FPP1x Country Case

Macronia: Nominal GDP, 2006-12
2006 2007 2008
(in billions of national currency)
Gross Domestic Product, at current prices

GDP 10,965 12,956 14,737
Final consumption 8,700 10,353 12,201
Private 7,624 9,087 10,645
Public 1,076 1,266 1,555
Gross fixed capital formation 2,919 3,202 4,044
Private 1,936 2,523 3,083
Public 234 286 335
Change in stocks 750 393 626
Foreign balance -708 -653 -1,532
Exports of goods and services 5,659 6,624 7,134
Imports of goods and services 6,367 7,277 8,666
Statistical discrepancy 53 55 24
National Income, Absorption, Saving, and S-I balance

Gross National Income 10,927 12,651 14,470
Gross National Disposable Income 11,105 12,894 14,702
Absorption 11,620 13,555 16,245
National saving 2,405 2,541 2,502
Investment 2,919 3,202 4,044
Saving - Investment balance -514 -662 -1,542
(in percent of GDP)
Selected Economic Indicators

Absorption 106.0 104.6 110.2
Final consumption 79.4 79.9 82.8
Gross fixed capital formation 26.6 24.7 27.4
Exports of goods and services 51.6 51.1 48.4
Imports of goods and services 58.1 56.2 58.8
National saving 21.9 19.6 17.0
Saving - Investment balance -4.7 -5.1 -10.5
Other items, from Balance of Payments

Primary income balance -38 -305 -267
Secondary income balance 178 243 233
Saving and investment, in percent of GDP
National saving Gross fixed capital formation
Saving - Investment balance

006-12
2009 2010 2011 2012
ency)
15,747 17,629 19,428 21,165

13,109 14,577 16,017 17,587
11,177 12,278 13,520 14,837
1,932 2,299 2,496 2,750
2,463 3,463 4,287 4,456
3,105 2,993 3,514 3,817
329 426 510 513
-971 45 263 126
98 -433 -937 -936
7,122 7,248 7,780 8,521
7,024 7,681 8,717 9,458
77 22 61 59
15,202 17,226 19,020

15,408 17,419 19,184
15,572 18,040 20,304
2,299 2,842 3,167
2,463 3,463 4,287 4,456
-164 -621 -1,120
98.9 102.3 104.5

83.2 82.7 82.4
15.6 19.6 22.1
45.2 41.1 40.0
44.6 43.6 44.9
14.6 16.1 16.3
15.6 19.6 22.1
-1.0 -3.5 -5.8
ency)
-545 -403 -408 -430
206 193 164 168
ercent of GDP
Gross fixed capital formation

Macronia: Real GDP and growth, 2006-12
2006 2007 2008
Gross Domestic Product by expenditure, at constant 2005 prices

GDP 9,864 10,508 10,760
Private 6,791 7,302 7,553
Public 935 968 996
Private 1,668 1,988 2,156
Public 202 226 235
Foreign balance -463 -196 -688
Potential output 9,650 9,961 10,371
(in percent)
Growth rates
GDP 8.8 6.5 2.4
Private 5.7 7.5 3.4
Public 3.3 3.6 2.8
Gross fixed capital formation 15.0 -6.4 20.6
Private 11.6 19.2 8.5
Public 6.6 11.8 4.0
Change in stocks 27.7 -74.4 180.0
Foreign balance … … …
Exports of goods and services 10.3 9.9 -2.0
Statistical discrepancy … … …
Potential output 4.8 3.2 4.1
Contribution to GDP growth

Final consumption … 5.5 2.7
Gross fixed capital formation … -1.7 4.7
Exports of goods and services … 5.1 -1.1
Imports of goods and services … -2.4 -3.6
Output gap
Output gap, in percent of potential output 2.2 5.5 3.8
Real GDP growth and output gap, in percent
Real GDP growth Output gap (right axis)

h, 2006-12
2009 2010 2011 2012
ency)
10,585 11,099 11,727 12,075

8,737 9,135 9,505 9,920
7,682 8,034 8,406 8,818
1,055 1,101 1,098 1,102
1,648 2,250 2,803 2,796
1,924 1,897 2,227 2,360
204 270 324 318
-481 82 253 118
148 -300 -617 -674
5,163 5,417 5,795 6,235
5,015 5,717 6,412 6,910
52 14 37 33
10,755 11,237 11,888 12,184
-1.6 4.9 5.7

2.2 4.6 4.0
1.7 4.6 4.6
5.9 4.4 -0.3
-42.8 36.6 24.6
-10.7 -1.4 17.3
-13.1 32.4 19.9
-198.0 -117.1 206.7
… … … …
-6.0 4.9 7.0
-18.9 14.0 12.2
… … … …
3.7 4.5 5.8
1.7 3.8 3.3

-11.5 5.7 5.0
-3.1 2.4 3.4
10.8 -6.6 -6.3
-1.6 -1.2 -1.4
Real GDP growth and contribution, in percent

15.0
10.0
5.0
0.0
2007 2008 2009 2010 2011 2012
-5.0
-10.0
gap, in percent
-15.0
Final consumption Gross fixed capital formation
Exports of goods and services Imports of goods and services

Output gap (right axis)
Macronia: GDP deflator, 2006-12
2006 2007 2008
Gross Domestic Product by expenditure, at current prices

GDP 10,965 12,956 14,737
Private 7,624 9,087 10,645
Public 1,076 1,266 1,555
Private 1,936 2,523 3,083
Public 234 286 335
Foreign balance -708 -653 -1,532
Gross Domestic Product by expenditure, at constant 2005 prices

GDP 9,864 10,508 10,760
Private 6,791 7,302 7,553
Public 935 968 996
Private 1,668 1,988 2,156
Public 202 226 235
Foreign balance -463 -196 -688
GDP deflator
GDP 111.2 123.3 137.0
Private 112.3 124.5 140.9
Public 115.1 130.7 156.2
Private 116.0 126.9 143.0
Public 115.8 126.7 142.7
Change in stocks 109.7 224.2 127.5
Foreign balance … … …
Exports of goods and services 110.9 118.1 129.8
Statistical discrepancy … … …
006-12
2009 2010 2011 2012
ency)
15,747 17,629 19,428 21,165

13,109 14,577 16,017 17,587
11,177 12,278 13,520 14,837
1,932 2,299 2,496 2,750
2,463 3,463 4,287 4,456
3,105 2,993 3,514 3,817
329 426 510 513
-971 45 263 126
98 -433 -937 -936
7,122 7,248 7,780 8,521
7,024 7,681 8,717 9,458
77 22 61 59
ency)
10,585 11,099 11,727 12,075

