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Appendix B: forecast detail.
Holland, Dawn ; Barrell, Ray ; Delannoy, Aurelie 等
Table B1. Real GDP growth and inflation
Real GDP growth (per cent)
2008 2009 2010 2011 2012 2013-17
Australia 2.6 1.3 2.7 2.5 3.1 2.6
Austria 2.2 -3.9 2.1 2.1 2.0 1.5
Belgium 0.8 -2.7 2.1 2.0 1.5 1.8
Bulgaria 6.2 -5.5 0.1 2.6 4.2 2.6
Brazil 5.2 -0.7 7.5 3.9 4.0 3.6
China 9.3 8.9 10.4 9.1 7.6 7.0
Canada 0.5 -2.5 3.1 2.9 2.7 2.5
Czech Republic 2.3 -4.0 2.2 2.6 3.2 1.8
Denmark -1.1 -5.2 2.1 2.0 1.9 1.9
Estonia -5.1 -13.9 3.1 4.2 4.2 2.4
Finland 1.0 -8.3 3.1 3.6 2.6 2.0
France 0.1 -2.5 1.5 1.6 1.9 1.9
Germany 0.7 -4.7 3.5 2.6 2.3 2.1
Greece 1.0 -2.0 -4.5 -2.5 2.1 2.1
Hong Kong 2.3 -2.7 6.8 4.9 4.4 2.4
Hungary 0.6 -6.5 1.1 2.8 3.1 2.4
India 6.4 5.7 10.4 7.9 7.6 6.4
Ireland -3.6 -7.6 -1.0 0.0 2.6 3.0
Italy -1.3 -5.2 1.2 1.0 1.6 1.5
Japan -1.2 -6.3 4.0 1.1 2.7 1.5
Lithuania 2.8 -14.7 1.3 2.9 4.6 3.1
Latvia -4.1 -17.8 -0.5 3.9 4.3 2.5
Mexico 1.5 -6.1 5.5 4.1 4.6 3.6
Netherlands 1.9 -3.9 1.8 1.8 1.8 1.5
New Zealand -0.9 0.0 2.3 0.8 3.1 2.7
Norway 0.6 -1.2 0.4 2.6 3.0 1.9
Poland 5.0 1.7 3.8 4.2 4.8 3.6
Portugal 0.0 -2.5 1.4 -1.3 0.4 1.5
Romania 7.4 -7.1 -1.3 1.5 3.1 3.4
Russia 5.2 -7.9 4.0 4.6 5.8 4.6
South Africa 3.4 -1.7 4.2 3.3 3.3 3.3
5. Korea 2.3 0.3 6.2 4.4 4.6 3.8
Slovakia 5.8 -4.8 4.0 4.2 4.6 2.7
Slovenia 3.5 -8.4 1.1 2.3 2.7 2.1
Spain 0.9 -3.7 -0.1 0.9 1.5 2.9
Sweden -0.8 -5.3 5.3 4.2 2.4 2.0
Switzerland 1.9 -1.9 2.6 2.3 2.5 2.1
Taiwan 0.7 -1.9 10.8 4.3 4.5 4.4
UK -0.1 -4.9 1.3 1.4 2.0 2.5
US 0.0 -2.6 2.9 2.6 2.6 2.8
Euro Area 0.3 -4.0 1.7 1.7 1.9 2.0
EU-27 0.4 -4.2 1.7 1.8 2.1 2.1
OECD 0.3 -3.5 2.9 2.4 2.6 2.5
World 2.8 -0.6 5.2 4.4 4.4 3.9
Annual inflation (a) (per cent)
2008 2009 2010 2011 2012 2013-17
Australia 2.8 1.6 1.9 2.7 2.4 2.6
Austria 3.2 0.4 1.7 2.8 1.8 2.1
Belgium 4.5 0.0 2.3 3.7 2.4 2.0
Bulgaria 11.9 2.5 3.0 2.4 4.0 2.4
Brazil 5.6 4.9 5.1 4.9 3.4 5.2
China 5.8 -0.7 3.3 4.6 4.0 1.8
Canada 1.6 0.5 1.3 3.0 2.6 2.0
Czech Republic 6.3 0.6 1.2 2.1 2.5 2.4
Denmark 3.6 1.1 2.2 2.6 2.1 1.7
