FOR WIRE TRANSMISSION: 10:00 A.M. EDT, THURSDAY, JUNE 18, 1998 Anthony J. DiLullo: (202) 606-9558 (Data) BEA 98-18 Christopher L. Bach: 606-9545 (Revisions) Recorded Message: 606-5362 U.S. International Transactions, First Quarter 1998 Current account The U.S. current-account deficit -- the combined balances on trade in goods and services, investment income, and net unilateral transfers -- increased to $47.2 billion in the first quarter of 1998 from $45.0 billion (revised) in the fourth quarter of 1997, according to preliminary estimates of the Commerce Department's Bureau of Economic Analysis. An increase in the deficit on goods and services was partly offset by decreases in the deficit on investment income and in net unilateral transfers. Goods and services The deficit on goods and services increased to $34.9 billion in the first quarter from $28.5 billion in the fourth. The increase in the deficit reflected both a decrease in exports and in increase in imports. Goods The deficit on goods increased to $55.7 billion in the first quarter from $49.8 billion in the fourth. Exports of goods decreased to $171.5 billion from $174.3 billion. Nonagricultural exports decreased; the decrease was mainly in capital goods and in industrial supplies and materials. Agricultural exports also decreased. Imports of goods increased to $227.2 billion from $224.1 billion. Most categories of nonpetroleum imports increased: Consumer goods, industrial supplies and materials, automotive vehicles and parts, and capital goods all increased. Petroleum imports decreased sharply, as an increase in quantity was more than offset by a sharp drop in prices. Services The surplus on services decreased to $20.8 billion in the first quarter from $21.4 billion in the fourth. Services receipts decreased to $64.9 billion from $65.2 billion. Decreases in "other" transportation and in "other" private services more than offset an increase in transfers under U.S. military agency sales contracts. Travel and passenger fares were virtually unchanged. Services payments increased to $44.1 billion from $43.8 billion. Travel, passenger fares, and royalties and fees increased. "Other" transportation and "other" private services decreased. Investment income The deficit on investment income decreased to $3.1 billion in the first quarter from $4.2 billion in the fourth. Income receipts increased to $61.5 billion from $60.4 billion. The increase was in direct investment income receipts and in "other" private income receipts. U.S. Government income receipts were virtually unchanged. Income payments were virtually unchanged at $64.6 billion. An increase in "other" private income payments was nearly offset by decreases in direct investment income payments and in U.S. Government income payments. Unilateral transfers Net unilateral transfers decreased to $9.2 billion in the first quarter from $12.3 billion in the fourth. Almost all of the decrease was in U.S. Government grants, which were boosted by an increase in grants to Israel in the fourth quarter. Capital transactions Net recorded capital inflows -- the difference between changes in net U.S. assets abroad and changes in net foreign assets in the United States -- were $46.1 billion in the first quarter, compared with $97.1 billion in the fourth. Recorded capital outflows and inflows both decreased sharply; however, the drop in net inflows for foreign assets in the United States was substantially larger than the drop in net outflows for U.S. assets abroad. U.S. assets abroad U.S. assets abroad increased $44.7 billion in the first quarter, compared with an increase of $123.4 billion in the fourth. The smaller first-quarter increase largely reflected a shift to a decrease in bank-reported claims. U.S. claims on foreigners reported by U.S. banks decreased $12.9 billion in the first quarter, in contrast to an increase of $27.5 billion in the fourth quarter. Banks sharply reduced interbank lending to the Caribbean and Japan, after providing especially large amounts of interbank funds during the unsettled period of the fourth quarter as developments in Asia unfolded. Net U.S. purchases of foreign securities were $5.2 