SK13.2 12.8 12.6 12.3 12.7 12.4 12.2 11.9 11.4 12.3 FI13.2 11.8 12.8 12.4 11.6 11.5 12.0 11.6 12.2 10.8 SE15.2 16.0 15.6 16.3 16.2 15.8 16.4 17.1 16.1 15.7 1)2021,b=forLU,IntroductionofaCAWIcomponentforthenewlyselectedhouseholds.2)2020,b=forDE,majorsubstantiveandmethodologicalchanges;forDK,methodologicalrevisionsonincomevariables;forIE,increaseduseofadministrativedata;forFR,changeoccurredinthedurationofthepanelforpovertylongitudinalindicators(from9to4years);forLU,changefromCAPItoCATImodeofdatacollection.3)2019,b=forBE,majorsubstantiveandmethodologicalchanges.4)2016,b=forBG,theincreaseofrotationalgroupsfrom4to6in2016leadstoincreaseofoverallsamplesize:thenumberofpensioners(fromNationalSocialSecurityInstitute)wasusedascalibrationvariableforthefirsttime;forLU,newproceduresdevelopedindatavalidationandcompilation,weighting,estimationandimputation,adjustment,bettercoverageofcertainsegmentsoftheresidentpopulationbyuseofLuxembourg'sNationalPopulationRegister;forNL,introductionofCAWI,oversamplingoflowerincomegroups,useofregisterinformationforhousingcosts,changesinfieldworkperiod, weighting, calculation of imputed rent.Source: European Commission, EurostatTheindicatormeasurespersonswithanequaliseddisposableincomebelowtherisk-of-povertythreshold,whichissetat60%ofthenationalmedianequaliseddisposableincome(aftersocialtransfers)asa%oftotalpopulation.Dataareexpressed in percentage of total population. The source of the data is EU Statistics on Income and Living Conditions (EU-SILC).Flags:b:Break in series. p:Provisional.  
 
 
 
Table 3.47: Severely materially and socially deprived people - % of total population 

96 

2012201320142015201620172018201920202021BEnanana7.2 8.4 7.2 6.5 6.3 6.7 6.3 BGnanana36.8 33.5 30.0 22.3 22.1 22.1 19.1 CZnanana4.5 3.5 3.4 2.4 2.1 1.9 1.8 DKnanana3.2 2.6 3.6 3.5 3.8 3.5 3.1 DEnanana5.7 4.7 3.7 3.4 3.0 4.4b4.2 EEnanana3.5 2.2 4.0 3.1 2.6 2.3 1.9 IEnanana9.4 8.0 6.9 6.1 7.1 5.7b5.1 ELnanana17.6 18.4 18.3 16.1 15.8 14.9 13.9 ESnanana7.4 8.5 8.3 8.7 7.7 8.5 8.3 FRnanana6.8 6.7 6.3 6.7 7.3 7.0b5.9 HRnanana8.4 7.3 7.1 6.1 4.6 4.4 3.5 ITnanana12.1 10.1 6.6 6.5 6.4 6.2 5.9pCYnanana7.9 6.6 6.1 3.8 3.2 3.2 2.6 LVnanana15.4 12.6 12.9 10.4 7.5 7.0 5.3 LTnanana14.6 15.4 14.4 12.0 9.7 8.1 6.4 LUnanana2.5 2.0 1.9 1.6 1.4 1.7b2.4bHUnanana24.1 20.6 16.1 11.9 10.9 10.7 10.2 MTnanana8.2 5.2 4.3 4.7 5.0 5.1 5.4 NLnanana3.2 2.6 2.6 2.6 2.8 2.2 2.1 ATnanana2.9 3.3 3.4 2.8 2.7 3.0 1.8 PLnanana7.8 5.4 5.3 4.5 3.5 2.6 2.9pPTnanana10.9 9.1 8.0 6.6 5.6 5.4 6.0 ROnanana34.0 35.9 32.4 28.3 24.5 25.3 23.1 SInanana4.8 4.1 4.5 3.2 2.2 2.6 1.8 SKnanana8.4 7.6 6.3 5.4 5.9 4.5 5.7 FInanana1.0 1.2 1.8 2.2 1.9 1.8 1.1 SEnanana1.1 0.7 1.0 1.4 1.5 2.0 1.4 1)2021,b=forLU,IntroductionofaCAWIcomponentforthenewlyselectedhouseholds.2)2020,b=forDE,majorsubstantiveandmethodologicalchanges;forDK,methodologicalrevisionsonincomevariables;forIE,increaseduseofadministrativedata;forFR,changeoccurredinthedurationofthepanelforpovertylongitudinalindicators(from9to4years);forLU,changefromCAPItoCATImodeofdatacollection.3)2019,b=forBE,majorsubstantiveandmethodologicalchanges.4)2016,b=forBG,theincreaseofrotationalgroupsfrom4to6in2016leadstoincreaseofoverallsamplesize:thenumberofpensioners(fromNationalSocialSecurityInstitute)wasusedascalibrationvariableforthefirsttime;forLU,newproceduresdevelopedindatavalidationandcompilation,weighting,estimationandimputation,adjustment,bettercoverageofcertainsegmentsoftheresidentpopulationbyuseofLuxembourg'sNationalPopulationRegister;forNL,introductionofCAWI,oversamplingoflowerincomegroups,useofregisterinformationforhousingcosts,changesinfieldworkperiod, weighting, calculation of imputed rent.Source: European Commission, EurostatSeverelymateriallydeprivedpersonshavelivingconditionsseverelyconstrainedbyalackofresources,suchthattheyexperienceanenforcedlackofatleast7outof13deprivationitems:i)capacitytofaceunexpectedexpenses,ii)capacitytoaffordpayingforoneweekannualholidayawayfromhome,iii)capacitytobeingconfrontedwithpaymentarrears(onmortgageorrentalpayments,utilitybills,hirepurchaseinstalmentsorotherloanpayments),iv)capacitytoaffordamealwithmeat,chicken,fishorvegetarianequivalenteverysecondday,v)abilitytokeephomeadequately,vi)haveaccesstoacar/vanforpersonaluse,vii)replacingworn-outfurniture,viii)havinginternetconnection,ix)replacingworn-outclothesbysomenewones,x)havingtwopairsofproperlyfittingshoes(includingapairofall-weathershoes),xi)spendingasmallamountofmoneyeachweekonhim/herself,xii)havingregularleisureactivities,orxiii)getting together with friends/family for a drink/meal at least once a month. The data source is EU Statistics on Income and Living Conditions (EU SILC).Flags:b:Break in series. p:Provisional.  
 
 
 
Table 3.48: People living in households with very low work intensity - % of total population aged 0-64  

97 

2012201320142015201620172018201920202021BEnanana15.0 15.2 14.5 13.1 12.8 12.3 11.9 BGnanana11.5 11.5 11.1 9.0 9.2 8.4 8.4 CZnanana6.8 6.7 5.7 4.5 4.4 4.4 5.4 DKnanana11.9 11.1 10.5 10.0 9.5 9.1 9.7 DEnanana9.5 9.4 8.7 8.0 7.6 8.3b9.3 EEnanana6.2 5.5 5.4 5.3 5.3 4.8 5.1 IEnanana18.8 17.8 16.1 13.2 13.8 11.5b13.0 ELnanana15.3 15.7 14.3 13.6 12.7 11.8 12.1 ESnanana15.4 14.9 12.8 10.8 10.9 10.0 11.6 FRnanana8.3 7.8 7.7 7.5 7.1 9.7b10.7 HRnanana12.3 11.1 10.6 9.3 7.5 7.2 7.5 ITnanana11.2 12.1 10.8 10.7 9.6 10.2 10.8pCYnanana10.4 10.1 8.7 8.1 6.6 5.3 5.8 LVnanana7.7 7.0 7.3 7.3 7.4 7.4 6.6 LTnanana9.1 10.2 9.4 9.2 7.6 7.2 7.8 LUnanana5.4 6.5 6.5 7.8 6.9 7.1b5.5bHUnanana8.8 7.7 6.3 5.5 4.9 4.9 5.3 MTnanana9.2 6.8 6.6 5.3 4.9 5.4 5.3 NLnanana10.0 9.5 9.4 8.4 8.9 8.7 8.6 ATnanana6.3 7.0 7.2 6.4 6.6 6.1 7.4 PLnanana6.9 6.6 5.8 5.7 5.0 4.3 4.2pPTnanana10.2 8.5 7.7 6.9 6.2 5.0 5.3 ROnanana6.2 6.4 5.4 6.0 4.5 4.7 3.5 SInanana5.8 6.0 5.2 4.4 4.3 3.9 3.6 SKnanana7.0 6.4 5.3 5.2 6.3 4.3 5.0 FInanana11.5 12.1 11.4 11.1 10.0 10.3 8.6 SEnanana7.8 7.8 8.2 8.3 8.3 7.9 8.9 1)2021,b=forLU,IntroductionofaCAWIcomponentforthenewlyselectedhouseholds.2)2020,b=forDE,majorsubstantiveandmethodologicalchanges;forDK,methodologicalrevisionsonincomevariables;forIE,increaseduseofadministrativedata;forFR,changeoccurredinthedurationofthepanelforpovertylongitudinalindicators(from9to4years);forLU,changefromCAPItoCATImodeofdatacollection.3)2019,b=forBE,majorsubstantiveandmethodologicalchanges.4)2016,b=forBG,theincreaseofrotationalgroupsfrom4to6in2016leadstoincreaseofoverallsamplesize:thenumberofpensioners(fromNationalSocialSecurityInstitute)wasusedascalibrationvariableforthefirsttime;forLU,newproceduresdevelopedindatavalidationandcompilation,weighting,estimationandimputation,adjustment,bettercoverageofcertainsegmentsoftheresidentpopulationbyuseofLuxembourg'sNationalPopulationRegister;forNL,introductionofCAWI,oversamplingoflowerincomegroups,useofregisterinformationforhousingcosts,changesinfieldworkperiod, weighting, calculation of imputed rent.Source: European Commission, EurostatPeoplelivinginhouseholdswithverylowworkintensityarepeopleaged0-64livinginhouseholdswheretheadults(aged18-64)workedlessthan20%oftheirtotalworkpotentialduringthepastyear.Studentsareexcluded.Dataareexpressed  in % of population aged 0-64. The source of the data is EU Statistics on Income and Living Conditions (EU SILC).Flags:b:Break in series. p:Provisional.  
 
 
 
 
Chapter 4: Tables by Member State - Headline indicators  
Table 4.1: The MIP scoreboard for Belgium 

98 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-0.1 -0.4 0.5 1.0 0.9 0.9 0.1 0.0 0.1 0.5 Net international investment position% of GDP-35%40.8 43.2 44.8 45.2 54.5 56.0 34.3 40.9 47.0 59.9 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-4.3 -0.2 -0.6 -1.7 -0.4 0.9 7.0 2.7 2.5 0.6 Export market share - % of world exports5 year % change-6%-15.6 -13.2 -13.5 -13.7 -5.2 1.6 -1.3 -2.3 10.1 2.4 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)4.9 7.4 4.3 0.4 -0.7 1.4 4.0 4.8 7.1p5.4pHouse price index (2015=100), deflated 1 year % change6%0.2 0.1 -1.3 0.8 1.1 1.7 0.8 2.5 3.3 4.5 Private sector credit flow, consolidated% of GDP14%14.3 8.5 -2.3 11.0 23.7 0.8 -1.5 4.7 -3.3p3.8pPrivate sector debt, consolidated% of GDP133%189.4 162.8 160.9 173.6 193.4 185.5 180.1 178.3 180.9p169.0pGeneral government gross debt% of GDP60%104.8 105.5 107.0 105.2 105.0 102.0 99.9 97.6 112.0 109.2 Unemployment rate3 year average10%7.7 7.8 8.3 8.7 8.4 7.9b7.0b6.2b5.8 5.9 Total financial sector liabilities, non-consolidated1 year % change16.5%-5.1 1.2 2.6 2.6 2.7 1.3 -3.9 5.8 8.8 7.5 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp0.0 -0.1 1.0 0.7 0.1 0.2b0.9 1.4 0.4b1.1 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp-0.1 -0.2 0.8 0.9 0.2 -0.8b-1.4 -1.6 -1.0 0.0 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-2.0 1.5 4.5 2.5 -3.6 -4.0b-6.5 -5.8 -3.5 2.2 BelgiumExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. p:Provisional. 1) For the employment indicators, see page 2 of the AMR 2016. 2) Labour Force Survey indicators, b = change in the survey methodology.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
Table 4.2: The MIP scoreboard for Bulgaria 

99 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-0.7 0.3 0.6 0.8 1.4 2.1 2.4 2.0 0.9 0.5 Net international investment position% of GDP-35%-77.3 -73.3 -71.9 -61.5 -47.5 -43.0 -37.0 -30.2 -26.1 -18.4 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-4.0 -0.9 -2.8 -4.3 -4.7 -3.3 4.2 4.6 7.1 3.8 Export market share - % of world exports5 year % change-6%-1.1 -0.4 5.4 12.9 9.2 20.1 13.0 15.1 15.7 12.2 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)10.9 16.2 19.2 17.2 11.0 15.8 20.5 20.4 19.9 16.4 House price index (2015=100), deflated 1 year % change6%-4.6 -0.8 0.1 0.4b5.3 3.9 4.1 3.9 5.2 2.5pPrivate sector credit flow, consolidated% of GDP14%2.6 2.6 2.3 -3.8 2.9 4.5 3.9 5.6 3.6 4.4 Private sector debt, consolidated% of GDP133%127.6 130.1 125.1 108.7 103.9 98.6 94.9 90.7 92.5 84.4 General government gross debt% of GDP60%16.6 17.0 27.0 25.9 29.1 25.1 22.1 20.0 24.5 23.9 Unemployment rate3 year average10%12.3b13.2b13.2 12.1 10.4 8.6 7.3 6.2 5.8 5.5 Total financial sector liabilities, non-consolidated1 year % change16.5%11.7 1.1 7.9 9.6 9.5 7.1 6.6 5.2 10.6 9.5 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp0.0 1.7b3.1b2.2 0.4 2.3 2.2 4.5 0.9 0.6 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp3.8 2.7 0.6 -1.1 -2.9 -3.5 -2.5 -2.1 -1.2 -1.0 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp11.8 6.4 -1.3 -6.5 -11.1 -10.8 -8.8 -8.3 1.3 -0.1 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. p:Provisional. BulgariaExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016. 2) House price index, b = break in time series due to full implementation of harmonised EU methodology.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.3: The MIP scoreboard for Czech Republic 

100 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-2.4 -1.4 -0.6 0.0 0.8 1.3 1.3 0.8 0.9 0.5 Net international investment position% of GDP-35%-45.6 -40.9 -36.3 -32.9 -27.2 -24.9 -24.4 -19.8 -16.3 -15.6 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)0.5 -3.1 -10.0 -8.2 -3.7 5.3 11.0 8.7 5.6 5.0 Export market share - % of world exports5 year % change-6%-4.6 -10.0 -6.4 -2.0 2.5 8.3 11.0 4.8 8.1 -1.1 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)4.3 4.3 4.6 0.6 3.3 5.7 13.1 14.5 18.7 13.9 House price index (2015=100), deflated 1 year % change6%-3.5 -0.7 1.6 4.0 6.8 9.1 5.9 6.2 5.4 16.4 Private sector credit flow, consolidated% of GDP14%3.1 4.3 2.3 -0.4 6.2 6.0 6.8 1.4 0.6 2.9 Private sector debt, consolidated% of GDP133%81.8 84.8 83.0 78.2 80.4 80.3 83.0 78.6 81.7 78.8 General government gross debt% of GDP60%44.2 44.4 41.9 39.7 36.6 34.2 32.1 30.0 37.7 42.0 Unemployment rate3 year average10%7.0b6.9b6.7 6.1 5.1 4.0 3.0 2.4 2.3 2.5 Total financial sector liabilities, non-consolidated1 year % change16.5%5.0 10.1 5.2 7.9 16.8 28.3 3.4 4.6 4.8 7.9 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp1.5 2.7 3.0b2.4 2.1 2.4 2.6 1.7 0.5 0.0 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp1.0 0.0 0.0 -0.6 -1.3 -1.7 -1.7 -1.1 -0.4 0.1 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp2.9 0.7 -2.2 -6.9 -8.5 -8.0 -5.9 -4.9 0.1 1.5 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. Employment indicators¹Czech RepublicExternal imbalances and competitivenessInternal imbalances1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.4: The MIP scoreboard for Denmark 

101 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%6.5 6.9 7.7 8.3 8.3 8.0 7.7 7.9 7.9 8.5 Net international investment position% of GDP-35%36.1 37.2 43.3 30.8 52.6 55.4 64.0 77.7 70.0 77.0 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-7.8 -2.5 -1.2 -1.7 -1.7 -2.1 2.6 -0.2 0.9 -1.1 Export market share - % of world exports5 year % change-6%-17.8 -18.0 -16.1 -8.6 -3.1 1.5 -0.1 1.7 10.6 6.5 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)-0.2 1.5 2.3 2.2 1.3 0.9 1.2 3.4 6.7 6.1 House price index (2015=100), deflated 1 year % change6%-4.9 3.1 3.1 6.6 5.1 3.5 3.7 1.4 4.7 9.5 Private sector credit flow, consolidated% of GDP14%7.9 -3.0 -0.3 2.9 3.1b2.0 4.8 10.5 5.0 12.3 Private sector debt, consolidated% of GDP133%224.0 216.1 214.0 211.4 222.4b216.7 215.3 221.2 221.3 214.7 General government gross debt% of GDP60%44.9 44.0 44.3 39.8 37.2 35.9 34.0 33.7 42.2 36.6 Unemployment rate3 year average10%7.8 7.7 7.4 6.9 6.4b6.0b5.6b5.3b5.2 5.2 Total financial sector liabilities, non-consolidated1 year % change16.5%2.5 1.8 7.3 -0.9 15.4b2.5 -0.3 13.4 5.6 11.7 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp-1.5 -1.4 -1.2 -0.3 0.9b1.3b1.3 1.6b1.1b1.4 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp1.5 0.4 -0.1 -0.5 -0.6b-0.5b-0.6 -0.4 -0.3 0.0 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp2.3 -0.8 -2.2 -3.6 -2.6b-1.8b-1.7 -2.1 -0.8 0.3 External imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. 1) For the employment indicators, see page 2 of the AMR 2016. 2) Labour Force Survey indicators, b = improvement in the data collection and introduction of CAWI (computer-assisted web interviewing) technique.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Denmark 
 
 
 
 
 
 
 
 
Table 4.5: The MIP scoreboard for Germany 

102 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%6.4 6.6 7.0 7.5 8.1 8.3 8.1 7.8 7.5 7.3 Net international investment position% of GDP-35%28.7 24.7 29.0 34.6 39.2 44.2 52.3 58.5 64.1 70.7 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-9.0 -1.8 -0.4 -1.5 -2.1 -2.0 5.3 2.0 2.4 0.5 Export market share - % of world exports5 year % change-6%-16.8 -13.2 -9.7 -3.3 1.9 5.7 3.2 -1.2 0.9 -5.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)2.5 6.0 7.4 6.2 5.2 4.9 6.0 8.1p10.3p7.4pHouse price index (2015=100), deflated 1 year % change6%2.1 1.7 2.2 4.1 6.7 4.6 5.1 4.4 7.1 8.2pPrivate sector credit flow, consolidated% of GDP14%1.6 2.7 0.2 2.9 4.6 4.1 6.2 6.4p6.4p5.7pPrivate sector debt, consolidated% of GDP133%114.6 114.9 107.1 106.3 107.2 107.1 109.6 112.7p121.2p120.4pGeneral government gross debt% of GDP60%80.7 78.3 75.3 71.9 69.0 64.6 61.3 58.9 68.0 68.6 Unemployment rate3 year average10%5.7b5.2b4.9 4.7 4.3 4.0 3.6 3.3 3.3b3.4bTotal financial sector liabilities, non-consolidated1 year % change16.5%3.3 -6.6 5.3 3.1 5.4 4.1 3.2 7.3 11.4 7.2 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp1.0 1.0b0.5b0.4 0.3 0.5 1.1 1.3 0.3b1.2 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp-1.0 -0.9 -0.5 -0.4 -0.6 -0.7 -0.6 -0.5 -0.4b-0.2 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-3.3 -2.2 -0.8 -0.9 -0.8 -1.1 -1.1 -1.3 0.8b0.3 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. p:Provisional. 1) For the employment indicators, see page 2 of the AMR 2016. 2) Labour Force Survey indicators, b = due to technical issues with the introduction of the new German system of integrated household surveys, including the LFS, the figures for Germany in 2020 are not direct estimates from LFS micro-data, but based on a larger sample including additional data from other integrated household surveys.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)GermanyExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
Table 4.6: The MIP scoreboard for Estonia 

103 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%0.4 -0.1 -0.3 0.9 1.2 1.8 1.5 1.8 0.8 -0.1 Net international investment position% of GDP-35%-51.1 -50.0 -47.0 -40.2 -39.5 -33.0 -29.9 -22.6 -21.9 -13.0 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-3.6 3.1 4.8 5.8 4.4 3.0 7.6 6.1 5.3 1.9 Export market share - % of world exports5 year % change-6%6.8 9.7 20.3 7.1 -0.9 1.7 -0.1 1.7 16.4 17.8 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)0.7 11.6 14.7 15.0 12.6 12.3 14.2 15.8 15.7 10.7 House price index (2015=100), deflated 1 year % change6%3.1 7.3 12.9 7.3 3.7 1.1 2.3 4.4 7.0 10.4 Private sector credit flow, consolidated% of GDP14%7.7 4.6 6.3 2.3 6.4 4.2 4.6 3.4 3.0 6.5 Private sector debt, consolidated% of GDP133%118.1 116.7 116.9 113.3 111.9 106.2 101.2 98.9 101.4 95.3 General government gross debt% of GDP60%9.8 10.2 10.6 10.1 10.0 9.1 8.2 8.5 18.5 17.6 Unemployment rate3 year average10%12.9 10.3 8.6 7.4 6.8 6.3 6.0 5.2 5.6 5.9 Total financial sector liabilities, non-consolidated1 year % change16.5%10.9 11.4 12.6 7.5 8.9 12.3 6.6 11.6 17.9 17.5 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp1.1 1.2 0.7 1.4 2.1 3.3 2.3 1.3 0.4 -0.2 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp1.7 -3.7 -3.7 -3.0 -1.6 -1.3 -1.1 -1.3 -0.8 0.3 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-6.5 -14.0 -7.4 -6.4 -4.6 -2.8 -2.3 -2.4 6.2 4.7 Figures highlighted are the ones at or beyond the threshold.EstoniaExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.7: The MIP scoreboard for Ireland 

104 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-2.1 -1.2 -0.3 2.3 0.4 0.2 0.5 -4.7 -7.2 -4.2 Net international investment position% of GDP-35%-137.4 -133.6 -164.5 -198.3 -172.6 -166.9 -183.3 -193.4 -177.0 -145.5 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-12.2 -3.8 -3.6 -6.4 -7.1 -6.3 2.3 -1.4 -1.2 -2.6 Export market share - % of world exports5 year % change-6%-18.4 -10.8 -14.8 37.6 58.3 70.9 78.4 73.1 51.5 39.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)-10.0b-1.4b-3.1 -18.6 -15.6 -13.9 -1.3 -3.9 -6.3 -7.9 House price index (2015=100), deflated 1 year % change6%-14.4 -0.1 15.5 10.9 6.8 9.3 8.3 0.5 -0.5 4.2 Private sector credit flow, consolidated% of GDP14%-0.5 -0.7 2.5 -2.2 -14.7 0.3 -8.8p-9.6p-3.6p2.6pPrivate sector debt, consolidated% of GDP133%276.4 266.2 276.4 303.8 284.1 249.1 230.7p209.3p187.3p168.1pGeneral government gross debt% of GDP60%119.6 119.9 104.3 76.7 74.3 67.6 63.0 57.0 58.4 55.4 Unemployment rate3 year average10%15.2 14.9 13.7 11.9 10.1 8.3 7.0 5.8 5.6 5.7 Total financial sector liabilities, non-consolidated1 year % change16.5%-1.1 2.1 19.6 9.5 1.5 4.2 5.2p15.4p7.4p18.8pActivity rate - % of total population aged 15-643 year change in pp-0.2 pp-1.9 0.2 0.6 0.9 0.8 0.8 0.8 0.6 -1.8 1.8 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp5.7 1.0 -2.2 -3.9 -3.7 -3.6 -3.2 -2.6 -1.6 -0.3 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp6.3 -1.4 -6.2 -10.6 -9.9 -9.0 -6.4 -4.3 1.4 0.7 IrelandExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016. 2) Private sector debt, 2015: significant increases due to re-domiciling of large multinational corporations and movement of large parts of their balance sheets. 2016: the decline relative to 2015 predominantly reflects restructuring and re-domiciling activities of large multinational companies.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. p:Provisional.  
 
 
 
 
 
 
 
 
Table 4.8: The MIP scoreboard for Greece 

105 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-7.5 -4.6 -1.9 -1.0 -1.1 -1.5 -2.2 -2.1 -3.7 -5.0 Net international investment position% of GDP-35%-117.6 -131.0 -133.0 -136.1 -139.1 -143.4 -148.6 -154.1 -173.8 -171.9 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-5.0 -4.4 -5.6 -5.6 -4.0 -3.0 3.8 0.5 0.4 -3.1 Export market share - % of world exports5 year % change-6%-26.3 -26.8 -19.6 -14.1 -10.0 -0.6 6.3 3.2 -10.7 9.6 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)1.6b-4.4 -8.5 -11.0 -4.7 -3.3 -1.0 -1.1 6.2p4.0pHouse price index (2015=100), deflated 1 year % change6%-12.5e-9.3e-5.2e-3.8e-1.5e-1.4e1.7e7.2e5.7e6.4ePrivate sector credit flow, consolidated% of GDP14%-4.8 -4.1 -3.1 -3.1 -2.2 -1.2 -0.8 -1.0 5.1p-0.1pPrivate sector debt, consolidated% of GDP133%135.2 133.4 132.4 129.1 127.0 120.4 119.1 110.3 124.9p120.7pGeneral government gross debt% of GDP60%162.0 178.2 180.3 176.7 180.5 179.5 186.4 180.6 206.3 194.5 Unemployment rate3 year average10%18.6 23.6 26.4 26.5 25.2 23.6 21.8 19.8 18.4 16.7 Total financial sector liabilities, non-consolidated1 year % change16.5%-2.1 -17.5 -8.1 6.3 -10.3 -13.0 -4.7 11.6 27.5 14.3 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp-0.1 -0.3 0.2 0.4 0.8 0.9 0.4 0.3 -2.9 -0.8 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp9.5 11.5 9.5 3.3 -1.3 -3.2 -3.9 -4.1 -3.8 -3.3 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp29.8 25.6 7.8 -5.6 -11.0 -8.5 -9.1 -10.7 -6.5 -5.7 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. e:Estimated. p:Provisional. GreeceExternal imbalances and competitivenessEmployment indicators¹Internal imbalances1) For the employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.9: The MIP scoreboard for Spain  

106 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-2.1 -0.2 1.3 1.9 2.3 2.7 2.6 2.3 1.5 1.2 Net international investment position% of GDP-35%-88.9 -92.8 -95.9 -88.9 -85.4 -85.5 -79.1 -73.7 -85.7 -71.5 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-5.3 -0.3 -1.0 -3.2 -4.3 -2.6 4.2 1.7 1.1 -0.5 Export market share - % of world exports5 year % change-6%-17.6 -10.5 -11.7 -3.4 2.7 9.5 4.3 2.3 -7.2 -10.5 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)-5.0 -5.1 -3.7 -1.2 -1.2 -0.6 1.0 5.7 14.3p12.3pHouse price index (2015=100), deflated 1 year % change6%-16.5 -10.0 0.2 3.7 4.5 4.6 5.2 4.1 2.2 1.5 Private sector credit flow, consolidated% of GDP14%-11.1 -10.2 -7.1 -2.0 -0.4 0.7 0.0 1.5 4.7p2.5pPrivate sector debt, consolidated% of GDP133%188.6 178.1 167.4 155.7 147.7 139.2 133.1 129.3 148.1p139.1pGeneral government gross debt% of GDP60%90.0 100.5 105.1 103.3 102.7 101.8 100.4 98.2 120.4 118.3 Unemployment rate3 year average10%22.0 24.1 25.1 24.2 22.1 19.6 17.4 15.5 15.0 14.8dTotal financial sector liabilities, non-consolidated1 year % change16.5%-0.1 -10.7 0.1 -1.5 2.0 4.4 -1.3 1.6 9.8 6.6 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp1.2 0.8 0.3 0.0 -0.1 -0.3 -0.6 -0.4 -1.7 0.0dLong-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp6.7 5.7 4.0 0.4 -3.5 -5.2 -5.0 -4.2 -2.7 -0.2dYouth unemployment rate - % of active population aged 15-243 year change in pp2 pp15.2 14.0 7.0 -4.6 -11.1 -14.6 -14.0 -11.9 -0.3 0.5dSpainExternal imbalances and competitivenessInternal imbalancesFigures highlighted are the ones at or beyond the threshold. Flags:d:Definition differs. p:Provisional. Employment indicators¹1) For the employment indicators, see page 2 of the AMR 2016.  2) d = Spain has assessed the attachment to the job and included in employment those who had an unknown duration of absence from work, but are expected to return to the same job once COVID-19 health measures allow it. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
Table 4.10: The MIP scoreboard for France 

107 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-0.8 -0.8 -0.8 -0.6 -0.6 -0.5 -0.7 -0.4 -0.7 -0.3 Net international investment position% of GDP-35%-12.8 -16.6 -15.6 -12.9 -13.0 -20.1 -19.3 -24.6 -30.7 -32.1 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-7.8 -2.2 -1.3 -2.9 -3.2 -3.0 4.5 1.6 2.7 -0.4 Export market share - % of world exports5 year % change-6%-18.4 -14.4 -14.7 -3.8 1.0 2.5 0.5 -0.7 -8.5 -11.4 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)4.1 4.6 4.4 2.3 1.7 1.7 2.4 0.9p5.0p4.6pHouse price index (2015=100), deflated 1 year % change6%-1.9 -2.5 -1.6 -1.6 0.8 2.3 1.2 2.5 4.1 4.7 Private sector credit flow, consolidated% of GDP14%4.2 2.1 3.2 4.6 6.2 7.1 8.2 8.4p13.5p6.5pPrivate sector debt, consolidated% of GDP133%138.3 137.4 141.5 142.8 143.2 145.0 148.4 153.1p175.0p167.8pGeneral government gross debt% of GDP60%90.6 93.4 94.9 95.6 98.0 98.1 97.8 97.4 115.0 112.8 Unemployment rate3 year average10%9.4 9.8 10.1 10.3 10.2 9.9 9.5 8.9 8.5 8.1dTotal financial sector liabilities, non-consolidated1 year % change16.5%1.4 0.5 5.6 2.2 4.9 4.3 1.8b6.0b11.3 7.3pActivity rate - % of total population aged 15-643 year change in pp-0.2 pp0.5 0.8 1.2 0.8 0.5 0.4 0.6 0.3 -0.4 0.2dLong-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp0.6 0.5 0.6 0.5 0.2 -0.2 -0.6 -0.8 -1.0 -0.2dYouth unemployment rate - % of active population aged 15-243 year change in pp2 pp0.8 1.7 1.6 0.3 -0.4 -2.2 -4.1 -5.3 -2.0 -3.1d1) For the employment indicators, see page 2 of the AMR 2016. 2) d = France has assessed the attachment to the job and included in employment those who had an unknown duration of absence from work, but are expected to return to the same job once COVID-19 health measures allow it. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)FranceExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. d:Definition differs. p:Provisional.  
 
