ECONOMIC INTELLIGENCE WEEKLY

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85T00875R001500150012-3
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 15
• Document Creation Date: December 22, 2016
• Document Release Date: September 29, 2009
• Sequence Number: 12
• Publication Date: March 14, 1974
• Content Type: REPORT

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Economic Intelligence Weekl
Secret
,-1A No. 7
14 March
Copy
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y
1974
N2 204
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Coal Begins Comeback A strong rise in US production is leading the 1
resurgence of world coal output.
Wilson Reaffirms Committment to Renegotiate EC Mem- 2
bership Revised Common Agricultural Policy and decreased share
in budget are main objectives.
Gray Skies for West European Aircraft Producers Western Europe's
commercial airliners seen as little threat to US domination of major
aircraft markets.
South Africa: Paying for Oil with Gold Rising international gold 4
prices portend a healthy balance of payments despite a tripling of oil
import costs.
Expansion of Soviet and East European Nuclear Power Nuclear 6
power will be 8% of Soviet electric power output in 1980 compared
with less than 2% today.
EC Mulling Plans to Assure Raw Material Supplies Associated 7
developing countries would guaran tee supplies.
Dollar Weakens in Quiet Trading 8
India Buys Oil Exploration Vessel 8
Economic Cooperation Between Saudi Arabia and Sudan 8
Publications of Interest
Summaries of Recent Publications
Comparative Indicators
Recent Data Concerning Internal and External
Economic Activity
The oil situation is now being covered mainly in
International Oil Developments, published each
Friday morning.
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ECONOMIC INTELLIGENCE WEEKLY
Articles
COAL BEGINS COMEBACK
Because of the world energy crisis, coal has begun a comeback featured
by a strong rise in US production. The comeback should gradually pick
up momentum and become more widespread over the next several years.
World output, which rose by 2`% in 1973, is expected to increase by
3% this year to 2,240 million tons. This should halt the rapid decline in
coal's share of world energy -- from 49% in 1961 to 30% at present. This
year's increase is equivalent to I million barrels of oil per day.
More than one-half the 1974 increase will occur in the United States,
where production is scheduled to rise 8%. This gain will more than offset
the declines arising from labor problems in the West German and British
industries. Output will grow moderately in Australia and South Africa, as
well as in India, which has undertaken a crash program. Among the
Communist countries, the USSR and Poland will show small output
increases, while China's production will jump by 6%/0.
World Coal Outputs
Million Tons
1973
1974
1972
Estimate
Forecast
Total
2,128
2,167
2,238
Free World
1,103
1,106
1,140
United States
537
530
570
United Kingdom
120
130
120
West Germany
1n8
103
98
India
78
79
82
Australia
60
61
65
South Africa
58
62
65
Other
142
141
140
Communist countries
1,025
1,061
1,098
USSR
451
460
470
Poland
151
157
162
China2
357
378
400
Other
66
66
66
content, one ton of coal equals approximately 0.67 ton (5 barrels) of crude oil.
2. Including a negligible amount of lignite.
Unless othorwisc indicated, data are for anthracite and bituminous coal. In energy
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Last year's sharp oil price hikes and embargoes, coupled with expanding
long-run energy needs, offer ample incentive for greatly increased coal
output. But short-term growth in production is limited by the long lead
times - two to three years - in opening new mines and by a shortage of
experienced miners. The outlook for the next several years is for steady
expansion of coal output as (a) prices rise; (b) new mines are gradually
opened; and (c) employment responds to job opportunities, higher wages,
and improved working conditions. This conclusion assumes that higher prices
for coal will be sustained by the US and West Luropean governments to
reduce dependence on imported oil.
WILSON REAFFIRMS COMMITMENT
TO RENEGOTIATE EC MEMBERSHIP
In seeking a fundamental change in Britain's terms of participation
in the EC, the new Labor government starts with two main objectives.
? It hopes to bring about extensive changes in the EC's
common agricultural policy (CAP). Many Britons blame the
CAP for high domestic food prices.
? It wants to strike a more equitable balance in financing the
Community budget. British contributions of $390 million
far exceed receipts of $200 million.
Although not cited as a renegotiation point, the impact of EC membership
on Britain's mounting trade deficit is perhaps another factor in the
government's decision.
