The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Annual Edition July 1999 InternationalEconomicTrends low stocks of capital will be those with high potential for investment returns. The much-touted increase in world capital mobility has allowed countries to exploit these opportunities more fully. As world financial and political leaders work on reforming the world financial system to mitigate some of the perceived excesses we have witnessed in recent years, the positive impact of capital mobility on growth and development should not be forgotten. Growth in the 1990s —Michael R. Pakko GDP Growth in the 1980s and 1990s Average Annual GDP Growth 1980-1990 1990-1997 3.2 4.4 2.9 4.9 1.8 3.1 7.5 n.a 1.6 2.1 5.6 1.8 3.2 WORLD Low Income Middle Income Lower middle Upper middle Low & Middle Income East Asia and Pacific Europe and Central Asia Latin America and Carib. Middle East & N. Africa South Asia Sub-Saharan Africa High Income 2.4 3.9 2.8 2.3 3.4 3.0 9.4 -4.3 3.8 2.9 5.6 2.0 2.2 Source: World Bank GDP Growth, 1990-97 WorldWorld GDP Growth, 1990-97 Number of Countries Number Countries With all the attention paid to financial crises in developing markets and weak economic performance of many industrialized countries, one might conclude that the world economy is in the doldrums. Indeed, as the World Bank statistics in the table show, world economic growth fell from 3.2% during the 1980s to 2.4% thus far in the 1990s. Nevertheless, when we look at the patterns of economic growth among nations, it is clear that the 1990s have been a period of rapid economic expansion for much of the world. The chart illustrates the ranges of growth rates that have been recorded for the period from 1990 to 1997. Although many countries’ economies contracted during the period, most countries had positive average growth rates. Growth rates exceeding 6% were registered for almost 15% of the countries for which data have been compiled. Nearly half of the countries covered grew at rates of over 3%. Of those who have suffered from negative growth over the period, most were undergoing massive structural adjustment (many of the former Soviet republics, for example) or have been subject to wars or other civil strife. Countries in the low-to-middle income range had among the most rapid growth rates. Countries classified as low income grew on average at 3.9%, while those in the middle-income range expanded at an average rate of 2.8%. Among countries in the low-to-middle income range, those in East Asia and South Asia were the top performers, with average growth rates in those regions of 9.4% and 5.6%, respectively. Many of these countries have suffered setbacks as a result of financial market disruptions beginning in 1997, but even the contractions associated with financial crises will leave living standards higher than they were in 1990. Generally speaking, the low and middle-income countries have experienced more rapid growth in the 1990s than have the developed economies. Growth among high-income countries during the period averaged 2.2%. This observation is not too surprising: Economic theory predicts that countries with relatively 60 50 40 30 20 10 0 <-3 <-3 -3 to to 00 -3 to 33 00 to 33 to to 66 PercentofGrowth Percent Growth Views expressed do not necessarily reflect official positions of the Federal Reserve System >6 >6 TableofContents Page Page Reference Tables Australia Austria Canada Chile China Denmark France Germany Greece Indonesia Ireland Israel Italy Japan Korea Malaysia 3 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 Mexico Netherlands New Zealand Norway Philippines Singapore South Africa Spain Sweden Switzerland Thailand Turkey United Kingdom United States Venezuela Notes & Sources 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 Conventions used in this publication: 1. Charts and tables contain annual data that were current on July 12, 1999. 2. Percent change refers to the simple percentage change from the previous year. 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: webmaster@stls.frb.org International Economic Trends is published by the Research Division of the Federal Reserve Bank of St. Louis; the annual edition is published in July. For more information on data, please call (314) 444-8571. Single-copy subscriptions are available free of charge by writing to: Public Affairs Office, Federal Reserve Bank of St. Louis, P.O. Box 442, St. Louis, MO 63166-0442 or by calling (314) 444-8808 or (314) 444-8809. The entire publication is also available electronically at http://www.stls.frb.org/publications/aiet. InternationalEconomicTrends 08/20/99 Narrow Money Growth Percent change 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 12.9 20.5 18.5 8.6 7.5 7.7 19.9 17.7 11.0 6.4 13.7 13.0 6.1 Austria 4.6 9.4 7.9 3.5 5.4 7.8 6.1 10.3 6.0 14.5 5.1 4.6 9.1 Canada 6.3 8.3 7.4 3.3 -1.0 5.5 6.0 14.9 7.3 6.3 17.1 10.2 8.3 Chile 40.8 28.3 37.2 25.3 15.6 43.4 40.3 19.1 17.8 22.5 16.3 17.0 3.3 China 27.9 18.5 20.0 6.3 20.1 28.2 30.3 43.1 28.5 18.8 19.8 25.0 12.7 Denmark 7.3 12.2 19.5 0.4 8.1 5.6 -0.9 10.5 -1.4 4.6 11.5 5.7 4.9 France 6.9 4.1 3.9 7.6 3.8 -4.7 -0.3 1.1 2.5 7.2 0.6 6.4 3.0 Germany 7.4 7.4 10.9 5.6 29.6 3.4 10.9 8.5 5.2 6.8 12.4 2.3 11.1 Greece 9.4 14.6 14.9 30.0 25.2 10.1 12.9 13.0 25.6 12.7 12.7 12.8 14.3 15.6 8.6 13.5 39.8 18.4 10.6 9.3 27.9 23.3 16.1 21.7 22.2 29.2 5.1 10.6 9.4 12.6 8.1 0.7 1.0 21.9 13.2 13.8 16.4 26.4 26.0 120.5 51.1 11.2 42.6 32.9 13.8 32.0 30.0 7.6 16.6 19.1 11.1 14.5 10.9 8.0 7.8 12.7 6.8 11.4 1.5 6.1 3.3 1.2 3.5 6.3 7.7 Japan 8.4 6.8 10.3 -2.0 6.2 8.8 1.9 3.4 4.9 12.8 10.0 8.9 5.7 Korea 16.6 14.7 20.2 17.9 11.0 36.8 13.0 18.1 11.9 19.6 1.7 -11.4 1.6 2.8 13.0 13.1 19.1 14.1 11.0 13.0 37.5 11.2 11.7 16.7 4.6 -14.6 72.1 129.7 58.1 40.7 60.3 118.3 15.1 17.7 3.8 7.0 40.7 28.9 17.6 Netherlands 7.1 7.1 6.9 6.9 4.1 10.7 6.1 10.8 2.5 11.5 13.3 12.6 8.8 New Zealand 16.0 41.4 7.3 17.1 5.0 1.6 0.7 8.7 3.9 5.2 -4.5 6.5 13.4 8.4 35.4 16.7 13.1 10.5 6.8 8.6 6.1 6.5 1.3 7.2 9.8 8.2 Philippines 18.8 22.1 14.7 31.5 13.4 13.9 10.6 19.4 13.5 21.7 20.0 16.4 9.0 Singapore 11.8 12.3 8.4 14.9 11.0 7.7 12.7 23.6 2.3 8.3 6.7 1.7 -1.0 South Africa 12.8 36.0 23.1 9.6 15.1 14.0 17.5 6.7 23.7 19.3 30.9 17.3 23.8 Spain 14.0 16.1 19.3 14.9 19.4 12.3 -1.7 3.5 7.2 3.2 6.9 14.2 15.7 Sweden 25.4 4.7 18.3 10.7 8.2 -7.7 24.2 47.7 22.4 -14.9 -33.1 -25.8 3.8 5.8 12.7 4.8 -4.2 -0.3 1.3 2.7 10.1 3.5 9.8 9.5 8.7 5.0 Thailand 20.5 28.0 12.2 17.6 11.9 13.8 12.3 18.6 17.0 12.1 9.1 1.2 3.0 Turkey 53.7 64.2 31.1 72.9 61.5 48.1 67.4 64.8 78.8 68.2 131.0 76.3 44.4 United Kingdom 13.0 10.3 16.1 9.2 10.7 8.5 11.2 5.7 4.1 6.5 5.2 5.2 6.4 United States 13.4 10.5 2.0 0.2 6.8 8.8 12.3 6.3 2.6 -0.5 6.5 7.2 11.6 Venezuela 22.8 33.7 23.1 9.3 41.2 51.3 8.3 10.6 130.0 33.0 88.4 83.5 6.6 Australia Indonesia Ireland Israel Italy Malaysia Mexico Norway Switzerland Federal Reserve Bank of St. Louis InternationalEconomicTrends 08/20/99 Broad Money Growth Percent change 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 9.3 15.8 18.7 23.7 11.6 1.9 7.7 5.8 10.3 9.2 9.4 6.3 7.5 Austria 10.0 7.3 4.3 6.8 6.8 7.2 4.3 4.3 5.6 5.1 2.3 1.8 5.5 Canada 11.2 8.3 13.3 14.3 9.5 7.0 4.4 3.4 2.4 4.4 3.4 -1.3 1.5 Chile 32.3 40.8 29.0 31.4 29.8 37.1 32.3 26.2 18.0 24.3 23.0 20.8 10.5 China 30.2 25.3 20.7 18.7 28.9 26.7 30.8 42.8 35.1 29.5 25.3 20.7 14.9 Denmark 8.7 3.9 5.4 -17.5 6.4 -3.1 -1.4 11.3 -5.4 4.1 7.2 5.2 2.9 France 6.4 11.5 8.2 10.0 9.3 2.3 5.4 -3.0 1.7 4.4 -3.7 1.7 2.7 Germany 6.6 5.9 6.9 5.5 19.7 6.3 7.6 10.9 1.6 3.6 8.7 3.6 13.6 Greece 20.4 24.0 23.2 24.2 15.3 12.3 14.4 15.0 8.8 10.3 9.3 9.6 8.9 Indonesia 19.5 22.5 23.9 39.8 44.2 17.0 20.2 22.0 20.2 27.6 29.6 23.2 62.3 Ireland -1.0 10.9 6.3 5.0 15.7 4.8 11.7 16.3 10.2 12.4 15.9 22.1 17.3 Israel 49.9 30.1 23.9 25.2 21.3 18.0 24.0 30.3 23.2 21.2 21.2 18.6 17.4 Italy 8.5 7.4 5.8 8.7 6.7 6.4 0.8 3.3 0.7 -1.6 