Percentage change versus previous year

(period averages - index 1999 Q1=100)

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 Euro areaBEDEEEIEGRESFRITCYLVLTLUMTNLATPTSISKFI

Notes:

  1.  For the euro area, the real effective exchange rate of the euro vis-à-vis 19 trading partners is displayed. For euro area countries, the table shows the harmonised competitiveness indicators calculated vis-à-vis the same 19 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.
1997 Q1-7.6-4.4-7.93.92.48.0-3.3-3.98.91.911.225.9-2.4-1.5-5.3-4.71.7-1.32.2-5.4
1997 Q2-8.1-5.2-6.71.6-4.53.5-2.9-4.42.50.79.024.6-3.10.8-4.7-2.62.2-0.77.4-3.2
1997 Q3-12.5-7.2-9.30.50.22.5-3.8-6.30.1-2.112.529.1-4.91.4-6.7-4.80.6-2.311.6-6.2
1997 Q4-8.3-4.7-5.45.5-2.25.2-2.2-3.6-2.50.87.725.2-3.32.0-4.1-3.9-0.5-0.811.3-5.2
1998 Q1-7.2-2.7-5.03.3-8.91.0-0.5-2.2-5.30.44.216.6-2.41.7-1.2-1.22.01.48.7-2.6
1998 Q2-3.3-1.0-1.15.6-3.2-2.90.4-1.6-4.00.5-0.87.0-2.50.1-0.9-2.21.41.98.8-1.5
1998 Q33.12.83.07.1-6.71.42.31.7-3.01.0-2.23.4-1.20.73.30.62.52.31.70.4
1998 Q43.92.82.85.1-1.00.11.90.90.0-0.3-2.62.9-1.1-0.83.11.42.42.7-13.72.9
1999 Q12.61.61.83.11.32.52.10.41.1-1.65.34.5-0.7-0.91.90.40.20.5-12.5-0.2
1999 Q2-2.1-1.0-0.42.6-1.45.3-0.7-1.3-0.2-2.310.77.9-1.5-0.3-0.6-0.8-0.4-5.3-16.5-1.6
1999 Q3-6.1-3.0-3.3-0.1-4.01.7-1.6-3.0-1.4-2.85.41.3-1.5-1.4-2.5-2.5-0.2-3.0-10.6-1.5
1999 Q4-11.2-4.4-6.5-2.2-9.9-1.6-2.9-4.4-5.0-6.05.01.5-2.1-2.3-4.6-4.50.6-2.46.1-4.3
2000 Q1-11.6-5.4-6.50.2-7.6-6.7-2.9-5.7-5.5-4.73.0-1.8-2.6-3.6-3.3-4.8-1.1-4.212.5-6.7
2000 Q2-11.3-4.9-7.6-5.0-5.7-6.6-1.8-4.8-5.4-5.42.5-1.5-0.3-5.6-3.2-4.2-0.1-0.912.8-4.4
2000 Q3-11.3-5.3-6.8-2.2-6.8-9.8-2.6-4.9-5.8-2.84.03.1-0.5-3.8-3.6-4.71.1-3.77.1-6.7
2000 Q4-11.7-5.5-6.3-2.6-5.3-10.4-3.1-5.1-6.0-0.98.66.14.2-2.9-4.5-5.4-0.6-4.13.1-7.1
2001 Q1-1.6-0.9-3.71.60.4-3.70.6-1.6-1.30.5-0.13.33.90.0-0.9-2.62.6-0.3-3.80.8
2001 Q2-1.40.3-4.23.81.2-1.00.0-1.1-0.80.2-6.80.57.66.4-0.9-2.42.60.4-2.6-1.0
2001 Q32.23.1-3.43.05.9-0.31.10.21.8-1.4-0.5-6.66.81.81.6-0.61.51.3-0.40.9
2001 Q45.74.6-1.83.56.53.02.11.94.41.2-6.9-7.80.47.23.30.30.21.2-0.32.7
2002 Q1-1.21.2-3.31.61.36.2-0.90.02.2-0.9-1.8-0.92.1-1.21.7-3.10.5-0.42.7-2.1
