Report No. 26301-TU Turkey Country Economic Memorandum Towards Macroeconomic Stability and Sustained Growth (In Three Volumes) Volume III: Statistical Annex July 28, 2003 Poverty Reduction and Economic Management Unit Europe and Central Asia Region Document of the World Bank Turkey: CountryEconomic Memorandum Currency Equivalents (Exchange Rate Effective July 28,2003) CurrencyUnit = Turkish Lira US$l = TL1,410,000 GovernmentFiscalYear January 1-December 31 Weights and Measures Metric System Abbreviations and Acronyms AMC - Asset ManagementCompany PA - PrivatizationAdministration BK - Bag-Kur PFMC - Public FinancialManagementand Control BO - Build Operate PHC - PrivatizationHigh Council BOO - Build Operate Own REER - Real EffectiveExchangeRate BOT -- Build OperateTransfer SDlF --Saving Deposit InsuranceFund BRSA Banking Regulatoryand Supervisory SIS State Instituteof Statistics Authority CAR CapitalAdequacy Ratio SOE - State Owned Enterprises CEM - CountryEconomic Memorandum SPO - State PlanningOrganization CPI - Consumer Price Index SRS --Sustained Reform Scenario EBITDA - EarningsBefore Interest,Tax, SSK Social Security Organization Depreciationand Amortization ES - EmekliSandigi TEAS - ElectricityGenerationand Transmission Company EU - EuropeanUnion TEDAS - Turkish ElectricityDistributionCompany EUAS - Turkish ElectricGenerationCompany TEIAS - Turkish ElectricityTransmissionCompany FlAS Foreign InvestmentAdvisory Service TEKEL - Turkish Tobacco Monopoly FDI Foreign Direct Investment GDP - Gross Domestic Product TETAS Turkish ElectricityTrading Company GDR - General Directorateof Revenues TFP --Total Factor Productivity GNP - Gross NationalProduct TOBB - Union of Chambers of Commerceand Industry IA - IstanbulApproach TOOR - Transfer of Operating Rights ISE - IstanbulStock Exchange TSFAS - Turkish Sugar Factories ISKUR - Employment Organization TUSIAD - Turkish Industrialists'and Businessmen Association MOF - Ministry of Finance YOIKK - CoordinationCouncil for InvestmentClimate NPL - Non-Performing Loans Vice President: Johannes Linn (ECAVP) Country Director: Ajay Chhibber (ECCU6) Sector Director: Cheryl Gray (ECSPE) Sector Leaders: SamuelOtoo (ECSPE) Team Members: Ismail Arslan (Team Leader, ECSPE), Mediha Agar, Pinar Baydar, Craig Burnside, Robert J. Cull ,Annette De Kleine, Asli Demirguc-Kunt, Ira Lieberman, Kamer Ozdemir, James Parks, Philip Suttle,Matthew Verghis (World Bank) Refik Erzan, Alpay Filiztekin, Nissan Liviatan, Fatma Taskin,Erol Taymaz, Ercan Uygur (Consultant) FOROFFICIAL USEONLY TURKEY: COUNTRY ECONOMIC MEMORANDUM TOWARDS MACROECONOMIC STABILITY and SUSTAINED GROWTH STATISTICAL ANNEX (1996 - 2002) TABLE1: Key Economic Indicators (Summary Table) TABLE2: Gross NationalProduct by Sector (TL billionat current prices) TABLE2A: Gross National Product by Sector (W shares) TABLE3: Gross National Productby Sector (TL billion at 1987prices) TABLE~A:, Gross National Productby Sector (annual percentage change at 1987 Prices) TABLE4: Macroeconomic Balances (TL trillion at current prices) TABLE4A: