Appendix B: forecast detail.

Holland, Dawn ; Barrell, Ray ; Delannoy, Aurelie 等

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DOI: 10.1177/002795011038969

Table B1. Real GDP growth and inflation

 Real GDP growth (per cent)

 2008 2009 2010 2011 2012 2013-17

Australia 2.2 1.2 3.6 2.7 2.2 2.6
Austria 1.9 -3.8 1.2 1.4 2.3 1.5
Belgium 0.8 -2.7 1.8 1.7 2.0 1.8
Bulgaria 6.0 -5.0 -0.1 5.1 2.7 2.3
Brazil 5.1 -0.2 7.9 4.5 3.4 3.2
China 9.3 8.9 10.7 9.4 8.7 7.5
Canada 0.5 -2.5 3.0 3.0 3.0 2.7
Czech Republic 2.3 -4.0 2.7 3.6 3.6 2.5
Denmark -0.9 -4.7 2.3 2.1 1.6 1.7
Estonia -5.1 -13.9 2.9 5.8 4.8 3.5
Finland 1.0 -8.1 2.9 3.8 2.1 2.0
France 0.1 -2.5 1.9 1.9 1.6 1.9
Germany 0.7 -4.7 3.4 2.8 1.7 1.8
Greece 2.0 -2.0 -3.1 -1.0 1.0 1.8
Hong Kong 2.2 -2.8 6.6 4.8 5.1 2.4
Hungary 0.4 -6.2 1.1 5.4 3.2 2.9
India 6.4 5.7 10.3 7.5 7.8 4.4
Ireland -3.6 -7.6 -0.4 2.4 3.9 2.7
Italy -1.3 -5.1 1.1 1.5 1.7 1.6
Japan -1.2 -5.2 3.2 2.0 1.5 1.5
Lithuania 2.8 -14.8 0.8 6.6 3.8 3.5
Latvia -3.9 -17.9 0.0 3.0 6.1 2.4
Mexico 1.5 -6.5 5.2 4.4 4.4 4.3
Netherlands 1.9 -3.9 2.3 2.3 2.0 1.7
New Zealand -0.6 -0.5 2.5 2.5 2.9 3.6
Norway 0.6 -1.3 1.2 3.3 2.2 2.2
Poland 5.0 1.8 3.4 4.3 4.8 4.2
Portugal 0.0 -2.6 1.7 1.7 1.6 1.6
Romania 7.4 -7.1 1.1 5.3 3.9 3.7
Russia 5.2 -7.9 2.8 5.4 5.2 4.4
South Africa 3.7 -1.8 3.2 3.5 3.3 3.0
S. Korea 2.3 0.2 6.6 5.6 5.1 4.4
Slovakia 6.2 -4.7 4.3 5.2 4.6 3.3
Slovenia 3.5 -8.4 1.7 3.6 3.0 3.2
Spain 0.9 -3.7 -0.1 1.2 1.7 2.7
Sweden -0.6 -5.1 4.0 2.3 2.0 1.8
Switzerland 1.9 -1.9 2.8 1.9 2.0 2.1
Taiwan 0.7 -1.9 11.8 6.2 5.9 3.3
UK -0.1 -5.0 1.6 1.6 2.0 2.5
US 0.0 -2.6 2.8 2.8 2.7 2.7
Euro Area 0.3 -4.0 1.8 2.1 1.8 1.9
EU-27 0.5 -4.2 1.8 2.1 2.0 2.1
OECD 0.3 -3.4 2.8 2.6 2.5 2.5
World 3.0 -0.6 4.9 4.5 4.3 3.8

 Annual inflation (a) (per cent)

