Eurostatistics-Data For Short-Therm Economic Analysis Issue Number 7-2009

ISSN 1725-8111
Statistical books
Eurostatistics
Data for short-term economic analysis
Issue number 7/2009
2009 edition
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Luxembourg: Office for Official Publications of the European Communities, 2009
ISSN 1725-8111
Cat. No. KS-BJ-09-007-EN-N
Theme: General and regional statistics

Collection: Statistical books
© European Communities, 2009

© Cover photo: Frédéric Cirou/PhotoAlto
Table of Contents
Section 1 Summary analysis.........................................................................................................................4

Editorial..................................................................................................................................................................................... 5
Latest macroeconomic developments........................................................................................................................... 6
Growth forecasts for the euro area.................................................................................................................................. 7
Cyclical indicators for the euro area................................................................................................................................ 9
Latest cyclical estimates for the euro area and the EU ..........................................................................................12
Focus on.................................................................................................................................................................................15
Methodological notes.......................................................................................................................................................17
Section 2 Principal European Economic Indicators (PEEIs)........................................................ 20

Detailed PEEIs analysis for European Union...............................................................................................................21
Detailed PEEIs analysis for euro area.............................................................................................................................23
Detailed PEEIs analysis by countries..............................................................................................................................25
Cross-country comparisons..............................................................................................................................................87
Symbols and codes in the tables....................................................................................................................................89
Eurostatistics — 7/2009 edition 3

Section
Summary analysis
I
Summary analysis 1
As a reflection of the financial market turmoil, the first half of the year has been characterized Editorial
by a sharp downturn of the economy throughout the world in both global demand and world
trade. At the beginning of the second half of 2009, first available indicators and preliminary
assessments on the state of the economy depict a slowdown in the pace of the contraction;
however all the signals remain weak and there is still no clear evidence of a start in the
recovery for either production activity or external and internal demand. Concerning the
emerging countries, the most relevant indicators still point to modest growth rates.
The prospects for 2009 are generally negative for most of the economic indicators of the
global, including European, economies as already expected. According to current economic
indicators, the economic activity in the second half of 2009 will remain at very low levels,
even if at lower rates of contraction with respect to the first six months of the year. The
strong macroeconomic stimulus undertaken in recent months to sustain the real economy
is expected to produce a gradual positive recovery starting from the second half of 2010.
Further positive effects to restore the business and consumer confidence could derive from
the decrease in commodity prices and, in general, from low inflation rates. By contrast the
main concerns of this scenario consist in a possible undervaluation of the impact of the
crisis on the real economy, the negative developments in the labour market, the pressures to
protectionism emerging at national levels and the lack of concerted actions among national
and international authorities.
Concerning the euro area and the EU, latest economic indicators portray an almost uniformly
depressing picture. The GDP second estimate is of a significant fall in the first quarter 2009:
-2.5% for the euro area and -2.4% for the EU compared with the previous quarter; it was -1.8%
for both the euro area and the EU in the last quarter 2008; in terms of annual variations the
fall in the first quarter of 2009 was of -5.2% and -5.1% (not seasonally adjusted) respectively
in the euro area and the EU. All these estimates will have a significant negative impact on
the average growth rate for 2009, predicted to fall by more than -4%. So far positive signals
have come only from the very low level of short-term interest rates and the diminishing of
pressures on inflation. In this respect the flash estimate for the annual HICP inflation was nil
in May 2009 and -0.1% in June.
The signals are quite uniform among the EU member states: in Germany the fall in the first
quarter of 2009 was -3.8% and -6.7% compared respectively to the previous quarter and the
1st quarter of 2008; in France the decline in GDP was -1.2% and -3.1% on a quarterly and
annual basis respectively; in Italy and the UK the fall was of -2.6% and -2.4% respectively
with respect to previous quarter. Even worse were the signals coming from the new Member
State economies, and in particular the declines recorded in Latvia, Lithuania and Slovakia
equalling respectively -11.2%, -10.5% and -11.4% compared to the previous quarter.
To sum up, the scenario depicted by latest indicators, recent surveys and assessments are of
a widespread recessionary phase in Europe. The fall in GDP growth will strongly affect the
government deficit and debt ratios in 2009 and 2010. Both the indicators are expected to rise
consistently: in the euro area the deficit ratio is expected to be over 5% of GDP in 2009 and
over 6% in 2010, while the debt ratio will exceed 80% of GDP in 2009.

1 Summary analysis
Latest Latest statistical releases point to continuing economic recession throughout the EU during
the second quarter of 2009, following a sharp fall in GDP during the first quarter.
macroeconomic
developments Euro area (EA16) GDP fell by 2.5% and EU27 GDP by 2.4% during the first quarter of 2009,
Evolution of GDP compared with the previous quarter, according to second estimates from Eurostat. In the
fourth quarter of 2008, growth rates were -1.8% in both zones. In comparison with the same
quarter of the previous year, GDP (not seasonally-adjusted) declined in the first quarter of
2009 by -5.2% in the euro area and by -5.1% in the EU27, after -1.8% and -1.5% respectively
in the previous quarter on a year-on-year basis.
Revised data for April 2009 show that, compared with March 2009, seasonally adjusted
Industrial production industrial production fell by 1.4% in the euro area (EA16) and by 0.8% in the EU27. In March
production decreased by 1.1% and 1.0% respectively. In April 2009 compared with April
2008, industrial production declined by 20.4% in the euro area and by 18.7% in the EU27.
In May 2009, compared with April 2009, the volume of retail trade (revised, adjusted for
Retail trade seasonal and working day effects) fell by 0.4% in the euro area (EA16) and by 0.5% in the
EU27. In April retail trade rose by 0.1% and 0.4% respectively. In May 2009, compared with
May 2008, the retail sales index (working day adjusted) decreased by 2.7% in the euro area
and by 2.5% in the EU27.
Inflation Euro area annual consumer price inflation was zero in May 2009, down from 0.6% in April. A
year earlier the rate was 3.7%. Monthly inflation was 0.1% in May 2009. EU annual inflation
was 0.7% in May 2009, down from 1.3% in April. A year earlier the rate was 4.0%. Monthly
inflation was 0.1% in May 2009.
Unemployment The euro area (EA16) seasonally-adjusted unemployment rate was 9.5% in May 2009,
compared with 9.3% in April. It was 7.4% in May 2008. The EU27 unemployment rate was
8.9% in May 2009, compared with 8.7% in April. It was 6.8% in May 2008. For the euro area
this is the highest rate since May 1999 and for the EU27 since June 2005.
Eurostat estimates that 21.462 million men and women in the EU27, of which 15.013 million
were in the euro area, were unemployed in May 2009. Compared with April, the number
of persons unemployed increased by 385 000 in the EU27 and by 273 000 in the euro area.
Compared with May 2008, unemployment went up by 5.111 million in the EU27 and by
3.400 million in the euro area.
Interest rates Interest rates appear to be bottoming out, following the sharp falls in recent months in
response to financial turmoil and the economic recession. The ECB kept its official rates
unchanged in June, its refinancing operation rate staying at 1.0%. However, a further easing
of official rates took place in Denmark.
Money market interest rates in the euro area were marginally lower in June, the 3-month
Euribor rate averaging 1.23%. Long-term interest rates rose in June for the second month
running, the yield on 10-year government bonds for the euro area and the EU increasing to
respectively 4.06% and 4.41% (weighted monthly averages). Meanwhile, US Treasury bond
yields (10-year) moved sharply higher to 3.71%.
The euro continued to appreciate against both the US dollar and Japanese yen in June 2009,
Exchange rates on a monthly average basis, reaching USD 1.4016 and JPY 135.39 respectively, its highest level
against the two currencies since September 2008. However, the pound sterling continued its
recovery against the euro, reaching GBP 0.8567 in June, compared to a record low (monthly
average) in January 2009 of 0.91819. There was very little movement in June in the euro
exchange rates of the currencies belonging to the exchange rate mechanism (ERM2).
6 Eurostatistics — 7/2009 edition

Summary analysis 1
Several widely observed indicators of economic growth are produced for the euro area. Growth forecasts
These indicators can help in understanding the actual phase of the business cycle (coincident for the euro area
indicators) or can serve as a reference in order to forecast future phases and turning points
in economic fluctuations (leading indicators). Sources and methods on indicators of growth
and turning points are listed later in this Section.
Latest forecasts
The July update of the Euro Growth Indicator, calculated by EUROFRAME, confirms last suggest that GDP in
month’s results, namely the possibility for a slowdown of the recession in the euro area. The the euro area is likely
fall in GDP is likely to continue in the course of 2009, but the indicator suggests no further to stabilise later this
worsening in recessionary developments. According to July forecasts, GDP will decline in the year
second quarter of 2009 at the same speed as in the first quarter, 4.8 % year-on-year, and by 3.7
% percent in the third quarter. If converted to a quarter-over-quarter basis, there may even be
an upturn because the indicator predicts growth to be close to 0 in the second quarter (-0.2
%)and positive in the third quarter (+0.8 %).
While one may have some difficulties to trust such optimistic forecasts – the extent of the
recession has not been completely tracked by the indicator in the recent past – there are some
signs that GDP may stabilize in the near future.
Some impulses come from the external side. Confidence in the US strongly upturned in
the first half of 2009, so the contribution from the ISM survey in US industry has become
less negative and will come close to 0 in the third quarter of 2009. In addition, the impact
of the depreciation of the euro against the dollar in the second half of last year will turn
the contribution of the real exchange rate from negative to positive in the second and third
quarters of 2009. Due to the continued cuts of interest rates by the ECB, there is also a positive
impact by monetary policy in the third quarter of 2009 for the first time since mid-2005. On
the domestic side, the survey data for the euro area have left their historical lows. But this
upturn in confidence should be taken with caution given business surveys are still not far
from their lower limit. In this outstanding situation, developments in the confidence indexes
are probably not as reliable as usual, which explains the lack of accuracy of the indicator in
the first quarter of 2009, and maybe in the next quarters.
€-coin rose in June for the fourth time in a row: to -0.61 from -0.89 in May, returning to
the level of October 2008. This month’s reading confirms that the Euro area underlying
growth reached its lowest point in the first quarter of this year, but it still estimates a negative
underlying growth rate for the area at about -2.5% on a yearly basis. The slight improvement
of €-coin reflects a further increase in business climate indicators and in manufacturing
PMIs, a stabilization of stock prices and a still falling, but less negative turnout of industrial
production in March and April (around -1.5% from a pace of reduction above 2% over the
previous several months).
The latest Eurostat-OFCE indicator forecast for the euro area still points to recovery in
quarter-on-quarter GDP growth with 1.08% (revised upward value) in Q3 2009, following
0.3% in Q2 (revised upward value). Year-on-year change in GDP is forecast at -2.9% in Q3,
after -4.3% in Q2.
The IRC’s coincident indicator for the euro area estimates quarter-on-quarter GDP growth
in Q2 2009 of -1.4% (-5.9% year-on-year), with the recessionary decline becoming less steep
after April.
For a description of the sources and methods on the indicators of growth and turning points
, see the Methodological notes at the end of this section.

1 Summary analysis
Comparison of GDP growth forecasts for the euro area
Percentage change
Over previous quarter (q/q-1) Over previous year (q/q-4)
2008Q04 2009Q01 2009Q02 2009Q03 2008Q04 2009Q01 2009Q02 2009Q03
EUROSTAT release -1.8 -2.5 -1.8 -5.2
Consensus forecast June -0.4 -0.1 -5.0 -4.7
EUROFRAME -1.8 -1.0 -0.2 0.8 -1.7 -3.4 -4.8 -3.7
EUROSTAT-OFCE -1.5 -1.2 0.3 1.1 -1.4 -3.5 -4.3 -2.9
EuroCOIN -0.8 -1.2 -0.9 -0.8 -3.6 -5.4
IRC -1.4 -1.9 -1.4 -1.3 -4.2 -5.9
Quarter-over-quarter GDP growth indicators (q/q-1) Year-over-year GDP growth indicators (q/q-4)
% change over % change

previous over previous
quarter year
1.5 3.0
1.0 2.0
0.5 1.0
0.0 0.0
-1.0
-0.5
-2.0
-1.0
-3.0
-1.5 40
-4.0
-2.0 -5.0
-2.5 -6.0
-3.0 -7.0
08Q01 08Q02 08Q03 08Q04 09Q01 09Q02 09Q03 08Q01 08Q02 08Q03 08Q04 09Q01 09Q02 09Q03
Consensus GDP release Euroframe Consensus EuroCoin Eurostat-Ofce
IRC EuroCoin Eurostat-Ofce IRC GDP release Euroframe

Summary analysis 1
The Business Climate Indicator (BCI) for the euro area increased slightly in June, for the Cyclical indicators
third month running. However, the level is still far below the previous historical lows of 1993. for the euro area
This suggests that year-on-year industrial production growth will still have been negative in
May and will remain subdued in June.
BCI improves in June,
The rise in the BCI reflects an overall easing, except for conditions related to order books. but orders continue to
Managers’ production expectations continued to improve in June, and their perception of the deteriorate
production trend observed in recent months increased significantly. Managers’ opinion of
stocks of finished goods also continued to improve. In contrast, both order books and export
order books continued to worsen, reaching new record lows.
The SZ-Euroland-Indicator (SZEI) continued to fall in June to -8.3, from a revised -7.55 in
May. The recent decrease of the indicator can be seen as a warning before premature euphoria,
which was recently noticeable at the stock markets, because the slowing down process of the
economy is not over.
The monthly composite leading indicators (OECD-CLI) for April 2009, released by the
OECD, points to an easing pace of deterioration in economic activity and a possible trough
in the euro area. The euro area’s CLI increased by 0.8 points in April to 95.3, and stood 6.3
points lower than a year ago.
The IFO World Economic Climate indicator (quarterly) for the euro area improved in Q2
2009 for the first time since autumn 2007. The rise in the IFO indicator is the result of less
negative expectations for the coming six months; the assessments of the current economic
situation, however, have worsened further and now stand at a new all-time low. The current
economic situation has been assessed as very unfavourable in all countries of the euro area
without exception. Expectations for the coming six months, however, have improved in
almost all countries of the euro area, with the exception of Greece. A further weakening of
inflationary tendencies is expected, and a further reduction in key lending rates, in the coming
months. With regard to capital market interest rates, a general stabilisation is expected.
The DZ-Euroland indicator reached in March 2009 its lowest historical level observed since
the beginning of the series in 1993. But since March the trend is reversed, and the indicator
rose to 93.58 in June.
The IARC indicator of turning points has crossed the significant threshold of -80, which
signals a probable trough in the recession within the next 3 months. All the components
contribute to the signal. The indicator fell from -42.1 in March to -64.9 in April, then -91,2
in May.
The IESR indicator of recession probability in the euro area remained unchanged in April at
1.0, the same as in the previous six months. The threshold of 0.5, signalling a recession, has
been exceeded since July 2008.

1 Summary analysis
Comparison of indicators of turning points in the business cycle for the euro area
2009m02 2009m03 2009m04 2009m05 2009m06
OECD-CLI Index 94.0 94.5 95.3

SZ-Euroland indicator Index -3.83 -5.25 -6.55 -7.55 -8.30
DZ-Euroland indicator Index 91.85 91.35 92.22 93.01 93.58
DG ECFIN Business Climate Indicator Points of std-dev. -3.19 -3.37 -3.21 -3.11 -2.97
2008Q03 2008Q04 2009Q01 2009Q02
IFO 61.9 50.9 45.8 55.1
DZ-Euroland and IFO Business climate Indicators SZ-Euroland and DG-ECFIN Business climate Indicators
% change over Index 1995=100
previous In %
8 130 6
6 120
4
4 110
2
2 100
0
0 90
-2
-2 80
-4 70 -4
-6 60 -66
-8 50 -8
-10 40 -10
2001 2002 2003 2004 2005 2006 2007 2008 2009 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
DZ-Euroland-Indicator (left-hand scale)
SZ-Euroland-Indicator
Y-O-Y GDP growth rate (left-hand scale)
IFO Indicator (right-hand scale) DG-ECFIN business climate indicator
OECD Leading Indicator

T: trough / P: peak
Mar Mar Nov July in the reference series Feb
110 P 1998 T 1999 P 2000 T 2003 P 2008
105
100
95
90
85
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Detrended industrial production index OECD indicator

0.0
0.5
1.0
IESR
IARC
-100
-90
-80
-70
-60
-50
-40
-30
-20
-10
0
Jan-08
08 Jan-08
n-08
Feb-08
08 Feb-08
b-08
IESR indicator
IARC indicator
Mar-08
08 Mar-08
r-08
Apr-08
08 Apr-08
r-08
Probability
Probability
May-08
y-08
May-08
08
Eurostatistics — 7/2009 edition

Jun-08
n-08
Jun-08
08
Turning point indicators for the euro area
Jul-08
l-08
2008m12
Jul-08
08
1.0
-39.0
Aug-08
g-08
Aug-08
08
2009m01
Sep-08
p-08
1.0
-39.0
Sep-08
08
Oct-08
t-08
Oct-08
08
2009m02
1.0
-39.4
Nov-08
v-08
Nov-08
08
Dec-08
c-08
2009m03
Dec-08
08
1.0
-42.1
Jan-09
n-09
Jan-09
09
Feb-09
b-09
2009m04
Summary analysis
1.0
-64.9
Feb-09
09
Mar-09
r-09
Mar-09
09
Apr-09
r-09
2009m05
-91.2
Apr-09
09
May-09
y-09
11
1
1 Summary analysis
Latest cyclical estimates for the euro area and the EU

GDP cycle The estimation is based on GDP at market prices, in millions of euro, chain-linked volumes, seasonally
adjusted and working day adjusted, reference year 2000 (at 2000 exchange rates).
EA GDP, trend and cycle with HP filter EU27 GDP, trend and cycle with HP filter
(GDP, Trend) (Cycle) (GDP, Trend) (Cycle)
2000000 60000 2800000 60000
40000
40000
2650000
20000
1850000 20000
0
2500000
0 -20000
1700000 -20000 2350000 -40000
-40000 -60000
2200000
-80000
1550000 -60000
-100000
2050000
-80000
-120000
1400000 -100000 1900000 -140000
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
GDP Trend Cycle GDP Trend Cycle
EA GDP, trend and cycle with CF filter EU27 GDP, trend and cycle with CF filter
2000000 60000 2800000 100000
50000 80000
2650000
40000
1850000 60000
30000
2500000
20000 40000
1700000 10000 2350000 20000

0
0
-10000
10000 2200000
1550000 -20000
-20000
2050000
-30000 -40000
1400000 -40000
1900000 -60000
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
EA GDP, trend and cycle with UC filter EU27 GDP, trend and cycle with UC filter
2000000 100000 2800000 250000
80000 200000
2650000
1850000
60000 150000
2500000
40000 100000
1700000 2350000
20000 50000
2200000
0 0
1550000
-20000 2050000 -50000
1400000 -40000 1900000 -100000

1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01

Summary analysis 1
The estimation is based on monthly industrial production index (excluding construc- Industrial production cycle
tion), seasonally-adjusted volumes (year 2000=100)
EA IPI,trend and cycle with HP filter EU27 IPI, trend and cycle with HP filter
(IPI, Trend) (Cycle) (IPI, Trend) (Cycle)
115 10 115 10
110 110
5
5
105 105
0
100 100 0
95 -5 95
90 90 -5
-10
85 85
-10
-15
80 80
75 -20 75 -15
1990m01
1991m01
1992m01
1993m01
1994m01
1995m01
1996m01
1997m01
1998m01
1999m01
2000m01
2001m01
2002m01
2003m01
2004m01
2005m01
2006m01
2007m01
2008m01
2009m01
1990m01
1991m01
1992m01
1993m01
1994m01
1995m01
1996m01
1997m01
1998m01
1999m01
2000m01
2001m01
2002m01
2003m01
2004m01
2005m01
2006m01
2007m01
2008m01
2009m01
IPI Trend Cycle IPI Trend Cycle
EA IPI, trend and cycle with CF filter EU27 IPI, trend and cycle with CF filter
115 12 115 10
10
110 110 8
8
105 6
6 105
4 4
100 100
2 2
95 95
0 0
90 -2 90
-2
85 -4
85
-4
-6
80 80 -6
-8
75 -10 75 -8
1990m01
1991m01
1992m01
1993m01
1994m01
1995m01
1996m01
1997m01
1998m01
1999m01
2000m01
2001m01
2002m01
2003m01
2004m01
2005m01
2006m01
2007m01
2008m01
2009m01
1990m01
1991m01
1992m01
1993m01
1994m01
1995m01
1996m01
1997m01
1998m01
1999m01
2000m01
2001m01
2002m01
2003m01
2004m01
2005m01
2006m01
2007m01
2008m01
2009m01

EA IPI, trend and cycle with UC filter EU27 IPI, trend and cycle with UC filter
115 6 115 12
5 10
110 110
4 8
105 105 6
3
100 2 100 4
1 2
95 95
0 0
90 -1 90 -2
-2 85 -4
85
-3 -6
80 80
-4 -8
75 -5 75 -10
1990m01
1991m01
1992m01
1993m01
1994m01
1995m01
1996m01
1997m01
1998m01
1999m01
2000m01
2001m01
2002m01
2003m01
2004m01
2005m01
2006m01
2007m01
2008m01
2009m01
1990m01
1991m01
1992m01
1993m01
1994m01
1995m01
1996m01
1997m01
1998m01
1999m01
2000m01
2001m01
2002m01
2003m01
2004m01
2005m01
2006m01
2007m01
2008m01
2009m01

1 Summary analysis
Employment cycle The estimation is based on total employment (domestic concept) series, seasonally-adjusted
and working day-adjusted (in thousand of persons)
EA Employment, trend and cycle with HP filter EU27 Employment, trend and cycle with HP filter
(Employment, (Cycle) (Employment, (Cycle)
Trend) Trend)
150000 3500 230000 3000
145000 3000
225000 2000
2500
140000 220000 1000
2000
135000 1500 215000 0
130000 1000
210000 -1000
125000 500
0 205000 -2000
120000
-500
115000 200000 -3000
-1000
110000 -1500 195000 -4000
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
Employment Trend Cycle Employment Trend Cycle
EA Employment, trend and cycle with CF filter EU27 Employment, trend and cycle with CF filter
Trend) Trend)
150000 3000 235000 3000
2500 230000 2500

145000
2000 225000 2000
140000
1500 220000 1500
135000 1000 215000 1000
130000 500 210000 500
0 205000 0
125000
-500 200000 -500
120000
-1000 195000 -1000
115000 -1500 190000 -1500

1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
EA Employment, trend and cycle with UC filter EU27 Employment, trend and cycle with UC filter
Trend) Trend)
150000 4000 230000 5000
145000 3000 225000 4000
140000 2000 220000 3000
135000 1000 215000 2000
130000 0 210000 1000
125000 -1000 205000 0
120000 -2000 200000 -1000
115000 -3000 195000 -2000

1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
1995q01
1996q01
1997q01
1998q01
1999q01
2000q01
2001q01
2002q01
2003q01
2004q01
2005q01
2006q01
2007q01
2008q01
2009q01
For more information about methodology on trend-cycle decomposition, see the Methodological notes at the end of this section.

