EUROPEAN COMMISSION

Brussels, 18.11.2020

SWD(2020) 275 final

COMMISSION STAFF WORKING DOCUMENT

STATISTICAL ANNEX

Accompanying the document

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT,
THE COUNCIL, THE EUROPEAN CENTRAL BANK
AND THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE

Alert Mechanism Report 2021




(prepared in accordance with Articles 3 and 4 of Regulation


(EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances)

{COM(2020) 745 final}

Table of Contents

Background information    

Statistical methodology improvements    

The MIP quality framework    

Chapter 1: Tables by year - Headline indicators    

Table 1.1: MIP Scoreboard 2019    

Table 1.2: MIP Scoreboard 2018    

Table 1.3: MIP Scoreboard 2017    

Table 1.4: MIP Scoreboard 2016    

Table 1.5: MIP Scoreboard 2015    

Table 1.6: MIP Scoreboard 2014    

Table 1.7: MIP Scoreboard 2013    

Table 1.8: MIP Scoreboard 2012    

Table 1.9: MIP Scoreboard 2011    

Table 1.10: MIP Scoreboard 2010    

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

Table 2.1: Auxiliary indicators, 2019    

Table 2.1 (continued): Auxiliary indicators, 2019    

Table 2.2: Auxiliary indicators, 2018    

Table 2.2 (continued): Auxiliary indicators, 2018    

Table 2.3: Auxiliary indicators, 2017    

Table 2.3 (continued): Auxiliary indicators, 2017    

Table 2.4: Auxiliary indicators, 2016    

Table 2.4 (continued): Auxiliary indicators, 2016    

Table 2.5: Auxiliary indicators, 2015    

Table 2.5 (continued): Auxiliary indicators, 2015    

Table 2.6: Auxiliary indicators, 2014    

Table 2.6 (continued): Auxiliary indicators, 2014    

Table 2.7: Auxiliary indicators, 2013    

Table 2.7 (continued): Auxiliary indicators, 2013    

Table 2.8: Auxiliary indicators, 2012    

Table 2.8 (continued): Auxiliary indicators, 2012    

Table 2.9: Auxiliary indicators, 2011    

Table 2.9 (continued): Auxiliary indicators, 2011    

Table 2.10: Auxiliary indicators, 2010    

Table 2.10 (continued): Auxiliary indicators, 2010    

Chapter 3: Tables by indicator    

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

Table 3.2: Current account balance (% of GDP)    

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

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

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

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

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

Table 3.8: Nominal unit labour cost index, 2010=100 (3 year % change)    

Table 3.9: Nominal unit labour cost index, 2010=100 (1 year % change)    

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

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

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

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

Table 3.14: Unemployment rate (3 year average)    

Table 3.15: Unemployment rate (%)    

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

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

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

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

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

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

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

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

Table 3.24: Real GDP (1 year % change)    

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

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

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

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

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

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

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

Table 3.32: Real effective exchange rate - euro area trading partners (3 year % change)    

Table 3.33: Export performance against advanced economies (5 year % change)    

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

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

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

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

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

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

Table 3.40: Residential construction (% of GDP)    

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

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

Table 3.43: Employment (1 year % change)    

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

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

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

Table 3.47: Severely materially deprived people - % of total population    

Table 3.48: People living in households with very low work intensity - % of total population aged 0-59    

