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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r 18Oct

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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: alberto.baffigi@bancaditalia.it

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

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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

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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

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stm

ents

Yea

r Ex

ports

Pu

blic

co

nsum

ptio

n Pr

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e co

nsum

ptio

n To

tal

cons

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ion

Hou

sing

N

on-

hous

ing

Con

stru

ctio

ns

Plan

t, m

achi

nery

an

d tra

nspo

rt eq

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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).

N. 2 – European Acquisitions in the United States: Re-examining Olivetti-Underwood Fifty Years Later, by Federico Barbiellini Amidei, Andrea Goldstein and Marcella Spadoni (March 2010).

N. 3 – La politica dei poli di sviluppo nel Mezzogiorno. Elementi per una prospettiva storica, by Elio Cerrito (June 2010).

N. 4 – Through the Magnifying Glass: Provincial Aspects of Industrial Grouth in Post-Unification Italy, by Carlo Ciccarelli and Stefano Fenoaltea (July 2010).

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71

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