Summary analysis 1
Eurostat has recently published a statistical guide on Principal European Economic Indicators Focus on
(hereafter PEEIs). The booklet provides a comprehensive introduction to these indicators,
explaining what they cover, why they are relevant, how they relate to and depend on each
other and how they are used, with practical examples. The guide is a useful tool for economic The new statistical
analysts, policy-makers, students and anyone interested in economic issues. Numerous links guide on PEEIs
help the reader to find additional information on Eurostat and its database. Here we provide
an introduction to the booklet, focusing on the most recent developments on PEEIs.
PEEIs form a set of the most important economic short-term indicators to monitor the
developments of the euro area and European Union. These indicators, most of which are
produced by Eurostat, aim to satisfy the needs of a wide range of users like the European
institutions and ECB, national governments and central banks, companies and financial
markets.
The first list of PEEIs was produced in 2002 by the European Commission (see Communication
COM/2002/661) including 19 indicators in the areas of national accounts and government
accounts, external trade, balance of payments, prices, labour market, business statistics,
monetary and financial statistics.
Following the Communication, an in-depth analysis was made to review and improve the
coverage and quality of the PEEIs and many improvements were made. In 2007, the list of
PEEIs was revised for the first time to increase its usefulness for economic analysis purposes.
The PEEI list now comprises 26 indicators, of which 22 are currently available. The Table
below lists the 26 PEEIs together with frequency with which they are published and the
release date of the first European aggregates, counted from the end of the reference period (t).
Principal European Economic Indicators

PEEI Frequency Release date
Gross domestic product (GDP) quarterly t+45 days
Private final consumption quarterly t+65 days
Investments quarterly t+65 days
External trade balance monthly t+48 days
monthly (euro area) t+8 weeks
Balance of payments — current account
quarterly (EU-27) t+2,5 months
Inflation (Harmonised Indices of Consumer Prices —
monthly t+15 days
HICP)
Unemployment rate (total, 15-24 years and above 24
monthly t+30 days
years
Employment quarterly t+70 days
Labour cost index quarterly t+75 days
Industrial producer prices monthly t+1 month and 2-3 days
Industrial import prices (for euro area) monthly 1 month and 11-12 days
Industrial production monthly t+1 month and 12 days
Industrial new orders monthly t+1 month and 22 days
Production in construction monthly t+1 month and 17 days
Retail trade turnover monthly t+1 month and 3 days
Government deficit/surplus annually t+3 month and 3 weeks
General government gross debt annually t+3 month and 3 weeks
2nd last working day of the reference
Economic sentiment indicator monthly
month
Three-month interest rate monthly t+12 days
Long term government bond yields monthly t+10 days
Euro exchange rates monthly t+2 days
Sector accounts quarterly First results available
Turnover index for other services quarterly not available
Service producer prices quarterly not available
Job vacancy rate quarterly not available

1 Summary analysis
Since 2002, improvements of PEEIs have moved in three main directions: increase in
timeliness and a reduction of the gap with the US, partly by using statistical and econometric
techniques; improvement of the coverage, filling in the missing indicators and ensuring
geographical and historical coverage; harmonisation of some aspects of PEEI production and
dissemination in key areas such as seasonal adjustment and revision policy.
Concerning the timeliness it was recognised that the acceleration in the production of
statistics was feasible only for a few indicators. For some others it was decided to make use
of statistical techniques like: flash estimates, involving forecasting techniques to estimate the
recent past or the present; or the European Sampling Scheme, which allows earlier estimation
of a European aggregate by using information from small European samples that would not
necessarily produce reliable estimates for individual Member States.
Main results were the production of a flash estimate of the euro area price index HICP at t+0
in 2003 (t being the end of the reference period and 0 meaning zero days, i.e. no time-lag),
the production of flash estimates of GDP for the euro area and the EU at t+45 in 2003, and
an early estimate of retail trade turnover for the euro area, the EU and most Member States
at t+33.
Further improvements in timeliness were achieved especially in business statistics (e.g. for
the industrial production index and industrial producer prices). The feasibility of reliable
flash estimates for gross domestic product and the industrial production index at t+30 and
for the labour cost index at t+45 is being examined with some Member States.
Considerable progress has been made lately also in the coverage of the indicators listed in Table
1. We mention here the new quarterly sector accounts as well as industrial import prices. Also
quarterly statistics on turnover and output prices for services improved significantly, and
Council regulations on job vacancies have recently been approved. In short, a full coverage
can be expected within the next two years.
Progress has been made towards full country coverage and the situation is now satisfactory
for almost all PEEIs. In terms of coverage over time, there is an obvious lack of long time
series (e.g. 15-20 years) in some areas. In order to fill this gap Eurostat has started exploratory
work on recalculating PEEIs for earlier years for the euro area and the EU, using statistical
models.
Harmonisation of some features of the processing and presentation of PEEIs is another

important element of improvement. The apparent discrepancies, mainly in revisions,
seasonal adjustments and estimation practices, affect the comparability of PEEIs across
countries. Furthermore, since European indicators are mainly obtained through aggregation
or estimation, the lack of harmonisation of national practices affects the overall quality of the
figures for the euro area and the European Union.
Recently, major steps taken to harmonise PEEI production were the publication of the ESS
Guidelines on Seasonal Adjustment, revision of the Quarterly National Accounts Guidelines
for Seasonal Adjustment, a first attempt to define a general scheme for PEEI revision policy
and a proposal of a common scheme for the revision of national accounts data.
Note that while the ESS has now endorsed the first two initiatives, the others still need further
discussion before they can be endorsed. Harmonising seasonal adjustment strategies, in
particular, will be a very important step forward because seasonally adjusted data are often
used as headline figures.

Summary analysis 1
The EUROFRAME Euro Growth Indicator: calculated by the OFCE (Paris) in cooperation with Methodological
the EUROFRAME group, which consists of: CPB (Den Haag), DIW (Berlin), ESRI (Dublin), notes
ETLA (Helsinki), IFW (Kiel), NIESR (London), PROMETEIA (Bologna), and WIFO (Vienna),
and CASE (Poland). The purpose of this leading indicator is to anticipate the development of the
GDP in the euro area two quarters ahead of official statistics. The indicator considers surveys
from the industry and retail sectors, real euro/dollar exchange rate, real short-term interest rate, Indicators of growth
and the ISM survey of US industry. and turning points –
sources and methods
EUROSTAT-OFCE: monitored by the OFCE (Paris) for Eurostat. This indicator is a 2-quarter
leading indicator of quarterly GDP growth. It comprises an industry survey, household survey,
real euro/dollar exchange rate, 10-year/3-month interest rate spread, and real oil price in euro.
The indicator is based on OLS estimation, and released on a monthly basis.
€-COIN: a real-time monthly estimate of euro area GDP growth, computed each month by
the Banca d’Italia. It is obtained by collecting a large set of statistics and extracting from it
information relevant to forecast future GDP. It tracks GDP growth anticipating official GDP
releases by several months, by giving each month an early estimate of euro area growth in terms
of quarter-on-quarter changes in GDP. Moreover, it sheds light on the underlying trend by
removing short-run fluctuations and measurement errors from the growth rate; in this respect
it is not only a forecast, but also an indicator of the true growth momentum in the euro area.
IRC: coincident indicator of the business cycle available in real time. Through the use of temporal
disaggregation method, using EU business surveys to extract a high frequency series (monthly
GDP) from a low frequency series (quarterly GDP), the indicator provides monthly estimates of
growth of euro area GDP. The indicator, monitored by the French COE-REXECODE institute,
is converted in quarterly terms by averaging monthly values.
The OECD Composite Leading Indicator: designed to predict cyclical turning points (peaks
and troughs) in aggregate economic activity. It comprises a set of component series from a
wide range of economic indicators. Data are presented in amplitude adjusted form, (long-term
average =100): the trend is eliminated from all component series included in the CLI by dividing
the original component series by their trends and then aggregating to give the ratio-to-trend
CLI. This series is then adjusted to ensure that its cyclical amplitude on average agrees with that
of the de-trended reference series to form the amplitude adjusted CLI.
IFO: Economic Climate Indicator, designed to give an accurate picture of the economic situation
and forecasts for economies on a quarterly basis. It consists of qualitative information: appraisals
and expectations of economic experts. For the euro area the trend of the indicator correlates well
with the actual business-cycle trend.
DG ECFIN: Business Climate Indicator (monthly), designed to deliver a clear and early
assessment of the cyclical situation of the euro area. The indicator uses, as input, five balances of
opinions from DG ECFIN’s Business and Consumer Surveys. The resulting ‘common factor’ may
be read as a survey result: the higher the level, the healthier the cyclical situation, and a rise in
the indicator points to an upswing in activity and an improvement in business climate.
The SZ-Euroland Indicator: designed by DekaBank as a reference series reflecting movements

in industrial production growth, and thus the trend in the level of economic activity as
a whole. It is based on five series: IFO business expectations in manufacturing sector for
Germany, Purchasing manager index in manufacturing sector of the euro area, new orders in
manufacturing for Germany, Italy and the Netherlands, an interest-rate spread, and the MSCI
Stock Index for EMU. It aims to predict turning points in the economy with 1-to-5 month leads.

1 Summary analysis
DZ-Euroland-Indicator: calculated by DZ Bank (monthly), aims at predicting recessions and

has also proved to reflect movements in GDP growth rate. It is built on concepts implemented by
the US Conference Board for monitoring cyclical indicators. Nine series for euro area or for the
main countries are selected for their leading properties, and aggregated to give a composite index
which can be compared with the level of GDP in order to anticipate recessions.
IARC: prepared by the Centre d’Observation Economique (Paris). It is a monthly indicator

aimed at forecasting turning points in the business cycle. Each month, the probability that
each selected series has crossed a turning point is computed. Probabilities are aggregated by a
weighting method to give an overall signal of a possible upswing in the next nine months (a value
of the indicator higher than 60 and lower than 80), or three months (a value higher than 80).
IESR: conceived by the Centre d’Observation Economique. It is a coincident indicator able to

detect in real time peaks and troughs of the business cycle. It is based on the Markov-Switching
model applied to various economic time series. The filtered probabilities are combined by taking
into account the risks of false signals in order to provide a recession probability (a value of the
indicator higher than 0.5).

Summary analysis 1
The trend and cycle are two components of a time series that represent variations of low Trend-cycle
frequency and “business cycle” frequency, respectively, the high frequency fluctuations having decomposition
been filtered out. Identifying and estimating trend and cyclical components of key economic
indicators is invaluable when making decisions and informing policy-makers. The distinction
between the two components helps the analyst ascertain whether any change to the indicator is
temporary or permanent.
However, there exist many alternative methods to identify and estimate trends and (business
or deviation) cycles. The estimates for three indicators – GDP, industrial production, and
employment – are produced using three different filters:
Hodrick-Prescott (HP): a filter widely used in macroeconomics to fit a smooth curve through
a set of points.
Christiano-Fitzgerald (CF): a well-known approximation to an ideal band pass filter, estimated

non-parametrically.
Unobserved Components (UC): a parametric approach which involves estimating a statistical

model and decomposing the series into components, including the trend and cycle

Section II
Principal European Economic
Indicators (PEEIs)
Principal European Economic Indicators (PEEIs) 2
Detailed PEEIs analysis for European Union
Indicators Unit Reference Period
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.7 -0.2 -0.4 -1.8 -2.4 Q/Q-4 % 2.0 2.1 1.0 -1.5 -5.1
Private final consumption
Q/Q-1 % (1) 0.3 -0.2 -0.1 -0.7 -0.6 Q/Q-4 % 1.8 1.3 0.7 -0.7 -1.7
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 0.6 -1.3 -1.3 -3.4 -4.5 Q/Q-4 % 2.9 2.9 -0.1 -4.9 -11.0

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
External trade balance
mn euro -22824.5 -21571.3 -19443.9 -18543.6 -19705.5 -13266.9 -21639.0 -13122.6 -13074.1 -11514.5 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -46160.0 -73196.0 -67416.0 -57288.0 -50808.0
(extra EU27)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.1 0.0 0.3 0.0 -0.4 -0.2 -0.6 0.5 0.3 0.3 0.1 :
of Consumer Prices - All items) M/M-12 % 4.4 4.3 4.2 3.7 2.8 2.2 1.7 1.8 1.4 1.3 0.7 :
M/M-1 % 1.2 -0.7 -0.3 -1.0 -2.0 -1.6 -0.7 -0.3 -0.5 -1.0 -0.2 :
Industrial producer prices
M/M-12 % 11.1 10.2 9.3 7.3 3.9 1.9 0.2 -0.7 -1.9 -3.9 -5.5 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate - total % 6.8 6.9 6.8 7.0 7.3 7.6 8.4 8.8 8.9 8.8 8.8 :
Unemployment rate -
% 15.4 15.6 15.6 16.1 16.2 16.3 17.8 19.0 19.6 19.2 19.6 :
age <25 year
Unemployment rate -
% 5.6 5.7 5.7 5.9 6.2 6.5 7.2 7.5 7.6 7.5 7.5 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % -3.0 3.6 -1.8 5.9 -5.8 Q/Q-4 % 4.3 3.1 3.4 4.5 1.5
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.5 0.1 -0.1 -0.3 -0.9 Q/Q-4 % 1.8 1.4 0.7 0.1 -1.3

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.8 -0.3 -1.7 -2.2 -2.8 -2.8 -2.5 -2.1 -1.2 -0.7 : :
Industrial production
M/M-12 % -1.0 -1.4 -2.3 -5.7 -9.0 -12.1 -16.0 -18.1 -17.8 -18.9 : :
M/M-1 % (1) 2.5 -2.5 -5.9 -6.9 -7.3 -7.8 -3.3 -1.1 -0.6 -0.4 : :
Industrial new orders
M/M-12 % 4.1 -6.8 -1.4 -17.6 -26.6 -24.7 -32.8 -33.1 -25.3 -34.9 : :
M/M-1 % (1) -0.1 -0.7 -2.0 0.2 -1.2 -2.9 1.5 -1.5 0.7 0.3 : :
Production in construction
M/M-12 % -2.9 -1.2 -5.4 -6.5 -5.1 -10.6 -9.6 -13.0 -11.4 -5.5 : :
M/M-1 % (1) 0.0 -0.1 0.0 -0.5 -0.1 0.0 0.1 -1.0 0.2 0.4 -0.5 :
Retail trade deflated turnover
M/M-12 % -0.2 -0.3 -0.1 -1.0 -1.2 -1.0 -0.7 -3.4 -2.0 -0.8 -2.5 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
General government deficit (-)/
% -2.5 -3.1 -2.9 -2.4 -1.4 -0.8 -2.3
surplus (+)
General government gross debt % 60.3 61.8 62.2 62.7 61.3 58.7 61.5

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Economic sentiment indicator (1) index 90.7 88.6 86.9 79.6 73.2 66.4 63.2 60.8 60.4 64.0 67.9 71.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate % 5.25 5.24 5.32 5.52 4.58 3.64 2.71 2.24 1.95 1.73 : :
Long term government
% 4.97 4.70 4.64 4.58 4.38 3.96 4.06 4.16 4.12 4.14 4.22 :
bond yields
Euro-dollar exchange rate Average - - - - - - - - - - - -
(1)
swda: Seasonally adjusted and adjusted data by working days
(2)
wda: Adjusted data by working days
« : » not available data; « - » not existing data
The set of indicators is selected from the PEEIs list (COM/2002/661) and complemented by certain Monetary and Financial Indicators as well as the Economic Sentiment Indicator.
Indicator Source
Current account European Central Bank (ECB) for euro area only
3 months Interest rate ECB
Long term government bond yields ECB
Euro-dollar exchange rate ECB
Economic Sentiment Indicator Directorate General for Economic and Financial Affairs (DG ECFIN)

2 Principal European Economic Indicators (PEEIs)
European Union
Graph 1: Output Graph 2: Demand

Growth rate Index Growth rate Growth rate
(PFC,I) (RT)
5.0 105.0
4.0 2.0
2.0 1.0
0.0 95.0
0.0 0.0
-5.0 85.0 -2.0 -1.0
-4.0 -2.0
-10.0 75.0
-6.0 -3.0
-8.0 -4.0
-15.0
15 0 65.0
65 0
-10.0 -5.0
-20.0 55.0 -12.0 -6.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) GDP (q/q-4) Private Final Consumption (PFC) (q/q-1) Private Final Consumption(q/q-4)
Industrial Production (m/m-1) Industrial Production (m/m-12) Investment (I)(q/q-1) Investment (q/q-4)
Economic Sentiment Indicator Retail trade (RT) (m/m-1) Retail trade (m/m-12)
Graph 3: Labour Graph 4: Prices
% Growth rate Growth Rate

9.0 6.0 12.0
10.0
8.5 4.0
8.0
8.0 2.0 6.0
4.0
7.5 0.0 2.0
0.0
7.0 -2.0
-2.0
6.5 -4.0 -4.0
-6.0
6.0 -6.0
-8.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Employment (q/q-4) Labour cost index (q/q-1)
HICP (m/m-12) Industrial producer prices (m/m-12)
Labour cost index (q/q-4) Unemployment rate Total (%) HICP (m/m-1) Industrial producer prices (m/m-1)
Graph 5: External Transactions Graph 6: Financial
millions euro %
0 6.0
-10000
5.0
-20000
-30000 4.0
-40000
-50000 3.0
-60000
2.0
-70000
-80000 1.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
External trade balance (1) BOP current account (2) 3-month interest rates Long-term government bond yields - rates
(1) external trade balance is a monthly basis data

(2) the BOP current account is a quarterly basis data

Detailed PEEIs analysis for euro area (*)
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.8 -0.3 -0.4 -1.8 -2.5 Q/Q-4 % 1.9 2.0 0.7 -1.8 -5.2
Q/Q-1 % (1) 0.1 -0.3 0.0 -0.4 -0.5 Q/Q-4 % 1.2 0.7 0.3 -0.8 -1.5
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 1.0 -1.3 -1.1 -4.1 -4.1 Q/Q-4 % 2.6 2.9 0.1 -5.5 -10.5

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -5423.6 -4283.2 -2467.9 -1997.3 -4136.1 -391.6 -5284.5 -2664.0 -1780.2 -336.3 : :
(extra euro area) (1)
2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
BOP Current account
mn euro -4127.0 -11468.0 -7547.0 -5083.0 -13670.0 -3296.0 -19902.0 -2056.0 -3985.0 -9175.0 : :
(extra euro area)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.2 -0.1 0.2 0.0 -0.5 -0.1 -0.8 0.4 0.4 0.4 0.1 :
of Consumer Prices - All items) M/M-12 % 4.0 3.8 3.6 3.2 2.1 1.6 1.1 1.2 0.6 0.6 0.0 -0.1
M/M-1 % 1.4 -0.5 -0.2 -0.8 -2.1 -1.5 -1.1 -0.5 -0.7 -0.9 -0.2 :
M/M-12 % 8.9 8.2 7.6 6.0 2.9 1.2 -0.6 -1.6 -2.9 -4.6 -5.8 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 15.1 15.5 15.1 16.0 16.2 16.6 17.9 19.2 19.9 19.6 19.8 :
age <25 year
Unemployment rate -
% 6.2 6.3 6.3 6.6 6.9 7.2 7.9 8.3 8.3 8.2 8.2 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.4 0.1 -0.2 -0.4 -0.9 Q/Q-4 % 1.5 1.1 0.5 -0.1 -1.3

