Abstract IMF % % 2014 IMF 2014 GDP 5.5% % 2008 FAO 2014 Due to weaker-than-expected global activity

ISSN 1019-2441 1816 501 (02)2316-5847 http://www.ndc.gov.tw 103 10 23 ( ) 2014 9 2009

2 1816 Abstract IMF 10 2014 2014 3.3% 2014 4 0.4 2015 3.8% 2014 IMF 2014 GDP 5.5% 2015 5.6% 2008 FAO 2014 Due to weaker-than-expected global activity in the first half of 2014, the growth forecast for the world economy has been revised downward to 3.3% for this year, 0.4 percentage point lower than the forecast number in the April 2014 World Economic Outlook (IMF). The global growth projection for 2015 was lowered to 3.8%. Asia s growth has been disappointing in the first half of 2014, but the economic outlook for the region remains solid. GDP growth is expected to reach 5.5% in 2014, ticking up slightly to 5.6% in 2015, say IMF economists in the latest Asia and Pacific Regional Economic Outlook Update. A general fall in consumer prices emerged as a big concern after the 2008 financial crisis. Now, fresh signs of slow global economic growth, falling commodities prices, sagging stock markets and declining bond yields suggest the deflation risk hasn t gone away. World wheat production is forecast to reach a new record in 2014. Ample supplies have pushed international prices to multiple-year lows and global markets for most foodstuffs are characterized by less uncertainty than in recent years, based on the latest FAO Food Outlook.

1816 3 5 4. 113 12 1. 99 9 OPEC 2013 IMF-WB OPEC 5. 117 IMF 2014 2015 IMF 2. 104 6. 125 2014 6 Fed 9% WB 5,000 3. 111 9 PMI 2.4 OECD Fed FAO Fed 7. 128

4 1816 WHO 2015 9% 8. 131 9. 135 9 10. 143 200 2015 50 11. 156 157 158

1816 5 2014 9 2009 5 2014 9 8 2014 8 Nirmala Sitharman

6 1816 1990 GDP 1994 1996 2001 2009 2012 2013 2013 3.2% transportability tradability 2003 10 Framework Agreement on Comprehensive Economic Cooperation between the Association of South East Asian Nations and India 2005 2007 2009 MRA

1816 7 2012 12 20 multi-brand retail 51.0% 49.0% 2014 9 2015 1,000 9 1990 NAFTA APEC SAARC

8 1816 1992 Sectoral Dialogue Partner 1996 Full Dialogue Partner 1997 2002 11 10 FTA 2003 10 6 2009 8

1816 9 Yashwant Singa 1991 40 1991 (1) (2) (3) (4) (5) (6) (7) (8) 5 2009 2009~2014 5

10 1816 1991 177.27 2013 3,132.35 35.9% 1991 49.25 2013 1,513.86 FDI FDI BIMSTEC FDI

1816 11 1. 2013 11 2. 2014 3

12 1816 2014 2.4% 2015 3.0% EIU 2014 10 2014 ECB 9 7.1% 2014 2.4% 2015 3.0% 8 2014 2.2% 9 2014 0.8% 4 2014 1.4% 2014 0.4% 2014 7.5% 2014 6.0% Fed

1816 13 0.25% 2015 9 5 1 1.393 2013 1.33 9 1.292 5 7.8% 6 9 2014 1 1.29 2014 1 102 1 1 6.09 6 6.17 2014 1 6.04 2014 2015 9 100 6 15% 2014 106.16 2010 2014 2016 3.0% OPEC 2014 2016 2.0% 2014 2.2% 2015 3.2% 4.2%

14 1816 8 6.1% 2008 3.0% 2014 2.2% 2015 3.2% 8 14.2 7 22.6 1999 6 2012 9 QE3 850 150 10 2015 2014 0.8% 2015 1.2% 8 0.3% 9 0.2% GDP 50% 2014 0.3% 0.3% 2014 0.8% 2015 1.2% 7 18 11.9% 11.5% 27.2% 24.5% 4.9% 50% 0.3% 9 10 ABS CCPP3 3 5,000 6

1816 15 TLTRO 4,000 2014 1.4% 2015 1.8% 4 7.1% 6.1% 2014 1.4% 2015 1.8% 2013 2014 5 2012 138 2014 270 8 243 4 2.0% 7 3.4% 2014 2.8% 2015 2018 1.7% 2014 5.8% 2015 5.7% 2013 2014 10 2015 2015 2014 5.8% 2015 5.7% 7.4% 7.5% 7 70 64

16 1816 2014 7.5% 2015 7.0% 5 2014/15 9 2014/2015 6.0% 2014 2015 2014 4.8% 0.5% 0.4% 5 2014 1.9% 2014 5.2% 2014 1.5% 2015 2.8% 10 2014 2013 2.6% 1.5% 2015 2015 2015 2.8% 6 7 10 2014 0.4% 0.8% 2014 2.4% 2014 3.2% 2015 4.1% 2014 3.2% 2015

1816 17 2014 3.6% 2015 4.5% - 2015 4.1% 2015 2014 3.6% 2015 4.5% 1 % 2011 2012 2013 2014 2015 GDP 3.8 2.9 3.0 3.2 3.8 2.6 2.1 2.1 2.4 3.0 1.6 2.3 2.2 2.2 3.2 2.5 1.7 2.0 2.1 2.3-0.4 1.5 1.5 1.4 1.8 1.7-0.6-0.3 0.8 1.2 28 1.7-0.3 0.2 1.3 1.6 3.8 2.1 1.4 1.2 2.1 a 3.2 0.8 1.3 2.6 3.1 6.5 5.5 5.5 5.8 5.7 4.7 5.6 5.0 4.8 5.5 4.4 2.9 2.6 1.5 2.8 3.1 3.6 2.6 3.2 4.1 b 4.1 3.5 3.4 3.6 4.5 a b The Economic Intelligence Unit Inc., EIU Country Forecast, October, 2014. 9

18 1816 6.3% 101.7 100 30 2013 6 1.5% 102 10 11 2.3 26.4 2000 4 9 24.8 5.9% 2.5% 0.1 2.5% 1 1.9% 2.3% 1 7.3% 0.1 0.8% 0.2 3.7% 0.2 3.7% 4.2% 0.2 2.1% 2.5% 1.7 17.5% 2.6 1.4% 0.3 10.1% 1.3 11.0% 1.7 0.4 9 4.3% 9 4.3% 9 3.7% 9.1% 0.9% 9 2.2% 5.2% 1.4% +6.0% +7.6% +9.8% +0.8% +1.6% 4.6% +1.8% +5.0% +5.6% +1.8% +4.9% +2.7% +5.7% +6.5% +1.2% +3.7% 77.3% 1.4 +5.4% 77.6% 0.6 NAIC

1816 19-8.8% 9.1% 90.1% 2.8 0.9% 79.2% 6.9 9 77.7% 3.1 77.1% 9 5.9% 9 1.56 31.5 9,258.4 62.7% 1.47 23.2 59.0% 926.2 32.9 5.9% 9 24.8 5.9% 9 5.3% 5.5% 20.0% 5.1% 11.0% 6.9% 4.3% 9 27 295.4 0.9 31.9% 17.4 710.3 222.6 69.8 4 12 9 / +20.7 +0.7 +0.1 +0.1 +1.2 +1.2 +8.1 +3.2 +3.3 +0 +2.9 +0.9 +1.6 +0.4 9 34.6 0.1 40.9 / -1 24.53 / 2.0% 9 CPI-U 0.1% 9 CPI- U 0.1% 12 1.7% 9

20 1816 CPI-U 0.1% 0.3% 0.7% 1.1% 0.2% 1.0% 2.1% 1.6% 0.7% +0.3% -1.1% -1.0% -2.1% -0.2% -0.7% +1.6% +0.0% -0.1% +0.0% +0.5% +0.2% +0.3% +0.1% +0.1% CPI-U +1.7% +3.0% -0.6% -3.3% -3.6% -3.2% +3.5% +2.8% +5.8% CPI-U +1.7% CPI-U -0.3% +0.3% -0.4% +0.5% +2.9% +2.4% +3.0% +1.4% +1.7% CPI-W 1.6% 234.170 1982~84=100 0.1% 8 401.1 8 1,984.6 2,385.7 401.1 2.1 8 0.5 1,388.1 1.4 1,987.0 601.9 0.9 596.5 3.8 398.7 0.8 197.8 3 8 / +10 +8 +7 +4-6 -17 / ± +18 +7-14 -5-3 -2

1816 21 * 1 2 3 4 5 WTO 2-1 % * * * (+) GDP (-) ( ) ( ) * * 2003 2.8 1.2 6.0 3.2 2.3 2.00 4.00 7,298.2 4.6 12,702.3 8.4-5,404.1 2004 3.8 2.3 5.5 3.6 2.7 3.25 5.25 8,219.9 12.6 14,854.9 16.9-6,635.0 2005 3.3 3.2 5.1 4.9 3.4 5.25 7.25 9,116.9 10.9 16,924.2 13.9-7,807.3 2006 2.7 2.2 4.6 2.9 3.2 6.25 8.25 10,259.7 12.5 19,194.3 13.4-8,934.6 2007 1.8 2.5 4.6 3.9 2.9 4.75 7.25 11,482.0 11.9 20,204.0 5.3-8,722.1 2008-0.3-3.4 5.8 6.4 3.8 0.50 3.25 12,874.4 12.1 21,694.9 7.4-8,820.4 2009-2.8-11.3 9.3-2.6-0.3 0.50 3.25 10,560.4-18.0 16,053.0-26.0-5,492.5 2010 2.5 5.7 9.6 4.2 1.6 0.75 3.25 12,784.9 21.1 19,691.8 22.7-6,906.9 2011 1.6 3.3 8.9 6.0 3.1 0.75 3.25 14,825.1 16.0 22,658.9 15.1-7,833.9 2012 2.3 3.8 8.1 1.9 2.1 0.75 3.25 15,457.0 4.3 23,355.4 3.1-7,898.3 2013 2.2 2.9 7.4 1.2 1.5 0.75 3.25 15,795.9 2.2 23,290.6-0.3-7,494.7 2012 11 3.6 7.8 1.4 1.8 0.75 3.25 1,301.7 3.5 1,994.7 2.2-693.0 12 3.3 7.9 1.4 1.8 0.75 3.25 1,307.3 3.0 1,817.6-3.9-510.3 2013 1 2.5 7.9 1.5 1.6 0.75 3.25 1,231.3 4.5 1,903.6 1.0-672.3 2 1.7 2.8 7.7 1.8 2.0 0.75 3.25 1,235.4-0.1 1,750.5-0.7-515.2 3 3.6 7.5 1.1 1.5 0.75 3.25 1,367.6-2.5 1,865.9-7.8-498.3 4 2.6 7.5 0.6 1.1 0.75 3.25 1,294.6 1.6 1,957.9 0.7-663.3 5 1.8 2.4 7.5 1.8 1.4 0.75 3.25 1,330.1 1.4 2,019.2-0.8-689.2 6 2.5 7.5 2.3 1.8 0.75 3.25 1,348.3 1.7 1,899.2-3.6-550.9 7 1.8 7.3 2.1 2.0 0.75 3.25 1,273.6 4.9 2,026.6 2.4-753.0 8 2.3 3.0 7.2 1.2 1.5 0.75 3.25 1,326.0 3.1 1,982.6-0.9-656.6 9 3.4 7.2 0.2 1.1 0.75 3.25 1,285.1 0.2 1,969.8 3.4-684.7 10 3.6 7.2 0.2 0.9 0.75 3.25 1,421.8 6.4 2,104.1 3.2-682.3 11 3.1 3.2 7.0 0.8 1.2 0.75 3.25 1,362.5 4.7 1,936.5-2.9-574.0 12 3.3 6.7 1.4 1.5 0.75 3.25 1,319.6 0.9 1,874.6 3.1-555.1 2014 1 2.9 6.6 1.6 1.6 0.75 3.25 1,275.1 3.6 1,899.4-0.2-624.4 2 1.9 3.2 6.7 1.2 1.1 0.75 3.25 1,237.3 0.2 1,744.0-0.4-506.7 3 3.6 6.7 1.9 1.5 0.75 3.25 1,419.1 3.8 1,986.7 6.5-567.7 4 3.9 6.3 3.1 2.0 0.75 3.25 1,338.2 3.4 2,059.9 5.2-721.7 5 2.6 4.3 6.3 2.6 2.1 0.75 3.25 1,382.2 3.9 2,055.4 1.8-673.1 6 4.4 6.1 2.7 2.1 0.75 3.25 1,384.0 2.6 2,028.2 6.8-644.2 7 4.8 6.2 2.9 2.0 0.75 3.25 1,334.9 4.8 2,098.3 3.5-763.4 8 4.0 6.1 2.2 1.7 0.75 3.25 1,380.5 4.1 2,017.6 1.8-637.1 9 4.3 5.9 2.1 1.7 0.75 3.25

