
Money (annual variation in %)
The stock of money in the economy can be measured according to different definitions. The simplest way to measure it is to use the amount of cash and reserves held within the banking system and the cash held by individuals. This definition is also called the “monetary base” and can be broadened by adding more types of money. For instance, bank deposits are usually included in a broader measure of the stock of money in the economy, since they are also used as a means of payment.
The annual variation of the stock of money refers to the increase with respect to the previous year. This will influence the evolution of prices, which will alter consumers’ and businesses’ perceptions of future prices and, consequently, consumption and investment behavior. Most central banks use the policy interest rate to curb growth in the quantity of money available in the economy and thus to influence prices. However, there are some central banks that try to control the quantity of money directly and let the money market determine the interest rates.
The table below shows the annual variation in money (based on different definitions) by country for the last five years.
Looking for forecasts? FocusEconomics Consensus Forecasts cover approx. 30 macro-economic indicators per country for a 5-year forecast period and quarterly forecasts for the most important economic variables. Get Details.
Money Data
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Algeria | 11.7 | 3.5 | 14.4 | 0.5 | - |
Angola | 11.8 | 14.4 | 4.1 | 20.4 | 30.2 |
Argentina | 28.2 | 30.4 | 26.0 | 22.8 | 30.9 |
Armenia | 5.2 | 24.8 | 28.9 | 13.2 | 21.5 |
Australia | 13.7 | 8.2 | 8.9 | 2.3 | 22.1 |
Azerbaijan | -50.2 | 33.0 | 0.0 | - | - |
Bahrain | 2.9 | 1.2 | 4.2 | 2.4 | 11.1 |
Bangladesh | 12.4 | 16.4 | 10.9 | 9.2 | 9.9 |
Belarus | -0.4 | 19.4 | 30.2 | 20.1 | 27.4 |
Bolivia | 16.3 | -3.9 | 8.2 | 5.4 | -7.5 |
Botswana | 19.9 | 5.4 | 2.7 | 8.3 | 8.3 |
Brazil | 6.8 | 4.8 | 5.5 | 10.4 | 8.7 |
Bulgaria | 8.8 | 7.6 | 7.7 | 8.9 | 9.9 |
Canada | 6.0 | 8.5 | 5.8 | 5.2 | 7.8 |
Chile | 10.6 | 10.1 | 4.7 | 9.4 | 8.2 |
China | 13.3 | 11.3 | 8.1 | 8.1 | 8.7 |
Colombia | 12.5 | 6.9 | 7.1 | 5.0 | 8.7 |
Costa Rica | 6.1 | 2.1 | -1.0 | -0.4 | 6.2 |
Croatia | 11.4 | 18.2 | 19.1 | 20.7 | 14.3 |
Czech Republic | 8.4 | 6.6 | 8.6 | 5.6 | 7.0 |
Denmark | 10.3 | 7.5 | 5.2 | 4.1 | 6.0 |
Dominican Republic | 11.6 | 10.0 | 10.3 | 4.5 | 10.4 |
Egypt | 18.6 | 39.0 | 20.9 | 13.3 | 13.3 |
El Salvador | 6.3 | 3.4 | 10.4 | 5.8 | 11.3 |
Estonia | 11.6 | 9.5 | 5.8 | 10.5 | 9.5 |
Ethiopia | 21.7 | 25.1 | 29.8 | 22.5 | 12.4 |
Eurozone | 4.7 | 5.0 | 4.7 | 4.2 | 4.9 |
Georgia | -3.8 | 14.8 | 27.9 | 15.9 | - |
Ghana | 26.6 | 24.6 | 19.8 | 15.7 | 16.0 |
Guatemala | 9.5 | 6.6 | 8.4 | 9.4 | 9.8 |
Haiti | 14.6 | 5.5 | 10.7 | 23.3 | 10.8 |
Honduras | 7.8 | 15.8 | 12.8 | 7.4 | 11.6 |
Hong Kong | 5.5 | 7.7 | 10.0 | 4.3 | 2.8 |
Hungary | 7.5 | 9.9 | 9.9 | 12.5 | 9.5 |
India | 11.5 | 6.7 | 21.8 | 14.3 | 10.3 |
Indonesia | 9.0 | 10.0 | 8.3 | 6.3 | 6.5 |
Iran | 30.0 | 23.2 | 22.1 | 23.1 | - |
