ECONOMIC INTELLIGENCE WEEKLY

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP85T00875R001500140034-0
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 17
• Document Creation Date: December 21, 2016
• Sequence Number: 34
• Content Type: REPORT

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Secret
`opt, GPP1
SP-11310 to DO,
t% t to I, Sq.
Economic Intelligence Weekly
State Dept. review
completed
Secret
CIA No. 7812/73
4 October 1973
Copy No. 16 9
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The Gold Market
US-Soviet Trade
Natural Gas Pipeline from the USSR
to West Germany Completed
Algerian Oil Demands
Iran: Natural Gas Products for the United States
Communist Withdrawal of Aid to Chile
Worldwide Grain Developments
Page
The US Bid to Build the SUMED Pipeline Bechtel bid for the
SUMED pipeline has a good chance of reaching fruition. 4
Improved US Trade Balance with the EC The US six-month
balance-of-trade surplus with the EC tops one-half billion dollars. 5
International Monetary Reform Foreign reaction was one of general
disappointment with the lack of progress in international monetary
reform at the Nairobi conference.
Japan Contracts for US. Farm Products Orders already cover most
of Japan's requirements ,for US grain and cotton through June
1974.
Comparative Indicators
Recent Data Concerning Domestic and External
Economic Activity
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The price of geld dropped below $100 an ounce this week for only
the second time since May. Speculative demand for the metal appears to
have subsided, partly because there was no indication at the Nairobi
meetings of an imminent increase in the official gold price. The dollar's
stability and high interest rates also have dimmed gold's luster. Meanwhile,.
gold suppliers continued their relatively heavy sales. Two weeks ago, South
Africa, the world's largest producer, sold gold from reserves as well as new
output to pay for increased imports. The Soviet Union, the world's second
largest producer, also is believed to be continuing its weekly sales. Soviet
sales through June totaled about 200 tons, compared with 158 tons in
all of 1972.
US exports to the USSR may reach a record $1.4 billion in 1973,
if present trends hold. US imports from the USSR probably will amount
to less than $200 million in 1973, giving the United States a trade surplus
of approximately $1.2 billion. About two-thirds of US exports so far this
year consist of agricultural products and much of the remainder is machinery
and equipment. US imports include platinum-group metals, diamonds, and
chrome ore.
Natural Gas Pipeline from the USSR
to West Germany Completed
The USSR has completed a natural gas pipeline to West Germany on
schedule. Trade agreements in 1970 and 1972 provided for delivery of
almost $1 billion worth of large-diameter German pipe for construction
of the line in exchange for 700 million cubic feet per day of Soviet gas
during a 20-year period. During the next few years, Ukrainian and Central
Asian gasfields will supply the gas instead of the West Siberian deposits
specified in the original accords. Initially, Ukrainian gas may have to be
the sole source until two major domestic pipelines from Central Asia to
the Ukraine are built.
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Algerian Oil Demands
The Algerian oil company, Sonatrach, has proposed an increase in price
to $5 a barrel and seeks retroactive compensation for losses incurred in
dollar devaluation. At the same time, it says that it will reduce 1974-75
supply commitments to all customers by 25% because earlier production
forecasts will not be achieved. To help correct its lack of technical and
managerial expertise and to bolster its lagging exploration activity, Sonatrac1
intends to induce customers' participation in exploration. The buyer will
have to join Sonatrach in a 49%-51% joint exploration venture or pay an
additional charge per barrel on all crude oil lifted.
Iran: Natural Gas Products for the United States
The United States will receive large quantities of natural gas products
under a long-term agreement signed on 27 September 1973 between
Transco Energy Company of Houston, Texas, and the Shah's National
Iranian Gas Company. The agreement calls for joint ownership of a facility
to be built on Iran's Kharg Island in the Persian Gulf. Some 750 million
cubic feet of gas per day will be converted into methanol and related
products for shipment to the United States. Deliveries are planned to get
under way in 1975 and to have a total value of some $2 billion over the
22 years of the contract. This deal, together with existing US arrangements
with Indonesia and Algeria, will satisfy about 30% of projected US annual
import demands for natural gas by 1980.