 
 
 
 
 
 
 
Table 4.11: The MIP scoreboard for Croatia 

108 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-2.0 -1.6 -0.9 0.8 1.9 2.9 2.4 2.6 1.3 1.8 Net international investment position% of GDP-35%-90.5 -90.0 -89.6 -78.8 -72.1 -64.5 -56.0 -47.0 -48.1 -35.1 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-8.4 -3.9 -0.8 0.1 0.0 0.1 4.2 1.5 0.5 -1.5 Export market share - % of world exports5 year % change-6%-25.8 -23.5 -19.6 -6.0 9.2 22.8 22.2 22.0 -1.3 7.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)-2.1 -5.0 -6.9 -6.1 -5.5 -4.0 -0.1 2.8 13.7p6.4pHouse price index (2015=100), deflated 1 year % change6%-4.6 -5.7 -1.3 -2.6 2.0 2.9 4.6 7.8 7.3 4.5 Private sector credit flow, consolidated% of GDP14%-2.8 -0.6 -0.2 -1.5 -0.2 1.5 2.2 1.1 1.3p3.0pPrivate sector debt, consolidated% of GDP133%117.1 115.6 115.8 110.5 102.7 96.3 92.1 88.3 98.0p88.5pGeneral government gross debt% of GDP60%69.2 80.1 83.8 83.2 79.7 76.5 73.2 71.0 87.0 78.4 Unemployment rate3 year average10%13.8 15.7 16.9 16.9 15.5 13.5 10.9 8.8 7.5 7.2 Total financial sector liabilities, non-consolidated1 year % change16.5%0.9 2.7 1.0 1.5 3.4 3.9 4.5 6.8 7.3 11.7 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp-1.7 -1.4 2.0 3.0 1.9 0.3 -0.6 0.9 0.7 2.4 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp5.1 4.4 1.7 0.0 -4.4 -5.5 -6.8 -4.2 -2.5 -0.6 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp16.9 17.6 8.8 0.2 -18.7 -18.1 -18.6 -14.7 -6.3 -1.8 Figures highlighted are the ones at or beyond the threshold. Flags:p:Provisional. Internal imbalancesEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)CroatiaExternal imbalances and competitiveness 
 
 
 
 
 
 
 
 
Table 4.12: The MIP scoreboard for Italy  

109 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-2.1 -0.6 0.9 1.5 2.0 2.3 2.6 2.9 3.3 3.4 Net international investment position% of GDP-35%-23.0 -23.4 -20.8 -19.3 -12.0 -7.3 -5.0 -1.2 1.4 8.1 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-6.2 0.1 0.2 -2.4 -3.4 -3.1 3.4 0.2 0.6 -1.8 Export market share - % of world exports5 year % change-6%-25.8 -20.6 -15.7 -9.8 -4.2 0.6 -0.2 -2.4 -2.9 -6.2 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)2.0 2.9 2.6 2.0 1.5 1.2 2.3 3.2 6.6 4.6 House price index (2015=100), deflated 1 year % change6%-5.0 -7.5 -4.9 -4.0 0.2 -2.1 -1.5 -0.7 1.8 0.9 Private sector credit flow, consolidated% of GDP14%-0.9 -2.8 -0.3 -1.3 0.0 1.2 2.0 0.3 4.0 3.3 Private sector debt, consolidated% of GDP133%124.7 122.0 119.8 116.0 112.1 109.4 107.8 106.0 118.5 113.5 General government gross debt% of GDP60%126.5 132.5 135.4 135.3 134.8 134.2 134.4 134.1 154.9 150.3 Unemployment rate3 year average10%9.3 10.6 12.1 12.4 12.2 11.7 11.2 10.6 9.9 9.6 Total financial sector liabilities, non-consolidated1 year % change16.5%7.1 -2.3 0.9 1.4 3.3 1.9 0.1 4.7 7.3 6.2 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp1.2 1.3 1.9 0.8 1.9 1.7 1.8 0.9 -1.8 -1.1 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp2.3 3.1 3.6 1.4 -0.3 -1.3 -0.9 -1.2 -1.8 -1.1 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp9.9 12.0 13.5 5.0 -2.3 -8.1 -8.1 -8.5 -4.8 -2.5 Figures highlighted are the ones at or beyond the threshold.Internal imbalancesEmployment indicators¹ItalyExternal imbalances and competitiveness1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
Table 4.13: The MIP scoreboard for Cyprus 

110 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-5.6 -2.5 -3.1 -2.0 -2.9 -3.2 -4.4 -4.9 -6.5 -7.5 Net international investment position% of GDP-35%-140.7 -162.1 -163.1 -153.5 -133.2 -135.7 -125.2 -115.4 -134.5 -117.8 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-5.9 -0.8 -1.7 -6.2 -7.4 -6.4 2.0 0.0 0.1 -2.4 Export market share - % of world exports5 year % change-6%-19.1 -12.2 -20.3 -4.9 7.8 21.1 21.8 25.3 38.9 24.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)3.3 -0.7 -6.5 -10.8 -9.3 -4.6 -0.4 5.2 6.9 4.1pHouse price index (2015=100), deflated 1 year % change6%-5.5 -3.9 -1.1 1.0b2.2 1.2 0.5 3.4 0.7 -4.3 Private sector credit flow, consolidated% of GDP14%0.7 -12.1 -0.8 4.3 12.0 7.5 11.4 -0.5 -1.2 4.3pPrivate sector debt, consolidated% of GDP133%325.1 340.2 351.1 345.3 326.6 303.6 281.8 265.5 269.8 248.4pGeneral government gross debt% of GDP60%80.1 103.7 108.8 106.8 102.6 92.6 98.1 90.4 113.5 101.0 Unemployment rate3 year average10%8.7 11.9 14.6 15.7 14.7 13.0 10.8 8.9 7.7 7.4 Total financial sector liabilities, non-consolidated1 year % change16.5%11.8 -3.1 11.6 9.7 -0.2 0.8 -1.8 7.5 -7.1 -0.8 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp0.5 0.0 0.8 0.4 -0.2 -0.4 1.1 2.6 1.9 1.7 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp3.0 4.8 6.1 3.2 -0.3 -3.2 -4.1 -3.7 -2.4 -0.1 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp13.9 22.3 13.6 5.1 -9.8 -11.3 -12.6 -12.5 -6.5 -3.1 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. p:Provisional. Employment indicators¹CyprusExternal imbalances and competitivenessInternal imbalances1) For the employment indicators, see page 2 of the AMR 2016. 2) House price index b = break in time series due to full implementation of harmonised EU methodology. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.14: The MIP scoreboard for Latvia 

111 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-1.8 -3.3 -2.7 -1.6 -0.2 0.8 0.9 0.2 0.6 -0.7 Net international investment position% of GDP-35%-68.4 -67.9 -64.1 -60.1 -54.3 -51.5 -45.4 -40.3 -34.1 -27.4 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-8.6 -1.7 0.4 2.5 4.8 1.7 5.1 3.8 5.9 2.3 Export market share - % of world exports5 year % change-6%8.2 5.6 11.5 13.1 9.2 7.3 8.4 3.3 19.7 13.4 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)-5.7 9.6 13.2 16.7 14.9 14.2 14.7 15.3 16.1 14.5 House price index (2015=100), deflated 1 year % change6%-0.3 6.4 4.7 -2.8 7.2 5.3 6.4 5.8 2.7 7.3 Private sector credit flow, consolidated% of GDP14%-2.4 -0.6 -4.6 -0.8 2.5 2.8 -0.2 1.1 -1.9 0.9 Private sector debt, consolidated% of GDP133%96.3 90.7 82.2 78.3 78.3 75.7 69.8 66.2 64.7 58.0 General government gross debt% of GDP60%42.4 40.3 41.6 37.0 40.3 38.9 37.0 36.5 42.0 43.6 Unemployment rate3 year average10%17.0 14.4 12.6 10.9 10.2 9.4 8.6 7.5 7.3 7.3 Total financial sector liabilities, non-consolidated1 year % change16.5%5.4 5.7 10.9 13.3 4.7 6.2 -3.5 4.6 10.8 13.2 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp1.0 1.1 1.8 1.4 2.4 2.5 1.9 1.1 1.1 -1.8 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp3.6 -3.4 -4.7 -3.7 -1.9 -1.5 -1.5 -1.7 -1.2 -1.1 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-4.9 -13.0 -11.4 -12.2 -5.7 -2.6 -4.1 -4.8 -2.1 2.6 Figures highlighted are the ones at or beyond the threshold.LatviaExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.15: The MIP scoreboard for Lithuania 

112 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-1.7 -1.2 1.2 0.9 0.0 -1.0 -0.1 1.5 3.7 4.0 Net international investment position% of GDP-35%-54.4 -50.8 -46.8 -43.8 -42.8 -37.3 -30.2 -23.5 -15.6 -7.4 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-6.7 -0.6 1.7 4.2 5.3 2.6 6.6 3.8 6.9 4.4 Export market share - % of world exports5 year % change-6%23.9 10.8 19.6 6.3 -1.5 3.5 2.9 16.4 38.7 37.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)-4.3 6.1 8.7 11.8 15.0 16.3 16.4 16.6 17.4 19.2 House price index (2015=100), deflated 1 year % change6%-3.2 0.4 6.4 4.7 4.4 5.2 4.5 4.5 6.1 11.0 Private sector credit flow, consolidated% of GDP14%0.4 -0.2 0.2 2.6 4.4 4.5 4.3 2.6 0.3 5.9 Private sector debt, consolidated% of GDP133%61.0 56.6 54.1 55.2 56.6 56.2 56.1 55.2 54.4 53.9 General government gross debt% of GDP60%39.7 38.7 40.5 42.5 39.7 39.1 33.7 35.8 46.3 43.7 Unemployment rate3 year average10%15.5 13.5 12.0 10.5 9.2 8.0 7.1 6.5 7.0 7.3 Total financial sector liabilities, non-consolidated1 year % change16.5%-0.6 -1.3 16.7 7.1 15.8 13.9 8.2 6.2 28.5 25.2 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp2.2 2.2 2.3 2.3 3.1 2.2 3.2 2.5 2.6 0.9 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp3.3 -2.3 -3.2 -2.7 -2.1 -2.1 -1.9 -1.1 -0.2 0.6 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-2.9 -13.8 -13.3 -10.4 -7.4 -6.0 -5.2 -2.6 6.3 3.2 LithuaniaExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold.1) For the employment indicators, see page 2 of the AMR 2016. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.16: The MIP scoreboard for Luxembourg 

113 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%5.6 5.3 5.1 4.9 4.8 4.8 4.4 4.0 3.9 4.2 Net international investment position% of GDP-35%63.2 61.5 67.3 63.3 55.5 80.6 61.1 67.8 55.7 30.6 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-2.4 0.8 0.5 -0.7 -1.5 -1.0 3.3 2.0 1.5 0.6 Export market share - % of world exports5 year % change-6%-6.3 7.0 9.0 17.9 25.7 23.6 11.6 7.0 17.6 13.1 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)8.0 9.9 5.8 5.6 2.6 6.0 9.9 14.7 13.0 11.2pHouse price index (2015=100), deflated 1 year % change6%2.0 3.4 3.7 4.5 5.2 3.3 5.1 8.3 13.1 12.4 Private sector credit flow, consolidated% of GDP14%24.5 26.4 28.1 21.3 3.1 -5.0 6.0 24.9 42.9 53.9pPrivate sector debt, consolidated% of GDP133%287.9 296.8 313.2 322.7 298.7 281.2 280.6 310.8 320.3 340.6pGeneral government gross debt% of GDP60%20.9 22.4 21.9 21.1 19.6 21.8 20.9 22.4 24.5 24.5 Unemployment rate3 year average10%4.8 5.3 5.6 6.2b6.3b6.2b5.8 5.6 6.0 5.9 Total financial sector liabilities, non-consolidated1 year % change16.5%14.9 10.3 38.4 16.8 5.0 0.9 -0.6 3.7 -2.6 11.4 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp0.7 1.7 2.9 1.5b0.1 -0.6 0.2b2.0 2.0 2.1 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp0.4 0.5 0.2 0.3b0.4 0.5 -0.5 -0.9 -0.4 0.4 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp1.6 1.3 5.8 -1.5b3.4 -7.2 -3.1 -1.9 7.8 2.7 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. p:Provisional. Employment indicators¹LuxembourgExternal imbalances and competitivenessInternal imbalances1) For the employment indicators, see page 2 of the AMR 2016. 2) International investment position has been revised downwards in 2015 following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics. 3) Labour Force Survey indicators, 2015, b = change in the sampling strategy and data collection technique.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.17: The MIP scoreboard for Hungary 

114 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%0.8 1.9 2.1 2.3 2.7 2.9 2.2 0.5 -0.5 -1.9 Net international investment position% of GDP-35%-91.7 -82.0 -80.1 -67.5 -59.1 -54.4 -50.7 -49.8 -52.2 -53.1 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-0.8 -3.8 -6.8 -7.2 -5.2 0.0 2.0 0.4 -4.9 -4.1 Export market share - % of world exports5 year % change-6%-23.3 -23.0 -17.0 -9.4 -2.3 10.2 8.2 5.0 7.4 0.0 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)7.0 7.3 6.1 1.3 5.6 9.3 12.3 11.5 13.7 12.4pHouse price index (2015=100), deflated 1 year % change6%-8.9 -4.2 2.8 12.5 12.3 8.6 10.7 11.8 1.5 10.0pPrivate sector credit flow, consolidated% of GDP14%-5.9 -0.9 -0.2 -2.5 -3.2 0.6 4.3 4.2 8.1 12.7pPrivate sector debt, consolidated% of GDP133%101.7 95.6 91.4 83.8 76.8 69.9 68.7 67.3 76.8 80.5pGeneral government gross debt% of GDP60%78.2 77.2 76.5 75.8 74.9 72.1 69.1 65.3 79.3 76.8 Unemployment rate3 year average10%10.7 10.4 9.3 8.0 6.4 5.2 4.2 3.6 3.7 3.8 Total financial sector liabilities, non-consolidated1 year % change16.5%-5.8 -1.2 8.7 0.4 19.5 -7.1 -9.1 36.8 55.0 16.4 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp2.3 2.7 4.3 4.8 5.4 4.3 3.6 2.6 2.0 2.1 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp0.8 -0.5 -1.5 -1.8 -2.5 -2.0 -1.6 -1.2 -0.5 -0.1 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp2.0 0.2 -5.3 -10.7 -13.4 -9.6 -7.2 -1.5 2.0 3.6 HungaryExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. Flags:p:Provisional. 1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.18: The MIP scoreboard for Malta 

115 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-2.8 -0.8 1.8 2.8 2.6 2.7 3.9 5.7 2.8 -0.8 Net international investment position% of GDP-35%19.1 25.9 41.8 36.1 47.8 56.6 55.5 53.5 51.0 52.8 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-7.6 -1.2 0.1 -2.8 -2.9 -2.5 4.5 1.8 2.1 -1.2 Export market share - % of world exports5 year % change-6%12.1 -0.9 -12.7 8.9 17.7 24.1 18.9 20.0 12.5 -0.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)7.2 9.3 2.3 0.9 6.3 6.7 10.1 7.2 19.6 12.9 House price index (2015=100), deflated 1 year % change6%0.4 -1.6 2.0 4.1 4.5 4.3 5.0 4.2 2.2 3.8pPrivate sector credit flow, consolidated% of GDP14%0.6 2.9 6.6 7.1 10.7 6.0 6.2 12.7 6.6 9.4 Private sector debt, consolidated% of GDP133%158.4 147.3 140.2 131.2 134.2 124.3 121.4 124.1 138.6 131.8 General government gross debt% of GDP60%66.6 66.4 62.1 56.2 54.7 47.8 43.7 40.7 53.3 56.3 Unemployment rate3 year average10%6.5 6.2 6.0 5.7 5.3 4.7 4.1 3.8 3.9 3.8 Total financial sector liabilities, non-consolidated1 year % change16.5%8.3 0.0 6.0 3.6 3.7 7.4 2.7 7.5 1.7 7.7 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp4.5 5.9 6.0 4.9 4.3 4.4 5.9 5.3 4.9 3.5 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp0.9 -0.6 -1.0 -1.1 -1.1 -0.9 -0.9 -1.5 -0.9 -0.9 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-0.7 -0.5 -1.6 -2.2 -2.0 -1.1 -2.5 -1.4 0.3 0.3 1) For the employment indicators, see page 2 of the AMR 2016. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Figures highlighted are the ones at or beyond the threshold. Flags:p:Provisional. MaltaExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
Table 4.19: The MIP scoreboard for Netherlands 

116 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%8.6 9.5 9.5 7.8 6.9 7.1 8.5 8.4 7.1 6.4 Net international investment position% of GDP-35%26.7 30.7 48.0 50.0 62.6 61.5 73.1 89.6 113.0 93.0 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-6.0 0.5 0.7 -0.9 -2.3 -1.8 3.3 2.4 3.8 2.2 Export market share - % of world exports5 year % change-6%-12.9 -11.6 -11.5 -6.9 -3.1 1.3 1.5 -0.3 6.8 1.1 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)2.6 4.8 3.7 -0.4 -0.3 0.1 3.7 6.0 14.4p11.2pHouse price index (2015=100), deflated 1 year % change6%-7.9 -7.9 -0.1 3.4 4.4 6.1 7.1 4.6 6.2 11.2pPrivate sector credit flow, consolidated% of GDP14%6.1 9.7 4.2 0.0 3.6 3.5 5.2 -0.3 -0.7p11.7pPrivate sector debt, consolidated% of GDP133%250.9 256.6 266.0 261.5 257.8 247.6 241.3 229.9 233.1p229.3pGeneral government gross debt% of GDP60%66.2 67.7 67.9 64.6 61.9 57.0 52.4 48.5 54.7 52.4 Unemployment rate3 year average10%6.3 7.0 7.8 8.2 7.8 6.9 5.9 5.1 4.7 4.5 Total financial sector liabilities, non-consolidated1 year % change16.5%6.0 -1.6 8.0 4.0 7.4 0.5 -2.8 7.9 1.4p-0.3pActivity rate - % of total population aged 15-643 year change in pp-0.2 pp0.9 1.5 0.9 0.6 0.3 0.7 0.6 1.2 1.2 1.0 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp0.8 1.2 1.3 1.0 0.0 -1.0 -1.5 -1.4 -1.0 -0.4 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp1.3 1.8 2.4 -0.4 -2.1 -3.4 -3.6 -3.6 0.2 0.4 1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Figures highlighted are the ones at or beyond the threshold. Flags:p:Provisional. NetherlandsExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
Table 4.20: The MIP scoreboard for Austria 

117 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%2.0 1.7 2.0 2.0 2.3 1.9 1.7 1.6 2.1 1.9 Net international investment position% of GDP-35%-3.2 1.3 3.4 2.2 4.1 4.3 6.0 14.4 11.5 14.7 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-4.7 0.7 1.9 1.3 0.9 0.2 4.8 2.1 3.2 1.2 Export market share - % of world exports5 year % change-6%-21.8 -18.6 -15.9 -9.3 -3.0 2.2 2.7 1.2 5.4 -2.7 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)3.8 6.4 7.9 6.4 5.5 4.3 5.0 5.6 12.0 9.9 House price index (2015=100), deflated 1 year % change6%4.8 3.0 1.4 3.4 7.0 3.4 2.6 4.0 6.1 9.9 Private sector credit flow, consolidated% of GDP14%1.2 1.0 0.9 2.1 3.3 3.6 4.8 5.1 4.4 7.4 Private sector debt, consolidated% of GDP133%128.2 127.1 124.8 124.0 123.3 122.3 122.9 121.5 130.4 129.7 General government gross debt% of GDP60%81.9 81.3 84.0 84.9 82.8 78.5 74.1 70.6 82.9 82.3 Unemployment rate3 year average10%5.1 5.3 5.6 5.9 6.2 6.2 5.9 5.3 5.3 5.7 Total financial sector liabilities, non-consolidated1 year % change16.5%0.4 -3.2 -0.8 -0.1 -3.5 4.4 -1.0 3.6 11.4 8.0 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp0.8 1.1 0.9 0.4 0.8 1.1 1.3 0.7 -0.4 0.1 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp0.1 0.1 0.4 0.5 0.8 0.4 -0.3 -1.0 -0.6 0.3 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-1.3 0.2 1.5 1.3 1.7 -0.5 -1.3 -2.9 1.2 1.0 1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)AustriaExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. 
 
 
 
 
 
 
 
 
Table 4.21: The MIP scoreboard for Poland 

118 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-4.8 -3.7 -3.0 -2.0 -1.7 -1.1 -1.4 -1.1 0.1 0.3 Net international investment position% of GDP-35%-64.5 -68.8 -68.8 -60.6 -66.2 -60.3 -54.7 -48.8 -43.9 -39.5 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)1.4 -4.3 -1.0 -1.4 -5.1 -3.5 0.1 2.8 1.1 -0.4 Export market share - % of world exports5 year % change-6%0.2 -2.5 1.2 5.1 13.6 23.6 22.2 22.0 33.6 24.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)7.1b3.5 2.6 0.4 2.4 4.0 6.6 8.0 14.0 9.9bHouse price index (2015=100), deflated 1 year % change6%-6.4 -4.7 1.3 1.9 2.7 2.0 5.0 6.4 6.7 3.7 Private sector credit flow, consolidated% of GDP14%4.9 3.2 4.9 3.6 4.9 3.1 3.8 3.6 1.8 4.0 Private sector debt, consolidated% of GDP133%74.2 76.5 79.0 79.1 82.3 77.3 76.7 74.2 76.1 71.6 General government gross debt% of GDP60%54.8 57.1 51.4 51.3 54.5 50.8 48.7 45.7 57.2 53.8 Unemployment rate3 year average10%10.1b10.3 10.1 9.2 7.7 6.3 5.1 4.1 3.5 3.3 Total financial sector liabilities, non-consolidated1 year % change16.5%9.1 6.0 1.7 2.9 9.2 4.6 3.3 4.3 11.6 13.6 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp2.3 2.0b2.5 2.0 2.4 2.3 2.6 2.1 1.4 3.4 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp1.6 1.4 0.2 -1.2 -2.3 -2.4 -2.0 -1.5 -0.9 -0.1 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp5.8 3.6 -1.9 -5.8 -9.8 -9.2 -9.2 -7.9 -4.0 0.1 PolandExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series.  
 
 
 
 
 
 
 
 
Table 4.22: The MIP scoreboard for Portugal 

119 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-5.9 -2.0 0.1 0.7 0.5 0.9 1.0 0.8 0.0 -0.6 Net international investment position% of GDP-35%-119.3 -120.2 -123.8 -118.9 -110.5 -110.4 -106.4 -100.0 -104.6 -94.7 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-4.0 -0.6 -1.8 -3.1 -1.8 -0.8 3.3 -0.3 0.0 -2.8 Export market share - % of world exports5 year % change-6%-17.4 -8.3 -7.5 0.7 5.0 13.9 8.5 8.3 -1.5 -5.3 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)-6.2 -3.8 -2.9 0.2 -0.5 2.8 6.3 8.5 15.6 12.5pHouse price index (2015=100), deflated 1 year % change6%-8.7 -2.6 4.0 2.2 6.1 7.6 8.6 9.0 8.1 7.9 Private sector credit flow, consolidated% of GDP14%-4.3 -2.3 -6.8 -1.4 -1.8 2.9 0.8 2.6 4.4 4.0pPrivate sector debt, consolidated% of GDP133%210.6 201.6 190.1 179.3 169.3 163.0 155.1 149.5 163.7 156.9pGeneral government gross debt% of GDP60%129.0 131.4 132.9 131.2 131.5 126.1 121.5 116.6 134.9 125.5 Unemployment rate3 year average10%14.2 15.8 16.1 14.9 13.0 11.2 9.3 7.7 7.0 6.8 Total financial sector liabilities, non-consolidated1 year % change16.5%-3.5 -5.2 -7.3 -1.4 -0.4 1.3 0.4 -0.2 6.6 7.1 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp0.2 -0.3 0.1 1.0 1.5 2.0 2.2 2.2 0.0 0.7 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp3.3 3.4 2.2 -0.6 -3.3 -4.1 -4.3 -3.6 -2.3 -0.3 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp12.8 10.3 4.5 -6.1 -10.3 -10.9 -11.7 -9.7 -1.4 3.1 Figures highlighted are the ones at or beyond the threshold. Flags:p:Provisional. PortugalExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.23: The MIP scoreboard for Romania 

120 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-4.9 -3.5 -2.0 -0.7 -0.9 -1.8 -3.1 -4.2 -4.8 -5.7 Net international investment position% of GDP-35%-64.6 -63.6 -57.0 -54.7 -50.0 -47.8 -43.4 -43.4 -47.6 -47.2 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-2.0 0.5 -1.0 2.7 -2.6 -5.6 -0.7 0.2 3.4 1.0 Export market share - % of world exports5 year % change-6%12.2 13.9 20.9 21.3 24.5 38.0 23.4 17.4 19.9 10.6 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)3.7 0.9 9.4 3.9 11.3 17.6 28.7 24.0 20.7 14.4pHouse price index (2015=100), deflated 1 year % change6%-8.9 -1.7 -3.2 1.7 5.2 3.3 1.7 -1.9 2.3 -1.1 Private sector credit flow, consolidated% of GDP14%0.3 -1.5 -2.3 0.2 0.6 1.7 1.9 2.0 1.3 3.8pPrivate sector debt, consolidated% of GDP133%68.9 67.2 62.0 58.0 54.6 51.3 47.1 46.5 48.0 48.1pGeneral government gross debt% of GDP60%35.4 37.8 39.2 37.8 37.9 35.3 34.5 35.1 46.9 48.9 Unemployment rate3 year average10%8.9 8.9 8.8 8.7 8.1 7.2 6.2 5.4 5.4 5.5 Total financial sector liabilities, non-consolidated1 year % change16.5%4.8 0.8 1.2 4.1 7.0 8.2 3.4 10.3 13.4 14.3 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp3.5 0.5 1.7 2.3 2.3 3.0 2.5 3.1 2.3 3.2 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp1.1 0.9 -0.2 -0.1 -0.5 -1.0 -1.4 -1.4 -0.6 -0.2 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp3.4 1.6 0.6 -0.9 -3.7 -7.0 -6.8 -4.9 -1.4 0.5 Figures highlighted are the ones at or beyond the threshold. Flags:p:Provisional. Internal imbalancesRomaniaExternal imbalances and competitivenessEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.24: The MIP scoreboard for Slovenia 

