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FIGURE 10 RELATIVE UNIT LABOUR COSTS IN EUROS (INDICES, EU-15=100)

A regression aimed at explaining the growth in the volume of Portuguese exports by the increases in the real import demand of the EU-15 and the relative unit labour costs does not produce entirely satisfactory results. It shows that the behaviour of those exports depends closely on import demand in the EU-15, but the influence of relative unit costs seems to be weak. The regression coefficient for the last of these variables is negative, as would be expected, but it is low in absolute terms (–0.17) and is not significantly different from zero.10