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Conformém ent au règlement (CEE, Euratom) n° 354/83 du Conseil du 1er février 1983 
concernant l'ouverture au public des archives historiques de la Communauté économique 
européenne et de la Communauté européenne de l'énergie atomique (JO L 43 du 15.2.1983, 
p. 1), tel que modifié par le règlement (CE, Euratom) n° 1700/2003 du 22 septembre 2003 
(JO L 243 du 27.9.2003, p. 1), ce dossier est ouvert au public. Le cas échéant, les documents 
classifiés présents dans ce dossier ont été déclassifiés conformément à l'article 5 dudit 
règlem ent. 
In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983 
concerning the open ing to the public of the historical archives of the European Econom ic 
Communit y and the European Atom ic Energy Communit y (OJ L 43, 15.2.1983, p. 1), as 
amended by Regulation (EC, Euratom) No 1700/2003 of 22 September 2003 (OJ L 243, 
27.9.2003, p. 1), this file is open to the public. Where necessary, classified documents in this 
file have been declassified in conformity with Article 5 of the aforementioned regulation.  
In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom  1. 
Februar 1983 über die Freigabe der historischen Archive der Europäischen  
Wirtschaftsgemeinschaft und der Europäischen Atomgem einschaft (ABI. L 43 vom  15.2.1983,  
S. 1), geändert durch die Verordnung (EG, Euratom) Nr. 1700/2003 vom 22. Septem ber 2003  
(ABI. L 243 vom  27.9.2003, S. 1), ist diese Datei der Öffentlichkeit zugänglich. Soweit  
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COMMISSION OF THE EUROPEAN COMMUNITIES
C O M (84) 108 final
Brussels, 1st March 1984
T H E  E C O N O M IC  S IT U A T IO N  IN  T H E  C O M M U N I T Y
(Communication from the Commission to the Council 
in accordance with Article 2  of the Convergence Decision
of 18th February 1974)
C O M (84) 108 final

T H E  E C O N O M IC  SITUATION IN T H E  C O M M U N IT Y
(Communication from the Commission to the Council 
in accordance with A rticle 2 of the Convergence Decision 
of 18th February 1974)
C O N T E N T S
Page
I . Introduction 2
I I . Outlook for a c tiv ity  in 1984 3
a) B etter re su lts at the end of 1983 3
b) The facto rs of dynamism in 1984 5
c) Trend in unemployment 6
I I I . In te rn a tio n a l uncertainty 7
IV. Improved economic convergence 8
a) Outturns more convergent 8
b) Favourable desynchronisation of economic
cycles in the Community 9
c) Convergence of economic p o licies 10
V. Conclusions 12
Annex: Main economic in d icato rs for the European Community, the
United S tates and Japan.

-  2 -
I . Introduction
In December, the Council adopted the Annual Economic Report for 
1983-84 proposed by the Commission. The Report included an an aly sis of the 
conditions for a su stain ab le economic recovery in Europe, based on in fo r­
mation av ailab le in October.
In the lig h t of developments in the intervening months, more pre­
c ise , and indeed more encouraging estim ates and fo recasts can now be given 
for 1983 and 1984 even though u n c e rta in tie s remain. Signs of recovery are 
increasingly numerous. The present estim ate for re a l G D P  growth in the 
Community in 1983 is b e tte r than expected at 0,9% (revised upwards from 
0,5% fo recast in the Annual R eport), and the most recent fo recast for 1984 
is  2 %  (revised upwards from 1,5%).
The improvement in economic performance and outlook is  due both to 
in te rn a l Community facto rs and to ex tern al fa c to rs.
-  The staggered intro d u ctio n  of adjustment p o licies is now having a more
favourable impact to the extent th at the Member S tates whose 
co rrectiv e p o lic ie s are most advanced exercise a p o sitiv e c y c lic a l 
influence on the economies of th e ir p a rtn e rs. F urth er, w ithin the
Community, the trend in the Member S tates is now increasingly 
convergent; imbalances are being corrected in most countries on 
ex tern al account, budget p o sitio n s and in fla tio n .
-  Outside the Community, the main ex tern al fa c to r in the upward rev isio n
of fo recasts of a c tiv ity  is  the improvement in world trad e, to which 
the U S  has made a su b sta n tia l co n trib u tio n . However, the future
development of U S  in te re s t ra te s , lik e  th at of the U S  d o lla r, is  s t i l l  
problem atic, dependent as i t  is  on the main macroeconomic policy 
choices of the U S  a u th o ritie s . What is  more, the fin a n c ia l situ a tio n  
of a number of developing countries is  s t i l l  giving cause for concern 
a t a time when th e ir p a rtic ip a tio n  in the recovery of world trade is  
e s s e n tia l.

