natgillin/translations-raw huggingface dataset:
Áñ ÷ éêÜ ïé áãïñÝò äÝ ÷ èçêáí åõíïúêÜ ôç äÝóìç ìÝôñùí ïéêïíïìéêÞò åíßó ÷ õóçò åê ìÝñïõò ôïõ ÄÍÔ , ðïõ ôåëïýóáí õðü ôïí üñï êÜðïéùí äçìïóéïíïìéêþí ðñïóáñìïãþí , óôç óõíÝ ÷ åéá üìùò áìöéóâçôÞèçêå êáôÜ ðüóïí ïé áñ ÷ Ýò ôçò Âñáæéëßáò Þôáí óå èÝóç íá ðñïùèÞóïõí ôéò áðáñáßôçôåò íïìïèåôéêÝò ñõèìßóåéò þóôå íá óõììïñöùèïýí ðñïò ôçí åí ëüãù äÝóìç , ãåãïíüò ðïõ äçìéïýñãçóå ðñüóèåôåò ðéÝóåéò êáé ïäÞãçóå óôçí áðüöáóç íá áöåèåß åëåýèåñç ç äéáêýìáíóç ôïõ ñåÜë ôïí ÉáíïõÜñéï ôïõ 1999 .
An IMF aid package conditional on some fiscal adjustments was initially well received by markets , but subsequent doubts about the ability of the Brazilian authorities to pass the necessary legislation to comply with the package generated additional pressure and led to the decision to let the real float in January 1999 .
áñíçôéêÞ óôÜóç ôùí îÝíùí åðåíäõôþí ðñïò ôéò åðåíäýóåéò óå áíáäõüìåíåò ïéêïíïìßåò . Åîåë ßîåéò óôéò áãïñÝò óõíáë ë Üãìáôïò ë ë Åíþ ôá õðïøÞöéá íïìßóìáôá ôçò ÏÍÅ áêïëïýèçóáí ìéá ïìáëÞ ðïñåßá óýãêëéóçò ðñïò ôïõò ðñïáíáããåëèÝíôåò óõíôåëåóôÝò ìåôáôñïðÞò , ïé ðáãêüóìéåò áãïñÝò óõíáëëÜãìáôïò ÷ áñáêôçñßóôçêáí áðü ó ÷ åôéêÜ õøçëÞ áóôÜèåéá óôç äéÜñêåéá ôïõ 1998 , áíôáíáêëþíôáò ôéò ïéêïíïìéêÝò êñßóåéò ðïõ Ýðëçîáí ðïëëÝò áíáäõüìåíåò ïéêïíïìßåò .
While the contagion effect of the Brazilian crisis in the area has been limited thus far , the overall macroeconomic situation in the region has suffered from the increased aversion of foreign investors to investing in emerging market economies . during 1998 , reflecting the financial crises in many emerging markets .
Åéäéêüôåñá , Ýíáíôé ôïõ äïëáñßïõ ÇÐÁ , ôï ECU  ç ðïñåßá ôïõ ïðïßïõ ìðïñåß íá èåùñçèåß üôé ðåñßðïõ áðåéêïíßæåé óõíïðôéêÜ ôçí åîÝëéîç ôùí åõñùðáúêþí íïìéóìÜôùí ðïõ áñãüôåñá áðïôÝëåóáí ôï åõñþ  åíéó ÷ ýèçêå óôç äéÜñêåéá ôïõ äåýôåñïõ êáé ôñßôïõ ôñéìÞíïõ ôïõ 1998 .
Most importantly , with regard to the US dollar , the ECU -- the performance of which may be seen as broadly summarising the developments of currencies which subsequently formed the euro -- strengthened during the second and third quarters of 1998 .
Ôï ÅCU äéáìïñöþèçêå êáôÜ ìÝóï üñï óå 1,20 äïëÜñéá ôïí Ïêôþâñéï .
The ECU reached almost USD 1.20 on average in October .
Ç ôåëåõôáßá éóïôéìßá ECU / äïëáñßïõ ðïõ êáôáãñÜöçêå ôï 1998 Þôáí 1,17 äïëÜñéá áíÜ ECU , åíþ óôéò 10 Ìáñôßïõ 1999 ç éóïôéìßá ôïõ åõñþ Þôáí 1,10 äïëÜñéá ÇÐÁ .
The last ECU / USD exchange rate recorded in 1998 was USD 1.17 per ECU , and on 10 March 1999 the euro was quoted at USD 1.10 .
¸ íáíôé ôïõ ãéåí , ôï ECU åíéó ÷ ýèçêå óôáäéáêÜ êáôÜ 10 % ðåñßðïõ óôÜ ôñßá ðñþôá ôñßìçíá ôïõ 1998 åí ìÝóù ôçò åðéäåéíïýìåíçò ýöåóçò óôçí Éáðùíßá .
Against the Japanese yen , the ECU strengthened gradually by about 10 % during the first three quarters of 1998 amid the deepening recession in Japan .