3.5 7.8 4.8 Japan 8.2 11.5 10.4 10.6 8.5 2.0 -0.4 1.4 2.9 3.2 2.9 3.8 3.9 Korea 18.4 19.1 21.5 19.8 17.2 21.9 14.9 16.6 18.7 15.6 15.8 14.1 27.0 Malaysia 11.3 6.6 7.2 16.1 12.8 14.5 19.1 22.1 14.7 24.0 19.8 22.7 1.5 106.7 159.0 58.9 50.8 46.3 30.8 19.8 26.5 24.1 20.7 32.5 28.0 23.4 Netherlands 7.0 3.1 10.3 12.0 7.6 4.7 6.2 7.8 0.3 4.3 6.0 7.5 9.3 New Zealand 20.4 13.6 3.5 3.9 14.5 6.9 10.7 5.4 3.4 14.3 12.6 3.9 1.5 Norway 4.6 16.0 4.9 7.6 6.0 10.6 7.3 0.5 5.6 5.0 5.7 4.6 5.6 Philippines 1.8 13.3 24.6 30.1 22.5 17.3 13.6 27.1 24.4 24.2 23.2 26.1 8.5 Singapore 10.0 19.8 13.5 22.5 20.0 12.4 8.9 8.5 14.4 8.5 9.8 10.3 30.2 4.3 22.0 35.2 26.7 12.8 15.7 10.8 3.9 20.6 13.9 15.7 18.7 13.7 Spain 11.0 12.2 13.1 14.3 13.5 10.9 4.8 9.3 7.5 10.6 4.8 4.5 2.0 Sweden 10.9 4.0 3.8 10.0 11.3 4.0 3.2 4.0 0.3 2.7 11.4 1.3 2.1 7.5 10.9 5.6 6.0 2.4 2.4 1.8 5.0 3.7 2.9 6.7 3.4 0.1 Thailand 13.4 20.2 18.2 26.2 26.7 19.8 15.6 18.4 12.9 17.0 12.6 16.4 9.5 Turkey 69.4 50.5 65.3 68.9 53.3 82.7 78.7 64.4 145.3 103.6 117.3 97.5 . United Kingdom 14.4 18.0 17.4 19.0 12.0 5.7 2.7 4.9 4.2 9.9 9.6 5.7 8.4 8.1 6.5 5.4 4.2 5.5 3.7 1.9 1.1 1.4 2.1 4.8 5.0 7.4 16.6 23.5 20.4 38.7 61.0 49.5 18.4 25.7 56.3 36.2 55.8 62.5 18.6 Australia Mexico South Africa Switzerland United States Venezuela Federal Reserve Bank of St. Louis InternationalEconomicTrends 08/20/99 Real Gross Domestic Product Percent change 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Australia 2.2 4.9 4.2 4.6 1.8 -1.1 2.3 3.8 5.4 3.8 3.9 3.7 4.9 Austria 2.3 1.7 3.2 4.2 4.6 3.4 1.3 0.5 2.5 2.1 2.0 2.5 3.3 Canada 2.6 4.1 4.9 2.5 0.3 -1.9 0.9 2.3 4.7 2.6 1.2 3.8 3.0 Chile 5.6 6.6 7.3 10.6 3.7 8.0 12.3 7.0 5.7 10.6 7.4 7.6 3.4 China 8.9 11.6 11.2 4.1 3.8 9.2 14.2 13.5 12.7 10.5 9.6 8.8 7.8 Denmark 3.6 0.3 1.2 0.3 1.2 1.4 1.3 0.8 5.8 3.2 3.3 3.1 2.9 France 2.5 2.2 4.5 4.3 2.5 0.8 1.2 -1.3 2.8 2.1 1.6 2.3 3.2 Germany 2.3 1.5 3.7 3.6 5.7 13.2 2.2 -1.2 2.7 1.2 1.3 2.2 2.8 Greece 1.6 -0.5 4.5 3.8 0.0 3.1 0.7 -1.6 2.0 2.1 2.4 3.2 3.5 Indonesia 5.9 4.9 -0.8 9.1 9.0 8.9 7.2 7.3 7.5 8.2 8.0 4.6 -13.1 -0.4 4.7 5.2 5.8 8.5 2.0 4.2 3.1 7.3 11.1 7.4 9.8 10.4 Israel 4.1 6.1 3.1 1.3 5.1 6.2 6.6 3.2 6.8 7.7 4.7 2.7 1.9 Italy 2.8 3.1 3.9 2.9 2.2 1.1 0.6 -1.2 2.2 2.9 0.9 1.5 1.3 Japan 2.9 4.1 6.3 4.8 5.2 3.8 1.0 0.3 0.7 1.4 5.2 1.4 -2.9 Korea 11.4 11.6 11.3 6.3 9.6 9.1 5.2 5.6 8.5 9.0 7.0 5.6 . 1.2 5.2 8.9 9.2 9.7 8.7 7.6 8.3 9.3 9.4 8.6 7.7 -6.7 -3.6 1.8 1.3 3.3 4.5 3.6 2.8 0.7 4.5 -6.2 5.1 6.8 4.8 Netherlands 2.7 1.4 2.6 4.7 4.1 2.3 2.0 0.8 3.2 2.3 3.1 3.7 3.8 New Zealand 0.9 0.3 2.4 -0.1 0.0 -2.2 0.5 5.0 6.1 3.5 2.4 3.0 -0.5 Norway 3.6 2.0 -0.1 0.9 2.0 3.1 3.3 2.7 5.5 3.8 4.9 4.3 2.1 Philippines 3.4 4.3 6.8 6.2 3.0 -0.5 0.3 2.1 4.4 4.8 5.7 5.1 -0.4 Singapore 2.3 9.7 11.6 9.6 9.0 7.3 6.3 12.6 11.2 8.4 7.5 8.0 1.5 South Africa 0.0 2.1 4.2 2.4 -0.3 -1.0 -2.2 1.3 2.7 3.4 3.2 1.7 0.1 Spain 3.2 5.6 5.2 4.7 3.7 2.3 0.7 -1.2 2.3 2.7 2.4 3.5 3.8 Sweden 2.4 3.0 1.7 2.7 1.6 -1.1 -1.6 -2.4 3.2 4.2 1.2 2.1 2.8 Switzerland 1.7 0.8 3.0 4.4 3.7 -0.6 -0.2 -0.4 0.3 0.7 -0.1 1.7 2.1 Thailand 5.5 9.5 13.3 12.2 11.2 8.6 8.1 8.4 8.9 8.8 5.5 -0.4 . Turkey 7.0 9.5 2.1 0.3 9.3 0.9 6.0 8.0 -5.5 7.2 7.0 7.5 2.8 United Kingdom 4.2 4.4 5.2 2.1 0.6 -1.5 0.1 2.3 4.4 2.8 2.6 3.5 2.1 United States 3.1 2.9 3.8 3.4 1.2 -0.9 2.7 2.3 3.5 2.3 3.4 3.9 3.9 Venezuela 6.3 4.5 6.2 -7.8 6.9 9.7 6.1 0.3 -2.3 4.0 -0.2 5.9 -0.7 Ireland Malaysia Mexico Federal Reserve Bank of St. Louis InternationalEconomicTrends 08/20/99 Gross Domestic Product Deflator Percent Change 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Australia 6.2 7.5 8.9 7.0 4.7 2.4 1.6 1.6 0.6 2.0 2.2 1.3 0.9 Austria 2.7 2.1 1.6 2.7 3.4 3.7 4.3 2.8 2.8 2.1 1.7 1.6 1.2 Canada 2.8 4.7 4.5 4.6 3.1 2.7 1.3 1.5 1.1 2.4 1.5 0.7 -0.4 Chile 22.1 24.6 21.4 12.4 21.2 21.2 11.8 10.6 12.6 9.3 1.7 4.5 2.2 China 4.5 5.1 12.2 8.8 5.6 6.7 7.9 14.6 19.8 13.2 5.9 1.2 -1.1 Denmark 4.6 4.7 3.4 5.1 3.4 2.5 2.2 0.5 1.4 1.7 2.2 1.8 1.4 France 5.2 2.9 2.9 3.0 3.1 3.3 2.1 2.5 1.5 1.6 1.2 0.9 . Germany 3.2 1.9 1.5 2.4 3.2 3.9 5.6 4.0 2.4 2.2 1.0 0.6 0.9 Greece 17.6 14.2 15.6 14.5 20.6 19.8 14.9 14.4 11.2 9.8 7.9 6.9 5.0 Indonesia -0.0 15.8 20.8 10.0 7.7 8.8 5.4 8.9 7.8 9.9 8.5 12.0 75.3 6.5 2.2 3.2 5.5 -0.7 1.7 2.5 4.4 1.2 0.4 1.7 2.3 4.0 49.2 20.6 20.4 20.3 17.7 19.9 12.5 11.8 12.9 8.0 11.3 8.7 6.9 Italy 7.8 6.1 6.8 6.3 7.6 7.7 4.7 4.4 3.5 5.1 3.7 4.1 2.8 Japan 1.8 0.1 0.7 2.0 2.3 2.7 1.8 0.6 0.2 -0.6 -1.4 0.1 0.3 Korea 4.7 4.9 6.7 5.4 9.4 11.0 7.9 7.0 7.4 7.1 3.6 2.6 . Malaysia -8.4 6.2 5.5 3.1 9.2 5.3 4.3 2.7 5.4 5.1 5.1 2.5 8.5 Mexico 73.8 139.6 101.7 26.0 29.6 21.9 14.8 9.9 8.5 38.0 30.7 17.7 13.8 Netherlands 0.1 -0.7 1.2 1.2 2.3 2.7 2.3 1.9 2.4 1.8 1.5 2.2 2.8 New Zealand 14.7 14.4 8.1 6.2 3.9 1.0 1.7 2.6 1.6 2.6 2.0 -0.0 1.3 Norway -1.0 6.9 5.0 5.7 3.8 2.5 -0.4 2.2 -0.2 3.1 4.3 2.7 -0.4 Philippines 2.9 7.5 9.6 9.0 13.0 16.5 7.9 6.8 10.0 7.5 9.0 6.2 9.0 Singapore -2.3 0.7 5.7 4.7 4.7 3.8 1.4 3.6 3.1 2.6 1.2 1.4 -1.5 South Africa 16.3 14.3 15.1 17.2 15.1 13.5 12.7 10.4 9.8 8.8 8.5 7.8 8.4 Spain 11.1 5.9 5.6 7.1 7.3 7.1 6.9 4.3 4.0 4.8 3.2 2.0 2.2 Sweden 6.7 4.9 7.0 7.7 8.7 7.6 1.2 2.7 2.6 3.4 1.1 0.9 1.0 Switzerland 3.2 2.7 2.9 2.9 4.5 5.9 2.7 2.7 1.6 1.1 0.4 -0.0 1.0 Thailand 1.7 4.7 5.9 6.1 5.8 5.8 4.5 3.3 5.1 6.0 4.0 5.4 . 36.0 33.3 70.0 74.9 58.6 58.5 63.8 67.7 106.9 86.9 77.8 81.5 74.8 United Kingdom 3.1 5.2 6.0 7.4 7.7 6.7 4.0 2.8 1.5 2.5 3.3 2.5 2.5 United States 2.6 3.1 3.6 4.2 4.3 4.0 2.8 2.6 2.4 2.3 1.9 1.9 1.0 Venezuela 3.1 32.1 21.4 84.1 43.6 21.5 28.2 31.6 62.9 51.8 115.5 38.6 21.2 Ireland Israel Turkey Federal Reserve Bank of St. Louis InternationalEconomicTrends 08/20/99 Consumer Price Index Percent change 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Australia 9.1 8.5 7.3 7.6 7.3 3.2 1.0 1.8 1.9 4.6 2.6 0.3 0.9 Austria 1.7 1.5 1.9 2.6 3.3 3.3 4.0 3.6 3.0 2.2 1.5 1.3 0.9 Canada 4.2 4.3 4.1 5.0 4.8 5.6 1.5 1.9 0.2 2.2 1.6 1.6 1.0 19.5 20.4 15.3 16.2 26.6 22.0 15.6 12.1 12.0 7.9 7.3 6.3 5.0 . 7.2 18.7 18.3 3.1 3.5 6.3 14.6 24.2 16.9 8.3 2.8 -0.8 Denmark 3.7 4.0 4.5 4.8 2.6 2.4 2.1 1.3 2.0 2.1 2.1 2.2 1.9 France 2.5 3.3 2.7 3.5 3.6 3.2 2.4 2.1 1.7 1.8 2.0 1.2 0.7 Germany -0.1 0.3 1.3 2.8 2.7 4.0 5.1 4.4 2.8 1.7 1.4 1.9 0.9 Greece 23.0 16.4 13.5 13.7 20.4 19.5 15.9 14.4 10.7 8.9 8.2 5.5 4.8 Indonesia 5.8 9.3 8.0 6.4 7.8 9.4 7.5 9.6 8.5 9.4 8.0 6.7 57.6 Ireland 3.8 3.1 2.1 4.1 3.3 3.2 3.1 1.4 2.3 2.5 1.7 1.4 2.4 48.0 19.8 16.4 20.1 17.2 19.0 11.9 11.0 12.3 10.1 11.3 9.0 5.5 Italy 5.8 4.8 5.1 6.3 6.5 6.3 5.3 4.6 4.1 5.2 4.0 2.1 2.0 Japan 0.6 0.1 0.7 2.3 3.1 3.2 1.7 1.2 0.7 -0.1 0.1 1.7 0.6 Korea 2.8 3.0 7.1 5.7 8.6 9.3 6.2 4.8 6.2 4.5 4.9 4.4 7.5 Malaysia 0.8 0.2 2.6 2.7 2.7 4.4 4.7 3.6 3.7 5.3 3.6 2.7 5.3 86.4 131.8 114.2 20.0 26.6 22.7 15.5 9.8 7.0 35.0 34.4 20.6 15.9 Netherlands 0.1 -0.7 0.7 1.1 2.5 3.2 3.2 2.6 2.8 1.9 2.0 2.2 2.0 New Zealand 13.2 15.7 6.4 5.7 6.1 2.6 1.0 1.3 1.8 3.8 2.3 1.2 1.3 Norway 7.2 8.7 6.7 4.5 4.1 3.4 2.3 2.3 1.4 2.5 1.3 2.6 2.3 Philippines 0.7 3.8 8.8 12.2 14.2 18.7 8.9 7.6 9.1 8.1 8.4 5.0 9.0 Singapore -1.4 0.5 1.5 2.4 3.4 3.4 2.3 2.3 3.0 1.8 1.3 2.0 -0.3 South Africa 18.8 16.2 12.7 14.7 14.4 15.3 13.9 9.7 9.0 8.6 7.3 8.6 6.9 Spain 8.8 5.2 4.8 6.8 6.7 5.9 5.9 4.6 4.7 4.7 3.6 2.0 1.8 Sweden 4.2 4.2 5.8 6.4 10.4 9.4 2.3 4.6 2.2 2.5 0.5 0.5 -0.1 Switzerland 0.8 1.4 1.9 3.2 5.4 5.9 4.0 3.3 0.9 1.8 0.8 0.5 0.0 Thailand 1.9 2.4 3.9 5.4 5.9 5.7 4.1 3.3 5.1 5.8 5.8 5.6 8.1 34.6 38.8 68.8 63.3 60.3 66.0 70.1 66.1 105.2 89.1 80.3 85.7 84.6 United Kingdom 3.5 4.1 4.8 7.8 9.5 5.8 3.8 1.5 2.5 3.4 2.5 3.1 3.4 United States 2.0 3.6 4.1 4.7 5.5 4.2 3.0 3.0 2.6 2.8 3.0 2.3 1.6 11.5 28.4 29.2 84.7 40.6 34.2 31.4 38.1 60.8 59.9 99.9 50.0 35.8 Chile China Israel Mexico Turkey Venezuela Federal Reserve Bank of St. Louis InternationalEconomicTrends 08/20/99 Current Account Balance Percent of nominal GDP 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 -5.7 -3.9 -4.5 -6.3 -5.2 -3.6 -3.7 -3.3 -5.1 -5.4 -3.9 -3.2 -4.9 Austria 0.3 -0.1 -0.2 0.2 0.7 0.0 -0.4 -0.5 -1.5 -2.3 -2.2 -2.4 -2.1 Canada -3.0 -3.2 -3.0 -3.9 -3.4 -3.8 -3.6 -3.9 -2.3 -0.8 0.5 -1.5 -2.1 Chile -6.7 -3.6 -1.0 -2.5 -1.6 -0.3 -2.3 -5.7 -3.1 -2.1 -5.5 -5.4 -6.2 China -2.4 0.1 -1.0 -1.0 3.1 3.3 1.3 -2.0 1.4 0.2 0.9 3.3 3.1 Denmark -5.3 -2.8 -1.2 -1.0 1.0 1.5 2.8 3.5 2.1 1.1 1.7 0.5 -1.4 France 0.3 -0.6 -0.5 -0.5 -0.8 -0.5 0.3 0.7 0.6 0.7 1.3 2.8 . Germany 4.7 4.2 4.5 4.9 3.4 -1.0 -1.0 -0.5 -1.1 -0.8 -0.3 -0.1 -0.2 Greece -3.5 -2.2 -1.5 -3.8 -4.3 -1.7 -2.2 -0.8 -0.2 -2.5 -3.7 -4.1 -3.0 Indonesia -5.1 -3.0 -1.7 -1.3 -2.8 -3.4 -2.2 -1.5 -1.7 -3.3 -3.4 -2.3 4.7 Ireland -3.2 -0.2 0.0 -1.6 -0.8 0.8 1.1 3.9 2.8 2.7 2.7 2.8 1.9 Israel 5.2 -2.4 -1.5 2.7 1.1 -0.6 0.3 -1.9 -3.4 -5.5 -6.9 -5.0 -2.4 Italy 0.3 -0.3 -0.8 -1.3 -1.5 -2.0 -2.4 1.0 1.4 2.4 3.4 3.2 2.2 Japan 4.2 3.5 2.7 2.2 1.5 2.0 3.0 3.1 2.8 2.2 1.4 2.3 3.2 Korea 4.3 7.4 8.0 2.4 -0.8 -2.8 -1.3 0.3 -1.0 -1.7 -4.4 -1.8 12.5 Malaysia -0.5 8.9 5.5 0.7 -2.1 -8.8 -3.8 -4.8 -7.8 -9.9 -4.5 -5.7 13.2 Mexico -0.7 2.7 -1.3 -2.6 -2.8 -4.6 -6.7 -5.8 -7.1 -0.5 -0.7 -1.9 -3.8 Netherlands 2.6 1.9 3.1 4.4 3.2 2.7 2.3 4.4 5.3 6.0 5.8 6.1 . New Zealand -6.4 -5.1 -1.1 -3.8 -2.8 -2.2 -2.7 -1.1 -2.2 -3.1 -4.1 -7.0 -6.0 Norway -6.0 -4.5 -3.9 0.2 3.2 4.3 2.3 1.8 3.0 3.3 6.5 5.2 -1.5 Philippines 3.3 -1.3 -1.0 -3.4 -5.8 -1.9 -1.6 -5.5 -4.6 -4.4 -4.8 -5.3 2.0 Singapore 2.1 -0.5 7.7 9.9 8.5 11.4 12.1 7.3 16.4 17.3 15.9 15.8 20.9 South Africa 4.4 4.0 1.6 1.4 1.9 1.9 1.4 1.5 -0.3 -2.1 -1.3 -1.4 -2.0 Spain 1.7 0.0 -1.1 -2.9 -3.7 -3.7 -3.7 -1.2 -1.4 0.1 0.0 0.4 -0.3 Sweden 0.1 0.1 -0.4 -1.8 -2.9 -2.0 -3.5 -2.0 0.4 2.1 2.6 2.9 2.0 Switzerland 5.0 4.4 4.9 3.9 3.8 4.6 6.2 8.2 6.7 6.9 7.4 8.9 8.1 Thailand 0.1 -0.2 -0.7 -0.9 -8.5 -7.7 -5.7 -5.1 -5.6 -8.1 -8.1 -0.8 12.3 Turkey -1.9 -0.9 2.0 0.9 -1.7 0.1 -0.6 -3.6 2.2 -1.5 -1.3 -1.4 1.5 United Kingdom -0.6 -1.3 -3.8 -4.6 -3.5 -1.4 -1.7 -1.7 -0.2 -0.5 -0.1 0.8 0.2 United States -3.5 -3.6 -2.5 -1.9 -1.6 -0.1 -0.8 -1.3 -1.8 -1.6 -1.8 -1.9 -2.7 Venezuela -3.7 -3.0 -9.6 5.0 17.0 3.2 -6.2 -3.3 4.3 2.6 12.5 6.8 -1.8 Australia Federal Reserve Bank of St. Louis InternationalEconomicTrends 08/20/99 Goverment Budget Deficit or Surplus Percent of nominal GDP 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Australia -3.0 -0.2 0.9 1.0 0.4 -2.3 -4.6 -4.5 -3.3 -3.4 -2.0 -0.6 0.5 Austria -3.8 -4.4 -3.3 -3.1 -2.4 -2.7 -1.9 -4.1 -5.0 -5.1 -3.7 -1.9 -2.1 Canada -5.9 -4.1 -3.1 -3.3 -4.5 -7.2 -8.0 -7.6 -5.6 -4.5 -2.2 0.9 1.3 Chile -2.0 1.8 1.2 2.4 0.6 1.8 2.1 1.6 1.6 1.3 1.9 1.6 0.7 China -0.8 -0.5 -0.9 -0.9 -0.8 -1.1 -1.0 -0.8 -1.2 -1.0 -0.8 -0.8 -1.2 . . 1.5 0.3 -1.0 -2.4 -2.2 -2.8 -2.6 -2.3 -1.0 0.2 1.0 France -2.7 -1.9 -1.7 -1.2 -1.6 -2.0 -3.9 -5.7 -5.7 -4.9 -4.1 -3.0 -2.9 Germany -1.3 -1.9 -2.2 0.1 -2.1 -3.3 -2.6 -3.2 -2.4 -3.3 -3.4 -2.6 -2.0 -10.3 -9.5 -11.5 -14.4 -16.1 -11.5 -12.8 -13.8 -10.0 -10.6 -7.5 -3.9 -2.4 -0.9 -0.7 -0.1 -0.1 -0.7 0.8 0.2 -0.2 -0.5 0.3 0.5 0.2 0.0 -10.7 -8.6 -4.5 -1.8 -2.3 -2.4 -2.5 -2.4 -1.6 -2.1 -0.3 1.0 2.4 -8.2 -8.2 -7.7 -9.7 -10.8 -8.2 -9.2 -6.9 -6.1 -6.6 -8.4 -5.8 -2.4 -11.4 -11.0 -10.7 -9.8 -11.2 -10.2 -9.6 -9.6 -9.2 -7.7 -6.6 -2.7 -2.7 Japan -0.9 0.5 1.5 2.5 2.9 2.9 1.5 -1.6 -2.3 -3.6 -4.2 -3.4 -6.0 Korea 1.7 2.7 3.7 3.6 3.8 2.0 1.5 2.7 3.3 4.4 4.2 2.3 -0.2 -0.8 -2.7 0.9 2.4 3.9 4.3 4.8 5.7 7.6 6.6 5.8 7.7 4.4 -11.8 -12.9 -9.5 -4.8 -2.5 0.2 1.5 0.8 -0.4 -0.7 -0.4 -1.3 -1.6 Netherlands -5.1 -5.9 -4.6 -4.7 -5.1 -2.9 -3.9 -3.2 -3.8 -3.7 -2.0 -0.9 -0.7 New Zealand -6.5 -2.2 -4.8 -3.7 -4.7 -3.8 -3.3 -0.6 3.0 3.1 3.0 2.0 0.9 5.9 4.6 2.7 1.8 2.6 0.1 -1.7 -1.4 0.4 3.5 6.6 7.9 3.9 Philippines -5.0 -2.4 -2.9 -2.1 -3.5 -2.1 -1.2 -1.5 1.1 0.6 0.3 0.1 -1.9 Singapore 1.8 -4.7 6.2 1.2 9.8 10.3 12.0 14.0 12.3 13.4 14.6 9.6 16.4 South Africa -3.4 -5.7 -3.3 -3.4 -1.4 -4.0 -6.3 -7.7 -5.9 -5.1 -5.0 -5.2 -3.3 Spain -6.3 -3.8 -3.4 -3.7 -4.3 -4.5 -4.1 -7.0 -6.4 -7.3 -4.7 -2.6 -1.8 Sweden -1.2 4.2 3.5 5.4 4.2 -1.1 -7.8 -12.3 -10.3 -7.0 -3.5 -0.7 1.9 1.0 0.3 0.7 0.1 0.4 -1.0 -0.7 -2.4 -1.2 -1.4 -1.2 -1.3 0.1 Thailand -3.0 -0.8 2.2 3.4 4.9 4.0 2.4 1.7 2.8 3.2 0.7 -0.6 -2.6 Turkey -2.4 -4.0 -2.9 -2.5 -3.0 -5.3 -4.3 -6.8 -3.9 -4.1 -8.4 -7.8 -7.0 United Kingdom -2.8 -1.9 0.6 0.9 -1.5 -2.8 -6.5 -8.0 -6.8 -5.8 -4.4 -2.0 -0.4 United States -3.5 -2.6 -2.1 -1.7 -2.7 -3.3 -4.4 -3.6 -2.3 -1.9 -0.9 0.4 1.6 Venezuela -0.7 -0.3 -1.8 1.6 0.6 0.5 -3.5 -1.8 -1.3 -1.4 1.6 0.3 -4.7 Denmark Greece Indonesia Ireland Israel Italy Malaysia Mexico Norway Switzerland Federal Reserve Bank of St. Louis InternationalEconomicTrends 08/20/99 Short-Term Interest Rates Annual Percent 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 16.4 13.5 12.9 17.7 14.4 10.2 6.5 5.2 5.7 7.7 7.2 5.4 5.0 Austria 5.2 4.4 4.6 7.5 8.5 9.1 9.4 7.2 5.0 4.4 3.2 3.3 3.4 Canada 8.1 7.8 9.5 12.1 12.7 8.8 6.6 5.0 5.5 7.1 4.4 3.5 5.0 Chile . . . . 8.2 5.7 5.4 6.5 6.4 6.1 7.3 6.8 9.6 China . . . . 7.9 7.2 7.2 10.1 10.1 10.4 9.0 8.6 4.6 Denmark 9.1 10.1 8.5 9.8 10.8 9.7 11.5 10.3 6.2 6.0 3.9 3.7 4.1 France 7.7 8.3 7.9 9.4 10.3 9.6 10.4 8.6 5.9 6.6 3.9 3.5 3.6 Germany 4.6 4.0 4.3 7.1 8.5 9.3 9.5 7.3 5.4 4.5 3.3 3.3 3.5 Greece 18.5 19.0 19.2 19.0 23.0 23.3 21.7 21.3 19.3 15.5 12.8 10.4 11.6 Indonesia 14.8 12.2 14.7 12.2 21.5 12.8 11.3 7.0 12.0 14.0 13.1 39.5 39.5 Ireland 12.5 10.8 8.1 10.0 11.3 10.4 14.3 9.1 5.9 6.3 5.4 6.1 5.4 Israel 19.9 20.0 16.0 12.9 15.1 14.5 11.8 10.5 11.8 14.4 15.5 13.9 12.2 Italy 13.4 11.3 10.8 12.6 12.2 12.2 14.0 10.2 8.5 10.5 8.8 6.9 5.0 Japan 5.2 4.2 4.5 5.4 7.7 7.4 4.5 3.0 2.2 1.2 0.6 0.6 0.7 Korea 9.7 8.9 9.6 13.3 14.0 17.0 14.3 12.1 12.4 12.6 12.4 13.2 15.0 Malaysia 4.1 2.7 3.5 5.3 6.1 7.3 7.7 6.5 3.7 5.5 6.4 6.4 6.9 88.7 102.8 65.2 44.8 35.0 19.8 15.9 15.5 14.5 47.8 32.9 21.3 26.1 Netherlands 5.7 5.4 4.8 7.4 8.7 9.3 9.4 6.9 5.2 4.4 3.0 3.3 3.5 New Zealand 19.1 21.1 15.4 13.5 13.9 10.0 6.7 6.3 6.7 9.0 9.3 7.7 7.4 Norway 14.4 14.7 13.5 11.4 11.5 10.6 11.8 7.3 5.9 5.5 4.9 3.7 5.8 Philippines 16.1 11.5 14.7 18.6 23.7 21.5 16.0 12.4 12.7 11.8 12.3 12.9 15.0 Singapore 4.3 3.9 4.3 5.3 6.6 4.8 2.7 2.5 3.7 2.6 2.9 4.4 5.0 South Africa 10.4 8.7 12.0 16.8 17.8 16.7 13.8 11.3 10.9 13.5 15.0 15.3 16.5 Spain 11.7 15.8 11.7 15.0 15.2 13.2 13.3 11.7 8.0 9.4 7.5 5.4 4.2 Sweden 9.8 9.4 10.1 11.5 13.7 11.6 12.9 8.4 7.4 8.8 5.8 4.1 4.2 Switzerland 4.2 3.8 3.1 7.0 8.8 8.1 7.8 4.8 4.0 3.0 1.9 1.6 1.4 Thailand 6.4 6.5 10.6 12.8 13.9 9.2 7.5 4.5 7.1 10.3 12.1 21.7 2.6 Turkey 43.6 42.9 55.4 49.7 57.0 75.8 72.2 68.1 103.1 88.4 115.8 101.4 111.3 United Kingdom 10.9 9.7 10.3 13.9 14.8 11.5 9.6 5.9 5.5 6.7 6.0 6.8 7.3 United States 6.5 6.9 7.7 9.1 8.2 5.8 3.7 3.2 4.6 5.9 5.4 5.6 5.5 Venezuela 8.0 8.0 8.0 45.0 43.0 43.0 52.2 71.3 48.0 49.0 45.0 45.0 60.0 Australia Mexico Federal Reserve Bank of St. Louis InternationalEconomicTrends 08/20/99 Exchange Rates Percent change 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 4.4 -4.3 -10.6 -1.1 1.5 0.2 6.1 8.1 -7.1 -1.3 -5.3 5.3 18.1 -26.2 -17.2 -2.3 7.1 -14.3 3.0 -5.8 5.8 -1.9 -11.6 5.0 15.2 1.4 1.7 -4.6 -7.2 -3.8 -1.4 -1.8 5.5 6.7 5.9 0.5 -0.7 1.6 7.1 Chile 19.9 13.7 11.7 9.0 14.2 14.5 3.8 11.5 4.0 -5.6 3.9 1.7 9.8 China 17.6 7.8 0.2 1.0 27.2 11.2 3.6 4.5 49.6 -3.1 -0.4 -0.2 -0.2 Denmark -23.6 -15.4 -1.6 8.6 -15.4 3.3 -5.6 7.3 -2.0 -11.8 3.5 13.9 1.4 France -22.9 -13.2 -0.9 7.0 -14.6 3.6 -6.1 7.0 -2.1 -10.1 2.5 14.1 1.1 Germany -26.3 -17.2 -2.3 7.0 -14.0 2.6 -5.8 5.8 -1.9 -11.6 5.0 15.2 1.5 1.3 -3.2 4.8 14.5 -2.4 15.0 4.7 20.2 5.7 -4.4 3.9 13.4 8.2 Indonesia 15.5 28.2 2.5 5.0 4.1 5.8 4.1 2.8 3.5 4.1 4.2 24.2 244.2 Ireland 25.8 11.0 2.5 -7.0 16.8 -3.3 6.3 -13.9 2.1 7.1 -0.2 -5.2 -6.1 Israel 26.2 7.2 0.3 19.9 5.2 13.0 7.9 15.1 6.4 0.0 6.0 8.1 10.2 Italy -21.9 -13.1 0.4 5.4 -12.6 3.5 -0.5 27.5 2.5 1.1 -5.3 10.4 2.0 Japan -29.3 -14.2 -11.4 7.7 4.9 -7.1 -5.8 -12.2 -8.1 -7.9 15.6 11.3 8.0 Korea 1.3 -6.6 -10.7 -8.2 5.4 3.7 6.5 2.7 0.2 -4.2 4.2 18.5 47.2 Malaysia 4.0 -2.4 3.9 3.4 -0.1 1.7 -7.4 1.1 2.0 -4.4 0.3 12.0 39.3 Mexico 138.1 125.3 64.9 8.3 14.3 7.3 2.5 0.7 8.3 90.2 18.4 4.2 15.4 Netherlands -26.3 -17.3 -2.4 7.2 -14.1 2.7 -5.9 5.6 -2.1 -11.7 5.0 15.7 1.6 5.1 13.1 10.6 -9.4 0.4 -3.0 -7.1 0.7 9.7 10.5 4.8 -3.7 -19.0 -14.0 -8.9 -3.2 5.9 -9.4 3.6 -4.1 14.1 -0.5 -10.2 1.9 9.6 6.6 Philippines 9.6 0.9 2.6 3.0 11.8 13.0 -7.2 6.3 -2.6 -2.7 2.0 12.4 38.8 Singapore -1.0 -3.3 -4.4 -3.1 -7.1 -4.7 -5.7 -0.8 -5.5 -7.2 -0.5 5.4 12.5 2.4 -10.9 12.0 14.8 -1.3 6.7 3.3 14.6 8.6 2.1 18.5 7.2 20.0 Spain -17.6 -11.8 -5.7 1.6 -13.8 1.9 -1.3 24.2 5.2 -6.9 1.6 15.6 2.0 Sweden -17.2 -11.0 -3.3 5.2 -8.2 2.1 -3.6 33.6 -0.9 -7.5 -6.0 13.9 4.1 Switzerland -26.9 -17.1 -1.9 11.8 -15.0 3.2 -1.9 5.1 -7.5 -13.5 4.6 17.3 -0.1 Thailand -3.2 -2.0 -1.8 1.6 -0.4 -0.3 -0.5 -0.3 -0.7 -0.9 1.7 22.5 33.0 Turkey 29.3 27.0 65.9 49.2 23.0 59.9 64.7 59.9 169.5 54.8 77.6 86.6 71.7 United Kingdom -11.7 -10.6 -8.0 8.7 -8.2 0.9 0.4 17.5 -2.0 -2.9 0.9 -4.5 -1.3 United States -17.7 -11.5 -7.0 4.1 -4.3 -1.7 -1.7 2.7 -1.7 -5.6 4.7 7.8 5.1 7.8 79.4 0.0 139.2 35.2 21.1 20.3 32.8 63.5 19.1 136.0 17.1 12.1 Australia Austria Canada Greece New Zealand Norway South Africa Venezuela Federal Reserve Bank of St. Louis InternationalEconomicTrends--Australia 08/20/99 GDP Growth Percent change 15 10 Nominal 5 Real 0 -5 86 86 87 87 88 88 89 89 90 91 90 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 10 8 CPI 6 GDP Deflator 4 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 25 20 15 M3 10 M1 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 20 15 15-year T-bonds 10 5 13-week T-bills 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Australia 08/20/99 Current Account Balance Percent of GDP -2 -4 -6 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Australian Dollars per U.S. Dollar 1.6 1.5 1.4 1.3 1.2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 17 14 11 8 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 2 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Austria 08/20/99 GDP Growth Percent change 10 8 6 Nominal 4 2 Real 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 5 4 CPI 3 GDP Deflator 2 1 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 15 12 M1 9 6 M1+Quasi-money 3 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 10 8 Government bonds 6 4 1-day money 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Austria 08/20/99 Current Account Balance Percent of GDP 1 0 -1 -2 -3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Austrian Schillings per U.S. Dollar 16 14 12 10 8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 40 30 20 10 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP -1 -2 -3 -4 -5 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Canada 08/20/99 GDP Growth Percent change 12 8 Nominal 4 Real 0 -4 86 86 87 87 88 88 89 89 90 91 90 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 6 CPI 4 GDP Deflator 2 0 -2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 20 15 M2 10 5 M1 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 15 12 Government bonds (> 10 yrs) 9 6 90-day deposits 3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Canada 08/20/99 Current Account Balance Percent of GDP 1 0 -1 -2 -3 -4 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Canadian Dollars per U.S. Dollar 1.5 1.4 1.3 1.2 1.1 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 20 15 10 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 3 0 -3 -6 -9 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Chile 08/20/99 GDP Growth Percent change 40 30 Nominal 20 10 Real 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 30 25 20 CPI 15 10 GDP Deflator 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 45 M3 30 15 M1A 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 10 9 8 90-day central bank notes 7 6 20-year central bank notes 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Chile 08/20/99 Current Account Balance Percent of GDP 0 -2 -4 -6 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Chilean Pesos per U.S. Dollar 490 390 290 190 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 18 14 10 6 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 4 2 0 -2 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--China 08/20/99 GDP Growth Percent change 40 Nominal 30 20 Real 10 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 25 20 CPI 15 10 GDP Deflator 5 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 45 35 Broad money 25 15 Narrow money 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 12 Bank rate on 20-day loans 10 8 6 4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--China 08/20/99 Current Account Balance Percent of GDP 4 2 0 -2 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Chinese Yuan per U.S. Dollar 10 8 6 4 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 160 130 100 70 40 10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0.0 -0.5 -1.0 -1.5 -2.0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Denmark 08/20/99 GDP Growth Percent change 10 8 6 Nominal 4 Real 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 6 4 CPI 2 GDP Deflator 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 27 Narrow money 18 9 0 M1+Quasi-money -9 -18 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 12 9 10-year government bonds 6 3-month interbank rate 3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Denmark 08/20/99 Current Account Balance Percent of GDP 4 2 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Danish Krones per U.S. Dollar 9 8 7 6 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 20 16 12 8 4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 2 1 0 -1 -2 -3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--France 08/20/99 GDP Growth Percent change 8 6 Nominal 4 2 Real 0 -2 86 86 87 87 88 88 89 90 89 91 90 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 6 4 CPI GDP Deflator 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 12 M3 8 M1 4 0 -4 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 12 9 Public sector bonds 6 3 3-month PIBOR 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--France 08/20/99 Current Account Balance Percent of GDP 3 2 1 0 -1 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate French Francs per U.S. Dollar 7.0 6.5 6.0 5.5 5.0 4.5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 40 35 30 25 20 15 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Germany 08/20/99 GDP Growth Percent change 18 12 6 Nominal 0 Real -6 86 87 86 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 6 4 GDP Deflator 2 0 CPI -2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 30 M1 24 18 M3 12 6 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 10 8 7 to 15-year public sector bonds 6 4 3-month FIBOR 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Germany 08/20/99 Current Account Balance Percent of GDP 6 4 2 0 -2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate German Marks per U.S. Dollar 2.5 2.0 1.5 1.0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 90 80 70 60 50 40 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 1 0 -1 -2 -3 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Greece 08/20/99 GDP Growth Percent change 25 Nominal 20 15 10 5 0 Real -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 25 20 GDP Deflator 15 CPI 10 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 30 M1 25 20 15 10 M3 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 24 20 1-year T-bill 16 12 8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Greece 08/20/99 Current Account Balance Percent of GDP 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Greek Drachmas per U.S. Dollar 300 250 200 150 100 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 20 15 10 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0 -5 -10 -15 -20 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Indonesia 