Graphs and Notes on the Economic Situation in the Community

Transkript

1 Commission of the European Communities Kommissionen for De europceiske Fcellesskaber Graphs and Notes on the Economic Situation in the Community Diagrammer og kommentarer til den 0konomiske sit.uation i FCBesskabet Publication mensuelle

2 This publication appears monthly (except August and September, which are combined in a double number). Denne publikation udkommer manedligt (bortset fra et dobbeltnummer i perioden augustseptember) The Graphs and Notes of Group A appear in eery issue and deal with: A1 ndustrial production A2 Unemployment A3 Consumer prices A4 Balance of trade The others (Groups B, C and D) appear quarterly as follows: Diagrammer og bemrerkninger til gruppe A: A1 lndustriproduktion A2 Antal arbejdsl0se A3 Forbrugerpriser A4 Handelsbalance offentligg0res i hert nummer, medens grupperne B, C og D flndes i f0lgende udgaer: January, April, July, October Januar, april, juli, oktober 81 Exports 82 Trade between member countries 83 Discount rate and callmoney rates 84 Shortterm lending to business and priate customers BS Exchange rates 81 Eksport 82 Handel mellem medlemslandene 83 Diskontosats og pengemarkedsrente 84 Kortfristede kreditter til irksomheder og priatpersoner BS Vekselkurser February, May, AugustSeptember, Noember Februar, maj, augustseptember, noember C1 mports C2 Terms of trade C3 Wholesale prices C4 Retail sales cs Wages C1 mport C2 Bytteforhold C3 Engrospriser C4 Detailomsretning cs L0nninger March, June, AugustSeptember, December Marts, juni, augustseptember, december 01 Output in the metal products industries 02 Dwellings authorized 03 Tax reenue 04 Share prices OS Longterm interest rates 01 Produktion i metalindustri 02 Boliger hortil der er giet byggetilladelse 03 Skatteindtregter 04 Aktiekurser OS Langfristede rentesatser Results of the monthly business surey carried out among heads of enterprises in the Community are to be found immediately after the graphs and notes. Resultater af den manedlige konjunkturunders0gelse indhentet blandt irksomhedsledelser i Frellesskabet findes umiddelbart efter diagrammerne og kommentarerne. For obserations on the graphs see last page. Bemrerkninger til diagrammerne findes pa sidste side.

3 Commission of the European Communities DirectorateGeneral for Economic and Financial Affairs Directorate for National Economies and Economic Trends 200, rue de la Loi, 1049 Bruxelles GRAPHS AND NOTES ON THE ECONOMC STUATON N THE COMMUNTY DAGRAMMER OG KOMMENTARER TL DEN 0KONOMSKE STUATON F LELLESSKABET Kommissionen for De europreiske Frellesskaber Generaldirektoratet for 0 konomiske og Finansielle Anliggender Direktoratet for Medlemsstaternes 0konomi og Konjunkturudikling 200, rue de la Loi, 1049 Bruxelles

4 THE ECONOMC STUATON N THE COMMUNTY AFTER THE SUMMER Economic actiity started to decline towards the middle oflast year and this trend has persisted; industrial production has now fallen back to the leel of the beginning of The employmep.t situation has steadily deteriorated in almost all member countries. By the end of the summer, the numbers of unemployed in the Community reached about 5 million, more than 4 12% of the labour force. nflation is now less acute than a few months ago. ndeed, thanks especially to deelopments in Germany, Denmark, taly and reland, the rate of inflation eased down below the doubledigit leel during the summer months in the Community as a whole. But, the rise in the prices of certain raw materials and the firming of longterm interest rates are already leading to some interruption of the improing trend. mports hae risen somewhat in the last few months, hampering the attempts of deficit member countries to restore their trade balances. Howeer, in spite of the slowdown, the Community is, in any case, expected to achiee a slight surplus on current account in 1975, compared with the preious year's deficit, which was equal to almost 112% of gross product. Some signs of improement in a few countries and industries, combined with the foreseeable impact of the measures taken in seeral member countries to sustain actiity in the last few months, suggest that demand and production will cease deteriorating towards the end of the year. Oerall, the gross product of the Community in real terms should contract by about 2 12% in 1975 as against a 2% expansion last year; in none of the countries will growth be positie. Brussels, 30 September DEN 0KONOMSKE STUATON NDEN FOR FA:LLESSKABET EFTER SOMMERFEREN Nedgangen i den ekonomiske aktiitet, som indledtes omkring mid ten af sidste ar, er fortsat, og industriproduktionen inden for Frellesskabet er faldet tilbage pa det nieau der ar greldende i begyndelsen af Beskreftigelsessituationen forrerres fortsat i nresten aile medlemslandene. Ved sommerens slutning steg arbejdsleshedstallet til ca. 5 millioner inden for Frellesskabet, hilket er mere end 4 12% af arbejdsstyrken. nflationspresset har ide fleste medlemslande mistet no get af sin styrke gennem nogle maneder. Hoedsagelig som felge af den udikling, der er noteret i Forbundsrepublikken Tyskland, i Danmark, ltalien og rland er den»tocifrede«inflationsrate ganske ist forsundet i lebet af sommermanederne for Frellesskabet som helhed. Men prisstigningerne pa nogle raarer og de langfristede rentesatsers fasthed kan ikke desto mindre forstyrre den fortsatte sanering. erigt har en is stigning i importen ide seneste maneder bremset afiklingen af medlemslandenes underskud oer for tredielande; trods denne afdrempning ii Frellesskabet dog i 1975 opna et mindre oerskud pa betalingsbalancens lebende poster, medens der registreredes et tilsarende underskud pa tret ed 112% af bruttonationalproduktet det foregaende ar. Visse tegn pa bedring af det ekonomiske klima, som har ist sig i nogle ande eller sektorer, og de antagelige irkninger af de aktiitetsfremmende foranstaltninger, der i lebet af de seneste maneder er irerksat i flere medlemslande, ger det muligt at imedese et opher i den fortsatte forringelse af efterspergsels og produktionsforholdene inden arets udgang. alt forentes Frellesskabets bruttonationalprodukt i faste priser at falde med ca. 2 12% i 1975 mod en stigning pa 2% aret fer; intet medlemsland ii kunne registrere en positi rekstrate. Bruxelles, den 30. september 1975.

