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MACRO Coyuntura. Dirección de Estudios Económicos. 1 Dirección de Estudios Económicos

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MACRO Coyuntura

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Estados Unidos

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2009 2010 2011 2012 2013 2014 2015p 0.01 5.43 4.14 3.37 3.3 3.2 3.5 -2.7 2.95 2.07 2.02 2.1 2.5 2.7 Canada -2.7 3.37 2.53 1.71 2.0 2.6 2.2 Estados Unidos -2.8 2.53 1.60 2.32 2.2 2.4 3.1 -1.3 6.00 4.50 2.90 2.9 1.3 0.9 Argentina 0.05 9.14 8.56 0.95 2.9 -1.7 -1.5 Chile -1.0 5.74 5.76 5.45 4.2 2.0 3.3 Brasil -0.3 7.53 2.73 1.03 2.7 0.1 -1.0 Panama 3.86 7.45 10.86 10.80 8.4 6.6 6.4 2.41 5.53 4.47 4.85 2.3 2.6 2.9 Saudi Arabia 1.83 7.43 8.57 5.81 2.7 3.6 3.0

United Arab Emirates -5.2 1.64 4.89 4.68 5.2 4.3 4.5

I.R of Iran 2.3 6.63 3.95 -6.6 -1.9 1.5 2.2 -4.4 1.96 1.59 -0.7 -0.5 1.2 1.5 France -2.9 1.97 2.08 0.33 0.3 0.4 1.2 Germany -5.1 3.86 3.40 0.90 0.2 1.6 1.6 Netherlands -3.3 1.07 1.66 -1.6 -0.7 0.6 1.4 Spain -3.8 -0.2 0.05 -1.6 -1.2 1.4 2.5 Italy -5.5 1.72 0.45 -2.4 1.9 0.4 0.5 United Kingdom -5.2 1.66 1.12 0.28 1.7 2.6 2.7 7.49 9.55 7.74 6.65 6.6 6.5 6.6 China 9.21 10.45 9.30 7.65 7.7 7.4 6.8 India 8.48 10.26 6.64 4.74 4.4 7.2 7.5 Vietnam 5.40 6.42 6.24 5.25 5.4 5.5 5.6 Cambodia 0.09 6.10 7.08 7.32 7.4 7.2 7.3 Japón -5.5 1.72 0.45 -2.4 -1.9 -0.1 1.0 http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/index.aspx Latin America North America Medio Oriente Europa Asia Mundial

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PIB 1T-13 16,502 2T-13 16,619 3T-13 16,872 4T-13 17,078 1T-14 17,044 2T-14 17,328 3T-14 17,600 4T-14 17,704 1T-15 17,710 Fuente: Bureau of Economic Analysis

Monthly a-14 55.3 55.2 m-14 55.6 56.1 j-14 55.7 56.3 j-14 56.4 57.9 a-14 58.1 58.6 s-14 56.1 58.1 o-14 57.9 56.9 n-14 57.6 58.8 d-14 55.1 56.5 e-15 53.5 56.7 f-15 52.9 56.9 m-15 51.5 56.5 a-15 51.5 57.8

Fuente: Institute for Supply Management

Index

ISM Manufacturero y No-Manufacturero Manufacturero

Index

No-Manufacturero PIB (AE)

Billiones de Dólares Estados Unidos: Actividad Económica

13,200 14,200 15,200 16,200 17,200 2007 2008 2009 2010 2011 2012 2013 2014 bi lli on o f d ol la rs

PIB

(AE)

30 35 40 45 50 55 60

ISM Manufacturero y No-Manufacturero

(AE)

ISM Manufacturero ISM No-manufacturero

In

de

(6)

( %T/T) ( % A/A) 1T-14 -0.5 0.4 2T-14 1.1 1.1 3T-14 1.2 0.9 4T-14 0.5 -0.5 1T-15 0.1 1.1

Fuente: Bureau of Economic Analysis

(%A/A)

Mining Construction Manufact.

