Abstract IMF CCA GDP % OECD 2014 GDP 3.3% %3.9% G % 2 OECD Growth in the Caucasus and Central Asia

ISSN 1019-2441 1818 501 (02)2316-5847 http://www.ndc.gov.tw 1031120 ( ) 20146 20.0% Brent 201010 5 (WTI) 201110 4 OPEC 1127

2 1818 Abstract IMF CCA 2014 2015 GDP 2013 1 5.5% OECD 2014 GDP 3.3% 2015 2016 3.7%3.9% G20 1116 5 2.1% 2 OECD Growth in the Caucasus and Central Asia is expected to decline by about one percentage point of GDP in response to the slowdown in Russia, according to the Regional Economic Outlook for the Middle East and Central Asia by IMF, projecting that growth will fall to about 5.5 percent this year and next. The global economy remains stuck in low gear, but is expected to accelerate gradually if countries implement growth-supportive policies, according to the OECD s latest Economic Outlook. Global GDP growth is projected to reach a 3.3% rate in 2014 before accelerating to 3.7% in 2015 and 3.9% in 2016. The G20 summit was closed on Nov. 16. Leaders of all nations agreed upon the communique saying that the goal is to boost global economic growth by an additional 2.1% in 5 years, which if translated, would add US$2 trillion to the global economy, through investment in infrastructure and increase of trade. Southeast Asia s over-reliance on natural resources like oil, gas, minerals and wood for economic growth is unsustainable and is causing environmental damage that will hurt future prosperity if left unchecked, according to a new OECD report.

1818 3 5 UN 12 1. 101 4. UN 114 UN 70 OPEC IMF 10OPEC OECD 3.3% 2015 G20 5 2.1% 2. 105 IEA 5. 119 2.0% 6. 125 3. 112 Fed Fed 2014

4 1818 2014 27% 10 7. 128 2015 8. 132 GDP 9. 137 26 GDP QE 10. 144 FTA 2015 FTA 520 43 11 157 158 159

1818 5 20146 20% Brent 201010 5 (WTI) 201110 4 2014 OPEC OPEC OECD OECD QE 1

6 1818 1 / 2014 2013 2014 2015 6 7 8 9 OECD 45.3 46.1 45.9 45.5 46.1 45.7 45.6 OECD 48.1 47.3 47.1 46.7 46.2 47.2 48.1 93.4 93.4 93.0 92.1 92.2 92.8 93.7 OPEC 29.6 30.2 30.4 30.6 30.3 29.9 29.5 OPEC 6.3 6.5 6.5 6.6 6.3 6.5 6.6 OPEC 54.4 54.2 55.0 55.5 52.7 54.7 56.9 2.4 2.2 2.3 2.3 2.2 2.3 2.3 92.7 93.1 94.3 95.0 91.4 93.4 95.4 (+) (-) -0.7-0.3 1.3 2.9-0.8 0.6 1.7 OECD 2,655 2,660 2,691 2,705 5,031 5,051 5,079 5,125 Energy Intelligence Group,Oil Market Intelligence, October 2014. EI 201410 OMI 9 OPEC 3,000 290 2014 2013 80 60 2015 170 1 OPEC OPEC OPEC OPEC 1960 OPEC 20149 8 40 9 670 2013 100 OPEC 38.1

1818 7 10.7 OPEC 13 3,056 290 OPEC 6 47.3 9.9 4.4 2 OPEC OPEC 2014 7 4 11 OPEC OPEC OPEC OPEC OPEC 2011 3,000 OPEC 50 10 OPEC201410 3,097 14 OPEC OPEC OPEC 9 8 5,786 54.3 282 9 8 54.3 30.9 20 9.6 130 22.9

8 1818 9 OPEC 3.5 2.8 38.9 13.2 3.2 2009 2008 56.0%2011 2000 10 120 300 900 OPEC 960 LNG 1,000 1,000 IEA 2013 2015 2017 2035 EIA 20141031 897 1983 IMF107 20142015 3.4%4.0% 3.3%3.8% 2014 3 IMF 2008 IMF 3 3 1 30% 40% 2014 1.6% 0.9%2015 0.8% 7.4%7.1% 20149 5.1 7.7

1818 9 87 OECD 9 19.6 16.9 20.2 IMF 3 2014 OPEC 2014 58 2015 89.9 50 QE 80% 2007 Fed2008 7 4.25% 00.25% Fed QE 2009 Fed QE 20093 2010 Fed QE1 3,000 1.25 MBS 1,750 201011Fed QE2 8 6,000 20129 QE3 400

10 1818 MBS 450 QE Fed 2008 1 201312 4 6 Fed QE 4 QE 20116 FOMC Fed 201312Fed 100 20141029Fed QE3 Fed QE 2015 20147 10 9.0% 1978 60%

1818 11 CFTC 1028 Nymex 12,797 267,304 OPEC 1127

12 1818 2014 3.3%2015 3.8% IMF 201410 2014 4 2014 3.3% 2015 3.8% 2014 1.8% 2011 1.5 5% 2014

1818 13 4.4% Fed 2.0% 2014 1.6% Fed 2019 2.0% 2014 0.5% 2014 2.7% 2014 5.5% ECB 300 non-opec OPEC non-opec 2014 2014 2.2%2015 3.1% 2014 2013 4.2% 8 6.1%62.8% 8 1.7%

14 1818 2014 2015 3.0% Fed 201410 2015 2014 2.0% 2014 2.2%2015 3.1% 2014 0.8%2015 1.3% 2014 1.5% 1.3% 6 9 2014 0.5% 2014 0.8%2015 1.3% 2014 1.3% 2014 2015 2014 2014 3.2% 2014 1.3% 2014 2.1% 2013 2014 5 2014 2.7%

1818 15 2014 4.0% 2014 5.5% 2015 5.6% 2014 2014 5.5%2015 5.6% 2014 2015 3.7% 2014 3.9% 2014 0.9% 7.4% 2014 5.6% 2014 4.7% 2015 2014 1.3%2015 2.2% 2014 4 2014 1.3% 2009 2015 2.2% 2014

16 1818 3.8% 2014 3.8% 2014 0.3% 2014 2.4% 2015 3.5% 2014 1.7% 2014 2.6% 2015 3.8% 2014 2.6%2015 3.8% GCC 2013 2014 GCC 2014 2.5% 2.6% 2014 5.1%2015 5.8% 2013 2014 2014 5.1% 2015 5.8% 1.4% 2015

1818 17 1 201410 2012 2013 2014 2015 (%) 3.4(3.2) 3.3(3.0) 3.3(3.6) 3.8(3.9) 1.2(1.4) 1.4(1.3) 1.8(2.2) 2.3(2.3) 2.3(2.8) 2.2(1.9) 2.2(2.8) 3.1(3.0) -0.7(-0.7) -0.4(-0.5) 0.8(1.2) 1.3(1.5) 0.9(0.9) 0.5(0.5) 1.4(1.7) 1.5(1.6) 0.3(0.0) 0.3(0.3) 0.4(1.0) 1.0(1.5) -2.4(-2.4) -1.9(-1.9) -0.2(0.6) 0.8(1.1) 1.5(1.4) 1.5(1.5) 0.9(1.4) 0.8(1.0) 0.3(0.3) 1.7(1.8) 3.2(2.9) 2.7(2.5) 1.7(1.7) 2.0(2.0) 2.3(2.3) 2.4(2.4) 2.0(1.9) 2.3(2.3) 2.9(3.0) 3.1(3.2) 5.1(5.0) 4.7(4.7) 4.4(4.9) 5.0(5.3) 1.4(1.4) 2.8(2.8) 2.7(2.4) 2.9(2.9) 3.4(3.4) 2.2(2.1) 0.8(2.3) 1.6(3.1) 3.4(3.4) 1.3(1.3) 0.2(1.3) 0.5(2.3) 3.6(3.3) 4.2(3.9) 2.0(5.3) 4.0(5.7) 5.1(5.1) 5.5(5.2) 5.5(5.4) 5.6(5.6) 2.1(2.1) 2.1(2.1) 2.1(2.3) 2.2(2.2) 6.7(6.7) 6.6(6.5) 6.5(6.7) 6.6(6.8) 7.7(7.7) 7.7(7.7) 7.4(7.5) 7.1(7.3) 4.7(4.7) 5.0(4.4) 5.6(5.4) 6.4(6.4) 1 6.2(6.2) 5.2(5.2) 4.7(4.9) 5.4(5.4) 2.9(3.1) 2.7(2.7) 1.3(2.5) 2.2(3.0) 1.0(1.0) 2.5(2.3) 0.3(1.8) 1.4(2.7) 4.8(4.1) 2.3(2.2) 2.6(3.2) 3.8(4.5) 4.4(4.9) 5.1(4.9) 5.1(5.4) 5.8(5.5) (%) 2.9(2.8) 3.0(3.0) 3.8(4.3) 5.0(5.3) 1.2(1.1) 1.4(1.4) 3.7(3.5) 4.3(4.5) 6.0(5.8) 5.3(5.6) 4.4(5.2) 6.1(6.3) 2.0(2.1) 2.4(2.3) 3.6(4.2) 4.5(4.8) 4.6(4.2) 4.4(4.4) 3.9(5.0) 5.8(6.2) (%) 2 1.0(1.0) -0.9(-0.9) -1.3(0.1) -3.3(-6.0) -10.0(-10.0) -1.2(-1.2) -3.0(-3.5) -4.1(-3.9) (%) 2.0(2.0) 1.4(1.4) 1.6(1.5) 1.8(1.6) 6.1(6.0) 5.9(5.8) 5.5(5.5) 5.6(5.2) (LIBOR,%) 0.7(0.7) 0.4(0.4) 0.4(0.4) 0.7(0.8) 3 0.6(0.6) 0.2(0.2) 0.2(0.3) 0.1(0.4) 0.3(0.3) 0.2(0.2) 0.2(0.2) 0.2(0.2) 1. 滙 2014730 827 1 2 2013 104.07 2014 102.76 2015 99.36 3 4 20144 IMF, World Economic Outlook, October 2014, Table 1.1

18 1818 2.3% 118 1.2 29 10 21.4 5.8% 2.3% 2.3% 2.3% 3.8% 0.4% 4.6% 3.2% 3.5% 1.8% 1.2 1.0% 0.2 4.6% 0.8 7.8% 1.0 1.7% 0.3 1.3 10 4.0% 10 4.0% 9 3.4% 9.9% 1.3% 10 1.4% 3.5% 0.8% +3.9% +6.9% +7.0% -2.2% +1.9% 4.6% +1.9% +4.4% +5.7% +0.8% +3.7% +2.4% +5.7% +5.9% +1.7% +3.4% 77.2% 1.5

1818 19 +4.6% 77.3% 0.3 NAIC -6.4% 9.9% 88.3% 1.0 1.3% 78.5% 7.6 10 77.6% 3.2 76.8% 0.3 10 5.8% 10 1.56 41.6 20.6 9,237.8 62.8% 1.47 68.3 2 59.2% 900 899.5 26.7 5.8% 10 21.4 5.8% 10 5.1% 5.4% 18.6% 4.8% 10.9% 6.8% 5.0% 10 27 291.6 3.8 32.4% 7.6 702.7 219.2 77.0 4 12 10 / +18.1 +0.9 +2.7 +1.3-0.4 +0.3 +3.7 +4.1 +5.2 +0.3 +2.8 +0.1 +1.2 +1.5 10 34.6 0.1 40.8 / +3 24.57 / 2.0%