Communist Withdrawal of Aid to Chile
Chile has approached the United States to replace scheduled food
shipments from Communist countries, valued at $20 million. In addition,
the suspension of Chilean-Soviet relations might affect the $100 million
to $120 million of short-term revolving credits extend 3d by Soviet banks.
Cancellation of these credits would seriously reduce Santiago's ability to
import basic foods. In the short nun, Chile will not suffer from the loss
of development aid from six of its eight major Communist donors since
little of the $300 million of credits has been drawn and no major projects
are under construction. The two donors with the highest delivery rates,
China and Romania, have not broken with the junta* $40 million to $50
million remains in the pipeline from these sources. 25X1
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Worldwide Grain Developments
After refusing New Delhi's earlier requests, the Soviets have agreed
to lend India 2 million tons of foodgrains, with deliveries to begin
immediately.
It is doubtful
t at much Soviet grain could be delivered before the major Indian harvest
begins in late October. Nevertheless, these shipments, along with the
prospects for an excellent fall harvest, should encourage sales of hoarded
stocks and ease the current shortages.
South Vietnam's rice supply position is worsening. Deliveries from the
Delta are apparently again at their normal seasonal lows, and prices in Saigon
are soaring. More important, difficulties in obtaining PL-480 rice probably
will delay imports until the year's end - two or three weeks after
government stocks will run out, according to predictions now being made
privately by Saigon officials. A black market for rice has sprung up in Saigon
for the first time in many years. On 22 September, the government
responded to the situation by issuing ration books to Saigon consumers.
Sub-Saharan Africa
Summer rains have improved crop prospects in the drought-stricken
Sahel area. The grain crops now being harvested, primarily millet and
sorghum, are described as good in Senegal, poor but better than last year
in Chad, normal in Niger, promising in Mali and northern Nigeria, and
favorable in Upper Volta. Reports have not been received from Mauritania,
among the hardest hit of the Sahelian states. Even if larger than last year,
the area's grain output probably will fall well short of requirements. Imports
will continue to be needed to feed nomads deprived of their livestock, to
rebuild stocks exhausted by emergency distributions, and to replenish seed
supplies depleted by successive plantings last spring.
3
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The US Bid to Build the SUMED Pipeline
With Egyptian acceptance of the Bechtel bid for the SUMED pipeline,
the project appears to have a good chance of reaching fruition, even though
financing has not been secured and previous attempts to do so had failed.
The new ingredient this time is increased interest on the part of Saudi
Arabia and Kuwait, which previously had offered only token support.
Egypt's failure to accept the US financial proposal along with the
Bechtel construction bid leaves financial arrangements up in the air.
Sadat's political circumstances and misgivings about having a large US
project in Egypt could be crucial in negotiations on financing the pipeline.
There are some indications that Sadat hopes that the European consortium,
confronted with competition for the first time, will endeavor to undercut
the US bid. If he or his Arab sponsors stall too long, all offers will fall
through because conditional throughput contracts with customers for the
oil expire at the end of this year.
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Total
Denmark:
Netherlands3
United Kingdom
West Germany
7,984` , 36
1.171, 41,
20i: 50
1;160 44,
70 23
1,043 37 .
1,327
1;670, 1',742.
US Imports:
(MUlion US S) Change2 Change2
1. preexportina of fora goods.
2. Janua y.iune 1973 over January-4une 1972.
3. Including exports to Itotterdamdestined for transshipment to other West 1 uropan'countries.
Jar,-Apr
Soybeans
Value (Million US$)
Volume (Million bushels)
Unit price (US $ per bushel)
Value (Million US $)
Volume (Million bushels)
Unit price (US $ per bushel)
Value (Million US $)
,Unit price (US $ perbushel)
1972 1973
217.0 469.8'
67.0 '98.4
3.24 -4.77-
i i6.8
221.4
86.4
126.7.'
