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부부부 부부 부부 부부부 부부 부부 2004. 6. 28. 부부부부부부부부부

부동산 시장 장기 변동과 대응 방안

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부동산 시장 장기 변동과 대응 방안. 2004. 6. 28. 건설산업전략연구소. 목 차. 1. 중장기 부동산 시장 추세 분석 2 2. 부동산 이론 및 경기 시나리오 14 3. 지역 아파트 시장 분석 31. 1. 중장기 부동산 시장 추세 분석. Ⅱ. 중장기 부동산 시장 추세 분석. 1. 경기 주기와 부동산 경기. 1. 장기 경기 추세와 부동산 경기 변동. 변동요인 및 부동산경기와의 관계. 부동산경기에 대략 1 년 정도 선행 - PowerPoint PPT Presentation

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    197312.35.8--7.2----19733.26.211.679.27.410.77.6-128.73 7.03 7.268.7312-3.2716.49.29-7.111 gap

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    19756.5-0.4---0.6----197525.29.111.85.924.211.716.910.8-8.7 5.82 5.82 9.205.828.7-2.8823.610.16-13.44197929.8637395912-2.21729.8637395912-3.13197810.80134.9253731343

    197611.25.6--2.8----197615.35.79.34.316.59.616.67.5-11.3 5.05 4.99 8.725.0511.3-6.2519.311.11-8.1919806.14981055090.4456.1498105509-0.79197913.88333.4955752212

    1977104.6--2.3----197710.16.58.23.715.99.517.48-11.1 5.54 5.27 7.335.5411.1-5.5618.27.68-10.5219812.20444026053.9162.20444026052.59198016.3450.7292011932

    197895.5--3.3----197814.57.64.22.78.29.312.18.9-13.1 7.93 7.22 6.097.9313.1-5.17197811.510.801-0.6998.5-334.9253731343-0.69919828.30518882411.9818.30518882410.78198114.316-0.9871668312

    19797.13.2--2.6---7.6197918.311.33.74.113.510.614.69.1-14.5 11.20 10.04 7.6911.214.5-3.36.076197916.113.883-2.21712.97-3.1333.4955752212-2.217198311.8816442241.97711.8816442241.39198212.5819.0395480226

    1980-2.1-0.2---2.1---7.8198028.713.57.85.41813.521.310.2-13.3 13.36 11.627.69 9.2113.3613.30.06 11.298198015.916.3450.44515.11-0.790.72920119320.445198414.19250625532.51914.19250625531.8198310.17717.2874123743

    19816.52.52.8--1.5---4.5198121.410.34.96.311.913.317.812.5-12.8 16.38 14.08 7.12 8.6616.3812.83.587.7267.70.026 7.726198110.414.3163.91612.992.59-0.98716683123.91619857.8299217842.5477.8299217841.9198410.01916.0074840185

    19827.2-23.2-2---8.319827.26.22.75.38.61216.410.8-4.2 12.26 10.73 6.72 8.0612.264.28.066.9915.91.091 6.991198210.612.5811.98111.380.789.03954802261.981198611.8990662863.66511.8990662863.04198512.24716.8652838134

    198310.74.32.3-3.6-1.2-10.419833.43.21.93.34.69.514.65.8-7.5 9.09 8.62 6.32 7.429.097.51.596.5744.22.374 6.57419838.210.1771.9779.591.3917.28741237431.977198710.83603429651.19910.83603429650.63198610.96526.1371259895

    19848.27.33.8-2.5-2.8-14.619842.34.32.32.457.710.84.3-11.6 10.23 9.39 6.70 6.8110.2311.6-1.376.4326.10.332 6.43219847.510.0192.5199.31.816.00748401852.519198832.16707800150.26332.1670780015-0.319879.79917.7853419849

    19856.53.84.6-3.6-3-16.219852.53.622.26.15.89.24-7.4 8.10 7.49 4.99 6.348.17.40.76.6796.60.079 6.67919859.712.2472.54711.61.916.86528381342.54719895.20030756193.9435.20030756193.28198810.36316.9279199081

    1986113.42.9-3.9-2.5-8.919862.81.90.6-0.13.42.55.84.2-5.3 6.81 5.97 3.88 4.946.815.31.515.1153.51.615 5.11519867.310.9653.66510.343.0426.13712598953.6651990-8.07416357154.487-8.07416357153.79198913.943-2.4240886221

