Europaudvalget 2024
KOM (2024) 0702
Offentligt
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EUROPEAN
COMMISSION
Strasbourg, 17.12.2024
SWD(2024) 702 final
COMMISSION STAFF WORKING DOCUMENT
On the changes in the scoreboard of the Macroeconomic Imbalance Procedure
Accompanying the document
COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN
PARLIAMENT, THE COUNCIL AND THE EUROPEAN ECONOMIC AND SOCIAL
COMMITTEE
Alert Mechanism Report 2025
prepared in accordance with Article 3 of Regulation (EU) No 1176/2011
on the prevention and correction of macroeconomic imbalances
{COM(2024) 702 final} - {SWD(2024) 700 final} - {SWD(2024) 701 final}
EN
EN
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This Commission staff working document specifies the changes to the Macroeconomic
Imbalance Procedure (MIP) scoreboard that are implemented in the context of its regular
review process. The adjusted scoreboard is used in the current 2025 European Semester,
starting with the publication of the Alert Mechanism Report.
1. Background
The macroeconomic imbalance procedure (MIP) Regulation
1
sets out that the
Commission should regularly assess the appropriateness of the MIP scoreboard.
2
This
regular assessment may concern the composition of the indicators, the thresholds set, and the
methodology used to calculate the indicators and has regularly led to scoreboard adjustments
in the past. The Commission has informed the European Parliament and the Council of the
envisaged changes to the indicators and thresholds and explained its reasons for suggesting
such changes. There was broad support in both the European Parliament and the Council with
the changes envisaged, although there were some calls for further revisions. The work of the
ESRB has been considered for indicators relevant to financial market stability. Finally, the
Commission is required to make the set of indicators and thresholds in the scoreboard public.
The revisions account for the latest developments in statistical indicators and aim at
making the scoreboard more compact, better balanced between different thematic blocks,
and more forward-looking.
They are guided by the following principles: (i)
stability
(avoiding excessively frequent revisions); (ii)
no variable proliferation
(the number of
variables as a rule should not increase, to respect the regulation requirement regarding
parsimony of the scoreboard); (iii)
relevance and salience
for MIP surveillance; and (iv)
the
need to account for ongoing statistical quality improvements.
3
The current note presents the revisions to the MIP scoreboard.
The changes are described
in Section 2, and Section 3 presents the main observations from a first test run of the revised
scoreboard based on 2022 data.
2. Revisions of the MIP scoreboard
The main changes for the MIP scoreboard can be set out by thematic blocks:
4
•
For the
external sector block,
no changes are made to the headline indicators or their
thresholds. The scoreboard retains the three-average of current account balances (with
thresholds -4/+6% of GDP) and the NIIP (with a threshold of -35% of GDP) as headline
indicators. Two of the five associated auxiliary indicators, notably those related to FDI
flows and stocks are dropped in the interest of parsimony.
For the
competitiveness block,
with regard to the headline indicators, the thresholds of the
HICP-based REERs is narrowed down from ±5% for EA and ±11% for non-EA countries
to ±3% for EA and ±10% for non-EA countries to take into account the distributional
characteristics of more recent data (for more details, see Annex 2). The indicator on export
•
1
Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the
prevention and correction of macroeconomic imbalances, OJ L 306, 23/11/2011, p. 25.
2
Article 4(7) of Regulation (EU) 1176/2011. For an overview of past changes, see Annex 5.
3
Chairman’s Summary of the LIME Working Group meeting on 15 June 2016, presented to EPC, June 24 2016
4
An overview of the indicators in the previous version of the MIP scoreboard that underpinned the 2024 MIP
round is presented in Annex 1.
1
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performance against advanced economies
5
is upgraded from auxiliary to headline indicator,
as it can be considered to offer a more relevant basis for comparison of EU economies than
the export market share, which is downgraded to the auxiliary indicators. Export
performance is expressed as a 3-year instead of a 5-year change (%), to enhance its
relevance from a forward-looking perspective, and a lower threshold of -3% applies (based
on 25
th
percentile of the 1995-2022 sample; see Annex 2). A new definition (based on hours
worked) is used for nominal unit labour costs (NULC), as data recently became available,
while retaining the existing thresholds of 9% for euro area Members, and 12% for other
Member States, as the distributional characteristics of the old indicator are not very
different from those of the new indicator (see Annex 2). With regard to the auxiliary
indicators, the previous headline indicator on the export market share (% world exports) is
moved to the auxiliary indicators (and expressed as 3-year instead of a 5-year change (%));
real GDP growth is henceforth replaced by real GDP per capita (in EUR, chain-linked
volumes); labour productivity is calculated on the basis of hours worked instead of persons
employed; and the core inflation differential (pps) vis-à-vis the euro area is introduced as a
new auxiliary indicator. Furthermore, a number of auxiliary variables are dropped in the
interest of parsimony: the real effective exchange rate vis a vis euro area trading partners,
the export market share in volumes, terms of trade, and unit labour cost performance
relative to the EA.
•
For the
public and private debt block,
the private debt stock is split out into household
(+NPISH)
6
debt and debt of non-financial corporations (NFC) in recognition of the need
for separate analysis. The applicable thresholds are 55% and 85% of GDP respectively
(based on 75
th
percentile of 1995-2007 sample, see Annex 2). To acknowledge that gross
disposable household income is a better measure of households’ repayment capacity than
GDP, while data coverage remains incomplete, household debt as a share of gross
disposable household income is introduced as a new auxiliary indicator.
7
Private credit flows
are split between households (including NPISH) and NFCs, allowing
the use of more sector-specific denominators, in particular sectoral debt stocks in
t – 1.
FDI
flows are excluded from the credit flows to NFCs (both in the numerator and in the
denominator) to account for the fact that FDI lending has a different impact on the domestic
financial stability than internal lending. It is noteworthy that as a consequence, the debt
stock in the denominator of the credit flows headline indicator is different from the debt
stock used in the debt stock headline indicator. Based on the 75
th
percentile of the statistical
distribution over the full time series available (1996-2022), the thresholds can then be set
at 14% for HH credit flows and 13% for NFC credit flows respectively (for more details,
see Annex 2). For NFC credit flows, thresholds have been calculated based on the 75
th
percentile of the statistical distribution of the data that do not exclude FDI debt because of
the lack of historical data on FDI debt. However, statistics on the past decade, for which
FDI debt data are more complete, suggests that the 75
th
percentile is relatively similar for
the version of the indicator that excludes and the version of the indicator that does not
exclude FDI debt.
•
5
Export performance against advanced economies
measures developments in shares of exports of goods and
services of EU Member States in relation to total exports of goods and services of OECD countries and non-
OECD EU Member States (see ESTAT variable tipsbp60).
6
NPISH: non-profit institutions serving households.
7
Data on gross disposable household income are taken from Eurostat sector accounts data [nasa_10_nf_tr]. They
refer to
adjusted
gross disposable income (B7G rather than B6G) to take into account social transfers in kind.
Currently, no annual data are available on gross disposable household income for Malta and Romania, while for
Bulgaria data are only available up to 2017.
2
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•
For the
financial sector block,
the headline indicator (total financial sector liabilities) is
dropped in recognition of the absence of a comprehensive financial sector indicator for
which a threshold could sensibly be determined; and of the existence of several other
financial sector surveillance mechanisms that have by now been set up at the EU-level
outside of the MIP. Instead, the financial sector will be monitored henceforth through three
auxiliary indicators covering the banking sector. The auxiliary indicator on non-performing
loans remains in place. Two new auxiliary indicators are introduced: the tier-1 capital ratio
of the banking sector
8
as a % of risk-weighted assets, to assess bank capitalization, and the
return on equity of the banking sector (%), to assess their profitability. The previous
auxiliary indicator on banking leverage is dropped. The lack of a headline indicator in the
Scoreboard by no means implies reduced importance given to the financial sector in the
Commission’s macroeconomic surveillance.
For the
housing market block,
the current headline indicator, the deflated house price
index (annual change), is replaced by the nominal house price index (annual change)
9
,
which proved to be a more useful indicator during the recent high inflation episode. The
threshold is set at +9% (based on the 75
th
percentile of the 1995-2022 sample) (for more
details, see Annex 2). It is complemented by two new auxiliary indicators: the standardised
house price-to-income ratio,
10
to reflect medium-term developments, and an indicator
reflecting dynamics in housing supply. The building permits indicator (square metres per
1000 inhabitants) is useful here as it is provided by ESTAT
11
and has good data coverage
and timeliness properties. The previous auxiliary indicator on residential construction is
dropped as on the basis that it provides less value added.
The
employment and social indicators block
is streamlined, from 4 headline and 9 (+5)
auxiliary indicators to 2 headline and 8 auxiliary indicators, bringing the overall number of
indicators more in line with other blocks. The unemployment rate and the labour force
participation rate are maintained as headline indicators with the same thresholds as before,
and annual data are considered for the unemployment rate rather than its 3-year average to
improve the forward-looking character of the variable. Indicators that were so far present
in multiple transformations are de-duplicated. In view of ongoing demographic
developments, employment is measured through the employment rate instead of in persons.
The age group of the NEET (young people neither in employment nor in education or
training) rate is expanded from Y15-24 to Y15-29 in line with the definition of the
corresponding headline indicator in the Social Scoreboard.
•
•
8
Note that the relevant sample of banks for use in the MIP scoreboard includes foreign-owned branches and
subsidiaries operating on the territory of the Member State.
9
Greece does not provide official data on house prices to Eurostat.
10
The standardised house price-to-income ratio is defined as the ratio of the current house price-to-income ratio
relative to the long-term average house price-to-income ratio, calculated over the period 2000 to the most recent
data available and expressed as an index. If the index equals 100, it means the current house price-to-income ratio
is equal to its long term average. House prices are provided by Eurostat, and income is calculated as adjusted
gross disposable household income (B7G) per head of population based on Eurostat data.
11
https://ec.europa.eu/eurostat/databrowser/view/sts_cobp_a__custom_11773473/default/table?lang=en
3
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Table 1: Revisions of the scoreboard
Variable
Block 1: External sector
Current account balance
Net International Investment Position (NIIP)
NIIP excluding non-defaultable instruments
(NENDI)*
Net lending / borrowing* (Current plus capital
account)
Net trade balance of energy products*
Block 2: Competitiveness
Real effective exchange rate, 42 trading partners
HICP deflator
Export performance against advanced
economies
Nominal unit labour cost index
(per hour
worked)
(2015=100)
Real GDP
per capita*
Gross fixed capital formation*
Gross domestic expenditure on R&D*
Export market share (% world exports)*
Labour productivity
(per hour worked)*
Core inflation differential vis-à-vis EA*
Block 3: Public and private debt
General government gross debt
Household (+NPISH) debt - consolidated
NFC debt - consolidated
Household (+NPISH) debt – consolidated*
Private credit flows
Household (+NPISH) credit flow - consolidated
NFC credit flow - consolidated, excl. FDI
Block 4: Financial sector
Gross non-performing loans, domestic and
foreign entities*
Tier-1 capital ratio of banking sector*
Return on equity of banking sector*
Unit
% GDP, 3y avg.
% GDP
% GDP
% GDP
% GDP
Threshold
-4/+6%
-35%
-
-
-
Source
Eurostat BoP/NA
Eurostat BoP/NA
Eurostat BoP/NA
Eurostat BoP/NA
Eurostat Internat.
trade stat./NA
DG ECFIN
Eurostat BoP
Eurostat NA
Eurostat NA
Eurostat NA
Eurostat Business
Statistics/NA
Eurostat/IMF
BoP
Eurostat NA
Eurostat HICP
Eurostat
EDP/GFS
Eurostat NA
(FA)
Eurostat NA
(FA)
Eurostat NA
(FA)
Eurostat NA
(FA)
Eurostat NA
(FA)/BoP
ECB CBD
ECB CBD
ECB CBD
3y change (%)
3y change (%)
3y change (%)
EUR
% GDP
% GDP
3y change (%)
1y change (%)
pps
% GDP
% GDP
% GDP
% GDHI
±3% (EA);
±
10% (non-EA)
-3%
9% (EA); 12%
(non-EA)
-
-
-
60%
55%
85%
-
% debt stock (t-1)
% debt stock (t-1),
excl. FDI
% gross loans
% risk-weighted
assets
%
14%
13%
-
-
4
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Block 5: Housing market
House price index, nominal
Standardised house price-to-income ratio*
Building permits*
Block 6: Employment and social indicators
Unemployment rate
Labour force participation rate
Long-term unemployment rate*
Youth unemployment rate*
Employment rate*
Young people neither in employment nor in
education or training*
People at risk of poverty or social exclusion*
Peope at risk of poverty*
Severely materially and socially deprived
people *
People living in households with very low work
intensity*
1y % change
% long term avg
(2000-current)
m² per 1000 inh
% labour force
Y15-74
3y change pps (%
pop Y15-64)
% labour force
Y15-74
% labour force
Y15-24
% pop Y20-64
% pop Y15-29
% pop
% pop
% pop
% pop Y0-64
+9%
-
-
10%
-0.2 pps
Eurostat Real
estate statistics
Eurostat Real
estate stats/NA
Eurostat STS
Eurostat EU-LFS
Eurostat EU-LFS
Eurostat EU-LFS
Eurostat EU-LFS
Eurostat EU-LFS
Eurostat EU-LFS
Eurostat EU-
SILC
Eurostat EU-
SILC
Eurostat EU-
SILC
Eurostat EU-
SILC
Notes: *: auxiliary indicators; changes compared to the existing scoreboard are marked in red and italic.
The revised scoreboard is more compact and better balanced between blocks.
Indeed, as
presented in Table 2, the revised scoreboard reduces the overall number of headline indicators
from 14 to 13 and the overall number of auxiliary indicators from 28(+5) to 23. Moreover, it
implies streamlining particularly for those blocks that were initially the most voluminous ones
(Block 6 and Block 2).
Table 2 : Number of headline and auxiliary indicators by thematic block
Block 1: External sector
Block 2: Competitiveness
Block 3: Public and private debt
Private credit flows
Block 4: Financial sector
Block 5: Housing market
Block 6: Employment and social indicators
Total number of indicators
Previous composition
2 HL, 5 AUX
3 HL, 9 AUX
2 HL, 1 AUX
1 HL
1 HL, 2 AUX
1 HL, 2 AUX
4 HL, 9 (+5) AUX
14 HL, 28 (+5) AUX
New composition
2 HL, 3 AUX
3 HL, 6 AUX
3 HL, 1 AUX
2 HL
0 HL, 3 AUX
1 HL, 2 AUX
2 HL, 8 AUX
13 HL, 23 AUX
5
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3. Test run of the new scoreboard based on 2022 data
Annex 3 presents the revised scoreboard with data for 2022 and compares it to the last
vintage of the scoreboard, that was used for the 2024 MIP round.
Annex 4 presents an
overview of indicator values in a broader historical context. The main observations for 2022
data
12
at the level of the headline indicators are:
•
The narrowing of the
REER thresholds
would increase the number of flashes from 4 to
11 in 2022, with new flashes for FI, FR, IE, NL, CY, MT, and SK. Flashing patterns would
remain somewhat more consistent over time, instead of on-off over the last decade for
countries such as the Baltics, since the thresholds are somewhat tighter.
The change in the headline indicator on
export performance
results in one additional flash
for 2022. The group of flashing countries remains broadly stable (with AT and MT newly
flashing and ES no longer flashing). The new comparator group reduces the volatility of
the indicator as compared to the export market share indicator given the lower impact of
terms of trade effects.
The change in the
NULC index
from person-based to hours-based measurement results in
NL no longer flashing. Over time, flashing patterns remain broadly the same.
The sectoral split of
private debt stocks
results in 9 flashes on HH debt, 8 flashes on NFC
debt in 2022 – as compared to 10 flashes on private debt in 2022 in the old scoreboard. All
countries that flashed on private debt in 2022 are flashing on household debt (except IE),
almost all are flashing on NFC debt (except PT and FI).
The sectoral split of the
private credit flows,
the change in denominators (to debt stock in
t-1), and the exclusion of FDI from the numerator and denominator of credit flows to NFCs
leads to one flash for BG for the household sector and three flashes for IE, LT, and HU for
NFC credit flows in 2022; while the old scoreboard would have had none.
13
The change from the real to the nominal
house price index
increases the number of flashes
from 1 (HU) to 16 in 2022. In previous years with more usual inflation rates, the old
indicator was flashing somewhat more often than the new indicator, but overall patterns
remain relatively similar.
The change in the
unemployment indicator
from 3y averages to annual data is not very
consequential. The pattern of the flashes remains very similar; with the exact same flashes
for 2022 in the old and the revised version of the scoreboard.
•
•
•
•
•
•
12
2022 observations are considered here as for many variables, as 2023 data were not yet available or stable at
the time of writing this note.
13
Because of the separation into the household and corporate sectors, the new scoreboard is more sensitive to
private sector credit flows and debt stocks. The thresholds are based on quartiles of the indicator distributions over
a time period that includes the period prior to the financial crisis, when flows were higher and stocks lower, which
mechanically results into a higher number of stock than flow flashes for the current period.
6
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Annex 1. Headline and auxiliary indicators by thematic block, 2024 MIP scoreboard
Table A1. Overview of scoreboard indicators
Variable
Block 1: External sector
Current account balance
Net International Investment Position (NIIP)
NIIP excluding non-defaultable instruments (NENDI)*
Net lending / borrowing* (Current plus capital account)
FDI in the reporting country – flows*
FDI in the reporting country – stocks*
Net trade balance of energy products*
Block 2: Competitiveness
Real effective exchange rate, 42 trading partners HICP deflator
Export market share - % of world exports
Nominal unit labour cost index (2015=100)
Real GDP *
Gross fixed capital formation *
Gross domestic expenditure on R&D *
Real effective exchange rate – euro area trading partners *
Export performance against advanced economies*
Export market share in volume *
Terms of trade *
Labour productivity *
Unit labour cost performance relative to EA *
Block 3: Public and private debt
General government gross debt
Private sector credit flow - consolidated
Private sector debt - consolidated
Household debt – consolidated *
Block 4: Financial sector
Total financial sector liabilities, non-consolidated
Gross non-performing loans, domestic and foreign entities*
Consolidated banking leverage, domestic and foreign entities*
Block 5: Housing market
House price index, deflated
House price index, nominal *
Residential construction *
Unit
% GDP, 3y avg
% GDP
% GDP
% GDP
% GDP
% GDP
% GDP
3y change (%)
5y change (%)
3y change (%)
1y change (%)
% GDP
% GDP
3y change (%)
5y change (%)
1y change (%)
5y change (%)
1y change (%)
10y change (%)
% GDP
% GDP
% GDP
% GDP
1y change (%)
% gross loans
Total assets / total
equity
1y % change
3y % change
% of GDP
Threshold
-4/+6% of GDP
-35% of GDP
-
-
-
-
-
+/-5% (EA); +/-
11% (non-EA)
-6%
9% (EA); 12%
(non-EA)
-
-
-
-
-
-
60%
14%
133%
-
16.5%
-
-
+6%
-
-
7
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Block 6: Employment and social indicators
Unemployment rate
Activity rate
Long term unemployment rate
Youth unemployment rate
Employment*
Activity rate*
Long-term unemployment rate*
Youth unemployment rate*
Young people neither in employment nor in education or
training*
Young people neither in employment nor in education or
training*
People at risk of poverty or social exclusion*
People at risk of poverty or social exclusion*
People at risk of poverty after social transfers*
People at risk of poverty after social transfers*
Severely materially and socially deprived people*
Severely materially and socially deprived people*
People living in households with very low work intensity*
People living in households with very low work intensity*
*: Auxiliary indicators
3y avg (% active pop
Y15-74)
3y change pps (%
Y15-64)
3y change pps (%
active pop Y15-74)
3y change pps (%
active pop Y15-24)
1y change persons
% pop Y15-64
% active pop Y15-74
% active pop Y15-24
3y change pps
(% pop Y15-24)
% pop Y15-24
% pop
3y change pps
(% pop)
% pop
3y change pps
(% pop)
% pop
3y change pps
(% pop)
% pop Y0-64
3y change pps
(% pop Y0-64)
10%
-0.2 pps
+0.5 pps
+2 pps
8
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Annex 2. Calculations underlying threshold choices
The MIP scoreboard includes indicative thresholds for the headline indicators, to serve
as alert levels.