Macroeconomic Balances (inpercent of GNP) TABLE5: Macroeconomic Balances (TL trillion at 1998 prices) TABLE6: Macroeconomic Deflators (inpercent) TABLE7: Total Fixed Capital Investments (by sectors) TABLE7A: Public FixedCapital Investments (by sectors) TABLE7B: Private Fixed Capital Investments (by sectors) TABLE8: Industrial Production Index (weightedby value added, annual averages, 1997=100) TABLE9: Developments inthe Domestic Labor Market (inthousands, 12+ age, 1993-1999, old series) TABLE9A: Developments inthe Domestic Labor Market (inthousands, 15+ age, 2000-2002, new series) TABLE10: Wholesale Price Index (1994=100) TABLE11: Consumer Price Index (1994=100) TABLE12: Public Sector BorrowingRequirement (TL billion) TABLE12A: Public Sector BorrowingRequirement(inpercent of GNP) TABLE13: Sectoral Distributionof the Public Sector BorrowingRequirement (TL billion) TABLE13A: Sectoral Distribution of the Public Sector BorrowingRequirement(in percent o f GNP) TABLE14: Consolidated Central Government Budget (TL billion) TABLE1 4 ~ : Consolidated Central Government Budget (inpercent of GNP) TABLE15: Consolidated Accounts of Extra Budgetary Funds (TL billion) TABLE1 5 ~ : ConsolidatedAccounts ofExtra Budgetary Funds (inpercent of GNP) TABLE16: Profit and Loss Account of SOEs (TL billion) TABLE1 6 ~ : Profit and Loss Account of SOEs (inpercent of GNP) TABLE17: Financing Requirement o f SOEs (TL billion) TABLE17A: Financing Requirement of SOEs (inpercent of GNP) TABLE18: Income and Expenditure Accounts of Social Security Institutions (TL billion) TABLE1 8 ~ : Income andExpenditure Balance of Social Security Institutions (in percent o f GNP) TABLE19: Treasury's Yearly Domestic Borrowing and Domestic Debt Stock (TL billion) TABLE20: Compound InterestRates on Government Bonds and T-bills This document has a restricted distribution andmay beusedby recipients only in the performance of their official duties. Its contents may not beotherwise disclosed without World Bank authorization. TABLE21: Central Bank Analytical Balance Sheet (TL billion, year-end) TABLE22: Balance of Payments (US$ million) TABLE23: Exchange Rate Developments TABLE24: Outstanding External Debt, (US$million) TABLE25: International Net Reserves (US$million) TABLE26: Monetary Aggregates (end-ofperiod) N e e N h - e c N c c c .. N 0. 9 Q 0. 9 " N r - t- 0. 0. r ;f 3 Is I c :: N 0 x0 8 - 9 N . t - 2 0 0 3 80 8 0 N xE: a a f ? q - ? ' D 0 " N 8E: a 00 2 8E: s p. 8E: a 10 3 8E: .-8k t*2 il Ea N 0 0 N - 0 0 N 0 8 N % 3 01 00 3 01 f P z N 0 0 N 00 8 ' E N m h 2 h 00 2 0 N ? o m m - w - 3 - 0 N P m d d G & r ; 0 0 0 2 ~ m m m m m m m ~ s : m N m m m P w P W 0 0 N 0 0: =: z m o m - m 01 z m 1ci In 2m R z 2 P r. r.ci I. 5 - ? 