121 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-0.1 1.3 3.2 4.1 4.6 4.9 5.6 6.0 6.5 5.8 Net international investment position% of GDP-35%-44.0 -39.3 -38.4 -31.2 -28.8 -24.2 -18.9 -16.2 -15.6 -6.8 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-4.5 -0.6 1.2 0.3 -0.6 -2.0 2.0 1.0 1.9 -0.4 Export market share - % of world exports5 year % change-6%-20.9 -18.5 -13.2 -5.0 3.2 17.8 19.4 15.8 19.5 11.6 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)0.1 0.1 0.1 -0.1 1.3 3.6 5.7 8.0 14.5 12.8 House price index (2015=100), deflated 1 year % change6%-8.5 -7.2 -6.2 1.4 3.6 6.6 6.6 5.3 5.2 7.8 Private sector credit flow, consolidated% of GDP14%-2.8 -3.7 -4.7 -5.0 -0.8 0.9 1.3 0.8 -0.9 3.5 Private sector debt, consolidated% of GDP133%112.2 107.2 97.9 87.4 81.0 76.1 72.5 68.6 69.5 66.4 General government gross debt% of GDP60%53.6 70.0 80.3 82.6 78.5 74.2 70.3 65.4 79.6 74.5 Unemployment rate3 year average10%8.1 9.1 9.6 9.6 8.9 7.9 6.6 5.4 4.8 4.7 Total financial sector liabilities, non-consolidated1 year % change16.5%-0.7 -10.1 -0.1 -3.8 3.4 5.3 4.1 9.9 14.0 14.1 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp-1.6 -0.8 0.7 1.4 1.1 3.2 3.2 3.5 0.2 0.6 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp2.5 2.0 1.6 0.4 -0.9 -2.2 -2.5 -2.4 -1.2 -0.3 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp7.0 6.9 4.6 -4.4 -6.3 -9.2 -7.5 -7.2 3.0 3.9 Employment indicators¹Figures highlighted are the ones at or beyond the threshold.SloveniaExternal imbalances and competitivenessInternal imbalances1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.25: The MIP scoreboard for Slovakia 

122 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-2.9 -0.7 1.3 0.3 -1.2 -2.2 -2.3 -2.5 -1.7 -1.8 Net international investment position% of GDP-35%-60.4 -62.0 -63.4 -63.6 -66.6 -68.2 -69.4 -65.6 -64.8 -61.0 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-3.2 2.1 1.2 -1.2 -1.6 -2.0 2.5 2.6 5.3 3.1 Export market share - % of world exports5 year % change-6%-10.4 -4.3 1.7 3.9 7.1 4.9 2.0 1.3 7.4 -2.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)-0.5 3.4 3.0 2.5 4.0 7.8 11.3 14.2 15.4 14.1 House price index (2015=100), deflated 1 year % change6%-5.9 -0.4 1.5 5.5 7.0 4.4 4.9 6.2 7.2 3.0 Private sector credit flow, consolidated% of GDP14%1.8 4.9 5.0 5.0 9.2 5.0 6.2 4.5 2.5 5.5 Private sector debt, consolidated% of GDP133%70.8 75.0 78.8 80.2 87.9 89.8 90.5 91.0 94.5 95.0 General government gross debt% of GDP60%51.7 54.7 53.5 51.7 52.3 51.5 49.4 48.0 58.9 62.2 Unemployment rate3 year average10%13.9b13.8b13.7 12.9 11.4 9.7 8.1 6.8 6.3 6.4 Total financial sector liabilities, non-consolidated1 year % change16.5%1.1 1.4 9.4 10.4 8.6 16.6 9.6 5.8 10.2 24.0 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp1.0 1.3 1.6b1.6 2.1 1.9 1.5 0.8 0.4 0.2 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp3.3 0.9 0.0 -2.1 -4.8 -4.8 -4.1 -2.9 -2.2 -0.8 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp6.8 0.0 -3.8 -7.6 -11.5 -11.0 -11.9 -6.3 0.4 4.8 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. SlovakiaExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Table 4.26: The MIP scoreboard for Finland 

123 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%-0.7 -1.8 -1.7 -1.4 -1.4 -1.2 -1.5 -1.0 -0.5 0.3 Net international investment position% of GDP-35%10.6 3.0 -3.1 4.8 5.5 1.2 -5.6 4.0 -4.0 -1.4 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)-8.3 0.2 2.7 2.1 0.4 -2.6 2.9 0.1 2.3 -0.7 Export market share - % of world exports5 year % change-6%-32.4 -32.6 -27.5 -23.2 -15.9 -5.3 -4.2 3.1 11.6 4.9 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)5.8 9.3 7.6 3.3 0.3 -3.7 -2.0 1.3 5.3 6.0 House price index (2015=100), deflated 1 year % change6%-0.4 -1.3 -1.6 -0.5b1.1 0.1 -0.4 -0.6 1.3 2.8 Private sector credit flow, consolidated% of GDP14%7.2 3.0 1.7 6.9 1.3 8.3 4.3 6.6 6.1 6.1 Private sector debt, consolidated% of GDP133%147.7 147.0 148.8 152.1 148.1 147.7 143.9 146.1 152.6 150.1 General government gross debt% of GDP60%57.7 60.6 64.5 68.3 68.0 66.0 64.9 64.9 74.8 72.4 Unemployment rate3 year average10%8.2 8.1 8.3 8.8 9.0 9.0 8.4 7.7 7.3 7.4 Total financial sector liabilities, non-consolidated1 year % change16.5%-1.3 -11.5 9.4 1.4 3.8 -4.1 20.1 7.8 8.0 9.4 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp0.3 0.9 0.6 0.4 0.6 1.2 2.2 2.3 1.5 1.8 Long-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp0.4 -0.4 0.2 0.8 0.8 0.2 -0.9 -1.4 -1.1 -0.2 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-2.2 -1.4 0.2 3.0 -0.1 -0.5 -5.2 -2.8 1.0 -0.2 Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. Internal imbalancesFinlandExternal imbalances and competitiveness1) For the employment indicators, see page 2 of the AMR 2016. 2) House price index b = break in time series due to new calculation method for New dwellings (apartments). 3) Total financial sector liabilities, 2018: the increase is largely explained by international group changes in the deposit-taking corporations sector.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Employment indicators¹ 
 
 
 
 
 
 
 
 
Table 4.27: The MIP scoreboard for Sweden 

124 

Thresholds2012201320142015201620172018201920202021Current account balance, % of GDP 3 year average-4%/+6%5.6 5.4 5.0 4.3 3.3 2.9 2.7 3.7 4.7 5.6 Net international investment position% of GDP-35%-15.5 -17.2 -3.7 -6.6 -3.5 -0.9 8.1 13.2 9.4 21.2 Real effective exchange rate - 42 trading partners, HICP deflator3 year % change±5% (EA) ±11% (Non-EA)10.3 5.1 -3.7 -8.3 -9.2 -5.5 -4.0 -8.3 -4.8 2.1 Export market share - % of world exports5 year % change-6%-19.6 -16.9 -10.1 -10.5 -9.5 -5.7 -6.8 -2.9 3.1 -1.0 Nominal unit labour cost index (2015=100)3 year % change9% (EA) 12% (Non-EA)4.1 8.7 7.4 2.5 3.0 4.0 8.1 7.2 8.7 5.5 House price index (2015=100), deflated 1 year % change6%0.7 4.5 8.3 12.0 7.3 4.8 -3.3 0.4 3.3 8.1 Private sector credit flow, consolidated% of GDP14%2.3 4.6 4.5 7.5 8.4 13.2 8.9 9.7 14.4 16.6 Private sector debt, consolidated% of GDP133%191.0 193.8 193.1 190.9 192.5 198.7 195.0 200.0 212.8 215.2 General government gross debt% of GDP60%37.5 40.3 45.0 43.7 42.3 41.0 39.2 35.2 39.5 36.3 Unemployment rate3 year average10%8.3 8.1 8.1 8.0 7.6 7.2 6.8b6.8b7.3b8.1 Total financial sector liabilities, non-consolidated1 year % change16.5%5.6 9.8 12.6 1.8 8.7 6.9 -1.3 11.5 10.7 10.9 Activity rate - % of total population aged 15-643 year change in pp-0.2 pp1.5 2.1 1.6 1.5 1.0 1.0 0.9b0.8 0.0 0.6bLong-term unemployment rate - % of active population aged 15-743 year change in pp0.5 pp0.6 -0.2 0.0 0.0 -0.3 -0.3 -0.6b-0.5 -0.2 0.2 Youth unemployment rate - % of active population aged 15-243 year change in pp2 pp-1.4 -1.2 0.2 -3.3 -4.6 -5.1 -2.9b1.1 6.3 7.9 SwedenExternal imbalances and competitivenessInternal imbalancesEmployment indicators¹Figures highlighted are the ones at or beyond the threshold. Flags:b:Break in series. 1) For the employment indicators, see page 2 of the AMR 2016.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
 
 
Chapter 5: Tables by Member State - Auxiliary indicators used in the economic reading of the MIP scoreboard 
Table 5.1: Auxiliary indicators for Belgium 

125 

Belgium2012201320142015201620172018201920202021Real GDP (1 year % change) 0.7 0.5 1.6 2.0 1.3 1.6 1.8 2.2 -5.4p6.1pGross fixed capital formation (% of GDP)23.0 22.2 22.8 23.0 23.3 23.3 23.6 24.3 24.2p24.2pGross domestic expenditure on R&D (% of GDP)2.3 2.3 2.4 2.4 2.5 2.7 2.9 3.2 3.4enaCurrent plus capital account (net lending-borrowing) (% of GDP)0.6 0.9 0.6 1.4 0.7 0.8 -0.8 0.2 1.1 0.6 Net international investment position excluding non-defaultable instruments (% of GDP) 58.6 58.5 51.8 51.7 52.2 44.7 34.4 36.1 34.6 37.3 Foreign direct investment in the reporting economy, flows (% of GDP)2.4 -5.6 -2.7 -4.3 12.2 -7.2 -7.7 -3.9 -4.9 4.0 Foreign direct investment in the reporting economy, stocks (% of GDP)244.0 231.9 226.9 225.3 221.9 201.4 187.5 185.8 180.0 166.7 Net trade balance of energy products (% of GDP)-5.0 -4.5 -3.8 -2.7 -2.2 -2.5 -3.4 -2.5 -1.7p-3.3pReal effective exchange rate - euro area trading partners (3 year % change)1.9 0.6 -0.1 0.1 1.9 2.6 2.8 1.1 0.4 0.4 Export performance against advanced economies (5 year % change)-6.4 -6.1 -6.9 -11.7 -6.9 -1.1 -3.5 -3.9 10.7 7.1 Terms of trade (5 year % change)-2.8 0.2 -2.5 0.3 2.6 2.1 0.9 1.3 1.2p-1.2pExport market share in volume (1 year % change)-3.5 -3.0 1.1 0.9 4.0 -0.3 -3.2 1.5 3.2p1.0pLabour productivity (1 year % change)0.3 0.8 1.2 1.2 0.0 0.1 0.3 0.6 -5.4p4.2pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana4.3e3.8e3.2e2.7e2.3e2.1e2.1e1.6pUnit labour cost performance relative to EA (10 year % change)1.1 2.9 3.3 1.9 0.0 0.8 -1.2 0.4 0.5 -3.3 House price index (2015=100) - nominal (3 year % change)9.7 7.6 2.9 2.3 3.8 8.2 9.4 10.9 11.5 16.1 Residential construction (% of GDP)5.9 5.7 5.9 5.7 5.7 5.7 5.9 6.1 6.1p6.3pHousehold debt, consolidated (incl. NPISH, % of GDP)55.1 55.7 57.5 57.9 58.2 58.9 59.0 60.4 65.6 62.1 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)17.4e15.7e15.1e14.7e14.2e13.2e13.1e13.4e14.2e13.8pFlags:e:Estimated. p:Provisional. 1) The official transmission deadline for 2021 data on Gross domestic expenditure on R&D is 31 October 2022 while data were extracted on 21 October 2022.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
 
Table 5.1 (continued): Auxiliary indicators for Belgium 

126 

20122013201420152016201720182019202020211 year % change0.4 -0.3 0.4 0.9 1.3 1.6 1.5 1.6 0.1p1.9p%67.0 67.6 67.8 67.7 67.7 68.0b68.6 69.1 68.4 69.7 %3.1 3.5 3.9 4.0 3.7 3.1b2.6 2.1 2.1 2.6 %20.0 23.9 23.4 22.5 20.3 19.4b16.0 14.5 15.9 18.2 %12.3 12.7 12.0 12.2 9.9 9.3b9.2 9.3 9.2 7.4b3 year change in pp1.2 1.8 0.2b-0.1 -2.8 -2.7b-3.0 -0.6 -0.1b-1.8b%nanana21.6 22.2 22.0 20.5 20.0b20.3 18.8 3 year change in ppnananananana-1.1 -2.2b-1.7 -1.7 %15.3 15.1 15.5 14.9 15.5 15.9 16.4 14.8b14.1 12.7 3 year change in pp0.7 0.5 0.2 -0.4 0.4 0.4 1.5 -0.7b-1.8 -3.7 %nanana7.2 8.4 7.2 6.5 6.3 6.7 6.3 3 year change in ppnananananana-0.7 -2.1 -0.5 -0.2 %nanana15.0 15.2 14.5 13.1 12.8 12.3 11.9 3 year change in ppnananananana-1.9 -2.4 -2.2 -1.2 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1) Labour Force Survey indicators, b = change in the survey methodology. 2) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700. 3) Income and Living Conditions indicators, 2019, b = major substantive and methodological changes.Source: European Commission, EurostatBelgiumEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
Table 5.2: Auxiliary indicators for Bulgaria 

127 

Bulgaria2012201320142015201620172018201920202021Real GDP (1 year % change) 0.8 -0.6 1.0 3.4 3.0 2.8 2.7 4.0 -4.0 7.6 Gross fixed capital formation (% of GDP)21.1 21.2 21.1 20.9 18.4 18.3 18.8 18.6 19.1 16.3 Gross domestic expenditure on R&D (% of GDP)0.6 0.6 0.8 1.0 0.8 0.7 0.8 0.8 0.9 0.8pCurrent plus capital account (net lending-borrowing) (% of GDP)0.4 2.4 3.5 3.1 5.3 4.3 2.0 3.3 1.5 0.2 Net international investment position excluding non-defaultable instruments (% of GDP) 4.2 7.3 10.8 21.4 30.1 32.9 36.4 40.2 47.9 49.8 Foreign direct investment in the reporting economy, flows (% of GDP)3.3 3.6 1.9 4.4 2.7 3.3 2.7 3.2 5.1 2.6 Foreign direct investment in the reporting economy, stocks (% of GDP)89.5 89.2 92.8 92.5 89.4 86.4 84.5 81.2 85.9 80.8 Net trade balance of energy products (% of GDP)-6.8 -6.2 -5.6 -3.8 -2.4 -3.0 -3.4 -3.0 -2.0 -3.4 Real effective exchange rate - euro area trading partners (3 year % change)1.9 -0.4 -3.0 -4.1 -4.8 -3.2 -1.1 1.7 3.0 2.3 Export performance against advanced economies (5 year % change)9.7 7.7 13.5 15.6 7.2 16.9 10.5 13.2 16.3 17.4 Terms of trade (5 year % change)5.9 4.2 3.0 3.6 3.1 5.7 7.5 8.9 12.8 8.2 Export market share in volume (1 year % change)-1.0 6.2 -1.0 3.6 6.4 0.0 -2.6 3.1 -2.2 0.7 Labour productivity (1 year % change)3.3 -0.1 0.6 3.1 2.5 1.0 2.8 3.7 -1.7 7.4 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana16.0e14.5e12.8e10.2e7.7e6.5e5.9e4.8pUnit labour cost performance relative to EA (10 year % change)42.1 53.2 56.2 54.3 53.4 53.9 47.8 42.9 39.2 54.2 House price index (2015=100) - nominal (3 year % change)-16.7e-9.3 -2.7 2.0b11.6 19.5 24.0 22.8 18.2 20.5pResidential construction (% of GDP)1.7 1.7 1.6 1.4 2.7 2.8 2.7 2.8 2.9 2.8 Household debt, consolidated (incl. NPISH, % of GDP)25.4 25.5 25.1 23.2 22.6 22.5 23.0 23.0 24.4 24.9 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)7.6e7.8e7.9e7.7e7.7e7.7e7.5e8.2e7.9e8.0pFlags:b:Break in series. e:Estimated. p:Provisional. 1) House price index e = NSI estimates; b = break in time series due to full implementation of harmonised EU methodology. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.2 (continued): Auxiliary indicators for Bulgaria 

128 

20122013201420152016201720182019202020211 year % change-2.5 -0.4 0.4 0.4 0.5 1.8 -0.1 0.3 -2.3 0.2 %67.0 68.2 68.9 69.2 68.6 71.2 71.4 73.1 72.1 72.0 %7.2 7.9 7.4 6.1 5.0 3.9 3.6 2.9 2.7 2.6 %31.2 31.5 26.9 24.7 20.4 16.1 15.9 12.1 17.4 15.8 %21.5 21.6 20.2 19.3 18.2 15.3 15.0 13.7 14.4 14.0b3 year change in pp2.0 0.6b-1.6 -2.2 -3.4 -4.9 -4.3 -4.5 -0.9 -1.0b%nanana43.3 41.0b38.0 33.0 33.2 33.6 31.7 3 year change in ppnananananana-10.3 -7.8b-4.4 -1.3 %21.2 21.0 21.8 22.0 22.9b23.4 22.0 22.6 23.8 22.1 3 year change in pp-0.6 0.3 -0.4 0.8 1.9b1.6 0.0 -0.3b0.4 0.1 %nanana36.8 33.5 30.0 22.3 22.1 22.1 19.1 3 year change in ppnananananana-14.5 -11.4 -7.9 -3.2 %nanana11.5 11.5 11.1 9.0 9.2 8.4 8.4 3 year change in ppnananananana-2.5 -2.3 -2.7 -0.6 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1)Youngpeopleneitherinemploymentnorineducationandtraining,b=Breakinthedataseriesin2021duetotheimplementationofRegulation(EU)2019/1700.2)IncomeandLivingConditionsindicators,b=increaseofrotationalgroupsfrom4to6in2016leadstoincreaseofoverallsamplesize.Thenumberofpensioners(fromNationalSocialSecurity Institute) was used as calibration variable for the first time. Source: European Commission, EurostatBulgariaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.3: Auxiliary indicators for Czech Republic 

129 

Czech Republic2012201320142015201620172018201920202021Real GDP (1 year % change) -0.8 0.0 2.3 5.4 2.5 5.2 3.2 3.0 -5.5 3.5 Gross fixed capital formation (% of GDP)26.2 25.4 25.4 26.5 24.9 24.9 26.3 27.1 26.5 26.0 Gross domestic expenditure on R&D (% of GDP)1.8 1.9 2.0 1.9 1.7 1.8 1.9 1.9 2.0 2.0pCurrent plus capital account (net lending-borrowing) (% of GDP)-0.3 1.5 0.9 2.6 2.9 2.4 0.7 0.8 3.2 0.7 Net international investment position excluding non-defaultable instruments (% of GDP) 9.3 14.8 19.0 20.3 27.6 26.5 27.8 30.2 37.3 36.4 Foreign direct investment in the reporting economy, flows (% of GDP)4.5 3.5 3.9 0.9 5.5 5.2 3.4 4.3 3.4 2.7 Foreign direct investment in the reporting economy, stocks (% of GDP)74.2 76.6 76.7 75.3 78.0 77.3 78.9 77.1 83.2 82.1 Net trade balance of energy products (% of GDP)-4.6 -4.7 -3.9 -2.4 -2.0 -2.5 -2.9 -2.4 -1.5 -2.5 Real effective exchange rate - euro area trading partners (3 year % change)5.6 -2.4 -10.1 -8.2 -3.8 5.6 7.6 7.5 3.7 4.5 Export performance against advanced economies (5 year % change)5.9 -2.7 0.7 0.3 0.7 5.5 8.6 3.1 8.7 3.4 Terms of trade (5 year % change)-3.3 -1.0 -1.6 0.8 3.4 3.0 1.9 0.9 2.0 0.8 Export market share in volume (1 year % change)1.3 -3.1 4.6 3.2 2.1 1.4 -0.6 0.6 0.2 -3.4 Labour productivity (1 year % change)-1.2 -0.4 1.7 3.9 0.9 3.6 1.9 2.8 -3.9 3.2 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nananana4.0e2.8e2.1e1.7e1.9e1.7pUnit labour cost performance relative to EA (10 year % change)3.5 1.1 -1.1 -1.2 0.4 1.2 4.8 9.4 10.9 15.1 House price index (2015=100) - nominal (3 year % change)-3.1 -1.4 0.9 6.5 14.2 24.4 30.0 32.4 28.6 41.7 Residential construction (% of GDP)4.1 3.8 3.8 3.8 3.8 4.2 4.3 4.4 4.6 4.6 Household debt, consolidated (incl. NPISH, % of GDP)30.7 31.4 30.2 30.2 31.1 31.5 31.8 31.5 33.9 34.4 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)10.4e10.8e10.0e10.1e10.7e12.4e12.5e12.1e12.1e12.3pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
 
Table 5.3 (continued): Auxiliary indicators for Czech Republic 

130 

20122013201420152016201720182019202020211 year % change0.4 0.3 0.6 1.4 1.6 1.5 1.3 0.2 -1.7 0.4 %71.6 72.9 73.5 74.0 75.0 75.9 76.6 76.7 76.4 76.6 %3.0 3.0 2.7 2.4 1.7 1.0 0.7 0.6 0.6 0.8 %19.5 19.0 15.9 12.6 10.5 7.9 6.7 5.6 8.0 8.2 %8.9 9.1b8.1 7.5 7.0 6.3 5.6 5.7 6.6 6.5b3 year change in pp0.4 0.3b-0.2b-1.4 -2.1b-1.8 -1.9 -1.3 0.3 0.9b%nanana13.0 12.4 12.1 11.8 12.1 11.5 10.7 3 year change in ppnananananana-1.2 -0.3 -0.6 -1.1 %9.6 8.6 9.7 9.7 9.7 9.1 9.6 10.1 9.5 8.6 3 year change in pp1.0 -0.4 -0.1 0.1 1.1 -0.6 -0.1 0.4 0.4 -1.0 %nanana4.5 3.5 3.4 2.4 2.1 1.9 1.8 3 year change in ppnananananana-2.1 -1.4 -1.5 -0.6 %nanana6.8 6.7 5.7 4.5 4.4 4.4 5.4 3 year change in ppnananananana-2.3 -2.3 -1.3 0.9 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatCzech RepublicEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.4: Auxiliary indicators for Denmark 

131 

Denmark2012201320142015201620172018201920202021Real GDP (1 year % change) 0.2 0.9 1.6 2.3 3.2 2.8 2.0 1.5 -2.0 4.9 Gross fixed capital formation (% of GDP)18.8 19.1 19.2 19.9 21.0 21.2 21.7 21.2 22.3 22.6 Gross domestic expenditure on R&D (% of GDP)3.0 3.0 2.9 3.1 3.1 2.9 3.0 2.9p3.0 2.8pCurrent plus capital account (net lending-borrowing) (% of GDP)6.3 7.7 8.7 7.9 7.8 8.1 7.3 8.5 7.8 9.1 Net international investment position excluding non-defaultable instruments (% of GDP) -2.7 -3.6 11.4 9.6 15.5 18.6 15.9 29.0 32.6 32.1 Foreign direct investment in the reporting economy, flows (% of GDP)-4.9 0.2 2.0 0.6 2.5 1.0 2.5 -1.0 -0.1 3.3 Foreign direct investment in the reporting economy, stocks (% of GDP)43.6 41.8 49.8 50.0 56.3 53.9 57.8 56.5 57.5 56.6 Net trade balance of energy products (% of GDP)0.8 0.3 0.0 0.0 0.0 -0.1 -0.2 -0.2 -0.3 -0.5 Real effective exchange rate - euro area trading partners (3 year % change)0.7 -1.3 -1.4 -1.5 -0.4 -0.7 -1.8 -2.5 -2.0 -1.3 Export performance against advanced economies (5 year % change)-8.8 -11.3 -9.6 -6.5 -4.8 -1.1 -2.3 0.0 11.2 11.3 Terms of trade (5 year % change)3.1 2.4 3.7 1.6 3.4 2.8 1.0 -0.7 1.3 1.9 Export market share in volume (1 year % change)-1.8 -1.8 -1.0 0.8 1.9 -1.0 -0.9 3.6 1.9 -2.3 Labour productivity (1 year % change)0.9 0.9 0.7 1.0 1.5 1.3 0.5 0.1 -0.9 2.3 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana5.1e3.9e3.3e2.5e2.3e1.9e1.9e1.8pUnit labour cost performance relative to EA (10 year % change)5.4 4.5 5.2 4.0 1.5 -2.7 -5.2 -7.4 -8.1 -6.6 House price index (2015=100) - nominal (3 year % change)-1.7 -0.6 4.9 15.3 16.8 17.7 14.8 11.7 12.3 20.2 Residential construction (% of GDP)4.1 3.7 3.9 4.0 4.2 4.6 4.8 5.2 5.7 6.0 Household debt, consolidated (incl. NPISH, % of GDP)136.3 133.3 131.5 128.9 116.4b113.8 111.9 110.6 111.9 104.3 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)20.3e18.4e18.4e16.7e16.7e16.4e16.4e16.7e17.4e16.2pFlags:b:Break in series. e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.4 (continued): Auxiliary indicators for Denmark 

132 

20122013201420152016201720182019202020211 year % change-0.7 0.0 0.9 1.4 1.7 1.5 1.5 1.4 -1.1 2.4 %77.2 76.6 76.6 76.9 77.5b77.9b78.2 79.1 79.0 79.6 %2.1 1.8 1.7 1.6 1.2b1.2b1.0 0.8 0.9 1.0 %15.8 14.8 14.2 12.2 12.2b12.4b10.5 10.1 11.6 10.8 %7.3 6.6 6.4 7.0 6.7b7.6b7.7 7.7 7.4 7.1b3 year change in pp0.8 -0.3 -0.8 -0.3 0.1b1.2b0.7 1.0b-0.2b-0.6b%nanana18.6 17.5 17.8 17.5 17.3 16.8b17.3 3 year change in ppnananananana-1.1 -0.2 -1.0b-0.2 %12.0 11.9 12.1 12.2 11.9 12.4 12.7 12.5 12.1b12.3 3 year change in pp-1.1 -1.4 0.0 0.2 0.0 0.3 0.5 0.6 -0.3b-0.4 %nanana3.2 2.6 3.6 3.5 3.8 3.5 3.1 3 year change in ppnananananana0.3 1.2 -0.1 -0.4 %nanana11.9 11.1 10.5 10.0 9.5 9.1 9.7 3 year change in ppnananananana-1.9 -1.6 -1.4 -0.3 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1)LabourForceSurveyindicators,b=improvementinthedatacollectionandintroductionofCAWI(computer-assistedwebinterviewing)technique.2)Youngpeopleneitherinemploymentnorineducationandtraining,b=Breakinthedataseriesin2021duetotheimplementationofRegulation(EU)2019/1700.3)IncomeandLivingConditions,b=methodological revisions on income variables.Source: European Commission, EurostatDenmarkEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.5: Auxiliary indicators for Germany 

133 

Germany2012201320142015201620172018201920202021Real GDP (1 year % change) 0.4 0.4 2.2 1.5 2.2 2.7 1.0 1.1p-3.7p2.6pGross fixed capital formation (% of GDP)20.3 19.9 20.0 20.0 20.3 20.4 21.1 21.4p21.6p21.8pGross domestic expenditure on R&D (% of GDP)2.9 2.8 2.9 2.9 2.9 3.1 3.1 3.2 3.1e3.1pCurrent plus capital account (net lending-borrowing) (% of GDP)7.1 6.5 7.3 8.6 8.6 7.7 8.0 7.5 6.8 7.3 Net international investment position excluding non-defaultable instruments (% of GDP) 22.1 29.5 31.7 34.5 37.9 45.1 45.7 51.0 54.9 54.6 Foreign direct investment in the reporting economy, flows (% of GDP)1.8 1.8 0.5 1.9 1.8 3.0 4.2 1.8 3.6 1.7 Foreign direct investment in the reporting economy, stocks (% of GDP)40.0 41.3 41.3 42.2 42.9 43.8 45.6 46.2 50.2 49.6 Net trade balance of energy products (% of GDP)-3.6 -3.4 -2.8 -2.0 -1.5 -1.7 -2.0 -1.8p-1.2p-1.9pReal effective exchange rate - euro area trading partners (3 year % change)-1.3 -0.7 0.0 1.0 1.0 0.8 0.4 0.3 0.1 0.6 Export performance against advanced economies (5 year % change)-7.8 -6.1 -2.8 -1.0 0.1 2.9 1.0 -2.9 1.4 -1.6 Terms of trade (5 year % change)-2.3 0.4 -2.6 1.9 6.4 5.7 3.8 3.2p2.8p-1.6pExport market share in volume (1 year % change)-0.1 -2.4 0.7 2.6 0.3 -0.9 -2.1 0.4p-1.1p-0.6pLabour productivity (1 year % change)-0.7 -0.3 1.3 0.5 1.0 1.3 -0.4 0.1p-2.9p2.5pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana3.9e3.0e2.6e1.8e1.4e1.2e1.2e1.1pUnit labour cost performance relative to EA (10 year % change)-9.7 -7.3 -4.5 0.5 5.1 8.4 11.7 10.6 11.2 12.9 House price index (2015=100) - nominal (3 year % change)8.2 10.4 10.0 11.4 16.1 19.5 21.7 19.7 21.6 27.1pResidential construction (% of GDP)5.9 5.9 5.9 5.8 6.0 6.0 6.3 6.4p7.0p7.2pHousehold debt, consolidated (incl. NPISH, % of GDP)56.6 55.7 54.2 53.6 53.3 52.9 52.7 53.4 57.0 56.7 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)23.5e20.3e19.2e18.6e18.4e14.1e13.9e13.7e14.4e14.1pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.5 (continued): Auxiliary indicators for Germany 

