200 5 國際收支平衡表國際收支平衡表國際收支平衡表國際收支平衡表

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澳 門 特 別 行 政 區 政 府 澳 門 特 別 行 政 區 政 府 澳 門 特 別 行 政 區 政 府 澳 門 特 別 行 政 區 政 府 Governo da Região Administrativa Especial de Macau Government of Macao Special Administrative Region

澳 門 金 融 管 理 局 澳 門 金 融 管 理 局澳 門 金 融 管 理 局 澳 門 金 融 管 理 局

Autoridade Monetária de Macau Monetary Authority of Macao

國 際 收 支 平 衡 表 國 際 收 支 平 衡 表 國 際 收 支 平 衡 表 國 際 收 支 平 衡 表

Balança de Pagamentos Balance of Payments

2005

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CONTENTS

PREFACE ... 2

NOTES Methodology and Data Sources ……… 3

Concepts ... 3

Symbols ……… 5

Abbreviations ……… 5

ANALYSIS OF RESULTS Overall Situation ………... 6

Current Account ... 7

Capital and Financial Account ……….. 8

TABLES Table 1. Balance of Payments: Macao SAR ………. 11

Table 2. Balance of Payments Sub-account Components: Current Account ………. 12

Table 3. Balance of Payments Sub-account Components: Capital and Financial Account ………... 13

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PREFACE

Given the importance of the external sector in Macao’s economy and monetary system, the Monetary Authority of Macao and the Statistics and Census Service regularly compile comprehensive and timely balance of payments (BOP) data of Macao SAR for supporting policy formation and enhancing statistical transparency.

BOP, as defined in the International Monetary Fund (IMF)’s Balance of Payments Manual, 5th Edition (BPM5), is a statistical statement that systematically summarizes, for a specific time period, the economic transactions of an economy with the rest of the world. Transactions, for the most part between residents and nonresidents, consist of those involving goods, services, and income; those involving financial claims on, and liabilities to, the rest of the world; and those (such as gifts) classified as transfers, which involve offsetting entries to balance – in an accounting sense – one-sided transactions.

This publication, which incorporates data for the reference years 2002 to 2005, would enable the public utilisation of the BOP statistics in a more convenient and systematic manner. We would like to express our appreciation to all entities that have cooperated with us in this task. Comments and suggestions, which help improve the quality of our work, are sincerely welcome.

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NOTES

METHODOLOGY AND DATA SOURCES

The compilation of the BOP statistics is based on the concepts, definitions, and classifications recommended in the IMF’s Balance of Payments Manual, 5th Edition, 1993, with considerations of the economic characteristics of the Territory and the limitations of the information available.

The major data sources of Macao SAR’s BOP are Enterprise Survey, Coordinated Portfolio Investment Survey, annual economic activity surveys, administrative data from various government bodies, some smaller scaled/ad-hoc surveys and estimations of data models.

On the 20th of December 1999, Macao became a Special Administrative Region of the People’s Republic of China. With respect to the statistics in this report, “Macao”

stands for the Macao Special Administrative Region. Macao and Mainland China are considered as two economic territories and transactions between them (e.g. trade in goods and trade in services) are treated as international transactions.

CONCEPTS

Balance of Payments

A statistical statement that systematically summarises, for a specific time period, the economic transactions of the residents of an economy with the rest of the world. It comprises two broad accounts: current account, and capital and financial account.

Most of the transactions are recorded on an accrual basis.

Macao Residents

They include any individuals, enterprises and other organisations that have a centre of economic interest in Macao. In practice, individuals who have stayed or intend to stay in Macao for at least 12 months are considered as Macao residents. For enterprises and other organisations, they normally operate or engage in production in

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Macao. Likewise, branches and subsidiaries of nonresident enterprises domiciled in Macao are also regarded as Macao residents. A nonresident of Macao is any individual, enterprise, or other organisation that does not meet the criterion of Macao residents described above.

