Abstract OECD R&D 2009 OECD R&D 4.5% ILO ILO José Manuel Salazar-Xirinachs 12.6% 7, Business spending on R&D fell a record 4.5%

1764 http://www.cepd.gov.tw 101 9 27 ( ) 2009 4.3% 5.1% 2010 5.1% 3.7% 2011 3%

2 1764 Abstract OECD R&D 2009 OECD R&D 4.5% ILO ILO José Manuel Salazar-Xirinachs 12.6% 7,500 2012 240 100 Business spending on R&D fell a record 4.5% in 2009 in the OECD. Only France and Korea bucked the trend, with nearly all OECD countries seeing a fall in investment which could impact innovation and long-term growth, according to a new OECD report. ILO has called for an urgent investment in opportunities for young people to tackle the challenge of growing youth unemployment. ILO stressed the need for strong collective action following the latest jobless figures, which showed that 12.6 per cent of young people, or some 75 million youths, are out of work. Since the early 2012, USA has called for international coalition imposing stricter economic sanctions on Iran, with increasingly significant effect on Iran s economy average daily crude oil export dropped to 1 million this year from 2.4 million barrels last year, which results in deterioration of fiscal revenue. Malaysia is challenging its neighbour Singapore s dominance as Asia s commodity trading hub, luring traders based in the city-state with low tax rates in a bid to get them to relocate to Kuala Lumpur. It is part of an ambitious Malaysian push to position the country as south-east Asia s centre for oil, gas and petrochemical.

1764 3 5 OECD 2011 4. 105 13 1. 91 IEA 2012 OECD R&D 2012 5. 109 2013 2. 94 9 19 10 2012/13 3. 102 6. 114 ILO QE3 FTA 2012 10 7. 117 1 FTA

4 1764 1 7 4.7% 2013 8. 120 2030 9. 125 2013 10. 132 2 20 7 11. 140 142 143

1764 5 2009 4.3% 5.1% 2010 5.1% 3.7% 2011 3% 2009 4.3% 1.1% 5.1% GDP 2009 GDP 69.4% 61.6% 78.7% 73.6% 1

6 1764 1 % 2006 2007 2008 2009 2010 2011 2012 GDP Euro area 3.1 3.0 0.4-4.3 1.9 1.5-0.3 EU27 3.2 3.2 0.3-4.3 2.0 1.5 0.0 3.4 2.7 1.1-5.1 3.7 3.0 0.7 2.8 2.7-1.1-4.4 2.1 0.7 0.5 2.2 2.4-0.1-2.7 1.5 1.7 0.5 2.0 1.5-1.2-5.5 1.8 0.4-1.4 Euro area 1.9 2.3 3.3 0.3 1.6 2.7 2.4 EU27 2.2 2.6 3.7 1.0 2.1 3.1 2.6 0.4 1.8 0.8 1.2 0.6 0.8 1.6 3.1 3.0 3.1 7.8 7.2 7.4 7.4 2.4 2.5 2.5 0.5 0.8 1.6 1.5 1.8 2.6 2.5 2.1 0.4 1.3 2.1 Euro area 8.5 7.6 7.6 9.6 10.1 10.2 11.0 EU27 7.2 7.2 7.1 9.0 9.7 9.7 10.3 10.3 8.7 7.5 7.8 7.1 5.9 5.5 5.4 5.3 5.6 7.6 7.8 8.0 8.5 9.2 8.4 7.8 9.5 9.8 9.7 10.2 6.8 6.1 6.7 7.8 8.4 8.4 9.5 2012 European Economy Forecast, Spring 2012, European Commission. 2010 5 11 2010 1.9% 2.0% 0.5% 3.7% 2011 2.5% 1.5% 3.0%

1764 7 1 GDP % 2012 European Economy Forecast, Spring 2012, European Commission. 1 2009 1.6 2010 2011 GDP 1.6 2.2 2

8 1764 2 % 2005 2006 2007 2008 2009 2010 2011 2012 GDP 0.5 3.7 3.3 1.1-5.1 3.7 3.0 0.7 0.3 1.5-0.2 0.6-0.1 0.6 1.5 0.9 0.4 0.9 1.4 3.1 3.3 1.7 1.4 1.2 0.9 8.2 4.7 1.7-11.4 5.5 6.4 2.1 7.7 13.1 8.0 2.7-13.6 13.7 8.2 2.9 6.7 11.8 5.4 3.3-9.2 11.7 7.4 3.8 GDP 0.0-0.2 2.6 1.2-1.6 1.6 2.2 1.2-0.4-0.5 0.1 0.0-0.9 0.6 0.0-0.2 0.7 0.9 1.1-0.1-2.7 1.4 0.8-0.3 11.2 10.3 8.7 7.5 7.8 7.1 5.9 5.5 0.7 0.3 1.6 0.8 1.2 0.6 0.8 1.6 GDP-3.3-1.6 0.2-0.1-3.2-4.3-1.0-0.9 2012 European Economy Forecast, Spring 2012, European Commission 2009 5.1% 0.3 2011 5.9% Kurzarbeit, short-time work programme 1997 2009 6 24 67% 50%~100% 351 359 2009 2010 2008 3.3% 2.8% 2011 1 3.0% 11.2 2 7.7 2009 6 2011 54 1.3% 298 2011 3.3%

1764 9 2, 2005=100 1 2 3 Deutsche Bundesbank Annual Report 2011 2012 2012 2 99.7% 48.8% 46% 40% 115 15 22.4

10 1764 2011 7.0% IT 5,000 2007 2010 450 3 7 2009 5 50 2010 11 Digital Germany 2015 2010 2011 13.7% 8.2%

1764 11 GDP 1.5 0.8 2 2009 GDP 3.2% 2005 GDP 66.0% 73.2% 2010 2009 2010 7% VAT GDP 4.3% 2011 7.1% GDP 3% 1.0% GDP 2010 8.6 83.0% 81.2% 2 3

12 1764 3 GDP 2012 2013 European Economy Forecast, Spring 2012, European Commission 2012 1. Annual Report 2011 Deutsche Bundesbank. 2. European Economic Forecast Spring 2012, European Commission. 3. Germany: A Job-Centered Approach ILO 2011 3 4. ICT Strategy of the German Federal Government: Digital Germany 2015 Federal Ministry of Economics and Technology 2010 11. 5. Making the most of technology : spurring progress stimulating growth, shaping the future Federal Ministry of Economics and Technology. 6. 2008 2009 2010 7. 2012 3 8. 2012 6 9. 10. 2012 6

1764 13 2012 2013 2.6% 2.7% IHS Global Insight Inc. 2012 2011 2012 2012 ECB OMTs QE3 2012 2.6% 2013 2.7% 2012 2.0% 1.5% 7 2012 2.1% 0.2% 2012 0.5% 3 5% 2012 2.6% 2012 2013 40% 50% 10% 15% 6 10% 7 5.2%

14 1764 0.75% 0.50% Fed 9 QE3 6 600 2014 Fed 9 13 QE3 400 2011 14% 2012 1 1.25 1 78.20 1 6.30 6 95 8 114 2012 95 GI 2012 2012 2013 2.1% 1.8% 2012 2.0% 1.5% 2.4% 1.2% 7 7 1.7% 2012 2.1% 2013 1.8% 2012 2.0% 2012 1 1.25 2013 8 1 1.10 1 78.20 2012 0.9% 1 6.30

1764 15 9 2.0% 2014 2015 2.0% 2016 4.0% 2012 2013 0.5% 0.3% 2012 0.2% 6.2% 1.2% 0.6% 2012 0.5% 2013 0.3% 2012 5 7 2.4% 2012 2013 2.0% 2012 2.2% 7 1.00% 0.75% 0.50% 7 0.75% 0.50% 2012 1 1.25 2012 2013 2.6% 1.3% 2 3 4 2011 2012

16 1764 5.5% 1.4% 2012 2.6% 2013 1.3% 2013 2014 2011 3 1 80 2012 1 78.20 2009 2010 2015 2012 0.1% 2012 2013 5.0% 4.9% 2012 2014 5 2011 2012 5.0% 2013 4.9% 2011 2011 2015 2012

1764 17 7.7% 2013 7.9% 2012 2011 5.4% 2.4% 2012/13 6.0% 2013/14 7.0% 2012 9.3% 2012 2013 3.0% 3.6% 2012 3.0% 2013 3.6% 2011 2012 1.9% 2.2% 2013 2013 3.6% 3.8% 2012 4.6% 4.1% 80% 2013 2012 4.0% 4.3% 2012 2013 3.1% 2.5% 2012 2011

