Effective exchange rates

OECD Economic Outlook, June, 2003

Annex Table 38

Effective exchange rates

Indices 1995 = 100, average of daily rates



                    1989     1990      1991     1992      1993

Australia          106.7    106.9     107.7    100.9      95.7
Austria             84.4     87.9      88.1     90.2      93.2
Belgium             79.7     85.2      86.1     88.7      90.7
Canada             109.7    113.2     116.5    110.7     105.6
Czech Republic        --       --        --       --      95.9

Denmark             80.0     86.5      86.0     88.7      92.9
Finland             96.1     99.9      97.0     85.2      76.7
France              80.5     86.4      85.9     89.6      93.3
Germany             73.2     79.4      80.1     84.0      88.6
Greece             142.4    133.8     120.8    113.7     106.0

Hungary               --       --        --       --     140.1
Iceland            121.9    110.4     110.9    110.5     104.0
Ireland             90.8     98.6      97.5    101.7      96.6
Italy              118.7    126.1     127.3    126.2     108.7
Japan               54.0     53.2      59.9     65.0      80.4

Korea              114.6    111.3     107.4    100.1      98.6
Luxembourg          86.8     91.0      91.6     93.5      94.1
Mexico             212.5    193.5     186.9    187.1     196.5
Netherlands         75.8     81.4      82.0     85.2      89.3
New Zealand         91.9     92.0      89.5     83.3      87.3

Norway              94.4     95.8      95.0     96.7      95.7
Poland                --       --        --       --     139.0
Portugal            91.8     93.3      95.8    101.3      97.8
Slovak Republic       --       --        --       --      97.9
Spain              109.7    117.0     118.4    117.1     104.6

Sweden             115.2    115.7     116.7    119.6      98.4
Switzerland         74.3     80.5      80.2     79.7      83.5
Turkey           2 008.1   1546.9    1023.7    610.9     427.8
United Kingdom     108.0    109.0     111.1    108.4     100.2
United States       79.2     83.3      85.4     87.1      92.6

Euro area           68.3     81.1      81.6     86.9      86.0



                  1994      1995      1996      1997      1998

Australia        103.1     100.0     109.7     111.0     103.5
Austria           95.4     100.0      99.1      97.2      99.2
Belgium           94.7     100.0      98.4      94.5      96.8
Canada           100.8     100.0     101.9     102.2      97.4
Czech Republic    99.3     100.0     101.6      98.6     100.3

Denmark           95.1     100.0      99.1      96.8      99.3
Finland           87.0     100.0      97.6      95.4      98.2
France            96.1     100.0     100.4      97.7     100.0
Germany           93.0     100.0      98.6      95.2      98.7
Greece           101.2     100.0      98.4      96.6      93.9

Hungary          126.0     100.0      85.2      78.9      71.5
Iceland           99.6     100.0      99.5     101.7     104.5
Ireland           98.2     100.0     102.6     102.4      99.4
Italy            108.6     100.0     110.0     111.5     113.9
Japan             93.4     100.0      87.2      83.3      86.6

Korea             99.7     100.0     101.6      94.1      68.1
Luxembourg        96.8     100.0      98.9      96.7      97.7
Mexico           190.3     100.0      84.9      83.3      74.0
Netherlands       93.6     100.0      98.6      93.9      97.2
New Zealand       93.6     100.0     106.3     108.9      97.8

Norway            96.4     100.0     100.1     101.1      98.0
Poland           113.5     100.0      93.2      86.6      84.8
Portugal          96.9     100.0      99.6      98.3      98.2
Slovak Republic   96.7     100.0     100.9     105.6     106.6
Spain             99.7     100.0     101.0      96.9      98.1

Sweden            99.6     100.0     110.1     106.6     106.3
Switzerland       91.9     100.0      98.7      93.1      97.2
Turkey           173.5     100.0      58.6      34.9      21.1
United Kingdom   103.4     100.0     102.3     119.2     127.0
United States     98.0     100.0     105.6     113.1     124.8

Euro area         92.0     100.0     102.0      95.5     100.7

                                                 Estimated and
                                                assumptions (a)

                  1999      2000      2001      2002       2003

Australia        103.6      96.3      90.3      93.6       98.5
Austria           99.9      97.7      98.1      98.6      101.3
Belgium           96.3      92.5      93.6      95.2       98.8
Canada            97.1      98.0      95.1      93.6       98.6
Czech Republic    99.9     101.2     106.2     118.2      117.2

Denmark           98.7      94.8      96.4      97.6      101.0
Finland          101.1      96.6      98.6     100.3      104.4
France            99.3      95.7      96.6      98.0      101.7
Germany           98.6      94.3      95.5      97.1      101.8
Greece            94.6      88.4      89.1      90.7       93.9

Hungary           69.0      65.5      66.7      71.2       72.0
Iceland          106.3     107.4      91.0      93.2       99.3
Ireland           96.5      89.5      90.7      92.8       99.4
Italy            113.5     109.4     110.7     112.7      117.3
Japan             99.3     108.1      99.7      95.5       97.3

Korea             77.9      83.4      77.1      79.7       78.2
Luxembourg        97.5      94.9      95.4      96.5       99.1
Mexico            70.6      72.1      74.1      71.8       63.6
Netherlands       97.1      92.2      93.5      95.6      100.3
New Zealand       94.4      85.6      84.7      91.5      102.5

Norway            97.9      95.8      99.0     107.3      107.2
Poland            79.2      81.6      90.0      86.1       79.0
Portugal          97.7      95.4      96.3      97.2       99.6
Slovak Republic  100.6     102.3      99.8     100.1      104.4
Spain             97.3      94.3      95.4      96.8       99.7

Sweden           106.1     106.3      97.8     100.2      103.5
Switzerland       97.8      96.1     100.0     105.1      108.7
Turkey            14.1      10.3       5.8       4.3        3.2
United Kingdom   127.5     130.9     129.6     131.1      127.6
United States    124.4     127.5     134.3     134.8      131.3

Euro area         99.0      90.1      92.4      95.5      104.6

                 Estimated
                 and
                 assumptions
                 (a)

                  2004

Australia         99.0
Austria          102.1
Belgium           99.1
Canada            99.3
Czech Republic   117.5

Denmark          101.4
Finland          104.8
France           102.2
Germany          102.6
Greece            94.3

Hungary           72.0
Iceland           99.6
Ireland           99.6
Italy            118.0
Japan             97.4

Korea             77.6
Luxembourg        99.2
Mexico            63.8
Netherlands      100.6
New Zealand      102.6

Norway           106.5
Poland            78.5
Portugal          99.9
Slovak Republic  104.6
Spain            100.1

Sweden           103.7
Switzerland      108.6
Turkey             2.8
United Kingdom   127.5
United States    131.6

Euro area        105.9

Note: For details on the method of calculation, see the section on
exchange rates and competitiveness indicators in OECD Economic Outlook
Sources and Methods (http://www.oecd.org/eco/sources-and-methods).

(a)On the technical assumption that exchange rates remain at their
levels of 26 March 2003, except for Turkey, where exchange vary
according to official exchange rate policy.

Source: OECD.