Macroeconomic imbalance procedure - Statistical annex indicators (mips

Macroeconomic imbalance procedure - Statistical annex indicators (mips_sa)

Reference Metadata in Euro SDMX Metadata Structure (ESMS)

Compiling agency: Eurostat, the statistical office of the European Union

For any question on data and metadata, please contact: Eurostat user support

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1. Contact

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1.1. Contact organisation

Eurostat, the statistical office of the European Union

1.2. Contact organisation unit

Eurostat, C1, National accounts methodology. Indicators

1.5. Contact mail address

Office address:
Joseph Bech building
5, Rue Alphonse Weicker
2721 Luxembourg

Functional mail box: ESTAT-MIP@ec.europa.eu

2. Metadata update

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2.1. Metadata last certified

27/03/2024

2.2. Metadata last posted

27/03/2024

2.3. Metadata last update

27/03/2024

3. Statistical presentation

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3.1. Data description

The Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims to identify potential macroeconomic risks early on, prevent the emergence of harmful macroeconomic imbalances, and correct the imbalances that are already in place. It is a mechanism for monitoring economic policies and detecting potential harm to the proper functioning of the economy of a Member State, of the Economic and Monetary Union, and the European Union as a whole.

The MIP covers a number of sequential steps, having the Alert Mechanism Report (AMR) as a starting point. The report includes a Statistical Annex, displaying the MIP Scoreboard indicators. The Statistical Annex and the Alert Mechanism Report are published at the same time, based on the last available annual data. The AMR for year T is published in year T – 1, with data based on year T – 2 (e.g., the 2023 AMR was published in November 2022 based on 2021 data).

The mips_sa table in Eurobase, to which this metadata file is attached, presents the different versions of the Statistical Annexes of the AMR. Each Annex covers 10-year time series by Member State at the following cut-off dates:

31 October 2023 for the 2024 AMR
21 October 2022 for the 2023 AMR
22 October 2021 for the 2022 AMR
23 October 2020 for the 2021 AMR
25 October 2019 for the 2020 AMR
24 October 2018 for the 2019 AMR
24 October 2017 for the 2018 AMR
24 October 2016 for the 2017 AMR
26 October 2015 for the 2016 AMR
1 November 2014 for the 2015 AMR
1 November 2013 for the 2014 AMR
1 November 2012 for the 2013 AMR
30 January 2012 for the 2012 AMR

The AMR identifies the Member States for which further analyses (in the form of country in-depth reviews) are deemed necessary to decide whether an imbalance requires policy action or not.

The MIP Scoreboard comprises a small number of relevant, practical, simple, measurable and available macroeconomic and macrofinancial indicators. It is used as a tool to facilitate early identification and monitoring of imbalances and consists of headline indicators with defined indicative thresholds, serving as alert levels. A wider set of auxiliary indicators is used for the economic reading of the scoreboard.

It should be stressed that the scoreboard indicators are not mechanically interpreted. Countries are assessed by looking at the evolution of indicators over time and by taking into account the most recent developments and outlook combined to additional relevant information.

3.2. Classification system

Since September 2014, the classification for the compilation of National (NA) and Financial Accounts (FA) and Government Finance Statistics (GFS) follows a new national accounting framework, the European System of national and regional Accounts 2010 (ESA 2010) as defined in Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013. This is particularly the case for the classification of institutional sectors and transactions, other flows and balance sheet items (assets/liabilities). In addition, the structure of the ESA 2010 is consistent with worldwide guidelines on national accounting set out in the System of National Accounts (SNA) 2008.

In the compilation of the Balance of Payments (BoP) and International Investment Position (IIP) data, the methodological framework followed is defined in the IMF’s Balance of Payments and International Investment Positions Manual Sixth Edition (BPM6), as set in the legislation (EC Regulation No 555/2012 and ECB Guideline ECB/2011/23).

The EU-SILC results are produced in accordance with the relevant international classification systems. The main classifications used are: ISCED 2011 for the level of education, ISCO (88(COM) and 08(COM) from 2011) for occupation and NACE (Rev.1.1 and Rev. 2 from 2008) for economic activity.

Several EU classifications are used in the EU-LFS for the codification of economic activity (NACE), occupation (ISCO), professional status (ICSE), country and region (NUTS), degree of urbanisation and education (ISCED). The respective code lists and some additional information on their development over time can be found at in the EU Labour Force Survey (Statistics Explained) - Methodology page.

Notes:
All data published in the Statistical Annex of the 2023 Alert Mechanism Report are compliant with the BPM6 and ESA 2010 standards.

In the 2015 and 2016 Statistical Annexes, data marked with the 'd' flag were compiled according to BPM5 and ESA95. All data published in the 2012, 2013 and 2014 AMRs for their respective domains were compiled according to the previous statistical standards, namely the fifth edition of the IMF’s Balance of Payments Manual (BPM5) and the European System of National and Regional accounts (ESA95).

