contabilità nazionale 1861-2011
TRANSCRIPT
Quaderni di Storia Economica(Economic History Working Papers)
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Economic Theory and Banking Regulation: The Italian Case (1861-1930s)
by Alfredo Gigliobianco and Claire Giordano
Quaderni di Storia Economica(Economic History Working Papers)
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Italian National Accounts, 1861-2011
by Alberto Baffigi
Quaderni di Storia Economica(Economic History Working Papers)
Paper presented at the Conference “Italy and the World Economy, 1861-2011”
Rome, Banca d’Italia 12-15 October 2011
Number 18 – October 2011
by Alberto Baffigi
Italian National Accounts, 1861-2011
The purpose of the Economic History Working Papers (Quaderni di Storia economica) is to promote the circulation of preliminary versions of working papers on growth, finance, money, institutions prepared within the Bank of Italy or presented at Bank seminars by external speakers with the aim of stimulating comments and suggestions. The present series substitutes the Historical Research papers - Quaderni dell'Ufficio Ricerche Storiche. The views expressed in the articles are those of the authors and do not involve the responsibility of the Bank. Editorial Board: MARCO MAGNANI, FILIPPO CESARANO, ALFREDO GIGLIOBIANCO, SERGIO
CARDARELLI, ALBERTO BAFFIGI, FEDERICO BARBIELLINI AMIDEI, GIANNI TONIOLO. Editorial Assistant: ANTONELLA MARIA PULIMANTI.
Italian National Accounts, 1861-2011 A project of Banca d’Italia, Istat, University of Rome “Tor Vergata”
Alberto Baffigi
Abstract A great deal of new quantitative research has been produced over the last three decades which has radically changed the received interpretation of Italian economic development. Against this backdrop, the Bank of Italy, Istat and the University of Rome “Tor Vergata”, together with academics from other institutions, developed a project to estimate new historical national accounts time series. Our reconstruction covers the 150 years following the political unification of Italy and is based on the most up-to-date results in the literature. It provides estimates of supply and uses at constant and at current prices. The documentation could not be reported fully in the following few pages. The details will be presented in full in a book to be published in the coming months, co-authored by all who contributed to the enterprise. In this paper I draw a general picture of the new time series. I focus on historically significant periods, using them as case studies in order to illustrate some features of the new data, both technical and substantial. A detailed, if incomplete, methodological account of our work is given in the appendices. JEL Classification: C82, N13, N14 Keywords: Italy, National Accounts, Historical data reconstruction
Contents 1. .................................................................................................................. 5 Introduction2. .......................................................... 7 Earlier studies and a sketch of our methodology3. ................................................................. 11 The new series: an overview (1861-2010)4. ............................................................................... 12 Industrializing Italy (1861-1913)5. ........................................................... 13 Two wars and a great depression (1911-1951)6. .......................................................................................... 14 Some final considerationsTables and graphs ..............................................................................................................16 Appendix 1. Original work by the “150 anni” team.......................................................... 55 Appendix 2. The supply side (1861-1970): methods and sources..................................... 56 Appendix 3. The interpolating algorithm .......................................................................... 59 Appendix 4. From supply to demand: reconstructing national account demand side.
Italy, 1861-1970.......................................................................................... 60 Appendix 5. Non additivity of series in volume................................................................ 64 Appendix 6. The GDP series in Geary-Khamis 1990 international dollars ...................... 65 References.......................................................................................................................... 67
Bank of Italy, Structural Economic Analysis Department. Email: [email protected]
Quaderni di Storia Economica – n. 18 – Banca d’Italia – October 2011
1. Introduction1
A great deal of new quantitative research has been produced over the last three decades which has radically changed the received interpretation of Italian economic development as described by the old national accounts reconstructions. Against this backdrop, The Bank of Italy, Istat and the University of Rome “Tor Vergata,” together with academics from other institutions, developed a project to estimate new historical national accounts time series. Our reconstruction covers the 150 years period following the political unification of Italy and is consistent with the most up-to-date results. We obtained a new GDP series as well as supply and demand side estimates. For the supply side, value added at factor cost for eleven sectors and GDP at market prices have been estimated; for the demand side, public and private consumption and three categories of investment goods are provided. All the time series are at current and constant prices. Hence, sectoral and aggregated deflators are available for the whole of the 150 years.
This paper presents the new dataset. The statistical material is broad and it is based on a very large amount of methodological details that could not be reported fully in the following pages. They will be presented in detail in a book to be published in the coming months, co-authored by all who contributed to the enterprise.
It is worth recalling some of the advantages of organizing the whole corpus of Italy's quantitative economic history in a single framework, built on modern national accounts concepts.
First, it is a prerequisite for a thorough, complete and consistent interpretation of the whole of Italian economic history since Unification; international comparisons benefit from such a reconstruction, too. The quantitative sources used to reconstruct the time series are fragmentary by nature; their heterogeneous origins and quality could, in principle, prevent their use as sources for a consistent interpretation of the 150 years of Italy's economic history. The study of a country’s economic evolution requires the availability of consistent statistical material over a long time span; many features of the economic system need to be cross-examined. In some ways an effort of translation is required to make all the available sources and results speak the same language, that of national accounts. Indeed, our work is an exercise in translation and, like all translators, we were faced with numerous options and we had to make many choices.
Second, ensuring transparency and accessibility to our data and calculations is a tenet of this project. A prerequisite for such a broad and complex exercise in connecting and
1 I have worked on the “150 anni” national accounts project both with my own research and as coordinator of the group. This explains the birth of this paper, which builds upon joint work with Alessandro Brunetti and, for investment estimates, with Massimiliano Iommi. As usual, the opinions expressed are my own. My thanks go to Gianni Toniolo, who encouraged me from the outset of the project, providing insightful comments and sound advice. I also wish to thank Alfredo Gigliobianco for his valuable suggestions and Giovanni Vecchi for his contribution as a “shareholder” in the enterprise. Luisa Picozzi and Susanna Mantegazza assisted with invaluable professional advice. Giovanni Federico provided stimulating comments; I am also grateful for providing me his unpublished agriculture data. Paolo Sestito has contributed with his penetrating questions. As of today, Claire Giordano and Francesco Zollino, have been the most challenging users of our data. Much of my work could benefit from Ivan Triglia’s great help, and for the 1871 benchmark also from his co-authoring collaboration. I was also pleased to collaborate with Patrizia Battilani, Riccardo De Bonis, Fabio Farabullini, Emanuele Felice, Ferdinando Giugliano, Miria Rocchelli, Alessandra Salvio and Vera Zamagni. Finally, despite my longstanding work experience with “Biblioteca Paolo Baffi” staff, I keep on being impressed by their professional standing and kindness.
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homogenizing various and assorted statistical material is a systematic inventory of all primary and secondary sources, and this is an important by-product of our efforts. Our methodological choices and all primary and secondary sources are documented in this paper, with additional details supplied in the forthcoming book. Our aim is to make all data and documentation easily accessible to scholars and students and we regard our work as an “open source” enterprise. Replicability and detailed documentation are important new features of the data presented and have not always been the objective of earlier reconstructions.
The quality of the data used in the national accounts reconstruction is generally very high according to international standards. Indeed, in building our project we stood “on the shoulders of giants” as many of the results we worked on were from studies published in major international journals by scholars such as Giovanni Federico, Stefano Fenoaltea and Vera Zamagni.
We followed a two-layer approach. The first layer contains the input of our work, the second is national accounts reconstruction in action. The first layer involved collecting and extending the results on different sectors obtained with different methodologies in different moments by different authors. More research was needed, however, before we could proceed to make national account estimates. Some of the results forming the overall picture are part of this project, namely the new estimates of value added in services from 1861 to 1951 by Battilani, Felice and Zamagni (2011); the bank sector value added (1861-2010) estimated by De Bonis, Farabullini, Rocchelli and Salvio (2011); industrial value added between 1928 and 1938 by Giugliano (2011) and the new benchmark for 1871 by Baffigi, Battilani, Felice, Triglia and Zamagni (2011). In the first part of Section 2, a very brief survey of the first layer is sketched (see also Figure 1). Appendix 1 provides short abstracts of the original “first layer” research included in the project.
This is mainly a paper about the second layer of the research which aimed to reconcile and connect all the available results within national accounts concepts and definitions.2 All the inputs had to square in order to give shape to the national accounts time series. Some methodological details are provided in this paper only for the second layer of the project (Appendices 2 to 5, which should not be read before Section 2). Appendix 6 explains the methodology behind our estimates of GDP at Geary-Khamis 1990 international dollars in order to perform international comparisons along the lines traced by Angus Maddison. Section 3 is an overview of the new time series over the 150 years of Italian national life. Sections 4 and 5 are case studies: they show some historiographical implications of our data, respectively for the fifty years after Unification (the industrialization years) and for the interwar years. Some reflections are set out in the concluding section.
2 Baffigi and Brunetti worked at the second layer. Massimiliano Iommi (Istat) joined the project to contribute to the demand side estimation.
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2. Earlier studies and a sketch of our methodology
Earlier studies
The first complete system of national accounts conceived as a support for Italian economic history research was developed by Italy’s National Statistical Agency (ISTAT) and published in 1957,3 early by international standards. Istat's estimates were further developed during the 1960s by the Ancona group led by Giorgio Fuà, with a central contribution by the statistician Ornello Vitali. Though an important pioneering effort, these attempts unfortunately failed to fully meet some of the basic requirement for scientific work, such as transparency and replicability: a common feature of such early studies was their scanty documentation. Moreover, some historiographical inconsistencies sparked a mild scepticism about the data among scholars. Despite these reservations, however, the data were widely used by Italian and foreign scholars. A new edition of Fuà's book, containing only minor changes, was published at the end of the 1970s.4 In the meantime a new empirical research strategy had been pursued for some years by Stefano Fenoaltea, who used a large array of new historical sources with acumen and originality. This work led him to produce new estimates of disaggregated industrial value added at constant prices for 1861-1913 (Fenoaltea 2006). Albert Carreras, in his PhD dissertation (1983), produced a new index of Italian industrial production from 1861 to 1980. Meanwhile, Giovanni Federico's research had produced more solid knowledge of agriculture during the first five decades of Italian life (see Federico 2003 and references therein). The production of more reliable long-term time series on Italian output was gaining momentum.
In 1990, Roberto Golinelli and Milena Monterastelli reconstructed national accounts from 1951 to 1990 in order to obtain data consistent with the most recent system of accounts (ESA 1979). In 1991, Angus Maddison reconstructed the GDP series at constant prices from 1861 to 1989, using Fenoaltea’s data as well. In 1992, a team coordinated by Guido Rey and sponsored by the Bank of Italy for its centenary provided detailed national accounts for 1911: the year of the first Italian census of industry and commerce was taken as benchmark. The project involved a later estimation of other benchmark years to be used as constraint in a general reconstruction of annual national accounts time series from 1890: a 25x25 input-output matrix was estimated; supply and uses accounts at the same disaggregation level were calculated. This rather ambitious task was still far from accomplished when Nicola Rossi, Andrea Sorgato and Gianni Toniolo, searching for a measure of aggregate productivity, decided that a preliminary summing up was in order. They built upon the new and incomplete state of the art in Italian historical data and provided complete national accounts time series stretching from 1890 to 1990.
Fenoaltea was still working on his project, building other industrial production time series for other products. Moreover, between 2000 and 2002, three new benchmarks were produced by the Rey-Banca d'Italia group, namely for 1891, 1938 and 1951, while a couple of year later Fenoaltea achieved a first reconstruction of constant prices (1911) GDP for the period 1861-1913.
3 Istat, Indagine statistica sullo sviluppo del reddito nazionale dell'Italia dal 1861 al 1956, 1957. The following year Istat published Sommario di statistiche storiche (1861-1955). 4 The book by Fuà (1978) contains a statistical section prepared by Paolo Ercolani to which I refer in the following pages (Ercolani 1978).
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The state of the art for Italian historical data at the time we began working on our project is summarized by the black items in Figure 1. The initial year in the new project was shifted back to the very origin of the Italian state, 1861.
Our supply side estimates
Our reconstruction strategy starts from the benchmarks, which are treated as cornerstones. We had four of them (1891, 1911, 1938 and 1951). They were conceived as the pillars of a bridge spanning from the industrialization years, at the end of the 19 century, to the much better known scene of post-World War II. After 1951, the path to the most recent national accounts was a much smoother and easier one. We wanted to extend our reconstruction to the earliest economic history of Italy so we built a new benchmark for 1871. We also wanted to get closer to the most recent years in our history so we included the new 1970 benchmark, built by Luisa Picozzi (2011).
th
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The year 1970 is the first year of the official national accounts data provided by the Italian statistical office (Istat). The data conform with the ESA 1995 standard, which is based on concepts, classifications and definitions that are quite different from the pre-ESA ones, on which the benchmarks are based. As a result, in order to obtain the 150 year-long series we had to adopt a two-step approach:
1) First, we looked for appropriate sources to interpolate the benchmarks in order to produce time series consistent with the pre-ESA standard, over the 1861-1970 period. This is the bearing structure of our project. The statistical material, the first layer of our project, is shown in Figure 1. It provides us with information about value added at current prices and/or value added at constant prices and/or implicit deflators for each sector we consider in our reconstruction. These three aggregates are obviously linked and, given two of them, the third is uniquely determined: in each case we let the least reliable be determined by the other two. For example, for the period 1861-1911 the level of Fenoaltea's industry data at 1911 prices was taken as a given, while Ercolani’s (1978) implicit deflators were used to get information only about price changes and not about levels: in fact, we use them as proxies to get deflators that are consistent both with the benchmarks and with Fenoaltea's data. Thus, we can find ourselves in one of the four typical cases described in Table 6, where we explain our interpolating strategy as depending, for each sector and each between-benchmarks period, on the answer to two questions about 1) the reliability “in level” AND consistency with the benchmarks of a given current prices time series (where AND is to be understood in the Boolean sense: the answer is “yes” only if both conditions are satisfied); 2) the reliability “in level” of a constant prices time series. In this paper I treat the reliability as an open and simply intuitive concept. Full and detailed motivations will be provided in the forthcoming book. However, some specific information about our sources and methodology can be found in Appendix 2, while the simple method used for interpolating by means of proxy time series is described in Appendix 3.
2) Second, after the pre-ESA 1861-1970 reconstruction we had to connect those series with the official Istat 1970-2010 national accounts series. We decided to interpolate the 1951 benchmark with the 1970 official data (of course, not equal to the 1970 pre-ESA benchmark), using the pre-ESA estimates dynamics as a proxy. The implicit assumption was
5 We thank Guido Rey, Sandro Clementi and Luisa Picozzi for providing us with their still unpublished work, in particular with the data concerning the new benchmark for 1970. The paper by Rey et al. will be published in the Bank of Italy’s Working Paper series Quaderni di storia economica.
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that the need for an update in the national accounts definitions disappeared from 1970 back to 1951. First, however, we had to solve a classification consistency problem: our eleven pre-ESA sectors were not consistent with the ESA 1995 classification on which the official Istat time series (1970-2010) are based. The definitions are very different and it is not a trivial task to homogenize such classifications. We therefore decided simply to refer to a higher level of sectoral aggregation that allowed us to find a common sector definition. Basically, we had to cope with a trade-off between the degree of sectoral detail and the length of the series: in order to obtain 150 years long series we had to lose some information concerning the 1861-1970 period.6 Our solution is summarized in Table 3, where column 1 lists the 25 pre-ESA sectors used in the benchmarks, the second column reports the aggregated sectors used to connect the benchmarks, and the third column displays the four aggregated sectors used for the “long” series 1861-2010. The main elements of our supply side reconstruction are reported in Appendix 2.
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Our demand side estimates
We considered the results obtained for the supply side as constraints for the demand side estimates. In other words, we did not make independent demand side estimates reciprocally balanced with the supply side ones.8 Given the GDP level at market prices, we obtained an estimate of total internal uses as the differences of total sources (GDP + imports of goods and services) minus external uses (exports of goods and services).9 The various elements of internal uses, estimated independently, are then imposed to meet this constraint by consistently rescaling their sum. In the end, our demand side is made up of consumption (public and private) and some categories of investment goods (see below). For the demand side reconstruction we also moved from the estimates provided by the benchmarks, interpolated by using the indicators presented in Appendix 4. For investments, the benchmarks provide information about the amount of investment goods produced by each sector. Our aim, however, was to estimate investment series classified by categories of goods. Thus, we took the construction and mechanical engineering sectors as they evidently produce two identifiable and meaningful categories of investment goods: “construction” and 6 However, all results obtained and procedures used for the 1861-1970 period estimates are available for researchers, partially in the "NA150-1.0" dataset and fully in the "NA150-2.0" dataset to be released with the forthcoming book. In the last part of this section a brief description of the Excel file containing the former dataset is provided. 7 A tedious but important technical note. The differences between the two blocks of estimates (i.e. 1861-1970 and 1861-2010) are not limited to the disaggregation levels. Other differences arise for two reasons. The first one, the most important, is related to the 1951-1970 period and is basically due to the difference between the pre-ESA and ESA 1995 values for 1970. The second reason is due to the different treatment of the "financial intermediaries services indirectly measured" (FISIM) in the two estimates. Consistently with the benchmarks, in the 1861-1970 estimates FISIM are assumed to be consumed by a conventional unit, in order to avoid double counting; in the 1861-2010, consistently with the ESA 1995 standard, they are allocated to each sector in proportion of the importance of financial services for its activity. In the 1861-1970 case, in order to obtain GDP, we have to deduct FISIM from the sum of sectoral values added; in the 1861-2010 case, GDP is exactly equal to the sum of sectoral values added. So, while the GDP level is the same in the two cases, sectoral values added are lower in the 1861-2010 estimates. 8 In fact, in working on the demand side we could not rely on solid recent work as we had for the supply side. We therefore decided to be guided by the strongest. 9 We estimated imports and exports of goods and services by interpolating the values of the benchmarks. Interpolations were achieved by using the data of imports and exports of goods reconstructed by Federico, Natoli, Tattara and Vasta (2011).
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“plant, machinery and transport equipments,” respectively. We aggregated all the other investments goods in a residual category (see Appendix 4, section 3). We ended up with three categories of investment goods: construction; plant, machinery and transport equipments; other investment goods.
As with the supply side, we started by estimating time series for the period 1861-1970, framed in the pre-ESA national accounts standard. We then interpolated the 1951 benchmark with the first (1970) official year using the growth rates of pre-ESA time series as proxies. In our main estimates, changes in inventories are not separated from fixed investments. In fact, an estimate of inventories has been made for practical reasons, but we regard it as a less robust result.10 Similarly, we also provide a disaggregation of investment in construction.
As in the case of the supply side, we had to cope with different classifications of the series in the pre-ESA and ESA standards. In particular, while in the pre-ESA frame (1861-1970), investment in construction is divided into housing, public works and non-residential construction, in the ESA frame only housing and non-housing are reported (non-housing being the sum of public works plus non-residential construction). On the other hand, in the official (1970-2010) tables, investments are presented net of inventory variations; the total value of the latter is separately reported. Thus, in order to link our 1861-1970 estimates with the official 1970-2010 investment data, we had to use our fixed investments estimates, providing a separate series for inventories variation. Table 4, column 1, displays the investment classification used in our main estimates; columns 2 and 3 contain the more disaggregated items for 1861-1970 and 1861-2010 estimates, respectively.
Our main supply and uses estimates (1861-2010) are reported in Table 1 (current prices) and Table 2 (constant 2010 prices). In line with our “open source” philosophy, fourteen more tables are included in the accompanying Excel file (see Table 5), reporting our more important intermediate products and by-products. More information about calculations and intermediate procedures will be made available in the forthcoming book.
Our deflator estimates
Deflators were obtained for GDP and for both supply and demand side items. In our estimates, reference years vary across sub-periods and, in particular, 1861-1911 is based on 1911 prices, 1911-1951 on 1938 prices, 1951-1970 on 1963 prices, and 1970-2010 on 2010 prices. This means that, for each item (i.e. sectoral value added on the supply side; and consumption and investment items on the demand side) deflator time series are segmented by sub-period. This feature must be kept in mind when using our series at constant prices. In particular, when a base year for all 150 years is calculated, the resulting series at constant prices suffers from potentially serious non-additivity problems. On this issue see Appendix 5.
The Excel file
Our 1861-2010 supply and uses estimates are reported in Tables 1A and 1B (current prices) and Tables 2A and 2B (constant prices). All values are in million euros. Tables 1A and 1B, together, correspond to worksheet Tab_1 in the accompanying Excel file: Tab 2A and 2B to Tab_2. In line with our “open source” philosophy, the file contains 9 more tables
10 We assumed pro-cyclicality of inventories, which were thus estimated with a common Baxter-King de-trending procedure.
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(see Table 5); they report our more important intermediate elaborations and by-products. This is the “NA150-1.0” version of our dataset. Together with the forthcoming book, more information will be made available, and a “NA150-2.0” dataset version will be released.
3. The new series: an overview (1861-2010)
A broad picture of the main features of the new data is provided by the GDP time series. Figure 2 shows the log of GDP at constant prices, normalized to zero in 1861. It can be interpreted as an approximation of rates of change with respect to 1861. Given the deep trough of WWII and subsequent acceleration, the earlier events described by the series are obviously of a smaller order of magnitude. In particular, it took almost 80 years to double the initial per capita GDP: the highest GDP level since Unification was reached in 1939, one year before Italy entered the war. It doubled again in the early 1960s.
Some interesting general features of Italy's economic history can be deduced from Figure 3, which shows the growth rates of GDP at constant prices throughout our 150 years. Five broad periods are identifiable at a glance: first, from Unification to 1890 a rather erratic pattern emerges with growth rates showing alternating negative and positive signs; second, from 1890 to World War I the growth rate was sustained and always positive; third, from WWI to WWII there were very variable and sizeable variations; after WWII until the oil crisis of the 1970s, with regular and high growth rates (apart from the 1963 crisis); from the oil crisis to the present day.
These periods identify important steps in Italy's industrial development, with a different structural character and different dynamics. This character can be captured by the evolution of sectoral shares, a calculation that is now possible thanks to one of the new features introduced by our reconstruction, i.e. the estimates of sectoral value added current prices during the 150 years.11 In Figures 4 to 6, the structure of the economy is shown for three periods: 1861-1911, 1911-1951 and 1951-1970.
In the first period, the structural change in the Italian economy, as broadly described by the shares of value added of the three large sectors, shows a basically stable share for industry, a slowly declining share for agriculture and a growth in the weight of the tertiary sector. This evolution hides an interestingly mixed contribution of changing quantities and relative prices. Again, our reconstruction of sectoral deflators (one of the new, characteristic elements of the “150 anni” national accounts database) allows us to identify quantity and price contributions to changes in shares. I will deal with the issue in the following section, referring to the period 1861-1911.
