Abstract OECD OECD 2010 OECD 66% 50.2% % ADB ADB ADB According to the latest OECD report, international tourism arrivals have r

1760 http://www.cepd.gov.tw 10183 ( ) FTA FTA N FTA FTA N

2 1760 Abstract OECD OECD 2010 OECD 66% 50.2%2010 9.4 2009 6.7% ADB ADB ADB According to the latest OECD report, international tourism arrivals have returned rapidly to steady growth, showing resilience to the global economic and financial crisis. In 2010, OECD countries were the destination for 66% of global arrivals and EU accounted for 50.2%; total international arrivals in all countries reached 940 million, annual growth rate of 6.7%, compared to 2009 most growth in Asia and the Pacific. According to ADB report, greater integration brings benefits but also potentially huge risks, meaning Asian governments must work together to put in place policies and structures to ensure the region minimizes those risks and reaps the benefits, the ADB said in its new report. As ADB report indicated, with the aging of population in Asia, developing countries in the region should explore social pensions that provide cash benefits to vulnerable older citizens who are most in need of a safety net, and help them gain access to health care, and enhance their status and social standing. Reforming state-owned enterprises (SOEs), and improving the business environment and women s economic empowerment are critical to building a vibrant private sector in the Pacific region, according to ADB s Pacific Economic Monitor. Building the private sector is a key to ensuring that growth in the Pacific is inclusive, said Xianbin Yao, Director General of the ADB s Pacific Department. By removing barriers and building the right conditions, Pacific policy makers can help develop a strong and dynamic private sector.

1760 3 5 FTA HIV 13 1. 93 4. 108 2011OPEC 40% 15 IEA 2011 2. 97 5. 112 2012 6. 117 3. 105 1988

4 1760 2013 1,600 7. 120 8. 122 2020 9. 127 10. 134 11. 143 144 145

1760 5 FTA 19678 ASEAN 1984 1999 200310 2020 2005 2007 2015 2009 2009~2015 (1) (2) (3) (4) FTA

6 1760 FTA FTA FTA WTO FTA FTA N FTA 1992 AFTA 1997 1999 N

1760 7 N TPP TPP2002 2011 TPP N 20075 FTA 2009 2009

8 1760 FTA 2002 2007 2010 FTA 2001 FTA FTA 1 2 FTA FTA Domino FTA Domino 2000 2001 2002 2003 2004 2004 2007 2009 1973 2002 2008 1991 2002 2005 2006 2007 2009

1760 9 1 FTA 2001 2002 2004 2004 2007 2009 20057 2007 2009 20101 2015 2003 2008 618 2005 2006 2007 2009 20061 2010 1 20081 2017 20151 20181 2009 2003 2009 4%~5% 37.5%45% 50% 50% 1970 2005 2009 FTA FTA

10 1760 2 RTA 1991 6-1992 1 2001 1-2002 11-2003 1-7 - 2004 1-2005 1-2005 2006 2007 2008 2009 2010 8-8 - 3 7 7 7 - - - - 11-1 - 7-7 - 12-12 - 1-8 - 10-1 - 1-1 - 2011 9-2012 2-5 - WTO RTA-IS FTA 2003 2009 FTA

1760 11 FTA FTA FTA N N FTA FTA N N FTA TPP N FTA

12 1760 FTA FTA N 2011 FTA N

1760 13 2012 2013 2.7%3.0% Global Insight Inc. 2012 2011 2012 2012 2012 2.7%2013 3.0% 2012 2.1% 2012 0.4% 4.1% 2012 2.4% 15%20% Fed ECB

14 1760 2012 1.0% 7.0% 5.0% 2012 1 1.28 1 79.32 1 6.30 3 125 6 97 2012 2013 95 2012 2013 2.1% 2012 2.7% 3.9% 7.8% 2012 2013 2.1% 2012 1.7% 2012 1 1.28 1 79.32 2012 0.9% 1 6.30

1760 15 2.0% 2012 2013 0.4%0.1% 2012 2012 0.4%2013 0.1% 20121 4 2.6%2.7% 2012 2.3% 2.0% 2013 2.0% 201111 12 1.50% 1.00% 6 2012 0.75% 2012 1 1.28 2012 2013 2.4%1.8% 2011 2012 2 3 4 2012 4.1% 2011 2012 2.4%2013 1.8%

16 1760 2013 2014 20113 1 80 2012 1 79.32 2009 2010 2013 2012 0.3% 2012 2013 5.1%5.2% 2011 2012 2012/13 20124 2011 2012 5.1% 2013 5.2% 2011 2012 2011 9.3% 7.9%

1760 17 2012 2011 5.4% 3.0% 7.0% 2012/13 6.6%2012/13 7.0% 2012 8.4% 2012 2013 3.3% 3.7% 2012 3.3%2013 3.7% 2012 0.8% 2012 3.0% 2012 4.6% 2012 4.2% 2012 2013 3.7% 3.9% 2011 2012

18 1760 1 % 2011 2012 2013 2014 GDP 3.03.0 2.72.8 3.03.6 3.84.2 1.91.9 2.22.2 2.22.4 2.93.3 1.71.7 2.12.1 2.12.3 2.83.3 2.42.5 2.02.1 2.12.5 2.62.7 3.93.9 4.23.0 3.64.2 4.94.7 1.51.5-0.1-0.1 0.21.0 0.91.7 0.70.8 0.10.8 1.01.6 1.42.3 1.51.5-0.4-0.4-0.10.8 0.71.6 3.13.1 1.00.7 1.11.6 1.31.8 1.71.7 0.00.1 0.10.8 0.72.0 0.50.5-1.9-1.6-1.2-0.2 0.00.7 0.70.7-1.6-1.6-1.6-0.3-0.20.7 4.84.7 1.71.5 2.73.4 3.64.3 4.54.5 5.15.0 5.25.7 6.16.2-0.7-0.7 2.41.4 1.82.1 3.02.8 9.39.2 7.98.2 8.08.5 8.58.5 6.96.8 6.67.2 7.08.0 8.08.8 3.63.6 2.62.7 3.43.8 4.14.1 4.04.0 3.33.5 3.74.5 4.64.9 2.72.7 2.53.2 3.75.0 5.05.8 3.13.2 3.74.0 3.94.8 4.85.0 5.15.4 3.64.1 3.44.4 4.74.7-3.5-3.8 4.03.5 5.56.0 5.45.7 4.84.8 5.15.2 5.25.4 5.25.3 3.83.7 3.03.4 3.54.4 4.55.1 4.14.1 4.03.8 2.32.9 3.33.6 1.92.0-1.8-0.7 0.21.9 1.22.2 2.72.7-2.2-0.9 0.31.9 1.22.2 5.14.8 6.26.5 6.77.5 7.88.2-2.3-3.5 4.33.8 3.23.5 4.55.8 3.13.1 1.72.0 1.31.8 2.41.9 2.62.6 2.32.1 1.81.8 2.01.8 4.54.5 2.92.8 1.92.0 1.92.3-0.3-0.3 0.3-0.8-0.7-0.6-0.3-0.2 0.770.77 0.800.78 0.870.79 0.760.76 0.650.65 0.630.60 0.640.58 0.580.58 77.7277.72 79.2379.23 78.9778.97 78.5378.53 6.306.30 6.246.01 6.105.71 5.845.43 19.619.1 2.73.2 4.78.4 9.49.1 19.519.2 3.63.6 4.48.8 9.09.4 20123 Global Insight Inc., World Overview, Second-Quarter, 2012.

