ECONOMIC INTELLIGENCE WEEKLY

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85T00875R001500150010-5
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 17
• Document Creation Date: December 22, 2016
• Document Release Date: September 29, 2009
• Sequence Number: 10
• Publication Date: February 28, 1974
• Content Type: REPORT

d /'1n/c r L'' /--IL/ 7 //'1`
Approved For Release 2009/09/29: CIA-RDP85T00875RO01500150010-5'/( /
r
Secret
Economic Intelligence Weekly
COPY
e urn to DSB.
Ili 1107, 1iq.
Secret
CIA No. 7928/74
28 February 1974
Copy N2 204
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Dollar Decline Continues I iropean financial woos had been
overstated. i
US-Polish Trade: the Lively One Turnover tripled in 1973 and will
continue upward in 1974. 3
Brazil: Economic Prospects Still Bright Despite rising inflation and
a sizable trade cl ficit, GNI'should grow 81"0' to 10% in 1974. 4,
Developed Countries: Industrial Output Slipping The downturn
reflects the depressing effect of the oil crunch. 5
The British Trade Balance: from Bad to Worse Higher oil prices and
the coal strike will increase an ah-eady huge deficit. 7
India: Indecision on Fertilizer Lag in contracts endangers grain
targets. 8
Chile and the Paris Club 9
Soviet Sunflower Oil Exports 9
Rising World Sugar Prices Exert Pressure on US Market 9
Soviets Insist on Barter Arrangement for Chemicals 10
Canadian Ulti,-natum on Scrap? 10
Publication of Interest
Summary of a Recent Publication
comparative Indicators
Recent Data Concerning Internal and External
Economic Activity
7710 oil situation is now being covered mainly in
International Oil Developments, published each
Friday morning.
SECRET 28 February 1974
Note: Comments and queries regarding this publication are welcomed. They may be directed to Mrs.
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ECONOMIC INTELLIGENCE WEEKLY
Articles
DOLLAR DECLINE CONTINUES
The dollar dropped further against most major currencies in hectic
trading during the past week. Daily Changes in its VaIIIC so111Ctilllcs CXCCCded
2% as energy-related un :ertainties continued to dominate currency markets.
Central banks did not intervene substantially to limit daily fluctutions in
exchange rates or to halt the dollar's general decline. Since 1 February
the dollar has depreciated nearly 4%% against the mark, 2% against the pound,
and 4% against the yen. The price of gold surged to $175 per ounce and
is up 50% so far this year.
Renewed eurreeay Two-tier gold
turmoil begins peel terminated
601111111111111111IIIII1111111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
6n.ood on Pon ahornoon n, in r ondon on mn rn.er und,nr; day in emeh work. 1973
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I I 112121 2 12I
O
Jan Feb
1974
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The dollar's weakness reflects growing understanding that the
Iu -cpeans and Japanese will be able to finance much of the rise in their
oil i uport bills by borrowing; they thus will be under less pressure to
depreciate their currencies or draw on foreign reserves than was previously
supposed.
? Rome is planning to float a new $1.5 billion external loan.
It also will be able to draw on the recently negotiated
$1.2 billion IMF standby credit and arrangements for
increased short-term currency swaps with the United States.
? In France, certain state agencies will apparently follow the
lead of the Treasury and Electricite de France in seeking
foreign capital. The Treasury and the electrical agency have
already obtained loans totaling $2 billion.
? The Danes announced plans for a 100 million mark
($37 million) loan, and substantial further borrowing by
Scandinavia is likely.
Percent Change In the Value of the US Dollar
Relative to Selected Foreign Currencies
Compared With January 2, 1973
10r-
-301 . , I ' . I .. . I . .11 ... I .. .. I ... I . . I . . . . 1, ,, +,I I . .
-.. ' 0 15 22 20
Mar A
S
1.- J
r Ma
l A
O
p
ep
y
u
ug
ct
The dramatic rise in the gold price is attributable mainly to increased
speculative demand brought on by uncertainties as to the fate of major
currencies. Reduced South African gold sales and renewed expectations that
the EC will sharply raise its official price for gold have also been factors.
