Appendix B: forecast detail.
Holland, Dawn ; Delannoy, Aurelie ; Fic, Tatiana 等
Table B1. Real GDP growth and inflation Real GDP growth (per cent) 2009 2010 2011 2012 2013 2014-18 Australia 1.4 2.6 1.8 2.6 3.3 3.2 Austria -3.7 2.5 3.3 1.1 1.5 1.9 Belgium -2.7 2.3 2.0 0.7 2.4 2.1 Bulgaria -5.6 0.3 2.6 0.6 1.3 3.5 Brazil -0.3 7.5 3.0 3.7 4.0 3.8 China 8.9 10.4 9.3 8.5 7.9 7.5 Canada -2.8 3.2 2.4 1.9 2.5 2.4 Czech Rep. -4.5 2.6 1.6 0.3 2.6 1.8 Denmark -5.8 1.3 1.2 1.1 2.4 2.1 Estonia -14.3 2.3 8.5 2.3 4.2 2.2 Finland -8.2 3.6 2.8 1.8 2.3 2.2 France -2.6 1.4 1.6 -0.2 1.4 2.1 Germany -5.1 3.6 3.0 0.6 1.9 1.7 Greece -2.3 -4.4 -5.7 -4.1 0.2 2.7 Hong Kong -2.7 7.0 5.1 3.2 4.1 2.2 Hungary -6.6 1.2 1.6 -0.2 0.7 2.2 India 6.8 9.9 7.3 7.2 8.1 7.8 Ireland -7.0 -0.4 1.0 1.6 3.0 2.6 Italy -5.1 1.4 0.5 -1.3 -0.2 1.4 Japan -6.3 4.1 -0.2 1.8 1.6 1.7 Lithuania -14.6 1.3 7.1 2.3 4.7 2.9 Latvia -17.1 -1.2 4.9 1.4 2.8 3.1 Mexico -6.1 5.4 4.0 3.6 3.6 4.7 Netherlands -3.5 1.6 1.6 0.6 2.4 1.7 New Zealand -0.1 2.4 1.6 2.8 3.4 3.1 Norway -1.6 0.7 1.5 1.4 2.6 2.1 Poland 1.6 4.0 4.2 4.0 4.4 3.8 Portugal -2.9 1.4 -1.3 -2.4 0.5 1.6 Romania -7.1 -1.3 3.2 0.8 1.5 4.6 Russia -7.6 4.0 4.0 4.0 5.2 3.7 South Africa -1.6 4.2 4.2 3.2 3.0 4.0 S. Korea 0.3 6.2 3.6 3.6 4.5 4.1 Slovakia -4.9 4.2 2.9 0.8 3.2 2.7 Slovenia -8.1 1.3 1.0 0.4 2.6 2.9 Spain -3.7 -0.1 0.7 -1.0 0.1 2.5 Sweden -5.1 5.3 4.7 2.2 2.0 2.5 Switzerland -1.9 2.7 1.8 0.4 1.6 2.1 Taiwan -1.8 10.7 4.5 2.7 4.2 3.9 UK -4.4 2.1 0.9 -0.1 2.3 2.6 US -3.5 3.0 1.7 1.9 2.7 2.5 Euro Area -4.2 1.8 1.6 -0.2 1.3 1.9 EU-27 -4.2 1.9 1.7 0.1 1.6 2.1 OECD -3.8 3.1 1.9 1.4 2.3 2.5 World -0.7 5.1 3.9 3.5 4.1 4.2 Annual inflation (a) (per cent) 2009 2010 2011 2012 2013 2014-18 Australia 2.1 3.3 2.3 2.1 2.3 3.0 Austria 0.4 1.7 3.6 2.2 1.6 2.7 Belgium 0.0 2.3 3.4 2.1 1.1 1.8 Bulgaria 2.5 3.0 3.5 2.2 1.4 6.0 Brazil 4.9 5.1 6.6 4.4 3.0 5.8 China -0.7 3.3 5.4 3.7 3.6 2.4 Canada 0.5 1.3 2.0 1.9 1.5 2.6 Czech Rep. 0.6 1.2 2.1 3.3 2.0 2.0 Denmark 1.1 2.2 2.7 2.7 2.2 2.6 Estonia 0.2 2.7 5.1 3.7 2.5 5.6 Finland 1.6 1.7 3.3 2.7 1.6 2.7 France 0.1 1.7 2.3 1.6 0.8 1.5 Germany 0.2 1.2 2.5 1.6 1.5 1.7 Greece 1.3 4.7 2.9 1.5 I.0 2.5 Hong Kong -1.6 0.8 5.0 4.3 3.8 3.0 Hungary 4.0 4.7 3.9 3.6 2.8 2.5 India 10.9 12.0 9.0 8.2 5.7 4.8 Ireland -1.7 -1.6 1.2 1.7 2.6 1.9 