Ôï ôÝôáñôï ôñßìçíï üìùò , ôï ECU ðáñïõóßáóå ôá ÷ åßá åîáóèÝíçóç , ç ïðïßá ðõñïäïôÞèçêå áðü ôå ÷ íéêïýò ðáñÜãïíôåò . Ìåôáîý áõôþí ôùí ðáñáãüíôùí Þôáí ôï êëåßóéìï åëëåéììáôéêþí èÝóåùí óå ãéåí Ýíáíôé ôïõ äïëáñßïõ êáé ç ëÞîç óõãêåêñéìÝíùí óõíáëëáãþí áðü ðëåõñÜò áìïéâáßùí êåöáëáßùí êÜëõøçò êéíäýíïõ ( hedge funds ) , óõìöùíßåò ãéá áíáäéÜñèñùóç ôñáðåæþí , êáèþò êáé ç äÝóìç äçìïóéïíïìéêþí êéíÞôñùí ðïõ èåóðßóôçêå ôï ÍïÝìâñéï êáé Þôáí ç ìåãáëýôåñç óôá éáðùíéêÜ ÷ ñïíéêÜ .
In the fourth quarter , however , the ECU weakened rapidly , triggered by technical factors such as the unwinding of short trading positions of yen against dollars and the end of specific trading by hedge funds , agreements on bank restructuring and the largest fiscal stimulus package in Japan 's history in November .
Êáôüðéí üëùí áõôþí , ôï ECU õðïôéìÞèçêå êáé ç éóïôéìßá ôïõ äéáìïñöþèçêå óå 132,80 ãéåí áíÜ ECU óôï ôÝëïò Äåêåìâñßïõ 1998 , äçë . ðåñßðïõ 16 % ÷ áìçëüôåñá áðü ôï õøçëü åðßðåäï üðïõ åß ÷ å öèÜóåé ôïí Áýãïõóôï ôïõ 1998 .
As a result , the ECU had depreciated to a level of JPY 132.80 per ECU by the end of December 1998 , about 16 % below its peak of August 1998 .
Óôéò áñ ÷ Ýò ôïõ 1999 ç éóïôéìßá ôïõ åõñþ êõìÜíèçêå ùò åðß ôï ðëåßóôïí ìåôáîý 126 êáé 134 ãéåí .
In early 1999 the euro mostly traded in a range of JPY 126 to JPY 134 .
Óôï óýíïëï ôïõ Ýôïõò , äçë . ìåôáîý Äåêåìâñßïõ 1997 êáé Äåêåìâñßïõ 1998 , ôï ECU áíáôéìÞèçêå óå üñïõò óôáèìéóìÝíçò ïíïìáóôéêÞò éóïôéìßáò êáôÜ 3,3% êáé óå ðñáãìáôéêïýò üñïõò êáôÜ 2,7% .
Overall , in nominal effective terms , the ECU appreciated by 3.3% between December 1997 and December 1998 , and by 2.7% in real terms .
ÄåäïìÝíïõ üôé ç áíïäéêÞ áõôÞ êßíçóç áíôáíáêëïýóå ôç ìåñéêÞ áíáóôñïöÞ ôçò ðôùôéêÞò ðïñåßáò ôïõ 1997 , ôï ECU ðáñÝìåéíå óå åðßðåäï êÜðùò ÷ áìçëüôåñï áðü ôï ìÝóï üñï ôçò äåêáåôßáò ôïõ 1990 .
As this upward movement reflected a partial recovery of the decline observed in 1997 , the ECU remained somewhat below the levels observed on average in the 1990s . Developments in foreign exchange markets While the prospective EMU currencies converged smoothly to their pre-announced conversion rates , global foreign exchange markets experienced relatively high volatility
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 21
20 ECB Annual Report -* 1998
Áýîçóç ðáñáãùãÞò1 )
quarterly data )
Ðëçèùñéóìüò2 )
quarterly data )
Âñá ÷ õðñüèåóìá åðéôüêéá3 ) ( ìçíéáßïé ìÝóïé üñïé ) æþíç åõñþ ( áñéóôåñÞ êëßìáêá ) ÇÐÁ ( äåîéÜ êëßìáêá ) Éáðùíßá ( äåîéÜ êëßìáêá )
Exchange rates 4 ) ( monthly averages ) euro area ( left-hand scale ) United States ( right-hand scale ) Japan ( right-hand scale )
ÓõíáëëáãìáôéêÝò éóïôéìßåò4 ) ( ìçíéáßïé ìÝóïé üñïé ) ÄïëÜñéï ÇÐÁ / åõñþ ( áñéóôåñÞ êëßìáêá ) Ãéåí / äïëÜñéï ÇÐÁ ( äåîéÜ êëßìáêá )
USD / EUR ( left-hand scale ) JPY / USD ( right-hand scale ) 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0
ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá , Eurostat êáé õðïëïãéóìïß ÅÊÔ .
Sources : National data , Eurostat and ECB calculations .
1 ) Ãéá ôç æþíç ôïõ åõñþ ÷ ñçóéìïðïéïýíôáé óôïé ÷ åßá ôçò Eurostat .
