2008-9

53.72

2009-10 54.92
(1)

following function:
Eit = (W ( w) it , W (mit ),Vit )

Eit = (W ( w) it , W ( mit ), Vit )

(1)

While Eit is the employment in number of the i th firm, i = 1,2,3,15 in the tth time period, t = 1, 2, 3,, 20; W(w)it W(m)it and Vit are the wages in thousands for wor ers, k for managers and value of production in the tth time period for the ith firm respectively. A general stochastic model corresponding to Equation (1) above will be:
Yit = + X it + it

(2)

A Tribute to a Friend: A Brief Assessment of the Contributions of Aziz Khan to Development Economics

Keith Griffin

Planning In the 1960s and 1970s there was a great deal of interest in central planning in developing countries, especially in South Asia where governments had created powerful planning commissions and elaborate systems for data collection which made it possible to formulate rather detailed five year plans. This interest in planning reflected a deep skepticism that market forces alone could generate rapid growth. It also was an anticolonial reaction to the capitalism practiced by the West and a response to the apparent success of central planning in the Soviet Union. After returning from Cambridge, Aziz published a series of articles and reports on the use of multisectoral programming models for planning in Pakistan. He also edited a book in 1970 on the Strategy and Technique of Development Planning. His main interest at this time was in regional planning, the topic of his 1966 Ph.D. thesis for Cambridge. Although his research was highly technical, his motivation was political and ethical, namely, to reduce the disparity in per capita income between West and East Pakistan. Aziz also constructed a detailed planning model for East Pakistan for the Fourth Five Year Plan (1970 75) period. The Fourth Five Year Plan was never implemented. When Bangladesh separated from Pakistan in 1971, Aziz became the chief economist of the Bangladesh Planning Commission and his academic research on planning models came to a halt. Even after he left the Planning Commission he published relatively little on planning as such: a coauthored book on The Basic Needs Approach to Development (1977), an essay on "Basic Needs Targets" (1986), reports on "Optimal Prices" (1973, with James Mirrlees),

employment in Bangladesh (1976) and manpower planning in Bangladesh (1981).

Wages, Employment and Poverty There was in fact a marked shift of emphasis in favor of research on wages, employment and poverty. In the midst of his writing on planning models Aziz published a famous paper on "What Has Been Happening to Real Wages in Pakistan?" (1967). This was a careful empirical study of the trend in real wages in industry between the mid-1950s and the early 1960s in both East and West Pakistan. His results showed that in general real wages had remained stagnant or even declined despite a development strategy that gave priority to rapid industrialization. This paper helped to stimulate an outpouring of research by many other economists on the implications of the development strategy adopted by Pakistan for the real incomes of the poor, for income inequality, and for industrial efficiency and growth. Some of this research was assembled and published in a book edited by Aziz and myself on Growth and Inequality in Pakistan (1972). By the time the book was published, Pakistan had disintegrated, in part because of the tensions created by a development strategy that aggravated regional, sectoral and class inequalities. We suspected that Pakistan was not unique and that other countries in Asia had adopted development strategies that had achieved growth while simultaneously impoverishing certain sections of the population. Aziz pursued this idea when he joined the International Labour Organization as the chief economist of the Rural and Urban Employment Policies Branch and later when he became the director of the ILO's Asian Regional Team for Employment Promotion (ARTEP). The two of us edited a book which

achieved a certain amount of notoriety in the ILO. It was entitled Poverty and Landlessness in Rural Asia (1977) and argued on the basis of a number of empirical case studies that the rural poor were being left behind in the growth process and often were being further impoverished. Fuel was added to the fire by one of Aziz's contributions to the volume, in which he showed that China was the "great exception" in that rural poverty in that country showed no tendency to increase. This was the first of many important contributions by Aziz to the study of the Chinese economy. Aziz and I also published an article on "Poverty in the Third World: Ugly Facts and Fancy Models" (1977) which summarized the facts on impoverishment and criticized orthodox development models which we believed contributed to the problem. Aziz continued to maintain a strong interest in employment issues and wrote a number of books on the subject, including country studies of Laos (1980), Nepal (1982) and the Philippines (1997) as well as general studies such as Employment, Income and Local Resource Mobilization (1980) and Overcoming Unemployment (1994). No economist, I believe, has written as much about the employment problems of developing countries as Aziz Khan and no one has written with such clarity and good sense.

