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Annual Edition InternationalEconomicTrends July 2011 The Great Foreign Exchange Intervention of 2011 A results were similar to those of coordinated interventions in June 9.0-magnitude earthquake rocked Japan on March 11, 1998 to support the yen and in September 2000 to support the 2011, and caused a tsunami that killed more than 15,000 euro. In each case, special circumstances—an earthquake, a recent people. The property damage totaled hundreds of billions financial crisis, or a new central bank and incipient recession— of dollars.1 The Japanese yen (JPY) appreciated rapidly in the made exchange rate misalignments more costly than usual, and days following the earthquake: From March 10 to March 17 the excessive volatility made financial markets disorderly. Press value of the yen rose by about 5 percent against the U.S. dollar reports of intervention discussions might have produced modest (USD). In addition, foreign currency markets became extremely exchange rate movements prior to the actual intervention (or volatile. The financial press cited expectations that Japanese announcement). Nevertheless, exchange rates reacted strongly investors, including insurance companies, would need to repatriate and quickly to each intervention (or its announcement), moving assets—for example, stocks and bonds—held abroad to pay for about 4 percent in the desired direction and volatility declined earthquake damages as the reason for the yen’s increased value. substantially. In response to these volatile market conditions, the G-7 financial authorities—the finance ministers of Japan, Canada, the —Christopher J. Neely United States, the United Kingdom, and the president of the Hosaka, Tomoko A. “Japan Disaster Likely to Be World’s Costliest.” European Central Bank—announced late on Thursday, March 17, Associated Press, March 23, 2011; http://news.yahoo.com/s/ap/20110323/ap_ that they would jointly intervene the next day to reduce the value on_bi_ge/as_japan_earthquake_economy. of the yen. The G-7 authorities cited concerns about “excess National Police Agency of Japan. “Damage Situation and Police volatility and disorderly movements” in their press release. As Countermeasures Associated with the 2011 Tohoku District.” May 2011; the chart shows, the yen immediately depreciated by about 3 www.npa.go.jp/archive/keibi/biki/higaijokyo_e.pdf. percent and was much less volatile in the subsequent week. 1 See Hosaka (2011) and National Police Agency of Japan (2011). This foreign exchange intervention was very unusual. Since 1995, most governments and central banks of economically advanced counJPY/USD Market Behavior Near the March 17, 2011, tries have avoided using intervention as a policy G-7 Intervention Announcement tool. Still, they retain it in their toolkits and have employed it successfully to move the Annualized Volatility (percent) JPY/USD exchange rate in the desired direction and reliqRealized Volatility 82 uefy markets on several unusual occasions. Exchange Rate Level 50 Why is exchange rate policy, including intervention, important? Foreign exchange 81 markets are large and interconnected with 40 stock and bond markets. Disorder, or lack of both buyers and sellers in foreign exchange 80 markets, can affect other asset markets, and 30 large swings in exchange rates can affect the 79 balance sheets of banks and other financial firms. Further, exchange rates are important 20 Intervention prices for international trade in goods and 78 Announcement services. For example, a rise in the value of the yen could harm Japanese tradable goods indus10 77 tries, and excessive volatility could discourage international trade. Exchange rates can even 03/13 03/14 03/15 03/16 03/17 03/18 03/19 03/20 03/21 03/22 03/23 03/24 03/25 affect inflation by passing through to the prices NOTE: The chart shows daily annualized realized volatility (the square root of a backwardof imported goods. looking 24-hour average of 5-minute squared returns) and the exchange rate for the JPY/USD market from March 13, 2011, to March 25, 2011. The circumstances leading up to the March 18 G-7 intervention and its immediate Views expressed do not necessarily reflect official positions of the Federal Reserve System. research.stlouisfed.org Contents Page Page 3 12 14 16 18 20 22 23 24 25 26 27 28 29 30 31 32 34 36 Reference Tables Australia Canada Chile China Denmark Euro Area Austria Finland France Germany Greece Ireland Italy Netherlands Spain India Indonesia Israel 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 Japan Korea Malaysia Mexico New Zealand Norway Philippines Russia Singapore South Africa Sweden Switzerland Thailand Turkey United Kingdom United States Venezuela Notes and Sources Conventions used in this publication: 1. Charts and tables contain annual data that were current through June 2011. 2. Percent change refers to the simple percent 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: stlsFRED@stls.frb.org Data for India and Russia have been newly added to this publication. Estonia joined the euro area effective January 1, 2011. The Notes section details the data series that incorporates Estonia. 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/aiet to download the annual issue of this publication or register for e-mail notification updates. For more information on data in this publication, please call (314) 444-8590. International Economic Trends Reference Tables Narrow Money Percent change from year ago 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia 6.3 9.9 9.5 21.4 -10.6 8.0 5.0 8.3 13.1 11.9 4.9 3.8 7.9 Canada 3.9 7.8 12.4 12.2 6.5 5.9 9.0 6.4 10.2 6.8 12.8 13.0 9.0 Chile 3.3 5.1 7.8 14.4 14.2 19.3 21.2 14.0 11.9 17.9 12.0 13.1 28.7 China 11.2 21.4 16.1 13.1 14.9 18.7 13.9 11.6 17.9 21.0 9.0 33.2 20.4 Denmark 8.6 7.0 0.5 3.0 6.8 8.1 9.2 18.4 12.6 8.5 4.6 1.8 5.2 Euro Area 9.7 10.5 5.7 9.3 9.7 9.1 8.1 18.1 8.0 3.8 3.5 13.0 4.3 India 12.1 18.0 10.9 10.0 12.1 16.1 15.8 20.9 17.6 18.1 10.2 17.9 19.6 Indonesia 29.2 23.2 30.1 9.6 8.0 16.6 9.9 10.3 28.0 29.7 1.5 12.9 -6.2 Israel 11.7 14.3 7.5 15.4 4.9 7.7 17.9 23.8 8.3 17.4 17.4 52.3 4.6 Japan 6.9 12.9 4.6 14.6 25.5 3.5 4.3 5.3 0.2 0.4 -0.8 1.0 2.9 Korea -5.7 30.4 23.5 18.7 23.2 6.2 8.4 8.6 0.5 -6.7 -0.7 17.0 10.4 -14.6 35.7 6.5 3.2 10.3 14.6 11.9 8.5 13.8 19.8 8.2 9.9 11.7 Mexico 19.2 26.2 15.3 20.5 12.6 11.9 10.4 12.9 14.0 10.8 9.8 8.9 13.5 New Zealand 14.2 15.5 6.7 20.1 7.3 9.8 3.6 -1.3 4.8 1.2 4.1 2.0 3.1 Norway 3.7 22.8 8.2 3.8 3.9 7.0 10.4 17.0 23.0 11.9 -3.2 1.0 6.2 Philippines 9.0 40.0 -1.8 1.3 21.6 8.6 9.1 9.2 24.7 15.2 20.9 13.6 10.6 Russia 43.8 41.8 57.4 39.4 30.7 50.3 33.8 30.9 38.6 32.9 2.5 6.4 25.4 Singapore -1.0 14.2 6.9 8.5 -0.7 8.1 14.0 4.4 13.4 22.4 18.4 23.5 20.3 South Africa 22.3 20.8 1.9 15.0 13.5 8.2 8.7 19.3 20.4 21.9 2.1 7.0 7.0 Sweden* 3.8 17.0 -5.0 9.6 -0.1 2.2 0.1 1.7 1.1 1.8 178.7 -11.7 -60.8 Switzerland 5.3 6.4 -2.0 8.6 9.1 20.9 -4.9 5.1 -4.1 -2.6 21.2 20.7 9.0 Thailand -2.6 39.2 -9.5 11.5 15.6 14.3 10.6 7.3 2.4 9.7 4.1 12.8 10.9 Turkey 62.1 82.7 61.3 50.6 39.2 45.4 25.1 46.3 15.8 6.4 12.0 25.6 25.9 6.1 8.4 6.9 8.9 8.4 10.6 8.7 9.1 8.0 7.5 5.0 5.5 3.9 11.6 12.4 8.1 15.7 12.8 7.3 3.8 2.1 4.3 9.1 14.1 9.6 -0.0 6.6 23.4 31.5 13.2 19.7 74.7 46.2 54.7 83.3 24.6 26.5 25.0 40.2 Malaysia United Kingdom United States Venezuela * See page 54 for more information about the increase in Swedish reserve money. Research Division Federal Reserve Bank of St. Louis 3 International Economic Trends Reference Tables Broad Money Percent change from year ago 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia 7.9 9.4 4.9 13.7 6.9 11.7 8.9 8.2 13.1 22.8 14.7 5.8 10.2 Canada 1.0 5.4 5.7 8.9 5.0 4.5 4.9 4.9 8.2 7.6 13.0 7.1 3.7 Chile 16.0 8.3 9.8 8.6 6.5 2.6 8.3 19.9 19.5 19.8 19.5 3.1 4.1 China 14.7 14.1 12.1 15.0 18.3 19.2 14.9 16.7 22.1 16.7 17.8 28.4 18.9 Denmark 5.6 3.7 -0.6 4.1 3.6 18.3 12.8 -1.3 13.1 12.8 15.6 5.3 4.5 Euro Area 4.8 5.3 4.3 10.9 6.6 6.4 6.3 8.6 9.4 11.4 8.4 -0.4 2.0 India 20.2 18.6 16.2 14.0 16.0 12.7 13.1 17.3 19.5 23.3 19.9 18.0 18.7 Indonesia 62.3 11.9 15.6 13.0 4.7 8.1 8.2 16.3 14.9 19.3 14.9 13.0 15.3 Israel 17.5 20.1 11.4 9.9 7.0 -0.1 0.8 6.2 5.6 5.8 4.5 11.1 3.1 Japan 4.4 2.7 2.0 3.4 2.4 1.5 2.0 1.9 0.7 2.1 1.9 3.1 2.4 Korea 23.7 5.1 5.2 8.1 14.0 3.0 6.3 7.0 12.5 10.8 12.0 9.9 6.0 1.5 13.7 5.2 2.2 5.8 11.1 25.4 15.4 16.6 11.0 13.3 9.5 7.1 25.6 19.6 13.9 16.8 9.8 12.8 11.5 15.7 14.4 10.0 16.8 6.5 12.9 New Zealand 1.8 5.7 6.5 11.2 13.0 6.3 8.0 7.8 17.4 8.2 5.6 1.0 3.3 Norway 4.5 10.8 10.2 8.7 7.8 2.4 7.5 11.7 13.7 16.7 3.8 2.3 5.3 Philippines 8.2 23.4 3.3 14.4 11.8 5.1 9.8 9.7 22.6 11.7 16.6 9.0 10.7 Russia 21.3 57.5 61.0 39.9 32.4 50.4 35.8 38.5 48.7 43.5 0.8 17.7 31.1 Singapore 39.2 7.4 -4.0 5.2 -0.2 8.0 4.3 6.7 21.0 11.2 10.3 7.7 4.7 South Africa 12.3 13.5 6.2 14.6 16.3 15.9 11.6 17.7 20.1 20.7 11.8 1.7 5.6 Sweden -6.5 11.9 5.4 0.1 8.4 3.6 4.0 12.7 15.0 18.5 3.6 -1.4 5.0 Switzerland 0.4 1.0 -1.1 5.5 4.2 7.3 1.7 4.9 2.6 2.2 2.2 6.4 7.0 Thailand 9.4 1.8 4.0 5.8 1.3 6.2 5.8 6.1 8.2 6.3 9.2 6.8 10.9 109.2 95.0 46.8 50.7 32.0 31.4 34.2 40.1 20.7 22.0 27.1 11.0 24.4 United Kingdom 8.6 4.1 8.3 6.6 7.0 7.1 9.0 12.6 12.9 11.9 15.7 5.4 5.6 United States 7.1 7.4 6.0 8.7 7.5 6.9 4.7 4.3 5.3 6.3 7.1 7.9 2.3 18.6 20.0 27.8 4.2 15.3 57.5 50.4 52.7 69.3 27.8 26.8 21.6 23.7 Malaysia Mexico Turkey Venezuela Research Division 4 Federal Reserve Bank of St. Louis International Economic Trends Reference Tables Real Gross Domestic Product Percent change from year ago 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia 5.1 4.2 3.3 2.7 4.0 3.3 3.7 3.1 2.6 4.6 2.6 1.3 2.7 Austria** 3.8 3.7 3.3 0.5 1.6 0.7 2.6 2.8 3.5 3.7 1.9 -3.8 2.0 Canada 4.1 5.5 5.2 1.8 2.9 1.9 3.1 3.0 2.8 2.2 0.5 -2.5 3.1 Chile 3.3 -0.4 4.5 3.5 2.2 4.0 6.0 5.6 4.6 4.6 3.7 -1.7 5.2 China 7.8 7.6 8.4 8.3 9.1 10.0 10.1 11.3 12.7 14.2 9.6 9.2 10.3 Denmark** 2.2 2.6 3.5 0.7 0.5 0.4 2.3 2.4 3.4 1.7 -0.9 -4.7 2.2 Euro Area 2.7 2.9 4.0 1.9 1.0 0.8 1.9 1.8 3.2 2.8 0.3 -4.1 1.7 Finland 5.0 3.9 5.3 2.2 1.7 2.1 4.1 3.1 4.3 5.2 1.1 -8.3 3.1 France 3.5 3.2 4.1 1.8 1.1 1.1 2.3 2.0 2.4 2.3 0.1 -2.5 1.5 Germany** 1.8 1.9 3.5 1.4 0.0 -0.2 0.7 0.9 3.6 2.8 0.7 -4.7 3.5 Greece** 3.4 3.4 4.5 4.2 3.4 5.9 4.4 2.3 4.5 4.3 1.3 -2.3 -3.9 India 5.3 3.3 4.4 3.9 4.6 6.9 8.1 9.2 9.7 9.9 6.2 6.8 10.4 . . . 