134 

20122013201420152016201720182019202020211 year % change1.1 0.8 0.9 0.9 1.2 1.4 1.4 0.9p-0.8p0.1p%76.0 76.4 76.5 76.4 76.7 77.0 77.5 78.0 77.3b78.7 %2.4 2.3 2.2 2.0 1.7 1.5 1.4 1.2 1.1b1.2 %8.6 8.3 8.3 7.7 7.5 7.2 6.6 6.2 8.0b6.9 %7.1 6.3 6.4 6.2 6.7 6.3 5.9 5.7 7.4b7.5b3 year change in pp-1.7 -2.0b-1.1b-0.9 0.4 -0.1 -0.3 -1.0 1.1b1.6b%nanana20.0 19.8 18.8 18.5 17.3 20.4b20.7 3 year change in ppnananananana-1.5 -2.5 1.6b2.2 %16.1 16.1 16.7 16.7 16.5 16.1 16.0 14.8 16.1b15.8 3 year change in pp0.6 0.5 0.9 0.6 0.4 -0.6 -0.7 -1.7 0.0b-0.2 %nanana5.7 4.7 3.7 3.4 3.0 4.4b4.2 3 year change in ppnananananana-2.3 -1.7 0.7b0.8 %nanana9.5 9.4 8.7 8.0 7.6 8.3b9.3 3 year change in ppnananananana-1.5 -1.8 -0.4b1.3 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1)LabourForceSurveyindicators,b=duetotechnicalissueswiththeintroductionofthenewGermansystemofintegratedhouseholdsurveys,includingtheLFS,thefiguresforGermanyin2020arenotdirectestimatesfromLFSmicro-data,butbasedonalargersampleincludingadditionaldatafromotherintegratedhouseholdsurveys.2)Youngpeopleneither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700. 3) Income and Living Conditions indicators, 2020, b = major substantive and methodological changes.Source: European Commission, EurostatGermanyEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.6: Auxiliary indicators for Estonia 

135 

Estonia2012201320142015201620172018201920202021Real GDP (1 year % change) 3.2 1.5 3.0 1.9 3.2 5.8 3.8 3.7 -0.6 8.0 Gross fixed capital formation (% of GDP)28.7 27.9 25.7 24.5 24.4 25.9 27.1 25.4 31.2 28.9 Gross domestic expenditure on R&D (% of GDP)2.1 1.7 1.4 1.5 1.2 1.3 1.4 1.6 1.8 1.7pCurrent plus capital account (net lending-borrowing) (% of GDP)1.5 2.9 1.8 3.8 2.3 3.2 2.3 4.1 0.8 7.1 Net international investment position excluding non-defaultable instruments (% of GDP) 3.3 7.4 12.8 16.7 18.1 19.8 24.5 31.0 41.5 39.9 Foreign direct investment in the reporting economy, flows (% of GDP)7.8 4.4 6.6 -3.2 3.8 6.5 4.0 9.8 11.4 19.6 Foreign direct investment in the reporting economy, stocks (% of GDP)94.3 98.9 103.8 98.0 98.5 95.5 93.8 98.5 111.7 125.9 Net trade balance of energy products (% of GDP)-1.3 -2.2 -2.1 -1.5 -1.0 -0.6 -1.0 -1.3 -0.5 -0.3 Real effective exchange rate - euro area trading partners (3 year % change)5.2 5.3 3.1 1.5 0.2 2.3 4.1 4.4 1.3 1.4 Export performance against advanced economies (5 year % change)18.5 18.6 29.5 9.7 -2.7 -0.9 -2.3 -0.0 17.0 23.2 Terms of trade (5 year % change)-1.5 -0.7 0.4 2.9 3.7 4.1 4.3 2.4 2.3 1.4 Export market share in volume (1 year % change)1.8 -0.6 -1.5 -4.3 2.6 -1.0 -1.4 5.2 2.9 9.6 Labour productivity (1 year % change)1.6 0.2 2.2 -1.0 2.9 3.0 2.8 2.4 2.2 7.9 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana3.2e2.2e1.7e1.9e1.3e1.6e1.6e1.1pUnit labour cost performance relative to EA (10 year % change)42.0 42.3 41.1 44.9 32.2 23.9 16.3 21.6 23.4 21.7 House price index (2015=100) - nominal (3 year % change)23.0 28.8 35.0 34.5 27.3 18.1 17.1 19.6 20.2 30.5 Residential construction (% of GDP)2.9 3.4 3.8 4.0 4.4 4.6 4.5 4.9 5.4 4.9 Household debt, consolidated (incl. NPISH, % of GDP)42.0 40.2 38.9 39.7 40.0 39.4 38.5 38.6 40.7 37.8 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)7.1e6.8e6.6e7.7e7.7e6.8e6.9e7.5e8.8e9.4pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.6 (continued): Auxiliary indicators for Estonia  

136 

20122013201420152016201720182019202020211 year % change1.6 1.2 0.8 2.9 0.3 2.7 0.9 1.3 -2.7 0.1 %75.6 75.8 75.9 77.0 77.9 79.2 79.3 79.2 79.6 79.1 %5.4 3.8 3.3 2.4 2.2 2.0 1.3 0.9 1.2 1.6 %20.7 18.6 14.9 14.3 14.0 12.1 12.0 11.6 18.3 16.7 %12.2 11.3 11.7 11.5 9.6 10.0 10.3 7.9 9.2 10.9b3 year change in pp-2.3b-2.7 0.1 -0.7 -1.7 -1.7 -1.2 -1.7 -0.8 0.6b%nanana23.6 23.1 23.3 23.6 23.7 22.8 22.2 3 year change in ppnananananana0.0 0.6 -0.5 -1.4 %17.5 18.6 21.8 21.6 21.7 21.0 21.9 21.7 20.7 20.6 3 year change in pp-2.2 2.8 4.3 4.1 3.1 -0.8 0.3 0.0 -0.3 -1.3 %nanana3.5 2.2 4.0 3.1 2.6 2.3 1.9 3 year change in ppnananananana-0.4 0.4 -1.7 -1.2 %nanana6.2 5.5 5.4 5.3 5.3 4.8 5.1 3 year change in ppnananananana-0.9 -0.2 -0.6 -0.2 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatEstoniaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
Table 5.7: Auxiliary indicators for Ireland 

137 

Ireland2012201320142015201620172018201920202021Real GDP (1 year % change) 0.0 1.1 8.6 24.4 2.0 9.0 8.5 5.4 6.2 13.6 Gross fixed capital formation (% of GDP)19.6 18.6 20.6 24.1 35.8 33.2 28.4 54.3 42.4 23.3 Gross domestic expenditure on R&D (% of GDP)1.6e1.6e1.5 1.2 1.2 1.3 1.2e1.2 1.2e1.3pCurrent plus capital account (net lending-borrowing) (% of GDP)-3.3 1.0 -2.4 3.9 -5.8 -8.2 -10.7 -29.7 -10.0 15.1 Net international investment position excluding non-defaultable instruments (% of GDP) -256.0 -310.6 -351.6 -243.1 -249.2 -263.9 -249.9 -282.6 -294.4 -335.1 Foreign direct investment in the reporting economy, flows (% of GDP)25.8 29.6 38.4 81.9 34.7 19.2 18.9 7.1 8.3 16.5 Foreign direct investment in the reporting economy, stocks (% of GDP)336.9 348.2 387.9 497.3 517.6 477.8 486.8 469.0 430.7 418.6 Net trade balance of energy products (% of GDP)-3.0 -3.2 -2.7 -1.5 -1.1 -1.2 -1.4 -1.2 -0.7 -1.2 Real effective exchange rate - euro area trading partners (3 year % change)-5.1 -3.1 -1.8 -1.5 -1.1 -2.2 -3.0 -2.9 -2.5 -1.7 Export performance against advanced economies (5 year % change)-9.5 -3.5 -8.3 40.9 55.4 66.5 74.5 70.2 52.4 46.3 Terms of trade (5 year % change)-3.6 -4.8 -5.3 1.9 -0.3 -0.1 -0.5 2.0 -2.2 -4.4 Export market share in volume (1 year % change)-3.8 -0.4 10.5 36.4 2.4 3.8 5.5 10.9 19.4 3.8 Labour productivity (1 year % change)0.4 -1.8 5.9 20.2 -1.7 6.0 5.6 2.4 9.3 7.1 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana21.6e14.9e13.1e9.9e5.5e3.4e3.4e2.4pUnit labour cost performance relative to EA (10 year % change)-4.0 -7.1 -13.2 -29.7 -29.7 -34.6 -40.1 -35.4 -35.4 -37.6 House price index (2015=100) - nominal (3 year % change)-37.9 -27.3 2.1 31.5 39.6 32.8 31.3 25.1 13.2 11.2 Residential construction (% of GDP)1.5 1.6 1.8 1.5 1.8 2.1 2.3 2.3 2.1 2.1 Household debt, consolidated (incl. NPISH, % of GDP)98.2 93.5 80.9 56.5 52.3 46.7 42.9p38.6p34.4p29.7pConsolidated banking leverage, domestic and foreign entities (total assets/total equity)15.8e15.0e9.1e7.8e7.4e6.6e6.7e7.4e8.8e8.8pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.7 (continued): Auxiliary indicators for Ireland   

138 

20122013201420152016201720182019202020211 year % change-0.4 2.9 2.6 3.5 3.7 2.8 2.8 3.0 -2.8 6.0 %71.1 71.8 71.8 72.0 72.6 72.6 72.8 73.2 70.8 74.6 %9.2 7.9 6.6 5.3 4.2 3.0 2.1 1.6 1.4 1.8 %30.8 26.7 23.4 20.2 16.8 14.4 13.8 12.5 15.8 14.5 %19.2 16.4 15.3 14.3 12.6 10.9b10.1 10.1 12.0 7.8b3 year change in pp0.9 -3.0 -3.8 -4.9 -3.8 -4.4b-4.2 -2.5 1.1b-2.3b%nanana25.4 23.8 22.4 20.8 20.6 20.1b20.0 3 year change in ppnananananana-4.6 -3.2 -2.3b-0.8 %16.3 15.7 16.8 16.2 16.8 15.6 14.9 13.1 13.8b12.9 3 year change in pp1.3 0.5 1.6 -0.1 1.1 -1.2 -1.3 -3.7 -1.8b-2.0 %nanana9.4 8.0 6.9 6.1 7.1 5.7b5.1 3 year change in ppnananananana-3.3 -0.9 -1.2b-1.0 %nanana18.8 17.8 16.1 13.2 13.8 11.5b13.0 3 year change in ppnananananana-5.6 -4.0 -4.6b-0.2 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1)Youngpeopleneitherinemploymentnorineducationandtraining,b=introductionoftheLabourForceSurveyinsubstitutiontotheQuarterlyNationalHouseholdSurvey(QNHS)asdatasource;b=Breakinthedataseriesin2021duetotheimplementationofRegulation(EU)2019/1700.2)IncomeandLivingConditions,b=increaseduseofadministrative data.Source: European Commission, EurostatIrelandEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
Table 5.8: Auxiliary indicators for Greece 

139 

Greece2012201320142015201620172018201920202021Real GDP (1 year % change) -7.1 -2.5 0.5 -0.2 -0.5 1.1 1.7 1.9 -9.0p8.4pGross fixed capital formation (% of GDP)11.5 11.2 10.8 10.8 11.0 11.8 11.1 10.7 12.0p13.3pGross domestic expenditure on R&D (% of GDP)0.7 0.8 0.8 1.0 1.0 1.2 1.2 1.3 1.5 1.4pCurrent plus capital account (net lending-borrowing) (% of GDP)-2.3 0.3 0.7 0.3 -1.2 -1.4 -2.7 -1.1 -5.0 -4.6 Net international investment position excluding non-defaultable instruments (% of GDP) -124.1 -130.3 -129.7 -128.5 -128.4 -128.9 -135.1 -133.5 -155.1 -150.2 Foreign direct investment in the reporting economy, flows (% of GDP)0.7 1.2 1.1 0.7 1.4 1.7 1.9 2.4 1.8 3.1 Foreign direct investment in the reporting economy, stocks (% of GDP)11.7 12.1 11.9 14.8 15.8 18.0 19.4 23.8 22.3 23.4 Net trade balance of energy products (% of GDP)-4.1 -3.7 -3.4 -2.2 -1.6 -1.8 -2.5 -2.3 -1.8p-3.1pReal effective exchange rate - euro area trading partners (3 year % change)2.0 -3.5 -5.6 -5.3 -3.3 -1.9 -1.5 -2.0 -3.2 -4.3 Export performance against advanced economies (5 year % change)-18.3 -20.9 -13.4 -12.1 -11.6 -3.2 4.0 1.5 -10.2 14.6 Terms of trade (5 year % change)-1.6 1.2 3.7 4.5 7.3 8.3 4.3 1.9 -3.0p-5.2pExport market share in volume (1 year % change)-1.0 -1.6 4.1 2.2 -2.6 2.7 4.8 4.0 -13.3p13.8pLabour productivity (1 year % change)-3.2 -1.9 -3.0 2.8 -3.8 1.6 -2.8 -0.3 -7.3p5.6pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana39.7e46.8e46.3e45.0e41.6e35.5e26.5e8.6pUnit labour cost performance relative to EA (10 year % change)12.4 3.6 0.4 -9.9 -9.2 -11.3 -13.0 -16.3 -13.7 -22.5 House price index (2015=100) - nominal (3 year % change)-20.4e-25.5e-27.1e-21.7e-14.2e-8.3e-1.6e8.1e14.1e20.4eResidential construction (% of GDP)3.3 2.3 1.1 0.8 0.7 0.6 0.7 0.8 1.1p1.3pHousehold debt, consolidated (incl. NPISH, % of GDP)66.1 66.1 64.2 62.5 61.0 58.1 58.7 55.9 59.5 55.2 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)26.6e14.0e12.8e11.0e10.1e8.8e11.5e10.9e13.8e17.0pFlags:e:Estimated. p:Provisional. 1) House price index e = estimate by NCB.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.8 (continued): Auxiliary indicators for Greece   

140 

20122013201420152016201720182019202020211 year % change-4.0 -0.6 3.6 -2.9 3.4 -0.5 4.6 2.2 -1.8p2.7p%67.3 67.4 67.3 67.7 68.2 68.2 68.1 68.5 65.3 67.3 %13.1 16.7 17.5 16.4 15.4 14.3 12.5 11.3 10.5 9.2 %55.9 59.2 53.0 50.3 48.2 44.5 41.2 37.5 38.0 35.5 %20.2 20.4 19.1 17.2 15.8 15.3 14.1 12.5 13.2 11.0b3 year change in pp7.8b5.6 1.7 -3.0 -4.6 -3.8 -3.1 -3.3 -2.1 -3.1b%nanana32.4 32.6 32.2 30.3 29.0 27.4 28.3 3 year change in ppnananananana-2.1 -3.6 -4.8 -2.0 %23.1 23.1 22.1 21.4 21.2 20.2 18.5 17.9 17.7 19.6 3 year change in pp3.4 3.0 0.7 -1.7 -1.9 -1.9 -2.9 -3.3 -2.5 1.1 %nanana17.6 18.4 18.3 16.1 15.8 14.9 13.9 3 year change in ppnananananana-1.5 -2.6 -3.4 -2.2 %nanana15.3 15.7 14.3 13.6 12.7 11.8 12.1 3 year change in ppnananananana-1.7 -3.0 -2.5 -1.5 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatGreeceEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
Table 5.9: Auxiliary indicators for Spain  

141 

Spain2012201320142015201620172018201920202021Real GDP (1 year % change) -3.0 -1.4 1.4 3.8 3.0 3.0 2.3 2.0 -11.3p5.5pGross fixed capital formation (% of GDP)18.5 17.4 17.8 18.0 18.0 18.7 19.4 20.0 20.4p19.8pGross domestic expenditure on R&D (% of GDP)1.3 1.3 1.2 1.2 1.2 1.2 1.2 1.3 1.4 naCurrent plus capital account (net lending-borrowing) (% of GDP)0.6 2.6 2.1 2.7 3.4 3.0 2.4 2.4 1.1 1.9 Net international investment position excluding non-defaultable instruments (% of GDP) -73.7 -69.7 -70.1 -64.8 -61.6 -57.4 -52.1 -46.1 -52.1 -39.7 Foreign direct investment in the reporting economy, flows (% of GDP)1.6 3.5 2.3 1.9 3.6 2.5 4.0 1.8 2.9 3.0 Foreign direct investment in the reporting economy, stocks (% of GDP)55.4 57.7 60.0 61.1 63.8 64.8 67.6 68.4 78.7 76.4 Net trade balance of energy products (% of GDP)-3.8 -3.4 -2.9 -2.0 -1.5 -1.8 -2.1 -1.9 -1.3p-2.1pReal effective exchange rate - euro area trading partners (3 year % change)0.8 0.4 -0.6 -1.4 -2.3 -1.1 -0.2 0.0 -1.2 -0.7 Export performance against advanced economies (5 year % change)-8.6 -3.2 -4.9 -1.2 0.8 6.7 2.0 0.6 -6.6 -6.4 Terms of trade (5 year % change)-4.6 -1.6 -6.7 -3.6 0.4 1.0 -1.0 -0.4 1.3p0.0pExport market share in volume (1 year % change)-2.1 1.0 0.4 1.5 3.2 -0.3 -2.6 1.3 -11.7p4.1pLabour productivity (1 year % change)1.1 1.1 0.4 1.0 0.9 0.3 0.1 -0.6 -7.5p3.0pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana8.1e6.3e5.7e4.4e3.7e3.1e2.8e2.9pUnit labour cost performance relative to EA (10 year % change)1.5 -0.4 -3.7 -5.7 -10.0 -12.3 -15.3 -12.0 -11.2 -8.5 House price index (2015=100) - nominal (3 year % change)-22.7 -28.5 -22.3 -5.6 8.7 15.1 18.6 19.2 14.8 11.5 Residential construction (% of GDP)4.6 3.9 4.2 4.0 4.4 4.8 5.4 5.8 5.9p5.4pHousehold debt, consolidated (incl. NPISH, % of GDP)81.5 77.7 73.4 68.0 64.5 61.1 58.9 56.8 62.7 58.4 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)17.9e14.9e14.0e13.7e13.2e13.5e13.6e13.5e15.8e15.8pFlags:e:Estimated. p:Provisional. 1) The official transmission deadline for 2021 data on Gross domestic expenditure on R&D is 31 October 2022 while data were extracted on 21 October 2022.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
Table 5.9 (continued): Auxiliary indicators for Spain 

142 

20122013201420152016201720182019202020211 year % change-4.0 -2.4 1.0 2.8 2.1 2.6 2.2 2.6 -4.2p2.5p%74.3 74.3 74.2 74.3 74.2 73.9 73.7 73.8 72.2 73.7d%11.0 13.0 12.9 11.4 9.5 7.7 6.4 5.3 5.0 6.2d%52.9 55.5 53.2 48.3 44.4 38.6 34.3 32.5 38.3 34.8d%18.6 18.6 17.1b15.6 14.6 13.3 12.4 12.1 13.9 11.0bd3 year change in pp0.5 0.8 -1.1b-3.0 -4.0 -3.8b-3.2 -2.5 0.6 -1.4bd%nanana28.7 28.8 27.5 27.3 26.2 27.0 27.8 3 year change in ppnananananana-1.4 -2.6 -0.5 0.5 %20.8 20.4 22.2 22.1 22.3 21.6 21.5 20.7 21.0 21.7 3 year change in pp0.4 -0.3 1.6 1.3 1.9 -0.6 -0.6 -1.6 -0.6 0.2 %nanana7.4 8.5 8.3 8.7 7.7 8.5 8.3 3 year change in ppnananananana1.3 -0.8 0.2 -0.4 %nanana15.4 14.9 12.8 10.8 10.9 10.0 11.6 3 year change in ppnananananana-4.6 -4.0 -2.8 0.8 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. d:Definition differs. p:Provisional. 1)Employmentindicators,d=Spainhasassessedtheattachmenttothejobandincludedinemploymentthosewhohadanunknowndurationofabsencefromwork,butareexpectedtoreturntothesamejobonceCOVID-19healthmeasuresallowit.2)Youngpeopleneitherinemploymentnorineducationandtraining,b=dataarefurtherimpactedfromthe changes in the questionnaire introduced in 2013 and inclusion of French overseas departments (DROM); in 2021 break in the data series due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatSpainEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.10: Auxiliary indicators for France 

143 

France2012201320142015201620172018201920202021Real GDP (1 year % change) 0.3 0.6 1.0 1.1 1.1 2.3 1.9 1.8p-7.8p6.8pGross fixed capital formation (% of GDP)22.5 22.0 21.8 21.5 21.8 22.5 22.9 23.5p22.9p24.2 Gross domestic expenditure on R&D (% of GDP)2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.2 Current plus capital account (net lending-borrowing) (% of GDP)-1.1 -0.5 -1.0 -0.4 -0.4 -0.8 -0.7 0.6 -1.7 0.8 Net international investment position excluding non-defaultable instruments (% of GDP) -27.0 -26.9 -31.0 -29.7 -30.4 -33.7 -34.1 -35.2 -41.3 -37.2 Foreign direct investment in the reporting economy, flows (% of GDP)1.2 1.1 0.2 1.8 1.3 1.4 2.8 2.0 0.5 3.0 Foreign direct investment in the reporting economy, stocks (% of GDP)40.5 41.3 42.1 43.9 44.7 44.4 44.6 46.5 50.5 51.9 Net trade balance of energy products (% of GDP)-3.3 -3.1 -2.5 -1.8 -1.4 -1.7 -1.9 -1.8p-1.1p-1.7 Real effective exchange rate - euro area trading partners (3 year % change)-0.5 -1.4 -0.7 -0.6 0.0 -0.7 -0.1 -0.1 0.6 -0.5 Export performance against advanced economies (5 year % change)-9.5 -7.5 -8.2 -1.6 -0.9 -0.2 -1.7 -2.4 -8.0 -7.4 Terms of trade (5 year % change)-2.1 -0.4 -1.7 2.8 6.4 5.3 2.9 2.6p0.2p-1.0 Export market share in volume (1 year % change)-0.2 -1.3 -0.8 1.8 -0.4 -1.4 0.2 0.7p-8.6p-1.5pLabour productivity (1 year % change)0.0 0.4 0.4 0.9 0.5 1.1 0.9 0.6p-7.1p4.2pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana4.2e4.0e3.6e3.1e2.7e2.5e2.2e1.9pUnit labour cost performance relative to EA (10 year % change)1.7 2.1 2.2 1.1 -0.1 -0.3 -0.2 -2.0 -3.6 -5.2 House price index (2015=100) - nominal (3 year % change)10.0 3.2 -3.9 -4.7 -1.8 2.8 7.3 9.7 11.9 15.6 Residential construction (% of GDP)6.2 6.1 6.0 5.9 6.0 6.3 6.3 6.5p6.1p6.7pHousehold debt, consolidated (incl. NPISH, % of GDP)55.1 55.6 55.6 56.1 57.1 58.4 60.4 62.2 68.6 66.7pConsolidated banking leverage, domestic and foreign entities (total assets/total equity)20.1e18.1e18.9e17.3e16.0e15.2e15.3e15.1e16.2e15.8pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.10 (continued): Auxiliary indicators for France  

144 

20122013201420152016201720182019202020211 year % change0.3 0.2 0.5 0.2 0.6 1.1 1.0 1.2p-0.7p2.5p%71.4 71.8 72.0 72.2 72.3 72.4 72.8 72.6 72.0 73.0d%2.6 2.9 3.1 3.1 3.1 2.9 2.5 2.3 1.9 2.3d%25.8 26.4 25.7 26.1 26.0 23.5 22.0 20.7 21.5 18.9d%12.5 11.2b11.2b12.0 11.9 11.4 11.1 10.6 11.4 10.6bd3 year change in pp-0.2 -1.5b-1.1b-0.5 0.7b0.2b-0.9 -1.3 0.0 -0.5bd%nanana18.4 18.7 17.8 17.9 18.9 19.3b19.3 3 year change in ppnananananana-0.5 0.2 1.5b1.4 %14.1 13.7 13.3 13.6 13.6 13.2 13.4 13.6 14.2b14.4 3 year change in pp1.2 0.4 -0.7 -0.5 -0.1 -0.1 -0.2 0.0 1.0b1.0 %nanana6.8 6.7 6.3 6.7 7.3 7.0b5.9 3 year change in ppnananananana-0.1 0.6 0.7b-0.8 %nanana8.3 7.8 7.7 7.5 7.1 9.7b10.7 3 year change in ppnananananana-0.8 -0.7 2.0b3.2 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. d:Definition differs. p:Provisional. 1)Youngpeopleneitherinemploymentnorineducationandtraining,b=dataarefurtherimpactedfromthechangesinthequestionnaireintroducedin2013andinclusionofFrenchoverseasdepartments(DROM);in2021breakinthedataseriesduetotheimplementationofRegulation(EU)2019/1700.2)Employmentindicators,d=Francehasassessed the attachment to the job and included in employment those who had an unknown duration of absence from work, but are expected to return to the same job once COVID-19 health measures allow it. 2) Income and Living Conditions, b = change occurred in the duration of the panel for poverty longitudinal indicators (from 9 to 4 years).Source: European Commission, EurostatFranceEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
Table 5.11: Auxiliary indicators for Croatia 

145 

Croatia2012201320142015201620172018201920202021Real GDP (1 year % change) -2.3 -0.4 -0.3 2.5 3.5 3.4 2.9 3.5 -8.1p10.2pGross fixed capital formation (% of GDP)19.4 19.4 19.0 19.3 19.8 19.7 20.1 21.5 22.3p21.6pGross domestic expenditure on R&D (% of GDP)0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.1 1.3 1.3pCurrent plus capital account (net lending-borrowing) (% of GDP)-1.8 -0.9 0.7 4.0 3.6 4.3 3.0 4.4 1.6 5.5 Net international investment position excluding non-defaultable instruments (% of GDP) -50.1 -49.3 -45.2 -37.7 -27.1 -18.3 -11.8 1.2 3.0 12.0 Foreign direct investment in the reporting economy, flows (% of GDP)2.3 1.6 5.2 0.0 0.8 0.9 2.1 6.3 2.2 6.9 Foreign direct investment in the reporting economy, stocks (% of GDP)51.8 52.1 59.5 53.2 56.5 57.3 55.4 60.2 65.4 63.4 Net trade balance of energy products (% of GDP)-5.5 -5.0 -4.0 -3.4 -2.6 -2.8 -3.2 -2.8 -2.0p-2.5pReal effective exchange rate - euro area trading partners (3 year % change)-2.6 -2.9 -1.4 -1.2 -1.1 0.6 1.2 0.5 -2.0 -2.3 Export performance against advanced economies (5 year % change)-17.7 -17.3 -13.4 -3.8 7.2 19.7 19.5 19.9 -0.7 12.8 Terms of trade (5 year % change)2.9 1.4 0.7 0.5 1.5 2.4 3.2 3.7 1.5p-1.8pExport market share in volume (1 year % change)-4.5 -0.9 3.3 7.5 4.8 1.1 -0.6 5.9 -14.5p23.0pLabour productivity (1 year % change)1.4 2.5 -2.9 1.3 3.3 0.9 0.3 0.4 -7.0p8.9pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana13.6e13.0e10.7e8.8e7.3e5.2e5.3e4.2pUnit labour cost performance relative to EA (10 year % change)4.0 -2.5 -5.9 -7.7 -11.5 -14.5 -13.9 -16.0 -11.9 -16.6 House price index (2015=100) - nominal (3 year % change)-7.6 -5.3 -6.9 -8.2 -3.6 1.7 11.1 20.0 24.5 25.9 Residential construction (% of GDP)3.4 2.6 2.7 2.8 2.8 2.6 2.6 3.0 3.4p3.1pHousehold debt, consolidated (incl. NPISH, % of GDP)40.6 39.7 39.6 37.9 34.7 33.7 33.7 34.1 38.0 34.7 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)na7.5e7.2e8.0e7.2e7.4e7.5e7.5e7.6e7.8pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.11 (continued): Auxiliary indicators for Croatia 

146 

20122013201420152016201720182019202020211 year % change-3.6 -2.8 2.6 1.3 0.2 2.4 2.6 3.1 -1.2 1.2 %63.9 63.7 66.1 66.9 65.6 66.4 66.3 66.5 67.1 68.7 %10.2 11.0 10.1 10.2 6.6 4.6 3.4 2.4 2.1 2.8 %42.1 50.0 45.5 42.3 31.3 27.4 23.7 16.6 21.1 21.9 %16.6 19.6 19.3 18.1 16.9 15.4 13.6 11.8 12.2 12.7b3 year change in pp3.2 3.9 3.1 1.5 -2.7 -3.9 -4.5 -5.1 -3.2 -0.9b%nanana24.4 23.5 23.7 22.1 20.8 20.5 20.9 3 year change in ppnananananana-2.3 -2.7 -3.2 -1.2 %20.4 19.5 19.4 20.0 19.5 20.0 19.3 18.3 18.3 19.2 3 year change in ppna-1.1 -1.5 -0.4 0.0 0.6 -0.7 -1.2 -1.7 -0.1 %nanana8.4 7.3 7.1 6.1 4.6 4.4 3.5 3 year change in ppnananananana-2.3 -2.7 -2.7 -2.6 %nanana12.3 11.1 10.6 9.3 7.5 7.2 7.5 3 year change in ppnananananana-3.0 -3.6 -3.4 -1.8 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatCroatiaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.12: Auxiliary indicators for Italy  