Turning to the demand side, Figure 7 shows the downward tendency of the share of total resources channelled to private consumption, with a fall during World War I and after 1929. More interestingly, Figure 8 shows the accumulation rate (investment/GDP ratio) which fluctuates around 5-6 per cent during the first decade after Unification, a value typical of a backward economy. It increases from the early 1870s until 1873 (the so-called “triennio febrile,” the feverish triennium); after ups and downs around 10 per cent, it drops back to 7-8 per cent after 1887; investment activity begins to accelerate sharply at the end of the century 11 Fenoaltea (2011) obtained reasonable estimates of the sectoral shares over the first five decades after Unification bu modifying his sectoral value added shares at 1911 prices, taking into account the 1891 and 1911 benchmarks of Rey-Bank of Italy. Estimates of the shares for the period 1861-1880 are obtained by assuming similar productivity growth in the three sectors. In fact, his ingenious estimates of the sectoral shares do not require estimates of price deflators.
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until 1907. This was a year of world crisis, when Italy's accumulation rate reached a peak value that was only attained again during the “economic miracle” after World War II and then increasingly left behind until 1963, when Italy recorded a historical high.
The history of a medium-sized economy such as Italy, largely a price taker in the world economy, cannot be understood without considering its trade relations with other countries. Italy's openness to trade during the 150 years is shown in Figure 9, where the main phases of development are highlighted by waves of rising or falling the importance of external trade in economic activity.
4. Industrializing Italy (1861-1913)
Before Fenoaltea's reconstruction of industrial data for the period 1861-1913, the prevailing interpretations depicted Italian industrialization as a sudden and revolutionary structural break occurring at the end of the 19th century, the effects of which spanned the Giolitti period (1898-1913) with an interruption only during WWI. Fenoaltea's time series are the backbone of our reconstruction which thus largely shares the time profile of his time series. As shown in Figure 10, the time series of GDP at constant prices of Ercolani (1978), Rossi, Sorgato and Toniolo (1993), and Maddison (2010) show a sudden and sharp acceleration in growth around the end of the 18th century. Our new series, instead, closely follows Fenoaltea's, with a pattern of roughly regular growth along the five decades, although an acceleration occurs during the Giolitti period. This new pattern of growth introduces a completely new view in the commonly accepted historiographical perspective of Italy's industrialization. There are no more Rostowian or Gerschenkronian take-offs or big spurts. Natura non facit saltus, the industrialization of a country (in this case Italy) does not proceed by sudden and rapid changes.
Discontinuity seems to disappear from the picture. Is this a conclusive result? I will not try to give an answer in this paper. I would just like to point out that deflators for sectoral values added, which is one of the main novelties of our reconstruction, may widen the debate, which has so far been confined to 1911 prices time series.12 If we assume that innovations pushed the prices of some industrial sectors down and that, for a given demand curve, growth in the output of those products is observed, then we can expect that aggregating sectoral values added with 1911 relative prices may underestimate the total growth in value added. Nothing new: we know that Alexander Gerschenkron taught economic historians about this index number problem as early as the 1950s.13 In fact, the 1911 reference year, which is more or less located at the end of an important wave of industrialization, may bias downwards the Giolittian acceleration in the growth rate.
This intuition seems to be corroborated by using our new deflators. Deflators are weights we use to aggregate quantities, so I used different base years deflators to aggregate our eleven sectoral values added. The results of the exercise are summarized in Figure 11, where GDP estimates, from 1861 to 1911, are provided at 1871, 1881, 1891, 1901 and 1911 prices. The lines in the graph show that changes in base years produce observable effects only from the 1880s onwards; before then the change in base year does not seem to matter. If 12 All Fenoaltea's reconstructions are at constant 1911 prices. In 1911 the first census for Italy's industry and commerce took place. See Fenoaltea (2011). 13 Gerschenkron (1947). See also Ames and Carlson (1968), Jonas and Hardy (1970), and Scott (1952). Nicholas Crafts dedicates some important pages to this problem in his book about the British industrial revolution (Crafts 1985, pp. 17 ff.).
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we take this index number bias as a measure of economic development (Ames and Carlson 1968), the preliminary analysis seems to indicate that some acceleration in the path towards industrialization already took place during the 1880s, while a second more robust wave occurred during the Giolitti period. On this point, a future line of research should aim to reconstruct deflators at a higher level of disaggregation, with special focus on the manufacturing sectors, of which we could estimate only an aggregate deflator.
Deflators can be also profitably used to get some more insight from the analysis of structural changes. In Figure 4 we note the stable share of industry over the fifty post-Unification years. Using sectoral deflators we can decompose the shares at current prices, considering both relative prices and quantity effects. Figure 12 shows that quantity tended to push up industry's share throughout almost the whole the period, while relative price movements offset the expansion in real production. Interestingly, the quantity effect is greatest in the 1880s and in the Giolitti period.
More subtly, historical time series may convey some information that is not immediately evident. Maria Elena Bontempi, Roberto Golinelli and I (2011) compare the new GDP time series at constant prices with earlier GDP reconstructions. More precisely, we focus on the possibly shared long-run properties of the different series by analysing their co-integrating relationship. Interestingly, a co-integrating relationship emerges between our GDP series and Ercolani's. Two features reconcile their undeniably different shape (Figure 10) with their sharing a common stochastic trend: first, in the co-integrating vector the long-run elasticity of our GDP to Ercolani's is significantly smaller than one (about 0.5); this means that, although the movement of the two series is propelled by the same engine, their reaction to a shock may be different and the process leading both series back to share their common long-run path is slow; second, the co-integrating relationship emerges only if we allow for a linear deterministic drift that captures the more stable growth rate of the new GDP series. In fact, if our results are confirmed, they point to old and new series sharing some common features that are worth investigating: it could turn out that the evidence conveyed by the new data are more subtly different from the old ones than would appear simply by inspecting their graphs. New research could lead to a less radical jump in the interpretation of Italy's industrializing pattern.
Some other interesting new features of our data emerge if we look at the demand side. In the old Ercolani series, private consumption per capita fell sharply during the third war of independence (1866) and then stagnated at those low levels until the end of century when a recovery led it back close to its initial level. By contrast, our new series, after a similar fall in 1866, shows a strong recovery from 1873 to 1887, when consumption per capita reached a level similar to the 1865 peak. It fluctuated around a slightly lower level until 1900, when a new strong recovery started, lasting until 1909, a new historical high (Figure 13). New features also characterize our investment series. In Figure 14 the new series of investments in plant and equipment at constant 1911 prices is compared with earlier estimates: it is interesting to note the faster pace of our series in important historical periods such the beginning of the 1870s, the 1880s and above all the Giolitti period until the 1907 crisis.
5. Two wars and a great depression (1911-1951)
Numerous studies populate the difficult interwar period in Italy, many of which tend to stress the inadequacy of available quantitative reconstructions. New national accounts reconstructions were eagerly awaited by many scholars and we have tried to fulfil their
13
expectations. Unlike our estimates for the period 1861-1911, the new time series for the four decades 1911-1951 are based on the use of hitherto little exploited statistics.
The two ovals in Figure 15 highlight the main changes introduced by our work. The one on the left refers to Italy's economic performance during World War I. Stephen Broadberry (2005) noted that available national accounts series “all show an extremely large increase in Italian GDP during World War I, which is hard to square with both the experience of other countries during World War I and the generally pessimistic tone of the literature on the Italian war economy” (Broadberry 2005, p. 305).
The new GDP series in the period examined by Broadberry follows a much more moderate path. The main innovation is based on the work of Patrizia Battilani, Emanuele Felice and Vera Zamagni, which is part of this project.14 In particular, their estimate for general government value added at current prices is much lower than, for instance, that of Ercolani (1978): the new data imply a 200 per cent growth between 1913 and 1918, compared with 800 per cent in the earlier estimates. An even greater difference emerges if we consider constant price estimates: according to Baffigi and Brunetti's15 calculations, the growth in general government value added at 1938 prices over the period 1913-1918 is a mere 13 per cent, whereas the growth rate calculated with Ercolani's data is 580 per cent.
The oval on the right in Figure 15 refers to Italy's performance during the Great Depression. The revision with respect to earlier estimates is entirely attributable to another member of our team, Ferdinando Giugliano, who revised recent estimates of industrial value added by Carreras and Felice (2010). He makes an interesting critical use of certain sources, such as labour market statistics and an industrial production index produced by the Ministero delle Corporazioni.16 Overall, if we look at GDP movements, we notice a sharp fall in activity in the years immediately after 1929, not unlike earlier estimates. However, our data show a very different timing for the ensuing recovery: now it takes some years for the recovery to begin. Only in 1937, after an illusory blip in 1935, did GDP reach the same level as in 1929. The new total industrial value added time series at 1938 prices is shown in Figure 16.
Private consumption per capita seems to reflect this movement in economic activity: after 1929 it declines steadily until 1936 (the only partial exceptions being 1932 and 1935) when a recovery begins, which is suddenly broken off by the outbreak of World War II (Figure 17). Investment in plant and equipment followed a similar path, reaching a peak in 1929 and then falling sharply; it was only in 1938 that a higher level was reached (Figure 18).
6. Some final considerations
A GDP series covering the whole of Italy's history has been estimated, together with sectoral value added and, for the demand side, disaggregated consumption and investment. All the time series are available both at current prices and in volume. This is the output of the project I present in this paper. The importance of this update of sources for Italy's
14 De Bonis et al. (2011) contributed to the estimates of value added of services with a study on the financial sector. 15 Baffigi’s and Brunetti’s calculations of value added of services at constant prices are largely based on the previous indications of Vera Zamagni. 16 These sources were not new in the literature (Mattesini and Quintieri 1997), but they had not been exploited for a new estimate of industrial value added.
14
economic history cannot be overstated. The period 1861-1951 has been dissected and heavily revised by our work; it was then connected with the ensuing years (1951-1970, less heavily revised) and, finally, with the official 1970-2010 Istat data to obtain a quantitative documentation of Italy's entire economic history. The Bank of Italy, Istat and the University of Rome “Tor Vergata,” which jointly launched the project, can now deliver the new data to the international scientific community.
As I emphasized in the introduction, we did not work in a vacuum. The obsolescence of the old historical national accounts was caused by the results obtained by scholars during the last thirty years. New results have been added by studies forming part of our project, namely the new estimates of value added time series, at current and constant prices, for services (1861-1951), for industry for the period 1928-1938, as well as a new benchmark for 1871 of both supply and uses. Old and new results were the input of our reconstruction work, the first layer of the project.
Elaboration, homogenization and reconciliation of this corpus of quantitative research was the task of the second layer of the project. We brought all available data into a common conceptual space provided by the national accounts framework. We have constructed deflators, either revising old ones or estimating new ones ex novo, and we have estimated supply- and demand-side series covering 150 years of Italy’s history. Important elements have been added to the economic historian's toolbox.
After this task has been accomplished, it is natural to think about possible refinements, or about new lines of research to build upon the results just obtained. A disaggregation of the manufacturing sector could bring some important new information, in particular about the first industrialization period, between Unification and World War I. Detailed sector value added data do exist (see Fenoaltea, 2006 and bibliography therein), but they are all at 1911 constant prices. No deflators are available for this period. An effort to construct more disaggregated deflators for the manufacturing sector would be extremely useful for a better understanding of the patterns of industrialization in Italy.
Another interesting research topic is related to demand-side estimates which, as emphasized in the previous pages, are not based on statistical material as robust as that available for value added estimates. Many archival sources are awaiting discovery and could be incorporated advantageously in our overall framework, similarly to the ones we have already used to estimate investment in means of transport for 1911-1951.
Notwithstanding potential refinements and improvements, which are encouraged by the transparency of our methodologies and assumptions, Italy too can now boast a complete and consistent historical national accounts framework which beckons new and more accurate interpretations of the country’s 150 year-long history.
15
Tab
le 1
A -
Sup
ply
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s)
Val
ue a
dded
: ind
ustry
Y
ear
Val
ue a
dded
: ag
ricul
ture
In
dust
ry in
clud
ing
ener
gy
Con
stru
ctio
nsTo
tal
Indu
stry
Val
ue a
dded
: Se
rvic
es
Tota
l Val
ue
Add
ed
Net
Indi
rect
Ta
xes
GD
P at
mar
ket
pric
es
Impo
rts
Tota
l sup
ply
1861
2.
056
0.89
60.
089
0.98
51.
181
4.22
20.
218
4.44
10.
618
5.05
9
1862
2.
062
0.86
40.
103
0.96
71.
230
4.25
90.
236
4.49
40.
625
5.11
9
1863
1.
995
0.84
40.
102
0.94
61.
254
4.19
50.
236
4.43
00.
677
5.10
7
1864
1.
917
0.86
00.
101
0.96
01.
272
4.14
90.
292
4.44
10.
744
5.18
5
1865
2.
107
0.85
20.
100
0.95
11.
325
4.38
30.
361
4.74
40.
727
5.47
1
1866
2.
160
0.94
50.
092
1.03
71.
454
4.65
20.
403
5.05
50.
656
5.71
1
1867
2.
199
0.96
80.
088
1.05
51.
334
4.58
80.
264
4.85
20.
607
5.46
0
1868
2.
344
0.96
00.
089
1.04
91.
403
4.79
60.
322
5.11
80.
612
5.73
1
1869
2.
197
0.97
50.
079
1.05
41.
374
4.62
50.
305
4.93
00.
639
5.56
9
1870
2.
299
0.96
80.
082
1.05
01.
408
4.75
80.
283
5.04
00.
612
5.65
2
1871
2.
259
1.00
50.
095
1.10
01.
416
4.77
40.
308
5.08
20.
628
5.71
0
1872
2.
394
1.09
90.
113
1.21
21.
514
5.12
00.
311
5.43
10.
764
6.19
5
1873
2.
802
1.18
70.
131
1.31
81.
619
5.73
80.
316
6.05
40.
815
6.86
9
1874
2.
956
1.09
00.
139
1.22
91.
666
5.85
10.
316
6.16
60.
815
6.98
1
1875
2.
289
1.03
80.
107
1.14
41.
525
4.95
80.
344
5.30
10.
753
6.05
4
1876
2.
176
1.04
10.
098
1.13
91.
546
4.86
00.
357
5.21
80.
807
6.02
5
1877
2.
599
1.16
50.
106
1.27
11.
621
5.49
00.
387
5.87
70.
695
6.57
3
1878
2.
633
1.10
00.
106
1.20
61.
636
5.47
40.
375
5.84
90.
656
6.50
5
1879
2.
477
0.99
50.
104
1.09
91.
657
5.23
20.
383
5.61
50.
777
6.39
2
1880
2.
710
1.02
90.
123
1.15
21.
724
5.58
60.
381
5.96
80.
739
6.70
7
1881
2.
562
1.04
70.
127
1.17
41.
734
5.47
00.
408
5.87
80.
797
6.67
5
1882
2.
639
1.10
50.
144
1.24
91.
763
5.65
10.
411
6.06
30.
800
6.86
3
1883
2.
422
1.05
60.
150
1.20
61.
776
5.40
40.
415
5.81
90.
796
6.61
5
1884
2.
213
1.02
40.
152
1.17
51.
795
5.18
30.
451
5.63
40.
769
6.40
3
1885
2.
397
1.11
90.
165
1.28
41.
878
5.55
90.
470
6.02
80.
874
6.90
2
1886
2.
576
1.19
30.
164
1.35
81.
968
5.90
10.
464
6.36
60.
842
7.20
7
Tab
les a
nd g
raph
s
16
Tab
le 1
A -
Sup
ply
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
V
alue
add
ed: i
ndus
try
Y
ear
Val
ue a
dded
: ag
ricul
ture
In
dust
ry in
clud
ing
ener
gy
Con
stru
ctio
nsTo
tal
Indu
stry
Val
ue a
dded
: Se
rvic
es
Tota
l Val
ue
Add
ed
Net
Indi
rect
Ta
xes
GD
P at
mar
ket
pric
es
Impo
rts
Tota
l sup
ply
1887
2.
357
1.11
00.
152
1.26
22.
038
5.65
70.
487
6.14
40.
925
7.06
9 18
88
2.28
81.
085
0.15
41.
239
2.05
85.
585
0.51
56.
100
0.67
56.
775
1889
2.
443
1.14
00.
152
1.29
22.
103
5.83
80.
512
6.35
00.
786
7.13
6 18
90
2.71
41.
157
0.16
11.
318
2.14
36.
175
0.48
86.
663
0.72
47.
386
1891
2.
758
1.13
40.
161
1.29
62.
139
6.19
20.
476
6.66
90.
597
7.26
6 18
92
2.45
11.
087
0.15
41.
241
2.12
85.
820
0.44
86.
267
0.61
36.
880
1893
2.
394
1.09
80.
146
1.24
52.
117
5.75
50.
452
6.20
60.
623
6.82
9 18
94
2.31
81.
039
0.14
51.
183
2.10
95.
610
0.46
96.
080
0.60
76.
687
1895
2.
566
1.09
50.
125
1.22
12.
185
5.97
10.
475
6.44
60.
606
7.05
2 18
96
2.55
81.
132
0.12
31.
255
2.26
26.
075
0.49
16.
567
0.60
17.
168
1897
2.
576
1.11
80.
128
1.24
52.
295
6.11
60.
478
6.59
40.
608
7.20
2 18
98
2.61
71.
169
0.13
11.
300
2.34
36.
260
0.47
36.
733
0.71
87.
451
1899
2.
694
1.29
20.
133
1.42
52.
387
6.50
60.
483
6.98
90.
769
7.75
8 19
00
2.77
31.
240
0.14
41.
384
2.49
06.
647
0.51
77.
164
0.87
08.
034
1901
2.
829
1.29
20.
159
1.45
12.
521
6.80
20.
521
7.32
30.
884
8.20
7 19
02
2.77
91.
295
0.18
01.
475
2.56
76.
821
0.54
27.
363
0.92
88.
291
1903
2.
937
1.31
70.
195
1.51
22.
688
7.13
70.
544
7.68
21.
036
8.71
8 19
04
2.94
21.
313
0.20
31.
517
2.76
47.
223
0.53
87.
761
1.00
68.
767
1905
3.
011
1.44
70.
213
1.66
02.
886
7.55
70.
586
8.14
31.
152
9.29
4 19
06
3.31
61.
632
0.21
91.
850
3.11
18.
277
0.65
38.
931
1.40
010
.330
19
07
3.57
91.
892
0.24
12.
133
3.26
88.
980
0.61
79.
597
1.60
911
.206
19
08
3.35
01.
878
0.24
72.
125
3.41
78.
892
0.65
49.
546
1.55
011
.096
19
09
3.42
51.
975
0.30
52.
280
3.53
69.
240
0.68
99.
929
1.65
311
.582
19
10
3.50
72.
049
0.36
12.
410
3.71
39.
630
0.74
510
.375
1.74
112
.115
19
11
4.11
32.
181
0.36
22.
542
4.03
510
.690
0.83
411
.524
1.81
513
.339
19
12
4.20
32.
440
0.42
12.
861
4.23
111
.294
0.83
412
.129
1.97
614
.105
17
Tab
le 1
A -
Sup
ply
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
V
alue
add
ed: i
ndus
try
Y
ear
Val
ue a
dded
: ag
ricul
ture
In
dust
ry in
clud
ing
ener
gy
Con
stru
ctio
nsTo
tal
Indu
stry
Val
ue a
dded
: Se
rvic
es
Tota
l Val
ue
Add
ed
Net
Indi
rect
Ta
xes
GD
P at
mar
ket
pric
es
Impo
rts
Tota
l sup
ply
1913
4.
484
2.46
50.
446
2.91
24.
416
11.8
120.
861
12.6
731.
945
14.6
19
1914
4.
128
2.29
50.
475
2.77
04.
291
11.1
890.
791
11.9
801.
564
13.5
44
1915
4.
622
2.35
30.
410
2.76
45.
052
12.4
380.
882
13.3
202.
487
15.8
06
1916
6.
708
3.53
90.
304
3.84
36.
960
17.5
101.
469
18.9
794.
430
23.4
10
1917
9.
374
5.54
80.
317
5.86
59.
897
25.1
361.
991
27.1
277.
339
34.4
67
1918
13
.735
7.68
50.
429
8.11
412
.986
34.8
362.
453
37.2
888.
409
45.6
97
1919
14
.979
7.16
51.
030
8.19
414
.220
37.3
943.
010
40.4
048.
601
49.0
05
1920
22
.477
9.81
61.
565
11.3
8118
.984
52.8
414.
163
57.0
0513
.898
70.9
02
1921
22
.185
9.32
62.
076
11.4
0319
.679
53.2
674.
215
57.4
8210
.764
68.2
47
1922
21
.949
11.0
282.
719
13.7
4720
.896
56.5
924.
663
61.2
548.
497
69.7
51
1923
22
.695
12.5
922.
971
15.5
6322
.915
61.1
735.
095
66.2
688.
995
75.2
64
1924
20
.779
13.8
053.
162
16.9
6824
.161
61.9
085.
479
67.3
8710
.393
77.7
80
1925
27
.739
17.3
784.
052
21.4
3028
.795
77.9
655.
526
83.4
9113
.644
97.1
35
1926
30
.341
17.8
904.
209
22.0
9931
.103
83.5
425.
963
89.5
0513
.708
103.
214
1927
23
.707
15.9
313.
660
19.5
9128
.391
71.6
906.
922
78.6
1210
.878
89.4
90
1928
24
.715
16.2
283.
524
19.7
5228
.303
72.7
706.
678
79.4
4811
.594
91.0
42
1929
24
.204
16.7
094.
571
21.2
8029
.035
74.5
196.
575
81.0
9411
.302
92.3
96
1930
18
.211
15.2
464.
455
19.7
0026
.701
64.6
126.
724
71.3
369.
127
80.4
63
1931
15
.998
12.6
013.
352
15.9
5424
.679
56.6
316.
934
63.5
656.
162
69.7
27
1932
16
.636
10.2
632.
950
13.2
1323
.194
53.0
436.
621
59.6
654.
232
63.8
97
1933
13
.368
10.4
843.
333
13.8
1721
.140
48.3
256.
249
54.5
744.
434
59.0
09
1934
13
.269
10.5
873.
357
13.9
4521
.129
48.3
436.
303
54.6
463.
921
58.5
67
1935
16
.184
11.9
793.
125
15.1
0422
.779
54.0
676.
482
60.5
493.
953
64.5
02
1936
15
.600
13.6
942.
371
16.0
6624
.269
55.9
356.
828
62.7
633.
072
65.8
35
1937
20
.679
18.7
342.
318
21.0
5229
.593
71.3
247.
691
79.0
147.
035
86.0
50
1938
22
.113
21.1
072.
403
23.5
1031
.822
77.4
468.
652
86.0
976.
