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Indicators

To evaluate the current state of the Belgian economy, the FPB regularly updates a series of indicators. The indicators concern the macro-economic stance of the economies of Belgium, its three neighbouring countries and the euro area, as well as the transport industry.

  Nominal unit labour cost index, 3-year change

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Nominal unit labour cost index

3-year change, in %

 20132014201520162017201820192020
Belgium7,44,30,4-0,71,43,94,97,5
Netherlands4,83,7-0,4-0,30,13,75,814,0
France4,64,42,31,71,72,40,94,6
Germany6,07,46,25,24,95,97,911,1
Austria6,47,96,45,54,34,95,712,2

Source: Eurostat, Macroeconomic Imbalances Procedure.

 

Description: the nominal unit labour cost (NULC) is defined as the ratio of total compensation of employees (D1), in millions of national currency per total number of employees in persons divided by the ratio of GDP in market prices in millions, chain-linked volumes, reference year 2005 (CLV05), at 2005 exchange rates in national currency per total number of persons employed. The change in nominal unit labour cost is the change in total compensation of employees per number of employees not covered by the change in labour productivity plus the change in share of employees in total employment. In the Alert Mechanism Scoreboard, the indicator is expressed as percentage change of indexes comparing year t with year t-3. The thresholds for Euro Area Member States are -9% and +9% and for non-Euro Area Member States, -12% and +12%.

Unit: % change

Source: Eurostat, Macroeconomic Imbalances Procedure.

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