Italy 0.8 1.6 2.9 2.7 1.5 2.9 Japan -2.1 -1.6 -0.9 -0.2 0.0 0.7 Lithuania 4.2 1.2 4.2 2.4 2.6 3.4 Latvia 3.3 -1.2 4.2 3.3 2.5 5.2 Mexico 5.3 4.2 3.3 3.5 2.8 1.5 Netherlands 1.0 0.9 2.5 2.5 1.8 1.8 New Zealand 2.4 1.2 3.1 1.5 1.7 2.3 Norway 2.5 2.2 1.2 1.5 1.4 2.7 Poland 4.0 2.7 3.9 3.0 2.4 2.6 Portugal -0.9 1.4 3.6 2.5 0.9 2.6 Romania 5.6 6.1 5.9 2.8 2.4 3.0 Russia 11.7 6.9 8.7 3.8 5.2 7.0 South Africa 6.1 2.5 4.3 4.2 3.2 3.2 S. Korea 2.8 3.0 4.3 3.3 3.1 2.9 Slovakia 0.9 0.7 4.1 2.6 2.1 4.5 Slovenia 0.9 2.1 2.1 1.3 1.2 4.5 Spain -0.2 2.0 3.1 2.2 0.3 2.9 Sweden 1.9 1.9 1.4 1.9 2.7 2.1 Switzerland -0.5 0.7 0.5 0.3 1.0 2.6 Taiwan -1.2 0.6 1.0 1.1 1.2 2.0 UK 2.2 3.3 4.5 2.2 1.4 1.8 US 0.2 1.8 2.5 1.9 1.5 2.4 Euro Area 0.3 1.6 2.7 2.0 1.2 2.2 EU-27 1.0 2.1 3.1 2.1 1.4 2.2 OECD 0.3 1.7 2.4 1.9 1.4 2.2 World 2.8 4.1 5.1 4.0 3.2 3.5 Notes: (a) Harmonised consumer price inflation in the EU economies and inflation measured by the consumer expenditure deflator in the rest of the world. Table B2. Fiscal balance and government debt Fiscal balance (per cent of GDP) (a) 2009 2010 2011 2012 2013 2018 Australia -4.1 -4.8 -3.2 -1.6 -1.2 -1.3 Austria -4.1 -4.4 -3.3 -3.2 -3.2 -1.9 Belgium -5.8 -4.2 -4.0 -3.6 -3.1 -2.2 Bulgaria -4.3 -3.1 -2.4 -0.9 -0.7 -1.1 Canada -4.9 -5.5 -5.0 -4.0 -3.4 -2.1 Czech Rep. -5.8 -4.8 -4.3 -3.8 -3.4 -2.3 Denmark -2.7 -2.6 -4.0 -4.1 -2.6 -1.8 Estonia -2.0 0.2 0.7 -0.6 -0.7 -1.1 Finland -2.7 -2.8 -0.9 -0.6 -0.2 -0.2 France -7.5 -7.1 -5.7 -5.3 -5.0 -2.3 Germany -3.2 -4.3 -1.1 -1.0 -1.0 -0.8 Greece -15.6 -10.6 -9.6 -8.1 -8.5 -2.5 Hungary -4.5 -4.3 -0.8 -6.2 -3.0 -0.1 Ireland -14.2 -31.3 (c) -9.9 -7.3 -6.0 -3.2 Italy -5.4 -4.6 -3.9 -2.0 -2.0 -1.0 Japan -8.7 -7.8 -9.0 -8.3 -7.4 -5.2 Lithuania -9.5 -7.0 -6.6 -5.0 -3.9 -1.6 Latvia -9.8 -8.3 -4.4 -3.6 -3.1 -1.2 Netherlands -5.6 -5.0 -4.6 -3.7 -3.1 -2.1 Poland -7.3 -7.8 -3.9 -3.5 -2.9 -1.0 Portugal -10.2 -9.8 -5.9 -4.7 -3.8 -1.4 Romania -9.0 -6.9 -4.9 -3.6 -3.5 -2.3 Slovakia -8.0 -7.7 -6.8 -4.3 -2.8 0.0 Slovenia -6.0 -5.6 -6.1 -5.3 -4.4 -0.9 Spain -11.2 -9.3 -8.1 -7.2 -7.1 -3.3 Sweden -0.7 0.2 1.1 2.0 1.9 -0.1 UK -11.3 -10.1 -9.1 -9.3 -8.3 -1.1 US -11.6 -10.7 -9.8 -8.2 -7.0 -5.3 Government debt (per cent of GDP, end year) (b) 2009 2010 2011 2012 2013 2018 Australia 22.1 27.8 30.2 30.7 30.1 26.3 Austria 69.6 