MONTHLY BULLETIN JANUARY 2013

EN 0112013 0212013 0312013 0412013 0512013 0612013 0712013 0812013 0912013 1012013 1112013 1212013 MONTHLY BULLETIN JANUARY MONTHLY BULLETIN JANUARY 2013 In 2013 all ECB publications feature a motif taken from the €5 banknote. © European Central Bank, 2013 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu Fax +49 69 1344 6000 This Bulletin was produced under the responsibility of the Executive Board of the ECB. Translations are prepared and published by the national central banks. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The cut-off date for the statistics included in this issue was 9 January 2013. ISSN 1561-0136 (print) ISSN 1725-2822 (online) EU catalogue number QB-AG-13-001-EN-C (print) EU catalogue number QB-AG-13-001-EN-N (online) CONTENTS EDITORIAL 5 ECONOMIC AND MONETARY DEVELOPMENTS 1 The external environment of the euro area 7 Box 1 China’s growth outlook 11 2 Monetary and fi nancial developments 15 3 Prices and costs 30 Box 2 Recent developments in the wage drift in the euro area 34 4 Output, demand and the labour market 37 Box 3 How income payments, current transfers and the oil balance hamper current account adjustment 39 ARTICLES Confidence indicators and economic developments 45 Intra-euro area trade linkages and external adjustment 59 EURO AREA STATISTICS S1 ANNEXES Chronology of monetary policy measures of the Eurosystem 1 Publications produced by the European Central Bank VII Glossary IX ECB Monthly Bulletin January 2013 3 ABBREVIATIONS COUNTRIES BE BG CZ DK DE EE IE GR ES FR IT CY LV LT Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Italy Cyprus Latvia Lithuania LU Luxembourg HU Hungary MT Malta NL Netherlands AT Austria PL Poland PT Portugal RO Romania SI Slovenia SK Slovakia FI Finland SE Sweden UK United Kingdom JP Japan US United States OTHERS BIS b.o.p. BPM5 CD c.i.f. CPI ECB EER EMI EMU ESA 95 ESCB EU EUR f.o.b. GDP HICP HWWI ILO IMF MFI NACE NCB OECD PPI SITC Rev. 4 ULCM ULCT Bank for International Settlements balance of payments IMF Balance of Payments Manual (5th edition) certificate of deposit cost, insurance and freight at the importer’s border Consumer Price Index European Central Bank effective exchange rate European Monetary Institute Economic and Monetary Union European System of Accounts 1995 European System of Central Banks European Union euro free on board at the exporter’s border gross domestic product Harmonised Index of Consumer Prices Hamburg Institute of International Economics International Labour Organization International Monetary Fund monetary fi nancial institution statistical classification of economic activities in the European Union national central bank Organisation for Economic Co-operation and Development Producer Price Index Standard International Trade Classification (revision 4) unit labour costs in manufacturing unit labour costs in the total economy In accordance with EU practice, the EU countries are listed in this Bulletin using the alphabetical order of the country names in the national languages. 4 ECB Monthly Bulletin January 2013 ... - tailieumienphi.vn