Harmonised competitiveness indicators based on GDP deflators*

The purpose of harmonised competitiveness indicators (HCIs) is to provide consistent and comparable measures of euro area countries' price and cost competitiveness that are also consistent with the real effective exchange rates (EERs) of the euro. The HCIs are constructed using the same methodology and data sources that are used for the euro EERs. While the HCI of a specific country takes into account both intra and extra-euro area trade, however, the euro EERs are based on extra-euro area trade only. Therefore, the HCIs and euro EERs reflect different phenomena and are not directly comparable. The HCIs complement other competitiveness indicators published by some NCBs which may follow different methodologies and, in some cases, use different price and cost measures in order to account for the specific circumstances in the respective country.

Last update 07.06.2021 10:00:09 AM
Euro area BE DE EE IE GR ES FR IT CY LV LT LU MT NL AT PT SI SK FI
1. Average 90.1346 98.6775 85.2823 157.8032 111.2313 84.7854 104.1154 90.3497 96.6090 92.2925 128.1059 139.7064 122.5367 109.4313 100.3281 95.7930 106.7372 93.8702 154.4887 90.6436
2. Growth rate to previous period 0.3875 0.1419 0.0763 -0.6603 3.8970 -1.9951 -0.2482 0.0393 0.1877 -1.5475 -0.1250 0.6214 0.7780 -1.7254 0.3170 -0.4569 -0.3319 -0.3860 0.0611 -1.1922
3. Annual rate of change 4.9621 2.5785 1.8688 0.6659 4.0953 1.1357 1.8083 2.6913 3.0103 2.1587 1.9048 2.5845 3.9249 2.5193 3.8586 1.3579 2.7750 0.4747 2.4525 1.8472
4. Percentage change since December 1998 (1998Q4 for quarterly data) -12.0286 -2.7717 -15.9797 59.7995 7.2323 -14.2457 2.5076 -10.7864 -4.6101 -9.5080 28.6339 42.0932 25.1381 9.5793 -1.2273 -4.5797 7.2251 -6.3524 58.1255 -10.3438
(period averages; index 1999 Q1=100)

Legend
·    Data unknown, not to be published or not meaningful
Some values may be estimated or preliminary.
Detailed information on the observation status can be found in the time series view.


* For the euro area, the real effective exchange rate of the euro vis-à-vis 42 trading partners is displayed. For euro area countries, the table shows the harmonised competitiveness indicators calculated vis-à-vis the same 42 trading partners plus the other euro area countries. A positive change points to a decrease in price competitiveness. For further information please refer to the explanatory note.