3.6 4.5 4.8 5.0 5.7 5.5 6.3 6.0 4.6 6.1 Ireland** 8.4 10.7 9.4 5.7 6.6 4.4 4.6 6.0 5.3 5.6 -3.6 -7.6 -0.3 Israel 4.1 3.3 9.1 -0.1 -0.6 1.5 5.1 4.9 5.7 5.3 4.2 0.8 4.6 Italy 1.3 1.4 3.9 1.8 0.4 0.1 1.4 0.8 2.1 1.4 -1.3 -5.2 1.3 Japan -2.2 -0.0 2.8 0.2 0.3 1.5 2.7 1.9 2.0 2.3 -1.2 -6.3 4.0 Korea -5.7 10.7 8.8 4.0 7.2 2.8 4.6 4.0 5.2 5.1 2.3 0.3 6.2 Malaysia -7.4 6.1 8.7 0.5 5.4 5.8 6.8 5.3 5.8 6.5 4.8 -1.6 7.2 Mexico** 5.0 3.6 6.0 -0.9 0.1 1.4 4.0 3.2 4.9 3.3 1.5 -6.6 5.0 Netherlands 3.9 4.7 3.9 1.9 0.1 0.3 2.2 2.0 3.4 3.9 1.9 -3.9 1.7 New Zealand 0.6 4.6 3.7 2.6 4.6 4.5 4.0 3.3 2.1 3.6 -0.9 -0.1 2.4 Norway 1.4 1.1 3.5 1.8 1.4 0.8 3.2 1.8 1.7 2.7 0.6 -1.2 0.4 -0.6 3.4 6.0 3.0 4.4 3.7 6.4 5.0 5.3 7.1 3.7 1.1 7.3 . . . . . . 7.3 6.4 7.8 8.5 5.3 -7.7 4.0 -2.1 6.2 9.1 -1.2 4.2 4.6 9.2 7.4 8.6 8.8 1.5 -0.8 14.5 South Africa 0.5 2.4 4.2 2.7 3.7 2.9 4.6 5.3 5.6 5.6 3.6 -1.7 2.8 Spain** 4.5 4.7 5.0 3.6 2.7 3.1 3.3 3.6 4.0 3.6 0.9 -3.7 -0.2 Sweden** 4.1 4.4 4.6 1.4 2.5 2.5 3.7 3.1 4.6 3.4 -0.6 -5.1 4.4 Switzerland 2.6 1.3 3.6 1.2 0.4 -0.2 2.5 2.6 3.6 3.6 1.8 -1.5 . Thailand -10.5 4.4 4.8 2.2 5.3 7.1 6.3 4.6 5.1 5.0 2.5 -2.3 7.8 Turkey** 3.1 -3.3 6.8 -5.7 5.9 5.6 8.8 8.7 6.8 4.9 0.5 -4.8 8.2 United Kingdom 3.6 3.5 3.9 2.5 2.1 2.8 3.0 2.2 2.8 2.7 -0.1 -4.9 1.2 United States 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 1.9 -0.0 -2.6 2.9 Venezuela* 0.4 -6.1 3.7 3.4 -8.7 -8.2 18.6 10.3 9.8 8.2 4.9 -3.1 . Indonesia Philippines Russia Singapore * Please refer to the individual country pages for information regarding breaks in this series. ** Copyright , 2011, Organisation for Economic Cooperation and Development, OECD Economic Outlook (www.oecd.org). Research Division Federal Reserve Bank of St. Louis 5 International Economic Trends Reference Tables Gross Domestic Product Deflator Percent change from year ago 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia 0.4 1.2 4.0 3.7 2.9 2.9 3.6 4.6 5.0 4.4 6.3 -0.6 4.7 Austria** 0.1 0.1 1.3 2.0 1.5 1.2 1.4 1.8 2.1 2.0 1.5 1.0 1.5 Canada -0.4 1.7 4.1 1.1 1.1 3.3 3.2 3.3 2.7 3.2 4.0 -2.1 3.0 Chile 1.9 2.0 4.6 3.6 4.2 6.1 7.5 7.6 12.4 5.5 0.2 2.9 9.4 China -0.9 -1.3 2.1 2.1 0.6 2.6 6.9 3.9 3.8 7.6 7.8 -0.6 5.8 Denmark** 1.2 1.7 3.0 2.5 2.3 1.6 2.3 2.9 2.1 1.9 3.6 0.4 2.9 Euro Area 1.0 1.6 1.3 2.4 2.6 2.2 1.9 2.0 1.9 2.4 2.1 1.0 0.8 Finland 3.6 0.9 2.5 3.3 1.2 -0.6 0.5 0.3 1.2 2.9 1.7 1.2 1.9 France 0.9 0.1 1.4 2.0 2.4 1.9 1.6 2.0 2.4 2.5 2.6 0.5 0.5 Germany** 0.6 0.3 -0.7 1.2 1.4 1.2 1.0 0.7 0.4 1.8 1.0 1.4 0.8 Greece** 5.2 3.0 3.4 3.1 3.4 3.9 3.0 2.8 3.1 3.0 3.5 1.3 3.3 India 8.8 8.0 4.9 3.5 3.1 3.8 4.3 4.6 5.1 5.4 8.4 5.1 9.9 . . . 14.3 5.9 5.5 8.6 14.3 14.1 11.3 18.1 8.3 8.0 Ireland** 6.6 4.1 6.1 5.5 4.5 2.8 2.0 2.5 3.8 1.1 -1.4 -4.0 -1.7 Israel 7.3 6.3 1.6 1.8 4.1 -0.4 -0.1 1.0 2.3 0.6 0.9 5.0 1.0 Italy 2.7 1.8 1.9 2.9 3.3 3.1 2.6 2.1 1.8 2.6 2.8 2.3 0.6 Japan* -0.1 -1.3 -1.7 -1.2 -1.6 -1.6 -1.1 -1.2 -0.9 -0.8 -1.0 -0.4 -2.1 Korea 5.0 -1.1 1.0 3.9 3.2 3.5 3.1 0.7 -0.1 2.0 2.9 3.4 3.7 Malaysia 8.5 0.0 9.0 -1.6 3.1 3.3 6.0 4.6 3.9 5.0 10.3 -6.9 5.1 Mexico** 14.5 17.4 10.7 5.4 2.6 9.4 9.1 4.5 6.9 4.5 6.6 4.3 4.0 Netherlands 1.9 1.8 4.1 5.1 3.8 2.2 0.7 2.4 1.8 1.8 2.4 -0.2 1.4 New Zealand 1.1 0.3 2.6 4.1 1.3 1.5 3.9 2.1 2.7 3.9 3.9 1.0 2.3 Norway 0.7 7.5 15.5 2.0 -1.9 3.2 6.0 9.5 9.2 2.3 10.3 -4.4 4.9 11.1 7.7 4.9 6.9 3.5 5.8 6.1 6.5 5.2 2.9 7.5 2.5 3.3 . . . . . . 20.2 19.3 15.6 13.9 17.9 1.8 11.4 -1.4 -4.8 3.6 -2.2 -0.9 -1.5 4.3 2.1 1.6 6.5 -1.2 0.3 -0.5 South Africa 7.7 7.1 8.8 7.7 10.5 4.8 5.9 5.5 8.0 8.1 8.9 7.2 8.1 Spain** 2.5 2.6 3.5 4.2 4.3 4.1 4.0 4.3 4.1 3.3 2.4 0.6 0.4 Sweden** 0.6 1.2 1.3 2.2 1.5 1.6 0.8 0.9 1.7 2.6 3.4 1.9 1.1 Switzerland 0.3 0.6 1.1 0.8 0.5 1.0 0.6 0.1 2.1 2.5 2.5 0.3 -0.5 Thailand 9.2 -4.0 1.3 2.1 0.8 1.3 3.1 4.5 5.2 3.5 3.9 1.9 3.7 Turkey** 75.7 54.1 49.2 52.9 37.7 22.8 12.9 6.8 9.4 5.9 12.1 5.3 7.1 United Kingdom 2.2 2.1 1.2 2.1 3.1 3.1 2.5 2.0 3.1 3.0 3.0 1.4 2.9 United States 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.2 0.9 1.0 18.8 26.3 29.5 8.0 32.8 35.6 33.6 29.6 18.0 14.1 31.0 8.2 . Indonesia Philippines Russia Singapore Venezuela* * Please refer to the individual country pages for information regarding breaks in these series. ** Copyright , 2011, Organisation for Economic Cooperation and Development, OECD Economic Outlook (www.oecd.org). Research Division 6 Federal Reserve Bank of St. Louis International Economic Trends Reference Tables Consumer Price Index Percent change from year ago 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia 0.9 1.5 4.5 4.4 3.0 2.8 2.3 2.7 3.5 2.3 4.3 1.8 2.8 Austria 0.8 0.5 2.0 2.3 1.7 1.3 2.0 2.1 1.7 2.2 3.2 0.4 1.7 Canada 1.0 1.7 2.7 2.5 2.3 2.8 1.9 2.2 2.0 2.1 2.4 0.3 1.8 Chile 5.1 3.3 3.8 3.6 2.5 2.8 1.1 3.1 3.4 4.4 8.7 1.5 1.4 China -0.9 -1.4 0.3 0.7 -0.8 1.2 3.9 1.8 1.5 4.8 5.9 -0.7 3.3 Denmark 1.8 2.5 2.9 2.3 2.4 2.1 1.2 1.8 1.9 1.7 3.4 1.3 2.3 Euro Area 1.2 1.2 2.2 2.4 2.3 2.1 2.2 2.2 2.2 2.1 3.3 0.3 1.6 Finland 1.3 1.3 2.9 2.7 2.0 1.3 0.1 0.8 1.3 1.6 3.9 1.6 1.7 France 0.7 0.6 1.8 1.8 1.9 2.2 2.3 1.9 1.9 1.6 3.2 0.1 1.7 Germany 0.6 0.6 1.4 1.9 1.4 1.0 1.8 1.9 1.8 2.3 2.8 0.2 1.2 Greece 4.5 2.1 2.9 3.7 3.9 3.4 3.0 3.5 3.3 3.0 4.2 1.3 4.7 India 13.2 4.7 4.0 3.7 4.4 3.8 3.8 4.2 5.8 6.4 8.3 10.9 12.0 Indonesia 58.4 20.5 3.7 11.5 11.9 6.6 6.2 10.5 13.1 6.4 9.8 4.8 5.1 Ireland 2.1 2.5 5.3 4.0 4.7 4.0 2.3 2.2 2.7 2.9 3.1 -1.7 -1.6 Israel 5.4 5.2 1.1 1.1 5.7 0.7 -0.4 1.3 2.1 0.5 4.6 3.3 2.7 Italy 2.0 1.7 2.6 2.3 2.6 2.8 2.3 2.2 2.2 2.0 3.5 0.8 1.6 Japan 0.7 -0.3 -0.7 -0.8 -0.9 -0.2 -0.0 -0.3 0.2 0.1 1.4 -1.4 -0.7 Korea 7.5 0.8 2.3 4.0 2.8 3.5 3.6 2.8 2.2 2.5 4.7 2.8 3.0 Malaysia 5.3 2.7 1.5 1.4 1.8 1.0 1.5 3.0 3.6 2.0 5.4 0.6 1.7 15.9 16.6 9.5 6.4 5.0 4.5 4.7 4.0 3.6 4.0 5.1 5.3 4.2 Netherlands 1.8 2.0 2.3 5.1 3.9 2.2 1.4 1.5 1.7 1.6 2.2 1.0 0.9 New Zealand 1.3 -0.1 2.6 2.6 2.7 1.7 2.3 3.0 3.4 2.4 4.0 2.1 2.3 Norway 2.3 2.3 3.1 3.0 1.3 2.5 0.5 1.5 2.3 0.7 3.8 2.2 2.4 Philippines 9.7 6.6 -0.1 6.8 3.0 3.6 5.9 7.6 6.3 2.8 9.3 3.2 3.8 Russia 27.7 85.8 20.8 21.5 15.8 13.7 10.9 12.7 9.7 9.0 14.1 11.6 6.9 Singapore -0.3 0.0 1.4 1.0 -0.4 0.5 1.7 0.5 1.0 2.1 6.5 0.6 2.8 South Africa 6.9 5.2 5.3 5.7 9.2 5.9 1.4 3.4 4.6 7.1 11.5 7.1 4.3 Spain 1.8 2.2 3.5 2.8 3.6 3.1 3.1 3.4 3.6 2.8 4.1 -0.2 2.0 -0.3 0.5 0.9 2.4 2.2 1.9 0.4 0.5 1.4 2.2 3.4 -0.5 1.2 Switzerland 0.0 0.8 1.6 1.0 0.6 0.6 0.8 1.2 1.1 0.7 2.4 -0.5 0.7 Thailand 8.0 0.3 1.6 1.6 0.7 1.8 2.8 4.5 4.6 2.2 5.5 -0.8 3.3 84.6 64.9 54.9 54.4 45.0 21.6 8.6 8.2 9.6 8.8 10.4 6.3 8.6 United Kingdom 1.6 1.3 0.8 1.2 1.3 1.4 1.3 2.0 2.3 2.3 3.6 2.2 3.3 United States 1.5 2.2 3.4 2.8 1.6 2.3 2.7 3.4 3.2 2.9 3.8 -0.3 1.6 35.8 23.6 16.2 12.5 22.4 31.1 21.7 16.0 13.7 18.7 31.4 28.6 29.1 Mexico Sweden Turkey Venezuela Research Division Federal Reserve Bank of St. Louis 7 International Economic Trends Reference Tables Current Account Balance Percent of nominal GDP 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia -4.6 -5.2 -3.8 -2.0 -3.6 -5.2 -6.0 -5.7 -5.3 -6.2 -4.5 -4.2 -2.6 Austria* -1.6 -1.7 -0.7 -0.8 2.7 1.7 2.2 2.2 2.8 3.5 3.3 2.7 2.6 Canada -1.2 0.3 2.7 2.3 1.7 1.2 2.3 1.9 1.4 0.8 0.4 -2.9 -3.1 Chile -4.9 0.1 -1.2 -1.6 -0.9 -1.1 2.2 1.2 4.9 4.5 -1.9 1.6 1.9 China 3.1 1.4 1.7 1.3 2.4 2.8 3.6 7.1 9.3 10.6 9.6 6.0 5.2 -0.9 1.9 1.6 2.6 2.9 3.4 2.3 4.3 3.0 1.4 2.7 3.6 4.4 Finland 5.7 6.3 8.1 8.6 8.9 5.2 6.6 3.6 4.6 4.3 2.9 2.7 2.9 France 2.6 3.1 1.4 1.8 1.2 0.7 0.5 -0.5 -0.6 -1.0 -1.9 -1.9 -2.1 Germany* -0.8 -1.3 -1.8 0.0 2.0 1.9 4.6 5.1 6.4 7.7 6.7 4.9 5.1 Greece* -2.8 -5.6 -7.8 -7.3 -6.8 -6.5 -5.8 -7.6 -11.3 -14.5 -14.7 -11.4 -10.5 India -1.6 -0.7 -1.0 0.3 1.4 1.5 0.1 -1.3 -1.0 -0.7 -2.0 -2.8 -3.2 Indonesia 0.4 0.5 0.6 0.4 0.4 0.4 0.1 0.0 0.3 0.3 0.0 0.2 0.1 Ireland* 0.8 0.3 -0.4 -0.6 -1.0 -0.0 -0.6 -3.5 -3.6 -5.3 -5.6 -3.0 -0.3 -0.9 -1.7 -1.8 -1.6 -1.1 0.6 1.8 3.2 5.1 2.9 0.8 3.6 3.1 Italy 1.6 0.7 -0.5 -0.1 -0.8 -1.3 -0.9 -1.7 -2.6 -2.4 -2.9 -2.1 -3.5 Japan 3.1 2.6 2.6 2.1 2.9 3.2 3.7 3.7 3.9 4.8 3.3 2.8 3.6 Korea 8.1 4.5 2.0 1.2 0.7 1.6 3.4 1.7 0.6 0.6 0.3 3.1 2.4 Malaysia 13.2 15.9 9.0 7.9 8.0 12.1 12.1 15.0 16.7 15.9 17.4 16.5 11.8 Mexico* -3.3 -2.5 -2.8 -2.5 -2.0 -1.0 -0.7 -0.6 -0.5 -0.8 -1.5 -0.7 -0.9 3.2 3.8 1.9 2.4 2.5 5.6 7.6 7.4 9.3 6.7 4.4 4.9 7.7 -3.5 -5.9 -4.5 -2.3 -3.6 -3.9 -5.7 -7.9 -8.3 -8.1 -8.8 -2.9 -3.2 Norway* 0.0 5.6 15.0 16.1 12.6 12.3 12.7 16.3 17.3 14.1 17.7 13.0 13.8 Philippines 2.4 -3.8 -3.0 -2.5 -0.4 0.4 1.9 2.0 4.5 4.9 2.2 5.8 4.5 Russia 0.1 12.6 18.0 11.1 8.4 8.2 10.1 11.1 9.5 5.9 