1760 19 2011 2012 3.7% 2013 2014 5.0% 2012 8.3% 2012 2013 5.1%5.2% 2011 ( GDP54%) 2009 2012 5.1% 2008 2013 5.2% 2012 200811.6% 2012 8.0% 2.7% 6.7% 10.5% 6 0.4% 6 PPI 0.1% -19 1988

20 1760 79 6 7 2011 67 90% 6 0.4% 6 0.4% 0.7% 0.7% 1.9%

1760 21 2012 1.4% 9.8% +18.2% 1.2% 14.9% 1997=100 6 4.7% 0.2% 78.9% 1972~2011 1.4% 6 0.1% 0.9% +1.5% -1.3% 0.1% 12 2.1% +12.8% -1.0% 6 / +1.6%/+11.6% -0.6%/- 5.5% -0.3%/+1.4% +0.4%/+4.0% +0.5%/+1.4% / +0.8%/+6.2% +0.5%/+3.4% +0.7%/N.A. -1.9%/N.A. 6 0.4% 89.4% 2.1% 1.6% 74.2% 12.1% 6 0.1% 6 PPI 0.1% 0.5% 3.6%6 0.5% 0.9% PPI 0.2% 0.5% 201111 +1.0% 90% +3.1% PPI 0.5% PPI-0.7% 0.2% 1.0% 12 PPI 1.3% 2009 11-1.8% 6 PPI 0.7% 2007 2-0.7% 60% -3.6% 6 PPI 1.0% 20118 +1.4% PPI 3.6% 50% -5.1% 1.6% PPI 4.0% 2011 11.4%

22 1760 * 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 2009-3.1-11.4 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 8 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 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 5.1 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 1.9 2.3 0.75 3.25 1,274.1 2.8 1,946.1 6.3-672.0 5 2.2 4.4 8.2 0.8 1.7 0.75 3.25 1,315.1 6.0 2,038.5 5.1-723.4 6 4.7 8.2 0.8 1.7 0.75 3.25

1760 23 5 487 5 1,831 2,318 487 19 5 4 19 635 3 1 49 2011 5 10 74 +4.2% 84 +3.8% 5 / +9 +7-9 -2-1 / +26 +13 +9 +6 +5-1 5-2 -1-1 -1 5 +29 +17 +10 +1-260 -112-105 -64-63 -49-27 - 22-20 -16-14 -13 5 2012 GDP 4.7% 2012 GDP 2% 5 6.2% 5 88.8 6.2% 92.4 3.1% 5 88.8 11.6%

24 1760 95.0 1.5% 4 5 107.8 4.8% 108.9 0.6% 6 2.7% 7 2.4% 5 0.1% 5 100.12005=100 0.2% 5 100.0 0.1% 98.8 0.6% 7.4% 3.9% 0.3% 3.9% 1.3% 1.2% 0.4% 0.1% 5 4.4% 5 4.4% 0.2 4.5% 0.3 4.3% 0.1 297 17 24 174 18 123 2 101 2 71 12 5 6,297 30 6 1,053 17 1,028 8 706 18 5 56.8% 0.1 5 4,494 21 15

1760 25 * 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 5.2-0.9-0.2 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 4.4 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 1.5-0.3 0.30 1.48 8,225.6 6.9 8,550.0 23.2-324.3 2010 8 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 0.5-0.2 0.30 1.48 699.0 18.9 599.7 20.1 99.3 11 3.1 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 2-0.2 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 8-0.5 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 11-0.6-2.9 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 2.8 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 6.0 4.4-0.7 0.2 0.30 1.48 656.5 12.1 770.7 11.4-114.2 6-2.0 4.3-1.3-0.1 0.30 1.48 711.5-0.8 703.7-0.8 7.8

26 1760 5 4.0% 5 287,911 4.0% 4.3% 14.9% 9.7% 9.4% 4.6% 2.3% 3.1% 1.3% 2.5% 0.4% 5 417,723 0.7% 11.9% 0.1% 1.5%5 0.9% 1.2% 5 10.0% 5 52,347 10.0% 3 61,420 9.3% 29 5 9,073 3 5.4% 87.4% 46.1% 19.3% 20.3% 44.3% 29.7% 10.9% 31.7%5 1 80.43 1.3% 5 38.2% 128.5% 61.9% 40.8% 5 2.8% 2,000 87.3% 27.2% 5 3,344 224.0% 4 5 EU 0.9% 8 5.9% 5 111 5 339.2% 20.2% 12.5% 44.5% 33.6% 22.3%

1760 27 80.3% 304.9% 9.8% 15.5% 5 4.5% 28,818 10.7% 27,158 5 1,659 45.6% 15 86.3% 45.7% 21.1% 30.0% 28.3% 25.7% 5 9,662 3.0% 8 12,688 10.0% 3 5 3,027 40.0% 3 113.5% 51.4% 10.6% 44.6% 109.6% 25.9% 24.5% 6 2012 6 6 DI -1 3-4 3 3 +5 6 +8 3-7 -6-1 4 2 3-106 - 12-11 -9 3 坂 6 7

28 1760 2012 6.2% 3 6 5 12.4% 2006 2011 1.3% 4 1. 2012 0.1% 27 0.1% 6 5 2.4% 2.6% 17 0.1% 27 0.1% 2012 0.1% 0.1% 0.3%0.2% 0.4%0.2% 0.1% 1.3%0.9% 0.1% 5 2.8% 2.3% 20125 2.8%2.3% 3.9%3.3% 6.4% 4.4% 2.1%1.3% 1.6%2.5% 1.9%1.4% 6 11.2% 10.4% 20126 11.2%10.4% 6 2,511.2 5 12.7 70.9% 1,780.1 5 12.3 22.6% 25 4 1 547.2 5 5.4 58.7% 335.9 5 3.6