-  3 -
Despite the b rig h ter c y c lic a l outlook, there are s t i l l  some clouds 
of u ncertainty on the Community horizon. Accumulating imbalances in the 
situ a tio n s of the major in s titu tio n a l sectors -  in public finance, for 
example, or in the trend of companies' net incomes, which has long been too 
weak -  make i t  necessary in many Member States to continue applying ad ju st­
ment p o lic ie s th at have l i t t l e  margin for stim ulating aggregate demand. 
The improvement now emerging is  encouraging for th is  approach.
The unemployment situ a tio n  continues to be serio u sly  worrying. 
Unemployment again increased in 1983, though sig n ific a n tly  less rapidly 
than in 1982. Even if  the recovery were to be confirmed in 1984, there 
would s t i l l  be a slig h t increase in the average lev el of unemployment, 
which could reach 11%  of the labour force as against 10,6% in 1983. I t 
should be noted, however, th at the unemployment ra te , on average for 1984, 
should be lower than th a t fo r 1983 in the Federal Republic of Germany and 
the United Kingdom.
The task of the Member S ta te s' macro-economic p o licies against th is 
background w ill be to organize conditions in which the improvement in eco­
nomic performance and outlook can be consolidated into a balanced recovery 
of a c tiv ity .
I I . Outlook for a c tiv ity  in 1984 
a) B etter re s u lts  at the end of 1983.
In the closing months of 1983, business surveys recorded a pro­
nounced improvement in the economic clim ate in the Community. In the 
fourth q u a rte r, capacity u tiliz a tio n  increased in almost a l l  the Member 
S ta te s, and the Community share-price index continued to ris e , with in­
creases recorded in every country except Ita ly .
Outturns in the closing months of 1983 were in general b e tte r than 
expected: annual re su ls for Belgium, the Federal Republic of Germany, 
Greece, France, the Netherlands and the United Kingdom were s lig h tly  up

-  4 -
on the October fo re c a sts. Real G D P  growth on average for the Community was 
0,8% in 1983, compared with the e a r lie r estim ate of 0,5%. The most marked 
improvement ocurred in Germany, where re a l G D P  expanded at an annual ra te  
of 5,3% during the fourth q u arter, and in the United Kingdom, where the 
annual ra te  of growth has been 2 %  or 3 %  for the past two years.
The improvement in the Community's growth ra te  in 1983 was mainly 
the re s u lt of the trends in consumption and stockbuilding in the U K  and 
Germany, the countries where the recovery is  already under way. As growth 
was boosted by domestic demand, the ra te  of expansion of import volume also 
increased somewhat, but the increase in world trade stim ulated exports, so 
th at the balance on goods and services also made a s lig h t p o sitiv e 
co n trib u tio n  to growth.
The major increase in U S  
second h alf of 1983) underpinned 
expansion a t an annual ra te  of 6, 
2,5% in the f i r s t  h a lf.imports (+25% at an annual ra te  in the 
world trade and helped to produce the 
6 %  in the second h alf of 1983, up from
Volume of imports
E C
U S A
O E C D
World1982
+2,4%
+1,3%
+1,0%
-0,1%1983
+1,7%
+12,1%
+3,8%
+1,7%1984(1)
+3,5%
+14,7%
+6,6%
+5,0%
(1) F orecasts.

