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InternationalEconomicTrends
February 2014

This publication contains charts and tables
compiled by the Data Desk staff
of the Federal Reserve Bank of St. Louis.
The data are from the G-7 countries, selected emerging markets,
and the euro area, including output, inflation, labor markets,
interest rates, government budgets, trade, and more.

Contents
Page
3
7
13
18
22
26
30
36
42
48
54
60
65
71
77
83

Reference Tables
Canada
Euro Area
France
Germany
Italy
Japan
United Kingdom
United States
Brazil
China
India
Korea
Mexico
Russia
Notes and Sources

Conventions used in this publication:
1. Charts and tables contain data that were current through January 2014. Unless otherwise indicated, data are quarterly.
2. The percent change refers to the percent change from the same period in the previous year. For example, the percent
change in x between quarter t – 4 and the current quarter t is: [(xt /x t – 4)–1] ×100.
3. All data with significant seasonal patterns are adjusted accordingly.

Dear Reader,
We welcome your comments addressed to:
Editor, International Economic Trends
Research Division
Federal Reserve Bank of St. Louis
P.O. Box 442
St. Louis, MO 63166-0442
or to:
stlsFRED@stls.frb.org
Thank you,
Chris Neely,
Editor, International Economic Trends

International Economic Trends is published by the Research Division of the Federal Reserve Bank of St. Louis; the annual edition is published in July. Visit the Research Division’s website
at research.stlouisfed.org/publications/iet to download the quarterly issue of this publication or register for e-mail notification updates. For more information on data in this publication, please
call (314) 444-8590.

Reference Tables

International Economic Trends

Real Gross Domestic Product
Percent change from year ago
Canada*
Euro Area
France*
Germany*
Italy*
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China**

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

3.60
2.26
1.89
4.19
2.27
3.51
1.75
2.77
4.43
5.00
5.34
4.73
10.80
10.45

2.76
2.65
2.76
5.27
1.45
0.06
1.71
2.03
4.06
4.13
4.10
3.54
9.95
.

1.94
1.77
2.08
3.31
1.07
-1.67
0.75
1.85
3.63
3.51
3.29
3.59
8.48
.

3.01
1.43
1.82
2.92
0.48
-0.62
0.96
1.50
4.11
3.74
2.25
4.92
7.23
.

2.41
0.67
1.46
2.16
-0.56
0.03
1.07
2.01
4.08
3.36
1.35
5.37
5.51
9.24

2.02
-0.20
0.38
1.29
-1.77
3.32
0.59
3.27
3.76
2.86
0.74
4.11
4.84
.

2.59
-0.53
0.11
1.11
-2.57
3.91
0.03
2.77
4.52
2.34
0.49
4.38
4.06
.

1.24
-0.73
0.00
0.88
-2.86
0.36
0.03
3.13
3.17
1.55
1.05
3.82
2.86
.

0.99
-1.03
-0.31
0.31
-3.05
0.25
-0.16
1.95
3.24
1.45
1.89
1.73
3.56
7.83

1.40
-1.16
-0.40
-0.36
-2.51
0.08
0.21
1.32
2.76
1.47
1.67
2.05
3.13
.

1.40
-0.57
0.49
0.45
-2.18
1.22
1.36
1.63
0.52
2.30
3.24
1.26
3.35
.

1.90
-0.36
0.18
0.58
-1.87
2.64
1.54
1.97
1.27
3.34
2.18
0.56
5.27
.

* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
** Annual data.

Nominal Gross Domestic Product
Percent change from year ago
Canada*
Euro Area
France*
Germany*
Italy*
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

5.47
3.08
3.14
4.95
2.36
1.60
4.17
4.58
9.37
9.67
14.52
22.35
20.47
.

5.11
3.72
4.02
6.35
2.08
-1.92
3.54
3.89
8.81
6.96
12.33
19.51
19.44
.

5.57
2.94
3.34
4.67
2.06
-3.82
3.25
3.92
8.41
4.69
11.98
21.72
18.44
.

6.75
2.65
3.06
4.27
2.31
-2.55
3.74
3.73
9.10
5.13
8.86
21.27
16.39
.

6.13
2.06
2.96
3.45
1.54
-1.41
3.20
3.85
11.20
4.44
6.74
19.51
14.30
.

4.63
1.12
1.93
2.55
0.26
2.12
2.63
5.24
9.55
4.40
6.34
15.93
12.71
.

3.90
0.74
1.67
2.45
-0.76
3.02
1.84
4.52
8.85
3.66
5.29
12.77
12.55
.

2.93
0.56
1.62
2.42
-1.51
-0.42
1.29
4.77
7.39
2.58
5.15
11.22
11.29
.

2.00
0.33
1.09
2.12
-1.52
-0.42
2.07
3.80
3.68
1.46
7.26
9.27
11.93
.

2.88
0.35
1.05
1.69
-1.02
-1.00
2.31
3.08
3.71
2.36
8.85
8.60
10.81
.

2.87
0.97
1.76
2.92
-1.02
0.75
3.35
3.10
2.14
3.47
10.14
7.73
9.24
.

3.51
0.94
1.22
2.81
.
2.29
3.82
3.40
3.34
.
10.71
9.50
12.30
.

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Industrial Production
Percent change from year ago
Canada*
Euro Area
France
Germany
Italy
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

3.83
6.61
8.36
5.45
13.88
6.78
5.78
3.80
6.27
4.20
10.74
7.41
8.82
13.30

2.21
5.23
6.92
5.30
13.00
4.81
-1.86
1.46
4.75
3.51
9.71
5.85
7.54
14.87

0.83
1.93
3.71
2.44
8.79
2.81
-6.81
-1.36
2.84
3.53
5.48
4.67
7.01
13.93

0.13
4.31
3.11
2.00
8.34
0.10
-2.04
-1.76
2.55
2.76
5.34
5.02
3.54
13.77

-1.90
4.07
-0.52
-0.49
2.95
-2.55
-0.40
-2.94
3.30
3.92
3.35
3.45
1.10
12.80

-4.03
2.69
-1.77
-2.62
1.69
-5.79
4.16
-2.40
3.99
3.43
2.47
3.84
-0.54
11.57

-4.83
3.10
-2.19
-2.62
-0.22
-7.07
6.27
-2.33
4.49
3.34
1.93
2.39
-0.22
9.47

-1.83
-0.44
-2.54
-1.80
-1.25
-6.17
-3.43
-2.00
3.37
2.50
-1.63
2.41
0.61
9.10

-0.51
-1.20
-3.09
-3.09
-2.28
-6.62
-5.95
-3.44
2.77
0.78
1.86
1.64
1.95
10.00

1.81
0.38
-2.23
-1.92
-1.88
-4.21
-6.20
-2.46
2.46
0.03
-0.80
-0.06
3.30
9.57

3.94
-0.06
-0.69
0.67
0.37
-3.64
-2.90
-0.69
2.03
-1.41
-1.74
0.12
-0.95
9.13

0.37
1.66
-0.92
-1.37
0.25
-4.18
1.84
-0.14
2.47
-0.88
0.95
-0.28
1.62
10.10

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Research Division
Federal Reserve Bank of St. Louis

3

Reference Tables

International Economic Trends

Employment
Percent change from year ago
Canada
Euro Area
France
Germany
Italy
Japan
United Kingdom
United States
Mexico*
Korea*
Brazil
Russia*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

1.72
0.11
0.58
1.13
-0.60
0.19
-0.47
0.55
4.04
1.54
4.72
1.00

1.92
0.37
0.85
1.46
-0.15
0.11
0.17
0.62
1.15
1.87
3.64
1.92

1.53
0.53
1.03
1.37
0.55
-0.02
-0.25
0.23
0.58
1.65
3.36
1.02

1.52
0.26
0.57
1.34
0.40
-0.51
0.08
0.38
1.86
1.48
2.92
.

1.20
-0.10
0.39
1.36
-0.21
-0.17
0.87
1.08
5.04
1.99
2.43
.

0.86
-0.47
0.22
1.36
-1.26
-0.64
1.84
1.75
3.89
2.02
1.96
.

1.19
-0.77
-0.08
1.16
-1.67
-0.28
1.93
1.90
4.48
1.75
1.91
.

0.98
-0.62
-0.19
1.04
-0.51
-0.11
1.59
1.87
3.85
2.03
1.95
.

1.60
-0.75
-0.38
0.86
-0.83
-0.20
1.13
1.87
1.23
1.41
2.94
.

1.58
-1.02
-0.54
0.71
-1.44
0.35
0.31
1.07
1.33
1.10
1.73
.

1.25
-0.96
.
.
.
0.59
.
1.18
0.58
1.29
0.44
.

1.30
-0.81
.
.
.
0.62
.
1.24
0.21
1.68
0.74
.

