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Harmonised competitiveness indicators based on consumer price indices¹⁾: 3. Percentage change versus previous year

(period averages; index 1999 Q1=100)

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.

	Euro area	BE	DE	EE	IE	GR	ES	FR	IT	CY	LU	MT	NL	AT	PT	SI	SK	FI
Notes: For the euro area, the real effective exchange rate of the euro vis-à-vis 40 trading partners is displayed. For euro area countries, the table shows the harmonised competitiveness indicators calculated vis-à-vis these same trading partners plus the other euro area countries. A positive change points to a decrease in price competitiveness. For further information please refer to the explanatory note.
1994-07	3.7	3.7	3.3	36.2	3.8	0.8	0.7	2.1	-3.4	3.3	1.9	2.1	2.9	2.1	0.1	5.1	2.4	2.0
1994-08	4.6	5.2	2.3	36.2	4.9	2.1	3.3	4.1	-3.3	4.0	3.2	2.3	1.7	1.7	3.7	5.2	5.0	4.7
1994-09	1.8	4.9	0.0	33.6	3.8	2.9	-0.5	2.3	-2.6	4.2	3.4	1.5	0.0	0.4	2.9	4.1	5.3	8.9
1994-10	3.9	6.8	0.9	35.9	4.4	3.6	-0.1	3.3	-1.5	4.9	5.0	0.6	0.6	0.6	3.7	5.2	5.1	13.6
1994-11	5.0	5.6	2.2	36.2	4.3	2.8	0.9	3.1	-0.8	4.3	4.0	1.3	1.6	1.4	3.2	8.7	4.7	12.0
1994-12	4.3	3.5	2.7	34.0	2.9	3.2	2.0	1.1	-0.9	4.1	2.7	1.3	2.0	1.5	2.8	9.9	5.2	9.8
1995-01	5.0	4.3	3.7	34.0	1.6	3.8	0.5	1.8	-2.3	3.2	3.7	1.4	3.3	2.3	3.3	12.5	5.2	8.4
1995-02	5.6	4.3	4.6	33.0	2.5	3.5	0.5	2.3	-4.0	3.9	3.7	1.8	4.4	2.9	4.1	14.1	4.7	7.9
1995-03	6.1	6.1	6.9	27.5	2.2	3.3	-1.1	3.0	-10.8	3.8	4.9	3.8	6.5	4.5	6.9	16.5	4.9	11.0
1995-04	5.6	6.6	7.4	26.6	1.8	4.4	0.1	4.9	-16.0	4.3	5.2	3.8	7.2	5.1	5.8	15.8	4.7	10.9
1995-05	3.1	4.4	4.6	24.2	1.0	3.5	2.1	1.5	-12.3	2.3	3.8	2.5	4.8	3.6	4.9	13.7	4.6	10.5
1995-06	2.7	3.6	3.8	21.2	0.5	4.6	2.4	1.5	-10.7	1.0	3.6	1.4	4.1	3.3	4.1	12.6	4.0	10.5
1995-07	1.8	2.5	2.5	16.8	1.0	2.3	1.7	1.7	-8.7	1.3	2.6	1.6	2.9	2.2	2.6	10.6	5.5	8.9
1995-08	0.8	0.9	0.3	12.4	1.1	1.2	1.2	1.6	-4.6	0.9	1.4	1.1	1.1	0.7	1.9	8.8	5.3	8.3
1995-09	0.2	0.7	0.3	10.4	0.8	0.9	0.6	1.0	-4.4	-1.7	1.0	0.4	0.6	0.4	1.3	6.9	4.0	4.5
1995-10	0.7	1.7	1.5	12.0	-0.2	0.5	1.0	0.8	-5.3	-2.0	1.7	2.2	1.5	1.1	1.6	5.0	3.2	-0.1
1995-11	2.7	2.1	1.9	12.3	0.4	0.8	2.2	2.8	-3.1	-0.5	1.7	1.9	2.2	1.1	1.4	2.8	2.8	0.7
1995-12	3.6	2.1	1.6	14.0	0.4	0.7	3.9	3.0	-0.5	-0.6	1.3	1.4	1.9	0.8	1.0	1.5	2.8	0.9
1996-01	2.0	0.7	-0.3	14.2	0.1	0.0	5.7	1.9	1.2	-0.4	0.1	-0.8	0.5	0.2	0.2	-2.2	1.3	-0.7
1996-02	0.8	-0.4	-1.3	14.4	0.4	-0.2	4.7	1.0	3.6	-1.2	-0.8	-0.9	-0.7	-0.4	-0.6	-4.4	1.1	-3.8
1996-03	-1.8	-3.6	-5.5	9.1	0.7	0.0	5.5	-0.3	12.7	-2.4	-3.0	-3.4	-3.9	-3.2	-2.4	-7.5	0.7	-7.1
1996-04	-2.7	-4.6	-6.8	8.9	0.3	0.3	3.7	-1.6	17.3	-3.1	-3.7	-0.4	-4.7	-4.2	-1.8	-7.3	1.2	-9.7