In pre-election speeches, new Foreign Secretary Callaghan - the central
figure in renegotiations -- indicated that the United Kingdom would suspend
further saps toward complete integration. The minority government,
however, will have to act cautiously to avoid alienating pro-EC forces in
the I-louse of Commons. The British Liberal Party, whose support is
necessary for Labor's survival, strongly favors economic integration through
the EC.
The first clear indications of how hard a line the Wilson government
feels it can take will come later this month. EC agricultural ministers will
meet to discuss CAP support prices, and London must decide whether it
will raise tariffs on some non-EC food imports as scheduled for 1 April.
2
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GRAY SKIES FOR WEST EUROPEAN AIRCRAFT PRODUCERS
Commercial airliners built in Western Europe have found hard sledding in
international markets long dominated by US manufacturers. Sales of consor-
tium-built aircraft, the Concorde and the A 300 AIRBUS, have been
particularly disappointing. More success has been realized in sales of
independently produced aircraft, which usually have no direct US counter-
parts.
Anglo-French Concorde
Since its announcement it decade ago, the $40 million Concorde has picked
up only nine firm purchase orders-five from British Airways and four from Air
France. In a desperate effort to shore up the program, the French have surfaced
a proposal to increase fuel capacity and range. This might result in some new
buyers but hardly enough to make the program an economic success. So far,
the British and French governments have each poured more than a billion
dollars into the Concorde.
Similarly, Europe's AIR-
BUS consortium-France,
Britain, West Germany, the
Netherlands, and Spain-may
sustain enormous losses. The
breakeven point for produc-
tion was put at about 250
aircraft. Yet, because of pro-
duction delays and competi-
tion from the McDonnell
Douglas DC- 10 and the Lock-
heed L-1011, only 14 firm
sales have been concluded.
The Anglo-French Con-
corde, plagued by huge cost
overruns, a spiraling sales
price, and environmental
constraints, has been further
hit by the fuel crisis. Fuel
consumption per scat-mile is
50% more than for the
Boeing 747. At a time when
demand for passenger air-
craft has shrunk, the Con-
corde is thus especially un-
attractive.
3
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The worsening consortium situation has been compounded in France by
poor sales prospects for independently produced aircraft. An example of the
deteriorating French civil aviation scene is the fate of the 110-passenger
short-range Dassault Mercure, scheduled to begin service this summer. Despite
forecasts of a market potential for 1,800 aircraft, only 10 orders have been
confirmed. French officials, as a result, are questioning continued expenditures
for aircraft yet to move to production-the Dassault Falcon 30/40 for feeder
airlines and the Aerc spatiale Corvette executive jet.
British aviation, on the other hand, is in a stronger position than at any time
in recent years. A key factor has been China's purchases of Hawker-Siddelcy
Trident aircraft; orders. consisting principally of medium-range 2-Es, began in
November 1971 and now total 35 aircraft. This backlog has been augmented by
increased sales of the HS-125 executive jet and the continued success of the
HS-748, a 50-passenger short-range twin turboprop.
West Germany and the Netherlands
Both West Germany and the Netherlands have limited their participation in
major consortium projects and have themselves manufactured aircraft only for
special markets. The Netherlands' Fokker Friendship-27, a short-range aircraft
with alternative passenger-cargo configurations, acll'eved instant success. More
than 550 were built between 1955 and 1969. Similarly, the larger F-28
Fellowship, introduced in 1969, is off to a strong start-with 76 sold to date.
The F-28 is a joint product of Fokker and West Germany's Vereinigte
Flugtechnische Werke Gmbh (VFW), which merged in 1969. Their newest
entry, the short-range VFW-Fokker-614, has had a strong order book, and
deliveries are scheduled to begin in earl 1975.
SOUTH AFRICA: PAYING FOR OIL WITH GOLD
A steep rise in international gold prices since mid-January portends
a healthy South African balance of payments in 1974, despite a tripling
of oil import costs.
Pretoria marketed 824 tons of gold in 1973 - or nearly all of current
production - for a record $2.6 billion. This paid half of South Africa's
import bill. Foreign reserves, nevertheless, were drawn down 44% in the
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last half of the year to offset an expanding trade deficit and growing net
capital outflows. In January-February 1974, the steep rise in gold prices
to as much as $184 an ounce reversed the foreign exchange drain without
an increase in the volume of sales.
