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Appendix B: forecast detail.
Holland, Dawn ; Delannoy, Aurelie ; Fic, Tatiana 等
Table B1. Real GDP growth and inflation
Real GDP growth (per cent)
2009 2010 2011 2012 2013 2014-18
Australia 1.4 2.6 1.8 2.6 3.3 3.2
Austria -3.7 2.5 3.3 1.1 1.5 1.9
Belgium -2.7 2.3 2.0 0.7 2.4 2.1
Bulgaria -5.6 0.3 2.6 0.6 1.3 3.5
Brazil -0.3 7.5 3.0 3.7 4.0 3.8
China 8.9 10.4 9.3 8.5 7.9 7.5
Canada -2.8 3.2 2.4 1.9 2.5 2.4
Czech Rep. -4.5 2.6 1.6 0.3 2.6 1.8
Denmark -5.8 1.3 1.2 1.1 2.4 2.1
Estonia -14.3 2.3 8.5 2.3 4.2 2.2
Finland -8.2 3.6 2.8 1.8 2.3 2.2
France -2.6 1.4 1.6 -0.2 1.4 2.1
Germany -5.1 3.6 3.0 0.6 1.9 1.7
Greece -2.3 -4.4 -5.7 -4.1 0.2 2.7
Hong Kong -2.7 7.0 5.1 3.2 4.1 2.2
Hungary -6.6 1.2 1.6 -0.2 0.7 2.2
India 6.8 9.9 7.3 7.2 8.1 7.8
Ireland -7.0 -0.4 1.0 1.6 3.0 2.6
Italy -5.1 1.4 0.5 -1.3 -0.2 1.4
Japan -6.3 4.1 -0.2 1.8 1.6 1.7
Lithuania -14.6 1.3 7.1 2.3 4.7 2.9
Latvia -17.1 -1.2 4.9 1.4 2.8 3.1
Mexico -6.1 5.4 4.0 3.6 3.6 4.7
Netherlands -3.5 1.6 1.6 0.6 2.4 1.7
New Zealand -0.1 2.4 1.6 2.8 3.4 3.1
Norway -1.6 0.7 1.5 1.4 2.6 2.1
Poland 1.6 4.0 4.2 4.0 4.4 3.8
Portugal -2.9 1.4 -1.3 -2.4 0.5 1.6
Romania -7.1 -1.3 3.2 0.8 1.5 4.6
Russia -7.6 4.0 4.0 4.0 5.2 3.7
South Africa -1.6 4.2 4.2 3.2 3.0 4.0
S. Korea 0.3 6.2 3.6 3.6 4.5 4.1
Slovakia -4.9 4.2 2.9 0.8 3.2 2.7
Slovenia -8.1 1.3 1.0 0.4 2.6 2.9
Spain -3.7 -0.1 0.7 -1.0 0.1 2.5
Sweden -5.1 5.3 4.7 2.2 2.0 2.5
Switzerland -1.9 2.7 1.8 0.4 1.6 2.1
Taiwan -1.8 10.7 4.5 2.7 4.2 3.9
UK -4.4 2.1 0.9 -0.1 2.3 2.6
US -3.5 3.0 1.7 1.9 2.7 2.5
Euro Area -4.2 1.8 1.6 -0.2 1.3 1.9
EU-27 -4.2 1.9 1.7 0.1 1.6 2.1
OECD -3.8 3.1 1.9 1.4 2.3 2.5