 2008 2009 2010 2011 2012 2013-17

Australia 3.8 3.1 2.8 2.7 2.5 3.4
Austria 3.2 0.4 1.6 2.0 2.4 2.2
Belgium 4.5 0.0 2.0 1.5 2.0 1.8
Bulgaria 11.9 2.5 2.7 1.7 3.5 0.9
Brazil 5.6 4.9 6.4 4.8 2.1 6.0
China 6.5 1.0 2.0 2.5 2.0 1.6
Canada 1.6 0.5 1.4 2.1 2.1 2.1
Czech Republic 6.3 0.6 1.2 2.2 2.4 2.4
Denmark 3.6 1.1 2.1 1.4 2.2 2.0
Estonia 10.6 0.2 2.3 3.2 4.3 1.4
Finland 3.9 1.6 1.5 2.6 2.0 2.3
France 3.2 0.1 1.8 1.7 1.6 1.4
Germany 2.7 0.2 1.0 1.5 1.4 1.5
Greece 4.2 1.3 4.8 2.6 1.8 1.8
Hong Kong 2.9 -1.5 0.5 1.6 2.3 2.6
Hungary 6.0 4.0 4.7 3.0 4.4 4.1
India 8.4 10.9 10.6 7.0 7.4 3.5
Ireland 3.1 -1.7 -1.7 -0.1 0.9 2.7
Italy 3.5 0.8 1.5 1.2 1.9 2.2
Japan 0.4 -2.2 -1.5 0.0 0.8 1.3
Lithuania 11.1 4.2 1.3 5.5 4.8 2.0
Latvia 15.3 3.3 -1.2 2.7 2.1 3.5
Mexico 5.1 5.3 3.9 2.8 3.3 1.6
Netherlands 2.2 1.0 0.8 1.9 2.3 1.9
New Zealand 3.6 2.5 0.9 1.5 3.0 2.8
Norway 3.6 2.4 2.2 1.5 1.9 2.0
Poland 4.2 4.0 2.7 2.7 2.3 1.9
Portugal 2.7 -0.9 1.2 1.0 2.5 1.8
Romania 7.9 5.6 5.3 5.2 7.1 1.4
Russia 14.1 11.7 7.0 7.0 5.8 4.3
South Africa 9.5 7.3 3.8 2.7 4.5 1.7
S. Korea 4.7 2.8 2.5 2.1 2.7 2.3
Slovakia 3.9 0.9 1.7 3.9 3.7 1.6
Slovenia 5.5 0.9 2.1 0.9 2.5 0.9
Spain 4.1 -0.2 1.6 1.8 1.6 2.2
Sweden 3.3 1.9 2.0 1.7 1.6 1.7
Switzerland 2.2 -0.3 0.1 0.3 1.3 1.2
Taiwan 2.2 -1.6 0.7 2.6 2.9 1.6
UK 3.6 2.2 3.1 2.8 1.4 2.0
US 3.3 0.2 1.8 2.0 2.2 2.0
Euro Area 3.3 0.3 1.4 1.5 1.7 1.8
EU-27 3.7 1.0 1.8 1.5 1.8 1.9
OECD 2.9 0.3 1.7 1.8 2.0 1.9
World 6.0 2.9 3.7 3.4 3.7 3.2

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 2012 2017

Australia 0.9 -3.8 -3.6 -3.5 -3.4 -2.4
Austria -0.5 -3.5 -4.2 -3.9 -3.3 -2.2
Belgium -1.2 -5.9 -5.1 -4.3 -3.5 -1.9
Bulgaria 1.8 -3.9 -3.7 -2.7 -1.9 -0.4
Canada 0.0 -5.5 -4.9 -3.3 -2.5 -1.4
Czech Republic -2.7 -5.9 -5.1 -4.9 -3.7 -2.8
Denmark 3.4 -2.7 -4.4 -3.9 -3.3 -2.4
Estonia -2.7 -1.7 -2.9 -2.7 -2.5 -1.7
Finland 4.1 -4.3 -3.3 -2.2 -1.6 -1.7
France -3.3 -7.5 -7.1 -6.5 -5.2 -2.4
Germany 0.0 -3.3 -4.8 -3.8 -2.5 -1.4
Greece -7.7 -13.5 -9.8 -9.5 -7.7 -2.5
Hungary -3.8 -4.0 -3.9 -2.5 -1.7 -1.4
Ireland -7.3 -14.3 -14.3 -11.5 -9.3 -3.3
Italy -2.7 -5.3 -5.3 -4.8 -4.3 -2.7
Japan -2.1 -7.2 -6.6 -5.4 -4.7 -3.8
Lithuania -3.3 -8.9 -7.8 -7.1 -6.9 -2.6
Latvia -4.1 -9.1 -11.5 -11.5 -10.9 -5.2
Netherlands 0.7 -5.3 -5.3 -4.7 -3.7 -1.6
Poland -3.7 -7.1 -7.0 -5.9 -4.5 -2.5
Portugal -2.8 -9.2 -8.1 -5.8 -4.8 -1.7
Romania -5.4 -8.3 -11.3 -10.0 -8.8 -3.6
Slovakia -2.3 -6.8 -5.3 -4.8 -4.9 -2.3
Slovenia -1.7 -5.5 -4.7 -4.8 -5.1 -2.0
Spain -4.1 -11.2 -10.5 -8.0 -6.8 -3.0
Sweden 2.5 -0.5 -1.3 -0.7 -0.6 -1.3
UK -5.0 -11.4 -10.2 -8.7 -7.2 -2.4
US -6.4 -11.3 -11.0 -9.4 -6.5 -4.6