6.2 4.1 4.9 Singapore 21.8 17.1 10.9 12.9 12.9 22.7 17.0 21.1 24.9 27.3 14.6 19.0 22.2 South Africa -1.6 -0.5 -0.1 0.3 0.8 -1.1 -3.1 -3.5 -5.3 -7.0 -7.3 -4.0 -2.7 Spain* -1.2 -2.9 -4.0 -3.9 -3.3 -3.5 -5.3 -7.4 -9.0 -10.0 -9.7 -5.5 -5.5 Sweden* 3.8 4.1 3.8 3.7 4.0 7.1 6.6 6.8 7.8 8.2 9.3 7.4 6.8 Switzerland 9.2 10.8 12.0 8.2 8.8 13.3 13.4 14.0 14.8 9.0 2.3 11.5 14.6 Thailand 12.7 10.2 7.6 4.4 3.7 3.4 1.7 -4.3 1.1 5.9 0.8 8.3 4.6 Turkey* 0.9 -0.6 -3.7 2.0 -0.3 -2.5 -3.7 -4.6 -6.1 -5.9 -5.6 -2.2 -5.1 United Kingdom -0.4 -2.4 -2.6 -2.1 -1.7 -1.6 -2.1 -2.6 -3.4 -2.6 -1.6 -1.7 -2.5 United States -2.4 -3.2 -4.2 -3.9 -4.3 -4.7 -5.3 -5.9 -6.0 -5.1 -4.7 -2.7 -3.2 Venezuela -4.9 2.2 10.1 1.6 8.2 14.1 13.8 17.3 14.4 8.0 12.0 2.6 3.7 Denmark* Israel Netherlands New Zealand* * Copyright , 2011, Organisation for Economic Cooperation and Development, OECD Economic Outlook (www.oecd.org). Research Division 8 Federal Reserve Bank of St. Louis International Economic Trends Reference Tables Government Budget Balance Percent of nominal GDP 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1.3 1.5 0.5 -0.5 0.7 1.4 1.1 1.4 1.5 1.7 0.4 -4.0 -3.3 Austria* -2.5 -2.4 -1.9 -0.2 -0.9 -1.6 -4.5 -1.8 -1.6 -0.6 -0.5 -3.5 -4.4 Canada* 0.1 1.6 2.9 0.7 -0.1 -0.1 0.9 1.5 1.6 1.4 -0.0 -5.5 -4.9 Chile 0.4 -1.3 0.3 0.3 -0.4 0.2 2.6 5.0 8.1 8.6 4.1 -4.9 -0.4 China -1.1 -1.9 -2.5 -2.3 -2.6 -2.2 -1.3 -1.2 -0.8 0.6 -0.4 -2.3 . Denmark* -0.1 1.3 2.2 1.2 0.3 -0.1 1.9 5.0 5.0 4.8 3.4 -2.8 -4.6 Finland* 1.5 1.6 6.8 5.0 4.0 2.3 2.1 2.5 3.9 5.2 4.2 -2.7 -3.3 France* -2.6 -1.8 -1.5 -1.6 -3.2 -4.1 -3.6 -3.0 -2.3 -2.7 -3.3 -7.6 -7.4 Germany* -2.2 -1.5 1.3 -2.8 -3.6 -4.0 -3.8 -3.3 -1.6 0.3 0.1 -3.0 -4.0 Greece* -3.8 -3.1 -3.7 -4.4 -4.8 -5.7 -7.4 -5.3 -3.9 -5.4 -7.8 -13.7 -8.3 India -7.8 -9.0 -9.3 -9.5 -9.3 -8.7 -7.2 -6.4 -5.3 -4.0 -7.8 -9.4 -9.0 Indonesia -2.9 -1.1 -4.0 -2.3 -1.3 -1.8 -1.3 -0.4 -1.0 -0.7 -0.6 -1.6 -0.9 2.3 2.6 4.8 1.0 -0.3 0.4 1.4 1.7 2.9 0.0 -7.3 -14.2 -32.3 Israel -4.1 -4.4 -2.2 -4.1 -4.4 -6.9 -4.3 -2.2 -1.2 -0.6 -2.8 -5.6 -4.1 Italy* -3.1 -1.8 -0.9 -3.1 -3.0 -3.5 -3.6 -4.4 -3.3 -1.5 -2.7 -5.2 -5.0 Japan* -11.2 -7.4 -7.6 -6.3 -8.0 -7.9 -6.2 -6.7 -1.6 -2.4 -2.1 -7.1 -7.7 Korea* 1.3 2.4 5.4 4.3 5.1 0.5 2.7 3.4 3.9 4.7 3.0 0.0 1.6 Malaysia 4.3 4.0 1.5 4.5 3.9 4.2 1.7 1.6 2.8 2.6 0.8 0.2 1.0 Mexico -1.5 -1.7 -1.4 -1.0 -2.1 -1.4 -1.2 -1.1 -1.8 -1.9 -1.6 . . Netherlands* -0.9 0.4 2.0 -0.3 -2.1 -3.2 -1.8 -0.3 0.5 0.2 0.5 -5.4 -5.8 New Zealand* 0.3 -0.0 1.9 1.7 3.6 3.8 3.9 4.5 5.1 4.0 0.4 -3.7 -5.3 Norway* 3.3 6.0 15.4 13.3 9.2 7.3 11.1 15.1 18.5 17.7 19.3 9.9 9.5 Philippines -1.9 -3.8 -4.1 -4.0 -5.4 -4.6 -3.8 -2.7 -1.1 -0.2 -1.3 -3.9 -3.7 Russia -8.0 -3.8 3.3 3.2 0.7 1.4 4.9 8.2 8.3 6.8 4.9 -6.3 -3.6 Singapore 16.3 10.1 11.1 -0.3 -1.6 6.2 5.3 6.4 9.1 11.1 9.0 -1.6 4.4 South Africa -2.6 -1.8 -1.8 -1.0 -0.5 -2.1 -2.6 -0.8 0.0 0.6 -0.6 -6.0 -4.7 Spain* -3.2 -1.4 -1.0 -0.7 -0.5 -0.2 -0.4 1.0 2.0 1.9 -4.2 -11.1 -9.2 Sweden* 0.9 0.8 3.6 1.6 -1.5 -1.3 0.4 1.9 2.2 3.5 2.2 -1.2 -1.2 Switzerland 0.0 -0.8 0.9 -0.4 -0.1 -0.9 -0.8 0.1 1.1 0.9 0.0 1.7 0.5 Thailand -2.7 -2.6 -2.2 -2.6 -1.4 0.3 0.0 -0.5 1.4 -2.0 -1.1 -4.0 -1.0 Turkey -5.3 -8.6 -7.7 -11.9 -11.2 -8.8 -5.4 -1.3 -0.8 -1.7 -1.9 -5.6 -3.7 United Kingdom* -0.1 0.9 3.7 0.6 -2.0 -3.7 -3.6 -3.3 -2.7 -2.8 -4.8 -11.0 -9.6 0.3 0.7 1.5 -0.6 -4.0 -5.0 -4.4 -3.3 -2.2 -2.9 -6.3 -11.3 -10.5 -4.9 -2.2 -4.6 -5.2 -1.5 -3.7 -2.8 1.0 -0.6 0.8 -3.1 -7.2 -6.6 Australia* Ireland* United States* Venezuela * Copyright , 2011, Organisation for Economic Cooperation and Development, OECD Economic Outlook (www.oecd.org). Research Division Federal Reserve Bank of St. Louis 9 International Economic Trends Reference Tables Short-Term Interest Rates Annual percent 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia 5.0 5.0 6.2 4.9 4.7 4.9 5.5 5.6 6.0 6.7 7.0 3.4 4.7 Canada 5.0 5.2 5.8 2.1 2.9 2.7 2.6 3.5 4.3 4.8 2.3 0.4 1.2 Chile 14.9 8.6 9.2 6.2 3.8 2.7 1.9 3.9 5.1 5.6 7.5 2.0 1.6 China 4.6 3.2 3.2 3.2 2.7 2.7 3.3 3.3 3.3 3.3 2.8 2.8 3.3 Denmark** 4.1 3.3 4.9 4.6 3.5 2.4 2.1 2.2 3.1 4.3 4.9 1.8 0.7 Euro Area 4.0 3.0 4.4 4.3 3.3 2.3 2.1 2.2 3.1 4.3 4.6 1.2 0.8 . . . . . . . . . 15.3 11.5 4.5 6.5 Indonesia 39.1 25.7 12.5 15.5 15.5 10.6 6.4 8.1 11.4 8.0 8.5 9.3 7.0 Israel 11.3 11.4 8.8 6.5 7.4 7.0 4.8 4.3 5.6 4.3 3.9 1.4 2.2 Japan* 0.7 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.2 0.7 0.7 0.3 0.2 Korea 15.0 5.0 5.2 4.7 4.2 4.0 3.7 3.4 4.2 4.8 4.8 2.0 2.2 6.9 3.5 2.9 2.8 2.7 2.8 2.4 2.5 3.2 3.4 3.4 2.1 2.6 27.1 24.6 17.2 13.4 8.5 7.2 7.4 9.6 7.7 7.8 8.4 5.9 5.0 New Zealand 7.3 4.8 6.5 5.7 5.7 5.4 6.1 7.1 7.5 8.3 8.0 3.0 3.0 Norway 5.8 6.5 6.7 7.2 6.9 4.1 2.0 2.2 3.1 5.0 6.2 2.5 2.5 Philippines 15.0 10.0 9.9 9.7 5.5 5.9 7.3 6.1 5.3 3.4 4.7 4.5 3.5 Russia 29.9 23.0 12.8 10.0 12.4 8.1 7.1 5.9 6.0 6.7 10.8 13.0 5.2 4.8 2.1 2.6 1.9 0.9 0.7 1.0 2.3 3.5 2.7 1.3 0.7 0.6 16.5 12.9 10.1 9.7 11.2 10.7 7.5 6.9 7.3 9.1 10.8 7.9 6.4 Sweden 4.2 3.1 4.0 4.0 4.1 3.0 2.1 1.7 2.3 3.6 3.9 0.4 0.5 Switzerland 1.5 1.4 3.2 2.9 1.1 0.3 0.5 0.8 1.6 2.6 2.5 0.4 0.2 Thailand 2.6 1.2 1.7 2.1 1.6 1.0 1.8 3.8 4.9 3.2 2.7 1.0 1.8 Turkey** 74.6 73.5 38.9 92.4 59.5 38.5 23.8 15.6 17.9 18.3 18.9 11.0 7.6 United Kingdom 7.3 5.4 6.1 5.0 4.0 3.7 4.6 4.7 4.8 6.0 5.5 1.2 0.7 United States 5.5 5.3 6.5 3.7 1.7 1.2 1.6 3.5 5.2 5.3 3.0 0.6 0.3 60.0 38.0 38.0 37.0 40.0 28.5 28.5 28.5 28.5 28.5 33.5 29.5 29.5 India Malaysia Mexico Singapore South Africa Venezuela * The actual value for 2003 is 0.037; the actual value for 2004 is 0.029; the actual value for 2005 is 0.029. ** Copyright , 2011, Organisation for Economic Cooperation and Development, OECD Economic Outlook (www.oecd.org). Research Division 10 Federal Reserve Bank of St. Louis International Economic Trends Reference Tables Exchange Rates Percent appreciation (+) or depreciation (-) of the U.S. dollar against the local currency 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Australia 18.1 -2.4 11.0 12.5 -4.9 -16.7 -11.5 -3.4 1.2 -10.1 -1.6 7.6 -13.9 Canada 7.1 0.1 -0.0 4.3 1.4 -10.8 -7.1 -6.9 -6.4 -5.3 -0.7 7.0 -9.8 Chile 9.8 10.5 6.1 17.7 8.5 0.4 -11.8 -8.2 -5.3 -1.5 -0.0 7.3 -9.0 China -0.2 -0.3 0.0 -0.0 0.0 0.0 -0.0 -1.0 -2.7 -4.6 -8.6 -1.7 -0.9 Denmark 1.4 4.2 15.9 2.9 -5.3 -16.6 -9.0 0.1 -0.9 -8.4 -6.4 5.2 4.9 Euro Area 1.6 4.4 15.5 3.1 -5.3 -16.5 -9.0 -0.1 -0.9 -8.4 -6.8 5.5 4.9 13.7 4.3 4.4 4.9 3.0 -4.2 -2.8 -2.8 2.6 -8.8 5.4 11.3 -5.5 244.2 -21.6 7.2 21.8 -9.3 -7.9 4.2 8.6 -5.6 -0.2 6.1 7.1 -12.5 Israel 10.2 8.9 -1.5 3.1 12.7 -3.9 -1.6 0.1 -0.7 -7.8 -12.7 9.6 -4.9 Japan 8.0 -13.1 -5.2 12.7 3.1 -7.5 -6.7 1.8 5.6 1.2 -12.2 -9.5 -6.2 Korea 47.1 -15.3 -4.9 14.2 -3.2 -4.7 -3.9 -10.6 -6.8 -2.6 18.5 15.9 -9.4 Malaysia 39.3 -3.2 0.0 0.0 0.0 -0.0 0.0 -0.3 -3.2 -6.3 -3.0 5.7 -8.6 Mexico 15.4 4.6 -1.1 -1.2 3.4 11.7 4.6 -3.4 0.0 0.3 1.8 21.4 -6.5 New Zealand 23.4 1.4 15.9 8.7 -9.5 -20.2 -12.4 -5.7 8.4 -11.7 3.1 12.4 -12.0 6.6 3.3 12.9 2.1 -11.2 -11.4 -4.8 -4.4 -0.5 -8.7 -3.6 11.4 -4.0 Philippines 38.8 -4.4 13.1 15.4 1.2 5.0 3.4 -1.7 -6.8 -10.1 -4.0 7.6 -5.4 Russia 66.3 153.7 14.3 3.7 7.5 -2.1 -6.1 -1.8 -3.9 -5.9 -2.8 27.7 -4.3 Singapore 12.5 1.4 1.8 3.9 -0.1 -2.7 -3.0 -1.5 -4.6 -5.2 -6.1 2.8 -6.3 South Africa 20.0 10.6 13.6 24.1 22.0 -28.2 -14.7 -1.3 6.4 4.2 17.1 2.1 -13.1 4.1 3.9 11.0 12.7 -6.0 -16.9 -9.1 1.7 -1.3 -8.4 -2.4 16.0 -5.9 Switzerland -0.1 3.7 12.5 -0.1 -7.8 -13.6 -7.6 0.3 0.6 -4.3 -9.8 0.3 -4.0 Thailand 33.0 -8.3 6.2 10.7 -3.3 -3.4 -3.1 -0.1 -5.9 -15.0 2.4 4.1 -7.6 Turkey 71.7 60.6 49.3 96.0 23.0 -0.4 -5.0 -5.7 6.3 -8.8 -0.1 19.1 -3.0 United Kingdom -1.2 2.4 6.7 5.3 -4.2 -8.1 -10.8 0.7 -1.3 -7.9 8.1 18.3 1.2 4.8 -1.4 4.9 6.0 -1.5 -12.3 -8.2 -1.9 -1.5 -5.6 -4.5 4.3 -2.8 12.0 10.6 12.3 6.4 60.4 38.4 17.7 10.5 2.7 0.0 0.0 0.0 20.5 India Indonesia Norway Sweden United States1 Venezuela 1 Percent appreciation (+) or depreciation (-) of the U.S. dollar against a group of currencies Research Division Federal Reserve Bank of St. Louis 11 International Economic Trends Australia GDP Percent change from year ago 12 9 Nominal 6 3 Real 0 95 95 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 Inflation Percent change from year ago 8 6 CPI 4 2 GDP Deflator 0 -2 95 95 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 Monetary Aggregates Percent change from year ago 30 M1 20 M3 10 0 -10 -20 95 95 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 Interest Rates Percent 10 15-Year T-Bonds 8 6 13-Week T-Bills 4 2 95 95 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 Research Division 12 Federal Reserve Bank of St. Louis International Economic Trends Australia Current Account Balance Percent of GDP 0 -2 -4 -6 -8 95 95 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 Exchange Rate Australian Dollars per US$ 2.0 1.8 1.6 1.4 1.2 1.0 95 95 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 Foreign Exchange Reserves Billions of US$ 60 50 40 30 20 10 95 95 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 Government Budget Balance Percent of GDP 3 0 -3 -6 95 95 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 Research Division Federal Reserve Bank of St. Louis 13 International Economic Trends Canada GDP Percent change from year ago 12 Nominal 8 4 Real 0 -4 -8 95 95 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 Inflation Percent change from year ago 6 4 2 CPI 0 GDP Deflator -2 -4 95 95 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 Monetary Aggregates Percent