Page 1

01.10.2012

Economic Forecast - Composite Real GDP (yoy %)

CPI (yoy %)

Policy Rate (%)

Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13

Unemployment (%)

Curr Acct (% of GDP)

Budget (% of GDP)

3-Month Rate (%)

2-Year Note (%)

10-Year Note (%)

FX forecasts

Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13

Q4 12 Q1 13 Q2 13 Q3 13

LatAm Argentina

0.5

2.3

3.3

3

10.7

10.8

7.75

8.3

7.9

7.6

-0.35

-0.1

0.3

0.1

-1.5

-0.4

-0.4

-0.4

USD/ARS

4.93

5.07

5.25

5.46

Brazil

2.8

3.7

4.3

4.1

5.3

5.55

5.7

5.3

Deposit 1DY Rate SELIC Rate

7.38

7.5

7.75

8.13

5.3

6

5.8

5.8

-2.4

-2.45

-2.45

-2.7

-1.95

-1.95

-1.95

-2.4

USD/BRL

2

1.98

1.95

1.95

Chile

4.6

4.75

4.4

4.55

2.3

2.6

2.9

3.4

Monetary Policy Rate

4.88

4.88

4.75

5

6.3

1.2

USD/CLP

485.5

482

483

475

Colombia

4.3

4.65

4.3

4.55

3

3

3.15

3.1

Deposit Rate

4.63

4.63

4.63

4.63

10.2

USD/COP

1800

1801

1782

1775

Mexico

4.85

USD/MXN

12.81 12.75 12.55 12.45

-2.5 11.05 10.65 4.8

4.7

10.2

-3.6

-2.7

-4.1

-4.5

-2

4.7

-1

-1

-1

-1.2

-1.4

3.3

3.05

3.3

3.4

4

4.2

3.9

3.7

Overnight rate

4.5

4.5

4.5

4.63

Peru

6

5.9

5.6

5.45

2.9

2.7

2.6

2.6

Reference Rate

4.25

4.13

4.13

4.25

Venezuela

4

-0.5

-0.7

-0.8

25.3

27

29.4

29.6 Deposit Rate

Czech Republic

-0.2

2.3

3.3

3

2.9

2.4

2.35

2.3

2w Repo rate

0.38

0.5

0.5

0.5

8.7

9.3

8.5

8.6

-1.6

-0.9

-2.7

-2.7

Hungary

-0.4

0.2

0.6

1.2

5.35

3.95

3.9

3.8

Base Rate

6.5

6.25

6

5.88

10.95

11.7

11

10.8

2

1.5

1.3

1.3

Poland

1.7

1.6

1.95

2.3

3.25

2.8

2.6

2.7

Reference Rate

4.38

4

3.88

4

12.9

13.75

13

12.75

-4.3

-3.2

-2.6

-2.65

Slovakia

2.8

5.8

2

1.2

-2.8

4.77

4.87

4.93

4.96

5.77

5.87

6

6.11

USD/PEN 7

7.1

2.6

2.59

2.57

2.55

24.5

USD/VEF

Eastern Europe

0.7

1.1

2.45

3.05

3

2

2

2.45 Key policy rate

13.8

13.8

13.3

13.2

Russia

3

2.95

3.3

3.8

6.8

7.1

6.85

6.55 Refinance Rate

8.38

8.38

8.25

8.13

5.8

6.1

5.8

5.7

Turkey

3.1

3.4

3.15

4.35

6.5

6.5

6.9

6.8

1wk Repo Rate

5.88

5.75

5.75

5.75

9.1

9.1

8.9

8.8

1wk Repo Rate

6

6

5.5

5.5

Discount rate

2.13

2.13

2.25

2.5

Repo Rate

4.75

4.75

4.75

4.75

Iceland

0.9 4.62 -1

-2.1

-1.6

0.93 4.33

0.94 4.25

1.01 4.2

1.63

1.78

1.98

2.16

4.23

4.21

4.33

4.44

1.7

1.7

1.7

1.8

2.55

2.64

2.85

2.94

EUR/CZK

25

24.8

24.6

7.54

7.31

7.16

7.08

EUR/HUF

284

280

276

280

4.74

4.76

4.85

4.87

EUR/PLN

4.1

4.13

4.05

4.05

EUR/SKK

-1.7

USD/RUB 6.46

6.78

7.07

7.45

6

6.75

7.5

8

USD/TRY

31.35 30.98 30.97 31.21 1.8

1.76

1.75

1.75

USD/ILS

3.9

3.88

3.8

3.8

USD/ZAR

8.2

8

7.96

8.15

USD/ISK

MEA Israel

2.5

2.8

3.3

3.6

1.1

0.5

2

South Africa

2.7

2.9

2.9

3.1

5.2

5.3

5.2

5.5

-4.7

-5.05

-5.15

-5.3

5.07

5.08

5.07

5.11

4.74

4.92

5.36

5.61

6.91

7

7.09

7.22

Bahrain

O/N Repo Rate

Egypt

Re Discount Rate

USD/BHD USD/EGP

6.14

6.21

6.26

Kuwait

Discount rate

USD/KWD

0.28

0.28

0.27

Oman

Repo Rate

USD/OMR

Qatar

Repo Rate

USD/QAR

3.64

Saudi Arabia

Re Repo Rate

USD/SAR

3.75

3.75

3.75

United Arab Emirates

1wk Repo Rate

USD/AED

3.67

3.67

3.67

Asia China

7.7

7.85

8.1

8.3

2.5

2.85

3.4

3.5

Hong Kong

3.2

3.3

3.45

4.25

2.4

3.6

2.95

4.25 Base Rate

Lending Rate

India

5.7

6.2

6.65

6.9

9.6

9.2

8.95

9.1

Indonesia

5.85

5.75

4.9

4.8

5.52

South Korea

2.8

3.35

3.3

3.6

2.25

2.5

2.9

3

Malaysia

4.05

4.2

4.3

5.2

2

2.4

2.65

2.7

BN Interbank ON

Phillipines

4.6

4.2

4.9

4.8

3.45

4.3

4.25

4.1

Repo Rate

Singapore

3.6

3.35

3.95

4.4

3.8

3.3

3

3

Taiwan

4.3

3.8

4

3.2

2.05

2.06

1.8

1.2

Thailand

15.1

5.2

4.4

4.55

3.6

2.7

3.7

3.5

Vietnam

6.1

6.3

6.5

6.75

9.3

5.88

5.88

5.88

5.88

4.15

4.25

4.2

4.2

3.5

3.5

3.5

3.5

Reverse Repo Rate

6.75

6.63

7

7

Reference Rate

5.75

5.75

5.75

5.88

Base Rate

2.75

2.75

2.75

3

3.3

3.35

3.35

3

3

3.13

3.25

3

3.2

3.1

3.63

3.63

3.75

3.75

Discount Rate

1.88

1.88

1.88

2

Repurchase Rate

2.88

3

3

3.13

2.6 0.38 -3.1

Domestic IBOR rate

0.39

0.41

0.46

2.1

2

2

2.1

3.36

3.39

3.38

3.44

USD/CNY

6.32

6.3

6.27

6.22

0.25

0.25

0.25

0.25

1.23

1.18

1.43

1.47

USD/HKD

7.77

7.78

7.78

7.77

8

7.88

7.94

8.09

USD/INR

55

54

6.04

6.2

6.29

6.39

USD/IDR

9600

9613

9500

9446

3.21

3.34

3.45

3.35

USD/KRW

1120

1101

1096

1085

-2.9 4.92

4.82

4.8

4.78

3.35 8.6

9.7

9.8

53.25 52.75

3.17

3.2

3.36

3.4

3.66

3.68

3.74

3.73

USD/MYR

3.1

3.05

3.03

3

2.32

2.74

2.99

3.13

5.79

6

6.12

6.23

USD/PHP

41.5

41.3

41

40.3 1.21

2.25

2.3

2.2

2.2

0.39

0.41

0.48

0.55

0.2

0.2

0.2

0.25

1.75

1.8

1.96

2.13

USD/SGD

1.24

1.23

1.22

4.29

4.35

4.25

4.25

1.35

1.34

1.4

1.47

0.77

0.8

0.85

0.87

1.25

1.28

1.33

1.37

USD/TWD

29.6

29.4

29.1

29

2.96

2.98

3.07

3.18

3.1

3.34

3.56

3.64

3.71

USD/THB

31

30.8

30.45

30.2

Base Rate

USD/VND 21100 21200 21300 21500

G-10 USA

2

1.9

2.3

2.5

1.9

1.7

2

2.1

Fed Funds Rate

0.25

0.25

0.25

0.25

8.1

8.1

8

7.9

-3.2

-3.15

-3.2

-3.15

0.4

0.43

0.46

0.51

0.31

0.38

0.47

0.58

1.78

1.9

2.07

2.24

EUR/USD

1.27

1.26

1.24

Japan

0.5

1.15

1.2

1.5

0

-0.15

-0.1

0.1

BOJ overnight rate

0.1

0.1

0.1

0.1

4.3

4.2

4.2

4.1

1.2

1.5

1.4

1.6

0.24

0.23

0.23

0.24

0.11

0.11

0.12

0.13

0.87

0.94

0.99

1.04

USD/JPY

79

80

82

83

Euro

-0.45

-0.3

0.2

0.8

2.25

1.9

1.9

1.95 ECB Rate

0.5

0.5

0.5

0.5

11.45

11.5

11.5

11.4

1.1

1.3

1.1

0.8

0.31

0.35

0.39

0.45

EUR/USD

1.27

1.26

1.24

1.23

United Kingdom

0.38

0.38

0.5

0.5

8.25

8.3

8.4

8.3

-2.7

-2.7

-2.6

-2.6

0.65

0.64

0.67

0.72

0.32

0.45

0.57

0.79

1.81

1.99

2.15

2.29

USD/GBP

1.59

1.58

1.58

1.59

1

1

1.13

1.25

7.3

7.2

7.2

7.1

-3

-3

-3

-2.8

1.25

1.35

1.5

1.64

1.19

1.27

1.43

1.66

1.81

1.94

2.12

2.35

USD/CAD

0.98

0.98

0.98

0.98

5.2

-3.8

-4

-4.2

-4.5

3.42

3.4

3.42

3.55

2.76

2.86

3.06

3.34

3.18

3.3

3.47

3.73

USD/AUD

1.02

1.02

1.03

1.03

1.51

1.54

1.59

1.62

1

1.45

1.35

1.65

1.67

1.65

1.78

1.79

USD/SEK

6.62

6.74

6.81

6.86

2.78

2.93

3.15

3.45

4.14

4.21

4.34

4.5

USD/NZD

0.81

0.81

0.8

0.82

0.06

0.08

0.1

0.13

0.74

0.86

0.99

1.16

USD/CHF

0.95

0.96

0.99

1

USD/DKK

5.73

5.85

5.94

5.95

-0.1

0.5

1.5

1.2

2.1

2.1

2.3

2.2

Official Bank Rate

Canada

2

1.95

2.2

2.3

1.6

1.6

1.8

2.1

Overnight lending rate

Australia

3.2

2.7

2.8

3.15

2.5

3.15

3.2

2.7

RBA Cash Rate

3.25

3.13

3.13

3.25

5.4

5.45

5.35

Sweden

1.6

1.6

1.3

0.8

1.2

Decision Rate

1.13

1.13

1.13

1.25

7.6

8

8.3

New Zealand

2.8

2.4

2.85

3

1.9

1.9

2.2

2.5

Cash Rate

2.5

2.75

2.88

3.25

6.2

6

5.8

5.65

Switzerland

1.2

1

1.25

1.9

0.1

0.4

0.5

1

3.2

3.3

3.3

3.2

Denmark

-6.35

-6.55

-0.9

-7

-0.9

-5.9

-0.7

-6.5

-5.6

-0.5

0.05

0.05

0.2

0.1

Discount rate

Norway Germany

Reference Rate

-6.2

-7.55

Deposit Rate

1.5

1.63

1.63

1.63

ECB Rate

0.5

0.5

0.5

0.5

6.8

6.8

6.75

6.7

6.2

5.9

5.7

1.8

1.95 ECB Rate

0.5

0.5

0.5

0.5

10.4

10.4

10.4

10.4

-2.2

-2.15

-2.2

1.75

2.05 ECB Rate

0.5

0.5

0.5

0.5

11

11.1

11.2

11.2

-0.8

-1

-1

1

0.7

0.9

1.3

1.9

1.7

1.8

1.9

France

-0.1

0.1

0.4

0.9

1.85

1.7

Italy

-2.3

-1.35

-0.5

0.15

2.8

2.3

-2.5

Q.M.S Advisors | +41 (0)78 922 0877 | e-mail: info@qmsadv.com |

1.23

2.08

2.24

2.31

2.42

USD/NOK

5.76

5.84

5.83

5.87

0.15

0.29

0.42

0.57

1.64

1.85

2

2.14

EUR/USD

1.27

1.26

1.24

1.23

0.5

0.95

0.95

0.6

2.7

2.85

2.91

3.07

EUR/USD

1.27

1.26

1.24

1.23

2.75

2.7

2.6

2.2

5.3

5.07

5.12

5.04

EUR/USD

1.27

1.26

1.24

1.23


LEADING ECONOMIC INDICATORS LEADING INDICATORS Indicator

O-11

N-11

United States (yoy %) Eurozone (yoy %) Japan (yoy %)

-14.6 -21.3 -28.5

A-09

-15.0 -17.5 -26.3

M-09

-15.2 -17.0 -23.7

J-09

-13.9 -16.0 -22.8

J-09

-11.5 -15.0 -19.2

A-09

-7.1 -12.9 -17.9

S-09

-7.7 -11.1 -13.9

O-09

-6.2 -6.9 -5.4

N-09

-3.1 -3.7 5.8

D-09

0.0 2.4 18.4

J-10

1.0 4.6 32.0

F-10

3.4 7.8 29.4

M-10

4.7 9.3 24.9

A-10

7.5 9.7 19.3

M-10

8.1 8.5 15.9

J-10

7.8 7.7 15.0

J-10

7.0 8.3 13.5

A-10

6.7 5.8 10.6

S-10

6.1 7.3 7.4

O-10

6.0 8.0 6.4

N-10

6.7 8.8 6.3

D-10

5.8 6.0 4.0

J-11

5.2 7.7 3.6

F-11

5.3 5.8 -12.9

M-11

4.4 5.2 -11.9

A-11

3.2 4.1 -6.5

M-11

3.1 2.6 -1.7

J-11

3.4 4.1 -1.1

J-11

3.4 5.7 -0.5

A-11

3.2 2.1 -1.1

S-11

4.2 0.9 2.1

4.1 0.0 -1.2

3.8 -1.7 -1.2

D-11

4.5 -1.8 -1.7

J-12

5.2 -1.8 -4.3

F-12

3.7 -1.7 15.1

M-12

5.0 -2.6 12.6

A-12

4.7 -2.6 2.9

M-12

4.7 -2.0 -0.3

J-12

4.3 -2.4 -2.3

J-12

2.8 -2.4 -2.3

A-12

2.8 -2.4 -2.3

S-12

Germany (yoy %) France (yoy %) Italy (yoy %)

-22.0 -19.1 -27.2

-17.4 -14.1 -24.2

-17.1 -13.6 -20.8

-16.4 -13.7 -18.6

-16.1 -11.1 -15.8

-12.2 -11.0 -16.1

-11.8 -8.2 -15.5

-7.5 -3.7 -6.6

-4.6 -2.8 -3.6

3.3 2.8 -3.0

5.9 3.5 4.5

9.4 6.8 11.0

13.7 7.4 10.3

12.7 8.9 12.4

10.5 5.4 9.9

11.2 5.5 4.1

11.0 3.2 15.1

8.2 4.1 5.8

12.5 3.3 1.0

11.3 4.6 5.5

11.9 6.1 10.0

12.5 5.5 3.3

15.0 5.6 2.5

11.7 3.2 0.9

9.5 2.0 0.0

7.4 1.6 5.3

6.9 2.0 0.4

10.3 3.2 -4.1

8.5 4.1 4.7

5.5 1.3 -2.7

4.3 2.0 -3.8

4.6 0.8 -4.0

1.3 -1.8 -7.6

1.2 -1.9 -1.7

-0.5 -1.9 -3.3

1.2 -1.6 -5.6

-1.0 0.2 -12.0

-0.3 -4.0 -6.6

0.3 -2.5 -7.9

-1.4 -3.1 -4.4

-1.4 -3.1 -4.4

-1.4 -3.1 -4.4

United Kingdom (yoy %) Canada (yoy %)

-10.1 -12.2

-10.5 -14.1

-9.5 -14.8

-8.6 -14.8

-11.1 -13.4

-10.2 -11.7

-7.5 -11.2

-4.3 -9.0

-3.3 -5.1

-1.2 -0.7

-0.3 1.6

2.5 3.9

1.1 5.3

2.7 8.5

1.6 9.9

1.9 9.4

4.3 9.4

3.8 6.4

2.9 7.0

2.9 5.7

3.6 7.4

3.6 6.9

2.0 4.9

0.1 5.6

-0.9 4.0

-0.9 1.9

-0.3 1.2

-0.9 2.4

-1.3 2.7

-1.6 4.2

-2.5 3.3

-3.2 3.4

-2.7 2.7

-3.8 1.5

-2.2 0.9

-2.6 -0.3

-2.1 1.8

-1.5 2.7

-3.8 2.6

-0.8 2.6

-0.8 2.6

-0.8 2.6

Brazil (yoy %) China (yoy %) India (yoy %) Indonesia (yoy %) Russia (yoy %) South Africa (yoy %)

-14.8 7.3 -1.9

-11.2 8.9 -1.6

-10.9 10.7 -1.8

-10.0 10.8 1.7

-7.1 12.3 5.3

-7.6 13.9 1.6

-3.1 16.1 2.3

5.3 19.2 6.3

19.0 18.5 9.5

16.1 18.5 13.3

18.2 12.8 13.7

20.2 18.1 15.0

17.3 17.8 13.0

14.8 16.5 8.5

11.0 13.7 7.5

8.7 13.4 10.0

8.6 13.9 4.5

6.7 13.3 6.2

1.9 13.1 11.4

5.4 13.3 6.4

2.5 13.5 8.1

-14.2 -22.2

-14.5 -17.3

-12.0 -17.4

-9.8 -14.1

-10.7 -15.5

-8.4 -11.8

-5.6 -9.7

4.9 -4.4

6.9 3.4

10.2 3.2

8.4 2.9

9.8 6.8

10.4 8.9

12.6 8.2

9.7 9.3

5.9 6.8

7.0 5.2

6.2 1.4

6.6 1.7

6.7 3.9

6.3 0.7

2.6 13.5 7.5 3.7 6.7 2.7

7.5 14.9 6.7 -2.7 5.8 6.4

-1.0 14.8 9.4 2.6 5.3 5.5

-1.7 13.4 5.3 -1.0 4.5 0.0

2.4 13.3 6.2 3.9 4.1 0.9

0.9 15.1 9.5 3.6 5.7 1.2

-0.4 14.0 3.7 10.8 5.2 -6.2

2.3 13.5 3.4 4.2 6.2 6.0

-1.5 13.8 2.5 14.0 3.9 7.7

-1.7 13.2 -5.0 6.9 3.6 1.4

-2.6 12.4 6.0 0.9 3.9 2.7

-1.3 12.8 2.7 3.3 2.5 1.9

-3.0 12.8 1.0 2.3 3.8 2.2

-4.1 12.8 4.3 11.4 6.5 4.0

-2.4 11.9 -2.8 2.9 2.0 -3.1

-3.5 9.3 -1.3 7.0 1.3 1.3

-4.4 9.6 2.5 3.0 3.7 4.7

-5.6 9.5 -1.8 3.0 1.9 1.0

-2.9 9.2 0.1 3.0 3.4 6.1

-2.9 8.9 0.1 3.0 2.1 6.1

-2.9 8.9 0.1 3.0 2.1 6.1

LEADING INDICATORS Indicator OECD Area OECD & Major Six Non-OECD Major Seven NAFTA Big Four European Major Five Asia

A-09 100.9 106.7 98.8 98.9 100.0 116.1

OECD Area (12-mo %) -4.0 OECD & Major Six Non-OECD (12-mo %) -1.3 Major Seven (12-mo %) -4.9 NAFTA (12-mo %) -5.2 Big Four European (12-mo %) -4.0 Major Five Asia (12-mo %) 6.1

M-09

J-09

J-09

A-09

S-09

O-09

N-09

D-09

J-10

F-10

M-10

A-10

M-10

J-10

J-10

A-10

S-10

O-10

N-10

D-10

J-11

F-11

M-11

A-11

M-11

J-11

J-11

A-11

S-11

O-11

N-11

D-11

J-12

F-12

M-12

A-12

M-12

J-12

J-12

A-12

S-12

101.5 107.6 99.3 99.5 100.5 117.7

102.1 108.6 99.9 100.2 101.2 119.4

102.8 109.7 100.6 101.0 101.9 121.0

103.5 110.6 101.2 101.7 102.5 122.5

104.1 111.5 101.8 102.4 103.2 123.8

104.6 112.3 102.3 103.0 103.7 125.0

105.1 113.0 102.8 103.5 104.1 126.1

105.5 113.7 103.2 104.0 104.5 127.1

105.9 114.2 103.6 104.4 104.7 127.9

106.1 114.7 103.9 104.8 104.9 128.6

106.4 115.1 104.1 105.0 105.1 129.3

106.5 115.4 104.3 105.2 105.2 129.9

106.6 115.7 104.3 105.3 105.3 130.5

106.7 116.0 104.3 105.3 105.3 131.1

106.8 116.3 104.4 105.3 105.4 131.8

106.9 116.6 104.4 105.3 105.5 132.7

107.0 117.1 104.6 105.5 105.7 133.6

107.2 117.6 104.7 105.7 105.8 134.7

107.4 118.1 105.0 105.9 106.0 135.7

107.6 118.5 105.2 106.1 106.1 136.7

107.7 118.9 105.4 106.4 106.2 137.6

107.9 119.3 105.5 106.5 106.3 138.4

107.9 119.5 105.6 106.6 106.3 139.1

107.9 119.7 105.5 106.6 106.2 139.8

107.8 119.9 105.4 106.5 106.0 140.6

107.7 120.0 105.2 106.4 105.7 141.3

107.5 120.2 105.1 106.3 105.4 142.1

107.4 120.3 104.9 106.2 105.1 143.0

107.4 120.6 104.8 106.3 104.8 143.8

107.4 120.9 104.8 106.5 104.5 144.7

107.6 121.2 105.0 106.8 104.4 145.6

107.7 121.6 105.1 107.1 104.3 146.5

107.9 122.1 105.3 107.5 104.3 147.4

108.1 122.4 105.5 107.7 104.3 148.3

108.2 122.8 105.6 107.9 104.3 149.1

108.3 123.1 105.6 108.0 104.3 149.9

108.4 123.4 105.6 108.1 104.3 150.7

108.4 123.7 105.6 108.2 104.2 151.7

108.4 123.7 105.6 108.2 104.2 151.7

108.4 123.7 105.6 108.2 104.2 151.7

108.4 123.7 105.6 108.2 104.2 151.7

-3.3 -0.3 -4.2 -4.5 -3.2 7.4

-2.4 0.9 -3.3 -3.5 -2.2 8.9

-1.3 2.2 -2.3 -2.3 -1.1 10.3

-0.2 3.5 -1.1 -1.0 0.2 11.8

1.1 5.0 0.2 0.4 1.4 13.1

2.4 6.3 1.5 2.0 2.7 14.1

3.6 7.5 2.9 3.4 3.7 14.9

4.6 8.4 4.0 4.7 4.6 15.2

5.3 8.9 4.9 5.8 5.2 14.9

5.7 9.0 5.5 6.4 5.4 14.1

5.8 8.7 5.7 6.6 5.4 13.1

5.6 8.2 5.5 6.4 5.1 12.0

5.1 7.5 5.0 5.8 4.7 10.9

4.5 6.7 4.4 5.0 4.1 9.8

3.8 6.0 3.8 4.2 3.5 9.0

3.3 5.4 3.2 3.5 2.9 8.4

2.8 5.0 2.7 3.0 2.5 8.0

2.5 4.7 2.4 2.6 2.1 7.8

2.2 4.4 2.1 2.3 1.8 7.7

2.0 4.3 1.9 2.1 1.6 7.6

1.8 4.1 1.7 1.9 1.5 7.6

1.6 4.0 1.6 1.7 1.3 7.6

1.4 3.9 1.4 1.5 1.1 7.6

1.3 3.7 1.2 1.3 0.9 7.6

1.1 3.6 1.0 1.2 0.7 7.7

0.9 3.5 0.9 1.1 0.4 7.8

0.7 3.4 0.7 1.0 0.0 7.8

0.5 3.2 0.4 0.8 -0.4 7.8

0.4 3.0 0.2 0.8 -0.9 7.6

0.2 2.8 0.1 0.8 -1.2 7.5

0.2 2.7 0.0 0.8 -1.5 7.3

0.1 2.6 -0.1 0.9 -1.7 7.2

0.2 2.6 -0.1 1.0 -1.8 7.1

0.2 2.7 0.0 1.1 -1.9 7.1

0.3 2.7 0.0 1.2 -1.8 7.1

0.4 2.8 0.1 1.4 -1.8 7.2

0.5 2.9 0.2 1.5 -1.6 7.2

0.7 3.1 0.3 1.7 -1.4 7.3

0.7 3.1 0.3 1.7 -1.4 7.3

0.7 3.1 0.3 1.7 -1.4 7.3

0.7 3.1 0.3 1.7 -1.4 7.3

United States Eurozone Japan Germany France Italy United Kingdom Canada Mexico Australia New Zealand Brazil South Africa

98.0 101.1 98.0 100.8 100.8 97.3 100.4 101.5 104.9 109.1 104.5 113.3 111.0

98.6 101.5 98.2 101.7 101.1 97.5 101.1 102.2 106.0 109.3 104.8 114.6 111.4

99.3 102.0 98.5 102.6 101.4 97.8 101.9 103.0 107.3 109.6 105.0 115.9 111.9

100.0 102.6 98.8 103.6 101.8 98.2 102.7 103.8 108.5 110.0 105.3 117.0 112.4

100.7 103.2 99.1 104.5 102.2 98.5 103.6 104.6 109.6 110.6 105.5 118.1 112.9

101.3 103.7 99.5 105.3 102.7 98.9 104.4 105.4 110.4 111.1 105.7 119.0 113.5

101.9 104.1 99.8 106.0 103.1 99.1 105.1 106.0 110.9 111.7 105.9 119.8 114.0

102.4 104.5 100.1 106.6 103.4 99.3 105.6 106.5 111.2 112.3 106.1 120.5 114.5

103.0 104.9 100.4 107.2 103.5 99.5 105.9 107.0 111.2 112.9 106.3 121.2 115.0

103.4 105.1 100.7 107.7 103.6 99.5 106.2 107.3 111.1 113.4 106.6 121.8 115.5

103.8 105.3 100.9 108.3 103.6 99.6 106.3 107.6 111.2 113.9 106.7 122.3 116.0

104.1 105.5 101.1 108.8 103.6 99.6 106.2 107.8 111.3 114.4 106.7 122.8 116.4

104.3 105.7 101.1 109.3 103.6 99.6 106.1 107.9 111.6 114.8 106.5 123.2 116.8

104.4 105.8 101.1 109.6 103.6 99.7 105.9 107.9 111.7 115.1 106.2 123.6 117.2

104.3 105.9 101.2 109.9 103.7 99.8 105.7 107.9 111.9 115.4 105.9 123.9 117.5

104.4 106.0 101.2 110.1 103.8 99.9 105.5 107.8 112.0 115.6 105.5 124.2 117.9

104.4 106.2 101.2 110.3 104.1 100.1 105.3 107.8 112.1 115.8 105.3 124.5 118.3

104.6 106.3 101.3 110.5 104.4 100.2 105.2 107.9 112.2 116.0 105.2 124.9 118.7

104.8 106.5 101.4 110.7 104.7 100.4 105.2 108.0 112.3 116.3 105.2 125.5 119.2

105.0 106.6 101.6 110.9 104.9 100.5 105.2 108.2 112.2 116.5 105.3 125.9 119.7

105.3 106.8 101.8 111.1 105.2 100.6 105.2 108.4 111.9 116.7 105.5 126.4 120.2

105.6 106.9 101.9 111.3 105.3 100.6 105.2 108.6 111.6 117.0 105.8 126.6 120.6

105.8 106.9 102.0 111.5 105.4 100.6 105.2 108.8 111.4 117.2 106.1 126.8 121.0

105.9 106.9 102.0 111.5 105.3 100.6 105.1 108.8 111.2 117.4 106.5 126.9 121.2

105.9 106.8 102.0 111.4 105.3 100.4 104.9 108.8 111.2 117.6 106.9 126.9 121.4

105.8 106.6 101.9 111.2 105.2 100.3 104.7 108.8 111.2 117.7 107.2 126.8 121.6

105.7 106.4 101.8 110.9 105.1 100.0 104.4 108.7 111.4 117.8 107.5 126.6 121.7

105.5 106.1 101.8 110.5 105.0 99.7 104.0 108.6 111.8 117.9 107.7 126.4 121.8

105.4 105.8 101.8 110.1 104.9 99.4 103.5 108.6 112.3 118.1 107.7 126.2 122.0

105.4 105.6 101.8 109.7 104.8 99.0 103.1 108.6 112.8 118.2 107.8 126.1 122.2

105.6 105.3 101.9 109.5 104.7 98.7 102.8 108.6 113.3 118.3 107.8 126.1 122.6

105.9 105.2 102.0 109.4 104.6 98.3 102.7 108.7 113.9 118.4 107.7 126.3 122.9

106.2 105.1 102.1 109.5 104.5 98.1 102.6 108.8 114.5 118.5 107.7 126.6 123.3

106.5 105.1 102.3 109.6 104.4 97.8 102.7 108.9 115.0 118.6 107.7 127.1 123.6

106.8 105.1 102.4 109.8 104.3 97.5 102.8 109.1 115.4 118.8 107.8 127.8 123.8

107.0 105.0 102.4 109.9 104.3 97.3 102.8 109.3 115.8 119.1 107.8 128.5 124.0

107.1 105.0 102.4 110.0 104.3 97.0 102.9 109.4 116.3 119.3 107.8 129.1 124.1

107.1 104.9 102.3 109.9 104.3 96.8 103.0 109.4 116.8 119.7 107.8 129.7 124.1

107.1 104.8 102.2 109.8 104.4 96.6 103.1 109.5 117.3 120.1 107.8 130.3 124.1

107.1 104.8 102.2 109.8 104.4 96.6 103.1 109.5 117.3 120.1 107.8 130.3 124.1

107.1 104.8 102.2 109.8 104.4 96.6 103.1 109.5 117.3 120.1 107.8 130.3 124.1

107.1 104.8 102.2 109.8 104.4 96.6 103.1 109.5 117.3 120.1 107.8 130.3 124.1

Euro Area Europe 23 Eastern Europe Big Four - Europe Germany France Italy United Kingdom Spain Netherlands Belgium Switzerland Denmark Norway Sweden Czech Republic Hungary Poland Slovak Republic Turkey