Chapter 4: Tables by Member States and the UK - Headline indicators    

Table 4.1: The MIP scoreboard for Belgium    

Table 4.2: The MIP scoreboard for Bulgaria    

Table 4.3: The MIP scoreboard for Czech Republic    

Table 4.4: The MIP scoreboard for Denmark    

Table 4.5: The MIP scoreboard for Germany    

Table 4.6: The MIP scoreboard for Estonia    

Table 4.7: The MIP scoreboard for Ireland    

Table 4.8: The MIP scoreboard for Greece    

Table 4.9: The MIP scoreboard for Spain    

Table 4.10: The MIP scoreboard for France    

Table 4.11: The MIP scoreboard for Croatia    

Table 4.12: The MIP scoreboard for Italy    

Table 4.13: The MIP scoreboard for Cyprus    

Table 4.14: The MIP scoreboard for Latvia    

Table 4.15: The MIP scoreboard for Lithuania    

Table 4.16: The MIP scoreboard for Luxembourg    

Table 4.17: The MIP scoreboard for Hungary    

Table 4.18: The MIP scoreboard for Malta    

Table 4.19: The MIP scoreboard for Netherlands    

Table 4.20: The MIP scoreboard for Austria    

Table 4.21: The MIP scoreboard for Poland    

Table 4.22: The MIP scoreboard for Portugal    

Table 4.23: The MIP scoreboard for Romania    

Table 4.24: The MIP scoreboard for Slovenia    

Table 4.25: The MIP scoreboard for Slovakia    

Table 4.26: The MIP scoreboard for Finland    

Table 4.27: The MIP scoreboard for Sweden    

Table 4.28: The MIP scoreboard for the United Kingdom    

Chapter 5: Tables by Member States and the UK - Auxiliary indicators used in the economic reading of the MIP scoreboard    