20 1818 * 1 2 3 4 5WTO 2-1 % * * * (+) GDP (-) ( ) ( ) * * 2003 2.8 1.2 6.0 3.2 2.3 2.00 4.00 7,298.2 4.6 12,702.3 8.4-5,404.1 2004 3.8 2.3 5.5 3.6 2.7 3.25 5.25 8,219.9 12.6 14,854.9 16.9-6,635.0 2005 3.3 3.2 5.1 4.9 3.4 5.25 7.25 9,116.9 10.9 16,924.2 13.9-7,807.3 2006 2.7 2.2 4.6 2.9 3.2 6.25 8.25 10,259.7 12.5 19,194.3 13.4-8,934.6 2007 1.8 2.5 4.6 3.9 2.9 4.75 7.25 11,482.0 11.9 20,204.0 5.3-8,722.1 2008-0.3-3.4 5.8 6.4 3.8 0.50 3.25 12,874.4 12.1 21,694.9 7.4-8,820.4 2009-2.8-11.3 9.3-2.6-0.3 0.50 3.25 10,560.4-18.0 16,053.0-26.0-5,492.5 2010 2.5 5.7 9.6 4.2 1.6 0.75 3.25 12,784.9 21.1 19,691.8 22.7-6,906.9 2011 1.6 3.3 8.9 6.0 3.1 0.75 3.25 14,825.1 16.0 22,658.9 15.1-7,833.9 2012 2.3 3.8 8.1 1.9 2.1 0.75 3.25 15,457.0 4.3 23,355.4 3.1-7,898.3 2013 2.2 2.9 7.4 1.2 1.5 0.75 3.25 15,795.9 2.2 23,290.6-0.3-7,494.7 2012 12 3.3 7.9 1.4 1.8 0.75 3.25 1,307.3 3.0 1,817.6-3.9-510.3 2013 1 2.5 7.9 1.5 1.6 0.75 3.25 1,231.3 4.5 1,903.6 1.0-672.3 2 1.7 2.8 7.7 1.8 2.0 0.75 3.25 1,235.4-0.1 1,750.5-0.7-515.2 3 3.6 7.5 1.1 1.5 0.75 3.25 1,367.6-2.5 1,865.9-7.8-498.3 4 2.6 7.5 0.6 1.1 0.75 3.25 1,294.6 1.6 1,957.9 0.7-663.3 5 1.8 2.4 7.5 1.8 1.4 0.75 3.25 1,330.1 1.4 2,019.2-0.8-689.2 6 2.5 7.5 2.3 1.8 0.75 3.25 1,348.3 1.7 1,899.2-3.6-550.9 7 1.8 7.3 2.1 2.0 0.75 3.25 1,273.6 4.9 2,026.6 2.4-753.0 8 2.3 3.0 7.2 1.2 1.5 0.75 3.25 1,326.0 3.1 1,982.6-0.9-656.6 9 3.4 7.2 0.2 1.1 0.75 3.25 1,285.1 0.2 1,969.8 3.4-684.7 10 3.6 7.2 0.2 0.9 0.75 3.25 1,421.8 6.4 2,104.1 3.2-682.3 11 3.1 3.2 7.0 0.8 1.2 0.75 3.25 1,362.5 4.7 1,936.5-2.9-574.0 12 3.3 6.7 1.4 1.5 0.75 3.25 1,319.6 0.9 1,874.6 3.1-555.1 2014 1 2.9 6.6 1.6 1.6 0.75 3.25 1,275.1 3.6 1,899.4-0.2-624.4 2 1.9 3.2 6.7 1.2 1.1 0.75 3.25 1,237.3 0.2 1,744.0-0.4-506.7 3 3.6 6.7 1.9 1.5 0.75 3.25 1,419.1 3.8 1,986.7 6.5-567.7 4 3.9 6.3 3.1 2.0 0.75 3.25 1,338.2 3.4 2,059.9 5.2-721.7 5 2.6 4.3 6.3 2.6 2.1 0.75 3.25 1,382.2 3.9 2,055.4 1.8-673.1 6 4.5 6.1 2.8 2.1 0.75 3.25 1,384.0 2.6 2,028.2 6.8-644.2 7 4.9 6.2 2.9 2.0 0.75 3.25 1,334.9 4.8 2,098.3 3.5-763.4 8 2.3 4.1 6.1 2.2 1.7 0.75 3.25 1,378.8 4.0 2,019.4 1.9-640.6 9 4.2 5.9 2.1 1.7 0.75 3.25 1,335.0 3.9 2,082.5 5.7-747.6 10 4.0 5.8 1.7 0.75 3.25

1818 21 9 CPI-U 0.1% 9 CPI- U 0.1% 12 1.7%9 CPI-U 0.1% 0.3% 0.7% 1.1%0.2% 1.0% 2.1% 1.6% 0.7% +0.3% -1.1% -1.0% -2.1% -0.2% -0.7% +1.6% +0.0% -0.1% +0.0% +0.5% +0.2% +0.3% +0.1% +0.1% CPI-U +1.7% +3.0% -0.6% -3.3% -3.6% -3.2% +3.5% +2.8% +5.8% CPI-U+1.7% CPI-U-0.3% +0.3% -0.4% +0.5% +2.9% +2.4% +3.0% +1.4% +1.7% CPI-W 1.6% 234.1701982~84=100 0.1% 9 430.3 9 1,955.9 2.8% 2,386.2 2.6% 430.3 30.3 9 1,360.7 2.7% 1,987.4 2.5% 626.7 595.1 2.9% 398.7 3.0% 196.4 9 / +13-1 -1-7 -12-20 / ± +19 +3 +1-5 -9

22 1818-11 / 4-3 -1 2 +1 9 6 283 54 388 105 9 ± +34 +9-356 -118-61 -53-48 -39-36 -25-22 -21-20 -15 2014 GDP 7.1% 2014 201510 1117 2014 GDP 9 27 9 0.6% 9 102.8 0.6% 97.8 2.7% 9 104.7 1.7% 97.9 4.3% 9 110.3 3.9% 111.7 0.8% 10 9 0.1% 11

1818 23 10 1.0% 9 3.0% 9 103.92010=100 3.2% 103.5 3.0% 100.7 2.3% 10 9.8% 5.3% 4.7% 4.2% 2.8% 2.4% 2.2% 1.6% 0.1% 4.5% 9 3.6% 9 3.6% 0.1 3.7% 0.1 3.4% 0.2 9 233 25 52 139 21 95 3 96 3 46 11 9 6,402 43 21 1,083 1,034 3 752 21 9 57.8% 0.5 9 4,444 26 5 92 5.6% 92 275,226 5.6% 6 30.2% 11.9% 11.5% 9.1% 8.5% 2.9% 2.8% 2.7% 6.3%

24 1818 2-2 % * * * (+) GDP (-) ( ) ( ) * * 2003 1.7 5.2-0.9-0.2 0.10 1.38 4,718.2 13.2 3,933.0 16.5 785.2 2004 2.4 4.7 1.3 0.0 0.10 1.38 5,656.7 19.9 4,551.9 15.7 1,104.8 2005 1.3 1.4 4.4 1.6-0.3 0.10 1.38 5,948.6 5.2 5,158.1 13.3 790.5 2006 1.7 4.5 4.1 2.2 0.2 0.40 1.63 6,467.4 8.7 5,790.4 12.3 676.9 2007 2.2 2.8 3.8 1.8 0.1 0.75 1.88 7,142.1 10.4 6,221.4 7.4 920.8 2008-1.0-3.4 4.0 4.6 1.4 0.30 1.68 7,820.5 9.5 7,625.9 22.6 194.6 2009-5.5-21.8 5.1-5.3-1.3 0.30 1.48 5,807.2-25.7 5,519.6-27.6 287.6 2010 4.7 15.6 5.1-0.1-0.7 0.30 1.48 7,697.7 32.6 6,940.5 25.7 757.2 2011-0.5-2.8 4.6 1.5-0.3 0.30 1.48 8,225.6 6.9 8,550.0 23.2-324.3 2012 1.5 0.6 4.3-0.9 0.0 0.30 1.48 7,986.2-2.9 8,860.4 3.6-874.2 2013 1.5-0.8 4.0 1.3 0.4 0.30 1.48 7,146.1-10.5 8,323.4-6.1-1,177.3 2012 12-7.6 4.3-0.7-0.1 0.30 1.48 634.0-12.2 711.2-5.1-77.3 2013 1-6.4 4.2-0.4-0.3 0.30 1.48 538.2-8.2 721.4-7.5-183.2 2 0.1-10.0 4.3-0.1-0.6 0.30 1.48 567.1-18.3 650.1-5.9-83.0 3-7.0 4.1-0.5-0.9 0.30 1.48 661.5-12.1 699.2-8.3-37.7 4-3.2 4.1 0.1-0.7 0.30 1.48 591.2-13.4 681.0-8.8-89.8 5 1.2-1.0 4.1 0.6-0.3 0.30 1.48 570.3-13.2 668.4-13.3-98.1 6-4.7 3.9 1.2 0.2 0.30 1.48 622.5-12.5 641.0-9.0-18.5 7 1.9 3.9 2.1 0.7 0.30 1.48 597.3-11.2 700.8-5.2-103.5 8 2.3-0.6 4.1 2.3 0.9 0.30 1.48 590.8-7.9 690.0-6.6-99.3 9 5.3 4.0 2.3 1.0 0.30 1.48 601.4-12.3 696.4-8.1-95.0 10 5.4 4.0 2.5 1.1 0.30 1.48 623.9-4.3 736.4 1.9-112.5 11 2.5 4.8 3.9 2.6 1.6 0.30 1.48 591.1-4.2 721.5-1.9-130.4 12 7.2 3.7 2.5 1.6 0.30 1.48 590.8-6.8 717.2 0.8-126.4 2014 1 10.6 3.7 2.5 1.4 0.30 1.48 505.4-6.1 774.3 7.3-268.9 2 2.9 7.0 3.6 1.8 1.5 0.30 1.48 567.7 0.1 646.5-0.6-78.8 3 7.4 3.6 1.7 1.6 0.30 1.48 624.2-5.6 766.0 9.6-141.9 4 3.8 3.6 4.1 3.4 0.30 1.48 591.6 0.1 671.0-1.5-79.4 5-0.2 1.0 3.5 4.3 3.7 0.30 1.48 550.9-3.4 640.4-4.2-89.5 6 3.1 3.7 4.5 3.6 0.30 1.48 582.1-6.5 663.3 3.5-81.2 7-0.7 3.8 4.4 3.4 0.30 1.48 602.5 0.9 696.3-0.6-93.9 8-1.2-3.3 3.5 3.9 3.3 0.30 1.48 554.2-6.2 646.5-6.3-92.2 9 0.8 3.6 3.6 3.2 3.3 0.30 1.48 594.2-1.2 683.4-1.9-89.2 10 2.9 0.30 1.48 * 1 2 3 4 3 4WTO

1818 25 92 421,809 6.0% 12 5.2% 10.0% 20.6% 9 7.3% 6 9 6.9% 9 63,832 6.9% 2 7.0% 14.0% 39.5% 9 7 3,415 6.2% 2 21.0% 11.6% 29.4% 9 9,583 1.6% 27 9 11,5282 4.4% 2 18.4% 47.6% 43.1% 9 6,175 6.9% 4 50.7% 45.9% 18.7% 35.6% 23.1% 9 5,407 1.7% 8 9 EU 6,497 0.7% 16 8.3% 58.1% 27.3% 93.5% 13.3% 12.1% 9 6,988 4.2% 2 13.3% 80.1% 28.8% 26.1% 5.9% 9 491 95.5% 21 9 34,410 8.1% 2 9.9% 44.8% 14.1% 9 34,411 8.8% 3

26 1818 28.9% 11.2% 13.7% 23.6%9 1 8 9 11,544 8.8% 2 99.2% 71.2% 16.4% 20.9%9 1 8,240 8.3% 3 8.2% 50.8% 19.1% 9 6,696 7.4% 31 1. GDP 2014 18 2013 0.8% 28 1.3%20149 0.6% 28 21.6% 498.8 8 0.4 67.0% 334.0 8 0.2 9 18 28 0.3%0.4% 9 185 26 18 0.8% 28 1.3% GDP 2014 18 2013 0.7% 28 1.2% 0.2% 28 0.3% 0.3% 2 0.1% 0.7% 2014 2015 5

1818 27 9 18 28 0.6% 9 18 28 11.5%10.1% 9 18 28 0.3%0.4% 1.2%1.7% 0.8%1.1% 2016 GDP 1.7% 282014 2015 1.3%1.5% 2016 2.0% 9 0.6% 0.5% 2.0%2.1% 2.5%2.2% 3.3% 0.7% 2.0%1.2% +22.1% +5.6% +5.1% -7.4% -4.1% -3.5% 20149 28 11.5% 10.1%9 28 2,451.2 8 10.8 74.8% 1,834.7 8 1.9 28 21.6% 498.8 8 0.4 67.0% 334.0 8 0.2 10.0%11.3% 10.2%11.7% 20149 0.3%0.4% -0.2% +2.2% +0.6% +0.6% +0.0% +1.1% -0.1% -3.3% +0.1% +0.3% +1.5% +0.7% 28-0.4% +2.8% +0.3% +0.8% +0.1%

