Year Nominal GDP Real GDP

(in trillions of dollars) (based year 2015)

2000 4.97 3.99
2001 4.37 4
2002 4.18 4
2003 4.52 4.07
2004 4.89 4.15
2005 4.83 4.23
2006 4.6 4.29
2007 4.58 4.35
2008 5.11 4.3
2009 5.29 4.05
2010 5.76 4.22
2011 6.23 4.22
2012 6.27 4.28
2013 5.21 4.36
2014 4.9 4.38
2015 4.44 4.44
2016 5 4.48
2017 4.93 4.55
2018 5.04 4.58
2019 5.12 4.56
2020 5.06 4.38
2021 5.03 4.49
2022 4.26 4.53
2023 4.2 4.61

Consumer Price Index

Year (based year 2025) Inflation rate
2000 99.1 #VALUE!
2001 98.4 -0.7063572149344
2002 97.5 -0.9146341463415
2003 97.2 -0.3076923076923
2004 97.2 0
2005 96.9 -0.3086419753086
2006 97.2 0.30959752321981
2007 97.2 0
2008 98.6 1.44032921810699
2009 97.2 -1.41987829614604
2010 96.5 -0.7201646090535
2011 96.3 -0.2072538860104
2012 96.2 -0.10384215991692
2013 96.6 0.41580041580041
2014 99.2 2.69151138716357
2015 100 0.80645161290322
2016 99.9 -0.1
2017 100.4 0.5005005005005
2018 101.3 0.89641434262947
2019 101.8 0.49358341559724
2020 101.8 0
2021 102.1 0.29469548133595
2022 104.5 2.35063663075417
2023 107.8 3.1578947368421

Inflation rate Inflation rate

(calculated by GDP (calculated by
Year deflator) CPI)
2000 #VALUE! #VALUE!
2001 -12.2922535211268 -0.7063572149344
2002 -4.34782608695652 -0.9146341463415
2003 6.27417325981918 -0.3076923076923
2004 6.10033052564239 0
2005 -3.09504126238233 -0.3086419753086
2006 -6.0939060939061 0.30959752321981
2007 -1.80809595202396 0
2008 12.8694018482787 1.44032921810699
2009 9.9127829721437 -1.41987829614604
2010 4.49833809656062 -0.7201646090535
2011 8.15972222222223 -0.2072538860104
 2012 -0.768815349304697 -0.10384215991692
2013 -18.4305634812636 0.41580041580041
2014 -6.37954758586839 2.69151138716357
2015 -10.6122448979592 0.80645161290322
2016 11.6071428571428 -0.1
2017 -2.91692307692306 0.5005005005005
2018 1.56160039682187 0.89641434262947
2019 2.0328599275968 0.49358341559724
2020 2.88955479452052 0
2021 -3.02824898544854 0.29469548133595
2022 -16.0559819888615 2.35063663075417
2023 -3.119366960985 3.1578947368421

Comment on the Change in the Inflation Rate:

The inflation rate calculated by GDP deflator ( blue line) fluctuates significant
increases and decreases over years, particularly in 2009, 2012, 2016, and 2021
inflation rate calculated by CPI ( orange line) remains relatively stable, with g
trend over years, particularly after the year 2013. This indicates that price chan
broader economy (GDP deflator) experience larger swings compared to consu
services (CPI).

Real GDP
Year-over-year growth rate
Year (based year 2015)
2000 3.99 #VALUE!
2001 4 0.25062656641604
2002 4 0
2003 4.07 1.75000000000001
2004 4.15 1.96560196560197
2005 4.23 1.9277108433735
2006 4.29 1.41843971631205
2007 4.35 1.39860139860139
 2008 4.3 -1.14942528735632
2009 4.05 -5.81395348837209
2010 4.22 4.19753086419753
2011 4.22 0
2012 4.28 1.42180094786731
2013 4.36 1.86915887850467
2014 4.38 0.45871559633027
2015 4.44 1.36986301369864
2016 4.48 0.9009009009009
2017 4.55 1.56249999999999
2018 4.58 0.65934065934067
2019 4.56 -0.4366812227074
2020 4.38 -3.94736842105263
2021 4.49 2.51141552511416
2022 4.53 0.89086859688196
2023 4.61 1.76600441501104

1. 2000 - 2007: Economic Stability & Growth

Key policies:
Financial reform: Banking system was restructed following the fi
relieve the economic damages.
Monetary easing policy: The Bank of Japan (BOJ) maintained
to encourage investment and consumption.
Public infrastructure investment: The government investe
stimulate growth.
Structural Economic Reforms (Koizumi Reforms, 2001-2
included: the Financial Instruments and Exchange Law, New company law, Po
=> Steady growth from 2000-2007, with an annual increas

2. 2008 - 2009: Global Financial Crisis

Sharp economic decline in 2009 (-6%) due to the global fin
Policy responses:
2009 Economic Stimulus Package: Japan introduced a
stimulus package to support businesses and workers.
Ultra-loose monetary policy: The BOJ continued its 0%
purchases to support the economy.
Increased public spending on infrastructure and techno
 stimulus package to support businesses and workers.
Ultra-loose monetary policy: The BOJ continued its 0%
purchases to support the economy.
Increased public spending on infrastructure and techno
Year Unemployment rate (%)
2000 4.7
2001 5
2002 5.4
2003 5.3
2004 4.7
2005 4.4
2006 4.1
2007 3.9
2008 4
2009 5.1
2010 5.1
2011 4.6
2012 4.3
2013 4
2014 3.6
2015 3.4
2016 3.1
2017 2.8
2018 2.4
2019 2.4
2020 2.8
2021 2.8
2022 2.6
2023 2.6
(Source: World Bank)