71.9 71.7 71.6 70.5 63.0 Belgium 95.9 96.2 97.3 100.8 97.6 88.6 Bulgaria -- -- -- -- -- -- Canada 81.5 83.1 85.4 85.0 84.3 76.0 Czech Rep. 35.3 38.5 41.5 44.5 46.0 50.2 Denmark 41.8 43.7 47.1 49.3 49.9 48.4 Estonia -- -- -- -- -- -- Finland 43.3 48.3 48.7 49.9 50.2 47.7 France 79.0 82.4 85.3 88.7 91.3 90.3 Germany 74.4 83.2 79.6 79.2 78.1 75.2 Greece 129.3 144.9 158.2 165.7 166.6 130.0 Hungary 78.4 80.2 73.1 80.4 81.7 67.8 Ireland 65.2 92.6 114.8 117.1 116.2 106.8 Italy 115.5 118.4 119.4 120.8 120.2 99.7 Japan 193.7 201.3 211.1 217.6 220.5 219.7 Lithuania -- -- -- -- -- -- Latvia -- -- -- -- -- -- Netherlands 60.7 62.9 65.7 68.1 68.8 68.3 Poland 50.9 55.0 55.3 56.3 56.1 48.6 Portugal 83.0 93.3 98.3 102.0 102.6 91.1 Romania -- -- -- -- -- -- Slovakia -- -- -- -- -- -- Slovenia -- -- -- -- -- -- Spain 53.8 61.0 68.3 74.3 81.1 76.9 Sweden 42.7 39.7 37.6 34.9 31.9 23.8 UK 68.2 75.7 82.8 91.3 95.9 90.7 US 84.1 92.7 95.6 100.3 102.8 105.6 Notes: (a) General government financial balance; Maastricht definition for EU countries. (b) Maastricht definition for EU countries. (c) The deficit for Ireland in 2010 includes outlay on bank recapitalisation amounting to 20 per cent of GDP. The outlays are in the form of promissory notes and do not require upfront financing. Table B3. Unemployment and current account balance Standardised unemployment rate 2009 2010 2011 2012 2013 2014-18 Australia 5.6 5.2 5.0 5.3 5.3 4.4 Austria 4.8 4.4 4.1 4.4 4.1 4.3 Belgium 7.9 8.3 7.2 8.7 6.6 6.1 Bulgaria 6.8 10.2 11.1 9.3 8.3 7.7 Canada 8.3 8.0 7.5 7.2 7.4 6.9 China -- -- -- -- -- -- Czech Rep. 6.7 7.3 6.8 5.9 5.3 6.4 Denmark 6.1 7.4 7.6 8.4 8.8 7.1 Estonia 13.8 16.8 11.7 12.0 11.9 12.3 Finland 8.3 8.4 7.8 8.2 8.2 6.5 France 9.5 9.8 9.6 10.2 10.2 9.1 Germany 7.8 7.1 5.9 6.5 6.2 6.8 Greece 9.4 12.6 17.2 19.1 17.8 13.7 Hungary 10.0 11.1 10.9 10.9 10.8 9.2 Ireland 11.8 13.7 14.4 14.5 13.4 10.3 Italy 7.8 8.4 8.2 9.4 9.6 8.3 Japan 5.1 5.1 4.5 4.9 4.8 4.7 Lithuania 13.8 17.8 15.7 15.2 12.8 13.2 Latvia 17.1 18.6 15.6 13.2 11.4 11.0 Netherlands 3.7 4.5 4.3 4.0 3.3 2.8 Poland 8.2 9.6 9.7 10.0 9.9 8.2 Portugal 10.6 12.1 12.7 14.4 14.2 11.6 Romania 6.8 7.3 7.3 6.4 6.4 6.0 Slovakia 12.0 14.4 13.4 12.1 10.1 9.9 Slovenia 5.9 7.3 8.1 7.6 7.0 7.0 Spain 18.0 20.1 21.7 22.4 20.5 13.4 Sweden 8.3 8.4 7.3 