Table 5.1: Auxiliary indicators for Belgium    

Table 5.1 (continued): Auxiliary indicators for Belgium    

Table 5.2: Auxiliary indicators for Bulgaria    

Table 5.2 (continued): Auxiliary indicators for Bulgaria    

Table 5.3: Auxiliary indicators for Czech Republic    

Table 5.3 (continued): Auxiliary indicators for Czech Republic    

Table 5.4: Auxiliary indicators for Denmark    

Table 5.4 (continued): Auxiliary indicators for Denmark    

Table 5.5: Auxiliary indicators for Germany    

Table 5.5 (continued): Auxiliary indicators for Germany    

Table 5.6: Auxiliary indicators for Estonia    

Table 5.6 (continued): Auxiliary indicators for Estonia    

Table 5.7: Auxiliary indicators for Ireland    

Table 5.7 (continued): Auxiliary indicators for Ireland    

Table 5.8: Auxiliary indicators for Greece    

Table 5.8 (continued): Auxiliary indicators for Greece    

Table 5.9: Auxiliary indicators for Spain    

Table 5.9 (continued): Auxiliary indicators for Spain    

Table 5.10: Auxiliary indicators for France    

Table 5.10 (continued): Auxiliary indicators for France    

Table 5.11: Auxiliary indicators for Croatia    

Table 5.11 (continued): Auxiliary indicators for Croatia    

Table 5.12: Auxiliary indicators for Italy    

Table 5.12 (continued): Auxiliary indicators for Italy    

Table 5.13: Auxiliary indicators for Cyprus    

Table 5.13 (continued): Auxiliary indicators for Cyprus    

Table 5.14: Auxiliary indicators for Latvia    

Table 5.14 (continued): Auxiliary indicators for Latvia    

Table 5.15: Auxiliary indicators for Lithuania    

Table 5.15 (continued): Auxiliary indicators for Lithuania    

Table 5.16: Auxiliary indicators for Luxembourg    

Table 5.16 (continued): Auxiliary indicators for Luxembourg    

Table 5.17: Auxiliary indicators for Hungary    

Table 5.17 (continued): Auxiliary indicators for Hungary    

Table 5.18: Auxiliary indicators for Malta    

Table 5.18 (continued): Auxiliary indicators for Malta    

Table 5.19: Auxiliary indicators for Netherlands    

Table 5.19 (continued): Auxiliary indicators for Netherlands    

Table 5.20: Auxiliary indicators for Austria    

Table 5.20 (continued): Auxiliary indicators for Austria    

Table 5.21: Auxiliary indicators for Poland    

Table 5.21 (continued): Auxiliary indicators for Poland    

Table 5.22: Auxiliary indicators for Portugal    

Table 5.22 (continued): Auxiliary indicators for Portugal    

Table 5.23: Auxiliary indicators for Romania    

Table 5.23 (continued): Auxiliary indicators for Romania    

Table 5.24: Auxiliary indicators for Slovenia    

Table 5.24 (continued): Auxiliary indicators for Slovenia    

Table 5.25: Auxiliary indicators for Slovakia    

Table 5.25 (continued): Auxiliary indicators for Slovakia    

Table 5.26: Auxiliary indicators for Finland    

Table 5.26 (continued): Auxiliary indicators for Finland    

Table 5.27: Auxiliary indicators for Sweden    

Table 5.27 (continued): Auxiliary indicators for Sweden    

Table 5.28: Auxiliary indicators for the United Kingdom    

Table 5.28 (continued): Auxiliary indicators for the United Kingdom    

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

Table 6.1: MIP Scoreboard (base indicators) 2019    

Table 6.2: MIP Scoreboard (base indicators) 2018    

Table 6.3: MIP Scoreboard (base indicators) 2017    

Table 6.4: MIP Scoreboard (base indicators) 2016    

Table 6.5: MIP Scoreboard (base indicators) 2015    

Table 6.6: MIP Scoreboard (base indicators) 2014    

Table 6.7: MIP Scoreboard (base indicators) 2013    

Table 6.8: MIP Scoreboard (base indicators) 2012    

Table 6.9: MIP Scoreboard (base indicators) 2011    

Table 6.10: MIP Scoreboard (base indicators) 2010    

Background information

This Statistical Annex to the 2021 Alert Mechanism Report (AMR 2021) presents the Macroeconomic Imbalance Procedure (MIP) scoreboard and auxiliary indicators used in the economic reading of the MIP scoreboard. The Statistical annex covers the years from 2010 to 2019, so indicators are in principle not affected by the COVID-19 pandemic. As of 1 February 2020, the United Kingdom is no longer part of the European Union 1 . However, as Union law continues to apply to and in the United Kingdom for the duration of the transition period ending on 31 December 2020, the United Kingdom data is presented in tables 1.1, 2.1, 4.28 and 5.28.

Eurostat mainly compiles MIP indicators from data transmitted by Member States (and the UK), following European legislation. The MIP scoreboard indicators are presented with their indicative thresholds (used in the AMR), while no threshold is applied to the auxiliary indicators.

The policy framework of the MIP relies on timely and high quality socio-economic and financial statistics. Since the publication of the first Statistical Annex in 2012, significant progress has been achieved towards enhancing the standards and methods used for the compilation of underlying data as well as strengthening the statistical quality assurance framework.

The MIP Scoreboard consists of fourteen scoreboard indicators measuring internal and external imbalances as well as social and labour market developments. The MIP scoreboard indicators for the last ten years are displayed in this statistical annex by year in chapter 1, and by country in chapter 4. Table 1 lists the MIP scoreboard indicators together with detailed information on their data sources.

The cut-off date for the data, that is the date on which the data were extracted from the Eurostat database for the preparation of this document, was 23rd October 2020. For additional information about the data, please contact ESTAT-MIP@ec.europa.eu .

Table 1. MIP scoreboard indicators (AMR 2021)

Note: NA – National Accounts; BoP – Balance of Payments; FA – Financial Accounts; EDP – Excessive Deficit Procedure Statistics / GFS – Government Finance Statistics; and LFS – Labour Force Survey/Labour Market Statistics; pp – percentage points

Supplementing the MIP scoreboard indicators, a list of 28 auxiliary indicators (see Table 2) provides additional information on aspects linked to the general macroeconomic situation, nominal and real convergence inside and outside the European Union and the euro area, detailed data on external liabilities, including foreign direct investment and net external debt, and social statistics. The auxiliary indicators enhance the information base for understanding potential imbalances, as well as the adjustment capacity of the economy. The auxiliary indicators are also presented in this Statistical Annex by year (in Chapter 2) and by country (in Chapter 5).

Table 2. MIP auxiliary indicators (AMR 2021)

Note: NA – National Accounts; BoP – Balance of Payments; CBD – Consolidated banking data; FA – Financial Accounts; LFS – Labour Force Survey/Labour Market Statistics; SILC – Statistics on Income and Living Condition

In Chapter 3, the data are presented by indicator to allow easy comparison of Member States (and the UK), for the 10-year time series. In addition, short descriptions of the indicators and detailed information on sources and methods employed for their compilation are provided.

Statistical methodology improvements

Since 2014, MIP indicators stemming from the National Accounts (NA) and Balance of Payments (BoP) and International Investment Position (IIP) domains have been computed following the ESA 2010 and BPM6 statistical standards (the European System of Accounts 2010 and the Balance of Payments and International Investment Position Manual, 6th edition) that guarantee a high level of comparability across European Union Member States. The successful implementation of these standards improved the quality of the MIP underlying data.