Observations:
Inflation Trends:
The CPI-based inflation rate follows a relatively stable pattern, with
fluctuations over the years.
The GDP deflator-based inflation rate shows more fluctuations, showing
and decreases.
Unemployment Trends:
The unemployment rate started at approximately 5% in 2000, rose sli
2000s, and then declined over the year of late 2000s
A significant rise in unemployment rate occurred around 2008-2010
global financial crisis.
Post-2010, unemployment declined steadily because of the recovery per
Unemployment Trends:
The unemployment rate started at approximately 5% in 2000, rose sli
2000s, and then declined over the year of late 2000s
A significant rise in unemployment rate occurred around 2008-2010
global financial crisis.
Post-2010, unemployment declined steadily because of the recovery per
lowest levels around 2018-2019
From 2020-2023, the COVID-19 outbreake damaged Japan's whole economy, whi
growth rate.
GDP deflator Inflation rate Year-over-year growth rate
124.561403509 #VALUE! #VALUE!
109.25 -12.29225352113 0.250626566416035
104.5 -4.347826086957 0
111.056511057 6.2741732598192 1.75000000000001
117.831325301 6.1003305256424 1.96560196560197
114.184397163 -3.095041262382 1.9277108433735
107.226107226 -6.093906093906 1.41843971631205
105.287356322 -1.808095952024 1.39860139860139
118.837209302 12.869401848279 -1.14942528735632
130.617283951 9.9127829721437 -5.81395348837209
136.492890995 4.4983380965606 4.19753086419753
147.630331754 8.1597222222222 0
146.495327103 -0.768815349305 1.42180094786731
119.495412844 -18.43056348126 1.86915887850467
111.872146119 -6.379547585868 0.458715596330265
100 -10.61224489796 1.36986301369864
111.607142857 11.607142857143 0.900900900900902
108.351648352 -2.916923076923 1.56249999999999
110.043668122 1.5616003968219 0.659340659340665
112.280701754 2.0328599275968 -0.436681222707434
115.525114155 2.8895547945205 -3.94736842105263
112.026726058 -3.028248985449 2.51141552511416
94.0397350993 -16.05598198886 0.890868596881961
91.1062906725 -3.119366960985 1.76600441501104
(Source: World Bank)
(Source: Satistics Bereau of Japan)

Infla

15

10

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

-5

-10
 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

-5

-10

-15

-20

Inflation rate
(calculated by GDP d

Explanation of the
e Inflation Rate:
blue line) fluctuates significantly, showing sharp The CPI measures price c
in 2009, 2012, 2016, and 2021. Meanwhile, the the GDP price index and
mains relatively stable, with gradual upward consumers, businesses, g
. This indicates that price changes in the
ger swings compared to consumer goods and - The inflation rate based
goods and services produ
This explains why inflati
disruptions, and changes

- The inflation rate based

goods and services, such
gradually, CPI inflation te

r growth rate
6
Year-over-year grow

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2

-2
 2

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2

-2

-4

-6

-8

& Growth 3. 2010 - 20

Strong recove
s restructed following the financial crisis of the 1990s to Abenomics
Aggr
f Japan (BOJ) maintained extremely low interest rates and maintain
ption. Flexi
The government invested heavily in infrastructure to infrastructure
Grow
zumi Reforms, 2001-2006): The 2006 reform package expansion of
ge Law, New company law, Postal Privatisation
, with an annual increase of about 1-2%. 4. 2020 - 20
Severe reces
al Crisis Economic re
6%) due to the global financial crisis. Japan
support busin
age: Japan introduced a ¥15.4 trillion ($154 billion) Busin
esses and workers. to prevent ba
he BOJ continued its 0% interest rate and asset Cont
y. its QE progra
nfrastructure and technology to boost production.
 esses and workers. to prevent ba
he BOJ continued its 0% interest rate and asset Cont
y. its QE progra
nfrastructure and technology to boost production.

Unemployment rate (%)

6

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2

World Bank)

Relationship (Phillips C
2008-2010 (Financial C
ively stable pattern, with moderate There was an increa
This aligns with econ
s more fluctuations, showing sharp increases and higher unemploymen
2011-2019 (Recovery P
Unemployment decl
mately 5% in 2000, rose slightly in the early stable and inflation rate calcul
000s This partially suppor
urred around 2008-2010, associating with the unemployment).
2020-2023 (Pandemic &
ly because of the recovery period, reaching its A small rise in unem
 Unemployment decl
mately 5% in 2000, rose slightly in the early stable and inflation rate calcul
000s This partially suppor
urred around 2008-2010, associating with the unemployment).
2020-2023 (Pandemic &
ly because of the recovery period, reaching its A small rise in unem
shutdowns.
d Japan's whole economy, which declined the YOY Inflation started dec
and recovery-driven dema
=> This follows the Phillip
we can say this could be support
unemployment")
rld Bank)
 Inflation rate

7 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
 7 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Inflation rate Inflation rate

(calculated by GDP deflator) (calculated by CPI)

anation of the Difference in the Two Inflation Rate Calculations:

PI measures price changes in goods and services purchased out of pocket by urban consumers, w
DP price index and implicit price deflator measure price changes in goods and services purchased
mers, businesses, government, and foreigners, but not importers.

nflation rate based on the GDP deflator fluctuates more because it measures price changes across
and services produced in the economy, including investment goods, exports, and government spe
xplains why inflation associated with GDP deflator is sensitive to economic shocks, supply chain
ions, and changes in global trade.

nflation rate based on CPI is more stable because it only tracks the prices of a fixed basket of con
and services, such as food, housing, and transportation. Since consumers' spending patterns chan
lly, CPI inflation tends to be less volatile compared to the GDP deflator.

r-over-year growth rate

9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

3. 2010 - 2019: Recovery & Abenomics Policies

Strong recovery in 2010, followed by stable growth of around 1-2%.
Abenomics (2012-2020) economic policy, which focused on three main
Aggressive monetary easing: The BOJ expanded its quantitative
and maintained negative interest rates (-0.1%) to encourage investment.
Flexible fiscal policy: The government significantly increased pub
infrastructure and business support.
Growth strategy: Corporate reforms, promotion of technological in
expansion of international trade.

4. 2020 - 2021: COVID-19 Crisis & Economic Recovery

Severe recession in 2020 (-4.8%) due to the COVID-19 pandemic.
Economic recovery policies (2020-2021):
Japan’s largest-ever economic stimulus package (¥117 trillio
support businesses, workers, and healthcare.
Business support programs: Financial aid for small and medium-
to prevent bankruptcies.
Continued monetary easing: The BOJ maintained negative intere
its QE program.
 to prevent bankruptcies.
Continued monetary easing: The BOJ maintained negative intere
its QE program.