Estonia 10.6 0.2 2.7 4.1 4.1 2.7
Finland 3.9 1.6 1.7 3.7 2.1 2.2
France 3.2 0.1 1.7 2.7 2.4 2.1
Germany 2.7 0.2 1.2 2.4 2.1 2.1
Greece 4.2 1.3 4.7 3.3 2.0 2.8
Hong Kong 2.9 -1.6 0.8 3.0 3.4 3.1
Hungary 6.0 4.0 4.7 4.2 3.6 3.5
India 8.3 10.9 12.0 14.4 7.5 4.6
Ireland 3.1 -1.7 -1.6 1.1 1.0 2.3
Italy 3.5 0.8 1.6 2.3 2.1 2.4
Japan 0.4 -2.1 -1.5 0.1 1.3 2.0
Lithuania 11.1 4.2 1.2 3.8 4.1 1.3
Latvia 15.3 3.3 -1.2 3.1 5.1 2.8
Mexico 5.1 5.3 4.2 5.2 5.7 3.1
Netherlands 2.2 1.0 0.9 2.3 2.2 1.9
New Zealand 3.6 2.4 1.4 5.1 2.2 1.4
Norway 3.6 2.4 2.1 2.6 2.3 2.1
Poland 4.2 4.0 2.7 3.9 3.0 2.4
Portugal 2.7 -0.9 1.4 3.2 2.4 2.4
Romania 7.9 5.6 6.1 5.0 4.2 3.3
Russia 14.1 11.7 6.9 6.9 5.2 6.0
South Africa 9.5 7.3 4.2 6.8 4.3 1.8
5. Korea 4.7 2.8 3.0 5.8 4.1 3.2
Slovakia 3.9 0.9 0.7 3.4 4.1 2.6
Slovenia 5.5 0.9 2.1 2.5 4.6 2.5
Spain 4.1 -0.2 2.0 3.5 3.3 2.3
Sweden 3.3 1.9 1.9 2.2 2.5 2.1
Switzerland 2.6 -0.4 0.6 1.5 1.4 1.0
Taiwan 2.3 -1.5 0.4 3.0 1.3 2.0
UK 3.6 2.2 3.3 4.5 1.9 1.9
US 3.3 0.2 1.7 3.2 3.6 2.6
Euro Area 3.3 0.3 1.6 2.7 2.3 2.2
EU-27 3.7 1.0 2.1 3.0 2.4 2.2
OECD 2.9 0.3 1.7 2.9 2.9 2.4
World 5.9 2.7 4.1 5.4 4.8 3.4
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)
2008 2009 2010 2011
Australia 0.4 -4.1 -3.8 -3.4
Austria -0.5 -3.5 -4.6 -3.9
Belgium -1.4 -6.1 -4.6 -3.3
Bulgaria 1.7 -4.7 -3.9 -2.6
Canada 0.0 -5.5 -5.5 -4.7
Czech Republic -2.7 -5.8 -5.3 -4.7
Denmark 3.4 -2.7 -2.9 -3.8
Estonia -2.8 -1.7 0.1 -0.9
Finland 4.2 -2.5 -2.5 -1.3
France -3.3 -7.5 -7.0 -5.9
Germany 0.1 -3.0 -3.3 -1.8
Greece -9.4 -15.4 -10.6 -8.0
Hungary -3.7 -4.4 -4.2 -4.1 (c)
Ireland -7.3 -14.3 -32.0 (d) -11.5
Italy -2.7 -5.3 -4.5 -4.1
Japan -2.1 -7.1 -7.6 -7.5
Lithuania -3.3 -9.2 -8.1 -6.8
Latvia -4.2 -10.3 -7.6 -6.9
Netherlands 0.5 -5.4 -5.4 -3.7
Poland -3.7 -7.2 -7.9 -5.6
Portugal -3.0 -9.4 -8.6 -6.1
Romania -5.7 -8.6 -6.5 -5.2
Slovakia -2.1 -7.9 -7.8 -6.4
Slovenia -1.7 -5.5 -5.5 -5.2
Spain -4.2 -11.1 9.2 -6.5
Sweden 2.2 -0.9 0.0 0.8
UK -4.9 -11.2 -10.3 -8.5
US -6.4 -11.3 -10.6 -9.6
Fiscal balance (per
cent of GDP) (a)
2012 2017
Australia -2.4 -2.0
Austria -3.6 -2.1
Belgium -2.4 -1.3
