Engineering Costs and Production Economics, 10 (1986) 189-201 189 Elsevier Science Publishers B.V., Amsterdam - Printed in The Netherlands

COST AND PRICE INDICES

Norman Boyd

INTRODUCTION

The 'Encost' indices of erected costs of plants (Table 1) for January 1986 will dis- appoint those hoping that costs were now stabilising. Except for Canada and the Nether- lands, all countries show greater increases in 1985 than in the previous year. The average unweighted increase of 5.4% for the thirteen countries listed compares with 3.4% and 5.6% in 1984 and 1983 respectively. Generally those countries, notably Belgium, Canada, Japan, Netherlands and W. Germany, exhibit- ing lower-than-average increases in earlier years continued to do so in 1985, but France and the U.S.A. also fared well. Once again,

Italy had the highest annual increase, but Australia, Sweden and the U.K. also had increases substantially above average.

The international comparison of erected costs of plants (Table 6) shows the effect of currency changes in 1985, principally the devaluation of the U.S. dollar, on relative costs in the thirteen countries. Apart from Australia, which devalued its currency in early 1985, a n d Canada, costs in the remain- ing ten countries rose by an average of 12.9% relative to the U.S.A. The relative positions at January 1986 were much as they had been two years earlier, but were still less favourable to the U.S.A. than in the years around 1980.

TABLE 1

Indices of erected costs of plants a as at January 1st, unless otherwise stated

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1985 1986 July 1

Belgium 0.79 1.00 1.09 1.16 1.27 1.29 1.40 1.50 1.64 1.89 1.99 2.01 2.04R 2.06 Denmark 0.76 1.00 1.02 1.06 1.16 1.27 1.38 1.54 1.64 1.99 2.14 2.19 2.30R 2.32 France 0.79 1.00 1.13 1.25 1.34 1.46 1.59 1.82 2.05 2.50 2.73 2.84 2.90 2.97 W. Germany 0.88 1.00 1.03 1.07 1.11 1.14 1.21 1.29 1.38 1.53 1.52 1.56 1.59 1.60 Italy 0.74 1.00 1.19 1.43 1.67 1.92 2.27 2.67 3.15 3.89 4.38 4.71 4.98 5.28 Netherlands 0.78 1.00 1.09 1.14 1.22 1.18 1.24 1.31 1.42 1.54 1.54 1.57 1.57 1.59 U.K. 0.78 1.00 1.30 1.45 1.61 1.76 2.04 2.35 2.56 2.78 2.92 3.10 3.24 3.34 Australia 0.78 1.00 1.15 1.33 1.46 1.57 1.71 1 .93 2.15 2.58 2.77 2.91 2.98 3.15 Canada 0.86 1.00 1.20 1.33 1.46 1.56 1.76 1.95 2.24 2.46 2.42 2.47 2.50 2.52 Japan 0.78 1.00 1.11 1.26 1.39 1.50 1.58 1.70 1.79 1.84 1.84 1.84 1.88 1.89 Norway 0.83 1.00 1.10 1.22 1.35 1.45 1.53 1.69 1.79 2.07 2.18 2.28 2.35 2.43 Sweden 0.81 1.00 1.05 1.16 1.24 1.37 1.49 1.67 1.81 2.05 2.26 2.37 2.50 2.57 U.S.A. 0.87 1.00 1.11 1.18 1.27 1.39 1.53 1.68 1.85 1.96 2.09 2.13 2.18 2.19

aFor method used to calculate costs and indices see Eng. Cost Prod. Econ., 6 (1982) 272 and, 7 (1982) 18.

0167-188X/86/$03.50 © 1986 Elsevier Science Publishers B.V.