8,737 9,135 9,505 9,920
7,682 8,034 8,406 8,818
1,055 1,101 1,098 1,102
1,648 2,250 2,803 2,796
1,924 1,897 2,227 2,360
204 270 324 318
-481 82 253 118
148 -300 -617 -674
5,163 5,417 5,795 6,235
5,015 5,717 6,412 6,910
52 14 37 33
148.8 158.8 165.7

150.0 159.6 168.5
145.5 152.8 160.8
183.1 208.7 227.3
149.5 153.9 152.9
161.4 157.7 157.8
161.0 157.4 157.5
201.9 54.3 104.2
… … … …
137.9 133.8 134.3
140.0 134.4 136.0
… … … …
Macronia: Inflation, 2006-12
2006 2007 2008
(2005 = 100)
Price index
GDP deflator 111.2 123.3 137.0
CPI, period average 111.5 121.9 138.3
CPI, end-of-period 109.4 121.3 138.1
(in percent)
Inflation
GDP deflator 11.2 10.9 11.1
CPI, period average 11.5 9.4 13.4
CPI, end-of-period 9.4 10.8 13.9
Output gap
Output gap, in percent of potential output 2.2 5.5 3.8
CPI inflation and GDP deflator growth, in percent

16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2006 2007 2008 2009 2010 2011 2012
-2.0
-4.0
GDP deflator CPI, period average CPI, end-of-period
Output gap
0.0
2006 2007 2008 2009 2010 2011 2012
-2.0
-4.0
Output gap
6-12
2009 2010 2011 2012
148.8 158.8 165.7

149.1 157.6 165.2 172.9
143.7 152.1 159.3 167.2
8.6 6.8 4.3

7.8 5.7 4.9
4.0 5.8 4.7
-1.6 -1.2 -1.4
2012
eriod
2012
eriod
CPI infl
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2006 200
Saving and investment, in percent of GDP -2.0
-4.0
GDP deflato
National saving Gross fixed capital formation

Output gap
Saving - Investment balance
Real
15.0
10.0
5.0
0.0
2007 2
-5.0
-10.0
-15.0
Final consum
-10.0
-15.0
Final consum
Exports of g
Real GDP growth Output gap (right axis)
CPI inflation and GDP deflator growth, in percent
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2006 2007 2008 2009 2010 2011 2012
-2.0
-4.0
Output gap
Real GDP growth and contribution, in percent

15.0
10.0
5.0
0.0
2007 2008 2009 2010 2011 2012
-5.0
-10.0
-15.0
-10.0
-15.0
Exports of goods and services Imports of goods and services

Macronia: Balance of Payments, 2006-12
2006 2007
(in millions of US Dollars)
Current account -1,101 -1,373

Goods -2,727 -2,985
Credit 8,102 9,299
Debit 10,829 12,285
Services 1,351 1,734
Credit 2,972 3,552
Debit 1,621 1,818
Primary income -74 -591
Credit 706 703
Compensation of employees 73 72
Investment income 633 631
Debit 780 1,295
Investment income 767 1,281
of which: interest 267 438
Secondary income 349 470
Credit 586 735
of which: personal transfers 490 596
Debit 237 265
of which: personal transfers 233 258
Capital account 1 21
Financial account: net lending (+)/net borrowing (-) -1,794 -2,412

Direct investment -1,371 -1,634
Net Acquisition of assets 98 262
Net incurrence of liabilities 1,469 1,896
Equity and investment fund shares 1,444 1,898
Debt securities 25 -2
Portfolio investment 442 -12
Net incurrence of liabilities 67 182
Equity and investment fund shares 51 12
Debt securities 16 170
of which: general government 10 156
Financial derivatives and ESOs -25 50
Net incurrence of liabilities 75 -10
Other investment -840 -817
Net Acquisition of assets -475 156
Net incurrence of liabilities 365 972
of which: debt instruments 370 952
of which: general government -53 -55
Net Errors and Omissions 57 -42
Overall Balance 751 1,018
Reserve assets 751 1,018
(in percent of GDP, unless otherwise indicated)
Selected Economic Indicators

Current account balance -5.1 -5.5
Capital account balance 0.0 0.1
Financial account balance -8.4 -9.6
Overall balance 3.5 4.1
Memorandum items
Nominal GDP, in billions of national currency 10,965 12,956
Nominal GDP, in millions of US dollars 21,445 25,079
Exchange rate, nat. curr. per US dollar, period average 511.3 516.6
Exchange rate, nat. curr. per US dollar, end-of-period average 517.9 498.1
BOP main balances, in percent of GDP

6.0
4.0
2.0
0.0
2006 2007 2008 2009 2010 2011 2012
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0
-6.0
-8.0
-10.0
-12.0
Current account balance Capital account balance
Financial account balance Overall balance

ents, 2006-12
2008 2009 2010 2011 2012
ollars)
-2,878 -443 -1,303 -2,396

-5,013 -2,039 -3,440 -5,151
9,555 8,838 9,516 10,383 11,126
14,569 10,877 12,956 15,534 16,718
2,201 2,188 2,537 3,237
4,083 3,593 4,320 4,972 5,606
1,882 1,405 1,783 1,735 1,868
-508 -950 -767 -805
618 253 317 272
71 25 35 63 67
547 229 282 209 201
1,126 1,204 1,083 1,077
14 15 32 33 65
1,112 1,189 1,051 1,044 1,045
353 308 307 284 430
442 359 367 323
707 593 606 593 624
584 489 506 487 527
264 235 239 271 295
254 224 227 258 281
7 58 54 22 38
-2,481 -677 -1,800 -2,519

-2,072 -1,339 -1,441 -2,118
6 8 25 58 426
2,078 1,347 1,466 2,176 2,265
2,040 1,521 1,316 1,465 1,501
39 -175 150 711 764
-357 276 -268 -261
-537 322 -219 -259 -193
-181 46 50 3 1,974
-45 10 -5 -2 54
-136 36 55 5 1,920
-239 102 118 -208 1,207
-19 18 78 69
-12 23 70 55 41
7 5 -8 -14 20
-33 368 -169 -208
685 -332 377 214 64
717 -700 546 422 467
690 -947 549 417 460
-43 -22 478 19 -563
42 -33 10 -12 54
-348 260 561 132
-348 260 561 132
erwise indicated)
-10.3 -1.6 -3.9 -6.2