101.1 102.1 112.6 100.0 100.8 100.8 97.3 100.4 104.1 101.9 102.1 103.9 98.1 101.1 101.4 106.9 98.2 118.5 117.0 106.8

101.5 102.6 113.5 100.5 101.7 101.1 97.5 101.1 104.1 102.3 102.6 104.5 98.4 101.4 101.5 107.7 98.6 118.9 116.9 109.1

102.0 103.2 114.6 101.2 102.6 101.4 97.8 101.9 104.3 102.9 103.1 105.3 98.8 101.7 101.9 108.8 99.1 119.4 117.3 111.0

102.6 103.9 115.8 101.9 103.6 101.8 98.2 102.7 104.5 103.6 103.7 106.2 99.2 102.1 102.4 109.9 99.6 119.9 117.9 112.5

103.2 104.5 117.0 102.5 104.5 102.2 98.5 103.6 104.8 104.3 104.4 107.3 99.5 102.5 102.9 110.9 100.0 120.5 118.8 113.7

103.7 105.1 118.2 103.2 105.3 102.7 98.9 104.4 105.1 105.0 104.9 108.3 99.7 102.9 103.5 111.8 100.4 121.1 119.6 114.6

104.1 105.7 119.5 103.7 106.0 103.1 99.1 105.1 105.3 105.7 105.5 109.3 99.9 103.3 104.2 112.7 100.7 121.7 120.4 115.6

104.5 106.1 120.8 104.1 106.6 103.4 99.3 105.6 105.6 106.3 106.0 110.2 100.2 103.6 104.8 113.5 100.9 122.3 121.1 116.4

104.9 106.5 122.1 104.5 107.2 103.5 99.5 105.9 105.8 106.9 106.4 111.0 100.4 103.8 105.5 114.1 101.0 123.0 121.7 117.3

105.1 106.8 123.0 104.7 107.7 103.6 99.5 106.2 105.9 107.4 106.8 111.6 100.6 104.0 106.1 114.5 101.1 123.7 122.3 118.0

105.3 107.1 123.0 104.9 108.3 103.6 99.6 106.3 106.0 107.8 107.1 112.1 100.9 104.1 106.8 114.8 101.2 124.4 122.8 118.7

105.5 107.3 123.0 105.1 108.8 103.6 99.6 106.2 106.0 108.1 107.4 112.5 101.1 104.2 107.4 115.1 101.3 125.0 123.2 119.4

105.7 107.5 123.0 105.2 109.3 103.6 99.6 106.1 106.0 108.4 107.6 112.9 101.2 104.4 108.1 115.4 101.3 125.7 123.7 120.0

105.8 107.6 123.0 105.3 109.6 103.6 99.7 105.9 105.9 108.6 107.8 113.1 101.3 104.5 108.7 115.7 101.4 126.3 124.1 120.5

105.9 107.7 123.0 105.3 109.9 103.7 99.8 105.7 105.8 108.8 108.0 113.3 101.3 104.7 109.3 116.0 101.5 126.8 124.6 121.1

106.0 107.8 123.0 105.4 110.1 103.8 99.9 105.5 105.7 108.9 108.1 113.4 101.2 105.0 109.8 116.3 101.5 127.3 125.2 121.6

106.2 108.0 123.0 105.5 110.3 104.1 100.1 105.3 105.5 109.0 108.3 113.7 101.2 105.3 110.1 116.6 101.6 127.8 125.8 122.2

106.3 108.1 123.0 105.7 110.5 104.4 100.2 105.2 105.4 109.2 108.5 113.9 101.1 105.7 110.4 116.9 101.7 128.1 126.5 122.6

106.5 108.3 123.0 105.8 110.7 104.7 100.4 105.2 105.3 109.4 108.8 114.2 101.0 106.0 110.5 117.2 101.8 128.5 127.2 122.9

106.6 108.4 123.0 106.0 110.9 104.9 100.5 105.2 105.3 109.6 109.0 114.6 100.9 106.3 110.5 117.5 101.9 128.8 127.9 123.2

106.8 108.6 123.0 106.1 111.1 105.2 100.6 105.2 105.3 109.9 109.2 114.9 100.8 106.6 110.4 117.8 102.1 129.1 128.5 123.5

106.9 108.7 123.0 106.2 111.3 105.3 100.6 105.2 105.3 110.1 109.4 115.2 100.8 106.7 110.4 117.8 102.1 129.3 129.1 123.8

106.9 108.7 123.0 106.3 111.5 105.4 100.6 105.2 105.3 110.2 109.5 115.3 100.7 106.9 110.3 117.8 102.1 129.6 129.6 124.1

106.9 108.7 123.0 106.3 111.5 105.3 100.6 105.1 105.4 110.2 109.5 115.2 100.6 107.0 110.4 117.7 101.9 129.9 130.1 124.5

106.8 108.7 123.0 106.2 111.4 105.3 100.4 104.9 105.4 110.1 109.4 115.0 100.5 107.0 110.6 117.6 101.6 130.2 130.6 124.8

106.6 108.5 123.0 106.0 111.2 105.2 100.3 104.7 105.5 109.7 109.2 114.6 100.3 107.0 110.7 117.4 101.2 130.6 130.9 125.0

106.4 108.3 123.0 105.7 110.9 105.1 100.0 104.4 105.5 109.3 108.9 114.0 100.1 107.0 110.9 117.3 100.7 131.0 131.1 125.3

106.1 108.1 123.0 105.4 110.5 105.0 99.7 104.0 105.5 108.9 108.6 113.4 99.8 107.0 111.1 117.0 100.3 131.4 131.1 125.6

105.8 107.9 123.0 105.1 110.1 104.9 99.4 103.5 105.5 108.5 108.3 112.9 99.5 107.1 111.3 116.8 99.9 131.8 130.9 125.9

105.6 107.7 123.0 104.8 109.7 104.8 99.0 103.1 105.5 108.2 108.1 112.6 99.2 107.2 111.5 116.6 99.6 132.4 130.7 126.2

105.3 107.5 123.0 104.5 109.5 104.7 98.7 102.8 105.4 108.0 107.8 112.4 99.0 107.3 111.7 116.5 99.4 132.9 130.4 126.4

105.2 107.4 123.0 104.4 109.4 104.6 98.3 102.7 105.4 107.9 107.6 112.5 98.9 107.4 111.8 116.6 99.4 133.5 130.3 126.4

105.1 107.4 123.0 104.3 109.5 104.5 98.1 102.6 105.3 107.9 107.5 112.7 98.9 107.6 111.8 116.6 99.4 134.0 130.5 126.5

105.1 107.4 123.0 104.3 109.6 104.4 97.8 102.7 105.3 108.0 107.5 113.0 98.9 107.7 111.9 116.6 99.5 134.4 130.9 126.7

105.1 107.4 123.0 104.3 109.8 104.3 97.5 102.8 105.1 108.0 107.6 113.4 99.0 107.8 112.0 116.5 99.4 134.7 131.4 127.1

105.0 107.5 123.0 104.3 109.9 104.3 97.3 102.8 105.0 108.0 107.7 113.7 99.0 107.8 112.2 116.4 99.2 134.9 132.0 127.5

105.0 107.5 123.0 104.3 110.0 104.3 97.0 102.9 104.8 108.0 107.7 113.9 99.0 107.9 112.6 116.1 98.9 135.2 132.5 127.9

104.9 107.5 123.0 104.3 109.9 104.3 96.8 103.0 104.6 107.9 107.8 114.1 99.0 107.9 113.0 115.8 98.5 135.6 132.9 128.3

104.8 107.5 123.0 104.2 109.8 104.4 96.6 103.1 104.5 107.8 107.9 114.3 99.0 107.9 113.5 115.5 98.2 136.0 133.1 128.7

104.8 107.5 123.0 104.2 109.8 104.4 96.6 103.1 104.5 107.8 107.9 114.3 99.0 107.9 113.5 115.5 98.2 136.0 133.1 128.7

104.8 107.5 123.0 104.2 109.8 104.4 96.6 103.1 104.5 107.8 107.9 114.3 99.0 107.9 113.5 115.5 98.2 136.0 133.1 128.7

104.8 107.5 123.0 104.2 109.8 104.4 96.6 103.1 104.5 107.8 107.9 114.3 99.0 107.9 113.5 115.5 98.2 136.0 133.1 128.7

Major Five Asia China Korea India Indonesia

116.1 166.8 115.6 33.5 121.3

117.7 170.5 116.8 33.9 122.7

119.4 174.3 117.9 34.3 124.0

121.0 178.0 118.8 34.6 125.2

122.5 181.3 119.6 35.0 126.3

123.8 184.1 120.2 35.3 127.2

125.0 186.7 120.7 35.6 127.9

126.1 189.1 121.1 35.9 128.6

127.1 191.2 121.3 36.2 129.2

127.9 192.9 121.5 36.4 129.7

128.6 194.4 121.5 36.7 130.3

129.3 195.8 121.5 36.9 130.9

129.9 197.1 121.6 37.1 131.5

130.5 198.4 121.7 37.3 132.0

131.1 199.7 121.8 37.4 132.5

131.8 201.4 121.9 37.6 133.0

132.7 203.4 122.1 37.8 133.5

133.6 205.8 122.2 38.0 134.2

134.7 208.4 122.3 38.3 134.9

135.7 211.0 122.5 38.4 135.5

136.7 213.4 122.8 38.6 136.1

137.6 215.5 123.1 38.8 136.8

138.4 217.5 123.4 38.9 137.5

139.1 219.5 123.6 39.0 138.2

139.8 221.5 123.8 39.0 138.9

140.6 223.5 124.0 39.1 139.7

141.3 225.6 124.1 39.2 140.5

142.1 227.7 124.2 39.4 141.3

143.0 229.9 124.3 39.5 142.1

143.8 231.9 124.5 39.7 143.0

144.7 234.0 124.7 40.0 143.8

145.6 235.9 125.0 40.2 144.5

146.5 237.8 125.4 40.5 145.1

147.4 239.8 126.0 40.7 145.5

148.3 241.9 126.6 40.9 145.7

149.1 243.9 127.2 41.1 146.0

149.9 245.8 127.9 41.2 146.3

150.7 248.0 128.5 41.5 146.8

151.7 250.3 129.0 41.7 147.3

151.7 250.3 129.0 41.7 147.3

151.7 250.3 129.0 41.7 147.3

151.7 250.3 129.0 41.7 147.3

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USA - ECONOMIC INDICATORS - I/II Indicator

A-09 M-09 National Accounts

Real GDP (qoq % saar) Real GDP (yoy %) Nominal GDP ($ Bn) Personal Consumption (yoy % saar) Private Investment (yoy %) Gov't Spending (yoy % saar) Change in Inventories ($ Bn) GDP Price Deflator (qoq % saar) Core PCE Deflator (qoq % saar)

-0.3 1.4 -4.6 -3.3 13885 13952 -1.8 2.1 -27.1 -1.7 9.6 3.7 -202.7 -200.5 -0.8 0.5 1.7 Purchases & Invest 1.5 GPGSTOC% US GDP Index Govt Consumer Prices -0.7 -1.3 -1.4 -2.1 -1.5 -1.3 -0.2 1.9 US 1.8 1.7 Purchases 1.5 1.7 GPGSTOC% GDP Index Govt &1.4 Invest 1.5 -0.3 -0.6 -0.6 -1.1 -0.7 -0.7 0.2 1.4 US 1.3 1.3 Purchases 1.2 1.5 GPGSTOC% GDP Index Govt &1.2 Invest 1.2 0.1 0.1 0.8 0 0.4 0.2 0.3 0.2 US 0.1 0.1 Purchases 0.1 0.2 GPGSTOC% GDP Index Govt &0.1 Invest 0.2 Producer Prices -3.5 -4.8 -4.4 -6.9 -4.4 -4.9 -2 -10 -11.7 -12.4 -15.2 -12.3 -12 -7.7 -40.31 -41.49 -40.31 -44.81 -35.03 -31.75 -13.21 3.4 3 3.3 2.5 2.3 1.7 0.7

Consumer Price Index (yoy %) CPI ex-Food & Energy (yoy %) PCE Price Index (yoy %) Core PCE Index (yoy %) Consumer Price Index (mom %) CPI ex-Food & Energy (mom %) PPI Finished Goods (yoy %) PPI Intermediate Goods (yoy %) PPI Crude Materials (yoy %) PPI ex-Food & Energy (yoy %) Producer Price Index (mom %) PPI ex-Food & Energy (mom %) Unemployment Rate (%) Initial Jobless Claims, Weekly Continuing Claims, Weekly Chg. in NonFarm Payrolls (mom 000's) Chg. in Mfg. Payrolls (mom 000's) Average Weekly Hours Employment/Population Ratio (%) Non-Farm Payroll Diffusion JOLTS Job Openings (yoy %) JOLTS Job Hires (yoy %) JOLTS Job Separations (yoy %) Help Wanted Index Challenger Job Cut Announce. (yoy %) ADP Employment Chg. (mom 000's) Avg. Hourly Earnings (yoy %) Avg. Hourly Earnings (mom %) Employment Cost Index (yoy %) Unit Labor Costs (qoq % saar) Non-Farm Productivity (qoq %) Industrial Production (yoy %) Capacity Utilization (%) Factory Orders (mom %) Durable Goods Orders (mom %) Business Inventories (mom %) Wholesale Inventories (mom %) Non-Farm Employment (Mln) Industrial Production Index Real Mfg. & Trade Sales ($ Tn) ISM Composite Index ISM Prices Paid Index Philly Fed Business Conditions Empire Mfg. Business Conditions Richmond Fed Mfg. Index Chicago Purchasing Managers Milwaukee Purchasing Managers

J-09

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0.5 0.1 1.9 -1.2 1.6 -0.2 0.1 US-0.1 0.4 Purchases -0.2 GPGSTOC% GDP Index Govt &0.3 Invest -0.1 Labor Market 8.9 9.4 9.5 9.5 9.6 9.8 618 612 595 555 562 548 6268 US 6628 6618Purchases 6118 5957 GPGSTOC% GDP Index Govt & Invest5919 -692 -361 -482 -339 -231 -199 -179 -167 -143 -61 -41 -44 33.1 US33.1 33 Purchases 33.1 33.1 GPGSTOC% GDP Index Govt & Invest33.1 59.8 59.6 59.4 59.3 59.1 58.7 17.5 US28.6 23.5 Purchases 31.2 33.6 GPGSTOC% GDP Index Govt & Invest35.9 1.7 1.8 1.8 1.7 1.7 1.9 3 2.9 2.8 2.9 2.9 3 3.6 US 3.2 3.2 Purchases 3.2 GPGSTOC% GDP Index Govt &3.1 Invest 3.1 0 0 0 0 0 0 47.3 7.4 -9 -5.7 -13.8 -30.2 -644 US-450 -441 Purchases -353 -216 GPGSTOC% GDP Index Govt & Invest-186 3.3 3.1 2.9 2.8 2.7 2.7 0.1 US 0.1 0.2 Purchases 0.2 GPGSTOC% GDP Index Govt &0.3 Invest 0.2 2.1 2.1 1.8 1.8 1.8 1.5 -0.2 -3.1 6.8 Purchases & Invest 5.2 GPGSTOC% US GDP Index Govt Economic Activity -0.86 -1.05 -0.43 0.97 1.04 0.63 67.7 67.1 66.8 67.5 68.3 68.9 0.4 2.5 2 2.8 0.1 1.7 0.3 US 3.9 -1.5 Purchases 8.9 GPGSTOC% GDP Index Govt &-2.3 Invest 2.4 -1.3 -1.3 -1.3 -1.1 -1.4 -0.4 -1.4 US-1.3 -1.8 Purchases -1.5 GPGSTOC% GDP Index Govt &-1.3 Invest -1.2 NBER Business Cycle Indicators 131.3 131 130.5 130.2 129.9 129.7 84.71 83.81 83.46 84.26 85.14 85.68 910.9 US 908.8 906.9 920.4 918.8 920.4 GPGSTOC% GDP Index Govt Purchases & Invest Business Conditions 39.8 42 45.8 49.2 53.5 54.2 32 US43.5 50 Purchases 55 GPGSTOC% GDP Index Govt & 65 Invest63.5 -24.4 -22.9 -1.3 -7.3 6.8 13.6 -19.29 -4.73 -10.15 1.43 11.23 18.44 -23 US -14 -11 Purchases -3 6 -2 GPGSTOC% GDP Index Govt & Invest 39.2 36.9 40 42.5 48.6 46.7 39 US GDP 43Index 50 Purchases 45 GPGSTOC% Govt & 56 Invest 58

O-09

N-09

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4 -0.1 14134 0 41.4 1.1 -46.8 1.3 2.4 1.8 1.7 1.7 1.6 0.3 0.1

2.7 1.8 2.3 1.6 0.1 0.1

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A-10

M-10

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J-10

A-10

S-10

O-10

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D-10

J-11

F-11

M-11

A-11

M-11

J-11

J-11

A-11

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F-12

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2.3 2.2 2.6 2.4 0.1 2.5 1.3 4.1 2 1.3 1.3 1.9 2.5 2.8 2.4 1.8 1.9 1.6 2 2.4 2.1 2.1 14270 14414 14576 14736 14815 15004 15163 15321 15478 15586 15586 2.5 2.6 2.5 4.1 3.1 1 1.7 2 2.4 1.5 1.5 19.8 14.6 16.4 -5.9 -5.3 12.5 5.9 33.9 6.1 0.7 0.7 -3.1 2.8 -0.3 -4.4 -7 -0.8 -2.9 -2.2 -3 -0.7 -0.7 33.2 41.7 109.5 49 33.7 34.8 -4.1 82.1 72.6 54.8 54.8 1.5 1.7 2 2.1 2 2.6 3 0.4 2 1.6 1.6 1.5 GPGSTOC% 1.4 Purchases 0.8 Purchases 1.3 Purchases 2.3 Purchases 1.9 Purchases 1.3 Purchases 2.2 Purchases 1.7 Purchases 1.7 Purchases US GDP Index Govt GPGSTOC% US&GDP Invest Index Govt1 Purchases GPGSTOC% US&GDP Invest Index Govt GPGSTOC% US&GDP Invest Index Govt GPGSTOC% US&GDP Invest Index Govt GPGSTOC% US&GDP Invest Index Govt US GDPUS Govt &GDP Invest Purchases Govt US&GDP Invest US Govt &GDP Invest Purchases Govt US&GDP Invest US Govt &GDP Invest Purchases Govt US&GDP Invest US Govt &GDP Invest Purchases Govt & Invest& 2.6 1.6 2.4 1.7 0.1 -0.1

2.1 1.3 2.2 1.7 0 0.1

2.3 2.2 2 1.1 1.2 1.1 1.1 1.2 1.1 1.5 1.6 2.1 2.7 3.2 3.6 3.6 3.6 3.8 3.9 3.5 3.4 3 2.9 2.9 2.7 2.3 1.7 1.7 1.4 1.7 1.7 1.1 GPGSTOC% 0.9 US 0.9 0.9 Purchases 0.9 US&0.9 0.8 Purchases 0.6 US&0.8 0.8 Purchases 1 US&1.1 1.2 Purchases 1.3 US&1.5 1.6 Purchases 1.8 US&GDP 2Index 2.2 Purchases 2.3 Purchases 2.2 Purchases 1.9 Purchases GDP Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% Invest Govt2 Purchases US 2.1 GDPUS Govt &2.2 GDP Invest Purchases Govt US&2.3 GDP Invest US Govt &2.2 GDP Invest Purchases Govt US&2.3 GDP Invest US Govt &2.3 GDP Invest Purchases Govt US&2.1 GDP Invest US Govt &1.9 GDP Invest Purchases Govt & Invest& 2.5 2.4 2.3 1.7 1.8 1.7 1.6 1.5 1.4 1.5 1.5 1.8 2.1 2.4 2.6 2.7 2.8 2.8 2.9 2.6 2.6 2.4 2.4 2.4 2.2 1.9 1.5 1.5 1.3 1.5 1.5 1.9 GPGSTOC% 1.7 US 1.7 1.6 Purchases 1.6 US&1.6 1.5 Purchases 1.2 US&1.2 1.1 Purchases 1.1 US&1.2 1.1 Purchases 1.2 US&1.4 1.4 Purchases 1.5 US&1.6 1.6 Purchases 1.9 Purchases 1.8 Purchases 1.6 Purchases GDP Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US 1.6 GDPUS Govt &1.7 GDP Invest Purchases Govt US&1.9 GDP Invest US Govt &1.9 GDP Invest Purchases Govt2 Purchases US&1.9 GDP Invest US Govt &1.7 GDP Invest Purchases Govt US&1.6 GDP Invest US Govt &1.6 GDP Invest Purchases Govt & Invest& 0 0 -0.1 0 0.2 0.2 0.1 0.3 0.2 0.4 0.3 0.4 0.5 0.4 0.3 0.1 0.3 0.3 0.3 0 0.1 0 0.2 0.4 0.3 0 -0.3 0 0 0.6 0.6 0.1 GPGSTOC% 0 US 0.1 0.1 Purchases 0.1 US&0.1 0 US&0.1 0.1 Purchases 0.2 US&0.2 0.2 Purchases 0.2 US&0.3 0.2 Purchases 0.2 US&0.2 0.1 Purchases 0.1 Purchases 0.2 Purchases 0.2 Purchases 0.1 Purchases GDP Index Govt GPGSTOC% GDP Invest Index Govt0 Purchases GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US 0.2 GDPUS Govt &0.2 GDP Invest Purchases Govt US&0.2 GDP Invest US Govt &0.1 GDP Invest Purchases Govt US&0.2 GDP Invest US Govt &0.2 GDP Invest Purchases Govt US&0.1 GDP Invest US Govt &0.1 GDP Invest Purchases Govt & Invest&

2.2 4.3 4.5 4.2 5.9 5.4 5.1 2.7 4.1 3.3 3.9 4.3 3.4 3.8 3.6 5.4 5.6 6.6 7.1 6.9 -1.8 2.9 4.7 5.6 7.9 8.7 8.3 6.1 6.3 5.2 5.4 6.2 5.9 6.3 6.2 8.1 9.1 9.7 10.3 10.9 4.8 13.27 25.03 29.74 32.85 28.74 21.46 13.29 20.71 18.72 20.58 17.01 13.07 16.11 10.86 16.45 16.69 23.84 22.66 26.07 1.2 0.9 1 1 0.9 0.9 1.3 1.1 1.5 1.3 1.6 1.6 1.2 1.4 1.6 1.8 2 2.3 2.1 2.3

0.4 -0.2

1.3 0.3

0.4 0

1 0.3

-0.6 0

10 522 5642 -202 -49 33 58.5 28.4 1.8 2.9 3 0 -50.7 -110 2.7 0.3 1.5

9.9 473 5318 -42 -34 33.2 58.5 39.5 1.8 3.1 3 0 -72.3 -150 2.6 0.2 1.5

9.9 467 4987 -171 -30 33.2 58.2 37.8 1.8 3 3 0 -72.9 -134 2.5 0.3 1.4 -3.9 5

9.7 505 4829 -40 -8 33.3 58.5 44.5 2.1 3 3 0 -70.4 -29 2.7 0.3 1.4

9.8 488 4759 -35 4 33.2 58.5 47.9 2 3 3 0 -77.4 26 2.5 0.1 1.4

0.2 69.1 2 1.9 0.5 0.4

0.36 69.5 0.1 -1.2 0.7 1.4

0.46 70 0.3 0 0 -0.5

0.98 70.8 6.5 13.9 0.2 0.2

0.41 71.3 0 -1.3 0.5 0.2

7.1 11.5 23.1 2.7

6.6 7 5.8 5.6 10.3 10.4 8 7.2 18.6 20.03 12.77 14.41 2.7 2.8 2.9 3

4.7 5.7 6.61 3

4.1 4.3 4.28 3.1

3.4 3.3 0.99 3.1

2.8 2.9 0.2 2.9

1.8 1 -7.4 2.7

0.7 -0.6 -7.7 2.7

0.7 -1.3 -11.4 2.6

0.5 -2.6 -9.6 2.5

2 -1.1 -3.5 2.5

2 -1.1 -3.5 2.5

0.5 -0.1 -0.2 -0.2 0.2 0.7 0.4 0.8 0.4 0.9 0.8 1.1 0.5 0.7 0.1 0.1 0.5 0.2 0.9 -0.3 0.1 -0.1 0.3 0.4 -0.2 -0.3 -0.9 0.1 0.3 1.7 1.7 0.2 GPGSTOC% 0.1 US 0.3 0.1 Purchases 0.2 US&0.2 0.2 Purchases -0.2 US&-0.1 0.2 Purchases 0.5 US&0.2 0.3 Purchases 0.3 US&0.2 0.3 Purchases 0.5 US&0.2 0.3 Purchases 0 US 0.2 Purchases 0.2 Purchases 0.2 Purchases 0.2 Purchases GDP Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US GDP Govt &0.1 GDP Invest Purchases Govt US&0.6 GDP Invest US Govt &0.1 GDP Invest Purchases Govt US&0.1 GDP Invest US Govt &0.2 GDP Invest Purchases Govt US&0.4 GDP Invest US Govt &0.2 GDP Invest Purchases Govt & Invest& 9.8 460 4650 189 8 33.3 58.5 56.6 2 3.3 3.1 0 -55 49 2.3 0.1 1.7 -1.3 2.7

9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4 9.1 9 8.9 9 9 9.1 9.1 9.1 9 8.9 8.7 8.5 8.3 8.3 8.2 8.1 8.2 8.2 8.3 8.1 8.1 448 461 466 474 465 449 454 434 419 433 392 401 464 424 425 402 407 402 398 399 383 381 373 362 368 389 376 368 367 359 4666 US 4548 4480Purchases 4481 US 4499 4431Purchases 4294 US 4126 3926Purchases 3933 US 3838 3766Purchases 3795 US 3716 3719Purchases 3695 US 3719 3680Purchases 3644 3599 3606Purchases 3517 3436 3271Purchases 3247 3318 3314Purchases 3336 3304 3271Purchases GPGSTOC% GDP Index Govt GPGSTOC% &GDP Invest Index Govt GPGSTOC% &GDP Invest Index Govt GPGSTOC% &GDP Invest Index Govt GPGSTOC% &GDP Invest Index Govt GPGSTOC% &GDP Invest Index Govt US GDPUS Govt &GDP Invest Purchases Govt US &GDP Invest US Govt &GDP Invest Purchases Govt US &GDP Invest US Govt &GDP Invest Purchases Govt US &GDP Invest US Govt &GDP Invest Purchases Govt & Invest& 239 516 -167 -58 -51 -27 220 121 120 110 220 246 251 54 84 96 85 202 112 157 223 275 259 143 68 87 45 141 96 96 32 34 10 20 -17 2 0 9 15 52 37 26 28 8 12 30 3 -3 9 3 28 52 30 42 10 13 7 23 -15 -15 33.4 US33.5 33.4 Purchases 33.4 US& 33.5 33.5 Purchases 33.5 US& 33.5 33.5 Purchases 33.4 US& 33.6 33.6 Purchases 33.7 US& 33.7 33.7 Purchases 33.7 US& 33.6 33.6 Purchases 33.7 33.7 Purchases 33.8 33.8 33.7 Purchases 33.7 33.7 33.7 Purchases 33.7 33.7 33.7 Purchases GPGSTOC% GDP Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US33.7 GDPUS Govt & GDP Invest Purchases Govt US& GDP Invest US Govt & GDP Invest Purchases Govt US& GDP Invest US Govt & GDP Invest Purchases Govt US& GDP Invest US Govt & GDP Invest Purchases Govt & Invest& 58.7 58.7 58.5 58.5 58.5 58.5 58.3 58.2 58.3 58.4 58.4 58.5 58.4 58.4 58.2 58.2 58.3 58.4 58.4 58.5 58.5 58.5 58.6 58.5 58.4 58.6 58.6 58.4 58.3 58.3 60.2 US55.1 53.9 Purchases 54.1 US& 53.2 51.1 Purchases 59.6 US& 57.1 60.2 Purchases 61.8 US& 68.8 65.8 Purchases 65.2 US& 54.5 57 Purchases 62.2 US& 57.3 57.9 Purchases 55.6 63.7 Purchases 70.3 62.2 63.5 Purchases 58.1 61.3 54.7 Purchases 54.3 50.2 50.2 Purchases GPGSTOC% GDP Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US56.8 GDPUS Govt & GDP Invest Purchases Govt US& GDP Invest US Govt & GDP Invest Purchases Govt US& GDP Invest US Govt & GDP Invest Purchases Govt US& GDP Invest US Govt & GDP Invest Purchases Govt & Invest& 2.4 2.1 2 2.2 2.2 2.1 2.3 2.3 2.2 2.1 2.3 2.4 2.2 2.3 2.4 2.5 2.3 2.6 2.5 2.4 2.6 2.6 2.6 2.7 2.5 2.7 2.7 2.7 2.7 2.7 3.2 3.4 3.1 3.1 3 3 3.1 3.1 3.1 3 3.1 3.3 3.1 3.2 3.2 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.3 3.3 3.2 3.4 3.2 3.2 3.2 3.2 3 US GDP 3Index 3.3 Purchases 3.2 US&3.1 2.9 US&GDP 3Index 3.1 Purchases 2.9 US&GDP 3Index 2.9 US&3.2 3.1 Purchases 3.1 US&3.1 3.1 Purchases 3 US 3.1 Purchases 3.2 Purchases 3 US 3 Purchases GPGSTOC% Govt GPGSTOC% GDP Invest Index Govt3 Purchases GPGSTOC% Invest Govt GPGSTOC% Invest Govt3 Purchases GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US 3.1 GDPUS Govt &3.1 GDP Invest Purchases Govt3 Purchases US&GDP Invest Govt &3.1 GDP Invest Purchases Govt US&3.1 GDP Invest US Govt &3.4 GDP Invest Purchases Govt US&GDP Invest Govt &GDP Invest Govt3 Purchases & Invest& 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -71.1 -65.1 -47.1 -57.2 -54.5 -44.1 -31.8 -3.3 -29 -46.1 20.5 -38.6 -4.8 -4.3 5.3 59.4 47 211.5 12.6 -12.8 30.6 38.9 2 -8.8 11.2 66.7 -9.4 -44.5 -36.9 -36.9 109 US GDP 81Index 51 Purchases 64 US&GDP 70 17 Purchases 92 US&GDP 84 213 Purchases 204 US&197 199 Purchases 162 US&GDP 47 136 Purchases 125 US&GDP 67 105 Purchases 267 Purchases 204 Purchases 173 Purchases 201 Purchases GPGSTOC% Govt GPGSTOC% Invest Index Govt GPGSTOC% Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% Invest Index Govt GPGSTOC% Invest Index Govt US142 GDPUS Govt &226 GDP Invest Purchases Govt US&182 GDP Invest US Govt &228 GDP Invest Purchases Govt US&112 GDP Invest US Govt &131 GDP Invest Purchases Govt US&173 GDP Invest US Govt &201 GDP Invest Purchases Govt & Invest& 2.5 2.5 2.6 2.5 2.4 2.3 2.5 2.2 2 2.2 2.1 2.1 2.1 2.2 2 2.3 2 2 1.7 1.9 1.9 1.5 1.6 1.7 1.7 1.4 1.5 1.2 1.3 1.3 0.2 US 0.2 0.2 Purchases 0.1 US&0.2 0.2 Purchases 0.5 US&-0.1 0.5 US&GDP 0Index 0.1 Purchases 0.3 US&0.2 0.1 Purchases 0.4 US&-0.1 0.2 Purchases 0.2 Purchases 0.2 Purchases -0.1 Purchases GPGSTOC% GDP Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt0 Purchases GPGSTOC% Invest Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US 0.2 GDPUS Govt &0.1 GDP Invest Purchases Govt0 Purchases US&0.2 GDP Invest US Govt &0.1 GDP Invest Purchases Govt US&0.2 GDP Invest US Govt &-0.1 GDP Invest Purchases Govt US&0.1 GDP Invest US Govt &-0.1 GDP Invest Purchases Govt & Invest& 1.7 1.7 1.9 1.9 1.9 1.9 1.9 1.9 2 2 2 2 2 2 2.2 2.2 2.2 2 2 2 2 2 2 1.9 1.9 1.9 1.7 1.7 1.7 1.7 3.3 -1.4 -1.4 11.3 -1.3 -0.6 -3.3 6.4 1.5 1.5 -0.5 Purchases 3.3 Purchases 1.9 Purchases -2 Purchases 1.2 Purchases 0.6 Purchases 2.8 Purchases -0.5 Purchases 2.2 Purchases 2.2 Purchases GPGSTOC% US GDP Index Govt GPGSTOC% US&GDP Invest Index Govt GPGSTOC% US&GDP Invest Index Govt GPGSTOC% US&GDP Invest Index Govt GPGSTOC% US&GDP Invest Index Govt GPGSTOC% US&GDP Invest Index Govt US GDPUS Govt &GDP Invest Purchases Govt US&GDP Invest US Govt &GDP Invest Purchases Govt US&GDP Invest US Govt &GDP Invest Purchases Govt US&GDP Invest US Govt &GDP Invest Purchases Govt & Invest&