1 ) Eurostat data are used for the euro area ;
2 ) Ôá óôïé ÷ åßá ãéá ôïí ÅíÄÔÊ ôçò æþíçò ôïõ åõñþ ìÝ ÷ ñé ôï ÄåêÝìâñéï 1995 õðïëïãßóôçêáí âÜóåé åèíéêþí óôïé ÷ åßùí ÄÔÊ .
2 ) Euro area data up to December 1995 are estimates for the HICP based on national CPI data ;
Áðü ôï 1996 ÷ ñçóéìïðïéïýíôáé óôïé ÷ åßá ÅíÄÔÊ .
HICP data are used from 1996 .
3 ) Ôá óôïé ÷ åßá ãéá ôç æþíç ôïõ åõñþ åßíáé õðïëïãéóìïß ôçò ÅÊÔ êáé áöïñïýí ôá ìÝóá åðßðåäá ôùí åèíéêþí äéáôñáðåæéêþí åðéôïêßùí ôñéþí ìçíþí .
3 ) Euro area data are ECB calculations and are averages of national three-month interbank rates .
4 ) ÌÝ ÷ ñé ôï 1999 ç ãñáììÞ äïëáñßïõ / åõñþ äåß ÷ íåé óôïé ÷ åßá ãéá ôç ó ÷ Ýóç äïëáñßïõ / ECU .
4 ) Up to 1999 the USD / EUR line shows USD / ECU data .
22 ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998
ECB Annual Report -* 1998 21
ÏéêïíïìéêÝò åîåë ßîåéò óôç æþíç ôïõ åõñþ ë ïöåéëüôáí êõñßùò óôçí ðôþóç ôùí ôéìþí åíÝñãåéáò ( ìåßùóç êáôÜ 2,6% Ýíáíôé áýîçóçò 2,8% ôï 1997 ) .
Economic developments in the euro area The reduction in the annual increase of the headline HICP was apparent in both components of the index : goods and services prices .
ôüóï óôéò ôéìÝò ôùí áãáèþí üóï êáé óôéò ôéìÝò ôùí õðçñåóéþí . Ï åôÞóéïò ñõèìüò áýîçóçò ôùí ôéìþí ôùí áãáèþí ìåéþèçêå áðü åðßðåäï ìüëéò Üíù ôïõ 1 % ôï 1997 óå 0,6% ôï 1998 , åíþ ï áíôßóôïé ÷ ïò ñõèìüò ôùí ôéìþí ôùí
In the case of services prices , the rate of increase remained virtually unchanged at around 2 % throughout 1998 ( see Chart 2 ) , whereas goods price increases continued to slow during 1998 , interrupted only temporarily in early 1998 , partly owing to an increase in German VAT .
2.1 Ç åîÝë éîç ôùí ôéìþí ë Ôï 1998 ç áýîçóç ôïõ ÅíÄÔÊ ðáñÝìåéíå óõìâáôÞ ìå ôïí ïñéóìü ôçò óôáèåñüôçôáò ôùí ôéìþí ôïí ïðïßï õéïèÝôçóå ôï Äéïéêçôéêü Óõìâïýëéï ôçò ÅÊÔ ( ðåñéóóüôåñåò ðëçñïöïñßåò âë . óôï ÔìÞìá 2.7 ) .
2.1 Price developments In 1998 the increase in the HICP remained in line with the definition of price stability adopted by the Governing Council of the ECB ( for further information see Section 2.7 ) ;
Ï ñõèìüò áíüäïõ ôïõ ÅíÄÔÊ ìåéþèçêå óå 1,1% óôï óýíïëï ôïõ Ýôïõò , áðü 1,6% ôï 1997 ( âë . Ðßíáêá 1 ) .
it decreased to 1.1% for the year as a whole , from 1.6% in 1997 ( see Table 1 ) . Thus , the trend towards lower price increases recorded in recent years continued in 1998 .
Óõíå ÷ ßóôçêå Üñá êáé ôï 1998 ç ðáñáôçñïýìåíç ôá ôåëåõôáßá Ýôç ôÜóç åðéâñÜäõíóçò ôïõ ñõèìïý áýîçóçò ôùí ôéìþí .
In January 1999 the rate of increase in the HICP was unchanged from December at 0.8% .
Ôïí ÉáíïõÜñéï 1999 ï ñõèìüò áýîçóçò ôïõ ÅíÄÔÊ ðáñÝìåéíå áìåôÜâëçôïò Ýíáíôé ôïõ Äåêåìâñßïõ 1998 , óå åðßðåäï 0,8% .
The deceleration in the overall index in 1998 was mainly caused by the fall in energy prices ( a decline of 2.6% , compared with an increase of 2.8% in 1997 ) .
Ç åðéâñÜäõíóç ôïõ ãåíéêïý äåßêôç ôï 1998
A measure of consumer price inflation excluding the more volatile items ( seasonal food and energy products ) has remained broadly stable .
H åîÝëéîç ôùí ôéìþí êáé ôïõ êüóôïõò óôç æþíç ôïõ åõñþ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí óçìåéþíåôáé äéáöïñåôéêÜ )
Price and cost developments in the euro area ( annual percentage changes , unless otherwise indicated )
1996 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 1999 1999 Á ´ ôñ . B ´ ôñ .
