Abstract IMF Christine Lagarde G20 OECD Angel Gurria OECD Entrepreneurship at a Glance 2012 start-up rate ADB WWF Ecological Footprint and Inve

ISSN 1019-2441 1757 501 http://www.cepd.gov.tw( ) 101621 ( ) 2011 0.4%1.3% 1.8% 3.0% 2012 1.9% GDP 2011 2012 2012

2 1757 Abstract IMF Christine Lagarde G20 OECD Angel Gurria OECD Entrepreneurship at a Glance 2012 start-up rate ADB WWF Ecological Footprint and Investment in Natural Capital in Asia and the Pacific The global economy is still rocked by turmoil, with uncertain prospects for growth and jobs. The planet is warming rapidly, with unknown and possibly dire consequences down the line. Across too many societies, the gap between the haves and have-nots is getting wider and strains are getting fiercer, IMF Managing Director Christine Lagarde said. Europe s leaders came under severe pressure from the rest of the world at the G20 summit to act decisively to resolve the eurozone crisis. Angel Gurría, Secretary-General of the OECD, accused the eurozone of not using its existing tools to the fullest. The fire is in Europe right now and it is affecting the system as a whole. It is no longer just a European issue, he said. Start-up rates in most countries are slowly bouncing back toward their pre-crisis levels, but not all countries have seen significant acceleration in new businesses, according to a new OECD Entrepreneurship at a Glance 2012report. Asia and the Pacific is consuming more resources than its ecosystems can sustain, threatening the future of the region s beleaguered forests, rivers, and oceans as well as the livelihoods of those who depend on them, according to the joint ADB-WWF study, Ecological Footprint and Investment in Natural Capital in Asia and the Pacific.

1753 3 5 OPEC 13 1. 91 5. 110 G20 2. 94 6. 115 7. 117 3. 104 ADB OECD 4. 106

4 1757 8. 120 9. 122 10. 130 BEXCO 2 PPP 21 60 11 138 139 140

1757 5 2008 2008 4.0% 1.4%2009 2.2% 2010 4.2% 2009 2010 2011 2.7% 2012 2.5% 2011 annual rate 0.4%1.3% 1 1.8%3.0% 2012 1.9% GDP 2011 Carnes & Slifer1991 17 6 1980 2009 1990

6 1757 1 (%) (%)* ( ) ( ) ( ) (%)* 2009 1 9.6 35.5 43.2 142,187 12,049 7.8 2-6.7 1.3 9.1 35.7 42.1 141,660 12,860 8.3 3 9.7 36.4 41.2 140,754 13,389 8.7 4 9.2 40.4 43.9 140,654 13,796 8.9 5-0.7 8.3 9.8 43.2 44.5 140,294 14,505 9.4 6 9.7 45.3 46.3 140,003 14,727 9.5 7 11.2 49.1 46.7 139,891 14,646 9.5 8 1.7 6.4 14.0 52.8 48.2 139,458 14,861 9.6 9 9.2 52.4 50.1 138,775 15,012 9.8 10 10.5 55.2 50.1 138,401 15,421 10.0 11 3.8 5.3 10.9 53.7 48.4 138,607 15,227 9.9 12 11.3 54.9 49.8 137,968 15,124 9.9 2010 1 10.8 58.4 50.5 138,500 14,953 9.7 2 3.9 4.5 10.5 56.5 53.0 138,665 15,039 9.8 3 11.7 59.6 55.4 138,836 15,128 9.8 4 11.3 60.4 55.4 139,306 15,221 9.9 5 3.8 1.2 11.6 59.7 55.4 139,340 14,876 9.6 6 11.2 56.0 54.0 139,137 14,517 9.4 7 11.5 55.7 54.5 139,139 14,609 9.5 8 2.5 1.8 11.5 57.4 52.4 139,338 14,735 9.6 9 11.8 56.4 53.5 139,344 14,574 9.5 10 12.3 57.0 55.0 139,072 14,636 9.5 11 2.3 1.8 12.3 58.0 55.9 138,937 15,104 9.8 12 12.5 57.3 57.2 139,220 14,393 9.4 2011 1 12.6 59.9 58.3 139,330 13,919 9.1 2 0.4-1.0 13.3 59.8 59.0 139,551 13,751 9.0 3 13.0 59.7 56.3 139,764 13,628 8.9 4 13.1 59.7 54.4 139,628 13,792 9.0 5 1.3-0.3 11.7 54.2 54.5 139,808 13,892 9.0 6 11.5 55.8 53.3 139,385 14,024 9.1 7 12.2 51.4 53.4 139,450 13,908 9.1 8 1.8 1.8 12.1 52.5 53.8 139,754 13,920 9.1 9 13.1 52.5 52.6 140,107 13,897 9.0 10 13.3 51.8 52.6 140,297 13,759 8.9 11 3.0 1.2 13.6 52.2 52.6 140,614 13,323 8.7 12 13.6 53.1 53.0 140,790 13,097 8.5 2012 1 14.2 54.1 56.8 141,637 12,758 8.3 2 1.9-0.9 15.1 52.4 57.3 142,065 12,806 8.3 3 14.4 53.4 56.0 142,034 12,673 8.2 4 14.4 54.8 53.5 141,865 12,500 8.1 5 13.8 53.5 53.7 142,287 12,720 8.2 *

1757 7 1 () ( ) ( ) ( ) (%) (%) (%) (%) 2009 1-2.2-2.4 490 545 0.3 0.9 2-0.6-0.6 582 558 0.4-0.3 3-1.7-1.7 505 513-0.1-0.9 4-0.9-0.9 478 521 0.1 0.5 5-1.1-0.9 540 556 0.1 0.1 6-0.4-0.4 585 601 0.8 1.9 7 1.0 1.0 594 595 0-1.2 8 1.0 1.2 586 616 0.4 1.6 9 0.6 0.9 585 609 0.2-0.2 10 0.2 0.3 534 583 0.3 0.4 11 0.4 0.6 588 623 0.3 1.3 12 0.5 0.7 581 664 0.1 0.4 2010 1 1.0 1.1 614 636 345 0.1 1.0 2 0.4 0.7 604 650 336 0.0-0.6 3 0.6 0.8 636 687 381 0.0 0.5 4 0.4 0.7 687 637 422 0.0-0.1 5 1.6 1.8 583 575 280-0.1-0.2 6 0.2 0.3 536 587 305 0.0-0.2 7 0.7 0.8 546 579 283 0.2 0.2 8 0.2 0.4 599 580 282 0.2 0.7 9 0.4 0.5 594 563 317 0.1 0.4 10-0.4-0.4 543 558 291 0.3 0.8 11 0.3 0.4 545 560 287 0.2 0.4 12 1.1 1.1 539 632 326 0.4 0.9 2011 1 0.1 0.1 632 566 308 0.3 0.8 2-0.2-0.3 518 536 273 0.4 1.1 3 0.8 0.8 600 590 301 0.5 0.5 4-0.5-0.5 552 578 312 0.4 0.7 5 0.3 0.3 551 624 308 0.3 0.1 6 0.1 0.0 615 633 304 0.1 0.1 7 0.9 0.9 614 627 297 0.3 0.5 8 0.3 0.1 581 645 292 0.3 0.2 9 0.2 0.1 647 616 306 0.3 0.9 10 0.6 0.5 630 667 314 0.0-0.3 11 0.2 0.1 708 709 327 0.1 0.1 12 0.9 0.8 697 701 339 0.0-0.1 2012 1 0.6 0.5 720 684 339 0.2 0.3 2 0.4 0.4 718 707 358 0.4 0.3 3-0.5-0.6 706 769 332 0.3 0.0 4 1.0 0.9 744 723 343 0.0-0.2 5-0.1-0.3 708 780-0.3-1.0

8 1757 1990 1 2011 2012 0.9%

1757 9 1 2009 1,000 2011 2011 20122 1,510 PMI ISM PMI 50 50 50 PMI PMI GDP 50 41.9 PMI PMI ISM PMI PMI 1 PMI 2009

10 1757 20104 PMI 60.4 2011 50 PMI 2011 PMI 2011 PMI 2012 2011 PMI 2011 GDP GDP GDP 5 PMI GDP coincident 1 2010 2009121.38 20119 1.40 20125 1.42 200910 10.0% 20124 8.1%

1757 11 GDP 1 2011 20115 20122 20123 6 10% GDP 1 2009 2011 2011 2012 20124 74.4 5 70.8

12 1757 1 2009 2011 2012 2011 2012 2012 2012620 Fed 20126 4,000 2012 6 30 3 10 0.85 Fed Fed 1. 2009 2. 1995 Carnes W. S. & S. D. Slifer1991The Atlas of Economic IndicatorsHapper & Row, Publishers, New York

1757 13 2012 3.2%2013 3.8% EIU 20126 10 2010 2012 2012 3.2%2013 3.8% 2 3 5 Brent 126 115 20% 200 2012 2.9% 2011 4 11.5 8.0% 2012 2.2% 2012 0.7% 2012 1.5%

14 1757 2012 1 1.29 2012 1 86 414 2007 0.5% 1% 2012 1 6.27 2013 2016 1.7% 20119 10% 2012 4 4 EIU 2012 1.3% 2013 2012 OPEC 6.6% OPEC 1.3%2012 112.5 2012 2.2%2013 2.1% 2011 3.0% 2012 2.2% 2011 2012 2.2%2013 2.1%

1757 15 GDP 2009 99% 2011 86% 2006 30% 2006 657% 2011 499% 201111 40 2006 30 4 11.5 8.0% 6 9 2011 400 0.25% 2014 2012 1 1.29 1 86 1 6.27 2012 0.7%2013 0.5% 2011 0.3% 2012 2012 0.7% 2013 0.5% 0.1% 1.5%2.2% IMF 56 6 EIU 50%

16 1757 2011 GDP8.5% 2012 5.5% 2.0% 2012 2013 1.0% 2014 2016 2.5% 2012 1.5%2013 1.3% 20113 0.7%2012 2012 1.5% 2013 1.3% 2013 2016 1.3% 1824 2014 2015 201110 1 75.7 20123 1 83.7 2012 1 86 2012 0.3% 2012 6.1%2013 6.7% 2016

1757 17 2012 6.1%2013 6.7% 2012 2011 201111 1 3.5% 2 12%3 5.8% 2012 25% 8.6% 14% 1.8% 3 5%4 2012 2012 8.3% 2011 6.5% 4 3.4% 2012 4.0% 3.7% 2012/13 7.0% 2012 2016 5.6% 2016 2012 3.8% 2013 4.3% 2010 2011 4.3% 2012 3.8% 2013 OECD

18 1757 1 % 2009 2010 2011 2012 2013 GDP -0.8 5.1 3.7 3.2 3.8-2.4 4.0 2.5 2.2 2.7-3.5 3.0 1.7 2.2 2.1-2.8 3.2 2.5 2.0 2.1-5.5 4.5-0.7 1.5 1.3-4.3 1.9 1.5-0.7 0.5 27-4.3 2.0 1.6-0.4 0.8-5.7 3.4 3.8 2.4 3.3 a -2.7 2.6 3.1 1.2 2.7 5.0 8.4 6.4 6.1 6.7 1.2 7.9 4.7 4.9 5.5-2.0 6.0 4.3 3.8 4.3 1.5 4.2 3.2 4.0 4.2 b 1.2 4.4 4.4 4.0 4.9 a b The Economic Intelligence Unit Ltd, EIU Country Forecast, June, 2012. 2012 4.0% 2013 4.2% 4.3% 14.3% 2012 3.4% 2014 2016 4.0% 2011 4.0% 2006 2012 3.4% 2011 2012 GCC 2012 4.0%2013 4.2%