0.65 0.41 1.57 0.17 0.7 0.21 0.41 -0.38 0.29 1.13 0.08 -0.19 0.82 -0.45 0.33 0.14 0.92 0.27 0.21 0.59 0.19 0.86 0.68 0.48 -0.6 0.82 0.03 0.14 0.54 -1.16 -1.16 71.9 72.4 73.7 73.9 74.5 74.8 75.2 74.9 75.2 76 76.1 75.9 76.5 76.1 76.3 76.3 77 77.1 77.2 77.6 77.7 78.3 78.7 79 78.4 79 78.9 78.9 79.2 78.2 78.2 2.1 1.6 -0.6 0.1 2.3 -1 4.1 -1.3 1.9 0.7 2.5 -1.5 5 -1.5 1.1 -0.2 3.3 -1.2 0.2 -0.4 1.7 2.1 -2 1.5 -2.1 -0.7 0.5 -0.5 2.8 2.8 2.8 1.7 GPGSTOC% 4.3 US GDP 0Index 0.6 Purchases 4.2 US&-3.1 6.7 Purchases -4.2 US&1.9 -1.2 Purchases 2.1 US&-3.4 8.1 Purchases -4.6 US&GDP 3Index -1.1 Purchases 7.1 US&-3.3 0.1 Purchases 5.1 Purchases 2 Purchases -3.7 Purchases 1.6 Purchases -13.2 -13.2 Purchases Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% Invest Govt GPGSTOC% GDP Invest Index Govt US-0.4 GDPUS Govt &3.4 GDP Invest Purchases Govt US&-4.9 GDP Invest US Govt &GDP Invest Govt US&-0.3 GDP Invest US Govt &1.5 GDP Invest Purchases Govt US&3.3 GDP Invest US Govt &GDP Invest Purchases Govt & Invest& 0.5 0.4 0 0.7 0.9 0.8 1.2 1 0.6 1.2 0.9 0.6 1.2 0.8 1 0.4 0.4 0.6 -0.1 0.9 0.4 0.4 0.8 0.6 0.3 0.3 0.3 0.1 0.8 0.8 0.8 0.5 GPGSTOC% 0.3 US 0.3 0.1 Purchases 1.3 US&1.2 1.5 Purchases 2.2 US&0.4 1.4 Purchases 0.9 US&1.2 0.7 Purchases 1.9 US&0.6 0.7 Purchases 0.3 US&0.4 -0.6 Purchases 1.2 Purchases 0.3 Purchases 0 Purchases -0.2 Purchases 0.7 Purchases GDP Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US 1.4 GDPUS Govt &0.1 GDP Invest Purchases Govt US&0.6 GDP Invest US Govt &0.9 GDP Invest Purchases Govt US&0.5 GDP Invest US Govt &GDP Invest Govt US&0.7 GDP Invest US Govt &0.7 GDP Invest Purchases Govt & Invest&

129.5 129.5 129.3 129.3 129.2 129.4 129.7 130.2 130 130 129.9 129.9 130.1 130.2 130.3 130.5 130.7 130.9 131.2 131.2 131.3 131.4 131.5 131.7 131.8 132 132.2 132.5 132.7 132.9 132.9 133 133.1 133.2 133.3 133.3 85.85 86.16 86.56 87.41 87.77 88.34 88.7 90.09 90.24 90.87 91.06 91.44 91.1 91.36 92.4 92.47 92.29 93.05 92.63 92.94 93.07 93.93 94.18 94.38 94.94 95.12 95.94 96.59 97.05 96.47 97.26 97.3 97.44 97.96 96.82 96.82 922.8 932.1 936.5 931.9 938 947.4 GPGSTOC% 954.9 US 953.8 958.2 972 US 969.6 972.8 973.5 US 980.1 982.6 992.3 US 979.2 990.1 983.3 US 982.7 989.2 996.8 US 1001 997 Purchases 1009 1007 1016Purchases 1016 1020 1015Purchases 1018 1025 1020Purchases 1020 1020 1020Purchases GDP Index Govt Purchases GPGSTOC% &GDP Invest Index Govt Purchases GPGSTOC% &GDP Invest Index Govt Purchases GPGSTOC% &GDP Invest Index Govt Purchases GPGSTOC% &GDP Invest Index Govt Purchases GPGSTOC% &GDP Invest Index Govt US GDPUS Govt &GDP Invest Purchases Govt US &GDP Invest US Govt &GDP Invest Purchases Govt US &GDP Invest US Govt &GDP Invest Purchases Govt US &GDP Invest US Govt &GDP Invest Purchases Govt & Invest& 55.9 54.3 65 55 13.7 15.1 32.62 22.54 8 5 53.4 55.4 50 57

55.8 56.7 55.8 59.3 59 58.8 56 55.7 57.4 56.4 57 58 57.3 59.9 59.8 59.7 59.7 54.2 55.8 51.4 52.5 52.5 51.8 52.2 53.1 54.1 52.4 53.4 54.8 53.5 49.7 49.8 49.6 49.6 61.5 70 67 75 GPGSTOC% 78 US77.5 57 Purchases 57.5 US& 61.5 70.5 Purchases 71 US& 69.5 72.5 Purchases 81.5 US&GDP 82 85 Purchases 85.5 US& 76.5 68 Purchases 59 US& 55.5 56 Purchases 41 US 45 47.5 Purchases 55.5 61.5 61 Purchases 61 47.5 37 Purchases 39.5 54 54 Purchases GDP Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% Invest Index Govt GPGSTOC% GDP Invest Index Govt GPGSTOC% GDP Invest Index Govt US GDP Govt &GDP Invest Purchases Govt US& GDP Invest US Govt & GDP Invest Purchases Govt US&GDP Invest US Govt & GDP Invest Purchases Govt US& GDP Invest US Govt &GDP Invest Purchases Govt & Invest& 18.2 14.3 15 16.1 17.3 20.5 12.6 6.8 0.9 2.7 3 18.3 18.1 17.3 29.8 39.2 15.1 3.2 -4.1 6.2 -22.7 -12.7 10.8 3.1 6.8 7.3 10.2 12.5 8.5 -5.8 -16.6 -12.9 -7.1 -1.9 3 16.87 23.69 23.33 26.53 20.23 20.29 7.67 8.06 6.61 14.37 -10.35 8.88 11.7 14.69 16.16 17.9 12.13 -5.34 -2.96 -6.63 -7.43 -7.22 0.8 8.19 13.48 19.53 20.21 6.56 17.09 2.29 7.39 -5.85 -10.41 7 10 11 8 GPGSTOC% 27 US GDP 14Index 8 US&GDP -3Index 10 US&GDP 12 25 Purchases 14 US&GDP 17 16 Purchases 5 US&GDP -6Index 0 US&GDP -5Index -2 Purchases -3 US 1 Purchases 9 US 12 10 3 Purchases -1 Purchases -9 Purchases Govt9 Purchases GPGSTOC% Invest Govt4 Purchases GPGSTOC% Invest Index Govt GPGSTOC% Invest Index Govt GPGSTOC% Invest Govt5 Purchases GPGSTOC% Invest Govt US GDP Govt &GDP Invest Govt3 Purchases US&GDP Invest Govt &GDP Invest Purchases Govt7 Purchases US&GDP Invest US Govt &GDP Invest Govt US&-17 GDP Invest US Govt &GDP Invest Govt4 Purchases & Invest& 57.2 60.3 59.9 59.6 61.1 62.4 60.5 61.8 58.9 61.2 61.2 61.9 66.5 67.6 68.6 69.6 65 57.9 61.9 59.8 58.1 61.3 59.3 62.5 62.2 60.2 64 62.2 56.2 52.7 52.9 53.7 53 49.7 52 56 56 62 GPGSTOC% 66 US GDP 65Index 59 Purchases 66 56 59 62 57 63 66 68 62.3 59.3 57.6 58.3 55.4 55.5 56.7 57.8 58.4 58.6 51.8 52.9 57.7 60.2 46.7 42.9 47.2 Govt & 59 Invest 50

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USA - ECONOMIC INDICATORS - II/II Indicator

A-09 M-09 J-09 J-09 A-09 S-09 Leading Indicator OECD Leading Indicator (index) 98.03 US 98.58 99.25 99.96 100.65 101.30 GPGSTOC% GDP Index Govt Purchases & Invest Conf. Board Leading Indicator 80.7 81.1 81.7 82.4 83.1 83.7 Conf. Board Leading Indicator (yoy %) -18.5 -17.3 -16.2 -13.6 -11.7 -9 Conf. Board Leading Indicator (mom %) 0.4 US 0.5 0.7 Purchases 0.9 GPGSTOC% GDP Index Govt &0.8 Invest 0.7 Leading Indicator Components Average Work Week (hrs) 39.4 39.3 39.6 39.8 40 40 Jobless Claims (000's) 617.2 617.3 600.9 561.8 559.3 538 New Orders - Consumers Index 109.3 108.3 108.9 113 113.1 112.9 Vendor Delivery Performance (% mthly) 44.9 49.9 50.8 51.4 55.6 58.2 New Orders - Capital Index 28.23 32.48 31.44 35.46 31.59 32.89 Building Permits (000's) 521 556 601 595 616 609 Stock Prices (S&P 500 Index) 848.2 902.4 926.1 935.8 1010 1045 M2 Money Supply Index in 1996 $'s ($ Bn adj)" 7755 7786 7755 7744 7691 7686 10-Year T-Note - Fed Funds (%) 2.78 3.11 3.51 3.4 3.43 3.25 Consumer Expectations Index 63.1 US69.4 69.2 Purchases 63.2 GPGSTOC% GDP Index Govt & 65 Invest73.5 Housing Market Housing Starts (000's saar) 478 540 585 594 586 585 Building Permits (000's saar) 521 556 601 595 616 609 New Home Sales (000's saar) 337 376 393 411 418 386 Existing Home Sales (Mn saar) 3.9 4 4.1 4.37 4.45 4.62 Existing Home Sales (mom % saar) 1.04 2.56 2.5 6.59 1.83 3.82 Pending Home Sales (mom % sa) 8 US2.88 2.26 Purchases 5.05 GPGSTOC% GDP Index Govt &2.2 Invest4.21 NAHB Housing Market Index (sa) 14 US GDP 16Index 15 Purchases 17 GPGSTOC% Govt & 18 Invest 19 MBA Mortgage Applications (weekly % chg sa) -18.1 -16.2 -18.9 4.4 -2.2 -2.8 Mortgage Delinquencies (% of Total Loans sa) 9.12 US9.12 9.24 Purchases 9.24 9.24 GPGSTOC% GDP Index Govt & Invest9.64 S&P/Case-Shiller Composite, 20-City Home Price Index (yoy %)GPGSTOC% -18.07 US -16.98 -15.38 -13.25 -11.26 GDP Index Govt Purchases & Invest-9.29 Consumer Spending Retail Sales (yoy % sa) 0.3 1 1.2 0.3 2.4 -2.6 Retail Sales ex-Autos (yoy % sa) 0.3 0.7 0.8 -0.1 0.9 0.1 ICSC Chain Store Sales (yoy % nsa) 0.7 US 0.7 0.7 Purchases 0.7 GPGSTOC% GDP Index Govt &0.7 Invest 0.7 Total Vehicle Sales (units Mn sa) 9.2 10 10 11.4 14.6 9.4 Domestic Vehicle Sales (units Mn sa) 6.83 US7.44 7.43 Purchases 8.46 10.66 GPGSTOC% GDP Index Govt & Invest6.97 Consumer Confidence Conference Board Index (sa) 40.8 54.8 49.3 47.4 54.5 53.4 U. of Mich. Consumer Confidence Index 65.1 68.7 70.8 66 65.7 73.5 ABC Consumer Confidence Index -45 US -47 -51 Purchases -47 GPGSTOC% GDP Index Govt &-45 Invest -46 Personal Sector Personal Income (yoy % sa) -5.1 -5.2 -6.2 -5.6 -5.9 -5.7 Personal Income (mom % sa) 0 US 1.3 -1.2 Purchases -0.4 0 0.1 GPGSTOC% GDP Index Govt & Invest Personal Expenditure (yoy % sa) -3.2 -3 -3 -2.2 -1.1 -1.5 Personal Expenditure (mom % sa) -0.2 US 0.1 -0.1 Purchases 0.2 1 -1.1 GPGSTOC% GDP Index Govt & Invest Personal Savings Rate (%) 5.6 6.7 5 4.3 3.1 4 Consumer Credit Net Monthly Chg. ($ Bn) -7.863 US -4.019 -11.95 -6.583 -12.07 -8.265 GPGSTOC% GDP Index Govt Purchases & Invest External Sector Current Account Bal. ($ Bn sa) -86.98 -95.7 Trade Balance ($ Bn sa) -29.06 -24.86 -25.83 -32.42 -30.99 -34.04 Exports (yoy %) -20.6 -20.5 -21.3 -21.4 -19.8 -11.9 Imports (yoy %) -30 US -31.4 -30.9 Purchases -29.7 -27.8 GPGSTOC% GDP Index Govt & Invest-20.5 Import Price Index (yoy % nsa) -16.4 -17.3 -17.5 -19.1 -15.3 -12 Import Price Index (mom % nsa) 1.1 US 1.7 2.7 Purchases -0.6 GPGSTOC% GDP Index Govt &1.5 Invest 0.2 Net Long-Term TIC Flows ($ Bn) 11.45 -17.6 91.97 17.39 36.38 41.22 Total Net TIC Flows ($ Bn) -60.61 US -35.1 -92.85 -67.76 18.18 87.44 GPGSTOC% GDP Index Govt Purchases & Invest Government Sector Gov't Budget Balance ($ Bn nsa) -20.91 US -189.7 -94.33 -180.7 -103.6 -45.21 GPGSTOC% GDP Index Govt Purchases & Invest Monetary Sector M1 Money Supply (yoy %) 15.8 15.9 18 17 17.9 13.8 M2 Money Supply (yoy %) 8.7 US 9.2 9.1 Purchases 8.3 GPGSTOC% GDP Index Govt &8.1 Invest 7 Financial Sector Fed Funds Rate (%) 0.25 0.25 0.25 0.25 0.25 0.25 3-Month T-Bill Rate (%) 0.12 0.13 0.18 0.18 0.13 0.11 10-Year Treasury Yield (%) 3.12 3.46 3.53 3.48 3.40 3.31 Equity Market (S&P 500 Index) 873 919 919 987 1021 1057 US$ Major Currency Index 82.49 US 79.11 77.18 76.62 75.37 74.10 GPGSTOC% GDP Index Govt Purchases & Invest

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S-10

O-10

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101.89 102.44 102.97 103.44 103.83 104.12 104.30 104.35 104.35 104.35 104.42 104.56 104.77 105.04 105.33 105.60 105.80 105.90 105.89 105.81 105.66 105.50 105.39 105.41 105.57 105.86 106.21 106.54 106.80 106.97 107.06 107.09 107.11 107.11 107.11 107.11 84.3 85.2 86.3 86.8 86.9 88.4 88.9 89 88.9 89.1 89.2 89.7 89.8 90.5 91.7 91.8 92.7 93.7 93.7 94.2 94.2 94.4 93.7 93.2 93.8 94.1 94.7 94.7 95.4 95.6 95.5 95.8 95.3 95.8 95.7 95.7 -5.5 -1.8 2.1 4.7 6.2 10 10.2 9.7 8.8 8.1 7.3 7.2 6.5 6.2 6.3 5.8 6.7 6 5.4 5.8 6 5.9 5 3.9 4.5 4 3.3 3.2 2.9 2 1.9 1.7 1.2 1.5 2.1 2.1 0.7 1.1 1.3 0.6 0.1 1.7 0.6 0.1 -0.1 0.2 0.1 0.6 0.1 0.8 1.3 0.1 1 1.1 0 0.5 0 0.2 -0.7 -0.5 0.6 0.3 0.6 0 0.7 0.2 -0.1 0.3 -0.5 0.5 -0.1 -0.1 40.1 40.4 40.6 40.9 40.4 41 41.2 41.4 41 41.1 41.2 41.3 41.2 41.2 41.3 41.1 41.4 41.5 41.4 41.5 41.4 41.4 41.3 41.3 41.5 41.5 41.6 41.8 41.9 41.6 41.7 41.6 41.6 41.6 41.5 41.5 524.7 495.5 477 486.4 485.2 467.8 462.7 463.2 463.2 458.5 473.2 448.1 447.9 430.1 420.2 430.5 405.6 402.2 430 424.1 422.1 408 406.9 408.3 399.7 391.1 377.2 376.9 367.3 363.3 384.3 378.7 386.4 366.1 371.8 371.8 115 115.4 116.4 119.1 116.9 119.9 120.7 120.8 120.6 127 125.3 126.7 123.9 127 127.5 125.7 123.2 127.6 123.9 125 124 129.1 125.6 125.1 127.4 129.5 132.6 128.2 129 128.7 129.5 129.8 127.7 132.4 132.2 132.2 57.5 56.4 57.5 59.6 60 64.1 59.8 60.6 57.7 58 55.9 53.8 52.3 58.1 56.7 58.6 59.4 63.1 60.2 55.7 56.3 50.8 51.8 51.1 53.4 55 54.8 57.6 54.9 54.5 58.2 60.1 47.8 48 47.1 47.1 34.62 32.92 34.07 37.1 40.56 37 41.12 40.52 41.3 41.35 40.73 46.04 45.02 41.22 39.44 41.93 43.85 45.93 43.38 45.68 44.43 46.13 48.67 46.85 45.27 48.88 48.88 48.88 48.88 48.88 48.88 48.88 48.88 48.88 48.88 48.88 583 623 664 636 650 687 637 575 587 579 580 563 558 560 632 566 536 590 578 624 633 627 645 616 667 709 701 684 707 769 723 784 760 811 803 803 1068 1088 1110 1124 1089 1152 1197 1125 1083 1080 1087 1122 1172 1199 1242 1283 1321 1304 1332 1338 1287 1325 1185 1174 1207 1226 1243 1301 1352 1389 1386 1341 1323 1360 1403 1403 7688 7703 7714 7663 7703 7685 7705 7751 7782 7761 7772 7794 7825 7845 7862 7890 7897 7907 7921 7951 8026 8148 8292 8295 8341 8385 8385 8385 8385 8385 8385 8385 8385 8385 8385 8385 3.27 3.28 3.47 3.62 3.56 3.57 3.65 3.22 3.02 2.83 2.51 2.46 2.35 2.57 3.11 3.22 3.42 3.27 3.36 3.08 2.91 2.93 2.2 1.9 2.08 1.93 1.91 1.89 1.87 2.04 1.91 1.64 1.46 1.37 1.55 1.55 68.6 66.5 68.9 70.1 68.4 67.9 66.5 68.8 69.8 62.3 62.9 60.9 61.9 64.8 67.5 69.3 71.6 57.9 61.6 69.5 64.7 55.9 47.6 49.4 51.7 54.9 63.6 69.1 70.3 69.8 72.3 74.3 67.8 65.6 65.1 65.1 534 588 581 583 623 664 396 375 352 5.02 5.44 4.4 8.66 8.37 -19.12 3.85 -12.85 -3.53 17 17 16 8.2 2.1 -22.8 9.64 9.64 9.47 -7.34 -5.39 -3.09

614 636 345 4.23 -3.86 0.32 15 21 9.47 -0.7

604 636 687 583 650 687 637 575 336 381 422 280 4.3 4.5 4.87 4.89 1.65 4.65 8.22 0.41 5.58 4.17 8.59 -28.84 17 15 19 22 14.6 1.3 4 0.9 9.47 10.06 10.06 10.06 0.66 2.34 3.81 4.63

536 546 587 579 305 283 4.43 3.39 -9.41 -23.48 -3.28 5.61 16 14 8.8 1.3 9.85 9.85 4.24 3.16

599 580 282 3.68 8.55 0 13 2.7 9.85 1.63

594 563 317 3.81 3.53 -0.12 13 -0.8 9.13 0.43

543 558 291 3.79 -0.52 6.68 15 -5 9.13 -0.85

545 560 287 4.01 5.8 5.1 16 -16.5 9.13 -1.64

539 632 326 4.27 6.48 -1.43 16 2.3 8.25 -2.4

632 566 308 4.54 6.32 0.56 16 11.3 8.25 -3.12

518 536 273 4.22 -7.05 -1.56 16 -6.5 8.25 -3.47

600 590 301 4.26 0.95 1.7 17 -7.5 8.32 -3.98

552 578 312 4.2 -1.41 -7.12 16 4 8.32 -4.24

551 624 308 4.15 -1.19 6.83 16 -4 8.32 -4.49

615 633 304 4.18 0.72 1.68 13 -2.7 8.44 -4.39

614 627 297 4.05 -3.11 -0.22 15 7.1 8.44 -4.02

581 645 292 4.41 8.89 -0.99 15 -9.6 8.44 -3.72

647 616 306 4.28 -2.95 -3.01 14 -4.3 7.99 -3.6

630 667 314 4.32 0.93 6.56 17 0.2 7.99 -3.57

708 709 327 4.4 1.85 4.64 19 -11.7 7.99 -3.88

697 701 339 4.38 -0.45 -1.86 21 -4.1 7.58 -4.07

720 684 339 4.63 5.71 2 25 -2.9 7.58 -3.94

718 707 366 4.6 -0.65 0.41 28 -0.3 7.58 -3.57

706 769 352 4.47 -2.83 3.8 28 4.8 7.4 -2.57

747 723 358 4.62 3.36 -5.54 24 0.1 7.4 -1.76

706 784 369 4.62 0 5.45 28 -1.3 7.4 -0.49

754 760 361 4.37 -5.41 -1.39 29 -6.7 7.58 0.59

733 811 374 4.47 2.29 2.62 35 0.2 7.58 1.2

750 801 373 4.82 7.83 -2.65 37 -2.4 7.58 1.2

750 801 373 4.82 7.83 -2.65 40 2.8 7.58 1.2

0.8 -0.1 0.7 10.4 7.91

1.3 1.2 0.7 10.9 8.34

0.4 0.7 0.7 11.1 8.58

0.1 0 0.7 10.7 8.17

0.1 0.7 0.7 10.1 7.74

2 0.8 0.7 11.5 8.83

0.7 0.4 0.7 11.1 8.67

-0.7 -1 0.7 11.7 9.13

-0.4 -0.2 0.7 11.4 8.79

0.3 -0.1 0.7 11.7 8.99

0.9 0.9 0.7 11.9 9.01

0.8 0.8 0.7 11.7 8.94

1.3 0.9 0.7 12.2 9.28

1 1.1 0.7 12.2 9.3

0.7 0.7 0.7 12.5 9.56

0.8 0.5 0.7 12.5 9.57

0.9 0.9 0.7 12.8 9.78

0.8 0.4 1.1 0.6 0.7 0.7 12.8 12.9 9.73 10.03

0 0.3 0.7 11.9 9.21

0.9 0.7 0.7 11.7 9.1

0.3 0.2 0.7 12.4 9.73

0.1 0.6 0.7 12.4 9.8

1 0.9 0.5 0 0.6 1 0.4 -0.5 -0.1 -0.7 0.6 0.9 0.9 0.2 0.8 0.4 -0.3 1.1 1 0.5 -0.6 -0.3 -0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 13.1 13.3 13.5 13.5 13.9 14.4 14.1 14.1 13.9 14.3 14.05 14.46 14.46 10.2 10.33 10.46 10.59 10.88 11.18 10.94 10.95 10.88 11.27 11 11.54 11.54

48.7 70.6 -51

50.6 67.4 -45

53.6 72.5 -44

56.5 74.4 -48

46.4 73.6 -50

52.3 73.6 -45

57.7 72.2 -49

62.7 73.6 -44

54.3 76 -41

51 67.8 -48

53.2 68.9 -45

48.6 68.2 -45

49.9 57.82 67.7 71.6 -47 -45

63.4 74.5 -44

64.8 74.2 -41

72 77.5 -40

63.8 67.5 -47

61.7 74.3 -47

57.6 71.5 -44

59.2 63.7 -47

45.2 55.7 -49

46.4 59.4 -53

66 69.8 -45

-5.3 -4 -2.2 0 1.4 2.7 3.5 2.8 4.2 4.8 5.3 5.2 5.6 5.3 5.3 6.4 6.5 6.1 5.7 5.1 0 0.5 0.6 0.9 0.2 0.6 0.7 0.6 0.2 0.2 0.5 0 0.4 0.2 0.7 1.9 0.4 0.1 0.3 0 -0.9 -0.6 0.5 0 0.6 1.4 1.7 1.8 1.9 1.8 1.3 2.5 2.7 3.2 2.8 3.1 3.1 3 3 2.6 0.2 0 0.5 -0.1 0.3 0.5 0.1 0.2 0 0.1 0.5 0.1 0.4 0.4 0.2 0.2 0.3 0.3 0 -0.1 3.5 3.9 4 4.7 4.6 4.6 5.3 5.7 5.8 5.6 5.4 5.2 4.9 4.6 4.9 5.5 5.2 4.6 4.5 4.4 -10.74 -20.19 -8.195 -8.011 -11.52 4.155 -7.835 -8.773 -4.652 -6.601 -0.514 3.762 6.149 3.053 137.2 -0.048 8.833 8.135 2.313 8.043 -100.7 -111 -111 -111 -111.7 -111.7 -33.57 -37.04 -37.92 -37.08 -40.68 -40.19 -41.42 -40.59 -45.68 -40.42 -7.8 -1.1 9.1 15 13.6 18.1 18.7 20.7 18 18.6 -17.9 -4.7 4.5 11.1 19.9 22.3 23.2 27.8 27.8 19.8 -5.6 3.4 8.6 11.4 11.3 11.2 11.2 8.5 4.3 4.9 0.8 1.5 0.2 1.2 -0.1 0.4 1.1 -0.8 -1.2 0 19.32 126.4 73.72 15.03 49.35 139.7 77.63 31.9 42.99 59.44 -23.16 27.32 66 -4.309 18.87 -3.576 9.308 18.3 -9.107 74.32 -176.4 -120.3 -91.41 -42.63 -220.9 -65.39 -82.69 -135.9 -68.42 13.8 5.9

11 5.7

5.7 3.4

6 2

8.6 2.3

8.5 1.4

5.5 1.3

5.7 1.3

4.3 1.4

-111.7 -45.11 18.3 23.5 3.8 0.4 126.5 19.39

-114.6 -114.6 -114.6 -104.7 -104.7 -104.7 -120 -120 -120 -119.1 -43.61 -40.43 -38.86 -40.68 -47.52 -44.8 -44.9 -43.56 -47.67 -50.32 14.9 14.8 15.4 14.9 16.9 15.1 16.9 19 15.4 13.7 17.5 15.9 13.2 13.3 19.3 14 15.8 16 15.9 12.9 3.6 3.9 4.1 5.3 5.6 7.6 10.3 11.9 12.9 13.6 0 1.1 1.7 1.4 1.5 1.7 3 2.6 0.1 -0.6 75.44 29.39 84.36 61.31 48.57 21.66 13.92 21.75 21.36 2.26 85.62 1.7 29.97 59.39 41.14 91.34 137.5 61.32 -27.4 -23.06

