CURRENT ECONOMIC INDICATORS EURO ZONE

March 20, 2013

Monthly economic indicators*

Sep-12 Euro area Germany France Italy Spain 'Core' euro area HICP M1 M3 Private sector credit growth Private sector loan growth Unemployment rate, % Unemployment, m/m change (000s) Industrial orders Industrial production Retail sales (ex autos) Euro area composite PMI (50 = no change) Euro area manufacturing PMI (50 = no change) Euro area services PMI (50 = no change) German Ifo business climate French INSEE business sentiment Italy ISTAT business confidence

Oct-12 HICP inflation, % y/y 2.5 2.1 2.1 2.8 3.5 1.5 6.5 3.9 -1.5 -0.8 Labour market 11.7 237 -0.8 -0.5 Survey readings (indices) 100.1 85 87.8

Nov-12 2.2 1.9 1.6 2.6 3.0 1.4 6.7 3.8 -1.6 -0.8 11.8 111 -0.8 0.2 101.5 86 88.5

Dec-12 2.2 2.0 1.5 2.6 3.0 1.5 6.3 3.4 -0.8 -0.7 11.8 33 0.9 -0.8 102.5 87 89.0

Jan-13 2.0 1.9 1.4 2.4 2.8 1.3 6.7 3.5 -1.1 -0.9 11.9 201 -0.4 1.2 104.3 87 88.3

Feb-13 1.8 1.8 1.2 2.0 2.9 1.3 107.4 87 88.5

2.6 2.1 2.2 3.4 3.5 1.5 5.0 2.6 -1.2 -0.9 11.6 157 -1.9 -1.6 101.4 86 88.5

Euro area money and credit, % y/y

Euro area conjunctural activity indicators, % m/m

*Data shown in grey italics are preliminary/'flash' estimates. HICP excluding energy, food, alcohol and tobacco Survey data use differing methodologies; therefore index levels of each survey are not comparable across economies.

Monthly financial indicators**

Sep-12 ECB refi rate, % Germany: 2-year government yield, % Germany: 5-year government yield, % Germany: 10-year government yield, % Italy: 10-year government yield, % EUR/USD Euro TWI (broad measure, index) Euro Stoxx 50
# #

Oct-12 0.75 0.03 0.55 1.60 4.95 1.30 107.21 2,503

Nov-12 0.75 -0.02 0.45 1.47 4.51 1.28 106.66 2,514

Dec-12 0.75 -0.04 0.39 1.38 4.53 1.31 108.23 2,626

Jan-13 0.75 0.26 0.77 1.65 4.33 1.33 109.81 2,715

Feb-13 0.75 0.02 0.48 1.52 4.76 1.34 111.06 2,630

0.75 0.01 0.53 1.54 5.18 1.29 106.62 2,531

Nominal effective exchange rate weighted by 41 largest euro area trading partners. Q1-99 = 100. Rising index denotes euro appreciation. ** End period

ECONOMICS | RESEARCH

CURRENT ECONOMIC INDICATORS EURO ZONE

March 20, 2013

Quarterly economic indicators

Q3-11 Euro area Germany France Italy Spain Euro area Real labour productivity per hour worked Real unit labour costs Negotiated wages 0.1 0.4 0.2 -0.1 0.0 0.1 1.1 -0.1 2.1 Q4-11 -0.3 -0.1 0.1 -0.8 -0.5 Current account (% GDP) 0.6 0.8 0.2 2.0 ECB surveys Bank Lending Survey: change in credit standards (net balance) Businesses Households (for house purchases) Real GDP HICP 2 9 1.9 2.0 16 18 1.8 2.0 35 29 1.8 2.0 9 17 1.8 2.0 10 13 1.8 2.0 15 12 1.8 2.0 1.0 0.9 0.2 2.0 1.2 1.0 0.2 2.2 1.4 0.5 0.4 2.2 1.9 0.6 0.2 2.2 Euro area productivity, costs and wages (% y/y) Q1-12 -0.1 0.5 -0.1 -0.9 -0.4 Q2-12 -0.2 0.3 -0.1 -0.7 -0.4 Q3-12 -0.1 0.2 0.1 -0.2 -0.3 Q4-12 -0.6 -0.6 -0.3 -0.9 -0.8 Real GDP, % q/q (non-annualised)

Survey of Professional Forecasters (mean 5-year ahead forecasts, % y/y)

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ECONOMICS | RESEARCH

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