3 APRIL 2017 - Banque de France...2017/04/01 · Sources: Eurostat, National data. Produced on 3...
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3 APRIL 2017
Transcript of 3 APRIL 2017 - Banque de France...2017/04/01 · Sources: Eurostat, National data. Produced on 3...
3 APRIL 2017
This document is available on the English-language website of the Banque de France
www.banque-france.fr
Countries
ISO code
Date of entry into the euro area
Fixed euro conversion rates
France FR 01/01/1999 6.55957
Germany DE 01/01/1999 1.95583
Austria AT 01/01/1999 13.7603
Belgium BE 01/01/1999 40.3399
Cyprus CY 01/01/2008 0.585274
Spain ES 01/01/1999 166.386
Estonia EE 01/01/2011 15.6466
Finland FI 01/01/1999 5.94573
Greece GR 01/01/2001 340.75
Ireland IE 01/01/1999 0.787564
Italy IT 01/01/1999 1,936.27
Latvia LV 01/01/2014 0.702804
Lithuania LT 01/01/2015 3.45280
Luxembourg LU 01/01/1999 40.3399
Malta MT 01/01/2008 0.4293
Netherlands NL 01/01/1999 2.20371
Portugal PT 01/01/1999 200.482
Slovakia SK 01/01/2009 30.126
Slovenia SI 01/01/2007 239.64
Banque de France – Directorate General Statistics
CONTENTS page
GDP: International comparisons .................................................................................... 5 Population, GDP ............................................................................................................. 6 Activity: GDP growth ....................................................................................................... 7 Activity: Industrial production excluding construction ..................................................... 9
Activity: Household confidence indicator ...................................................................... 11 Activity: Industrial confidence indicator ......................................................................... 13 Consumer prices: National indices ............................................................................... 15 Consumer prices: Harmonised indices ......................................................................... 17 Performance indicators within the euro area ................................................................ 19 Price competitiveness of the French economy ............................................................. 21 Public finance ............................................................................................................... 22 Monetary aggregates .................................................................................................... 23 Monetary aggregates – Euro area ................................................................................ 25
The euro exchange rate ............................................................................................... 27
Employment: Unemployment rate ................................................................................ 29
Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
5
GDP: International comparisons
GDP 2015 value at purchasing power parities (PPP)
as a %
Emerging and developing economies
Share in the world Share in the advanced economies
France of which Russia
Italy Emerging and
developing EuropeSpain
Sub-Saharan
AfricaOther countries
Emerging and
developing Europe of which Mexico
Sub-Saharan Africa
Share in the Euro area CISA
Germany
Middle East,
North Africa
of with Mexico
of which IndiaMiddle East,
North Africa
CIS
LACA
of which Russia of which Brazil
Developing AsiaH Other advanced
economies
of which China Share in the emerging and
developing economiesof which India
Developing AsiaLAC
of which Brazilof which China
JapanUnited Kingdom
United KingdomCanada
Other advanced
economies Canada
of which Franceof which France
of which Italy
of which Italy
of which Spain
of which SpainJapanA
Advanced economies
United States United Sates
Euro area Euro area
of which Germanyof which Germany
15.8
12.0
3.4
2.3
1.9
1.4
4.2
2.4
1.4
6.6
30.8
17.3
7.0
8.2
2.8
2.0
7.6
4.6
3.3
3.3
3.1
37.2
28.2
8.0
5.5
4.5
3.3
10.0
5.6
3.4
15.6
53.5
30.0
12.2
14.3
4.9
3.4
13.1
8.0
5.7
5.7
5.425.0
11.7
15.8
19.2
28.3
42.4
57.6
Advanced economies (39 countries): Canada, United States, Japan, United Kingdom, euro area (19 countries), other economies (16 countries): Australia, Czech Republic, Denmark, Hong Kong SAR, Iceland, Israel, Korea, Macao SAR, New Zealand, Norway, Puerto Rico, San Marino, Singapore, Sweden, Switzerland, Taiwan. Emerging and developing economies (152 countries): Sub-Saharan Africa (45 countries), Emerging and developing Europe (12 countries included Turkey), Developing Asia (29 countries), Middle East and North Africa (22 countries, Afghanistan and Pakistan included), LAC (32 countries of Latin America an the Caribbean), CIS (12 countries, Turkmenistan included). The country composition of WEO groups is on the “imf.org” website in the World Economic Outlook Database. Source: IMF World Economic Outlook (October 2016). Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