2002 Q24.02.80.01.92.36.91.92.33.50.9-4.10.3-2.8-3.05.1-1.60.70.92.40.9
2002 Q36.11.31.43.31.610.63.13.34.34.8-9.810.12.92.35.5-0.92.31.2-0.91.8
2002 Q46.20.31.36.12.210.73.63.23.94.6-10.97.46.10.86.00.62.70.07.50.9
2003 Q112.62.85.68.010.64.64.95.86.610.8-11.24.86.76.45.83.03.71.84.64.7
2003 Q214.94.06.19.614.84.05.26.18.711.8-5.25.95.55.27.43.65.32.28.94.0
2003 Q311.53.64.48.013.33.13.64.28.69.0-3.20.02.53.35.52.93.90.811.41.6
2003 Q412.45.05.07.810.92.54.84.67.210.70.66.1-1.12.46.53.44.83.56.74.2
2004 Q19.72.73.66.39.51.64.74.06.54.92.52.62.06.74.81.71.92.98.02.9
2004 Q21.8-1.4-0.17.72.71.52.40.53.52.53.42.32.74.10.5-0.2-2.11.26.10.1
2004 Q31.0-1.6-0.15.74.02.32.41.10.12.12.95.9-0.53.80.1-0.4-0.91.44.71.7
2004 Q41.9-0.6-0.44.45.13.22.70.83.1-1.02.12.84.6-0.1-0.40.60.21.25.9-0.6
2005 Q1-0.9-1.0-1.92.43.48.21.40.00.2-0.77.63.31.5-2.4-1.5-0.70.9-0.88.8-0.9
2005 Q20.30.7-1.6-1.73.58.42.41.2-0.31.36.85.42.4-3.4-0.90.31.0-0.73.31.5
2005 Q3-1.71.0-3.71.23.45.12.20.5-1.00.45.34.42.5-4.1-2.00.12.8-0.14.91.2
2005 Q4-5.1-2.0-5.71.01.63.00.4-0.90.3-2.16.95.80.7-2.7-5.3-2.50.6-3.03.30.3
2006 Q1-5.1-0.4-5.84.20.2-3.81.4-0.9-0.9-0.77.46.80.3-0.6-4.00.4-0.9-0.51.2-1.2
2006 Q2-1.01.5-4.17.53.8-2.92.2-0.22.9-2.111.57.72.62.7-1.80.81.4-0.25.20.4
2006 Q31.31.4-2.07.20.4-2.82.61.43.50.014.414.42.94.2-0.31.3-2.2-0.44.70.2
2006 Q40.92.2-2.710.23.9-0.53.02.1-0.72.617.810.51.43.92.50.9-1.40.87.00.8
2007 Q12.21.5-2.211.70.45.43.91.60.8-0.920.82.71.6-0.62.50.6-0.6-0.59.80.4
2007 Q21.01.5-2.014.52.90.93.11.2-0.70.419.91.1-2.70.61.9-0.5-0.60.410.3-1.8
2007 Q31.11.2-2.714.010.51.13.10.20.7-1.922.9-1.6-1.92.61.70.3-0.50.111.1-1.5
2007 Q44.92.40.014.49.21.03.71.24.2-1.324.03.22.14.72.71.6-0.72.74.7-0.7
2008 Q14.83.2-0.316.19.10.45.51.33.20.316.56.31.76.33.30.80.33.34.92.8
2008 Q26.22.30.69.213.15.14.72.23.6-0.813.45.36.62.82.82.00.03.110.05.0
2008 Q33.82.60.27.95.85.63.51.01.61.814.35.97.30.91.80.4-0.53.712.13.0
2008 Q4-2.30.6-1.610.25.70.3-0.6-2.4-2.8-4.55.8-0.24.6-0.6-2.8-0.6-1.63.68.12.8
2009 Q12.4-0.22.72.33.1-0.4-4.0-2.1-0.1-1.9-6.04.63.60.8-1.00.4-0.56.515.96.7