1996 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 1999 1999 Q1 Q2 Q3 Q4 Sep. Oct . Nov. Dec . Jan. Feb . Harmonised Index of Consumer Prices ( HICP ) and its components 1 ) Overall index of which : Goods Food Processed food 2 ) Unprocessed food Industrial goods prices Non-energy industrial goods Energy Services Other price and cost indicators Industrial producer prices 3 ) Unit labour costs 4 ) Compensation per employee 4 ) Labour productivity 4 ) Oil prices ( EUR per barrel ) 5 ) Commodity prices ( EUR ) 6 )
ÐçãÞ : Eurostat , åèíéêÜ óôïé ÷ åßá , HWWA-Institut fuer Wirtschaftsforschung , Çamburg , êáé õðïëïãéóìïß ÅÊÔ .
Sources : Eurostat , national data , HWWA-Institut für Wirtschaftsforschung , Hamburg , and ECB calculations .
1 ) Ïé åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ôï 1996 ðåñéëáìâÜíïõí ôç Ãáëëßá ãéá ôï óõíïëéêü äåßêôç , ü ÷ é üìùò ãéá üëåò ôéò óõíéóôþóåò .
1 ) Annual percentage changes in 1996 include France for the overall index , but not for all the components .
2 ) ÓõìðåñéëáìâÜíïíôáé ôá áëêïïëïý ÷ á ðïôÜ êáé ï êáðíüò .
2 ) Including alcoholic beverages and tobacco .
3 ) Äåí ðåñéëáìâÜíïíôáé ïé êáôáóêåõÝò .
3 ) Excluding construction .
4 ) Óýíïëï ïéêïíïìßáò .
4 ) Whole economy .
5 ) Áñãü åìðëïõôéóìÝíï Brent ( ðáñÜäïóç ìåôÜ Ýíá ìÞíá ) .
5 ) Brent Blend ( for one-month forward delivery ) .
ÌÝ ÷ ñé ôï ÄåêÝìâñéï 1998 óå ECU .
ECU up to December 1998 .
6 ) Äåí ðåñéëáìâÜíåôáé ç åíÝñãåéá .
6 ) Excluding energy .
ÌÝ ÷ ñé ôï ÄåêÝìâñéï 1998 óå ECU .
ECU up to December 1998 . 22
õðçñåóéþí åðéâñáäýíèçêå áðü 2,4% ôï 1997 óå 2,0% ôï 1998 .
This downward trend was caused mainly by the ongoing steep decline in energy prices throughout 1998 but also , in the second half of the year , by a decline in the rate of increase of unprocessed food prices .
Óôçí ðåñßðôùóç ôùí ôéìþí ôùí õðçñåóéþí , ï ñõèìüò áýîçóçò ðáñÝìåéíå ó ÷ åäüí áìåôÜâëçôïò óå åðßðåäï ðåñßðïõ 2 % óå üëç ôç äéÜñêåéá ôïõ Ýôïõò ( âë . ÄéÜãñáììá 2 ) , åíþ ïé ôéìÝò ôùí áãáèþí óõíÝ ÷ éóáí íá åðéâñáäýíïíôáé óôç äéÜñêåéá ôïõ 1998 , ìå ìéá ìüíï ðñüóêáéñç äéáêïðÞ óôéò áñ ÷ Ýò ôïõ 1998 , åí ìÝñåé ëüãù ôçò áýîçóçò ôïõ ÖÐÁ óôç Ãåñìáíßá .
This reflects the fact that oil prices have tended to fall since early 1997 , and in particular from the fourth quarter of 1997 , mainly as a result of expectations of lower world demand due to the crises in Asia and , subsequently , also in other parts of the world . As a consequence , a measure of consumer prices excluding these more volatile items ( HICP excluding seasonal food and energy ) has remained stable at 1.2 - 1.5% since the second quarter of 1997 .
Ç ðôùôéêÞ áõôÞ ôÜóç ïöåßëåôáé êáôÜ êýñéï ëüãï óôç óõíå ÷ éæüìåíç êáôáêüñõöç ìåßùóç ôùí åíåñãåéáêþí ôéìþí óå üëç ôç äéÜñêåéá ôïõ 1998 êáèþò åðßóçò êáé , óôï äåýôåñï åîÜìçíï ôïõ Ýôïõò , óôç ìåßùóç ôïõ ñõèìïý áíüäïõ ôùí ôéìþí ôùí ìç âéïìç ÷ áíéêþí åéäþí äéáôñïöÞò . Ç ôéìÞ êáôáíáëùôÞ ôùí åíåñãåéáêþí áãáèþí , ç ïðïßá óå üëç ôç äéÜñêåéá ôïõ 1998 ìåéùíüôáí ìå ñõèìü ðåñßðïõ 2,5% Ýíáíôé ôïõ
Assuming only limited scope for a sustained further fall in energy prices below the levels reached at the end of 1998 , the decline of the annual rate of increase of the headline HICP to a level of below 1 % towards the end of 1998 may be viewed as being of a « one-off » nature , and one which would be reversed if the world market prices of these products were to stabilise or recover .