Bulgaria -1.9 -0.4
Canada -4.2 -2.3
Czech Republic -4.4 -3.4
Denmark -3.7 -2.2
Estonia -1.2 -1.3
Finland -0.9 -1.7
France -4.5 -2.4
Germany -0.3 -1.3
Greece -7.6 -4.8
Hungary -3.3 -2.0
Ireland -8.5 -2.6
Italy -3.9 -2.6
Japan -6.4 -4.5
Lithuania -6.8 -2.6
Latvia -7.2 -3.0
Netherlands -2.2 -1.0
Poland -4.4 -2.6
Portugal -5.2 -2.4
Romania -5.1 -3.2
Slovakia -5.5 -2.0
Slovenia -4.8 -1.3
Spain -5.5 -3.0
Sweden 1.2 0.0
UK -7.2 -2.9
US -6.9 -4.8
Government debt (per cent
of GDP, end year) (b)
2008 2009 2010 2011
Australia 16.2 22.0 26.0 28.2
Austria 62.9 67.7 69.7 70.4
Belgium 89.8 96.3 97.3 96.5
Bulgaria -- -- -- --
Canada 72.7 81.6 82.8 80.7
Czech Republic 30.0 35.3 40.1 42.4
Denmark 34.2 41.4 42.4 44.5
Estonia -- -- -- --
Finland 34.1 43.8 46.7 47.8
France 67.6 78.1 83.4 86.8
Germany 66.3 73.4 74.8 75.1
Greece 110.3 126.8 143.3 150.8
Hungary 72.3 78.4 78.4 74.5
Ireland 44.3 65.5 100.1 113.5
Italy 106.3 116.0 117.8 118.3
Japan 177.8 193.2 200.4 202.7
Lithuania -- -- -- --
Latvia -- -- -- --
Netherlands 58.2 60.8 64.0 65.0
Poland 47.1 50.9 56.3 57.2
Portugal 65.3 76.1 82.9 88.2
Romania -- -- -- --
Slovakia -- -- -- --
Slovenia -- -- -- --
Spain 39.8 53.2 61.7 64.9
Sweden 38.2 41.9 39.8 37.3
UK 52.1 68.1 76.1 80.8
US 71.9 83.5 91.4 95.3
Government debt (per cent
of GDP, end year) (b)
2012 2017
Australia 28.9 30.9
Austria 70.2 68.4
Belgium 94.6 87.2
Bulgaria -- --
Canada 80.8 77.9
Czech Republic 43.9 51.5
Denmark 45.9 53.1
Estonia -- --
Finland 49.0 58.0
France 87.7 85.1
Germany 72.8 65.8
Greece 151.1 145.7
Hungary 71.8 61.8
Ireland 117.3 105.7
Italy 116.8 108.0
Japan 202.2 189.0
Lithuania -- --
Latvia -- --
Netherlands 65.3 59.6
Poland 57.5 58.6
Portugal 90.2 90.6
Romania -- --
Slovakia -- --
Slovenia -- --
Spain 66.5 66.3
Sweden 34.9 27.5
UK 85.0 86.4
US 96.9 95.9
Notes: (a) General government financial balance; Maastricht definition
for EU countries. (b) Maastricht definition for EU countries. (c) We
have not included the one-off revenue impact of recent pension changes
that are expected to push the Hungarian budget into surplus in 2011.