%)

15

10

0
2000 2001 2002 2003 2004 2005 2

-5

-10

-15

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
-20

hip (Phillips Curve Perspective):

0 (Financial Crisis):
e was an increase in unemployment, and inflation decreased.
aligns with economic downturns where demand falls, leading to lower inflation
unemployment.
9 (Recovery Period):
mployment declined steadily, while CPI-based inflation remained relatively
nflation rate calculated by GDP deflator increase sharply, especially from 2012 to 2016.
partially supports the Phillips Curve (inverse relationship between inflation an
ment).
3 (Pandemic & Post-Pandemic):
all rise in unemployment occurred around 2020, coinciding with economic
mployment declined steadily, while CPI-based inflation remained relatively
nflation rate calculated by GDP deflator increase sharply, especially from 2012 to 2016.
partially supports the Phillips Curve (inverse relationship between inflation an
ment).
3 (Pandemic & Post-Pandemic):
all rise in unemployment occurred around 2020, coinciding with economic

tion started decreasing post-2021, potentially due to supply chain disruptions

ry-driven demand.
lows the Phillips Curve (higher unemployment → lower inflation, vice versa) ( o
s could be supported by the principle 10 "Society faces a short-run trade off between inflation an
nt")
2023
 2023

ations:

ban consumers, whereas

services purchased by

ce changes across all

d government spending.
cks, supply chain

ixed basket of consumer

ding patterns change more
 1-2%.
on three main points:
s quantitative easing (QE) program
investment.
increased public spending on

echnological innovation, and

mic.

e (¥117 trillion ~ $1.1 trillion) to

and medium-sized enterprises (SMEs)

negative interest rates and expanded

negative interest rates and expanded

Inflation rate

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202

Inflation rate Inflation rate

(calculated by GDP deflator) (calculated by CPI)

lower inflation

d relatively
to 2016.
en inflation and

h economic
d relatively
to 2016.
en inflation and

h economic

ain disruptions

n, vice versa) ( or
tween inflation and
018 2019 2020 2021 2022 2023
Switzerland
Question 1
Year Nominal GDP (Billion USD)
2000 279.2
2001 286.6
2002 309.3
2003 362.1
2004 403.9
2005
Thi
s
418.3
2006
Ph 441.6
ot
2007
o 490.7
2008
by
Un
567.3
2009
kn 554.2
ow
2010
n 598.8
2011
Au 715.9
th
2012
or 686.4
is
2013
lic
706.2
2014
en 726.5
se
2015
d 694.1
un
2016
de
687.9
2017
r 695.2
CC
2018
BY- 725.6
2019
SA 721.4
2020 742
2021 813.4
2022 818.4
2023 884.9

Question 2
Year CPI
2000 94
2001 95
2002 95.6
2003 96.2
2004 97
2005 98.1
 2006 99.1
2007 99.9
2008 102.3
2009 101.8
2010 102.5
2011 102.7
2012 102
2013 101.8
2014 101.8
2015 100.6
2016 100.2
2017 100.7
2018 101.7
2019 102
2020 101.3
2021 101.9
2022 104.8
2023 107

Question 3

20

17.1143581705233

15

12.457509

10

8.61425840059051
8.00071470520227
6.93472945678748
Axis Title

2.4024024
1.43962496282864
1.1340206185567
1.06382978723404
1.04830491961424 0.831600831600829 1.01936799184506
0.79035502912357 0.80726538849648
0.631578947368415
0.627615062761515
0 -0
 8.00071470520227
6.93472945678748

Axis Title
5

2.4024024
1.43962496282864
1.1340206185567
1.06382978723404
1.04830491961424 0.831600831600829 1.01936799184506
0.79035502912357 0.80726538849648
0.631578947368415
0.627615062761515
0 -0
-0

-5

-10
2000 2001 2002 2003 2004 2005 2006 2007 200

Question 4

Pre-2008 Finacial Crisis (2000-

2007): Inflation remained low
with gradual increases in CPI
Comment on the change in the inflation values while the GDP
inflation rate: Deflator Inflation Rate
experienced significant
fluctuations, with notable peaks
in 2003

There are three factors that lead to the differences in the inflation rate

Scope of Measurement Impact of Imports and Exports

GDP Deflator measures the price
changes for all goods and The GDP Deflator excludes
services produced domestically imports, while the CPI includes
(includes investment goods, imported goods (such as fuel and
government spending, and food).
exports).
CPI tracks the price changes of a If imported goods experience
fixed basket of consumer goods significant price changes, the CPI
and services, focusing on may show higher or lower
household expenditures. inflation than the GDP deflator.

Question 5
Year Real GDP (Billion 2015 USD)
2000 529.8
2001 538.2
2002 537.8
2003 537.6
2004 552.1
2005 567.3
2006 590.4
2007 613.5
2008 630.7
2009 616.2
2010 636.2
2011 647.8
2012 655.4
2013 667.2
2014 682.8
2015 694.1
2016 708.4
2017 718.1
2018 738.7
2019 747.1
2020 739
2021 760.2
2022 775.8
2023 780

An analysis of the public policy on growth in the Swiss e

 Monetary Policy: The Swiss
National Bank (SNB) has
implemented measures such as
negative interest rates and
foreign currency interventions to
prevent excessive appreciation of
the Swiss franc, aiming to
support exports and maintain
price stability.

Question 6
Year Unemployment Rate (%)
2000 2.66
2001 2.49
2002 2.92
2003 4.12
2004 4.32
2005 4.44
2006 4
2007 3.64
2008 3.35
2009 4.11
2010 4.81
2011 4.41
2012 4.49
2013 4.75
2014 4.83
2015 4.8
2016 4.92
2017 4.8
2018 4.71
2019 4.39
2020 4.82
2021 5.1
 2022 4.3
2023 4.05

Analysis of the relationship

between inflation rate and
unemployment rate over the
year.

Switzerland's economic data

from 2000 to 2023 shows periods
where the inverse relationship
between inflation and
unemployment, as described by
the Phillips Curve, holds true.
However, during times of
economic shocks, such as the
2008 financial crisis and the
COVID-19 pandemic, this
relationship becomes less
predictable. This underscores the
complexity of economic
dynamics and the influence of
external factors on domestic
economic indicators.