18 1764 1 % 2011 2012 2013 2014 GDP 3.0 3.0 2.6 2.7 2.7 3.0 3.6 3.8 2.0 1.9 2.2 2.2 1.9 2.2 2.9 2.9 1.8 1.7 2.1 2.1 1.8 2.1 2.8 2.8 2.4 2.4 1.8 2.0 1.9 2.1 2.6 2.6 3.9 3.9 4.0 4.2 3.6 3.6 4.9 4.9 1.5 1.5-0.2-0.1 0.0 0.2 0.9 0.9 0.8 0.7-0.5 0.1 0.9 1.0 1.4 1.4 1.5 1.5-0.5-0.4-0.3-0.1 0.7 0.7 3.1 3.1 0.9 1.0 0.7 1.1 1.3 1.3 1.7 1.7 0.0 0.0-0.1 0.1 0.5 0.7 0.5 0.5-2.2-1.9-1.3-1.2 0.0 0.0 0.7 0.7-1.3-1.6-1.8-1.6-0.2-0.2 4.8 4.8 1.8 1.7 2.4 2.7 3.3 3.6 4.5 4.5 5.0 5.1 4.9 5.2 5.7 6.1-0.7-0.7 2.6 2.4 1.3 1.8 2.6 3.0 9.2 9.3 7.7 7.9 7.9 8.0 8.2 8.5 6.9 6.9 6.0 6.6 7.0 7.0 7.8 8.0 3.6 3.6 2.3 2.6 1.9 3.4 3.3 4.1 4.0 4.0 3.0 3.3 3.6 3.7 4.4 4.6 2.7 2.7 1.9 2.5 3.8 3.7 4.7 5.0 3.0 3.1 3.1 3.7 2.5 3.9 3.9 4.8 5.0 5.1 3.0 3.6 2.3 3.4 3.8 4.7-3.7-3.5 3.5 4.0 3.3 5.5 4.1 5.4 5.0 4.8 4.9 5.1 5.1 5.2 5.2 5.2 3.8 3.8 2.4 3.0 2.9 3.5 4.3 4.5 4.1 4.1 4.0 4.0 2.2 2.3 2.9 3.3 2.0 1.9-1.8-1.8 0.1 0.2 1.3 1.2 2.7 2.7-2.2-2.2-0.2 0.3 1.2 1.2 5.0 5.1 4.9 6.2 5.6 6.7 7.7 7.8-2.3-2.3 1.7 4.3 2.2 3.2 5.5 4.5 3.1 3.1 2.0 1.7 1.6 1.3 1.9 2.4 2.6 2.6 2.2 2.3 1.8 1.8 2.1 2.0 4.5 4.5 2.7 2.9 1.9 1.9 1.9 1.9-0.3-0.3 0.1 0.3-0.7-0.7-0.3-0.3 0.72 0.77 0.79 0.80 0.86 0.87 0.80 0.76 0.62 0.65 0.64 0.63 0.65 0.64 0.60 0.58 79.81 77.72 79.02 79.23 78.61 78.97 78.89 78.53 6.46 6.30 6.31 6.24 6.25 6.10 6.06 5.84 19.6 19.6 0.7 2.7 2.3 4.7 9.4 9.4 19.5 19.5 0.9 3.6 2.3 4.4 9.5 9.0 2012 Global Insight Inc., World Overview, Third-Quarter, 2012.

1764 19 2012 3.0% 2012 3.5% 2012 3.1% 2013 2.5% 2012 8.1% 2012 2013 4.9% 5.1% ( GDP 54%) 2009 2012 4.9% 2008 2013 5.1% 2008 11.6% 2012 8.0% 2.9% 6.7% 10.0% 75 2.3% 193 35 7 1 5,920 0.8% 8 4,067 0.9% CPI-U 0.6% +1.7%

20 1764 9 12 QE3 QE1 2008 11 25 QE2 2009 3 18 2011 9 21 2012 6 20 QE QE3 8 8.1% 8 9.6 1,250 7.6% 7.3% 24.6% 7.2% 14.1% 10.2% 5.9% 8 27 500 40.0% 154.6 63.5% / 58.3% 800 250 4 12 170 13.3 8 9.6 2012 13.9 2011 15.3 8 / +2.8 +2.7 +1.7 +0.9 +1.1-1.5 8 34.4 0.2 40.5 3.2 33.7 23.52 1 8 0.6% 8 CPI- U 0.6% 0.2% 5.6% CPI-U 0.1% 8 CPI-U +8.6%

1764 21 8 1.2% 78.2% 8 1.0% +9.0% +4.6% +0.8% +0.2% +0.2% -0.2% -0.2% -0.9% -0.5% +0.3% +0.1% +0.2% +0.2% 8 CPI-W 0.4% 227.056 1982~84=100 8 1.2% 0.7% 3.6% 78.2% 1972~2011 2.1% 8-1.2% -2.9% -0.7% -4.7% -0.2% -0.2% -0.3% +0.5% -0.1% -1.5% -1.1% -0.3% -1.1% 77.3% 0.2% -0.4% 77.0% 2.7% -1.8% 88.6% 1.3% 73.3% 13.0% 86.3% -1.4% 75.4% -1.1% 5.7% 77.7% -0.8% 0.5% 8 80.3 81.1 1.0% 24.5% 51.2 0.2% 26.3 75 2.3% 29.1% 53.5 5.5% 50.7 20.8 68.9 0.7% 11.7% 48.9 5.4% 19.3

22 1764 * 1 2 3 4 5 WTO 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 2009-3.1-11.4 9.3-2.5-0.3 0.50 3.25 10,560.4-18.0 16,053.0-26.0-5,492.5 2010 2.4 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 1.8 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 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 2.4 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 1.8 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 1.9 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 1.6 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 2.0 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 4.5 8.3 4.2 2.9 0.75 3.25 1,182.1 7.3 1,882.9 9.6-700.8 2 2.4 5.2 8.3 3.5 2.9 0.75 3.25 1,234.3 12.6 1,761.1 9.7-526.8 3 3.7 8.2 2.8 2.6 0.75 3.25 1,399.6 6.3 2,023.1 6.0-623.5 4 5.0 8.1 1.8 2.3 0.75 3.25 1,274.1 2.8 1,946.1 6.3-672.0 5 2.3 4.7 8.2 0.8 1.7 0.75 3.25 1,317.3 6.1 2,035.1 4.9-717.8 6 4.7 8.2 0.8 1.7 0.75 3.25 1,330.2 8.1 1,968.0 0.1-637.8 7 4.3 8.3 0.5 1.4 0.75 3.25 1,216.8 1.2 1,971.5 2.6-754.7 8 2.8 8.1 2.0 1.7 0.75 3.25

1764 23 2012 2% 8 2012 GDP GDP 7 GDP 0.2% 2012 GDP 0.3% 0.2% 1.4% 0.7% -0.0-0.2 0.1 GDP 0.4 0.2 GDP 0.2 0.1-0.1 2012 7 1.0% 7 95.7 1.0% 1.2% 91.5 7 94.4 2.3% 90.8 3.6% 7 110.6 9.3% 110.5 2.8% 8 7 0.1% 9 8 3.3% 7 0.3% 7 99.3 2010 =100 0.4%

24 1764 99.5 0.3% 98.4 0.6% 3.5% 3.1% 1.8% 1.2% 0.6% 0.3% 0.4% 0.2% 3.0% 7 4.3% 7 4.3% 6 4.5% 6 4.1% 6 0.1 7 288 24 26 104 11 72 14 7 6,277 9 8 1,034 8 1,033 36 713 50 501 3 15~24 8.3% 25~34 5.4% 65 1.8% 7 56.6% 0.1 7 1.7% 7 28 3,295 1.7% 1.3% 18.7% 10.9% 6.3% 4.8% 10.7% 2.5% 1.5% 1.8% 1.0% 7 55 7,032 2.2% 12.6% 3.4%

1764 25 8.2% 7 1.5% 7 8.1% 7 5 3,133 8.1% 2 24.6% 18.0% 13.9% 7 5 8,307 2.1% 64.7% 35.4% 24.2% 32.8% 8.8% 7 4.7% 9 55.2% 42.5% 14.1% 27.6% 7 7.6% 447.6% 104.2% 17.4% 33.4% 7 4,219 1.4% 7 EU 25.1% 10 44.9% 31.8% 28.0% EU 10.6% 96.2% 61.1% 20.7% 7 953 7 9.0% 20.0% 13.8% 12.8% 2.8% 37.6% 23.1% 14.1% 25.7% 14.8% 7 3.269 52.8% 7 11.9% 45.8% 17.2% 14.9% 7 3.3% 42.5% 36.6% 32.0% 7 2,501 5 235.2%