5 A NDUSTRAL PRODUCTON NDUSTRPRODUKTON 1970 = Unadjusted lkke sresonkorrigerede tal Adjusted indices Sresonkorrigerede tal CE EG EC CE EG EC tilL, ,..,....<J r..... ' V ' """!.J j i.. "'l _...,, ' :.:.,,,,,,,,,,,,,,,, 70 M A M A 0 D 90 M A M A 0 N 0 The downward trend in industrial production in the Community as a whole seems to hae continued at the beginning of the second half of the year. A further slowing down has been recorded in the United Kingdom and the Netherlands, and also in Luxembourg where iron and steel production has fallen to its lowest leel for many years. n Germany, the sizeable downturn recorded in July was only partly reersed in August. On the other hand it seems that the leel of production has scarcely changed in taly or France. Generally, the signs which appeared to indicate a more stable trend in the leel of production in the Community hae also become more definite. f the results of the EEC business surey for August still show a predominance of pessimistic iews about order books, the proportion of pessimistic assessments of future production has on the other hand clearly declined in seeral member countries. Tendensen til faldende industriproduktion i Frellesskabet betragtet som helhed synes at rere fortsat i begyndelsen af andet halar. En ny afsrekkelse er registreret i Det forenede Kongerige, i ene samt i Luxembourg, hor stalproduktionen er faldet til det laeste nieau registreret i adskillige ar. Forbundsrepublikken Tyskland er det strerke fald, som noteredes i juli, kun delis opejet i august. Til gengreld synes produktionsnieauet nreppe at rere rendret herken i talien eller i Frankrig. Generelt synes de tegn som pegede mod en stabilisering af produktionen pa frellesskabsnieau at rere bleet understreget. Er resultaterne af E0Fkonjunkturrundsp0rget i august af oerejende pessimistisk karakter, sa er omfanget af de negatie urderinger for produktionsudiklingens edkommende til gengreld klart aftaget i flere medlemslande.

6 NDUSTRAL PRODUCTON NDUSTRPRODUKTON A Adjusted indices 1970 = Scesonkorrigerede tal Danmark ltalia 150 f Belgique Belgie Luxembourg United Kingdom < r' 7 :::; _, ,..,. '.,, """''iii: ""' +.>"' 1 f' : 1, """" K ' ', _;: _, ft 7 90 ' ' Adjusted indices BR Deutschland reland France _,....,, r'_ " ' """,. ;=... 1 =....,.... Scesonkorrigerede tal ' 1== =' 90, J F M AM J J AS 0 N D J F M AM J J AS 0 N D J F M AM J J AS 0 N D J FM AM J J AS 0 N D

7 A2 UNEMPLOYMENT (thousands) ANTAL ARBEJDSL0SE (i tusinde) i j ""'.....,.,.,.,.,.., =.,.,.. _, ,. _, """"""'"... 1 """"""'*' A ' '" "' = """'" 'f'..,.. : _,.....,_,..,...,......, ;' "' ' ', Danmark B R Deutschland France 1 ltalia reland Belgique Belgie n i7 Kijngd m J T7 ' ' ',...,..,,... """'.., J J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAM J JASONDJ FMAMJ J ASOND The labour market situation remained disturbing during the summer. There hae, neertheless, been signs of an improement, albeit ery slight, in certain member countries: a somewhat less rapid rise in unemployment in Germany and reland, and a ery slight increase in the number of unfilled acancies in France, the Netherlands and the United Kingdom. t would, howeer, be dangerous to conclude from this that a turningpoint has already been reached in the employment trend in the Community: the particularly good weather during the summer and a number of special factors, such as annual holidays, may hae influenced the statistics. Moreoer, the unemployment returns for the summer months do not include all of this year's school and uniersity leaers looking for their first jobs. Action of arious kinds has been taken in seeral member countries; in particular, the United Kingdom authorities announced at he end of September a major set of measures designed to combat unemployment. Beskreftigelsessituationen ga i sommerens l0b fortsat anledning til bekymring. kke desto mindre konstateredes der tegn pa bed ring omend meget sage i nogle medlemslande: en lidt langsommere rekst i arbejdslesheden i Forbundsrepublikken Tyskland og rland, og en meget lille tilrekst i antallet af ubesatte ledige pladser i Frank rig, ene og Det forenede Kongerige. Det ille imidlertid rere hasarderet heraf at drage den konklusion, at der allerede er ed at finde et omsing sted inden for Frellesskabet. Srerlig gunstige klimamressige betingelser og isse srerlige faktorer sasom ferietiden kan pairke statistikken. For 0rigt omfatter ledighedsstatistikkerne for sommermanederne kun delis antallet af unge, der har afsluttet skolegangen i ar, og som seger deres f0rste arbejde. Der er for nylig truffet forskellige foranstaltninger i flere medlemsstater med henblik pa en reduktion af arbejdsl0sheden blandt unge; nanlig ga de britiske myndigheder ed udgangen af september meddelelse om en rrekke omfattende indgreb pa dette omnide.

8 200 1 CONSUMER PRCES 1970 = BR Deutschland France ltalia Belgique Belgie Luxembourg.,.. _,.,.... _,., ',_ FORBRUGERPRSER 1 i 19751,., """""""" Monthly ariations in % Manedlig rendring i % ,5 1j + 2, ,5 A Dan mark reland United Kingdom 'r :::::;:: "... ). " i." ; 1,....., _,,'... L 'f fl 0,5 r'1 1, + 3, ,5 J FM AM J J AS 0 N D J FM AM J J AS 0 N D J FM AM J J AS 0 N D M A M J A During the summer, a number of faourable factors seasonal price reductions (substantial in the case of food) and a less rapid increase in the prices of manufactures and, to a lesser extent, serices combined to curb the upward moement of consumer prices in the Community. For the member countries taken as a whole, the annual rate, which was still 1.2% per month in the first half of the year, had fallen to 0.5 % by July and 0.4% in August (against 0.7% in August 1974). n Germany, the trend in the first half, which was already relatiely moderate, gae way to een greater price stability during the summer. n reland, quarterly.consumer price statistics point to a reduction between May and August; this, the first fall for twele years, is mainly accounted for by the increase in subsidies for a number of current consumer items and by the reductions in alue added tax. n Denmark, the United Kingdom and Luxembourg, the upward price moement again slowed down in August. n taly, the tendency for inflation to lose momentum which became discernible earlier in the year has also continued. The only countries in which the upward price moement has not tended to slow down recently are France, Belgium and the Netherlands. sommerens l0b f0rte et sammenfald af gunstige irkninger fra en frekke faktorer mrerkbare, sresonbestemte prisfald pa nreringsmidler og langsommere prisstigninger pa frerdigarer og i mindre omfang pa tjenesteydelser til afsrekkede prisstigninger pa forbrugernieau inden for Frellesskabet. For medlemslandene som helhed faldt prisstigningstakten pa arsbasis, der endnu i f0rste halar udgjorde 1,2 % om maned en til 0,5 % i juli og 0,4 % i august (mod 0,7 % i august 1974). Forbundsrepublikken Tyskland efterfulgtes den forholdsis moderate udikling registreret i f0rste halar af en prisstabilisering i sommerens l0b. rland iser kartalsstatistikkerne oer forbrugerpriser et fald mellem maj og august. Dette fald, det f0rste som er registreret i tol ar, skyldes isrer 0gede tilskud til en rrekke dagligarer samt nedsrettelser af merrerdiafgiften. Danmark, Det forenede Kongerige og Luxembourg er prisstigningerne fortsat aftaget i august maned. talien er afdrempningen, der har fundet sted i arets l0b, fortsat. Kun Frankrig, Belgien og ene har i den senere tid gjort en undtagelse fra denne nresten generelle tendens.

