• • • • • • • • • Global Monthly 0 200 600 800 400 Products of iron 1000 or steel Fabricated Count of interventions metal products Domestic appliances Motor vehicles Electrical energy March 2018 March 2018 Percent 14 Japan United States Euro Area 12 10 8 6 4 2 0 2006 2008 2010 2012 2014 2016 2018 Percent 5 Global median inflation Advanced economies 4 EMDEs 3 2 1 0 -1 2013 2018 2014 2015 2016 2017 Percent, y/y 6 Industrial production 5 Goods trade volumes 4 3 2 1 0 -1 2013 2015 2014 2016 2017 2 March 2018 Month-on-month, percent 3 2 1 0 -1 -2 -3 -4 2013 2014 2015 2016 2017 2018 Less than 3 hikes 3 hikes Percent More than 3 hikes 100 75 50 25 0 1-Jan-18 1-Feb-18 23-Mar-18 1-Mar-18 Balance Index, 50+=expansion 5 65 0 60 -5 55 -10 -15 50 -20 45 -25 40 -30 -35 35 Consumer confidence -40 Composite PMI (RHS) 30 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 3 March 2018 Percent, year-on-year Consumer price index 3.5 Inflation target 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Percent, q/q saar Index, 50+= expansion 5 56 4 GDP Manufacturing PMI (RHS) 54 3 52 2 50 1 48 0 -1 46 -2 44 2013 2014 2015 2016 2017 2018 Percent, q/q saar Index, 50+= expansion 7.5 54 7.0 6.5 52 6.0 5.5 50 5.0 GDP Manufacturing PMI (RHS) 4.5 48 2013 2014 2015 2016 2017 2018 4 March 2018 Index (Jan. 1 2017 = 100) 300 U.S. equities volatility U.S. Treasuries volatility 250 FX volatility 200 150 100 50 0 2013 2014 2015 2016 2017 2018 US$ billions 10 Equities Bonds 5 0 -5 Oct-17 Nov-17 Dec-17 Jan-18 Mar-18 Feb-18 US$/bbl Million barrels 75 550 65 500 55 450 45 400 35 Brent 350 US inventories (RHS) 25 300 Apr-17 Jan-15 Apr-15 Jul-15 Jan-16 Apr-16 Jul-16 Jan-18 Oct-15 Oct-16 Jan-17 Jul-17 Oct-17 5 March 2018 Percent 1990-2017 average 15 2003-08 average 12 9 6 3 0 -3 -6 2012 2014 2010 2014 2016 2018 2010 2012 2016 2018 2010 2012 2014 2016 2018 EMDEs EMDE EMDE exporters importers Percent EMDEs Advanced economies 15 12 9 6 3 0 -3 -6 -9 -12 1991 1997 2003 2009 2015 1993 1995 1999 2001 2005 2007 2011 2013 2017 Percent 1990-2017 average 16 2003-08 average 12 8 4 0 -4 -8 2017 2015 2015 2016 2017 2015 2016 2017 2015 2016 2016 2017 2015 2016 2017 2015 2016 2017 EAP ECA LAC MNA SAR SSA 6 March 2018 Percent 8 EMDEs Advanced economies World 6 4 2 0 2016 2017 2010 2011 2012 2013 2014 2015 2018 Percentage points 20 Investment per capita growth GDP per capita growth 15 10 5 0 2000 2012 2003 2006 2009 2015 2018 Percent TFP Capital 6 Labor Potential growth 4 2 0 2013-17 2018-27 2003-07 2018-27 2003-07 2013-17 1998-2017 1998-2017 EMDEs EMDEs excl.China 7 March 2018 Global Economic Prospects—June 2018 (forthcoming) Commodity Markets Outlook - April 2018 (forthcoming) Global Economic Prospects - January 