Information on data

The  current account provides information about the transactions of a country with the rest of the world. It covers all transactions (other than those in financial items) in goods, services, primary income, and secondary income which take place between resident and non-resident units. It is either expressed as percentage of gross domestic product (GDP) or in millions of national currency. The financial flows are marked as credit, debit or balance.

The MIP scoreboard indicator is the 3-year backward moving average of the current account (CA) balance expressed as percentage of GDP. It is calculated as:

The indicative thresholds for this indicator are + 6% and – 4%.

The  international investment position (IIP) is a statistical statement that shows, at a point in time, the value and composition of:

• financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets;
• liabilities of residents of an economy to non-residents.

The difference between an economy's external financial assets and liabilities is the economy's net IIP, which may be positive or negative. The net IIP (NIIP) provides an aggregate view of the net financial position (assets minus liabilities) of a country vis-à-vis the rest of the world. It allows for a stock-flow analysis of the external position of a country.

The MIP scoreboard indicator is the NIIP expressed as percentage of GDP. It is calculated as:

The indicative threshold is – 35%.

The  real effective exchange rate (REER) is used to assess a country's price or cost competitiveness relative to its principal competitors in international markets. Changes in cost and price competitiveness depend not only on exchange rate movements but also on cost and price trends.

The MIP scoreboard indicator is the REER based on consumer price index deflators for 42 trading partners (REER_HICP_42), expressed as percentage change over a 3-year period. A positive value means a real appreciation. It is calculated as:

The indicative thresholds are ± 3% for euro area countries and ± 10% for non-euro area countries.

Data come from the European Commission's Directorate-General for Economic and Financial Affairs.

The  export performance against advanced economies shows the shares of exports of goods and services of a country in relation to the total exports of goods and services of advanced economies. The definition of advanced economies in this context is OECD countries plus the 5 non-OECD EU countries: Bulgaria, Croatia, Cyprus, Malta, and Romania. 

The MIP scoreboard indicator is the export performance against advanced economies expressed as a percentage change over a 3-year period. It is calculated as:

The lower indicative threshold is – 3%.

Data for non-EU countries come from the Organisation for Economic Co-operation and Development (OECD).

The  nominal unit labour cost (ULC) index is defined as the ratio of labour cost to labour productivity. Labour cost is the ratio of compensation of employees (expressed in current prices) to the hours worked by employees. Labour productivity is the ratio of gross domestic product (at market prices in million euro, chain-linked volumes, reference year 2015) to total hours worked.

The MIP scoreboard indicator is the nominal ULC expressed as percentage change over a 3-year period. It is calculated as:

The indicative threshold is 9% for euro area countries and 12% for non-euro area countries.

The  General government gross debt (GGGD) is the total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government. The stock 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 scoreboard indicator is the GGGD expressed as percentage of gross domestic product (GDP). It is calculated as:

The indicative threshold is 60%.

The  household debt is the stock of liabilities held by the sector of households and non-profit institutions serving households (NPISH). The instruments taken into account to compile this indicator are debt securities and loans. Data are presented in consolidated terms, meaning transactions within the same sector are not taken into account.

The MIP scoreboard indicator is the stock of the debt of households and NPISH expressed as percentage of gross domestic product (GDP). It is calculated as:

The indicative threshold is 55%.

The  non-financial corporations debt is the stock of debt of the sector non-financial corporations. It is expressed as percentage of GDP. The instruments that are taken into account to compile this indicator are debt securities and loans. Data are presented in consolidated terms, i.e. do not take into account transactions within the same sector.

The MIP scoreboard indicator is the stock of non-financial corporations sector debt expressed as percentage of gross domestic product (GDP). It is calculated as:

The indicative threshold is 85%.

The  household credit flow represents the net amount of liabilities which the sectors households and non-profit institutions serving households (NPISH) have incurred during the year. The instruments taken into account to compile this indicator are debt securities and loans. Data are presented in consolidated terms, meaning transactions within the same sector are not taken into account.

The MIP scoreboard indicator is expressed in percentage of the related stocks at the end of the previous year. It is calculated as:

The indicative threshold is 14%.

The  non-financial corporations credit flow represents the net amount of liabilities which the sector non-financial corporations have incurred during the year. The instruments taken into account to compile this indicator are debt securities and loans, from which foreign direct investments (FDI) are subtracted. FDI are taken from the balance of payments (BoP). Data are presented in consolidated terms, meaning transactions within the same sector are not taken into account.

The MIP scoreboard indicator is expressed as percentage of the related stocks, excluding FDI, at the end of the previous year. It is calculated as:

The indicative threshold is 13%.

The nominal house price index captures price changes of all residential properties purchased by households, such as flats, detached houses, terraced houses. It covers both new and existing residential properties, independently of their final use and previous owners. Only market prices are considered, self-build dwellings are therefore excluded. The land component is included. 

The MIP scoreboard indicator is expressed as the annual growth rate. It is calculated as:

The indicative threshold is 9%.

The  unemployment rate (UR) is the number of unemployed persons as a percentage of the labour force (the total number of persons employed and unemployed) based on the International Labour Organization definition. Persistently high rates of unemployment help to understand the potential severity of macroeconomic imbalances. They point towards a potential misallocation of resources and general lack of adjustment capacity in the economy.

The MIP scoreboard indicator is the number of unemployed persons aged 15-74 as a percentage of the labour force. It is calculated as:

The indicative threshold is 10%.

The  labour force participation rate is the percentage of the economically active population aged 15-64 as a proportion of the total population of the same age range, according to the definition of the International Labour Organization.

The MIP scoreboard indicator is the labour force participation rate expressed as a 3-year change in percentage points. It is calculated as:

The indicative threshold is – 0.2 percentage points.

• Net international investment position excluding non-defaultable instruments – % of GDP
• Net lending-borrowing (current plus capital account) – % of GDP
• Net trade balance of energy products – % of GDP
• Real GDP per capita – EUR
• Gross fixed capital formation – % of GDP
• Gross domestic expenditure on R&D – % of GDP
• Export market share (% of world exports) – 3 year % change
• Labour productivity (per hour worked) – 1 year % change
• Core inflation differential vis-à-vis the euro area – percentage points
• Household debt, consolidated – % of GDI
• Gross non-performing loans, domestic and foreign entities – % of gross loans
• Tier-1 capital ratio of banking sector – % of risk weighted assets
• Return on equity of banking sector – %
• Standardised house price-to-income ratio – % of long term average (2000-current)
• Building permits – m² per 1000 inhabitants
• Long-term unemployment rate – % of labour force aged 15-74
• Youth unemployment rate – % of labour force aged 15-24
• Employment rate – % of population aged 20-64
• Young people neither in employment nor in education or training – % of population aged 15-29
• People at risk of poverty or social exclusion – % of total population
• People at risk of poverty after social transfers – % of total population
• Severely materially and socially deprived people – % of total population
• People living in households with very low work intensity – % of population aged 0-64