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ERECTED COSTS OF PLANTS

The erected-cost indices (Table 1) for January are based on materials prices (ex- works) (see Table 2), and on the hourly labour costs for mechanical engineering and construction at October (see Table 4), with labour costs forming 60%,70% of the total, except for Japan, where the proportion is 55%. Of the materials element, steel plate has the largest weight with 50%-60% and its price indices have risen less, in all countries, than have the corresponding erected-plant cost indices. Japan and the U.S.A., in fact, have experienced slight reductions in their prices for steel plate. For the other materials listed, 1985 indices reflect price increases for cement (in all countries except Japan) and for steel re-inforcing bar. For steel sections, prices remained fairly constant in most countries except Norway, Italy, the U.K. and Australia.

Hourly labour costs for mechanical engin- eering and construction rose more than the

corresponding erected-plant cost index in six countries, Canada, France, W. Germany, Sweden, U.K. and U.S.A. The erected-cost indices show increases from January 1985 to January 1986 ranging from 1.8% for Canada and the Netherlands to 12.1% for Italy, with Belgium, U.S.A., Japan and W. Germany lying in the range 2.6%-3.4%, France at 5%, Denmark at 6.2%, Norway at 6.9%, U.K. at 7.7%, and Australia and Sweden at 8.3%.

CURRENCIES

Table 5 shows the annual average exchange rates, relative to the U.S. dollar, for the other twelve countries dealt with. These annual averages are calculated from the values on the first trading day in each of the four quarters in the year, and of the first quarter in the following year. The quarterly figures for 1984 and 1985 show the extent of the U.S. dollar depreciation against other currencies, starting

TABLE 3

Indices of average hourly earnings of adult manual a workers in selected industries (1974 = 100) (Table 3 continues on pp. 194 and 195)

Country ISIC b 1974 1975 1976 1977 1978 Oct. Oct. Oct. Oct. Oct.

Local Equivalent cu=ency U.S. $

Be~mm 351 B.Fr. 157.25 4.01 118 131 147 152 371 171.89 4.38 !08 122 132 137 382 133.94 3.42 114 125 137 142 5 130.07 3.32 116 132 146 150

France 351 F.Fr. 12.02 2.54 114 129 145 165 371 11.71 2.48 121 136 152 168 382 11.04 2.33 115 135 153 169 5 I0.08 2.13 115 137 154 171

German Fed. Rep. 351 DM 11.02 4.16 106 115 124 127 371 10.05 3.80 105 113 120 126 382 9.89 3.73 108 114 123 129 5 10.00 3.78 104 110 117 124

in the first half of 1985 and accelerating in the second half. They show also the effect of the first steps to revalue the Japanese yen which, it is generally agreed, has been under- valued against most other currencies for some years. By mid-1986 the value had dropped further to about 175 yen per U.S. dollar.

The average change in the value of the other currencies relative to the U.S. dollar throughout 1985 represented a 19% increase and, excluding Australia and Canada, ranged from 16% for Italy and 19% for Sweden to 30% for the Netherlands, while the Canadian dollar fell by 6% and the Australian dollar, devalued in early 1985, by 17%.

INTERNATIONAL COMPARISON OF ER ECTED COSTS

The average change in relative costs (Table 6) from January 1985 to January 1986 was

193

an increase of 12.3%, and, again excluding Australia and Canada, ranged from 8.5% for Norway and 11.9% for the Netherlands to 15.5% for France. The Australian and Canadian relative costs decreased by 11.8% and 6.2%, respectively. Japan once again emerged as the country with the lowest erected-plant costs, but this position is a temporary one. With the January 1986 figure based largely on an exchange rate at October 1985 of 214 yen per U.S. dollar, the subsequent increase in the value of the yen to 178 would, by itself, increase the relative cost from 0.65 to 0.78. This reinforces the warnings given in previous articles that caution must be exercised in using Table 6. It should be remembered too that currency rate variations may affect these indices indirectly as well as directly. The prices and costs given in these articles are national ones and make no allowance for imported materials and labour, which would also be affected by currency changes.

1979 1980 1981 1982 Oct.

April Oct. Apr. Oct. Apr. Oct.

1983 1984 1985

Apr. Oct. Apr. Oct. Apr. Oct.