MIP scoreboard indicators - 2024 AMR

Indicator	Thresholds	Data source	Statistical domain	Classifications
EXTERNAL IMBALANCES AND COMPETITIVENESS
Current account balance % of GDP (3 year average)	-4/6%	Eurostat	BoP/NA	Sixth Edition of the IMF’s Balance of Payments and International Investment Positions Manual (BPM6) European System of National and Regional Accounts (ESA 2010) – used for the denominator United Nations' Manual on Statistics of International Trade in Services (2010) OECD Benchmark Definition of Foreign Direct Investment, fourth edition
Net international investment position % of GDP	-35%	Eurostat / ECB	BoP/NA
Real effective exchange rate 42 trading partners, HICP deflator (3 year % change)	+/-5% (EA) & +/-11%	DG ECFIN		DG ECFIN methodology
Export market share % of world exports (5 year % change)	-6%	Eurostat, IMF	BoP	Sixth Edition of the IMF’s Balance of Payments and International Investment Positions Manual (BPM6)
Nominal unit labour cost index, 2015=100 (3 year % change)	9% (EA) & 12%	Eurostat	NA	European System of National and Regional Accounts (ESA 2010)
INTERNAL IMBALANCES
House price index (2015=100) deflated (1 year % change)	6%	Eurostat	Price statistics / NA	European System of National and Regional Accounts (ESA 2010)
Private sector credit flow consolidated (% of GDP)	14%	Eurostat	NA (FA)	European System of National and Regional Accounts (ESA 2010)
Private sector debt consolidated (% of GDP)	133%	Eurostat	NA (FA)	European System of National and Regional Accounts (ESA 2010)
General government gross debt (% of GDP)	60%	Eurostat	GFS	European System of National and Regional Accounts (ESA 2010)
Unemployment rate (3 year average)	10%	Eurostat	EU-LFS	European Union Labour Force Survey (EU-LFS)
Total financial sector liabilities non-consolidated (1 year % change)	16.5%	Eurostat	NA (FA)	European System of National and Regional Accounts (ESA 2010)
EMPLOYMENT INDICATORS
Activity rate, % of total population aged 15-64 years (3 year change in p.p.)	-0.2 pp	Eurostat	EU-LFS	European Union Labour Force Survey (EU-LFS)
Long-term unemployment rate, % of active population aged 15-74 (3 year change in p.p.)	0.5 pp	Eurostat	EU-LFS	European Union Labour Force Survey (EU-LFS)
Youth unemployment rate, % of active population aged 15-24 (3 year change in p.p.)	2.0 pp	Eurostat	EU-LFS	European Union Labour Force Survey (EU-LFS)

MIP auxiliary indicators

Indicator	Data source	Statistical domain	Classifications
Real GDP (1 year % change)	Eurostat	NA	European System of National and Regional Accounts (ESA 2010)
Gross fixed capital formation (% of GDP)	Eurostat	NA	European System of National and Regional Accounts (ESA 2010)
Gross domestic expenditure on R&D (% of GDP)	Eurostat	Business Statistics / NA	Statistical Classification of Economic Activities in the European Community (NACE Rev.2, 2008) Field of science and technology classification (FOS 2007) International Standard Classification of Education (ISCED 2011) European System of National and Regional Accounts (ESA 2010)
Current plus capital account (Net lending/borrowing) (% of GDP)	Eurostat	BoP / NA	Sixth Edition of the IMF’s Balance of Payments and International Investment Positions Manual (BPM6) European System of National and Regional Accounts (ESA 2010)
Net international investment position excluding non-defaultable instruments (% of GDP)	Eurostat	BoP / NA	Sixth Edition of the IMF’s Balance of Payments and International Investment Positions Manual (BPM6) European System of National and Regional Accounts (ESA 2010)
Direct investment liabilities, flows (% of GDP)	Eurostat	BoP / NA	Sixth Edition of the IMF’s Balance of Payments and International Investment Positions Manual (BPM6) European System of National and Regional Accounts (ESA 2010)
Direct investment liabilities, stocks (% of GDP)	Eurostat	BoP / NA	Sixth Edition of the IMF’s Balance of Payments and International Investment Positions Manual (BPM6) European System of National and Regional Accounts (ESA 2010)
Net trade balance of energy products (% of GDP)	Eurostat	International Trade / NA	Standard International Trade Classification (SITC) European System of National and Regional Accounts (ESA 2010)
Real effective exchange rates, euro area trading partners (3 year % change)	DG ECFIN		DG ECFIN methodology
Export performance against advanced economies (5 year % change)	Eurostat/OECD	BoP	Sixth Edition of the IMF’s Balance of Payments and International Investment Positions Manual (BPM6)
Terms of trade (5 year % change)	Eurostat	NA	European System of National and Regional Accounts (ESA 2010)
Export market shares, in volume (1 year % change)	Eurostat/IMF		Eurostat calculation based on IMF data, World Economic Outlook (WEO)
Labour productivity (1 year % change)	Eurostat	NA	European System of National and Regional Accounts (ESA 2010)
Gross non-performing loans, domestic and foreign entities (% of gross loans)	European Central Bank		European Central Bank - Statistical Data Warehouse, metadata
Unit labour cost performance related to euro area (10 year % change)	DG ECFIN		DG ECFIN
House price index, nominal, 2015=100 (3 year % change)	Eurostat	Price statistics/ NA	European System of National and Regional Accounts (ESA 2010)
Residential construction (% of GDP)	Eurostat	NA	European System of National and Regional Accounts (ESA 2010)
Household debt, consolidated (incl. NPISH) (% of GDP)	Eurostat	NA (FA)	European System of National and Regional Accounts (ESA 2010)
Employment (1 year % change)	Eurostat	NA	European System of National and Regional Accounts (ESA 2010)
Consolidated banking leverage (total asset/ total equity)	European Central Bank		European Central Bank - Statistical Data Warehouse, metadata
Activity rate (% of total population aged 15-64)	Eurostat	EU-LFS	European Union Labour Force Survey (EU-LFS) International Standard Classification of Education (ISCED)
Long term unemployment rate (% of active population aged 15-74)	Eurostat	EU-LFS	European Union Labour Force Survey (EU-LFS) International Standard Classification of Education (ISCED)
Youth unemployment rate (% of active population aged 15-24)	Eurostat	EU-LFS	European Union Labour Force Survey (EU-LFS) International Standard Classification of Education (ISCED)
Young people neither in employment nor in education and training (% of total population aged 15-24 / 3 year change in p.p.)	Eurostat	EU-LFS	European Union Labour Force Survey (EU-LFS) International Standard Classification of Education (ISCED)
People at risk of poverty or social exclusion (% of total population / 3 year change in p.p.)	Eurostat	EU-SILC	European Union Statistics on Income and Living Conditions (EU-SILC)
People at risk of poverty after social transfers (% total population / 3 year change in p.p.)	Eurostat	EU-SILC	European Union Statistics on Income and Living Conditions (EU-SILC)
Severely materially and socially deprived people (% total population / 3 year change in p.p.)	Eurostat	EU-SILC	European Union Statistics on Income and Living Conditions (EU-SILC)
People living in households with very low work intensity (% of population aged 0-64 / 3 year change in p.p.)	Eurostat	EU-SILC	European Union Statistics on Income and Living Conditions (EU-SILC)