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.8 0.0 -2.2 -2.2 -2.9 -3.0 -2.7 -2.6 -1.3 -1.3 : :
M/M-12 % -1.1 -0.9 -2.4 -5.9 -9.1 -12.4 -16.5 -19.2 -19.1 -20.7 : :
M/M-1 % (1) 0.1 -3.2 -4.2 -7.0 -7.0 -8.7 -2.6 -0.9 -0.2 -0.9 : :
M/M-12 % 3.6 -7.0 -1.8 -15.3 -27.4 -24.7 -34.6 -34.4 -26.5 -35.3 : :
M/M-1 % (1) -1.6 0.2 -2.5 0.0 -0.9 -2.3 0.7 -1.8 0.1 0.5 : :
M/M-12 % -3.9 -3.9 -7.2 -6.0 -6.3 -13.0 -10.4 -12.5 -8.3 -5.3 : :
M/M-1 % (1) -0.2 -0.1 0.1 -0.7 0.0 0.0 -0.4 -0.5 0.0 0.1 -0.4 :
M/M-12 % -1.3 -1.3 -0.7 -2.0 -2.0 -1.3 -1.9 -4.1 -2.6 -1.8 -2.7 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
General government deficit (-)
% -2.6 -3.1 -2.9 -2.5 -1.3 -0.6 -1.9
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate % 4.96 4.97 5.02 5.11 4.24 3.29 2.46 1.94 1.64 1.42 1.28 :
% 4.76 4.47 4.43 4.30 4.09 3.72 3.86 3.91 3.83 3.82 3.93 :
bond yields
Euro-dollar exchange rate Average 1.6 1.5 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4
(1)
(2)
Wda: Adjusted data by working days
* Data refers to the euro area with 15 Member States for the whole period (EA-15) with the exception of 3 months Interest Rate, Long term government bond yields, Euro-Dollar exchange rate which
refer to the evolving euro area, Euro area = (EA11-2000, EA12-2006, EA13-2007, EA15).
Indicator Source

Euro area

Growth rate Index Growth rate Growth rate
(PFC,I) (RT)
4.0 110.0 4.0 2.0
0.0 100.0 2.0 1.0

0.0 0.0
-4.0 90.0
-2.0 -1.0
-8.0 80.0
-4.0 -2.0
-12.0 70.0
-6.0 -3.0
-16.0 60.0
-8.0 -4.0
-20.0 50.0 -10.0 -5.0
-24.0 40.0 -12.0 -6.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) GDP (q/q-4) Private Final Consumption (PFC)(q/q-1) Private Final Consumption(q/q-4)
Industrial Production (m/m-1) Industrial Production (m/m-12) Investment (I)(q/q-1) Investment (q/q-4)
Economic Sentiment Indicator Retail trade (RT)(m/m-1) Retail trade (m/m-12)
% Growth rate Growth Rate

10.0 8.0 12.0
9.5 6.0 10.0
9.0 4.0 8.0
8.5 2.0 6.0
8.0 0.0 4.0
7.5 -2.0 2.0

0.0
7.0 -4.0
-2.0
6.5
65 -6.0
60
-4.0
6.0 -8.0
-6.0
5.5 -10.0
-8.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Employment (q/q-4) Labour cost index (q/q-1)
Industrial producer prices (m/m-12) Industrial producer prices (m/m-1)
Labour cost index (q/q-4) Unemployment rate Total (%) HICP (m/m-12) HICP (m/m-1)

% €/$
millions euro
0 6.0 1.6
5.0 1.4
-5000
4.0 1.2
-10000
3.0 1
-15000
2.0 0.8
-20000 1.0 0.6
-25000 0.0 0.4

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
External trade balance BOP current account 3-month interest rates Long-term government bond yields - rates Euro-dollar exchange rate

Detailed PEEIs analysis for Belgium
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.4 0.3 0.0 -1.7 -1.7 Q/Q-4 % 1.9 2.0 1.5 -1.0 -3.4
Q/Q-1 % (1) 0.5 0.0 0.0 -0.6 -0.5 Q/Q-4 % 2.3 0.9 0.6 -0.2 -2.0
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 1.4 1.2 -0.6 0.1 -2.3 Q/Q-4 % 7.2 8.6 3.8 2.1 -1.7

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -1138.0 -1364.8 -1453.9 -2043.6 -968.4 -831.8 -1162.9 -266.3 -225.3 -244.9 : :
mn euro -1988.1 -1963.7 -2215.4 -2544.5 -1477.6 -1789.9 -1774.1 -1066.5 -1009.2 -865.4 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -1166.0 3073.0 -5512.0 -5153.0 :
(All countries of the world)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.9 1.1 -0.1 -0.2 -0.7 -0.1 -1.9 2.3 -0.6 0.3 -0.1 :
of Consumer Prices - All items) M/M-12 % 5.9 5.4 5.5 4.8 3.2 2.7 2.1 1.9 0.6 0.7 -0.2 :
M/M-1 % 0.8 0.3 0.0 -0.2 -0.6 -0.5 -0.2 -0.5 -0.9 : : :
M/M-12 % 5.3 5.2 4.9 4.4 3.2 2.5 1.5 0.4 -1.0 : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 21.9 23.6 22.5 19.7 16.8 17.0 20.3 21.0 21.2 21.2 19.6 :
age <25 year
Unemployment rate -
% 6.2 6.3 6.0 5.6 5.5 5.9 6.4 6.8 7.0 7.0 6.8 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % : : : : : Q/Q-4 % : : : : :
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.5 0.3 0.3 0.0 -0.2 Q/Q-4 % 1.9 1.7 1.7 1.2 0.5

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 2.4 -2.6 -0.8 -2.2 -5.3 0.2 -4.7 -0.7 0.9 -2.8 : :
M/M-12 % 2.8 -2.0 3.4 -4.4 -12.3 -6.8 -18.5 -19.3 -11.8 -20.6 : :
M/M-1 % (1) -2.7 -3.8 -1.5 -6.2 -6.7 -5.5 -10.2 -2.9 0.9 -3.5 : :
M/M-12 % 3.2 -3.2 6.2 -6.0 -18.4 -16.8 -31.9 -31.7 -24.7 -32.4 : :
M/M-1 % (1) 2.5 -4.1 0.2 -4.3 1.3 -4.3 2.0 3.6 3.0 -9.2 : :
M/M-12 % 11.2 -3.8 -1.6 -9.8 -5.1 -11.7 -13.4 -11.4 8.6 -15.7 : :
M/M-1 % (1) -2.3 1.6 3.1 -4.0 -1.8 4.2 -0.6 -0.6 1.6 -1.4 0.3 :
M/M-12 % -1.6 0.0 4.4 0.3 -3.2 3.8 1.2 -1.1 3.5 -0.1 -1.0 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
General government deficit (-)/
% 0.0 -0.1 -0.3 -2.7 0.3 -0.2 -1.2
surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate % - - - - - - - - - - - -
% 4.85 4.58 4.56 4.46 4.26 3.87 4.13 4.24 4.03 3.93 4.03 :
bond yields
(1)
(2)
Indicator Source

Belgium
Growth rate Index Growth Rate (PFC, Growth Rate (RT)

I)
4.0 110 0.5 6.0
0.0 4.0
2.0 100
-0.5 2.0
0.0 90
-1.0 0.0
-2.0 80
-1.5 -2.0
-4.0 70 -2.0 -4.0
-6.0 60 -2.5 -6.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) Industrial Production (m/m-1) Economic Sentiment Indicator Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1) Retail trade (RT) (m/m-1)

% Growth Rate Growth Rate
8.5 0.6 3.0
2.0
8.0 0.4
1.0
7.5 0.2
0.0
7.0 0.0
-1.0
6.5 -0.2
-2.0
6.0 -0.4 -3.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Unemployment rate Total (%) HICP (m/m-1) Industrial producer prices (m/m-1)

millions euro % €/$
0 5.5 1.800
-1000
5.0 1.600
-2000
-3000 4.5 1.400
-4000
4.0 1.200
-5000
-6000 3.5 1.000

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Long-term government bond yields - rates Euro-dollar exchange rate
External trade balance BOP current account

Detailed PEEIs analysis for Bulgaria
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) : : : : : Q/Q-4 % 7.0 7.1 6.8 3.5 -3.5
Q/Q-1 % (1) : : : : : Q/Q-4 % 6.5 5.4 6.4 1.5 -6.3
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) : : : : : Q/Q-4 % 15.5 28.6 22.3 15.8 -14.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -500.7 -474.6 -333.7 -544.2 -282.0 -237.6 -208.6 -301.2 -252.2 -275.3 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -1980.0 -2485.0 -1381.0 -2788.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 1.4 -0.1 0.9 0.1 -0.4 -0.4 0.4 0.4 -0.3 0.5 0.0 :
M/M-1 % 3.4 0.6 -1.1 0.1 -2.9 -3.7 -1.3 -0.9 1.1 -0.8 0.3 :
M/M-12 % 17.4 16.5 14.4 13.0 7.5 4.7 2.2 0.5 -1.1 -2.3 -3.2 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 11.9 11.3 11.1 11.9 11.9 12.4 13.6 14.1 14.9 14.7 14.5 :
age <25 year
Unemployment rate -
% 4.7 4.6 4.3 4.2 4.2 4.7 5.3 5.7 6.0 6.0 5.9 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 0.3 6.8 5.8 4.9 0.2 Q/Q-4 % 19.8 21.1 19.3 18.7 18.6
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) : : : : : Q/Q-4 % 4.8 3.4 3.0 2.1 -0.3

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.7 -2.6 0.3 -2.5 -2.2 -3.7 -3.5 -0.8 -2.5 -0.3 : :
M/M-12 % 2.7 -1.1 0.4 -3.4 -6.3 -11.2 -17.2 -17.4 -19.5 -18.7 : :
M/M-1 % (1) 2.6 -11.8 10.8 -8.8 -10.1 -3.8 1.3 -15.8 2.8 9.6 : :
M/M-12 % 3.8 -8.8 8.0 -8.3 -14.2 -13.6 -23.7 -39.0 -34.6 -28.2 : :
M/M-1 % (1) 2.9 -4.2 3.6 0.5 -6.1 1.9 -1.5 -0.2 -0.9 -0.7 : :
M/M-12 % -0.2 -7.8 0.7 -1.4 -12.3 -8.3 -4.8 -7.0 -4.7 -8.9 : :
M/M-1 % (1) -0.1 -0.6 -0.2 -0.5 -0.9 -0.3 -0.9 -0.8 -0.7 -1.1 -0.6 :
M/M-12 % 3.8 1.7 2.5 2.2 -0.9 -0.3 -3.1 -4.7 -6.1 -8.4 -8.3 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -0.8 -0.3 1.6 1.9 3.0 0.1 1.5
/surplus (+)
General government
% 53.6 45.9 37.9 29.2 22.7 18.2 14.1
gross debt

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 5.17 5.17 5.17 5.17 6.00 7.76 7.14 7.09 7.73 7.24 7.08 :
bond yields
New bulgarian Lev
Average 1.96 1.96 1.96 1.96 1.96 1.96 1.96 1.96 1.96 1.96 1.96 1.96
exchange rates against the euro
(1)
(2)
Indicator Source

Bulgaria

Growth rate Index Growth Rate
2 120 0.0
1 110 -0.2
0 100 -0.4
-1 90 -0.6
-2 80 -0.8
-3 70 -1.0
-4 60 -1.2
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Retail trade (RT) (m/m-1)
Industrial Production (m/m-1) Economic Sentiment Indicator

7.0 6.0 4.0
3.0
6.5 5.0
2.0
6.0 4.0 1.0
0.0
5.5 3.0
-1.0
5.0 2.0 -2.0
-3.0
4.5 1.0
-4.0
4.0 0.0 -5.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Labour cost index (q/q-1) Unemployment rate Total (%)

% Bulgarian Lev/€
millions euro
0 9.0 2.500
-500
8.0 2.000
-1000
7.0 1.500
-1500
6.0 1.000
-2000
5.0 0.500
-2500
-3000 4.0 0.000

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
External trade balance BOP current account 3-month interest rates Long-term government bond yields - rates
Bulgarian Lev exchange rates against the euro

Detailed PEEIs analysis for Czech Republic
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) -0.1 1.2 0.6 -1.8 -3.4 Q/Q-4 % 3.5 4.9 4.1 -0.6 -3.3
Q/Q-1 % (1) 0.9 1.2 -0.1 0.3 1.5 Q/Q-4 % 2.7 3.0 2.7 2.2 3.0
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -0.1 -0.3 1.8 -3.4 -1.5 Q/Q-4 % 0.5 0.0 1.4 -2.1 -3.4

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -600.8 -641.6 -673.3 -775.8 -707.7 -704.1 -540.0 -426.6 -371.5 -326.9 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 1185.0 -2251.0 -1249.0 -2295.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.5 -0.3 -0.2 0.1 -0.7 -0.3 1.4 0.1 0.2 -0.1 0.1 :
M/M-1 % 0.2 0.5 -0.1 -1.1 -1.9 -1.5 1.1 0.3 -1.1 -0.5 -0.4 :
M/M-12 % 5.2 5.7 5.6 4.0 1.3 -0.1 -0.8 -0.6 -2.0 -2.6 -3.8 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 9.2 9.8 11.8 10.7 10.1 10.5 12.2 13.1 13.7 13.6 13.3 :
age <25 year
Unemployment rate -
% 3.8 3.8 3.6 3.6 3.8 4.2 4.8 5.2 5.5 5.5 5.5 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % -4.8 3.3 4.8 5.5 -5.5 Q/Q-4 % 8.7 8.3 5.0 8.8 8.0
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.7 0.0 0.0 -0.2 -0.2 Q/Q-4 % 2.7 2.0 1.2 0.3 -0.7

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -1.8 -1.4 1.2 -7.4 -3.9 -2.4 -2.5 -0.4 0.6 -1.4 : :
M/M-12 % -2.2 -2.8 -0.5 -7.6 -13.8 -15.9 -20.1 -19.8 -17.3 -19.2 : :
M/M-1 % (1) 1.3 -3.4 -0.6 -9.9 -6.1 -1.9 0.8 1.9 -0.3 : : :
M/M-12 % 5.0 -8.3 -0.3 -21.4 -30.0 -24.6 -26.5 -24.7 -16.5 : : :
M/M-1 % (1) 1.5 -1.5 2.6 -4.4 0.0 -1.1 0.5 -1.5 0.7 5.2 : :
M/M-12 % 5.2 1.5 8.6 -1.9 -2.4 -8.2 -10.3 -13.2 -11.1 3.3 : :
M/M-1 % (1) 0.0 0.2 0.9 -0.2 -0.7 -0.6 1.9 -1.1 -0.4 0.7 : :
M/M-12 % 2.0 1.4 4.6 1.5 0.7 -1.2 1.9 -1.2 0.3 -0.9 : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -6.8 -6.6 -3.0 -3.6 -2.6 -0.6 -1.5
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.90 4.47 4.42 4.53 4.52 4.30 4.21 4.74 5.16 5.25 5.06 :
bond yields
Czech Koruna
Average 23.5 24.3 24.5 24.8 25.2 26.1 27.2 28.5 27.2 26.8 26.7 26.5
(1)
(2)
Indicator Source

Czech Republic

I)
2.0 110 3.0 2.0
2.0 1.5
0.0 100
1.0 1.0
-2.0 90 0.0 0.5
-1.0 0.0
-4.0 80
-2.0 -0.5
-6.0 70
-3.0 -1.0
-8.0 60 -4.0 -1.5

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

6.5 6.0 2.0
1.5
6.0 4.0
1.0
5.5 2.0 0.5
0.0
5.0 0.0
-0.5
4.5 -2.0 -1.0
-1.5
4.0 -4.0
-2.0
3.5 -6.0 -2.5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Labour cost index (q/q-1) Unemployment rate Total (%)
millions euro % Czech Koruna/€

0 6.0 29.000
-500 5.0 28.000
4.0 27.000
-1000
3.0 26.000
-1500
2.0 25.000
-2000
1.0 24.000
-2500 0.0 23.000

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Czech Koruna exchange rates against the euro

Detailed PEEIs analysis for Denmark
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) -0.5 -0.4 -0.9 -2.0 -1.1 Q/Q-4 % -0.2 0.8 -1.5 -3.8 -4.1
Q/Q-1 % (1) 0.3 -1.1 -2.2 -2.0 -2.3 Q/Q-4 % 2.5 2.7 -0.7 -4.9 -6.9
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -2.7 -3.1 0.7 -5.9 1.8 Q/Q-4 % -2.8 -2.8 -3.7 -10.7 -6.2

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 416.6 178.6 148.6 217.1 -27.4 63.9 -181.7 348.4 313.4 315.0 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -1235.0 1989.0 2375.0 1611.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.3 0.2 0.5 -0.2 -0.3 -0.5 -0.4 1.0 0.4 -0.1 0.4 :
M/M-1 % 1.1 -2.0 0.7 -4.7 -6.0 -3.7 -0.4 1.3 0.4 -0.4 0.2 :
M/M-12 % 22.1 19.4 18.5 8.0 0.3 -3.6 -5.2 -3.5 -3.1 -6.4 -8.8 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 8.5 9.2 8.5 7.6 7.4 7.6 9.0 9.3 10.2 9.9 10.1 :
age <25 year
Unemployment rate -
% 2.3 2.4 2.4 2.5 2.7 3.1 4.0 4.3 4.7 4.9 4.8 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 1.7 7.5 -6.4 1.1 : Q/Q-4 % 4.0 3.3 4.1 3.5 :
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.5 -0.1 0.1 -0.5 -1.3 Q/Q-4 % 1.6 1.1 0.9 -0.1 -1.8

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.4 -0.5 -0.3 -2.2 -0.7 -0.1 -6.5 -2.2 -2.1 -0.5 -0.7 :
M/M-12 % -2.1 0.1 -1.3 -5.2 -4.9 -4.1 -9.9 -12.6 -14.5 -15.2 -17.1 :
M/M-1 % (1) -3.4 5.2 -6.3 1.7 -12.5 -6.4 5.8 -3.5 33.9 -11.1 -1.8 :
M/M-12 % -15.3 -11.6 -3.4 -14.2 -32.0 -24.3 -23.9 -39.1 7.1 -34.3 -27.4 :
M/M-1 % (1) -0.4 -1.5 -3.5 3.3 -1.2 -1.4 -1.6 -0.7 0.2 : : :
M/M-12 % 3.9 2.3 -3.5 1.7 -0.5 -1.3 -7.6 -7.4 -7.7 : : :
M/M-1 % (1) -1.0 0.0 0.0 -1.0 -1.0 0.0 -1.0 0.0 0.0 0.0 0.0 :
M/M-12 % -3.9 -6.5 -5.1 -4.9 -8.7 -7.0 -6.2 -9.8 -6.1 -5.8 -6.6 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% 0.3 0.1 2.0 5.2 5.2 4.5 3.6
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.78 4.49 4.37 4.43 4.06 3.50 3.44 3.55 3.44 3.50 3.62 :
bond yields
Danish Krone
Average 7.46 7.46 7.46 7.45 7.45 7.45 7.45 7.45 7.45 7.45 7.45 7.45
((1)
(2)
Indicator Source

Denmark

I)
6.0 95 2.0 2.0
4.0 90 1.0 1.5
0.0 1.0
2.0 85
-1.0 0.5
0.0 80
-2.0 0.0
-2.0 75
-3.0 -0.5
-4.0 70 40
-4.0 10
-1.0
-6.0 65 -5.0 -1.5
-8.0 60 -6.0 -2.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1) Retail trade (RT) (m/m-1)
GDP (q/q-1) Industrial Production (m/m-1) Economic Sentiment Indicator
6.0 4.0 2
1
5.5 2.0
0
5.0 0.0 -1
-2
4.5 -2.0
-3
4.0 -4.0 -4
-5
3.5 -6.0
-6
3.0 -8.0 -7
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Labour cost index (q/q-1) Unemployment rate Total (%) HICP (m/m-1) Industrial producer prices (m/m-1)
millions euro % Danish Krone/€

3000 8.0 7.460
2500 7.0 7.458
2000 6.0 7.456
5.0 7.454
1500
4.0 7.452
1000
3.0 7.450
500
2.0
20 7.448
7 448
0
1.0 7.446
-500
0.0 7.444
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
3-month interest rates Long-term government bond yields - rates
Danish Krone exchange rates against the euro

Detailed PEEIs analysis for Germany
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 1.5 -0.5 -0.5 -2.2 -3.8 Q/Q-4 % 2.1 3.4 1.4 -1.7 -6.7
Q/Q-1 % (1) -0.1 -0.5 0.2 -0.3 0.5 Q/Q-4 % 0.2 0.5 0.2 -0.5 -0.1
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 3.4 -1.4 0.2 -2.7 -7.9 Q/Q-4 % 4.2 8.5 5.5 -0.3 -11.2