-165 -90.53 -34.64 -140.4 -150.4 -78.13 3.8 1.4

5.3 2.1

5.1 5 4.4 0.2 0.1 0 2.4 2.8 2.1 -0.2 0.5 -0.1 4.7 4.2 4 9.12 9.479 -8.536

6.1 2.5

6.1 2.7

8.5 2.7

8.4 3

-119.1 -45.58 15.3 14.8 13.7 0.1 1.985 -76.54

-119.1 -44.78 15.1 11.5 12.9 -0.4 57.93 104.3

40.9 60.9 -53

55.2 64.1 -50

64.8 69.9 -48

61.1 75 -45

71.6 75.3 -39

69.5 76.2 -35

68.7 76.4 -38

64.4 79.3 -39

62.7 73.2 -36

10.2 4

10.4 4.7

11.9 5.3

13.2 5.3

12.9 6

16.2 8

20.8 9.9

61.3 74.3 -47

70.3 78.3 -40

4.6 4.5 4 3.6 2.6 2.9 3.2 3 3.3 3.4 3.4 3.5 3.5 0.1 0.3 -0.2 0.3 0.9 0.7 0.5 0.2 0.3 0.3 0.1 0.1 0.1 2.4 2.3 1.9 1.7 1.8 1.9 1.6 1.8 1.9 2 1.9 2 2 0.4 0.2 0 0 0.3 0.4 0 0.2 0 -0.1 0.4 0.1 0.1 3.5 3.6 3.2 3.4 3.7 3.5 3.7 3.6 4.1 4.4 4.1 3.7 3.7 11.1 3.775 17.97 16.24 14.63 8.916 13.65 10.44 19.34 9.823 -3.276 -3.276 -3.276 -108.2 -108.2 -108.2 -118.7 -118.7 -44.47 -45.7 -48.84 -51.75 -52.21 15.9 11.5 9 7.4 6.4 12.9 11.8 12.2 11.3 7.1 12.7 11.1 10.1 8.5 6.9 -0.1 -0.4 0.7 0 0 76.44 14.31 67.97 20.91 109.4 74.39 -34.09 45.96 102.6 12.66

-118.7 -44.51 8.3 6.4 5.1 0 14.84 97.82

-133.6 -51.65 6.1 8 3.5 1.4 31.13 -52.43

-133.6 -133.6 -117.4 -117.4 -117.4 -117.4 -49.83 -47.6 -41.9 -42 -42 -42 4.1 4.2 7.2 2.8 2.8 2.8 6.1 3.3 1.8 0.6 0.6 0.6 0.8 -0.8 -2.4 -3.2 -2.2 -2.2 -0.1 -1.5 -2.3 -0.7 0.7 0.7 27.19 56.72 9.328 67 67 67 -8.719 104.5 15.09 73.66 73.66 73.66

-49.8 -222.5 -188.2 -40.39 -57.64 -43.08 -129.4 -134.1 -62.75 -98.47 -137.3 -85.97 -27.41 -231.7 -198.2 59.12 -124.6 -59.74 10.9 4.1

65.4 72.3 -40

20.5 9.7

20.3 9.6

18.3 9.7

17.9 9.7

19 10.4

18.1 10.2

17.7 10

18.5 10

16.3 9.7

16 9.3

-69.6 -190.5 -190.5 15.7 8.1

10.8 6.3

10.8 6.3

0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.04 0.05 0.05 0.07 0.11 0.15 0.15 0.15 0.17 0.14 0.13 0.15 0.11 0.16 0.12 0.15 0.13 0.09 0.04 0.05 0.01 0.09 0.01 0.02 -0.02 0.00 0.01 0.05 0.08 0.07 0.09 0.07 0.08 0.10 0.07 0.09 3.38 3.20 3.84 3.58 3.61 3.83 3.65 3.28 2.93 2.91 2.47 2.51 2.60 2.80 3.29 3.37 3.43 3.47 3.29 3.06 3.16 2.80 2.22 1.92 2.11 2.07 1.88 1.80 1.97 2.21 1.91 1.56 1.64 1.47 1.55 1.63 1036 1096 1115 1074 1104 1169 1187 1089 1031 1102 1049 1141 1183 1181 1258 1286 1327 1326 1364 1345 1321 1292 1219 1131 1253 1247 1258 1312 1366 1408 1398 1310 1362 1379 1407 1441 72.87 72.44 73.32 73.86 75.54 75.23 GPGSTOC% 75.41 US 78.50 79.06 76.77 75.95 74.99 72.30 72.83 73.79 72.93 72.00 70.81 69.59 69.66 69.58 69.12 69.07 71.17 71.61 72.24 73.23 73.35 72.29 72.97 72.83 73.93 75.03 75.20 74.22 74.22 GDP Index Govt Purchases & Invest

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


EUROZONE - ECONOMIC INDICATORS - I/II Indicator

A-09 M-09 National Accounts

Real GDP (yoy %) Real GDP (qoq % sa) Nominal GDP (â‚Ź Tld)

J-09

J-09

A-09

S-09 O-09

N-09

J-10

A-10

S-10 O-10

N-10

D-10

J-11

F-11 M-11

A-11 M-11

J-11

J-11

A-11

S-11 O-11

N-11

D-11

J-12

F-12 M-12

A-12 M-12

J-12

J-12

A-12

S-12

2.3 0.4 2306

2.3 0.3 2317

2.4 0.6 2342

1.6 0.2 2355

1.3 0.1 2363

0.6 -0.3 2361

0 0 2369

-0.5 -0.2 2375

-0.5 -0.2 2375

-2.8

-0.1

1.8

1.5

1.8

1.6

0.9

0.4

-0.7

-1.6

-2.1

-2.1

-1.3 -1 -14 -13.3 2.6 Purchases & Invest 2.6 GPGSTOC% US GDP Index Govt Consumer Prices 0.6 0 -0.1 -0.7 -0.2 -0.3 1.8 US1.5 1.4 Purchases 1.3 1.3 1.2 GPGSTOC% GDP Index Govt & Invest

-0.1 -10.5 2.5

0.7 -4.3 1.5

0.9 0.5 1

1.2 1.4 0.7

1.2 1.4 0

0.9 3.4 0.2

0.3 1.3 0

0.2 0.7 -0.4

-0.8 0.8 -0.3

-1 -2.4 0

-0.7 -3 0.1

-0.7 -3 0.1

1 0.8

0.9 0.8

1.4 1.2

1.5 0.9

1.6 0.9

1.4 1

0.9

1

0.9

1.5

1.5

1.6

0.3 0.5

-0.8 -1.6

0.3 0.4

1.1 1.1

0.4 0.2

0.1 0.1

-4.4 -3.1 -4.9 -2.8

-2.9 -2.3 -3.5 -0.9

-1 -1 -1.5 0.9

-0.4 -0.5 -0.4 1.5

0.9 0.1 0.8 2.7

2.8 1 2.7 3.7

0.2 0

0.1 0.1

0.7 0.3

0.1 0.1

0.6 0.3

10

10

10.1

10.1

10.1

2.6 US2.6 3.9 Purchases 3.9 3.9 2.8 2.8 GPGSTOC% GDP Index Govt & Invest Economic Activity -21.3 -17.5 -17 -16 -15 -12.9 -11.1 -1 US GDP 2 Index 0.7 Purchases 0.6 0.3 GPGSTOC% Govt & Invest2 -0.4

2.8

1.5

1.5

1.5

-6.9 0

-3.7 0.1

2.4 1.7

-1.5 2

9.1 1

8.8 -0.3

0.6 US GDP 0 Index -0.1 Purchases -0.6 -0.2 -0.3 GPGSTOC% Govt & Invest 0.4 0.1 0.2 -0.7 0.3 0 0.5 US GDP 0 Index 0 Purchases -0.6 0.3 0.2 GPGSTOC% Govt & Invest

PPI Finished Goods (yoy %) PPI ex-Const. & Energy (yoy %) PPI Intermediate Goods (yoy %) PPI Manufacturing (yoy %)

Producer Prices -4.8 -6 -6.6 -8.4 -7.5 -7.7 -2.5 -3 -3.5 -4.1 -4.2 -4.2 -5.1 -5.8 -6.5 -7.6 -7.5 -7.4 -6 US-7.1 -7.3 Purchases -8.2 -7 -6.9 GPGSTOC% GDP Index Govt & Invest

Industrial Production (yoy %) Industrial Production (mom %)

J-10 2.3 1 2290

Consumer Price Index (mom %) CPI ex-Food & Energy (mom %)

Labor Costs (yoy %)

A-10 M-10

1 0.5 2261

CPI Estimate (yoy %)

Unemployment Rate (%)

F-10 M-10

-2.4 0.4 2243

Household Consumption (yoy %) Gross Fixed Capital Formation (yoy %) Gov't Spending (yoy %)

Producer Price Index (mom %) PPI ex-Const. & Energy (mom %)

J-10

-5.3 -4.4 -0.3 0.4 2220 2231 GPGSTOC% US GDP Index Govt Purchases & Invest -4.4 Purchases & Invest -3.8 GPGSTOC% US GDP Index Govt

Domestic Demand (yoy %)

Consumer Price Index (yoy %) CPI ex-Food & Energy (yoy %)

D-09

-0.9 0 0.4 -0.7 0.5 -0.4 -0.3 US-0.2 -0.1 Purchases 0 0.1 GPGSTOC% GDP Index Govt & Invest0 Labor Market 9.4 9.5 9.6 9.8 9.8 9.9 GPGSTOC% US GDP Index Govt Purchases & Invest

Industrial New Orders (yoy %) Industrial New Orders (mom % sa) Construction Output WDA (yoy %) Construction Output (mom % sa) Capacity Utilization (% sa)

-0.1 1.2

0.5 1

0.9 1.1

-0.1

0.6

0.2 0.3

0.1 -0.1

-6.6 -3.9 -6.5 -5.2 0.3 -0.1

-34.2 -30.3 -25.3 -25 -23.8 -16.3 -14.9 -0.7 US0.8 3.5 Purchases 3.2 -0.2 4.2 -2.5 GPGSTOC% GDP Index Govt & Invest -5.7 -8.9 -7.6 -9.8 -10.7 -7.9 -6.6 -0.2 -1.3 -0.5 -1.3 0.1 -0.9 0.2 74.6 US 74.6 69.9 69.9 69.9 69.2 69.2 GPGSTOC% GDP Index Govt Purchases & Invest

-7.5 -1.1 69.2

1.7 1

1.6 1

1.8 1.2

1.9 1.1

1.9 1.1

2.2 1

1.4

1.7

1.6

1.8

1.9

1.9

0 0

-0.4 -0.6

0.2 0.3

0.3 0.4

0.3 0.3

0.1 -0.1

3.2 1.7 3.9 4.1

3.1 1.9 4.3 3.6

4 2.1 4.5 3.8

3.6 2.3 4.7 3.3

4.3 2.6 5.1 4

4.4 2.9 5.5 4.1

1 0.6

0.3 0.4

0.3 0.2

0.2 0.1

0.1 0.2

0.3 0.3

10.2

10.2

10.2

10.1

10.1

10.1

2

2

2

1.6

1.6

1.6

4.6 -0.3

7.8 1.7

9.3 0.6

9.7 2.2

8.5 -0.2

7.7 -0.2

11.5 0.8

19.1 5.3

21.7 2.4

22.7 0.9

20.9 3

-3.6 -10.3 -14.2 0.3 -1.6 -6.4 70.6 70.6 70.6

-5.3 6.4 72.2

-6.5 -0.1 72.2

-7.2 -1.1 72.2

1.9 2 75.8

Business Conditions Euro-Area Bus. Climate Index -3.55 -3.38 -3 -2.71 -2.05 -1.9 -1.55 -1.15 -0.86 -0.7 -0.52 -0.17 0.24 0.3 Euro-Area Bus Climate Index (12-mo mov. avg.)GPGSTOC% -1.75 US -2.08 -2.34 -2.56 -2.72 -2.81 -2.84 -2.75 -2.57 -2.36 -2.1 -1.8 -1.48 -1.17 GDP Index Govt Purchases & Invest ZEW Survey (Econ. Sentiment Index)

56.9

51.8

2.3 1.1

2.4 1

2.7 1.3

2.8 1.6

2.7 1.5

2.7 1.6

2.2

2.4

2.4

2.6

2.8

2.7

0.6 0.4

-0.7 -1.6

0.4 0.4

1.4 1.4

0.6 0.5

0 0

4.6 3.1 5.8 4.4

5.4 3.3 6.3 5.2

5.9 4 7.3 5.7

6.6 4.5 8.2 6.4

6.8 4.6 8.1 6.7

6.8 4.5 7.3 6.3

0.4 0.2

0.4 0.2

0.8 0.3

1.3 0.9

0.8 0.6

0.8 0.3

10.1

10.1

10.1

10

10

9.9

1.2

1.2

1.2

1.7

1.7

1.7

8.3 0.4

5.8 0.3

7.3 0.8

8 0.6

8.8 0.7

6 -0.2

13.1 -1.5

22.7 3.6

13.6 -0.8

16.1 1.1

19.6 2.4

18.3 1.1

-7.9 -3.7 75.8

-8.8 -0.4 75.8

-8 -1.6 77.1

-6.4 0.5 77.1

0.3 0.54 -0.9 -0.63

0.62 0.68 -0.4 -0.19

40.2

37.9

46

37.6

18.8

15.8

93.9 95.1 95.4 -16 -13.8 -12.6 -3.1 -2.6 -0.1

97.8 -9.5 1.7

99.8 -7.7 4.8

97.9 -6.3 2.4

98.7 100.8 101.8 -5.5 -3.9 -2.8 3.3 5.9 5.9

46.4

10.7

4.4

2.5 1.2

2.7

2.5

2.5

3

0 0.1

-0.6 -0.9

0.2 0.3

0.7 0.9

6.2 4.2 6.6 5.6

5.9 4.1 6.3 5.4

6.1 4 6.1 5.8

5.8 3.8 5.7 5.5

5.8 3.5 5 5.3

0.9 0.5

-0.2 0.2

0 0.1

0.4 0.1

-0.2 0.1

9.9

9.9

9.9

10

10.1

2.3

2.3

2.3

2.4

2.4

7.7 0.9

5.8 -0.1

5.2 -0.2

4.1 0.9

2.6 -1.2

20.5 1.3

21 1

14.4 -1

11.1 -0.4

13.4 2.6

-7.6 -13.8 -1 -2.6 77.1 77.9

-4.1 4 77.9

3.3 -0.5 77.9

-5.3 -0.1 80

-3 0.8 80

0.87 0.01

0.9 0.18

1.24 0.36

1.4 0.53

1.42 0.7

1.39 0.83

1.8

13.8

15.5

25.4

29.5

31

Economic Confidence Index Industrial Confidence Index Services Confidence Index

11.8 US 28.5 42.7 39.5 54.9 59.6 GPGSTOC% GDP Index Govt Purchases & Invest 72 74.8 77.9 80.3 84.4 86.8 -35.5 -33.7 -31.7 -29.8 -25.9 -24.4 -24.1 US -22.1 -19.2 -17.2 -11 -8.2 GPGSTOC% GDP Index Govt Purchases & Invest

Sentix Total Econ. Sentiment Index

-35.3 US -34.3 -27 Purchases -31.3 -17 -14.6 -12.6 -6.97 -5.54 -3.65 -8.23 -7.48 2.515 -6.38 -4.13 -1.28 8.217 7.624 8.785 GPGSTOC% GDP Index Govt & Invest

89.3 91.4 -21 -18.7 -7.4 -5.2

48

2.5 1.2

3 1.6

2.7 1.6

2.7 1.5

2.7 1.5

2.7 1.6

2.6 1.6

3

3

0.4 0.3

0.1 -0.1

2.8

2.7

2.7

2.6

2.6

2.4

0.3 0.4

-0.8 -1.7

0.5 0.3

1.3 1.5

0.5 0.5

-0.1 0

5.5 3.2 4.1 5

5.4 3 3.5 4.7

4.3 2.5 2.7 3.7

3.9 2 1.6 3.3

3.7 1.7 1.1 3

3.5 1.6 0.9 2.6

2.6 1.3 0.6 2

2.3 1.1 0.5 1.8

0.3 0

0.1 -0.1

0.3 -0.1

-0.2 -0.1

0.9 0.3

0.6 0.3

0.5 0.2

0 0.2

10.2 2.4

10.3

10.5

10.6

10.7

10.8

10.9

11

2.2

2.2

2.2

2.2

2.2

2.2

1.5

4.1 1.3

5.7 1.1

2.1 -2.5

0.9 -0.2

0 -0.4

-1.7 -0.8

-1.8 -0.2

-1.8 0.7

10.3 1.2

8.9 -3.7

5.9 1.1

1.5 -4.9

0.9 0.5

-2.3 -0.9

-0.3 3.2

-4.3 -2.6

-0.8 0.5 80

-11 -1.2 81.3

2.5 1.2 81.3

2.6 1 81.3

1 -1.7 80.5

-1.8 -1 80.5

1.4 1.8 80.5

10.6 -1.7 79.6

1.25 0.91 19.7

0.97 0.97

0.94 1.02

0.46 1.01

0.1 -0.04 -0.17 -0.39 -0.28 -0.18 -0.13 -0.25 -0.49 -0.77 -0.94 -1.26 -1.18 -1.34 0.97 0.91 0.82 0.71 0.59 0.46 0.33 0.19 0.05 -0.1 -0.26 -0.4 -0.51 -0.62

13.6

-5.9

-7

103 103.9 105.2 106.4 106.3 107.5 106.7 105.6 105.1 104.9 102.5 -1.5 0.4 1.6 4.8 5.8 6.4 6.3 5.3 3.5 3.1 0.5 7.1 7.5 8.7 9.1 9.3 10.7 10.3 9.8 8.9 9.7 7.5 14 9.729

10.6

3 1.6

3 1.6

94.6 -6 -0.3

94.4 -6.6 -0.2

93.5 -7.3 -2

16.7 17.07 14.22 10.88 3.484 5.307 -13.5 -15.4 -18.5 -21.2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2.4 1.7

2.6 1.5

2.6 1.5

2.4

2.4

2.6

2.7

-0.1 0.1

-0.5 -0.8

0.4 0.2

0.8 0.2

1.8 0.9 0.1 1.1

1.8 0.9 0 1.3

1.8 0.9 0 1.3

1.8 0.9 0 1.3

-0.5 0

-0.5 -0.1

0.4 0.1

0.4 0.1

0.4 0.1

11.2

11.3

11.4

11.4

11.4

11.4

1.5

1.5

1.6

1.6

1.6

1.6

-1.7 -0.1

-2.6 -1.1

-2.6 0.9

-2 -0.6

-2.4 0.5

-2.4 0.5

-2.4 0.5

-6.1 -0.4

-6.1 2

-6.1 -1.2

-6.1 -1.2

-6.1 -1.2

-6.1 -1.2

-6.1 -1.2

-6.1 -1.2

-2.1 -14.9 -0.8 -9.5 79.6 79.6

-2.8 10.9 79.8

-6 -3.4 79.8

-8 0.2 79.8

-2.8 -0.6 79.7

-4.7 -0.3 79.7

-4.7 -0.3 79.7

-4.7 -0.3 77.8

-40 -44.6 -51.2 -59.1 -54.1 -32.5 98.1 -2.9 3.4

92.8 -7.2 -2.6

93.5 -7 -0.7

-8.1

11

94.5 -5.7 -0.9

94.4 -7.1 -0.3

13.1

2.4 1.6

2.4 1.6

-2.4 -20.1 -22.3 -21.2

-3.8

92.8 90.5 89.9 87.9 86.1 85 -9 -11.4 -12.8 -15.1 -15.4 -16.1 -2.4 -5.2 -7.4 -8.5 -10.8 -12

-24 -21.1 -11.1 -8.22 -14.7 -24.5 -28.9 -29.6 -30.3 -23.2


EUROZONE - ECONOMIC INDICATORS - II/II Indicator

A-09 M-09

J-09

J-09

A-09

S-09 O-09

N-09

D-09

J-10

F-10 M-10

A-10 M-10

J-10

J-10

A-10

S-10 O-10

N-10

D-10

J-11

F-11 M-11

A-11 M-11

J-11

J-11

A-11

S-11 O-11

N-11

D-11

J-12

F-12 M-12

A-12 M-12

J-12

J-12

A-12

S-12

Leading Indicator OECD Euro Area Lead. Indicator

101.1 US 101.5 102 Purchases 102.6 103.2 103.7 104.1 104.5 104.9 105.1 105.3 105.5 105.7 105.8 105.9 GPGSTOC% GDP Index Govt & Invest

DZ Bank Leading Indicator

90.95 91.12 92.02 92.64 93.12 93.48 93.97

94.1 94.11 94.44 94.25 94.67 95.03 94.74 94.66 95.29 95.48 95.74 95.87 96.23 96.72 97.18 97.77 97.84 97.65 97.13 96.88 96.45 95.17 94.61 94.51 94.36 94.61 94.75 95.08 94.84 94.52 94.09 93.98 93.79 93.75 93.75

-7.91 US -7.43 -5.92 -4.16 -3.23 -1.95 GPGSTOC% GDP Index Govt Purchases & Invest

1.97

DZ Bank Leading Indicator (yoy %)

0.49

3.05

2.82

3.68

5.27

4.49

3.97

2.86

106 106.2 106.3 106.5 106.6 106.8 106.9 106.9 106.9 106.8 106.6 106.4 106.1 105.8 105.6 105.3 105.2 105.1 105.1 105.1 2.87

2.53

2.42

2.02

2.27

2.77

2.9

3.73

3.35

2.76

2.52

2.35

105

1.22 -0.32 -1.19 -1.41 -1.95 -2.18 -2.55 -2.55 -3.06

105 104.9 104.8 104.8 104.8 104.8 -3.2 -3.13 -2.99 -2.76 -1.49 -1.49

Housing Market Lending for House Purch. (€ Bn)

3480 3482 3488 3500 3504 3516 3523 3531 3552 3558 3565 3576 3583 3597 3627 3640 3650 3658 3675 3683 3707 3725 3728 3757 3767 3780 3795 3799 3799 3810 3771 3777 3784 3782 3781 3787 3791 3794 3808 3809 3811 3811

Lending for House Purch. Transactions (€ Bn) GPGSTOC% -3 US3.7 6.8 Purchases 12.3 2.2 11.5 GDP Index Govt & Invest

7.3

7.9

19.4

5

7.3

9.9

7

11.7

15.3

14.8

4.7

11.2

13.6

3.3

30.5

13.9

3.3

30.7

7.5

11.1

14.3

1.5

1.7

9.9

-19

4

6.1

-2.2

-0.6

6.8

4.8

1.1

14.8

3.3

1.3

1.3

Retail Sales Retail Sales (yoy % sa)

-2.5 US-3.7 -2.4 Purchases -1.8 -2.3 -3.3 GPGSTOC% GDP Index Govt & Invest

Bloomberg Retail PMI

48.4

Retail Trade Confidence (% bal.)

47.1

47.5

47.3

47.1

48.6

-1.2

-2.2

-0.1

-0.6

0.4

1.8

-0.2

0.9

1.6

1.7

1.7

1.5

1

1.2

-0.1

0.7

1.3

-1.3

1.1

-1.8

-0.7

-0.4

0

-1.1

-0.7

-1.5

-1.9

-1.2

-2.1

-0.1

-3.5

-0.8

-0.9

-1.8

-1.8

-1.8

50

48.9

50.3

46.5

44.6

46.9

47.2

47.4

50.4

52.4

49.7

48.7

48

51.3

52.9

55.8

49.9

53.5

52.2

48.8

48.8

48.2

48

49.6

50.2

46

43.9

42.9

47.9

49.1

41.3

43.3

48.3

46.4

44.4

47.1

-10

-3.4

-6.7

-5.4

-4.2

-3.7

-1

-1

-1.3

4

-0.8

-0.4

-1.6

-2

-2.5

-2.7

-3.7

-8.8

-9.9

-9.9 -11.2 -12.2 -15.5

-14

7 -10.1 -13.7 -10.8 -21.4 -15.6 -12.2 -18.4

-9.3

-3.2

-0.2

0.8

-4.6

-3.6

8.6

-8.6

-1.8

7.7

1.1

-2.3

-3.4

-4.7

-10 -11.8 -10.4

-8.4 -11.9

-3.9 -11.1

-9.7

-9.7

-7.2

-3.5

-1.2

1.3

-4.7

-3.4

7.5

-7.7

-1.9

7.6

1.1

-1.4

-3.2

-6.4

-7.8

-6.8

-7.8

-8.9

-8.9

-9.8 -11.4 -11.6 -10.3

-11

-12 -10.2

-22.5 US -15.4 -16.9 -13.4 -11.5 -13 -12.4 -10.3 GPGSTOC% GDP Index Govt Purchases & Invest

Passenger Cars (yoy %)

-8.2

-7.3

-9.1

10.2

14.4

27.7

16.6

12.9

3.1

-11.5 US GDP -4 Index 3.5 Purchases 2.8 4.3 6.7 GPGSTOC% Govt & Invest

12.1

26.9

16.6

13.6

2.8

-7.4

EU-25 New Car Registr. (yoy %)

3.3

11.6

7.5

10.5

10.9

-7.5

-9.2

-6.6 -18.9 -13.2

-9.6 -16.6

-9.8

-12 -11.1 -18.1 -14.4 -7

-8.6

-15 -17.2 -18.6 -7.8

Consumer Confidence Consumer Confidence Index

-30.5 US -28.2 -25.1 -23 -22 -19.1 -17.7 -17.4 -16.2 -15.8 -17.5 -17.4 -15.2 -17.9 -17.4 -14.2 -11.7 -11.3 -11.2 GPGSTOC% GDP Index Govt Purchases & Invest

-10 -11.5 -16.8 -19.3 -20.1 -20.5 -21.3 -20.7 -20.3 -19.1 -19.9 -19.3 -19.8 -21.5 -24.6 -25.9

Personal Sector Consumer Credit (£ Bn)

634.7 633.7 640.5 637.4 632.6 633.2 631.4 630.3 633.6 625.1 620.8 621.4 622.5

Consumer Credit Transactions, Monthly

-4.4 US-0.6 6.7 Purchases 0 -2.6 2.4 GPGSTOC% GDP Index Govt & Invest

-0.9

-1.8

3.2

-7.1

-3.8

622

2.4

-0.2

-1

-2.4 -11.5

649 645.9 644.4 642.5 641.4 642.1 640.7 633.8 630.7 633.7 635.2 633.2 632.9 629.4 630.6 629.6

629

627 628.5 623.7 618.8 617.6 617.9 618.6 617.2 611.5

6.4

-0.7

-1.8

-2.1

-1.6

-0.5

-0.6

0.2

-0.9

-4.9

-2.8

7.7 -16.8

1.6

1.3

-1.9

0.3

-3.6

-1.5

0.5

1.9

-3.6

-4.3

22.1 -12.4

0.2

-0.8

608

608

1

0.5

-4.8

-3.2

-3.2

External Sector Current Account Bal. (€ Bn nsa)

-6.4

-9.7

0.1

12.6

-3.5

-2.3

0.8

0.3

13.8 -11.1

-3.8

0.9

4.2

8.3

-4.1

-1.6

6.5

Current Account Bal. (€ Bn sa)

-7.8

-2.9

-5.1

1.7

-5

-7.5

-3.4

-5.8

-0.6

1.6

-2.1

-1.4

-3.2

-4.8

-3.1

-3.3

-2.5

-2.2

-3.6

-6.1 -11.3

-1.7 US-1.7 -1 Purchases -1 -1 GPGSTOC% GDP Index Govt & Invest0

0

0

0.6

0.6

0.6

-0.8

-0.8

-0.8

-0.8

-0.8

-0.8

-0.3

-0.3

-0.3

Current Account (% of GDP) Trade Balance (€ Mn nsa)

1756 1905 5410 12338 -2414 548.3 4123 2315 2472 ##### 1578 1911

Trade Balance (€ Bn sa)

1190 US 2681 2702 5237 970.4 454.9 2006 2627 1392 -1948 2877 -1234 GPGSTOC% GDP Index Govt Purchases & Invest

Exports (€ Tld)

103.4 99.76 109.2 117.8 92.89 112.4 115.8 113.5 111.4 97.79

Imports (€ Tlr)

101.6 US 97.86 103.8 105.4 95.3 111.8 111.7 111.2 108.9 108.7 108.5 133.6 GPGSTOC% GDP Index Govt Purchases & Invest

0

0.6

-5.5

1

0.3

3.4

-1.4

0.8

3.7

9.1

-3.4

9.8

1.3

-3.2

17.4

15.9

15.9

15.9

-3.5

-5.1

1.7

-3.4

-5 -13.9 -1.4

-1.5

-1.7

0.6

0

-2.5

4.7

3.6

2.6

1.6

12.6

5.5

10.3

14.3

9.7

9.7

9.7

0.6

0.6

-0.9

-0.9

-0.9

-0.8

-0.8

-0.8

0.1

0.1

0.1

1.4

1.4

1.4

-0.3

-0.3

-0.3

0.6

0.6

0.6

0.6

-681 -5184 377.3 5051 -6176 354.6 3079 -2342 -1696 ##### -2892 867.4 -4042 -621 -3546 -3267 -2199 -2613

-867 229.5 2142 -5701 2354 272.7 5532 9187 -8593 1529 7425 4216 7139 13557 15614 15614 15614

-104 2250 -3359 -3925 -3378 -1525 -2121 -3821 334.1 -4028 -3914 -2302 1059 515.9 4007 7796 4854 1928 4561 4867 6679 9346 7941 7941 7941

110 135.5 121.3 121.9 138.4 138.1 120.6 137.8 139.8 141.2 134.9 125.1 135.1 158.1 139.6 149.5 143.8 145.8 137.8 151.9 148.1 155.9 148.2 138.7 150.1 165.6

148 158.2 161.7 162.2 162.2 162.2

122 127.1

138

133 126.7 137.5 136.7 143.5 136.6 141.4

138 157.3 143.6 150.4 143.6 143.6 143.5 149.6 147.8 150.4

139 147.3 148.5 158.2 143.7 151.1 148.1 146.6 146.6 146.6

Government Sector Yearly Gov't Budget Balance (% of GDP) Yearly Gov't Debt (% of GDP)