2009 Q21.2-0.21.93.2-8.31.3-3.2-2.2-1.4-0.8-8.40.04.52.00.50.9-1.56.47.14.3
2009 Q34.8-0.13.73.8-6.93.3-2.00.11.3-0.7-17.1-6.64.52.21.81.4-1.76.23.35.3
2009 Q410.01.25.2-5.3-8.59.51.33.64.23.8-22.8-5.82.92.55.51.72.04.79.06.6
2010 Q1-1.1-1.0-1.1-6.0-9.35.0-1.01.8-0.10.6-17.0-10.20.1-2.0-1.40.8-1.1-0.3-5.9-2.5
2010 Q2-7.8-3.7-5.4-6.8-11.0-3.5-3.6-1.1-2.2-1.3-15.0-10.9-5.5-2.7-5.5-2.5-2.3-2.0-3.4-5.8
2010 Q3-10.1-4.0-6.1-7.3-12.5-4.1-5.4-2.7-4.8-2.2-9.8-6.6-4.6-3.3-6.0-3.3-2.2-2.0-3.3-4.3
2010 Q4-9.2-2.5-5.3-6.7-10.5-5.1-5.0-2.9-4.6-0.62.9-7.5-3.3-4.7-5.4-2.0-3.8-3.1-2.3-5.7
2011 Q1-5.90.0-4.4-5.1-8.5-2.9-3.5-2.2-2.21.90.4-4.8-1.30.4-2.9-3.4-3.1-2.60.2-3.5
2011 Q22.02.91.4-2.4-2.11.5-1.01.10.43.30.2-1.13.15.00.7-0.3-1.3-1.0-0.42.1
2011 Q31.13.40.2-2.4-0.8-1.8-1.40.70.42.8-1.90.61.13.20.20.3-2.1-1.80.81.4
2011 Q4-2.40.7-1.5-1.9-4.4-3.2-3.5-1.0-1.6-0.6-0.83.30.52.5-1.10.1-3.9-2.0-0.80.4
2012 Q1-3.6-0.6-1.4-1.6-0.9-6.9-4.7-1.3-2.3-3.2-0.11.13.4-0.3-1.3-0.1-6.3-2.4-2.20.8
2012 Q2-7.2-1.4-3.1-1.8-6.1-7.0-7.3-3.0-4.1-5.9-0.3-0.2-0.9-4.2-3.6-1.2-7.2-3.8-2.3-0.5
2012 Q3-8.3-2.8-3.4-3.3-7.6-8.5-8.1-3.4-4.2-8.01.3-5.2-1.9-4.4-4.4-1.7-6.1-4.0-4.0-2.5
2012 Q4-5.7-1.0-1.10.0-9.0-8.6-8.9-1.9-3.5-6.1-0.8-3.8-1.4-0.6-2.5-1.9-3.2-3.1-2.70.0
2013 Q10.51.51.81.9-2.0-8.7-3.60.0-0.9-4.72.5-1.3-2.32.60.61.33.1-1.10.00.7
2013 Q21.61.52.04.73.9-8.3-2.20.1-0.5-4.35.60.6-1.01.21.52.02.60.2-1.50.7
2013 Q36.23.34.68.17.5-5.90.02.11.8-3.85.94.71.44.13.23.33.51.00.82.7
2013 Q45.62.83.58.014.0-6.92.61.62.3-4.65.64.14.03.60.33.40.73.31.41.6
2014 Q14.01.62.48.13.4-1.9-0.91.91.7-5.17.15.10.31.31.42.7-1.4-0.52.12.0
2014 Q23.80.22.85.61.0-5.2-0.42.31.5-4.13.04.51.72.00.32.4-0.9-1.84.01.0
2014 Q30.9-0.81.36.2-2.3-2.3-1.60.20.4-4.52.61.4-1.6-0.7-0.31.1-0.1-2.31.80.2
2014 Q4-2.1-2.9-0.64.0-4.3-1.8-2.4-1.1-1.2-4.10.71.0-8.0-2.6-0.70.1-3.5-5.90.6-0.7
2015 Q1-9.7-7.3-4.83.4-7.5-3.8-4.3-5.4-5.0-5.7-0.7-1.7-6.9-6.8-8.0-2.9-2.4-5.9-3.5-4.1

The purpose of harmonised competitiveness indicators (HCIs) is to provide consistent and comparable measures of euro area countries' price and cost competitiveness that are also consistent with the real effective exchange rates (EERs) of the euro.