193
92.2
90
18
Tab
le 1
A -
Sup
ply
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
V
alue
add
ed: i
ndus
try
Y
ear
Val
ue a
dded
: ag
ricul
ture
In
dust
ry in
clud
ing
ener
gy
Con
stru
ctio
nsTo
tal
Indu
stry
Val
ue a
dded
: Se
rvic
es
Tota
l Val
ue
Add
ed
Net
Indi
rect
Ta
xes
GD
P at
mar
ket
pric
es
Impo
rts
Tota
l sup
ply
1939
24
.225
22.9
802.
801
25.7
8135
.219
85.2
249.
854
95.0
785.
664
100.
742
1940
28
.683
27.3
413.
255
30.5
9643
.567
102.
847
9.79
711
2.64
36.
325
118.
968
1941
39
.365
28.1
222.
975
31.0
9752
.011
122.
473
12.0
2313
4.49
57.
968
142.
463
1942
60
.052
27.6
722.
965
30.6
3762
.806
153.
495
14.0
6216
7.55
78.
828
176.
385
1943
92
.922
35.4
233.
626
39.0
4982
.059
214.
031
14.4
2822
8.45
84.
443
232.
902
1944
22
4.21
257
.898
5.56
463
.462
143.
442
431.
117
15.9
3444
7.05
04.
743
451.
793
1945
38
0.66
211
5.17
616
.188
131.
363
274.
529
786.
554
42.4
3682
8.99
04.
741
833.
731
1946
73
7.18
039
8.30
788
.814
487.
122
523.
524
1747
.827
111.
899
1859
.725
34.9
4318
94.6
68
1947
12
30.2
9093
2.42
314
4.72
610
77.1
4910
30.7
0433
38.1
4325
8.49
035
96.6
334.
773
3601
.406
19
48
1295
.730
1074
.655
172.
296
1246
.951
1267
.639
3810
.321
423.
961
4234
.282
320.
637
4554
.919
19
49
1190
.981
1145
.549
171.
657
1317
.206
1430
.552
3938
.739
535.
668
4474
.407
357.
107
4831
.514
19
50
1296
.767
1271
.600
208.
557
1480
.158
1658
.224
4435
.148
626.
628
5061
.777
203.
879
5265
.655
19
51
1358
.431
1605
.698
268.
195
1873
.893
2023
.503
5255
.827
755.
243
6011
.070
758.
918
6769
.988
19
52
1362
.814
1655
.182
328.
362
1983
.545
2303
.654
5650
.013
845.
727
6495
.740
821.
852
7317
.592
19
53
1557
.057
1772
.423
391.
938
2164
.362
2546
.965
6268
.383
939.
951
7208
.334
867.
893
8076
.227
19
54
1507
.318
1902
.592
453.
300
2355
.892
2775
.563
6638
.772
1065
.153
7703
.925
858.
759
8562
.684
19
55
1617
.274
2077
.830
533.
259
2611
.089
3139
.719
7368
.082
1133
.594
8501
.677
954.
872
9456
.549
19
56
1654
.581
2243
.102
578.
804
2821
.906
3548
.873
8025
.360
1254
.605
9279
.965
1116
.987
1039
6.95
2 19
57
1650
.584
2440
.844
663.
481
3104
.326
3920
.852
8675
.761
1310
.434
9986
.195
1302
.030
1128
8.22
5 19
58
1827
.442
2590
.336
732.
794
3323
.131
4260
.273
9410
.845
1348
.822
1075
9.66
711
83.1
1911
942.
786
1959
17
53.9
1928
31.2
4479
1.86
336
23.1
0746
71.4
1910
048.
445
1400
.893
1144
9.33
912
36.9
5012
686.
289
1960
16
61.3
0332
28.8
7287
4.80
241
03.6
7351
94.9
2810
959.
905
1503
.951
1246
3.85
616
86.6
0114
150.
457
1961
19
09.4
0036
43.2
7297
9.47
946
22.7
5157
45.7
8212
277.
933
1728
.396
1400
6.33
018
83.9
3715
890.
267
1962
20
83.8
8840
99.4
5911
81.7
2552
81.1
8465
43.7
0113
908.
773
1826
.793
1573
5.56
621
83.1
6717
918.
733
1963
22
03.1
2347
57.3
7113
89.2
7961
46.6
5077
29.9
0416
079.
677
2019
.101
1809
8.77
827
04.0
3720
802.
816
1964
23
28.4
6051
04.2
4316
00.9
1467
05.1
5687
42.4
7017
776.
086
2137
.207
1991
3.29
426
18.4
5222
531.
745
19
Tab
le 1
A -
Sup
ply
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
V
alue
add
ed: i
ndus
try
Y
ear
Val
ue a
dded
: ag
ricul
ture
In
dust
ry in
clud
ing
ener
gy
Con
stru
ctio
nsTo
tal
Indu
stry
Val
ue a
dded
: Se
rvic
es
Tota
l Val
ue
Add
ed
Net
Indi
rect
Ta
xes
GD
P at
mar
ket
pric
es
Impo
rts
Tota
l sup
ply
1965
24
53.5
4554
09.8
1916
56.6
5370
66.4
7297
42.9
7819
262.
995
2212
.399
2147
5.39
426
74.9
2424
150.
318
1966
25
30.9
2559
93.5
5317
28.3
9877
21.9
5210
843.
435
2109
6.31
223
39.2
3123
435.
543
3093
.085
2652
8.62
8 19
67
2755
.039
6676
.989
1946
.824
8623
.814
1199
7.05
923
375.
912
2636
.799
2601
2.71
135
03.9
6929
516.
680
1968
25
97.2
2973
76.3
2722
00.2
0695
76.5
3313
410.
081
2558
3.84
326
45.3
8228
229.
225
3726
.398
3195
5.62
3 19
69
2856
.663
8224
.904
2604
.146
1082
9.05
014
764.
747
2845
0.46
027
55.8
6631
206.
327
4503
.348
3570
9.67
4 19
70
2877
.780
9664
.850
2977
.480
1264
2.33
016
743.
330
3226
3.44
030
04.0
0035
267.
440
5483
.300
4075
0.74
0 19
71
2970
.100
1040
1.28
031
12.7
9013
514.
070
1887
1.29
035
355.
460
3131
.000
3848
6.46
059
36.0
0044
422.
460
1972
29
69.7
7011
305.
150
3295
.750
1460
0.90
021
434.
080
3900
4.75
031
50.0
0042
154.
750
6806
.000
4896
0.75
0 19
73
3831
.180
1418
8.64
040
80.1
1018
268.
750
2515
5.29
047
255.
220
3656
.000
5091
1.22
095
18.2
0060
429.
420
1974
43
61.2
0019
058.
460
5118
.280
2417
6.74
031
497.
100
6003
5.04
045
51.0
0064
586.
040
1497
9.10
079
565.
140
1975
52
96.2
6021
083.
520
6138
.280
2722
1.80
037
912.
440
7043
0.50
035
45.0
0073
975.
500
1437
6.20
088
351.
700
1976
61
84.5
7028
196.
420
6666
.290
3486
2.71
046
829.
170
8787
6.45
052
02.0
0093
078.
450
2049
0.90
011
3569
.350
19
77
7264
.230
3354
9.55
078
48.1
6041
397.
710
5756
5.42
010
6227
.360
6873
.000
1131
00.3
6024
053.
800
1371
54.1
60
1978
83
66.5
9038
615.
460
9044
.170
4765
9.63
069
225.
590
1252
51.8
1077
96.0
0013
3047
.810
2713
2.10
016
0179
.910
19
79
9979
.870
4772
9.82
010
693.
700
5842
3.52
085
892.
220
1542
95.6
1084
63.0
0016
2758
.610
3613
1.90
019
8890
.510
19
80
1170
2.29
059
345.
690
1382
9.95
073
175.
640
1071
22.9
2019
2000
.850
1138
2.00
020
3382
.850
4824
4.40
025
1627
.250
19
81
1318
9.99
068
294.
650
1743
4.72
085
729.
370
1320
04.0
7023
0923
.430
1270
9.00
024
3632
.430
5989
7.40
030
3529
.830
19
82
1485
2.11
078
856.
480
1951
8.89
098
375.
370
1580
70.7
7027
1298
.250
1625
4.00
028
7552
.250
6701
8.10
035
4570
.350
19
83
1751
3.84
088
142.
540
2200
6.79
011
0149
.330
1860
01.7
3031
3664
.900
2116
8.00
033
4832
.900
6921
3.50
040
4046
.400
19
84
1819
3.15
010
0822
.570
2421
5.48
012
5038
.050
2154
82.5
3035
8713
.730
2411
7.00
038
2830
.730
8540
9.10
046
8239
.830
19
85
1921
6.94
011
1917
.610
2626
5.82
013
8183
.430
2451
91.4
3040
2591
.800
2705
7.00
042
9648
.800
9627
2.40
052
5921
.200
19
86
2041
0.75
012
1085
.710
2731
5.49
014
8401
.200
2758
40.7
2044
4652
.670
3037
8.00
047
5030
.670
8633
8.70
056
1369
.370
19
87
2145
6.75
013
1351
.490
2866
5.28
016
0016
.770
3014
81.0
7048
2954
.590
3669
6.00
051
9650
.590
9509
3.00
061
4743
.590
19
88
2127
9.24
014
3202
.440
3110
5.04
017
4307
.480
3359
56.3
6053
1543
.080
4591
2.00
057
7455
.080
1053
97.7
0068
2852
.780
19
89
2280
4.08
015
8598
.830
3466
1.29
019
3260
.120
3674
71.0
1058
3535
.210
5048
6.00
063
4021
.210
1223
42.2
0075
6363
.410
19
90
2317
9.11
016
6291
.700
3930
7.14
020
5598
.840
4110
27.4
4063
9805
.390
6154
6.60
070
1351
.990
1334
55.6
0083
4807
.590
20
Tab
le 1
A -
Sup
ply
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
V
alue
add
ed: i
ndus
try
Y
ear
Val
ue a
dded
: ag
ricul
ture
In
dust
ry in
clud
ing
ener
gy
Con
stru
ctio
nsTo
tal
Indu
stry
Val
ue a
dded
: Se
rvic
es
Tota
l Val
ue
Add
ed
Net
Indi
rect
Ta
xes
GD
P at
mar
ket
pric
es
Impo
rts
Tota
l sup
ply
1991
25
745.
150
1736
67.6
6043
147.
650
2168
15.3
1045
2673
.630
6952
34.0
9070
572.
000
7658
06.0
9013
6349
.600
9021
55.6
90
1992
26
161.
560
1785
27.9
3045
312.
360
2238
40.2
9047
9710
.920
7297
12.7
7075
969.
000
8056
81.7
7014
8241
.100
9539
22.8
70
1993
26
095.
860
1815
34.8
0044
823.
230
2263
58.0
3049
4526
.180
7469
80.0
7082
778.
000
8297
58.0
7015
1161
.300
9809
19.3
70
1994
27
310.
170
1945
81.0
7044
155.
390
2387
36.4
6052
2589
.470
7886
36.1
0089
072.
000
8777
08.1
0017
0669
.500
1048
377.
600
1995
29
336.
650
2126
71.6
8045
063.
340
2577
35.0
2055
9695
.000
8467
66.6
7010
0572
.000
9473
38.6
7020
7818
.600
1155
157.
270
1996
31
079.
110
2217
90.7
1047
615.
490
2694
06.2
0059
9804
.310
9002
89.6
2010
3488
.000
1003
777.
620
2013
81.6
0012
0515
9.22
0 19
97
3121
3.65
022
9186
.290
4773
9.40
027
6925
.690
6252
56.1
5093
3395
.490
1153
71.0
0010
4876
6.49
022
4079
.500
1272
845.
990
1998
30
815.
060
2299
74.1
8046
556.
770
2765
30.9
5063
2025
.470
9393
71.4
8015
1990
.000
1091
361.
480
2412
85.4
0013
3264
6.88
0 19
99
3148
4.71
023
2058
.190
4800
7.27
028
0065
.460
6612
26.9
1097
2777
.080
1543
14.0
0011
2709
1.08
025
4885
.800
1381
976.
880
2000
31
198.
100
2410
52.4
2051
735.
720
2927
88.1
4070
5308
.070
1029
294.
310
1617
63.0
0011
9105
7.31
031
1107
.000
1502
164.
310
2001
31
290.
870
2470
35.3
7057
494.
470
3045
29.8
4074
9843
.390
1085
664.
100
1629
84.0
0012
4864
8.10
032
1125
.200
1569
773.
300
2002
31
414.
180
2501
65.2
2061
209.
600
3113
74.8
2078
2708
.720
1125
497.
720
1697
28.0
0012
9522
5.72
032
0776
.200
1616
001.
920
2003
31
633.
610
2485
22.4
3065
676.
640
3141
99.0
7081
8300
.040
1164
132.
720
1712
21.0
0013
3535
3.72
032
0512
.200
1655
865.
920
2004
32
437.
850
2556
23.1
9070
904.
520
3265
27.7
1085
2777
.600
1211
743.
160
1797
87.0
0013
9153
0.16
034
2790
.600
1734
320.
760
2005
30
420.
860
2563
70.5
0074
845.
200
3312
15.7
0087
9550
.700
1241
187.
260
1882
92.0
0014
2947
9.26
037
1907
.500
1801
386.
760
2006
31
060.
670
2674
81.6
3077
705.
010
3451
86.6
4090
3129
.030
1279
376.
340
2060
01.0
0014
8537
7.34
042
4216
.300
1909
593.
640
2007
31
120.
870
2832
01.6
8081
399.
160
3646
00.8
4093
8759
.680
1334
481.
390
2116
96.0
0015
4617
7.39
045
1936
.200
1998
113.
590
2008
31
394.
310
2827
06.1
2083
602.
630
3663
08.7
5096
9078
.800
1366
781.
860
2009
79.5
0015
6776
1.36
046
1272
.600
2029
033.
960
2009
30
709.
990
2501
30.1
9082
447.
850
3325
78.0
4096
8790
.200
1332
078.
230
1876
24.0
0015
1970
2.23
036
8681
.800
1888
384.
030
2010
29
682.
100
2581
62.0
5080
354.
180
3385
16.2
3098
0986
.840
1349
185.
170
1996
31.0
0015
4881
6.17
044
2162
.800
1990
978.
970
21
Tab
le 1
B –
Dem
and
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s)
Con
sum
ptio
n
Fi
xed
inve
stm
ents
Yea
r Ex
ports
Pu
blic
co
nsum
ptio
n Pr
ivat
e co
nsum
ptio
n To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Con
stru
ctio
ns
Plan
t, m
achi
nery
an
d tra
nspo
rt eq
uipm
ents
O
ther
in
vest
men
tsTo
tal f
ixed
in
vest
men
ts
Inve
ntor
y va
riatio
ns
Tota
l in
vest
men
ts
Tota
l use
s
1861
0.
313
0.43
3 4.
062
4.49
50.
025
0.11
50.
140
0.05
00.
050
0.24
00.
010
0.25
05.
059
1862
0.
378
0.48
0 3.
973
4.45
30.
039
0.13
50.
174
0.05
20.
052
0.27
70.
011
0.28
85.
119
1863
0.
414
0.47
0 3.
938
4.40
70.
032
0.13
90.
171
0.05
20.
051
0.27
40.
011
0.28
55.
107
1864
0.
374
0.48
3 4.
016
4.49
90.
037
0.13
70.
173
0.06
40.
062
0.29
90.
013
0.31
25.
185
1865
0.
364
0.47
5 4.
293
4.76
80.
029
0.14
00.
169
0.08
30.
075
0.32
70.
012
0.33
95.
471
1866
0.
402
0.69
6 4.
292
4.98
80.
024
0.12
10.
145
0.08
80.
080
0.31
30.
009
0.32
25.
711
1867
0.
432
0.41
3 4.
336
4.74
90.
026
0.09
50.
121
0.09
00.
082
0.29
3-0
.014
0.27
95.
460
1868
0.
462
0.42
8 4.
533
4.96
10.
023
0.09
90.
122
0.09
20.
084
0.29
80.
009
0.30
75.
731
1869
0.
472
0.42
6 4.
388
4.81
40.
025
0.08
50.
110
0.08
60.
079
0.27
40.
009
0.28
35.
569
1870
0.
449
0.45
4 4.
478
4.93
10.
022
0.09
60.
118
0.09
90.
088
0.30
5-0
.034
0.27
15.
652
1871
0.
615
0.40
8 4.
402
4.80
90.
030
0.10
20.
131
0.12
40.
105
0.36
0-0
.075
0.28
55.
710
1872
0.
656
0.43
0 4.
667
5.09
80.
034
0.13
10.
165
0.16
00.
130
0.45
6-0
.013
0.44
26.
195
1873
0.
634
0.44
8 5.
155
5.60
30.
048
0.15
40.
203
0.20
30.
160
0.56
50.
068
0.63
36.
869
1874
0.
547
0.43
4 5.
279
5.71
30.
058
0.16
50.
223
0.24
10.
185
0.64
80.
072
0.72
16.
981
1875
0.
571
0.43
3 4.
503
4.93
60.
039
0.12
40.
164
0.21
30.
159
0.53
60.
011
0.54
76.
054
1876
0.
667
0.44
4 4.
422
4.86
60.
035
0.11
40.
150
0.20
20.
147
0.49
9-0
.007
0.49
26.
025
1877
0.
521
0.49
0 5.
027
5.51
70.
038
0.12
40.
162
0.21
30.
153
0.52
80.
007
0.53
56.
573
1878
0.
597
0.48
1 4.
932
5.41
40.
035
0.12
40.
159
0.21
30.
150
0.52
2-0
.027
0.49
56.
505
1879
0.
650
0.48
4 4.
828
5.31
20.
034
0.12
50.
159
0.18
30.
126
0.46
8-0
.038
0.43
06.
392
1880
0.
674
0.45
9 5.
061
5.52
00.
038
0.14
40.
182
0.21
80.
144
0.54
4-0
.032
0.51
36.
707
1881
0.
695
0.46
9 4.
985
5.45
40.
043
0.14
60.
189
0.21
60.
136
0.54
1-0
.015
0.52
76.
675
1882
0.
678
0.49
3 5.
073
5.56
60.
052
0.17
10.
223
0.21
80.
131
0.57
30.
045
0.61
86.
863
1883
0.
673
0.51
0 4.
874
5.38
50.
049
0.18
60.
235
0.20
80.
120
0.56
2-0
.004
0.55
86.
615
1884
0.
616
0.53
2 4.
681
5.21
30.
050
0.18
90.
239
0.21
80.
121
0.57
7-0
.004
0.57
46.
403
1885
0.
621
0.54
9 5.
131
5.67
90.
058
0.19
60.
254
0.21
20.
113
0.57
90.
023
0.60
26.
902
1886
0.
596
0.54
9 5.
437
5.98
70.
060
0.19
90.
259
0.26
30.
136
0.65
7-0
.033
0.62
47.
207
22
Tab
le 1
B –
Dem
and
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
Con
sum
ptio
n
Fi
xed
inve
stm
ents
Yea
r Ex
ports
Pu
blic
co
nsum
ptio
n Pr
ivat
e co
nsum
ptio
n To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Con
stru
ctio
ns
Plan
t, m
achi
nery
an
d tra
nspo
rt eq
uipm
ents
O
ther
in
vest
men
tsTo
tal f
ixed
in
vest
men
ts
Inve
ntor
y va
riatio
ns
Tota
l in
vest
men
ts
Tota
l use
s
1887
0.
618
0.57
8 5.
239
5.81
70.
044
0.19
70.
240
0.22
90.
115
0.58
40.
051
0.63
57.
069
1888
0.
540
0.63
3 4.
945
5.57
80.
032
0.20
80.
241
0.30
20.
146
0.68
9-0
.031
0.65
76.
775
1889
0.
527
0.65
3 5.
289
5.94
10.
035
0.20
00.
235
0.27
90.
131
0.64
50.
023
0.66
87.
136
1890
0.
502
0.64
4 5.
575
6.21
90.
048
0.20
20.
251
0.25
80.
119
0.62
70.
038
0.66
57.
386
1891
0.
489
0.63
2 5.
604
6.23
50.
054
0.19
30.
247
0.23
20.
106
0.58
6-0
.044
0.54
27.
266
1892
0.
520
0.62
4 5.
258
5.88
20.
047
0.17
60.
223
0.19
60.
089
0.50
8-0
.030
0.47
86.
880
1893
0.
546
0.63
4 5.
178
5.81
10.
052
0.15
30.
205
0.19
90.
089
0.49
3-0
.020
0.47
26.
829
1894
0.
546
0.63
8 5.
006
5.64
40.
049
0.15
10.
200
0.22
50.
098
0.52
3-0
.027
0.49
66.
687
1895
0.
548
0.61
9 5.
325
5.94
40.
048
0.11
00.
158
0.25
20.
109
0.51
90.
041
0.56
07.
052
1896
0.
557
0.62
4 5.
389
6.01
30.
049
0.09
70.
147
0.28
90.
124
0.56
00.
038
0.59
87.
168
1897
0.
582
0.60
9 5.
476
6.08
40.
050
0.09
90.
149
0.32
00.
134
0.60
3-0
.068
0.53
57.
202
1898
0.
638
0.60
8 5.
675
6.28
40.
050
0.09
80.
148
0.35
60.
143
0.64
7-0
.118
0.53
07.
451
1899
0.
761
0.61
3 5.
649
6.26
20.
051
0.10
20.
154
0.41
40.
162
0.72
90.
006
0.73
57.
758
1900
0.
714
0.63
4 5.
650
6.28
40.
054
0.11
40.
168
0.46
00.
177
0.80
60.
231
1.03
78.
034
1901
0.
736
0.64
1 5.
923
6.56
40.
061
0.12
20.
182
0.53
60.
204
0.92
3-0
.017
0.90
68.
207
1902
0.
789
0.65
7 6.
006
6.66
20.
071
0.14
10.
212
0.53
50.
202
0.94
9-0
.109
0.84
08.
291
1903
0.
814
0.66
4 6.
325
6.98
90.
083
0.15
00.
233
0.54
20.
204
0.97
9-0
.063
0.91
58.
718
1904
0.
862
0.67
8 6.
215
6.89
30.
092
0.15
70.
249
0.62
60.
228
1.10
3-0
.092
1.01
18.
767
1905
0.
943
0.69
7 6.
422
7.11
90.
101
0.17
60.
277
0.86
60.
303
1.44
6-0
.214
1.23
29.
294
1906
1.
051
0.70
6 6.
812
7.51
80.
102
0.20
90.
311
1.07
60.
365
1.75
30.
009
1.76
210
.330
1907
1.
073
0.71
5 7.
323
8.03
80.
115
0.24
50.
360
1.09
60.
366
1.82
10.
273
2.09
511
.206
1908
0.
960
0.76
6 7.
335
8.10
10.
120
0.26
90.
389
0.97
80.
325
1.69
20.
343
2.03
511
.096
1909
1.
053
0.82
8 8.
044
8.87
20.
151
0.35
30.
503
0.95
50.
318
1.77
6-0
.120
1.65
611
.582
1910
1.
184
0.97
1 8.