-6.4 79.9

GPGSTOC% US GDP Index Govt Purchases & Invest Monetary Sector

M1 Money Supply (yoy %)

8.5

8.4

9.4

11.6

13.3

12.5

12.3

12.5

12.4

11.8

11.2

10.5

10.2

10.3

8.9

8.6

7.6

6.3

5.2

4.5

4.1

3.2

2.8

3

2.1

1.1

1.4

1.2

1.4

1.7

1.7

1.8

2.1

1.9

2.2

2.8

2

3.1

3.5

4.4

4.9

4.9

M2 Money Supply (yoy %)

6

5.2

4.9

4.6

4.4

3.5

2.5

1.8

1.6

1.9

1.6

1.5

1.2

1.4

1.4

1.7

2

2.1

2.2

2.3

2.2

2.2

2.3

2.7

2.6

2.3

2.4

2.2

2.3

2.4

1.9

1.9

2

2.2

2.6

3.1

2.5

2.8

3.1

3.4

3.2

3.2

M3 Money Supply (yoy %)

4.8

3.8

3.6

3

2.4

1.8

0.3

-0.2

-0.3

0

-0.4

-0.1

-0.3

0

0.1

0.2

1

0.8

1.1

1.5

1.1

1.4

1.6

1.8

1.5

1.5

1.2

1.2

1.7

1.7

1.4

1.5

1.5

2

2.5

2.9

2.4

2.9

3.1

3.6

2.9

2.9

5.3 US4.6 4.1 Purchases 3.5 3.1 2.5 GPGSTOC% GDP Index Govt & Invest

1.6

0.6

-0.1

-0.2

-0.2

-0.2

-0.2

-0.1

0

0.1

0.5

0.8

1

1.4

1.6

1.7

1.8

2

2.1

2.2

2

2.1

2.3

2.6

2.8

2.5

2

2

2.3

2.7

2.7

2.9

3

3.2

3.2

3.2

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1.25

1.25

1.25

1.5

1.5

1.5

1.5

1.25

1

1

1

1

1

1

1

0.75

0.75

0.75

0.7 0.665 0.656 0.634 0.663 0.701 0.767 0.896 0.886 0.892 1.045 1.028 1.006 1.074 1.094 1.239 1.385 1.433 1.547 1.609 1.542 1.554 1.591 1.473 1.356 1.125 0.983 0.777 0.708 0.668 0.653 0.389 0.278

0.22

M3 Three-Month Avg. (yoy %)

Financial Sector ECB Refi Rate (%)

1.25

1

1

1

1

1

3-Month Euribor Rate (%)

1.365 1.269 1.099 0.893 0.821 0.753

10-Year Gov't Bond Yield (%)

3.178 3.589 3.386

3.3 3.257

0.72 0.719

3.22 3.231 3.159 3.387 3.196 3.101 3.092 3.017

2.66 2.577 2.669 2.116 2.275 2.518

2.67 2.963 3.155

3.17 3.354 3.239

3.02 3.025 2.538 2.219 1.887 2.025

2.28 1.829 1.787 1.818 1.794 1.663

1.2 1.583 1.285 1.334 1.442

Stock Prices (Euro Stoxx 50 Index)

2375 2451 2402 2638 2775 2873 2744 2797 2965 2777 2728 2931 2817 2610 2573 2742 2623 2748 2845 2651 2793 2954 3013 2911 3011 2862 2849 2670 2302 2180 2385 2330 2317 2417 2512 2477 2306 2119 2265 2326 2441 2454

US$/Euro Exchange Rate

1.323 1.416 1.403 1.426 1.433 1.464 1.472

Euro Major Currency Index

101.5 US 103.3 102.5 102.2 103.3 104.5 104.5 105.3 GPGSTOC% GDP Index Govt Purchases & Invest

1.5 1.432 1.386 1.363 1.351

1.33 1.231 1.224 1.305 1.268 1.363 1.395 1.298 1.339 1.369 1.381 1.416 1.481

103 100.3 99.81 99.59 GPGSTOC% 98.05 US 94.05 91.24 94.08 91.86 96.21 96.97 92.92 93.69 94.92 GDP Index Govt Purchases & Invest

1.44

1.45

1.44 1.438 1.339 1.386 1.345 1.296 1.308 1.333 1.334 1.324 1.236 1.266

1.23 1.258 1.286

94.8 97.64 99.27 96.67 98.13 95.14 95.76 93.13 94.57 93.03 90.69 90.39 92.12 92.14 90.86 87.79 88.96 86.38 87.49 88.43

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


JAPAN - ECONOMIC INDICATORS - I/III Indicator Real GDP (yoy % nsa) Real GDP Annualized (qoq % saar) Real GDP (qoq % sa) Nominal GDP (yoy %) Private Demand (yoy % nsa) Priv. Demand Contrib. to Chg. in GDP (% sa) Public Demand (yoy % nsa) Pub. Demand Contrib. to Chg. in GDP (%) GDP Deflators (yoy %) Consumer Price Index (yoy %) CPI ex-Fresh Food (yoy %) CPI ex-Food & Energy (yoy %) National CPI (yoy %) Nat'l CPI ex-Fresh Food (yoy %) Nat'l CPI ex-Food & Energy (yoy %) Corp. Services Price Index (yoy %) Corp. Services Price Index (mom %) Corporate Goods Price Index (yoy %) Corporate Goods Price (mom %) Corp. Goods Export Prices (yoy %) Corp. Goods Import Prices (yoy %) Unemployment Rate (% sa) Jobs-to-Applicants Ratio (sa) Employment Index (sa) Labor Force Participation Rate (%) Avg. Monthly Cash Earnings (짜 10,000) Cash Earnings (yoy %) Real Wage Earnings Index Industrial Production (yoy % nsa) Industrial Production (mom % sa) Producer's Inventory/Shipment Ratio (sa) Vehicle Production (yoy %) Machine Orders (yoy %) Machine Orders (mom %) Machine Tool Orders (yoy %) All Industry Activity Index (sa) All Industry Activity Idx (mom % sa) Tertiary Industry Index (sa) Tertiary Industry Index (mom % sa) Capital Spending (qoq %) Capital Spending ex-Software (qoq %) Bank Lending (yoy %) Adjusted Bank Lending (yoy %) Bank Lending ex-Trusts (yoy %) Corporate Loans Outstanding (yoy %) Bankruptcies (cases) Bankruptcies (yoy %)

A-09 M-09 J-09 O-09 N-09 D-09 J-10 F-10 M-10 A-10 M-10 J-10 J-10 A-10 S-10 O-10 N-10 D-10 J-11 F-11 M-11 A-11 M-11 J-11 J-11 A-11 S-11 O-11 N-11 D-11 J-12 F-12 M-12 National Accounts -9.3 -9.3 -6.6 -5.6 -5.6 -0.5 -0.5 -0.5 4.8 4.8 4.8 4.5 4.5 4.5 5.6 5.6 5.6 3.2 3.2 3.2 0 0 0 -1.8 -1.8 -1.8 -0.6 -0.6 -0.6 -0.7 -0.7 -0.7 2.9 -15.1 -15.1 7.1 -0.3 -0.3 7.9 7.9 7.9 5 5 5 6 6 6 2.7 2.7 2.7 0 0 0 -7.9 -7.9 -7.9 -1.3 -1.3 -1.3 6.9 6.9 6.9 0.3 0.3 0.3 5.3 -4 US GDP -4 Index 1.7 Purchases -0.1 -0.1 1.9 1.9 1.9 1.2 GPGSTOC% 1.2 US 1.2 1.5 Purchases 1.5 1.5 0.7 0.7 0.7 0 0 0 -2 -2 -2 -0.3 -0.3 -0.3 1.7 1.7 1.7 0.1 0.1 0.1 1.3 GPGSTOC% Govt & Invest GDP Index Govt & Invest -9.2 US-9.2 -6.5 Purchases -5.5 -5.5 -2.8 -2.8 -2.8 2.4 GPGSTOC% 2.4 US 2.4 2.2 Purchases 2.2 2.2 3.4 3.4 3.4 1.1 1.1 1.1 -2.1 -2.1 -2.1 -4.1 -4.1 -4.1 -2.7 -2.7 -2.7 -2.4 -2.4 -2.4 1.5 GPGSTOC% GDP Index Govt & Invest GDP Index Govt & Invest -7.4 -7.4 -6.6 -6.1 -6.1 -4.3 -4.3 -4.3 0.6 0.6 0.6 2.9 2.9 2.9 5.3 5.3 5.3 3.7 3.7 3.7 0.7 0.7 0.7 -1.1 -1.1 -1.1 -0.4 -0.4 -0.4 0.3 0.3 0.3 3.7 -3.2 US-3.2 -0.6 Purchases -0.7 -0.7 1 1 0.7 GPGSTOC% 0.7 US 0.7 1.3 Purchases 1.3 1.3 0.7 0.7 0.7 0.1 0.1 0.1 -1.6 -1.6 -1.6 0.1 0.1 0.1 1 1 1 0.8 0.8 0.8 0.8 GPGSTOC% GDP Index Govt & Invest 1 GDP Index Govt & Invest -0.5 -0.5 3.4 4.5 4.5 5 5 5 3.7 3.7 3.7 2.3 2.3 2.3 1.7 1.7 1.7 0.1 0.1 0.1 -0.8 -0.8 -0.8 1.9 1.9 1.9 1.6 1.6 1.6 1.3 1.3 1.3 3.7 0.3 US 0.3 0.4 Purchases 0.2 0.2 0.2 0.2 0.2 0 GPGSTOC% 0 US GDP 0 Index 0 Purchases 0 0.1 0.1 0.1 0 0 0 -0.1 -0.1 -0.1 0.5 0.5 0.5 0 0 0 0 0 0 0.4 GPGSTOC% GDP Index Govt & Invest Govt &0Invest 0.1 US 0.1 0.1 Purchases 0 -2.3 -2.3 -2.3 -2.4 GPGSTOC% -2.4 US-2.4 -2.2 Purchases -2.2 -2.2 -2.1 -2.1 -2.1 -2 -2 -2 -2 -2 -2 -2.4 -2.4 -2.4 -2.1 -2.1 -2.1 -1.8 -1.8 -1.8 -1.3 GPGSTOC% GDP Index Govt &0Invest GDP Index Govt & Invest Consumer Prices -0.1 -0.8 -1.5 -2.4 -2.2 -2.2 -2.1 -1.8 -1.7 -1.5 -1.4 -1 -1.2 -1 -0.6 0.3 0.2 -0.1 -0.5 -0.5 -0.7 -0.7 -0.6 -0.6 0.1 -0.2 -0.3 -0.5 -0.9 -0.4 -0.2 -0.2 -0.1 0 -0.7 -1.3 -2.2 -1.9 -1.9 -2 -1.8 -1.8 -1.9 -1.5 -1.3 -1.3 -1.1 -1 -0.5 -0.5 -0.4 -0.8 -0.8 -0.8 -0.5 -0.4 -0.4 -0.1 -0.2 -0.1 -0.4 -0.5 -0.3 -0.4 -0.3 -0.3 -0.6 US-0.9 -1 Purchases -1.4 -1.3 -1.5 -1.4 -1.3 -1.2 GPGSTOC% -1.4 US-1.4 -1.4 Purchases -1.4 -1.4 -1.3 -0.6 -0.6 -0.5 -1 -0.9 -1 -1 -0.6 -0.7 -0.3 -0.6 -0.4 -1 -1.2 -1.1 -1.1 -1.1 -1 GPGSTOC% GDP Index Govt & Invest GDP Index Govt & Invest -0.1 -1.1 -1.8 -2.5 -1.9 -1.7 -1.3 -1.1 -1.1 -1.2 -0.9 -0.7 -0.9 -0.9 -0.6 0.2 0.1 0 -0.6 -0.5 -0.5 -0.4 -0.4 -0.4 0.2 0.2 0 -0.2 -0.5 -0.2 0.1 0.3 0.5 -0.1 -1.1 -1.7 -2.2 -1.7 -1.3 -1.3 -1.2 -1.2 -1.5 -1.2 -1 -1.1 -1 -1.1 -0.6 -0.5 -0.4 -0.8 -0.8 -0.7 -0.2 -0.1 -0.2 0.1 0.2 0.2 -0.1 -0.2 -0.1 -0.1 0.1 0.2 -0.4 US-0.5 -0.7 Purchases -1.1 -1.2 -1.2 -1.1 -1.1 GPGSTOC% -1.6 US-1.6 -1.5 Purchases -1.5 -1.5 -1.5 -0.8 -0.9 -0.7 -1.3 -1.3 -1.4 -1.1 -0.8 -0.8 -0.5 -0.5 -0.4 -1 -1.1 -1.1 -0.9 -0.6 -0.5 GPGSTOC% GDP Index Govt &-1Invest GDP Index Govt & Invest Producer/Wholesale Prices -2.4 -3.1 -3.3 -2.6 -2.3 -1.6 -1.4 -1.4 -1.3 -1.3 -1 -1.3 -1.4 -1.4 -1.4 -1.4 -1.2 -1.3 -1.1 -1 -1.1 -0.9 -1.1 -0.9 -0.6 -0.6 -0.3 -0.2 -0.4 -0.1 -0.4 -0.7 -0.2 -0.5 US-0.4 0.3 Purchases 0 -0.1 -0.5 0.2 0.5 GPGSTOC% -0.6 US-0.1 0.1 Purchases -0.4 -0.3 -0.1 0 0.1 -0.2 -0.3 0.3 0.4 -0.4 -0.3 0.3 -0.1 -0.3 0.2 0.1 -0.1 0.1 -0.6 0 0.9 GPGSTOC% GDP Index Govt & Invest 0 GDP Index Govt & Invest -4.1 -5.7 -6.7 -6.8 -5 -3.7 -1.7 -1.2 -1 0 0.4 0.4 0 0 -0.1 0.5 0.4 0.8 0.6 0.7 1.3 1.8 1.6 1.9 2.2 2.2 2 1.3 1.3 0.8 0.3 0.4 0.3 -0.7 US-0.4 -0.3 Purchases -0.7 0.1 0.6 0 0 GPGSTOC% 0.3 US GDP 0 Index -0.3 Purchases 0 -0.1 -0.1 -0.1 0.5 0.4 0.1 0.6 0.8 -0.2 0 0.3 -0.1 -0.2 -0.8 -0.1 0 -0.1 0.2 0.5 GPGSTOC% GDP Index Govt &0Invest Govt & Invest 0 -8.4 -11.5 -13.1 -7.7 -3.5 0.1 2.8 1.2 -2.3 -0.7 -1.2 -3.4 -4.2 -6.7 -5 -4.7 -3.2 -2.1 -3.5 -2.2 -2.2 -2.8 -2.9 -2.3 -0.8 -0.7 -0.9 -1.3 -2.7 -3.9 -4.7 -3.6 -0.3 -25.7 -30.4 -33.4 -22.7 -10.4 4.9 12.2 9.9 6 12.3 15.3 9.3 5 2.1 3.2 2.5 4.4 4.4 2.6 4.5 7.2 7 7.1 8 10.4 10.9 9.3 10.2 7.3 5.7 1.7 2 6.2 GPGSTOC% US GDP Index Govt Purchases & Invest GPGSTOC% US GDP Index Govt Purchases & Invest Labor Market 4.9 5.1 5.2 5.2 5.3 5.2 5.1 5 5.1 5.1 5.1 5.1 5 5 5.1 5.1 5 4.9 4.9 4.7 4.7 4.7 4.6 4.7 4.7 4.4 4.2 4.4 4.5 4.5 4.6 4.5 4.5 0.49 0.46 0.44 0.44 0.44 0.44 0.45 0.46 0.48 0.49 0.5 0.52 0.53 0.54 0.55 0.56 0.57 0.58 0.6 0.61 0.62 0.62 0.62 0.63 0.65 0.66 0.67 0.68 0.69 0.71 0.73 0.75 0.76 99.6 99.4 99.6 99.7 99.6 99.7 99.7 99.8 99.9 99.8 99.9 99.9 100 100.1 100.2 100.3 100.2 100.2 100.5 100.5 100.6 100.4 100.4 100.6 100.7 100.7 100.7 100.8 100.9 100.9 101 101.1 101.2 60.4 US 60.5 60.2 Purchases 59.8 59.6 59.2 59.2 58.9 59.4 GPGSTOC% 60 US 60.1 59.9 Purchases 59.7 59.9 60.2 59.9 59.4 59.1 58.9 59 59 59.7 59.7 59.6 59.4 59.3 59.4 59.4 59.2 58.9 58.6 58.7 58.7 GPGSTOC% GDP Index Govt & Invest GDP Index Govt & Invest 27.17 26.83 43.09 26.73 27.83 55.07 27.22 26.43 27.6 27.63 26.86 43.91 36.8 27.51 26.8 26.86 27.89 55.09 27.27 26.48 27.54 27.22 27.12 43.61 36.74 27.4 26.7 26.86 27.83 55.16 26.96 26.45 27.75 -2.7 -2.5 -7.1 -2.1 -2.6 -6 -0.4 -0.9 0.8 1.5 0 1.8 1.3 0.2 0.9 0.5 0.1 0 0.2 0.1 -0.2 -1.6 0.9 -0.8 -0.3 -0.5 -0.5 -0.1 -0.2 0 -1.2 0.1 0.9 100.7 US 99.1 99.9 Purchases 99.7 99.8 99.8 99.1 99.5 100.3 GPGSTOC% 101.3 US 99.5 100.3 100.1 99.6 99.8 100.1 100 100.2 98.8 99.3 99.6 100.3 98.8 99.9 99.7 99.3 99.5 99.8 99.8 100 98.6 99.6 100.3 GPGSTOC% GDP Index Govt & Invest GDP Index Govt Purchases & Invest Economic Activity -31 -29 -22.5 -14.4 -2.9 6.4 18.2 33.1 32.4 27 20.7 16.6 14.6 15.5 12.1 5 7 5.9 6.1 4.5 -12.4 -12.7 -4.6 -0.6 -1.7 1.6 -2.4 0.9 -2.9 -3 -1.6 1.5 14.2 4.5 4.6 1.5 1.5 2.6 2.6 3.4 1.7 0.1 0.6 -0.1 -1.5 0.3 -0.1 -0.8 -1.4 1.6 2.4 1.2 1.1 -16.2 2.4 5.8 3.8 1.1 0.9 -1.9 1.8 -1.7 2.3 0.9 -1.6 1.3 140.3 US 140.3 128.5 118.7 115.5 110 108 107.4 103.4 GPGSTOC% 105 US 107.5 106.9 109 108 109.1 117 108 108 108.4 105.9 108.8 126.6 121.5 115.2 116.6 115.2 117.6 116.6 115.6 112.7 113.5 110.4 115.3 GPGSTOC% GDP Index Govt Purchases & Invest GDP Index Govt Purchases & Invest -47.1 -41.4 -34 -19.1 0.5 8.6 30.7 74.9 71.2 50.8 30.6 25.9 16.8 20.8 11.4 -8.4 -6.7 -5.1 -6.3 -5.5 -57.3 -60.1 -30.9 -13.9 -8.9 1.8 -4.5 20.3 4.5 13.4 18.6 19.7 143.7 GPGSTOC% US GDP Index Govt Purchases & Invest GPGSTOC% US GDP Index Govt Purchases & Invest -31.9 -41.6 -30.9 -21.5 -16.5 -1.9 5.6 -4.1 2.5 12.7 8.3 3.9 17.7 25.5 4.1 6.9 12.9 -0.6 5.6 11.5 9.1 -0.2 10.5 17.9 4 2.1 9.8 1.5 12.5 6.3 5.7 8.9 -1.1 -4.9 -2.5 0 -4.2 -0.2 4.8 2.2 -5 4.3 3.6 -2 -7.3 10.4 6.4 -8.8 3.3 -3.6 1.8 2 2.7 -0.7 -0.2 0.1 7.7 -2.8 0.5 -2.3 -0.6 3.1 -2.5 0.7 2.8 -2.8 -80.4 US -79.2 -72.8 -42.5 -8.4 63.4 189.4 217.4 262.2 GPGSTOC% 220.9 US 192.5 139.5 144.9 170 113.6 71 104.2 64 -6.9 73.9 49.6 32.3 34 53.5 34.8 15.2 20.1 26 15.8 17.4 -6.9 -8.6 1.6 GPGSTOC% GDP Index Govt Purchases & Invest GDP Index Govt Purchases & Invest 92.2 93 93.3 94.1 93.9 93.6 95.2 95.1 94.9 95.8 95.8 96 97.1 96.6 96.2 96.2 96.5 96.6 97.2 97.3 90.9 92.7 94.2 95.6 96.1 96.3 96.2 96.8 95.9 97.5 96.8 96.7 96.4 2.4 0.9 0.3 0.2 -0.2 -0.3 1.7 -0.1 -0.2 0.9 0 0.2 1.1 -0.5 -0.4 0 0.3 0.1 -0.5 0.1 -6.6 2 1.6 1.5 0.5 0.2 -0.1 0.6 -0.9 1.7 -0.7 -0.1 -0.3 96.3 96.1 96.3 96.9 96.7 96 97.8 97.4 96.3 97.8 97.5 97.6 98.3 98.4 98 98.2 98.8 98.6 99.1 99.4 94 96 96.9 98.1 98.5 98.6 98.4 99 98.2 99.8 99.2 99.2 98.6 2 US-0.2 0.2 Purchases 0.2 -0.2 -0.7 1.9 -0.4 -1.1 GPGSTOC% 1.6 US-0.3 0.1 Purchases 0.7 0.1 -0.4 0.2 0.6 -0.2 0.5 0.3 -5.4 2.1 0.9 1.2 0.4 0.1 -0.2 0.6 -0.8 1.6 -0.6 0 -0.6 GPGSTOC% GDP Index Govt & Invest GDP Index Govt & Invest -25.3 -25.3 -21.7 -24.8 -24.8 -17.3 -17.3 -17.3 -11.5 -11.5 -11.5 -1.7 -1.7 -1.7 5 5 5 3.8 3.8 3.8 3 3 3 -7.8 -7.8 -7.8 -9.8 -9.8 -9.8 7.6 7.6 7.6 3.3 -25.4 US -25.4 -22.2 -25.7 -25.7 -18.5 -18.5 -18.5 -12.9 GPGSTOC% -12.9 US -12.9 -1.5 Purchases -1.5 -1.5 4.8 4.8 4.8 4.8 4.8 4.8 3.4 3.4 3.4 -8.2 -8.2 -8.2 -11 -11 -11 4.9 4.9 4.9 3.5 GPGSTOC% GDP Index Govt Purchases & Invest GDP Index Govt & Invest 3.3 3.1 2.4 1.4 0.2 -1 -1.5 -1.5 -1.9 -1.8 -2 -2 -1.8 -1.9 -1.8 -2 -2 -2 -1.8 -1.9 -1.7 -1 -0.8 -0.6 -0.6 -0.5 -0.3 0 0.2 0.4 0.6 0.6 0.7 4.1 3.9 3.1 1.9 0.5 -0.9 -1.4 -1.4 -1.7 -1.7 -1.9 -1.9 -1.7 -1.7 -1.6 -1.8 -1.9 -1.8 -1.6 -1.7 -1.6 -0.7 -0.5 -0.3 -0.3 -0.2 0 0.3 0.5 0.7 0.9 0.9 1 3.5 3.3 2.5 1.5 0.1 -1.2 -1.7 -1.6 -2 -1.9 -2.1 -2.1 -1.9 -2 -1.8 -2.1 -2.1 -2.1 -1.9 -2 -1.8 -1 -0.8 -0.6 -0.6 -0.5 -0.3 0.1 0.2 0.5 0.7 0.8 0.9 3.07 2.33 2.59 0.34 -1.39 -3.11 -3.13 -3.31 -3.17 -3.4 -3.53 -4.14 -4.17 -4.27 -3.98 -4.5 -4.49 -4.32 -4.37 -4.38 -2.22 -1.83 -2.09 -1.95 -1.73 -1.58 -0.73 -0.75 -0.42 -0.03 -0.06 0.15 -0.4 GPGSTOC% US GDP Index Govt Purchases & Invest GPGSTOC% US GDP Index Govt Purchases & Invest 1329 1203 1422 1261 1132 1136 1063 1090 1314 1154 1021 1148 1066 1064 1102 1136 1061 1102 1041 987 1183 1076 1071 1165 1081 1026 1001 976 1095 1032 985 1038 1161 9.38 US -6.74 7.4 Purchases -11.8 -11.4 -16.6 -21.8 -17.3 -14.5 GPGSTOC% -13.2 US -15.1 -19.3 -23.1 -14.3 -4.58 -9.91 -6.27 -2.99 -2.06 -9.44 -9.96 -6.75 4.89 1.48 1.4 -3.57 -9.16 -14.1 3.2 -6.35 -5.37 5.16 -1.85 GPGSTOC% GDP Index Govt & Invest GDP Index Govt Purchases & Invest

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A-12

M-12

J-12

J-12

A-12

S-12

2.9 5.3 1.3 1.5 3.7 0.8 3.7 0.4 -1.3

2.9 5.3 1.3 1.5 3.7 0.8 3.7 0.4 -1.3

3.2 0.7 1.3 2.2 3.5 0.1 2.2 0.1 -1.3

3.2 0.7 1.3 2.2 3.5 0.1 2.2 0.1 -1.3

3.2 0.7 1.3 2.2 3.5 0.1 2.2 0.1 -1.3

3.2 0.7 0.3 2.2 3.5 0.1 2.2 0.1 -1.1

-0.3 -0.5 -1 0.4 0.2 -0.3

-0.5 -0.8 -1.3 0.2 -0.1 -0.6

-0.6 -0.6 -1 -0.2 -0.2 -0.6

-0.8 -0.6 -1 -0.4 -0.3 -0.6

-0.7 -0.5 -0.9 -0.4 -0.3 -0.5

-0.7 -0.4 -1.1 -0.4 -0.3 -0.5

0.3 0.1 -0.4 0.1 -2.9 1.3

0.1 -0.5 -0.7 -0.5 -3.6 -2

-0.3 -0.1 -1.4 -0.7 -4.3 -3.3

-0.3 -0.1 -2.2 -0.5 -4.2 -5.6

-0.3 -0.3 -1.8 0.3 -2.6 -3.8

-0.3 -0.3 -1.8 0.3 -2.6 -3.8

4.6 4.4 4.3 4.3 4.2 4.2 0.79 0.81 0.82 0.83 0.83 0.83 101.1 101.3 101.5 101.3 101.3 101.3 59.4 59.5 59.4 59.2 59.1 59.1 27.25 26.77 43.33 36.08 36.08 36.08 0.2 -1.1 -0.4 -1.6 -1.6 -1.6 100.6 99.2 99.8 99.6 99.6 99.6 12.9 6 -1.5 -0.8 -4.3 -4.3 -0.2 -3.4 0.4 -1 -1.3 -1.3 123.2 118.6 123.6 128.2 124.5 124.5 173.8 59.5 20.3 16.7 4.5 4.5 6.6 1 -9.9 1.7 1.7 1.7 5.7 -14.8 5.6 4.6 4.6 4.6 0.4 -3 -6.8 -6.7 -2.7 -2.7 96.5 96.3 96.6 96 96 96 0.1 -0.2 0.3 -0.6 -0.6 -0.6 98.4 99.3 99.5 98.7 98.7 98.7 -0.2 0.9 0.2 -0.8 -0.8 -0.8 3.3 3.3 7.7 7.7 7.7 7.7 3.5 3.5 6.6 6.6 6.6 6.6 0.2 0.2 0.6 0.7 0.9 0.9 0.4 0.5 0.9 1 1.2 1.2 0.4 0.4 0.8 0.9 1.1 1.1 -0.51 -0.4 0.25 -0.21 0.24 0.24 1004 1148 975 1026 967 967 -6.69 7.18 -16.3 -5.08 -5.75 -5.75