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US-POLISH TRADE: THE LIVELY ONE*
US exports to Foland tripled to $315 million in 1973, nearly as large
as sales to the rest of Eastern Europe. Washington ran a trade surplus for
the first time since 1964. New Polish orders for plant and equipment on
top of continued large deliveries of agricultural products could push
US sales to more than $45U million in 1974.
Million US $
1965
1970
1971
1972
1973
US exports
30
58
81
110
315
US imports
69
93
106
128
193
US trade balance
-39
-35
-25
-18
122
Spurred by the availability of Eximbank credits, US firms in 1973
won about $250 million in machinery contracts -- for mach;ne tools and
meat processing, metallurgical, and electronic equipment. Deliveries will
begin to have an impact on trade in 1974. US exports of protein meals.
corn, and other agricultural products should remain at high levels, and
increases in hales of chemicals, steel products. and textiles can be expected.
US imports will still be dominated by canned hams and pork,
traditionally 40% or more of US purchases from Poland. One major new
import this year will be 600,000 tons (worth $15 illillioll) of low-sulfur
coal. Otherwise, US imports will be scattered among such commodities as
frozen fish, fox fur, medicines, nails, wire rod, steel sheets and pipe,
clothing, shoes, glassware, and furniture.
Poland should remain Eastern Europe's most dynamic market in the
1970s. Under Party Chief Gicrek, the Poles since 1971 have made a clean
break with the cautious import policies of the Gomulka years. Ambitious
growth and investment targets and a comparatively sound debt position
point to continued heavy demand for Western machinery. Poland also will
soon join Yugoslavia, Romania, and Hungary in permitting foreign
investment in partnership with domestic firms. Warsaw is specifically looking
to the United States for joint ventures in copper extraction, coal gasification,
oil and gas exploration, and nonferrous metals production.
? This is the seventh in a series of articles on current developments and prospects for US economic
relations with the East European countries.
3
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BRAZIL: ECONOMIC PROSPECTS STILL BRIGHT
Rapidly rising invest-
ment spending will maintain
Brazil's economic momen-
tum through 1974 despite its
exposure to soaring oil fin-
port prices. President-elect
Geisel will continue to pro-
mote the investment boom
that has fueled Brazil's vigor-
ous economic growth for the
past six years. US, Japanese,
and European business inter-
ests will expand their already
sizable stakes in Brazil. The
new government may even
open the exploration and
development of Brazil's pe-
troleum resources to foreign
participation.
GNP probably will grow
by 8% to 10% in 1974, com-
pared with 11 % in 1973.
Industrial production will
grow more slowly in 1974 as
output presses against capac-
ity. Agriculture should have
a good year because of ex-
panding acreage, good
weather, and recovery of
coffee production to nearly
normal levels. Although not
matching the remarkable in-
creases of the last two years,
exports should register a
healthy rise of 15% to 20%.
Brazil is not only the world's
largest coffee supplier but
also an important exporter
of manufactured goods, the
second largest exporter of
soybeans and cane sugar, and
a close rival with Canada and
the USSR for second place
among exporters of iron ore.
BRAZIL
Annual Increase in Real GNP and
GNP Deflator (Percent)
Current Account Deficit and
Foreign Capital Inflow
Billion US $
'Projected
502707 2.74
4
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Prices will rise more rapidly in 1974--perhaps by20'/, -- because of higher
costs for imported fuels and the postponement of price adjustments until after
the first of the year. These delays helped the government hold the official
cost-ol-living increase to about 14% during 1973 at the cost ol'spot shortages
and isolated black market activity.
Brazil's current account deficit probably will exceed $3 billion this year
(about 4.5'/) of'projected GNP), compared with only $1.3 billion in 1973 (2.31/0
of GNP). Higher prices for imported petroleum and capital equipment and
slower export growth will account for most of the increase. Brazil should be
able to finance the larger deficit without difficulty because it probably can
count on a continuation of the annual $4 billion inflow of capital.
