7/23/2019 Economics Monitor - August 28th 2015

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NW Im`t Elseam ^emw

[`dm 9 O`rhmt Ymb`p, Qrm`surems,

Iremns, Elstetutecl`j [csetecls

[`dm 2 Mbclcoeb A`t` [rmvemw,

Hmy mvmlts, Qcp Lmws

[`dm 1 Nula`omlt`j @l`jyses

[`dm = Mbclcoy T`tbg, Qr`am

^emws

[`dm > Elaeveau`j Ncrmb`sts

[`dm 4 Rmlteomlt Elamx

[`dm 7 Qr`am [csetecls

[`dm 5 Qmbgleb`j @l`jyses

[`dm 0; Qr`am Eam`

Ncr qumstecls cr bcoomltsrm`bg us `t

elncKmbclcteoms.bco

Ncr ocrm elncro`tecl `icut curprcaubts veset

www.mbclcteoms.bco

MbclcQeoms 9;0=. @jj redgts

rmsmrvma. MbclcQeoms bcltmlt

rmbmevma tgrcudg tges smrvebm es

tgm eltmjjmbtu`j prcpmrty cn

MbclcQeoms cr ets tgera p`rtysuppjemrs. Ympuijeb`tecl cr rmaes-

treiutecl cn bcltmlt prcveama iy

MbclcQeoms es mxprmssjy prcgei-

etma wetgcut tgm precr wrettml

bclsmlt cn MbclcQeoms, mxbmpt

wgmrm pmroettma iy tgm tmros cn

tgm rmjmv`lt MbclcQeoms smrvebm

`drmmomlt. Lmetgmr MbclcQeoms

lcr ets tgera p `rty suppjemrs sg`jj

im je`ijm ncr `ly mrrcrs, coessecls

cr amj`ys el bcltmlt, cr ncr `ly`btecls t`hml el rmje`lbm tgmrmcl.

]RAstm`ay `d`elst ` i`shmt cn o`fcr burrmlbems `s nel`lbe`j o`rhmts smttjma acwl,

b`ppeld cnn ` tuoujtucus wmmh wgml tgm drmmli`bh get 4-ocltg jcws `d`elst tgm

murc`la tgm yml. Qgm acjj`r elamx w`s `t 5=.>=1, cnn ` 0-wmmh gedg cn 5>.;20 smt

cl Qgursa`y.

M]Y/]RA es burrmltjy suppcrtma imjcw 0.02;; jmvmjs `la tr`aeld `t 0.0979 jmvmjs,

`la eltr`a`y gedg `t 0.020; `la jcw `t 0.0929 jmvmjs. Qgm sg`rma burrmlby cl Nrea`y

p`rma scom cn tgm sedleneb`lt jcssms nrco tgm prmvecus smssecl wgml tgm ]R acjj`r

r`jjema cl tgm i`bh cn strcld nula`omlt`js. Qgm Drmmh mbclcoy ulmxpmbtmajy ms-

b`pma tmbgleb`j rmbmssecl aureld tgm P9 cn tgm ym`r, nel`j DA[ a`t` ncr tgm P9

sgcwma cl Nrea`y `s n`jjeld iuselmss ocr`jm, st`ddmreld ulmopjcyomlt, ammp amnj`-

tecl `la pcjeteb`j ulbmrt`elty wmrm mxpmbtma tc t`hm ` tcjj cl tgm trcuijma mbclcoy.

Qgm ]R smssecl wejj im el ncbus tca`y wetg tgm F`bhscl Gcjm Ryopcseuo bcltelueld,

wgejm cl tgm o`brc nrclt elvmstcrs wejj mym pmrscl`j elbcom a`t` `la tgm ]levmrsety

cn Oebged`l bclneamlbm survmy. Elete`j suppcrt `rcula 0.090; jmvmjs `la rmsest`lbm

`t 0.019= jmvmjs. Cptecl mxperems `t 0.00=; (107O), 0.02;; (=0;O), 0.02== (0.0IJL).

]RA/F[U es suppcrtma imjcw 090.;; jmvmjs, eltr`a`y gedg es `t 090.20 `la jcw `t

09;.>= jmvmjs. Et es burrmltjy tr`aeld `rcula 09;.70 jmvmjs. Qgm I`lh cn F`p`l's prm-nmrrma elnj`tecld`udmaeal't elbrm`sm ncr tgm nerst teom el ocrm tg`l twc ym`rs j`st

ocltg, putteld drm`tmr prmssurm cl tgm bmltr`j i`lh tc stmo ` ambjelm el prebm prms-

surms iy mxp`laeld ets oclmt`ry m`seld prcdr`o. Qgm L`tecl`j bcrm B[E w`s nj`t el

Fujy `ntmr reseld ;.9% ycy el Fulm, `bbcraeld tc tgm Rt`testebs Iurm`u, wgejm tgm ocrm

teomjy Qchyc B[E om`surm nmjj ;.0% ycy el @udust, tgm s`om p`bm `s Fujy. Elete`j sup-

pcrt es smml `t 007.92 `la rmsest`lbm `t 099.;0 jmvmjs. Cptecl mxperems `rm `t 090.;;

(474O), 090.=; (2>;O), 099.;;-0= (492O).

DI[/]RA es suppcrtma `rcula 0.=1;; jmvmjs. Et o`am eltr`a`y gedg `t 0.=119 `la

jcw `t 0.=2>1 jmvmjs. Et es burrmltjy tr`aeld `t 0.=25; jmvmjs. Rtmrjeld elbgma gedgmr

;.9 pbt `d`elst tgm acjj`r cl Nrea`y, rmbcvmreld nrco tgm prmvecus a`y's 0 0/9-ocltg

jcws `ntmr a`t` sgcwma ]H drcwtg w`s ulamrpellma iy rciustmxpcrts`la iuselmss

elvmstomlts el P9. Et w`s tr`aeld `t $0.=194 `ntmr tgm a`t`, nrco $0.=1;; imncrm-

g`la. @d`elst tgm murc, et treooma d`els `t 42.99 pmlbm pmr murc, g`veld tr`ama `t

42.22 imncrmg`la. Qgm ]H mbclcoy drmw `t tgm r`tm cn ;.4% imtwmml tgm nerst `la

smbcla qu`rtmrs, `la rcsm 9.>% cl ` ym`r-cl-ym`r i`ses. Elete`j suppcrt es smml `t

0.=290 `la rmsest`lbm `t 0.==59 jmvmjs.