Note:
NA - National Accounts; BoP – Balance of Payments; FA – Financial Accounts; GFS – Government Finance Statistics; EU-LFS – Labour Force Survey/Labour Market Statistics; EU-SILC – Statistics on Income and Living Conditions

3.3. Coverage - sector

Not applicable

3.4. Statistical concepts and definitions

Information on statistical concepts and definitions (as stated in the latest AMR) are published in their respective metadata files, accessible by clicking on the M icon in the table below.

Details on definitions, indicators and changes compared to the previous AMRs are published in the Introduction of each Statistical Annex.

MIP Scoreboard indicators - 2024 AMR

Indicator	Metadata	Data definition
Current account balance (3 year average, % of GDP)		This indicator provides information about the transactions of a country with the rest of the world. It is calculated as the 3-year backward moving average of the current account balance expressed in percent of GDP and calculated as: [[( CA_t/ GDP_t) + ( CA_t-1/ GDP_t-1) + ( CA_t-2/ GDP_t-2)] / 3] * 100. The indicative thresholds for the indicator are of +6% and -4%.
Net international investment position (% of GDP)		The MIP indicator provides an aggregate view of the net financial position (assets minus liabilities) of a country vis-à-vis the rest of the world. It is calculated as: [ NIIP_t/ GDP_t] * 100. The indicative threshold is -35%.
Real effective exchange rate, 42 trading partners, HICP deflator (3 year % change)		The Real effective exchange rate (REER) presents percentage change over 3 years of the real effective exchange rate based on consumer price index deflators relative to 42 trading partners. The calculation formula is: [(REER_HICP_42)_t - (REER_HICP_42)_t-3] / (REER_HICP_42)_t-3] * 100. The indicative thresholds are +/-5% for euro area and +/-11% for non-euro area countries.
Export market share % of world exports (5 year % change)		The MIP scoreboard indicator is the percentage change of export market shares (of goods and services) of a country divided by total exports of the world over 5 years, with a lower indicative threshold of -6%. The calculation formula is: [ [ (EXP_c,t/ EXP_world,t) - (EXP_c,t-5/ EXP_world,t-5) ] / (EXP_c,t-5/EXP_world,t-5) ] * 100.
Nominal unit labour cost index (3 year % change)		The Nominal unit labour cost (NULC) index is the percentage change over 3 years. The MIP scoreboard indicator is calculated using the formula: [ (ULC_t– ULC_t-3) / ULC_t-3] * 100. The indicative threshold is 9% for the euro area countries and 12% for the non-euro area countries.
House price index, deflated (1 year % change)		The MIP Scoreboard indicator is one year percentage change of the deflated HPI. The scoreboard indicator with an indicative threshold of 6% is calculated as: [ [ (HPI_t/ DEFL_t) – (HPI_t-1/ DEFL_t-1) ] / (HPI_t-1/ DEFL_t-1) ] * 100.
Private sector credit flow, consolidated (% of GDP)		The indicator represents the net amount of liabilities that have incurred along the year in the private sector (Non-Financial corporations, Households and Non-Profit institutions serving households). The indicative threshold is 14%, the indicator is calculated as: [ PSCF_t/ GDP_t] * 100. Data are presented in consolidated terms, i.e. data do not take into account transactions within the same sector and are expressed in % of GDP.
Private sector debt, consolidated (% of GDP)		The indicator represents the stock of liabilities (at the end of the year) held by the private sector (Non-Financial corporations, Households and Non-Profit institutions serving households) and is calculated as: [ PSD_t/ GDP_t] * 100, with an indicative threshold of 133%. Data are presented in consolidated terms, i.e. data do not take into account transactions within the same sector, expressed in % of GDP.
General government gross debt (% of GDP)		The stock of government debt is equal to the sum of liabilities, at the end of year, of all units classified within the general government sector in the following categories: currency and deposits, debt securities and loans. The MIP headline indicator is calculated as: [ GGD_t/ GDP_t] * 100. The indicative threshold is 60% of GDP.
Unemployment rate (3 year average, % of active population aged 15-74)		The unemployment rate is the number of people unemployed as a percentage of the labour force. Unemployed persons comprise persons aged 15 to 74 who fulfil all the three following conditions: were not employed during the reference week; are available to start work within the next two weeks following the reference week and have been actively seeking work in the past four weeks preceding the reference week or have already found a job to start within the next three months. The MIP Scoreboard indicator is the 3 year backward moving average and is calculated as: [ UR_t+ UR_t-1+ UR_t-2] / 3. The indicative threshold is 10%.
Total financial sector liabilities, non-consolidated (1 year % change)		Total financial sector liabilities measure the evolution of the sum of liabilities of the Financial corporations sector. The MIP indicator is expressed as year over year growth rate, with an indicative threshold of 16.5%. Data are presented in non-consolidated terms, i.e. data take into account all transactions within the sector.
Activity rate (3 y pps change, % of total population aged 15-64 years)		The activity rate is the percentage of economically active population aged 15-64 on the total population of the same age. The International Labour Organisation (ILO) for the purposes of labour market statistics classifies as employed, unemployed and outside the labour force. The economically active population (also called labour force) is the sum of employed and unemployed persons. Persons outside the labour force are those who are neither employed nor unemployed. The MIP Scoreboard indicator is the 3 year change in percentage points, with an indicative threshold of -0.2 pp.
Long-term unemployment rate (3 y pps change, % of active population aged 15-74)		The long-term unemployment rate is the number of persons unemployed for 12 months or longer as a percentage of the labour force (i.e. economically active population). The MIP Scoreboard indicator is the 3 year change in percentage points. The indicative threshold is 0.5 pp. The data source is the quarterly EU Labour Force Survey (EU LFS) covering the resident population in private households.
Youth unemployment rate (3 y pps change, % of active population aged 15-24)		The youth unemployment rate is the unemployment rate of people aged 15 - 24 as a percentage of the labour force of the same age. The MIP Scoreboard indicator is the 3 year change in percentage points. The indicative threshold is 2.0 pp.

