FLUJOS MACROECONÓMICOS 1/

(Porcentaje del PBI)

1990
I II III IV AÑO

AHORRO-INVERSIÓN
Ahorro Interno 8.1 15.2 8.6 10.8 8.9
Sector público -15.4 -17.0 -7.5 -3.5 -5.6
Sector privado 23.5 32.2 16.1 14.3 14.6
Ahorro externo 6.1 5.9 4.0 3.2 5.0
Inversión 14.3 21.1 12.7 14.0 13.9
Sector público 3.0 3.6 2.5 3.7 3.3
Sector privado 11.3 17.5 10.2 10.2 10.6

BALANZA DE PAGOS
Balanza en cuenta corriente -6.1 -5.9 -4.0 -3.2 -5.0
Balanza comercial -1.6 0.8 3.2 3.8 1.2
Servicios -1.2 -1.1 -1.4 -1.3 -1.2
Renta de factores -4.0 -6.5 -7.3 -6.7 -5.9
Transferencias corrientes 0.7 0.9 1.3 1.1 1.0
Cuenta financiera 0.5 -2.7 -1.7 -6.7 -2.4
Sector privado 0.1 0.0 0.5 0.1 0.2
Sector público -2.4 -4.3 -3.9 -4.4 -3.6
Capitales de corto plazo 2.8 1.6 1.7 -2.5 1.0
Financiamiento excepcional 6.1 9.5 9.9 9.4 8.5
Flujo de reservas netas del BCRP -4.2 -1.5 9.7 -0.7 0.1
Errores y omisiones netos -4.6 -2.4 5.5 -0.3 -1.0

SECTOR PÚBLICO NO FINANCIERO

Ahorro en cuenta corriente -15.4 -17.0 -7.5 -3.5 -5.6
Ingresos de capital 0.5 0.3 0.1 0.1 0.1
Gasto de capital 3.2 3.6 2.5 3.9 3.4
Inversión pública 3.0 3.6 2.5 3.7 3.3
Otros gastos de capital 0.2 0.0 0.0 0.1 0.1
Resultado económico -18.1 -20.3 -9.9 -7.3 -8.9
Financiamiento 18.1 20.3 9.9 7.3 8.9
Financiamiento externo 4.3 8.1 8.5 5.3 6.4
Financiamiento interno 13.8 12.2 1.4 2.0 2.5
Privatización 0.0 0.0 0.0 0.0 0.0

Nota:
Saldo de deuda pública externa n.d. n.d. n.d. n.d. n.d.

1/ Año base 2007

Fuente: BCRP.
Elaboración: Gerencia de Información y Análisis Económico - Subgerencia de Análisis Macroeconómico.
 1991 1992
I II III IV AÑO I II III IV

9.1 14.9 10.1 10.9 11.4 11.1 15.5 10.4 5.4

-1.3 1.0 3.0 -0.5 0.7 4.3 2.8 1.7 -4.5
10.4 13.9 7.1 11.4 10.7 6.8 12.7 8.7 9.8
3.2 5.1 4.6 5.2 4.5 4.8 4.6 3.6 8.8
12.3 20.0 14.7 16.0 16.0 15.9 20.1 14.1 14.1
2.7 3.1 3.2 4.6 3.5 2.9 3.5 4.4 5.6
9.6 16.9 11.5 11.4 12.4 13.0 16.6 9.7 8.5

-3.2 -5.1 -4.6 -5.2 -4.5 -4.8 -4.6 -3.6 -8.8

1.3 0.7 -1.0 -3.2 -0.6 -2.2 -0.8 -0.8 -0.9
-1.0 -1.4 -1.3 -1.3 -1.2 -1.6 -1.7 -1.4 -1.6
-4.7 -5.6 -3.4 -2.9 -4.1 -2.5 -3.0 -2.8 -7.7
1.2 1.1 1.0 2.3 1.4 1.5 0.9 1.3 1.5
-2.0 -2.5 1.8 1.5 -0.2 1.2 1.7 3.2 1.0
0.3 0.8 0.4 0.2 0.4 0.0 0.0 -0.1 0.1
-3.0 -2.6 0.8 2.7 -0.4 -1.6 -1.1 -0.4 -1.5
0.7 -0.8 0.6 -1.3 -0.2 2.7 2.8 3.7 2.4
6.0 7.3 -0.1 4.2 4.2 2.7 3.7 2.5 8.3
-0.4 3.2 2.0 4.4 2.4 1.1 1.9 3.2 2.0
-1.2 3.5 5.0 3.8 2.9 2.0 1.1 1.1 1.5

-1.3 1.0 3.0 -0.5 0.7 4.3 2.8 1.7 -4.5

0.2 0.2 0.2 0.4 0.3 0.4 0.3 0.4 0.3
2.8 3.2 3.3 5.5 3.9 3.4 4.0 5.6 6.6
2.7 3.1 3.2 4.6 3.5 2.9 3.5 4.4 5.6
0.1 0.2 0.1 0.9 0.4 0.4 0.6 1.2 1.0
-3.9 -2.0 -0.1 -5.6 -2.9 1.4 -0.9 -3.5 -10.7
3.9 2.0 0.1 5.6 2.9 -1.4 0.9 3.5 10.7
2.9 4.9 1.0 7.4 4.3 0.9 2.8 2.4 6.1
1.0 -2.9 -0.9 -1.8 -1.3 -2.2 -1.9 1.0 4.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.5

n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d.