6
Population, GDP
GDP per head of population 2015 in euro PPP
Euro area
European Union (extra euro area)
European Commission (AMECO) forecasts
41,820
30,700
30,400
28,870
76,150
51,120
37,010
36,910
35,830
34,250
31,550
30,610
27,760
26,690
25,930
23,870
23,530
22,330
22,170
21,640
21,580
19,610
18,560
36,580
35,700
31,190
25,200
19,790
19,740
16,740
16,460
13,580
United States
Euro area
Japan
European Union
Luxembourg
Ireland
Netherlands
Austria
Germany
Belgium
Finland
France
Italy
Malta
Spain
Slovenia
Cyprus
Slovakia
Portugal
Estonia
Lithuania
Greece
Latvia
Denmark
Sweden
United Kingdom
Czech Republic
Poland
Hungary
Croatia
Romania
Bulgaria
GDP data are converted to euro using purchasing power parity rates (PPP), in order to eliminate differences in price levels between countries. Sources: Eurostat, European Commission. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
7
Activity: GDP growth
GDP at chain-linked, previous-year prices, seasonally and working day adjusted
2014 2015 2016 2015 2016
Q4 Q1 Q2 Q3 Q4Q4
France 0.7 1.2 1.1 0.2 0.6 -0.1 0.2 0.4
Germany 1.6 1.5 1.8 0.4 0.7 0.5 0.1 0.4
Austria 0.8 0.8 1.5 0.4 0.6 0.1 0.6 0.6
Belgium 1.7 1.5 1.2 0.5 0.1 0.5 0.2 0.5
Cyprus -1.5 1.7 2.8 0.7 0.3 1.2 0.7 0.7
Spain 1.4 3.2 3.2 0.8 0.8 0.8 0.7 0.7
Estonia 2.7 1.5 1.7 0.9 -0.3 0.8 0.5 1.9
Finland -0.6 0.3 1.4 0.6 0.7 -0.2 0.5 0.1
Greece 0.4 -0.3 -0.1 1.9 -0.7 0.3 0.6 -1.2
Ireland (a) 5.2 7.8 2.7 na na na
Italy 0.2 0.7 1.0 0.2 0.4 0.1 0.3 0.2
Latvia 2.2 2.6 1.3 -0.5 0.2 0.6 0.3 1.1
Lithuania 3.5 1.8 2.2 0.2 0.4 0.7 0.5 1.4
Luxembourg 4.7 3.5 3.5 -0.5 1.8 -0.1
Malta 8.3 7.4 5.1 1.6 0.8 0.7 1.8 1.7
Netherlands 1.4 2.0 2.1 0.2 0.7 0.7 0.8 0.6
Portugal 0.9 1.6 1.4 0.3 0.2 0.2 0.9 0.7
Slovakia (a) 2.6 3.8 3.3 1.0 0.6 0.8 0.7 0.8
Slovenia 2.9 2.0 2.6 0.5 0.6 0.7 1.0 1.2
Euro area 1.2 1.9 1.7 0.5 0.5 0.3 0.4 0.4
Bulgaria 1.5 3.6 3.4 0.9 0.8 0.9 0.7 0.9
Croatia -0.5 1.6 2.6 -0.2 0.8 0.9 1.2 0.6
Denmark 1.7 1.6 1.3 -0.2 0.8 0.4 0.6 0.5
Hungary 3.9 3.1 1.8 0.9 -0.3 1.0 0.3 0.4
Poland 3.3 3.9 2.8 1.0 0.0 1.0 0.4 1.7
Romania (a) 3.2 4.0 4.8 0.9 1.3 1.5 0.5 1.3
United Kingdom 3.1 2.2 1.8 0.7 0.2 0.6 0.5 0.7
Sweden 2.7 3.8 3.1 1.2 0.3 0.6 0.3 1.0
Czech Republic 2.7 4.6 2.3 0.3 0.4 0.9 0.2 0.4
European Union 1.6 2.2 1.8 0.6 0.4 0.4 0.4 0.5
United States (a) 2.4 2.6 1.6 0.2 0.2 0.4 0.9 0.5
Japan (b) 0.2 1.2 1.0 -0.2 0.5 0.5 0.3 0.3
Quarterly changeAnnual average
All growth rates based on ESA 2010 methodology except for United States and Japan. (a) GDP at chain-linked, previous prices, seasonally adjusted. (b) Seasonally adjusted, base year 2000. (c) GDP at chain-linked, previous prices, seasonally adjusted and year-on-year seasonnaly and working day adjusted. (d) trend component. Sources: Eurostat, National data. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
8
Activity: GDP growth
GDP at chain-linked, previous-year prices, seasonally and working day adjusted
France Euro area
Germany United Kingdom
Italy United States (a)
Spain Japan (b)
Histogram: annualised rate of quarterly change; curve: 12-month change
-20
-16
-12
-8
-4
0
4
8
12
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
-20
-16
-12
-8
-4
0
4
8
12
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
-20
-16
-12
-8
-4
0
4
8
12
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
-20
-16
-12
-8
-4
0
4
8
12
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
-20
-16
-12
-8
-4
0
4
8
12
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
-20
-16
-12
-8
-4
0
4
8
12
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
-20
-16
-12
-8
-4
0
4
8
12
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
-20
-16
-12
-8
-4
0
4
8
12
Q1 08
Q1 09
Q1 10
Q1 11
Q1 12
Q1 13
Q1 14
Q1 15
Q1 16
All growth rates based on ESA 2010 methodology except for United States and Japan. (a) GDP at chain-linked, previous prices, seasonally adjusted. (b) Seasonally adjusted, base year 2000. Sources: Eurostat, National data. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
9
Activity: Industrial production excluding construction
% change
2014 2015 2016 2016 2017 2016 2017
Sep Oct Nov Dec Jan Feb Sep Oct Nov Dec Jan Feb
France (FR) -0.8 1.8 0.2 -1.9 0.2 2.3 -1.1 -0.3 -1.3 -2.0 2.2 1.2 0.4
Germany (DE) 1.3 0.8 1.0 -1.4 0.4 0.4 -2.4 3.3 1.5 1.7 2.4 0.0 0.6
Austria (AT) 1.0 2.1 2.1 -0.2 1.0 1.4 -1.0 -1.2 1.9 2.1 4.4 4.5 -0.1
Belgium (BE) 1.0 0.0 4.3 -2.7 0.9 1.3 4.1 -4.9 1.9 2.2 1.6 10.5 -1.7
Cyprus (CY) -0.7 3.4 7.9 -1.5 2.3 -0.4 2.7 0.2 3.2 7.8 4.2 8.9 7.1
Spain (ES) 1.3 3.4 1.8 -1.2 0.2 1.7 -0.4 0.3 0.2 0.1 3.3 2.0 2.7
Estonia (EE) 4.3 0.1 1.8 3.4 0.4 1.3 -1.2 0.2 5.0 4.5 9.2 9.5 6.7
Finland (FI) -1.9 -1.1 2.4 2.8 0.1 -0.2 -1.1 -0.8 4.5 5.4 4.3 0.8 -0.1
Greece (GR) -2.0 1.0 2.6 -2.3 4.9 -1.1 2.7 2.5 -0.1 7.2 2.2 2.7 7.4