World -0.7 5.1 3.9 3.5 4.1 4.2
Annual inflation (a) (per cent)
2009 2010 2011 2012 2013 2014-18
Australia 2.1 3.3 2.3 2.1 2.3 3.0
Austria 0.4 1.7 3.6 2.2 1.6 2.7
Belgium 0.0 2.3 3.4 2.1 1.1 1.8
Bulgaria 2.5 3.0 3.5 2.2 1.4 6.0
Brazil 4.9 5.1 6.6 4.4 3.0 5.8
China -0.7 3.3 5.4 3.7 3.6 2.4
Canada 0.5 1.3 2.0 1.9 1.5 2.6
Czech Rep. 0.6 1.2 2.1 3.3 2.0 2.0
Denmark 1.1 2.2 2.7 2.7 2.2 2.6
Estonia 0.2 2.7 5.1 3.7 2.5 5.6
Finland 1.6 1.7 3.3 2.7 1.6 2.7
France 0.1 1.7 2.3 1.6 0.8 1.5
Germany 0.2 1.2 2.5 1.6 1.5 1.7
Greece 1.3 4.7 2.9 1.5 I.0 2.5
Hong Kong -1.6 0.8 5.0 4.3 3.8 3.0
Hungary 4.0 4.7 3.9 3.6 2.8 2.5
India 10.9 12.0 9.0 8.2 5.7 4.8
Ireland -1.7 -1.6 1.2 1.7 2.6 1.9
Italy 0.8 1.6 2.9 2.7 1.5 2.9
Japan -2.1 -1.6 -0.9 -0.2 0.0 0.7
Lithuania 4.2 1.2 4.2 2.4 2.6 3.4
Latvia 3.3 -1.2 4.2 3.3 2.5 5.2
Mexico 5.3 4.2 3.3 3.5 2.8 1.5
Netherlands 1.0 0.9 2.5 2.5 1.8 1.8
New Zealand 2.4 1.2 3.1 1.5 1.7 2.3
Norway 2.5 2.2 1.2 1.5 1.4 2.7
Poland 4.0 2.7 3.9 3.0 2.4 2.6
Portugal -0.9 1.4 3.6 2.5 0.9 2.6
Romania 5.6 6.1 5.9 2.8 2.4 3.0
Russia 11.7 6.9 8.7 3.8 5.2 7.0
South Africa 6.1 2.5 4.3 4.2 3.2 3.2
S. Korea 2.8 3.0 4.3 3.3 3.1 2.9
Slovakia 0.9 0.7 4.1 2.6 2.1 4.5
Slovenia 0.9 2.1 2.1 1.3 1.2 4.5
Spain -0.2 2.0 3.1 2.2 0.3 2.9
Sweden 1.9 1.9 1.4 1.9 2.7 2.1
Switzerland -0.5 0.7 0.5 0.3 1.0 2.6
Taiwan -1.2 0.6 1.0 1.1 1.2 2.0
UK 2.2 3.3 4.5 2.2 1.4 1.8
US 0.2 1.8 2.5 1.9 1.5 2.4
Euro Area 0.3 1.6 2.7 2.0 1.2 2.2
EU-27 1.0 2.1 3.1 2.1 1.4 2.2
OECD 0.3 1.7 2.4 1.9 1.4 2.2
World 2.8 4.1 5.1 4.0 3.2 3.5
Notes: (a) Harmonised consumer price inflation in the EU
economies and inflation measured by the consumer expenditure
deflator in the rest of the world.