JAPAN - ECONOMIC INDICATORS - II/III Indicator

A-09 M-09 J-09 O-09 N-09 D-09 Business Conditions Small Business Conf. (ShoJPou ChJPin) Index 30.8 34.1 38 43.4 43 40.4 Nomurra/JMMA Mfg. PMI 41.4 US 46.6 48.2 Purchases 54.3 52.3 53.8 GPGSTOC% GDP Index Govt & Invest Eco Watch. Survey: Current (index) 34.2 36.7 42.2 40.9 33.9 35.4 Eco Watch. Survey: Outlook (index) 39.7 US 43.3 45.6 Purchases 42.8 34.5 36.3 GPGSTOC% GDP Index Govt & Invest BSI Bus. Cond. Large All Industry (qoq %) -51.3 -51.3 -22.4 0.3 0.3 -1.9 BSI Bus. Cond. Large Mfg. (qoq %) -66 -66 -13.2 15.5 15.5 13.2 BSI Bus. Cond. Large Non-Mfg. (qoq %) -42.6 US -42.6 -27.8 -8.6 -8.6 -10.7 GPGSTOC% GDP Index Govt Purchases & Invest Tankan Business Conditions Survey Large Mfg. (% Positive-Negative) -58 -58 -48 -33 -33 -24 Medium Mfg. (% Positive-Negative) -57 -57 -55 -40 -40 -30 Small Mfg. (% Positive-Negative) -57 US-57 -57 Purchases -52 -52 -40 GPGSTOC% GDP Index Govt & Invest Large Mfg. Outlook (% Positive-Negative) -51 -51 -30 -21 -21 -18 Medium Mfg. Outlook (% Positive-Negative) -61 -61 -46 -35 -35 -31 Small Mfg. Outlook (% Positive-Negative) -63 -63 -53 -44 -44 -42 GPGSTOC% US GDP Index Govt Purchases & Invest Large Non-Mfg. (% Positive-Negative) -31 -31 -29 -24 -24 -22 Medium Non-Mfg. (% Positive-Negative) -37 -37 -36 -30 -30 -29 Small Non-Mfg. (% Positive-Negative) -42 US-42 -44 Purchases -39 -39 -35 GPGSTOC% GDP Index Govt & Invest Large Non-Mfg. Outlook (% Positive-Negative) -30 -30 -21 -17 -17 -19 Medium Non-Mfg. Outlook (% Positive-Negative) -45 -45 -32 -28 -28 -33 Small Non-Mfg. Outlook (% Positive-Negative) -52 US-52 -45 Purchases -40 -40 -41 GPGSTOC% GDP Index Govt & Invest Employment - Mfg. (% Positive-Negative) 38 38 37 31 31 26 Employment - Non-Mfg. (% Positive-Negative) 6 6 12 11 11 9 Employment - All Industries (% Positive-Negative) 20 US GDP 20 Index 23 Purchases 20 20Invest16 GPGSTOC% Govt & Financial Position of All Enterprises (% Positive-Negative) -15 -15 -12 -9 -9 -8 Lending Attitude of Financial Institutions (% Positive-Negative) -13 US-13 -11 Purchases -9 GPGSTOC% GDP Index Govt &-9Invest-7 Input Prices - Large Mfg. (qoq % chg) -16 -16 -10 0 0 -1 Input Prices - Small Mfg. (qoq % chg) -2 US GDP -2 Index -5 Purchases 4 GPGSTOC% Govt &4Invest 3 Net Income - Mfg. (qoq % chg) 309.2 309.2 309.2 309.2 309.2 309.2 Net Income - Non-Mfg. (qoq % chg) 15.5 15.5 45.2 31.6 31.6 38 Net Income - All Industries (qoq % chg) 33.5 US 33.5 193.3 171.7 171.7 190.7 GPGSTOC% GDP Index Govt Purchases & Invest Fixed Invest. - Mfg. (qoq % chg) -19.9 -19.9 -27.9 -28.6 -28.6 -30 Fixed Invest. - Non-Mfg. (qoq % chg) -13.9 -13.9 -13.8 -12.9 -12.9 -12.6 Fixed Invest. - All Industries (qoq % chg) -16.4 US -16.4 -19.6 -19.4 -19.4 -19.8 GPGSTOC% GDP Index Govt Purchases & Invest Leading Indicator OECD Leading Indicator 97.96 98.17 98.47 99.8 100.1 100.4 OECD Leading Indicator (6-mo % chg) -2.2 US-2.2 -2.2 Purchases -2.2 -2.2 -2.2 GPGSTOC% GDP Index Govt & Invest ESRI Leading Eco Indicator 72.7 63.6 72.7 90.9 72.7 72.7 ESRI Coincident Eco Indicator 18.2 72.7 81.8 100 100 100 GPGSTOC% US GDP Index Govt Purchases & Invest Leading Indicator Components (Business Cycle) Producer's Final Demand Index (sa) 91.9 93 93.1 95.8 94.5 94.7 Producer's Inventory/Shipment Ratio (sa) 140.3 140.3 128.5 118.7 115.5 110 New Job Offers (000's nsa) 522.3 443.4 503.5 565.1 489 450.9 New Machinery Orders (yoy %) -31.9 -41.6 -30.9 -21.5 -16.5 -1.9 Floor Area Housing Starts (mom % sa) -10.6 -1.73 3.499 10.11 -0.15 -1.59 Consumer Durables Shipments Index (sa) 69.8 79.7 83.4 89.5 93.5 96 Consumer Sentiment Index 33.2 36.3 38.1 40.8 39.9 37.9 Nikkei Commodity Price Index 142.6 141.8 144.7 151.3 151.6 153.2 Stock Prices Index (Topix) 837.8 US 897.9 929.8 894.7 839.9 907.6 GPGSTOC% GDP Index Govt Purchases & Invest Coincident Indicator Components (Business Cycle) Industrial Production (yoy % nsa) -31 -29 -22.5 -14.4 -2.9 6.4 Manufacturers Shipments Index (sa) 77.1 79.7 81.8 87.4 88.8 90.8 Capacity Utilization Index (sa) 68.8 72.8 73.7 79.4 81.9 84.1 Manufacturing Overtime Index 55.83 56.36 59.89 79.91 83.35 85.73 Capital Goods Shipments Index (sa) 66.8 61.9 66.8 70.8 70.3 72 Department Store Sales (yoy %) -11.9 -14 -11.4 -13.1 -11.9 -5.8 Wholesale Sales (yoy % nsa) -27.8 -30.3 -29.8 -24.2 -18.7 -14.6 Operating Profits (짜 Tr) 2687 2687 5185 7073 7073 9993 Small, Mid-size Bus. Sales Index -21.1 -26.1 -20.5 -14.1 -10.2 -12.5 Job Offers/Applicants Ratio (sa) 0.49 US 0.46 0.44 Purchases 0.44 0.44 0.44 GPGSTOC% GDP Index Govt & Invest

J-10

F-10

41.3 52.5 38.8 41.9 -1.9 13.2 -10.7

42.3 52.5 42.1 47.2 -1.9 13.2 -10.7

S-10

O-10

N-10

D-10

J-11

F-11

M-11

A-11

M-11

J-11

J-11

A-11

S-11

O-11

N-11

D-11

J-12

F-12

M-12

A-12

M-12

J-12

J-12

A-12

S-12

45.8 46.8 46.7 47.4 48.1 48.4 47.3 52.4 GPGSTOC% 53.8 US 54.7 53.9 Purchases 52.8 50.1 49.5 GDP Index Govt & Invest 47.4 49.8 47.7 47.5 49.8 45.1 41.2 47 GPGSTOC% 49.9 US 48.7 48.3 Purchases 46.6 40Invest 41.4 GDP Index Govt & -2.4 -2.4 -2.4 4 4 4 7.1 4.3 4.3 4.3 10 10 10 13.3 -6.3 GPGSTOC% -6.3 US-6.3 0.9 Purchases 0.9 0.9 3.8 GDP Index Govt & Invest

46.4 47.2 40.2 41.1 7.1 13.3 3.8

45.8 47.3 43.6 41.4 7.1 13.3 3.8

45.9 48.3 45.1 43.9 -5 -8 -3.4

45.8 51.4 44.3 47.2 -5 -8 -3.4

46.6 52.9 48.4 47.2 -5 -8 -3.4

49.5 46.4 27.7 26.6 -1.1 -3.2 0

36.1 45.7 28.3 38.4 -1.1 -3.2 0

37.8 51.3 36 44.9 -1.1 -3.2 0

43.1 50.7 49.6 49 -22 -23.3 -21.4

47.1 52.1 52.6 48.5 -22 -23.3 -21.4

46.4 51.9 47.3 47.1 -22 -23.3 -21.4

47.2 49.3 45.3 46.4 6.6 10.3 4.6

46.4 50.6 45.9 45.9 6.6 10.3 4.6

45.8 49.1 45 44.7 6.6 10.3 4.6

45.6 50.2 47 44.4 -2.5 -6.1 -0.5

45.7 50.7 44.1 47.1 -2.5 -6.1 -0.5

45.3 50.5 45.9 50.1 -2.5 -6.1 -0.5

48.7 51.1 51.8 49.7 -2.7 -7.3 -0.1

47.6 50.7 50.9 50.9 -2.7 -7.3 -0.1

47.2 50.7 47.2 48.1 -2.7 -7.3 -0.1

46.2 49.9 43.8 45.7 -3.1 -5.7 -1.6

46.6 47.9 44.2 44.9 -3.1 -5.7 -1.6

44.8 47.7 43.6 43.6 -3.1 -5.7 -1.6

45.1 48 43.6 43.6 2.2 2.5 2

-24 -24 -14 -14 -14 1 1 1 8 8 8 5 5 5 -30 -30 -19 -19 -19 -6 -6 -6 4 4 4 1 1 1 -40 -40 -30 GPGSTOC% -30 US-30 -18 Purchases -18 -18 -14 -14 -14 -12 -12 -12 GDP Index Govt & Invest -18 -18 -8 -8 -8 3 3 3 -1 -1 -1 -2 -2 -2 -31 -31 -20 -20 -20 -8 -8 -8 -10 -10 -10 -12 -12 -12 -42 -42 -32 GPGSTOC% -32 US-32 -19 Purchases -19 -19 -22 -22 -22 -23 -23 -23 GDP Index Govt & Invest -22 -22 -14 -14 -14 -5 -5 -5 2 2 2 1 1 1 -29 -29 -21 -21 -21 -13 -13 -13 -8 -8 -8 -10 -10 -10 -35 -35 -31 GPGSTOC% -31 US-31 -26 Purchases -26 -26 -21 -21 -21 -22 -22 -22 GDP Index Govt & Invest -19 -19 -10 -10 -10 -4 -4 -4 -2 -2 -2 -1 -1 -1 -33 -33 -21 -21 -21 -14 -14 -14 -15 -15 -15 -17 -17 -17 -41 -41 -37 GPGSTOC% -37 US-37 -29 Purchases -29 -29 -29 -29 -29 -29 -29 -29 GDP Index Govt & Invest 26 26 20 20 20 14 14 14 10 10 10 9 9 9 9 9 8 8 8 9 9 9 6 6 6 3 3 3 16 16 13 GPGSTOC% 13 US GDP 13 Index 11 Purchases 11 11Invest 7 7 7 6 6 6 Govt & -8 -8 -5 -5 -5 -2 -2 -2 0 0 0 1 1 1 -7 -7 -4 GPGSTOC% -4 US GDP -4 Index 0 Purchases 0 1 1 3 3 3 Govt &0Invest 1 -1 -1 8 8 8 14 14 14 11 11 11 11 11 11 3 3 10 GPGSTOC% 10 US GDP 10 Index 21 Purchases 21 21Invest15 15 15 15 15 15 Govt & 309.2 309.2 141.1 141.1 141.1 159.1 159.1 159.1 179.5 179.5 179.5 180.9 180.9 180.9 38 38 28.8 28.8 28.8 34.2 34.2 34.2 36.5 36.5 36.5 32.8 32.8 32.8 190.7 190.7 56.6 GPGSTOC% 56.6 US 56.6 67.4 Purchases 67.4 67.4 74.6 74.6 74.6 72.2 72.2 72.2 GDP Index Govt & Invest -30 -30 -2.7 -2.7 -2.7 2.1 2.1 2.1 3.7 3.7 3.7 3.9 3.9 3.9 -12.6 -12.6 -9.1 -9.1 -9.1 -4.5 -4.5 -4.5 -3.4 -3.4 -3.4 -1.4 -1.4 -1.4 -19.8 -19.8 -6.9 GPGSTOC% -6.9 US-6.9 -2.3 -2.3 -2.3 -1 -1 -1 0.4 0.4 0.4 GDP Index Govt Purchases & Invest

6 -4 -10 2 -8 -16 3 -6 -19 -1 -12 -27 7 2 4 2 5 27 33 6.3 11.9 9.5 4.9 -8.2 -3.7

6 -4 -10 2 -8 -16 3 -6 -19 -1 -12 -27 7 2 4 2 5 27 33 6.3 11.9 9.5 4.9 -8.2 -3.7

6 -4 -10 2 -8 -16 3 -6 -19 -1 -12 -27 7 2 4 2 5 27 33 6.3 11.9 9.5 4.9 -8.2 -3.7

-9 -12 -21 2 -7 -15 -5 -17 -26 -2 -16 -29 11 5 8 1 6 28 33 24 17 20 9.4 -4.9 0

-9 -12 -21 2 -7 -15 -5 -17 -26 -2 -16 -29 11 5 8 1 6 28 33 24 17 20 9.4 -4.9 0

-9 -12 -21 2 -7 -15 -5 -17 -26 -2 -16 -29 11 5 8 1 6 28 33 24 17 20 9.4 -4.9 0

2 -3 -11 4 -2 -12 1 -8 -19 1 -10 -22 6 1 3 2 7 22 29 25 15.7 19.7 10.9 -5.4 0.2

2 -3 -11 4 -2 -12 1 -8 -19 1 -10 -22 6 1 3 2 7 22 29 25 15.7 19.7 10.9 -5.4 0.2

2 -3 -11 4 -2 -12 1 -8 -19 1 -10 -22 6 1 3 2 7 22 29 25 15.7 19.7 10.9 -5.4 0.2

-4 -3 -8 -5 -10 -17 4 -4 -14 0 -8 -21 8 -1 2 2 7 12 20 8.9 23.3 17.2 5.9 -1.9 0.8

-4 -3 -8 -5 -10 -17 4 -4 -14 0 -8 -21 8 -1 2 2 7 12 20 8.9 23.3 17.2 5.9 -1.9 0.8

-4 -3 -8 -5 -10 -17 4 -4 -14 0 -8 -21 8 -1 2 2 7 12 20 8.9 23.3 17.2 5.9 -1.9 0.8

-4 -7 -10 -3 -8 -15 5 -1 -11 5 -5 -16 8 -3 1 2 7 11 24 30.8 15.1 20.9 0.4 -2.2 -1.3

-4 -7 -10 -3 -8 -15 5 -1 -11 5 -5 -16 8 -3 1 2 7 11 24 30.8 15.1 20.9 0.4 -2.2 -1.3

-4 -7 -10 -3 -8 -15 5 -1 -11 5 -5 -16 8 -3 1 2 7 11 24 30.8 15.1 20.9 0.4 -2.2 -1.3

-1 -6 -12 1 -7 -15 8 3 -9 6 -3 -15 9 -3 1 4 9 4 16 65.5 27.8 40.6 7.2 2.3 4

-1 -6 -12 1 -7 -15 8 3 -9 6 -3 -15 9 -3 1 4 9 4 16 65.5 27.8 40.6 7.2 2.3 4

-1 -6 -12 1 -7 -15 8 3 -9 6 -3 -15 9 -3 1 4 9 4 16 65.5 27.8 40.6 7.2 2.3 4

-3 -6 -14 -3 -13 -16 8 2 -9 5 -3 -16 10 -5 1 4 9 2 11 47.4 27.5 34.3 7.9 4.7 5.8

100.7 100.9 101.1 101.1 101.1 101.2 101.2 101.2 101.3 101.4 101.6 101.8 101.9 -2.2 -2.2 -2.2 GPGSTOC% -2.2 US-2.2 -2.2 Purchases -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 GDP Index Govt & Invest 72.7 90.9 100 100 81.8 36.4 36.4 45.5 54.5 36.4 54.5 72.7 86.4 100 100 100 GPGSTOC% 100 US 77.3 54.5 40.9 54.5 36.4 36.4 36.4 72.7 81.8 GDP Index Govt Purchases & Invest

102 -2.2 81.8 63.6

102 -2.2 45.5 9.1

102 101.9 101.8 101.8 101.8 101.8 101.9 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 27.3 18.2 27.3 72.7 72.7 36.4 45.5 9.1 9.1 86.4 100 90.9 31.8 54.5

98.5 105.9 664.4 11.5 -2.73 98.5 40.7 175.9 951.3

90.2 108.8 664 9.1 2.025 73.4 38.3 177.7 869.4

96 108 556.9 5.6 4.414 98.5 39.4 153.4 901.1

96.1 107.4 540.5 -4.1 1.085 101.5 40 154.9 894.1

M-10

95.9 103.4 600.8 2.5 9.184 103.4 41 157.9 978.8

A-10

M-10

J-10

J-10

A-10

96.6 96.8 97.2 97.8 97.5 97.9 97.8 98.2 98.4 97.3 105 107.5 106.9 109 108 109.1 117 108 108 108.4 552.1 498 568.2 578 574 623.8 643.5 599.7 522.2 661.8 12.7 8.3 3.9 17.7 25.5 4.1 6.9 12.9 -0.6 5.6 -8.1 -0.82 0.031 -0.75 2.531 9.745 -5.42 -2.33 0.907 2.677 100.8 100 101.6 100.8 103.2 100.5 99 101.7 102 95.8 42.1 42.7 43.6 43.4 42.5 41.4 41.1 40.6 40.2 41.1 165.9 162.2 161.5 159.9 159.4 161.6 163.5 164.5 168.3 171.6 987 US 880.5 841.4 849.5 804.7 829.5 810.9 860.9 898.8 910.1 GPGSTOC% GDP Index Govt Purchases & Invest

91.5 126.6 619.6 -0.2 4.372 59.5 33.6 181 851.9

94.1 121.5 584.3 10.5 -1.67 72.5 35.1 179.6 838.5

96.5 115.2 639.6 17.9 -0.58 94.5 36.3 177.5 849.2

97.4 116.6 648.6 4 5.385 99.2 37.7 177.5 841.4

97.4 115.2 679.6 2.1 3.13 95 37.5 173.9 770.6

97.5 117.6 701.9 9.8 -17.9 92.9 38.5 168.9 761.2

97.5 116.6 719.4 1.5 6.49 95.2 38.5 168.9 764.1

102 102.1 102.3 102.4 102.4 102.4 102.3 102.2 102.2 102.2 102.2 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 -2.2 54.5 45.5 72.7 90.9 90.9 63.6 27.3 36.4 30 30 30 45.5 81.8 63.6 81.8 90.9 81.8 63.6 27.3 20 20 20 97 115.6 684.7 12.5 3.799 86 37.7 166.2 728.5

97.8 112.7 597.4 6.3 -3.41 95.2 38.1 165.1 728.6

97.7 113.5 744 5.7 4.984 99.9 39.4 169.5 755.3

98 110.4 772.8 8.9 4.446 103.6 39.1 171.1 836

96.6 115.3 765.3 -1.1 -8.1 98.5 40.1 173.1 854.4

98.3 123.2 707.6 6.6 7.698 101.4 40.3 172.5 804.3

98.4 118.6 727.4 1 4.256 97.1 40.7 167.6 719.5

97.4 123.6 716.9 -9.9 -6.26 91.1 40.8 164.2 770.1

95.9 95.9 95.9 128.2 124.5 124.5 731.7 751 751 1.7 1.7 1.7 -2.84 5.21 5.21 90.4 89 89 40.6 40.6 40.6 163.4 164.4 166.3 736.3 731.6 737.4

18.2 33.1 32.4 27 20.7 16.6 14.6 15.5 12.1 5 7 5.9 6.1 4.5 -12.4 -12.7 -4.6 -0.6 -1.7 1.6 -2.4 0.9 -2.9 -3 -1.6 1.5 14.2 12.9 6 -1.5 -0.8 -4.3 -4.3 94.5 96.1 96.7 97.3 96.1 96 95.9 95.7 95.6 93.2 95.8 97.2 96.8 98.6 84.3 83.2 87.5 93.8 94.3 94.7 93.9 94.8 93.1 96.1 94.9 95.2 95.8 96.5 95.1 94.2 91.3 91.8 91.8 88.7 89.7 90.1 90 90.5 88.9 88.5 88.5 88.1 86.7 88.2 90.2 91.4 93.3 73.1 72.1 81.6 85.7 86.8 88.8 87 89.9 88.1 89.9 92.8 91.2 92.4 91.8 89.8 87.7 88.1 88.1 88.1 77.27 85.29 88.29 87.67 82.12 86.79 91.38 89.17 91.55 91.73 93.5 93.58 83.88 92 87.5 79.47 77.27 86.62 91.29 88.47 93.23 95.61 94.55 96.41 84.85 93.85 94.38 92.7 86 89.88 89.88 89.88 89.88 78.7 82.6 84 86.6 85.1 87.2 86.9 84.1 86.5 84.4 85.2 86.5 86.8 90 74 75.2 85 89 87.7 90.3 88 88.8 91.7 91.2 90.5 89.2 88.4 94 93.9 90.4 83.6 83.3 83.3 -7.4 -6.5 -5.1 -4.9 -1.8 -5.5 -1.7 -3.4 -3.8 2.7 0.3 -0.3 1.4 1.7 -21.5 -5.5 -4.3 0.4 -1.3 -2.9 -3.6 -1.9 -3 0.3 -3.1 -1.8 26.7 6.7 2.1 -0.1 -1 0.2 0.2 -6.1 -2.7 1.5 3.1 0.7 0.6 -0.1 1.2 1.5 0.4 6.6 5.7 4.6 7.2 1.2 -1.7 2.3 3.8 3 5.2 0.8 0.8 -2.4 -2 -3.5 -1.3 0.5 0.3 2.1 -3.8 -4 -4.3 -4.3 9993 9993 10015 10015 10015 11714 11714 11714 10657 10657 10657 12875 12875 12875 11415 11415 11415 9011 9011 9011 9711 9711 9711 11227 11227 11227 11791 11791 11791 10293 10293 10293 10293 -10.3 -9.9 -6.9 -6.4 -6.9 -4.4 -9.1 -7.9 -8.5 -9.9 -9.2 -0.9 -0.3 -0.5 -2.1 -9.3 -17.1 -12.4 -9.9 -11.4 -7 -7.4 -4.5 -9.2 -3.9 -7.4 -4 3.1 -2.9 -9.3 -9.2 -10.7 -18.1 0.45 0.46 0.48 GPGSTOC% 0.49 US 0.5 0.52 Purchases 0.53 0.54 0.55 0.56 0.57 0.58 0.6 0.61 0.62 0.62 0.62 0.63 0.65 0.66 0.67 0.68 0.69 0.71 0.73 0.75 0.76 0.79 0.81 0.82 0.83 0.83 0.83 GDP Index Govt & Invest

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JAPAN - ECONOMIC INDICATORS - III/III Indicator Annualized Housing Starts (units Mn) Housing Starts (yoy %) Floor Area Housing Starts (mom % sa) Tokyo Condo Sales (yoy %) Construction Orders (yoy %) Nationwide Land Prices, Yearly (yoy %) Retail Trade (yoy % nsa) Retail Trade (mom % sa) Large Retailers Sales (yoy %) Tokyo Dept. Store Sales (yoy %) Nat'l Department Store Sales (yoy %) Supermarket Sales (yoy %) Convenience Store Sales (yoy %) Vehicle Sales (yoy %) Consumer Confidence Index Consumer Conf. Households Index Consumer Conf. Tokyo Households Index Quarterly Consumer Confidence Index Overall Household Spending (yoy %) Workers House. Real Living Expenditures (yoy %) Household Savings Ratio, Yearly (%) Current Account Bal. (¥ Bn nsa) Current Account Bal. (¥ Bn sa) BOP Trade Balance (¥ Bn nsa) Merchandise Trade Balance (¥ Bn sa) Merchandise Trade Balance (¥ Bn nsa) Merchandise Trade Exports (yoy %) Merchandise Trade Imports (yoy %) Total Export Volume (yoy %) Exports to U.S. (yoy %) Exports to EU (yoy %) Exports to Asia (yoy %) Total Import Volume (yoy %) Imports from U.S. (yoy %) Imports from EU (yoy %) Imports from Asia (yoy %) Foreign Buying Japan Stocks (¥ Bn) Foreign Buying Japan Bonds (¥ Bn) Japan Buying Foreign Stocks (¥ Bn) Japan Buying Foreign Bonds (¥ Bn) Monetary Base (yoy %) M2+CD Money Supply (yoy %) Broad Liquidity (yoy %) Official Reserve Assets (US$ Bn) BoJ Target Rate (%) Financing Bill 3-Mo. Rate (%) 3-Month Libor (%) 10-Year Gov't Bond Yield (%) Stock Prices Index (Topix) Yen/US$ Exchange Rate Yen Major Currency Index

A-09 M-09 J-09 O-09 N-09 D-09 Housing Market 0.779 0.758 0.749 0.762 0.798 0.819 -32.4 -30.8 -32.4 -27.1 -19.1 -15.7 -10.6 US -1.73 3.499 10.11 -0.15 -1.59 GPGSTOC% GDP Index Govt Purchases & Invest -8.5 -19.4 -23 -20.1 10.8 -21.6 -25.9 -41.9 -28 -40.1 -11.6 0.6 1.7 US 1.7 1.7 Purchases 1.7 1.7 -3.5 GPGSTOC% GDP Index Govt & Invest Retail Sales -2.8 -2.7 -2.4 -1 -1.1 -0.2 0.5 0.1 -0.1 -0.6 0 -0.3 -6.7 US-6.5 -8.4 Purchases -7.2 -9.7 -4.6 GPGSTOC% GDP Index Govt & Invest -11.9 -14 -11.4 -13.1 -11.9 -5.8 -11.3 US -12.3 -8.8 Purchases -10.5 -11.8 GPGSTOC% GDP Index Govt & Invest-5 -3.7 -2 -4.4 -5.2 -8 -5 4.3 1 -2.3 -5.5 -6.3 -5.5 -28.6 US -19.4 -13.5 12.6 36Invest 36.5 GPGSTOC% GDP Index Govt Purchases & Consumer Confidence 33.2 36.3 38.1 40.8 39.9 37.9 32.4 35.7 37.6 40.5 39.5 37.6 35 US 38.1 38.9 Purchases 42.1 39.6 37.8 GPGSTOC% GDP Index Govt & Invest 28.7 US 28.7 37.3 Purchases 38.8 38.8 39.9 GPGSTOC% GDP Index Govt & Invest Personal Sector -1.3 0.3 0.2 1.6 2.2 2.1 0.4 US 1.8 -0.9 Purchases 0.6 0.1 0.1 GPGSTOC% GDP Index Govt & Invest 1.5 US 1.5 1.5 Purchases 1.5 1.5 2.6 GPGSTOC% GDP Index Govt & Invest External Sector 690.4 1341 1317 1441 1144 968.8 919.4 1152 1679 1470 1379 1269 167.1 US 393.5 607.2 937.4 486.3 624 GPGSTOC% GDP Index Govt Purchases & Invest 147.3 343.1 501.2 511.3 473.5 304.8 48.99 281.4 487 800.1 365.3 542.5 GPGSTOC% US GDP Index Govt Purchases & Invest -39.1 -40.9 -35.8 -23.2 -6.3 12 -35.5 US -42.2 -41.7 -35.5 -16.7 -5.5 GPGSTOC% GDP Index Govt Purchases & Invest -35.9 -36.2 -27.6 -13 -1.5 14.7 -49.4 -46.8 -37.4 -21.1 -6.2 -2.4 -42.8 -40.2 -36.1 -26.7 -18.5 -1.5 -28.8 US -27.6 -19 Purchases -1.9 11.9 32.9 GPGSTOC% GDP Index Govt & Invest -20.3 -24 -18.2 -11.7 -2.1 -0.8 -27.2 -34.9 -35.9 -5.9 -9.9 -2 -29.7 -28.7 -23.6 -20.4 -4.1 -2.2 -18.8 US -23.2 -13.7 -10.5 1.6 3.6 GPGSTOC% GDP Index Govt Purchases & Invest 415.7 582.5 261 531.6 -26.9 1069 -608 US -940 -738 -404 -239 -1052 GPGSTOC% GDP Index Govt Purchases & Invest 126.5 203 324.9 -80.5 -104 99.8 375.2 US 1849 2637 -1492 1292 -359 GPGSTOC% GDP Index Govt Purchases & Invest Monetary Sector 8.2 7.9 6.4 4.4 3.8 5.2 1.9 1.9 1.9 1.9 1.9 1.9 2.8 2.8 2.8 2.8 2.8 2.8 1011 US 1024 1019 1057 1074 1049 GPGSTOC% GDP Index Govt Purchases & Invest Financial Sector 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.549 0.52 0.455 0.326 0.299 0.278 1.432 1.49 1.359 1.415 1.266 1.295 837.8 897.9 929.8 894.7 839.9 907.6 98.63 95.34 96.36 90.09 86.41 93.03 147.3 US 146.9 145.9 151.9 158.6 149.1 GPGSTOC% GDP Index Govt Purchases & Invest

J-10

F-10

M-10

A-10

M-10

J-10

J-10

A-10

S-10

O-10

N-10

D-10

J-11

F-11

M-11

A-11

M-11

J-11

J-11

A-11

S-11

O-11

N-11

D-11

J-12

F-12

M-12

A-12

M-12

J-12

0.863 0.794 0.854 0.793 0.737 0.75 0.772 0.829 0.837 0.813 0.847 0.861 0.847 0.872 0.807 0.798 0.815 0.817 0.955 0.934 0.745 0.774 0.824 0.783 0.822 0.917 0.848 0.896 0.903 0.837 -8.1 -9.27 -2.43 0.559 -4.61 0.615 4.261 20.46 17.68 6.362 6.804 7.531 2.707 10.13 -2.44 0.284 6.368 5.822 21.2 14 -10.8 -5.77 -0.28 -7.31 -1.09 7.511 5.011 10.32 9.277 -0.17 4.414 1.085 9.184 GPGSTOC% -8.1 US -0.82 0.031 -0.75 2.531 9.745 -5.42 -2.33 0.907 2.677 -2.73 2.025 4.372 -1.67 -0.58 5.385 3.13 -17.9 6.49 3.799 -3.41 4.984 4.446 -8.1 7.698 4.256 -6.26 GDP Index Govt Purchases & Invest -9.9 10.7 54.2 22.6 7.1 66.6 27.8 18.5 3.9 9.8 0.8 40.8 -13.5 24.9 0 -27.3 3.6 -32.9 -1.3 1.7 16.7 -9.3 31 8.5 32.6 13 -6.1 81.7 -14.9 16.4 15.7 -20.3 42.3 -25 9.2 -10.2 -0.7 0 -15 -5.6 -5.3 13.1 -10.7 19.5 -11 31.4 25.5 6 5.7 9.3 -9.3 24.3 21 1.5 24.6 -1.8 -0.3 16.2 -0.9 4.63 -3.5 -3.5 -3.5 GPGSTOC% -3.5 US-3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -3.5 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -4.6 -3 -3 -3 -3 -3 -3 -3 GDP Index Govt Purchases & Invest

J-12

A-12

S-12

0.87 0.888 0.888 -9.57 -5.47 -5.47 -2.84 5.21 5.21 -1 17.3 17.3 8 8.7 8.7 -3 -3 -3

2.3 2.2 -5.7 -7.4 -5.7 -4.9 -5.3 36.8

4.2 1.3 -4 -6.5 -5.4 -2.4 -4.7 35.1

4.7 4.9 2.9 3.3 3.8 4.3 1.4 0 0.4 -1.7 0.5 0.4 1.4 -2.8 -4.9 GPGSTOC% -3.7 US-3.9 -3.1 Purchases -1.3 -1.8 -1.7 GDP Index Govt & Invest -5.1 -4.9 -1.8 -5.5 -1.7 -3.4 -3.8 -3.5 GPGSTOC% -3.7 US-2.1 -6 Purchases -1.4 -3.2 -5.2 GDP Index Govt & Invest -6.6 -4.9 -5.3 -1.4 -1.2 -1.1 -0.3 -4.9 -3.7 -3.2 -1.5 0.5 1 12.9 37.2 GPGSTOC% 33.5 US GDP 28 Index 20.6 Purchases 15 46.7 -4.1 Govt & Invest