1996-05	-2.6	-4.2	-6.2	8.7	0.6	2.0	1.5	0.2	13.7	-2.4	-3.7	0.2	-4.7	-4.1	-1.1	-7.1	1.2	-8.6
1996-06	-2.4	-4.3	-5.8	9.5	1.5	2.4	-0.2	-0.5	14.3	-1.9	-3.6	0.9	-4.8	-3.7	-0.5	-6.8	1.7	-6.6
1996-07	-2.4	-4.2	-5.4	10.4	1.7	3.8	-0.4	-0.8	12.6	-2.4	-3.2	1.1	-4.1	-3.2	0.1	-5.9	0.8	-6.0
1996-08	-0.6	-2.3	-2.8	13.0	2.0	3.9	0.6	-1.3	9.4	-1.1	-1.6	1.6	-2.1	-1.9	0.8	-3.7	0.4	-5.0
1996-09	-0.9	-2.4	-3.3	11.9	2.6	4.5	1.2	-1.4	9.4	-0.6	-2.1	2.1	-2.4	-2.2	1.1	-3.3	0.3	-4.4
1996-10	-3.2	-4.1	-5.7	7.9	2.5	5.1	-0.3	-1.5	11.0	-1.3	-3.6	0.3	-4.5	-3.5	0.7	-3.7	0.1	-4.8
1996-11	-3.5	-4.0	-5.3	8.6	4.6	5.6	-1.0	-2.7	9.8	-1.5	-3.2	-0.1	-4.4	-2.8	0.7	-3.2	0.0	-5.4
1996-12	-4.2	-4.4	-5.6	6.5	5.8	5.0	-2.4	-3.0	9.3	-1.0	-3.5	-0.4	-4.5	-2.7	0.8	-1.9	-0.5	-4.2
1997-01	-5.5	-5.0	-5.5	3.8	4.8	5.0	-3.8	-3.8	7.0	-1.4	-3.8	1.8	-5.4	-4.1	0.6	-0.3	-0.3	-4.2
1997-02	-7.9	-6.0	-6.7	0.0	4.7	4.8	-5.5	-4.1	3.4	-0.4	-4.1	2.4	-6.6	-4.4	-0.2	0.6	2.0	-3.4
1997-03	-8.5	-6.1	-6.4	0.0	4.2	2.6	-5.4	-4.6	1.0	-0.5	-3.9	2.7	-6.6	-4.2	-0.2	0.3	2.8	-2.7
1997-04	-8.4	-5.8	-5.9	0.3	3.6	0.7	-5.9	-4.9	0.4	0.4	-3.6	2.7	-6.2	-3.7	-1.0	0.7	3.5	-1.2
1997-05	-7.7	-4.8	-4.9	2.9	-0.3	-1.2	-5.4	-4.6	-1.1	-0.7	-3.2	3.0	-5.0	-3.0	-0.5	2.3	4.4	-2.2
1997-06	-9.4	-5.4	-5.9	2.2	-1.5	-1.4	-5.1	-5.4	-2.2	-2.2	-3.7	2.8	-5.9	-3.9	-1.7	1.9	5.8	-3.9
1997-07	-12.7	-7.0	-8.1	-0.4	-1.6	-2.8	-6.8	-7.4	-3.0	-2.5	-4.8	3.1	-7.5	-5.3	-3.5	0.4	6.1	-5.5
1997-08	-13.9	-8.1	-9.1	-0.6	-2.9	-2.3	-7.3	-7.0	-3.8	-3.7	-5.5	2.9	-7.9	-5.7	-4.6	-1.9	7.0	-8.0
1997-09	-10.7	-6.3	-7.1	1.3	-2.1	-2.2	-5.6	-5.0	-3.0	-2.2	-4.0	3.1	-5.8	-4.4	-3.9	-1.7	5.7	-6.3
1997-10	-8.6	-5.2	-5.3	3.3	-3.6	-1.9	-4.4	-4.3	-2.8	-0.8	-2.8	3.6	-4.4	-3.6	-4.0	-0.7	7.1	-5.3
1997-11	-7.2	-4.5	-4.5	4.0	-3.6	-0.5	-3.9	-3.3	-2.0	1.3	-2.7	4.2	-3.7	-3.4	-3.7	0.3	7.5	-4.4
1997-12	-5.5	-3.7	-3.3	5.7	-4.8	0.6	-2.6	-2.3	-2.5	2.9	-2.0	6.2	-2.5	-2.6	-2.8	1.4	8.2	-4.1
1998-01	-4.3	-2.4	-2.6	7.6	-7.3	0.5	-1.6	-1.6	-2.3	2.5	-1.0	7.0	-1.4	-1.3	-2.9	2.3	9.4	-3.0
1998-02	-2.8	-1.8	-2.1	9.0	-8.4	0.3	-0.4	-1.0	-0.6	3.9	-1.0	5.1	-0.4	-1.3	-2.5	2.5	6.7	-2.6
1998-03	-2.9	-1.8	-2.4	8.9	-8.4	-4.7	-0.7	-1.3	0.7	2.2	-1.1	4.7	-0.6	-1.5	-2.7	3.3	6.9	-2.8
1998-04	-1.7	-1.1	-1.3	8.0	-6.2	-6.8	-0.6	-0.6	0.3	2.7	-1.0	5.2	0.2	-0.9	-1.8	3.3	5.9	-1.9
1998-05	1.2	0.3	0.2	7.5	-1.0	-4.0	0.5	0.8	1.4	5.2	0.1	5.9	1.3	-0.3	-0.6	4.1	6.4	0.0
1998-06	3.2	1.2	1.3	8.5	-0.3	-1.9	1.6	1.9	1.9	7.3	0.5	6.9	2.6	0.3	0.7	4.2	5.0	0.6
1998-07	5.6	2.6	2.9	10.7	-1.1	0.0	3.1	3.2	2.3	6.2	1.7	6.4	3.8	1.2	2.0	3.8	3.8	0.9
1998-08	7.8	3.6	4.2	11.7	0.8	-0.4	3.9	3.8	3.9	9.8	2.2	6.7	4.6	2.0	2.6	5.7	1.5	3.3