acroeconómico.
 1993 1994
AÑO I II III IV AÑO I II III

10.6 12.6 14.8 7.8 7.0 10.4 16.1 12.9 14.1

0.7 3.5 1.5 3.4 0.6 2.2 7.1 2.9 3.0
9.9 9.1 13.3 4.4 6.4 8.3 9.1 10.1 11.2
5.4 5.2 7.2 7.8 8.5 7.2 5.2 6.4 5.0
15.9 17.8 22.0 15.6 15.5 17.6 21.3 19.3 19.2
4.2 3.9 4.0 4.3 6.3 4.7 3.9 4.3 5.2
11.7 13.8 18.0 11.2 9.1 12.9 17.4 15.0 14.0

-5.4 -5.2 -7.2 -7.8 -8.5 -7.2 -5.2 -6.4 -5.0

-1.2 -1.1 -1.4 -3.6 -2.9 -2.3 -2.2 -1.9 -1.9
-1.6 -1.6 -1.6 -1.8 -1.5 -1.6 -1.1 -1.1 -1.1
-3.9 -4.0 -5.8 -3.9 -5.8 -4.9 -4.0 -5.3 -3.8
1.3 1.5 1.6 1.4 1.7 1.6 2.1 1.9 1.8
1.8 13.9 1.7 1.6 4.2 5.2 6.9 15.8 8.2
0.0 4.6 3.5 3.2 4.0 3.8 4.3 17.4 6.8
-1.2 10.2 -3.3 -0.4 -1.9 1.0 -1.0 -2.1 0.5
2.9 -1.0 1.5 -1.2 2.1 0.4 3.5 0.4 0.9
4.2 -7.5 6.7 2.8 6.2 2.2 2.2 5.0 2.8
2.0 1.9 2.8 0.9 2.1 1.9 4.0 16.1 6.6
1.4 0.7 1.6 4.2 0.2 1.7 0.1 1.8 0.7

0.7 3.5 1.5 3.4 0.6 2.2 7.1 2.9 3.0

0.3 0.1 0.2 -0.2 0.3 0.1 -0.1 0.1 -0.2
5.0 4.5 4.5 5.0 7.3 5.4 4.8 5.1 6.5
4.2 3.9 4.0 4.3 6.3 4.7 3.9 4.3 5.2
0.8 0.6 0.4 0.7 0.9 0.7 0.9 0.9 1.3
-4.0 -0.9 -2.8 -1.8 -6.4 -3.1 2.2 -2.1 -3.8
4.0 0.9 2.8 1.8 6.4 3.1 -2.2 2.1 3.8
3.3 2.6 3.6 2.1 3.9 3.1 0.9 2.7 2.1
0.6 -3.3 -0.9 -0.3 2.2 -0.4 -4.1 -14.0 -2.3
0.2 1.6 0.1 0.0 0.3 0.4 0.9 13.5 4.0

n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d.

1994 1995 1996
IV AÑO I II III IV AÑO I II

12.6 13.8 15.5 18.8 12.0 9.3 13.9 15.1 18.3

-0.1 3.0 3.0 2.9 2.9 0.6 2.3 5.2 4.5
12.6 10.8 12.6 15.9 9.1 8.7 11.5 9.9 13.7
8.2 6.3 8.1 8.9 8.6 10.1 8.9 5.1 7.5
20.8 20.1 23.7 27.7 20.6 19.4 22.8 20.2 25.7
6.2 4.9 4.7 4.7 4.6 5.3 4.8 4.5 3.8
14.6 15.2 19.0 23.0 16.0 14.0 18.0 15.8 21.9

-8.2 -6.3 -8.1 -8.9 -8.6 -10.1 -8.9 -5.1 -7.5

-3.8 -2.5 -4.2 -4.0 -4.4 -4.8 -4.3 -2.8 -3.8
-1.1 -1.1 -1.3 -1.5 -1.5 -1.4 -1.4 -1.1 -1.4
-4.9 -4.5 -4.3 -5.1 -4.3 -5.5 -4.8 -2.9 -3.9
1.6 1.8 1.6 1.7 1.5 1.6 1.6 1.7 1.7
5.1 8.9 5.1 8.3 7.7 7.7 7.2 4.6 6.7
7.9 9.2 3.4 7.9 4.5 7.7 5.9 5.6 5.3
0.0 -0.6 0.0 -0.9 -0.2 -0.3 -0.3 0.2 -0.9
-2.8 0.3 1.7 1.2 3.3 0.3 1.6 -1.2 2.4
3.9 3.5 2.2 3.9 2.2 3.4 2.9 1.1 2.3
1.4 6.9 -0.6 2.9 1.0 3.7 1.8 1.4 2.9
0.6 0.8 0.3 -0.3 -0.3 2.5 0.6 0.7 1.3

-0.1 3.0 3.0 2.9 2.9 0.6 2.3 5.2 4.5

0.6 0.1 -0.1 -0.1 0.1 0.2 0.0 0.1 0.2
7.4 6.0 5.7 5.4 5.5 6.1 5.7 5.3 4.6
6.2 4.9 4.7 4.7 4.6 5.3 4.8 4.5 3.8
1.2 1.1 0.9 0.6 0.9 0.8 0.8 0.9 0.9
-6.8 -2.9 -2.8 -2.5 -2.5 -5.3 -3.3 0.0 0.1
6.8 2.9 2.8 2.5 2.5 5.3 3.3 0.0 -0.1
3.9 2.5 2.5 2.8 2.0 3.0 2.6 0.6 1.9
0.5 -4.9 -0.5 -2.1 -0.2 -1.6 -1.1 -0.9 -2.3
2.3 5.2 0.7 1.9 0.7 3.9 1.8 0.3 0.3

n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d.