In particular, concerning indicators from the Balance of Payments and International Investment Position, the revision of international standards and changeover to BPM6 was translated into new data requirements via the adoption of Commission Regulation (EU) No 555/2012  and ECB Guideline (ECB/2011/23) starting in 2014 2 .

The implementation of the standards ensures conceptual consistency between National Accounts and Balance of Payments/ International Investment Position. However, in practice, differences in the different components of the accounts (the BoP/IIP and NA Rest of the world data) still persist.

Eurostat has further elaborated on the reconciliation of the Balance of Payments and the Rest of the World (RoW) account at national level, and regularly assesses the state of consistency between Balance of Payments and National Accounts statistics.

Additional changes in 2020

The implementation of the harmonised European revision policy (HERP) for National Accounts and Balance of Payments statistics covering benchmark and routine revisions is progressing on a voluntary basis 3 . In 2020, four EU Member States, namely Czechia, Greece, Malta and Poland, officially announced that they carried out coordinated benchmark revisions of national accounts. Lithuania completed their benchmark revisions, which started in 2019 and removed a time series break in 2010. Latvia, Ireland and Romania also carried out major revisions in 2020.

All Member States except for Luxembourg have now introduced benchmark revisions since the implementation of ESA 2010. While the introduction of benchmark revisions is usually associated with more significant data updates, such revisions improve the overall quality and consistency of data through further improvements in the methodology, sources or estimation techniques applied. The revisions often relate to statistical improvements and actions agreed in the context of the verification of GNI and/or EDP data. The 2019 coordinated benchmark revisions were considered successfully implemented and improved the quality of the accounts. The good practices will be retained for the next harmonised benchmark revisions in 2024.

While COVID-19 has not directly affected 2019 indicators, the benchmark revision of non-financial accounts in Luxembourg was delayed and Greece implemented a staged benchmark revision due to the pandemic.

In the Balance of Payments domain, progress has been made concerning the asymmetries in trade in goods and services, both between Member States (and the UK) and concerning the exchanges with US. To address the problem of asymmetries in mirror trade data, Eurostat organised several workshops under the umbrella of its Balance of Payments Working Group with Member States. During these workshops, experts from Member States and the US Bureau of Economic analysis (BEA) had the opportunity to exchange experiences, discuss bilaterally and decide on specific actions to resolve their corresponding trade asymmetries. Member States have also been invited to present their experiences and approaches to address bilateral asymmetries with partner countries. Furthermore, Eurostat has recently launched a survey to Member States on asymmetries in services. Based on the outcome, Eurostat intends to draft an Inventory of identified causes for asymmetries in trade in goods and services, primary income and foreign direct investments.

In addition, Asymmetries Resolution Meetings (ARM) are set up by ECB and Eurostat in the context of the quarterly BOP production. The purpose of ARM is to facilitate bilateral and/or multilateral reconciliation exercises to reduce bilateral asymmetries in foreign direct investment.

Concerning benchmark revisions for balance of payments, four countries carried out this exercise in 2020, namely Czechia, Luxembourg, Poland and Malta.

In the domain of Financial Accounts, regarding Total Financial Sector Liabilities, work is ongoing to ensure a comprehensive and timely coverage of Other financial institutions (OFIs). Other areas of ongoing or planned statistical work which are important for the quality of MIP indicators concern the recording of other equity, of derivatives, of loans between non-financial corporations, of foreign-controlled corporations, and of the vertical discrepancy with non-financial sector accounts. On the latter, Eurostat and the ECB are cooperating in order to cover the methodology and propose a solution for reducing the discrepancies. It is also recommended to further align the national revision policies and practices in financial accounts to the harmonized European revision policy, up to the level achieved in national accounts and balance of payments statistics.