28 1818 +1.2% -0.2% -2.3% +0.3% +3.1% +1.7% +0.6% 9 185 26 20149 185 9.0% 4.0% 1,719 1,534 28 2014 9 26 2013 7.0% 1,507 2.6% 1,480 1 1.2% 2014 1.2% 0.1% 0.1% 9 3.4% 20149 2013 3.4% 9 0.3% 1.5% 0.2% 4.5% 1.7% 0.2% 0.6% 2.2% 6.1% 9 5.0% 20149 214 0.5% 5.0% 25 7.6% 5.4% 4.6% 4,058 0.4% 18 10 0.8% 201410 2013 0.8% 20102 +0.9% +2.8% -0.4% +0.6% +0.2% +2.4% +0.1% -1.1% +1.2% -0.2% +2.2% +1.5% 9 4.8% 20149 2,362.0 4.8% 1,322.0 2013 4.7% 1,040.0 5.0% 91 282.0

1818 29 2-3-1 % * * (+) GDP (-) ( ) ( ) * * 2003-0.4 0.5 9.8 0.6 1.0 2.00 2.13 7,593.5 22.5 6,107.9 23.7 1,485.6 2004 1.2 4.3 10.5 2.9 1.7 2.00 2.17 9,120.3 20.1 7,180.6 17.6 1,939.7 2005 0.7 3.1 11.3 3.0 1.5 2.25 2.41 9,718.0 6.6 7,756.1 8.0 1,961.9 2006 3.7 5.3 10.2 3.5 1.6 3.50 3.64 11,088.9 14.1 9,074.5 17.0 2,014.5 2007 3.3 5.8 8.7 3.5 2.3 4.00 4.71 13,221.9 19.2 10,558.5 16.4 2,663.4 2008 1.1 0.6 7.5 5.4 2.6 2.50 2.99 14,492.7 9.6 11,857.6 12.3 2,635.1 2009-5.1-16.4 7.8-6.9 0.3 1.00 0.48 11,206.1-22.7 9,258.0-21.9 1,948.1 2010 3.9 11.2 7.1 5.2 1.1 1.00 0.81 12,584.0 12.3 10,542.0 13.9 2,042.0 2011 3.7 7.0 6.0 5.8 2.1 1.00 1.14 14,740.4 17.1 12,550.1 19.0 2,190.3 2012 0.6-0.8 5.5 2.1 2.0 0.75 0.11 14,056.6-4.6 11,639.4-7.3 2,417.1 2013 0.2-0.1 5.3-0.6 1.5 0.25 0.21 14,517.0 3.3 11,914.5 2.4 2,602.5 2012 12-8.7 5.4 2.2 2.0 0.75 0.11 1,029.8-7.7 873.6-8.2 156.3 2013 1-1.0 5.4 1.4 1.7 0.75 0.11 1,175.6 6.0 997.1 6.5 178.5 2-0.6-5.6 5.4 0.6 1.5 0.75 0.12 1,178.8-2.1 959.6-4.2 219.2 3-7.2 5.4-0.1 1.4 0.75 0.12 1,222.7-6.0 982.1-8.6 240.6 4 7.3 5.4-0.7 1.2 0.75 0.12 1,222.9 6.8 989.7 3.2 233.2 5 0.1-4.4 5.3-0.6 1.5 0.50 0.11 1,144.2-3.2 968.7-1.5 175.5 6-0.3 5.3 0.1 1.8 0.50 0.12 1,215.5 3.3 992.7 4.0 222.8 7 1.6 5.3-0.1 1.9 0.50 0.13 1,216.7 6.3 1,004.8 7.4 211.9 8 0.3-2.9 5.3-1.1 1.5 0.50 0.13 1,129.9 1.3 953.7 4.9 176.2 9 4.2 5.2-1.6 1.4 0.50 0.13 1,260.9 7.5 991.5 3.6 269.4 10 1.5 5.2-1.8 1.2 0.50 0.13 1,351.2 5.9 1,106.5 3.5 244.7 11 1.1 0.8 5.2-1.6 1.3 0.25 0.13 1,275.0 6.2 1,033.4 4.9 241.7 12 5.5 5.2-1.3 1.4 0.25 0.21 1,123.6 9.1 934.8 7.0 188.8 2014 1 2.7 5.2-1.7 1.3 0.25 0.22 1,235.8 5.1 1,027.6 3.1 208.2 2 2.3 4.7 5.1-1.8 1.2 0.25 0.22 1,262.3 7.1 1,037.7 8.1 224.5 3 3.6 5.1-1.7 1.0 0.25 0.23 1,327.7 8.6 1,094.8 11.5 232.8 4-1.6 5.1-1.3 1.3 0.25 0.25 1,295.6 5.9 1,055.2 6.6 240.4 5 1.4 4.0 5.1-0.9 0.9 0.25 0.26 1,265.3 10.6 1,018.1 5.1 247.2 6-2.2 5.1-0.8 1.0 0.15 0.15 1,271.9 4.6 1,044.5 5.2 227.4 7 3.1 5.1-0.7 0.8 0.15 0.10 1,370.8 12.7 1,048.8 4.4 322.1 8 1.2-5.0 5.0-0.6 0.8 0.15 0.09 1,121.2-0.8 930.9-2.4 190.3 9 3.4 5.0-0.9 0.8 0.05 0.02 1,324.1 5.0 1,038.3 4.7 285.8 10-0.7 0.8 0.05 0.01 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2 3 5WTO

30 1818 2 3.0% 2014 3.0% 3.2% 3.3% GDP 2.6 2.2% 2015 2016 2015 2016 GDP 8 3.1%2.8% 2.9%2.6% 2014 3.5% 9 1.5% 20149 1.5% 2.2% 4.0% 2.9% 3.7% 3.7% 3.4% 2.1% 10.8% 2014 2 13.1% 2008 79 6.0% 2014 7 9 6.0% 5.9% 2008 5 2013 2008 7 9 196 4 6 11.5 52.9 6.2% 5.7% 16.2% 73.7 10 1.3% 201410 2013 1.3% 1.2% 10 2% BoE 2015

1818 31 2-3-2 % * * (+) GDP (-) ( ) ( ) * * 2003 3.9-0.7 5.0 0.7 1.4 3.75 3.50 3,076.6 10.0 3,873.5 10.2-796.9 2004 3.2 0.8 4.7 1.0 1.3 4.75 5.00 3,497.5 13.7 4,612.7 19.1-1,115.2 2005 3.2-0.7 4.8 1.9 2.1 4.50 5.00 3,845.1 9.9 5,091.8 10.4-1,246.7 2006 2.8 0.7 5.4 2.0 2.3 5.00 5.50 4,501.7 17.1 6,119.0 20.2-1,617.3 2007 3.4 0.3 5.3 2.3 2.3 5.50 6.50 4,420.6-1.8 6,387.3 4.4-1,966.6 2008-0.8-2.7 5.6 6.8 3.6 2.00 5.50 4,729.2 7.0 6,599.2 3.3-1,870.0 2009-5.2-8.7 7.5 0.5 2.2 0.50 1.00 3,556.7-24.8 5,194.8-21.3-1,638.1 2010 1.7 3.1 7.8 2.7 3.3 0.50 1.00 4,156.0 16.9 5,902.2 13.6-1,746.2 2011 1.1-0.8 8.1 4.7 4.5 0.50 1.00 5,056.5 21.7 6,766.7 14.6-1,710.2 2012 0.3-2.7 7.9 2.1 2.8 0.50 1.00 4,729.4-6.5 6,244.7-7.7-1,515.3 2013 1.7-0.1 7.5 1.3 2.6 0.50 1.00 5,404.0 14.3 6,558.9 5.0-1,154.9 2012 12-2.5 7.7 1.4 2.7 0.50 1.00 376.5-6.8 535.7 1.1-159.2 2013 1-3.1 7.9 1.6 2.7 0.50 1.00 421.9 9.1 542.3-0.6-120.4 2 0.7-2.3 7.7 1.7 2.8 0.50 1.00 405.1 3.2 516.5-7.6-111.4 3-1.5 7.7 1.5 2.8 0.50 1.00 468.3 6.9 549.1-10.4-80.8 4-1.6 7.7 1.0 2.4 0.50 1.00 453.9 23.3 526.0-7.0-72.1 5 1.8-1.5 7.8 1.2 2.7 0.50 1.00 556.0 30.6 521.6-5.0 34.3 6 1.2 7.7 1.7 2.9 0.50 1.00 471.1 23.9 542.9 1.0-71.7 7-1.4 7.7 1.8 2.7 0.50 1.00 468.5 17.6 545.6 0.3-77.1 8 1.8-1.6 7.6 1.5 2.7 0.50 1.00 415.9 12.5 511.8-11.4-95.9 9 2.9 7.4 1.2 2.7 0.50 1.00 434.3 12.8 577.9-11.8-143.6 10 3.3 7.1 0.8 2.2 0.50 1.00 454.9 11.7 606.5-6.4-151.6 11 2.7 2.4 7.1 0.8 2.1 0.50 1.00 425.1 5.9 599.2 3.4-174.1 12 2.0 7.1 1.0 2.0 0.50 1.00 429.0 13.9 519.4-3.1-90.4 2014 1 2.4 6.9 0.9 1.8 0.50 1.00 436.8 3.5 567.3 4.6-130.5 2 3.0 3.5 6.7 0.6 1.8 0.50 1.00 431.3 6.5 529.4 2.5-98.1 3 3.1 6.6 0.4 1.7 0.50 1.00 448.3-4.3 575.8 4.9-127.5 4 3.4 6.4 0.6 1.7 0.50 1.00 402.4-11.3 565.9 7.6-163.5 5 3.2 2.3 6.3 0.5 1.5 0.50 1.00 428.9-22.9 572.7 9.8-143.8 6 1.4 6.2 0.3 1.9 0.50 1.00 415.5-11.8 577.1 6.3-161.6 7 2.1 6.0-0.1 1.6 0.50 1.00 426.5-9.0 646.7 18.5-220.2 8 3.0 2.3 5.9-0.3 1.5 0.50 1.00 355.6-14.5 533.8 4.3-178.3 9 1.4-0.5 1.3 0.50 1.00 426.0-1.9 587.8 1.7-161.8 10-0.5 1.3 0.50 1.00 * Bank Rate 1 2 3 4WTO

32 1818 10.0% 5.2% 3.2% 2.5% 2.2% 1.0% 0.6% 0.5% 0.1% 1.4% 0.3% 0.2% 9 0.2% 20149 1,013.8 2013 0.2% 426.0 2013 1.9% 587.8 1.7% 161.8 3 0.4% INSEE 2014 0.4% GDP 0.1% 0.3% 0.2% Francois Holande 2014 0.4% 2015 GDP 3.0% 2014 0.5% 2.3% -2.2% 2.0% 2.6% 9 0.3% INSEE 20149 0.3% 0.6% 0.2% 0.5% 2.5% 3.2% 10.2% 0.9% 0.4% 0.9% 9 10.5% 2014 9 10.5% 309.4 8 1,000 24.4% 66.5 8 8,000 10.7% 10.3%

