•  Output objective: The Eurosystem statistical function strives to providing euro area statistics that are fit for use in the Eurosystem’s decision-making, given the allocation of responsibilities for European statistics between the ESCB and the European Statistical System (as defined in the Treaty, secondary legislation and the Memorandum of Understanding on economic and financial statistics between the European Commission’s statistical office Eurostat and the ECB).
Graph 4  3  This figure excludes the transfer expenses associated with investment activities, which for dwellings grew to be about 1½ per cent of GDP by mid 2004 (but has since fallen due to the decline in real estate turnover).