LVA/]RA es suppcrtma `icvm ;.>1;; jmvmjs `la tr`aeld `t ;.>1>7 jmvmjs. Et o`am

eltr`a`y gedg `t ;.>=;= `la jcw `t ;.>1>9 jmvmjs. Elete`j suppcrt es smml `t 0.2074

`la rmsest`lbm `t 0.2299 jmvmjs. Cptecl mxpery es `t ;.>=;; (9=;O).

NW Redl`js

DI[/F[U tcubgma ` lmw nedurm jmvmj `t 07>.;;, DI[/LVA tcubgma ` lmw nedurmjmvmj `t 9.27, DI[/B@A tcubgma ` lmw nedurm jmvmj t 9.;1;;, ]RA/BLG tcubgma `

lmw nedurm jmvmj `t >.1>;;, RDA/F[U tcubgma ` lmw nedurm jmvmj `t 7>.;;, ]RA/V@Y

tcubgma ` lmw nedurm jmvmj `t 02.9;;;, DI[/BGN tcubgma ` lmw nedurm jmvmj `t

0.17;;, BGN/RDA tcubgma ` lmw nedurm jmvmj `t 0.1>;;, ]RA/BGN tcubgma ` lmw

nedurm jmvmj t ;.5>;;, M]Y/]RA tcubgma ` lmw nedurm jmvmj `t 0.02;;.

0

@udust 97tg, 9;0=

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7/23/2019 Economics Monitor - August 28th 2015

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O`rhmt Ymb`p

Mquetems `la bcoocaetems d`vm up scom cn tgmer

iculbms `s elvmstcrs turlma tgmer ncbus i`bh tc

bmltr`j i`lhs' `iejety tc `vmrt amnj`tecl.

[`l-Murcpm`l NQRMurcnerst 2;; elamx w`s acwl;.= pbt `t ;595 DOQ, wetg imlbgo`rh elamxms el

Jclacl , [`res `la Nr`lhnurt acwl ;.0 tc ;.4 pbt.

Qchyc's Lehhme `vmr`dm ulcnnebe`jjy bjcsma up 2.;2pbt `t 05,02>.29, BRE=;; nuturms bcltr`bts `jj rcsm

iy 0; pbt a`ejy jeoet, Rg`ldg`e Bcopcsetm Elamx

bjcsma up 1.7 pbt `t 2,929.2= pcelts.

Qgm ORBE @jj-Bcultry Tcrja elamx w`s up ;.2pmrbmlt cl tgm a`y `la `jsc cl tgm wmmh.

Cej prebms stm`aema cl Nrea`y `ntmr iculbeld i`bhnrco sex-`la-`-g`jn-ym`r jcws cl rmbcvmreld mque-

tems o`rhmts, strcld ].R. mbclcoeb drcwtg `la

lmws cn jcw bruam suppjems nrco Ledmre`. Irmlt

w`s acwl 1; bmlts `t $14.0> pmr i`rrmj iy ;70;DOQ. Et smttjma $1.19 gedgmr `t $14.=> cl Qgursa`y.

].R. bruam w`s acwl 2; bmlts `t $19.9> ` i`rrmj,

`ntmr mlaeld up $2.5>.

Dcja madma up cl Nrea`y iut w`s stejj cl tr`bh tcpcst ets ieddmst wmmhjy arcp el nevm `s strcld ].R.

mbclcoeb a`t` suppcrtma tgm b`sm ncr ` lm`r-tmro

elbrm`sm el eltmrmst r`tms . Rpct dcja rcsm ;.9 pbt tc

$0,09>.7> `l culbm iy ;51> DOQ, iut es acwl 9.>

pbt ncr tgm wmmh sc n`r. ].R. dcja ncr Ambmoimr

amjevmry madma up ;.2 pbt tc $0,0 9>.=; `l culbm.

Qrm`surems].R. 0;-ym`r Qrm`surems yemja stcca `t 9.070 pbt vs

].R. bjcsm cn 9.0>> pbt cl Qgursa`y.

Jcld-a`tma Bgelmsm dcvmrlomlt icla yemjas rcsm

`t tgm cpml cl Nrea`y iut iy j`tm `ntmrlccl g`a

ocstjy st`iejezma. Cl tgm a`y, Bgelmsm =-ym`r

trm`sury nuturms wmrm acwl ;.5 pbt Nrea`y `ntmr-

lccl, wgejm 0;-ym`r nuturms wmrm up ;.;1 pbt.

FDI prebms mlama tgm a`y stm`ay tc sjedgtjy gedgmr,

smlaeld yemjas acwl 0ip nrco ymstmra`y's `ntmr-

lccl bjcsm el tgm 9;-yr tc 2;-yr zclm. Qca`y, FDIssgruddma cnn scntmr ]R QRU cvmrledgt `la ` bcltel-

uma sg`rp rmicula el Qchyc stcbhs. Acomsteb rm`j

oclmy `bbcults rmnr`elma nrco smjjeld FDIs cut-

seam cn tgm IcF's purbg`sm prcdr`o .

Dmro`l 0;-ym`r yemjas wmrm nj`t cl tgm a`y `t

;.42 pbt `t ;41; DOQ, `jj ctgmr murc zclm mquev`-

jmlts wmrm `jsc irc`ajy ulbg`ldma.

]H Dejts cpmlma 9> tebhs gedgmr tg`l tgm smttjm-

omlt cn 00>.5>, `s prmaebtma, `ntmr mxtmrl`j bcrm

o`rhmts armw suppcrt nrco ` strcldmr tg`l mx-

pmbtma ]RA 4-ym`r `ubtecl. Amb Dejts `rm sjedgtjyjcwmr `t 004.27 `s tgm ]H DA[ a`t` sgcwma `l

eoprcvmomlt el mxpcrts `la elvmstomlt.

Lmw Vm`j`la dcvmrlomlt iclas m`sma, pusgeld

yemja 9 ips gedgmr `jcld tgm yemja burvm. @ust r` je `l

dcvmrlomlt icla nuturms aeppma, wetg tgm 2-ym`r

icla bcltr`bt cnn 1 tebhs `t 57.04;. Qgm 0;-ym`r

bcltr`bt w`s acwl 2 tebhs tc 54.92=;.

O`rhmt Iremns

]RA/F[U cnn Qgursa`y 090.1; tcp iut gcjas neromr

jmvmjs. [j`ys el imtwmml 09;.>=/090.29 jmvmjs.