1818 33 2-3-3 % * * (+) GDP (-) ( ) ( ) * * 2003 0.9-1.1 8.6 2.1 2.00 2.13 3,761.3 18.2 3,753.5 19.3 7.8 2004 2.5 1.2 8.9 2.1 2.00 2.17 4,263.3 13.3 4,339.2 15.6-75.9 2005 1.8 0.4 8.9 1.7 2.25 2.41 4,435.9 4.0 4,738.0 9.2-302.1 2006 2.5 1.2 8.9 3.2 1.7 3.50 3.64 4,957.4 11.8 5,418.1 14.4-460.8 2007 2.3 1.2 8.0 2.1 1.5 4.00 4.71 5,598.5 12.9 6,315.3 16.6-716.8 2008-0.1-3.1 7.5 4.6 2.8 2.50 2.99 6,173.7 10.3 7,179.2 13.7-1,005.4 2009-3.1-13.8 9.1-4.7 0.1 1.00 0.48 4,852.2-21.4 5,634.8-21.5-782.6 2010 1.7 4.9 9.3 2.5 1.5 1.00 0.81 5,236.4 7.9 6,109.1 8.4-872.7 2011 2.0 2.3 9.2 4.6 2.1 1.00 1.14 5,963.0 13.9 7,198.9 17.8-1,235.9 2012 0.0-2.6 9.8 2.3 2.0 0.75 0.11 5,691.6-4.6 6,750.2-6.2-1,058.5 2013 0.2-0.6 10.3 0.0 0.9 0.25 0.21 5,795.8 1.8 6,809.2 0.9-1,013.4 2012 12-2.0 10.2 1.6 1.3 0.75 0.11 433.4-7.4 514.9-4.8-81.5 2013 1-3.2 10.3 1.5 1.2 0.75 0.11 471.6 3.7 578.8 3.5-107.2 2-0.2-1.3 10.3 1.3 1.0 0.75 0.12 470.9-3.7 568.7-4.6-97.7 3-1.3 10.3 1.2 1.0 0.75 0.12 502.7-6.5 564.0-9.1-61.2 4 0.0 10.3 0.2 0.7 0.75 0.12 504.8 8.4 577.6 1.7-72.8 5 0.7 1.2 10.3-0.4 0.8 0.50 0.11 460.1-1.5 552.7-1.4-92.6 6 0.2 10.3-0.2 0.9 0.50 0.12 487.5 0.1 558.0-3.5-70.5 7-1.4 10.3 0.1 1.1 0.50 0.13 508.5 8.1 589.2 9.3-80.8 8 0.3-2.2 10.2-0.8 0.9 0.50 0.13 392.0-1.1 468.3-3.5-76.2 9-0.7 10.3-0.7 0.9 0.50 0.13 480.7 2.7 580.6 6.2-100.0 10-0.2 10.2-1.3 0.6 0.50 0.13 553.0 5.5 633.1 3.8-80.1 11 0.8 1.7 10.2-0.7 0.7 0.25 0.13 489.2-1.8 577.2 0.9-88.0 12 0.4 10.2-0.2 0.7 0.25 0.21 474.9 9.6 561.1 9.0-86.2 2014 1 0.6 10.1-1.1 0.7 0.25 0.22 477.7 1.3 592.2 2.3-114.5 2 0.8-0.7 10.1-1.7 0.9 0.25 0.22 491.9 4.5 553.4-2.7-61.5 3-0.6 10.1-2.0 0.6 0.25 0.23 525.8 4.6 600.6 6.5-74.9 4-2.1 10.1-1.5 0.7 0.25 0.25 510.2 1.1 585.6 1.4-75.4 5 0.0-3.6 10.2-0.8 0.7 0.25 0.26 478.3 4.0 566.3 2.5-88.0 6-0.5 10.4-0.4 0.5 0.15 0.15 503.8 3.3 590.6 5.8-86.8 7 0.4 10.5-1.2 0.5 0.15 0.10 520.9 2.5 607.50 3.1-86.5 8 0.4-0.3 10.5-1.6 0.4 0.15 0.09 372.3-5.0 456.50-2.5-84.1 9-0.3 10.5-1.4 0.3 0.05 0.02 494.7 2.9 574.80-1.0-80.1 10 0.5 0.05 0.01 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2INSEE 3WTO

34 1818 10 0.5% 201410 2013 0.5% 0.4% 10 201410 3.5% 1.5% 0.3% 3.6% 2.9% 1.2% 0.8% 0.6% 0.1% 1.5% 2.2% 1.4% 0.4% 0.5% 9 0.8% 20149 1,069.5 2013 0.8% 494.7 2013 2.9% 574.8 1.0% 80.1 4 0.4% 2014 0.4% 0.1% 13 11 4 2014 GDP 0.3% 2015 2016 0.5% 1.0% 9 2.9% 20149 2013 2.9% 0.8% 2014 4 20148 3.2% 5.5% 0.5% 9 12.6% 20149 12.6% 323.6 8 4.8 42.9% 69.8 8 6,000 11.6% 13.9% 10 0.1% 201410 2013 0.1% ECB

1818 35 2-3-4 % * * (+) GDP (-) ( ) ( ) * * 2003 0.0-0.5 8.5 2.7 2.00 2.13 2,979.0 17.8 2,947.1 20.6 31.9 2004 1.7-0.2 8.0 2.2 2.00 2.17 3,545.9 19.0 3,563.7 20.9-17.8 2005 0.9-0.6 7.7 2.0 2.25 2.41 3,706.4 4.5 3,824.0 7.3-117.6 2006 2.2 3.7 6.8 5.2 2.1 3.50 3.64 4,172.2 12.6 4,426.0 15.7-253.8 2007 1.7 1.9 6.1 3.3 1.8 4.00 4.71 5,002.4 19.9 5,118.7 15.7-116.3 2008-1.2-3.8 6.8 5.8 3.4 2.50 2.99 5,446.3 8.9 5,631.1 10.0-184.7 2009-5.5-18.6 7.8-5.4 0.8 1.00 0.48 4,068.3-25.3 4,148.6-26.3-80.4 2010 1.7 7.0 8.4 3.1 1.5 1.00 0.81 4,468.9 9.8 4,869.3 17.4-400.4 2011 0.4 1.3 8.4 5.1 2.7 1.00 1.14 5,234.0 17.1 5,589.4 14.8-355.3 2012-2.4-6.3 10.7 4.1 3.0 0.75 0.11 5,015.5-4.2 4,891.1-12.5 124.4 2013-1.9-3.1 12.2-1.2 1.2 0.25 0.21 5,181.1 3.3 4,793.4-2.0 387.7 2012 12-6.9 11.5 2.4 2.3 0.75 0.11 392.9-4.9 362.5-8.2 30.4 2013 1-4.3 11.9 0.7 2.2 0.75 0.11 398.1 12.3 422.7 1.8-24.6 2-2.4-4.5 11.9 0.5 1.9 0.75 0.12 413.1-1.8 399.0-8.9 14.1 3-5.2 11.9 0.0 1.6 0.75 0.12 440.2-7.6 401.0-11.4 39.3 4-4.3 12.0-1.1 1.1 0.75 0.12 416.3 3.5 391.0-4.1 25.3 5-2.2-4.2 12.2-1.1 1.1 0.50 0.11 450.3-0.1 399.5-9.2 50.8 6-2.7 12.2-0.7 1.2 0.50 0.12 439.5 2.0 394.3-0.7 45.2 7-3.4 12.0-1.5 1.2 0.50 0.13 502.5 10.0 425.7 6.5 76.8 8-1.8-4.6 12.4-2.4 1.2 0.50 0.13 327.3 0.9 315.3-4.8 12.0 9-2.3 12.5-2.2 0.9 0.50 0.13 429.7 5.8 420.7 4.0 9.1 10-0.8 12.4-2.5 0.8 0.50 0.13 494.8 5.8 442.4 1.2 52.5 11-1.2 0.5 12.6-2.3 0.7 0.25 0.13 439.5 1.7 399.2-1.7 40.3 12-1.0 12.5-2.1 0.7 0.25 0.21 429.8 9.4 382.8 5.6 47.0 2014 1 0.0 12.6-1.5 0.7 0.25 0.22 409.3 2.8 405.9-4.0 3.4 2-0.3 0.0 12.6-1.7 0.5 0.25 0.22 434.4 5.2 398.1-0.2 36.2 3-0.1 12.5-1.9 0.4 0.25 0.23 473.8 7.6 420.7 4.9 53.1 4 1.0 12.5-1.7 0.6 0.25 0.25 448.9 7.8 400.4 2.4 48.4 5-0.3-1.3 12.6-1.7 0.5 0.25 0.26 476.3 5.8 426.6 6.8 49.7 6-0.2 12.4-1.9 0.3 0.15 0.15 456.0 3.8 410.7 4.2 45.3 7-1.3 12.6-1.9 0.1 0.15 0.10 522.8 4.1 429.1 0.8 93.7 8-0.4-0.4 12.5-2.1-0.1 0.15 0.09 320.5-2.1 293.10-7.1 27.4 9-2.3 12.6-2.0-0.2 0.05 0.02 446.0 3.8 420.00-0.2 26.0 10 0.1 0.05 0.01 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2ISTAT 3WTO

36 1818 201410 1.8% 0.7% 0.6% 0.4% 0.3% 0.1% 3.5% 9 1.8% 20149 866.0 2013 1..8% 44.60 2013 3.8% 420.0 0.2% 26.0 2. 10 8.3% 201410 CPI 8.3% 0.8% CPI 8.4% 0.8% 2014 10 CPI 7.1% 2014 7.5% 2014 8.5% 10 2% 2014 10 2% 3,148.2 7.6% 6,394.7 4.8% 6,634.0 7.3% 929.9 1 10 5.6% 23,944.2 9 13% 20149 130 7 157 20% 388 13% 258 10% 1. 10 7% 1,082 2014 1,082 16

1818 37 4.07% 2014 10 7.7% 201410 7.7% 9 0.3 10 0.52% 10 8.4% 10 4.7% 8.5% 2.9% 10 5.5% 1.6% 9.1% 5.7% 1041 39 7.3% 6.3% 9.0% 8.7% 4.7% 10.5% 7.8% 3.5% 12.6% 13.2% 8.2% 12.2% 2.0% 10 6.8% 8.0% 10.4% 10 9,525 2.0% 23,353 1.1% 385 4.8% 152 11.0% 219.3 6.8% 117.4 5.6% 4446 1.9% 4,351 6.3% 10 97.9% 10,770 8.3 % 10 15.9% 2014 10 406,161 15.9% 9 0.2 10 1.64%

38 1818 10 9,829 28.9% 9 1.2 170,261 13.4% 0.3 226,071 17.4% 9 166,994 13.1% 9 0.4 11,497 2.2% 1.4 137,035 13.5% 0.3 18,462 17.7% 0.2 67,733 22.6% 9 0.4 21.9% 1.6 25.2% 0.9 18.9% 0.3 25.1% 9 10 185,747 14.6% 9 0.3 113,768 17.6% 0.2 103,336 17.8% 0.1 10 385,819 16.6% 9 0.2 9,722 8.6% 0.7 9,028 0.2% 0.3 10 19,406 10.4% 9 1.8 386,755 16.2% 9 10 890,096 11.5% 9 1 341,089 13.7% 0.7 10 439,059 12.4% 9 14.3% 9 0.2 11.2% 9 16% 9 0.1 7.1% 0.1 3.4% 0.4 10 2.2% 201410 2.2% 0.4% 2.5% 0.6% 10 1.7% 1.9%

1818 39 3.0% 2.2 8.9% 3.7% 2.0% 0 0.2% 0.5% 0.3% 0.7% 6.9% 3.8% 2.5% 1.7% 10-2.2% 0-2.2 10 1.6% 201410 1.6% 1.7% 1.4% 2.5% 1.2% 1.4% 2.0% 10 2.1% 10 0.1% 0.2% 0.2% 0.1% 10 2.5% 0.83 16.4% 0.14 15.2% 0.30 3.5% 0.10 3.2% 0.08 1.1% 0.09 3.1% 0.10 7.2% 0.24 0.5% 1.6% 0.2% 2.4% 5.3% 2.4% 1.2% 7.6% 0.2% 1.3% 2.3% 1.2% 0.8% 0.3% 4.9% 3.5% 0.8% 3.5% 1.1% 3.0% 2.3%

40 1818 1.6% 2.7% 0.8% 0.5% 101.6% 0.3 1.3 10 3.8% 2014 10 21.7 2.5% 11.7 4.4% 10 0.3% 1.7 36.6%10 2.27 8.4% 1.27 11.5% 1 4.6% 2,787 45.2% 10 3.53 3.8% 1.9 5.8% 1.63 1.6% 2,771.1 38.5%10 3,683.3 8.4% 2,068.7 11.6% 1,614.6 4.6% 454.1 46.3% 10 11.7 4.9% 54.1% 1.3 6.0 9.5% 51.6% 5.7 0.5% 57.0% 3,371 1,580 7.0 2.1% 32.3% 0.1 4.4 0.9% 37.5% 2.6 4.2% 26.2% 1.8 3.6% 10 3.12 9.8% 14.4% 2.78 5.5% 12.8% 2.4 7.4% 11.1% 1.59 0.1% 7.3% 10 1.82 10.1% 8.4% 10 9.97 2.5% 46.0% 5.36 1.4% 45.8% 4.61 3.7% 46.1% 7.5 6.6% 34.6% 5.0 8.9% 43.0% 2.5 2.2% 24.6% 3.8 0.3% 17.7% 1.3 0.7% 11.1% 2.5

