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Table 2. Average annual percent change in hourly compensation costs in manufacturing and exchange rates 1997-2011 2010-2011 National Exchange U.S. National Exchange U.S. currency rate dollar currency rate dollar change change change change change change (1) (2) (1) (2) Argentina 16.7 -9.6 5.5 31.4 -5.2 24.5 Singapore 3.3 1.2 4.5 9.1 8.5 18.3 Switzerland 1.4 3.6 5.0 0.4 17.7 18.2 Australia 4.1 2.4 6.6 3.9 12.3 16.7 Brazil 6.9 -3.1 3.6 9.8 5.2 15.6 New Zealand 3.5 1.3 4.8 4.3 9.8 14.5 Czech Republic 6.0 4.3 10.5 4.9 7.9 13.2 Sweden 3.7 1.2 4.9 1.7 11.1 13.0 Japan 0.5 3.0 3.5 2.1 10.1 12.5 Norway 4.9 1.7 6.7 4.1 7.9 12.3 Taiwan 2.2 -0.1 2.0 4.1 7.2 11.6 Estonia NA NA NA 5.0 5.1 10.4 Slovakia 7.3 3.2 10.7 4.5 5.1 9.8 Israel 4.3 -0.3 4.1 4.6 4.5 9.3 Hungary 8.7 -0.5 8.2 5.6 3.4 9.2 Portugal 3.6 1.4 5.1 3.4 5.1 8.6 Germany 2.0 1.5 3.5 2.9 5.1 8.1 Belgium 3.1 1.5 4.7 2.8 5.1 8.0 Austria 2.4 1.5 4.0 2.7 5.1 7.9 Denmark 4.1 1.5 5.7 2.6 5.1 7.8 Italy 2.9 1.5 4.4 2.5 5.1 7.7 France 2.3 1.5 3.8 2.5 5.1 7.6 Finland 3.5 1.4 5.0 2.2 5.1 7.4 Philippines 6.1 -2.7 3.3 2.9 4.1 7.2 Netherlands 3.1 1.5 4.6 1.7 5.1 6.9 Spain 3.7 1.5 5.2 1.5 5.1 6.7 Korea, Republic of 6.4 -1.1 5.3 2.2 4.4 6.7 Poland 6.9 0.7 7.6 4.5 1.8 6.4 United Kingdom 3.5 -0.1 3.4 1.8 3.8 5.7 Canada 2.5 2.4 5.0 1.5 4.2 5.7 Mexico 8.0 -3.2 4.6 3.9 1.6 5.6 Ireland 5.3 1.1 6.4 -1.0 5.1 4.0 United States 3.1 0.0 3.1 2.1 0.0 2.1 Greece 3.8 0.8 4.6 -7.3 5.1 -2.6 NA=data not available. (1) Exchange rates are value of foreign currency relative to the U.S. dollar. (2) U.S. dollar changes are approximately equal to national currency changes plus exchange rate changes for each country.