0.0 0.2 0.2 0.1
-8.9 -2.5 -5.4 -6.6
-1.2 0.9 1.7 0.3
14,737 15,747 17,629 19,428 21,165

28,005 27,468 33,526 38,365
526.2 573.3 525.8 506.4 510.8
555.5 565.2 513.0 510.6 511.0
Macronia: International Investment Position, 2006-12
2006 2007
Net International Investment Position -3,564 -4,970
Assets 10,163 11,795

Direct investments abroad 1,268 1,530
Portfolio investments 1,318 1,488
Financial derivatives 351 391
Other investments 4,111 4,272
Of which: currency and deposits of depository corporations 657 523
Reserve assets 3,115 4,114
Liabilities 13,727 16,765

Direct investments 6,906 8,800
Equity and investment fund shares 6,149 8,045
Debt securities 757 755
Portfolio investments 1,177 1,359
Equity and investment fund shares 201 213
Debt securities 976 1,146
of which: General Government Bonds 966 1,122
Financial derivatives 102 92
Other investments 5,541 6,514
of which: debt instruments 5,512 6,465
Central bank 94 89
Other depository corporations 1,160 1,694
General Government 565 509
Other sectors 3,694 4,173
(in percent of GDP, unless otherwise indicated)
Selected Stock Indicators

Net International Investment Position -16.6 -19.8
Assets 47.4 47.0
Liabilities 64.0 66.8
Memorandum items
IIP, in percent of GDP
80.0
60.0
40.0
20.0
0.0
2006 2007 2008 2009 2010 2011 2012
-20.0
-40.0
Net International Investment Position Assets Liabilities

nt Position, 2006-12
2008 2009 2010 2011 2012
ollars)
-7,774 -8,175 -9,410 -11,801
11,618 11,915 12,732 12,929

1,536 1,544 1,569 1,626
951 1,276 1,055 796
379 402 472 527
4,953 4,628 5,007 5,221
1,153 743 803 795 606
3,799 4,066 4,630 4,758
19,392 20,090 22,143 24,730

10,879 12,226 13,692 15,868
10,085 11,607 12,923 14,388
794 619 769 1,480
1,184 1,229 1,279 1,281
168 178 173 171
1,016 1,051 1,106 1,110
884 985 1,103 895
99 104 96 82
7,231 6,531 7,076 7,499
7,155 6,208 6,757 7,174
81 58 54 304 36
2,400 1,583 1,616 2,337 3,147
466 444 921 940
4,208 4,124 4,166 3,593 4,075
rwise indicated)
-27.8 -29.8 -28.1 -30.8

41.5 43.4 38.0 33.7
69.2 73.1 66.0 64.5
28,005 27,468 33,526 38,365

Macronia: External debt, 2006-12
2006 2007
Total External debt 7,246 8,366

General Government 1,531 1,631
Short term 0 0
Long term 1,531 1,631
Central Bank 94 89
Short term 0 0
Long term 94 89
Other depository corporations 1,165 1,706
Short term 661 1,331
Long term 504 375
Other sectors 3,699 4,185
Short term 1,750 1,763
Long term 1,948 2,422
External debt classified under direct investment 757 755
Total short term 2,412 3,094

Total long term 4,834 5,273
Short term debt at remaining maturity 2,919 4,125
Check with IIP

Total debt from IIP 7,246
General government debt, from IIP 1,531
Memorandum items
Total disbursements long term 706 945
Total amortization long term 612 507
, 2006-12
2008 2009 2010 2011 2012
llars)
8,964 7,879 8,632 9,764 12,908

1,350 1,429 2,024 1,835 2,479
0 44 46 37 33
1,350 1,385 1,979 1,798 2,446
81 58 54 304 36
0 0 0 0 0
81 58 54 304 36
2,466 1,616 1,618 2,445 3,610
1,768 825 840 1,192 1,807
699 790 778 1,253 1,804
4,274 4,157 4,167 3,701 4,539
1,858 1,421 1,319 480 716
2,416 2,736 2,848 3,221 3,822
794 619 769 1,480
3,625 2,290 2,205 1,709

5,339 5,589 6,427 8,055
4,266 2,924 3,185 …
1,097 890 1,473 2,608

1,031 640 634 980 1,048
Macronia: Stock and debt indicators, 2006-12
2006 2007
(in percent, unless otherwise indicated)
Stock indicators
Net IIP-to-GDP -16.6 -19.8
Assets-to-GDP 47.4 47.0
Liabilities-to-GDP 64.0 66.8
Debt-to-GDP 33.8 33.4
Debt-to-export of goods and services 65.4 65.1
Debt service-to-GDP 4.1 3.8
Debt service-to-export of goods and services 7.9 7.4
Reserves, in months of imports of g.&s. 2.7 3.0
Reserves to short term debt at rem. mat. 106.7 99.7
Other indicators
Implicit average interest rate on external debt … 5.6
Implicit average maturity of external long term debt … 9.5
Roll-over rate, long-term debt 115 187
Memorandum items
Exports of goods and services, from BOP 11,073 12,852
Imports of goods and services, from BOP 12,449 14,103
Interest payments, from BOP 267 438
Total disbursement long term 706 945
Total amortization long term 612 507
Total debt service 879 945
Net International investment Position -3,564 -4,970
Assets 10,163 11,795
Reserves assets 3,115 4,114
Total external debt 7,246 8,366
Total long-term external debt 4,834 5,273
Short term debt at remaining maturity 2,919 4,125
Debt indicators, in percent
Debt-to-GDP Debt-to-export of goods and services
12.0
10.0
8.0
6.0
4.0
2.0
0.0
Reserve assets 2007
Reserves, in months of imports of g.&s.