Concerning the Labour Force Survey, no major methodological changes affected the data during 2019. In view of the entry into force of the Integrated European Social Statistics Framework Regulation (IESS FR), expected for the beginning of 2021, all countries are postponing methodological changes to that date, in order to introduce them together with the new standards provided by the regulation. At Eurostat level, from 2019 the data source for MIP unemployment and youth unemployment rates has been changed from the harmonised monthly data to the quarterly LFS data, as it was already for the long term unemployment rate. The innovation constitutes an increase in consistency among the sources. This change affects the entire time series, but has a limited impact, evident only in the first four years of the series. For the MIP unemployment rate, only four countries show noticeable revisions: Denmark, Germany, Romania and Portugal. The youth unemployment rate shows revisions for seven countries: Bulgaria, Germany, Croatia, Luxembourg, Portugal, Romania and Slovakia.

In the House Prices domain, the index for Finland has been slightly revised upwards for the years from 2015 to 2018 following an improvement in the calculation of the sub-index for new apartments. The index for Slovenia has also been revised in 2017 and 2018 because of more new dwellings taken into account in the index computation.

General Government Gross Debt data notified for the years 2016 to 2019 were released on 22 October 2020 within the EDP notification. For more information on main revisions between the April 2020 and the October 2020 notifications please see the latest EDP news release .

Timeliness and availability of general government gross debt data remained generally excellent despite the COVID-19 pandemic-related challenges, although Denmark failed to supply subsector data at the end of March 2020.

Furthermore, the benchmark revisions related to general government gross debt undertaken in 2019 and 2020 by most Member States have resulted in improved coherence of the data.

The MIP quality framework

The credibility of the MIP and its smooth implementation depends critically on the availability and quality of the MIP underlying statistics. The statistics used in the procedure have to be fit for the purpose, reliable and comparable among Member States and in time. For that reason, the scoreboard indicators are regularly reviewed; the underlying statistical methodology and the statistical production processes are constantly improved. Statistics underlying the MIP indicators are based on European Union legislation and compiled by the European Statistical System (ESS) and in part by the European System of Central Banks (ESCB).

In 2016, the Economic and Financial Affairs Council (ECOFIN) 4 recalled that the MIP must rely upon sound and harmonised official statistics and since 2011 it has emphasised the importance of close cooperation between the ESS and the ESCB in assessing the reliability of the statistics underlying the MIP and improving their quality. Following the invitation of the Council to take all necessary initiatives to assure a reliable procedure for the compilation of MIP indicators, as well as a continuous improvement of the underlying statistical information, a Memorandum of Understanding (MoU) was signed between Eurostat and the Directorate General Statistics of the European Central Bank in November 2016, which mutually recognises both quality assurance frameworks and enables an even closer cooperation on the respective quality reports in the field of BoP/IIP and Financial Accounts.

The MIP quality assurance framework, developed jointly by Eurostat and the Directorate General Statistics of the European Central Bank, follows a three-level structure. A comprehensive webpage 5 with information and links to all relevant quality documents is available on the MIP dedicated section of Eurostat website. In this framework, the work performed consisted of the following actions:

·Level 1: preparation of an annual ESS-ESCB quality assessment report on MIP statistics by Eurostat and the ECB towards the European Parliament and Council, policy makers and the public at large, to assess the reliability and comparability of MIP underlying statistics and address the most relevant quality issues. The sixth report was published on 22 July 2020 on the websites of Eurostat, the ECB, and of the Committee on Monetary, Financial and Balance of Payments Statistics (CMFB). The report relates to recent developments, with a clear separation from more permanent features.

·Level 2: domain-specific quality reports produced by Eurostat and the ECB summarising the main findings for the euro area or the European Union Member States. These reports assess the underlying compilation process and its robustness, describe its legal basis and evaluate whether the statistics are in line with international statistical standards. The following level 2 reports are currently available:

-National Accounts (including Financial Accounts) ( Eurostat ) and Financial Accounts ( ECB )

-Balance of Payments and International Investment Position statistics ( Eurostat , ECB )

-House Price Statistics ( Eurostat )

-Labour Force Survey ( Eurostat )

In line with the legal requirements of quality reporting for national and regional accounts 6 , the third annual Eurostat quality report was published on 20 December 2019 7 , and covered data transmissions in 2018 in line with the ESA 2010 transmission programme. The fourth quality report, based on 2019 data, is close to completion. The Eurostat quality report also explicitly covers data underlying the MIP indicators. The set of quality indicators covered will be progressively extended by 2021. An overview on ESA 2010 implementation and quality is available on the Eurostat website 8 . All ESA 2010 derogations expired on 1 January 2020 and data delivery is expected with the next transmission deadline in 2020.