Ireland (IE) 20.9 36.9 0.7 6.6 -2.1 14.4 -9.6 3.4 -0.4 -4.7 13.3 0.8 -8.6
Italy (IT) -0.7 1.1 1.7 -0.8 0.0 0.7 1.4 -2.3 2.0 1.2 3.3 6.8 -0.5
Latvia (LV) -0.9 3.6 4.9 1.7 2.6 2.5 0.2 -2.8 2.4 7.0 11.2 11.5 4.7
Lithuania (LT) 0.3 4.6 2.8 4.1 0.2 0.6 1.2 0.4 1.1 8.2 1.1 2.5 6.0 6.9 5.8
Luxembourg (LU) 4.5 1.0 -0.3 2.7 -3.2 -2.1 6.5 -9.2 2.9 -3.8 -9.0 2.5 -11.8
Malta (MT) -5.7 6.3 -3.6 0.8 -2.1 2.6 1.8 -1.3 -1.6 -6.6 -0.3 3.1 5.6
Netherlands (NL) -2.9 -3.4 2.0 1.6 -1.3 3.3 0.1 -1.7 5.4 1.7 6.4 8.1 3.8
Portugal (PT) 1.8 1.7 1.0 -2.6 2.8 -0.7 0.2 0.0 -0.3 0.3 -0.9 2.1 4.9 3.8 2.0
Slovakia (SK) 3.5 7.4 4.7 -0.7 0.1 0.7 1.2 0.7 4.1 3.4 3.1 5.8 7.6
Slovenia (SI) 1.7 5.1 7.4 1.7 -0.8 1.1 1.2 -1.7 8.4 7.3 8.4 11.2 3.3
Euro area 0.9 2.1 1.4 -0.8 0.2 1.5 -1.2 0.9 1.3 0.9 3.3 2.5 0.6
Bulgaria (BG) 1.8 2.6 2.6 1.2 -1.1 1.0 1.7 -3.9 5.2 2.6 3.6 5.8 -1.2
Croatia (HR) 1.2 2.5 5.0 2.6 1.7 2.7 3.9 -6.8 1.9 1.7 7.2 14.9 4.0
Denmark (DK) 0.8 1.2 3.6 -7.6 10.0 1.4 1.3 -4.6 -3.2 7.7 11.3 10.3 0.6
Hungary (HU) 7.2 7.1 0.6 -2.9 2.2 0.8 0.4 -0.1 -3.6 -1.8 0.7 1.9 1.6
Poland (PL) 3.2 4.5 3.1 -0.2 -0.9 2.0 1.6 0.0 0.6 3.3 0.8 3.1 4.5 4.3 4.9
Romania (RO) 6.3 3.0 1.3 0.8 -0.8 1.0 1.6 -0.5 3.5 2.0 2.9 5.8 5.2
United Kingdom (GB) 1.4 1.3 1.6 -0.3 -1.2 2.3 0.9 -0.4 0.3 -1.4 2.2 7.3 4.6
Sweden (SE) -1.7 3.2 1.2 7.6 -2.7 1.3 -0.4 1.1 1.5 -1.8 -0.3 1.1 0.9
Czech Republic (CZ) 5.0 4.8 2.3 -1.6 -0.3 1.8 -2.1 3.5 2.8 0.7 4.5 2.7 4.3
European Union (a) 1.2 2.2 1.6 -0.7 0.1 1.6 -0.7 0.5 1.2 0.6 3.2 3.3 1.3
United States (b) 1.2 0.1 0.0 0.2 0.2 0.2 0.1 0.6 0.5 -0.1 -0.1 0.2 0.6 0.6 1.3
Japan (b) 2.1 -1.2 -0.5 0.6 0.0 1.5 0.7 -0.4 2.0 1.4 0.2 2.9 4.9 1.9 9.7
Annual average
(wda)
Monthly change
(sa-wda)
12-month change
(wda)
Wda: working day adjusted data. (a) For European Countries, Euro area and European Union, NACE Rev2. Source: Eurostat. (b) Seasonally adjusted data. Sources: National data, ECB. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
10
Activity: Industrial production excluding construction
working day and seasonally adjusted data, indices 100 = 2010
FR DE IT Euro area GB US JP
ES IE GR PT Euro area AT BE LU NL
EE LV LT SI Euro area CY FI MT SK
70
80
90
100
110
120
130
140
150
160
170
180
190
02/11 02/12 02/13 02/14 02/15 02/16 02/17
70
80
90
100
110
120
130
140
150
160
170
180
190
02/11 02/12 02/13 02/14 02/15 02/16 02/17
70
80
90
100
110
120
130
140
150
160
170
180
190
02/11 02/12 02/13 02/14 02/15 02/16 02/1770
80
90
100
110
120
130
140
150
160
170
180
190
02/11 02/12 02/13 02/14 02/15 02/16 02/17
70
80
90
100
110
120
130
140
150
160
170
180
190
02/11 02/12 02/13 02/14 02/15 02/16 02/17
70
80
90
100
110
120
130
140
150
160
170
180
190
02/11 02/12 02/13 02/14 02/15 02/16 02/17
United States, Japan: seasonally adjusted data. For European Countries and Euro area, NACE Rev2. Sources: National data, ECB. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
11
Activity: Household confidence indicator
balance of opinions
2016 2017
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
France (FR) 0.14 -0.03 0.86 0.69 0.54 0.35 0.62 0.45 0.93 0.98 1.18 1.03 1.03
Germany (DE) 0.16 0.32 0.49 0.66 0.61 0.57 0.52 0.57 0.71 0.76 0.86 0.61 0.86
Austria (AT) -1.16 -1.36 -1.10 -0.77 -0.69 -0.76 -0.99 -0.80 -0.75 -0.12 -0.01 0.12 0.13
Belgium (BE) 0.05 -0.08 -0.11 0.08 0.32 0.49 -0.31 -0.81 -0.10 0.15 0.67 0.28 0.74
Cyprus (CY) 1.50 2.10 1.76 2.15 2.02 2.13 2.18 2.45 2.59 2.60 2.63 2.44 2.58
Spain (ES) 0.74 0.81 0.93 0.99 0.68 0.73 0.54 0.77 1.01 0.96 0.98 0.86 1.01
Estonia (EE) 0.04 0.19 0.51 0.48 0.66 0.67 0.77 0.87 0.85 0.87 0.99 0.98 0.96
Finland (FI) -0.43 -0.33 -0.26 0.39 0.33 0.82 0.89 1.20 1.20 1.64 1.67 1.38 1.77
Greece (GR) -1.90 -2.00 -1.90 -1.68 -1.74 -1.80 -1.55 -1.42 -1.61 -1.47 -1.66 -1.98 -2.04
Ireland (IE) 1.17 1.21 1.30 1.36 0.88 1.08 0.97 0.97 0.88 0.91 0.98 0.95
Italy (IT) 1.01 1.08 1.07 0.37 0.51 0.30 0.33 0.41 0.39 0.60 0.30 0.11 0.22
Latvia (LV) 0.61 0.73 0.69 0.68 0.68 0.59 0.79 0.39 0.31 -0.15 -0.06 0.01 0.23
Lithuania (LT) 0.50 0.46 0.24 0.51 0.45 0.42 0.49 0.66 0.84 0.75 0.55 0.37 0.25
Luxembourg (LU) 1.33 1.07 1.49 1.52 1.27 1.65 1.04 0.86 1.55 1.77 1.63 1.42 2.11
Malta (MT) 1.40 1.33 1.70 1.55 1.57 1.50 1.60 1.69 1.67 1.53 1.42 1.68 1.63
Netherlands (NL) -0.43 -0.08 -0.13 0.35 0.16 0.27 0.60 0.63 0.80 1.02 1.08 1.37 1.28
Portugal (PT) 0.71 0.73 0.74 0.58 0.63 0.60 0.70 0.83 1.07 1.25 1.12 1.26 1.44
Slovakia (SK) 1.00 1.09 1.24 1.20 1.09 1.08 1.31 1.36 1.21 1.36 1.26 1.27 1.24
Slovenia (SI) 0.14 0.51 0.37 0.45 0.87 0.86 0.94 1.20 1.36 1.23 2.05 1.55 1.50
Euro area 0.36 0.42 0.73 0.70 0.61 0.53 0.57 0.59 0.84 0.99 1.03 0.84 1.01
Bulgaria (BG) 0.55 0.59 0.56 0.84 1.11 0.92 1.19 0.84 1.08 1.39 1.39 1.51 1.13
Croatia (HR) 1.36 1.28 1.06 0.99 0.77 0.64 1.22 1.36 1.39 1.55 1.34 1.67 1.57
Denmark (DK) 0.29 0.43 0.24 0.34 0.09 0.40 0.25 0.29 0.14 0.20 0.58 0.76 0.80
