Table 3

|||A|rgen Ln.<br>|Macroeconoe|.c<br>Indicato|ra.<br>1064-|1973||||
|---|---|---|---|---|---|---|---|---|---|---|
||1064|1965|1966|1Q67|1Q68|1969|1Q70|1971|1Q72|1Q73|
|1.Inflation<br>andOff.ical<br>Oevaluat on<br> <br>|||||||||||
|(Percent<br>in AnnualTerms)<br>|||||||||||
|**a.**CPI Inflation<br> <br>|22.5|28.0|31 9|29 4|16.1|7 6|13.5|34.9|58.4|61 2|
|b<br>Official<br>Doealu&tion<br> <br>|0.0<br>|100.0<br>|0 0|50 0|0.0|0 0|33.3|2S.0|0.0|0 0|
|c. CPI Inflation<br>(Dec -Dec.)<br>|17.1|33.5|27 8|25.2|9 6|6 0|21 1|34 2|493|34 2|
|d. Official<br>Devaluation<br>(Dec.-D.c.)|0.0|50.0|0 0|33 3|0.0|0 0|25.0|20.0|0.0|0 0|
|2.**Monetary**<br>Statistics<br> <br> <br>|||||||||||
|a.Il-<br>Percent<br>ofCDP|12.8|12.0|12.3|12 2|13.8|14.2|14 8|13.0|11.0|11 3|
|b.M2-Percent<br>ofCDP|17.8|16.9|17.1|168|19.3|20 3|21 6|19.5|16.9|17 7|
|c.Seignioreag-<br>Ml<br> <br>|**n.e.**|2.8|3 9|3.3|3.4|1S|2.8|4.3|4.2|_7_7|
|**d. Ml- Percent.. 0**<br>**Change**<br>|na.|29.8|28.2|32 3|30.0|20 1|13.3|25.2|39.4|76 9|
|**.**<br>42-**Percentage**Change|**na.**|31.1|26 6|31 3|31.6|24.0|15.5|28.1|438|78 4|
|f.**Monetary**Base<br> <br> <br> <br>|40.7|39.3|27 2|41 4|13.0|09|19.7|28.4|43.0|143 1|
|0.Coneolidated<br>MonetarySyat-'m<br>Do_oetic<br>Credit|30.9|26.7|28.4|24.6|28.9|_1338_|18.8|41.9|5903|94 7|
|b. The Central<br>ank's Domestic<br>Credit|36.4|36.7|12.2|15.2|26.4|9.0|8.2|48.1|57.3|56.0|
|3.Aegrete<br>De nd (Percent<br>of CDP at 1960 prices)<br> <br>|||||||||||
|**8.**<br>**Private**<br>Consumption|72.s|72.3|72.0|72.0|71.8|70.3|69.5|69.9|69.6|695|
|b.Public<br>Conaumption<br> <br>|7.4<br>|6.9<br>|7.3<br>|7.2|7.1|6.8|6.5|6.5|6.3|6 5|
|e<br>Investment|19.7|19.4|179|16.2|19.3|21.6|22.0|23.5|23.1|21 4|
|C.Exports|10.6|10.7|11 7|11.2|10.6|13.4|11.6|10.1|10.0|10.8|
|**4.**Ecoemic<br>Activity(Percent<br>Change in Real**Terms)**|||||||||||
|**a.**CDP Crowth|10.3|9.2|0.6|2.6|4.3|8.5|5.4|3.7|1.9|34|
|b.Unemployment<br> <br>|6.5<br>|1.4|6.0|6.5|5.5|4.7|5.3|6.2|6.9|5.8|
|c.**Private**<br>Conaumption|II1S|6.9|0.3|2.6|4.0|6.4|4.1|**4.4**|**1.5**|3.3|
|d. PublicConsumption|-1.1|1.8|6.6|1.9|2.9|2.7|0.6|5.0|-1.5|5 7|
|***.**<br>Inveetmwnt<br>|26.0|**7.3**|-7.2|**4.5**|10.6|21.4|7.4|10.8|0.4|**-4.5**|
|f.Exports|-6.4|9.6|9.6|-1.2|-1.4|16.1|7.2|-9.7|1.5|11.8|
|5.**Relative**<br>**Pr;es>**<br>(1970m100)|||||||||||
|**a.**RealWege|83.3|92.1|95.6|95.0|92.1|96.4|100.0|103.4|93.8|106 1|
|b. Reel Eachenge Rate<br> <br>|65.6<br>|106.0|83.9|98.6|64.5|81 0|100 0|100 4|70 6|48.8|
|c. Term<br>ofTrade|105.5|111.2|106.8|101.3|98.6|101.3|100 0|1090|107 2|121.5|
|**6. External**<br>Sector<br>(Million<br>of U15)|||||||||||
|a. Trade Belnce|457.0|431.0|596.0|494.0|333.0|217.0|274.0|87.3|2S6.0|1268 3|
|(i)<br>Exporte|1410.0|1493.0|1593.0|1464.0|1368.0|1612.0|1773.0|1740.0|1941.0|3266 0|
|(ii)<br>Import|953.0|1062.0|995 0|970.0|1035.0|1395.0|1499.0|1652.9|1685.0|19777|
|b.Current<br>Account**Balance**|457.0|222.0|259.0|130.0|-53.0|-230.0|-163.0|-390.2|-226.9|710.5|
|c.Current<br>Account-<br>Percent<br>of CDP|1.6|1.2|1.2|0.6|-0.2|-0 9|-0.7|-1.6|-O.S|I 0|
|6. International<br>Reservee|82.0|170.0|132.0|643.0|650.6|402.8|532.6|192.4|313.3|11487|
|7.Public<br>Sector<br>(Percent<br>ofCDP)|||||||||||
|**a.**Total<br>Ezpenditure<br> <br>|35.6|32.7|35.3|37 9|37.1|36.1|39.5|38 7|36 0|41 5|
|b. Total<br>**Revenue**|30.2|29.8|31 6|36.0|35.4|34.9|37.5|34 1|31 9|32.9|
|c. Operational<br>Deficit|5.6|2.9|3.7|1.8|1.7|1.3|<br>2.0|<br>4.6|<br>6.1|6.6|

- **Note;** 1. **Seigniorage** * M1(t)-Ml(t-l)/00P(t)

2. Unem loyment is **the** rate of unemployment in urban **area. 3.** The domestic credit of conaolidated monetary systae is line 32 (IFS). _4._ Th- Central ankh' domestic crelit is total claims on **the goernment and the** private sector lea govornment deposit.

**Sources:** International **Financial** Statistic **eacept: 2(a.b.d.e)** from FIeL

4(b) C. Sanchez and 0. Ciiordano. 'Exchange Rate Policiea and **the** Structure of the Labor lMarket(3). 4(c.e4.9f). and S(a) from Eatudio-. Fundacion Moditarranes 5(b) from Cottani. OTrends in **Real** Eachange **Rate** Behavior in Selected Developing Countries. S(c) from **the** World Bank 2(f) and 7(a,b.c) from Oe Pablo. Nacroeconomic Policy Cries and Long-Term Crowth,