1760 29 10% 24.8% 15.4% 14.8% 13.8% 13.7% 12.4% 11% 10.8% 10.5% 10.1% 10% 6 2.4% 2.6% 20126 2.4% 2.6% 2.8% 4.9% 3.7% 3.1% 2.8% 2.2% 2% 1.9% 1.8% 1.4% 0.8% 0.7% 5 6.9 3.8 20125 6.9 6% 1,576 1,507 20125 27 3.8 9% 1,443 1% 1,481 1 1.2% 2012 1.2% 0.8 4,110 61.2 2012 0.8% 5 6.6% 20125 6.6% 4-0.7% 2011 5 3.1% 1.8% 1.7% 3.8% 1.6% 5 5.6% 20125 4,149.7 4 10.7 232 4 13 5.6% 7.9% 5.6% 5.2%

30 1760 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 8 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 6.4 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 5.6 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 5.5 2.4 2.1 1.00 0.41 1,144.1-5.8 955.9-9.8 188.2 5-6.6 5.5 1.7 1.9 1.00 0.39 1,180.2-10.4 987.0-11.0 193.2 6 5.4 1.1 1.7 1.00 0.38 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2 3 4WTO

1760 31 6 280.9 6.6% 6 6 1.7% 20126 1.7% 2010 6 6 20126 2011 4% 4.9% 2.2% 6 5 3.2% 2.9% 4 4.3% 1.5% 5 10.7% 5 2,167.2 10.7% 1,180.2 10.4% 987 11% 193.2 2 0.8% 2012 0.8% 2009 0.1% 1.3% 5.2% (IMF) 2012 0.1% 5 1.6% 20125 1.6% 14 4 0.4% 8.8% 4 8.1% 20124 8.1% 258 GDP 20123 5 22 3 18.1 5 2,935 office for budget responsibility 2012 8.7% 2016 6.3% 6 2.4% 20126 2.4% 52.8% 2% 2009

32 1760 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 8.0 5.6 4.5 0.50 1.00 5,021.6 20.8 6,737.3 14.1-1,715.7 2010 8 4.3 7.6 4.2 3.1 0.50 1.00 329.3 21.1 462.5 20.7-133.2 9 3.8 7.8 3.8 3.0 0.50 1.00 366.7 13.0 512.2 8.7-145.5 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 3.5 7.8 5.0 4.0 0.50 1.00 402.8 40.1 520.4 17.6-117.6 2 1.4 2.0 7.7 5.3 4.3 0.50 1.00 443.4 32.8 501.1 16.5-57.7 3 0.1 7.7 5.6 4.1 0.50 1.00 432.1 21.7 588.0 19.2-155.9 4-1.1 7.8 5.6 4.5 0.50 1.00 391.1 18.7 523.4 12.1-132.3 5 0.5-1.0 7.9 5.4 4.5 0.50 1.00 422.4 37.4 573.1 24.0-150.6 6-0.3 8.0 5.8 4.2 0.50 1.00 402.0 15.8 574.4 10.6-172.3 7-1.0 8.1 6.1 4.5 0.50 1.00 410.1 18.6 580.2 16.4-170.1 8 0.5-1.2 8.3 6.0 4.5 0.50 1.00 377.2 14.5 562.1 21.5-184.9 9-1.6 8.3 6.3 5.2 0.50 1.00 436.5 19.0 590.9 15.4-154.4 10-2.3 8.3 5.7 5.0 0.50 1.00 467.8 23.5 586.4 11.3-118.6 11 0.6-3.1 8.3 5.4 4.8 0.50 1.00 433.5 8.7 608.9 9.2-175.4 12-2.7 8.3 4.8 4.2 0.50 1.00 402.7 7.0 528.5-0.4-125.8 2012 1-3.9 8.2 4.0 3.6 0.50 1.50 389.5-3.3 544.2 4.6-154.7 2-0.2-2.4 8.2 4.1 3.4 0.50 1.50 394.0-11.1 558.1 11.4-164.1 3-2.8 8.1 3.7 3.5 0.50 1.50 439.8 1.8 608.1 3.4-168.3 4-2.0 8.1 3.3 3.0 0.50 1.50 358.1-8.4 550.6 5.2-192.4 5-0.8-1.6 2.9 2.8 0.50 1.50 426.9 1.1 546.6-4.6-119.8 6 2.3 2.4 0.50 1.50 * Bank Rate 1 2 3 4WTO

1760 33 5 2.2% 12 ( 0.2 ) 0.13% 5 4.3 4.7 973.5 2.2% 426.9 1.1% 546.6 4.6% 119.8 3 0.3% 2012 0.3% 0.2% +0.1% 0.8% +1.3% 0.7% - 1.4% 0.3% +1.1% 2012 2012 0.5% 20125 3.5% 4 5 4.3% 10.1% 2012 5 10.1% 500 22.7% 10.0% 10.2% 20126 1.9% 0.1 CPI 1.9%6 CPI 2%5 5 1,012.5 14.9% 461.6 14.3% 550.9 15.4% 89.3 5 3.5% 5 6 1.9% 5 14.9% 4 1.4% 2012 1.4% 2012

34 1760 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 9.7 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 9.6 5.3 2.1 1.00 1.14 5,958.8 13.9 7,136.9 17.1-1,178.1 2010 8 2.5 9.7 3.2 1.4 1.00 0.64 348.7 9.2 438.9 12.2-90.1 9 3.6 9.7 3.9 1.6 1.00 0.62 449.2 0.3 526.9 4.7-77.7 10 3.1 9.7 3.8 1.6 1.00 0.78 474.3 0.0 530.7-0.9-56.5 11 1.7 4.2 9.7 4.2 1.6 1.00 0.83 486.2 12.3 581.5 8.8-95.3 12 5.8 9.6 5.0 1.8 1.00 0.81 449.9 6.4 541.2 6.8-91.4 2011 1 5.2 9.6 5.4 1.8 1.00 0.79 433.9 9.4 545.6 15.9-111.7 2 2.4 5.7 9.6 5.9 1.7 1.00 0.89 468.2 12.9 571.4 21.6-103.2 3 2.9 9.5 6.0 2.0 1.00 0.90 568.0 17.7 671.7 20.7-103.8 4 1.7 9.5 6.0 2.1 1.25 1.13 504.3 13.2 607.7 19.8-103.4 5 1.7 1.5 9.5 5.4 2.0 1.25 1.24 538.8 43.5 651.1 40.2-112.3 6 2.2 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 1.1 9.7 5.3 2.2 1.50 1.35 512.2 14.0 612.2 16.2-100.0 10 1.9 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 12-1.6 9.9 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 0.3-1.6 10.0 3.5 2.3 1.00 0.63 489.8 4.6 594.0 4.0-104.3 3-1.1 10.0 3.2 2.3 1.00 0.47 537.8-5.3 618.1-8.0-80.3 4 0.8 10.0 2.2 2.1 1.00 0.41 470.4-6.7 566.4-6.8-96.0 5-3.5 10.0 1.8 2.0 1.00 0.39 461.6-14.3 550.9-15.4-89.3 6 10.1 1.1 1.9 1.00 0.38 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2INSEE 3WTO