2 m W 01 9 s r. 2 W Table 7. Turkey: Total Fixed Capital Investments (by sectors, 1996-2002) 1996 1997 1998 1999 2000 2001 2002 A. At Current Prices(TL Billion) Agriculture 218,076 450,008 740,951 789,368 1,400,019 1,594, I90 2,029,463 Mining 43,670 93,399 183,935 276,810 323,491 524,655 745,878 Manufacturing 813,440 1,408,441 2,349,929 3,027,719 5,532,018 5,941,467 8,323,044 Tourism 78,706 160,608 376,814 689,636 I,021,890 1,457,008 2,142,712 Energy 152,782 457,343 886,561 1,140,636 1,788,968 2,922,828 4,771,254 Transportation 785,324 1,901,454 3,140,226 4,341,777 8,672,265 8,208,410 12,272,721 Housing 1,203,540 2,148,441 3,320,547 4,135,218 4,712,843 5,446,772 6,850,043 Education 103,447 283,723 444,61 I 820,018 1,390,392 1,962,681 2,469,395 Health 85,653 259,493 502,171 589,737 1,137,799 1,531,675 1,932,596 Other Services 273,175 565,463 1,076,470 l,5 17,920 2,594,208 3,880,706 5,542,450 Total 3,757,813 7,728,373 13,022,215 17,328,839 28,573,893 33,470,392 47,079,556 B. At 1994 Prices(TL Billion) Agriculture 679,431 779,616 740,95 1 510,152 63 1,943 441s I 4 424,952 Mining 138,720 163,032 183,935 179,084 145,892 I 41,773 153,064 Manufacturing 2,440,705 2,443,495 2,349,929 1,953,398 2,447,996 1,556,219 1,617,896 Tourism 249,294 280,046 376,814 443,606 454,947 399,920 415,332 Energy 470,602 800,373 886,561 751,081 829,849 755,906 922,900 Transportation 2,366,328 3,301,695 3,140,226 2,824,225 3,898,913 2,136,007 2,312,865 Housing 4,031,080 3,769,632 3,320,547 2,652,068 2,108,659 1,563,864 1,443,584 Education 321,696 49I,177 444,611 540,346 644,542 512,879 463,197 Health 273,041 450,058 502,171 382,373 515,270 418,717 396,884 Other Services 825,931 989,375 1,076,470 1,001,525 1,200,806 981,422 973,223 Total 11,796,828 13,468,499 13,022,215 11,237,858 12,878,8 I7 8,908,221 9,123,897 C. Shares in Total (at Current Prices) Agriculture 5.8 5.8 5.7 4.6 4.9 4.8 4.3 Mining 1.2 1.2 1.4 1.6 1.1 1.6 1.6 Manufacturing 21.6 18.2 18.0 17.5 19.4 17.8 17.7 Tourism 2.1 2.1 2.9 4.0 3.6 4.4 4.6 Energy 4.1 5.9 6.8 6.6 6.3 8.7 10.1 Transportation 20.9 24.6 24.1 25.1 30.4 24.5 26.1 Housing 32.0 27.8 25.5 23.9 16.5 16.3 14.5 Education 2.8 3.7 3.4 4.7 4.9 5.9 5.2 Health 2.3 3.4 3.9 3.4 4.0 4.6 4.1 Other Services 7.3 7.3 8.3 8.8 9.1 11.6 11.8 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 D.Annual PercentChange(at 1994 prices) Agriculture 20.6 14.7 (5.0) (31.1) 23.9 (30.1) (3.8) Mining (0.2) 17.5 12.8 (2.6) (18.5) (2.8) 8.0 Manufacturing 11.2 0.1 (3.8) (16.9) 25.3 (36.4) 4.0 Tourism (1.9) 12.3 34.6 17.7 2.6 (12.1) 3.9 Energy 68.6 70.1 10.8 (15.3) 10.5 (8.9) 22.1 Transportation 28.6 39.5 (4.9) (10.1) 38.1 (45.2) 8.3 Housing (2.5) (6.5) (11.9) (20.1) (20.5) (25.8) (7.7) Education 54.6 52.7 (9.5) 21.5 19.3 (20.4) (9.7) Health 39.2 64.8 11.6 (23.9) 34.8 (18.7) (5.2) Other Services 19.3 19.8 8.8 (7.0) 19.9 (18.3) (0.8) Total 12.3 14.2 (3.3) (13.7) 14.6 (30.8) 2.4 _____ Source: SPO. Table la. Turkey: Public FixedCapital Investments (by sectors, 1996-2002) 1996 1991 1998 1999 2000 2001 2002 A. At Current Prices (TL Billion) Agriculture 77,525 193,099 273,233 433,512 747,810 1,125,888 1571302 Mining 11,410 28,388 49,903 77,662 100,002 174,454 242301 Manufacturing 30,956 43,924 89,528 132,753 247,297 448,953 614148 Tourism 10,078 10,337 15,899 23,481 39,070 63,111 88754 Energy 98,751 22I,I58 564,325 798,706 1,309,281 1,566,206 3335384 Transportation 265,101 619,804 1,144,067 