ðñïçãïýìåíïõ Ýôïõò , äéáìïñöþèçêå ôï ÄåêÝìâñéï ôïõ 1998 óå åðßðåäï 4,8% ÷ áìçëüôåñï áðü ü , ôé ôï ÄåêÝìâñéï ôïõ 1997 .
In addition to oil prices , other external factors have contributed to the further decline in consumer price increases in the euro area in 1998 .
Ç åîÝëéîç áõôÞ áíôáíáêëÜ ôï ãåãïíüò üôé ïé ôéìÝò ôïõ ðåôñåëáßïõ ðáñïõóéÜæïõí ôÜóç ìåßùóçò áðü ôéò áñ ÷ Ýò ôïõ 1997 , êáé éäéáßôåñá áðü ôï ôÝôáñôï ôñßìçíï ôïõ 1998 , êõñßùò ëüãù ðñïóäïêéþí ãéá ìåßùóç ôçò æÞôçóçò ðáãêïóìßùò åîáéôßáò ôùí êñßóåùí ðïõ åêäçëþèçêáí óôçí Áóßá êáé åí óõíå ÷ åßá êáé óå Üëëá ìÝñç ôïõ êüóìïõ .
The weakening in world market non-oil commodity prices , the appreciation of the effective exchange rate of the euro area and developments in the emerging countries have all contributed to lower import prices , with a downward influence on consumer goods prices .
Êáôüðéí ôïýôïõ , ï äåßêôçò ôéìþí êáôáíáëùôÞ óôïí ïðïßï äåí ðåñéëáìâÜíïíôáé ïé ðéï áóôáèåßò õðïäåßêôåò ôïõ ( ÅíÄÔÊ ÷ ùñßò åðï ÷ éêÜ åßäç äéáôñïöÞò êáé åíÝñãåéá ) ðáñáìÝíåé óôáèåñüò ìåôáîý 1,2% êáé 1,25% áðü ôï äåýôåñï ôñßìçíï ôïõ 1997 . ÅÜí õðïôåèåß üôé åßíáé ðåñéïñéóìÝíá ôá ðåñéèþñéá ãéá íá åîáêïëïõèÞóïõí íá ìåéþíïíôáé ïé ôéìÝò åíÝñãåéáò óå åðßðåäá ÷ áìçëüôåñá áðü åêåßíá óôá ïðïßá åß ÷ áí öèÜóåé óôï ôÝëïò ôïõ 1998 , ç ìåßùóç ôïõ åðßóçìïõ ìåôñïýìåíïõ ðëçèùñéóìïý , ìå âÜóç ôïí åôÞóéï ñõèìü áýîçóçò ôïõ ÅíÄÔÊ , óå åðßðåäï êÜôù ôïõ 1 % ðñïò ôï ôÝëïò ôïõ 1998 ìðïñåß íá èåùñçèåß üôé åß ÷ å
The pattern of broad stability in consumer prices also reflects wage developments in 1998 . Wage increases remained low in the first three quarters of 1998 , at around 1 % year-on-year , down from 2.6% in 1997 , reflecting the absence of wage pressures in most countries of the euro area , although there have been recent signs of an
6 5 4 3 2 1 0 - 1 - 2 - 3 - 4 - 5 Á ´ ôñ . B ´ ôñ .
non-energy industrial goods energy 6 5 4 3 2 1 0 - 1 - 2 - 3 - 4 - 5
ÐçãÞ : Eurostat .
Source : Eurostat .
Óçìåßùóç : Ãéá ðåñéóóüôåñåò ðëçñïöïñßåò ó ÷ åôéêÜ ìå ôá óôïé ÷ åßá ðïõ ÷ ñçóéìïðïéÞèçêáí , âë . Ðßíáêá 1 .
Note : For further information on the data used , see Table 1 .
24 ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998
ECB Annual Report -* 1998 23
Ïé ìéóèïëïãéêÝò áõîÞóåéò ðáñÝìåéíáí ÷ áìçëÝò êáôÜ ôá ôñßá ðñþôá ôñßìçíá ôïõ 1998 , ìå ñõèìü ãýñù óôï 1 % áðü Ýôïò óå Ýôïò , Ýíáíôé 2,6% ôï 1997 , áíôéêáôïðôñßæïíôáò ôçí áðïõóßá ðéÝóåùí ãéá ìéóèïëïãéêÝò áõîÞóåéò óôéò ðåñéóóüôåñåò ÷ þñåò ôçò æþíçò ôïõ åõñþ , ìïëïíüôé óå ïñéóìÝíåò ÷ þñåò ðñüóöáôá äéáöÜíçêáí åíäåßîåéò åðéôÜ ÷ õíóçò .
The modest growth in wages combined with a relatively high productivity growth rate resulted in an average decline in unit labour costs in the first three quarters of 1998 of about 1 ¼%.