Current Account

Current account largely measures flow of real resources including exports and imports of goods and services, income earned and expenses incurred abroad, and current transfers from and to abroad. Most current account transactions are recorded on a gross basis, reflecting the provision and acquisition of real resources by an economy with the rest of the world. Major components of current account are described below:

(a) Goods comprise all movable goods that change ownership from residents to nonresidents (exports) and vice versa (imports).

(b) Services include services rendered by residents to nonresidents (exports) and vice versa (imports).

(c) Income consists of earnings by Macao residents from abroad (income earned) and by nonresidents in Macao (expenses incurred) for the provision of factors of production.

(d) Current transfers are transactions in which residents of an economy provide/receive real and financial resources that are likely to be consumed immediately or shortly, to/from nonresidents without the receipt/provision of equivalent economic values in return.

Capital and Financial Account

Capital account measures external transactions in capital transfers, and in acquisition or disposal of non-produced, non-financial assets.

(a) Capital transfers are transfers of ownership of a fixed asset or the forgiveness of a liability without receiving any economic value in return.

(b) Acquisition or disposal of non-produced, non-financial assets comprises transactions associated with tangible assets that are not actually produced and transactions associated with non-produced intangible assets.

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Financial account records transactions in financial assets and liabilities between residents and nonresidents, classified into direct investment, portfolio investment, financial derivatives, other investment, and reserve assets.

(a) Direct investment refers to investment made by a resident entity in one economy with the objective of obtaining a lasting interest and a significant degree of influence on the management of an enterprise resident in another economy. For statistical purposes, the guideline of ownership is determined at 10% or more of the equity (ordinary share or voting stock) in the enterprise.

(b) Portfolio investment refers to investment in nonresident equity securities (less than 10% equity in an enterprise) and debt securities.

(c) Financial derivatives are financial instruments that are linked to a specific financial instrument or indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right.

(d) Other investment refers to other financial claims on and liabilities to nonresidents that are not classified as direct investment, portfolio investment, financial derivatives or reserve assets.

(e) Reserve assets consist of foreign currency assets that are readily available to and controlled by the Monetary Authority of Macao.

SYMBOLS

r Revised data

@ Figures are subject to revisions later on o Less than half of the unit employed - Absolute value equals zero

.. Not applicable ... Not available

% Percent

ABBREVIATIONS

BOP Balance of Payments GDP Gross Domestic Product MOP Macao Pataca

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ANALYSIS OF RESULTS

Overall Situation

The balance of payments of the Macao Special Administrative Region continued to show a surplus in 2005, represented by the rise of MOP9.9 billion in foreign exchange reserves over one year earlier. This surplus stemmed from a surplus of MOP27.0 billion in the current account, a net inflow of funds of MOP4.1 billion in the capital account and a net increase of MOP3.3 billion in financial non-reserve assets.

The BOP statement consists of two main groups of accounts:

(i) Current account – which contains goods and services, income and current transfers;

(ii) Capital and financial account – which contains capital and financial flows (both inward and outward), and acquisition or disposal of non-produced, non-financial assets.

Chart 1: Balance of Payments, 2004-2005

-20,000 -10,000 0 10,000 20,000 30,000 40,000

2004 2005

*net change (Millions of patacas)

Current account Capital account Financial non-reserve assets*

Reserve assets*

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7 Current Account

In 2005, the current account surplus dropped to MOP27.0 billion (equivalent to 29.1%

of GDP at current market prices), down from the sizable surplus of MOP34.1 billion (equivalent to 41.1% of GDP) in 2004. Although the visible trade deficit expanded by 51.4% in 2005, the large invisible trade surplus managed to offset the outflow of funds resulting from the visible trade and income accounts.

The favourable economic environment continued to drive up domestic demand in 2005. Imports of goods (f.o.b) surged by 13.0% while exports of goods decreased 12.1%. These two negative forces together prompted the goods account deficit to increase significantly from MOP14.8 billion in 2004 to MOP22.4 billion in 2005. In contrast, the invisible trade surplus remained large at a value of MOP56.4 billion in 2005, up from MOP53.7 billion in 2004. The tourism industry continued to expand in 2005 mainly due to increases in visitors from Mainland China and Hong Kong. As a result, exports of travel services soared 6.5%, raising the net export of these services from MOP57.3 billion in 2004 to MOP61.1 billion in 2005. Transportation and other services continued to show a net import, which broadened from MOP3.6 billion in 2004 to MOP4.7 billion in 2005. Overall, a combined visible and invisible trade surplus of MOP34.0 billion was recorded in 2005, compared to a MOP39.0 billion surplus in 2004.