14
Regulation 1176/2011 provides for the indicators to have upper and lower
alert thresholds unless inappropriate, which are differentiated for euro and non-euro area
Member States if justified by specific features of the monetary union and relevant economic
circumstances (Art. 4 § 4). The crossing of one or more indicative thresholds nonetheless need
not imply that macroeconomic imbalances are emerging, as economic policy-making should
take into account interlinks between macroeconomic variables (Recital 4).
In most cases, the previous thresholds were chosen at the time of the first introduction of
the headline indicators based on their distributional characteristics,
with lower (upper)
thresholds being given by the lower (upper) quartile of the distribution of available past data.
15
The considered sample period length depended on data availability and varied by indicator.
The cut-off date was set at 2007 and applied across the board.
Since the scoreboard’s introduction in 2011, no adjustments to the headline indicator
thresholds had been made.
The MIP Regulation requires the Commission to assess the
appropriateness of the thresholds on a regular basis. In June 2015, a LIME note discussed the
need to update at set times the thresholds of MIP scoreboard headline indicators.
16
While there
was broad support at the time for the thresholds to remain stable, it was also acknowledged that
thresholds may need to be updated over time, e.g. in light of significant data revisions or
changes in accounting standards that affect the distribution of the indicators and their quartiles;
the progressive availability of larger sample sizes; or if certain indicators show a trend over
time (rather than being mean-reverting). While the thresholds were calculated using data until
2007, there are now many more years of data available.
In the context of the 2024 MIP scoreboard review, thresholds of headline indicators were
reviewed on a case-by-case basis.
The review considered in particular whether there was a
need to update the thresholds to take into account the statistical distribution of the longer time
series available for most indicators, but also whether there was a need for a more symmetric
approach to the thresholds for certain indicators. At the same time, it was considered that
changes should only be made where there was a strong justification for doing so, in the interest
of stability.
The outcome of this review was that thresholds would be updated for the HICP-based
REERs.
New thresholds had to be determined for newly introduced headline indicators (export
performance against advanced economies, household debt, NFC debt, household (+NPISH)
credit flows, NFC credit flows, and the nominal house price index). In spite of definitional
changes in the NULC index and the unemployment rate, no changes in the indicator thresholds
were considered necessary as the definitional change did not have a major impact on the 75
th
percentile of the data.
14
15
See Regulation No 1176/2011, Article 4.
Exceptions concern: the upper threshold of the current account, which was set based on political considerations,
the upper threshold for house price growth, and the upper threshold for public debt, which was set at 60% in line
with the Stability and Growth Pact Treaty reference value of 60% GDP.
16
See Discussion Note for the attention of LIME:
Broad principles for updating the thresholds of the MIP
scoreboard indicators
of 17 June 2015.
9
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For the
HICP-based REER,
the consideration of more recent data would suggest marginally
tighter thresholds than currently included in the scoreboard. For the case of euro area countries,
the lower quartile of that data distribution points to -2.2%, and the upper quartile comes at
+3.9% (time period 1995-2022, EA20, see Table A2), which compares with +/- 5% currently
in the scoreboard. These suggested thresholds could be tightened to +/-3% for euro area
members. For non-euro area countries, the original thresholds were set as one standard
deviation away from the lower and upper thresholds of the euro area thresholds. Altogether,
that informed the choice of +/-11% for non-euro area countries. Following the recalculation,
new figures emerge: -9.1% for the lower threshold and +10.8% for the upper threshold. In line
with the approach set out above, this suggests the threshold could be tightened to +/-10% for
non-euro area countries. A more marked revision of the threshold for this group of countries
would not be justified as room has to be left for more heterogeneous economic circumstances,
including some nominal exchange rate volatility as well as a tendency for real appreciation in
catching-up economies.
Table A2: Distributional characteristics of the HICP-based REER (3-year change)
Period
Coverage
N
mean
sd
P10
P25
P50
P75
P90
EU27
(until 2013)
270
4.9
10.4
-5.4
-2.0
2.9
9.3
18.1
EU28
280
4.8
10.2
-5.3
-1.9
2.7
9.0
18.1
1995-2007
EU27
(since 2020)
270
4.9
10.2
-5.3
-1.8
2.8
9.1
18.1
EA17
170
2.3
7.1
-5.6
-2.3
0.8
6.5
10.4
EA20
200
3.3
8.9
-5.6
-2.1
1.8
6.5
11.4
EU27
(until 2013)
675
2.2
8.2
-5.4
-2.5
0.5
5.0
10.9
EU28
700
2.1
8.0
-5.3
-2.4
0.5
4.9
10.7
1995-2022
EU27
(since 2020)
675
2.2
7.9
-5.0
-2.4
0.5
4.9
10.6
EA17
425
1.0
5.7
-5.0
-2.4
0.1
3.4
7.1
EA20
500
1.6
6.9
-5.0
-2.2
0.4
3.9
7.8
Source: Eurostat and European Commission services
For
nominal unit labour costs,
measured as change over 3 years, and as of the 2025 cycle
based on productivity per hour worked, the upper quartile of the data distribution would suggest
a higher threshold than previously considered in the scoreboard for euro area countries (+11.3%
on the basis of new data in comparison with +9% currently) – see Table A3. That could
motivate an increase of the threshold to 10% or 11%, which could accommodate more volatile
developments. As for non-euro area members, at the time of the original scoreboard design,
the threshold for unit labour costs was based on the threshold for euro area countries, by adding
3 percentage points to it. By that token, this threshold would have to be changed too (from 12%
currently) if the threshold for euro area members would be adjusted. However, taking into
account the principle of stability in thresholds outlined above, it was decided to leave the
thresholds unchanged. Indeed, as set earlier, revisions of the thresholds should preferably not
be driven by exceptional periods over which indicators do not show sustainable developments,
which was the case of cost pressures over the last years, in particular since the COVID-19
pandemic. Moreover, the newer values could mean figures for unit labour costs more difficult
to reconcile with the inflation target for the case of euro area members and for other countries
too. Also, a higher threshold could be perceived as a lower concern about more divergent price
developments, especially within the euro area, which is undesirable.
10
 kom (2024) 0702 - Ingen titel
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Table A3: Distributional characteristics of ULC/hour (3-year change)
Period
Coverage
N
mean
sd
P10
P25
P50
P75
P90
EU27
(until 2013)
269
32.0
194.7
0.6
2.7
7.1
13.1
27.1
EU28
279
31.3
191.2
0.7
2.8
7.2
13.1
27.6
1995-2007
EU27
(since 2020)
279
31.3
191.2
0.7
2.8
7.2
13.1
27.6
EA17
174
7.4
6.4
0.7
2.5
6.8
11.2
14.7
EA20
204
8.6
9.6
0.6
2.5
6.9
11.5
18.7
EU27
(until 2013)
659
17.3
125.2
-0.3
2.6
6.7
12.3
18.8
EU28
684
17.0
122.9
-0.6
2.6
6.8
12.2
18.9
1995-2022
EU27
(since 2020)
684
17.0
122.9
-0.6
2.6
6.8
12.2
18.9
EA17
429
6.1
7.0
-1.0
2.0
5.9
10.0
13.9
EA20
504
7.1
9.4
-1.4
2.0
6.2
11.3
15.4
Note: ULC are based on productivity per hour worked
Source: Eurostat and European Commission services
For
export performance against advanced economies
(3-year % change), a new headline
indicator, the threshold was set at -3%, i.e. a loss of 3% over a period of 3 years, in line with
the lower quartile of the data distribution (time period 1995-2022, EU27, see Table A4)
17
.
Table A4: Distributional characteristics of the export performance against advanced economies (3-year change)
Period
Coverage
N
mean
sd
P10
P25
P50
P75
P90
EU27
(until 2013)
26
12.4
17.0
-4.1
-1.5
3.2
26.7
32.7
EU28
27
12.1
16.7
-3.9
-1.2
3.4
26.6
32.6
1995-2007
EU27
(since 2020)
26
12.8
16.7
-3.0
-0.4
4.3
26.7
32.7
EA17
17
5.5
11.9
-4.9
-2.6
0.0
12.5
23.8
EA20
20
8.5
14.4
-3.7
-2.0
2.5
18.0
29.0
EU27
(until 2013)
428
4.3
12.6
-8.3
-3.2
1.5
10.0
20.5
EU28
444
4.2
12.5
-8.7
-3.3
1.5
10.0
20.2
1995-2022
EU27
(since 2020)
431
4.5
12.5
-8.3
-3.1
1.9
10.0
20.4
EA17
272
2.5
11.7
-9.1
-4.0
0.0
7.0
17.8
EA20
320
3.7
12.4
-9.1
-3.7
0.0
9.1
20.0
Source: Eurostat and European Commission services
For
household debt
(including NPISH) and
NFC debt,
both new headline indicators and
expressed as a % of GDP, the new thresholds were set at 55% and 85% respectively, in line
with the upper quartile of the data distribution of the 1995-2007 sample (see Table A5).
Table A5: Distributional characteristics of private sector debt indicators
18
Variable
Transf.
Period
Coverage
N
Mean
SD
P10
P25
P50
P75
P90
Private
sector debt
% GDP
1995-2007
EU27
(-2013)
188
118.5
51.7
54.7
82.9
115.2
142.9
187.8
Private
sector debt
% GDP
1995-2022
EU27
(2020-)
571
135.3
66.4
64.8
84.4
122.0
166.9
229.5
Household debt
% GDP
1995-2007
EU27
(-2013)
351
37.3
28.7
3.6
12.0
34.6
53.2
79.8
Household debt
% GDP
1995-2022
EU27
(2020-)
756
45.6
29.8
8.7
23.4
40.8
61.2
88.3
NFC debt
% GDP
1995-
2007
EU27
(-2013)
188
73.2
31.5
41.1
54.5
68.5
86.4
118.0
NFC debt
% GDP
1995-2022
EU27
(2020-)
571
84.8
45.8
41.8
53.9
74.3
100.5
137.1
Source: Eurostat and European Commission services
17
Data cover OECD countries and also all EU countries that are not OECD members, for the latter data are
available only since 2004. Between 1995 and 2004, data are available for only some of those EU countries that
are not part of OECD.
18
See also, for more details, the Note for the attention of the LIME Working Group meeting on 29 November
2023:
The 2024 MIP Scoreboard Review: The Thresholds of the MIP Scoreboard Indicators
11
 kom (2024) 0702 - Ingen titel
2958026_0013.png
The main reason not to extend the longer time series (until 2022) is that this would include debt
ratio peaks in the aftermath of the global financial crisis and the sovereign debt crisis, and the
generally smaller uptick of debt ratios in 2020. As a result, the 75
th
percentile value would be
considerably higher than for a sample running until 2007. Nevertheless, if present deleveraging
dynamics continue, the mean and the percentiles of private debt would plausibly start
decreasing at some point in time. In the interest of consistency and stability, it may not be
advisable to raise the threshold now and then reduce it later again. This is in line with the 2015
guidelines for the revision of thresholds, which call for adjustments only in the case of a
consistent trend in the same direction for most countries.
For
household credit flows
(including NPISH and expressed as a proportion of the household
debt stock in the previous year), a new headline indicator, the threshold was set at 14%, in line
with the upper quartile of the data distribution (time period 1996-2022, EU27, see Table A6).
Table A6. Household sector credit flow (% household debt in t-1) - distributional characteristics
Period
Coverage
N
mean
sd
P10
P25
P50
P75
P90
EU27
(until 2013)
378
31.9
210.0
2.7
7.0
12.2
25.9
54.4
EU28
392
31.8
206.3
2.8
7.1
12.5
26.2
54.0
1996-2009
EU27
(since 2020)
378
32.6
210.0
2.7
7.0
12.9
27.1
55.0
EA17
238
15.5
17.5
2.7
6.1
11.3
20.2
30.9
EA20
280
18.7
21.1
2.5
6.5
12.2
23.2
45.1
EU27
(until 2013)
726
18.0
152.2
-1.2
2.0
6.4
13.1
31.6
EU28
753
17.9
149.5
-1.3
2.0
6.4
13.5
32.0
1996-2022
EU27
(since 2020)
729
18.3
152.0
-1.4
1.9
6.4
13.9
32.4
EA17
459
9.3
14.4
-1.2
1.8
5.8
11.8
23.2
EA20
540
10.9
17.4
-1.8
1.6
6.0
13.1
28.1
Source: Eurostat nasa_10_f_tr & nasa_10_f_bs, and European Commission calculations
For
NFC credit flows
(expressed as a proportion of the NFC debt stock in the previous year
and excluding FDI from the numerator as well as the denominator), a new headline indicator,
the threshold was set at 13%, in line with the 75
th
percentile of the distribution of the NFC
credit flow variable before excluding FDI (time period 1996-2022, see Table A7). The reason
is that FDI data are not available for a long time period and an inspection of more recent data
indicated that the inclusion of FDI did not seem to affect the 75
th
percentile to a major extent.
Table A7. NFC sector credit flow (different denominators) - distributional characteristics 1996-2022 vs 2013-
2022
Source: Eurostat nasa_10_f_tr & nasa_10_f_bs, and European Commission calculations.
Note: FDI debt flows of NFC are by definition represented by FDI transactions of the private sector (Eurostat
bop_c6_q/A.MIO_NAC.FA__D__FL.S1V.S1.LIAB.WRL_REST.). The NFC stock FDI debt liabilities is thus
represented by the FDI stock of the private sector
(bop_iip6_q/A.MIO_NAC.FA__D__FL.S1V.S1.L_LE.WRL_REST.).
12
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2958026_0014.png
For the
nominal house price index,
measured as a 1-year change, a new headline indicator,
the threshold was set at 9%, in line with the upper quartile of the data distribution (time period
1995-2022, EU27, see Table A8).
Table A8. House price index (1-year % change) – distributional characteristics
Period
Coverage
N
mean
sd
P10
P25
P50
P75
P90
EU27
(until 2013)
233
13.3
53.2
0.4
3.6
7.7
12.6
20.7
EU28
240
13.1
52.4
0.4
3.6
7.7
12.5
20.7
1995-2007
EU27
(since 2020)
240
13.1
52.4
0.4
3.6
7.7
12.5
20.7
EA17
171
8.0
7.1
0.4
3.4
7.0
11.5
16.4
EA20
193
9.0
8.8
0.4
3.5
7.2
11.9
17.6
EU27
(until 2013)
622
6.8
33.4
-2.8
0.9
5.2
9.0
14.3
EU28
644
6.7
32.9
-3.0
0.9
5.1
9.0
14.3
1995-2022
EU27
(since 2020)
644
6.7
32.9
-3.0
0.9
5.1
9.0
14.3
EA17
426
4.8
7.3
-2.1
0.9
4.8
8.3
13.5
EA20
493
5.2
8.5
-2.7
0.9
5.1
8.7
14.0
Source: Eurostat prc_hpi_a and European Commission calculations
As the transformation of the
unemployment rate
changed from 3-year average to annual data,
the need to adjust its threshold was also considered. However, changing the transformation,
accounting for data revisions, longer time series availability, and changes in the composition
of the EU did not imply material changes to the 75
th
percentile: it is only slightly higher than
the existing threshold (10%), at 10.7% (see Table A9). In the interest of stability, it was
therefore decided that the threshold could be maintained.
Table A9: Distributional characteristics of employment and social indicators
Unemploy-
Unemploy-
Variable
ment rate
ment rate
Transf.
3y avg (%
3y avg (%
active pop Y15- active pop Y15-
74)
74)
Period
1994-2007
1970-2022
Coverage
EU27
EU27
(-2013)
(2020-)
N
677
1053
Mean
7.8
8.2
SD
4.2
4.3
P10
2.7
3.3
P25
4.8
5.3
P50
7.3
7.6
P75
9.7
10.1
P90
13.8
14.3
Source: Eurostat and European Commission services
Unemploy-
ment rate
% active pop
Y15-74
1970-2022
EU27
(2020-)
770
8.8
4.3
4.5
5.9
7.9
10.7
14.6
13
 kom (2024) 0702 - Ingen titel
2958026_0015.png
Annex 3. Test-run of the revised scoreboard
The tables presented in this Annex have been compiled with the data available at the end of August 2024 for the purpose of testing; they do not represent official
scoreboard data. The official scoreboard data are presented in SWD(2024) 701 accompanying the 2025 Alert Mechanism Report.
1. Previous MIP scoreboard
14
 kom (2024) 0702 - Ingen titel
2958026_0016.png
The tables presented in this Annex have been compiled with the data available at the end of August 2024 for the purpose of testing and discussion; they do not
represent official scoreboard data. The official scoreboard data are presented in SWD(2024) 701 accompanying the 2025 Alert Mechanism Report.
External imbalances and competitiveness
Current account
Net international
balance - % of GDP investment position
(3 year average)
(% of GDP)
Real effective
exchange rate - 42
trading partners,
HICP deflator
(3 years % change)
Export market
share - % of world
exports
(5 years %
change)
Internal imbalances
Nominal unit
House price index Private sector credit Private sector debt,
General
labour cost index (2010=100), deflated flow, consolidated
consolidated
government gross
(2010=100)
(1 year % change)
(% of GDP)
(% of GDP)
debt
(3 years % change)
(% of GDP)
Unemployment rate
(3 year average)
Total financial
sector liabilities,
non-consolidated
(1 year % change)
Activity rate - % of
total population
aged 15-64
(3 years change in
p.p.)