300
9.27
00.
175
0.41
00.
586
0.89
20.
301
1.77
8-0
.117
1.66
112
.115
1911
1.
254
1.09
6 9.
277
10.3
730.
181
0.45
30.
634
0.84
20.
294
1.77
0-0
.058
1.71
213
.339
1912
1.
370
1.19
0 9.
829
11.0
200.
191
0.47
60.
667
0.78
30.
245
1.69
50.
020
1.71
514
.105
23
Tab
le 1
B –
Dem
and
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
Con
sum
ptio
n
Fi
xed
inve
stm
ents
Yea
r Ex
ports
Pu
blic
co
nsum
ptio
n Pr
ivat
e co
nsum
ptio
n To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Con
stru
ctio
ns
Plan
t, m
achi
nery
an
d tra
nspo
rt eq
uipm
ents
O
ther
in
vest
men
tsTo
tal f
ixed
in
vest
men
ts
Inve
ntor
y va
riatio
ns
Tota
l in
vest
men
ts
Tota
l use
s
1913
1.
463
1.22
7 10
.262
11
.489
0.18
80.
470
0.65
80.
729
0.23
81.
626
0.04
11.
667
14.6
19
1914
1.
265
1.83
9 8.
862
10.7
010.
189
0.49
60.
685
0.73
10.
235
1.65
0-0
.073
1.57
713
.544
1915
1.
435
5.09
8 7.
962
13.0
600.
115
0.46
40.
579
0.81
00.
183
1.57
2-0
.260
1.31
215
.806
1916
1.
763
9.24
3 10
.968
20
.211
0.04
30.
374
0.41
70.
941
0.11
61.
475
-0.0
391.
435
23.4
10
1917
1.
898
13.5
32
17.1
44
30.6
760.
054
0.37
10.
425
1.16
20.
198
1.78
50.
108
1.89
334
.467
1918
1.
918
17.4
41
24.3
26
41.7
670.
081
0.47
90.
560
1.70
80.
169
2.43
7-0
.425
2.01
245
.697
1919
3.
446
14.3
12
28.0
44
42.3
560.
227
1.08
51.
312
2.21
00.
214
3.73
6-0
.533
3.20
349
.005
1920
6.
585
10.3
36
47.7
75
58.1
110.
347
1.64
91.
996
2.61
60.
446
5.05
81.
149
6.20
770
.902
1921
5.
191
12.4
75
44.3
02
56.7
770.
473
2.13
82.
612
3.02
00.
562
6.19
40.
084
6.27
868
.247
1922
5.
264
9.96
7 47
.393
57
.360
0.72
22.
570
3.29
23.
391
0.88
07.
563
-0.4
367.
127
69.7
51
1923
6.
316
7.36
2 53
.730
61
.092
0.93
12.
558
3.48
93.
839
1.07
98.
407
-0.5
527.
855
75.2
64
1924
8.
219
7.06
5 53
.907
60
.973
1.22
82.
384
3.61
34.
575
0.84
99.
036
-0.4
488.
588
77.7
80
1925
10
.592
7.03
5 67
.898
74
.933
1.81
22.
699
4.51
15.
108
0.97
510
.593
1.01
611
.610
97.1
35
1926
10
.999
7.92
1 71
.964
79
.885
1.68
02.
898
4.57
85.
470
1.14
111
.189
1.14
112
.329
103.
214
1927
9.
260
7.72
5 62
.883
70
.609
1.21
42.
675
3.88
95.
806
0.99
010
.685
-1.0
649.
621
89.4
90
1928
8.
764
7.38
2 65
.097
72
.479
1.21
62.
446
3.66
25.
859
0.85
110
.373
-0.5
739.
800
91.0
42
1929
9.
006
7.54
1 63
.307
70
.848
1.86
52.
866
4.73
15.
673
0.80
011
.204
1.33
712
.542
92.3
96
1930
7.
266
7.80
1 53
.390
61
.191
2.00
93.
250
5.25
95.
376
0.64
111
.276
0.73
112
.006
80.4
63
1931
6.
128
8.45
8 45
.543
54
.001
1.74
32.
786
4.53
04.
799
0.61
79.
946
-0.3
489.
597
69.7
27
1932
4.
107
8.61
3 43
.211
51
.825
1.32
92.
548
3.87
74.
051
0.70
38.
631
-0.6
677.
965
63.8
97
1933
3.
666
8.89
1 38
.632
47
.523
1.15
72.
713
3.87
03.
639
0.67
68.
185
-0.3
657.
820
59.0
09
1934
3.
286
8.73
1 38
.282
47
.014
1.48
62.
789
4.27
53.
569
0.62
88.
471
-0.2
038.
268
58.5
67
1935
3.
176
10.2
75
41.4
13
51.6
882.
176
2.81
74.
992
3.93
00.
736
9.65
8-0
.021
9.63
864
.502
1936
3.
382
14.1
67
38.6
50
52.8
172.
171
2.67
34.
844
4.66
01.
081
10.5
84-0
.949
9.63
565
.835
1937
6.
399
15.3
72
53.9
07
69.2
791.
654
2.43
04.
084
5.64
50.
820
10.5
49-0
.177
10.3
7286
.050
1938
6.
463
15.2
70
58.8
99
74.1
691.
340
2.18
83.
528
6.80
00.
987
11.3
150.
344
11.6
5992
.290
24
Tab
le 1
B –
Dem
and
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
Con
sum
ptio
n
Fi
xed
inve
stm
ents
Yea
r Ex
ports
Pu
blic
co
nsum
ptio
n Pr
ivat
e co
nsum
ptio
n To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Con
stru
ctio
ns
Plan
t, m
achi
nery
an
d tra
nspo
rt eq
uipm
ents
O
ther
in
vest
men
tsTo
tal f
ixed
in
vest
men
ts
Inve
ntor
y va
riatio
ns
Tota
l in
vest
men
ts
Tota
l use
s
1939
6.
843
17.8
82
62.6
31
80.5
131.
338
2.82
34.
161
7.91
71.
142
13.2
200.
166
13.3
8610
0.74
2
1940
8.
571
21.9
71
73.0
72
95.0
431.
202
3.64
54.
847
8.63
81.
223
14.7
080.
646
15.3
5411
8.96
8
1941
7.
603
26.8
97
92.7
96
119.
693
0.91
33.
553
4.46
69.
118
1.44
915
.033
0.13
415
.167
142.
463
1942
9.
632
37.9
48
114.
001
151.
949
0.96
73.
619
4.58
69.
659
1.28
715
.531
-0.7
2714
.804
176.
385
1943
6.
028
60.6
36
148.
419
209.
054
1.19
94.
372
5.57
013
.293
3.09
721
.961
-4.1
4117
.819
232.
902
1944
6.
227
88.6
66
334.
402
423.
068
2.91
45.
673
8.58
715
.269
5.68
529
.542
-7.0
4322
.498
451.
793
1945
6.
392
145.
530
617.
088
762.
619
9.46
516
.987
26.4
5241
.962
16.4
0684
.819
-20.
099
64.7
2183
3.73
1
1946
70
.442
305.
986
1187
.761
14
93.7
4737
.675
104.
656
142.
331
201.
464
43.3
1738
7.11
2-5
6.63
333
0.47
918
94.6
68
1947
6.
787
438.
879
2505
.732
29
44.6
1140
.826
184.
651
225.
477
312.
362
49.6
6458
7.50
462
.505
650.
009
3601
.406
1948
6.
969
567.
404
3184
.117
37
51.5
2169
.557
195.
737
265.
294
421.
435
51.0
6273
7.79
158
.637
796.
429
4554
.919
1949
79
4.31
951
0.70
2 27
03.4
56
3214
.157
83.2
6519
6.01
227
9.27
651
7.11
749
.419
845.
812
-22.
775
823.
037
4831
.514
1950
46
3.32
757
2.06
0 32
19.7
10
3791
.770
133.
692
219.
168
352.
859
592.
979
90.2
2410
36.0
62-2
5.50
410
10.5
5852
65.6
55
1951
65
9.06
667
7.07
5 41
85.6
30
4862
.705
182.
146
277.
849
459.
995
664.
290
109.
782
1234
.067
14.1
5012
48.2
1767
69.9
88
1952
60
7.28
176
6.76
7 45
22.0
03
5288
.770
230.
615
331.
122
561.
737
727.
493
108.
075
1397
.305
24.2
3614
21.5
4273
17.5
92
1953
70
3.79
682
3.42
3 49
50.6
93
5774
.116
283.
700
396.
299
679.
999
802.
947
106.
749
1589
.695
8.61
915
98.3
1580
76.2
27
1954
76
0.01
392
8.49
6 51
37.4
80
6065
.976
359.
567
437.
527
797.
093
869.
703
100.
777
1767
.574
-30.
878
1736
.695
8562
.684
1955
85
4.03
410
30.6
42
5592
.685
66
23.3
2745
9.47
350
9.96
096
9.43
396
1.84
999
.287
2030
.568
-51.
381
1979
.188
9456
.549
1956
99
4.40
611
33.3
50
6072
.011
72
05.3
6152
9.30
551
7.30
210
46.6
0710
18.6
8695
.441
2160
.733
36.4
5221
97.1
8510
396.
952
1957
12
06.5
1212
05.6
43
6340
.243
75
45.8
8662
4.69
058
1.80
812
06.4
9810
67.8
7692
.707
2367
.081
168.
747
2535
.827
1128
8.22
5
1958
12
31.2
4413
76.0
80
6902
.963
82
79.0
4367
3.84
568
7.23
613
61.0
8111
85.2
3194
.273
2640
.585
-208
.086
2432
.499
1194
2.78
6
1959
13
61.7
5215
07.9
83
7260
.192
87
68.1
7574
6.37
176
5.35
115
11.7
2113
31.2
2399
.626
2942
.570
-386
.209
2556
.362
1268
6.28
9
1960
16
54.4
0116
38.8
93
7696
.898
93
35.7
9178
0.60
586
2.78
716
43.3
9214
87.0
7610
1.22
432
31.6
92-7
1.42
731
60.2
6514
150.
457
1961
18
85.1
1218
18.6
55
8395
.883
10
214.
538
895.
547
957.
495
1853
.042
1730
.624
103.
856
3687
.522
103.
095
3790
.617
1589
0.26
7
1962
21
06.9
8921
24.8
95
9316
.060
11
440.
955
1125
.148
1078
.729
2203
.876
1887
.876
99.5
0841
91.2
6017
9.52
843
70.7
8817
918.
733
1963
23
14.7
7524
62.6
62
1019
1.36
5 12
654.
028
1315
.575
1123
.061
2438
.636
1821
.115
85.7
7043
45.5
2214
88.4
9058
34.0
1220
802.
816
1964
26
60.4
2730
22.2
10
1184
1.07
0 14
863.
280
1698
.694
1315
.235
3013
.930
1948
.489
82.9
8650
45.4
05-3
7.36
650
08.0
3822
531.
745
25
Tab
le 1
B –
Dem
and
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
Con
sum
ptio
n
Fi
xed
inve
stm
ents
Yea
r Ex
ports
Pu
blic
co
nsum
ptio
n Pr
ivat
e co
nsum
ptio
n To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Con
stru
ctio
ns
Plan
t, m
achi
nery
an
d tra
nspo
rt eq
uipm
ents
O
ther
in
vest
men
tsTo
tal f
ixed
in
vest
men
ts
Inve
ntor
y va
riatio
ns
Tota
l in
vest
men
ts
Tota
l use
s
1965
31
86.6
0337
07.7
05
1357
0.17
3 17
277.
878
1747
.712
1449
.246
3196
.958
2102
.688
80.5
6753
80.2
13-1
694.
376
3685
.837
2415
0.31
8
1966
35
55.3
6139
25.1
54
1456
7.19
7 18
492.
351
1728
.442
1505
.044
3233
.486
2117
.114
73.4
5954
24.0
59-9
43.1
4444
80.9
1526
528.
628
1967
38
13.6
8240
87.5
93
1552
6.38
5 19
613.
978
1852
.950
1681
.339
3534
.290
2237
.382
69.6
3858
41.3
1024
7.71
060
89.0
1929
516.
680
1968
43
47.7
0844
80.5
41
1639
4.92
7 20
875.
468
2159
.212
1847
.537
4006
.749
2482
.887
71.1
4165
60.7
7717
1.67
067
32.4
4831
955.
623
1969
50
06.2
6949
31.4
85
1794
7.97
7 22
879.
462
2620
.731
2221
.703
4842
.435
2717
.944
69.0
5176
29.4
3019
4.51
378
23.9
4435
709.
674
1970
55
73.6
0054
21.1
17
2059
6.64
5 26
017.
762
2951
.932
2479
.663
5431
.595
3387
.990
75.6
1788
95.2
0226
4.17
691
59.3
7840
750.
740
1971
62
49.4
0064
67.0
49
2254
5.47
1 29
012.
520
3039
.495
2525
.878
5565
.373
3794
.414
168.
450
9528
.237
-367
.697
9160
.540
4442
2.46
0
1972
71
67.3
0073
34.1
17
2480
3.99
7 32
138.
114
3096
.489
2807
.976
5904
.464
4076
.120
223.
733
1020
4.31
8-5
48.9
8296
55.3
3648
960.
750
1973
85
45.7
0085
02.9
71
2997
9.39
8 38
482.
369
3796
.829
3536
.706
7333
.535
5566
.680
197.
329
1309
7.54
430
3.80
713
401.
351
6042
9.42
0
1974
12
469.
100
1024
9.20
7 37
644.
761
4789
3.96
849
46.6
7946
54.4
8096
01.1
5976
46.4
6221
8.35
517
465.
976
1736
.096
1920
2.07
279
565.
140
1975
14
442.
400
1207
5.06
8 44
268.
648
5634
3.71
556
10.5
1255
43.4
6511
153.
977
7779
.162
260.
602
1919
3.74
1-1
628.
156
1756
5.58
588
351.
700
1976
19
445.
100
1464
1.18
7 54
759.
701
6940
0.88
962
42.4
1663
22.7
9612
565.
212
1022
0.10
130
1.80
423
087.
117
1636
.245
2472
3.36
111
3569
.350
1977
25
201.
500
1813
4.85
3 66
211.
764
8434
6.61
774
04.9
9576
62.3
5215
067.
348
1250
5.72
935
0.99
927
924.
076
-318
.033
2760
6.04
313
7154
.160
1978
30
061.
000
2212
3.94
8 76
255.
911
9837
9.85
985
52.4
9190
16.8
2417
569.
315
1401
2.05
942
7.54
732
008.
921
-269
.870
3173
9.05
116
0179
.910
1979
37
972.
300
2719
4.94
3 94
029.
703
1212
24.6
4610
397.
724
1052
3.48
920
921.
213
1781
6.44
053
2.81
039
270.
462
423.
102
3969
3.56
419
8890
.510
1980
42
788.
600
3441
3.00
8 12
0058
.927
15
4471
.934
1354
2.02
113
648.
523
2719
0.54
324
112.
088
704.
842
5200
7.47
323
59.2
4254
366.
716
2516
27.2
50
1981
55
012.
600
4450
6.13
1 14
3931
.923
18
8438
.053
1666
0.01
517
790.
399
3445
0.41
427
193.
929
940.
281
6258
4.62
3-2
505.
447
6007
9.17
730
3529
.830
1982
63
295.
300
5274
6.08
3 17
0373
.367
22
3119
.450
1856
5.99
820
147.
717
3871
3.71
629
764.
529
1118
.758
6959
7.00
2-1
441.
402
6815
5.60
035
4570
.350
1983
70
956.
000
6277
8.99
0 19
5918
.468
25
8697
.458
2217
0.09
021
898.
202
4406
8.29
231
188.
460
1276
.618
7653
3.37
0-2
140.
428
7439
2.94
240
4046
.400
1984
83
807.
500
7098
1.04
9 22
4328
.356
29
5309
.405
2434
2.56
123
689.
496
4803
2.05
637
211.
521
1635
.467
8687
9.04
522
43.8
8089
122.
925
4682
39.8
30
1985
94
540.
200
8031
2.91
9 25
1650
.446
33
1963
.365
2559
2.02
926
615.
986
5220
8.01
541
515.
129
1985
.601
9570
8.74
537
08.8
9099
417.
635
5259
21.2
00
1986
92
601.
000
8731
3.21
9 27
8285
.599
36
5598
.818
2578
1.83
129
409.
200
5519
1.03
143
832.
674
3115
.247
1021
38.9
5210
30.6
0010
3169
.552
5613
69.3
70
1987
97
400.
300
9938
3.24
1 30
3125
.936
40
2509
.177
2631
3.18
631
362.
147
5767
5.33
250
263.
237
3806
.810
1117
45.3
7930
88.7
3311
4834
.113
6147
43.5
90
1988
10
5791
.000
1127
74.2
33
3340
81.0
92
4468
55.3
2528
647.
236
3471
6.46
263
363.
697
5834
7.44
447
36.6
6212
6447
.803
3758
.652
1302
06.4
5568
2852
.780
1989
12
2356
.700
1225
87.0
08
3700
43.2
25
4926
30.2
3331
118.
482
3900
2.66
570
121.
148
6409
8.85
649
07.3
3513
9127
.338
2249
.139
1413
76.4
7775
6363
.410
1990
13
4826
.100
1412
15.9
58
4020
51.2
80
5432
67.2
3835
651.
121
4501
0.38
680
661.
507
6885
9.98
352
00.4
7815
4721
.969
1992
.284
1567
14.2
5283
4807
.590
26
Tab
le 1
B –
Dem
and
side
(186
1-20
10; m
illio
n eu
ros,
curr
ent p
rice
s) (c
ontin
ued)
Con
sum
ptio
n
Fi
xed
inve
stm
ents
Yea
r Ex
ports
Pu
blic
co
nsum
ptio
n Pr
ivat
e co
nsum
ptio
n To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Con
stru
ctio
ns
Plan
t, m
achi
nery
an
d tra
nspo
rt eq
uipm
ents
O
ther
in
vest
men
tsTo
tal f
ixed
in
vest
men
ts
Inve
ntor
y va
riatio
ns
Tota
l in
vest
men
ts
Tota
l use
s
1991
13
7099
.300
1548
98.6
82
4415
26.4
93
5964
25.1
7539
881.
860
4843
3.26
288
315.
122
7173
3.89
158
24.1
3716
5873
.149
2758
.066
1686
31.2
1590
2155
.690
1992
14
7408
.900
1619
99.9
74
4718
86.9
40
6338
86.9
1342
333.
080
4872
2.39
891
055.
477
7297
3.30
560
30.1
6317
0058
.946
2568
.111
1726
27.0
5795
3922
.870
1993
17
6846
.600
1656
30.1
00
4818
89.8
98
6475
19.9
9842
919.
383
4421
2.86
887
132.
251
6328
6.50
758
91.7
9715
6310
.555
242.
217
1565
52.7
7298
0919
.370
1994
20
0467
.900
1689
96.8
96
5143
82.3
63
6833
79.2
5943
994.
096
4170
5.01
085
699.
105
7030
8.89
463
44.1
4116
2352
.140
2178
.301
1645
30.4
4110
4837
7.60
0
1995
24
3803
.800
1701
50.9
73
5532
98.6
10
7234
49.5
8345
331.
574
4596
2.89
991
294.
474
8246
4.39
668
27.1
6718
0586
.037
7317
.850
1879
03.8
8711
5515
7.27
0
1996
24
8249
.600
1832
61.1
90
5812
53.7
16
7645
14.9
0645
694.
761
4938
8.31
895
083.
079
8673
7.10
483
31.9
8919
0152
.172
2242
.542
1923
94.7
1412
0515
9.22
0
1997
26
4523
.700
1920
80.4
31
6132
24.1
52
8053
04.5
8345
868.
252
5064
9.63
196
517.
883
9312
2.43
187
38.8
0919
8379
.124
4638
.583
2030
17.7
0712
7284
5.99
0
1998
27
4864
.000
1976
69.3
53
6459
74.3
79
8436
43.7
3246
315.
236
5217
6.10
198
491.
337
1023
97.8
6396
60.0
1821
0549
.218
3589
.930
2141
39.1
4813
3264
6.88
0
1999
27
5840
.800
2054
68.5
19
6745
57.7
33
8800
26.2
5247
573.
882
5482
9.98
810
2403
.870
1083
03.2
8410
591.
385
2212
98.5
3948
11.2
8922
6109
.828
1381
976.
880
2000
32
2247
.500
2197
28.1
60
7136
99.1
59
9334
27.3
1951
365.
709
6075
0.27
611
2115
.985
1184
22.6
8811
489.
942
2420
28.6
1544
60.8
7624
6489
.491
1502
164.
310
2001
33
8263
.500
2368
57.0
30
7376
79.7
77
9745
36.8
0753
051.
743
6646
6.56
211
9518
.306
1223
32.8
6711
926.
911
2537
78.0
8431
94.9
0925
6972
.993
1569
773.
300
2002
33
3219
.200
2487
82.9
42
7603
22.5
03
1009
105.
444
5630
0.78
474
871.
357
1311
72.1
4112
6922
.033
1279
4.64
327
0888
.817
2788
.458
2736
77.2
7616
1600
1.92
0
2003
32
7913
.100
2629
42.0
18
7890
25.8
89
1051
967.
907
5963
2.26
278
452.
656
1380
84.9
1912
1005
.919
1268
5.36
427
1776
.202
4208
.711
2759
84.9
1316
5586
5.92
0
2004
35
2850
.300
2762
37.9
96
8158
13.6
81
1092
051.
677
6360
8.07
883
138.
605
1467
46.6
8412
6211
.878
1250
9.26
828
5467
.830
3950
.953
2894
18.7
8317
3432
0.76
0
2005
37
0835
.800
2908
17.9
58
8439
77.3
94
1134
795.
352
7029
7.17
784
003.
334
1543
00.5
1112
9799
.050
1227
5.77
729
6375
.338
-619
.729
2957
55.6
0818
0138
6.76
0
2006
41
1831
.200
2992
60.0
07
8774
43.9
67
1176
703.
973
7552
9.12
485
465.
941
1609
95.0
6513
9332
.228
1299
7.90
431
3325
.197
7733
.270
3210
58.4
6719
0959
3.64
0
2007
44
8236
.800
3041
80.9
82
9075
45.7
20
1211
726.
702
7906
6.51
088
443.
429
1675
09.9
3914
6758
.362
1363
9.62
932
7907
.931
1024
2.15
733
8150
.088
1998
113.
590
2008
45
0543
.000
3165
70.9
08
9289
56.2
02
1245
527.
110
8069
8.51
987
355.
992
1680
54.5
1114
3723
.958
1372
8.59
432
5507
.063
7456
.787
3329
63.8
5020
2903
3.96
0
2009
36
2448
.600
3262
47.9
56
9123
00.3
00
1238
548.
256
7379
0.99
581
464.
823
1552
55.8
1812
1180
.066
1324
3.61
028
9679
.494
-229
2.32
028
7387
.174
1888
384.
