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ISSN 1019-2441

1839
501

(02)2316-5847

http://www.ndc.gov.tw

104101
http://www.ndc.gov.tw

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2 1839

Abstract

ADB

OECD

ADB

20152016

OECD2015 OECD

Emerging East Asias bond markets came under pressure in the past quarter amidst

concerns over softer growth, depreciating currencies, and US interest rates, the Asian
Development Banks (ADBs) latest Asia Bond Monitor said.

Economic recovery is progressing in the worlds advanced economies, but stagnating

world trade and deteriorating conditions in financial markets are curbing growth prospects in
many of the major emerging economies, according to the OECDs Interim Economic Outlook.

Softer growth prospects for the Peoples Republic of China (PRC) and India, and a slow

recovery in the major industrial economies will combine to push growth in developing Asia

for 2015 and 2016 below previous projections, says a new Asian Development Bank (ADB)
report.

OECD countries are facing an unprecedented refugee crisis and the situation requires a

comprehensive and co-ordinated international response to address the immediate needs of

asylum seekers, according to two new OECD documents, the 2015 International Migration
Outlook and a Policy Brief on the Refugee Crisis.
1839 3

5

13

1. 101 11

WB

5. 119
ADB

80
OECD

ADB
80


2. 105

6. 125
/GDP


25


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85.7

OECD
7. 129

4. 115
4 1839



?Korea Black Friday?

85%
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155
156
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LG 2016

1839 5


1.
2.

3.

/
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3G
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O2O
6 1839






WTO








Kitchen

of the World
master plan

Kitchen of

the World


master plan

1





Thai Select
Thai Premium
Blue Elephant


Center for Thailand Kitchen of the World, CTKW




National Food Institute, NFI




Global challenges, Dutch solutions



WTO
1839 7

1
master plan




National Food Institute, $$

NFI
$$



/ CTKW
Thai Select
Thai Premium
CTKW
/

Blue
Thai Select Elephant /






IEK 2008/12

fashion industry micro



cluster


WTO






2,700
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8 1839


1.


2.
Fashion export outpost


3.
CFDK
Council of Fashion Designer of Korea

WTO
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Global

challenges, Dutch solutions

/


Michael Jackson
1839 9

Super Junior
After School

29

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GDP

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10 1839

1 GDP


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1839 11

master plan

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GDP













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Global challenges, Taiwanese



solutions



Promoter
12 1839




Owner



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e-healthcare

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Master plan




Master
Master plan
plan

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1839 13


2015 Global Insight Inc.2015
2016 2.5% 2015
3.1% 2.1%




20152.5%2008
2.2%
19902007283.1%
2016
4
20163.1%





2.0%
721.556
23.5
20152.2%

0.4%0.3%
1.2%1.0%

20151.5%


1.6%4.5%

2015
0.6%
76.0%66.8%
14 1839

612.8%11.6%
62.8%78.3%

6.0%
20156.5%

201520167.5%8.0%

7
16%
2015
3.7%
1.9%
2015
2.0%
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2015
0.50% 2016 1 2017
3.25%
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2016




2013
20%



849
676257


2015492016
60201773

2015 2.3%0.6%
2016 2.2%
1839 15

2.8%

2015
2.2%20162.8%



1220150.50%
20161.50%20173.25%

201520161.8%
20169.7%2014
2016202514.1%2015
10.911
122.29
2015
2016
1.5%1.7% 2015
0.3%2014
0.4%2013
0.4%
1.0%2007
0.7%
0.2%0.8%
Markit8
50
54.28
201162015
1.5%20161.7%
ECB20149
0.05%0.20%
0.30%20153
2016 9 600

2.0%
2017

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93

16 1839

11.13

11.071.14
2015 4.5%
2016 1.6%
0.6%1.3%




2015
0.6%20161.3%
2014
20151020174


2020
201212
2012
1217920135100

201561125

20151122.29

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2018

( ) 2015 20154.6%2.5%
2016 2014
5.5%5.6% 2014
2015
20156.5%




20155.5%2016
5.6%
1839 17



10

20156.5% 20166.3%

2015137.5%




2015
7.7%
2015
2015
2016 0.1%
1.0%










2015 0.1%
20161.0%





2015 2.0% 2.5%
2016 0.4% 2017 1.5% 2.0%

2015
2.2%20162.5%2016
201720%
18 1839


2015 2016
2.8%3.5%

GCC


55
20152.8%
20163.5%
OPEC


2015
2.7%


2015
3.2%




2015 2015
2016 3.7%
4.3%
20153.8%
IMF
2015
3.7%20164.3%



20154.0%2005
12014
1.5%20151.9%



3.2%
1839 19

1
%


2014
2015
2016
2017
GDP

2.8
2.8 2.7
2.5 3.3
3.1 3.5
3.4
2.4
2.4 2.3
2.1 2.9
2.7 2.9
2.8
2.4
2.4 2.3
2.2 2.9
2.8 2.8
2.8
2.5
2.4 1.9
1.0 2.2
2.1 2.5
2.6
2.1
2.1 2.6
2.2 3.6
2.5 4.0
2.8
1.3
1.3 1.6
1.7 2.0
1.8 1.9
1.9
2.8
3.0 2.4
2.6 2.8
2.6 2.5
2.5
0.9
0.9 1.5
1.5 1.9
1.7 1.8
1.8
1.6
1.6 1.8
1.7 2.2
2.1 2.0
2.0
0.4
0.2 1.2
1.1 1.5
1.3 1.5
1.5
-0.4
-0.4 0.6
0.6 0.9
0.9 0.8
0.9
1.4
1.4 2.7
3.1 2.6
2.7 2.4
2.3

2.7
2.7 2.8
2.9 3.4
3.2 3.9
3.7
4.8
4.7 4.7
4.6 5.0
4.9 5.0
5.0

6.0
6.0 5.6
5.5 5.7
5.6 5.9
5.8


-0.1
-0.1 0.8
0.6 1.5
1.3 0.7
0.7
7.4
7.4 6.5
6.5 6.3
6.3 6.5
6.5
7.4
7.4 7.8
7.7 8.1
8.1 8.0
8.0
3.3
2.9 2.6
2.2 3.4
3.3 3.5
3.5
1.1
1.1 0.5
0.1 2.0
1.0 2.9
2.3
0.1
0.1 -1.4
-2.0 0.7
-0.4 1.9
2.1
2.6
2.3 2.9
2.8 3.6
3.5 4.0
4.1
3.1
2.9 2.8
2.6 3.4
3.6 3.9
4.1
1.0
0.6 3.1
3.1 4.1
3.2 4.1
4.4

4.5
4.5 3.8
3.7 4.9
4.3 5.3
4.8

2.9
2.8 2.3
1.6 3.7
2.8 3.7
3.4
4.2
3.7 1.7
1.3 3.8
1.6 3.5
3.3
0.7
0.7 1.8
1.4 2.1
1.9 1.9
1.9
0.5
0.5 2.1
1.6 2.2
2.0 1.8
1.8

5.0
5.1 4.6
3.5 5.7
5.1 5.4
4.9
2.1
2.1 1.5
-0.1 4.4
3.8 0.3
0.5

1.6
1.6 0.0
0.1 1.8
1.6 2.5
2.4
0.5
0.5 0.2
0.1 1.3
1.2 1.6
1.6
1.5
1.5 0.3
0.1 1.6
1.3 2.0
2.0
2.7
2.7 1.0
0.8 1.4
1.0 2.5
2.2



0.82 0.82 0.93 0.93 0.88 0.88 0.80
0.80
0.64 0.64 0.67 0.66 0.64 0.65 0.63
0.61
120.64
120.64 126.68
126.02 126.88
127.48 129.50
128.26
6.21 6.21 6.57 6.34 6.72 6.46 6.43
6.75

0.9
1.1 -10.9 -9.2 7.1
4.8 9.7
9.9

0.9
1.0 - 11.1 -9.8 7.2
4.1 10.1
10.2

2015



Global Insight Inc., Global Executive Summary, Third-quarter, 2015.


20 1839


GDP

2.7%
9121.126.4

3,25027.3
817.3
5.1%
GDP
2.7% 20152.7%
3.1%
5.8%
0.7% 1.5%
4.8%
3.7%
3.1%
2.15.2%0.9
2.6%
0.55.2%
2.8%0.2
8 80.9%
0.9% 81.4%
3.2%3.2%
8
2.6% 5.6%
1.7% +7.4%
+5.3% +4.8%
+3.3%+2.9%
+1.3% +1.9%
+2.8%+2.1%-6.5%
+1.1%+1.6%
+2.1% +0.4%
-2.4% +1.5%
+0.8% +0.9%
+0.5%+1.7%
1839 21

2-1
%
*

* *


(+)


GDP (-)

*
*

()
()


2004 3.8 2.4 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 3.3 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 1.8 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 5.6 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 3.0 8.9 6.0 3.1 0.75 3.25 14,825.1 16.0 22,658.9 15.1 -7,833.9

2012 2.2 2.8 8.1 1.9 2.1 0.75 3.25 15,457.0 4.3 23,355.4 3.1 -7,898.3

2013 1.5 1.9 7.4 1.2 1.5 0.75 3.25 15,795.9 2.2 23,290.6 -0.3 -7,494.7

2014 2.4 3.7 6.2 1.9 1.6 0.75 3.25 16,205.3 2.6 24,125.5 3.6 -7,920.2

2013

10 2.5 7.2 0.3 0.9 0.75 3.25 1,421.8 6.4 2,104.1 3.2 -682.3

11 2.5 2.3 7.0 0.8 1.2 0.75 3.25 1,362.5 4.7 1,936.5 -2.9 -574.0

12 2.3 6.7 1.5 1.5 0.75 3.25 1,319.6 0.9 1,874.6 3.1 -555.1

2014

1 2.1 6.6 1.7 1.6 0.75 3.25 1,265.2 2.8 1,909.7 0.3 -644.5

2 1.7 2.4 6.7 1.2 1.1 0.75 3.25 1,235.9 0.0 1,750.8 0.0 -514.8

3 3.1 6.6 2.0 1.5 0.75 3.25 1,421.8 4.0 1,994.7 6.9 -572.9

4 3.3 6.2 3.1 2.0 0.75 3.25 1,338.7 3.4 2,060.4 5.2 -721.7

5 2.6 3.7 6.3 2.5 2.1 0.75 3.25 1,381.2 3.8 2,056.1 1.8 -674.9

6 4.0 6.1 2.8 2.0 0.75 3.25 1,383.6 2.6 2,030.4 6.9 -646.8

7 4.8 6.2 2.7 2.0 0.75 3.25 1,332.0 4.6 2,099.0 3.6 -767.0

8 2.9 4.0 6.1 2.3 1.7 0.75 3.25 1,374.2 3.6 2,020.0 1.9 -645.8

9 3.9 5.9 2.2 1.6 0.75 3.25 1,333.6 3.8 2,083.8 5.8 -750.2

10 4.1 5.7 1.7 1.6 0.75 3.25 1,454.4 2.3 2,164.4 2.9 -710.0

11 2.5 4.7 5.8 1.1 1.3 0.75 3.25 1,347.3 -1.1 1,949.8 0.7 -602.5

12 4.6 5.6 -0.8 0.7 0.75 3.25 1,337.5 1.4 2,006.4 7.0 -669.0

2015

1 4.5 5.7 -3.2 -0.2 0.75 3.25 1,214.0 -4.0 1,855.7 -2.8 -641.7

2 2.9 3.5 5.5 -3.3 -0.1 0.75 3.25 1,183.5 -4.2 1,673.2 -4.4 -489.7

3 2.5 5.5 -3.4 0.0 0.75 3.25 1,337.8 -5.9 2,031.6 1.8 -693.7

4 2.1 5.4 -4.3 -0.1 0.75 3.25 1,285.1 -4.0 1,946.4 -5.5 -661.3

5 2.7 1.3 5.5 -2.9 0.0 0.75 3.25 1,282.6 -7.1 1,907.8 -7.2 -625.2

6 0.8 5.3 -2.5 0.2 0.75 3.25 1,309.9 -5.3 2,015.5 -0.7 -705.6

7 1.3 5.3 -2.5 0.2 0.75 3.25 1,241.7 -6.8 1,984.2 -5.5 -742.5

8 0.9 5.1 -2.9 0.2 0.75 3.25
*

1

2

3


4

5
WTO

22 1839

+1.4%
75.8%2.7
+1.3%75.8%1.1
NAIC
-6.2%3.2%
84.0%3.5
3.2% 79.2% 6.7

8
76.1%4.6
76.1%0.9
85.1% 81.57
4.126.19,403.1
62.6%
1.4919.6
59.4%802.923.7
5.1%
8
4.7%4.7%
16.9% 4.4% 9.5%
6.6%3.5%8
27218.70.7
27.2%2.7
2,624.3
181.2
62.44
12


817.3

8/
+16.4+0.8
+1.1+0.7+0.2
-0.7+1.9
+3.3+6.2
+3.3 -0.4
-2.4-1.0+0.3
-1.7
1839 23

8 34.6 0.1
40.8
/+825.09
/2.2%
8 8CPI-
CPI-U0.1% U0.1%12
0.2%
8CPI-U0.1%
0.2%2.0%
4.1%
0.5%4.1%
8.1%
0.3%1.2%
+0.2% -2.0%
-4.1% -4.1%-8.1%
+0.5%+0.3%+1.2%
+0.0%-0.4%
+0.3% +0.3%
+0.1%+0.2%-0.3%
+0.0%
CPI-U
+0.2%+1.6%-15.0%
-23.6% -23.3%
-34.6%-3.0%-0.6%
-11.5%CPI-U+1.8%
CPI-U -0.5%
+0.6%-1.5%-0.9%
+3.4%+2.6%
+3.1%+2.1%+2.2%
1
CPI-W0.3%233.3661982~84=100
0.2%
7 418.6 71,885.0
4.3%2,303.6
3.3%418.6
33.571,281.7
7.4%1,896.14.5%
614.4 603.3
3.1%407.52.6%
195.8
24 1839

7/
-9.6-57.6
-18.5-14.8
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-2.0
-133.9-0.1
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74.0
7
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7





GDP 982015GDP
-0.3% 0.3%-1.2%
-0.4%-1.6%
-0.8%-0.7%
-0.1%-0.9%
1839 25

GDP 0.0% 0.1%


GDP0.4%0.3%
7 7103.62010=100
97.50.8%


7
100.40.8%
96.20.4%


7115.9
2.7% 113.7
0.8%


8
2.8%

981.7%



7 7103.72010=100
0.1%0.2%
103.4


101.20.1%0.6%


7.3%1.6%
1.4%1.4%
1.3%1.2%
0.8%4.7%
2.3%0.1%
73.3% 73.3%60.1
3.5%0.1
3.2%0.17222
2662
26 1839

13213
9012
90
4
399
76,38124
83,336
291,956
171,038
201,028
8777
29
757.6%0.3
74,4668
2
7 7228471
0.2% 0.2%2
5.3%
3.9%
5.6%
3.7%3.1%
1.9% 1.8%
1.2%1.1%
7587,156
5.4%4
3.8%23.5%
15.0%7
5.4%
83.1% 858,815
3.1% 12
11.1%45.0%
3.9%8.2%
20.9%864,511
3.1%8
32.9%30.2%
33.5%53.6%8
5,697
40.2%58
61.1%8124.161
21.5%
1839 27

2-2
%
*

*
*


(+)


GDP (-)

*
*

()
()


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 1.7 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 1.6 -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

2014 -0.1 2.1 3.6 3.2 2.7 0.30 1.48 6,902.0 -3.4 8,122.1 -2.4 -1,220.1

2013

10 5.4 4.0 2.5 1.1 0.30 1.48 623.9 -4.3 736.4 1.9 -112.5

11 2.3 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 10.7 3.7 2.5 1.4 0.30 1.48 505.3 -6.1 774.2 7.3 -268.9

2 2.4 7.0 3.6 1.8 1.5 0.30 1.48 567.7 0.1 646.6 -0.5 -78.9

3 7.4 3.6 1.7 1.6 0.30 1.48 624.1 -5.6 765.9 9.6 -141.8

4 3.7 3.6 4.2 3.4 0.30 1.48 591.6 0.1 672.0 -1.3 -80.5

5 -0.4 1.0 3.6 4.4 3.7 0.30 1.48 550.7 -3.4 640.9 -4.1 -90.1

6 3.2 3.7 4.5 3.6 0.30 1.48 582.1 -6.5 663.8 3.6 -81.7

7 -0.5 3.7 4.4 3.4 0.30 1.48 602.4 0.9 696.5 -0.6 -94.0

8 -1.4 -3.0 3.5 4.0 3.4 0.30 1.48 554.1 -6.2 646.7 -6.3 -92.6

9 1.0 3.6 3.6 3.3 0.30 1.48 595.1 -1.1 684.8 -1.7 -89.7

10 -0.5 3.5 2.9 2.9 0.30 1.48 618.8 -0.8 687.5 -6.6 -68.6

11 -1.0 -3.7 3.5 2.6 2.4 0.30 1.48 532.4 -9.9 609.8 -15.5 -77.3

12 -0.1 3.4 1.8 2.4 0.30 1.48 577.6 -2.2 633.4 -11.7 -55.8

2015

1 -2.6 3.6 0.3 2.4 0.30 1.48 519.3 2.8 618.5 -20.1 -99.2

2 -0.8 -2.0 3.5 0.4 2.2 0.30 1.48 501.1 -11.7 537.3 -16.9 -36.1

3 -1.7 3.4 0.7 2.3 0.30 1.48 575.4 -7.8 556.9 -27.3 18.5

4 0.1 3.3 -2.1 0.6 0.30 1.48 547.9 -7.4 552.9 -17.7 -5.0

5 0.8 -3.9 3.3 -2.2 0.5 0.30 1.48 475.6 -13.6 493.9 -22.9 -18.3

6 2.3 3.4 -2.4 0.4 0.30 1.48 525.7 -9.7 531.7 -19.9 -6.0

7 0.0 3.3 -3.1 0.3 0.30 1.48 540.7 -10.3 562.5 -19.2 -21.8

8 0.2 -3.6 0.2 0.30 1.48 478.2 -13.7 524.5 -18.9 -46.3
*

1

2

3

4


5

6
WTO
28 1839

811,358
11.1%12
21.4%130.9%
18.0%
7.2%86,722
5.4% 7
41.5%80.9%60.5%
18.0%8
4,636
20.3%12
8EU5,950
0.2%9
12.0%11.2%
3.0%
36.6%87,685
21.8%5
124.6%9.3%
15.8%81,735
398.8%

832,333
1.1% 6
18.5%4.4%
31.3%30.6%
9.7%10.6%
834687.4%
348.2%
12.1%
18.3%37.9%
42.2%81,865
48.3%6

81641
4.6%6
21.2%12.6%
71.1%815,495
14.6%5
85.1%
16.0%6.7%8
4,855105.5%
1839 29

42


1.
GDP
20151928
1.5%1.9%7
1.9%1.8%728
20.4%463.467.7
66.7%21.9%
81928
0.1%0.0%71928
314 129

19 GDP
28 20151928
1.5%1.9% 1.5%1.9%

1.9%1.1
1.3%0.3
1.9%0.4
5.2%
0.2
2.2%
1.31.4%
0.32.6%
0.5
5.4%5.1%0.2

719 7
28 1.9%1.8%
1.9% 0.5%2.2%
1.8% 0.3%5.1%2.6%
1.7%
0.8%
1.8%4.8%
3.0%1.3%

+17.9% +11.9%
30 1839

+8.3%+7.7%+7.2%
-5.9%
-4.4% -1.5% -1.4%
-1.4%
719 7192810.9%9.5%7
28 282,306.7623.2
10.9%9.5% 0.276.0%1,753.2
621.3
2820.4%
463.467.7
66.7% 21.9% 309.3
66.8
9.5%
10.7%9.6%11.2%
719 7
28 0.1%0.0%
0.1%0.0% +0.9%+1.0%
+2.4% +0.2%
-0.8%
+0.5% +0.6% -2.6%
-0.4%+0.6%+0.6%
+1.9%+0.9%
28
+0.9%-0.2%
+2.3%+0.2%
-0.5%+0.4%
+0.8%-2.9%-0.2%
+0.4% +3.0%
+1.9%+0.9%
719 2015719314
28314 7.0%
129 1.0%1,8521,538