22 1816 / 4 +2 +1 +1 +1-1 8 17 289 7 334 45 8 ± +28 +14 +10 +10-302 -110-71 -47-32 -23-22 -19-18 -15-13 4 2014 8 3.1% 8 103.6 2010 =100 3.3% 103.5 3.1% 100.7 2.3% 11 9.0% 6.4% 4.6% 4.5% 4.2% 2.8% 2.3% 1.4% 0.1% 8 3.3% 8 89.1 2010 =100 3.3% 95.2 1.9%

1816 23 8 87.8 3.7% 93.9 2.1% 8 114.5 4.6% 112.6 0.9% 9 8 6.0% 10 9 0.2% 8 3.5% 8 3.5% 0.3 3.8% 3.2% 0.5 8 231 40 51 141 25 91 14 93 8 44 13 8 6,363 53 20 1,059 22 1,036 753 17 506 22 8 57.4% 0.5 15~64 72.8% 1.1 15~24 5.4% 1.3 25~34 4.4% 0.3 55~64 3.3% 0.3 45~54 3.0% 0.2

24 1816 2-2 % * * * (+) GDP (-) ( ) ( ) * * 2003 1.7 3.0 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 2008-1.0-3.4 4.0 4.6 1.4 0.30 1.68 7,820.5 9.5 7,625.9 22.6 194.6 2009-5.5-21.8 5.1-5.3-1.3 0.30 1.48 5,807.2-25.7 5,519.6-27.6 287.6 2010 4.7 15.6 5.1-0.1-0.7 0.30 1.48 7,697.7 32.6 6,940.5 25.7 757.2 2011-0.5-2.8 4.6 1.5-0.3 0.30 1.48 8,225.6 6.9 8,550.0 23.2-324.3 2012 1.5 0.6 4.3-0.9 0.0 0.30 1.48 7,986.2-2.9 8,860.4 3.6-874.2 2013 1.5-0.8 4.0 1.3 0.4 0.30 1.48 7,146.1-10.5 8,323.4-6.1-1,177.3 2012 11-5.5 4.1-1.1-0.2 0.30 1.48 616.8-7.9 735.2-3.1-118.5 12-7.6 4.3-0.7-0.1 0.30 1.48 634.0-12.2 711.2-5.1-77.3 2013 1-6.4 4.2-0.4-0.3 0.30 1.48 538.2-8.2 721.4-7.5-183.2 2 0.1-10.0 4.3-0.1-0.6 0.30 1.48 567.1-18.3 650.1-5.9-83.0 3-7.0 4.1-0.5-0.9 0.30 1.48 661.5-12.1 699.2-8.3-37.7 4-3.2 4.1 0.1-0.7 0.30 1.48 591.2-13.4 681.0-8.8-89.8 5 1.2-1.0 4.1 0.6-0.3 0.30 1.48 570.3-13.2 668.4-13.3-98.1 6-4.7 3.9 1.2 0.2 0.30 1.48 622.5-12.5 641.0-9.0-18.5 7 1.9 3.9 2.1 0.7 0.30 1.48 597.3-11.2 700.8-5.2-103.5 8 2.3-0.6 4.1 2.3 0.9 0.30 1.48 590.8-7.9 690.0-6.6-99.3 9 5.3 4.0 2.3 1.0 0.30 1.48 601.4-12.3 696.4-8.1-95.0 10 5.4 4.0 2.5 1.1 0.30 1.48 623.9-4.3 736.4 1.9-112.5 11 2.5 4.8 3.9 2.6 1.6 0.30 1.48 591.1-4.2 721.5-1.9-130.4 12 7.2 3.7 2.5 1.6 0.30 1.48 590.8-6.8 717.2 0.8-126.4 2014 1 10.6 3.7 2.5 1.4 0.30 1.48 505.4-6.1 774.3 7.3-268.9 2 3.0 7.0 3.6 1.8 1.5 0.30 1.48 567.7 0.1 646.5-0.6-78.8 3 7.4 3.6 1.7 1.6 0.30 1.48 624.2-5.6 766.0 9.6-141.9 4 3.8 3.6 4.1 3.4 0.30 1.48 591.6 0.1 671.0-1.5-79.4 5-0.1 1.0 3.5 4.3 3.7 0.30 1.48 550.9-3.4 640.4-4.2-89.5 6 3.1 3.7 4.5 3.6 0.30 1.48 582.1-6.5 663.3 3.5-81.2 7-0.7 3.8 4.4 3.4 0.30 1.48 602.5 0.9 696.1-0.7-93.6 8-3.3 3.5 3.9 3.3 0.30 1.48 554.3-6.2 646.4-6.3-92.1 9 3.5 0.30 1.48 * 1 2 3 4 3 4 WTO

1816 25 8 2 4.7% 8 2 28.2 4.7% 21.2% 8.8% 6.6% 6.3% 7.1% 3.3% 2.3% 0.9% 2.6% 8 46.4 5.4% 20.8% 5.6% 4.7% 5.7% 23.3% 8 5.4% 8 1.3% 8 5.7 1.3% 2 23.3% 21.0% 2.9% 16.2% 8 6 6,545 1.5% 3 5.2% 17.4% 21.3% 8 9,485 2.4% 26 8 1.2 4.4% 2 8 16.4% 34.0% 13.5% 26.8% 31.0% 8 6,371 10.7% 3 64.4% 25.7% 78.6% 8 3,855 22.0% 7 8 EU 5,964 5.6% 15 33.8% 64.7% 35.4% 29.4% 44.6% 64.5% 8 6,308 1.5% 23 11.4% 47.2% 13.7%

26 1816 73.7% 90.1% 8 345 54.8% 20 8 3 1,996 0.6% 2 36.2% 23.4% 24.6% 13.8% 8 2 8,335 3.1% 2 25.5% 46.8% 8.5% 8 3,662 23.4% 7 8 1.1 0.2% 17 36.7% 40.6% 17.7% 32.8% 25.6% 17.7% 8 1.3 5.3% 2 27.1% 33.1% 11.7% 12.9% 8 2,339 23.6% 30 1. GDP 2014 18 2013 0.7% 28 1.2% 2014 8 18 28 1.8% 0.8% 28 21.6% 498.9 7 3.1 66.8% 333.2 7 1.9 8 18 28 0.4% 0.5% 8 92 89 18 0.7% 28 GDP 2014 18 2013 0.7% 28 1.2%

1816 27 1.2% 0.4 0.2 0.2 0.9 1.2 0.3 0.7 0.2 0.4 1.1 1.4 0.3 8 188 1.9% 28 0.8% 1.1% 1.8% 0.4% 3.7% 0.8% 2.3% 3.5% 3.3% 2.9% 1.4% 1.4% 1.9% +18.3% +5.6% +4.6% -7.0% -6.0% -4.9% 8 18 2014 8 28 11.5% 28 10.1% 8 28 2,464.2 7 11.5% 10.1% 13.4 74.4% 1,832.6 7 13.7 28 21.6% 498.9 7 3.1 66.8% 333.2 7 1.9 10.0% 11.2% 10.3% 11.7% 8 2014 8 18 28 0.4% 0.5% 0.4% 0.5% -0.9% +2.1% +0.9% +0.6% +0.6% +1.2% +0.3% -2.9% +0.3% +0.3% +1.6% +0.8% 28-1.0% +2.8% +0.6% +0.8% +0.2%

28 1816 +1.3% +0.4% -2.0% +0.6% +2.9% +1.8% +0.7% 8 92 89 2014 8 92 3.0% 4.0% 1,405 1,313 28 2014 7 89 2013 8.0% 1,231 3.0% 1,319 1 0.8% 2014 0.8% 0.2% 0.7% 8 5.9% 2014 8 2013 5.9% 8 8.1% 5.8% 1.0% 8.6% 2.6% 2.6% 3.0% 2.4% 5.9% 10.4% 8 4.9% 2014 8 210 0.5% 4.9% 25 7.6% 5.2% 4.6% 4,061 0.5% 20 9 0.8% 2014 9 2013 0.8% 2010 2 +1.0% +2.8% +1.8% +0.8% +0.4% +2.3% -0.2% -1.1% +0.9% -2.6% +2.1% +1.6%

1816 29 2-3-1 % * * (+) GDP (-) ( ) ( ) * * 2003-0.4 0.5 9.8 0.6 1.0 2.00 2.13 7,593.5 22.5 6,107.9 23.7 1,485.6 2004 1.2 4.3 10.5 2.9 1.7 2.00 2.17 9,120.3 20.1 7,180.6 17.6 1,939.7 2005 0.7 3.1 11.3 3.0 1.5 2.25 2.41 9,718.0 6.6 7,756.1 8.0 1,961.9 2006 3.7 5.3 10.2 3.5 1.6 3.50 3.64 11,088.9 14.1 9,074.5 17.0 2,014.5 2007 3.3 5.8 8.7 3.5 2.3 4.00 4.71 13,221.9 19.2 10,558.5 16.4 2,663.4 2008 1.1 0.6 7.5 5.4 2.6 2.50 2.99 14,492.7 9.6 11,857.6 12.3 2,635.1 2009-5.1-16.4 7.8-6.9 0.3 1.00 0.48 11,206.1-22.7 9,258.0-21.9 1,948.1 2010 3.9 11.2 7.1 5.2 1.1 1.00 0.81 12,584.0 12.3 10,542.0 13.9 2,042.0 2011 3.7 7.0 6.0 5.8 2.1 1.00 1.14 14,740.4 17.1 12,550.1 19.0 2,190.3 2012 0.6-0.8 5.5 2.1 2.0 0.75 0.11 14,056.6-4.6 11,639.4-7.3 2,417.1 2013 0.2-0.1 5.3-0.6 1.5 0.25 0.21 14,526.0 3.3 11,887.9 2.1 2,638.1 2012 11-2.8 5.4 2.2 1.9 0.75 0.11 1,200.4-5.7 984.8-6.7 215.6 12-8.7 5.4 2.2 2.0 0.75 0.11 1,029.8-7.7 873.6-8.2 156.3 2013 1-1.0 5.4 1.4 1.7 0.75 0.11 1,171.2 5.6 990.0 5.7 181.2 2-0.6-5.6 5.4 0.6 1.5 0.75 0.12 1,178.5-2.1 954.1-4.8 224.4 3-7.2 5.4-0.1 1.4 0.75 0.12 1,220.9-6.1 975.9-9.2 245.1 4 7.3 5.3-0.7 1.2 0.75 0.12 1,224.0 6.9 988.9 3.2 235.1 5 0.1-4.4 5.3-0.6 1.5 0.50 0.11 1,145.1-3.2 967.5-1.6 177.6 6-0.3 5.3 0.1 1.8 0.50 0.12 1,217.6 3.4 992.6 4.0 225.0 7 1.6 5.3-0.1 1.9 0.50 0.13 1,217.8 6.4 1,003.8 7.3 214.0 8 0.3-2.9 5.3-1.1 1.5 0.50 0.13 1,131.7 1.5 953.6 4.8 178.1 9 4.2 5.3-1.6 1.4 0.50 0.13 1,263.1 7.7 990.7 3.5 272.4 10 1.5 5.2-1.8 1.2 0.50 0.13 1,352.8 6.0 1,106.7 3.5 246.2 11 1.1 0.8 5.2-1.6 1.3 0.25 0.13 1,277.5 6.4 1,030.6 4.7 246.9 12 5.5 5.2-1.3 1.4 0.25 0.21 1,125.8 9.3 933.6 6.9 192.3 2014 1 2.7 5.2-1.7 1.3 0.25 0.22 1,235.8 5.5 1,027.6 3.8 208.2 2 2.2 4.7 5.2-1.8 1.2 0.25 0.22 1,262.3 7.1 1,037.7 8.8 224.5 3 3.6 5.1-1.7 1.0 0.25 0.23 1,327.7 8.7 1,094.8 12.2 232.8 4-1.6 5.1-1.3 1.3 0.25 0.25 1,295.6 5.8 1,055.2 6.7 240.4 5 1.3 4.0 5.0-0.9 0.9 0.25 0.26 1,265.3 10.5 1,018.1 5.2 247.2 6-2.2 5.0-0.8 1.0 0.15 0.15 1,271.9 4.5 1,044.5 5.2 227.4 7 3.1 4.9-0.7 0.8 0.15 0.10 1,370.8 12.6 1,048.8 4.5 322.1 8-5.9 4.9-0.6 0.8 0.15 0.09 1,121.5-0.9 930.5-2.4 191.0 9-0.9 0.8 0.05 0.02 * 1 1999 1 Main refinancing operations Minimum bid rate 2 1999 1 Prime rate 1 2 3 5 WTO