Hungary (HU) 0.63 0.86 1.03 0.96 1.22 1.00 1.02 0.92 1.19 1.26 1.44 1.40 1.44
Poland (PL) 0.99 1.49 1.13 1.14 1.19 1.26 1.41 1.34 1.17 1.20 1.38 1.24 1.38
Romania (RO) 0.69 0.91 0.83 0.74 0.73 0.75 0.71 0.90 1.12 0.93 1.30 1.23 1.51
United kingdom (GB) 1.07 1.05 0.78 0.82 -0.08 0.11 0.76 0.58 0.18 0.44 0.38 0.47 0.47
Sweden (SE) -0.01 -0.15 -0.15 0.11 -0.06 -0.10 0.38 0.44 0.38 0.61 0.69 0.64 0.83
Czech Republic (CZ) 1.36 1.27 1.27 1.32 1.07 1.21 1.38 1.53 1.59 1.56 1.71 1.71 1.72
European Union 0.59 0.67 0.83 0.81 0.53 0.53 0.72 0.71 0.81 0.99 1.03 0.90 1.04
Source: European Commission. Produced on 3 April 2017
Banque de France Zone euro ● Main economic and financial indicators
12
Activity: Household confidence indicator
balance of opinions
FR DE IT Euro area GB
ES GR IE PT Euro area AT BE LU NL
EE LV LT SI Euro area CY FI MT SK
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
Source: European Commission. Produced on 3 April 2017
Banque de France Zone euro ● Main economic and financial indicators
13
Activity: Industrial confidence indicator
balance of opinions
2016 2017
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
France (FR) 0.38 0.32 0.24 0.15 -0.03 0.01 0.19 0.22 0.24 0.34 0.34 0.52 0.30
Germany (DE) 0.10 0.20 0.29 0.36 0.48 0.25 0.55 0.72 0.58 0.76 0.77 0.78 0.88
Austria (AT) -0.46 -0.41 -0.37 -0.24 -0.24 -0.15 0.08 0.19 0.46 0.24 0.52 0.51 0.64
Belgium (BE) 0.09 0.43 0.28 1.08 0.69 0.29 0.53 0.55 0.49 0.98 0.88 0.43 0.63
Cyprus (CY) 0.07 0.64 0.68 0.45 0.29 1.04 0.14 0.13 0.56 0.28 0.34 0.62 1.22
Spain (ES) 0.72 0.66 0.47 0.67 0.57 0.37 0.58 0.86 0.96 0.62 0.88 1.03 0.78
Estonia (EE) -0.15 -0.24 -0.36 -0.24 -0.13 -0.01 0.21 0.09 -0.02 0.17 0.11 0.48 0.30
Finland (FI) -0.55 -0.84 -1.01 -0.96 -1.02 -0.76 0.04 -0.38 -0.32 0.12 0.21 0.06 0.24
Greece (GR) -0.35 -0.35 -0.74 -0.48 -0.30 -0.08 -0.19 -0.04 -0.35 -0.14 -0.07 -0.08 -0.24
Ireland (IE) nd nd nd nd nd nd nd nd nd nd nd nd nd
Italy (IT) 0.08 0.14 0.16 0.17 0.23 0.06 0.07 0.20 0.07 0.21 0.35 0.47 0.53
Latvia (LV) 0.22 0.30 0.27 0.41 0.30 0.19 0.40 0.36 0.52 0.61 0.55 0.60 0.66
Lithuania (LT) 0.16 -0.09 0.04 -0.13 0.07 0.48 0.53 0.49 0.95 1.12 0.95 0.76 0.55
Luxembourg (LU) -0.21 0.64 0.31 0.51 -0.24 0.00 -0.12 0.14 0.09 0.23 0.98 0.50 0.62
Malta (MT) -0.43 0.05 -0.63 -0.06 0.43 0.72 1.55 1.09 1.45 1.27 1.22 1.16 1.41
Netherlands (NL) 0.41 0.61 0.65 0.88 0.88 0.23 0.48 0.60 0.58 0.85 1.00 1.02 1.07
Portugal (PT) 0.42 0.46 0.55 0.68 0.50 0.32 0.50 0.78 0.84 0.79 0.92 0.92 0.87
Slovakia (SK) 0.51 0.06 -0.02 -0.09 0.77 -0.23 0.18 -0.36 -0.20 0.34 0.68 0.98 0.02
Slovenia (SI) 0.60 0.97 0.61 0.59 0.66 0.81 0.70 0.91 0.84 0.92 0.99 1.17 1.29
Euro area 0.19 0.24 0.23 0.33 0.35 0.17 0.44 0.56 0.51 0.63 0.72 0.77 0.76
Bulgaria (BG) 0.64 0.47 0.31 0.57 0.52 0.47 0.70 0.76 0.91 0.81 0.71 0.72 0.63
Croatia (HR) 1.01 1.21 0.83 1.14 1.10 1.20 1.18 1.34 1.17 1.37 1.55 1.47 2.18
Denmark (DK) -0.75 -0.64 -0.79 -0.09 0.00 -0.57 -0.74 -0.54 -0.58 0.20 -0.30 -0.17 -0.21
Hungary (HU) 0.99 0.65 0.91 1.03 1.48 0.83 0.77 0.63 0.81 0.96 1.04 0.89 0.65
Poland (PL) 0.56 0.46 0.23 0.39 0.37 0.16 0.54 0.49 0.34 0.63 0.68 0.59 0.73
Romania (RO) 0.14 0.23 0.20 0.36 0.33 0.34 0.49 0.31 0.33 0.36 0.38 0.32 0.34
United kingdom (GB) 0.27 0.11 0.51 0.73 0.42 0.48 0.43 0.59 1.09 0.96 1.25 1.43 1.41
Sweden (SE) 1.07 0.63 0.51 0.41 0.24 -0.08 -0.06 0.63 0.96 1.91 1.67 1.60 1.22
Czech Republic (CZ) -0.11 -0.03 0.03 0.00 0.15 0.29 0.23 0.19 0.42 0.42 0.21 0.15 -0.03
European Union 0.24 0.25 0.28 0.40 0.38 0.21 0.43 0.57 0.62 0.76 0.85 0.90 0.88
Source: European Commission. Produced on 3 April 2017
Banque de France Zone euro ● Main economic and financial indicators
14
Activity: Industrial confidence indicator
balance of opinions
FR DE IT Euro area GB
ES GR PT Euro area AT BE LU NL
EE LV LT SI Euro area CY FI MT SK
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
-4
-3
-2
-1
0
1
2
3
04 05 06 07 08 09 10 11 12 13 14 15 16 17
Source: European Commission. Produced on 3 April 2017
Banque de France Zone euro ● Main economic and financial indicators
15
Consumer prices: National indices
% change
2014 2015 2016 2016 2017 2016 2017
Oct Nov Dec Jan Feb Mar Oct Nov Dec Jan Feb Mar
France (FR) 0.5 0.0 0.2 0.0 0.0 0.3 -0.2 0.1 0.6 0.4 0.5 0.6 1.3 1.2 1.1
Germany (DE) 0.9 0.2 0.5 0.2 0.1 0.7 -0.6 0.6 0.2 0.8 0.8 1.7 1.9 2.2 1.6
Austria (AT) 1.7 0.8 0.9 0.2 0.2 0.5 -0.4 0.2 1.3 1.4 1.5 2.0 2.1
Belgium (BE) 0.3 0.6 2.0 0.3 0.1 0.1 0.7 0.4 0.2 1.8 1.8 2.0 2.6 3.0 2.3
Cyprus (CY) -1.4 -2.1 -1.4 0.1 -0.1 0.5 -1.1 0.3 -1.2 -1.4 -0.3 0.5 1.7
Spain (ES) -0.2 -0.5 -0.2 1.1 0.4 0.6 -0.5 -0.4 0.0 0.7 0.7 1.6 3.0 3.0 2.3
Estonia (EE) -0.1 -0.5 0.1 -0.3 0.1 0.4 0.4 1.3 0.6 1.0 2.2 2.7 3.4
Finland (FI) 1.1 -0.2 0.4 0.3 0.0 0.2 -0.6 0.5 0.5 0.7 1.0 0.8 1.2
Greece (GR) -1.3 -1.7 -0.8 0.4 -1.2 1.0 -0.8 -0.3 -0.5 -0.9 0.0 1.2 1.3