26 1764 * 1 2 3 4 5 6 WTO 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 5.2-0.9-0.2 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 1.6-0.3 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 2008-1.0-3.3 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 4.5 16.5 5.1-0.1-0.7 0.30 1.48 7,697.7 32.6 6,940.5 25.7 757.2 2011-0.8-2.4 4.6 1.5-0.3 0.30 1.48 8,225.6 6.9 8,550.0 23.2-324.3 2010 10 5.0 5.1 0.5-0.2 0.30 1.48 699.0 18.9 599.7 20.1 99.3 11 3.2 7.0 5.0 0.4-0.3 0.30 1.48 659.6 17.9 640.5 23.6 19.1 12 5.9 4.9 0.8-0.4 0.30 1.48 732.6 21.2 646.4 18.9 86.3 2011 1 6.1 4.9 0.6-0.6 0.30 1.48 601.6 11.9 661.8 24.2-60.2 2 0.0 4.5 4.7 0.7-0.5 0.30 1.48 677.5 19.3 600.3 20.7 77.2 3-12.4 4.6 1.3-0.5 0.30 1.48 716.3 8.0 695.4 24.2 20.9 4-12.7 4.7 1.8-0.5 0.30 1.48 618.7-1.9 676.0 22.3-57.3 5-1.8-4.6 4.5 1.6-0.4 0.30 1.48 585.7 1.2 691.6 26.9-105.9 6-0.6 4.6 1.9-0.4 0.30 1.48 717.2 11.1 709.2 24.1 8.0 7-1.7 4.7 2.2 0.2 0.30 1.48 728.2 6.8 719.4 21.4 8.8 8-0.6 1.6 4.3 2.2 0.2 0.30 1.48 693.6 13.8 794.2 31.9-100.7 9-2.4 4.2 2.0 0.0 0.30 1.48 777.5 12.3 739.9 23.3 37.6 10 0.9 4.4 1.3-0.2 0.30 1.48 717.3 2.6 754.2 25.8-36.9 11-0.7-2.9 4.5 1.3-0.5 0.30 1.48 669.8 1.6 758.9 18.5-89.1 12-3.0 4.5 0.8-0.2 0.30 1.48 722.3-1.4 749.1 15.9-26.8 2012 1-1.6 4.6 0.3 0.1 0.30 1.48 585.9-2.6 778.4 17.6-192.5 2 2.9 1.5 4.5 0.4 0.3 0.30 1.48 693.7 2.4 690.5 15.0 3.2 3 14.2 4.5 0.3 0.5 0.30 1.48 752.6 5.1 763.1 9.7-10.6 4 12.9 4.6-0.4 0.5 0.30 1.48 683.0 10.4 747.3 10.5-64.3 5 3.2 6.0 4.4-0.7 0.2 0.30 1.48 656.5 12.1 771.5 11.6-115.1 6-1.5 4.3-1.4-0.1 0.30 1.48 711.4-0.8 704.0-0.7 7.5 7-0.8 4.3-2.2-0.4 0.30 1.48 672.7-7.6 738.4 2.6-65.7 8-1.8 0.30 1.48 641.2-7.5 737.1-7.2-95.8

1764 27 9 9 8 2011 12 9 19 1. 2012 0.5% 27 0.3% 11 22% 7 8 2.6% 2.7% 17 0.5% 27 0.3% 2012 2011 0.5% GDP 0.3% 0.4% 0.3% 0.6% 0.4% 0.1% 1.5% 1.3% 0.1% 0.1% 7 2.3% 1.5% 2012 7 2011 2.3% 1.5% 11 3.3% 1.5% 9.4% 6.9% 2.2% 1.3% 0.3% 0.2% 0.9% 0.1% 7 11.2% 10.4% 2012 7 11.3% 10.4% 7 2,525 6 4.3 71.3% 1,800 6 8.8 22.5% 546.8

28 1764 6 2.4 62% 338.8 6 0.5 8 2.6% 2.7% 2012 8 2.6% 2.7% 3.1% 4.8% 4.5% 4.1% 2.6% 2.2% 2% 1.9% 1.7% 1.1% 1% 0.8% 7 156 31 2012 7 156 2011 11% 1,622 2% 1,466 2012 7 27 31 2011 14% 1,488 3% 1,458 1 1% 5 2012 1% 0.2 4 5 2.1% 7 0.9% 2012 1% 7 1.6% 2012 7 2011 1.6% 7 1.8% 4.4% 0.2% 3.8% 0.4% 7 5.5% 2012 7 3,948 6 6 241 6 22 5.5% 20 4.9% 6.7% 6.9% 136.6 8 2.1% 2012 8 2011 2.1% 8 9.4% 13.5% 1.4%

1764 29 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 4.2 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 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 4.2 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 4.8 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 3.0 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 5.9 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 5.8 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 1.9 4.2 5.7 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 4.0 5.6 3.0 2.1 1.00 0.84 1,107.5 5.6 938.4 2.6 169.1 2 1.2 2.9 5.6 2.6 2.3 1.00 0.63 1,203.2 5.1 1,009.0 2.6 194.2 3-0.9 5.6 2.2 2.1 1.00 0.47 1,300.9-5.1 1,073.9-3.2 227.0 4-1.1 5.5 2.4 2.1 1.00 0.41 1,144.1-5.8 955.9-9.8 188.2 5 1.0-6.8 5.5 1.7 1.9 1.00 0.39 1,183.2-10.2 986.1-11.1 197.1 6 3.3 5.5 1.1 1.7 1.00 0.38 1,183.0-6.4 960.9-11.5 222.0 7 1.6 5.5 2.0 1.7 0.75 0.22 1,147.1-5.9 941.9-12.2 205.2 8 3.1 2.1 0.75 0.13 * 1 1999 1 Main refinancing operations Minimum bid rate 2 1999 1 Prime rate 1 2 3 4 WTO

30 1764 7 8.8% 3.3% 9.2% 6.1% 4.8% 2012 2.1% 2013 1.6% 2011 2.3 2,089 2011 8.8% 1,147.1 2011 5.9% 941.9 12.2% 205.2 2 0.5% 2012 0.5% 2009 2012 0.1% 1.3% 5.2% IMF 2012 0.1% 2012 7 2011 0.8% 16 7 0.5% 4.5% 2.7% 2.3% 1.4% 6.8% 8.1% 2012 6 8.1% 259 58.5% 2,956 18 24 19.6% 81.6 Office for budget responsibility 2012 8.7% 2016 6.3% 936.5 2011 5.4% 394.1 2011 3.8% 542.4 6.5% 148.3 7 0.8% 6 7 5.4% 3 0.3% 2012 0.3% 0.2% 0.6% 0.1% 1.8% 0.1% 0.2%

1764 31 2-3-2 % * * * (+) GDP (-) ( ) ( ) * * 2001 2.9-1.5 5.0-0.3 1.2 4.00 4.50 2,723.2-4.3 3,316.1-0.8-592.9 2002 2.4-1.6 5.1-0.1 1.3 4.00 4.00 2,797.8 2.7 3,515.6 6.0-717.8 2003 3.8-0.3 5.0 0.6 1.4 3.75 3.50 3,076.6 10.0 3,873.5 10.2-796.9 2004 2.9 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 2.8-0.8 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 0.1 5.4 2.0 2.3 5.00 5.50 4,501.7 17.1 6,119.0 20.2-1,617.3 2007 3.6 0.5 5.3 2.3 2.3 5.50 6.50 4,420.6-1.8 6,387.3 4.4-1,966.6 2008-1.0-2.8 5.6 6.8 3.6 2.00 5.50 4,729.2 7.0 6,599.2 3.3-1,870.0 2009-4.0-9.1 7.6 1.6 2.2 0.50 1.00 3,553.0-24.9 5,188.8-21.4-1,635.8 2010 1.8 2.1 7.8 4.2 3.3 0.50 1.00 4,156.0 17.0 5,902.2 13.7-1,746.2 2011 0.8-0.7 8.1 5.6 4.5 0.50 1.00 5,016.7 20.7 6,732.1 14.1-1,715.4 2010 10 2.9 7.8 4.0 3.1 0.50 1.00 378.9 10.7 526.8 8.6-147.9 11 1.5 2.9 7.7 4.1 3.2 0.50 1.00 398.8 18.4 557.8 12.9-159.0 12 3.5 7.8 4.2 3.7 0.50 1.00 376.5 13.1 530.3 14.8-153.9 2011 1 3.6 7.8 5.0 4.0 0.50 1.00 402.3 40.0 520.0 17.5-117.7 2 1.4 2.0 7.7 5.3 4.3 0.50 1.00 442.8 32.7 500.7 16.4-57.8 3 0.1 7.7 5.6 4.1 0.50 1.00 431.5 21.6 587.6 19.1-156.0 4-0.9 7.8 5.6 4.5 0.50 1.00 390.4 18.5 522.4 11.9-132.0 5 0.5-0.9 7.9 5.4 4.5 0.50 1.00 421.9 37.2 572.0 23.8-150.1 6-0.2 8.0 5.8 4.2 0.50 1.00 401.7 15.7 574.2 10.5-172.5 7-1.0 8.2 6.1 4.5 0.50 1.00 409.7 18.5 580.1 16.4-170.4 8 0.5-1.4 8.3 6.0 4.5 0.50 1.00 376.9 14.5 561.8 21.5-184.9 9-1.7 8.3 6.3 5.2 0.50 1.00 436.3 19.0 590.4 15.3-154.1 10-2.5 8.3 5.7 5.0 0.50 1.00 467.5 23.4 586.4 11.3-118.8 11 0.6-3.2 8.3 5.4 4.8 0.50 1.00 433.3 8.7 608.8 9.2-175.5 12-2.6 8.3 4.8 4.2 0.50 1.00 402.3 6.9 527.7-0.5-125.4 2012 1-3.8 8.2 4.0 3.6 0.50 1.50 388.6-3.4 543.7 4.6-155.1 2-0.2-2.2 8.2 4.1 3.4 0.50 1.50 393.8-11.1 558.3 11.5-164.5 3-2.5 8.1 3.7 3.5 0.50 1.50 438.1 1.5 612.9 4.3-174.8 4-2.2 8.1 3.3 3.0 0.50 1.50 361.7-7.4 553.4 5.9-191.8 5-0.5-1.5 8.0 2.8 2.8 0.50 1.50 419.6-0.5 535.8-6.3-116.2 6-3.8 8.1 2.0 2.4 0.50 1.50 369.0-8.1 524.9-8.6-155.9 7-0.8 1.8 2.6 0.50 1.00 394.1-3.8 542.4-6.5-148.3 8 2.2 2.5 0.50 1.00 * Bank Rate 1 2 3 4 WTO