2820157129
20147.0%
1,6217.0%
1.0%1,492
1
2015
1839 31

1.6% 1.6%
1.8%1.0
1.9%1.0
3.2%0.6
6.6%5.6%
0.9
7 7
0.5% 0.5%
2.9%0.3%
13.3%
-0.8%-6.1%
+8.1%-0.9%-8.2%
-2.1%-5.1%
-0.2%-0.2%
+7.6%
-0.8% -2.2%
+1.2% -2.3%
+0.1%-1.1%
-0.6% -1.4%
-0.3%+1.8%
-0.3%+5.7%
+0.3%+2.1%
74.7% 20157197
0.5%4.7%25
7.0% 5.1%
4.3% 3,987
0.1%0.2%6

8 20158
0.2% 0.2%
+0.6%+3.6%
+1.4%-0.6%
+0.8% +1.7%
-1.7%-1.2%+0.8%
-1.1% +2.7%
+0.8%
7 20157
2,080.0
13.8% 13.8%7
1,179.213.8%
32 1839

2-3-1
%

* *



(+)


GDP (-)

*
*

()
()


2004 1.2 4.3 10.3 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 11.0 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 10.0 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 8.6 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 7.4 5.4 2.6 2.50 2.99 14,492.7 9.6 11,857.6 12.3 2,635.1

2009 -5.6 -16.4 7.7 -6.9 0.3 1.00 0.48 11,206.1 -22.7 9,258.0 -21.9 1,948.1

2010 4.1 11.2 6.9 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 5.9 5.8 2.1 1.00 1.14 14,740.4 17.1 12,550.0 19.0 2,190.3

2012 0.4 -0.8 5.4 2.1 2.0 0.75 0.11 14,056.6 -4.6 11,639.4 -7.3 2,417.1

2013 0.3 -0.1 5.2 -0.6 1.5 0.25 0.21 14,517.0 3.3 11,914.5 2.4 2,602.5

2014 1.6 1.4 5.0 -1.2 0.9 0.05 0.02 13,341.4 -8.1 10,917.4 -8.4 2,424.0

2013

10 1.5 5.2 -1.8 1.2 0.50 0.13 1,351.2 5.9 1,106.5 3.5 244.7

11 1.3 0.8 5.1 -1.6 1.3 0.25 0.13 1,275.0 6.2 1,033.4 4.9 241.7

12 5.5 5.1 -1.3 1.4 0.25 0.21 1,123.6 9.1 934.8 7.0 188.8

2014

1 2.5 5.1 -1.7 1.3 0.25 0.22 1,232.0 4.8 1,028.5 3.2 203.5

2 2.3 4.6 5.1 -1.8 1.2 0.25 0.22 1,259.0 6.8 1,034.5 7.8 224.5

3 3.8 5.0 -1.7 1.0 0.25 0.23 1,323.2 8.2 1,088.4 10.8 234.7

4 -1.8 5.0 -1.3 1.3 0.25 0.25 1,291.3 5.6 1,050.1 6.1 241.2

5 1.4 3.9 5.0 -0.9 0.9 0.25 0.26 1,259.6 10.1 1,016.2 4.9 243.4

6 -2.2 5.0 -0.8 1.0 0.15 0.15 1,267.9 4.3 1,045.2 5.3 222.7

7 3.5 5.0 -0.7 0.8 0.15 0.10 1,367.4 12.4 1,045.8 4.1 321.7

8 1.2 -5.2 5.0 -0.6 0.8 0.15 0.09 1,118.7 -1.0 930.5 -2.4 188.1

9 3.9 5.0 -0.9 0.8 0.05 0.02 1,321.7 4.8 1,034.4 4.3 287.3

10 1.4 5.0 -0.7 0.8 0.05 0.01 1,319.5 -2.3 1,035.9 -6.4 283.6

11 1.5 -1.2 4.9 -1.1 0.6 0.05 0.01 1,198.8 -6.0 972.1 -5.9 226.7

12 3.3 4.8 -2.3 0.2 0.05 0.02 1,112.1 -1.0 876.6 -6.2 235.5

2015

1 -2.4 4.8 -2.6 -0.3 0.05 0.01 1,047.3 -15.0 859.0 -16.5 188.3

2 1.1 -0.3 4.8 -2.1 0.1 0.05 0.00 1,087.0 -13.7 863.8 -16.5 223.3

3 4.9 4.8 -1.1 0.3 0.05 -0.01 1,166.9 -11.8 914.7 -16.0 252.2

4 1.4 4.7 -0.9 0.5 0.05 -0.03 1,085.2 -16.0 846.1 -19.4 239.1

5 1.6 -3.9 4.7 -0.4 0.7 0.05 -0.05 1,070.8 -15.0 849.3 -16.4 221.4

6 8.3 4.7 -0.5 0.3 0.05 -0.06 1,188.3 -6.3 914.1 -12.5 274.2

7 0.5 4.6 -0.5 0.2 0.05 -0.07 1,179.2 -13.8 900.8 -13.9 278.4

8 4.5 -1.1 0.2 0.05 -0.09
*

1
1999
1
Main

refinancing operations Minimum bid rate
2
1999
1
Prime

rate

1
2

3

4 WTO
1839 33

908.813.9%
278.4
2
2.6% ONS

20150.7%
0.4%2.6%
BCC2015

BCC20152.6%BCC 6
2.3%20162017
2.6%2.7%

BCCJohn Longworth2015



BCC2015
2.5% 2017
4.3%
7 ONS20157
0.8% 0.8%1.4%
0.4%0.1%


70.8%
0.2%0.5%
0.5%



7 ONS7
4.2% 284.2%4.3%
0.2%0.4%7

7

2015

34 1839

2-3-2
%

* *



(+)


GDP (-)

*
*
)

( )

(

2004 2.5 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 2.8 -0.7 4.8 1.9 2.0 4.50 5.00 3,845.1 9.9 5,091.8 10.4 -1,246.7

2006 3.0 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 2.6 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 -0.3 -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 -4.3 -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 5,894.5 13.5 -1,738.5

2011 2.0 -0.8 8.1 4.7 4.5 0.50 1.00 5,056.5 21.7 6,766.5 14.8 -1,710.1

2012 1.2 -2.7 7.9 2.1 2.8 0.50 1.00 4,729.4 -6.5 6,244.6 -7.7 -1,515.2

2013 2.2 -0.6 7.6 1.3 2.6 0.50 1.00 5,404.0 14.3 6,558.9 5.0 -1,154.9

2014 2.9 1.7 6.2 0.0 1.5 0.50 1.00 5,046.3 -6.6 6,898.4 5.2 -1,852.0

2013

10 2.7 7.1 0.8 2.2 0.50 1.00 454.9 11.7 606.5 -6.4 -151.6

11 2.8 1.8 7.2 0.8 2.1 0.50 1.00 425.1 5.9 599.2 3.4 -174.1

12 1.2 7.1 1.0 2.0 0.50 1.00 429.0 13.9 519.4 -3.1 -90.4

2014

1 1.8 6.9 0.9 1.8 0.50 1.00 437.9 3.8 572.5 5.6 -134.6

2 2.8 2.8 6.7 0.6 1.8 0.50 1.00 432.3 6.7 538.2 4.2 -106.0

3 2.5 6.6 0.4 1.7 0.50 1.00 449.6 -4.0 582.9 6.2 -133.3

4 3.0 6.4 0.6 1.7 0.50 1.00 403.3 -11.2 570.9 8.5 -167.6

5 3.1 1.9 6.3 0.5 1.5 0.50 1.00 429.8 -22.7 576.5 10.5 -146.8

6 0.8 6.2 0.3 1.9 0.50 1.00 416.6 -11.6 581.8 7.2 -165.2

7 1.4 6.0 -0.1 1.6 0.50 1.00 426.3 -9.0 651.1 19.3 -224.8

8 2.9 1.4 5.9 -0.3 1.5 0.50 1.00 351.1 -15.6 536.4 4.8 -185.3

9 0.9 5.9 -0.5 1.3 0.50 1.00 426.0 -1.9 596.5 3.2 -170.4

10 1.2 5.8 -0.7 1.3 0.50 1.00 436.2 -4.1 602.2 -0.7 -166.0

11 3.0 1.6 5.6 -0.6 0.9 0.50 1.00 446.8 5.1 543.0 -9.4 -96.2

12 1.1 5.5 -1.1 0.5 0.50 1.00 390.5 -9.0 546.4 5.2 -155.9

2015

1 1.5 5.5 -1.8 0.3 0.50 1.00 345.9 -21.0 509.4 -11.0 -163.4

2 2.7 0.4 5.5 -1.7 0.0 0.50 1.00 345.9 -20.0 525.8 -2.3 -179.9

3 1.1 5.5 -1.7 -0.1 0.50 1.00 417.4 -7.1 543.8 -6.7 -126.3

4 1.0 5.6 -1.7 -0.1 0.50 1.00 385.0 -4.5 496.9 -13.0 -111.9

5 2.4 1.9 5.6 -1.6 0.2 0.50 1.00 395.9 -7.9 505.0 -12.4 -109.1

6 1.5 5.5 -1.6 -0.1 0.50 1.00 397.7 -4.5 544.6 -6.4 -146.8

7 0.8 -1.6 0.2 0.50 1.00 380.0 -10.9 545.2 -16.3 -165.3

8 -1.8 0.1 0.50 1.00
*


Bank Rate

1

2

3

4
WTO

1839 35

57 2015 5 7
5.5% 5.5% 5.6% 1
182.373
2.9%
2009
8 201582014

8




10.0%
2.1%1.8%
1.1%0.8%
0.6%(
0.4%)2.6%
2.4%0.9%
8 20158
14.1% 925.2201414.1%
380.0201410.9%
545.2 16.3% 165.3

3
INSEE
20150.2%




GDP0.4
0.9%0.1%

1.3%1.7%2011
0.2%2008
8
Michel Sapin
20151.0%GDP
36 1839

2-3-3
%

* *



(+)


GDP (-)

*
*
(
)
()


2004 2.8 1.2 8.9 2.1 2.00 2.17 4,263.3 13.3 4,339.2 15.6 -75.9

2005 1.6 0.4 8.9 1.7 2.25 2.41 4,435.9 4.0 4,738.0 9.2 -302.1

2006 2.4 1.2 8.8 3.2 1.7 3.50 3.64 4,957.4 11.8 5,418.1 14.4 -460.8

2007 2.4 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 0.2 -3.1 7.4 4.6 2.8 2.50 2.99 6,173.7 10.3 7,179.2 13.7 -1,005.4

2009 -2.9 -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 2.0 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 2.1 2.4 9.2 4.6 2.1 1.00 1.14 5,963.0 13.9 7,198.9 17.8 -1,235.9

2012 0.2 -2.4 9.8 2.3 2.0 0.75 0.11 5,691.6 -4.6 6,750.2 -6.2 -1,058.5

2013 0.7 -0.6 10.3 0.0 0.9 0.25 0.21 5,808.5 2.1 6,814.1 0.9 -1,005.7

2014 0.2 -1.1 10.3 -1.4 0.5 0.05 0.02 5,823.7 0.3 6,779.3 -0.5 -955.6

2013

10 -0.2 10.1 -1.3 0.6 0.50 0.13 553.9 5.7 632.8 3.8 -78.9

11 1.0 1.9 10.1 -0.7 0.7 0.25 0.13 488.7 -1.8 574.7 0.5 -86.0

12 0.6 10.1 -0.2 0.7 0.25 0.21 475.2 9.6 560.7 8.9 -85.5

2014

1 0.2 10.2 -1.1 0.7 0.25 0.22 479.4 1.5 597.6 3.0 -118.3

2 0.7 -1.2 10.2 -1.7 0.9 0.25 0.22 494.2 4.7 560.7 -1.4 -66.5

3 -0.9 10.2 -2.0 0.6 0.25 0.23 527.8 4.7 604.9 7.1 -77.1

4 -2.4 10.1 -1.5 0.7 0.25 0.25 512.0 0.5 590.3 1.9 -78.3

5 -0.2 -3.7 10.2 -0.8 0.7 0.25 0.26 480.1 4.1 571.1 3.2 -91.0

6 -0.7 10.2 -0.4 0.5 0.15 0.15 505.1 3.3 598.3 7.0 -93.2

7 0.4 10.3 -1.2 0.5 0.15 0.10 522.6 2.5 615.0 4.1 -92.4

8 0.2 -0.3 10.4 -1.6 0.4 0.15 0.09 373.0 -4.6 460.4 -1.8 -87.4

9 -0.4 10.4 -1.3 0.3 0.05 0.02 496.2 3.0 577.1 -0.6 -80.9

10 -1.2 10.4 -0.9 0.5 0.05 0.01 519.0 -6.3 579.8 -8.4 -60.8

11 0.1 -2.7 10.5 -1.6 0.3 0.05 0.01 459.7 -5.9 513.7 -10.6 -54.0

12 -0.4 10.5 -2.3 0.1 0.05 0.02 454.6 -4.3 510.3 -9.0 -55.8

2015

1 0.9 10.4 -2.8 -0.4 0.05 0.01 403.8 -15.8 470.4 -21.3 -66.6

2 0.9 1.5 10.4 -1.7 -0.3 0.05 0.00 420.0 -15.0 464.0 -17.2 -44.0

3 1.6 10.3 -1.2 -0.1 0.05 -0.01 441.5 -16.4 504.9 -16.5 -63.5

4 -0.1 10.3 -0.9 0.1 0.05 -0.03 424.2 -17.2 467.00 -20.9 -42.8

5 1.1 2.4 10.4 -1.0 0.3 0.05 -0.05 388.5 -19.1 458.20 -19.8 -69.6

6 0.7 10.5 -1.0 0.3 0.05 -0.06 487.3 -3.5 524.80 -12.3 -37.4

7 -0.8 10.7 -1.0 0.2 0.05 -0.07 437.7 -16.2 487.6 -20.7 -49.8

8 10.8 -1.4 0.0 0.05 -0.09
*

1
1999
1

Main refinancing operations Minimum bid rate

2
1999
1
Prime

rate

1
2
INSEE
3
WTO

1839 37

7 INSEE20157
0.8% 0.8%
7
1.0%7
2.0%1.6%

2015
1.0%
60.7%
0.2%0.1%1.8%
710.4% 2015 7
10.4%303.461.8
24.1%65.46
10,00010.6%10.1%
8 201582014
0.1%

20158
8.0%0.8%0.3%
12.5%
5.1%3.8%
2.4%1.1%
0.2%1.3%
1.6%
1.5%
0.9%0.3%
8 20158
18.7% 925.3201418.7%
437.7 2014 16.2%
487.620.7%49.8
4
0.2% 2015
0.3% GDP
0.2%
2015


0.7%
38 1839

2-3-4
%

* *



(+)


GDP (-)

*
*
) (
( )


2004 1.6 -0.3 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 2.0 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 1.5 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 -1.0 -3.7 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 6.9 8.4 3.1 1.5 1.00 0.81 4,468.9 9.8 4,869.3 17.4 -400.4

2011 0.6 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 -2.8 -6.2 10.6 4.1 3.0 0.75 0.11 5,015.5 -4.2 4,891.1 -12.5 124.4

2013 -1.7 -3.1 12.2 -1.2 1.2 0.25 0.21 5,181.1 3.3 4,793.4 -2.0 387.7

2014 -0.4 -0.5 12.7 -1.8 0.2 0.05 0.02 5,286.0 2.0 4,719.3 -1.5 566.7

2013

10 -0.5 12.2 -2.5 0.8 0.50 0.13 494.8 5.8 442.4 1.2 52.5

11 -0.9 0.5 12.4 -2.3 0.7 0.25 0.13 439.5 1.7 399.2 -1.7 40.3

12 -1.3 12.5 -2.1 0.7 0.25 0.21 429.8 9.4 382.8 5.6 47.0

2014

1 0.3 12.8 -1.5 0.7 0.25 0.22 409.3 2.8 405.9 -4.0 3.4

2 -0.2 0.0 12.7 -1.7 0.5 0.25 0.22 434.4 5.2 398.1 -0.2 36.2

3 -0.2 12.5 -1.9 0.4 0.25 0.23 473.8 7.6 420.7 4.9 53.1

4 1.1 12.6 -1.7 0.6 0.25 0.25 448.9 7.8 400.4 2.4 48.4

5 -0.3 -1.6 12.6 -1.7 0.5 0.25 0.26 476.3 5.8 426.6 6.8 49.7

6 0.1 12.3 -1.8 0.3 0.15 0.15 456.0 3.8 410.7 4.2 45.3

7 -1.1 12.8 -1.9 0.1 0.15 0.10 522.8 4.1 429.1 0.8 93.7

8 -0.5 -0.2 12.7 -2.1 -0.1 0.15 0.09 320.5 -2.1 293.1 -7.1 27.4

9 -1.4 12.8 -2.0 -0.2 0.05 0.02 446.0 3.8 420.0 -0.2 26.1

10 -1.9 12.9 -1.5 0.1 0.05 0.01 473.1 -4.4 404.8 -8.5 68.4

11 -0.4 -1.5 13.0 -1.5 0.2 0.05 0.01 413.3 -6.0 369.2 -7.5 44.1

12 0.4 12.4 -2.1 0.0 0.05 0.02 411.6 -4.2 340.8 -11.0 70.8

2015

1 -1.9 12.3 -3.8 -0.6 0.05 0.01 334.8 -18.2 332.2 -18.2 2.7

2 0.2 -0.3 12.3 -3.2 -0.1 0.05 0.00 374.3 -13.8 334.2 -16.1 40.1

3 1.0 12.5 -3.0 -0.1 0.05 -0.01 405.3 -14.5 361.8 -14.0 43.5

4 -0.1 12.3 -3.0 -0.1 0.05 -0.03 381.5 -15.0 341.3 -14.8 40.2

5 0.7 2.5 12.4 -2.6 0.1 0.05 -0.05 394.1 -17.3 348.00 -18.4 46.2

6 -0.2 12.5 -3.0 0.2 0.05 -0.06 411.7 -9.7 380.3 -7.4 31.5

7 2.4 12.0 -3.0 0.2 0.05 -0.07 451.5 -13.7 363.2 -15.4 88.3

8 11.9 -3.6 0.2 0.05 -0.09
*

1
1999
1
Main

refinancing operations Minimum bid rate
2
1999
1
Prime

rate

1
2
ISTAT
3
WTO
1839 39

7 ISTAT20157
2.7% 1.1%
0.6%2.7%
2015
30.7%
712.0% 2015 7
12.0% 307.4 6 14.3
40.5%61.66
5,10011.5%12.7%
8 201582014
0.1% 0.1%195991.1%

20158

2.9%1.9%1.6%
0.9%
0.6%0.5%
0.3%0.2%
2.9%0.5%
0.2%
8 ISTAT20158
14.4% 814.72014
14.4%451.52014
13.7% 636.2 15.4%
88.3

2.
7 2015
5.5% 762.3%2014
2.3% 5.5%
2015
20142.5%~3%
7 7
33.6% 201573,211
33.6%2,10230.3%
1,10939.2%9922014
1,192
71,362.3
65.2%72%37.3%
562.326.9%42%
40 1839

251.2312%32.9%
7449.5743.9%
48.1%45%7360.08
11.6%32.9%
2015
1.3% 6 2.64
1.3% 6 4,380 1.5%
3%1.41.8%6
2,360 5.2% 4% 1.21
45.6% 9.8% 6 1,930
14.4%9.5%
26.5%6427.9
50.8%
8 20158
18% 201418%8
18.6%51.2%
5.7%8.2%
13.7%
82.6%
12.0%3.5%
18.6%22.5%
9.0%7.3%
12.3%22.3%
14.5%


1.
8



8 201586.1%7
6.1% 0.18
0.53%86.3%
84.0%
6.8%
1.9%
80.6%
0.4%7.6%
1839 41

2.8%
84139
7.1%
7.6%10.3%
7.7%5.4%
11.7%
3.8% 5.2%
0.2%
5.1%6.9%
11.1%
1.5%
86.2%
8.2%7.7%0.4%
8565278
9,4490.4%21,499 4.2%
441 9.4% 151
4.9% 162.8 6.5% 72.9
23.3% 5,155 1.0%
4,4346.5%
897.9 %0.2
9,665
3.1%
8 20158338,977
10.9%70.3
10.9% 80.73%
8 9,389
28.5% 7 0.3
139,7268.5%0.5
189,86211.9%0.2
137,0878.7%
70.38,004
7.6% 1.1 113,313
8.9%0.3
15,77017.1%
0.3
59,164
18.4%70.2
20.4%3.8
19.8%1.5
18.4%1.5
42 1839

9.9%1
8 155,091
9.5%70.297,812
14.4%0.3
83,6299.3%0.2
8323,243
11.4%70.2
7,6183.7%3.2
6,8880.7%71.4%
814,429
2.7%71.2
324,54911.2%0.3
8
849,974 5.1% 7 0.9
263,2342.7%
0.3
8
363,1416.8%7
21.1%0.9
5.3%1.18.4%
0.225.7%1.8
6.5%2
8 201585.9%
5.9% 0.8%6.6%0.7%
84.9%
5.7%
7.7%
5.8
20.9%
11.1%4.9%0.3%
0.1
0.1%0.6%
1.1%0.8%
8-5.9%
-1.8
-4.1