1996 1997 1998
III IV AÑO I II III IV AÑO I

10.9 11.5 13.9 14.3 21.9 14.4 13.2 16.0 18.2

4.5 1.7 3.9 7.1 7.5 4.5 2.4 5.4 5.4
6.3 9.9 10.0 7.2 14.4 9.8 10.8 10.7 12.8
6.8 7.7 6.8 4.8 5.1 6.2 7.6 6.0 7.5
17.7 19.2 20.7 19.1 27.0 20.6 20.9 22.0 25.7
4.1 5.3 4.4 3.7 3.8 4.6 6.2 4.6 3.9
13.6 13.9 16.3 15.4 23.2 16.0 14.6 17.4 21.7

-6.8 -7.7 -6.8 -4.8 -5.1 -6.2 -7.6 -6.0 -7.5

-4.1 -4.1 -3.7 -2.2 -1.9 -3.7 -4.2 -3.0 -6.4
-1.2 -1.2 -1.3 -1.2 -1.5 -1.4 -1.5 -1.4 -1.2
-3.2 -4.1 -3.5 -3.1 -3.3 -2.9 -3.5 -3.2 -1.7
1.7 1.7 1.7 1.8 1.6 1.8 1.6 1.7 1.7
13.3 4.5 7.3 17.3 6.7 6.7 11.1 10.3 5.0
16.3 5.2 8.1 7.7 5.4 4.0 3.2 5.0 3.4
-1.4 -1.0 -0.8 4.3 -1.0 -0.3 1.0 0.9 0.5
-1.6 0.3 0.0 5.3 2.2 3.1 7.0 4.4 1.1
0.8 2.5 1.7 -9.3 1.9 0.4 1.1 -1.3 0.2
9.6 0.5 3.6 5.1 3.5 0.7 3.1 3.1 0.5
2.3 1.3 1.4 1.9 0.0 -0.2 -1.4 0.0 2.8

4.5 1.7 3.9 7.1 7.5 4.5 2.4 5.4 5.4

0.0 0.3 0.2 0.0 0.1 -0.1 0.1 0.0 0.1
4.9 6.0 5.2 4.7 4.4 5.2 6.9 5.3 4.4
4.1 5.3 4.4 3.7 3.8 4.6 6.2 4.6 3.9
0.8 0.7 0.8 1.0 0.6 0.6 0.7 0.7 0.5
-0.3 -4.0 -1.1 2.5 3.2 -0.7 -4.4 0.1 1.0
0.3 4.0 1.1 -2.5 -3.2 0.7 4.4 -0.1 -1.0
-0.3 1.1 0.8 -2.9 -0.1 0.0 1.2 -0.4 0.6
-11.5 -0.2 -3.7 -0.1 -3.8 0.2 1.1 -0.7 -2.1
12.1 3.1 4.0 0.5 0.7 0.6 2.2 1.0 0.5

n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d.

 1998 1999
II III IV AÑO I II III IV AÑO

20.3 13.8 10.5 15.7 13.0 18.8 12.2 21.0 16.4

5.4 4.6 0.6 4.0 3.7 2.3 0.5 0.8 1.8
14.8 9.1 9.9 11.6 9.4 16.5 11.7 20.2 14.7
7.2 5.4 4.2 6.1 2.7 3.0 2.0 3.5 2.8
27.5 19.2 14.7 21.8 15.7 21.8 14.2 24.5 19.3
4.2 4.8 5.9 4.7 4.1 4.9 5.8 5.3 5.1
23.2 14.4 8.8 17.1 11.6 16.9 8.4 19.2 14.2

-7.2 -5.4 -4.2 -6.1 -2.7 -3.0 -2.0 -3.5 -2.8

-5.8 -3.6 -2.2 -4.5 -1.1 -1.5 -0.9 -1.6 -1.3
-1.0 -1.4 -1.3 -1.2 -1.3 -1.1 -0.8 -1.5 -1.2
-2.1 -2.4 -2.7 -2.2 -2.3 -2.2 -2.2 -2.4 -2.3
1.7 1.9 2.0 1.8 2.0 1.8 1.9 2.0 1.9
7.1 3.9 -3.6 3.3 -2.3 1.9 3.6 1.3 1.2
4.5 2.3 3.0 3.3 0.3 7.3 7.2 -1.2 3.4
-0.2 0.0 0.2 0.1 -1.1 1.9 0.2 1.9 0.8
2.8 1.7 -6.7 -0.1 -1.4 -7.3 -3.7 0.6 -3.0
0.5 0.3 0.8 0.4 -0.1 0.0 0.1 0.1 0.0
1.1 -2.6 -7.0 -1.9 -2.9 -0.7 -1.1 -1.7 -1.6
0.6 -1.4 0.1 0.5 2.1 0.3 -2.8 0.4 0.0