The Distribution of Income Employment issues are important for Aziz because they are closely related to issues of poverty, his primary concern. Poverty, however, also is closely related to the distribution of income and hence Aziz has paid close attention to questions such as the extent and causes of inequality and policy interventions that could be used to reduce inequality. I cannot do justice to his writings on this theme, but his research on the distribution of

income in China deserves to be singled out for special mention. Indeed Aziz probably is the world's leading authority on income inequality in China. His first effort was to measure the distribution of income in rural China, in the ILO paper mentioned above that was published in 1977. This was an imaginative attempt at empirical research on a country he had not yet had an opportunity to visit. His first visit was in 1982, when he studied the early stages of the agrarian reforms, and he has revisited China very frequently in the subsequent two decades and more. Original empirical research on the distribution of income in China as a whole began in 1988 when Zhao Renwei and I invited Aziz to join a team we were organizing to undertake a nationwide household sample survey to produce the first reliable estimates of income inequality in the country. Our main purpose was to produce baseline data that could be used to monitor changes in the distribution of income as China effected a transition from a centrally planned economy to one guided by market forces. Aziz became a leading member of the team and produced the definitive estimates of rural, urban and overall inequality; the components of income and sources of inequality; gender inequality; and regional inequalities. The research highlighted growing inequality in rural China, the low degree of inequality in urban China, and the exceptionally high degree of rural-urban inequality. The results were published in several places, including in a summary volume edited by Zhao Renwei and myself entitled The Distribution of Income in China (1993). Aziz helped to replicate the 1988 study in 1995 and again in 2002 and hence, thanks to him, we are able to trace the sharp rise in inequality that occurred during the transition period up to 1995 and the subsequent decline in inequality. His research also

enables us to trace the moderate decline in poverty between 1988 and 1995 (when inequality was increasing) and the accelerated decline in poverty between 1995 and 2002 (when inequality was falling). The results of the 1995 research project were published in Inequality and Poverty in China in the Age of Globalization (2000, with Carl Riskin) and the results of the 2002 research project were published in Growth, Inequality and Poverty in China (2004).

Agrarian Institutions and Land Reform I may have given the impression inadvertently that Aziz is interested primarily in models and empirical measurement and that he has neglected the role of institutions in development. If so, that would be a mistake. He has long appreciated the importance of institutions in promoting efficiency, encouraging a more equal distribution of income and stimulating growth, particularly in rural areas. Unlike most development economists, Aziz has been sympathetic to communal institutions and has argued that there is no reason in principle why collective agriculture must be inefficient. It should be possible to design a set of incentives that combines the efficiency advantages of private farms with the distributive advantages of collective farms. In 1979 he published a book with Dharam Ghai on Collective Agriculture and Rural Development in Soviet Central Asia. His field research in Uzbekistan and Tajikistan led him to conclude that in the less developed regions of the Soviet Union, collective institutions were used to promote rural development rather than squeeze agriculture in order to encourage industrialization, as happened in the richer regions. In China, too, the commune system, despite its weaknesses, managed to combine a high degree of