billion in the first quarter, down from $8.0 billion in the fourth quarter. Net U.S. purchases of foreign stocks were $2.3 billion, up from virtually zero in the fourth quarter; U.S. investors were slow to reinvest in foreign markets following the events related to the Asian financial situation in the fourth quarter, despite strong price gains in many European equity markets. Net U.S. purchases of foreign bonds were $2.8 billion, down from $8.1 billion, mostly as a result of a drop in newly issued foreign bonds in the U.S. market. Net outflows for U.S. direct investment abroad decreased to $30.9 billion in the first quarter from $35.5 billion in the fourth. Smaller net outflows for equity capital and for intercompany debt more than accounted for the decrease. Reinvested earnings were up slightly. U.S. official reserve assets increased $0.4 billion in the first quarter, compared with an increase of $4.5 billion in the fourth. Foreign assets in the United States Foreign assets in the United States increased $90.9 billion in the first quarter, compared with an increase of $220.5 billion in the fourth. The smaller first-quarter increase was more than accounted for by a shift to a decrease in bank-reported liabilities. Record inflows occurred for U.S. securities other than U.S. Treasury securities. U.S. liabilities to foreigners reported by U.S. banks decreased $41.2 billion, in contrast to an increase of $89.6 billion in the fourth quarter. In the first quarter, U.S. banks repaid a large share of the exceptionally strong fourth-quarter interbank borrowing and receipt of funds related to developments in Asia. Net foreign purchases of U.S. securities other than U.S. Treasury securities were $76.7 billion in the first quarter, up from $36.8 billion in the fourth. Net foreign purchases of U.S. stocks jumped sharply to a new record of $29.4 billion; net purchases were $9.8 billion in the fourth quarter, reflecting heightened uncertainties in the financial markets stemming from problems in Asia. The previous record was $23.2 billion in the third quarter of 1997. Net foreign purchases of U.S. bonds also recovered, rising sharply to a new record of $47.3 billion from $26.9 billion in the fourth quarter. The previous record was $37.1 billion in the third quarter of 1997. Net foreign private purchases of U.S. Treasury securities shifted to net sales of $1.4 billion in the first quarter from net purchases of $35.3 billion in the fourth quarter. Net purchases from Western Europe were down from the fourth quarter but remained strong, while transactions with the Caribbean shifted to net sales. Net U.S. currency shipments dropped to $0.7 billion in the first quarter from $9.9 billion in the fourth quarter. Net capital inflows for foreign direct investment in the United States decreased to $25.0 billion in the first quarter from $28.5 billion in the fourth. Smaller net inflows for intercompany debt and, to a far lesser extent, for equity and for reinvested earnings accounted for the decrease. Foreign official assets in the United States increased $10.2 billion in the first quarter, in contrast to a decrease of $27.0 billion in the fourth. In the first quarter, assets of industrial countries decreased a small amount, while assets of developing countries increased. The statistical discrepancy--errors and omissions in recorded transactions--was a positive $1.1 billion in the first quarter, in contrast to a negative $52.0 billion in the fourth quarter. In the fourth quarter, the large size of the discrepancy is believed to reflect the imperfect recording of short-term capital flows. In the first quarter, the U.S. dollar appreciated 3 percent on a trade-weighted quarterly average basis against the currencies of 10 industrial countries. Revisions As is customary each June, estimates of U.S. international transactions are revised to incorporate improved methodologies and updated source data. This year, a number of improvements are introduced for 1986-97. In most cases, the newly available data permitted the improvements to be made only for more recent years. The major improvements are summarized below. * Improved estimates of