Table B2. Fiscal balance and government debt
Fiscal balance (per cent of GDP) (a)
2009 2010 2011 2012 2013 2018
Australia -4.1 -4.8 -3.2 -1.6 -1.2 -1.3
Austria -4.1 -4.4 -3.3 -3.2 -3.2 -1.9
Belgium -5.8 -4.2 -4.0 -3.6 -3.1 -2.2
Bulgaria -4.3 -3.1 -2.4 -0.9 -0.7 -1.1
Canada -4.9 -5.5 -5.0 -4.0 -3.4 -2.1
Czech Rep. -5.8 -4.8 -4.3 -3.8 -3.4 -2.3
Denmark -2.7 -2.6 -4.0 -4.1 -2.6 -1.8
Estonia -2.0 0.2 0.7 -0.6 -0.7 -1.1
Finland -2.7 -2.8 -0.9 -0.6 -0.2 -0.2
France -7.5 -7.1 -5.7 -5.3 -5.0 -2.3
Germany -3.2 -4.3 -1.1 -1.0 -1.0 -0.8
Greece -15.6 -10.6 -9.6 -8.1 -8.5 -2.5
Hungary -4.5 -4.3 -0.8 -6.2 -3.0 -0.1
Ireland -14.2 -31.3 (c) -9.9 -7.3 -6.0 -3.2
Italy -5.4 -4.6 -3.9 -2.0 -2.0 -1.0
Japan -8.7 -7.8 -9.0 -8.3 -7.4 -5.2
Lithuania -9.5 -7.0 -6.6 -5.0 -3.9 -1.6
Latvia -9.8 -8.3 -4.4 -3.6 -3.1 -1.2
Netherlands -5.6 -5.0 -4.6 -3.7 -3.1 -2.1
Poland -7.3 -7.8 -3.9 -3.5 -2.9 -1.0
Portugal -10.2 -9.8 -5.9 -4.7 -3.8 -1.4
Romania -9.0 -6.9 -4.9 -3.6 -3.5 -2.3
Slovakia -8.0 -7.7 -6.8 -4.3 -2.8 0.0
Slovenia -6.0 -5.6 -6.1 -5.3 -4.4 -0.9
Spain -11.2 -9.3 -8.1 -7.2 -7.1 -3.3
Sweden -0.7 0.2 1.1 2.0 1.9 -0.1
UK -11.3 -10.1 -9.1 -9.3 -8.3 -1.1
US -11.6 -10.7 -9.8 -8.2 -7.0 -5.3
Government debt (per cent of GDP, end year) (b)
2009 2010 2011 2012 2013 2018
Australia 22.1 27.8 30.2 30.7 30.1 26.3
Austria 69.6 71.9 71.7 71.6 70.5 63.0
Belgium 95.9 96.2 97.3 100.8 97.6 88.6
Bulgaria -- -- -- -- -- --
Canada 81.5 83.1 85.4 85.0 84.3 76.0
Czech Rep. 35.3 38.5 41.5 44.5 46.0 50.2
Denmark 41.8 43.7 47.1 49.3 49.9 48.4
Estonia -- -- -- -- -- --
Finland 43.3 48.3 48.7 49.9 50.2 47.7
France 79.0 82.4 85.3 88.7 91.3 90.3
Germany 74.4 83.2 79.6 79.2 78.1 75.2
Greece 129.3 144.9 158.2 165.7 166.6 130.0
Hungary 78.4 80.2 73.1 80.4 81.7 67.8
Ireland 65.2 92.6 114.8 117.1 116.2 106.8
Italy 115.5 118.4 119.4 120.8 120.2 99.7
Japan 193.7 201.3 211.1 217.6 220.5 219.7
Lithuania -- -- -- -- -- --
Latvia -- -- -- -- -- --
Netherlands 60.7 62.9 65.7 68.1 68.8 68.3
Poland 50.9 55.0 55.3 56.3 56.1 48.6
Portugal 83.0 93.3 98.3 102.0 102.6 91.1
Romania -- -- -- -- -- --
Slovakia -- -- -- -- -- --
Slovenia -- -- -- -- -- --
Spain 53.8 61.0 68.3 74.3 81.1 76.9
Sweden 42.7 39.7 37.6 34.9 31.9 23.8
UK 68.2 75.7 82.8 91.3 95.9 90.7
US 84.1 92.7 95.6 100.3 102.8 105.6
Notes: (a) General government financial balance; Maastricht
definition for EU countries. (b) Maastricht definition for EU
countries. (c) The deficit for Ireland in 2010 includes outlay
on bank recapitalisation amounting to 20 per cent of GDP. The
outlays are in the form of promissory notes and do not require
upfront financing.