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Unemployment Rate
Percent
Canada*
Euro Area*
France*
Germany*
Italy*
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

7.67
10.13
9.63
6.70
8.33
5.03
7.77
9.53
5.47
3.43
5.70
6.90

7.70
9.93
9.57
6.33
7.93
4.73
7.70
9.00
5.20
3.77
6.33
7.33

7.47
9.93
9.50
6.00
7.97
4.67
7.90
9.03
5.37
3.43
6.37
6.43

7.27
10.23
9.60
5.83
8.60
4.47
8.23
9.00
5.33
3.20
6.00
6.13

7.43
10.60
9.77
5.67
9.20
4.50
8.33
8.67
5.00
3.10
5.27
6.13

7.37
10.87
9.97
5.53
9.93
4.50
8.13
8.27
5.03
3.43
5.83
6.27

7.27
11.30
10.17
5.50
10.60
4.40
7.93
8.17
4.93
3.30
5.93
5.33

7.30
11.53
10.27
5.43
10.80
4.27
7.80
8.03
4.83
3.10
5.37
5.07

7.23
11.80
10.60
5.40
11.33
4.23
7.70
7.83
5.00
3.00
4.93
5.13

7.07
12.00
10.80
5.40
11.83
4.20
7.73
7.73
5.00
3.30
5.57
5.83

7.13
12.10
10.83
5.33
12.10
4.03
7.70
7.57
5.10
3.17
5.87
5.40

7.07
12.13
11.03
5.27
12.33
3.97
.
7.30
4.93
3.10
5.43
5.27

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Hourly Earnings
Percent change from year ago
Canada*
Euro Area
France
Germany
Italy
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
China

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

6.86
1.51
1.82
2.03
1.92
3.62
2.78
1.92
3.09
6.01
11.49
13.17
13.41

4.30
2.51
2.20
1.81
2.52
1.99
0.90
2.42
2.35
0.41
9.72
9.45
14.15

5.87
2.91
2.49
2.61
2.40
1.33
1.67
1.91
3.00
0.48
10.89
11.06
15.04

-0.03
2.90
2.61
2.80
2.39
0.98
1.59
1.33
4.13
0.01
8.23
11.50
13.34

2.85
3.18
2.58
2.68
2.38
2.27
1.67
1.16
4.91
0.83
9.66
14.13
15.28

1.62
2.25
2.55
2.67
2.26
0.65
0.66
0.62
4.05
10.06
10.77
13.27
14.11

2.64
2.63
2.44
2.44
2.25
1.65
2.70
0.79
5.01
5.81
8.66
14.61
10.93

5.36
2.82
2.54
3.40
2.43
-0.59
1.94
0.89
3.77
4.57
10.23
12.20
9.16

1.97
2.69
2.52
3.19
2.62
-1.96
1.65
0.85
2.98
3.97
10.80
12.35
13.56

2.78
2.68
2.11
2.79
2.21
-0.26
2.18
1.01
3.85
6.00
8.55
13.54
11.29

0.63
2.76
2.00
2.10
2.11
0.00
2.62
1.11
4.27
4.25
8.11
13.82
8.98

-0.81
.
.
.
2.09
0.82
1.57
1.27
4.17
.
7.42
13.17
.

* Copyright , 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).
Note: Data for Brazil, China, Japan, Korea, and Russia represent monthly earnings. Data for the United Kingdom represent weekly earnings.

Research Division
Federal Reserve Bank of St. Louis

4

Reference Tables

International Economic Trends

Reserve Money
Percent change from year ago
Canada*
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

-1.00
6.79
3.96
-0.64
9.71
9.98
131.76
26.64
22.10
28.70

-3.13
17.90
3.70
7.36
6.28
8.55
68.18
18.08
19.13
28.35

4.07
16.90
3.74
27.70
9.94
8.24
41.32
2.99
15.99
31.92

5.19
16.20
5.21
33.76
9.17
3.80
32.03
3.96
15.41
31.54

5.63
13.32
5.84
31.77
10.10
7.39
10.76
5.54
12.27
21.22

9.64
0.55
5.54
19.85
14.04
21.74
2.22
3.64
3.60
17.72

5.22
5.82
4.94
2.05
17.86
13.83
-1.38
9.70
7.73
12.08

4.25
8.65
4.82
-1.06
13.26
24.13
-8.55
9.11
6.84
11.23

4.59
11.75
4.21
0.83
10.81
10.35
-13.55
13.98
4.57
12.33

1.19
20.54
4.42
6.60
11.00
.
-8.31
10.79
6.21
11.90

4.44
35.94
5.03
18.28
3.26
.
-4.99
11.49
7.08
13.03

4.98
45.94
4.53
28.71
5.66
.
6.07
12.79
7.65
11.48

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Narrow Money
Percent change from year ago
Canada*
Euro Area
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

9.52
4.59
3.09
3.93
1.47
14.08
10.44
12.84
26.52
19.27
20.24

9.22
3.22
4.13
2.92
3.40
13.06
10.64
9.40
22.58
10.18
16.45

8.22
1.16
5.07
3.30
6.54
13.97
5.59
8.37
18.79
7.09
14.69

8.78
2.11
5.25
3.27
9.02
19.45
5.31
2.80
19.71
4.43
9.09

10.02
2.06
5.20
2.93
8.96
13.65
2.50
1.63
18.00
6.36
8.61

9.49
2.83
4.56
3.36
9.80
16.82
2.33
2.34
15.47
6.08
3.90

10.12
3.88
3.28
4.05
8.61
17.78
4.65
3.86
15.61
13.50
4.26

9.63
5.13
3.45
5.19
7.30
9.71
4.55
7.39
10.09
10.55
7.27

5.34
6.30
3.42
5.51
7.91
9.01
6.54
13.60
8.55
6.54
6.24

6.47
7.16
3.97
6.04
7.91
6.77
7.31
13.36
8.13
9.17
11.66

6.18
7.28
5.25
6.16
7.58
4.57
10.43
13.75
7.79
9.27
8.84

5.55
6.40
5.01
5.60
7.31
8.17
11.12
9.78
7.36
9.56
8.86

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Broad Money
Percent change from year ago
Canada*
Euro Area
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

5.45
-0.65
2.36
5.38
3.33
12.84
7.02
15.67
32.56
17.96
19.25

5.37
0.16
2.61
-2.50
4.65
12.75
4.69
18.34
27.32
16.26
16.46

4.66
1.60
2.83
-1.91
5.51
13.07
3.33
19.64
23.29
17.43
15.85

4.64
2.34
2.71
-2.40
9.31
13.45
4.21
18.65
21.87
16.30
12.95

6.26
2.22
3.14
-3.21
9.70
16.04
4.62
19.00
20.71
15.84
16.88

6.62
2.80
2.95
-4.54
10.12
17.56
5.44
20.58
21.31
12.76
18.07

7.19
2.82
2.27
-4.29
9.58
18.30
5.63
20.38
20.25
15.23
18.47

7.27
2.32
2.42
-2.57
7.08
16.57
5.33
18.85
16.72
13.68
19.73

5.54
2.99
2.56
0.11
7.59
14.61
4.88
16.24
14.02
11.44
14.17

6.37
2.17
3.04
1.12
7.30
15.06
5.26
13.29
13.79
14.08
15.64

6.20
1.80
3.82
1.48
7.03
9.87
5.17
12.15
15.38
13.09
13.99

5.89
1.57
3.85
2.87
6.64
10.00
4.54
9.80
16.78
13.41
14.11

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Research Division
Federal Reserve Bank of St. Louis

5

Reference Tables

International Economic Trends

Short-Term Interest Rates
Percent change from year ago
Canada*
Euro Area
Japan*
United Kingdom*
United States
Mexico
Korea*
Brazil
Russia*
India*
China*
* Copyright

10.3

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

1.05
0.88
0.14
0.75
0.34
4.99
2.63
10.88
4.23
6.50
2.49

1.18
1.02
0.13
0.75
0.28
4.94
2.73
11.32
4.60
9.58
3.69

1.19
1.10
0.13
0.78
0.28
4.89
3.13
12.51
4.57
8.37
4.61

1.17
1.41
0.12
0.82
0.22
4.88
3.47
12.29
4.70
8.28
4.70

1.15
1.56
0.12
0.91
0.29
4.84
3.60
11.68
5.57
8.95
5.59

1.15
1.50
0.12
1.05
0.42
4.81
3.60
10.17
7.13
9.58
5.66

1.16
1.04
0.12
1.10
0.33
4.80
3.53
9.39
7.27
11.40
5.63

1.16
0.69
0.12
1.01
0.30
4.77
3.50
8.03
7.30
9.40
4.04

1.16
0.36
0.12
0.73
0.27
4.80
3.20
7.72
7.10
8.28
3.72

1.16
0.20
0.11
0.51
0.23
4.85
2.90
7.14
7.53
8.27
3.86

1.16
0.21
0.11
0.49
0.22
4.72
2.83
7.76
7.57
8.83
3.67

1.16
0.21
0.10
0.49
0.20
4.32
2.73
8.13
7.43
7.73
4.71

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Long-Term Interest Rates
Percent change from year ago
Canada*
Euro Area
France
Germany
Italy
Japan*
United Kingdom*
United States
Mexico
Korea*
Brazil*
Russia*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

2.97
3.74
3.02
2.60
4.19
1.05
3.32
3.67
3.67
4.37
6.00
7.83

3.30
4.32
3.55
3.14
4.78
1.25
3.77
4.18
4.18
4.67
6.00
8.03

3.19
4.51
3.54
3.10
4.81
1.18
3.54
3.95
3.95
4.33
6.00
8.03

2.60
4.30
3.01
2.26
5.49
1.05
2.84
3.25
3.25
4.00
6.00
8.07

2.15
4.50
3.19
1.93
6.61
1.01
2.33
2.70
2.70
3.83
6.00
8.10

2.02
4.29
3.05
1.83
5.71
0.99
2.20
2.75
2.75
3.87
6.00
8.20

1.95
4.17
2.77
1.42
5.79
0.89
1.96
2.52
2.52
3.77
6.00
8.20

1.77
3.89
2.21
1.36
5.69
0.80
1.67
2.33
2.33
3.17
5.50
8.20

1.77
3.32
2.11
1.37
4.78
0.76
1.79
2.44
2.44
3.03
5.50
8.10

1.92
3.06
2.16
1.47
4.45
0.71
2.19
2.73
2.73
3.00
5.00
7.00

1.91
2.82
1.96
1.34
4.21
0.74
2.01
2.77
2.77
3.00
5.00
7.17

2.58
3.15
2.37
1.73
4.46
1.74
2.77
3.42
3.42
3.53
5.00
7.53

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Consumer Price Index
Percent change from year ago
Canada*
Euro Area
France
Germany
Italy
Japan*
United Kingdom*
United States
Mexico*
Korea*
Brazil*
Russia*
India*
China*
* Copyright