1T-11 12.2 -1.6 12.2

1T-12 16.2 9.6 6.7

1T-13 0.2 2.6 1.9

1T-14 14.9 8.0 2.6

1T-15 -100 -100 -100

Fuente: Bureau of Economic Analysis

Gross Domestic Product Estados Unidos: Actividad Económica

Gross Output of Private Industries

-3 -2 -2 -1 -1 0 1 1 2 %

Gross Domestic Product (% T/T)

Gross Domestic Product

-3 -2 -2 -1 -1 0 1 1 2 %

Gross Domestic Product (% A/A)

(7)

Coincident Economic Mes % A/A % M/M a-14 3.0 0.3 m-14 3.1 0.3 j-14 3.2 0.3 j-14 3.2 0.3 a-14 3.3 0.3 s-14 3.4 0.3 o-14 3.4 0.3 n-14 3.5 0.3 d-14 3.5 0.3 e-15 3.5 0.2 f-15 3.5 0.2 m-15 -100.0 -100.0

Fuente: Federal Reserve Bank of Philadelphia a-15 -100.0 #¡DIV/0!

Leading Index Mes % A/A % M/M a-14 0.5 2.0 m-14 0.0 1.7 j-14 0.1 1.8 j-14 0.1 2.0 a-14 0.5 2.0 s-14 0.3 1.9 o-14 0.2 1.7 n-14 0.1 1.4 d-14 -0.1 1.2 e-15 -0.5 0.9 f-15 -0.4 1.0 m-15 -1.0 0.0 a-15 -1.0 0.0

Fuente: Federal Reserve Bank of Philadelphia

Estados Unidos: Actividad Económica

135 140 145 150 155 160 165 Index

Coincident Economic Activity Index (SA)

Coincident Economic Activity Index for the United States

-4 -3 -2 -1 0 1 2 3 Index Leading Index (SA)

(8)

Fuente: Institute for Supply Management Fuente: Institute for Supply Management

Mes Índice Mes Índice

a-14 58.0 a-14 56.5 m-14 54.5 m-14 56.5 j-14 57.0 j-14 54.5 j-14 52.0 j-14 53.0 a-14 56.0 a-14 55.0 s-14 53.0 s-14 53.5 o-14 54.5 o-14 51.5 n-14 56.0 n-14 55.0 d-14 55.0 d-14 52.0 e-15 55.5 e-15 49.5 f-15 54.0 f-15 48.5 m-15 52.5 m-15 47.5 a-15 54.0 a-15 51.5

ISM Imports ISM Exports

Estados Unidos: Actividad Económica

30 35 40 45 50 55 60 65 70 Inde x ISM Imports (SA)

ISM Manufacturing: Imports Index Average Movil 2 Months

30 40 50 60 70 Inde x ISM Exports (SA)

ISM Manufacturing: New Export Orders Index Average Movil 2 Months

(9)

Fuente: Board of Governors of the Federal Reserve System Fuente: Census Bureau

Industrial Manufacturing Exports Balance CA

Monthly Index Index Mes billion dollars billion dollars

a-14 103.2 100.8 a-14 1,354 -524 m-14 103.7 101.1 m-14 1,372 -503 j-14 104.1 101.6 j-14 1,370 -467 j-14 104.5 102.5 j-14 1,393 -436 a-14 104.5 102.2 a-14 1,393 -456 s-14 105.2 102.5 s-14 1,364 -459 o-14 105.1 102.7 o-14 1,390 -421 n-14 106.3 103.9 n-14 1,369 -353 d-14 106.2 103.9 d-14 1,342 -466 e-15 105.9 103.3 e-15 1,285 -440 f-15 105.8 103.0 f-15 1,256 -443 m-15 105.5 103.3 m-15 1,271 -522 a-15 105.2 103.3 a-15 0 0

Industrial Production and Manufacturing Index Balance of Payments Basis Estados Unidos: Actividad Económica

74 84 94 104

Index

Industrial Production and Manufacturing (SA)

Industrial Production: Manufacturing Index 0 1000 2000 3000 bi lli on d ol la rs

Real Exports and Imports of goods and services (SA)

Real Imports of Goods & Services Real Exports of Goods & Services

(10)

Fuente: National Association of Realtors y Census Bureau Fuente: S&P Dow Jones Indices LLC

Annuall Rate Variation Home Price

Existing Home Sales Home Supply

Mes % A/A % A/A Mes % A/A % M/M

a-14 7.7 30.2 a-14 10.8 0.2 m-14 10.0 13.3 m-14 9.3 -0.4 j-14 10.0 41.5 j-14 8.0 -0.2 j-14 12.0 13.0 j-14 6.7 -0.3 a-14 12.0 -1.8 a-14 5.6 0.0 s-14 8.0 0.0 s-14 4.8 0.3 o-14 6.1 8.2 o-14 4.5 0.7 n-14 -2.0 12.0 n-14 4.3 0.7 d-14 -4.3 0.0 d-14 4.5 0.9 e-15 -4.2 -5.9 e-15 4.5 0.9 f-15 -4.1 -14.8 f-15 5.0 1.2 m-15 -8.0 -8.9 m-15 5.0 1.0 a-15 -5.4 -14.3 a-15 -100.0 -100.0