MIP auxiliary indicators

Real GDP (1 year % change)		Gross domestic product (GDP) at market prices is the final result of the production activity of resident producer units. It is defined as the value of all goods and services produced less the value of any goods or services used in their creation.
Gross fixed capital formation (% of GDP)		Gross fixed capital formation (GFCF) consists of resident producers' acquisitions less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by the productive activity of producers or institutional units.
Gross domestic expenditure on R&D (% of GDP)		Research and experimental development (R&D) comprises creative and systematic work undertaken in order to increase the stock of knowledge – including knowledge of humankind, culture and society – and to devise new applications of available knowledge (Frascati Manual, 2015 edition, § 2.5 ).
Current plus capital account (Net lending / borrowing) (% of GDP)		Net lending/borrowing of a country corresponds to the sum of total current and capital accounts’ balances in balance of payments. It represents the net resources that the total economy makes available to the rest of the world (if it is positive) or receives from the rest of the world (if it is negative).
Net international investment position excluding non-defaultable instruments (% of GDP)		The indicator is a subset of the Net international investment position (NIIP) that abstracts from its pure equity-related components, i.e. foreign direct investment (FDI) equity and equity shares, and from intracompany cross-border FDI debt, and represents the NIIP excluding instruments that cannot be subject to default. The indicator is based on annual figures from the Eurostat Balance of payments and is defined as the NIIP minus net direct investment (FA__D__F) minus net portfolio equity (FA__P__F51). It is calculated as a % of GDP.
Direct investment liabilities, flows (% of GDP)		Foreign direct investment (FDI) is a category of investment that reflects the objective of establishing a lasting interest by a resident enterprise in one economy (direct investor) in an enterprise (direct investment enterprise) that is resident in an economy other than that of the direct investor. The lasting interest is deemed to exist if the investor acquires at least 10% of the voting power of the direct investment enterprise. Inward FDI flows represent the value of FDI liabilities from all countries of the world in the reporting economy in the reference period. Data are expressed as % of GDP to remove the effect of differences in the size of the economies of the reporting countries.
Direct investment liabilities, stocks (% of GDP)		Foreign direct investment (FDI) is the category of investment made by an entity resident in an economy (direct investor) to acquire a lasting interest in an entity operating in an economy other than that of the investor (direct investment enterprise). The lasting interest is deemed to exist if the investor acquires at least 10% of the voting power of the direct investment enterprise. Inward FDI stocks are the value of FDI liabilities from all countries of the world in the reporting economy at the end of the reference period. Data are expressed as percentage of GDP to remove the effect of differences in the size of the economies of the reporting countries.
Net trade balance of energy products (% of GDP)		The trade balance of energy products is calculated, for each Member State, as the difference between exports to and imports from the rest of the world (intra-EU and extra-EU trade) of goods included in the SITC section 3: Mineral fuels, lubricants and related materials.
Real effective exchange rates – euro area trading partners (3 year % change)		The Real Effective Exchage Rate aims to assess a country's (or currency area's) price or cost competitiveness relative to its principal competitors in the euro area. The MIP scoreboard indicator is the percentage change over 3 years of REER.
Export performance against advanced economies (5 year % change)		The indicator shows developments in shares of exports of goods and services of EU Member States in relation to total exports of goods and services of OECD countries.
Terms of trade (5 year % change)		The indicator measures the country's trade competitiveness. It is calculated as the ratio of the price index for exports of goods and services to the price index for imports of goods and services and is obtained by dividing current prices by chain-linked volumes using the standard reference year 2010. The indicator refers to the percentage change over 5 years.
Export market shares, in volume (1 year % change)		The percentage change of volume of exports refers to the aggregate change in the quantities of total exports whose characteristics are unchanged. The goods and services and their prices are held constant, therefore changes are due to changes in quantities only. The MIP indicator is expressed as 1 year percentage change.
Labour productivity (1 year % change)		Labour productivity is defines as : GDP / ETO, the ratio of Gross Domestic Product GDP (with market prices expressed in millions, chain-linked volumes with reference year 2015) to Total Employment ETO (in persons for all industries, according to the domestic concept). The GDP per person employed is intended to give an overall impression of the productivity of national economies expressed in relation to the European Union (EU) average.
Gross non-performing loans, domestic and foreign entities (% of gross loans)		A loan, other than held for trading, is considered as non-performing if it satisfies either or both of the following criteria: (a) It is a material loan which is more than 90 days past-due; (b) The debtor is assessed as unlikely to pay its credit obligations in full without realisation of collateral, regardless of the existence of any past-due amount or of the number of days past-due. Non-performing loans include defaulted and impaired loans and follow the harmonised definition of the European Banking Authority (EBA) used for supervisory reporting. The MIP indicator is defined as total gross non-performing loans and advances as % of total gross loans and advances (gross carrying amount), for the reporting sector "domestic banking groups and stand-alone banks, foreign controlled subsidiaries and foreign controlled branches, all institutions". Data on domestically controlled banks are consolidated across borders and sectors at the prudential perimeter of consolidation. Data source: European Central Bank (ECB).