10.4

11.1

11.2

11.3

11.4

12.1

12.2

12.3

12.4

13.1

13.2

13.3

2.24
2.01
1.88
1.58
1.96
-0.25
3.37
1.22
4.27
3.21
5.60
8.14
9.27
4.62

2.52
2.46
1.96
2.14
2.32
-0.60
4.06
2.13
3.44
3.78
6.07
9.49
8.98
5.14

3.41
2.76
2.23
2.50
2.91
-0.45
4.40
3.35
3.29
4.04
6.55
9.56
8.85
5.85

3.03
2.72
2.33
2.66
2.70
0.17
4.76
3.75
3.37
4.34
7.16
8.09
9.17
6.53

2.68
2.92
2.64
2.63
3.67
-0.27
4.69
3.34
3.52
3.94
6.69
6.69
8.45
4.72

2.28
2.67
2.55
2.37
3.56
0.25
3.43
2.81
3.88
3.00
5.73
3.87
7.12
3.84

1.61
2.47
2.33
2.11
3.58
0.20
2.77
1.90
3.86
2.46
4.99
3.87
10.05
2.86

1.24
2.55
2.27
2.08
3.46
-0.39
2.43
1.70
4.57
1.60
5.27
6.04
9.77
1.79

0.93
2.30
1.74
1.99
2.64
-0.22
2.67
1.90
4.12
1.70
5.63
6.48
10.18
1.97

0.89
1.84
1.20
1.79
2.04
-0.62
2.74
1.68
3.69
1.39
6.37
7.14
11.64
2.40

0.77
1.41
0.90
1.54
1.29
-0.26
2.71
1.42
4.46
1.12
6.62
7.16
10.58
2.32

1.17
1.35
1.07
1.71
1.13
0.88
2.70
1.55
3.42
1.19
6.06
6.36
10.86
2.69

, 2012, Organisation for Economic Cooperation and Development, OECD Main Economic Indicators (www.oecd.org).

Research Division
Federal Reserve Bank of St. Louis

6

Canada

International Economic Trends

Real GDP

Employment

Percent change from year ago

Percent change from year ago

6

3

4

2

2

1

0

0

-2

-1

-4

-2
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

Consumer Price Index

Unemployment Rate

Percent change from year ago

Percent

5

2011

12

2012

13

2013

14

9

4
8
3

2

7

1
6
0

5

-1
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Hourly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

12

4

8

2

4

0

0

-2

-4

-4

-8

12

2012

13

2013

14

-6
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

7

International Economic Trends

Canada

Reserve Money

Interest Rates

Percent change from year ago

Percent

15

4

10-Year Government Bonds
12
3

9
6

2
3
0

1

-3
-6

90-Day Prime
Corporate Paper

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

M1B

09

2009

10

2010

11

2011

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Percent

C$/US$

18

1.34

6.6

Foreign/US Inflation Differential
(right scale)

15

1.24

0.0

1.14

-6.6

1.04

-13.2

12

9

6
0.94

3

-19.8

Exchange Rate
(left scale)

0

0.84
09

2009

10

2010

11

2011

12

2012

13

2013

-26.4

2009

14

M2

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2005 = 100

18

130

15
120
12

9

110

6
100
3

0

90
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

8

Federal Reserve Bank of St. Louis

Canada

International Economic Trends

GDP
Percent change from year ago
12

Nominal
8
4

Real

0
-4
-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
15
10
5
0
-5
-10
-15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
20
15
10
5
0
-5
-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
90
85
80
75
70
65
60
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

9

International Economic Trends

Canada

Hourly Earnings and Output per Worker
Percent change from year ago
9

Hourly Earnings

6
3
0

Output per Worker

-3
-6
-9
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago

Percent

6

14

Employment
(left scale)
3

11

0

8

Unemployment Rate
(right scale)
-3

5

96

97

98

99

00

01

02

03

04

05

06

07

08

09

11

10

12

13

Inflation
Percent change from year ago
12

Producer Price Index
8

Consumer Price Index
4
0
-4
-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data

8

112

Budget Balance
(left scale)

4

102
92

0

Gross Debt
(right scale)

-4

82

-8

72
62

-12

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division

10

Federal Reserve Bank of St. Louis

Canada

International Economic Trends

International Trade - Goods and Services
Percent of GDP
50

Exports
40

Imports
30

20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
6

3

0

-3

-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
70
60
50
40
30
20
10
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2005 = 100
150
130
110
90
70
50
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

11

International Economic Trends

Canada

Reserve Money
Percent change from year ago
40
30
20
10
0
-10
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
20

M1B

15
10
5
0

M2
-5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
10

10-Year Government Bonds
8
6
4
2

90-Day Prime Corporate Paper
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Stock Exchange Index - Toronto Stock Exchange
2010 = 100
180
150
120
90
60
30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

12

Federal Reserve Bank of St. Louis

Euro Area

International Economic Trends

Real GDP

Employment

Percent change from year ago

Percent change from year ago

4

2

2

1

0

0

-2

-1

-4

-2

-6

-3
09

2009

10

2010

11

2011

12

2012

13

2013

14

Consumer Price Index

09

2009

10

2010

11

2011

12

2012

13

2013

14

Unemployment Rate

Percent change from year ago

Percent
12.5

4

12.0
3
11.5
11.0

2

10.5
1

10.0
9.5

0
9.0
8.5

-1
09

2009

10

2010

11

2011

12

2012

13

2013

14

Hourly Earnings

09

2009

10

2010

11

2011

12

2012

13

2013

14

Current Account Balance

Percent change from year ago

Percent of GDP
2.0

6

1.5

5

1.0

4

0.5
3
0.0
2

-0.5

1

-1.0

0

-1.5
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

13

International Economic Trends

Euro Area

M1

Interest Rates

Percent change from year ago

Percent

15

6

Weighted Average of 10-Year
Government Bonds

5

12

4
9
3
6
2
3

90-Day Deposits

1

0

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

M3

09

2009

10

2010

11

2011

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Euro/US$

Percent

0.83

9

9.0

Foreign/US Inflation
Differential (right scale)

0.80
6

4.5

0.77

0.0

0.74

-4.5

3

0
0.71

-9.0

Exchange Rate
(left scale)
-3

0.68
09

2009

10

2010

11

2011

12

2012

13

2013

-13.5

2009

14

Stock Exchange Index - Dow Jones EURO STOXX

2010

2011

2012

2013

Real Effective Exchange Rate

SM

2010 = 100

Index 2005 = 100
120

125

115

110

110
95
105
80
100
65

95

50

90
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

14

Federal Reserve Bank of St. Louis

Euro Area

International Economic Trends

GDP
Percent change from year ago
9
6

Nominal

3
0

Real
-3
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
15
10
5
0
-5
-10
-15
-20
-25
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
6

3

0

-3

-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
90
85
80
75
70
65
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

15

International Economic Trends

Euro Area

Hourly Earnings and Output per Worker
Percent change from year ago
6

Hourly Earnings
3

0

Output per Worker
-3

-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
15

Unemployment Rate
12
9
6
3
0

Employment*

-3
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
8

Producer Price Index
4

Consumer Price Index

0

-4

-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data
110

8

Gross Debt
(right scale)

4

90

70

0

-4

50

Budget Balance
(left scale)

-8

30

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division

16

Federal Reserve Bank of St. Louis

Euro Area

International Economic Trends

International Trade - Goods
Percent of GDP
21
19
17
15

Exports

13

Imports
11
9
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2005 = 100
130
120
110
100
90
80
70
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
20
15

M1
10
5

M3
0
-5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
12

9

Weighted Average of 10-Year Government Bonds
6

3

90-Day Deposits
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

17

International Economic Trends

France

Real GDP

Employment

Percent change from year ago

Percent change from year ago

4

2

2

1

0

0

-2

-1

-4

-2

-6

-3
09

2009

10

2010

11

2011

12

2012

13

2013

14

Consumer Price Index

09

2009

10

2010

11

2011

12

2012

13

2013

14

Unemployment Rate

Percent change from year ago

Percent

5

11.5

4

11.0

3

10.5

2

10.0

1

9.5

0

9.0

8.5

-1
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Hourly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

12

2012

13

2013

14

2

4

1

0

3

-1

2

-2

-3

1

-4
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

18

Federal Reserve Bank of St. Louis

France

International Economic Trends

GDP
Percent change from year ago
9
6

Nominal
3
0

Real
-3
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
10
5
0
-5
-10
-15
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
8
6
4
2
0
-2
-4
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
95
90
85
80
75
70
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

19

International Economic Trends

France

Hourly Earnings and Output per Worker
Percent change from year ago
6

Hourly Earnings
4

2

0

Output per Worker
-2
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago

Percent
14

4

Employment
(left scale)
2

12

0

10

-2

8

Unemployment Rate
(right scale)

6

-4

96

97

98

99

00

01

02

03

04

05

06

07

08

09

11

10

12

13

Inflation
Percent change from year ago
8

Consumer Price Index

4

0

Producer Price Index
-4

-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data
120

12
9

110

Gross Debt
(right scale)

6

100

3

90

0

80

-3

70

Budget Balance
(left scale)