1998-09	8.4	3.7	4.6	14.0	1.2	-1.0	3.5	3.8	4.1	9.3	2.2	6.4	4.9	2.5	2.9	7.4	0.3	5.2
1998-10	8.2	3.6	4.3	13.7	3.4	-1.7	3.3	3.5	4.1	6.9	2.0	4.8	5.1	2.5	3.5	8.4	-6.3	5.3
1998-11	4.1	1.9	2.0	10.4	-0.4	-1.9	1.7	1.4	2.2	2.4	1.0	3.1	3.2	1.2	2.8	6.7	-5.0	3.5
1998-12	4.0	2.3	1.7	10.6	0.1	-2.2	1.7	1.4	2.3	1.0	1.2	1.8	3.3	1.3	3.0	5.7	-5.6	4.0
1999-01	3.9	2.5	1.4	9.4	2.7	-1.3	1.8	1.2	2.4	0.8	-0.7	0.0	3.2	1.0	2.6	4.7	-5.3	3.3
1999-02	3.6	1.8	1.3	7.6	2.8	-1.0	2.0	1.0	2.4	-0.8	1.1	1.4	3.0	0.9	2.8	3.8	-4.7	3.2
1999-03	3.1	1.6	1.4	7.4	1.9	4.7	2.0	0.7	1.8	-0.5	0.7	1.3	2.6	0.7	2.5	3.1	-8.5	3.0
1999-04	1.3	0.5	0.6	6.4	-0.4	6.8	1.5	-0.3	1.1	-2.5	0.6	0.0	1.4	-0.2	1.8	0.7	-9.6	2.5
1999-05	-2.1	-1.3	-1.6	5.0	-2.5	4.0	0.1	-1.8	-0.4	-3.3	-0.3	-0.1	-0.1	-0.8	0.2	-1.9	-12.5	1.0
1999-06	-4.4	-2.4	-2.9	3.2	-4.0	0.9	-0.8	-2.9	-1.7	-4.8	-1.0	-1.4	-1.3	-1.7	-0.5	-3.5	-11.4	-0.6
1999-07	-4.2	-2.0	-2.8	2.3	-3.9	-1.1	-0.8	-2.8	-1.4	-3.5	-2.4	-1.4	-1.6	-1.7	-0.8	-2.2	-4.8	-0.5
1999-08	-4.2	-2.4	-2.9	1.3	-3.5	-0.8	-0.7	-2.8	-1.5	-5.8	-1.0	-1.7	-1.1	-1.8	-0.9	-1.6	-2.1	-1.0
1999-09	-8.7	-4.2	-5.5	-2.9	-6.2	-1.3	-2.3	-4.9	-3.7	-6.8	-2.4	-2.1	-4.1	-3.4	-2.2	-2.4	1.9	-4.6
1999-10	-8.8	-4.3	-5.5	-3.4	-6.1	-1.8	-2.6	-4.9	-3.7	-5.6	-2.3	-1.0	-4.5	-3.4	-2.4	-2.8	8.7	-4.9
1999-11	-9.1	-4.4	-5.7	-3.1	-6.1	-3.9	-2.6	-5.0	-3.9	-4.6	-2.5	0.4	-4.6	-3.4	-2.7	-2.1	7.3	-4.8
1999-12	-11.3	-5.2	-7.0	-4.4	-6.8	-5.1	-3.5	-5.9	-5.2	-4.5	-3.0	0.7	-6.1	-3.8	-3.8	-2.7	8.8	-6.2
2000-01	-10.8	-6.3	-6.5	-4.0	-5.9	-6.6	-3.2	-5.5	-5.0	-2.7	-1.6	0.5	-6.2	-4.0	-3.6	-3.1	9.4	-5.5
2000-02	-10.8	-5.0	-6.7	-4.0	-5.5	-7.5	-3.3	-5.8	-4.9	-2.5	-2.9	0.1	-6.3	-3.7	-3.9	-3.0	12.2	-5.2
2000-03	-11.0	-4.7	-7.1	-4.2	-5.0	-7.8	-3.3	-5.6	-4.9	-2.1	-2.6	-0.5	-6.3	-3.8	-4.1	-3.3	17.2	-5.0
2000-04	-11.0	-4.7	-7.4	-4.5	-4.8	-7.7	-3.2	-5.8	-5.0	-1.5	-2.3	0.3	-6.1	-3.8	-3.4	-2.6	18.7	-5.5
2000-05	-12.1	-5.2	-8.2	-5.3	-5.6	-8.2	-3.5	-6.2	-5.6	-1.9	-3.0	-0.2	-6.5	-4.3	-3.3	-2.6	18.1	-6.0
2000-06	-7.1	-2.5	-5.3	-2.9	-1.7	-6.9	-1.5	-3.8	-3.2	-0.2	-0.3	-0.3	-3.5	-2.3	-1.7	-0.9	18.5	-3.1
2000-07	-7.7	-3.5	-5.6	-2.0	-1.8	-6.6	-1.4	-4.0	-3.5	-0.4	0.1	-0.3	-3.5	-2.8	-1.6	-1.7	10.4	-3.4
2000-08	-11.4	-4.1	-7.9	-3.4	-4.6	-7.6	-3.0	-5.8	-5.2	-1.5	-2.4	-0.8	-5.8	-4.0	-2.3	-3.7	7.5	-5.3
2000-09	-11.9	-4.2	-8.0	-3.6	-5.3	-8.3	-3.5	-6.0	-6.0	-3.0	-2.5	-1.3	-6.0	-4.1	-2.7	-4.3	3.7	-5.4
2000-10	-14.0	-5.4	-9.2	-3.9	-6.5	-8.1	-4.1	-7.3	-7.0	-4.3	-3.0	-0.9	-6.7	-4.9	-3.3	-4.9	1.2	-6.5
2000-11	-11.2	-4.0	-7.7	-2.3	-4.3	-6.8	-2.8	-5.8	-5.4	-2.6	-1.9	-2.0	-5.4	-3.9	-2.3	-4.2	2.5	-5.1
2000-12	-5.9	-2.1	-4.0	-0.4	-1.6	-4.6	-0.7	-3.7	-2.8	-0.1	-0.2	-1.9	-2.3	-2.7	-0.3	-3.3	0.7	-2.7