Estados Unidos: Housing Market

3 5 7 9 11 13 M ont h s uppl y Supply of Homes

Monthly Supply of Homes in the United

States 130 140 150 160 170 180 190 200 210 Index

(11)

Fuente: Census Bureau Fuente: University of Michigan

Retail Sales Consumer Sentiment

Mes % A/A % M/M Mes % A/A % M/M

a-14 4.6 0.88 a-14 10.1 5.1 m-14 4.3 0.24 m-14 -3.1 -2.6 j-14 4.0 0.26 j-14 -1.9 0.7 j-14 3.7 0.14 j-14 -3.9 -0.8 a-14 4.7 0.56 a-14 0.5 0.9 s-14 4.0 -0.48 s-14 9.2 2.5 o-14 4.1 0.31 o-14 18.7 2.7 n-14 4.6 0.53 n-14 18.2 2.2 d-14 2.6 -1.16 d-14 13.5 5.4 e-15 2.9 -0.85 e-15 20.8 4.8 f-15 1.0 -0.64 f-15 16.9 -2.8 m-15 0.9 1.16 m-15 16.3 -2.5 a-15 -0.1 -0.09 a-15 14.0 3.1

Estados Unidos: Consumo

280,000 300,000 320,000 340,000 360,000 380,000 400,000 m ill io n of d ol la rs

Ventas al Menudeo

(SA)

40 60 80 100 Index Consumer Sentiment

University of Michigan: Consumer Sentiment Average Movil 2 Months

(12)

Fuente: Bureau of Labor Statistics Fuente: Bureau of Labor Statistics

Civilian Unemployment rate Employment Index

month %M/M %A/A month Non-Manuf ( % M/M/ Manuf ( % M/M/

a-14 -0.06 -0.18 a-14 52 -2.79 55 5.39 m-14 0.02 -0.16 m-14 53 1.92 54 -2.19 j-14 -0.03 -0.19 j-14 55 2.44 54 0.75 j-14 0.02 -0.15 j-14 56 2.94 56 4.45 a-14 -0.02 -0.15 a-14 57 0.89 57 1.95 s-14 -0.03 -0.18 s-14 58 2.12 55 -4.88 o-14 -0.03 -0.21 o-14 58 0.87 55 1.10 n-14 0.02 -0.17 n-14 56 -3.43 55 -1.09 d-14 -0.03 -0.16 d-14 56 -1.07 56 2.56 e-15 0.02 -0.14 e-15 52 -7.36 54 -3.39 f-15 -0.04 -0.18 f-15 56 9.30 51 -4.99 m-15 0.00 -0.17 m-15 57 0.35 50 -2.72 a-15 -0.02 -0.13 a-15 57 0.18 48 -3.40

Estados Unidos: Employment

4 5 6 7 8 9 10 % Tasa de Desempleo (AE)

Tasa de desempleo 2 per. media móvil (Tasa de desempleo)

62 63 64 65 66 67 %

Civilian Labor force Participation (SA)

Civilian Labor Force Participation Rate

(13)

Fuente: U.S. Department of Commerce: Census Bureau Fuente: U.S. Department of Commerce: Census Bureau Mes (% M/M) Mes (% M/M) j-13 2.3 j-13 -2.8 j-13 -0.4 j-13 1.3 a-13 0.0 a-13 0.3 s-13 -0.3 s-13 1.3 o-13 2.8 o-13 0.0 n-13 0.4 n-13 -1.2 d-13 -1.9 d-13 -0.4 e-14 -0.3 e-14 1.1 f-14 -2.4 f-14 -1.2 m-14 4.0 m-14 3.9 a-14 -0.4 a-14 1.3 m-14 1.4 m-14 -0.3 j-14 -0.2 j-14 -1.4

Exports of goods Imports of goods

Estados Unidos: Demand and Supply

120 130 140 150 160 170 180 m ill iio n of d ol la rs

Export : Oil drilling, mining, and construction machinery, and equipment (SA) 120 130 140 150 160 m ill io n of d ol la rs