Employment indicators
1
Long-term
Youth
unemployment rate - unemployment rate -
% of active
% of active
population aged 15- population aged 15-
74
24
(3 years change in
(3 years change in
p.p.)
p.p)
Year 2023
Thresholds
BE
BG
CZ
DK
DE
EE
IE
EL
ES
FR
HR
IT
CY
LV
LT
LU
HU
MT
NL
AT
PL
PT
RO
SI
SK
FI
SE
-4/6%
-0.2
-1.1
-2.4
11.1
5.8
-2.6
11.5
-7.8
1.3
-0.8
-0.2
0.4
-8.7
-4.2
-0.8
7.4
-4.1
1.0
10.5
1.3
-0.7
-0.2
-7.8
2.3
-4.3
-1.2
6.4
-35%
65.2
-7.6
-13.2
58.9
70.4
-21.6
-105.9
-140.5
-52.8
-29.4
-21.6
7.4
-96.4
-24.6
1.3
33.8
-46.6
71.4
71.8
16.6
-31.4
-72.5
-39.8
3.7
-53.9
5.2
33.7
±5% (EA)
±11% (Non-EA)
0.0
8.5
24.2
-1.0
1.9
15.7
-1.2
-1.2
-0.8
-1.8
4.3
0.7
0.3
10.8
12.8
-1.5
10.2
-0.5
2.4
1.8
9.2
-1.4
6.7
1.1
7.5
-1.8
-7.5
-6%
-3.3
16.1
0.7
12.6
-8.8
14.4
26.1
5.8
0.5
-6.4
18.9
-1.4
22.5
7.7
23.2
4.2
4.5
19.5
0.1
-0.9
23.2
5.2
10.7
2.0
-1.9
-5.5
3.8
9% (EA)
12% (Non-EA)
13.3
27.4
15.8
5.4
10.6
32.8
5.7
1.1
7.7
11.3
12.5
5.0
1.5
25.4
36.5
20.8
34.0
-1.4
9.4
13.2
22.0
8.6
26.7
18.8
16.5
13.8
8.5
6%
-2.8
2.7
-10.0
-6.4
-13.9
-3.0
-3.3
8.4
-0.2
-6.3
3.7
-3.7
-0.2
-3.9
1.1
-12.2
-8.4
-0.4
-10.0
-9.9
-1.8
3.0
-5.9
-0.2
-9.2
-9.5
-10.9
14%
2.2
5.8
2.1
4.3
-0.2
3.7
-1.8
2.0
-2.2
1.8
3.9
-0.8
2.3
1.1
4.3
0.1
1.9
5.7
1.7
0.1
0.9
0.9
2.0
0.4
2.3
-2.1
2.4
133%
156.5
72.7
73.7
196.6
111.4
92.6
147.6
96.4
111.6
155.4
73.3
97.9
198.3
52.5
52.3
327.5
72.3
120.3
191.7
114.4
57.0
130.3
40.4
60.2
85.5
138.6
202.9
60%
105.2
23.1
44.0
29.3
63.6
19.6
43.7
161.9
107.7
110.6
63.0
137.3
77.3
43.6
38.3
25.7
73.5
50.4
46.5
77.8
49.6
99.1
48.8
69.2
56.0
75.8
31.2
10%
5.8
4.6
2.5
4.9
3.3
6.1
5.0
12.8
13.4
7.5
6.9
8.4
6.8
7.0
6.7
5.0
3.9
3.5
3.8
5.4
3.0
6.5
5.6
4.2
6.2
7.2
8.0
16.5%
0.7
2.8 fc
0.2 fc
0.6
-1.0 fc
4.2 fc
0.3 fc
-1.7 fc
0.4
3.6
1.7 fc
-2.4 fc
0.1 fc
1.1 fc
5.6 fc
0.5 fc
0.0 fc
0.2 fc
-0.9 fc
-0.2 fc
10.9
-1.9
1.4 fc
2.6 fc
2.9
-4.3 fc
-0.1 fc
-0.2%
2.1
1.8
0.7
1.8
2.4
2.0
6.7
4.2
2.3
1.9
3.0
3.2
3.2
-1.4
0.3
1.9
2.9
4.7
2.1
1.8
4.3
3.8
2.7
1.4
2.0
2.6
1.9
0.5%
0.1
-0.4
0.2
-0.4
-0.1
0.1
-0.3
-4.3
-0.7
-0.1
-0.1
-0.9
-0.2
-0.6
-0.2
0.0
0.3
-0.6
-0.2
-0.6
0.2
0.2
0.4
-0.5
0.1
0.1
-0.2
2%
0.2
-5.3
0.3
-0.1
-2.1
-1.0
-5.1
-11.3
-9.6
-4.3
-2.1
-7.1
-1.3
-2.6
-5.8
-4.4
0.3
-2.4
-2.4
-1.3
0.6
-2.2
0.2
-4.4
-0.6
-4.8
-1.4
15
 kom (2024) 0702 - Ingen titel
2958026_0017.png
2. Revised MIP scoreboard
The tables presented in this Annex have been compiled with the data available at the end of August 2024 for the purpose of testing and discussion; they do not
represent official scoreboard data. The official scoreboard data are presented in SWD(2024) 701 accompanying the 2025 Alert Mechanism Report.
External imbalances and competitiveness
Current account
Net international
balance - % of GDP investment position
(3 year average)
(% of GDP)
Real effective
exchange rate - 42
trading partners,
HICP deflator
(3 years % change)
Export performance
Nominal unit
against advanced labour cost index
economies
(per hour worked)
(3 years %
(2010=100)
change)
(3 years % change)
House price index
(2010=100),
(1 year % change)
Household
(+NPISH) debt,
consolidated
(% of GDP)
Internal imbalances
Household credit
flow
(% debt stock t-1)
NFC debt,
consolidated
(% of GDP)
NFC credit flow,
cons., excl. FDI
(% debt stock t-1,
excl. FDI)
General
government gross
debt
(% of GDP)
Employment and social indicators
Unemployment rate
(% labour force Y15-74 )
Labour force
participation rate - %
total population aged
15-64
(3 years change in p.p.)
Year 2022
Thresholds
BE
BG
CZ
DK
DE
EE
IE
EL
ES
FR
HR
IT
CY
LV
LT
LU
HU
MT
NL
AT
PL
PT
RO
SI
SK
FI
SE
-4/6%
0.6
-1.0
-1.9
10.2
6.0
-2.6
6.0
-7.9
0.7
-1.1
-0.9
1.6
-8.0
-1.9
1.0
8.0
-4.5
0.4
8.8
1.6
-0.4
-1.0
-7.1
3.2
-3.6
-0.5
6.1
-35%
57.7
-12.9
-18.7
58.2
69.5
-20.2
-116.8
-143.5
-60.0
-23.8
-25.3
4.7
-96.2
-26.8
-7.0
47.0
-52.1
83.3
75.2
17.6
-33.3
-83.6
-40.8
-1.5
-60.9
-2.2
31.6
±3% (EA)
±10% (Non-EA)
1.7
5.6
13.6
-1.3
-0.5
8.5
-4.5
-2.6
-0.8
-3.8
-0.8
-1.9
-3.1
5.3
9.4
-0.6
-7.9
-3.2
3.1
0.0
-0.2
-2.9
2.5
-1.4
3.8
-3.3
-1.4
-3%
3.4
16.0
-3.7
12.9
-6.6
15.8
17.0
7.5
-2.7
-7.0
9.8
-3.1
14.5
17.3
19.0
-1.9
-2.1
-3.2
3.0
-3.5
12.1
-1.0
4.9
1.7
-3.2
-2.3
0.1
9% (EA)
12% (Non-EA)
9.6
23.1
15.1
7.8
6.5
16.9
-11.8
3.7
9.8
10.6
11.3
4.8
-1.7
16.9
27.3
13.0
23.7
6.9
8.2
10.2
16.4
10.2
17.8
14.3
12.0
9.1
7.2
9%
5.5
13.8
16.9
-0.5
5.3
22.2
12.3
11.9
7.4
6.3
14.9
3.8
2.7
13.8
19.0
9.6
22.3
6.7
13.3
11.6
11.8
12.6
7.2
14.8
13.7
1.2
3.6
55%
59.9
22.5
32.7
84.8
55.0
36.8
25.8
45.3
52.3
66.2
30.6
40.6
71.7
17.9
21.8
66.8
18.7
55.0
92.4
48.7
26.4
60.9
14.0
25.9
47.1
65.6
89.1
14%
5.4
15.0
4.9
1.5
4.1
10.5
-0.4
-2.1
0.5
5.0
5.7
3.6
-1.8
6.1
11.5
7.5
5.8
7.4
2.9
2.9
-3.4
3.3
4.6
7.6
9.6
3.0
3.9
85%
101.4
52.1
44.6
103.3
63.5
56.7
121.6
55.8
71.2
97.4
47.3
64.2
141.7
35.3
29.6
259.4
63.0
70.4
117.7
73.2
37.0
80.9
29.7
40.2
46.2
79.6
122.4
13%
4.8
6.4
10.4
7.8
10.0
11.0
33.3
5.1
-1.5
4.6
8.6
-0.6
-2.8
6.7
23.7
60%
104.3
22.6
44.2
29.8
66.1
18.5
44.4
172.7
111.6
111.9
67.8
140.5
85.6
41.8
38.1
24.7
13.7
2.1
5.8
5.3
11.2
1.5
12.9
10.8
9.6
-3.6
7.1
74.1
51.6
50.1
78.4
49.2
112.4
47.5
72.5
57.7
73.5
33.2
10%
5.6
4.2
2.2
4.5
3.1
5.6
4.5
12.5
13.0
7.3
7.0
8.1
6.8
6.9
6.0
4.6
3.6
3.5
3.5
4.8
2.9
6.2
5.6
4.0
6.1
6.8
7.5
-0.2%
1.4
0.6
0.5
1.3
1.4
2.0
3.6
0.9
0.2
1.0
3.4
-0.2
2.2
-0.5
0.6
1.5
2.5
4.5
1.3
0.5
3.5
1.3
3.5
1.6
1.4
2.5
0.8
Note: The debt stock in the denominator of the NFC credit flow headline variable excludes foreign direct investment (FDI) and is thus different from the debt stock in the NFC debt stock headline
variable.
16
 kom (2024) 0702 - Ingen titel
2958026_0018.png
The tables presented in this Annex have been compiled with the data available at the end of August 2024 for the purpose of testing and discussion; they do not
represent official scoreboard data. The official scoreboard data are presented in SWD(2024) 701 accompanying the 2025 Alert Mechanism Report.
External imbalances and competitiveness
Current account
Net international
balance - % of GDP investment position
(3 year average)
(% of GDP)
Real effective
exchange rate - 42
trading partners,
HICP deflator
(3 years % change)
Export performance
Nominal unit
against advanced labour cost index
economies
(per hour worked)
(3 years %
(2010=100)
change)
(3 years % change)
House price index
(2010=100),
(1 year % change)
Household
(+NPISH) debt,
consolidated
(% of GDP)
Internal imbalances
Household credit
flow
(% debt stock t-1)
NFC debt,
consolidated
(% of GDP)
NFC credit flow,
cons., excl. FDI
(% debt stock t-1,
excl. FDI)
General
government gross
debt
(% of GDP)
Employment and social indicators
Unemployment rate
(% labour force Y15-74 )
Labour force
participation rate - %
total population aged
15-64
(3 years change in p.p.)
Year 2023
Thresholds
BE
BG
CZ
DK
DE
EE
IE
EL
ES
FR
HR
IT
CY
LV
LT
LU
HU
MT
NL
AT
PL
PT
RO
SI
SK
FI
SE
-4/6%
-0.2
-1.1
-2.4
11.1
5.8
-2.6
11.5
-7.8
1.3
-0.8
-0.2
0.4
-8.7
-4.2
-0.8
7.4
-4.1
1.0
10.5
1.3
-0.7
-0.2
-7.8
2.3
-4.3
-1.2
6.4
-35%
65.2
-7.6
-13.2
58.9
70.4
-21.6
-105.9
-140.5
-52.8
-29.4
-21.6
7.4
-96.4
-24.6
1.3
33.8
-46.6
71.4
71.8
16.6
-31.4
-72.5
-39.8
3.7
-53.9
5.2
33.7
±3% (EA)
±10% (Non-EA)
0.0
8.5
24.2
-1.0
1.9
15.7
-1.2
-1.2
-0.8
-1.8
4.3
0.7
0.3
10.8
12.8
-1.5
10.2
-0.5
2.4
1.8
9.2
-1.4
6.7
1.1
7.5
-1.8
-7.5
-3%
-5.7
14.6
0.0
3.7
-9.3
7.4
-6.4
31.7
14.1
2.1
36.7
3.5
3.1
-2.5
6.9
-14.6
1.4
1.4
-2.8
-0.3
7.4
17.1
7.8
0.2
-2.1
-7.9
-2.4
9% (EA)
12% (Non-EA)
9%
2.5
55%
58.1
23.7
31.8
89.0
52.1
37.3
27.7
41.8
46.9
63.1
29.9
37.8
65.9
17.7
21.7
68.3
16.8
52.6
86.7
44.8
23.6
55.2
12.5
24.3
44.0
63.7
84.6
14%
2.3
85%
98.4
49.0
41.9
0.4
0.7
107.6
59.3
55.3
119.9
-1.0
-2.2
1.3
9.5
54.6
64.7
92.4
43.5
60.1
132.3
34.8
30.6
259.2
55.5
67.7
105.1
69.6
-0.2
-0.7
2.5
3.9
4.6
33.3
75.1
27.9
35.9
41.5
74.8
118.3
13%
4.7
60%
105.2
23.1
44.0
3.8
0.8
29.3
63.6
19.6
43.7
4.8
-2.6
2.9
7.3
161.9
107.7
110.6
63.0
137.3
77.3
43.6
38.3
25.7
73.5
50.4
46.5
77.8
4.1
0.5
10.3
-2.2
3.0
49.6
99.1
48.8
69.2
56.0
75.8
31.2
10%
5.5
4.3
2.6
5.1
3.1
6.4
4.3
11.1
12.2
7.3
6.1
7.7
6.1
6.5
6.9
5.2
4.1
3.1
3.6
5.1
2.8
6.5
5.6
3.7
5.8
7.2
7.7
-0.2%
2.1
1.8
0.7
1.8
2.4
2.0
6.7
4.2
2.3
1.9
3.0
3.2
3.2
-1.4
0.3
1.9
2.9
4.7
2.1
1.8
4.3
3.8
2.7
1.4
2.0
2.6
1.9
26.5
16.5
5.7
10.3
30.6
6.4
0.3
8.4
10.8
9.9
-1.7
-3.6
-8.4
5.9
3.1
13.4
4.0
-0.4
11.9
5.8
0.8
25.8
36.3
20.9
33.7
0.2
8.6
12.1
23.1
9.1
27.2
18.5
16.9
13.9
10.7
1.3
2.9
3.8
9.8
-9.1
5.6
5.3
-1.9
-2.6
8.8
8.2
3.3
7.1
0.1
-5.6
-5.3
Note: The debt stock in the denominator of the NFC credit flow headline variable excludes foreign direct investment (FDI) and is thus different from the debt stock in the NFC debt stock headline
variable.
17
 kom (2024) 0702 - Ingen titel
2958026_0019.png
Annex 4. Additional tables on threshold flashes over time
1. HICP-deflated REERs, 3y % change, threshold +-3% for EA and +-10% for non-EA
18
 kom (2024) 0702 - Ingen titel
2958026_0020.png
2. HICP-deflated REERs, 3y % change, threshold +-5% for EA and +-11% for non-EA
19
 kom (2024) 0702 - Ingen titel
2958026_0021.png
3. Export performance against advanced economies, 3y % change, threshold -3%
1995
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
3.3
-3.5
3.0
-1.7
3.0
-7.2
-2.7
-2.6
21.9
-0.5
0.1
-1.0
19.5
-8.5
14.9
26.9
32.1
57.0
29.5
3.2
24.6
27.3
18.9
31.5
55.7
1.5
2008
4.1
-1.6
4.3
0.0
7.4
-3.8
-5.0
-2.4
13.2
2.6
6.5
7.5
17.5
-7.1
38.3
23.0
21.2
36.5
32.6
6.1
28.4
22.1
5.6
18.6
32.4
60.2
1.5
2009
2.3
3.7
1.0
4.1
-5.8
-1.1
16.1
-6.7
8.4
4.0
1.4
4.0
8.8
13.0
40.6
1.1
7.2
27.1
8.6
3.3
9.7
15.6
1.9
10.7
21.4
44.4
-8.9
2010
-9.4
-2.2
-5.9
-6.8
-17.5
-7.1
1.5
-14.3
3.2
-1.3
-7.9
-12.3
-7.8
-3.0
25.7
-8.4
0.9
3.0
12.0
-8.2
-1.8
5.6
-4.3
-5.0
11.3
20.6
-9.1
2011
-9.8
-3.5
-4.8
-3.2
-22.6
-7.6
-1.6
-11.6
3.7
-4.8
-4.5
-19.3
-9.1
-2.5
5.1
-4.3
14.7
5.7
6.3
-12.8
3.8
0.6
-10.7
-10.3
1.4
11.8
-5.4
2012
-11.7
-8.1
-5.6
-8.8
-17.5
-10.0
-20.0
-9.6
0.6
-6.0
-7.0
-16.4
-11.7
-18.0
-9.2
6.6
24.5
14.4
30.1
-18.0
6.3
-1.9
-11.5
-15.0
0.6
5.9
-0.4
2013
-2.7
-3.0
-1.1
1.8
-9.5
-0.3
-9.2
-3.9
9.8
-0.8
