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

(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	92.3	91.2	88.9	90.7
2. Percentage change versus previous period	-0.7	-1.1	-2.5	2.0
3. Percentage change versus previous year	-4.4	-7.6	-8.0	-2.4
4. Percentage change since 1998 Q4	-11.0	-12.0	-14.2	-12.5