South Africa: Gold Production, Sales, and Stocks
1973
1970
1971
1972
Preliminary
Production
1,000
976
910
852
Sales
1,398
1,204
712
824
Yearend stocks
592
364
562
590
South Africa: Balance of Payments
Balance before gold
sales
Cold sales
Balance after gold
sales
1973
1970
1971,
1972
Preliminary
-1,641
-1,609
-1,081
-2,800
1,727
1,588
1,434
2,600
86
-21
353
-200
South Africa's oil bill in 1974 will jump from $300 million to at least
$1 billion. Imports provide all of South Africa's needs, which total about
350,000 b/d, including supplies for re-export. Pretoria's readiness to pay
the going international prices for oil has sharply limited the effect of the
Arab embargo. Gasoline rationing, which had been scheduled for 1 March
1974, has been postponed indefinitely.
Ballooning oil costs on top of strong demand for non-oil imports will
help push the 1974 payments deficit (before gold sales) to more than
$3 billion. Sales of gold from current production - expected to be about
820 tons - will be adequate to finance this deficit, even if the price of
gold falls to $115 an ounce. World demand for gold almost certainly will
be bolstered by continued uncertainty in money markets, as the energy
crisis and inflation leave their mark.
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EXPANSION OF SOVIET AND EAST EUROPEAN
NUCLEAR POWER
The USSR, which now has only about 10`yo as much nuclear power
capacity as the United States, is tinaily getting its program off the ground.
Soviet nuclear powerplants produced 1 1.7 billion kilowatt hours of electric
power in 1973, an increase of 5217o over the previous year. As the result
of an ambitious construction program, 8`% of Soviet electric power Output
is planned to be nuclear by 1980, compared with less than No today.
Installed nuclear power
1970
1973
1974
Plan
1975
Plan
1980
Plan
capacity (megawatts)
Production of electricity
925
2.400
4,864
8,000
30,000
(billion kwli)
Share of total electricity
3.5
11.7
16.1
25
150
(percent)
0.5
1.3
1.8
2.4
8
The first 440-megawatt (MW) reactor at the Kola nuclear powerplant
on the Murmansk peninsula went into operation in 1973, and another
440-MW reactor began operation at Novovoronezh. These reactors brought
In 1974, reactor capacity should more than double, through
the addition of a second 440-MW unit at the Kola plant and the startup
of two 1,000-MW units at the Leningrad nuclear powerplant.
Moscow is locating nuclear powerplants in the European USSR, where
80`%o of Soviet electricity is consumed. This policy reduces (a) the strain
of transporting fuel from Siberia for conventional generation of electricity
and (b) the urgency of developing the high-voltage capability to transmit
Siberian power to the European USSR. Each 1,000 MW of nuclear capacity
built in the European USSR will reduce annual fuel shipments from the
east by 2 million tons of coal equivalents.
The USSR is also assisting Eastern Europe in nuclear powerplant
construction.
w A 70-MW nuclear plant built with Soviet help has been in
operation in East Germany since 1966, and a Soviet 440-MW
reactor began operation in the GDR at the end of 1973.
6
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Production at these plants should rise to more than 2`%, of
total East German electric power production in 1974,
compared with 0.61/o in 1973.
? Soviet technicians also helped complete a 150-MW
powerplant in Czechoslovakia in 1972.
s Nuclear powerplants with Soviet 440-MW reactors are under
construction in Bulgaria, Czechoslovakia, Hungary, East
Germany, and Finland.
reactors by 1980-82.
EC MULLUNG PLAN TO ASSURE RAW MATERIAL SUPPLIES
The EC Commission is considering a plan to secure long-term supplies
of several key commodities -- cobalt, uranium, copper, manganese,
aluminous ores, and cotton.
Developed Countries: Share of
Raw Material Imports
from EC-Associated States1
Aluminum
4
...?
11
Bauxite and alumina
20
(7
....
Manganese
27
42
6
Cobalt
85
40
N.A.
Copper
47
....
22
Uranium
15
....
....
Cotton.
22
....
12
1. including potential associates; based on 1971 data.
A Commission working group has proposed asking the 41 developing
countries with which it is negotiating reciprocal trade preferences to
guarantee specified deliveries of these commodities. In return, the EC would
offer to stabilize exporters' earnings by guaranteeing minimum prices. EC
success in cor.iering a major share of supplies from these producers could
impair the ability of other large importers -- notably the United States and
Japan - to satisfy some of their raw material requirements.