The implementation of the alignment of the existing Quality Reports on Balance of Payments/International Investment Position produced by the ESS and the ESCB has been achieved. While due to the different data coverage and legislation, it is currently not possible to have one common report, its structure, the indicators and the findings included in the Eurostat and the ECB reports are to a great extent harmonized.

In addition, the Commission (DG ECFIN), in its capacity as compiler of the Real Effective Exchange Rate (REER) indicator, publishes quality information on real effective exchange rate indicators on its website 9 .

·Level 3: development of condensed country specific self-assessment reports on the quality and statistical processes for statistics underlying the MIP indicators that are easily understandable by users. They should provide the basis for assuring the quality of the statistics and their comparability across countries. Member States are encouraged to publish such reports. In 2020, the information for the statistical domains Financial Accounts and House Price Statistics was updated for almost all countries and national reports were published on the CMFB website 10 . 

Moreover, in the context of the MoU, joint ECB-Eurostat visits to the Member States have taken place, focussing on Balance of Payments and Financial Accounts. The first two pilot joint visits took place in 2017 in Belgium and Greece. In 2018, Eurostat and the ECB visited Luxembourg and Poland. In 2019, Germany, Malta and Ireland were visited. In January 2020, France was visited.

The rest of this document presents MIP scoreboard and auxiliary indicators by different perspectives: Chapter 1 and Chapter 2 illustrate the headline and auxiliary indicators by year respectively, Chapter 3 focuses on the evolution of indicators in time, while Chapter 4 and Chapter 5 present the scoreboard and auxiliary indicators by Member State respectively, and finally Chapter 6 illustrates untransformed scoreboard indicators by year.

Chapter 1: Tables by year - Headline indicators            

Table 1.1: MIP Scoreboard 2019    

Table 1.2: MIP Scoreboard 2018        

Table 1.3: MIP Scoreboard 2017        

Table 1.4: MIP Scoreboard 2016        

Table 1.5: MIP Scoreboard 2015        

Table 1.6: MIP Scoreboard 2014        

Table 1.7: MIP Scoreboard 2013        

Table 1.8: MIP Scoreboard 2012        

Table 1.9: MIP Scoreboard 2011        

Table 1.10: MIP Scoreboard 2010        

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

Table 2.1: Auxiliary indicators, 2019                

Table 2.1 (continued): Auxiliary indicators, 2019                

Table 2.2: Auxiliary indicators, 2018                

Table 2.2 (continued): Auxiliary indicators, 2018                

Table 2.3: Auxiliary indicators, 2017                

Table 2.3 (continued): Auxiliary indicators, 2017                

Table 2.4: Auxiliary indicators, 2016                

Table 2.4 (continued): Auxiliary indicators, 2016                

Table 2.5: Auxiliary indicators, 2015                

Table 2.5 (continued): Auxiliary indicators, 2015                

Table 2.6: Auxiliary indicators, 2014                

Table 2.6 (continued): Auxiliary indicators, 2014                

Table 2.7: Auxiliary indicators, 2013                

Table 2.7 (continued): Auxiliary indicators, 2013                

Table 2.8: Auxiliary indicators, 2012                

Table 2.8 (continued): Auxiliary indicators, 2012                

Table 2.9: Auxiliary indicators, 2011                

Table 2.9 (continued): Auxiliary indicators, 2011                

Table 2.10: Auxiliary indicators, 2010                

Table 2.10 (continued): Auxiliary indicators, 2010                

Chapter 3: Tables by indicator            

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

Table 3.2: Current account balance (% of GDP)    

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

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

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

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

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

Table 3.8: Nominal unit labour cost index, 2010=100 (3 year % change)    

Table 3.9: Nominal unit labour cost index, 2010=100 (1 year % change)    

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

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

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

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

Table 3.14: Unemployment rate (3 year average)    

Table 3.15: Unemployment rate (%)    

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

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

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

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

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

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

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

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

Table 3.24: Real GDP (1 year % change)    

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

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

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

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

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

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

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

Table 3.32: Real effective exchange rate - euro area trading partners (3 year % change)    