distributive equity with reasonable growth. The thrust of his research in rural China, however, was on Agrarian Policies and Institutions in China after Mao, the title of a book he wrote with Eddy Lee (1983). In a series of papers, journal articles and reports he argued that the radical redistributive land reforms in China after 1978 contributed to an acceleration in the growth of agricultural output while ensuring that incomes from farming were distributed in a highly egalitarian way. Indeed the even distribution of land offset the highly unequal distribution of earnings in the township and village enterprises and thus helped to ensure that overall inequality in the countryside did not become intolerable. Rural institutions was the subject of Agrarian Systems and Rural Development (1979), a book he edited with three colleagues at the ILO. In this and in many other publications Aziz emphasized the advantages of redistributive land reforms, even in the densely settled regions of Asia where many economists argued that there wasn't enough land to redistribute to make a significant difference. Aziz countered with evidence from Taiwan, South Korea and Japan. Aziz also argued that land reform was easier to implement in countries that relied on tenant farming rather than on farming with wage labor. The reason for this is that under a wage labor system, land redistribution implied a massive reorganization of the agricultural sector whereas under tenant farming operational holdings already were evenly distributed and hence land reform required little more than a transfer of ownership from the landlord to his tenants. More recently, in an article on "Poverty and the Distribution of Land" published ral workers, and on poverty and inequality. He has contributed chapters to books on agricultural employment and on basic needs targets and he has written several overall assessments of policy and economic performance in Bangladesh since independence.

In 1972, just a year after independence, he published a book on The Economy of Bangladesh. This was the first comprehensive analysis of the country's problems and included discussions of demographic factors, poverty and the causes of stagnation; an analysis of the most important sectors of the economy (agriculture, manufacturing, foreign trade, infrastructure); and a clear indication of priorities for planning the future. The book was essential reading for anyone interested in the problems of a large, extremely poor and newly independent country. Seventeen years later, in 1989, Aziz published another book (with Mahabub Hossain) which again contained a comprehensive assessment of economic performance in Bangladesh. The Strategy of Development in Bangladesh contains a review of the achievements and failures of orthodox economic policies adopted by successive governments in the country. These policies included raising interest rates, devaluing the currency, reducing the size of the public sector, privatizing state industrial enterprises and eschewing land reform in favor of a green revolution strategy in agriculture. While there was a moderate increase in per capita income, Aziz concludes that "the overall picture... is not an encouraging one" and that "the high hopes held by those who fought for independence have not materialized." In 1997 Aziz published his most recent assessment in an article entitled "A Quarter Century of Development of Bangladesh: Successes and Failures". The tone here is slightly less critical although disappointment remains that the successes were not as great as was hoped at the time of independence. Perhaps disappointment was inevitable since reality never was likely to match the ideals enunciated at the time of independence, even by such a hard-headed realist as Aziz Khan.

If one compares the performance in Bangladesh since independence with that in Pakistan, the achievements in Bangladesh are rather impressive. On the eve of independence per capita income in West Pakistan was about 60 per cent higher than in East Pakistan. Today the income differential is only about 10 per cent. Population growth in Bangladesh is now much lower than in Pakistan (1.5 per cent a year in Bangladesh compared to 2.2 per cent in Pakistan) and the rate of growth of GDP is higher (4.9 per cent a year during the period 1990-2002 in Bangladesh compared to 3.6 per cent in Pakistan). As a result, average incomes in recent years have increased more than twice as fast in Bangladesh as in Pakistan. This is a good record for a country that was widely described as a "basket case" in the 1970s. In addition, the distribution of income in Bangladesh, while far from being equitable, is slightly less unequal than in Pakistan. Finally, in political terms, Pakistan has been ruled for most of its history by a military dictatorship while Bangladesh has alternated between governments which took power by force and a chaotic and violent democracy. The overall record therefore suggests that while Bangladesh has not performed as well as one would have liked, performance has probably been better than it would have been if Bangladesh had remained a province of Pakistan. Independence has been good for the Bangladeshis.