1,908,366 3,105,023 2,975,171 3995726 Housing 13,267 22,251 35,393 67,481 69,587 95,713 138175 Education 70,572 220,538 361,243 609,434 1,020,711 1,551,739 2017470 Health 31,456 85,739 152,596 194,543 389,489 651,259 739466 Other Services 154,305 337,461 673,250 926,892 1,655,869 2,456,248 3322417 Total 763,421 1,782,699 3,359,437 5,172,830 8,684,139 11,108,742 16,065,143 B. At 1994 Prices(TL Billion) Agriculture 254,793 333,746 273,233 280,970 344,091 318,025 342709 Mining 36,193 49,637 49,903 51,083 46,691 45,975 49506 Manufacturing 94,906 76,583 89,528 88,567 116,958 113,306 II7267 Tourism 31,443 17,753 15,899 15,561 18,341 16,580 17042 Energy 304,948 389,882 564,325 530,994 617,795 394,439 639148 Transportation 840,912 1,083,740 1,144,067 1,255,244 1,449,733 784,060 813555 Housing 42,456 37,280 35,393 44,248 32,282 26,952 29625 Education 218,674 381,047 361,243 404,956 480,584 401,060 377320 Health 98,793 146,344 152,596 128,582 182,296 173,981 151658 Other Services 467,830 593,673 673,250 620,885 786,670 605,801 575816 Total 2,390,948 3,109,685 3,359,437 3,421,090 4,075,441 2,880,179 3,113,646 C. Shares in Total (at Current Prices) Agriculture 10.2 10.8 8.I 8.4 8.6 10.1 9.8 Mining 1.5 1.6 I.5 1.5 1.2 I.6 1.5 Manufacturing 4.1 2.5 2.7 2.6 2.8 4.0 3.8 Tourism 1.3 0.6 0.5 0.5 0.4 0.6 0.6 Energy 12.9 12.4 16.8 15.4 15.1 14.1 20.8 Transportation 34.7 34.8 34.1 36.9 35.8 26.8 24.9 Housing 1.7 1.2 1.1 1.3 0.8 0.9 0.9 Education 9.2 12.4 10.8 11.8 11.8 14.0 12.6 Health 4.1 4.8 4.5 3.8 4.5 5.9 4.6 Other Services 20.2 18.9 20.0 17.9 19.1 22.1 20.7 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 ofwhich Tradable sectors 17.0 15.5 12.8 12.9 13.1 16.3 15.7 Non-tradablesectors 83.0 84.5 87.2 87.1 86.9 83.7 84.3 D.Annual Percent Change (at 1994prices) Agriculture 10.2 31.0 (18.1) 2.8 22.5 (7.6) 7.8 Mining (8.6) 37.1 0.5 2.4 (8.6) (1.5) 7.7 Manufacturing (7.4) (19.3) 16.9 (1.1) 32.1 (3.1) 3.5 Tourism (28.7) (43.5) (10.4) (2.1) 17.9 (9.6) 2.8 Energy 28.7 27.9 44.7 (5.9) 16.3 (36.2) 62.0 Transportation 46.8 28.9 5.6 9.7 15.5 (45.9) 3.8 Housing 48.1 (12.2) (5.1) 25.0 (27.0) (16.5) 9.9 Education 44.8 74.3 (5.2) 12.1 18.7 (16.5) (5.9) Health 9.4 48.I 4.3 (15.7) 41.8 (4.6) (12.8) Other Services 29.7 26.9 13.4 (7.8) 26.7 (23.0) (4.9) Total 28.7 30.1 8.0 1.8 19.1 (29.3) 8.1 Source: SPO. Table 7b. Turkey: Private Fixed Capital Investments (by sectors, 1996-2002) 1996 1997 1998 1999 2000 2001 2002 A. At Current Prices(TL Billion) Agriculture 140,551 256,909 467,718 355,856 652,209 468,302 458,161 Mining 32,260 65,011 134,032 199,148 223,489 350,201 503,577 Manufacturing 782,484 1,364,517 2,260,401 2,894,966 5,284,721 5,4923 I 4 7,708,896 Tourism 68,628 150,271 360,915 666,155 982,820 1,393,897 2,053,958 Energy 54,031 236,185 322,236 341,930 479,687 1,356,622 1,435,870 Transportation 520,223 1,281,650 1,996,159 2,433,411 5,567,242 5,233,239 8,276,995 Housing I,190,273 2,126,190 3,285,154 4,067,737 4,643,256 5,35 1,059 6,711,868 Education 32,875 63,185 83,368 210,584 369,681 410,942 451,925 Health 54,197 173,754 349,575 395,194 