Unit labour cost performance related to euro area (10 year % change)		The relative unit labour cost (ULC) measures the trading position of an individual country relative to its partners in the euro area and as such, offers an indication about changes in its competitive position.
Nominal house price index, 2015=100 (3 year % change)		The House Price Index (HPI) captures price changes of all residential properties purchased by households (flats, detached houses, terraced houses, etc.), both new and existing, independently of their final use and their previous owners. Only market prices are considered, self-build dwellings are therefore excluded. The land component is included.
Residential construction (% of GDP)		Residential Construction tracks the actual construction (not sales) of housing and is part of Gross fixed capital formation.
Household debt, consolidated (incl. NPISH, % of GDP)		The Household debt is the stock of liabilities held by the sector Households and Non-Profit institutions serving households (S.14_S.15). The instruments that are taken into account to compile such indicator are Debt securities (F.3) and Loans (F.4). Data are presented in consolidated terms, i.e. not taking into account transactions within the same sector, and expressed in % of GDP and millions of national currency. Definitions regarding sector and instruments are based on ESA 2010. The indicator is calculated as: [HDt/GDPt]*100
Employment (1 year % change)		Employment represents the number of employed persons according to the domestic concept. The ESA 2010 distinguishes two employment concepts depending on geographical coverage: resident persons in employment (i.e. national scope) and employment in resident production units irrespective of the place of residence of the employed person (i.e. domestic scope).
Consolidated banking leverage, domestic and foreign entities (asset-to-equity multiple)		The indicator, covering the banking sector only, is defined as total assets divided by total equity, for the reporting sector "domestic banking groups and stand-alone banks, foreign controlled subsidiaries and foreign controlled branches, all institutions, full sample (all banking groups / stand-alone banks irrespective of their accounting /supervisory framework)". Data on domestically controlled banks are consolidated across borders and sectors at the prudential perimeter of consolidation. Data source: European Central Bank (ECB).
Activity rate (% of total population aged 15-64 years)		The activity rate is the percentage of economically active population aged 15-64 on the total population of the same age. According to the definitions of the International Labour Organisation (ILO) for the purposes of the labour market statistics people are classified as employed, unemployed and outside the labour force. The economically active population (also called labour force) is the sum of employed and unemployed persons.
Long-term unemployment rate (% of active population aged 15-74)		The long-term unemployment rate is the number of persons unemployed for 12 months or longer as a percentage of the labour force (i.e. economically active population aged 15-74).
Youth unemployment rate (% of active population aged 15-24)		The youth unemployment rate is the unemployment rate of people aged 15 - 24 as a percentage of the labour force of the same age.
Young people neither in employment nor in education and training (% of total population aged 15-24 / 3 year change in p.p.)		The indicator Young people Neither in Employment nor in Education and Training (NEET) provides information on young people (15-24 years) who meet the following two conditions: (a) they are not employed (i.e. unemployed or inactive according to the ILO), and (b) they have not received any education or training in the four weeks preceding the survey.
People at risk of poverty or social exclusion (% of total population / 3 year change in p.p.)		This indicator corresponds to the proportion of persons who are at risk of poverty, or severely materially deprived, or living in households with very low work intensity. Persons are only counted once even if they are present in several sub-indicators.
People at risk of poverty after social transfers (% total population / 3 year change in p.p.)		The indicator measures the proportion of persons with an equalised disposable income below the risk-of-poverty threshold, which is set at 60 % of the national median equalised disposable income (after social transfers) as a % of total population.
Severely materially and socially deprived people (% total population / 3 year change in p.p.)		Severely materially and socially deprived persons have living conditions severely constrained by a lack of resources, such that they experience an enforced lack of at least 7 out of 13 deprivation items: i) capacity to face unexpected expenses, ii) capacity to afford paying for one week annual holiday away from home, iii) capacity to being confronted with payment arrears (on mortgage or rental payments, utility bills, hire purchase instalments or other loan payments), iv) capacity to afford a meal with meat, chicken, fish or vegetarian equivalent every second day, v) ability to keep home adequately, vi) have access to a car/van for personal use, vii) replacing worn-out furniture, viii) having internet connection, ix) replacing worn-out clothes by some new ones, x) having two pairs of properly fitting shoes (including a pair of all-weather shoes), xi) spending a small amount of money each week on him/herself, xii) having regular leisure activities, or xiii) getting together with friends/family for a drink/meal at least once a month.
People living in households with very low work intensity (% of population aged 0-64 / 3 year change in p.p.)		People living in households with very low work intensity are people aged 0-59 living in households where the adults (aged 18-59) worked less than 20% of their total work potential during the past year. Students are excluded.