1.35 ,
1.75.
30.6
68.9
18.0
34.8'
1.TJ
1.98'.
'10;, . . . 81 195
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Improved US Trade Balance with the EC
After two years of rapid deterioration, the US trade balance with the
expanded EC improved markedly in the first half of 1973. In sharp contrast
to the 3% annual growth averaged during 1971-72, US exports .v the area
jumped by 36% from the first half of 1972 - paralleling the rise in total
US exports. US imports from the EC meanwhile grew by 21%, lagging
somewhat behind the increase in overall US imports. As a result, the US
trade balance with the EC shifted from a $291 million deficit in the first
half of 1972 to a $559 million surplus this year* - a change accounting
for almost one-third of the total improvement in the US trade account.
A 70% increase in agricultural sales has been a prime factor boosting
US exports to the EC. Such sales accounted for two-fifths of the $2.1
billion increase in US exports to the EC. Higher prices and increased volume
apparently contributed about equally to the gain in agricultural exports.
Soybeans, corn, and wheat posted particularly large gains and made up more
than one-half of US agricultural sales to the Community. A sharp rise in
prices accounted for about three-fifths of the jump in soybean exports,
but increased volume was a more important factor in boosting wheat and
corn earnings.
Nonagricultural sales to the EC increased by one-fourth during the
first half but probably continued to decline as a share of total EC imports
of such goods. Of leading exports to the area, aircraft, computers, and
electric machinery each increased by roughly one-third and chemical
products rose by 20%.
Much of the rise in US purchases of EC industrial products reflects
higher dollar prices deriving from currency realignments, but scattered
volume data suggest that the Community thus far has maintained its position
in US markets. For example, the 30% jump in EC automobile exports to
the United States, to $1.2 billion, resulted from a rise in sales volume as
well as prices. Detroit's inability to meet the recent spurt in US demand
for small cars helped to buoy European sales despite dollar depreciation.
US imports of chemical and petroleum products also grew rapidly.
West Germany is the only EC member that has improved its trade
balance with the United States. Despite a rise in agricultural sales, US
exports to West Germany grew only slightly faster than imports from it,
allowing the US deficit to rise from $707 million in the first half of 1972
to $854 million in this year's first half. Apprehensive about the potential
impact of the nark's appreciation on export volume, German producers
? US exports and imports, f.o.b.; trade data used in this article are not adjusted for seasonal
variations or to a strict balance?of-payments concept.
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US Exports to the ECI
JanJun (Million US $)
1972
1973
Percent
Change
Total
5,558
7,556
36
Agricultural goods
1,160
1,984
71
Of which:
Grains
420
902
115
Soybeans
284
582
105
Meat
42
60
43
Cotton
.30
74
147
Tobacco
135
131
-3
Non-agricultural goods
4,399
5,572
27
Of which:
Lumber products
235
310
32
Chemicals
593
710
.20
Textiles
84
118
40
Metal ores
54
97
80
Iron and steel
56
72
.
29
Nonferrous metals
110
131
19
Aircraft and components
575
767
33.
Computers
278
367
33
Construction machinery
138
179
30
Agricultural machinery.
32
53
66
Electric machinery
416
563
35
Scientific instruments
148
192
30
1. Excluding data for Denmark and Ireland.
US Imports from the ECI
Jan-Jun
(Million US e)
Percent
1972
1973
Change
Total
5,884
7,125
21
Agricultural goods
289
365
26
Of which:
Meat
44
56
27
Dairy products
19
44
132
Fish products
15.
55
267
Non-agricultural goods
5,595
6,760
21
Of which:
Chemicals
374
473
26
Petroleum products
62
129
108
Iron and steel products
447 .
,
500
12
Diamonds.
178
225
26
Passenger cars
936 ?