Ireland (IE) 0.2 -0.3 0.0 -0.5 -0.1 0.0 -0.5 0.6 -0.3 -0.1 0.0 0.3 0.5
Italy (IT) 0.3 0.0 -0.1 -0.1 -0.1 0.4 0.3 0.4 0.0 -0.2 0.1 0.5 1.0 1.6 1.4
Latvia (LV) 0.6 0.2 0.2 0.8 0.2 0.6 0.1 0.4 1.1 1.3 2.2 2.9 3.2
Lithuania (LT) 0.1 -0.9 0.9 0.5 0.3 0.5 0.2 0.3 0.7 1.1 2.0 2.5 3.2 3.1
Luxembourg (LU) 0.6 0.5 0.3 0.0 0.1 0.2 -0.6 1.4 0.5 0.5 1.2 1.7 1.8
Malta (MT) 0.3 1.1 0.6 0.1 0.4 0.7 -1.4 0.2 0.4 0.7 1.1 1.7 1.6
Netherlands (NL) 1.0 0.6 0.3 0.3 -0.3 0.2 -0.4 0.7 0.4 0.6 1.0 1.7 1.8
Portugal (PT) -0.3 0.5 0.6 0.3 -0.5 0.0 -0.6 -0.2 0.9 0.6 0.9 1.3 1.6
Slovakia (SK) -0.1 -0.3 -0.5 0.2 0.1 0.1 0.3 0.5 -0.3 -0.2 0.2 0.7 1.2
Slovenia (SI) 0.2 -0.5 -0.1 0.4 0.1 -0.5 -0.6 1.0 0.3 0.6 0.6 0.5 1.3 2.3 1.9
Euro area 0.4 0.0 0.2 0.2 -0.1 0.5 -0.8 0.4 0.8 0.5 0.6 1.1 1.8 2.0 1.5
Bulgaria (BG) -1.4 -0.1 -0.8 0.2 0.0 0.6 1.3 0.0 -0.6 -0.5 0.1 1.4 1.7
Croatia (HR) -0.2 -0.5 -1.1 0.4 0.1 -0.2 -0.1 na -0.7 -0.3 0.2 0.8 na
Denmark (DK) 0.6 0.5 0.3 0.2 -0.1 0.0 0.0 0.8 0.3 0.4 0.5 0.9 1.0
Hungary (HU) -0.2 -0.1 0.4 0.6 0.1 0.4 0.4 0.4 1.0 1.0 1.8 2.3 2.8
Poland (PL) 0.2 -0.9 -0.7 0.5 0.1 0.7 0.4 0.3 -0.2 0.1 1.0 1.9 2.3
Romania (RO) -0.1 -0.1 0.0 0.5 -0.4 0.2 -0.4 0.1 0.1 -0.2 0.1 0.6 0.2
United kingdom (GB) 2.4 1.0 1.9 0.0 0.3 0.6 -0.6 1.1 2.2 2.5 2.7 2.9 3.5
Sweden (SE) -0.2 0.0 1.0 0.3 0.0 0.5 -0.7 0.7 1.2 1.4 1.7 1.4 1.8
Czech Republic (CZ) 0.4 0.3 0.7 0.3 0.3 0.3 0.8 0.4 0.8 1.5 1.9 2.2 2.5
European Union 0.5 0.0 0.3 0.2 0.0 0.5 -0.6 0.3 0.5 0.6 1.2 1.7 1.9
United States (US) 1.6 0.1 1.3 0.1 -0.2 0.0 0.6 0.3 1.6 1.7 2.1 2.5 2.7
Japan (JP) 2.8 0.8 -0.1 0.6 0.0 -0.3 -0.1 -0.2 0.2 0.5 0.3 0.5 0.2
Annual average Monthly change 12-month change
Harmonised indices for the euro area and European Union.
Sources: National data, Eurostat. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
1.0
16
Consumer prices: National indices
12-month % change
FR DE IT Euro area GB US JP
ES GR IE PT Euro area AT BE LU NL
EE LV LT SI Euro area CY FI MT SK
-4
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
-4
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
-4
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
-4
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
-4
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17-4
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
Harmonised indices for the euro area. Sources: National data, Eurostat. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
17
Consumer prices: Harmonised indices
% change
2014 2015 2016 2016 2017 2016 2017
Oct Nov Dec Jan Feb Mar Oct Nov Dec Jan Feb Mar
France (FR) 0.6 0.1 0.3 0.0 0.0 0.3 -0.3 0.2 0.5 0.7 0.8 1.6 1.4 1.4
Germany (DE) 0.8 0.1 0.4 0.2 0.0 1.0 -0.8 0.7 0.7 0.7 1.7 1.9 2.2 1.5
Austria (AT) 1.5 0.8 1.0 0.4 0.1 0.7 -0.6 0.2 1.4 1.5 1.6 2.1 2.4
Belgium (BE) 0.5 0.6 1.8 0.4 -0.1 0.5 -0.9 1.9 1.9 1.7 2.2 3.1 3.3
Cyprus (CY) -0.3 -1.5 -1.2 -0.9 -1.0 0.3 -0.8 0.1 -1.0 -0.8 0.1 0.7 1.4
Spain (ES) -0.2 -0.6 -0.3 0.8 0.2 0.5 -1.0 -0.3 0.5 0.5 1.4 2.9 3.0 2.1
Estonia (EE) 0.5 0.1 0.8 -0.5 0.0 0.3 0.3 1.4 1.0 1.4 2.4 2.8 3.4
Finland (FI) 1.2 -0.2 0.4 0.2 0.0 0.3 -0.7 0.7 0.6 0.6 1.1 0.9 1.4
Greece (GR) -1.4 -1.1 0.0 0.4 -1.5 0.4 -0.5 -0.1 0.6 -0.2 0.3 1.5 1.4
Ireland (IE) 0.3 0.0 -0.2 -0.4 -0.1 -0.1 -0.5 0.5 -0.4 -0.2 -0.2 0.2 0.3
Italy (IT) 0.2 0.1 -0.1 0.2 -0.2 0.4 -1.7 0.2 1.8 -0.1 0.1 0.5 1.0 1.6 1.3
Latvia (LV) 0.7 0.2 0.1 0.6 0.1 0.6 0.1 0.4 1.1 1.2 2.1 2.9 3.2
Lithuania (LT) 0.2 -0.7 0.7 0.5 0.3 0.5 0.2 0.3 0.7 1.1 2.0 2.5 3.2 3.1
Luxembourg (LU) 0.7 0.1 0.0 0.2 0.0 0.4 -0.6 1.5 0.7 0.6 1.6 2.5 2.7
Malta (MT) 0.8 1.2 0.9 -1.0 -2.2 0.1 -1.1 0.4 0.5 0.8 1.0 1.4 1.2
Netherlands (NL) 0.3 0.2 0.1 0.4 -0.6 0.2 -0.6 0.9 0.3 0.4 0.7 1.6 1.7
Portugal (PT) -0.2 0.5 0.6 0.2 -1.0 0.0 -0.7 -0.2 1.1 0.5 0.9 1.3 1.6
Slovakia (SK) -0.1 -0.3 -0.5 0.3 0.1 0.1 0.3 0.5 -0.3 -0.2 0.2 0.9 1.3
Slovenia (SI) 0.4 -0.8 -0.2 0.4 0.1 -0.4 -0.4 1.0 0.7 0.7 0.6 1.5 2.5 2.0
Euro area 0.4 0.0 0.2 0.2 -0.1 0.5 -0.8 0.4 0.8 0.5 0.6 1.1 1.8 2.0 1.5
Bulgaria (BG) -1.6 -1.1 -1.3 -0.1 -0.1 0.8 0.7 0.0 -1.0 -0.8 -0.5 0.4 0.9
Croatia (HR) 0.2 -0.3 -0.6 0.1 -0.1 0.0 -0.2 0.2 -0.3 0.2 0.7 0.9 1.4
Denmark (DK) 0.4 0.2 0.0 0.3 -0.2 0.1 -0.1 0.7 0.1 0.1 0.3 0.7 0.9
Hungary (HU) 0.0 0.1 0.4 0.6 0.0 0.4 0.4 0.3 1.1 1.1 1.8 2.4 2.9
Poland (PL) 0.1 -0.7 -0.2 0.4 0.0 0.5 0.3 0.5 0.1 0.2 0.9 1.4 1.9
Romania (RO) 1.4 -0.4 -1.1 0.5 0.0 0.3 -0.1 -0.1 0.1 -0.2 -0.1 0.3 0.5
United kingdom (GB) 1.5 0.1 0.6 0.1 0.2 0.5 -0.5 na 0.9 1.2 1.6 1.8 na
Sweden (SE) 0.2 0.7 1.1 0.4 0.0 0.5 -0.8 0.7 1.1 1.3 1.7 1.5 1.9
Czech Republic (CZ) 0.4 0.3 0.6 0.2 0.4 0.3 0.8 0.4 0.8 1.6 2.1 2.3 2.6
European Union 0.5 0.0 0.3 0.2 0.0 0.5 -0.6 0.3 0.5 0.6 1.2 1.7 1.9
United States (US) 1.6 0.1 1.3 0.1 -0.2 0.0 0.6 0.3 1.6 1.7 2.1 2.5 2.7
Japan (JP) 2.8 0.8 -0.1 0.6 0.0 -0.3 -0.1 -0.2 0.2 0.5 0.3 0.5 0.2
Annual average Monthly change 12-month change
Harmonised indices except for the United States and Japan.