7
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Dollar Weakens in Quiet Trading
The dollar continued to weaken in quiet tracing last week against all
major currencies except the French franc. The yen and Swiss franc
appreciated more than 2`%, while the mark, pound, and lira gained more
than i'/,. Increases were also recorded in the value of the guilder and Belgian
franc. Major factors in the dollars recent decline have been the anticipation
of lower oil prices and a realization that Europe and Japan will be able
to finance much of their oil-induced deficits through borrowing rather than
drawing on reserves. Gold has remained around $165 an ounce for the past
two weeks
India Buys Oil Exploration Vessel
India recently commissioned a Houston finis to construct
$4.6 million ultramodern offshore seismic survey vessel to facilitate oil
exploration and development. The contract is a cash deal with incremental
payments as construction progresses and final payment on delivery in
January 1975. Indian technical personnel, who have long preferred US
technology, have been forced by New Delhi officials to make do with French
and Soviet technology because of soft credit links. Disappointing results
of Soviet- and French-aided seismic surveys presumably led to the US
contract.
Economic Cooperation Between Saudi Arabia and Sudan
Closer economic ties between Saudi Arabia and Sudan are signaled
by a $200 million Saudi government guarantee of commercial loans to
Sudan and the promotion of a Red Sea eco.:amic grouping based on Saudi
capital and Sudanese land. Priv:.ite plans, said to have the backing of Jidda's
central planning staff, include cooperative development of land in Sudan
for soybean, wheat, sugar, and cattle production. Cotton and livestock from
Sudan would be exported to processing plants to be built around Jidda.
A proposed refinery-pctrochemical-fertilizer complex at Port Sudan would
use Saudi Arabian crude. US planning experts and investors probably would
play major roles in these projects.
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The Economic Situation in South Vietnam, February 1974
(CIA ER IR 74-5, February 1974,
Key developments in February were (1) new government restrictions
aimed at curbing imports, (2) a decision to open a second round of bidding
for offshore oil concessions, and (3) a continued erosion of money incomes,
particularly in urban areas, where declining living standards pose serious
problems.
1973 Agricultural Developments in Eastern Europe
(CIA ER IR 74-4, March 1974,
Three good performances in a row have lilted East European
agricultural output above a live-year plateau. Growing demand for livestock
feed will keep Eastern Europe's grain imports close to 8 million tons in
FY 1974 - about the same as in FY 1973. Because of the excellent 1973
Soviet harvest, imports from the USSR are expected to increase by
1.2 million tons while imports from the West will decline by a like amount
to 3.8 million tons. US grain deliveries probably will fall it least
700,000 tons, with the cutback affecting mainly wheat.
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GNP
Constant Market Prices
INTERNAL. ECONOMIC INDICATORS
Average Annual
Growth Hale Since
V010LESALE PRICES
Industrial
Average Annual
Growth Hale Since
Percent Change
Latus t from Previous I Year Previous
Quarter Ouatter I97ll Enrher Dueller
I'hercnnt Clmngc
blest am ----
Previous I Year 3 Mnnlhs
Month Mnnlh 1971) [.uhei [artier
United States
73 IV
0.4
4.7
4.0
1.5
United States
Fab 74
1.4
7.4
17.0
29.8
Japan
73 111
0.5
8.5
10.0
2.0
Japan
Jan 74
5.5
10.4
34.0
114.8
West German
731V
-0.1
3.1
3.4
- 0.3
West Germany
Doc 73
0.9
5.3
8,0
11.0
y
France
73 111
0.9
5.0
6.1
3.8
France
Jan 74
5.3
10.0
26.6
56.0
United Kin
dom
73 III
1.3
3.9
0.0
5.2
United Kingdom
Jan 74
2.0
8.7
12.8
22.0
g
