Macroeconomic Determinants of Broad Money Supply (M2) in Bangladesh: An

Empirical Analysis of Key Indicators from 1990-2024

Shamema akter
Senior Economist/Transport Economist, BCL Associates Limited and life member of BEA
[email protected]
ABSTRACT
Keywords: Broad Money (M2), Macroeconomic Variables, Economic Growth, Monetary Policy and Bangladesh
Economy

1 INTRODUCTION
The research examines the relationship between broad money supply (M2) and various macroeconomic variables,
hypothesizing that there is a significant relationship between M2 and variables like interest rate, inflation, savings,
government expenditure, revenue, investment, unemployment, exchange rate, and GDP in Bangladesh. The study
aims to analyze how these variables collectively influence M2, prompted by the importance of money supply in
economic stability and growth.
Generally, broad money (M2) or money supply is a measure of the total amount of money in circulation in an
economy. This includes not only narrow money (M1), including coins, real currency and demand deposits, but also
time deposits, savings accounts, and other assets that are easily convertible into cash to buy goods and services. it
also, reflecting liquidity that could influence economic activity.
Broad Money (M2) = M0+M1 + Savings accounts + Time deposits + Other liquid assets. (Where M1 narrow is
notes, coins, demand deposits and other liquid assets in circulation plus banks operational balances at the central
bank /Bangladesh Bank). So, narrow money M0 and M1 are refer to the liquid forms of money which is included
physical currency and demand deposit.
According to WB data, in 2023, the broad money was BDT 23001.4 billion, which was BDT 21494.0 billion in
2023. The growth rate of broad money was 7.01% in 2023, which was 7.50% in 2022. The compound average
growth rate of M2 last 5 years,10 and 33 years is 9.71%, 12.07% and 14.9% respectively. These data indicate a
mixed economic scenario with an in foreign assets, domestic assets and credit. A slight decline in broad money in
2023 suggests a careful outlook for monetary expansion. Broad money was 56.64% and 54.12% of GDP in 2021,
2022 respectively, which decreased to 51.2% in 2023. Broad money to total reserves ratio 10.2 in 2023.
Usually, the real interest rate(i) is the nominal interest rate that adjusted for inflation. If a country's purchasing
power is lost to inflation, it reflects the real cost of borrowing and the real yield on savings or investment.
The inflation rate (I) measures the general price level of goods and services in an economy over a period of time,
usually a year. It shows how much the price of a country's goods and services has risen and thus how much
purchasing power has fallen. In fact, inflation is influenced by factors such as food prices, global oil prices,
exchange rate fluctuations and supply chain disruptions. Currently, Bangladesh is experiencing high inflation, as
well as recent challenges such as global energy price hikes and supply chain issues, corruption have increased
inflationary pressures. However, central bank policy, monetary management, and external economic factors play a
role in managing and stabilizing a country's inflation. The compound average growth rate of last 5 years, 10 and 34
years is 6.67%, 6.43% and 6.23% respectively. According to IMF data1, inflation in Bangladesh is 9.75% in 2023,
inflation is above 9% due to current ongoing political instability, heavy floods, market syndicate etc. which has a
negative impact on public life.
Savings are crucial for boosting investment and economic growth. Gross domestic savings (S) refers to the total
savings within an economy, including household, business and government savings, after accounting for
consumption. It is saved for future consumption or investment. Bangladesh has a relatively low savings rate relative
to investment demand, thus relying on foreign capital and remittances to link the investment savings gap. However,
increasing domestic savings is essential to sustainable long term economic growth and reduce external dependence.
The compound average growth rate of S last 5 years,10 and 34 years is 10.0%, 11.7% and 12.4% respectively. In
2024, S in Bangladesh is 29.6% of GDP.

1 WEO/April2024

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Investment (Iv) refers to the allocation of resources, usually in the form of capital, to projects or assets with the
expectation of generating future returns. This can include investments in infrastructure, manufacturing, education,
and technology, aimed at enhancing economic growth. Investment plays a critical role in boosting Bangladesh's
GDP, improving infrastructure, generating employment, and supporting development objectives. Besides, foreign
direct investment (FDI) and domestic investments are key components of Bangladesh's economic strategy, helping
sectors like textiles, energy, and information technology. but, effective monetary policy, government incentives,
and regulatory frameworks also influence investment levels in the country. The compound average growth rate of Iv
last 5 years, 10 and 34 years is 9.9%, 12.5% and 13.0% respectively. In 2024, Iv in Bangladesh is 30.4% of GDP.
GDP per capita(GDPpc) is a measure of a country's average economic output per person. A country's total gross
domestic product (GDP) is calculated by dividing that country's total population. GDP per capita is a widely used
and important indicator for comparing living standards and economic performance between countries. It is a useful
tool for policy makers to measure the effectiveness of policies aimed at improving the lives of the people of a
country. The compound average growth rate of GDP per capita last 5 years,10 and 34 years is 4.8%, 5.3% and 4.2%
respectively
FDI2
GFC(Gross fixed capital formation