08/20/99 GDP Growth Percent change 60 45 30 Nominal 15 0 Real -15 86 86 87 88 87 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 80 60 40 GDP Deflator 20 CPI 0 -20 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 80 60 M2 40 M1 20 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 50 40 Interbank loans 30 20 10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Indonesia 08/20/99 Current Account Balance Percent of GDP 6 3 0 -3 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Thousands of Indonesian Rupiah per U.S. Dollar 12 9 6 3 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 25 20 15 10 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 2 1 0 -1 -2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Ireland 08/20/99 GDP Growth Percent change 15 10 Nominal 5 Real 0 -5 86 86 87 87 88 88 89 89 90 90 91 92 91 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 8 6 GDP Deflator 4 2 CPI 0 -2 86 86 87 87 88 88 89 89 90 90 91 92 91 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 30 20 M3E 10 0 M1 -10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 15 10 15-year government bonds 5 3-month interbank rate 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Ireland 08/20/99 Current Account Balance Percent of GDP 4 2 0 -2 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Irish Pounds per U.S. Dollar 0.8 0.7 0.6 0.5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 10 8 6 4 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 4 0 -4 -8 -12 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Israel 08/20/99 GDP Growth Percent change 30 Nominal 20 10 Real 0 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 30 GDP Deflator 20 CPI 10 0 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 60 45 M1 30 M3 15 0 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 20 18 16 T-bills 14 12 10 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Israel 08/20/99 Current Account Balance Percent of GDP 6 3 0 -3 -6 -9 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Israeli Sheqalim per U.S. Dollar 4 3 2 1 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 25 20 15 10 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0 -4 -8 -12 -16 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Italy 08/20/99 GDP Growth Percent change 15 10 Nominal 5 Real 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 10 8 GDP Deflator 6 CPI 4 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 15 M1 10 M2 5 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 15 Long-term government bonds 12 9 3-month interbank 6 3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Italy 08/20/99 Current Account Balance Percent of GDP 4 2 0 -2 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Thousands of Italian Lira per U.S. Dollar 1.8 1.6 1.4 1.2 1.0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 65 55 45 35 25 15 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0 -3 -6 -9 -12 -15 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Japan 08/20/99 GDP Growth Percent change 8 Nominal 4 Real 0 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 4 CPI 2 GDP Deflator 0 -2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 15 M2 10 5 0 M1 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 8 6 10-year government bonds 4 2 3-month CDs 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Japan 08/20/99 Current Account Balance Percent of GDP 5 4 3 2 1 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Japanese Yen per U.S. Dollar 175 150 125 100 75 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 230 180 130 80 30 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 4 0 -4 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Korea 08/20/99 GDP Growth Percent change 25 20 Nominal 15 10 Real 5 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 12 9 GDP Deflator 6 CPI 3 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 45 30 M2 15 0 M1 -15 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 18 16 14 1-day call money 12 1 to 5-year government bonds 10 8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Korea 08/20/99 Current Account Balance Percent of GDP 15 10 5 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Korean Won per U.S. Dollar 1500 1200 900 600 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 60 45 30 15 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 6 4 2 0 -2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Malaysia 08/20/99 GDP Growth Percent change 16 Nominal 8 Real 0 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 10 GDP Deflator 5 CPI 0 -5 -10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 45 M1 30 M2 15 0 -15 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 10 8 3-month interbank 6 4 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Malaysia 08/20/99 Current Account Balance Percent of GDP 15 10 5 0 -5 -10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Malaysian Ringgit per U.S. Dollar 4.0 3.5 3.0 2.5 2.0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 30 24 18 12 6 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 8 4 0 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Mexico 08/20/99 GDP Growth Percent change Percent change 8 150 Real (left scale) 4 100 0 50 Nominal (right scale) -4 0 -8 -50 86 87 88 89 90 91 92 93 94 95 96 97 98 Inflation Percent change 150 120 CPI 90 GDP Deflator 60 30 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 160 M1 120 80 40 M4 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 110 90 70 3-month T-bills 50 30 10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Mexico 08/20/99 Current Account Balance Percent of GDP 4 0 -4 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Mexican Pesos per U.S. Dollar 10 8 6 4 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 40 30 20 10 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 5 0 -5 -10 -15 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Netherlands 08/20/99 GDP Growth Percent change 8 Nominal 6 4 Real 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 4 CPI 3 2 GDP Deflator 1 0 -1 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 15 M1 12 9 6 M3 3 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 10 8 Long-term government bonds 6 4 3-month AIBOR 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Netherlands 08/20/99 Current Account Balance Percent of GDP 8 6 4 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Dutch Guilders per U.S. Dollar 2.5 2.3 2.1 1.9 1.7 1.5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 35 25 15 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--New Zealand 08/20/99 GDP Growth Percent change 20 15 10 Nominal 5 Real 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 16 12 8 CPI 4 GDP Deflator 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 45 30 M3 15 0 M1 -15 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 25 20 90-day bank bill 15 10-year government bonds 10 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--New Zealand 08/20/99 Current Account Balance Percent of GDP 0 -2 -4 -6 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate New Zealand Dollars per U.S. Dollar 2.0 1.8 1.6 1.4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 6 5 4 3 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 4 0 -4 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Norway 08/20/99 GDP Growth Percent change 12 Nominal 9 6 Real 3 0 -3 86 86 87 88 87 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 9 6 CPI 3 0 GDP Deflator -3 86 86 87 88 87 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 40 M1 30 20 10 M2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 15 12 9 6 to 10-year government bonds 6 3-month NIBOR 3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Norway 08/20/99 Current Account Balance Percent of GDP 8 4 0 -4 