147 

Italy2012201320142015201620172018201920202021Real GDP (1 year % change) -3.0 -1.8 0.0 0.8 1.3 1.7 0.9 0.5 -9.0 6.7 Gross fixed capital formation (% of GDP)18.3 17.2 16.7 16.9 17.2 17.5 17.8 18.0 17.9 20.0 Gross domestic expenditure on R&D (% of GDP)1.3 1.3 1.3e1.3 1.4b1.4 1.4 1.5 1.5 1.5pCurrent plus capital account (net lending-borrowing) (% of GDP)-0.1 1.1 2.1 1.8 2.5 2.7 2.6 3.2 3.9 3.0 Net international investment position excluding non-defaultable instruments (% of GDP) -24.6 -23.8 -21.0 -17.3 -11.7 -5.8 -6.0 -0.1 1.2 6.4 Foreign direct investment in the reporting economy, flows (% of GDP)0.0 0.9 0.8 0.7 1.4 0.6 2.1 1.5 -1.1 0.9 Foreign direct investment in the reporting economy, stocks (% of GDP)23.0 23.7 25.0 25.5 26.3 26.2 27.6 28.9 31.8 30.8 Net trade balance of energy products (% of GDP)-3.8 -3.3 -2.6 -2.0 -1.5 -1.9 -2.3 -2.0 -1.3 -2.5 Real effective exchange rate - euro area trading partners (3 year % change)1.4 1.0 0.4 -0.7 -0.9 -0.8 -1.3 -1.7 -1.9 -2.1 Export performance against advanced economies (5 year % change)-17.7 -14.1 -9.2 -7.7 -6.0 -2.0 -2.4 -4.0 -2.3 -1.9 Terms of trade (5 year % change)-4.8 -0.8 -3.8 2.5 8.6 8.6 6.2 4.4 5.7 -2.0 Export market share in volume (1 year % change)-1.0 -3.0 -1.5 1.5 -0.3 -0.4 -2.2 0.7 -5.3 3.1 Labour productivity (1 year % change)-2.7 -0.1 -0.1 0.1 -0.1 0.5 0.0 0.0 -7.0 6.1 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana16.5e16.5e15.0e11.2e8.4e6.7e4.5e3.5pUnit labour cost performance relative to EA (10 year % change)10.4 6.6 3.9 3.5 0.7 -1.1 -1.7 -2.9 -7.5 -6.1 House price index (2015=100) - nominal (3 year % change)-0.5e-7.6 -13.1 -14.3 -8.1 -4.6 -1.4 -1.8 1.2 4.5 Residential construction (% of GDP)4.9 4.7 4.3 4.1 4.1 4.0 4.1 4.0 4.0 4.8 Household debt, consolidated (incl. NPISH, % of GDP)43.7 43.3 42.6 41.8 41.2 40.8 40.8 41.1 44.9 43.4 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)14.4e15.0e14.0e13.1e14.2e12.2e13.1e12.9e13.9e14.3pFlags:b:Break in series. e:Estimated. p:Provisional. 1) House price index e = estimate by NCB. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
Table 5.12 (continued): Auxiliary indicators for Italy 

148 

20122013201420152016201720182019202020211 year % change-0.3 -1.8 0.1 0.7 1.4 1.2 0.9 0.5 -2.2 0.6 %63.0 62.9 63.6 63.8 64.8 65.3 65.6 65.7 63.5 64.5 %6.0 7.4 8.2 7.4 7.1 6.9 6.5 5.9 5.1 5.4 %35.3 40.0 42.7 40.3 37.7 34.6 32.2 29.2 29.8 29.7 %21.0 22.2 22.1 21.4 19.9 20.1 19.2 18.1 19.0 19.8b3 year change in pp3.4 3.2 2.4 0.4 -2.3 -2.0 -2.2 -1.8 -1.1 0.6b%nanana28.4 27.8 25.9 25.7 24.6 24.9 25.2p3 year change in ppnananananana-2.7 -3.2 -1.0 -0.5p%19.5 19.3 19.4 19.9 20.6 20.3 20.3 20.1 20.0 20.1p3 year change in pp1.1 0.6 -0.4 0.4 1.3 0.9 0.4 -0.5 -0.3 -0.2p%nanana12.1 10.1 6.6 6.5 6.4 6.2 5.9p3 year change in ppnananananana-5.6 -3.7 -0.4 -0.6p%nanana11.2 12.1 10.8 10.7 9.6 10.2 10.8p3 year change in ppnananananana-0.5 -2.5 -0.6 0.1pPeople at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatItalyEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.13: Auxiliary indicators for Cyprus 

149 

Cyprus2012201320142015201620172018201920202021Real GDP (1 year % change) -3.4 -6.6 -1.8 3.4 6.6 5.7 5.6 5.5 -4.4 6.6pGross fixed capital formation (% of GDP)15.5 14.1 13.3 12.8 18.0 20.8 18.8 19.0 21.3 19.5pGross domestic expenditure on R&D (% of GDP)0.4 0.5 0.5 0.5 0.5 0.5 0.6 0.7 0.9 naCurrent plus capital account (net lending-borrowing) (% of GDP)-3.7 -0.9 -3.3 -0.4 -4.1 -4.6 -3.4 -5.7 -10.1 -6.4 Net international investment position excluding non-defaultable instruments (% of GDP) -103.8 -141.1 -197.0 -257.4 -226.6 -218.9 -180.9 -155.3 -111.4 -76.4 Foreign direct investment in the reporting economy, flows (% of GDP)276.0 108.6 222.1 145.6 40.6 62.8 -2.6 203.1 -103.3 -123.3 Foreign direct investment in the reporting economy, stocks (% of GDP)1432.8 1646.3 1935.7 2124.7 2060.4 1990.4 1817.1 1879.9 1856.0 1595.5 Net trade balance of energy products (% of GDP)-7.5 -6.4 -5.9 -4.0 -3.3 -4.0 -4.1 -3.9 -3.2 -4.4pReal effective exchange rate - euro area trading partners (3 year % change)2.0 1.0 -0.1 -2.6 -3.5 -3.9 -3.2 -2.5 -3.0 -2.4 Export performance against advanced economies (5 year % change)-10.3 -5.1 -14.2 -2.7 5.8 17.9 19.2 23.2 39.7 30.6 Terms of trade (5 year % change)-2.1 -0.6 -0.8 1.4 3.9 3.2 2.6 2.6 -1.1 -1.6pExport market share in volume (1 year % change)-3.6 -2.3 2.2 6.1 5.0 5.2 2.9 7.8 10.4 3.3pLabour productivity (1 year % change)0.1 -1.1 0.2 1.8 1.8 0.3 0.3 1.7 -3.2 5.3pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana38.6e36.3e35.4e30.7e20.2e18.1e11.0e5.6pUnit labour cost performance relative to EA (10 year % change)14.1 3.0 -1.5 -7.3 -11.2 -9.8 -9.5 -12.1 -15.0 -16.3 House price index (2015=100) - nominal (3 year % change)-10.1 -8.5 -8.7 -7.1b-2.9 1.0 4.3 7.9 5.3 0.0 Residential construction (% of GDP)4.9 4.1 3.9 3.6 4.4 5.0 6.5 7.6 8.1 7.6pHousehold debt, consolidated (incl. NPISH, % of GDP)127.5 129.3 131.0 126.4 115.7 105.0 95.8 86.2 89.4 83.0 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)26.0e16.2e10.3e10.7e10.7e12.1e14.1e12.8e13.6e16.0pFlags:b:Break in series. e:Estimated. p:Provisional. 1) The official transmission deadline for 2021 data on Gross domestic expenditure on R&D is 31 October 2022 while data were extracted on 21 October 2022.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.13 (continued): Auxiliary indicators for Cyprus 

150 

20122013201420152016201720182019202020211 year % change-3.5 -5.6 -2.0 1.6 4.7 5.4 5.3 3.8 -1.2 1.3p%73.5 73.6 74.3 73.9 73.4 73.9 75.0 76.0 75.8 76.7 %3.6 6.1 7.7 6.8 5.8 4.5 2.7 2.1 2.1 2.6 %27.7 38.9 36.0 32.8 29.1 24.7 20.2 16.6 18.2 17.1 %16.0 18.7 17.0 15.3 16.0 16.1 13.2 13.7 14.4 12.8b3 year change in pp6.1b7.0 2.4 -0.7 -2.7 -0.9 -2.1 -2.3 -1.7 -0.4b%nanana22.8 22.6 21.4 19.1 18.6 17.6 17.3 3 year change in ppnananananana-3.7 -4.0 -3.8 -1.8 %14.7 15.3 14.4 16.2 16.1 15.7 15.4 14.7 14.3 13.8 3 year change in pp-1.1 -0.3 -0.4 1.5 0.8 1.3 -0.8 -1.4 -1.4 -1.6 %nanana7.9 6.6 6.1 3.8 3.2 3.2 2.6 3 year change in ppnananananana-4.1 -3.4 -2.9 -1.2 %nanana10.4 10.1 8.7 8.1 6.6 5.3 5.8 3 year change in ppnananananana-2.3 -3.5 -3.4 -2.3 People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatCyprusEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74 
 
 
 
 
 
 
 
 
 
 
Table 5.14: Auxiliary indicators for Latvia 

151 

Latvia2012201320142015201620172018201920202021Real GDP (1 year % change) 7.0 2.0 1.9 3.9 2.4 3.3 4.0 2.6 -2.2 4.1 Gross fixed capital formation (% of GDP)26.0 24.3 22.8 21.9 19.3 20.6 22.1 23.1 23.1 22.3 Gross domestic expenditure on R&D (% of GDP)0.7 0.6 0.7 0.6 0.4 0.5 0.6 0.6 0.7 0.7pCurrent plus capital account (net lending-borrowing) (% of GDP)-0.8 -0.3 1.4 2.3 2.8 2.2 1.6 0.9 4.3 -2.8 Net international investment position excluding non-defaultable instruments (% of GDP) -26.0 -22.3 -17.2 -10.9 -7.1 -3.1 0.6 5.8 14.1 18.9 Foreign direct investment in the reporting economy, flows (% of GDP)3.8 3.3 3.3 3.0 1.2 3.8 1.3 3.3 2.7 9.5 Foreign direct investment in the reporting economy, stocks (% of GDP)49.4 54.0 56.6 59.1 57.6 59.6 55.8 56.1 58.8 67.1 Net trade balance of energy products (% of GDP)-6.1 -5.6 -4.7 -3.5 -2.4 -2.9 -3.4 -2.7 -1.5 -2.5 Real effective exchange rate - euro area trading partners (3 year % change)-0.7 0.2 -1.3 -2.2 -0.3 0.7 1.3 2.8 1.5 1.1 Export performance against advanced economies (5 year % change)20.0 14.2 20.1 15.8 7.1 4.5 6.0 1.6 20.4 18.5 Terms of trade (5 year % change)-1.1 1.2 0.1 0.5 0.4 3.8 5.0 6.9 9.3 7.7 Export market share in volume (1 year % change)6.5 -2.7 2.2 0.2 1.8 0.6 0.1 1.2 7.9 -4.4 Labour productivity (1 year % change)5.5 -0.3 3.3 2.4 2.7 3.3 2.5 2.7 0.1 6.8 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana9.7e6.5e6.3e5.6e5.3e3.9e4.6e2.1pUnit labour cost performance relative to EA (10 year % change)54.7 57.4 56.8 43.4 30.2 7.6 -3.5 16.9 27.8 35.8 House price index (2015=100) - nominal (3 year % change)1.2 21.5 16.6 9.5 11.1 14.0 29.3 29.9 23.5 25.0 Residential construction (% of GDP)2.4 2.2 2.5 2.4 2.0 2.1 2.5 2.7 2.6 2.2 Household debt, consolidated (incl. NPISH, % of GDP)32.7 29.2 26.4 24.3 23.4 22.3 21.0 20.2 20.3 19.4 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)10.2e9.9e10.2e9.5e9.9e8.9e7.8e9.8e10.0e10.3pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.14 (continued): Auxiliary indicators for Latvia  

152 

20122013201420152016201720182019202020211 year % change1.4 2.3 -1.3 1.4 -0.3 0.0 1.5 -0.1 -2.3 -2.6 %74.3 73.8 74.4 75.7 76.2 76.9 77.6 77.3 78.0 75.8 %8.6 6.3 5.1 4.9 4.4 3.6 3.4 2.7 2.4 2.3 %28.5 23.2 19.6 16.3 17.5 17.0 12.2 12.7 14.9 14.8 %14.9 13.0 12.0 10.5 11.2 10.3 7.8 7.9 7.1 8.6b3 year change in pp-2.6 -4.8 -4.0 -4.4 -1.8 -1.7 -2.7 -3.3 -3.2 0.8b%nanana30.0 28.2 28.5 28.4 26.7 25.1 26.1 3 year change in ppnananananana-1.6 -1.5 -3.4 -2.3 %19.2 19.4 21.2 22.5 21.8 22.1 23.3 22.9 21.6 23.4 3 year change in pp-7.2 -1.5 2.2 3.3 2.4 0.9 0.8 1.1 -0.5 0.1 %nanana15.4 12.6 12.9 10.4 7.5 7.0 5.3 3 year change in ppnananananana-5.0 -5.1 -5.9 -5.1 %nanana7.7 7.0 7.3 7.3 7.4 7.4 6.6 3 year change in ppnananananana-0.4 0.4 0.1 -0.7 Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatLatviaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24 
 
 
 
 
 
 
 
 
 
Table 5.15: Auxiliary indicators for Lithuania 

153 

Lithuania2012201320142015201620172018201920202021Real GDP (1 year % change) 3.8 3.6 3.5 2.0 2.5 4.3 4.0 4.6 0.0 6.0 Gross fixed capital formation (% of GDP)17.3 18.4 18.9 19.6 19.9 20.1 20.9 21.4 21.3 21.4 Gross domestic expenditure on R&D (% of GDP)0.9 1.0 1.0 1.0 0.8 0.9 0.9 1.0 1.2 1.1pCurrent plus capital account (net lending-borrowing) (% of GDP)1.4 4.9 6.2 0.6 0.4 1.7 1.8 5.2 9.0 2.6 Net international investment position excluding non-defaultable instruments (% of GDP) -22.9 -18.6 -16.9 -13.5 -12.6 -7.4 -2.5 5.6 15.2 22.2 Foreign direct investment in the reporting economy, flows (% of GDP)1.6 1.7 0.8 2.5 2.7 2.8 2.4 6.3 8.0 4.5 Foreign direct investment in the reporting economy, stocks (% of GDP)42.2 42.9 41.4 42.9 44.7 44.2 42.8 48.2 55.9 55.5 Net trade balance of energy products (% of GDP)-7.5 -6.1 -4.7 -3.6 -2.6 -3.0 -4.0 -3.6 -2.4 -4.8 Real effective exchange rate - euro area trading partners (3 year % change)1.7 1.4 -0.1 -1.6 -0.9 1.4 3.0 3.4 2.1 3.2 Export performance against advanced economies (5 year % change)37.4 19.8 28.8 8.8 -3.3 0.8 0.7 14.4 39.5 44.2 Terms of trade (5 year % change)-1.5 -5.2 -0.5 1.4 4.0 4.9 3.7 3.7 2.6 -4.3 Export market share in volume (1 year % change)7.8 3.9 -5.9 -0.4 2.7 7.7 2.5 9.2 8.6 6.7 Labour productivity (1 year % change)1.9 2.2 1.5 0.6 0.2 5.0 2.6 4.0 1.6 4.7 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana6.8e5.6e4.0e3.2e2.6e1.7e2.2e1.2pUnit labour cost performance relative to EA (10 year % change)9.3 12.6 11.4 11.2 6.2 8.3 7.5 16.7 26.5 30.7 House price index (2015=100) - nominal (3 year % change)-1.5 7.7 7.5 11.7 16.3 19.0 23.2 24.9 23.0 33.0 Residential construction (% of GDP)1.9 2.2 2.5 2.8 3.0 2.7 2.7 3.0 3.2 3.0 Household debt, consolidated (incl. NPISH, % of GDP)23.6 22.3 21.5 22.3 22.8 22.4 22.6 23.0 24.2 23.6 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)10.2e9.6e9.7e9.0e11.6e10.7e10.4e14.5e15.5e15.7pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.15 (continued): Auxiliary indicators for Lithuania 

154 

20122013201420152016201720182019202020211 year % change1.9 1.4 2.0 1.4 2.3 -0.7 1.4 0.6 -1.6 1.2 %71.8 72.4 73.7 74.1 75.5 75.9 77.3 78.0 78.5 78.2 %6.6 5.1 4.8 3.9 3.0 2.7 2.0 1.9 2.5 2.6 %26.7 21.9 19.3 16.3 14.5 13.3 11.1 11.9 19.6 14.3 %11.2 11.1 9.9 9.2 9.4 9.1 8.0 8.6 10.8 11.3b3 year change in pp-0.9 -2.1 -1.9 -2.0 -1.7 -0.8 -1.2 -0.8 1.7 3.3b%nanana29.4 30.0 29.8 28.5 25.5 24.5 23.4 3 year change in ppnananananana-0.9 -4.5 -5.3 -5.1 %18.6 20.6 19.1 22.2 21.9 22.9 22.9 20.6 20.9 20.0 3 year change in pp-1.7 0.1 -0.1 3.6 1.3 3.8 0.7 -1.3 -2.0 -2.9 %nanana14.6 15.4 14.4 12.0 9.7 8.1 6.4 3 year change in ppnananananana-2.6 -5.7 -6.3 -5.6 %nanana9.1 10.2 9.4 9.2 7.6 7.2 7.8 3 year change in ppnananananana0.1 -2.6 -2.2 -1.4 Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationPeople at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatLithuaniaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Severely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.16: Auxiliary indicators for Luxembourg 

155 

Luxembourg2012201320142015201620172018201920202021Real GDP (1 year % change) 1.6 3.2 2.6 2.3 5.0 1.3 1.2 2.3 -0.8 5.1pGross fixed capital formation (% of GDP)19.2 18.5 19.2 17.3 17.3 17.8 16.2 17.4 16.5 16.5pGross domestic expenditure on R&D (% of GDP)1.2b1.2 1.2 1.3 1.3 1.2 1.2 1.2 1.1epnaCurrent plus capital account (net lending-borrowing) (% of GDP)4.8 4.4 3.9 4.6 4.5 4.4 6.5 3.3 4.5 5.9 Net international investment position excluding non-defaultable instruments (% of GDP) -2328.9 -2546.8 -3277.8 -3679.7 -3639.2 -3837.5 -3672.7 -4153.8 -4172.4 -4766.5 Foreign direct investment in the reporting economy, flows (% of GDP)980.0 974.2 274.7 960.6 56.8 -94.6 -864.5 -570.1 -249.2 -269.1 Foreign direct investment in the reporting economy, stocks (% of GDP)5978.7 6123.9 7568.0 9052.3 8972.9 8286.9 7435.5 6851.0 6121.4 5498.4 Net trade balance of energy products (% of GDP)-6.0 -5.1 -4.2 -2.9 -2.3 -2.7 -3.3 -3.2 -2.0 -2.8pReal effective exchange rate - euro area trading partners (3 year % change)2.8 1.7 0.8 0.1 -0.4 0.0 0.4 0.9 0.0 0.6 Export performance against advanced economies (5 year % change)4.0 15.7 17.3 20.7 23.4 20.4 9.2 5.2 18.3 18.2 Terms of trade (5 year % change)5.7 3.0 2.3 1.3 0.5 -0.2 -0.4 -1.8 0.1 2.0pExport market share in volume (1 year % change)-1.4 2.9 2.4 2.3 3.1 -6.0 -0.7 3.6 8.4 -0.6pLabour productivity (1 year % change)-0.8 1.3 0.1 -0.3 1.9 -2.1 -2.3 -1.2 -2.5 2.1pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana1.4e1.1e0.8e0.7e0.8e0.6e0.7e0.6pUnit labour cost performance relative to EA (10 year % change)17.2 16.9 15.8 12.9 8.8 13.9 10.3 8.3 6.6 9.8 House price index (2015=100) - nominal (3 year % change)13.9 13.4 14.2 15.5 16.6 18.0 19.9 24.5 35.0 43.6 Residential construction (% of GDP)2.9 3.4 3.6 3.8 4.1 3.6 3.8 4.0 3.8 3.3pHousehold debt, consolidated (incl. NPISH, % of GDP)57.9 57.0 58.5 59.0 60.5 62.5 65.7 67.2 68.5 66.0 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)15.1e13.9e13.4e13.4e13.4e13.2e14.6e15.0e14.3e15.2pFlags:b:Break in series. e:Estimated. p:Provisional. 1) The official transmission deadline for 2021 data on Gross domestic expenditure on R&D is 31 October 2022 while data were extracted on 21 October 2022.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.16 (continued): Auxiliary indicators for Luxembourg   

156 

20122013201420152016201720182019202020211 year % change2.4 1.8 2.5 2.6 3.0 3.5 3.6 3.5 1.7 3.0p%69.4 69.9 70.8 70.9b70.0 70.2 71.1 72.0 72.2 73.2 %1.6 1.8 1.6 1.9b2.2 2.1 1.4 1.3 1.7 1.8 %18.8 15.5 22.6 17.3b18.9 15.4 14.2 17.0 23.2 16.9 %5.9 5.0 6.3 6.2b5.4 5.9 5.3 5.6 6.6 8.7b3 year change in pp0.1b-0.1 1.6 0.3b0.4 -0.4 -0.9b0.2 0.7 3.4b%nanana18.4 19.1b19.3 20.1 20.1 19.9b21.1b3 year change in ppnananananana1.7 1.0b0.6b1.0b%15.1 15.9 16.4 15.3 15.8b16.4 16.7 17.5 17.4b18.1b3 year change in pp0.2 1.4 2.8 0.2 -0.1b0.0 1.4 1.7b1.0b1.4b%nanana2.5 2.0 1.9 1.6 1.4 1.7b2.4b3 year change in ppnananananana-0.9 -0.6 -0.2b0.8b%nanana5.4 6.5 6.5 7.8 6.9 7.1b5.5b3 year change in ppnananananana2.4 0.4 0.6b-2.3bPeople at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1)LabourForceSurveyindicators,2015,b=changeinthesamplingstrategyanddatacollectiontechnique.2)Youngpeopleneitherinemploymentnorineducationandtraining,b=Breakinthedataseriesin2021duetotheimplementationofRegulation(EU)2019/1700.3)IncomeandLivingConditionsindicators,2016,b=newproceduresdevelopedin data validation and compilation, weighting, estimation and imputation, adjustment; better coverage of certain segments of the resident population by use of Luxembourg's National Population Register. 2020: b = change from CAPI to CATI mode of data collection. 2021: b = introduction of a CAWI component for newly selected households.Source: European Commission, EurostatLuxembourgEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
Table 5.17: Auxiliary indicators for Hungary 

157 

Hungary2012201320142015201620172018201920202021Real GDP (1 year % change) -1.3 1.8 4.2 3.7 2.2 4.3 5.4 4.9 -4.5 7.1pGross fixed capital formation (% of GDP)19.1 20.8 22.0 22.2 19.5 22.1 24.7 27.0 26.5 27.2pGross domestic expenditure on R&D (% of GDP)1.3 1.4 1.3 1.3 1.2 1.3 1.5b1.5 1.6 1.6 Current plus capital account (net lending-borrowing) (% of GDP)4.1 7.2 4.9 6.9 4.5 2.8 2.5 1.1 1.0 -1.5 Net international investment position excluding non-defaultable instruments (% of GDP) -41.8 -35.2 -29.5 -18.3 -12.0 -8.7 -3.9 -2.6 -2.4 -1.5 Foreign direct investment in the reporting economy, flows (% of GDP)8.2 -2.6 9.5 -4.3 55.2 -8.2 -42.3 60.9 109.7 16.1 Foreign direct investment in the reporting economy, stocks (% of GDP)225.7 211.1 216.5 219.9 257.1 208.5 161.2 210.0 324.3 323.0 Net trade balance of energy products (% of GDP)-6.3 -6.3 -6.1 -4.1 -3.1 -3.7 -3.8 -3.8 -2.3 -4.4pReal effective exchange rate - euro area trading partners (3 year % change)4.6 -3.0 -7.0 -7.3 -5.3 0.4 -0.9 -0.6 -6.6 -4.4 Export performance against advanced economies (5 year % change)-14.9 -16.8 -10.6 -7.3 -4.1 7.4 5.8 3.2 8.0 4.6 Terms of trade (5 year % change)-2.4 -1.1 -1.2 -0.5 1.5 2.1 0.6 0.3 1.6 -2.2pExport market share in volume (1 year % change)-4.7 0.7 5.1 4.6 1.6 0.7 0.7 4.5 2.1 0.0pLabour productivity (1 year % change)-2.1 0.5 -0.3 1.4 -1.5 2.3 3.0 3.7 -3.5 6.0pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana19.4e15.2e11.9e8.4e5.4e4.2e3.6e3.2pUnit labour cost performance relative to EA (10 year % change)23.6 14.5 9.1 6.3 7.6 6.9 7.0 11.2 14.4 14.9 House price index (2015=100) - nominal (3 year % change)-9.2 -9.4 -2.2 14.8 33.6 43.9 45.5 50.1 40.3 43.0pResidential construction (% of GDP)2.0 1.8 1.9 2.2 2.4 2.7 3.0 3.2 4.1 3.9pHousehold debt, consolidated (incl. NPISH, % of GDP)31.7 28.3 25.6 21.1 20.1 18.6 17.7 18.5 20.8 21.0 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)11.5e10.7e10.9e11.2e9.9e9.7e9.4e9.5e10.8e10.8pFlags:b:Break in series. e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.17 (continued): Auxiliary indicators for Hungary 

158 

20122013201420152016201720182019202020211 year % change0.9 1.3 4.6 2.2 3.7 1.9 2.3 1.1 -1.1 1.0p%65.7 66.7 68.8 70.5 72.1 73.1 74.1 74.7 75.1 76.2 %4.8 4.8 3.6 3.0 2.3 1.6 1.4 1.1 1.1 1.3 %27.8 26.1 20.1 17.1 12.7 10.5 9.9 11.2 12.5 13.5 %14.8 15.5 13.6 11.6b11.0 11.0 10.7 11.0 11.7 10.6b3 year change in pp1.2 2.9 0.4 -3.2b-4.5 -2.6 -0.9b0.0 0.7 -0.1b%nanana30.6 28.6 25.9 20.6 20.0 19.4 19.4 3 year change in ppnananananana-10.0 -8.6 -6.5 -1.2 %14.3 15.0 15.0 14.9 14.5 13.4 12.8 12.3 12.3 12.7 3 year change in pp1.9 2.7 0.9 0.6 -0.5 -1.6 -2.1 -2.2 -1.1 -0.1 %nanana24.1 20.6 16.1 11.9 10.9 10.7 10.2 3 year change in ppnananananana-12.2 -9.7 -5.4 -1.7 %nanana8.8 7.7 6.3 5.5 4.9 4.9 5.3 3 year change in ppnananananana-3.3 -2.8 -1.4 -0.2 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatHungaryEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.18: Auxiliary indicators for Malta 

159 

Malta2012201320142015201620172018201920202021Real GDP (1 year % change) 4.1 5.5 7.6 9.6 3.4 10.9 6.2 5.9 -8.3 10.3 Gross fixed capital formation (% of GDP)17.6 16.5 16.7 24.2 22.7 20.6 20.3p20.5p20.5p22.1pGross domestic expenditure on R&D (% of GDP)0.8 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.7 0.7 Current plus capital account (net lending-borrowing) (% of GDP)1.5 1.8 7.3 5.4 -0.2 6.5 7.3 5.7 -2.2 -3.6 Net international investment position excluding non-defaultable instruments (% of GDP) 260.8 216.5 205.7 191.3 213.6 226.8 230.7 234.8 254.6 259.4 Foreign direct investment in the reporting economy, flows (% of GDP)35.2 5.4 2.7 32.8 23.9 28.7 29.3 26.5 29.7 25.1 Foreign direct investment in the reporting economy, stocks (% of GDP)1996.3 1898.1 1789.7 1662.6 1650.6 1532.0 1479.3 1426.4 1601.2 1481.5 Net trade balance of energy products (% of GDP)-11.9 -8.7 -14.4 -8.5 -8.1 -6.1 -8.7 -6.0 -6.0 -4.4 Real effective exchange rate - euro area trading partners (3 year % change)1.1 0.1 0.7 0.8 1.8 1.2 0.3 0.0 0.7 -1.2 Export performance against advanced economies (5 year % change)24.3 7.2 -6.0 11.5 15.5 20.9 16.3 18.0 13.2 3.6 Terms of trade (5 year % change)-0.2 0.3 1.2 2.0 3.2 4.1 4.2 3.7 2.4 1.6 Export market share in volume (1 year % change)2.5 -2.5 -0.6 12.6 4.8 2.9 -4.7 6.1 4.4 -1.3 Labour productivity (1 year % change)1.3 0.9 1.5 5.6 -1.1 2.7 0.1 0.2 -10.8 7.2 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana6.0e5.1e4.1e3.1e3.1e3.2e3.6e3.0pUnit labour cost performance relative to EA (10 year % change)6.9 6.0 3.6 5.0 7.2 7.4 11.1 13.3 20.7 14.8 House price index (2015=100) - nominal (3 year % change)2.7 1.2 5.2 8.1 14.4 17.5 17.5 18.2 16.1 15.3pResidential construction (% of GDP)2.8 2.6 2.5 2.9 3.6 4.3 4.8p4.6p3.9p3.7pHousehold debt, consolidated (incl. NPISH, % of GDP)59.0 57.1 54.8 50.7 50.3 47.3 46.9 48.5 55.1 53.4 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)5.0e6.6e11.9e14.1e15.8e13.5e12.2e11.2e10.7e12.6pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.18 (continued): Auxiliary indicators for Malta   