 Government debt (per cent of GDP, end year) (b)

 2008 2009 2010 2011 2012 2017

Australia 16.2 21.7 23.9 26.2 28.1 32.0
Austria 62.7 66.4 68.2 68.8 68.5 68.0
Belgium 90.0 97.0 98.9 99.6 99.4 93.7
Bulgaria -- -- -- -- -- --
Canada 71.2 80.7 81.7 80.8 79.4 69.9
Czech Republic 30.0 35.4 40.8 41.8 41.9 43.3
Denmark 34.2 41.5 43.8 43.0 43.3 48.7
Estonia -- -- -- -- -- --
Finland 34.2 43.9 47.7 48.4 49.8 57.0
France 67.5 77.7 82.9 87.0 89.7 89.6
Germany 66.3 73.5 74.4 76.2 78.1 77.4
Greece 99.2 115.1 128.8 138.4 142.0 139.2
Hungary 72.9 78.3 78.6 72.0 67.9 50.5
Ireland 43.9 64.0 78.6 87.0 91.1 88.2
Italy 106.1 115.9 119.1 120.4 120.0 110.0
Japan 177.5 192.8 196.6 195.8 194.7 181.5
Lithuania -- -- -- -- -- --
Latvia -- -- -- -- -- --
Netherlands 58.2 60.9 64.4 66.1 66.9 60.4
Poland 47.2 51.0 55.0 57.4 57.6 56.9
Portugal 66.3 76.8 82.9 86.5 88.4 87.4
Romania -- -- -- -- -- --
Slovakia -- -- -- -- -- --
Slovenia -- -- -- -- -- --
Spain 39.7 53.2 63.3 68.9 72.2 73.0
Sweden 37.6 41.6 42.0 42.2 42.1 42.4
UK 52.1 68.2 77.0 82.8 87.3 86.6
US 71.6 82.9 90.2 95.1 97.2 97.3

Notes: (a) General government financial balance; Maastricht
definition for EU countries. (b) Maastricht definition for EU countries.

Table B3. Unemployment and current account balance

 Standardised unemployment rate (a)
 (per cent of GDP)