Brazilian borrowing slowed during the last four months of 1973 as the
government imposed restrictions on capital inflows to check the inflationary
impact of a sharp increase in foreign exchange reserves during 1972 and 1973.
These restrictions have now been removed. Even if foreign financing were to
slow down because of stiff competition in world capital markets, Brazil still
could support a high level of imports by drawing on its large reserves.
DEVELOPED COUNTRIES: INDUSTRIAL OUTFUT SLIPPING
The downturn in industrial output in six major developed countries
in December is the first general statistical evidence of the depressing effect
of the oil crunch. The sparse data available suggest that a bearish trend
continued into January even though oil supplies improved and the full
impact of sharp oil price hikes had not yet been felt. Because inflation
has been accelerating, governments have resisted a shift to expansionary
policies.
Measured against levels one year earlier, monthly increases in industrial
output have been slipping at least since mid-1973 in most of the countries.
In December, all of the major developed countries except West Germany
experienced a decline, on a seasonally adjustcd basis, 1'rorn output in
November. In January, US output dropped an additional 0.8%, and British.
output suffered a 15'%-20% drop because of the coal strike and shortened
work week. Japanese output recovered in January but remained below the
peak reached in November. Rising unemployment suggests that West German
industry has been experiencing sharply reduced growth - if' not a decline --
in output.
5
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Developed Countries: Industrial Growth Trends
Percent Increase
from 12 Months Earlier
'Reflects impact of dock strike the year before. "Estimated.
562750 ale
Oct Jan Apr
1973
UAted Kingdom
JJ_1_l LL7..
Jul Oct Jan
1974
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Indexes Seasonally Adjusted
(1970 Monthly Average=100)
1401_._._
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The main factors in the recent downturn have been supply bottlenecks
caused by energy shortages, a precipitous drop in demand for automobiles,
and weakening demand for other consumer goods. In addition, uncertainties
over future energy supplies and prices have caused postponement of some
investment spending, and growth in foreigi, demand for some industrial
goods slowed.
Higher oil prices and the coal strike will drive the United Kingdom.'s
trade deficit-already the largest in the world-to much higher levels in 1974.
In January alone the trade deficit (f.o.b./c.i.f.) totaled $1.2 billion, compar-
ed with $450 million in January 1973.
The 1973 deficit of S9.1 billion was incurred in large part before the rise
in oil prices. Even so, the deficit in oil trade reached $3.3 billion, up about
40% from 1972. Sharp deterioration in Britain's terms of trade was the
major factor in the $4 billion jump in the deficit for non-oil trade in 1973.
Spiraling world prices for primary commodities-for example, grains, other
foodstuffs, wool, and rubber-hit the United Kingdom especially nard.
British trade prospects for
1974 are the worst in Europe.
The coal shortage already has
brought a 20%-30%% drop in in-
dustrial production, the main
source of exports. This decline is
causing export earnings to drop
considerably more than import
requirements, which include
huge amounts of food. Even if
the strike ends soon, exports
probably will not recover to the
1973 level until the third
quarter.
A still more important factor
in Britain's worsening trade defi-
cit in 1974 will be the increased
oil bill. A rise in I -he landed price
of oil to $10.50 per barrel would
push the net oil import bill to $8
United Kingdom: Trade Deficits*
Billion US $
74
Estimatco
'Payme,tts basis; exports f.o.b., imports c.i.f.
"Assuming an 896 increase in export prices,
a 1096 Increase in import prices, a 5% decline
in export volume, and no change in import volume.
"'Assuming import volume at 696 below 1973 level
and a c.i.t. price of $10.50 per barrel.
7
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billion, even if conservation measures Illd economic recession hold the physi-
cal volume of imports 6% below the I c73 level. Since the balance for non-oil
trade will deteriorate by at least $1 billion, the United Kingdom faces an
overall deficit of' $15 billion.