12.4%11.8%
9.4%7.0%
1839 43

2-4-1
%
* *



(+)


GDP (-)

*
*

()
()


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

2014 7.4 8.3 4.1 -1.9 2.0 2.25 5.60 23,422.9 6.0 19,592.3 0.5 3,830.6

2013

10 10.3 -1.5 3.2 2.25 5.60 1,852.9 5.6 1,542.6 7.5 310.4

11 7.6 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 1,750.1 9.9 320.2

2 7.3 4.1 -2.0 2.0 2.25 5.60 1,140.5 -18.1 1,366.2 9.8 -225.7

3 8.8 -2.3 2.4 2.25 5.60 1,700.0 -6.6 1,620.2 -11.5 79.8

4 8.7 -2.0 1.8 2.25 5.60 1,884.5 0.8 1,697.9 0.7 186.6

5 7.4 8.8 4.1 -1.4 2.5 2.25 5.60 1,956.0 7.1 1,593.6 -1.6 362.4

6 9.2 -1.1 2.3 2.25 5.60 1,867.6 7.2 1,548.6 5.4 318.9

7 9.0 -0.9 2.3 2.25 5.60 2,127.4 14.4 1,653.9 -1.6 473.5

8 7.2 6.9 4.1 -1.2 2.0 2.25 5.60 2,083.3 9.4 1,584.5 -2.4 498.8

9 8.0 -1.8 1.6 2.25 5.60 2,135.6 15.2 1,823.5 6.9 312.1

10 7.7 -2.2 1.6 2.25 5.60 2,067.7 11.6 1,610.7 4.4 457.0

11 7.2 7.2 4.1 -2.7 1.4 2.25 5.60 2,115.6 4.7 1,568.0 -6.9 547.7

12 7.9 -3.3 1.5 2.25 5.60 2,274.3 9.7 1,775.1 -2.5 499.2

2015

1 -4.3 0.8 2.25 5.60 1,999.6 -3.4 1,398.6 -20.1 601.0

2 7.0 4.1 -4.8 1.4 2.25 5.60 1,690.2 48.2 1,084.6 -20.6 605.6

3 5.6 -4.6 1.4 2.25 5.60 1,444.0 -15.1 1,412.6 -12.8 31.3

4 5.9 -4.6 1.5 2.25 5.60 1,760.1 -6.6 1,420.7 -16.3 339.4

5 7.0 6.1 4.0 -4.6 1.2 2.25 5.10 1,896.6 -3.0 1,310.0 -17.8 586.6

6 6.8 -4.8 1.4 2.25 4.85 1,906.8 2.1 1,449.1 -6.4 457.7

7 6.0 -5.4 1.6 2.25 4.85 1,951.0 -8.3 1,520.7 -8.1 430.3

8 6.1 -5.9 2.0 2.25 4.60 1,968.8 -5.5 1,366.5 -13.8 602.4
*

1


2


3
WTO

44 1839

8 201582.0%
2.0% 2.0%1.8%3.7%
1.1%1.8%2.2%8
1.4%
80.5%
0.4%0.6%1.6%
0.1%0.7%0.1%
83.7%
1.2315.9%
0.469.3%
0.6919.6%
0.592.4%
0.061.7%
0.058.1%
0.1811.2%0.11

81.1%

3.8% 2.9%
1.9%1.8%1.0%0.8%2.1%
82.0%
20140.7
1.3
8 2015815.677.7%
15.67 8.951.6%6.7214.6%
2.2380.8%
82.049.7%1.2
6.1% 8,361 14.3%
3,680.320.1%
88.637.3%
55.1%0.24.87
2.6%54.4%3.76
17.6% 56.1% 1.11
1,769.9
4.859.3%
30.9%0.53.1
8.5%34.5%1.75
10.7% 26.1% 1.35
5.4%1.68
8.7%10.7%6,077.9
1839 45

6.2%6.8%1.07
10.1%16%
8 2.27
8.4%14.5%
1.41 4.9% 8,598.7
13.7%5,521.513.1%
2.222.0%
14.1%1.625.9%
5,967.87.4%1.02
15.6%
81.86
0.4%11.8%1.1
6.1%7,506.76.9%
3,540.150.7%
1.11 11.1% 7.1%
5,383.1 10.5%
5,757.511.6%374.4
24.9%
85.712%
36.4%2.14.02
3.4%44.9%1.69
12.9%25.2%
7.36.1%46.6%3.96
5.3%44.2%3.34
7.1%49.7%
2.6613.6%
17%9,753.55.1%
10.9%1.6817.9%
25.1%
85.110.7%
57%2.244.1%
1.477.3%6,876.9
6.7% 4,420.8 1.8%
2,222.63.4%2,127.25.1%
1,496.4 1.8% 1142
5.9%582.711.1%7
1.892.1%21.1%
2,226.1 41.2% 7186.6
26.5%50.214.1%
86.130.2%
46 1839

385.743.0%2.219.8%
2,626.7 45.3% 1.39
31.3% 382.4 20.5%
2,048.64.1%3,073.4
38.1%1,735.82%
1.0813.5%872.29.6%
7,082.37.6%294
8.1%3.9214.1%
8,350 24.4%
5,239.3 9.8% 2,697
25.4%3.175.5%70.9
25.6%
8 8 M2 135.69
13.3% 13.3%0.5
9.3% M136.289.3%
2.73.6M0
5.911.8%51
897.0514.7%
91.0815.4%0.1
2.1
8,096490
3,530675
2,8554,210
2891,217
2,457546
9,3481.2%
20
8138.3212.8%
134.0513.0%
0.40.7
532 3,723 1,865
6,6731,590
7,956
6,6741.8%270

8
53.282.54
103.8%
118.2%138.9%96.7%
1.79%0.28
1839 47

1.38
1.79%0.361.32

2.
2015
2.8%2.4%

20152%~3%
2.8% 20152.8%
2.4%

0.4%0.7%
2015


3.6%
1.0%



6.0%

6.5%

2015





2.6%
2015
51%~3%2%~3%
7 20157
2.8% 37620142.8%2015
60.4%
201420157
1.8%
20157
48 1839

1.9%20156
4.3%20142015
71.7%
20157
20147
5.0%13.0%
7.3%5.4%
8.1%
3.2%9.6%
7.9%6.4%
8.5%6.1%
5.9%
20157
0.4%
7.0%4.9%
67.0%
7


7 20157
2.5% 2.5%201563.1%
2015620146
20147

20157
2.6%20156
20157
4.4%
4.3%4.3%
1.0%1.0%
0.6%0.4%
20157
5.6%2.9%
0.5%
7


71.6% 20157
1.6%5.2%201563.1%2015
73,209
1839 49

2-4-2
%

* *



(+)


GDP (-)

*
*
)

(

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 1.7 -0.8 3.3 4.1 5.00 4,933.7 8.3 5,542.2 8.4 -608.6

2013 3.1 0.1 3.4 4.3 5.00 5,355.5 8.5 6,222.8 12.3 -867.3

2014 2.5 -0.4 3.2 4.4 5.00 5,241.3 -2.1 6,007.7 -3.5 -766.4

2013

10 3.3 4.3 5.00 485.0 16.7 540.4 15.2 -55.4

11 2.8 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 2.7 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 3.2 3.6 5.00 408.1 -8.2 483.5 -4.1 -75.4

5 2.0 2.2 3.1 3.7 5.00 428.1 -3.1 486.4 -6.9 -58.3

6 3.2 3.6 5.00 426.6 2.7 486.5 -4.4 -59.9

7 3.3 4.1 5.00 442.9 -2.5 494.9 -6.3 -51.9

8 2.9 -1.7 3.3 3.9 5.00 442.1 -4.2 478.3 -16.6 -36.2

9 3.3 6.6 5.00 471.3 1.0 527.2 -2.0 -56.0

10 3.3 5.2 5.00 477.4 -1.6 534.0 -1.2 -56.6

11 2.4 -3.6 3.3 5.1 5.00 484.8 2.8 545.2 -1.1 -60.3

12 3.3 4.8 5.00 455.0 -0.1 537.0 0.3 -82.0

2015

1 3.3 4.1 5.00 438.0 0.2 484.2 -4.3 -46.2

2 2.4 -1.6 3.3 4.6 5.00 327.8 -0.3 380.1 -8.3 -52.2

3 3.3 4.6 5.00 416.2 -5.3 470.8 -8.5 -54.6

4 3.2 2.8 5.00 401.4 -1.7 457.1 -5.5 -55.8

5 2.8 -1.3 3.2 3.1 5.00 408.5 -4.6 444.4 -8.6 -35.9

6 3.2 3.2 5.00 407.4 -4.5 465.6 -4.3 -58.2

7 3.3 2.5 5.00 453.2 2.3 475.9 -3.8 -22.8

8 3.3 2.5 5.00 426.6 -3.5 456.0 -4.7 -29.4
*

1

2

3
WTO

50 1839

20141.6%73,167
1.3%41
19.0%201562.0%20157
3,4935.2%2015
7 284
8.1%
2.1%

25.9%24.8%
10.0%9.8%8.2%
4.4%2.5%
33.5%
26.2%
3.5%
9.1%
0.4%

23.7%14.2%
11.7%7.8%5.2%
4.5%1.5%
3.0%
7





1.



MERS



8BSI 20158BSI68
682P 2P9BSI711P
1839 51

3P1P
5P1P
BSI8792P9
824PBSI885
2P9881PBSI
8841P984
1P
24.7%
19.2%
20158BSI701P9
BSI732P
BSI8773P9
801PBSI883
4P9861P
BSI8852P988

24.8%
15.1%
BSICSI
8 ESI 93
1P
8 20158
102 CSI1022P
CSI
901PCSI981P
CSI 100 CSI
1061P
CSI
718PCSI871P
CSICSI88104
5P
CSI
CSI8793CSI
1031PCSI98

CSI132
1P CSI CSI
1163P
1
2.5% 1
52 1839

2.5%0.1
1
61.0% 43.1%
31.2%
7 20157
0.5% 0.5%
0.2%
7 4.9%
6.3%-8.2%
-5.2%0.5%
8.5% 4.8%
-29.4%-8.0%
3.3%
0.6%4.8%
74.7%0.5
7-3.3%
-0.6%
6.9% 2.0%
1.7%-5.4%
-2.2%11.7%
9.9%2.2%
7.0%
1.2%
0.4%1.9%
-3.4%
6.9%1.0%
1.9%

8.5% 8.2%
7.7%-5.6%
-3.1%-1.1%

1.3%

6.9%

13.2%

0.8%1.0%

1839 53

22.5%


0.2


8 20158 2,614.1
25.6 25.6


25.6

860.7%0.1
OECD156465.9%
0.2
152942.0%0.4

15.6
3.6%10.24.8%
8.111.5%
-11.5 -7.2%
-7.4-1.9%-4.7-5.7%

51
4.2% 2.4 1.6% 2
0.0%18.3
-3.1%9.7-7.4%
892.33.3
403.4%
0.1 1529
8.0%0.4
8 -11.1
-2.6%14.29.8%
10.2 5.3% 1.6 0.3%
1.2 0.8% 22.5
53.9
8 20158110.222010=100
0.2% 0.2% 0.7%
0.7%

54 1839

0.2%2.1%

0.2%2.5%
0.1%
0.1%0.6%3.0%
0.1%1.4%
0.1%0.3%
2.1%
4.0% 2.2%
0.1%5.4%8.9%
1.7%0.5%
2.9%30.4%
8 201580.5%
0.5% 4.4%
0.2%

0.9%
0.4%


0.7%2.1%IT
0.2%0.4%
80.3%
6.0%0.2%
3.6%
8392 2015814.9%392
350 18.3% 350 43

4.0%37.9%
-41.3%-9.4%
-12.3% -18.0%
-52.6%-5.3%
9.6%
-9.1%-4.6%-20.8%
-21.2%-19.2%-24.7%
10.0% 3.4%
-45.4% -9.8%
-22.8%-35.5%
3.0%9.7%-34.3%

1839 55

2-5-1
%

* *



(+)


GDP (-)

* *
(
)
)

(

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 3.8 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 2.9 0.7 3.1 -1.6 1.3 2.50 4.52 5,596.3 2.1 5,155.8 -0.8 440.5

2014 3.3 0.1 3.5 -0.5 1.3 2.00 3.91 5,726.6 2.3 5,255.1 1.9 471.5

2013

10 4.1 3.0 -1.4 0.9 2.50 4.46 504.8 7.2 456.1 5.1 48.8

11 3.5 -0.4 3.0 -0.9 1.2 2.50 4.50 479.1 0.2 431.1 -0.6 48.0

12 2.8 3.1 -0.4 1.1 2.50 4.52 479.8 6.9 443.5 3.0 36.3

2014

1 -4.5 3.2 -0.3 1.1 2.50 4.53 455.6 -0.2 447.5 -1.2 8.1

2 3.9 3.8 3.9 -0.9 1.0 2.50 4.45 429.1 1.4 420.6 4.0 8.5

3 3.0 3.5 -0.5 1.3 2.50 4.46 490.6 3.7 455.6 3.6 35.1

4 2.6 3.7 -0.3 1.5 2.50 4.42 502.7 8.9 458.7 5.1 43.9

5 3.4 -2.0 3.7 0.0 1.7 2.50 4.40 475.8 -1.5 426.1 0.5 49.7

6 0.6 3.6 0.1 1.7 2.50 4.40 478.3 2.4 424.8 4.3 53.5

7 4.0 3.4 0.2 1.6 2.50 4.39 482.1 5.2 458.6 5.7 23.4

8 3.3 -2.6 3.5 -0.2 1.4 2.25 4.18 461.1 -0.4 427.9 2.9 33.2

9 2.0 3.5 -0.5 1.1 2.25 4.14 474.5 6.3 441.9 7.6 32.6

10 -3.1 3.5 -0.8 1.2 2.00 4.00 516.3 2.3 441.0 -3.3 75.3

11 2.7 -3.5 3.4 -0.9 1.0 2.00 3.88 466.1 -2.7 413.4 -4.1 52.6

12 1.1 3.5 -2.1 0.8 2.00 3.91 494.6 3.1 439.1 -1.0 55.5

2015

1 1.8 3.4 -3.6 0.8 2.00 3.90 451.1 -1.0 394.4 -11.9 56.7

2 2.5 -5.0 3.9 -3.6 0.5 2.00 3.86 414.8 -3.3 339.2 -19.3 75.6

3 0.1 3.7 -3.7 0.4 1.75 3.61 468.5 -4.5 384.8 -15.5 83.7

4 -2.6 3.7 -3.6 0.4 1.75 3.36 462.4 -8.0 377.8 -17.6 84.6

5 2.2 -3.0 3.9 -3.5 0.5 1.75 3.56 423.3 -11.0 360.8 -15.3 62.5

6 1.4 3.9 -3.6 0.7 1.50 3.49 465.7 -2.6 366.9 -13.6 98.9

7 -3.2 3.7 -4.0 0.7 1.50 3.43 457.4 -5.1 388.3 -15.3 69.1

8 0.3 3.6 -4.4 0.7 1.50 3.4 392.4 -14.9 349.7 -18.3 42.7
*

1

2


3
WTO

56 1839

5.7%
14.8% -50.3%
-3.4% -17.9% -19.9%
-37.2%
4320122
43
2015183,536
6.3%2,96215.8%574

8 20158
0.7% 0.7%1.5%
0.3% 3.2%
0.7%
20158
0.3%13.6%

0.8%
0.8%3.2%
2.5%
2.


5.6%2.8%
3%~4%
4.9%7
0.8%715.5%

1
7 20157
6.1% 6.1%
4.1% 7 6
1.0%1.2%
4.4%
8.6%5.9%20157
3.7%
3.2%
1.0%3.1%4.6%2015
71.9%
5.8%
1839 57

34.2%30.2%
12.0%33.3%20157
2.3%
6.1%
4.3%10.220157
9.2%
6.2%
2.7%8.9%20157
2.4%
13.4%
10.0%18.1%20157
8.5%
7 2015 7
0.4% Consumer Price IndexCPI0.4%
60.3%201411
8
COE7
0.1%61.2%
2.8%62.6%
1.9%0.6%
0.6%
20157
core inflation0.4%
60.2%


2015
20162015
0.5%~0%0.5%~1.5%
7 20157
0.8% NODX 0.8% 6
4.5%2.1%

7NODX

10.2%3.5%
1.6%
767.6%
2.3%

58 1839

2-5-2
%

* *



(+)


GDP (-)

*
*
)

(

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 6.2 7.8 2.0 5.2 5.38 4,095.0 16.4 3,657.7 17.7 437.3

2012 3.4 0.3 2.0 4.6 5.38 4,083.9 -0.3 3,797.2 3.8 286.7

2013 4.4 1.7 2.0 2.4 5.38 4,102.5 0.5 3,730.2 -1.8 372.3

2014 2.9 2.7 2.0 1.0 5.35 4,097.7 -0.1 3,408.3 -8.6 689.3

2013

10 8.4 2.0 5.38 383.0 6.4 340.0 2.7 43.0

11 5.4 6.8 1.9 2.6 5.38 337.7 -1.0 308.9 -5.1 28.8

12 6.4 1.5 5.38 332.9 5.6 299.3 0.3 33.6

2014

1 3.5 1.4 5.35 338.8 0.6 307.8 -4.4 31.0

2 4.6 13.1 2.0 0.4 5.35 318.5 8.6 284.9 4.2 33.5

3 12.2 1.2 5.35 351.8 5.6 335.6 13.4 16.2

4 5.3 2.3 5.35 367.7 4.1 334.1 4.3 33.6

5 2.3 -1.9 2.0 2.3 5.35 348.4 -1.5 324.3 1.8 24.1

6 0.7 1.9 5.35 347.8 4.7 300.7 1.6 47.1

7 2.6 1.3 5.35 351.4 0.4 318.5 -1.6 32.9

8 2.8 3.8 1.9 1.0 5.35 343.2 0.8 288.4 -6.8 54.8

9 -1.2 0.7 5.35 350.9 -1.5 306.8 -5.0 44.1

10 0.3 0.2 5.35 347.8 -9.2 314.5 -7.5 33.3

11 2.1 -1.9 1.9 -0.3 5.35 315.2 -6.7 264.4 -14.4 50.8

12 -1.8 -0.1 5.35 316.2 -5.0 282.3 -5.7 33.9

2015

1 1.0 -0.4 5.35 317.0 -6.4 253.7 -17.6 63.3

2 2.8 -3.3 1.8 -0.3 5.35 249.9 -21.5 211.8 -25.7 38.1

3 -5.0 -0.3 5.35 325.7 -7.4 263.2 -21.6 62.4

4 -8.8 -0.5 5.35 309.9 -15.7 266.4 -20.3 43.5

5 1.8 -1.7 2.0 -0.4 5.35 293.9 -15.7 244.6 -24.6 49.3

6 -3.9 -0.3 5.35 304.8 -12.4 268.1 -10.8 36.6

7 -6.4 -0.4 5.35 308.0 -12.3 264.2 -17.0 43.8

8 -7.0 -0.8 5.35 273.2 -20.4 254.3 -11.8 19.0
*

1

2

3

4
WTO

1839 59




7 20157
5.2% 2.2%
1%5.2%
5%7
0.8%2.6%
2
5.6% 2015
5.6% 5.7%
5.0%20166
201520167%
Jay Peiris


Gundy Cahyadi




1.8%0.4%
1.7%
71.8% 7 53.3
1.8%201574.1%
108


7

2015
622.6% 20156
22.6%35
18

48.259.2
21.9%2015
307.3 336.1
2.8%
60 1839

2-5-3
%

* *



(+)


GDP (-)


( )
( *
) *

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 11.4 9.0 6.6 5.70 9.75 512.5 29.2 474.2 7.7 38.3

2006 5.2 -8.5 8.0 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 3.7 1.1 7.0 1.0 4.7 4.50 6.50 483.1 -6.2 641.0 9.6 -157.9