Sources:
Nominal GDP: World Bank
Real GDP: Federal Reserve Bank of St. Louis
CPI: Federal Statistical Office, RI
Unemployment Rate: Macrotrends
Real GDP (Billion 2015 USD)
GDP Deflator Index (2015=100)
Inflation Rate (%)
529.8 52.70
538.2 53.25 1.05
537.8 57.51 8.00
537.6 67.35 17.11
552.1 73.16 8.61
567.3 73.74 0.79
590.4 74.80 1.44
613.5 79.98 6.93
630.7 89.95 12.46
616.2 89.94 -0.01
636.2 94.12 4.65
647.8 110.51 17.41
655.4 104.73 -5.23
667.2 105.85 1.07
682.8 106.40 0.52
694.1 100.00 -6.02
708.4 97.11 -2.89
718.1 96.81 -0.30
738.7 98.23 1.46
747.1 96.56 -1.70
739 100.41 3.98
760.2 107.00 6.57
775.8 105.49 -1.41
780 113.45 7.54

Inflation Rate (%)

1.06
0.63
0.63
0.83
1.13
 1.02
0.81
2.40
-0.49
0.69
0.20
-0.68
-0.20
0.00
-1.18
-0.40
0.50
0.99
0.29
-0.69
0.59
2.85
2.10

GDP Deflator Inflation CPI Inflation

17.414921434925

12.4575095831135

51

6.93472945678748

4.65097995348825

2.40240240240239
1.43962496282864
0206185567
29 1.01936799184506
5502912357 0.80726538849648 1.06501337391624
0.687622789783893 0.524154874301897 0.499001
-0.01038989987303690.195121951219515 -0.1960784313725520 -0.303920
 6.93472945678748

4.65097995348825

2.40240240240239
1.43962496282864
0206185567
29 1.01936799184506
5502912357 0.80726538849648 1.06501337391624
0.687622789783893 0.524154874301897 0.499001
-0.0103898998730369 0.195121951219515 0
-0.488758553274682 -0.196078431372552 -0.303920
-0.3976143141153
-0.681596884128532
-1.17878192534381

-2.89384528514964

-5.23250106574824
-6.01514108740538

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2

Axis Title

Recent Inflation
Surge (2021–2023):
The post-pandemic
Deflationary Periods (2012–
period saw inflation
2016): Deflation was observed,
2008 Financial Crisis (2008- rise due to global
especially in 2015–2016, when
2009): A sharp inflation spike supply chain
the Swiss National Bank
with the GDP deflator rising disruptions and rising
abandoned the Euro peg, leading
more sharply than the CPI. energy prices.
to a currency appreciation and a
However, Swiss
decline in price levels.
inflation remained
moderate compared to
other economies.

nces in the inflation rate:

Weighting Difference
CPI gives more weight to
consumer essentials (housing,
food, transport), while the GDP
deflator reflects broader
economic activities.
 If investment prices or
government spending change
significantly, the GDP deflator
may show inflation trends that
differ from CPI.

Year-over-Year GDP Growth Rates (%)

1.59 5
-0.07
-0.04
4
2.70
2.75
4.07 3
2.75
2.69717261
3.91
2.80 2
-2.30 1.58550396375993
3.25
1
1.82
1.17
1.80 0 -0.037188545927841
-0.0743218134522651
2.34
1.65 -1
2.06
1.37
-2
2.87
1.14
-1.08 -3
2.87 2000 2001 2002 2003 2004

2.05
0.54

rowth in the Swiss economy:

 Labor Market
Fiscal Policy: The government Policies: The country
Trade Relations: Switzerland's has relied on foreign
has maintained prudent fiscal
close economic ties with the labor to address skill
policies, focusing on balanced
European Union have been both shortages and support
budgets and low public debt.
beneficial and challenging. economic growth.
During economic downturns,
Ongoing negotiations aim to However, debates
such as the 2008 financial crisis
update trade agreements, with around immigration
and the COVID-19 pandemic,
considerations around labor caps reflect tensions
fiscal measures were employed
mobility and regulatory between economic
to stimulate the economy and
alignment. needs and societal
support affected sectors.
concerns.
St. Louis
 7.54339612000901
6.56555127002327

3.98293350060194
2.84592737978409
2.09923664122138
1.46221482301116
0.99304865938431
97 0.499001996007984 0.29498525073746 0.592300098716692
-0.303920602288758
 7.54339612000901
6.56555127002327

3.98293350060194
2.84592737978409
2.09923664122138
1.46221482301116
0.99304865938431
97 0.499001996007984 0.29498525073746 0.592300098716692
-0.303920602288758
-0.3976143141153 -0.686274509803924
8192534381 -1.40848445156161
-1.69667071367613
-2.89384528514964

4108740538

2015 2016 2017 2018 2019 2020 2021 2022 2023

 Year-over-Year GDP Growth Rates (%)

4.07191961924908
3.91260162601626

3.24569944823109

2.8035859820701 2.868681242166
2.75312443397934
2.69717261904762
2.33812949640286
2.06022187004754
1.82332599811379
1.80042722001832
6375993 1.65495020503809
1.36928289102203
1.17320160543378 1.137132

-0.0371885459278415
43218134522651

-1

-2.29903282067544

1 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20
)

2.86868124216683 2.86874154262518

22187004754 2.05209155485397
03809
1.36928289102203
1.13713280086638

0.541376643464816

-1.0841922098782

2016 2017 2018 2019 2020 2021 2022 2023

 CANADA
Nominal GDP (USD Billion) Real GDP (USD Billion) GDP Deflator
2000 744.7 766.2 97.2
2001 739 748.7 98.7
2002 760.7 760.7 100
2003 895.5 867.7 103.2
2004 1030 967.1 106.5
2005 1170 1064.6 109.9
2006 1320 1172.3 112.6
2007 1470 1262.9 116.4
2008 1550 1281.0 121
2009 1370 1158.1 118.3
2010 1620 1331.1 121.7
2011 1790 1425.2 125.6
2012 1830 1439.8 127.1
2013 1850 1429.7 129.4
2014 1810 1372.3 131.9
2015 1560 1193.6 130.7
2016 1530 1162.6 131.6
2017 1650 1222.2 135
2018 1730 1260.9 137.2
2019 1740 1249.1 139.3
2020 1660 1178.1 140.9
2021 2010 1325.9 151.6
2022 2160 1323.5 163.2
2023 2140 1291.5 165.7

Canada
10

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 200

-2

-4
 2

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 200

-2

-4

Inflati

Change in the Inflation Rate:

High Inflation in 2021 and 2022

- 2021 (7.59%) and 2022 (7.65%) saw the highest inflation rates in the period. Th
is largely attributed to the economic recovery post-pandemic, supply chain disrup
in demand for goods and services as restrictions were lifted.
- The pandemic-related disruptions in 2020 created a period of economic uncertai
economies began to reopen, demand surged, pushing prices higher.
- Global factors, such as energy prices and the war in Ukraine (especially impacti
also contributed to inflation during these years.