Table B3. Unemployment and current account balance
Standardised unemployment rate
2009 2010 2011 2012 2013 2014-18
Australia 5.6 5.2 5.0 5.3 5.3 4.4
Austria 4.8 4.4 4.1 4.4 4.1 4.3
Belgium 7.9 8.3 7.2 8.7 6.6 6.1
Bulgaria 6.8 10.2 11.1 9.3 8.3 7.7
Canada 8.3 8.0 7.5 7.2 7.4 6.9
China -- -- -- -- -- --
Czech Rep. 6.7 7.3 6.8 5.9 5.3 6.4
Denmark 6.1 7.4 7.6 8.4 8.8 7.1
Estonia 13.8 16.8 11.7 12.0 11.9 12.3
Finland 8.3 8.4 7.8 8.2 8.2 6.5
France 9.5 9.8 9.6 10.2 10.2 9.1
Germany 7.8 7.1 5.9 6.5 6.2 6.8
Greece 9.4 12.6 17.2 19.1 17.8 13.7
Hungary 10.0 11.1 10.9 10.9 10.8 9.2
Ireland 11.8 13.7 14.4 14.5 13.4 10.3
Italy 7.8 8.4 8.2 9.4 9.6 8.3
Japan 5.1 5.1 4.5 4.9 4.8 4.7
Lithuania 13.8 17.8 15.7 15.2 12.8 13.2
Latvia 17.1 18.6 15.6 13.2 11.4 11.0
Netherlands 3.7 4.5 4.3 4.0 3.3 2.8
Poland 8.2 9.6 9.7 10.0 9.9 8.2
Portugal 10.6 12.1 12.7 14.4 14.2 11.6
Romania 6.8 7.3 7.3 6.4 6.4 6.0
Slovakia 12.0 14.4 13.4 12.1 10.1 9.9
Slovenia 5.9 7.3 8.1 7.6 7.0 7.0
Spain 18.0 20.1 21.7 22.4 20.5 13.4
Sweden 8.3 8.4 7.3 6.0 6.6 6.6
UK 7.6 7.9 8.1 8.9 8.5 6.5
US 9.3 9.6 8.9 8.5 8.1 7.1
Current account balance (per cent of GDP)
2009 2010 2011 2012 2013 2014-18
Australia -4.2 -2.6 -4.5 -3.0 -3.5 -0.9
Austria 2.7 3.0 0.2 0.7 3.0 4.5
Belgium -1.7 1.5 2.9 -3.9 -5.5 -8.8
Bulgaria -10.0 -1.4 -1.2 8.4 15.7 8.5
Canada -3.0 -3.1 -2.8 -0.7 -0.9 -1.1
China 5.8 5.9 3.7 3.6 4.4 4.2
Czech Rep. -2.4 -3.1 -0.3 -1.5 -2.9 -3.5
Denmark 3.3 5.5 7.4 3.5 0.6 -1.1
Estonia 4.1 3.7 1.6 -0.2 4.4 2.6
Finland 1.9 1.8 -1.1 0.1 1.7 2.3
France -1.5 -1.7 -1.8 -1.1 -1.4 -2.9
Germany 5.7 5.6 5.7 7.1 6.7 3.7
Greece -11.0 -10.0 -9.0 -3.5 -1.8 0.1
Hungary -0.3 1.1 6.5 7.7 8.6 10.2
Ireland -2.9 0.5 -0.8 1.2 -1.6 -1.3
Italy -2.0 -3.5 -3.6 -2.7 -2.2 -0.4
Japan 2.8 3.6 2.2 1.0 1.3 1.7
Lithuania 4.5 1.5 -3.9 -3.2 -3.1 -11.6
Latvia 9.4 3.2 -1.4 -5.7 -6.9 -9.3
Netherlands 4.2 6.6 10.8 11.2 9.4 8.2
Poland -4.0 -4.7 -4.5 -4.6 -3.7 -1.1
Portugal -10.9 -10.0 -6.0 -1.8 -0.7 0.2
Romania -6.0 -5.7 -5.7 -1.5 3.9 3.6
Slovakia -4.4 -4.4 -1.7 1.4 5.7 2.1
Slovenia -1.3 -0.8 1.2 -1.2 -0.8 -5.1
Spain -5.2 -4.6 -3.5 -1.2 -1.8 -1.9
Sweden 7.4 6.6 7.8 7.6 6.6 6.0
UK -1.5 -3.3 -3.0 -2.5 -1.3 0.1
US -2.7 -3.2 -3.2 -2.8 -2.7 -2.6
Table B4. United States
Percentage change
2008 2009 2010 2011
GDP -0.3 -3.5 3.0 1.7
Consumption -0.6 -1.9 2.0 2.2
Investment : housing -23.9 -22.2 -4.3 -1.5
business -0.8 -17.9 4.4 8.8
Government: consumption 2.2 2.0 0.9 -0.9