 2008 2009 2010 2011 2012 2013-17

Australia 4.2 5.5 5.2 5.1 5.0 4.6
Austria 3.8 4.8 4.2 3.9 3.7 3.8
Belgium 7.0 7.9 8.6 8.3 8.2 8.2
Bulgaria 5.6 6.9 9.9 8.8 8.4 8.4
Canada 6.2 8.3 8.0 7.0 6.2 5.7
China -- -- -- -- -- --
Czech Republic 4.4 6.7 7.3 7.8 7.2 4.7
Denmark 3.3 6.0 7.2 5.8 4.5 4.7
Estonia 5.6 13.8 18.3 15.4 13.1 12.5
Finland 6.4 8.2 8.6 8.5 7.4 5.7
France 7.8 9.4 9.8 9.8 9.6 8.8
Germany 7.3 7.5 7.0 6.7 6.4 5.4
Greece 7.7 9.5 12.2 13.5 13.6 12.5
Hungary 7.8 10.0 10.9 9.7 9.1 6.0
Ireland 6.3 11.9 13.5 12.9 11.5 9.1
Italy 6.7 7.8 8.4 8.3 8.2 7.5
Japan 4.0 5.1 5.1 5.0 5.1 5.0
Lithuania 5.8 13.7 17.6 14.9 14.0 13.4
Latvia 7.5 17.1 17.7 12.9 11.0 11.2
Netherlands 3.0 3.7 4.5 4.4 4.5 3.9
Poland 7.2 8.2 9.4 8.1 6.2 3.1
Portugal 7.8 9.6 10.7 10.8 10.5 8.9
Romania 5.8 6.8 6.4 6.1 6.8 6.6
Slovakia 9.5 12.0 13.8 10.4 10.0 10.0
Slovenia 4.4 5.9 6.8 5.9 5.8 5.9
Spain 11.4 18.0 20.1 20.9 20.8 19.4
Sweden 6.2 8.3 8.4 7.8 7.6 8.1
UK 5.7 7.6 7.8 8.5 8.3 6.4
US 5.8 9.3 9.6 9.0 8.2 6.7

 Current account balance (per cent of GDP)

 2008 2009 2010 2011 2012 2013-17

Australia -4.5 -3.3 -1.4 -0.1 0.4 2.4
Austria 3.2 2.3 1.2 -0.3 -0.3 -2.2
Belgium -2.9 0.3 3.2 6.2 6.7 6.6
Bulgaria -23.3 -9.3 -4.5 -3.8 -9.3 -15.6
Canada 0.4 -2.9 -2.0 -0.7 -0.2 -0.3
China 10.7 6.5 6.6 6.4 6.9 8.7
Czech Republic -0.6 -1.0 -0.8 -0.7 1.5 5.6
Denmark 2.0 4.1 4.3 8.6 9.4 7.3
Estonia -10.4 4.9 2.1 2.6 2.0 4.5
Finland 3.1 1.3 1.5 5.4 7.4 9.7
France -1.9 -1.9 -1.4 -2.7 -3.7 -5.0
Germany 6.7 4.9 4.4 3.3 1.4 -1.0
Greece -14.7 -11.2 -8.4 -7.8 -8.6 -9.8
Hungary -7.0 0.2 2.6 5.2 6.0 5.4
Ireland -5.6 -3.0 -5.7 -1.9 -1.3 -3.8
Italy -3.4 -3.2 -3.8 -3.5 -2.5 -0.5
Japan 3.3 2.8 3.2 4.0 4.6 6.3
Lithuania -12.7 3.9 4.8 6.8 8.8 12.1
Latvia -15.0 9.4 6.8 9.6 14.0 16.2
Netherlands 4.8 5.1 7.4 7.3 7.8 10.0
Poland -5.0 -1.7 -0.3 1.7 2.8 0.2
Portugal -12.6 -10.3 -8.5 -8.6 -8.9 -8.3
Romania -16.5 -6.4 -6.1 -2.7 -0.9 -3.2
Slovakia -7.8 -4.4 4.3 1.9 0.9 -2.7
Slovenia -6.7 -1.5 -3.7 -0.5 1.4 1.2
Spain -9.7 -5.5 -5.2 -5.7 -5.0 -5.6
Sweden 9.7 7.5 8.1 9.1 10.2 11.7
UK -1.6 -1.3 -3.1 -2.7 -0.7 0.4
US -4.7 -2.7 -3.4 -3.6 -3.2 -2.7

Table B4. United States

 2007 2008 2009 2010

GDP 1.9 0.0 -2.6 2.8

Consumption 2.4 -0.3 -1.2 1.6
Investment: housing -18.7 -24.0 -22.9 1.2
 business 6.7 0.3 -17.1 4.7
Government: consumption 1.3 2.5 1.9 1.3
 : investment 1.7 4.3 0.2 0.8
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 12.3
Import volumes 2.7 -2.6 -13.8 13.4

