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

(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	81.8	81.6	80.6	82.1
2. Percentage change versus previous period	-0.2	-0.1	-1.3	1.9
3. Percentage change versus previous year	-1.3	-2.9	-3.2	0.2
4. Percentage change since 1998 Q4	-20.3	-20.4	-21.4	-19.9