2001-01	-2.6	-0.2	-2.8	2.0	0.7	-2.5	0.1	-2.2	-1.0	-0.6	0.1	-1.3	1.5	-0.9	1.7	-2.3	0.4	-0.7
2001-02	-1.8	-0.4	-1.8	2.4	1.1	-1.3	0.3	-1.6	-1.3	-0.2	0.2	-1.1	2.2	-1.1	2.3	-1.4	-0.8	-0.5
2001-03	0.2	0.0	-0.8	3.2	2.2	-0.3	1.3	-0.8	0.1	-0.3	0.8	0.1	3.2	-0.5	3.2	-0.2	-1.5	0.3
2001-04	1.0	0.8	-0.4	3.6	2.5	0.9	1.6	-0.3	0.6	-0.3	0.2	0.7	3.6	-0.1	2.6	-0.2	-1.1	0.6
2001-05	1.0	0.6	-0.2	3.7	2.0	0.8	1.3	-0.1	0.2	-0.7	1.0	0.6	3.3	-0.4	2.3	0.1	1.8	0.7
2001-06	-4.0	-1.7	-3.0	1.8	-1.5	-0.6	-0.5	-2.6	-2.1	-1.1	-1.5	1.0	0.3	-2.2	0.7	-0.8	0.9	-1.7
2001-07	-2.2	-0.5	-2.0	2.2	-0.4	0.3	-0.7	-1.5	-1.2	-1.9	-0.8	1.7	1.6	-1.1	1.3	-0.5	2.9	-1.0
2001-08	3.7	1.5	1.5	5.0	3.7	3.0	1.4	1.3	1.6	1.4	1.3	2.1	4.9	0.5	3.0	1.4	3.6	2.3
2001-09	6.9	2.6	3.0	6.6	5.9	5.1	2.9	2.5	3.4	3.5	2.1	3.3	7.0	1.8	4.1	2.3	4.7	4.2
2001-10	8.3	3.4	3.5	6.0	7.2	5.1	3.7	3.4	4.3	4.6	2.1	2.6	7.5	2.1	4.6	2.6	5.8	4.5
2001-11	5.6	2.2	2.0	4.4	5.3	3.8	2.8	2.0	3.0	2.7	1.3	3.2	6.2	1.1	3.9	2.0	4.7	3.1
2001-12	2.4	1.0	0.2	3.0	4.1	3.1	1.5	0.6	1.3	1.2	-0.1	3.2	4.9	0.0	2.7	2.0	5.2	1.7
2002-01	-1.4	-0.4	-1.6	0.6	1.5	1.6	0.2	-0.8	-1.0	-0.3	-0.8	3.5	1.6	-1.8	0.6	2.2	4.8	-0.6
2002-02	-1.5	-0.7	-1.9	1.0	1.2	0.6	0.4	-0.9	-0.2	0.0	-0.7	2.5	1.3	-1.9	0.3	0.9	3.7	-0.9
2002-03	-1.5	-0.7	-1.7	0.8	1.7	0.8	0.4	-1.0	-0.7	0.0	-0.9	1.6	1.3	-2.0	0.3	0.4	3.7	-0.9
2002-04	-0.6	-0.8	-1.6	1.8	2.9	1.0	1.3	-0.4	-0.3	0.8	-0.1	1.0	2.0	-1.5	0.9	1.5	3.8	0.0
2002-05	3.8	1.2	0.9	3.8	6.2	3.1	3.3	1.3	2.3	2.3	0.9	1.2	4.1	0.4	2.2	2.7	1.5	1.8
2002-06	8.6	3.0	3.4	5.4	9.1	5.3	4.9	3.7	4.7	3.4	2.6	1.3	6.8	2.1	3.9	3.7	-1.1	3.8
2002-07	9.7	3.5	4.1	5.2	9.1	5.4	5.4	4.1	5.4	6.0	3.5	1.4	7.1	2.4	4.0	4.6	-2.5	4.8
2002-08	5.8	1.7	1.8	2.8	6.5	3.6	4.0	2.3	3.6	4.6	2.0	1.4	4.8	1.5	3.1	3.3	-0.3	2.4
2002-09	5.0	1.3	1.4	2.1	6.2	3.3	3.6	2.1	3.3	3.9	2.1	1.6	4.5	0.7	2.9	2.3	2.9	1.4
2002-10	5.4	1.5	1.8	2.6	6.1	3.6	4.0	2.2	3.3	3.5	2.6	1.7	4.4	0.8	3.0	2.2	6.3	1.8
2002-11	8.0	2.4	3.0	3.8	8.2	4.8	4.8	3.6	4.7	5.0	3.7	1.8	5.6	1.8	3.8	2.1	6.4	3.2
2002-12	8.5	2.8	3.2	3.6	8.3	4.7	5.1	4.0	5.2	5.2	4.0	1.8	5.8	2.0	3.8	2.5	6.6	3.3
2003-01	12.1	4.3	5.1	5.2	11.1	5.8	6.4	5.3	7.0	7.7	5.8	1.5	6.9	3.3	5.0	3.2	10.9	4.8
2003-02	14.6	5.6	6.5	5.5	13.2	7.9	7.0	6.8	7.6	8.1	6.3	2.8	8.3	4.0	5.5	4.5	10.1	6.4
2003-03	15.0	5.8	6.7	6.0	13.4	7.7	7.0	7.0	7.8	9.4	6.8	3.2	8.4	4.2	5.4	4.8	11.2	6.6
2003-04	14.8	5.8	6.8	4.9	13.4	7.5	6.4	6.6	8.1	8.2	6.4	3.0	8.0	3.9	5.7	4.1	12.7	6.1
2003-05	16.3	6.2	7.4	5.4	14.3	8.6	6.6	7.3	9.0	9.3	6.7	4.5	9.4	4.3	6.3	4.9	16.2	6.9
2003-06	13.6	5.6	6.2	4.0	12.0	7.4	5.4	6.0	7.4	7.1	5.4	5.0	7.7	3.5	5.0	4.7	18.7	5.7
2003-07	9.6	3.7	4.0	2.9	9.7	5.3	4.4	4.4	5.3	3.9	4.0	3.4	5.7	2.4	3.6	3.2	17.7	3.5
