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 national central banks (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.
· Related data do not exist, are subject to statistical confidentiality or are not yet available.
Some values may be estimated or preliminary.
Detailed information on the observation status can be found in the time series view.
European Central Bank (ECB).
* 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 these same trading partners plus the other euro area countries. A positive change points to a decrease in price competitiveness. For questions about the calculation method, please refer to the Eurosystem methodology for effective exchange rates (ECB website, Statistical Data Warehouse, Notes to Table 8.1; more details in Occasional Paper Series, No. 134, June 2012; see “External links”).