Competitiveness is a very broad kind of concept. Economists usually measure it in terms of unit labour cost measured in a single currency. That's the narrowest version of it. Of course, from a company's point of view, anything that costs them money is part of their competitiveness equation. It could be, as Carolyn mentioned, a regulatory burden or it could be taxes or it could be any of those things. Electricity costs are often mentioned to us. What we're saying is that these are things people are mentioning to us in our survey. We don't have a measure of these things except to look for reasons why the data on exports or investment show that they are not performing as well as our model suggested they would.
On April 23rd, 2018. See this statement in context.