Monthly Bulletin July 2009 - Banque de France

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EURO AREA STATISTICS Prices, output, demand and labour markets 5.2 Output and demand 2. Value added by economic activity 1) Gross value added (basic prices) Taxes less subsidies on Total Agriculture, Mining, Construction Trade, repairs, Financial, real Public products hunting, manufacturing hotels and estate, renting administration, forestry and energy restaurants, and business education, and fishing transport and activities health and activities communication other services 1 2 3 4 5 6 7 8 Current prices (EUR billions, seasonally adjusted) 2005 7,299.2 144.0 1,482.3 441.7 1,540.5 2,021.2 1,669.4 844.9 2006 7,643.9 142.1 1,557.3 476.8 1,602.7 2,138.0 1,727.1 913.9 2007 8,040.4 151.9 1,643.5 514.7 1,673.0 2,261.7 1,795.6 958.1 2008 8,311.5 147.9 1,672.4 536.9 1,727.8 2,357.2 1,869.4 954.7 2008 Q1 2,070.2 38.6 423.7 135.0 431.4 583.0 458.5 241.9 Q2 2,085.0 37.3 425.6 134.7 431.0 589.1 467.4 239.7 Q3 2,088.6 36.7 422.3 135.0 434.5 592.5 467.6 239.7 Q4 2,067.6 35.4 400.8 132.1 430.9 592.6 475.9 233.4 2009 Q1 2,012.6 36.1 359.3 132.1 420.5 586.7 478.0 226.6 percentage of value added 2008 100.0 1.8 20.1 6.5 20.8 28.4 22.5 - Chain-linked volumes (prices of the previous year, seasonally adjusted 2) ) quarter-on-quarter percentage changes 2008 Q1 0.6 1.4 0.4 1.8 0.8 0.6 0.2 1.4 Q2 -0.1 -0.2 -0.6 -2.1 -0.5 0.5 0.4 -1.3 Q3 -0.3 -0.4 -1.4 -1.7 -0.2 -0.1 0.5 -0.4 Q4 -1.7 0.9 -5.7 -1.7 -1.8 -0.6 0.2 -2.0 2009 Q1 -2.5 -0.3 -8.8 -0.5 -2.6 -0.9 0.0 -2.4 annual percentage changes 2005 1.7 -6.5 1.8 1.8 1.5 2.8 1.3 1.8 2006 2.9 -1.5 3.9 2.6 3.1 3.7 1.3 3.3 2007 3.0 0.5 3.6 3.1 3.0 3.7 1.6 0.7 2008 0.9 1.7 -0.7 -0.5 1.0 1.8 1.4 -0.7 2008 Q1 2.4 1.2 2.7 1.7 3.1 2.7 1.3 0.3 Q2 1.6 1.7 1.4 0.3 1.6 2.4 1.2 0.1 Q3 0.7 2.3 -1.0 -1.2 0.7 1.6 1.5 -1.0 Q4 -1.6 1.8 -7.2 -3.7 -1.7 0.4 1.4 -2.3 2009 Q1 -4.7 0.1 -15.7 -5.8 -5.0 -1.0 1.2 -6.0 contributions to quarter-on-quarter percentage changes of value added in percentage points 2008 Q1 0.6 0.0 0.1 0.1 0.2 0.2 0.1 - Q2 -0.1 0.0 -0.1 -0.1 -0.1 0.1 0.1 - Q3 -0.3 0.0 -0.3 -0.1 0.0 0.0 0.1 - Q4 -1.7 0.0 -1.1 -0.1 -0.4 -0.2 0.1 - 2009 Q1 -2.5 0.0 -1.7 0.0 -0.5 -0.2 0.0 - contributions to annual percentage changes of value added in percentage points 2005 1.7 -0.1 0.4 0.1 0.3 0.8 0.3 - 2006 2.9 0.0 0.8 0.2 0.7 1.0 0.3 - 2007 3.0 0.0 0.7 0.2 0.6 1.0 0.4 - 2008 0.9 0.0 -0.2 0.0 0.2 0.5 0.3 - 2008 Q1 2.4 0.0 0.6 0.1 0.6 0.8 0.3 - Q2 1.6 0.0 0.3 0.0 0.3 0.7 0.3 - Q3 0.7 0.0 -0.2 -0.1 0.1 0.4 0.3 - Q4 -1.6 0.0 -1.5 -0.2 -0.3 0.1 0.3 - 2009 Q1 -4.7 0.0 -3.2 -0.4 -1.0 -0.3 0.3 - Sources: Eurostat and ECB calculations. 1) Data refer to Euro 16. 2) Annual data are not adjusted for the variations in the number of working days. ECB Monthly Bulletin July 2009S 51