32 1764 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 1.0 9.3 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 2008-0.1-2.9 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 9.7 3.1 1.5 1.00 0.81 5,233.3 8.0 6,094.9 8.7-861.5 2011 1.7 1.9 9.6 5.3 2.1 1.00 1.14 5,958.8 13.9 7,136.9 17.1-1,178.1 2010 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 4.1 9.7 4.2 1.6 1.00 0.83 486.2 12.3 581.5 8.8-95.3 12 5.6 9.6 5.0 1.8 1.00 0.81 449.9 6.4 541.2 6.8-91.4 2011 1 5.0 9.6 5.4 1.8 1.00 0.79 433.9 9.4 545.6 15.9-111.7 2 2.3 5.4 9.6 5.9 1.7 1.00 0.89 468.2 12.9 571.4 21.6-103.2 3 2.6 9.6 6.0 2.0 1.00 0.90 568.0 17.7 671.7 20.7-103.8 4 1.3 9.6 6.0 2.1 1.25 1.13 504.3 13.2 607.7 19.8-103.4 5 1.7 1.0 9.6 5.4 2.0 1.25 1.24 538.8 43.5 651.1 40.2-112.3 6 1.8 9.6 5.2 2.1 1.25 1.28 517.5 13.4 611.0 19.4-93.6 7 2.4 9.6 5.5 1.9 1.50 1.42 492.6 8.5 584.3 17.9-91.7 8 1.6 3.5 9.6 5.4 2.2 1.50 1.37 438.6 25.8 540.5 23.2-102.0 9 0.6 9.6 5.3 2.2 1.50 1.35 512.2 14.0 612.2 16.2-100.0 10 1.4 9.7 5.1 2.3 1.50 1.36 498.6 5.1 594.7 12.0-96.0 11 1.2 0.5 9.8 4.8 2.5 1.25 1.23 517.6 6.5 605.3 4.1-87.7 12-1.8 9.8 3.8 2.5 1.00 1.14 468.5 4.1 541.3 0.0-72.8 2012 1-1.9 9.9 3.5 2.3 1.00 0.84 458.0 5.6 557.5 2.2-99.5 2 0.3-1.9 10.0 3.5 2.3 1.00 0.63 489.8 4.6 594.0 4.0-104.3 3-1.6 10.0 3.2 2.3 1.00 0.47 537.7-5.3 618.5-7.9-80.7 4 0.2 10.0 2.2 2.1 1.00 0.41 465.1-7.8 566.8-6.7-101.8 5 0.3-4.0 10.1 1.8 2.0 1.00 0.39 461.7-14.3 554.6-14.8-92.9 6-2.5 10.2 1.1 1.9 1.00 0.38 487.3-5.8 577.1-5.6-89.8 7-3.1 10.3 1.9 0.75 0.22 468.8-4.8 529.4-9.4-60.7 8 2.1 0.75 0.13 * 1 1999 1 Main refinancing operations Minimum bid rate 2 1999 1 Prime rate 1 2 INSEE 3 WTO

1764 33 GDP 2012 4.5% 2013 3% 7 2012 0.3% 2013 1.2% 330 2013 7 3.1% 2012 7 3.1% 5 7 3.5% 6.3% 3.6% 3.5% 7 10.3% 2012 7 10.3% 500 18.33 2012 136 2013 177 8 2.1% 2012 8 2011 2.1% 6.9% 7 6.7% 5.7% 7 7.3% 7 998.2 2011 7.3% 468.8 2011 4.8% 529.4 9.4% 60.7 4 2.6% 2012 2.6% 2009 GDP -1.9% -1.6% -0.5% 2012 2.4% 7 7% 7 2011 7% 11 7 10.7% 2012 7 10.8% 6 279 15 24

34 1764 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 1.8 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 2.7 1.00 1.14 5,233.1 17.1 5,575.6 14.5-342.5 2010 10 5.1 8.5 4.0 1.8 1.00 0.78 427.4 9.7 463.1 16.3-35.7 11 2.2 5.8 8.3 4.0 1.8 1.00 0.83 416.0 10.1 462.3 17.7-46.3 12 6.6 8.2 4.7 1.8 1.00 0.81 392.8 8.7 432.7 19.1-39.9 2011 1 1.3 8.1 5.3 2.1 1.00 0.79 349.3 16.7 433.6 20.2-84.3 2 1.4 3.1 8.0 5.8 2.3 1.00 0.89 403.9 17.3 445.2 15.9-41.3 3 3.2 7.9 6.2 2.4 1.00 0.90 481.8 17.7 534.8 23.6-53.0 4 3.9 7.9 5.6 2.6 1.25 1.13 448.4 21.1 489.1 27.1-40.8 5 1.0 1.6 8.1 4.8 2.6 1.25 1.24 480.6 36.8 512.6 35.2-32.0 6 0.4 8.1 4.6 2.7 1.25 1.28 469.1 27.2 493.6 19.7-24.5 7-1.1 8.2 4.9 2.7 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 9-2.4 8.8 4.7 3.0 1.50 1.35 454.4 15.9 480.3 9.2-25.9 10-3.4 8.9 4.7 3.3 1.50 1.36 440.4 3.0 454.9-1.8-14.5 11-0.5-3.9 9.3 4.7 3.2 1.25 1.23 439.6 5.7 461.1-0.3-21.5 12-2.3 9.4 3.9 3.3 1.00 1.14 415.8 5.9 400.7-7.4 15.2 2012 1-4.3 9.7 3.5 3.2 1.00 0.84 351.9 0.7 408.0-5.9-56.1 2-1.5-6.4 10.0 3.2 3.3 1.00 0.63 419.9 4.0 434.9-2.3-15.0 3-5.6 10.4 2.8 3.3 1.00 0.47 476.7-1.1 449.4-16.0 27.3 4-8.9 10.6 2.5 3.3 1.00 0.41 401.7-10.4 404.4-17.3-2.6 5-2.6-6.7 10.5 2.3 3.2 1.00 0.39 449.0-6.6 436.1-14.9 13.0 6-7.7 10.7 2.2 3.3 1.00 0.38 430.7-8.2 399.2-19.1 31.5 7-7.0 10.7 2.4 3.1 0.75 0.22 451.8-10.2 396.7-17.6 55.2 8 3.2 0.75 0.13 * 1 1999 1 Main refinancing operations Minimum bid rate 2 1999 1 Prime rate 1 2 ISTAT 3 WTO

1764 35 34% 60 2013 13% 8 3.2% 2012 8 2011 3.2% 7 0.1 5% 10% 550 7 13.8% 848.5 2011 13.8% 451.8 2011 10.2% 396.7 17.6% 55.2 2. Arkady Dvorkovich Andrey Belousov Belousov 260 290 2012 Aleksandr Korbut 2010 2010 Korbut 2010 6,100 / Korbut 2012 7,200 7,300 9,420 Belousov 7,000 1,000 1.