2018: Broad-Based Upturn, but for How Long? Global Economic Prospects - June 2017: A Fragile Recovery International competition, returns to skill, and labor market adjustment India's internal labor migration paradox : the statistical and the real Gross capital flows, common factors, and the global financial cycle Wider economic benefits of investments in transport corridors and the role of complementary policies A skills-based human capital framework to understand the phenomenon of youth economic disengagement The roots of inequality : estimating inequality of opportunity from regression trees Human capital outflows: selection into migration from the Northern Triangle Structural change in west Africa : a tale of gain and loss Effect of climate policies on labor markets in developing countries : review of the evidence and directions for future research The Changing Wealth of Nations 2018: Building a Sustainable Future Doing Business 2018: Reforming to Create Jobs World Development Report 2018: LEARNING to Realize Education’s Promise (Percent change, y/y) (Percent change y/y) Recent releases: February 24, 2018 - March 23, 2018 Upcoming releases: March 24, 2018 - April 23, 2018 Country Date Indicator Period Actual Forecast Previous Country Date Indicator Period Previous France 2/28/18 GDP Q4 2.5% 2.3% Slovenia 3/30/18 CPI MAR 1.2 % Denmark 2/28/18 GDP Q4 1.2 % 1.9% 1.0% Indonesia 4/2/18 CPI MAR 3.2% Sweden 2/28/18 GDP Q4 3.3 % 3.4% 2.9 % Thailand 4/3/18 CPI MAR 0.4% Slovenia 2/28/18 GDP Q4 6.2 % 5.1% Turkey 4/3/18 CPI MAR 10.3% United States 2/28/18 GDP Q4 2.5 % 2.5 % 2.3 % Czech Republic 4/3/18 GDP Q4 5.0 % Belgium 2/28/18 GDP Q4 1.9 % 1.9 % 1.7 % Philippines 4/5/18 CPI MAR 3.9 % Lithuania 3/1/18 GDP Q4 3.8 % 3.6 % Denmark 4/5/18 GDP Q4 1.2 % Finland 3/1/18 GDP Q4 2.7 % 2.5% Switzerland 4/5/18 CPI MAR 0.6 % Spain 3/1/18 GDP Q4 3.1 % 3.1 % 3.1 % South Africa 4/5/18 GDP Q1 1.5 % Brazil 3/1/18 GDP Q4 2.1 % 2.3% 1.4 % Romania 4/6/18 GDP Q4 8.6 % Italy 3/2/18 GDP Q4 1.6 % 1.65 % 1.7 % Mexico 4/9/18 CPI MAR 5.3% Switzerland 3/2/18 GDP Q4 1.9 % 1.2 % Netherland 4/10/18 CPI MAR 1.2 % South Africa 3/6/18 GDP Q4 1.5 % 1.0% 1.3% Denmark 4/10/18 CPI MAR 0.6 % Australia 3/6/18 GDP Q4 2.4 % 2.5 % 2.9% Norway 4/10/18 CPI MAR 2.2 % Romania 3/7/18 GDP Q4 7.0 % 8.6 % Hungary 4/10/18 CPI MAR 1.9 % Cyprus 3/9/18 GDP Q4 3.9 % 3.8% Czech Republic 4/10/18 CPI MAR 1.8 % Iceland 3/9/18 GDP Q4 1.5 % 3.4% Brazil 4/10/18 CPI MAR 2.8% New Zealand 3/14/18 GDP Q4 3.2% 3.5% China 4/10/18 CPI MAR 2.9 % Ireland 3/15/18 GDP Q4 7.8 % 10.9% Portugal 4/11/18 CPI MAR 0.6 % Poland 3/15/18 CPI FEB 1.4 % 1.8% 1.9 % Greece 4/13/18 CPI MAR 0.1 % Italy 3/16/18 CPI FEB 0.5 % 0.6% 0.9 % New Zealand 4/18/18 