30 1816 8 1.6% 2014 8 2,052.0 1.6% 1,121.5 2013 0.9% 930.5 2.4% 191.0 2 3.2% 2014 3.2% 2007 BCC EY Item Club 2015 2.4% 3.0% IMF 8 2.5% 2014 8 2.5% 2.6% 2.2% 3.9% 4.2% 1.9% 5 4.7% 4.1% 9.2% 2014 2 13.1% 6 8 6.0% 2014 6 8 6.0% 6.1% 6 6 8 0.7% 0.9% 6 8 197 3 5 15.4 53.8 1972 6.3% 5.7% 16.0% 73.3 9 1.2% 2014 9 2013 1.2% 1.5% 1.4% 2009 9 2.0% 2015 2

1816 31 2-3-2 % * * (+) GDP (-) ( ) ( ) * * 2003 3.9-0.7 5.0 0.7 1.4 3.75 3.50 3,076.6 10.0 3,873.5 10.2-796.9 2004 3.2 0.8 4.7 1.0 1.3 4.75 5.00 3,497.5 13.7 4,612.7 19.1-1,115.2 2005 3.2-0.7 4.8 1.9 2.1 4.50 5.00 3,845.1 9.9 5,091.8 10.4-1,246.7 2006 2.8 0.7 5.4 2.0 2.3 5.00 5.50 4,501.7 17.1 6,119.0 20.2-1,617.3 2007 3.4 0.3 5.3 2.3 2.3 5.50 6.50 4,420.6-1.8 6,387.3 4.4-1,966.6 2008-0.8-2.7 5.6 6.8 3.6 2.00 5.50 4,729.2 7.0 6,599.2 3.3-1,870.0 2009-5.2-8.7 7.5 0.5 2.2 0.50 1.00 3,556.7-24.8 5,194.8-21.3-1,638.1 2010 1.9 3.1 7.8 2.7 3.3 0.50 1.00 4,156.0 16.9 5,902.2 13.6-1,746.2 2011 1.6-0.8 8.1 4.7 4.5 0.50 1.00 5,056.5 21.7 6,766.7 14.6-1,710.2 2012 0.7-2.7 7.9 2.1 2.8 0.50 1.00 4,729.4-6.5 6,244.7-7.7-1,515.3 2013 1.7-0.1 7.5 1.3 2.6 0.50 1.00 5,404.0 14.3 6,558.9 5.0-1,154.9 2012 11-3.3 7.7 1.5 2.6 0.50 1.00 401.5-8.0 579.4-5.4-177.9 12-2.5 7.7 1.4 2.7 0.50 1.00 376.5-6.8 535.7 1.1-159.2 2013 1-3.1 7.9 1.6 2.7 0.50 1.00 421.9 9.1 542.3-0.6-120.4 2 0.7-2.3 7.7 1.7 2.8 0.50 1.00 405.1 3.2 516.5-7.6-111.4 3-1.5 7.7 1.5 2.8 0.50 1.00 468.3 6.9 549.1-10.4-80.8 4-1.6 7.7 1.0 2.4 0.50 1.00 453.9 23.3 526.0-7.0-72.1 5 1.8-1.5 7.8 1.2 2.7 0.50 1.00 556.0 30.6 521.6-5.0 34.3 6 1.2 7.7 1.7 2.9 0.50 1.00 471.1 23.9 542.9 1.0-71.7 7-1.4 7.7 1.8 2.7 0.50 1.00 468.5 17.6 545.6 0.3-77.1 8 1.8-1.6 7.6 1.5 2.7 0.50 1.00 415.9 12.5 511.8-11.4-95.9 9 2.9 7.4 1.2 2.7 0.50 1.00 434.3 12.8 577.9-11.8-143.6 10 3.3 7.1 0.8 2.2 0.50 1.00 454.9 11.7 606.5-6.4-151.6 11 2.7 2.4 7.1 0.8 2.1 0.50 1.00 425.1 5.9 599.2 3.4-174.1 12 2.0 7.1 1.0 2.0 0.50 1.00 429.0 13.9 519.4-3.1-90.4 2014 1 2.4 6.9 0.9 1.8 0.50 1.00 436.7 3.5 567.3 4.6-130.5 2 3.0 3.5 6.7 0.6 1.8 0.50 1.00 431.4 6.5 529.3 2.5-97.9 3 3.1 6.6 0.4 1.7 0.50 1.00 448.2-4.3 575.7 4.8-127.5 4 3.4 6.4 0.6 1.7 0.50 1.00 402.6-11.3 565.6 7.5-163.0 5 3.2 2.3 6.3 0.5 1.5 0.50 1.00 429.2-22.8 572.6 9.8-143.4 6 1.4 6.2 0.3 1.9 0.50 1.00 415.4-11.8 576.6 6.2-161.2 7 2.2 6.0-0.1 1.6 0.50 1.00 428.1-8.6 646.8 18.5-218.7 8 2.5-0.3 1.5 0.50 1.00 356.8-14.2 533.0 4.1-176.2 9-0.4 1.3 0.50 1.00 * Bank Rate 1 2 3 4 WTO

32 1816 10.3% 4.9% 3.1% 2.5% 2.3% 0.9% 0.8% 0.7% 0.2% 0.1% 0.5% 1.4% 8 4.1% 2014 8 889.8 2013 4.1% 356.8 2013 14.2% 533.0 4.1% 176.2 3 0.1% INSEE 2014 0.1% 2014 0.3% 2014-1.1% 0.4% GDP 0.1 0.1% 0.4% GDP 0.1 8 0.3% INSEE 2014 8 0.3% 1.0% -0.6% 10.0% 6.4% Dominique Barbet 8 1.9% 1.2% 0.6% 0.2% 0.3% 4.5% 5.1% 8 10.5% 2014 8 10.5% 309.3 7 2,000 24.0% 68.4 7 10.7% 10.4%

1816 33 2-3-3 % * * (+) GDP (-) ( ) ( ) * * 2003 0.9-1.1 8.6 2.1 2.00 2.13 3,761.3 18.2 3,753.5 19.3 7.8 2004 2.5 1.3 8.9 2.1 2.00 2.17 4,263.3 13.3 4,339.2 15.6-75.9 2005 1.8 0.4 8.9 1.7 2.25 2.41 4,435.9 4.0 4,738.0 9.2-302.1 2006 2.5 1.2 8.9 3.2 1.7 3.50 3.64 4,957.4 11.8 5,418.1 14.4-460.8 2007 2.3 1.2 8.0 2.1 1.5 4.00 4.71 5,598.5 12.9 6,315.3 16.6-716.8 2008-0.1-3.1 7.5 4.6 2.8 2.50 2.99 6,173.7 10.3 7,179.2 13.7-1,005.4 2009-3.1-13.8 9.1-4.7 0.1 1.00 0.48 4,852.2-21.4 5,634.8-21.5-782.6 2010 1.7 4.9 9.3 2.5 1.5 1.00 0.81 5,236.4 7.9 6,109.1 8.4-872.7 2011 2.0 2.3 9.2 4.6 2.1 1.00 1.14 5,963.0 13.9 7,198.9 17.8-1,235.9 2012 0.0-2.6 9.8 2.3 2.0 0.75 0.11 5,691.6-4.6 6,750.2-6.2-1,058.5 2013 0.2-0.6 10.3 0.0 0.9 0.25 0.21 5,795.9 1.8 6,809.8 0.9-1,013.9 2012 11-4.5 10.2 1.8 1.4 0.75 0.11 497.9-3.8 572.0-5.7-74.1 12-2.0 10.2 1.6 1.3 0.75 0.11 433.4-7.4 514.9-4.8-81.5 2013 1-3.2 10.3 1.5 1.2 0.75 0.11 471.6 3.7 578.8 3.5-107.2 2-0.2-1.5 10.2 1.3 1.0 0.75 0.12 470.9-3.7 568.7-4.6-97.7 3-1.3 10.3 1.2 1.0 0.75 0.12 502.7-6.5 564.0-9.1-61.2 4 0.0 10.3 0.2 0.7 0.75 0.12 504.8 8.4 578.1 1.8-73.4 5 0.7 1.2 10.3-0.4 0.8 0.50 0.11 460.1-1.5 552.7-1.4-92.6 6 0.2 10.3-0.2 0.9 0.50 0.12 487.5 0.1 558.0-3.5-70.5 7-1.2 10.3 0.1 1.1 0.50 0.13 508.5 8.1 589.2 9.3-80.8 8 0.3-2.1 10.2-0.8 0.9 0.50 0.13 392.0-1.1 468.3-3.5-76.2 9-0.7 10.3-0.7 0.9 0.50 0.13 480.7 2.7 580.6 6.2-100.0 10-0.2 10.2-1.3 0.6 0.50 0.13 553.0 5.5 633.1 3.8-80.1 11 0.8 1.7 10.2-0.7 0.7 0.25 0.13 489.2-1.8 577.2 0.9-88.0 12 0.4 10.2-0.2 0.7 0.25 0.21 474.9 9.6 561.1 9.0-86.2 2014 1 0.6 10.2-1.2 0.7 0.25 0.22 477.7 1.3 592.2 2.3-114.5 2 0.8-0.6 10.2-1.7 0.9 0.25 0.22 491.9 4.5 553.4-2.7-61.5 3-0.7 10.2-1.9 0.6 0.25 0.23 525.8 4.6 600.6 6.5-74.9 4-2.2 10.1-1.0 0.7 0.25 0.25 510.2 1.1 585.6 1.3-75.4 5 0.1-3.7 10.2-0.4 0.7 0.25 0.26 478.3 4.0 566.3 2.5-88.0 6-0.6 10.2 0.0 0.5 0.15 0.15 503.1 3.2 594.30 6.5-91.2 7 0.2 10.5-1.1 0.5 0.15 0.10 523.8 3.0 609.10 3.4-85.3 8-0.3 10.5-1.4 0.4 0.15 0.09 372.1-5.1 457.60-2.3-85.5 9 0.3 0.05 0.02 * 1 1999 1 Main refinancing operations Minimum bid rate 2 1999 1 Prime rate 1 2 INSEE 3 WTO

34 1816 9 0.3% 2014 9 2013 0.3% 5 9 2014 9 3.5% 0.5% 4.8% 2.9% 2.5% 2.1% 0.7% 0.6% 0.4% 1.5% 2.1% 1.4% 0.4% 0.1% 8 3.6% 2014 8 829.7 2013 3.6% 372.1 2013 5.1% 457.6 2.3% 85.5 4 0.3% 2014 0.3% 2.5% 2.4% 5.5% 0.2% 8 0.2% 2014 8 2013 0.2% 8 8 7 2014 8 3.2% 5.5% 0.5% 8 12.3% 2014 8 12.3% 313.4 7 8.2 44.2% 71.0 7 3,000 11.2% 13.7%