9 A4 BALANCE OF TRADE HANDELSBALANCE Mio Eur Danmark + 10 f B R Deutschland UEBL r... _... 1 ",. " 1 "'" '. _...,.., S...: ' :::::::"'" b. " 2..l!C;.,, " r ""'" ' r"".... J ' 7"._... '... ""r. r "' j r rrt 0 CE EG EC France 10 reland ltalia United Kingdom 2000., ;t r '._..,,. f.. ' ' l. _ "',j'.a ' r, '1C...._, V J.. '. J FMAMJ J ASOND J FMAMJ J ASONDJ FMAMJ J A SO NO J FMAMJ J A SO NO The improement in the Community's trade balance seems to hae come to an end in the last few months. The decline in imports which started in the autumn of 1974 appears to hae Jeelhd off in seeral countries, especially in France. Exports, which in Germany, France, the United Kingdom and Belgium showed an increase towards the end of spring, fe11 once again during the summer months. Thus in Germany, where an improement in the trade balance was eident until July there was a sharp deterioration in August. The worsening of the trade balance of the United Kingdom in August can be mainly explained by a fa11 in exports, which was felt particularly in sales to industrialized countries outside the Community. n addition imports rose, expecially purchases of oil and chemicals. taly, according to national statistics, recorded a positie oera11 trade balance in July for the first month since July This improement results from an appreciable fa11 in imports. n reland, where a tendency for the trade deficit to narrow can be seen, the August results were close to balance because of special factors. Forbedringen af Frellesskabets handelsbalance synes at rere bragt til oph0r gennem de seneste maneder. Nedgangen i importen, der indledtes i efteraret 1974 synes at rere oph0rt i tlere Jande, isrer i Frankrig. Eksporten, som udiste en stigning i Tyskland, Frankrig og Det forenede Kongerige mod slutningen af foraret, faldt igen i i0bet af sommermanederne. Tyskland, hor der skete en forbedring af handelsbalancen indtil juli, indtradte der saledes en kraftig forringelse i august. Forringelsen af Det forenede Kongeriges handelsbalance i august kan hoedsagelig forklares ed et fald i eksporten, som isrer ar mrerkbar, for sa idt angar salget til industrialiserede Jande uden for Frellesskabet. Dertil kommer en fomgelse af importen, isrer i forbindelse med k0b af olie og kemikalier. f0lge national statistik noterede talien for f0rste gang siden juli 1972 et oerskud pa den samlede handelsbalance i juli. Denne forbedring skyldes en resentlig importnedgang. lrland, hor der ses en tendens til en indsnrering af handelsunderskuddet, medf0rte augustresultatet nresten balance pa grund af srerlige faktorer.

10 MPORTS from nonmember countries MPORT fra ikkemedlemslande Cl Mio Eur l 119( l CE EG EC Dan mark BR Deutschland France reland ltalia UEBL United Kingdom , _._ i"""""", L' 1... """"., :::::;; "". _ ""',...,...._......, r..,.,.,. "' "'"...,.,....,.....,.... r 1' "".,..., , ,.. ',_.., r...._..., r...,... ' f l l l J FM AM J J AS 0 N D J FM AM J J AS 0 N D J FM AM J J AS 0 N OJ FM AM J J AS 0 N 0 The alue of Community imports from nonmember countries showed a slight tendency to increase during the summer, although still remains below the leel in the same period of last year. Raw material imports hae continued to fall, although at a rather slower pace, but imports of semifinished and consumer goods hae risen in some countries. Analyzed by region, it is mainly imports from nonmember European countries which hae adanced, while those coming from North America hae remained more or less unchanged. n the first seen months of this year the imports of Germany, France, the United Kingdom. and Denmark hae been lower than a year earlier, but in reland there has been an increase. n Germany imports from nonmember countries, although tending to rise gradually in recent months, were still 8.5% down in July on the same month of Howeer, German imports from Japan hae risen by about one third during the first seen months of this year compared with the preious year. Oer the same period the imports of taly, the United Kingdom and Denmark from within the Community hae declined less sharply than their purchases from outside the Community, but in France the opposite is the case. Vrerdien af Frellesskabets import fra ande uden for Frellesskabet udiste en sagt stigende tendens i 0bet af sommeren, sel om den stadig Jigger under nieauet for sommeren mporten af raarer, undtagen olie, er fortsat faldet, men mindre hastigt, medens importen af halfabrikata og forbrugsarer er steget i nogle ande. En analyse omrade for omrade iser,.at det nanlig er importen fra europreiske ande uden for Frellesskabet, der er steget, medens importen fra Nordamerika stort set har reret urendret. Tysklands, Frankrigs, Det forenede Kongeriges og Danmarks import i arets f0rste sy maneder har reret aere end samme periode aret f0r, men i rland har der reret tale om en stigning. Sel om der har reret en tendens til en gradis stigning i de seneste maneder, a Forbundsrepublikken Tysklands import fra ande uden for Frellesskabet stadig 8,5 % aere i juli.set i forhold til samme maned i midlertid er importen fra Japan steget med ca. en tredjedel i l0bet af dette ars f0rste sy maneder sammenlignet med aret f0r. lnden for samme periode er taliens, Det forenede Kongeriges og Danmarks import fra ande inden for Frellesskabet faldet mindre krartigt end di sse andes import fra ande uden for Frellesskabet, men for Frankrigs edkommende er det modsatte tilfreldet.

