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Macroeconomic imbalance procedure

Scoreboard indicators used to detect emerging macroeconomic imbalances in Member States.

Studies in this domain4
Data sourceEurostat
Denmark Runs a 12.5% Current Account Surplus. Romania Runs a 7.9% Deficit.
Macroeconomic imbalance procedureReference period 2025

Denmark Runs a 12.5% Current Account Surplus. Romania Runs a 7.9% Deficit.

Denmark ran a current account surplus worth 12.5% of GDP in 2025, the largest in the Union.

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Hungarian Labour Costs Rose 68% in Five Years. Greek Costs Rose 9%.
Macroeconomic imbalance procedureReference period 2025

Hungarian Labour Costs Rose 68% in Five Years. Greek Costs Rose 9%.

EU unit labour costs in 2025 stood at 119.5 against a 2020 base of 100 — 19.5% higher in five years.

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Portuguese Housing Is 23% More Expensive Relative to Income Than Its Own Long-Run Norm
Macroeconomic imbalance procedureReference period 2024

Portuguese Housing Is 23% More Expensive Relative to Income Than Its Own Long-Run Norm

The EU price-to-income ratio stood at 98.9 in 2024 against its own long-term average of 100 — housing across the Union is close to its historical norm.

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Greece Owes the World 136% of Its Output. Denmark Is Owed 103%.
Macroeconomic imbalance procedureMemberReference period 2025

Greece Owes the World 136% of Its Output. Denmark Is Owed 103%.

Denmark's net international investment position stood at 103.3% of GDP at the end of 2025 — it owns more abroad than its entire annual output.

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