1816 35 2-3-4 % * * (+) GDP (-) ( ) ( ) * * 2003 0.0-0.5 8.5 2.7 2.00 2.13 2,979.0 17.8 2,947.1 20.6 31.9 2004 1.7-0.2 8.0 2.2 2.00 2.17 3,545.9 19.0 3,563.7 20.9-17.8 2005 0.9-0.6 7.7 2.0 2.25 2.41 3,706.4 4.5 3,824.0 7.3-117.6 2006 2.2 3.7 6.8 5.2 2.1 3.50 3.64 4,172.2 12.6 4,426.0 15.7-253.8 2007 1.7 1.9 6.1 3.3 1.8 4.00 4.71 5,002.4 19.9 5,118.7 15.7-116.3 2008-1.2-3.8 6.8 5.8 3.4 2.50 2.99 5,446.3 8.9 5,631.1 10.0-184.7 2009-5.5-18.6 7.8-5.4 0.8 1.00 0.48 4,068.3-25.3 4,148.6-26.3-80.4 2010 1.7 7.0 8.4 3.1 1.5 1.00 0.81 4,468.9 9.8 4,869.3 17.4-400.4 2011 0.7 1.3 8.4 5.1 2.7 1.00 1.14 5,234.0 17.1 5,589.4 14.8-355.3 2012-2.3-6.3 10.7 4.1 3.0 0.75 0.11 5,015.5-4.2 4,891.1-12.5 124.4 2013-1.9-3.1 12.2-1.2 1.2 0.25 0.21 5,176.0 3.2 4,772.9-2.4 403.1 2012 11-7.4 11.2 2.8 2.5 0.75 0.11 432.2-1.7 405.9-12.0 26.3 12-6.9 11.4 2.4 2.3 0.75 0.11 392.9-4.9 362.5-8.2 30.4 2013 1-4.3 11.8 0.7 2.2 0.75 0.11 397.5 12.1 421.5 1.5-24.0 2-2.4-4.5 11.8 0.5 1.9 0.75 0.12 412.6-1.9 398.6-9.0 14.0 3-5.2 11.9 0.0 1.6 0.75 0.12 439.4-7.8 399.5-11.7 39.9 4-4.3 12.1-1.1 1.1 0.75 0.12 415.2 3.3 389.1-4.5 26.1 5-2.2-4.1 12.2-1.1 1.1 0.50 0.11 448.9-0.4 398.3-9.5 50.5 6-2.6 12.3-0.7 1.2 0.50 0.12 438.8 1.9 392.1-1.3 46.7 7-3.3 12.1-1.5 1.2 0.50 0.13 498.8 9.2 420.6 5.3 78.2 8-1.9-4.5 12.3-2.4 1.2 0.50 0.13 329.3 1.5 315.0-4.9 14.3 9-2.8 12.5-2.2 0.9 0.50 0.13 430.0 5.9 418.9 3.6 11.1 10-0.9 12.4-2.5 0.8 0.50 0.13 495.4 5.9 440.0 0.6 55.4 11-1.1 0.7 12.7-2.3 0.7 0.25 0.13 439.0 1.6 397.4-2.1 41.7 12-1.0 12.4-2.1 0.7 0.25 0.21 431.0 9.7 381.8 5.3 49.2 2014 1 0.0 12.6-1.5 0.7 0.25 0.22 408.1 2.7 403.2-4.3 4.9 2-0.3 0.0 12.6-1.7 0.5 0.25 0.22 434.5 5.3 398.6 0.0 35.9 3 0.0 12.4-1.9 0.4 0.25 0.23 474.2 7.9 420.4 5.2 53.7 4 1.1 12.5-1.7 0.6 0.25 0.25 449.1 8.1 400.5 2.9 48.6 5-0.3-1.2 12.6-1.7 0.5 0.25 0.26 476.2 6.1 425.1 6.7 51.1 6-0.1 12.3-1.9 0.3 0.15 0.15 457.1 4.2 413.1 5.4 44.0 7-1.1 12.6-1.9 0.1 0.15 0.10 522.8 4.8 429.10 2.0 93.7 8-0.2 12.3-2.0-0.1 0.15 0.09 320.5-2.7 293.10-6.9 27.4 9-0.2 0.05 0.02 * 1 1999 1 Main refinancing operations Minimum bid rate 2 1999 1 Prime rate 1 2 ISTAT 3 WTO

36 1816 9 0.2% 2014 9 2013 0.2% 2014 9 0.9% 0.5% 0.3% 0.2% 0.1% 8.2% 1.2% 0.1% 8 4.8% 2014 8 613.6 2013 4.8% 320.5 2013 2.7% 293.1 6.9% 27.4 2. 9 2014 9 2.8% 3.6% 2.4% 0.8% 9 1.5% 5.4% 8 2014 8 22.6% 8.8% 14.1% 18% 23.8% 23.5% 16.9% 16.5% 28% 80% 2014 9 2015 2 80% 1. 2014 7.3%

1816 37 2-4-1 % * * (+) GDP (-) ( ) ( ) * * 2003 10.0 17.0 4.3 2.3 1.2 2.97 5.04 4,382.3 34.6 4,127.6 39.8 254.7 2004 10.1 16.2 4.2 6.1 3.9 3.24 5.22 5,933.3 35.4 5,612.3 36.0 321.0 2005 11.3 16.4 4.2 4.9 1.8 3.24 5.22 7,619.5 28.4 6,599.5 17.6 1,020.0 2006 12.7 16.6 4.1 3.0 1.5 3.24 5.58 9,693.2 27.2 7,917.9 20.0 1,775.3 2007 14.2 18.5 4.0 3.1 4.8 3.24 6.57 12,186.4 25.7 9,559.5 20.7 2,626.9 2008 9.6 12.9 4.2 6.9 5.9 1.80 4.86 14,306.9 17.4 11,325.7 18.5 2,981.3 2009 9.2 11.0 4.3-5.4-0.7 1.80 4.86 12,016.1-16.0 10,059.2-11.2 1,956.9 2010 10.4 15.7 4.1 5.5 3.3 2.25 5.35 15,777.5 31.3 13,962.5 38.8 1,815.1 2011 9.2 13.9 4.1 6.0 5.4 2.25 6.10 18,983.8 20.3 17,434.8 24.9 1,549.0 2012 7.8 10.0 4.1-1.7 2.7 2.25 5.60 20,487.1 7.9 18,184.1 4.3 2,303.1 2013 7.7 9.7 4.1 1.9 2.6 2.25 5.60 22,090.1 7.8 19,499.9 7.2 2,590.2 2012 11 10.1-2.2 2.0 2.25 5.60 1,793.4 2.8 1,598.6 0.1 194.8 12 10.3-1.9 2.5 2.25 5.60 1,991.1 14.0 1,681.2 6.3 309.9 2013 1-1.6 2.0 2.25 5.60 1,872.9 25.0 1,592.0 29.6 280.9 2 7.7 4.1-1.6 3.2 2.25 5.60 1,393.0 21.8 1,244.2-15.0 148.8 3 8.9-1.9 2.1 2.25 5.60 1,821.0 10.0 1,830.1 14.1-9.1 4 9.3-2.6 2.4 2.25 5.60 1,869.3 14.6 1,685.7 16.6 183.6 5 7.5 9.2 4.1-2.9 2.1 2.25 5.60 1,826.8 0.9 1,620.2-0.5 206.6 6 8.9-2.7 2.7 2.25 5.60 1,742.4-3.1 1,469.7-0.8 272.7 7 9.7-2.3 2.7 2.25 5.60 1,859.2 5.1 1,681.6 10.9 177.6 8 7.8 10.4 4.0-1.6 2.6 2.25 5.60 1,904.9 7.1 1,623.6 7.2 281.3 9 10.2-1.3 3.1 2.25 5.60 1,853.1-0.4 1,705.6 7.5 147.5 10 10.3-1.5 3.2 2.25 5.60 1,852.9 5.6 1,542.6 7.5 310.4 11 7.7 10.0 4.1-1.4 3.0 2.25 5.60 2,020.8 12.7 1,683.3 5.3 337.5 12 9.7-1.4 2.5 2.25 5.60 2,073.7 4.1 1,821.4 8.3 252.3 2014 1-1.6 2.5 2.25 5.60 2,070.4 10.5 1,751.1 10.0 319.4 2 7.4 4.1-2.0 2.0 2.25 5.60 1,140.5-18.1 1,367.9 9.9-227.4 3 8.8-2.3 2.4 2.25 5.60 1,700.3-6.6 1,621.9-11.4 78.4 4 8.7-2.0 1.8 2.25 5.60 1,884.8 0.8 1,699.5 0.8 185.3 5 7.5 8.8 4.1-1.4 2.5 2.25 5.60 1,956.9 7.1 1,595.3-1.5 361.6 6 9.2-1.1 2.3 2.25 5.60 1,868.3 7.2 1,551.8 5.6 316.5 7 9.0-0.9 2.3 2.25 5.60 2,128.7 14.5 1,655.6-1.5 473.1 8 7.3 6.9-1.2 2.0 2.25 5.60 2,084.7 9.4 1,586.3-2.3 498.4 9 8.0-1.8 1.6 2.25 5.60 2,136.9 15.3 1,827.5 7.1 309.4 * 1 2 3 WTO

38 1816 7.3% 7.4% 7.4% 7.5% 7.3% 4.2% 7.4% 7.9% 2014 9 8.0% 8 1.1 9 0.91% 9 8.5% 9 3.9% 9.1% 2.8% 9 4.8% 1.0% 9.3% 6.4% 9 41 40 6.7% 5.3% 10.4% 8.4% 5.5% 11.9% 9.5% 4.6% 10.7% 9.7% 9.5% 16.6% 1.6% 9 7.3% 8.1% 10.7% 9 9,575 1.7% 22,415 2.2% 377 8.2% 150 14.1% 215.1 4.5% 117.5 5.4% 4,202 9.1% 4,542 4.1% 2014 9 357,787 16.1% 15.3% 8 0.4 9 0.77% 9 8,642 27.7% 8 1.4 150,180 13.7% 8 198,965 17.4% 8 0.8 9 164,549 9 8.0% 9 16.1%

1816 39 14.9% 8 0.4 99,592 17.8% 0.6 90,953 17.9% 0.2 9 339,756 16.8% 8 0.5 8,623 7.9% 1.2 8,017 0.5% 0.3 9 16,773 12.2% 8 0.9 341,014 16.2% 0.5 9 854,862 12.5% 8 0.1 303,729 14.4% 0.5 9 391,141 12.4% 8 0.4 14.1% 8 1.9 11.2% 1.4 16.1% 0.5 7% 3.1 3% 0.3 9 1.8% 2014 9 1.8% 0.4% 1.9% 0.4% 9 1.6% 1.8% 2.4% 1.8 6.7% 2.7% 1.8% 0.1% 0.3% 0.7% 0.4% 0.8% 6.1% 2.8% 1.5% 1.4% 9 1.8% 爲 0 爲 - 1.8 9 1.6% 2014 9 1.6% 1.7% 1.4% 2.3% 1.3% 1.4% 2.3% 9

40 1816 2.1% 9 0.5% 0.5% 0.4% 0.8% 0.3% 0.5% 0.4% 9 2.3% 0.78 16.7% 0.33 12.9% 0.12 3.4% 0.10 3.2% 0.08 1.2% 0.09 2.9% 0.09 9.4% 0.31 0.6% 1.7% 0.2% 2.4% 5.2% 2.5% 1.1% 7.5% 0.2% 1.2% 2.3% 1.1% 0.8% 0.3% 4.0% 3.8% 0.8% 3.5% 1.9% 3.2% 2.9% 1.6% 2.6% 0.8% 0.6% 9 1.6% 爲 0.3 爲 1.3 9 3,964 11.3% 2014 19.4 1.8% 10.4 3.6% 9.0 0.1% 1.4 35.3% 9 2.44 11.2% 1.32 15.1% 1.12 6.9% 1,901 1.1 3.16 3.3% 1.7 5.1% 1.46 1.3% 2,316 37.8% 9 3,964 11.3% 2,137

1816 41 15.3% 1,827 7% 310 1.1 10.6 5% 54.4% 6.2 0.7% 32% 爲 2.81 10.2% 14.5% 爲 2.48 5.2% 12.8% 爲 2.13 6.0% 11.0% 爲 1.43 0.4% 7.4% 1.61 13% 8.3% 8.9 1.8% 45.8% 6.7 5.7% 34.6% 3.5 0.1% 17.9% 5.77 0.4% 55.4% 7 2.21 4.9% 21.2% 7 16.5% 2.3 8.3% 5,274 15.3% 359 10.5% 17.9% 1.4% 4.6% 6.3% 9 M2 12.9% M1 4.8% 9 M2 120.21 12.9% 0.1 0.7 M1 32.72 4.8% 0.9 4.5 (M0) 5.88 4.2% 274 9 84.74 13.0% 79.58 13.2% 0.1 0.9 7.68 4,045 2.66 8,989 1.76 5.02 1.24 2.79 7,383 9 8,572, 702 8,383 9.5% 615 9 116.38 10.0%