Deflationary Periods (2009 and 2015)

- In 2009, the inflation rate was -2.23%, indicating deflation. This was largely du
financial crisis (GFC) of 2008. As a result of economic contraction, demand for g
plummeted, leading to falling prices.
- In 2015, the inflation rate was -0.91%, which also reflected deflationary pressur
largely driven by a sharp drop in oil prices (Canada being a major oil producer) a
sluggish economic growth.

Moderate Inflation in Other Years

For most of the years between 2001 and 2019, inflation stayed in the 1-3% range,
for many economies. This moderate inflation is often seen as healthy, as it reflect
growth without causing excessive price increases that could harm consumers’ pur
 YoY Growth rate (%)
20

15

10

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 201

-5

-10

-15

YoY Growth rate (%)

Relationship Between Inflation and Unemployment in Canada (

Phillips Curve: The Phillips Curve shows an inverse relationship be

unemployment, when one goes up, the other goes down (in the short
long run, this trade-off may not hold due to inflation expectations.
- 2001-2007: The relationship between inflation and unemployment was fair
unemployment and moderate inflation.
- 2008 Financial Crisis: The Phillips Curve relationship weakened, with hig
inflation.
- Post-Crisis Recovery: The relationship was muted as both inflation and un
subdued.
- Commodity Boom/Bust (2014-2016): Inflation was subdued despite rising
commodity price shocks.
- COVID-19 Pandemic: Unemployment spiked, but inflation started rising r
inflation.
- Post-Crisis Recovery: The relationship was muted as both inflation and un
subdued.
- Commodity Boom/Bust (2014-2016): Inflation was subdued despite rising
commodity price shocks.
- COVID-19 Pandemic: Unemployment spiked, but inflation started rising r
recovery phase, breaking the typical Phillips Curve pattern.
- Post-Pandemic Surge (2021-2023): Unemployment reached historic lows,
indicating that factors beyond just unemployment were influencing inflation
chains, energy prices).

The relationship between inflation and unemployment in Canada from 2001

standard inverse correlation was often disrupted due to external shocks, inclu
the commodity price fluctuations, and the COVID-19 pandemic. External su
commodity prices and global supply chain disruptions, played a significant r
inflation, especially in the latter part of the period.
 CANADA (Base year 2002)
Inflation rate (GDP Deflator) CPI Inflation rate (CPI)
95.4
1.54 97.8 2.52
1.32 100 2.25
3.20 102.8 2.80
3.20 104.7 1.85
3.19 107 2.20
2.46 109.1 1.96
3.37 111.5 2.20
3.95 114.1 2.33
-2.23 114.4 0.26
2.87 116.5 1.84
3.20 119.9 2.92
1.19 121.7 1.50
1.81 122.8 0.90
1.93 125.2 1.95
-0.91 126.6 1.12
0.69 128.4 1.42
2.58 130.4 1.56
1.63 133.4 2.30
1.53 136 1.95
1.15 137 0.74
7.59 141.6 3.36
7.65 151.2 6.78
1.53 157.1 3.90

Canada Inflation rate (2001-2023)

06 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20
06 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20

Inflation rate (GDP Deflator) Inflation rate (CPI)

Difference in the Two Inflation Rate

- Coverage: CPI tracks a fixed basket of consumer g

s in the period. This sharp increase GDP deflator measures all domestically produced g
upply chain disruptions, and the rise business investments and government spending.

economic uncertainty, but as - Imports: CPI includes imports (e.g., oil, electronic
her. it. The GDP deflator excludes imports, focusing onl
especially impacting oil and gas), goods.

- Weighting: CPI uses fixed weights based on consu

it does not adjust quickly to changes in consumption
his was largely due to the global weights change over time as the economy shifts, ma
ion, demand for goods and services
=> CPI inflation reflects consumer price changes, w
flationary pressures. This was price changes across the entire economy, leading to
or oil producer) and overall rates.

n the 1-3% range, which is typical

althy, as it reflects steady economic
m consumers’ purchasing power.

Public Policy

- From 2001 to 2007, Canada’s econ

conditions, especially in exports and
 Public Policy

- From 2001 to 2007, Canada’s econ

conditions, especially in exports and
te (%) responsibility. However, the 2008-2
decline in 2009. The government re
interest rate cuts to support recovery

- From 2010 to 2015, growth was sl

challenges. Policies during this time
stabilize the oil sector.

2 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 - The COVID-19 pandemic led to a
response, Canada introduced large-s
Canada reduced interest rates to stim

-The recovery in 2021 saw a strong

inflationary pressures in 2022-2023
te (%) Public policy has focused on fiscal
dependency. Moving forward, polic
affordability, and economic resilien

nt in Canada (2001-2023):

e relationship between inflation and

wn (in the short run). However, in the
expectations.
ployment was fairly typical, with low

eakened, with high unemployment and low

h inflation and unemployment remained

ued despite rising unemployment due to

on started rising rapidly during the

h inflation and unemployment remained

ued despite rising unemployment due to

on started rising rapidly during the

hed historic lows, but inflation surged,

uencing inflation (e.g., global supply

anada from 2001 to 2023 shows that the

ernal shocks, including the financial crisis,
emic. External supply-side factors, such as
yed a significant role in determining
 YoY Growth rate (%) Unemployment rate (%)
6.8
-2.3 7.2
1.6 7.7
14.1 7.6
11.5 7.2
10.1 6.8
10.1 6.3
7.7 6.1
1.4 6.2
-9.6 8.4
14.9 8.1
7.1 7.6
1.0 7.3
-0.7 7.1
-4.0 6.9
-13.0 6.9
-2.6 7.1
5.1 6.4
3.2 5.9
-0.9 5.7
-5.7 9.7
12.5 7.5
-0.2 5.3
-2.4 5.4

2017 2018 2019 2020 2021 2022 2023

 2017 2018 2019 2020 2021 2022 2023

in the Two Inflation Rate Calculations:

tracks a fixed basket of consumer goods and services, while the

easures all domestically produced goods and services, including
ments and government spending.

ncludes imports (e.g., oil, electronics), so global price changes affect

lator excludes imports, focusing only on domestically produced

I uses fixed weights based on consumer spending patterns, meaning

st quickly to changes in consumption habits. The GDP deflator’s
over time as the economy shifts, making it more flexible.

n reflects consumer price changes, while the GDP deflator captures

cross the entire economy, leading to differences in their inflation

Public Policy

- From 2001 to 2007, Canada’s economy experienced strong growth due to favorable global
conditions, especially in exports and resource prices, alongside pro-business policies and fiscal
Public Policy

- From 2001 to 2007, Canada’s economy experienced strong growth due to favorable global
conditions, especially in exports and resource prices, alongside pro-business policies and fiscal
responsibility. However, the 2008-2009 global financial crisis caused a sharp contraction, with a
decline in 2009. The government responded with stimulus measures like infrastructure projects a
interest rate cuts to support recovery.