-  5 -
b) The facto rs of dynamism in 1984
Signs th at a c tiv ity  w ill continue to improve in 1984 are 
increasingly apparent:
There is  a steady improvement in the opinions of businessmen in the 
Community on the outlook for Community output; optimism is strongest 
in Germany and the U K , but there is a more uncertain trend in France 
and Ita ly .
Investment in ten tio n s in manufacturing for th is year are encouraging: 
they imply an increase for the Community as a whole, both nominally 
(10%) and in volume terms (4,7%), a fte r a nominal increase of 3 %  and a 
volume decline of 3 %  in 1983. The outlook for increased in d u stria l 
investment is  p a rtic u la rly  good in Denmark and the Netherlands, but 
su b sta n tia l growth may also be achieved in France and the U K .
The main fa c to r in the consolidation of the recovery in 1984 w ill 
probably be investm ent. A fter declining in re a l terms for the past three 
years, gross fixed c a p ita l formation in the Community should expand by a 
l i t t l e  over 2 %  on average during the year. This figure takes account of 
growth of between 3,5% and 7 %  in annual terms in fiv e Member States 
(Belgium, Denmark, Germany, Ita ly  and the U K ) in the second h alf-y ear. 
Last y e a r's considerable increase in firm s' market c a p ita liz a tio n  w ill help 
to boost investment th is year. At the same time, fu rth er d is in fla tio n  
should make for a s lig h t increase in  households' re a l disposable incomes, 
so th at re a l p riv ate consumption could expand by an average of 1,1% in the 
Community in 1984 compared with 0,9% in 1983.

-  6 -
The development of the Community's trade balance is also expected  
to contribute to recovery. Forecasts of world trade point to a substantial 
expansion of import flows in 1984 (+5% in volume). An increase in Japan's  
import capacity is expected to reinforce the stimulus afforded by the ex­
pansion of US imports. As the industrialized countries import more, this  
should in turn allow the developing countries to increase their own  
imports· The Community's trade balance could therefore make a net con­
tribution to growth equal to about 0,6 points of GDP.
However, there are other factors, less favourable to growth, to be  
taken into account. The dollar prices of raw materials other than oil are  
rising, sometimes substantially. If the dollar remains strong, the  
Community's terms of trade might deteriorate slightly this year. On the  
other hand, the trend of raw material prices will help to restore the ex­
ternal positions of the developing countries, whose trade deficits and cur­
rent account deficits should contract further on average in 1984, after  
the improvement begun in 1983.
Another factor affecting growth in Europe is the development of  
real interest rates. These rates are high at the moment, and in view of  
the uncertain prospect of a decline they could be a factor inhibiting in­
vestment. However, the risk is limited by the improved returns on capital,  
which encourage investment.
c) Trend in unemployment
Unemployment continued to rise in 1983, although more slowly than  
in 1982. At the end of January 1984, the number (not seasonally adjusted)  
of unemployed in the Community reached 12,9 million, 600,000 more than at  
the end of January 1983. It seems, however, that during 1983 there was a  
slowing of the increase in unemployment followed by some stabilization of  
the unemployment rate. In 1984, taking account of the likely development 
of the labour force, the recovery of activity will not yet bring a