investment 4.6 0.3 -0.3 -6.5
Stockbuilding (a) -0.5 -0.8 1.6 -0.3
Total domestic demand -1.5 -4.5 3.4 1.7
Export volumes 6.1 -9.4 11.3 7.0
Import volumes -2.7 -13.6 12.5 5.0
Average earnings 4.0 2.6 1.9 1.9
Private consumption deflator 3.3 0.2 1.8 2.5
RPDI 2.7 -2.2 2.2 1.1
Unemployment, % 5.8 9.3 9.6 8.9
General Govt. balance as % of G -6.6 -11.6 -10.7 -9.8
General Govt. debt as % of GDP(b) 72.5 84.1 92.7 95.6
Current account as % of GDP -4.7 -2.7 -3.2 -3.2
2012 Average
2013 2014-18
1.9
GDP 2.7 2.5
1.8
Consumption 0.3 1.9 1.7
Investment : housing 5.2 10.9 8.9
business 0.1 10.2 6.1
Government: consumption 0.3 0.4 1.4
investment -0.1 2.3 2.5
Stockbuilding (a) 1.7 0.0 0.0
Total domestic demand 5.1 2.8 2.4
Export volumes 3.1 6.6 4.5
Import volumes 2.4 6.2 3.8
Average earnings 1.9 2.6 3.5
Private consumption deflator 0.9 1.5 2.4
RPDI 8.5 2.0 1.8
Unemployment, % -8.2 8.1 7.1
General Govt. balance as % of G 100.3 -7.0 -5.7
General Govt. debt as % of GDP (b) -2.8 102.8 104.6
Current account as % of GDP -2.7 -2.6
Note: (a) Change as a percentage of GDP. (b) End-of-year basis.
Table B5. Canada
Percentage change
2008 2009 2010 2011
GDP 0.7 -2.8 3.2 2.4
Consumption 3.0 0.4 3.3 1.9
Investment : housing -3.2 -8.0 10.2 2.7
business 2.6 -20.5 8.5 12.5
Government: consumption 4.4 3.6 2.4 0.8
investment 7.7 8.8 17.9 3.6
Stockbuilding(a) -0.2 -0.8 0.7 0.3
Total domestic demand 2.7 -2.9 5.3 3.3
Export volumes -4.7 -13.8 6.4 5.0
Import volumes 1.5 -13.4 13.1 6.8
Average earnings 2.6 2.1 2.6 2.7
Private consumption deflator 1.6 0.5 1.3 2.0
RPDI 4.1 0.9 3.5 0.9
Unemployment, % 6.2 8.3 8.0 7.5
General Govt. balance as % of GDP -0.4 -4.9 -5.5 -5.0
General Govt. debt as % of GDP (b) 72.5 81.5 83.1 85.4
Current account as % of GDP 0.3 -3.0 -3.1 -2.8
Average
2012 2013 2014-18
GDP 1.9 2.5 2.4
Consumption 2.5 2.8 2.2
Investment : housing 3.1 7.5 5.9
business 2.1 10.3 4.6
Government: consumption -0.1 1.2 2.3
investment -4.1 0.0 2.6
Stockbuilding(a) -0.2 0.0 0.0
Total domestic demand 1.5 3.6 2.8
Export volumes 4.0 2.7 3.7
Import volumes 2.6 5.3 4.1
Average earnings 2.8 3.7 5.0
Private consumption deflator 1.9 1.5 2.6
RPDI 1.7 2.5 2.3
Unemployment, % 7.2 7.4 6.9
General Govt. balance as % of GDP -4.0 -3.4 -2.4
General Govt. debt as % of GDP (b) 85.0 84.3 79.1
Current account as % of GDP -0.7 -0.9 -1.1
Note: (a) Change as a percentage of GDP. (b) End-of-year basis.