    1987113.44.4-4.5-3-11.619873.13.70.10.24.13.34.74.47.27.1 6.66 5.83 4.08 4.216.667.1-0.444.2614.5-0.239 4.26119878.69.7991.1999.230.6317.78534198491.1991991-1.75399952137.174-1.75399952136.32199014.787-11.1946627467

    198810.54.26.5-5.2-3.9-11.319887.140.71.34.92.75.1418.78.2 7.57 6.67 5.37 4.277.578.2-0.634.5127.2-2.688 4.512198810.110.3630.2639.8-0.316.92791990810.2631992-6.85405865335.798-6.85405865335.04199111.674-6.3599330162

    19896.13.55.2-2.24.42.9-4.119895.74.82.32.87.83.56.2518.38.3 9.22 8.12 7.67 5.059.228.30.925.4647.5-2.036 5.46419891013.9433.94313.283.28-2.42408862213.94319931.96604898221.9551.96604898221.1119929.698-9.6231513847

    199091.85.2-0.82.52-3.819908.65.43.12.79.53.46.54.83.17.2 8.10 7.51 7.31N 7.368.17.20.97.7658.3-0.535 7.765199010.314.7874.48714.093.79-11.19466274674.48719941.2785855453-1.6631.2785855453-2.0519936.055-4.0833672899

    19919.2-0.53.3--1.41.11.4-9.219919.34.23.21.75.93.26.35.63.53.7 5.69 5.41 4.40 6.535.693.71.997.3826.50.882 7.38219914.511.6747.17410.826.32-6.35993301627.1741995-2.19782503510.429-2.19782503510.0319945.5371.1138477008

    19925.4312.20.21.20.8-14.219926.231.75.13.72.45.11.56.36 3.52 3.46 2.97 4.943.526-2.484.4632.71.763 4.46319923.99.6985.7988.945.04-9.62315138475.79819967.49408645921.0867.49408645920.7719956.729-3.4172077579

    19935.52.70.3-1.12.5-0.9-0.9-13.519934.831.34.41.62.14.51.814.65.7 3.02 3.02 2.24 3.693.025.7-2.683.0031.61.403 3.00319934.16.0551.9555.211.11-4.08336728991.955199710.89291748340.40110.8929174834-0.0219966.08619.5825011697

    19948.3412.34.71.82.2-12.719946.32.60.72.82.51.740.224.26.6 4.20 4.27 1.22 3.714.26.6-2.42.3061.70.606 2.30619947.25.537-1.6635.15-2.051.1138477008-1.66319987.35455201371.0897.35455201370.5219976.90117.9934043025

    19958.92.71.91.72.91.92.9-10.519954.52.8-0.11.73.41.85.22.216.95.5 5.84 5.51 0.59 2.535.845.50.341.271.8-0.53 1.27019956.36.7290.4296.330.03-3.41720775790.429199912.61548653841.54312.61548653841.0419987.38912.7134639724

    19966.83.63.40.82.61.11.1-9.619964.92.90.11.42.4241.68.36.5 5.30 5.02 0.62 2.235.36.5-1.20.6273.5-2.873 0.627199656.0861.0865.770.7719.58250116971.08620009.82272528550.1899.8227252855-0.219995.54319.7365882827

    199754.41.81.53.41.92-8.819974.42.31.71.93.11.221.62.86.7 5.46 5.07 0.72 1.695.466.7-1.240.6253.5-2.875 0.62519976.56.9010.4016.48-0.0217.99340430250.401200113.32417076931.14313.32417076930.8720006.18912.2726855511

    1998-6.74.3-1.11.82.93.51.8-7.819987.51.60.70.93.40.721-0.85.9 5.35 4.82 0.15 1.105.355.9-0.550.715-0.41.115 0.71519986.37.3891.0896.820.5212.71346397241.089200226.32658582560.66126.32658582560.4620015.04318.0645752045

    199910.94.10.12.12.43.11.6-7.119990.82.2-0.30.61.60.51.71.7-1.46.3 4.97 4.66 0.23 1.77N4.976.3-1.330.217-0.20.417 0.217199945.5431.5435.041.0419.73658828271.54320024.06121.0602649491

    20009.33.82.82.93.13.83.14.8820002.33.4-0.71.92.91.72.52.70.37.2 6.24 5.84 0.00U 1.756.247.2-0.960.2832.1-1.817 0.283200066.1890.1895.8-0.212.27268555110.189