6.0 6.6 6.6 UK 7.6 7.9 8.1 8.9 8.5 6.5 US 9.3 9.6 8.9 8.5 8.1 7.1 Current account balance (per cent of GDP) 2009 2010 2011 2012 2013 2014-18 Australia -4.2 -2.6 -4.5 -3.0 -3.5 -0.9 Austria 2.7 3.0 0.2 0.7 3.0 4.5 Belgium -1.7 1.5 2.9 -3.9 -5.5 -8.8 Bulgaria -10.0 -1.4 -1.2 8.4 15.7 8.5 Canada -3.0 -3.1 -2.8 -0.7 -0.9 -1.1 China 5.8 5.9 3.7 3.6 4.4 4.2 Czech Rep. -2.4 -3.1 -0.3 -1.5 -2.9 -3.5 Denmark 3.3 5.5 7.4 3.5 0.6 -1.1 Estonia 4.1 3.7 1.6 -0.2 4.4 2.6 Finland 1.9 1.8 -1.1 0.1 1.7 2.3 France -1.5 -1.7 -1.8 -1.1 -1.4 -2.9 Germany 5.7 5.6 5.7 7.1 6.7 3.7 Greece -11.0 -10.0 -9.0 -3.5 -1.8 0.1 Hungary -0.3 1.1 6.5 7.7 8.6 10.2 Ireland -2.9 0.5 -0.8 1.2 -1.6 -1.3 Italy -2.0 -3.5 -3.6 -2.7 -2.2 -0.4 Japan 2.8 3.6 2.2 1.0 1.3 1.7 Lithuania 4.5 1.5 -3.9 -3.2 -3.1 -11.6 Latvia 9.4 3.2 -1.4 -5.7 -6.9 -9.3 Netherlands 4.2 6.6 10.8 11.2 9.4 8.2 Poland -4.0 -4.7 -4.5 -4.6 -3.7 -1.1 Portugal -10.9 -10.0 -6.0 -1.8 -0.7 0.2 Romania -6.0 -5.7 -5.7 -1.5 3.9 3.6 Slovakia -4.4 -4.4 -1.7 1.4 5.7 2.1 Slovenia -1.3 -0.8 1.2 -1.2 -0.8 -5.1 Spain -5.2 -4.6 -3.5 -1.2 -1.8 -1.9 Sweden 7.4 6.6 7.8 7.6 6.6 6.0 UK -1.5 -3.3 -3.0 -2.5 -1.3 0.1 US -2.7 -3.2 -3.2 -2.8 -2.7 -2.6 Table B4. United States Percentage change 2008 2009 2010 2011 GDP -0.3 -3.5 3.0 1.7 Consumption -0.6 -1.9 2.0 2.2 Investment : housing -23.9 -22.2 -4.3 -1.5 business -0.8 -17.9 4.4 8.8 Government: consumption 2.2 2.0 0.9 -0.9 investment 4.6 0.3 -0.3 -6.5 Stockbuilding (a) -0.5 -0.8 1.6 -0.3 Total domestic demand -1.5 -4.5 3.4 1.7 Export volumes 6.1 -9.4 11.3 7.0 Import volumes -2.7 -13.6 12.5 5.0 Average earnings 4.0 2.6 1.9 1.9 Private consumption deflator 3.3 0.2 1.8 2.5 RPDI 2.7 -2.2 2.2 1.1 Unemployment, % 5.8 9.3 9.6 8.9 General Govt. balance as % of G -6.6 -11.6 -10.7 -9.8 General Govt. debt as % of GDP(b) 72.5 84.1 92.7 95.6 Current account as % of GDP -4.7 -2.7 -3.2 -3.2 2012 Average 2013 2014-18 1.9 GDP 2.7 2.5 1.8 Consumption 0.3 1.9 1.7 Investment : housing 5.2 10.9 8.9 business 0.1 10.2 6.1 Government: consumption 0.3 0.4 1.4 investment -0.1 2.3 2.5 Stockbuilding (a) 1.7 0.0 0.0 Total domestic demand 5.1 2.8 2.4 Export volumes 3.1 6.6 4.5 Import volumes 2.4 6.2 3.8 Average earnings 1.9 2.6 3.5 Private consumption deflator 0.9 1.5 2.4 RPDI 8.5 2.0 1.8 Unemployment, % -8.2 8.1 7.1 General Govt. balance