Table 3.33: Export performance against advanced economies (5 year % change)    

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

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

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

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

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

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

Table 3.40: Residential construction (% of GDP)    

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

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

Table 3.43: Employment (1 year % change)    

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

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

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

Table 3.47: Severely materially deprived people - % of total population    

Table 3.48: People living in households with very low work intensity - % of total population aged 0-59    

Chapter 4: Tables by Member States and the UK - Headline indicators        

Table 4.1: The MIP scoreboard for Belgium        

Table 4.2: The MIP scoreboard for Bulgaria        

Table 4.3: The MIP scoreboard for Czech Republic        

Table 4.4: The MIP scoreboard for Denmark        

Table 4.5: The MIP scoreboard for Germany        

Table 4.6: The MIP scoreboard for Estonia        

Table 4.7: The MIP scoreboard for Ireland        

Table 4.8: The MIP scoreboard for Greece        

Table 4.9: The MIP scoreboard for Spain        

Table 4.10: The MIP scoreboard for France        

Table 4.11: The MIP scoreboard for Croatia        

Table 4.12: The MIP scoreboard for Italy        

Table 4.13: The MIP scoreboard for Cyprus        

Table 4.14: The MIP scoreboard for Latvia        

Table 4.15: The MIP scoreboard for Lithuania        

Table 4.16: The MIP scoreboard for Luxembourg        

Table 4.17: The MIP scoreboard for Hungary        

Table 4.18: The MIP scoreboard for Malta        

Table 4.19: The MIP scoreboard for Netherlands        

Table 4.20: The MIP scoreboard for Austria        

Table 4.21: The MIP scoreboard for Poland        

Table 4.22: The MIP scoreboard for Portugal        

Table 4.23: The MIP scoreboard for Romania        

Table 4.24: The MIP scoreboard for Slovenia        

Table 4.25: The MIP scoreboard for Slovakia        

Table 4.26: The MIP scoreboard for Finland        

Table 4.27: The MIP scoreboard for Sweden        

Table 4.28: The MIP scoreboard for the United Kingdom

Chapter 5: Tables by Member States and the UK - Auxiliary indicators used in the economic reading of the MIP scoreboard                        