    20013.10.30.40.62.12.11.82.8-20014.12.8-0.72.51.81.62.82.50.53.1 3.89 3.45 0.00U 1.333.893.10.790.15-0.30.45 0.15020013.95.0431.1434.770.8718.06457520451.143

    20026.32.40.10.21.81.20.43.3-20022.71.6-0.91.31.61.92.52.2-0.841.674-2.330.077-0.80.877 0.07720023.44.0610.6613.860.4621.06026494910.661

    Sheet1

    gap

    gap

    Sheet2

    gap

    gap

    Sheet3

    gap

    gap

    &A

    Page &P

    gap

    gap1

    &A

    Page &P

    gap

    gap2

    &A

    Page &P

    &A

    Page &P

    ()()()3()

    19738.73 7.03 7.268.73 7.03 7.269.29

    75 10.50 7.87 9.26 10.50 7.87 9.26 11.37

    76 5.82 5.82 9.20 5.82 5.82 9.20 10.16

    77 5.05 4.99 8.72 5.05 4.99 8.72 11.11

    78 5.54 5.27 7.33 5.54 5.27 7.33 7.68

    79 7.93 7.22 6.09 7.93 7.22 6.09 8.50 10.801

    80 11.20 10.04 7.69 11.20 10.04 7.69 12.97 13.883

    81 13.36 11.627.69 9.21 13.36 11.627.69 9.21 15.11 16.345

    82 16.38 14.08 7.12 8.66 16.38 14.08 7.12 8.66 12.99 14.316

    83 12.26 10.73 6.72 8.06 12.26 10.73 6.72 8.06 11.38 12.581

    84 9.09 8.62 6.32 7.42 9.09 8.62 6.32 7.42 9.59 10.177

    85 10.23 9.39 6.70 6.81 10.23 9.39 6.70 6.81 9.30 10.019

    86 8.10 7.49 4.99 6.34 8.10 7.49 4.99 6.34 11.60 12.247

    87 6.81 5.97 3.88 4.94 6.81 5.97 3.88 4.94 10.34 10.965

    88 6.66 5.83 4.08 4.21 6.66 5.83 4.08 4.21 9.23 9.799

    89 7.57 6.67 5.37 4.27 7.57 6.67 5.37 4.27 9.80 10.363

    90 9.22 8.12 7.67 5.05 9.22 8.12 7.67 5.05 13.28 13.943

    91 8.10 7.51 7.31N 7.36 8.10 7.51 7.31N 7.36 14.09 14.787

    92 5.69 5.41 4.40 6.53 5.69 5.41 4.40 6.53 10.82 11.674

    93 3.52 3.46 2.97 4.94 3.52 3.46 2.97 4.94 8.94 9.698

    94 3.02 3.02 2.24 3.69 3.02 3.02 2.24 3.69 5.21 6.055

    95 4.20 4.27 1.22 3.71 4.20 4.27 1.22 3.71 5.15 5.537

    96 5.84 5.51 0.59 2.53 5.84 5.51 0.59 2.53 6.33 6.729

    97 5.30 5.02 0.62 2.23 5.30 5.02 0.62 2.23 5.77 6.086

    98 5.46 5.07 0.72 1.69 5.46 5.07 0.72 1.69 6.48 6.901

    99 5.35 4.82 0.15 1.10 5.35 4.82 0.15 1.10 6.82 7.389

    2000 4.97 4.66 0.23 1.77N 4.97 4.66 0.23 1.77N 5.04 5.543

    2001 6.24 5.84 0.00U 1.75 6.24 5.84 0.00U 1.75 5.80 6.189

    2002 3.89 3.45 0.00U 1.33 3.89 3.45 0.00U 1.33 4.77 5.043

    1.67 1.61 0.00U 0.001 3.86 4.061

    0.00

    1988494,700243,800117,400

    1989485,200355,100141,700-1.9203557712

    1990514,200534,400180,4005.9769167354

    1991504,300447,300189,600-1.9253208868

    1992423,400333,400170,200-16.0420384692

    1993350,000284,400152,800-17.3358526216

    1994322,800271,400143,700-7.7714285714

    1995306,600261,500137,300-5.0185873606

    1996288,600249,100132,300-5.8708414873

    1997279,400243,600130,600-3.1878031878

    1998267,600236,000128,900-4.2233357194

    1999245,900221,200123,900-8.1091180867

    2000232,400206,700121,800-5.4900366002

    2001221,800191,300118,600-4.5611015491

    2002211,200-4.7790802525

    () gap

    197511544619761.4699513192-6.255.051.46995131921976

    19761171431.469951319219774.1129218135-5.565.544.11292181351977

    19771219614.112921813519786.2954551045-5.177.936.29545510451978

    19781296396.295455104519791.113090968-3.311.21.1130909681979

    19791310821.1130909681980-4.36902091820.0613.36-4.36902091821980