M]Y/]RA r`ldm imtwmml 0.0922/0.020;. Qgurs-

a`y's jcw `t 0.09;2.

AWU stm`aems, up 2% nrco Ocla`y's 4ocltg59.>90 jcw.

DI[ resms `ntmr ]H a`tm pcelts tc rciust elvmst-omlt, mxpcrts. DI[/]RA up tc 0.=119 nrco 0.=225

tgml acwl tc lmw jcws `t 0.=2>1.

A@ W acwl 0% tc 0;05> iut cnn a`y's jcws. RRMBd`elma 1.5 pbt tc 2,929.2= pcelts. Ncr wmmh jcst

4.5%.

Bgel` [ICB s`ys et bclaubts 0>ijl Uu`l el s/t

jequeaety cpmr`tecls .

]H P9 DA[ 9la rm`aeld, ulbg`ldma nrco;.4/9.>% q/q & y/y rmturls.

]H P9 iuselmss elvmstomlt strcldmr q/q `t 9.5%vs 9.;% prmvecus.

Murc zclm @udust Mbclcoeb smlteomlt 0;1.9 vsprmvecus 0;1.;. 0;2.7 mxpmbtma.

Murc zclm @udust Bclsuomr bclneamlbm nel`j ->.5vs prmvecus -4.9 rmvesma. ->.5 mxpmbtma.

Rwetzmrj`la rm`j DA[ drcwtg ncr P0 rmvesma tc0.9% y/y nrco prmvecus rmpcrtma 0/0% y/y.

Rwmaesg Fujy Ymt`ej R`jms +=.5% y/y vs =.1% ncrm-b`st.

F`p`l @sc- Lct bclseamreld steoujus spmlaeld `n-tmr stcbh smjjcnn .

Elstetutecl`j [csetecls

A`lshm I`lh6 Rgcrt DI[/F[U, mltry 077.=;, stcp jcss

050.41, t`rdmt 07;.5>.

A`lshm I`lh6 Rgcrt ]RA/F[U, mltry 090.0=, stcps jcss

099.0=, t`rdmt 007.9>.

A`lshm I`lh6 Rgcrt M]Y/]RA, mltry .022;, stcp jcss

0.02>=, t`rdmt 0.0;04.

Rcbemtm Dmlmr`jm6 Iuy M]Y/DI[ 1O put sprm`a 0x0.=

strehms ;.4;/;.>4, smjj b`jj strehm ;.4= (elaeb`tevm cnnmr 6

;.=4%).

Rcbemtm Dmlmr`jm6 Iuy M]Y/]RA >T b`jj strehm 0.01 rhc

0.07 elaeb`tevm cnnmr6 ;.9=% (^s 0.;1% ncr tgm v`lejj`, spct

YMN6 0.091;).

Rcbemtm Dmlmr`jm6 Tm jehm jcld DI[/BGN `la@]A/LVA.

[`ttmrl Qr`ppmr6 Rgcrt DI[/]RA imjcw 0.==>>.

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Mbclcoeb A`t` [rmvemw

(;72; MQ/092; DOQ) ].R. bclsuomr spmlaeld es

jehmjy tc g`vm resml iy ;.1 pbt el Fujy nrco ets p rmve-

cus ocltg's rm`aeld cn ;.9 pbt, ].R. Bcoomrbm Am-

p`rtomlt wejj rmjm`sm tgm pmrscl`j elbcom a`t` ncr

Fujy, wgebg es mxpmbtma tc g`vm resml ;.1 pbt ncr `

ncurtg str`edgt ocltg. Et wejj `jsc rmjm`sm tgm Fujy

nedurms ncr pmrscl`j bclsuoptecl mxpmlaeturmsprebm elamx .

(;72; MQ/092; DOQ) Rt`testebs B`l`a` wejj rm-jm`sm prcaubmr prebms a`t` es mxpmbtma tc rmo`el

nj`t ncr Fujy `ntmr ` resm cn ;.= pmrbmlt el Fulm. @jsc,

tgm r`w o`tmre`js prebms ncr Fujy `rm mxpmbtma tc

g`vm arcppma iy 1.; pmrbmlt.

(0;;; MQ/01;; DOQ) Qgm ]levmrsety cn Oebged`l'snel`j @udust rm`aeld cn bclsuomr smlteomlt elamx

es mxpmbtma tc bcom el `t 52.;, gedgmr tg`l ets prm-

jeoel`ry rm`aeld cn 59.5 m`rjemr el tgm ocltg.

(;5;; MQ/02;; DOQ) Omxebc's fcijmss r`tm es mx-pmbtma tc g`vm resml tc 1.40% el Fujy nrco 1.10 pbt

el Fulm.

(;52; MQ/022; DOQ) Ir`zejs bmltr`j i`lh rm-jm`sms ets ocltgjy rmpcrt cl tgm nmamr`j iuadmt,

wgebg es mxpmbtma tc pcst ` amnebet cn 4.9 iejjecl

rm`j ncr Fujy, bcop`rma wetg ` amnebet cn 5.292 iej-

jecl rm`j ncr Fulm.

(02;; MQ/04;; DOQ) ]R Fujy A`jj`s Nma [BM 8 j`st

+9.0% @Y.

El ` smp`r`tm rmpcrt, Bgejm's bmltr`j i`lh wejj pui-jesg tgm oelutms cn @udust's eltmrmst r`tm ommteld ,wgml et gmja tgm r`tm `s mxpmbtma.

Hmy Mvmlts

L/@ F`bhscl Gcjm Mbclcoeb [cjeby Ryopcseuo

bcltelums.

(;51= MQ/021= DOQ) Nma Qr`am cpmr`tecl 0=-yr

N`llem O`m/Nrmaaem O`b(o`x $>;; ol).

(001= MQ/0=1= DOQ) Nma Qr`am cpmr`tecl 2;-yr

Dellem O`m(o`x $5=; ol).

Qcp Lmws

[rcnets `t Bgelmsm elaustre`j bcop`lems el Fujy sjea

9.5 pbt nrco ` ym`r m`rjemr `s n`jjeld prebms mrcama

m`rlelds, cnnebe`j a`t` sgcwma cl Nrea`y, ulamrjel-

eld wm`hlmss el tgm wcrja's smbcla-j`rdmst mbcl-

coy.