42 1816 112.66 9.3% 0.8 4.5 8.27 2.99 3.68 1.09 1.12 9 9,243 7,025 6,053 34.9% 1,402 9 2.97% 2.93% 9 爲 2.97% 0.20 爲 2.93%, 0.18 2. 8 8 3.4% 2014 8 400 3.4% 2014 7 3.2% 2014 8 2.8% 2014 8 5.8% 2.1% 5.7% 20.0% 17.2% 4.8% 12.6% 1.8% 2.5% 7.1% 5.7% 8.5% 11.0% 12.1% 6.1% 10.5% 8

1816 43 2014 9 2013 9 8 着 8 3.9% 2014 8 3.9% 2014 7 4.0% 2014 8 3.2% 7 3.3% 2014 8 24.3% 7.6% 4.9% 4.7% 3.1% 2.4% 2.2% 2.1% 3.6% 8 2014 9 2014 9 8 6.4% 2014 8 6.4% 3.4% 8 3,272 6.4% 3,219 6.4% 53 7.2% 8 3,588 3.4% 5.8% 38.1% 32.7% 23.8% 13.7% 13.3% 3.9% 9.4% 5.7% 7.8% 25.9% 21.6%

44 1816 * 1 2 3 WTO 2-4-2 % * * (+) GDP (-) ( ) * * 2003 3.1-2.6 5.00 2,240.4 11.8 2,325.8 11.8-85.4 2004 8.7 6.9-0.4 5.00 2,594.2 15.8 2,714.6 16.7-120.4 2005 7.4 5.7 0.9 7.75 2,895.1 11.6 2,999.7 10.5-104.6 2006 7.0 2.2 4.8 2.0 7.75 3,226.6 11.5 3,357.5 11.9-130.9 2007 6.5-1.5 4.1 2.0 6.75 3,496.6 8.4 3,707.3 10.4-210.7 2008 2.1-6.7 3.5 4.3 5.00 3,706.5 6.0 3,934.4 6.1-227.9 2009-2.5-8.3 5.2 0.6 5.00 3,297.4-11.0 3,526.9-10.4-229.5 2010 6.8 3.5 4.4 2.3 5.00 4,010.2 21.6 4,420.4 25.3-410.1 2011 4.8 0.7 3.5 5.3 5.00 4,556.6 13.6 5,112.9 15.7-556.3 2012 1.5-0.8 3.3 4.1 5.00 4,933.7 8.3 5,542.2 8.4-608.6 2013 2.9 0.1 3.4 4.3 5.00 5,355.5 8.5 6,222.8 12.3-867.3 2012 11 3.4 3.8 5.00 449.1 7.8 496.4 7.9-47.3 12 3.2 3.8 5.00 469.4 25.4 527.3 19.6-57.9 2013 1 3.4 3.0 5.00 426.9 20.3 469.9 26.2-43.0 2 2.9 0.5 3.5 4.4 5.00 335.3-7.0 381.3-9.3-46.1 3 3.5 3.6 5.00 497.2 32.0 569.5 32.2-72.2 4 3.5 4.1 5.00 444.5 10.5 504.3 12.2-59.8 5 3.0 0.3 3.4 3.9 5.00 441.7 4.6 522.5 9.1-80.7 6 3.3 4.2 5.00 415.3 4.9 508.8 10.3-93.4 7 3.4 6.9 5.00 454.1 12.9 528.0 15.6-73.8 8 3.0-0.9 3.4 4.5 5.00 461.6 6.7 573.4 18.7-111.8 9 3.4 4.6 5.00 466.7 3.4 537.9 8.2-71.2 10 3.3 4.3 5.00 485.0 16.7 540.4 15.2-55.4 11 2.9 0.5 3.4 4.3 5.00 471.9 5.1 551.5 11.1-79.6 12 3.2 4.3 5.00 455.3-3.0 535.6 1.6-80.3 2014 1 3.2 4.6 5.00 437.1 2.4 505.8 7.6-68.7 2 2.6 2.1 3.1 3.9 5.00 328.7-2.0 414.3 8.7-85.7 3 3.1 3.9 5.00 439.3-11.7 514.6-9.6-75.3 4 3.1 3.6 5.00 408.1-8.2 483.5-4.1-75.4 5 1.8 2.2 3.1 3.7 5.00 428.1-3.1 486.4-6.9-58.3 6 3.2 3.6 5.00 426.6 2.7 486.5-4.4-59.9 7 3.3 4.1 5.00 442.9-2.5 494.9-6.3-51.9 8 3.3 3.9 5.00 442.1-4.2 478.3-16.6-36.2 9 3.3 6.6 5.00

1816 45 14.5% 4.4% 1.9% 1.8% 4.1% 3.7% 2.3% 8 6 8 3.3% 2014 6 8 3.3% 2014 5 7 2014 5 7 1.5% 2014 6 8 1.4% 2014 5 7 2014 6 8 2014 5 7 133,300 2014 6 8 136,400 3,100 57,900 54,600 3,300 2014 6 8 3.3% 1. 3 9 BSI 74 2P 9 BSI 74 2P 10 BSI 78 4P 6P 5P BSI 9 81 1P 10

46 1816 89 2 BSI 9 88 2P 10 89 2P BSI 9 86 10 89 2P 25.3% 16.0% 9 BSI 70 1P 10 BSI 74 2P BSI 9 80 1P 10 83 1P BSI 9 84 2P 10 86 BSI 9 86 3P 10 86 2P 26.9% 14.9% BSI CSI 9 ESI 97 3P 9 107 9 CSI 107 CSI 93 1P CSI 100 CSI CSI 102 110 1P CSI 83 2P CSI 97 3P CSI 97 CSI 89 1P CSI 95 CSI 105 1P CSI 101 2P CSI 137 1P CSI 124 4P CSI 118 1P 1 1 2.7% 2.8% 1 62.1% 39.0% 37.4%

1816 47 * 1 2 3 WTO 2-5-1 % * * (+) GDP (-) ( ) ( ) * * 2003 2.9 5.5 3.6 2.2 3.5 3.75 6.20 1,938.2 19.3 1,788.3 17.6 149.9 2004 4.9 10.4 3.7 6.1 3.6 3.25 5.52 2,538.4 31.0 2,244.6 25.5 293.8 2005 3.9 6.3 3.7 2.1 2.8 3.75 5.74 2,844.2 12.0 2,612.4 16.4 231.8 2006 5.2 8.4 3.4 0.9 2.2 4.50 6.19 3,254.6 14.4 3,093.8 18.4 160.8 2007 5.5 6.9 3.2 1.4 2.5 5.00 7.08 3,714.9 14.1 3,568.5 15.3 146.4 2008 2.8 3.4 3.2 8.5 4.7 3.00 6.89 4,220.1 13.6 4,352.7 22.0-132.7 2009 0.7-0.1 3.6-0.2 2.8 2.00 5.81 3,635.3-13.9 3,230.8-25.8 404.5 2010 6.5 16.3 3.7 3.8 2.9 2.50 5.40 4,663.8 28.3 4,252.1 31.6 411.7 2011 3.7 6.0 3.4 6.7 4.0 3.25 5.69 5,554.1 19.1 5,243.5 23.3 310.6 2012 2.3 1.4 3.2 0.7 2.2 2.75 4.84 5,478.7-1.4 5,195.9-0.9 282.9 2013 3.0 0.3 3.1-1.6 1.3 2.50 4.52 5,596.3 2.1 5,155.8-0.8 440.5 2012 11 3.0 3.0-0.9 1.6 2.75 4.94 478.1 3.8 433.8 0.9 44.2 12 0.1 3.0-1.2 1.4 2.75 4.84 448.8-6.1 430.7-5.3 18.1 2013 1 8.7 3.1-1.6 1.6 2.75 5.00 456.7 10.9 453.0 4.1 3.8 2 2.1-8.7 3.4-1.6 1.6 2.75 4.91 423.3-8.6 404.6-10.3 18.7 3-2.2 3.1-2.4 1.5 2.75 4.77 473.1 0.0 439.8-2.4 33.4 4 2.2 3.1-2.8 1.3 2.75 4.73 461.6 0.1 436.5-0.7 25.1 5 2.7-0.5 3.2-2.6 1.1 2.50 4.62 483.1 3.1 423.9-4.7 59.2 6-1.6 3.1-1.4 1.2 2.50 4.52 466.9-1.0 407.2-3.0 59.7 7 1.4 3.2-1.0 1.6 2.50 4.60 458.3 2.6 433.8 3.4 24.5 8 3.4 3.2 3.1-1.3 1.5 2.50 4.55 463.1 7.6 415.9 1.2 47.2 9-3.8 3.0-1.8 1.0 2.50 4.54 446.5-1.7 410.6-3.5 36.0 10 3.6 3.0-1.4 0.9 2.50 4.46 504.8 7.2 456.1 5.1 48.8 11 3.7-0.7 3.0-0.9 1.2 2.50 4.50 479.1 0.2 431.1-0.6 48.0 12 2.4 3.1-0.4 1.1 2.50 4.52 479.8 6.9 443.5 3.0 36.3 2014 1-4.3 3.2-0.3 1.1 2.50 4.53 455.7-0.2 447.5-1.2 8.2 2 3.9 3.9 3.9-0.9 1.0 2.50 4.45 429.2 1.4 420.6 4.0 8.6 3 2.8 3.5-0.5 1.3 2.50 4.46 490.7 3.7 455.4 3.6 35.3 4 2.5 3.7-0.3 1.5 2.50 4.42 502.7 8.9 458.5 5.0 44.2 5 3.5-2.1 3.7 0.0 1.7 2.50 4.40 475.9-1.5 425.5 0.4 50.4 6 0.5 3.6 0.1 1.7 2.50 4.40 478.4 2.5 424.2 4.2 54.2 7 3.9 3.4 0.2 1.6 2.50 4.39 482.2 5.2 458.8 5.7 23.4 8-2.8 3.5-0.2 1.4 2.25 4.18 461.5-0.4 428.6 3.0 32.9 9 3.5-0.4 1.1 2.25 477.5 6.9 443.2 8.0 34.3

48 1816 8 0.6% 8 0.6% 0.6% 8 2.4% 1.6% -16.2% -12.7% 3.8% 8.4% 4.6% -14.8% -12.7% 2.8% 1.9% 5.3% 4.2 74.0% 8-4.2% -5.0% 1.3% 2.0% 0.3% -1.5% -1.9% 6.9% 5.8% 2.1% 8.3% 1.2% 0.9% 2.7% 4.5% 1.7% 1.4% 2.1% 5.4% 7.8% 3.2% -2.9% -0.8% 10.6% 9.8% 153.6% 1.0% 0.4% 79.3%

1816 49 0.3 0.8 9 45.1 9 2,591.7 45.1 40 9 60.8% 0.4 OECD 15 64 65.7% 0.7 17.3 4.1% 15.3 9.5% 15.1 4.1% 12.3 6.2% 6 3.1% -12.8-7.4% -3.7-4.3% -2.6-1.8% 32.4 2.7% 20.1 4.1% -3.7-2.3% 1.8 0.3% -5.6-4.3% 9 84.9 12.9 3.2% 0.5 15 29 8.5% 0.8 20 50 9-11 -1.9% -7.4-1.7% -6.4-4.2% 16.3 55.1 3.1 46.3 29.8 9 0.1% 9 109.38 2010 =100 0.1% 1.1% 1.4% 0.3 0.1% 1.9% 0.1% 1.7% 0.6%

