Table 8 Evolution of relative volatility | |||||||||
(1980-2001, in percentage points) | |||||||||
Agriculture |
Industry |
Construction |
Trade |
Finance | |||||
1980s |
1990s |
1980s |
1990s |
1980s |
1990s |
1980s 1990s 1980s |
1990s | ||
Belgium |
21.2 |
23.8 |
6.7 |
3.6 |
28.7 |
8.2 |
1.7 2.2 |
37.4 |
8.5 |
Denmark |
11.5 |
13.6 |
4.1 |
7.4 |
21.1 |
20.8 |
3.0 4.3 |
19.9 |
14.8 |
Germany |
25.1 |
3.6 |
4.9 |
4.7 |
5.7 |
5.1 |
2.6 2.9 |
5.6 |
8.1 |
Greece |
na |
na |
na |
na |
na |
na |
na na |
na |
na |
Spain |
21.4 |
14.8 |
1.4 |
2.3 |
10.9 |
11.3 |
1.2 1.0 |
14.8 |
9.3 |
France |
13.7 |
9.8 |
1.8 |
4.9 |
3.9 |
19.0 |
3.3 3.4 |
6.1 |
10.4 |
Ireland |
na |
na |
na |
na |
na |
na |
na na |
na |
na |
Italy |
39.7 |
15.4 |
4.4 |
5.7 |
4.6 |
9.9 |
1.0 2.0 |
12.4 |
3.6 |
Luxembourg |
na |
na |
na |
na |
na |
na |
na na |
na |
na |
Netherlands |
na |
8.0 |
na |
2.6 |
na |
5.8 |
na 3.9 |
na |
3.5 |
Austria |
na |
24.5 |
na |
3.7 |
na |
8.8 |
na 1.7 |
na |
5.6 |
Portugal |
na |
na |
na |
na |
na |
na |
na na |
na |
na |
Finland |
4.2 |
7.8 |
1.3 |
3.4 |
6.4 |
6.1 |
2.3 2.0 |
7.3 |
11.0 |
Sweden |
14.5 |
2.5 |
5.4 |
5.1 |
4.7 |
3.7 |
2.0 0.9 |
19.1 |
33.8 |
United Kingdom |
5.7 |
12.6 |
2.0 |
3.2 |
2.5 |
2.4 |
7.7 3.7 |
5.2 | |
EU average |
20.5 |
10.9 |
3.6 |
4.5 |
4.9 |
6.4 |
2.4 2.6 |
9.6 |
9.2 |
std. dev. |
4.8 |
7.4 |
1.7 |
0.5 |
18.9 |
2.9 |
1.4 0.3 |
40.3 |
1.7 |
Business activities |
Public services |
Country |
Country |
Country |
Country | ||||
average |
std. dev. |
average |
std. dev. | ||||||
1980s |
1990s |
1980s |
1990s |
1980s |
1980s |
1990s |
1990s | ||
Belgium |
3.4 |
1.4 |
0.7 |
0.7 |
6.7 |
3.8 |
3.0 |
1.3 | |
Denmark |
1.2 |
4.4 |
0.6 |
0.9 |
4.3 |
2.2 |
5.7 |
1.9 | |
Germany |
1.2 |
1.5 |
0.3 |
0.3 |
3.3 |
1.2 |
3.1 |
0.8 | |
Greece |
na |
na |
na |
na |
na |
na |
na |
na | |
Spain |
3.9 |
0.4 |
0.4 |
0.7 |
3.9 |
2.1 |
3.1 |
1.6 | |
France |
1.3 |
1.5 |
0.5 |
0.4 |
2.4 |
1.0 |
4.0 |
1.7 | |
Ireland |
na |
na |
na |
na |
na |
na |
na |
na | |
Italy |
0.3 |
1.3 |
0.4 |
0.4 |
3.8 |
2.8 |
3.5 |
1.3 | |
Luxembourg |
na |
na |
na |
na |
na |
na |
na |
na | |
Netherlands |
na |
1.3 |
na |
0.4 |
na |
na |
2.6 |
0.7 | |
Austria |
na |
2.4 |
na |
1.4 |
na |
na |
3.5 |
1.5 | |
Portugal |
na |
na |
na |
na |
na |
na |
na |
na | |
Finland |
0.3 |
0.8 |
0.1 |
0.5 |
1.8 |
0.7 |
2.7 |
1.0 | |
Sweden |
2.3 |
4.1 |
0.3 |
0.9 |
3.7 |
1.6 |
4.2 |
2.5 | |
United Kingdom |
3.1 |
3.9 |
1.0 |
1.7 |
3.1 |
0.7 |
4.0 |
1.0 | |
EU average |
1.6 |
1.8 |
0.6 |
0.8 | |||||
std. dev. |
0.9 |
0.4 |
0.1 |
0.1 | |||||
Sources: Eurostat, NCBs, ECB calculations. | |||||||||
Notes: The table shows - |
- for the sub-periods 1980-1990 and 1991-2001 |
- the variance of the business cycle component of the logarithm | |||||||
of sectoral gross value added divided by the variance of the business cycle component of the logarithm of total gross value added. The | |||||||||
between the 1980s and 1990s. |
When analysing the relative volatility of
manufacturing sectors classified by their
technological intensity, there seems to be a
stronger volatility in high-tech and medium to
high-tech sectors than in low and medium to
low-tech sectors, which holds true across all
EU countries (see Table 9 below). On the one
hand, it should be noted that owing to the
important differences in the volatility of
manufacturing production across EU countries
(in comparison with the EU cycle), the absolute
volatility in these sectors may differ to a certain
extent. On the other hand, given the differences
of relative volatility across manufacturing
sectors, the variation of manufacturing
volatility across EU countries can be related,
partly, to differences regarding EU countries’
manufacturing specialisation, as reported in the
preceding section.
ECB
Occasional Paper No. 19
July 2004
3 SECTORAL
COMPOSITION
AND BUSINESS
CYCLES
More intriguing information
1. Keystone sector methodology:network analysis comparative study2. ¿Por qué se privatizan servicios en los municipios (pequeños)? Evidencia empírica sobre residuos sólidos y agua.
3. WP RR 17 - Industrial relations in the transport sector in the Netherlands
4. Better policy analysis with better data. Constructing a Social Accounting Matrix from the European System of National Accounts.
5. The voluntary welfare associations in Germany: An overview
6. The Clustering of Financial Services in London*
7. Types of Cost in Inductive Concept Learning
8. Cyclical Changes in Short-Run Earnings Mobility in Canada, 1982-1996
9. The English Examining Boards: Their route from independence to government outsourcing agencies
10. BILL 187 - THE AGRICULTURAL EMPLOYEES PROTECTION ACT: A SPECIAL REPORT