2003-08	9.0	3.6	3.9	3.1	9.4	5.0	4.3	4.1	4.8	2.8	4.0	2.8	5.4	2.1	3.3	2.6	15.7	3.4
2003-09	8.6	3.5	3.6	2.9	8.9	4.4	3.9	4.1	4.7	3.7	4.1	2.0	4.8	2.3	3.3	2.2	14.7	3.2
2003-10	10.3	4.1	4.6	3.4	9.8	5.1	4.2	5.0	5.5	4.5	4.0	3.5	5.8	2.6	3.5	2.9	12.6	3.7
2003-11	9.6	3.9	4.4	2.9	8.7	5.0	4.0	4.7	5.1	4.1	3.8	2.8	5.3	2.6	2.8	3.0	12.3	3.4
2003-12	11.5	4.9	5.4	3.8	9.9	6.0	4.7	5.6	5.8	3.5	4.9	4.5	6.0	3.4	3.4	3.3	13.3	4.6
2004-01	9.5	3.9	4.7	2.8	7.8	4.9	3.8	4.7	4.8	2.4	4.4	4.7	5.1	2.8	3.0	2.1	12.4	3.5
2004-02	8.1	3.0	3.7	2.6	6.5	4.1	3.3	3.9	4.7	2.1	4.3	4.5	4.3	2.8	2.6	1.6	13.7	2.7
2004-03	5.2	1.6	2.4	1.6	4.1	3.0	2.1	2.6	3.1	0.2	2.6	3.5	2.6	1.7	1.8	0.4	11.8	0.4
2004-04	3.4	1.2	1.6	1.3	2.1	2.1	1.6	1.9	1.8	-0.3	2.0	3.9	1.4	0.7	1.0	-0.3	9.4	-0.9
2004-05	0.8	0.4	0.3	1.7	-0.1	0.9	1.1	0.7	0.2	-0.9	1.1	2.3	-0.2	0.1	0.1	-1.0	8.7	-2.3
2004-06	0.3	-0.3	-0.3	2.2	0.3	0.8	1.1	0.6	0.1	0.5	1.6	2.2	-0.6	-0.1	1.2	-1.2	9.6	-2.4
2004-07	2.1	0.8	0.7	2.4	1.8	1.7	1.7	1.4	0.9	2.4	2.2	3.2	0.3	0.2	1.0	-0.8	10.9	-1.2
2004-08	3.1	1.2	1.4	2.6	2.5	2.1	2.1	1.7	1.6	3.3	2.4	3.0	0.7	0.6	0.8	-0.3	9.6	-0.7
2004-09	3.3	1.4	1.6	2.7	2.9	2.6	2.5	1.7	1.6	2.5	2.2	3.6	1.0	0.5	0.7	-0.2	8.2	-0.5
2004-10	2.4	1.7	1.0	2.2	2.4	2.1	2.3	1.2	0.8	2.5	2.8	1.9	0.7	0.6	0.5	-0.5	7.3	-0.7
2004-11	3.7	2.1	1.6	3.4	4.0	2.5	2.8	1.9	1.5	3.3	3.7	1.7	1.7	1.0	1.2	0.4	8.0	-0.3
2004-12	2.0	0.9	0.9	2.8	2.7	1.5	1.9	1.2	1.0	3.7	2.7	1.2	0.6	0.5	0.7	-0.7	8.3	-1.3
2005-01	-0.6	0.2	-0.8	1.6	0.9	1.5	1.2	-0.4	-0.3	1.8	1.3	0.1	-0.6	-0.2	-0.1	-1.6	4.9	-2.6
2005-02	-1.6	-0.1	-1.4	1.4	0.3	0.1	0.9	-0.7	-1.0	0.8	1.0	0.0	-1.0	-0.8	-0.5	-1.4	4.5	-3.0
2005-03	1.4	1.7	0.1	2.6	2.0	1.2	2.2	0.8	0.5	1.8	2.4	1.0	0.5	0.3	0.2	0.1	4.3	-0.8
2005-04	2.2	1.8	0.4	3.1	2.8	1.9	2.4	1.2	1.0	2.6	3.1	1.0	1.0	0.7	0.3	0.0	2.1	0.1
2005-05	-0.1	0.7	-0.5	0.9	1.4	0.6	1.1	-0.2	0.0	1.9	2.3	0.5	-0.5	-0.3	-0.4	-0.9	2.2	-1.3
2005-06	-2.7	-0.3	-1.8	0.2	-0.9	-0.6	0.1	-1.4	-1.6	0.4	0.5	-1.6	-1.8	-1.2	-2.4	-1.9	2.2	-2.5
2005-07	-3.0	-0.6	-2.1	0.8	-1.0	-0.5	0.0	-1.6	-1.8	-0.1	0.8	-2.2	-2.1	-1.4	-1.2	-1.4	0.7	-2.8
2005-08	-2.3	-0.1	-1.7	1.2	-0.6	-0.2	0.3	-1.1	-1.5	-0.2	1.5	-0.9	-1.5	-1.4	-0.6	-1.5	1.8	-2.5
2005-09	-2.9	-0.6	-1.7	1.4	-0.9	-0.6	0.1	-1.4	-2.2	-0.3	1.2	-1.7	-2.1	-1.4	-1.0	-0.7	1.7	-2.8
2005-10	-4.5	-2.0	-2.6	0.7	-2.2	-1.3	-0.7	-2.4	-2.4	-0.9	0.9	-1.4	-3.1	-2.2	-1.3	-1.0	1.5	-3.7
2005-11	-6.6	-2.8	-3.8	-0.3	-4.3	-2.3	-1.5	-3.6	-3.4	-1.5	-1.5	-1.0	-4.3	-3.0	-1.8	-2.6	0.7	-4.4
2005-12	-7.7	-2.9	-4.5	-1.1	-5.4	-2.6	-1.6	-4.2	-4.4	-2.3	-2.3	-2.4	-4.6	-3.5	-2.2	-2.5	1.2	-4.9
2006-01	-5.8	-2.1	-3.6	0.3	-3.8	-2.5	-0.5	-2.9	-3.3	-0.7	-0.9	-2.6	-3.8	-3.0	-1.7	-1.7	2.1	-4.1