- From 2010 to 2015, growth was slower, influenced by declining oil prices and global economic
challenges. Policies during this time aimed at diversification, including trade agreements and eff
stabilize the oil sector.

- The COVID-19 pandemic led to a severe economic downturn in 2020, with a -5.7% contractio
response, Canada introduced large-scale support programs like CERB and CEWS, and the Bank
Canada reduced interest rates to stimulate recovery.

-The recovery in 2021 saw a strong rebound (12.5%), but this was followed by slower growth an
inflationary pressures in 2022-2023, prompting the Bank of Canada to raise interest rates.
Public policy has focused on fiscal stimulus, social safety nets, and diversification away from re
dependency. Moving forward, policies are likely to emphasize innovation, sustainability, housin
affordability, and economic resilience.
favorable global
policies and fiscal
favorable global
policies and fiscal
p contraction, with a -9.6%
rastructure projects and

and global economic

e agreements and efforts to

h a -5.7% contraction. In
CEWS, and the Bank of

by slower growth and

interest rates.
cation away from resource
ustainability, housing
Question 1:
Country Name Series Name
China Real GDP (constant LCU)
China Nominal GDP (current LCU)
China The GDP Deflator
China Inflation Rate (%)
Data from database: https://databank.worldbank.org/source/world-development-indicators#

Question 2:
Country Name Series Name
China Consumer Price Index
China Inflation Rate (%)

Question 3:
Choosing 2020 as the base year.
Series Name 2000
Normalized CPI 63.20
Normalized GDP Deflator 52.20
CPI Inflation Rate (%)
GDP Deflator Inflation rate (%)

Comparison of Inflation Rates (CPI and GDP

economy (2000-2023)
10

8
Inflation rate (%)

0
2000 2002 2004 2006 2008 2010 2012 20
-2

Year

GDP Deflator Inflation rate (%) CPI Infla

Question 4:
In terms of the GDP deflator inflation rate of China economy, there were sharp fluctuations during th
reached the top in 2008 with values exceeding 7% after experiencing a slight drop from 2004 to 200
however, there was a bounce in the inflation rate resulting in the peak at over 8% in 2011 indicating
4% between 2012 and 2022 suggesting a period of relative economic stability, followed by a fall to t
In terms of the GDP deflator inflation rate of China economy, there were sharp fluctuations during th
reached the top in 2008 with values exceeding 7% after experiencing a slight drop from 2004 to 200
however, there was a bounce in the inflation rate resulting in the peak at over 8% in 2011 indicating
4% between 2012 and 2022 suggesting a period of relative economic stability, followed by a fall to t

Turning to the CPI inflation rate, it underwent the same pattern but with lower percent than the GDP
consumer goods compared to overall economic prices. It is noticed that the peak of the inflation rate
approximately -0.7% in the next year. From 2010, CPI inflation stabilizes in the range of 1-3% revea
especially between 2020 and 2023, which may reflect differences in how consumer prices react to C

The difference in inflation rates calculated in sentence (1) and (2) arises because they measure price
- GDP deflator measures the overall price level of all final goods and services produced within a cou
part of domestic production. GDP deflator covers the whole economy rather than just consumer cost
- CPI focuses only on the cost of a fixed basket of consumer goods and services, making it more rele
government purchases, or exports, meaning it may not fully capture price changes in the broader eco

Question 5:
Series Name 2000
Year over year growth rate (%)

Year over year growth rate of China eco

16
Year over year growth rate (%)

14

12

10

0
200 200 200 200 200 200 200 200 200 201 201 201 201 201 201
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5

Year

Public policy on growth in China:

1) Accession to the World Trade Organization (WTO) in 2001:
This strategy significantly accelerated China’s integration into the global economy, leading to a shar
approximately $218 billion, or more than 8% of GDP in 2006, up from an average of about 3% betw
technology transfer and enhanced managerial practices, contributing to rapid industrialization and ec
Ref: https://www.imf.org/external/pubs/ft/fandd/2007/09/cui.htm
2) RMB¥ 4 Trillion Economic Stimulus Package (November 2008):
Reviewing the data, it is evident that China’s GDP growth rate underwent a drop from 2007 to 2009.
stimulus package totaling RMB 4 trillion, equivalent to about 12.5% of its GDP at the time. This init
stimulus package:
- Infrastructure investment: A significant portion of the stimulus was allocated to infrastructure proje
- Earthquake reconstruction: Funds were directed toward rebuilding areas affected by the May 12 Sic
- Environmental protection and technological innovation: Resources were allocated to environmenta
Although the stimulus effectively minimized the immediate impacts of the global financial crisis, it a
Ref: https://www.hoover.org/sites/default/files/uploads/documents/CLM28BN.pdf
3) Belt and Road Initiative (BRI):
The Belt and Road Initiative (BRI), proposed by President Xi Jinping in 2013, is an ambitious effort
- Reduction in shipping time: Implementation of BRI transport projects aimed to decrease shipping t
- Trade cost reduction: The fall in shipping times is expected result in a corresponding reduction in t
- GDP growth: The BRI is anticipated to increase GDP for developing East Asia Pacific countries by
Ref: https://documents1.worldbank.org/curated/en/896581540306960489/pdf/131211-Bri-MTI-Prac
4) “Made in China 2025” Initiative (2015):
The “Made in China 2025” strategy, introduced by the Chinese government in 2015, is a long-term p
in China 2025":
- Innovation: Emphasizing research and development, and fostering Chinese brands.
- Key sectors: Focusing on 10 strategic industries, such as IT, robotics, aerospace, and new energy v
- Green manufacturing: Promoting sustainable and environmentally friendly practices.
Ref: https://english.www.gov.cn/policies/latest_releases/2015/05/19/content_281475110703534.htm
5) Zero-COVID Policy:
China’s “dynamic zero-COVID” strategy focused on eradicating the virus through strict measures in
significant economic challenges which can be observed through the growth rate of at only nearly 3%
China began shifting its approach to balance public health goals with economic and social stability.
Ref: https://pmc.ncbi.nlm.nih.gov/articles/PMC10728318/