2012 6.7 7.7 7.0 -0.6 3.2 3.50 5.50 521.0 7.9 585.1 -8.7 -64.1

2013 7.1 13.9 7.1 -7.6 2.9 3.50 5.50 567.0 8.8 657.4 12.4 -90.4

2014 6.1 7.3 6.8 -0.9 4.2 4.00 6.00 621.0 9.5 677.0 3.0 -56.0

2013

10 21.1 -5.7 2.9 3.50 5.50 50.3 14.0 51.0 -8.7 -0.7

11 6.1 18.8 -4.8 3.3 3.50 5.50 43.3 19.8 58.7 7.1 -15.5

12 22.8 7.5 -4.1 4.1 3.50 5.50 49.6 24.9 57.0 1.7 -7.4

2014

1 4.4 -1.0 4.2 3.50 5.50 43.6 -3.5 62.3 23.1 -18.7

2 5.6 5.9 -0.8 4.1 3.50 5.50 46.5 11.4 50.2 1.4 -3.7

3 0.0 0.1 3.9 3.50 5.50 52.7 12.1 57.3 9.3 -4.6

4 10.8 7.0 0.0 4.1 3.50 5.50 45.6 1.2 55.9 3.3 -10.3

5 6.7 12.7 -1.1 4.5 3.50 5.50 59.3 15.6 52.9 -4.9 6.5

6 12.6 -2.3 4.4 3.50 5.50 54.6 21.6 50.5 -2.4 4.1

7 7.6 6.7 -1.5 4.9 3.50 5.50 54.3 11.6 57.9 -0.1 -3.6

8 5.5 5.7 -1.1 4.9 3.50 5.50 54.7 10.4 59.1 0.6 -4.4

9 4.7 0.8 4.4 4.00 6.00 58.5 15.6 59.4 -1.0 -1.0

10 8.7 6.0 -0.7 4.3 4.00 6.00 51.5 2.4 56.6 11.0 -5.2

11 6.6 9.1 -2.0 3.7 4.00 6.00 51.8 19.7 58.0 -1.1 -6.3

12 4.6 -1.4 2.7 4.00 6.00 48.0 -3.2 57.0 0.0 -9.0

2015

1 2.7 6.6 -3.7 2.4 4.00 6.00 43.6 0.0 55.5 -10.8 -12.0

2 5.0 -2.0 -5.6 2.5 4.00 6.00 45.1 -3.0 56.4 12.5 -11.3

3 14.8 -5.5 2.4 4.00 6.00 53.8 2.1 54.5 -4.8 -0.8

4 1.8 6.4 -8.0 2.2 4.00 6.00 43.8 -4.1 50.1 -10.3 -6.3

5 5.6 -0.9 -7.1 1.6 4.00 6.00 49.0 -17.4 46.7 -11.6 2.3

6 -1.6 -6.3 1.2 4.00 6.00 53.6 -1.8 62.9 24.6 -9.3

7 -0.5 6.5 -6.5 0.8 4.00 6.00 53.3 -1.8 69.1 19.4 -15.8

8 0.6 4.00 6.00
*


1
NSCB
2

3

4
WTO

1839 61

7
0.8% 70.8%
70.5%~1.3%
61.2%7
1.1%0.5%
1.3%
2015
2.0%~4.0%


7 20157
0.5% 67
2322.90.5%
7.3%

20151
0.2%24.0%311%44.9%5
5.5%65.8%


20157
157149.94.6%
3
2.8% 2015 2.8%

0.4% 0.2%
0.3%53%~4%
2.7%~3.2%
7
83 3
Tier 3201576
848374
3101.26
99



SME

62 1839




7 20157
5.3% MPI5.3%



67.7%
6.1%58.7%
657.1%
72.8%2015
72.9%7
4.7%




8 8106.3
1.2% 1.2%20158
1.3%
2.5%
24.7%
8148
/

191111

80.9%
73.6% 2015 7 182
3.6% 7 175
12.7%7.7
201574.7%8.6%
42.42015
3% 2,207
1.2%7


7

1839 63

2-5-4
%

* *



(+)


GDP (-)

*
*
)

( )

(

2004 6.3 11.6 2.1 2.8 1.79 5.75 949.4 21.5 934.8 25.7 14.6

2005 4.2 9.7 1.9 4.5 3.80 6.75 1,093.6 15.2 1,176.2 25.8 -82.6

2006 5.0 5.9 1.5 4.6 4.85 7.75 1,297.2 18.6 1,287.7 9.5 9.5

2007 5.4 8.4 1.4 2.2 3.20 7.10 1,538.7 18.6 1,399.7 8.7 139.0

2008 1.7 4.7 1.4 5.5 2.71 7.00 1,777.8 15.5 1,792.2 28.0 -14.5

2009 -0.7 -7.0 1.5 -0.9 1.00 6.13 1,524.2 -14.3 1,337.1 -25.4 187.1

2010 7.5 14.2 1.1 3.3 1.80 6.38 1,933.1 26.8 1,829.2 36.8 103.8

2011 0.8 -8.5 0.7 3.8 3.15 7.50 2,225.8 15.1 2,287.9 25.1 -62.1

2012 7.3 2.2 0.7 3.0 2.69 7.38 2,291.1 2.9 2,491.2 8.9 -200.1

2013 2.8 -3.2 0.7 2.2 2.20 7.38 2,285.0 -0.3 2,504.1 0.5 -219.0

2014 0.9 -4.6 0.8 1.9 1.96 7.38 2,275.2 -0.4 2,277.5 -9.0 -2.2

2013

10 -4.0 0.6 1.5 2.46 7.38 193.9 -0.7 211.6 -5.4 -17.7

11 0.7 -10.7 0.7 1.9 2.46 7.38 187.6 -4.1 193.1 -4.7 -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 7.38 178.6 -2.2 204.3 -15.5 -25.6

2 -0.4 -4.5 0.9 2.0 2.19 7.38 183.6 2.4 166.0 -16.6 17.6

3 -10.5 0.9 2.1 2.05 7.25 197.7 -4.0 184.8 -14.2 12.8

4 -4.1 0.9 2.4 1.95 7.38 171.9 -1.2 187.0 -14.5 -15.1

5 0.9 -4.0 0.9 2.6 1.93 7.38 194.0 -2.1 200.1 -10.2 -6.1

6 -6.3 1.1 2.4 1.96 7.38 197.1 3.2 180.5 -14.0 16.6

7 -5.3 1.0 2.2 1.95 7.38 188.9 -0.9 200.0 -2.9 -11.0

8 1.0 -2.6 0.7 2.1 1.96 7.38 189.4 -7.4 178.0 -14.2 11.4

9 -3.9 0.8 1.8 1.96 7.38 199.1 3.2 217.1 14.4 -18.0

10 -3.0 0.8 1.5 1.97 7.38 202.1 4.2 201.3 -4.9 0.7

11 2.1 -3.7 0.5 1.3 1.95 7.38 185.4 -1.1 186.5 -3.5 -1.0

12 -0.1 0.6 0.6 1.96 7.38 187.4 1.6 172.0 -8.7 15.4

2015

1 -0.8 1.1 -0.4 1.96 7.38 172.5 -3.4 177.1 -13.3 -4.6

2 3.0 3.0 0.8 -0.5 1.96 7.38 172.3 -6.1 168.4 1.5 3.9

3 -1.7 1.0 -0.6 1.78 7.38 188.9 -4.4 173.9 -5.9 15.0

4 -7.1 0.9 -1.0 1.68 7.38 169.0 -1.7 174.2 -6.8 -5.2

5 2.8 -7.6 0.9 -1.3 1.45 7.37 184.3 -5.0 160.1 -20.0 24.2

6 -7.7 0.8 -1.1 1.46 7.37 181.6 -7.9 180.1 -0.2 1.5

7 -6.3 1.0 -1.0 1.46 7.37 182.2 -3.6 174.5 -12.7 7.7

8 -8.3 1.0 -1.2 1.46 7.37
*

1

2

3

4
WTO

64 1839

2.5%





2015


2015
4.0%1.7%
4
4.9% 2015
4.9%20146.5%
5.6%6.0%
5.6%5.0%4.6%
4.2%
2015 4.9% 4.6%
7.9%6.4%
8.8%3.9%11.7%

6.8%4.1%
8%
0.5%
3.7% 0.6%
2.8%1.0%
6.0%
9.6%
5.6%
9.7%
ICT9.3%
6.8%5.9%
5.0%6.4%
4.6% 4.7%
4.2%5.6%
4.5%
3.5%

2015
1839 65

201521353.2
2042015715
9677.6
1.1







7 20157
6.1% 20146.1%4.8%
14.0%4.2%1.2%
8.8%
7.2%3.3%
6201570.1%
2.3% 0.7%
2.4%
20157
14%4.2%
1.2%





2015720145.5%
8.3%4.7%1.7%
7 7542
1.2% 125.120141.2%6
0.1%
13852
30.8%
24.6%19.1%18.5%
3.9%201516
3,798.820140.1%
20157102.4
20140.7%0.04%2015
729.72014
66 1839

3.4%1.9%20156
209.4 2014
5.0%
7 20157
3.3% 3.3%2.9%7
3.3%41
6%
7
13.3%4.8%
4.7%
4.6%3.9%
3.8%2.8%
2.4%
2.5% 1.9%
1.6%0.9%
201572014
1.7%
73.5% 20157
1,240.8293.452014
4.6% 632.3 3.5%
608.5 5.9% 23.8
34.5%
73.5%
3.2%61.6%7
32.8%20.2%13.5%9.5%
4.4%3.9%1.7%
12.5%7.8%
5.5%

36.9%23.4%19.9%12.1%5.4%

34.4%25.1%23.6%2.8%
732.8%
23.7%42.2

7
23136.5%
48.5
43.540.6
30.928.3
1839 67

2-5-5
%

* *



(+)


GDP (-)

*
*

)

(

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 5.3 2.4 3.1 3.2 6.53 2,280.9 14.8 1,874.7 13.9 406.1

2012 5.5 4.2 3.0 1.7 6.53 2,275.4 -0.2 1,963.9 4.8 311.5

2013 4.7 3.4 3.1 2.1 6.53 2,283.3 0.3 2,059.0 4.8 224.3

2014 6.0 5.1 2.9 3.1 6.79 2,341.4 2.5 2,088.6 1.4 252.7

2013

10 2.1 3.3 2.8 6.53 211.4 5.6 184.2 9.0 27.2

11 5.0 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 6.3 6.7 3.2 3.5 6.53 178.1 5.1 146.5 2.6 31.5

3 4.3 3.0 3.5 6.53 197.9 2.4 168.9 -4.8 29.0

4 4.7 2.9 3.4 6.53 203.3 11.1 176.5 -1.7 26.8

5 6.5 5.9 2.9 3.2 6.53 200.8 8.8 183.3 4.5 17.5

6 6.9 2.8 3.3 6.53 190.2 5.7 177.5 6.6 12.8

7 0.6 2.8 3.2 6.78 191.9 1.0 180.5 -0.5 11.4

8 5.6 6.5 2.7 3.3 6.79 201.0 5.0 188.8 11.1 12.2

9 5.4 2.7 2.6 6.79 200.5 3.0 171.5 2.1 29.0

10 5.2 2.7 2.8 6.79 199.0 -5.9 195.5 6.1 3.5

11 5.7 4.8 2.7 3.0 6.79 190.6 -2.3 157.3 -4.2 33.3

12 7.4 3.0 2.7 6.79 194.5 -4.1 168.0 -2.8 26.5

2015

1 7.0 3.1 1.0 6.79 177.5 -8.3 152.5 -12.5 25.0

2 5.6 5.1 3.2 0.1 6.79 148.0 -16.9 135.3 -7.7 12.7

3 7.2 3.0 0.9 6.79 180.6 -8.7 159.3 -5.6 21.2

4 4.1 3.0 1.8 6.79 166.1 -18.3 147.2 -16.6 18.9

5 4.9 4.5 3.1 2.1 6.79 167.8 -16.4 152.5 -16.8 15.3

6 4.4 3.1 2.5 6.79 171.9 -9.7 150.5 -15.2 21.3

7 6.1 3.2 3.3 6.79 166.4 -13.3 160.1 -11.3 6.3

8 3.1 6.79
*

1

2

3
WTO

68 1839

2-5-6
%

* *



(+)


GDP (-)

*
*

)

(

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 213.7 3.0 8.4 9.8 15.22 1,396.1 18.3 1,276.0 37.1 120.0

2009 4.7 1.3 7.9 -20.9 13.69 1,196.5 -14.3 945.5 -25.9 251.0

2010 6.4 4.4 7.1 5.1 12.83 1,577.8 31.9 1,356.6 43.5 221.2

2011 6.2 4.1 6.6 5.3 12.16 2,035.0 29.0 1,774.4 30.8 260.6

2012 6.0 4.1 6.1 4.0 11.49 1,900.3 -6.6 1,916.9 8.0 -16.6

2013 5.6 6.0 6.3 6.4 12.12 1,825.5 -3.9 1,866.3 -2.6 -40.8

2014 5.0 4.8 5.9 6.4 12.79 1,762.9 -3.4 1,781.8 -4.5 -18.9

2013

10 -0.1 7.9 11.93 157.0 2.4 156.7 -8.9 0.2

11 5.6 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 5.1 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 5.0 3.8 7.3 12.63 148.2 -8.1 147.7 -11.3 0.5

6 6.1 6.7 12.63 154.1 4.4 157.0 0.4 -2.9

7 1.5 4.5 12.70 141.2 -6.4 140.8 -19.1 0.4

8 4.9 6.0 5.9 4.0 12.76 144.8 10.7 147.9 13.7 -3.1

9 9.8 4.5 12.78 152.8 3.9 155.5 0.2 -2.7

10 5.3 4.8 12.82 153.5 -2.2 153.3 -2.2 0.2

11 5.0 4.8 6.2 12.84 136.2 -14.6 140.4 -7.3 -4.3

12 6.5 8.4 12.79 146.2 -13.8 144.3 -6.6 1.9

2015

1 5.4 7.0 12.76 132.4 -8.5 126.1 -15.4 6.3

2 4.7 3.1 5.8 6.3 12.74 121.7 -16.8 115.1 -16.5 6.6

3 6.7 6.4 12.82 136.3 -10.3 126.1 -13.2 10.3

4 8.4 6.8 12.75 131.0 -8.3 126.3 -22.3 4.8

5 4.7 2.2 7.1 12.72 126.9 -14.4 116.1 -21.4 10.8

6 5.8 7.3 12.70 135.1 -12.4 129.8 -17.3 5.3

7 5.7 7.3 12.65 114.7 -18.8 100.8 -28.4 13.8

8 7.2 12.6 127.0 -12.3 122.7 -17.1 4.3
*

1

2

3
WTO

1839 69

26.220.9
1915.0
93.886.5
61.0 58.0 32.2
29.7
7173.5
73.8
54.751.1
38.7 27.6
19.018.8
16.914.6
112.574.8
46.444.7
34.9
5
715.5% 20157114.1
15.5%100.81.3%
13.319
8 1,053 201581,053
7 1,076 Tirta
Segara

Tirta67

3
7.5%
2
125
17
4.7%6





2015814
9 25 1
70 1839








2015814
92528.401,1011,167.00
9251,146.65


8149 2015 8 14 9 25 1
251 124.27124.27123.24124.901
0.64000.65910.6357
0.659110.90010.8935
0.86360.9068

820098
0.1%81.8%8
20150.1%CPI
0.1%8
5314.8%7
-2%70.2%8
10 8
5.7%70.1%GDP
3.9%PCE
3.6%3.1%815
4,000277,000
956,000
27.5817.3
22.05



921
10

2%
1839 71

7
0.2%72014
0.2% 60.1%20146
2%

98

10

916
1AA-A+

2%

65%

72 1839

0.1%80.2%

93
2016
9

920


923






GDP
0.7%851.5
52.080.1%4
9
10

8
1%

9
18
3


921 Fed9210.00~0.25%
FOMC
0~0.25%
99
2016
0.50% 0.12%2016
1.4%20183.4%
1839 73

99
0.50%0.25%0.75%
7
GDP
7
1021
9318
0.05% 0.05%
0.30%-0.20%
0.5%
60020169
2.75%

2.00% 10 22
1.50%
9100.5%
7.50% 3,750
MPC0.75%
1.50%
0.1%




74 1839


RBNZ910
OCR2.75%





1010
RBA912.00%





106
91634
111.50%



2015114126
9177.50%
5.50%
8.00%
41

9111.50%





101511121210
8781
0~0.1%80

10


1839 75


8:1


814 2015 8 14 1,118.25
9 25 28.40 1,120917
1,101 8 14 9 25 8 24
1,167.00 1,166.509111,101.259
9 251,146.6528.40
251,146.65
5.3%



7FOMC


9
8


820153

76 1839


EIA9
Short-Term Energy Outlook
2015
2901902015
2016180
110
8 20158
(1) OPEC
(2)
2%OPEC
2015OPEC

(3) OPEC7
3.23 2012 6
OPEC3EIA
5
(4) 9
(5) OPEC
920%EIA
10
(6)

(7)
(8)


(9)

9 20159
(1) OPEC
(2) OPEC8
10.83,231.67
10.13,220.8
(3) OPEC
(4)


1839 77

(5) EIA
(6) Mohammed al-Sada
OPECOPEC

(7)
40
(8) 6
EIA
4961.2631.6(9)
OPEC
(10) Colonial

85
EI20159
OMI856
60


OPEC
8OPEC3,200
OPEC200
8
1,0001,026.5
3.4300
7289OPEC
OPECT
31.45,9445.4
26OPEC



82.0%9,540

678
2007932
12.0%8
OECD1.6%


78 1839

4-1
/%
OPEC
*


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

2014 96.24 99.20 93.24 96.99
08
2014 100.75 101.51 96.54 101.80

09 95.98 97.02 93.21 96.59

10 84.82 87.96 84.37 87.43

11 75.57 79.28 75.74 80.29

12 60.20 62.55 59.24 60.35
01
2015 44.17 47.85 47.18 45.73

02 54.06 57.96 50.53 55.50

03 52.47 56.30 47.77 54.79

04 57.27 59.32 54.39 58.58

05 62.07 63.76 59.22 63.60

06 60.15 60.53 59.77 61.94

07 54.14 56.48 50.85 56.32

08 45.38 46.43 42.50 47.78
2015 %
8
-16.18 -17.79 -16.42 -15.16
8
2015 %
-54.96 -54.26 -55.98 -53.06

*
Saharan Blend

Minas

Iran

Heavy Basra

Light
Kuwait Export
Es

Sider Bonny

Light Qatar

Marine
ArabLight

Murban

BCF17
11



Energy Intelligence Group,Oil Market Intelligence, September 2015.
1839 79

4-2
/

2015
2014
2014
2014
2015

6
7
8
8

OECD 46.1 46.5 46.3 45.6 45.9 45.7 46.3
OECD 51.1 49.2 49.2 47.9 47.9 47.7 49.2
97.2 95.8 95.5 93.5 92.4 92.6 95.5


OPEC 32.0 31.7 31.9 30.5 30.4 29.8 31.9

OPEC 6.7 6.7 6.8 6.7 6.7 6.6 6.8
OPEC 56.6 56.8 57.1 54.6 54.7 55.4 57.0

2.3 2.3 2.3 2.3 2.3 2.3 2.3
97.5 97.5 98.2 94.0 94.1 94.2 97.9
0.3 1.7 2.7 0.5 0.3 0.9 2.4


OECD 2,905 2,923 2,953 2,739
5,485 5,551 5,623 5,080


4-1

4-3
/

2015
a
b


6
7
8
1
OPEC
10,564 10,361 10,265 12,225 8,984
2,795 2,825 2,855 3,500 3,324
4,260 4,322 4,187 4,187 4,187
2,825 2,820 2,890 3,100 2,466
2,974 3,061 3,027 3,150 2,354
664 613 643 715 765
0 0 0 400 na
2,410 2,397 2,394 2,450 2,209
1,798 1,615 1,856 2,100 1,943
425 390 434 434 434
1,092 1,080 1,129 1,150 1,159
1,647 1,649 1,729 1,900 1,715
541 538 537 565 459

OPEC 31,994 31,670 31,945 35,876 30,000

OPEC 6,509 6,535 6,609
OPEC 38,670 38,369 38,723
2
OPEC
9,649 9,709 9,763
3,643 3,691 3,841
2,247 2,272 2,259
2,396 2,466 2,566
1,569 1,561 1,563
10,774 10,765 10,624
1,328 1,363 1,393
4,335 4,262 4,215
769 761 734
756 765 761
19,094 19,227 19,398
OPEC
56,560 56,842 57,117
95,230 95,210 95,840
a.
30
3

b.
2007
11
1

OPEC
2006
10
20
120
/

2007 2
1
2007
11

2008
1 9 10
2008
12 31
OPEC
c.na

4-1

80 1839


8 20158RJ/CRBBCOM
Reuters
202.0990.932,224.36
0.24%0.93%3.38%
8
(1)
(2)

(3)
(4)
78

(5)