The net external factor income, as measured by the balance in the income account, showed a net outflow of MOP6.2 billion as a result of an inflow of external factor income of MOP6.4 billion and an outflow of external factor income of MOP12.7 billion. By various components, a net outflow of MOP11.0 billion was registered for direct investment income, while net inflows of MOP2.1 billion and MOP3.1 billion were recorded for portfolio investment income and other investment income respectively.

Current transfers, which record basically workers’ remittance to and out of Macao and external donations to and from local charity organisations, continued to register a net outflow, from MOP213.8 million in 2004 to MOP798.2 million in 2005.

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8 Capital and Financial Account

In the year 2005, the capital and financial account, including official reserve assets, recorded a net outflow of MOP9.1 billion, approximately about half of the net outflow in 2004. In the capital account, the net inflow of capital transfers (mainly migrants’

transfers) amounted to MOP4.1 billion, up from MOP2.2 billion in 2004. Regarding financial non-reserve assets, the net outflow (i.e. net increase in foreign assets) stood at MOP3.3 billion (equivalent to 3.6% of GDP), compared with MOP12.3 billion in 2004 (14.8% of GDP). Mainly boosted by unprecedented, large-scale investment for the construction of casino complexes and mega-resorts, the net inflow from direct investment more than doubled, from MOP6.9 billion in 2004 to MOP14.4 billion in 2005. Nevertheless, the net outflow of portfolio investment (MOP4.9 billion), financial derivatives (MOP4.2 billion) and other investment (MOP8.6 billion) together more than offset the net inflow of funds from direct investment. Hence, as happened in previous years, the account of financial non-reserve assets showed an outflow of funds, at MOP3.3 billion in 2005.

Chart 2: Net Flows of the Current Account, 2004-2005

-40,000 -20,000 0 20,000 40,000 60,000 80,000

2004 2005

(Millions of patacas)

Current account Goods

Services Income

Current transfers

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The banking sector recorded a net investment outflow of MOP10.6 billion in 2005 (MOP7.5 billion in 2004) while general government and other sectors together showed a net investment inflow of MOP7.3 billion (net outflow of MOP4.8 billion in 2004).

The strong performance of the economy and promising prospects for the tourism sector continued to boost investment sentiments in Macao. Inward foreign direct investment (including property investment by nonresidents) amounted to MOP14.8 billion, which more than doubled the inflow of MOP6.2 billion in 2004. Direct investment abroad recorded an outflow of MOP375.3 million in 2005, compared with an inflow of MOP763.3 million in 2004. As a result, the direct investment account recorded a surplus of MOP14.4 billion, compared with a surplus of MOP6.9 billion in 2004.

The SAR Government had no external debt. As shown in a separate survey known as the Coordinated Portfolio Investment Survey, portfolio investment holdings by Macao residents, excluding the holding of foreign exchange reserves, reached MOP66.2 billion as at the end of 2005 (MOP62.2 billion in 2004). The net outflow therein over the year as recorded in the portfolio investment account was MOP4.9 billion; of which banks recorded a net outflow of portfolio investment by MOP591.5 million

Chart 3: Net Changes in the Financial Account, 2004-2005

-20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000

2004 2005

(Millions of patacas)

Direct investment Portfolio investment Financial derivatives Other investment Reserve assets

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(12.0% of the total). Those of general government and other sectors recorded outflows of MOP849.9 million (17.2%) and MOP3.5 billion (70.9%) respectively.