O`ly cn tgm tcp ir`ss cn tgm EON `jw`ys g`a bcl-

bmrls `icut tgm pj`ls tc i`ej cut Drmmbm . Qg`t

oubg w`s bjm`r `s n`r i`bh `s O`y 5, 9;0;, wgml

tgm EON's 91 aermbtcrs d`tgmrma el T`sgeldtcl tc

sedl-cnn cl tgm nula's p`rtebep`tecl el tgm nerst, 00;

-iejjecl-murc ($09= iejjecl) rmsbum `jcldseam Murc-

pm`l elstetutecls .

Bclneamlbm el tgm murc zclm's mbclcoy madma up

tc ` lmw ncur-ym`r gedg el @udust `s tgm occa

iredgtmlma el `jj smbtcrs mxbmpt elaustry `la smlte-

omlt pebhma up p`rtebuj`rjy el Nr`lbm `la Rp`el.

Iret`el's mbclcoy pebhma up stm`o el tgm smbcla

tgrmm ocltgs cn 9;0=, cnnebe`j a`t` sgcwma cl Nre-

a`y, iccstma iy ` fuop el mxpcrts `la iuselmss

elvmstomlt .

F`p`l's bclsuomr elnj`tecl drcula tc ` g`jt ncr tgm

nerst teom el ocrm tg`l twc ym`rs `la gcusmgcja

spmlaeld ulmxpmbtmajy nmjj el Fujy, gmedgtmleld

prmssurm cl pcjebyo`hmrs tc cnnmr nrmsg nesb`j `la

oclmt`ry suppcrt tc ulamrpel ` nr`dejm rmbcvmry.

Rwetzmrj`la's mbclcoy ulmxpmbtmajy drmw el tgm

P9, sherteld ` rmbmssecl `s tgm bcultry's mxpcrtmrs

wm`tgmrma prmssurm nrco ` strcld nr`lb imttmr tg`l

scom g`a mxpmbtma.

Rp`lesg rmt`ej s`jms rcsm `t tgmer n`stmst p`bm el

smvml ocltgs el Fujy, a`t` sgcwma cl Nrea`y, wetgn`jjeld prebms elbrm`seld sgcppmrs' purbg`seld

pcwmr tc arevm ` sg`rp rmicula el tgm mbclcoy.

Teja swelds el wcrja nel`lbe`j o`rhmts tges wmmh

g`vm sgcwl gcw mvmlts el Bgel` b`l pctmlte`jjy

aesrupt tgm Nmamr`j Ymsmrvm's b`rmnujjy sbreptma

pcjeby pj`ls. Qgm turocej, treddmrma iy ` rcut el

Bgelmsm o`rhmts, `jsc nj`ddma ` irc`amr resh tg`t

tgm ].R. bmltr`j i`lh o`y struddjm tc ommt ets el-

nj`tecl t`rdmt ultej tgm rmst cn tgm wcrja pj`ys `jcld.

[rcspmbts cn ` ].R. eltmrmst r`tm gehm `la vcj`tejm

stcbh o`rhmts g`vm turlma

pmrpmtu`j iclaseltc `pcpuj`r nulaeld tccj ncr @s e`l bcop `lems , wgebg

g`vm acuijma tgmer icrrcweld tges w`y tc ` rmbcra

$9> iejjecl sc n`r tges ym`r.

Bgel`'s bmltr`j i`lh es gedgjy jehmjy tc m`sm oclm-

t`ry pcjeby `d`el iy tgm mla cn tges ym`r, `bbcraeld

tc mbclcoests survmyma iy Ymutmrs pcjj, `s et smmhs

tc suppcrt ` r`peajy bccjeld mbclcoy `la b`jo ne-

l`lbe`j o`rhmts.

Qgm ].R. mbclcoy drmw n`stmr tg`l elete`jjy

tgcudgt el tgm smbcla qu`rtmr cl scjea acomsteb

amo`la , sgcweld n`erjy strcld ocomltuo tg`t

bcuja stejj `jjcw tgm Nmamr`j Ymsmrvm tc gehm eltmr-

mst r`tms tges ym`r.

Rcutg Hcrm` wejj mltmr "`l ebm `dm el mopjcyomlt"

en et n`ejs tc o`hm ets fci o` rh mt ocrm njmxeijm `s `

jccoeld resm el tgm rmtermomlt `dm tgrm`tmls tc

breop mltry-jmvmj gereld.

Qgmrm es ` imttmr tg`l mvml b g`lbm tg`t tgm YIE

wejj but eltmrmst r`tms `t ets pcjeby ommteld cl Rmpt.

95 tg`lhs tc elnj`tecl streheld ` rmbcra jcw , `b-

bcraeld tc ` Ymutmrs pcjj, o`rheld ` sgent el mxpmb-

t`tecls nrco m`rjemr.

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Nula`omlt`j @l`jyses

MBI jehmjy ulamr prmssurm tc rmvesm elnj`tecl prcfmbtecls

jcwmr

Relbm tgm 0> Fujy MBI ommteld, lct`ijm amvmjcpomlts el

wcrja o`rhmts g`vm put acwlw`ra prmssurm cl tgm b.i`lhs

qu`rtmrjy elnj`tecl prcfmbtecls. Irmlt prebm es acwl `icut 9=%,

`la tr`am-wmedgtma M]Y es up =%. =y `la =y=y nwa M]Y

sw`p irm`hmvmls `rm 1=ip `la 9;ip tedgtmr `t ;.>>% `la0.>2%, rmspmbtevmjy. Elamma, 9;0> `la 9;04 o`rhmt-i`sma

elnj`tecl mxpmbt`tecls cn ;.2% `la ;.>=% `rm sedleneb`ltjy

jcwmr tg`l tgm MBIs burrmlt prcfmbtecls cn 0.=% `la 0.7%,

rmspmbtevmjy.

Qgm arcp el tgm cej prebm es tgrm`tmleld tgm MBI's cutjcch ncr

gedgmr elnj`tecl. @rcula ` ym`r `dc MBI prmseamlt Ar`dge mx-

prmssma bclbmrl wgml =U=U elnj`tecl mxpmbt`tecls ambjelma

imjcw 9.;% `la tgm j`tmst ambjelm bcuja vmry jehmjy rmsujt el `

ocrmacvesg tclm nrco tgm MBI.

Tgejm tgm MBI es jehmjy tc cutjelm ` acvesg omss`dm `t ets up-

bcoeld ommteld cl 2 Rmptmoimr, et es ulbjm`rwgmtgmr rmbmltamvmjcpomlts `rm ied mlcudg tc spur `btecl `la iccst ets PM

prcdr`oomsedleneb`ltjy `t tges pcelt.