Average earnings 4.2 3.9 2.7 1.2
Private consumption deflator 2.7 3.3 0.2 1.8
RPDI 2.1 1.9 0.8 1.3
Unemployment, % 4.6 5.8 9.3 9.6

General Govt. balance as % of GDP -2.9 -6.4 -11.3 -11.0
General Govt. debt as % of GDP (b) 60.9 71.6 82.9 90.2

Current account as % of GDP -5.1 -4.7 -2.7 -3.4

 Percentage
 change

 Average
 2011 2012 2013-2017

GDP 2.8 2.7 2.7

Consumption 2.6 2.1 1.8
Investment: housing 5.0 4.6 10.7
 business 7.8 8.0 7.1
Government: consumption 0.5 -0.5 2.1
 : investment 3.8 1.8 2.4
Stockbuilding (a) 0.0 0.0 0.0
Total domestic demand 3.0 2.3 2.8

Export volumes 9.3 5.8 3.9
Import volumes 8.9 3.1 4.4

Average earnings 1.5 1.9 3.1
Private consumption deflator 2.0 2.2 2.0
RPDI 0.8 0.5 2.2
Unemployment, % 9.0 8.2 6.7

General Govt. balance as % of GDP -9.4 -6.5 -4.7
General Govt. debt as % of GDP (b) 95.1 97.2 97.3

Current account as % of GDP -3.6 -3.2 -2.7

Note: (a) Change as a percentage of GDP. (b) End-of-year basis.

Table B5. Canada

 2007 2008 2009 2010

GDP 2.2 0.5 -2.5 3.0

Consumption 4.6 2.9 0.4 3.2
Investment: housing 2.8 -3.7 -8.2 13.0
 business 3.5 2.2 -20.0 3.5
Government: consumption 2.7 3.9 3.5 3.2
 investment 6.5 5.6 15.0 10.6
Stockbuilding (a) 0.0 -0.2 -0.9 0.8
Total domestic demand 4.0 2.4 -2.8 4.8

Export volumes 1.2 -4.6 -14.2 7.5
Import volumes 5.9 1.2 -13.9 12.4

Average earnings 3.8 3.0 2.6 1.9
Private consumption deflator 1.6 1.6 0.5 1.4
RPDI 4.0 3.7 1.2 2.6
Unemployment, % 6.1 6.2 8.3 8.0

General Govt. balance as % of GDP 1.4 0.0 -5.5 -4.9
General Govt. debt as % of GDP (b) 64.0 71.2 80.7 81.7

Current account as % of GDP 0.8 0.4 -2.9 -2.0

 Percentage
 change

 Average
 2011 2012 2013-2017

GDP 3.0 3.0 2.7

Consumption 2.3 3.0 3.2
Investment: housing 7.5 9.0 7.7
 business 7.1 7.5 4.6
Government: consumption 1.9 2.1 2.3
 investment 0.3 0.4 1.9
Stockbuilding (a) 0.3 0.1 0.0
Total domestic demand 3.2 3.6 3.4

Export volumes 7.7 4.3 2.2
Import volumes 7.1 5.6 4.0

Average earnings 3.7 4.9 5.1
Private consumption deflator 2.1 2.1 2.1
RPDI 1.7 3.8 3.7
Unemployment, % 7.0 6.2 5.7

General Govt. balance as % of GDP -3.3 -2.5 -1.6
General Govt. debt as % of GDP (b) 80.8 79.4 73.5

Current account as % of GDP -0.7 -0.2 -0.3

Note: (a) Change as a percentage of GDP. (b) End-of-year basis.