Jamaica | 13.4 | 13.4 | 2.8 | 9.8 | 9.5 |
Japan | 3.1 | 3.9 | 3.6 | 2.4 | 2.7 |
Jordan | 8.1 | 4.0 | 0.2 | 1.2 | 4.8 |
Kazakhstan | 8.0 | 46.2 | 7.5 | 7.1 | 11.0 |
Kenya | 14.2 | 4.2 | 7.4 | 8.0 | 5.4 |
Korea | 8.2 | 7.1 | 5.1 | 6.7 | 7.9 |
Kosovo | - | - | - | - | - |
Latvia | 13.9 | 7.4 | 5.9 | 14.7 | - |
Lithuania | 33.1 | 7.3 | 5.9 | 11.4 | 10.4 |
Malaysia | 3.3 | 3.2 | 5.1 | 8.9 | 3.5 |
Mexico | 5.1 | 6.8 | 8.3 | 4.7 | 7.6 |
Moldova | 18.3 | 14.3 | 10.0 | 8.2 | - |
Mongolia | -5.5 | 21.0 | 30.5 | 22.8 | 7.0 |
Morocco | 7.0 | 6.3 | 7.9 | 5.9 | 6.2 |
New Zealand | 14.2 | 2.1 | - | - | - |
Nicaragua | 19.1 | 10.5 | 13.0 | -19.7 | 3.2 |
Nigeria | 5.9 | 17.8 | 2.3 | 12.1 | 6.3 |
North Macedonia | 7.7 | 6.2 | 3.8 | 11.8 | 9.9 |
Norway | 0.6 | 5.1 | 6.0 | 5.3 | 4.1 |
Pakistan | 12.8 | 14.5 | 13.9 | 9.5 | 10.8 |
Panama | -1.2 | 0.4 | 1.2 | 4.5 | -9.4 |
Paraguay | 5.8 | 8.1 | 16.4 | 6.1 | 6.3 |
Peru | 2.0 | 11.5 | 13.0 | 8.9 | 9.1 |
Philippines | 9.1 | 13.3 | 11.6 | 8.6 | 10.9 |
Poland | 9.6 | 9.7 | 4.5 | 8.8 | 8.7 |
Portugal | 4.4 | 8.9 | 8.0 | 8.1 | 6.5 |
Qatar | 3.4 | -4.6 | 21.3 | -6.5 | 2.5 |
Romania | 9.4 | 9.8 | 11.5 | 8.9 | 10.9 |
Russia | 11.3 | 9.2 | 10.5 | 11.0 | 9.7 |
Saudi Arabia | 2.5 | 0.8 | 0.3 | 2.7 | 7.1 |
Serbia | 14.4 | 15.1 | 7.9 | 16.7 | 16.6 |
Singapore | 1.5 | 8.0 | 3.2 | 3.9 | 5.0 |
Slovakia | 11.1 | 5.2 | 6.2 | 6.5 | 8.9 |
Slovenia | 5.0 | 7.7 | 6.6 | 7.4 | 7.9 |
Sri Lanka | 17.2 | 18.9 | 17.5 | 13.5 | 7.6 |
Sweden | 8.2 | 7.2 | 7.2 | 6.6 | 7.1 |
Switzerland | 1.4 | 3.9 | 4.0 | 3.5 | 0.1 |
Taiwan | 5.8 | 3.6 | 3.6 | 2.7 | 4.5 |
Tajikistan | 12.2 | 56.7 | 36.6 | 10.0 | - |
Tanzania | 13.4 | 5.3 | 10.4 | 3.8 | 11.8 |
Thailand | 5.7 | 4.8 | 9.4 | 2.8 | 5.7 |
Trinidad and Tobago | -1.4 | 3.2 | -2.1 | 3.1 | 0.1 |
Tunisia | 8.4 | 8.0 | 16.9 | 3.6 | 6.0 |
Turkey | 17.4 | 17.6 | 15.5 | 19.4 | 26.6 |
USA | 5.8 | 6.8 | 5.7 | 3.9 | 5.1 |
Uganda | 5.6 | 13.5 | 15.4 | 6.3 | 16.2 |
United Arab Emirates | 5.5 | 3.3 | 4.1 | 2.5 | 7.9 |
United Kingdom | 5.9 | 3.1 | 3.1 | 3.8 | 3.9 |
Uruguay | - | - | - | - | - |
Venezuela | 101 | 159 | 1,121 | 63,257 | 4,946 |
Vietnam | 16.2 | 18.4 | 15.0 | 12.4 | - |
Zambia | 24.9 | 0.1 | 20.7 | 15.4 | 12.2 |
Download Sample Report
Money Economic News
-
Peru: Central Bank raises rates for tenth consecutive time at May meeting
May 13, 2022
At its 12 May meeting, the Central Bank of Peru raised its key policy interest rate by 50 basis points from 4.50% to 5.00%, pushing it to its highest level since April 2009.
-
Mexico: Banxico hikes again in May; adopts more hawkish forward guidance
May 12, 2022
On 12 May, the Governing Board of the Bank of Mexico (Banxico) opted to raise the target for the overnight interbank interest rate by 50 basis points to 7.00%, marking the eighth consecutive hike and the third this year.
-
Romania: NBR speeds up policy tightening with sixth consecutive rate hike in May
May 10, 2022
At its meeting on 10 May, the National Bank of Romania (NBR) raised the policy rate to 3.75% from April’s 3.00%, thus marking the sixth successive hike.
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.