165 177 183 198 157 164 172 186 156 164 169 189 167 174 180 194

190 203 219 230 247 189 203 218 226 249 189 201 227 230 253 195 210 227 243 263

128 137 137 142 146 133 141 141 144 149 135 143 146 148 153 134 141 144 147 151

272 273 276 289

149 156 158 153

208 200 200 202

284 289 289 296

153 154 159 156

300 304 306 317

157 161 162 161

221 223 226 229 233 204 224R 226R 230R 232 212 216 219 220 224 210 215 217R 220 223

323 334 340 353R 361 308 327 330 346R 355 323 337 340 356R 364 329 340 350 359 370

159 162 164 166 169 160 161 163 171 171 164 164 169 177 178 162 165 166 166 168

194

TABLE 3 (continued)

Country ISIC b 1974 1975 1976 1977 1978 Oct. O c t On . Oc t Oct.

Local Equivalent currency U.S. $

Italy 351 Lke 1486 2.25 122 161 190 232 371 1542 2.34 124 154 183 205 382 1325 2.01 124 158 188 210 5 1255 1.90 125 158 187 218

Netherlands 351 Guilder 10.60 3.93 115 123 134 141 37 10.73 3.98 109 120 130 139 382 9.47 3.51 112 120 130 137 5 9.70 3.60 114 123 135 148

U.K. 351/2 Pound 1.17 2.74 128 140 150 174 371 1.16 2.71 130 147 158 184 382 1.10 2.57 126 140 155 177 5 1.04 2.43 128 143 157 175

Australia c 351/2/3 A.$ 3.79 4.98 113 127 139 150 37 3.73 4.90 112 128 144 150 381/2/3 3.42 4.50 1.08 123 135 143 5 3.55 4.67 112 128 141 149

Canada 351/2 Can.$ 4.74 4.81 113 128 140 150 371/2 5.43 5.51 116 127 141 152 382 5.13 5.20 115 126 136 147 5 6.77 6.87 119 132 148 156

U.S.A. 351 U.S.$ 5.56 110 122 133 142 371 5.81 110 120 135 149 382 5.09 108 115 126 136 5 6.99 106 113 118 127

Denmark

Norway

Sweden

Japan

351/2 D.Kr. 26.68 4.36 115 129 143 159 382/3 27.92 4.56 119 131 142 160 5 29.17 4.77 114 129 144 160

351/2 N.Kr. 22.12 4.00 113 137 153 165 382 23.39 4.23 118 140 155 168 5 26.39 4.78 116 136 151 165

35 Sw.Kr. 18.50 4.17 121 135 145 153 371 20.90 4.71 120 132 141 151 382 19.37 4.35 118 130 141 149 5 22.45 5.06 119 133 149 158 ( 1 2 m o n t h s t o Dec. 1974) (-Dec. 1975)(-Dec. 1976)(-Dec.1977)(-Dec. 1978)

351/2 Yen 1115.8 3.74 112 121 132 139 371 1126.1 3.78 118 126 138 143 382 940.8 3.16 114 122 133 139 5 722.8 2.43 117 132 148 160

aFor Japan, manual and non-manual workers, including holiday pay (see: Vol 5, pp. 75-77) . blnternational Standard Industrial Classification: CFrom 1983 onwards, indices apply to May and November 353 Petroleum refineries 35 Manufacture of chemicals 37 Basic metal industries 351 Manufacture of industrial chemicals 371 Iron and steel basic industries 352 Manufacture of other chemicals

195

1979 1980 1981 1982 Oct.

April O ~ . Apr. Oct. Apr. Oct.

1983 1984 1985

Apr. Oct. Apr. Oct. Apr. Oct.