Table B6. Japan
Percentage change
2008 2009 2010 2011
GDP -1.2 -6.3 4.1 -0.2
Consumption -0.7 -2.0 2.0 -0.2
Investment : housing -8.4 -13.7 -6.5 5.6
business -1.6 -16.7 2.4 0.2
Government: consumption 0.4 3.0 2.3 2.4
investment -8.7 10.9 -3.3 -6.6
Stockbuilding (a) -0.2 -1.3 0.6 0.2
Total domestic demand -1.4 -4.7 2.3 0.4
Export volumes 1.7 -24.2 24.3 1.4
Import volumes 0.4 -15.4 9.8 5.9
Average earnings 1.2 0.2 -0.6 0.3
Private consumption deflator 0.4 -2.1 -1.6 -0.9
RPDI -0.7 0.9 2.8 0.8
Unemployment, % 4.0 5.1 5.1 4.5
Govt. balance as % of GDP -2.2 -8.7 -7.8 -9.0
Govt. debt as % of GDP (b) 178.2 193.7 201.3 211.1
Current account as % of GDP 3.3 2.8 3.6 2.2
Average
2012 2013 2014-18
GDP 1.8 1.6 1.7
Consumption 1.2 1.0 0.7
Investment : housing 5.4 4.5 5.0
business 3.7 3.1 3.4
Government: consumption 1.0 1.0 0.8
investment -1.3 0.8 0.0
Stockbuilding (a) 0.4 0.1 0.0
Total domestic demand 1.9 1.4 1.2
Export volumes 5.7 5.9 5.9
Import volumes 7.1 6.2 4.6
Average earnings 0.5 0.8 2.0
Private consumption deflator -0.2 0.0 0.7
RPDI -0.6 0.7 0.5
Unemployment, % 4.9 4.8 4.7
Govt. balance as % of GDP -8.3 -7.4 -5.9
Govt. debt as % of GDP (b) 217.6 220.5 221.7
Current account as % of GDP 1.0 1.3 1.7
Note: (a) Change as a percentage of GDP. (b) End-of-year basis.
Table B7. Euro Area
Percentage change
2008 2009 2010 2011
GDP 0.3 -4.2 1.8 1.6
Consumption 0.3 -1.1 0.9 0.3
Private investment -1.6 -13.9 -0.7 2.2
Government: consumption 2.3 2.5 0.4 0.1
investment 0.6 2.5 -5.7 -0.9
Stockbuilding (a) -0.1 -0.9 0.6 0.1
Total domestic demand 0.3 -3.6 0.9 0.6
Export volumes 0.8 -12.8 10.9 6.4
Import volumes 0.7 -11.6 9.1 4.4
Average earnings 3.2 2.1 0.8 2.2
Harmonised consumer prices 3.3 0.3 1.6 2.7
RPDI 0.8 0.3 -0.1 -0.5
Unemployment, % 7.7 9.6 10.1 10.1
Govt. balance as % of GDP -2.1 -6.4 -6.2 -4.3
Govt. debt as % of GDP (b) 69.9 79.3 85.1 87.8
Current account as % of GDP -1.6 -0.3 -0.5 0.3
Average
2012 2013 2014-18
GDP -0.2 1.3 1.9
Consumption -0.2 0.7 1.3
Private investment -3.8 2.1 4.2
Government: consumption -0.2 0.6 1.2
investment -3.1 0.1 2.9
Stockbuilding (a) -0.2 0.2 0.0
Total domestic demand -1.0 1.1 1.8
Export volumes 1.7 6.1 4.5
Import volumes -0.1 6.2 4.7
Average earnings 2.6 1.5 2.8
Harmonised consumer prices 2.0 1.2 2.2
RPDI 0.1 1.1 1.3
Unemployment, % 10.8 10.3 8.7
Govt. balance as % of GDP -3.5 -3.3 -2.2
Govt. debt as % of GDP (b) 90.3 90.3 86.8
Current account as % of GDP 1.5 1.3 0.4
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.