5.2 Output and demand (annual percentage changes, unless otherwise indicated) 3. Industrial production 1) Total Industry excluding construction Construction Total Total Industry excluding construction and energy Energy (s.a. index 2005 = 100) Manu- Total Intermediate Capital Consumer goods facturing goods goods Total Durable Non-durable % of total 2) 100.0 78.0 78.0 69.4 68.8 28.2 22.1 18.5 2.6 15.9 9.1 22.0 1 2 3 4 5 6 7 8 9 10 11 12 2006 4.1 104.3 4.2 4.6 4.7 5.0 5.9 2.9 4.3 2.7 0.6 3.6 2007 3.3 108.2 3.8 4.2 4.3 3.8 6.6 2.3 1.4 2.5 -0.9 1.6 2008 -2.3 106.2 -1.7 -1.9 -1.9 -3.3 -0.3 -1.9 -5.6 -1.2 0.2 -4.6 2008 Q2 -0.1 109.0 1.1 1.0 1.0 0.2 3.5 -1.0 -2.1 -0.8 2.1 -4.0 Q3 -2.3 105.8 -1.5 -1.5 -1.6 -2.0 -0.8 -2.1 -7.3 -1.3 -0.3 -5.1 Q4 -8.9 99.0 -9.0 -9.3 -9.5 -13.4 -8.6 -4.5 -11.7 -3.4 -4.4 -8.3 2009 Q1 -16.8 91.5 -18.3 -20.0 -20.4 -25.2 -23.2 -7.3 -20.5 -5.2 -4.6 -10.5 2008 Nov. -8.5 99.1 -9.1 -9.3 -9.5 -12.8 -8.8 -4.7 -12.5 -3.3 -5.3 -6.3 Dec. -12.5 96.1 -12.4 -13.2 -13.5 -21.4 -11.6 -4.6 -14.6 -3.1 -5.0 -13.0 2009 Jan. -15.4 93.5 -16.5 -18.7 -19.1 -23.7 -22.2 -6.2 -18.3 -4.2 0.0 -10.9 Feb. -17.9 91.1 -19.2 -21.1 -21.5 -25.8 -25.0 -8.5 -22.2 -6.3 -3.6 -12.6 Mar. -17.1 89.9 -19.1 -20.2 -20.6 -25.9 -22.4 -7.4 -20.7 -5.2 -10.2 -8.3 Apr. -18.1 88.7 -20.7 -21.5 -22.3 -27.0 -26.2 -7.3 -20.6 -5.0 -10.5 -5.3 month-on-month percentage changes (s.a.) 2008 Nov. -2.7 - -2.9 -3.0 -3.2 -4.5 -3.1 -0.6 -4.1 -0.1 -2.7 -1.2 Dec. -3.3 - -3.0 -3.4 -3.5 -6.6 -3.1 -0.7 -2.8 -0.5 0.4 -2.9 2009 Jan. -1.8 - -2.7 -3.5 -3.6 -2.1 -6.9 -0.4 -2.2 -0.1 0.4 1.4 Feb. -2.3 - -2.5 -2.5 -2.6 -2.5 -3.2 -1.8 -3.5 -1.5 -2.1 -1.3 Mar. -0.7 - -1.3 -1.1 -0.9 -1.7 0.3 -0.4 -0.4 -0.3 -3.9 0.7 Apr. -1.2 - -1.3 -1.0 -1.5 -1.7 -2.6 0.0 -0.2 0.0 0.5 0.3 4. Industrial new orders and turnover, retail sales and new passenger car registrations 1) Industrial new orders Industrial turnover Retail sales (exluding automotive fuel) New passenger car registrations Manufacturing 3) Manufacturing Current prices Constant prices (current prices) (current prices) Total Total Total Total Total Total Total Food, Non-food Total (s.a., Total (s.a. index (s.a. index (s.a. index beverages, thousands) 4) 2005 = 100) 2005 = 100) 2005 = 100) tobacco Textiles, Household clothing, equipment