1760 35 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 8 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 4.9 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 8.2 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 1.3 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 4.1 7.9 5.6 2.6 1.25 1.13 448.4 21.1 489.1 27.1-40.8 5 1.0 1.7 8.1 4.8 2.6 1.25 1.24 480.6 36.8 512.6 35.2-32.0 6 0.2 8.1 4.6 2.7 1.25 1.28 469.1 27.2 493.6 19.7-24.5 7-1.2 8.3 4.9 2.7 1.50 1.42 503.0 18.1 481.3 18.5 21.7 8 0.4 2.9 8.5 4.8 2.7 1.50 1.37 346.8 27.8 388.4 24.7-41.7 9-2.4 8.9 4.7 3.0 1.50 1.35 454.4 15.9 480.3 9.2-25.9 10-3.3 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 12-2.2 9.4 3.9 3.3 1.00 1.14 415.8 5.9 400.7-7.4 15.2 2012-2.2 9.3 3.9 3.2 1.00 1.14 415.8 5.9 400.7-7.4 15.2 1-4.2 9.6 3.5 3.2 1.00 0.84 351.9 0.7 408.0-5.9-56.1 2-1.4-6.3 9.9 3.2 3.3 1.00 0.63 419.9 4.0 434.9-2.3-15.0 3-5.5 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 5-6.8 10.6 2.3 3.2 1.00 0.39 449.0-6.6 436.1-14.9 12.9 6 10.8 2.2 3.3 1.00 0.38 * 1 19991 Main refinancing operations Minimum bid rate 2 19991 Prime rate 1 2ISTAT 3WTO

36 1760 IMF 2012 2.2% 5 6.8% 5 6.8% 9 4-8.9% 5 20.9% 5 10.1% 20125 10.1% 250 36.2% 9.3% 11.2% 2013 13% 5 10.9% 885.1 10.9% 449 6.6% 436.1 14.9% 12.9 2. 724 1 31.65~38.65 2012 6 7 35.801 0.8 32.89 5 4 2012/13 Alexei Ulyukayev 2011 1 20125 724 4.2% 3.1% 2011 4.3% 434 6 4.3%12 6.0% 80 /

1760 37 56 22 1. 2012 7.6% 2012 7.8% 8.1% 7.6% 4.3% 8.3% 7.7% (1) (2) (3) (4) (5) (6) (7) (8) (9) 20.4% 18.0% 0.5 5.2 13.8% 19.3% 25.3% 23.9% 28.6% 23.7% 17.4% 14.4% 11.2% 0.4 2.4 14.9% 14.3% 14.5% 13.2% 14.5% 15.0% 6 13.7% 12.1% 18.0% 11.2%

38 1760 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 8 13.9 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 1,498.7-0.5 1,227.2-15.3 271.6 2 8.1 21.3 4.1 0.0 3.2 2.25 6.10 1,144.2 18.4 1,462.9 39.9-318.7 3 11.9-0.3 3.6 2.25 6.10 1,655.9 8.8 1,603.2 5.2 52.7 4 9.3-0.7 3.4 2.25 6.10 1,631.7 4.9 1,446.2 0.2 185.5 5 7.6 9.6 4.1-1.4 3.0 2.25 6.10 1,811.2 15.3 1,630.4 13.1 180.8 6 9.5-2.1 2.2 2.25 5.85 1,802.0 11.3 1,484.8 6.3 317.2 * 1 2 3WTO

1760 39 6 9.5% 6 9.0% 20126 9.5% 5 0.1 0.76% 6 10.5% 6 6.5% 7.4% 11.5% 5.5% 6 9.6% 9.0% 641 40 9.8% 11.3% 10.5% 9.5% 6.5% 12.7% 5.9% 10.6% 9.6% 1.7% 6 8.3% 11.1% 11.7% 6471 321 8,447 6.7% 20,717 6.5% 322 5.8% 169.5 13.8% 90.4 7.9% 3,934 3,598 0.6% 118 3.3% 6 3,286.9 9.0% 1,802.1 11.3% 1,484.8 6.3% 317.3 42.9% 18,398.4 8.0% 9,543.8 9.2% 8,854.6 6.7% 689.2 56.4% (1) (2) (3) (4) (5) (6) (7) (8) (1)

40 1760 6 50 (2) 2012 (3) (4) 6 2.1% 20126 2.1% 0.7% 2.5% 0.8% 0.6% 0.3% 2.9% 2.9% 3.0% 2.9% 0.7% 1.3% 2.1% 0.9% 1.2% 7.6% 6.7% 5.0% 0 0.4% 6 2.2% 6 2.2% 2.2% 2.0% 3.8% 1.4% 2.3% 1.9% 3.3% 6 0.6% 0.6% 0.5% 1.6% 0 0.9% 0.3% 6 3.8% 1.20 12.1% 0.30 8.6% 0.21 3.2% 0.09 0.6% 0.01 1.7% 0.13 12.2% 0.43 3.6% 0.03 3.2% 7.1% 0.6% 3.3% 3.5%

1760 41 2.4% 1.9% 1.9% 0.4% 0.3% 1.6% 62.2% 2011 1.4 0.8 6 13.6% 4.7% 6 M2 92.50 13.6% 0.4 M1 28.75 4.7% 1.2 3.2 M0 4.93 10.8% 6 63.33 15.9% 59.64 16.0% 0.30.2 4.86 6,833 2. 20126 0.4% 2012 GDP 0.4% 31.7% 5.6% 17.2%6.1% 25.2% 12.2% 2.5% 5.7% 2.7% 3.6%2.5% 2012GDP 1%3% -1.6% 2012 1.6% 3.6% 2012 6.6% 3.5% 2012-19.1% -14.7% - 11.5%