Reserves to short-term debt at rem. mat. (right axis)
Reserve assets 2007

cators, 2006-12
2008 2009 2010 2011 2012
se indicated)
-27.8 -29.8 -28.1 -30.8

41.5 43.4 38.0 33.7
69.2 73.1 66.0 64.5
32.0 28.7 25.7 25.5
65.7 63.4 62.4 63.6
4.9 3.5 2.8 3.3
10.1 7.6 6.8 8.2
3.7 3.3 3.2 …
89.1 139.1 145.4 …
4.1 3.7 3.7 3.1

5.1 8.3 8.8 6.6
106 139 232 266
llars)
28,005 27,468 33,526 38,365

13,639 12,431 13,836 15,355
16,451 12,282 14,739 17,270
353 308 307 284
1,097 890 1,473 2,608
1,031 640 634 980 1,048
1,384 948 941 1,265
-7,774 -8,175 -9,410 -11,801
11,618 11,915 12,732 12,929
3,799 4,066 4,630 4,758
19,392 20,090 22,143 24,730
8,964 7,879 8,632 9,764
5,339 5,589 6,427 8,055
4,266 2,924 3,185 …
Debt service indicators, in percent
Debt service-to-GDP Debt service-to-export of goods and services
Other indicators
12.0 300
10.0 250
8.0 200
6.0 150
4.0 100
2.0 50
0.0 0
2007 2008 2009 2010 2011 2012
Implicit average maturity of external long term debt

Implicit average interest rate on external debt
Roll over rates, long term debt (right axis)
2007 2008 2009 2010 2011 2012

Macronia: External indicators, 2006-12
2006 2007
(in percent, unless otherwise indicated)
Indicators of trade
Exports of goods and services
Change in value … 16.1
Change in prices … 6.9
Change in volume … 8.6
Imports of goods and services

Change in value … 13.3
Change in prices … 7.7
Change in volume … 5.2
Terms of trade index (2005 = 100) 98.6 97.9

Change … -0.8
Real exchange rate index (2005 = 100) 101.3 107.0

Change 1.3 5.6
Nominal exchange rate change -6.6 -1.0
Domestic inflation 11.5 9.4
inflation in trading partners 2.8 2.5
Memorandum items
Exports of goods and services, from BOP 11,073 12,852
Imports of goods and services, from BOP 12,449 14,103
Export of goods and services, price index (2005 = 100) 112 120
Import of goods and services, price index (2005 = 100) 113 122
Nominal exchange rate, nat. curr per US dollar, period average 511 517
Nominal exchange rate, US dollar per nat. curr., period average 0.0020 0.0019
External demand 2.9 2.3
Trade volumes, percent change
Imports of goods and services Exports of goods and services
Real Exchange Rate index (2005 = 100)
Real exchange rate index (2005 = 100)

ors, 2006-12
2008 2009 2010 2011 2012
se indicated)
6.1 -8.9 11.3 11.0

9.7 6.9 -0.7 -0.5
-3.2 -14.7 12.1 11.6
16.6 -25.3 20.0 17.2

12.1 -2.4 -5.3 0.3
4.0 -23.5 26.7 16.9
95.7 104.8 109.9 109.0

-2.2 9.5 4.8 -0.8
115.0 114.1 129.4 137.0

7.5 -0.8 13.5 5.9
-1.8 -8.2 9.0 3.8 -0.9
13.4 7.8 5.7 4.9
3.6 -0.2 1.5 2.9 2.0
llars)
13,639 12,431 13,836 15,355 16,732

16,451 12,282 14,739 17,270 18,586
131 140 139 139 143
137 134 127 127 129
526 573 526 506 511
0.0019 0.0017 0.0019 0.0020 0.0020
-0.1 -3.0 2.9 1.8 2.3
Terms of trade, percent change
Terms of trade index (2005 = 100)

BOP main balances, in percent of GDP
6.0
4.0
2.0
0.0
2006 2007 2008 2009 2010 2011 2012
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0
Current account balance Capital account balance
Financial account balance Overall balance

Imports of goods and services Exports of goods and services
IIP, in percent of GDP

80.0
60.0
40.0
20.0
0.0
2006 2007 2008 2009 2010 2011 2012
-20.0
-40.0
Net International Investment Position Assets Liabilities

Debt-to-GDP Debt-to-export of goods and services
Other indicators
12.0 300
10.0 250
8.0 200
6.0 150
4.0 100
2.0 50
0.0 0
2007 2008 2009 2010 2011 2012

Real Exchange Rate index (2005 = 100)
Real exchange rate index (2005 = 100)

Terms of trade index (2005 = 100)
Reserve assets


Debt service-to-GDP Debt service-to-export of goods and services

Macronia: Statement of the General Government Operations, 2006-12
2006 2007
Revenue 1,638 2,105

Taxes 1,578 2,029
Taxes on income, profits, and capital gains 394 532
Taxes on goods and services 324 407
Taxes on international trade 521 681
Other taxes 338 409
Social contributions 33 38
Grants 16 18
Other revenue 1/ 11 20
Expense 1,744 1,999

Use of goods and services 56 73
Consumption of fixed capital 10 12
Interest 437 420
On domestic debt 349 332
On external debt 87 88
Subsidies 590 777
Grants 16 4
Social benefits 101 113
Other expense 0 0
Net operating balance -106 106
Net acquisition of non-financial assets 15 28

Acquisition of non-financial assets 60 57
Disposal of non-financial assets 35 17
of which: asset sale (privatization) 29 13
Consumption of fixed capital 10 12
Net lending/borrowing -121 78

Net acquisition of financial assets -295 -268
Domestic -297 -265
Deposits -10 -2
Shares, loans, and other equity -287 -263
of which: equity sale (privatization) 322 310
of which: policy loans 27 35
External 2 -3
Net incurrence of liabilities -174 -346
Domestic -185 -415
From depository corporations -131 -218
From the rest of the private sector -54 -197
External 11 70
Selected aggregates and balances

Primary expenses 1,307 1,579
Primary net operating balance 2/ 331 525
Overall balance -499 -280
Overall primary balance -62 139
Notes:
1/ Other revenues does not contain interest income.
2/ You may assume that interest income is zero.
rnment Operations, 2006-12
2008 2009 2010 2011 2012
currency)
2,490 2,363 2,730 3,024

2,409 2,262 2,480 2,769
689 687 752 832 891
465 476 512 548 611
797 594 687 803 856
457 505 530 586 649
44 54 61 67 74
26 29 161 165 166
12 17 27 23 25
2,343 2,865 3,670 3,811

721 937 1,134 1,268 1,380
88 106 121 136 143
9 11 10 13 12
340 360 402 449 472
255 281 337 391 425
85 79 65 59 47
1,042 1,247 1,758 1,670 1,946
8 26 30 30 15
136 178 215 245 267
0 0 0 0 0
147 -502 -940 -787
52 71 54 59
65 87 68 72 87
4 5 4 0 35
0 0 0 0 27
9 11 10 13 12
95 -573 -994 -846