(d) 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 (a)
2008 2009 2010 2011 2012 2013-17
Australia 4.2 5.6 5.2 4.8 4.2 4.4
Austria 3.8 4.8 4.4 5.2 4.8 4.2
Belgium 7.0 7.9 83 7.6 6.9 7.1
Bulgaria 5.6 6.9 10.2 10.2 8.1 8.2
Canada 6.2 8.3 82 7.5 7.3 7.0
China -- -- -- -- -- --
Czech Republic 4.4 6.7 7.3 7.2 7.3 6.3
Denmark 3.3 6.1 7.4 7.9 7.0 7.1
Estonia 5.6 13.8 16.8 13.1 12.4 12.7
Finland 6.4 8.2 8.4 8.0 6.8 6.6
France 7.8 9.5 9.8 9.6 8.9 8.0
Germany 7.3 7.5 6.8 6.1 5.1 5.2
Greece 7.7 9.5 12.6 13.9 14.7 11.9
Hungary 7.8 10.0 11.1 11.3 9.7 6.2
Ireland 6.3 11.9 13.7 14.3 11.2 7.1
Italy 6.8 7.8 8.4 8.4 7.8 6.8
Japan 4.0 5.1 5.1 4.4 3.6 4.3
Lithuania 5.8 13.8 17.8 14.7 13.6 13.4
Latvia 7.5 17.1 18.7 14.3 11.4 11.3
Netherlands 3.0 3.7 4.5 4.0 4.0 3.6
Poland 7.2 81 9.6 9.0 7.6 4.7
Portugal 7.8 9.6 11.0 12.4 12.2 9.1
Romania 5.8 6.9 7.3 6.7 6.1 6.1
Slovakia 9.5 12.0 14.4 11.9 10.1 10.1
Slovenia 4.4 5.9 7.3 7.0 5.7 6.1
Spain 11.4 18.0 20.1 20.5 19.5 15.2
Sweden 6.2 8.3 8.4 7.2 6.9 6.5
UK 5.7 7.6 7.9 8.6 8.4 6.5
US 5.8 9.3 9.6 8.7 8.1 7.2
Current account balance (per cent of GDP)
2008 2009 2010 2011 2012 2013-17
Australia -4.4 -4.1 -1.9 2.9 1.6 1.6
Austria 4.8 2.9 2.8 3.2 3.3 4.6
Belgium -1.9 0.9 0.5 1.7 1.4 4.0
Bulgaria -25.3 -11.2 0.3 -4.7 -6.4 -11.2
Canada 0.4 -2.9 -3.1 -0.7 -0.2 0.1
China 10.6 6.6 4.2 3.3 4.6 5.8
Czech Republic -0.6 -1.0 -2.0 -2.2 -1.6 O.6
Denmark 2.6 3.6 4.2 0.0 -1.3 -2.7
Estonia -10.5 4.9 3.8 5.5 7.8 7.8
Finland 2.9 2.7 1.4 -0.9 -1.1 -0.2
France -1.9 -1.9 -1.6 -2.6 -3.6 -4.3
Germany 6.2 5.6 5.6 4.7 3.6 2.0
Greece -14.8 -11.0 -9.3 -6.9 -4.9 -5.6
Hungary -7.2 -0.5 2.3 1.8 2.7 -0.1
Ireland -5.6 -3.0 -2.0 -1.6 -4.8 -9.1
Italy -3.4 -3.2 -4.2 -3.7 -2.5 -0.7
Japan 3.3 2.8 3.6 1.3 1.4 3.2
Lithuania -13.0 4.3 1.3 -0.9 2.1 5.6
Latvia -14.8 9.4 4.1 3.4 5.0 5.2
Netherlands 4.3 4.6 6.0 6.6 5.9 4.6
Poland 4.8 -2.3 -0.9 0.8 1.5 2.2
Portugal -12.6 -10.3 -8.9 -5.5 -4.7 -7.7
Romania -16.3 -6.0 -6.0 -1.2 1.5 -4.0
Slovakia -7.8 -4.5 2.0 0.6 1.7 -2.5
Slovenia -6.7 -1.5 -1.3 -4.1 -2.3 -3.2
Spain -9.7 -5.5 -4.7 -3.8 -4.0 -5.1
Sweden 9.2 7.8 6.4 5.2 5.6 5.4
UK -1.6 -1.7 -2.5 -2.3 -1.1 0.6
US -4.7 -2.7 -3.2 -3.4 -2.8 -3.1
Table B4. United States
Percentage change
2007 2008 2009 2010
GDP 1.9 0.0 -2.6 2.9
Consumption 2.4 -0.3 -1.2 1.7
Investment: housing -18.7 -24.0 -22.9 -3.0
: business 6.7 0.3 -17.1 5.7
Government: consumption 1.3 2.5 1.9 0.9
: investment 1.7 4.3 0.2 1.4
Stockbuilding (a) -0.2 -0.5 -0.6 1.4