42 1760-2.3% 6.5% +6.3% +3.7% +3.3% +2.6% +1.1% 6 3.2% 20126 3.2% 5 1.4% 20125 3,662,600 2012 6 3,671,400 8,800 20125 123,400 2012 6 125,500 2,100 54,000 54,600 600 6 3.7% 20126 3.7% 4.5% 20125 5.1% 20126 7.1% 7.3% 5.8%5.2% 5.6%5.8% 3.2%3.6% 2.8% 2.9% 2.6%1.5% 1.6%2.1% 20126 18.7% 23.6% 1.6%

1760 43 * 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 8 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 0.4-1.6 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 3.2 4.2 5.00 379.4 5.4 425.2 4.7-45.8 6 3.2 3.7 5.00 358.6-4.5 416.2-2.5-57.6

44 1760 1.8% 0.4% 6 3.5% 20126 774.8 3.5% 358.6 4.5% 416.2 2.5% 57.6 20126 4.1% 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. 6 BSI 6 BSI 84 7 BSI84 2 3 1 BSI6 93 97 47 92 97 5 BSI6 89 90 17 88 91 3 BSI6 89 88 17 88 19.7% 19.4% 10.1% 6 BSI77 47 BSI 77 6 BSI6 90 92 2 7 90 94 4 BSI6 87 91 47 88 90

1760 45 2 BSI6 89 7 88 89 1 21.2% 17.6% 15.3% 6 ESI 4 97 6 101 6 CSI 101 4 CSI88 2 CSI95 4 CSI CSI 95106 43 CSI74 7 CSI81 12 CSI88 6 CSI 137 CSI107 8 CSI90 3 CSI94 2 CSI106 1 CSI103 2 CSI100 1 CSI98 2 CSI CSI 9588 26 3.7% 5 0.4% 5 0.4% 1.6% 5 1.1% 2.6% -34.0% - 2.3% 4.1% 10.7% 1.1% -6.8% -2.7% 8.8% 3.4% 2.7% 0.7% 15.0% 79.3% -0.7% -1.0% 1.6% 1.0%

46 1760 0.2% -4.4% -3.7% 7.4% 2.9% 2.2% 2.8% 0.8% 0.7% 0.7% 4.7% 1.7% 1.4% 2.2% 18.1% 9.9% 2.2% 1.1% - 2.6% -0.6% 0.8% 1.5% 11.1% 2.5% 6.5% 2.9% 0.5 0.4 6 36.5 6 2,511.7 36.5 20116 6 60.4% 0.1 OECD 1564 65.0% 0.2 6 82.2 1.7 20116 13 3.2% 0.1

1760 47 * 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 8 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 5.79 412.2-7.3 434.3 3.4-22.1 2 2.8 14.4 4.2 3.5 3.1 3.25 5.71 463.3 20.4 449.9 23.6 13.4 3 0.6 3.7 2.8 2.6 3.25 5.74 473.4-1.5 450.2-1.1 23.1 4 0.0 3.5 2.4 2.5 3.25 5.71 461.2-5.0 440.3-0.3 20.9 5 2.4 2.9 3.1 1.9 2.5 3.25 5.66 469.6-1.0 447.4-1.2 22.2 6 1.6 3.2 0.8 2.2 3.25 5.6 472.5 1.1 423.4-5.5 49.1

48 1760 9.1 6.7% 7.8 8.1% 7.3 4.3% 6.3 1.7% -5.1-1.2% -2.1-1.2% 44.1 19.1 3.8 16.9 1.7 6 18.1 54.6 2.7 20.6 1 6 2.2% 6 106.12010=100 0.1% 2.2% 20123 2.6% 4 2% 0.3% 1.5% 0.1% 1.4% 0.3% 1.8% 0.2% 2.9% 0.3% 1.4% 5.0% 11.0% 1.9% 3.9% 9.5% 19.8% 3.5% 11.0% 1.6%4.9% 1.0% 5.8% 0.3% 3.1% 0.3% 4.2% 0.1%1.2% 6 1.4% 6 1.4% 0.8% 5.9% 1.6% 0.2% 2.3% 10.1% 2.2%IT 0.1% 1.1% 6 472.5 423.4 6 1.1% 472.5 : 5.5% 423.4 49.1

1760 49 5,397.7 3.0% 7.8% 3.4% 8.3% -0.8% -21.7% -6.0% -2.8% -3.0% - 12.0% 0.6% 2,752 2.4% 2,646 107 3 5,398 1 FTA 4 6 1.6% 3.6% 6 1.6% 2.2% 1.8% 1.6% 6 3.6%1.2% 6.7% 1.9% 0.8% 1.4% 2. 1 1.9% 2012

50 1760 * 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 8 6.9 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 1-9.5 4.8 5.38 316.2-4.0 306.9 8.7 9.4 2 1.6 12.4 2.1 4.6 5.38 360.1 27.2 316.5 28.9 43.5 3-3.2 5.2 5.38 357.4-1.5 339.4 1.7 18.1 4-1.0 5.4 5.38 345.1 1.3 309.3 1.2 35.8 5 6.8 2.0 5.0 5.38 345.6 1.2 329.7 3.9 15.8 6 7.6 5.3 5.38 338.5-3.8 322.8 2.6 15.7

1760 51 1.9% 2.4% 1.1% 9.4% 3.0% 5.1% 1.0% 6.0% 20.9% 0.3% 27.9% 0.4% 2.7% 5 6.6% EDB 5 6.6% 2 4 0.2% 4.5% 5 1.8% 4 3.3% 9.7% 4 12.3% 32.8% 39.1% 35.4% 5 5.0% 2012 5 CPI 5.0% 4 5.4% 5 5 4 8.9% 7.8% 10.3% 4 8.2% 0.1%2.9% 2.7% 6 2.8% IE Singapore 20126 2.8% 4.6% 6 0.4% 3.2% 6.2% 6.0% 6 NODX 6.8% 5 3.2% 2 6 2.8% 6 5

52 1760 2.9% 2.8% 5.2% 2012 3% 6 3.7%2012 3% 3.5% Amando Tetangco 6 Tetangco 5 19.7% 20125 49.3 19.7% 201012 17 20124 6.4% 2012 5 224.4 8.4% 10% 38.0% 18.7 0.7% 162.4% 1.4 1.87567 1.5 23.0% 11.3 81.5% 14.5% 7.1 1.6% 5.7 221.9% 4 13.7% 4 13.7% 2009 4 22.1%3 38.7% 12% 11.3% 10% 4 40.6% 5.2% 10.4%11%