Question 6:
Country Name Series Name
China Unemployment rate (%)
Data from database: https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS?end=2023&locations=

Year Unemployment Rate (%)

2000 3.3
2001 3.8
2002 4.2
2003 4.6
 2004 4.5
2005 4.5
2006 4.4
2007 4.3
2008 4.6
2009 4.7
2010 4.5
2011 4.5
2012 4.6
2013 4.6
2014 4.6
2015 4.7
2016 4.6
2017 4.5
2018 4.3
2019 4.6
2020 5
2021 4.5
2022 5
2023 4.7

The relationship between inflation rate and unemployment rate over the year:
1) Phillips Curve Theory:
The Phillips Curve indicates an inverse relationship between inflation and unemployment—when inf
2) The relationship between inflation rate and unemployment rate from 2000 - 2023 in China:
2001-2006: Whereas there was a continuous oscillation in the inflation rate from 0 - 7%, the unempl
2007-2008: Inflation spiked to 7.75% and 7.80%, while unemployment remained around 4.3%-4.6%
These suggest that higher inflation did not strongly correlate with a drop in unemployment, deviating
2009: Inflation dropped to -0.21%, but unemployment rose a little by 0.1%.
2010-2011: Inflation reached 6.88% and 8.08%, but unemployment remained at 4.5%.
2012-2015: Inflation fell to 0% whereas unemployment rate was steady at about 4.6%.
2016-2017: While the inflation rate experienced a jump by about 3%, the unemployment rate
2018-2019: The inflation fall from 3.50% to 1.29%, but the unemployment rate underwent the
2020 (COVID-19 impact): Inflation was 0.49%, and unemployment reached the peak at 5%.
2021-2023: Inflation dropped to relatively low while unemployment remained
*Conclusion:
China’s inflation rate and unemployment rate have a weak negative relationship.
 2000 2001 2002
¥19,209,192,472,300 ¥20,810,419,560,100 ¥22,711,166,448,500
¥10,028,013,925,300 ¥11,086,312,304,600 ¥12,171,742,474,800
52.20 53.27 53.59
2.05 0.60
world-development-indicators#

2000 2001 2002

80.97 81.55 80.96
0.72 -0.73

2001 2002 2003

63.66 63.19 63.90
53.27 53.59 54.99
0.72 -0.73 1.13
2.05 0.60 2.60

n of Inflation Rates (CPI and GDP Deflator) of China

economy (2000-2023)

2004 2006 2008 2010 2012 2014 2016 2018 2020 2022

Year

GDP Deflator Inflation rate (%) CPI Inflation Rate (%)

y, there were sharp fluctuations during the period. Initially, the inflation rate climbed considerably to the poin
eriencing a slight drop from 2004 to 2005. Negative inflation rate is seen obviously in 2009, likely reflecting t
n the peak at over 8% in 2011 indicating economic activities with strong price pressures. It is also noticed that
economic stability, followed by a fall to the lowest point at below 0% in the end.
 y, there were sharp fluctuations during the period. Initially, the inflation rate climbed considerably to the poin
eriencing a slight drop from 2004 to 2005. Negative inflation rate is seen obviously in 2009, likely reflecting t
n the peak at over 8% in 2011 indicating economic activities with strong price pressures. It is also noticed that
economic stability, followed by a fall to the lowest point at below 0% in the end.

ern but with lower percent than the GDP deflator inflation rate between 0 and 4% from the beginning to 2007
noticed that the peak of the inflation rate had occured by 2008 reaching nearly 6% before declining rapidly to
tion stabilizes in the range of 1-3% revealing better control of consumer price levels. There is several divergen
ences in how consumer prices react to COVID-19 shocks.

nd (2) arises because they measure price changes in different ways:

oods and services produced within a country (consumption, investment, government purchases, and exports).
economy rather than just consumer costs.
r goods and services, making it more relevant for household expenses. It includes imports but does not account
capture price changes in the broader economy.

2001 2002 2003

8.34 9.13 10.04

ear growth rate of China economy (2001-2023)

00 200 200 200 201 201 201 201 201 201 201 201 201 201 202 202 202 202
6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3

Year

n 2001:
nto the global economy, leading to a sharp growth in trade and foreign direct investment. The nation’s trade su
06, up from an average of about 3% between 2000 and 2004. This policy not only bolstered China’s export-led
tributing to rapid industrialization and economic development during the peroid 2001 - 2007.
 i.htm
mber 2008):
ate underwent a drop from 2007 to 2009. In November 2008, in response to the global financial crisis, China a
ut 12.5% of its GDP at the time. This initiative aimed to counteract the economic recession and sustain growth

ulus was allocated to infrastructure projects, including transportation, energy, and telecommunications, to enh
building areas affected by the May 12 Sichuan earthquake, facilitating recovery and improving resilience again
esources were allocated to environmental initiatives and technological advancements to promote sustainable d
impacts of the global financial crisis, it also led to concerns about increased local government debt and the eff
uments/CLM28BN.pdf

Xi Jinping in 2013, is an ambitious effort to boost regional cooperation and connectivity on a trans-continental
ort projects aimed to decrease shipping times for East Asia Pacific countries by an average of 2.31% globally.
d result in a corresponding reduction in trade costs and enhancing the trade efficiency.
developing East Asia Pacific countries by approximately 2.6% to 3.9%.
40306960489/pdf/131211-Bri-MTI-Practice-Note-4.pdf

ese government in 2015, is a long-term plan aimed at transforming China into a global leader in advanced man

ostering Chinese brands.

T, robotics, aerospace, and new energy vehicles.
mentally friendly practices.
15/05/19/content_281475110703534.htm

ating the virus through strict measures including mass testing and quarantines. This helped maintain relatively
ugh the growth rate of at only nearly 3%. As the Omicron variant spread, there was increasing public pressure
oals with economic and social stability.

2000 [YR2000] 2001 [YR2001] 2002 [YR2002]

3.3 3.8 4.2
L.UEM.TOTL.ZS?end=2023&locations=CN&start=2000

Inflation Rate (%)

2.05
0.60
2.60
 6.95
3.90
3.93
7.75
7.80
-0.21
6.88
8.08
2.33
2.16
1.03
0
1.41
4.23
3.50
1.29
0.49
4.55
1.82
-0.58

ent rate over the year:

n inflation and unemployment—when inflation is high, unemployment tends to be low, and vice versa.
ment rate from 2000 - 2023 in China:
he inflation rate from 0 - 7%, the unemployment rate was just around 4%.
mployment remained around 4.3%-4.6%.
e with a drop in unemployment, deviating from the traditional Phillips Curve.
a little by 0.1%.
loyment remained at 4.5%.
was steady at about 4.6%.
about 3%, the unemployment rate declined by 0.1%.
unemployment rate underwent the opposite pattern by 0.3%.
loyment reached the peak at 5%.
ployment remained high.

eak negative relationship.