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 10315.2 10653.8 10968.9 11245.6 9141.7 10028.7 4928.8 5091.6 6148.2 5416.6 : :
mn euro 5784.8 6274.9 6435.3 6982.2 6220.3 7519.0 1636.5 3037.8 3542.5 3274.4 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 49650.0 43129.0 34934.0 37156.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.7 -0.4 -0.1 -0.3 -0.6 0.4 -0.6 0.7 -0.2 0.1 -0.1 :
M/M-1 % 2.0 -0.4 0.3 0.1 -1.7 -0.8 -1.1 -0.5 -0.7 -1.4 0.0 :
M/M-12 % 8.2 7.6 7.8 7.4 4.7 4.0 2.1 1.0 -0.3 -2.5 -3.3 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 11.5 11.2 8.3 8.0 8.6 9.3 9.0 10.7 11.8 11.2 10.6 :
age <25 year
Unemployment rate -
% 6.7 6.5 6.3 6.1 6.4 7.0 7.2 7.8 7.3 7.3 7.0 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.6 0.2 0.2 0.0 -0.3 Q/Q-4 % 1.7 1.5 1.4 1.0 0.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -1.4 2.1 -2.2 -2.1 -4.3 -4.5 -6.2 -3.7 0.0 -2.1 : :
M/M-12 % 0.1 1.5 -1.4 -3.8 -7.6 -11.8 -18.0 -21.3 -21.4 -23.2 : :
M/M-1 % (1) -1.5 2.6 -7.8 -7.2 -7.5 -8.0 -8.0 -3.3 3.7 -1.1 : :
M/M-12 % 0.5 -6.4 -1.8 -17.4 -28.5 -28.0 -37.9 -39.2 -28.0 -39.5 : :
M/M-1 % (1) -2.6 5.6 -2.6 -0.6 0.3 5.9 -7.5 1.9 6.1 0.5 : :
M/M-12 % -3.2 1.0 -1.7 -2.4 -1.4 -3.3 -25.2 -20.9 3.7 6.1 : :
M/M-1 % (1) 0.2 0.8 0.3 -0.9 -0.1 0.9 -1.2 -0.4 -0.4 1.3 0.2 :
M/M-12 % -1.8 -0.7 0.1 -0.3 0.0 2.5 -2.0 -1.8 -0.7 0.4 -0.6 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -3.7 -4.0 -3.8 -3.3 -1.5 -0.2 -0.1
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.49 4.20 4.09 3.88 3.56 3.05 3.07 3.13 3.02 3.13 3.37 :
bond yields
(1)
(2)
Indicator Source

Germany

I)
10.0 105 4.0 1.5
8.0 100
2.0 1.0
6.0 95
4.0 90 0.0 0.5
2.0 85
-2.0 0.0
0.0 80
-2.0 75 -4.0 -0.5
-4.0 70
-6.0 -1.0
-6.0 65
-8.0 60 -8.0 -1.5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

9.0 12.0 2.5
2.0
8.5 8.0
1.5
8.0 4.0 1.0
0.5
7.5 0.0
0.0
7.0 -4.0 -0.5
-1.0
6.5 -8.0
-1.5
6.0 -12.0
-2.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

40000 5.0 2.000
35000
4.5 1.800
30000
25000 4.0 1.600

20000
3.5 1.400
15000
10000
3.0 1.200
5000
0 2.5 1.000
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Estonia
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) -0.8 -1.5 -2.8 -5.3 -6.1 Q/Q-4 % 2.1 3.4 1.4 -1.7 -6.7
Q/Q-1 % (1) -1.3 -1.7 -2.2 -3.3 -10.1 Q/Q-4 % 0.2 -1.7 -3.2 -10.0 -16.9
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -1.0 -2.9 -7.7 -14.5 -4.1 Q/Q-4 % 0.5 -2.5 -6.0 -24.0 -26.6

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 29.1 59.3 56.8 90.1 -8.6 -6.4 -8.4 39.7 9.7 2.5 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -502.0 -454.0 -295.0 -212.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.7 0.3 0.8 0.4 -0.2 -0.2 -0.6 -0.4 -0.5 -0.6 0.0 :
M/M-1 % 2.1 0.2 0.0 1.6 -0.2 -0.3 -0.5 -0.7 -1.5 -0.6 : :
M/M-12 % 10.8 10.5 9.0 10.0 9.1 8.0 5.8 4.4 3.0 1.1 : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 14.7 14.7 14.7 15.8 15.8 15.8 24.5 24.5 24.5 : : :
age <25 year
Unemployment rate -
% 4.5 5.1 5.5 5.9 6.3 6.9 8.5 9.6 11.0 12.4 13.9 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 3.0 6.5 1.5 -2.5 -1.6 Q/Q-4 % 18.3 16.5 13.0 8.5 3.7
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 2.1 -2.2 0.2 -0.2 -4.9 Q/Q-4 % 2.0 -0.5 -0.3 -0.2 -7.2

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.6 -1.3 -1.5 -7.9 -4.2 -5.7 -4.6 -4.0 -2.8 -3.7 1.3 :
M/M-12 % -3.4 -4.0 -5.6 -14.1 -17.1 -22.5 -26.4 -30.1 -29.2 -34.5 -29.9 :
M/M-1 % (1) 10.6 -8.0 3.7 -11.3 -8.2 -9.7 -4.9 -4.4 -3.0 -8.6 3.1 :
M/M-12 % 23.0 -0.3 20.1 -5.5 -15.7 -19.6 -29.7 -34.8 -30.6 -44.1 -39.8 :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) -0.1 -1.4 -3.1 -0.9 -0.8 -3.6 -1.0 -3.4 0.2 -1.1 -1.3 :
M/M-12 % -4.0 -6.5 -10.0 -8.8 -10.5 -14.1 -13.3 -20.7 -16.4 -16.4 -17.3 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% 0.3 1.7 1.7 1.5 2.9 2.7 -3.0
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 8.17 7.98 8.27 8.46 8.72 8.48 7.58 6.98 9.92 9.44 : :
bond yields**
Estonian Kroon
Average 15.65 15.65 15.65 15.65 15.65 15.65 15.65 15.65 15.65 15.65 15.65 15.65
(1)
(2)
Indicator Source
** “The current indicator represents a weighted average interest rate on new EEK-denominated loans to households and non-financial corporations with short, medium and long interest rate
fixation periods. However, currently a large proportion of the underlying claims (on average 90%) are linked to interest rates with fixation periods of up to one year” source ECB.

Estonia

I)
6.0 95 4.0 1.0
4.0 90
0.0 0.0
2.0 85
-4.0 -1.0
0.0 80
-2.0 75 -8.0 -2.0
-4.0 70
-12.0 -3.0
-6.0 65
-8.0 60 -16.0 -4.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

18.0 2.0 2.5
16.0 1.0 2.0
1.5
14.0 0.0
1.0
12.0 -1.0
0.5
10.0 -2.0 0.0
-0.5
80
8.0 30
-3.0
-1.0
6.0 -4.0
-1.5
4.0 -5.0 -2.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Estonian Kroon/€
millions euro
150 10.0 15.700
100
50
9.0 15.675
0
-50
-100 8.0 15.650
-150
-200
7.0 15.625
-250
-300
-350 6.0 15.600
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Estonian Kroon exchange rates against the euro

Detailed PEEIs analysis for Ireland
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) -1.0 -2.3 0.6 -5.4 -1.5 Q/Q-4 % -1.4 -1.6 -1.0 -8.0 -8.5
Q/Q-1 % (1) -0.3 -2.5 1.1 -1.7 -6.2 Q/Q-4 % 2.9 -1.2 -1.0 -3.3 -9.1
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -2.5 -7.2 -2.8 -15.8 -13.2 Q/Q-4 % -12.9 -15.4 -7.8 -26.1 -34.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 488.6 895.0 719.9 790.8 1145.5 1199.6 1288.0 1190.0 746.0 1658.3 : :
mn euro 897.4 1320.6 1094.3 1159.1 1481.7 1433.5 1388.0 1193.6 879.4 1447.0 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -3622.0 -2241.0 -2379.0 -133.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.5 0.0 0.3 -0.4 -0.1 -0.7 -0.8 0.2 0.1 0.1 -0.4 :
of Consumer Prices - All items) M/M-12 % 3.6 3.2 3.2 2.7 2.1 1.3 1.1 0.1 -0.7 -0.7 -1.7 :
M/M-1 % 0.0 0.8 -0.6 0.5 -0.4 -1.2 -0.3 0.1 -0.6 0.7 -0.2 :
M/M-12 % 6.3 6.3 5.6 5.2 4.8 2.5 2.0 1.5 0.5 -0.4 -1.1 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 15.5 15.8 16.3 15.5 15.8 17.3 18.9 19.9 21.5 22.8 25.8 :
age <25 year
Unemployment rate -
% 5.2 5.5 5.7 6.1 6.6 7.0 7.7 8.3 8.9 9.3 9.4 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) -0.1 -0.9 -1.5 -1.5 -3.8 Q/Q-4 % 2.2 0.3 -1.8 -3.8 -7.5

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) -0.2 -2.2 1.2 -1.1 0.8 -2.6 0.2 0.8 -3.2 1.2 : :
M/M-12 % -2.3 -4.5 -3.3 -4.7 -8.1 -7.0 -7.3 -5.9 -8.0 -3.1 : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -0.4 0.4 1.4 1.7 3.0 0.2 -7.1
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Economic sentiment indicator (1) index : : : : : : : : : : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.92 4.58 4.56 4.55 4.56 4.57 5.20 5.65 5.76 5.34 5.27 :
bond yields
(1)
(2)
Indicator Source

Ireland
Growth rate Growth Rate (PFC, Growth Rate (RT)

I)
10.0 4.0 5.0
8.0 2.0 4.0
0.0 3.0
6.0
-2.0 2.0
4.0
-4.0 1.0
2.0
-6.0 0.0
0.0 -8.0 -1.0
-2.0 -10.0 -2.0
-4.0 -12.0 -3.0
-6.0 -14.0 -4.0
-8.0 -16.0 -5.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1) Retail trade (RT) (m/m-1)

% Growth Rate Growth rate
12.0 2.0 1.0
11.0 1.0
0.5
10.0 0.0
0.0
9.0 -1.0
-0.5
8.0 -2.0
7.0 -3.0 -1.0
6.0 -4.0 -1.5

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Unemployment rate Total (%)

5.8 1.800
2000
1500 5.6 1.700
1000
5.4 1.600
500
0 5.2 1.500
-500
5.0 1.400
-1000
-1500 4.8 1.300
-2000
4.6 1.200
-2500
-3000 4.4 1.100
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
External trade balance BOP current account Long-term government bond yields - rates Euro-dollar exchange rate

Detailed PEEIs analysis for Greece
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.9 0.9 0.4 0.3 -1.2 Q/Q-4 % 3.4 3.3 2.9 2.2 0.3
Q/Q-1 % (1) 0.6 1.0 -0.8 0.2 -0.5 Q/Q-4 % 2.5 2.6 2.1 1.7 -0.1
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -6.6 -2.0 -2.7 6.4 -7.6 Q/Q-4 % -11.1 -13.9 -16.4 -4.8 -8.0

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -1309.0 -1292.1 -1257.3 -1214.3 -1218.7 -1176.7 -1261.6 -1141.5 -1184.0 -1141.1 : :
mn euro -1125.5 -1111.6 -1074.5 -1053.9 -1089.7 -1003.5 -1066.1 -962.9 -1011.9 -984.3 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -9426.0 -9722.0 -5582.0 -10318.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.8 -1.1 2.1 0.0 -0.2 -0.3 -0.5 -1.1 2.0 0.4 0.2 :
M/M-1 % 1.7 -1.7 -1.1 -3.3 -4.2 -3.3 0.4 -0.6 -0.4 0.3 1.0 :
M/M-12 % 16.7 14.4 11.7 6.8 0.4 -3.2 -3.4 -5.3 -6.8 -7.8 -9.4 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate - total % 7.2 7.2 7.2 8.0 8.0 8.0 9.4 9.4 9.4 : : :
Unemployment rate -
% 21.3 21.3 21.3 23.0 23.0 23.0 25.5 25.5 25.5 : : :
age <25 year
Unemployment rate -
% 6.1 6.1 6.1 6.8 6.8 6.8 8.1 8.1 8.1 : : :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % -11.2 7.4 0.5 10.3 -18.8 Q/Q-4 % 2.3 2.7 5.7 -3.3
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.4 0.1 0.1 0.6 -1.8 Q/Q-4 % 1.3 1.5 1.1 1.0 -0.6

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -1.4 -0.3 -2.9 -1.0 -1.5 -2.1 -1.9 2.1 -1.7 -2.1 : :
M/M-12 % -2.1 -2.5 -4.3 -4.7 -9.0 -9.3 -12.5 -5.5 -6.4 -12.2 : :
M/M-1 % (1) -0.3 -10.7 0.7 -2.3 -6.8 -0.6 -17.2 1.0 -3.9 2.6 : :
M/M-12 % 11.1 -7.1 -4.4 -7.3 -14.5 -10.3 -34.4 -32.6 -31.8 -34.1 : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -4.8 -5.7 -7.5 -5.1 -2.8 -3.6 -5.0
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 5.15 4.87 4.88 4.93 5.09 5.07 5.59 5.70 5.87 5.50 5.22 :
bond yields

(1)

(2)
Indicator Source

Greece

I)
6.0 120 8.0 1.2
6.0
4.0 100 1.0
4.0
2.0 80 2.0 0.8
0.0
0.0 60 0.6
-2.0
-2.0 40 -4.0 0.4

-6.0
-4.0 20 0.2
-8.0
-6.0 0 -10.0 0.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) Industrial Production (m/m-1) Economic Sentiment Indicator Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1)

% Growth Rate
10.0 15.0 3
9.5 10.0 2
1
9.0 5.0
0
8.5 0.0
-1
8.0 -5.0
-2
7.5 -10.0
-3
7.0 -15.0
-4
6.5 -20.0 -5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

0 6.0 1.700
-2000 5.8 1.600
5.6 1.500
-4000
5.4 1.400
-6000
5.2 1.300
-8000
5.0 1.200
-10000 4.8 1.100
-12000 4.6 1.000

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Spain
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.4 0.1 -0.3 -1.0 -1.9 Q/Q-4 % 2.9 2.3 0.4 -0.8 -3.3
Q/Q-1 % (1) 0.1 0.0 -0.9 -1.4 -1.7 Q/Q-4 % 2.2 0.7 0.2 -2.7 -4.5
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -0.1 -2.1 -2.2 -5.2 -4.2 Q/Q-4 % 4.1 0.3 -4.6 -11.2 -13.8

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -5346.9 -5021.4 -4808.2 -4226.3 -3963.4 -4574.9 -2909.5 -3235.9 -2640.1 -2725.4 : :
mn euro -5130.4 -4748.6 -4495.8 -4043.6 -3744.3 -4291.6 -2912.1 -3097.7 -2645.9 -2230.2 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -32309.0 -26262.0 -22953.0 -22930.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % 1.8 -0.7 -0.6 -1.3 -2.5 -2.1 0.5 0.0 -0.5 -0.3 0.1 :
M/M-12 % 10.2 9.2 8.3 6.2 2.9 0.4 -0.5 -1.1 -2.5 -3.4 -4.4 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 23.5 24.0 25.1 28.9 29.4 29.2 34.0 35.8 37.0 37.8 37.6 :
age <25 year
Unemployment rate -
% 9.3 9.7 10.2 11.2 12.2 13.1 14.6 15.5 16.1 16.5 16.6 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.3 -0.3 -0.9 -2.1 -3.1 Q/Q-4 % 1.7 0.3 -0.8 -3.0 -6.4

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 2.0 -2.5 -2.2 -3.0 -2.7 -3.5 -1.3 -1.8 -3.1 2.0 -2.9 :
M/M-12 % -3.4 -7.3 -8.7 -13.8 -16.3 -20.2 -21.1 -22.4 -24.2 -19.4 -20.5 :
M/M-1 % (1) 0.1 -5.1 -1.9 -4.7 -5.5 -2.0 -6.1 -3.9 -6.1 -1.5 : :
M/M-12 % 4.5 -12.1 -7.6 -16.8 -29.4 -29.3 -36.2 -36.8 -34.4 -34.9 : :
M/M-1 % (1) -1.3 1.0 -6.4 2.1 0.5 -6.5 8.6 -6.3 -2.7 3.2 : :
M/M-12 % -17.4 -10.8 -26.6 -17.8 -12.0 -27.3 1.9 -15.5 -20.3 -5.8 : :
M/M-1 % (1) -0.1 0.4 -0.9 -2.1 0.4 -0.5 0.7 -1.0 -0.6 0.1 -0.7 :
M/M-12 % -6.5 -6.6 -7.8 -8.4 -8.3 -6.2 -4.0 -8.0 -6.9 -5.6 -5.0 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -0.5 -0.2 -0.3 1.0 2.0 2.2 -3.8
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.80 4.56 4.57 4.47 4.15 3.86 4.15 4.23 4.06 4.01 4.06 :
bond yields
(1)
(2)
Indicator Source

Spain

I)
3.0 95 1.0 1.0
2.0 90 0.0 0.5
1.0 85 -1.0 0.0
0.0 80 -2.0 -0.5
-1.0 75 -3.0 -1.0
-2.0 70 -4.0 -1.5
-3.0 65 -5.0 -2.0
-4.0 60 -6.0 -2.5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

19.0 10.0 2.0
18.0 8.0 1.5
17.0 6.0 1.0

0.5
16.0 4.0
0.0
15.0 2.0
-0.5
14.0 0.0
-1.0
13.0 -2.0
15
-1.5
12.0 -4.0
-2.0
11.0 -6.0 -2.5
10.0 -8.0 -3.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% €/$
millions euro
0 5.0 1.600
-5000
4.5 1.500
-10000
4.0 1.400
-15000
3.5 1.300
-20000
-25000 3.0 1.200

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
External trade balance BOP current account Long-term government bond yields - rates Euro-dollar exchange rate

Detailed PEEIs analysis for France
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.4 -0.4 -0.2 -1.4 -1.2 Q/Q-4 % 1.7 1.4 0.5 -1.7 -3.1
Q/Q-1 % (1) -0.2 0.1 0.1 0.1 0.2 Q/Q-4 % 1.8 1.5 0.9 -0.2 0.8
(volume)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -919.3 -867.0 -85.5 -155.1 -453.6 1825.2 437.5 230.6 28.4 375.7 : :
mn euro -1223.7 -1186.4 -506.8 -419.1 -855.6 1691.0 425.0 301.2 -140.9 219.4 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -5349.0 -10417.0 -8571.0 -12122.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.3 -0.1 0.0 -0.1 -0.5 -0.3 -0.4 0.4 0.2 0.1 0.1 :
of Consumer Prices - All items) M/M-12 % 4.0 3.5 3.4 3.0 1.9 1.2 0.8 1.0 0.4 0.1 -0.3 :
M/M-1 % 0.7 -0.5 -0.7 -0.7 -2.0 -1.5 -2.1 -0.6 -0.4 -0.9 -0.3 :
M/M-12 % 8.3 7.7 6.2 4.9 1.9 -0.2 -2.8 -3.8 -4.8 -6.4 -7.9 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 17.1 18.4 19.7 21.2 21.4 21.8 22.0 23.6 23.9 23.5 23.3 :
age <25 year
Unemployment rate -
% 6.1 6.4 6.2 6.5 6.8 6.9 7.6 7.7 7.6 7.5 7.5 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % -3.0 -0.4 -3.3 9.3 -5.6 Q/Q-4 % 2.8 2.6 2.5 2.1 -0.6
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.2 0.0 -0.1 -0.2 -0.5 Q/Q-4 % 1.1 0.7 0.4 -0.1 -0.8

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 0.3 0.7 -1.7 -3.7 -2.9 -1.5 -4.4 -0.8 -1.8 -1.4 : :
M/M-12 % -2.0 -2.7 -2.2 -7.2 -9.8 -10.6 -14.5 -16.8 -15.8 -19.4 : :
M/M-1 % (1) -0.7 -3.0 -1.1 -13.9 -4.0 -2.0 -1.2 1.0 -2.1 0.5 : :
M/M-12 % 2.4 -11.9 -4.3 -16.7 -30.0 -21.0 -30.9 -24.0 -21.2 -30.9 : :
M/M-1 % (1) 0.3 -1.9 -0.5 0.1 -1.0 -0.8 -1.3 0.4 0.0 -0.4 : :
M/M-12 % 4.0 -5.3 -3.0 -1.4 -4.7 -3.6 -9.6 -7.0 -5.3 -6.9 : :
M/M-1 % (1) 0.4 0.2 0.5 -1.3 0.7 -0.5 0.3 -2.2 0.4 1.3 1.3 :
M/M-12 % 0.9 1.5 2.2 -1.1 0.7 -0.8 -0.7 -5.1 -2.3 -0.5 -1.1 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -3.1 -4.1 -3.6 -2.9 -2.3 -2.7 -3.4
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.69 4.40 4.36 4.18 3.98 3.54 3.60 3.68 3.65 3.66 3.80 :
bond yields

(1)

(2)
Indicator Source

France

I)
1.0 120 2.0 2.0
0.0 110 1.0 1.0
-1.0 100
0.0 0.0
-2.0 90
-1.0 -1.0
-3.0 80
-2.0 -2.0
-4.0 70
-5.0 60 -3.0 -3.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

9.5 12.0 1.0
0.5
9.0 8.0
0.0
8.5 4.0
-0.5
8.0 0.0 -1.0
-1.5
7.5 -4.0
-2.0
7.0 -8.0 -2.5