-6

60

-9

50

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division

20

Federal Reserve Bank of St. Louis

France

International Economic Trends

International Trade - Goods and Services
Percent of GDP
35

30

Exports
25

Imports
20

15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
6
4
2
0
-2
-4
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
60
50
40
30
20
10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Stock Exchange Index - SBF 250
2005 = 100
175
150
125
100
75
50
25
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

21

International Economic Trends

Germany

Real GDP

Employment

Percent change from year ago

Percent change from year ago
2.0

6
4

1.5
2
1.0

0
-2

0.5

-4
0.0
-6
-8

-0.5
09

2009

10

2010

11

2011

12

2012

13

2013

14

Consumer Price Index

09

2009

10

2010

11

2011

12

2012

13

2013

14

Unemployment Rate

Percent change from year ago

Percent
8.5

4

8.0
3
7.5
7.0

2

6.5
1

6.0
5.5

0
5.0
4.5

-1
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Hourly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

4

9

3

6

2

3

1

0

0

12

2012

13

2013

14

-3
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

22

Federal Reserve Bank of St. Louis

Germany

International Economic Trends

GDP
Percent change from year ago
8

Nominal
4

0

Real
-4

-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
20
10
0
-10
-20
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
4
2
0
-2
-4
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
95
90
85
80
75
70
65
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

23

International Economic Trends

Germany

Hourly Earnings and Output per Worker
Percent change from year ago
6

Hourly Earnings

3
0

Output per Worker

-3
-6
-9
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
12

Unemployment Rate
8

4

Employment*
0

-4
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
12
9
6

Producer Price Index

3
0

Consumer Price Index

-3
-6
-9
98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data

8

100

Gross Debt
(right scale)

4

80
60

0
-4

40

Budget Balance
(left scale)

-8

20
0

-12

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division

24

Federal Reserve Bank of St. Louis

Germany

International Economic Trends

International Trade - Goods and Services
Percent of GDP
55
50

Exports

45
40
35
30

Imports

25
20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
10

5

0

-5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
100

80

60

40

20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Stock Exchange Index - CDAX
2010 = 100
180
150
120
90
60
30
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

25

International Economic Trends

Italy

Real GDP

Employment

Percent change from year ago

Percent change from year ago

4

2

2

1

0

0

-2

-1

-4

-2

-6

-3

-8

-4
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

Consumer Price Index

Unemployment Rate

Percent change from year ago

Percent

5

2011

12

2012

13

2013

14

13
12

4
11
3

10
9

2

8
1
7
0

6
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Hourly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

5

12

2012

13

2013

14

2
1

4

0
-1

3
-2
-3

2

-4
-5

1
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

26

Federal Reserve Bank of St. Louis

Italy

International Economic Trends

GDP
Percent change from year ago
10

Nominal
5

0

Real
-5

-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
18
12
6
0
-6
-12
-18
-24
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
9
6
3
0
-3
-6
-9
-12
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
84
80
76
72
68
64
60
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

27

International Economic Trends

Italy

Hourly Earnings and Output per Worker
Percent change from year ago
8

Hourly Earnings

4

0

Output per Worker
-4

-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago

Percent

4

14

Employment
(left scale)

2

12
10

0
-2

8

Unemployment Rate
(right scale)

-4

6

-6

4

96

97

98

99

00

01

02

03

04

05

06

07

08

09

11

10

12

13

Inflation
Percent change from year ago
8

Consumer Price Index

Producer Price Index

4

0

-4

-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data
140

0

120

-4

Gross Debt
(right scale)
-8

100

Budget Balance
(left scale)

80

-12

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division

28

Federal Reserve Bank of St. Louis

Italy

International Economic Trends

International Trade - Goods and Services
Percent of GDP
35

30

Exports
25

Imports
20

15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
6
4
2
0
-2
-4
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
75
60
45
30
15
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Stock Exchange Index - Milan Stock Exchange
2010 = 100
210
180
150
120
90
60
30
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

29

International Economic Trends

Japan

Real GDP

Employment

Percent change from year ago

Percent change from year ago

9

1

6
0

3
0

-1
-3
-6

-2

-9
-3

-12
09

2009

10

2010

11

2011

12

2012

13

2013

14

Consumer Price Index

09

2009

10

2010

11

2011

12

2012

13

2013

14

Unemployment Rate

Percent change from year ago

Percent

2

6.0

1

5.5

0

5.0

-1

4.5

-2

4.0

-3

3.5
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Monthly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

12

2012

13

2013

14

5

8
6

4

4
2

3

0
-2

2

-4
-6
-8

1

-10
0

-12
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

30

Federal Reserve Bank of St. Louis

Japan

International Economic Trends

Adjusted Monetary Base

Interest Rates

Percent change from year ago

Percent

48

2.0

10-Year Government Bonds

40
1.5

32
24

1.0
16
8

0.5

0

3-Month CDs

-8

0.0
09

2009

10

2010

11

2011

12

2012

13

2013

14

M1

2009

09

10

2010

11

2011

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Yen/US$

Percent
3.9

103.63

7

Exchange Rate
(left scale)

6
5

93.63

0.0

83.63

-3.9

73.63

-7.8

4
3
2
1

Foreign/US Inflation Differential
(right scale)

0
63.63

-1
09

2009

10

2010

11

2011

12

2012

13

2013

-11.7

2009

14

M2

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2005 = 100
140

4

130
3
120

110

2

100
1
90

0

80
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

31

International Economic Trends

Japan

GDP
Percent change from year ago
9
6

Real

3
0

Nominal

-3
-6
-9
-12
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
30
20
10
0
-10
-20
-30
-40
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
10
5
0
-5
-10
-15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
2010 = 100
130
120
110
100
90
80
70
60
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

32

Federal Reserve Bank of St. Louis

Japan

International Economic Trends

Monthly Earnings and Output per Worker
Percent change from year ago
8

Monthly Earnings

Output per Worker

4
0
-4
-8
-12
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
8

Unemployment Rate

6
4
2
0
-2

Employment*

-4
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
8

Consumer Price Index

4
0
-4

Producer Price Index
-8
-12
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data
250

9
6

Budget Balance
(left scale)

220

3

190

0

160

-3

130
100

-6
-9

Gross Debt
(right scale)

70
40

-12

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division
Federal Reserve Bank of St. Louis

33

International Economic Trends

Japan

International Trade - Goods and Services
Percent of GDP
20

16

Exports
12

8

Imports
4
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
6
5
4
3
2
1
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
1500
1250
1000
750
500
250
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2005 = 100
170
155
140
125
110
95
80
65
50
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

34

Federal Reserve Bank of St. Louis

Japan

International Economic Trends

Adjusted Monetary Base
Percent change from year ago
60
50
40
30
20
10
0
-10
-20
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
40
30
20

M1

10
0

M2
-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
4

3

10-Year Government Bonds

2

3-Month CDs

1

0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Stock Exchange Index - Tokyo Stock Exchange
2010 = 100
225
200
175
150
125
100
75
50
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

35

International Economic Trends

United Kingdom

Real GDP

Employment

Percent change from year ago

Percent change from year ago

6

3

4

2

2

1

0

0

-2

-1

-4

-2

-6

-3

-8

-4
09

2009

10

2010

11

2011

12

2012

13

2013

14

Consumer Price Index

09

2009

10

2010

11

2011

12

2012

13

2013

14

Unemployment Rate

Percent change from year ago

Percent

6

9.0

5

8.5

4
8.0
3
7.5
2
7.0

1

0

6.5
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Weekly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

8

12

2012

13

2013

14

1
0

6

-1
-2
-3

4

-4
-5

2

-6
0

-7
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

36

Federal Reserve Bank of St. Louis

United Kingdom

International Economic Trends

Notes and Coins in Circulation

Interest Rates

Percent change from year ago

Percent

10

5

10-Year Government Bonds

9
4
8
3

7
6

2

5
1
4
3

3-Month Interbank Loans

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

M2

09

2009

10

2010

11

2011

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Pounds/US$

8

Percent

0.75

8

Foreign/US Inflation
Differential (right scale)
0.70

0

0.65

-8

0.60

-16

6

4

Exchange Rate
(left scale)
0.55

2
09

2009

10

2010

11

2011

12

2012

13

2013

-32

2009

14

M4

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2005 = 100

20

100

15

95

10
90
5
85
0
80

-5

-10

75
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

37

International Economic Trends

United Kingdom

GDP
Percent change from year ago
12

Nominal
8
4

Real
0
-4
-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
10
5
0
-5
-10
-15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
10

5

0

-5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
90
85
80
75
70
65
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

38

Federal Reserve Bank of St. Louis

United Kingdom

International Economic Trends

Weekly Earnings and Output per Worker
Percent change from year ago
8

Weekly Earnings
4

0

Output per Worker
-4

-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
12

Unemployment Rate
8

4

0

Employment*
-4
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
24

16

Consumer Price Index

8

0

Producer Price Index

-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data
110

24

Gross Debt
(right scale)

16

90

8

70

0

50

-8

30

Budget Balance
(left scale)

-16

10

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division
Federal Reserve Bank of St. Louis

39

International Economic Trends

United Kingdom

International Trade - Goods and Services
Percent of GDP
38

34

Imports
30

26

Exports
22
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
2

0

-2

-4

-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
80
70
60
50
40
30
20
10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2005 = 100
120
110
100
90
80
70
60
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

40

Federal Reserve Bank of St. Louis

United Kingdom

International Economic Trends

Notes and Coins in Circulation
Percent change from year ago
12
10
8
6
4
2
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
20
15

M4

M2

10
5
0
-5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
12

9

6

10-Year Government Bonds

3

3-Month Interbank Loans
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Stock Exchange Index - Financial Times Stock Exchange
2010 = 100
150
125
100
75
50
25
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