change from year ago 15 M1 10 5 0 M2 -5 95 95 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 Interest Rates Percent 10 10-Year Government Bonds 8 6 4 2 90-Day Prime Corporate Paper 0 95 95 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 Research Division 14 Federal Reserve Bank of St. Louis International Economic Trends Canada Current Account Balance Percent of GDP 4 2 0 -2 -4 95 95 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 Exchange Rate Canadian Dollars per US$ 1.60 1.45 1.30 1.15 1.00 95 95 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 Foreign Exchange Reserves Billions of US$ 50 40 30 20 10 0 95 95 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 Government Budget Balance Percent of GDP 5 0 -5 -10 95 95 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 Research Division Federal Reserve Bank of St. Louis 15 International Economic Trends Chile GDP Percent change from year ago 30 20 Nominal 10 0 Real -10 95 95 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 Inflation Percent change from year ago 15 12 GDP Deflator 9 6 3 CPI 0 95 95 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 Monetary Aggregates Percent change from year ago 30 24 M2A 18 12 M1A 6 0 -6 95 95 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 Interest Rates Percent 20 30-89 Day Deposit Rate 15 10 5 10-Year Central Bank Notes 0 95 95 96 96 97 97 98 98 99 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 *Data prior to 2002 for 10-year central bank notes may not be strictly comparable with later figures (see Notes). 07 07 08 08 09 09 10 10 11 Research Division 16 Federal Reserve Bank of St. Louis International Economic Trends Chile Current Account Balance Percent of GDP 6 3 0 -3 -6 95 95 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 Exchange Rate Chilean Pesos per US$ 700 600 500 400 300 95 95 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 Foreign Exchange Reserves Billions of US$ 30 25 20 15 10 5 95 95 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 Government Budget Balance Percent of GDP 9 6 3 0 -3 -6 95 95 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 Research Division Federal Reserve Bank of St. Louis 17 International Economic Trends China GDP Percent change from year ago 30 Nominal 25 20 15 10 Real 5 0 95 95 96 97 96 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 Inflation Percent change from year ago 20 15 CPI 10 GDP Deflator 5 0 -5 95 95 96 97 96 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 Monetary Aggregates Percent change from year ago 40 Broad Money 30 20 M1 10 0 95 95 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 Interest Rates Percent 12 Bank Rate on 20-Day Loans 8 4 0 95 95 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 Research Division 18 Federal Reserve Bank of St. Louis International Economic Trends China Current Account Balance Percent of GDP 12 9 6 3 0 95 95 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 Exchange Rate Chinese Yuan per US$ 10 9 8 7 6 5 95 95 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 Foreign Exchange Reserves Billions of US$ 3000 2500 2000 1500 1000 500 0 95 95 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 Government Budget Balance Percent of GDP 1 0 -1 -2 -3 95 95 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 Research Division Federal Reserve Bank of St. Louis 19 International Economic Trends Denmark GDP Percent change from year ago 8 Nominal 4 0 Real -4 -8 95 95 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 Inflation Percent change from year ago 4 3 CPI 2 GDP Deflator 1 0 95 95 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 Monetary Aggregates Percent change from year ago 20 M3 15 10 M1 5 0 -5 95 95 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 Interest Rates Percent 10 8 10-Year Government Bonds 6 4 3-Month Interbank Rate 2 0 95 95 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 Research Division 20 Federal Reserve Bank of St. Louis International Economic Trends Denmark Current Account Balance Percent of GDP 6 4 2 0 -2 95 95 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 Exchange Rate Danish Kroner per US$ 9 8 7 6 5 95 95 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 Foreign Exchange Reserves Billions of US$ 80 60 40 20 0 95 95 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 Government Budget Balance Percent of GDP 6 4 2 0 -2 -4 -6 95 95 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 Research Division Federal Reserve Bank of St. Louis 21 International Economic Trends Euro Area GDP Percent change from year ago 6 Nominal 3 Real 0 -3 -6 95 95 96 96 97 98 97 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 Inflation and Exchange Rate Percent change from year ago Euro per US$ 1.4 4 CPI (left scale) 3 1.2 2 1.0 0.8 1 Exchange Rate (right scale) 0 95 96 97 0.6 98 99 00 01 02 03 04 05 06 07 08 09 10 Monetary Aggregates Percent change from year ago 20 16 M1 12 8 4 M3 0 -4 95 95 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 Interest Rates Percent 10 8 Weighted Average of Government Bonds 6 4 90-Day Deposits 2 0 95 95 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 Research Division 22 Federal Reserve Bank of St. Louis International Economic Trends Austria GDP Percent change from year ago 6 Nominal 3 Real 0 -3 -6 95 95 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 Inflation Percent change from year ago 4 3 CPI 2 1 GDP Deflator 0 -1 95 95 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 Current Account Balance Percent of GDP 6 4 2 0 -2 -4 95 95 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 Government Budget Balance Percent of GDP 2 0 -2 -4 -6 95 95 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 Research Division Federal Reserve Bank of St. Louis 23 International Economic Trends Finland GDP Percent change from year ago 12 8 Nominal 4 Real 0 -4 -8 95 95 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 Inflation Percent change from year ago 6 GDP Deflator 4 2 CPI 0 -2 95 95 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 Current Account Balance Percent of GDP 12 9 6 3 0 -3 95 95 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 Government Budget Balance Percent of GDP 8 4 0 -4 -8 -12 95 95 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 Research Division 24 Federal Reserve Bank of St. Louis International Economic Trends France GDP Percent change from year ago 6 Nominal 4 2 Real 0 -2 -4 95 95 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 Inflation Percent change from year ago 4 3 CPI 2 GDP Deflator 1 0 95 95 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 Current Account Balance Percent of GDP 4 2 0 -2 -4 95 95 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 Government Budget Balance Percent of GDP 0 -2 -4 -6 -8 95 95 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 Research Division Federal Reserve Bank of St. Louis 25 International Economic Trends Germany GDP Percent change from year ago 6 Nominal 3 0 Real -3 -6 95 95 96 96 97 97 98 98 99 00 99 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 Inflation Percent change from year ago 3 2 CPI 1 0 GDP Deflator -1 95 95 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 Current Account Balance Percent of GDP 8 6 4 2 0 -2 95 95 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 Government Budget Balance Percent of GDP 2 0 -2 -4 -6 -8 -10 95 95 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 Research Division 26 Federal Reserve Bank of St. Louis International Economic Trends Greece GDP Percent change from year ago 15 Nominal 10 5 Real 0 -5 95 95 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 Inflation Percent change from year ago 12 GDP Deflator 9 6 3 CPI 0 95 95 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 Current Account Balance Percent of GDP 0 -3 -6 -9 -12 -15 95 95 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 Government Budget Balance Percent of GDP 0 -4 -8 -12 -16 95 95 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 Research Division Federal Reserve Bank of St. Louis 27 International Economic Trends Ireland GDP Percent change from year ago 20 Nominal 10 Real 0 -10 -20 95 95 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 Inflation Percent change from year ago 8 GDP Deflator 6 4 2 CPI 0 -2 -4 95 95 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 Current Account Balance Percent of GDP 4 2 0 -2 -4 -6 -8 95 95 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 Government Budget Balance Percent of GDP 10 0 -10 -20 -30 -40 95 95 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 Research Division 28 Federal Reserve Bank of St. Louis International Economic Trends Italy GDP Percent change from year ago 9 Nominal 6 3 0 Real -3 -6 95 95 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 Inflation Percent change from year ago 6 GDP Deflator 4 2 CPI 0 95 95 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 Current Account Balance Percent of GDP 4 2 0 -2 -4 95 95 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 Government Budget Balance Percent of GDP 0 -2 -4 -6 -8 95 95 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 Research Division Federal Reserve Bank of St. Louis 29 International Economic Trends Netherlands GDP Percent change from year ago 12 Nominal 8 4 Real 0 -4 -8 95 95 