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Norwegian Kroner per U.S. Dollar 8.0 7.5 7.0 6.5 6.0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 26 22 18 14 10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 9 6 3 0 -3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Philippines 08/20/99 GDP Growth Percent change 20 15 Nominal 10 5 Real 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 25 20 CPI 15 GDP Deflator 10 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 32 Broad money 24 M1 16 8 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 25 20 15 91-day T-bills 10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Philippines 08/20/99 Current Account Balance Percent of GDP 4 2 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Philippine Pesos per U.S. Dollar 45 40 35 30 25 20 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 10 8 6 4 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 2 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Singapore 08/20/99 GDP Growth Percent change 20 Nominal 15 10 Real 5 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 6 GDP Deflator 4 CPI 2 0 -2 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 40 30 M1 20 10 M2 0 -10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 7 6 5 3-month interbank 4 3 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Singapore 08/20/99 Current Account Balance Percent of GDP 25 20 15 10 5 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Singapore Dollars per U.S. Dollar 2.2 2.0 1.8 1.6 1.4 1.2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 90 70 50 30 10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 20 15 10 5 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--South Africa 08/20/99 GDP Growth Percent change 25 20 15 Nominal 10 5 0 Real -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 20 CPI 15 GDP Deflator 10 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 40 M1 30 20 M2 10 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 18 Government bonds (> 10 yrs) 16 14 12 91-day T-bills 10 8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--South Africa 08/20/99 Current Account Balance Percent of GDP 6 3 0 -3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate South African Rand per U.S. Dollar 6 5 4 3 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 5 4 3 2 1 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0 -2 -4 -6 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Spain 08/20/99 GDP Growth Percent change 16 12 Nominal 8 4 Real 0 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 12 9 GDP Deflator 6 CPI 3 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 25 20 15 M1 10 5 M3 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 15 12 Government bonds (>2 yrs) 9 3-month interbank loans 6 3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Spain 08/20/99 Current Account Balance Percent of GDP 2 0 -2 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Spanish Pesetas per U.S. Dollar 160 145 130 115 100 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 70 50 30 10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0 -2 -4 -6 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Sweden 08/20/99 GDP Growth Percent change 12 9 Nominal 6 3 Real 0 -3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 12 CPI 8 GDP Deflator 4 0 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 50 Reserve money 25 0 M3 -25 -50 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 15 12 9 to 10-year government bonds 9 6 3-month T-discount notes 3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Sweden 08/20/99 Current Account Balance Percent of GDP 4 2 0 -2 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Swedish Kroner per U.S. Dollar 9 8 7 6 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 25 20 15 10 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 10 5 0 -5 -10 -15 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Switzerland 08/20/99 GDP Growth Percent change 9 6 Nominal 3 0 Real -3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 6 CPI 4 GDP Deflator 2 0 -2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 15 M1 10 5 M3 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 9 6 Long-term government bonds 3 3-month Euro-deposits 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Switzerland 08/20/99 Current Account Balance Percent of GDP 10 8 6 4 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Swiss Francs per U.S. Dollar 1.8 1.6 1.4 1.2 1.0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 40 35 30 25 20 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 1 0 -1 -2 -3 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Thailand 08/20/99 GDP Growth Percent change 20 Nominal 15 10 Real 5 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 9 CPI 6 GDP Deflator 3 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 30 M2 20 M1 10 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 25 20 15 1-day interbank rate 10 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Thailand 08/20/99 Current Account Balance Percent of GDP 15 10 5 0 -5 -10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Thai Baht per U.S. Dollar 45 40 35 30 25 20 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 40 30 20 10 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 6 3 0 -3 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Turkey 08/20/99 GDP Growth Percent change 18 120 Nominal (right scale) 12 80 6 40 Real (left scale) 0 0 -6 -40 86 87 88 89 90 91 92 93 94 95 96 97 98 Inflation Percent change 110 90 CPI 70 GDP Deflator 50 30 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 150 120 Broad money 90 M1 60 30 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 150 1-year government bonds 120 90 3-month T-bills 60 30 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Turkey 08/20/99 Current Account Balance Percent of GDP 4 2 0 -2 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Thousands of Turkish Lira per U.S. Dollar 300 250 200 150 100 50 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 20 15 10 5 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 0 -2 -4 -6 -8 -10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--U.K. 08/20/99 GDP Growth Percent change 12 9 Nominal 6 3 Real 0 -3 86 86 87 87 88 88 89 89 90 91 90 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 10 CPI 8 GDP Deflator 6 4 2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 20 15 M4 10 5 M2 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 15 12 10-year government bonds 9 6 3-month interbank 3 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--U.K. 08/20/99 Current Account Balance Percent of GDP 2 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate U.K. Pounds per U.S. Dollar 0.8 0.7 0.6 0.5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 45 35 25 15 5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 2 0 -2 -4 -6 -8 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--U.S. 08/20/99 GDP Growth Percent change 8 Nominal 6 4 Real 2 0 -2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Inflation Percent change 6 4 CPI 2 GDP Deflator 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 15 MZM 10 5 M2 0 -5 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 10 8 Long-term government bonds 6 3-month CDs 4 2 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--U.S. 08/20/99 Current Account Balance Percent of GDP 0 -1 -2 -3 -4 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Trade-weighted Exchange Index, March 1973=100 120 110 100 90 80 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 60 50 40 30 20 10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 2 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Venezuela 08/20/99 GDP Growth Percent change Percent change 12 120 8 80 Nominal (right scale) 4 40 0 0 Real (left scale) -4 -40 -8 -80 86 87 88 89 90 91 92 93 94 95 96 97 98 Inflation Percent change 125 100 75 50 CPI 25 GDP Deflator 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Monetary Aggregates Percent change 150 120 M1 90 60 M2 30 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Interest Rates Percent 80 60 3-month interbank 40 20 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 InternationalEconomicTrends--Venezuela 08/20/99 Current Account Balance Percent of GDP 20 15 10 5 0 -5 -10 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Exchange Rate Venezuelan Bolivares per U.S. Dollar 600 500 400 300 200 100 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Foreign Exchange Reserves Billions of US$ 15 12 9 6 3 0 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 96 96 97 97 98 98 99 Government Budget Surplus or Deficit Percent of GDP 4 2 0 -2 -4 -6 86 86 87 87 88 88 89 89 90 90 91 91 92 92 93 93 94 94 95 95 Federal Reserve Bank of St. Louis 96 96 97 97 98 98 99 Notes German Data – As a result of reunification, data for all of Germany are now incorporated in most of the statistical series. The starting periods for unified German data are listed below. Growth rates start in the following year. Care should be exercised when interpreting the data around these break periods. June 1990: monetary aggregates. July 1990: current account balance. January 1991: CPI and GDP. Consumer Price Index data are annual averages. The base year is 1990 for all countries except China and the United States. The United States uses a 1982-84 base period, while the base period for China is not given. 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 foreign assets in the domestic economy plus net unilateral transfers. Exchange rates are annual averages. For all countries except the United States, the exchange rate is expressed as units of local currency per U.S. dollar. For the United States, a trade-weighted exchange rate is used. This is a weighted average of the exchange value of the U.S. dollar relative to the currencies of 17 industrial countries. 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. Real gross domestic product and the GDP deflator use 1990 for the base year for all countries with the following exceptions: China (1978), Indonesia (1993), Malaysia (1978) and Untied States (chained 1992 dollars). The short-term interest rate table on page 10 uses the relevant interest rate shown in the country pages. For most countries, this is a 3-month interest rate. Both short-term and long-term interest rate data are annual averages. Monetary Aggregates: Data are end of period for all countries with the exception of the U.S., for which period averages are used. Except as noted below the narrow monetary aggregate for each country consists of currency in circulation outside banks and demand deposits. The broad monetary aggregate consists of narrow money plus time, savings and foreign currency deposits of resident sectors other than the central government. Australia: M1 consists of currency in circulation and current deposits with banks. M3 consists of M1, plus other deposits with banks. Austria: M1 consists of currency in circulation and sight deposits denominated in domestic currency held by the domestic non-bank sector including central government. M3 consists of M1 plus time and saving deposits of the domestic non-bank sector. Canada: M1 consists of currency in circulation and chartered bank net demand deposits. M2 consists of M1 plus all checkable notice deposits and personal term deposits. Chile: M1A consists of currency in circulation, the current accounts of the nonfinancial private sector net of float, demand deposits and demand saving deposits. M3 consists of M1A plus time and savings deposits. Denmark: Prior to 1989 M1+quasi money data included Treasury bonds held by the non-bank sector. France: M3 consists of M1 plus sight investments in francs, deposits and certificates of credit in foreign currencies, time and saving deposits and franc denominated securities. Germany: M3 consists of M1 plus domestic time deposits of less than four years, and domestic savings deposits at three-month’s notice. Greece: M1 consists of currency in circulation and sight deposits of the private sector with commercial banks and specialized credit institutions. M3 consists of M1 plus private sector savings and time deposits with commercial banks and specialized credit institutions plus private sector holdings of repurchase agreements and bank bonds. Ireland: M1 consists of currency in circulation and current accounts, denominated in both domestic and foreign currency. M3E consists of M1 plus current and deposit accounts, denominated in both Irish pounds and foreign currency and including accrued interest of resident private sector entities and Post Office deposits. Italy: M1 consists of currency in circulation, sight deposits, and other assets. M2 consists of M1 plus certificates of deposit, bank savings, and postal savings deposits. Japan: M2+CDs consists of M1 plus private deposits, public deposits less demand deposits and certificates of deposit. Korea: M2 consists of M1 plus time deposits, savings deposits and residents' deposits in foreign currency at deposit money banks. Malaysia: M2 consists of M1 plus fixed and savings deposits, negotiable CDs and Central Bank certificates. Mexico: M1 consists of currency in circulation, and demand deposits held by the non-banking sector, denominated in domestic or foreign currency. M4 consists of M1, plus the banking instruments of a maturity of one year or less and bankers' acceptances, plus the non-banking liquid instruments offered to the public, plus long-term financial instruments. Prior to July 1992, M4 included the Fund for Hedging Exchange Rate Risks (FICORCA) and since May 1992, M4 has included resources of the Retirement Saving System (SAR). Netherlands: M3 consists of M1, short term (claims with a maturity of less than two years) time deposits, savings deposits and short-term foreign currency deposits held by residents. New Zealand: M1 consists of currency in circulation plus transaction accounts. M3 consists of M1 plus call and term funding. Norway: M1 consists of currency in circulation plus sight deposits, together with unutilized overdrafts and building loans in domestic and foreign currency held by the domestic sector. M2 consists of M1 plus time deposits and savings deposits except savings deposits with tax reductions which cannot be withdrawn for 10 years from the date of contract. Singapore: M2 consists of M1 plus fixed deposits, negotiable CDs in domestic currency, savings deposits and other deposits. South Africa: M2 consists of M1 plus short and medium term deposits of the domestic private sector with the monetary institutions. Spain: M1 consists of currency in circulation and sight deposits. M3 consists of M1, term and savings deposits in foreign currency, private asset participations, private and government asset sales under repurchase agreements, short-term credit of the credit system and long-term credit from credit institutions. Sweden: Reserve money consists of currency in circulation, deposits of the deposit money banks, and demand deposits of other residents apart from the central government with the monetary authorities. M3 consists of reserve money plus sight, term and savings deposits at commercial, savings and co-operative banks. Data also include bank certificates and deposits at post and credit banks. Switzerland: M1 consists of currency in circulation, sight deposits and transaction accounts held in banks in domestic currency by residents. M3 consists of M1 plus savings and time deposits in domestic currency held in banks by residents. Thailand: M1 consists of currency in circulation and demand deposits held by the private sector and by other financial