1,210
29
Nonelectric wnrh,nery
948
1,077
14
Electric machinery
240
281
17
Textile products and footwear
525
621
1S
Scientific instruments
-
84
101
20
Excluding data for Denmark and Ireland
.
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trimmed profits to hold down prices to customers. Although German
wholesale prices for export goods rose some 10% between the beginning
of 1972 and mid-1973, average mark prices for industrial exports were
stable. US demand for West German manufactures also remained strong
because of the boom in this country and the Germans' reputation as a
reliable supplier of quality goods.
US sales to the United Kingdom, like those to West Germany, lagged
well behind overall exports to the EC. During the first six months under
the Common Agricultural Policy, the United Kingdom increased its food
purchases from the original EC members by some 75% and from the United
States by only 12%. Total British imports from the United States rose by
27%, compared with a 44% gain in imports from the Six.
Prospects for further improvement in the US trade balance during the
second half of the year are mixed. Supply shortages and self-imposed export
restraints have slowed US agricultural sales since midyear. Factors favoring
a rise in demand for US manufactures include Western Europe's continuing
economic boom and a delayed impact from dollar depreciation. In
particular, the midyear appreciation in major European currencies should
further improve the US competitive position in the months ahead. Capacity
limitations, however, are expected to limit US firms' ability to satisfy a
pronounced rise in foreign demand, and sales of industrial goods probably
will not rise fast enough to allow the United States to maintain the overall
export rate established in the first six months. Chances, nevertheless, are
good that exports will continue to run ahead of imports, adding at least
moderately to the surplus achieved in the first half.
Changes, of Selected EC Currencies
e VS Dollar
Percent
Jan
to Ja
(Avera
-Jun 72
n-Jun,73
ge Month-
11 May 73
End
Rates)
to, I Sep 73
German mark
13.3 17.6
French"franc
11.3
Dutch, guilder,
10.1 15.6
Belgian franc
10.6 10 5"
Italian lira
0.5 4.9
British pound
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International Monetary Reform
The annual IMF meeting in Nairobi, originally planned to mark the
halfway point in the schedule for world monetary reform, instead merely
underscored the continuing disagreements among members. A new deadline
of 31 July 1974 was set for general agreement on reform, with the
important technical details of implementation to be worked out afterward.
Many capitals are skeptical on whether even this schedule can be met.
The French anticipate hard negotiations between Minister of Finance
Giscard D'Estaing and Secretary of the Treasury Shultz before agreement
can be reached. Giscard has presidential ambitions and French government
circles think his chances for success in 1976 will depend largely on a
successful performance in the negotiations. Giscard reportedly will wait for
Washington to propose compromises and is e).pected to remain adamant
on French demands for continued controls on short-term capital movements,
mandatory currency convertibility, and ultimate national sovereignty over
exchange rate adjustment. Paris is more flexible on the links between gold
and Special Drawing Rights and between SDRs and development aid. Despite
public protestations to the contrary, Paris does not attach much importance
to the SDR-aid link. President Pompidou, in his recent press conference,
also showed willingness to negotiate concerning gold's future role as a reserve
asset.
would infringe on their prerogatives to spend monetary reserves.
West German Minister of Finance Schmidt supported Secretary Shultz's
position that a new monetary system could not be introduced until the
dollar is stabilized. Schmidt, however, reiterated Bonn's opposition to the
US proposal that changes in reserves should be the primary indicator of
a need for payments adjustment. He suggested IMF consultations -when a
country experiences balance-of-payments problems, with a new politically
sensitive body at the highest IMF levels to settle disputes.
European and Japanese media generally have been unsympathetic to
the US position. The British press criticized US insistence on prior
stabilization of the dollar's value, and warned that regional monetary blocs
probably would be formed if Washington did not alter its stand. The
Japanese press noted the lack of progress toward reform and called for
Tokyo to prepare for the internationalization of the yen. French media
were optimistic that differences with the United States can be worked out
in the coming year.