The United Kingdom will have to scramble to finan:+e a deficit of this
size. Britain has about $3 billion in unconditional credits at t!te International
Monetary Fund and is seeking additional financing in the fornl of'a standby
loan similar to the one recently obtained by Italy. Other possible sources of
Selected Quarterly Trade Statistics
1973
Index
(Average 1972 = 100)
Total Total
Exports Imports Oil Oil Export Import Export Import
f.o.b. c.i.f. Exports Imports Prices) PricesI Volume Volume
First quarter 6,394 8,027 143 846 104 109 108
Second quarter 7,124 9,032 140 951 112 123 111
Third quarter 7,405 9,712 259 1,027 1 14 133 ill
Fourth quarter 7,252 10,528 291 1,298 1 15 142 112
Full year 28,176 37,300 833 4 , 1 2 2 i l l 1"7 11 i
funds include rcflows of Arab oii earnings and borrowing in the Euro-
currency market. London nonetheless may be forced to draw heavily on its
foreign reserves, which now total about $6 billion.
India must act decisively it' fertilizer imports are to be obtained and
distributed ill time for 1974 plantings. Only 600,000 tons, about one-half'
the amount imported last year, has been contracted to (late.
Increased use of fertilizer is an integral part of' Indian programs to
boost agricultural output. At present levels of application, a ton of imported
fertilizer provides a saving of roughly five times its cost in imported grain.
Indian buyers could find themselves shut out of the tight international
fertilizer market if additional contracts' are not soon concluded.
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A cut in fertilizer supplies would compound New Delhi's mounting
political and economic problems. Despite a near-record fall harvest,
government grain stocks remain low and prices continue to rise. The
government grain procurement program is likely to achieve only two-third;;
of its 6.65 million ton target. The high cost of grains and inadequate
supplies from government procurement/redistribution programs have
triggered outbreaks of rioting in some grain-deficit states.
Chile's meeting with major Western creditors last week resulted in
substantial rescheduling of the $641 million due for payment in 1973-74.
The "draft agreed minute" calls for payments of 51/o in 1974, 5'% in
1975,
10'lo in 1976, and the remaining 801/o over the following se%..n
years.
Meetings will be held on 25 March to approve the draft formally and in
November to consider Chile's request to reschedule 1975's debt payments.
Belgium, Denmark, the Netherlands, and Sweden so far have withheld
approval of last week's agreement because of domestic political
considerations. Italy did not attend. All probably will come around because
of the lack of alternatives.
Soviet Sunflower Oil Exports 25X1
As a result of last autumn's bumper sunflower seed harvest, the USSR
has 800,000 to 900,000 tons of sunflower oil available for export in 1974 --
more than twice aver.:.*,, exports in 1970-73. Soviet sales have usually
amounted to about two-thirds of world exports. The world price of
sunflower oil had climbed in late January to a record $805 per ton,
compared with about $325 a year earlier. Recent Soviet sales of about
80,000 tons in Western markets explain in part the downturn that brought
the world price to $775 in mid-February.
Rising World Sugar Prices Exert Pressure on US Market
World sugar prices have doubled since last December and now stand
at almost 25 cents per pound, the highest since World War 1. World sugar
supplies remain tight, and expectations of rising prices have caused
widespread speculative activity. The United States maintains a preferred
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market for certain sugar produce is and does not compete For sugar directly
in the world market. US buyers, however, have been forced to raise their
offer price in supplier countries in order to insure adequate supplies For
the US market. World prices are expected to ease later this year as the
new crops are harvested.
Soviets Insist on Barter Arrangement for Chemicals
2 million tons - was 146,000 tons short of plan. Applications of epoxy
resins that could explain Soviet interest in bisphenol-A include use as
laminating agents in printed circuits for computers and as molding materials
Soviet foreign trade offcials recently refused to sell industrial chemicals
to a US trader unless he could provide caustic soda in return. The Soviets
also offered to trade naphtha or benzene for bisphcnol-A, commonly used
in producing epoxy resins. Soviet insistence on payment in goods reflects
both the tight world supply for many chemicals and the problems in the
domestic chemical industry. Soviet production of caustic soda in 1973 --
in the electrical engineering and automotive industries
Canadian Ultimatum on Scrap?