institutions excluding commercial banks. M2 consists of M1 plus quasi money. Turkey: M1 consists of currency in circulation and demand deposits held at deposit money banks and at the Central Bank. United Kingdom: M2 consists of currency in circulation and sterling retail deposits with UK banks and building societies. In December 1992, the definition of retail deposits was changed, so care should be exercised when making comparisons around this date. M4 consists of M2 plus wholesale deposits with UK banks and building societies. United States: MZM consists of currency in circulation, travelers checks and demand and other checkable deposits held by the public 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 consists of MZM plus small denomination (less than $100,000) time deposits. Venezuela: M1 consists of currency in circulation and sight deposits. M2 consists of M1 plus savings and term deposits and debentures. Sources Abbreviations Board of Governors of the Federal Reserve System (BOG) International Monetary Fund, International Financial Statistics (IMF) Organization for Economic Cooperation and Development, Economic Outlook (OECD1) Organization for Economic Cooperation and Development, Main Economic Indicators (OECD2) Australia BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance. OECD2: consumer price index, current account balance, GDP, interest rates and monetary aggregates. Austria BOG: exchange rate. IMF: foreign exchange reserves and short-term interest rate. OECD1: current account balance, government budget balance and GDP. OECD2: consumer price index, long-term interest rate and monetary aggregates. Canada BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance. OECD2: consumer price index, current account balance, GDP, interest rates and monetary aggregates. Chile Banco Centrale de Chile: government budget balance, interest rates and monetary aggregates. IMF: consumer price index, current account balance, exchange rate, foreign exchange reserves and GDP. China BOG: exchange rate. IMF: consumer price index, current account balance, foreign exchange reserves, government budget balance, short-term interest rate and monetary aggregates. State Statistical Agency (China): GDP. Denmark BOG: exchange rate. IMF: foreign exchange reserves and narrow money. OECD1: current account balance, government budget balance, GDP and interest rates. OECD2: consumer price index and broad money. France BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance. OECD2: consumer price index, current account balance, GDP, interest rates and monetary aggregates. Germany BOG: exchange rate. Deutsche Bundesbank: monetary aggregates. IMF: foreign exchange reserves. OECD Quarterly National Accounts: GDP. OECD1: government budget balance. OECD2: consumer price index, current account balance and interest rates. Greece BOG: exchange rate. IMF: foreign exchange reserves. OECD1: current account balance, government budget balance, and GDP. OECD2: consumer price index, short-term interest rate and monetary aggregates. Indonesia Bank of Indonesia: current account balance, government budget balance, GDP, short-term interest rates and monetary aggregates. IMF: consumer price index, exchange rate and foreign exchange reserves. Ireland BOG: exchange rate. IMF: foreign exchange reserves. OECD1: current account balance, government budget balance and GDP. OECD2: consumer price index, interest rates and monetary aggregates. Israel Central Bureau of Statistics (Israel): current account balance and monetary aggregates. IMF: consumer price index, exchange rate, foreign exchange reserves, government budget balance, GDP and short-term interest rate. Italy Banca D’Italia: long-term interest rates. BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance. OECD2: consumer price index, current account balance, GDP, shortterm interest rates and monetary aggregates. Japan Bank of Japan: long-term interest rates. BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance. OECD2: consumer price index, current account balance, GDP, short-term interest rates and monetary aggregates. Korea BOG: exchange rate. IMF: consumer price index, foreign exchange reserves, GDP, and shortterm interest rate. OECD1: government budget balance and long-term interest rate. OECD2: current account balance and monetary aggregates. Malaysia Bank Negara Malaysia: current account balance, government budget balance, GDP, short-term interest rate and monetary aggregates. BOG: exchange rate. IMF: consumer price index and foreign exchange reserves. Mexico IMF: exchange rate and foreign exchange reserves. Ministry of Finance: government budget balance. OECD1: current account balance and GDP. OECD2: consumer price index, short term interest rate and monetary aggregates. Netherlands BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance. OECD2: consumer price index, current account balance, GDP, interest rates and monetary aggregates. New Zealand BOG: exchange rate. IMF: foreign exchange reserves. OECD1: current account balance and government budget balance. OECD2: consumer price index, GDP, interest rates and monetary aggregates. Norway BOG: exchange rate. IMF: foreign exchange reserves. OECD1: current account balance, government budget balance and GDP. OECD2: consumer price index, interest rates and monetary aggregates. Philippines Central Bank of the Philippines: current account balance and M1. IMF: consumer price index, exchange rate, foreign exchange reserves, government budget balance, GDP, short-term interest rate and broad money. Singapore BOG: exchange rate. IMF: consumer price index, foreign exchange reserves, government budget balance and short-term interest rate. Singapore Department of Statistics: M1. Singapore Ministry of Trade and Industry: current account balance and GDP. Singapore Monetary Authority: M2. South Africa BOG: exchange rate. IMF: consumer price index, foreign exchange reserves and interest rates. South African Reserve Bank: current account balance, government budget balance, GDP and monetary aggregates. Spain BOG: exchange rate. IMF: foreign exchange reserves and long-term interest rate. OECD1: current account balance and government budget balance. OECD2: consumer price index, GDP, short-term interest rate and monetary aggregates. Sweden BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance and long-term interest rate. OECD2: consumer price index, current account balance, GDP, short-term interest rate and monetary aggregates. Switzerland BOG: exchange rate. IMF: foreign exchange reserves and government budget balance. OECD2: consumer price index, current account balance, GDP, interest rates and monetary aggregates. Thailand BOG: exchange rate. IMF: foreign exchange reserves and GDP. Bank of Thailand: consumer price index, current account balance, government budget balance, short-term interest rate and monetary aggregates. Turkey IMF: exchange rate, foreign exchange reserves and broad money. OECD1: current account balance, GDP and interest rates. State Institute of Statistics: government budget balance. OECD2: consumer price index and M1. United Kingdom BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance. OECD2: consumer price index, current account balance, GDP, interest rates and monetary aggregates. United States BOG: trade-weighted exchange rate, interest rates and monetary aggregates. Bureau of Economic Analysis, U.S. Department of Commerce: current account balance and GDP. Bureau of Labor Statistic, U.S. Department of Labor: consumer price index. IMF: foreign exchange reserves. OECD1: government budget balance. Venezuela Banco Central de Venezuela: government budget balance and monetary aggregates. IMF: consumer price index, current account balance, exchange rate, foreign exchange reserves, GDP and short-term interest rate.
@FedFRASER