The HCIs are constructed using the same methodology and data sources that are used for the euro EERs. While the HCI of a specific country takes into account both intra and extra-euro area trade, however, the euro EERs are based on extra-euro area trade only. Therefore, the HCIs and euro EERs reflect different phenomena and are not directly comparable. The HCIs complement other competitiveness indicators published by some NCBs which may follow different methodologies and, in some cases, use different price and cost measures in order to account for the specific circumstances in the respective country.

User support
Euro area - European Central Bank
statistics@ecb.europa.eu
DE - Deutsche Bundesbank
effektive-wechselkurse@bundesbank.de
 Euro areaBEDEEEIEGRESFRITCYLVLTLUMTNLATPTSISKFI

Notes:

  1.  For the euro area, the real effective exchange rate of the euro vis-à-vis 19 trading partners is displayed. For euro area countries, the table shows the harmonised competitiveness indicators calculated vis-à-vis the same 19 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.
1997 Q1-7.6-4.4-7.93.92.48.0-3.3-3.98.91.911.225.9-2.4-1.5-5.3-4.71.7-1.32.2-5.4
1997 Q2-8.1-5.2-6.71.6-4.53.5-2.9-4.42.50.79.024.6-3.10.8-4.7-2.62.2-0.77.4-3.2
1997 Q3-12.5-7.2-9.30.50.22.5-3.8-6.30.1-2.112.529.1-4.91.4-6.7-4.80.6-2.311.6-6.2
1997 Q4-8.3-4.7-5.45.5-2.25.2-2.2-3.6-2.50.87.725.2-3.32.0-4.1-3.9-0.5-0.811.3-5.2
1998 Q1-7.2-2.7-5.03.3-8.91.0-0.5-2.2-5.30.44.216.6-2.41.7-1.2-1.22.01.48.7-2.6
1998 Q2-3.3-1.0-1.15.6-3.2-2.90.4-1.6-4.00.5-0.87.0-2.50.1-0.9-2.21.41.98.8-1.5
1998 Q33.12.83.07.1-6.71.42.31.7-3.01.0-2.23.4-1.20.73.30.62.52.31.70.4
1998 Q43.92.82.85.1-1.00.11.90.90.0-0.3-2.62.9-1.1-0.83.11.42.42.7-13.72.9
1999 Q12.61.61.83.11.32.52.10.41.1-1.65.34.5-0.7-0.91.90.40.20.5-12.5-0.2
1999 Q2-2.1-1.0-0.42.6-1.45.3-0.7-1.3-0.2-2.310.77.9-1.5-0.3-0.6-0.8-0.4-5.3-16.5-1.6
1999 Q3-6.1-3.0-3.3-0.1-4.01.7-1.6-3.0-1.4-2.85.41.3-1.5-1.4-2.5-2.5-0.2-3.0-10.6-1.5
1999 Q4-11.2-4.4-6.5-2.2-9.9-1.6-2.9-4.4-5.0-6.05.01.5-2.1-2.3-4.6-4.50.6-2.46.1-4.3
2000 Q1-11.6-5.4-6.50.2-7.6-6.7-2.9-5.7-5.5-4.73.0-1.8-2.6-3.6-3.3-4.8-1.1-4.212.5-6.7
2000 Q2-11.3-4.9-7.6-5.0-5.7-6.6-1.8-4.8-5.4-5.42.5-1.5-0.3-5.6-3.2-4.2-0.1-0.912.8-4.4
