Sectoral specialisation in the EU a macroeconomic perspective



Table 15 Business cycle component- sensitivity analysis (cont’)

I

Retail

1980-2001

1980-1991

1991-2001

Belgium

2,06

[1,92; 2,24]

1,48

[1,37; 2,29]

2,32

[1,99; 2,40]

Denmark

3,23

[2,86; 4,21]

2,85

[2,08; 4,29]

4,05

[4,05; 5,36]

Germany

2,89

[2,85; 2,94]

2,83

[2,82; 3,50]

3,04

[2,52; 3,12]

Greece

na

na

na

Spain

1,02

[0,95; 4,87]

1,12

[1,09; 5,29]

0,94

[0,84; 4,54]

France

3,45

[2,24; 3,55]

3,29

[2,36; 3,48]

3,58

[2,13; 3,59]

Ireland

na

na

na

Italy

1,55

[1,55; 3,84]

1,10

[1,04; 3,36]

2,00

[2,00; 4,37]

Luxembourg

na

na

na

Netherlands

4,23

[4,16; 4,72]

na

3,94

[3,90; 4,43]

Austria

1,76

[1,32; 1,76]

na

1,76

[1,14; 1,80]

Portugal

na

na

na

Finland

2,12

[1,87; 2,12]

2,28

[1,78; 2,28]

2,08

[1,93; 2,12]

Sweden

1,38

[0,61; 1,38]

1,95

[0,63; 1,97]

1,13

[0,57; 1,19]

United Kingdom

6,54

[6,54; 7,43]

7,42

[7,40; 8,70]

3,12

[3,12; 3,38]

Finance

1980-2001

1980-1991            I

1991-2001

Belgium

19,47

[16,30; 22,86]

36,54

[30,90; 53,50]

9,42

[6,53; 10,18]

Denmark

18,13

[11,73; 21,02]

20,13

[11,74; 26,34]

13,79

[11,68; 14,26]

Germany

6,20

[3,39; 6,24]

5,30

[2,14; 5,82]

8,20

[5,01; 8,20]

Greece

na

na

na

Spain

10,75

[8,94; 12,76]

13,39

[10,64; 18,90]

8,37

[7,07; 8,88]

France

8,56

[5,58; 10,17]

6,20

[3,90; 6,26]

9,90

[6,53; 12,61]

Ireland

na

na

na

Italy

4,70

[3,04; 5,27]

5,82

[3,52; 9,04]

3,45

[2,20; 3,52]

Luxembourg

na

na

na

Netherlands

6,33

[6,22; 7,53]

na

3,27

[3,11; 3,79]

Austria

5,13

[1,40; 6,02]

na

5,47

[1,71; 6,23]

Portugal

na

na

na

Finland

7,92

[6,41; 10,50]

7,00

[4,67; 8,76]

9,90

[8,81; 13,43]

Sweden

16,62

[4,53; 17,32]

18,92

[2,80; 22,36]

13,94

[6,13; 14,78]

United Kingdom

6,42

[6,32; 6,88]

5,16

[5,04; 5,60]

10,63

[9,74; 11,14]

Business services

1980-2001

1980-1991

1991-2001

Belgium

2,05

[1,78; 2,27]

3,00

[2,37; 3,85]

1,35

[1,11; 1,56]

Denmark

2,12

[2,12; 2,67]

1,05

[0,99; 1,68]

4,44

[3,89; 4,44]

Germany

1,40

[0,92; 1,44]

1,12

[0,59; 1,33]

1,55

[1,17; 1,55]

Greece

na

na

na

Spain

1,76

[1,50; 2,82]

3,19

[2,59; 6,43]

0,38

[0,29; 0,44]

France

1,38

[1,00; 1,41]

1,29

[0,96; 1,45]

1,46

[1,04; 1,48]

Ireland

na

na

na

Italy

1,50

[1,01; 1,68]

1,50

[0,95; 1,82]

1,31

[0,98; 1,39]

Luxembourg

na

na

na

Netherlands

3,07

[3,05; 3,22]

na

2,38

[2,22; 2,55]

Austria

2,17

[0,63; 2,66]

na

2,24

[0,75; 2,70]

Portugal

na

na

na

Finland

0,52

[0,45; 0,65]

0,30

[0,28; 0,50]

0,83

[0,66; 0,96]

Sweden

1,83

[0,75; 2,16]

2,21

[0,63; 2,76]

1,58

[0,88; 1,81]

United Kingdom

3,23

[3,22; 3,41]

3,04

[3,03; 3,35]

3,87

[3,45; 3,87]

54


ECB

Occasional Paper No. 19

July 2004



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