11 C2 TERMS OF TRADE BYTTEFORHOLD 1970 = 119? l 125 B. R. ueutschland France ltalia United Kingdom r'. t ,..._, """ reland.j.._ 125 UEBL Danmark ' ' """"' ',.,J """ ' ,...,,... V' r.,... ', 1 r, ',_,_.. "' x...,.... r: :" "' r...,.,_ 7..., ' '.... """"... """ 1..,...,_ '.....,...,......, "' J FM AM J J AS 0 N D J FM AM J J AS 0 N D J FM AM J J AS 0 N OJ FM AM J J AS 0 N D The improement in the terms of trade of the Community has not continued in recent months. The rate of increase in member countries' export prices has been much slower than at the beginning of the year, while import prices on the other hand, which earlier had been declining in most countries, hae recently started to rise again, influenced by the appreciation of the US dollar. The prices of agricultural products on world markets hae recently risen, following in particular large purchases of cereals by the USSR and the frost damage to the Brazilian coffee crop. The prices of nonferrous metals such as copper and zinc hae also strengthened. n Germany the faourable deelopment of the terms of trade, which started in 1974, was reersed in August, due to an increase in import prices. n the United Kingdom, where export prices had for seeral months been rising at least twice as fast as import prices, there was a more rapid rise in import prices in August, mainly as a result of the depreciation of the pound. sterling, which kept the terms of trade unchanged. This has probably also been the case for France. n Denmark where import prices hae gone down, the terms of trade hae continued to improe, but more slowly than at the beginning of Similarly in taly, where export prices hae risen considerably due especially to the reexporting at higher prices of oil produc_ts, import prices hae deeloped more moderately. Forbedringen af bytteforholdet inden for Frellesskabet er ikke fortsat i l0bet af de seneste maneder. Stigningen i eksportpriserne har ikke reret sa strerk som i begyndelsen af aret, medens importpriserne, som har reret faldende i de fleste medlemslande, igen er begyndt at stige i den seneste tid isrer pa grund af dollarens opskrining. Desuden er priserne pa landbrugsarer i den seneste tid steget pa erdensmarkederne, isrer som f0lge af store russiske opk0b af kom og frostskaderne pa de brasilianske kaffeafgmder ; paden anden side er priserne pa nonferro metaller som f. eks. kobber og zink bleet styrket. Forbundsrepublikken Tyskland er den gunstige udikling i bytteforholdet, der indledtes i 1974, endt i august, pa grund af de stigende importpriser. Det forenede Kongerige, hor eksportpriserne i l0bet af nogle maneder er steget dobbelt sa hurtigt som importpriserne, er stigningen i importpriserne bleet hastigere, hoedsagelig som f0lge af nedskriningen af pundet, hilket medf0rte at forbedringen af bytteforholdet er oph0rt i august. Dette skulle ligeledes hae, reret tilfreldet i Frankrig. DanmarK, hor importpriserne er faldet, er der fortsat sket en forbedring af bytteforholdet, men langsommere end ed arets begyndelse. Det samme er sket i talien, hor eksportpriserne er steget betydeligt, isrer som f0lge af reeksport af olieprodukter til h0jere priser, medens importpriserne er steget langsommere.

12 WHOLESALE PRCES 1970 = J BA Deutschland BelgiqueBelgie _ ENGROSPRSER Monthly ariations in % Manedlig rendring i % r...r,...r, + 2, ,0 C3 """"""' r.,......!= 260 Denmark France reland ltalia 240 United Kingdom r, + 3,5 t1 + 3, _,.,...,.,......,., : ;,_,iii' J '""" """" r 7... r J FM AM J J AS 0 N 0 J FM AM J J AS 0 N 0 J FM AM J J AS 0 N 0 F M A M J Generally speaking, the weakness eident until midsummer in wholesale prices in the Community came to an end in August. Notably because of the rise in the prices of imported raw materials the prices of industrial goods hae become firmer again, while the upward tendency in food prices, especially for meat and dairy products, has continued. Howeer, in the United Kingdom where the rise in wholesale prices has gone ahead since the beginning of 1975, the trend began to slow down a little after middle of the year; this easing is mainly the result of less strong pressure from domestic costs and also of the difficulty of passing on cost increases to. prices when the business climate is so depressed. Germany is the only country in the Community where wholesale prices once more feu slightly, this despite a small rise in the prices of inestment goods. Den afdrempning, som i almindelighed karakteriserede engrosprisernes udikling i Frellesskabet til midt pa sommeren, er oph0rt i august. lsrer som f0lge af den pabegyndte prisopgang pa importerede rastoffer er priserne pa industriprodukter hredede. Tendensen til stigende priser pa nreringsmidler, isrer k0d og mrelkeprodukter, har reret endnu mere udprreget. Det forenede Kongerige hor engrosprisstigningen er fortsat siden begyndelsen af 1975, synes udiklingen fra arets midte at rere endt. Denne afdrempning skyldes hoedsagelig et mindre strerkt indenlandsk omkostningspres samt anskeligheden ed at oerrelte omkostningsstigninger pa priserne under ugunstige omsretningsforhold. Forbundsrepublikken Tyskland er det eneste land i Frellesskabet, hor engrospriserne endnu er aftaget en smule trods en rnindre stigning i priserne pa inesteringsgoder.

13 C4 RET AL SALES DET ALOMSA:TNNG 1970 = Danmark BR Deutschland France reland ltalia Belgique Belgie...,.._ United Kingdom ', ' """',_...,,., ;',r,..._ ;r _..' ; r ', 1974 i r' , ' ">,......_...,.. 19"lk 1r73 1 JFMAMJJASOND JFMAMJ JASOND JFMAMJ JASOND n the Community considered as a whole, priate consumers' expenditure still lacks igour ; the key to the hesitant trend here is principally the fear of unemployment, which has generated a saings boom. The olume of retail sales has been growing only slowly or has een declined a little in certain member countries ; in Germany howeer, the growth tendency has been appreciable. Expenditure on clothing has been one of the weakest categories, although it rose appreciably in Germany, where the olume of orders in the textile industries is once again growing. Expenditure on housing has also remained depressed in most of the countries. On the other hand, expenditure on tourism was again heay this summer. n the motor industry, demand has remained depressed in the United Kingdom and in taly. Purchases of priate cars were still rising in the Netherlands, where the number of new registrations was up by about 351';; in six months, and in Germany, where the increase reached about 20;; in seen months. This was also true in Denmark and, to a lesser extent, in Belgium. n France, new registrations of priate cars staged a slight recoery in July and in August. Frellesskabet som helhed er tendensen i det priate forbrug stadig t0ende, nanlig pa grund af den meget h0je opsparingstilh0jelighed, som isrer er fremkaldt af den usikre beskreftigelsessituation. Detailomsretningen er mrengdemressigt kun steget sagt eller er endog faldet Jidt i nogle medlemslande; i Forbundsrepublikken Tyskland har ekspansionstendensen imidlertid ist sig ret kraftig. Udgifterne til beklredning har reret blandt de mest beskarne. De er dog 0get resentligt i Forbundsrepublikken Tyskland, hor ordrebeholdningen i tekstilindustrien pany er tiltagende. Boligudgifterne er ligeledes forbleet lae ide fleste ande. Til gengreld har udgifterne til turisme reret store i sommerens l0b. automobilsektoren er nedgangen i eftersp0rgslen fortsat i Det forenede Kongerige og ltalien. D er er fortsat en forbedring i salget af personbiler i ene, hor antallet af nyregistreringer oksede med ca. 35 ;; pa seks maneder, og i Forbundsrepublikken Tyskland, hor reksten naede ca. 20 ;; pa sy maneder. Det samme grelder Danmark og i mindre omfang Belgien. Frankrig konstateredes der i juli og august et mindre opsing i registreringerne af personbiler.