Faced with serious shortages of scrap for the second half of 1974,
Canadian businessmen are asking the government to issue all ultimatum to
Washington - either open the Canadian-US border to ferrous scrap trade
or face tighter controls on scrap exports to the United States. Current higher
prices in the United States are drawing both Canadian scrap and pig iron
to US markets, while the US limit on scrap exports to Canada (800,000
tons annually) may prevent Canada from meeting its own needs for scrap
later in the year. Ottawa has responded by delaying requests for permits
to export scrap and pig i-on to the United States in hopes that prices will
stabilize and thus eliminate the need for strict export controls. In the
meantime, the Canadian Minister of Industry, Trade, and Commerce is
expected to request an exception to the US allocation plan or at least a
credit under the system for heavy shipments to the United States from
Canadian stocks.
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Egypt: Economic Impact of the 1973 War and Its Aftermath
(CIA ER IM 74-2, February 1974,
Egypt has emerged from the October war with physical assets largely
undamaged and eco.iomic prospects markedly improved. Thanks to wartime
contributions from other Arab states mid to the prospective reopening of
the Suez Canal, Egypt can realistically expect to reverse the pre-war
economic downturn and hope to end the humiliating dependence on
bilateral aid characteristic of past development efforts. Ties with the USSR
could be loosened as the need for military aid diminishes and as increased
affluence provides the means to reorient trade westward.
11
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INTERNAL ECONOMIC INDICATORS
GNP'
Avenge Annual
WHOLESALE
Constant Market Prices
Grnwth Hale Silice
Industnul
I'nrcent Chanpii _._-.----------_
Lalesl from I'ravmus I Year I'revmus
Quarter Ouerlor Hill Earlier Quarter
United States
73 IV
0.4
4.7
4.0
1.5
United States
Japan
73 III
0.5
8.5
10.0
2.0
Japan
West Germany
73 111
0.1
3.3
5.3
0.5
West Germany
France
73 111
0.9
5.0
0.1
3.8
France
United Kingdom
73 111
1.3
3.9
0.0
5.2
United Kingdom
Italy
73 1
0.8
3.1
5.2
3.4
Italy
Canada
73111
0.4
5.7
0.9
1.7
Canada
Average Annual
Growth Hale Since
I'nicent Change
Latest from Previous I Year 3 Months
Month Month 1970 Garner Err lier ??
United States
Jon 74
-0.8
5.2
3.0
-0.6
Japan
Jan 74
1.3
8.9
10.0
7.5
West Germany
Doc 73
1.0
4.4
6.2
6.5
France
Doc 73
-4.4
5.7
2.1
0
United Kingdom
Doc 73
-4.2
2.2
1.8
-4,7
Italy
Dec 73
- 7.5
4.4
12.8
22.3
Canada
Doc 73