50 1816 8 0.1% 9 477 443 0.5% 0.3% 0.2% 0.8% 0.1% 0.9% 1.6% 8.6% 0.1% 2.3% 6.0% 13.3% 1.6% 10.7% 4.1% 1.7% 8 0.1% 0.2% 1.2% 0.3% 0.2% 0.4% 3.6% 1.1% IT 0.1% 9 6.9% 477 8.0% 443 34 7.4% 23.3% 5.2% 9.3% 1.6% -3.3% -1.0% -6.0% -17.6% 6.5% 19.9% 18.4% 35.0% 32.2% -5.1% -6.2% -10.9% 11.0% 4.6% 13.6% 3.3% 25.3% -0.3% -2.8% -11.8% 4.9% 8.0% 23.4% 15.3% 11.8% 25.0% 6.1% 4.5% -7.1% -4.2% 34 2012 2 32 50.8 46.1

1816 51 17 16.9-66 -19.6-12.1-8.9 2014 1 9 4,254 3,962 292 9 0.2% 1.2% 9 0.2% 6.5% 1.3% 0.2% 9 1.2% 8.8% 2.6% 0.5% 0.6% 0.1% 2. 8 7.4% 32 2014 1% 9 1.6% 8 10.5% 12.4% 1 8 4.2% EDB 2014 8 4.2% 7.2% 9.7% 2.3% 7 0.2% 0.2% 12.6% 7.5% 7 2.9% 8 7.2% 8 5.4% 2014 8 Retail Sales Index 5.4% 32 8 49.5% 8 1.6% 8

52 1816 * 1 2 3 4 WTO 2-5-2 % * * (+) GDP (-) ( ) * * 2003 4.4 4.0 0.5 5.30 1,599.6 27.8 1,362.6 17.0 237.0 2004 9.5 13.9 3.4 1.7 5.30 1,986.3 24.2 1,735.8 27.4 250.5 2005 7.5 9.5 3.1 0.5 5.30 2,296.5 15.6 2,000.5 15.2 296.0 2006 8.9 11.9 2.7 1.0 5.33 2,718.1 18.4 2,387.1 19.3 331.0 2007 9.1 5.9 2.1 2.1 5.33 2,993.0 10.1 2,631.5 10.2 361.4 2008 1.8-4.2 2.3 6.6 5.38 3,381.8 13.0 3,197.8 21.5 184.0 2009-0.6-4.2 3.0 0.6 5.38 2,698.3-20.2 2,457.8-23.1 240.5 2010 15.2 29.7 2.2 2.8 5.38 3,518.7 30.4 3,107.9 26.4 410.8 2011 6.1 7.8 2.0 5.2 5.38 4,095.0 16.4 3,657.7 17.7 437.3 2012 2.5 0.3 1.9 4.6 5.38 4,083.9-0.3 3,797.2 3.8 286.7 2013 3.9 1.7 1.9 2.4 5.38 4,102.5 0.5 3,730.2-1.8 372.3 2012 11 2.8 3.6 5.38 341.1 2.3 325.6 0.5 15.5 12 1.6 4.3 5.38 315.1-8.5 298.5 4.5 16.6 2013 1 0.2 3.6 5.38 336.9 6.5 321.8 4.9 15.0 2 1.5-15.5 1.9 4.9 5.38 293.2-18.6 273.4-13.6 19.8 3-3.6 3.5 5.38 333.1-6.8 296.0-12.6 37.1 4 5.1 1.5 5.38 353.3 2.4 320.2 3.5 33.1 5 4.0 2.6 2.0 1.6 5.38 353.7 2.4 318.5-3.4 35.2 6-4.7 1.8 5.38 332.1-1.8 295.8-8.3 36.2 7 2.9 1.9 5.38 349.9 4.6 323.6 5.5 26.3 8 5.0 3.5 1.8 2.0 5.38 340.3 1.8 309.5 1.0 30.8 9 9.2 1.6 5.38 356.4 5.7 323.0 5.9 33.4 10 8.4 2.0 5.38 383.0 6.4 340.0 2.7 43.0 11 4.9 6.8 1.8 2.6 5.38 337.7-1.0 308.9-5.1 28.8 12 6.4 1.5 5.38 332.9 5.6 299.3 0.3 33.6 2014 1 4.0 1.4 5.35 338.8 0.6 307.8-4.4 31.0 2 4.8 13.3 2.0 0.4 5.35 318.5 8.6 284.9 4.2 33.5 3 12.4 1.2 5.35 353.5 6.1 335.6 13.4 17.9 4 5.5 2.5 5.35 367.7 4.1 334.1 4.3 33.6 5 2.4-1.8 2.0 2.7 5.35 348.4-1.5 324.3 1.8 24.1 6 0.8 1.8 5.35 347.8 4.7 300.7 1.6 47.1 7 3.0 1.2 5.35 351.4 0.4 318.5-1.6 32.9 8 4.2 0.9 5.35 343.2 0.8 288.4-6.8 54.8 9 5.35 350.7-1.6 306.6-5.1 44.1

1816 53 1 2 8 2014 8 10% 8 0.9% 2014 8 CPI 0.9% 2014 2 1.2% 8 2.1% 2.2% 2014 1.5% 2.0% 2% 3% 9 1.6% IES 2014 9 3.3% 1.6% 9 0.9% 2.6% 9 8.8% 4% 26 PC IC 3% 12.1% 14.7% 22.7 8 5.8% 2 8 7.5% 2014 8 7.5% 17.5% 5.1% 9.8% 9 4.4% NSO 2014 9 4.4% 8 4.8%

54 1816 2-5-3 % * * (+) GDP (-) ( ) ( ) * * 2003 5.0-1.3 11.4 8.6 2.3 5.5 9.00 362.3 2.9 404.7 3.1-42.4 2004 6.7-2.5 11.8 12.0 4.8 8.4 9.00 396.8 9.5 440.4 8.8-43.6 2005 4.8 1.0 9.8 9.0 6.6 5.7 9.75 512.5 29.2 474.2 7.7 38.3 2006 5.2-8.5 7.9 11.2 5.5 5.0 9.75 474.1-7.5 537.5 13.3-63.4 2007 6.6-2.7 7.3-0.7 2.9 4.3 7.25 504.7 6.4 577.1 7.4-72.4 2008 4.2 0.3 7.4 4.1 8.2 6.0 8.00 490.3-2.9 602.1 4.3-111.8 2009 1.1-11.9 7.5-1.4 4.2 3.5 6.00 384.4-21.6 458.4-23.9-74.1 2010 7.6 23.2 7.3-4.9 3.8 4.0 6.00 515.0 34.0 584.7 27.5-69.7 2011 3.7 1.1 7.0 1.0 4.7 4.5 6.50 483.1-6.2 641.0 9.6-157.9 2012 6.8 7.7 7.0-0.6 3.2 3.5 5.50 521.0 7.9 585.1-8.7-64.1 2013 7.2 13.9 7.1-7.6 2.9 3.5 5.50 567.0 8.8 654.9 11.9-87.9 2012 11 11.7-3.4 2.8 3.50 5.50 36.1 7.3 54.8 2.4-18.7 12 10.5-4.0 3.0 3.50 5.50 39.7 16.6 56.0 13.5-16.3 2013 1 10.0 7.1-9.8 3.1 3.50 5.50 45.1 9.5 50.0-8.1-4.9 2 7.7 5.4-9.6 3.4 3.50 5.50 41.7-5.8 49.5-7.4-7.8 3-1.0-10.0 3.2 3.50 5.50 47.0 8.6 52.1-8.5-5.1 4 9.0 7.5-9.6 2.6 3.50 5.50 45.1-2.8 54.0 6.3-8.9 5 7.9 20.2-9.5 2.6 3.50 5.50 51.3 4.0 55.4-2.8-4.1 6 9.0-7.4 2.7 3.50 5.50 44.9 4.1 51.4-5.2-6.5 7 14.5 7.3-6.3 2.5 3.50 5.50 48.6 2.8 57.9 8.0-9.3 8 7.0 17.5-6.5 2.1 3.50 5.50 49.6 30.1 58.5 6.7-9.0 9 19.0-6.8 2.7 3.50 5.50 50.6 5.1 60.0 6.5-9.4 10 21.1 6.4-5.7 2.9 3.50 5.50 50.3 14.0 50.8-9.0-0.5 11 6.3 18.8-4.8 3.3 3.50 5.50 43.3 19.8 58.6 6.9-15.4 12 22.8-4.1 4.1 3.50 5.50 49.6 24.9 56.6 1.1-7.0 2014 1 4.4 7.5-1.0 4.2 3.50 5.50 43.8-3.0 62.3 24.4-18.5 2 5.6 5.9-0.8 4.1 3.50 5.50 46.6 11.6 50.2 1.4-3.6 3 0.4 0.1 3.9 3.50 5.50 52.8 12.3 57.3 9.9-4.5 4 11.1 7.0-0.3 4.1 3.50 5.50 45.7 1.3 55.9 3.5-10.2 5 6.4 13.1-1.2 4.5 3.50 5.50 54.8 6.9 52.9-4.6 1.9 6 12.6-2.5 4.4 3.50 5.50 54.5 21.3 50.4-1.9 4.1 7 8.1 6.7-1.7 4.9 3.75 5.75 54.6 12.4 57.4-0.8-2.8 8 7.4-2.2 4.9 3.75 5.75 9 4.4 4.00 6.00 * 1 NSCB 2 3 4 WTO

1816 55 8 10.5% NSO 2014 8 54.7 10.5% 7 12.4% 22.8 8 41.6% 10.4 8.2 2014 8 407.5 9.2% 7 2014 7 54.9 0.002% 2014 5 6 7 29.8% 5.3% 6 12.4 22.6% 20.4% 11.4 20.8% 29.8% 7 7.8 14.2% 5.7% 4.7 8.5% 4.8% 7 21.7 39.5% 13.0 23.7% 2014 7 369.5 4.8% 3 8 88.7 2014 8 4 8 88.7 7 89.7 4 SME AEC

56 1816 VAT 7% 10% 2015 4.5% 2015 1%~2% 7% 8 2.7% 2014 8 2.7% 8 7 2.6% 0.9% 60.3% 8 27.1% 8 14.1% 8 128 24.7% 51 20.3% 7467 25.7% 6.4 27.7% 8 8 4.1% 9 1.8% 2014 9 1.8% LPG NGV 70%~80% 2014 9 107.4 8 0.2% 1.8% 2.2% 3 2% 4 2.1% 2.1% 2014 2.2% 2.0%~2.8% LPG NGV

1816 57 LPG 1 0.00108% NGV 1 0.00144% 70%~80% LPG NGV 0.2% 9 0.1% 1.7% 2014 9 1.6% 8 7.4% 2014 8 7.4% 32 2014 1% 2014 8 189.4 7.4% 2 3.6% 7 0.9% 32 8 8 7,200 92.9% 2013 8 20.3 8 16.1% 8.7% 2014 8 1,505.4 1.4% 2014 0.5%~1% 2014 3.5% 2014 8 178 14.2% 14 2.9% 5 2014 8 1,502.6 12.7% 9 0.8% 2014 9 31 0.8% 4 8 2.4

