Rest of the world.

Rest of the World
                                    GDP
                           % change on year ago

                                        LT forecast
                   latest         2003    2004E    2005F

Belgium          3.0  Q3 '04       1.1      1.5      1.9
Canada           3.3  Q3 '04       1.7      2.7      2.9
China            9.1  Q3 '04        --       --       --
France           2.0  Q3 '04       0.6      2.2      1.7
Germany          1.3  Q3 '04      -0.1      1.7      1.3
Hong Kong        7.2  Q3 '04       9.1      8.7      8.0
India            7.4  Q3 '04       8.1      7.3      7.5
Italy            1.3  Q3 '04       0.4      1.2      1.4
Japan            3.9  Q3 '04       1.3      2.9      1.5
Korea            4.6  Q3 '04       2.7      5.4      5.4
Netherlands      1.4  Q3 '04      -0.9      1.2      1.4
Russia           5.7  Q3 '04       7.3      7.0      5.6
Spain            2.6  Q3 '04       2.5      2.5      2.1
Switzerland      2.0  Q3 '04      -0.3      1.7      1.4
United Kingdom   3.0  Q3 '04       2.2      3.1      2.5
United States    3.9  Q3 '04       3.1      4.4      3.8

                               Consumer prices
                            % change on year ago

                                           LT forecast
                    latest            2003    2004E    2005F

Belgium          2.9      Oct '04      1.6      1.2      1.3
Canada           2.3      Oct '04      2.8      1.8      2.3
China            5.3      Jul '04       --       --       --
France           2.1      Oct '04      2.2      2.3      1.5
Germany          2.0      Oct '04      1.0      1.8      1.4
Hong Kong        0.7      Oct '04     -2.6     -0.5      0.5
India            4.6      Oct '04      3.8      4.4      6.0
Italy            2.0      Oct '04      2.8      2.2      2.1
Japan            0.5      Oct '04     -0.3     -0.1      0.0
Korea            3.8      Oct '04      3.5      2.7      2.4
Netherlands      1.4      Oct '04      2.2      1.4      1.4
Russia          11.5      Oct '04     12.0     11.7     10.0
Spain            3.5      Oct '04      3.1      3.1      2.5
Switzerland      1.4      Oct '04      0.6      0.8      1.6
United Kingdom   3.3      Oct '04      1.4      1.3      1.7
United States    3.2      Oct '04      2.3      2.6      2.3

                  Interest rates
                    % per year

                     Lending

Belgium          6.70     Oct '04
Canada           4.25     Oct '04
China            5.58     Oct '04
France           6.60     Oct '04
Germany          2.11     Oct '04 ([double dagger])
Hong Kong        5.13     Oct '04
India           10.75     Sep. '04
Italy            2.14     Oct '04 ([double dagger])
Japan            1.75     Oct '04
Korea            5.71     Oct '04
Netherlands      2.75     Oct '04
Russia          10.90     Oct '04
Spain            2.09     Oct '04 ([double dagger])
Switzerland      3.21     Oct '04
United Kingdom   4.75     Oct '04
United States    4.75     Oct '04

                      Exchange rates
                     January 21, 2005

                                 per
                 per US$        euro

Belgium             0.77           --
Canada              1.23         1.60
China               8.27        10.72
France              0.77           --
Germany             0.77           --
Hong Kong           7.80        10.12
India              43.67        56.64
Italy               0.77           --
Japan             103.29       134.00
Korea              1,032        1,339
Netherlands         0.77           --
Russia             28.17        36.54
Spain               0.77           --
Switzerland         1.19         1.54
United Kingdom      0.53         0.69
United States         --         1.30

                  International reserves ([dagger])
                             US$ billions

                        latest           year ago

Belgium             10.2   Oct '04           10.9
Canada              36.4   Oct '04           35.8
China              547.0   Oct '04          406.0
France              34.3   Oct '04           30.7
Germany             47.6   Oct '04           52.1
Hong Kong          119.5   Oct '04          112.4
India              117.0   Oct '04           89.9
Italy               26.9   Oct '04           34.0
Japan              827.4   Oct '04          616.8
Korea              178.3   Oct '04          143.2
Netherlands         11.0   Oct '04           11.6
Russia             103.6   Oct '04           61.2
Spain               12.4   Oct '04           23.4
Switzerland         49.8   Oct '04           45.2
United Kingdom      42.6   Oct '04           40.5
United States       73.2   Oct '04           73.1

                    Unemployment rate
                       % rate

                       latest

Belgium              7.9   Oct '04
Canada               6.5   Oct '04
China                 --        --
France               9.9   Oct '04
Germany             10.1   Oct '04
Hong Kong            6.5   Oct-Dec '04
India                 --       --
Italy                8.1   Q3 '04
Japan                4.6   Oct '04
Korea                3.3   Oct '04
Netherlands          6.3   Oct-Dec'04
Russia                --       --
Spain               10.4   Q4 '04
Switzerland          3.7   Oct '04
United Kingdom       2.6   Oct '04
United States        5.5   Oct '04

([dagger]) Excluding gold, IMF definition.

([double dagger]) Money market rate.

SOURCE: IMF, individual countries,
Oanda, LATIN TRADE