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 Inflation Percent change from year ago 6 GDP Deflator 4 CPI 2 0 -2 95 95 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 Current Account Balance Percent of GDP 10 8 6 4 2 0 95 95 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 Government Budget Balance Percent of GDP 3 0 -3 -6 -9 -12 95 95 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 Research Division 30 Federal Reserve Bank of St. Louis International Economic Trends Spain GDP Percent change from year ago 9 Nominal 6 3 Real 0 -3 -6 95 95 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 Inflation Percent change from year ago 6 GDP Deflator 4 2 CPI 0 -2 95 95 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 Current Account Balance Percent of GDP 0 -2 -4 -6 -8 -10 95 95 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 Government Budget Balance Percent of GDP 3 0 -3 -6 -9 -12 95 95 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 Research Division Federal Reserve Bank of St. Louis 31 International Economic Trends India GDP Percent change from year ago 25 20 Nominal 15 10 5 Real 0 95 95 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 Inflation Percent change from year ago 15 CPI 12 9 6 3 GDP Deflator 0 95 95 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 Monetary Aggregates Percent change from year ago 30 25 M2 20 15 10 M1 5 0 95 95 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 Interest Rates Percent 20 16 3-Month Time Deposits 12 8 4 0 95 95 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 Research Division 32 Federal Reserve Bank of St. Louis International Economic Trends India Current Account Balance Percent of GDP 2 1 0 -1 -2 -3 -4 95 95 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 Exchange Rate Indian Rupees per US$ 50 45 40 35 30 95 95 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 Foreign Exchange Reserves Billions of US$ 300 250 200 150 100 50 0 95 95 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 Government Budget Balance Percent of GDP 0 -2 -4 -6 -8 -10 95 95 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 Research Division Federal Reserve Bank of St. Louis 33 International Economic Trends Indonesia GDP Percent change from year ago 60 Nominal 45 30 15 0 Real -15 95 95 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 Inflation Percent change from year ago 80 60 40 GDP Deflator 20 CPI 0 95 95 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 Monetary Aggregates Percent change from year ago 80 M2 60 40 M1 20 0 -20 95 95 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 Interest Rates Percent 40 30 3-Month Time Deposits 20 10 0 95 95 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 Research Division 34 Federal Reserve Bank of St. Louis International Economic Trends Indonesia Current Account Balance Percent of GDP 1 0 -1 -2 95 95 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 Exchange Rate Thousands of Indonesian Rupiah per US$ 12 9 6 3 0 95 95 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 Foreign Exchange Reserves Billions of US$ 100 80 60 40 20 0 95 95 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 Government Budget Balance Percent of GDP 4 2 0 -2 -4 95 95 96 96 97 97 98 98 99 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 *Data prior to 2000 are based on the fiscal year ending in March. Data from 2000 forward are based on the calendar year. 08 08 09 09 10 10 11 Research Division Federal Reserve Bank of St. Louis 35 International Economic Trends Israel GDP Percent change from year ago 30 20 Nominal 10 0 Real -10 95 95 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 Inflation Percent change from year ago 15 CPI 10 GDP Deflator 5 0 -5 95 95 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 Monetary Aggregates Percent change from year ago 60 40 M3 20 M1 0 -20 95 95 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 Interest Rates Percent 18 15 12 T-Bills 9 6 3 0 95 95 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 Research Division 36 Federal Reserve Bank of St. Louis International Economic Trends Israel Current Account Balance Percent of GDP 6 4 2 0 -2 -4 -6 95 95 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 Exchange Rate Israeli Sheqalim per US$ 5 4 3 2 1 95 95 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 Foreign Exchange Reserves Billions of US$ 75 60 45 30 15 0 95 95 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 Government Budget Balance Percent of GDP 0 -2 -4 -6 -8 95 95 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 Research Division Federal Reserve Bank of St. Louis 37 International Economic Trends Japan GDP Percent change from year ago 8 Real 4 0 Nominal -4 -8 95 95 96 96 97 97 98 98 99 00 99 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 Inflation Percent change from year ago 2 1 CPI 0 -1 -2 GDP Deflator -3 95 95 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 Monetary Aggregates Percent change from year ago 30 20 M1 10 M2 0 -10 95 95 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 Interest Rates Percent 4 3 10-Year Government Bonds 2 1 3-Month CDs 0 95 95 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 Research Division 38 Federal Reserve Bank of St. Louis International Economic Trends Japan Current Account Balance Percent of GDP 5 4 3 2 1 95 95 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 Exchange Rate Japanese Yen per US$ 150 130 110 90 70 95 95 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 Foreign Exchange Reserves Billions of US$ 1200 1000 800 600 400 200 0 95 95 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 Government Budget Balance Percent of GDP 0 -3 -6 -9 -12 95 95 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 Research Division Federal Reserve Bank of St. Louis 39 International Economic Trends Korea GDP Percent change from year ago 20 Nominal 10 0 Real -10 95 95 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 Inflation Percent change from year ago 9 CPI 6 3 GDP Deflator 0 -3 95 95 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 Monetary Aggregates Percent change from year ago 30 M2 20 10 M1 0 -10 95 95 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 Interest Rates Percent 20 1-Day Call Money 15 10 1- to 5-Year Government Bonds 5 0 95 95 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 Research Division 40 Federal Reserve Bank of St. Louis International Economic Trends Korea Current Account Balance Percent of GDP 9 6 3 0 -3 -6 95 95 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 Exchange Rate Korean Won per US$ 1500 1200 900 600 95 95 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 Foreign Exchange Reserves Billions of US$ 300 240 180 120 60 0 95 95 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 Government Budget Balance Percent of GDP 6 4 2 0 95 95 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 Research Division Federal Reserve Bank of St. Louis 41 International Economic Trends Malaysia GDP Percent change from year ago 24 Nominal 16 8 0 Real -8 -16 95 95 96 96 97 97 98 98 99 99 00 01 00 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 Inflation Percent change from year ago 12 GDP Deflator 8 4 CPI 0 -4 -8 95 95 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 Monetary Aggregates Percent change from year ago 40 M2 20 0 M1 -20 -40 95 95 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 Interest Rates Percent 8 3-Month T-Bills 6 4 2 95 95 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 Research Division 42 Federal Reserve Bank of St. Louis International Economic Trends Malaysia Current Account Balance Percent of GDP 20 10 0 -10 95 95 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 Exchange Rate Malaysian Ringgit per US$ 4.0 3.5 3.0 2.5 2.0 95 95 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 Foreign Exchange Reserves Billions of US$ 125 100 75 50 25 0 95 95 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 Government Budget Balance Percent of GDP 9 6 3 0 95 95 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 Research Division Federal Reserve Bank of St. Louis 43 International Economic Trends Mexico GDP Percent change from year ago Percent change from year ago 8 40 Real (left scale) 4 30 0 20 10 -4 Nominal (right scale) -8 0 -10 -12 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 Inflation Percent change from year ago 40 30 CPI 20 GDP Deflator 10 0 95 95 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 Monetary Aggregates Percent change from year ago 50 40 30 20 M1 M4 10 0 95 95 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 Interest Rates Percent 50 40 3-Month T-Bills 30 20 10 0 95 95 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 Research Division 44 Federal Reserve Bank of St. Louis International Economic Trends Mexico Current Account Balance Percent of GDP 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 -3.0 95 95 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 Exchange Rate Mexican Pesos per US$ 15 13 11 9 7 5 95 95 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 Foreign Exchange Reserves Billions of US$ 120 100 80 60 40 20 0 95 95 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 Government Budget Balance Percent of GDP 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 -3.0 95 95 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 