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

4000 5.5 1.600
2000
0 5.0 1.500
-2000
4.5 1.400
-4000
-6000
4.0 1.300
-8000
-10000 3.5 1.200
-12000
-14000 3.0 1.100
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Italy
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.5 -0.6 -0.8 -2.1 -2.6 Q/Q-4 % 0.2 -0.2 -1.0 -3.1 -6.5
Q/Q-1 % (1) 0.0 -0.8 0.1 -0.9 -1.0 Q/Q-4 % -0.1 -1.0 -0.8 -1.5 -3.0
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -0.8 -0.2 -2.1 -5.8 -5.0 Q/Q-4 % -1.3 0.1 -1.9 -8.6 -13.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -309.1 -1392.4 -279.8 11.0 -779.0 -125.8 -1744.5 -131.2 -262.6 505.1 : :
mn euro -1690.3 -2439.8 -1600.3 -1254.8 -1768.9 -1126.6 -2258.8 -687.2 -822.6 -254.7 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -15682.0 -13402.0 -7181.0 -17286.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % 1.0 -0.3 -0.2 -2.0 -2.3 -1.7 -0.8 -0.5 -0.7 -0.4 -0.2 :
M/M-12 % 8.8 8.2 7.4 4.7 1.2 -0.7 -2.0 -3.2 -4.6 -5.3 -6.7 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 19.5 19.5 19.5 23.9 23.9 23.9 26.3 26.3 26.3 : : :
age <25 year
Unemployment rate -
% 5.0 5.0 5.0 5.8 5.8 5.8 6.5 6.5 6.5 : : :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % -15.8 6.5 2.4 14.5 : Q/Q-4 % 5.6 2.1 5.8 5.2 :
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.2 0.0 -0.4 -0.2 -0.3 Q/Q-4 % 0.9 0.8 -0.2 -0.2 -0.8

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -1.1 -0.5 -2.9 -2.5 -3.8 -4.6 -1.2 -4.6 -4.5 1.1 : :
M/M-12 % -2.3 -4.7 -5.7 -7.8 -9.8 -13.8 -17.6 -21.2 -23.8 -24.2 : :
M/M-1 % (1) 4.8 -6.4 -4.0 -6.6 -7.0 -7.8 -3.1 2.5 -3.4 -3.1 : :
M/M-12 % 9.5 -6.4 0.7 -13.8 -28.8 -20.3 -33.9 -32.7 -26.9 -33.8 : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) -0.2 -0.3 -0.1 -0.3 -0.1 -0.1 -0.1 -0.2 -0.1 -0.2 : :
M/M-12 % -1.8 -4.1 -2.5 -4.1 -3.4 -2.1 -1.7 -1.2 -1.2 -1.6 : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -2.9 -3.5 -3.5 -4.3 -3.3 -1.5 -2.7
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 5.09 4.81 4.80 4.78 4.74 4.47 4.62 4.54 4.46 4.36 4.42 :
bond yields
(1)
(2)
Indicator Source

Italy

I)
2.0 100 8.0 1.2
1.0 95 6.0 0.8
4.0 0.4
0.0 90
2.0 0.0
-1.0 85
0.0 -0.4
-2.0 80
-2.0 -0.8
-3.0 75 -4.0
40 -1.2
12
-4.0 70 -6.0 -1.6
-5.0 65 -8.0 -2.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Growth Rate Growth rate
8.5 16.0 1.5
1.0
8.0 12.0 0.5
0.0
7.5 8.0
-0.5
-1.0
7.0 4.0
-1.5
6.5 0.0 -2.0

-2.5
6.0 -4.0 -3.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% €/$
millions euro
0 5.2 1.600
-2000
-4000 5.0 1.500
-6000
-8000 4.8 1.400
-10000
-12000 4.6 1.300
14000
-14000
-16000 4.4 1.200
-18000
-20000 4.2 1.100
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Cyprus
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 1.1 0.6 0.4 0.5 0.0 Q/Q-4 % 4.3 3.9 3.5 2.8 1.2
Q/Q-1 % (1) 1.8 1.2 1.5 -0.3 0.3 Q/Q-4 % 8.5 9.3 11.9 3.0 1.5
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 3.1 2.7 1.2 -1.7 1.5 Q/Q-4 % 12.6 11.6 9.8 5.5 3.2

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -278.6 -212.6 -262.8 -228.6 -184.5 -168.2 -176.7 -175.0 -168.0 -155.7 : :
mn euro -203.4 -146.9 -186.2 -148.2 -106.8 -117.1 -124.0 -125.1 -115.1 -112.4 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -798.0 -644.0 : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % 3.2 0.5 2.0 0.2 -2.8 -0.1 -3.1 -0.1 -1.6 -0.5 -0.3 :
M/M-12 % 13.2 13.3 14.0 13.3 10.6 9.8 4.3 3.0 0.9 -0.2 -2.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 8.6 8.6 8.6 8.8 8.8 8.8 12.3 12.3 12.3 : : :
age <25 year
Unemployment rate -
% 3.1 2.8 2.7 2.6 3.1 3.7 4.2 4.3 4.4 4.2 3.9 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) : : : : : Q/Q-4 % 2.4 2.7 3.5 1.9 1.4

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 1.2 -3.6 1.6 -0.8 0.6 -3.2 -3.6 0.0 -3.0 -0.6 : :
M/M-12 % 6.6 -2.1 6.4 1.8 -2.3 -0.5 -9.6 -9.8 -7.6 -12.0 : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -4.4 -6.5 -4.1 -2.4 -1.2 3.4 0.9
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate % - - - : : : : : : : : :
% 4.60 4.60 4.60 4.60 4.60 4.60 4.60 4.60 4.60 4.60 4.60 :
bond yields
(1)
(2)
Indicator Source

Cyprus

Growth rate Index Growth Rate (PFC,
I)
3.0 130 3.0
2.0 120
1.0 110 2.0
0.0 100
1.0
-1.0 90
-2.0 80
0.0
-3.0 70
-4.0 60 -1.0
-5.0 50
-6.0 40 -2.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1)

6.0 12.0 4.0
5.5 8.0 3.0
2.0
5.0 4.0
1.0
4.5 0.0
0.0
4.0 -4.0
-1.0
33.55 -8.0
80
-2.0
3.0 -12.0
-3.0
2.5 -16.0 -4.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

0 5.0 1.600
-50 4.5 1.500
-100 4.0 1.400
-150 3.5 1.300
-200 3.0 1.200
-250 2.5 1.100

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Latvia
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) -2.6 -2.1 -1.7 -4.8 -11.2 Q/Q-4 % 0.5 -1.9 -5.2 -10.3 -18.0
Q/Q-1 % (1) -3.5 -3.9 -5.2 -6.6 -4.8 Q/Q-4 % -0.5 -8.4 -13.3 -20.1 -17.4
(volume)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -49.6 -18.7 -2.3 -15.7 -24.1 -44.3 -40.1 -39.6 -38.4 -24.0 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -901.0 -839.0 -694.0 -491.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.4 -0.4 1.1 1.0 -0.5 -0.5 2.1 1.1 0.1 -0.4 -0.4 :
M/M-1 % -0.2 1.3 -0.1 4.6 -0.6 -0.6 -0.8 -1.2 -0.8 -0.8 -2.1 :
M/M-12 % 15.4 15.3 14.7 16.5 15.7 14.6 12.7 9.4 8.5 2.5 -0.7 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 12.2 12.2 12.2 18.5 18.5 18.5 28.2 28.2 28.2 : : :
age <25 year
Unemployment rate -
% 6.0 6.4 6.8 7.7 8.7 9.8 11.1 12.0 13.0 13.8 14.5 0.0
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 4.4 8.6 -0.4 2.9 -3.0 Q/Q-4 % 29.2 24.8 19.2 16.2 8.0
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.2 -0.5 -2.2 -3.0 -3.0 Q/Q-4 % 5.6 3.4 0.2 -5.4 -8.2

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -2.2 -2.1 2.3 -2.8 -2.7 -3.5 -9.1 -2.6 1.6 4.5 -4.0 :
M/M-12 % -3.8 -7.6 -3.4 -5.6 -10.6 -13.2 -21.8 -23.6 -21.5 -17.0 -19.3 :
M/M-1 % (1) -3.8 5.3 5.7 -6.2 -0.1 -5.1 3.0 -32.6 16.8 11.3 : :
M/M-12 % 18.5 31.3 68.6 12.9 3.5 -6.9 -12.9 -34.3 -15.0 -22.1 : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) -0.5 -3.1 -3.1 -1.9 -0.8 -4.6 -8.8 -4.7 -3.4 0.8 0.3 :
M/M-12 % -8.1 -9.2 -12.8 -13.7 -14.5 -16.4 -22.5 -27.8 -29.2 -31.3 -28.7 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -2.3 -1.6 -1.0 -0.4 -0.5 -0.4 -4.0
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 6.57 6.60 6.60 6.60 7.60 9.03 10.64 11.50 11.32 11.15 11.09 :
bond yields
Latvian Lats
Average 0.704 0.704 0.706 0.709 0.709 0.708 0.704 0.706 0.708 0.709 0.709 0.702
(1)
(2)
Indicator Source

Latvia

I)
8.0 100 1.0 4.0
0.0 2.0
4.0 90
-1.0 0.0
0.0 80 -2.0
-2.0
-3.0
-4.0 70 -4.0
-4.0
-6.0
-8.0 60 -5.0
-6.0 -8.0
80
-12.0 50
-7.0 -10.0
-16.0 40 -8.0 -12.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

20.0 3.0 5.0
18.0 2.0 4.0
3.0
16.0 1.0
2.0
14.0 0.0
1.0
12.0 -1.0
0.0
10.0
10 0 -2.0
20
-1.0
8.0 -3.0
-2.0
6.0 -4.0 -3.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

millions euro % Latvian Lats/€
0 16.0 0.720
-100 14.0 0.715

-200
12.0 0.710
-300
10.0 0.705
-400
8.0 0.700
-500
-600 6.0 0.695
-700 4.0 0.690
-800 2.0 0.685

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Latvian Lats exchange rates against the euro

Detailed PEEIs analysis for Lithuania
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.2 0.2 -0.3 -1.4 -10.5 Q/Q-4 % 7.0 5.2 2.9 -2.2 -13.6
Q/Q-1 % (1) 0.4 -0.3 -0.4 -1.8 -12.1 Q/Q-4 % 11.1 7.3 4.7 -3.0 -15.1
(volume)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -216.4 -147.3 -165.6 -135.9 -116.2 -142.9 -113.7 -155.3 -190.8 -99.2 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -1324.0 -1260.0 -835.0 -318.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.4 0.2 0.5 0.9 -0.3 -0.2 2.6 0.3 0.0 -0.1 -0.2 :
M/M-1 % 0.4 2.0 -0.6 -0.4 -2.6 -4.0 0.5 -0.7 -1.8 -0.9 0.1 :
M/M-12 % 19.3 20.7 18.4 15.0 9.5 4.8 1.9 0.4 -2.4 -4.1 -4.7 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 15.0 15.0 15.0 17.3 17.3 17.3 25.0 25.0 25.0 : : :
age <25 year
Unemployment rate -
% 4.4 5.1 5.1 5.6 6.8 8.1 9.7 10.5 11.3 11.8 12.5 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 7.7 3.5 3.7 -4.5 0.3 Q/Q-4 % 25.6 20.7 14.8 10.4 2.9
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) -0.2 -0.6 0.2 -0.7 -4.5 Q/Q-4 % 0.9 -0.6 -1.0 -1.2 -5.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 0.7 -3.6 -1.5 -9.0 1.5 0.6 -2.8 -4.3 -7.0 -1.2 7.3 :
M/M-12 % 0.9 1.0 5.9 1.3 -1.6 -3.9 -6.2 -12.4 -20.4 -24.7 -18.5 :
M/M-1 % (1) -4.2 2.4 -5.3 -10.6 -7.4 -9.7 -9.8 5.9 -8.1 1.8 : :
M/M-12 % 13.7 13.1 17.7 -5.9 -16.1 -23.9 -36.4 -30.9 -34.2 -39.4 : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) -0.5 -0.7 -0.6 0.1 -1.3 -2.2 -8.8 -2.1 -4.3 0.7 -0.9 :
M/M-12 % 5.4 2.2 -0.9 1.1 -1.3 -8.2 -14.8 -18.7 -20.8 -19.6 -19.1 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -1.9 -1.3 -1.5 -0.5 -0.4 -1.0 -3.2
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 5.49 5.47 5.45 5.40 8.16 9.00 13.95 14.50 14.50 14.50 14.50 :
bond yields
Lithuanian Litas
Average 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45 3.45
(1)
(2)
Indicator Source

Lithuania

I)
12.0 110 5.0 2.0
8.0 100 0.0 0.0
-5.0 -2.0
4.0 90
-10.0 -4.0
0.0 80
-15.0 -6.0
-4.0 70
-20.0 -8.0
-8.0 60 -25.0 -10.0
-12.0 50 -30.0 -12.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

15.0 4.0 3
2
13.0 2.0
1
11.0 0.0 0
-1
9.0 -2.0
-2
-3
7.0 -4.0
-4
5.0 -6.0 -5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Lithuanian Litas/€
millions euro
0 16.0 3.465
-100
14.0 3.460
-200
-300 12.0 3.455
-400
10.0 3.450
-500
-600 8.0 3.445
-700
6.0 3.440
-800
-900 4.0 3.435
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Lithuanian Litas exchange rates against the euro

Detailed PEEIs analysis for Luxembourg
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) -1.0 0.3 -0.3 -4.5 : Q/Q-4 % 0.9 1.5 -0.7 -5.2 :
Q/Q-1 % (1) -1.2 2.7 -0.3 0.9 : Q/Q-4 % 0.5 3.1 1.3 2.1 :
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1)
2.5 -5.3 16.2 -1.9 : Q/Q-4 % 0.9 -9.5 6.3 10.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -268.5 -93.3 -57.9 -159.3 -164.6 -217.2 -254.2 -228.9 -211.5 -194.9 : :
mn euro -442.7 -249.5 -233.9 -328.2 -329.4 -372.3 -369.3 -346.6 -363.0 -333.8 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 1267.0 43.0 447.0 260.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.4 0.0 0.1 -0.4 -1.3 -0.9 -1.1 1.8 -0.1 0.5 0.3 :
M/M-1 % 6.3 -0.3 -2.4 0.6 -5.4 -1.7 -4.2 -0.7 -2.4 -1.9 : :
M/M-12 % 23.0 23.4 19.2 20.7 14.2 12.4 2.7 1.1 -1.2 -7.3 : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 16.5 17.2 19.2 18.4 18.5 18.6 21.1 20.7 20.1 16.5 15.7 :
age <25 year
Unemployment rate -
% 3.8 3.8 3.9 4.2 4.4 4.7 5.2 5.3 5.3 5.1 5.0 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 1.7 0.9 1.5 -0.7 : Q/Q-4 % 5.2 5.0 4.6 3.7 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 2.4 1.2 -2.8 -7.6 -7.4 -8.0 4.2 -1.9 -5.0 3.4 : :
M/M-12 % 0.5 3.8 2.4 -9.7 -17.7 -27.5 -21.3 -23.3 -28.2 -25.1 : :
M/M-1 % (1) -2.8 -0.7 -11.8 -10.9 -0.5 -9.0 -4.7 -2.4 -5.3 9.8 : :
M/M-12 % 18.0 17.6 2.2 -17.0 -9.0 -27.2 -39.2 -43.9 -43.7 -31.6 : :
M/M-1 % (1) -4.0 4.0 0.1 -2.8 -0.9 7.0 -2.5 -0.2 2.8 -1.3 : :
M/M-12 % -2.6 -0.8 0.1 -4.9 -2.1 5.9 1.3 0.3 1.1 0.3 : :
M/M-1 % (1) -5.1 0.6 6.7 -2.4 4.5 8.9 -11.6 -0.6 11.9 : : :
M/M-12 % 2.3 -3.7 8.4 3.2 -5.4 5.6 -2.9 -6.6 14.6 : : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% 2.1 0.5 -1.1 0.0 1.4 3.6 2.6
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 5.01 4.78 4.84 4.68 4.35 4.17 4.17 4.33 4.30 4.54 4.59 :
bond yields**
(1)
(2)
Indicator Source
** “Due to the fact that the Luxembourg Government does not have outstanding long-term debt securities with a residual maturity of close to ten years, the indicator is based on a basket of long-
term bonds. This basket has an average residual maturity of close to ten years. The bonds are issued by a private credit institution and the indicator is thus not fully harmonised” source ECB

Luxembourg

I)
6.0 120 20.0 12.0
4.0 110
15.0 8.0
2.0 100
10.0 4.0
0.0 90
-2.0 80 5.0 0.0
-4.0 70
0.0 -4.0
-6.0
60 60
-5.0 -8.0
-8.0 50
-10.0 40 -10.0 -12.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

7.0 16.0 8
6
6.5 12.0
4
6.0 8.0
2
5.5 4.0
0
5.0 0.0
-2
4.5 -4.0
-4
4.0 -8.0 -6
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

500 5.25 1.700
400
300 5.00 1.600
200
100 4.75 1.500
0
-100 4.50 1.400
-200
200
-300 4.25 1.300
-400
-500 4.00 1.200
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Hungary
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.9 -0.3 -0.9 -1.8 -2.5 Q/Q-4 % 1.8 2.1 1.3 -2.5 -6.7
Q/Q-1 % (1) 0.4 -0.7 -1.2 -2.1 -2.2 Q/Q-4 % 0.6 1.4 0.1 -4.0 -7.2
(volume)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -684.4 -629.6 -639.9 -654.6 -854.4 -425.1 -620.9 -340.4 -391.2 -296.8 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -1596.0 -2022.0 -2759.0 -2488.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.3 -0.6 -0.1 0.4 -0.5 -0.4 0.7 0.8 0.5 0.9 1.5 :
M/M-1 % 1.2 0.2 0.3 1.1 -1.4 -1.7 0.9 2.3 -0.7 -0.9 -0.3 :
M/M-12 % 13.4 13.2 12.9 13.3 10.8 8.3 4.0 6.1 4.6 2.5 1.8 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 20.4 21.2 20.8 19.6 19.4 20.0 23.6 25.6 26.6 26.5 25.7 :
age <25 year
Unemployment rate -
% 6.6 6.7 6.6 6.7 7.0 7.5 8.1 8.6 8.8 9.0 9.0 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % -11.5 3.1 2.3 12.7 -11.9 Q/Q-4 % 7.6: 5.5 5.5 5.1 4.7
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) : : : : : Q/Q-4 % -1.5 -1.8 -0.7 -0.9 -3.0

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.1 -0.1 -1.4 -2.9 -3.3 -14.1 2.9 -4.5 4.4 -5.1 : :
M/M-12 % -1.3 -0.3 -3.5 -5.5 -8.4 -23.1 -20.7 -25.3 -19.6 -25.2 : :
M/M-1 % (1) 2.2 -8.0 3.3 -1.7 -18.3 -15.2 12.8 -10.2 19.8 -10.4 : :
M/M-12 % 4.0 -6.9 -3.9 -10.4 -23.6 -36.5 -27.8 -35.0 -15.2 -27.7 : :
M/M-1 % (1) -1.4 2.6 -0.1 0.8 -0.4 2.8 -11.7 8.1 5.7 -4.9 : :
M/M-12 % -12.7 -6.2 1.0 -3.5 1.4 3.7 -13.8 -5.7 3.4 -8.5 : :
M/M-1 % (1) 0.2 -0.4 -0.2 -0.3 -0.6 -1.1 0.1 -0.8 -0.6 -0.1 : :
M/M-12 % -1.1 -1.8 -1.1 -1.4 -2.1 -3.9 -3.4 -4.6 -4.7 -4.6 : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -9.0 -7.2 -6.4 -7.8 -9.2 -4.9 -3.4
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate % 8.99 8.33 8.62 8.95 - 11.18 9.80 - - 9.56 : :
Long term government bond
% 8.11 7.77 7.99 9.57 9.41 8.31 8.76 10.65 11.65 10.63 10.01 :
yields
Hungarian forint
Average 231.8 235.9 240.7 260.2 265.3 265.0 279.9 298.3 304.1 295.3 281.9 280.5
(1)
(2)
Indicator Source

Hungary
Growth Rate (PFC, Growth Rate (RT)

Growth rate Index
I)
8.0 90 0.5 0.4
0.0 0.2
4.0 80
-0.5 0.0
0.0 70
-1.0 -0.2
-4.0 60 -1.5 -0.4
-2.0 -0.6
-8.0 50
25
-2.5 08
-0.8
-12.0 40 -3.0 -1.0
-16.0 30 -3.5 -1.2

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

10.5 16.0 3.0

2.5
10.0 12.0
2.0
9.5 8.0 1.5
9.0 4.0 1.0

0.5
8.5 0.0
0.0
88.00 -4.0
40 05
-0.5
-1.0
7.5 -8.0
-1.5
7.0 -12.0 -2.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Hungarian forin/€
millions euro
0 12.0 305
-500 11.0 290
-1000
10.0 275
-1500
9.0 260
-2000
-2500 8.0 245
-3000
7.0 230
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Hungarian forint exchange rates against the euro