36 1764 8 8.9% 8 3,293 0.2% 2012 8 2.0% 2012 8 8.9% 7 0.3 8 10.1% 8 5.3% 6.6% 10.4% 5.0% 9.0 % 8.6% 8 7.9% 9.2% 12.2% 8 41 40 10.8% 10.5% 6.8% 7.9% 9.7% 7.2% 9.9% 8 471 291 7,881 1.4% 19,555 8.7% 324 8.9% 158 8.2% 89 10.8% 4,373 2.7% 3,774 1.5 % 117 1.9 % 8 3,292.9 0.2% 1,779.8 2.7% 1,513.1 2.6% 266.7 8 24,976.2 6.2% 13,091.1 7.1% 11,885.1 5.1% 1,206 31.8% 8 13,207.5 6.2% 6,381.7 7.7% 6,825.8 4.9% 444.1 23.6% 8,657.1 2.3% 3.9 5,566.4 3.5% 3,090.7 0.4% 2,475.7 7.6% 8 3,650.5 1.9% 3,129.7 9.6% 2,528.7 7.7% 2,187.0 1.4% 584.1 574.1

1764 37 14.9% 6.3% 8 7,488.4 8.3% 1.2 57.2% 2,999.5 6.1% 2,438.9 7.2% 994.8 0.7% 625.1 0.7% 303.8 8.8% 308.7 28.1% 198.6 36.3% 158.8 6.4% 69.4 5.9% 7 20.3% 0.3 8 4.9 8.7% 137.6 16.6% 3,934 17.4% 566.9 1.4% 1,542 2.3% 1,965.5 5.5% 5,010.3 1.7% 81.9 29.1% 8 3.5% 8 3.5% 4.1% 8 1.3% 1.2% 4.6% 8.3% 5.2% 3.9% 0.2% 0.5% 1.7% 0.3% 1.2% 9.9% 9.8% 6.5% 2.6% 2.4% 8 2.0% 8 2.0% 2.1% 1.8% 3.4% 1.4% 2.1% 2.0% 8 2.9% 8 3.4% 1.08 23.8% 0.60 9.7% 0.16 5.6% 0.14 3.2% 0.09 4.5% 0.06 6.6% 0.52

38 1764 18.5% 0.71 3.2% 0.03 3.0% 6.5% 0.5% 3.1% 3.5% 1.9% 1.8% 10.0% 0.1% 1.3% 2.9% 2.0% 0.8% 0.4% 0.8% 11.8% 3.0% 1.0% 4.8% 0.7% 0.4% 1.9% 1.8% 1.5% 5.2% 2.2% 3.0% 3.0% 0.4% 8 M2 13.5% M1 4.5% 8 M2 92.49 13.5% 0.4 M1 28.57 4.5% 0.1 (M0) 5.02 9.7% 8 64.66 16.1% 60.89 16.1% 0.1 0.3 7,039 1,555 2,825 1,168 1,657 4,211 1,501 1,203 1,314 8 6.10 8,872 8 5,951 17.2% 117 8 90.94 13.2% 88.31 12.2% 0.4 3.3 5,044 2,022 1,030 1,965 406 8 7.38 30 8 4,151 62.1% 26

1764 39 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 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 1,498.6-0.6 1,227.7-15.3 270.9 2 8.1 21.3 4.1 0.0 3.2 2.25 6.10 1,144.1 18.3 1,463.8 40.0-319.6 3 11.9-0.3 3.6 2.25 6.10 1,655.8 8.8 1,603.7 5.3 52.1 4 9.3-0.7 3.4 2.25 6.10 1,631.5 4.9 1,446.3 0.2 185.2 5 7.6 9.6 4.1-1.4 3.0 2.25 6.10 1,810.5 15.3 1,629.5 13.1 181.0 6 9.5-2.1 2.2 2.25 5.85 1,801.5 11.3 1,482.8 6.1 318.7 7 9.2-2.9 1.8 2.25 5.60 1,769.3 1.0 1,518.2 4.7 251.1 8 8.9-3.5 2.0 2.25 5.60 1,779.7 2.7 1,513.1-2.6 266.6 * 1 2 3 WTO

40 1764 8 24.26 1.05 29.3% 2.84% 0.06 2.87% 0.02 2. 2012 0.7% 1.1% 8 7 8 2011 8 9 1.1% 2012 GDP 2011 1.1% 21.5% 3.7% 12.4% 60% 5.7% 0.4% 0.7% 2.9% 1.5% 2012 GDP 1% 3% -3% 2012 2011 3% 2011 0.7% 2012 2011 4.3% 2.5% 2012-19.1% -15.5% -3.1% -3.1% 2.4% -3.6% +4.1%

1764 41 8 +3.1% +0.9% +0.9% 3.2% 2012 8 3.2% 4 1.7% 2012 7 3,675,700 2012 8 3,671,300 4,400 2012 7 128,500 2012 8 131,600 3,100 56,600 63,400 6,800 4,400 3.2% 2012 8 2011 3.8% 2012 7 1.7% 2012 7 8 2012 8 3.7% 7 4.2% 2012 8 5.2% 5.7% 5.2% 5.4% 5.2% 5.3% 3.6% 3.0% 2.8% 3.7% 2.1% 1.6% 1.8% 1.1% 1.2% 2.0% 0.8% 0.9% 2012 8 1.3% 1.5% 8 3.8%

42 1764 * 1 2 3 WTO 2-4-2 % * * (+) GDP (-) ( ) * * 2001 0.6-1.6 5.13 1,901.0-5.9 2,014.8-5.4-113.8 2002 1.7-3.1 5.00 2,003.2 5.4 2,080.2 3.2-77.0 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 3,168.0 9.4 3,346.8 11.6-178.8 2007 6.5-1.5 4.1 2.0 6.75 3,447.4 8.8 3,682.2 10.0-234.8 2008 2.1-6.7 3.5 4.3 5.00 3,630.0 5.3 3,888.9 5.6-258.9 2009-2.5-8.3 5.2 0.6 5.00 3,187.6-12.2 3,476.6-10.6-289.0 2010 6.8 3.5 4.4 2.3 5.00 3,903.7 22.5 4,335.1 24.7-431.4 2011 4.9 0.7 3.5 5.3 5.00 4,292.2 10.0 4,840.0 11.6-547.8 2010 10 4.2 2.5 5.00 353.4 13.7 382.1 13.9-28.7 11 6.4 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 7.8 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 5.1 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 4.3 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 2.8-2.2 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 0.7-1.6 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 1.2-3.0 3.2 4.2 5.00 379.4 5.4 425.2 4.7-45.8 6 3.2 3.7 5.00 358.6-4.5 416.3-2.5-57.6 7 3.2 1.7 5.00 356.2-3.1 407.9-1.4-51.7 8 3.2 3.8 5.00 401.8 1.1 448.3 1.4-46.5

1764 43 7 2.2% 2012 7 764.1 2011 2.2% 356.2 2011 3.1% 407.9 1.4% 51.7 2012 7 2011 1.8% 18.9% 14.5% 11.7% 8.7% 8.4% 3.9% 18.9% 16.2% 0.1% 11.0% 9.3% 8.6% 6.7% 5.2% 4.6% 1. 8 7 8 BSI 1 8 BSI 72 1 9 BSI 75 5 4 3 1 BSI 8 87 1 9 89 2 BSI 8 82 9 83 BSI 8 81 3 9 83 2 26.4% 20.0% 8 BSI 66 1 9 BSI 69 BSI 8 81 1 9 84 4 BSI 8 78 1 9 80 1 BSI 8 78 3 9 80

44 1764 3 21.4% 19.9% 10.7% 8 ESI 92 90 8 99 8 CSI 99 1 CSI 87 CSI 92 1 CSI 94 1 CSI 107 1 CSI 67 4 CSI 78 3 CSI 84 3 CSI 141 5 CSI 96 9 CSI 90 2 CSI 92 CSI 104 CSI 102 1 CSI 92 2 CSI 91 3 CSI 89 2 CSI 90 1 3.6% 7 0.3% 1.6% 7 0.3% 1.6% 7 1.6% 0.3% 77.2% 0.9 0.1% 1.8% 0.7% 1.5% 7.1% 2.0% 1.7% 3.4% 2.7% 6.6% 0.2% 4.6%

1764 45 6.1% 2.5% 1.2% 20.2% 6.7% 6.8% 1.0% 14.1% 23.8% 7 0.2 0.2 8 36.4 8 2,485.9 36.4 2011 8 8 8 59.7% 0.1 OECD 15 64 64.3% 0.2 8 76.4 2,000 3.0% 9.2 7.0% 8.9 9.3% 8 2.0% 6.5 1.8% -4.1-5.7% -3.6-4.2% -3.5-2.0% 49.4 17.4 9.6 12.3 1.7 8-8.4-3 16.2 15.5 18 56.9 9,000 22.5 1.5 8 1.2% 8 106.3 2010=100 0.4% 1.2% 1.5% 1 0.2% 1.3%

