Macroeconomic imbalance procedure scoreboard
The analysis in the alert mechanism report (AMR) builds on the economic reading of a scoreboard of 13 headline indicators covering the most relevant areas of macroeconomic imbalances, competitiveness, and adjustment issues. These 13 indicators are complemented by 23 auxiliary indicators providing additional information. The scoreboard is designed to capture the most relevant internal and external aspects of macroeconomic imbalances through a limited set of relevant indicators of high statistical quality.
Scoreboard indicators
The headline indicators consist of the following 13 indicators and indicative thresholds, covering the major sources of macroeconomic imbalances:
- current account balance as percent of GDP (3-year backward moving average), with thresholds of +6% and -4%.
- net international investment position as percent of GDP, with a threshold of -35%.
- real effective exchange rates (3-year percentage change) based on HICP/CPI deflators, relative to 41 other industrial countries, with thresholds of -/+3% for euro area countries and -/+10% for non-euro area countries.
- export performance against advanced economies (3-year percentage change), with a threshold of -3%.
- nominal unit labour cost index, per hour worked (3-year percentage change), with thresholds of +9% for euro area countries and +12% for non-euro area countries.
- general government sector debt in % of GDP with a threshold of 60%.
- household (incl. NPISH) consolidated debt in % of GDP with a threshold of 55%.
- NFC consolidated debt in % of GDP with a threshold of 85%.
- household (incl. NPISH) consolidated credit flow in % of household debt stock in t-1 with a threshold of 14%.
- NFC (excl. FDI) consolidated credit flow in % of NFC debt stock in t-1 (excl. FDI), with a threshold of 13%.
- nominal house price (1-year % change), with a threshold of 9%
- unemployment rate (% of labour force Y15-74), with a threshold of 10%
- labour force participation rate (3-year change in pps), with a threshold of -0.2%
Data and reports
Scoreboard data platforms
- Scoreboard and auxiliary indicators: interactive database compiled by Eurostat. This data platform enables to download the official scoreboard used in different alert mechanism reports to be downloaded.
- Latest live data for the scoreboard indicators compiled by Eurostat. The data published on this page are regularly updated and may therefore differ from those used for the latest alert mechanism reports.
Reference documents on the design of the scoreboard
- 13 SEPTEMBER 2018
- 4 SEPTEMBER 2015
- 14 NOVEMBER 2012
- 8 NOVEMBER 2011
Council conclusions on an early warning scoreboard for the surveillance of macroeconomic imbalances, 8 November 2011