1760 53 * 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 6.00 384.4-21.6 458.4-23.9-74.1 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 6.50 483.1-6.2 637.1 9.0-154.0 2010 8 25.6-7.3 4.1 4.00 6.00 47.7 37.5 47.4 23.0 0.4 9 15.6-6.9 3.8 4.00 6.00 53.4 46.8 48.9 25.3 4.5 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 15.6-5.8 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 41.4-9.3 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 0.3 7.2 1.9 4.0 4.44 6.40 41.2 3.0 54.4-2.7-13.2 2 6.4 6.1 2.1 2.7 4.25 6.25 44.3 12.8 53.4 7.0-9.1 3 8.8 1.9 2.6 4.03 6.00 43.2-0.8 57.0-2.1-13.7 4 3.3 6.9 1.6 3.0 4.00 6.00 46.4 7.6 50.6-12.2-4.2 5 3.1 1.4 2.9 4.00 6.00 49.3 19.7 57.1 10.1-7.8 6 2.8 4.00 6.00

54 1760 4 5.3% 20124 17 5.3% 2012 14 65.4 62.2 5.4% 5% 2.8%14.6% 4 6.9% 20124 7.2% 6.9% 287 280 51.4% 33.0% 15.6% 3 2012 5.5%6.5% 2012 GDP 5.5%6.5% 12% 2012 2011 20129 2012 GDP 5.9% 5.6% 2012 8.7% 3.3%3.8% GDP 4.4% 6 102.7 20126 102.7 5106 3 5 111.1 105.8 6 3

1760 55 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 2,288.2 17.2 2,285.0 24.9 3.2 2010 8 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 5.6 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 6.63 167.5 22.2 176.1 33.3-8.6 2 3.2-2.9 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 7-0.6 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 11-8.9-47.3 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 0.3-3.1 0.7 3.3 2.90 7.38 190.4 0.9 185.1 8.3 5.3 3-2.6 0.7 3.4 2.88 7.38 198.7-6.5 244.6 25.6-45.9 4 0.0 1.0 2.5 2.91 7.38 169.2-3.7 197.9 7.9-28.7 5 6.0 0.9 2.5 2.92 7.38 209.3 7.7 226.7 18.2-17.4 6-9.6 0.7 2.6 2.94 7.38 197.7-4.2 203.2 2.6-5.5 * 1 2 3 4WTO

56 1760 300 6 78.6 20126 20126 78.6 20111072.4 68.5 9 201110 62.8 2012 8%9% 15% 10% 5.5%6% 5.7% 6 2.6% 6 2.6% 5 2.5% 6 1.9% 0.5% 3% 6 5 0.2% 0.2% 5 7.7% 5 209.3 7.7% 226.7 18.2% 2012 4 1.4% 11.6% 4 3.7% 5 15% 4 2012 4.2% MIER 2012 2012 5 (1) 2012 (2) (3) (4) (5)

1760 57 2012 4.2% 4%5% 2013 4.7% 2012 2012 2012 2.2%2.6%2013 2.4% 2.7% 20115 7 3% 5 7.6% 20125 7.6% 11.5% 6.6% 6.5% 4.6% 10.5% 6.7% 3.9% 4 5 3.0% 2.8% 1.7% 0.9% 5 7.6% 11.5% 1 5 4.1% 5.7% 5.2% 0.6% 5 10% 20125 525 164.8 10.0% 0.2%116 81 54.8% 53.6% 39.9% 34.7% 1 5 2,584.6 7.0%

58 1760 * 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 7.2 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 8 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 4.2 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 4.7 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 3.2 3.0 1.9 6.53 188.6-1.7 164.0 5.6 24.5 5 7.6 3.0 1.7 6.53 189.4 3.6 174.6 12.9 14.8 6 1.6 6.53

1760 59 5 102.5 0.3% 0.2%5 25.4 10.7% 1.3% 15 126.9 9.6% 6 1.6% 6 104.8 1.6% 1.7% 6 6 3.5% 3.1% 2.8% 2.6% 2.3% 2.2% 2.1% 1.7% 1.0% 0.6% 0.4% 16 104.6 2.0% 5 6.7% 20125 587.8 186.2 6.7% 541.8 16.2% 46.0 45.8% 10 5 6.7% 1.8% 4.4%5.3% 24% 16.6%12.1%10.2% 1.4% 3.2% 78.1% 40.6%15.1% 1.1% 22.4%3.6%0.5% 5 192.9 32.8% 53.0 43.8 38.9 36.8 24.6 23.0 19.1 18.1 17.0 77.8 71.1 67.4 51.4

60 1760 32.1 28.0 5 149.3 48.2 43.4 5 86.4 76.8 50.7 42.7 32.5 5 2,902.4 3.9% 2,483.5 8.9% 418.9 18.3% 5 2012 6.3% 2012 6.5% 6.3%2013 6.3%6.7% 20122013 6% 2012 20127 1,065 57 6 4.5% 20126 4.53% 5 4.45%6 6 5 0.62% 5 0.07% 1.79% 20122 5.75% 5 8.6% 201215 814 1.5% 799 16.6% 15.2 5 167.2 8.6% 172.1 16.1% 4.9 4 2 6.4 10 10 3 2010 7 1.4 20087 3.4 20084 7.3

1760 61 * 1 2 3WTO 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 2,006.3 26.9 1,768.8 30.7 237.4 2010 8 7.1 6.4 13.19 141.9 30.3 126.2 44.5 15.8 9 5.8 13.00 125.2 23.5 95.0 28.1 30.2 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 12.30 163.6 34.7 149.5 36.5 14.1 5 6.5 4.4 6.0 12.24 178.0 42.0 148.2 43.8 29.8 6 2.1 5.5 12.24 175.9 37.8 155.7 37.9 20.2 7 8.4 4.6 12.55 168.8 29.9 158.4 29.2 10.5 8 6.5 2.0 6.6 4.8 12.50 185.1 30.4 147.6 17.0 37.5 9 12.8 4.6 12.39 169.2 35.1 149.2 57.1 19.9 10 6.8 4.4 12.36 170.7 19.5 155.3 30.3 15.4 11 6.5-0.4 4.2 12.31 166.1 10.4 155.1 21.3 11.1 12 2.0 3.8 12.16 169.9 2.9 159.2 14.0 10.7 2012 1 1.1 3.7 12.14 152.6 2.0 152.3 23.1 0.3 2 6.3 7.7 6.3 3.6 12.02 158.7 12.1 159.5 31.7-0.8 3 1.0 4.0 12.01 170.4 1.5 158.0 8.4 12.3 4 5.3 4.5 11.86 159.2-2.7 167.5 12.0-8.3 5 2.5 4.5 11.78 167.9-5.7 168.1 13.4-0.2 6 4.5 11.79