6.1
-6.3
-2.5
-4.9
0.0
13.8
21.7
18.8
29.5
-8.7
18.9
-1.3
-2.7
-9.1
4.5
19.5
-3.0
2014
-2.2
-3.3
0.1
-0.2
-11.1
-0.8
9.7
-3.2
18.6
-0.1
3.6
0.5
-0.3
-1.4
3.9
5.3
3.1
10.7
5.1
-2.0
3.5
0.3
-1.3
-4.4
6.8
16.2
-7.2
2015
-3.0
-7.7
1.0
0.8
-13.4
1.0
58.1
-3.9
19.6
-2.6
3.7
-5.6
2.2
5.3
12.8
-2.0
-6.7
-0.7
-11.3
7.4
3.4
0.0
-1.8
3.5
7.9
20.3
-6.6
2016
-2.4
-4.3
1.5
0.9
-12.4
-1.0
58.5
-3.2
10.6
-5.4
-0.7
-9.8
4.5
8.7
13.3
-2.8
-5.8
-0.8
-14.3
12.8
3.3
4.1
-4.1
3.4
7.4
11.1
-6.5
2017
-2.9
-2.5
-0.2
2.2
-2.6
-2.2
45.2
-2.5
3.1
-2.7
3.5
-6.7
8.3
12.6
16.6
-0.5
-4.7
-0.5
1.8
13.2
9.5
2.7
-3.2
2.0
11.1
9.3
-5.6
2018
5.2
6.0
0.9
5.0
7.9
-0.5
12.4
1.6
-0.4
3.3
9.1
10.7
17.0
16.3
4.2
6.7
8.5
8.7
19.8
13.2
13.6
6.8
1.6
3.8
16.0
16.1
-3.5
2019
2.0
-0.4
-2.2
-0.6
9.0
-2.5
19.9
-1.5
3.9
2.7
6.8
15.1
11.7
14.5
15.9
-0.6
5.6
4.6
24.1
9.4
9.0
2.4
3.5
2.6
14.5
9.4
-0.5
2020
2.8
2.2
0.4
-11.9
4.7
-7.0
44.9
-4.3
21.7
5.8
-7.6
-12.6
6.9
24.3
15.6
3.4
9.8
15.0
22.4
-11.0
2.7
2.8
10.4
3.9
20.1
7.7
5.2
2021
-2.5
7.3
-0.8
-9.3
1.2
-7.2
33.1
-3.3
23.2
2.6
-8.2
-1.7
3.2
26.2
12.6
-0.3
19.2
10.5
21.4
2.6
8.5
-1.6
8.2
-0.8
16.1
5.2
8.0
2022
-3.5
3.4
-6.6
-2.7
-2.3
-7.0
17.0
-3.1
-1.9
3.0
-1.0
7.5
1.7
14.5
-3.2
-3.2
15.8
17.3
19.0
9.8
16.0
-3.7
12.9
-2.1
12.1
4.9
0.1
2023
-0.3
-5.7
-9.3
14.1
-7.9
2.1
-6.4
3.5
-14.6
-2.8
17.1
31.7
0.2
3.1
1.4
-2.1
7.4
-2.5
6.9
36.7
14.6
0.0
3.7
1.4
7.4
7.8
-2.4
20
 kom (2024) 0702 - Ingen titel
2958026_0022.png
4. Export market share (% world exports, 5y change) threshold -6%
1995
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1996
1997
1998
1999
2000
-11.5
-11.6
4.3
-6.5
44.1
-26.1
14.2
-10.0
2001
-2.2
-2.9
6.8
-3.0
59.0
-16.8
18.7
-4.6
-7.8
-5.8
2002
6.3
3.5
7.2
0.6
65.1
-10.3
22.4
-2.6
0.2
7.1
2003
2.0
0.8
4.7
-7.0
28.1
-12.4
14.7
-3.9
-2.7
5.4
2004
3.9
6.0
1.4
-2.2
-13.1
13.9
-6.8
10.6
-3.0
-2.7
18.3
2005
11.7
-5.7
10.1
3.0
-6.3
-6.9
8.8
-5.0
13.7
0.4
-2.4
29.7
2006
1.3
-13.9
2.7
-6.7
-8.0
-14.3
-9.6
-12.7
19.0
-5.2
-3.0
-3.9
21.4
-25.9
2007
1.6
-6.7
2.7
-4.6
-4.7
-16.6
-12.0
-8.8
23.1
-2.5
-3.1
9.3
23.6
-19.2
67.6
53.9
95.6
41.5
9.6
45.2
58.4
-5.9
28.3
55.4
84.2
1.3
2008
-4.5
-11.0
-4.6
-14.2
-4.5
-18.5
-16.7
-16.0
14.1
-6.1
-12.6
4.8
16.3
-25.3
10.9
31.9
37.0
76.8
51.7
-1.8
35.1
53.1
-4.1
22.5
51.1
91.9
-6.8
2009
-6.1
-9.0
-6.8
-8.8
-13.4
-13.6
1.8
-18.0
16.6
-5.4
-8.7
-10.3
9.9
-7.3
45.8
9.5
16.3
52.6
26.6
-4.1
19.0
27.2
-1.1
10.3
34.4
69.4
-15.9
2010
-12.6
-11.6
-8.1
-11.7
-19.7
-17.2
-6.3
-19.1
10.8
-8.2
-7.6
-15.7
-1.4
-13.9
37.8
3.8
9.5
21.8
13.9
-10.6
8.0
11.7
-10.6
0.8
23.9
53.3
-12.8
2011
-12.5
-7.7
-9.3
-8.3
-23.5
-15.4
-10.3
-19.2
-0.9
-8.3
-9.9
-17.2
-5.6
-9.1
17.6
-2.8
24.4
27.4
23.0
-15.6
11.1
7.4
-13.8
-4.3
14.4
49.5
-12.2
2012
-21.8
-15.6
-16.8
-17.6
-32.4
-18.4
-18.4
-25.8
-6.3
-12.9
-17.4
-26.3
-20.9
-19.1
12.1
-10.4
6.8
8.2
23.9
-25.8
-1.1
-4.6
-17.8
-23.3
0.1
12.2
-19.6
2013
-18.6
-13.2
-13.2
-10.5
-32.6
-14.4
-10.8
-20.6
7.0
-11.5
-8.3
-26.8
-18.5
-12.2
-0.9
-4.3
9.7
5.6
10.8
-23.4
-0.4
-10.0
-18.0
-23.0
-2.6
13.9
-16.9
2014
-15.9
-13.5
-9.7
-11.6
-27.4
-14.7
-14.8
-15.7
9.0
-11.5
-7.5
-19.5
-13.2
-20.2
-12.6
1.7
20.3
11.6
19.7
-19.5
5.4
-6.4
-16.0
-17.0
1.1
20.9
-10.1
2015
-9.3
-13.7
-3.3
-3.5
-23.2
-3.9
37.6
-9.9
17.6
-6.9
0.7
-14.1
-5.0
-4.9
8.9
3.9
7.1
13.1
6.3
-6.0
12.9
-2.1
-8.7
-9.5
5.1
21.2
-10.5
2016
-3.1
-5.3
1.9
2.6
-16.0
0.9
58.2
-4.3
25.4
-3.2
4.9
-10.0
3.1
7.7
17.6
7.0
-0.9
9.1
-1.6
9.0
9.1
2.5
-3.1
-2.4
13.5
24.4
-9.6
2017
2.1
1.5
5.5
9.4
-5.4
2.4
70.7
0.5
23.4
1.1
13.8
-0.7
17.6
20.9
24.0
4.8
1.6
7.2
3.4
22.8
19.9
8.2
1.4
10.1
23.4
37.8
-5.8
2018
2.6
-1.5
3.1
4.1
-4.3
0.3
78.1
-0.4
11.6
1.3
8.3
6.1
19.3
21.6
18.7
1.9
-0.2
8.2
2.8
21.8
12.8
10.8
-0.2
8.0
22.0
23.2
-6.9
2019
0.9
-2.6
-0.6
2.1
2.8
-1.0
72.6
-2.7
9.8
-0.5
8.0
3.0
15.4
25.0
31.1
1.0
1.4
3.0
16.0
21.6
14.8
4.5
1.5
4.7
21.7
17.1
-3.2
2020
4.8
8.8
1.5
-7.4
10.8
-8.6
51.6
-3.2
21.6
6.5
-1.8
-11.0
19.2
38.4
23.1
7.1
15.7
20.3
38.2
-1.4
15.3
7.7
10.5
7.1
33.2
19.5
2.8
2021
-4.1
3.5
-5.7
-12.4
3.4
-12.1
40.0
-6.9
16.3
2.9
-6.3
8.2
10.2
32.1
10.4
-2.2
18.2
12.7
36.2
3.7
10.9
-2.0
5.4
-3.0
23.3
9.2
0.6
2022
-5.3
-2.5
-12.1
-8.3
-2.6
-11.2
31.3
-8.7
-1.4
-0.6
-2.5
12.0
2.3
20.0
2.7
-7.1
16.4
14.6
28.0
11.4
14.8
-7.4
11.7
-5.1
15.9
6.1
-3.2
2023
-0.9
-3.3
-8.8
0.5
-5.5
-6.4
26.1
-1.4
4.2
0.1
5.2
5.8
2.0
22.5
19.5
-1.9
14.4
7.7
23.2
18.9
16.1
0.7
12.6
4.5
23.2
10.7
3.8
-3.3
22.3
-6.8
-16.9
76.6
14.2
1.2
17.0
-5.4
1.2
-2.0
-1.7
11.6
30.4
22.3
39.0
15.2
57.1
51.7
54.8
44.7
27.6
-6.5
11.0
-1.5
42.0
13.1
57.4
30.0
51.1
60.5
89.9
84.7
33.2
40.7
75.1
39.7
84.6
-5.2
44.2
73.6
57.8
13.6
42.7
57.7
23.7
49.9
74.4
-1.4
8.3
-7.6
-11.9
-8.8
-8.8
21
 kom (2024) 0702 - Ingen titel
2958026_0023.png
5. NULC index on a per hour basis, 3y % change, threshold 9% for EA and 12% for non-EA
1995
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1996
1997
1998
-0.3
1.9
-0.4
6.9
0.3
0.6
2.8
6.2
2.9
2.7
12.8
21.9
16.0
6.8
1999
0.0
2.2
0.2
6.8
0.8
0.1
2.8
2.1
0.3
4.2
11.4
18.8
14.0
4.5
2000
0.4
2.5
2.1
7.1
2.3
1.4
6.2
-1.1
3.9
6.8
12.1
11.5
17.4
2.5
21.1
13.5
6.3
-0.6
26.0
74.1
14.1
5.7
33.1
20.1
332.4
2.4
2001
1.1
5.3
1.8
6.9
3.7
3.8
9.0
4.0
11.3
7.6
11.4
6.6
22.7
6.4
18.3
10.1
3.7
-11.9
11.0
23.6
11.8
6.3
32.0
15.8
230.9
12.0
2002
1.4
7.2
1.6
8.2
3.5
6.1
9.0
6.7
13.7
10.3
11.5
12.8
23.4
7.2
18.4
10.0
-2.4
-10.1
8.4
11.2
16.2
8.5
31.2
5.7
140.5
11.2
2003
2.6
7.5
2.1
7.7
3.6
6.9
11.5
12.5
10.3
9.2
10.0
14.3
19.5
14.8
12.8
11.4
12.9
1.6
-2.1
8.2
10.7
16.8
10.0
26.1
1.1
77.7
7.6
2004
1.6
2.5
1.7
9.0
1.3
5.5
8.1
11.7
6.1
6.8
7.0
14.5
11.9
14.1
5.5
10.7
13.6
8.5
6.2
12.1
6.1
13.1
5.8
19.3
-6.3
27.5
1.8
2005
1.5
0.3
0.3
9.0
2.4
4.8
12.0
10.3
7.1
2.4
7.3
11.5
8.1
17.6
3.1
9.4
13.1
28.2
11.7
8.5
11.6
4.3
4.1
15.0
-3.5
54.3
1.6
2006
1.3
2.2
-3.4
10.5
3.3
4.5
10.7
7.4
8.5
0.6
4.4
7.5
5.1
7.1
5.1
7.8
18.1
42.8
25.5
5.0
12.6
1.1
3.7
9.7
-1.5
35.0
0.3
2007
2.3
4.9
-3.2
11.0
3.2
5.2
13.1
7.4
7.5
2.8
5.3
7.4
5.0
5.2
3.7
5.9
31.9
70.6
25.9
6.8
18.9
1.2
8.9
9.8
3.2
30.7
5.5
2008
5.0
9.2
-0.1
14.4
6.7
5.9
16.4
8.0
11.0
6.0
4.3
6.7
10.1
1.0
6.2
6.9
48.6
78.3
30.3
9.3
25.7
6.6
12.2
12.0
10.8
32.0
10.2
2009
8.8
10.4
9.5
11.7
14.6
7.8
8.6
10.8
14.9
11.3
6.7
14.4
17.6
9.0
5.9
11.9
37.0
36.5
14.2
15.4
35.1
8.0
15.4
11.4
12.3
22.4
15.2
2010
7.7
8.6
8.2
6.8
12.4
7.4
-4.6
8.4
13.8
7.7
3.5
15.8
14.2
7.5
6.3
7.8
11.7
-2.2
0.8
10.8
28.9
5.6
8.8
5.2
13.1
28.5
7.5
2011
5.6
6.6
5.5
-1.0
8.6
5.5
-13.8
5.3
11.5
5.5
-1.0
13.2
6.0
7.8
10.4
4.5
-2.2
-17.7
-8.0
5.7
18.1
2.6
3.5
2.7
5.9
-1.2
4.3
2012
3.3
5.7
1.9
-4.4
5.1
4.1
-10.5
2.0
7.8
2.8
-6.7
6.9
-0.7
1.5
6.9
-1.0
0.8
-6.1
-4.4
-1.7
11.0
2.9
-0.3
6.2
7.2
2.8
4.0
2013
6.0
7.9
5.7
-4.1
8.5
4.5
-1.9
2.7
10.0
4.7
-4.1
-2.6
0.1
-1.4
7.6
3.2
11.3
9.4
6.2
-4.3
16.2
2.6
1.5
6.7
4.0
0.4
8.5
2014
6.9
4.4
6.9
-2.7
7.3
4.2
-3.6
2.5
6.1
3.8
-3.4
-7.5
0.4
-6.5
2.0
2.8
14.2
12.7
8.4
-5.8
19.2
3.2
2.2
5.5
3.0
9.7
7.7
2015
6.1
0.3
5.6
-0.6
3.0
2.2
-18.6
1.7
5.8
0.1
0.3
-11.9
-0.2
-10.7
1.8
2.2
14.1
17.1
11.7
-5.7
17.3
0.3
2.5
0.7
0.5
4.1
2.8
2016
5.5
-1.3
4.5
-1.0
0.1
1.4
-15.7
0.8
2.7
0.4
0.1
-6.8
1.7
-9.6
6.1
3.9
12.9
15.4
14.6
-4.8
11.2
3.4
1.2
4.8
2.5
12.3
3.1
2017
4.7
0.7
4.3
-0.8
-4.0
1.4
-14.1
0.3
5.9
0.8
3.4
-3.9
3.6
-5.2
5.2
7.9
12.2
14.7
16.2
-3.3
15.9
6.0
0.7
8.4
3.9
18.0
4.4
2018
5.4
3.3
5.4
1.0
-2.2
1.9
-1.6
1.2
9.0
3.9
6.7
-1.3
5.9
-1.1
11.9
11.6
15.0
14.2
16.1
0.8
20.6
13.3
0.6
11.4
6.4
29.1
8.6
2019
6.0
4.5
7.4
6.2
1.0
0.6
-4.2
2.6
13.1
6.1
8.8
-1.3
7.6
4.5
9.3
14.6
16.1
17.1
16.4
3.4
20.5
14.4
2.6
10.4
7.7
23.9
7.7
2020
12.8
4.5
9.5
13.9
5.2
4.2
-8.9
4.9
11.5
13.2
15.6
5.1
13.8
5.4
20.1
14.9
14.8
18.2
16.3
13.7
19.5
18.0
6.6
12.3
13.5
21.2
7.9
2021
10.0
4.4
6.1
13.5
6.3
4.5
-10.9
3.4
7.3
7.6
12.9
3.3
11.7
1.9
8.3
11.9
8.3
11.5
17.7
4.5
16.4
13.2
4.9
11.7
12.8
15.8
3.9
2022
10.2
9.6
6.5
9.8
9.1
10.6
-11.8
4.8
13.0
8.2
10.2
3.7
14.3
-1.7
6.9
12.0
16.9
16.9
27.3
11.3
23.1
15.1
7.8
23.7
16.4
17.8
7.2
2023
12.1
10.3
8.4
13.9
10.8
6.4
5.8
20.9
8.6
9.1
0.3
18.5
0.8
0.2
16.9
30.6
25.8
36.3
26.5
16.5
5.7
33.7
23.1
27.2
10.7
7.5
-5.2
1.3
3.6
0.0
0.7
1.8
0.8
1.7
-0.9
0.8
5.3
25.1
20.5
36.4
17.7
27.0
8.4
58.8
23.6
29.9
30.7
2622.0 1717.8
34.5
22.0
4.3
6.6
5.9
62.4
42.2
53.4
35.4
453.6 433.4
5.5
1.4
-0.8
22
 kom (2024) 0702 - Ingen titel
2958026_0024.png
6. NULC index on a per person basis, 3y % change, threshold 9% for EA and 12% for non-EA
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995
5.7
6.0
6.7
9.2
-5.1
1.8
1.4
3.7
8.9
2.0
16.2
39.2
1996
1.5
1.8
3.1
6.2
-0.2
1.0
-2.2
7.4
9.6
0.2
14.5
30.7
1997
-0.6
1.0
1.4
8.5
0.9
1.8
-2.3
10.2
7.0
1.3
15.9
27.9
1998 1999
-1.0
-0.5
2.0
2.5
-0.8
-0.2
7.9
7.4
0.4
1.1
0.6
0.5
2.5
3.1
6.4
2.4
3.1
0.6
2.4
4.0
12.5
10.9
21.9
19.3
19.0
15.4
5.8
3.2
4.4
1.7
23.8
19.1
36.0
17.7
27.0
8.3
55.5
23.6
29.9
30.7
2649.5 1726.4
33.4
21.2
6.7
6.4
63.0
44.0
53.4
32.7
443.0 439.2
1.5
-1.1
2000
-0.1
2.8
1.9
7.4
2.5
1.8
6.8
0.0
4.1
6.1
11.3
11.7
18.5
1.5
1.3
20.0
13.5
6.2
-0.5
26.0
73.3
12.9
5.3
34.8
20.1
337.7
2.0
2001
0.8
5.6
1.8
7.2
3.9
4.3
10.2
5.2
11.5
7.4
11.5
6.9
22.6
5.1
7.4
17.6
10.9
3.4
-9.8
11.0
23.9
10.7
6.3
33.7
15.9
235.8
11.7
2002
1.2
7.0
1.8
8.4
3.9
6.4
9.8
7.5
13.8
10.7
11.9
12.8
24.8
7.0
8.1
17.8
10.4
-1.5
-9.5
8.5
11.5
15.2
7.8
32.8
7.5
138.2
11.0
2003
2.7
7.6
2.3
7.7
4.2
7.3
12.3
11.7
10.3
10.1
10.6
14.6
20.7
14.6
12.5
10.9
13.7
2.5
-0.8
8.2
10.8
15.7
10.0
28.4
0.5
79.9
6.8
2004
1.7
2.7
1.8
8.9
1.6
5.8
8.2
11.2
6.0
7.2
7.2
14.5
14.9
13.6
5.6
10.1
14.1
9.5
6.7
12.1
4.5
13.3
5.5
21.1
-6.9
25.8
0.9
2005
2.4
1.0
0.3
8.7
2.5
5.0
12.4
9.5
7.0
2.1
7.4
14.2
9.8
16.1
4.1
9.5
14.2
27.3
11.8
8.5
9.2
5.4
4.6
17.6
-3.7
53.4
0.4
2006
2.4
2.2
-3.0
10.1
3.3
4.7
10.8
7.5
8.4
-0.2
4.8
10.0
6.5
8.1
5.6
7.7
18.6
41.5
24.4
5.0
10.3
2.7
4.3
11.0
-1.5
31.1
0.0
2007
3.5
4.6
-2.7
10.5
3.5
5.5
13.9
6.9
7.1
1.9
5.0
11.0
5.5
8.2
4.5
5.5
32.5
69.3
25.3
6.7
17.5
2.5
9.8
10.9
3.2
30.3
5.2
2008
6.3
8.9
0.5
13.6
7.1
6.3
17.6
8.7
10.6
5.7
4.3
7.4
10.2
5.8
7.5
6.2
48.8
77.5
28.4
9.2
26.3
7.2
13.2
12.6
10.6
32.9
10.0
2009
10.2
9.8
9.2
11.1
14.7
8.0
9.4
10.7