160 

20122013201420152016201720182019202020211 year % change2.8 4.5 6.1 3.8 4.5 8.0 6.0 5.7 2.8 2.9 %63.9 66.3 67.8 68.8 70.6 72.2 74.7 75.9 77.1 78.2 %3.8 3.5 2.9 2.7 2.4 2.0 1.8 0.9 1.1 0.9 %13.8 12.7 11.7 11.6 10.7 10.6 9.1 9.3 10.9 9.4 %10.8 9.9 10.3 10.5 8.8 8.6b7.3 8.6 9.3 9.8b3 year change in pp0.9 0.4 0.1 -0.3 -1.1 -1.7b-3.2 -0.2 0.7b2.5b%nanana22.2 20.2 19.4 19.2 20.8 19.9 20.3 3 year change in ppnananananana-3.0 0.6 0.5 1.1 %15.1 15.8 15.8 16.6 16.5 16.7 16.8 17.1 16.9 16.9 3 year change in pp0.2 0.3 0.2 1.5 0.7 0.9 0.2 0.6 0.2 0.1 %nanana8.2 5.2 4.3 4.7 5.0 5.1 5.4 3 year change in ppnananananana-3.5 -0.2 0.8 0.7 %nanana9.2 6.8 6.6 5.3 4.9 5.4 5.3 3 year change in ppnananananana-3.9 -1.9 -1.2 0.0 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = changes in the weighting procedure; b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatMaltaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
Table 5.19: Auxiliary indicators for Netherlands  

161 

Netherlands2012201320142015201620172018201920202021Real GDP (1 year % change) -1.0 -0.1 1.4 2.0 2.2 2.9 2.4 2.0 -3.9 4.9pGross fixed capital formation (% of GDP)18.8 18.4 17.6 22.1 20.0 20.1 20.4 21.3 21.7 21.6pGross domestic expenditure on R&D (% of GDP)1.9b2.2b2.2 2.2 2.2 2.2 2.1 2.2 2.3 naCurrent plus capital account (net lending-borrowing) (% of GDP)8.9 9.9 8.4 4.7 6.9 8.9 9.3 6.9 5.1 7.3 Net international investment position excluding non-defaultable instruments (% of GDP) -69.6 -66.9 -45.8 -53.4 -34.0 -18.9 -16.9 -0.3 12.9 26.0 Foreign direct investment in the reporting economy, flows (% of GDP)29.4 37.5 13.0 43.5 30.8 28.0 -37.4 -1.7 -23.9 -14.4 Foreign direct investment in the reporting economy, stocks (% of GDP)503.2 534.5 558.1 615.5 641.2 640.8 603.6 597.2 568.4 549.9 Net trade balance of energy products (% of GDP)-2.6 -1.4 -1.6 -1.1 -0.6 -0.7 -1.4 -0.9 -0.4 -1.5pReal effective exchange rate - euro area trading partners (3 year % change)-0.4 1.3 1.3 0.8 -0.6 -0.7 -0.8 0.9 2.0 2.4 Export performance against advanced economies (5 year % change)-3.4 -4.4 -4.8 -4.7 -4.9 -1.4 -0.7 -2.0 7.4 5.7 Terms of trade (5 year % change)-2.6 -2.0 -3.0 -0.1 2.0 1.8 1.3 1.9 1.5 -0.8pExport market share in volume (1 year % change)0.3 -0.9 0.4 4.6 -0.5 0.7 0.0 1.1 3.9 -5.1pLabour productivity (1 year % change)-0.8 1.1 1.5 1.0 0.6 0.5 -0.4 -0.3 -3.4p2.8pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana3.4e2.7e2.4e2.1e1.9e1.8e1.9e1.4pUnit labour cost performance relative to EA (10 year % change)1.2 0.0 -0.1 -0.4 0.1 -1.7 -1.4 -1.3 3.0 1.6 House price index (2015=100) - nominal (3 year % change)-10.1 -14.0 -11.6 -1.8 9.7 17.0 23.6 26.3 26.4 32.8pResidential construction (% of GDP)3.5 3.0 3.1 3.5 4.1 4.5 4.9 5.1 5.4 5.5pHousehold debt, consolidated (incl. NPISH, % of GDP)117.9 115.1 113.2 111.3 109.6 106.8 103.4 99.7 103.8p100.4pConsolidated banking leverage, domestic and foreign entities (total assets/total equity)22.3e20.8e18.5e18.0e17.7e16.7e16.1e16.1e16.7e16.3pFlags:b:Break in series. e:Estimated. p:Provisional. 1) The official transmission deadline for 2021 data on Gross domestic expenditure on R&D is 31 October 2022 while data were extracted on 21 October 2022.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
Table 5.19 (continued): Auxiliary indicators for Netherlands   

162 

20122013201420152016201720182019202020211 year % change-0.2 -1.2 -0.1 1.0 1.5 2.4 2.7 2.3 -0.5p2.0p%81.5 81.9 81.5 82.1 82.2 82.2 82.7 83.4 83.4 83.7 %1.7 2.3 2.7 2.7 2.3 1.7 1.2 0.9 0.7 0.8 %12.9 14.2 13.8 12.5 12.1 10.4 8.9 8.5 10.6 9.3 %4.9 5.6b5.5 4.7 4.6 4.0 4.2 4.3 4.5 5.1b3 year change in pp-0.1 0.8b1.2 -0.2 -1.0b-1.5 -0.5 -0.3 0.5 0.9b%nanana16.4 16.3b16.6 16.5 16.5 16.0 16.6 3 year change in ppnananananana0.1 0.2b-0.6 0.1 %10.1 10.4 11.6 11.6 12.7b13.2 13.3 13.2 13.4 14.4 3 year change in pp-1.0 0.1 0.6 1.5 2.3b1.6 1.7 0.5b0.2 1.1 %nanana3.2 2.6 2.6 2.6 2.8 2.2 2.1 3 year change in ppnananananana-0.6 0.2 -0.4 -0.5 %nanana10.0 9.5 9.4 8.4 8.9 8.7 8.6 3 year change in ppnananananana-1.6 -0.6 -0.7 0.2 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1)Youngpeopleneitherinemploymentnorineducationandtraining,b=Breakinthedataseriesin2021duetotheimplementationofRegulation(EU)2019/1700.2)IncomeandLivingConditionsindicators,2016,b=introductionofCAWI,oversamplingoflowerincomegroups,useofregisterinformationforhousingcosts,changesinfieldworkperiod,weighting, calculation of imputed rent. Source: European Commission, EurostatNetherlandsEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
Table 5.20: Auxiliary indicators for Austria 

163 

Austria2012201320142015201620172018201920202021Real GDP (1 year % change) 0.7 0.0 0.7 1.0 2.0 2.3 2.4 1.5 -6.5 4.6 Gross fixed capital formation (% of GDP)22.6 23.0 22.7 22.7 23.1 23.6 24.1 24.9 25.0 26.5 Gross domestic expenditure on R&D (% of GDP)2.9e3.0 3.1e3.1 3.1e3.1 3.1e3.1 3.2e3.2pCurrent plus capital account (net lending-borrowing) (% of GDP)1.3 1.8 2.4 1.2 2.6 1.3 0.3 2.4 2.9 0.4 Net international investment position excluding non-defaultable instruments (% of GDP) -16.0 -11.7 -11.3 -11.3 -9.4 -4.3 -6.2 -0.6 -4.6 -4.2 Foreign direct investment in the reporting economy, flows (% of GDP)1.3 0.1 0.4 -2.1 -7.5 3.2 -6.6 -2.9 -2.5 2.6 Foreign direct investment in the reporting economy, stocks (% of GDP)74.7 75.2 77.8 75.4 65.0 71.1 61.4 58.1 58.4 60.1 Net trade balance of energy products (% of GDP)-3.9 -3.5 -3.0 -2.3 -1.9 -2.1 -2.5 -2.2 -1.4 -2.4 Real effective exchange rate - euro area trading partners (3 year % change)1.3 1.6 1.6 2.0 2.1 1.8 1.7 1.1 1.4 1.1 Export performance against advanced economies (5 year % change)-13.3 -12.0 -9.5 -7.2 -4.8 -0.5 0.5 -0.5 5.9 1.7 Terms of trade (5 year % change)-3.2 -1.9 -2.7 0.4 3.2 2.5 2.0 0.4 -0.4 -2.6 Export market share in volume (1 year % change)-1.6 -2.8 -1.2 0.2 0.8 -0.9 0.9 3.1 -2.5 -0.7 Labour productivity (1 year % change)-0.4 -0.3 -0.3 0.4 0.7 0.6 0.7 0.4 -4.9 2.5 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana7.5e6.5e5.1e3.5e2.6e2.2e2.0e1.8pUnit labour cost performance relative to EA (10 year % change)1.3 3.3 5.4 6.1 5.7 5.6 5.3 5.4 5.5 7.2 House price index (2015=100) - nominal (3 year % change)21.1e19.9 16.8 14.2 17.8 19.9 19.6 16.6 19.3 28.1 Residential construction (% of GDP)4.3 4.3 4.3 4.3 4.3 4.5 4.5 4.7 5.0 5.3 Household debt, consolidated (incl. NPISH, % of GDP)52.0 51.2 51.0 50.8 51.1 50.3 49.7 49.6 53.2 52.1 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)13.5e13.4e14.2e13.5e12.5e11.6e11.4e11.2e11.9e11.7pFlags:e:Estimated. p:Provisional. 1) House price index e = estimate by NCB.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.20 (continued): Auxiliary indicators for Austria 

164 

20122013201420152016201720182019202020211 year % change1.0 0.3 1.0 0.6 1.3 1.6 1.7 1.1 -1.6 2.0 %75.4 75.8 75.7 75.8 76.6 76.8 77.1 77.3 76.4 77.2 %1.5 1.6 1.9 2.0 2.4 2.3 1.7 1.4 1.7 2.0 %10.0 10.3 11.0 11.3 12.0 10.5 10.0 9.1 11.7 11.0 %6.8 7.3 7.7 7.5 7.7 6.5 6.8 7.1 8.0 8.5b3 year change in pp-1.4 -0.1 0.4 0.7 0.4 -1.2 -0.7 -0.6 1.5 1.7b%nanana16.9 17.2 17.1 16.8 16.5 16.7 17.3 3 year change in ppnananananana-0.1 -0.7 -0.4 0.5 %14.4 14.4 14.1 13.9 14.1 14.4 14.3 13.3 13.9 14.7 3 year change in pp-0.1 -0.3 -0.4 -0.5 -0.3 0.3 0.4 -0.8 -0.5 0.4 %nanana2.9 3.3 3.4 2.8 2.7 3.0 1.8 3 year change in ppnananananana-0.1 -0.6 -0.4 -1.0 %nanana6.3 7.0 7.2 6.4 6.6 6.1 7.4 3 year change in ppnananananana0.1 -0.4 -1.1 1.0 AustriaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, Eurostat 
 
 
 
 
 
 
 
 
 
 
Table 5.21: Auxiliary indicators for Poland 

165 

Poland2012201320142015201620172018201920202021Real GDP (1 year % change) 1.5 0.9 3.8 4.4 3.0 5.1 5.9 4.4 -2.0 6.8 Gross fixed capital formation (% of GDP)19.6 19.0 20.1 20.4 18.5 17.6 18.7 18.9 18.3 17.0 Gross domestic expenditure on R&D (% of GDP)0.9 0.9 0.9 1.0 1.0 1.0 1.2 1.3 1.4 1.4pCurrent plus capital account (net lending-borrowing) (% of GDP)-1.6 -0.2 -1.0 1.4 0.0 -0.1 -0.3 1.3 3.9 -0.8 Net international investment position excluding non-defaultable instruments (% of GDP) -25.0 -26.2 -25.5 -24.1 -20.8 -18.8 -14.9 -10.7 -4.5 0.8 Foreign direct investment in the reporting economy, flows (% of GDP)1.4 0.2 3.8 3.3 3.8 2.2 3.2 2.9 3.1 5.5 Foreign direct investment in the reporting economy, stocks (% of GDP)48.3 50.8 52.1 48.5 50.9 49.8 48.4 47.6 49.2 50.1 Net trade balance of energy products (% of GDP)-3.5 -2.7 -2.6 -1.6 -1.4 -2.0 -2.7 -2.4 -1.6 -2.0 Real effective exchange rate - euro area trading partners (3 year % change)7.3 -3.3 -1.5 -2.1 -5.7 -3.2 -3.0 1.6 -1.0 -0.6 Export performance against advanced economies (5 year % change)11.1 5.4 9.0 7.6 11.5 20.4 19.5 20.0 34.3 30.6 Terms of trade (5 year % change)-2.6 -0.2 -1.4 2.8 4.9 6.4 4.4 3.7 3.8 1.1 Export market share in volume (1 year % change)1.0 1.7 1.4 3.8 6.8 3.2 2.5 4.4 7.1 2.2 Labour productivity (1 year % change)1.4 0.9 2.1 2.8 2.1 3.8 5.4 4.5 -2.0 5.3bGross non-performing loans of domestic and foreign entities  (% of gross loans)nana7.2e6.6e6.4e6.6e6.2e6.1e6.0e5.0pUnit labour cost performance relative to EA (10 year % change)-3.4 0.5 2.4 1.4 4.0 3.4 0.4 5.2 4.9 5.1 House price index (2015=100) - nominal (3 year % change)-7.0e-7.6 -6.8 -2.0 4.4 7.4 12.7 20.3 28.0 31.1 Residential construction (% of GDP)3.1 3.0 2.6 2.6 2.5 2.2 2.0 2.1 2.2 2.3 Household debt, consolidated (incl. NPISH, % of GDP)34.4 35.6 36.0 36.1 36.8 35.0 35.0 34.4 34.6 32.3 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)9.1e9.0e9.3e9.2e9.4e8.8e9.3e9.7e10.5e12.9pFlags:b:Break in series. e:Estimated. p:Provisional. 1) House price index e = Eurostat estimates.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.21 (continued): Auxiliary indicators for Poland  

166 

20122013201420152016201720182019202020211 year % change0.1 -0.1 1.7 1.5 0.8 1.3 0.5 0.0 0.0 1.5b%64.8 65.4 66.4 66.8 67.8 68.7 69.4 69.9 70.1 72.8 %4.2 4.5 3.9 3.0 2.2 1.5 1.0 0.7 0.6 0.9 %26.8 27.6 24.1 21.0 17.8 14.9 11.8 9.9 10.9 11.9 %11.8 12.2b12.0 11.0 10.5 9.5 8.7b8.1 8.6 11.2b3 year change in pp1.7 1.4b0.5 -0.8 -1.7b-2.5 -2.3b-2.4 -0.9 2.5b%nanana22.5 20.6 18.7 18.2 17.9 17.0 16.8p3 year change in ppnananananana-4.3 -2.7 -1.7 -1.4p%17.1 17.3 17.0 17.6 17.3 15.0 14.8 15.4 14.8 14.8p3 year change in pp0.0 -0.3 -0.7 0.5 0.0 -2.0 -2.8 -1.9 -0.2 0.0p%nanana7.8 5.4 5.3 4.5 3.5 2.6 2.9p3 year change in ppnananananana-3.3 -1.9 -2.7 -1.6p%nanana6.9 6.6 5.8 5.7 5.0 4.3 4.2p3 year change in ppnananananana-1.2 -1.6 -1.5 -1.5pEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1) Young people neither in employment nor in education and training, 2021, b= Break in the data series due to the implementation of Regulation (EU) 2019/1700; 2018, b = changes in the weighting procedure; 2013, b = changes in the implementation of variables on education used for the derivation of the indicator.Source: European Commission, EurostatPoland 
 
 
 
 
 
 
 
 
 
Table 5.22: Auxiliary indicators for Portugal 

167 

Portugal2012201320142015201620172018201920202021Real GDP (1 year % change) -4.1 -0.9 0.8 1.8 2.0 3.5 2.8 2.7 -8.3 5.5pGross fixed capital formation (% of GDP)15.8 14.8 15.0 15.5 15.5 16.8 17.5 18.1 19.2 20.3pGross domestic expenditure on R&D (% of GDP)1.4 1.3 1.3 1.2 1.3 1.3 1.4 1.4 1.6 1.7pCurrent plus capital account (net lending-borrowing) (% of GDP)0.5 3.3 1.5 1.5 2.1 2.2 1.5 1.3 -0.1 0.6 Net international investment position excluding non-defaultable instruments (% of GDP) -82.1 -78.1 -77.7 -72.3 -64.2 -58.4 -55.3 -46.7 -46.7 -36.1 Foreign direct investment in the reporting economy, flows (% of GDP)9.9 6.9 5.3 0.6 3.6 4.9 3.2 4.3 1.7 3.1 Foreign direct investment in the reporting economy, stocks (% of GDP)70.8 77.4 81.5 81.0 80.2 83.0 79.6 81.1 85.8 85.6 Net trade balance of energy products (% of GDP)-4.7 -3.7 -3.6 -2.3 -1.6 -2.2 -2.5 -2.5 -1.7 -2.7pReal effective exchange rate - euro area trading partners (3 year % change)0.9 0.1 -1.2 -1.1 0.3 0.8 -0.3 -1.6 -1.9 -3.0 Export performance against advanced economies (5 year % change)-8.4 -0.9 -0.4 3.1 3.1 10.9 6.1 6.5 -1.0 -1.0 Terms of trade (5 year % change)-0.2 3.9 0.1 4.7 8.4 6.9 4.5 4.3 2.5 -0.5pExport market share in volume (1 year % change)0.1 3.8 0.2 3.5 2.2 2.6 -0.2 3.2 -10.4 3.2pLabour productivity (1 year % change)0.0 2.0 -0.6 0.4 0.4 0.2 0.5 1.9 -6.6 3.5pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana16.6e17.5e17.2e13.3e9.4e6.1e4.9e3.6pUnit labour cost performance relative to EA (10 year % change)-8.5 -8.8 -10.1 -12.0 -11.2 -9.2 -6.4 -5.7 -1.0 2.3 House price index (2015=100) - nominal (3 year % change)-11.0 -13.3 -4.9 5.4 15.1 20.6 29.0 32.4 31.9 30.9 Residential construction (% of GDP)3.0 2.5 2.5 2.4 2.6 2.8 3.1 3.2 3.4 3.8pHousehold debt, consolidated (incl. NPISH, % of GDP)90.5 86.1 81.9 77.0 72.6 69.2 66.0 63.5 69.1 66.4 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)15.5e14.8e13.7e12.4e12.9e10.6e11.0e10.8e11.4e12.0pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.22 (continued): Auxiliary indicators for Portugal 

168 

20122013201420152016201720182019202020211 year % change-4.1 -2.9 1.4 1.4 1.6 3.3 2.3 0.8 -1.8 1.9p%71.3 71.2 71.8 72.3 72.7 73.8 74.5 74.9 73.8 75.2 %8.1 9.7 8.7 7.5 6.4 4.6 3.2 2.8 2.3 2.9 %38.1 38.3 34.8 32.0 28.0 23.9 20.3 18.3 22.5 23.4 %13.9 14.1 12.3 11.3 10.6 9.3 8.4 8.0 9.1 7.6b3 year change in pp2.7 2.7 -0.3b-2.6 -3.5 -3.0 -2.9 -2.6 -0.2 -0.8b%nanana26.4 24.9 23.4 21.6 21.1 20.0 22.4 3 year change in ppnananananana-4.8 -3.8 -3.4 0.8 %17.9 18.7 19.5 19.5 19.0 18.3 17.3 17.2 16.2 18.4 3 year change in pp0.0 0.8 1.5 1.6 0.3 -1.2 -2.2 -1.8 -2.1 1.1 %nanana10.9 9.1 8.0 6.6 5.6 5.4 6.0 3 year change in ppnananananana-4.3 -3.5 -2.6 -0.6 %nanana10.2 8.5 7.7 6.9 6.2 5.0 5.3 3 year change in ppnananananana-3.3 -2.3 -2.7 -1.6 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatPeople at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. PortugalEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.23: Auxiliary indicators for Romania 

169 

Romania2012201320142015201620172018201920202021Real GDP (1 year % change) 1.9 0.3 4.1 3.2 2.9 8.2 6.0 3.9 -3.7 5.1pGross fixed capital formation (% of GDP)27.0 24.4 24.4 24.9 23.1 22.8 21.4 23.0 23.5 24.1pGross domestic expenditure on R&D (% of GDP)0.5 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5pCurrent plus capital account (net lending-borrowing) (% of GDP)-3.4 1.2 2.4 1.6 0.9 -1.9 -3.4 -3.6 -3.1 -5.1 Net international investment position excluding non-defaultable instruments (% of GDP) -23.9 -20.5 -14.5 -12.9 -6.5 -5.6 -3.9 -4.0 -7.0 -6.5 Foreign direct investment in the reporting economy, flows (% of GDP)1.7 2.0 1.9 2.4 3.4 2.8 3.0 2.9 1.4 4.1 Foreign direct investment in the reporting economy, stocks (% of GDP)41.4 45.3 44.9 44.3 46.1 44.8 43.3 44.1 45.9 46.6 Net trade balance of energy products (% of GDP)-2.9 -1.9 -1.4 -0.9 -1.0 -1.3 -1.6 -1.7 -1.2 -2.0pReal effective exchange rate - euro area trading partners (3 year % change)3.2 0.7 -1.3 2.2 -2.8 -5.1 -4.1 -1.2 0.9 0.2 Export performance against advanced economies (5 year % change)24.4 23.1 30.1 24.1 22.2 34.4 20.7 15.4 20.5 15.7 Terms of trade (5 year % change)4.6 2.7 3.7 5.7 3.6 5.1 5.2 4.8 5.4 5.6pExport market share in volume (1 year % change)-1.9 17.2 4.4 1.8 14.1 2.0 1.0 4.5 -1.3 2.2pLabour productivity (1 year % change)0.5 1.2 3.3 4.5 4.0 5.7 5.9 3.7 -1.7 3.2pGross non-performing loans of domestic and foreign entities  (% of gross loans)nana20.7e13.4e9.7e6.6e5.0e4.3e3.9e3.4pUnit labour cost performance relative to EA (10 year % change)79.1 45.9 48.0 20.5 23.4 33.9 19.5 32.7 23.5 35.4 House price index (2015=100) - nominal (3 year % change)-23.0 -17.0 -7.3 0.5 6.7 15.6 18.6 15.8 14.3 13.0 Residential construction (% of GDP)3.0 2.4 2.4 2.4 2.6 2.7 2.1 2.3 2.4 2.6pHousehold debt, consolidated (incl. NPISH, % of GDP)19.7 19.3 18.0 17.4 17.0 16.3 15.7 15.4 16.1 15.8 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)9.7e9.7e10.5e9.8e9.8e9.6e9.3e9.1e9.1e10.2pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.23 (continued): Auxiliary indicators for Romania 

170 

20122013201420152016201720182019202020211 year % change1.4 -0.9 0.8 -1.3 -1.1 2.4 0.1 0.1 -2.1 1.8p%57.6 57.9 58.8 59.9 60.2 61.8 62.4 63.3 64.1 65.6 %3.7 3.9 3.4 3.6 3.4 2.4 2.2 2.0 1.8 2.0 %28.2 29.6 30.0 27.3 25.9 23.0 20.5 21.0 21.6 21.0 %16.8 17.0 17.0 18.1 17.4 15.2 14.5 14.7 14.8 18.0b3 year change in pp2.9 0.4b-0.5 1.3 0.4 -1.8 -3.6 -2.7 -0.4 3.5b%nanana44.5 46.0 42.5 38.7 36.3 35.6 34.4 3 year change in ppnananananana-5.8 -9.7 -6.9 -4.3 %22.9 23.0 25.1 25.4 25.3 23.6 23.5 23.8 23.4 22.6 3 year change in pp0.8 1.4 2.8 2.5 2.3 -1.5 -1.9 -1.5 -0.2 -0.9 %nanana34.0 35.9 32.4 28.3 24.5 25.3 23.1 3 year change in ppnananananana-5.7 -11.4 -7.1 -5.2 %nanana6.2 6.4 5.4 6.0 4.5 4.7 3.5 3 year change in ppnananananana-0.2 -1.9 -0.7 -2.5 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. p:Provisional. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatRomaniaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.24: Auxiliary indicators for Slovenia 

171 

Slovenia2012201320142015201620172018201920202021Real GDP (1 year % change) -2.6 -1.0 2.8 2.2 3.2 4.8 4.5 3.5 -4.3 8.2 Gross fixed capital formation (% of GDP)19.0 19.6 19.1 18.7 17.4 18.3 19.3 19.6 18.9 20.3 Gross domestic expenditure on R&D (% of GDP)2.6 2.6 2.4 2.2 2.0 1.9 2.0 2.1 2.2 naCurrent plus capital account (net lending-borrowing) (% of GDP)1.4 3.7 5.3 4.9 4.0 5.5 5.5 5.5 7.0 3.9 Net international investment position excluding non-defaultable instruments (% of GDP) -37.6 -32.8 -28.5 -19.0 -14.7 -9.6 -0.9 0.8 1.6 9.7 Foreign direct investment in the reporting economy, flows (% of GDP)0.1 0.2 2.0 4.0 3.2 2.5 2.8 4.0 0.9 3.4 Foreign direct investment in the reporting economy, stocks (% of GDP)29.6 28.9 31.5 34.4 37.1 37.9 39.2 40.4 43.0 43.3 Net trade balance of energy products (% of GDP)-6.7 -5.5 -4.1 -3.1 -2.1 -2.6 -2.9 -3.5 -2.0 -2.8 Real effective exchange rate - euro area trading partners (3 year % change)0.2 0.0 0.4 -0.9 -1.8 -1.6 -0.4 0.4 -0.2 -1.0 Export performance against advanced economies (5 year % change)-12.3 -11.9 -6.5 -2.8 1.3 14.7 16.9 13.8 20.2 16.7 Terms of trade (5 year % change)-4.3 -2.3 -4.6 0.6 2.9 3.4 2.5 2.0 1.4 -1.5 Export market share in volume (1 year % change)-2.5 -0.3 1.9 1.9 4.0 5.3 1.9 3.6 -0.4 4.2 Labour productivity (1 year % change)-1.7 0.1 2.3 0.9 1.3 1.9 1.2 1.0 -3.7 6.8 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana22.8e17.9e12.3e9.2e6.0e3.4e3.0e2.1pUnit labour cost performance relative to EA (10 year % change)11.4 7.9 2.9 2.1 2.2 1.2 -0.6 -2.0 -0.5 -0.4 House price index (2015=100) - nominal (3 year % change)-4.2 -9.4 -17.6 -10.8 -2.8 12.7 21.6 25.6 21.4 24.5 Residential construction (% of GDP)2.5 2.4 2.2 2.1 2.1 2.1 2.1 2.2 2.3 2.4 Household debt, consolidated (incl. NPISH, % of GDP)30.7 29.6 28.3 27.6 27.3 27.1 26.9 26.8 27.8 26.4 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)12.9e11.3e9.3e8.6e8.0e8.0e8.2e8.2e9.3e9.6pFlags:e:Estimated. p:Provisional. 1) The official transmission deadline for 2021 data on Gross domestic expenditure on R&D is 31 October 2022 while data were extracted on 21 October 2022.Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.24 (continued): Auxiliary indicators for Slovenia 

172 

20122013201420152016201720182019202020211 year % change-0.9 -1.1 0.4 1.3 1.8 2.9 3.2 2.5 -0.7 1.3 %69.8 70.0 70.4 71.2 71.1 73.6 74.4 74.6 73.8 75.0 %4.3 5.2 5.3 4.7 4.3 3.1 2.2 1.9 1.9 1.9 %20.8 21.6 20.5 16.4 15.3 11.3 8.9 8.1 14.3 12.8 %9.3 9.2 9.4 9.5 8.0 6.5 6.6 7.0 7.7 6.6b3 year change in pp1.8 2.1 2.3 0.2 -1.2 -2.9 -2.9 -1.0 1.2 0.0b%nanana17.7 16.9 16.6 15.4 13.7 14.3 13.2 3 year change in ppnananananana-2.3 -3.2 -2.3 -2.2 %13.5 14.5 14.5 14.3 13.9 13.3 13.3 12.0 12.4 11.7 3 year change in pp2.2 1.8 0.9 0.8 -0.6 -1.2 -1.0 -1.9 -0.9 -1.6 %nanana4.8 4.1 4.5 3.2 2.2 2.6 1.8 3 year change in ppnananananana-1.6 -1.9 -1.9 -1.4 %nanana5.8 6.0 5.2 4.4 4.3 3.9 3.6 3 year change in ppnananananana-1.4 -1.7 -1.3 -0.8 SloveniaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, Eurostat 
 
 
 
 
 
 
 
 
 