14 WAGES (in industry) April 1970 =. L0NNNGER (i industrien) april 1970 = cs _ B. 220 R. Deutschland France Luxembourg United Kingdom ,._ o; _ :, r.:::::' olllllfff1ll"' 1fl" Dan mark reland r ltalia Nederl and BelgiqueBelgie ;'.,,.",.,. ',.,., 0 A... ". J FM AM J J AS 0 H D J FM AM J J AS 0 H D J FM AM J J AS 0 H OJ FM AM J J AS 0 H D n most of the Community countries, the upward moement of wages was tending to lose momentum at the end of the first halfyear as compared with the rapid rate of increase at the end of n France, howeer, the rise in hourly wages accelerated sharply in the second quarter. n some countries the index link continued to trigger large increases in money wages. This was the case during August in taly and in France, where, in addition, the legal minimum wage has been raised further, with effect from 1 October. The yeartoyear rise in wages remains considerable in most Community countries. The increase was least marked in the Netherlands and in Germany: in the Netherlands agreed wages in industry had risen some 11 % in the year to July, and in Germany gross wages per employee in industry had risen 8o. By contrast, the rise in wages oer the same period in 1974 was particularly sharp in the United Kingdom, where weekly wages in industry and the serices sector were 27 % up in August, in taly, where agreed minimum wages were 29 % up in July, and probably in reland. n Denmark, hourly wages in industry were 20% up in June on a year earlier and in Belgium, in the second quarter, gross hourly earnings ha8 risen 19% oer last year. n France, hourly wages of workers were some 17 % higher in July than in July de fleste af Frellesskabets medlemslande udiste lemstigningstakten ed udgangen af f0rste halar en tendens til aftagen i forhold til den hastige rekst, der ble naet ed udgangen af J Frankrig ar der imidlertid i andet kartal tale om en brat fomgelse af timel0nstigningen. nogle ande har den eksisterende pristalsregulering i 0rigt fortsat medf0rt resentlige pengel0nstigninger. Det ar tilfreldet for ltaliens edkommende i august samt i Frankrig, hor SMC i 0rigt hrees med irkning fra 1. oktober. Pa arsbasis er 0nstigningen stadig betydelig i de fleste medlemslande. ene og Forbundsrepublikken Tyskland ar stigningen laest i forhold til aret f0r: den androg ca. 11 % i juli i det f0rstnrente land ( oerenskomstmressig l0n i industrien) og 8 % det sidstnrente (bruttol0n pr. ansat i industrien). Til gengreld ar 10nstigningerne i forhold til den tilsarende periode af 1974 srerdeles store i Det forenede Kongerige (27% i august for ugel0nnen i industrien og inden for tjenesteydende erher), i ltalien (29% i juli for oerenskomstmressig minimall0n) og sandsynligis i rland. Danmark ar timel0nnen "i industrien i juli steget 21 % i forhold til samme tidspunkt aret f0r, og i Belgien ar den gennemsnitlige timefortjeneste pr. ydet arbejdstime i andet kartal steget med 19o, ligeledes i forhold til samme tidspunkt ftret f0r. Frankrig udgjorde timel0nstigningen for arbejdere fra juli 1974 til juli 1975 ca. 17o.

15 Dl OUTPUT N THE METAL PRODUCTS NDUSTRES PRODUKTON METALNDUSTR 1970 = 1 Dan mark France Belgique Belgie Luxembourg United Kingdom z.... r r,.,..., ' ' _.,..." "'... r i"""""" r &., 70 r Dts c;lnd reland ltalia 1( '"" _.,,.,_. '... " r r 1. V'._,... r l 1 J FMAMJ JASONDJ FMAMJ J A S ONDJ FMAMJ JASONDJ FMAMJ J ASOND n the Community as a whole the moderate decline of output in the metal products industries has continued in recent months. n Germany, the United Kingdom and taly total production went on falling up to the summer. n France, the seasonally adjusted index has stabilized oer the last few months. n the Benelux countries too, the downward tendency of production seems to hae halted at the beginning of the holiday period. n contrast to most other industries, shipbuilding and aircraft construction continued to expand briskly. n iew of the sharp contraction in demand for steel, there is little prospect of a perceptible recoery in production.in the metal products industries oer the coming months. t seems, howeer, gien the tendency towards recoery in the motor industry in seeral countries, that the lowest point of the recession has now been reached. For Frellesskabet som helhed er produktionen i metalindustrien forbleet igende i de seneste maneder. Forbundsrepublikken Tyskland, Det forenede Kongerige og talien fortsatte faldet indtil somrneren. Frankrig har det sresonkorrigerede indeks reret stabilt i nogle maneder. Ogsa i Beneluxlandene synes tendensen til faldende produktion at rere standset ed begyndelsen af ferietiden. modsretning til de fleste andre industrigrene har skibsrerfst og flyindustrien fortsat nydt godt af en kraftig ekspansion. His man sammenholder de kortsigtede produktionsudsigter for metalindustrien med den store afmatning i eftersp0rgslen efter stal, er der nreppe grund til at forente en mrerkbar produktionsfomgelse i de kommende maneder. N ar man isrer tager hensyn til den tendens til opsing, der er registreret i automobilindustrien i isse ande, synes afmatningens endepunkt imidlertid at rere naet nu.