3.5. Statistical unit

The statistical unit varies according to the relevant statistical domain of the source data used for each MIP indicator's calculation - see the respective indicators' metadata files (§ 3.4).

3.6. Statistical population

The statistical population varies according to the relevant statistical domain of the source data used for the MIP indicator's calculation - see the respective indicators' metadata files (§3.4).

3.7. Reference area

The MIP scoreboard presents data for each EU Member State and for euro area (EA) and the European Union as a whole. EU and EA aggregates were added in 2023.

The United Kingdom left the European Union on 31 January 2020 on the basis of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community ('the Withdrawal Agreement', OJ C 384 I, 12.11.2019, p. 1). Therefore, UK data is presented in this dataset only until year 2019 included.

3.8. Coverage - Time

The data series published in each AMR cover a 10-years period:

2024 AMR - 2013-2022
2023 AMR - 2012-2021
2022 AMR - 2011-2020
2021 AMR - 2010-2019
2020 AMR - 2009-2018
2019 AMR – 2008-2017
2018 AMR – 2007-2016
2017 AMR – 2006-2015
2016 AMR – 2005-2014
2015 AMR – 2004-2013
2014 AMR – 2003-2012
2013 AMR – 2001-2011
2012 AMR – 2001-2010

The length of the series for each different indicator varies according to the respective statistical domain and Member State. For information on the availability of up-to-date statistics, please check the respective metadata file listed above (para 3.4).

3.9. Base period

Not applicable

4. Unit of measure

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Indicators - 2024 AMR	Unit
*MIP Scoreboard indicators*
Current account balance, % of GDP	3 year average
Current account balance, % of GDP	% of GDP
Net international investment position	% of GDP
Real effective exchange rate	3 year % change
Real effective exchange rate	1 year % change
Export market share, % of world exports	5 year % change
Export market share, % of world exports	1 year % change
Nominal unit labour cost index (2015=100)	3 year % change
Nominal unit labour cost index (2015=100)	1 year % change
House price index (2015=100) deflated	1 year % change
Private sector credit flow, consolidated	% of GDP
Private sector debt, consolidated	% of GDP
General government gross debt	% of GDP
Unemployment rate	3 year average
Unemployment rate	level year
Total financial sector liabilities, non-consolidated	1 year % change
Total financial sector liabilities, non-consolidated	million units of national currency
Activity rate, population aged 15-64 years	3 year change in % points
Activity rate, population aged 15-64 years	%
Long-term unemployment rate, population aged 15-74	3 year change in % points
Long-term unemployment rate, population aged 15-74	%
Youth unemployment rate, population aged 15-24	3 year change in % points
Youth unemployment rate, population aged 15-24	%
*MIP auxiliary indicators*
Real GDP	1 year % change
Gross fixed capital formation	% of GDP
Gross domestic expenditure on R&D	% of GDP
Net lending/borrowing (current plus capital account)	% of GDP
Net international investment position excluding non-defaultable instruments	% of GDP
Direct investment liabilities, flows	% of GDP
Direct investment liabilities, stocks	% of GDP
Net trade balance of energy products	% of GDP
Real effective exchange rates – euro area trading partners	3 year % change
Export performance against advanced economies	5 year % change
Terms of trade (goods and services)	5 year % change
Export market shares - in volume	1 year % change
Labour productivity	1 year % change
Gross non-performing loans of domestic and foreign entities	% of gross loans
Unit labour cost performance related to euro area	10 year % change
House price index, nominal	3 year % change
Residential construction	% of GDP
Household debt, consolidated (incl. Non-profit institutions serving households, % of GDP)	% of GDP
Consolidated banking leverage, domestic and foreign entities (asset-to-equity multiple)	total assets/total equity
Employment	1 year % change
Activity rate	% of total population aged 15-64
Long-term unemployment rate	% of active population aged 15-74
Youth unemployment rate	% of active population aged 15-24
Young people neither in employment nor in education and training	% of total population aged 15-24
	3 year change in % points
People at risk of poverty or social exclusion	% of total population
People at risk of poverty or social exclusion	3 year change in % points
People at risk of poverty after social transfers	% of total population
People at risk of poverty after social transfers	3 year change in % points
Severely materially and socially deprived people	% of total population
Severely materially and socially deprived people	3 year change in % points
People living in households with very low work intensity	% of population aged 0-64
People living in households with very low work intensity	3 year change in % points

5. Reference Period

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The reference period is the calendar year.

