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Economy and Finance

Scoreboard

Information on headline and auxiliary indicators included in the macroeconomic imbalance procedure scoreboard.

Macroeconomic imbalance procedure scoreboard

The analysis in the alert mechanism report (AMR) builds on the economic reading of a scoreboard of 14 headline indicators covering the most relevant areas of macroeconomic imbalances, competitiveness, and adjustment issues. These 14 indicators are complemented by 25 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 14 indicators and indicative thresholds, covering the major sources of macroeconomic imbalances:

  • 3-year backward moving average of the current account balance as percent of GDP, with  thresholds of +6% and -4%
  • net international investment position as percent of GDP, with a threshold of -35%
  • 5-year percentage change of export market shares measured in values, with a threshold of -6%
  • 3-year percentage change in nominal unit labour cost, with thresholds of +9% for euro area countries and +12% for non-euro area countries
  • 3-year percentage change of the real effective exchange rates based on HICP/CPI deflators, relative to 41 other industrial countries, with thresholds of -/+5% for euro area countries and -/+11% for non-euro area countries
  • private sector debt (consolidated) in % of GDP with a threshold of 133%
  • private sector credit flow in % of GDP with a threshold of 14%
  •  year-on-year changes in house prices relative to a Eurostat consumption deflator, with a threshold of 6%
  • general government sector debt in % of GDP with a threshold of 60%
  • 3-year backward moving average of unemployment rate, with a threshold of 10%
  • year-on-year changes in total financial sector liabilities, with a threshold of 16.5%
  •  3-year change in p.p. of the activity rate, with a threshold of -0.2%
  • 3-year change in p.p. of the long-term unemployment rate, with a threshold of +0.5%
  • 3-year change in p.p. of the youth unemployment rate, with a threshold of +2%

Data and reports

Scoreboard data platforms:

Reference documents on the design of the scoreboard:

Technical note - Envisaged revision of selected auxiliary indicators of the MIP scoreboard, September 2018
English
(1 MB - PDF)
Íoslódáil
Adding employment indicators to the MIP scoreboard to better capture employment and social developments, European Commission note, 4 September 2015
English
(114.68 KB - PDF)
Íoslódáil
Completing the Scoreboard for the macroeconomic imbalance procedure: Financial Sector Indicator, European Commission staff working paper, 14 November 2012
English
(69.42 KB - PDF)
Íoslódáil
Scoreboard for the surveillance of macroeconomic imbalances: envisaged initial design, European Commission staff working paper, 8 Nov 2011
English
(58.34 KB - PDF)
Íoslódáil

European Parliament resolution of 15 December 2011 on the scoreboard for the surveillance of macroeconomic imbalances: envisaged initial design

Council conclusions on an early warning scoreboard for the surveillance of macroeconomic imbalances, 8 November 2011