Total domestic demand 1.3 -1.1 -3.7 3.2
Export volumes 9.3 6.0 -9.5 11.7
Import volumes 2.7 -2.6 -13.8 12.6
Average earnings 4.1 3.9 2.8 2.1
Private consumption deflator 2.7 3.3 0.2 1.7
Real personal disposable income 2.1 1.9 0.8 1.6
Unemployment, % 4.6 5.8 9.3 9.6
General Govt. balance as % of GDP -2.4 -6.4 -11.3 -10.6
General Govt. debt as % of GDP (b) 61.0 71.9 83.5 91.4
Current account as % of GDP -5.1 -4.7 -2.7 -3.2
Average
2011 2012 2013-2017
GDP 2.6 2.6 2.8
Consumption 2.4 1.9 1.9
Investment: housing 1.1 5.2 10.3
: business 7.7 7.5 7.1
Government: consumption -0.2 -0.7 2.1
: investment 3.4 1.1 2.2
Stockbuilding (a) 0.0 0.0 0.0
Total domestic demand 2.5 2.1 2.8
Export volumes 6.8 6.9 4.6
Import volumes 5.4 3.2 4.4
Average earnings 2.3 3.2 3.7
Private consumption deflator 3.2 3.6 2.6
Real personal disposable income 1.3 0.2 1.9
Unemployment, % 8.7 8.1 7.2
General Govt. balance as % of GDP -9.6 -6.9 -5.1
General Govt. debt as % of GDP (b) 95.3 96.9 96.9
Current account as % of GDP -3.4 -2.8 -3.1
Note: (a) Change as a percentage of GDP. (b) End-of-year basis.
Table B5. Canada
Percentage change
2007 2008 2009 2010
GDP 2.2 0.5 -2.5 3.1
Consumption 4.6 2.9 0.4 3.4
Investment: housing 2.8 3.7 -8.2 10.4
: business 3.5 2.2 -20.0 6.7
Government: consumption 2.7 3.9 3.5 3.4
: investment 6.5 5.6 15.0 13.8
Stockbuilding (a) 0.0 -0.2 -0.9 0.9
Total domestic demand 4.0 2.4 -2.8 5.4
Export volumes 1.2 -4.6 -14.2 6.4
Import volumes 5.9 1.2 -13.9 13.4
Average earnings 3.7 2.9 2.5 2.0
Private consumption deflator 1.6 1.6 0.5 1.3
Real personal disposable income 4.0 3.7 1.2 3.3
Unemployment, % 6.1 6.2 8.3 8.0
General Govt. balance as % of GDP 1.4 0.0 -5.5 -5.5
General Govt. debt as % of GDP (b) 65.4 72.7 81.6 82.8
Current account as % of GDP 0.8 0.4 -2.9 -3.1
Average
2011 2012 2013-2017
GDP 2.9 2.7 2.5
Consumption 2.9 2.4 2.0
Investment: housing 2.6 5.2 5.1
: business 9.0 5.8 4.5
Government: consumption 1.9 1.7 1.9
: investment 2.7 -0.7 0.7
Stockbuilding (a) -0.4 0.1 0.0
Total domestic demand 3.1 2.9 2.4
Export volumes 6.5 4.3 4.3
Import volumes 5.9 4.5 3.7
Average earnings 3.8 4.1 3.9
Private consumption deflator 3.0 2.6 2.0
Real personal disposable income 1.1 2.2 1.8
Unemployment, % 7.5 7.3 7.0
General Govt. balance as % of GDP -4.7 -4.2 -2.8
General Govt. debt as % of GDP (b) 80.7 80.8 78.8
Current account as % of GDP -0.7 -0.2 0.1
Note: (a) Change as a percentage of GDP. (b) End-of-year basis.