- 7 -
reduction in the rate of unemployment overall, though the trend should be  
more favourable towards the end of the year. This outlook for the  
Community as a whole is the result of prospects which differ somewhat among  
the Member States. Thus in the Federal Republic of Germany and the United  
Kingdom a reduction in unemployment is likely, the first since 1979.
Ill.  International uncertainty
The key question now is whether the European recovery combined  
with US expansion will result in lasting economic growth for the indust­
rialized countries and, by extension, the developing countries.
A .  balanced mix of fiscal and monetary policy is a condition for  
the sustainability of the recovery. From this point of view, the
situation in the United States is a source of problems: in 1983, a sizeable  
deficit (which looks set to persist) in combination with a far from accom­
modating monetary policy, produced a renewed rise in US interest rates and  
further appreciation of the dollar. The expectation in US markets that the  
monetary authorities will not relax their restrictive stance is maintaining  
pressure on interest rates. As inflation has declined, real interest rates  
in the USA have now become extremely high.
Although US budget deficits have probably had a substantial  
favourable short-run effect on the recovery in the USA, they will prevent  
the balanced, and thus lasting, development of US growth if they persist  
over the medium term, by creating imbalances in monetary and financial  
markets and by crowding out the private sector. In consequence, if no  
corrective measures are taken, there is a risk of unbalanced and thus  
fragile growth followed by a new phase of stagnation.
Capital movements into dollars have been encouraged by vigorous US  
growth, high interest rates and the rise in the US stock market. However,

-  8 -
the substantial widening of the trade deficit, the declining  
competitiveness of US firms and the outlook for continuing high real inter­
est rates (and hence high borrowing costs) now seem likely to inhibit  
activity in the US.
As long as no steps are taken to correct US budget deficits, it is  
difficult to foresee a relaxation of pressure on interest rates. The  
future development of the dollar will be determined by the interplay of two  
opposing forces: the high yield obtainable on dollar investments, which  
supports the dollar, and the increase in the external deficit combined with  
the expectation of renewed inflation and perhaps a slowdown in activity,  
which can work in the opposite direction.
The uncertainties could be greatly reduced if action were under  
way to remedy the US budget deficit, and if economic policies were better  
coordinated among the major industrialized trading partners. A better mix 
of macro—economic policies in the US would give the Community a wider  
margin of manoeuvre for monetary and financial policies.
Lasting growth in the industrialized countries would be an  
enormous help to the developing economies. Increased demand for their ex­
ports could combine with an improvement in their terms of trade to lead to  
a gradual improvement in their external accounts.  The burden of their debt  
would be lightened if interest rates began to fall again.
IV. Improved economic convergence
a) Outturns more convergent
Disinflation is continuing: inflation rates fell in all the

/  .·
-  9 -
Member States in 1983, and are expected to fall further in 1984 in all but  
three. This reduction in inflation should, as in 1983, continue to go in  
tandem with a reduction in inflation differentials. The average inflation  
rate of 6,2% in 1983 masked a range of performance (with one country ex­
cluded) stretching from 2,7% to 14,5%. In 1984, inflation rates should be  
in the range 3,1% to 10% (with one country again excluded), and the average  
rate should be down to 5,2%. The continued slowdown in inflation is thus  
likely to be accompanied by a further narrowing in the dispersion of  
performance among Member States. It is also noteworthy that, along with  
this development, unit labour costs in industry should again decelerate,  
rising by only 3% on average.
The budget deficit on average for the Community, which rose from 
5,4% of GDP in 1982 to 5,7% in 1983, could decline in 1984 for the first  
time since 1980, and amount to 5,2%; however, the deficit as a percentage  
of GDP may increase slightly in Greece, France and the Netherlands.
External accounts will continue to improve: the Community's  
visible trade surplus as a percentage of GDP will rise by three tenths of a  
point to 0,9% of GDP this year, and the current account will return to  
surplus, to the extent of 0,3% of GDP. Visible trade and current accounts  
should improve in all the Member States in 1984, with the possible  
exception of Greece and the United Kingdom.
b) Favourable desynchronisation of economic cycles in the Community
Community averages for the development of macro-economic aggre­
gates mask differences in the cyclical situations of the Member States,  
mainly due to the desynchronised introduction of stabilization measures and  
the varying severity of the imbalances requiring correction.

