Harmonised competitiveness indicators based on unit labour costs indices for the total economy*

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 10:00:11 AM
Euro area BE DE EE IE GR ES FR IT CY LV LT LU MT NL AT PT SI SK FI
1. Average 93.9847 95.3035 87.0537 180.0981 71.5447 95.5199 94.2493 92.9255 95.9623 89.2730 157.5900 152.9504 126.7859 114.8476 101.3947 95.8958 99.4786 104.7641 178.9946 91.0022
2. Growth rate to previous period -0.4200 -1.8305 -1.5735 -3.0425 11.1996 -3.9172 -0.3583 -0.4302 -0.4100 -2.1167 -0.6423 3.3650 -1.6561 -4.2281 1.6044 3.6992 -0.0138 3.7660 1.6992 -1.3205
3. Annual rate of change 1.9921 1.0695 0.1751 -1.6335 0.4633 5.4041 1.9711 0.7669 -2.2466 -5.2179 1.5173 6.9474 -0.0858 5.4643 6.2480 2.6730 5.0222 5.3526 1.9935 -2.4449
4. Percentage change since December 1998 (1998Q4 for quarterly data) -9.7173 -5.2203 -15.4480 75.3437 -33.2186 -4.8082 -6.4811 -8.1184 -6.0927 -11.7545 62.6899 58.3360 24.9479 14.7246 -0.0843 -4.1960 -1.3701 3.4132 80.9853 -11.4380
(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·    Data unknown, not to be published or not meaningful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 19 trading partners is displayed. For euro area countries, the table shows the harmonised competitiveness indicators calculated vis-à-vis the same 19 trading partners plus the other euro area countries. A positive change points to a decrease in cost competitiveness. For further information please refer to the explanatory note.