Table B8. Germany
Percentage change
2008 2009 2010 2011
GDP 0.8 -5.1 3.6 3.0
Consumption 0.5 0.0 0.6 1.2
Investment : housing -4.2 -2.3 3.2 7.0
business 2.6 -16.9 7.2 7.5
Government: consumption 3.1 3.3 1.7 1.1
investment 5.1 5.6 -1.9 1.3
Stockbuilding (a) 0.0 -1.0 0.7 0.0
Total domestic demand 1.1 -2.6 2.4 2.2
Export volumes 2.1 -13.6 13.4 8.2
Import volumes 3.0 -9.2 11.5 7.0
Average earnings 2.3 2.9 0.3 2.6
Harmonised consumer prices 2.7 0.2 1.2 2.5
RPDI 1.4 -0.8 0.8 1.1
Unemployment, % 7.5 7.8 7.1 5.9
Govt. balance as % of GDP -0.1 -3.2 -4.3 -1.1
Govt. debt as % of GDP (b) 66.3 74.4 83.2 79.6
Current account as % of GDP 6.3 5.7 5.6 5.7
Average
2012 2013 2014-18
GDP 0.6 1.9 1.7
Consumption 1.5 2.3 1.8
Investment : housing 0.2 3.6 5.0
business -0.1 1.6 2.1
Government: consumption 1.1 1.3 0.7
investment -0.8 3.5 1.0
Stockbuilding (a) 0.3 0.7 0.0
Total domestic demand 1.4 2.8 1.8
Export volumes 0.5 6.7 5.3
Import volumes 2.3 9.3 5.7
Average earnings 3.8 3.2 2.2
Harmonised consumer prices 1.6 1.5 1.7
RPDI 2.2 2.1 1.4
Unemployment, % 6.5 6.2 6.8
Govt. balance as % of GDP -1.0 -1.0 -0.8
Govt. debt as % of GDP (b) 79.2 78.1 76.9
Current account as % of GDP 7.1 6.7 3.7
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.
Table B9. France
Percentage change
2008 2009 2010 2011
GDP -0.2 -2.6 1.4 1.6
Consumption 0.2 0.1 1.3 0.3
Investment : housing -3.2 -8.8 -1.5 2.4
business 2.6 -11.6 1.1 3.3
Government: consumption 1.2 2.3 1.2 0.8
investment -3.2 2.4 -9.7 -0.4
Stockbuilding(a) -0.3 -1.2 0.5 0.8
Total domestic demand 0.1 -2.4 1.3 1.7
Export volumes -0.6 -12.2 9.3 4.6
Import volumes 0.6 -10.6 8.3 5.2
Average earnings 2.3 1.9 1.5 2.8
Harmonised consumer prices 3.2 0.1 1.7 2.3
RPDI 0.3 1.7 1.2 0.1
Unemployment, % 7.8 9.5 9.8 9.6
Govt. balance as % of GDP -3.3 -7.5 -7.1 -5.7
Govt. debt as % of GDP (b) 68.3 79.0 82.4 85.3
Current account as % of GDP -1.7 -1.5 -1.7 -1.8
Average
2012 2013 2014-18
GDP -0.2 1.4 2.1
Consumption 0.0 0.7 1.8
Investment : housing -2.3 6.8 6.4
business -3.9 2.7 3.2
Government: consumption 0.4 0.3 1.3
investment 0.4 0.7 1.7
Stockbuilding(a) -0.8 -0.2 0.0
Total domestic demand -1.2 1.0 2.1
Export volumes 1.4 5.8 4.5
Import volumes -1.9 4.1 4.3
Average earnings 2.5 1.8 2.8
Harmonised consumer prices 1.6 0.8 1.5
RPDI 0.7 1.6 1.8
Unemployment, % 10.2 10.2 9.1
Govt. balance as % of GDP -5.3 -5.0 -3.2
Govt. debt as % of GDP (b) 88.7 91.3 92.4
Current account as % of GDP -1.1 -1.4 -2.9
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.