291 316 351 381 414 443 477 255 277 313 353 385 409 442 262 284 321 363 395 419 453 279 301 327 374 406 448 484

148 155 165 175 147 154 164 172 143 153 162 171 162 170 180 190

208 228 247 259 275 283 295 209 232 247 261 272 291 296 207 230 240 255 263 282 286 201 227 247 259 266 283 289

173 195 210 246 165 192 214 249 157 175 204 244 162 181 215 250

161 177 186 197 209 221 228 166 172 183 192 214 226 240 162 169 176 188 202 209 216 167 173 186 194 212 216 228

154 158 169 179 191 195 204 164 170 180 193 197 203 208 148 154 164 170 178 182 183 136 138 147 149 158 162 169 (3rd Qr) ( ls t Qr) (3rd Qr) ( l s tQr ) (3rd Qr) ( ls t Qr) (3rd Qr)

177 189 210 233 177 191 208 232 180 195 211 240

163 162 185 184 199 196 222 173 172 198 196 211 209 232 171 171 189 190 204 209 230 (4thQr) (2nd Qr) (4thQr) (2nd Qr) (4thQr) (2nd Qr) (4thQr)

169 174 185 201 203 216 213 167 172 179 192 194 209 209 161 166 175 187 194 206 210 170 179 190 200 203 213 208 (-Dec.) ( - June) (-Dec.) ( - June) (-Dec.) ( - June) (-Dec.)

154 157 165 169 173 177 186 150 152 162 158 175 179 182 150 154 161 165 171 176 18I 172 176 183 192 198 201 205

512 543 578 605 476 507 542 557 490 523 559 580 518 547 585 602

183 190 193 175 177 180 172 174 176 188 187 189

313 325 335 352 332R 342 369 380 301 " 306 319 328 306 309 323 328

258 270 271 265 276 276 264 275 264R 260 272 295R

232 240 244 253 240 252 256 265 219 222 224 231 207 202 207 203

206 215 220 225 196 218 226 222 186 192 195 197 170 172 171 174 ( ls t Qr) (3rdQr) ( l s tAr ) (3rdQr)

246 258 263 241 250 259 252 261 271

221 233 241 255 232 248 252 269 228 235 238 255 (2ndQr) (4thQr) (2ndQr) (4thQr)

231 236 256 261 224 228 246 252 220 225 240 247 219 223 240 240 ( - June) (-Dec.) ( - June) (-Dec.)

177 194 197 202 179 187 189 189 176 184 186 190 201 213 219 223

647 678 590 621 622 649 637 665

194 193 180 181 176 178 189 190

363 378 393 406 345 358 338 349

285p 295p 283p 298p 274p 284p 302p 313p

254 260 272 277 230 233 211 204

228 234 229 230 200 205 175 177 ( l s tQr )

269 270 261 264 282 285

258 268 272 281 260 269 (2ndQr)

275R 277 269R 269 259R 263 249R 256 ( - June)

206 209 194 198 192 194 224 225

372 Non- fe r rous m e t a l basic indus t r i e s 381 M a n u f a c t u r e of f ab r i ca t ed m e t a l p roduc t s , exe. m a c h i n e r y 382 M a n u f a c t u r e of m a c h i n e r y excl. e lectr ical

383 Manufac tu r e of e lectr ical m a c h i n e r y 5 C o n s t r u c t i o n

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TABLE 6

Comparison of erected costs of plants with U.S.A. = 1.0, as at January 1st unless otherwise stated