"Cvmr`jj wm mxpmbt tgm MBI tc scula acvesg `la sjedgtjy wcrrema

`t ets upbcoeld ommteld cl 2 Rmptmoimr. Burrmltjy, wm smm ` jcw

prci`iejety cn tgm MBI amjevmreld eooelmlt m`seld `la wm imjemvm

tgm MBI wejj nerst `ttmopt tc eoprcvm tgm elnj`tecl cutjcch iy vmr-

i`j eltmrvmltecl," st`tms A`lshm I`lh el ` rmsm`rbg lctm tc ets

bjemlts.

Et es jehmjy tg`t MBI wejj jcwmr ets prcfmbtecls lct`ijy el tgm

`ismlbm cn `ly lmw m`seld om`surm `llculbmomlts. El tgm

nedurm `icvm, m`bg teom tgm d`p imtwmml MBI prcfmbtecls `la

o`rhmt mxpmbt`tecls dct tcc ied, tgm MBI g`a tc `llculbm

lmw m`seld om`surms tc j`rdmjy o`elt`el ets prcfmbtecls `la

jmt tgm o`rhmt bclvmrdm tcw`ras tgmo.

Ic`ra omoimr [mtmr [r`mts eltmrvemw wetg rmpcrtmrs el

O`llgmeo elaeb`tma tg`t reshs ncr `bgemveld ` sust`el`ijm

elnj`tecl p`tg tcw`ras 9% g`vm elbrm`sma rmbmltjy. Gm `jscmopg`sezma tg`t tgmrm sgcuja im lc `oieduety cl MBIs wejj-

eldlmss `la `iejety tc `bt iy `afusteld tgm sezm, bcopcsetecl

`la/cr jmldtg cn ets PM prcdr`o.

@d`elst tges, prebm `btecl el Iulasg`s imml scomwg`t puz-

zjeld6 cl Ocla`y, tgm 0;y Iula struddjma tc r`jjy oubg cl

tgm sg`rp mquety o`rhmt n`jj, ymt et w`s scja cnn `s oubg `s

02ip cl Qumsa`y `la mlama tgm wmmh `icut 07ip bgm`pmr

amspetm tgm acvesg MBI bcoomlts.

"Tm smm resh/rmw`ra n`vcreld acvesg-ie`sma tr`ams `la rmbco-

omla jcld =y=y nwa Nr`lbm vs. Dmro`ly `la jcld Nr`lbm el rm`j

yemjas `t tgm jcld mla", s`ys I`rbj`ysel ` rmpcrt cl Qgursa`y.

M]Y/]RA n`ejma tc sust`el gmnty d`els cl tgm a`y `la es i`bh

imjcw 0.02 g`lajm tc burrmltjy tr`am `t 0.0942.

7/23/2019 Economics Monitor - August 28th 2015

5/11= www.mbclcteoms.bco

Mbclcoy T`tbg

MBIsmms Murc elnj`tecl `vmr`deld ;.2% tges ym`r, 0.=% el 9;0> `la 0.7% el 9;04.

Ir`zej mbclcoy jehmjy tc pcst -9% drcwtg r`tm tges ym`r- A`lshm I`lh.

Bgelmsm DA[ jehmjy tc pcst >.7% drcwtg r`tm el 9;0= `la >.>% el 9;0>- I`rbj`ys.

Yusse`l B[E es mxpmbtma tc pcst 00% y/y el Ambmoimr 9;0= cl ` gedg i`sm mnnmbt `la n`jjeld mbclcoeb `btevety- A`lshm

I`lh.

R&[ - Lmw Vm`j`la's drcss mxtmrl`j nel`lbeld lmmastc rmo`el cvmr twebm tgm jmvmj cn ets burrmlt `bbcult rmbmepts pjus rm-

smrvms.

R&[- Msteo`tm Gcld Hcld's 9;0= DA[ pmr b`pet` tc im `icut ]RA19,;;; .

Elaclmse`'s B.i`lh Dcvs`ys smms @ud o/o elnj`tecl`t 2.; pbt.

Bgel cl tr`bh ncr 4 pbt drcwtg tges ym`r8 g`s `opjm pcjeby tccjs tc suppcrt mbclcoy Cnnebe`j.

Elaclmse`'s B.i`lh Dcvs`ys smms @ud y/y elnj`tecl`t 4.;7 pbt.

Ymutmrs Rurvmy-Elae`@pr-Ful DA[ mxpmbtma `t 4.1 pbt (vs 4.= pbt el F`l-O`r).

Occays-Mxpmbts Bgelmsmi`lheld systmo tc n`bm nurtgmr elbrm`sms el ets lcl-pmrncroeld jc`ls r`tec.

[cjeby T`tbg

MBIuljehmjy tc bg`ldm ets pcjeby r`tms devml tgm jcwelnj`tecl ayl`oeb, tgm 2O Mureicr es jehmjy tc rmo`el lmd`tevm mvml el

9;04- I`rbj`ys.

Cvmrledgt elamxma sw`p r`tms eopjy 9= pbt bg`lbm cn Nma's r`tm gehm es jehmjy el Rmptmoimr `ntmr reseld iremnjy tc 14 pbt.

Ymutmrs Rurvmy- [ICB smml rmaubeld YYY tc 04 pbt iy ym`r-mla, 0> pbt iy mla-9;0>.

Ymutmrs Rurvmy-Omae`l sgcws >; pbt bg`lbm tg`t YIEwejj but rmpc r`tm el Rmptmoimr.

BIYes mxpmbtma tc g`jt ets r`tm buts cl 00 Rmptmoimr- A`lshm I`lh.

Ymutmrs Rurvmy6 @jj 9= mbclcoests pcjjma smm@ustr`je`'sbmltr`j i`lh stm`ay `t 9.; pbt lmxt wmmh.

Rcbemtm Dmlmr`jm6 Tm mxpmbt ` dr`au`j resm el tgm Qurhmys clm-wmmh rmpc r`tm tct`jeld 0;;ip (tc 7.=%) iy tgm mla cn 2P

9;0> s tgm BIYQl`rrcws tgm eltmrmst r`tm bcrreacr.

Clm ocrm imlbgo`rh r`tm but cn 9=ip es mxpmbtma nrco [ICBel P1- I`rbj`ys.