Import : Oil drilling, mining, and construction machinery, and equipment

(14)

(% A/A) 1T-14 0.7 0.8 2T-14 0.3 1.1 3T-14 1.7 2.4 4T-14 -1.0 1.7 1T-15 -0.3 0.7

Fuente: Bureau of Economic Analysis

(% A/A) 1T-14 0.53 2.1 2T-14 0.54 2.1 3T-14 0.61 2.2 4T-14 0.62 2.3 1T-15 0.58 2.4

Fuente: Bureau of Economic Analysis

Government consumption expenditures (AE; % T/T)

Public Estados Unidos: Demand and Supply

Público Real consumption of fixed capital

(AE; % T/T) 2200 2250 2300 2350 2400 2450 2500 2550 2600 2650 2700 2007 2008 2009 2010 2011 2012 2013 2014 2015 bi lli on s o f d ol la rs

Government consumption expenditures

(AE ) 2000 2100 2200 2300 2400 2500 2600 2700 2007 2008 2009 2010 2011 2012 2013 2014 2015 bi lli on s o f d ol la rs

Real consumption of fixed capital

(15)

Fuente: U.S. Department of Commerce: Census Bureau Fuente: U.S. Department of Commerce: Census Bureau Mes (% M/M) Mes (% M/M) a-14 -0.4 a-14 1.3 m-14 1.4 m-14 -0.3 j-14 -0.2 j-14 -1.4 j-14 1.7 j-14 0.7 a-14 0.0 a-14 0.1 s-14 -2.1 s-14 0.0 o-14 1.9 o-14 0.7 n-14 -1.5 n-14 -2.1 d-14 -2.0 d-14 1.7 e-15 -4.2 e-15 -4.1 f-15 -2.3 f-15 -5.1 m-15 1.2 m-15 9.0 a-15 -100.0 a-15 -100.0

Estados Unidos: Demand and Supply

Imports of goods Exports of goods 120 130 140 150 160 170 180 m ill iio n of d ol la rs

Export : Oil drilling, mining, and construction machinery, and equipment (SA) 120 130 140 150 160 m ill io n of d ol la rs

Import : Oil drilling, mining, and construction machinery, and equipment

(16)

(% A/A) 1T-14 0.3 2.2 2T-14 0.6 2.4 3T-14 0.8 2.7 4T-14 1.1 2.9 1T-15 0.5 3.0

Fuente: Organisation for Economic Co-operation and Development

Mes % T/T a-14 5.0 m-14 5.1 j-14 5.1 j-14 5.1 a-14 4.7 s-14 4.6 o-14 4.5 n-14 4.4 d-14 4.9 e-15 5.4 f-15 5.7 m-15 5.3

Fuente: Bureau of Economic Analysis a-15 0.0

Estados Unidos: Demand and Supply

Private Final Consumption Expenditure (AE; % T/T)

Private

Personal saving rate

9.5 9.7 9.9 10.1 10.3 10.5 10.7 10.9 11.1 2007 2008 2009 2010 2011 2012 2013 2014 2015 bi lli on s o f d ol la rs

Real Personal Consumption Expenditures

(AE ) 100 300 500 700 900 1,100 1,300 1,500 bi lli on o f d ol la rs Personal Saving (SA)

(17)

Fuente: Bureau of the Fiscal Service Fuente:The White House: Office of Management and Budget (% T/T) (% A/A) (% T/T) (% A/A) 1T-14 1.4 4.9 1T-14 2.4 1.0 2T-14 0.2 5.3 2T-14 1.6 1.6 3T-14 1.1 6.5 3T-14 -1.5 1.0 4T-14 1.8 4.5 4T-14 -0.5 2.1 1T-15 -100.0 -100.0 1T-15 1.2 0.9

Estados Unidos: Finanzas Públicas

Real Private Fixed Investment Real Private Fixed Investment

7,000,000 9,000,000 11,000,000 13,000,000 15,000,000 17,000,000 m ill io n of d ol la rs

Federal Debt: Total Public Debt

(SA)

Federal Debt: Total Public Debt

46 66 86 106

%

Federal Debt: Total Public Debt as Percent of

Gross Domestic Product

Federal Debt: Total Public Debt as Percent of Gross Domestic Product

(18)

Fuente: Bureau of Economic Analysis Fuente: Bureau of Economic Analysis

Federal government total expenditures

% T/T % A/A (AE; % T/T) (% A/A)