-  10  -
Real consumption by households began to lose momentum as early as  
1981 in Germany, Ireland, Luxembourg and the Netherlands, but not signi­
ficantly until 1983 in Belgium, France and Italy. In 1984, real  
consumption might remain stable or even decline a little in some Community  
countries. The improvement in the outlook for investment this year, on the  
other hand, seems to be a general feature of most of the Member States.
The improved economic outlook is the successful result of efforts  
made in all the Member States, even though some made an earlier start than  
others, and the methods used were not everywhere the same. The two  
countries that introduced adjustment policies earliest, Germany and the  
United Kingdom, are also the two where the economic upswing is furthest  
advanced.
The other Member States can, through the increase in export  
demand, turn to their advantage the position of those economies further  
advanced in the cycle to pursue their own adjustment policies. In 1984, the  
contribution of the balance on goods and services to real GDP growth is  
expected to exceed that of growth in Belgium, France, Ireland and  
Luxembourg.
c) Convergence of economic policies
The day-today working of the European Monetary System provides  
clear evidence of the advantages of belonging to a stable currency area in  
a particularly unstable global monetary environment. This increases both

-  11  -
the attractiveness of the EMS and the support it gives to economic policy  
coordination. There is increasingly broad consensus in the Community on  
the stance of economic policy.
There is now a number of points in common in the policy stance in
the Member States.
- Priority is given to reducing structural budget deficits through  
measures seeking to limit the expansion of public expenditure. At the  
same time, the Member States are doing their best to contain or even  
reduce the share of compulsory levies in GDP.
Monetary policy stances are being kept non-inflationary, and the  
channelling of savings into investment is being encouraged.
- Further efforts are being made to eliminate rigidity, so as to improve  
the flexibility of markets and the adaptability of the European  
economies.
- The Member States have recognized the importance of innovation and  
investment in trading sectors; restructuring in productive sectors is  
intended to improve the productivity of both capital and labour.
- Wages policies have been reorganized to slow down the increase in  
labour costs and restore profitability. It has gradually become  
accepted in all the Member States that wage negotiations must take  
account of the productivity constraint and the aim of disinflation.

-  12  -
V. Conclusions
The development of the Community economy in 1984 should show an  
improvement compared with 1983. For the first time since 1979, the  
Community is engaged in the process of recovery, underpinned both by the  
first fruits of the adjustment policies which have been followed and by a  
strong recovery in world trade, set fair to re-attain its past rate of  
growth. The recovery in the Community is likely to be marked by a strong  
pick-up in investment, a further slowdown in inflation and increased con­
vergence of economic performance.
Despite these prospects, the likely trend in unemployment in the  
Community as a whole in 1984 remains very worrying. Even if its rate of  
increase is clearly slowing down, unemployment could reach 11% of the  
labour force on average for 1984. Some improvement, nonetheless, can  
already be observed in some Member States (Federal Republic of Germany,  
United Kingdom).
Trends in 1984 will continue to be influenced by the high degree  
of uncertainty surrounding the international environment, especially  
because of the prospect that real interest rates will remain too high and  
because of the uncertain development of the dollar s exchange rate.
The essential tasks for 1984 must be those of consolidating the  
recovery movement, continuing to seek a more stable monetary and financial 
environment internationally, and maintaining open markets.
Internally, more convergent results and a better coherence of  
policies, at the same time as the desynchronisation of economic trends,  
must permit, especially in the countries which have not yet been able to  
complete their process of adjustment, the required follow-through of the  
stabilization policies and structural adaptation policies so far undertaken  
and thus allow an increasing degree of participation, on a solid base, in

-  13  -
the economic recovery. The economic guidelines agreed last December should  
thus be maintained. In this respect, it is important that measures to  
reduce structural disequilibria should be maintained and that signs of  
cyclical improvement should not be acompanied by a relaxation of the  
efforts undertaken to reinforce the capacity for innovation and to improve  
competitivity.  On this will depend a lasting improvement in employment.