5.4 4.6 0.6 4.0 3.7 2.3 0.5 0.8 1.8

0.1 0.0 0.2 0.1 0.1 0.2 -0.1 0.1 0.1
4.7 5.4 6.1 5.2 4.3 5.1 6.0 5.5 5.2
4.2 4.8 5.9 4.7 4.1 4.9 5.8 5.3 5.1
0.5 0.6 0.2 0.4 0.2 0.2 0.2 0.2 0.2
0.8 -0.7 -5.3 -1.0 -0.6 -2.6 -5.6 -4.6 -3.4
-0.8 0.7 5.3 1.0 0.6 2.6 5.6 4.6 3.4
0.4 -0.2 0.8 0.4 -0.3 1.3 0.5 -2.3 -0.2
-1.8 0.4 4.1 0.1 0.2 0.8 3.9 5.9 2.8
0.6 0.4 0.4 0.5 0.6 0.5 1.2 0.9 0.8

n.d. n.d. n.d. n.d. 39.7 39.5 42.1 41.0 41.0

 2000 2001
I II III IV AÑO I II III IV

17.1 20.2 13.5 10.2 15.4 12.2 18.9 13.2 15.7

1.9 1.9 0.9 -1.5 0.8 3.1 0.4 0.3 -1.3
15.2 18.4 12.6 11.7 14.5 9.1 18.5 12.9 17.0
3.0 3.9 0.9 4.3 3.0 4.6 2.2 1.4 1.3
20.2 24.1 14.5 14.5 18.4 16.8 21.1 14.6 17.0
4.1 4.1 3.8 4.5 4.1 2.4 3.2 2.9 4.4
16.0 20.0 10.7 10.0 14.3 14.4 18.0 11.7 12.6

-3.0 -3.9 -0.9 -4.3 -3.0 -4.6 -2.2 -1.4 -1.3

-1.1 -1.4 0.1 -0.8 -0.8 -1.8 -0.2 0.3 0.2
-1.3 -1.3 -1.3 -1.9 -1.4 -2.4 -1.8 -1.4 -1.9
-2.7 -3.0 -1.8 -3.6 -2.8 -2.4 -2.2 -2.2 -1.8
2.0 1.9 2.0 2.0 2.0 2.1 1.9 1.9 2.2
4.5 1.8 1.1 0.7 2.0 2.6 3.6 4.0 1.9
3.8 3.4 2.2 2.2 2.9 2.6 1.5 1.9 1.7
2.2 -0.7 0.5 0.2 0.5 0.2 2.2 0.6 -0.1
-1.6 -0.9 -1.7 -1.7 -1.4 -0.2 -0.1 1.5 0.3
0.0 0.0 0.0 -0.5 -0.1 0.0 0.0 0.0 0.0
3.3 -0.7 0.4 -4.6 -0.4 -0.3 1.7 2.4 -0.3
1.9 1.3 0.3 -0.5 0.8 1.7 0.3 -0.2 -0.8

1.9 1.9 0.9 -1.5 0.8 3.1 0.4 0.3 -1.3

0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1
4.3 4.4 4.1 4.6 4.3 2.5 3.4 3.2 4.6
4.1 4.1 3.8 4.5 4.1 2.4 3.2 2.9 4.4
0.1 0.3 0.3 0.1 0.2 0.1 0.2 0.4 0.2
-2.3 -2.4 -3.1 -5.9 -3.4 0.8 -3.0 -2.8 -5.9
2.3 2.4 3.1 5.9 3.4 -0.8 3.0 2.8 5.9
2.5 -0.2 2.0 1.0 1.3 0.4 1.9 1.1 0.4
-1.1 1.2 0.4 4.7 1.3 -1.6 0.9 1.6 3.7
0.8 1.5 0.6 0.3 0.8 0.4 0.2 0.2 1.8

39.7 38.5 37.7 38.1 38.1 37.3 37.5 37.8 36.1

 2002 2003
AÑO I II III IV AÑO I II III

15.1 13.8 20.1 11.6 15.7 15.4 15.5 21.4 13.2

0.6 1.3 1.3 0.8 -0.4 0.7 1.7 2.2 0.6
14.5 12.4 18.8 10.9 16.1 14.7 13.8 19.2 12.6
2.3 2.6 2.0 1.4 2.1 2.0 3.5 1.0 1.2
17.4 16.4 22.1 13.0 17.8 17.4 19.1 22.4 14.4
3.2 2.4 2.8 2.9 3.6 2.9 2.5 2.6 2.7
14.2 13.9 19.4 10.1 14.2 14.5 16.6 19.8 11.7

-2.3 -2.6 -2.0 -1.4 -2.1 -2.0 -3.5 -1.0 -1.2

-0.3 -0.3 0.9 1.4 0.3 0.6 0.0 1.6 1.9
-1.9 -2.0 -1.7 -1.8 -1.9 -1.8 -1.7 -1.4 -1.5
-2.1 -2.1 -2.9 -2.9 -2.7 -2.7 -3.7 -3.0 -3.8
2.0 1.9 1.7 1.9 2.1 1.9 1.9 1.8 2.3
3.0 3.7 3.9 7.7 0.0 3.8 7.1 -3.4 -2.1
1.9 3.0 3.5 8.3 2.8 4.4 2.9 -0.2 -0.8
0.7 0.4 0.2 1.1 1.8 0.9 3.4 -2.6 -2.8
0.4 0.3 0.2 -1.7 -4.7 -1.5 0.8 -0.6 1.5
0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1
0.9 0.8 2.1 5.5 -2.1 1.5 6.1 -3.0 -2.0
0.2 -0.4 0.2 -0.9 0.0 -0.3 2.6 1.4 1.2

