Monthly Bulletin April 2008 - European Central Bank - Europa

9 DEVELOPMENTS
9.1 In other EU Member States
(annual percentage changes, unless otherwise indicated)
1. Economic and financial developments
S 74 ECB
Monthly Bulletin
April 2008
OUTSIDE THE EURO AREA
Bulgaria Czech Denmark Estonia Latvia Lithuania Hungary Poland Romania Slovakia Sweden United
Republic
Kingdom
1 2 3 4 5 6 7 8 9 10 11 12
HICP
2006 7.4 2.1 1.9 4.4 6.6 3.8 4.0 1.3 6.6 4.3 1.5 2.3
2007 7.6 3.0 1.7 6.7 10.1 5.8 7.9 2.6 4.9 1.9 1.7 2.3
2007 Q3 9.0 2.7 1.0 6.7 10.4 5.9 7.3 2.4 5.1 1.4 1.4 1.8
Q4 11.2 4.9 2.2 9.2 13.7 7.9 7.1 3.7 6.8 2.4 2.3 2.1
2008 Q1 . 7.6 . 11.3 . . . . . . . .
2007 Nov. 11.4 5.1 2.5 9.3 13.7 7.9 7.2 3.7 6.8 2.3 2.4 2.1
Dec. 11.6 5.5 2.4 9.7 14.0 8.2 7.4 4.2 6.7 2.5 2.5 2.1
2008 Jan. 11.7 7.9 3.0 11.3 15.6 10.0 7.4 4.4 7.3 3.2 3.0 2.2
Feb. 12.2 7.6 3.3 11.5 16.5 10.9 6.7 4.6 8.0 3.4 2.9 2.5
Mar. . 7.1 . 11.2 . . . . . . . .
General government deficit (-)/surplus (+) as a % of GDP
2004 2.3 -3.0 1.9 1.8 -1.0 -1.5 -6.5 -5.7 -1.5 -2.4 0.8 -3.4
2005 2.0 -3.5 4.6 1.9 -0.4 -0.5 -7.8 -4.3 -1.4 -2.8 2.4 -3.3
2006 3.2 -2.9 4.6 3.6 -0.3 -0.6 -9.2 -3.8 -1.9 -3.7 2.5 -2.7
General government gross debt as a % of GDP
2004 37.9 30.4 44.0 5.1 14.5 19.4 59.4 45.7 18.8 41.4 52.4 40.4
2005 29.2 30.2 36.3 4.4 12.5 18.6 61.6 47.1 15.8 34.2 52.2 42.1
2006 22.8 30.1 30.3 4.0 10.6 18.2 65.6 47.6 12.4 30.4 47.0 43.2
Long-term government bond yield as a % per annum, period average
2007 Oct. 4.59 4.53 4.39 - 5.06 4.72 6.61 5.64 6.93 4.64 4.31 5.00
Nov. 4.94 4.55 4.21 - 5.12 4.57 6.74 5.70 6.93 4.59 4.22 4.74
Dec. 5.08 4.67 4.33 - 5.10 4.94 6.93 5.86 6.93 4.61 4.31 4.70
2008 Jan. 5.07 4.56 4.15 - 5.71 4.73 7.11 5.81 6.93 4.48 4.09 4.26
Feb. 5.24 4.48 4.08 - 5.11 4.51 7.58 5.82 6.93 4.36 4.02 4.45
Mar. 4.85 4.68 4.04 - 5.25 4.36 8.41 5.99 6.93 4.34 3.92 4.42
3-month interest rate as a % per annum, period average
2007 Sep. 5.25 3.46 4.85 5.21 11.06 5.59 7.72 5.09 6.82 4.32 4.22 6.65