CPI Q1 1.6 % 8 March 2018 (Percent change y/y, except quarterly data on industrial production, which are percent change q/q, annualized) 2017 2017 2018 2015 2016 Q1 Q2 Q3 Q4 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 1 Industrial production, sa World 1.7 2.0 3.5 5.1 3.4 5.6 3.2 3.9 3.8 4.4 4.1 4.2 4.4 4.3 4.3 4.3 4.6 4.5 Advanced economies 0.1 0.1 1.5 4.5 2.3 5.6 2.0 2.3 2.5 3.4 3.1 3.0 3.2 3.0 3.4 3.3 3.7 2.7 Emerging market and developing economies 3.6 4.1 5.6 5.8 4.6 5.7 4.4 5.6 5.1 5.5 5.1 5.4 5.5 5.7 5.2 5.4 5.6 6.4 Commodity-exporting EMDEs -1.1 0.1 1.9 4.9 2.8 0.0 1.0 1.6 2.3 3.8 1.0 2.2 3.3 3.0 3.1 2.0 2.1 1.9 Other EMDE 5.2 5.2 6.6 6.0 5.2 7.2 5.4 6.8 5.8 6.0 6.2 6.3 6.2 6.4 5.8 6.4 6.5 7.6 East Asia and Pacific 5.8 5.9 7.2 6.0 4.7 4.8 6.2 7.3 6.2 6.3 6.5 5.9 5.9 6.4 5.8 5.7 5.6 6.7 East Asia excl. China 3.6 4.6 5.2 1.2 7.1 -2.7 4.9 6.0 4.3 5.0 0.6 3.2 4.8 5.7 3.2 3.4 1.4 4.1 Europe and Central Asia 2.2 2.7 3.3 10.4 3.9 6.0 1.6 4.5 4.7 6.6 5.3 6.8 6.8 6.9 6.0 5.1 6.6 7.9 Latin America and Caribbean -2.6 -2.3 0.6 0.3 3.0 3.4 0.3 -0.6 -0.4 0.8 0.0 0.7 1.5 0.3 1.7 1.2 2.5 1.3 Middle East and North Africa -3.3 -7.0 25.3 21.9 18.9 11.1 17.2 4.8 21.1 20.4 23.3 30.7 15.4 19.4 18.8 23.0 16.1 8.3 South Asia 3.5 5.3 4.4 2.2 6.8 13.8 2.1 5.5 4.6 4.0 0.1 3.9 6.5 4.7 3.7 9.0 7.5 8.3 Sub-Saharan Africa -0.2 1.0 -4.1 3.1 3.7 7.5 -2.5 -2.1 -0.5 -1.7 -2.8 -0.7 1.2 -0.9 1.8 2.5 3.2 2.0 Inflation, sa 2 World 1.3 1.5 2.6 2.1 2.2 2.3 2.6 2.7 2.3 2.1 1.9 2.2 2.2 2.2 2.3 2.2 2.1 2.1 Advanced economies 0.1 0.3 1.6 1.4 1.4 1.4 1.8 1.6 1.9 1.4 1.2 1.4 1.4 1.5 1.4 1.5 1.5 1.5 Emerging market and developing economies 2.4 2.7 3.4 3.2 3.0 2.9 3.4 3.5 3.5 3.1 2.7 2.7 3.2 3.2 3.0 2.9 2.9 2.9 Commodity-exporting EMDEs 3.7 3.5 3.5 3.5 3.3 2.8 3.8 3.6 3.8 3.5 3.0 3.0 3.3 3.2 3.0 2.7 2.8 2.9 Other EMDE 0.9 1.1 3.0 2.9 2.9 3.1 3.2 3.3 3.2 2.9 2.3 2.5 2.8 3.2 3.1 3.2 3.0 3.7 East Asia and Pacific 1.0 2.1 3.0 2.8 2.2 2.7 3.8 3.6 3.2 2.6 2.3 2.3 2.6 2.5 2.8 2.6 2.6 2.6 Europe and Central Asia 1.9 0.4 2.4 2.3 2.7 2.8 2.5 2.7 2.6 2.3 2.2 2.5 2.7 2.8 2.6 2.8 2.8 2.7 Latin America and Caribbean 2.7 2.4 2.9 2.4 3.2 3.9 3.0 2.8 2.9 2.9 1.8 2.8 3.2 3.7 3.5 4.1 3.5 3.3 Middle East and North Africa 1.7 2.1 2.6 1.5 1.1 2.2 2.3 2.9 1.7 1.9 1.0 1.2 1.1 1.6 2.1 1.7 2.3 2.9 South Asia 4.5 4.4 4.3 4.5 3.6 3.8 4.1 4.9 4.7 5.0 4.0 3.6 3.7 3.5 3.7 4.0 5.2 4.7 Sub-Saharan Africa 3.6 5.3 6.3 5.3 4.8 4.4 6.4 6.0 5.3 5.4 5.4 5.4 4.8 5.1 4.9 3.3 3.2 3.1 (Percent change y/y, except quarterly trade data, which are percent change q/q, annualized, and international reserves data, which are percent change over the previous period) 2017 2017 2018 2015 2016 Q1 Q2 Q3 Q4 