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Harmonised competitiveness indicators based on GDP deflators¹⁾: Euro area

(period averages; index 1999 Q1=100)

2011	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 price competitiveness. For further information please refer to the explanatory note.
1. Period average	94.8	97.0	95.1	93.6
2. Percentage change versus previous period	-1.2	2.3	-2.0	-1.6
3. Percentage change versus previous year	-6.3	1.4	0.4	-2.5
4. Percentage change since 1998 Q4	-8.2	-6.0	-7.9	-9.3