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1985 1986 July l

Belgium 0.94 1.07 1.00 1.01 1.10 1.18 1.36 1.21 0.92 0.81 0.72 0.60 0.59 0.68 Denmark 0.97 1.06 1.01 0.98 0.98 t .10 1.13 1.05 0.80 0.76 0.72 0.62 0.63 0.71 France 0.83 0.85 0.93 0.89 0.87 0.96 1.02 1.04 0.82 0.75 0.68 0.58 0.57 0.67 W. Germany 1.08 1.02 0.98 0.99 1.02 1.12 1.20 1.13 0.88 0.85 0.76 0.64 0.63 0.73 Italy 0.78 0.86 0.88 0.81 0.82 0.91 1.01 1.01 0.78 0.79 0.74 0.65 0.56 0.74 Netherlands 0.97 1.04 1.05 1.05 1.12 1.13 1.18 1.12 0.82 0.82 0.73 0.61 0.59 0.69 U.K. 0.72 0.77 0.81 0.70 0.72 0.80 0.94 1.08 0.86 0.79 0.68 0.59 0.59 0.70 Australia 0.87 0.92 0.89 0.94 0.85 0.87 0.84 0.90 0.89 0.86 0 .80 0.76 0.64 0.67 Canada 0.90 0.92 0.95 1.05 0.98 0.87 0.90 0.90 0.92 0.92 0.86 0.81 0.77 0.76 Japan 0.54 0.58 0.55 0.59 0.65 0.82 0.79 0.77 0.73 0.60 0.62 0.58 0.56 0.65 Norway 1.09 1.16 1.16 1.28 1.25 1.29 1.31 1.32 1.07 1.00 0.92 0.82 0.77 0.89 Sweden 1.17 1.24 1.18 1.24 1.13 1.19 1.26 1.29 0.99 0.90 0.76 0.70 0.69 0.79 U.S.A. ~ 1.0

FUTURE OUTLOOK

Two features o f the 1985 figures which could have an adverse bearing on the overall plant cost indices in the near future are (a) the possibility of early increases in steel plate prices, which have altered little or not at all in most countries since 1983, and (b) the fact that, while the labour cost indices tend to rise faster than the erected-plant cost indices, the differential has been growing in recent years. This means that steel price rises have not kept pace with rising hourly labour costs in the steel industry. There is no direct relationship between these labour costs and the prices of individual steel products, and

rationalisation of the industry in recent years has raised productivity significantly. It may be, therefore, that steel prices generally will rise more slowly than might be expected.

One important factor which should depress price levels is the heavy fall in crude oil prices in early 1986. The main. effect will be felt in those industries, such as cement and steel, which are heavy users of fuel, but the magni- tude will depend on the currency exchange rate versus the U.S. dollar, which is universally used for oil pricing. Japan, which is a large importer of fuels, is thus in a very advan- tageous position in light of its recent revalu- ation of the yen.

200

TABLE 7

Comparison of prices, with U.S.A. = 1.0, for: I Ordinary Portland cement II Steel re-infotcing bat '!~.~ III Steel sections (heavy) IV Steel plate :. • ,

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

1st half 2nd half 1st half 2nd half

Belgium I 0.77 0.78 0.77 0.84 0.88 0.91 0.92 0.77 0.77 0.72 0.64 II 1.35 1.11 1.02 1.24 1.17 1.08 1.15 0.91 1.08 1.06 0.92 III 1.08 0.87 0.88 0.96 0.90 1.02 0.93 0.73 0.72 0.59 0.56 IV 1.53 1.10 0.87 0.94 0.86 0.94 0.90 0.66 0.66 0.63 0.59

Denmark I 1.02 1.07 0.92 0.91 0.95 0.93 1.05 0.90 0.77 0.82 0.67 II 1.22 1.26 1.18 1.32 1.16 1 . 0 5 1.15 0.93 1.03 1.05 0.90 IV 1.38 1.03 0.84 0.85 0.88 0.87 0.82 0.62 0.65 0.64 0.53

France I 0.83 0.86 0.84 0.77 0.83 0.93 1.01 0.88 0.80 0.73 0.64 II 1.05 1.13 1.16 1.16 1.25 1.05 1.19 0.98 1.01 0.84 0.92 III 0.94 0.87 0.85 0.83 0.92 0.92 0.92 0.70 0.68 0.54 0.50 IV 1.20 1.29 1.09 0.89 0.87 0.88 0.87 0.65 0.69 0.62 0.57

Germany I 0.84 0.83 0.74 0.77 0.83 0.84 0.82 0.72 0.74 0.73 0.66 II 1 . 24 1.14 1.13 1.17 1.20 1.06 1.08 0.90 1.10 0.88 0.83 III 1.06 0.98 0.94 0.93 0.90 0.98 0.86 0.69 0.82 0.62 0.57 IV 1.23 1.06 0.94 0.91 0.87 0.93 0.87 0.73 0.73 0.63 0.59