    1980125355-4.36902091821981-3.77009293613.5816.38-3.77009293611981

    1981120629-3.77009293611982-3.00010776848.0612.26-3.00010776841982

    1982117010-3.00010776841983-0.0717887361.599.09-0.0717887361983

    1983116926-0.0717887361984-0.1642064212-1.3710.23-0.16420642121984

    1984116734-0.164206421219851.18902804670.78.11.18902804671985

    19851181221.189028046719864.87546773671.516.814.87546773671986

    19861238814.875467736719873.2046883703-0.446.663.20468837031987

    19871278513.204688370319881.9686979374-0.637.571.96869793741988

    19881303681.968697937419891.3024668630.929.221.3024668631989

    19891320661.3024668631990-2.01565883720.98.1-2.01565883721990

    1990129404-2.01565883721991-2.24336187441.995.69-2.24336187441991

    1991126501-2.24336187441992-0.2916972988-2.483.52-0.29169729881992

    1992126132-0.29169729881993-0.7753781752-2.683.02-0.77537817521993

    1993125154-0.77537817521994-0.1078671077-2.44.2-0.10786710771994

    1994125019-0.107867107719950.30235404220.345.840.30235404221995

    19951253970.302354042219960.9465936187-1.25.30.94659361871996

    19961265840.946593618719971.5475889528-1.245.461.54758895281997

    19971285431.547588952819984.011109123-0.555.354.0111091231998

    19981336994.01110912319993.325380145-1.334.973.3253801451999

    19991381453.32538014520004.6226790691-0.966.244.62267906912000

    20001445314.622679069120015.66037735850.793.895.66037735852001

    20011527125.660377358520027-2.331.6772002

    20027

    1976

    1977

    1978

    1979

    1980

    1981

    19823.71.091

    198392.374

    19841.80.332

    19852.20.079

    19869.21.615

    19877.4-0.239

    19886.8-2.688

    198913.2-2.036

    199068245.2-0.535

    19916338-7.1219226260.882

    19925216-17.70274534551.763

    19934712-9.66257668711.403

    199447801.44312393890.606

    19954525-5.3347280335-0.53

    19964349-3.8895027624-2.873

    19974257-2.1154288342-2.875

    19984167-2.11416490491.115

    19993954-5.11159107270.417

    20003893-1.5427415276-1.817

    20013671-5.70254302590.45

    20023524-4.00435848540.877

    &A

    Page &P

    gap

    gap

    &A

    Page &P

    &A

    Page &P

    gap

    Chart2

    1.4699513192-6.25

    4.1129218135-5.56

    6.2954551045-5.17

    1.113090968-3.3

    -4.36902091820.06

    -3.77009293613.58

    -3.00010776848.06

    -0.0717887361.59

    -0.1642064212-1.37

    1.18902804670.7

    4.87546773671.51

    3.2046883703-0.44

    1.9686979374-0.63

    1.3024668630.92

    -2.01565883720.9

    -2.24336187441.99

    -0.2916972988-2.48

    -0.7753781752-2.68

    -0.1078671077-2.4

    0.30235404220.34

    0.9465936187-1.2

    1.5475889528-1.24

    4.011109123-0.55

    3.325380145-1.33

    4.6226790691-0.96

    5.66037735850.79

    7-2.33

    gap

    Sheet1

    ()() gap() gap gap1() gap2

    197312.35.8--7.2----19733.26.211.679.27.410.77.6-128.73 7.03 7.268.7312-3.2716.49.29-7.111 gap

    19747.4-0.6---1.6----197424.31123.2715.913.619.410.9-10.4 10.50 7.87 9.2610.510.40.114.311.37-2.93197829.6823504663-0.69929.6823504663-3

    19756.5-0.4---0.6----197525.29.111.85.924.211.716.910.8-8.7 5.82 5.82 9.205.828.7-2.8823.610.16-13.44197929.8637395912-2.21729.8637395912-3.13197810.80134.9253731343