Table B6. Japan
Percentage change
2007 2008 2009 2010
GDP 2.3 -1.2 -6.3 4.0
Consumption 1.6 -0.7 -2.0 1.9
Investment: housing -9.4 -8.4 -13.7 -6.5
: business 2.3 -1.6 -16.7 2.4
Government: consumption 1.5 0.4 3.0 2.3
: investment -7.4 -8.6 11.0 -3.3
Stockbuilding (a) 0.3 -0.2 -13 0.6
Total domestic demand 1.3 -1.4 -4.7 2.2
Export volumes 8.4 1.7 24.2 24.2
Import volumes 1.6 0.4 -15.4 9.8
Average earnings -1.2 1.2 0.2 -0.3
Private consumption deflator -0.6 0.4 -2.1 -1.5
Real personal disposable income 0.5 -0.6 0.1 2.4
Unemployment, % 3.8 4.0 5.1 5.1
General Govt. balance as % of GDP -2.4 -2.1 -7.1 -7.6
General Govt. debt as % of GDP (b) 166.9 177.8 193.2 200.4
Current account as % of GDP 4.8 3.3 2.8 3.6
Average
2011 200 2013-2017
GDP 1.1 2.7 1.5
Consumption 1.5 1.9 0.5
Investment: housing 2.6 0.9 2.5
: business 2.5 2.4 4.0
Government: consumption 2.1 0.3 0.8
: investment -4.8 5.2 2.8
Stockbuilding (a) -0.2 0.7 0.0
Total domestic demand 1.4 2.5 1.2
Export volumes 5.4 7.7 5.3
Import volumes 8.7 7.7 4.6
Average earnings 1.1 2.0 2.9
Private consumption deflator 0.1 1.3 2.0
Real personal disposable income 0.5 0.9 0.3
Unemployment, % 4.4 3.6 4.3
General Govt. balance as % of GDP -7.5 -6.4 -4.9
General Govt. debt as % of GDP (b) 202.7 202.2 194.7
Current account as % of GDP 1.3 1.4 3.2
Note: (a) Change as a percentage of GDP. (b) End-of-year basis.
Table B7. Euro Area
Percentage change
2007 2008 2009 2010
GDP 2.8 0.3 -4.0 1.7
Consumption 1.7 0.4 -1.1 0.7
Private investment 4.9 -1.1 13.3 -1.0
Government: consumption 2.2 2.3 2.5 0.7
: investment 2.3 1.0 5.4 0.2
Stockbuilding (a) 0.1 0.2 -0.8 0.5
Total domestic demand 2.5 0.3 -3.4 0.9
Export volumes 6.3 0.7 -13.1 10.6
Import volumes 5.8 0.6 -11.8 8.7
Average earnings 2.0 3.0 1.8 1.1
Harmonised consumer prices 2.1 3.3 0.3 1.6
Real personal disposable income 1.6 1.0 0.5 0.3
Unemployment, % 7.5 7.6 9.5 10.0
Govt. balance as % of GDP -0.6 -2.0 -6.3 -6.0
Govt. debt as % of GDP (b) 66.6 70.3 79.7 85.9
Current account as % of GDP 0.1 -1.5 -0.6 -0.2
Average
2011 2012 2013-2017
GDP 1.7 1.9 2.0
Consumption 1.0 0.8 1.3
Private investment 2.7 3.8 3.1
Government: consumption 0.5 0.6 1.3
: investment -4.4 -2.0 2.3
Stockbuilding (a) -0.1 0.4 0.1
Total domestic demand 0.9 1.6 1.8
Export volumes 6.2 4.0 3.7
Import volumes 4.1 3.5 3.4
Average earnings 2.3 2.8 3.2
Harmonised consumer prices 2.7 2.3 2.2
Real personal disposable income -0.9 1.1 1.6
Unemployment, % 9.8 9.1 7.9
Govt. balance as % of GDP -4.3 -3.2 -2.5
Govt. debt as % of GDP (b) 86.9 86.4 83.5
Current account as % of GDP -0.2 -0.5 -1.2
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.