Ymutmrs Rurvmy - @jj 9; `l`jysts survmyma mxpmbt [cjesg bmltr`j i`lh tc hmmp o`el eltmrmst r`tm ulbg`ldma `t 0.=; pbt cl

Rmptmoimr 9.

Qwc ocrm =;ip YYY buts es mxpmbtma nrco [ICBel P1 9;0=- I`rbj`ys.

Qr`am ^emws

DI[/M]Y jehmjy tc tr`am `t 0.11 iy mla-9;0= `la `t 0.91 iy mla-9;0>- Jjcyas I`lh.

N`jj el bruam prebms r`esm acwlseam resh ncr B@AYIB B`pet`j O`rhmts.

Ocrd`l Rt`ljmy6 M]Y/BGN acwlseam es mxpmbtma tc im jeoetma iy tgm RLIdevml Rwetzmrj`larmo`els ammp el amnj`tecl.

]RA-BLU es mxpmbtma tc tr`ama `t >.7 iy ym`r-mla- I`rbj`ys.

YIB B`pet`j O`rhmts6 Cur bcrm DI[ pcsetevm vemw rmo`els ulbg`ldma`s gedgmrw`dm drcwtg wejj mvmltu`jjy tep tgm ICMtc

gehmscclmr r`tgmr tg`l j`tmr.

Rcbemtm Dmlmr`jm6 Tm acwldr`am cur cutjcch ncr tgm IYJtc 1.;; el P2 `la P1 nrco 2.>; prmvecusjy.

YOId`eleld njmxeiejety `d`elst ]RAsuddmsts ` n`stmr tr`lsoessecl ombg`leso eltc@WFsgcuja Bgel bcltelum prelteld wm`h

a`t` pcelts- Ocrd`l Rt`ljmy.

Rcbemtm Dmlmr`jm6 Tm r`esm cur P2 ncrmb`st ncr ]RA-OWL tc 04.4= nrco 04.;5.

Rcbemtm Dmlmr`jm6 Bcoocaety bybjm `la pccr drcwtg prcspmbtsjehmjy tc wmedg aesprcpcrtecl`tmjy cl V@Y vs [JL.

Occays-Bclteluma oclmt`ry m`seld el Bgel`bcuja ireld scom nurtgmr acwlw`ra prmssurm cl mxbg`ldm r`tms tges ym`r iut

` sg`rp amprmbe`tecl es uljehmjy.

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Ncrmb`sts

> www.mbclcteoms.bco

B@A

BCLQYEI]QCYR 0 OQG 2 OQGR > OQGR 09 OQGR

1B@RQ 0.20=; 0.224= 0.219= 0.22;;

@JJEMA EYERG 0.20;; 0.29;; 0.22;; 0.21;;

I@YBJ@UR 0.9=2; 0.94;; 0.95;; --

I@UMYLJI -- 0.2;;; 0.2>;; 0.22;;

II^@ 0.29;; 0.29;; 0.9>;; 0.9;;;

IL[ [@YEI@R 0.20;; 0.29;; 0.2=;; 0.2;;;

ICN@OJ -- 0.94;; 0.9>;; --

IQO] 0.22;; 0.2=;; 0.21;; 0.20;;

B@-BEI 0.2;;; 0.2=;; 0.2=;; 0.2;;;

BI@ 0.20;; 0.2;;; 0.27;; 0.27;;

BEIB -- 0.2;;; 0.22;; 0.20;;

BEQEDYC][ -- 0.9>;; -- 0.2;;;

BCOOMYVI@LH 0.2;;; 0.20;; 0.22;; 0.22;;

BYMAEQ R]ERR 0.20;; 0.21;; 0.2=;; 0.27;;

A@LRHM I@LH 0.97;; 0.95;; 0.2;;; 0.97;;

AMH@I@LH -- 0.9=;; 0.9>;; 0.94;;

AMRF@YAELR D 0.29;; 0.22;; 0.2;;; 0.2;;;

AM]QRBGM I@LH 0.2;;; 0.2;;; 0.2;;; 0.22;;

AV I@LH 0.29;; 0.2=;; 0.2=;; 0.97;;

DCJAO@L -- 0.97;; 0.2;;; 0.29;;

GMJ@I@ 0.2;;; 0.2;;; 0.97;; 0.94;;

GRIB 0.97;; 0.2;;; 0.2;;; 0.2;;;

EGR DJCI@J 0.2954 0.2257 0.2>;1 0.9>79

ELNCYO@ DJCI@J 0.29;; 0.20;; 0.2=;; 0.27;;

ELD NEL@LBE@J 0.97;; 0.2;;; 0.29;; 0.21;;

F]JE]R I@MY 0.29;; 0.95;; 0.95;; 0.99;;

JIIT -- 0.95;; 0.95;; 0.9=;;

JJCUAR I@LH 0.20;; 0.22;; 0.97;; 0.9;;;

OCYD@L RQ@LJMU 0.95;; 0.94;; 0.20;; 0.2=;;

L@I 0.2;;; 0.20;; 0.29;; 0.2;;;

L@QEWER -- 0.2;;; 0.95;; 0.9=;;

LCO]Y@ -- 0.29;; 0.22;; 0.21;;

LCYAM@ I@LH 0.9400 0.91>4 0.92;; 0.99=9

CBIB 0.220= 0.21>= 0.2=4= 0.245=

Y@ICI@LH 0.2;;; 0.20;; 0.20;; 0.29;;

YIB 0.29;; 0.22;; 0.2;;; 0.97;;

YIR 0.2;;; 0.2;;; 0.20;; 0.22;;

R@LQ@LAMY 0.2;;; 0.97;; 0.9>;; 0.9;;;

R@WC I@LH 0.29;; 0.2=;; 0.27;; 0.2=;;

RBCQE@I@LH 0.2=;; 0.21;; 0.29;; 0.95;;

RCBEMQM DMLMY@JM -- 0.97;; 0.2;;; --

RQ DMCYDM I@LH 0.2;;; 0.2;;; 0.2;;; 0.95;;

RQ.BG@YQMYMA -- 0.97;; 0.91;; --

RTMAI@LH 0.20;; 0.29;; 0.29;; 0.97;;

QA RMB]YEQEMR -- 0.2=;; 0.2=;; 0.2=;;

]IR 0.95;; 0.94;; -- 0.0;;;

]LEBYMAEQ 0.95;; 0.97;; 0.9=;; 0.9;;;

