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Table 5 RULCs and components

From: Real unit labour costs in Eurozone countries: drivers and clusters

  

Simulations

 

Changes explained by:

 

% Growth drivers*

  

S1

S4

S7

 

w t

(1− α t ) K t

A t

   
  

(A)

(B)

(C)

 

(A-100)

(B-A)

(C-B)

 

\(\frac{\mathbf{(B-A)}}{\mathbf{(A-C)}}\)

\(\frac{\mathbf{(C-B)}}{\mathbf{(A-C)}}\)

Capital-intensity driven gains in RULCs

           

Greece

 

104.7

80.3

79.7

 

4.7

-24.4

-0.7

 

97.4

2.6

Italy

 

122.7

97.8

83.5

 

22.7

-25.0

-14.3

 

63.6

36.4

Portugal

 

169.5

109.4

79.3

 

69.5

-60.1

-30.1

 

66.7

33.3

Spain

 

128.3

91.7

78.1

 

28.3

-36.6

-13.6

 

73.0

27.0

Technology driven gains in RULCs

           

Belgium

 

148.3

125.8

96.9

 

48.3

-22.4

-28.9

 

43.7

56.3

Finland

 

182.3

151.6

93.2

 

82.3

-30.7

-58.3

 

34.5

65.5

Ireland

 

197.2

142.5

73.6

 

97.2

-54.7

-68.9

 

44.3

55.7

Netherlands

 

136.3

118.0

88.3

 

36.3

-18.3

-29.7

 

38.2

61.8

Sweden

 

153.9

124.6

82.8

 

53.9

-29.3

-41.7

 

41.2

58.8

Balanced driven gains in RULCs

           

Austria

 

152.4

117.6

87.4

 

52.4

-34.8

-30.2

 

53.5

46.5

France

 

137.9

109.0

88.3

 

37.9

-29.0

-20.6

 

58.4

41.6

  1. Notes: S1, S4 and S7 correspond to Simulations 1, 4, and 7, as defined in Table 2; *:indicates the relative share of capital intensity and technological progress on the overall downward impact of these growth drivers on RULCs.
  2. Source: Own decomposition based on official European Commission data (Ameco Database).