1757 19 2012 2016 5.0% 2012 2016 7.0% 5 0.1%8.2% 2012 GDP 2.2% 1.9% 0.3% GDP 1.9% 2012 GDP 1.9% 2.2% 2011 3.0% GDP 1.12% 0.47% GDP -0.03% 2.4% 1.1% 2.3% 1.2% GDP / +2.7% +14.3% +2.3% +1.9% +19.4% +7.2% +6.1% -5.9% -8.3% -0.8% -2.5% +0.21% GDP +1.7% GDP+1.3%

20 1757 GDP 3.6% 1,346 154,540 GDI +2.7% 5 CPI-U 0.3% 5 CPI-U 0.3% 6.8% 4.3% CPI-U 0.2% 12 CPI-U 1.7% 20119 3.9% CPI-U -3.9% 200910 2.8% CPI-U 2.3% 5 CPI-U 0% -0.1% +0.2% -4.3% -6.4% -0.7% +0.2% +0.2% +1.0% +0.4% 0% +0.2% +0.2% +0.3% +0.5% CPI-W 1.6% 226.601982~84=100 5 0.1 8.2% 5 6.9 0.1% 8.2% 1,270 4 7.8% 7.4% 11.0% 24.1% 7.4% 13.6% 5.2%4 27 510 540 42.8% 0.2%63.8% / 58.6% 810 240 4 12 83.0 5 / +3.3 +2 +1.6 +1.2-2.8 5 23.41 0.2%

1757 21 * 1 2 3 4 5WTO 2-1 % * * * (+) GDP (-) ( ) ( ) * * 2001 1.1-3.4 4.7 1.9 2.8 3.25 4.75 7,311.9-6.8 11,524.7-6.3-4,212.8 2002 1.8 0.2 5.8-1.3 1.6 2.25 4.25 6,974.4-4.6 11,719.3 1.7-4,744.9 2003 2.5 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 3.5 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 3.1 3.3 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 1.9 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 2008-0.3-3.5 5.8 6.4 3.8 0.50 3.25 12,874.4 12.1 21,694.9 7.4-8,820.4 2009-3.5-11.4 9.3-2.5-0.3 0.50 3.25 10,560.4-18.0 16,053.0-26.0-5,492.5 2010 3.0 5.4 9.6 4.2 1.6 0.75 3.25 12,782.6 21.0 19,691.8 22.7-6,909.2 2011 1.7 4.1 9.0 6.0 3.1 0.75 3.25 14,804.3 15.8 22,658.9 15.1-7,854.6 2010 7 7.8 9.5 4.1 1.4 0.75 3.25 1,040.6 21.5 1,690.2 21.3-649.6 8 3.5 7.0 9.6 3.3 1.2 0.75 3.25 1,068.5 22.4 1,763.2 30.8-694.7 9 6.7 9.5 3.9 1.1 0.75 3.25 1,076.4 17.7 1,721.9 18.9-645.5 10 6.1 9.5 4.3 1.2 0.75 3.25 1,171.0 17.1 1,752.4 16.1-581.3 11 3.1 6.0 9.8 3.3 1.1 0.75 3.25 1,130.5 19.5 1,735.4 18.0-604.9 12 6.7 9.4 3.9 1.4 0.75 3.25 1,174.8 18.2 1,708.3 13.9-533.5 2011 1 5.8 9.1 3.6 1.6 0.75 3.25 1,101.8 19.0 1,717.8 22.2-616.0 2 2.2 5.2 9.0 5.4 2.1 0.75 3.25 1,096.5 16.8 1,605.5 16.6-509.1 3 5.3 8.9 5.5 2.6 0.75 3.25 1,317.3 19.2 1,908.1 17.7-590.9 4 4.4 9.0 6.3 3.1 0.75 3.25 1,239.6 21.0 1,830.4 16.1-590.8 5 1.6 3.2 9.0 6.6 3.4 0.75 3.25 1,241.1 17.7 1,939.4 20.7-698.4 6 3.1 9.1 6.8 3.5 0.75 3.25 1,230.4 14.8 1,966.1 13.4-735.7 7 3.4 9.1 7.2 3.6 0.75 3.25 1,202.4 15.6 1,922.3 13.7-719.9 8 1.5 3.4 9.1 6.6 3.8 0.75 3.25 1,266.3 18.5 2,014.8 14.3-748.4 9 3.2 9.0 7.2 3.9 0.75 3.25 1,271.1 18.1 1,944.7 12.9-673.6 10 4.2 8.9 6.0 3.6 0.75 3.25 1,310.6 11.9 1,967.8 12.3-657.2 11 1.6 4.1 8.7 5.7 3.5 0.75 3.25 1,259.0 11.4 1,950.9 12.4-691.9 12 3.8 8.5 4.7 3.0 0.75 3.25 1,268.4 8.0 1,891.2 10.7-622.8 2012 1 4.4 8.3 4.2 2.9 0.75 3.25 1,182.1 7.3 1,882.9 9.6-700.8 2 2.0 5.1 8.3 3.4 2.9 0.75 3.25 1,234.3 12.6 1,761.1 9.7-526.8 3 3.6 8.2 2.8 2.6 0.75 3.25 1,399.6 6.3 2,023.1 6.0-623.5 4 5.1 8.1 1.9 2.3 0.75 3.25 1,274.1 2.8 1,943.0 6.2-668.9 5 4.7 8.2 0.8 1.7 0.75 3.25

22 1757 4 25 501 4 1,829 2,330 501 25 41 15 4 1,307 15 1,955 41 522 1 375 1 4 / -15-10 -6 +7 +4 +2 / -20-6 -5-5 -4 4 +33 +20 +7 +2-246 -115-87 -63-54 -46-33 -19-19 -18-17 -13 4 237 303 67 68 2012 GDP 0.2 4 GDP 1.0% 2012 GDP 1.2% 4.7% GDP 1.0 0.1 2011 1.2% 0.7% 3.8% 1.5% 2.1% 3.0% 1.9%2012 GDP 1.2%GDP 1.3%

1757 23 * 1 2 3 4 5 6WTO 2-2 % * * * (+) GDP (-) ( ) ( ) * * 2001 0.4 5.0-2.3-0.8 0.10 1.38 4,032.4-15.9 3,492.0-8.0 540.4 2002 0.3 5.4-2.1-0.9 0.10 1.38 4,167.3 3.3 3,376.0-3.3 791.3 2003 1.7 5.2-0.8-0.2 0.10 1.38 4,718.2 13.2 3,933.0 16.5 785.2 2004 2.4 4.8 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 1.7-0.3 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 1.7 0.1 0.75 1.88 7,142.1 10.4 6,221.4 7.4 920.8 2008-1.0-3.3 4.0 4.6 1.4 0.30 1.68 7,820.5 9.5 7,625.9 22.6 194.6 2009-5.5-21.9 5.1-5.3-1.3 0.30 1.48 5,807.2-25.7 5,519.6-27.6 287.6 2010 4.4 16.5 5.1-0.1-0.7 0.30 1.48 7,697.7 32.6 6,940.5 25.7 757.2 2011-0.7-2.4 4.6 2.1-0.3 0.30 1.48 8,225.6 6.9 8,550.0 23.2-324.3 2010 7 14.6 5.0-0.1-1.0 0.30 1.48 682.0 33.1 592.6 25.1 89.5 8 5.5 15.5 5.0 0.0-1.1 0.30 1.48 609.5 28.2 602.1 31.4 7.5 9 12.1 5.1-0.1-0.9 0.30 1.48 692.0 23.9 600.3 19.6 91.8 10 5.0 5.1 0.9-0.2 0.30 1.48 699.0 18.9 599.7 20.1 99.3 11 3.1 7.0 5.0 0.9-0.3 0.30 1.48 659.6 17.9 640.5 23.6 19.1 12 5.9 4.9 1.2-0.4 0.30 1.48 732.6 21.2 646.4 18.9 86.3 2011 1 6.1 4.9 1.6-0.6 0.30 1.48 601.6 11.9 661.8 24.2-60.2 2-0.2 4.5 4.7 1.7-0.5 0.30 1.48 677.5 19.3 600.3 20.7 77.2 3-12.4 4.6 2.0-0.5 0.30 1.48 716.3 8.0 695.4 24.2 20.9 4-12.7 4.7 2.6-0.5 0.30 1.48 618.7-1.9 676.0 22.3-57.3 5-1.8-4.6 4.5 2.2-0.4 0.30 1.48 585.7 1.2 691.6 26.9-105.9 6-0.6 4.6 2.5-0.4 0.30 1.48 717.2 11.1 709.2 24.1 8.0 7-1.7 4.7 2.8 0.2 0.30 1.48 728.2 6.8 719.4 21.4 8.8 8-0.5 1.6 4.3 2.6 0.2 0.30 1.48 693.6 13.8 794.2 31.9-100.7 9-2.4 4.2 2.4 0.0 0.30 1.48 777.5 12.3 739.9 23.3 37.6 10 0.9 4.4 1.6-0.2 0.30 1.48 717.3 2.6 754.2 25.8-36.9 11-0.6-2.9 4.5 1.6-0.5 0.30 1.48 669.8 1.6 758.9 18.5-89.1 12-3.0 4.5 1.1-0.2 0.30 1.48 722.3-1.4 749.1 15.9-26.8 2012 1-1.6 4.6 0.5 0.1 0.30 1.48 585.9-2.6 778.4 17.6-192.5 2 2.8 1.5 4.5 0.6 0.3 0.30 1.48 693.7 2.4 690.5 15.0 3.2 3 14.2 4.5 0.5 0.5 0.30 1.48 752.6 5.1 763.1 9.7-10.6 4 12.9 4.6-0.3 0.5 0.30 1.48 683.0 10.4 747.1 10.5-64.1 5-0.5 0.30 1.48 657.1 12.2 771.0 11.5-113.9

24 1757 4 13.4% 4 90.4 13.4% 95.8 0.2% 4 89.4 16.3% 0.9% 104.7 10.8% 2.0% 5 3.2% 6 5 2.4% 4 0.2% 4 100.42010=100 0.4% 100.2 0.2% 98.9 0.3% 6.4% 0.7% 4.7% 0.9% 0.3% 3.4% 0.6% 0.1% 0.3% 4 4.6% 4 4.6% 0.1 4.8% 0.1 4.2% 0.1 4 315 14 191 13 125 108 6 76 14 4 6,275 27 1,050

1757 25 23 1,019 30 705 35 505 20 4 56.5% 0.2 4 4,504 23 4 2.6% 4 301,948 2.6% 16.7% 16.1% 4.3% 3.0% 2.1% 7.5% 15.6% 0.7% 4 469,381 2.7% 6.0% 7.9%4 3.8% 4 7.9% 4 5 5,665 7.9% 219.7% 72.7% 17.6% 12.7% 15.7% 4 6868 8.0% 28 63.3% 45.7% 27.1% 33.2%4 48.3%4 82.31 0.7% 4 42.9% 6 317.1% 25.1% 4.4% 4 161.7% 143.7%4 4,258 165.9% 3 4 EU 1.9% 7 ; EU 4.2% 13 4 614 22.9% 10 4 3229