46 1764 * 1 2 3 WTO 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 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 5.79 412.2-7.3 434.6 3.5-22.5 2 2.8 14.4 4.2 3.5 3.1 3.25 5.71 463.4 20.5 450.2 23.7 13.2 3 0.6 3.7 2.8 2.6 3.25 5.74 473.4-1.5 450.3-1.1 23.1 4 0.0 3.5 2.4 2.5 3.25 5.71 461.1-5.0 440.2-0.4 20.9 5 2.3 2.9 3.1 1.9 2.5 3.25 5.66 469.3-1.0 446.3-1.4 23.0 6 1.4 3.2 0.8 2.2 3.25 5.58 471.8 0.9 421.1-6.0 50.7 7 0.3 3.1-0.1 1.5 3.00 5.45 446.8-8.7 418.9-5.4 27.8 8 3.0 0.3 1.2 3.00 5.22 429.7-6.1 409.8-9.7 20.0

1764 47 0.2% 1.2% 0.7% 0.6% 0.9% 0.2% 0.6% 1.0% 4.6% 2.9% 0.8% 1.7% 8.0% 16.5% 5.7% 6.9% 2.0% 2.3% 1.8% 1.7% 0.5% 1.7% 0.8% 6.2% 0.2% 1.1% 8 0.7% 8 0.7% 0.3% 5.5% 0.6% 8 6 2.7% 0.1% 2.6% 10.8% 2.5% IT 0.2% 0.3% 8 430 410 8 6.2% 430 9.7% 410 20-4.8% -6.8% 1.4% 3.2% 18.5% -2.8% -4.8% -6.3% -8.6% -5.1% -19.4% 1.4% -26.4% -15.9% -2.9% -13.5% -6.5% 20.0 7 9.8 3.4 41.1 45.2

48 1764 13.0 9.1-19.3-12.3-71.6-0.6 2012 1 8 3,628 3,472 156 8 0.2% 1.7% 8 0.2% 1.1% 0.9% 0.2% 8 1.7% 0.3% 4.6% 0.3% 0.7% 1.3% 2. 7 7.8% 7.3% 4.5% 1.9% 7 8 5.9% 1 7 7.6% EDB 7 1.9% 3 7 0.4% 7 5.8% 2012 7 12.6% 13.4% 5 6 33.4% 54.7% 14.5% 13.2% 2012 7 20.8%

1764 49 * 1 2 3 4 WTO 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 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 1-9.6 4.8 5.38 316.2-4.0 306.8 8.7 9.4 2 1.5 12.3 2.1 4.6 5.38 360.0 27.2 316.5 28.9 43.5 3-2.9 5.2 5.38 357.4-1.5 338.7 1.5 18.7 4-1.1 5.4 5.38 344.9 1.2 309.3 1.2 35.7 5 2.0 6.8 2.0 5.0 5.38 345.4 1.1 329.7 3.9 15.7 6 8.2 5.3 5.38 338.2-3.9 322.5 2.5 15.8 7 2.4 4.0 5.38 334.6-3.3 307.1 2.3 27.5 8-2.2 3.9 5.38 334.4-8.9 306.7-11.2 27.8

50 1764 7 4.0% 2012 7 CPI 4.0% 6 5.3% 0.2% 7 6.4% 5.7% 5.1% 3.4% 0.2% 1.3% 2.5% 7 2.9% 7 6 0.9% 2.9% 0.7% 9.7% 4.2% 8.6% 5.5% 8 7.1% IE Singapore 2012 8 7.1% 2.9% 7 0.2% 5.9% 8.3% 6.0% 8 27-28.7% -5.6% -5.6% -4.4% +16.8% +6.6% +6.4% +5.3% +1.5% +0.7% 2.0% 2012 2.0% 2.1% 3.2 2.7 4.7 15% 2.3%

1764 51 2 5.9% 2012 5.9% 2012 6.3% 6.1% 1.4% 0.9% 45.7% 2.3% 4.3 1.5 0.1 8 7 3.2% 3.8% 7 8 8 7 2.3% 3.3% 4.1% 4.3% 7.8% 7 44.6 48.1 7.8% 6 4.3% 973.5% 783.6% 57.0% 32.0% 17.5% 7.2% 6.4% 29.9% 25.6% 19.2% 17.3% 15.9% 13.9% 10.3 % 7.6% 2012 1 7 7.7% 315.6 13.3% 6 13.3% 51.0 1 6 0.4% 307.6 27% 14.6 6 8.0 6.1 5.5 8 3.8% 7 6 3 4% 2012 7 6 4.4% 19% 7 7% 19.5% 6 2.3% 9.6%

52 1764 * 1 NSCB 2 3 4 WTO 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 6.00 384.4-21.6 458.4-23.9-74.1 2010 7.6 23.2 7.3-4.9 3.8 4.00 6.00 515.0 34.0 584.7 27.5-69.7 2011 3.9 1.1 7.0 0.9 4.7 4.50 6.50 483.0-6.2 637.1 9.0-154.0 2010 10 16.9 7.1-6.2 3.3 4.00 6.00 47.9 27.7 52.3 28.9-4.4 11 6.1 16.9-7.1 3.7 4.00 6.00 41.5 11.5 52.4 34.5-11.0 12 15.6 7.4-5.8 3.6 4.00 6.00 42.0 26.5 52.2 24.3-10.2 2011 1 14.5 7.4-2.5 4.0 4.00 6.00 40.0 11.8 55.9 22.1-15.9 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 19.6-14.6 4 3.1 7.2 2.0 4.7 4.25 6.25 43.1 19.2 57.7 18.1-14.6 5 3.6 2.7 1.8 4.9 4.47 6.47 41.2-2.9 51.9 1.2-10.7 6-0.2 2.4 5.2 4.50 6.50 41.3-9.3 47.7 5.5-6.4 7 4.6 7.1-0.2 4.9 4.50 6.50 44.6-1.0 53.0 5.7-8.4 8 3.2 1.2 0.4 4.6 4.50 6.50 41.7-12.6 52.6 11.0-10.9 9 0.3 1.6 4.7 4.50 6.50 39.0-27.0 54.2 10.9-15.2 10-12.5 6.4 2.6 5.2 4.50 6.50 41.6-13.2 53.5 2.5-12.0 11 4.0-6.4 2.5 4.7 4.50 6.50 33.7-18.8 53.2 1.4-19.5 12-7.8 1.5 4.2 4.50 6.50 34.1-18.9 49.4-5.4-15.3 2012 1 2.5 7.2 1.6 4.0 4.44 6.40 41.2 3.0 54.4-2.7-13.2 2 6.3 8.1 1.9 2.7 4.25 6.25 44.3 12.8 53.4 7.0-9.1 3 10.9 1.7 2.6 4.03 6.00 43.2-0.8 57.0-2.1-13.7 4 4.7 6.9 1.3 3.0 4.00 6.00 46.4 7.6 50.6-12.2-4.3 5 5.9-3.7 1.3 2.9 4.00 6.00 49.3 19.7 57.1 10.1-7.8 6 11.1-2.2 2.8 4.00 6.00 43.1 4.3 54.0 13.2-10.9 7 4.7 7.0-0.2 3.2 3.95 5.95 47.3 6.0 52.7-0.5-5.4 8 3.8 3.75 5.75

1764 53 7 3.9% 5.8% 2012 2011 2012 4.0% 2012 4.2% 8 98.5 2012 8 42 1,099 98.5 7 98.7 2 100 8 8 3 105.7 7 104.8 8 7 5.8% 2012 7 178.1 5.8% 2011 13.9% 3.6% 1.6% 11.7% 6 7 7 52.5% 59.0% 8 2.7% 2012 8 7 2.73% 1.87% 2.69% 1.76% 2012 3.2% 3.7% 3.5%