2000 Q3-11.3-5.3-6.8-2.2-6.8-9.8-2.6-4.9-5.8-2.84.03.1-0.5-3.8-3.6-4.71.1-3.77.1-6.7
2000 Q4-11.7-5.5-6.3-2.6-5.3-10.4-3.1-5.1-6.0-0.98.66.14.2-2.9-4.5-5.4-0.6-4.13.1-7.1
2001 Q1-1.6-0.9-3.71.60.4-3.70.6-1.6-1.30.5-0.13.33.90.0-0.9-2.62.6-0.3-3.80.8
2001 Q2-1.40.3-4.23.81.2-1.00.0-1.1-0.80.2-6.80.57.66.4-0.9-2.42.60.4-2.6-1.0
2001 Q32.23.1-3.43.05.9-0.31.10.21.8-1.4-0.5-6.66.81.81.6-0.61.51.3-0.40.9
2001 Q45.74.6-1.83.56.53.02.11.94.41.2-6.9-7.80.47.23.30.30.21.2-0.32.7
2002 Q1-1.21.2-3.31.61.36.2-0.90.02.2-0.9-1.8-0.92.1-1.21.7-3.10.5-0.42.7-2.1
2002 Q24.02.80.01.92.36.91.92.33.50.9-4.10.3-2.8-3.05.1-1.60.70.92.40.9
2002 Q36.11.31.43.31.610.63.13.34.34.8-9.810.12.92.35.5-0.92.31.2-0.91.8
2002 Q46.20.31.36.12.210.73.63.23.94.6-10.97.46.10.86.00.62.70.07.50.9
2003 Q112.62.85.68.010.64.64.95.86.610.8-11.24.86.76.45.83.03.71.84.64.7
2003 Q214.94.06.19.614.84.05.26.18.711.8-5.25.95.55.27.43.65.32.28.94.0
2003 Q311.53.64.48.013.33.13.64.28.69.0-3.20.02.53.35.52.93.90.811.41.6
2003 Q412.45.05.07.810.92.54.84.67.210.70.66.1-1.12.46.53.44.83.56.74.2
2004 Q19.72.73.66.39.51.64.74.06.54.92.52.62.06.74.81.71.92.98.02.9
2004 Q21.8-1.4-0.17.72.71.52.40.53.52.53.42.32.74.10.5-0.2-2.11.26.10.1
2004 Q31.0-1.6-0.15.74.02.32.41.10.12.12.95.9-0.53.80.1-0.4-0.91.44.71.7
2004 Q41.9-0.6-0.44.45.13.22.70.83.1-1.02.12.84.6-0.1-0.40.60.21.25.9-0.6
2005 Q1-0.9-1.0-1.92.43.48.21.40.00.2-0.77.63.31.5-2.4-1.5-0.70.9-0.88.8-0.9
2005 Q20.30.7-1.6-1.73.58.42.41.2-0.31.36.85.42.4-3.4-0.90.31.0-0.73.31.5
2005 Q3-1.71.0-3.71.23.45.12.20.5-1.00.45.34.42.5-4.1-2.00.12.8-0.14.91.2
2005 Q4-5.1-2.0-5.71.01.63.00.4-0.90.3-2.16.95.80.7-2.7-5.3-2.50.6-3.03.30.3
2006 Q1-5.1-0.4-5.84.20.2-3.81.4-0.9-0.9-0.77.46.80.3-0.6-4.00.4-0.9-0.51.2-1.2
2006 Q2-1.01.5-4.17.53.8-2.92.2-0.22.9-2.111.57.72.62.7-1.80.81.4-0.25.20.4
2006 Q31.31.4-2.07.20.4-2.82.61.43.50.014.414.42.94.2-0.31.3-2.2-0.44.70.2
2006 Q40.92.2-2.710.23.9-0.53.02.1-0.72.617.810.51.43.92.50.9-1.40.87.00.8
2007 Q12.21.5-2.211.70.45.43.91.60.8-0.920.82.71.6-0.62.50.6-0.6-0.59.80.4
2007 Q21.01.5-2.014.52.90.93.11.2-0.70.419.91.1-2.70.61.9-0.5-0.60.410.3-1.8
2007 Q31.11.2-2.714.010.51.13.10.20.7-1.922.9-1.6-1.92.61.70.3-0.50.111.1-1.5
2007 Q44.92.40.014.49.21.03.71.24.2-1.324.03.22.14.72.71.6-0.72.74.7-0.7
2008 Q14.83.2-0.316.19.10.45.51.33.20.316.56.31.76.33.30.80.33.34.92.8
