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1 JUNE 7

This document is available on the English-language website of the www.banque-france.fr Countries ISO code Date of entry into the euro area Fixed euro conversion rates France FR //999.

2 This document is available on the English-language website of the Countries ISO code Date of entry into the euro area Fixed euro conversion rates France FR // Germany DE //999.9 Austria AT //999.7 Belgium BE // Cyprus CY //.7 Spain ES //999. Estonia EE //. Finland FI // Greece GR //.7 Ireland IE // Italy IT //999,9.7 Latvia LV //.7 Lithuania LT //. Luxembourg LU // Malta MT //.9 Netherlands NL //999.7 Portugal PT //999. Slovakia SK //9. Slovenia SI //7 9. Directorate General Statistics

3 CONTENTS page GDP: International comparisons... Population, GDP... Activity: GDP growth... 7 Activity: Industrial production excluding construction... 9 Activity: Household confidence indicator... Activity: Industrial confidence indicator... Consumer prices: National indices... Consumer prices: Harmonised indices... 7 Performance indicators within the euro area... 9 Price competitiveness of the French economy... Public finance... Monetary aggregates... Monetary aggregates Euro area... The euro exchange rate... 7 Employment: Unemployment rate... 9 Produced on June 7

5 GDP: International comparisons GDP value at purchasing power parities (PPP) as a % Advanced economies. Emerging and developing economies 7. Share in the world Share in the advanced economies United States. United Sates 7. Euro area. Euro area. of which Germany. of which Germany. of which France of which Italy of which Spain..9. of which France of which Italy.. JapanA. of which Spain. United Kingdom. Japan. Canada. United Kingdom. Other advanced economies. Canada. Developing AsiaH of which China of which India Other advanced economies Share in the emerging and developing economies. LAC. Developing Asia. of with Mexico Middle East, North Africa CIS of which Brazil of which China of which India LACA... Emerging and developing Europe Sub-Saharan Africa Share in the Euro area Germany France Italy of which Russia Spain Other countries of which Brazil of which Mexico Middle East, North Africa CISA of which Russia Emerging and developing Europe Sub-Saharan Africa Advanced economies (9 countries): Canada, United States, Japan, United Kingdom, euro area (9 countries), other economies ( 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 ( countries): Sub-Saharan Africa ( countries), Emerging and developing Europe ( countries included Turkey), Developing Asia (9 countries), Middle East and North Africa ( countries, Afghanistan and Pakistan included), LAC ( countries of Latin America an the Caribbean), CIS ( 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 ). Produced on June

6 Population, GDP GDP per head of population in euro PPP United States,9 Euro area Japan European Union,7,, Euro area Luxembourg 77, Ireland, Netherlands Austria Germany Belgium Finland France Italy Malta Spain Slovenia Cyprus Slovakia Portugal Estonia Lithuania Greece Latvia 7,,9,,,, 7,,7,9,7,,,,, 9,,9 European Union (extra euro area) Denmark Sweden United Kingdom Czech Republic Poland Hungary Croatia Romania Bulgaria,,7,9, 9, 9,7,7,, European Commission (AMECO) forecasts 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 June 7

7 Activity: GDP growth GDP at chain-linked, previous-year prices, seasonally and working day adjusted Annual average Quarterly change 7 Q Q Q France Germany Austria Belgium Cyprus Spain Estonia Finland Greece Ireland (a). 7. na na na na Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia (a) Slovenia Euro area Bulgaria Croatia Denmark Hungary Poland Romania (a) United Kingdom Sweden Czech Republic European Union United States (a) Japan (b) All growth rates based on ESA methodology except for United States and Japan. (a) GDP at chain-linked, previous prices, seasonally adjusted. (b) Seasonally adjusted, base year. (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 June 7 7

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: -month change All growth rates based on ESA methodology except for United States and Japan. (a) GDP at chain-linked, previous prices, seasonally adjusted. (b) Seasonally adjusted, base year Sources: Eurostat, National data. Produced on June 7

9 Activity: Industrial production excluding construction % change Annual average (wda) Monthly change (sa-wda) -month change (wda) 7 7 Nov Dec Jan Feb Mar Apr Nov Dec Jan Feb Mar Apr France (FR) Germany (DE) Austria (AT) Belgium (BE) Cyprus (CY) na na Spain (ES) Estonia (EE) Finland (FI) Greece (GR) Ireland (IE) Italy (IT) Latvia (LV) Lithuania (LT) Luxembourg (LU) Malta (MT) Netherlands (NL) Portugal (PT) Slovakia (SK) Slovenia (SI) Euro area Bulgaria (BG) Croatia (HR) Denmark (DK) Hungary (HU) Poland (PL) Romania (RO) United Kingdom (GB) Sweden (SE) Czech Republic (CZ) European Union (a) United States (b) Japan (b) Wda: working day adjusted data. (a) For European Countries, Euro area and European Union, NACE Rev. Source: Eurostat. (b) Seasonally adjusted data. Sources: National data, ECB. Produced on June 7 9