Research Division Federal Reserve Bank of St. Louis 45 International Economic Trends New Zealand GDP Percent change from year ago 10 Nominal 8 6 4 2 Real 0 -2 95 96 95 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 Inflation Percent change from year ago 5 4 CPI 3 2 1 GDP Deflator 0 -1 95 95 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 Monetary Aggregates Percent change from year ago 25 M1 20 15 10 5 M3 0 -5 95 95 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 Interest Rates Percent 10 90-Day Bank Bill 8 6 10-Year Government Bonds 4 2 95 95 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 Research Division 46 Federal Reserve Bank of St. Louis International Economic Trends New Zealand Current Account Balance Percent of GDP -2 -4 -6 -8 -10 95 95 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 Exchange Rate New Zealand Dollars per US$ 2.5 2.0 1.5 1.0 95 95 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 Foreign Exchange Reserves Billions of US$ 18 15 12 9 6 3 0 95 95 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 Government Budget Balance Percent of GDP 6 4 2 0 -2 -4 -6 95 95 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 Research Division Federal Reserve Bank of St. Louis 47 International Economic Trends Norway GDP Percent change from year ago 20 Nominal 15 10 5 Real 0 -5 -10 95 95 96 96 97 98 97 99 98 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 Inflation Percent change from year ago 16 12 GDP Deflator 8 4 0 CPI -4 -8 95 95 96 96 97 97 98 99 98 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 Monetary Aggregates Percent change from year ago 25 20 M1 15 10 5 M2 0 -5 95 95 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 Interest Rates Percent 8 6 6- to 10-Year Government Bonds 4 3-Month NIBOR 2 0 95 95 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 Research Division 48 Federal Reserve Bank of St. Louis International Economic Trends Norway Current Account Balance Percent of GDP 20 16 12 8 4 0 95 95 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 Exchange Rate Norwegian Kroner per US$ 9 8 7 6 5 95 95 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 Foreign Exchange Reserves Billions of US$ 75 60 45 30 15 0 95 95 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 Government Budget Balance Percent of GDP 25 20 15 10 5 0 95 95 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 Research Division Federal Reserve Bank of St. Louis 49 International Economic Trends Philippines GDP Percent change from year ago 18 15 Nominal 12 9 6 3 Real 0 -3 95 95 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 Inflation Percent change from year ago 12 GDP Deflator CPI 9 6 3 0 -3 -6 95 95 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 Monetary Aggregates Percent change from year ago 50 40 M1 30 20 Broad Money 10 0 -10 95 95 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 Interest Rates Percent 18 15 91-Day T-Bills 12 9 6 3 95 95 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 Research Division 50 Federal Reserve Bank of St. Louis International Economic Trends Philippines Current Account Balance Percent of GDP 6 3 0 -3 -6 95 95 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 Exchange Rate Philippine Pesos per US$ 60 50 40 30 20 95 95 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 Foreign Exchange Reserves Billions of US$ 60 50 40 30 20 10 0 95 95 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 Government Budget Balance Percent of GDP 2 0 -2 -4 -6 95 95 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 Research Division Federal Reserve Bank of St. Louis 51 International Economic Trends Russia GDP Percent change from year ago 30 Nominal 20 10 Real 0 -10 95 95 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 Inflation Percent change from year ago 100 80 60 40 GDP Deflator 20 CPI 0 95 95 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 Monetary Aggregates Percent change from year ago 80 60 M1 40 M3 20 0 95 95 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 Interest Rates Percent 100 10-Year Government Bonds 80 60 3-Month Interbank Rate 40 20 0 95 95 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 Research Division 52 Federal Reserve Bank of St. Louis International Economic Trends Russia Current Account Balance Percent of GDP 20 16 12 8 4 0 -4 95 95 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 Exchange Rate Russian Roubles per US$ 35 30 25 20 15 10 5 0 95 95 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 Foreign Exchange Reserves Billions of US$ 500 400 300 200 100 0 95 95 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 Government Budget Balance Percent of GDP 10 5 0 -5 -10 95 95 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 Research Division Federal Reserve Bank of St. Louis 53 International Economic Trends Singapore GDP Percent change from year ago 20 15 Nominal 10 5 Real 0 -5 95 95 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 Inflation Percent change from year ago 9 6 CPI 3 0 -3 GDP Deflator -6 95 95 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 Monetary Aggregates Percent change from year ago 40 M2 30 20 10 0 M1 -10 95 95 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 Interest Rates Percent 6 5 4 3-Month Interbank Rate 3 2 1 0 95 95 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 Research Division 54 Federal Reserve Bank of St. Louis International Economic Trends Singapore Current Account Balance Percent of GDP 25 20 15 10 5 95 95 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 Exchange Rate Singapore Dollars per US$ 2.0 1.8 1.6 1.4 1.2 1.0 95 95 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 Foreign Exchange Reserves Billions of US$ 240 210 180 150 120 90 60 30 95 95 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 Government Budget Balance Percent of GDP 20 15 10 5 0 -5 95 95 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 Research Division Federal Reserve Bank of St. Louis 55 International Economic Trends South Africa GDP Percent change from year ago 20 Nominal 15 10 Real 5 0 -5 95 95 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 Inflation Percent change from year ago 12 GDP Deflator 9 6 CPI 3 0 95 95 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 Monetary Aggregates Percent change from year ago 40 M1 30 20 M2 10 0 95 95 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 Interest Rates Percent 18 16 Government Bonds (> 10 yrs) 14 12 10 91-Day T-Bills 8 6 95 95 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 Research Division 56 Federal Reserve Bank of St. Louis International Economic Trends South Africa Current Account Balance Percent of GDP 3 0 -3 -6 -9 95 95 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 Exchange Rate South African Rand per US$ 12 10 8 6 4 2 95 95 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 Foreign Exchange Reserves Billions of US$ 40 32 24 16 8 0 95 95 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 Government Budget Balance Percent of GDP 3 0 -3 -6 -9 95 95 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 Research Division Federal Reserve Bank of St. Louis 57 International Economic Trends Sweden GDP Percent change from year ago 9 Nominal 6 3 Real 0 -3 -6 95 95 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 Inflation Percent change from year ago 6 4 GDP Deflator 2 CPI 0 -2 95 95 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 Monetary Aggregates Percent change from year ago 250 200 150 100 Reserve Money* 50 M3 0 -50 -100 95 95 96 96 97 97 98 98 99 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 * Reserve Money now include banks’ deposits with the Riksbank and Riksbank Certificates. For more information, visit http://www.riksbank.com/pagefolders/40337/Monetara_basen_PM_eng.pdf. 08 08 09 09 10 10 11 Interest Rates Percent 12 9 9- to 10-Year Government Bonds 6 3 3-Month Treasury Discount Notes 0 95 95 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 Research Division 58 Federal Reserve Bank of St. Louis International Economic Trends Sweden Current Account Balance Percent of GDP 8 6 4 2 0 -2 95 95 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 Exchange Rate Swedish Kronor per US$ 11 9 7 5 95 95 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 Foreign Exchange Reserves Billions of US$ 41 35 29 23 17 11 5 95 95 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 Government Budget Balance Percent of GDP 5 0 -5 -10 -15 95 95 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 Research Division Federal Reserve Bank of St. Louis 59 International Economic Trends Switzerland GDP Percent change from year ago 6 4 Nominal 2 Real 0 -2 95 95 96 97 96 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 Inflation Percent change from year ago 3 2 CPI 1 0 GDP Deflator -1 95 95 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 Monetary Aggregates Percent change from year ago 25 20 15 M1 10 5 M3 0 -5 -10 95 95 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 Interest Rates Percent 5 Long-Term Government Bonds 4 3 2 1 3-Month LIBOR 0 95 95 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 Research Division 60 Federal Reserve Bank of St. Louis International Economic Trends Switzerland Current Account Balance Percent of GDP 20 15 10 5 0 95 95 