748,310 880,4 16 1,193,130 Other Services 118,870 228,002 403,220 591,028 938,339 1,424,458 2,220,033 Total 2,994,392 5,945,674 9,662,778 12,156,009 19,889,754 22,361,650 31,014,413 B. At 1994 Prices(TL Billion) Agriculture 424,638 445,870 467,718 229,182 287,852 123,489 82243 Mining 102,527 113,395 134,032 128,001 99,201 95,798 103558 Manufacturing 2,345,799 2,366,912 2,260,401 1,864,831 2,331,038 1,442,913 I500629 Tourism 217,851 262,293 360,915 428,045 436,606 383,340 398290 Energy 165,654 410,49 1 322,236 220,087 212,054 361,467 283752 Transportation 1,525,416 2,217,955 1,996,159 1,568,981 2,449,180 1,351,947 1499310 Housing 3,988,624 3,732,352 3,285,154 2,607,820 2,076,377 1,536,912 1413959 Education 103,022 110,130 83,368 135,390 163,958 111,819 85877 Health 174,248 303,714 349,575 253,791 332,974 244,736 245226 Other Services 358,101 395,702 403,220 380,640 414,136 375,621 397407 Total 9,405,880 10,358,814 9,662,778 7,816,768 8,803,376 6,028,042 6,010,251 C. Sharesin Total (at Current Prices) Agriculture 4.7 4.3 4.8 2.9 3.3 2.1 1.5 Mining 1.1 1.1 I.4 1.6 1.1 1.6 1.6 Manufacturing 26.1 22.9 23.4 23.8 26.6 24.6 24.9 Tourism 2.3 2.5 3.7 5.5 4.9 6.2 6.6 Energy 1.8 4.0 3.3 2.8 2.4 6.I 4.6 Transportation 17.4 21.6 20.7 20.0 28.0 23.4 26.7 Housing 39.8 35.8 34.0 33.5 23.3 23.9 21.6 Education 1.1 1.1 0.9 1.7 1.9 1.8 1.5 Health 1.8 2.9 3.6 3.3 3.8 3.9 3.8 Other Services 4.0 3.8 4.2 4.9 4.7 6.4 7.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 of which Tradable sectors 34.2 30.9 33.4 33.9 35.9 34.5 34.6 Non-tradablesectors 65.8 69.1 66.6 66.1 64.1 65.5 65.4 D. Annual PercentChange (at 1994prices) Agriculture 27.8 5.0 4.9 (51.0) 25.6 (57.1) (33.4) Mining 3.2 10.6 18.2 (4.5) (22.5) (3.4) 8.1 Manufacturing 12.1 0.9 (4.5) (17.5) 25.0 (38.1) 4.0 Tourism 3.8 20.4 37.6 18.6 2.0 (12.2) 3.9 Energy 293.1 147.8 (21.5) (31.7) (3.6) 70.5 (21.5) Transportation 20.4 45.4 (10.0) (21.4) 56.1 (44.8) 10.9 Housing (2.9) (6.4) (12.0) (20.6) (20.4) (26.0) (8.0) Education 80.2 6.9 (24.3) 62.4 21.1 (31.8) (23.2) Health 64.7 74.3 15.1 (27.4) 31.2 (26.5) 0.2 Other Services 8.0 10.5 1.9 (5.6) 8.8 (9.3) 5.8 Total 8.8 10.1 (6.7) (19.1) 12.6 (31.5) (0.3) Source: SPO N 0 0 N - 0 0 N 8 0 0 N 0 h m 9 h 00 2 fi 9 W m 9 * O L 3 s h h s c I N 0 N 0 E z 0 N h 01 2 h 00 2 m r- 9 x9 0 2v 0 0 2 v 0 v! a B vi V 5 U 0 0 0 N g: 2 h 00 9 I- n 9 u h 2 i F a0 - 0 N 0 0 0 N 0 oi 2 E p. oi 9 :: 0 N f N 0 0 N 0 a E s 0 r- a 9 a 10 E 8 N :: 0 c 0 0 N 0 sa h s 00 a I. 9 x9 N 0 0 N 8 0 N 0 0 N 0 2 fi m 00 3 i m W 2 ~g N f Q N w2 co 01 2 W 01 2 N 0 0 N - 0 N 0 z 0 fi9 00 m 9 I- m 9 R 9 P d 3 B0) G 8 N s N 0 0 0 N 01 9 co 01 2 t.01 s E e h g5 Table 19. Turkey: Treasury's Yearly DomesticBorrowing and Domestic Debt Stock (TL billion, 1996-2002) Repayments Debt Principals Interest Total Borrowing Stock Government Bonds 536,788 327,774 864,562 1,247,865 1,250,154 ConsolidatedDebts 25,900 25,900 40 1996 Treasury Bills 2,826,351 988,005 3,814,356 3,722,028 1,527,838 ShortTerm Advances 196,947 9,638 206,585 375,900 370,953 Total 3,585,986 1,325,417 4,911,403 5,345,793 