Ç óõãêñáôçìÝíç Üíïäïò ôùí ìéóèþí , óå óõíäõáóìü ìå ôïí õøçëü ñõèìü áýîçóçò ôçò ðáñáãùãéêüôçôáò , ïäÞãçóå óå ìÝóç ìåßùóç ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò êáôÜ 1,5% ðåñßðïõ óôá ôñßá ðñþôá ôñßìçíá ôïõ 1998 . Ôá ðåñéèþñéá êÝñäïõò ðñÝðåé íá âåëôéþèçêáí ôï 1998 , äåäïìÝíïõ üôé ìåéþèçêáí ïé ôéìÝò ôùí ðáñáãùãéêþí óõíôåëåóôþí ( üðùò ôçò åíÝñãåéáò êáé ôùí ðñþôùí õëþí ) , ôï êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò êáé ôï êüóôïò êåöáëáßïõ ( ìáêñïðñüèåóìá êáé âñá ÷ õðñüèåóìá åðéôüêéá ) , åíþ ïé ôéìÝò êáôáíáëùôÞ óõíÝ ÷ éóáí íá áõîÜíïíôáé , ìïëïíüôé ìå ðïëý âñáäý ñõèìü .
Profit margins are expected to have improved in 1998 given that the prices of inputs to production , such as energy and commodities prices , unit labour costs and the cost of capital ( long and short-term interest rates ) fell , while consumer prices continued to increase , albeit at a very slow pace . Overall , the modest rate of increase in the headline HICP in 1998 appears to reflect an environment which is characterised by decreasing import prices and low domestic inflationary pressures , while allowing for some widening of profit margins in the euro area economy as a whole .
2.2 ÐáñáãùãÞ , æÞôçóç êáé áãïñÝò åñãáóßáò ÓõíÝ ÷ éóç ôçò ïéêïíïìéêÞò åðÝêôáóçò Ï ñõèìüò ôçò ïéêïíïìéêÞò äñáóôçñéüôçôáò óôç æþíç ôïõ åõñþ óôï óýíïëï ôïõ 1998 ÷ áñáêôçñßóôçêå áðü óõíÝ ÷ éóç ôçò ïéêïíïìéêÞò åðÝêôáóçò ðïõ åðáêïëïýèçóå ìåôÜ ôçí ðñüóêáéñç åðéâñÜäõíóç ôïõ 1995-96 .
2.2 Output , demand and labour markets Continued economic expansion The pace of economic activity in the euro area in 1998 as a whole was characterised by a continuation of the economic expansion which followed the temporary slowdown in 1995-96 .
¼ óï ðñï ÷ ùñïýóå ôï Ýôïò , áõîÜíïíôáí ïé áìöéâïëßåò ó ÷ åôéêÜ ìå ôéò ðñïïðôéêÝò äéáôçñÞóéìçò áíÜðôõîçò óå üëï ôï öÜóìá ôçò æþíçò , ïäçãþíôáò ü ÷ é ìüíï óå ðñïò ôá êÜôù áíáèåþñçóç ôùí ðñïóäïêéþí ãéá ôçí ïéêïíïìéêÞ áíÜðôõîç ãéá ôï óýíïëï ôïõ 1998 , áëëÜ êáé óå ÷ áìçëüôåñåò ðñïâëÝøåéò ãéá ôçí áíÜðôõîç ôï 1999 .
As the year progressed , doubts about the prospects for sustained area-wide growth increased , leading not only to some downward revision to expectations of growth for the year as a whole , but also to lower projections for growth in 1999 .
Ðßíáêá 2 ) . Ç åêôßìçóç áõôÞ áíôáíáêëÜ ôï ãåãïíüò üôé ç ðáñáãùãÞ áõîÞèçêå ôá ÷ ýôåñá óôï ðñþôï åîÜìçíï ôïõ 1998 , ïðüôå ç Üíïäïò ôïõ ÁÅÐ óå ðñáãìáôéêïýò üñïõò ãéá üëç ôç æþíç ôïõ åõñþ Ýöèáóå ôï 3,4% ðåñßðïõ , óå óýãêñéóç ìå ôï áíôßóôïé ÷ ï åîÜìçíï ôïõ ðñïçãïýìåíïõ Ýôïõò .
Overall , real GDP in the euro area is estimated to have increased by 3.0% in 1998 , slightly above the rate of growth achieved in the previous year of 2.5% ( see Table 2 ) .
Óôï äåýôåñï åîÜìçíï ôïõ 1998 ï åôÞóéïò ñõèìüò áíüäïõ ôïõ ÁÅÐ ìåéþèçêå óå 2,6% . Ïé ôåëåõôáßåò äéáèÝóéìåò åêôéìÞóåéò ôçò Eurostat ãéá ôçí Üíïäï ôïõ ðñáãìáôéêïý ÁÅÐ óå êÜèå ôñßìçíï ôïõ 1998 õðïäçëþíïõí åðéâñÜäõíóç óôï äåýôåñï ôñßìçíï , ìå ñõèìü 0,6% Ýíáíôé 0,9% óôï ðñþôï ôñßìçíï ôïõ
This reflects a somewhat higher rate of output growth in the first half of 1998 , when area-wide real GDP growth reached approximately 3.4% compared with the same period a year earlier . In the second
Ñõèìïß ôñéìÞíïõ 2 ) 1996 1997 1998 1997 1998 1998 1998 1998 1997 1998 1998 1998 1998 Ä ´ ôñ .