Detailed PEEIs analysis for Malta
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.8 0.4 -0.3 -1.1 -1.3 Q/Q-4 % 3.4 4.2 3.1 -0.3 -3.3
Q/Q-1 % (1) 3.4 1.6 4.5 -7.4 -0.6 Q/Q-4 % 2.5 7.4 6.7 2.2 -0.3
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -27.4 -2.2 -15.3 3.4 -18.3 Q/Q-4 % -8.5 -10.7 -22.8 -37.3 -28.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -28.9 2.9 -41.7 12.3 -11.6 7.9 -43.5 2.8 -23.6 -34.9 : :
mn euro 22.7 25.2 0.0 37.8 10.4 30.0 -24.3 21.0 1.3 -14.4 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -38.0 -147.0 57.0 -229.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 1.9 0.3 0.0 0.9 -3.0 0.2 -2.2 0.8 1.5 2.3 0.2 :
M/M-1 % 20.5 0.1 -0.3 10.1 -0.3 0.0 3.1 0.1 -0.1 -11.0 0.0 :
M/M-12 % 28.5 25.0 24.0 36.5 35.3 34.8 38.9 38.6 38.3 22.6 22.1 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 11.4 11.9 11.2 12.1 13.0 11.8 13.7 14.2 14.9 14.9 14.3 :
age <25 year
Unemployment rate -
% 4.5 4.6 4.6 4.8 4.9 4.9 5.2 5.3 5.2 5.2 5.4 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % -1.0 1.3 -0.5 0.9 0.6 Q/Q-4 % 1.0 2.2 0.7 0.7 2.3
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) : : : : : Q/Q-4 % 2.8 2.9 2.5 1.8 1.8

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) 7.5 3.0 -2.9 -10.9 2.0 -5.5 : : : : : :
M/M-12 % -9.6 -9.0 -14.1 -8.5 -17.3 -16.3 : : : : : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -5.5 -9.9 -4.7 -2.9 -2.6 -2.2 -4.7
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate % : : : : : : : : : : : :
% 5.28 5.12 5.04 4.81 4.61 4.17 4.35 4.53 4.58 4.63 4.71 :
bond yields
(1)
(2)
Indicator Source

Malta
Growth rate Growth Rate (PFC,

I)
0.0 10.0
-0.2 5.0
-0.4
0.0
-0.6
-5.0
-0.8
-10.0
-1.0
-1.2 -15.0
-1.4 -20.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1)

7.0 2.0 25.0
6.8 1.5 20.0
6.6 1.0 15.0
6.4 0.5 10.0

6.2 0.0 5.0
6.0 -0.5 0.0
5.8 -1.0 -5.0
5.6 -1.5
-10.0
5.4 -2.0
-15.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% €/$
millions euro
100 6.0 1.800
50 5.0 1.700
0
4.0 1.600
-50
3.0 1.500
-100
2.0 1.400
-150
-200 1.0 1.300
-250 0.0 1.200

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Netherlands
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.9 -0.1 -0.5 -1.2 -2.8 Q/Q-4 % 3.6 3.2 1.9 -0.7 -4.5
Q/Q-1 % (1) 0.4 -0.3 -0.4 0.3 -2.0 Q/Q-4 % 2.2 2.1 0.7 0.2 -2.4
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 4.6 1.0 -2.1 -4.4 -4.1 Q/Q-4 % 6.6 9.5 5.1 -1.2 -9.5

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -6790.4 -6380.2 -6891.4 -6855.4 -7165.0 -7347.0 -4662.2 -4750.7 -4441.3 -4457.3 : :
mn euro -9092.6 -8839.0 -8981.9 -8900.1 -9393.0 -9421.4 -6744.1 -6484.7 -6400.6 -6392.7 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 13107.0 9374.0 9810.0 12381.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.1 0.1 0.5 -0.2 -0.4 -0.8 0.0 1.0 1.2 0.3 0.1 :
M/M-1 % ( 1.6 -1.3 0.1 -1.6 -3.5 -2.2 -2.7 -0.6 -1.7 -2.7 0.6 :
M/M-12 % 14.0 12.9 11.9 7.1 1.8 -0.2 -3.7 -4.7 -6.8 -10.7 -11.3 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 4.8 5.0 4.9 5.1 4.7 5.1 5.8 6.8 7.0 6.9 7.0 :
age <25 year
Unemployment rate -
% 1.9 2.0 2.1 2.1 2.1 2.2 2.4 2.5 2.7 2.7 2.6 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % -1.9 33.5 -9.1 -16.0 : Q/Q-4 % 3.7 4.3 5.1 0.1 :
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.4 0.3 0.1 0.4 : Q/Q-4 % 1.9 1.7 1.3 1.2 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -2.9 2.1 1.2 -2.3 -2.9 -2.4 0.7 -3.6 -1.4 -2.6 : :
M/M-12 % -0.4 0.9 1.0 -1.4 -5.6 -11.8 -5.0 -10.9 -13.2 -17.2 : :
M/M-1 % (1) -0.4 -2.6 1.1 -7.6 -10.1 -13.4 1.1 -3.4 -1.8 -4.4 : :
M/M-12 % 1.2 -10.0 -0.6 -11.0 -22.7 -30.4 -34.0 -39.1 -26.7 -39.0 : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) -0.5 0.6 -0.4 -0.8 -0.4 0.5 -2.0 -0.8 -0.4 -0.4 : :
M/M-12 % -0.8 1.1 -0.8 -0.7 -1.2 -1.5 -3.0 -5.5 -3.7 -5.1 : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -2.1 -3.1 -1.7 -0.3 0.6 0.3 1.0
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.69 4.40 4.35 4.23 3.96 3.65 3.76 3.80 3.66 3.77 3.85 :
bond yields
(1)
(2)
Indicator Source

Netherlands

I)
6.0 110 1.0 4.0
4.0 100 0.0 3.0
2.0
2.0 90 -1.0
1.0
0.0 80 -2.0
0.0
-2.0 70 -3.0
-1.0
-4.0 60 -4.0 -2.0
-6.0 50 -5.0 -3.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

4.5 4.0 2.0
4.0 0.0 1.0
3.5 -4.0 0.0
3.0 -8.0 -1.0
2.5 -12.0 -2.0
2.0 -16.0 -3.0
1.5 -20.0 -4.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% €/$
millions euro
15000 5.0 1.600
10000
4.5 1.500
5000
0 4.0 1.400
-5000
3.5 1.300
-10000
-15000 3.0 1.200

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Austria
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.6 0.2 0.0 -0.4 -2.6 Q/Q-4 % 2.9 2.6 1.7 0.0 -3.5
Q/Q-1 % (1) 0.3 0.2 0.1 -0.3 -0.4 Q/Q-4 % 1.0 0.7 1.6 0.0 -1.2
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 0.4 0.1 -0.6 -1.2 -3.3 Q/Q-4 % 1.7 5.5 0.5 -0.2 -8.3

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 1193.4 1384.5 1220.6 916.8 819.7 1011.6 1204.9 898.4 894.3 629.0 : :
External trade balance (extra
mn euro 553.7 667.1 544.0 265.5 291.4 361.8 687.8 462.1 376.0 192.6 : :
EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 5206.0 612.0 1306.0 2694.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % 0.9 -0.6 0.6 -0.4 -1.3 -1.2 -0.3 0.0 -0.8 -0.6 : :
M/M-12 % 6.2 5.4 5.9 4.8 3.2 1.8 0.4 0.3 -1.3 -2.2 : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 7.5 8.4 8.6 8.8 8.8 9.4 9.7 9.3 8.6 8.0 7.4 :
age <25 year
Unemployment rate -
% 3.0 3.0 2.9 2.9 3.0 3.5 3.9 4.1 3.8 3.7 3.6 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.6 0.4 0.3 0.3 -1.3 Q/Q-4 % 2.2 2.0 1.5 1.4 -0.4

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -1.8 4.0 -1.2 -5.4 -1.8 0.9 -6.3 -2.7 1.8 -1.0 : :
M/M-12 % 0.0 3.5 2.0 -3.0 -4.6 -6.0 -10.5 -14.2 -12.8 -14.0 : :
M/M-1 % (1) 3.7 -2.8 -9.5 -0.6 -9.6 -15.2 1.0 -2.3 -2.4 : : :
M/M-12 % 10.3 -0.7 -7.1 -10.3 -19.7 -29.0 -33.8 -34.4 -31.8 : : :
M/M-1 % (1) 0.6 0.9 0.0 -0.4 1.5 -2.2 2.3 -2.5 0.4 3.5 : :
M/M-12 % -5.0 -2.9 -1.0 -2.6 1.4 -2.9 0.0 -8.6 -6.0 0.5 : :
M/M-1 % (1) 1.4 -1.1 0.8 -0.2 -0.1 -0.1 1.8 -1.5 1.0 1.5 -1.6 :
M/M-12 % 0.5 -1.8 -0.7 -0.7 -1.0 -0.4 1.4 -2.3 1.7 2.3 -1.7 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -0.7 -1.4 -4.4 -1.6 -1.6 -0.5 -0.4
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.73 4.42 4.36 4.22 4.07 3.74 3.84 4.02 4.01 3.90 3.87 :
bond yields
(1)
(2)
Indicator Source

Austria

I)
6.0 120 0.5 4.0
4.0 110 0.0 3.0
-0.5 2.0
2.0 100
-1.0 1.0
0.0 90
-1.5 0.0
-2.0 80
-2.0 -1.0
-4.0 70 25
-2.5 20
-2.0
-6.0 60 -3.0 -3.0
-8.0 50 -3.5 -4.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

4.9 20.0 1.5
4.7 15.0
1.0
4.5 10.0
0.5
4.3 5.0
0.0
4.1 0.0
-0.5
3.9 -5.0
3.7 -10.0 -1.0
3.5 -15.0 -1.5

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% €/$
millions euro
3000 5.0 1.700
2500
4.5 1.600
2000
4.0 1.500
1500
3.5 1.400
1000
3.0 1.300
500
0 2.5 1.200
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Poland
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 1.1 0.7 0.7 0.0 0.4 Q/Q-4 % 6.3 5.8 5.5 2.4 1.1
Q/Q-1 % (1) 1.5 1.3 1.2 1.4 1.1 Q/Q-4 % 5.7 5.3 4.6 6.0 3.9
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 2.3 1.6 -0.4 0.5 -0.9 Q/Q-4 % 14.8 14.7 4.5 4.2 0.0

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -1185.5 -1466.0 -1190.1 -1145.8 -1329.9 -1138.2 -1099.6 -906.1 -688.5 -587.3 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -4727.0 -5536.0 -4355.0 -5135.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.0 -0.2 0.4 0.4 0.2 0.0 0.4 0.8 0.8 0.6 0.6 :
M/M-1 % 0.2 -0.2 0.1 -0.9 -0.4 -1.0 2.1 1.5 -0.1 0.0 -0.1 :
M/M-12 % 6.3 5.8 5.7 4.7 3.8 3.5 4.2 4.8 4.0 3.5 1.9 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 15.9 16.0 16.4 16.8 17.1 17.4 19.0 19.4 19.4 19.1 19.2 :
age <25 year
Unemployment rate -
% 5.6 5.5 5.4 5.3 5.5 5.9 6.7 7.1 7.3 7.1 6.9 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 0.5 0.6 4.1 2.3 -1.6 Q/Q-4 % 13.2 10.2 9.6 7.7 5.5
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) : : : : : Q/Q-4 % 7.0 5.4 3.7 1.4 -1.4

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -1.6 -1.4 0.3 -1.9 -3.1 -2.9 -0.5 1.1 2.1 0.9 : :
M/M-12 % 2.4 0.2 0.8 -2.0 -6.3 -9.9 -13.2 -12.4 -9.8 -6.9 : :
M/M-1 % (1) -4.8 0.5 0.3 -3.8 -1.7 -3.6 -2.7 -3.3 3.3 -3.6 1.5 :
M/M-12 % -2.7 -3.1 2.0 -9.7 -12.9 -18.1 -19.3 -17.0 -14.1 -20.3 -15.4 :
M/M-1 % (1) -1.0 -2.3 0.9 0.9 -1.1 2.2 -1.3 0.3 0.3 0.9 -0.5 :
M/M-12 % 12.4 4.7 7.8 5.6 2.1 0.8 9.1 2.2 0.1 0.5 0.1 :
M/M-1 % (1) 0.8 -1.2 0.7 0.6 -1.0 -0.3 3.9 0.3 -0.7 -0.4 -0.6 :
M/M-12 % 7.1 2.5 4.1 3.5 0.1 -0.5 7.3 9.4 4.6 2.0 0.8 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -5.0 -6.3 -5.7 -4.3 -3.9 -1.9 -3.9
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 6.45 6.11 5.89 6.35 6.23 5.70 5.46 5.97 6.22 6.19 6.31 :
bond yields
New Polish Zloty
Average 3.3 3.3 3.4 3.6 3.7 4.0 4.2 4.6 4.6 4.4 4.4 4.5
(1)
(2)
Indicator Source

Poland

I)
4.0 120 2.0 4.0
2.0 110 1.5 3.0
0.0 100 1.0 2.0
-2.0 90 0.5 1.0
-4.0 80 0.0 0.0
-6.0 70 -0.5 -1.0
-8.0 60 -1.0 -2.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

9.5 5.0 2.5
9.0 4.0 2.0
1.5
8.5 3.0
1.0
8.0 2.0
0.5
7.5 1.0
0.0
70
7.0 00
0.0
-0.5
6.5 -1.0
-1.0
6.0 -2.0 -1.5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Polish Zloty/€
millions euro
0 7.0 4.70
-1000 6.5 4.45
-2000 6.0 4.20
-3000
5.5 3.95
-4000
5.0 3.70
-5000
4.5 3.45
-6000
4.0 3.20
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Polish Zloty exchange rates against the euro

Detailed PEEIs analysis for Portugal
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.2 0.2 -0.5 -1.8 -1.6 Q/Q-4 % 0.6 0.6 0.4 -1.7 -4.6
Q/Q-1 % (1) 0.9 -0.3 0.8 -0.2 -2.0 Q/Q-4 % 2.3 1.0 2.4 1.1 -2.0
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -1.1 0.3 -2.5 -4.8 -10.7 Q/Q-4 % 3.7 2.9 -1.4 -7.9 -17.3

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -734.2 -634.8 -253.7 -356.0 -334.6 -390.0 -398.7 6.7 -354.0 -313.5 : :
mn euro -722.9 -612.4 -190.5 -296.1 -290.9 -280.0 -323.6 25.3 -367.4 -324.7 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -4866.0 -5415.0 -4408.0 -5474.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.5 -0.4 0.5 -0.2 -0.7 -0.5 -0.9 0.0 0.8 0.4 -0.2 :
M/M-1 % 1.4 -0.2 -0.8 -1.3 -2.7 -2.5 0.4 -0.5 -0.4 -0.1 0.4 :
M/M-12 % 8.4 8.1 7.6 5.6 1.5 -1.1 -2.4 -2.9 -4.0 -4.5 -5.1 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 16.0 17.2 18.1 17.2 18.4 18.5 19.7 20.3 20.3 19.8 19.1 :
age <25 year
Unemployment rate -
% 6.9 7.0 6.9 6.9 6.8 7.0 7.6 8.0 8.2 8.3 8.3 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.4 0.0 -0.6 0.2 -1.2 Q/Q-4 % 0.9 1.2 -0.2 -0.1 -1.6

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 0.2 -1.4 0.3 -1.9 -3.1 -2.9 -0.5 1.1 2.1 0.9 : :
M/M-12 % -1.4 -3.3 -2.5 -5.4 -6.9 -9.0 -16.0 -15.5 -7.5 -11.0 -8.1 :
M/M-1 % (1) 4.0 -5.1 -3.5 -5.6 0.6 -7.7 -12.5 -5.4 22.5 -22.9 : :
M/M-12 % 26.4 2.8 19.7 -0.4 -7.3 -0.2 -28.3 -35.9 -0.2 -38.0 : :
M/M-1 % (1) 0.6 -0.8 0.8 0.2 -1.4 -1.4 -2.8 0.7 3.7 -0.1 : :
M/M-12 % -0.3 -3.3 2.0 1.3 -2.1 -6.0 -6.3 -5.7 -1.2 -2.5 : :
M/M-1 % (1) 4.0 0.9 -3.5 0.6 0.0 -6.3 7.0 -3.5 -3.0 4.1 -0.8 :
M/M-12 % 3.5 2.1 0.6 1.5 1.5 -5.3 -0.7 -5.6 -4.6 -1.0 -2.6 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -2.8 -2.9 -3.4 -6.1 -3.9 -2.6 -2.6
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.95 4.69 4.66 4.56 4.35 4.00 4.32 4.52 4.68 4.53 4.29 :
bond yields
(1)
(2)
Indicator Source

Portugal

I)
4.0 100 4.0 10.0
3.0 95 2.0 8.0
0.0 6.0
2.0 90
4.0
1.0 85 -2.0
2.0
0.0 80 -4.0
0.0
-1.0 75 -6.0
-2.0
-2.0
20 70 -8.0
80 -4.0
-3.0 65 -10.0 -6.0
-4.0 60 -12.0 -8.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

10.0 30.0 2.0

1.5
9.5 20.0
1.0
0.5
9.0 10.0
0.0
8.5 0.0 -0.5
-1.0
8.0 -10.0
-1.5
15
7.5 -20.0 -2.0

-2.5
7.0 -30.0 -3.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% €/$
millions euro
1000 6.0 1.700
0
5.5 1.600
-1000
5.0 1.500
-2000
4.5 1.400
-3000
4.0 1.300
-4000
000
-5000 3.5 1.200
-6000 3.0 1.100

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Romania
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) : : : : : Q/Q-4 % 8.2 9.3 9.2 2.9 -6.2
Q/Q-1 % (1) : : : : : Q/Q-4 % 15.5 13.4 16.0 -4.5 -12.2
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) : : : : : Q/Q-4 % 33.2 30.0 24.3 2.8 -0.3

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -795.3 -830.9 -881.3 -583.5 -493.6 -278.6 -242.2 -307.4 -162.8 -291.5 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -3886.0 -4882.0 -4278.0 -3698.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.7 -0.1 0.4 1.1 0.3 0.2 1.2 0.8 0.5 0.3 0.0 :
M/M-1 % 1.6 0.9 -0.7 0.0 -1.4 -1.6 1.1 0.7 -0.6 0.4 0.4 :
M/M-12 % 16.4 16.6 14.7 13.2 10.1 6.9 6.4 5.8 3.8 3.0 2.5 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 19.2 19.2 19.2 17.9 17.9 17.9 21.3 21.3 21.3 : : :
age <25 year
Unemployment rate -
% 3.9 3.9 3.9 4.6 4.6 4.6 5.3 5.3 5.3 : : :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) : : : : : Q/Q-4 % : : : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.7 -1.2 0.2 -2.3 -2.2 -5.4 1.7 -0.6 0.7 0.7 : :
M/M-12 % 2.9 2.4 6.1 -0.2 -5.4 -12.3 -13.8 -13.9 -12.2 -7.9 : :
M/M-1 % (1) -0.4 -2.3 4.1 -4.4 -4.6 -6.0 -14.3 9.3 -3.3 2.8 0.3 :
M/M-12 % 32.2 15.2 41.4 18.6 1.1 -0.3 -34.0 -15.4 -15.6 -24.4 -19.1 :
M/M-1 % (1) -0.9 3.5 1.0 -3.8 5.4 -1.2 -3.4 -2.0 -2.9 -6.1 : :
M/M-12 % 24.2 30.8 28.1 11.3 16.6 16.1 14.7 3.4 -6.8 -13.7 : :
M/M-1 % (1) -2.5 0.6 -1.5 -4.0 -1.1 -6.0 9.9 -3.3 -2.1 -0.7 -0.6 :
M/M-12 % 25.7 21.8 19.0 14.2 7.8 -3.6 3.7 -1.2 -3.2 -6.9 -8.9 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -2.0 -1.5 -1.2 -1.2 -2.2 -2.5 -5.4
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 7.28 8.20 8.32 8.27 8.38 8.38 9.23 8.42 9.38 9.77 8.32 :
bond yields
New Romanian leu
Average 3.6 3.5 3.6 3.7 3.8 3.9 4.2 4.3 4.3 4.2 4.2 4.2
(1)
(2)
Indicator Source

Romania
Growth rate Index Growth Rate (RT)
4 120 12.0
10.0
2 110
8.0
6.0
0 100
4.0
-2 90 2.0
0.0
-4 80
-2.0
-4.0
-6 70
-6.0
-8 60 -8.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Industrial Production (m/m-1) Economic Sentiment Indicator Retail trade (RT) (m/m-1)

7.5 8.0 2.0
1.5
7.0 6.0
1.0
6.5 4.0
0.5
6.0 2.0 0.0
-0.5
5.5 0.0
-1.0
5.0 -2.0
-1.5
4.5 -4.0 -2.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Romenian leu/€
millions euro
0 20.0 4.75
-500
18.0 4.50
-1000
-1500 16.0 4.25
-2000 14.0 4.00

-2500
12.0 3.75
-3000
-3500 10.0 3.50
-4000 8.0 3.25

-4500
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 6.0 3.00
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Romanian leu exchange rates against the euro

Detailed PEEIs analysis for Slovenia
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 1.9 0.6 0.8 -4.1 -6.4 Q/Q-4 % 5.7 5.5 3.9 -0.8 -8.5
Q/Q-1 % (1) 0.2 0.5 -0.3 0.3 : Q/Q-4 % 3.7 3.5 0.7 1.0 0.1
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 3.6 -0.8 -1.0 -3.1 : Q/Q-4 % 16.9 10.3 4.5 -5.3 -23.6