1T-14 1.2 1.3 1T-14 -1.7 -2.4

2T-14 2.0 1.8 2T-14 -1.7 0.3

3T-14 1.8 3.5 3T-14 -1.4 -1.3

4T-14 -1.3 3.7 4T-14 -2.3 -0.7

1T-15 0.0 2.5 1T-15 -1.0 -1.0

Contributions to Percent Change in Real GDP by Government

Estados Unidos: Finanzas Públicas

2,500 2,700 2,900 3,100 3,300 3,500 3,700 3,900 4,100 Bi lli on o f d ol la rs

Federal government total expenditures

1,000 1,200 1,400 1,600 1,800 2,000 2,200 Bi lli on o f d ol la rs

(19)

Fuente: Bureau of Economic Analysis Fuente: Bureau of Economic Analysis

million of dollars million of dollars

Mes (% M/M) (% A/A) Mes (% M/M) (% A/A)

a-14 8.4 10.0 a-14 11.8 7.8 m-14 0.0 0.5 m-14 -1.9 0.5 j-14 5.5 9.1 j-14 3.4 3.4 j-14 -4.3 11.6 j-14 -1.2 9.0 a-14 3.4 6.0 a-14 0.5 6.6 s-14 -2.1 5.9 s-14 -1.4 3.2 o-14 -1.5 10.9 o-14 0.4 6.8 n-14 11.2 5.5 n-14 10.3 8.3 d-14 -11.4 2.2 d-14 -11.8 1.9 e-15 -4.2 4.4 e-15 -1.3 7.8 f-15 1.3 0.0 f-15 -7.5 0.7 m-15 -5.3 -1.2 m-15 1.9 0.7 a-15 9.6 -0.1 a-15 12.9 1.7

U.S. Exports of Goods to Mexico U.S. Imports of Goods from Mexico

Estados Unidos: Sector Externo

8,000 13,000 18,000 m ill io n of d ol la rs

U.S. Exports of Goods to Mexico

U.S. Exports of Goods to Mexico, f.a.s. basis Average Movil 2 Months

12,000 17,000 22,000 m ill io n of d ol la rs

U.S. Imports of Goods from Mexico

U.S. Imports of Goods from Mexico, Customs Basis Average Movil 2 Months

(20)

Fuente: Bureau of Economic Analysis Fuente: Bureau of Economic Analysis (% T/T) (% A/A) (% T/T) (% A/A) 1T-14 -16.5 -4.7 1T-14 -0.2 0.0 2T-14 -3.0 -3.2 2T-14 0.0 0.0 3T-14 6.3 -1.6 3T-14 0.1 0.0 4T-14 -9.3 -22.8 4T-14 -0.1 -0.1 1T-15 -10.8 -16.7 1T-15 0.0 0.1

Estados Unidos: Sector Externo

Real Net Exports of Goods & Services % GDP. Net exports of goods and services

-900 -800 -700 -600 -500 -400 -300 bi lli on o f d ol la rs

Real Net Exports of Goods & Services (SA) -7 -7 -6 -6 -5 -5 -4 -4 -3 -3 -2 %

Shares of gross domestic product: Net exports of goods and services

(21)

Fuente: Bureau of Labor Statistics Fuente: Bureau of Labor Statistics

(i) (ii) (iii)

Mes Index Index Index

a-14 375 163 116 m-14 382 162 116 j-14 388 162 116 j-14 382 162 116 a-14 369 161 116 s-14 355 160 116 o-14 329 159 115 n-14 298 158 115 d-14 249 158 115

Fuente: Bureau of Labor Statistics e-15 196 156 114

f-15 193 153 114

m-15 196 151 114

a-15 198 149 113

Estados Unidos: Sector Externo

100 150 200

Index

ii) Import (End Use): Industrial supplies and materials excluding petroleum

Import (End Use): Industrial supplies and materials excluding petroleum

Average Movil 2 Months 100 150 200 250 300 350 Index

i) Import (End Use): Petroleum and petroleum products

Import (End Use): Petroleum and petroleum products Average Movil 2 Months

100 105 110 115 120 Index

iii) Import (End Use): All imports excluding petroleum

Import (End Use): All imports excluding petroleum Average Movil 2 Months

(22)