6. Institutional Mandate

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6.1. Institutional Mandate - legal acts and other agreements

The legislative framework establishing a surveillance procedure to prevent and correct macroeconomic imbalances consists in the following regulations:

Regulation (EU) No 1176/2011 of 16 November 2011 on the prevention and correction of macroeconomic imbalances - sketching out the excessive imbalance procedure;
Regulation (EU) No 1174/2011 of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area - focusing on the associated enforcement measures.

Detailed information on legal acts and agreements in the different statistical domains is available in the respective indicators' metadata files (§3.4).

6.2. Institutional Mandate - data sharing

Not applicable

7. Confidentiality

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7.1. Confidentiality - policy

Regulation 2015/759 of 29 April 2015, amending Regulation (EC) No 223/2009 on European statistics of 11 March 2009 [recital 24 and Article 20(4)], stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those data with due account for technical developments and the requirements of users in a democratic society.

7.2. Confidentiality - data treatment

Not applicable

8. Release policy

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8.1. Release calendar

The AMRs are usually published in November (apart from the first AMR issued in February 2012) in the context of the annual policy cycle, as defined in the European Semester. The data used for the preparation of the SAs to the AMRs were extracted from Eurostat database.

Underlying statistical data used for the MIP indicators' calculations are released in accordance with the release policy in their respective domains. MIP indicators are updated as soon as their underlying source data are released.

8.2. Release calendar access

A release calendar for MIP scoreboard indicators is not available. Underlying source data used for the calculation of the MIP indicators issued as Eurostat indicators are published in accordance with the Eurostat release calendar.

8.3. Release policy - user access

The MIP Regulation stipulates that “the Commission shall make the set of indicators and the thresholds in the scoreboard public” (Art. 4, para. 6, Regulation (EU) No 1176/2011 of 16 November 2011 on the prevention and correction of macroeconomic imbalances) and that “the Commission shall update the values for the indicators on the scoreboard at least on an annual basis” (Art. 4, para. 8, ib.).

In line with the Community legal framework and the European Statistics Code of Practice, Eurostat disseminates European statistics on Eurostat's website (see §10 'Accessibility and clarity') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.

9. Frequency of dissemination

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The Alert Mechanism Report is published once per year (usually in November). Underlying data are disseminated monthly, quarterly and annually, depending on their respective statistical domain. The corresponding MIP indicators are updated and released accordingly.

10. Accessibility and clarity

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10.1. Dissemination format - News release

The publication of the AMR and its SA is accompanied by a news release.

10.2. Dissemination format - Publications

The Statistical Annex is a part of the AMR – see the different versions here

10.3. Dissemination format - online database

The tables displayed in the 2023 Statistical Annex can also be downloaded in Excel format. Complete AMRs and their respective data are accessible through Eurostat's data platform and the Eurostat dedicated web-section. Data used in the AMR are 'frozen' close to its publication date. Eurostat disseminates up-to-date statistics through the MIP Scoreboard.

10.4. Dissemination format - microdata access

Not applicable

10.5. Dissemination format - other

Not applicable

10.6. Documentation on methodology

Detailed explanations on methodology are published in the Introduction of the Statistical Annexes. Further methodological information is accessible through the Eurostat MIP dedicated web-section and in the respective indicators' metadata information – see §3.4.

10.7. Quality management - documentation

Eurostat's mission is to provide the European Union with a high-quality statistical information service (see Eurostat quality framework).

Moreover, the statistics underlying the Scoreboard indicators are subject to a specific quality assurance framework developed within the MIP context.

11. Quality management

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11.1. Quality assurance

Quality is assured through validation of data delivered from Member States to Eurostat and by application of concepts according to domain specific regulations and common methodology:

Information on source and methods applied at national level ensures that data are collected from reliable sources, applying high standards with regard to methodology and ensuring high comparability.

For more information on the MIP quality framework, please visit the MIP dedicated section.

11.2. Quality management - assessment

Data are collected from reliable sources applying high standards with regard to methodology and ensuring high comparability. Eurostat conducts an annual compliance exercise on transmitted data, which focuses mainly on data availability and timeliness. The findings are made available to national compilers.

The quality assurance framework for the Macroeconomic imbalance procedure (MIP) follows a three-level structure:

The first level assesses the reliability and comparability of MIP underlying statistics and addresses relevant quality issues; it also enhances the communication on quality assurance of MIP statistics towards the European Parliament and Council, policy makers and the public at large. This level draws on the information gathered in levels two and three (see below).

The second level consists of domain-specific quality reports produced by Eurostat and the ECB summarising the main findings for the euro area or the EU Member States. Reports assess the underlying compilation process and its robustness, describe its legal basis and evaluate whether the statistics are in line with international statistical standards.

The third level consists of national quality reports (self-assessments) produced by the institution compiling the national statistics. Most of these reports are voluntarily published by Members States on the CMFB’s website and their availability depends upon the statistical domain.