Table B6. Japan

 2007 2008 2009 2010 2011

GDP 2.3 -1.2 -5.2 3.2 2.0

Consumption 1.6 -0.6 -1.0 1.9 0.2
Investment: housing -9.4 -8.5 -13.9 -9.1 -1.3
 business 2.3 -0.1 -19.1 2.1 5.0
Government: consumption 1.5 0.3 1.5 1.7 1.4
 investment -7.4 -8.5 8.0 -6.0 -10.3
Stockbuilding (a) 0.3 -0.4 -0.4 -0.2 0.1
Total domestic demand 1.3 -1.3 -4.0 1.0 0.8

Export volumes 8.4 1.7 -24.1 28.9 16.7
Import volumes 1.6 1.0 -16.8 12.5 13.3

Average earnings -1.2 1.6 0.5 -0.8 -0.3
Private consumption deflator -0.6 0.4 -2.2 -1.5 0.0
RPDI 0.5 -0.6 0.3 0.8 -0.4
Unemployment, % 3.9 4.0 5.1 5.1 5.0

Govt. balance as % of GDP -2.4 -2.1 -7.2 -6.6 -5.4
Govt. debt as % of GDP (b) 167.4 177.5 192.8 196.6 195.8

Current account as % of GDP 4.8 3.3 2.8 3.2 4.0

 Percentage
 change

 Average
 2012 2013-2017

GDP 1.5 1.5

Consumption 0.1 0.6
Investment: housing -0.7 3.4
 business 3.3 4.4
Government: consumption 1.3 1.2
 investment 3.0 1.0
Stockbuilding (a) 0.2 0.0
Total domestic demand 1.1 1.4

Export volumes 8.1 4.3
Import volumes 8.4 5.1

Average earnings 0.6 1.6
Private consumption deflator 0.8 1.3
RPDI 0.0 0.9
Unemployment, % 5.1 5.0

Govt. balance as % of GDP -4.7 -3.9
Govt. debt as % of GDP (b) 194.7 187.8

Current account as % of GDP 4.6 6.3

Note: (a) Change as a percentage of GDP. (b) End-of-year basis.

Table B7. Euro Area

 2007 2008 2009 2010 2011 2012

GDP 2.9 0.3 -4.0 1.8 2.1 1.8

Consumption 1.7 0.4 -1.1 1.0 1.2 1.3
Private investment 4.9 -1.2 -13.4 -0.6 2.8 2.6
Government: consumption 2.2 2.3 2.5 0.5 1.4 0.4
 investment 2.1 1.2 5.6 1.3 -1.8 -1.2
Stockbuilding (a) 0.1 -0.2 -0.7 0.5 0.1 0.1
Total domestic demand 2.5 0.3 -3.3 1.1 1.6 1.4

Export volumes 6.3 0.6 -12.9 9.8 8.5 4.8
Import volumes 5.6 0.5 -11.6 9.5 6.4 4.0

Average earnings 2.0 3.0 1.7 1.5 1.9 2.1
Harmonised consumer prices 2.1 3.3 0.3 1.4 1.5 1.7
RPDI 1.5 1.1 1.3 0.7 0.3 0.8
Unemployment, % 7.5 7.6 9.4 10.0 9.9 9.7

Govt. balance as % of GDP -0.6 -2.0 -6.3 -6.4 -5.4 -4.3
Govt. debt as % of GDP (b) 66.4 69.8 81.1 84.1 86.9 88.5

Current account as % of GDP 0.1 -1.7 -0.6 -1.1 -0.6 -0.9

 Percentage
 change

 Average
 2013-2017

GDP 1.9

Consumption 1.2
Private investment 3.2
Government: consumption 1.0
 investment 1.1
Stockbuilding (a) 0.1
Total domestic demand 1.6

Export volumes 3.5
Import volumes 3.1

Average earnings 2.8
Harmonised consumer prices 1.8
RPDI 1.6
Unemployment, % 8.9

Govt. balance as % of GDP -2.8
Govt. debt as % of GDP (b) 87.1

Current account as % of GDP -1.5

Note: (a) Change as a percentage of GDP.
(b) End-of-year basis; Maastricht definition.