16 DWELLNGS AUTHORZED (thousands) BOLGER HVORTL DER ER GVET BYGGETLLADELSER (i tusind) D2 119J rb. R. Dreutschland France ' ltalia BelgiqueBelgie reland Danmark 90rrTrTr+r+,_r_,+ SOrr4TrTr+r+,_r_,+ 70rr+A+ ++r+4+ 6orr ' jl y_:,!'.,_ 4 rr+r+++r+4+ '"',A 3 rr TrT+r+,_r_,r+ 2 1 l L 1 J FMAMJ JASONDJ FMAMJ J ASONDJ FMAMJ JASONDJ FMAMJ J ASOND The measures taken in almost all the Community countries to boost the building and construction industry are only slowly beginning to take effect. The delay is no doubt due to the length of the procedures to be completed before priate and public construction work is started. Neertheless, the number of dwelling starts in the United Kingdom again rose distinctly in the second quarter. n reland and Denmark, where the number of permits had been declining, the present trend is definitely more stable. By contrast, the number of permits for residential construction has fallen again in France and the Benelux countries. Actiity has, in general, continued to decline in the industrial and commercial construction sector, as a result of the weak propensity to inest. By contrast, the public works sector has picked up again to some extent oer recent months. Virkningerne af de foranstaltninger, der er irerksat i nresten aile Frellesskabets ande for at fremme opsinget i byggeindustrien, kommer kun langsomt til udtryk. Denne forsinkelse skyldes uden til den langarige procedure, der skal f0lges, inden sael priat som offentligt byggeri kan pabegyndes. Dog iser antallet af pabegyndte boliger i Det forenede Kongerige stadig en klar stigning i andet kartal. rland og Danmark er den tidligere registrerede afmatning af10st af en klar tendens til stabilisering. Til gengreld er antallet af byggetilladelser til boliger fortsat faldet i Frankrig og Beneluxlandene. Generelt er aktiiteten stadig faldende inden for byggeri til industri og handel som f0lge af irksomhedernes mindre inesteringstilb0jelighed. Til gengreld er der sket et ist opsing i de offentlige arbejder i l0bet af de seneste maneder.

17 D3 TAX REVENUE SKATTENDT!EGTER B.R. Deutschland France reland ltalia Belgique Belgie Luxembourg United Kingdom Mrd DM Z6 Mrd FF ll V ll V 110 Mio Mrd Lit Mio Fl ;:.q7fi i', " ' 1' 1,.r ' "" ll V 2000 ll V r. Mio FB 3500 Mio Flbg _. 0 ll V...._, """""...,, 1500 ' 1973.,.. "'l _. ll... V With economic actiity still depressed, tax yield has remained low throughout the Community. n seeral member countries, reenue forecasts hae once again had to be reised downwards in the last few months. Since, furthermore, the recession is helping to push up public expenditure, particularly on unemployment benefits, the foreseeable budget deficit for 1975 has increased in recent months in most of the member countries. n addition, fie member countries launched, in August and September, coordinated programmes to boost their economies. The measures taken in France are designed principally to stimulate priate and public inestment; they also feature a number of nonrecurrent transfer payments to households. The Danish programme includes a reduction of VAT spread oer a fiemonth period. n Germany, the main objectie of the measures taken is to support actiity in building and construction. The talian measures inole mainly the allocation of additional budgetary funds to public sector inestment and to inestment in industry and agriculture. Finally, the programme in the Netherlands proides for substantial expenditure in 1976 to maintain existing jobs or create new ones, and for a reduction in social security costs; howeer, some increases in taxation hae been announced. Som f0lge af den edholdende konjunkturnedgang er skatteproenuet stadig lat i aile Frellesskabets ande. flere af disse har forudsigelserne edmrende indtregterne endnu en gang. mattet reideres i nedadgaende retning i l0bet af de seneste maneder. Da konjunkturafmatningen desuden f0rer til en fomgelse af de offentlige udgifter, nanlig for sa idt angar arbejdsl0shedsunderst0ttelse, er det forentede budgetunderskud for 1975 fomget i de fleste medlemslande i de forl0bne maneder. Desuden har fern af disse ande i l0bet af august og september edtaget et koordineret konjunkturstimulerende program. De af Frankrig trufne foranstaltninger har isrer til formal at stimulere de priate og offentlige inesteringer ; tillige indebrerer de isse engangsoerf0rsler til husholdningerne. Det danske program omfatter blandt andet en nedsrettelse af merrerdiafgiften for en periode af 5 maneder. Forbundsrepublikken Tyskland er en st0tte til aktiiteten i byggesektoren det igtigste mal for den pabegyndte aktion. De italienske indgreb omfatter isrer supplerende beillinger til fordel for kollektie inesteringer samt inesteringer i industri og landbrugssektoren. Endelig fastsretter det nederlandske program for 1976 betydelige udgifter med henblik pa at beare eksisterende stillinger eller at skabe nye stillinger samt en lettelse af de sociale bidrag; der er imidlertid bebudet en is fomgelse af skattetrykket.

18 SHARE PRCES AKTEKURSER D = T ' ltalia ' BR Deutschland United Kingdom.. l'i f 1 r ' "''..._ V ' i'... '...::.'... ' r... ', '' J Danmark France 200 _ Belgique Belgie ,,......,. _ reland ''...,,..., r _, _... Luxembourg 1,." ""', '"" ;' 11' h.',, '..,.... rv.. '. _1 'l ' " ""'"'...,..._ ; 1'l """ L. ' r, f " Ll"', ' "' L ' j r1 "' JFMAMJJASONDJFMAMJJASONDJFMAMJJASONDJFMAMJJASOND During the summer months, the trend of share prices in the Community aried from one country to another. n the United Kingdom, the decline in preious months gae way, in August, to a definite recoery. This recoery was probably due to hopes of a more effectie incomes policy, een though one of the effects of this policy is to reduce maximum diidend increases from 12.5 to 10%. On the French market, the upward tendency has again predominated since July. n taly, by contrast, share prices hae not yet recoered from the fall which followed the municipal elections of last July: in August, the index fell to its lowest leel for eighteen years. n Germany, price losses, attributable to the uncertainty of the economic outlook, were recorded in August and September, following the upward moement in July. Similarly, price moements were mainly downwards during August on the Belgian and Netherlands stock markets. n seeral Community countries, bank shares made appreciable gains as a result of an improement in bank profits. l l0bet af sommermanederne udiklede aktiekurserne inden for Frellesskabet sig forskelligt fra det ene land til det andet. l Det forenede Kongerige afl0stes det kursfald, der registreredes de foregaende maneder, af en kraftig kursstigning i august. Denne fremkaldtes uden til isrer af habet om en mere effekti indkomstpolitik, sel om denne hade til f0lge, at den maksimale fomgelse af udbytteme rendredes fra 12,5 til 10 %. Pa det franske marked bar den hredede tendens atter reret fremherskende siden juli. litalien er aktiekurserne derimod ikke steget efter det fald, der fulgte efter kommunealgene i juni: i august faldt indekset til det laeste nieau i atten ar. Forbundsrepublikken Tyskland f0rte usikkerheden edmrende konjunkturudsigterne til, at der registreredes et nyt fald i august og september efter de i juli registrerede kursstigninger. Kursfald ar ligeledes fremherskende i august pa bmserne i Belgien og ene. flere af Frellesskabets Jande ar udiklingen for bankaktier forholdsis gunstig efter en forbedring af bankernes oerskud.