Table B8. Germany
Percentage change
2007 2008 2009 2010
GDP 2.8 0.7 -4.7 3.5
Consumption -0.2 0.6 -0.1 0.4
Investment: housing -1.7 -1.8 -1.0 5.3
: business 8.2 2.8 -15.3 6.1
Government: consumption 1.6 2.3 2.9 2.3
: investment 1.3 5.1 7.3 4.2
Stockbuilding (a) 0.1 -0.2 -0.3 0.7
Total domestic demand 1.4 1.0 -2.0 2.6
Export volumes 7.9 2.0 -14.3 13.8
Import volumes 5.2 2.9 -9.4 12.4
Average earnings 0.8 2.6 2.8 0.4
Harmonised consumer prices 2.3 2.7 0.2 1.2
Real personal disposable income 0.0 1.8 -0.9 0.7
Unemployment, % 8.4 7.3 7.5 6.8
Govt. balance as % of GDP 0.3 0.1 -3.0 -3.3
Govt. debt as % of GDP (b) 64.9 66.3 73.4 74.8
Current account as % of GDP 7.5 6.2 5.6 5.6
Average
2011 2012 2013-2017
GDP 2.6 2.3 2.1
Consumption 1.6 1.7 1.7
Investment: housing 3.9 3.0 0.4
: business 6.4 7.2 2.7
Government: consumption 1.7 0.9 1.1
: investment -4.7 -7.6 4.6
Stockbuilding (a) -0.3 0.3 0.2
Total domestic demand 2.0 2.6 1.9
Export volumes 7.9 4.0 3.9
Import volumes 6.9 4.8 3.7
Average earnings 1.7 2.7 3.1
Harmonised consumer prices 2.4 2.1 2.1
Real personal disposable income -0.9 1.6 1.9
Unemployment, % 6.1 5.1 5.2
Govt. balance as % of GDP -1.8 -0.3 -1.0
Govt. debt as % of GDP (b) 75.1 72.8 68.8
Current account as % of GDP 4.7 3.6 2.0
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.
Table B9. France
Percentage change
2007 2008 2009 2010
GDP 2.3 0.1 -2.5 1.5
Consumption 2.5 0.5 0.6 1.7
Investment: housing 4.6 -2.7 -8.7 -2.2
: business 6.8 2.4 8.2 -1.5
Government: consumption 1.5 1.6 2.8 1.4
: investment 4.3 -2.9 0.6 -1.0
Stockbuilding (a) 0.2 -0.5 -2.2 0.1
Total domestic demand 3.2 0.2 -2.6 1.1
Export volumes 2.5 -0.8 -12.2 10.1
Import volumes 5.7 0.3 -10.6 7.8
Average earnings 1.3 3.1 1.7 2.5
Harmonised consumer prices 1.6 3.2 0.1 1.7
Real personal disposable income 3.1 0.4 3.0 1.7
Unemployment, % 8.4 7.8 9.5 9.8
Govt. balance as % of GDP -2.7 -3.3 -7.5 -7.0
Govt. debt as % of GDP (b) 63.8 67.6 78.1 83.4
Current account as % of GDP -1.0 -1.9 -1.9 -1.6
Average
2011 2012 2013-2017
GDP 1.6 1.9 1.9
Consumption 1.4 0.7 1.2
Investment: housing 2.4 3.5 3.2
: business 1.7 1.9 1.7
Government: consumption 1.0 1.2 1.5
: investment -0.6 0.0 1.7
Stockbuilding (a) 0.1 0.7 0.3
Total domestic demand 1.5 1.8 1.7
Export volumes 5.3 4.3 3.7
Import volumes 4.3 3.6 3.0
Average earnings 2.8 2.8 3.3
Harmonised consumer prices 2.7 2.4 2.1
Real personal disposable income -0.3 0.9 1.7
Unemployment, % 9.6 8.9 8.0
Govt. balance as % of GDP -5.9 -4.5 -2.9
Govt. debt as % of GDP (b) 86.8 87.7 86.8
Current account as % of GDP -2.6 -3.6 -4.3
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.