2006-02	-5.7	-2.0	-3.5	0.3	-3.3	-2.1	-0.5	-3.1	-3.3	-0.1	-0.9	-2.8	-4.1	-2.9	-1.3	-1.8	1.4	-3.9
2006-03	-5.8	-2.6	-3.6	0.0	-3.2	-1.6	-0.6	-3.2	-3.1	0.0	-1.1	-2.2	-4.1	-2.8	-0.6	-2.0	2.2	-4.0
2006-04	-3.9	-1.5	-2.4	0.5	-1.9	-1.0	-0.1	-2.2	-2.3	0.3	-0.7	-0.8	-2.9	-1.7	-0.3	-1.0	5.3	-3.1
2006-05	-1.2	-0.1	-1.2	1.5	0.2	0.2	1.2	-0.6	-1.0	0.3	0.6	0.6	-1.3	-0.9	0.5	0.2	4.9	-1.5
2006-06	2.1	1.1	0.8	2.4	2.2	1.9	2.5	0.7	0.8	0.9	2.2	2.2	0.4	0.2	1.5	0.9	3.6	-0.3
2006-07	2.2	1.1	0.9	2.1	2.1	2.0	2.6	0.8	1.0	0.8	1.9	2.5	0.6	0.4	0.9	0.1	4.1	-0.5
2006-08	1.4	0.8	0.2	2.5	1.9	1.6	2.1	0.4	0.7	0.4	1.5	1.6	0.5	0.5	0.6	1.1	5.4	-0.7
2006-09	1.5	1.0	0.0	2.1	1.6	1.7	1.8	0.4	1.4	0.2	0.9	2.1	0.7	0.3	1.5	1.0	5.6	-0.6
2006-10	1.4	0.9	0.2	2.0	1.8	1.9	1.6	0.4	1.0	-0.3	-0.2	1.0	0.7	0.2	1.3	0.1	7.3	-0.4
2006-11	3.0	1.7	1.2	2.6	3.1	2.4	2.0	1.2	1.6	-0.5	1.4	1.0	1.6	0.7	1.3	0.9	9.9	0.3
2006-12	3.8	2.0	1.6	3.3	4.3	2.7	2.3	1.6	2.2	-0.2	2.1	1.3	2.1	0.9	1.6	1.6	10.6	0.6
2007-01	2.6	1.1	1.5	3.2	3.0	2.1	1.5	0.8	1.3	-0.7	1.5	1.1	1.0	0.7	1.4	1.3	8.5	0.2
2007-02	3.8	1.7	2.2	3.3	3.6	2.7	2.1	1.1	2.1	-0.6	1.5	1.3	1.7	1.1	1.5	1.2	9.4	0.7
2007-03	3.5	1.6	2.0	4.1	3.9	2.5	1.9	0.9	1.7	-0.4	1.8	0.8	2.0	0.9	1.2	1.2	11.3	1.0
2007-04	3.2	1.3	1.8	3.9	3.7	2.1	1.7	0.9	1.4	-0.3	1.9	-0.6	2.0	0.6	1.5	1.2	11.8	0.9
2007-05	1.1	-0.1	0.8	3.6	2.4	1.0	0.9	-0.2	0.3	-0.9	0.8	-1.6	0.9	0.1	0.7	0.7	10.7	-0.3
2007-06	-0.1	-0.6	0.0	3.4	1.8	0.3	0.3	-0.6	-0.4	-1.6	0.2	-1.7	0.1	-0.4	0.3	0.8	10.6	-0.6
2007-07	0.2	-0.3	0.2	3.7	2.2	0.4	0.4	-0.5	-0.3	-1.0	0.2	-1.0	0.0	-0.2	0.4	1.3	13.4	-0.3
2007-08	0.1	-0.4	0.2	3.5	1.8	0.5	0.5	-0.4	-0.3	-1.1	-0.1	-0.5	-0.6	-0.4	0.2	0.9	10.7	-0.5
2007-09	1.2	0.1	1.2	4.5	3.0	0.9	1.0	0.2	-0.1	-0.5	0.8	0.4	0.0	-0.1	0.1	0.8	9.7	-0.1
2007-10	2.4	1.1	1.5	5.4	3.9	1.2	2.1	0.9	0.6	0.3	2.3	1.5	0.7	0.7	0.4	2.2	8.9	0.1
2007-11	3.4	1.8	2.2	6.0	4.7	2.0	2.5	1.3	1.0	0.8	2.5	2.7	0.9	0.9	0.6	2.9	7.2	0.8
2007-12	2.1	1.4	1.2	6.2	3.5	1.5	2.2	0.9	0.5	0.9	2.1	2.2	-0.1	0.9	0.2	2.4	3.7	0.0
2008-01	3.2	2.3	1.3	7.4	4.7	2.0	2.9	1.6	1.4	1.7	2.2	3.5	0.7	0.7	0.4	3.3	3.3	1.7
2008-02	2.3	1.8	0.8	7.1	4.5	2.1	2.5	1.2	0.8	1.9	1.6	3.1	0.3	0.3	0.2	3.0	3.5	1.0
2008-03	4.8	3.6	2.2	7.0	6.4	3.1	3.0	2.4	2.2	2.4	2.5	4.5	1.2	1.2	0.9	3.9	4.3	2.1
2008-04	4.7	3.6	1.6	7.4	6.4	3.6	3.2	2.6	2.4	2.9	2.5	4.7	1.2	1.3	0.6	3.8	3.9	2.0
2008-05	4.4	4.1	1.5	6.6	5.9	3.6	3.1	2.3	2.1	2.9	2.6	4.2	0.9	1.1	0.5	3.3	7.5	2.3
2008-06	4.7	4.6	1.5	6.6	6.2	3.4	3.3	2.4	2.1	3.5	2.9	4.5	1.1	1.1	0.8	3.4	11.9	2.3
2008-07	4.2	4.5	1.2	6.3	5.3	3.0	3.2	2.1	2.0	3.5	3.0	5.4	1.3	0.5	0.2	3.3	9.0	2.3
2008-08	1.8	3.0	0.0	5.4	3.5	1.9	2.1	0.7	1.0	2.7	1.3	4.0	0.4	-0.2	-0.2	1.7	9.8	1.4