19 D5 LONGTERM NTEREST RATES LANGFRSTEDE RENTESATSER % 18 T 1 1 r r 1972 r r ' Danmark B.R. Deutschland lrlande... (A, United Kingdom , r..,,,...,,_... 1 """' ]. 10 i', L.." [ "' f..7""" 1 '... _, j 14 France ltalia Belgique Belgie 12, ]A 1, A,, "'... 1',_,,_ 11"' j,_ r..,... " u VL ',;;; "' l r rl """"""'. r.;;;;;;; r"' r J F M AM J J AS 0 N OJ F M AM J J AS 0 N OJ F M AM J J AS 0 N D J F M AM J J AS 0 N D _, Despite a generally expansionary monetary policy, longterm interest rates are showing an upward tendency in seeral community countries. Thus, the aerage yield of bonds increased in Germany, although, since the end of June, the Bundesbank, wishing to support prices, has made massie purchases of public loan stock. Since the end of July, new issue actiity has been stopped in Germany, so as to ease tension on the bond market. Longterm interest rates also went up in the Netherlands, Belgium and Denmark. Although there is once again, a greater propensity to sae, a large number of saers are aoiding longterm inestments in fixedinterest securities, since they interest rates to rise once again if demand for credit from business borrowers reies while the large public sector borrowing requirement cannot be substantially reduced. n addition, a trend in faour of dollar inestments must also hae contributed in the aboementioned countries to the upward moement in longterm interest rates. n France, by contrast, the slow decline in longterm interest rates has continued. n the United Kingdom and reland, the downward trend resumed after the temporary recoery at the beginning of the summer; een so, the United Kingdom and reland together with Denmark hae the highest longterm interest rates in the Community. Til trods for en generelt ekspansi pengepolitik iser de langfristede rentesatser en stigende tendens i flere af Frellesskabets ande. Det forholder sig sadan, at gennemsnitsudbyttet af obligationer er steget i Forbundsrepublikken Tyskland, sel om Bundesbank, der bestrrebte sig pa at st0tte kurserne, siden slutningen af juni foretog massie opk0b af offentlige lanebeiser. Siden udgangen af juli har udstedelserne reret suspenderet i Forbundsrepublikken Tyskland med henblik pa at lette presset pa obligationsmarkedet. Den langfristede rentesats er ligeledes steget i ene, Belgien og Danmark. Sel om opsparingstilb0jeligheden yderligere er 0get, undgar et stort antal sparere langfristet placering i rerdipapirer med fast afkast, idet de enter renteforh0jelser under forudsretning af en eentuel st0rre krediteftersp0rgsel fra irksomhedernes side, og safremt det iser sig umuligt at reducere den offentlige sektors store finansieringsbeho resentligt. Desuden antages en udikling til fordel for placering i dollars i de oennrente ande ligeledes at hae bidraget til en stigning i de langfristede rentesatser. Frankrig er det langsomme rentefald derimod fortsat. Det forenede Kongerige og rland er der atter tale om fald efter en forbigaende stigning, der ble registreret ed sommerens begyndelse ; disse ande og Danmark er dog stadig de ande, der har de h0jeste langfristede rentesatser inden for Frellesskabet.

20 RESULTS OF THE BUSNESS SURVEY 1 ) OF COMMUNTY NDUSTRY RESULTATER AF KONJUNKTURUNDERS0GELSEN 1 ) NDUSTRSEKTOREN FA.:LLESSKABET + 40 %of answers % af sar Total orderbooks Bedommelse af den samlede ordrebeholdning , y..., 7 Jl CE EG EC B R Deutsch land France ltalia Belgique Belgie irelfndj T JFMAMJJAS,V "' 1 lrf..'.. u T 0 N D ""...!,LA; r "' :S! "" 1 ' :'... J F M A M J J A S 0 N D J F M A M J J A S 0 N l'<cm.,_ AS L ' " Assessment of stocks of finished goods Bedommelse af frerdigarelagre_ 'J 0 N J FMAMJ JASONOJ FMAMJ J ASONO J FMAMJ JASONDJ FMAMJ J ASOND

21 Expectations : production Produktionsforentninger %of answers % at sar Graph'i and ll show businessmen's iews of their total orderhooks and their stocks offinished goods, represented as threemonth moing aerages of the aif.ference between the percentage of those who find them "aboe normal" ( +) and the percentage of those who find them "below normal" ( ). Graph m shows threemonth moing aerages of" the difference (as percentage of replies) between the number of businessmen who expected production to be up ( +) and those who expected it to be down (). The table below shows businessmen's assessments of their total orderbooks, foreign orderbooks and stocks of finished goods during the last three months, ( +) being aboe normal, ( =) being normal, () being below normal. t also shows whether, they expect the following three or four months to bring an increase ( +), no change ( = ) or decrease ()in their production and in their selling prices. Detailed comments are gien in "Results of the business surey carried out among heads of enterprises in the Community", published three times a year. Diagrammerne og ll gengier tre maneders glidende gennemsnit af forskelsardien melem irksomhedsledernes sar»sttjrre«( +) og»mindre«() edrtjrende ordrebestand og fardigarelagre. Diagram ll iser ligeledes i form af tre maneders glidende gennemsnit forskelsardien ( procent af sarene) mel! em irksomhedsledernes forentninger til en»forfjgelse«( +) eller en»formindskelse«() af produktionen. Nedenstaende tabel gengier for de seneste tre maneder irksomhedsledernes bed0mmelse af, om de samlede ordrebeholdninger, udlandsordrer og fardigarelagre ar forholdsis store ( +), nor male ( =) eller for holds is sma (). Desuden er irksomhedsledernes forentninger om oksende ( +), nogenlunde uandrede ( =) eller aftagende () produktion og salgsprisen i de f0lgende tre eller fire maneder anffjrt. UdftJrlige kommentarer findes i»resultaterne af konjunkturunders0gelsen hos irksomheds edere i Fallesskabet«der ojfentligg0res tre gange om aret. BR France Deutschland M J J M J J Total orderbooks = Den samlede ordre beholdning Export orderbooks = Den udenlandskeordrebeholdning Stocks of finished goods so Frerdigarelagre = Expectations: production = Produktionsforentningerne Expectations : selling prices = Salgsprisforentninger ) Excluding construction, food, beerages and tobacco. M reland t alia Belgique Luxem EEC Belgie bourg E0F J J M J J M J J M J J M J J M J. J so so so so so S so ) Eksklusie bygge og anlagsirksomhed, narings og nydelsesmiddelindustri.