Table B10. Italy
Percentage change
2007 2008 2009 2010
GDP 1.4 -1.3 -5.2 1.2
Consumption 1.1 -0.8 -1.8 1.0
Investment: housing 0.5 -3.1 -9.3 -3.3
: business 2.2 -3.8 -16.1 3.8
Government: consumption 0.9 0.5 1.0 -0.6
: investment -1.5 -5.3 4.8 -3.0
Stockbuilding (a) 0.2 -0.2 -0.8 0.9
Total domestic demand 1.3 -1.3 -4.1 1.8
Export volumes 4.0 -4.4 -18.4 8.9
Import volumes 3.3 -4.4 -13.8 10.3
Average earnings 2.0 3.7 1.0 0.5
Harmonised consumer prices 2.0 3.5 0.8 1.6
Real personal disposable income 0.4 -1.0 -3.1 -0.3
Unemployment, % 6.2 6.8 7.8 8.4
Govt. balance as % of GDP -1.5 -2.7 5.3 -4.5
Govt. debt as % of GDP (b) 103.6 106.3 116.0 117.8
Current account as % of GDP -2.4 -3.4 -3.2 -4.2
Average
2011 2012 2013-2017
GDP 1.0 1.6 1.5
Consumption 0.6 0.3 0.5
Investment: housing -0.2 -0.5 1.7
: business 3.4 3.4 3.3
Government: consumption -0.9 0.4 0.9
: investment -3.8 0.2 1.7
Stockbuilding (a) -0.6 0.2 0.0
Total domestic demand -0.3 0.9 1.0
Export volumes 7.3 3.6 3.6
Import volumes 2.1 1.1 2.2
Average earnings 0.1 1.4 3.0
Harmonised consumer prices 2.3 2.1 2.4
Real personal disposable income -0.6 0.6 0.4
Unemployment, % 8.4 7.8 6.8
Govt. balance as % of GDP -4.1 -3.9 -3.1
Govt. debt as % of GDP (b) 118.3 116.8 112.3
Current account as % of GDP -3.7 -2.5 -0.7
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.
Table B11. Spain
Percentage change
2007 2008 2009 2010
GDP 3.6 0.9 -3.7 -0.1
Consumption 3.7 -0.6 -4.2 1.2
Investment: housing 2.5 -10.7 -24.5 -16.8
: business 6.5 -3.9 -18.7 -9.1
Government: consumption 5.5 5.8 3.2 -0.7
: investment -1.4 4.0 15.4 9.9
Stockbuilding (a) -0.1 0.1 0.0 0.1
Total domestic demand 4.1 -0.5 -5.9 -1.1
Export volumes 6.7 -1.1 -11.6 10.3
Import volumes 8.0 -5.3 -17.8 5.4
Average earnings 5.8 5.5 3.7 0.2
Harmonised consumer prices 2.8 4.1 -0.2 2.0
Real personal disposable income 2.7 2.6 2.5 -2.6
Unemployment, % 8.3 11.4 18.0 20.1
Govt. balance as % of GDP 1.9 -4.2 -11.1 -9.2
Govt. debt as % of GDP (b) 36.1 39.8 53.2 61.7
Current account as % of GDP -10.0 -9.7 -5.5 -4.7
Average
2011 2012 2013-2017
GDP 0.9 1.5 2.9
Consumption 0.6 0.5 1.9
Investment: housing -5.6 4.2 7.3
: business 2.5 5.6 7.9
Government: consumption -1.7 0.1 2.2
: investment -15.7 -5.4 2.1
Stockbuilding (a) 0.0 0.0 0.0
Total domestic demand -0.6 1.1 3.1
Export volumes 6.6 3.8 4.5
Import volumes 1.0 2.4 5.1
Average earnings 1.7 4.4 3.9
Harmonised consumer prices 3.5 3.3 2.3
Real personal disposable income -3.1 1.3 2.5
Unemployment, % 20.5 19.5 15.2
Govt. balance as % of GDP -6.5 -5.5 -3.8
Govt. debt as % of GDP (b) 64.9 66.5 67.4
Current account as % of GDP -3.8 -4.0 -5.1
Note: (a) Change as a percentage of GDP. (b) End-of-year basis;
Maastricht definition.