MAIN ECONOMIC INDICATORS' FOR THE EUROPEAN COMMUNITY, UNITED STATES AND JAPAN
TABLE1  :  GRO 
PR I
1970
1979SS DOMES 
CES ON P
1979TIC PROD 
RECEDING
1980UCT (PER 
YEAR, L
1981CENT. CHAN 
C, USA, JA
1982;e AT 
^AN, 1
1983CONSTANT
970-1984)
1984
B
DK
D
GR
F
IRL
I
L
NL
UK3.?
2 .6
2.9
4.8
3.6 
4 .3  
3.2
3.1
3.6
2.22.5 
J. 7
4.1 
3.7
3.2
3.4 
4.9 
4.0
2.4 
1 .63.1 
-.4
1.9 
1 .6 
1  .3 
3.7
3.9 
1  .7
.9
-2 .0-1 .  1
-.7
2
-.7
n
1 .6  _ n
-1 .8  
-1 .6 
-2 .01 .0 
3.6 
-1 .0  
.0 
1 .7 
1 .2  
-.3 
-.9 
-1 .6 
2.41
-1 
- o 
1  
3.0
.0
.0
.3
.3
.5
.3
.4
.0.3 
2 .6  
3.0 
1 .6  
.  6 
2.3 
2.2 
-1 .0 
1.7 
2.5
EC
USA
JAP3.1
2.9
6.93.3
2.4 
5.11  .3 
-.3 
4.4-.4
2.3
3.2.6
n
2.93
3.8
.4
.32 .0
5.0
4.6TABLE
—
—
I <2 ;
19
19
6DEFL
^REC
70
79
7ATOR OF 
EDING YE
1979
3.7PRIVATE 
AR. EC,
1980
6.7CONSUMPT 
USA, JAP
1981
8 . 8ION
AN,
19
7(PER
1970
82
.  4CENT
-198'
1  9f
7CH
1 )
13
7ANGE
19
6ON
84
.5
DK 9B10.4 1 0 .2 1  1.9 10.5 6.753
D 51 A.2 3.4 3.6 3.33.033
GR 1 1517.5 2 2 .2 24.4 21.  119. 819 2
1 86 10.6 13.3 12.9 10.89.572
IRL 12 813.4 18.6 20.1 17.  1 1 0.890
I 1  3 115.0 26.3 19.0 16.814.5 105
L 635.8 7.7 7.7 10.0 6.477
NL 754.3 6.9 6.4 5.7 2.731
UK 1 2313.2 16.4 1 1 .0 8.35.455
EC 918.9 1 1.2 1 0.  1 6.8 6.252
USA 619.010.5 8.9 5.83.951
JAP 773.5 7.0 4.5 2.9 1 .4 14
TABLE3 ;  NUMBER OF UNEMPLOYED AS PERCENTAGE OF THE
CIVILIAN LABOUR FORCE (EC, USA, JAPAN, 1970-1904)
1  9701979 1980 1981 1982 1983 1984
1979
B
DK
D
GR
F
IRL
I
L
NL
UK■ ;  0 B.B 9.4 11.2 13.1 14.5 14.9
3 .3 6.1 7.0 9.2 9.9 10.5 10.8 
0 5 3 4 3.4 4.7 6 . 8 8.4 7.8
- 5.8 7.8 8 .6
3 . 3 6.0 6.4 7.8 8.7 8.9 9.7 
71 74 8.2 10.2 12.3 14.7 16.6 
5 *  6 7.5 8.0 8 . 8 9.1 10.7 11.9
7 7 1 .0 1 .2 1 .6 1 .9  
3 *  g s’? 6.5 9.4 12.7 15.4 16.8 
4 '0 5.0 6.4 9.6 11.0 11.7 11.4
EC
USA
JAP38 5.3 5.9 7.0 9.5 10.6 11.0 
6 .2 6.0 5.8 7.6 9.7 9.5 7.8 
17 ■ * >  2 2.1 2 .2 2.4 2 .6 2.5TABLE
B4
19 
1  9EjALF
:c,
70
79
4NCE ON C 