    197611.25.6--2.8----197615.35.79.34.316.59.616.67.5-11.3 5.05 4.99 8.725.0511.3-6.2519.311.11-8.1919806.14981055090.4456.1498105509-0.79197913.88333.4955752212

    1977104.6--2.3----197710.16.58.23.715.99.517.48-11.1 5.54 5.27 7.335.5411.1-5.5618.27.68-10.5219812.20444026053.9162.20444026052.59198016.3450.7292011932

    197895.5--3.3----197814.57.64.22.78.29.312.18.9-13.1 7.93 7.22 6.097.9313.1-5.17197811.510.801-0.6998.5-334.9253731343-0.69919828.30518882411.9818.30518882410.78198114.316-0.9871668312

    19797.13.2--2.6---7.6197918.311.33.74.113.510.614.69.1-14.5 11.20 10.04 7.6911.214.5-3.36.076197916.113.883-2.21712.97-3.1333.4955752212-2.217198311.8816442241.97711.8816442241.39198212.5819.0395480226

    1980-2.1-0.2---2.1---7.8198028.713.57.85.41813.521.310.2-13.3 13.36 11.627.69 9.2113.3613.30.06 11.298198015.916.3450.44515.11-0.790.72920119320.445198414.19250625532.51914.19250625531.8198310.17717.2874123743

    19816.52.52.8--1.5---4.5198121.410.34.96.311.913.317.812.5-12.8 16.38 14.08 7.12 8.6616.3812.83.587.7267.70.026 7.726198110.414.3163.91612.992.59-0.98716683123.91619857.8299217842.5477.8299217841.9198410.01916.0074840185

    19827.2-23.2-2---8.319827.26.22.75.38.61216.410.8-4.2 12.26 10.73 6.72 8.0612.264.28.066.9915.91.091 6.991198210.612.5811.98111.380.789.03954802261.981198611.8990662863.66511.8990662863.04198512.24716.8652838134

    198310.74.32.3-3.6-1.2-10.419833.43.21.93.34.69.514.65.8-7.5 9.09 8.62 6.32 7.429.097.51.596.5744.22.374 6.57419838.210.1771.9779.591.3917.28741237431.977198710.83603429651.19910.83603429650.63198610.96526.1371259895

    19848.27.33.8-2.5-2.8-14.619842.34.32.32.457.710.84.3-11.6 10.23 9.39 6.70 6.8110.2311.6-1.376.4326.10.332 6.43219847.510.0192.5199.31.816.00748401852.519198832.16707800150.26332.1670780015-0.319879.79917.7853419849

    19856.53.84.6-3.6-3-16.219852.53.622.26.15.89.24-7.4 8.10 7.49 4.99 6.348.17.40.76.6796.60.079 6.67919859.712.2472.54711.61.916.86528381342.54719895.20030756193.9435.20030756193.28198810.36316.9279199081

    1986113.42.9-3.9-2.5-8.919862.81.90.6-0.13.42.55.84.2-5.3 6.81 5.97 3.88 4.946.815.31.515.1153.51.615 5.11519867.310.9653.66510.343.0426.13712598953.6651990-8.07416357154.487-8.07416357153.79198913.943-2.4240886221

    1987113.44.4-4.5-3-11.619873.13.70.10.24.13.34.74.47.27.1 6.66 5.83 4.08 4.216.667.1-0.444.2614.5-0.239 4.26119878.69.7991.1999.230.6317.78534198491.1991991-1.75399952137.174-1.75399952136.32199014.787-11.1946627467

    198810.54.26.5-5.2-3.9-11.319887.140.71.34.92.75.1418.78.2 7.57 6.67 5.37 4.277.578.2-0.634.5127.2-2.688 4.512198810.110.3630.2639.8-0.316.92791990810.2631992-6.85405865335.798-6.85405865335.04199111.674-6.3599330162

    19896.13.55.2-2.24.42.9-4.119895.74.82.32.87.83.56.2518.38.3 9.22 8.12 7.67 5.059.228.30.925.4647.5-2.036 5.46419891013.9433.94313.283.28-2.42408862213.94319931.96604898221.9551.96604898221.1119929.698-9.6231513847