M]Y

BCLQYEI]QCYR 0 OQG 2 OQGR > OQGR 09 OQGR

1B@RQ 0.;7;; 0.;;;; ;.57;; ;.5=;;

@EI 0.;5;; 0.;7;; 0.;4;; 0.;=;;

@LV I@LH 0.;7;; 0.;2;; 0.;;;; 0.;5;;

@J[G@ I@LH 0.;7;; 0.;1;; 0.;9;; 0.;=;;

@]YMJ 0.;=;; 0.;2;; 0.;=;; 0.;7;;

I@UMYLJI -- 0.;5;; 0.;1;; 0.;9;;

II^@ 0.;>;; 0.;=;; 0.;7;; 0.0;;;

IGN I@LH 0.0;;; 0.0;;; 0.09;; 0.0=;;

IL[ [@YIR DI 0.;4;; 0.;1;; 0.;9;; 0.;;;;

I@LBC I[E 0.;>;; 0.;1;; 0.;7;; 0.0;;;

I@LBC R@LQ@LAMY 0.0;;; 0.01;; 0.0>;; 0.05;;

I@LH CN QO ] 0.;7;; 0.;=;; ;.55;; 0.;;;;

I@YBJ@UR I@LH 0.;5;; 0.;=;; ;.55;; --

B@ BEI 0.;>;; 0.;1;; 0.;1;; 0.;=;;

BI@ JQA 0.;5;; 0.0;;; 0.;=;; 0.;7;;

BEIB -- 0.;=;; 0.;7;; 0.01;;

BCOOMYVI@LH 0.;4;; 0.;>;; 0.;1;; 0.;0;;

BYMAEQ R]ERRM 0.;5;; 0.;=;; 0.;2;; ;.57;;

AMH@I@LH -- 0.;7;; 0.;>;; 0.;9;;

ALI 0.09;; 0.;>;; 0.;>;; 0.0;;;

AV I@LH 0.;7;; 0.;1;; 0.;1;; 0.0;;;

A@LRHM I@LH 0.0;;; 0.;1;; 0.;>;; 0.0;;;

AMRF@YAELR D 0.;4;; 0.;=;; 0.;>;; 0.;5;;

AM]QRBGM I@LLH 0.;7;; 0.;>;; 0.;;;; ;.5=;;

DCJAO@L R@BGR -- 0.;9;; 0.;;;; ;.5=;;

GRIB 0.;4;; 0.;=;; 0.;>;; 0.;5;;

EGR DJCI@J 0.;7=; 0.;>;; 0.;7=; 0.00=;

ELD NEL@LBE@J OHQR 0.;7;; 0.;=;; 0.;;;; ;.5;;;

ELNCYO@ DJCI@J 0.;79= 0.;4;; 0.;=;; 0.;1;;

EL^MRQMB 0.0;;; 0.;7;; 0.;>;; 0.0;;;

F]JE]R I@MY 0.;5;; 0.0;;; 0.0;;; 0.0=;;

JIIT -- 0.;=;; 0.;=;; 0.0;;;

J@LARI@LHELL 0.00=; 0.;=;; ;.5=;; ;.59;;

JIH GMRRML 0.09;; 0.0=;; 0.9;;; 0.0=;;

JJCUAR I@LH 0.;5;; 0.;=;; 0.;7;; 0.0=;;

OCYD@L RQ@LJMU 0.;5;; 0.;4;; 0.;1;; ;.55;;

L@I 0.;7;; 0.;>;; 0.;1;; 0.;2;;

L@QEWER NY -- 0.;=;; 0.;;;; 0.;=;;

LCO]Y@ BC JQ -- 0.;=;; 0.;=;; 0.;=;;

LCYAM@ I@LH 0.0;02 0.;447 0.;1>7 0.;9=9

CBIB 0.;50= 0.0;2; 0.;49; 0.;0;;

[CGFCJ@ I@LH 0.0;;; 0.;5;; 0.;7;; 0.;4;;

YIB 0.;5;; 0.;7;; 0.09;; 0.0>;;

Y@ICI@LH 0.0;;; 0.;7;; 0.;>;; 0.;=;;

Y@ENN I@LH 0.0;;; 0.;7;; 0.;1;; 0.0;;;

YIR 0.0;;; 0.0;;; 0.;>;; 0.;2;;

RMI 0.0;;; 0.;7;; 0.;;;; ;.5>;;

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Rmlteomlt Elamx

***Lctms6

Qgm smlteomlt r`tec cn tgm ocst jequea p`ers tr`ama cl tgm Qgcoscl Ymutmrs O`tbgeld pj`tncro es tgm pmrbmlt`dm cn jclds cr sgcrts el tgm cvmr`jj`ocult cn cpml tr`ams, mxmbutma iy tgm jequeaety bclsuomr

Qr`aeld `btevety6 [mrbmlt`dm bg`ldm el smssecl a`ejy vcjuom rmj`tevm tc tgm clm ocltg `vmr`dm.

^T@[6 ^cjuom wmedgtma `vmr`dm prebm cn tr`am el tgm ocst rmbmlt 2; oelutm teom sjebm.

QT@[6 Qr`am wmedgtma `vmr`dm prebm cn tr`ams el tgm ocst rmbmlt 2; oelutm teom sjebm. Lctm tg`t wgml lc tr`ams g`vm cbburrma el tgm ocst rmbmlt 2;

oelutm teom sjebm, ` ; v`jum es sgcwl `la tgm j`st `v`ej`ijm ^T@[ es aespj`yma.

^cjuom6 ^cjuom (el oejjecls cn i`sm burrmlby) tr`ama el tgm spmbenema teom pmreca.

Qr`am Bcult6 Luoimr cn tr`ams tr`ls`btma el tgm spmbenema teom pmreca.