Oct. 5.59 3.55 4.84 5.22 12.75 5.93 7.60 5.13 7.25 4.33 4.37 6.27
Nov. 6.32 3.73 4.82 5.36 11.69 6.50 7.51 5.36 7.71 4.35 4.61 6.41
Dec. 6.56 4.05 4.92 7.23 10.78 7.07 7.63 5.67 7.93 4.31 4.74 6.36
2008 Jan. 6.55 3.96 4.73 7.03 9.01 5.69 7.78 5.64 8.43 4.32 4.52 5.66
Feb. 6.65 3.94 4.61 6.62 7.52 4.90 - 5.74 9.67 4.28 4.62 5.64
Real GDP
2006 7.1 6.4 3.9 11.2 11.9 7.7 3.9 6.2 7.9 8.5 4.1 2.9
2007 6.2 6.5 1.8 7.1 10.2 8.8 1.3 6.5 6.0 10.4 2.6 3.0
2007 Q2 7.3 6.4 -0.1 7.6 11.0 8.0 1.5 6.7 5.7 9.3 2.8 3.2
Q3 4.9 6.4 1.5 6.4 10.9 10.4 0.9 6.0 5.7 9.4 2.6 3.3
Q4 6.9 6.6 2.0 4.8 8.0 8.5 0.4 6.7 6.6 14.3 2.6 2.9
Current and capital accounts balance as a % of GDP
2006 -17.1 -2.9 2.7 -13.2 -21.1 -9.6 -5.4 -2.1 -10.5 -7.1 7.8 -3.8
2007 -20.3 -2.0 1.1 -15.8 -20.7 -11.9 -3.9 -2.6 -13.5 -4.7 8.3 -5.1
2007 Q2 -19.0 -4.0 2.9 -14.0 -22.7 -15.1 -5.8 -4.0 -15.3 -6.7 5.9 -4.2
Q3 -11.8 -4.4 2.5 -16.5 -24.3 -10.1 -2.8 -2.0 -10.8 -6.3 7.0 -6.2
Q4 -25.1 -2.1 0.9 -11.0 -13.1 -10.2 -2.5 -1.8 -13.5 -6.8 9.6 .
Unit labour costs
2006 4.4 1.7 1.7 8.1 14.1 8.8 . 0.7 . 1.7 -0.2 2.5
2007 14.2 . 3.8 18.9 24.8 7.0 . . . 0.2 3.9 1.5
2007 Q2 10.9 2.0 5.8 20.1 - 7.7 - - - -0.4 3.3 1.7
Q3 16.7 2.3 4.3 20.7 - 5.9 - - - 0.3 3.4 2.0
Q4 14.5 1.5 3.2 19.1 - 9.1 - - - -1.6 4.7 2.2
Standardised unemployment rate as a % of labour force (s.a.)
2006 8.9 7.1 3.9 5.9 6.9 5.6 7.5 13.8 7.3 13.4 7.0 5.3
2007 6.9 5.3 3.7 4.7 6.0 4.3 7.4 9.6 6.4 11.1 6.1 5.2
2007 Q2 7.1 5.5 3.9 4.9 5.9 4.3 7.1 9.9 6.6 11.4 6.1 5.3
Q3 6.7 5.1 3.8 4.6 6.0 4.1 7.3 9.3 6.3 11.2 5.8 5.2
Q4 6.0 4.8 3.2 4.5 5.4 4.2 7.8 8.6 6.2 10.4 5.8 5.0
2007 Oct. 6.3 5.0 3.3 4.5 5.5 4.1 7.7 8.9 6.2 10.6 5.9 5.1
Nov. 6.0 4.9 3.2 4.6 5.4 4.2 7.8 8.6 6.2 10.4 5.9 5.0
Dec. 5.9 4.7 3.1 4.5 5.4 4.3 7.9 8.2 6.2 10.3 5.7 5.0
2008 Jan. 6.1 4.7 . 5.2 5.4 4.5 7.6 8.3 . 10.1 5.6 .
Feb. 6.0 4.6 . 5.3 5.3 4.5 7.6 8.0 . 9.9 5.6 .
Sources: European Commission (Economic and Financial Affairs DG and Eurostat), national data, Reuters and ECB calculations.