2008 Q26.22.30.69.213.15.14.72.23.6-0.813.45.36.62.82.82.00.03.110.05.0
2008 Q33.82.60.27.95.85.63.51.01.61.814.35.97.30.91.80.4-0.53.712.13.0
2008 Q4-2.30.6-1.610.25.70.3-0.6-2.4-2.8-4.55.8-0.24.6-0.6-2.8-0.6-1.63.68.12.8
2009 Q12.4-0.22.72.33.1-0.4-4.0-2.1-0.1-1.9-6.04.63.60.8-1.00.4-0.56.515.96.7
2009 Q21.2-0.21.93.2-8.31.3-3.2-2.2-1.4-0.8-8.40.04.52.00.50.9-1.56.47.14.3
2009 Q34.8-0.13.73.8-6.93.3-2.00.11.3-0.7-17.1-6.64.52.21.81.4-1.76.23.35.3
2009 Q410.01.25.2-5.3-8.59.51.33.64.23.8-22.8-5.82.92.55.51.72.04.79.06.6
2010 Q1-1.1-1.0-1.1-6.0-9.35.0-1.01.8-0.10.6-17.0-10.20.1-2.0-1.40.8-1.1-0.3-5.9-2.5
2010 Q2-7.8-3.7-5.4-6.8-11.0-3.5-3.6-1.1-2.2-1.3-15.0-10.9-5.5-2.7-5.5-2.5-2.3-2.0-3.4-5.8
2010 Q3-10.1-4.0-6.1-7.3-12.5-4.1-5.4-2.7-4.8-2.2-9.8-6.6-4.6-3.3-6.0-3.3-2.2-2.0-3.3-4.3
2010 Q4-9.2-2.5-5.3-6.7-10.5-5.1-5.0-2.9-4.6-0.62.9-7.5-3.3-4.7-5.4-2.0-3.8-3.1-2.3-5.7
2011 Q1-5.90.0-4.4-5.1-8.5-2.9-3.5-2.2-2.21.90.4-4.8-1.30.4-2.9-3.4-3.1-2.60.2-3.5
2011 Q22.02.91.4-2.4-2.11.5-1.01.10.43.30.2-1.13.15.00.7-0.3-1.3-1.0-0.42.1
2011 Q31.13.40.2-2.4-0.8-1.8-1.40.70.42.8-1.90.61.13.20.20.3-2.1-1.80.81.4
2011 Q4-2.40.7-1.5-1.9-4.4-3.2-3.5-1.0-1.6-0.6-0.83.30.52.5-1.10.1-3.9-2.0-0.80.4
2012 Q1-3.6-0.6-1.4-1.6-0.9-6.9-4.7-1.3-2.3-3.2-0.11.13.4-0.3-1.3-0.1-6.3-2.4-2.20.8
2012 Q2-7.2-1.4-3.1-1.8-6.1-7.0-7.3-3.0-4.1-5.9-0.3-0.2-0.9-4.2-3.6-1.2-7.2-3.8-2.3-0.5
2012 Q3-8.3-2.8-3.4-3.3-7.6-8.5-8.1-3.4-4.2-8.01.3-5.2-1.9-4.4-4.4-1.7-6.1-4.0-4.0-2.5
2012 Q4-5.7-1.0-1.10.0-9.0-8.6-8.9-1.9-3.5-6.1-0.8-3.8-1.4-0.6-2.5-1.9-3.2-3.1-2.70.0
2013 Q10.51.51.81.9-2.0-8.7-3.60.0-0.9-4.72.5-1.3-2.32.60.61.33.1-1.10.00.7
2013 Q21.61.52.04.73.9-8.3-2.20.1-0.5-4.35.60.6-1.01.21.52.02.60.2-1.50.7
2013 Q36.23.34.68.17.5-5.90.02.11.8-3.85.94.71.44.13.23.33.51.00.82.7
2013 Q45.62.83.58.014.0-6.92.61.62.3-4.65.64.14.03.60.33.40.73.31.41.6
2014 Q14.01.62.48.13.4-1.9-0.91.91.7-5.17.15.10.31.31.42.7-1.4-0.52.12.0
2014 Q23.80.22.85.61.0-5.2-0.42.31.5-4.13.04.51.72.00.32.4-0.9-1.84.01.0
2014 Q30.9-0.81.36.2-2.3-2.3-1.60.20.4-4.52.61.4-1.6-0.7-0.31.1-0.1-2.31.80.2
2014 Q4-2.1-2.9-0.64.0-4.3-1.8-2.4-1.1-1.2-4.10.71.0-8.0-2.6-0.70.1-3.5-5.90.6-0.7
2015 Q1-9.7-7.3-4.83.4-7.5-3.8-4.3-5.4-5.0-5.7-0.7-1.7-6.9-6.8-8.0-2.9-2.4-5.9-3.5-4.1