as % of G 100.3 -7.0 -5.7 General Govt. debt as % of GDP (b) -2.8 102.8 104.6 Current account as % of GDP -2.7 -2.6 Note: (a) Change as a percentage of GDP. (b) End-of-year basis. Table B5. Canada Percentage change 2008 2009 2010 2011 GDP 0.7 -2.8 3.2 2.4 Consumption 3.0 0.4 3.3 1.9 Investment : housing -3.2 -8.0 10.2 2.7 business 2.6 -20.5 8.5 12.5 Government: consumption 4.4 3.6 2.4 0.8 investment 7.7 8.8 17.9 3.6 Stockbuilding(a) -0.2 -0.8 0.7 0.3 Total domestic demand 2.7 -2.9 5.3 3.3 Export volumes -4.7 -13.8 6.4 5.0 Import volumes 1.5 -13.4 13.1 6.8 Average earnings 2.6 2.1 2.6 2.7 Private consumption deflator 1.6 0.5 1.3 2.0 RPDI 4.1 0.9 3.5 0.9 Unemployment, % 6.2 8.3 8.0 7.5 General Govt. balance as % of GDP -0.4 -4.9 -5.5 -5.0 General Govt. debt as % of GDP (b) 72.5 81.5 83.1 85.4 Current account as % of GDP 0.3 -3.0 -3.1 -2.8 Average 2012 2013 2014-18 GDP 1.9 2.5 2.4 Consumption 2.5 2.8 2.2 Investment : housing 3.1 7.5 5.9 business 2.1 10.3 4.6 Government: consumption -0.1 1.2 2.3 investment -4.1 0.0 2.6 Stockbuilding(a) -0.2 0.0 0.0 Total domestic demand 1.5 3.6 2.8 Export volumes 4.0 2.7 3.7 Import volumes 2.6 5.3 4.1 Average earnings 2.8 3.7 5.0 Private consumption deflator 1.9 1.5 2.6 RPDI 1.7 2.5 2.3 Unemployment, % 7.2 7.4 6.9 General Govt. balance as % of GDP -4.0 -3.4 -2.4 General Govt. debt as % of GDP (b) 85.0 84.3 79.1 Current account as % of GDP -0.7 -0.9 -1.1 Note: (a) Change as a percentage of GDP. (b) End-of-year basis. Table B6. Japan Percentage change 2008 2009 2010 2011 GDP -1.2 -6.3 4.1 -0.2 Consumption -0.7 -2.0 2.0 -0.2 Investment : housing -8.4 -13.7 -6.5 5.6 business -1.6 -16.7 2.4 0.2 Government: consumption 0.4 3.0 2.3 2.4 investment -8.7 10.9 -3.3 -6.6 Stockbuilding (a) -0.2 -1.3 0.6 0.2 Total domestic demand -1.4 -4.7 2.3 0.4 Export volumes 1.7 -24.2 24.3 1.4 Import volumes 0.4 -15.4 9.8 5.9 Average earnings 1.2 0.2 -0.6 0.3 Private consumption deflator 0.4 -2.1 -1.6 -0.9 RPDI -0.7 0.9 2.8 0.8 Unemployment, % 4.0 5.1 5.1 4.5 Govt. balance as % of GDP -2.2 -8.7 -7.8 -9.0 Govt. debt as % of GDP (b) 178.2 193.7 201.3 211.1 Current account as % of GDP 3.3 2.8 3.6 2.2 Average 2012 2013 2014-18 GDP 1.8 1.6 1.7 Consumption 1.2 1.0 0.7 Investment : housing 5.4 4.5 5.0 business 3.7 3.1 3.4 Government: consumption 1.0 1.0 