92 40 -10 -34
87 39 -12 -30 -132
5 2 -25 -30 -47
82 37 13 0 -85
0 0 43 61 160
9 13 37 43 51
5 1 2 -4 6
-3 613 984 812
47 578 764 940 592
33 261 -2 197 -424
14 317 766 744 1,016
-50 35 220 -128 285
2,003 2,505 3,268 3,361

487 -142 -538 -338
86 -586 -1,074 -950
426 -226 -673 -501
Macronia: General Government Sector, Selected Indicators, 2006-12
2006 2007
(in percent of GDP)
Statement of Government Operations

Revenues 14.9 16.2
Expenses 15.9 15.4
of which: primary expenses 11.9 12.2
Net operating balance -1.0 0.8
Net operating primary balance 3.0 4.1
Net acquisition of non-financial assets 0.1 0.2
Net lending/borrowing -1.1 0.6
Overall balance -4.6 -2.2
Overall primary balance -0.6 1.1
(in billions of national currency, unless otherwise indicated)
Cyclical adjustment
Revenues, at constant 2005 prices 1,474 1,707
Primary expenses, at constant 2005 prices 1,176 1,281
Output gap: real GDP-to-Potential GDP 1.022 1.055

Assumption: Elasticity of revenue with respect to GDP 1.15 1.15
Adjusted revenues, at constant 2005 prices 1,437 1,605
Adjusted primary NOB, at constant 2005 prices 1/ 261 324

Adjusted primary NOB, in percent of potential output 2.7 3.3
Memorandum items
Nominal GDP 10,965 12,956
GDP deflator (2005 = 100) 111.2 123.3
Real GDP, in 2005 constant prices 9,864 10,508
Potential output 9,650 9,961
Revenue 1,638 2,105
Expense 1,744 1,999
Primary expenses 1,307 1,579
Net acquisition of non-financial assets 15 28
Primary operating balance 331 525
Overall balance -499 -280
Overall primary balance -62 139
General government consumption 591 673
General government investment 15 28
Public sector consumption 1,076 1,266
Public sector investment 234 286
Notes:
1/ Assume that primary expenses are not affected by the economic cycle.
General government balances, in percent of GDP

6.0 5.0
4.0
4.0
3.0
2.0
2.0
0.0 1.0
2006 2007 2008 2009 2010 2011 2012
-2.0 0.0
2006
-1.0
-4.0
-2.0
-6.0
-3.0
-8.0 -4.0
Net operating balance Net lending/borrowing
Overall balance Net operating primary balance

ected Indicators, 2006-12
2008 2009 2010 2011 2012
16.9 15.0 15.5 15.6

15.9 18.2 20.8 19.6
13.6 15.9 18.5 17.3
1.0 -3.2 -5.3 -4.1
3.3 -0.9 -3.1 -1.7
0.4 0.5 0.3 0.3
0.6 -3.6 -5.6 -4.4
0.6 -3.7 -6.1 -4.9
2.9 -1.4 -3.8 -2.6
otherwise indicated)
1,818 1,589 1,719 1,825

1,462 1,684 2,058 2,029
1.038 0.984 0.988 0.986

1.15 1.15 1.15 1.15 1.15
1,743 1,618 1,743 1,854
280 -66 -314 -175

2.7 -0.6 -2.8 -1.5
rrency)
14,737 15,747 17,629 19,428 21,165

137.0 148.8 158.8 165.7
10,760 10,585 11,099 11,727 12,075
10,371 10,755 11,237 11,888 12,184
2,490 2,363 2,730 3,024
2,343 2,865 3,670 3,811
2,003 2,505 3,268 3,361
147 -502 -940 -787
52 71 54 59
95 -573 -994 -846
487 -142 -538 -338
86 -586 -1,074 -950
426 -226 -673 -501
808 1,043 1,254 1,404
52 71 54 59
1,555 1,932 2,299 2,496 2,750
335 329 426 510 513
Cyclical adjustment, in percent

5.0 1.08
4.0
1.06
3.0
1.04
2.0
1.0 1.02
0.0 1.00
2006 2007 2008 2009 2010 2011 2012
-1.0
0.98
-2.0
0.96
-3.0
-4.0 0.94
Adjusted primary NOB, in percent of potential output
Net operating primary balance
Output gap: real GDP-to-Potential GDP (right axis)
Macronia: General Government Balance Sheet, 2006-12
2006 2007
Stock, year end

Assets 7,857 7,566
Non-financial 3,210 3,249
Financial 4,647 4,317
Domestic 4,532 4,226
Deposits in the banking system 185 183
Shares and other equities 4,347 4,043
External 115 91

Domestic 5,705 5,340
To depository institutions 709 491
To the rest of the private sector 4,996 4,849
External 793 813
Net Worth 1,359 1,414

Net Financial Worth -1,851 -1,836
Transactions
Net acquisition of assets -280 -240
Non-financial 15 28
Financial -295 -268
Domestic -297 -265
Deposits in the banking system -10 -2
Shares and other equities -287 -263
External 2 -3
Net incurrence of liabilities -174 -346

Domestic -185 -415
To depository institutions -131 -218
To the rest of the private sector -54 -197
External 11 70
Other economic flows, net 96 -51

Assets 96 -51
Non-financial 1/ 23 11
Financial 73 -62
Domestic 63 -41
Deposits in the banking system 0 0
Shares, loans, and other equities 63 -41
External 10 -21
Liabilities 0 0
Domestic 0 50
To depository institutions 0 0
To the rest of the private sector 0 50
External 0 -50
Consistency check
NWt-1 + NOBt + OEF(Net)t - NWt = 0 … 0
NFWt-1 + NLBt + OEF(Fin. Assets)t - OEF(Liabilities)t - NFWt = 0 … 0
Memorandum items
Notes:
1/ A natural disaster struck Macronia at the end of 2012. As a result, there was a large loss of non-financia
lance Sheet, 2006-12
2008 2009 2010 2011 2012
urrency)
7,773 7,889 7,958 8,044

3,297 3,375 3,404 3,476
4,476 4,514 4,554 4,568
4,365 4,395 4,430 4,441
188 190 165 135
4,177 4,205 4,265 4,306
111 119 124 127
6,150 6,763 7,747 8,559

5,400 5,955 6,709 7,622
524 785 783 979
4,876 5,171 5,926 6,643
750 808 1,038 937
1,623 1,126 211 -515

-1,674 -2,249 -3,193 -3,991
144 111 44 25
52 71 54 59
92 40 -10 -34
87 39 -12 -30
5 2 -25 -30
82 37 13 0
5 1 2 -4
-3 613 984 812

47 578 764 940
33 261 -2 197
14 317 766 744
-50 35 220 -128
62 5 25 61 -744
62 5 25 61 -744
-5 7 -25 13 -791
67 -2 50 48 47
52 -9 47 41 37
0 0 0 0
52 -9 47 37
15 7 3 10
0 0 0 0 0
13 -23 -11 -27 -45
0 0 0 0
13 -23 -11 -45
-13 23 11 45
0 0 0 0
0 0 0 0
147 -502 -940 -787

95 -573 -994 -846
s a large loss of non-financial assets.