0.6 1.3 1.3 0.8 -0.4 0.7 1.7 2.2 0.6

0.1 0.1 0.1 0.1 0.2 0.1 0.0 0.0 0.3
3.5 2.6 3.0 3.3 3.7 3.2 2.6 2.8 2.9
3.2 2.4 2.8 2.9 3.6 2.9 2.5 2.6 2.7
0.2 0.2 0.2 0.4 0.1 0.2 0.2 0.2 0.2
-2.8 -1.2 -1.6 -2.4 -3.9 -2.3 -0.9 -0.6 -2.0
2.8 1.2 1.6 2.4 3.9 2.3 0.9 0.6 2.0
1.0 3.8 0.4 1.5 3.1 2.2 4.4 -1.9 -0.9
1.2 -3.0 0.7 -1.1 0.5 -0.7 -3.6 2.5 2.8
0.6 0.3 0.5 2.0 0.3 0.8 0.0 0.0 0.1

36.1 35.9 37.4 38.7 38.0 38.0 38.1 37.3 37.3

2003 2004 2005
IV AÑO I II III IV AÑO I II

15.0 16.4 15.9 23.3 12.2 15.8 16.9 15.5 23.0

0.5 1.2 3.0 3.2 1.1 0.0 1.8 4.4 5.3
14.5 15.1 12.9 20.1 11.1 15.8 15.1 11.1 17.7
0.7 1.6 0.4 1.0 -1.4 -0.4 -0.1 -0.9 -0.6
15.7 17.9 16.3 24.2 10.8 15.4 16.9 14.6 22.4
3.8 2.9 2.0 2.1 2.9 4.4 2.9 2.0 2.2
11.9 15.0 14.3 22.1 7.9 11.0 14.0 12.6 20.1

-0.7 -1.6 -0.4 -1.0 1.4 0.4 0.1 0.9 0.6

2.4 1.5 4.4 2.6 5.6 5.5 4.5 6.2 5.2
-1.5 -1.5 -1.4 -1.0 -0.9 -1.1 -1.1 -1.2 -1.1
-3.8 -3.6 -5.5 -4.5 -5.6 -6.3 -5.5 -6.3 -5.7
2.2 2.1 2.1 2.0 2.2 2.3 2.1 2.2 2.2
3.3 1.1 2.0 3.5 -0.2 6.8 3.1 4.5 0.9
0.3 0.5 2.7 1.1 -0.9 3.0 1.5 1.1 2.0
3.4 0.3 -1.4 0.9 0.4 4.9 1.3 1.7 0.1
-0.5 0.3 0.7 1.5 0.3 -1.1 0.3 1.7 -1.2
0.3 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.2
2.6 0.8 1.4 2.8 1.8 7.7 3.5 5.6 2.0
-0.3 1.2 -0.2 0.2 0.6 0.4 0.3 0.3 0.3

0.5 1.2 3.0 3.2 1.1 0.0 1.8 4.4 5.3

0.2 0.1 0.0 0.3 0.1 0.1 0.1 0.1 0.1
4.1 3.1 2.1 2.2 3.3 4.5 3.0 2.1 2.3
3.8 2.9 2.0 2.1 2.9 4.4 2.9 2.0 2.2
0.3 0.2 0.1 0.1 0.4 0.1 0.2 0.1 0.1
-3.4 -1.7 0.9 1.2 -2.1 -4.4 -1.1 2.4 3.0
3.4 1.7 -0.9 -1.2 2.1 4.4 1.1 -2.4 -3.0
4.3 1.4 -0.4 1.5 -0.5 5.4 1.6 0.7 -1.3
-1.1 0.2 -1.0 -2.7 2.6 -1.2 -0.6 -3.1 -1.8
0.2 0.1 0.5 0.0 0.0 0.2 0.2 0.0 0.1

38.4 38.4 37.4 36.6 34.4 35.2 35.2 34.4 32.6

2005 2006 2007
III IV AÑO I II III IV AÑO I

14.2 18.0 17.8 19.5 25.2 20.8 23.9 22.5 20.0

2.1 -0.7 2.7 6.3 8.9 5.1 2.7 5.7 7.0
12.1 18.6 15.0 13.2 16.4 15.7 21.2 16.8 12.9
-2.1 -2.6 -1.5 0.9 -2.1 -6.1 -5.4 -3.3 -0.1
12.1 15.4 16.2 20.4 23.1 14.8 18.5 19.2 19.9
2.8 5.0 3.1 1.9 2.4 3.1 5.3 3.2 1.8
9.2 10.3 13.2 18.5 20.7 11.6 13.2 16.0 18.1