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Exports, nominal, US$, sa World -11.6 -3.0 17.2 3.7 13.0 16.2 7.5 12.9 3.8 11.1 7.5 10.2 10.9 10.9 12.4 13.1 11.7 17.1 Advanced economies -11.4 -0.8 17.0 1.9 17.5 13.4 8.0 10.7 1.2 10.3 6.5 9.9 10.7 10.8 12.1 13.1 11.7 17.8 Emerging market and developing economies -11.9 -6.5 17.6 7.1 5.3 21.5 6.6 17.0 8.5 12.8 9.5 10.8 11.2 11.1 13.0 13.2 11.8 15.9 Commodity-exporting EMDEs -24.2 -9.0 34.0 -8.8 16.7 25.1 18.8 23.1 13.2 19.5 10.0 17.1 16.6 16.2 20.3 13.8 13.1 20.3 Other EMDEs -3.7 -4.6 11.4 14.4 1.0 20.0 2.0 14.7 6.8 10.2 9.3 8.5 9.0 9.1 10.2 12.9 11.2 14.3 East Asia and Pacific -3.5 -6.1 11.4 16.2 0.0 18.3 1.9 15.4 8.7 11.1 8.9 10.3 8.0 9.7 10.0 12.8 10.9 14.6 Europe and Central Asia -20.7 -6.0 32.5 -1.7 16.3 33.1 12.1 21.2 5.3 19.7 11.0 11.2 20.2 16.4 22.1 19.2 16.4 25.5 Latin America and Caribbean -11.8 -2.3 23.8 -0.4 6.2 15.0 12.0 17.4 9.8 11.6 12.6 10.4 11.3 10.3 15.6 9.1 8.2 11.6 Middle East and North Africa -27.1 - - - - - - - - - - - - - - - - - South Asia -3.8 0.6 12.4 -8.5 9.0 22.0 -1.3 11.1 6.3 -1.9 -3.4 11.7 9.9 4.8 4.2 12.2 7.9 3.0 Sub-Saharan Africa -26.5 -14.6 45.6 -12.1 8.0 - 25.0 18.1 6.7 12.8 13.5 14.9 17.6 10.6 - - - - Imports, nominal, US$, sa World -6.9 -5.2 21.6 15.4 0.3 32.2 5.5 10.4 -6.1 25.4 7.2 21.4 16.1 5.9 17.9 13.1 19.6 16.6 Advanced economies -12.7 -3.2 18.8 4.2 14.3 19.6 3.4 9.2 2.0 10.4 5.1 10.7 9.2 9.3 14.1 14.0 13.9 19.1 Emerging market and developing economies -3.3 -6.4 23.4 22.4 -6.9 40.1 6.7 11.0 -10.3 34.6 8.4 28.0 20.4 3.8 20.1 12.7 23.0 15.2 Commodity-exporting EMDEs -0.9 -7.3 19.1 31.2 -11.8 46.4 2.1 8.8 -15.4 39.6 7.2 31.5 22.4 -0.4 21.2 11.3 25.9 - Other EMDEs -11.4 -3.0 38.8 -3.1 11.4 20.3 23.3 18.9 11.0 17.4 12.6 16.0 14.3 17.6 16.5 17.7 13.5 32.7 East Asia and Pacific -13.1 -3.6 50.2 -11.7 12.6 18.2 34.0 20.6 12.4 17.6 13.4 15.8 13.9 19.0 17.8 18.6 9.7 37.7 Europe and Central Asia -20.8 -1.2 38.5 14.0 20.9 17.2 9.9 14.8 8.0 22.9 13.7 26.8 17.0 20.0 21.3 23.3 22.3 28.8 Latin America and Caribbean -9.9 -7.4 23.7 -7.6 10.0 17.5 4.9 13.1 -1.3 12.1 6.2 7.5 9.3 4.8 15.9 8.7 6.6 13.6 Middle East and North Africa 1.5 - - - - - - - - - - - - - - - - - South Asia -13.2 -5.4 35.2 13.1 -9.7 32.4 24.2 40.6 42.2 31.4 13.5 22.6 21.0 18.5 10.9 18.8 19.0 24.4 Sub-Saharan Africa -7.8 -13.7 - - - - - - - - - - - - - - - - International reserves, US$1 World -5.7 -2.0 1.7 2.1 1.7 1.1 0.3 0.7 0.7 0.8 0.5 0.8 0.6 0.3 0.0 0.5 0.7 1.3 Advanced economies 2.2 3.2 3.4 2.9 1.7 1.1 0.4 1.5 1.2 1.1 0.5 0.9 0.5 0.3 -0.3 0.7 0.8 1.2 Emerging market and developing economies -10.7 -5.2 0.5 1.5 1.7 1.2 0.3 0.2 0.4 0.7 0.4 0.7 0.6 0.4 0.2 0.4 0.6 1.3 Commodity-exporting EMDEs -11.1 -4.5 0.5 0.5 0.8 - 0.3 0.1 0.1 0.2 0.2 0.3 0.2 0.1 0.5 - - - Other EMDEs -10.3 -5.7 0.5 2.0 2.2 1.1 0.3 0.2 0.5 0.9 0.6 0.9 0.8 0.5 0.1 0.4 0.7 1.4 East Asia and Pacific -12.4 -7.3 0.5 1.7 2.1 1.1 0.4 0.1 0.8 0.8 0.1 1.0 0.6 0.5 0.0 0.4 0.7 1.0 Europe and Central Asia -6.8 3.4 2.9 3.2 3.1 0.9 0.6 0.3 -0.2 1.3 2.0 1.1 1.6 0.3 0.2 1.0 -0.3 3.6 Latin America and Caribbean -5.3 1.4 0.5 1.7 1.0 -1.0 0.2 -0.3 0.8 0.2 0.8 0.6 0.3 -0.1 0.5 -0.4 -0.7 0.8 Middle East and North Africa -17.7 -10.7 -2.0 -1.7 - - -0.6 0.2 -1.2 -0.2 -0.3 -1.0 -0.2 - - - - - South Asia 10.9 3.6 2.1 4.5 2.5 2.2 0.5 1.0 0.7 2.0 1.7 1.1 1.3 0.1 -0.1 0.2 2.1 2.4 Sub-Saharan Africa -12.7 -4.7 3.2 0.7 0.4 - 2.4 -0.5 3.5 -1.2 -1.6 2.4 -1.7 0.0 0.5 - - - 9 March 2018 (Percent change y/y, except quarterly trade data, which are percent change q/q, annualized, and international reserves data, which are percent change over the previous period ) 2017 2017 2018 MRV 1 2015 2016 Q1 Q2 Q3 Q4 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Interest rates and LIBOR (percent) U.S. federal funds effective 0.13 0.39 0.67 0.92 1.13 1.17 0.76 0.88 0.88 1.01 1.13 1.13 1.13 1.13 1.13 1.27 1.38 1.38 1.63 ECB repo 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 US$ LIBOR 3-months 0.32 0.74 1.07 1.20 1.32 1.47 1.13 1.16 1.19 1.26 1.31 1.31 1.32 1.36 1.43 1.61 1.73 1.87 2.29 EURIBOR 3-months -0.02 -0.26 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 -0.33 U.S. 10-year Treasury yield 2.14 1.84 2.44 2.26 2.24 2.37 2.48 2.30 2.30 2.19 2.32 2.21 2.20 2.36 2.35 2.41 2.58 2.86 2.82 German Bund, 10 year 0.54 0.11 0.35 0.31 0.46 0.38 0.40 0.26 0.37 0.29 0.54 0.42 0.41 0.43 0.37 0.36 0.50 0.67 0.54 Spreads (basis points) JP Morgan emerging markets 415 410 340 325 322 313 329 331 320 325 327 325 314 306 320 312 299 309 329 Asia 224 221 175 169 161 151 166 173 167 166 163 163 157 148 153 151 146 156 173 Europe 348 302 261 242 234 233 253 250 237 240 243 234 224 226 244 229 212 217 244 Latin America and the Caribbean 540 537 445 427 428 416 431 431 420 430 435 435 416 407 422 419 410 420 435 Middle East 456 517 396 362 383 400 377 350 353 382 382 382 384 381 421 398 359 366 391 Africa 415 518 389 386 380 350 380 400 376 383 394 378 367 360 359 332 305 317 349 Stock indexes (end of period) Global (MSCI) 399 424 449 465 487 508 449 455 464 465 478 478 487 497 505 508 502 517 499 Advanced economies ($ index) 1663 1761 1854 1916 2001 2086 1854 1878 1912 1916 1961 1960 2001 2037 2077 2086 2053 2113 2037 United States (S&P 500) 2044 2258 2363 2423 2519 2668 2363 2384 2421 2423 2470 2472 2519 2575 2648 2668 2631 2711 2588 Europe (S&P Euro 350) 1474 1475 1547 1534 1571 1558 1547 1564 1576 1534 1526 1512 1571 1600 1563 1558 1518 1522 1473 Japan (Nikkei 225) 18817 19302 18909 20033 