2008-09	-0.3	2.2	-1.3	5.1	1.6	1.3	0.9	-0.3	-0.1	1.8	0.3	2.2	-1.0	-0.6	-0.4	1.2	10.9	0.9
2008-10	-2.9	0.4	-2.7	4.8	-1.3	0.3	-0.7	-1.6	-1.3	0.3	-2.0	1.1	-2.8	-1.6	-1.2	0.6	9.9	0.1
2008-11	-5.1	-1.2	-4.1	4.0	-2.7	-0.7	-1.7	-2.8	-2.3	-1.2	-4.0	-0.4	-3.9	-2.0	-1.7	-0.8	9.6	-1.0
2008-12	0.3	1.2	-0.8	6.3	1.0	1.3	0.1	-0.5	0.5	0.4	-2.3	3.0	-0.5	-0.3	-0.2	0.6	13.9	2.7
2009-01	0.0	0.6	-0.6	4.6	0.1	1.4	-0.2	-0.8	-0.1	-0.5	-3.0	1.0	-0.4	-0.2	-0.9	0.9	15.2	2.1
2009-02	0.0	0.2	-0.3	4.8	-2.1	1.1	-0.5	-0.8	0.1	-1.2	-2.2	0.9	-0.5	0.3	-1.0	2.2	14.8	2.8
2009-03	-1.2	-0.9	-1.2	3.7	-3.0	0.7	-1.6	-1.2	-0.4	-0.5	-3.2	1.3	-0.6	-0.3	-1.2	1.7	11.8	2.2
2009-04	-3.0	-1.7	-1.8	1.4	-4.3	-0.9	-2.3	-2.3	-1.4	-1.5	-3.7	0.4	-1.5	-1.2	-1.8	0.2	9.8	1.2
2009-05	-2.1	-1.7	-1.4	1.3	-3.9	-0.5	-2.0	-1.7	-0.6	-0.7	-3.0	0.9	-0.5	-0.7	-1.6	0.4	6.8	1.4
2009-06	-0.7	-1.7	-0.2	1.3	-3.6	0.4	-1.3	-1.1	0.2	-0.7	-1.9	1.2	0.5	-0.3	-1.4	0.9	3.7	2.5
2009-07	-1.2	-1.9	-0.6	1.7	-3.7	0.8	-1.3	-1.0	-0.1	-1.5	-2.1	-0.6	-0.9	0.0	-1.0	0.7	4.0	2.3
2009-08	1.5	-0.2	1.0	1.3	-1.9	2.0	0.2	0.4	1.0	-0.9	0.1	0.8	0.5	1.0	-0.6	1.8	3.8	3.1
2009-09	3.6	0.8	1.9	0.8	-0.2	2.7	0.8	1.6	2.5	0.2	1.4	2.4	2.2	1.7	-0.3	2.3	3.5	3.8
2009-10	6.6	2.3	3.8	0.9	2.7	4.0	2.3	3.0	3.6	2.0	3.3	3.5	4.4	2.5	0.4	2.3	4.0	4.3
2009-11	7.3	2.9	3.9	0.2	2.5	4.4	2.9	3.5	4.0	3.4	5.4	3.7	4.8	2.6	0.7	3.6	3.0	4.7
2009-12	0.9	-0.1	0.5	-2.6	-2.5	1.9	0.3	0.6	0.6	0.9	2.8	-0.5	0.8	0.5	-0.9	1.5	-0.5	1.1
2010-01	-1.4	-0.7	-1.1	-3.2	-3.6	0.5	-0.6	-0.2	-0.2	0.9	2.6	0.2	-0.7	-0.3	-1.4	-0.3	-2.7	-0.9
2010-02	-3.4	-1.3	-2.6	-4.1	-3.9	0.2	-1.5	-0.7	-1.4	0.8	1.0	-0.7	-1.6	-1.5	-1.6	-1.8	-4.4	-2.8
2010-03	-5.8	-2.0	-3.8	-4.0	-6.0	-0.7	-1.2	-2.2	-3.2	-1.2	0.4	-3.0	-3.4	-2.3	-2.8	-3.0	-5.3	-4.5
2010-04	-6.2	-2.1	-4.2	-2.9	-6.7	0.0	-1.5	-2.3	-3.3	-1.5	-0.2	-3.4	-3.8	-2.3	-2.9	-2.1	-4.6	-4.5
2010-05	-9.3	-3.4	-5.8	-3.1	-9.0	-1.0	-3.0	-4.1	-5.1	-3.9	-2.3	-5.1	-6.3	-3.5	-3.4	-2.9	-4.9	-6.0
2010-06	-12.0	-4.5	-7.6	-3.4	-10.9	-2.2	-4.4	-5.4	-6.4	-4.6	-4.3	-6.7	-8.0	-4.2	-3.8	-3.8	-5.5	-7.6
2010-07	-9.7	-3.7	-6.1	-3.5	-8.8	-0.9	-3.8	-4.4	-5.0	-3.4	-2.9	-4.9	-6.0	-3.6	-2.6	-2.7	-4.3	-6.6
2010-08	-10.1	-4.0	-6.5	-3.1	-9.2	-1.1	-4.1	-4.8	-5.0	-3.1	-3.4	-5.0	-6.2	-3.9	-2.6	-2.8	-4.4	-6.4
2010-09	-10.7	-4.0	-6.8	-2.6	-9.6	-1.7	-3.7	-5.1	-6.0	-3.2	-3.8	-5.8	-6.5	-4.2	-3.1	-3.6	-4.7	-6.8
2010-10	-8.6	-2.8	-5.6	-1.3	-7.7	-1.1	-3.0	-4.2	-4.6	-2.7	-2.7	-4.6	-5.4	-3.2	-2.2	-3.0	-4.5	-4.7
2010-11	-9.6	-3.4	-5.9	-0.9	-8.8	-2.0	-3.7	-4.7	-5.2	-4.6	-3.8	-4.4	-6.0	-3.8	-2.4	-3.7	-4.8	-5.2
2010-12	-10.5	-3.9	-6.6	-1.8	-9.0	-2.1	-3.8	-5.2	-5.8	-5.1	-3.8	-4.6	-6.4	-4.1	-2.9	-3.5	-4.9	-6.1