0.8 investment -1.3 0.8 0.0 Stockbuilding (a) 0.4 0.1 0.0 Total domestic demand 1.9 1.4 1.2 Export volumes 5.7 5.9 5.9 Import volumes 7.1 6.2 4.6 Average earnings 0.5 0.8 2.0 Private consumption deflator -0.2 0.0 0.7 RPDI -0.6 0.7 0.5 Unemployment, % 4.9 4.8 4.7 Govt. balance as % of GDP -8.3 -7.4 -5.9 Govt. debt as % of GDP (b) 217.6 220.5 221.7 Current account as % of GDP 1.0 1.3 1.7 Note: (a) Change as a percentage of GDP. (b) End-of-year basis. Table B7. Euro Area Percentage change 2008 2009 2010 2011 GDP 0.3 -4.2 1.8 1.6 Consumption 0.3 -1.1 0.9 0.3 Private investment -1.6 -13.9 -0.7 2.2 Government: consumption 2.3 2.5 0.4 0.1 investment 0.6 2.5 -5.7 -0.9 Stockbuilding (a) -0.1 -0.9 0.6 0.1 Total domestic demand 0.3 -3.6 0.9 0.6 Export volumes 0.8 -12.8 10.9 6.4 Import volumes 0.7 -11.6 9.1 4.4 Average earnings 3.2 2.1 0.8 2.2 Harmonised consumer prices 3.3 0.3 1.6 2.7 RPDI 0.8 0.3 -0.1 -0.5 Unemployment, % 7.7 9.6 10.1 10.1 Govt. balance as % of GDP -2.1 -6.4 -6.2 -4.3 Govt. debt as % of GDP (b) 69.9 79.3 85.1 87.8 Current account as % of GDP -1.6 -0.3 -0.5 0.3 Average 2012 2013 2014-18 GDP -0.2 1.3 1.9 Consumption -0.2 0.7 1.3 Private investment -3.8 2.1 4.2 Government: consumption -0.2 0.6 1.2 investment -3.1 0.1 2.9 Stockbuilding (a) -0.2 0.2 0.0 Total domestic demand -1.0 1.1 1.8 Export volumes 1.7 6.1 4.5 Import volumes -0.1 6.2 4.7 Average earnings 2.6 1.5 2.8 Harmonised consumer prices 2.0 1.2 2.2 RPDI 0.1 1.1 1.3 Unemployment, % 10.8 10.3 8.7 Govt. balance as % of GDP -3.5 -3.3 -2.2 Govt. debt as % of GDP (b) 90.3 90.3 86.8 Current account as % of GDP 1.5 1.3 0.4 Note: (a) Change as a percentage of GDP. (b) End-of-year basis; Maastricht definition. Table B8. Germany Percentage change 2008 2009 2010 2011 GDP 0.8 -5.1 3.6 3.0 Consumption 0.5 0.0 0.6 1.2 Investment : housing -4.2 -2.3 3.2 7.0 business 2.6 -16.9 7.2 7.5 Government: consumption 3.1 3.3 1.7 1.1 investment 5.1 5.6 -1.9 1.3 Stockbuilding (a) 0.0 -1.0 0.7 0.0 Total domestic demand 1.1 -2.6 2.4 2.2 Export volumes 2.1 -13.6 13.4 8.2 Import volumes 3.0 -9.2 11.5 7.0 Average earnings 2.3 2.9 0.3 2.6 Harmonised consumer prices 2.7 0.2 1.2 2.5 RPDI 1.4 -0.8 0.8 1.1 Unemployment, % 7.5 7.8 7.1 5.9 Govt. balance as % of GDP -0.1 -3.2 -4.3 -1.1 Govt. debt as % of GDP (b) 66.3 74.4 83.2 79.6 