3,148,985 Government Bonds 917,626 860,394 1,778,020 3,185,561 3,570,812 ConsolidatedDebts 40 40 1997 Treasury Bills 2,226,387 1,099,736 3,326,123 3,074,400 2,374,990 Short Term Advances 143,371 17,033 160,404 110,041 337,623 Total 3,287,424 1,977,163 5,264,587 6,370,002 6,283,425 Government Bonds 2,426,865 2,587,441 5,014,306 4,708,064 5,771,980 ConsolidatedDebts 1998 Treasury Bills 6,080,345 3,035,836 9,116,181 9,546,260 5,840,905 Short Term Advances 337,623 3,399 341,022 Total 8,844,833 5,626,676 14,47 1,509 14,254,324 11,612,885 Government Bonds 6,116,357 4,889,437 11,005,795 20,027,769 19,683,392 ConsolidatedDebts 1999 Treasuly Bills 9,462,788 5,004,947 14,467,735 6,858,636 3,236,753 Short Term Advances 4,240 4,240 Total 15,579,145 9,898,624 25,477,769 26,886,405 22,920,145 Government Bonds 12,006,3 17 16,966,537 28,972,854 26,685,862 34,362,937 ConsolidatedDebts 2000 Treasury Bills 6,961,754 1,640,332 8,602,086 5,782,683 2,057,683 ShortTerm Advances 2,554 2,554 Total 18,968,070 18,609,423 31,577,493 32,468,545 36,420,620 Government Bonds 96,418,348 34,608,486 131,026,833 164,183,336 102,127,925 ConsolidatedDebts 2001 Treasury Bills 27,458,248 5,875,760 33,334,009 45,429,899 20,029,333 Short Term Advances 2,554 2,554 Total 123,876,596 40,486,800 164,363,395 209,613,235 122,157,258 Government Bonds 48,178,116 30,991,320 79,169,436 58,900,026 112,849,835 ConsolidatedDebts 2002 Treasury Bills 49,412,577 12,477,220 61,889,797 66,403,099 37,019,855 ShortTerm Advances Total 97,590,694 43,468,540 141,059,233 125,303,125 149,869,690 I/SPOdefinition Source:TreasuryUndersecretariat. W - m Pm m m m 0 0 N 0' 2 0' 2 0 0 N N 0 N 0 i N Table 23. Turkey: Exchange Rate Developments (1996-2002) REER TL/%Exchange Rate Index Average End-Period 1995=100 (Down: Dep.) 1996 81,053 107,505 102.7 1997 151,253 204,750 109.4 1998 259,848 312,720 118.5 1999 416,814 540,098 123.1 2000 623,455 671,765 136.5 2001 1,222,326 1,439,567 112.5 2002 1,504,119 1,634,501 125.3 2000 Jan 543,878 555,761 128.6 Feb 562,396 573,036 131.5 Ma 579,375 588,3 18 132.4 APr 594,4 12 606,302 132.9 May 616,089 613,665 135.7 Jun 615,105 618,985 132.3 Jul 626,424 634,207 133.5 '4% 644,295 651,328 135.9 SeP 663,106 663,434 139.0 Oct 675,747 682,053 142.4 Nov 682,921 682,883 146.5 Dec 677,713 671,765 147.6 2001 Jan 670,624 679,162 148.1 Feb 738,109 906,164 138.4 Mar 965,969 1,056,544 113.5 APr 1,206,954 1,160,566 101.2 May 1,129,785 1,156,530 114.2 Jun 1,212,681 1,267,415 111.8 Jul 1,317,329 1,3 19,881 105.1 Aug 1,397,576 1,368,548 98.9 SeP 1,466,322 1,532,969 98.5 Oct 1,596,308 1,589,727 96.6 Nov 1,517,548 1,484,545 107.4 Dec 1,448,704 1,439,567 116.3 2002 Jan 1,365,888 1,320,839 130.3 Feb 1,346,721 1,399,3 16 135.8 MU 1,353,729 1,332,489 138.4 APr 1,314,568 1,331,462 143.8 May 1,386,212 1,412,893 133.4 Jun 1,520,274 1,602,733 118.9 Jul 1,649,121 1,681,867 107.6 Aug 1,635,497 1,625,818 112.2 SeP 1,643,008 1,648,669 115.2 Oct 1,646,897 1,670,160 119.0 Nov 1,603,894 1,543,474 123.7 Dec 1,583,614 1,634,501 125.4 Source:CentralBank. 2 Y : Y 2 2 h h 0 2 h 2 i >