2011
(6) GDP3.7%

12.56-1.11%
1,117.48 0.13 -0.86% 14.94
29.20-2.88%983.20
47.20-7.35%595.40

(1) 710

(2)

6(3)

(4)

(5)
(6)

76%

1839 81

5-1
RJ/CRB BCOM Reuters
1967=100
1991=100
9/18/1931=100


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

2014 229.96 104.33 2,393.82
08
2014 292.75 126.57 2,499.54

09 278.55 118.69 2,367.78

10 271.96 117.74 2,410.93

11 254.37 112.95 2,417.69

12 229.96 104.33 2,393.82
01
2015 218.84 100.84 2,341.87

02 224.08 103.44 2,357.73

03 211.86 98.12 2,370.47

04 227.48 103.75 2,392.80

05 223.18 100.95 2,379.12

06 227.17 102.69 2,451.80

07 202.57 91.78 2,302.21

08 202.09 90.93 2,224.36
%
-0.24 -0.93 -3.38
%
-30.97 -28.16 -11.01

RJ/CRB=Reuters/JefferiesCRBIndex
BCOM= Bloomberg Commodity Index
Reuters=



1.78%
15,228.50 3.94%
1,692.906.0%1,539.80
6.74%5,088.90
9.17%10,342.309.60%
1,809.90


USDA


82 1839


1.
USDA201592015/16
4.65 2,5009
5.55 8.75
09/102015/16
204.65
5.35
2015/16670


230
7.3163
160

150
5070

50
305030
160

510
2.2665-2

2.
201591.01
3.45 167.5
4.05 81.3
4,0002014/15
2015/16

2015/162,000
2015/16
2,5002015/16

2015/161.212015/16
1839 83

5-2



*



2013/14
177.10 715.11 158.36 126.81 698.65 165.90 193.56
19.54 58.11 4.71 6.20 34.29 32.00 16.07
157.56 657.01 153.65 120.61 664.37 133.90 177.49
20.80 217.75 4.58 56.90 139.61 76.17 27.35
0.29 10.50 0.00 0.10 6.05 2.25 2.49
4.66 25.30 0.16 3.60 6.95 18.62 4.56
5.14 37.53 0.45 4.20 9.41 23.27 10.44
10.71 144.42 3.97 49.00 117.20 32.03 9.87
83.62 194.11 87.36 28.30 259.83 5.19 100.08
1.00 5.30 7.07 0.60 11.40 0.08 1.89
53.96 121.93 6.77 16.00 116.50 0.89 65.27
8.94 18.97 20.69 4.92 36.12 0.49 11.99
11.49 19.72 25.27 2.68 42.42 0.50 13.55
2.62 24.00 0.40 0.60 24.10 0.75 2.17
3.78 0.00 16.41 2.46 15.76 0.89 3.55

24.20 93.51 0.03 4.80 93.85 6.05 17.83
13.92 103.87 7.41 22.75 72.94 37.15 15.12
4.95 52.09 0.80 12.50 34.10 18.57 5.18
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
2014/15

193.56 725.24 159.61 132.76 707.49 164.89 211.31
16.07 55.13 4.07 3.26 31.53 23.25 20.48
177.49 670.11 155.54 129.50 675.96 141.64 190.82
27.35 221.91 6.65 62.55 146.73 81.71 27.46
2.49 12.50 0.04 0.30 6.35 5.50 3.18
4.56 23.67 0.16 4.10 7.50 16.70 4.18
10.44 29.28 0.48 3.65 8.98 24.12 7.11
9.87 156.46 5.97 54.50 123.90 35.40 13.00
100.08 196.47 85.35 30.63 263.84 7.63 110.43
1.89 6.00 6.00 0.30 11.10 1.70 1.09
65.27 126.17 1.93 17.00 118.00 0.80 74.57
11.99 17.37 21.23 4.55 36.13 1.53 12.93
13.55 16.90 25.20 2.48 42.70 0.59 12.36
2.17 25.50 0.75 1.00 24.50 0.70 3.22
3.55 0.00 19.92 4.51 18.27 0.94 4.26

17.83 95.85 0.05 4.50 93.13 3.40 17.20
15.12 112.73 7.67 24.60 75.84 40.70 18.97
5.18 59.08 0.33 13.00 35.50 22.80 6.28
1.99 13.00 0.60 2.00 6.80 6.00 2.78
3.67 24.75 0.03 4.00 12.00 11.27 5.18
*


USDA,WorldAgriculturalSupplyandDemandEstimates, September. 11, 2015.


84 1839

5-2



*




2015/16

9 211.31 731.61 156.24 138.08 716.36 157.58 226.56

9 20.48 58.13 3.40 5.44 33.72 24.49 23.81

9 190.82 673.48 152.84 132.64 682.64 133.08 202.75

9 27.46 216.13 6.67 64.80 148.33 74.50 27.43

9 3.18 11.00 0.03 0.10 6.15 5.50 2.56

9 4.18 26.00 0.15 3.90 7.33 18.50 4.50

9 7.11 25.00 0.49 3.80 9.00 18.00 5.59

9 13.00 154.13 6.00 57.00 125.85 32.50 14.78

9 110.43 202.92 84.00 29.62 266.53 6.36 124.45

9 1.09 6.00 7.00 0.60 11.50 1.00 1.59

9 74.57 130.00 2.20 15.00 116.50 1.00 89.27

9 12.93 17.86 19.70 4.85 37.56 0.83 12.10

9 12.36 19.56 25.60 2.88 44.33 0.63 12.57

9 3.22 25.00 0.10 1.00 24.60 0.60 3.12

9 4.26 0.00 19.20 4.49 18.75 0.94 3.77


9 17.20 88.94 0.80 4.80 94.74 0.30 11.90

9 18.97 117.03 7.09 25.83 78.13 42.91 22.06

9 6.28 61.00 0.35 14.00 37.00 23.00 7.63

9 2.78 14.00 0.03 2.00 6.80 6.00 4.01

9 5.18 26.50 0.05 4.50 12.70 13.50 5.53
*




5-2

3.454.05
10
2014/15
430

230

100 2015/16 200

2015/162014/15
10020162
2015/16
2015/16540
1.8972014/15750
5-3
1839 85

5-3



*



2013/14
137.95 991.45 123.93 574.26 953.48 131.10 175.93
20.86 351.27 0.91 128.04 292.97 48.78 31.29
117.10 640.18 123.02 446.22 660.51 82.32 144.64
16.12 120.98 0.86 57.20 75.30 40.03 22.64
1.31 26.00 0.00 5.80 8.80 17.10 1.41
14.15 80.00 0.79 46.00 55.00 20.97 18.97
0.66 14.98 0.07 5.40 11.50 1.96 2.26
12.27 120.23 76.03 133.46 185.52 4.44 18.58
1.08 5.80 8.73 11.00 13.20 0.00 2.40
5.15 64.62 15.92 58.00 76.50 2.40 6.78
0.52 0.00 15.12 10.70 15.10 0.00 0.55
1.06 22.88 10.95 15.20 31.70 0.50 2.69
2.82 26.78 10.72 26.80 34.90 1.53 3.89
1.27 0.08 10.41 7.76 9.89 0.00 1.86

1.55 14.19 0.51 7.52 12.70 1.95 1.60
67.57 218.49 3.28 154.00 212.00 0.02 77.32
2.00 46.90 0.46 18.37 21.14 24.81 3.42
1.19 30.90 0.07 8.30 9.70 20.00 2.45
2014/15

175.93 1007.47 121.60 598.94 986.19 131.71 197.21
31.29 361.09 0.76 134.63 301.51 47.63 44.01
144.64 646.38 120.84 464.32 684.68 84.08 153.21
22.64 121.80 0.86 59.50 77.80 45.70 21.79
1.41 26.50 0.01 6.10 9.40 17.00 1.51
18.97 84.00 0.60 48.00 57.00 28.00 18.57
2.26 11.30 0.25 5.40 11.40 0.70 1.71
18.58 133.69 67.98 139.70 192.48 5.16 22.62
2.40 5.96 7.50 11.50 13.90 0.01 1.95
6.78 75.29 9.00 59.00 78.00 3.80 9.27
0.55 0.00 14.70 10.40 14.70 0.00 0.55
2.69 25.00 11.00 17.50 34.25 0.50 3.94
3.89 27.24 11.58 29.20 37.20 0.85 4.67
1.86 0.08 10.00 8.00 10.10 0.00 1.84

1.60 11.49 1.50 7.50 12.80 0.50 1.29
77.32 215.67 5.50 157.00 217.00 0.03 81.46
3.42 43.47 0.47 18.72 21.54 22.70 3.12
2.45 28.45 0.05 8.00 9.40 19.50 2.05

5-2

86 1839

5-3



*




2015/16

978. 123 604.8 985. 123 189.6



9 197.21
10 .66 4 62 .48 9

9 44.01 345.07 0.76 133.99 302.40 46.99 40.45

9 153.21 633.03 122.90 470.85 683.22 76.49 149.24

9 21.79 117.50 0.63 62.00 80.40 41.00 18.52

9 1.51 25.00 0.01 6.50 10.00 15.50 1.02

9 18.57 79.00 0.60 50.00 59.00 24.00 15.17

9 1.71 13.50 0.03 5.50 11.40 1.50 2.33

9 22.62 116.07 74.30 140.40 193.33 2.15 17.51

9 1.95 6.00 8.00 12.10 14.50 0.01 1.44

9 9.27 58.00 16.00 58.00 77.00 1.00 5.27

9 0.55 0.00 14.80 10.50 14.80 0.00 0.55

9 3.94 23.50 10.50 17.20 34.00 0.50 3.44

9 4.67 28.36 10.70 30.40 38.50 0.64 4.59

9 1.84 0.08 10.00 8.00 10.10 0.00 1.82


9 1.29 12.30 1.50 8.00 13.35 0.50 1.24

9 81.46 225.00 3.00 157.00 219.00 0.05 90.41

9 3.12 43.76 0.49 19.14 22.01 22.63 2.74

9 2.05 27.00 0.05 7.50 8.90 18.50 1.70

*




5-2

3.
201592015/16
8.40 39.351,900
9.90 1,00018.70

2014/15
4.52,000
2014/15
78
1,00018.35
2,50018.70
2.1
3,000
1839 87

5-4



*



2013/14
56.17 283.15 111.28 241.08 275.25 112.64 62.70
3.83 91.39 1.95 47.19 50.09 44.57 2.50
52.34 191.76 109.33 193.89 225.16 68.07 60.20
36.46 151.69 0.63 76.47 84.04 62.66 42.09
20.96 53.50 0.00 36.17 40.57 7.84 26.05
15.33 86.70 0.61 36.86 39.86 46.83 15.95
0.13 8.19 0.01 3.35 3.45 4.80 0.07
13.33 14.73 96.22 91.39 108.45 0.30 15.51
12.38 12.20 70.36 68.85 80.30 0.22 14.43
0.30 1.21 12.99 13.44 14.20 0.06 0.25
0.18 0.20 2.89 1.97 3.05 0.00 0.23
0.10 0.24 3.84 4.03 4.07 0.00 0.12
2014/15

62.70 319.37 119.82 259.64 298.28 124.88 78.73
2.50 108.01 0.90 50.89 55.76 49.94 5.71
60.20 211.35 118.92 208.75 242.52 74.94 73.01
42.09 167.20 0.30 82.78 91.11 67.43 51.05
26.05 60.80 0.00 39.48 44.48 9.60 32.78
15.95 94.50 0.28 39.40 42.55 50.00 18.17
0.07 8.40 0.01 3.70 3.80 4.60 0.08
15.51 15.45 103.84 97.78 115.46 0.37 18.96
14.43 12.35 77.00 74.20 86.05 0.18 17.55
0.25 1.69 13.45 13.90 14.72 0.12 0.54
0.23 0.23 2.90 2.05 3.12 0.00 0.23
0.12 0.36 4.03 4.28 4.32 0.00 0.18
2015/16


9 78.73 319.61 123.22 271.79 310.10 126.48 84.98

9 5.71 107.10 0.82 50.89 54.43 46.95 12.26

9 73.01 212.51 122.40 220.90 255.67 79.53 72.72

9 51.05 166.30 0.27 85.35 93.86 72.08 51.69

9 32.78 57.00 0.00 41.50 46.60 9.75 33.43

9 18.17 97.00 0.25 39.55 42.77 54.50 18.15

9 0.08 8.80 0.01 4.10 4.20 4.60 0.09

9 18.96 14.86 106.15 103.86 122.05 0.33 17.59

9 17.55 11.50 79.00 79.50 91.70 0.20 16.15

9 0.54 1.95 13.50 14.50 15.33 0.10 0.56

9 0.23 0.22 2.85 1.97 3.05 0.00 0.25

9 0.18 0.36 4.05 4.35 4.39 0.00 0.20
*


5-2

2015/16
8.409.90
short ton=0.907 310.0 350.0
88 1839

27.530.5
20
2015/168


2015/16

5-4

4.
201592015/16
90,291 90,2912014/15
119,000 35,000
2015/16873.46.6
2015/16339.424,959
164.8
13.5%
2015/16799,975
36,7992015/16600
2015/16 450.1
2014/152015/16144.6
26,000 131.8
7,27810
2015/16802,647
17.8%

5.
201592015/16
56.068.0 134
45.8
1,020
32023.0%
56683
915NASS
2014/15
370
2015/16



1839 89

5-5
480



2013/14
91.80 120.46 41.31 110.08 40.87 -0.38 103.00
3.80 12.91 0.01 3.55 10.53 0.29 2.35
88.00 107.55 41.29 106.53 30.34 -0.68 100.65
27.41 57.03 1.36 32.11 26.59 -0.83 27.93
4.20 6.60 3/ 2.35 5.05 0.00 3.40
1.30 4.36 3/ 0.15 4.13 0.00 1.38
9.78 14.04 0.29 5.26 7.76 -0.34 11.42
2.40 4.10 3/ 0.04 4.85 -0.20 1.81
5.80 8.00 0.15 4.20 2.23 -0.15 7.67
11.80 31.00 0.68 23.35 9.26 -0.50 11.37
*
58.77 47.23 37.58 69.98 2.64 0.15 70.81
0.65 0.93 1.04 1.85 0.16 0.03 0.58
50.36 32.75 14.12 34.50 0.03 0.00 62.71
0.55 1.60 0.87 0.85 1.60 0.03 0.53
1.32 2.30 4.25 6.30 0.20 0.00 1.36
2.71 9.50 1.20 10.40 0.51 0.03 2.48
0.54 0.03 2.99 3.05 0.01 0.00 0.50
0.24 3/ 1.55 1.55 0.00 0.03 0.22
1.17 0.12 5.30 5.30 0.00 0.01 1.27
0.49 0.01 3.20 3.20 0.00 0.00 0.50
2014/15

103.00 118.94 36.01 111.53 35.41 0.09 110.91
2.35 16.32 0.01 3.58 11.25 0.16 3.70
100.65 102.62 35.99 107.96 24.16 -0.07 107.21
27.93 52.55 1.70 32.60 20.61 -0.23 29.19
3.40 6.23 3/ 2.46 4.69 0.00 2.48
1.38 4.98 3/ 0.14 4.52 0.00 1.70
11.42 11.02 0.16 4.64 7.05 -0.24 11.14
1.81 2.30 3/ 0.04 2.39 -0.10 1.78
7.67 7.00 0.02 3.60 3.91 -0.15 7.33
11.37 29.50 1.20 24.50 4.00 0.00 13.57
*
70.81 46.94 32.21 70.98 2.60 0.15 76.22
0.58 1.37 0.83 1.85 0.18 0.03 0.73
62.71 30.00 8.28 34.00 0.07 0.00 66.92
0.53 1.63 0.87 0.87 1.62 0.03 0.51
1.36 3.20 3.68 6.40 0.24 0.00 1.60
2.48 10.60 0.90 10.60 0.48 0.03 2.88
0.50 0.02 3.50 3.40 0.01 0.00 0.61
0.22 3/ 1.47 1.45 0.00 0.03 0.21
1.27 0.12 5.40 5.50 0.00 0.01 1.28
0.50 0.01 4.40 4.05 0.00 0.00 0.85
3/
5,000



*


5-2

90 1839

5-5
480




2015/16

9 110.91 108.74 34.24 113.44 34.26 -0.07 106.26

9 3.70 13.43 0.01 3.70 10.20 0.04 3.20

9 107.21 95.31 34.23 109.74 24.06 -0.11 103.06

9 66.92 26.00 5.75 34.00 0.05 0.00 64.62

5-2



1.0635-5

6.
6.0% COMEX20158
233.32248.23
6.0%
1839 91


2005 5.4 3.3 1.3 0.7 2.8 1.6 3.9

2006 5.6 2.7 1.7 3.7 3.0 2.4 5.2

2007 6.5 1.8 2.2 3.3 2.6 2.4 5.5

2008 0.7 -0.3 -1.0 1.1 -0.3 0.2 2.8

2009 -1.6 -2.8 -5.5 -5.6 -4.3 -2.9 0.7

2010 10.6 2.5 4.7 4.1 1.9 2.0 6.5

2011 3.8 1.6 -0.5 3.7 2.0 2.1 3.7

2012 2.1 2.2 1.7 0.4 1.2 0.2 2.3

2013 2.2 1.5 1.6 0.3 2.2 0.7 2.9

2014 3.8 2.4 -0.1 1.6 2.9 0.2 3.3

2012 4
4.6 1.3 0.0 0.1 1.0 0.0 2.2

2013
1
1.4 1.1 0.4 -0.5 1.4 0.1 2.1
2
2.6 0.9 1.4 0.3 2.2 1.1 2.7
3
1.4 1.5 2.2 0.5 2.1 0.8 3.2
4
3.4 2.5 2.3 1.3 2.8 1.0 3.5

2014
1
3.4 1.7 2.4 2.3 2.8 0.7 3.9
2
3.9 2.6 -0.4 1.4 3.1 -0.2 3.4
3
4.3 2.9 -1.4 1.2 2.9 0.2 3.3
4
3.5 2.5 -1.0 1.5 3.0 0.1 2.7

2015
1
3.8 2.9 -0.8 1.1 2.7 0.9 2.5
2
0.5 2.7 0.8 1.6 2.4 1.1 2.2

1.




2.


3.


4.


5.

6.Statistischeo Bundesamt

7.UK National Statistics

8.France INSEE
92 1839




2003 9.1 1.3 3.0 0.5 -0.7 -1.1 5.5

2004 9.3 2.4 4.8 4.3 0.8 1.2 10.4

2005 3.3 3.3 1.4 3.1 -0.7 0.4 6.3

2006 4.8 2.2 4.5 5.3 0.7 1.2 8.4

2007 7.8 2.5 2.8 5.8 0.3 1.2 6.9

2008 -1.1 -3.4 -3.4 0.6 -2.7 -3.1 3.4

2009 -7.9 -11.3 -21.8 -16.4 -8.7 -13.8 -0.1

2010 24.2 5.6 15.6 11.2 3.1 4.9 16.3

2011 4.4 3.0 -2.8 7.0 -0.8 2.4 6.0

2012 -0.2 2.8 0.6 -0.8 -2.7 -2.4 1.4

2013 0.7 1.9 -0.8 -0.1 -0.6 -0.6 0.7

2014 6.4 3.7 2.1 1.4 1.7 -1.1 0.1

2013

10 0.8 2.5 5.4 1.5 2.7 -0.2 4.1

11 -0.2 2.3 4.8 0.8 1.8 1.9 -0.4

12 5.6 2.3 7.2 5.5 1.2 0.6 2.8

2014

1 -1.5 2.1 10.7 2.5 1.8 0.2 -4.5

2 7.4 2.4 7.0 4.6 2.8 -1.2 3.8

3 3.9 3.1 7.4 3.8 2.5 -0.9 3.0

4 5.7 3.3 3.7 -1.8 3.0 -2.4 2.6

5 5.8 3.7 1.0 3.9 1.9 -3.7 -2.0

6 8.6 4.0 3.2 -2.2 0.8 -0.7 0.6

7 6.3 4.8 -0.5 3.5 1.4 0.4 4.0

8 6.9 4.0 -3.0 -5.2 1.4 -0.3 -2.6

9 9.9 3.9 1.0 3.9 0.9 -0.4 2.0

10 9.2 4.1 -0.5 1.4 1.2 -1.2 -3.1

11 6.8 4.7 -3.7 -1.2 1.6 -2.7 -3.5

12 7.8 4.6 -0.1 3.3 1.1 -0.4 1.1

2015

1 7.6 4.5 -2.6 -2.4 1.5 0.9 1.8

2 2.7 3.5 -2.0 -0.3 0.4 1.5 -5.0

3 6.7 2.5 -1.7 4.9 1.1 1.6 0.1

4 1.3 2.1 0.1 1.4 1.0 -0.1 -2.6

5 -3.5 1.3 -3.9 -3.9 1.9 2.4 -3.0

6 -1.2 0.8 2.3 8.3 1.5 0.7 1.4

7 -2.7 1.3 0.0 0.5 0.8 -0.8 -3.2

8 -5.5 0.9 0.2 0.3

1.




