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