Table B8. Germany

 2007 2008 2009 2010 2011 2012

GDP 2.8 0.7 -4.7 3.4 2.8 1.7

Consumption -0.2 0.6 -0.1 0.6 1.9 1.8
Investment: housing -1.4 -0.3 -0.8 1.8 6.6 5.3
 business 8.1 2.0 -15.5 7.4 6.3 3.4
Government: consumption 1.6 2.3 2.9 2.8 0.6 0.8
 investment 1.3 7.1 7.0 6.5 2.1 -0.8
Stockbuilding (a) 0.1 -0.2 -0.3 0.7 0.2 0.2
Total domestic demand 1.4 1.0 -2.0 2.8 2.7 2.2

Export volumes 7.9 2.0 -14.3 11.6 7.9 5.8
Import volumes 5.2 2.9 -9.4 10.9 8.1 7.2

Average earnings 0.8 2.6 2.7 0.6 1.6 1.8
Harmonised consumer prices 2.3 2.7 0.2 1.0 1.5 1.4
RPDI 0.0 1.8 -0.9 0.1 0.6 0.3
Unemployment, % 8.4 7.3 7.5 7.0 6.7 6.4

Govt. balance as % of GDP 0.2 0.0 -3.3 -4.8 -3.8 -2.5
Govt. debt as % of GDP (b) 64.9 66.3 73.5 74.4 76.2 78.1

Current account as % of GDP 7.6 6.7 4.9 4.4 3.3 1.4

 Percentage
 change

 Average
 2013-2017

GDP 1.8

Consumption 0.8
Investment: housing 3.6
 business 1.3
Government: consumption 1.1
 investment 0.8
Stockbuilding (a) 0.2
Total domestic demand 1.3

Export volumes 4.2
Import volumes 3.5

Average earnings 2.4
Harmonised consumer prices 1.5
RPDI 1.4
Unemployment, % 5.4

Govt. balance as % of GDP -1.5
Govt. debt as % of GDP (b) 78.7

Current account as % of GDP -1.0

Note: (a) Change as a percentage of GDP.
(b) End-of-year basis; Maastricht definition.

Table B9. France

 2007 2008 2009 2010 2011 2012

GDP 2.3 0.1 -2.5 1.9 1.9 1.6

Consumption 2.5 0.5 0.6 1.7 1.2 1.3
Investment: housing 4.6 -2.7 -8.6 -3.0 -0.2 2.1
 business 6.8 2.4 -8.2 -1.7 1.0 1.4
Government: consumption 1.5 1.6 2.8 1.4 0.9 -0.1
 investment 4.3 -2.9 0.6 -0.8 1.0 -0.5
Stockbuilding (a) 0.2 -0.5 -2.2 0.6 0.2 0.3
Total domestic demand 3.2 0.2 -2.6 1.5 1.3 1.3

Export volumes 2.5 -0.8 -12.2 11.4 9.8 4.9
Import volumes 5.7 0.3 -10.6 8.3 6.1 3.7

Average earnings 1.6 3.2 1.7 1.9 2.0 1.8
Harmonised consumer prices 1.6 3.2 0.1 1.8 1.7 1.6
RPDI 3.1 0.4 3.0 2.2 0.4 1.1
Unemployment, % 8.4 7.8 9.4 9.8 9.8 9.6

Govt. balance as % of GDP -2.7 -3.3 -7.5 -7.1 -6.5 -5.2
Govt. debt as % of GDP (b) 63.8 67.5 77.7 82.9 87.0 89.7

Current account as % of GDP -1.0 -1.9 -1.9 -1.4 -2.7 -3.7

 Percentage
 change

 Average
 2013-2017

GDP 1.9

Consumption 1.5
Investment: housing 3.6
 business 1.8
Government: consumption 0.8
 investment 1.1
Stockbuilding (a) 0.3
Total domestic demand 1.7

Export volumes 3.7
Import volumes 3.1

Average earnings 2.4
Harmonised consumer prices 1.4
RPDI 1.8
Unemployment, % 8.8

Govt. balance as % of GDP -3.0
Govt. debt as % of GDP (b) 90.6

Current account as % of GDP -5.0

Note: (a) Change as a percentage of GDP.
(b) End-of-year basis; Maastricht definition.