14.9
11.3
6.5
15.8
17.9
12.5
7.6
11.1
37.4
36.6
12.7
15.5
34.9
9.1
16.4
12.0
12.3
22.8
14.9
2010
9.0
7.4
8.2
6.3
12.5
7.4
-4.2
8.5
14.2
7.7
4.4
12.2
15.5
10.6
5.6
8.0
11.8
-2.0
0.1
11.2
28.8
6.7
9.5
5.7
13.3
28.8
7.4
2011
5.8
5.1
5.6
-1.4
9.0
5.4
-14.2
4.9
12.1
5.3
-0.5
9.5
7.7
9.5
9.3
4.6
-2.2
-17.6
-8.0
6.1
16.9
3.5
3.6
3.2
6.1
-0.7
4.3
2012
3.8
4.9
2.5
-5.0
5.8
4.1
-10.2
2.0
8.0
2.6
-6.2
1.6
0.1
3.3
7.2
-0.5
0.7
-5.7
-4.3
-2.1
10.9
4.3
-0.2
7.0
7.1
3.7
4.1
2013
6.4
7.4
6.0
-5.1
9.3
4.6
-1.7
2.9
9.9
4.8
-3.8
-4.4
0.1
-0.7
9.3
3.4
11.6
9.6
6.1
-5.1
16.2
4.3
1.5
7.3
3.5
0.9
8.7
2014
7.9
4.3
7.4
-3.7
7.6
4.4
-3.2
2.6
5.8
3.7
-2.9
-8.5
0.1
-6.5
2.3
3.0
14.7
13.2
8.7
-6.9
19.2
4.6
2.3
6.1
2.6
9.4
7.4
2015
6.4
0.4
6.2
-1.2
3.3
2.3
-18.8
2.0
5.6
-0.4
0.2
-11.0
-0.1
-10.8
0.9
2.5
15.0
16.7
11.8
-6.2
17.2
0.6
2.2
1.3
0.4
3.9
2.5
2016
5.5
-0.7
5.2
-1.2
0.3
1.7
-15.6
1.5
2.6
-0.3
-0.5
-4.7
1.3
-9.3
6.3
4.0
12.6
14.9
15.0
-5.7
11.1
3.3
1.3
5.6
2.4
11.3
3.0
2017
4.3
1.4
4.9
-0.6
-3.7
1.7
-14.1
1.2
6.0
0.1
2.8
-3.3
3.6
-4.6
6.6
7.8
12.3
14.2
16.3
-4.1
15.8
5.7
0.9
9.3
4.0
17.6
4.0
2018
5.0
4.0
6.0
1.0
-2.0
2.4
-1.2
2.3
9.9
3.7
6.3
-1.0
5.7
-0.4
12.5
11.3
14.2
14.7
16.4
-0.3
20.5
13.1
1.2
12.3
6.6
28.7
8.1
2019
5.7
4.8
8.1
5.9
1.3
0.9
-4.0
3.2
13.9
6.0
8.5
-1.1
7.9
5.2
8.0
14.2
16.0
17.5
16.5
2.8
20.4
14.5
3.4
11.5
8.0
24.0
7.2
2020
12.2
7.1
10.5
15.2
5.5
4.5
-6.5
6.5
12.4
14.1
15.6
6.0
14.3
5.8
19.2
15.4
14.6
19.2
17.3
13.2
19.9
18.7
7.3
13.6
14.0
20.7
8.7
2021
10.6
4.9
7.0
13.8
6.5
5.0
-9.4
3.5
7.4
9.3
13.3
3.7
12.7
2.5
7.0
12.6
10.0
12.0
18.7
4.2
16.4
13.9
4.8
12.5
12.1
14.7
4.6
2022
10.7
10.1
7.2
10.8
9.3
11.1
-10.6
4.8
13.2
9.8
10.7
3.5
14.3
-1.2
6.0
12.7
19.0
17.2
27.7
11.0
23.6
14.8
7.2
24.0
15.7
16.9
5.9
2023
13.2
13.3
10.6
7.7
13.8
11.3
5.7
5.0
20.8
9.4
8.6
1.1
18.8
1.5
-1.4
16.5
32.8
25.4
36.5
12.5
27.4
15.8
5.4
34.0
22.0
26.7
8.5
13.9
10.6
135.5
72.6
255.4
8.1
62.8
22.2
131.9
254.7
-1.0
107.7
786.6
1.5
44.3
0.6
102.8
327.4
5.7
34.5
4.5
76.3
289.6
5.8
23
 kom (2024) 0702 - Ingen titel
2958026_0025.png
7. Household (+NPISH) debt (consolidated, % GDP), threshold 55%
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995
42.1
37.8
60.0
31.2
36.3
33.4
29.8
17.4
37.9
65.5
28.4
5.6
9.8
62.9
15.6
3.6
1.8
1.4
1.6
4.0
0.4
10.1
79.0
6.6
2.2
0.8
43.6
1996
42.9
39.4
63.3
32.1
33.5
33.5
33.4
17.5
37.0
69.8
32.8
6.5
10.6
66.0
17.9
3.3
3.4
1.3
1.3
5.0
0.2
7.7
80.7
5.2
3.6
1.0
43.5
1997
43.0
40.3
65.2
34.3
30.2
33.7
35.0
17.9
37.4
74.1
37.3
8.0
10.9
69.0
18.5
3.6
6.3
1.6
1.4
8.6
0.9
7.7
83.4
4.8
4.5
1.0
44.0
1998
42.3
41.7
67.2
37.9
29.6
33.1
36.0
18.7
36.4
79.9
44.0
9.0
12.2
70.2
19.9
4.1
5.8
2.5
1.5
10.7
1.8
6.9
88.9
4.4
6.3
1.3
44.4
1999
44.4
42.1
70.6
42.1
30.9
34.0
39.3
21.1
37.7
85.5
52.7
10.5
15.0
77.0
22.0
3.6
7.0
3.2
1.8
11.3
2.1
7.4
88.1
5.0
6.2
0.8
45.8
2000
45.0
40.8
71.2
45.4
31.2
34.2
40.1
22.7
38.3
88.2
58.8
13.1
15.5
77.7
23.4
4.2
8.7
5.4
1.6
12.8
2.4
7.7
88.3
6.5
7.1
1.0
47.2
2001
45.3
39.1
70.1
47.1
31.8
34.6
48.0
23.9
38.7
89.6
63.4
16.8
15.3
75.0
26.7
5.8
10.8
6.0
1.9
16.2
3.3
8.1
93.1
8.3
8.6
0.9
49.3
2002
46.1
39.4
70.0
51.0
34.1
35.6
51.9
25.7
39.3
94.4
67.4
20.7
15.4
74.1
28.7
5.7
14.1
8.7
3.1
21.4
4.5
10.7
97.7
11.8
12.5
2.3
51.2
2003
46.7
39.5
70.3
56.6
37.5
37.1
58.9
27.4
42.7
101.3
71.4
24.1
15.7
69.2
36.7
7.0
18.4
20.2
4.8
24.8
7.4
11.4
102.3
17.1
13.0
5.2
53.7
2004
47.6
40.5
68.8
63.4
40.6
38.9
70.3
29.8
43.6
104.9
75.7
28.9
16.3
73.3
41.4
10.6
24.2
17.5
9.0
27.3
11.4
13.4
107.4
20.0
13.3
6.4
56.7
2005
51.9
43.3
67.9
70.8
44.9
41.7
81.6
32.9
45.4
107.9
79.8
36.1
18.8
90.6
44.5
13.7
32.0
27.4
13.8
30.5
15.9
16.1
114.9
23.5
15.0
9.9
60.7
2006
52.4
45.5
65.3
78.0
48.2
44.3
92.1
35.7
45.3
109.4
83.8
41.0
21.5
91.9
49.5
15.9
41.9
39.0
20.5
34.1
19.2
18.7
120.2
26.2
18.4
13.4
63.1
2007
51.6
47.1
61.5
81.8
49.3
46.6
98.2
38.1
50.5
109.6
86.8
46.4
24.6
98.2
51.7
18.0
46.1
42.0
26.5
36.9
25.5
22.8
127.3
30.0
22.7
18.2
65.0
2008
52.2
49.9
59.7
82.6
51.1
48.6
108.6
39.0
51.3
110.4
88.9
50.2
25.6
104.0
53.7
20.6
50.6
41.5
28.4
38.6
29.7
25.6
130.7
36.3
30.1
20.4
68.7
2009
53.5
52.3
62.1
85.0
57.3
52.6
118.4
42.4
55.1
118.2
92.2
52.2
28.4
113.5
59.0
24.0
57.5
49.5
32.6
39.5
29.5
28.1
142.5
37.5
31.6
21.4
76.0
2010
54.6
53.0
59.4
84.4
58.9
53.7
113.1
43.5
54.9
118.6
90.9
62.0
30.3
118.0
57.4
24.8
52.9
47.7
29.6
41.2
28.6
28.6
138.3
39.4
34.4
22.2
76.4
2011
53.2
54.8
57.1
82.5
59.0
54.8
106.7
43.5
56.2
118.0
90.5
65.3
29.9
121.5
59.3
26.2
45.6
40.0
25.8
40.6
26.4
29.5
138.4
37.5
35.4
20.7
77.0
2012
52.0
55.1
56.6
81.5
61.0
55.1
98.3
43.7
57.9
117.9
90.5
66.1
30.7
127.5
59.0
28.1
42.0
32.7
23.6
40.4
25.4
30.4
130.5
31.7
34.4
19.7
79.7
2013
51.2
55.7
55.7
77.7
61.5
55.6
92.9
43.3
57.0
115.1
86.1
66.1
29.6
129.3
57.1
29.8
40.2
29.2
22.3
39.5
25.5
31.2
127.7
28.3
35.6
19.3
81.6
2014
51.0
57.5
54.2
73.4
62.5
55.6
80.2
42.6
58.5
113.2
81.9
64.6
28.3
131.0
54.8
32.5
38.9
26.4
21.5
39.3
25.1
30.1
125.1
25.6
36.0
18.0
82.7
2015
50.8
57.9
53.6
68.0
63.3
56.1
55.7
41.8
59.0
111.3
77.0
62.9
27.6
126.4
50.7
34.4
39.7
24.3
22.3
37.6
23.2
30.0
120.5
21.1
36.1
17.4
83.0
2016
51.1
58.2
53.3
64.5
64.1
57.1
52.8
41.2
60.5
109.6
72.6
61.3
27.3
115.7
50.3
38.2
40.0
23.4
22.8
34.5
22.6
31.0
118.3
20.1
36.8
17.0
85.9
2017
50.3
58.9
52.9
61.1
64.4
58.4
46.6
40.8
62.5
106.8
69.2
58.4
27.1
105.0
47.3
40.9
39.4
22.3
22.4
33.5
22.6
31.2
113.8
18.6
35.0
16.3
88.0
2018
49.7
59.2
52.6
58.9
65.2
60.4
41.7
40.8
65.7
103.4
66.0
58.8
26.9
95.8
46.7
42.3
38.5
21.0
22.6
33.3
23.0
31.6
111.9
17.7
35.0
15.7
88.8
2019
49.7
60.5
53.5
56.8
65.8
62.2
37.6
41.1
67.1
99.7
63.5
56.0
26.8
86.2
55.1
43.5
38.3
20.2
23.0
33.8
23.0
31.5
110.6
18.5
34.4
15.4
88.8
2020
53.2
65.3
57.0
62.6
69.0
68.2
35.1
44.9
68.8
103.8
69.1
59.8
27.7
88.6
60.7
46.5
40.6
20.4
24.1
37.5
24.3
33.7
112.0
20.8
34.6
16.1
94.0
2021
52.2
62.1
56.5
57.6
68.0
66.6
30.0
42.5
66.6
98.9
66.3
55.7
26.3
79.9
58.3
47.0
38.4
19.5
23.4
33.8
23.8
34.6
102.1
21.1
32.2
15.8
92.2
2022
48.7
59.9
55.0
52.3
65.6
66.2
25.8
40.6
66.8
92.4
60.9
45.3
25.9
71.7
55.0
47.1
36.8
17.9
21.8
30.6
22.5
32.7
84.8
18.7
26.4
14.0
89.1
2023
44.8
58.1
52.1
46.9
63.7
63.1
27.7
37.8
68.3
86.7
55.2
41.8
24.3
65.9
52.6
44.0
37.3
17.7
21.7
29.9
23.7
31.8
89.0
16.8
23.6
12.5
84.6
24
 kom (2024) 0702 - Ingen titel
2958026_0026.png
8. NFC debt (consolidated, % GDP), threshold 85%
1995
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1996
1997
1998
1999
70.6
70.1
54.5
52.3
56.0
61.2
50.9
80.8
120.6
74.0
34.4
2000
76.5
74.1
62.4
57.9
60.7
65.2
53.9
81.9
123.6
80.0
40.7
2001
77.6
74.3
64.4
62.8
59.9
69.2
56.2
106.7
121.9
88.6
44.1
2002
76.1
73.2
65.0
65.5
66.0
68.3
79.8
57.1
116.3
117.9
88.1
44.0
2003
78.1
78.0
64.9
70.3
66.2
66.7
81.9
59.0
174.7
126.1
90.2
44.7
2004
75.2
80.9
60.2
75.5
65.4
66.2
88.0
60.2
149.7
122.8
88.4
45.0
50.9
145.8
88.8
42.3
60.3
50.9
31.6
2005
75.5
78.0
60.0
84.9
69.4
67.8
93.8
63.4
135.3
123.7
90.1
50.0
57.8
155.2
92.0
41.1
64.8
55.6
36.4
2006
69.9
77.7
60.3
100.5
69.3
68.6
120.5
66.8
140.2
118.8
91.9
52.0
61.2
157.1
93.7
43.6
72.9
63.9
41.8
74.1
42.5
57.4
29.3
90.3
2007
72.3
87.8
59.8
111.4
72.4
69.3
126.7
71.8
262.0
118.2
98.0
55.4
72.1
165.5
98.4
45.0
75.2
63.2
47.9
96.8
43.8
64.2
31.7
38.5
102.4
2008
74.5
117.3
61.4
114.8
79.7
73.8
156.7
75.0
237.1
120.1
107.0
63.3
80.3
182.3
103.3
45.4
80.4
67.4
48.4
110.6
46.5
69.1
37.4
43.2
120.6
2009
78.4
118.5
62.8
119.2
83.2
78.1
160.5
80.2
259.5
127.1
112.1
64.7
85.1
187.9
112.5
48.8
89.1
81.0
50.8
111.0
47.6
79.0
35.6
47.8
123.8
2010
77.7
114.6
60.1
118.8
87.3
78.2
173.3
79.6
214.4
124.9
110.8
67.7
84.9
190.5
107.5
45.9
84.9
81.1
44.9
107.9
48.9
75.2
35.6
50.8
111.6
2011
76.2
124.6
57.9
115.6
85.5
80.6
184.6
78.7
220.7
128.2
114.1
67.9
83.1
197.4
107.5
47.0
74.3
74.5
38.8
102.0
50.5
76.7
39.0
49.6
112.2
2012
76.2
134.3
58.0
107.1
85.9
83.2
187.4
81.0
230.1
133.0
120.1
69.2
81.5
197.6
99.4
48.4
76.1
63.6
37.4
102.3
53.9
92.4
70.0
39.8
49.3
112.2
2013
75.9
107.1
59.2
100.4
85.5
81.8
179.9
78.7
239.8
141.5
115.5
67.3
77.6
210.9
90.2
49.0
76.5
61.4
34.2
76.2
104.6
54.9
89.1
67.3
40.8
48.0
113.2
2014
73.8
103.4
52.9
94.1
86.3
85.8
194.7
77.2
254.7
152.7
108.2
68.2
69.6
220.1
85.5
44.1
78.0
55.9
32.7
75.3
100.1
53.1
87.7
65.8
43.0
44.1
112.5
2015
73.2
115.7
52.7
87.7
88.8
86.7
244.8
74.1
263.8
150.2
102.2
66.6
59.7
218.9
80.5
43.5
73.6
53.9
32.9
71.8
85.5
48.8
85.4
62.6
43.4
40.8
110.8
2016
72.2
135.2
53.9
83.2
84.0
86.1
223.7
70.9
243.3
148.2
96.7
66.1
53.7
210.9
83.9
47.4
71.8
54.9
33.8
67.5
81.3
49.5
83.9
56.7
45.5
37.7
109.6
2017
71.9
126.7
53.6
78.0
83.3
86.6
193.6
68.7
226.9
140.8
93.8
62.5
49.0
198.6
77.0
49.2
66.8
53.4
33.8
62.2
76.2
48.9
102.9
51.3
42.3
35.1
114.9
2018
73.2
121.1
56.4
74.2
78.7
88.0
187.2
67.0
223.5
137.9
89.1
60.7
45.6
186.0
74.5
48.3
62.7
48.8
33.5
58.3
72.1
51.1
103.4
51.0
41.8
31.5
109.7
2019
71.9
118.0
58.7
72.1
80.3
90.9
170.6
65.0
231.3
130.2
86.0
54.8
41.7
179.4
75.0
48.2
60.0
46.2
32.2
53.9
67.8
47.3
110.6
48.9
39.8
31.2
111.4
2020
77.3
117.5
64.2
85.3
83.7
105.7
151.2
73.6
259.0
129.3
94.6
66.3
41.7
178.6
83.0
49.0
61.0
44.7
30.1
58.1
67.8
47.9
105.1
56.2
41.4
32.0
118.9
2021
78.4
110.2
64.3
80.1
82.7
100.9
134.7
68.9
277.3
124.9
90.3
66.7
39.9
162.3
77.5
47.1
58.5
39.0
30.2
51.6
60.1
46.0
105.1
61.9
39.0
32.1
122.0
2022
73.2
101.4
63.5
71.2
79.6
97.4
121.6
64.2
259.4
117.7
80.9
55.8
40.2
141.7
70.4
46.2
56.7
35.3
29.6
47.3
52.1
44.6
103.3
63.0
37.0
29.7
122.4
2023
69.6
98.4
59.3
64.7
74.8
92.4
119.9
60.1
259.2
105.1
75.1
54.6
35.9
132.3
67.7
41.5
55.3
34.8
30.6
43.5
49.0
41.9
107.6
55.5
33.3
27.9
118.3
46.6
52.6
58.2
76.5
25.0
28.9
29.8
28.7
28.6
30.9
39.6
41.1
44.6
50.4
49.8
45.3
50.9
33.2
89.3
50.8
28.1
86.2
39.3
55.9
27.0
90.0
82.9
87.1
90.2
94.9
94.3
25
 kom (2024) 0702 - Ingen titel
2958026_0027.png
9. Private sector debt (consolidated, % GDP), threshold 133%
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
1996
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
1997
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
1998
#N/A
#N/A
#N/A
84.5