2.1 2.6 1.5 -0.9 2.1 6.1 5.4 3.3 0.1

7.6 9.2 7.1 6.3 9.6 13.0 11.5 10.2 6.7
-0.7 -1.4 -1.1 -0.9 -0.8 -0.6 -1.1 -0.8 -1.3
-7.2 -7.8 -6.8 -8.6 -9.1 -8.8 -7.7 -8.5 -7.8
2.5 2.6 2.4 2.4 2.4 2.5 2.7 2.5 2.4
-5.6 1.5 0.3 -2.7 -0.5 -2.3 6.1 0.3 6.4
-2.1 3.5 1.2 2.1 6.3 0.9 1.9 2.8 7.2
-3.6 -0.5 -0.6 -1.8 -2.9 -1.5 1.5 -1.1 -1.9
0.1 -1.6 -0.3 -3.0 -3.9 -1.7 2.7 -1.4 1.0
0.3 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.2
-0.8 2.0 2.2 1.3 -1.1 3.6 8.3 3.1 4.7
2.4 -2.1 0.2 4.7 -2.6 -0.3 -3.1 -0.5 -1.9

2.1 -0.7 2.7 6.3 8.9 5.1 2.7 5.7 7.0

0.2 0.1 0.1 0.1 0.1 0.1 0.3 0.2 0.1
3.1 5.1 3.2 2.0 2.5 3.6 5.5 3.4 1.9
2.8 5.0 3.1 1.9 2.4 3.1 5.3 3.2 1.8
0.3 0.1 0.1 0.1 0.1 0.5 0.2 0.2 0.1
-0.9 -5.6 -0.4 4.5 6.5 1.6 -2.5 2.5 5.2
0.9 5.6 0.4 -4.5 -6.5 -1.6 2.5 -2.5 -5.2
-5.6 0.0 -1.5 -0.9 -1.1 -1.2 0.7 -0.6 -1.7
6.4 5.5 1.8 -3.6 -5.4 -0.7 1.7 -1.9 -3.6
0.0 0.1 0.1 0.0 0.0 0.3 0.1 0.1 0.1

31.2 30.9 30.9 29.0 27.0 25.4 24.4 24.4 23.2

 2007 2008
II III IV AÑO I II III IV AÑO

25.5 22.8 26.2 23.8 19.3 22.7 22.6 27.6 23.1

11.2 5.7 2.8 6.6 7.1 9.6 6.5 5.2 7.1
14.2 17.2 23.4 17.1 12.2 13.2 16.1 22.4 16.0
-1.1 -1.8 -2.7 -1.5 3.5 5.5 4.7 3.5 4.3
24.3 21.1 23.5 22.3 22.8 28.3 27.3 31.1 27.5
2.6 3.3 6.1 3.5 2.6 3.6 4.6 7.0 4.5
21.7 17.7 17.3 18.7 20.1 24.7 22.7 24.0 23.0

1.1 1.8 2.7 1.5 -3.5 -5.5 -4.7 -3.5 -4.3

8.8 9.2 8.4 8.3 5.4 2.6 1.7 -1.1 2.1
-1.3 -1.0 -1.2 -1.2 -1.5 -1.5 -1.7 -2.0 -1.7
-8.7 -9.0 -7.0 -8.1 -9.8 -8.9 -7.0 -2.9 -7.2
2.4 2.5 2.5 2.4 2.4 2.3 2.4 2.6 2.4
10.8 4.8 10.8 8.3 24.0 7.6 5.3 -8.0 7.1
9.4 9.0 6.3 8.0 12.2 6.2 9.4 3.9 7.9
-1.6 1.0 -4.0 -1.7 -1.2 1.0 -2.0 -2.9 -1.2
3.0 -5.2 8.5 2.0 13.0 0.5 -2.0 -9.0 0.5
0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.1 0.0
12.2 4.0 15.8 9.4 18.2 7.1 -1.1 -13.5 2.6
0.2 -2.6 2.2 -0.4 -2.4 5.0 -1.8 -2.1 -0.2

11.2 5.7 2.8 6.6 7.1 9.6 6.5 5.2 7.1

0.1 0.2 0.1 0.1 0.1 0.1 0.2 0.1 0.1
2.7 3.6 6.3 3.7 2.8 3.8 4.8 7.3 4.7
2.6 3.3 6.1 3.5 2.6 3.7 4.6 7.1 4.6
0.1 0.3 0.1 0.2 0.1 0.1 0.2 0.1 0.1
8.6 2.3 -3.3 3.1 4.4 5.8 1.9 -2.0 2.5
-8.6 -2.3 3.3 -3.1 -4.4 -5.8 -1.9 2.0 -2.5
-1.1 0.3 -5.4 -2.0 -4.9 0.7 0.4 -0.5 -1.0
-7.6 -3.0 8.7 -1.2 0.5 -6.5 -2.4 2.3 -1.6
0.0 0.4 0.0 0.1 0.0 0.0 0.0 0.1 0.0

22.4 21.5 18.8 18.8 15.9 16.4 15.7 16.8 16.8

 2009 2010
I II III IV AÑO I II III IV

18.7 20.2 18.1 23.8 20.4 19.0 24.6 21.0 25.8

7.9 7.0 2.9 2.1 4.8 7.3 8.6 5.4 4.1
10.8 13.2 15.2 21.7 15.5 11.8 16.0 15.6 21.8
2.4 0.8 0.1 -0.8 0.5 2.8 1.8 3.3 1.8
21.1 21.0 18.2 23.0 20.9 21.9 26.4 24.3 27.6
3.4 4.2 5.8 9.0 5.7 3.6 5.3 6.0 8.2
17.7 16.8 12.4 13.9 15.1 18.3 21.0 18.3 19.4