20356 22530 18909 19197 19836 20033 19974 19720 20356 22198 22730 22530 21650 21794 20766 Emerging market and 794 861 958 1011 1082 1139 958 978 1005 1011 1066 1088 1082 1119 1121 1139 1158 1202 1172 developing economies (MSCI) EM Asia 404 419 474 512 543 577 474 484 505 512 538 544 543 571 572 577 584 603 589 EM Europe 244 295 301 304 331 341 301 313 308 304 315 336 331 330 330 341 354 370 358 EM Europe and Middle East 211 248 252 251 268 275 252 259 255 251 261 274 268 268 265 275 285 295 286 EM Latin America & Caribbean 1830 2341 2611 2544 2917 2811 2611 2601 2532 2544 2752 2873 2917 2809 2719 2811 2945 3095 3001 Exchange rates (LCU / USD) Advanced economies Euro Area 0.90 0.90 0.94 0.91 0.85 0.85 0.94 0.93 0.91 0.89 0.87 0.85 0.84 0.85 0.85 0.84 0.82 0.81 0.81 Japan 121.00 108.80 113.63 111.10 110.96 112.75 112.91 110.02 112.36 110.91 112.31 109.78 110.80 112.93 112.81 112.51 109.83 107.96 104.74 Emerging market and developing economies Brazil 3.33 3.49 3.14 3.21 3.16 3.24 3.13 3.14 3.20 3.30 3.20 3.15 3.13 3.19 3.26 3.28 3.19 3.25 3.31 China 6.29 6.65 6.89 6.86 6.67 6.61 6.90 6.89 6.88 6.81 6.77 6.67 6.57 6.62 6.62 6.59 6.41 6.32 6.32 Egypt 7.70 10.12 17.82 18.10 17.77 17.71 17.76 18.09 18.10 18.11 17.92 17.75 17.65 17.64 17.68 17.81 17.74 17.67 17.63 India 64.14 67.19 66.97 64.48 64.29 64.71 65.83 64.52 64.46 64.45 64.44 63.97 64.46 65.07 64.85 64.20 63.72 64.44 65.01 Russia 61.34 67.06 58.67 57.17 58.93 58.47 57.83 56.53 56.88 58.10 59.72 59.42 57.66 57.76 58.97 58.70 56.93 56.81 57.30 South Africa 12.77 14.71 13.24 13.21 13.19 13.62 12.95 13.46 13.25 12.91 13.15 13.25 13.17 13.71 14.06 13.11 12.15 11.82 11.75 Memo: U.S. nominal effective rate 114.6 119.7 123.5 120.7 116.6 117.5 122.5 121.7 121.0 119.4 117.9 116.5 115.5 117.5 117.7 117.4 114.7 113.7 113.7 (index) Sources: Bloomberg, J.P. Morgan, and World Bank. 1 MRV = most recent value. 2017 2017 2018 MRV 1 2015 2016 Q1 Q2 Q3 Q4 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Energy 2 65 55 68 64 65 75 65 67 64 60 62 65 68 71 76 78 85 80 80 Non-energy 2 82 79 85 82 84 85 84 82 82 82 83 84 85 85 85 84 87 88 88 2 Agriculture 88 88 89 87 86 86 88 87 88 87 88 85 86 86 86 85 88 89 89 Metals and minerals 2 68 64 78 74 81 84 79 75 73 72 76 83 84 84 84 85 89 89 81 Memo items: Crude oil, average ($/bbl) 51 43 53 50 50 59 51 52 50 46 48 50 53 55 60 61 66 63 67 Gold ($/toz) 1161 1249 1219 1258 1278 1275 1231 1267 1246 1260 1237 1283 1314 1280 1282 1264 1331 1331 1331 Baltic Dry Index 711 676 938 1023 1138 1509 1142 1229 979 861 906 1144 1363 1484 1455 1589 1234 1130 1122 Sources: World Bank, World Bank Commodities Price Data (The Pink Sheet), Bloomberg. 1 MRV = most recent value. 2 Indexes, 2010 = 100. 10