82.1
91.3
#N/A
#N/A
113.0
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
26.4
#N/A
#N/A
#N/A
#N/A
45.5
#N/A
#N/A
127.4
1999
114.9
112.2
125.0
94.4
87.0
95.2
#N/A
72.0
118.5
206.0
126.7
44.9
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
30.8
#N/A
#N/A
#N/A
#N/A
49.7
#N/A
#N/A
132.9
2000
121.4
114.9
133.6
103.3
92.0
99.5
#N/A
76.5
120.2
211.9
138.8
53.9
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
31.5
#N/A
#N/A
#N/A
#N/A
56.9
#N/A
#N/A
137.4
2001
122.8
113.4
134.5
109.9
91.7
103.8
#N/A
80.2
145.4
211.5
152.1
61.0
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
30.6
#N/A
#N/A
#N/A
#N/A
58.1
#N/A
#N/A
144.3
2002
122.2
112.6
134.9
116.5
100.2
103.8
131.7
82.7
155.6
212.3
155.4
64.7
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
31.6
#N/A
#N/A
#N/A
#N/A
57.1
#N/A
#N/A
145.5
2003
124.8
117.6
135.1
126.9
103.7
103.8
140.7
86.4
217.4
227.4
161.6
68.8
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
35.8
#N/A
#N/A
#N/A
#N/A
68.0
46.2
#N/A
143.0
2004
122.9
121.4
129.0
138.9
106.1
105.2
158.3
90.0
193.3
227.6
164.1
73.9
67.2
219.1
130.1
52.9
84.5
68.3
40.6
#N/A
#N/A
53.0
#N/A
70.8
41.4
#N/A
142.9
2005
127.4
121.3
127.9
155.6
114.3
109.6
175.4
96.3
180.7
231.6
169.9
86.1
76.6
245.9
136.5
54.8
96.8
83.0
50.1
#N/A
#N/A
55.4
#N/A
79.4
42.0
#N/A
150.7
2006
122.3
123.2
125.6
178.5
117.5
112.9
212.6
102.5
185.5
228.2
175.7
93.0
82.7
249.0
143.2
59.4
114.8
102.9
62.3
#N/A
93.3
61.2
#N/A
83.6
47.6
#N/A
153.4
2007
123.9
134.9
121.3
193.1
121.7
115.9
224.9
109.9
312.6
227.8
184.8
101.8
96.7
263.7
150.1
63.0
121.3
105.1
74.4
#N/A
122.3
66.6
#N/A
94.2
54.4
56.8
167.4
2008
126.7
167.2
121.1
197.4
130.7
122.4
265.4
114.0
288.5
230.5
195.9
113.5
105.9
286.3
157.0
66.0
131.0
108.9
76.8
#N/A
140.3
72.1
#N/A
105.4
67.4
63.7
189.3
2009
131.9
170.7
124.8
204.2
140.5
130.6
278.9
122.6
314.5
245.3
204.3
116.9
113.5
301.4
171.5
72.8
146.6
130.5
83.5
#N/A
140.4
75.8
#N/A
116.5
67.2
69.2
199.7
2010
132.3
167.6
119.5
203.2
146.2
132.0
286.4
123.1
269.3
243.6
201.7
129.7
115.2
308.5
164.9
70.7
137.8
128.8
74.5
#N/A
136.5
77.5
#N/A
114.6
70.1
73.1
188.0
2011
129.4
179.4
115.0
198.2
144.6
135.3
291.3
122.2
276.8
246.1
204.6
133.2
112.9
318.9
166.9
73.1
120.0
114.5
64.6
#N/A
128.4
80.0
#N/A
114.1
74.5
70.3
189.2
2012
128.2
189.4
114.6
188.6
146.9
138.3
285.7
124.7
287.9
250.9
210.6
135.3
112.2
325.1
158.4
76.5
118.1
96.3
61.0
#N/A
127.6
84.3
222.9
101.7
74.2
69.0
191.9
2013
127.1
162.8
114.9
178.1
147.0
137.4
272.8
122.0
296.8
256.6
201.6
133.5
107.2
340.2
147.3
78.8
116.7
90.7
56.6
115.7
130.1
86.1
216.8
95.6
76.5
67.3
194.7
2014
124.8
160.9
107.1
167.4
148.8
141.5
274.9
119.8
313.2
266.0
190.1
132.8
97.9
351.1
140.2
76.5
116.9
82.2
54.1
114.7
125.1
83.2
212.8
91.4
79.0
62.2
195.2
2015
124.0
173.6
106.3
155.7
152.1
142.8
300.5
116.0
322.7
261.5
179.3
129.5
87.4
345.3
131.2
77.9
113.3
78.3
55.2
109.4
108.8
78.8
205.9
83.8
79.5
58.1
193.8
2016
123.3
193.4
107.2
147.7
148.1
143.2
276.6
112.1
303.7
257.8
169.3
127.4
81.0
326.6
134.2
85.6
111.9
78.3
56.6
102.0
104.0
80.4
202.2
76.8
82.3
54.7
195.5
2017
122.3
185.5
106.6
139.2
147.7
145.0
240.2
109.4
289.4
247.6
163.0
120.8
76.1
303.6
124.3
90.1
106.2
75.6
56.2
95.7
98.7
80.1
216.7
69.9
77.3
51.4
202.9
2018
122.9
180.3
109.1
133.1
143.9
148.4
228.9
107.8
289.2
241.3
155.1
119.5
72.5
281.8
121.2
90.7
101.2
69.8
56.1
91.7
95.0
82.8
215.3
68.7
76.7
47.2
198.5
2019
121.5
178.5
112.2
129.0
146.1
153.1
208.1
106.1
298.4
229.9
149.5
110.8
68.5
265.6
130.1
91.7
98.3
66.4
55.2
87.7
90.8
78.8
221.2
67.4
74.2
46.6
200.2
2020
130.6
182.8
121.3
147.9
152.7
173.9
186.4
118.5
327.8
233.1
163.7
126.1
69.4
267.3
143.7
95.5
101.5
65.2
54.3
95.6
92.1
81.7
217.1
77.1
76.0
48.1
212.9
2021
130.7
172.3
120.8
137.7
150.7
167.5
164.6
111.4
343.9
223.7
156.6
122.4
66.2
242.2
135.7
94.2
96.9
58.5
53.6
85.3
84.0
80.6
207.2
82.9
71.2
47.9
214.2
2022
122.0
161.4
118.5
123.4
145.2
163.7
147.5
104.7
326.2
210.1
141.8
101.1
66.1
213.3
125.4
93.3
93.6
53.2
51.4
77.8
74.6
77.3
188.1
81.7
63.4
43.7
211.5
2023
114.4
156.5
111.4
111.6
138.6
155.4
147.6
97.9
327.5
191.7
130.3
96.4
60.2
198.3
120.3
85.5
92.6
52.5
52.3
73.3
72.7
73.7
196.6
72.3
57.0
40.4
202.9
26
 kom (2024) 0702 - Ingen titel
2958026_0028.png
10. HH (+NPISH) credit flow (% debt stock t-1), threshold 14%
1995
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1996 1997
5.1
4.6
6.1
6.9
6.9
5.3
10.3
14.1
-3.3
1.3
4.2
5.0
23.0
21.0
7.8
7.4
2.8
9.2
11.6
14.3
22.4
23.1
28.0
23.7
25.6
17.3
9.0
20.3
20.7
9.7
16.9
23.9
139.4 131.9
-1.8
52.5
2.8
26.1
39.1
93.1
-20.0 4075.0
-10.4
8.7
7.7
9.2
-3.4
14.8
107.2
48.5
85.2 109.5
2.5
5.9
1998
3.1
6.7
5.7
19.1
6.2
3.4
19.2
10.8
1.8
15.3
28.2
22.8
24.0
17.6
14.0
35.3
-49.1
61.8
19.9
38.3
188.0
-1.4
9.9
6.1
62.9
91.6
6.1
1999
7.6
5.0
6.1
19.4
10.2
7.5
26.0
17.8
17.5
13.8
26.2
25.0
38.3
30.3
16.9
-0.8
28.1
31.8
21.9
8.6
9.3
13.1
6.7
28.3
9.9
-2.8
8.6
2000
6.6
2.5
3.1
17.4
8.5
6.1
19.1
15.3
13.4
12.1
19.4
29.4
13.1
12.3
15.4
29.5
37.1
88.0
-6.6
21.0
26.2
11.1
7.1
47.6
26.5
18.2
9.2
2001
5.3
1.8
1.4
12.4
7.3
6.1
30.2
12.2
5.1
8.0
14.5
37.8
11.6
3.9
17.7
56.6
42.1
35.9
22.5
29.4
55.9
13.9
8.1
48.7
13.9
45.6
8.2
2002
5.5
3.9
1.0
16.0
9.3
6.2
22.9
11.6
6.4
9.6
10.9
32.2
10.8
2.9
13.3
47.5
50.5
68.3
76.2
45.0
47.5
38.5
5.8
62.7
13.9
211.6
8.1
2003
5.0
3.6
1.1
18.8
12.1
7.8
22.6
10.9
14.1
8.8
8.1
27.5
10.3
1.0
35.5
54.9
48.8
60.1
57.2
28.1
77.7
11.9
6.6
56.2
13.8
182.6
9.0
2004
7.1
6.5
-0.1
20.1
13.2
8.9
24.1
14.0
9.7
7.2
10.0
30.4
10.8
10.6
13.1
49.6
46.3
42.3
82.3
18.5
74.0
34.1
9.1
30.9
17.4
55.1
10.1
2005
7.0
11.5
-0.3
20.5
15.9
11.8
28.4
14.6
11.8
7.1
8.9
28.5
21.6
32.2
13.0
83.3
52.2
89.1
75.7
20.2
58.9
27.0
12.8
24.7
21.6
77.8
10.9
2006
5.2
9.7
-0.3
19.4
12.6
11.1
20.1
13.2
12.7
7.4
9.9
25.0
23.7
9.3
16.6
54.2
56.9
80.0
70.3
22.3
30.4
24.2
12.0
22.6
34.1
72.3
10.3
2007
3.9
9.5
-1.3
12.4
11.0
11.2
14.7
11.5
22.9
6.2
9.6
21.8
27.1
17.0
11.8
48.8
32.9
42.5
56.6
18.7
58.8
33.5
10.5
23.0
40.7
87.0
9.2
2008
1.9
8.8
-1.0
4.4
7.5
6.9
3.9
5.1
7.9
5.0
4.2
12.5
12.0
15.0
11.2
34.1
10.8
7.0
20.5
12.0
34.2
16.6
5.8
17.0
32.1
31.5
8.3
2009
0.7
2.6
-0.4
-0.3
5.2
3.5
-1.0
4.1
4.5
3.5
1.6
2.9
6.7
7.2
10.8
21.5
-3.3
-7.3
-5.4
-2.4
0.0
8.5
3.2
-0.5
13.0
-4.1
8.5
2010
0.7
6.1
0.3
0.2
6.1
5.5
-5.0
5.0
8.1
2.7
1.2
-1.2
5.9
8.4
5.9
10.8
-3.6
-5.5
-5.7
3.2
0.5
2.9
1.9
-2.6
9.1
1.1
7.5
2011
1.7
7.2
0.8
-2.4
5.5
4.6
-4.8
2.6
7.0
1.3
-2.3
-4.1
0.7
5.1
5.0
11.3
-2.7
-6.8
-3.5
-1.4
0.4
6.6
1.7
-8.8
7.8
1.7
5.2
2012
0.2
3.3
1.0
-4.0
5.0
2.4
-4.1
-1.0
8.2
0.5
-4.1
-3.7
-2.7
1.6
5.8
10.5
-0.9
-6.0
-2.2
-1.5
-1.4
4.1
0.5
-9.0
4.3
-0.5
4.1
2013
0.8
3.4
0.8
-4.9
2.6
1.7
-1.9
-1.7
4.0
-1.2
-3.3
-2.8
-2.8
-6.5
4.4
7.0
0.8
-3.9
0.0
-1.3
0.5
4.6
0.4
-5.1
5.1
-0.6
4.6
2014
1.0
5.0
1.3
-3.8
2.6
1.8
-3.3
-0.8
8.4
-0.6
-3.3
-3.2
-1.0
-1.9
0.2
12.1
2.6
-5.0
2.0
-0.4
0.9
1.8
1.7
-4.0
4.4
-1.6
5.7
2015
1.6
4.1
2.4
-2.3
3.6
3.2
-2.8
0.0
5.3
1.1
-1.8
-3.4
0.8
-0.6
3.1
11.2
5.3
-2.9
7.0
-1.8
-0.4
6.5
2.5
-13.8
4.0
4.9
7.1
2016
1.9
4.1
2.9
-1.7
4.3
4.3
-1.8
1.2
6.4
1.2
-1.8
-2.9
4.0
-0.7
5.1
13.1
7.0
0.5
7.3
0.6
5.6
7.8
2.7
0.8
4.3
4.2
6.9
2017
2.4
4.6
3.3
-0.6
4.0
5.8
-0.5
2.3
7.1
1.6
0.6
-2.2
6.3
0.3
6.6
11.3
7.5
2.1
7.4
4.3
9.6
8.3
0.8
2.5
5.0
7.8
6.6
2018
3.0
4.8
3.8
0.2
4.6
5.4
-1.1
2.8
8.6
1.5
0.4
-1.9
6.5
2.7
7.1
9.6
6.6
1.6
8.8
6.4
9.8
6.9
1.4
5.4
6.1
8.5
5.4
2019
2.8
6.4
4.7
0.1
3.8
6.4
0.4
2.4
6.0
1.3
1.0
-2.4
5.7
0.5
14.0
8.2
7.7
2.0
8.6
7.4
10.5
6.5
1.6
15.0
5.8
7.6
5.2
2020
2.8
3.9
4.5
-0.6
4.4
4.3
-1.2
1.1
6.0
2.0
1.6
-3.1
1.0
3.3
3.7
5.9
4.2
0.1
7.6
2.1
6.6
6.2
0.2
14.7
1.5
3.6
5.7
2021
4.3
4.8
5.1
1.0
3.9
5.6
-1.3
3.7
8.5
4.1
3.5
-1.9
5.6
3.0
9.7
8.4
7.3
5.5
10.5
4.7
14.1
8.6
2.6
15.4
4.6
8.9
6.9
2022
2.9
5.4
4.1
0.5
3.0
5.0
-0.4
3.6
7.5
2.9
3.3
-2.1
7.6
-1.8
7.4
9.6
10.5
6.1
11.5
5.7
15.0
4.9
1.5
5.8
-3.4
4.6
3.9
2023
2.3
0.7
-2.2
1.3
-0.7
-1.0
3.9
4.6
9.5
6.3
-5.3
0.4
-0.2
2.5
27
 kom (2024) 0702 - Ingen titel
2958026_0029.png
11. NFC credit flow (% debt stock t-1), excl. FDI, threshold 13%
1994
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
-2.0
2010
-12.3
2011
-1.5
2012
15.2
2013
8.7
1.8
5.2
1.9
-6.8
-2.9
5.9
-4.1
-3.1
-4.4
-2.9
-2.0
2014
-11.2
-0.3
-5.6
4.3
-15.2
-0.3
53.4
2.1
-1.7
-1.6
-6.3
0.3
7.6
6.3
6.8
-6.3
2.9
-1.1
0.3
-0.4
-4.4
-3.5
8.3
2015
3.2
9.1
1.8
-3.1
3.9
-5.9
-1.7
27.6
-2.3
0.0
-1.5
-7.9
1.3
-7.7
1.3
0.9
-0.3
-0.9
-3.6
-4.5
-1.1
-3.3
9.3
4.9
2016
3.1
11.2
6.2
2.2
5.5
-11.4
-1.1
13.8
5.3
-2.1
-0.5
-2.9
2.2
12.2
5.3
6.8
2.2
10.0
-0.4
3.0
5.7
-0.3
3.5
6.3
2017
2.8
-3.1
1.4
0.2
4.7
5.4
2.2
0.9
-21.3
0.3
0.0
-0.2
-2.1
5.6
2.8
-6.1
3.0
7.8
10.2
0.3
1.6
10.6
1.1
4.7
6.0
2018
5.1
-2.7
6.5
-1.0
5.4
6.0
0.5
8.9
-0.6
-0.5
0.9
-2.4
3.7
2.5
4.4
2.0
-5.0
11.0
1.3
4.4
12.7
3.6
8.0
3.7
2.0
7.5
2019 2020
4.8
4.8
3.7
-0.8
8.3
7.1
2.9
7.0
4.0
8.4
5.1
13.4
-190.9 -301.0
-3.0
5.7
-5.1
-1.9
1.9
0.8
5.0
0.6
12.6
-2.9
-2.9
-3.0
1.2
12.2
3.0
5.6
5.4
-0.5
1.6
0.3
-5.4
1.3
-9.7
-10.1
-0.4
4.0
0.8
-1.7
-5.6
7.9
5.3
14.3
18.5
4.1
2.8
1.6
7.8
5.9
2021
6.3
-0.1
6.6
2.3
-0.3
1.8
4.3
2.8
7.4
2.9
2.2
1.0
-0.1
4.5
3.4
8.7
-5.4
12.4
0.4
5.3
-3.0
7.2
16.3
3.8
11.4
2022
5.3
4.8
10.0
-1.5
-3.6
4.6
33.3
-0.6
5.8
1.5
5.1
10.8
-2.8
2.1
9.6
11.0
6.7
23.7
8.6
6.4
10.4
7.8
13.7
11.2
12.9
7.1
2023
4.7
0.8
-2.6
2.9
41.8
15.0
2.9
4.5
8.1
4.7
6.7
0.3
7.2
2.8
7.1
4.9
5.8
8.0
12.9
5.9
12.6
-1.7
3.2
3.0
1.3
1.8
7.5
3.3
-1.2
2.5
4.7
0.3
7.0
2.4
2.6
6.6
0.1
-5.2
-2.0
6.1
-1.5
-0.7
4.5
-5.3
-2.8
-2.7
0.1
12.7
18.8
16.7
16.8
13.4
6.0
2.8
0.5
4.8
-2.2
5.2
-5.2
12.6
10.6
3.0
-0.5
33.9
22.2
13.6
13.7
28.1
21.2
35.7
26.2
42.3
19.2
17.7
0.6
-4.2
-7.8
-4.0
-0.4
1.8
3.8
2.8
-6.6
-2.8
1.0
0.7
23.5
23.6
11.8
16.3
28.9
11.2
6.0
15.8
16.1
13.8
-0.5
16.6
13.8
12.5
5.4
6.7
16.7
21.9
17.9
14.7
10.5
31.9
1.3
2.6
-1.7
1.4
-2.7
15.4
5.1
-1.3
1.7
3.5
9.9
-2.4
10.2
6.1
-1.3
0.1
2.8
6.8
-4.1
-0.5
2.9
5.0
7.3
3.8
4.1
10.3
Note: The debt stock in the denominator of the NFC credit flow headline variable excludes foreign direct investment (FDI) and is thus different from the debt stock in the NFC debt stock headline
variable.