    199091.85.2-0.82.52-3.819908.65.43.12.79.53.46.54.83.17.2 8.10 7.51 7.31N 7.368.17.20.97.7658.3-0.535 7.765199010.314.7874.48714.093.79-11.19466274674.48719941.2785855453-1.6631.2785855453-2.0519936.055-4.0833672899

    19919.2-0.53.3--1.41.11.4-9.219919.34.23.21.75.93.26.35.63.53.7 5.69 5.41 4.40 6.535.693.71.997.3826.50.882 7.38219914.511.6747.17410.826.32-6.35993301627.1741995-2.19782503510.429-2.19782503510.0319945.5371.1138477008

    19925.4312.20.21.20.8-14.219926.231.75.13.72.45.11.56.36 3.52 3.46 2.97 4.943.526-2.484.4632.71.763 4.46319923.99.6985.7988.945.04-9.62315138475.79819967.49408645921.0867.49408645920.7719956.729-3.4172077579

    19935.52.70.3-1.12.5-0.9-0.9-13.519934.831.34.41.62.14.51.814.65.7 3.02 3.02 2.24 3.693.025.7-2.683.0031.61.403 3.00319934.16.0551.9555.211.11-4.08336728991.955199710.89291748340.40110.8929174834-0.0219966.08619.5825011697

    19948.3412.34.71.82.2-12.719946.32.60.72.82.51.740.224.26.6 4.20 4.27 1.22 3.714.26.6-2.42.3061.70.606 2.30619947.25.537-1.6635.15-2.051.1138477008-1.66319987.35455201371.0897.35455201370.5219976.90117.9934043025

    19958.92.71.91.72.91.92.9-10.519954.52.8-0.11.73.41.85.22.216.95.5 5.84 5.51 0.59 2.535.845.50.341.271.8-0.53 1.27019956.36.7290.4296.330.03-3.41720775790.429199912.61548653841.54312.61548653841.0419987.38912.7134639724

    19966.83.63.40.82.61.11.1-9.619964.92.90.11.42.4241.68.36.5 5.30 5.02 0.62 2.235.36.5-1.20.6273.5-2.873 0.627199656.0861.0865.770.7719.58250116971.08620009.82272528550.1899.8227252855-0.219995.54319.7365882827

    199754.41.81.53.41.92-8.819974.42.31.71.93.11.221.62.86.7 5.46 5.07 0.72 1.695.466.7-1.240.6253.5-2.875 0.62519976.56.9010.4016.48-0.0217.99340430250.401200113.32417076931.14313.32417076930.8720006.18912.2726855511

    1998-6.74.3-1.11.82.93.51.8-7.819987.51.60.70.93.40.721-0.85.9 5.35 4.82 0.15 1.105.355.9-0.550.715-0.41.115 0.71519986.37.3891.0896.820.5212.71346397241.089200226.32658582560.66126.32658582560.4620015.04318.0645752045

    199910.94.10.12.12.43.11.6-7.119990.82.2-0.30.61.60.51.71.7-1.46.3 4.97 4.66 0.23 1.77N4.976.3-1.330.217-0.20.417 0.217199945.5431.5435.041.0419.73658828271.54320024.06121.0602649491

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    20013.10.30.40.62.12.11.82.8-20014.12.8-0.72.51.81.62.82.50.53.1 3.89 3.45 0.00U 1.333.893.10.790.15-0.30.45 0.15020013.95.0431.1434.770.8718.06457520451.143

    20026.32.40.10.21.81.20.43.3-20022.71.6-0.91.31.61.92.52.2-0.841.674-2.330.077-0.80.877 0.07720023.44.0610.6613.860.4621.06026494910.661

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    88 6.66 5.83 4.08 4.21 6.66 5.83 4.08 4.21 9.23 9.799

    89 7.57 6.67 5.37 4.27 7.57 6.67 5.37 4.27 9.80 10.363

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    0.00

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    1995306,600261,500137,300-5.0185873606

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    2001221,800191,300118,600-4.5611015491

    2002211,200-4.7790802525

    () gap

    197511544619761.4699513192-6.255.051.46995131921976

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    1992126132-0.29169729881993-0.7753781752-2.683.02-0.77537817521993

    1993125154-0.77537817521994-0.1078671077-2.44.2-0.10786710771994

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    20001445314.622679069120015.66037735850.793.895.66037735852001