58 1816 2-5-4 % * * (+) GDP (-) ( ) ( ) * * 2003 7.1 13.1 2.2 1.8 1.03 5.75 781.1 18.2 743.5 17.4 37.6 2004 6.3 11.6 2.1 2.8 1.79 5.75 949.4 21.5 934.8 25.7 14.6 2005 4.6 9.7 1.9 4.5 3.80 6.75 1,093.6 15.2 1,176.2 25.8-82.6 2006 5.1 5.9 1.5 4.6 4.85 7.75 1,297.2 18.6 1,287.7 9.5 9.5 2007 5.0 8.4 1.4 2.2 3.20 7.10 1,538.7 18.6 1,399.7 8.7 139.0 2008 2.5 4.7 1.4 5.5 2.71 7.00 1,777.8 15.5 1,792.2 28.0-14.5 2009-2.3-7.0 1.5-0.9 1.00 6.13 1,524.2-14.3 1,337.1-25.4 187.1 2010 7.8 14.2 1.1 3.3 1.80 6.38 1,933.1 26.8 1,829.2 36.8 103.8 2011 0.1-8.5 0.7 3.8 3.15 7.50 2,225.8 15.1 2,287.9 25.1-62.1 2012 6.5 2.2 0.7 3.0 2.69 7.38 2,292.4 3.0 2,499.9 9.3-207.5 2013 2.9-3.2 0.7 2.2 2.20 7.38 2,285.0-0.3 2,504.1 0.2-219.0 2012 11 81.3 0.4 2.7 2.69 7.38 195.5 26.9 211.3 25.2-15.8 12 22.7 0.5 3.6 2.69 7.38 181.0 13.5 207.8 6.3-26.8 2013 1 10.1 0.7 3.4 2.70 7.38 182.7 16.1 241.8 43.4-59.1 2 5.4-1.4 0.6 3.2 2.71 7.38 179.3-5.8 199.0 7.6-19.8 3 0.8 0.7 2.7 2.70 7.38 205.8 3.6 215.4-13.6-9.5 4-3.9 0.9 2.4 2.70 7.38 174.0 3.0 218.8 9.0-44.8 5 2.9-7.5 0.8 2.3 2.68 7.38 198.3-5.3 222.9-2.8-24.6 6-3.6 0.5 2.3 2.48 7.38 191.0-3.4 209.9 2.9-19.0 7-4.9 0.9 2.0 2.47 7.38 190.6-1.5 205.9-2.5-15.3 8 2.7-2.8 0.8 1.6 2.45 7.38 204.6 3.9 207.4-1.2-2.8 9-2.9 0.7 1.4 2.46 7.38 193.0-7.1 189.8-4.5 3.2 10-4.0 0.6 1.5 2.46 7.38 193.9-0.7 211.6-5.4-17.7 11 0.6-10.7 0.7 1.9 2.46 7.38 187.6-4.1 193.1-8.6-5.6 12-6.3 0.7 1.7 2.20 7.38 184.4 1.9 188.5-9.3-4.1 2014 1-5.6 0.9 1.9 2.20 7.38 179.1-2.0 204.3-15.5-25.2 2-0.5-4.5 0.9 2.0 2.19 7.38 183.6 2.4 166.0-16.6 17.7 3-10.5 0.9 2.1 2.05 7.25 199.4-3.1 184.8-14.2 14.6 4-4.1 0.9 2.4 1.95 7.38 172.5-0.9 187.0-14.5-14.5 5 0.4-4.0 0.9 2.6 1.93 7.38 194.0-2.1 202.1-9.3-8.1 6-6.3 1.1 2.4 1.96 7.38 198.4 3.9 180.5-14.0 17.9 7-5.3 1.0 2.2 1.95 7.38 189.0-0.9 200.0-2.9-11.0 8-2.7 0.7 2.1 1.96 7.38 189.4-7.4 178.0-14.2 11.5 9 0.8 1.8 1.96 7.38 * 1 2 3 4 WTO

1816 59 1,350 8 2,495 15 17 9 6 2 1 11 6 2 10 1.3% 1 8.9 1.4% 3.5 5 0.6% 1.7 4.9 0.9% 2,000 2 0.2% 2,000 4 8 5.0% 2014 8 558 171.5 5.0% 1.7% 138 70 39.2% 31.3% 21.8% 18.8% 8.2% 2014 1 8 4,352.8 7.3% 2014 8 103.3 1.7% 0.2% 2014 8 28.5 7.3% 0.7% 2014 1 8 228 7% 8 6.5% 2014 8 6.5% 8.4% 7.4% 3.6% 5% 18.6% 13% 11.8% 7 2014 8 3.4% 9.4% 2.6% 2.5% 8 6.5% 7 7.8% 2014 1 8

60 1816 4.6% 6.7% 5.1% 0.2% 8 3.3% 2014 8 3.3% 3.2% 8 3.3% 8 11.6% 5.5% 5.1% 3.3% 3.4% 2.5% 3.3% 1.8% 1.1% 0.9% 0.7% 0.2% 2014 1 8 110.0 3.3% 8 1.7% 2014 8 638.8 195.8 2013 1.7% 557.9 7.6% 38.6 44.9% 8 1.7% 63.2% 21% 14.9% 10.3% 7.5% 6.3% 5.7% 21.9% 21.3% 28.2% 21.4% 11.2% 3.8% 3.7% 29.3% 26% 3.7% 2014 8 2013 7 15 1.7% 1.4% 21.9% 8 215 33.7% 52.1 50.8 45.5

1816 61 * 1 2 3 WTO 2-5-5 % * * (+) GDP (-) ( ) * * 2003 9.2 6.00 1,047.1 11.3 833.0 4.4 214.1 2004 11.3 5.98 1,266.5 21.0 1,051.7 26.3 214.8 2005 3.6 6.20 1,416.3 11.8 1,143.2 8.7 273.1 2006 5.6 4.8 3.6 6.72 1,607.5 13.5 1,304.4 14.1 303.1 2007 6.3 2.3 2.0 6.72 1,759.7 9.5 1,461.7 12.1 298.0 2008 4.8 0.8 5.4 6.48 1,994.1 13.3 1,563.5 7.0 430.7 2009-1.5-7.6 3.6 0.6 5.51 1,572.4-21.1 1,237.6-20.8 334.9 2010 7.2 0.1 3.2 1.7 6.27 1,986.1 26.3 1,646.2 33.0 339.9 2011 5.2 2.4 3.1 3.2 6.53 2,280.9 14.8 1,874.7 13.9 406.1 2012 5.6 4.2 3.0 1.7 6.53 2,275.4-0.2 1,963.9 4.8 311.5 2013 4.7 3.4 3.1 2.1 2,283.3 0.3 2,059.0 4.8 224.3 2012 11 9.6 2.9 1.3 6.53 190.7 5.8 161.4 7.5 29.2 12 3.5 3.2 1.2 6.53 188.1-2.1 160.4-3.3 27.7 2013 1 3.4 3.3 1.3 6.53 187.8 6.1 176.8 18.9 11.0 2 4.2-4.4 3.0 1.5 6.53 169.5-10.0 142.9-6.7 26.6 3 0.9 3.3 1.6 6.53 193.2-5.1 177.3 5.2 15.9 4 6.3 3.0 1.7 6.53 183.1-3.1 179.6 9.5 3.5 5 4.5 5.8 3.3 1.8 6.53 184.5-2.9 175.4 0.5 9.1 6 3.7 2.8 1.8 6.53 179.9-6.3 166.5 2.2 13.4 7 10.8 3.0 2.0 6.53 190.0 3.7 181.4 5.4 8.7 8 5.0 3.7 3.1 1.9 6.53 191.4 7.2 170.0 8.4 21.4 9 2.2 3.1 2.6 6.53 194.7 0.1 168.0-2.6 26.7 10 2.1 3.3 2.8 6.53 211.4 5.6 184.2 9.0 27.2 11 5.1 1.4 3.4 2.9 6.53 195.0 2.3 164.1 1.6 30.9 12 5.2 3.0 3.2 6.53 202.9 7.8 172.8 7.7 30.1 2014 1 3.1 3.3 3.4 6.53 193.6 3.1 174.4-1.4 19.2 2 6.2 6.7 3.2 3.5 6.53 178.1 5.1 146.5 2.6 31.5 3 4.3 3.0 3.5 6.53 197.9 2.4 168.9-4.8 29.0 4 4.7 2.9 3.4 6.53 203.3 11.1 176.5-1.7 26.8 5 6.4 5.9 2.9 3.2 6.53 200.8 8.8 183.3 4.5 17.5 6 6.9 2.8 3.3 6.53 190.2 5.7 177.5 6.6 12.8 7 0.6 2.8 3.2 6.78 191.9 1.0 180.5-0.5 11.4 8 6.5 3.3 6.79 201.0 5.0 188.8 11.1 12.2 9 2.6

62 1816 38 28.8 27.0 21.5 20 16.2 93.1 71.3 68.8 53.1 36.3 32.2 8 172.3 65 53.4 104.7 74.6 47.9 46.2 32.6 2014 8 9,579.5 7.9% 5,051.3 9.5% 4,528.2 6.1% 523.1 52.4% 5 9 4.5% BPS 2014 9 4.5% 6.5% 5.6% 4.7% 4.6% 9 0.27% 4.5% BI Agus 3,000 0.25 8.5%~9% 8 10.6% BPS 2014 8 144.7 10.6% 147.9 13.7% 3.2 BPS 8 15% 8 18.5% 8 8 1,112 2014 8 1,112 7 1,105 6.3 3

1816 63 * 1 2 3 WTO 2-5-6 % * * (+) GDP (-) ( ) * * 2003 4.8 5.5 9.5 15.07 610.6 6.8 325.5 4.0 285.1 2004 5.0 3.3 9.9 13.41 715.8 17.2 465.2 42.9 250.6 2005 5.7 1.3 11.2 16.23 856.6 19.7 577.0 24.0 279.6 2006 5.5-1.6 10.3 15.07 1,035.3 20.9 806.6 39.8 228.7 2007 6.3 5.6 9.1 13.00 1,180.1 14.0 931.0 15.4 249.1 2008 6.0 3.0 8.4 9.8 15.22 1,396.1 18.3 1,276.0 37.1 120.0 2009 4.6 1.3 7.9-20.9 13.69 1,196.5-14.3 945.5-25.9 251.0 2010 6.2 4.4 7.1 5.1 12.83 1,577.8 31.9 1,356.6 43.5 221.2 2011 6.5 4.1 6.6 5.3 12.16 2,035.0 29.0 1,774.4 30.8 260.6 2012 6.3 4.1 6.1 4.0 11.49 1,900.3-6.6 1,916.9 8.0-16.6 2013 5.8 6.0 6.3 6.4 12.12 1,825.5-3.9 1,866.3-2.6-40.8 2012 11 12.6 3.8 11.61 163.2-5.3 169.4 10.0-6.2 12 10.9 3.7 11.49 153.9-9.9 155.8-5.4-1.9 2013 1 10.9 3.8 11.49 153.8-1.2 154.5 6.2-0.7 2 6.0 6.3 5.9 4.6 11.45 150.2-4.3 153.1 3.0-3.0 3 9.9 5.0 11.44 150.2-12.9 148.9-8.8 1.4 4 10.4 4.9 11.44 147.6-8.7 164.6-2.8-17.0 5 5.8 6.9 4.9 11.46 161.3-4.1 166.6-2.2-5.3 6 3.2 5.4 11.41 147.6-4.4 156.4-6.5-8.8 7 3.5 8.0 11.66 150.9-6.2 174.2 6.5-23.3 8 5.6 12.5 6.3 8.2 11.63 130.8-6.9 130.1-5.8 0.7 9 6.2 7.9 11.80 147.1-7.5 155.1 1.1-8.0 10-0.1 7.9 11.93 157.0 2.4 156.7-8.9 0.2 11 5.7 1.8 8.1 12.06 159.4-2.3 151.5-10.5 7.9 12 2.8 8.1 12.12 169.7 10.2 154.6-0.8 15.1 2014 1 3.0 8.2 12.23 144.7-5.9 149.2-3.5-4.4 2 5.2 3.8 5.7 7.7 12.33 146.3-2.5 137.9-9.9 8.4 3 3.7 7.3 12.37 151.9 1.1 145.2-2.4 6.7 4 2.7 7.3 12.38 142.9-3.2 162.5-1.3-19.6 5 5.1 3.8 7.3 12.63 148.2-8.1 147.7-11.3 0.5 6 6.8 6.7 12.63 154.1 4.4 157.0 0.4-2.9 7 2.6 4.5 12.70 141.2-6.4 140.8-19.1 0.4 8 4.7 4.0 12.54 144.8 10.6 147.9 13.7-3.2 9 4.5

64 1816 2014 9 19 10 17 1 2014 9 19 10 17 14.50 1,195.00 1,237.75 10 17 1,234.25 9 19 10 17 1 2014 9 19 10 17 1 108.96 106.72 105.98 109.70 1 0.6130 0.6217 0.6109 0.6277 1 0.7791 0.7840 0.7777 0.7989 8 18.0% 4.6% 9 84.6 10 4 28.7 2006 5 238.1 241.0 10 11 2.3 26.4 9 0.3% 8 9 1.6% 10 86.4 2007 7 9 6.3% 9 6.3% 9 1.5% 9 1.0% 2012 11 2015

1816 65 2015 10 13 2016 10 16 2% 9 22 10 6 9 104.7 GDP 2.0% 1.5% 8 5.8% 8 1.5% 9 1.3 291.8 9 22 9 24 2% 9 0.3% 5 2% 9 18 10 9 25