Macronia: General Government Sector, Selected Indicators, 2006-12
2006 2007
(in percent)
Selected stock indicators

Assets-to-GDP 71.7 58.4
Liabilities-to-GDP 59.3 47.5
Net worth-to-GDP 12.4 10.9
Net financial worth-to-GDP -16.9 -14.2
General Government liabilities-to-GDP 59.3 47.5
General Government liabilities-to-revenues 396.6 292.3
Selected indicators
Interest payments-to-GDP 4.0 3.2
Interest payments-to-expenses 25.0 21.0
Interest payments-to-revenues 26.7 19.9
Implicit average interest rate …. 6.6
Memorandum items
Assets 7,857 7,566
Net worth 1,359 1,414
Net financial worth -1,851 -1,836
General Government liabilities 6,498 6,153
Revenues 1,638 2,105
Interest payments 437 420
Expenses 1,744 1,999
General government net worth, in percent of GDP G

80.0 70.0
60.0 60.0
50.0
40.0
40.0
20.0
60.0 60.0
50.0
40.0
40.0
20.0
30.0
0.0
2006 2007 2008 2009 2010 2011 2012 20.0
-20.0 10.0
-40.0 0.0
2006
Assets-to-GDP Liabilities-to-GDP Net financial worth-to-GDP
Net worth-to-GDP
General government debt indicators, in percent
Interest payments-to-GDP Implicit average interest rate
Interest-to-expenses (right axis) Interest-to-revenues (right axis)

elected Indicators, 2006-12
2008 2009 2010 2011 2012
52.7 50.1 45.1 41.4

41.7 42.9 43.9 44.1
11.0 7.2 1.2 -2.6
-11.4 -14.3 -18.1 -20.5
41.7 42.9 43.9 44.1
247.0 286.2 283.8 283.1
2.3 2.3 2.3 2.3

14.5 12.6 10.9 11.8
13.7 15.2 14.7 14.9
5.5 5.6 5.5 5.5
currency)
14,737 15,747 17,629 19,428 21,165

7,773 7,889 7,958 8,044
6,150 6,763 7,747 8,559
1,623 1,126 211 -515
-1,674 -2,249 -3,193 -3,991
6,150 6,763 7,747 8,559
2,490 2,363 2,730 3,024
340 360 402 449 472
2,343 2,865 3,670 3,811

70.0 450.0
60.0
400.0
50.0
350.0
40.0
60.0
400.0
50.0
350.0
40.0
30.0
300.0
20.0
250.0
10.0
0.0 200.0
2006 2007 2008 2009 2010 2011 2012
General Government liabilities-to-GDP

General Governmnet liabiliites-to-revenues (right axis)
General government balances, in percent of GDP
6.0 5.0
4.0
4.0
3.0
2.0
2.0
0.0 1.0
2006 2007 2008 2009 2010 2011 2012
-2.0 0.0
2006
-1.0
-4.0
-2.0
-6.0
-3.0
-8.0 -4.0
Net operating balance Net lending/borrowing
Overall balance Net operating primary balance
General government net worth, in percent of GDP G

80.0 70.0
60.0 60.0
50.0
40.0
40.0
20.0
30.0
0.0
2006 2007 2008 2009 2010 2011 2012 20.0
-20.0 10.0
-40.0 0.0
2006
Net worth-to-GDP
-20.0 10.0
-40.0 0.0
2006
Net worth-to-GDP
Interest payments-to-GDP Implicit average interest rate
Interest-to-expenses (right axis) Interest-to-revenues (right axis)

Cyclical adjustment, in percent
5.0 1.08
4.0
1.06
3.0
1.04
2.0
1.0 1.02
0.0 1.00
2006 2007 2008 2009 2010 2011 2012
-1.0
0.98
-2.0
0.96
-3.0
-4.0 0.94
Adjusted primary NOB, in percent of potential output
Net operating primary balance
Output gap: real GDP-to-Potential GDP (right axis)

70.0 450.0
60.0
400.0
50.0
350.0
40.0
30.0
300.0
20.0
250.0
10.0
0.0 200.0
2006 2007 2008 2009 2010 2011 2012

250.0
10.0
0.0 200.0
2006 2007 2008 2009 2010 2011 2012

General Governmnet liabiliites-to-revenues (right axis)
Macronia: Survey of Depository Corporations, 2006-12
2006 2007
Central Bank
ASSETS
Net Foreign Assets 1,601 2,118
Net Domestic Assets -416 -709
Net claims on public sector -42 -60
On general government -47 -64
On the rest of the public sector 5 3
Claims on other depository corporations 0 0
Claims on rest of private sector 15 15
Monetary Stabilization Bonds (-) -1,535 -1,845
Other items net 1,146 1,181
Shares and other equity 1,138 1,182
Others 8 0
LIABILITIES
Monetary Base 1,185 1,409
Currency in circulation 413 546
Liabilities to other depository corporations 771 863
Other Depository Corporations
ASSETS
Net Foreign Assets 69 -313
Net Domestic Assets 4,910 6,174
Net Claims on the Central Bank 772 863
Currency 108 155
Reserve deposits and securities 1,365 1,458
Liabilities to the central bank -700 -748
Net Claims on Public Sector 626 425
On general governments 571 372
Claims on rest of Private Sector 4,464 6,147
Other items (net) -951 -1,261
Shares and other equity -1,037 -1,237
Other liabilities excl. from broad money -519 -572
Others 604 548
LIABILITIES
Deposits 4,980 5,861
Transferable deposits 2,698 3,219
Other 2,282 2,642
Survey Of Depository Corporations
ASSETS
Net Foreign Assets 1,670 1,806
Net Domestic Assets 4,552 5,690
Net Domestic Credit 5,063 6,527
Net Claims on Public Sector 584 365
On general governments 524 308
Claims on rest of private sector 4,479 6,161
Other items (net) -511 -837
Shares and other equity 101 -55
Other liabilities excluded from broad money -519 -572
Others -94 -210
LIABILITIES
Broad Money 6,222 7,496
Other CB liabilities 937 1,243
Central bank balance sheet, in bn. of nat. curr.