10 Activity: Industrial production excluding construction working day and seasonally adjusted data, indices = / / / / / / / / / / / / / /7 FR DE IT Euro area GB US JP / / / / / / / / / / / / / /7 ES IE GR PT Euro area AT BE LU NL / / / / / / / / / / / / / /7 EE LV LT SI Euro area CY FI MT SK United States, Japan: seasonally adjusted data. For European Countries and Euro area, NACE Rev. Sources: National data, ECB. Produced on June 7

11 Activity: Household confidence indicator balance of opinions 7 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May France (FR) Germany (DE) Austria (AT) Belgium (BE) Cyprus (CY) Spain (ES) Estonia (EE) Finland (FI) Greece (GR) Ireland (IE) Italy (IT) Latvia (LV) Lithuania (LT) Luxembourg (LU) Malta (MT) Netherlands (NL) Portugal (PT) Slovakia (SK) Slovenia (SI) Euro area Bulgaria (BG) Croatia (HR) Denmark (DK) Hungary (HU) Poland (PL) Romania (RO) United kingdom (GB) Sweden (SE) Czech Republic (CZ) European Union Source: European Commission. Produced on June 7 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 Source: European Commission. Produced on June 7 Zone euro Main economic and financial indicators

13 Activity: Industrial confidence indicator balance of opinions 7 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May France (FR) Germany (DE) Austria (AT) Belgium (BE) Cyprus (CY) Spain (ES) Estonia (EE) Finland (FI) Greece (GR) Ireland (IE) nd nd nd nd nd nd nd nd nd nd nd nd nd Italy (IT) Latvia (LV) Lithuania (LT) Luxembourg (LU) Malta (MT) Netherlands (NL) Portugal (PT) Slovakia (SK) Slovenia (SI) Euro area Bulgaria (BG) Croatia (HR) Denmark (DK) Hungary (HU) Poland (PL) Romania (RO) United kingdom (GB) Sweden (SE) Czech Republic (CZ) European Union Source: European Commission. Produced on June 7 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 Source: European Commission. Produced on June 7 Zone euro Main economic and financial indicators

15 Consumer prices: National indices % change Annual average Monthly change -month change 7 7 Dec Jan Feb Mar Apr May Dec Jan Feb Mar Apr May France (FR) Germany (DE) Austria (AT) Belgium (BE) Cyprus (CY) Spain (ES) Estonia (EE) Finland (FI) Greece (GR) Ireland (IE) Italy (IT) Latvia (LV) Lithuania (LT) Luxembourg (LU) Malta (MT) Netherlands (NL) Portugal (PT) Slovakia (SK) Slovenia (SI) Euro area Bulgaria (BG) Croatia (HR) Denmark (DK) Hungary (HU) Poland (PL) Romania (RO) United kingdom (GB) Sweden (SE) Czech Republic (CZ) European Union United States (US) Japan (JP) Harmonised indices for the euro area and European Union. Sources: National data, Eurostat. Produced on June 7

16 Consumer prices: National indices -month % change / / / / / / /7 / / / / / / /7 FR DE IT Euro area GB US JP / / / / / / /7 / / / / / / /7 ES GR IE PT Euro area AT BE LU NL / / / / / / /7 / / / / / / /7 EE LV LT SI Euro area CY FI MT SK Harmonised indices for the euro area. Sources: National data, Eurostat. Produced on June 7

17 Consumer prices: Harmonised indices % change Annual average Monthly change -month change 7 7 Dec Jan Feb Mar Apr May Dec Jan Feb Mar Apr May France (FR) Germany (DE) Austria (AT) Belgium (BE) Cyprus (CY) Spain (ES) Estonia (EE) Finland (FI) Greece (GR) Ireland (IE) Italy (IT) Latvia (LV) Lithuania (LT) Luxembourg (LU) Malta (MT) Netherlands (NL) Portugal (PT) Slovakia (SK) Slovenia (SI) Euro area Bulgaria (BG) Croatia (HR) Denmark (DK) Hungary (HU) Poland (PL) Romania (RO) United kingdom (GB) Sweden (SE) Czech Republic (CZ) European Union United States (US) Japan (JP) Harmonised indices except for the United States and Japan. Sources: National data, Eurostat. Produced on June 7 7

18 Consumer prices: Harmonised indices -month % change / / / / / / /7 / / / / / / /7 Amplitude FR DE IT Euro area GB US JP / / / / / / /7 / / / / / / /7 ES GR IE PT Euro area AT BE LU NL / / / / / / /7 - / / / / / / /7 EE LV LT SI Euro area CY FI MT SK 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 June 7