62 1760 2008 2012 56 2012618 727 1 2012 618 727 2.75 1,556.25 1,625.50 727 1,618.25 618 7 27 1 2012618 727 1 78.95 78.55 78.1980.52 1 0.6384 0.6358 0.63490.6483 1 0.7950 0.8084 0.78720.8290 5 1.1%5 5.9% 5.7% 70.8 4.8%6 52.9 6 73.2 74.1 3 50 6 0.5% 5 36.9 34.7 6 5.8-2 4 6

1760 63 30 37.4 623 330.6 撑 71718 67 76 10 GDP 0-0.1% 5 11.1% 2012/13 4,150 2012 2% ESM 4-0.3%4-1%4

64 1760 1.30 3-1 87 1.15 84 1.00 81 0.85 78 0.70 75 0.55 72 0.40 69 4/13 4/20 4/27 5/4 5/11 5/18 5/25 6/1 6/8 6/15 6/22 6/29 7/6 7/13 7/20 7/27 620 0~0.25% 717 1.00% 101.03 GDP 0.7% 0.2% 75 0.5% 3,250 3,750 Fed619~20 200812 0~0.25% 2,670 Priya Misra 2014 8 2015 2012 731 912 10 23-24 1211 Bank of Canada717 1.00%

1760 65 % 1.6 3-2 3 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 4/13 4/20 4/27 5/4 5/11 5/18 5/25 6/1 6/8 6/15 6/22 6/29 7/6 7/13 7/20 7/27 0.75% 0.5% 2.50% 3.50% 3.00% 5.75% 5~6 3.00% 0.1% 75 711 17 0.75% 1.50%0.00% Mario Draghi726 75 0.5% 40 3,750 2012 81-2 9 103~4 117~8 125~6 RBNZ726 2.50% Alan Bollard 6 913 1025 126 RBA73 5 6 0.75% 4.3% 3.50%

66 1760 618 7 27 2.75 1,556.25 1,625.50 7 27 1,618.25 Paiboon Kittisrikangwan 5 3% 6% 5.7% 2013 5.4% 5% 712 5.75% 3.5%~5.5% 712 3.00% 20092 712 0~0.1% 1.00% 70 8,825 5 630 5 2012618 1,615.50 1,560 1,620 712 1,556.25 619 1,625.50 2012727 1,618.25 2.75 Fed 6 15

1760 67 1840 1800 1760 1720 1680 1640 1600 1560 1520 1480 3-3 6/18 6/21 6/24 6/27 6/30 7/3 7/6 7/9 7/12 7/15 7/18 7/21 7/24 7/27 629 75 710 713 A3 Baa2 720 6 6.2 836.3 723

68 1760 6 7 EIA710 Short-Term Energy Outlook 2012 2013 0.10.6 2.9% 2012 80 70 2013 40 70 2011 80 2 70 OECD OECD 2012 50 2013 30 OPEC 2012 80 2013 130 88 54 EIA Kashagan 2013 17 2013 12 2 OPEC 2 3,000 2012 80 2013 OPEC 90 20126 (1) GDP 1.9%(2) (3) 1998 (4) 3 (5) Fed (6) Fed 2012 8%(7) 20121 (8) 2012 30 20127 (1) 71 (2)

1760 69 (3) 3 (4) 20 (5) (6) (7) (8) EI20127 OMI 20126 6 140 5 420 4 370 310 6 58 9,036 0.6% 330 9,180 3.8% 6 6 58.2 9,036 0.6% 2 0.7%1 2.2% 4 0.3 5 0.5 6 OECD 88.2 4,504 2.0%OECD 30 4,532 0.7% OECD 1.5% 0.7% OECD 3.9% 0.3% 3.5% 1.9%OECD 0.5% 0.3 6 27.2 9,177 142 OPEC 12.5 9.5 13.7 OPEC 14.8

70 1760 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 201106 109.04 114.04 96.28 107.6 07 111.63 116.85 97.18 110.1 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 11 110.08 110.7 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 06 93.98 95.13 82.35 94.5 201206 % -13.04-13.73-12.83-12.21 201206 % -13.81-16.58-14.47-12.17 *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, July 2011. 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 06/2010 10/2010 02/2011 06/2011 10/2011 02/2012 06/2012 /

1760 71 4-2 / 2012 2011 2012 2011 2011 6 5 4 6 OECD 45.3 43.9 43.8 45.6 44.3 45.8 44.6 OECD 45.0 43.1 43.6 44.2 43.9 43.2 43.1 90.4 87.0 87.5 89.8 88.3 89.0 87.7 OPEC 31.5 31.3 32.0 29.7 31.6 29.7 29.2 OPEC6.5 6.5 6.5 6.0 6.5 6.0 6.0 OPEC 51.4 51.0 50.5 50.5 51.0 50.3 50.3 2.3 2.3 2.2 2.2 2.3 2.2 2.2 91.8 91.2 91.2 88.4 91.4 88.3 87.6 1.4 4.2 3.7-1.3 3.1-0.6 0.0 OECD 2,622 2,624 2,627 2,673 5,303 5,279 5,281 5,306 4-1 4-3 / 2012 6 5 4 a 1OPEC 9,828 9,825 9,827 11,460 1,632 2,840 2,965 3,000 3,500 660 3,020 3,022 3,120 3,200 180 2,700 2,750 2,732 2,750 50 2,753 2,383 2,716 2,800 47 730 735 735 900 170 550 550 550 680 130 2,392 2,385 2,380 2,650 258 1,965 1,870 2,039 2,700 735 1,413 1,475 1,435 1,550 138 1,150 1,140 1,170 1,200 50 OPEC 31,506 31,339 31,977 35,805 4,299 OPEC 6,507 6,503 6,459 OPEC 38,013 37,842 38,436 2 OPEC 18,052 17,781 17,311 2,527 2,542 2,540 972 990 1,005 1,629 1,658 1,685 9,985 9,987 9,962 4,061 4,105 3,972 782 792 794 13,389 13,162 13,186 OPEC 51,397 51,017 50,455 89,410 88,859 88,892 a. 30 3 b. 2007111 OPEC 20061020 120 / 200721 2007111 2008910 20081231 OPEC c.na 4-1