Italy I 0.55 0.61 0.51 0.53 0.56 0.64 0.68 0.61 0.59 0.57 0.53 II 1.32 0.98 0.95 1.09 1.12 1.08 1.03 0.78 0.76 0.75 0.68 III 1.04 0.89 0.83 0.86 0.88 0.91 0.86 0.61 0.65 0.57 0.54 IV 1.21 1.19 0.96 0.87 0.85 0.90 0.87 0.65 0.67 0.63 0.62

Netherlands I 0.85 0.88 0.83 0.88 0.92 0.92 0.90 0.79 0.76 0.72 0.68 II 1.33 1.06 1.09 1.26 1.16 1.06 1.20 0.98 1.14 0.93 0,74 IV 1 .33 1.24 1.13 1.13 0.86 0.88 0.81 0.62 0.68 0.61 0.56

U.K. I 0.70 0.78 0.72 0.75 0.84 1.00 1.30 1.21 1.10 0.95 0.85 II 1.05 1.11 1.22 1.20 1.17 1.13 1.41 1.22 1.23 1.17 1.03 III 0.92 0.98 0.89 0.89 0.89 1.17 1.23 1.07 0.83 0.70 0.65 IV 0.98 1.05 0.85 0.81 0.86 0.91 0.96 0.74 0.68 0.59 0.54

Australia I 1.25 1.14 1.13 1.05 1.08 1.02 1.06 1.14 1.15 1.12 1.13 II 1.11 1.23 1.50 1.45 1.42 1.23 1.35 1.47 1.56 1.64 1.58 III 0.97 0.90 0.94 0.86 0.86 0.84 0.90 0.89 0.80 0.70 0.72 IV 1.00 0.96 0.98 0.88 0.88 0.84 0..90 0.88 0.82 0.68 0.71

Canada I 1.11 1.04 1.13 1.09 0 . 9 9 0.99 1.02 1.10 1.20 1.25 1.18 II 0.97 1.19 1.34 1.14 0.97 0.90 0.92 0 . 9 5 1.06 1.11 0.88 III 0.86 0.83 0.91 0.84 0.75 0.79 0.83 0.84 0.78 0.76 0.73 IV 0.83 0.86 0.93 0.88 0.78 0.79 0.79 0.78 0.76 0.71 0.70

Japan I 0.99 0.84 0.81 0.84 1.06 1.02 1.19 1.18 1.03 1.05 1.03 IV 0.77 0.75 0.83 0.92 1.14 1.04 0.98 0.91 0.73 0.73 0.74

Norway I 1.02 1.07 1.11 1.07 1.05 1.09 1.15 1.07 0.99 0.97 0.92 II 1.21 1.37 1.50 1.43 1.22 1.17 1.24 1.12 1.19 1.16 0.85 Ill 1.21 0.99 1.08 1.01 0.90 0.92 0.94 0.75 0.76 0.65 0.52

Sweden I 0.92 0.99 0.96 1.00 0.95 0.99 1.05 0.93 0.83 0.74 0.71 II 1.27 1.37 1.43 1.52 1.37 1.33 1.45 1.14 1.12 1.00 0.90 Ill 1.44 1.04 1.05 0.91 0.87 0.93 0.95 0.75 0.74 0.62 0.59 IV 1.67 1.11 0.98 0.80 0.83 0.83 0.80 0.63 0.65 0.60 0.57