Italy
73 I
0.8
3.1
5.2
3.4
Italy
Nov 73
1.6
9.0
21.1
17.5
Canada
73 IV
2.8
0.1
7.2
11.0
Canada
Doc 73
0.6
8.5
18.3 19.5
Average Annual
Growth Hale Susie
Average Annual
Growth Hale Since
Parent Change_
latest train Previous 1
Year 3
Months
I'crleer Change
latest bent Previous I Year 3 Months
Month Monllt 1970 Ea
rlier Enr
t er
Moroh Month 19711 Earlier Earlier
United States
Jon 74
-0.8
5.2
3.6
-
0.6
Unite
d States
Jon 74
0.9
5.3
9.5
9.7
J
Jan 74
1.3
8.9
1
0.3
7.5
Japan
Jon 74
4.3
10.2
23.1
41.9
apan
West Germany
Dec 73
0.9
4.4
6.2
9.0
West
Germany
Jon 74
0.7
6.2
7.4
11.8
France
Dec 73
-4.4
5.7
2.1
0
Franc
e
Jan 74
1.7
7.1
10.3
13.6
United Kingdom
Dec 7.1
-4.2
2.2
1.8
-
4.7
Unite
d Kingdo
m
Jan 74
1.9
9.3
12.0
14.5
Italy
Doc 73
-7.5
4.4
12.8
22.3
Italy
Doc 73
1.4
7.7
12.5
14.5
Canada
Doc 73
-0.1
6.3
4.7
9.9
Cana
da
Jon 74 08 5.7 9.1 8.8
RETAIL SALES'
Average Annual
Avera
Current Prices
Growth
ge Annual
Rate since
Growth Hale Since
Percent Change
Latest Item Previous I
Year 3
Monn s
Percent Change
latest from Previous 1 Year 3 Months
Month Menit 1970 E
ar her Ea
rlier"
Month Month 1970 Earlier Earlier
United States
Feb 74
- 0.7
9.8
6.0
-
3.4
Unite
d States
Fob 74
1 1.2
7.4
8.1
9.2
Japan
Nov 73
3.4
14.6
27.4
32.0
Japa
n
Doc 73
0.1
17.5
16.7
14.7
West German
Doc 73
0.5
7.8
5.8
7.6
West
Germany
Doc 73
3.3
9.7
8.1
9.8
y
ce
F
Nov 73
-2.4
5.6
15.2
20.1
Franc
e
Dec 73
5.0
13.2
9.7
14.2
ran
United Kingdom
Nov 73
0.7
12.1
14.8
21.9
Unite
d Kingdo
m
Dec 73
-0.2
9.6
3.8
-8.9
Ital
Aug 73
6.7
12.4
19.0
5.0
Italy
Sop 73
1.4
20.7
23.3
24.7
y
Canada
Dec 73
-0.9
10.8
13.7
9.3
Cana
da
Jon 74 2.2 13.3 11.6 3.9
1 Yeer 3 Months 1 Month
Representative Rates Latest Date Earlier Earlier Earlier
United States
Prime finance paper
8 Mar
7.50
6.25
8.25 8.13
Japan
Call money
1 Mar
12.00
5.50
9.75
12.00
West Germany
Interbank loans (3 Months)
8 Mar
10.50
8.44
13.00
11.00
F
Call money
8 Mar
12.38
7.13
11.50
12.63
ll
d
d
'
rance
United Kingdom
Local authority deposits
1 Mar
14.94
7.38
15.38
15.25
y a
juste
.
Seasona
''Average for latest 3 months compared
Canada
Finance paper
8 Mar
8.38
5.13
9.25
8.63
with average for previous 3 months.
Euro-Dollars
Three-month deposits
8 Mar
8.69
8.25 10.44 8.44
14 March 1974
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EXTERNAL ECONOMIC INDICATORS
EXPORTS'
Iob
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
IMPORTS'
loh.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
TRADE BALANCE`
I.o.h./I o.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Jan 74
Jan 74
Doc 73
Jan 74
Jan 74
Nov 73
Jett 74
7,110 70,790
3,051 35,989
5,420 67,643
3,401 30,074
2,290 28,393
1,907 19,733
2,444 25,197
Latest Mont Ii
Million US S
49,221
27,910
40,725
20,378
22,809
10,508
20,200
Million US S
1973 1917
Jan 74 0,470 09,076
Jan 74 3,428 32,314
Doc 73 4,511 51,044
Jan 74 3,500 35,272
Jan 74 3,132 33,873
Nov 73 1,963 21,861
Jan 74 2,226 23,304
55,553
19,003
37,990
25,250
24,819
15,314
18,851
EXPORT PRICES
IISS
I'nn:nnl
Changn
43.0 United Stales
20.9 Japan
44.8 West Germany
39.0 France
24.2 United Kingdom
19.1 Italy
24.3 Canada
EXPORT PRICES
National Currency
Pe!cenl
Change
243 United States
09.5 Japan
35.9 West Germany
39.7 France
37.0 United Kingdom
42.8 Italy
23.0 Canada
Million US S 1973 1972
Jail 74 840 1,714 -6,332
Jan 7^ 223 3,875 8,854
Doc 13 914 15,999 8,735
Jan 74 -99 1,402 1,129
Jan 74 -852 -5,480 -1,749
Nov 73 23 - 2,128 1,254
Jan 74 218 1,892 1,414
Change
8,040
- 5,178
7,284
273
-3,731
-3,382
478
BASIC BALANCE"
Current and Long?Torm?Capital Transactions
Latest Period Cumulative (Million US $)
Million US $ 1973
United States'
Japan
West Germany
France
United Kingdom
Italy
Canada
73 III
Jan 74
Doc 73
73 III
73 III
72 111
73 111
United States
Japan
Wrist Germany
France
United Kingdom
Italy
Canada
-1,963
193
-1,482
- 521
800
238
- 9,702
3,950
-2,039
- 1,840
N.A.