2.


3.


4.


5.


6.
1839 93

3



2003 5.0 6.0 5.2 9.7 5.0 8.5 3.6

2004 4.4 5.5 4.7 10.3 4.7 8.9 3.7

2005 4.1 5.1 4.4 11.0 4.8 8.9 3.8

2006 3.9 4.6 4.1 10.0 5.4 8.8 3.4

2007 3.9 4.6 3.8 8.6 5.3 8.0 3.2

2008 4.1 5.8 4.0 7.4 5.6 7.4 3.2

2009 5.8 9.3 5.1 7.7 7.5 9.1 3.6

2010 5.2 9.6 5.1 6.9 7.8 9.3 3.7

2011 4.4 8.9 4.6 5.9 8.1 9.2 3.4

2012 4.2 8.1 4.3 5.4 7.9 9.8 3.2

2013 4.2 7.4 4.0 5.2 7.6 10.3 3.1

2014 4.0 6.2 3.6 5.0 6.2 10.3 3.5

2013

10 4.2 7.2 4.0 5.2 7.1 10.1 3.0

11 4.2 7.0 3.9 5.1 7.2 10.1 3.0

12 4.1 6.7 3.7 5.1 7.1 10.1 3.1

2014

1 4.0 6.6 3.7 5.1 6.9 10.2 3.2

2 4.1 6.7 3.6 5.1 6.7 10.2 3.9

3 4.0 6.6 3.6 5.0 6.6 10.2 3.5

4 3.9 6.2 3.6 5.0 6.4 10.1 3.7

5 3.9 6.3 3.6 5.0 6.3 10.2 3.7

6 3.9 6.1 3.7 5.0 6.2 10.2 3.6

7 4.0 6.2 3.7 5.0 6.0 10.3 3.4

8 4.1 6.1 3.5 5.0 5.9 10.4 3.5

9 4.0 5.9 3.6 5.0 5.9 10.4 3.5

10 4.0 5.7 3.5 5.0 5.8 10.4 3.5

11 3.9 5.8 3.5 4.9 5.6 10.5 3.4

12 3.8 5.6 3.4 4.8 5.5 10.5 3.5

2015

1 3.7 5.7 3.6 4.8 5.5 10.4 3.4

2 3.7 5.5 3.5 4.8 5.5 10.4 3.9

3 3.7 5.5 3.4 4.8 5.5 10.3 3.7

4 3.6 5.4 3.3 4.7 5.6 10.3 3.7

5 3.6 5.5 3.3 4.7 5.6 10.4 3.9

6 3.7 5.3 3.4 4.7 5.5 10.5 3.9

7 3.8 5.3 3.3 4.6 10.7 3.7

8 3.9 5.1 4.5 10.8 3.6

1.




2.


3.


4.


5.
94 1839







2003 2.5 -0.3 3.2 2.3 -0.9 -0.2 0.6 1.0 0.7 1.4 2.1 2.2 3.5

2004 7.0 1.6 3.6 2.7 1.3 0.0 2.9 1.7 1.0 1.3 2.1 6.1 3.6

2005 0.6 2.3 4.9 3.4 1.6 -0.3 3.0 1.5 1.9 2.0 1.7 2.1 2.8

2006 5.6 0.6 2.9 3.2 2.2 0.2 3.5 1.6 2.0 2.3 3.2 1.7 0.9 2.2

2007 6.5 1.8 3.9 2.9 1.8 0.1 3.5 2.3 2.3 2.3 2.1 1.5 1.4 2.5

2008 5.1 3.5 6.4 3.8 4.6 1.4 5.4 2.6 6.8 3.6 4.6 2.8 8.5 4.7

2009 -8.7 -0.9 -2.6 -0.3 -5.3 -1.3 -6.9 0.3 0.5 2.2 -4.7 0.1 -0.2 2.8

2010 5.5 1.0 4.2 1.6 -0.1 -0.7 5.2 1.1 2.7 3.3 2.5 1.5 3.8 2.9

2011 4.3 1.4 6.0 3.1 1.5 -0.3 5.8 2.1 4.7 4.5 4.6 2.1 6.7 4.0

2012 -1.2 1.9 1.9 2.1 -0.9 0.0 2.1 2.0 2.1 2.8 2.3 2.0 0.7 2.2

2013 -2.4 0.8 1.2 1.5 1.3 0.4 -0.6 1.5 1.3 2.6 0.0 0.9 -1.6 1.3

2014 -0.6 1.2 1.9 1.6 3.2 2.7 -1.2 0.9 0.0 1.5 -1.4 0.5 -0.5 1.3

2013

10 -1.8 0.6 0.3 0.9 2.5 1.1 -1.8 1.2 0.8 2.2 -1.3 0.6 -1.4 0.9

11 -0.9 0.7 0.8 1.2 2.6 1.6 -1.6 1.3 0.8 2.1 -0.7 0.7 -0.9 1.2

12 0.0 0.3 1.5 1.5 2.5 1.6 -1.3 1.4 1.0 2.0 -0.2 0.7 -0.4 1.1

2014

1 0.6 0.8 1.7 1.6 2.5 1.4 -1.7 1.3 0.9 1.8 -1.1 0.7 -0.3 1.1

2 -0.4 0.0 1.2 1.1 1.8 1.5 -1.8 1.2 0.6 1.8 -1.7 0.9 -0.9 1.0

3 0.0 1.6 2.0 1.5 1.7 1.6 -1.7 1.0 0.4 1.7 -2.0 0.6 -0.5 1.3

4 0.1 1.7 3.1 2.0 4.2 3.4 -1.3 1.3 0.6 1.7 -1.5 0.7 -0.3 1.5

5 1.1 1.6 2.5 2.1 4.4 3.7 -0.9 0.9 0.5 1.5 -0.8 0.7 0.0 1.7

6 0.8 1.6 2.8 2.0 4.5 3.6 -0.8 1.0 0.3 1.9 -0.4 0.5 0.1 1.7

7 0.9 1.8 2.7 2.0 4.4 3.4 -0.7 0.8 -0.1 1.6 -1.2 0.5 0.2 1.6

8 0.0 2.1 2.3 1.7 4.0 3.4 -0.6 0.8 -0.3 1.5 -1.6 0.4 -0.2 1.4

9 -0.8 0.7 2.2 1.6 3.6 3.3 -0.9 0.8 -0.5 1.3 -1.3 0.3 -0.5 1.1

10 -1.4 1.1 1.7 1.6 2.9 2.9 -0.7 0.8 -0.7 1.3 -0.9 0.5 -0.8 1.2

11 -2.9 0.9 1.1 1.3 2.6 2.4 -1.1 0.6 -0.6 0.9 -1.6 0.3 -0.9 1.0

12 -4.8 0.6 -0.8 0.7 1.8 2.4 -2.3 0.2 -1.1 0.5 -2.3 0.1 -2.1 0.8

2015

1 -7.9 -0.9 -3.2 -0.2 0.3 2.4 -2.6 -0.3 -1.8 0.3 -2.8 -0.4 -3.6 0.8

2 -8.8 -0.2 -3.3 -0.1 0.4 2.2 -2.1 0.1 -1.7 0.0 -1.7 -0.3 -3.6 0.5

3 -8.8 -0.6 -3.4 0.0 0.7 2.3 -1.1 0.3 -1.7 -0.1 -1.2 -0.1 -3.7 0.4

4 -9.1 -0.8 -4.3 -0.1 -2.1 0.6 -0.9 0.5 -1.7 -0.1 -0.9 0.1 -3.6 0.4

5 -9.7 -0.7 -2.9 0.0 -2.2 0.5 -0.4 0.7 -1.6 0.2 -1.0 0.3 -3.5 0.5

6 -9.5 -0.6 -2.5 0.2 -2.4 0.4 -0.5 0.3 -1.6 -0.1 -1.0 0.3 -3.6 0.7
-10.2
7 -0.6 -2.5 0.2 -3.1 0.3 -0.5 0.2 -1.6 0.2 -1.0 0.2 -4.0 0.7
-9.2
8 -0.4 -2.9 0.2 -3.6 0.2 -1.1 0.2 -1.8 0.1 -1.4 0.0 -4.4 0.7

1.




2.


3.


4.


5.
1839 95

5










2003 1,506.0 11.3 1,280.1 13.0 225.9 7,298.2 4.6 12,702.3 8.4 -5,404.1

2004 1,823.7 21.1 1,687.6 31.8 136.1 8,219.9 12.6 14,854.9 16.9 -6,635.0

2005 1,984.3 8.8 1,826.2 8.2 158.1 9,116.9 10.9 16,924.2 13.9 -7,807.3

2006 2,240.2 12.9 2,027.0 11.0 213.2 10,259.7 12.5 19,194.3 13.4 -8,934.6

2007 2,466.8 10.1 2,192.5 8.2 274.3 11,482.0 11.9 20,204.0 5.3 -8,722.0

2008 2,556.3 3.6 2,404.5 9.7 151.8 12,874.4 12.1 21,694.9 7.4 -8,820.5

2009 2,036.7 -20.3 1,743.7 -27.5 293.0 10,560.4 -18.0 16,053.0 -26.0 -5,492.6

2010 2,746.0 34.8 2,512.4 44.1 233.6 12,784.9 21.1 19,691.8 22.7 -6,906.9

2011 3,082.6 12.3 2,814.4 12.0 268.2 14,825.1 16.0 22,658.9 15.1 -7,833.8

2012 3,011.8 -2.3 2,704.7 -3.9 307.1 15,457.0 4.3 23,355.4 3.1 -7,898.4

2013 3,054.4 1.4 2,699.0 -0.2 355.4 15,795.9 2.2 23,290.6 -0.3 -7,494.7

2014 3,137.0 2.7 2,740.3 1.5 396.7 16,205.3 2.6 24,125.5 3.6 -7,920.2

2013

10 267.1 0.7 225.9 -2.9 41.2 1,421.8 6.4 2,104.1 3.2 -682.3

11 257.3 3.4 213.8 -0.5 43.5 1,362.5 4.7 1,936.5 -2.9 -574.0

12 263.8 1.2 241.6 10.0 22.2 1,319.6 0.9 1,874.6 3.1 -555.0

2014

1 242.9 -5.4 213.3 -15.2 29.6 1,265.2 2.8 1,909.7 0.3 -644.5

2 212.8 7.8 197.1 4.8 15.7 1,235.9 0.0 1,750.8 0.0 -514.9

3 277.4 1.9 257.8 7.4 19.6 1,421.8 4.0 1,994.7 6.9 -572.9

4 265.9 6.2 240.5 5.7 25.4 1,338.7 3.4 2,060.4 5.2 -721.7

5 266.5 1.4 213.7 -2.3 52.8 1,381.2 3.8 2,056.1 1.8 -674.9

6 267.9 1.2 249.0 7.4 18.9 1,383.6 2.6 2,030.4 6.9 -646.8

7 267.4 5.7 241.3 9.3 26.1 1,332.0 4.6 2,099.0 3.6 -767.0

8 280.7 9.5 239.7 13.9 41.0 1,374.2 3.6 2,020.0 1.9 -645.8

9 264.1 4.6 228.7 -0.1 35.4 1,333.6 3.8 2,083.8 5.8 -750.2

10 268.8 0.6 222.6 -1.5 46.2 1,454.4 2.3 2,164.4 2.9 -710.0

11 266.4 3.5 224.6 5.0 41.8 1,347.3 -1.1 1,949.8 0.7 -602.5

12 256.1 -2.9 212.0 -12.3 44.1 1,337.5 1.4 2,006.4 7.0 -668.9

2015

1 251.1 3.4 203.3 -4.7 47.8 1,214.0 -4.0 1,855.7 -2.8 -641.7

2 198.6 -6.7 153.0 -22.4 45.6 1,183.5 -4.2 1,673.2 -4.4 -489.7

3 252.7 -8.9 212.1 -17.7 40.6 1,337.8 -5.9 2,031.6 1.8 -693.8

4 234.9 -11.7 187.4 -22.1 47.5 1,285.1 -4.0 1,946.4 -5.5 -661.3

5 256.3 -3.8 202.1 -5.4 54.2 1,282.6 -7.1 1,907.8 -7.2 -625.2

6 230.6 -13.9 208.8 -16.1 21.8 1,309.9 -5.3 2,015.5 -0.7 -705.6

7 235.2 -12.0 199.1 -17.5 36.1 1,241.7 -6.8 1,984.2 -5.5 -742.5

8 239.3 -14.8 199.7 -16.7 39.6
96 1839

5 (1)








2003 4,718.2 13.2 3,933.0 16.5 785.2 7,593.5 22.5 6,107.9 23.7 1,485.6

2004 5,656.7 19.9 4,551.9 15.7 1,104.8 9,120.3 20.1 7,180.6 17.6 1,939.7

2005 5,948.6 5.2 5,158.1 13.3 790.5 9,718.0 6.6 7,756.1 8.0 1,961.9

2006 6,467.4 8.7 5,790.4 12.3 677.0 11,088.9 14.1 9,074.5 17.0 2,014.4

2007 7,142.1 10.4 6,221.4 7.4 920.7 13,221.9 19.2 10,558.5 16.4 2,663.4

2008 7,820.5 9.5 7,625.9 22.6 194.6 14,492.7 9.6 11,857.6 12.3 2,635.1

2009 5,807.2 -25.7 5,519.6 -27.6 287.6 11,206.1 -22.7 9,258.0 -21.9 1,948.1

2010 7,697.7 32.6 6,940.5 25.7 757.2 12,584.0 12.3 10,542.0 13.9 2,042.0

2011 8,225.6 6.9 8,550.0 23.2 -324.4 14,740.4 17.1 12,550.0 19.0 2,190.4

2012 7,986.2 -2.9 8,860.4 3.6 -874.2 14,056.6 -4.6 11,639.4 -7.3 2,417.2

2013 7,146.1 -10.5 8,323.4 -6.1 -1,177.3 14,517.0 3.3 11,914.5 2.4 2,602.5

2014 6,902.0 -3.4 8,122.1 -2.4 -1,220.1 13,341.4 -8.1 10,917.4 -8.4 2,424.0

2013

10 623.9 -4.3 736.4 1.9 -112.5 1,351.2 5.9 1,106.5 3.5 244.7

11 591.1 -4.2 721.5 -1.9 -130.4 1,275.0 6.2 1,033.4 4.9 241.6

12 590.8 -6.8 717.2 0.8 -126.4 1,123.6 9.1 934.8 7.0 188.8

2014

1 505.3 -6.1 774.2 7.3 -268.9 1,232.0 4.8 1,028.5 3.2 203.5

2 567.7 0.1 646.6 -0.5 -78.9 1,259.0 6.8 1,034.5 7.8 224.5

3 624.1 -5.6 765.9 9.6 -141.8 1,323.2 8.2 1,088.4 10.8 234.8

4 591.6 0.1 672.0 -1.3 -80.4 1,291.3 5.6 1,050.1 6.1 241.2

5 550.7 -3.4 640.9 -4.1 -90.2 1,259.6 10.1 1,016.2 4.9 243.4

6 582.1 -6.5 663.8 3.6 -81.7 1,267.9 4.3 1,045.2 5.3 222.7

7 602.4 0.9 696.5 -0.6 -94.1 1,367.4 12.4 1,045.8 4.1 321.6

8 554.1 -6.2 646.7 -6.3 -92.6 1,118.7 -1.0 930.5 -2.4 188.2

9 595.1 -1.1 684.8 -1.7 -89.7 1,321.7 4.8 1,034.4 4.3 287.3

10 618.8 -0.8 687.5 -6.6 -68.7 1,319.5 -2.3 1,035.9 -6.4 283.6

11 532.4 -9.9 609.8 -15.5 -77.4 1,198.8 -6.0 972.1 -5.9 226.7

12 577.6 -2.2 633.4 -11.7 -55.8 1,112.1 -1.0 876.6 -6.2 235.5

2015

1 519.3 2.8 618.5 -20.1 -99.2 1,047.3 -15.0 859.0 -16.5 188.3

2 501.1 -11.7 537.3 -16.9 -36.2 1,087.0 -13.7 863.8 -16.5 223.2

3 575.4 -7.8 556.9 -27.3 18.5 1,166.9 -11.8 914.7 -16.0 252.2

4 547.9 -7.4 552.9 -17.7 -5.0 1,085.2 -16.0 846.1 -19.4 239.1

5 475.6 -13.6 493.9 -22.9 -18.3 1,070.8 -15.0 849.3 -16.4 221.5

6 525.7 -9.7 531.7 -19.9 -6.0 1,188.3 -6.3 914.1 -12.5 274.2

7 540.7 -10.3 562.5 -19.2 -21.8 1,179.2 -13.8 900.8 -13.9 278.4

8 478.2 -13.7 524.5 -18.9 -46.3
1839 97

5 (2)









2003 1,938.2 19.3 1,788.3 17.6 149.9 1,599.6 27.8 1,362.6 17.0 237.0

2004 2,538.4 31.0 2,244.6 25.5 293.8 1,986.3 24.2 1,735.8 27.4 250.5

2005 2,844.2 12.0 2,612.4 16.4 231.8 2,296.5 15.6 2,000.5 15.2 296.0

2006 3,254.6 14.4 3,093.8 18.4 160.8 2,718.1 18.4 2,387.1 19.3 331.0

2007 3,714.9 14.1 3,568.5 15.3 146.4 2,993.0 10.1 2,631.5 10.2 361.5

2008 4,220.1 13.6 4,352.7 22.0 -132.6 3,381.8 13.0 3,197.8 21.5 184.0

2009 3,635.3 -13.9 3,230.8 -25.8 404.5 2,698.3 -20.2 2,457.8 -23.1 240.5

2010 4,663.8 28.3 4,252.1 31.6 411.7 3,518.7 30.4 3,107.9 26.4 410.8

2011 5,554.1 19.1 5,243.5 23.3 310.6 4,095.0 16.4 3,657.7 17.7 437.3

2012 5,478.7 -1.4 5,195.9 -0.9 282.8 4,083.9 -0.3 3,797.2 3.8 286.7

2013 5,596.3 2.1 5,155.8 -0.8 440.5 4,102.5 0.5 3,730.2 -1.8 372.3

2014 5,726.6 2.3 5,255.1 1.9 471.5 4,097.7 -0.1 3,408.3 -8.6 689.4

2013

10 504.8 7.2 456.1 5.1 48.7 383.0 6.4 340.0 2.7 43.0

11 479.1 0.2 431.1 -0.6 48.0 337.7 -1.0 308.9 -5.1 28.8

12 479.8 6.9 443.5 3.0 36.3 332.9 5.6 299.3 0.3 33.6

2014

1 455.6 -0.2 447.5 -1.2 8.1 338.8 0.6 307.8 -4.4 31.0

2 429.1 1.4 420.6 4.0 8.5 318.5 8.6 284.9 4.2 33.6

3 490.6 3.7 455.6 3.6 35.0 351.8 5.6 335.6 13.4 16.2

4 502.7 8.9 458.7 5.1 44.0 367.7 4.1 334.1 4.3 33.6

5 475.8 -1.5 426.1 0.5 49.7 348.4 -1.5 324.3 1.8 24.1

6 478.3 2.4 424.8 4.3 53.5 347.8 4.7 300.7 1.6 47.1

7 482.1 5.2 458.6 5.7 23.5 351.4 0.4 318.5 -1.6 32.9

8 461.1 -0.4 427.9 2.9 33.2 343.2 0.8 288.4 -6.8 54.8

9 474.5 6.3 441.9 7.6 32.6 350.9 -1.5 306.8 -5.0 44.1

10 516.3 2.3 441.0 -3.3 75.3 347.8 -9.2 314.5 -7.5 33.3

11 466.1 -2.7 413.4 -4.1 52.7 315.2 -6.7 264.4 -14.4 50.8

12 494.6 3.1 439.1 -1.0 55.5 316.2 -5.0 282.3 -5.7 33.9

2015

1 451.1 -1.0 394.4 -11.9 56.7 317.0 -6.4 253.7 -17.6 63.3

2 414.8 -3.3 339.2 -19.3 75.6 249.9 -21.5 211.8 -25.7 38.1

3 468.5 -4.5 384.8 -15.5 83.7 325.7 -7.4 263.2 -21.6 62.5

4 462.4 -8.0 377.8 -17.6 84.6 309.9 -15.7 266.4 -20.3 43.5

5 423.3 -11.0 360.8 -15.3 62.5 293.9 -15.7 244.6 -24.6 49.3

6 465.7 -2.6 366.9 -13.6 98.8 304.8 -12.4 268.1 -10.8 36.7

7 457.4 -5.1 388.3 -15.3 69.1 308.0 -12.3 264.2 -17.0 43.8

8 392.4 -14.9 349.7 -18.3 42.7 273.2 -20.4 254.3 -11.8 18.9

1.



