Greece: Real Effective Exchange Rate Index

Bulletin of conjunctural indicators

NOTES: The real effective exchange rate (REER) is the nominal effective exchange rate deflated by a weighted geometric mean of appropriate relative price or cost indices. The REER indices compiled by the Bank of Greece include Greece's 28 major trading partners within and outside the euro area (broad index) and euro area countries (narrow index) and are CPI-deflated or HICP-deflated, where applicable. Weights are calculated on the basis of Greece's imports and exports of manufacturing goods (categories 5-8 of the Standard International Trade Classification -- SITC 5-8) between 2004 and 2006, also taking into account third market competition. A positive (negative) change in the indices suggests losses (gains) in Greece's competitiveness relative to its trading partners. Index 2000=100, period averages and percentage changes over previous period.The index is subject to regular revisions.