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Harmonised competitiveness indicators based on unit labour costs indices for the total economy¹⁾: Luxembourg

(period averages; index 1999 Q1=100)

2012	Q1	Q2	Q3	Q4
Notes: For the euro area, the real effective exchange rate of the euro vis-à-vis 20 trading partners is displayed. For euro area countries, the table shows the harmonised competitiveness indicators calculated vis-à-vis the same 20 trading partners plus the other euro area countries. A positive change points to a decrease in cost competitiveness. For further information please refer to the explanatory note.
1. Period average	117.5	117.5	117.5	119.0
2. Percentage change versus previous period	2.0	0.0	0.0	1.3
3. Percentage change versus previous year	-0.4	-1.6	-0.8	3.3
4. Percentage change since 1998 Q4	14.8	14.8	14.8	16.2