    20011527125.660377358520027-2.331.6772002

    20027

    1976

    1977

    1978

    1979

    1980

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    19823.71.0916.9913.7

    198392.3746.5749

    19841.80.3326.4321.8

    19852.20.0796.6792.2

    19869.21.6155.1159.2

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    19886.8-2.6884.5126.8

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    197566.480.1987063779

    198079.690.2010289873

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    442192741221383321465272151396196013255 27.429.532.837.942.6

    4916932762157137222831021286572145000100.00100.00100.00100.00100.00

    541391398161124121280582150479207585434 32.1430.9428.0526.3923.76

    591172072131456515505752021382206386935-5473.9580.3385.2882.7680.53

    641056726107644312143921412088185499755 39.9946.6255.3166.5677.29

    6980143095877599593311140741321105

    74509143692243877916915224105770434 34 35-5435-5455 55

    79299998381321546613688470747129200022.032.1450.673.9527.439.99

    84117820174614238611348289446949200519.630.9450.980.3329.546.62

    334206464032106696156475237127201016.628.0550.685.2832.855.31

    1461057515790967168656031757291318160128201515.026.3947.182.7637.966.56

    202013.123.7644.480.5342.677.29

    134

    1463158344734627520002005201020152020

    19469134151049024469654170934 810970826812809528801126786617

    2420052820423117397320393419534235-55 605831724962847102881051907520

    2932435730976932030926612930485455 8531641125252145265618106982167015

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    39185359198771216638212630228742

    44169382189208202438218442210996200020052010201520201

    4913176318524121048921601223039634 8.118.278.108.017.8720002005201020152020

    5411932715174221753723396723738635-55 6.067.258.478.819.0834 8.118.278.108.017.87

    5913189615787419778427015828647155 8.5311.2514.5318.1121.6735.730.926.022.920.4

    6416730018068121088325190833835622.7026.7731.0934.9338.6135-54 6.067.258.478.819.08

    6919158525563527984532611439982326.727.127.225.223.5

    7417197625385934157937226544560934 35.730.926.022.920.455 8.5311.2514.5318.1121.67

    7911855216187224577132313332674035-55 26.727.127.225.223.537.642.046.751.856.1

    84514158206011829417966323456555 37.642.046.751.856.1

    3320440332715850087457135451100100100100100

    22699652677026310928634928753861152

    54

    22000200520102015202020002005201020152020

    1485177760647538034 24030072266978199548618376771589266

    19331812512525744218861751835-55 67895147308217768074173950427145825

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    341510463152034313277721297059104065620002005201020152020

    391932571185219718083101632931164361724.0322.6719.9518.3815.8934 24.0322.6719.9518.3815.89

    442023359202462519440891932954174913667.9073.0876.8173.9571.4619.517.314.513.111.1

    491561513197189620178211912645191460431.4635.3740.7848.4555.6235-54 67.9073.0876.8173.9571.46

    541272071145949919105211916512183846855.055.755.852.550.0

    591040176115669113527911751224177739819.517.314.513.111.155 31.4635.3740.7848.4555.62

    6488942689576210035091160180151664155.055.755.852.550.025.527.029.634.438.9

    6960984570314071608878796092128225.527.029.634.438.9

    74337167438384536337542959612095100.0100.0100.0100.0100.0

    79181446219449300842365337420389

    846640592554120317168626212384

    3321624307614819669018101676

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    2420052820423117397320393419534240-4930114537444941292743445444139225.220.817.514.814.07.25.74.93.83.8

    2932435730976932030926612930485450-5925122330961641532150412552385714.244.694.824.964.732 34.4333.7331.3629.3026.84

    3423854127071926577528375224443760 72126896737812548721540540188054418.717.515.514.212.327.925.722.820.818.8

    391853591987712166382126302287422269965267702631092863492875386115213.013.744.134.344.412 35.8539.9739.6238.4636.64

    441693821892082024382184422109964.244.694.824.964.7329.130.528.827.325.6

    4913176318524121048921601223039630 25.220.817.514.814.012.513.104.155.045.242 23.1226.1632.6336.6836.16

    5411932715174221753723396723738630-3918.717.515.514.212.311.111.613.414.413.618.720.023.726.125.3

    5913189615787419778427015828647140-494.244.694.824.964.7317.219.6712.5515.4118.812 21.0623.8027.2530.9437.84

    6416730018068121088325190833835650-5911.111.613.414.413.631.836.140.444.148.717.118.219.822.026.5

