Productivity, labour cost and export adjustment: Detailed results for 24 EU countries

Abstract:

As a background document for Bruegel Policy Contribution 2012/11 ‘Compositional effects on productivity, labour cost and export adjustment’, this working paper presents detailed results for 24 EU countries on: The sectoral changes in the economy; The unit labour costs (ULC) based real effective exchange rate (REER) and its main components; Export performance. The ULC-REERs are calculated: For the total economy, the business sector (excluding agriculture, construction and real estate activities), and some main sectors; Using both actual aggregates and fixed-weight aggregates, as the latter are free from the impacts of compositional changes; Against 30 trading partners and against three subsets of trading partners: euro-area, non-euro area EU, non-EU.