income payments are introduced for 1990-97, reflecting incorporation of newly available results of the U.S. Treasury Department's Benchmark Survey of foreign portfolio investment in the United States. The survey, which collected data on foreign holdings of U.S. stocks, U.S. corporate bonds, and U.S. Treasury and agency securities as of December 31, 1994, greatly improved coverage of these holdings. *Improved estimates of income receipts are introduced for 1990-97, reflecting incorporation of newly available results of the U.S. Treasury Department's Benchmark Survey of U.S. portfolio investment abroad as of March 31, 1994. Source data on bond yields and maturities were not available at the time other results from this benchmark survey were introduced last year. * Improved estimates of U.S. banks' income receipts and payments on foreign currency assets and liabilities are introduced for 1992-97 based on BEA research and newly developed source data. * Improved estimates of direct investment capital flows, income, royalties and license fees, and "other" private services are introduced for 1994-97 to incorporate the results of BEA's benchmark survey of U.S. direct investment abroad for 1994. The survey is part of BEA's regular program of quinquennial benchmark surveys, which supplement its quarterly surveys of direct investment activity. * Certain capital and related income transactions of direct investment financial affiliates that primarily perform intermediation functions in the financial markets are reclassified for 1994-97 to U.S. portfolio investment from direct investment. The financial intermediation functions more closely resemble those of portfolio transactions than of direct investment transactions. * In the "other" private services accounts, leasing of transportation equipment is reclassified from the "other" transportation accounts to the "other" private services accounts for 1986-97 to consolidate all nonfinancial leasing in one account. Similarly, computer software royalties and license fees are reclassified from the "other" private services accounts to the royalties and license fees accounts for 1992-97, where they are combined with similar transactions in other industries. For the "other" transportation accounts, revised estimates of freight charges for land transportation between the United States and Canada are introduced for 1992-97. * Net U.S. currency shipments are now shown separately for all years; previously they had been combined with private transactions in U.S. Treasury securities. * In the goods account, exports of civilian aircraft are now seasonally adjusted, partly in order to reduce the amount of "residual" seasonality in total goods exports. In addition to the above improvements, all estimates have been revised as a result of newly available or revised quarterly and annual survey results and other source data. Most revisions attributable to updated source data are for 1994-97. Revised estimates for the detailed components of the U.S. international transactions accounts for 1996-97 are shown in the first table. Revisions to the balance on major current-account components for 1986-97 are shown in the second table. The fourth-quarter 1997 current-account balance and its components are revised from the previously published estimates. The current-account deficit for the fourth quarter of 1997 was revised to $45.0 billion from $45.6 billion. The goods deficit was revised to $49.8 billion from $49.9 billion; the services surplus was revised to $21.4 billion from $21.2 billion; the deficit on investment income was revised to $4.2 billion from $4.9 billion; and net unilateral transfers were revised to $12.3 billion from $12.0 billion. * * * Release dates for 1998: Second quarter 1998..................September 10 (Thursday) Third quarter 1998...................December 9 (Wednesday) * * * BEA's major national, regional, international, and industry estimates, selected articles from the Survey of Current Business, and BEA news releases are available on BEA's web site: http://www.bea.gov STAT-USA maintains an electronic bulletin board (EBB) and an Internet site, which contain BEA estimates, BEA