Advice to Governments In addition to his career as a teacher and researcher, Aziz has devoted enormous effort to providing policy advice to the governments of developing countries and transition economies. He has been a senior official of both the ILO and the World Bank and a consultant to many other organizations, in particular the United Nations Development

Programme. By my count, he has given policy advice or conducted policy relevant research in at least 21 countries. This includes eight countries in South and Southeast Asia (Bangladesh, Pakistan, Sri Lanka, Nepal, Thailand, Indonesia, the Philippines and Laos), seven countries in Africa (Egypt, Liberia, Nigeria, Ethiopia, Kenya, Uganda and the Sudan), and six ex-socialist countries passing through the transition to a more marketoriented economy (China, Vietnam, Uzbekistan, Tajikistan, Poland and Russia). Thanks to his extensive research on China, he was well placed after the collapse of the Soviet Union in 1991 to offer advice to the ex-socialist transition countries, and his services were much in demand. The conventional wisdom at the time was that the transition from plan to market should be effected as rapidly as possible by introducing a large number of reforms simultaneously, in a "big bang". Aziz was skeptical of this "shock therapy" approach and advised instead that countries should emulate the Chinese and Vietnamese experience and adopt a strategy of sequential reforms. In a joint paper on "The Transition to Market-Guided Economies: Lessons for Russia and Eastern Europe from the Chinese Experience" (1994), we concentrated on four strategic issues. First, in order to avoid hyper-inflation, we advocated that

A Tribute to a Friend Aziz has worn many hats. He has been a teacher, a researcher, an administrator and a policy advisor. In all of these roles he has achieved a standard of rare excellence.

10

He demands much of himself and others, but he is kind and generous, particularly to the young, and he is tactful and helpful to his colleagues and subordinates. Aziz has a gift for friendship and the gift is permanent, a life-time appointment. We have been friends for nearly 40 years. We have worked in the same institutions together. We have conducted research together. We have written papers together, published books together, edited volumes together and written reports together. We have travelled together, advised governments and international organizations together and supervised and taught students together. And always I have been impressed by his breadth of knowledge, his prodigious memory and his ability to produce a high quality product under pressure and on time. When Aziz and I lived in Riverside, California, we usually found time on several days each week to have a cup of coffee together. We discussed world affairs, department business, our current projects, good novels or works of history we have read, or anything else that enters our heads. Over the years we must have consumed several thousand cups of coffee together in Riverside and dined together several hundred times while working abroad. On each occasion I have learned something new or clarified my thinking or been stimulated to pursue something further. Those thousands of cups of coffee and hundreds of meals have been a movable post-doctoral seminar and an important part of my.

11

References

1.

Ghai, Dharam, Azizur Rahman Khan, Eddy Lee and Samir Radwan (eds.) (1979) Agrarian Systems and Rural Development. London: Macmillan.

2.

Griffin, Keith and Azizur Rahman Khan (eds.) (1972) Growth and Inequality in Pakistan. London: Macmillan.

3.

Griffin, Keith and Azizur Rahman Khan (eds.) (1977) Poverty and Landlessness in Rural Asia. Geneva: International Labour Organization.

4.

Griffin, Keith and Azizur Rahman Khan (1977) "Poverty in the Third World: Ugly Facts and Fancy Models," World Development November: 295-304.

5.

Griffin, Keith and Zhao Renwei (eds.) (1993) The Distribution of Income in China. London: Macmillan.

6.

Griffin, Keith and Azizur Rahman Khan (1994) "The Transition to Market Guided Economies: Lessons for Russia and Eastern Europe from the Chinese Experience," in Bernd Magnus and Stephen Cullenberg (eds.) Whither Marxism? Vol 2, Global Crises in International Perspective, pp. 153-89. London: Routledge.

7.

Griffin, Keith, Azizur Rahman Khan and Amy Ickowitz (2002) "Poverty and the Distribution of Land," Journal of Agrarian Change 2(3): 279-330.

8.

Khan, Azizur Rahman (1961) "Financing the Second Five Year Plan", Pakistan Development Review Summer: 52-63.

9.