2.WTO
98 1839





()


2006 32.53 1.2545 1.8426 1.245 1.1344

2007 32.84 1.3687 2.0017 1.194 1.0741

2008 31.52 1.4648 1.8532 1.079 1.0670

2009 33.05 1.3892 1.5645 1.086 1.1431

2010 31.64 1.3244 1.5461 1.038 1.0302

2011 29.46 1.3901 1.6036 0.873 0.9895

2012 29.61 1.2849 1.5853 0.933 0.9992

2013 29.77 1.3277 1.5645 0.924 1.0298

2014 30.37 1.3277 1.6467 0.917 1.1065

2013

11 29.59 1.3493 1.6079 0.905 1.0481

12 29.81 1.3704 1.6375 0.890 1.0640

2014

1 30.26 1.3610 1.6474 0.905 1.0939

2 30.38 1.3659 1.6541 0.881 1.1055

3 30.45 1.3823 1.6624 0.884 1.1111

4 30.27 1.3813 1.6738 0.880 1.0991

5 30.18 1.3732 1.6850 0.894 1.0896

6 30.04 1.3592 1.6904 0.892 1.0843

7 30.00 1.3539 1.7072 0.909 1.0890

8 30.04 1.3316 1.6703 0.917 1.0927

9 30.15 1.2901 1.6297 0.917 1.1012

10 30.43 1.2673 1.6066 0.962 1.1212

11 30.79 1.2472 1.5776 0.966 1.1326

12 31.45 1.2331 1.5646 0.993 1.1529

2015

1 31.69 1.1621 1.5137 0.921 1.2143

2 31.57 1.1350 1.5327 0.951 1.2505

3 31.53 1.0838 1.4979 0.971 1.2619

4 31.13 1.0779 1.4946 0.941 1.2331

5 30.72 1.1150 1.5475 0.940 1.2179

6 31.11 1.1213 1.5555 0.935 1.2361

7 31.34 1.0996 1.5557 0.964 1.2886

8 32.39 1.1139 1.5599 0.968 1.3143

8
-3.22 1.30 0.27 -0.41 -1.96
%


8
-7.26 -16.35 -6.61 -5.27 -16.86
%

1.


1




2.



CEIC

LBMA

1839 99

6 ()








(
( )

2006 0.7530 116.30 1.5889 7.7678 954.79 603.77

2007 0.8368 117.75 1.5071 7.8014 929.26 695.39

2008 0.8388 103.36 1.4149 7.7868 1,102.05 871.96

2009 0.7799 93.57 1.4545 7.7518 1,276.93 972.35

2010 0.9173 87.78 1.3635 7.7692 1,156.06 1,224.52

2011 1.0315 79.81 1.2578 7.7840 1,108.29 1,571.52

2012 1.0354 79.79 1.2497 7.7564 1,126.47 1,668.60

2013 0.9654 97.60 1.2513 7.7560 1,094.85 1,411.23

2014 0.9020 105.81 1.2670 7.7542 1,052.28 1,266.08

2013

11 0.9331 99.79 1.2474 7.7520 1,062.70 1,275.82

12 0.8983 103.41 1.2588 7.7530 1,056.10 1,222.76

2014

1 0.8862 103.94 1.2725 7.7570 1,065.80 1,244.80

2 0.8966 102.16 1.2667 7.7570 1,070.97 1,300.98

3 0.9071 102.27 1.2674 7.7610 1,070.69 1,336.08

4 0.9313 102.56 1.2557 7.7540 1,042.75 1,299.00

5 0.9309 101.79 1.2517 7.7520 1,023.99 1,287.53

6 0.9367 102.05 1.2514 7.7510 1,018.70 1,279.10

7 0.9392 102.78 1.2430 7.7500 1,020.60 1,310.97

8 0.9303 102.96 1.2485 7.7500 1,024.61 1,295.99

9 0.9062 107.24 1.2628 7.7520 1,035.80 1,238.82

10 0.8784 108.06 1.2738 7.7570 1,060.91 1,222.49

11 0.8650 116.21 1.2956 7.7540 1,097.11 1,176.30

12 0.8243 119.31 1.3155 7.7540 1,103.60 1,200.94

2015

1 0.8061 118.31 1.3374 7.7530 1,088.48 1,251.85

2 0.7790 118.56 1.3544 7.7540 1,098.38 1,227.19

3 0.7731 120.39 1.3771 7.7570 1,113.05 1,178.63

4 0.7726 119.55 1.3500 7.7500 1,085.90 1,197.91

5 0.7902 120.69 1.3347 7.7520 1,093.03 1,199.05

6 0.7722 123.75 1.3457 7.7520 1,112.44 1,181.50

7 0.7423 123.24 1.3608 7.7510 1,144.13 1,130.04

8 0.7295 123.16 1.3981 7.7527 1,179.71 1,117.48

8
-1.72 0.07 -2.67 -0.02 -3.02 -1.11
%


8
-21.58 -16.40 -10.70 -0.03 -13.15 -13.77
%

1.


1




2.

CEIC

LBMA

100 1839

7






2003 1.38 3.43 2.00 4.00 0.10 1.38 2.00 2.13 3.50 3.75 6.20

2004 1.75 3.52 3.25 5.25 0.10 1.38 2.00 2.17 5.00 3.25 5.52

2005 2.25 3.85 5.25 7.25 0.10 1.38 2.25 2.41 5.00 3.75 5.74

2006 2.75 4.12 6.25 8.25 0.40 1.63 3.50 3.64 5.50 4.50 6.19

2007 3.38 4.31 4.75 7.25 0.75 1.88 4.00 4.71 6.50 5.00 7.08

2008 2.00 4.21 0.50 3.25 0.30 1.68 2.50 2.99 5.50 3.00 6.89

2009 1.25 2.56 0.50 3.25 0.30 1.48 1.00 0.48 1.00 2.00 5.81

2010 1.63 2.68 0.75 3.25 0.30 1.48 1.00 0.81 1.00 2.50 5.40

2011 1.88 2.88 0.75 3.25 0.30 1.48 1.00 1.14 1.00 3.25 5.69

2012 1.88 2.88 0.75 3.25 0.30 1.48 0.75 0.11 1.00 2.75 4.84

2013 1.88 2.88 0.75 3.25 0.30 1.48 0.25 0.21 1.00 2.50 4.52

2014 1.88 2.88 0.75 3.25 0.30 1.48 0.05 0.02 1.00 2.00 3.91

2013

10 1.88 2.88 0.75 3.25 0.30 1.48 0.50 0.13 1.00 2.50 4.46

11 1.88 2.88 0.75 3.25 0.30 1.48 0.25 0.13 1.00 2.50 4.50

12 1.88 2.88 0.75 3.25 0.30 1.48 0.25 0.21 1.00 2.50 4.52

2014

1 1.88 2.88 0.75 3.25 0.30 1.48 0.25 0.22 1.00 2.50 4.53

2 1.88 2.88 0.75 3.25 0.30 1.48 0.25 0.22 1.00 2.50 4.45

3 1.88 2.88 0.75 3.25 0.30 1.48 0.25 0.23 1.00 2.50 4.46

4 1.88 2.88 0.75 3.25 0.30 1.48 0.25 0.25 1.00 2.50 4.42

5 1.88 2.88 0.75 3.25 0.30 1.48 0.25 0.26 1.00 2.50 4.40

6 1.88 2.88 0.75 3.25 0.30 1.48 0.15 0.15 1.00 2.50 4.40

7 1.88 2.88 0.75 3.25 0.30 1.48 0.15 0.10 1.00 2.50 4.39

8 1.88 2.88 0.75 3.25 0.30 1.48 0.15 0.09 1.00 2.25 4.18

9 1.88 2.88 0.75 3.25 0.30 1.48 0.05 0.02 1.00 2.25 4.14

10 1.88 2.88 0.75 3.25 0.30 1.48 0.05 0.01 1.00 2.00 4.00

11 1.88 2.88 0.75 3.25 0.30 1.48 0.05 0.01 1.00 2.00 3.88

12 1.88 2.88 0.75 3.25 0.30 1.48 0.05 0.02 1.00 2.00 3.91

2015

1 1.88 2.88 0.75 3.25 0.30 1.48 0.05 0.01 1.00 2.00 3.90

2 1.88 2.88 0.75 3.25 0.30 1.48 0.05 0.00 1.00 2.00 3.86

3 1.88 2.88 0.75 3.25 0.30 1.48 0.05 -0.01 1.00 1.75 3.61

4 1.88 2.88 0.75 3.25 0.30 1.48 0.05 -0.03 1.00 1.75 3.36

5 1.88 2.88 0.75 3.25 0.30 1.48 0.05 -0.05 1.00 1.75 3.56

6 1.88 2.88 0.75 3.25 0.30 1.48 0.05 -0.06 1.00 1.50 3.49

7 1.88 2.88 0.75 3.25 0.30 1.48 0.05 -0.07 1.00 1.50 3.43

8 1.88 2.88 0.75 3.25 0.30 1.48 0.05 -0.09 1.00 1.50 3.44







1.




2.


3.


4.


5.

6.ECB Monthly Bulletin
1839 101

1.

WB
WB
2008


WB


1991
2013


15


70%

Kaushik Basu
WB


21%

2.4%
2.3%


23.3


58.7

8
4.4

ADB

ADB


ADB
102 1839


Fed


Fed
9


1
6 8
14

3.1%

6.3%
10.7% 4.5%


3
8.3
6
8.6

GDP


3
GDP 57.7%
6
59.5%

9,580

1.4


2015

2015


6

1,863

12
2014 6%
2008
19%

2014

785
2012
897

Fed




ADB

2015
9
16

OECD
OECD
Interim Economic Outlook

1839 103



Catherine L. Mann
OECD

2015
OECD 2.4%
2016
2.6%
2015

2.4%
2016
2.3%
2015
1.1%
2016
2.1%
2015
2016
0.6%
1.2%

2015
2016
1.6%
1.9%

2015
2016
1.6%
2.0%

2016
2015 1.0%
1.4%
2015
2016

0.7%
1.3%

2015
2016
6.7%
6.5%

7.2%
7.3%
2015
2.8%
2016

0.7%


OECD


Fed


OECD

104 1839


OECD
2015
9
16

ADB

ADB

2015
2016


2015



ADB

2016
2015 GDP
5.8%
6.0%
3
6.3%


ADB



2015
1.9%
3
2.2%

2015
8

2015
6.8%

2014
7.2% 7.3%

2015

7.4%
7.8%

2015
4.4%
2016
4.9%


2014
3.0%
2.3%
2016

1839 105






65%


ADB
2015
9


22

2.

9
2015 14
25
1
/
120.18
0.03%

0.8938
/ 0.22%
/
0.6534
0.38%

0.9712
/ 0.47%
1

9
14
18
9
21
25


2-1

8

CPI
2015

0.1%
CPI
0.1%

9
21

3
GDP

10


2%

9


17
13
8
531

4.8%
551 7
-2%

8
5.7%
2008
2

GDP
3.7%
3.9% PCE
3.6%

3.2%
3.1%

9
7



16
9
1
AA-

106 1839


A+

2%

7
0.6%
0.3%
1.9%

0.7%

9
23

9
20

8
CPI

1%


1.2%
1.2%


0.9%
8

9
18

3

8
2015
3

2015
9
11

1,101.25

2015
9
25
1,146.65

45.40

1,101
1,155



2015
9
14
9
27

1839 107

2-1

(1)
(2) (2)
(1) %


9/25
9/21 9/18
9/14 +
-

120.18 120.32 -0.1147
0.8938 0.8843 +1.0731
0.6534 0.6464 +1.0813
0.9712 0.9715 -0.0329
1.3266 1.3233 +0.2509
1.4198 1.3973 +1.6054
1.4152 1.4037 +0.8179
7.7500 7.7500 -0.0008
1183.78 1175.00 +0.7476
32.644 32.462 +0.5607

CEIC 2015 9 27

2-2



10 1.114 0.619 0.698 1.036 1.046 1.404 93.080 7.754 1,163.65 31.950
11 0.976 0.644 0.771 0.937 1.017 1.295 76.980 7.766 1,158.50 30.270
12 0.962 0.615 0.758 0.916 0.996 1.221 86.640 7.751 1,063.24 29.050
13 1.120 0.603 0.726 0.890 1.064 1.262 105.250 7.754 1,055.25 29.830
14 1.224 0.642 0.826 0.993 1.160 1.324 119.850 7.753 1,090.89 31.600
14 -05 1.076 0.597 0.733 0.894 1.087 1.254 101.770 7.752 1,020.30 30.010
14 -06 1.062 0.588 0.734 0.892 1.068 1.250 101.390 7.752 1,013.30 29.870
14 -07 1.075 0.592 0.747 0.909 1.089 1.247 102.750 7.750 1,027.75 30.060
14 -08 1.070 0.603 0.760 0.917 1.086 1.249 104.000 7.750 1,013.85 29.880
14 -09 1.070 0.603 0.760 0.917 1.086 1.249 104.000 7.750 1,013.85 29.880
14 -10 1.138 0.625 0.798 0.962 1.127 1.285 112.090 7.755 1,073.07 30.450
14 -11 1.173 0.639 0.804 0.966 1.143 1.304 118.700 7.755 1,112.06 30.990
14 -12 1.224 0.642 0.826 0.993 1.160 1.324 119.850 7.753 1,090.89 31.600
15 -01 1.288 0.666 0.886 0.921 1.272 1.354 117.440 7.753 1,104.30 31.750
15 -02 1.280 0.648 0.893 0.951 1.251 1.361 119.720 7.756 1,100.65 31.440
15 -03 1.311 0.673 0.931 0.971 1.268 1.372 119.960 7.754 1,107.71 31.240
15 -04 1.271 0.652 0.896 0.941 1.212 1.326 119.860 7.751 1,076.74 30.640
15 -05 1.306 0.654 0.910 0.940 1.247 1.348 123.980 7.754 1,111.99 30.810
15 -06 1.298 0.636 0.897 0.935 1.247 1.347 122.100 7.751 1,117.34 30.880
15 -07 1.364 0.640 0.907 0.964 1.305 1.369 123.940 7.751 1,159.70 31.590
15 -08 1.408 0.651 0.893 0.968 1.322 1.412 121.260 7.750 1,182.54 32.490
15 -09 18 1.385 0.642 0.880 0.961 1.315 1.396 119.850 7.750 1,164.13 32.310
15 -09 25 1.426 0.659 0.893 0.976 1.332 1.423 120.740 7.750 1,190.14 33.070
CEIC

108 1839

2-3 3
/GDP

2006 5.360 5.320 0.568 3.723 2.103

2007 4.703 5.994 0.895 4.679 2.757

2008 1.425 2.770 0.833 2.894 0.662

2009 0.251 0.605 0.251 0.655 0.252

2010 0.303 0.758 0.188 0.937 0.170
BIS
9
13

2011 0.581 1.080 0.196 1.292 0.052

2012 0.306 0.515 0.176 0.129 0.012

2013 0.246 0.525 0.148 0.266 0.023


2014 0.256 0.564 0.112 0.059 -0.063
14 -05 0.227 0.531 0.135 0.287 0.012
14 -06 0.235 0.552 0.133 0.174 0.008
/GDP
--
14 -07 0.239 0.560 0.130 0.177 0.018
14 -08 0.234 0.560 0.128 0.126 0.018
/GDP 14 -09 0.235 0.565 0.116 0.057 0.006
14 -10 0.232 0.553 0.112 0.062 0.015
10% 14 -11 0.234 0.553 0.106 0.062 0.001
14 -12 0.256 0.564 0.112 0.059 -0.063
15 -01 0.253 0.563 0.104 0.032 -0.854
15 -02 0.262 0.564 0.096 0.025 -0.850
15 -03 0.271 0.570 0.101 0.018 -0.814
15 -04 0.279 0.569 0.094 -0.008 -0.794

15 -05 0.284 0.567 0.096 -0.016 -0.788


25.4% 15 -06 0.283 0.579 0.099 -0.012 -0.789
15 -07 0.309 0.582 0.096 -0.017 -0.739

15 -08 0.329 0.587 0.089 -0.030 -0.724


16.6% 15 -09 18 0.319 0.586 0.078 -0.040 -0.727
15 -09 25
15.7% 0.326 0.583 0.084 -0.041 -0.727
CEIC

10%
/GDP
3


BIS

BIS

2009
3


9
2015 13

1839 109


FOMC

9
21

Phil Camporeale
10

2015 0.25%
2016
0.50% 1.50%
2015
12
Jan Hatzius
10

10

10
10
12

16% 42% 2016 1
52% 2015
9
22


9
21
25
69.91
0.4%
16,314.67
500
26.69
1.4%
1,931.34
140.73
2.9%
4,686.50
8

/
%/



+4.90
/+0.1%/6,109.00


DAX

-227.63 /-2.3%/9,688.53 -55. 19
/-1. 2%/4,4 80. 66 225
-189.70
/-1.0%/17,880.51


GDP

3.9% 9
Markit

8
53 2%
8
4.8%
531

5.7%
7
7
/
20

5.0%

500
0.7%


8.6%
6.8%

110 1839

2-4


DAX
225 100

09
2015 21
16,510.19 21,756.93 6,108.70 9,948.51
09
2015 22
16,330.47 21,796.58 5,935.80 9,570.66
09
2015 23
16,279.89 21,302.91 6,032.20 9,612.62
09
2015 24
16,201.32 17,571.83 21,095.98 5,961.50 9,427.64
09
2015 25
16,314.67 17,880.51 21,186.32 6,109.00 9,688.53

(1)
(2015 09 16,384.58 18,070.21 21,920.83 6,104.10 9,916.16
18 )

(+)
(2) (-) -69.91 -189.70 -734.51 +4.90 -227.63
(%)
(3) -0.4 -1.0 -3.4 +0.1 -2.3

2015 9 19 2015 9 26

16%
Mosaic

Williams
CONSOL Energy

Atmel
3.4% Dialog Semiconductor
46 Red
Hat iPhone 6s
Lam Research
12%


8.7%
4
1

Joy Global
14.5%
3.3%


BorgWarner
5%

9
Markit

52.3
52.0
52.5
9
IFO

108.5
9


1.1%

9
2015 30

1839 111

2-1

DRI Asia Database.


112 1839

6.0%

4.1%


6.6%

-53.10
/-2.7%/1,942.85


-13.49
/-1.0%/1,376.83

BSE30 -355.41

/-1.4%/25,863.50

/
%/

-734.51
/-3.4%/21,186.32

-4 6 . 9 5
/-1.6%/2, 832 .6 4 -214. 36 /-3.0%/6, 917 .55
-54.4 4 /-3 .3 %/1,615 .01
-170 .88 /-3. 9%/4,20 9.4 4 2015
9
30

3.

UN


57%

2014
29
32

43%



35%

48

90%

10

1839 113

98.5%
94%
98%

98.2%


96.3%
96%





46.8%

46%

79

10

2%
1.7%


1.6%



1.4%



1.1%
1.0%

2015
UN 9
21

ADB

ADB


ADB



30%


1990
56%
2013
49%








114 1839

ADB
2015
9
22

OECD

OECD
2015 International Migration Outlook
Policy Brief on the
OECD
Refugee Crisis

Angel Gurria
OECD

FRONTEX
8
50

28
2014 2015
100
45
Humanitarian migrant


Gurria


OECD




OECD
2015
9
22

1839 115

4.