-2.4 -0.8 -0.1 0.8 -0.5 -2.8 -1.8 -3.3 -1.8

2.0 4.4 6.1 6.8 5.0 4.8 4.3 4.1 5.5
-1.2 -0.9 -0.9 -0.9 -1.0 -1.5 -1.5 -1.6 -1.7
-5.8 -6.6 -7.7 -7.3 -6.9 -8.3 -6.6 -7.8 -7.6
2.6 2.3 2.4 2.3 2.4 2.2 2.0 2.0 2.0
4.5 -1.1 -1.7 5.6 1.9 10.7 3.1 17.8 5.5
8.1 4.5 0.6 1.5 3.5 9.1 4.0 10.3 7.6
2.4 -2.4 0.8 0.1 0.1 0.0 0.4 3.7 2.1
-6.0 -3.2 -3.0 4.0 -1.7 1.6 -1.3 3.8 -4.2
0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-0.1 -1.0 0.7 3.3 0.9 7.5 1.0 16.9 4.8
-2.2 0.7 2.5 -3.0 -0.5 -0.4 -0.3 2.4 1.0

7.9 7.0 2.9 2.1 4.8 7.3 8.6 5.4 4.1

0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1
3.7 4.8 6.3 9.9 6.3 4.1 6.2 6.5 9.0
3.4 4.5 5.8 9.3 5.9 3.6 5.9 6.0 8.5
0.3 0.3 0.5 0.6 0.4 0.5 0.3 0.5 0.5
4.3 2.4 -3.2 -7.7 -1.4 3.2 2.5 -1.0 -4.8
-4.3 -2.4 3.2 7.7 1.4 -3.2 -2.5 1.0 4.8
2.7 -0.3 0.7 1.4 1.1 0.3 -1.7 0.2 -0.6
-7.0 -2.1 2.4 6.3 0.2 -3.5 -0.9 0.8 5.2
0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.3

17.4 16.7 16.3 16.1 16.1 15.4 14.3 13.8 13.2

 2011 2012
AÑO I II III IV AÑO I II III

22.8 21.8 22.7 23.5 27.1 23.9 21.3 23.7 23.0

6.3 9.3 10.8 6.0 4.1 7.4 11.0 11.8 6.6
16.5 12.5 11.9 17.5 23.0 16.4 10.3 11.9 16.4
2.4 3.3 3.4 0.2 0.8 1.9 1.5 3.4 4.0
25.2 25.1 26.0 23.7 28.0 25.7 22.8 27.1 27.1
5.9 2.6 3.6 4.4 8.3 4.8 3.3 4.2 5.2
19.3 22.5 22.5 19.3 19.7 20.9 19.5 23.0 21.9

-2.4 -3.3 -3.4 -0.2 -0.8 -1.9 -1.5 -3.4 -4.0

4.7 4.9 5.0 7.0 4.7 5.4 5.7 1.8 2.6
-1.6 -1.4 -1.4 -1.2 -1.2 -1.3 -1.1 -1.2 -1.4
-7.5 -8.7 -8.9 -7.8 -6.1 -7.8 -8.0 -5.7 -6.9
2.0 2.0 1.9 1.8 1.8 1.9 1.9 1.7 1.7
9.2 7.2 5.9 4.2 3.4 5.1 16.4 8.9 9.7
7.7 8.8 3.3 5.6 4.3 5.4 13.2 5.9 9.8
1.6 0.5 -0.5 1.2 0.3 0.4 3.5 0.6 -0.5
-0.2 -2.1 3.1 -2.6 -1.2 -0.7 -0.3 2.5 0.4
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
7.5 4.4 1.6 3.1 2.0 2.7 15.3 4.3 6.8
0.7 0.4 -0.9 -0.9 -0.5 -0.5 0.3 -1.2 1.1

6.3 9.3 10.8 6.0 4.1 7.4 11.0 11.8 6.6

0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.0
6.6 2.9 4.9 4.8 8.9 5.5 3.5 4.6 5.6
6.1 2.6 4.6 4.4 8.6 5.2 3.3 4.4 5.2
0.5 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.4
-0.2 6.4 6.0 1.3 -4.7 2.0 7.6 7.3 1.1
0.2 -6.4 -6.0 -1.3 4.7 -2.0 -7.6 -7.3 -1.1
-0.5 0.4 -0.3 -0.1 0.7 0.2 0.0 -0.7 0.2
0.6 -6.9 -5.8 -1.2 4.0 -2.2 -7.6 -6.6 -1.2
0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0

13.2 12.8 12.2 11.9 11.4 11.4 11.1 10.8 10.3

2012 2013 2014
IV AÑO I II III IV AÑO I II

25.5 23.5 21.5 23.7 22.4 26.7 23.7 20.1 20.9

3.5 8.1 10.1 9.3 6.1 3.2 7.0 9.9 8.8
22.0 15.4 11.4 14.4 16.3 23.4 16.7 10.2 12.0
2.0 2.7 5.1 4.9 5.3 2.1 4.3 5.0 5.6
27.5 26.2 26.6 28.5 27.7 28.7 27.9 25.1 26.5
8.7 5.4 3.6 5.0 5.7 8.4 5.8 3.7 4.7
18.8 20.8 23.0 23.5 22.0 20.4 22.2 21.5 21.7