26 1757 2.6% 4 2 5,512 1.8% 28 35.9% 71.1% 18.3% 4 4,717 21.1% 14 4 9,954 7.1% 7 4 1 2,696 7.5% 94.9% 67.2% 23.5% 4 2,742 150.4% 1. 2012 0.1% 27 0.1% 2.7%2.9% 17 0.1% 27 0.1% 2012 2011 0.1% GDP 0.1% 0.5%0.2% 1.4%0.9% 4 2.3% 1.7% 20124 2011 2.3%1.7% 4.5%3.5% 6.2%4.5% 3.4% 3.3%1.3% 0.3% 0.4% 4 11%10.3% 20124 11.0%10.3% 4 2,466.7 3 10.2 70.6% 1,740.5 3 11 22.4% 25 4

1757 27 1 546.2 3 2 61.5% 335.8 3 2 5 2.4% 2.6% 20125 2.4%2.6% 3.3% 4.7% 4% 3.7% 2.3% 2.1% 2% 1.9% 1.8% 1.4% 1.3% 0.7% 4 5.2 12 20124 5.2 2011 6% 1,476 1% 1,424 20124 27 12 2011 7% 1,314 3% 1,434 1 1.2% 2012 1.2% 0.8 4,110 61.2 2012 0.8% 4 0.7% 20124 0.7% 3.6% 6% 3.7% 0.4% 4 3 1.9%4 4 3 3.2% 4 3.6% 0.4% 5.0% 3.3% 0.9% 4 5.4% 20124 5.4% 4,140 3 17.8 229 3 2.1 5 285 4 10.8

28 1757 2-3-1 % * * (+) GDP (-) ( ) ( ) * * 2001 1.5-0.1 7.8 2.0 3.25 3.42 5,689.1 3.8 4,838.7-2.0 850.4 2002 0.0-1.1 8.7 1.4 2.75 2.98 6,201.1 9.0 4,938.7 2.1 1,262.4 2003-0.4 0.5 9.8 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 1.7 2.00 2.17 9,120.3 20.1 7,180.6 17.6 1,939.7 2005 0.7 3.0 11.3 1.6 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 3.7 11.2 7.1 5.8 1.1 1.00 0.81 12,584.0 12.3 10,542.0 13.9 2,042.0 2011 3.0 7.4 6.0 7.5 2.3 1.00 1.14 14,723.1 17.0 12,541.2 19.0 2,181.9 2010 7 8.3 7.0 5.3 1.2 1.00 0.58 1,036.4 4.3 871.6 12.6 164.8 8 4.0 15.6 6.9 6.4 1.0 1.00 0.64 956.7 11.6 835.4 14.7 121.3 9 8.5 6.8 7.6 1.3 1.00 0.62 1,120.8 8.6 906.2 4.8 214.6 10 9.2 6.8 7.7 1.3 1.00 0.78 1,192.6 11.1 991.8 11.7 200.7 11 3.8 12.9 6.7 7.8 1.5 1.00 0.83 1,193.3 10.7 1,006.0 19.8 187.3 12 16.2 6.6 9.5 1.7 1.00 0.81 1,068.1 8.3 903.0 12.4 165.1 2011 1 14.7 6.5 9.4 2.0 1.00 0.79 1,048.6 16.2 914.3 16.5 134.3 2 4.6 15.0 6.3 10.8 2.1 1.00 0.89 1,144.5 19.7 983.2 26.8 161.3 3 10.0 6.2 10.9 2.1 1.00 0.90 1,371.3 18.4 1,109.8 18.2 261.5 4 6.1 6.1 9.2 2.4 1.25 1.13 1,214.2 20.7 1,059.4 27.3 154.8 5 2.9 18.5 6.0 8.9 2.3 1.25 1.24 1,317.4 37.9 1,109.3 33.9 208.0 6 0.4 6.0 8.5 2.3 1.25 1.28 1,264.4 21.8 1,086.3 25.2 178.1 7 6.8 5.9 8.2 2.4 1.50 1.42 1,219.4 17.7 1,072.4 23.0 147.0 8 2.7 11.4 5.9 6.5 2.4 1.50 1.37 1,218.7 27.4 1,052.8 26.0 165.9 9 5.6 5.8 5.7 2.6 1.50 1.35 1,305.0 16.4 1,070.4 18.1 234.6 10 0.4 5.7 5.0 2.5 1.50 1.36 1,219.3 2.2 1,066.2 7.5 153.1 11 2.0 4.2 5.6 4.9 2.4 1.25 1.23 1,282.3 7.5 1,067.8 6.1 214.5 12-0.4 5.6 3.0 2.1 1.00 1.14 1,117.9 4.7 949.3 5.1 168.6 2012 1 4.3 5.6 3.0 2.1 1.00 0.84 1,107.5 5.6 938.4 2.6 169.1 2 1.2 3.2 5.5 2.6 2.3 1.00 0.63 1,203.2 5.1 1,009.0 2.6 194.2 3-0.7 5.5 2.2 2.1 1.00 0.47 1,300.9-5.1 1,073.9-3.2 227.0 4-0.7 5.4 2.4 2.1 1.00 0.41 1,144.0-5.8 956.3-9.7 187.7 5 1.7 1.9 1.00 0.39 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2 3 4WTO

1757 29 2-3-2 % * * * * (+) GDP (-) ( ) ( ) * * 2001 3.2-1.5 5.0-0.3 1.2 4.00 4.50 2,723.2-4.3 3,316.1-0.8-592.9 2002 2.7-1.5 5.1-0.1 1.3 4.00 4.00 2,797.8 2.7 3,515.6 6.0-717.8 2003 3.5-0.3 5.0 0.6 1.4 3.75 3.50 3,076.6 10.0 3,873.5 10.2-796.9 2004 3.0 0.9 4.7 1.0 1.3 4.75 5.00 3,497.5 13.7 4,612.7 19.1-1,115.2 2005 2.1-0.8 4.8 2.0 2.1 4.50 5.00 3,845.1 9.9 5,091.8 10.4-1,246.7 2006 2.6 0.0 5.4 2.0 2.3 5.00 5.50 4,479.0 16.5 6,005.4 17.9-1,526.4 2007 3.5 0.5 5.3 2.3 2.3 5.50 6.50 4,393.4-1.9 6,248.9 4.1-1,855.5 2008-1.1-2.8 5.6 6.8 3.6 2.00 5.50 4,610.6 4.9 6,352.1 1.7-1,741.5 2009-4.4-9.0 7.6 1.6 2.2 0.50 1.00 3,533.3-23.4 4,831.5-23.9-1,298.2 2010 2.1 1.9 7.8 4.2 3.3 0.50 1.00 4,156.0 17.6 5,902.2 22.2-1,746.2 2011 0.7-1.2 8.0 5.6 4.5 0.50 1.00 5,020.7 20.8 6,739.6 14.2-1,718.9 2010 7 1.6 7.7 4.2 3.1 0.50 1.00 345.8 9.5 498.3 15.5-152.5 8 3.0 3.9 7.6 4.2 3.1 0.50 1.00 329.3 21.8 462.5 24.4-133.2 9 3.7 7.7 3.8 3.0 0.50 1.00 366.7 13.3 512.2 14.6-145.5 10 2.7 7.7 4.0 3.1 0.50 1.00 378.9 11.1 526.8 14.4-147.9 11 1.7 2.8 7.7 4.1 3.2 0.50 1.00 398.8 18.8 557.8 22.8-159.0 12 3.3 7.8 4.2 3.7 0.50 1.00 376.5 13.6 530.3 23.6-153.9 2011 1 3.3 7.8 5.0 4.0 0.50 1.00 402.8 40.1 520.4 17.6-117.6 2 1.5 1.3 7.7 5.3 4.3 0.50 1.00 443.3 32.8 501.3 16.6-58.0 3-0.9 7.7 5.6 4.1 0.50 1.00 432.1 21.7 588.2 19.3-156.1 4-1.9 7.8 5.6 4.5 0.50 1.00 390.5 18.6 523.5 12.1-133.1 5 0.4-1.6 7.9 5.4 4.5 0.50 1.00 422.3 37.4 573.5 24.1-151.2 6-0.6 8.0 5.8 4.2 0.50 1.00 402.1 15.8 574.9 10.7-172.8 7-1.4 8.1 6.1 4.5 0.50 1.00 410.0 18.6 580.5 16.5-170.5 8 0.3-1.5 8.3 6.0 4.5 0.50 1.00 377.1 14.5 562.1 21.5-185.0 9-1.8 8.3 6.3 5.2 0.50 1.00 436.4 19.0 590.9 15.4-154.5 10-2.5 8.3 5.7 5.0 0.50 1.00 467.7 23.4 586.3 11.3-118.6 11 0.5-3.3 8.3 5.4 4.8 0.50 1.00 433.5 8.7 609.3 9.2-175.9 12-3.1 8.3 4.8 4.2 0.50 1.00 403.1 7.1 528.7-0.3-125.5 2012 1-4.1 8.2 4.0 3.6 0.50 1.50 391.2-2.9 543.9 4.5-152.7 2-0.1-2.4 8.1 4.1 3.4 0.50 1.50 395.1-10.9 558.9 11.5-163.8 3-2.6 8.1 3.7 3.5 0.50 1.50 434.2 0.5 604.8 2.8-170.7 4-1.0 3.2 3.0 0.50 1.50 363.0-7.0 562.4 7.4-199.4 5 2.8 2.8 0.50 1.50 * Bank Rate 1 2 3 4WTO

30 1757 6.7% 2012 290 5 1.9% 20125 2011 1.9% 5 5.8% 3.4% 5.7% 4.7% 4.7% 4.3% 4 7.5% 2,103 2011 7.5% 1,146 2011 5.6% 957 9.7% 189 2 0.1% 2012 0.1% 2/3 4.4% 3.1% 2012 0.1% 4 1% 20124 2011 1% 20112 12 14 2 8.1% 20122 8.1% 265 2012 300 8.7% 8.8% Office for budget responsibility 2012 8.7% 2016 6.3% 4 3% 20124 2011 3% 2009 3 6.4% 1,042.6 2011 6.4% 437.9 2011 3.9% 604.7 8.2% 166.8 3 0.3% 2012

1757 31 0.3% 0.2% 2011 +0.1% 0.8% +1.3% 0.7% 2011-1.4% 0.3% 2011 +1.1% 2012 2012 0.5% 20124 0.9% 10.2% 2012 4 10.2% 404 1,610 20125 2011 2% 0.1 5 HICP 0.1% 2.2% 3 4 2 2% 57% 1.3% 3 1,167 2011 5.9% 542.5 2011 4.5% 624.5 7% 82 4 0.9% 4 5 2% 3 5.9% 4 1.4% 2012 1.4% 2012 GDP IMF 2012 2.2% 4 2011 8.8% 20119 8 7.6% 4 8.8%