030
2010
41
4728
.400
3286
06.9
64
9349
01.9
45
1263
508.
909
7360
3.49
278
943.
057
1525
46.5
4913
5046
.932
1369
2.23
230
1285
.713
1145
5.94
831
2741
.661
1990
978.
970
27
Tab
le 2
A.1
Sup
ply
side
(mill
ion
euro
s; 1
911
pric
es)
Val
ue a
dded
: ind
ustry
Yea
r V
alue
add
ed:
agric
ultu
re
Indu
stry
in
clud
ing
ener
gy
Con
stru
ctio
ns
Tota
l Ind
ustry
Val
ue a
dded
: Se
rvic
es
Tota
l val
ue
adde
d N
et in
dire
ct
taxe
s G
DP
at m
arke
t pr
ices
Im
ports
To
tal s
uppl
y
1861
2.
421
0.66
5 0.
151
0.81
61.
881
5.11
80.
285
5.40
40.
427
5.83
1 18
62
2.49
40.
658
0.17
20.
829
1.91
15.
234
0.27
75.
511
0.43
05.
941
1863
2.
570
0.66
5 0.
178
0.84
31.
965
5.37
80.
304
5.68
20.
464
6.14
6 18
64
2.50
90.
669
0.17
50.
844
2.00
15.
354
0.38
05.
734
0.51
26.
246
1865
2.
679
0.68
8 0.
176
0.86
52.
071
5.61
50.
511
6.12
50.
495
6.62
1 18
66
2.75
90.
694
0.15
10.
845
2.09
15.
695
0.46
96.
164
0.46
76.
631
1867
2.
529
0.69
6 0.
138
0.83
41.
994
5.35
60.
325
5.68
10.
440
6.12
1 18
68
2.57
00.
692
0.13
60.
828
2.02
45.
423
0.38
65.
809
0.43
96.
248
1869
2.
646
0.71
0 0.
133
0.84
42.
061
5.55
00.
359
5.90
90.
460
6.36
9 18
70
2.80
70.
729
0.14
00.
869
2.09
15.
768
0.34
06.
108
0.44
16.
549
1871
2.
675
0.74
1 0.
145
0.88
62.
080
5.64
10.
369
6.00
90.
469
6.47
8 18
72
2.60
10.
759
0.15
50.
914
2.09
85.
612
0.30
05.
913
0.52
36.
436
1873
2.
560
0.78
1 0.
171
0.95
22.
117
5.62
80.
287
5.91
60.
531
6.44
7 18
74
2.79
30.
792
0.17
70.
969
2.17
75.
938
0.31
66.
255
0.56
76.
821
1875
2.
739
0.79
5 0.
154
0.94
92.
213
5.90
10.
405
6.30
70.
573
6.87
9 18
76
2.60
30.
809
0.15
00.
959
2.22
95.
791
0.39
66.
186
0.59
56.
781
1877
2.
641
0.81
8 0.
154
0.97
22.
252
5.86
50.
416
6.28
10.
563
6.84
4 18
78
2.82
20.
834
0.15
70.
991
2.27
76.
090
0.39
46.
484
0.59
27.
076
1879
2.
814
0.83
6 0.
161
0.99
62.
321
6.13
10.
409
6.53
90.
687
7.22
7 18
80
2.87
50.
863
0.17
31.
035
2.36
46.
275
0.40
86.
683
0.62
87.
311
1881
2.
931
0.91
2 0.
179
1.09
12.
421
6.44
30.
450
6.89
30.
714
7.60
7 18
82
2.98
30.
937
0.20
31.
140
2.45
86.
582
0.45
27.
034
0.74
47.
778
1883
3.
004
0.97
0 0.
216
1.18
62.
497
6.68
60.
463
7.14
90.
781
7.93
0 18
84
2.82
81.
001
0.22
21.
223
2.52
36.
574
0.51
77.
092
0.79
57.
886
1885
2.
911
1.03
8 0.
227
1.26
62.
562
6.73
90.
527
7.26
50.
960
8.22
5 18
86
3.06
21.
081
0.23
21.
313
2.62
26.
998
0.49
17.
488
0.94
38.
432
28
Tab
le 2
A.1
Sup
ply
side
(mill
ion
euro
s; 1
911
pric
es) (
cont
inue
d)
Val
ue a
dded
: ind
ustry
Yea
r V
alue
add
ed:
agric
ultu
re
Indu
stry
in
clud
ing
ener
gy
Con
stru
ctio
ns
Tota
l Ind
ustry
Val
ue a
dded
: Se
rvic
es
Tota
l val
ue
adde
d N
et in
dire
ct
taxe
s G
DP
at m
arke
t pr
ices
Im
ports
To
tal s
uppl
y
1887
3.
097
1.12
1 0.
228
1.34
82.
703
7.14
90.
570
7.71
81.
058
8.77
6 18
88
3.03
91.
132
0.22
91.
360
2.70
67.
105
0.62
97.
734
0.74
68.
480
1889
2.
900
1.11
8 0.
220
1.33
82.
717
6.95
50.
583
7.53
80.
851
8.38
9 18
90
3.01
91.
125
0.21
81.
344
2.72
47.
086
0.52
57.
611
0.77
48.
385
1891
3.
175
1.11
5 0.
214
1.32
92.
742
7.24
60.
511
7.75
70.
669
8.42
6 18
92
3.17
71.
105
0.20
31.
308
2.81
17.
296
0.51
97.
815
0.70
68.
521
1893
3.
286
1.12
6 0.
195
1.32
12.
859
7.46
70.
519
7.98
60.
724
8.71
0 18
94
3.30
01.
160
0.19
51.
355
2.87
37.
527
0.56
18.
088
0.75
08.
837
1895
3.
369
1.19
2 0.
168
1.36
02.
923
7.65
30.
548
8.20
10.
765
8.96
7 18
96
3.41
41.
217
0.16
01.
377
2.99
57.
786
0.57
98.
365
0.74
99.
114
1897
3.
423
1.25
0 0.
162
1.41
23.
024
7.86
00.
567
8.42
60.
760
9.18
7 18
98
3.42
51.
294
0.16
11.
455
3.05
27.
932
0.52
38.
455
0.86
09.
315
1899
3.
426
1.35
7 0.
163
1.52
03.
104
8.05
00.
542
8.59
30.
894
9.48
7 19
00
3.53
21.
381
0.16
81.
549
3.20
68.
287
0.59
48.
881
0.90
39.
784
1901
3.
598
1.41
5 0.
177
1.59
23.
261
8.45
00.
614
9.06
30.
988
10.0
51
1902
3.
657
1.46
0 0.
191
1.65
13.
321
8.62
90.
654
9.28
31.
078
10.3
61
1903
3.
732
1.51
8 0.
201
1.71
93.
378
8.82
90.
621
9.45
01.
190
10.6
40
1904
3.
857
1.57
7 0.
210
1.78
73.
419
9.06
40.
619
9.68
31.
098
10.7
81
1905
3.
927
1.66
6 0.
224
1.89
13.
486
9.30
30.
670
9.97
31.
295
11.2
68
1906
4.
009
1.79
0 0.
239
2.02
93.
622
9.66
00.
730
10.3
911.
458
11.8
49
1907
4.
157
1.90
3 0.
252
2.15
43.
699
10.0
100.
656
10.6
661.
608
12.2
73
1908
4.
145
2.01
9 0.
267
2.28
63.
814
10.2
450.
737
10.9
821.
609
12.5
90
1909
4.
144
2.09
7 0.
305
2.40
23.
876
10.4
210.
745
11.1
661.
700
12.8
67
1910
4.
053
2.16
0 0.
343
2.50
23.
935
10.4
910.
784
11.2
751.
746
13.0
21
1911
4.
113
2.18
1 0.
362
2.54
24.
035
10.6
900.
834
11.5
241.
815
13.3
39
29
Tab
le 2
A.2
Sup
ply
side
(mill
ion
euro
s; 1
938
pric
es)
Val
ue a
dded
: ind
ustry
Yea
r V
alue
add
ed:
agric
ultu
re
Indu
stry
in
clud
ing
ener
gy
Con
stru
ctio
ns
Tota
l Ind
ustry
Val
ue a
dded
: Se
rvic
es
Tota
l val
ue
adde
d N
et in
dire
ct
taxe
s G
DP
at
mar
ket p
rices
Im
ports
To
tal s
uppl
y
1911
18
.101
12.0
16
1.50
513
.522
21.1
0852
.730
4.18
356
.914
7.63
664
.550
19
12
17.5
8012
.642
1.
689
14.3
3121
.422
53.3
334.
080
57.4
138.
145
65.5
58
1913
19
.768
12.5
77
1.76
814
.345
22.0
0656
.118
4.28
760
.405
8.00
168
.406
19
14
18.1
9411
.861
1.
951
13.8
1221
.254
53.2
603.
873
57.1
346.
368
63.5
02
1915
16
.658
11.4
73
1.47
712
.950
21.5
7251
.180
3.87
355
.053
7.30
562
.358
19
16
17.9
7412
.680
0.
850
13.5
3023
.607
55.1
115.
061
60.1
728.
106
68.2
78
1917
17
.992
12.5
31
0.57
113
.102
24.0
2255
.117
5.16
560
.281
7.42
867
.710
19
18
18.4
8312
.081
0.
515
12.5
9622
.513
53.5
924.
751
58.3
447.
374
65.7
17
1919
16
.828
10.4
29
1.14
811
.577
22.0
4050
.445
4.59
655
.041
7.42
562
.466
19
20
17.9
7210
.986
1.
236
12.2
2221
.881
52.0
754.
442
56.5
177.
003
63.5
19
1921
17
.682
10.3
68
1.48
411
.852
21.0
9850
.631
4.23
554
.866
6.49
961
.366
19
22
18.7
8611
.635
2.
240
13.8
7522
.187
54.8
484.
648
59.4
967.
206
66.7
03
1923
20
.626
12.9
91
2.70
015
.691
23.6
4959
.967
5.06
165
.028
7.37
172
.399
19
24
19.7
6814
.154
2.
766
16.9
2024
.735
61.4
225.
371
66.7
947.
887
74.6
80
1925
21
.102
16.5
11
2.75
119
.261
26.4
4766
.810
4.59
671
.406
9.01
480
.420
19
26
21.2
3716
.482
2.
881
19.3
6326
.636
67.2
364.
751
71.9
879.
009
80.9
96
1927
19
.368
15.8
11
2.80
718
.618
26.3
5664
.342
6.30
170
.643
8.73
079
.373
19
28
21.0
8617
.146
2.
854
20.0
0027
.569
68.6
546.
456
75.1
1010
.142
85.2
52
1929
21
.967
18.2
91
3.78
022
.071
28.2
7372
.310
6.55
978
.869
10.2
4789
.116
19
30
19.6
5017
.163
3.
837
21.0
0027
.336
67.9
857.
179
75.1
649.
453
84.6
17
1931
20
.477
15.3
25
3.10
218
.426
27.2
7266
.176
8.21
274
.388
8.07
282
.460
19
32
22.4
4114
.275
3.
041
17.3
1627
.947
67.7
048.
263
75.9
686.
967
82.9
34
1933
20
.368
15.3
14
3.77
819
.092
27.2
4166
.701
8.36
775
.068
8.07
183
.139
19
34
19.3
6315
.664
3.
961
19.6
2527
.471
66.4
598.
418
74.8
787.
249
82.1
27
1935
21
.181
17.4
16
3.62
721
.043
28.4
5670
.681
8.26
378
.944
7.11
786
.061
30
Tab
le 2
A.2
Sup
ply
side
(mill
ion
euro
s; 1
938
pric
es) (
cont
inue
d)
Val
ue a
dded
: ind
ustry
Yea
r V
alue
add
ed:
agric
ultu
re
Indu
stry
in
clud
ing
ener
gy
Con
stru
ctio
ns
Tota
l Ind
ustry
Val
ue a
dded
: Se
rvic
es
Tota
l val
ue
adde
d N
et in
dire
ct
taxe
s G
DP
at m
arke
t pr
ices
Im
ports
To
tal s
uppl
y
1936
19
.296
17.8
25
2.66
620
.491
28.3
5168
.138
8.00
576
.144
4.52
380
.666
19
37
21.8
4120
.488
2.
422
22.9
1030
.802
75.5
538.
160
83.7
136.
663
90.3
76
1938
22
.113
21.1
07
2.40
323
.510
31.8
2277
.446
8.65
286
.097
6.19
392
.290
19
39
23.2
7622
.961
2.
600
25.5
6133
.117
81.9
539.
530
91.4
835.
851
97.3
35
1940
22
.027
23.1
80
2.61
425
.793
34.0
0881
.828
8.12
389
.951
5.40
995
.360
19
41
21.3
2521
.694
2.
399
24.0
9334
.585
80.0
028.
505
88.5
085.
840
94.3
47
1942
19
.053
18.8
41
2.09
320
.934
35.9
1675
.904
7.75
083
.654
5.26
588
.920
19
43
16.5
9714
.690
1.
635
16.3
2532
.696
65.6
185.
312
70.9
311.
835
72.7
66
1944
16
.254
9.32
5 1.
008
10.3
3228
.045
54.6
312.
581
57.2
120.
545
57.7
57
1945
15
.399
6.88
9 0.
946
7.83
525
.084
48.3
183.
015
51.3
330.
246
51.5
79
1946
18
.945
15.1
06
2.45
117
.557
28.2
7864
.780
4.49
969
.279
1.43
570
.714
19
47
20.1
6019
.280
2.
901
22.1
8134
.028
76.3
696.
199
82.5
680.
110
82.6
78
1948
20
.981
20.4
33
2.75
223
.185
35.3
5879
.524
9.42
888
.952
7.04
095
.992
19
49
22.2
1221
.860
2.
758
24.6
1837
.557
84.3
8712
.204
96.5
927.
785
104.
377
1950
23
.103
24.8
72
3.07
527
.947
39.7
6890
.818
13.8
9810
4.71
64.
532
109.
249
1951
24
.699
28.3
29
3.37
531
.704
42.8
1499
.217
15.6
3611
4.85
314
.248
129.
102
31
Tab
le 2
A.3
Sup
ply
side
(mill
ion
euro
s; 1
963
pric
es)
Val
ue a
dded
: ind
ustry
Yea
r V
alue
add
ed:
agric
ultu
re
Indu
stry
in
clud
ing
ener
gy
Con
stru
ctio
ns
Tota
l Ind
ustry
Val
ue a
dded
: Se
rvic
es
Tota
l val
ue
adde
d N
et in
dire
ct
taxe
s G
DP
at m
arke
t pr
ices
Im
ports
To
tal s
uppl
y
1951
17
68.0
3917
06.9
70
443.
336
2150
.306
3768
.347
7686
.692
1187
.578
8874
.270
603.
433
9477
.702
19
52
1730
.123
1796
.988
52
4.44
723
21.4
3439
89.7
3280
41.2
8912
38.1
6292
79.4
5166
7.16
399
46.6
14
1953
19
10.9
3319
51.6
04
610.
078
2561
.681
4216
.045
8688
.660
1258
.901
9947
.561
756.
396
1070
3.95
7 19
54
1797
.348
2158
.914
68
3.48
828
42.4
0143
95.3
2790
35.0
7612
86.1
7410
321.
251
778.
039
1109
9.29
0 19
55
1880
.036
2363
.356
77
0.13
831
33.4
9446
86.9
1897
00.4
4813
33.1
3511
033.
583
850.
215
1188
3.79
8 19
56
1873
.088
2566
.650
80
0.58
433
67.2
3349
46.6
2210
186.
943
1388
.075
1157
5.01
796
6.47
512
541.
492
1957
18
91.6
2727
61.7
55
884.
525
3646
.279
5246
.477
1078
4.38
314
45.1
8012
229.
563
1070
.752
1330
0.31
5 19
58
2093
.133
2856
.010
96
1.47
938
17.4
9054
93.6
3211
404.
255
1507
.323
1291
1.57
811
07.1
0114
018.
679
1959
21
53.5
7631
91.8
24
1039
.162
4230
.986
5863
.082
1224
7.64
415
77.8
4513
825.
489
1231
.367
1505
6.85
6 19
60
2039
.614
3640
.099
11
05.8
0847
45.9
0763
04.9
6513
090.
486
1725
.937
1481
6.42
316
81.5
5116
497.
974
1961
21
99.8
9840
27.7
69
1189
.039
5216
.807
6775
.863
1419
2.56
918
09.2
2816
001.
796
1918
.099
1791
9.89
5 19
62
2167
.520
4443
.139
13
05.5
4557
48.6
8472
43.6
5315
159.
858
1908
.291
1706
8.14
922
20.6
5219
288.
801
1963
22
03.1
2347
57.3
71
1389
.279
6146
.650
7729
.904
1607
9.67
720
19.1
0118
098.
778
2704
.037
2080
2.81
6 19
64
2282
.233
4871
.820
13
99.1
8162
71.0
0081
03.5
9116
656.
825
2121
.253
1877
8.07
825
53.6
4621
331.
723
1965
23
36.0
3451
71.3
51
1339
.564
6510
.915
8549
.663
1739
6.61
222
14.0
0519
610.
616
2588
.302
2219
8.91
9 19
66
2399
.355
5683
.941
13
64.7
1670
48.6
5791
29.3
7718
577.
388
2330
.234
2090
7.62
229
29.0
5423
836.
676
1967
25
64.6
4662
69.7
38
1456
.321
7726
.059
9747
.875
2003
8.58
024
77.7
1322
516.
293
3295
.962
2581
2.25
5 19
68
2475
.061
6910
.979
16
01.8
4285
12.8
2110
563.
283
2155
1.16
625
88.8
3524
140.
001
3526
.242
2766
6.24
3 19
69
2531
.130
7424
.767
17
39.2
5591
64.0
2111
278.
618
2297
3.76
927
44.0
6225
717.
831
4231
.411
2994
9.24
2 19
70
2484
.776
8070
.990
17
33.6
9598
04.6
8512
102.
633
2439
2.09
328
88.0
5127
280.
145
4947
.490
3222
7.63
5
32
Tab
le 2
A.4
Sup
ply
side
(mill
ion
euro
s; 2
010
pric
es)
Val
ue a
dded
: ind
ustry
Yea
r V
alue
add
ed:
agric
ultu
re
Indu
stry
in
clud
ing
ener
gy
Con
stru
ctio
ns
Tota
l Ind
ustry
Val
ue a
dded
: Se
rvic
es
Tota
l val
ue
adde
d N
et in
dire
ct
taxe
s G
DP
at m
arke
t pr
ices
Im
ports
To
tal s
uppl
y
1970
20
302.
564
1155
09.1
03
7556
8.36
517
6100
.570
3996
87.0
3360
5509
.411
1090
24.3
8370
0634
.756
9659
2.26
879
7182
.098
19
71
2018
6.51
011
6641
.982
71
579.
141
1752
31.5
1241
5471
.054
6164
38.9
4711
1159
.867
7133
73.0
5099
472.
438
8129
23.8
92
1972
18
072.
639
1246
52.8
43
7171
6.65
218
4571
.742
4348
60.3
5963
8931
.038
1157
86.9
7273
9700
.206
1093
66.0
5884
9720
.296
19
73
1931
3.84
514
1847
.319
72
117.
913
2045
17.6
6145
5799
.678
6850
25.2
8112
2769
.845
7924
10.0
5811
9917
.006
9132
48.3
80
1974
19
767.
706
1528
98.1
74
7549
2.16
221
9029
.557
4816
08.2
7872
5769
.950
1224
17.5
8783
5994
.005
1235
99.6
0895
9984
.250
19
75
2034
8.97
114
4264
.185
73
137.
107
2078
33.0
8247
9954
.910
7110
72.2
7711
8807
.735
8185
20.0
4310
6108
.965
9181
21.2
56
1976
19
204.
397
1658
30.8
85
7132
1.63
123
0733
.674
5093
86.8
7476
1819
.957
1270
04.2
9587
6842
.773
1205
01.6
7599
3159
.882
19
77
1925
0.23
017
2893
.002
70
859.
012
2383
94.6
8152
2888
.095
7827
43.1
8412
6266
.733
8992
94.4
7112
2372
.339
1016
783.
472
1978
19
469.
094
1795
32.5
43
7237
8.18
924
6783
.010
5407
63.9
8980
8586
.500
1291
57.8
4292
8432
.861
1296
67.2
2410
5458
0.91
5 19
79
2061
9.86
819
6325
.598
74
193.
691
2666
60.7
4356
7061
.807
8582
94.5
9013
2945
.434
9837
59.5
1814
5217
.962
1128
202.
861
1980
21
477.
112
2081
99.7
42
7677
0.63
128
1532
.095
5805
85.9
0489
0121
.917
1307
62.9
8010
1750
2.75
915
3308
.022
1171
288.
570
1981
21
917.
912
2044
86.3
96
7918
0.11
627
9129
.811
5914
06.8
8189
7596
.776
1319
65.4
8910
2609
2.77
715
2068
.386
1177
465.
129
1982
21
317.
088
2017
12.0
20
8062
1.50
427
7146
.259
6008
76.4
0290
2039
.060
1305
61.3
1210
3033
6.55
515
1985
.875
1181
247.
890
1983
23
220.
986
2025
03.8
12
8057
3.75
627
7985
.738
6076
20.1
9691
3338
.892
1302
68.3
6410
4238
3.28
314
7327
.972
1185
606.
057
1984
22
893.
100
2094
23.4
12
7718
0.30
428
3247
.713
6356
29.9
8594
3656
.690
1326
64.0
6410
7600
9.07
216
6218
.674
1243
341.
731
1985
23
035.
871
2155
87.3
70
7586
7.26
128
9036
.758
6581
22.6
3997
0737
.204
1349
62.2
1011
0611
6.74
817
3326
.587
1281
483.
843
1986
23
712.
888
2211
83.8
04
7480
8.85
029
4347
.222
6794
81.8
0199
7408
.211
1410
80.5
7711
3775
1.31
418
2541
.455
1323
896.
372
1987
24
734.
886
2301
61.1
63
7516
7.12
630
4354
.589
7002
94.2
5110
2965
0.93
914
4743
.619
1174
067.
907
2045
07.6
4913
8415
7.47
7 19
88
2436
9.23
624
5327
.288
76
980.
953
3221
32.5
8872
6738
.860
1073
173.
900
1501
93.9
8812
2331
2.73
121
6700
.084
1445
998.
619
1989
24
814.
048
2564
48.7
17
8028
3.49
533
6596
.016
7486
65.5
1611
1022
3.92
715
4170
.340
1264
763.
252
2352
26.4
9615
0651
3.24
8 19
90
2450
6.52
825
9597
.222
82
104.
097
3413
56.3
4176
7086
.382
1132
088.
732
1588
16.9
1812
9072
3.50
725
7879
.088
1555
900.
521
1991
26
754.