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 38.3 121.1 154.8 123.8 104.9 161.9 41.6 58.2 58.0 76.5 : :
mn euro -43.7 28.0 57.9 19.4 13.0 34.6 -12.0 -7.7 -6.9 -17.7 : :
(extra EU27)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -468.0 -432.0 -472.0 -682.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.0 -0.7 0.0 0.0 -0.9 -0.7 -0.3 0.6 0.8 0.2 0.6 :
M/M-1 % 0.5 0.2 0.2 0.0 -0.5 -0.4 -0.4 0.2 0.0 0.0 -0.7 :
M/M-12 % 6.3 6.7 5.7 5.0 4.0 3.5 2.4 1.2 0.8 0.2 -0.7 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 9.1 9.1 9.1 10.9 10.9 10.9 14.3 14.3 14.3 : : :
age <25 year
Unemployment rate -
% 3.4 3.4 3.4 3.4 3.5 3.7 4.2 4.5 4.6 4.7 4.7 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.7 0.7 0.6 0.4 -1.2 Q/Q-4 % 3.2 3.1 2.9 2.4 0.5

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -4.6 1.5 2.0 -1.8 -14.8 -4.2 0.7 -1.2 -0.3 -3.8 : :
M/M-12 % -4.1 -1.3 1.6 -3.1 -13.0 -18.9 -17.4 -22.4 -18.8 -24.9 : :
M/M-1 % (1) -2.6 -4.2 -2.4 -5.8 -5.5 -2.6 -5.7 -2.4 -7.4 -3.7 : :
M/M-12 % -10.1 -17.8 -12.5 -29.2 -40.7 -35.2 -40.3 -29.5 -42.9 -38.4 : :
M/M-1 % (1) 0.6 -2.1 4.9 -1.1 -16.1 -10.1 16.3 4.0 3.5 -12.2 : :
M/M-12 % 15.9 8.5 22.4 15.1 -2.3 -3.6 -27.0 -22.7 -9.7 -22.8 : :
M/M-1 % (1) 0.8 0.0 1.8 -0.7 -0.1 -3.5 2.1 -1.7 0.6 -0.9 -0.4 :
M/M-12 % 6.3 5.4 5.2 3.9 4.6 -0.8 1.6 -8.8 -1.7 -3.9 -4.7 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -2.5 -2.7 -2.2 -1.4 -1.3 0.5 -0.9
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate % : : : : : : : : : : : :
% 5.02 4.68 4.68 4.66 4.61 4.56 4.70 4.87 4.71 4.77 4.76 :
bond yields
(1)
(2)
Indicator Source

Slovenia

I)
4.0 130 1.0 4.0
0.0 2.0
0.0 110
-1.0 0.0
-4.0 90
-2.0 -2.0
-8.0 70
-3.0 -4.0
-12.0 50 -4.0 -6.0
-16.0 30 -5.0 -8.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

5.8 12.0 1.0
5.6 10.0 0.8
5.4 8.0 0.6
5.2 6.0 0.4
5.0 4.0 0.2
4.8 2.0 0.0
4.6 0.0 -0.2
44
4.4 -2 0
-2.0 04
-0.4
4.2 -4.0 -0.6
4.0 -6.0
-0.8
3.8 -8.0
-1.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

100 5.2 1.800
0
5.0 1.700
-100
-200 4.8 1.600
-300
4.6 1.500
-400
-500 4.4 1.400
-600
4.2 1.300
-700
-800 4.0 1.200
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Slovakia
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) -3.3 1.9 1.8 2.1 -11.4 Q/Q-4 % 9.3 7.9 6.6 2.5 -5.6
Q/Q-1 % (1) 3.0 0.3 1.0 0.2 -1.2 Q/Q-4 % 8.3 5.6 6.0 4.6 -1.2
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1)
2.1 2.2 -0.9 -1.7 -1.7 Q/Q-4 % 7.5 11.8 7.3 1.4 -4.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -600.9 -478.8 -542.8 -650.9 -523.7 -331.2 -442.8 -360.9 -390.3 -299.2 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -197.0 -1799.0 -986.0 -1297.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.0 -0.1 0.4 0.3 0.1 -0.1 0.3 0.0 -0.3 -0.1 0.1 :
M/M-1 % 0.5 0.3 0.5 0.9 -0.2 -0.5 -1.2 0.5 -1.1 -1.2 -1.2 :
M/M-12 % 6.3 6.8 6.8 7.5 6.7 6.1 3.7 1.8 0.6 -0.8 -2.6 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 18.9 17.9 21.4 19.4 18.1 18.2 20.9 22.4 23.8 25.0 25.5 :
age <25 year
Unemployment rate -
% 8.1 7.7 7.4 7.3 7.5 7.9 8.6 9.1 9.7 10.1 10.4 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.4 0.2 1.8 -0.2 -1.9 Q/Q-4 % 2.8 2.9 3.2 2.1 -0.4

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 3.6 -11.1 5.0 -3.7 -9.8 -14.1 3.6 0.9 4.5 -2.0 : :
M/M-12 % 13.1 1.7 2.5 -2.0 -12.4 -20.1 -25.6 -26.0 -17.8 -24.8 : :
M/M-1 % (1) -0.3 -6.3 1.5 -7.1 -5.2 -10.3 -5.8 0.0 2.6 -2.1 : :
M/M-12 % 2.5 0.5 0.4 -13.9 -16.7 -32.0 -38.1 -38.5 -29.3 -38.4 : :
M/M-1 % (1) -0.7 0.4 6.6 -3.7 1.0 -2.5 -18.5 18.1 -0.4 -3.1 : :
M/M-12 % 6.5 8.5 15.3 16.9 17.2 8.0 -24.8 -10.8 -7.0 -12.7 : :
M/M-1 % (1) 2.2 -0.1 1.2 -0.8 -1.3 0.3 -7.4 -1.3 -0.5 1.0 -1.2 :
M/M-12 % 11.5 10.7 13.1 9.5 7.2 6.7 -4.5 -12.7 -9.5 -7.3 -10.5 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -8.2 -2.8 -2.4 -2.8 -3.5 -1.9 -2.2
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate % 4.33 4.31 4.25 4.21 3.65 3.24 : : : : : :
% 5.06 4.95 4.98 4.95 4.92 4.72 4.69 4.76 4.71 4.93 5.03 :
bond yields
Slovak Koruna
Average 30.3 30.3 30.3 30.5 30.4 30.2 : : : : : :
(1)
(2)
Indicator Source

Slovakia

I)
10.0 100 3.0 4.0
5.0 90 2.0 2.0
0.0 80 1.0 0.0
-5.0 70 0.0 -2.0
-10.0 60 -1.0 -4.0
-15.0 50 -2.0 -6.0
-20.0 40 -3.0 -8.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

12.0 12.0 1.0
11.0 8.0
0.5
10.0 4.0
0.0
9.0 0.0
-0.5
8.0 -4.0
7.0 -8.0 -1.0
6.0 -12.0 -1.5

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

millions euro % Slovak Koruna/€
0 6.0 33.0
-200 5.0 32.5
-400
4.0 32.0
-600
3.0 31.5
-800
2.0 31.0
-1000
-1200 1.0 30.5
-1400 0.0 30.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Slovak Koruna exchange rates against the euro

Detailed PEEIs analysis for Finland
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.7 -0.4 -1.0 -2.1 -2.7 Q/Q-4 % 2.4 2.5 1.5 -2.4 -7.5
Q/Q-1 % (1) 0.9 0.1 -0.7 -1.1 -1.2 Q/Q-4 % 3.5 3.8 1.8 -1.1 -4.5
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 0.1 -4.0 2.3 -1.5 -4.3 Q/Q-4 % 9.2 -4.3 3.2 -2.1 -8.9

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 168.5 405.7 280.3 608.1 362.5 600.6 30.3 150.7 261.3 425.6 : :
mn euro 126.5 305.2 172.8 475.7 407.3 577.1 170.5 266.6 312.7 411.1 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 1776.0 -639.0 1482.0 1169.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.3 0.3 0.6 0.0 -0.5 -0.3 0.3 0.7 0.4 0.2 -0.1 :
M/M-1 % 0.7 -0.9 0.5 -1.6 -3.3 -3.3 -0.9 0.0 -0.9 0.1 -0.5 :
M/M-12 % 11.9 11.0 10.6 7.6 3.2 0.3 -2.8 -3.7 -5.0 -6.1 -8.2 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 9.8 11.8 12.7 16.2 13.8 12.4 15.6 19.8 21.6 23.7 38.3 :
age <25 year
Unemployment rate -
% 4.4 4.7 5.1 4.4 5.0 5.3 6.0 6.0 6.6 6.8 6.1 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % - - - - - Q/Q-4 % - - - - -
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 1.4 0.1 -0.7 -0.1 -0.3 Q/Q-4 % 2.3 1.9 0.8 0.8 -1.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 1.3 -2.0 0.1 -1.2 -5.0 -4.9 -5.4 0.3 2.0 -3.4 : :
M/M-12 % 1.1 -0.7 1.3 1.2 -10.2 -15.8 -23.8 -21.5 -16.7 -21.2 : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % 0.5 -2.9 -0.7 -20.9 -36.6 -30.7 -39.1 -42.8 -32.6 -38.8 : :
M/M-1 % (1) 0.7 3.5 -5.4 -1.7 -0.5 -8.2 2.2 -2.8 2.1 : : :
M/M-12 % 5.8 13.6 2.6 -2.5 -3.6 -9.2 -11.4 -18.6 -14.4 : : :
M/M-1 % (1) -0.1 0.3 -1.1 1.0 -2.2 0.2 0.5 -2.2 1.1 2.5 -1.1 :
M/M-12 % 1.6 0.2 -0.6 1.2 -2.8 -1.3 -1.8 -7.9 -3.6 -1.5 -2.2 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% 4.1 2.6 2.4 2.8 4.0 5.2 4.2
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.77 4.47 4.43 4.33 4.09 3.72 3.87 3.93 3.81 3.78 3.91 :
bond yields
(1)
(2)
Indicator Source

Finland

I)
3.0 115 4.0 4.0
2.0 110 3.0 3.0
1.0 105 2.0 2.0
0.0 100
1.0 1.0
-1.0 95
0.0 0.0
-2.0 90
-1.0 -1.0
-3.0 85
-2.0
20 -2.0
20
-4.0 80
-5.0 75 -3.0 -3.0
-6.0 70 -4.0 -4.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

11.0 0.4 1.0

0.5
10.0 0.2
0.0
9.0 0.0 -0.5
8.0 -0.2 -1.0

-1.5
7.0 -0.4
-2.0
6.0 -0.6 25
-2.5
-3.0
5.0 -0.8
-3.5
4.0 -1.0 -4.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Unemployment rate Total (%)

% €/$
millions euro
1600 6.0 1.700
1400
5.5 1.600
1200
1000 5.0 1.500

800
4.5 1.400
600
400
4.0 1.300
200
0 3.5 1.200
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Detailed PEEIs analysis for Sweden
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.4 0.0 -0.5 -5.0 -0.9 Q/Q-4 % 1.0 3.0 0.6 -4.9 -6.6
Q/Q-1 % (1) -0.5 -0.5 -0.7 -1.1 -0.4 Q/Q-4 % 1.5 1.6 -0.5 -3.3 -3.0
(volume)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 1622.6 1448.1 1414.2 1244.3 874.9 948.4 789.7 830.5 935.3 936.2 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 8675.0 5090.0 7491.0 6219.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.5 0.1 1.0 -0.2 -0.5 -0.2 -0.1 0.6 0.5 0.3 0.3 :
M/M-1 % 0.9 0.2 0.5 -0.7 -0.1 -1.2 0.4 -0.3 0.1 -0.1 -0.7 0.0
M/M-12 % 7.7 7.9 7.7 5.9 4.7 3.2 1.9 1.3 1.5 0.3 0.1 0.0

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 16.5 12.7 19.4 18.5 20.5 17.6 24.1 24.8 24.3 26.8 30.0 :
age <25 year
Unemployment rate -
% 3.8 4.0 4.1 4.0 4.3 4.9 5.0 5.6 6.1 5.7 5.8 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 2.1 0.4 -3.4 2.4 2.9 Q/Q-4 % 4.3 3.1 0.7 1.4 2.2
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) : : : : : Q/Q-4 % 1.7 1.3 0.7 0.0 -1.2

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.8 -1.6 -1.4 -2.2 -2.6 -2.5 -2.4 -2.0 -2.5 -2.4 : :
M/M-12 % 1.4 -0.9 -1.4 -6.1 -12.2 -16.6 -20.2 -19.5 -19.4 -21.2 : :
M/M-1 % (1) -3.5 -4.5 -2.3 -5.7 -4.2 -9.3 -3.3 -3.1 3.0 -2.9 : :
M/M-12 % -2.0 -13.8 -8.0 -15.9 -27.2 -25.0 -34.9 -34.4 -21.7 -32.9 : :
M/M-1 % (1) 1.3 -0.6 -1.2 0.4 1.2 -2.5 1.9 0.0 -2.1 2.9 : :
M/M-12 % 24.6 15.9 -14.8 4.7 14.7 -10.5 5.0 2.8 -17.1 4.6 : :
M/M-1 % (1) -0.9 0.2 -1.3 -0.6 0.4 -0.8 2.1 -0.8 -0.6 4.5 0.2 :
M/M-12 % 1.5 2.5 -1.3 -1.3 -0.4 -2.1 1.6 -1.4 -2.1 6.0 4.4 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -1.2 -0.9 0.8 2.3 2.5 3.8 2.5
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 4.38 4.11 3.90 3.57 3.34 2.67 2.80 2.93 2.94 3.18 3.57 :
bond yields
Swedish Krona
Average 9.5 9.4 9.6 9.9 10.1 10.8 10.7 10.9 11.2 10.9 10.6 10.9
(1)
(2)
Indicator Source

Sweden

I)
0.0 120 1.0 5.0
-1.0 110 0.0 4.0
-1.0 3.0
-2.0 100
-2.0 2.0
-3.0 90
-3.0 1.0
-4.0 80
-4.0 0.0
-5.0 70 -5.0 -1.0
-6.0 60 -6.0 -2.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Growth Rate
Growth Rate
11.0 3.0 1.5
10.0 2.0
1.0
9.0 1.0
0.5
8.0 0.0
0.0
7.0 -1.0
-0.5
6.0 -2.0
5.0 -3.0 -1.0
4.0 -4.0 -1.5

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Swedish Krona/€
millions euro
8000 6.0 11.50
7000
5.0 11.00
6000
5000 4.0 10.50
4000 3.0 10.00

3000
2.0 9.50
2000
1000 1.0 9.00
0 0.0 8.50
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Swedish Krona exchange rates against the euro

Detailed PEEIs analysis for United Kingdom
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.8 -0.1 -0.7 -1.8 -2.4 Q/Q-4 % 2.0 1.4 0.7 -1.1 -4.9
Q/Q-1 % (1) 1.2 -0.2 -0.3 -1.1 -1.3 Q/Q-4 % 2.6 1.8 1.1 -0.5 -2.8
(volume)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -5981.1 -5892.9 -5453.5 -5540.1 -5580.5 -4215.5 -7630.2 -4032.7 -4075.2 -4582.2 : :
(extra EU27) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -5326.0 -6588.0 -9177.0 -7801.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.0 0.6 0.5 -0.2 -0.1 -0.4 -0.7 0.9 0.2 0.2 : :
of Consumer Prices - All items) M/M-12 % 4.4 4.7 5.2 4.5 4.1 3.1 3.0 3.2 2.9 2.3 : :
M/M-1 % 0.7 -2.2 -0.9 -1.6 -2.2 -2.4 0.2 -0.2 0.0 -1.9 -0.1 :
M/M-12 % 23.9 22.0 18.9 14.8 8.5 4.7 3.3 2.1 0.7 -3.7 -7.2 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 16.6 16.7 16.7 16.5 15.9 15.6 16.4 17.9 18.2 : : :
age <25 year
Unemployment rate -
% 3.9 4.0 4.1 4.3 4.3 4.6 5.0 5.3 5.4 : : :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 20.7 -13.2 -0.1 0.9 8.0 Q/Q-4 % 5.7 3.9 2.3 5.6 -5.5
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.3 0.0 -0.3 -0.2 -0.5 Q/Q-4 % 1.5 1.2 0.4 -0.2 -1.1

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -0.7 -0.9 -0.1 -2.0 -2.6 -1.5 -2.7 -0.8 -0.4 0.2 : :
M/M-12 % -1.9 -4.6 -3.4 -5.9 -8.4 -9.2 -12.8 -13.6 -12.8 -12.3 : :
M/M-1 % (1) 29.6 -23.0 -1.4 -5.2 -1.5 -2.8 -2.8 -3.8 -2.0 0.0 : :
M/M-12 % 13.3 -5.4 -0.9 -39.8 -26.1 -27.1 -24.5 -27.8 -26.6 -38.7 : :
M/M-1 % (1) -16.8 10.7 -9.3 -0.1 -1.6 -1.7 -4.6 -3.2 -3.3 0.1 -1.5 :
M/M-12 % -4.9 3.1 -0.9 -12.5 -5.0 -6.7 -9.9 -17.6 -21.6 -8.4 -17.9 :
M/M-1 % (1) -0.2 0.6 -0.2 0.2 0.1 0.3 1.2 -2.0 1.5 0.1 -0.8 :
M/M-12 % 1.9 2.0 0.9 1.5 1.6 1.6 2.8 -2.1 0.0 3.4 -1.9 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -2.0 -3.3 -3.4 -3.4 -2.7 -2.7 -5.5
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 5.00 4.68 4.57 4.52 4.13 3.37 3.17 3.23 2.99 3.16 3.41 :
bond yields
Pound Sterling
Average 0.79 0.79 0.80 0.79 0.83 0.90 0.92 0.89 0.92 0.90 0.88 0.86
(1)
(2)
Indicator Source

United Kingdom

I)
0.5 120 2.0 2.0
0.0 110
0.0 1.0
100
-0.5
90 -2.0 0.0
-1.0
80
-1.5 -4.0 -1.0
70
-2.0
60
-6.0 -2.0
-2.5 50
-3.0 40 -8.0 -3.0

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

%
Growth Rate Growth Rate
7.8 10.0 1.5
1.0
7.4 8.0
0.5
7.0 6.0 0.0
-0.5
6.6 4.0
-1.0
6.2 2.0 -1.5
-2.0
5.8 0.0
-2.5
5.4 -2.0 -3.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

Pound Sterling/€
millions euro %
0 8.0 1.10
-1000
-2000
6.0 1.00
-3000
-4000
-5000 4.0 0.90
-6000
7000
-7000
2.0 0.80
-8000
-9000
-10000 0.0 0.70
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Pound Sterling exchange rates against the euro

Detailed PEEIs analysis for Norway
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.4 0.1 -0.8 0.8 -0.4 Q/Q-4 % 1.3 5.5 1.2 0.7 1.5
Q/Q-1 % (1) 0.3 -0.5 -1.0 -0.6 -0.2 Q/Q-4 % 3.0 3.4 0.8 -1.4 -1.8
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -2.3 -0.4 2.0 -0.1 -6.9 Q/Q-4 % 9.1 5.6 2.9 -0.9 -5.8

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 5155.6 5260.0 3362.9 3845.1 3676.1 2810.9 3189.8 : : : : :
(rest of the world)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 12542.0 15453.0 14958.0 13780.0 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % 0.7 0.1 1.4 0.3 -0.7 -0.3 -0.4 1.0 0.1 0.4 0.3 :
M/M-1 % 1.7 1.1 2.2 -4.0 -3.2 -3.4 -0.8 -1.2 0.6 0.3 : :
M/M-12 % 22.1 24.6 23.6 14.5 5.2 0.7 -0.1 -1.0 0.3 -1.7 : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate - total % 2.6 2.5 2.5 2.6 2.5 2.6 2.9 3.1 3.2 3.2 : :
Unemployment rate -
% 7.5 6.9 7.6 7.7 6.9 7.1 7.9 8.6 8.9 8.9 : :
age <25 year
Unemployment rate -
% 1.7 1.7 1.7 1.7 1.8 1.9 2.1 2.2 2.3 2.3 : :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (2) Q/Q-1 % 3.2 4.6 3.1 5.3 7.5 Q/Q-4 % 1.1 0.7 1.2 2.2 3.2
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment Q/Q-1 % (1) 0.9 0.7 0.5 -0.3 -0.5 Q/Q-4 % 4.1 3.5 3.1 1.8 0.5

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 0.7 -5.0 2.7 3.0 -0.2 0.3 -1.5 2.0 -3.0 -1.7 -3.2 :
M/M-12 % 0.8 -5.3 -3.5 0.0 1.1 3.8 -0.7 2.4 -1.7 -3.9 -7.9 :
M/M-1 % (1) 2.2 0.6 -8.3 -10.6 -10.9 -5.9 -5.2 -4.3 2.2 : : :
M/M-12 % -7.7 -11.2 -18.6 -25.7 -31.2 -31.0 -29.6 -28.1 -28.8 : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) 0.4 -0.3 -0.2 -0.5 0.2 -0.2 1.0 -0.5 -0.6 1.7 1.8 :
M/M-12 % 2.2 1.5 -0.2 -0.4 -0.9 -1.1 0.5 -0.9 -1.6 1.0 0.5 :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% 9.3 7.3 11.1 15.1 18.5 17.7 18.8
/surplus (+)