32 1757 2-3-3 % * * * * (+) GDP (-) ( ) ( ) * * 2001 1.8 0.8 8.2 1.6 3.25 3.42 3,003.9 0.2 3,015.2-0.7-11.3 2002 0.9-1.4 8.3 1.9 2.75 2.98 3,182.4 5.9 3,146.7 4.4 35.7 2003 0.9-1.1 8.9 2.1 2.00 2.13 3,761.3 18.2 3,753.5 19.3 7.8 2004 2.5 1.4 9.3 2.1 2.00 2.17 4,263.3 13.3 4,339.2 15.6-75.9 2005 1.8 0.1 9.3 1.7 2.25 2.41 4,435.9 4.0 4,738.0 9.2-302.1 2006 2.5 0.9 9.2 2.9 1.7 3.50 3.64 4,957.4 11.8 5,418.1 14.4-460.8 2007 2.3 1.2 8.4 2.3 1.5 4.00 4.71 5,598.5 12.9 6,315.3 16.6-716.8 2008-0.1-2.8 7.8 4.8 2.8 2.50 2.99 6,173.7 10.3 7,179.2 13.7-1,005.4 2009-3.1-12.6 9.5-5.6 0.1 1.00 0.48 4,845.6-21.5 5,607.1-21.9-761.5 2010 1.7 4.7 9.8 3.1 1.5 1.00 0.81 5,233.3 8.0 6,094.9 8.7-861.5 2011 1.7 2.4 9.7 5.3 2.1 1.00 1.14 5,958.8 13.9 7,136.9 17.1-1,178.1 2010 7 5.0 9.7 3.6 1.7 1.00 0.58 453.8 0.9 495.6 5.1-41.7 8 1.9 2.5 9.8 3.2 1.4 1.00 0.64 348.7 9.2 438.9 12.2-90.1 9 3.5 9.8 3.9 1.6 1.00 0.62 449.2 0.3 526.9 4.7-77.7 10 3.0 9.7 3.8 1.6 1.00 0.78 474.3 0.0 530.7-0.9-56.5 11 1.8 4.3 9.7 4.2 1.6 1.00 0.83 486.2 12.3 581.5 8.8-95.3 12 5.9 9.7 5.0 1.8 1.00 0.81 449.9 6.4 541.2 6.8-91.4 2011 1 5.4 9.6 5.4 1.8 1.00 0.79 433.9 9.4 545.6 15.9-111.7 2 2.4 5.9 9.6 5.9 1.7 1.00 0.89 468.2 12.9 571.4 21.6-103.2 3 3.0 9.6 6.0 2.0 1.00 0.90 568.0 17.7 671.7 20.7-103.8 4 1.9 9.6 6.0 2.1 1.25 1.13 504.3 13.2 607.7 19.8-103.4 5 1.7 1.4 9.5 5.4 2.0 1.25 1.24 538.8 43.5 651.1 40.2-112.3 6 2.1 9.6 5.2 2.1 1.25 1.28 517.5 13.4 611.0 19.4-93.6 7 3.2 9.6 5.5 1.9 1.50 1.42 492.6 8.5 584.3 17.9-91.7 8 1.5 4.1 9.6 5.4 2.2 1.50 1.37 438.6 25.8 540.5 23.2-102.0 9 1.2 9.7 5.3 2.2 1.50 1.35 512.2 14.0 612.2 16.2-100.0 10 2.0 9.7 5.1 2.3 1.50 1.36 498.6 5.1 594.7 12.0-96.0 11 1.2 0.8 9.8 4.8 2.5 1.25 1.23 517.6 6.5 605.3 4.1-87.7 12-1.5 9.9 3.8 2.5 1.00 1.14 468.5 4.1 541.3 0.0-72.8 2012 1-2.0 10.0 3.5 2.3 1.00 0.84 458.0 5.6 557.5 2.2-99.5 2 0.3-1.6 10.1 3.5 2.3 1.00 0.63 490.3 4.7 594.5 4.0-104.2 3-1.0 10.1 3.2 2.3 1.00 0.47 540.0-4.9 619.2-7.8-79.2 4 0.9 10.2 2.2 2.1 1.00 0.41 472.2-6.4 567.9-6.6-95.7 5 2.0 1.00 0.39 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2INSEE 3WTO

1757 33 2-3-4 % * * * * (+) GDP (-) ( ) ( ) * * 2001 1.9-1.2 9.1 2.8 3.25 3.42 2,401.6 2.0 2,313.6-0.9 88.0 2002 0.5-1.5 8.6 2.5 2.75 2.98 2,529.1 5.3 2,443.4 5.6 85.7 2003 0.0-0.6 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 2008-1.2-3.7 6.8 5.8 3.4 2.50 2.99 5,446.4 8.9 5,631.1 10.0-184.7 2009-5.5-18.7 7.8-5.4 0.8 1.00 0.48 4,068.3-25.3 4,148.6-26.3-80.4 2010 1.8 6.8 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 0.3 8.4 5.0 2.8 1.00 1.14 5,233.1 17.1 5,575.6 14.5-342.5 2010 7 6.9 8.4 4.2 1.6 1.00 0.58 425.7 2.8 406.1 11.1 19.7 8 1.9 9.5 8.3 3.7 1.6 1.00 0.64 271.3 16.9 311.4 22.3-40.1 9 6.3 8.2 4.2 1.5 1.00 0.62 392.2 4.5 439.9 12.8-47.8 10 5.1 8.5 4.0 1.8 1.00 0.78 427.4 9.7 463.1 16.3-35.7 11 2.3 5.8 8.2 4.0 1.8 1.00 0.83 416.0 10.1 462.3 17.7-46.3 12 6.6 8.1 4.7 1.8 1.00 0.81 392.8 8.7 432.7 19.1-39.9 2011 1 1.3 8.0 5.3 2.1 1.00 0.79 349.3 16.7 433.6 20.2-84.3 2 1.3 3.1 7.9 5.8 2.3 1.00 0.89 403.9 17.3 445.2 15.9-41.3 3 3.3 7.9 6.2 2.4 1.00 0.90 481.8 17.7 534.8 23.6-53.0 4 4.0 8.0 5.6 2.7 1.25 1.13 448.4 21.1 489.1 27.1-40.8 5 1.0 1.8 8.2 4.8 2.6 1.25 1.24 480.6 36.8 512.6 35.2-32.0 6 0.2 8.2 4.6 2.8 1.25 1.28 469.1 27.2 493.6 19.7-24.5 7-1.2 8.4 4.9 2.8 1.50 1.42 503.0 18.1 481.3 18.5 21.7 8 0.4 2.9 8.4 4.8 2.7 1.50 1.37 346.8 27.8 388.4 24.7-41.7 9-2.5 8.8 4.7 3.0 1.50 1.35 454.4 15.9 480.3 9.2-25.9 10-3.4 8.8 4.7 3.2 1.50 1.36 440.4 3.0 454.9-1.8-14.5 11-0.5-3.9 9.2 4.7 3.2 1.25 1.23 439.6 5.7 461.1-0.3-21.5 12-2.2 9.3 3.9 3.2 1.00 1.14 415.8 5.9 400.7-7.4 15.2 2012 1-4.2 9.5 3.5 3.2 1.00 0.84 351.9 0.7 408.0-5.9-56.1 2-1.4-6.3 9.8 3.2 3.3 1.00 0.63 419.9 4.0 434.9-2.3-15.0 3-5.6 10.1 2.8 3.3 1.00 0.47 476.7-1.1 449.4-16.0 27.3 4-8.8 10.2 2.5 3.2 1.00 0.41 401.7-10.4 404.3-17.3-2.7 5 3.2 1.00 0.39 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2ISTAT 3WTO

34 1757 2.4% 11.8% 2.3% 4 10.2% 20124 10.2% 3 0.1 2004 250 2007 2013 29% 80 46 3 8.9% 926 2011 8.9% 476.6 2011 1.1% 449.4 16% 27.3 2. 30 4 Skolkovo Z-Park 6 Gazprom 2017 Gazprom Aton Vyacheslav Bunkov 2012 2011 Mikhail Rotaev

1757 35 2014 1. 20125 6 5 9.6% 20125 9.6% 4 0.3 5 10.7% 5 6.6% 6.4% 11.0% 6.7% 5 9.8% 9.1% 41 40 11.9% 10.2% 9.6% 8.5% 7.8% 16.4% 4.8% 9.7% 13.3% 4.5% 5 8.3% 11.2% 12.6% 5 471 321 2.7% 6.3% 4.3% 0.7% 304 6.6% 127 7.1% 171.5 18.5% 92.7 22.6% 5 1.4% 20125 1.4% 5 0.3% 2.1% 1.5% 1.1% 2.6% 0.9% 1.8% 2.1% 1.0% 1.2%

36 1757 2-4-1 % * * (+) GDP (-) ( ) ( ) * * 2001 8.3 9.5 3.6-1.3 0.7 2.97 5.58 2,661.0 6.8 2,435.5 8.2 225.5 2002 9.1 12.9 4.0-2.3-0.8 2.97 5.04 3,256.0 22.4 2,951.7 21.2 304.3 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 4.2 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 2010 7 13.4 4.8 3.3 1.80 4.86 1,454.3 38.0 1,168.9 22.8 285.4 8 9.6 13.9 4.1 4.3 3.5 1.80 4.86 1,392.4 34.3 1,194.8 35.4 197.6 9 13.3 4.3 3.6 1.80 4.86 1,449.2 25.1 1,283.6 24.4 165.6 10 13.1 5.0 4.4 1.80 5.10 1,359.2 22.8 1,091.1 25.6 268.1 11 9.8 13.3 4.1 6.1 5.1 1.80 5.10 1,532.8 34.9 1,309.9 38.3 222.9 12 13.5 5.9 4.6 2.25 5.35 1,541.0 17.9 1,414.9 25.9 126.1 2011 1 13.3 6.6 4.9 2.25 5.35 1,507.0 37.6 1,449.2 51.7 57.8 2 9.7 14.9 4.1 7.2 4.9 2.25 5.60 966.8 2.3 1,045.5 20.0-78.7 3 14.8 7.3 5.4 2.25 5.60 1,521.3 35.8 1,523.2 27.5-1.9 4 13.4 6.8 5.3 2.25 5.85 1,555.9 29.8 1,443.7 21.9 112.2 5 9.5 13.3 4.1 6.8 5.5 2.25 5.85 1,570.5 19.3 1,441.2 28.4 129.3 6 15.1 7.1 6.4 2.25 5.85 1,619.0 17.9 1,397.0 19.2 221.9 7 14.0 7.5 6.5 2.25 6.10 1,751.5 20.4 1,450.2 24.1 301.4 8 9.1 13.5 4.1 7.3 6.2 2.25 6.10 1,732.4 24.4 1,553.8 30.1 178.6 9 13.8 6.5 6.1 2.25 6.10 1,695.8 17.0 1,549.9 20.7 145.9 10 13.2 5.0 5.5 2.25 6.10 1,573.5 15.8 1,402.2 28.5 171.3 11 8.9 12.4 4.1 2.7 4.2 2.25 6.10 1,743.9 13.8 1,597.2 21.9 146.6 12 12.8 1.7 4.1 2.25 6.10 1,746.2 13.3 1,581.6 11.8 164.6 2012 1 1.5 0.7 4.5 2.25 6.10 1,498.9-0.5 1,226.9-15.3 272.0 2 8.1 21.3 4.1 0.0 3.2 2.25 6.10 1,144.4 18.4 1,461.0 39.7-316.6 3 11.9-0.3 3.6 2.25 6.10 1,656.6 8.9 1,603.2 5.3 53.3 4 9.3-0.7 3.4 2.25 6.10 1,632.5 4.9 1,448.3 0.3 184.3 5 9.6-1.4 3.0 2.25 6.10 1,811.4 15.3 1,624.4 12.7 187.0 * 1 2 3WTO

1757 37 5 3.0% 5 3.0% 3.0% 2.9% 6.4% 1.4% 3.6% 1.7% 5 3.5% 5 6.4% 2.02 31.2% 0.78 5.1% 0.36 0.6% 0.02 11.3% 0.27 3.4% 0.10 6.0% 0.07 7.1% 0.16 9.8% 0.08 3.3% 7.3% 0.5% 3.1% 3.4% 1.9% 1.9% 8.9% 0.5% 2.1% 6.3% 3.3% 0.5% 0.5% 0.1% 3.6% 3.5% 2.2% 1.7% 12.8% 0.8% 0.2% 2.1% 1.6% 1.2% 5.8% 1.6% 2.2% 1.3% 1.1% 5 3.0% 1.7 1.3 5 5 15,108.9 7.7% 7744 8.7% 7,364.9 6.7% 379.1 5 3,435.8 14.1% 11 3,341.1 1,811.4 15.3% 1,624.4 12.7% 5 8,015.7 8.8%