Khan, Azizur Rahman and Nurulddin Chowdhury (1962) "Marketable Surplus Function: A Study of the Behaviour of the West Pakistani Fanners,"

12

Pakistan Development Review Autumn: 354-76. 10. Khan, Azizur Rahman (1963) "Import Substitution, Export Expansion and Consumption Liberalization in Pakistan," Pakistan Development Review Summer: 208-31. 11. Khan, Azizur Rahman (1967) "What Has Been Happening to Real Wages in Pakistan?", Pakistan Development Review Autumn: 317-47. 12. Khan, Azizur Rahman (ed.) (1970) Strategy and Technique of Development Planning. Karachi: Pakistan Institute of Development Economics. 13. 14. Khan, Azizur Rahman (1972) The Economy of Bangladesh. London: Macmillan. Khan, Azizur Rahman and James Mirrlees (1973) "Optimal Prices for a Developing Economy." Nuffield College, Oxford. 15. Khan, Azizur Rahman (1976) Employment in Bangladesh During the Second Five-Year Plan. Bangkok: ILO/ARTEP. 16. Khan, Azizur Rahman, Dharam Ghai and Eddy Lee (1977) The Basic Needs Approach To Development. Geneva: International Labour Organization. 17. Khan, Azizur Rahman and Dharam Ghai (1978) Collective Agriculture and Rural Development in Soviet Central Asia. London: Macmillan. 18. Khan, Azizur Rahman and Eddy Lee (1980) Employment and Development in Laos. Geneva: International Labour Organization. 19. Khan, Azizur Rahman, Rizwan Islam and Mahfuz Huq (1980) Employment Income and Local Resource Mobilization. Geneva: International Labour Organization.

13

20.

Khan, Azizur Rahman, Rashid Amjad and Rizwan Islam (1981) Manpower Planning in Bangladesh. Bangkok: ILO/ ARTEP.

21.

Khan, Azizur Rahman, Rizwan Islam and Eddy Lee (1982) Employment and Development in Nepal. Geneva: International Labour Organization.

22.

Khan, Azizur Rahman and Eddy Lee (1983) Agrarian Policies and Institutions in China After Mao. Singapore: Maruzen.

23.

Khan, Azizur Rahman (1986) "Basic Needs Targets: An Illustrative Exercise in Identification and Quantification with Reference to Bangladesh," in Mahbub ul Haq and Moin Bagai (eds.) Employment Distribution and Basic Needs in Pakistan, pp. 317-45. Lahore: Progressive Publishers.

24.

Khan, Azizur Rahman and Mahabub Hossain (1989) The Strategy of Development in Bangladesh. London: Macmillan.

25.

Khan, Azizur Rahman (1994) Overcoming Unemployment. Geneva: ILO and UNDP.

26.

Khan, Azizur Rahman (1997) Philippines: Employment in a Globalizing and Liberalizing World. Manila: International Labour Organization.

27.

Khan, Azizur Rahman (1997) "A Quarter Century of Development in Bangladesh: Successes and Failures," Bangladesh Development Studies 23 (3 and 4).

28.

Khan, Azizur Rahman and Carl Riskin (2000) Inequality and Poverty in China in the Age of Globalization. New York: Oxford University Press.

29.

Khan, Azizur Rahman (2004) Growth, Inequality and Poverty in China. Geneva: ILO. Issues in Employment and Poverty, Discussion Paper 15.

Table 13.4 Labour force Participation Rates by Area and Gender

14

Ta le1 .5: N of Em loy d in com a t LFS ( illi n b 3 o. p e p raive M o) Year Pakist an Ru ral Urb an In crease 1 9 -9 2 .1 90 1 9 4 2 .6 0 6 8 8 .4 1 9 -9 3 .1 91 2 0 9 2 .8 1 2 8 7 .3 1 5 .0 1 9 -9 3 .0 92 3 1 6 2 .3 2 8 8 8 .6 0 7 .8 1 9 -9 3 .8 93 4 1 3 2 .4 3 2 8 1 .4 0 7 .7 1 9 -9 3 .9 94 5 1 6 2 .3 3 4 8 2 .6 0 3 .1 1 9 -9 3 .7 96 7 4 5 2 .2 4 4 1 .5 0 1 2 9 .7 1 9 -9 3 .4 97 8 6 4 2 .5 5 0 1 .9 0 4 1 9 .6 1 9 -0 3 .7 99 0 6 2 2 .0 6 8 1 .6 0 4 0 8 .2 2 0 -0 3 .8 01 2 8 8 2 .6 6 6 1 .2 2 2 2 6 .1 2 0 -0 4 .7 03 4 1 5 2 .6 8 4 1 .1 3 1 2 7 .8 Sou Lab r Force Su rce: ou rvey 2 0 -0 03 4