1818 41 10 M2 12.6% M1 3.2% 0.8% 25.4% 10 6.49 1.4% 55.5% 2.8 1.7% 2.0 3.5% 9,558.7 5.5% 5,702.8 4.5% 2,883.3 12.3% 2,554.5 1.4% 1,863.6 5.8% 1,371.3 2.5% 731.4 12.0% 7 2.47 5.0% 21.1% 2,195.3 41.6% 7,389.3 42.2% 74.3 2.4% 10 7.8 16.5% 646.9 19.8% 2.5 9.2% 4,731.2 2.4% 8,059 19.5% 5,684.3 13.8% 3,576.9 5.1% 2,116.2 5.7% 1.26 1.2% 1,209.4 4.1% 7,657 1.5% 398.7 9.3% 4.57 6.1% 2.43 7.7% 475.6 15.3% 2440.6 26.9% 4,975.6 74.8 0.3% 2.61 3.7% 4.3 0.1% 118.5 24.5% 10 M2 119.92 12.6% 0.3 1.7 M1 32.96 3.2% 1.6 5.7 M0 5.77 3.8%10 1,153 10 85.21 12.9% 80.13 13.2% 1.0 5,483 423 1,585 390 1,195 3,890 179 2,232 1,171 10 8.23 8,267 7.8% 117

42 1818 2-4-1 % * * (+) GDP (-) ( ) ( ) * * 2003 10.0 17.0 4.3 2.3 1.2 2.97 5.04 4,382.3 34.6 4,127.6 39.8 254.7 2004 10.1 16.2 4.2 6.1 3.9 3.24 5.22 5,933.3 35.4 5,612.3 36.0 321.0 2005 11.3 16.4 4.2 4.9 1.8 3.24 5.22 7,619.5 28.4 6,599.5 17.6 1,020.0 2006 12.7 16.6 4.1 3.0 1.5 3.24 5.58 9,693.2 27.2 7,917.9 20.0 1,775.3 2007 14.2 18.5 4.0 3.1 4.8 3.24 6.57 12,186.4 25.7 9,559.5 20.7 2,626.9 2008 9.6 12.9 4.2 6.9 5.9 1.80 4.86 14,306.9 17.4 11,325.7 18.5 2,981.3 2009 9.2 11.0 4.3-5.4-0.7 1.80 4.86 12,016.1-16.0 10,059.2-11.2 1,956.9 2010 10.4 15.7 4.1 5.5 3.3 2.25 5.35 15,777.5 31.3 13,962.5 38.8 1,815.1 2011 9.2 13.9 4.1 6.0 5.4 2.25 6.10 18,983.8 20.3 17,434.8 24.9 1,549.0 2012 7.8 10.0 4.1-1.7 2.7 2.25 5.60 20,487.1 7.9 18,184.1 4.3 2,303.1 2013 7.7 9.7 4.1 1.9 2.6 2.25 5.60 22,090.1 7.8 19,499.9 7.2 2,590.2 2012 12 10.3-1.9 2.5 2.25 5.60 1,991.1 14.0 1,681.2 6.3 309.9 2013 1-1.6 2.0 2.25 5.60 1,872.9 25.0 1,592.0 29.6 280.9 2 7.7 4.1-1.6 3.2 2.25 5.60 1,393.0 21.8 1,244.2-15.0 148.8 3 8.9-1.9 2.1 2.25 5.60 1,821.0 10.0 1,830.1 14.1-9.1 4 9.3-2.6 2.4 2.25 5.60 1,869.3 14.6 1,685.7 16.6 183.6 5 7.5 9.2 4.1-2.9 2.1 2.25 5.60 1,826.8 0.9 1,620.2-0.5 206.6 6 8.9-2.7 2.7 2.25 5.60 1,742.4-3.1 1,469.7-0.8 272.7 7 9.7-2.3 2.7 2.25 5.60 1,859.2 5.1 1,681.6 10.9 177.6 8 7.8 10.4 4.0-1.6 2.6 2.25 5.60 1,904.9 7.1 1,623.6 7.2 281.3 9 10.2-1.3 3.1 2.25 5.60 1,853.1-0.4 1,705.6 7.5 147.5 10 10.3-1.5 3.2 2.25 5.60 1,852.9 5.6 1,542.6 7.5 310.4 11 7.7 10.0 4.1-1.4 3.0 2.25 5.60 2,020.8 12.7 1,683.3 5.3 337.5 12 9.7-1.4 2.5 2.25 5.60 2,073.7 4.1 1,821.4 8.3 252.3 2014 1-1.6 2.5 2.25 5.60 2,070.4 10.5 1,751.1 10.0 319.4 2 7.4 4.1-2.0 2.0 2.25 5.60 1,140.5-18.1 1,367.9 9.9-227.4 3 8.8-2.3 2.4 2.25 5.60 1,700.3-6.6 1,621.9-11.4 78.4 4 8.7-2.0 1.8 2.25 5.60 1,884.8 0.8 1,699.5 0.8 185.3 5 7.5 8.8 4.1-1.4 2.5 2.25 5.60 1,956.9 7.1 1,595.3-1.5 361.6 6 9.2-1.1 2.3 2.25 5.60 1,868.3 7.2 1,551.8 5.6 316.5 7 9.0-0.9 2.3 2.25 5.60 2,128.7 14.5 1,655.6-1.5 473.1 8 7.3 6.9 4.1-1.2 2.0 2.25 5.60 2,084.7 9.4 1,586.3-2.3 498.4 9 8.0-1.8 1.6 2.25 5.60 2,136.9 15.3 1,827.5 7.1 309.4 10 7.7-2.2 1.6 2.25 5.60 2,068.7 11.6 1,614.6 4.7 454.1 * 1 2 3WTO

1818 43 10 2.69% 0.28 2.64% 0.29 2. 2014 2.7% 1.8% 2014 2.2% 2.7% 2014 2.7% 1.8% 2014 2.2% 8 2%~3% 9 4.8% 20149 376 4.8% 2014 8 3.5% 2014 9 0.4% 20149 2.7% 2.1% 7.9% 9.0% 0.2% 12.2% 70.3% 15.0% 0.8% 5.4% 8.9% 0.4% 7.6% 20149 2.8% 9.1% 4.4% 9 20141 着 2014 2013 2014 9 2013 9 9

44 1818 9 6.6% 20149 6.6% 20148 3.9% 9 2013 9 20149 3.3% 8 3.2% 20149 25.7% 13.5% 20139 7.7% 4.6% 2.7% 2.1% 1.9% 1.8% 20149 3.1% 0.1% 9 4.5% 20149 4.5%6.3% 20148 6.4% 9 3,320 4.5% 9 3,278 4.6% 42 5.5% 20148 3.4% 9 3,824 6.3% 4.5% 29.1% 18.4% 16.2% 15.3% 14.2% 3.6% 20.5%2.6% 1.3% 6.4%4.5%

1818 45 * 1 2 3WTO 2-4-2 % * * (+) GDP (-) ( ) * * 2003 3.1-2.6 5.00 2,240.4 11.8 2,325.8 11.8-85.4 2004 8.7 6.9-0.4 5.00 2,594.2 15.8 2,714.6 16.7-120.4 2005 7.4 5.7 0.9 7.75 2,895.1 11.6 2,999.7 10.5-104.6 2006 7.0 2.2 4.8 2.0 7.75 3,226.6 11.5 3,357.5 11.9-130.9 2007 6.5-1.5 4.1 2.0 6.75 3,496.6 8.4 3,707.3 10.4-210.7 2008 2.1-6.7 3.5 4.3 5.00 3,706.5 6.0 3,934.4 6.1-227.9 2009-2.5-8.3 5.2 0.6 5.00 3,297.4-11.0 3,526.9-10.4-229.5 2010 6.8 3.5 4.4 2.3 5.00 4,010.2 21.6 4,420.4 25.3-410.1 2011 4.8 0.7 3.5 5.3 5.00 4,556.6 13.6 5,112.9 15.7-556.3 2012 1.5-0.8 3.3 4.1 5.00 4,933.7 8.3 5,542.2 8.4-608.6 2013 2.9 0.1 3.4 4.3 5.00 5,355.5 8.5 6,222.8 12.3-867.3 2012 12 3.2 3.8 5.00 469.4 25.4 527.3 19.6-57.9 2013 1 3.4 3.0 5.00 426.9 20.3 469.9 26.2-43.0 2 2.9 0.5 3.5 4.4 5.00 335.3-7.0 381.3-9.3-46.1 3 3.5 3.6 5.00 497.2 32.0 569.5 32.2-72.2 4 3.5 4.1 5.00 444.5 10.5 504.3 12.2-59.8 5 3.0 0.3 3.4 3.9 5.00 441.7 4.6 522.5 9.1-80.7 6 3.3 4.2 5.00 415.3 4.9 508.8 10.3-93.4 7 3.4 6.9 5.00 454.1 12.9 528.0 15.6-73.8 8 3.0-0.9 3.4 4.5 5.00 461.6 6.7 573.4 18.7-111.8 9 3.4 4.6 5.00 466.7 3.4 537.9 8.2-71.2 10 3.3 4.3 5.00 485.0 16.7 540.4 15.2-55.4 11 2.9 0.5 3.4 4.3 5.00 471.9 5.1 551.5 11.1-79.6 12 3.2 4.3 5.00 455.3-3.0 535.6 1.6-80.3 2014 1 3.2 4.6 5.00 437.1 2.4 505.8 7.6-68.7 2 2.6 2.1 3.1 3.9 5.00 328.7-2.0 414.3 8.7-85.7 3 3.1 3.9 5.00 439.3-11.7 514.6-9.6-75.3 4 3.1 3.6 5.00 408.1-8.2 483.5-4.1-75.4 5 1.8 2.2 3.1 3.7 5.00 428.1-3.1 486.4-6.9-58.3 6 3.2 3.6 5.00 426.6 2.7 486.5-4.4-59.9 7 3.3 4.1 5.00 442.9-2.5 494.9-6.3-51.9 8 2.7 3.3 3.9 5.00 442.1-4.2 478.3-16.6-36.2 9 3.3 6.6 5.00 471.3 1.0 527.2-2.0-56.0 10 3.3 5.00

46 1818 20.3% 18.5% 18.3% 15.3% 8.1% 5.5% 5.1%3.8% 9 9 6 8 3.3% 20147 9 3.3% 20146 8 20146 8 1.4% 20147 9 1.5% 20146 8 20147 9 20146 8 136,400 20147 9 132,900 3,500 54,600 57,000 2,400 20147 9 3 3.3% 9 1.

1818 47 3 10 BSI 72 2P 201410 BSI 72 2P11 BSI74 4P 2P4P 2P3P BSI10 84 3P11 87 2P BSI10 87 1P11 87 2P BSI10 84 2P11 84 5P 24.2% 18.9% 10 BSI67 3P11 BSI 67 7P BSI10 78 2P11 80 3P BSI10 79 5P11 81 5P BSI10 83 3P11 82 4P 25.5% 15.3% BSI CSI 10 ESI 92 5P 10 105 201410 CSI 105 2P CSI 91 2P CSI99 1P CSI CSI 101109 1P CSI 79 4P CSI91 6P CSI88 6P CSI 90 1P CSI88 1P CSI93 2P CSI105 CSI99 2P

48 1818 CSI135 2P CSI124 CSI117 1P 1 2.7% 1 2.7% 0.1 1 64.8% 43.9% 34.8% 9 0.9% 20149 0.9% 1.8% 9-4.4% -5.8% 6.4% 2.6% 1.9% 0.7% 3.3% 1.2 75.2% 9-1.2% -0.6% 7.9% 3.1% 0.1% -1.9% 5.6% 6.1% 2.8% 2.8% -5.7% -5.0% 3.2% -3.5% 14.0% 0.3% 1.6% 10.5% 9.1% 7.7% -9.4% -7.2% -6.6% 13.2% 12.7% 15.4%

1818 49 5.8% 3.9% 36.8% 0.2 0.6 10 40.6 201410 2,595.1 40.6 40 10 60.9% 0.4 OECD 1564 65.7% 0.5 14.9 9.2% 14.8 7.4% 14.2 3.4% 12.8 3.5% -14.6-8.3% -5.2-5.1% -4.5-3.4% 36.1 3.0% 14.7 3.0% -5.1-3.1% 1.7 0.3% -6.8-5.0% 10 85.8 13.5 3.2% 0.4 1529 8.0% 0.2 50 30 10-6.6-1.5% -5-3.4% -3.7-0.6% 11.3 55.5 2,000 42.9 26.8