-2.0 -2.7 -5.1 -4.9 -5.3 -2.1 -4.3 -5.0 -5.6

3.0 3.2 0.6 -0.8 0.3 0.8 0.2 -0.8 -1.7
-1.3 -1.3 -1.0 -0.9 -0.8 -0.8 -0.9 -0.9 -0.7
-5.3 -6.4 -6.3 -4.8 -6.4 -3.8 -5.3 -5.1 -4.9
1.6 1.7 1.6 1.6 1.6 1.8 1.7 1.9 1.7
7.0 10.3 12.9 5.3 5.3 -0.2 5.7 2.0 4.0
4.6 8.2 12.0 8.2 9.2 0.7 7.4 5.2 0.4
-0.2 0.7 0.6 -2.4 0.5 -1.2 -0.7 -1.4 1.4
2.6 1.3 0.3 -0.5 -4.4 0.3 -1.1 -1.8 2.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
5.3 7.7 8.8 -0.3 -0.8 -1.5 1.4 -1.8 -0.9
0.3 0.1 1.0 -0.7 -0.8 0.8 0.1 1.2 0.7

3.5 8.1 10.1 9.3 6.1 3.2 7.0 9.9 8.8

0.0 0.1 0.3 0.3 0.1 0.1 0.2 0.1 0.1
9.3 5.9 3.9 5.5 6.3 9.1 6.3 4.0 5.9
9.0 5.6 3.6 5.4 5.8 8.6 6.0 3.8 5.5
0.4 0.3 0.2 0.1 0.5 0.5 0.4 0.2 0.3
-5.8 2.3 6.5 4.1 -0.2 -5.8 0.9 6.0 3.0
5.8 -2.3 -6.5 -4.1 0.2 5.8 -0.9 -6.0 -3.0
-0.6 -0.3 -0.6 -3.0 0.2 0.1 -0.8 0.2 0.4
6.3 -2.0 -5.9 -1.0 -0.1 5.3 -0.2 -6.2 -3.4
0.0 0.0 0.0 0.0 0.0 0.5 0.1 0.0 0.0

9.8 9.8 9.4 9.2 9.0 8.8 8.8 8.7 8.6

2014 2015 2016
III IV AÑO I II III IV AÑO I

22.9 24.9 22.3 19.8 22.3 21.0 23.3 21.6 19.1

4.1 1.4 5.9 8.4 5.7 2.4 -1.0 3.7 5.6
18.8 23.6 16.4 11.4 16.7 18.6 24.2 18.0 13.6
3.1 2.5 4.0 5.9 3.9 4.8 2.9 4.4 4.7
26.0 27.4 26.3 25.7 26.3 25.8 26.2 26.0 23.9
5.5 8.1 5.6 2.8 4.1 5.0 7.8 5.0 3.6
20.5 19.3 20.7 22.9 22.1 20.8 18.4 21.0 20.3

-3.1 -2.5 -4.0 -5.9 -3.9 -4.8 -2.9 -4.4 -4.7

-0.4 0.0 -0.7 -2.4 -2.2 -1.8 -0.3 -1.6 -1.6
-0.9 -0.9 -0.9 -1.1 -0.9 -0.8 -0.9 -0.9 -1.0
-4.5 -3.9 -4.6 -4.0 -2.5 -4.2 -3.5 -3.6 -4.4
2.6 2.4 2.2 1.7 1.6 1.9 1.7 1.7 2.2
3.9 3.5 3.4 5.4 1.3 8.9 5.6 5.3 3.1
2.3 5.0 3.2 4.8 3.1 4.8 2.6 3.8 0.5
-0.4 0.4 0.0 0.9 -1.2 5.3 3.2 2.1 2.4
2.0 -1.9 0.2 -0.2 -0.6 -1.2 -0.1 -0.5 0.3
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1.5 -3.1 -1.1 -1.0 -2.9 3.5 0.4 0.0 -1.1
0.8 -4.1 -0.4 -0.5 -0.3 -0.6 -2.3 -0.9 0.5

4.1 1.4 5.9 8.4 5.7 2.4 -1.0 3.7 5.6

0.1 0.3 0.1 0.3 0.1 0.0 0.1 0.1 0.0
6.1 9.3 6.4 3.4 5.0 5.6 9.2 5.9 4.0
5.5 8.8 6.0 2.7 4.5 4.9 8.5 5.2 3.6
0.5 0.4 0.4 0.6 0.5 0.7 0.8 0.7 0.4
-1.9 -7.6 -0.3 5.3 0.8 -3.2 -10.1 -2.1 1.5
1.9 7.6 0.3 -5.3 -0.8 3.2 10.1 2.1 -1.5
-0.5 -0.6 -0.1 -0.4 -0.2 3.8 2.9 1.6 2.0
2.3 8.2 0.5 -5.0 -0.6 -0.6 7.2 0.5 -3.5
0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0

8.7 8.7 8.7 9.1 9.1 10.1 11.1 11.1 11.3