-0.1
6.3
4.7
9.9
RETAIL SALES"
Average Annual
Currznt Prices
Growth natc Since
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
PIIICES
Avnn llo Annual
Ginwlli Rare Sure
Percent Chmrty
Latest troll) Prnviuus I Year 3 Munths
Month Month 19111 Earlier Earhnr
Jan 74 2.5 7.2 17.3 30.9
Jan 74 5.5 10.4 34.0 84.11
Doc 73 0.9 5.3 8.8 11.0
Doc 73 2.7 9.2 20.9 37.3
Doc 73 1.2 8.0 10.2 15.8
Nov 73 1.0 9.0 21.1 17.5
Nov 73 1.8 8.5 18.4 23.3
Average Annual
Growth Rate Since
Per cenl Change
Latest Irian Previous I Year 3 Months
Month Month 1970 Lather Earlier
Jon 74 0.9 5.3 9.5 9.7
Doc 73 3.6 9.1 19.1 21.8
Lac 73 0.9 6.2 7.9 12.4
Doc 73 0.6 6.7 8.5 10.9
Jan 74 1.9 9.3 12.0 14.5
Doc 73 1.4 7.7 12.5 14.5
Doc 73 0.6 5.6 9.1 6.7
Percent Change
Latest from Previous
Month Month
Percent Change
Latest from Previous I Year 3 Months
Month Month 1970 Earlier Earlier"
United States
Jon 74
2.5
10.4
5.9
0.8
United States
Japan
Oct 73
0.9
13.8
25.7
25.0
Japan
West Germany
Oct 73
4.1
9.1
9.2
1.2
West Germany
France
Nov 73
-2.4
5.6
15.2
20.1
France
United Kingdom
Nov 73
0.7
12.1
14.8
21.9
United Kingdom
Italy
Aug 73
6.7
12.4
19.0
5.0
Italy
Canada
Nov 73
0.3
10.1
10.5
8.0
Canada
Representative Bales
I Year
Earlier
3 Months
Earlier
United States
Prime finance paper
22 Feb
7.25
5.88
8.13
Japan
Call money
15 Fob
12.00
5.25
9.38
West Germany
Interbcnk :pans l3 Momhsl
22 Feb
10.38
8.44
13.00
France
Call money
22 Feb
12.75
7.13
11.13
United Kingdom
Local authority deposits
15 Fob
15.96
7.38
14.63
Canada
Finance paper
22 Feb
8.50
5.13
9.00
Euro-Dollars
Three-month deposits
22 Feb
8.88
8.56
9.75
28 Feb 1974
Office of Economic Research/CIA
Jan 74
Nov 73
Nov 73
Dec 73
Dec 73
Aug 73
Dec 73
1 Month
Earlier
8.00
11.50
11.63
15.00
15.50
8.75
9.19
-0.5
0.8
2.5
5.0
-0.2
1.1
3.0
Average Annual
Growth Rate Since
1970
7.2
18.0
8.9
13.2
9.6
20.8
13.0
1 Year
Earlier
5.4
20.2
4.4
9.7
3.8
23.4
11.7
'Seasonally adjusted.
''Average for latest 3 months compered
with average for previous 3 months.
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 EXPORTS"
Iull.
United Status
Japan
West Germany
Franco
United Kingdom
Italy
Canada
IMPORTS'
10 1),
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
TRADE BALANCE'
fah./I.o.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
BASIC BALANCE"
Current and Long?Torm-Capital Transactions
Latest Period Cumulative (Million US SI
United States'
Japan
Wept Germany
France
United Kingdom
Italy
Canada
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
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EXTERNAL ECONOMIC INDICATORS