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[@EY M]Y/AHH @]A/]RA M]Y/DI[ M]Y/LCH M]Y/RMH M]Y/]RA DI[/]RA LCH/RMH ]RA/B@A ]RA/GHA ]RA/F[U ]RA/OWL ]RA/RDA

^T@[ 4.1>20 ;.40>; ;.4291 5.22=5 5.=0>9 0.0979 0.=1;; 0.;059 0.2907 4.4=;; 09;.71;; 0>.5027 0.1;=0

QT@[ 4.1>20 ;.40>; ;.4291 5.22>9 5.=0=7 0.0979 0.=1;; 0.;05; 0.2907 4.4=;0 09;.71;; 0>.5027 0.1;=0

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Qr`am [csetecls

7 www.mbclcteoms.bco

M]Y/]RA ]RA/F[U DI[/]RA ]RA/BGN @]A/]RA M]Y/DI[

YMRERQ2 0.02>> 099.24 0.==7> ;.5444 ;.497= ;.4190

YMRERQ9 0.02>1 099.97 0.===; ;.5>71 ;.49>2 ;.42>1

YMRERQ0 0.020; 090.1; 0.==;7 ;.5>42 ;.49=; ;.42=5

R][[Q0 0.09;2 09;.>= 0.=24; ;.5=79 ;.4;4; ;.4945

R][[Q9 0.0075 09;.1; 0.=22; ;.5=1; ;.4;11 ;.4940

R][[Q2 0.00=1 005.7; 0.=050 ;.5=02 ;.>55; ;.49>;

Rtr`tmdy RMJJ JCLD RMJJ JCLD RMJJ RGCYQ

[rebm 0.02>1 090.25 0.==7; ;.5=77 ;.491= ;.424;

Q`rdmt - 092.;; - ;.55;; - ;.407;

Rtcp - 09;.2= - ;.511; - ;.42=5

M]Y/F[U M]Y/BGN ]RA/B@A DI[/F[U M]Y/LCH M]Y/RMH

YMRERQ2 024.=7 0.;5>1 0.22=2 071.>= 5.7577 5.>751

YMRERQ9 024.;7 0.;759 0.22=; 072.5= 5.==9; 5.>42=

YMRERQ0 024.;; 0.;77; 0.22;= 072.24 5.=155 5.>0=4

R][[Q0 02=.5= 0.;450 0.20>4 079.05 5.2=7> 5.=9>=

R][[Q9 02=.9> 0.;471 0.2011 070.;1 5.90=; 5.=90=

R][[Q2 02=.;; 0.;4=4 0.201; 07;.;; 5.07>= 5.=0==

Rtr`tmdy RGCYQ I]U JCLD RGCYQ RGCYQ -

[rebm 02>.=; 0.;7;; 0.29;; 079.>9 5.115= -

Q`rdmt 02=.2; - 0.21;; 07;.0; 5.90=; -

Rtcp 024.2; - 0.20;; 071.2; 5.11;; -

LVA/]RA @]A/LVA @]A/F[U ]RA/RMH ]RA/LCH ]RA/V@Y

YMRERQ2 ;.>=;4 0.00=0 0;0.91 - - 02.1>4=

YMRERQ9 ;.>15; 0.009> 55.50 - - 02.92=;

YMRERQ0 ;.>14; 0.00;; 55.;0 - - 02.9;=;

R][[Q0 ;.>127 0.0;04 5=.04 - - 09.55;;

R][[Q9 ;.>120 0.0;;0 51.47 - - 09.570;

R][[Q2 ;.>10; 0.;55> 51.;; - - 09.5>==

Rtr`tmdy NJ@Q NJ@Q - RMJJ - RMJJ

[rebm ;.>1;; 0.0;>; - - - 02.99=;

Q`rdmt - - - - - -

Rtcp- - - - - - -

Rcurbm6 @ddrmd`tm tr`aeld pcsetecls cn tr`amrs rmpcrtma cl Qgcoscl Ymutmrs NW o`tbgeld pj`tncro

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Qmbgleb`j @l`jyses

Jcclem n`bms strcld suppcrt rcula 0.20=;, dca tc iuy t aeps

]RA/B@A rmtrm`tma tejj 0.20>; `ntmr o`held ` gedg 0.22=;. Rgcrt tmro trmla es iujjesg `s jcld `s 0.20=; gcjas.

Cl tgm acwlseam `ly irm`h imjcw 0.20=; wejj ar`d tgm p`er acwl tejj 0.20;;/0.2;=;.

Cvmr`jj iujjesg elv`jea`tecl cljy imjcw 0.2;=;. Irm`h imjcw t`rdmts 0.2;;;/0.95=;.

Qgm p`ers oelcr rmsest`lbm es `rcula 0.29=; `la irm`h `icvm t`rdmts 0.22;;/0.22=;. Et es dcca tc iuy t aeps rcula 0.29;; wetg RJ rcula 0.20=; ncr tgm Q[ cn 0.22;;/0.22=;

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Qr`am Eam`

Tm prmnmr tc jcld M]Y/]RA t aeps

M]Y/]RA g`s o`am ` jcw cn 0.09;; `la rmbcvmrma nrco tg`t jmvmj. Eltr`a`y trmla es iujjesg `s jcld `s suppcrt 0.091; gcjas.

@ly irm`h imjcw 0.091; wejj ar`d tgm p`er nurtgmr acwl tejj 0.09;;/0.0047.

Qgm p`ers o`fcr rmsest`lbm es `rcula 0.020 `la `ly irm`h `icvm wcuja mxtmla d`els tejj 0.02>;/0.012=.

Eltr`a`y iujjesg elv`jea`tecl cljy imjcw 0.09;;.Et es dcca tc iuy t aeps rcula 0.097;-7= wetg RJ rcula 0.092= ncr tgm Q[ cn 0.024;/0.012;.

YMRERQ@LBM JM^MJR R][[CYQ JM^MJR

Y00.029; R00.091;

Y90.024; R90.09;;

Y20.012; R20.0047

7/23/2019 Economics Monitor - August 28th 2015

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MbclcQeoms 9;0=. @jj redgts rmsmrvma. MbclcQeoms bcltmltrmbmevma tgrcudg tges smrvebm es tgm eltmjjmbtu`j prcpmrty cn

MbclcQeoms cr ets tgera p`rty suppjemrs. Ympuijeb`tecl cr rmaes-treiutecl cn bcltmlt prcveama iy MbclcQeoms es mxprmssjy prc-geietma wetgcut tgm precr wrettml bclsmlt cn MbclcQeoms mxbmptwgmrm pmroettma iy tgm tmros cn tgm rmjmv`lt MbclcQeoms smr-vebm `drmmomlt. Lmetgmr Qgm MbclcQeoms lcr ets tgera p`rtysuppjemrs sg`jj im je`ijm ncr `ly mrrcrs, coessecls cr amj`ys elbcltmlt, cr ncr `ly `btecls t`hml el rmje`lbm tgmrmcl.

Ncr qumstecls cr bcoomlts rm`bg us `t

elncKmbclcteoms.bco

Ncr ocrm elncro`tecl `icut cur prcaubts veset

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