Monthly Bulletin July 2009 - Banque de France

9 DEVELOPMENTS
9.1 In other EU Member States
(annual percentage changes, unless otherwise indicated)
1. Economic and financial developments
OUTSIDE THE EURO AREA
Bulgaria Czech Denmark Estonia Latvia Lithuania Hungary Poland Romania Sweden United
Republic
Kingdom
1 2 3 4 5 6 7 8 9 10 11
HICP
2007 7.6 3.0 1.7 6.7 10.1 5.8 7.9 2.6 4.9 1.7 2.3
2008 12.0 6.3 3.6 10.6 15.3 11.1 6.0 4.2 7.9 3.3 3.6
2008 Q3 12.5 6.5 4.6 11.0 15.6 12.0 6.3 4.4 8.2 4.0 4.8
Q4 9.0 4.4 3.0 8.7 11.9 9.4 4.2 3.6 6.9 2.7 3.9
2009 Q1 5.1 1.5 1.7 3.7 9.0 8.4 2.7 3.6 6.8 2.1 3.0
2009 Jan. 6.0 1.4 1.7 4.7 9.7 9.5 2.4 3.2 6.8 2.0 3.0
Feb. 5.4 1.3 1.7 3.9 9.4 8.5 2.9 3.6 6.9 2.2 3.2
Mar. 4.0 1.7 1.6 2.5 7.9 7.4 2.8 4.0 6.7 1.9 2.9
Apr. 3.8 1.3 1.1 0.9 5.9 5.9 3.2 4.3 6.5 1.8 2.3
May 3.0 0.9 1.1 0.3 4.4 4.9 3.8 4.2 5.9 1.7 2.2
General government deficit (-)/surplus (+) as a % of GDP
2006 3.0 -2.6 5.2 2.9 -0.5 -0.4 -9.2 -3.9 -2.2 2.5 -2.7
2007 0.1 -0.6 4.5 2.7 -0.4 -1.0 -4.9 -1.9 -2.5 3.8 -2.7
2008 1.5 -1.5 3.6 -3.0 -4.0 -3.2 -3.4 -3.9 -5.4 2.5 -5.5
General government gross debt as a % of GDP
2006 22.7 29.6 31.3 4.3 10.7 18.0 65.6 47.7 12.4 45.9 43.4
2007 18.2 28.9 26.8 3.5 9.0 17.0 65.8 44.9 12.7 40.5 44.2
2008 14.1 29.8 33.3 4.8 19.5 15.6 73.0 47.1 13.6 38.0 52.0
Long-term government bond yield as a % per annum, period average
2008 Dec. 7.76 4.30 3.50 - 9.03 9.00 8.31 5.70 8.38 2.67 3.37
2009 Jan. 7.14 4.21 3.44 - 10.64 13.95 8.76 5.46 9.23 2.80 3.17
Feb. 7.09 4.74 3.55 - 11.50 14.50 10.65 5.97 8.42 2.93 3.23
Mar. 7.73 5.16 3.44 - 11.32 14.50 11.65 6.22 9.38 2.94 3.00
Apr. 7.24 5.25 3.50 - 11.15 14.50 10.63 6.19 9.77 3.18 3.16
May 7.08 5.06 3.62 - 11.09 14.50 10.01 6.31 8.32 3.57 3.41
3-month interest rate as a % per annum, period average
2008 Dec. 7.74 3.89 5.29 7.84 13.94 9.20 11.18 6.38 14.70 2.75 3.20
2009 Jan. 7.03 3.14 4.44 7.28 11.86 8.67 9.80 5.49 14.48 2.23 2.32
Feb. 6.61 2.50 3.86 6.90 10.65 7.19 - 4.69 14.61 1.52 2.09
Mar. 6.58 2.49 3.28 7.11 12.08 7.11 - 4.30 14.49 1.16 1.83
Apr. 6.05 2.50 2.94 6.51 12.43 6.94 9.56 4.20 13.61 1.00 1.53
May 5.98 2.30 2.67 6.27 13.41 6.81 11.30 4.52 11.23 0.95 1.36
Real GDP
2007 6.2 6.1 1.6 6.3 10.0 8.9 1.2 6.8 6.2 2.6 2.6
2008 6.0 3.0 -1.2 -3.6 -4.6 3.0 0.6 4.9 7.1 -0.2 0.7
2008 Q3 6.8 3.1 -1.7 -3.5 -5.8 2.0 0.3 4.9 9.2 0.2 0.5
Q4 3.5 -0.1 -3.7 -9.7 -10.7 -1.3 -2.2 2.6 2.9 -5.1 -1.8
2009 Q1 -3.5 -3.4 -4.3 -15.1 -18.6 -11.8 -5.4 1.9 -6.2 -6.4 -4.9
Current and capital accounts balance as a % of GDP
2007 -27.2 -2.6 0.7 -16.9 -20.6 -12.8 -5.3 -3.6 -12.9 8.5 -2.7
2008 -24.5 -2.2 2.2 -7.7 -11.2 -9.7 -7.6 -4.4 -11.8 7.6 -1.5
2008 Q3 -14.2 -3.0 4.1 -6.5 -11.0 -8.4 -9.5 -4.2 -10.9 9.1 -2.1
Q4 -28.7 -5.2 2.5 -3.4 -7.0 -2.9 -10.0 -4.9 -8.3 5.5 -1.6
2009 Q1 -15.3 4.6 -0.9 1.2 4.1 4.7 1.1 3.2 -3.4 7.3 -3.3
Unit labour costs
2007 14.2 3.1 4.2 19.8 27.0 10.3 5.2 1.5 . 4.7 1.8
2008 16.2 4.2 6.9 17.5 23.2 10.6 . 5.3 . 2.6 2.6
2008 Q3 13.0 4.1 7.7 19.6 24.5 12.0 - 5.2 - 2.0 2.3
Q4 17.5 7.9 9.1 13.8 18.5 9.3 - 6.9 - 6.0 3.0
2009 Q1 16.1 4.4 . 9.9 3.6 22.5 - . - 8.2 .
Standardised unemployment rate as a % of labour force (s.a.)
2007 6.9 5.3 3.8 4.6 6.0 4.3 7.3 9.6 6.4 6.1 5.3
2008 5.6 4.4 3.4 5.6 7.6 6.0 7.8 7.2 5.8 6.2 5.6
2008 Q3 5.3 4.3 3.3 6.4 7.5 6.3 7.9 6.9 5.7 6.0 5.8
Q4 5.2 4.5 3.8 7.7 10.4 8.4 8.1 6.9 5.8 6.9 6.3
2009 Q1 5.6 5.2 4.7 11.1 14.6 13.4 8.9 7.5 . 7.7 7.0
2009 Jan. 5.3 4.9 4.4 9.8 13.2 11.5 8.5 7.2 . 7.4 6.8
Feb. 5.6 5.2 4.6 11.1 14.6 13.5 8.8 7.5 . 7.7 7.1
Mar. 5.9 5.5 5.1 12.4 16.1 15.2 9.3 7.7 . 8.1 7.2
Apr. 6.2 5.7 5.5 13.9 17.4 16.8 9.6 7.8 . 8.5 .
May . . . . . . . . . 8.9 .
Sources: European Commission (Economic and Financial Affairs DG and Eurostat), national data, Reuters and ECB calculations.
S 74 ECB
Monthly Bulletin
July 2009