38 1757 3,718.3 9.8% 4,297.4 8.0% 5,302.3 4.4% 3,404.4 6.3% 1,897.9 1.3% 5 2,208.2 1.3% 1,900.0 12.0% 1,537.4 9.2% 1,347.1 0.4% 363.0 332.3 24.4%10.9% 5 4,478.8 9.9% 1.2 57.8% 1,794.6 6.7% 1,485 12.1% 525.7 2.5% 380.7 1.4% 164.2 8.5% 5 3.1 9.0% 138.4 13.9% 2,343 20.7% 544.7 5.7% 2,974.0 51 31.5% 5 M1 3.5% 5 M2 90.00 13.2% 0.4 M1 27.86 3.5% 0.4 (M0) 4.90 10.0% 0.4 1,160 5 62.31 15.4% 58.72 15.7% 0.3 1.4 7,932 2,416 2,137 1,138 999 5,758 1,524 1,699 2,320 5,658 13.6% 48 5 87.84 12.2% 85.45 11.4% 5.7 1.22

1757 39 1,143 3,776 57.9% 131 2. 2012 0.4% 0.4% 2012 GDP 2011 0.4% 31.7% 5.6% 17.2%6.1% 25.2% 12.2% 2.5% 5.7% 2.7% 3.6%2.5% 2012 GDP 1% 3% -1.7% 2012 2011 1.7% 2011 3.6% 2012 2011 6.6% 3.5% 2012-19.1% -14.7% -11.5% -2.3% 6.5% +6.3% +3.7% +3.3% +2.6% +1.1%

40 1757 * 1 2 3WTO 2-4-2 % * * (+) GDP (-) ( ) * * 2001 0.5-1.6 5.13 1,901.0-5.9 2,014.8-5.4-113.8 2002 1.8-3.1 5.00 2,003.2 5.4 2,080.2 3.2-77.0 2003 3.0-2.6 5.00 2,240.4 11.8 2,325.8 11.8-85.4 2004 8.5 6.9-0.4 5.00 2,594.2 15.8 2,714.6 16.7-120.4 2005 7.1 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 3,168.0 9.4 3,346.8 11.6-178.8 2007 6.4-1.5 4.1 2.0 6.75 3,447.4 8.8 3,682.2 10.0-234.8 2008 2.3-6.7 3.5 4.3 5.00 3,630.0 5.3 3,888.9 5.6-258.9 2009-2.6-8.3 5.2 0.6 5.00 3,187.6-12.2 3,476.6-10.6-289.0 2010 7.1 3.5 4.4 2.3 5.00 3,903.7 22.5 4,335.1 24.7-431.4 2011 5.0 0.7 3.5 5.3 5.00 4,292.2 10.0 4,840.0 11.6-547.8 2010 7 4.3 0.6 5.00 336.6 22.9 375.9 24.5-39.2 8 6.9 5.4 4.3 2.4 5.00 373.3 35.7 388.7 28.1-15.3 9 4.2 1.9 5.00 360.8 23.8 392.3 19.2-31.5 10 4.2 2.5 5.00 353.4 13.7 382.1 13.9-28.7 11 6.7 5.8 4.0 2.8 5.00 352.1 16.6 382.4 16.3-30.3 12 3.9 2.9 5.00 325.4 12.2 381.5 14.5-56.0 2011 1 3.8 3.5 5.00 364.6 27.3 385.1 18.7-20.5 2 7.6 3.6 3.6 3.6 5.00 292.5 24.5 324.8 24.8-32.2 3 3.5 4.4 5.00 361.3 21.0 412.7 18.4-51.4 4 3.6 4.6 5.00 324.3 3.9 378.8 6.0-54.6 5 5.4 1.9 3.6 5.3 5.00 360.1 10.3 406.0 13.2-45.9 6 3.6 5.6 5.00 375.4 9.3 427.1 11.6-51.7 7 3.5 7.9 5.00 367.4 9.1 413.5 10.0-46.1 8 4.4 0.2 3.2 5.7 5.00 397.4 6.5 442.0 13.7-44.6 9 3.2 5.8 5.00 348.8-3.3 400.1 2.0-51.3 10 3.3 5.8 5.00 393.1 11.2 422.8 10.7-29.8 11 3.0-2.2 3.3 5.7 5.00 358.0 1.7 414.7 8.4-56.7 12 3.3 5.7 5.00 349.5 7.4 412.4 8.1-62.9 2012 1 3.2 6.1 5.00 334.0-8.4 345.4-10.3-11.4 2 0.4-1.7 3.4 4.7 5.00 335.0 14.5 394.0 21.3-59.0 3 3.4 4.9 5.00 338.1-6.4 394.6-4.4-56.5 4 3.3 4.7 5.00 343.1 5.8 398.3 5.1-55.2 5 3.2 5.00

1757 41 5 3.2% 20125 3.2% 1.4% 20124 3,649,300 2012 5 3,662,600 13,300 20124 124,700 20125 123,400 1,300 57,500 54,000 3,500 4 4.7% 20124 2011 4.7% 20123 5.6% 2012 1 2 6.1% 20123 9.4% 9.9% 7.9%6.6% 5.9% 6.0% 4.3%4.0% 4.0%3.8% 3.5%3.3% 2.4%1.1% 1.1% 1.2% 20123 18.6% 23.6% 1.3%1.4% 4 5.4% 20124 741.4 2011 5.4% 343.1 2011 5.8% 398.3 5.1% 55.2 20124 2011 5.8% 27.5% 17.3% 7.4% 7.2% 6.2% 15.4% 21.5% 2.5%

42 1757 27.8% 11.5% 7.1% 5.4% 7.7% 3.1% 2.3% 2.2% 1. 14 5 BSI 5 BSI 84 6 BSI86 4P 2 BSI5 97 93 46 97 BSI5 90 89 16 91 90 1 BSI5 88 90 26 88 92 4 21.7% 18.1% 12.7% 5 BSI81 16 BSI83 2 BSI5 92 6 94 BSI5 91 6 90 93 3 BSI 5 89 90 16 89 93 4 19.7% 17.2% 16.0% 5 105 5 CSI 105 1 CSI90 3 CSI99 2 CSI99 CSI109 1

1757 43 CSI81 4 CSI93 3 CSI94 2 CSI CSI 137115 CSI CSI 9396 CSI105 1 CSI101 2 CSI CSI 101 100 1 CSI97 CSI94 2 3.7% 0.1 4 4 0.5% 0.9% -0.9% -1.7% 3.5% 14.7% 0.8% -12.2% -13.1% 3.1% 4.5% 0.9% 16.2% 79.3% 1.2-6.9% -1.2% 3.1% 1.4% 0.2% -5.3% -2.0% 9.4% 4.7% 1.0% -1.8% -0.8% 4.3% 1.0% -1.4% 1.3% 1.3% 0.4% 13.0% 4.8% -2.3% -1.6% -0.7%

44 1757 * 1 2 3WTO 2-5-1 % * * (+) GDP (-) ( ) ( ) * * 2001 4.0 0.6 4.0-0.5 4.1 4.00 6.84 1,504.4-12.7 1,411.0-12.1 93.4 2002 7.2 8.0 3.3-0.3 2.8 4.25 6.58 1,624.7 8.0 1,521.3 7.8 103.4 2003 2.8 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 4.6 10.4 3.7 6.0 3.6 3.25 5.52 2,538.4 31.0 2,244.6 25.5 293.8 2005 4.0 6.3 3.7 2.2 2.8 3.75 5.74 2,844.2 12.0 2,612.4 16.4 231.8 2006 5.2 8.4 3.5 0.9 2.2 4.50 6.19 3,254.6 14.4 3,093.8 18.4 160.8 2007 5.1 6.9 3.3 1.4 2.5 5.00 7.08 3,714.9 14.1 3,568.5 15.3 146.4 2008 2.3 3.4 3.2 8.6 4.7 3.00 6.89 4,220.1 13.6 4,352.7 22.0-132.7 2009 0.3-0.1 3.7-0.2 2.8 2.00 5.81 3,635.3-13.9 3,230.8-25.8 404.5 2010 6.3 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 3.6 6.9 3.4 6.1 4.0 3.25 5.69 5,554.1 19.1 5,243.5 23.3 310.6 2010 7 15.0 3.7 3.4 2.5 2.25 5.39 404.2 26.7 354.2 28.0 50.0 8 4.5 15.8 3.3 3.1 2.7 2.25 5.51 364.8 26.0 352.7 28.7 12.1 9 2.8 3.4 4.0 3.4 2.25 5.45 394.1 16.2 350.0 17.6 44.1 10 13.3 3.3 5.0 3.7 2.25 5.37 433.4 27.6 370.0 21.7 63.4 11 4.9 11.2 3.0 4.9 3.0 2.50 5.34 412.6 21.4 386.7 30.9 25.9 12 10.8 3.5 5.3 3.0 2.50 5.40 441.5 22.6 400.6 21.7 40.9 2011 1 13.4 3.8 6.2 3.4 2.75 5.64 444.7 44.7 419.9 33.1 24.8 2 4.2 8.6 4.5 6.6 3.9 2.75 5.66 384.7 16.4 364.0 17.3 20.7 3 9.1 4.3 7.3 4.1 3.00 5.78 480.4 28.8 455.2 27.9 25.3 4 6.8 3.7 6.8 3.8 3.00 5.70 485.4 23.5 441.8 24.4 43.5 5 3.5 8.3 3.2 6.2 3.9 3.00 5.76 474.2 21.9 452.9 29.9 21.3 6 6.4 3.3 6.2 4.2 3.25 5.80 467.4 11.2 448.2 27.1 19.2 7 3.7 3.3 6.5 4.5 3.25 5.86 489.5 21.1 442.9 25.0 46.6 8 3.6 4.8 3.0 6.6 4.7 3.25 5.84 457.6 25.4 453.8 28.7 3.7 9 7.4 3.0 5.7 3.8 3.25 5.76 465.2 18.0 452.5 29.3 12.7 10 6.6 2.9 5.6 3.6 3.25 5.77 466.4 7.6 427.3 15.5 39.1 11 3.3 5.7 2.9 5.1 4.2 3.25 5.83 460.6 11.6 430.1 11.2 30.5 12 2.9 3.0 4.3 4.2 3.25 5.69 478.1 8.3 454.9 13.6 23.3 2012 1-2.1 3.5 3.4 3.4 3.25 5.79 412.0-7.4 434.2 3.4-22.2 2 2.8 14.4 4.2 3.5 3.1 3.25 5.71 463.2 20.4 449.8 23.6 13.4 3 0.7 3.7 2.8 2.6 3.25 5.74 473.4-1.5 450.0-1.1 23.4 4 0.0 3.5 2.4 2.5 3.25 5.71 461.3-5.0 440.6-0.3 20.7 5 3.1 1.9 2.5 3.25 470.5-0.8 448.0-1.1 22.6

1757 45-0.5% 5.5% 4.5% 4.1% 10.2% 5.0% 7.0% 5.2% 7.5% 4.4% 0.2 5 47.2 5 2,513.3 47.2 5 60.5% 0.4 OECD 1564 65.1% 0.4 5 3.1% 0.1 80.7 1.2 20116 12 10.9 9.2 8.8 6.1-6.7-2.1 35.6 13.6 18.6 2.3 5 1,557.9 5.6 54.1 4.2 19 6.6 5 2.5% 5 106.22010=100 0.2% 2.5% 2.5% 0.2%1.6%