28
 kom (2024) 0702 - Ingen titel
2958026_0030.png
12. Private sector credit flow, consolidated (% GDP), threshold 14%
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995
5.9
3.5
1.5
3.6
-4.3
0.0
-3.0
4.5
3.7
4.0
7.8
1.5
9.5
73.7
11.9
15.2
8.4
-3.8
5.5
3.9
0.0
9.1
0.9
2.4
4.8
3.5
-0.8
1996
6.2
6.1
7.0
5.0
-0.8
3.7
16.9
2.3
2.7
11.2
10.8
5.3
4.8
21.1
13.7
9.3
13.9
3.6
2.7
2.4
33.5
10.6
8.8
7.4
6.4
5.6
2.0
1997
4.9
7.6
5.6
7.8
-0.4
3.8
14.7
2.7
47.6
12.1
14.0
3.3
6.2
27.8
9.7
11.4
19.4
9.3
6.2
12.6
2.5
12.2
6.4
8.4
4.0
5.3
4.9
1998
5.4
8.7
7.5
12.1
5.1
3.5
21.5
3.9
-22.0
16.1
21.7
6.6
8.9
16.3
7.9
15.8
9.1
9.1
4.4
10.7
4.0
-2.4
9.5
4.8
8.6
6.6
11.3
1999
11.2
9.7
9.6
15.0
9.0
8.1
26.6
8.2
19.0
19.5
20.4
6.1
12.0
25.3
7.9
-1.9
1.9
3.3
4.0
0.6
4.6
1.5
8.4
7.5
3.6
-3.0
13.3
2000
11.7
8.7
9.9
17.1
11.5
9.7
25.1
8.8
14.2
20.0
21.1
10.3
9.2
36.9
8.2
-19.3
7.2
6.5
2.5
3.1
8.4
-0.5
20.1
12.2
5.3
1.8
14.2
2001
7.4
2.7
4.5
14.6
2.5
8.4
22.4
8.1
29.7
12.2
20.6
11.0
10.0
1.0
7.5
8.6
14.2
6.4
1.6
11.8
6.7
-2.9
9.4
10.2
3.3
5.0
13.3
2002
4.6
4.8
1.2
14.8
7.5
4.8
16.8
5.9
16.9
10.6
10.2
8.1
7.1
-11.5
2.5
6.7
14.5
9.5
3.5
14.4
8.9
5.0
5.9
7.9
1.5
8.6
5.3
2003
6.4
11.4
0.6
18.1
6.2
4.4
8.2
6.9
69.2
11.3
7.6
10.3
8.4
1.8
6.6
3.6
14.5
8.2
5.6
11.0
11.8
-2.5
9.7
14.5
2.0
7.9
4.7
2004
4.1
9.8
-3.8
19.4
6.2
5.7
23.6
7.6
-9.0
9.0
10.8
10.8
8.5
14.8
10.5
1.7
17.2
17.9
8.5
10.6
18.5
6.7
6.7
10.9
0.8
9.1
6.8
2005
6.8
5.2
0.4
27.1
12.4
8.2
33.6
9.7
0.6
13.2
12.0
14.4
12.5
41.2
12.2
6.1
23.0
26.4
14.2
13.5
20.2
4.3
22.3
11.1
3.6
11.7
13.1
2006
5.3
5.2
2.4
35.5
8.7
9.2
40.9
10.4
25.6
11.3
13.3
16.5
13.6
17.1
10.2
11.0
33.3
37.6
18.7
17.9
29.4
9.3
23.8
13.7
9.3
15.3
10.4
2007
7.3
17.0
1.7
26.3
13.1
11.2
24.9
12.0
144.4
14.2
19.0
16.0
21.6
38.4
15.9
11.9
26.9
28.9
24.9
16.6
43.8
11.2
17.1
16.1
12.5
19.9
20.7
2008
5.4
16.8
1.6
12.0
16.7
9.8
22.3
6.5
-5.3
11.9
16.2
15.6
15.6
43.8
18.7
16.7
11.1
11.2
10.4
16.0
34.4
10.9
18.8
12.2
14.2
12.7
19.0
2009
1.3
2.4
-0.9
-1.2
0.8
3.3
-5.0
0.7
7.0
9.6
5.3
2.2
3.0
10.8
16.1
4.0
-5.5
-9.0
-9.4
2.5
1.8
1.3
-1.9
5.9
4.4
-1.6
5.8
2010
0.3
1.0
1.8
0.9
7.5
4.6
2.6
4.9
-21.3
2.3
5.5
2.4
2.0
20.7
7.3
2.8
-3.2
-8.4
-5.9
4.6
-0.4
3.5
-2.9
-3.9
3.8
0.9
5.2
2011
3.0
22.1
2.1
-4.2
5.4
6.4
16.3
3.1
20.8
7.9
-0.8
-6.6
0.5
17.7
6.5
4.6
-0.8
-2.3
-2.2
-2.3
3.5
2.5
4.4
-4.3
6.7
2.7
7.0
2012
1.2
14.3
1.6
-11.1
7.2
4.2
-1.2
-0.9
24.5
6.1
-4.3
-4.8
-2.8
0.7
0.6
1.8
7.7
-2.4
0.4
-1.6
2.6
3.1
7.9
-5.9
4.9
0.3
2.3
2013
1.0
8.5
2.7
-10.2
3.0
2.1
-0.7
-2.8
26.4
9.7
-2.3
-4.1
-3.7
-12.1
2.9
4.9
4.6
-0.6
-0.2
-0.4
2.6
4.3
-3.0
-0.9
3.2
-1.5
4.5
2014
0.9
-2.4
0.2
-7.1
1.7
3.2
2.5
-0.3
28.1
4.2
-6.8
-3.1
-4.7
-0.8
6.6
5.0
6.3
-4.6
0.2
-1.2
2.3
2.3
-0.3
-0.2
4.8
-2.3
5.7
2015
2.1
11.0
2.9
-2.0
6.9
4.6
-2.2
-1.4
21.3
0.0
-1.4
-3.1
-5.0
4.3
7.1
5.0
2.3
-0.8
2.6
-1.6
-3.8
-0.4
2.9
-2.5
4.0
0.2
8.8
2016
3.3
23.8
4.6
-0.4
1.3
6.2
-14.8
0.1
2.1
3.6
-1.8
-2.2
-0.8
12.0
10.7
9.2
6.4
2.5
4.4
-0.1
2.9
6.2
3.1
-3.2
4.4
0.6
12.4
2017
3.6
0.8
4.2
0.7
8.3
7.1
0.2
1.2
-5.3
3.5
2.9
-1.2
0.9
7.6
6.0
5.0
4.2
2.8
4.5
1.5
4.5
6.0
2.0
0.6
3.2
1.8
13.7
2018
4.8
-1.3
6.2
0.0
4.3
8.2
-8.7
2.0
7.3
5.2
0.8
-0.8
1.3
11.4
6.1
6.2
4.6
-0.2
4.3
2.2
4.0
6.8
4.8
4.3
3.7
1.9
9.3
2019
5.0
4.8
6.4
1.5
6.6
8.4
-9.6
0.4
-0.1
-0.3
2.6
-0.9
0.8
-0.5
13.7
4.5
3.4
1.1
2.6
1.2
5.6
1.4
10.5
4.1
3.6
2.0
9.7
2020
4.4
-3.0
7.0
4.8
6.5
13.5
-3.8
4.0
45.7
-0.7
4.4
5.5
-0.9
-1.4
5.8
2.6
2.9
-1.8
0.3
0.6
4.2
0.6
5.4
8.2
1.7
1.3
14.5
2021
7.6
6.1
6.9
3.0
6.1
6.7
1.9
3.3
64.1
9.6
4.5
0.8
3.5
6.5
8.8
4.5
6.8
0.9
5.8
2.9
4.9
2.9
11.5
12.9
3.7
3.8
16.3
2022
5.0
5.8
6.4
0.3
2.3
8.9
2.0
2.9
-19.5
6.9
3.5
1.1
5.4
-3.9
6.3
8.4
9.2
3.1
6.8
5.6
5.9
4.5
13.1
9.2
3.0
3.3
10.5
2023
0.1
2.2
-0.2
-2.2
-2.1
1.8
-1.8
-0.8
0.1
1.7
0.9
2.0
0.4
2.3
5.7
2.3
3.7
1.1
4.3
3.9
5.8
2.1
4.3
1.9
0.9
2.0
2.4
29
 kom (2024) 0702 - Ingen titel
2958026_0031.png
13. Nominal house price index, threshold 9%
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995 1996 1997
#N/A #N/A #N/A
4.52
2.17
2.40
1.48 -1.34 -1.77
3.46
1.87
1.59
-1.82
5.94 15.78
-0.91
0.87 -0.42
6.28
8.58 14.70
0.78
3.84
3.41
0.28
6.64
3.59
7.21 10.77 11.91
1.53
1.63
3.63
8.45 10.59
7.65
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A
107.07 804.08
#N/A #N/A #N/A
7.59 10.69 11.54
#N/A #N/A #N/A
#N/A #N/A #N/A
#N/A #N/A #N/A
0.27
0.82
6.62
1998
#N/A
6.36
-0.90
4.65
8.84
2.06
24.13
-0.03
3.57
10.87
4.46
14.36
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
13.83
#N/A
8.98
#N/A
#N/A
#N/A
9.51
1999
#N/A
7.10
0.10
10.38
7.05
6.99
21.50
1.05
6.43
16.35
8.98
8.90
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
0.83
#N/A
6.74
#N/A
#N/A
#N/A
9.38
2000
#N/A
5.43
0.46
8.57
3.89
8.69
20.64
3.91
7.25
18.24
7.75
10.57
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
-9.75
#N/A
-0.76
#N/A
6.51
#N/A
#N/A
#N/A
11.22
2001
0.76
4.81
0.09
9.78
-1.59
7.79
15.08
5.82
14.10
9.55
5.45
14.40
#N/A
#N/A
9.59
#N/A
#N/A
0.27
12.60
1.81
0.32
9.49
5.86
#N/A
#N/A
#N/A
7.94
2002
0.64
6.36
-1.39
15.39
6.34
8.75
4.45
11.91
8.44
6.35
0.56
13.86
#N/A
#N/A
12.59
#N/A
#N/A
46.72
5.59
5.53
-8.91
12.65
3.60
#N/A
#N/A
#N/A
6.39
2003
0.25
6.98
0.40
17.18
6.27
11.89
14.33
6.15
11.21
2.46
1.11
5.39
#N/A
1.25
16.42
#N/A
#N/A
22.53
9.74
3.24
11.55
10.16
3.17
#N/A
#N/A
#N/A
6.55
2004
-1.87
8.68
-1.51
17.07
8.05
15.16
11.17
6.17
13.98
4.00
0.67
2.31
9.67
10.37
16.86
#N/A
#N/A
2.72
8.10
11.04
47.36
0.41
8.96
#N/A
#N/A
#N/A
9.38
2005
4.98
13.23
1.18
13.55
8.16
14.95
9.67
7.63
11.41
4.83
2.30
10.90
14.41
6.26
7.69
#N/A
32.70
23.97
25.65
11.27
36.63
1.53
17.58
#N/A
#N/A
#N/A
9.91
2006
4.13
9.81
-0.36
13.41
6.96
11.56
14.87
5.74
11.14
4.25
2.04
13.24
16.81
11.86
19.87
16.73
49.50
55.18
28.35
17.75
14.70
7.67
24.07
#N/A
36.62
#N/A
12.34
2007
4.66
7.75
-2.17
9.81
5.90
6.41
7.47
4.99
6.99
4.84
1.37
5.95
23.63
11.74
21.00
28.96
20.77
36.27
26.32
12.04
28.91
19.35
2.68
#N/A
48.75
#N/A
12.45
2008
1.00
4.35
1.35
-1.43
0.80
0.94
-6.94
2.64
3.35
2.20
3.78
1.69
7.00
5.65
11.08
17.91
-9.62
1.10
8.99
2.89
24.95
12.85
-5.17
2.38
-0.82
#N/A
1.11
2009 2010 2011 2012 2013
3.97
6.88
5.37
6.62
5.00
-0.41
2.26
3.58
2.35
1.48
0.85
1.08
3.46
3.46
3.12
-6.61 -1.77 -7.64 -14.78 -9.12
1.44
6.31
3.18
2.42
1.15
-6.11
4.64
5.73 -0.55 -1.86
-19.15 -13.50 -17.08 -13.45
1.25
-0.49
0.73
1.35 -2.51 -6.51
-1.16
5.42
3.68
4.20
4.98
-4.45 -1.75 -1.98 -6.69 -6.03
-0.92
0.77 -4.91 -7.07 -1.88
-3.72 -4.66 -5.47 -11.66 -10.85
-9.47
0.13
2.71 -6.89 -5.25
-6.56 -5.73 -1.60 -3.05 -4.09
-4.32
1.08 -1.36
3.05 -0.41
-12.75 -4.01 -1.50 -2.71
0.91
-37.20
5.67
8.48
7.29 10.65
-37.31 -10.96 10.43
2.96
6.85
-29.93 -7.39
6.62 -0.23
1.22
-5.00 -6.33
0.17 -1.56 -3.95
-20.40 -10.17 -5.51 -1.91 -2.19
-3.87 -1.75
0.11 -1.47
0.00
-11.98
2.80 -1.70 -2.70
3.90
-5.24 -2.39 -3.43 -3.70 -2.56
-2.80 -3.75
0.09 -3.49 -4.38
-23.79 -7.53 -12.31 -5.07 -0.25
3.16
7.88
2.57
1.27
5.15
2014
3.82
-0.33
3.13
0.31
-0.35
-1.53
16.53
-4.67
4.39
0.84
4.24
-7.47
-6.60
-1.76
2.55
1.41
13.72
6.00
6.42
-1.58
1.43
2.45
3.77
4.19
0.98
-2.06
9.42
2015
5.62
1.81
4.71
3.58
0.00
-1.34
11.46
-3.85
5.40
3.51
3.05
-5.05
0.81
-1.45
5.81
5.36
6.86
-3.36
3.66
-2.89
2.79
3.95
6.96
13.08
1.52
2.86
13.12
2016
6.71
2.33
7.50
4.62
1.29
1.04
7.46
0.30
6.01
5.29
7.12
-2.38
3.25
0.27
5.45
6.70
4.75
8.49
5.40
0.89
7.02
7.20
5.22
13.38
1.86
5.95
8.24
2017
5.09
3.54
6.14
6.19
1.09
3.17
10.87
-1.10
5.61
8.05
9.24
-1.01
8.27
2.24
5.29
5.90
5.50
8.78
8.92
3.83
8.67
11.66
4.54
12.22
3.85
6.05
6.64
2018
5.97
3.02
6.66
6.73
0.93
2.93
10.23
-0.60
7.06
9.33
10.26
1.81
8.73
1.76
5.78
7.37
5.94
9.57
7.30
6.10
6.59
8.60
4.37
14.35
6.58
5.57
-0.94
2019
6.01
3.74
5.75
5.17
0.42
3.33
2.35
-0.10
10.12
7.22
9.96
7.22
6.70
3.72
6.13
9.12
7.00
8.96
6.84
8.96
6.02
9.15
2.35
16.96
8.67
3.43
2.48
2020
7.58
4.29
7.77
2.24
1.76
5.20
0.31
1.93
14.49
8.01
8.78
4.49
4.60
-0.20
3.38
9.57
6.00
3.47
7.27
7.66
4.56
8.46
5.08
4.94
10.48
4.69
4.20
2021
11.44
6.66
11.54
3.68
4.59
6.31
8.28
2.59
13.92
14.50
9.40
7.61
11.54
-3.38
5.11
6.39
15.05
10.89
16.05
7.31
8.67
19.69
11.74
16.50
9.17
4.40
10.11
2022
11.57
5.53
5.30
7.41
1.18
6.32
12.32
3.79
9.56
13.25
12.63
11.94
14.76
2.68
6.65
13.70
22.24
13.83
19.05
14.85
13.79
16.88
-0.47
22.34
11.80
7.17
3.56
2023
-2.56
2.46
-8.41
4.02
-5.57
-0.42
3.09
1.31
-9.06
-1.91
8.20
13.44
7.14
2.93
5.25
0.07
5.87
3.79
9.82
11.94
9.86
-1.67
-3.58
5.61
8.82
3.29
-5.26
30
 kom (2024) 0702 - Ingen titel
2958026_0032.png
14. Real house price index, threshold 6%
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995
#N/A
2.93
0.14
-1.31
-2.16
-1.86
3.43
-5.21
-1.68
4.98
-3.36
-0.53
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
5.64
#N/A
#N/A
#N/A
-2.65
1996 1997
#N/A #N/A
1.52
0.95
-1.98 -2.84
-0.89 -1.17
4.92 13.59
-0.70 -1.25
5.00 11.61
-0.24
1.42
4.99
2.06
9.37
9.38
-1.20
0.58
2.61
2.91
#N/A #N/A
#N/A #N/A
#N/A #N/A
#N/A #N/A
#N/A #N/A
#N/A #N/A
#N/A #N/A
#N/A #N/A
-2.64 -20.71
#N/A #N/A
8.86
9.49
#N/A #N/A
#N/A #N/A
#N/A #N/A
0.02
5.18
1998
#N/A
5.17
-1.18
2.96
7.09
1.81
19.48
-1.88
1.91
8.92
1.95
9.02
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
-7.14
#N/A
7.37
#N/A
#N/A
#N/A
9.04
1999
#N/A
6.70
-0.52
8.08
5.54
7.50
18.03
-0.60
3.89
14.34
6.34
5.94
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
-1.71
#N/A
4.76
#N/A
#N/A
#N/A
7.82
2000
#N/A
1.98
-0.47
4.25
0.83
6.28
15.19
0.79
4.03
14.77
3.88
7.12
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
-8.18
#N/A
-5.64
#N/A
3.61
#N/A
#N/A
#N/A
10.22
2001 2002
-1.60 -0.40
2.44
5.26
-1.95 -2.63
6.00 12.35
-4.17
4.62
5.70
7.83
10.28 -0.62
3.19
8.71
11.38
6.88
6.12
2.84
1.56 -2.83
11.24 11.42
#N/A #N/A
#N/A #N/A
6.95 10.70
#N/A #N/A
#N/A #N/A
-2.12 39.14
9.97
6.04
-2.74
3.20
-4.99 -12.01
5.79 11.20
3.43
1.72
#N/A #N/A
#N/A #N/A
#N/A #N/A
5.74
4.65
2003
-1.27
5.40
-1.07
13.54
5.22
10.01
10.03
3.00
8.58
0.13
-2.38
2.80
#N/A
-0.91
15.30
#N/A
#N/A
16.33
11.50
0.96
10.91
10.03
1.95
#N/A
#N/A
#N/A
4.52
2004
-3.55
6.03
-2.55
13.09
7.74
12.75
9.24
3.64
11.39
2.62
-1.63
-0.96
6.49
8.63
13.43
#N/A
#N/A
-3.54
8.28
8.75
42.70
-2.93
7.69
#N/A
#N/A
#N/A
8.88
2005
2.49
10.08
0.09
9.89
7.01
12.89
8.01
5.52
7.89
2.94
-1.48
7.71
11.97
3.06
4.76
#N/A
27.96
13.02
22.78
7.83
27.72
0.40
15.62
#N/A
#N/A
#N/A
8.97
2006
1.98
6.87
-1.64
9.54
5.49
9.19
12.08
2.97
8.51
1.44
-1.45
9.69
14.10
7.93
16.86
11.30
41.65
40.87
22.68
13.63
12.24
5.80
21.40
#N/A
34.59
#N/A
11.53
2007 2008 2009 2010 2011 2012
2.10 -1.08
3.62
5.04
2.12
4.15
4.94
1.14
0.41
0.37
0.71
0.33
-3.95 -0.61
0.80 -0.56
1.65
2.05
6.22 -4.84 -5.71 -3.68 -9.76 -16.49
3.89 -2.52 -0.44
4.80 -0.12 -0.39
4.21 -1.76 -4.69
3.50
3.83 -1.94
4.31 -8.36 -13.46 -12.40 -17.85 -14.39
2.69 -0.55
0.08 -0.84 -1.52 -5.00
4.74
0.23 -0.08
3.33
0.71
2.02
2.73
0.11 -3.00 -3.33 -4.00 -7.86
-1.95
0.97
1.03 -1.05 -6.51 -8.73
2.23 -2.54 -4.62 -4.31 -8.19 -12.49
18.80
1.33 -10.24 -1.31
0.92 -8.46
7.67
0.86 -6.83 -8.17 -4.43 -5.52
19.46
7.01 -6.15 -1.08 -3.90
0.38
25.70 12.85 -12.80 -4.96 -5.17 -5.93
11.91 -16.29 -36.49
1.76
3.11
3.11
22.04 -10.89 -34.96 -8.76
3.94 -0.27
19.36 -1.72 -32.86 -8.77
2.16 -3.24
8.91 -2.35 -7.93 -7.65 -1.95 -4.59
18.45 17.64 -20.91 -11.80 -8.87 -4.64
15.94
7.88 -4.71 -2.22 -1.58 -3.54
0.92 -7.83 -13.08
0.32 -3.95 -4.94
#N/A
-3.22 -9.10 -5.55 -6.59 -8.88
45.51 -4.70 -5.36 -5.95 -4.39 -6.43
#N/A #N/A
-26.55 -15.49 -15.67 -8.89
10.98 -1.75
1.07
6.56
1.18
0.71
2013
2.82
0.42
1.71
-9.99
-1.25
-2.53
-0.03
-7.54
3.37
-7.95
-2.63
-9.28
-7.23
-3.86
-1.55
-0.42
7.34
6.39
0.36
-5.75
-0.79
-0.70
3.06
-4.21
-4.65
-1.72
4.46
2014
1.75
-1.08
2.21
0.18
-1.61
-1.64
15.54
-4.91
3.66
-0.05
4.01
-5.21
-6.20
-1.10
2.01
1.50
12.93
4.66
6.42
-1.25
0.07
1.59
3.15
2.84
1.29
-3.20
8.30
2015
4.10
0.95
4.14
3.68
-0.46
-1.62
11.05
-3.99
4.48
3.32
2.15
-3.83
1.42
1.04
4.14
5.48
7.30
-2.76
4.69
-2.59
0.41
3.95
6.55
12.48
1.92
1.65
12.02
2016
5.16
0.80
6.74
4.45
1.08
0.79
6.97
0.19
5.22
4.71
6.07
-1.50
3.63
2.22
4.46
7.04
3.65
7.26
4.42
2.02
5.25
6.77
5.09
12.27
2.65
5.24
7.29
2017
3.25
1.59
4.56
4.59
0.06
2.34
9.27
-2.14
3.33
6.57
7.56
-1.38
6.62
1.24
4.18
4.43
1.07
5.32
5.22
2.93
3.88
9.13
3.48
8.62
1.97
3.30
4.77
2018
3.85
1.00
5.12
5.23
-0.36
1.22
8.23
-1.54
5.10
7.02
8.57
1.70
6.62
0.48
4.83
4.95
2.28
6.35
4.54
4.60
4.09
5.93
3.73
10.67
5.03
1.66
-3.31
2019
4.16
2.29
4.38
4.07
-0.57
2.47
0.54
-0.69
8.67
4.50
9.04
7.18
5.31
3.42
4.18
6.22
4.23
5.48
4.51
7.76
3.92
6.16
1.45
11.84
6.36