Current account as % of GDP 6.3 5.7 5.6 5.7 Average 2012 2013 2014-18 GDP 0.6 1.9 1.7 Consumption 1.5 2.3 1.8 Investment : housing 0.2 3.6 5.0 business -0.1 1.6 2.1 Government: consumption 1.1 1.3 0.7 investment -0.8 3.5 1.0 Stockbuilding (a) 0.3 0.7 0.0 Total domestic demand 1.4 2.8 1.8 Export volumes 0.5 6.7 5.3 Import volumes 2.3 9.3 5.7 Average earnings 3.8 3.2 2.2 Harmonised consumer prices 1.6 1.5 1.7 RPDI 2.2 2.1 1.4 Unemployment, % 6.5 6.2 6.8 Govt. balance as % of GDP -1.0 -1.0 -0.8 Govt. debt as % of GDP (b) 79.2 78.1 76.9 Current account as % of GDP 7.1 6.7 3.7 Note: (a) Change as a percentage of GDP. (b) End-of-year basis; Maastricht definition. Table B9. France Percentage change 2008 2009 2010 2011 GDP -0.2 -2.6 1.4 1.6 Consumption 0.2 0.1 1.3 0.3 Investment : housing -3.2 -8.8 -1.5 2.4 business 2.6 -11.6 1.1 3.3 Government: consumption 1.2 2.3 1.2 0.8 investment -3.2 2.4 -9.7 -0.4 Stockbuilding(a) -0.3 -1.2 0.5 0.8 Total domestic demand 0.1 -2.4 1.3 1.7 Export volumes -0.6 -12.2 9.3 4.6 Import volumes 0.6 -10.6 8.3 5.2 Average earnings 2.3 1.9 1.5 2.8 Harmonised consumer prices 3.2 0.1 1.7 2.3 RPDI 0.3 1.7 1.2 0.1 Unemployment, % 7.8 9.5 9.8 9.6 Govt. balance as % of GDP -3.3 -7.5 -7.1 -5.7 Govt. debt as % of GDP (b) 68.3 79.0 82.4 85.3 Current account as % of GDP -1.7 -1.5 -1.7 -1.8 Average 2012 2013 2014-18 GDP -0.2 1.4 2.1 Consumption 0.0 0.7 1.8 Investment : housing -2.3 6.8 6.4 business -3.9 2.7 3.2 Government: consumption 0.4 0.3 1.3 investment 0.4 0.7 1.7 Stockbuilding(a) -0.8 -0.2 0.0 Total domestic demand -1.2 1.0 2.1 Export volumes 1.4 5.8 4.5 Import volumes -1.9 4.1 4.3 Average earnings 2.5 1.8 2.8 Harmonised consumer prices 1.6 0.8 1.5 RPDI 0.7 1.6 1.8 Unemployment, % 10.2 10.2 9.1 Govt. balance as % of GDP -5.3 -5.0 -3.2 Govt. debt as % of GDP (b) 88.7 91.3 92.4 Current account as % of GDP -1.1 -1.4 -2.9 Note: (a) Change as a percentage of GDP. (b) End-of-year basis; Maastricht definition. Table B10. Italy Percentage change 2008 2009 2010 2011 2012 GDP -1.2 -5.1 1.4 0.5 -1.3 Consumption -0.8 -1.6 1.1 0.5 -0.7 Investment : housing -1.4 -9.0 -2.4 -3.7 -8.6 business -4.3 -15.8 1.1 1.3 -9.2 Government : consumption 0.6 1.0 -0.5 -0.4 -0.7 investment -5.3 4.8 -13.9 -5.1 -14.0 Stockbuilding (a) 0.0 -0.8 0.7 -0.9 -0.4 Total domestic