50 1818 2-5-1 % * * (+) GDP (-) ( ) ( ) * * 2003 2.9 5.5 3.6 2.2 3.5 3.75 6.20 1,938.2 19.3 1,788.3 17.6 149.9 2004 4.9 10.4 3.7 6.1 3.6 3.25 5.52 2,538.4 31.0 2,244.6 25.5 293.8 2005 3.9 6.3 3.7 2.1 2.8 3.75 5.74 2,844.2 12.0 2,612.4 16.4 231.8 2006 5.2 8.4 3.4 0.9 2.2 4.50 6.19 3,254.6 14.4 3,093.8 18.4 160.8 2007 5.5 6.9 3.2 1.4 2.5 5.00 7.08 3,714.9 14.1 3,568.5 15.3 146.4 2008 2.8 3.4 3.2 8.5 4.7 3.00 6.89 4,220.1 13.6 4,352.7 22.0-132.7 2009 0.7-0.1 3.6-0.2 2.8 2.00 5.81 3,635.3-13.9 3,230.8-25.8 404.5 2010 6.5 16.3 3.7 3.8 2.9 2.50 5.40 4,663.8 28.3 4,252.1 31.6 411.7 2011 3.7 6.0 3.4 6.7 4.0 3.25 5.69 5,554.1 19.1 5,243.5 23.3 310.6 2012 2.3 1.4 3.2 0.7 2.2 2.75 4.84 5,478.7-1.4 5,195.9-0.9 282.9 2013 3.0 0.3 3.1-1.6 1.3 2.50 5,596.3 2.1 5,155.8-0.8 440.5 2012 12 0.1 3.0-1.2 1.4 2.75 4.84 448.8-6.1 430.7-5.3 18.1 2013 1 8.7 3.1-1.6 1.6 2.75 5.00 456.7 10.9 453.0 4.1 3.8 2 2.1-8.7 3.4-1.6 1.6 2.75 4.91 423.3-8.6 404.6-10.3 18.7 3-2.2 3.1-2.4 1.5 2.75 4.77 473.1 0.0 439.8-2.4 33.4 4 2.2 3.1-2.8 1.3 2.75 4.73 461.6 0.1 436.5-0.7 25.1 5 2.7-0.5 3.2-2.6 1.1 2.50 4.62 483.1 3.1 423.9-4.7 59.2 6-1.6 3.1-1.4 1.2 2.50 4.52 466.9-1.0 407.2-3.0 59.7 7 1.4 3.2-1.0 1.6 2.50 4.60 458.3 2.6 433.8 3.4 24.5 8 3.4 3.2 3.1-1.3 1.5 2.50 4.55 463.1 7.6 415.9 1.2 47.2 9-3.8 3.0-1.8 1.0 2.50 4.54 446.5-1.7 410.6-3.5 36.0 10 3.6 3.0-1.4 0.9 2.50 4.46 504.8 7.2 456.1 5.1 48.8 11 3.7-0.7 3.0-0.9 1.2 2.50 4.50 479.1 0.2 431.1-0.6 48.0 12 2.4 3.1-0.4 1.1 2.50 4.52 479.8 6.9 443.5 3.0 36.3 2014 1-4.3 3.2-0.3 1.1 2.50 4.53 455.7-0.2 447.5-1.2 8.2 2 3.9 3.9 3.9-0.9 1.0 2.50 4.45 429.1 1.4 420.5 3.9 8.6 3 2.8 3.5-0.5 1.3 2.50 4.46 490.7 3.7 455.4 3.6 35.3 4 2.5 3.7-0.3 1.5 2.50 4.42 502.7 8.9 458.7 5.1 44.0 5 3.5-2.1 3.7 0.0 1.7 2.50 4.40 475.9-1.5 425.8 0.4 50.1 6 0.5 3.6 0.1 1.7 2.50 4.40 478.3 2.4 424.2 4.2 54.1 7 4.0 3.4 0.2 1.6 2.50 4.39 482.2 5.2 458.8 5.8 23.4 8 3.2-2.8 3.5-0.2 1.4 2.25 4.18 461.4-0.4 428.5 3.0 32.9 9 1.9 3.5-0.5 1.1 2.25 4.14 475.2 6.4 443.0 7.9 32.1 10 3.5-0.7 1.2 2.00 516.4 2.3 442.6-3.0 73.8 * 1 2 3WTO

1818 51 10 0.3% 9 0.3% 10 516 443 201410 109.52010=100 0.3% 1.2% 1.1% 0.1 1.8% 0.1%1.6% 0.5% 0.7% 1.3% 0.6% 0.1% 0.8% 0.4% 0.9% 5.6%6.6% 1.8%4.6% 13.9%10.0% 2.4%10.8% 2.9% 2.5% 20149 0.3% 0.4% 1.5% 0.4% 0.1% 1.0% 3.8% 0.5%IT 0.2% 201410 2.3% 516 3.0% 443 74 11.3% 2.6% 33.5% 1.0% 6.6% -14.4% -4.0% -26.3% -13.3% 3.5% 24.9% 6.4% 9.0% 26.4% -8.7% -2.2% 5.6% 11.9% 9.6% 2.5% -17.4% -3.0% -6.1%

52 1818-18.9% 9.0% -2.8% -8.2% 9.1% 6.2% 19.9% 5.6% -21.0% -7.1% -9.2% 74 20122 33 54.9 43 31 17.6-58.7% -17-7.1-4.5 2014110 4,767 4,405 363 10 0.7% 0.9% 201410 0.7% 4.1% 0.4% 0.7% 10 0.9% 7.4% 3.8% 0.2% 2.2% 1.6% 2. 2014 2.4% 5.0% 2009 8 112% 16.9% 1 2.4% 2.4% 1.4% 1.4% 2.9% 1.2% 1.2% 15.1% 2.7% 2.4% 1.3% 4.8%

1818 53 9 1.2% EDB 3 20149 1.2% 10.3% 1.7% 0.2% 1.9% 4.1% 3.9% 2014 book to bill ratio 1 0.94 2014 10.5% 9 0.6% 9 CPI 0.6% 20132 80.9% 0.1% 8 0.5% 9 9 0.6% 80.2% 8 4.6% 9 2.4% 9 2.8%8 2.9% 1 8 2.9% 9 3.0% 2014 1.5%~2% 1%~1.5%2014 2%~3% 2%~2.5% 2015 0.5%~1.5% 2%~3%

54 1818 2-5-2 % * * (+) GDP (-) ( ) * * 2003 4.4 4.0 0.5 5.30 1,599.6 27.8 1,362.6 17.0 237.0 2004 9.5 13.9 3.4 1.7 5.30 1,986.3 24.2 1,735.8 27.4 250.5 2005 7.5 9.5 3.1 0.5 5.30 2,296.5 15.6 2,000.5 15.2 296.0 2006 8.9 11.9 2.7 1.0 5.33 2,718.1 18.4 2,387.1 19.3 331.0 2007 9.1 5.9 2.1 2.1 5.33 2,993.0 10.1 2,631.5 10.2 361.4 2008 1.8-4.2 2.3 6.6 5.38 3,381.8 13.0 3,197.8 21.5 184.0 2009-0.6-4.2 3.0 0.6 5.38 2,698.3-20.2 2,457.8-23.1 240.5 2010 15.2 29.7 2.2 2.8 5.38 3,518.7 30.4 3,107.9 26.4 410.8 2011 6.1 7.8 2.0 5.2 5.38 4,095.0 16.4 3,657.7 17.7 437.3 2012 2.5 0.3 1.9 4.6 5.38 4,083.9-0.3 3,797.2 3.8 286.7 2013 3.9 1.7 1.9 2.4 5.38 4,102.5 0.5 3,730.2-1.8 372.3 2012 12 1.6 4.3 5.38 315.1-8.5 298.5 4.5 16.6 2013 1 0.2 3.6 5.38 336.9 6.5 321.8 4.9 15.0 2 1.5-15.5 1.9 4.9 5.38 293.2-18.6 273.4-13.6 19.8 3-3.6 3.5 5.38 333.1-6.8 296.0-12.6 37.1 4 5.1 1.5 5.38 353.3 2.4 320.2 3.5 33.1 5 4.0 2.6 2.0 1.6 5.38 353.7 2.4 318.5-3.4 35.2 6-4.7 1.8 5.38 332.1-1.8 295.8-8.3 36.2 7 2.9 1.9 5.38 349.9 4.6 323.6 5.5 26.3 8 5.0 3.5 1.8 2.0 5.38 340.3 1.8 309.5 1.0 30.8 9 9.2 1.6 5.38 356.4 5.7 323.0 5.9 33.4 10 8.4 2.0 5.38 383.0 6.4 340.0 2.7 43.0 11 4.9 6.8 1.8 2.6 5.38 337.7-1.0 308.9-5.1 28.8 12 6.4 1.5 5.38 332.9 5.6 299.3 0.3 33.6 2014 1 3.9 1.4 5.35 338.8 0.6 307.8-4.4 31.0 2 4.8 13.3 2.0 0.4 5.35 318.5 8.6 284.9 4.2 33.5 3 12.4 1.2 5.35 353.5 6.1 335.6 13.4 17.9 4 5.5 2.5 5.35 367.7 4.1 334.1 4.3 33.6 5 2.4-1.7 2.0 2.7 5.35 348.4-1.5 324.3 1.8 24.1 6 0.8 1.8 5.35 347.8 4.7 300.7 1.6 47.1 7 3.0 1.2 5.35 351.4 0.4 318.5-1.6 32.9 8 4.0 1.9 0.9 5.35 343.2 0.8 288.4-6.8 54.8 9-1.2 0.6 5.35 350.9-1.5 306.8-5.0 44.1 10 5.35 347.6-9.2 314.3-7.5 33.3 * 1 2 3 4WTO

1818 55 1.9% 2014 2.0% 1.9% 2.7 9 357.7 3.6% 2 9 15.7% NSO 20149 58.4 15.7% 24.4 13.6% 9 41.8% 6 163.8% 2014 9 465.9 10% 8 1.3% NSO 20148 1.3% 0.1% 20.7% 15.4% 86.1% 7 0.2% 8 1,700 1 6.1 7 4,100 8 112% 20148 1 3 2013 1.4 112% 4,200 329.9%1.8 9.9% 5,900 2014 8 59% 27 43 8 6% BSP 20148 20.5 6% 2014 8 155.4 5.8%BSP 2014 2013229.7 5% 8 22.7 7.2% 8

56 1818 2-5-3 % * * (+) GDP (-) ( ) ( ) * * 2003 5.0-1.3 11.4 8.6 2.3 5.5 9.00 362.3 2.9 404.7 3.1-42.4 2004 6.7-2.5 11.8 12.0 4.8 8.4 9.00 396.8 9.5 440.4 8.8-43.6 2005 4.8 1.0 9.8 9.0 6.6 5.7 9.75 512.5 29.2 474.2 7.7 38.3 2006 5.2-8.5 7.9 11.2 5.5 5.0 9.75 474.1-7.5 537.5 13.3-63.4 2007 6.6-2.7 7.3-0.7 2.9 4.3 7.25 504.7 6.4 577.1 7.4-72.4 2008 4.2 0.3 7.4 4.1 8.2 6.0 8.00 490.3-2.9 602.1 4.3-111.8 2009 1.1-11.9 7.5-1.4 4.2 3.5 6.00 384.4-21.6 458.4-23.9-74.1 2010 7.6 23.2 7.3-4.9 3.8 4.0 6.00 515.0 34.0 584.7 27.5-69.7 2011 3.7 1.1 7.0 1.0 4.7 4.5 6.50 483.1-6.2 641.0 9.6-157.9 2012 6.8 7.7 7.0-0.6 3.2 3.5 5.50 521.0 7.9 585.1-8.7-64.1 2013 7.2 13.9 7.1-7.6 2.9 3.5 5.50 567.0 8.8 657.4 12.4-90.4 2012 12 10.5-4.0 3.0 3.50 5.50 39.7 16.6 56.0 13.5-16.3 2013 1 10.0 7.1-9.8 3.1 3.50 5.50 45.1 9.5 50.6-7.1-5.4 2 7.7 5.4-9.6 3.4 3.50 5.50 41.7-5.8 49.5-7.4-7.8 3-1.0-10.0 3.2 3.50 5.50 47.0 8.6 52.4-8.0-5.4 4 9.0 7.5-9.6 2.6 3.50 5.50 45.1-2.8 54.1 6.5-9.0 5 7.9 20.2-9.5 2.6 3.50 5.50 51.3 4.0 55.6-2.6-4.3 6 9.0-7.4 2.7 3.50 5.50 44.9 4.1 51.7-4.6-6.8 7 14.5 7.3-6.3 2.5 3.50 5.50 48.6 2.8 58.0 8.2-9.4 8 7.0 17.5-6.4 2.1 3.50 5.50 49.6 30.1 58.7 7.0-9.2 9 19.0-6.8 2.7 3.50 5.50 50.6 5.1 60.0 6.7-9.5 10 21.1 6.4-5.7 2.9 3.50 5.50 50.3 14.0 51.0-8.7-0.7 11 6.3 18.8-4.8 3.3 3.50 5.50 43.3 19.8 58.7 7.1-15.5 12 22.8-4.1 4.1 3.50 5.50 49.6 24.9 57.0 1.7-7.4 2014 1 4.4 7.5-1.0 4.2 3.50 5.50 43.8-3.0 62.3 23.1-18.5 2 5.6 5.9-0.8 4.1 3.50 5.50 46.6 11.6 50.2 1.4-3.6 3 0.4 0.1 3.9 3.50 5.50 52.8 12.3 57.3 9.3-4.5 4 10.9 7.0-0.1 4.1 3.50 5.50 45.7 1.3 55.9 3.3-10.2 5 6.4 12.9-1.2 4.5 3.50 5.50 54.8 6.9 52.9-4.9 2.0 6 12.7-2.4 4.4 3.50 5.50 54.5 21.3 50.5-2.4 4.0 7 8.1 6.7-1.6 4.9 3.50 5.50 54.6 12.4 57.6-0.6-3.0 8 6.6-1.4 4.9 3.75 5.75 54.7 10.5 57.5-2.1-2.8 9 3.2 0.6 4.4 4.00 6.00 10 4.3 4.00 6.00 * 1NSCB 2 3 4WTO

