The Current account provides information about the transactions of a country with the rest of the world. It covers all transactions (other than those in financial items) in goods, services, primary income and secondary income which occur between resident and non-resident units. It is either expressed as % of GDP or million of national currency. The financial flows are marked as a credit, a debit or a balance. The current account together with the capital and the financial accounts forms the Balance of Payments (BoP). The MIP scoreboard indicator is the three-year backward moving average of the current account balance expressed in percentage of GDP and calculated as: [[(CAt/GDPt)+(CAt-1/GDPt-1)+(CAt-2/GDPt-2)]/3]*100. The indicative thresholds for the indicator are of +6% and -4%. The indicator is based on the BoP data reported to Eurostat by the EU Member States. Starting from October 2014 definitions are based on the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6).

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. Respectively the net international investment position (NIIP) provides an aggregate view of the net financial position (assets minus liabilities) of a country vis-à-vis the rest of the world. It allows for a stock-flow analysis of external position of the country. The MIP scoreboard indicator is the net international investment position expressed in percent of GDP. The indicator is based on the Eurostat data from the Balance of payment statistics. These data are quaterly reported by the EU Member States. Definitions are based on the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6). The indicative threshold is -35%. The MIP scoreboard indicator is calculated as: [NIIPt/GDPt]*100.

The indicator shows developments in shares of exports of goods and services of EU Member States in relation to total exports of goods and services of OECD countries and non-OECD EU Member States. To capture the structural losses in competitiveness that can accumulate over longer time periods, the MIP scoreboard indicator is calculated as the 3 year % change (comparing year Y with year Y-3). In the table, values are also expressed as the 1 year % change (comparing Y with Y-1). The data are presented as share of total exports of OECD countries and non-OECD EU Member States. The indicative threshold is +3%. It is based on the Balance of Payments data reported to Eurostat by the EU Member States. Source of data for non-EU countries is OECD.

The nominal unit labour cost (NULC) index is defined as the ratio of labour cost to labour productivity, where labour cost is the ratio of compensation of employees (current prices) to hours worked by employees, and labour productivity is the ratio of gross domestic product (at market prices in millions, chain-linked volumes reference year 2015) to total hours worked. Data on employment are presented according to the domestic concept used in national accounts. The MIP Scoreboard indicator is the 3-year percentage change. Input data are obtained from the official national accounts' country data, through ESA 2010 transmission programme. The indicative threshold is 9% for the euro area countries and 12% for the non-euro area countries.

For the purpose of the Excessive Deficit Procedure (EDP) in the Economic and monetary union (EMU), as well as for the Growth and Stability Pact, the current Protocol 12, annexed to the 2012 consolidated version of the Treaty on the Functioning of the European Union, provides a complete definition of government debt: debt means total gross debt at nominal (face) value outstanding at the end of the year and consolidated between and within the sectors of general government. This definition is supplemented by Council Regulation (EC) No 479/2009, as amended by the Commission Regulation (EU) No 220/2014 (which has only updated references to ESA 2010 instruments) specifying the components of government debt with reference to the definitions of financial liabilities in ESA 2010. In this context, the stock of government debt in the Excessive Deficit Procedure (EDP debt) is equal to the sum of liabilities, at the end of year, of all units classified within the general government sector (S.13) in the following categories: AF.2 (currency and deposits) + AF.3 (debt securities) + AF.4 (loans). Basic data are expressed in national currency, converted into euro using end-year exchange rates for the euro provided by the European Central Bank (ECB). The MIP headline indicator is calculated as: [GGDt/GDPt]*100. The indicative threshold is 60% of GDP. The data are expressed in millions of units of national currency and in % of GDP.

The Household debt is the stock of liabilities held by the sector Households and Non-Profit institutions serving households (S.14_S.15). The instruments taken into account to compile this indicator are Debt securities (F.3) and Loans (F.4). Data are presented in consolidated terms (meaning transactions within the same sector are not taken into account) and expressed in % of GDP and millions of national currency. Definitions regarding sector and instruments are based on ESA 2010. The MIP scoreboard indicator is the stock of the debt of households and NPISH expressed as percentage of gross domestic product (GDP). The indicative threshold of household debt is 55%. The indicator is calculated as: [HHDt/GDPt]*100. In the table, values are also expressed in millions of units of national currency.

The non-financial corporations debt is the stock of debt of the sector non-financial corporations (S11). It is expressed as percentage of GDP. The instruments taken into account to compile this indicator are Debt securities (F.3) and Loans (F.4). Data are presented in consolidated terms (meaning transactions within the same sector are not taken into account) and expressed in % of GDP and millions of national currency. Definitions regarding sectors and instruments are based on the ESA 2010. The MIP scoreboard indicator is the stock of non-financial corporations sector debt expressed as percentage of gross domestic product (GDP). The indicative threshold of non-financial corporations debt is 85%. The indicator is calculated as: [NFCDt/GDPt]*100.

The households sector credit flow represents the net amount of liabilities which the sectors Households and Non-Profit institutions serving households (S.14_S.15) have incurred during the year. The instruments taken into account to compile this indicator are Debt securities (F.3) and Loans (F.4). Data are presented in consolidated terms, meaning transactions within the same sector are not taken into account. Definitions regarding sectors and instruments are based on the ESA 2010. The MIP scoreboard indicator is expressed in percentage of the related stocks at the end of the previous year. It is the flow counterpart of households sector debt (which is a stock indicator). The indicative threshold of households sector credit flow is 14%. The formula is: [HHCF(t)/STOCKS(t-1)]*100. In the table, values are also expressed in millions of units of national currency.

The non-financial corporations credit flow excluding foreign direct investment indicator measures the net amount of liabilities incurred during the year by the non-financial corporations sector (S.11), excluding foreign direct investment (FDI).The compilation covers the instruments debt securities (F.3) and loans (F.4), with FDI excluded. FDI data are sourced from the ECB quarterly financial accounts. Data are presented in consolidated terms (i.e. excluding intra-sector transactions) and expressed as a percentage of the corresponding stocks (excluding FDI) at the end of the previous year. Sector and instrument definitions are in line with ESA 2010.

This MIP scoreboard indicator is the flow counterpart of the non-financial corporations sector debt (a stock indicator). The indicative threshold for the non-financial corporations credit flow is 13%. The formula is: [(NFCCF-FDI)(t)/(STOCKS-FDI)(t-1)]*100. In the table, values are also expressed in millions of units of national currency.

The unemployment rate is the number of unemployed persons as a percentage of the labour force based on International Labour Office (ILO) definition. The labour force is the total number of people employed and unemployed. The MIP scoreboard indicator considers unemployed persons comprise persons aged 15 to 74 who: - are without work during the reference week; - are available to start work within the next two weeks; - and have been actively seeking work in the past four weeks or had already found a job to start within the next three months. Unit: rate. The indicative threshold of the indicator is 10%. In the table, values are also calculated by considering unemployed persons aged 15 to 24 and those aged 25 to 74.

The labour force participation rate is the percentage of economically active population aged 15-64 on the total population of the same age. According to the definitions of the International Labour Organisation (ILO) for the purposes of the labour market statistics people are classified as employed, unemployed and outside the labour force. The economically active population (also called labour force) is the sum of employed and unemployed persons. Persons outside the labour force are those who, during the reference week, were neither employed nor unemployed. The MIP Scoreboard indicator is the three-year change in percentage points, with an indicative threshold of -0.2 pp. In the table, values are expressed also as percentage of total population. The data source is the quarterly EU Labour Force Survey (EU LFS). The survey covers the resident population in private households.