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2006 2007 2008 2009 2010 2011 2012
-500
-1,000
1,000
500
0
2006 2007 2008 2009 2010 2011 2012
-500
-1,000
Net Domestic Assets Net Foreign Assets
Net claims on public sector Monetary Base
Financial corporation balance sheet, in bn. of nat. curr.

12,000
10,000
8,000
6,000
4,000
2,000
0
2006 2007 2008 2009 2010 2011 2012

Net Claims on Public Sector Claims on rest of private sector
orporations, 2006-12
2008 2009 2010 2011 2012
currency)
2,178 2,276 2,363 2,446 3,491

-502 -330 -331 -228
-18 -48 -287 -86
-21 -49 -288 -86 -562
3 2 1 1 1
0 2 1 83 0
3 2 2 1 1
-1,513 -1,414 -1,407 -1,812 -1,850
1,026 1,127 1,361 1,586
1,219 1,266 1,346 1,477 1,673
-193 -139 15 109 -46
1,676 1,945 2,032 2,218

575 613 665 743 845
1,101 1,332 1,367 1,475 1,863
orations
-420 -20 -87 -580 -1,018

7,675 8,131 8,183 9,050
1,101 1,331 1,366 1,392 1,863
175 182 191 197 254
1,468 1,781 1,693 1,990 2,372
-542 -632 -518 -733 -763
419 707 990 1,028 1,186
357 644 906 931 1,029
63 63 84 98 157
8,107 8,537 8,960 10,071 11,483
-1,952 -2,444 -3,133 -3,442
-1,597 -1,829 -2,036 -2,294 -2,602
-760 -1,086 -1,558 -1,806 -2,295
405 472 461 658 684
7,255 8,111 8,096 8,470
3,617 3,808 4,277 4,724 5,006
3,638 4,303 3,819 3,746 4,295
rporations
1,758 2,256 2,275 1,866

7,041 7,251 7,307 8,418
8,511 9,199 9,664 11,015
401 659 703 943
336 595 618 844
66 65 85 98
8,110 8,539 8,961 10,072
-1,470 -1,948 -2,357 -2,597
-378 -564 -690 -817
-760 -1,086 -1,558 -1,806
-331 -298 -110 26 -142
8,800 9,507 9,582 10,284

400 431 474 546
7,255 8,111 8,096 8,470
1,144 964 1,013 1,268 1,324
Other depository corporation balance sheet, in bn. of nat. curr.


Net Claims on Public Sector Deposits
Claims on rest of Private Sector
Macronia: Monetary Accounts Indicators, 2006-12
2006 2007
(in percent)
Growth of money aggregates

Net Foreign Assets (financial corporations) … 8.1
Net Domestic Credit (financial corporations) … 28.9
of which: net claims on public sector … -37.5
of which: net claims on rest of private sector … 37.5
Other items (financial corporations) … 63.5
Broad money … 20.5
Currency in circulation … 28.2
Deposits … 17.7
Other CB liabilities … 32.6
Contribution to growth of broad money

Net Foreign Assets (financial corporations) … 2.2
Net Domestic Credit (financial corporations) … 23.5
of which: net claims on public sector … -3.5
of which: net claims on rest of private sector … 27.0
Other items (financial corporations) … -5.2
Other selected indicators

Credit-to-deposits 90.0 105.1
Monetary base-to-GDP 10.8 10.9
Broad money-to-GDP 56.7 57.9
Velocity (GDP-to-average broad money) … 1.9
Money multiplier 5.3 5.3
Currency-to-deposits 6.1 6.7
Memorandum items
Monetary base 1,185 1,409
Net Foreign Assets (financial corporations) 1,670 1,806
Net Domestic Credit (financial corporations) 5,063 6,527
of which: net claims on public sector 584 365
of which: net claims on rest of private sector 4,479 6,161
Other items (financial corporations) -511 -837
Broad money 6,222 7,496
Other CB liabilities 937 1,243
Monetary aggregates, percent growth

40.0
30.0
20.0
10.0
0.0
2007 2008 2009 2010 2011 2012
-10.0
-20.0
Broad money Currency in circulation Deposits
Other CB liabilities
Other selected indicators, in percent

140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
2006 2007 2008 2009 2010 2011 2012
40.0
20.0
0.0
2006 2007 2008 2009 2010 2011 2012
Monetary base-to-GDP Broad money-to-GDP Credit-to-deposits

ndicators, 2006-12
2008 2009 2010 2011 2012
-2.6 28.3 0.9 -18.0

30.4 8.1 5.1 14.0
10.0 64.2 6.6 34.1
31.6 5.3 4.9 12.4
75.7 32.5 21.0 10.2
17.4 8.0 0.8 7.3
2.3 7.8 9.8 15.2
23.8 11.8 -0.2 4.6
-7.9 -15.7 5.0 25.2
-0.6 5.7 0.2 -4.3

26.5 7.8 4.9 14.1
0.5 2.9 0.5 2.5
26.0 4.9 4.4 11.6
-8.4 -5.4 -4.3 -2.5
111.8 105.3 110.7 118.9

11.4 12.4 11.5 11.4
59.7 60.4 54.4 52.9
1.8 1.7 1.8 2.0
5.2 4.9 4.7 4.6
5.5 5.3 5.9 6.4
14,737 15,747 17,629 19,428 21,165

1,676 1,945 2,032 2,218
1,758 2,256 2,275 1,866
8,511 9,199 9,664 11,015
401 659 703 943
8,110 8,539 8,961 10,072
-1,470 -1,948 -2,357 -2,597
8,800 9,507 9,582 10,284
400 431 474 546
7,255 8,111 8,096 8,470
1,144 964 1,013 1,268 1,324
Contribution to broad money growth, percent
Net foreign assets Net claims on public sector
Net claims on r. of private sector Other items
Other selected ratios

Money multiplier Currency-to-deposits

Velocity (GDP-to-average broad money)
Central bank balance sheet, in bn. of nat. curr.
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2006 2007 2008 2009 2010 2011 2012
-500
-1,000
Net claims on public sector Monetary Base
Financial corporation balance sheet, in bn. of nat. curr.

