Sectoral specialisation in the EU a macroeconomic perspective



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
EU average only includes Belgium, Denmark, Germany, Spain, France, Italy, Finland, Sweden and the UK to guarantee comparability

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




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