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I the Brazilian Economy / 9 I ANNUAL REPORT 1997 ISSN 0104-3307 CGC 00038 166/0001-05 Boletim do Banco Central do Brasil Annual Report Brasília Volume P. 1 - 216 1997 October 1998 34 2 / Boletim do Banco Central do Brasil - Annual Report 1997 Boletim do Banco Central do Brasil Published monthly by the Banco Central do Brasil/Economic Research Department (Depec). The contents and their correspondent statistical tables are under the charge of the following component parts: The Brazilian economy - Consultative Group on Economic Analysis and Policy (Copec); Economic activity - Consultative Group on Domestic Economic Activity (Coace); Financial markets - Monetary and Banking Division (Dimob); Public finance - Public Finance Division (Difin); Balance of payments - Balance of Payments Division (Dibap). The international economy - Balance of Payments Division (Dibap). International financial organization - Department of Foreign Debt and External Relations (Derin). Balance sheet of the Banco Central do Brasil - Department of Financial Administration (Deafi). Information on the Boletim: Phone (061) 414-1016 Fax (061) 414-2036 Telex (061) 1299 (BCBR BR) E-mail: [email protected] Subscription request: subscribers should complete the accompanying form at the last page and send it with a cheque for the appropriate amount payable to the Banco Central do Brasil at the following prices: R$ 258.00 (domestic) and US$ 801.11 (abroad) to the General Control of Subscription. Subscription to the Boletim includes twelve monthly issues and the Annual Report. Reproduction permitted only if source is stated as follows: Boletim do Banco Central do Brasil, Volume 34, 1997 Annual Report. General Control of Subscription: Banco Central do Brasil Demap/Disud/Suimp SIG - Quadra 8 - Lote 2025 70610-400 - Brasília (DF) Phone (061) 344-1554 Fax (061) 344-2982 Single copy: R$ 19,05 Number printed: 300 (1,600 in Portuguese) Statistical Conventions: ... data not available. - nil or non-existence of the event considered. 0 ou 0,0 less than half the final digit shown. * preliminary figures. A hiphen (-) between years (1970-75) indicates the years covered, including the beginning and ending years. A bar (/) between years (1970/75) indicates the average of the years covered, including the beginning and ending years, or even crop or agreement year, when mentioned in the text. Minor discrepancies between constituent figures and totals as well as percentage changes are due to rounding. There are no references to sources in tables and graphs originated in the Banco Central do Brasil. Other publications of the Banco Central do Brasil (In portuguese, unless otherwise indicated) Records of Documents Foreign Capital in Brazil - Legislation Foreign Capital in Brazil - Legislation (in English) Consolidation of Exchange Norms Consolidation of Exchange Norms (exchange transactions) Consolidation of Exchange Norms (floating rates) Consolidation of Exchange Norms (exports) Accounting System of the National Financial System Institutions Consortium Operation Position Agribusiness Credit Manual Rural Credit Manual Norms and Instructions Information Banco Central do Brasil Information Bureau phones: (061) 414-2401, 414-2402, 414-2403 adress: Secretaria Executiva da Diretoria/Subsecretaria de Relações Institucionais/Divisão de Informação Núcleo de Atendimento Edifício-Sede, 2º subsolo SBS - Quadra 3, Zona Central 70074-900 - Brasília (DF) internet: http://www.bcb.gov.br Summary / 3 SUMMARY I - THE BRAZILIAN ECONOMY ............................................................... 9 Foreword ............................................................................................ 9 Production indicators ................................................................................ 13 Investments ............................................................................................ 16 Productivity ............................................................................................ 19 Industrial production indicators ................................................................ 20 Energy ............................................................................................ 22 Crop and livestock production indicators ................................................. 25 Employment indicators ............................................................................. 30 Salary and wage indicators ....................................................................... 32 Price indicators ......................................................................................... 33 II - FINANCIAL MARKETS ........................................................................ 35 Monetary aggregates................................................................................. 37 Interest rates, federal security auctions and exchange premiums ............. 44 Financial investments ............................................................................... 46 Financial system ....................................................................................... 51 Financial system loans .............................................................................. 56 III - PUBLIC FINANCE ................................................................................ 61 Fiscal and budget policies ......................................................................... 61 Public debt and public sector borrowing requirements ............................ 69 Federal securities debt .............................................................................. 73 Privatization ............................................................................................ 77 National Treasury budget operations ........................................................ 85 Social security........................................................................................... 87 State and municipal finances .................................................................... 89 (continues) 4 / Boletim do Banco Central do Brasil - Annual Report 1997 IV - ECONOMIC-FINANCIAL RELATIONS WITH THE INTERNATIONAL COMMUNITY ................................................... 93 Foreign trade policy .................................................................................. 93 Exchange policy ........................................................................................ 99 Exchange movements................................................................................ 103 International reserves ............................................................................... 105 Balance of payments ................................................................................. 106 Trade balance............................................................................................ 106 Services ............................................................................................ 121 Unrequited transfers ................................................................................. 123 Capital movement...................................................................................... 123 Foreign indebtedness ............................................................................... 127 Total foreign debt ..................................................................................... 127 Medium and long-term debt...................................................................... 131 Short-term debt ......................................................................................... 132 Net transfers of resources abroad ............................................................. 133 V - THE WORLD ECONOMY ..................................................................... 135 Production ............................................................................................ 135 Employment ............................................................................................ 137 Interest rates and inflation ........................................................................ 138 World trade ............................................................................................ 141 Balance of payments ................................................................................. 144 International exchange market.................................................................. 145 Gold and petroleum .................................................................................. 146 International reserves ................................................................................ 147 Foreign debt ............................................................................................ 148 VI - INTERNATIONAL FINANCIAL ORGANIZATIONS ...................... 149 International Monetary Fund (IMF) ......................................................... 150 Bank for International Settlements (BIS) ................................................. 152 World Bank Group ................................................................................... 153 Interamerican Development Bank Group (IDB) ...................................... 156 African Development Bank Group (ADB/ADF) ...................................... 157 International Fund for Agricultural Development (IFAD) ....................... 158 Financial Fund for the Development of the River Plate Basin (Fonplata) 159 Andean Development Corporation (ADC) ............................................... 160 Southern Common Market (Mercosul)....................................................
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