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 Exchange Rate Swiss Francs per US$ 1.8 1.6 1.4 1.2 1.0 95 95 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 Foreign Exchange Reserves Billions of US$ 250 200 150 100 50 0 95 95 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 Government Budget Balance Percent of GDP 2 1 0 -1 -2 -3 95 95 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 Research Division Federal Reserve Bank of St. Louis 61 International Economic Trends Thailand GDP Percent change from year ago 30 Nominal 15 0 Real -15 95 95 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 Inflation Percent change from year ago 10 CPI 5 0 GDP Deflator -5 95 95 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 Monetary Aggregates Percent change from year ago 50 M1 40 30 20 10 0 M2 -10 95 95 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 Interest Rates Percent 25 20 15 1-Day Interbank Rate 10 5 0 95 95 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 Research Division 62 Federal Reserve Bank of St. Louis International Economic Trends Thailand Current Account Balance Percent of GDP 15 10 5 0 -5 -10 95 95 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 Exchange Rate Thai Baht per US$ 45 40 35 30 25 20 95 95 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 Foreign Exchange Reserves Billions of US$ 200 150 100 50 0 95 95 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 Government Budget Balance Percent of GDP 6 3 0 -3 -6 95 95 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 Research Division Federal Reserve Bank of St. Louis 63 International Economic Trends Turkey GDP Percent change from year ago Percent change from year ago 15 110 Nominal (right scale) 10 5 90 70 Real (left scale) 0 50 -5 30 -10 10 -15 -10 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 Inflation Percent change from year ago 100 80 CPI 60 GDP Deflator 40 20 0 95 95 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 Monetary Aggregates Percent change from year ago 150 M2 120 90 M1 60 30 0 95 95 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 Interest Rates Percent 140 1-Year Government Bonds 120 100 80 60 3-Month T-Bills 40 20 0 95 95 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 Research Division 64 Federal Reserve Bank of St. Louis International Economic Trends Turkey Current Account Balance Percent of GDP 3 0 -3 -6 -9 95 95 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 Exchange Rate New Turkish Lira per US$ 2.0 1.5 1.0 0.5 0.0 95 95 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 Note: As of January 1, 2005, the currency unit of the Republic of Turkey is the New Turkish Lira, which is equivalent to one million Turkish Lira. Foreign Exchange Reserves Billions of US$ 80 60 40 20 0 95 95 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 Government Budget Balance Percent of GDP 0 -4 -8 -12 -16 95 95 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 Research Division Federal Reserve Bank of St. Louis 65 International Economic Trends United Kingdom GDP Percent change from year ago 9 Nominal 6 3 Real 0 -3 -6 95 95 96 96 97 97 98 99 98 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 Inflation Percent change from year ago 4 3 GDP Deflator 2 1 CPI 0 95 95 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 Monetary Aggregates Percent change from year ago 18 15 12 M4 M2 9 6 3 0 95 95 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 Interest Rates Percent 10 8 3-Month Interbank Rate 6 10-Year Government Bonds 4 2 0 95 95 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 Research Division 66 Federal Reserve Bank of St. Louis International Economic Trends United Kingdom Current Account Balance Percent of GDP 0 -1 -2 -3 -4 95 95 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 Exchange Rate U.K. Pounds per US$ 0.70 0.65 0.60 0.55 0.50 0.45 95 95 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 Foreign Exchange Reserves Billions of US$ 50 45 40 35 30 25 95 95 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 Government Budget Balance Percent of GDP 4 0 -4 -8 -12 95 95 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 Research Division Federal Reserve Bank of St. Louis 67 International Economic Trends United States GDP Percent change from year ago 8 Nominal 6 4 Real 2 0 -2 -4 95 95 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 Inflation Percent change from year ago 4 CPI 3 2 GDP Deflator 1 0 -1 95 95 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 Monetary Aggregates Percent change from year ago 16 MZM 12 8 M2 4 0 -4 95 95 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 Interest Rates Percent 8 Long-Term Government Bonds 6 3-Month CDs 4 2 0 95 95 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 Research Division 68 Federal Reserve Bank of St. Louis International Economic Trends United States Current Account Balance Percent of GDP 2 0 -2 -4 -6 -8 95 95 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 Exchange Rate Trade-Weighted Exchange Index, March 1973 = 100 110 100 90 80 70 95 95 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 Foreign Exchange Reserves Billions of US$ 55 50 45 40 35 30 25 95 95 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 Government Budget Balance Percent of GDP 0 -2 -4 -6 -8 -10 -12 95 95 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 Research Division Federal Reserve Bank of St. Louis 69 International Economic Trends Venezuela GDP Percent change from year ago Percent change from year ago 20 120 15 100 Nominal (right scale) 10 80 5 60 0 40 Real (left scale) -5 20 -10 0 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 *Data prior to 1998 use a fixed 1984 base year and may not be strictly comparable with later figures. Inflation Percent change from year ago 125 100 75 CPI 50 25 GDP Deflator 0 95 95 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 Monetary Aggregates Percent change from year ago 150 120 M1 90 60 M2 30 0 95 95 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 Interest Rates Percent 75 3-Month Interbank Rate 60 45 30 15 95 95 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 Research Division 70 Federal Reserve Bank of St. Louis International Economic Trends Venezuela Current Account Balance Percent of GDP 20 15 10 5 0 -5 -10 95 95 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 Exchange Rate Venezuelan Bolivares per US$ 3.0 2.5 2.0 1.5 1.0 0.5 0.0 95 95 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 Foreign Exchange Reserves Billions of US$ 35 30 25 20 15 10 5 95 95 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 Government Budget Balance Percent of GDP 2 0 -2 -4 -6 -8 95 95 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 Research Division Federal Reserve Bank of St. Louis 71 International Economic Trends Notes Euro-Area Data: The euro area was enlarged to include Greece on January 1, 2001, Slovenia on January 1, 2007, Cyprus and Malta on January 1, 2008, Slovakia on January 1, 2009, and Estonia on January 1, 2011. Data series are break adjusted and include all euro area countries for the full sample, with the exception of interest rates that incorporate Greece starting in 2001, and Slovenia starting in 2007. 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 22 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, and Slovenia against the dollar. The weights are based on 1997 GDP shares. Consumer price index data are annual averages. The base year is 2005 for all countries with the following exceptions: United States (1982-84), Chile (2009), and China (base year not given). Data for Austria, the euro area, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, and Spain are based on the harmonized index of consumer prices and use a 2005 base period. 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. 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, the trade-weighted exchange rate 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. 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 a chained (2000) base year for all countries with the following exceptions: Australia (chained 2007-08), Austria (chained 2005), Canada (chained 2002), Chile (2003), China (1990), India (2004-2005), Indonesia (2000), Ireland (chained 2007), Israel (chained 2005), Korea (chained 2005), Malaysia (2000), Mexico (chained 2003), New Zealand (chained 1995-96), Norway (chained 2008), Philippines (1985), Russia (chained 2003), Singapore (2005), Sweden (chained 2008), South Africa (2005), Thailand (1988), Turkey (chained 1998), United Kingdom (chained 2005), United Sates (chained 2005), and Venezuela (1997). 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. Chile’s long-term interest rate data prior to 2002 reflect yields on 10-year indexed promissory notes payable in coupons. Data from 2002 pertain to yields on 10-year Central Bank of Chile bonds indexed in accord with changes in the inflation-indexed accounting unit on promissory notes. Monetary Aggregates Data are end of period for all countries with the exception of the United States, 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. 