The developing nations have strongly criticized US opposition to the
SDR-aid link. They urge approval of the World Bank's $4.5 billion budget
for international assistance during the next three years. The oil-producing
states, led by Libya, are firmly opposed to any new monetary system that
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Japan Contracts for US Farm Products
Japan has lined up the bulk of its requirements for US grain and
soybeans through June 1974 and is unlikely to make additional large-scale
purchases. Total grain and soybean imports are expected to increase by
10% in FY 1974 to 21.8 million tons, and roughly three-fourths is to come
from the United States. Imports of corn from the United States are expected
to increase especially fast because of a crop shortfall in South Africa, which
normally supplies 500,000 to one million tons. Japan already has placed
orders for US corn exceeding last year's level by almost 30% to hedge against
shortages from other traditional suppliers. The Japanese may not take
delivery on all their orders, however, if crops are good in othe. exporting
countries.
The Japanese also have been buying unusually large amounts of US
cotton in anticipation of a tight supply situation in the United States and
Mexico, traditionally their two principal suppliers. Japanese trading firms
have contracted for at least 70% more than their requirements of
240,000-250,000 tons of US cotton. They also have lined up about 250,000
tons from the 1974/75 crop. These purchases probably reflect the desire
of Japanese firms to have large orders on the books in case the United
States imposes export controls, and at least some of the contracts may
not be followed through. In placing their orders for US cotton, the Japanese
apparently are not acting as intermediaries for other Asian countries. South
Korea, Tai and Hong Kong also have ordered much larger than normal
amounts.
Japanese Imports of US Agricultural` Products
Thousand Tons
Actual,
Estimated Orders
FY, 1973
FY 1974
Wheat
3,318
3,245;
Corn
5,181
6,701;,
Grain sorghum
2,597
2,9651] .
Soybeans
3,437
3,735x''
Cotton
231
430,1
1. For. the marketing year ending in : July 1974.
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DOMESTIC ECONOMIC INDICATORS
GNP"
Constant Markel Prices Average Annual
Growth Rate Since
WHOLESALE PRICES
Average Annual
Industrial
Growth Rare Since
Percent Change
latest hunt Pruvmus I Year Previous
Quarter Quarter 1070 Earlier Quarter
Percent Change
Latest Iiruu Previous I Year 3 Months
Month Month 1070 Earlier Earlier
United States
73 It
0.6
5.1
6.3
2.3
United States
Aug 73
0.4
4.8
7.5
5.2
Japan
73 11
1.4
9.1
13.0
5.9
Japan
Aug 73
2.1
5.2
17.4
23.4
West Germany
73 II
-1.1
3.9
7.2
-4.2
West Germany
Aug 73
0.4
4.9
7.5
7,4
France
73 1
3.3
8.1
5.1
13.8
France
Jul 73
1.5
8.7
14.9
13.9
United Kingdom
73 II
0.7
4.6
9.5
2.7
United Kingdom
Aug 73
1.0
7.1
7.1
13
3
Italy
73 1
0.8
3.1
5.2
3.4
Italy
Jun 73
2.3
7.5
16.2
.