0.57 0.58 0.67 0.73 0.73 0.90 0.47 0.46R 0.51 0.50 0.50R 0.58

0.59 0.61 0.69 0.85 0.83 0.93 0.49 0.48R 0.55

0.59 0.58 0.69 0.73 0.70 0.83 0.44 0.43 0.50 0.52 0.50 0.58

0 .59 0.58 0.67 0.73 0.73 0.85 0.47 0.50 0.57 0.53 0.52R 0.61

0.48 0.46 0.52 0.62 0.68R 0.77 0.48 0.45R 0.54 0.53 0.52R 0.62

0.61 0.59 0.69 0.66 0.74R 0.86 0.52 0.50 0.59

0.74 0.71 0.84 0.90 0.97 1.08 0.58 0.60 0.70 0.49 0.49 0.58

1.06 0.90 0.90 1.41 1.22 1.19 0.67 0.59 0.58 0.67 0.59 0.60

1.15 1.14 1.15

0.83 0.83 0.82 0.69 0.68 0.67 0.68 0.68 • 0.68

0.96 0.91 1.05 0.70 0.68 0.79

0.81 0.79 0.89 0.85 0.83 0.95p 0.43 0.47 0.55p

0.66 0.66 0.75 0.82 0.80 0.93p 0.53 0.53 0.59p 0.52 0.52 0.59p

See footnotes in Table 2.

201

TABLE 8

Comparison of hourly labour costs, with U.S.A. = 1.0

ISIC a 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

Apr. Oct.

Belgium 351 371 382 5

Denmark 351/2 382/3 5

France 351 371 382 5

German 351 Fed. Rep. 371

382 5

Italy 351 371 382 5

Netherlands

U.K.

Australia

0.91 0.97 1.01 1.10 1.29 1.36 1.28 0.97 0.74 0.67 0.55 0.54 0.62 0.96 0.94 1.03 1.05 1.18 1.33 1.00 0.87 0.66 0.68 0.51 0.64R 0.65 0.85 0.91 0.99 1.04 1.19 1.28 1.18 0.91 0.76 0.68 0.58 0.56 0.65 0.73 0.80 0.90 0.98 1.16 1.24 1.21 0.93 0.71 0.64 0.56 0.53 0.62

0.70 0.73 0.77 0.75 0.90 0.97 0.89 0.63 0.56 0.52 0.44 d 0.45R 0.50 d 0.80 0.89 0.93 0,89 1.06 1.13 1.01 0.76 0.70 0.65 0.55 d 0.57R 0.65 d 0.63 0.67 0.73 0.74 0.89 0.97 0.90 0.65 0.59 0.57 0.51 d 0.53R 0.61 d

0.58 0.69 0.63 0.66 0.80 0.89 0.91 0.68 0.58 0.53 0.45 0.45 0.53 0.62 0.74 0.67 0.70 0.80 0.83 0.85 0.63 0.52 0.54 0.43R 0.43R 0.52 0.59 0.68 0.68 0.71 0.81 0.89 0.89 0.73 0.63 0.57 0.49 0.48 0.58 0.41 0.46 0.47 0.50 0.59 0.74 0.69 0.55 0.46 0.43 0.39 0.37 0.45

0.91 0.90 0.95 1.01 1.15 1.23 1.12 0.81 0.74 0.67 0.56 0.54 0.63 0.85 0.83 0.88 0.89 1.00 1.07 0.94 0.68 0.58 0.62 0.49R 0.48R 0.57 0.90 0.92 0.99 1.05 1.21 1.30 1.21 0.90 0.84 0.77 0.65 0.65 0.75 0.64 0.63 0.69 0.74 0.88 1.02 0.94 0.70 0.63 0.59 0.51 0.48 0.57

0.59 0.64 0.61 0.64 0.81 0.94 0.96 0.68 0.66 0.62 0.53 0.44 0.60 0.61 0.69 0.63 0.64 0.71 0.80 0.78 0.57 0.53 0.58 0.48R 0.38R 0.55 0.60 0.67 0.65 0.69 0.78 0.90 0.92 0.71 0.71 0.68 0.59 0.48 0.67 0.40 0.44 0.43 0.46 0 . 5 7 0.72 0.67 0.53 0.53 0.50 0.46 0.36 0.51