22 Obserations on the Graphs Bemrerkninger til diagrammerne A 1 ndustrial production: ndices of the Statistical Office of the European Communities (excluding construction, food, beerages and tobacco). reland and Denmark: quarterly index of OECD. Community: estimated index. Seasonally adjusted indices: threemonth moing aerage. A 1 ndustriproduktion: ndeks fra Det statistiske Kontor for De europceiske Fceesskaher ( eksklusie hygge og anhegsirksomhed, nee rings og nydelsesmidler). rland og Danmark: kartalsindeks OECD. Fceesskabet: beregnet indeks. Scesonkorrigeret indeks: tre maneders glidende gennemsnit. A 2 Unemployment: Three month moing aerages of the _figures adjusted for seasonal ariations by the Statistical Office of the European Communities. France: number of persons seeking employment. : taly: the cure represents the number of persons registered at labour exchanges; this does not correspond to the number of unemployed. Luxembourg: negligible. Belgium: completely unemployed persons receiing unemployment benefit. A 3 Consumer prices: ndices of the Statistical Office of the European Communities. A2 Antal arbejdslose: Tre maneders gidende gennemsnit af scesonkorrigerede tal fra Det statistiske Kontor for De europceiske Fcellesskaber. Frankrig: antal arbejdssogende. talien: kuren angier antal personer, registreret pa arbejdsanisningskontorer; dette sarer ikke til antal arbejdslose. Luxembourg: ubetydelig arbejdsloshed. Belgien: fuldtids ledige personer, som modtager arbejdsloshedsunderstot telse. A 3 Forbrugerpriser: ndeks udarbejdet af Det statistiske Kontor for De europceiske Fcellesskaber. A 4 Balance oftrade: ncluding intracommunity trade. Community: trade with nonmember countries only. Calculated on the basis of the import and export figures adjusted for seasonal ariations by the Statistical Office of the European Communities. Threemonth moing aerages. Exports fob, imports cif; excluding monetary gold. Cuh>esfor recent months may be partly based on estimates. Belgium and Luxembourg: common cure. A 4 Handelsbalance: nkusie handel indenfor Fceesskabet. Fceesskabet: kun handel med ikke medlemsande. Beregnet pa grundlag af tal for import og eksport scesonkorrigeret af Det statistiske Kantor for De europceiske Fcellesskaber. Tre maneders gidende gennemsnit. Eksport fo.b., import c.if, ekskusie monetcert gud. Kurer kan for de seneste maneder cere deis baseret pa skon. Belgien og Luxembourg: fceles kure. C 1 mports: Seasonally adjusted alues in Eur proided by the Statistical Office of the European Communities. Threemonth moing aerages. Cures for recent months may be partly based on estimates. Belgium and Luxembourg: Common cure. C 1 mport: Scesonkorrigerede cerdier i Eur udfcerdiget a{ Det statistiske Kontor for De europceiske Fcellesskaber. Tre maneders gidende gennemsnit. Kurer kan for de seneste maneder cere deis baseret pa skon. Belgien og Luxembourg: fceles kure. C 2 Terms of trade: ndex of aerage export prices diided by the index of aerage import prices. Threemonth moing aerages. Source SOEC. C 3 Wholesale Prices: ndices of the Statistical Office of the European Communities. Germany and Netherlands: excluding VAT. C 4 Retail sales: ndices of the Statistical Office of the European Communities. (Values in national currency.) Threemonth moing aerage. Total retail trade. France: sales of department stores and similar. United Kingdom: index relates to Great Britain only. Cures for recent months may be part( based on estimates. C 5 Wages: ndices from SOEC. Hourly gross wages of workers. United Kingdom, reland and Denmark: indices from OECD ( 1970 = ). The latest data may be based partly on estimates. C 2 Bytteforhold: lndeks af gennemsnits eksportpriser diiderct med gennemsnits importpri.1er. Tre maneders gidende gennemsnit. Kilde: SKEF. C 3 Engrospriser: ndeks udarbejdet a{ Det statistiske Kontor for De europceiske Fcellesskaber. Tyskland og ene: ekskusie MOMS. C 4 Detailomsretning: ndeks udarbejdet af Del statistiske Kontor for De europceiske Fcelesskaber. (cerdi i national aluta) Tre maneders glidende gennemsnit. Samlet detailomscetning. Frankrig: salg fra stormagasiner og ignende. England: indeks omfatter kun Storbritanien. Kurer kan for de seneste mdneder cere deis baseret pa skon. C 5 Lonninger: ndeks udarbejder af SKEF. Bruttotimelonninger for arbejdere. England, Jrand og Danmark: ndeks udarbejdet af OECD ( 1970 = ). De seneste tal kan cere deis baseret pa skon. D 1 Output in the metal products industries: Seasonally adjusted indices of the Statistical Office of the European Communities; Three month moing aerages. Comparable figures are not aailable for Denmark and reland. D Produktion i metalindustri: Scesonkorrigeret indeks udarbejdet af Det statistiske Kontor for De europceiske Fceesskaher; tre maneders glidende gennemsnit. For rland og Danmark foreligger endnu ikke sammenlignelige tal. D 2 Dwellings authorised: Number of dwellings for which permits hae been issued. Germany: from 1968 West Berlin excluded. Comparable.figures are not aailable for the United Kingdom. Source: SOEC. reland: department of local goernment. D 2 Boliger hortil der er giet byggetilladelser: Antal udstedte byggetilladelser til boligbyggeri. Tyskland: ekskusie Vest Berlin. For Det forenede Kongerige foreligger endnu ikke sammenlignelige tal. Kilde: SKEF, rland: Department of Local Goernment. D 3 Tax reenue: Goernment tax reenue. Month( aerages. Germany: Federal and Lander taxes. Denmark: comparable figures are not aailable. Source: SOEC, reland: Central Statistics Office. D 3 Skatteindt regter: Statens skatteindtcegter manedsgennemsnit Tyskand:. inklusie skatteindtcegter i delstaterne. For Danmark foreligger endnu ikke sammenligneige tal. Kide: SKEF, 1! and: Central Statics Office.