9
14
18


Brent
14
48.02
18
49.17
WTI
14

44.0
16
47.15
18

44.68
(1) Genscape

180
Brent

(2) 40
(3)

EIA 9
11
210


2014
190 2
(4) 6

EIA
4
961.2

31.6
6
(5) Baker Hughes


8
3
7

(6) OPEC


(7) OPEC
5
2020
80
OPEC


9
21
25

Brent
21
48.36
25
47.96
WTI

21
46.68
25
45.70
(1) 2015
25
(2) Wood Mackenzie
50
1.5

(3) Colonial


85

(4) EIA

140

5,900

2011



(5) Baker
4
Hughes


9
21
25

OPEC

Brent
WTI
Fateh
116 1839

43.83

47.43

45.74


44.47 9
14
18


-0.84%

0.68%
0.21% -0.09%
4-1
2015
9
30

4-1
/
9/14
9/18 9/21
9/25
2 1 %


44.20 43.83 -0.8
OPEC7
4
Brent
47.33 47.43 0.21
WTI
45.43 45.74 0.68
Fateh 44.51 44.47 -0.09

Petroleum Intelligence Weekly 2015 9 30

4-1 2015/5/8 2015/9/25


90
85
80
75
70
65

60
55
50

45
40
35
30
5/8 5/22 6/5 6/19 7/3 7/17 7/31 8/14 8/28 9/11 9/25

Energy I nf ormati on A d mi ni st rati on U.S. D ept . of E nergy.


htt p://w w w .eia. doe.gov/ e meu/i nt ernati onal/ Crude1.x ls



Islamic State
2016

9
6

2015 400
Eni SpA
OPEC
1839 117

Lukoil Holdings


Royal

Dutch Shell PLC BP PLC

2016

Abdul Mahdy al-Ameedi



Iraqi State Organization for the Marketing of Oil

8

7
10
38
7
6
49

53

2016
Rumaila


210





Wall Street Journal

9
2015 14

10
2015


INE
2015


OPEC

2015
8

118 1839


Brent WTI Brent
IntercontinentalExchange
WTI

CME
100
Brent

WTI
1,000


Dubai
Owain Johnson
Mercantile Exchange

90% PetroChina
ChinaOil





Owain

Johnson
Financial Times
2015
9
16

11


11
12


50
Ali Kardor
National Iranian Oil Company 2016
100


Kardor
Kardor


OPEC
2016


7


Ali Kardor
1839 119

Kardor

100


Kardor

3
4


OPEC
12

300

400


2015
12
2016
2
Wall Street Journal
2015
9
24

5.


9
21
25

RJ/CRB


Reuters
BCOM
194.67
87.96
2,219.11
9
14
18

1.0%
0.81%
0.87%
5-1

2015
9
25
18

(1) 8
120



(2)

40%


(3) 17





(4)
19

(5)

Atlatsa Resources
9
16
Bokoni

120 1839

5-1


RJ/CRB BCOM Reuters
(1967=100) (1991=100) (9/18/1931=100)

2012 295.01 139.07
(6)
2013
280.17 125.75
18
2014 299.96 104.33 2,393.82
09
2014 278.55 118.69

10 271.96 117.74 2,410.93
7 4,140 11 254.37 112.95 2,417.69
12 299.96 104.33 2,393.82
4,240
01
2015 218.84 100.84 2,341.87
30.5 3 02 224.08 103.44 2,357.73
03 211.86 98.12 2,370.47


04 227.48 103.75
2005 05 223.18 100.95 2,379.12

06 227.17 102.69 2,451.80
07 202.57 91.78 2,302.21
(7) 08 202.09 90.93
09
2015 14 195.80 88.57 2,223.46
09 15 196.02 88.57 2,220.44
Impala 09 16 198.98 89.46 2,256.34
Platinum Holdings Ltd., 09 17 198.22 89.03 2,251.08
09 18 194.18 87.73 2,241.87
Implats Johan
09 21 196.85 88.56 2,227.72

Theron 09 22 194.82 87.67 2,215.75
09 23 192.38 87.19 2,214.21
1,600
09 24 193.58 87.87 2,202.67
09 25 195.71 88.49 2,235.20

(1)
(8) 194.67 87.96 2,219.11
09/21-09/25

(2)
196.64 88.67 2,238.64
09/14-09/18
Volkswagen


(2)
(1) % -1.00 -0.81 -0.87
R J / C R B = R e u t e r s / J e f f e r i e s C R B I n d e x
B COM =B loo mberg
Commodity Index Reuters=
1,100

5-2 LME
2015/ 0 9/ 14 2 015/ 09/ 25



15/09/18
15/09/25


12,740 12,340 -400
2.0 3,232,950 3,189,425 -43,525


335,200 325,275 -9,925
164,975 164,900 -75

453,000 454,812 1,812
5.15 5,140 5,100 -40
1,146.65 608,875 595,600 -13,275
LME

1839 121

0.27
0.45% 14.99
1.77%

9455.0
43.0 4.35%
61.0
672.0

9.98%
5-3


2015
9
25
18



(1) 8


8
6.1%

6.4%
(2) Alcoa Inc.

88.7
Suralco 11


30 (3)
AETI
JabinSufianto

2016
50,000~60,000
2015
6.5

11
1

(4)
Glencore
7


100



(5)
PT Timah

Agung Nugroho


(6) 17
80

(7) Rio
Craig Kinnell
Tinto 42

Oyu Tolgoi

(8) 8

12%


8
115%
20,615
(9) LME
6
1,475

(10)
Glencore
7

40
LME
5%
(11) LME
8


40%

1.83%
15,325.0
0.61%
9,820.0
0.53%
1,681.0
3.09%

1,645.5
3.57%
1,566.5
4.85%

5,098.0
5-3

122 1839

5-3


/
/
09 1,104.00 16.99 1,466.0 402.0 2,208.0 7,346.0 2,395.0 18,480.0 16,725.0 2,570.0
10 1,410.25 30.63 1,731.0 791.0 2,461.0 9,739.5 2,587.0 24,960.0 26,945.0 2,432.5
11 1,574.50 28.18 1,381.0 636.0 1,970.5 7,554.0 1,980.0 18,280.0 18,950.0 1,828.0
12 1,664.00 29.95 1,523.0 699.0 2,040.0 7,915.0 2,340.0 17,085.0 23,500.0 2,034.5
13 1,201.50 19.50 1,358.0 711.0 1,764.5 7,394.5 2,206.0 13,970.0 22,550.0 2,085.5
14 1,199.25 15.97 1,210.0 798.0 1,831.5 6,359.0 1,853.0 14,935.0 19,500.0 2,167.0
14-07 1,310.97 20.92 1,492.7 871.7 1,945.4 7,104.5 2,189.3 19,050.4 22,382.8 2,311.0
14-08 1,295.99 19.80 1,447.9 875.8 2,030.2 7,000.6 2,236.6 18,575.8 22,294.0 2,329.2
14-09 1,238.82 18.49 1,362.4 841.8 1,992.5 6,872.2 2,122.3 18,079.3 21,124.5 2,294.0
14-10 1,222.49 17.19 1,259.8 778.3 1,938.2 6,739.2 2,038.1 15,770.4 19,909.1 2,272.7
14-11 1,176.30 15.97 1,208.9 780.8 2,053.9 6,701.1 2,023.7 15,706.3 19,969.0 2,259.4
14-12 1,200.94 16.24 1,215.7 805.5 1,913.2 6,423.0 1,936.1 15,918.6 19,825.7 2,171.7
15-01 1,251.85 17.10 1,243.5 784.3 1,808.4 5,815.8 1,829.2 14,771.0 19,463.1 2,110.6
15-02 1,227.19 16.84 1,197.6 786.3 1,821.9 5,689.8 1,807.1 14,541.6 18,302.1 2,104.7
15-03 1,178.63 16.22 1,138.6 786.3 1,772.6 5,925.8 1,785.0 13,745.7 17,460.5 2,029.0
15-04 1,197.91 16.32 1,150.1 768.8 1,817.1 6,028.5 1,999.8 12,782.8 15,985.5 2,206.9
15-05 1,199.05 16.80 1,140.3 784.4 1,805.1 6,300.6 2,003.8 13,509.5 15,827.4 2,289.6
15-06 1,181.50 16.10 1,088.8 726.8 1,683.5 5,833.6 1,836.3 12,779.8 15,015.2 2,087.5
15-07 1,130.04 15.07 1,012.4 642.6 1,638.1 5,456.9 1,762.3 11,385.9 14,962.0 2,002.1
15-08 1,117.48 14.94 983.2 595.4 1,539.8 5,088.9 1,692.9 10,342.3 15,228.5 1,809.9
15-09 18
1,141.50 15.26 988.0 611.0 1,624.5 5,358.0 1,690.0 9,760.0 15,050.0 1,698.0
15-09 25
1,146.65 14.99 945.0 672.0 1,566.5 5,098.0 1,681.0 9,820.0 15,325.0 1,645.5
LBMA
LPPM
LME

5-4

/ / / / / / /
Metricton lbs lb lb bushel bushel bushel
09 3,289 135.95 26.95 75.60 10.40 5.42 4.15
10 3,035 240.50 32.12 144.81 13.94 7.94 6.29
11 2,109 226.85 23.30 91.80 11.99 6.53 6.47
12 2,236 143.80 19.51 75.14 14.19 7.78 6.98
13 2,709 110.70 16.41 84.64 13.13 6.05 4.22
14 2,910 166.60 14.52 60.27 10.19 5.90 3.97
14-07 3,142 171.14 17.13 69.44 12.61 5.38 3.83
14-08 3,217 187.57 15.89 65.00 11.78 5.46 3.59
14-09 3,131 185.80 14.60 66.12 10.04 5.00 3.35
14-10 3,061 205.05 16.48 63.90 9.65 5.11 3.49
14-11 2,871 188.18 15.88 61.13 10.32 5.42 3.73
14-12 2,937 174.97 14.99 60.86 10.31 6.15 3.96
15-01 2,872 169.24 15.06 59.32 10.00 5.44 3.88
15-02 2,894 156.68 14.48 63.17 9.94 5.16 3.88
15-03 2,836 136.95 12.84 62.54 9.81 5.07 3.86
15-04 2,829 139.17 12.92 65.05 9.72 5.03 3.77
15-05 3,051 132.62 12.70 65.13 9.54 4.92 3.61
15-06 3,197 132.51 11.95 64.82 9.59 5.21 3.67
15-07 3,276 125.62 11.88 65.57 9.99 5.47 4.09
15-08 3,107 127.32 10.67 65.14 9.21 5.01 3.74
15-09 18
3,311 118.35 11.70 59.85 8.67 4.87 3.77
15-09 25
3,276 122.70 12.41 60.64 8.89 5.08 3.89
CBOT
NYBOT
CSCE

1839 123

2015
9
25
18

9
168
100

48.768

11

10
10
150

26
2015/16





5-4

2015
9
30

80

PT Timah

Agung Nugroho

80

1,600

80
50
90%
750


Adhi
Timah
Wibowo

ITRI

2015
88,000
78,000

AETI
Jabin Sufianto

2016

50,000~60,000
6.5

Sufianto


11
1

2015
9
16

124 1839

80

19

Balvinder
2~3
Kumar 80

Karnataka
Kolar
39

1,000

2015
8
120

3

Hutti Gold Mines Limited


9
10

GMS


SGB


MINING.com
2015
9
16

8.3

Aurora Williams

50,000

20


100





2015
9
22

1839 125

6.


40
10

Obama


12

Kevin McCarthy
Houston-area Chamber of Commerce
9


McCarthy



Josh Earnest


McCarthy

Wall Street Journal


2015
9
15

2015
6
17
15
2015

17
2015
13

2015

126 1839

2008
12

2015


8
5.1%


3
2.0%



2015

2.0%



17
27.0%
12

64.0%

17
13
2015

6 17 15 2015 2015
2015
6
0.625% 0.375% 2016 6 1.625%
2017
1.375% 6
2.875%
2.625%

3.5%
3.75%
2015
2016


1.8%~2.2%
6
2.0%~2.3%

2015
5.0%
2016
4.8%
5.3%


5.1%


2018
1839 127


2.0%

9




Wall Street Journal
2015
9
16

25


2015

2015


25

8
GDP

GDP

2.6%
1.9%



2015 2.6%
2.4%


2016
0.5%
0.6%



9
9






2.6%
2015 0.1

2015
9 25

4.4%
1990 2016


1931

7.5%
2015
9.6%
2015
25.0%


7.5%
11.7%

Baa3
Baa3

2015

12.0%

7.5%
2010
25
CNNMoney

Petrobras

2015

128 1839

2015

29.7%


2015
Petrobras

2015
6

20

2006

9
2015 17

8


NAR
8

531
4.8% 551

Lawrence Yun
NAR
8

8
22.9
4.7%

2014
8
7.1%

2015
9
21

141

79

42

51
57


62

68


132


2015
9
11

1839 129

85.7

85.7
2015



Fed

85.7
6,950

100
24.6


21.8

21.1


14.3
2015
9
19
21

7.

ESMA

EIOPA
EBA

2007
2009

ESMA
Steven Maijoor

2013
2014
2020

Reuters
2015
9
14

Cecilia Malmstrom


130 1839

-

investor-state dispute settlement, ISDS
10



ISDS
Cecilia Malmstrom

Wall Street
2015
Journal 9
16

BOE
Andrew Haldane




2015


8
1


Andrew Haldane

Reuters
2015
9
18

85%


2015 EU
85%




15%
21.3



15%
1839 131

8%


100
3,317
100
2,026
100
1,467
100
997
2015
9
18

Aa2
Aa2

10

1.5%

Michel Sapin

2015
9


18


2015
5

10%

1,200

5%
1.5%
19.5%
60%

2015
9
23

132 1839

IMF
2014
1


1.1


2009


IMF


2014

40%
2014
35%







2015
9
24

9
24

1%
8
0.75% 27

0.5%

2016
2017

12


2016
3



2015
9


25

8.

8

8
10
1839 133

500

IT
8

2016

2012
3
5

8


212

2014


2012
3
5
10





5
8


130


13,000

2014

2016

134 1839

60

2020
2014
400

2015
9
10

911

9
11

9
30



26

3


3
3


Temp


White color

exception

9
2015 12

1839 135


9
14





9 16 2016
2016
4


LED

2000


136 1839

2015
9
15

2017
4
10%

2%

4,000
4,000

9
8




2017
4
10%

9
15

4,000

1

22


4,000

12,000



2%

10%


10%

1839 137

10%
9
15

10%
8%


2015
10
6,000

10%



2015

2015
9
16

9.

2015
8
7

8
6.1%

7
0.1

2014
8
7
2.1

6.9%

2015
7
8

138 1839

8
8
8
0.2



10.4%

8
7
0.3

8

18.4% 7
0.2 7.5

5.7
2014

8
2.7%
7
0 .3


4

17%
0.7

2015
9
15

5 93,000

9
11
14
5
3




1489. 53



13
9 3,000

1839 139


1,180.42

155.3

92

57.05

4.76
2015
9
15

19

2016

9
2015 21

2015
2014

7

140 1839

2008
10
2014
120

100
2015
5

1.5
8

460


2020
2,000


42%


2010
2013

1%



80%

1994

28

5
3
1839 141





11%

2013
21


CFIUS


CFIUS





2015
9
22

9
14

2015

110

7
2014
142 1839

2015


3
2015

5
30%

2015
9
25

2015

42
2015

10
26
6

42

2
5
10
16

10

1839 143

1
25

1

6
2015
2

3
2015
2
9
10

26
2015

26
10 19




2015

1
2

2015

7%

2015
9
16

71


122

9

iPhone

iPhone6
164 54

144 1839


7


10

3




2015
9
18

10.

LG2016

LG 15 2016 2015
2016
2.6% 2.7%
2015
2016
3.1%
3.3%

LG 2015

25%
1
7
7,000
0.1

MERS

0.9
0.1

LG

GNI
2015 2
7,100
2014
2
8,200
2016
2
7,000

2014
2015

3



LG

2015
1
1,135
2016
1

1,175

2006
2
2
3

5


LG




1839 145

2015
9
16

BOK
17
2016

2015
2.5%
3.5%

2010
2012
3.0%+1.0%

2013


2015
9
17

Korea Black Friday


22 Korea Black

Friday



200
16
27,000
10
1

70%
50


Korea Grand Sale

146 1839

Korea Black Friday







2015
9
23


2020
2016

Research, Innovation and Enterprise

5
RIE
2011
2015
5
161
5
200


5
2020 RIE

1839 147


Fusionopolis 2

2015
9
17

10
5 15


2004


10
15
2%
3%


1985
5
10

2009

2010
2

2015
9
20


6
148 1839


2.5

2015
120


2015
9
16

2015
9
23

2016
SME

2016

2.1

2,500
252

2016
62

3%~5%
2


IT

2015
9
10

1839 149

12
5
2017~2021


12
5

10
5%

5%
5%~10%

2015
9
16




1997/98


120
2014
9

280
1,180
2009
2014
600

150 1839





2000
4,000
1
2015
9
17

E-trade

eBay
Lazada
Rakuten
IndiaMart

2014
10

B2B
210

Alibaba.com

Malaysian Kitchen Programme



Ocado
Amazon


Zhongdamen.com






1839 151

9
2015 20


2015
Prolegnas
OJK

2009
6
1999
23
8

4
10





The Indonesia Economic Intelligence
Sunarsip

2015
9
15

Arlinda

32

30
2
32
8
24

152 1839

121
74
20

38
31.4%
4

21
13

9
2015 22

USAID
-
US-ABC

VCCI
9
17

2015
9
18

56
3


14
1.8

200

170
2014
3.3%~3.5%


5.2%
1839 153


56

9
2015 24

11.



11




2015

22
9

40


40
2,650 2015

26%
5%
6%

2015
9
20

26

500


10
100
20 120

154 1839

WTO
(GPA)

1.7

9
15

10

2015
9
28

1839 155


1.
2.

1.0 3.8
3.6
0.8


3.4
0.6


%
0.4 3.2

0.2 3.0

2014 2015 ` 2014 2015


0.8 1.8

0.6 1.7

1.6
0.4

% %
0.2 1.5

0.0 1.4

2014 2015 ` 2014 2015


0.5 0.3
0.4
0.2

0.3


0.1
0.2

%
0.1 0.0

0.0 -0.1

2014 2015 2014 2015


2.5 4.6

2.2 4.2



1.9 3.8


1.6 3.4

1.3 3.0

2014 2015 2014 2015


156 1839

1. %


2001 2.13 3.25 0.10 3.25 4.00

2002 1.63 2.25 0.10 2.75 4.25

2003 1.38 2.00 0.10 2.00 3.75

2004 1.75 3.15 0.10 2.00 3.25

2005 2.25 5.15 0.10 2.25 3.75

2006 2.75 6.25 0.40 3.50 4.50

2007 3.38 4.83 0.75 4.00 5.00

2008 2.00 0.86 0.30 2.50 3.00

2009 1.25 0.50 0.30 1.00 2.00

2010 1.63 0.75 0.30 1.00 2.50

2011 1.88 0.75 0.30 1.00 3.25

2012 1.88 0.75 0.30 0.75 2.75

2013 1.88 0.75 0.30 0.25 2.50

2014 1.88 0.75 0.30 0.05 2.00

2014

11 1.88 0.75 0.30 0.05 2.00

12 1.88 0.75 0.30 0.05 2.00

2015

1 1.88 0.75 0.30 0.05 2.00

2 1.88 0.75 0.30 0.05 2.00

3 1.88 0.75 0.30 0.05 1.75

4 1.88 0.75 0.30 0.05 1.75

5 1.88 0.75 0.30 0.05 1.75

6 1.88 0.75 0.30 0.05 1.50

7 1.88 0.75 0.30 0.05 1.50

8 1.88 0.75 0.30 0.05 1.50

9 1.75 0.75 0.30 0.05 1.50
ECB Monthly Bulletins
(1) (2) 1999 1

2. %

*

2001 7.38 4.75 1.38 3.42 6.84

2002 7.10 4.25 1.38 2.98 6.58

2003 3.43 4.00 1.38 2.13 6.20

2004 3.52 5.25 1.38 2.17 5.52

2005 3.85 7.15 1.38 2.41 5.74

2006 4.12 8.25 1.63 3.64 6.19

2007 4.31 7.33 1.88 4.71 7.08

2008 4.21 3.25 1.68 2.99 6.89

2009 2.56 3.25 1.48 0.48 5.81

2010 2.68 3.25 1.48 0.81 5.40

2011 2.88 3.55 1.48 1.14 5.69

2012 2.89 3.25 1.48 0.11 4.84

2013 2.88 3.25 1.48 0.21 4.52

2014 2.88 3.25 1.48 0.02 3.91

2014

11 2.88 3.25 1.48 0.01 3.88

12 2.88 3.25 1.48 0.02 3.91

2015

1 2.88 3.25 1.48 0.01 3.90

2 2.88 3.25 1.48 0.00 3.86

3 2.88 3.25 1.48 -0.01 3.61

4 2.88 3.25 1.48 -0.03 3.36

5 2.88 3.25 1.48 -0.05 3.56

6 2.88 3.25 1.48 -0.06 3.49

7 2.88 3.25 1.48 -0.07 3.43

8 2.88 3.25 1.48 -0.09 3.44

9 3.25 1.48
ECB Monthly Bulletins
* 200 2 1

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