footwear % of total 2) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 42.9 57.1 9.9 13.9 1 2 3 4 5 6 7 8 9 10 11 12 13 2006 110.8 10.4 108.3 8.0 3.4 102.4 2.5 1.1 3.6 3.1 5.4 978 3.3 2007 120.2 8.7 115.1 6.5 2.8 104.1 1.6 0.0 2.7 3.5 2.4 970 -0.9 2008 113.5 -5.3 116.9 1.9 1.7 103.2 -0.8 -1.7 -0.3 -1.7 -2.0 893 -8.0 2008 Q2 119.7 -0.1 120.6 6.6 2.6 103.5 -0.6 -1.6 0.1 -1.9 -1.5 901 -4.7 Q3 114.8 -1.3 118.6 4.3 2.1 103.0 -1.1 -1.7 -0.6 -1.0 -3.1 892 -8.8 Q4 95.1 -22.4 107.3 -7.5 -0.3 102.4 -1.7 -2.2 -1.4 -3.1 -2.7 825 -18.5 2009 Q1 84.3 -31.8 94.9 -21.5 -2.6 101.7 -2.8 -4.0 -1.8 -0.1 -6.1 828 -12.6 2008 Dec. 87.2 -24.7 100.7 -7.8 -0.5 102.3 -1.3 -2.2 -0.7 -4.0 -1.5 816 -23.2 2009 Jan. 84.9 -34.5 95.9 -24.0 -1.3 102.0 -1.9 -2.5 -1.5 1.4 -5.6 777 -20.6 Feb. 84.1 -34.4 94.7 -25.2 -3.9 101.5 -4.1 -5.3 -3.1 -3.9 -6.6 850 -12.7 Mar. 84.0 -26.5 94.1 -15.6 -2.6 101.5 -2.4 -4.3 -1.0 1.3 -6.0 855 -5.8 Apr. 83.1 -35.5 92.2 -27.3 -1.3 101.7 -1.6 -1.2 -2.1 -0.5 . 886 -3.7 May . . . . . . . . . . . 948 5.6 month-on-month percentage changes (s.a.) 2009 Jan. - -2.6 - -4.8 -0.4 - -0.3 -0.6 -0.2 2.6 -1.6 - -4.8 Feb. - -0.9 - -1.3 -0.5 - -0.5 -0.7 -0.5 -2.3 -0.9 - 9.4 Mar. - -0.2 - -0.6 0.1 - 0.1 0.0 0.2 1.1 -0.3 - 0.6 Apr. - -1.0 - -2.0 0.3 - 0.2 1.1 -0.3 -0.9 . - 3.6 May - . - . . - . . . . . - 6.9 Sources: Eurostat, except columns 12 and 13 in Table 4 in Section 5.2 (ECB calculations based on data from the ACEA, European Automobile Manufacturers’ Association). 1) Data refer to Euro 16. 2) In 2005. 3) Includes manufacturing industries working mainly on the basis of orders, representing 61.2% of total manufacturing in 2005. 4) Annual and quarterly figures are averages of monthly figures in the period concerned. S 52 ECB Monthly Bulletin July 2009
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EN 0712009 EUROPEAN CENTRAL BANK MO
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© European Central Bank 2009 Addre
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ABBREVIATIONS COUNTRIES LU Luxembou
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Risks to the outlook for inflation
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ECONOMIC AND MONETARY DEVELOPMENTS
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ARTICLES THE IMPACT OF GOVERNMENT S
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yield differential to Germany despi
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Monthly Bulletin July 2009 - Banque de France

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