 
Table 5.25: Auxiliary indicators for Slovakia 

173 

Slovakia2012201320142015201620172018201920202021Real GDP (1 year % change) 1.3 0.6 2.7 5.2 1.9 2.9 4.0 2.5 -3.4 3.0 Gross fixed capital formation (% of GDP)20.4 20.5 20.5 23.7 21.0 21.1 20.9 21.5 19.5 18.9 Gross domestic expenditure on R&D (% of GDP)0.8 0.8 0.9 1.2 0.8 0.9 0.8 0.8 0.9 1.0 Current plus capital account (net lending-borrowing) (% of GDP)2.8 3.3 2.1 1.1 -1.0 -1.8 -1.2 -2.6 1.3 -1.2 Net international investment position excluding non-defaultable instruments (% of GDP) -8.5 -10.5 -13.0 -13.9 -14.7 -15.1 -16.6 -14.1 -14.8 -14.7 Foreign direct investment in the reporting economy, flows (% of GDP)1.8 1.0 -0.4 1.7 5.3 4.4 2.1 2.2 -1.0 0.8 Foreign direct investment in the reporting economy, stocks (% of GDP)63.8 64.5 61.9 62.5 70.7 71.3 70.7 69.6 70.0 66.5 Net trade balance of energy products (% of GDP)-5.7 -5.9 -4.0 -3.0 -2.5 -2.9 -3.9 -3.1 -2.1 -3.6 Real effective exchange rate - euro area trading partners (3 year % change)1.9 2.5 0.5 -1.5 -2.2 -1.7 -0.4 1.9 3.8 3.1 Export performance against advanced economies (5 year % change)-0.6 3.5 9.5 6.4 5.1 2.2 -0.2 -0.4 8.0 1.5 Terms of trade (5 year % change)-6.0 -4.9 -3.7 -3.2 -2.3 -1.6 -1.7 -2.0 -2.1 -2.6 Export market share in volume (1 year % change)6.1 2.6 -0.4 3.8 2.8 -2.1 0.8 -0.1 1.8 0.3 Labour productivity (1 year % change)1.3 1.4 1.3 3.1 -0.4 0.7 2.0 1.5 -1.5 3.6 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana5.2e4.4e4.6e3.7e3.2e2.9e2.5e2.0pUnit labour cost performance relative to EA (10 year % change)5.5 3.9 1.8 -0.9 -0.7 3.8 5.3 6.9 10.1 11.9 House price index (2015=100) - nominal (3 year % change)-8.0 -3.3 -0.4 7.8 14.0 19.0 21.3 24.1 28.4 27.2 Residential construction (% of GDP)2.8 3.2 2.6 2.5 3.1 3.1 3.3 3.3 3.8 3.9 Household debt, consolidated (incl. NPISH, % of GDP)28.0 29.6 32.4 34.3 38.2 40.9 42.2 43.4 46.6 47.8 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)8.5e8.2e8.4e9.0e9.2e9.3e9.5e9.6e9.7e10.4pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.25 (continued): Auxiliary indicators for Slovakia 

174 

20122013201420152016201720182019202020211 year % change0.1 -0.8 1.4 2.0 2.4 2.2 2.0 1.0 -1.9 -0.6 %71.3 71.8 72.2 72.9 73.9 74.1 74.4 74.7 74.5 74.6 %10.9 11.6 10.7 8.8 6.8 5.9 4.7 3.9 3.7 3.9 %35.3 34.9 31.0 27.7 23.4 20.0 15.8 17.1 20.4 20.6 %13.8 13.7 12.8 13.7 12.3 12.1 10.2 10.3 10.7 11.0b3 year change in pp1.3 -0.4 -1.0b-0.1 -1.4 -0.7 -3.5 -2.0 -1.4 0.8b%nanana17.3 17.1 15.8 15.2 14.9 13.8 15.6 3 year change in ppnananananana-2.1 -2.2 -2.0 0.4 %13.2 12.8 12.6 12.3 12.7 12.4 12.2 11.9 11.4 12.3 3 year change in pp2.2 0.8 -0.4 -0.9 -0.1 -0.2 -0.1 -0.8 -1.0 0.1 %nanana8.4 7.6 6.3 5.4 5.9 4.5 5.7 3 year change in ppnananananana-3.0 -1.7 -1.8 0.3 %nanana7.0 6.4 5.3 5.2 6.3 4.3 5.0 3 year change in ppnananananana-1.8 -0.1 -1.0 -0.2 People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatSlovakiaEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64 
 
 
 
 
 
 
 
 
 
 
Table 5.26: Auxiliary indicators for Finland 

175 

Finland2012201320142015201620172018201920202021Real GDP (1 year % change) -1.4 -0.9 -0.4 0.5 2.8 3.2 1.1 1.2 -2.2 3.0 Gross fixed capital formation (% of GDP)23.1 22.0 21.5 21.2 22.7 23.3 24.1 23.8 24.0 23.7 Gross domestic expenditure on R&D (% of GDP)3.4 3.3 3.2 2.9 2.7 2.7 2.8 2.8 2.9 3.0 Current plus capital account (net lending-borrowing) (% of GDP)-2.0 -1.7 -1.2 -0.9 -1.9 -0.7 -1.8 -0.2 0.8 0.7 Net international investment position excluding non-defaultable instruments (% of GDP) -2.2 -4.6 0.1 15.2 10.2 4.8 -0.8 6.9 5.8 15.8 Foreign direct investment in the reporting economy, flows (% of GDP)1.9 -1.9 6.4 7.4 2.1 6.9 -3.9 5.8 -0.8 8.0 Foreign direct investment in the reporting economy, stocks (% of GDP)51.7 46.6 52.0 57.3 54.5 56.8 46.6 51.0 49.9 51.6 Net trade balance of energy products (% of GDP)-2.6 -2.6 -2.4 -1.8 -1.4 -1.6 -2.0 -1.7 -0.9 -1.9 Real effective exchange rate - euro area trading partners (3 year % change)1.6 1.9 2.0 0.9 0.3 -1.2 -1.4 -1.7 -1.0 -1.0 Export performance against advanced economies (5 year % change)-25.1 -27.1 -21.9 -21.4 -17.5 -7.8 -6.2 1.4 12.3 9.7 Terms of trade (5 year % change)-5.3 -2.7 -3.2 1.9 3.2 3.8 3.8 2.5 0.5 1.3 Export market share in volume (1 year % change)-2.8 -2.8 -6.1 -2.4 1.7 3.0 -2.8 5.8 1.4 -4.9 Labour productivity (1 year % change)-2.2 -0.1 0.1 0.6 2.3 2.1 -1.3 -0.6 -0.3 -0.3 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana1.6e1.5e1.4e1.2e1.5e1.4e1.5e1.2pUnit labour cost performance relative to EA (10 year % change)6.2 8.4 9.2 8.4 5.4 2.6 1.2 -2.9 -5.5 -5.9 House price index (2015=100) - nominal (3 year % change)12.3 6.9 3.2 0.8b0.9 2.4 3.3 2.4 3.1 6.9 Residential construction (% of GDP)6.7 6.4 6.0 6.0 6.6 6.8 7.2 7.0 7.0 7.2 Household debt, consolidated (incl. NPISH, % of GDP)61.0 61.5 62.5 63.3 64.1 64.4 65.2 65.8 69.0 67.8 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)26.3e21.7e24.3e19.1e17.7e18.9e16.1e16.6e16.0e16.2pFlags:b:Break in series. e:Estimated. p:Provisional. 1) House price index b = break in time series due to new calculation method for New dwellings (apartments).Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.26 (continued): Auxiliary indicators for Finland 

176 

20122013201420152016201720182019202020211 year % change0.9 -0.8 -0.4 -0.1 0.5 1.0 2.5 1.8 -1.9 3.3 %74.4 74.4 74.6 74.8 75.0 75.8 77.0 77.3 77.3 78.8 %2.1 2.1 2.4 2.9 2.9 2.6 2.0 1.5 1.5 1.8 %19.5 20.6 20.5 22.5 20.5 20.0 17.3 17.7 21.0 17.1 %8.6 9.3 10.2 10.6 9.9 9.4 8.5 8.2 9.3 7.7b3 year change in pp-1.3 0.3 1.8 2.0 0.6 -0.8 -2.1 -1.7 -0.1 -0.8b%nanana16.9 16.5 16.0 16.6 15.4 15.9 14.2 3 year change in ppnananananana-0.3 -1.1 -0.1 -2.4 %13.2 11.8 12.8 12.4 11.6 11.5 12.0 11.6 12.2 10.8 3 year change in pp-0.6 -1.3 -0.9 -0.8 -0.2 -1.3 -0.4 0.0 0.7 -1.2 %nanana1.0 1.2 1.8 2.2 1.9 1.8 1.1 3 year change in ppnananananana1.2 0.7 0.0 -1.1 %nanana11.5 12.1 11.4 11.1 10.0 10.3 8.6 3 year change in ppnananananana-0.4 -2.1 -1.1 -2.5 People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatFinlandEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24Young people neither in employment nor in education and training - % of total population aged 15-24 
 
 
 
 
 
 
 
 
 
 
Table 5.27: Auxiliary indicators for Sweden 

177 

Sweden2012201320142015201620172018201920202021Real GDP (1 year % change) -0.6 1.2 2.7 4.5 2.1 2.6 2.0 2.0 -2.2 5.1 Gross fixed capital formation (% of GDP)22.7 22.4 23.2 23.8 24.2 25.1 25.2 24.4 25.1 25.6 Gross domestic expenditure on R&D (% of GDP)3.2e3.3e3.1e3.2 3.3e3.4 3.3 3.4 3.5 3.4 Current plus capital account (net lending-borrowing) (% of GDP)5.3 5.0 4.1 3.2 2.3 2.9 2.8 5.5 5.9 5.5 Net international investment position excluding non-defaultable instruments (% of GDP) -20.5 -25.6 -22.8 -15.1 -13.7 -10.0 -14.7 -11.4 -10.9 -2.0 Foreign direct investment in the reporting economy, flows (% of GDP)0.8 0.2 -1.7 2.0 2.9 4.5 -0.2 2.9 3.4 9.2 Foreign direct investment in the reporting economy, stocks (% of GDP)90.1 89.5 83.4 83.9 85.3 88.1 85.8 88.9 91.2 91.7 Net trade balance of energy products (% of GDP)-1.7 -1.5 -1.3 -0.8 -0.8 -0.9 -1.3 -1.1 -0.7 -0.7 Real effective exchange rate - euro area trading partners (3 year % change)19.3 5.9 -3.8 -7.9 -7.9 -4.0 -7.6 -9.7 -7.4 1.7 Export performance against advanced economies (5 year % change)-10.8 -10.1 -3.2 -8.4 -11.2 -8.2 -8.8 -4.5 3.7 3.5 Terms of trade (5 year % change)-0.3 0.2 -0.8 0.3 1.3 0.4 -1.1 -0.8 -0.5 -0.1 Export market share in volume (1 year % change)-1.9 -4.5 0.3 3.0 0.2 -1.7 -0.1 5.1 2.7 -2.4 Labour productivity (1 year % change)-1.3 0.2 1.2 3.0 0.2 0.1 0.3 1.4 -0.8 3.8 Gross non-performing loans of domestic and foreign entities  (% of gross loans)nana1.3e1.3e1.2e1.3e1.0e1.1e1.0e1.0pUnit labour cost performance relative to EA (10 year % change)1.7 3.6 5.4 5.3 7.4 5.7 5.9 6.2 7.4 4.2 House price index (2015=100) - nominal (3 year % change)12.0 9.2 16.5 30.2 34.0 30.6 14.4 8.3 5.8 17.6 Residential construction (% of GDP)3.5 3.6 4.2 4.7 5.3 5.7 5.2 4.7 4.9 5.3 Household debt, consolidated (incl. NPISH, % of GDP)79.3 81.2 82.1 82.4 85.7 87.2 88.1 88.5 93.7 92.5 Consolidated banking leverage, domestic and foreign entities (total assets/total equity)22.1e21.3e20.6e18.8e17.6e16.5e18.1e17.9e17.6e16.4pFlags:e:Estimated. p:Provisional. Source:EuropeanCommission,EurostatandDirectorateGeneralforEconomicandFinancialAffairs(forRealEffectiveExchangeRate),EuropeanCentralBank(forConsolidatedbankingleverageandGrossnon-performingloans,domesticandforeignentities),andInternationalMonetaryFund data, WEO (for world volume exports of goods and services) 
 
 
 
 
Table 5.27 (continued): Auxiliary indicators for Sweden 

178 

20122013201420152016201720182019202020211 year % change0.7 1.0 1.4 1.5 1.9 2.5 1.6 0.6 -1.3 1.2 %79.9 80.7 81.1 81.4 81.7 82.1 82.3b82.5 82.1 82.9 %2.3 2.3 2.3 2.3 2.0 2.0 1.7b1.5 1.8 1.9 %23.0 22.9 22.3 19.7 18.3 17.2 16.8b19.4 23.5 24.7 %7.8 7.5 7.2 6.7 6.5 6.2 6.0b5.5 6.5 5.1b3 year change in pp-1.8 -0.2 -0.3 -1.1 -1.0 -1.0 -0.7b-1.0 0.3 -0.9b%nanana18.2 17.7 17.2 17.7 18.4 17.7 17.2 3 year change in ppnananananana-0.5 0.7 0.5 -0.5 %15.2 16.0 15.6 16.3 16.2 15.8 16.4 17.1 16.1 15.7 3 year change in pp0.8 1.2 0.2 1.1 0.2 0.2 0.1 0.9 0.3 -0.7 %nanana1.1 0.7 1.0 1.4 1.5 2.0 1.4 3 year change in ppnananananana0.3 0.8 1.0 0.0 %nanana7.8 7.8 8.2 8.3 8.3 7.9 8.9 3 year change in ppnananananana0.5 0.5 -0.3 0.6 Young people neither in employment nor in education and training - % of total population aged 15-24People at risk of poverty after social transfers - % of total populationSeverely materially and socially deprived people  - % of total populationPeople living in households with very low work intensity - % of total population aged 0-64People at risk of poverty or social exclusion - % of total populationFlags:b:Break in series. 1) Young people neither in employment nor in education and training, b = Break in the data series in 2021 due to the implementation of Regulation (EU) 2019/1700.Source: European Commission, EurostatSwedenEmploymentActivity rate - % of total population aged 15-64Long-term unemployment rate - % of active population aged 15-74Youth unemployment rate - % of active population aged 15-24 
 
 
 
 
 
 
 
 
 
 
Chapter 6: Tables by year - MIP Scoreboard (base indicators) 
Table 6.1: MIP Scoreboard (base indicators) 2021 

179 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE0.4 59.9 0.5 -0.5 -0.1p4.5 3.8p169.0p109.2 6.3 7.5 69.7 2.6 18.2 BG-0.5 -18.4 0.8 5.0 3.6 2.5p4.4 84.4 23.9 5.3 9.5 72.0 2.6 15.8 CZ-0.8 -15.6 3.9 -4.5 1.8 16.4 2.9 78.8 42.0 2.8 7.9 76.6 0.8 8.2 DK9.0 77.0 -0.9 -2.3 0.6 9.5 12.3 214.7 36.6 5.1 11.7 79.6 1.0 10.8 DE7.4 70.7 0.8 -3.6 0.6p8.2p5.7p120.4p68.6 3.6 7.2 78.7 1.2 6.9 EE-1.8 -13.0 1.2 7.8 1.8 10.4 6.5 95.3 17.6 6.2 17.5 79.1 1.6 16.7 IE14.2 -145.5 -0.1 -4.0 -4.2 4.2 2.6p168.1p55.4 6.2 18.8p74.6 1.8 14.5 EL-6.8 -171.9 -1.4 20.1 -3.1p6.4e-0.1p120.7p194.5 14.7 14.3 67.3 9.2 35.5 ES1.0 -71.5 0.5 2.0 -0.3p1.5 2.5p139.1p118.3 14.8d6.6 73.7d6.2d34.8dFR0.4 -32.1 -0.5 -1.1 0.5p4.7 6.5p167.8p112.8 7.9d7.3p73.0d2.3d18.9dHR3.1 -35.1 0.5 19.1 -3.1p4.5 3.0p88.5p78.4 7.6 11.7 68.7 2.8 21.9 IT3.1 8.1 -0.5 -0.8 0.0 0.9 3.3 113.5 150.3 9.5 6.2 64.5 5.4 29.7 CY-6.8 -117.8 -0.8 -2.7 -1.4p-4.3 4.3p248.4p101.0 7.5 -0.8 76.7 2.6 17.1 LV-4.2 -27.4 0.3 -1.8 4.0 7.3 0.9 58.0 43.6 7.6 13.2 75.8 2.3 14.8 LT1.1 -7.4 1.8 3.4 6.8 11.0 5.9 53.9 43.7 7.1 25.2 78.2 2.6 14.3 LU4.7 30.6 0.8 -1.4 3.9p12.4 53.9p340.6p24.5 5.3 11.4 73.2 1.8 16.9 HU-4.0 -53.1 0.3 -3.8 2.1p10.0p12.7p80.5p76.8 4.1 16.4 76.2 1.3 13.5 MT-4.6 52.8 -1.3 -8.9 -2.2 3.8p9.4 131.8 56.3 3.4 7.7 78.2 0.9 9.4 NL7.2 93.0 0.0 -5.0 -0.6p11.2p11.7p229.3p52.4 4.2 -0.3p83.7 0.8 9.3 AT0.4 14.7 0.1 -3.8 0.3 9.9 7.4 129.7 82.3 6.2 8.0 77.2 2.0 11.0 PL-1.4 -39.5 -0.6 -0.7 -1.6b3.7 4.0 71.6 53.8 3.4 13.6 72.8 0.9 11.9 PT-1.2 -94.7 -1.8 0.1 0.6p7.9 4.0p156.9p125.5 6.6 7.1 75.2 2.9 23.4 RO-7.3 -47.2 0.0 0.5 1.2p-1.1 3.8p48.1p48.9 5.6 14.3 65.6 2.0 21.0 SI3.8 -6.8 -0.5 -0.5 1.1 7.8 3.5 66.4 74.5 4.8 14.1 75.0 1.9 12.8 SK-2.5 -61.0 -0.1 -4.2 2.8 3.0 5.5 95.0 62.2 6.8 24.0 74.6 3.9 20.6 FI0.6 -1.4 -0.8 -3.5 3.3 2.8 6.1 150.1 72.4 7.7 9.4 78.8 1.8 17.1 SE5.4 21.2 3.0 -3.2 0.5 8.1 16.6 215.2 36.3 8.8 10.9 82.9 1.9 24.7 Employment indicators¹Flags:b:Break in series. d:Definition differs. e:Estimated. p:Provisional. 1) For employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB for EL. 3) For employment indicators, d = Spain and France have assessed the attachment to the job and included in employment those who had an unknown duration of absence from work, but are expected to return to the same job once COVID-19 health measures allow it.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2021External imbalances and competitivenessInternal imbalances 
 
 
 
 
 
 
 
 
 
 
 
 
Table 6.2: MIP Scoreboard (base indicators) 2020 

180 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE1.1 47.0 1.3 4.7 4.1p3.3 -3.3p180.9p112.0 5.8 8.8 68.4 2.1 15.9 BG0.0 -26.1 2.9 -0.7 9.0 5.2 3.6 92.5 24.5 6.1 10.6 72.1 2.7 17.4 CZ2.0 -16.3 0.7 2.4 7.3 5.4 0.6 81.7 37.7 2.6 4.8 76.4 0.6 8.0 DK7.9 70.0 1.5 6.6 3.5 4.7 5.0 221.3 42.2 5.6 5.6 79.0 0.9 11.6 DE7.0 64.1 1.4 2.1 3.4p7.1 6.4p121.2p68.0 3.7b11.4 77.3b1.1b8.0bEE-1.0 -21.9 0.7 4.8 3.9 7.0 3.0 101.4 18.5 6.9 17.9 79.6 1.2 18.3 IE-6.8 -177.0 0.3 23.2 -5.1 -0.5 -3.6p187.3p58.4 5.9 7.4p70.8 1.4 15.8 EL-6.6 -173.8 0.4 -19.7 7.2p5.7e5.1p124.9p206.3 17.6 27.5 65.3 10.5 38.0 ES0.6 -85.7 0.7 -10.5 8.6p2.2 4.7p148.1p120.4 15.5 9.8 72.2 5.0 38.3 FR-1.8 -30.7 1.5 -6.9 4.8p4.1 13.5p175.0p115.0 8.0 11.3 72.0 1.9 21.5 HR-0.5 -48.1 -0.5 -16.1 9.8p7.3 1.3p98.0p87.0 7.5 7.3 67.1 2.1 21.1 IT3.9 1.4 0.9 -2.8 3.2 1.8 4.0 118.5 154.9 9.3 7.3 63.5 5.1 29.8 CY-10.1 -134.5 0.5 13.6 2.9 0.7 -1.2 269.8 113.5 7.6 -7.1 75.8 2.1 18.2 LV2.6 -34.1 2.0 11.8 4.8 2.7 -1.9 64.7 42.0 8.1 10.8 78.0 2.4 14.9 LT7.3 -15.6 3.3 8.9 4.9 6.1 0.3 54.4 46.3 8.5 28.5 78.5 2.5 19.6 LU4.6 55.7 0.4 15.2 3.8 13.1 42.9 320.3 24.5 6.8 -2.6 72.2 1.7 23.2 HU-1.1 -52.2 -3.6 2.6 6.7 1.5 8.1 76.8 79.3 4.1 55.0 75.1 1.1 12.5 MT-2.9 51.0 1.4 4.1 11.4 2.2 6.6 138.6 53.3 4.4 1.7 77.1 1.1 10.9 NL5.1 113.0 1.8 5.0 8.5p6.2 -0.7p233.1p54.7 4.9 1.4p83.4 0.7 10.6 AT3.0 11.5 2.1 0.5 7.1 6.1 4.4 130.4 82.9 6.0 11.4 76.4 1.7 11.7 PL2.5 -43.9 1.1 11.3 7.5 6.7 1.8 76.1 57.2 3.2 11.6 70.1 0.6 10.9 PT-1.0 -104.6 0.8 -10.2 8.7 8.1 4.4 163.7 134.9 7.0 6.6 73.8 2.3 22.5 RO-4.9 -47.6 1.4 1.9 5.8 2.3 1.3 48.0 46.9 6.1 13.4 64.1 1.8 21.6 SI7.6 -15.6 0.6 1.7 7.3 5.2 -0.9 69.5 79.6 5.0 14.0 73.8 1.9 14.3 SK0.6 -64.8 2.5 3.3 5.5 7.2 2.5 94.5 58.9 6.7 10.2 74.5 3.7 20.4 FI0.7 -4.0 1.6 1.0 0.7 1.3 6.1 152.6 74.8 7.7 8.0 77.3 1.5 21.0 SE5.9 9.4 3.0 4.1 3.4 3.3 14.4 212.8 39.5 8.5 10.7 82.1 1.8 23.5 1) For employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB for EL. 3) Labour Force Survey indicators, b = due to technical issues with the introduction of the new German system of integrated household surveys, including the LFS, the figures for Germany in 2020 are not direct estimates from LFS micro-data, but based on a larger sample including additional data from other integrated household surveys.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2020External imbalances and competitivenessInternal imbalancesEmployment indicators¹Flags:b:Break in series. e:Estimated. p:Provisional.  
 
 
 
 
 
 
 
 
Table 6.3: MIP Scoreboard (base indicators) 2019 

181 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE0.1 40.9 -1.2 -0.5 1.4 2.5 4.7 178.3 97.6 5.5 5.8 69.1 2.1 14.5 BG1.9 -30.2 0.0 2.7 3.1 3.9 5.6 90.7 20.0 5.2 5.2 73.1 2.9 12.1 CZ0.3 -19.8 0.3 -1.0 4.3 6.2 1.4 78.6 30.0 2.0 4.6 76.7 0.6 5.6 DK8.5 77.7 -1.8 2.3 1.9 1.4 10.5 221.2 33.7 5.0 13.4 79.1 0.8 10.1 DE7.6 58.5 -1.5 -1.9 3.3p4.4 6.4p112.7p58.9 3.0 7.3 78.0 1.2 6.2 EE2.4 -22.6 0.0 2.6 4.7 4.4 3.4 98.9 8.5 4.5 11.6 79.2 0.9 11.6 IE-19.8 -193.4 -2.7 9.7 1.3 0.5 -9.6p209.3p57.0 5.0 15.4p73.2 1.6 12.5 EL-1.5 -154.1 -2.1 0.7 0.0 7.2e-1.0 110.3 180.6 17.9 11.6 68.5 11.3 37.5 ES2.1 -73.7 -1.7 -0.9 3.7 4.1 1.5 129.3 98.2 14.1 1.6 73.8 5.3 32.5 FR0.5 -24.6 -1.4 -1.0 -0.7p2.5 8.4p153.1p97.4 8.4 6.0b72.6 2.3 20.7 HR2.8 -47.0 -1.5 4.2 0.0 7.8 1.1 88.3 71.0 6.6 6.8 66.5 2.4 16.6 IT3.3 -1.2 -2.2 -1.4 1.3 -0.7 0.3 106.0 134.1 9.9 4.7 65.7 5.9 29.2 CY-5.6 -115.4 -2.2 5.3 2.7 3.4 -0.5 265.5 90.4 7.1 7.5 76.0 2.1 16.6 LV-0.6 -40.3 0.0 -1.3 5.0 5.8 1.1 66.2 36.5 6.3 4.6 77.3 2.7 12.7 LT3.5 -23.5 -0.7 6.5 6.3 4.5 2.6 55.2 35.8 6.3 6.2 78.0 1.9 11.9 LU3.4 67.8 -0.6 3.1 3.1 8.3 24.9 310.8 22.4 5.6 3.7 72.0 1.3 17.0 HU-0.8 -49.8 -0.8 1.1 3.1 11.8 4.2 67.3 65.3 3.3 36.8 74.7 1.1 11.2 MT5.0 53.5 -1.2 4.0 3.6 4.2 12.7 124.1 40.7 3.6 7.5 75.9 0.9 9.3 NL6.9 89.6 0.4 -1.3 3.2 4.6 -0.3 229.9 48.5 4.4 7.9 83.4 0.9 8.5 AT2.4 14.4 -1.0 -0.1 2.3 4.0 5.1 121.5 70.6 4.8 3.6 77.3 1.4 9.1 PL-0.2 -48.8 -0.9 3.8 3.9 6.4 3.6 74.2 45.7 3.3 4.3 69.9 0.7 9.9 PT0.4 -100.0 -1.9 0.8 2.8 9.0 2.6 149.5 116.6 6.7 -0.2 74.9 2.8 18.3 RO-4.9 -43.4 -0.3 1.5 6.9 -1.9 2.0 46.5 35.1 4.9 10.3 63.3 2.0 21.0 SI5.9 -16.2 -0.5 0.7 3.9 5.3 0.8 68.6 65.4 4.4 9.9 74.6 1.9 8.1 SK-3.3 -65.6 0.6 -2.3 5.3 6.2 4.5 91.0 48.0 5.7 5.8 74.7 3.9 17.1 FI-0.3 4.0 -1.5 2.7 1.9 -0.6 6.6 146.1 64.9 6.8 7.8 77.3 1.5 17.7 SE5.5 13.2 -3.8 2.9 1.5 0.4 9.7 200.0 35.2 7.0 11.5 82.5 1.5 19.4 1) For employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB for EL. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2019External imbalances and competitivenessInternal imbalancesEmployment indicators¹Flags:b:Break in series. e:Estimated. p:Provisional.  
 