Fuente: Bureau of Labor Statistics Fuente: Bureau of Labor Statistics

Mes (% M/M) (% A/A) month (% M/M) (% A/A)

a-14 0.3 2.2 a-14 -6.3 0.8 m-14 -1.9 1.4 m-14 0.5 4.5 j-14 -1.8 -1.2 j-14 -1.5 2.8 j-14 -3.1 -2.7 j-14 1.4 2.2 a-14 -1.6 -1.6 a-14 -2.5 -3.3 s-14 -2.2 -3.7 s-14 -0.7 -5.5 o-14 0.1 -4.6 o-14 -5.3 -5.5 n-14 -0.7 -4.2 n-14 -7.7 -14.4 d-14 -1.4 -5.2 d-14 -11.3 -27.3 e-15 -2.1 -6.4 e-15 -18.2 -40.2 f-15 -1.7 -9.6 f-15 6.0 -38.1 m-15 -0.8 -13.6 m-15 4.0 -36.3 a-15 0.0 -15.6 a-15 -5.6 -35.8

Productos del Petroleo Productos Agrícolas

Estados Unidos: Sector Externo

100 150 200

Index

Export (End Use): Agricultural commodities

Export (End Use): Agricultural commodities 120 170 220 270 320 Index

Export (End Use): Petroleum and petroleum products

Export (End Use): Petroleum and petroleum products Average Movil 2 Months

(23)

Mes Annual InflationUnemplyment rate a-14 2.0 6.2 m-14 2.1 6.3 j-14 2.0 6.1 j-14 2.0 6.2 a-14 1.7 6.1 s-14 1.6 5.9 o-14 1.6 5.7 n-14 1.3 5.8 d-14 0.7 5.6 e-15 -0.2 5.7 f-15 -0.1 5.5 m-15 0.0 5.5

Fuente: Bureau of Labor Statistics a-15 -0.1 5.4

Estados Unidos: Precios y Tasas

1 2 3 4 5 6 Ta sa

10-Year Treasury Constant Maturity Rate (M/M)

10-Year Treasury Constant Maturity Rate

-0.1 (3) (2) (1) 1 2 3 4 5 6 7 Índi ce Inflation (SA)

Consumer Price Index for All Urban Consumers: All Items

2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 5,500,000 6,000,000 6,500,000 7,000,000 num ber

Continued Claims (Insured Unemployment) (SA)

(24)

Tasa de Interés

Mes % T/T month EFF Treasury Bills

a-14 0.2 a-14 0.09 0.02 m-14 0.3 m-14 0.09 0.03 j-14 0.2 j-14 0.10 0.02 j-14 0.1 j-14 0.09 0.02 a-14 -0.1 a-14 0.09 0.03 s-14 0.1 s-14 0.09 0.01 o-14 0.1 o-14 0.09 0.02 n-14 -0.3 n-14 0.09 0.04 d-14 -0.3 d-14 0.12 0.03 e-15 -0.7 e-15 0.11 0.02 f-15 0.2 f-15 0.11 0.02 m-15 0.2 m-15 0.11 0.02 a-15 0.1 a-15 0.12 0.02

Estados Unidos: Precios y Tasas

CPI 200 210 220 230 240 250 Index

Consumer Price Index for All Urban Consumers: All Items

Consumer Price Index for All Urban Consumers: All Items 0.0 1.0 2.0 3.0 4.0 5.0 6.0 % Tasa de Interés

Tasa Efectiva de los Fondos Federales Tasa de los Bonos del Tesoro

(25)

Commodities

(26)

Commodities: Alimentos 60 70 80 90 100 110 120 130 140 Index Alimentos 40 140 240 340 440 540 640 ($/ m t) Soya 100 150 200 250 300 350 400 ($/ m t) Maíz 0.3 0.4 0.5 0.6 0.7 0.8 0.9 ($/ kg ) Azucar

(27)

Commodities: Energía 40 60 80 100 120 140 160 180 ïndi ce Energía 40 50 60 70 80 90 100 110 120 130 140 ($ /bbl ) Petroleo Crudo 40 60 80 100 120 140 160 180 200 ($ /bbl ) Carbon 50 70 90 110 130 150 170 190 210 230 250 Index Gas Natural

(28)

Commodities: Metales 40 60 80 100 120 140 Index Índice Metales 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 ($/ m t) Cobre 500 700 900 1,100 1,300 1,500 1,700 1,900 ($ /tro y o z) Oro 5 10 15 20 25 30 35 40 45 ($ /tro y o z) Plata

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