41

International Economic Trends

United States

Real GDP

Employment

Percent change from year ago

Percent change from year ago
3

4

2
1
0
-1
-2
-3
-4

-6

-5
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

Consumer Price Index

Unemployment Rate

Percent change from year ago

Percent

6

2011

12

2012

13

2013

14

11

10
4
9
2
8
0
7

6

-2
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Hourly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

12

2012

13

2013

14

0

4

-1
3
-2
2
-3
1
-4

0

-5
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

42

Federal Reserve Bank of St. Louis

United States

International Economic Trends

Adjusted Monetary Base

Interest Rates

Percent change from year ago

Percent

120

6

100

Composite of Long-Term
Government Bonds

5

80

4

60
3
40
2

20

3-Month CDs
1

0
-20

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

MZM

09

2009

10

2010

2011

11

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

TWEX, March 1973 = 100

18

Percent

92.9

4.2

Foreign/US Inflation
Differential (right scale)

15
12

82.9

0.0

72.9

-4.2

9
6

Exchange Rate
(left scale)

3

62.9

-8.4

0
-3

52.9
09

2009

10

2010

11

2011

12

2012

13

2013

-12.6

2009

14

M2

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2005 = 100

12

110

10

105

8

100

6

95

4

90

2

85

0

80
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

43

International Economic Trends

United States

GDP
Percent change from year ago
9

Nominal
6
3

Real
0
-3
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
15
10
5
0
-5
-10
-15
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
15
10
5
0
-5
-10
-15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
90
85
80
75
70
65
60
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

44

Federal Reserve Bank of St. Louis

United States

International Economic Trends

Hourly Earnings and Output per Worker
Percent change from year ago
6

Hourly Earnings

4
2
0

Output per Worker

-2
-4
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
12
9

Unemployment Rate

6
3
0

Employment*
-3
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
12
8

Consumer Price Index
4
0

Producer Price Index
-4
-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data
130

12
6

110

Budget Balance
(left scale)

0

90
70

-6

Gross Debt
(right scale)

-12

50

-18

30

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division
Federal Reserve Bank of St. Louis

45

International Economic Trends

United States

International Trade - Goods and Services
Percent of GDP
21
18

Imports
15
12
9

Exports
6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
2
0
-2
-4
-6
-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
60

50

40

30

20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2005 = 100
150
140
130
120
110
100
90
80
70
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

46

Federal Reserve Bank of St. Louis

United States

International Economic Trends

Adjusted Monetary Base
Percent change from year ago
120
100
80
60
40
20
0
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
25
20

MZM

15
10
5

M2

0
-5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
10

Composite of Long-Term Government Bonds
8
6
4

3-Month CDs
2
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Stock Exchange Index - New York Stock Exchange
2010 = 100
175
150
125
100
75
50
25
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

47

International Economic Trends

Brazil

Real GDP

Employment

Percent change from year ago

Percent change from year ago
6

12

5
9
4
6

3
2

3

1
0
0
-3

-1
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

Consumer Price Index

Unemployment Rate

Percent change from year ago

Percent

2011

12

2012

13

2013

14

9

8

8
6
7
4
6
2
5

0

4
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Monthly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

14

2

12

1

10

0

8

-1

6

-2

12

2012

13

2013

14

-3

4
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

48

Federal Reserve Bank of St. Louis

Brazil

International Economic Trends

Reserve Money

Interest Rates

Percent change from year ago

Percent

160

18

140
120

15

31-Day T-Bill

100
80

12

60
40

9

20
0

6

-20

Long Term Rate

-40

3
09

2009

10

2010

11

2011

12

2012

13

2013

14

M1

09

2009

10

2010

11

2011

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Reias/US$

25

Percent

3.31

20

23.0

Foreign/US Inflation Differential
(right scale)

2.81

11.5

15
2.31

0.0

1.81

-11.5

10

5
1.31

0

-23.0

Exchange Rate
(left scale)

-5

0.81
09

2009

10

2010

11

2011

12

2012

13

2013

-34.5

2009

14

M3

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2010 = 100
120

24
22

110

20

100

18
90
16
80

14

70

12
10

60
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

49

International Economic Trends

Brazil

GDP
Percent change from year ago
30

Nominal
20

10

0

Real
-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
20
15
10
5
0
-5
-10
-15
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
15
10
5
0
-5
-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
90
86
82
78
74
70
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

50

Federal Reserve Bank of St. Louis

Brazil

International Economic Trends

Monthly Earnings and Output per Worker
Percent change from year ago
60

40

Monthly Earnings
20

0

Output per Worker
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
20

Unemployment Rate

16
12
8

Employment*

4
0
-4
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
50
40

Producer Price Index

30
20
10
0

Consumer Price Index

-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP

2

64

0

62

-2

60

-4

58

Budget Balance
(left scale)

-6

56

Gross Debt
(right scale)

-8

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

54

11

12

13

Research Division
Federal Reserve Bank of St. Louis

51

International Economic Trends

Brazil

International Trade - Goods and Services
Percent of GDP
20
17
14

Imports
11
8

Exports
5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
4
2
0
-2
-4
-6
-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
450
400
350
300
250
200
150
100
50
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2010 = 100
130
110
90
70
50
30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

52

Federal Reserve Bank of St. Louis

Brazil

International Economic Trends

Monetary Base
Percent change from year ago
150
120
90
60
30
0
-30

96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
75

M1

60
45

M3

30
15
0
-15
-30

96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
50

31-Day T-Bill
40
30
20
10

Long Term Rate
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Stock Exchange Index
2010 = 100
120
100
80
60
40
20
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

53

International Economic Trends

China

Real GDP

Industrial Production

Percent change from year ago, annual data

Percent change from year ago

15

25

12

20

9

15

6

10

3

5

0

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

Consumer Price Index

Unemployment Rate

Percent change from year ago

Percent

8

2011

12

2012

13

2013

14

6

6
5
4

2

4

0
3
-2

-4

2
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Monthly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP, annual data

18

8

16

6

14

4

12

2

10

12

2012

13

2013

14

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

54

Federal Reserve Bank of St. Louis

China

International Economic Trends

Adjusted Monetary Base

Interest Rates

Percent change from year ago

Percent

40

7
6

30

5
4

20
3
2

10

3-Month Bill
1

0

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

M1

2009

09

10

2010

11

2011

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Yen/US$

Percent

7.83

40

6

Foreign/US Inflation Differential
(right scale)

35
30

7.33

3

6.83

0

6.33

-3

25
20
15
10

Exchange Rate
(left scale)

5
0

5.83
09

2009

10

2010

11

2011

12

2012

13

2013

-6

2009

14

M2

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2010 = 100

33

140

30

130

27

120

24

110

21

100

18

90

15

80
70

12
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

55

International Economic Trends

China

GDP
Percent change from year ago
25

Nominal
20
15
10

Real*
5
0
96

96

97

97

* Annual data.

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
30
25
20
15
10
5
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
40
32
24
16
8
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
90
87
84
81
78
75
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

56

Federal Reserve Bank of St. Louis

China

International Economic Trends

Monthly Earnings
Percent change from year ago
35
30
25
20
15
10
5
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent
5.0

Unemployment Rate

4.5

4.0

3.5

3.0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
30
20

Consumer Price Index
10
0

Producer Price Index*

-10
-20
96

96

97

97

* Annual data.

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data
35

6
3

Budget Balance
(left scale)

30

0

25

-3

20
15

-6

Gross Debt
(right scale)

-9

10
5

-12

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division
Federal Reserve Bank of St. Louis

57

International Economic Trends

China

International Trade - Goods
Percent of GDP
20

Exports
16

12

Imports
8

4
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP, annual data
12
10
8
6
4
2
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
4500
4000
3500
3000
2500
2000
1500
1000
500
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2010 = 100
140
130
120
110
100
90
80
70
60
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

58

Federal Reserve Bank of St. Louis

China

International Economic Trends

Adjusted Monetary Base
Percent change from year ago
50
40
30
20
10
0
-10
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
40

30

M1
20

10

M2

0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
7
6
5
4
3
2

3-Month Bill

1
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Shanghai Composite Index
2010 = 100
210
180
150
120
90
60
30
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

59

International Economic Trends

India

Real GDP

Industrial Production

Percent change from year ago

Percent change from year ago

15

20

16

12

12
9
8
6
4
3

0

0

-4
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

Consumer Price Index

Producer Price Index

Percent change from year ago

Percent change from year ago

18

15

2011

12

2012

13

2013

14

12

15

9
12
6
9
3
6

0

3

-3
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Share Price Index

Current Account Balance

Index 2010 = 100

Percent of GDP, annual data

120

0

100

-1

80

-2

60

-3

40

-4

20

-5

0

12

2012

13

2013

14

-6
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

60

Federal Reserve Bank of St. Louis

India

International Economic Trends

Reserve Money

Interest Rates

Percent change from year ago

Percent

30

20

15
20

Bombay Interbank Money Market
10

10
5

0

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

M1

09

2009

10

2010

11

2011

12

2012

13

2013

Exchange Rate and Inflation Differential

Percent change from year ago

Rupee/US$

25

89.77

20

79.77

15

69.77

10

59.77

5

49.77

0

Percent
57.2

Foreign/US
Infl. Differential
(right scale)

42.9

28.6

14.3

Exchange Rate
(left scale)

0.0

39.77
09

14

2009

10

2010

11

2011

12

2012

13

2013

-14.3

2009

14

M3

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2010 = 100

30

110

25

105

20

100

15

95

10

90

5

85

0

80
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

61

International Economic Trends

India

GDP
Percent change from year ago
25
20

Nominal
15
10
5

Real
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
20
16
12
8
4
0
-4
-8
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
20