46 1757 0.3%1.5% 0.1%2.2% 0.2% 3.8% 0.1%1.5% 0.2%13.9% 0.2% 3.5% 0.2% 25.5% 0.2%14.2% 5.9% 7.1% 0.1% 7.4% 0.4%3.5% 0.1%3.9% 0.2%1.3% 5 0.6% 5 0.6% 1.9% 1.6% 0.7% 0.1% 1.0% 4.6% 1.7% 0.1% 0.3% 5 471 448 5 0.6% 471 1.1% 448 22.6 7.1% 5.7% 3.2% 19.3% -19.4% -30.1% -9.3% 24.4% 4.6% 7.9% -4.9% -8.3% -0.5% -0.2% 2.3% 18.2% 13.7% -8.7% 4 5 22.6 9.2 0.3

1757 47 56.4 36.6 28.0 15.3-22.1-81.5-9.8 201215 2,280 2,223 58 5 0.3% 1.9% 5 0.3% 3.2% 2.7% 0.4% 5 1.9% 2.1% 3.9% 0.7% 1.6% 0.9% 2. 6.4% 4.7% 1 1.6% 2012 1.6% 10.0% 9.9% 1%3% 1% 2.2% 4% 5.1% 3.5% 0.3%

48 1757 * 1 2 3 4WTO 2-5-2 % * * (+) GDP (-) ( ) * * 2001-1.2 2.7 1.0 5.35 1,217.5-11.6 1,160.0-13.8 57.5 2002 4.2 3.6-0.4 5.35 1,251.8 2.8 1,164.4 0.4 87.4 2003 4.6 4.0 0.5 5.30 1,599.6 27.8 1,362.6 17.0 237.0 2004 9.2 13.9 3.4 1.7 5.30 1,986.3 24.2 1,735.8 27.4 250.5 2005 7.4 9.5 3.1 0.5 5.30 2,296.5 15.6 2,000.5 15.2 296.0 2006 8.8 11.9 2.7 1.0 5.33 2,718.1 18.4 2,387.1 19.3 331.0 2007 8.9 5.9 2.1 2.1 5.33 2,993.0 10.1 2,631.5 10.2 361.4 2008 1.7-4.2 2.3 6.6 5.38 3,381.8 13.0 3,197.8 21.5 184.0 2009-1.0-4.2 3.0 0.6 5.38 2,698.3-20.2 2,457.8-23.1 240.5 2010 14.8 29.7 2.2 2.8 5.38 3,518.7 30.4 3,107.9 26.4 410.8 2011 4.9 7.8 2.0 5.2 5.38 4,095.0 16.4 3,657.7 17.7 437.3 2010 7 9.3 3.1 5.38 296.4 22.7 276.9 28.1 19.5 8 10.6 6.9 2.1 3.3 5.38 314.8 33.4 263.7 26.6 51.1 9 26.1 3.7 5.38 310.8 26.1 264.8 13.9 46.0 10 29.6 3.5 5.38 326.3 28.1 272.3 17.8 54.0 11 12.5 41.3 2.2 3.8 5.38 305.7 19.4 274.4 21.9 31.3 12 8.8 4.6 5.38 317.5 20.0 272.4 12.7 45.1 2011 1 25.5 5.5 5.38 329.4 27.1 282.4 19.3 47.0 2 9.1 11.0 1.9 5.0 5.38 283.1 21.7 245.6 12.8 37.6 3 20.0 5.0 5.38 362.9 24.4 333.5 29.3 29.4 4-7.0 4.5 5.38 340.8 16.1 305.6 15.7 35.2 5 1.2-14.9 2.1 4.5 5.38 341.5 23.2 317.3 32.7 24.2 6 13.3 5.2 5.38 351.8 20.1 314.6 17.4 37.2 7 5.4 5.4 5.38 346.1 16.8 300.3 8.4 45.8 8 6.0 14.3 2.0 5.7 5.38 367.1 16.6 345.4 31.0 21.7 9 7.5 5.5 5.38 355.3 14.3 302.0 14.1 53.4 10 6.6 5.4 5.38 339.2 3.9 301.5 10.7 37.6 11 3.6-2.3 2.0 5.7 5.38 333.5 9.1 323.9 18.0 9.6 12 25.1 5.5 5.38 344.4 8.5 285.7 4.9 58.8 2012 1-9.4 4.8 5.38 316.2-4.0 306.9 8.7 9.4 2 1.6 12.3 2.1 4.6 5.38 360.2 27.2 316.5 28.9 43.7 3-3.1 5.2 5.38 357.8-1.4 338.3 1.4 19.5 4-0.3 5.4 5.38 345.1 1.3 309.3 1.2 35.8 5 5.38 345.9 1.3 329.8 3.9 16.0

1757 49 0.8% 7.7% 4 0.3% EDB 20124 0.3% 4.1% 29.1%14 22.5% 2.7% 4 1.9% 2%14 2.8% 5.5% 3.8% 7.1% 1%1 4 4.8% 4 17% 6.8% 7.2%12.5% 4.2% 4 12.6% 15.9% 7.6% 12.5% 4 16.4% 41.8% 23.4% 25.3% 4 5.4% 2012 4 CPI 5.4% 2.7% 4 5% CPI 4 9.1% 11.1% 4 7.5% 3 8.6% CPI 4.3%3.6%2.4%1.5%1.3%0.1% 5 4.6% IE Singapore 20125 4.6% 1.5% 5 3.3% 1.6% 6.0% 1.5%5 NODX 3.2% 4 1.7% 2 6.4% 2012 GDP 6.4% 4.9%

50 1757 * 1NSCB 2 3 4WTO 2-5-3 % * * (+) GDP (-) ( ) ( ) * * 2001 2.9 5.4 8.30 10.10 321.5-15.6 330.6-4.1-9.1 2002 3.6 0.4 2.0 2.7 4.19 9.30 352.1 9.5 392.4 18.7-40.3 2003 5.0-1.3 11.4 8.6 2.3 5.53 9.00 362.3 2.9 404.7 3.1-42.4 2004 6.7-2.5 11.8 12.0 4.8 8.36 9.00 396.8 9.5 440.4 8.8-43.6 2005 4.8 1.0 9.8 9.0 6.6 5.70 9.75 512.5 29.2 474.2 7.7 38.3 2006 5.2-8.5 7.9 11.2 5.5 5.04 9.75 474.1-7.5 537.5 13.3-63.4 2007 6.6-2.7 7.3-0.7 2.9 4.28 7.25 504.7 6.4 577.1 7.4-72.4 2008 4.2 0.3 7.4 4.1 8.2 6.00 8.00 490.3-2.9 602.1 4.3-111.8 2009 1.1-11.9 7.5-1.4 4.2 3.50 6.00 384.4-21.6 457.4-24.0-73.0 2010 7.6 23.2 7.3-4.9 3.8 4.00 6.00 515.0 34.0 582.3 27.3-67.3 2011 3.9 1.1 7.0 0.9 4.7 4.50 6.50 483.1-6.2 637.8 9.5-154.7 2010 7 21.6 6.9-5.4 3.8 4.00 6.00 45.1 36.0 50.0 17.3-4.9 8 7.3 25.6-7.3 4.1 4.00 6.00 47.7 37.5 47.3 22.7 0.5 9 15.6-6.9 3.8 4.00 6.00 53.4 46.8 48.6 24.6 4.8 10 16.9 7.1-6.2 3.3 4.00 6.00 47.9 27.7 52.1 28.8-4.2 11 6.1 16.9-7.1 3.7 4.00 6.00 41.5 11.5 52.3 35.2-10.9 12 15.6-5.8 3.6 4.00 6.00 42.0 26.5 52.2 25.6-10.2 2011 1 14.5 7.4-2.5 4.0 4.00 6.00 40.0 11.8 55.9 22.8-15.9 2 4.9 11.2-0.2 4.7 4.00 6.00 39.3 10.0 49.9 19.7-10.6 3 10.2-0.6 4.9 4.04 6.07 43.6 4.2 58.2 20.0-14.6 4 3.1 7.2 2.0 4.7 4.25 6.25 43.1 19.2 57.7 19.0-14.6 5 3.6 2.7 1.8 4.9 4.47 6.47 41.2-2.9 51.9 2.6-10.7 6-0.2 2.4 5.2 4.50 6.50 41.4-9.3 47.7 5.8-6.4 7 4.6 7.1-0.2 4.9 4.50 6.50 44.6-1.0 53.0 6.0-8.4 8 3.2 1.2 0.4 4.6 4.50 6.50 41.7-12.6 53.8 13.8-12.1 9 0.3 1.6 4.7 4.50 6.50 39.0-27.0 53.9 11.0-14.9 10-12.5 6.4 2.6 5.2 4.50 6.50 41.6-13.2 53.3 2.3-11.7 11 4.0-6.4 2.5 4.7 4.50 6.50 33.7-18.8 53.3 1.9-19.6 12-7.8 1.5 4.2 4.50 6.50 34.1-18.9 49.2-5.7-15.1 2012 1 0.1 7.2 1.9 4.0 4.44 6.40 41.2 3.0 54.5-2.6-13.3 2 6.4 5.4 2.1 2.7 4.25 6.25 44.3 12.8 53.0 6.2-8.7 3 8.8 1.9 2.6 4.03 6.00 43.2-0.8 57.0-2.1-13.8 4 5.4 6.9 1.5 3.0 4.00 6.00 5 2.9 4.00 6.00

1757 51 389 6.6% 48.4 115 2012 5% 6% 5 2.9% 20125 4 3% 2.9% 4 0.8% 5 0.1% 5 2.5%3.4% 2012 4 7.6% 20124 7.6% 4 7.2% 4 24%16.3 28% 201214 175.1 5.5% 3 3.3% 20123 55.5 53 3.3% 201213 157.3 155.0 1.5% 38.7% 47.1% 74% 3 91%2012 74%8.5 3 3.1%4.1% 20124

52 1757 1.5% 4 2.6% 1.2% 3.7% 2012 2.7% 2012 3.1%4.1% 2012 2011 4 0.5% 20124 MPI 166.2 13.8% 0.5% 4 2012 20124 83.1% 65.6% 2011 13.8%2.2% 2012 8.2%4.5% 5 77.1 20125 77.1 4 77.6 6 100 66.3 11