demand -1.2 -4.0 1.7 -1.1 -3.3 Export volumes -2.8 -17.7 12.0 6.5 0.2 Import volumes -2.9 -13.6 12.4 1.0 -4.9 Average earnings 3.7 1.6 1.5 2.5 2.3 Harmonised consumer prices 3.5 0.8 1.6 2.9 2.7 RPDI -I.1 -3.4 -0.6 0.8 -0.9 Unemployment, % 6.8 7.8 8.4 8.2 9.4 Govt. balance as % of GDP -2.7 -5.4 -4.6 -3.9 -2.0 Govt. debt as % of GDP(6) 105.8 115.5 118.4 119.4 120.8 Current account as % of GDP -2.9 -2.0 -3.5 -3.6 -2.7 Average 2013 2014-18 GDP -0.2 1.4 Consumption -0.3 0.0 Investment : housing -6.4 1.8 business -4.4 3.7 Government : consumption 0.4 0.5 investment -4.6 8.6 Stockbuilding (a) 0.0 0.0 Total domestic demand -1.0 0.8 Export volumes 6.6 4.7 Import volumes 4.3 3.2 Average earnings 0.3 2.3 Harmonised consumer prices 1.5 2.9 RPDI -0.1 0.3 Unemployment, % 9.6 8.3 Govt. balance as % of GDP -2.0 -1.3 Govt. debt as % of GDP(6) 120.2 108.4 Current account as % of GDP -2.2 -0.4 Note: (a) Change as a percentage of GDP. (b) End-of-year basis; Maastricht definition. Table B11. Spain Percentage change 2008 2009 2010 2011 2012 GDP 0.9 -3.7 -0.1 0.7 -1.0 Consumption -0.6 -4.3 0.8 0.0 -0.8 Investment : housing -10.7 -24.5 -16.8 -9.8 -14.7 business -3.7 -17.1 -4.5 -4.9 -9.9 Government : consumption 5.9 3.7 0.2 -1.2 -1.0 investment 2.6 1.5 0.4 -0.2 -0.1 Stockbuilding (a) 0.1 0.0 0.0 0.1 0.0 Total domestic demand -0.5 -6.2 -1.0 -1.3 -2.7 Export volumes -1.0 -10.4 13.5 9.4 1.9 Import volumes -5.2 -17.2 8.9 1.6 -3.6 Average earnings 6.0 4.3 0.9 -0.2 -0.2 Harmonised consumer prices 4.1 -0.2 2.0 3.1 2.2 RPDI 2.5 4.0 -0.9 -3.5 -1.9 Unemployment, % 11.4 18.0 20.1 21.7 22.4 Govt. balance as % of GDP -4.5 -11.2 -9.3 -8.1 -7.2 Govt. debt as % of GDP (b) 40.1 53.8 61.0 68.3 74.3 Current account as % of GDP -9.6 -5.2 -4.6 -3.5 -1.2 Average 2013 2014-18 GDP 0.1 2.5 Consumption -0.5 0.7 Investment : housing -2.2 7.6 business -1.7 8.2 Government : consumption 0.1 2.4 investment 0.3 2.9 Stockbuilding (a) 0.0 0.0 Total domestic demand -0.5 2.5 Export volumes 3.3 4.1 Import volumes 1.4 4.3 Average earnings -1.5 3.5 Harmonised consumer prices 0.3 2.9 RPDI -0.6 1.2 Unemployment, % 20.5 13.4 Govt. balance as % of GDP -7.1 -4.3 Govt. debt as % of GDP (b) 81.1 80.4 Current account as % of GDP -1.8 -1.9 Note: (a) Change as a percentage of GDP. (b) End-of-year basis; Maastricht definition.