259
2590
83.8
40
8402
6.21
634
2338
.161
7792
28.1
0011
4840
8.54
516
2774
.452
1310
519.
785
2635
98.7
5915
8146
5.82
9 19
92
2746
9.56
925
8517
.390
83
348.
400
3411
89.0
7278
7899
.536
1156
664.
425
1648
99.2
7013
2064
9.36
628
1878
.860
1608
417.
721
1993
27
290.
985
2519
24.2
58
7861
6.40
433
0327
.769
7926
59.3
4611
4969
3.58
715
8911
.744
1308
919.
139
2490
53.4
5115
6724
4.30
4 19
94
2762
1.36
326
8470
.455
74
250.
632
3440
94.8
3480
4174
.594
1175
757.
082
1606
80.7
9813
3708
5.68
426
8398
.094
1614
531.
690
33
Tab
le 2
A.4
Sup
ply
side
(mill
ion
euro
s; 2
010
pric
es) (
cont
inue
d)
Val
ue a
dded
: ind
ustry
Yea
r V
alue
add
ed:
agric
ultu
re
Indu
stry
in
clud
ing
ener
gy
Con
stru
ctio
ns
Tota
l Ind
ustry
Val
ue a
dded
: Se
rvic
es
Tota
l val
ue
adde
d N
et in
dire
ct
taxe
s G
DP
at m
arke
t pr
ices
Im
ports
To
tal s
uppl
y
1995
28
012.
935
2802
72.4
66
7515
5.77
335
7199
.415
8229
36.3
2312
0806
6.54
316
6346
.983
1374
884.
611
2933
81.1
9116
7720
9.00
6 19
96
2843
3.13
827
9779
.269
76
576.
122
3578
61.0
5183
4898
.162
1220
982.
221
1685
36.8
9013
8994
4.81
029
1931
.074
1690
784.
212
1997
29
216.
975
2825
43.5
86
7492
6.28
335
9409
.210
8517
56.4
5612
4015
0.27
617
6125
.496
1415
968.
057
3192
59.5
6617
4359
8.63
2 19
98
2991
0.27
528
5191
.074
75
095.
348
3623
36.1
8386
3330
.013
1255
418.
800
1810
17.9
7814
3581
0.37
534
9310
.467
1792
623.
278
1999
31
707.
888
2854
54.6
58
7552
8.54
736
2966
.590
8743
52.1
4812
6932
0.73
418
7661
.799
1456
834.
649
3664
08.7
5118
3000
6.87
3 20
00
3095
9.93
329
5420
.530
79
078.
386
3763
90.6
4990
9626
.392
1316
675.
264
1941
48.7
3815
1063
8.27
640
2224
.219
1918
118.
787
2001
30
207.
601
2946
48.8
90
8360
3.37
737
9386
.946
9310
95.0
1913
3998
1.10
819
8273
.770
1538
104.
937
4092
63.6
9519
5272
3.87
3 20
02
2928
5.01
529
3529
.910
85
488.
298
3798
33.0
8393
9091
.517
1347
191.
955
1980
63.5
5515
4508
8.70
741
0204
.890
1960
695.
115
2003
27
844.
759
2853
14.5
76
8750
9.13
737
3057
.113
9423
59.3
3213
4195
3.93
520
2914
.378
1544
827.
221
4151
39.3
5119
6511
0.91
4 20
04
3149
6.61
828
8059
.261
88
834.
232
3770
76.5
1395
7312
.454
1365
606.
750
2028
39.2
7815
6849
1.21
043
2459
.523
2005
255.
862
2005
30
105.
820
2875
74.7
88
9073
1.48
037
8328
.786
9675
12.8
3713
7545
4.94
120
3277
.084
1578
778.
497
4414
62.6
9920
2405
9.51
4 20
06
2973
7.99
929
6631
.015
92
333.
270
3890
60.0
2198
4933
.059
1403
003.
862
2078
59.8
6516
1092
2.90
546
7699
.939
2081
597.
459
2007
29
740.
230
3021
91.0
05
9279
0.37
939
5144
.458
1001
409.
987
1425
494.
746
2093
81.1
3016
3480
0.51
048
5401
.074
2123
098.
878
2008
30
180.
329
2918
20.5
27
9015
9.45
938
2110
.194
9970
51.6
2914
0877
5.35
520
4626
.100
1613
168.
311
4639
07.4
4420
8009
6.02
7 20
09
2944
0.45
024
6305
.727
83
227.
580
3294
09.8
7297
0797
.958
1329
607.
726
1995
46.4
1615
2900
2.30
340
0262
.763
1931
364.
856
2010
29
682.
100
2581
62.0
50
8035
4.18
033
8516
.230
9809
86.8
4013
4918
5.17
019
9631
.000
1548
816.
170
4421
62.8
0019
9097
8.97
0
34
Tab
le 2
B.1
Dem
and
side
(mill
ions
eur
os, 1
911
pric
es)
Fixe
d in
vest
men
ts
C
onsu
mpt
ion
Con
stru
ctio
ns
Y
ear
Expo
rts
Publ
ic
Priv
ate
To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Tota
l co
nstru
ctio
ns
Plan
t. M
achi
nery
an
d tra
nspo
rt eq
uipm
ents
Oth
er
inve
stm
ents
Tota
l fix
ed
inve
stm
ents
Inve
ntor
y va
riatio
n To
tal
inve
stm
ents
Tota
l use
s
1861
0.
2531
7 0.
636
4.64
4 5.
280
0.03
5 0.
148
0.18
3 0.
045
0.06
0 0.
288
0.01
0 0.
298
5.83
1
1862
0.
298
0.70
1 4.
598
5.29
9 0.
053
0.17
0 0.
223
0.04
8 0.
062
0.33
3 0.
011
0.34
3 5.
941
1863
0.
337
0.69
8 4.
761
5.45
9 0.
045
0.18
2 0.
227
0.04
7 0.
065
0.33
9 0.
011
0.34
9 6.
146
1864
0.
306
0.72
2 4.
846
5.56
8 0.
051
0.17
5 0.
227
0.05
6 0.
077
0.35
9 0.
013
0.37
2 6.
246
1865
0.
296
0.71
8 5.
203
5.92
1 0.
042
0.18
4 0.
226
0.07
2 0.
093
0.39
1 0.
013
0.40
3 6.
621
1866
0.
335
1.02
9 4.
913
5.94
1 0.
032
0.14
6 0.
178
0.07
5 0.
093
0.34
6 0.
009
0.35
5 6.
631
1867
0.
338
0.59
9 4.
881
5.47
9 0.
032
0.10
9 0.
142
0.08
2 0.
094
0.31
8 -0
.014
0.
303
6.12
1
1868
0.
361
0.61
3 4.
948
5.56
0 0.
027
0.11
0 0.
137
0.08
7 0.
094
0.31
7 0.
009
0.32
6 6.
248
1869
0.
370
0.63
6 5.
041
5.67
7 0.
033
0.10
2 0.
134
0.08
6 0.
093
0.31
3 0.
009
0.32
2 6.
369
1870
0.
351
0.66
9 5.
225
5.89
4 0.
028
0.11
4 0.
142
0.09
1 0.
106
0.33
9 -0
.035
0.
304
6.54
9
1871
0.
474
0.59
1 5.
092
5.68
2 0.
035
0.11
1 0.
146
0.13
6 0.
125
0.40
6 -0
.084
0.
322
6.47
8
1872
0.
417
0.54
1 5.
010
5.55
1 0.
036
0.12
6 0.
161
0.17
7 0.
144
0.48
3 -0
.015
0.
468
6.43
6
1873
0.
402
0.54
6 4.
891
5.43
7 0.
049
0.14
5 0.
194
0.19
5 0.
155
0.54
3 0.
065
0.60
8 6.
447
1874
0.
380
0.53
2 5.
216
5.74
8 0.
057
0.15
0 0.
207
0.23
0 0.
187
0.62
4 0.
070
0.69
4 6.
821
1875
0.
436
0.54
2 5.
334
5.87
5 0.
043
0.12
5 0.
168
0.19
7 0.
192
0.55
7 0.
011
0.56
8 6.
879
1876
0.
439
0.55
8 5.
252
5.81
0 0.
040
0.11
8 0.
158
0.20
2 0.
180
0.54
0 -0
.008
0.
532
6.78
1
1877
0.
386
0.51
3 5.
405
5.91
8 0.
041
0.12
3 0.
164
0.20
0 0.
170
0.53
3 0.
007
0.54
0 6.
844
1878
0.
484
0.49
8 5.
565
6.06
3 0.
039
0.12
7 0.
166
0.21
7 0.
174
0.55
7 -0
.029
0.
528
7.07
6
1879
0.
506
0.51
2 5.
725
6.23
6 0.
037
0.13
3 0.
170
0.20
4 0.
154
0.52
8 -0
.044
0.
485
7.22
7
1880
0.
545
0.48
7 5.
709
6.19
6 0.
040
0.14
9 0.
189
0.25
0 0.
167
0.60
6 -0
.036
0.
570
7.31
1
1881
0.
597
0.48
1 5.
921
6.40
2 0.
046
0.15
7 0.
203
0.25
7 0.
165
0.62
5 -0
.017
0.
608
7.60
7
1882
0.
596
0.50
4 5.
958
6.46
2 0.
057
0.18
8 0.
245
0.26
4 0.
158
0.66
6 0.
054
0.72
0 7.
778
1883
0.
615
0.52
1 6.
113
6.63
4 0.
056
0.21
2 0.
268
0.26
5 0.
153
0.68
6 -0
.005
0.
681
7.93
0
1884
0.
593
0.54
3 6.
030
6.57
3 0.
059
0.22
3 0.
282
0.28
5 0.
159
0.72
5 -0
.005
0.
720
7.88
6
1885
0.
623
0.56
3 6.
305
6.86
7 0.
069
0.22
9 0.
297
0.26
8 0.
141
0.70
7 0.
029
0.73
5 8.
225
1886
0.
600
0.56
3 6.
496
7.05
9 0.
070
0.23
5 0.
305
0.34
4 0.
165
0.81
4 -0
.041
0.
773
8.43
2
35
Tab
le 2
B.1
Dem
and
side
(mill
ions
eur
os, 1
911
pric
es) (
cont
inue
d) Fixe
d in
vest
men
ts
C
onsu
mpt
ion
Con
stru
ctio
ns
Y
ear
Expo
rts
Publ
ic
Priv
ate
To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Tota
l co
nstru
ctio
ns
Plan
t. M
achi
nery
an
d tra
nspo
rt eq
uipm
ents
Oth
er
inve
stm
ents
Tota
l fix
ed
inve
stm
ents
Inve
ntor
y va
riatio
n To
tal
inve
stm
ents
Tota
l use
s
1887
0.
656
0.61
1 6.
669
7.28
0 0.
053
0.23
9 0.
292
0.33
0 0.
149
0.77
0 0.
070
0.84
0 8.
776
1888
0.
609
0.65
2 6.
335
6.98
7 0.
038
0.24
9 0.
287
0.45
1 0.
191
0.92
9 -0
.045
0.
884
8.48
0
1889
0.
558
0.66
7 6.
328
6.99
5 0.
040
0.23
4 0.
274
0.37
2 0.
160
0.80
6 0.
030
0.83
6 8.
389
1890
0.
521
0.65
5 6.
419
7.07
4 0.
054
0.22
4 0.
277
0.32
5 0.
140
0.74
3 0.
047
0.79
0 8.
385
1891
0.
543
0.64
2 6.
589
7.23
2 0.
060
0.21
3 0.
273
0.30
5 0.
128
0.70
7 -0
.055
0.
652
8.42
6
1892
0.
583
0.64
0 6.
687
7.32
7 0.
053
0.19
8 0.
252
0.28
3 0.
118
0.65
3 -0
.042
0.
611
8.52
1
1893
0.
620
0.65
5 6.
815
7.47
0 0.
061
0.18
2 0.
243
0.28
2 0.
123
0.64
8 -0
.028
0.
620
8.71
0
1894
0.
662
0.71
4 6.
787
7.50
1 0.
059
0.18
3 0.
242
0.33
1 0.
140
0.71
3 -0
.039
0.
674
8.83
7
1895
0.
647
0.73
9 6.
838
7.57
7 0.
058
0.13
4 0.
192
0.35
0 0.
146
0.68
7 0.
056
0.74
3 8.
967
1896
0.
685
0.75
2 6.
893
7.64
6 0.
059
0.11
7 0.
177
0.39
1 0.
165
0.73
3 0.
050
0.78
3 9.
114
1897
0.
741
0.73
4 7.
021
7.75
5 0.
059
0.11
9 0.
179
0.42
3 0.
178
0.78
0 -0
.089
0.
691
9.18
7
1898
0.
812
0.73
0 7.
117
7.84
7 0.
060
0.11
7 0.
176
0.44
1 0.
184
0.80
2 -0
.146
0.
655
9.31
5
1899
0.
891
0.74
0 6.
985
7.72
5 0.
061
0.12
1 0.
181
0.47
7 0.
204
0.86
3 0.
007
0.87
0 9.
487
1900
0.
846
0.75
7 6.
983
7.74
0 0.
063
0.13
2 0.
195
0.51
5 0.
223
0.93
4 0.
265
1.19
9 9.
784
1901
0.
896
0.77
0 7.
312
8.08
1 0.
071
0.14
3 0.
215
0.62
1 0.
257
1.09
3 -0
.019
1.
074
10.0
51
1902
0.
954
0.76
6 7.
601
8.36
6 0.
083
0.16
4 0.
247
0.66
8 0.
262
1.17
8 -0
.137
1.
041
10.3
61
1903
0.
952
0.74
9 7.
794
8.54
3 0.
097
0.17
4 0.
270
0.69
7 0.
257
1.22
5 -0
.080
1.
144
10.6
40
1904
1.
025
0.76
9 7.
701
8.47
0 0.
108
0.18
4 0.
292
0.82
4 0.
289
1.40
5 -0
.119
1.
286
10.7
81
1905
1.
096
0.78
7 7.
875
8.66
2 0.
119
0.20
6 0.
325
1.07
1 0.
378
1.77
4 -0
.264
1.
510
11.2
68
1906
1.
156
0.79
7 7.
882
8.67
9 0.
117
0.23
9 0.
355
1.22
1 0.
428
2.00
4 0.
010
2.01
4 11
.849
1907
1.
111
0.80
0 8.
111
8.91
1 0.
123
0.26
1 0.
384
1.16
4 0.
410
1.95
8 0.
293
2.25
1 12
.273
1908
1.
079
0.83
8 8.
456
9.29
4 0.
129
0.29
0 0.
418
1.04
6 0.
380
1.84
4 0.
373
2.21
8 12
.590
1909
1.
170
0.85
9 9.
123
9.98
2 0.
152
0.35
6 0.
508
0.96
7 0.
364
1.84
0 -0
.125
1.
714
12.8
67
1910
1.
219
0.97
5 9.
065
10.0
39
0.17
9 0.
418
0.59
7 0.
960
0.33
1 1.
889
-0.1
26
1.76
2 13
.021
1911
1.
254
1.09
6 9.
277
10.3
73
0.18
1 0.
453
0.63
4 0.
842
0.29
4 1.
770
-0.0
58
1.71
2 13
.339
36
Tab
le 2
B.2
Dem
and
side
(mill
ions
eur
os, 1
938
pric
es)
Fixe
d in
vest
men
ts
C
onsu
mpt
ion
Con
stru
ctio
ns
Y
ear
Expo
rts
Publ
ic
Priv
ate
To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Tota
l co
nstru
ctio
ns
Plan
t. M
achi
nery
an
d tra
nspo
rt eq
uipm
ents
Oth
er
inve
stm
ents
Tota
l fix
ed
inve
stm
ents
Inve
ntor
y va
riatio
n To
tal
inve
stm
ents
Tota
l use
s
1911
5.
200
4.45
5 46
.721
51
.176
0.
760
2.15
8 2.
917
4.06
6 1.
472
8.45
5 -0
.281
8.
174
64.5
50
1912
5.
652
4.80
1 47
.178
51
.979
0.
772
2.18
6 2.
958
3.70
9 1.
163
7.83
0 0.
097
7.92
7 65
.558
1913
5.
939
4.94
7 49
.869
54
.816
0.
753
2.12
7 2.
880
3.42
5 1.
150
7.45
4 0.
196
7.65
0 68
.406
1914
5.
122
7.47
5 43
.594
51
.069
0.
804
2.24
4 3.
048
3.46
4 1.
147
7.65
9 -0
.348
7.
311
63.5
02
1915
5.
009
19.5
30
32.9
20
52.4
50
0.42
3 1.
821
2.24
5 2.
852
0.74
2 5.
838
-0.9
39
4.89
9 62
.358
1916
4.
380
32.5
57
27.8
80
60.4
37
0.12
2 1.
127
1.24
9 2.
003
0.29
3 3.
545
-0.0
84
3.46
1 68
.278
1917
3.
019
41.8
01
20.0
61
61.8
62
0.10
0 0.
723
0.82
4 1.
618
0.24
0 2.
681
0.14
7 2.
829
67.7
10
1918
2.
272
44.0
74
17.2
51
61.3
25
0.09
9 0.
624
0.72
3 1.
681
0.12
7 2.
530
-0.4
10
2.12
0 65
.717
1919
3.
511
29.2
11
26.1
69
55.3
81
0.25
8 1.
308
1.56
7 2.
374
0.20
1 4.
141
-0.5
67
3.57
5 62
.466
1920
4.
198
14.9
57
38.9
77
53.9
34
0.28
0 1.
408
1.68
8 2.
329
0.36
0 4.
377
1.01
0 5.
388
63.5
19
1921
3.
754
16.1
14
36.3
35
52.4
49
0.34
7 1.
663
2.00
9 2.
614
0.46
7 5.
091
0.07
1 5.
162
61.3
66
1922
3.
803
12.4
73
44.4
23
56.8
95
0.60
2 2.
274
2.87
6 2.
647
0.83
3 6.
355
-0.3
51
6.00
4 66
.703
1923
4.
794
8.48
1 52
.238
60
.719
0.
852
2.48
8 3.
341
2.93
9 1.
047
7.32
7 -0
.441
6.
886
72.3
99
1924
5.
993
7.64
6 53
.885
61
.531
1.
090
2.24
5 3.
335
3.31
2 0.
849
7.49
7 -0
.340
7.
157
74.6
80
1925
6.
660
7.14
8 58
.217
65
.366
1.
260
1.99
1 3.
251
3.57
9 0.
832
7.66
2 0.
732
8.39
4 80
.420
1926
6.
401
7.78
7 58
.265
66
.052
1.
167
2.13
6 3.
304
3.54
9 0.
926
7.77
9 0.
764
8.54
3 80
.996
1927
6.
731
8.02
9 56
.752
64
.781
0.
927
2.22
5 3.
152
4.68
1 0.
897
8.73
0 -0
.869
7.
861
79.3
73
1928
6.
995
8.10
1 61
.150
69
.251
0.
954
2.21
7 3.
172
5.58
4 0.
797
9.55
3 -0
.546
9.
007
85.2
52
1929
7.
676
8.11
5 61
.405
69
.520
1.
523
2.62
6 4.
149
5.66
1 0.
780
10.5
90
1.33
0 11
.920
89
.116
1930
6.
996
8.01
6 57
.559
65
.575
1.
730
3.01
7 4.
747
5.81
1 0.
700
11.2
57
0.78
9 12
.046
84
.617
1931
6.
827
9.52
3 55
.970
65
.494
1.
582
2.86
0 4.
442
5.31
3 0.
776
10.5
31
-0.3
92
10.1
39
82.4
60
1932
5.
473
9.88
6 58
.239
68
.126
1.
365
2.80
9 4.
174
5.01
9 0.
974
10.1
67
-0.8
31
9.33
6 82
.934
1933
5.
579
10.4
21
57.4
77
67.8
98
1.34
1 3.
161
4.50
2 4.
600
1.03
7 10
.138
-0
.477
9.
662
83.1
39
1934
5.
558
10.5
55
55.6
25
66.1
80
1.82
9 3.
280
5.10
9 4.
627
0.92
2 10
.659
-0
.270
10
.389
82
.127
1935
5.
031
12.4
21
56.5
86
69.0
07
2.55
6 3.
344
5.90
0 5.
149
1.00
2 12
.050
-0
.026
12
.024
86
.061
1936
4.
615
16.4
32
48.3
50
64.7
82
2.45
2 3.
061
5.51
4 5.
533
1.35
9 12
.405
-1
.136
11
.269
80
.666
37
Tab
le 2
B.2
Dem
and
side
(mill
ions
eur
os, 1
938
pric
es) (
cont
inue
d) Fixe
d in
vest
men
ts
C
onsu
mpt
ion
Con
stru
ctio
ns
Y
ear
Expo
rts
Publ
ic
Priv
ate
To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Tota
l co
nstru
ctio
ns
Plan
t. M
achi
nery
an
d tra
nspo
rt eq
uipm
ents
Oth
er
inve
stm
ents
Tota
l fix
ed
inve
stm
ents
Inve
ntor
y va
riatio
n To
tal
inve
stm
ents
Tota
l use
s
1937
6.
380
16.1
11
56.8
19
72.9
31
1.73
5 2.
550
4.28
5 6.
116
0.85
6 11
.257
-0
.192
11
.065
90
.376
1938
6.
463
15.2
70
58.8
99
74.1
69
1.34
0 2.
188
3.52
8 6.
800
0.98
7 11
.315
0.
344
11.6
59
92.2
90
1939
6.
893
17.0
62
60.2
53
77.3
15
1.26
1 2.
660
3.92
2 7.
940
1.09
8 12
.960
0.
167
13.1
27
97.3
35
1940
7.
075
18.7
15
57.1
62
75.8
78
0.93
8 2.
841
3.77
9 7.
139
0.95
7 11
.875
0.
533
12.4
08
95.3
60
1941
5.
505
20.6
38
56.9
20
77.5
57
0.67
2 2.
616
3.28
7 7.
007
0.88
0 11
.174
0.
110
11.2
84
94.3
47
1942
5.
622
27.3
04
45.9
61
73.2
66
0.64
8 2.
424
3.07
2 6.
930
0.51
1 10
.513
-0
.481
10
.032
88
.920
1943
2.
377
36.7
96
25.5
33
62.3
29
0.50
7 1.
851
2.35
8 7.
056
0.59
0 10
.004
-1
.943
8.
061
72.7
66
1944
0.
568
28.0
97
23.5
89
51.6
86
0.33
4 1.
146
1.48
0 4.
885
0.59
3 6.
958
-1.4
54
5.50
3 57
.757
1945
0.
279
17.8
23
28.1
03
45.9
26
0.34
6 1.
313
1.65
9 4.
280
0.92
5 6.
863
-1.4
90
5.37
4 51
.579
1946
3.
096
17.1
07
37.7
25
54.8
32
0.87
4 3.
694
4.56
7 9.
218
1.45
7 15
.242
-2
.456
12
.787
70
.714
1947
0.