-0.2 -1.4 0.4 2.7 0.6 -0.3 -5.9 -26.7

1.5 2 0.1 0.3 -0.5 -0.5 1.1 -30.7

-2.1 -4.2 -1.7 -0.3 -1.5 -1.6 3.3 -28.3

0.1 3.6 -0.7 1.4 -1.1 -0.1 5.1 -21.5

0.1 2.1 0.5 1.7 0.7 0.6 6.5 -14.3

-8.3 -8.1 -7.5 -21.5 -14.7 0.3 7.7 -37

-4.8 3.6 -1.9 -5.5 -1.5 -1.3 1.6 -51

-1.3 2.9 -2.5 -4.3 -2.4 -1.4 5.7 -37.8

1.2 2.5 -0.5 0.4 0.3 0.1 9 -23.3

0.6 -1.2 0.8 -1.3 -0.1 2.1 9.5 -27.6

-2.6 -0.7 -2.6 -2.9 -1.7 -2.2 7.9 -25.5

-1.1 -1.3 -3.6 -3.6 -2.4 -3.6 -4 1.7

1.9 0.7 -1.4 -1.9 -0.5 -0.9 14.1 28.3

-2.2 -1.3 -2.5 -3 -1.9 -2.3 7.5 24.1

2.5 0.7 -0.3 0.3 0.8 -0.6 4.1 23.5

1.8 3.1 -1.2 -3.1 -1.1 -1.2 1.7 40.7

3.4 2 0.2 -1.8 -0.4 0.3 4.8 31.9

10.3 -1.2 5.1 26.7 14.1 -2.4 0.4 78.2

5.7 -0.4 -0.6 6.7 1.3 -1.9 6.1 92

3.6 0.7 -0.8 2.1 -1 -1.7 1.7 66.3

0.2 -1.2 -2.6 -0.1 -1.2 -3.9 -2.6 40.9

-0.7 -1.5 -4.4 -1 -3.3 -4.9 -3.3 36.1

1.8 1.5 -0.9 0.2 -1 -1.3 -1.3 7.3

1.8 1.5 -0.9 0.2 -1 -1.3 -1.3 -8.1

39.4 39 40.1 39.9

40 39.8 41 39.9

41 42.1 42.7 43.6 43.4 42.5 41.4 40.9 42 42.8 43.5 43.3 42.4 41.2 41.5 GPGSTOC% 43.1 US 45.4 44.6 Purchases 44.6 43.6 41.9 GDP Index Govt & Invest 40.7 GPGSTOC% 40.7 US 40.7 43.2 Purchases 43.2 43.2 39.3 GDP Index Govt & Invest

41.1 40.9 41.7 39.3

40.6 40.4 41.4 39.3

40.2 40.1 42.1 42.7

41.1 41.1 43.2 42.7

40.7 40.6 42.6 42.7

38.3 38.3 39.7 42.7

33.6 33.4 32.7 42.7

35.1 34.8 35 42.7

36.3 36.2 36.2 42.7

37.7 37.7 38.5 42.7

37.5 37.4 37.8 42.7

38.5 38.5 39.1 42.7

38.5 38.6 38.8 42.7

37.7 37.5 37.5 42.7

38.1 38.1 38.2 42.7

39.4 39.6 40 42.7

39.1 39.1 39 42.7

40.1 40.1 41.8 42.7

40.3 40.1 41.9 42.7

40.7 40.7 41 42.7

40.8 40.8 41.6 42.7

40.6 40.5 41.7 42.7

40.6 40.6 40.2 42.7

40.6 40.6 40.2 42.7

1.7 1.5 2.6

-0.5 -2.2 2.6

4.4 -0.7 -0.7 0.5 1.1 1.7 0 3.6 GPGSTOC% -2.3 US-3.4 0.3 Purchases 1 2.7 2.5 GDP Index Govt & Invest 2.6 GPGSTOC% 2.6 US 2.6 2.6 Purchases 2.6 2.6 2.6 GDP Index Govt & Invest

-0.4 4.4 2.6

-0.4 1.8 2.6

-3.3 -2.8 2.5

-0.3 -1.3 2.5

0.5 -0.7 2.5

-8.2 -11 2.5

-2 -2.6 2.5

-1.2 -1 2.5

-3.5 -4.2 2.5

-2.1 -2.6 2.5

-4.1 -4.7 2.5

-1.9 -2.8 2.5

-0.4 -1.8 2.5

-3.2 -4.1 2.5

0.5 0.9 2.5

-2.3 -2.8 2.5

2.3 2.9 2.5

3.4 4.3 2.5

2.6 3.8 2.5

4 0.9 2.5

1.6 2.5 2.5

1.7 1.5 2.5

1.8 0.9 2.5

1.8 0.9 2.5

946.3 1750 166.7 567.2 43.08 40.9 9.3 41.3 18.2 14.1 63.7 2.2 3.6 -0.6 5.6 1543 -821 -93.6 825.6

1649 2621 1396 1290 1135 1764 1190 2069 1279 1828 1559 1104 1479 1612 1274 1542 785.3 1089 GPGSTOC% 871.1 US 402.7 762 Purchases 897.1 170.6 911 GDP Index Govt & Invest 485 856 903.1 516.8 516 585.2 529.4 470.7 638.3 931.9 GPGSTOC% 729.2 US 309.1 670.5 784.6 63.75 774.3 GDP Index Govt Purchases & Invest 45.3 43.4 40.4 32.1 27.7 23.5 15.5 14.3 29.8 21 GPGSTOC% 24.5 US 33.7 26.5 Purchases 16.1 18.4 10.3 GDP Index Govt & Invest 45.9 43.9 39.5 31.9 27.5 25.5 14.2 16.1 47.2 30.9 39.8 20.3 27.4 27.5 11.5 17 15.5 28.4 32.4 34.7 27.2 31.6 26.7 29.2 53.5 49 GPGSTOC% 40.6 US 28.2 26.6 Purchases 22.9 14.6 14.6 GDP Index Govt & Invest 22.9 16.9 17.6 22.3 18.1 13.9 19.1 10.5 4.5 6.3 21.2 24.6 24.9 22 18.1 7.5 13.7 16.6 13.1 22.3 23.5 24 16.4 10 39.3 17.5 GPGSTOC% 19.7 US 27.5 19.2 Purchases 14.3 20.9 13.4 GDP Index Govt & Invest 260.8 138.5 806.4 -955 -1185 197 -105 -257 635.6 -1078 GPGSTOC% 1233 US -68.4 -341 747.2 369.2 709 GDP Index Govt Purchases & Invest 325.6 66.5 -165 742.3 344.3 284.8 262.4 -142 806.2 1279 GPGSTOC% 509 US 1505 3541 4686 4938 2853 GDP Index Govt Purchases & Invest

1558 1557 903.6 496.1 812.6 7.8 8.9 5.3 9.5 11.4 5.9 5.8 -11.1 11.5 7.9 269.9 347.2 -146 2345

1010 1345 256.2 393.1 157.6 9.1 14.3 9.2 11.1 25.8 11.3 15.5 20.8 1.8 19.7 538.8 -225 69.5 -1501

1261 547.8 1701 1739 423.9 574.4 538.9 1599 1291 1247 948.5 575.5 352.5 959 763.5 -399 720.3 236.8 -412 -771 129.9 414.8 167 472.9 -94.6 -678 -564 -129 719.6 -497 637 186.3 -468 -857 67.34 12.9 1.4 9 -2.3 -12.4 -10.3 -1.6 10.7 12.2 10 12 9 12.4 9.8 11.4 2.3 9.2 -3.3 -11.6 -10.8 -2.7 16.2 14.5 3.7 0.9 -21.2 -9.9 -2.5 22.1 13.4 22.1 8.4 -8.5 -12.3 2.2 11.6 -1.8 11 -1.1 -6.4 -7.9 -2.5 7.7 11.2 4.8 5.5 1.3 5.5 1.7 -1.9 5.9 10.9 1.6 7.5 13.7 -1 3 6.3 9.5 -5.7 18.9 4.7 -1.9 10.7 13.7 4.1 14.4 1.8 6.1 5.1 586 608.4 953.6 1182 646.9 38.8 -218 -896 517.7 705.7 498.7 1615 2675 -1100 -49.8 -144 -190 -83.5 -549 152.3 381.7 156.3 1342 633.8 2634 -1032 -1054 707.6

1054 823.7 141.8 -143 67.86 -3.4 9.9 -5.3 -5.7 1.8 -4.7 -2.6 -4.3 2.2 0.5 243 -173 256.9 -105

4.9 1.9 2.8 1053

2.2 1.9 2.8 1051

2.1 2.9 3.7 3.6 6.1 5.4 5.8 1.9 1.9 1.9 1.9 1.9 1.9 1.9 2.8 2.8 2.8 2.8 2.8 2.8 2.8 1043 GPGSTOC% 1047 US 1041 1050 1064 1070 1110 GDP Index Govt Purchases & Invest

6.4 1.9 2.8 1118

7.6 1.9 2.8 1101

7 1.9 2.8 1096

5.5 1.9 2.8 1093

5.6 1.9 2.8 1091

16.2 1.9 2.8 1140

17 1.9 2.8 1138

15 1.9 2.8 1151

15.9 1.9 2.8 1219

16.7 1.9 2.8 1201

17 1.9 2.8 1210

19.5 1.9 2.8 1305

13.5 1.9 2.8 1296

15 1.9 2.8 1307

11.3 1.9 2.8 1303

-0.2 1.9 2.8 1289

-0.3 1.9 2.8 1290

2.4 1.9 2.8 1278

5.9 1.9 2.8 1271

8.6 1.9 2.8 1273

6.5 1.9 2.8 1273

6.5 1.9 2.8 1273

0.1 0.2 0.255 1.325 901.1 90.27 154.9

0.1 0.2 0.253 1.305 894.1 88.97 159.4

0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.242 0.24 0.246 0.244 0.241 0.234 0.216 1.4 1.29 1.265 1.091 1.074 0.971 0.94 978.8 987 880.5 841.4 849.5 804.7 829.5 93.47 93.85 91.27 88.43 86.47 84.2 83.53 151.7 GPGSTOC% 151.6 US162 166.2 165.3 172.3 168.3 GDP Index Govt Purchases & Invest

0.1 0.2 0.197 0.939 810.9 80.4 173.3

0.1 0.2 0.188 1.194 860.9 83.69 170.6

0.1 0.2 0.188 1.128 898.8 81.12 173.7

0.1 0.2 0.189 1.219 910.1 82.04 170.6

0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.191 0.2 0.196 0.196 1.264 1.26 1.21 1.165 951.3 869.4 851.9 838.5 81.78 83.13 81.19 81.52 169.8 166.5 166.1 168.4

0.1 0.2 0.195 1.14 849.2 80.56 169.1

0.1 0.1 0.195 1.082 841.4 76.76 176.7

0.1 0.1 0.193 1.034 770.6 76.66 178.8

0.1 0.1 0.194 1.032 761.2 77.06 183.2

0.1 0.1 0.195 1.047 764.1 78.17 177.7

0.1 0.1 0.198 1.072 728.5 77.62 181.3

0.1 0.1 0.196 0.988 728.6 76.91 184

0.1 0.1 0.196 0.967 755.3 76.27 186

0.1 0.1 0.196 0.963 836 81.15 173.5

0.1 0.1 0.196 0.989 854.4 82.87 171.2

0.1 0.1 0.196 0.897 804.3 79.82 176.5

0.1 0.1 0.196 0.824 719.5 78.32 185.3

0.1 0.1 0.196 0.837 770.1 79.79 179.9

0.1 0.1 0.196 0.794 736.3 78.12 185.3

0.1 0.1 0.194 0.797 731.6 78.39 183.2

0.1 0.1 0.192 0.778 737.4 77.96 182.9

Q.M.S Advisors | tel: +41 (0)78 922 0877 | e-mail: info@qmsadv.com |

16.9 1.9 2.8 1116

23.9 1.9 2.8 1136

436.3 1611 533.9 126.1 265.7 -456 1203 1307 333.8 215.1 433.3 625.4 625.4 625.4 697.1 1026 470.3 512.3 699.1 120.9 875.7 487.9 288.6 282.2 773.6 335.4 335.4 335.4 -690 372.3 -209 -589 -147 -1390 95.3 -1.2 -464 -848 112 -374 -374 -374 -280 -72.2 -397 -526 -470 -494 -304 -597 -477 -642 -348 -372 -473 -473 -780 293.9 -282 -690 -206 -1481 25.41 -87.1 -524 -917 59.16 -523 -756 -756 2.8 2.3 -3.8 -4.5 -8 -9.2 -2.7 5.9 7.9 10 -2.3 -8.1 -5.8 -5.8 19.2 12.2 17.9 11.5 8.1 9.6 9.3 10.6 8.1 9.4 -2.2 2.2 -5.4 -5.4 0.9 1.5 -4 -4.4 -6.6 -10.1 -3.8 3.7 4.7 9.3 -2.3 -10.2 -4.2 -4.2 6.1 -0.4 -4.7 -3.6 2.3 0.1 14.8 20.3 37.4 39.5 10.8 0.9 12.3 12.3 4.1 3.2 -2.1 -11.2 -13.1 -9.8 -11.4 -10.4 -5.3 1 -18.6 -23.5 -19.2 -19.2 -1.8 -2.8 -7.2 -9.5 -11.1 -14.9 -8 -0.7 -4.2 2.7 -4.2 -9.6 -6.3 -6.3 6 1 6 -1 -0.7 3.1 3.2 3.1 1.9 8.5 -0.7 7 -2.1 -2.1 12.3 3.7 14.2 -3.5 6 7.7 5.1 14.3 7.8 5.4 9.2 19.6 3.3 3.3 9.4 9.8 9.1 22.4 4.3 4.1 11 14.8 -4.2 9.6 1.9 10.1 -2.8 -2.8 8.6 0.6 5.1 -5.5 -2.5 2.9 -0.4 -1.4 -3.7 6.6 -5.2 3.2 -7.4 -7.4 -1526 -955 76.1 -353 -444 340.8 686.4 309.7 22.4 -617 -162 -252 -245 -245 383.5 -19.9 -21.8 -547 2.5 -83.5 94.8 -1817 907 521 1235 255.4 766.5 766.5 617.7 320.3 -33.2 -142 -109 -321 -260 -466 -36.1 145.3 180.1 -120 -167 -167 -310 3111 470.6 -1267 771 2720 2638 933.1 -2617 1980 1855 1202 2146 2146


UNITED KINGDOM - ECONOMIC INDICATORS - I/II Indicator Real GDP (yoy %) Real GDP (qoq %) Nominal GDP (ÂŁ Tn) Private Consumption (qoq %) Gov't Spending (qoq %) Gross Fixed Capt'l Formation (qoq %) Exports (qoq %) Imports (qoq %) Retail Price Index (yoy %) RPI less Mortgage Interest Payments (yoy %) Retail Price Index (mom %) Consumer Price Index (yoy %) CPI ex-Food & Energy (yoy %) Consumer Price Index (mom %) CPI ex-Food & Energy (mom %) PPI Mfg. Input Prices nsa (yoy %) PPI Mfg. Output Prices nsa (yoy %) PPI Output Core sa (yoy %) PPI Mfg. Input sa (mom %) PPI Mfg. Output sa (mom %) PPI Output Core sa (mom %) Unemployment Rate sa (%) Claimant Count Rate sa (%) Jobless Claims Monthly Change sa (000s) Avg Earnings inc. Bonus sa (3-mo. avg. yoy %) Avg Earnings ex. Bonus sa (3-mo. avg. yoy %) Mfg. Unit Wage Cost sa (3-mo. avg. yoy %) Industrial Production sa (yoy %) Industrial Production sa (mom %) Manufacturing Production sa (yoy %) Manufacturing Production sa (mom %) Index of Services sa (3-mo. avg. yoy %) Business Investment Total sa (chained yoy %) of which, Manufacturing sa (chained yoy %) of which, Non Manuf. sa (chained yoy %) Business Investment Total sa (chained qoq %) MORI Economic Optimism Index PMI Manufacturing PMI Services Lloyds Current Business Barometer Lloyds Future Business Barometer EC Economic Confidence Index for the U.K. EC Industrial Confidence Index for the U.K. EC Services Confidence Index for the U.K.

A-09 M-09 J-09 J-09 A-09 S-09 National Accounts -6.1 -6.1 -5.4 -5.4 -5.4 -3.3 -1.5 US-1.5 -0.2 Purchases -0.2 -0.2 0.4 GPGSTOC% GDP Index Govt & Invest 347.9 US 347.9 346.1 346.1 346.1 351.4 GPGSTOC% GDP Index Govt Purchases & Invest -0.3 -0.3 -1.3 -1.3 -1.3 0.5 -1 -1 0.7 0.7 0.7 0.7 -6.1 US-6.1 -3.4 Purchases -3.4 -3.4 0.4 GPGSTOC% GDP Index Govt & Invest -6 -6 -1 -1 -1 1.4 -6.6 US-6.6 -1.1 Purchases -1.1 -1.1 -0.2 GPGSTOC% GDP Index Govt & Invest Consumer Prices -1.2 -1.1 -1.6 -1.4 -1.3 -1.4 1.69 US 1.58 1.05 1.24 1.42 1.27 GPGSTOC% GDP Index Govt Purchases & Invest 0.09 US 0.61 0.28 0 0.47 0.42 GPGSTOC% GDP Index Govt Purchases & Invest 2.3 2.2 1.8 1.8 1.6 1.1 1.5 US1.6 1.6 Purchases 1.8 1.8 1.7 GPGSTOC% GDP Index Govt & Invest 0.2 0.6 0.3 0 0.4 0 0.4 0.5 0.2 0 0.7 GPGSTOC% US GDP Index Govt Purchases & Invest0 Producer Prices -6 -9.2 -12.6 -12.5 -7.9 -6.1 1.8 0.7 0.2 -0.3 0 0.4 6.3 US6.3 6.3 Purchases 6.3 6.3 6.3 GPGSTOC% GDP Index Govt & Invest -2 -2 -2 -2 -2 -2 0.6 0.3 0.4 0.2 0.1 0.4 -0.1 US-0.1 -0.1 Purchases -0.1 -0.1 -0.1 GPGSTOC% GDP Index Govt & Invest Labor Market 7.3 US7.6 7.8 Purchases 7.9 7.9 7.9 GPGSTOC% GDP Index Govt & Invest 4.6 4.7 4.8 4.8 4.8 4.9 54.5 US 41.2 24.3 19.8 16.3 10.2 GPGSTOC% GDP Index Govt Purchases & Invest 0.5 1.8 2.7 1.6 1.4 1.2 2.7 US2.6 2.5 Purchases 2.2 1.8 1.7 GPGSTOC% GDP Index Govt & Invest 10.6 US 10.6 7.1 Purchases 7.1 7.1 7.3 GPGSTOC% GDP Index Govt & Invest Economic Activity -10.1 -10.5 -9.5 -8.6 -11.1 -10.2 1.2 US GDP -1 Index 0.4 Purchases 0.2 -2.1 0.6 GPGSTOC% Govt & Invest -10.9 -11.6 -10.8 -10.8 -11.2 -8.9 1.1 US GDP -1 Index -0.1 Purchases -0.1 -0.3 1.1 GPGSTOC% Govt & Invest 0 US-0.2 0 Purchases -0.2 0.2 0.5 GPGSTOC% GDP Index Govt & Invest -10.5 -10.5 -14.9 -14.9 -14.9 -16.9 -13.6 -13.6 -7.74 -7.74 -7.74 -26.2 -10.2 US -10.2 -15.7 -15.7 -15.7 -15.7 GPGSTOC% GDP Index Govt Purchases & Invest -4.62 US -4.62 -5.4 Purchases -5.4 -5.4 -4.56 GPGSTOC% GDP Index Govt & Invest Business Conditions -57 US-57 -57 Purchases -57 -57 -57 GPGSTOC% GDP Index Govt & Invest 43.1 45.4 47.4 50.2 49.7 49.9 43.8 US 44.8 44.7 45.7 49.9 50.9 GPGSTOC% GDP Index Govt Purchases & Invest 11 40 49 40 46 42 14 US 28 13 Purchases 30 32 29 GPGSTOC% GDP Index Govt & Invest 69.2 74.4 76.5 77.6 86.7 87.6 -43.3 -39.6 -38.2 -40 -27.2 -27.9 -50.4 US-42 -39.9 -34.8 -24.9 -24.9 GPGSTOC% GDP Index Govt Purchases & Invest

O-09

N-09

D-09

J-10

F-10 M-10

A-10 M-10

J-10

J-10

A-10

S-10

O-10

N-10

D-10

J-11

F-11 M-11

A-11 M-11

J-11

J-11

A-11

S-11

O-11

N-11

D-11

J-12

F-12 M-12

A-12 M-12

J-12

J-12

A-12

S-12

-3.3 -3.3 -0.9 -0.9 -0.9 1.2 1.2 1.2 2.1 2.1 2.1 2.4 2.4 2.4 1.5 1.5 1.5 1.4 1.4 1.4 0.7 0.7 0.7 0.6 0.6 0.6 0.7 0.7 0.7 -0.1 -0.1 -0.1 -0.5 -0.5 -0.5 -0.5 0.4 0.4 0.4 0.4 0.4 0.6 GPGSTOC% 0.6 US0.6 0.7 Purchases 0.7 0.7 0.6 0.6 0.6 -0.4 -0.4 -0.4 0.5 0.5 0.5 0.1 0.1 0.1 0.5 0.5 0.5 -0.4 -0.4 -0.4 -0.3 -0.3 -0.3 -0.4 -0.4 -0.4 -0.4 GDP Index Govt & Invest 351.4 351.4 356.5 356.5 356.5 361.2 GPGSTOC% 361.2 US 361.2 365.2 365.2 365.2 368.9 368.9 368.9 371.3 371.3 371.3 377.1 377.1 377.1 378.6 378.6 378.6 380.7 380.7 380.7 382.8 382.8 382.8 382.8 382.8 382.8 386.7 386.7 386.7 386.7 GDP Index Govt Purchases & Invest 0.5 0.5 1 1 1 0 0 0 0.9 0.9 0.9 -0.2 -0.2 -0.2 0.3 0.3 0.3 -1.2 -1.2 -1.2 -0.3 -0.3 -0.3 0 0 0 0.2 0.2 0.2 0.3 0.3 0.3 -0.2 -0.2 -0.2 -0.2 0.7 0.7 0.5 0.5 0.5 -0.2 -0.2 -0.2 0.1 0.1 0.1 -0.7 -0.7 -0.7 -0.1 -0.1 -0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.1 0.1 0.1 0.3 0.3 0.3 3.1 3.1 3.1 -1.6 -1.6 -1.6 -1.6 0.4 0.4 0.3 0.3 0.3 5.1 GPGSTOC% 5.1 US5.1 -2.7 Purchases -2.7 -2.7 2.8 2.8 2.8 -1.7 -1.7 -1.7 -1.9 -1.9 -1.9 0 0 0 0.5 0.5 0.5 -0.7 -0.7 -0.7 3.2 3.2 3.2 -2.7 -2.7 -2.7 -2.7 GDP Index Govt & Invest 1.4 1.4 2.7 2.7 2.7 -0.4 -0.4 -0.4 4 4 4 0.9 0.9 0.9 3.3 3.3 3.3 1.6 1.6 1.6 -2.3 -2.3 -2.3 0 0 0 3 3 3 -1.6 -1.6 -1.6 -1.1 -1.1 -1.1 -1.1 -0.2 -0.2 3.4 3.4 3.4 2 GPGSTOC% 2 US GDP 2 Index 2.9 Purchases 2.9 2.9 2.1 2.1 2.1 1.5 1.5 1.5 -2.5 -2.5 -2.5 -0.5 -0.5 -0.5 0.3 0.3 0.3 1.6 1.6 1.6 -0.1 -0.1 -0.1 1.4 1.4 1.4 1.4 Govt & Invest -0.8 1.89 0.33 1.5 1.8 0.2 0.2

0.3 2.66 0.28 1.9 1.9 0.3 0.1

2.4 3.7 3.82 4.63 0.65 -0.05 2.9 3.5 2.8 3.1 0.6 -0.2 0.7 -0.6

3.7 4.25 0.6 3 2.9 0.4 0.4

4.4 4.76 0.68 3.4 3 0.6 0.6

5.3 5.1 5 4.8 4.7 4.6 5.36 US 5.09 5.03 4.75 4.68 4.62 GPGSTOC% GDP Index Govt Purchases & Invest 0.95 US 0.36 0.22 -0.22 0.4 0.36 GPGSTOC% GDP Index Govt Purchases & Invest 3.7 3.4 3.2 3.1 3.1 3.1 3.1 US2.9 3.1 Purchases 2.6 2.8 2.7 GPGSTOC% GDP Index Govt & Invest 0.6 0.2 0.1 -0.2 0.5 0 0.5 0.3 0.4 -0.5 0.7 GPGSTOC% US GDP Index Govt Purchases & Invest0

4.5 4.56 0.22 3.2 2.7 0.3 0.2

4.7 4.68 0.44 3.3 2.7 0.4 0.2

4.8 4.74 0.71 3.7 2.9 1 0.7

5.1 5.11 0.26 4 3 0.1 -0.4

5.5 5.54 1 4.4 3.4 0.7 0.8

5.3 5.37 0.52 4 3.2 0.3 0.4

5.2 5.27 0.82 4.5 3.7 1 0.9

5.2 5.25 0.34 4.5 3.3 0.2 0

5 5 5.02 5.03 0 -0.21 4.2 4.4 2.8 3.1 -0.1 0 -0.3 0

5.2 5.28 0.6 4.5 3.1 0.6 0.7

5.6 5.75 0.76 5.2 3.3 0.6 0.2

5.4 5.56 0.04 5 3.4 0.1 0.2

5.2 5.31 0.21 4.8 3.2 0.2 0.1

4.8 3.9 4.97 3.99 0.38 -0.58 4.2 3.6 3 2.6 0.4 -0.5 0.4 -0.7

3.7 3.82 0.8 3.4 2.4 0.6 0.5

3.6 3.67 0.38 3.5 2.5 0.3 0.3

3.5 3.1 2.8 3.51 3.11 2.81 0.71 -0.04 -0.25 3 2.8 2.4 2.1 2.2 2.1 0.6 -0.1 -0.4 0.6 0.1 -0.3

3.2 3.16 0.12 2.6 2.3 0.1 0.2

2.9 2.93 0.37 2.5 2.1 0.5 0.4

2.9 2.93 0.37 2.5 2.1 0.5 0.4

0.8 1.5 6.3 -2 0.4 -0.1

3.9 2.6 6.3 -2 0.3 -0.1

7.1 3.2 6.3 -2 0.4 -0.1

7.7 3.8 6.3 -2 0.3 -0.1

10.3 12.6 11.6 10.7 10.7 8.3 8.8 4.5 4.9 5 4.4 4.2 4.2 3.8 6.3 GPGSTOC% 6.3 US6.3 6.3 Purchases 6.3 6.3 6.3 GDP Index Govt & Invest -2 -2 -2 -2 -2 -2 -2 0.8 1 0.3 -0.2 0 0.1 0 -0.1 GPGSTOC% -0.1 US-0.1 -0.1 Purchases -0.1 -0.1 -0.1 GDP Index Govt & Invest

8.5 4 6.3 -2 0.6 -0.1

9.3 4.1 6.3 -2 0.4 -0.1

13.1 4.2 6.3 -2 0.5 -0.1

14.2 5 6.3 -2 1.1 -0.1

14.9 5.3 6.3 -2 0.5 -0.1

14.8 5.6 6.3 -2 1.1 -0.1

17.9 5.6 6.3 -2 1.1 -0.1

16.3 5.4 6.3 -2 0.2 -0.1

16.8 5.8 6.3 -2 0.2 -0.1

18.5 6.1 6.3 -2 0.3 -0.1

16.3 6 6.3 -2 0 -0.1

18.1 6.3 6.3 -2 0.3 -0.1

14.5 5.7 6.3 -2 0 -0.1

13.8 5.4 6.3 -2 0.2 -0.1

8.9 4.8 6.3 -2 -0.2 -0.1

6.5 4 6.3 -2 0.4 -0.1

7.7 4.1 6.3 -2 0.6 -0.1

5.4 3.7 6.3 -2 0.6 -0.1

1.1 3.3 6.3 -2 0.7 -0.1

0.2 2.8 6.3 -2 -0.3 -0.1

-2.2 2 6.3 -2 -0.6 -0.1

-2.4 1.8 6.3 -2 0.1 -0.1

1.4 2.2 6.3 -2 0.5 -0.1

1.4 2.2 6.3 -2 0.5 -0.1

7.8 7.9 8 GPGSTOC% 8 US7.9 7.9 Purchases 7.8 7.8 7.7 GDP Index Govt & Invest 4.9 4.8 4.7 4.6 4.6 4.5 4.4 4.4 4.4 14.2 -38.5 -30.4 GPGSTOC% -24.6 US -27.1 -18.3 -3.8 0.7 1.9 GDP Index Govt Purchases & Invest 1.2 2.5 4.3 4.3 3 1.5 2.1 2.1 2.1 1.4 1.4 1.7 GPGSTOC% 1.7 US1.6 1.4 Purchases 1.6 1.6 1.6 GDP Index Govt & Invest 3.4 3.4 0.1 GPGSTOC% 0.1 US0.1 -3.1 Purchases -3.1 -3.1 -3.4 GDP Index Govt & Invest