Other investment recorded a net outflow of MOP8.6 billion as against a net inflow of MOP2.9 billion in 2004. The net outflow in other investment came from a MOP35.2 billion increase in assets and a MOP26.6 billion increase in liabilities. By sector, banks recorded a net outflow of MOP6.0 billion while general government and other sectors together showed a net outflow of MOP2.7 billion. By component, loans granted abroad surged by MOP6.1 billion in 2005, while external loans extended to the SAR dropped by MOP1.5 billion. Assets in currency and deposits rose by MOP8.5 billion, while nonresident deposits in the local banking system increased by MOP23.1 billion. Other foreign assets and liabilities increased by approximately MOP20.3 billion and MOP4.7 billion respectively during 2005.

The BOP surplus was fully reflected in the official reserve assets held by the Monetary Authority of Macao, which surged from MOP43.5 billion at end-2004 to MOP53.4 billion at end-2005, equivalent to an increase of MOP9.9 billion as against a gain of MOP8.8 billion in 2004. The international reserves covered approximately 11.7 months of total value of goods and services imported, revealing that Macao had a strong external position and could comfortably meet external claims on its financial assets.

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(106 MOP)

2002 2003 2004r 2005@

1. Current Account 22,003.7 25,500.1 34,114.3 26,970.9

Goods -7,388.4 -8,767.4 -14,778.1 -22,368.5

Services 29,620.9 35,534.1 53,745.3 56,379.8

Income -156.8 -1,227.3 -4,639.1 -6,242.2

Current Transfers -72.0 -39.3 -213.8 -798.2

2. Capital and Financial Account -9,958.9 -16,948.5 -18,921.8 -9,107.5

Capital Account 1,114.8 706.2 2,197.7 4,122.0

Financial Account* -11,073.6 -17,654.7 -21,119.5 -13,229.6 Financial non-reserve assets (net change) -8,723.6 -13,448.6 -12,312.6 -3,340.8

Direct Investment 2,761.4 4,186.5 6,920.8 14,429.8

Portfolio Investment -7,250.2 -9,558.6 -17,497.7 -4,946.1 Financial Derivatives** 949.1 -911.3 -4,681.7 -4,185.6

Other Investment -5,183.8 -7,165.1 2,946.0 -8,638.8

Reserve Assets -2,350.1 -4,206.1 -8,806.9 -9,888.8

3. Errors and Omissions -12,044.9 -8,551.6 -15,192.5 -17,863.3 Overall Balance of Payments 2,350.1 4,206.1 8,806.9 9,888.8

Notes: r Revised data.

@ Figures are subject to revisions later on.

o Less than half of the unit employed.

* "+" represents an increase in external liabilities or a decrease in external assets, indicating an inflow of funds;

"-" represents a decrease in external liabilities or an increase in external assets, indicating an outflow of funds.

** According to the latest revision of the International Monetary Fund (IMF), financial derivatives are presented as an individual item of the financial account.

Table 1. Balance of Payments: Macao SAR

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Table 2. Balance of Payments Sub-account Components: Current Account

(106 MOP)