EXPORT PRICES
US S
Der. 73
Jan 74
Doc 73
Jon 74
Jan 74
Nov 73
Dec 73
Approved For
5,990
3,428
4,520
3,566
3,129
1,981
2,189
09,070
32,455
51,727
35,428
33,946
21,973
23,349
Mdlvm US S 1973 1972
Doc 13 0,030 10,7911 49,221
Jan 74 3,051 30,192 28,032
Doc 73 5,430 67,755 40,727
Jan 74 3.466 30,830 20,390
Jon 74 2,278 28.401 22,075
Nov 73 2,004 19,831 10,549
Doc 73 2,221 25,244 20,259
Cumulalwo
Latest Month ---------------
Motion US S
Million US S 1973 1972
55,553
19,001
37,991
25,268
24,627
15,290
18,846
Million US S 1973
Dec 73 940 1,714
Jan 74 223 3,737
Dec 73 916 16,028
Jan 74 -100 1,408
Jan 74 -851 -5.485
Nov 73 23 -2,143
Dec 73 32 1,895
End of Billion US S Jun 1970
Dec 73 14.4 16.3
Jon 74 11.6 4.1
Dec 73 33.1 8.8
Jan 74 8.3 4.4
Jan 74 6.2 2.8
Dec 73 6.4 4.7
Jan 74 5.9 4.3
1972
-6,332
8,971
8,735
1,129
-1,791
1,253
1,413
Million US S 1973 1972 Change
2,546 990 -8,40u 9.390
675 -9.770 2.137 -11,907
925 3,445 3,867 -421
-1,486 -2,045 -201 -1,844
-522 -1.844 -1.347 - 497
800 NA. 2,983 NA.
93 -151 434 -585
1 Year
Earlier
13.2
17.9
23.8
10.0
5.7
6.1
6.0
'Seasonally adjusted.
"Converted into US dollars at current market rates of exchange.
I'mcuut
Change
43.8
28.1
45.0
39.5
24.4
19.0
24.6
['anent
Change
24.3
70.3
36.2
40.2
37.8
43.6
23.9
Change
8,046
-5,234
7,293
278
-3,734
-3,395
482
3 Modlhs
Earlier
14.0
14.0
35.3
10.1
6.8
6.5
5.8
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
EXPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
IMPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
EXCHANGE RATES Spal Rate
As of 22 Feb 74
JapanlYmd
i ho
West Germany Mark)
Mark)
France(Frmd (Pound
United Kingdom Sterling,
Italy (Lira)
Canada (Dollar)
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
I'en:mn Cbangu
Latest Irma Previous
Month Murrill
Doc 73 4.1
Nov 73 -0.5
Nov 73 -0.3
Oct 73 2.2
Dec 73 0.6
Sup 73 2.3
Oct 73 1.7
I'arrunt Change
Latest from Previous
Munch Munch
Dec 73 ! 4.1
Nov 13
Nov 73
Oct 73
Doc 73
Sep 73
Oct 73
PercentCbange
latest ham Previous
Month Month 19111
Dec 73
Nov 73
Nov 73
Oct 73
Dec 73
Sep 73
Oct 73
US S
Per Urnr
0.00354
0.37660
0.20750
2.31500
0.00155
1.02800
4.7
3.7
4.5
-1.5
5.2
0
1.0
Urn 66
20.31
49.80
2.77
-17.04
- 3.00
11.45
Dec 66
-15.84
17.80
29.87
-17.09
-35.23
-22.30
8.75
111711
103
13.1
13.1
15.6
0.9
11.3
7.9
19711
10.3
4.8
1.9
0.6
9.8
7.7
6.7
13.5
4.6
2.0
5.3
16.4
13.2
5.5
Average Annual
Growth Halo Snu:e
I Year
larlmr
20.7
24.9
29.9
31.8
18.0
22.4
19.5
Average Annual
Growth [late Seine
1 Year
Earlier
20.7
14.9
4.7
10.7
18.8
18.7
21.3
Average Annual
Growth Rate Since
1 Year
Earlier
32.5
19.8
9.3
143
43.1
34.2
13.9
I8 Dec
1971
9.02
21.37
5.38
-11.15
-9.71
3.03
18 Dec
1971
-6.48
4.00
12.96
-3.76
-21.03
-21.03
2.14
19 Mar
1973
-6.92
6.35
-5.85
-5.93
-12.26
3.04
19 Mar
1973
0.20
-7.92
7.96
-6.20
-6.66
-14.16
3.77
3 Months
Earlier
447
12.3
-10.5
20.5
12.3
37.6
30.8
3 Munlla
Earlier
44.7
34.1
14.1
34.9
33.4
21.4
30.3
3 Months
Earlier
65.3
31.0
33.2
35.2
53.1
44.1
9.2
15 Fob
1974
3.63
2.62
3.75
1.67
1.64
0.15
15 Feb
1974
-1.60
3.07
0.55
1.73
0.19
-0.63
-0.37
*"Weighting is based on each listed country's trade with 18 other industrialized
countries to reflect the competitive Impact of exchange-rate variations
among the major currencies.