7.9 4.4 -5.2 2.1 1.6 -3.4

7.8 4.4 -2.8 2.1 1.6 -3.4

7.8 4.4 -5.4 2.1 1.6 -4.9

7.9 4.5 3.7 2.1 1.6 -4.9

7.8 4.5 -8.5 2.1 1.6 -4.9

7.8 4.5 6.4 2.1 1.6 -4.9

7.7 4.5 16.9 2.1 1.6 -4.9

7.8 4.6 22.5 2.1 1.6 -4.9

7.9 4.7 31.3 2.1 1.6 -4.9

8 4.8 33.7 2.1 1.6 -4.9

8.1 4.8 19.1 2.1 1.6 -4.9

8.3 4.9 13.4 2.1 1.6 -4.9

8.3 4.9 2.5 2.1 1.6 -4.9

8.4 4.9 0.2 2.1 1.6 -4.9

8.4 4.9 1.9 2.1 1.6 -4.9

8.3 4.9 7.3 2.1 1.6 -4.9

8.3 4.9 4.5 2.1 1.6 -4.9

8.2 8.1 4.9 4.9 -5.4 -12.8 2.1 2.1 1.6 1.6 -4.9 -4.9

8.1 4.9 6.9 2.1 1.6 -4.9

8 8.1 4.9 4.8 1 -13.6 2.1 2.1 1.6 1.6 -4.9 -4.9

8.1 4.8 -15 2.1 1.6 -4.9

8.1 4.8 -15 2.1 1.6 -4.9

-4.3 -3.3 -1.2 -0.3 2.5 1.1 2.7 1.6 1.9 4.3 3.8 0.3 -0.6 0.6 0.2 2 GPGSTOC% -0.1 US0.6 -0.6 Purchases 0.4 0.3 0.2 GDP Index Govt & Invest -3.6 -1.8 0.2 1.5 3.5 2.3 3.8 4.2 5.1 6.2 5.1 0.6 -0.3 -0.5 0.9 1.8 GPGSTOC% 0 US0.4 0.3 Purchases 0.7 0.8 GDP Index Govt & Invest0 0.6 0.6 0.2 0.2 0.2 GPGSTOC% 0.6 US0.4 0.2 Purchases 0.1 0.3 0.4 GDP Index Govt & Invest -16.9 -15.6 -15.6 -15.6 -4.43 -4.43 -4.43 -4.81 -4.81 -4.81 3.32 -26.2 -20 -20 -20 -12.6 -12.6 -12.6 -18.6 -18.6 -18.6 6.33 -15.7 -15.1 -15.1 -15.1 -3.43 GPGSTOC% -3.43 US -3.43 -3.07 -3.07 -3.07 2.99 GDP Index Govt Purchases & Invest -4.56 -2.02 -2.02 -2.02 8.04 GPGSTOC% 8.04 US 8.04 -5.77 -5.77 -5.77 3.58 GDP Index Govt Purchases & Invest

2.9 -0.3 5.2 0.3 0.2 3.32 6.33 2.99 3.58

2.9 3.6 3.6 2 0.3 0.1 0.6 -1.3 4.9 4.3 5.6 5.1 0.3 -0.8 0.8 0.3 -0.1 -0.4 -0.3 -0.1 3.32 4.91 4.91 4.91 6.33 1.91 1.91 1.91 2.99 5.25 5.25 5.25 3.58 -0.52 -0.52 -0.52

0.1 0.1 3.5 0.3 0.6 -5.06 -4.12 -5.16 -2.22

-0.9 -1.1 2.7 -0.8 0.6 -5.06 -4.12 -5.16 -2.22

7.9 7.8 7.8 4.9 4.9 4.8 9.1 -11.3 -20.6 1.5 1.5 1.5 1.7 1.5 1.4 7.3 7.3 3.4 -7.5 0.6 -7.4 0.1 0.7 -16.9 -26.2 -15.7 -4.56

7.4 3.5 6.3 -2 0.3 -0.1

-57 -57 -57 -57 -57 -57 GPGSTOC% -57 US-57 -57 Purchases -57 -57 -57 -57 -57 -57 -57 -57 GDP Index Govt & Invest 53.4 51.8 54.6 56.6 56.5 57.3 58 58 57.6 56.9 53.7 53.5 55.4 57.5 58.7 61.5 60.9 52.6 53 53.6 52.5 51.8 54.1 GPGSTOC% 55.6 US 56.2 55.5 55.8 55.9 54.1 53.3 55.4 54.2 55.9 56.8 GDP Index Govt Purchases & Invest 43 51 33 37 55 43 47 36 20 17 24 9 11 6 26 9 3 27 38 48 44 46 49 GPGSTOC% 42 US 31 35 Purchases 27 29 27 24 37 21 24 33 GDP Index Govt & Invest 92.5 93 94.9 97 101.7 102.6 101.5 102.4 99.7 101.9 103 100.5 100 100.9 102 99.1 102.3 -18.1 -16.3 -18.5 -16.8 -9.8 -8.7 -6.2 0 -8.2 -2.5 -1.5 -2.6 -0.4 -2.4 5.2 1 5.7 -27.5 -27 -12.7 -11.2 -8.9 -8.3 GPGSTOC% -13.8 US-9.9 -4.1 Purchases -5.4 -8.9 -10.3 -17.1 -8.6 -17.7 -17.3 -4.7 GDP Index Govt & Invest

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

-0.9 -0.3 -0.9 -1.3 -1.6 -2.5 -3.2 -2.7 -3.8 -2.2 -2.6 -2.1 -1.5 -3.8 -0.8 -0.8 -0.8 0.6 0 -0.2 -0.2 -0.1 -1.2 -0.4 0.6 -0.5 0.3 -0.3 -0.7 1.2 -2.4 2.9 2.9 2.9 3.5 2.9 1.9 0.6 0.6 -0.8 -1.3 0.7 -0.4 -1.9 -1.2 -1.4 -1.2 -3.9 -0.5 -0.5 -0.5 1.2 -0.2 -0.3 -0.5 0 -1.1 -0.3 1.2 -0.2 -1.2 1 -1 1.4 -2.9 3.2 3.2 3.2 0.7 0.3 0.8 0.7 0.8 0.3 0.2 -0.1 0.1 0 0.2 -0.1 0.4 -0.1 0.1 0.1 0.1 -5.06 5.44 5.44 5.44 4.16 4.16 4.16 7.41 7.41 7.41 6.94 6.94 6.94 3.09 3.09 3.09 3.09 -4.12 18.94 18.94 18.94 16.58 16.58 16.58 18.26 18.26 18.26 5.44 5.44 5.44 -1.45 -1.45 -1.45 -1.45 -5.16 4.02 4.02 4.02 2.76 2.76 2.76 6.19 6.19 6.19 7.11 7.11 7.11 3.63 3.63 3.63 3.63 -2.22 4.65 4.65 4.65 2.32 2.32 2.32 2.59 2.59 2.59 -2.65 -2.65 -2.65 0.88 0.88 0.88 0.88

-57 -57 -57 -57 56.7 54.4 52 51.4 57.2 56.7 56 53.7 1 30 14 36 28 40 44 46 105 99.9 102.5 100.2 8.7 4.8 3 1.6 1.3 -12.1 -3.9 -13.4

-57 -57 -57 -57 -57 -57 -57 -57 49.4 49.4 50.8 47.8 47.7 49.7 52 51.5 51.6 51.5 48.8 46.4 47.5 48.8 50.4 48.8 19 -3 7 -15 -20 -23 -11 1 46 30 34 37 31 17 33 41 98.8 93.2 89.8 89.8 89.2 88.6 93.6 93.9 -2.2 -0.7 -6.8 -11.4 -12.4 -13 -6 -2.5 -5.9 -25.7 -24.7 -16.3 -22.4 -24.8 -16.3 -23.9

-57 -57 -57 -57 -57 51.9 50.2 45.9 48.4 45.2 49.2 46.9 46.7 47.1 47.9 31 26 -21 -12 -8 40 43 35 36 30 91.5 95.7 91 92.9 94.6 -5.1 -1 -13.8 -10.9 -3.1 -23 -15.1 -16.7 -12.5 -24.4

-57 -57 49.6 48.4 47.2 46 10 10 40 43 91.5 91.9 -13 -8.3 -22 -22.4


UNITED KINGDOM - ECONOMIC INDICATORS - II/II Indicator

A-09 M-09 J-09 J-09 A-09 S-09 Leading Indicators Conf. Board Leading (index) 90.8 91.6 92.6 93.2 94 95 Conf. Board Leading (yoy %) -10.8 -9.4 -7.4 -5.95 -4.47 -2.06 Conf. Board Leading (mom %) 0.7 0.9 1.1 0.6 0.9 1.1 GPGSTOC% US GDP Index Govt Purchases & Invest Conf. Board Coincident (index) 102.1 102 102 102.1 101.9 101.9 Conf. Board Coincident (yoy %) -1.83 -2.02 -1.73 -1.35 -1.55 -1.55 Conf. Board Coincident (mom %) 0 US-0.1 0 Purchases 0.1 -0.2 GPGSTOC% GDP Index Govt & Invest0 OECD Leading Indicators for the U.K. (index) 100.4 101.1 101.9 102.7 103.6 104.4 OECD Leading Indicators for the U.K. (6-mo %) -9.71 US -9.71 -9.71 -9.71 -9.71 -9.71 GPGSTOC% GDP Index Govt Purchases & Invest Housing Market BBA Mortgage Lending Outstanding (£ Tn) 594.8 597.8 602 606.2 609.4 610.1 BBA Loans for House Purchase (£ Bn) 31543 34476 37519 40289 41847 GPGSTOC% US GDP Index Govt 40692 Purchases & Invest Mortgage Approvals sa (000s) 45.79 46.9 50.71 53.43 52.95 55.26 BoE Housing Equity Withdrawal (£ Bn) -8.2 -8.2 -7.3 -7.3 -7.3 -6 BSA Mortgage Approvals sa (£ Mn) 1559 US 1490 1545 1355 1341 1468 GPGSTOC% GDP Index Govt Purchases & Invest RICS House Price Balance (% rise-fall) -53.2 US -42.7 -19.4 -7.2 11.6 21 GPGSTOC% GDP Index Govt Purchases & Invest HBOS House Price (3-mo. yoy %) -17.7 -16.3 -15 -12.1 -10.1 -7.4 Rightmove Property Asking Prices (yoy %) -7.3 -6.2 -5.5 -3.1 -3.1 -1.5 Nationwide House Price nsa (yoy %) -15 -11.3 -9.3 -6.2 -2.7 0 DCLG House Prices (yoy %) -13.5 US -12.7 -10.7 -8.4 -5.6 -4.1 GPGSTOC% GDP Index Govt Purchases & Invest Retail Sales Retail Sales (yoy %) 0.5 -3.2 1.5 2 1.7 2.2 Retail Sales (mom %) 0.8 US-0.2 0.6 Purchases 0.6 0.2 GPGSTOC% GDP Index Govt &0 Invest Retails Sales Implied Deflator (yoy %) 1.6 US1.4 0.6 Purchases 0.2 0.1 GPGSTOC% GDP Index Govt & Invest0 New Car Registrations (000s) 133.5 134.9 176.3 157.2 67.01 367.9 New Car Registrations (yoy % chg) -24 US -24.8 -15.7 2.4 11.4 GPGSTOC% GDP Index Govt Purchases &6 Invest Consumer Confidence GfK Consumer Confidence Index -27 -27 -25 -25 -25 -16 Nationwide's Consumer Confidence Index 54 59 63 65 66 78 Lloyds Inflation Consumer Expectations (% bal) 43 43 55 47 53 59 Lloyds Interest Rates Consumer Expectations (% bal) 51 US 53 57 Purchases 57 58 58 GPGSTOC% GDP Index Govt & Invest Personal Sector Consumer Credit (£ Bn) 0.265 0.03 0.144 -0.38 -0.25 -0.16 Consumer Net Credit Secured on Dwellings (£ Bn) 1.164 US 0.402 0.796 0.037 1.445 1.363 GPGSTOC% GDP Index Govt Purchases & Invest External Sector Current Account BOP sa (£ Bn) -4.48 -4.48 -10.4 -10.4 -10.4 -2.16 Capital Account BOP sa (£ Mn) 760 760 867 867 867 744 Current Account Balance (% of GDP) -1.28 US -1.28 -1.71 -1.71 -1.71 -1.59 GPGSTOC% GDP Index Govt Purchases & Invest Visible Trade Balance sa (£ Mn) -7382 -6317 -6941 -6448 -6265 -6878 Trade Balance Non-EU 27 sa (£ Mn) -4163 US -3180 -3847 -3854 -3028 -3687 GPGSTOC% GDP Index Govt Purchases & Invest Total Trade Balance BOP sa (£ Mn) -2689 -1547 -2030 -1390 -1046 -1483 Exports BOP (£ Bn) 33007 32550 32607 33434 32975 34031 Imports BOP (£ Bn) 35696 34097 34637 34021 35514 GPGSTOC% US GDP Index Govt 34824 Purchases & Invest Government Sector Gov't Budget Balance (% of GDP) -6.84 -6.84 -8.42 -8.42 -8.42 -9.93 Public Net Debt - PSNCR (% of GDP) 149.9 US 149.9 150.3 150.5 150.6 151.9 GPGSTOC% GDP Index Govt Purchases & Invest Public Finances - PSNCR (£ Mn) -4.78 5.892 9.202 5.838 14.36 24.02 Public Sector Net Borrowing (£ Bn) 5.298 US 14.88 16.71 3.906 12.22 13.74 GPGSTOC% GDP Index Govt Purchases & Invest Monetary Sector M4 Money Supply sa (yoy %) 16.3 15.8 13.5 13.7 11.8 11.7 M4 Money Supply sa (mom %) -0.1 US0.3 -0.7 Purchases 1.1 -0.3 1.4 GPGSTOC% GDP Index Govt & Invest M4 Lending to Private Sector sa (£ Bn) -17.1 US 23.9 1.4 Purchases 5.4 4.8 17 GPGSTOC% GDP Index Govt & Invest Financial Sector BoE Base Rate (%) 0.5 0.5 0.5 0.5 0.5 0.5 3-Month Libor Rate (%) 1.452 1.278 1.186 0.888 0.69 0.542 10-Year Gov't Bond Yield (%) 3.501 3.747 3.69 3.801 3.556 3.592 Stock Prices Index (FTSE 100, 000s) 0 0 0 0 0 0 USD/GBP Exchange Rate 0 0 0 0 0 0 Pound Major Currency Index 78.4 US 81.49 83.84 83.74 81.58 78.89 GPGSTOC% GDP Index Govt Purchases & Invest

O-09

N-09

D-09

J-10

S-10

O-10

N-10

D-10

J-11

O-11

N-11

D-11

J-12

A-12 M-12

J-12

J-12

A-12

S-12

96 0.95 1.1 101.9 -1.55 0 105.1 -9.71

96.8 3.2 0.8 101.9 -1.45 0 105.6 -9.71

97.2 4.85 0.4 101.8 -1.36 -0.1 105.9 -9.71

97.9 6.64 0.7 101.5 -1.17 -0.29 106.2 -9.71

F-10 M-10

99.7 99.8 100.5 101 101.3 101.6 9.8 8.95 8.53 8.37 7.77 6.95 0.4 0.1 0.7 0.5 0.3 0.3 GPGSTOC% US GDP Index Govt Purchases & Invest 101.9 102 102.4 102.5 102.7 102.5 -0.2 0 0.39 0.39 0.79 0.59 0.1 US0.1 0.39 0.1 0.2 -0.19 GPGSTOC% GDP Index Govt Purchases & Invest 106.1 105.9 105.7 105.5 105.3 105.2 -9.71 US -9.71 -9.71 -9.71 -9.71 -9.71 GPGSTOC% GDP Index Govt Purchases & Invest

101.8 6.04 0.2 102.4 0.49 -0.1 105.2 -9.71

101.7 5.06 -0.1 102.5 0.59 0.1 105.2 -9.71

102.2 5.14 0.5 102.5 0.69 0 105.2 -9.71

102.4 4.6 0.2 102.7 1.18 0.2 105.2 -9.71

103.6 3.91 0.4 102.7 0.79 0.2 104.9 -9.71

103.4 4.41 0.6 102.6 0.69 0 104.7 -9.71

103.6 104 103.7 103.1 102.6 3.68 3.47 2.67 2.07 2.07 0.2 0.4 -0.3 -0.6 -0.5 102.4 102.2 102.2 102.3 102.3 0.1 -0.1 -0.39 -0.1 -0.1 -0.2 -0.2 0 0.1 0 104.4 104 103.5 103.1 102.8 -9.71 -9.71 -9.71 -9.71 -9.71

101.6 2.07 -1 102.2 -0.1 -0.1 102.7 -9.71

100.9 2.07 -0.7 102.2 -0.1 0 102.6 -9.71

101.5 2.07 0.6 102.3 -0.1 0.1 102.7 -9.71

102.3 103 103 102 2.07 2.07 2.07 2.07 0.8 0.7 0 -1 102.4 102.6 102.5 102.9 -0.1 -0.1 -0.1 -0.1 0.1 0.2 -0.1 0.4 102.8 102.8 102.9 103 -9.71 -9.71 -9.71 -9.71

101.6 2.07 -0.4 102.9 -0.1 0 103.1 -9.71

101.7 2.07 0.1 103.2 -0.1 0.3 103.1 -9.71

101.7 2.07 0.1 103.2 -0.1 0.3 103.1 -9.71

101.7 2.07 0.1 103.2 -0.1 0.3 103.1 -9.71

614.8 41571 56.47 -6 1469 33.9 -4.7 0.2 2 -2.3

620.4 626.4 758.8 760.3 762.2 763.7 765.8 775.4 777.8 751.1 753.1 43240 45631 36404 33340 35265 36622 36622 34610 30784 30868 GPGSTOC% US GDP Index Govt 34144 Purchases & Invest 57.95 58.6 47.68 46.31 49.21 50.18 50.19 48.85 48.74 46.74 47.15 -6 -5.5 -5.5 -5.5 -6.7 -6.7 -6.7 -7.8 -7.8 -7.8 -7.8 1407 1284 1224 1482 1382 GPGSTOC% 1460 US 1528 1584 1756 1708 1778 GDP Index Govt Purchases & Invest 34.1 29.6 29.3 15.6 8.7 GPGSTOC% 17 US 19 5 Purchases -12 -29 -33 GDP Index Govt & Invest -1.6 1.1 3.6 4.5 5.2 6.6 6.9 6.3 4.9 4.6 2.6 1.6 1.7 4.1 6.1 5.3 6 4.3 5 3.7 4.3 2.6 2.7 5.9 8.6 9.2 9 10.5 9.8 8.7 6.6 3.9 3.1 0.5 2.9 6.2 7.3 9.7 GPGSTOC% 9.8 US 10.6 9.9 Purchases 8.2 8.1 6.1 GDP Index Govt & Invest

754.2 30176 46.81 -7.8 1725 -43 1.2 2.9 1.4 4.9

755.4 29611 47.09 -7.8 1864 -39 -0.7 1.3 0.2 3.7

756.3 757.6 757.9 758.7 758.8 28345 28553 29824 31683 30229 42.52 45.2 46.15 47.52 45.93 -9.8 -9.8 -9.8 -9.4 -9.4 1665 1750 1815 1783 1724 -37 -31 -28 -26 -22 -1.6 -2.4 -2.8 -2.9 -3.7 0.4 0.4 0.3 0.9 0.1 0.1 -1.4 -0.1 0.1 -1.3 3 0.1 -0.2 0.3 -0.7

759.9 31377 46.35 -9.4 1689 -31 -4.2 0.7 -1.2 -2.5

761.5 32705 49.18 -10.1 1819 -27 -3.5 1.1 -1.1 -2.3

766.6 34424 52.78 -8.5 1770 -16 -1 1.2 1.6 -0.5

767.1 35512 53.04 -8.6 1770 -16 -1.3 1.5 1 -0.4

767.6 767.3 768.2 767.6 768.1 37713 32514 31760 32091 30187 58.15 49.4 50.74 51.27 50.86 -8.6 -8.6 -8.8 -8.8 -8.8 1770 1770 1770 1770 1770 -16 -14 -11 -19 -17 -1.8 -1.9 -0.6 -0.5 -0.1 0.4 1.4 2.2 3.4 2 0.6 0.9 -0.9 -0.9 -0.7 0.6 1 -0.4 1.4 2.3

768.4 26036 44.25 -8.8 1770 -22 -0.5 2.4 -1.5 2.3

769.1 28750 47.56 -8.8 1770 -23 -0.6 2.3 -2.6 2

769.3 30533 47.67 -8.8 1770 -19 -0.9 2 -0.7 2

769.3 30533 47.67 -8.8 1770 -19 -0.9 0.7 -0.7 2

98.5 8.36 0.6 101.7 -0.49 0.2 106.3 -9.71

99.3 10.09 0.8 101.8 -0.29 0.1 106.2 -9.71

A-10 M-10

J-10

J-10

A-10

F-11 M-11 102.8 4.37 0.4 102.5 0.79 -0.19 105.2 -9.71

103.2 3.93 0.4 102.5 0.69 0 105.1 -9.71

A-11 M-11

J-11

J-11

A-11

S-11

762.6 764 765.4 766.1 34391 35211 33262 34951 50.02 52.9 51.09 52.81 -10.1 -10.1 -8.5 -8.5 1770 1770 1770 1770 -21 -22 -21 -23 -2.6 -2.6 -2.3 -1.8 0.1 -0.3 1.5 1.2 -0.4 -0.4 -0.3 0.8 -1.6 -1.5 -1.6 -0.5

2.7 2.9 1.8 -1.3 3 1.8 0.8 1.6 1.4 1.1 0.8 0 0.1 -0.1 -1.5 3.2 -0.3 -0.3 1.9 -1 -1.2 -1.2 -1.6 0.1 0.4 0.2 0.3 0.3 -3.4 2.6 -0.1 GPGSTOC% -0.2 US0.5 0.5 Purchases 0.3 -0.2 -0.6 0.3 0.1 -1 1.1 -0.9 -0.1 2 -2.3 0.3 0.3 -0.6 1 0.6 GDP Index Govt & Invest 0.4 0.4 2.4 2 1 1.4 GPGSTOC% 2 US1.4 1.3 Purchases 1.5 1.6 2.4 2.3 2.8 2.9 3 3.6 2.9 3.2 3.4 3.3 3.8 4 3.6 3.4 GDP Index Govt & Invest 168.9 158.1 150.9 145.5 68.69 397.4 148.8 153.1 195.2 136.5 55.31 335.3 131.5 139.9 123.8 128.8 63.42 366.1 137.8 150.4 183.1 131.6 59.35 332.5 134.9 31.6 57.6 38.9 29.8 26.4 26.6 GPGSTOC% 11.5 US 13.5 10.8 -13.2 -17.5 -8.9 -22.2 -11.5 -18 -11.5 -7.7 -7.9 -7.4 -1.7 -6.2 -3.5 7.3 -0.8 2.6 GDP Index Govt Purchases & Invest -13 81 60 57

-17 78 58 60

-19 70 64 59

-17 75 67 66

-14 83 66 62

-15 -16 -18 -19 -22 -18 -20 75 77 69 64 57 61 56 69 61 75 78 72 75 73 59 GPGSTOC% 60 US 62 63 Purchases 63 58 57 GDP Index Govt & Invest

-19 58 79 57

-21 47 80 59

-21 53 84 61

-29 47 84 67

-28 39 84 77

-28 46 80 68

-31 45 75 70

-21 60 79 66

-25 53 78 61

-30 48 80 58

-31 46 79 45

-30 46 76 47

-32 41 70 45

-0.4 1.2 0.5 0.8 2.4 -1 2.4 3 2.8 3.1 3.1 -0.6 0.5 0.5 -0.6 1.6 -1.4 1 0.9 0 -0.3 -0.3 2.7 2 2.1 2.2 2.5 1.7 1.3 0.7 0.5 0.3 0.3 134 119.2 128.9 61.87 372.8 142.3 162.3 189.5 143.9 59.43 59.43 -4.2 -3.7 0 -2.5 1.8 3.3 7.9 3.5 9.3 0.1 0.1 -31 40 70 47

-33 36 65 46

-29 44 59 41

-0.38 -0.17 0.273 0.204 0.404 0.136 -0.09 0.359 -0.07 0.16 0 0.1 0.3 -0.1 0.8 -0.3 0.8 0.5 0.5 0.3 0.4 0.3 0.5 0.6 0.1 0.4 0 0.2 0.991 1.458 1.26 0.966 1.244 0.152 GPGSTOC% 0.129 US 1.01 0.93 -0.36 1.78 0.432 0.861 0.785 -0.35 1.418 0.789 0.503 0.676 1.129 -0.04 0.604 0.914 0.506 1.389 0.739 0.999 1.488 GDP Index Govt Purchases & Invest -9.58 -9.58 -8.45 -8.45 -8.45 -9.33 1096 1096 827 827 827 684 -1.61 US -1.61 -1.45 -1.45 -1.45 -1.93 GPGSTOC% GDP Index Govt Purchases & Invest -7874 -7961 -7611 -8730 -8515 -8367 -4114 US -4369 -4490 -4634 -4456 -4246 GPGSTOC% GDP Index Govt Purchases & Invest -2476 -2413 -2043 -3267 -3086 -2807 36647 37063 38378 37393 37191 37432 39123 39476 40421 40277 40239 GPGSTOC% US GDP Index Govt 40660 Purchases & Invest

-9.33 684 -1.93 -8685 -5058 -2557 39236 41793

-9.93 1030 -2.54 -9217 -5403 -2875 39583 42458

-6.52 637 -2.31 -7210 -4454 -1141 40490 41631

-6.52 637 -2.31 -8551 -5249 -2519 41173 43692

-3.03 918 -1.93 -9046 -5900 -2874 40487 43361

-3.03 918 -1.93 -8837 -5120 -2392 41470 43862

-3.03 918 -1.93 -8741 -5052 -2076 40800 42876

-11 -11 1024 1024 -2.02 -2.02 ##### -7950 -5684 -4541 -3425 -1301 40872 42679 44297 43980

-11 1024 -2.02 -9290 -4939 -2877 41523 44400

-8.46 865 -1.91 -7462 -3682 -1343 41419 42762

-8.46 865 -1.91 -7954 -3705 -2105 41291 43396

-29 44 70 45

-29 44 70 43

-29 44 71 39

-29 44 75 40

-28 44 75 40

0.3 0.7 0.4 0.8 0.6 0.6 0.6 0.6 1.07 0.982 1.055 0.512 -0.26 0.864 -0.28 -0.28

-9.93 1030 -2.54 -7682 -4276 -1247 40681 41928

-9.93 1030 -2.54 -7042 -3020 -650 40833 41483

-6.52 637 -2.31 -8030 -4809 -1789 40299 42088

-8.46 865 -1.91 -8806 -4888 -3118 40152 43270

-15.4 890 -2.48 -8655 -4119 -2992 41613 44605

-15.4 -15.4 890 890 -2.48 -2.48 ##### -7939 -5091 -3682 -4355 -2193 39504 41564 43859 43757

-20.8 -20.8 865 865 -3.63 -3.63 ##### -7149 -5077 -2877 -4333 -1517 39332 41396 43665 42913

-9.93 152.2 9.905 8.433

-9.93 152.8 18.68 15.77

-11.1 -11.1 -11.1 -11.2 -11.2 -11.2 -10.9 -10.9 -10.9 -10.5 -10.5 -10.5 -10.2 -10.2 156.4 153.9 153.1 153.5 GPGSTOC% 152.2 US 151.7 151.7 150.8 150.3 150.7 150 150.3 151.1 149.2 GDP Index Govt Purchases & Invest 21.43 -9.2 -7.48 11.45 -9.29 -1.08 5.639 -11.6 -3.74 12.14 -6.86 7.722 16.45 -23.9 14.83 -0.82 7.891 17.67 GPGSTOC% 6.26 US 16.53 11.73 1.327 11.95 13.39 6.559 18.9 14.91 -8.04 GDP Index Govt Purchases & Invest

-10.2 148.7 -2.42 6.641

-9.56 -9.56 -9.56 -9.27 -9.27 -9.27 -8.64 -8.64 -8.64 -7.97 -7.97 -7.97 149.5 148.7 148.4 148.8 147.2 147.1 146.2 144.8 144.1 144.3 141.3 139.9 16.18 -6.2 2.118 10.69 -21 -3.24 4.701 -15.4 -4.2 7.571 -34.4 -10.1 14.98 6.256 11.71 10.66 -5.2 12.28 11.34 3.742 14.18 12.64 -9.02 9.278

-7.82 139.7 14.57 12.98

-7.82 137.5 -26.8 -16.1

-6.43 -6.43 -6.43 -6.43 135.8 136 136 136 -0.84 -25 -9.59 -9.59 12.45 -1.92 12.36 12.36

11.6 2.5 25.7

9.8 -0.2 6.1

3.4 3.3 2.3 3 2.3 1.9 1.1 -0.1 GPGSTOC% -0.2 US-0.6 -0.1 Purchases 0.4 -0.7 0.6 GDP Index Govt & Invest 4.5 GPGSTOC% -12 US -13.8 -2.9 Purchases -12.2 -17.7 -0.7 GDP Index Govt & Invest

-9.33 684 -1.93 -8350 -4772 -2516 38670 41186

-31 45 75 46

-0.67 872 -1.27 -6923 -3240 -1397 35427 36824

4.1 -0.5 -5.8

-9.58 1096 -1.61 -8529 -4641 -3314 36295 39609

-31 52 70 47

-2.16 744 -1.59 -6864 -2973 -1248 34819 36067

5.8 1 3.3

-0.67 872 -1.27 -6512 -3573 -1317 35910 37227

-29 42 61 39

-2.16 744 -1.59 -7226 -3630 -1662 34841 36503

6.7 -1 11.8

-0.67 872 -1.27 -8158 -4698 -2831 34087 36918

F-12 M-12

-7.82 136.3 -7.27 16.33

-20.8 865 -3.63 -7149 -2877 -1517 41396 42913

-20.8 865 -3.63 -7149 -2877 -1517 41396 42913

-0.7 -1.1 -1.5 -1.8 -1.5 -1.3 -1 -0.3 -0.6 -1.1 -0.8 -1.7 -2.8 -2.6 -2.5 -2.5 -3.9 -4.8 -4 -4.1 -5.2 -4.6 -4.1 -4.1 0.8 -0.7 -1.4 0.8 -0.3 0.2 0.1 0.1 -0.4 -0.1 -0.4 -0.3 -0.4 -0.5 -1.3 0.8 -1.8 -0.7 1 0 -1.6 0.5 0.2 0.2 27.7 -28.8 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2 -30.2

0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.591 0.612 0.605 0.616 0.643 0.647 0.677 0.711 0.73 0.745 0.725 0.732 0.741 0.739 0.758 0.777 0.803 0.818 0.822 0.826 0.826 0.833 0.886 0.953 0.987 1.038 1.08 1.083 1.06 1.027 1.013 0.993 0.895 0.744 0.681 0.597 3.619 3.523 4.015 3.911 4.031 3.939 3.852 3.581 3.355 3.325 2.832 2.95 3.076 3.225 3.396 3.656 3.602 3.689 3.43 3.292 3.38 2.859 2.603 2.43 2.437 2.312 1.977 1.97 2.149 2.204 2.113 1.571 1.734 1.47 1.464 1.727 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 80.83 79.4 80.48 81.27 81.27 81.27 GPGSTOC% 81.27 US 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 81.27 GDP Index Govt Purchases & Invest

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