Annual rates 1 ) 1996 1997 1998 1997 Q4 Real gross domestic product of which : Domestic demand Private consumption Government consumption Gross fixed capital formation Changes in inventories 3 ) Net exports 3 ) Exports 4 ) Imports 4 ) 1.6 1.1 1.9 1.7 0.4 - 0.4 0.4 4.4 3.3 2.5 1.9 1.4 0.3 2.1 0.5 0.7 10.3 9.0 3.0 3.4 3.0 0.4 4.2 0.5 - 0.2 6.0 7.3 3.2 2.5 2.0 - 0.7 2.8 0.7 0.7 11.6 10.2
Ðñáãìáôéêü ÁÅÐ åê ôïõ ïðïßïõ : Eã ÷ þñéá æÞôçóç ÉäéùôéêÞ êáôáíÜëùóç Äçìüóéá êáôáíÜëùóç ÁêáèÜñéóôåò åðåíäýóåéò ðÜãéïõ êåöáëáßïõ ÌåôáâïëÝò áðïèåìÜôùí 3 ) ÊáèáñÝò åîáãùãÝò 3 ) ÅîáãùãÝò 4 ) ÅéóáãùãÝò 4 ) 1,6 1,1 1,9 1,7 0,4 - 0,4 0,4 4,4 3,3 2,5 1,9 1,4 0,3 2,1 0,5 0,7 10,3 9,0 3,0 3,4 3,0 0,4 4,2 0,5 - 0,2 6,0 7,3 3,2 2,5 2,0 - 0,7 2,8 0,7 0,7 11,6 10,2 3,8 3,9 2,8 0,3 5,7 0,9 0,0 11,0 11,8 3,0 3,2 2,5 0,6 3,2 0,8 - 0,1 7,7 8,6 2,9 3,4 3,4 0,2 4,3 0,3 - 0,4 4,2 5,7 2,4 3,1 3,4 0,6 3,5 0,1 - 0,6 1,8 3,7 0,7 0,9 0,8 - 1,3 1,3 0,3 - 0,2 0,9 1,7 0,9 1,5 1,0 1,5 1,8 0,3 - 0,6 0,1 1,8 0,6 0,4 0,5 0,3 - 0,6 0,1 0,2 1,9 1,4 0,7 0,5 1,0 - 0,4 1,8 - 0,4 0,2 1,2 0,7 0,2 0,7 0,9 - 0,9 0,5 0,1 - 0,4 - 1,4 - 0,3
Quarterly rates 2 ) 1998 1998 1998 1998 1997 1998 1998 1998 1998 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 3.8 3.9 2.8 0.3 5.7 0.9 0.0 11.0 11.8 3.0 3.2 2.5 0.6 3.2 0.8 - 0.1 7.7 8.6 2.9 3.4 3.4 0.2 4.3 0.3 - 0.4 4.2 5.7 2.4 3.1 3.4 0.6 3.5 0.1 - 0.6 1.8 3.7 0.7 0.9 0.8 - 1.3 1.3 0.3 - 0.2 0.9 1.7 0.9 1.5 1.0 1.5 1.8 0.3 - 0.6 0.1 1.8 0.6 0.4 0.5 0.3 - 0.6 0.1 0.2 1.9 1.4 0.7 0.5 1.0 - 0.4 1.8 - 0.4 0.2 1.2 0.7 0.2 0.7 0.9 - 0.9 0.5 0.1 - 0.4 - 1.4 - 0.3
ÐçãÞ : Eurostat êáé õðïëïãéóìïß ÅÊÔ .
Sources : Eurostat and ECB calculations .
1 ) ÅôÞóéïé ñõèìïß : Åêáôïóôéáßá ìåôáâïëÞ Ýíáíôé ôçò ßäéáò ðåñéüäïõ ôïõ ðñïçãïýìåíïõ Ýôïõò ..
1 ) Annual rates : Percentage change over the same period a year earlier .
2 ) Ñõèìïß ôñéìÞíïõ : Åêáôïóôéáßá ìåôáâïëÞ Ýíáíôé ôïõ ðñïçãïýìåíïõ ôñéìÞíïõ .
2 ) Quarterly rates : Percentage change over the previous quarter .
3 ) ÓõìâïëÞ óôçí áýîçóç ôïõ ðñáãìáôéêïý ÁÅÐ .
3 ) As a contribution to real GDP growth ; in percentage points .
Óå åêáôïóôéáßåò ìïíÜäåò . 4 ) Ïé åîáãùãÝò êáé ïé åéóáãùãÝò êáëýðôïõí áãáèÜ êáé õðçñåóßåò êáé óõìðåñéëáìâÜíïõí ôï åóùôåñéêü äéáóõíïñéáêü åìðüñéï óôç æþíç ôïõ åõñþ .
4 ) Exports and imports cover goods and services and include internal cross-border trade in the euro area . Intra-euro area trade is not cancelled out in import and export figures used in national accounts .
1998 , åíþ óôï ôñßôï ôñßìçíï ï ñõèìüò áíüäïõ ôïõ ðñáãìáôéêïý ÁÅÐ åðéôá ÷ ýíèçêå ðÜëé , öèÜíïíôáò óå åðßðåäï 0,7% , ðïõ Þôáí êïíôÜ óôï ìÝóï åðßðåäï ôùí äýï ðñþôùí ôñéìÞíùí .
