Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
ency)
ency)
-545 -403 -408 -430
206 193 164 168
ercent of GDP
(in percent)
Growth rates
GDP 8.8 6.5 2.4
Final consumption 5.4 7.0 3.4
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
Imports of goods and services 8.1 4.3 6.5
Statistical discrepancy … … …
Output gap
Output gap, in percent of potential output 2.2 5.5 3.8
ency)
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
GDP deflator
GDP 111.2 123.3 137.0
Final consumption 112.6 125.2 142.7
Private 112.3 124.5 140.9
Public 115.1 130.7 156.2
Gross fixed capital formation 114.3 134.0 140.4
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
Imports of goods and services 114.4 125.4 140.2
Statistical discrepancy … … …
006-12
ency)
ency)
(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
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
0.0
2006 2007 2008 2009 2010 2011 2012
-2.0
-4.0
Output gap
6-12
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
Real
15.0
10.0
5.0
0.0
2007 2
-5.0
-10.0
Real GDP growth and output gap, in percent
-15.0
Final consum
-10.0
Real GDP growth and output gap, in percent
-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
10.0
5.0
0.0
2007 2008 2009 2010 2011 2012
-5.0
-10.0
-15.0
Final consumption Gross fixed capital formation
-10.0
-15.0
Final consumption Gross fixed capital formation
2006 2007
Capital account 1 21
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
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
ollars)
7 58 54 22 38
42 -33 10 -12 54
erwise indicated)
2006 2007
Memorandum items
Nominal GDP, in millions of US dollars 21,445 25,079
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
ollars)
rwise indicated)
2006 2007
Memorandum items
Total disbursements long term 706 945
Total amortization long term 612 507
, 2006-12
llars)
2006 2007
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
Nominal GDP, in millions of US dollars 21,445 25,079
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
Liabilities 13,727 16,765
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
12.0
10.0
8.0
6.0
4.0
2.0
0.0
Reserve assets 2007
se indicated)
llars)
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
2006 2007
Indicators of trade
Exports of goods and services
Change in value … 16.1
Change in prices … 6.9
Change in volume … 8.6
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
se indicated)
llars)
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
60.0
40.0
20.0
0.0
2006 2007 2008 2009 2010 2011 2012
-20.0
-40.0
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
Reserve assets
2006 2007
Notes:
1/ Other revenues does not contain interest income.
2/ You may assume that interest income is zero.
rnment Operations, 2006-12
currency)
52 71 54 59
65 87 68 72 87
4 5 4 0 35
0 0 0 0 27
9 11 10 13 12
2006 2007
Cyclical adjustment
Revenues, at constant 2005 prices 1,474 1,707
Primary expenses, at constant 2005 prices 1,176 1,281
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 operating balance -106 106
Net acquisition of non-financial assets 15 28
Net lending/borrowing -121 78
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.
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
otherwise indicated)
rrency)
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
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
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
Net operating balance -106 106
Net lending/borrowing -121 78
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
urrency)
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
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
2006 2007
(in percent)
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
Nominal GDP, in billions of national currency 10,965 12,956
Assets 7,857 7,566
Liabilities 6,498 6,153
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
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
currency)
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
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
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
-20.0 10.0
-40.0 0.0
2006
Assets-to-GDP Liabilities-to-GDP Net financial worth-to-GDP
Net worth-to-GDP
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)
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
0.0 200.0
2006 2007 2008 2009 2010 2011 2012
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
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
On the rest of the public sector 55 54
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
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
On the rest of the public sector 60 57
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
Currency in circulation 305 391
Deposits 4,980 5,861
Other CB liabilities 937 1,243
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
10,000
8,000
6,000
4,000
2,000
0
2006 2007 2008 2009 2010 2011 2012
currency)
orations
rporations
2006 2007
(in percent)
Memorandum items
Nominal GDP, in billions of national currency 10,965 12,956
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
Currency in circulation 305 391
Deposits 4,980 5,861
Other CB liabilities 937 1,243
30.0
20.0
10.0
0.0
2007 2008 2009 2010 2011 2012
-10.0
-20.0
Other CB liabilities
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
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2006 2007 2008 2009 2010 2011 2012
-500
-1,000
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 Domestic Assets Net Foreign Assets
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 Domestic Assets Net Foreign Assets
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
30.0
20.0
10.0
0.0
2007 2008 2009 2010 2011 2012
-10.0
-20.0
Other CB liabilities
-10.0
-20.0
Other CB liabilities
120.0
100.0
80.0
60.0
40.0
20.0
0.0
2006 2007 2008 2009 2010 2011 2012
Domestic economy
Private
Total sector
Non-financial transactions
Statistical discrepancy 99 99
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
970 -409 … 0
744 … … 0
227 -409 … 0
… 701 … 0
227 -227 … 0
… -884 … 0
0 0 -6 93
0 0 0 0
Domestic economy
Private
Total sector
Non-financial transactions
GNDI 2,700
Expenditures -1,523
Investment -12
External financing 0 0
Capital account 0
Financial account, including reserves 0
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
0 0 0 0
0 0 0 0
0 0
0 0 -27 -9,546