Consumer Price Index

15
10
5
0

Producer Price Index
-5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP, annual data

0

85

-3

80

-6

75

-9

70

Budget Balance
(left scale)

-12

65

Gross Debt
(right scale)

-15

96

97

98

99

60

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division

62

Federal Reserve Bank of St. Louis

International Economic Trends

India

International Trade - Goods and Services
Percent of GDP
36
30
24

Imports
18
12

Exports
6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP, annual data
3
2
1
0
-1
-2
-3
-4
-5
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
400

300

200

100

0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2010 = 100
130
120
110
100
90
80
70
60
50
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

63

Federal Reserve Bank of St. Louis

India

International Economic Trends

Monetary Base
Percent change from year ago
40
30
20
10
0
-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
30
25

M3

20
15
10

M1

5
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates - Money Market
Percent
35
30
25
20

Bombay Interbank Market

15
10
5
0
96

96

97

97

98

98

99

Share Price Index

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

- Indian Stock Exchange

Index 2010 = 100
140
120
100
80
60
40
20
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

64

International Economic Trends

Korea

Real GDP

Employment

Percent change from year ago

Percent change from year ago

12

2.5
2.0

9

1.5

6

1.0
3
0.5
0

0.0

-3

-0.5

-6

-1.0
09

2009

10

2010

11

2011

12

2012

13

2013

14

Consumer Price Index

09

2009

10

2010

11

2011

12

2012

13

2013

14

Unemployment Rate

Percent change from year ago

Percent
4.50

6

4.25

5

4.00

4

3.75
3
3.50
2

3.25

1

3.00

0

2.75
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Monthly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

16

8

12

6

8

4

4

2

0

0

-4

12

2012

13

2013

14

-2
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

65

Federal Reserve Bank of St. Louis

Korea

International Economic Trends

Reserve Money

Interest Rates

Percent change from year ago

Percent

60

7

50

10-Year Government Bonds

6
40
5

30
20

4

10
3
0

91-Day CDs
-10

2
09

2009

10

2010

11

2011

12

2012

13

2013

14

M1

09

2009

10

2010

2011

11

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Won/US$

25

Percent

1815

20

20.2

1615

10.2

Foreign/US Inflation
Differential (right scale)

15
1415

0.0

1215

-10.2

10

5
1015

0

-20.2

Exchange Rate
(left scale)

-5

815
09

2009

10

2010

11

2011

12

2012

13

2013

-30.2

2009

14

M3

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2010 = 100
115

15

110
12
105
9

100
95

6

90
3
85
0

80
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

66

International Economic Trends

Korea

GDP
Percent change from year ago
20

Nominal
15
10
5
0
-5

Real

-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
40
30
20
10
0
-10
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
30
20
10
0
-10
-20
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent of Capacity
20
10
0
-10
-20
-30
-40
-50
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

67

Federal Reserve Bank of St. Louis

Korea

International Economic Trends

Monthly Earnings and Output per Worker
Percent change from year ago
25

Monthly Earnings

20
15
10
5
0

Output per Worker

-5
-10
-15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
9

Unemployment Rate
6
3
0
-3

Employment*
-6
-9
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
20
15
10

Consumer Price Index

5
0
-5

Producer Price Index
-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data
6

Percent of GDP, annual data
40

Budget Balance
(left scale)

4

35

2

30

0

25

-2

20

Gross Debt*
(right scale)

-4

96

97

98

99

00

01

02

03

04

05

15

06

07

08

09

10

11

12

13

* Data for gross debt are on a non-consolidated basis.
* According to the OECD, the increasing budget surplus during 2004-2006 is related to the accumulated pension funds in the social security system.

Research Division
Federal Reserve Bank of St. Louis

68

International Economic Trends

Korea

International Trade - Goods and Services
Percent of GDP
70
60
50

Exports

40
30

Imports

20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
24
18
12
6
0
-6
-12
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
400
350
300
250
200
150
100
50
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2010 = 100
140
130
120
110
100
90
80
70
60
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

69

Federal Reserve Bank of St. Louis

Korea

International Economic Trends

Monetary Base
Percent change from year ago
60
50
40
30
20
10
0
-10
-20
-30
-40

96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
60
50
40

M1

30

M2

20
10
0
-10
-20
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
28

91-Day CDs

24
20
16
12

10-Year Government Bonds

8
4
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

KOSPI Share Price Index - Korean Stock Exchange
2010 = 100
140
120
100
80
60
40
20
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

70

International Economic Trends

Mexico

Real GDP

Employment

Percent change from year ago

Percent change from year ago

9

9
8

6

7
6

3

5
0

4
3

-3

2
-6

1
0

-9

-1
-12

-2
09

2009

10

2010

11

2011

12

2012

13

2013

14

Consumer Price Index

09

2009

10

2010

11

2011

12

2012

13

2013

14

Unemployment Rate

Percent change from year ago

Percent
6.5

7
6

6.0
5
5.5

4
3

5.0

2
4.5
1
0

4.0
09

2009

10

2010

11

2011

12

2012

13

2013

14

Monthly Earnings

09

2009

10

2010

11

2011

12

2012

13

2013

14

Current Account Balance

Percent change from year ago

Percent of GDP

8

1.0

7

0.5

6

0.0

5

-0.5

4

-1.0

3

-1.5

2

-2.0

1

-2.5

0

-3.0
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

71

Federal Reserve Bank of St. Louis

Mexico

International Economic Trends

Reserve Money

Interest Rates

Percent change from year ago

Percent

25

10

20

8

15

6

10

4

5

2

90-Day CDs

0

Composite of Long-Term
Government Bonds

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

M1

09

2009

2010

10

11

2011

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Peso/US$

25

Percent

16.38

16

Foreign/US Inflation
Differential (right scale)
20

15.38

8

15

14.38

0

10

13.38

-8

5

12.38

-16

0

11.38
09

2009

10

2010

11

2011

12

2012

13

2013

Exchange Rate
(left scale)
2009

14

M3

-32

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2010 = 100

25

115

20
105
15

10
95
5

0

85
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

72

International Economic Trends

Mexico

GDP
Percent change from year ago
50
40
30
20

Nominal

10
0

Real

-10
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
20
15
10
5
0
-5
-10
-15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
20
10
0
-10
-20
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
79
77
75
73
71
69
67
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

73

Federal Reserve Bank of St. Louis

Mexico

International Economic Trends

Hourly Earnings and Output per Worker
Percent change from year ago
30

Hourly Earnings

20
10
0
-10

Output per Worker

-20
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
8

Unemployment Rate
6
4
2

Employment*
0
-2
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
70
60
50
40

Consumer Price Index

30
20

Producer Price Index

10
0
-10
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP

Percent of GDP

15

160

Budget Balance
(left scale)

10

140

5

120

0

100

-5

80

Gross Debt
(right scale)

-10

60

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division
Federal Reserve Bank of St. Louis

74

International Economic Trends

Mexico

International Trade - Goods and Services
Percent of GDP
45
40

Imports

35
30
25

Exports
20
15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
4
2
0
-2
-4
-6
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
210
180
150
120
90
60
30
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2010 = 100
150
140
130
120
110
100
90
80
70
60
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

75

Federal Reserve Bank of St. Louis

Mexico

International Economic Trends

Monetary Base
Percent change from year ago
24
20
16
12
8
4
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
50
40

M1

30

M3

20
10
0
-10
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
40

Composite of Long-Term Government Bonds
32
24
16

90-Day Treasury CDs
8
0
96

96

97

97

98

98

99

99

00

00

MSE IPC Share Price Index

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

- Mexican Stock Exchange

2010 = 100
180
150
120
90
60
30
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

76

International Economic Trends

Russia

Real GDP

Employment

Percent change from year ago

Percent change from year ago

12

4

8
2

4
0

0
-4
-8

-2

-12
-16

-4
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

Consumer Price Index

Unemployment Rate

Percent change from year ago

Percent

17

10

15

9

13

8

11

7

9

6

7

5

5

4

3

2011

12

2012

13

2013

14

3
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

Monthly Earnings

Current Account Balance

Percent change from year ago

Percent of GDP

18

10

15

8

12

6

9

4

6

2

3

12

2012

13

2013

14

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division

77

Federal Reserve Bank of St. Louis

Russia

International Economic Trends

Reserve Money

Interest Rates

Percent change from year ago

Percent

60

25

50
20
40
30

15

20

10-Year Government Bonds
10

10
0

5
-10

3-Month Interbank

-20

0
09

2009

10

2010

11

2011

12

2012

13

2013

14

M1

09

2009

10

2010

11

2011

12

2012

13

2013

14

Exchange Rate and Inflation Differential

Percent change from year ago

Roubles/US$
84.05

36
30

Percent
29.0

Foreign/US Inflation Differential
(right scale)

74.05

23.2

24
64.05

17.4

12

54.05

11.6

6

44.05

5.8

34.05

0.0

18

0
-6

24.05

-12
-18

14.05
09

2009

10

2010

11

2011

12

2012

13

2013

2009

14

M2

-5.8

Exchange Rate
(left scale)

-11.6

2010

2011

2012

2013

Real Effective Exchange Rate

Percent change from year ago

Index 2010 = 100
115

50
40

110

30

105

20
100
10
95

0

90

-10
-20

85
09

2009

10

2010

11

2011

12

2012

13

2013

14

09

2009

10

2010

11

2011

12

2012

13

2013

14

Research Division
Federal Reserve Bank of St. Louis

78

International Economic Trends

Russia

GDP
Percent change from year ago
40

Nominal

30
20
10
0

Real

-10
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Industrial Production
Percent change from year ago
30
20
10
0
-10
-20
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Retail Sales
Percent change from year ago
25
20
15
10
5
0
-5
-10
-15
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Capacity Utilization
Percent
70
65
60
55
50
45
40
35
30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