1818 57 172.3 6.5% 8 61.9 3 9 86.1 20149 1.7% SME 42 1,134 9 86.1 8 88.7 2 SME SME SME Mega Project 400 2~3 9 3.9% 20149 3.9%8 2.7% 9 8 60.3% 61.1% 9

58 1818 9 9 17.5% 9 3.5% 1.6% 4.5% 50.3% 41.3% 8.2% 9.1% 9 3.3% 1.1% 4.4% 9 124 11.7% 48 6.7% 7,301 7.6% 5% 9 9 23.0% 28.8% 9 9 17% 10 80.1 10 2014 1.5% 2015 4%~5% 10 80.1 9 79.2 3,600 2014 1.3%~15% 2015 4%~5%

1818 59 2015 2.3%~2.8% 3%~5% 9 3.2% 20149 2 3.2% 2014 9 199.1 3.2% 6.2% 4.5% 1.4% 49.2% 2014 9 1,704.6 0.9% 2014 3 195 9 3 183.6 0.8% 135.2 3.4% 85.3 7.0% 9 217.1 16 14.4% 9 1,719.7 10% 9 18 9 15.2 2015 10 0.8% 201410 28.9 0.8% 5.2 9 2.2 10 15 5,496 3,831 3,792 28.9 10.1 1,665 1,228 57 2,564 47

60 1818 2-5-4 % * * (+) GDP (-) ( ) ( ) * * 2003 7.1 13.1 2.2 1.8 1.03 5.75 781.1 18.2 743.5 17.4 37.6 2004 6.3 11.6 2.1 2.8 1.79 5.75 949.4 21.5 934.8 25.7 14.6 2005 4.6 9.7 1.9 4.5 3.80 6.75 1,093.6 15.2 1,176.2 25.8-82.6 2006 5.1 5.9 1.5 4.6 4.85 7.75 1,297.2 18.6 1,287.7 9.5 9.5 2007 5.0 8.4 1.4 2.2 3.20 7.10 1,538.7 18.6 1,399.7 8.7 139.0 2008 2.5 4.7 1.4 5.5 2.71 7.00 1,777.8 15.5 1,792.2 28.0-14.5 2009-2.3-7.0 1.5-0.9 1.00 6.13 1,524.2-14.3 1,337.1-25.4 187.1 2010 7.8 14.2 1.1 3.3 1.80 6.38 1,933.1 26.8 1,829.2 36.8 103.8 2011 0.1-8.5 0.7 3.8 3.15 7.50 2,225.8 15.1 2,287.9 25.1-62.1 2012 6.5 2.2 0.7 3.0 2.69 7.38 2,292.4 3.0 2,499.9 9.3-207.5 2013 2.9-3.2 0.7 2.2 2.20 7.38 2,285.0-0.3 2,504.1 0.2-219.0 2012 12 22.7 0.5 3.6 2.69 7.38 181.0 13.5 207.8 6.3-26.8 2013 1 10.1 0.7 3.4 2.70 7.38 182.7 16.1 241.8 43.4-59.1 2 5.4-1.4 0.6 3.2 2.71 7.38 179.3-5.8 199.0 7.6-19.8 3 0.8 0.7 2.7 2.70 7.38 205.8 3.6 215.4-13.6-9.5 4-3.9 0.9 2.4 2.70 7.38 174.0 3.0 218.8 9.0-44.8 5 2.9-7.5 0.8 2.3 2.68 7.38 198.3-5.3 222.9-2.8-24.6 6-3.6 0.5 2.3 2.48 7.38 191.0-3.4 209.9 2.9-19.0 7-4.9 0.9 2.0 2.47 7.38 190.6-1.5 205.9-2.5-15.3 8 2.7-2.8 0.8 1.6 2.45 7.38 204.6 3.9 207.4-1.2-2.8 9-2.9 0.7 1.4 2.46 7.38 193.0-7.1 189.8-4.5 3.2 10-4.0 0.6 1.5 2.46 7.38 193.9-0.7 211.6-5.4-17.7 11 0.6-10.7 0.7 1.9 2.46 7.38 187.6-4.1 193.1-8.6-5.6 12-6.3 0.7 1.7 2.20 7.38 184.4 1.9 188.5-9.3-4.1 2014 1-5.6 0.9 1.9 2.20 7.38 179.1-2.0 204.3-15.5-25.2 2-0.5-4.5 0.9 2.0 2.19 7.38 183.6 2.4 166.0-16.6 17.7 3-10.5 0.9 2.1 2.05 7.25 199.4-3.1 184.8-14.2 14.6 4-4.1 0.9 2.4 1.95 7.38 172.5-0.9 187.0-14.5-14.5 5 0.4-4.0 0.9 2.6 1.93 7.38 194.0-2.1 202.1-9.3-8.1 6-6.3 1.1 2.4 1.96 7.38 198.4 3.9 180.5-14.0 17.9 7-5.3 1.0 2.2 1.95 7.38 189.0-0.9 200.0-2.9-11.0 8 0.6-2.6 0.7 2.1 1.96 7.38 189.4-7.4 178.0-14.2 11.5 9-3.9 0.8 1.8 1.96 7.38 199.1 3.2 217.1 14.4-18.0 10 0.8 1.5 1.97 7.38 * 1 2 3 4WTO

1818 61 4 2014 5.7% MIER 2014 2014 6.3% 2014 5.7% 5.3% 2015 GDP 5.5%~6% 2014/2015 2014 5.5%~6%2015 5%~6% 9 5.4% 20149 5.4% 7.1% 6.2% 4.7% 5.1% 9.7% 7.8% 6.2% 8 9 0.2% 0.2% 0.9%1.9% 9 5.1% 2 6.2%4.7% 2014 9 4.1% 6.5% 5.1% 0.8% 9 4.1% 20149 554 ( 166.5 ) 4.1% 8 0.6% 138 65 43.2% 26.1% 13.3% 8.6% 4.9% 2014 9 4,907 7.0% 9 103.2 1.6% 0.2%9 28.1 2.7% 1.3% 2014 9 256.2 6.5%

62 1818 * 1 2 3WTO 2-5-5 % * * (+) GDP (-) ( ) * * 2003 9.2 6.00 1,047.1 11.3 833.0 4.4 214.1 2004 11.3 5.98 1,266.5 21.0 1,051.7 26.3 214.8 2005 3.6 6.20 1,416.3 11.8 1,143.2 8.7 273.1 2006 5.6 4.8 3.6 6.72 1,607.5 13.5 1,304.4 14.1 303.1 2007 6.3 2.3 2.0 6.72 1,759.7 9.5 1,461.7 12.1 298.0 2008 4.8 0.8 5.4 6.48 1,994.1 13.3 1,563.5 7.0 430.7 2009-1.5-7.6 3.6 0.6 5.51 1,572.4-21.1 1,237.6-20.8 334.9 2010 7.2 0.1 3.2 1.7 6.27 1,986.1 26.3 1,646.2 33.0 339.9 2011 5.2 2.4 3.1 3.2 6.53 2,280.9 14.8 1,874.7 13.9 406.1 2012 5.6 4.2 3.0 1.7 6.53 2,275.4-0.2 1,963.9 4.8 311.5 2013 4.7 3.4 3.1 2.1 6.53 2,283.3 0.3 2,059.0 4.8 224.3 2012 12 3.5 3.2 1.2 6.53 188.1-2.1 160.4-3.3 27.7 2013 1 3.4 3.3 1.3 6.53 187.8 6.1 176.8 18.9 11.0 2 4.2-4.4 3.0 1.5 6.53 169.5-10.0 142.9-6.7 26.6 3 0.9 3.3 1.6 6.53 193.2-5.1 177.3 5.2 15.9 4 6.3 3.0 1.7 6.53 183.1-3.1 179.6 9.5 3.5 5 4.5 5.8 3.3 1.8 6.53 184.5-2.9 175.4 0.5 9.1 6 3.7 2.8 1.8 6.53 179.9-6.3 166.5 2.2 13.4 7 10.8 3.0 2.0 6.53 190.0 3.7 181.4 5.4 8.7 8 5.0 3.7 3.1 1.9 6.53 191.4 7.2 170.0 8.4 21.4 9 2.2 3.1 2.6 6.53 194.7 0.1 168.0-2.6 26.7 10 2.1 3.3 2.8 6.53 211.4 5.6 184.2 9.0 27.2 11 5.1 1.4 3.4 2.9 6.53 195.0 2.3 164.1 1.6 30.9 12 5.2 3.0 3.2 6.53 202.9 7.8 172.8 7.7 30.1 2014 1 3.1 3.3 3.4 6.53 193.6 3.1 174.4-1.4 19.2 2 6.2 6.7 3.2 3.5 6.53 178.1 5.1 146.5 2.6 31.5 3 4.3 3.0 3.5 6.53 197.9 2.4 168.9-4.8 29.0 4 4.7 2.9 3.4 6.53 203.3 11.1 176.5-1.7 26.8 5 6.5 5.9 2.9 3.2 6.53 200.8 8.8 183.3 4.5 17.5 6 6.9 2.8 3.3 6.53 190.2 5.7 177.5 6.6 12.8 7 0.6 2.8 3.2 6.78 191.9 1.0 180.5-0.5 11.4 8 5.6 6.5 2.7 3.3 6.79 201.0 5.0 188.8 11.1 12.2 9 5.4 2.6 6.79 200.5 3.0 171.5 2.1 29.0 10

1818 63 9 2.6% 20149 2.6% 9 2.6% 9 14.8% 4.8% 3.4% 3.2% 2.4% 3.4% 1.9% 0.9% 0.7% 0.5% 0.8% 0.3% 2014 9 110.1 3.3% 9 2.0% 20149 645.2 ( 192.8 ) 2.0% 551.9 1.1% 93.3 7.4% 9 2.0% 56.3% 17.5% 17.0% 16.2% 8.7% 2.2% 14.1%8.4%7.3%1.8% 17.8% 10.4%5.3%3.5%2.4% 34.0% 9.0%8%4% 9 20137 16 2.0% 2.7% 2 21.9% 8.4% 9 4.2% 16.2% 9 229.6 35.6% 51.5 50.4 46.7 41.5 29.5 23.6 20.0

64 1818 17.8 14.7 89.8 80.1 65.2 56.7 35.4 (32.6 ) 9 165.3 57.3 51.1 5 97.6 (66.5 ) 44.9 (39.1 ) 31.3 2014 9 1.1 7.1% 5,696.6 8.6% 5,080 5.5% 616.4 43.3% 5 5.0% BPS 2014 5.0% 2009 2014 2013 5.4%4% 0.7% 5.0% 4.9% 2014 5.1%~5.5% 10 4.8% BPS 201410 4.8% 9 4.5% 9 3.9% BPS 20149 308.2 2.0% 152.8 3.9% 155.5 0.2% 2.7 2014 9 2,670.8 2.6% 1,327.1 0.9% 1,343.8 4.3% 16.7 16.9% BKPM 2014 119.9 ( 100 ) 78.3