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate (3) % 6.46 6.53 6.82 6.92 6.19 4.64 3.70 3.48 3.17 2.87 2.40 2.10
% 4.94 4.69 4.49 4.17 4.18 3.77 3.69 3.75 3.81 3.90 4.12 4.23
bond yields (3)
Norwegian Krone
Average 8.0 8.0 8.2 8.6 8.8 9.4 9.2 8.8 8.8 8.8 8.8 8.9
exchange rates against the euro (4)
(1)
(2)
(3)
Source: OECD Main Economic Indicators database
(4)
Source: ECB

Norway
Growth rate Growth Rate (PFC, Growth Rate (RT)

I)
4.0 6.0 2.0
3.0
4.0 1.5
2.0
1.0 2.0 1.0
0.0 0.0 0.5

-1.0
-2.0 0.0
-2.0
-3.0 -4.0 -0.5
-4.0
-6.0 -1.0
-5.0
-6.0 -8.0 -1.5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) Industrial Production (m/m-1)

3.6 10.0 3.0
2.0
3.4 8.0
1.0
3.2 6.0
0.0
3.0 4.0 -1.0
-2.0
2.8 2.0
-3.0
2.6 0.0
-4.0
2.4 -2.0 -5.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05

% Norwegian Krone/€
millions euro
16000 7.0 9.60
14000 6.5 9.40
6.0 9.20
12000
5.5 9.00
10000
5.0 8.80
8000 4.5 8.60
6000 4.0 8.40
33.55 8 20
8.20
4000
3.0 8.00
2000
2.5 7.80
0 2.0 7.60
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Norwegian Krone exchange rates against the euro

Detailed PEEIs analysis for Switzerland
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.3 0.0 -0.2 -0.6 -0.8 Q/Q-4 % 3.2 2.7 1.4 -0.7 -2.4
Q/Q-1 % (1) 0.3 0.5 0.1 -0.1 0.1 Q/Q-4 % 1.9 2.7 1.4 0.9 0.5
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 0.5 -0.8 -1.9 -3.2 -0.4 Q/Q-4 % 2.0 -2.0 -1.2 -5.4 -6.5

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro 1419.8 668.7 1027.9 1436.4 1508.7 29.3 : : : : : :
(All countries of the world) (1)
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 4453.8 7399.8 10006.6 8930.2 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Inflation (Harmonized Index M/M-1 % -0.2 -0.3 -0.2 0.7 -1.0 -0.6 -0.5 0.0 -0.3 1.0 0.0 :
of Consumer Prices - All items) M/M-12 % 3.2 3.1 2.8 2.6 1.2 0.3 -0.1 -0.1 -0.7 -0.6 -1.1 :
M/M-1 % (1) 0.3 -0.8 -0.6 -0.4 -0.3 -0.3 -0.2 -0.7 -0.3 0.0 -0.2 :
Industrial producer prices (2)
M/M-12 % 4.6 3.5 3.0 2.5 2.0 1.8 1.0 -0.1 -0.7 -1.5 -2.8 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate - total (1)(4)(5) % 2.5 2.5 2.6 2.6 2.7 2.8 3.0 3.1 3.3 3.4 3.5 :
Unemployment rate -
% : : : : : : : : : : : :
age <25 year
Unemployment rate -
% : : : : : : : : : : : :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment (2)(6) Q/Q-1 % (1) 0.5 0.4 -0.2 0.4 0.0 Q/Q-4 % 2.6 2.4 1.4 1.1 0.6

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) -1.1 -1.2 -1.7 -1.7 -1.6 -2.0 -2.4 -2.2 -0.6 : : :
M/M-12 % 3.3 0.9 -1.7 -4.0 -6.0 -7.0 -8.0 -9.2 -11.2 : : :
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Industrial new orders (2)(7) Q/Q-1 % -2.9 7.5 -6.4 -12.1 -5.9 Q/Q-4 % 6.0 5.2 2.0 -14.1 -16.8
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Production in construction (2)(8) Q/Q-1 % -34.7 22.8 -1.5 6.6 -31.0 Q/Q-4 % -3.1 5.0 -3.9 -15.8 -11.0
2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -0.8 : : : : : :
/surplus (+)
General government gross debt % 25.7 : : : : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
3-month interest rate (4) % 2.76 2.75 2.96 2.72 1.26 0.66 0.53 0.50 0.40 0.40 0.40 0.40
% 3.2 2.9 2.7 2.8 2.2 2.2 2.2 2.2 2.2 2.2 2.5 2.5
bond yields (4)
Swiss Franc
Average 1.62 1.62 1.59 1.52 1.52 1.54 1.49 1.49 1.51 1.51 1.51 1.51
exchange rates against the euro (9)
(1)
(2)
Calculated by Eurostat from OECD Main Economic Indicators database. There may be rounding differences with data published nationally
(3)
(4)
Source: OECD Main Economic Indicators database
(5)
Registered unemployment rate
(6)
Civilian employment: all persons
(7)
New orders for total manufacturing
(8)
Production of dwellings
(9)
Source: ECB

Switzerland

I)
0.0 0.5
0.0
-0.5
-0.5
-1.0 -1.0
-1.5
-1.5 -2.0
25
-2.5
-2.0
-3.0
-2.5 -3.5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) Industrial Production (q/q-1) Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1)

3.6 0.6 1.5
3.4 0.4 1.0
3.2 0.2 0.5
3.0 0.0 0.0
2.8 -0.2 -0.5
2.6 -0.4 -1.0
2.4 -0.6 -1.5

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Unemployment rate Total (%) HICP (m/m-1) Industrial producer prices (m/m-1)

Swiss Franc/€
millions euro %
12000 3.5 1.66
10000 3.0 1.63
8000 2.5 1.60
6000 2.0 1.57
4000 1.5 1.54
2000 1.0
10 1.51
1 51
0 0.5 1.48
-2000 0.0 1.45

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Swiss Franc exchange rates against the euro

Detailed PEEIs analysis for United States
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.2 0.7 -0.1 -1.6 -1.4 Q/Q-4 % 2.5 2.1 0.7 -0.8 -2.5
Q/Q-1 % (1) 0.2 0.3 -1.0 -1.1 0.3 Q/Q-4 % 1.5 1.3 -0.2 -1.5 -1.4
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) -1.4 0.2 -0.9 -5.1 -9.6 Q/Q-4 % -1.7 -2.4 -3.2 -7.0 -14.7

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -48985.4 -48200.3 -49871.3 -53588.0 -42624.9 -39527.1 -35954.4 -29104.4 -30053.6 -30394.2 : :
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro -103700.0 -118427.0 : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Consumer Prices Index- M/M-1 % -0.7 0.0 0.0 0.8 1.7 0.8 -0.3 -0.4 0.1 0.0 -0.1 :
All items (2) M/M-12 % 5.5 5.4 4.9 3.6 1.1 0.1 0.0 0.3 -0.4 -0.7 -1.3 :
M/M-1 % (1) 2.0 -1.6 0.2 -3.3 -4.2 -3.1 0.4 -0.3 -0.7 0.5 1.1 :
M/M-12 % 12.5 12.0 11.7 7.5 0.8 -1.7 -2.3 -3.2 -6.0 -6.6 -7.7 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate - total (1) % 6.0 6.1 6.0 6.1 6.5 7.1 8.5 8.9 9.0 8.6 9.1 :
Unemployment rate –
% 14.0 13.0 13.4 13.2 13.3 13.7 15.8 16.4 16.1 15.8 18.0 :
age <25 year
Unemployment rate -
% 4.6 4.9 4.7 5.0 5.4 6.1 7.3 7.7 7.9 7.5 7.6 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (1) (2)(3) Q/Q-1 % 1.0 0.9 1.0 1.0 0.7 Q/Q-4 % 3.8 3.7 3.7 3.9 3.5
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment (2) Q/Q-1 % (1) -0.1 -0.1 -0.5 -0.9 -1.7 Q/Q-4 % 0.0 0.1 -0.5 -1.5 -3.2

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 0.1 -1.5 -2.7 0.7 -1.1 -1.6 -1.4 : : : : :
M/M-12 % -0.3 -2.1 -6.4 -4.5 -6.0 -7.9 -9.7 : : : : :
M/M-1 % (1) 0.7 -4.3 -3.1 -6.0 -6.5 -4.9 -3.5 0.7 -1.9 0.5 1.2 :
Industrial new orders (2)(5)
M/M-12 % 8.4 1.7 2.8 -6.5 -16.2 -18.0 -22.6 -24.1 -21.4 -24.5 -23.9 :
Production in construction - M/M-1 % (1) -5.9 5.4 -0.8 -1.9 -8.4 -5.1 -6.2 -6.2 -4.6 0.0 -3.5 :
value (2) (6) M/M-12 % -32.4 -31.8 -31.4 -29.3 -26.7 -36.9 -31.2 -34.7 -36.6 -34.4 -35.0 :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -3.8 -4.6 -4.4 : : : :
/surplus (+)
General government gross debt % 60.2 62.5 63.4 : : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 3.98 3.89 3.68 3.79 3.52 2.42 2.49 2.86 2.81 2.90 3.29 3.71
bond yields
Euro-dollar exchange rate (7) Average 1.58 1.50 1.44 1.33 1.27 1.34 1.32 1.28 1.31 1.32 1.37 1.40
(1)
(2)
(3)
Hourly earnings
(4)
(5)
(6)
Production of dwellings
(7)
Source: ECB

United States

I)
1.0 2.0
0.5 0.0
0.0
-2.0
-0.5
-4.0
-1.0
-6.0
-1.5
-8.0
20
-2.0
-2.5 -10.0
-3.0 -12.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) Industrial Production (m/m-1) Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1)

10.0 1.5 3.0
9.0 1.0 2.0
1.0
8.0 0.5
0.0
7.0 0.0
-1.0
6.0 -0.5
-2.0
5.0
50 -1.0
10
-3.0
4.0 -1.5
-4.0
3.0 -2.0 -5.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Labour cost index (q/q-1) Unemployment rate Total (%) CPI (m/m-1) Industrial producer prices (m/m-1)

0 4.5 1.60
4.0 1.55
-10000
3.5 1.50
-20000
3.0 1.45
-30000 2.5 1.40
2.0 1.35
-40000
1.5 1.30
-50000 1.0 1.25
-60000 0.5 1.20

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
3-month interest rate Long term government bond yields
External trade balance Euro-dollar exchange rate

Detailed PEEIs analysis for Japan
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
GDP (volume) Q/Q-1 % (1) 0.4 -0.6 -0.7 -3.6 -3.8 Q/Q-4 % 1.3 0.6 -0.3 -4.3 -8.8
Q/Q-1 % (1) 1.4 -1.0 0.1 -0.8 -1.1 Q/Q-4 % 1.6 0.3 0.7 -0.3 -2.8
(volume)
Investment (GFCF) (volume) Q/Q-1 % (1) 0.6 -2.4 -2.4 -3.7 -6.7 Q/Q-4 % -4.4 -3.7 -4.8 -7.2 -14.9

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
mn euro -76.1 -1963.3 -320.1 -1921.6 -2772.5 -1033.5 -3338.6 -305.0 -237.5 629.3 1685.0 :
2008q01 2008q02 2008q03 2008q04 2009q01
BOP Current account
mn euro 41766.0 23507.0 : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Consumer Prices Index- M/M-1 % -0.4 0.1 0.1 0.1 0.4 0.5 0.4 -0.1 0.0 0.1 0.4 :
All items (2) M/M-12 % 2.2 2.0 2.0 1.7 1.0 0.4 0.0 0.0 -0.3 -0.1 -1.1 :
M/M-1 % (1) 1.8 0.4 -0.4 -1.4 -1.5 -1.1 -2.0 -0.5 -0.1 -0.1 0.0 :
M/M-12 % 6.3 6.6 6.4 4.4 2.5 1.1 -1.1 -1.9 -2.4 -3.0 -4.1 :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
Unemployment rate -
% 7.5 7.9 8.4 6.7 6.8 6.4 7.2 8.9 11.3 9.6 8.8 :
age <25 year
Unemployment rate -
% 3.5 3.7 3.6 3.6 3.6 3.9 3.9 4.2 4.5 4.8 4.8 :
age >=25 year
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Labour Cost Index (1)(2)(3) Q/Q-1 % 1.4 -0.6 -1.5 -0.8 -1.3 Q/Q-4 % 0.9 -0.3 -0.8 -1.6 -4.1
2008q01 2008q02 2008q03 2008q04 2009q01 2008q01 2008q02 2008q03 2008q04 2009q01
Employment (2)(4) Q/Q-1 % (1) -0.1 -0.2 -0.5 0.1 -0.2 Q/Q-4 % 0.1 -0.4 -0.6 -0.7 -0.8

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
M/M-1 % (1) 1.0 -4.7 2.1 -2.5 -9.3 -5.8 -9.9 : : : : :
M/M-12 % 2.6 -6.8 0.1 -6.8 -16.2 -20.2 -29.6 : : : : :
M/M-1 % (1) -0.1 0.0 0.0 -0.1 -0.1 0.1 -0.2 -0.1 0.1 -0.1 : :
Industrial new orders (2)(5)
M/M-12 % -4.6 -10.1 -2.8 -27.2 -33.1 -24.1 -49.4 -44.8 -30.5 : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :
M/M-1 % (1) : : : : : : : : : : : :
M/M-12 % : : : : : : : : : : : :

2002a00 2003a00 2004a00 2005a00 2006a00 2007a00 2008a00
% -7.9 -7.7 -6.5 : : : :
surplus (+)
General government gross debt % 149.5 157.6 164.0 : : : :

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06

2008m07 2008m08 2008m09 2008m10 2008m11 2008m12 2009m01 2009m02 2009m03 2009m04 2009m05 2009m06
% 1.61 1.46 1.49 1.51 1.47 1.31 1.25 1.29 1.31 1.44 1.45 1.47
bond yields
Yen
Average 168.5 163.6 153.2 133.5 123.3 122.5 119.7 118.3 127.7 130.3 131.9 135.4
exchange rate against the euro (6)
(1)
(2)
(3)
Monthly earnings
(4)
(5)
(6)
Source: ECB

Japan

I)
4.0 2.0
2.0
0.0
0.0
-2.0 -2.0
-4.0
-6.0 -4.0
-8.0
80
-6.0
-10.0
-12.0 -8.0
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
GDP (q/q-1) Industrial Production (m/m-1) Private Final Consumption (PFC) (q/q-1) Investment (I) (q/q-1)

5.50 0.5 2.0

1.5
5.00 0.0 1.0

0.5
0.0
4.50 -0.5
-0.5
-1.0
4.00 -1.0
-1.5
-2.0
3.50 -1.5
-2.5
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
Employment (q/q-1) Labour cost index (q/q-1) Unemployment rate Total (%) CPI (m/m-1) Industrial producer prices (m/m-1)

% Yen/€
millions euro
3000 1.8 180.00
2000 1.6 170.00
1000 1.4 160.00

0
1.2 150.00
-1000
1.0 140.00
-2000
-3000 00.88 130.00

130 00
-4000 0.6 120.00
-5000 0.4 110.00

2008m07 2008m09 2008m11 2009m01 2009m03 2009m05 2008m07 2008m09 2008m11 2009m01 2009m03 2009m05
External trade balance 3-month interest rates Long-term government bond yields - rates
Yen exchange rate against the euro

Cross-country comparisons
Gross Domestic Product, in volume Q/Q-1
Quarterly growth in percentage, 2009 q01

2.0
0.0
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0
sk
dk
uk
ea
cz
pl
no
pt
it
at
nl
lt
lv
us
es
fi
si
gr
fr
de
jp
ee
ch
se
ie
be
eu27
cy
hu
mt
Private Consumption, in volume Q/Q-1
Quarterly growth in percentage, 2009 q01

2.0
0.0
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0
-14.0
cy
cz
dk
pl
no
ea
sk
uk
at
mt
lv
it
nl
pt
lt
us
de
fr
gr
fi
es
ch
se
be
eu27
jp
ie
ee
hu
Balance of payments, current account
Millions of euro, 2008 q04

40,000.0
20,000.0
0.0
-20,000.0
-40,000.0
-60,000.0
dk
sk
cz
no
nl
at
mt
lt
lv
ro
uk
fi
si
pl
pt
bg
it
es
de
se
ie
ee
be
gr
fr
lu
eu27
hu

Harmonized Index of Consumer Prices: all items, M/M-1
Monthly growth in percentage, 2009 m05

2.0
1.5
1.0
0.5
0.0
-0.5
dk
ea
cz
sk
no
pl
it
nl
at
ro
lt
pt
lv
si
bg
fi
gr
fr
es
se
eu27
ee
ch
be
de
ie
hu
cy
lu
mt
Unemployment rates, harmonized rates: total
As a percentage of unemployed persons in the total number of active population, 2009 m05
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
es
fi
fr
us
ee
ie
se
be
de
jp
eu27
cy
sk
hu
ea
cz
lu
dk
lv
lt
pt
pl
mt
at
nl
bg
si
Long term interest rates − Long term government bond yields*
Average according to Maastricht definition, 2009 m05

16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
dk
cz
sk
ea
uk
lt
lv
ro
pl
it
pt
at
nl
bg
si
es
fi
fr
gr
se
de
ie
be
eu27
cy
hu
lu
mt
(*) for more information, see footnotes on LU and EE tables

Symbols and codes EU-27: European Union (27 countries)
in the tables EA-16: Euro area (16 countries)
EA-15: Euro area (15 countries)
EU-25: European Union (25 countries)
EU-15: European Union (15 countries)
EA: Euro area (EA-11 up to 31.12.2000 / EA-12 up to 31.12.2006 / EA-13 up to
31.12.2007 / EA-15 up to 31.12.2008 / EA-16 onwards)
BE: Belgium
BG: Bulgaria
CZ: Czech Republic
DK: Denmark
DE: Germany (including ex-GDR from 1991)
EE: Estonia
IE: Ireland
EL: Greece
ES: Spain
FR: France
IT: Italy
CY: Cyprus
LV: Latvia
LT: Lithuania
LU: Luxembourg (Grand-Duché)
HU: Hungary
MT: Malta
NL: Netherlands
AT: Austria
PL: Poland
PT: Portugal
RO: Romania
SI: Slovenia
SK: Slovak Republic
FI: Finland
SE: Sweden
UK: United Kingdom
NO: Norway
CH: Switzerland
US: United States
JP: Japan
«:» not available data
«-» not existing data
«c» confidential data
Data presented in Section 2 of this publication have been extracted from Eurostat’s
European and National Short-Term Indicators database on 9th July 2009.

Eurostatistics-Data For Short-Therm Economic Analysis Issue Number 7-2009

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ISSN 1725-8111

More information on the European Union is available on the Internet (http://europa.eu).

Luxembourg: Office for Official Publications of the European Communities, 2009

Theme: General and regional statistics

© European Communities, 2009

Section 1 Summary analysis.........................................................................................................................4

Section 2 Principal European Economic Indicators (PEEIs)........................................................ 20

Eurostatistics — 7/2009 edition 3

Eurostatistics — 7/2009 edition 5

6 Eurostatistics — 7/2009 edition

Eurostatistics — 7/2009 edition 7

Comparison of GDP growth forecasts for the euro area

% change over % change

8 Eurostatistics — 7/2009 edition

Eurostatistics — 7/2009 edition 9

OECD-CLI Index 94.0 94.5 95.3

IFO Indicator (right-hand scale) DG-ECFIN business climate indicator

OECD Leading Indicator

Detrended industrial production index OECD indicator

10 Eurostatistics — 7/2009 edition

Eurostatistics — 7/2009 edition

Latest cyclical estimates for the euro area and the EU

1700000 10000 2350000 20000

GDP Trend Cycle GDP Trend Cycle

-20000 2050000 -50000

1400000 -40000 1900000 -100000

GDP Trend Cycle GDP Trend Cycle

12 Eurostatistics — 7/2009 edition

IPI Trend Cycle IPI Trend Cycle

IPI Trend Cycle IPI Trend Cycle

Eurostatistics — 7/2009 edition 13

2500 230000 2500

130000 500 210000 500

115000 -1500 190000 -1500

Employment Trend Cycle Employment Trend Cycle

145000 3000 225000 4000

140000 2000 220000 3000

135000 1000 215000 2000

130000 0 210000 1000

125000 -1000 205000 0

120000 -2000 200000 -1000

115000 -3000 195000 -2000

Employment Trend Cycle Employment Trend Cycle

14 Eurostatistics — 7/2009 edition

Principal European Economic Indicators

Eurostatistics — 7/2009 edition 15

Harmonisation of some features of the processing and presentation of PEEIs is another

16 Eurostatistics — 7/2009 edition

The SZ-Euroland Indicator: designed by DekaBank as a reference series reflecting movements

Eurostatistics — 7/2009 edition 17

DZ-Euroland-Indicator: calculated by DZ Bank (monthly), aims at predicting recessions and

IARC: prepared by the Centre d’Observation Economique (Paris). It is a monthly indicator

IESR: conceived by the Centre d’Observation Economique. It is a coincident indicator able to

18 Eurostatistics — 7/2009 edition

Christiano-Fitzgerald (CF): a well-known approximation to an ideal band pass filter, estimated

Unobserved Components (UC): a parametric approach which involves estimating a statistical

Eurostatistics — 7/2009 edition 19

Eurostatistics — 7/2009 edition 21

Graph 1: Output Graph 2: Demand

Graph 3: Labour Graph 4: Prices

% Growth rate Growth Rate

Graph 5: External Transactions Graph 6: Financial