T le 1 .4 Lab r force Pa icip t Rat s b Area an Ge d ab 3 ou rt aion e y d ne r Re re ce fe n Pop laio (Millio ) utn n Lab r ou Ye r T al a ot 1 + 0 Fo rce Ye rs a (Million Tot l ) a 1 9 -9 90 1 11 6 1 .1 7 .0 2 3 3 .0 1 9 2 .9 4 .3 7 7 6 6 1 9 -9 91 2 14 8 1 .0 7 .7 4 0 3 .0 2 7 2 .1 4 .0 8 1 6 5 1 9 -9 92 3 17 2 1 .0 7 .9 6 9 3 .6 2 1 2 .8 4 .8 7 6 5 7 1 9 -9 94 5 19 9 1 .9 7 .6 9 2 3 .4 3 5 2 .8 4 .7 7 8 5 4 1 9 -9 95 6 12 9 2 .9 8 .8 1 7 3 .7 3 7 2 .4 4 .9 7 6 5 3 1 9 -9 96 7 19 4 2 .0 8 .0 6 7 3 .0 7 2 2 .6 4 .9 8 9 6 6 1 9 -9 97 8 11 8 3 .7 8 .3 9 4 3 .7 8 2 2 .3 4 .9 9 8 7 8 1 9 -0 99 0 17 3 3 .5 9 .0 3 8 3 .8 9 4 2 .9 4 .6 8 7 7 3 2 0 -0 01 2 13 7 4 .1 9 .8 7 0 4 .3 2 9 2 .6 4 .0 9 1 8 4 2 0 -0 03 4 18 2 4 .7 13 0 0 .4 4 .2 5 3 3 .4 4 .7 0 1 8 4

BASIC STATISTICS ON MANPOWER AND EMPLOYMENT

2007-08 2008-09 2009-10 In millions 2007-08 2008-09 2009-10 Percentages

Total Estimated Population

Male Female Rural Areas

160.97 163.76 166.52

82.74 78.23 106.94 84.45 79.31 108.78 85.70 80.82 110.64

100
51.40 48.60 66.43

100
51.57 48.43 66.43

100
51.47 48.53 66.44

15

Urban Areas

54.03

54.98

55.88

33.57

33.57

33.56

Labour Force
Male Female Rural Areas Urban Areas

51.78
40.83 10.96 36.19 15.60

53.72
41.91 11.82 37.30 16.42

54.92
42.44 12.48 38.17 16.76

32.17
25.36 6.81 22.48 9.69

32.81
25.59 7.22 22.78 10.03

32.98
25.49 7.50 22.92 10.06

Employed Labour Force

Male Female Rural Areas Urban Areas

49.09
39.06 10.03 34.48 14.61

50.79
40.04 10.75 35.54 15.25

51.88
40.58 11.30 36.33 15.55

30.50
24.27 6.23 21.42 9.08

31.02
24.45 6.57 21.70 9.31

31.15
24.37 6.79 21.82 9.34

Unemployed Labour Force

Male Female Rural Areas Urban Areas

2.69
1.76 0.93 1.70 0.99

2.93
1.87 1.06 1.77 1.17

3.05
1.86 1.18 1.84 1.21

1.67
1.09 0.58 1.06 0.61

1.79
1.14 0.65 1.08 0.71

1.83
1.12 0.71 1.10 0.73

Labour Force Participation Rate

Male Female Rural Areas Urban Areas

45.17
69.54 19.59 48.76 38.58

45.66
69.31 20.66 49.17 39.28

45.89
68.83 21.51 49.40 39.50

Unemployment Rate
Male Female Rural Areas Urban Areas Source: Labour Force Surveys 2007-08, 2008-09 and 2009-10.