175
12.9
23
53.7
35
66.6
59
0.64
4 3.
953
4.59
7 8.
483
1.10
7 14
.188
1.
657
15.8
45
82.6
78
1948
0.
152
13.6
36
66.2
12
79.8
49
0.92
3 3.
603
4.52
5 9.
126
1.07
6 14
.727
1.
264
15.9
91
95.9
92
1949
17
.333
11
.476
58
.765
70
.241
1.
142
3.59
7 4.
739
11.4
84
1.08
4 17
.307
-0
.505
16
.803
10
4.37
7
1950
9.
462
12.5
18
67.0
98
79.6
16
1.80
9 3.
950
5.75
9 13
.084
1.
886
20.7
29
-0.5
57
20.1
71
109.
249
1951
12
.980
13
.846
80
.037
93
.883
2.
092
4.52
7 6.
618
13.2
17
2.11
9 21
.955
0.
283
22.2
38
129.
102
38
Tab
le 2
B.3
Dem
and
side
(mill
ions
eur
os, 1
963
pric
es)
Fixe
d in
vest
men
ts
C
onsu
mpt
ion
Con
stru
ctio
ns
Y
ear
Expo
rts
Publ
ic
Priv
ate
To
tal
cons
umpt
ion
Hou
sing
N
on-
hous
ing
Tota
l co
nstru
ctio
ns
Plan
t. M
achi
nery
an
d tra
nspo
rt eq
uipm
ents
Oth
er
inve
stm
ents
Tota
l fix
ed
inve
stm
ents
Inve
ntor
y va
riatio
n To
tal
inve
stm
ents
To
tal u
ses
1951
51
8.64
3 14
15.1
11
5988
.229
74
03.3
40
263.
747
381.
712
645.
459
730.
234
165.
299
1540
.992
14
.727
15
55.7
19
9477
.702
1952
50
9.81
0 14
78.3
12
6226
.349
77
04.6
61
328.
042
445.
501
773.
543
777.
103
155.
388
1706
.034
26
.108
17
32.1
43
9946
.614
1953
62
3.50
7 15
33.3
19
6605
.486
81
38.8
04
400.
339
521.
982
922.
321
861.
386
148.
719
1932
.426
9.
220
1941
.646
10
703.
957
1954
67
6.52
3 16
17.8
56
6678
.049
82
95.9
05
486.
879
572.
765
1059
.643
96
6.10
8 13
6.58
5 21
62.3
36
-35.
474
2126
.862
11
099.
290
1955
75
0.24
0 16
91.0
07
7041
.088
87
32.0
95
608.
285
647.
488
1255
.773
10
74.4
33
130.
180
2460
.386
-5
8.92
4 24
01.4
62
1188
3.79
8
1956
87
8.00
7 17
58.1
41
7300
.552
90
58.6
93
681.
646
639.
634
1321
.280
11
23.6
75
119.
211
2564
.165
40
.626
26
04.7
91
1254
1.49
2
1957
10
70.1
24
1813
.343
74
89.0
22
9302
.365
78
5.10
1 71
3.19
4 14
98.2
95
1133
.981
11
2.93
1 27
45.2
06
182.
620
2927
.826
13
300.
315
1958
12
02.8
88
1976
.072
80
23.7
25
9999
.797
84
0.75
2 83
0.30
5 16
71.0
57
1258
.318
11
2.31
3 30
41.6
88
-225
.694
28
15.9
94
1401
8.67
9
1959
14
18.7
19
2118
.363
85
17.1
37
1063
5.50
0 93
3.93
1 92
0.06
5 18
53.9
96
1461
.120
11
8.78
7 34
33.9
03
-431
.266
30
02.6
38
1505
6.85
6
1960
16
79.0
64
2218
.277
89
56.7
05
1117
4.98
1 95
2.51
5 10
19.6
67
1972
.182
16
32.4
48
119.
241
3723
.871
-7
9.94
3 36
43.9
28
1649
7.97
4
1961
19
43.5
61
2326
.318
94
43.2
30
1176
9.54
8 10
46.2
42
1086
.036
21
32.2
77
1845
.942
11
7.98
5 40
96.2
05
110.
582
4206
.786
17
919.
895
1962
21
73.9
94
2468
.792
99
66.6
85
1243
5.47
7 12
23.4
57
1173
.373
23
96.8
30
1985
.569
10
7.35
0 44
89.7
50
189.
580
4679
.330
19
288.
801
1963
23
14.7
75
2462
.662
10
191.
365
1265
4.02
8 13
15.5
75
1123
.061
24
38.6
36
1821
.115
85
.770
43
45.5
22
1488
.490
58
34.0
12
2080
2.81
6
1964
25
73.1
36
2787
.136
11
284.
970
1407
2.10
5 15
32.4
83
1188
.523
27
21.0
06
1923
.579
78
.719
47
23.3
04
-36.
822
4686
.482
21
331.
723
1965
30
76.5
04
3191
.529
12
564.
038
1575
5.56
8 15
85.4
20
1274
.497
28
59.9
17
2071
.702
73
.902
50
05.5
21
-163
8.67
4 33
66.8
47
2219
8.91
9
1966
34
67.3
67
3255
.877
13
057.
082
1631
2.95
9 15
51.0
21
1286
.833
28
37.8
54
2045
.710
65
.125
49
48.6
90
-892
.339
40
56.3
51
2383
6.67
6
1967
36
84.8
84
3308
.122
13
418.
591
1672
6.71
4 16
00.7
17
1379
.124
29
79.8
42
2128
.486
59
.609
51
67.9
37
232.
720
5400
.658
25
812.
255
1968
42
33.2
82
3493
.143
14
043.
465
1753
6.60
8 18
23.6
36
1484
.736
33
08.3
72
2355
.512
60
.230
57
24.1
14
172.
239
5896
.352
27
666.
243
1969
47
89.7
81
3684
.497
14
995.
230
1867
9.72
7 20
39.5
30
1659
.899
36
99.4
29
2530
.227
57
.029
62
86.6
84
193.
049
6479
.733
29
949.
242
1970
50
81.0
05
3871
.246
16
398.
311
2026
9.55
7 19
96.4
33
1661
.599
36
58.0
32
2920
.196
59
.544
66
37.7
72
239.
300
6877
.072
32
227.
635
39
Tab
le 2
B.4
Dem
and
side
(mill
ions
eur
os, 2
010
pric
es)
Fixe
d in
vest
men
ts
C
onsu
mpt
ion
Con
stru
ctio
ns
Y
ear
Expo
rts
Publ
ic
Priv
ate
To
tal
cons
umpt
ion
Hou
sing
Non
- ho
usin
g To
tal
cons
truct
ions
Plan
t. M
achi
nery
an
d tra
nspo
rt eq
uipm
ents
Oth
er
inve
stm
ents
Tota
l fix
ed
inve
stm
ents
Inve
ntor
y va
riatio
n To
tal
inve
stm
ents
Tota
l use
s
1970
86
101.
411
1468
03.7
29 39
9953
.339
54
6440
.565
73
124.
360
6490
1.64
813
8476
.149
43
846.
786
1461
.538
16
6761
.548
-
1662
99.1
39
7971
82.0
98
1971
92
509.
274
1535
84.7
02 41
5061
.548
56
8040
.522
72
103.
430
6238
3.54
713
4972
.653
46
743.
592
2749
.898
16
9631
.188
-
1547
38.1
08
8129
23.8
92
1972
10
0342
.971
16
1873
.098
4287
99.5
44
5894
84.1
63
7007
4.89
166
382.
824
1368
25.9
19
4977
2.80
0 32
19.3
51
1758
81.2
81
- 16
1313
.051
84
9720
.296
1973
10
6353
.217
16
7084
.203
4536
45.2
17
6201
76.3
14
6936
3.49
870
259.
698
1398
97.6
67
5759
6.60
3 25
19.1
59
1883
70.8
32
- 18
7351
.027
91
3248
.380
1974
11
3952
.276
17
2409
.361
4679
18.7
86
6397
45.4
09
7035
7.60
873
334.
626
1438
88.4
61
5939
5.40
4 24
68.0
69
1938
22.4
08
- 20
5056
.444
95
9984
.250
1975
11
5868
.676
17
8953
.145
4693
67.0
17
6464
97.9
13
6745
0.56
172
886.
295
1403
98.9
45
5264
0.08
4 25
70.1
85
1816
87.9
42
- 16
0377
.554
91
8121
.256
1976
12
9720
.865
18
6704
.076
4904
06.8
07
6752
68.0
88
6215
2.75
069
877.
673
1319
71.7
86
5788
0.40
2 25
38.9
82
1826
51.1
73
- 18
7659
.508
99
3159
.882
1977
14
3524
.776
19
3194
.915
5050
27.5
73
6961
05.6
55
6217
0.01
171
489.
316
1335
21.6
14
6099
3.15
3 25
25.0
16
1881
53.7
65
- 17
6210
.220
10
1678
3.47
2
1978
15
9108
.247
20
1344
.576
5182
74.1
51
7167
51.8
94
6187
6.32
173
316.
650
1349
47.2
40
6175
0.59
9 27
07.7
09
1904
55.3
13
- 17
5321
.656
10
5458
0.91
5
1979
17
1513
.619
20
6206
.231
5533
07.6
15
7581
98.1
65
6379
1.73
871
566.
471
1353
27.4
57
7079
8.53
1 29
18.1
34
2031
63.6
38
- 19
2718
.282
11
2820
2.86
1
1980
15
7175
.913
21
1620
.140
5864
59.0
91
7979
00.3
87
6669
8.61
671
305.
268
1381
43.7
98
7962
6.35
9 31
83.4
17
2171
59.6
54
- 21
4183
.981
11
7128
8.57
0
1981
16
7924
.027
21
8728
.874
5958
90.3
93
8138
44.5
62
6660
4.40
672
972.
391
1396
67.8
49
7566
4.57
9 35
79.3
54
2137
68.9
11
- 19
5730
.239
11
7746
5.12
9
1982
16
5730
.220
22
5162
.076
6017
14.6
81
8255
73.8
57
6348
7.97
071
753.
007
1353
02.2
89
7262
2.74
9 38
08.3
54
2065
62.2
16
- 19
2407
.001
11
8124
7.89
0
1983
17
2028
.174
23
3426
.471
6006
35.7
33
8316
06.9
49
6666
1.38
969
487.
894
1363
22.7
65
6942
4.52
2 38
66.0
62
2035
88.7
25
- 18
4706
.413
11
8560
6.05
7
1984
18
5278
.194
23
7140
.978
6183
62.1
64
8534
05.4
20
6717
3.10
968
785.
232
1361
64.2
32
7584
2.98
0 45
23.2
38
2117
00.0
04
- 20
3151
.013
12
4334
1.73
1
1985
19
1901
.407
24
3886
.271
6360
90.6
36
8778
26.2
73
6508
1.36
470
609.
820
1357
96.7
39
7765
3.54
1 49
08.6
42
2138
88.3
00
- 20
9800
.765
12
8148
3.84
3
1986
19
5132
.708
24
9886
.785
6619
42.1
58
9100
96.2
63
6299
0.65
475
275.
920
1382
33.2
35
7922
2.97
8 71
06.7
47
2198
43.8
58
- 21
7419
.562
13
2389
6.37
2
1987
20
3160
.457
26
1746
.770
6860
43.1
07
9456
34.5
31
6165
3.62
676
557.
529
1381
16.6
83
8736
5.76
5 81
65.4
96
2304
39.7
55
- 23
3161
.653
13
8415
7.47
7
1988
21
3701
.407
27
2044
.606
7140
90.4
55
9839
35.1
21
6288
7.49
979
064.
744
1418
37.3
65
9767
9.60
8 93
35.0
53
2470
04.6
95
- 24
5564
.565
14
4599
8.61
9
1989
23
1923
.728
27
3450
.976
7424
36.2
29
1014
419.
084
6456
0.48
383
636.
592
1480
36.8
92
1023
09.5
67
9353
.265
25
7835
.238
-
2563
39.5
84
1506
513.
248
1990
24
7829
.015
27
9868
.610
7577
65.7
48
1036
076.
612
6703
3.14
487
872.
329
1547
23.1
60
1066
79.3
52
9502
.176
26
8923
.103
-
2670
13.9
96
1555
900.
521
1991
24
2567
.344
28
5187
.889
7784
59.9
08
1062
135.
131
6909
2.58
287
560.
919
1565
18.1
65
1082
23.0
05
9604
.855
27
2379
.130
-
2719
81.6
90
1581
465.
829
1992
25
9094
.740
28
7909
.067
7913
30.9
40
1077
767.
629
6989
8.34
183
741.
900
1535
98.6
33
1074
22.5
89
9363
.643
26
8562
.661
-
2675
51.5
89
1608
417.
721
1993
28
1628
.821
28
3495
.140
7668
77.2
19
1048
751.
336
6897
7.65
473
264.
819
1423
75.3
24
8917
4.21
4 86
89.2
36
2377
92.9
37
- 23
6283
.906
15
6724
4.30
4
1994
30
8680
.518
27
8803
.594
7787
08.4
32
1056
353.
112
6811
2.70
666
808.
920
1351
29.9
29
9611
8.79
3 89
66.6
68
2388
31.2
76
- 24
8233
.111
16
1453
1.69
0
40
Tab
le 2
B.4
Dem
and
side
(mill
ions
eur
os, 2
010
pric
es) (
cont
inue
d) Fixe
d in
vest
men
ts
C
onsu
mpt
ion
Con
stru
ctio
ns
Y
ear
Expo
rts
Publ
ic
Priv
ate
To
tal
cons
umpt
ion
Hou
sing
Non
- ho
usin
g To
tal
cons
truct
ions
Plan
t. M
achi
nery
an
d tra
nspo
rt eq
uipm
ents
Oth
er
inve
stm
ents
Tota
l fix
ed
inve
stm
ents
Inve
ntor
y va
riatio
n To
tal
inve
stm
ents
Tota
l use
s
1995
34
6957
.641
26
9703
.924
7901
23.1
11
1059
482.
221
6845
1.65
171
363.
005
1399
57.7
30
1069
18.9
06
9352
.399
25
5358
.378
-
2690
76.4
71
1677
209.
006
1996
35
2170
.464
27
1831
.109
7976
28.2
32
1069
144.
322
6706
5.84
374
760.
042
1419
04.9
85
1089
50.9
50
1122
9.27
7 26
1308
.113
-
2677
72.2
63
1690
784.
212
1997
37
0288
.581
27
3114
.157
8231
01.8
58
1096
314.
085
6549
9.00
174
391.
586
1399
48.4
58
1142
62.7
09
1138
5.69
2 26
5477
.238
-
2753
45.1
75
1743
598.
632
1998
37
9537
.128
27
4145
.012
8515
82.2
74
1126
187.
034
6485
4.21
874
754.
642
1396
52.1
60
1237
60.6
74
1235
4.01
9 27
6557
.223
-
2851
58.2
85
1792
623.
278
1999
37
8071
.389
27
7940
.909
8734
72.5
66
1152
006.
888
6568
5.74
177
727.
465
1434
36.2
19
1296
96.9
64
1315
7.47
9 28
7339
.262
-
2978
18.7
24
1830
006.
873
2000
42
3164
.194
28
4130
.027
8940
44.4
21
1178
793.
355
6870
7.12
183
064.
455
1517
74.6
24
1384
00.1
03
1395
3.40
7 30
5337
.112
-
3151
72.1
12
1918
118.
787
2001
43
4184
.539
29
5308
.293
9002
65.4
88
1195
981.
874
6970
7.92
588
725.
286
1583
92.0
93
1400
91.5
14
1419
4.58
1 31
3580
.475
-
3216
91.0
91
1952
723.
873
2002
42
1770
.116
30
2428
.423
9019
93.3
53
1204
727.
906
7122
3.21
696
532.
668
1676
71.4
54
1425
56.6
60
1459
2.70
1 32
5305
.692
-
3328
98.9
29
1960
695.
115
2003
41
3329
.377
30
8292
.501
9108
63.3
27
1219
413.
201
7365
5.06
898
123.
113
1717
05.4
97
1356
00.8
50
1427
9.70
2 32
1328
.994
-
3304
74.5
20
1965
110.
914
2004
43
3453
.264
31
5131
.212
9180
36.7
07
1233
377.
286
7580
6.50
299
689.
490
1754
28.7
22
1396
99.8
40
1368
5.59
1 32
8569
.856
-
3374
38.8
51
2005
255.
862
2005
43
8197
.108
32
1112
.385
9286
60.8
02
1249
961.
685
7985
3.70
796
406.
140
1762
14.9
87
1420
63.1
43
1316
6.14
7 33
1237
.897
-
3347
79.8
56
2024
059.
514
2006
46
5447
.902
32
2585
.802
9403
29.5
42
1263
112.
435
8311
4.05
594
926.
826
1780
20.7
19
1492
43.7
32
1375
3.30
6 34
0949
.339
-
3531
25.9
52
2081
597.
459
2007
48
6651
.754
32
5505
.256
9505
02.4
17
1276
209.
284
8376
5.96
794
877.
157
1786
26.3
40
1538
36.8
75
1427
5.10
6 34
6748
.107
-
3609
45.8
20
2123
098.
878
2008
46
5739
.606
32
7293
.482
9431
08.5
90
1270
533.
931
8287
7.87
490
450.
423
1733
32.0
40
1460
62.1
87
1410
3.89
3 33
3481
.941
-
3440
56.4
92
2080
096.
027
2009
38
0060
.691
33
0539
.820
9259
46.8
92
1256
493.
399
7523
7.23
883
090.
313
1583
27.1
50
1222
00.7
27
1348
8.92
4 29
3909
.499
-
2940
09.5
41
1931
364.
856
2010
41
4728
.400
32
8607
.000
9349
02.0
48
1263
509.
048
7360
3.50
078
943.
066
1525
46.5
66
1350
46.9
47
1369
2.23
3 30
1285
.746
-
3127
41.6
95
1990
978.
970
41
Table 3
Sector classifications
Benchmarks
Agriculture
MiningFoodstuffsTobaccoTextilesClothingLeatherWoodMetalmakingEngineeringMineralsChemicalCoal and petroleum productsRubberPrintingOther manufacturing
Utilities
Constructions
Commerce, hotels and restaurants
TransportationCommunications
Banks and insurance
Miscellaneous services
Public administration
Location of buildings Location of buildings
Banks and insuranceMiscellaneous servicesPublic administration
Between benchmarks (pre-ESA classifications): 1861-1970
1861-2010 series
Agriculture AgricultureMining
ConstructionsUtilities
Constructions
Transportations and Communications
Commerce, hotels and restaurants
Note: This table is described on page 9
42
Table 4
Investment classifications
1861-1970 aggregated estimates
1861-1970 disaggregated
estimates 1861-2010
HousingHousing
Public works
Non-residential constructions Non-housing
Plants machinery and transport equipments
Plants machinery and transport equipments
Plants machinery and transport equipments
Other investment goods
Other investment goods
Other investment goods
Inventory variations Inventory variations
Constructions
Note: This table is described on page 10
43
Table 5
The Excel worksheets
Tab_01
Tab_02
current prices Tab_03
constant prices Tab_04
current prices Tab_05
constant prices Tab_06
current prices Tab_07
constant prices Tab_08
current prices Tab_09
constant prices Tab_10
1861-2010
1861-1970
present frontiers
main time series
disaggregated time series
present frontiers
current frontiers
main time series
disaggregated time series
current prices
constant prices
Note: This table is described on page 11.
Table 6
Proxies and benchmarks: our interpolating strategy
Yes NoCASE 1 CASE 21) Use both current prices and constant timeseries;
1) Calculate implicit deflators for benchmarkyears as the ratio between current prices values andconstant prices;
2) Calculate the deflator time series as the ratiobetween current prices and constant prices valueadded time series
2) Interpolate the “benchmark” deflators usingavailable deflators as a proxy
3) Use the deflator in 2) to obtain a current pricestime series.
CASE 3 CASE 41) Use the current prices time series; 1) Interpolate the benchmark values using the
current prices time series as a proxy;2) Use a reliable deflator to obtain constant pricestime series.
2) Use a reliable deflator to obtain constant pricestime series.
Is the current prices time series reliable "in level" AND consistent with the benchmarks?
Is theconstant prices time series reliable "in level"?
Yes
No
Note: The table refers to a hypothetical sector and to a given period, limited by two benchmark current prices estimates. This table is described on pages 8 and 56.
44
Fig. 1
Information used in the reconstruction project
Note: This figure is described on pages 6 and 8
Fig. 2
Constant prices GDP per capita (semilog scale; 1861=0)
0
50
100
150
200
250
300
350
1861
1866
1871
1876
1881
1886
1891
1896
1901
1906
1911
1916
1921
1926
1931
1936
1941
1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001
2006
Note: This figure is described on page 11.
45
Fig. 3
GDP at constant prices (rates of change)
-20%
-10%
0%
10%
20%
30%
1862
1866
1870
1874
1878
1882
1886
1890
1894
1898
1902
1906
1910
1914
1918
1922
1926
1930
1934
1938
1942
1946
1950
1954
1958
1962
1966
1970
1974
1978
1982
1986
1990
1994
1998
2002
2006
2010
Note: This figure is described on page 11
Fig. 4
Sectoral values added (percentage shares, 1861-1911)
0,2
0,25
0,3
0,35
0,4
0,45
0,5
1861
1863
1865
1867
1869
1871
1873
1875
1877
1879
1881
1883
1885
1887
1889
1891
1893
1895
1897
1899
1901
1903
1905
1907
1909
1911
Agriculture
Services
Industry
Note: This figure is described on pages 11 and 13.
46
Fig. 5
Sectoral values added (percentage shares, 1911-1951)
0,1
0,15
0,2
0,25
0,3
0,35
0,4
0,45
0,5
0,55
1911
1913
1915
1917
1919
1921
1923
1925
1927
1929
1931
1933
1935
1937
1939
1941
1943
1945
1947
1949
1951
Agriculture
Services
Industry
Note: This figure is described on page 11.
Fig. 6
Sectoral values added (percentage shares, 1951-1970)
0
0,1
0,2
0,3
0,4
0,5
1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970
Agriculture
Services
Industry
Note: This figure is described on page 11.
47
Fig. 7
Private consumption/GDP ratio
57.0%
62.0%
67.0%
72.0%
77.0%
82.0%
87.0%
92.0%
1861
1866
1871
1876
1881
1886
1891
1896
1901
1906
1911
1916
1921
1926
1931
1936
1941
1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001
2006
Note: This figure is described on page 11.
Fig. 8
Accumulation rate (Investments/GDP; 1861-2010)
4.0%
9.0%
14.0%
19.0%
24.0%
29.0%
34.0%
1861
1866
1871
1876
1881
1886
1891
1896
1901
1906
1911
1916
1921
1926
1931
1936
1941
1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001
2006
Note: This figure is described on page 11.