12. Relevance

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12.1. Relevance - User Needs

The Statistical Annex of the Alert Mechanism Report is based on a set of indicators (Scoreboard and Auxiliary indicators) covering the major sources of macroeconomic imbalances. The MIP Scoreboard is used as an early warning system in the context of macroeconomic surveillance of the EU Member States. The aim of the Scoreboard is to trigger in-depth studies, which will determine whether potential imbalances identified in the early stage-warning system are benign or problematic.

12.2. Relevance - User Satisfaction

Not available

12.3. Completeness

Recalculations of source data series for statistics before 2014 according to the new methodology (ESA2010 and BMP6), are provided by Member States on a voluntary basis and according to the legislative basis.

Due to the lack of complete 10 year data series for some countries, data published in the 2016 and 2015 Statistical Annexes are mixed – according to the previous statistical standards (ESA95 and BMP5) and current standards (ESA2010 and BMP6). Data compiled according to old standards are marked with '*' in the 2016 Statistical Annex and with the 'd' flag in the 2015 Statistical Annex. In previous reports data are based on ESA95 and BPM5. Detailed explanations on data completeness are available in the Annex.

13. Accuracy

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13.1. Accuracy - overall

MIP indicators are associated with a high level of overall accuracy. Data transmitted by Member States are checked in Eurostat for their consistency and plausibility. If any problem is detected, Eurostat contacts the relevant Member State asking for further checks of the figures or confirming the changes that may have occurred.

For further details see the dedicated metadata files under each domain.

13.2. Sampling error

Not applicable

13.3. Non-sampling error

Not applicable

14. Timeliness and punctuality

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14.1. Timeliness

Timeliness varies according to the respective statistical domain – see the respective metadata files (§3.4).

14.2. Punctuality

Not applicable

15. Coherence and comparability

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15.1. Comparability - geographical

The underlying methodological framework ensures a high degree of comparability across Member States. Detailed explanations on data comparability are published in the Annex and in the respective indicators' metadata files – see §3.4.

15.2. Comparability - over time

Data are considered as highly comparable over time. In some Member States, methodological breaks can affect time series (normally on a temporary basis only). In such cases feasible backward calculations are provided to ensure full time series consistency.

Member States provide recalculations of source data series for statistics before 2014 according to BPM6 methodology on a voluntary basis and according to the legislative basis. Transmission of statistics pursuant to Regulation (EU) No 549/2013 (data according ESA2010 standards) may be arranged with granted derogations to Member States.

Due to the lack of complete 10 year data series for some countries, data published in the 2016 and 2015 Statistical Annexes tables are mixed – according to the old (ESA95 and BPM5) and new standards (ESA2010 and BPM6).

Information on data, breaks in series, flags are provided in the footnotes published under each data table. Detailed explanations on data comparability are available in the Annex and in the respective indicators' metadata files – see §3.4.

15.3. Coherence - cross domain

Consistency checks are possible with the component and underlying data. Detailed information is published in the respective indicators' metadata files – see §3.4.

15.4. Coherence - internal

Not applicable

16. Cost and Burden

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Not applicable

17. Data revision

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17.1. Data revision - policy

Data revision policy varies across all statistical domains, detailed information is published in the respective indicators' metadata files – see §3.4.

17.2. Data revision - practice

Data revision practice varies across all statistical domains, detailed information is published in the respective indicators' metadata files – see §3.4.

18. Statistical processing

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18.1. Source data

Eurostat publishes data compiled on the basis of data provided by the Member States. Detailed information on source data is published in the respective indicators' metadata files – see §3.4.

18.2. Frequency of data collection

Data collection varies among all statistical domains - it might be annual, quarterly, monthly.

18.3. Data collection

Data once compiled by national authorities (in the required reporting format) are then transmitted to Eurostat. Detailed information is published in the respective indicators' metadata files – see §3.4.

18.4. Data validation

Eurostat performs various checks on data received from member states. These checks verify plausibility (e.g. development of time series), internal consistency (aggregates should match the sum of sub-items), and correspondence with data already disseminated on the country's NSI web-page.

18.5. Data compilation

Data are compiled in accordance to the respective legislation in each statistical domain. Details are provided in the metadata files for each domain – see §3.4.

18.6. Adjustment

Not applicable

19. Comment

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Not applicable

Related metadata

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tipsbd_esms - Consolidated banking data
tipslm13_esms - Compensation of employees - annual data, million units of national currency
tipslm60_esms - Activity rate - % of total population aged 15-64
tipsbp_esms - Current account balance and balance of payments
tipsed_esms - External debt
tipser10_esms - Effective exchange rates
tipsex10_esms - Export market shares - 5 years % change
tipsfs_esms - Financial sector liabilities
tipsgo10_esms - General government gross debt (EDP concept), consolidated - annual data
tipsho10_esms - House price index, deflated - annual data
tipsii_esms - International investment position
tipsna60_esms - Employment, domestic concept - annual data
tipsnf_esms - Non-financial transactions - annual data
tipspc_esms - Private sector credit flow
tipspd_esms - Private sector debt
tipspo_esms - Poverty and social exclusion
tipsun10_esms - Unemployment rate - 3 year average

Annexes

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Statistical Annex: footnotes by table and by country

Footnotes

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