5.20
4.31 8.52 4.71 6.34

5.46
4.46 9.00 4.73 7.11

5.55
4.39 9.46 4.82 7.21

inflation

16

Year 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999

Jan 2.9 1.6 2.6 0 4.3 2.1 4 3 1.9 2.6 1.1 3.7 2.7 1.7

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Ave

2.1 2.1 0.2 4 2.4 3.6 3 1.7 3 1.1 3.5 3.2 1.6

2.7 2.3 -0.4 4 2.8 3.4 3.1 1.7 3 1.5 2.9 3.8 1.7

3.2 2.2 -0.7 3.9 2.6 3.5 3.5 2.3 2.2 1.6 3.3 3.1 2.3

3.6 2.0 -1.3 4.2 2.7 4.2 2.8 3.1 2.1 1.2 3.6 3.2 2.1

3.6 1.1 -1.4 5.0 2.7 4.3 2.5 3.3 2.1 1.1 3.2 3.7 2

3.6 1.2 -2.1 5.6 2.4 4.1 3.2 3 2.1 1.5 2.7 3.7 2.1

3.8 1.1 -1.5 5.4 2 3.8 3.6 2.7 2.2 1.8 2.7 3.4 2.3

3.9 1.1 -1.3 4.9 2.8 2.1 4.7 2.5 2.3 1.5 2.6 3.5 2.6

3.5 1.2 -0.2 3.7 3.5 1.3 4.3 3.2 2 2 2.1 3.4 2.6

3.4 1.1 1.8 1.1 4.3 2 3.5 3.5 1.8 2.2 1.9 3.4 2.6

3.0 1.5 2.7 0.1 4.1 2.5 3.4 3.3 1.9 2.4 1.6 3.4 2.7

3.2 1.6 -0.4 3.8 2.8 3.2 3.4 2.7 2.3 1.6 2.8 3.4 2.2

F 2i i g- :D ti s r buio o Lb or t n f a uF oc bSc re y e t
T ade r 1 . 85 4 % O ers th 1. 2 % 7 0

o r
20 5 0

20 3 0
Ta de r 1 .7 4 9 %
A ric lture g u 4 .0 % 2 9

Oth r es 1 .8 % 6 6

Tra s p rt n o 5 9% . 0

Tra s o np 5 3 .7 %

r t

A riculture g 43 2 .0 %

Co s tructio n n 6 0 % . 5 Min n & i g Man f a tu in u c r g 1. 9% 3 1

C n tr c os u ti o n 5 3 .8 %

Min n & i g Man factu ing u r 1 .7 % 3 9

Year 1964 1965 1966 1967 1968 1969 1970

Real $ 302.52 310.46 312.83 311.30 315.37 316.93 312.94

Change 2.62% 0.76% -0.49% 1.31% 0.49% -1.26% 17

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

318.05 331.59 331.39 314.94 305.16 309.61 310.99 310.41 298.87 281.27 277.35 272.74 277.50 279.22 276.23 276.11 272.88 270.32 267.27 262.43 258.34 257.95 258.12 259.97 258.43 259.58 265.22 271.87 274.64 275.62 275.38 278.91 279.94 277.57

1.63% 4.26% -0.06% -4.96% -3.11% 1.46% 0.45% -0.19% -3.72% -5.89% -1.39% -1.66% 1.75% 0.62% -1.07% -0.04% -1.17% -0.94% -1.13% -1.81% -1.56% -0.15% 0.07% 0.72% -0.59% 0.44% 2.17% 2.51% 1.02% 0.36% -0.09% 1.28% 0.37%

18