report growith 2013 ( f ) mar. 13 jun. 13 report report 2014 ( f ) mar. 13 jun. 13 report report ( annual change, percent ) trading partners'gdp 4. 3 3. 4 3. 4 3. 6 3. 4 4. 2 3. 7 world gdp at ppp 3. 9 3. 0 3. 0 3. 3 3. 1 3. 9 3. 6 united states eurozone japan china india rest of asia ( excl. japan, china and india ) latin america ( excl. chile ) 1. 8 1. 4 - 0. 6 9. 3 7. 9 4. 2 4. 5 2. 2 - 0. 6 2. 0 7. 8 4. 9 3. 8 2. 8 2. 2 - 0. 6 2. 1 7. 8 4. 7 3. 8 2. 7 1. 9 - 0. 4 1. 1 8. 1 6. 3 4. 3 3. 3 1. 9 - 0. 6 1. 8 7. 6 5. 4 3. 8 2. 8 2. 5 1. 3 1. 3 8. 2 6. 4 4. 7 3. 7 2. 7 1. 0 1. 0 7. 5 5. 9 4. 1 3. 1 lme copper price ( us $ cent / lb ) brent oil price ( us $ / barrel ) ( levels ) terms of trade - 0. 6 - 4. 1 - 4. 1 - 1. 6 0. 4 ( annual change, percent ) - 0. 4 - 3. 5 ( e ) estimate. ( f ) forecast. sources : central bank of chile based on a sample of investment banks, consensus forecasts, the imf and statistics bureaus of respective countries. table 2 economic growth and current account ( annual change, percent ) 2013 ( f ) gdp 5. 8 5. 9 5. 6 4. 5 - 5. 5 4. 0 - 5. 0 domestic demand domestic demand ( w / o inventory change ) gross fixed capital formation total consumption goods and services exports goods and services imports 13. 6 10. 3 12. 2 9. 7 2. 3 25. 9 9. 1 9. 4 14. 7 7. 9 5. 2 14. 5 7. 1 7. 3 12. 3 5. 8 1. 0 4. 9 6. 1 6. 1 7. 2 5. 7 3. 1 5. 9

. another portion of the adjustment has to do with our external scenario, where the world economy is expected to slow down, manufacturing industries are decelerating across the board and where, moreover, the copper price has fallen around 20 percent from the $ 4 per pound it averaged in 2011. these factors have introduced greater caution in assessing new investments, so some of them have been postponed pending further clarity in the international scene. in any case, this investment slowdown is expected to continue, but not as intensely as in the first quarter ( figure 1 ). as i was saying, there has also been important news on the external front, notably a major increase in the volatility of the world financial markets in the last month. these tensions originate in two forces. first, the consolidation of the recovery of output and employment in the united states and the federal reserve has indicated that, if the recovery continues, bis central bankers ’ speeches during the second half of the year it will begin to gradually withdraw the extraordinary monetary stimuli now in effect. as there is no comparable precedent regarding these policies, these signals have shaken international financial markets in recent weeks, because of the implications that such withdrawal could have. second, the chinese economy has slowed down beyond expectations and apparently the chinese authorities would be more than willing to accept lower growth rates in an effort to safeguard the stability of its financial system and achieve a better balanced growth structure. this situation creates volatility because of china ’ s major contribution to world growth and its enormous weight in the commodity markets. the deceleration of emerging economies has been widespread, some of them affected by slower growth in china and others by the maturation of its expansion cycle, after several years of rapid economic growth. these two forces have created uncertainty and triggered a readjustment of portfolios to accommodate falling prices of financial assets and commodities, higher risk premiums and a generalized depreciation of emerging market currencies against the dollar. overall, all these factors combined may have exacerbated the process of market adjustments, making it difficult to distinguish whether these are temporary or permanent in nature ( figure 2 ). although the aforesaid adjustments in the world are good news in the sense that they signal a transition towards a more balanced configuration of the global economy, for this year and next a less favorable international scenario for the chilean economy is being configured. accordingly, our growth projections for our trading partners are revised downwards, with higher credit costs and lower terms of trade than previously expected.