54 1764 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 9.0 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 14.3 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 2,225.8 14.0 2,287.9 25.1-62.1 2010 10 6.0 0.9 2.9 1.55 6.25 171.3 15.6 149.8 14.8 21.5 11 3.8 5.6 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 6.63 161.6 17.9 176.1 33.3-14.5 2 3.2-2.9 0.7 2.9 2.11 6.63 183.6 27.4 171.0 22.2 12.6 3-6.7 0.7 3.1 2.23 6.88 208.8 28.3 194.7 25.7 14.1 4-8.1 0.8 4.0 2.34 7.00 172.6 22.8 183.4 26.1-10.9 5 2.7-3.7 0.5 4.2 2.53 7.00 190.0 14.7 191.8 33.8-1.9 6 3.8 0.4 4.1 2.84 7.13 202.4 12.2 198.0 26.1 4.4 7-0.6 0.5 4.1 3.02 7.38 204.6 31.4 187.2 13.5 17.4 8 3.7 6.8 0.7 4.3 3.18 7.38 212.3 29.0 227.7 44.1-15.5 9-0.3 0.8 4.0 3.37 7.50 207.4 14.8 212.8 41.9-5.3 10-30.1 0.6 4.2 3.38 7.50 168.9-1.4 180.9 20.7-11.9 11-8.9-47.3 0.8 4.2 3.42 7.50 154.1-12.9 168.7-2.4-14.6 12-25.3 0.4 3.5 3.15 7.50 159.6-8.2 195.5 21.6-36.0 2012 1-15.0 0.8 3.4 3.10 7.38 157.4-2.6 168.6-4.2-11.3 2 0.4-3.1 0.7 3.3 2.90 7.38 190.4 3.7 185.1 8.3 5.3 3-2.6 0.7 3.4 2.88 7.38 198.7-4.9 244.6 25.6-45.9 4 0.0 1.0 2.5 2.91 7.38 169.2-2.0 197.9 7.9-28.7 5 4.2 6.0 0.9 2.5 2.92 7.38 209.3 10.2 226.7 18.2-17.4 6-9.6 0.7 2.6 2.94 7.38 197.7-2.3 203.2 2.6-5.5 7-5.8 0.6 2.7 2.94 7.38 195.4-4.5 212.9 13.7-17.5 8 2.7 2.92 7.38 * 1 2 3 4 WTO

1764 55 7 2.2% 2.5% 2.3% (1) (2) 2012 9 12 (3) (4) 4.5% 2012 7 195.4 4.5% 7 4.3% 15.4% 3.4% 14.3% 0.9% 22.8% 15.7% 6.6% 2.9% 4.8% 3.7% 13.7% 2012 1 7 1,318.9 0.4% 7 35.8% 212.9 40.6% 39.8% 105.8% 2012 1 7 1,439.0 10.5% 7 1.4% 4 2012 7 1.4% 5.5% 2.8% 10.4% 3.5% 17.5% 9.9% 1.9% 6 7 4.7% 10.2% 3.4% 1.8% 7 1.4% 3.0% 3.5% 2012 1 7 3.7% 5.3% 5.2% 1.1%

56 1764 * 1 2 3 WTO 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 3.6 0.6 5.51 1,574.3-21.1 1,238.3-21.1 336.0 2010 7.2 7.2 3.2 1.7 6.27 1,986.1 26.2 1,646.2 32.9 339.9 2011 5.1 1.2 3.1 3.2 6.53 2,269.9 14.3 1,876.6 14.0 393.3 2010 10 2.6 2.8 1.9 6.27 177.1 11.1 155.2 23.5 21.9 11 4.8 4.2 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 0.6 3.2 3.5 6.54 191.0 18.1 164.9 15.2 26.0 7-0.2 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 1.9 3.1 3.3 6.54 180.3 6.7 150.2 7.1 30.1 12 2.4 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 4.9 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 3.2 3.0 1.9 6.53 188.6-1.7 164.0 5.6 24.5 5 5.4 7.7 3.0 1.7 6.53 189.4 3.6 174.6 12.9 14.8 6 3.7 3.0 1.6 6.53 191.8 0.4 162.9-1.2 28.9 7 1.5 3.1 1.4 6.53 183.4-7.3 172.0 3.5 11.4 8 1.4

1764 57 7 5.2% 2012 7 525 168.7 5.2% 6 0.6% 116 76 37% 31.8% 31% 15.2% 5.2% 2012 1 7 3,631.1 6.5% 2012 7 102.9 0.6% 0.02% 7 24.9 3.8% 0.2% 2012 1 7 176.6 7.4% 8 1.4% 2012 8 105.0 103.6 1.4% 3 QE3 8 3.2% 3.0% 2.5% 2.4% 2.1% 2.1% 1.8% 1.6% 0.7% 0.1% 0.6% 0.5% 2012 1 8 104.6 1.8% 7 1.9% 2012 7 581.2 186.5 1.9% 545.0 9.5% 36.1 61.8% 2012 7 1.9% 3.8% 28.2% 13.5% 13.1% 6.2% 20.6% 25.8% 14.6%

58 1764 29.9% 28.4% 26.9% 5.4% 4.8% 98.3% 42.4% 6.2% 2012 3.0% 2013 7 196.3 33.8% 52.5 43.1 39.3 31.3 22.9 22.3 18.6 17.9 16.9 91.3 70.3 66.6 54.7 31.3 26.2 7 159.9 54.8 47.2 5 79.8 70.7 55.2 46.6 30.7 2012 7 4,093.3 3.3% 3,546.3 8.2% 547.0 20.3% 5 2013 6.3% 6.7% 2013 2013 1 9,300 9,500 9,500 2013 6.3% 6.7% 6.8% 8 4.6% 8 4.58% 7 4.56% 8 0.95% 7 0.7% 7 7.3% 7 161.5 163.2 1.7 4 7 4.6% 7.3%

1764 59 * 1 2 3 WTO 2-5-6 % * * (+) GDP (-) ( ) * * 2001 3.6 4.3 8.1 19.19 563.2-9.3 309.6-7.6 253.6 2002 4.5 3.3 9.1 18.25 571.6 1.5 312.9 1.1 258.7 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 8.1 9.8 15.22 1,396.1 18.3 1,276.0 37.1 120.0 2009 4.6 1.3 7.4 4.8 13.69 1,196.5-14.3 945.5-25.9 251.0 2010 6.2 4.4 7.1 5.1 12.83 1,580.7 32.1 1,353.2 43.1 227.5 2011 6.5 4.0 6.6 5.4 12.16 2,007.9 27.0 1,766.8 30.6 241.1 2010 10 5.7 13.01 142.8 20.0 119.2 24.9 23.7 11 6.8 6.3 12.96 150.5 41.4 127.9 47.6 22.6 12 7.0 12.83 165.0 22.6 139.7 52.5 25.4 2011 1 5.0 7.0 12.75 149.6 42.0 123.7 31.5 25.9 2 6.4 0.6 6.8 6.8 12.72 141.6 26.1 121.2 32.5 20.5 3 4.2 6.7 12.32 167.8 25.9 145.8 30.4 22.0 4 0.5 6.2 12.30 163.8 34.9 149.5 36.5 14.3 5 6.5 4.4 6.0 12.24 178.2 42.1 148.2 43.8 30.0 6 2.1 5.5 12.24 176.1 38.0 155.7 37.9 20.4 7 8.4 4.6 12.55 169.1 30.1 158.4 29.2 10.7 8 6.5 2.0 6.6 4.8 12.50 185.3 30.6 147.6 17.0 37.7 9 12.8 4.6 12.39 169.4 35.3 149.0 56.9 20.4 10 6.8 4.4 12.36 170.9 19.7 155.3 30.3 15.6 11 6.5-0.4 4.2 12.31 166.1 10.4 155.1 21.3 11.1 12 2.0 3.8 12.16 170.0 3.0 157.3 12.7 12.6 2012 1 1.1 3.7 12.14 156.8 4.8 151.6 22.5 5.2 2 6.3 7.7 6.3 3.6 12.02 157.0 10.9 158.2 30.6-1.1 3-3.2 4.0 12.01 169.7 1.2 162.2 11.3 7.5 4 1.2 4.5 11.86 159.1-2.9 166.7 11.5-7.6 5 6.4 2.2 4.5 11.78 166.8-6.4 167.3 12.9-0.4 6 0.7 4.5 11.79 152.7-13.3 157.0 0.8-4.3 7-0.3 4.6 11.78 157.1-7.1 156.9-1.0 0.2 8 4.6

60 1764 2012 1 7 1,131.1 2.5% 899.6 2.9% 7 5.0% 125.4 131.7 2012 7 27 8 24 1 ESM 温 2012 8 24 9 21 117.50 1,648.50 1,784.50 9 21 1,784.50 7 27 8 24 1 2012 8 24 9 21 1 78.65 78.17 77.41 78.96 1 0.6323 0.6153 0.6149 0.6332 1 0.7979 0.7698 0.7609 0.8002 8 60.6 8 31 37.4 9 20 38.2 327.2 9-1.9 GDP 1.5% 1.7% 7 2.4% 1.0% Fed 8 24 Fed 8 31

1764 61 1.30 3-1 87 1.15 84 1.00 81 0.85 78 0.70 75 0.55 72 0.40 69 6/8 6/15 6/22 6/29 7/6 7/13 7/20 7/27 8/3 8/10 8/17 8/24 8/31 9/7 9/14 9/21 Fed 9 13 400 MBS Fed 2015 2014 7-0.8% 8 43.6 7 6,254 40.6% 8 39.7 40.5 9 5 9 19 10 1,270 80 1% 0.1% 9 9