 
 
 
 
 
 
 
Table 6.4: MIP Scoreboard (base indicators) 2018 

182 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE-0.9 34.3 2.5 -1.5 1.5 0.8 -1.5 180.1 99.9 6.0 -3.9 68.6 2.6 16.0 BG0.9 -37.0 4.0 0.2 6.7 4.1 3.9 94.9 22.1 6.2 6.6 71.4 3.6 15.9 CZ0.4 -24.4 4.4 0.9 6.1 5.9 6.8 83.0 32.1 2.2 3.4 76.6 0.7 6.7 DK7.3 64.0 1.2 0.5 1.1 3.7 4.8 215.3 34.0 5.1 -0.3 78.2 1.0 10.5 DE8.0 52.3 2.7 -1.4 3.3 5.1 6.2 109.6 61.3 3.2 3.2 77.5 1.4 6.6 EE0.9 -29.9 4.5 1.8 6.4 2.3 4.6 101.2 8.2 5.4 6.6 79.3 1.3 12.0 IE5.2 -183.3 1.3 6.3 -2.5 8.3 -8.8p230.7p63.0 5.8 5.2p72.8 2.1 13.8 EL-2.9 -148.6 2.1 7.5 -1.0 1.7e-0.8 119.1 186.4 19.7 -4.7 68.1 12.5 41.2 ES1.9 -79.1 2.1 -1.2 1.5 5.2 0.0 133.1 100.4 15.3 -1.3 73.7 6.4 34.3 FR-0.8 -19.3 2.6 0.3 0.8 1.2 8.2 148.4 97.8 9.0 1.8b72.8 2.5 22.0 HR1.7 -56.0 2.5 1.2 3.6 4.6 2.2 92.1 73.2 8.5 4.5 66.3 3.4 23.7 IT2.6 -5.0 1.9 -0.7 2.0 -1.5 2.0 107.8 134.4 10.6 0.1 65.6 6.5 32.2 CY-4.0 -125.2 1.8 3.4 1.2 0.5 11.4 281.8 98.1 8.4 -1.8 75.0 2.7 20.2 LV-0.1 -45.4 3.9 2.9 5.4 6.4 -0.2 69.8 37.0 7.4 -3.5 77.6 3.4 12.2 LT0.3 -30.2 4.2 5.0 5.2 4.5 4.3 56.1 33.7 6.2 8.2 77.3 2.0 11.1 LU3.7 61.1 1.6 -1.6 5.6 5.1 6.0 280.6 20.9 5.6 -0.6 71.1 1.4 14.2 HU0.2 -50.7 -0.5 -0.4 3.3 10.7 4.3 68.7 69.1 3.6 -9.1 74.1 1.4 9.9 MT6.4 55.5 2.0 -3.1 3.7 5.0 6.2 121.4 43.7 3.7 2.7 74.7 1.8 9.1 NL9.3 73.1 1.5 1.6 2.3 7.1 5.2 241.3 52.4 4.9 -2.8 82.7 1.2 8.9 AT0.9 6.0 2.1 2.1 2.2 2.6 4.8 122.9 74.1 5.2 -1.0 77.1 1.7 10.0 PL-1.9 -54.7 1.0 3.5 2.1 5.0 3.8 76.7 48.7 3.9 3.3 69.4 1.0 11.8 PT0.6 -106.4 1.0 1.6 3.4 8.6 0.8 155.1 121.5 7.2 0.4 74.5 3.2 20.3 RO-4.6 -43.4 2.3 3.5 6.7 1.7 1.9 47.1 34.5 5.3 3.4 62.4 2.2 20.5 SI6.0 -18.9 1.8 3.9 2.7 6.6 1.3 72.5 70.3 5.1 4.1 74.4 2.2 8.9 SK-2.2 -69.4 2.1 2.0 3.9 4.9 6.2 90.5 49.4 6.5 9.6 74.4 4.7 15.8 FI-1.8 -5.6 2.3 0.9 2.6 -0.4 4.3 143.9 64.9 7.5 20.1 77.0 2.0 17.3 SE2.7 8.1 -4.0 -2.2 3.6 -3.3 8.9 195.0 39.2 6.5b-1.3 82.3b1.7b16.8b1) For employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB for EL. 3) In Total financial sector liabilities, the increase for FI is largely explained by international group changes in the deposit-taking corporations sector.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Flags:b:Break in series. e:Estimated. p:Provisional. Year2018External imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
 
Table 6.5: MIP Scoreboard (base indicators) 2017 

183 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE0.7 56.0 1.5 0.3 1.9 1.7 0.8 185.5 102.0 7.2b1.3 68.0b3.1b19.4bBG3.3 -43.0 0.6 4.6 9.5 3.9 4.5 98.6 25.1 7.2 7.1 71.2 3.9 16.1 CZ1.5 -24.9 3.7 1.2 3.5 9.1 6.0 80.3 34.2 2.9 28.3 75.9 1.0 7.9 DK8.0 55.4 0.4 -0.7 0.3 3.5 2.0 216.7 35.9 5.8b2.5 77.9b1.2b12.4bDE7.8 44.2 1.0 -1.3 1.3 4.6 4.1 107.1 64.6 3.6 4.1 77.0 1.5 7.2 EE2.3 -33.0 1.5 -0.2 3.9 1.1 4.2 106.2 9.1 5.8 12.3 79.2 2.0 12.1 IE0.5 -166.9 0.0 1.4 -2.7 9.3 0.3 249.1 67.6 6.7 4.2 72.6 3.0 14.4 EL-1.9 -143.4 0.5 5.0 -0.1 -1.4e-1.2 120.4 179.5 21.8 -13.0 68.2 14.3 44.5 ES2.8 -85.5 1.4 0.2 0.4 4.6 0.7 139.2 101.8 17.2 4.4 73.9 7.7 38.6 FR-0.8 -20.1 0.5 -3.1 0.8 2.3 7.1 145.0 98.1 9.4 4.3 72.4 2.9 23.5 HR3.4 -64.5 0.5 2.4 -0.7 2.9 1.5 96.3 76.5 11.2 3.9 66.4 4.6 27.4 IT2.7 -7.3 0.6 -0.7 -0.1 -2.1 1.2 109.4 134.2 11.3 1.9 65.3 6.9 34.6 CY-5.0 -135.7 0.4 3.8 1.2 1.2 7.5 303.6 92.6 11.1 0.8 73.9 4.5 24.7 LV1.3 -51.5 -0.1 1.7 4.1 5.3 2.8 75.7 38.9 8.7 6.2 76.9 3.6 17.0 LT0.5 -37.3 0.3 9.6 4.3 5.2 4.5 56.2 39.1 7.1 13.9 75.9 2.7 13.3 LU4.7 80.6 1.0 -1.9 5.3 3.3 -5.0 281.2 21.8 5.5 0.9 70.2 2.1 15.4 HU2.0 -54.4 1.7 0.5 4.6 8.6 0.6 69.9 72.1 4.0 -7.1 73.1 1.6 10.5 MT5.9 56.6 1.0 3.7 -0.2 4.3 6.0 124.3 47.8 4.0 7.4 72.2 2.0 10.6 NL8.9 61.5 0.5 1.1 0.5 6.1 3.5 247.6 57.0 5.9 0.5 82.2 1.7 10.4 AT1.4 4.3 1.0 -1.3 1.0 3.4 3.6 122.3 78.5 5.9 4.4 76.8 2.3 10.5 PL-1.1 -60.3 2.7 5.2 1.8 2.0 3.1 77.3 50.8 5.0 4.6 68.7 1.5 14.9 PT1.3 -110.4 0.6 2.9 2.1 7.6 2.9 163.0 126.1 9.2 1.3 73.8 4.6 23.9 RO-3.1 -47.8 -1.8 2.8 8.7 3.3 1.7 51.3 35.3 6.1 8.2 61.8 2.4 23.0 SI6.2 -24.2 -0.3 5.4 1.2 6.6 0.9 76.1 74.2 6.6 5.3 73.6 3.1 11.3 SK-1.9 -68.2 -0.1 -1.5 4.3 4.4 5.0 89.8 51.5 8.1 16.6 74.1 5.9 20.0 FI-0.8 1.2 -0.6 3.9 -3.2 0.1 8.3 147.7 66.0 8.7 -4.1 75.8 2.6 20.0 SE3.0 -0.9 -0.8 -2.4 2.0 4.8 13.2 198.7 41.0 6.8 6.9 82.1 2.0 17.2 Flags:b:Break in series. e:Estimated. 1) For employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB for EL. 3) Labour Force Survey indicators, b = change in the survey methodology for BE; b = data collection improvement, introduction of CAWI (computer-assisted web interviewing) technique for DK.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2017External imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
 
Table 6.6: MIP Scoreboard (base indicators) 2016 

184 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE0.6 54.5 2.9 7.0 0.6 1.1 23.7 193.4 105.0 7.9 2.7 67.7 3.7 20.3 BG3.1 -47.5 -0.4 8.2 3.2 5.3 2.9 103.9 29.1 8.6 9.5 68.6 5.0 20.4 CZ1.8 -27.2 2.5 4.4 3.0 6.8 6.2 80.4 36.6 4.0 16.8 75.0 1.7 10.5 DK7.8 52.6 1.0 1.5 -0.2 5.1 3.1b222.4b37.2 6.0b15.4b77.5b1.2b12.2bDE8.5 39.2 1.6 3.3 1.3 6.7 4.6 107.2 69.0 3.9 5.4 76.7 1.7 7.5 EE1.2 -39.5 1.5 6.5 3.3 3.7 6.4 111.9 10.0 6.8 8.9 77.9 2.2 14.0 IE-4.2 -172.6 0.9 4.0 4.1 6.8 -14.7 284.1 74.3 8.4 1.5 72.6 4.2 16.8 EL-1.7 -139.1 1.1 -2.1 0.1 -1.5e-2.2 127.0 180.5 23.9 -10.3 68.2 15.4 48.2 ES3.2 -85.4 0.7 5.8 -0.9 4.5 -0.4 147.7 102.7 19.6 2.0 74.2 9.5 44.4 FR-0.5 -13.0 1.3 2.2 0.7 0.8 6.2 143.2 98.0 10.1 4.9 72.3 3.1 26.0 HR2.1 -72.1 1.1 9.0 -2.8 2.0 -0.2 102.7 79.7 13.1 3.4 65.6 6.6 31.3 IT2.6 -12.0 0.8 2.7 0.4 0.2 0.0 112.1 134.8 11.7 3.3 64.8 7.1 37.7 CY-4.2 -133.2 -0.2 8.2 -2.7 2.2 12.0 326.6 102.6 13.0 -0.2 73.4 5.8 29.1 LV1.6 -54.3 1.2 3.7 4.5 7.2 2.5 78.3 40.3 9.7 4.7 76.2 4.4 17.5 LT-1.1 -42.8 1.9 3.9 6.1 4.4 4.4 56.6 39.7 7.9 15.8 75.5 3.0 14.5 LU4.8 55.5 0.7 2.6 -1.2 5.2 3.1 298.7 19.6 6.3 5.0 70.0 2.2 18.9 HU4.5 -59.1 0.8 3.3 4.0 12.3 -3.2 76.8 74.9 5.0 19.5 72.1 2.3 12.7 MT-0.6 47.8 1.4 3.4 6.4 4.5 10.7 134.2 54.7 4.7 3.7 70.6 2.4 10.7 NL7.1 62.6 1.2 0.3 0.9 4.4 3.6 257.8 61.9 7.0 7.4 82.2 2.3 12.1 AT2.7 4.1 1.7 4.2 1.7 7.0 3.3 123.3 82.8 6.5 -3.5 76.6 2.4 12.0 PL-1.0 -66.2 -3.5 6.3 2.6 2.7 4.9 82.3 54.5 6.3 9.2 67.8 2.2 17.8 PT1.2 -110.5 1.6 4.1 0.8 6.1 -1.8 169.3 131.5 11.5 -0.4 72.7 6.4 28.0 RO-1.6 -50.0 -1.3 8.9 11.0 5.2 0.6 54.6 37.9 7.2 7.0 60.2 3.4 25.9 SI4.8 -28.8 0.5 6.7 1.8 3.6 -0.8 81.0 78.5 8.0 3.4 71.1 4.3 15.3 SK-2.7 -66.6 0.5 6.0 2.7 7.0 9.2 87.9 52.3 9.6 8.6 73.9 6.8 23.4 FI-2.0 5.5 1.2 2.8 -1.4 1.1 1.3 148.1 68.0 8.9 3.8 75.0 2.9 20.5 SE2.4 -3.5 0.8 0.9 2.3 7.3 8.4 192.5 42.3 7.1 8.7 81.7 2.0 18.3 Flags:b:Break in series. e:Estimated. 1) For employment indicators, see page 2 of the AMR 2016. 2) House price index e = estimate by NCB for EL. 3) Private sector debt: the decline for IE relative to 2015 predominantly reflects restructuring and re-domiciling activities of large multinational companies. 4) Labour Force Survey indicators, b = data collection improvement, introduction of CAWI (computer-assisted web interviewing) technique for DK.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2016External imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
 
Table 6.7: MIP Scoreboard (base indicators) 2015 

185 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE1.4 45.2 -3.4 -7.1 -1.0 0.8 11.0 173.6 105.2 8.7 2.6 67.7 4.0 22.5 BG0.0 -61.5 -3.6 -1.2 2.5 0.4b-3.8 108.7 25.9 10.1 9.6 69.2 6.1 24.7 CZ0.4 -32.9 -0.9 -0.6 -0.8 4.0 -0.4 78.2 39.7 5.1 7.9 74.0 2.4 12.6 DK8.2 30.8 -3.4 -1.9 0.8 6.6 2.9 211.4 39.8 6.3 -0.9 76.9 1.6 12.2 DE8.6 34.6 -4.4 0.0 2.2 4.1 2.9 106.3 71.9 4.4 3.1 76.4 2.0 7.7 EE1.8 -40.2 0.1 -8.4 4.6 7.3 2.3 113.3 10.1 6.4 7.5 77.0 2.4 14.3 IE4.4 -198.3 -7.2 40.7 -15.1 10.9 -2.2 303.8 76.7 9.9 9.5 72.0 5.3 20.2 EL-0.8 -136.1 -4.5 -7.2 -3.3 -3.8e-3.1 129.1 176.7 25.0 6.3 67.7 16.4 50.3 ES2.0 -88.9 -4.5 -1.4 0.0 3.7 -2.0 155.7 103.3 22.1 -1.5 74.3 11.4 48.3 FR-0.4 -12.9 -4.7 1.0 0.2 -1.6 4.6 142.8 95.6 10.3 2.2 72.2 3.1 26.1 HR3.2 -78.8 -1.5 3.7 -0.5 -2.6 -1.5 110.5 83.2 16.2 1.5 66.9 10.2 42.3 IT1.4 -19.3 -4.5 -2.3 0.9 -4.0 -1.3 116.0 135.3 12.0 1.4 63.8 7.4 40.3 CY-0.4 -153.5 -6.5 2.5 -3.1 1.0b4.3 345.3 106.8 15.0 9.7 73.9 6.8 32.8 LV-0.6 -60.1 0.6 -3.6 5.0 -2.8 -0.8 78.3 37.0 9.9 13.3 75.7 4.9 16.3 LT-2.4 -43.8 0.3 -8.6 5.1 4.7 2.6 55.2 42.5 9.1 7.1 74.1 3.9 16.3 LU4.8 63.3 -2.7 4.8 1.9 4.5 21.3 322.7 21.1 6.7b16.8 70.9b1.9b17.3bHU2.3 -67.5 -2.4 0.3 0.5 12.5 -2.5 83.8 75.8 6.6 0.4 70.5 3.0 17.1 MT2.7 36.1 -4.8 11.0 0.5 4.1 7.1 131.2 56.2 5.4 3.6 68.8 2.7 11.6 NL5.2 50.0 -3.4 -2.0 -1.3 3.4 0.0 261.5 64.6 7.9 4.0 82.1 2.7 12.5 AT1.7 2.2 -2.4 -3.5 1.5 3.4 2.1 124.0 84.9 6.1 -0.1 75.8 2.0 11.3 PL-1.3 -60.6 -2.6 1.6 -0.4 1.9 3.6 79.1 51.3 7.7 2.9 66.8 3.0 21.0 PT0.2 -118.9 -2.9 -1.3 -0.1 2.2 -1.4 179.3 131.2 13.0 -1.4 72.3 7.5 32.0 RO-0.8 -54.7 -2.6 -0.1 -2.5 1.7 0.2 58.0 37.8 8.4 4.1 59.9 3.6 27.3 SI3.8 -31.2 -2.1 -1.5 0.6 1.4 -5.0 87.4 82.6 9.0 -3.8 71.2 4.7 16.4 SK-2.1 -63.6 -2.4 -2.6 0.6 5.5 5.0 80.2 51.7 11.5 10.4 72.9 8.8 27.7 FI-0.9 4.8 -3.2 -6.7 0.8 -0.5b6.9 152.1 68.3 9.4 1.4 74.8 2.9 22.5 SE3.3 -6.6 -5.5 -2.0 -0.3 12.0 7.5 190.9 43.7 7.6 1.8 81.4 2.3 19.7 Flags:b:Break in series. e:Estimated. 1) For employment indicators, see page 2 of the AMR 2016. 2) International investment position of LU has been revised downwards following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics. 3) House price index e = estimate by NCB for EL; b = break in time series due to full implementation of harmonised EU methodology for BG and CY; 4) Private sector debt: significant increases for IE due to re-domiciling of large multinational corporations and movement of large parts of their balance sheets. 5) Labour Force Survey indicators, b = change in sampling strategy and data collection technique for LU.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2015External imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
 
Table 6.8: MIP Scoreboard (base indicators) 2014 

186 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE0.8 44.8 0.2 0.5 -0.2 -1.3 -2.3 160.9 107.0 8.7 2.6 67.8 3.9 23.4 BG1.2 -71.9 -0.8 0.8 5.0 0.1 2.3 125.1 27.0 12.4 7.9 68.9 7.4 26.9 CZ0.2 -36.3 -5.2 4.8 1.1 1.6 2.3 83.0 41.9 6.1 5.2 73.5 2.7 15.9 DK8.9 43.3 0.8 0.5 0.7 3.1 -0.3 214.0 44.3 6.9 7.3 76.6 1.7 14.2 DE7.2 29.0 0.8 2.5 1.5 2.2 0.2 107.1 75.3 4.7 5.3 76.5 2.2 8.3 EE0.7 -47.0 2.8 0.8 4.2 12.9 6.3 116.9 10.6 7.3 12.6 75.9 3.3 14.9 IE1.1 -164.5 -0.8 13.1 -4.6 15.5 2.5 276.4 104.3 11.9 19.6 71.8 6.6 23.4 EL-0.7 -133.0 -0.6 3.6 -1.5 -5.2e-3.1 132.4 180.3 26.6 -8.1 67.3 17.5 53.0 ES1.7 -95.9 -0.5 0.9 -0.2 0.2 -7.1 167.4 105.1 24.5 0.1 74.2 12.9 53.2 FR-1.0 -15.6 0.3 0.2 0.7 -1.6 3.2 141.5 94.9 10.3 5.6 72.0 3.1 25.7 HR0.3 -89.6 0.5 4.4 -2.2 -1.3 -0.2 115.8 83.8 17.3 1.0 66.1 10.1 45.5 IT1.9 -20.8 0.3 0.7 0.2 -4.9 -0.3 119.8 135.4 12.9 0.9 63.6 8.2 42.7 CY-4.1 -163.1 -0.8 2.4 -3.8 -1.1 -0.8 351.1 108.8 16.1 11.6 74.3 7.7 36.0 LV-1.6 -64.1 2.9 3.5 4.8 4.7 -4.6 82.2 41.6 10.9 10.9 74.4 5.1 19.6 LT3.5 -46.8 3.0 -5.8 3.1 6.4 0.2 54.1 40.5 10.7 16.7 73.7 4.8 19.3 LU4.9 67.3 0.5 7.5 1.9 3.7 28.1 313.2 21.9 5.9 38.4 70.8 1.6 22.6 HU1.2 -80.1 -3.6 4.2 1.1 2.8 -0.2 91.4 76.5 7.5 8.7 68.8 3.6 20.1 MT5.6 41.8 0.6 3.0 -0.6 2.0 6.6 140.2 62.1 5.7 6.0 67.8 2.9 11.7 NL8.5 48.0 -0.1 0.5 0.1 -0.1 4.2 266.0 67.9 8.4 8.0 81.5 2.7 13.8 AT2.5 3.4 1.7 1.4 2.2 1.4 0.9 124.8 84.0 6.0 -0.8 75.7 1.9 11.0 PL-2.9 -68.8 1.0 3.9 0.2 1.3 4.9 79.0 51.4 9.2 1.7 66.4 3.9 24.1 PT0.2 -123.8 -0.5 0.9 -1.2 4.0 -6.8 190.1 132.9 14.6 -7.3 71.8 8.7 34.8 RO-0.3 -57.0 1.4 6.7 2.8 -3.2 -2.3 62.0 39.2 8.6 1.2 58.8 3.4 30.0 SI5.1 -38.4 1.1 3.9 -1.1 -6.2 -4.7 97.9 80.3 9.7 -0.1 70.4 5.3 20.5 SK1.1 -63.4 0.2 -1.6 0.7 1.5 5.0 78.8 53.5 13.1 9.4 72.2 10.7 31.0 FI-1.3 -3.1 2.5 -4.5 0.9 -1.6 1.7 148.8 64.5 8.7 9.4 74.6 2.4 20.5 SE4.2 -3.7 -4.6 -1.3 1.0 8.3 4.5 193.1 45.0 8.1 12.6 81.1 2.3 22.3 Flags:e:Estimated. 1) For employment indicators, see page 2 of the AMR 2016. 2) International investment position of LU has been revised downwards following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics. 3) House price index e = estimate by NCB for EL.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2014External imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
 
Table 6.9: MIP Scoreboard (base indicators) 2013 

187 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE1.0 43.2 1.5 1.4 1.7 0.1 8.5 162.8 105.5 8.6 1.2 67.6 3.5 23.9 BG1.3 -73.3 0.1 6.4 8.9 -0.8 2.6 130.1 17.0 13.9 1.1 68.2 7.9 31.5 CZ-0.5 -40.9 -2.2 -1.5 0.3 -0.7 4.3 84.8 44.4 7.0 10.1 72.9 3.0 19.0 DK7.8 37.2 1.0 2.1 0.7 3.1 -3.0 216.1 44.0 7.4 1.8 76.6 1.8 14.8 DE6.6 24.7 2.2 1.0 2.3 1.7 2.7 114.9 78.3 5.0 -6.6 76.4 2.3 8.3 EE0.3 -50.0 2.9 3.6 5.5 7.3 4.6 116.7 10.2 8.6 11.4 75.8 3.8 18.6 IE1.6 -133.6 1.6 1.9 0.5 -0.1 -0.7 266.2 119.9 13.8 2.1 71.8 7.9 26.7 EL-1.4 -131.0 -0.6 0.5 -6.5 -9.3e-4.1 133.4 178.2 27.8 -17.5 67.4 16.7 59.2 ES2.0 -92.8 1.9 3.8 -0.9 -10.0 -10.2 178.1 100.5 26.1 -10.7 74.3 13.0 55.5 FR-0.5 -16.6 1.6 2.3 1.4 -2.5 2.1 137.4 93.4 10.3 0.5 71.8 2.9 26.4 HR-1.1 -90.0 1.2 1.7 -3.5 -5.7 -0.6 115.6 80.1 17.3 2.7 63.7 11.0 50.0 IT1.1 -23.4 1.9 0.1 0.8 -7.5 -2.8 122.0 132.5 12.4 -2.3 62.9 7.4 40.0 CY-1.5 -162.1 1.1 2.8 -4.3 -3.9 -12.1 340.2 103.7 15.9 -3.1 73.6 6.1 38.9 LV-2.8 -67.9 -1.0 1.9 6.1 6.4 -0.6 90.7 40.3 11.9 5.7 73.8 6.3 23.2 LT1.7 -50.8 0.9 5.6 3.2 0.4 -0.2 56.6 38.7 11.8 -1.3 72.4 5.1 21.9 LU5.1 61.5 1.6 9.0 1.7 3.4 26.4 296.8 22.4 5.9 10.3 69.9 1.8 15.5 HU3.4 -82.0 -1.4 1.5 -0.3 -4.2 -0.9 95.6 77.2 9.8 -1.2 66.7 4.8 26.1 MT0.1 25.9 1.5 1.1 0.9 -1.6 2.9 147.3 66.4 6.1 0.0 66.3 3.5 12.7 NL9.8 30.7 2.7 1.4 0.8 -7.9 9.7 256.6 67.7 8.2 -1.6 81.9 2.3 14.2 AT1.9 1.3 2.1 1.6 2.5 3.0 1.0 127.1 81.3 5.7 -3.2 75.8 1.6 10.3 PL-2.0 -68.8 0.2 4.7 0.6 -4.7 3.2 76.5 57.1 10.6 6.0 65.4 4.5 27.6 PT1.6 -120.2 0.3 6.7 1.5 -2.6 -2.3 201.6 131.4 17.2 -5.2 71.2 9.7 38.3 RO-1.0 -63.6 4.0 15.8 3.6 -1.7 -1.5 67.2 37.8 9.0 0.8 57.9 3.9 29.6 SI3.3 -39.3 1.4 2.4 0.4 -7.2 -3.7 107.2 70.0 10.1 -10.1 70.0 5.2 21.6 SK1.9 -62.0 1.0 4.9 1.1 -0.4 4.9 75.0 54.7 14.1 1.4 71.8 11.6 34.9 FI-1.8 3.0 2.9 -0.4 1.6 -1.3 3.0 147.0 60.6 8.3 -11.5 74.4 2.1 20.6 SE5.2 -17.2 1.7 -1.1 1.8 4.5 4.6 193.8 40.3 8.2 9.8 80.7 2.3 22.9 Flags:e:Estimated. 1) For employment indicators, see page 2 of the AMR 2016. 2) International investment position of LU has been revised downwards following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics. 3) House price index e = estimate by NCB for EL.Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Year2013External imbalances and competitivenessInternal imbalancesEmployment indicators¹ 
 
 
 
 
 
 
 
 
 
Table 6.10: MIP Scoreboard (base indicators) 2012 

188 

Current account balance - % of GDP (level year)Net international investment position (% of GDP)Real effective exchange rate - 42 trading partners, HICP deflator (% y-o-y change)Export market share - % of world exports(% y-o-y change)Nominal unit labour cost index (2015=100)(% y-o-y change)House price index (2015=100), deflated (% y-o-y change) Private sector credit flow, consolidated (% of GDP)Private sector debt, consolidated (% of GDP)General government gross debt (% of GDP)Unemployment rate (level year)Total financial sector liabilities, non-consolidated(% y-o-y change)Activity rate - % of total population aged 15-64(level year)Long-term unemployment rate - % of active population aged 15-74(level year)Youth unemployment rate - % of active population aged 15-24(level year)BE-0.1 40.8 -2.3 -6.4 2.8 0.2 14.3 189.4 104.8 7.6 -5.1 67.0 3.1 20.0 BG-0.8 -77.3 -2.1 -4.9 4.3 -4.6 2.6 127.6 16.6 13.3 11.7 67.0 7.2 31.2 CZ-1.5 -45.6 -2.8 -4.2 3.2 -3.5 3.1 81.8 44.2 7.0 5.0 71.6 3.0 19.5 DK6.3 36.1 -2.9 -5.1 0.9 -4.9 7.9 224.0 44.9 7.8 2.5 77.2 2.1 15.8 DE7.1 28.7 -3.3 -4.7 3.4 2.1 1.6 114.6 80.7 5.1 3.3 76.0 2.4 8.6 EE-1.9 -51.1 -0.9 -2.7 4.3 3.1 7.7 118.1 9.8 9.9 10.9 75.6 5.4 20.7 IE-3.4 -137.4 -4.4 -6.1 1.0 -14.4 -0.5 276.4 119.6 15.5 -1.1 71.1 9.2 30.8 EL-3.5 -117.6 -4.5 -4.9 -0.6 -12.5e-4.8 135.2 162.0 24.8 -2.1 67.3 13.1 55.9 ES0.1 -88.9 -2.4 -6.1 -2.5 -16.5 -11.1 188.6 90.0 24.8 -0.1 74.3 11.0 52.9 FR-1.0 -12.8 -3.2 -4.6 2.2 -1.9 4.2 138.3 90.6 9.8 1.4 71.4 2.6 25.8 HR-1.9 -90.5 -2.5 -9.0 -1.3 -4.6 -2.8 117.1 69.2 16.0 0.9 63.9 10.2 42.1 IT-0.2 -23.0 -1.9 -5.4 1.5 -5.0 -0.9 124.7 126.5 10.9 7.1 63.0 6.0 35.3 CY-3.9 -140.7 -2.1 -7.6 1.6 -5.5 0.7 325.1 80.1 11.9 11.8 73.5 3.6 27.7 LV-3.7 -68.4 -1.5 3.4 1.8 -0.3 -2.4 96.3 42.4 15.1 5.4 74.3 8.6 28.5 LT-1.6 -54.4 -2.0 4.2 2.2 -3.2 0.4 61.0 39.7 13.4 -0.6 71.8 6.6 26.7 LU5.3 63.2 -1.6 -0.2 2.1 2.0 24.5 287.9 20.9 5.1 14.9 69.4 1.6 18.8 HU1.6 -91.7 -1.9 -10.9 5.2 -8.9 -5.9 101.7 78.2 10.7 -5.8 65.7 4.8 27.8 MT-0.4 19.1 -2.0 -1.6 2.0 0.4 0.6 158.4 66.6 6.2 8.3 63.9 3.8 13.8 NL10.2 26.7 -1.8 -3.3 2.8 -7.9 6.1 250.9 66.2 6.8 6.0 81.5 1.7 12.9 AT1.5 -3.2 -1.8 -6.4 3.1 4.8 1.2 128.2 81.9 5.2 0.4 75.4 1.5 10.0 PL-4.1 -64.5 -2.2 -3.3 1.8 -6.4 4.9 74.2 54.8 10.4 9.1 64.8 4.2 26.8 PT-1.6 -119.3 -1.6 -5.1 -3.1 -8.7 -4.3 210.6 129.0 16.6 -3.5 71.3 8.1 38.1 RO-4.7 -64.6 -6.1 -7.3 2.6 -8.9 0.3 68.9 35.4 8.7 4.8 57.6 3.7 28.2 SI1.3 -44.0 -1.2 -7.6 0.7 -8.5 -2.8 112.2 53.6 8.9 -0.7 69.8 4.3 20.8 SK0.9 -60.4 0.0 0.6 1.2 -5.9 1.8 70.8 51.7 13.9 1.1 71.3 10.9 35.3 FI-2.1 10.6 -2.6 -7.8 5.1 -0.4 7.2 147.7 57.7 7.9 -1.3 74.4 2.1 19.5 SE5.5 -15.5 -0.7 -6.3 4.5 0.7 2.3 191.0 37.5 8.1 5.6 79.9 2.3 23.0 1) For employment indicators, see page 2 of the AMR 2016. 2) For employment indicators, see page 2 of the AMR 2016. 2) International investment position of LU has been revised downwards following the revised treatment of euro banknotes in national Balance of payments/International investment position statistics. 3) House price index e = estimate by NCB for EL. Source: European Commission, Eurostat and Directorate General for Economic and Financial Affairs (for Real Effective Exchange Rate), and International Monetary Fund data, WEO (for world volume exports of goods and services)Flags:e:Estimated. Year2012External imbalances and competitivenessInternal imbalancesEmployment indicators¹