Sources: National data, Eurostat. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
0.80.1
1.1
1.0
0.3
18
Consumer prices: Harmonised indices
12-month % change
Amplitude FR DE IT Euro area GB US JP
ES GR IE PT Euro area AT BE LU NL
EE LV LT SI Euro area CY FI MT SK
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
-3
-2
-1
0
1
2
3
4
5
6
03/11 03/12 03/13 03/14 03/15 03/16 03/17
Harmonised indices except for the United States and Japan. Amplitude = extreme values of harmonised price indices seen in the euro area (changing composition). Sources: National data, Eurostat. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
19
Performance indicators within the euro area
NACE revision 2; % change
Hourly labour cost (a)(b)
2013 2014 2015 2016
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
France 1.0 1.2 0.4 0.5 0.4 1.8 1.1 0.7 0.5 1.3 1.1 1.1 1.1 2.3 1.6
Germany 1.9 2.8 1.0 0.3 1.0 0.8 1.9 2.4 2.2 2.8 2.9 2.7 2.9 2.9 1.8
Austria 2.7 3.3 1.6 4.3 2.4 1.8 4.0 1.9 2.9 4.0 2.5 1.6 5.0 1.0 0.9
Belgium 0.9 0.1 2.0 1.9 1.4 1.0 1.0 0.8 0.7 0.1 0.1 0.0 0.2 0.2 0.1
Spain 0.1 0.2 0.2 1.1 0.0 0.0 1.0 -0.2 -0.3 0.6 -0.2 -0.3 0.7 0.5 -0.1
Finland (c) 1.7 1.4 1.7 1.1 1.1 1.8 3.1 0.9 0.6 2.3 1.5 0.9 1.0 1.6 -2.4
Greece -0.7 na -8.0 -3.3 -4.7 -1.9 -2.4 2.4 -0.8 -6.4 -7.3 na -3.1 -1.6
Ireland 0.5 1.0 0.7 -0.5 1.8 1.5 0.6 -0.1 0.1 0.6 1.6 2.0 -0.3 2.1 0.6
Italy 0.5 -0.1 2.2 1.5 2.3 0.7 0.9 0.8 -0.1 1.4 -0.7 -0.2 -0.7 -2.0 -1.5
Luxembourg 3.2 0.6 2.8 2.8 3.3 3.8 5.2 3.5 0.7 1.1 1.3 0.3 -0.2 1.3 -0.8
Netherlands 1.3 0.6 0.9 2.6 0.1 0.2 1.3 0.3 3.3 1.4 1.3 0.1 -0.6 1.5 0.2
Portugal -1.0 2.8 4.7 -1.5 -3.7 3.4 -1.6 -1.7 -3.5 4.5 2.3 2.5 2.3 -1.2 1.6
Slovenia 2.4 1.4 -5.6 0.8 2.5 2.7 3.0 2.4 1.5 3.5 2.4 -0.8 0.5 -0.9 0.1
Euro area 1.3 1.6 1.1 0.8 0.9 1.2 1.6 1.3 1.2 1.9 1.6 1.3 1.6 1.6 1.0
Houry wage cost (b)
2013 2014 2015 2016
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
France 1.7 1.6 2.1 2.0 1.9 2.4 1.8 1.5 1.1 1.6 1.5 1.5 1.6 1.7 1.5
Germany 1.9 3.0 1.0 0.3 1.0 1.6 1.6 2.2 2.0 2.8 3.5 2.9 2.7 2.8 1.1
Austria 2.9 3.5 1.6 4.2 2.2 1.9 4.0 2.1 3.2 4.2 2.6 1.8 5.1 0.8 0.8
Belgium 0.9 0.1 1.9 2.0 1.5 1.1 1.0 0.7 0.7 0.1 0.1 0.1 0.1 0.2 0.4
Spain 0.5 0.8 0.0 0.6 -0.4 0.1 1.2 0.4 0.3 1.9 0.1 0.1 1.1 0.8 0.0
Finland (c) 1.5 1.2 1.9 1.2 1.3 1.7 2.9 0.8 0.4 2.0 1.3 0.8 0.7 1.2 -2.8
Greece -1.0 na -11.1 -8.9 -13.0 -4.4 -4.0 4.0 0.3 -4.2 -6.3 na -2.5 -1.2
Ireland 1.0 1.1 0.6 -0.2 0.8 2.3 0.1 -0.4 2.0 0.3 1.6 2.3 0.1 2.5 0.8
Italy 0.4 0.6 2.0 1.1 1.9 0.4 0.8 0.7 -0.2 1.8 0.0 0.4 0.2 -0.7 -0.6
Luxembourg 3.4 0.7 2.8 2.7 3.5 4.0 5.3 3.7 0.7 1.2 1.4 0.3 -0.1 1.4 -0.6
Netherlands -0.3 2.6 0.3 1.7 1.2 -0.8 0.0 -0.9 0.3 3.9 2.9 2.0 1.5 1.7 0.3
Portugal -1.1 3.0 3.7 -2.7 -4.2 2.5 -1.4 -1.4 -3.6 4.8 2.8 2.7 2.1 -0.6 2.0
Slovenia 2.6 1.0 -5.7 0.9 2.6 3.4 3.0 2.4 1.4 2.4 2.5 -0.9 0.0 -1.1 -0.6
Euro area 1.3 2.1 1.4 1.0 1.2 1.4 1.5 1.3 1.1 2.4 2.2 1.8 1.9 1.6 0.8
2014 2015 2016
2014 2015 2016
Annual average 4-quarterly change
Annual average 4-quarterly change
(a) In addition to employees’ gross earnings, total labour costs include indirect costs such as employers’ social contributions and taxes connected to the
employment. (b) Whole economy excluding agriculture, fishing and government sectors. (c) Unadjusted. Source: Eurostat. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
20
Performance indicators within the euro area
NACE revision 2; % change
Hourly labour cost; 4-quarterly change (a)(b)
France Germany Spain Euro area Belgium Italy Netherlands
Hourly wage cost; 4-quarterly change (b)
France Germany Spain Euro area Belgium Italy Netherlands
-3
-2
-1
0
1
2
3
4
5
6
7
Q109
Q110
Q111
Q112
Q113
Q114
Q115
Q116
-3
-2
-1
0
1
2
3
4
5
6
7
Q109
Q110
Q111
Q112
Q113
Q114
Q115
Q116
-2
0
2
4
6
8
Q109
Q110
Q111
Q112
Q113
Q114
Q115
Q116
-2
0
2
4
6
8
Q109
Q110
Q111
Q112
Q113
Q114
Q115
Q116
(a) In addition to employees’ gross earnings, total labour costs include indirect costs such as employers’ social contributions and taxes connected to the
employment. (b) Whole economy excluding agriculture, fishing and government sectors. Source: Eurostat. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
21
Price competitiveness of the French economy Indicators deflated by consumer prices
1st quarter 1999 = 100
relative to Monetary Union partners
Nominal exchange rate Indicators deflated by consummer prices
relative to European Union partners
Nominal exchange rate Indicators deflated by consummer prices
relative to industrial countries
Nominal exchange rate Indicators deflated by consummer prices
last value: 02/2017
Competitiveness
improvement
Competitiveness
improvement
Competitiveness
improvement
90
95
100
105
110
01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12 01/13 01/14 01/15 01/16 01/17
90
95
100
105
110
01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12 01/13 01/14 01/15 01/16 01/17
90
95
100
105
110
01/99 01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12 01/13 01/14 01/15 01/16 01/17
Euro area = 17. European Union = 28. Sources: ECB, OECD, IMF, Thomson-Reuters (Datastream), national data – Banque de France calculations. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
22
Public finance
Produced Directorate General Statistics. Sources: INSEE, Eurostat, European Commission (European Economic Forecast, Spring 2016). Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
23
Monetary aggregates
seasonally adjusted data, 12-month % change
2016 2017
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Euro area (a)
M1 10.4 10.3 9.7 9.1 8.8 8.6 8.6 8.4 8.0 8.5 8.8 8.4 8.4
M3 5.1 5.2 4.8 4.9 5.1 5.1 5.0 5.1 4.5 4.8 5.0 4.8 4.7
United Kingdom
Currency
in circulation 5.9 5.7 7.5 7.5 7.2 8.2 8.3 9.0 8.9 8.6 8.3 8.7 8.4
M4 2.2 1.5 1.0 1.8 3.6 3.9 5.5 6.2 6.6 6.4 6.2 7.0 5.7
United States
M1 4.0 5.2 6.7 8.6 7.6 6.9 9.6 9.4 10.7 8.8 8.0 9.4 8.1
M2 5.7 6.1 6.5 6.8 6.9 7.0 7.2 7.2 7.6 7.3 7.1 6.6 6.4
Japan
M1 5.0 5.7 6.9 7.0 7.2 7.6 7.7 8.1 8.4 8.9 9.3 9.7 9.6