351 0.85 0.89 0.89 0.95 1.08 1.14 1.06 0.69 0.69 0.61 0.53 0.51 0.58 37 0.95 0.95 0.99 1.01 1.13 1.26 1.04 0.67 0.64 0.65 0.52R 0.50R 0.59 382 0.89 0.94 0.99 1.05 1.18 1.33 1.22 0.77 0.80 0.71 0.59 0.56 0.65 5 0.72 0.77 0.81 0.91 1.07 1.20 1.11 0.86 0.76 0.68 0.57 0.54 0.62

351/2 0.50 0.50 0.41 0.42 0.51 0.64 0.75 0.58 0.53 0.48 0.40 0.41 0.47 371 0.40 0.46 0.40 0.41 0.49 0.56 0.62 0.17 0.43 0.43 0.39R 0.39R 0.46 382 0.48 0.49 0.43 0.46 0.54 0.65 0.75 0.58 0.57 0.50 0.42 0.43 0.51 5 0.34 0.36 0.31 0.33 0.38 0.45 0.57 0.45 0.41 0.37 0.33 0.32 0.38

251/2/3 0.84 0.81 0.82 0.74 0.78 0.81 0.85 0.81 0.71 0.69 0.62 0.53 0.56 37 0.82 0.78 0.81 0.73 0.73 0.70 0.70 0.67 0.61 0.59 0.59R 0.48R 0.52 381/2/3 0.84 0.81 0.86 0.77 0.78 0.77 0.82 0.79 0.81 0.79 0.73 0.60 0.62 5

Canada 351 / 2 371/2 382 5

Japan 351/2 371 382 5

Norway 251/2 382 5

Sweden 35 371 382 5

0.66 0.66 0.71 0.65 0.69 0.67 0.72 0.72 0.68 0.68 0.64 0.52 0.60

0.80 0.77 0.83 0.75 0.69 0.72 0.73 0.72 0.72 0.72 0.67 0.62 0.63 0.91 0.91 0.99 0.90 0.81 0.84 0.77 0.77 0.77 0.87 0.79R 0.74R 0.76 0.92 0.95 1.04 0.94 0.84 0.89 0.86 0.88 0.91 0.88 0.83 0.76 0.76 0.91 0.96 1.08 1.03 0.91 1.04 0.97 0.99 0.99 0.85 0.79 0.75 0.73

0.60 0.58 0.57 0.62 0.80 0.82 0.79 0.72 0.59 0.66 0.62 0.60 0.70 0.60 0.62 0.61 0.65 0.79 0.76 0.69 0.65 0.50 0.63 0.55R 0.54R 0.65 0.56 0.56 0.57 0.63 0.78 0.79 0.74 0.72 0.60 0.66 0.62 0.60 0.70 0.33 0.34 0.37 0.42 0.56 0.58 0.54 0.53 0.42 0.48 0.48 0.45 0.53

0.75 0.75 0.86 0.86 0.93 0.89 0.93 0.71 0.64 0.59 0.50 d 0.49 b 0.56 d 0.87 0.95 1.12 1.09 1.17 1.17 1.20 0.96 0.87 0.82 0.71 d 0.69 b 0.79 d 0.71 0.76 0.89 0.90 1.00 1.10 1.02 0.83 0.75 0.69 0.62 d 0.60 b 0.72 d

0.78 0.88 0,95 0.86 0.95 1.03 1.05 0.74 0.65 0.54 0.48 e 0 . 5 1 c l 0.57 e 0.90 0.98 1.05 0.88 0.96 1.01 1.00 0.69 0.59 0.55 0.49R 0.50 c 0.57 e 0.91 1.02 1.13 1.02 1.12 1.21 1.21 0.88 0.84 0.67 0.64 e 0.63 c 0.72 e 0.77 0.88 0.99 0.95 1.06 1.14 1.20 0.89 0.78 0.63 0.59 e 0.59 c 0.67 e

aInternational Standard Industrial Classifications: See footnote in Table 3. bFirst quarter. c Second quarter. dThitd quarter. eFourth quarter.