72 Notes and Sources 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, checking accounts of the nonfinancial private sector net of float, demand deposits, and demand saving deposits. M2A consists of M1A plus private sector time deposits. Denmark: M1 consists of currency in circulation and overnight deposits. M3 consists of M1 plus short-term deposits and marketable liabilities of monetary and financial institutions. Euro area: M1 consists of currency in circulation and overnight deposits. M3 consists of 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 consists of currency in circulation and demand deposits at monetary institutions. M3 consists of M1 plus post office savings, bank deposits and residents' deposits in foreign currency at deposit money bank, and other time deposits with banks. (OECD Main Economic Indicators—Sources and Definitions, http://stats.oecd.org/mei/default.asp?lang=e&subject=14&country=IND) 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 plus checking accounts held by residents, in domestic or foreign currency, and domestic currency interest accounts. M4 consists of M1, plus residents’ holdings of other bank deposits, securities issued by private entities and retirement saving funds, bank deposits held by non-residents, Federal Government securities held by residents or non-residents and the gains of the Mexican banks through their foreign branch offices. 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 transaction deposit accounts in domestic and foreign currency held by the domestic sector. M2 consists of M1 plus other bank deposits in domestic and foreign currency, except restricted deposits (bank saving with tax credit, etc.), including certificates of deposit. Russia: M1 consists of the amount of money outside the banks together with demand deposits in the banking system (without deposits of government). M2 consists of M1 plus "Quasimoney", which includes time deposits national currency and all deposits in foreign currency. (OECD Main Economic Indicators - Sources and Definitions, http://stats.oecd.org/mei/default.asp?lang=e&subject=14&country=RUS) 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. 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 cooperative 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. Turkey: M1 consists of currency in circulation and demand deposits held at deposit money banks and at the Central Bank. Research Division Federal Reserve Bank of St. Louis Notes and Sources United Kingdom: M2 consists of currency in circulation and sterling retail deposits with U.K. banks and building societies. From December 1992, M2 includes retail deposits and cash of M4. Care should be exercised when making comparisons around this date. M4 consists of M2 plus wholesale deposits with U.K. 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 funds (funds with initial investments of less than $50,000), net of retirement accounts and institutional money funds. M2 consists of MZM plus small denomination (less than $100,000) time deposits less institutional money funds. International Economic Trends Finland Eurostat: consumer price index. OECD1: government budget balance. OECD2: current account balance and GDP. France Eurostat: consumer price index. OECD1: government budget balance. OECD2: current account balance and GDP. Germany Eurostat: consumer price index. OECD1: current account balance, GDP, and government budget balance. Venezuela: M1 consists of currency in circulation and sight deposits. M2 consists of M1 plus savings and term deposits and debentures. Greece Eurostat: consumer price index. OECD1: current account balance, GDP, and government budget balance. Sources India BOG: exchange rate. IMF: consumer price index, current account balance, foreign exchange reserves, government budget balance, and shot-term interest rate. OECD2: monetary aggregates. WEO: GDP. Abbreviations Board of Governors of the Federal Reserve System (BOG) International Monetary Fund, International Financial Statistics (IMF) World Economic Outlook (WEO) Organization for Economic Cooperation and Development, Economic Outlook (OECD1) 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 Eurostat: consumer price index. OECD1: current account balance, GDP, and government budget balance. 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: current account balance, government budget balance, long-term interest rate, monetary aggregates, and GDP. IMF: consumer price index, exchange rate, foreign exchange reserves, and short-term interest rate. China BOG: exchange rate. IMF: foreign exchange reserves, monetary aggregates, and short-term interest rate. People’s Bank of China: current account balance. State Statistical Bureau (China): government budget balance and nominal GDP. WEO: consumer price index and real GDP. Denmark BOG: exchange rate. IMF: foreign exchange reserves. National Bank of Denmark: monetary aggregates. OECD1: current account balance, government budget balance, GDP, and interest rates. OECD2: consumer price index. Euro area Eurostat: consumer price index and GDP. Haver Analytics: exchange rate. OECD2: interest rates and monetary aggregates. Research Division Federal Reserve Bank of St. Louis Indonesia Bank Indonesia: current account balance. Central Bureau of Statistics (Indonesia): GDP. IMF: consumer price index, exchange rate, foreign exchange reserves, monetary aggregates, and short-term interest rate. Ministry of Finance (Indonesia): government budget balance. Ireland Eurostat: consumer price index. OECD1: current account balance, GDP, and government budget balance. Israel Central Bureau of Statistics (Israel): monetary aggregates. IMF: consumer price index, current account balance, exchange rate, foreign exchange reserves, GDP, and short-term interest rate. WEO: government budget balance. Italy Eurostat: consumer price index. OECD1: government budget balance. OECD2: current account balance and GDP. Japan Bank of Japan: long-term interest rate. BOG: exchange rate. IMF: foreign exchange reserves. OECD1: government budget balance. OECD2: consumer price index, current account balance, GDP, monetary aggregates, and short-term interest rate. Korea BOG: exchange rate. IMF: consumer price index, foreign exchange reserves, and short-term interest rate. OECD1: government budget balance and long-term interest rate. OECD2: current account balance, GDP, and monetary aggregates. Malaysia Bank Negara Malaysia: current account balance, GDP, and government budget balance. BOG: exchange rate. IMF: consumer price index, foreign exchange reserves, monetary aggregates, and short-term interest rate. 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. 73 International Economic Trends Netherlands Eurostat: consumer price index. OECD1: government budget balance. OECD2: current account balance and GDP. 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 and government budget balance. OECD2: consumer price index, GDP, interest rates, and monetary aggregates. Philippines Central Bank of Philippines: current account balance and monetary aggregates. IMF: consumer price index, exchange rate, foreign exchange reserves, GDP, government budget balance, and short-term interest rate. Russia IMF: foreign exchange reserves. OECD2: consumer price index, exchange rate, GDP, interest rate, and monetary aggregates. WEO: current account balance and government budget balance. Singapore BOG: exchange rate. IMF: consumer price index, foreign exchange reserves, government budget balance, monetary aggregates, and short-term interest rate. Singapore Department of Statistics: GDP. Singapore Ministry of Trade and Industry: current account balance. South Africa BOG: exchange rate. IMF: current account balance, foreign exchange reserves, GDP, government budget balance, and interest rates. South African Reserve Bank: consumer price index and monetary aggregates. Spain Eurostat: consumer price index. OECD1: current account balance, GDP, and government budget balance. Notes and Sources 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 Bank of Thailand: monetary aggregates, government budget balance, and short-term interest rate. BOG: exchange rate. IMF: consumer price index, current account balance, and foreign exchange reserves. Office of the National Economic and Social Development Board: GDP. Turkey Central Bank of the Republic of Turkey: broad money. IMF: exchange rate and foreign exchange reserves. OECD1: current account balance, GDP, and interest rates. OECD2: consumer price index and M1. Undersecratariat of Treasury and Foreign Trade: government budget balance. 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, short-term interest rate, and M2. Bureau of Economic Analysis, U.S. Department of Commerce: current account balance and GDP. Bureau of Labor Statistics, U.S. Department of Labor: consumer price index. Federal Reserve Bank of St. Louis: MZM. IMF: foreign exchange reserves. OECD1: government budget balance. U.S. Treasury: long-term interest rate. Venezuela Banco Central de Venezuela: current account balance, GDP, government budget balance, and monetary aggregates. IMF: consumer price index, exchange rate, foreign exchange reserves, and short-term interest rate. Sweden BOG: exchange rate. IMF: foreign exchange reserves and reserve money. OECD1: current account balance, GDP, government budget balance, and long-term interest rate. OECD2: broad money, consumer price index, and short-term interest rate. 74 Research Division Federal Reserve Bank of St. Louis
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