2011-01	-8.5	-3.0	-5.4	-1.8	-7.3	-1.2	-2.9	-4.4	-4.8	-3.4	-2.8	-4.1	-5.4	-3.1	-1.5	-2.8	-2.7	-4.9
2011-02	-5.1	-1.2	-3.4	-0.3	-4.4	-0.3	-1.1	-3.0	-2.8	-1.9	-0.9	-2.6	-3.4	-1.4	-0.7	-2.2	-1.4	-2.8
2011-03	-2.7	-0.4	-2.0	0.3	-2.7	0.6	-0.4	-1.7	-1.2	-1.1	0.3	-1.3	-2.2	-0.4	0.3	-1.0	0.0	-1.3
2011-04	0.4	0.8	0.0	1.6	-0.2	1.1	1.0	-0.3	0.1	0.6	1.4	0.1	-0.4	0.8	1.1	-0.7	0.9	0.1
2011-05	2.4	1.8	1.0	2.1	1.6	1.7	1.9	0.8	1.5	2.3	2.6	1.6	1.4	1.5	1.7	0.3	1.4	1.3
2011-06	4.6	3.3	2.1	2.4	3.4	2.4	2.5	1.8	2.6	3.8	3.5	3.4	2.7	2.2	2.0	0.2	1.7	2.6
2011-07	1.4	2.4	0.5	1.9	0.7	0.3	1.4	0.2	0.3	1.7	1.4	0.8	1.6	1.3	0.8	-1.1	0.6	1.2
2011-08	2.3	2.1	0.9	3.0	1.0	0.1	1.3	0.8	1.0	1.1	1.9	1.0	2.0	1.5	0.8	-0.5	1.6	1.7
2011-09	1.4	1.1	0.6	2.8	-0.5	0.7	0.6	0.1	1.3	-0.2	1.0	0.2	0.6	1.4	1.0	0.2	2.1	1.1
2011-10	-1.2	-0.3	-0.9	1.2	-2.8	-0.5	-0.6	-1.1	0.1	-0.9	-0.5	-1.7	-1.3	0.4	0.7	0.1	1.9	-0.7
2011-11	-0.4	0.4	-0.5	1.1	-1.9	-0.4	-0.3	-0.5	0.5	0.4	0.1	-2.2	-1.0	0.9	0.8	0.2	2.7	-0.5
2011-12	0.1	0.6	-0.4	1.6	-1.7	-0.6	-0.4	-0.1	1.1	0.9	0.0	-1.9	-0.6	0.9	0.9	0.0	2.6	-0.2
2012-01	-1.9	-0.3	-1.5	1.7	-3.3	-1.6	-1.6	-1.2	-0.1	-0.9	-1.1	-2.7	-1.4	-0.2	0.2	-0.5	1.7	-0.8
2012-02	-2.4	-0.6	-1.7	1.1	-3.0	-2.2	-1.9	-1.5	-0.4	-0.8	-1.2	-1.9	-1.6	-0.9	0.2	-0.5	0.9	-1.0
2012-03	-3.9	-1.4	-2.6	0.7	-3.6	-3.1	-2.6	-2.0	-0.9	-0.9	-2.2	-2.8	-2.3	-1.3	-0.5	-1.3	0.2	-1.8
2012-04	-5.5	-2.3	-3.5	-0.1	-5.3	-3.6	-3.1	-2.9	-1.7	-1.7	-2.8	-2.9	-3.4	-2.0	-1.1	-1.1	-0.1	-2.5
2012-05	-5.6	-2.6	-3.4	0.1	-5.8	-4.1	-3.1	-3.0	-1.7	-1.7	-3.1	-3.3	-3.8	-1.9	-1.3	-1.5	0.0	-2.2
2012-06	-6.4	-3.3	-4.0	0.2	-6.4	-4.4	-3.4	-3.3	-2.0	-2.8	-3.3	-3.2	-4.1	-2.0	-1.4	-1.6	0.1	-2.7
2012-07	-7.2	-4.2	-4.6	-1.0	-6.9	-4.8	-3.5	-3.7	-2.2	-2.2	-3.5	-3.7	-4.5	-2.5	-1.7	-1.8	-0.4	-3.5
2012-08	-7.6	-3.8	-4.7	-2.0	-6.5	-5.0	-3.3	-4.0	-2.9	-1.6	-3.7	-4.6	-4.9	-2.8	-1.7	-2.1	-1.3	-4.2
2012-09	-5.1	-2.3	-3.4	-1.3	-4.1	-4.7	-1.4	-2.8	-1.8	-0.8	-1.7	-2.8	-2.9	-1.5	-1.3	-1.0	-1.0	-2.4
2012-10	-5.1	-2.2	-3.4	-1.0	-4.1	-4.0	-1.2	-2.8	-2.3	-1.7	-1.6	-2.4	-2.1	-1.5	-2.0	-1.6	-1.1	-2.2
2012-11	-5.2	-2.4	-3.4	-1.1	-4.3	-4.3	-1.4	-3.1	-2.3	-2.6	-1.9	-1.8	-2.0	-1.3	-1.9	-1.8	-1.5	-2.3
2012-12	-2.3	-1.1	-1.6	-0.3	-1.9	-3.1	-0.2	-1.8	-0.9	-1.2	-0.7	-0.6	0.0	-0.3	-0.9	-0.6	-0.6	-0.4
2013-01	1.2	0.2	0.5	1.3	0.7	-1.8	1.5	-0.1	0.9	1.0	0.6	1.4	2.1	1.2	-1.4	0.4	0.2	0.8
2013-02	1.6	0.4	0.8	2.1	0.6	-1.3	1.8	0.1	0.9	1.1	0.8	1.1	2.3	1.4	-1.4	1.1	0.8	0.9
2013-03	-0.1	-0.5	0.1	1.4	-1.2	-2.4	0.8	-0.8	-0.1	0.0	-0.3	-0.3	1.3	0.6	-1.3	0.2	0.5	0.0
2013-04	0.2	-0.1	0.2	1.8	-0.5	-2.2	0.6	-0.5	0.1	0.0	-0.2	-0.5	1.5	0.8	-1.1	-0.1	0.5	0.4