Table 5.1: Auxiliary indicators for Belgium    

Table 5.1 (continued): Auxiliary indicators for Belgium            

Table 5.2: Auxiliary indicators for Bulgaria    

Table 5.2 (continued): Auxiliary indicators for Bulgaria            

Table 5.3: Auxiliary indicators for Czech Republic    

Table 5.3 (continued): Auxiliary indicators for Czech Republic            

Table 5.4: Auxiliary indicators for Denmark    

Table 5.4 (continued): Auxiliary indicators for Denmark            

Table 5.5: Auxiliary indicators for Germany    

Table 5.5 (continued): Auxiliary indicators for Germany            

Table 5.6: Auxiliary indicators for Estonia    

Table 5.6 (continued): Auxiliary indicators for Estonia            

Table 5.7: Auxiliary indicators for Ireland    

Table 5.7 (continued): Auxiliary indicators for Ireland            

Table 5.8: Auxiliary indicators for Greece    

Table 5.8 (continued): Auxiliary indicators for Greece            

Table 5.9: Auxiliary indicators for Spain    

Table 5.9 (continued): Auxiliary indicators for Spain            

Table 5.10: Auxiliary indicators for France    

Table 5.10 (continued): Auxiliary indicators for France            

Table 5.11: Auxiliary indicators for Croatia    

Table 5.11 (continued): Auxiliary indicators for Croatia            

Table 5.12: Auxiliary indicators for Italy    

Table 5.12 (continued): Auxiliary indicators for Italy            

Table 5.13: Auxiliary indicators for Cyprus    

Table 5.13 (continued): Auxiliary indicators for Cyprus            

Table 5.14: Auxiliary indicators for Latvia    

Table 5.14 (continued): Auxiliary indicators for Latvia            

Table 5.15: Auxiliary indicators for Lithuania    

Table 5.15 (continued): Auxiliary indicators for Lithuania            

Table 5.16: Auxiliary indicators for Luxembourg    

Table 5.16 (continued): Auxiliary indicators for Luxembourg            

Table 5.17: Auxiliary indicators for Hungary    

Table 5.17 (continued): Auxiliary indicators for Hungary            

Table 5.18: Auxiliary indicators for Malta    

Table 5.18 (continued): Auxiliary indicators for Malta            

Table 5.19: Auxiliary indicators for Netherlands    

Table 5.19 (continued): Auxiliary indicators for Netherlands            

Table 5.20: Auxiliary indicators for Austria    

Table 5.20 (continued): Auxiliary indicators for Austria            

Table 5.21: Auxiliary indicators for Poland    

Table 5.21 (continued): Auxiliary indicators for Poland            

Table 5.22: Auxiliary indicators for Portugal    

Table 5.22 (continued): Auxiliary indicators for Portugal            

Table 5.23: Auxiliary indicators for Romania    

Table 5.23 (continued): Auxiliary indicators for Romania            

Table 5.24: Auxiliary indicators for Slovenia    

Table 5.24 (continued): Auxiliary indicators for Slovenia            

Table 5.25: Auxiliary indicators for Slovakia    

Table 5.25 (continued): Auxiliary indicators for Slovakia            

Table 5.26: Auxiliary indicators for Finland    

Table 5.26 (continued): Auxiliary indicators for Finland            

Table 5.27: Auxiliary indicators for Sweden    

Table 5.27 (continued): Auxiliary indicators for Sweden            

Table 5.28: Auxiliary indicators for the United Kingdom

Table 5.28 (continued): Auxiliary indicators for the United Kingdom

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

Table 6.1: MIP Scoreboard (base indicators) 2019                

Table 6.2: MIP Scoreboard (base indicators) 2018                

Table 6.3: MIP Scoreboard (base indicators) 2017                

Table 6.4: MIP Scoreboard (base indicators) 2016                

Table 6.5: MIP Scoreboard (base indicators) 2015                

Table 6.6: MIP Scoreboard (base indicators) 2014                

Table 6.7: MIP Scoreboard (base indicators) 2013                

Table 6.8: MIP Scoreboard (base indicators) 2012                

Table 6.9: MIP Scoreboard (base indicators) 2011                

Table 6.10: MIP Scoreboard (base indicators) 2010                

(1)

The United Kingdom left the European Union on 31 January 2020 on the basis of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (‘the withdrawal Agreement’, OJ C 384 I, 12.11.2019, p. 1), Union law continues to apply to and in the United Kingdom for the duration of the transition period ending on 31 December 2020.

(2)

Member States submit to the Commission (Eurostat) data following the BPM6 requirements from 2014 onwards only. In order to maintain comparability over time, either countries themselves or Eurostat in cooperation with them, have back-calculated the main BoP time series according to the new standards. As a result, data coverage for the ten years timespan needed for this year's Statistical Annex (2010-2019) is complete.

(3)

Information on data revisions and on the publication of benchmark data is available on the Eurostat website:

https://ec.europa.eu/eurostat/web/esa-2010/esa-2010-implementation-and-data-quality  

https://ec.europa.eu/eurostat/documents/737960/9861115/Benchmark_revisions_2019.pdf  

(4)

Council conclusions of ECOFIN Council meeting on 8 November 2016 ( http://data.consilium.europa.eu/doc/document/ST-14164-2016-INIT/en/pdf )

(5)

  https://ec.europa.eu/eurostat/web/macroeconomic-imbalances-procedure/quality

(6)

  http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv%3AOJ.L_.2016.345.01.0027.01.ENG

Commission Implementing Regulation (EU) 2016/2304 of 19 December 2016 on the modalities, structure, periodicity and assessment indicators of the quality reports on data transmitted pursuant to Regulation (EU) No 549/2013 of the European Parliament and of the Council, OJ L 345, 20.12.2016, p. 27-36.

(7)

  https://ec.europa.eu/eurostat/en/web/products-statistical-reports/-/KS-FT-19-009

(8)

  https://ec.europa.eu/eurostat/web/esa-2010/esa-2010-implementation-and-data-quality  

(9)

  https://ec.europa.eu/info/files/report-quality-sources-and-methods_en  

(10)

  https://www.cmfb.org/main-topics/mip-quality