79

Federal Reserve Bank of St. Louis

Russia

International Economic Trends

Monthly Earnings and Output per Worker
Percent change from year ago
60

Monthly Earnings
40

20

0

Output per Worker
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Labor Force Indicators
Percent change from year ago*, Percent
16

Unemployment Rate
12
8
4
0

Employment*

-4
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Inflation
Percent change from year ago
150

Consumer Price Index

125
100
75

Producer Price Index

50
25
0
-25
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Gross Government Debt and Budget Balance
Percent of GDP, annual data

Percent of GDP

10

80

Budget Balance
(left scale)

5

60

0

40

Gross Debt
(right scale)

-5

20

-10

0

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

Research Division
Federal Reserve Bank of St. Louis

80

International Economic Trends

Russia

International Trade - Goods and Services
Percent of GDP
40

Exports
35
30

Imports
25
20
15
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Current Account Balance
Percent of GDP
14
12
10
8
6
4
2
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Foreign Exchange Reserves
Billions of US$
600
500
400
300
200
100
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Real Effective Exchange Rate
Index 2010 = 100
140
120
100
80
60
40
20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division

81

Federal Reserve Bank of St. Louis

Russia

International Economic Trends

Monetary Base
Percent change from year ago
75
60
45
30
15
0
-15
-30
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Monetary Aggregates
Percent change from year ago
120
100
80

M1

60
40
20

M2

0
-20
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Interest Rates
Percent
120

10-Year Government Bonds
100
80
60
40
20

3-Month Interbank

0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Share Price Index
2010 = 100
180
150
120
90
60
30
0
96

96

97

97

98

98

99

99

00

00

01

01

02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

Research Division
Federal Reserve Bank of St. Louis

82

Notes and Sources

Notes
Euro-Area Data: Euro-area countries are Austria, Belgium, Cyprus, Estonia,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the
Netherlands, Portugal, Slovenia, Slovakia, and Spain. Data series are break
adjusted and include all euro area countries for the full sample, with these
exceptions: Series for interest rates are not break adjusted.
Euro-area interest rates prior to December 1998 are calculated on the basis of
national government yields weighted by GDP. Starting in 1999, short-term rates
are euro interbank offered rates. Long-term rates are calculated on the basis
of national government bond yields weighted by the nominal outstanding
amounts of government bonds in each maturity band.
The euro/dollar exchange rate used in the chart on page 14 is a synthetic rate
prior to January 1999. This is constructed by calculating a weighted average of
the exchange rates of the euro-area countries, excluding Greece and Luxembourg,
against the dollar. The weights are based on 1997 GDP shares.
German Data: As a result of reunification, data for all of Germany are now
incorporated in the statistical series. The starting periods for unified German
data are listed below. Care should be exercised when interpreting the data
around these break periods.
First quarter 1995: hourly earnings.
Capacity Utilization covers the manufacturing sector for Canada, China,
France, Korea, Mexico, Russia, the United Kingdom, the United States, and
the euro area; manufacturing excluding food, beverage, and tobacco for
Germany; mining and manufacturing for Italy; rate of capacity utilization,
manufacturing survey for Brazil and Russia; operating rate: manufacturing
for Japan.
Consumer Price Index is for all items. The current index is based on goods
and services consumed by all individuals for Brazil, Canada, India, Mexico,
and Russia; all multi-person households excluding those mainly engaged in
agriculture, forestry, and fisheries for Japan; all households except pensioners dependent on state pension and high income households for the United
Kingdom; all households except farming and fishing for Korea; all urban
households for the United States; all urban and rural residents for China. Data
for the euro area, France, Germany, and Italy are based on the harmonized
index of consumer prices.
Current Account Balance is the sum of merchandise and service exports and
income receipts on domestic assets abroad minus the sum of merchandise and
service imports and income payments from foreign assets in the domestic
economy plus net unilateral transfers.
Earnings are based on hourly earnings in manufacturing for Canada,
Germany, the United States, and the euro area; hourly earnings in manufacturing excluding construction for France, hourly earnings in industry for Italy;
hourly earnings in manufacturing for Mexico; monthly earnings in manufacturing for Brazil, China, Japan, and Russia; monthly earnings for wage earners
in manufacturing for Korea (2005 = 100), and weekly earnings in manufacturing for the United Kingdom.
German real earnings data prior to 2007 are not strictly comparable with the
new figures: Before 2007, gross hourly earnings covered full-time wage earners
only. Since the first quarter of 2007, the data refer to the index of gross hourly
earnings (excluding extra payments) of full-time wage earners and salaried
employees.
The Exchange Rate for all countries except the United States is expressed as
units of local currency per U.S. dollar. For the United States the trade-weighted
exchange rate, TWEX, is used. This is a weighted average of the exchange
value of the U.S. dollar relative to the major international currencies—the euro,
Canadian dollar, Japanese yen, British pound, Swiss franc, Australian dollar,
and Swedish kronor. Prior to 1999, the currencies of the euro-area countries
(with the exception of Greece) are used instead of the euro.
Real Effective Exchange Rate uses normalized unit labor costs in manufacturing. The weighting scheme used to construct the rates, for all except the euro
area, is based on disaggregated data for trade among 21 industrial countries
in manufactured goods for 2005. For the euro area the weights relate to the
trade of the euro area with the other countries. The weights reflect the relative
importance of a country’s trading partners in its direct bilateral trade relations
Research Division
Federal Reserve Bank of St. Louis

International Economic Trends
and competition in third markets. Normalized unit labor costs in manufacturing
are calculated by dividing an index of actual hourly compensation per worker
by a five-year moving average index of output per man-hour.
Employment data refer to civilian employment for Canada, Germany, Italy,
and the United States; industrial employment for France; total employment for
Brazil, the euro area, and the United Kingdom; and employment of all persons
15 years of age and older for Japan, Korea, Russia, and Mexico.
Foreign Exchange Reserve data are end of period. The dollar value of reserves
may fluctuate as a result of changes in reserve holdings and/or changes in the
value of the currencies held vis-à-vis the U.S. dollar.
Government Budget Balance is the difference between general government
current receipts and total outlays. Total outlays consist of current expenditures
and net capital expenditures. Gross Government Debt incorporates all financial liabilities of the general government sector. The general government sector
consolidates the accounts of the central, state, local, and social security sectors.
For China and India general government gross debt consists of all liabilities
that require payment or payments of interest and/or principal by the debtor to
the creditor at a date or dates in the future. This includes debt liabilities in
the form of SDRs, currency and deposits, debt securities, loans, insurance,
pensions and standardized guarantee schemes, and other accounts payable.
Cumulative Inflation Differential is the cumulative change in the foreign
consumer price index (CPI) over the change in the U.S. CPI, in percentage terms.
The base period for the cumulative rate of change is taken to be the first period
of the chart. For example, if the base period is 2002:Q1, then the cumulative
inflation differential for Japan for 2006:Q3 is as follows:
J
⎛ P2006
⎞
Q3
J
⎜
⎟
P2002
Q1
⎜
inflationdifferential = 100 • US
− 1⎟
⎜ P2006Q 3
⎟
US
⎜
⎟
P2002
⎝
⎠
Q1

J
where P2006Q3
is the Japanese CPI in the third quarter of 2006. For the U.S. chart
on page 41, foreign CPI is calculated as the weighted average of the CPIs of
countries whose currencies are used in the major currency trade-weighted
exchange rate index. Starting in 1999, the euro-area harmonized consumer
price index is used for the euro area. Prior to 1999, the price levels for the
individual euro area countries (excluding Greece and Luxembourg) are used.
The cumulative inflation differential is shown because the theory of purchasing
power parity states that exchange rate changes should be systematically positively related to this variable.

Industrial Production measures the change in the volume of output in the
mining, manufacturing, oil, electricity, gas, and water industries. For Brazil
the measure is for the manufacturing industry. (2005 = 100)
The Short-Term Interest Rate table on page 6 uses the relevant 3-month
interest rate shown in the country pages.
The Long-Term Interest Rate table on page 6 uses the government bond rate.
The government bond rate is a composite of yields on federal government
bonds with maturities of more than 10 years for Mexico and the United States;
10-year benchmark bonds for France; 7- to 15-year public sector bonds for
Germany; 15- to 20-year government bonds through 1990 and 10-year government bonds starting in 1991 for Italy; and 10-year government bonds for
Canada, the euro area, Korea, Russia, and the United Kingdom; 10-year
central government bond yield for Japan.
The Reserve Money table on page 5 refers to the adjusted monetary base for
Japan and the United States; monetary base for Brazil, Canada, Mexico, Russia;
and M0 for the United Kingdom. Reserve Money is currency in circulation,
deposits of the deposit money banks, and demand deposits of other residents
(with the exception of the central government) with the monetary authority.
Adjusted Monetary Base
Japan: currency in circulation and current deposits at the Bank of Japan.
United States: the sum of currency in circulation outside Federal Reserve banks
and the U.S. Treasury, deposits of depository financial institutions at Federal
Reserve banks, and an adjustment for the effects of changes in statutory
reserve requirements on the quantity of base money held by depositories.