USA. JAF
1979
-2.7URREf
AN.
19
-4IT
97C
7CCOUNT (  
-1984)
1981
-4.2PER CENT
1982
-3.6OF
1  9f 
-1;dp,
33
51984
-.5
DK 9-4.7 -37-3.1 -4. 1 -2 1-1.9
D 9 - . 8 -19 -1 .0 .6 7 1 .0
GR 8-2.9 -9 - . 2-3.9 -3 8-4.3
F-3 .0 -14-1.4 -2.9 -17 - . 8
IRL -4 2-11.3 -99-13.1 -8.4_28-1 .3
I -n1.7 -24-2.3 -1 .6-2 - .1
L 22528.3 22 631.5 39.2 37736.1
NL 13 -1 .  1 -15 2 .2 2.7 333.9
UK -9 .0 16 2 .6 2 .6 7 .6
EC_1-.4 -13-.5 -.5 -1.3
USA 1 - . 1 3.  1-.4 -14-2.4
JAP 8 - . 8 -1 0.5 .6 19 2 .6
table5 GENERAL 
AS PERCEjOVE
^TAGx ’ NMENT 
: OF GDLENDING 
P (EC. 1OR BORROW 
970-1984ING-)
1970
19
1979791980 1  981 1  982 1  9 1331  984
B
DK
D
GR
F
IRL
I
L
NL
UK-4.2 -7 
.0 -2  
-1.5 -2 
-4.4 *4
- .  6
-0.5 "11 
-8 . 6 -9 
2.3
-1.3 -4 
-3.2 -3.  1  
.0 
.8
8 
.  7 
.9 
.5 
.7 
.  3T-9.1
-3.6
-3.1
-5.4
.3
-1 2 .8
-8.4
- . 8
-4.0
-3.4-1 2 .6  
-7. 1  
-3.9 
-1 0 .6  
-1 .0 
-15.8 
-11.7 
-2.3 
-5.2 
-2.7-1 1 .6  
-9.2 
-3.5 
-8.3 
-2 .6  
-16.2 
-1 1.9 
-1.4 
-7.2 
-2 .0-1 1  
-•8 
-3 
-9 
-3 
-13 
-1 1
-6
-36
n
0
2
4
4 
9 
3 
6
5-10.9 
-6.9 
-1 .8 
-9.0 
-3.5 
-12.3 
-1 1  .9 
- - .  6 
-6 .8  
-2.5
EC -2.9 -3 .6-3.5 -5.4 -5.4 -57-5.21  TABLE 
1
1----
16 M
ONE 
ON T
1970Y SUPPLY 
UELVE HOM2/I
NTHS13 (  
EARPERCE
LIER:nta
ECGE Cl 
,  US/HANG 
l. JE AT 
APANEND
19OF YEAR 
70-1984)
1 1979 1986 1981 1982 1  983 1984
1 1979
1 "  -- 
IB 1 0.9 6 .027 6659556.7
I  DK 1 1 .0ie.e 8196 1 162547.5
ID 1 0.1 6 .6 625071535.3
i  GR 23.318.4 247343315 200 2 1.3I F 15.414.4 97 1 14 10B 8B 6 .0
1  IRL 18. 219.6 169174 29751  1  .4
i i 19. 620.3 12 016 617 21  4414.2
IL- - - - ---
inl 1 1 .67.6 365276 103 1 0 .0
(UK 13. 612.7 18 64692 1 158.9
,-----
1  
EC 13.911.9 16516.8 10798 8 .6
jUSA 9.5 8 .2 90 10 09*“
1  JAP 16.99.1 72 8776
F NL.USA M2; D, GR. IRL M3, B, DK M2H, UK STERLING M3 
(FISCAL YEAR), I: M2 (48-79), M3 (BD-BA); JAP M2 AND CD.
NOTE ITALY M2-GROUTH IN (983 AND 1909 NAS 
13.0 •/• AND 12.8 •/• RESPECTIVELY