news releases, and the Survey of Current Business. The information available through STAT-USA is often more detailed and more timely than that available from other sources. To subscribe to STAT-USA's World Wide Web system go to http://www.stat-usa.gov. Subscriptions for single-user unlimited access to STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year. For further information, call (202) 482-1986. Summary BEA estimates are available on recorded messages at the time of public release at the following telephone numbers: (202) 606-5362 Summary of U.S. international transactions 606-5306 Gross domestic product 606-5303 Personal income and outlays Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The printed Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. First class mail: Annual subscription $88.00 domestic. Second class mail: Annual subscription $39.00 domestic, $48.75 foreign; single issue $14.00 domestic, $17.50 foreign. U.S. International Transaction June 18, 1998 [Millions of dollars, seasonally adjusted] 1996 1997 1998 Change: Amount of (Credits +, debits -) 1997 IV- Revision 1996r 1997r Ir IIr IIIr IVr Ir IIr IIIr IVr Ip 1998 I 1997 1 Exports of goods, services, and income ....................................... 1,063,971 1,179,380 260,386 263,135 262,430 278,017 283,765 295,287 300,481 299,843 297,855 -1,988 11,770 2 Goods, adjusted, excluding military 1/.................................... 611,983 679,325 150,855 152,130 151,253 157,745 163,499 169,240 172,302 174,284 171,469 -2,815 977 3 Services 2/............................................................... 238,792 258,268 57,534 59,204 58,119 63,932 62,685 64,776 65,628 65,175 64,934 -241 5,048 4 Transfers under U.S. military agency sales contracts ................. 15,765 18,269 3,485 3,740 3,925 4,615 4,338 4,890 4,883 4,158 4,680 522 3,094 5 Travel................................................................ 69,751 73,268 16,847 17,651 16,163 19,090 18,197 18,542 18,325 18,204 18,205 1 -1,139 6 Passenger fares....................................................... 20,413 20,895 4,989 5,058 4,869 5,497 5,130 5,189 5,212 5,364 5,360 -4 -815 7 Other transportation.................................................. 26,074 26,911 6,263 6,490 6,438 6,882 6,698 6,724 6,678 6,809 6,538 -271 -1,283 8 Royalties and license fees............................................ 32,823 33,676 7,989 7,999 8,257 8,577 8,306 8,407 8,580 8,381 8,283 -98 3,408 9 Other private services................................................ 73,073 84,465 17,672 18,079 18,257 19,064 19,813 20,833 21,750 22,069 21,673 -396 1,784 10 U.S. Government miscellaneous services................................. 893 784 289 187 210 207 203 191 200 190 195 5 .... 11 Income receipts on U.S. assets abroad..................................... 213,196 241,787 51,997 51,801 53,058 56,340 57,581 61,271 62,551 60,384 61,452 1,068 5,744 12 Direct investment receipts............................................. 99,802 109,407 24,101 24,172 24,447 27,082 26,716 28,286 28,935 25,470 26,124 654 180 13 Other private receipts................................................. 108,733 128,845 26,638 26,455 27,330 28,310 30,018 32,041 32,717 34,069 34,498 429 5,567 14 U.S. Government receipts............................................... 4,661 3,535 1,258 1,174 1,281 948 847 944 899 845 830 -15 -3 15 Imports of goods, services, and income........................................ -1,158,309 -1,294,904 -278,128 -287,364 -293,777 -299,036 -311,881 -321,342 -329,130 -332,549 -335,841 -3,292 626 16 Goods, adjusted, excluding military 1/.................................... -803,320 -877,279 -193,467 -200,965 -202,806 -206,082 -213,222 -218,336 -221,598 -224,123 -227,167 -3,044 3 17 Services 2/............................................................... -156,029 -170,520 -38,023 -38,573 -39,644 -39,786 -41,092 -42,195 -43,437 -43,795 -44,098 -303 -2,591 18 Direct defense expenditures........................................... -11,081 -11,488 -2,737 -2,747 -2,820 -2,777 -2,796 -2,699 -2,938 -3,055 -3,150 -95 -143 19 Travel................................................................ -48,048 -51,220 -11,942 -11,768 -12,139 -12,199 -12,736 -12,764 -12,897 -12,823 -13,179 -356 809 20 Passenger fares....................................................... -15,818 -18,235 -3,862 -3,893 -3,995 -4,068 -4,311 -4,663 -4,704 -4,557 -4,563 -6 -1,308 21 Other transportation.................................................. -27,403 -28,949 -6,526 -6,990 -6,991 -6,895 -7,034 -7,317 -7,200 -7,397 -7,189 208 822 22 Royalties and license fees............................................ -7,854 -9,411 -1,812 -1,840 -2,284 -1,917 -2,106 -2,168 -2,559 -2,578 -2,885 -307 -1,899 23 Other private services................................................ -43,138 -48,421 -10,486 -10,678 -10,723 -11,250 -11,423 -11,905 -12,409 -12,684 -12,428 256 -873 24 U.S. Government miscellaneous services................................ -2,687 -2,796 -658 -657 -692 -680 -686 -679 -730 -701 -704 -3 .... 25 Income payments on foreign assets in the United States.................... -198,960 -247,105 -46,638 -47,826 -51,327 -53,168 -57,567 -60,811 -64,095 -64,631 -64,576 55 3,215 26 Direct investment payments............................................ -33,641 -45,674 -7,913 -8,073 -8,976 -8,678 -10,664 -10,887 -12,548 -11,574 -10,700 874 -4,148 27 Other private payments................................................ -97,901 -113,959 -23,596 -23,974 -24,767 -25,564 -26,705 -28,023 -28,849 -30,382 -31,393 -1,011 3,753 28 U.S. Government payments.............................................. -67,418 -87,472 -15,129 -15,779 -17,584 -18,926 -20,198 -21,901 -22,698 -22,675 -22,483 192 3,609 29 Unilateral transfers, net..................................................... -40,577 -39,691 -10,473 -8,777 -9,043 -12,284 -8,874 -9,035 -9,445 -12,337 -9,224 3,113 -1,165 30 U.S. Government grants.................................................... -15,023 -12,090 -4,372 -2,447 -2,720 -5,484 -2,241 -2,274 -2,362 -5,213 -2,257 2,956 -402 31 U.S. Government pensions and other transfers.............................. -4,442 -4,193 -1,150 -1,097 -1,100 -1,095 -1,013 -1,055 -1,056 -1,069 -1,071 -2 -118 32 Private remittances and other transfers................................... -21,112 -23,408 -4,951 -5,233 -5,223 -5,705 -5,620 -5,706 -6,027 -6,055 -5,896 159 -645 33 U.S. assets abroad, net (increase/capital outflow (-))........................ -368,801 -478,502 -69,695 -60,623 -83,101 -155,381 -145,139 -86,606 -123,317 -123,441 -44,747 78,694 -51,564 34 U.S. official reserve assets, net......................................... 6,668 -1,010 17 -523 7,489 -315 4,480 -236 -730 -4,524 -444 4,080 .... 35 Gold.................................................................. .... .... .... .... .... .... .... .... .... .... .... .... .... 36 Special drawing rights................................................ 370 -350 -199 -133 848 -146 72 -133 -139 -150 -182 -32 .... 37 Reserve position in the International Monetary Fund................... -1,280 -3,575 -849 -220 -183 -28 1,055 54 -463 -4,221 -85 4,136 .... 38 Foreign currencies.................................................... 7,578 2,915 1,065 -170 6,824 -141 3,353 -157 -128 -153 -177 -24 .... 39 U.S. Government assets, other than official reserve assets, net........... -708 174 -210 -377 163 -284 -22 -269 436 29 -426 -455 -3 40 U.S. credits and other long-term assets............................... -5,011 -5,302 -1,076 -1,508 -1,189 -1,238 -1,168 -1,616 -1,421 -1,097 -1,199 -102 -65 41 Repayments on U.S. credits and other long-term assets................. 4,197 5,504 1,013 870 1,269 1,045 1,171 1,358 1,878 1,097 1,187 90 65 42 U.S. foreign currency holdings and U.S. short-term assets, net........ 106 -28 -147 261 83 -91 -25 -11 -21 29 -414 -443 -3 43 U.S. private assets, net.................................................. -374,761 -477,666 -69,502 -59,723 -90,753 -154,782 -149,597 -86,101 -123,023 -118,946 -43,877 75,069 -51,561 44 Direct investment..................................................... -81,072 -121,843 -21,950 -14,741 -22,005 -22,375 -32,498 -26,388 -27,488 -35,470 -30,924 4,546 -2,399 45 Foreign securities.................................................... -115,801 -87,981 -34,611 -23,625 -25,881 -31,684 -15,521 -23,263 -41,167 -8,030 -5,173 2,857 -8,694 46 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns....................................... -86,333 -120,403 -15,210 -22,000 -9,090 -40,033 -37,880 -9,825 -24,791 -47,907 -20,683 27,224 -44,105 47 U.S. claims reported by U.S. banks, not included elsewhere............ -91,555 -147,439 2,269 643 -33,777 -60,690 -63,698 -26,625 -29,577 -27,539 12,903 40,442 3,637 48 Foreign assets in the United States, net (increase/capital inflow(+))......... 563,357 733,441 90,534 109,122 149,361 214,339 181,735 149,773 181,438 220,491 90,893 -129,598 42,944 49 Foreign official assets in the United States, net......................... 127,344 15,817 51,833 13,601 23,432 38,478 26,949 -5,411 21,258 -26,979 10,181 37,160 -2,340 50 U.S. Government securities............................................ 120,679 -2,936 55,839 -1,934 26,135 40,639 23,065 -10,862 9,353 -24,492 13,947 38,439 35 51 U.S. Treasury securities.......................................... 115,671 -7,270 55,685 -3,378 24,908 38,456 22,311 -11,689 6,686 -24,578 11,337 35,915 -251 52 Other............................................................. 5,008 4,334 154 1,444 1,227 2,183 754 827 2,667 86 2,610 2,524 286 53 Other U.S. Government liabilities..................................... -362 -2,521 -492 33 559 -462 -587 -523 -1,167 -244 -1,059 -815 -3,060 54 U.S. liabilities reported by U.S. banks, not included elsewhere....... 5,704 21,928 -3,303 14,217 -1,677 -3,533 7,696 5,043 12,439 -3,250 -1,751 1,499 654 55 Other foreign official assets......................................... 1,323 -654 -211 1,285 -1,585 1,834 -3,225 931 633 1,007 -956 -1,963 31 56 Other foreign assets in the United States, net............................ 436,013 717,624 38,701 95,521 125,929 175,861 154,786 155,184 160,180 247,470 80,712 -166,758 45,284 57 Direct investment..................................................... 77,622 93,449 27,639 14,225 16,024 19,733 25,879 20,149 18,964 28,453 25,020 -3,433 -14,479 58 U.S. Treasury securities ............................................. 154,996 146,710 18,031 26,967 38,727 71,271 33,363 42,614 35,432 35,301 -1,363 -36,664 -41,144 59 U.S. currency......................................................... 17,362 24,782 -2,391 4,542 7,382 7,829 3,484 4,822 6,576 9,900 746 -9,154 24,782 60 U.S. securities other than U.S. Treasury securities................... 130,151 196,845 29,365 31,161 35,095 34,530 45,477 54,258 60,327 36,783 76,656 39,873 7,572 61 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns....................................... 39,404 107,779 -557 16,367 25,629 -2,035 28,840 5,274 26,275 47,390 20,852 -26,538 63,039 62 U.S. liabilities reported by U.S. banks, not included elsewhere....... 16,478 148,059 -33,386 2,259 3,072 44,533 17,743 28,067 12,606 89,643 -41,199 -130,842 5,514 63 Allocations of special drawing rights......................................... .... .... .... .... .... .... .... .... .... .... .... .... .... 64 Statistical discrepancy (sum of above items with sign reversed)............... -59,641 -99,724 7,376 -15,493 -25,870 -25,655 394 -28,077 -20,027 -52,007 1,064 53,071 -2,611 Of which seasonal adjustment discrepancy.................................... .... .... 4,928 116 -8,779 3,734 5,812 685 -10,018 3,528 6,260 2,732 .... Memoranda: 65 Balance on goods (lines 2 and 16)............................................. -191,337 -197,954 -42,612 -48,835 -51,553 -48,337 -49,723 -49,096 -49,296 -49,839 -55,698 -5,859 980 66 Balance on services (lines 3 and 17).......................................... 82,763 87,748 19,511 20,631 18,475 24,146 21,593 22,581 22,191 21,380 20,836 -544 2,457 67 Balance on goods and services (lines 65 and 66)............................... -108,574 -110,206 -23,101 -28,204 -33,078 -24,191 -28,130 -26,515 -27,105 -28,459 -34,862 -6,403 3,437 68 Balance on investment income (lines 11 and 25)................................ 