M3 2.6 2.6 2.8 2.9 2.9 2.9 2.8 3.0 3.1 3.4 3.4 3.5 3.6
(a) Growth rates have been calculated from monthly differences in levels adjusted for seasonal and working-day variations and changes which do not arise
from transactions (reclassifications, changes in the scope of the MFI sector, write-offs, exchange rate variations and other valuation effects). Sources: National central banks, ECB, Thomson-Reuters (Datastream). Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
24
Monetary aggregates
seasonally adjusted data, 12-month % change
Euro area (a) United Kingdom
M1 Currency in circulation
M3 M4
M3 as a centred 3-month moving average
M3 reference value
United States Japan (b)
M1 M2 M1 M3
last value: 02/2017
-6
-4
-2
0
2
4
6
8
10
12
14
16
18
20
22
01/99 01/01 01/03 01/05 01/07 01/09 01/11 01/13 01/15 01/17-6
-4
-2
0
2
4
6
8
10
12
14
16
18
20
22
01/99 01/01 01/03 01/05 01/07 01/09 01/11 01/13 01/15 01/17
-6
-4
-2
0
2
4
6
8
10
12
14
16
18
20
22
01/99 01/01 01/03 01/05 01/07 01/09 01/11 01/13 01/15 01/17
-6
-4
-2
0
2
4
6
8
10
12
14
16
18
20
22
01/99 01/01 01/03 01/05 01/07 01/09 01/11 01/13 01/15 01/17
(a) Growth rates have been calculated from monthly differences in levels adjusted for seasonal and working-day variations and changes which do not arise
from transactions (reclassifications, changes in the scope of the MFI sector, write-offs, exchange rate variations and other valuation effects). (b) Series backcasted to April 2003 according to the new methodology for compiling monetary aggregates. Sources: National central banks, ECB, Thomson-Reuters (Datastream). Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
25
Monetary aggregates – Euro area Data adjusted for seasonal and working-day variations
annual growth rate (a)
2016 2017
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
M1 10.5 10.4 10.3 9.7 9.1 8.8 8.6 8.6 8.4 8.0 8.5 8.8 8.4 8.4
M2-M1 -2.5 -2.4 -2.2 -2.3 -1.8 -1.3 -1.2 -1.3 -1.0 -1.5 -1.9 -2.6 -2.2 -2.1
M2 5.5 5.5 5.6 5.2 5.1 5.1 5.1 5.0 5.0 4.6 4.9 4.8 4.7 4.8
M3-M2 -0.9 -1.7 -0.4 -2.0 3.0 6.1 6.4 4.9 5.9 2.2 3.1 8.8 7.3 3.5
M3 5.1 5.1 5.2 4.8 4.9 5.1 5.1 5.0 5.1 4.5 4.8 5.0 4.8 4.7
M3 (3-month centred moving average) 5.0 5.2 5.0 5.0 5.0 5.1 5.1 5.1 4.9 4.8 4.8 4.9 4.9
monthly growth rate (a)
2016 2017
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
M1 1.1 0.7 0.7 0.5 0.6 0.5 0.9 0.7 0.4 0.5 1.2 0.6 0.7 0.8
M2-M1 0.0 -0.3 -0.1 -0.3 -0.1 0.2 -0.1 -0.3 0.0 -0.7 -0.4 -0.7 0.4 -0.1
M2 0.7 0.4 0.4 0.3 0.3 0.4 0.6 0.4 0.3 0.1 0.7 0.2 0.6 0.5
M3-M2 1.5 1.1 0.1 1.1 -0.3 1.2 0.8 -0.7 1.2 -0.3 1.2 1.7 0.0 -2.4
M3 0.8 0.4 0.4 0.3 0.3 0.4 0.6 0.3 0.3 0.1 0.7 0.3 0.6 0.3
(a) Growth rates have been calculated on flow data, adjusted for reclassifications, changes in the scope of the MFI sector, write-offs, exchange rate
variations, other revaluations and other changes which do not arise from transactions. Source: ECB. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
26
Monetary aggregates – Euro area Data adjusted for seasonal and working-day variations
growth rate (a)
M1 M2-M1
M2 M3-M2
M3
Annualised quarterly growth rate Annualised semi-annual growth rate Annualised growth rate
-2
0
2
4
6
8
10
12
14
02/11 02/12 02/13 02/14 02/15 02/16 02/17-8
-6
-4
-2
0
2
4
6
8
02/11 02/12 02/13 02/14 02/15 02/16 02/17
0
1
2
3
4
5
6
7
02/11 02/12 02/13 02/14 02/15 02/16 02/17
-25
-20
-15
-10
-5
0
5
10
15
20
02/11 02/12 02/13 02/14 02/15 02/16 02/17
-1
0
1
2
3
4
5
6
7
02/11 02/12 02/13 02/14 02/15 02/16 02/17
(a) Growth rates have been calculated on flow data, adjusted for reclassifications, changes in the scope of the MFI sector, write-offs, exchange rate
variations, other revaluations and other changes which do not arise from transactions. Source: ECB. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
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The euro exchange rate Per euro
Year Year Year 2016
1999 2014 2015 Jun Jul Aug Sep Oct Nov
Dollar
End of period 1.0046 1.2141 1.0887 1.1102 1.1113 1.1132 1.1161 1.0946 1.0635
Period Average 1.0658 1.3285 1.1095 1.1229 1.1069 1.1212 1.1212 1.1026 1.0799
Yen
End of period 102.73 145.23 131.07 114.05 114.83 115.01 113.09 114.97 120.48
Period Average 121.32 140.31 134.31 118.45 115.25 113.49 114.22 114.47 116.93
Pound Sterling
End of period 0.6217 0.7789 0.7340 0.8265 0.8440 0.8481 0.8610 0.9005 0.8525
Period Average 0.6587 0.8061 0.7259 0.7905 0.8411 0.8552 0.8523 0.8939 0.8689
Swiss Franc
End of period 1.6051 1.2024 1.0835 1.0867 1.0823 1.0957 1.0876 1.0820 1.0803
Period Average 1.6003 1.2146 1.0679 1.0894 1.0867 1.0881 1.0919 1.0887 1.0758
Danish Krone
End of period 7.4433 7.4453 7.4626 7.4393 7.4374 7.4432 7.4513 7.4393 7.4403
Period Average 7.4355 7.4548 7.4587 7.4371 7.4390 7.4408 7.4475 7.4402 7.4406
Swedish Krona
End of period 8.5625 9.3930 9.1895 9.4242 9.5673 9.5159 9.6210 9.8650 9.7538
Period Average 8.8075 9.0985 9.3535 9.3338 9.4742 9.4913 9.5655 9.7073 9.8508
Czech Koruna
End of period 36.103 27.735 27.023 27.131 27.031 27.026 27.021 27.024 27.060
Period Average 36.884 27.536 27.279 27.061 27.042 27.025 27.022 27.022 27.033
Hungarian Forint
End of period 254.70 315.54 315.98 317.06 312.19 310.34 309.79 308.44 311.51
Period Average 252.77 308.71 310.00 313.98 314.35 310.21 308.68 307.00 308.82
Romanian Leu
End of period 1.8345 4.4828 4.5240 4.5234 4.4655 4.4575 4.4537 4.5060 4.5040
Period Average 1.6345 4.4437 4.4454 4.5230 4.4856 4.4591 4.4502 4.4942 4.5100
Bulgarian Lev
End of period 1.9559 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558
Period Average 1.9565 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558
Polish Zloty
End of period 4.1587 4.2732 4.2639 4.4362 4.3630 4.3533 4.3192 4.3278 4.4483
Period Average 4.2274 4.1843 4.1841 4.3996 4.3964 4.3005 4.3207 4.3076 4.3911
Source: ECB. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
28
The euro exchange rate (a)
monthly average
(a) The euro is quoted using the direct method: one euro = x units of a foreign currency.
