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Boletín Estadístico

Notes to the tables of chapter 1: Main economic indicators of the Euro Area

Table 1.1. Activity, prices and labour market

Sources: Eurostat and ECB (Monthly Bulletin, "Euro area statistics").

  1. Components exclude changes in inventories. Based mainly on the ESA 95.
  2. Exports and imports cover goods and services and include internal cross-border trade in the euro area.
  3. Employment data are based on the ESA 95. Due to sample differences, the sum of quarterly data does not coincide with the annual data. Unemployment data follow the recommendations of ILO.
  4. ECU billion to end-1998.

Table 1.2, 1.3 y 1.4. Saving, investment and financing

Source: ECB, Monthly Bulletin, "Euro area statistics", table 3.4.

  1. Non-consolidated data.
  2. All sector comprise general government (S.13), non-financial corporations (S.11), financial corporations (S.12) and households (S.14) including non-profit institutions serving households (S.15).
  3. Including net acquisition of valuables.
  4. Excluding financial derivatives.
  5. Financial derivatives, other accounts receivable/payable and statistical discrepancies.
  6. Arising from saving and net capital transfers receivable, after allowance for consumption of fixed capital (-).
  7. Gross saving as a percentage of disposable income.

Table 1.5. Prices

Source: Eurostat.

  1. The year 2001 has been revised as a result of the inclusion of sales prices in the Spanish and Italian indices and of a new basket of goods and services in the Spanish index.
  2. Including alcoholic beverages and tobacco.
  3. Refers to the index for the period 2006.

Table 1.6. General government deficit

Sources: Eurostat and ECB (Monthly Bulletin, "Euro area statistics").

  1. The data correspond to ESA 95.
  2. Difference between the annual change in nominal gross consolidated debt and the deficit as a percentage of GDP.

Table 1.7. General government nominal gross consolidated debt

Sources: Eurostat and ECB (Monthly Bulletin, "Euro area statistics").

  1. The data correspond to ESA 95.

Table 1.8. Aggregated and consolidated balance sheet and transactions (adjusted flows) of the euro area MFIs, including the Eurosystem

Sources: ECB and in-house calculations.

  1. Also includes the counterpart of Central Government monetary transactions.

Table 1.9. Euro area monetary aggregates and counterparts of M3. Summary

Sources: ECB and in-house calculations.

Table 1.10. Euro area monetary aggregates and counterparts of M3. Consolidated balances. Original series

Source: ECB.

  1. Data refer to the changing composition of the euro area.
  2. Incorporates the adjustments made to certain instruments (shares in money market funds, money market instruments and securities other than shares issued with a maturity of up to two years), issued by MFIs resident in the euro area, in order to deduct that part of such issues which should not be included in M3 as it is held by non-residents. These adjustments, which it was not possible to make until 2001 owing to the limitations of the statistical sources, have been introduced in two stages and have entailed modification of the time series from January 1999, inclusive, onwards. In the first stage (May 2001), that part of the series corresponding to shares in money market funds was revised and in the second stage (October 2001), the part corresponding to all other instruments. For further details see Box 1 in the November 2001 issue of the ECB Monthly Bulletin.
  3. Includes loans and securities.

Table 1.11. Euro area monetary aggregates and counterparts of M3.Transactions (adjusted flows). Original series

Source: ECB.

  1. Data refer to the changing composition of the euro area.
  2. See note (b) to the table 1.10.
  3. Includes loans and securities.

Table 1.12. Euro area monetary aggregates and counterparts of M3. Consolidated balance-sheet and transactions (adjusted flows). Seasonally adjusted series

Source: ECB.

  1. Data refer to the changing composition of the euro area.
  2. For the details of the method used to calculate the seasonally adjusted series, see the ECB publication "Seasonal adjustment of monetary aggregates and HICP for the euro area", August 2000.
  3. See note (b) to the table 1.10.

Table 1.13. Contribution of the MFIs resident in Spain to the euro area monetary aggregates and counterparts of M3

Source: BE.

  1. Data refer to the changing composition of the euro area.
  2. This table is a requirement of the IMF in connection with the Special Data Dissemination Standard (SDDS).
  3. See note (b) to the table 1.10.
  4. Includes loans and securities.
  5. These aggregates exclude cash held by the public, which is included under the counterparts. Since January 2002, cash held by the public has been calculated by applying to the euro banknotes in circulation the percentage assigned by the Banco de España in accordance with Eurosystem accounting arrangements (see the footnote to the summary balance sheet at the end of this bulletin), plus coins in euro and banknotes and coins in pesetas not converted into euro, minus MFIs’ holdings of cash. Since January 2003, banknotes and coins in pesetas not converted into euro have been excluded.

Table 1.14. Euro area monetary aggregates and the contribution of MFIs resident in Spain to the aggregates

Sources: ECB and BE.

  1. Data refer to the changing composition of the euro area.
  2. Rates computed using transactions (adjusted flows).
  3. The contribution of MFIs resident in Spain refers to the original unadjusted series.
  4. Includes loans and securities.
  5. Rates calculated on the basis of contributions which exclude cash (see note (e) to Table 1.13).

Table 1.15. Interest rates

Source: ECB, Monthly Bulletin, "Euro area statistics", tables 1.2, 1.3, 4.5, 4.6 and 4.7.

  1. With the exception of the overnight rate to December 1998, monthly and yearly values are period averages.
  2. To December 1998, 3-year euro area yields are end-of-period values and 10-year yields are period averages. Thereafter, all yields are period averages.
  3. Before January 1999 synthetic euro area rates were calculated on the basis of national rates weighted by GDP.
  4. From January 1999, column 5 shows the euro overnight index average (EONIA); other euro area money market rates from January 1999 are euro interbank offered rates (EURIBOR).
  5. The annual percentage rate of charge is the weighted average rate accross all maturities and equals the total cost of the loans. These total costs comprise an interest rate component and a component of other charges.
  6. Interest rates on loans up to EUR 1 million.

Table 1.16. Exchange rates

Source: ECB, Monthly Bulletin, "Euro area statistics", tables 8.1 and 8.2.

  1. To December 1998, rates for the ECU (source BIS); from January 1999, rates for the euro.
  2. The effective exchange rates of the euro are ECB calculated indices based on weighted averages of bilateral euro exchange rates. A positive change denotes an appreciation of the euro. Weights are based on manufactured goods trade with the main trading partners and capture third-market effects. Real rate are calculated using consumer prices (CPI). For more detailed information on the calculation of effective exchange rates, see the section 8.1 general notes in the ECB's Monthly Bulletin, which can be downloaded from the ECB’s website (www.ecb.europa.eu).

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