Standard Components 2002 2003 2004r 2005@

Current Account 22,003.7 25,500.1 34,114.3 26,970.9

Credit 61,495.3 69,677.2 91,113.1 95,953.6

Debit -39,491.5 -44,177.1 -56,998.8 -68,982.7

Goods -7,388.4 -8,767.4 -14,778.1 -22,368.5

Exports 18,940.9 20,733.0 22,586.9 19,854.2

Imports -26,329.3 -29,500.4 -37,364.9 -42,222.8

Services 29,620.9 35,534.1 53,745.3 56,379.8

Exports 38,225.1 44,958.7 64,686.6 69,006.6

Imports -8,604.2 -9,424.6 -10,941.3 -12,626.8

Transportation, exports 2,285.8 1,929.6 2,777.8 3,196.2

Transportation, imports -981.6 -1,003.2 -1,310.2 -1,851.7

Travel, exports 34,592.3 41,347.6 60,001.0 63,929.1

Travel, imports -2,557.6 -2,331.1 -2,665.7 -2,867.8

Other services, exports 1,347.0 1,681.5 1,907.7 1,881.3

Other services, imports -5,065.0 -6,090.3 -6,965.4 -7,907.2

Income -156.8 -1,227.3 -4,639.1 -6,242.2

Receipts 3,606.8 3,162.4 3,054.9 6,419.0

Payments -3,763.6 -4,389.7 -7,694.0 -12,661.2

Compensation of employees, receipts

-84.0 -86.6 -206.5 -430.8

Investment income, receipts 3,606.8 3,162.4 3,054.9 6,419.0

Direct investment income 68.4 -44.0 -64.8 235.9

Dividends and distributed branch profits 116.0 64.3 76.4 28.4

-45.0 -108.4 -143.1 201.8

Income on debt (interest) -2.7 o 1.9 5.7

Portfolio investment income 1,421.9 1,553.0 1,705.4 2,171.1

Income on equity 190.5 287.6 350.2 407.1

Income on bonds and notes 1,143.2 1,143.4 1,245.6 1,598.4

88.2 122.0 109.5 165.6

Other investment income 2,116.5 1,653.5 1,414.3 4,012.0

Investment income, payments -3,679.5 -4,303.1 -7,487.5 -12,230.4

-3,217.2 -3,963.3 -7,211.6 -11,268.0 Dividends and distributed branch profits -1,778.5 -1,810.3 -4,889.4 -5,648.1 -1,408.6 -2,109.7 -2,281.6 -5,564.9

-30.0 -43.4 -40.7 -55.1

Portfolio investment income -50.8 -50.2 -59.9 -64.5

Income on equity -13.2 -15.2 -23.4 -40.3

Income on bonds and notes - - - -

Income on money market instruments -37.6 -35.0 -36.5 -24.2

Other investment income -411.5 -289.5 -215.9 -897.9

Current transfers -72.0 -39.3 -213.8 -798.2

Receipts 722.5 823.1 784.7 673.7

General government - - - -

Other sectors 722.5 823.1 784.7 673.7

Payments -794.5 -862.4 -998.6 -1,471.9

General government -6.5 -18.0 -17.4 -86.5

Other sectors -788.0 -844.4 -981.2 -1,385.4

Income on money market instruments

Direct investment income

Reinvested earnings and undistributed branch profits Income on debt (interest)

Compensation of employees, payments

Reinvested earnings and undistributed branch profits

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Table 3. Balance of Payments Sub-account Components:

Capital and Financial Account

(106 MOP)

Standard Components 2002 2003 2004r 2005@

Capital and Financial Account -9,958.9 -16,948.5 -18,921.8 -9,107.5

Capital and financial non-reserve assets (net change) -7,608.8 -12,742.4 -10,114.9 781.2