23.2
Canada
73 II
0.9
6.1
6.8
3.7
Canada
Jul 73
2.9
8.3
19.2
25.5
Average Annual
Growth flute Since
Average Annual
Growth Rote Since
United States
P
Latest I
Mnnlh
Aug 73
ercent Cha
rons Previou
Month
0.4
nge
s
1070
6.0
1 Year
Earlier
10,8
3 Months
Earlier "
9.4
United States
P
Latest f
Mmnh
Aug 73
ercent Cha
rom Previou
Month
1 1.8
nge
s
1970
1 4.9
I Year
Earlier
7.5
3 Mumhs
Earlier
11.4
Japan
West Germany
France
United Kingdom
Italy
Canada
RETAIL SALES'
Jul 73
Jun 73
Jun 73
Jul 73
Jun 73
Jul 73
- 0.4
-2.8
-1.5
-0.7
-1.0
0.1
8.7
3.7
7.1
3.8
2.9
6.9
19.2
6.7
8.9
8.2
10.2
10.7
14.6
0.8
1.4
0.8
26.5
7.1
Japan
West Germany
France
United Kingdom
Italy
Canada
Jul 73
Aug 73
Aug 73
Jul 73
Jul 73
Aug 73
0.7
-0.1
0.7
0.4
0.6
1.3
11.9
7.2
7.6
9.4
11.8
8.3
11.0
2.5
9.4
7.0
12.6
13.0
Current Prices Average Annual
Average Annual
Growth Hale Since
Growth Hate Since
Latest from Previous I Year 3 Months
Percent Change
Latest train Pruvious I Year 3 Munth~
Month Month 1970 Earlier Earlier"
Month Month 1970 Earlier Earlier
United States
Aug 73
1 0.3
1 11.6
12.4
6.9
United States
Aug 73 1
0.4
1 7.7
6.8
9.8
Japan
May 73
0.5
11.9
21.3
25.4
Japan
Jun 73
0.6
18.7
29.9
29.8
West Germany
Jul 73
-1.8
8.4
6.4
-1.2
West Germany
Jul 73
-3.4
9.0
3.1
-15.8
France
May 73
6.7
5.3
13.4
4.2
France
Apr 73
2.8
13.3
14.1
2.6
United Kingdom
Jul 73
2.2
11.2
12.2
0
United Kingdom
Jul 73
2.3
12.2
13.0
13.6
Italy
Feb 73
9.0
11.5
18.8
14.8
Italy
Apr 73
2.8
20.4
19.1
13.7
Canada
Jul 73
3.4
11.3
13.7
1.5
Canada
Aug 73
1.5
13.9
15.5
14.6
United States
Japan
West Germany
France
united Kingdom
CanaJa
Euro?Oollars
Representative Rates
Prime finance paper
Call money
Interbank Ioar's(3Months)
Call money
local authority deposits
Finance paper
Three-month deposits
1 Year 3 Months I Month
Latest Date Earlier Earlier Earlier
Sep 28
8.50
5.00
7.63
9.00
Sep 14
8.75
4.25
8.83
7.50
Sep 28
13.75
5.38
13.75
13.75
Sep 28
11.75
5.00
8.50
9.38
'S.esonelly adjusted
Sep 28
13.13
4.43
6.32
14.25
Average for latest 3 months compared
Sep 28
8.75
5.88
7.00
8.25 with evengri far pnvioua 3 months.
Sep 28
10.38
5.31
9.06
11.50
4 OCt;'z3
F:.,-S tit _r. ,k.,,
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 EXTERNAL
EXPORTS"
Lob.
United States
Japan
West Germany
Franco
United Kingdom
Italy
Canada
IMPORTS"
f.o.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
TRADE BALANCE"
f.o.b./f.o.b.