Table B10. Italy
Percentage change
2008 2009 2010 2011 2012
GDP -1.2 -5.1 1.4 0.5 -1.3
Consumption -0.8 -1.6 1.1 0.5 -0.7
Investment : housing -1.4 -9.0 -2.4 -3.7 -8.6
business -4.3 -15.8 1.1 1.3 -9.2
Government : consumption 0.6 1.0 -0.5 -0.4 -0.7
investment -5.3 4.8 -13.9 -5.1 -14.0
Stockbuilding (a) 0.0 -0.8 0.7 -0.9 -0.4
Total domestic demand -1.2 -4.0 1.7 -1.1 -3.3
Export volumes -2.8 -17.7 12.0 6.5 0.2
Import volumes -2.9 -13.6 12.4 1.0 -4.9
Average earnings 3.7 1.6 1.5 2.5 2.3
Harmonised consumer prices 3.5 0.8 1.6 2.9 2.7
RPDI -I.1 -3.4 -0.6 0.8 -0.9
Unemployment, % 6.8 7.8 8.4 8.2 9.4
Govt. balance as % of GDP -2.7 -5.4 -4.6 -3.9 -2.0
Govt. debt as % of GDP(6) 105.8 115.5 118.4 119.4 120.8
Current account as % of GDP -2.9 -2.0 -3.5 -3.6 -2.7
Average
2013 2014-18
GDP -0.2 1.4
Consumption -0.3 0.0
Investment : housing -6.4 1.8
business -4.4 3.7
Government : consumption 0.4 0.5
investment -4.6 8.6
Stockbuilding (a) 0.0 0.0
Total domestic demand -1.0 0.8
Export volumes 6.6 4.7
Import volumes 4.3 3.2
Average earnings 0.3 2.3
Harmonised consumer prices 1.5 2.9
RPDI -0.1 0.3
Unemployment, % 9.6 8.3
Govt. balance as % of GDP -2.0 -1.3
Govt. debt as % of GDP(6) 120.2 108.4
Current account as % of GDP -2.2 -0.4
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.
Table B11. Spain
Percentage change
2008 2009 2010 2011 2012
GDP 0.9 -3.7 -0.1 0.7 -1.0
Consumption -0.6 -4.3 0.8 0.0 -0.8
Investment : housing -10.7 -24.5 -16.8 -9.8 -14.7
business -3.7 -17.1 -4.5 -4.9 -9.9
Government : consumption 5.9 3.7 0.2 -1.2 -1.0
investment 2.6 1.5 0.4 -0.2 -0.1
Stockbuilding (a) 0.1 0.0 0.0 0.1 0.0
Total domestic demand -0.5 -6.2 -1.0 -1.3 -2.7
Export volumes -1.0 -10.4 13.5 9.4 1.9
Import volumes -5.2 -17.2 8.9 1.6 -3.6
Average earnings 6.0 4.3 0.9 -0.2 -0.2
Harmonised consumer prices 4.1 -0.2 2.0 3.1 2.2
RPDI 2.5 4.0 -0.9 -3.5 -1.9
Unemployment, % 11.4 18.0 20.1 21.7 22.4
Govt. balance as % of GDP -4.5 -11.2 -9.3 -8.1 -7.2
Govt. debt as % of GDP (b) 40.1 53.8 61.0 68.3 74.3
Current account as % of GDP -9.6 -5.2 -4.6 -3.5 -1.2
Average
2013 2014-18
GDP 0.1 2.5
Consumption -0.5 0.7
Investment : housing -2.2 7.6
business -1.7 8.2
Government : consumption 0.1 2.4
investment 0.3 2.9
Stockbuilding (a) 0.0 0.0
Total domestic demand -0.5 2.5
Export volumes 3.3 4.1
Import volumes 1.4 4.3
Average earnings -1.5 3.5
Harmonised consumer prices 0.3 2.9
RPDI -0.6 1.2
Unemployment, % 20.5 13.4
Govt. balance as % of GDP -7.1 -4.3
Govt. debt as % of GDP (b) 81.1 80.4
Current account as % of GDP -1.8 -1.9
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.