66 1816 9-0.1% - 0.4% 9 1.2% 9 9.6% 9 9 17 0~0.25% 250 10 22 1.00% 2014 1 850 750 Fed 1 30 3 19 5 1 6 18 7 30 0% 0.25% 100 Fed 9 17 10 100 50 150 100 Fed 150

1816 67 8:2 2015 1.375% 6 1.125% 2016 2.875% 2.50% 2017 3.75% Bank of Canada 10 22 1.00% 0.75% 1.25% 10 2014 GDP 0.1 2.3% 2.2% 2014 2.3% 2015 2.4% 2016 2.3% 2014 2.0% 2.2% 2015 0.4 1.6% 0.05% 0.5% 3.50% 2.50% 2.00% 7.50% 2.00% 0.1% 10 2 18 0.05% 0.30% -0.20% 6 9 10 0.5% 3,750 2015 RBNZ 9 11 3.50% 2014 CPI 1.3% 1.5% 2015 CPI 1.6% 3 GDP 3.2% 2016 3 2.6% RBA 10 7 2.50% 14

68 1816 9 17 1 2% 2015 4450 4,470 GDP 2% 10 8 7.50% 5.75% 11 7.5% 7% 10 15 2.00% /

1816 69 9 4 0~0.1% 60-70 10 10 9 7-8 2% 9 19 10 17 14.50 1,195.00 1,237.75 10 17 1,234.25 2014 9 19 1,219.75 9 30 1,220.00 10 7 10 17 1,234.25 14.50 9 18 9 17 9 23 10 8 EIA 10 7 Short-Term Energy Outlook EIA 2014 2015 160 90 OPEC OPEC 2014 2015 190 120 2014 2015

70 1816 9 100 120 6 9 80 2014 9 (1) 8 (2) (3) 8 1986 (4) OPEC OPEC (5) IEA (6) 2005 8 (7) 8 6.9% 8.8% 6 (8) Fed Fed (9) National Oil Corp NOC 80 El Sharara 70 (10) 260 5

1816 71 4-1 OPEC * % 2007 69.03 72.51 72.27 68.42 2008 93.27 96.99 99.67 93.61 2009 61.00 61.48 61.64 61.68 2010 77.38 79.53 79.41 78.14 2011 107.44 111.33 95.08 106.18 2012 109.50 111.67 94.19 109.09 2013 105.94 108.74 97.88 105.56 2013 09 108.73 111.89 106.22 108.37 10 106.69 109.20 100.43 106.69 11 104.97 108.02 93.79 106.07 12 107.67 110.83 97.81 107.79 2014 01 104.71 108.28 94.87 103.96 02 105.38 108.91 100.75 105.05 03 104.15 107.50 100.53 104.38 04 104.40 108.22 102.07 104.57 05 105.44 110.22 102.18 105.52 06 107.83 112.27 105.79 107.81 07 105.61 106.73 103.59 106.11 08 100.75 101.51 96.54 101.80 09 95.98 97.02 93.21 96.59 2014 9 % -4.73-4.42-3.45-5.12 2014 9 % -11.73-13.29-12.25-10.87 * 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, October 2014. 4-1 130.00 125.00 120.00 OPEC 115.00 110.00 105.00 100.00 95.00 90.00 85.00 80.00 75.00 70.00 65.00 09/2012 01/2013 05/2013 09/2013 01/2014 05/2014 09/2014 /

72 1816 4-2 / 2014 2013 2013 2013 2014 7 8 9 9 OECD 46.1 45.9 45.5 45.9 45.5 46.1 44.7 OECD 47.3 47.1 46.7 46.2 45.8 46.2 47.1 93.4 93.0 92.1 92.1 91.4 92.2 91.8 OPEC 30.2 30.4 30.6 29.9 30.6 30.3 29.5 OPEC6.5 6.5 6.6 6.3 6.1 6.3 6.3 OPEC 54.2 55.0 55.5 52.8 52.1 52.7 53.9 2.2 2.3 2.3 2.2 2.2 2.2 2.2 93.1 94.3 95.0 91.3 91.0 91.4 91.9-0.3 1.3 2.9-0.8-0.4-0.8 0.1 OECD 2,660 2,691 2,705 2,701 5,051 5,079 5,125 4,976 4-1 4-3 / 2014 7 8 9 a 1 OPEC 9,834 9,447 9,554 12,225 9,133 2,561 2,575 2,567 3,500 3,380 3,012 3,050 3,431 3,750 3,431 2,679 2,730 2,750 2,950 2,507 2,863 2,911 2,812 2,950 2,393 734 734 690 735 778 343 300 300 400 na 2,320 2,359 2,381 2,650 2,246 1,650 2,113 1,821 2,350 1,976 734 734 768 1,650 768 1,203 1,202 1,183 1,225 1,178 1,670 1,714 1,750 1,900 1,744 558 561 551 565 467 OPEC 30,160 30,430 30,559 36,850 30,000 OPEC 6,330 6,375 6,415 OPEC 36,650 36,970 37,144 2 OPEC 8,651 8,890 9,090 3,272 3,422 3,517 2,388 2,415 2,428 2,267 2,338 2,367 1,548 1,517 1,486 10,402 10,533 10,607 1,386 1,394 1,346 4,084 4,116 4,141 796 789 775 766 768 762 18,647 18,824 19,013 OPEC 54,207 55,006 55,532 90,856 91,976 92,676 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

1816 73 10 2014 10 (1) 9 OPEC (2) 11 (3) IMF (4) 8 2009 1 (5) EIA 2014 2015 (6) 8 (7) 9 (8) 9 10 (9) OPEC 80 (10) IEA 2015 IEA 2014 20 70 2015 30 110 (11) EIA 11 10.6 EI 2014 10 OMI 7.7 43 3 2014 3.3% IMF 89.9 OPEC 3,000 190 2015 1 2014 165 2015 200 2015

74 1816 50 2014 80 OPEC OPEC 11 27 OPEC OPEC 90 OPEC 9 8 40 9 670 2013 100 Yasref OPEC 38.1 10.7 OPEC 13 3,056 270 OPEC 6 47.3 9.9 4.4 2 OPEC OPEC OPEC OPEC 9 8 5,786 54.3 282 30.9 20 9.6 130 22.9 9 OPEC

1816 75 3.5 2.8 38.9 13.2 3.2 9 5.1 7.7 87 OECD 9 19.6 16.9 20.2 IMF 2014 2015 3.3% 3.8% OPEC 2014 58 2015 89.9 50 9 2014 9 RJ/CRB BCOM Reuters 278.55 118.69 2,367.78-4.85% -6.23% -5.27%

76 1816 5-1 RJ/CRB 1967=100 BCOM 1991=100 Reuters 9/18/1931=100 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 2012 295.01 139.07 2,974.81 2013 280.17 125.75 2,630.96 2013 09 285.54 127.11 2,617.03 10 277.86 125.23 2,627.27 11 274.97 124.22 2,646.69 12 280.17 125.75 2,630.96 2014 01 283.31 126.12 2,560.40 02 302.43 133.98 2,615.96 03 304.67 134.52 2,654.92 04 309.53 137.80 2,653.76 05 305.48 133.83 2,569.72 06 308.22 134.63 2,585.72 07 294.43 127.91 2,552.01 08 292.75 126.57 2,499.54 09 278.55 118.69 2,367.78 % -4.85-6.23-5.27 % -2.45-6.62-9.52 RJ/CRB=Reuters/JefferiesCRBIndex BCOM= Bloomberg Commodity Index Reuters= 9 (1) Barclays 2014 7 5 2013 2 3 (2) Lonmin Plc 5,700 21.0% 11 4 6 (3) (4) Natixis 2014 7 4.0% 4.5% (5)

1816 77 2014 20.0% 2016 (6) 10 1 2015 (7) Goldcorp Inc. 2014 2015 (8) AngloGold Ashanti Limited (9) Barclays Fed (10) -- Official Monetary and Financial Institutions Forum, OMFIF 30 (11) 2014 8 176.0% (12) 8 10.0% 2014 0.6% 4 (13) Mecklai Financial 4 4 2015

78 1816 (14) 5 58.0% 35.0% GDP 1.0% 5.0% (15) Macquarie 5 57.17-4.41% 1,238.82 1.31-6.62% 85.50-5.91% 34.0 3.88% (1) Alcoa Inc. 15 360 2007 (2) 45.0% (3) 2014 1 7 28.0% Goldman Sachs Macquarie Bank 2014 (4) Newmont Mining (5) (6) AETI Jabin Sufianto 8 22,500 (7) Fed Fed (8)

1816 79 Escondida 24 (9) (10) 56.0% 20.0% LME LME 6 16.0% 11 1979 (11) ICDX Fenny Widjaja ICDX (12) ITRI 10 2013 8 (13) 2014 1 2015 (14) 4 L/C 1.51% 2,294.0 1.82% 6,872.2 1.86% 1,992.5 2.67% 18,079.3 5.11% 2,122.3 5.25% 21,124.5 1.72% 2.67% 0.94% 8.12% ICCO 2013/14 4 7.5 2014/15 2014/15

80 1816 245 23 14.77% 8.42% 6.69% 2014 2010 2014/15 7.02 7.13 1. 5.55 6.25 USDA 2014 10 2014/15 4,400 6.54 7.04 6.98 9 30 500 3,200 900 2,500 9 6 8 2,500 2014/15 5 5.55 6.25 2014/15 30 120 300 50 100 80 50 30 2014/15 410 7.141

1816 81 5-2 * 2012/13 196.16 658.32 144.22 137.31 679.52 137.36 174.96 20.21 61.67 3.34 10.44 38.14 27.54 19.54 175.95 596.64 140.87 126.87 641.38 109.82 155.42 27.23 193.21 5.91 59.10 141.79 63.85 20.71 0.73 9.30 0.00 0.30 6.20 3.55 0.29 7.05 22.86 0.14 3.40 6.74 18.66 4.65 5.93 27.21 0.48 4.40 9.60 18.97 5.05 13.52 133.85 5.28 51.00 119.25 22.68 10.72 87.64 187.29 79.47 35.19 264.58 6.47 83.34 1.75 4.38 7.36 0.20 10.90 1.58 1.00 55.95 121.02 2.96 25.00 125.00 0.97 53.96 5.14 17.18 20.86 2.75 34.33 0.69 8.16 14.09 17.32 22.06 2.38 41.42 0.61 11.44 4.02 23.30 0.05 0.60 23.90 0.85 2.62 4.65 0.00 15.76 2.84 15.51 0.77 4.14 19.95 94.88 0.02 3.40 83.82 6.82 24.20 26.01 77.80 7.23 21.53 71.73 25.38 13.94 10.90 37.72 1.17 11.90 33.55 11.29 4.95 6.18 9.84 0.01 2.00 6.80 6.29 2.94 5.36 15.76 0.05 3.10 11.40 7.19 2.58 2013/14 174.96 715.13 156.46 130.22 704.52 166.18 185.58 19.54 58.11 4.59 6.19 34.17 32.01 16.05 155.42 657.03 151.87 124.03 670.34 134.17 169.53 20.71 218.15 4.58 56.46 138.71 76.37 28.36 0.29 10.50 0.01 0.10 6.05 2.20 2.54 4.65 27.01 0.15 3.60 6.95 19.00 5.87 5.05 37.50 0.44 4.76 9.96 23.24 9.80 10.72 143.13 3.98 48.00 115.75 31.93 10.16 83.34 194.45 87.21 32.39 265.87 5.28 93.86 1.00 5.30 7.00 0.60 11.40 0.10 1.80 53.96 121.93 6.77 21.00 121.50 0.89 60.27 8.16 18.92 20.69 3.71 37.01 0.58 10.18 11.44 20.12 25.24 2.88 42.82 0.50 13.48 2.62 24.00 0.39 0.60 24.10 0.75 2.16 4.14 0.00 16.36 2.46 15.69 0.88 3.94 24.20 93.51 0.03 4.80 94.01 5.90 17.83 13.94 103.87 7.39 22.85 72.98 37.10 15.12 4.95 52.09 0.80 12.50 34.00 18.53 5.31 2.94 13.94 0.01 2.00 6.80 8.10 1.99 2.58 22.28 0.07 3.40 11.50 9.76 3.67 * USDA,WorldAgriculturalSupplyandDemandEstimates, Oct.10, 2014.