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
Japan
France
Approved For Release 2008/08/13: CIA-RDP85T00875RO01500140034-0
Aug 73
Aug 73
Aug 73
Aug 73
Aug 73
Jun 73
Jul 73
Current and Long-Term-Capital Transactions
Latest Period
Million US S
Mdlmn US $ 1073 1972
0,004 44,182 31,692
2,880 22,632 17,700
0,684 42,002 30,166
3,208 23,501 16,908
2,522 18,639 14,742
1,937 9,479 8,888
2,071 14,054 11,252
Latest Month
Million US $
Million US S 1973 1972
Aug 73 6,020 44,881 36,074
Aug 73 2,922 19,429 11,818
Aug 73 4,794 32,810 24,626
Aug 73 3,198 22,888 16,300
Aug 73 3,010 21,417 15,621
Jun 73 2,212 10,720 8,092
Jul 73 1,946 13,055 10,616
Aug 73
Aug 73
Aug 73
Aug 73
Aug 73
Jun 73
Jul 73
-719 -4,332
3,202 5.882
9,792 5,540
812 808
-2,778 879
-1,241 776
999 I 635
-16
-42
1,890
12
-488
-275
125
136 1,605
1972
-5,700
1,257
-448
Per cool
Change
30.3
27.9
41.2
39.0
26.4
8.9
24.9
Pet tarn
Change
24.4
64.4
33.2
39.2
37.1
32.5
23.0
Change
3,663
-2,680
4,252
204
-1.899
-2.017
364
EXPORT PRICES
US$
United Status
Japan
West Germany
Franco
United Kingdom
Italy
Canada
EXPORT PRICES
National Currency
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
United States
Japan
West Germany
France
United Kingdom
Italy
Canada
EXCHANGE RATES Spot Rate
As of 28 Sep 13
aveat uvi nmry Murk)
-1,988:, FrancelFranc)
Percent Change
Latest Irum Pmvines
Month Mouth
Jul 73 1 1.7 I
Jun 73
Jun 73
May 73
Jul 73
Apr 73
May 73
US S
Per Unit
0.4142
0.2358
2.4132
0.0018
0.9950
0.7
-1.6
2.2
3.3
3.3
1.4
36.46
64.76
16.69
-36.31
Percent Chani
Latest Irma Prevmus
Month Month 1070
Jul 73 2.2 7.3
Jun 73 1.2 0.9
Jun 73 -2,2 0.6
May 73 -2.3 3.7
Jul 73 1.1 8.7
Apr 73 2.6 5.7
May 73 0.5 4.4
National Currency
G owlh Rele Since
1970
10.1
0
0.1
4.0
12.2
8.5
4.7
18 Dec
1971
15.95
19.65
Avenue Annmd
Growth Role Since
I Year
Earlier
16.8
4,3
-0.2
3.5
11.4
10.4
11.4
I Year
Earlier
19.2
4.9
3.3
7.7
31.7
16.7
8.9
1973
-1.00
6.90
0.28
3 Months
Earlier
31.5
26.7
-3.7
-4.5
12.2
28.0
21.4
3 Months
Earlier
15.1
18.7
3.2
29.3
39.7
49.2
26.6
United States
irj Japan
West Germany
France
United Kingdom
Italy
Canada
73 II
Aug 73
Jul 73
73 1
73 I
72 IV
73I
Latest Month
Eri: of Billion US S Jun 1970
Aug 73
Sep 73
Aug 73
Aug 73
Aug 73
Jun 73
Aug 73
14.0
15.0
37.9
10.3
6.5
6.0
5.6
16.3
4.1
8.8
4.4
2.8
4.7
4.3
1 Year
Earlier
13.1
16.5
24.6
10.0
6.1
6.4
6.2
3 Months
Earlier
14.C
15.2
32.2
11.0
6.7 is
6.3
8.1
18 Dec
1971
-9.60
8.87
15.08
1.40
-22.00
-14.99
-2.62
19 Mar 21 Sep
1973 1973
-2.81 -0.03
-3.19 -0.03
10.03 0.11
-1.04 0.18
-7.54 -0.23
-8.15 0.16
-0.97 0.36
21 Sep
1973
-0.05
-0.10
-0.08
Italy
Approved For Release 2008/08/13: CIA-RDP85T00875RO01500140034-0
Averagn Annual
Growth Hato Since
PercentChengB-
Lulus! liom I'ievm,is I Year 3 Months
Month Month 1070 Earlier Earlier
Jul 73
2.2
7.3
18.8
31.5
Jun 73
1.1
11.5
19.9
32.9
Jun 73
4,7
13.2
22.7
42,8
May 73
0.1
11.8
16.8
27.1
Jul 73
-0.9
10.8
15.1
20.3
Apr 73
0.9
8.2
9.8
24.7
May 73
0.7
5.8
10.2
21.8