    6919158525563527984532611439982360 31.836.140.444.148.7

    74171976253859341579372265445609100.0100.0100.0100.0100.0

    7911855216187224577132313332674030 5.725.565.445.175.42

    84514158206011829417966323456530-394.244.694.824.964.73

    332044033271585008745713545140-493.013.744.134.344.41

    2269965267702631092863492875386115250-592.513.104.155.045.24

    226996560 7.219.6712.5515.4118.81

    22000200520102015202020002005201020152020

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    19331812512525744218861751830-3934430343372540313608229299902684273

    241595121392331045181103209654940-4935848723996521396191038455993663740

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    Chart17

    8.925447.233748372

    7.466355.6943154695

    6.677144.8545811868

    5.406183.840155681

    5.48613.8372503909

    2(30)

    10

    %

    10

    197566.480.1987063779

    198079.690.2010289873

    198595.710.1863964058

    1990113.550.1411712902

    1995129.580.1273789165

    2000146.090.01544750151460857622699642787275304949945396331472893352163137150146.08576

    2001148.340.01546617621483424223458922882029310463946015351443955329621126571148.34242

    2002150.640.01554873311506367124243032978358315822946613521415214309378116836150.63671

    2003152.980.01574393391529789225053813076499321060347196061386780291142107880152.97892

    2004155.390.0161030421155387412589453317685832622454777034135882527467599650155.38741

    2005157.890.0126440864157889622677027328004633138184834615133157625978392097157.88962

    2006159.890.0128639789159885992756887337494233490554865995130621324930886198159.88599

    2007161.940.0131960824161942762839670347212733840344897177128121823935680694161.94276

    2008164.080.0135885734164079772925806357206734191584928736125672522991675569164.07977

    2009166.310.0139893492166309383015616367508434546664961004123280122096870800166.30938

    2010168.640.008367552168635943109287378133434906274994065120944121247866362168.63594

    2011170.050.0082456022170047013183167386712135068025000347118301620208962159170.04701

    2012171.450.0081936831171449153258267395362635212685004510115656919246958206171.44915

    2013172.850.0082092425172853953334797404110635343025006948113021318353354496172.85395

    2014174.270.008240292174272953412980412982835461735008039110405017520551020174.27295

    2015175.710.0066917456175709013492875421986035569685007901107811716741547766175.70901

    2016176.880.006618375176884813571734431236135579024991690105182615921243755176.88481

    2017178.060.0065746354178055503651518440567635570514973457102572315184440281178.0555

    2018179.230.006549434917922615373231144999853554634495346599986614513537219179.22615

    2019180.400.006547007418039998381416545954093550802493189397429313895234483180.39998

    2020181.58-118158106389715246920823545702490892194904013319632014181.58106

    198079.690.199

    198595.710.201

    1990113.550.186

    1995129.580.141

    2000146.090.127

    2005157.890.081

    2010168.640.068

    2015175.710.042

    2020181.580.033

    11

    197566477782810074.2197566477782810072.814.2

    198079692013827434.80.20198079692013827433.834.8

    198595713616609416.90.20198595713616609416.616.9

    19901135454010214819.00.19199011354540102148110.219.0

    199512958181164240612.70.14199512958181164240616.4212.7

    200014608576226996415.50.13200014608576226996422.7015.5

    200114834242234589215.80.02200515788962267702726.7717.0

    200215063671242430316.10.02201016863594310928731.0918.4

    200315297892250538116.40.02201517570901349287534.9319.9

    200415538741258945316.70.02202018158106389715238.9721.5

    200515788962267702717.00.02

    200615988599275688717.20.01

    200716194276283967017.50.0120001 2

    200816407977292580617.80.0135 3148526794458235406835.719.5

    200916630938301561618.10.0135-547244689593488665120126.755.0

    201016863594310928718.40.0155 3918592836487308210537.625.5

    201117004701318316718.70.0114311807222443312087374100100

    201217144915325826719.00.01

    201317285395333479719.30.01

    201417427295341298019.60.01

    201517570901349287519.90.01

    201617688481357173420.20.01

    201717805550365151820.50.01

    201817922615373231120.80.01

    201918039998381416521.10.01

    202018158106389715221.50.01

    2

    19756647778636677163.6795.8

    19807969201758645875.8695.2

    19859571361891042089.1093.1

    19901135454010333059103.3391.0

    19951295818111315775113.1687.3

    20001460857612338613123.3984.5

    20051578896213111935131.1283.0

    2010168635941375430