-1.87
0.36
2020
6.28
3.40
7.15
2.14
1.42
4.12
-0.41
1.81
12.73
6.58
8.13
5.69
5.18
1.23
2.14
7.25
7.01
3.53
5.99
7.06
5.19
5.40
4.70
1.54
6.75
2.29
3.32
2021
9.12
4.07
8.33
1.37
2.31
4.76
4.20
0.97
12.49
11.06
7.27
6.53
7.93
-4.18
3.83
3.04
10.38
7.25
10.93
4.88
2.51
16.35
9.50
9.58
3.53
-0.23
8.12
2022
3.87
-3.90
-1.29
0.80
-4.71
1.54
5.00
-3.57
3.96
5.95
4.85
5.25
4.34
-3.60
1.16
1.34
4.45
0.43
0.39
3.21
-2.06
1.63
-7.40
6.20
-1.93
-6.38
-3.02
2023
-9.92
-2.80
-13.88
-0.18
-9.54
-6.32
-3.33
-3.71
-12.25
-9.98
2.98
8.43
-0.15
-0.24
-0.40
-9.24
-2.98
-3.90
1.10
3.69
2.73
-10.00
-6.44
-8.40
-1.75
-5.89
-10.89
31
 kom (2024) 0702 - Ingen titel
2958026_0033.png
15. Unemployment rate (% labour force Y15-74), threshold 10%
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995
4.5
9.6
7.9
22.9
15.6
10.2
12.1
11.5
2.9
8.7
8.6
9.6
6.8
#N/A
4.6
12.1
9.8
14.8
6.8
#N/A
12.4
4.1
7.3
9.5
13.3
11.0
10.0
1996
4.9
9.6
8.5
22.1
14.1
10.5
11.6
11.9
2.9
7.9
8.6
10.0
6.9
#N/A
5.2
10.9
10.2
15.9
7.8
#N/A
11.8
3.9
6.8
9.6
12.3
8.3
10.7
1997
4.9
9.4
9.3
20.6
13.3
10.7
9.9
11.9
2.5
6.8
8.1
10.4
6.9
5.0
6.3
12.2
10.2
14.6
13.1
#N/A
14.5
4.8
5.7
8.8
11.3
7.4
11.0
1998
4.7
9.4
9.0
18.6
11.5
10.3
7.8
12.1
2.6
5.4
6.0
11.4
7.4
5.0
6.4
12.6
10.0
14.2
13.4
#N/A
13.3
6.5
5.4
8.2
10.7
7.8
9.3
1999
4.0
8.7
8.1
15.7
10.3
10.0
5.9
11.5
2.4
4.4
5.4
12.4
7.4
5.2
6.4
16.4
12.4
14.2
14.4
#N/A
14.9
8.8
5.6
6.8
13.7
8.6
7.9
2000
3.8
7.1
7.4
13.9
9.9
8.6
4.5
10.7
2.4
3.6
4.8
11.6
6.8
4.9
6.6
18.8
14.6
14.5
16.4
15.6
19.6
8.8
4.6
6.2
16.8
8.9
6.7
2001
3.9
6.7
7.5
10.6
9.2
7.8
4.2
9.7
2.3
2.8
4.8
11.0
6.2
3.9
6.9
19.3
13.0
13.9
17.3
16.0
23.6
8.2
4.6
5.5
19.0
8.3
5.0
2002
4.3
7.6
8.2
11.5
9.2
7.9
4.7
9.1
2.9
3.4
6.0
10.6
6.3
3.6
6.9
18.7
11.2
12.6
13.7
15.0
21.1
7.3
4.6
5.6
20.7
10.5
5.2
2003
4.6
8.3
9.3
11.5
9.1
8.5
4.8
8.8
3.7
4.5
7.5
10.0
6.7
4.3
7.6
17.6
10.3
11.7
12.5
14.2
15.9
7.8
5.4
5.7
20.4
8.5
5.8
2004
5.9
8.5
10.2
11.0
8.9
8.9
4.7
8.1
5.1
5.6
7.8
10.8
6.3
4.7
7.2
18.2
10.1
11.8
10.9
13.7
14.1
8.3
5.5
5.9
19.7
9.9
6.6
2005
6.0
8.6
10.5
9.2
8.5
8.9
4.6
7.8
4.5
7.2
9.0
10.2
6.5
5.3
6.9
16.3
8.0
10.1
8.3
12.8
11.7
7.9
4.8
7.0
18.5
8.8
7.6
2006
5.7
8.4
9.6
8.5
7.8
8.8
4.8
6.9
4.7
6.1
9.1
9.2
6.0
4.6
6.8
13.4
5.9
7.1
5.8
11.3
10.5
7.2
3.9
7.3
14.4
8.9
7.2
2007
5.3
7.6
8.1
8.2
7.0
8.0
5.0
6.2
4.1
5.2
9.5
8.6
4.9
3.9
6.5
11.1
4.6
6.2
4.3
9.9
8.0
5.3
3.8
7.2
10.0
7.8
6.3
2008
4.4
7.1
7.0
11.3
6.5
7.4
6.8
6.8
5.1
4.5
9.0
8.0
4.4
3.7
6.0
9.5
5.5
7.8
5.8
8.6
6.5
4.4
3.7
7.6
7.4
7.1
6.3
2009
5.7
8.0
7.3
17.9
8.3
9.1
12.6
7.9
5.1
5.4
11.2
9.8
5.9
5.4
6.9
12.0
13.5
17.7
13.8
9.2
7.9
6.7
6.4
9.7
8.5
8.4
8.5
2010
5.2
8.4
6.6
19.9
8.6
9.3
14.6
8.5
4.4
6.1
12.6
12.9
7.3
6.3
6.9
14.3
16.6
19.7
17.8
11.7
11.3
7.3
7.7
10.8
10.0
9.0
8.8
2011
4.9
7.2
5.5
21.4
8.0
9.2
15.4
8.5
4.9
6.0
13.5
18.1
8.2
7.9
6.4
13.5
12.3
16.3
15.4
13.7
12.3
6.7
7.8
10.7
10.0
9.1
8.0
2012
5.2
7.6
5.1
24.8
7.9
9.8
15.5
10.9
5.1
6.8
16.6
24.8
8.9
11.9
6.2
13.9
9.9
15.1
13.4
16.0
13.3
7.0
7.8
10.7
10.4
8.7
8.1
2013
5.7
8.6
5.0
26.1
8.3
10.3
13.8
12.4
5.9
8.2
17.2
27.8
10.1
15.9
6.1
14.1
8.6
11.9
11.8
17.3
13.9
7.0
7.4
9.8
10.6
9.0
8.2
2014
6.0
8.7
4.7
24.5
8.7
10.3
11.9
12.9
5.9
8.4
14.6
26.6
9.7
16.1
5.7
13.1
7.3
10.9
10.7
17.3
12.4
6.1
6.9
7.5
9.2
8.6
8.1
2015
6.1
8.7
4.4
22.1
9.4
10.3
9.9
12.0
6.7
7.9
13.0
25.0
9.0
15.0
5.4
11.5
6.4
9.9
9.1
16.2
10.1
5.1
6.3
6.6
7.7
8.4
7.6
2016
6.5
7.9
3.9
19.6
8.9
10.1
8.4
11.7
6.3
7.0
11.5
23.9
8.0
13.0
4.7
9.6
6.8
9.7
7.9
13.1
8.6
4.0
6.0
5.0
6.3
7.2
7.1
2017
5.9
7.2
3.6
17.2
8.7
9.4
6.7
11.3
5.5
5.9
9.2
21.8
6.6
11.1
4.0
8.1
5.8
8.7
7.1
11.2
7.2
2.9
5.8
4.0
5.0
6.1
6.8
2018
5.2
6.0
3.2
15.3
7.5
9.0
5.8
10.6
5.6
4.9
7.2
19.7
5.1
8.4
4.0
6.5
5.4
7.4
6.2
8.5
6.2
2.2
5.1
3.6
3.9
5.3
6.5
2019
4.8
5.5
3.0
14.1
6.8
8.4
5.0
9.9
5.6
4.4
6.7
17.9
4.4
7.1
4.1
5.7
4.5
6.3
6.3
6.6
5.2
2.0
5.0
3.3
3.3
4.9
7.0
2020
6.0
5.8
3.7
15.5
7.7
8.0
5.9
9.3
6.8
4.9
7.0
17.6
5.0
7.6
4.9
6.7
6.9
8.1
8.5
7.5
6.1
2.6
5.6
4.1
3.2
6.1
8.5
2021
6.2
6.3
3.7
14.9
7.7
7.9
6.2
9.5
5.3
4.2
6.7
14.7
4.8
7.5
3.8
6.8
6.2
7.6
7.1
7.6
5.3
2.8
5.1
4.1
3.4
5.6
8.9
2022
4.8
5.6
3.1
13.0
6.8
7.3
4.5
8.1
4.6
3.5
6.2
12.5
4.0
6.8
3.5
6.1
5.6
6.9
6.0
7.0
4.2
2.2
4.5
3.6
2.9
5.6
7.5
2023
5.1
5.5
3.1
12.2
7.2
7.3
4.3
7.7
5.2
3.6
6.5
11.1
3.7
6.1
3.1
5.8
6.4
6.5
6.9
6.1
4.3
2.6
5.1
4.1
2.8
5.6
7.7
32
 kom (2024) 0702 - Ingen titel
2958026_0034.png
16. Unemployment rate (% labour force Y15-74), 3y average, threshold 10%
AT
BE
DE
ES
FI
FR
IE
IT
LU
NL
PT
EL
SI
CY
MT
SK
EE
LV
LT
HR
BG
CZ
DK
HU
PL
RO
SE
1995
4.5
9.3
7.8
23.2
16.3
10.2
13.9
10.9
2.9
8.5
7.8
9.3
1996
4.7
9.6
8.1
23.0
15.5
10.4
12.6
11.5
3.0
8.5
8.5
9.6
1997
4.8
9.5
8.6
21.9
14.3
10.5
11.2
11.8
2.8
7.8
8.4
10.0
6.9
5.4
11.7
10.1
15.1
9.2
12.9
4.3
6.6
9.3
12.3
8.9
10.6
1998
4.8
9.5
8.9
20.4
13.0
10.5
9.8
12.0
2.7
6.7
7.6
10.6
7.1
6.0
11.9
10.1
14.9
11.4
13.2
5.1
6.0
8.9
11.4
7.8
10.3
1999
4.5
9.2
8.8
18.3
11.7
10.3
7.9
11.8
2.5
5.5
6.5
11.4
7.2
5.1
6.4
13.7
10.9
14.3
13.6
14.2
6.7
5.6
7.9
11.9
7.9
9.4
2000
4.2
8.4
8.2
16.1
10.6
9.6
6.1
11.4
2.5
4.5
5.4
11.8
7.2
5.0
6.5
15.9
12.3
14.3
14.7
15.9
8.0
5.2
7.1
13.7
8.4
8.0
2001
3.9
7.5
7.7
13.4
9.8
8.8
4.9
10.6
2.4
3.6
5.0
11.7
6.8
4.7
6.6
18.2
13.3
14.2
16.0
19.4
8.6
4.9
6.2
16.5
8.6
6.5
2002
4.0
7.1
7.7
12.0
9.4
8.1
4.5
9.8
2.5
3.3
5.2
11.1
6.4
4.1
6.8
18.9
12.9
13.7
15.8
15.5
21.4
8.1
4.6
5.8
18.8
9.2
5.6
2003
4.3
7.5
8.3
11.2
9.2
8.1
4.6
9.2
3.0
3.6
6.1
10.5
6.4
3.9
7.1
18.5
11.5
12.7
14.5
15.1
20.2
7.8
4.9
5.6
20.0
9.1
5.3
2004
4.9
8.1
9.2
11.3
9.1
8.4
4.7
8.7
3.9
4.5
7.1
10.5
6.4
4.2
7.2
18.2
10.5
12.0
12.4
14.3
17.0
7.8
5.2
5.7
20.3
9.6
5.9
2005
5.5
8.5
10.0
10.6
8.8
8.8
4.7
8.2
4.4
5.8
8.1
10.3
6.5
4.8
7.2
17.4
9.5
11.2
10.6
13.6
13.9
8.0
5.2
6.2
19.5
9.1
6.7
2006
5.9
8.5
10.1
9.6
8.4
8.9
4.7
7.6
4.8
6.3
8.6
10.1
6.3
4.9
7.0
16.0
8.0
9.7
8.3
12.6
12.1
7.8
4.7
6.7
17.5
9.2
7.1
2007
5.7
8.2
9.4
8.6
7.8
8.6
4.8
7.0
4.4
6.2
9.2
9.3
5.8
4.6
6.7
13.6
6.2
7.8
6.1
11.3
10.1
6.8
4.2
7.2
14.3
8.5
7.0
2008
5.1
7.7
8.2
9.3
7.1
8.1
5.5
6.6
4.6
5.3
9.2
8.6
5.1
4.1
6.4
11.3
5.3
7.0
5.3
9.9
8.3
5.6
3.8
7.4
10.6
7.9
6.6
2009
5.1
7.6
7.5
12.5
7.3
8.2
8.1
7.0
4.8
5.0
9.9
8.8
5.1
4.3
6.5
10.9
7.9
10.6
8.0
9.2
7.5
5.5
4.6
8.2
8.6
7.8
7.0
2010
5.1
7.8
7.0
16.4
7.8
8.6
11.3
7.7
4.9
5.3
10.9
10.2
5.9
5.1
6.6
11.9
11.9
15.1
12.5
9.8
8.6
6.1
5.9
9.4
8.6
8.2
7.9
2011
5.3
7.9
6.5
19.7
8.3
9.2
14.2
8.3
4.8
5.8
12.4
13.6
7.1
6.5
6.7
13.3
14.1
17.9
15.7
11.5
10.5
6.9
7.3
10.4
9.5
8.8
8.4
2012
5.1
7.7
5.7
22.0
8.2
9.4
15.2
9.3
4.8
6.3
14.2
18.6
8.1
8.7
6.5
13.9
12.9
17.0
15.5
13.8
12.3
7.0
7.8
10.7
10.1
8.9
8.3
2013
5.3
7.8
5.2
24.1
8.1
9.8
14.9
10.6
5.3
7.0
15.8
23.6
9.1
11.9
6.2
13.8
10.3
14.4
13.5
15.7
13.2
6.9
7.7
10.4
10.3
8.9
8.1
2014
5.6
8.3
4.9
25.1
8.3
10.1
13.7
12.1
5.6
7.8
16.1
26.4
9.6
14.6
6.0
13.7
8.6
12.6
12.0
16.9
13.2
6.7
7.4
9.3
10.1
8.8
8.1
2015
5.9
8.7
4.7
24.2
8.8
10.3
11.9
12.4
6.2
8.2
14.9
26.5
9.6
15.7
5.7
12.9
7.4
10.9
10.5
16.9
12.1
6.1
6.9
8.0
9.2
8.7
8.0
2016
6.2
8.4
4.3
22.1
9.0
10.2
10.1
12.2
6.3
7.8
13.0
25.2
8.9
14.7
5.3
11.4
6.8
10.2
9.2
15.5
10.4
5.1
6.4
6.4
7.7
8.1
7.6
2017
6.2
7.9
4.0
19.6
9.0
9.9
8.3
11.7
6.2
6.9
11.2
23.6
7.9
13.0
4.7
9.7
6.3
9.4
8.0
13.5
8.6
4.0
6.0
5.2
6.3
7.2
7.2
2018
5.9
7.0
3.6
17.4
8.4
9.5
7.0
11.2
5.8
5.9
9.3
21.8
6.6
10.8
4.2
8.1
6.0
8.6
7.1
10.9
7.3
3.0
5.6
4.2
5.1
6.2
6.8
2019
5.3
6.2
3.3
15.5
7.7
8.9
5.8
10.6
5.6
5.1
7.7
19.8
5.4
8.9
4.0
6.8
5.2
7.5
6.5
8.8
6.2
2.4
5.3
3.6
4.1
5.4
6.8
2020
5.3
5.8
3.3
15.0
7.3
8.5
5.6
9.9
6.0
4.7
7.0
18.4
4.8
7.7
4.3
6.3
5.6
7.3
7.0
7.5
5.8
2.3
5.2
3.7
3.5
5.4
7.3
2021
5.7
5.9
3.5
14.8
7.4
8.1
5.7
9.6
5.9
4.5
6.8
16.7
4.7
7.4
4.3
6.4
5.9
7.3
7.3
7.2
5.5
2.5
5.2
3.8
3.3
5.5
8.1
2022
5.7
5.9
3.5
14.5
7.4
7.7
5.5
9.0
5.6
4.2
6.6
14.9
4.6
7.3
4.1
6.5
6.2
7.5
7.2
7.4
5.2
2.5
5.1
3.9
3.2
5.8
8.3
2023
5.4
5.8
3.3
13.4
7.2
7.5
5.0
8.4
5.0
3.8
6.5
12.8
4.2
6.8
3.5
6.2
6.1
7.0
6.7
6.9
4.6
2.5
4.9
3.9
3.0
5.6
8.0
5.2
8.0
11.5
5.3
5.1
9.2
14.6
6.3
4.3
8.6
13.9
11.7
10.3
4.1
7.5
13.3
10.5
10.4
33
 kom (2024) 0702 - Ingen titel
2958026_0035.png
Annex 5. Past changes to the MIP scoreboard
Since the inception of the MIP in 2011, modifications to the scoreboard were carried out in 2012, 2013, 2015 and
2018.
I. In 2012/2013: the financial sector liabilities indicator was introduced among the headline indicators after having
consulted the ESRB as requested by Article 4.5 of Regulation No 1176/2011.
19
II. In 2013/2014:
▪
Non-consolidated data were replaced by consolidated data in private credit and debt
headline
indicators (the
respective thresholds were also adjusted) following improvements in the availability of consolidated data and
a subsequent re-assessment of the relative merits of consolidated and non-consolidated data also for cross-
country comparability; since consolidated private sector debt was part of the auxiliary indicators, it was
replaced there by non-consolidated private debt.
▪
Three new
auxiliary
indicators were added: terms of trade, export performance against advanced economies,
and inward FDI stocks.
▪
Eight employment and social variables were added among the
auxiliary
indicators (in the form of
stock
and
of
flow
indicators) in light of the commitment by the Commission to better take into account the social
dimension in its economic surveillance and to better qualify the implications of the imbalances and of the
adjustment process: activity rate; long-term unemployment; youth unemployment; young people not in
employment, education or training; people at-risk of poverty or social exclusion; at-risk of poverty rate; severe
material deprivation; and persons living in households with very low work intensity.
20
III. In 2015/2016: three employment indicators were upgraded to
headline
indicators (activity rate; long-term
unemployment; youth unemployment; all three in the form of
flow
variables) as the Commission had committed
to better take into account the analysis of employment and social developments in the MIP, including to allow for
a better understanding of the social consequences of imbalances and their correction. The inclusion of these
variables does not change the focus of the MIP. Flashes of these indicators do not imply by themselves an
aggravation of macro-financial risks, and consequently are not used to trigger any steps in the MIP.
21
IV. In 2018/2019, a number of changes were proposed to the
auxiliary
indicators:
▪
Net external debt was replaced with NIIP excluding non-defaultable instruments in order to obtain a broader
representation of external stocks carrying risks and to benefit from the revision of the Balance of Payments
statistics (from BPM5 to BPM6), permitting a finer breakdown on net foreign assets and liabilities.
▪
The non-consolidated financial leverage indicator from national accounts was replaced with consolidated
banking leverage, domestic and foreign entities from ECB consolidated banking data, which has a clearer
economic interpretation, is comparable across countries, and is consistently based on book values even if it
covers the banking sector only.
▪
The addition of two indicators that are regularly used in MIP analysis: household debt (consolidated) to
complement the headline indicator on private-sector debt; and gross non-performing loans, which provides
complementary information to assess private debt. The addition of the latter has become possible by the
availability of cross-country comparable data in the ECB's consolidated banking statistics as of 2015.
▪
To keep the scoreboard parsimonious, two auxiliary indicators were dropped: ten-year change of nominal
unit labour cost (NULC), as it overlaps with data on NULC and on NULC relative to euro area already in the
scoreboard, and non-consolidated private-sector debt, which has been superseded by the headline indicator
on consolidated private sector debt.
Over time, there have been some other smaller technical changes at the level of variable names due to changing
Eurostat terminology, revisions in data sources and statistical methodology improvements.
19
20
SWD(2012) 389 final
EC note “Adding employment indicators to the MIP scoreboard to better capture employment and social
developments”, Sept 2015.
21
EC Technical note “Envisaged revision of selected auxiliary indicators of the MIP scoreboard”, Sept 2018.
34