Table B10. Italy

 2007 2008 2009 2010 2011

GDP 1.4 -1.3 -5.1 1.1 1.5

Consumption 1.1 -0.8 -1.8 0.5 0.6
Investment: housing 0.5 -3.1 -9.3 -3.4 2.4
 business 2.2 -4.0 -16.7 4.4 4.9
Government: consumption 0.9 0.8 0.6 -0.3 0.5
 investment -1.5 -5.3 6.0 -1.6 -1.3
Stockbuilding (a) 0.2 -0.3 -0.5 0.3 0.1
Total domestic demand 1.3 -1.4 -3.9 1.0 1.2

Export volumes 3.9 -3.9 -19.1 7.9 7.2
Import volumes 3.3 -4.3 -14.6 7.5 6.1

Average earnings 2.0 3.7 1.0 0.5 0.9
Harmonised consumer prices 2.0 3.5 0.8 1.5 1.2
RPDI 0.1 -0.4 -0.2 0.3 0.2
Unemployment, % 6.2 6.7 7.8 8.4 8.3

Govt. balance as % of GDP -1.5 -2.7 -5.3 -5.3 -4.8
Govt. debt as % of GDP (b) 103.5 106.1 115.9 119.1 120.4

Current account as % of GDP -2.4 -3.4 -3.2 -3.8 -3.5

 Percentage
 change

 Average
 2012 2013-2017

GDP 1.7 1.6

Consumption 0.5 0.7
Investment: housing 1.3 3.0
 business 2.6 3.5
Government: consumption 0.3 0.9
 investment -2.7 0.5
Stockbuilding (a) 0.0 0.0
Total domestic demand 0.7 1.2

Export volumes 4.1 3.2
Import volumes 0.5 1.8

Average earnings 1.5 3.0
Harmonised consumer prices 1.9 2.2
RPDI 0.9 1.2
Unemployment, % 8.2 7.5

Govt. balance as % of GDP -4.3 -3.3
Govt. debt as % of GDP (b) 120.0 114.6

Current account as % of GDP -2.5 -0.5

Note: (a) Change as a percentage of GDP.
(b) End-of-year basis: Maastricht definition.

Table B11. Spain

 2007 2008 2009 2010 2011

GDP 3.6 0.9 -3.7 -0.1 1.2

Consumption 3.7 -0.6 -4.2 2.2 2.4
Investment: housing 3.0 -10.3 -24.5 -18.9 -10.1
 business 6.2 -4.1 -18.6 -8.7 1.7
Government: consumption 5.5 5.8 3.2 0.4 -0.1
 investment -1.4 4.0 15.4 10.2 -13.3
Stockbuilding (a) -0.1 0.1 0.0 0.1 0.0
Total domestic demand 4.1 -0.5 -5.9 -0.4 0.6

Export volumes 6.7 -1.1 -11.6 8.9 7.6
Import volumes 8.0 -5.3 -17.8 6.9 5.1

Average earnings 5.5 5.3 3.4 1.6 0.4
Harmonised consumer prices 2.8 4.1 -0.2 1.6 1.8
RPDI 2.4 2.1 4.0 -0.8 -1.5
Unemployment, % 8.3 11.4 18.0 20.1 20.9

Govt. balance as % of GDP 1.9 -4.1 -11.2 -10.5 -8.0
Govt. debt as % of GDP (b) 36.2 39.7 53.2 63.3 68.9

Current account as % of GDP -10.0 -9.7 -5.5 -5.2 -5.7

 Percentage
 change

 Average
 2012 2013-2017

GDP 1.7 2.7

Consumption 1.2 1.7
Investment: housing 3.1 14.3
 business 4.5 7.9
Government: consumption 0.2 1.6
 investment -4.3 1.6
Stockbuilding (a) 0.0 0.0
Total domestic demand 1.3 3.2

Export volumes 3.8 2.8
Import volumes 2.3 4.2

Average earnings 2.0 3.8
Harmonised consumer prices 1.6 2.2
RPDI 1.3 2.5
Unemployment, % 20.8 19.4

Govt. balance as % of GDP -6.8 -4.5
Govt. debt as % of GDP (b) 72.2 75.0

Current account as % of GDP -5.0 -5.6

Note: (a) Change as a percentage of GDP.
(b) End-of-year basis; Maastricht definition.