1757 53 2-5-4 % * * (+) GDP (-) ( ) ( ) * * 2001 2.2 0.0 3.3 1.6 2.14 7.25 630.7-7.1 605.8-2.9 24.9 2002 5.3 9.8 2.4 0.7 1.59 6.75 660.9 4.8 633.5 4.6 27.4 2003 7.1 12.8 2.2 1.8 1.03 5.75 781.1 18.2 743.5 17.4 37.6 2004 6.3 11.1 2.1 2.8 1.79 5.75 949.4 21.5 934.8 25.7 14.6 2005 4.6 8.8 1.9 4.5 3.80 6.75 1,093.6 15.2 1,176.2 25.8-82.6 2006 5.1 6.4 1.5 4.6 4.85 7.75 1,297.2 18.6 1,287.7 9.5 9.5 2007 5.0 8.1 1.4 2.2 3.20 7.10 1,538.7 18.6 1,399.7 8.7 139.0 2008 2.5 3.9 1.4 5.5 2.71 7.00 1,777.8 15.5 1,792.2 28.0-14.5 2009-2.3-7.2 1.5-0.8 1.00 6.13 1,524.2-14.3 1,337.1-25.4 187.1 2010 7.8 14.4 1.1 3.3 1.80 6.38 1,953.1 28.1 1,829.2 36.8 123.9 2011 0.1-9.3 0.7 3.8 3.15 7.50 2,288.2 17.2 2,285.0 24.9 3.2 2010 7 13.1 0.9 3.5 1.25 6.25 155.7 20.6 165.0 36.0-9.4 8 6.6 8.4 0.9 3.3 1.39 6.25 164.5 23.9 158.1 41.1 6.5 9 8.1 0.9 3.0 1.53 6.25 180.6 21.2 149.9 16.0 30.7 10 6.0 0.9 2.9 1.55 6.25 171.3 15.6 149.8 14.8 21.5 11 3.8 5.7 1.0 2.8 1.53 6.25 177.0 28.5 172.9 35.3 4.1 12-3.4 0.7 3.0 1.80 6.38 173.7 18.8 160.8 11.4 13.0 2011 1 4.1 1.0 3.0 1.97 6.63 167.5 22.2 176.1 33.3-8.6 2 3.2-3.0 0.7 2.9 2.11 6.63 188.7 31.0 171.0 22.2 17.7 3-6.7 0.7 3.1 2.23 6.88 212.6 30.6 194.7 25.7 17.9 4-8.1 0.8 4.0 2.34 7.00 175.6 25.0 183.4 26.1-7.8 5 2.7-3.7 0.5 4.2 2.53 7.00 194.4 17.4 191.8 33.8 2.5 6 3.8 0.4 4.1 2.84 7.13 206.5 14.5 198.0 26.1 8.4 7-0.7 0.5 4.1 3.02 7.38 215.2 38.3 187.2 13.5 28.0 8 3.7 6.8 0.7 4.3 3.18 7.38 215.7 31.1 227.7 44.1-12.0 9-0.3 0.8 4.0 3.37 7.50 215.1 19.1 212.8 41.9 2.3 10-30.1 0.6 4.2 3.38 7.50 171.9 0.3 182.0 21.5-10.1 11-8.9-47.2 0.8 4.2 3.42 7.50 155.0-12.5 168.7-2.4-13.8 12-25.3 0.4 3.5 3.15 7.50 170.2-2.1 191.5 19.1-21.3 2012 1-15.0 0.8 3.4 3.10 7.38 157.4-6.0 168.6-4.2-11.3 2 0.3-3.2 0.7 3.3 2.90 7.38 190.4 0.9 185.1 8.3 5.3 3-2.7 0.7 3.4 2.88 7.38 198.7-6.5 244.6 25.6-45.9 4 0.5 1.0 2.5 2.91 7.38 169.2-3.7 197.9 7.9-28.7 5 2.5 2.92 7.38 * 1 2 3 4WTO

54 1757 5 8 4 24.3 27.4 5 2.5% 20125 115.2 2.5% 201215 3.0% 2012 5 2.0% 15 2.5% 1.4% 0.3% 20126 2.8% 3.2% 3.3%3.8% 2012 4 3.7% 20124 169.2 3.7% 197.9 7.9% 28.7 201214 715.6 3.9% 796.2 9.8% 80.5 20124 4 3.9% 6.9%

1757 55 23.1% 44.0% 59.8% 4 6.8% 1.1% 0.4% 2012 15% 1% 2012 4 4.7% 2012 GDP 4.7% 0.5% 60%2012 4.4%3 1% 6.6%5.2%6.9% 5.0%4.2%2.1% 15.5% 0.3% 4 3.2% 20124 3.2% 5.7% 3.4% 3.6% 2.2% 12.2% 10.4% 5.1% 20124 3.2% 201214 3.2% 5.4% 4.9% 1.7% 4 5.3% 20124 524 163.8 5.3% 5.2%116 76

56 1757 * 1 2 3WTO 2-5-5 % * * (+) GDP (-) ( ) * * 2001-3.4 3.7 6.39 879.7-10.4 737.4-10.0 142.3 2002 4.7 3.5 6.39 940.6 6.9 797.6 8.2 143.0 2003 9.2 3.6 6.00 1,047.1 11.3 833.0 4.4 214.1 2004 11.3 3.6 5.98 1,266.5 21.0 1,051.7 26.3 214.8 2005 3.6 3.6 6.20 1,416.3 11.8 1,143.2 8.7 273.1 2006 5.6 4.8 3.3 3.6 6.72 1,606.8 13.4 1,311.5 14.7 295.2 2007 6.3 2.3 3.2 2.0 6.72 1,762.1 9.7 1,469.8 12.1 292.3 2008 4.8 0.8 3.3 5.4 6.48 1,995.2 13.2 1,569.0 6.7 426.2 2009-1.5-7.6 10.9 0.6 5.51 1,574.3-21.1 1,238.3-21.1 336.0 2010 7.2 7.3 9.7 1.7 6.27 1,986.1 26.2 1,646.2 32.9 339.9 2011 5.1 1.2 9.3 3.2 6.53 2,269.9 14.3 1,876.6 14.0 393.3 2010 7 2.9 3.2 1.8 6.27 172.4 25.3 150.8 30.6 21.6 8 5.2 4.1 3.1 2.0 6.27 167.4 23.2 141.2 29.9 26.2 9 5.8 3.0 1.8 6.27 162.0 20.0 139.9 29.0 22.1 10 2.6 2.8 1.9 6.27 177.1 11.1 155.2 23.5 21.9 11 4.8 4.1 3.0 1.9 6.27 169.0 14.4 140.3 15.5 28.7 12 4.4 3.1 2.1 6.27 183.0 14.2 151.8 21.6 31.3 2011 1 0.5 3.4 2.4 6.27 179.1 15.1 146.5 25.4 32.6 2 5.0 4.5 2.9 2.9 6.27 163.1 19.4 128.8 25.3 34.3 3 2.0 3.0 3.0 6.27 203.7 14.0 166.4 22.8 37.3 4-0.3 3.0 3.2 6.27 191.8 18.5 155.3 16.6 36.5 5 4.3-5.2 3.0 3.3 6.54 182.8 13.8 154.7 14.1 28.2 6 0.5 3.2 3.5 6.54 191.0 18.1 164.9 15.2 26.0 7-0.1 3.0 3.4 6.54 197.8 14.7 166.2 10.2 31.6 8 5.7 3.5 3.1 3.3 6.54 196.2 17.2 159.4 12.9 36.8 9 2.8 3.3 3.4 6.54 190.2 17.4 159.0 13.6 31.2 10 2.7 3.0 3.4 6.54 201.7 13.9 159.4 2.7 42.4 11 5.2 2.0 3.1 3.3 6.54 180.3 6.7 150.2 7.1 30.1 12 2.5 3.1 3.0 6.53 192.0 4.9 165.8 9.2 26.3 2012 1 0.4 3.0 2.7 6.53 176.9-1.3 148.8 1.5 28.1 2 4.7 8.2 3.2 2.2 6.53 188.1 15.3 153.1 18.8 35.0 3 1.5 2.9 2.1 6.53 203.0-0.4 168.6 1.3 34.3 4 3.1 1.9 6.53 188.6-1.7 164.0 5.6 24.5 5

1757 57 59.6% 33.0% 34.1% 16.8% 201214 2,059.6 6.3% 20124 102.8 0.8% 0.01%4 25.7 10.5% 3.5% 201214 101 9.3% 3 2.1% 20123 104.5 2.1% 2 3 3.5% 2.9% 2.9% 2.8% 2.6% 2.4% 2.2% 1.8% 1.3% 0.7% 0.4% 201213 104.5 2.3% 4 0.1% 20124 577.4 180.4 0.1% 502.3 7.4% 75.1 31.8% 4 0.1% 2012 4 2,314.6 3.3% 1,941.7 7.1% 372.9 12.82% 4 184.9 32.0% 42.4 41.9 41.2 38.4 35.1 22.5 19.3 17.6 17.4 81.1 79.7 65.9 48.1 33.5 25.1 4 144.1 48

58 1757 43.1 5 73.7 60.6 54.7 41.2 28.7 5 6.1% 2012 6.1% 2011 5.9% 8.2% 9.1% 6.2% 6.1% 5.6% 2012 6.7% 4 4.5% 2012 5 4.45%4 4.5% 3 5 0.07% 4 0.21% 2009 6 5 5 4 3.5% 20124 159.8 3.5% 166.2 11.7% 6.4 20107 10 4 3 20107 1.4 20087 3.4 2008 4 7.3 4 20.5 12.2 12.1 35.4% 4 24.6 21 9.6 9.2 8.5 20124

1757 59 * 1 2 3WTO 2-5-6 % * * (+) GDP (-) ( ) * * 2001 3.6 4.3 8.1 18.05 563.2-9.3 309.6-7.6 253.6 2002 4.5 3.3 9.1 19.12 571.6 1.5 312.9 1.1 258.7 2003 4.8 5.5 9.5 15.76 610.6 6.8 325.5 4.0 285.1 2004 5.0 3.3 9.9 14.63 715.8 17.2 465.2 42.9 250.6 2005 5.7 1.3 11.2 16.15 856.6 19.7 577.0 24.0 279.6 2006 5.5-1.6 10.3 14.64 1,035.3 20.9 806.6 39.8 228.7 2007 6.3 5.6 9.1 13.08 1,180.1 14.0 931.0 15.4 249.1 2008 6.0 3.0 8.1 9.8 14.32 1,396.1 18.3 1,276.0 37.1 120.0 2009 4.6 1.3 7.4 4.8 12.83 1,196.5-14.3 945.5-25.9 251.0 2010 6.2 4.4 7.1 5.1 11.98 1,580.7 32.1 1,353.2 43.1 227.5 2011 6.5 4.1 6.6 5.4 11.84 2,005.9 26.9 1,768.8 30.7 237.1 2010 7 6.2 12.39 130.0 26.7 122.6 27.1 7.4 8 5.8 7.1 6.4 12.38 141.9 30.3 126.2 44.5 15.8 9 5.8 12.21 125.2 23.5 95.0 28.1 30.2 10 5.7 12.07 142.8 20.0 119.2 24.9 23.7 11 6.8 6.3 11.98 150.5 41.4 127.9 47.6 22.6 12 7.0 11.98 165.0 22.6 139.7 52.5 25.4 2011 1 3.7 7.0 12.03 149.6 42.0 123.7 31.5 25.9 2 6.4-2.7 6.8 6.8 11.82 141.6 26.1 121.2 32.5 20.5 3 2.6 6.7 12.18 167.8 25.9 145.8 30.4 22.0 4-1.0 6.2 12.02 163.6 34.7 149.5 36.5 14.1 5 6.5 3.9 6.0 12.15 178.0 42.0 148.2 43.8 29.8 6 3.6 5.5 12.08 175.9 37.8 155.7 37.9 20.2 7 10.8 4.6 12.06 168.8 29.9 158.4 29.2 10.5 8 6.5 4.2 6.6 4.8 12.15 185.1 30.4 147.6 17.0 37.5 9 14.0 4.6 12.00 169.2 35.1 149.2 57.1 19.9 10 6.9 4.4 11.98 170.7 19.5 155.3 30.3 15.4 11 6.5 0.9 4.2 11.91 165.9 10.3 155.1 21.3 10.8 12 2.6 3.8 11.84 169.7 2.9 159.2 14.0 10.6 2012 1 2.3 3.7 11.88 152.5 1.9 152.3 23.1 0.2 2 6.3 11.4 6.3 3.6 11.45 158.9 12.2 159.5 31.7-0.6 3 2.5 4.0 11.15 170.8 1.8 162.1 11.2 8.7 4 6.9 4.5 161.5-1.3 166.0 11.0-4.4 5 4.5