83

International Economic Trends
Notes and Coins in Circulation
United Kingdom: After reforming the rules governing bank reserves, the
Bank of England discontinued its M0 series in May 2006 because the data
would not be comparable to previous data. IET now presents a related series,
“Notes and Coins in Circulation,” in place of M0. The Bank of England
directs interested parties to “Publication of narrow money data: the implication of money market reform” in its Autumn 2005 Quarterly Bulletin
(http://www.bankofengland.co.uk/publications/quarterlybulletin/qb050304.pdf).
M1
Japan: cash, currency in circulation, and deposit money.
Euro area: currency in circulation and overnight deposits.
Brazil: notes and coins held by public, and demand deposits.
China: currency in circulation, and demand deposits.
India: currency in circulation and demand deposits at monetary institutions.
Korea: currency in circulation and demand deposits at monetary institutions.
Mexico: notes, coins, cheque accounts held by public, denominated in Pesos
or in foreign currency, and interest accounts in Pesos.
Russia: money outside bank and demand deposits in the banking system.
M1B
Canada: currency outside banks, chartered bank checkable deposits, less
inter-bank checkable deposits.
MZM
United States: currency in circulation, travelers’ checks, total publicly-held
checkable deposits minus cash items in the process of collection and Federal
Reserve float, savings deposits, shares in retail money market mutual funds
(funds with initial investments of less than $50,000), net of retirement
accounts, and institutional money market mutual funds.
M2
Canada: currency outside banks, chartered bank demand and notice deposits,
chartered bank personal term deposits, adjustments to M2 (continuity
adjustments and inter-bank demand and notice deposits).
United Kingdom: currency in circulation and sterling retail deposits with the
U.K. banks and building societies.
United States: MZM less institutional money market mutual funds plus small
denomination (less than $100,000) time deposits.
Brazil: M1 plus open market funds, short-term fixed-yield funds, short-term
financial investment funds, remunerated special deposits and bonds of
the federal government, states, and municipalities, held by the non-financial public entities.
China: M1 plus quasi-money (time deposits and savings deposits and other
deposits).
Korea: M1 plus time and savings deposits and residents’ deposits in foreign
currency at deposit money banks.
Russia: M1 plus quasi-money (bank system deposits that cannot be directly
used for making payments and are less liquid than M1). This includes
time deposits in national currency and all deposits in foreign currency.
M2 + CDs
Japan: M1 plus private deposits, public deposits less demand deposits, and
certificates of deposit.
M3
Euro area: M1 plus deposits with a maturity up to 2 years, deposits redeemable
at notice up to 3 months, repurchase agreements, money market funds,
and debt securities up to 2 years.
India: M1 plus post office savings, bank deposits and residents’ deposits in
foreign currency at deposit money banks, and other time deposits with
banks.
Mexico: M1 plus residents’ possessions of other bank deposits, securities
issued by the Federal Government, securities issued by private entities
and the retirement saving funds, plus bank deposits and Federal Government securities in the hand of non-residents.
M4
United Kingdom: M2 plus wholesale deposits with the U.K. banks and building
societies.
Output Per Worker is the ratio of real GDP to employment.
Producer Price Index covers manufacturing for Canada and the United
Kingdom; and total industry for Japan and the United States. Data for the

84

Notes and Sources
euro area, France, Germany, and Italy are based on the harmonized index of
total industry excluding construction.
Retail Sales are based on a volume index.
Stock Exchange Index refers to all share prices except for the United
Kingdom, which excludes financial firms.
Unemployment Rate is the harmonized unemployment rate. Unemployment
rates represent unemployed persons as a percentage of the labor force (the
total number of people employed plus unemployed).

Sources
Abbreviations
Board of Governors of the Federal Reserve System (BOG)
Bureau of Economic Analysis, U.S. Department of Commerce (BEA)
Bureau of Labor Statistics, U.S. Department of Labor (BLS)
International Monetary Fund,
International Financial Statistics (IMF)
World Economic Outlook (WEO)
Organization for Economic Cooperation and Development,
Economic Outlook (OECD1)
Main Economic Indicators (OECD2)
National Accounts Quarterly (OECD3)
Canada
Bank of Canada: M1B and M2.
BOG: exchange rate.
IMF: foreign exchange reserves, merchandise and service trade, real effective exchange rate, and reserve money.
OECD1: gross government debt and budget balance.
OECD2: capacity utilization, consumer price index, current account balance,
GDP, hourly earnings, industrial production, interest rates, producer price
index, retail sales, stock exchange index, and unemployment rate.
Statistics Canada: employment.
Euro Area
European Central Bank: current account balance and employment .
Eurostat: capacity utilization, consumer price index, GDP, interest rates,
merchandise trade, producer price index, and retail sales.
Haver Analytics: synthetic euro exchange rate.
IMF: real effective exchange rate.
OECD1: gross government debt and budget balance.
OECD2: hourly earnings, industrial production, M1, M3, stock exchange index,
and unemployment.
France
BOG: exchange rate.
Eurostat: capacity utilization, consumer price index, and producer price index.
IMF: foreign exchange reserves, merchandise and service trade, and real
effective exchange rate.
Institut National de la Statistique et des Etudes Economiques: employment.
OECD1: gross government debt and budget balance.
OECD2: current account balance, GDP, hourly earnings, industrial production,
retail sales, interest rates, stock exchange index, and unemployment.
Germany
BOG: exchange rate.
Bundesanstalt Fur Arbeit: employment.
Eurostat: capacity utilization, consumer price index, and producer price index.
IMF: foreign exchange reserves, merchandise and service trade, and real
effective exchange rate.
OECD1: gross government debt and budget balance.
OECD2: current account balance, GDP, hourly earnings, industrial production,
M1, M3, retail sales, interest rates, stock exchange index, and unemployment.
Italy
BOG: exchange rate.
Eurostat: capacity utilization, consumer price index, and producer price index.
IMF: foreign exchange reserves, merchandise and service trade, and real
effective exchange rate.
Instituto Nazionale di Statistica: employment.
Research Division
Federal Reserve Bank of St. Louis

Notes and Sources
OECD1: gross government debt and budget balance.
OECD2: current account balance, GDP, hourly earnings, industrial production,
long-term interest rates, retail sales, stock exchange index, and unemployment.
Japan
Bank of Japan: adjusted monetary base and long-term interest rate.
BOG: exchange rate.
IMF: foreign exchange reserves, merchandise and service trade, and real
effective exchange rate.
OECD1: gross government debt and budget balance.
OECD2: capacity utilization, consumer price index, current account balance,
employment, GDP, hourly earnings, industrial production, M1, M2, producer
price index, retail sales, short-term interest rate, stock exchange index,
and unemployment.
United Kingdom
BOG: exchange rate.
IMF: foreign exchange reserves, merchandise and service trade, and real
effective exchange rate.
OECD1: gross government debt and budget balance.
OECD2: capacity utilization, consumer price index, current account balance,
GDP, industrial production, interest rates, M2, M4, producer price index,
retail sales, stock exchange index, unemployment, and weekly earnings.
U.K. Office for National Statistics: employment and Notes and Coins in
Circulation.
United States
BOG: capacity utilization, exchange rate, industrial production index, M2,
and interest rates.
BEA: GDP, current account balance, merchandise and service trade, and
retail sales.
BLS: employment, consumer price index, and producer price index.
Federal Reserve Bank of St. Louis: adjusted monetary base and MZM.
IMF: foreign exchange reserves and real effective exchange rate.
OECD1: gross government debt and budget balance.
OECD2: hourly earnings, stock exchange index, and unemployment.
Brazil
Banco Central Do Brazil: capacity utilization, employment, gross government
debt, and long-term interest rate.
BOG: exchange rate.
IMF: foreign exchange reserves, merchandise and service trade, monetary
base, producer price index, and short-term interest rate.
OECD1: budget balance.
OECD2: consumer price index, current account balance, GDP, industrial
production, M1, M3, monthly earnings, real effective exchange rate,
retail sales, stock exchange index, and unemployment.

Research Division
Federal Reserve Bank of St. Louis

International Economic Trends
China
IMF: foreign exchange reserves and reserve money.
OECD1: budget balance.
OECD2: capacity utilization, consumer price index, exchange rate, industrial
production, M1, M2, merchandise trade, monthly earnings, nominal GDP,
producer price index, real effective exchange rate, retail sales, short-term
interest rate, stock exchange index, and unemployment.
WEO: current account as a percentage of GDP, government debt, and real GDP.
India
IMF: foreign exchange reserves, reserve money, and short-term interest rate.
OECD1: budget balance.
OECD2: consumer price index, exchange rate, GDP, industrial production,
M1, M3, merchandise trade, producer price index, real effective exchange
rate, and stock exchange index.
WEO: current account as a percentage of GDP and government debt.
Korea
BOG: exchange rate.
IMF: foreign exchange reserves, merchandise and service trade, monthly
earnings, and reserve money.
OECD1: gross government debt and budget balance.
OECD2: capacity utilization, consumer price index, current account, employment, GDP, industrial production, interest rates, M1, M2, producer price
index, real effective exchange rate, retail sales, stock exchange index,
and unemployment.
Mexico
BOG: exchange rate.
IMF: budget balance, foreign exchange reserves, government debt, and
merchandise and service trade.
OECD2: capacity utilization, consumer price index, current account, employment, GDP, hourly earnings, industrial production, interest rates, M1, M3,
monetary base, producer price index, real effective exchange rate, retail
sales, stock exchange index, and unemployment.
Russia
BOG: exchange rate.
Central Bank of Russia: government debt.
IMF: foreign exchange reserves, monetary base, and merchandise and service
trade.
OECD1: budget balance.
OECD2: capacity utilization, consumer price index, current account, employment, GDP, industrial production, interest rates, M1, M2, monthly earnings,
producer price index, retail sales, stock exchange index, and unemployment.

85