48
Fig. 9
Trade openness (1861-2010; percentage values)1
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
1861
1866
1871
1876
1881
1886
1891
1896
1901
1906
1911
1916
1921
1926
1931
1936
1941
1946
1951
1956
1961
1966
1971
1976
1981
1986
1991
1996
2001
2006
1 Trade openness is calculated as the ratio (Imports + exports)/GDP. This figure is
described on page 12.
Fig. 10
GDP levels (millions of 1911 lire)
9900.000
11900.000
13900.000
15900.000
17900.000
19900.000
21900.000
23900.000
1861
1863
1865
1867
1869
1871
1873
1875
1877
1879
1881
1883
1885
1887
1889
1891
1893
1895
1897
1899
1901
1903
1905
1907
1909
1911
NEW
Ercolani (1978)
Rossi-Sorgato-Toniolo (1993)
Fenoaltea (2005)
Note: This figure is described on page 12 and 13.
49
Fig. 11
GDP levels (1861=100)
100.000
120.000
140.000
160.000
180.000
200.000
220.000
240.000
260.000
280.000
1861
1863
1865
1867
1869
1871
1873
1875
1877
1879
1881
1883
1885
1887
1889
1891
1893
1895
1897
1899
1901
1903
1905
1907
1909
1911
base1871 base1881 base1891 base1901 base1911 Note: the underlying series are calculated at the following base years: 1871, 1881, 1891, 1901, 1911. This figure is described on page 12.
Fig. 12
Prices and quantity contributions to industry's shares of total value added
0.2
0.22
0.24
0.26
0.28
0.3
0.32
0.34
0.36
1861
1863
1865
1867
1869
1871
1873
1875
1877
1879
1881
1883
1885
1887
1889
1891
1893
1895
1897
1899
1901
1903
1905
1907
1909
1911
0.6
0.65
0.7
0.75
0.8
0.85
0.9
0.95
1
1.05
prices
quantity
Note: Industry's share of value added is equal to tTOTtTOT
tItI
Qd
Qd
,,
,, , where d=deflator; Q=value
added in volume; I=industry, TOT=whole economy. The lines in the graph represent,
respectively, the factors tTOT
tI
d
d
,
, and tTOT
tI
Q
Q
,
, . This figure is described on page 13.
50
Fig. 13
Private consumption per capita (millions of 1911 lire)
0.34
0.36
0.38
0.4
0.42
0.44
0.46
0.48
0.5
0.52
1861
1863
1865
1867
1869
1871
1873
1875
1877
1879
1881
1883
1885
1887
1889
1891
1893
1895
1897
1899
1901
1903
1905
1907
1909
1911
Ercolani-Fuà (1978)
NEW
Rossi-Sorgato-Toniolo (1993)
Note: this page is described on page 13
Fig. 14
Investments in plant and equipments (millions of 1911 lire)
0
500
1000
1500
2000
2500
3000
3500
4000
1861
1863
1865
1867
1869
1871
1873
1875
1877
1879
1881
1883
1885
1887
1889
1891
1893
1895
1897
1899
1901
1903
1905
1907
1909
1911
New
Ercolani-Fuà (1978)
Rossi-Sorgato-Toniolo (1993)
Note: this figure is described on page 13.
51
Fig. 15
Market prices GDP levels (millions of 1938 lire)
96000.000
116000.000
136000.000
156000.000
176000.000
196000.000
216000.000
236000.000
1911
1913
1915
1917
1919
1921
1923
1925
1927
1929
1931
1933
1935
1937
1939
1941
1943
1945
1947
1949
1951
Rossi, Sorgato and Toniolo (1993)
Ercolani and Fuà (1978)
NEW
Note: This figure is described on page 14.
Fig. 16
Industry value added 1911-1938 (millions of 1938 lire)
22500,000
27500,000
32500,000
37500,000
42500,000
47500,000
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
Note: This figure is described on page 14.
52
Fig. 17
Household consumption per capita (1911-1951; millions of 1938 lire)
0,8
1,3
1,8
2,3
2,8
3,3
1911
1913
1915
1917
1919
1921
1923
1925
1927
1929
1931
1933
1935
1937
1939
1941
1943
1945
1947
1949
1951
Note: This figure is described on page 14
Fig 18
Fixed investments in plant, machinery and transport equipment
(millions of 1938 lire)
0
5000
10000
15000
20000
25000
30000
35000
40000
1911
1913
1915
1917
1919
1921
1923
1925
1927
1929
1931
1933
1935
1937
1939
1941
1943
1945
1947
1949
1951
Ercolani-Fuà (1978)
New
Rossi-Sorgato-Toniolo (1993)
Note: This figure is described on page 14.
53
Fig 19
Per capita GDP (millions of Geary-Khamis international dollars)
3,300
5,300
7,300
9,300
11,300
13,300
15,300
17,300
19,300
21,300
23,300
1950
1952
1954
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
France Germany Italy_Maddison Italy_NEW
Note: This figure is described on page 65.
54
Appendix 1. Original work by the “150 anni” team
Besides already existing time series our project includes some new reconstruction work:
1) Patrizia Battilani (Università di Bologna), Emanuele Felice (Autonomous University of Barcelona and Università di Siena), and Vera Zamagni (Università di Bologna) produced a new current prices series for service sector value added from 1861 to 1951. New series have been produced sector by sector, i.e. for commerce, hotels and restaurants, inland transportation, maritime transportation, air transportation, communications, insurance, miscellaneous services, public administration, and buildings.
2) Notwithstanding the small weight of banks’ value added in the whole tertiary sector, the importance of bank data for today’s economies led us to pay particular attention to this sector. Riccardo De Bonis, Fabio Farabullini, Miria Rocchelli and Alessandra Salvio (all colleagues at the Bank of Italy) undertook this task and, besides estimating the financial sector value added, provided long time series (1861-2010) of the main items in the banks' balance sheet. Finally, based on the same set of quantity data used by Battilani et al., Baffigi and Brunetti constructed new series of services sector value added at constant prices.
3) Battilani et al. paid particular attention to 1871 value added, which is their contribution to the construction of the new benchmark for that year developed by Alberto Baffigi and Ivan Triglia: it is made up of a 25x25 input-output matrix and 25 “uses and sources” accounts at current prices.
4) Ferdinando Giugliano (University of Oxford), improving upon a recent paper by Albert Carreras and Emanuele Felice (2010), conducted research on value added in Italian industry during the Great Depression. His main result shows that, contrary to the indications of previous data, the recession was severe in Italy, as in other industrial countries.
Earlier and new time series are presented in the Figure 1, where the red items are new estimates, part of our project.
5) The forthcoming Picozzi-Rey 1970 benchmark (orange, in Figure 1) is not part of our project but the authors kindly shared their data with us.
55
Appendix 2. The supply side (1861-1970): methods and sources
Given the benchmark value added at current prices, the interpolating method, explained in Appendix 3, is applied for each sector to one of the three mutually interdependent time series (deflator, value added at constant prices, and value added at current prices), depending on the reliability and the availability of the existing series. In the remaining part of this appendix the various cases are listed by period and by sector with reference to the four cases presented in Table 6.
1861 - 1913
Agriculture (CASE 4): a) value added at current prices is estimated by imposing Giovanni Federico's (2003) data through the benchmarks levels, when actually minor differences occur;1 b) the price deflator is Federico's (1911=100); c) value added at 1911 prices is obtained by applying b) to a).
Industry (CASE 2): a) value added at 1911 prices is given by Stefano Fenoaltea's (see Fenoaltea, 2006 and the articles cited therein) various sectoral estimates, which have been converted into today’s borders from those of 1911; b) price deflators of value added of the different industrial sectors have been calculated for the benchmark years (1871, 1891 and 1911) as the ratio of the (current price) benchmark estimates and the corresponding constant prices estimates provided by Stefano Fenoaltea.2 The time series of the price deflators was then completed by interpolating the benchmark values of the deflators on the basis of the Ercolani (1978) (henceforth EF) implicit price deflators. For the years to 1871, the set of new deflators was calculated by retropolating the benchmark price deflators on the basis of the dynamics of the EF deflators. c) current price value added time series are obtained by applying the price deflators to Fenoaltea's estimates of value added at constant prices.
Services (CASE 1): a) current prices value added series, seven tertiary sectors are given by the new work by Battilani et al. included in this project; b) 1911 prices value added series have been estimated by Baffigi and Brunetti by retropolating 1911 value added, based on quantity data consistent with the work of Battilani et al.; c) price deflators have been obtained as a ratio of a) to b).
1 The work by Federico (2003) explicitly focuses only on long-run variations in value added. The
implication is that movements at cyclical frequencies are not captured by the series. Federico's series, however, are the best available reconstruction in line with the historiographical approach we have adopted in our project; not to mention the critical work on the sources behind that work. But see also Cerrito (2003) for a completely opposite view.
2 Fenoaltea's estimates of value added at constant prices (1911) are basically quantity indices, weighted with 1911 value added per physical production unit. They are not obtained by deflating current price values.
56
1911 - 1938
Agriculture (CASE 4): estimates of value added at current and at constant prices
For the years from 1913 to 1938, the value added of agriculture at current prices has been estimated by interpolating the benchmark levels (the interpolation has been carried out on the basis of the EF series). As for the constant price series, it has been calculated on the basis of the EF deflator.
Industry: estimates of value added at current and at constant prices
First step (CASE 23): Estimates of the current price value added for 1928-1938
The value added of industry at current prices for the years 1928-1938 has been estimated on the basis of Giugliano's 1938 price estimates and Carreras-Felice's 1938 price deflator.
Second step (CASE 4): Estimate of the current price value added for 1911-1928
The value added at current prices for the period 1911-1928 has been estimated by interpolating benchmark years 1911 and 1928 using the Carreras-Felice’s industry current price value added time series.
Third step (CASE 4): Estimates of constant prices (1938) value added for 1911-1928
The value added of industry at constant prices for the years 1911-1928 has been estimated on the base of the current price value added of industry and the Carreras-Felice 1938 price deflator.
Services (CASE 1): as in 1861-1911 estimates.
1938 - 1951
Agriculture (CASE 4): estimates of value added at current and constant prices
The procedure used is the same as for the years from 1913 to 1938.
Industry (CASE 4): estimates of value added at current and constant prices
The procedure used is the same as for agriculture.
Services: as in the 1861-1911 estimates (CASE 1); due to lack of data, the constant price value added of transport and communications has been estimated based on Ercolani data (CASE 4).
3 In fact, here point 2) of CASE 2 has been skipped as we could use Carreras and Felice's deflators with no
further elaboration.
57
1951 - 1970
All estimates for this period are interpolations between the 1951 benchmark (Rey 2000; 2002) and the new 1970 benchmark by Luisa Picozzi. Interpolations have been performed based on Istat 1973 sectoral dynamics (CASE 4).
58
Appendix 3. The interpolating algorithm4
The set of benchmark values has been interpolated based on the information on the evolution of the annual rates of change of available proxy time series.
More precisely, let Z0, Z2,..., ZT denote the time series of a variable of interest in years [0,T], and f1, f1,..., fT, the corresponding rates of change:
1)1(1
tt
tt Z
Zf
If and are assumed to be the updated estimates of the variable Z in the first and in the last year of the time interval concerned (updated benchmark values), the problem arises as to how the in-between levels of Z can be recalculated in order to be coherent with the new information. Basically, the problem concerns the interpolation of the benchmark
values and , based on the information already available on Z. Notably, the reconstruction of the variable of interest, no matter how it is obtained, implies the revision of the series of its rates of change ft . From this point of view, a possible solution to the
problem at issue is to evaluate a constant correction coefficient to the gro th factorsw . Given,
00 ZZ^
^
ZZ TTT
Our correction coefficient is:
TTT
Z
Z
Z
Z 1
00
^
^
)/(
4 This Appendix is a part of a more articulated methodological note written by Alessandro Brunetti.
59
Appendix 4. From supply to demand: reconstructing national account demand side. Italy, 1861-1970
1. The procedure at current prices
Our procedure follows four steps.
The first step consists in calculating aggregate Ct + It at current prices and at current borders as GDPt + Mt – Xt (t = 1862, …1940), where GDPt is our estimates at market prices; Mt = import (Federico-Natoli-Tattara-Vasta, 2011, dataset); X=export (ibidem).
.
In the second step, we estimated the following seven demand components (details on sources and methods are given in Section 3 of this appendix)
Cgt = public consumption;
Cpt = private consumption;
Imt = investment in machinery and transport equipments;
Ict = investment in construction;
I ct = investments in agricultural goods;
I ot = other investments (investment goods produced by other sectors)
I it = investments in intangible goods.5
In the third step, the estimates obtained in step 2 are modified so that their sum complies with the following constraint:
(1) C+I = Cgt + Cp
t + Imt + Ic
t + I at + I o
t + I it
Compliance with constraint (1) is imposed by multiplying the demand components by the following coefficients:
a) for t = 1861,...,1911
(2a) itt
ott
att
ct
mtt
ptt
gttt IIIIICCIC 1911186119111861191118611911186119111861
where
(2b) ]/[])[( mt
19111861 it
ot
at
pt
ct
gtttt IIIICICIC
b) for t = 1912, ....,1951
(3a) i
ttott
att
ctt
mt
ptt
gttt IIIIICCIC 1951191219511912195119121951191219511912
where
5 An estimate of investments in intangible goods was needed to link 1861-1970 with 1970-2010 time series.
60
(3b) ]/[])[(19511912 ot
at
pt
mt
ct
gtttt IICIICIC
c) for t = 1952,...., 1970
(4a) o
ttatt
ctt
mtt
ptt
gtttt IIIICCIC 191118611911186119111861197019521970195219701952
where
(4b) . ]/[][19701952 ot
at
ct
mt
pt
gtttt IIIICCIC
In the fourth step current borders estimates are tranfomed into today borders data by multiplying each series by appropriate coefficients of which detailed information will be provided in the forthcoming book.
2. The procedure at constant prices
The constant prices time series reflect those calculated in the supply side estimates, i.e.
1911 prices for 1861-1911
1938 prices for 1911-1951
1963 prices for 1951-1970
2010 prices for 1970-20106
The procedure is symmetrical with the one at current prices:
1) Calculate Ct + It at constant prices as GDPt + Mt – Xt , deflated with appropriate deflators;
2) Apply a deflator to each single demand side series;
3) In this case, too, estimates must comply with a constraint formally identical to (1) we came across in treating the problem at current prices. In this case, coefficients such as (2b), (3b) and (4b) were applied to each series throughout the 150 years time span.
3. The current prices estimates of the demand components and their deflators
The six benchmark years – 1871: Baffigi-Triglia (Baffigi et al. 2011); 1891, 1911, 1938, 1951: Rey (2002); 1970: Picozzi (2011) – data are our starting point. In fact, we take time series or proxy time series for each of the six demand components and we constrain them through the benchmark year estimates. The time series we use to implement the procedure are listed in this section along with the associated deflators . For consistency with the supply side calculations, the base year of Ercolani’s (1978) deflators, always 1938, has been changed to 1911 when used for the 1861-1911 period.
6 For 1970-2010, strictly speaking, we do not have constant prices times series. The 2010 base year is obtained by elaborating upon the official Istat series at previous year prices.
61
Public consumption
- time series
1861-1951: in order to obtain a current price time series, apply Ercolani (1978) public consumption deflators (1938=100: Tav. XII.4.1.B, pp. 434-435 ) to the 1938 constant price public consumption series (Ercolani 1978, Tav.XII.4.1.A, pp. 432-433);
1951-1970: Istat (1973, Tav.37, p 96).
- deflators
1861-1951: Ercolani (1978, Tav. XII.4.1.B, pp. 434-435) (1938=100; the base year for the period 1861-1911 has been changed to 1911)
1951-1970: Istat (1973, Tav.37, p 96) (1963=100).
Private consumption
- time series
1861-1951: use consumption goods import data from Federico-Natoli-Tattara-Vasta database to interpolate benchmark data. Missing data for 1861, 1947 and 1951 have been recovered by extrapolation and interpolation.
1951-1970: Istat (1973, ACN, pp. 60-63).
- deflators
1861-1951: Istat (2009).
Investment in plant, machinery and transport equipment
- time series
1861-1911: net import data (1862-1880) of “Machinery and transport equipment” (Standard International Trade Code = 7), from the database of Federico et al. concatenated with Warglien (1985) quantity index;
1911-1951: new time series;7
1952-1970: Istat (1973)
- deflators
Ercolani (1978, Tav. XII.4.14.B, pp. 452-453) and Istat (1973) 7 The new series for investment have been built using the following sources: Road Veichles: 1928-1951: Administrative register of road veichles (Pubblico Registro Automobilistico, data available from the website of UNRAE, table “Il mercato degli autoveicoli dal 1920 al 2010, elaborazioni UNRAE su dati ACI e Ministero delle Infrastrutture e Trasporti”); 1911-1927: Production of road vehicles (Rey 1991). Rolling stock: 1911-1951: Production of rolling stock (Rey 1991) integrated with data from Amministrazione delle Ferrovie dello Stato, Relazioni per l’anno finanziario – various years”. Ships and boats: 1911-1951: Launch of new boats and ships (“Navi varate”, Rey 1991). Airplanes: 1926-1951: Business air traffic of Italian airlines companies (“Traffico aereo commerciale delle società di navigazione aerea italiane”, Istat, Sommario di statistiche storiche 1926-1985, tav. 14.13). Machinery and equipments: 1938-1951 Investimenti fissi in Impianti attrezzature ecc. (Istat 1986, tav. 8.28). 1911-1938: Imports of investment goods (imports of goods classified in the code 7 in the SITC classification, excluding codes 78 and 79).
62
Investment in construction
- time series
1861-1913: Fenoaltea (1987, Table 5, column 1, pp. 23-24); data are at 1911 prices: to obtain current prices time series Ercolani (1978)'s deflator (Table 12.IV.22, pp. 460-461) is applied;
1914-1970: Lupi and Mantegazza (1994) growth rate from 1914 to 1970 are used to extend Fenoaltea (1987) time series at current prices.
- deflators
Ercolani (1978, Table 12.IV.22, pp. 460-461).
Investment in agriculture goods
- time series
These are animals (mainly horses) for urban services. Until 1951 the benchmark fixed investment, was interpolated using the time series of transport and communications as a proxy. The 1951-1970 time series was obtained by interpolating the 1951 and 1970 benchmarks using a quantity index (inflated with the agriculture value added deflator) based on livestock data reported in Rey (1991, Table. 1.05, p. 116).
- deflators
Agriculture value added deflator
Other investments (investment goods produced by other sectors)
- time series
This is a broad and heterogeneous category including all branches not explicitly considered, namely, Mining, Tobacco, Textiles, Clothing, Leather, Wood, Metalmaking, Minerals, Chemical, Coal and petroleum products, Rubber, Printing, Other manufacturing, Utilities. The time series of this aggregate has been estimated as a percentage of the plant, machinery and transport equipments investments. In particular, such ratios have been first calculated for the benchmark years; then, they have been linearly interpolated; the 1861-1870 was set equal to the 1871 benchmark value.
- deflators
Istat (2009), Il valore della moneta in Italia dal 1861 al 2008.
Investment in intangible goods
- time series
we retropolated the 1970 official Istat estimate by using the growth rates of total services value added.
- deflators
deflator for total services value added.
63
Appendix 5. Non additivity of series in volume
Close attention must be paid in using our constant prices series due to the possible bias arising when deflators with different base years are linked. Linking deflators with different base years can, and normally does, imply non-additivity of the deflated series.
In our estimates, reference years vary across sub-periods and, in particular, 1861-1911 is based on 1911 prices, 1911-1951 on 1938, 1951-1970 on 1963, 1970-2010 on 2010 prices (in order to follow the example below, please keep in mind these sub-periods and the related base years). This means that, for each item (i.e. sectoral value added on the supply side and consumption and investment items on the demand side) deflator time series are segmented by sub-periods.
Now, within each sub-period, deflated total value added is always equal to the sum of deflated sectoral value added. This is not necessarily true if we calculate constant price series with the base year outside the sub-period considered in the analysis.
Suppose that we want to construct a total value added series at 2010 prices over the entire period 1861-2010. We need to link all sub-period deflators in order to obtain a deflator series valid over all 150 years, with 2010 as reference year. Now, as a first step, linking the deflator series for 1970-2010 with the deflator series for 1951-1970 requires the latter to be shifted up or down, depending on the relative level of the deflators in the common year (i.e. 1970). Similar operations are required going backwards in relation to the earlier sub-periods.
Suppose that we need to calculate also sectoral value added at 2010 prices. Obviously, a similar backward linking procedure should be applied for each sector. It is here that the non-additivity problem arises: to develop the 2010 prices example there is no guarantee that, given the modified levels of the sectoral deflators within the period 1951-1970, the total value added at 2010 prices will be equal to the sum of its components. A moment's reflection reveals that additivity would be preserved only if the ratios between the sectoral deflators in 1970 were the same at 1963 and 2010 base years, which could happen only by chance.
One important implication of the non-additivity problem is that sectoral comparisons in levels at constant prices are not meaningful if the deflator's base year is outside the sub-period considered in the analysis. Strictly speaking, the informational content of “long” series at constant prices is limited to their variations over time.
64
Appendix 6. The GDP series in Geary-Khamis 1990 international dollars
Economic historians are used to make international comparisons of GDP levels referring to Angus Maddison’s time series (Maddison 2010). Maddison’s estimates use the Geary-Khamis purchasing power parity (PPP) concept to obtain a common unit to make reasonable comparisons between different countries’ GDP. The dollar is the pivotal currency and 1990 it is the benchmark year to calculate a multilateral PPP across countries. The PPP level of a foreign currency in terms of dollars in 1990 allows us to convert that currency into 1990 Geary-Khamis international dollars.
In order to convert liras into Geary-Khamis international dollars I used the PPP estimates reported in Maddison (1995, Table C-6, p. 172). The lira/dollar PPP in 1990 was estimated to be 1384.11 liras per dollar.
I constructed the GDP series at 1990 prices, 1861-2010, then I converted liras into Geary-Khamis international dollars, dividing all series by 1384.11.
Fig. 19 compares the GDP levels for France, Germany and Italy in 1990 international dollars, over the all post-WWII period, until 2008. For Italy, both Maddison’s estimates and ours are shown. It turns out that our Italy’s estimate is very close to those of Maddison's from 1950 to 1970. After then, our GDP series becomes increasingly higher. The gap between the two GDP series closes only in 2008.
In interpreting this result, it should be considered that from 1970 on our data do not derive from our reconstruction work; they have been taken from official tables. The difference between the two are probably attributable to the reduction applied by Maddison to the Italian official GDP in order to adjust the weight attributed to the underground economy, which was too high for international standard, according to Maddison. We did not apply any adjustment to official data. This comparison deserves further inquiry.
65
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N. 1 – Luigi Einaudi: Teoria economica e legislazione sociale nel testo delle Lezioni, by Alberto Baffigi (September 2009).
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