60 1757 2012518 618 1 2012518 618 26.00 1,540.001,635.00 618 1,615.50 518 6 18 1 2012518 618 1 79.14 78.65 78.2179.98 1 0.6334 0.6388 0.63330.6513 1 0.7861 0.7916 0.78310.8088 4 3.3% 4 0.6%5 0.2% GDP 1.9%5 PMI 20099 52.75ADP 13.3 14.8 5 6.9 15 68 AA+ 2012 2013 1.2

1757 61 1.30 3-1 87 1.15 84 1.00 81 0.85 78 0.70 75 0.55 72 0.40 69 3/2 3/9 3/16 3/23 3/30 4/6 4/13 4/20 4/27 5/4 5/11 5/18 5/25 6/1 6/8 6/15 522 "AA" "A+" 524 615 0-0.1% 6 17 2012 825 65 6 610

62 1757 313 0 0.25% 615 1.00% 1.00% 0.5% 2.50% 1,000 EFSF ESM ECB66 1.0% 612 4 CPI 0.6% 3.0% 20102 67 0.5% 3,250 IMF 614 1,000 Fed424-25 200812 0 0.25% Ben S. Bernanke 2% 2012 61920 731 9 12 102324 1211 Ben S. Bernanke Bank of Canada65 1.00% 67 17 1.00% 1.75%0.25% 2012 2% 2%

1757 63 3.50% 3.00% 5.75% 3.25% 0.1% 67 0.5% 39 3,250 5,190 614 1,000 615 620 RBNZ614 2.50% 726 913 1025 126 RBA65 25 3.75% 3.50% 5 2.53% 61 2012 3.3-3.8% 2012 5.7% 6% 530 6 13 3.00% 612 5.75% 3.5%5.5% 5 4 4.5% 4.45% 6.3% 2011 6.5% 6.3%6.7% 2012 68 3.25% 20117 12

64 1757 % 1.6 3-2 3 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 3/2 3/9 3/16 3/23 3/30 4/6 4/13 4/20 4/27 5/4 5/11 5/18 5/25 6/1 6/8 6/15 1840 1800 1760 1720 1680 1640 1600 1560 3-3 1520 1480 5/7 5/10 5/13 5/16 5/19 5/22 5/25 5/28 5/31 6/3 6/6 6/9 6/12 6/15 518 6 18 26.00 1,540.00 1,635.00 6 18 1,615.50 615 00.1% 1.00% 2012518 1,589.50 530 1,540.00 2012618 1,615.50 26.00 5

1757 65 530 10 20121 6% 10 7% 61 13.3 15 6 7 BBB Baa3 EIA612 Short-Term Energy Outlook 2012 70 120 EIA OPEC EIA 2012 2011 EIA 70 2011 80 OECD 2012 2013 80 110 2012OECD 40 2013 OECD OPEC 20122013 80 120

66 1757 5 6 89 47 EIA 20122013 2 2012 2013 16 Kashagan 2 OPEC 2 3,000 2012 90 2013 OPEC 50 20125 (1) (2) GDP 3.4%(3) (4) 3 (5) (6) (7) 20126 (1) GDP 1.9%(2) (3) 1998 (4) 3 (5) 5 8.2%(6) Fed EI20126 OMI 2013 OPEC 2012 2013 140 100 4 2011 5 109

1757 67 130 125 120 115 110 105 100 95 90 85 80 75 70 4-1 OPEC * % 2005 50.59 54.4 56.51 49.29 2006 61.04 65.17 66.11 61.52 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 201105 109.94 115.14 101.27 108.80 06 109.04 114.04 96.28 107.60 07 111.63 116.85 97.18 110.10 08 106.32 110.52 86.37 104.89 09 107.61 113.08 85.49 106.31 10 106.29 109.43 86.44 104.08 11 110.08 110.70 97.16 108.97 12 107.36 107.86 98.58 106.39 201201 111.76 110.66 100.38 109.71 02 117.48 119.53 102.41 116.07 03 122.97 125.27 106.25 122.32 04 118.18 119.73 103.37 117.25 05 108.07 110.27 94.47 107.64 201205 % -8.55-7.90-8.61-8.20 201205 % -1.70-4.23-6.71-1.07 *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, June 2012. / OPEC 4-1 65 05/2010 09/2010 01/2011 05/2011 09/2011 01/2012 05/2012 /

68 1757 4-2 / 2012 2011 2012 2011 2011 5 4 3 5 OECD 44.0 44.2 45.0 43.9 45.8 45.8 44.6 OECD 43.9 43.8 43.3 43.0 43.8 43.3 43.3 87.9 88.0 88.3 86.9 89.6 89.1 87.9 OPEC 31.6 31.8 31.3 29.1 31.1 29.7 29.2 OPEC6.5 6.5 6.4 5.9 6.4 6.0 6.0 OPEC 51.3 50.9 50.6 50.1 50.6 50.3 50.3 2.3 2.3 2.2 2.2 2.3 2.2 2.2 91.8 91.5 90.6 87.3 90.4 88.3 87.6 3.8 3.5 2.3 0.5 0.8-0.8-0.2 OECD 2,649 2,629 2,626 2,684 5,301 5,282 5,236 5,318 4-1 4-3 / 2012 5 4 3 a 20115 1OPEC 9,825 9,827 9,648 11,460 8,595 2,965 3,000 3,150 3,700 3,575 3,025 3,137 2,880 3,137 2,677 2,750 2,750 2,756 2,750 2,250 2,575 2,550 2,575 2,800 2,646 730 735 743 900 731 550 550 550 680 600 2385 2380 2417 2,650 2,599 1999 2039 1862 2,700 2,021 1475 1435 1390 1,525 125 1140 1170 1210 1,200 1,193 OPEC 31,645 31,845 31,337 35,917 29,067 OPEC 6,503 6,459 6,406 5,944 OPEC 38,148 38,303 37,743 35,012 2 OPEC 17,740 17,358 16,938 2,558 2,540 2,550 1,018 1,056 1,106 1,565 1,650 1,651 10,024 9,984 10,013 4,004 3,972 4,066 792 794 794 13,590 13,537 13,454 OPEC 51,291 50,891 50,572 89,439 89,195 88,315 a. 30 3 4-1

1757 69 1.2%20123 0.7% 0.2% 66.7 2011 6.7% 1/4 12.0% 5.7%50%4 0.5%1.0% OECD 3.3% 0.2% 5OECD 12.2 4,402 0.3% OECD 96.2 4,392 2.2 OPEC OPEC 5 OPEC 20 OPEC 43.6 5 28 9,179 OPEC 4.4 3.5 300 OPEC 5 20125 CRBDJ-AIG Reuters 272.97128.382,890.29 - -10.78% -9.14% - 2.86% 5. 2012 2011 29% 64.57-3.91% 1,585.50 2.88-9.13% 117.20-7.39% 37.60-5.74%

70 1757 5-1 CRB 1967=100 DJ-AIG 1991=100 Reuters 9/18/1931=100 2005 331.83 171.15 1,796.56 2006 307.26 166.51 2,228.64 2007 358.71 184.96 2,592.90 2008 229.54 117.24 1,746.52 2009 283.38 139.19 2,321.27 2010 332.80 162.39 3,174.42 2011 305.30 140.68 2,695.51 201105 350.06 166.91 3,224.81 06 338.05 158.13 3,139.74 07 342.08 162.81 3,139.93 08 342.57 164.43 3,131.19 09 298.15 140.20 2,811.36 10 319.84 149.48 2,822.04 11 313.82 146.16 2,722.86 12 305.30 140.68 2,695.51 201201 312.31 144.16 2,935.40 02 322.43 148.04 2,970.83 03 308.46 141.90 2,978.38 04 305.95 141.29 2,975.35 05 272.97 128.38 2,890.29 % -10.78-9.14-2.86 % -22.02-23.08-10.37 CRB= DJ-AIG= Rueters= 7.79% 20,370.7 4.9% 17,020.0 4.11% 7,919.9 3.34% 1,930.0 3.11% 1,998.9 2.25% 2,000.5-12.39% 0.79%

1757 71 1. 5.60 6.80 USDA20126 2012/13 0.51 2011/12 1,000 3,000 4,000 2011/12 13 2012/13 1,100 22.34 HRW SRW 1,000 1,000 2012/13 4,100 5.60 6.80 10 2011/12 7.25 2012/13 700 150 550 2011/12 2012/13 27 300 27 100 100 20 2012/13 460 27 27

72 1757 5-2 * 2010/11 200.55 651.14 131.65 116.33 654.46 132.43 197.23 26.55 60.06 2.64 3.59 30.71 35.08 23.47 174.00 591.08 129.01 112.74 623.75 97.36 173.77 31.92 202.86 5.31 58.44 141.76 67.63 30.68 2.34 16.10 0.01 0.10 5.95 9.49 3.01 5.59 27.89 0.12 3.00 6.13 18.66 8.82 7.83 23.17 0.44 2.84 7.69 16.58 7.18 27 16.16 135.70 4.73 52.50 122.00 22.91 11.68 85.21 184.80 70.70 22.36 243.79 8.14 88.79 2.60 5.90 6.70 0.20 10.80 2.54 1.86 54.43 115.18 0.93 13.00 110.50 0.94 59.09 8.74 19.64 13.57 2.52 33.00 1.29 7.66 10.95 15.93 24.18 2.38 39.23 0.36 11.47 3.56 23.90 0.20 0.40 23.00 1.35 3.31 3.12 0.00 15.80 2.82 14.42 0.55 3.95 16.12 80.80 0.27 2.90 81.76 0.07 15.36 25.84 81.06 5.66 23.73 75.04 13.88 23.64 14.72 41.51 0.09 16.00 38.60 3.98 13.74 4.30 9.64 0.01 1.90 6.20 4.86 2.88 2.36 16.84 0.04 2.80 11.60 4.30 3.34 2011/12 197.23 694.17 142.96 148.29 695.84 148.76 195.56 23.47 54.41 3.27 4.90 32.62 28.71 19.82 173.77 639.75 139.70 143.40 663.22 120.04 175.75 30.68 206.64 8.01 67.70 150.93 66.10 28.31 3.01 14.50 0.01 0.10 5.95 10.10 1.46 8.82 29.50 0.10 4.60 7.83 22.50 8.10 7.18 25.26 0.40 5.50 10.40 17.30 5.14 27 11.68 137.38 7.50 57.50 126.75 16.20 13.61 88.79 187.89 77.05 36.16 259.93 7.28 86.51 1.86 5.80 7.30 0.50 11.20 2.00 1.76 59.09 117.40 3.00 22.00 120.50 1.00 57.99 7.66 17.62 15.25 3.57 33.57 0.91 6.05 11.47 18.43 23.50 3.25 41.15 0.48 11.77 3.31 24.20 0.20 0.40 23.10 1.15 3.46 3.95 0.00 16.30 3.99 16.06 0.55 3.64 15.36 86.87 0.03 3.10 81.56 0.75 19.95 23.64 114.42 7.21 29.43 81.89 37.61 25.78 13.74 56.23 0.20 16.00 38.50 21.00 10.67 2.88 22.73 0.01 4.00 9.00 11.00 5.63 3.34 22.12 0.10 6.10 14.95 5.00 5.61 * USDA,WorldAgriculturalSupplyandDemandEstimates,June.11,2012.