72 1760 6 20126 CRBDJ-AIG Reuters 284.19135.422,922.11 - -15.93%-14.36 %-6.93 % 6 Fed QE3 11.20 0.71% 1,596.70 0.62-2.16% 20.30-1.38% 4.90-0.79% Fed 7.21% 1,854.7 6.31% 7,420.1 5.78% 1,884.8 5.44% 19,262.6 3.84% 1,855.8 2.82% 16,539.2 9.73% 0.28% 3.14%

1760 73 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 201106 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 06 284.19 135.42 2,922.11 % 4.11 5.48 1.10 % -15.93-14.36-6.93 CRB= DJ-AIG= Rueters= 1. 6.20 7.40 USDA20127 2012/13 500 629 Grain Stock 1,500 2011/12 2012/13 1,000 1,400 HRW SRW

74 1760 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 2011/12 197.23 694.69 144.78 147.16 694.74 150.40 197.18 23.47 54.41 3.13 4.59 32.27 28.53 20.21 173.77 640.27 141.65 142.57 662.48 121.87 176.97 30.68 206.64 8.01 66.60 149.83 67.30 28.21 3.01 14.50 0.01 0.10 5.95 10.80 0.76 8.82 29.50 0.10 3.50 6.73 23.00 8.70 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 88.79 188.41 78.10 36.71 260.58 7.21 87.51 1.86 5.80 7.30 0.50 11.20 2.00 1.76 59.09 117.92 3.20 22.00 120.50 1.00 58.71 7.66 17.62 15.60 3.67 33.67 1.11 6.10 11.47 18.43 23.80 3.30 41.30 0.40 12.00 3.31 24.20 0.20 0.40 23.10 1.15 3.46 3.95 0.00 16.50 4.29 16.26 0.55 3.64 15.36 86.87 0.03 3.10 81.56 0.75 19.95 23.64 114.42 7.44 29.43 81.71 38.11 25.68 13.74 56.23 0.10 16.00 38.50 21.30 10.27 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,July.11,2012.

1760 75 5-2 * 2012/13 7 197.18 665.33 134.72 130.33 680.06 134.71 182.44 7 20.21 60.53 3.27 5.44 33.29 32.66 18.07 7 176.97 604.80 131.45 124.89 646.78 102.05 164.38 7 28.21 197.74 6.01 60.30 144.34 61.20 26.42 7 0.76 12.00 0.01 0.10 6.00 6.20 0.57 7 8.70 26.00 0.10 3.50 6.74 20.50 7.56 7 5.14 26.60 0.40 2.70 7.85 18.50 5.79 27 7 13.61 133.14 5.50 54.00 123.75 16.00 12.50 7 87.51 184.42 73.00 31.06 257.84 4.12 82.96 7 1.76 5.00 6.70 0.20 11.00 0.50 1.96 7 58.71 118.00 2.00 22.00 122.00 1.00 55.71 7 6.10 17.59 15.80 1.92 31.93 0.52 7.05 7 12.00 16.78 23.10 2.45 41.05 0.33 10.50 7 3.46 23.00 0.20 0.40 23.20 0.30 3.16 7 3.64 0.00 15.20 2.99 15.37 0.58 2.90 7 19.95 91.00 0.00 3.60 85.45 4.50 21.00 7 25.68 88.56 6.16 24.13 76.26 23.61 20.54 7 10.27 49.00 0.20 15.50 37.90 12.00 9.57 7 5.63 13.00 0.01 2.50 7.50 7.00 4.14 7 5.61 13.00 0.10 2.80 11.70 4.00 3.01 * 5-2 2012/13 3,500 500 2,000 5,000 2012/13 3,000 6.20 7.40 60 2011/12 7.24 2012/13 510 1,600 670 400 200 200

76 1760 6 40 27 210 2012/13 1,800 27 400 150 27 200 150 140 2012/3 330 1.82 5-2 2. 5.40 6.40 20127 2012/13 18 20 146 6 6 6 7 6 29 2012/12 6.5 1.1 1 3 5,200 1,500 2012/13 7.0 120 2012/13 5.40 6.40 6 4.205.00 2012/13 4620 27 130 40 2011/12 100

1760 77 5-3 * 2010/11 144.07 829.12 92.62 501.05 848.87 91.46 124.31 43.38 316.17 0.70 121.74 285.01 46.60 28.64 100.69 512.95 91.91 379.31 563.87 44.87 95.67 6.04 34.52 0.43 10.25 17.95 18.80 4.25 0.87 23.60 0.01 5.30 7.30 16.35 0.83 5.17 10.92 0.42 4.95 10.65 2.45 3.42 13.70 106.56 57.17 114.57 162.54 1.48 13.41 1.49 6.50 5.80 10.10 12.50 0.01 1.28 27 5.21 55.93 7.36 47.50 62.50 1.08 4.92 0.68 0.00 15.65 11.20 15.70 0.00 0.63 1.39 21.01 8.26 13.20 29.00 0.09 1.57 2.82 23.01 7.81 22.40 30.30 0.30 3.05 1.62 0.07 8.11 6.07 8.21 0.00 1.58 9.99 57.40 0.79 42.50 49.50 8.40 10.28 1.76 11.71 0.95 6.67 11.43 1.71 1.28 51.30 177.25 0.98 128.00 180.00 0.11 49.42 1.54 18.49 0.33 11.37 13.26 5.21 1.89 0.67 11.92 0.04 5.40 6.50 5.01 1.12 2011/12 124.31 873.70 94.03 507.78 868.64 98.84 129.37 28.64 313.92 0.56 115.58 279.54 40.64 22.94 95.67 559.79 93.47 392.20 589.10 58.20 106.44 4.25 32.50 0.04 10.55 18.40 14.50 3.88 0.83 21.00 0.01 5.60 7.70 13.00 1.14 3.42 11.50 0.03 4.95 10.70 1.50 2.74 13.41 114.44 54.40 116.90 165.13 3.45 13.67 1.28 5.50 5.00 9.00 10.80 0.01 0.97 27 4.92 64.64 6.30 52.00 67.50 3.10 5.26 0.63 0.00 15.00 10.50 15.00 0.00 0.63 1.57 19.00 10.50 13.70 29.70 0.01 1.36 3.05 25.19 6.40 22.60 30.70 0.33 3.60 1.58 0.08 7.00 5.10 7.20 0.00 1.46 10.28 70.00 0.80 46.00 54.00 14.00 13.08 1.28 10.70 0.90 5.80 10.80 0.40 1.68 49.42 192.78 5.00 131.00 188.00 0.10 59.10 1.89 33.69 0.26 14.79 17.26 16.54 2.03 1.12 22.84 0.05 7.50 8.80 14.00 1.21 * 5-2