期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：Profit margins are an integral part of domestic price setting and have had an impact on the response of euro area inflation to the coronavirus (COVID-19) shock. Growth in the GDP deflator remained robust in the first half of 2020, despite the sharp fall in economic activity. This box illustrates that developments in profit margins in terms of unit profits (i.e. gross operating surplus per unit of GDP) have been exceptional during the crisis, including in comparison to past recessions, and have shaped GDP deflator-based inflation developments. The box also elaborates on likely sources of the unusual profit margin response and examines developments in more granular profit indicators in main institutional sectors since the start of the crisis.