62 1764 16 ECB 9 3 ECB 9 6 ESM 9 12 9 18 7 3,188 47,312 11 Markit CIPS 45.2 49.5 8 2.5% 0.5% 7 2 8 7 2013 MPC 9 12 ECB 9 3 3 9 13 0~0.25% 9 5 1.00% Fed 9 13 2008 12 0~0.25% 400 (MBS) Fed 2015 2012 10 23~24 12 11

1764 63 % 1.6 3-2 3 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 6/8 6/15 6/22 6/29 7/6 7/13 7/20 7/27 8/3 8/10 8/17 8/24 8/31 9/7 9/14 9/21 0.75% 0.5% 2.50% 3.50% 3.00% 5.75% 3.00% 0.1% Bank of Canada 9 5 1.00% 2013 12 2% 9 6 17 0.75% 1.50% 0.00% 2012 9 6 Outright Monetary Transactions, OMTs 9 6 0.5% 3,750 3 2012 10 3~4 11 7~8 12 5~6

64 1764 RBNZ 9 13 2.50% 10 25 12 6 RBA 9 4 3.50% 9 5 3% 9 13 5.75% 3.5%~5.5% 9 13 3.00% Fed 7 産 産 9 19 0-0.1% 1.00% 10 2013 12

1764 65 1840 1800 1760 1720 1680 1640 1600 1560 1520 1480 3-3 8/13 8/16 8/19 8/22 8/25 8/28 8/31 9/3 9/6 9/9 9/12 9/15 9/18 9/21 8 24 9 21 117.50 1,648.50 1,784.50 21 9 21 1,784.50 2012 8 24 1,667.00 8 31 1,648.50 9 1,784.50 117.50 Fed 8 24 Fed 8 31 9 11 2013 GDP AAA Aa1 9 12 ESM 9 13 9

66 1764 8 EIA 9 11 Short-Term Energy Outlook EIA 8 OPEC Isac 8 25 9 10 1,300 EIA 2013 OPEC 120 100 EIA 2013 2011 100 2 80 100 OECD OECD 2013 10 2013 OECD 20 OPEC 2012 50 2013 120 100 60 EIA Kashagan 2013 16 2013 20 2 OPEC 2 3,000 2012 100 2013 10 2012 8 (1) (2) (3) (4) (5) (6) (7)

1764 67 9 (8) 8 PMI 9 2 (9) Isac 2012 9 (1) (2) (3) (4) (5) (6) 8 2010 10 (7) (8) (9) Fed 3 (10) (11) EI 2012 9 OMI 2012 8 8 5 7 110 6 40 140 9,153 1.6% 160 50 9,157 142 9,153 1.6% 6 0.9% 7 2.0% EIA 7 1.1 OMI IEA 4 OECD OECD 66 OECD 121 2.2% 4,397 OECD 21 0.4% 4,755 EI 8

68 1764 4-1 OPEC * % 2005 50.59 54.40 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 2011 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 2012 01 111.76 110.66 100.38 109.71 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 06 93.98 95.13 82.35 94.50 07 99.55 102.59 87.79 99.28 08 109.52 113.48 94.10 108.64 2012 08 % 10.02 10.62 7.19 9.43 2012 08 % 3.01 2.68 8.95 3.58 * 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, September 2012. 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 08/2010 12/2010 04/2011 08/2011 12/2011 04/2012 08/2012 /

1764 69 4-2 / 2012 2011 2012 2011 2011 8 7 6 8 OECD 47.6 46.5 46.1 47.3 45.4 46.4 46.7 OECD 44.0 43.5 44.7 42.8 43.3 42.4 42.5 91.5 89.9 90.8 90.1 88.8 88.8 89.2 OPEC 31.5 31.2 31.4 29.9 31.4 29.7 29.7 OPEC 6.3 6.3 6.3 6.2 6.3 6.1 6.1 OPEC 51.4 51.2 51.2 51.4 50.8 50.9 51.1 2.4 2.4 2.3 2.2 2.3 2.2 2.2 91.6 91.1 91.2 89.7 90.8 88.9 89.1 0.0 1.1 0.4-0.4 2.0 0.2-0.1 OECD 2,640 2,652 2,649 2,708 5,325 5,338 5,319 5,250 4-1 4-3 / 2012 8 7 6 a 1 OPEC 9,478 9,526 9,828 11,460 1,982 2,565 2,600 2,840 3,500 935 3,245 3,179 2,960 3,350 105 2,705 2,665 2,706 2,750 45 2,713 2,776 2,753 2,900 187 723 746 746 750 27 550 550 550 680 130 2,420 2,415 2,392 2,700 280 1,987 1,990 1,876 2,700 713 1,552 1,452 1,413 1,550-2 1,177 1,185 1,212 1,200 23 OPEC 31,492 31,190 31,392 35,955 4,463 OPEC 6,302 6,292 6,296 OPEC 37,794 37,481 37,688 2 OPEC 17,802 17,633 17,620 2,512 2,522 2,538 780 926 951 1,458 1,511 1,528 10,351 10,323 10,308 4,047 4,009 4,015 787 790 782 13,641 13,489 13,458 OPEC 51,378 51,203 51,200 89,172 88,685 88,888 a. 30 3 b. 2007 11 1 OPEC 2006 10 20 120 / 2007 2 1 2007 11 1 2008 9 10 2008 12 31 OPEC c.na 4-1

70 1764 8 2012 8 CRB DJ-AIG Reuters 309.59 146.03 3,136.71 + - 3.37% 1.29% -0.01% 8 2.0% Fed 32.10 2.02% 1,626.03 1.30 4.63% 23.70 1.66% 20.60 3.55% 1.03% 1,895.8 0.18% 18,645.2 1.28% 7,492.5 1.92% 1,838.1 2.02% 1,813.8 3.10% 15,657.7 9.0% 4.43% 2012/13 7.94% 9.80% 8 2.17% 1.86% 3.47%

1764 71 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 2011 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 2012 01 312.31 144.16 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 06 284.19 135.42 2,922.11 07 299.51 144.17 3,136.98 08 309.59 146.03 3,136.71 % 3.37 1.29-0.01 % -9.63-11.19 0.18 CRB= DJ-AIG= Rueters= 1. 7.50 8.70 USDA 2012 9 2012/13 2,500,1500 1,000 2012/13 7.60 9.00 7.50 8.70 2012/13 310 410 400

72 1764 50 7 8 27 50 50 40 2012/13 260 2012/13 27 200 27 2012/13 50 27 5-2 2. 7.20 8.60 2012 9 2012/13 5,200 0.6 122.8 2012/13 1.08 2011/12 1,000 8 9 1 2011/12 1.5 2012/13 9 1 2012 11.0% 9 12 2011/12 12 7 2011 2012/13 7,500 9 12

1764 73 5-2 * 2010/11 200.55 651.90 131.65 116.47 654.50 132.48 197.95 26.55 60.06 2.64 3.59 30.71 35.08 23.47 174.00 591.84 129.01 112.88 623.79 97.41 174.48 31.92 203.62 5.31 58.44 141.76 67.63 31.44 2.34 16.70 0.01 0.10 5.95 9.49 3.61 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 16.16 135.86 4.73 52.50 122.00 22.91 11.84 85.21 184.80 70.70 22.50 243.83 8.19 88.69 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 2.62 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 1.40 3.26 3.12 0.00 15.80 2.86 14.46 0.55 3.90 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 2011/12 197.95 695.04 147.29 144.80 694.35 154.64 198.64 23.47 54.41 3.05 4.44 32.15 28.56 20.21 174.48 640.63 144.24 140.35 662.19 126.08 178.43 31.44 207.16 7.82 65.25 148.73 70.00 27.69 3.61 15.00 0.01 0.10 5.95 12.10 0.56 8.82 29.50 0.12 3.50 6.73 24.00 7.72 7.18 25.26 0.50 4.65 9.55 17.50 5.88 27 11.84 137.40 7.20 57.00 126.50 16.40 13.53 88.69 188.34 79.92 37.04 260.72 7.53 88.70 1.86 5.80 7.30 0.50 11.20 2.00 1.76 59.09 117.92 2.93 22.00 120.50 0.98 58.47 7.66 17.62 16.19 3.92 33.97 1.31 6.18 11.47 18.43 24.65 3.30 41.08 0.48 12.99 3.26 24.20 0.20 0.40 23.10 1.10 3.46 3.90 0.00 17.28 4.43 16.37 0.57 4.23 15.36 86.87 0.03 3.10 81.46 0.85 19.95 23.64 114.42 7.59 27.93 80.21 38.88 26.56 13.74 56.23 0.10 15.50 38.00 21.63 10.44 2.88 22.73 0.01 3.00 8.00 11.00 6.63 3.34 22.12 0.10 6.10 14.95 5.44 5.18 * USDA,WorldAgriculturalSupplyandDemandEstimates,September.12,2012.