1818 65 2-5-6 % * * (+) GDP (-) ( ) * * 2003 4.8 5.5 9.5 15.07 610.6 6.8 325.5 4.0 285.1 2004 5.0 3.3 9.9 13.41 715.8 17.2 465.2 42.9 250.6 2005 5.7 1.3 11.2 16.23 856.6 19.7 577.0 24.0 279.6 2006 5.5-1.6 10.3 15.07 1,035.3 20.9 806.6 39.8 228.7 2007 6.3 5.6 9.1 13.00 1,180.1 14.0 931.0 15.4 249.1 2008 6.0 3.0 8.4 9.8 15.22 1,396.1 18.3 1,276.0 37.1 120.0 2009 4.6 1.3 7.9-20.9 13.69 1,196.5-14.3 945.5-25.9 251.0 2010 6.2 4.4 7.1 5.1 12.83 1,577.8 31.9 1,356.6 43.5 221.2 2011 6.5 4.1 6.6 5.3 12.16 2,035.0 29.0 1,774.4 30.8 260.6 2012 6.3 4.1 6.1 4.0 11.49 1,900.3-6.6 1,916.9 8.0-16.6 2013 5.8 6.0 6.3 6.4 12.12 1,825.5-3.9 1,866.3-2.6-40.8 2012 12 10.9 3.7 11.49 153.9-9.9 155.8-5.4-1.9 2013 1 10.9 3.8 11.49 153.8-1.2 154.5 6.2-0.7 2 6.0 6.3 5.9 4.6 11.45 150.2-4.3 153.1 3.0-3.0 3 9.9 5.0 11.44 150.2-12.9 148.9-8.8 1.4 4 10.4 4.9 11.44 147.6-8.7 164.6-2.8-17.0 5 5.8 6.9 4.9 11.46 161.3-4.1 166.6-2.2-5.3 6 3.2 5.4 11.41 147.6-4.4 156.4-6.5-8.8 7 3.5 8.0 11.66 150.9-6.2 174.2 6.5-23.3 8 5.6 12.5 6.2 8.2 11.63 130.8-6.9 130.1-5.8 0.7 9 6.2 7.9 11.80 147.1-7.5 155.1 1.1-8.0 10-0.1 7.9 11.93 157.0 2.4 156.7-8.9 0.2 11 5.7 1.8 8.1 12.06 159.4-2.3 151.5-10.5 7.9 12 2.8 8.1 12.12 169.7 10.2 154.6-0.8 15.1 2014 1 3.0 8.2 12.23 144.7-5.9 149.2-3.5-4.4 2 5.2 3.8 5.7 7.7 12.33 146.3-2.5 137.9-9.9 8.4 3 3.7 7.3 12.37 151.9 1.1 145.2-2.4 6.7 4 2.7 7.3 12.38 142.9-3.2 162.5-1.3-19.6 5 5.1 3.8 7.3 12.63 148.2-8.1 147.7-11.3 0.5 6 6.1 6.7 12.63 154.1 4.4 157.0 0.4-2.9 7 1.3 4.5 12.70 141.2-6.4 140.8-19.1 0.4 8 5.0 6.4 5.9 4.0 12.54 144.8 10.7 147.9 13.7-3.1 9 10.9 4.5 12.57 152.8 3.9 155.5 0.2-2.7 10 4.8 * 1 2 3WTO

66 1818 ( 64 ) 2013 16.9% DDI 41.6 2013 24.2% 2014 11 79 14.8 14.3 10 4.98 2014 342 2014 456 15% BKPM 2015 2014 18% 20141017 1114 1 20141017 1114 14.50 1,142.001,250.25 1114 1,169.00 1017 11 14 1 20141017 1114 1 106.72 116.52 106.70116.52 1 116.52 0.6387 0.6189 0.6387 1 0.7840 0.8004 0.78230.8055 9 0.1% 1.7%8 0.5% 4.8% 1018 1.7

1818 67 1022 28.3 10 56.29 0.2%10 94.5 GDP 3.5%10 PMI 66.210 21.4 5.9% 5.8% 8 9 1.3% 0.5% 20141 1030 4 80 7,260

68 1818 2% 1112 20174 GDP 1.6% 12 8 192 8 189 10 50.7 52.4 10 3 1110 10 64.2 61.4 9 0.3% 2.7% GDP 0.7% 2015 1113 10 3 20135 1029 0~0.25% 20141 850 750 Fed130 319 51 6 18 730 0% 0.25% 100

1818 69 1022 1.00% Fed1029 11 50 0 100 0 Fed FOMC Fed Bank of Canada1022 1.00% 0.75% 1.25% 10 2014 GDP 0.1 2.3% 2.2%2014 2.3% 2015 2.4% 2016 2.3% 2014 2.0% 2.2% 2015 0.4 1.6% 0.05% 0.5% 3.50% 2.50% 2.00% 7.75% 2.00% 0.1% 116 18 0.05% 0.30%-0.20% Mario Draghi 10 covered bond ABS 2 20166 2012 2014 GDP 0.1% 2016 116 0.5% 3,750 1% RBNZ1030 3.50%

70 1818 RBA11 4 2.50% 15 2%-3% 2014 115 1 2% GDP 1.1% 1.8% GDP 1.5%4.8% 108 7.75% 5.75% 1118 30% 0.5 8.0% 5.75% 2015 3%-5% 5.4%-5.8% 1113 2.00% 2% 1119 0~0.1% 80 Takahide Kiuchi 2% 81

1818 71 1017 1114 14.50 1,142.00 1,250.25 1114 1,169.00 20141017 1,234.25 1022 106 10 115 1114 1,169.00 65.25 1030 11

72 1818 10 1031 115 10 EIA1112 Short-Term Energy Outlook EIA 2014 40 2015 40 EIA2015 20 9,290 20 9,250 2015 EIA 201410 (1) 9OPEC (2) 11 (3) IMF (4) EIA 2014 2015 (5) 9 10 (6) OPEC 80 (7) IEA 2015 IEA2014 20 70 2015 30 110 (8)

1818 73 11 GDP 2008/09 (9) 1127 OPEC OPEC2015 3,000 OPEC OPEC (10) OPEC9 970 8 960 (11) Fed Fed Fed (12) OPEC OPEC2020 (13) 10 OPEC 12 OPEC 3,000 72 OPEC 201411 (1) (2) 7 2 (3) (4) OPEC (5) OPCE 2018 5.0% (6) OPEC 1127 (7) 11 27 OPEC EI 201411 OMI OPEC 1 2015 190 OPEC 11

74 1818 OPEC 2015 OPEC Brent 2013 OPEC OPEC 1960 OPEC 5 30.0% OPEC 10 OPEC 6 3,000 47.8 2011 12 OPEC 2015 2,840 OPEC 50 OPEC 160 2014 80 OPEC 2,920 OPEC OPEC OPEC OPEC

1818 75 10 OPEC OPEC 10 OPEC 88.5 1970 900 35.9 20.7 20.6 OPECOPEC OPEC 10 10 6.1 10 10 2.8 9 8 9 OECD 100 9,213 9,317 45 20 30 8OECD 4 9 44 10 15.4 OECD OECD 10 30 OECD 28 10 9 2014 12 70 11 12

76 1818 4-1 OPEC * % 2007 69.03 72.51 72.27 68.42 2008 93.27 96.99 99.67 93.61 2009 61.00 61.48 61.64 61.68 2010 77.38 79.53 79.41 78.14 2011 107.44 111.33 95.08 106.18 2012 109.50 111.67 94.19 109.09 2013 105.94 108.74 97.88 105.56 201310 106.69 109.20 100.43 106.69 11 104.97 108.02 93.79 106.07 12 107.67 110.83 97.81 107.79 201401 104.71 108.28 94.87 103.96 02 105.38 108.91 100.75 105.05 03 104.15 107.50 100.53 104.38 04 104.40 108.22 102.07 104.57 05 105.44 110.22 102.18 105.52 06 107.83 112.27 105.79 107.81 07 105.61 106.73 103.59 106.11 08 100.75 101.51 96.54 101.80 09 95.98 97.02 93.21 96.59 10 84.82 87.96 84.37 87.43 201410 % -11.63-9.34-9.48-9.48 201410 % -20.50-19.45-15.99-18.05 *Saharan Blend Minas Iran Heavy Basra Light Kuwait Export Es Sider Bonny Light Qatar Marine ArabLight Murban BCF17 11 Energy Intelligence Group,Oil Market Intelligence, November 2014. 4-1 130.00 125.00 120.00 OPEC 115.00 110.00 105.00 100.00 95.00 90.00 85.00 80.00 75.00 70.00 65.00 10/2012 02/2013 06/2013 10/2013 02/2014 06/2014 10/2014 /

1818 77 4-2 / 2014 2013 2013 2013 2014 8 9 10 10 OECD 45.6 45.9 45.9 46.4 46.3 46.1 45.9 OECD 47.7 47.2 47.2 46.6 46.6 46.2 47.6 93.3 93.2 93.1 93.0 92.9 92.2 93.4 OPEC 30.4 30.5 30.5 29.7 30.5 30.3 30.4 OPEC6.5 6.6 6.6 6.3 6.3 6.3 6.6 OPEC 54.5 55.0 55.9 53.3 52.6 52.7 54.5 2.3 2.3 2.3 2.2 2.2 2.2 2.3 93.8 94.4 95.3 91.4 91.6 91.5 93.7 0.4 1.3 2.2-1.5-1.3-0.8 0.2 OECD 2,709 2,721 2,718 2,663 5,097 5,165 5,215 4,978 4-1 4-3 / 2014 8 9 10 a 1OPEC 9,447 9,554 9,560 12,225 9,080 2,575 2,567 2,560 3,500 3,360 3,050 3,431 3,445 3,750 3,445 2,730 2,750 2,720 2,750 2,492 2,911 2,812 2,691 2,950 2,379 734 690 680 735 774 300 300 260 400 na 2,359 2,381 2,373 2,650 2,233 2,113 1,791 1,850 2,350 1,964 734 768 903 1,650 903 1,202 1,183 1,175 1,225 1,172 1,714 1,750 1,704 1,900 1,734 561 551 557 565 464 OPEC 30,430 30,529 30,478 36,650 30,000 OPEC 6,375 6,415 6,427 OPEC 36,970 37,114 37,086 2 OPEC 8,616 8,949 9,125 3,331 3,436 3,540 2,415 2,390 2,394 2,326 2,359 2,420 1,509 1,465 1,543 10,402 10,489 10,602 1,394 1,345 1,388 4,116 4,152 4,123 789 775 782 768 762 765 18,858 18,921 19,258 OPEC 54,524 55,043 55,940 91,494 92,157 93,026 a. 30 3 b. 2007111 OPEC 20061020 120 / 200721 2007111 2008910 20081231 OPEC c.na 4-1

78 1818 10 6 30.0% 201410 RJ/CRBBCOM Reuters 271.96117.742,410.93-2.37%-0.80%1.82% 10 (1) Bank of America Merrill Lynch 2015 1,100 (2) Metals Focus 2104 4.0%1,465 2013 Kibali Aykem Tropicana 21 Metals Focus 2015 (3) Titan Co. Ltd 2014 (4) 20145 9 5 21 (5) Arun Jaitley 1023 (6)

1818 79 The Silver Institute 10 10 2006 8.6 (7) Fed10 FOMC 16.33-1.32% 1,222.49 1.30-7.03% 102.60-7.53% 63.50 7.54% (1) 201410 20153 2.7% 2.8% (2) 20149 51.0%5,441.6 4 2013 8 (3) (4) ANZ 10 10 3 4 (5) Freeport-McMoRan Inc. Newmont Mining Corporation 25.0% 7.5%(6) Norilsk 2015 3 2013 10.0%(7) ICSG 2015 30.7 2015 39.3 (8) Bank of America Merrill Lynch

80 1818 300 LME (9) Cochilco 2015 (10) Vale SA PT Vale Indonesia Nico Kanter 5 20.0% (11) INSG 2015 1,970 1,950 (12) Goldman 2015 6 LME (13) Caterpillar Inc. 2014 10.0% 28.0% (14) Capital Economics 2015 (15) 400 (16) Freeport- McMoRan Inc. Grasberg 1013 27 12.77% 15,770.4 5.75% 19,909.1 3.97% 2,038.1 2.73% 1,938.2 1.94% 6,739.2 0.93% 2,272.7