14,236 -5,318 5,359 3,975 1,731 3,172 14 460 -1,544 -4,247 -3,124 1,123 8,959 69 Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) ................................................................. -94,338 -115,524 -17,742 -24,229 -31,347 -21,019 -28,116 -26,055 -28,649 -32,706 -37,986 -5,280 12,396 70 Unilateral transfers, net (line 29)........................................... -40,577 -39,691 -10,473 -8,777 -9,043 -12,284 -8,874 -9,035 -9,445 -12,337 -9,224 3,113 -1,165 71 Balance on current account (lines 1, 15, and 29 or lines 69 and 70)........... -134,915 -155,215 -28,215 -33,006 -40,390 -33,303 -36,990 -35,090 -38,094 -45,043 -47,210 -2,167 11,231 r Revised. p Preliminary. 1. Adjusted for timing, valuation, and coverage to balance of payments basis; excludes exports under U. S. military agency sales contracts and imports of U. S. military agencies. 2. Includes some goods that cannot be separately identified from services. NOTE:--Details may not add to totals because of rounding. Source: U. S. Department of Commerce, Bureau of Economic Analysis Revisions to Current-Account Estimates [Millions of dollars; quarterly data seasonally adjusted] Exports of goods, services, and income Imports of goods, services, and income Unilateral transfers Balance on current account Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published 1986....... 400,842 400,881 39 -529,355 -529,355 0 -24,679 -24,679 0 -153,193 -153,154 39 1987....... 449,272 449,312 40 -593,416 -593,416 0 -23,909 -23,909 0 -168,053 -168,013 40 1988....... 560,620 560,664 44 -662,876 -662,876 0 -25,988 -25,988 0 -128,245 -128,201 44 1989....... 642,921 643,012 91 -720,189 -720,189 0 -26,963 -26,963 0 -104,231 -104,139 92 1990....... 700,455 700,552 97 -757,758 -757,507 251 -34,588 -34,669 -81 -91,892 -91,624 268 1991....... 722,557 722,653 96 -733,335 -732,068 1,267 5,122 5,032 -90 -5,657 -4,383 1,274 1992....... 743,358 742,337 -1,021 -764,549 -758,481 6,068 -35,192 -35,230 -38 -56,383 -51,374 5,009 1993....... 773,387 769,919 -3,468 -826,020 -817,910 8,110 -38,137 -38,142 -5 -90,771 -86,133 4,638 1994....... 854,156 861,574 7,418 -948,849 -946,008 2,841 -38,845 -39,391 -546 -133,538 -123,825 9,713 1995....... 991,490 999,491 8,001 -1,086,539 -1,080,107 6,432 -34,046 -34,638 -592 -129,095 -115,254 13,841 1996....... 1,055,233 1,063,971 8,738 -1,163,450 -1,158,309 5,141 -39,968 -40,577 -609 -148,184 -134,915 13,269 1997....... 1,167,610 1,179,380 11,770 -1,295,530 -1,294,904 626 -38,526 -39,691 -1,165 -166,446 -155,215 11,231 1993: I.... 189,422 188,987 -435 -197,041 -195,171 1,870 -8,502 -8,590 -88 -16,121 -14,774 1,347 II 192,533 191,885 -648 -206,335 -203,987 2,348 -8,501 -8,538 -37 -22,303 -20,640 1,663 II 191,354 190,366 -988 -206,720 -204,124 2,596 -9,347 -9,320 27 -24,713 -23,078 1,635 IV 200,077 198,679 -1,398 -215,928 -214,629 1,299 -11,787 -11,694 93 -27,638 -27,644 -6 1994: I.... 200,670 201,700 1,030 -218,852 -217,989 863 -7,971 -8,033 -62 -26,153 -24,322 1,831 II 208,713 210,537 1,824 -231,438 -230,785 653 -9,275 -9,374 -99 -32,000 -29,622 2,378 II 217,714 219,577 1,863 -244,405 -243,732 673 -9,671 -9,808 -137 -36,362 -33,963 2,399 IV 227,062 229,761 2,699 -254,154 -253,503 651 -11,928 -12,176 -248 -39,020 -35,918 3,102 1995: I.... 237,587 240,452 2,865 -263,845 -262,749 1,096 -8,451 -8,623 -172 -34,709 -30,920 3,789 II 246,787 247,013 226 -274,363 -272,451 1,912 -8,128 -8,110 18 -35,704 -33,548 2,156 II 250,734 253,187 2,453 -275,019 -273,127 1,892 -8,847 -8,938 -91 -33,132 -28,878 4,254 IV 256,382 258,837 2,455 -273,316 -271,784 1,532 -8,620 -8,967 -347 -25,554 -21,914 3,640 1996: I.... 256,382 260,386 4,004 -278,860 -278,128 732 -10,406 -10,473 -67 -32,884 -28,215 4,669 II 262,335 263,135 800 -289,231 -287,364 1,867 -8,689 -8,777 -88 -35,585 -33,006 2,579 II 261,979 262,430 451 -295,865 -293,777 2,088 -8,947 -9,043 -96 -42,833 -40,390 2,443 IV 274,545 278,017 3,472 -299,493 -299,036 457 -11,926 -12,284 -358 -36,874 -33,303 3,571 1997: I.... 279,320 283,765 4,445 -310,659 -311,881 -1,222 -8,577 -8,874 -297 -39,916 -36,990 2,926 II 293,668 295,287 1,619 -322,608 -321,342 1,266 -8,855 -9,035 -180 -37,795 -35,090 2,705 II 295,527 300,481 4,954 -329,571 -329,130 441 -9,070 -9,445 -375 -43,114 -38,094 5,020 IV 299,096 299,843 747 -332,691 -332,549 142 -12,024 -12,337 -313 -45,619 -45,043 576