Source: ECB. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
29
Employment: Unemployment rate
% of labour force, seasonally adjusted
Harmonised unemployment rate (Eurostat) - except for United States and Japan2005 2006
Annual average Monthly data2014 2015 2016 2016 2017
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
France (FR) 10.3 10.4 10.0 10.1 10.1 10.1 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
Germany (DE) (a) 5.0 4.6 4.1 4.3 4.2 4.2 4.2 4.2 4.1 4.1 4.0 3.9 3.9 3.9 3.9
Austria (AT) (a) 5.6 5.7 6.0 5.9 5.9 6.1 6.2 6.2 6.1 6.0 5.9 5.8 5.7 5.6 5.7
Belgium (BE) 8.6 8.5 7.9 8.1 8.2 8.2 8.2 8.0 7.9 7.6 7.3 7.2 7.0 7.0 7.0
Cyprus (CY) 16.2 14.9 13.1 13.3 12.8 12.6 12.8 13.0 13.1 13.0 12.9 13.5 13.3 13.1 12.9
Spain (ES) 24.4 22.1 19.6 20.3 20.3 20.1 19.9 19.5 19.3 19.1 18.9 18.7 18.4 18.2 18.0
Estonia (EE) 7.4 6.2 6.8 6.5 6.5 6.6 7.0 7.1 7.7 7.2 7.1 6.6 6.2 5.8 na
Finland (FI) (a) 8.7 9.3 8.9 9.0 9.0 8.9 8.9 8.8 8.7 8.7 8.7 8.8 8.8 8.7 8.7
Greece (GR) 26.5 25.0 23.5 23.8 23.5 23.6 23.4 23.3 23.3 23.1 23.1 23.1 23.1 na na
Ireland (IE) 11.3 9.4 7.9 8.3 8.4 8.4 8.3 8.1 7.9 7.5 7.3 7.0 6.9 6.7 6.6
Italy (IT) 12.6 11.9 11.7 11.5 11.6 11.5 11.6 11.5 11.5 11.8 11.7 11.9 11.9 11.8 11.5
Latvia (LV) 10.8 9.9 9.6 9.6 9.5 9.5 9.7 9.9 9.8 9.6 9.4 9.4 9.6 9.7 9.3
Lithuania (LT) 10.7 9.1 7.9 8.0 8.3 8.4 8.2 8.0 7.7 7.6 7.4 7.4 7.6 8.1 8.3
Luxembourg (LU) 6.0 6.5 6.3 6.4 6.4 6.3 6.3 6.2 6.2 6.2 6.2 6.2 6.2 6.1 6.1
Malta (MT) 5.8 5.4 4.7 4.9 4.9 4.8 5.0 4.9 4.8 4.6 4.5 4.2 4.1 4.1 4.1
Netherlands (NL) (a) 7.4 6.9 6.0 6.4 6.4 6.3 6.1 6.0 5.8 5.7 5.6 5.6 5.4 5.3 5.3
Portugal (PT) 14.1 12.6 11.2 12.0 11.6 11.2 11.0 10.9 10.9 10.9 10.6 10.5 10.2 10.1 10.0
Slovakia (SK) 13.2 11.5 9.7 10.1 10.0 9.9 9.8 9.7 9.6 9.4 9.2 9.0 8.9 8.7 8.6
Slovenia (SI) 9.7 9.0 8.0 8.3 8.1 8.1 8.0 7.8 7.8 7.8 7.9 8.0 7.9 7.9 7.8
Euro area 11.6 10.9 10.0 10.2 10.2 10.1 10.1 10.0 9.9 9.9 9.8 9.7 9.6 9.6 9.5
United Kingdom (GB) 6.1 5.3 4.8 4.9 4.9 4.9 4.8 4.8 4.7 4.7 4.7 4.7 4.6 na na
Sweden (SE) (a) 7.9 7.4 6.9 7.2 6.7 7.1 6.6 7.0 7.2 6.7 6.9 6.9 6.9 6.8 6.8
European Union 10.2 9.4 8.5 8.7 8.7 8.7 8.6 8.5 8.5 8.4 8.3 8.3 8.2 8.1 8.0
United States 6.2 5.3 4.9 5.0 5.0 4.7 4.9 4.9 4.9 4.9 4.8 4.6 4.7 4.8 4.7
Japan 3.6 3.4 3.1 3.2 3.2 3.2 3.1 3.0 3.1 3.0 3.0 3.1 3.1 3.0 2.8
United Kingdom United States Japan Euro area France Germany Italy
Unemployment rate (ILO definition)
Monthly data2016 2017
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
France 10.3 10.4 10.1 10.2 9.9 10.1 10.0
Metropolitan France 9.9 10.1 9.8 9.9 9.6 9.8 9.7
Germany 6.7 6.4 6.1 6.2 6.2 6.1 6.1 6.1 6.1 6.1 6.0 6.0 6.0 5.9 5.9 5.8
United Kingdom 3.0 2.3 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 2.3 2.3 2.2 2.1
2014 2015 2016
Annual average
2
3
4
5
6
7
8
9
10
11
12
13
14
03/11 03/12 03/13 03/14 03/15 03/16 03/172
3
4
5
6
7
8
9
10
11
12
13
14
03/11 03/12 03/13 03/14 03/15 03/16 03/17
(a) trend component. Sources: National data, Eurostat. Produced on 3 April 2017
Banque de France The Euro Area ● Main economic and financial indicators