267
End of Billion US $ Jun 1970
Jan 74 14.6 16.3
Feb 74 11.9 4.1
Jan 74 32.2 8.8
Jan 74 8.3 4.4
Feb 74 6.0 2.8
Jan 74 8.0 4.7
Feb 74 6.2 4.3
1972
-8,282
2,137
4,566
- 202
-1,252
2,983
574
1 Year
Earlier
13.1
19.1
23.7
10.0
5.9
5.8
8.2
Change
9,268
11,839
-BIB
1,830
- 587
N.A.
-308
3 Modlhs
Earlier
14.4
13.2
350
10.1
8.6
8.2
IMPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Avoruge Annual
Gn!wlh [late Slime
Pen:nnl change ..._ "- ..- __
Intact If ()In Ill evloils I Year 3 Months
Month Merrill 11110 Larlim Earlier
Dec 73
Nov 73
Doc 73
Oct 73
Doc 73
Sop 73
Nov 73
4.1 10.3 20.7 44.7
-0.8 13.11 27.4 11.6
-6.8 17.4 25.7 ? 18.3
2.9 15.9 31.9 15.7
0.1 8.7 17.3 12.4
3.4 11.2 22.3 51.7
4.9 9,5 22.5 42.9
'nn:ant change
LOW tem Previous
Doc 73
Nov 73
Doc 73
Oct 73
Dec 73
Sop 73
Nov 73
Average Annual
Growth (tale Sinn!
Ill 111
10.3
4.0
2.4
0.6
9.8
7.7
8.0
I Year
E;ulier
26.7
14.9
4.3
10.7
18.8
18.7
24.5
3 Months
Earlier
44.7
34.1
17.6
34.9
33.4
21.4
40.1
Avcnale Annual
Growth Hate Since
'E, caul Change -----------
Latest lion, Previous 1 Year 3 Months
Month Month 19711 Earlier Ear her
Doc 73 4.7 13.5 32.5 85.3
Nov 73 3.7 4.6 19.8 31.0
Dec 73 4.7 3.3 13.8 54.2
Oct 73 -1.5 5.3 14.3 35.2
Doc 73 5.2 16.4 43.1 53.1
Sep 73 0 13.2 34.2 44.1
Nov 73 0.3 5.5 13.6 I 8.1
EXCHANGE RATES Spot Rate
As of 8 March 74
JapaniYenl
( lie
West Germany Mark)
ark)
France a!anrl IPuund
United Kingdom sterling)
Italy anal
Canada (Dollar)
US S
Per Unit
0.00350
0.37820
0.20990
2.32200
0.00156
1.02960
Dec 66
25.93
50.44
2.43
-16.79
-2.87
11.62
18 DEC
1971
7.85
21.88
5.03
-10.88
-9.59
3.19
19 Mar
1973
- 7.91
6.81
-6.17
-5.65
-12.15
3.20
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Dec 66
-15.85
16.66
30.68
-17.35
-34.64
-22.08
8.96
18 Dec
1971
-6.30
2.91
13.74
-4.00
-20.46
-20.81
2.35
19 Mar
1973
0.38
-8.99
8.73
-6.45
-8.10
-13.94
3.98
1 March
1974
2.04
1.31
-0.46
1.57
1.77
-0.24
I March
1974
-0.66
1.82
0.75
-1.51
1.14
1.15
-0.53
'Seasonally adjusted. "'Weighting Is based on each listed country's trade with 16 other industrialized
"Converted Into US dollars at current market rates of exchange. countries to reflect the competitive Impact of exchange-rate variations
14 March 1974 A 2 among the major currencies.
Approved For Release 2009/09/29: CIA-RDP85T00875RO01500150012-3