The latest available estimates of real GDP growth from Eurostat for the individual quarters of 1998 suggest weaker growth in the second quarter -- 0.6% , compared with 0.9% in the first quarter of 1998 -- while real growth is estimated to have been stronger again in the third quarter at 0.7% , which is close to the average of the first two quarters .
Ôï ðñáãìáôéêü ÁÅÐ åêôéìÜôáé üôé åðéôá ÷ ýíèçêå ìüëéò êáôÜ 0,2% ôï ôåëåõôáßï ôñßìçíï ôïõ 1998 .
Real GDP is estimated to have risen by only 0.2% in the final quarter of 1998 . Chart 3a
Ç åã ÷ þñéá æÞôçóç áíôéêáèéóôÜ ôéò êáèáñÝò åîáãùãÝò Ç åîÝëéîç ôïõ ðñáãìáôéêïý ÁÅÐ ôï 1998 êáèïñßóôçêå êõñßùò áðü ôçí áõîçìÝíç óõìâïëÞ ôçò áíüäïõ ôçò åã ÷ þñéáò æÞôçóçò óôç æþíç ôïõ åõñþ êáé ôçí áñíçôéêÞ óõìâïëÞ ôùí êáèáñþí åîáãùãþí óôçí Üíïäï ôïõ ÁÅÐ ( âë . ÄéáãñÜììáôá 3á êáé 3â ) .
Sources : Eurostat and ECB calculations . Chart 3b Domestic demand replaces net exports Underlying the performance of real GDP growth in 1998 was a significant shift in favour of domestic demand in the euro area and a negative contribution to growth from net exports ( see Charts 3a and 3b ) .
Óôï óýíïëï ôïõ 1998 , åêôéìÜôáé üôé ç óõìâïëÞ ôùí êáèáñþí åîáãùãþí óôçí åôÞóéá áýîçóç ôïõ ÁÅÐ Þôáí åëáöñþò áñíçôéêÞ (- 0,2% ) , Ýíáíôé èåôéêÞò óõìâïëÞò 0,7% ôï 1997 .
For 1998 as a whole , the contribution to annual growth from net exports is estimated to be slightly negative , at - 0.2% , compared with a contribution of 0.7% in 1997 .
Áðü 0,7% óôï ä » ôñßìçíï ôïõ 1997 , ìåéþèçêå áðüôïìá óå 0 % ôï á » ôñßìçíï ôïõ 1998 êáé ãéíüôáí ïëïÝíá êáé ðåñéóóüôåñï áñíçôéêÞ óôá åðüìåíá ôñßìçíá .
It fell sharply from 0.7% in the fourth quarter of 1997 to 0 % in the first quarter of 1998 , and was increasingly negative in the following quarters .
Ôï ä » ôñßìçíï ôïõ 1998 ç óõìâïëÞ Þôáí - 0,6% .
In the fourth quarter of 1998 the contribution was - 0.6% .
Ç Ýíôïíç áõôÞ êÜìøç ôùí êáèáñþí åîáãùãþí ïöåéëüôáí êõñßùò óôçí åðéäåßíùóç ôùí äéåèíþí óõíèçêþí ( âë . ÔìÞìá 1 áíùôÝñù ) , ðïõ ïäÞãçóå óå
This sharp decline in net exports was primarily accounted for by the deterioration in the global situation
Ùóôüóï , åêôéìÜôáé üôé , óå ôñéìçíéáßá âÜóç , ïé êáèáñÝò åîáãùãÝò åß ÷ áí ìéêñÞ èåôéêÞ óõìâïëÞ óôçí Üíïäï ôïõ ÁÅÐ óôï â » êáé ã » ôñßìçíï , ìåôÜ áðü áñíçôéêÞ óõìâïëÞ óôá äýï ðñïçãïýìåíá ôñßìçíá , åíþ óôï ä » ôñßìçíï ôïõ 1998 ç óõìâïëÞ ôùí êáèáñþí åîáãùãþí Ýãéíå êáé ðÜëé áñíçôéêÞ , - 0,4% .
However , measured on a quarter-on-quarter basis , net exports are estimated to have made a small positive contribution to growth in the second and third quarters , following a negative contribution in the previous two quarters , while in the fourth quarter of 1998 the contribution from net exports was again negative , at - 0.4% .
¼ óïí áöïñÜ ôçí áýîçóç ôçò åã ÷ þñéáò æÞôçóçò , óçìåéþèçêáí ãåíéêþò õøçëïß ñõèìïß êáôÜ ôá ôñßá ðñþôá ôñßìçíá ôïõ Ýôïõò êáé õøçëüôåñïé óå óýãêñéóç ìå ôï 1997 , âïçèþíôáò Ýôóé ôç óôÞñéîç ôçò ãåíéêüôåñçò ïéêïíïìéêÞò áíÜðôõîçò .
As regards the increase in domestic demand , it remained broadly robust throughout the year , and stronger than in 1997 , thus helping to sustain overall growth .