12,000 40.0
10,000 30.0
8,000 20.0
6,000 10.0
4,000
0.0
2007
2,000
-10.0
0
2006 2007 2008 2009 2010 2011 2012 -20.0
Broad
Net Claims on Public Sector Claims on rest of private sector Othe
2,000
-10.0
0
2006 2007 2008 2009 2010 2011 2012 -20.0
Broad
Net Claims on Public Sector Claims on rest of private sector Othe
140.0
120.0
100.0
80.0
60.0
40.0
20.0
Contribution to broad money growth, percent
0.0
2006
Moneta
Net foreign assets Net claims on public sector
Net claims on r. of private sector Other items

Money multiplier Currency-to-deposits

Velocity (GDP-to-average broad money)

Net Claims on Public Sector Deposits
Claims on rest of Private Sector
Monetary aggregates, percent growth

40.0
30.0
20.0
10.0
0.0
2007 2008 2009 2010 2011 2012
-10.0
-20.0
-10.0
-20.0
Other selected indicators, in percent

140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
2006 2007 2008 2009 2010 2011 2012
Monetary base-to-GDP Broad money-to-GDP Credit-to-deposits

Macronia: Flow of Funds, 2011
Domestic economy
Private
Total sector
Non-financial transactions
GNDI 19,184 18,554

Expenditures 16,017 14,613
Investment 4,287 4,215
Non-financial balance (deficit = -) -1,120 -274
Total financing (net borrowing = +) 1,219 374
External financing 1,219 935

Capital account 11 11
Financial account, including reserves 1,209 924
Domestic financing 0 -561

Non-monetary 0 -744
Monetary 0 183
Broad money 0 -701
Net claims on the general government 0 …
Other net domestic assets 1/ 0 884
Statistical discrepancy 99 99
Vertical and horizontal check 0 0
Memorandum items (2011)

Exchange rate, nat. curr. per US dollar, period average 506.4
Current account balance, in millions of US dollars -2,396
Capital account balance, in millions of US dollars 22
Financial account balance, in millions of US dollars -2,387
Notes:
1/ For the sake of simplification, includes a negligible valuation adjustement in the Depository Corporation
Funds, 2011
nal currency)
Domestic economy
Rest of the Check
World
General Depository
Government Corporations
630 … … …
1,404 … … …
72 … … …
-846 0 1,214 93
846 0 -1,219 0
-124 409 -1,219 0

0 0 -11 0
-124 409 -1,209 0
970 -409 … 0
744 … … 0
227 -409 … 0
… 701 … 0
227 -227 … 0
… -884 … 0
0 0 -6 93
0 0 0 0
ent in the Depository Corporations accounts.

Macronia: Flow of Funds, 2012
Domestic economy
Private
Total sector
Non-financial transactions
GNDI 2,700
Expenditures -1,523
Investment -12
Non-financial balance (deficit = -) 4,235
Total financing (net borrowing = +) 9,519
External financing 0 0
Capital account 0
Financial account, including reserves 0
Domestic financing 9,519

Non-monetary 0 -1,101
Monetary 0 -8,418
Broad money 0 0
Net claims on the general government 0 …
Other net domestic assets 1/ 0 -8,418
Statistical discrepancy 9,519 12,653
Vertical and horizontal check 0 -8,418
Memorandum items (2012)

Exchange rate, nat. curr. per US dollar, period average 510.8
Current account balance, in millions of US dollars
Capital account balance, in millions of US dollars 38
Financial account balance, in millions of US dollars
Notes:
1/ For the sake of simplification, includes a negligible valuation adjustement in the Depository Corporation
Funds, 2012
nal currency)
Domestic economy
Rest of the Check
World
General Depository
Government Corporations
-2,700 … … …
1,523 … … …
12 … … …
-4,235 0
1,101 8,418 0 9,519
0 0 0 0
0 0 0 0
0 0
1,101 8,418 … 9,519

1,101 … … 0
0 8,418 … 0
… … 0
… 0
… 8,418 … 0
-3,134 8,418 27 9,546
0 0 -27 -9,546
ent in the Depository Corporations accounts.

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Macronia: Nominal GDP, 2006-12

2006 2007 2008

(in billions of national currency)

Gross Domestic Product, at current prices

National Income, Absorption, Saving, and S-I balance

(in percent of GDP)

Selected Economic Indicators

(in billions of national currency)

Other items, from Balance of Payments

Saving and investment, in percent of GDP

National saving Gross fixed capital formation

Saving - Investment balance

2009 2010 2011 2012

15,747 17,629 19,428 21,165

15,202 17,226 19,020

98.9 102.3 104.5

Gross fixed capital formation

2006 2007 2008

(in billions of national currency)

Gross Domestic Product by expenditure, at constant 2005 prices

Potential output 9,650 9,961 10,371

Potential output 4.8 3.2 4.1

Contribution to GDP growth

Real GDP growth and output gap, in percent

Real GDP growth Output gap (right axis)

2009 2010 2011 2012

10,585 11,099 11,727 12,075

10,755 11,237 11,888 12,184

-1.6 4.9 5.7

3.7 4.5 5.8

1.7 3.8 3.3

-1.6 -1.2 -1.4

Real GDP growth and contribution, in percent

Exports of goods and services Imports of goods and services

2006 2007 2008

(in billions of national currency)

Gross Domestic Product by expenditure, at current prices

(in billions of national currency)

Gross Domestic Product by expenditure, at constant 2005 prices

2009 2010 2011 2012

15,747 17,629 19,428 21,165

10,585 11,099 11,727 12,075

148.8 158.8 165.7

2006 2007 2008

CPI inflation and GDP deflator growth, in percent

GDP deflator CPI, period average CPI, end-of-period

GDP deflator CPI, period average CPI, end-of-period

2009 2010 2011 2012

148.8 158.8 165.7

8.6 6.8 4.3

-1.6 -1.2 -1.4

National saving Gross fixed capital formation

GDP deflator CPI, period average CPI, end-of-period

Real GDP growth and contribution, in percent

Exports of goods and services Imports of goods and services

(in millions of US Dollars)

Current account -1,101 -1,373

Financial account: net lending (+)/net borrowing (-) -1,794 -2,412

Net Errors and Omissions 57 -42

Overall Balance 751 1,018

Reserve assets 751 1,018

(in percent of GDP, unless otherwise indicated)