19 Performance indicators within the euro area NACE revision ; % change Hourly labour cost (a)(b) Q Q Q Q Q Q Q Q Q Q France Germany Austria Belgium Spain Finland (c) Greece -.7 na na Ireland Italy Luxembourg Netherlands Portugal Slovenia Euro area Houry wage cost (b) Annual average Annual average -quarterly change -quarterly change Q Q Q Q Q Q Q Q Q Q France Germany Austria Belgium Spain Finland (c) Greece -. na na Ireland Italy Luxembourg Netherlands Portugal Slovenia Euro area (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 June 7 9

20 Performance indicators within the euro area NACE revision ; % change Hourly labour cost; -quarterly change (a)(b) France Germany Spain Euro area Belgium Italy Netherlands Hourly wage cost; -quarterly change (b) France Germany Spain Euro area Belgium Italy Netherlands - (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 June 7

21 Price competitiveness of the French economy Indicators deflated by consumer prices st quarter 999 = relative to Monetary Union partners Competitiveness improvement 9 9 /99 / / / / / / / /7 / /9 / / / / / / / /7 Nominal exchange rate relative to European Union partners Indicators deflated by consummer prices Competitiveness improvement 9 9 /99 / / / / / / / /7 / /9 / / / / / / / /7 Nominal exchange rate relative to industrial countries Indicators deflated by consummer prices Competitiveness improvement 9 9 /99 / / / / / / / /7 / /9 / / / / / / / /7 Euro area = 7. European Union =. Nominal exchange rate Indicators deflated by consummer prices last value: /7 Sources: ECB, OECD, IMF, Thomson-Reuters (Datastream), national data calculations. Produced on June 7

22 Public finance Produced Directorate General Statistics. Sources: INSEE, Eurostat, European Commission (European Economic Forecast, Spring ). Produced on June 7

23 Monetary aggregates seasonally adjusted data, -month % change 7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Euro area (a) M M United Kingdom Currency in circulation M United States M M Japan M M (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 June 7

24 Monetary aggregates seasonally adjusted data, -month % change Euro area (a) United Kingdom /99 / / / /7 /9 / / / /7 M M M as a centred -month moving average M reference value /99 / / / /7 /9 / / / /7 Currency in circulation M United States - - Japan (b) /99 / / / /7 /9 / / / /7 - /99 / / / /7 /9 / / / /7 M M M M last value: /7 (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 according to the new methodology for compiling monetary aggregates. Sources: National central banks, ECB, Thomson-Reuters (Datastream). Produced on June 7

25 Monetary aggregates Euro area Data adjusted for seasonal and working-day variations annual growth rate (a) 7 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr M M-M M M-M M M (-month centred moving average) monthly growth rate (a) 7 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr M M-M M M-M M (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 June 7

26 Monetary aggregates Euro area Data adjusted for seasonal and working-day variations growth rate (a) M M-M - / / / / / / / / / / / / / /7 M M-M 7 / / / / / / / / / / / / / /7 M 7 - / / / / / / /7 Annualised quarterly growth rate Annualised semi-annual growth rate Annualised growth rate (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 June 7

27 The euro exchange rate Per euro Dollar Year Year Year 999 Jun Jul Aug Sep Oct Nov End of period Period Average Yen End of period Period Average Pound Sterling End of period Period Average Swiss Franc End of period Period Average Danish Krone End of period Period Average Swedish Krona End of period Period Average Czech Koruna End of period Period Average Hungarian Forint End of period Period Average Romanian Leu End of period Period Average Bulgarian Lev End of period Period Average Polish Zloty End of period Period Average Source: ECB. Produced on June 7 7

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 June 7

29 Employment: Unemployment rate % of labour force, seasonally adjusted Harmonised unemployment rate (Eurostat) - except for United States and Japan Annual average Monthly data 7 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May France (FR) Germany (DE) (a) Austria (AT) (a) Belgium (BE) Cyprus (CY) Spain (ES) Estonia (EE) na Finland (FI) (a) Greece (GR) na na Ireland (IE) Italy (IT) Latvia (LV) Lithuania (LT) Luxembourg (LU) Malta (MT) Netherlands (NL) (a) Portugal (PT) Slovakia (SK) Slovenia (SI) Euro area United Kingdom (GB) na na Sweden (SE) (a) European Union United States Japan / / / / / / /7 United Kingdom United States Japan Euro area France Germany Italy Unemployment rate (ILO definition) / / / / / / /7 Annual average Monthly data May Jun Jul Aug Sep Oct Nov Dec 7 Jan Feb Mar Apr May France Metropolitan France Germany United Kingdom (a) trend component. Sources: National data, Eurostat. Produced on June 7 9

September 2012 Euro area unemployment rate at 11.6% EU27 at 10.6%

STAT/12/155 31 October 2012 September 2012 Euro area unemployment rate at 11.6% at.6% The euro area 1 (EA17) seasonally-adjusted 2 unemployment rate 3 was 11.6% in September 2012, up from 11.5% in August