Capital Account 1,114.8 706.2 2,197.7 4,122.0

Capital transfers 1,135.2 711.5 2,197.7 4,122.3

General government - - - -

Other sectors 1,135.2 711.5 2,197.7 4,122.3

Nonproduced nonfinancial assets -20.4 -5.3 o -0.3

Financial Account -11,073.6 -17,654.7 -21,119.5 -13,229.6

Financial non-reserve assets (net change) -8,723.6 -13,448.6 -12,312.6 -3,340.8

Direct investment 2,761.4 4,186.5 6,920.8 14,429.8

Direct investment abroad -571.4 42.5 763.3 -375.3

Equity capital -187.2 22.4 693.7 -8.2

Claims on affiliated enterprises -187.2 22.4 693.7 -8.2

Liabilities to affiliated enterprises - - - -

Reinvested earnings 45.0 108.4 143.1 -201.8

Other capital -429.1 -88.3 -73.5 -165.3

Claims on affiliated enterprises -456.7 38.2 -72.1 -219.2

Liabilities to affiliated enterprises 27.6 -126.5 -1.4 53.9

Direct investment in Macao 3,332.7 4,144.0 6,157.5 14,805.1

Equity capital 665.1 613.5 18.4 1,055.1

Claims on direct investors - - - -

Liabilities to direct investors 665.1 613.5 18.4 1,055.1

Reinvested earnings 1,408.6 2,109.7 2,281.6 5,564.9

Other capital 1,259.0 1,420.8 3,857.6 8,185.2

Claims on direct investors 193.3 -41.6 -31.8 -28.1

Liabilities to direct investors 1,065.8 1,462.4 3,889.4 8,213.2

Portfolio investment -7,250.2 -9,558.6 -17,497.7 -4,946.1

Assets -7,257.0 -9,555.7 -17,495.4 -4,946.3

Equity securities -2,330.3 -2,868.8 -3,907.3 -2,855.8

-0.8 -612.9 -1,381.7 15.2

Banks -207.8 47.6 -14.7 140.1

Other sectors -2,121.7 -2,303.6 -2,511.0 -3,011.1

Debt securities -4,926.6 -6,686.9 -13,588.1 -2,090.5

Bonds and notes -4,638.0 -6,234.4 -6,610.9 -1,596.2

General government -494.4 -1,289.9 1,208.0 -857.1

Banks -3,076.7 -4,039.1 -5,384.9 -105.0

Other sectors -1,066.9 -905.4 -2,434.0 -634.1

Money market instruments -288.7 -452.6 -6,977.1 -494.3

General government 2.9 -2.5 9.2 -8.0

Banks -264.0 374.1 -2,624.4 -626.4

Other sectors -27.5 -824.2 -4,361.9 140.2

Liabilities 6.8 -2.9 -2.3 0.1

Equity securities 6.8 -2.9 -2.3 0.1

- - - -

Banks - -2.9 -2.9 -0.1

Other sectors 6.8 - 0.6 0.2

General government

General government

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Table 3. Balance of Payments Sub-account Components:

Capital and Financial Account

(106 MOP)

Standard Components 2002 2003 2004r 2005@

Debt securities - - - -

Bonds and notes - - - -

General government - - - -

Banks - - - -

Other sectors - - - -

Money market instruments - - - -

General government - - - -

Banks - - - -

Other sectors - - - -

Financial derivatives 949.1 -911.3 -4,681.7 -4,185.6

Assets 949.1 -911.3 -4,681.7 -4,185.6

General government - - - -

Banks 1,318.5 -1,151.7 -2,790.4 -5,061.0

Other sectors -369.4 240.4 -1,891.2 875.4

Liabilities - - - -

General government - - - -

Banks - - - -

Other sectors - - - -

Other investment -5,183.8 -7,165.1 2,946.0 -8,638.8

Assets -7,051.3 -6,542.9 -1,568.9 -35,215.1

Trade credits 120.6 -134.0 84.0 -278.3

Loans -1,276.2 344.4 -1,341.4 -6,119.2

- - - -

Banks -1,306.9 395.7 -1,445.3 -6,117.5

Other sectors 30.6 -51.3 103.9 -1.8

Currency and deposits -2,104.5 -3,579.2 449.8 -8,477.8

-121.6 -96.1 -861.3 -1,387.0

Banks -2,650.2 -3,338.7 1,622.3 -6,834.1

Other sectors 667.4 -144.4 -311.3 -256.7

Other assets -3,791.2 -3,174.1 -761.3 -20,339.7

- - - -

Banks -4,193.8 -3,152.9 -773.2 -20,304.8

Other sectors 402.6 -21.2 11.9 -34.9

Liabilities 1,867.5 -622.2 4,514.9 26,576.3

Trade credits -129.5 127.3 -29.9 245.4

Loans -435.6 214.0 1,194.7 -1,538.0

-0.6 - - -

Banks -109.2 34.8 178.7 -447.1

Other sectors -325.8 179.2 1,016.0 -1,090.9

Currency and deposits 1,782.5 339.9 3,127.2 23,127.3

- - - -

Banks 1,782.5 339.9 3,127.2 23,127.3

Other sectors - - - -

Other liabilities 650.2 -1,303.5 222.9 4,741.5

- - - -

Banks 454.3 -1,325.4 214.3 4,590.4

Other sectors 195.9 21.9 8.6 151.1

Reserve assets (net change) -2,350.1 -4,206.1 -8,806.9 -9,888.8

General government

General government

General government

General government General government

General government

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Figure

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