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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.

 Indicators : Real effective exchange rate based on HICP, 3-year change

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Real effective exchange rate based on HICP, 42 industrialised countries

3-year change, in %


Source: Eurostat, Macroeconomic Imbalances Procedure.


Description: the real effective exchange rate (REER) aims to assess a country's (or currency area'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 specific REER for the Alert Mechanism Scoreboard is deflated by the consumer price index (CPI/HCPI) against a panel of 42 industrialised countries. Double export weights are used to calculate REERs, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere. A rise in the index means a loss of competitiveness. The indicator in the Scoreboard is the percentage change over the last 3 years (t/t-3). The thresholds for Euro Area Member States are -5% and +5% and, for non-Euro Area Member States, -11% and +11%.

Unit: % change

Source: Eurostat, Macroeconomic Imbalances Procedure.

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