 2003 2004 2005
¥24,990,920,259,200 ¥27,518,407,313,000 ¥30,654,017,498,900
¥13,742,203,491,800 ¥16,184,016,090,700 ¥18,731,890,311,800
54.99 58.81 61.11
2.60 6.95 3.90

2003 2004 2005

81.87 85.00 86.51
1.13 3.82 1.78

2004 2005 2006

66.35 67.53 68.64
58.81 61.11 63.51
3.82 1.78 1.65
6.95 3.90 3.93

rate climbed considerably to the point at approximately 7% in 2004 and it

n obviously in 2009, likely reflecting the global financial crisis. Then,
price pressures. It is also noticed that the inflation rate fluctuated around 0 to
the end.
 rate climbed considerably to the point at approximately 7% in 2004 and it
n obviously in 2009, likely reflecting the global financial crisis. Then,
price pressures. It is also noticed that the inflation rate fluctuated around 0 to
the end.

0 and 4% from the beginning to 2007 showing smaller price changes in

nearly 6% before declining rapidly to the lowest point remaining just
price levels. There is several divergence from GDP deflator inflation trends,

government purchases, and exports). It excludes imports because they are not

includes imports but does not account for price changes in investment,

2004 2005 2006

10.11 11.39 12.72

rect investment. The nation’s trade surplus expanded markedly, reaching

not only bolstered China’s export-led growth tactic but also facilitated
e peroid 2001 - 2007.
e to the global financial crisis, China announced a substantial economic
conomic recession and sustain growth. There are some key components of the

nergy, and telecommunications, to enhance the country’s foundational facilities.

ecovery and improving resilience against future disasters.
dvancements to promote sustainable development and drive innovation.
ased local government debt and the efficiency of investments.

nd connectivity on a trans-continental scale.

tries by an average of 2.31% globally.
de efficiency.

a into a global leader in advanced manufacturing. The main targets of "Made

ntines. This helped maintain relatively low infection rates but caused
d, there was increasing public pressure for policy adjustments. By late 2022,

2003 [YR2003] 2004 [YR2004] 2005 [YR2005]

4.6 4.5 4.5
ends to be low, and vice versa.

%.

urve.
 2006 2007 2008
¥34,553,501,474,600 ¥39,470,762,217,000 ¥43,279,958,745,600
¥21,943,847,481,700 ¥27,009,232,371,800 ¥31,924,461,277,900
63.51 68.43 73.76
3.93 7.75 7.80

2006 2007 2008

87.94 92.17 97.63
1.65 4.82 5.93

2007 2008 2009

71.95 76.21 75.66
68.43 73.76 73.61
4.82 5.93 -0.73
7.75 7.80 -0.21
2007 2008 2009
14.23 9.65 9.40
2006 [YR2006] 2007 [YR2007] 2008 [YR2008]
4.4 4.3 4.6
 2009 2010 2011
¥47,347,723,322,000 ¥52,383,566,126,500 ¥57,386,632,616,500
¥34,851,774,373,500 ¥41,211,925,579,600 ¥48,794,018,052,500
73.61 78.67 85.03
-0.21 6.88 8.08

2009 2010 2011

96.92 100.00 105.55
-0.73 3.18 5.55

2010 2011 2012

78.06 82.39 84.55
78.67 85.03 87.01
3.18 5.55 2.62
6.88 8.08 2.33
2010 2011 2012
10.64 9.55 7.86
2009 [YR2009] 2010 [YR2010] 2011 [YR2011]
4.7 4.5 4.5
 2012 2013 2014
¥61,899,366,162,200 ¥66,706,563,847,900 ¥71,660,035,622,500
¥53,857,995,346,900 ¥59,296,322,954,900 ¥64,356,310,454,400
87.01 88.89 89.81
2.33 2.16 1.03

2012 2013 2014

108.32 111.16 113.29
2.62 2.62 1.92

2013 2014 2015

86.77 88.44 89.71
88.89 89.81 89.81
2.62 1.92 1.44
2.16 1.03 0.00
2013 2014 2015
7.77 7.43 7.04
2012 [YR2012] 2013 [YR2013] 2014 [YR2014]
4.6 4.6 4.6
 2015 2016 2017
¥76,705,854,405,300 ¥81,959,255,970,800 ¥87,653,130,051,800
¥68,885,821,804,900 ¥74,639,505,948,400 ¥83,203,594,856,000
89.81 91.07 94.92
0.00 1.41 4.23

2015 2016 2017

114.92 117.22 119.09
1.44 2.00 1.59

2016 2017 2018

91.50 92.96 94.89
91.07 94.92 98.25
2.00 1.59 2.07
1.41 4.23 3.50
2016 2017 2018
6.85 6.95 6.75
2015 [YR2015] 2016 [YR2016] 2017 [YR2017]
4.7 4.6 4.5
 2018 2019 2020
¥93,569,518,087,400 ¥99,137,372,966,400 ¥101,356,700,223,100
¥91,928,112,906,700 ¥98,651,520,229,200 ¥101,356,700,223,100
98.25 99.51 100.00
3.50 1.29 0.49

2018 2019 2020

121.56 125.08 128.11
2.07 2.90 2.42

2019 2020 2021

97.64 100.00 100.98
99.51 100.00 104.55
2.90 2.42 0.98
1.29 0.49 4.55
2019 2020 2021
5.95 2.24 8.45
2018 [YR2018] 2019 [YR2019] 2020 [YR2020]
4.3 4.6 5
 2021 2022 2023
¥109,919,790,043,400 ¥113,163,160,234,882 ¥119,103,725,812,005
¥114,923,697,861,100 ¥120,472,395,261,800 ¥126,058,207,462,620
104.55 106.46 105.84
4.55 1.82 -0.58

2021 2022 2023

129.37 131.92 132.23
0.98 1.97 0.23

2022 2023
102.97 103.22
106.46 105.84
1.97 0.23
1.82 -0.58
2022 2023
2.95 5.25
2021 [YR2021] 2022 [YR2022] 2023 [YR2023]
4.5 5 4.7