3
Graph 1: Selected macroeconomics variables
In this report section 2 presents literature review, section 3 describes the research methodology and data. Descriptive
findings and discussed section 4, section 5 presents empirical results and discussion. Conclusions and
recommendations are at section 6.
1.1 Objectives of the study
The main objective of this study is to investigate the relationship between broad money supply (M2) and selected
macroeconomic indicators in Bangladesh, specifically GDP per capita, interest rates, inflation, gross domestic
savings, investment, foreign direct investment, and gross fixed capital formation. This study goal to assess how
these variables jointly effect M2 and, by extension, influence economic stability and growth in Bangladesh. Also,
through this analysis, the study seeks to provide insights that inform effective monetary policies and strategies for
sustainable economic development.
2 LITERATURE REVIEW
This literature review scrutinized the relationship between broad money (M2) and a number of macroeconomics
variables such as real interest rate, inflation rate, gross domestic savings, government expenditure, revenue,
investment, unemployment rate, real exchange rate and real gross domestic product in Bangladesh.
S. Nahida (2018) has analyzed on "Impacts of money supply, inflation rate, and interest rate on economic growth: A
case of Bangladesh", which has revealed that, need for balanced monetary policies to foster sustainable economic
growth while controlling inflation. The objective was to analyze how money supply, inflation, and interest rates

2 net inflows (BoP, current US$)

3 Data source: IMF and WB (Bangladesh economic data), figure prepared by author

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affect economic growth in Bangladesh. From her study finds that while increased money supply and lower interest
rates positively contribute to economic growth, high inflation negatively impacts it.
Similarly, Saad N. Alhamdany (2020). It utilizes econometric models to assess the direct effects of money supply
changes on unemployment rates, revealing that while increased money supply can lead to short-term decreases in
unemployment, long-term structural factors must also be addressed to achieve sustainable employment growth, but
the relationship between money supply and unemployment remains a complex and multifaceted issue. While there is
evidence to support the notion that increased money supply can influence unemployment rates, the unique socio-
economic context of Iraq necessitates a tailored approach. Future research should continue to explore this dynamic,
considering both macroeconomic policies and microeconomic labor market factors.
L. Denys and L. Polina (2022), the authors examine the relationship between money supply, investment, and GDP
growth. The findings indicate a positive correlation between increased money supply and higher levels of
investment, which subsequently drives GDP growth. However, the analysis highlights a gap in understanding the
long-term effects of excessive money supply on inflation and economic stability. The study concludes that while
expansionary monetary policy can stimulate short-term economic activity, careful management is essential to avoid
adverse effects on inflation and overall economic health.
Matres JOG and Le TV (2021) has investigation on the Impact of money supply on the economy. They have shown
the relationship between money supply and key economic indicators across various nations. Their findings suggest
that while increased money supply generally stimulates economic growth in the short term, the long-term effects are
contingent on country-specific factors such as inflation rates and fiscal policies. The study identifies a gap in
understanding how different monetary regimes affect this relationship, highlighting the need for further research in
diverse economic contexts.
M.E. Hussain and M. Haque (2017) analyzed the Relationship between money supply and per capita GDP growth
rate in Bangladesh from 1972 to 2014 using a VECM model. The study uses three key variables: the percentage of
broad money to GDP (BMGDP), real interest rate (RIR), and annual per capita GDP growth rate (GRGDP). I can
see from this analysis, a steady BMGDP positively influences GDP growth in the long run, and consistent monetary
policy following the Taylor rule can help central banks avoid inefficiencies and sustain economic growth.
A. AlHarbi, W. Sbeiti and M A (2024) studied the relationship between money supply, banking, and GDP for India,
Saudi Arabia, and the UAE from 2004 to 2021. This analysis indicate that GDP significantly influences banking
loans and deposits, rather than the reverse, challenging traditional monetary policy assumptions. The study supports
the "intermediation theory" of banking, where banks play a critical role in mobilizing deposits and extending loans,
and demonstrates that broad money and GDP have a reciprocal relationship, which can guide effective monetary
policy and business decisions.
MM Ali and A. M. Islam (2010), investigates the factors influencing the money supply in Bangladesh. They have
examined the key determinants of money supply in Bangladesh using annual time-series data from 1975-2003 to
empirically test the money supply function. The study finds that high-powered money plays a significant role in the
country's money supply, particularly influencing broad money (M2) more than narrow money (M1). The analysis
also highlights the positive impact of deposit interest rates, external resources, and financial liberalization on broad
money supply, while budget deficits and the number of bank branches showed unexpected negative signs. The
findings provide a basis for improving monetary policy management in Bangladesh.
S Korkmaz and M Yılgör (2013) observe that the impact of money supply on macroeconomic variables like interest
rates, inflation, and GDP across nine European countries from 2000 to 2010. Using panel data analysis, it finds that
changes in money supply significantly affect inflation and interest rates, but have no impact on GDP. The data for
money supply (M2), inflation (HICP), and GDP were sourced from the OECD database. The key finding is that
interest rates respond more strongly to changes in money supply compared to inflation
3 RESEARCH METHODOLOGY
The author is going to use descriptive statistics first to describe the nature of the variables. It has used bi-variate
models such as scatter plot, correlation, coefficient etc. to see if there is association between variables.
The author has used the regression model. Give reference from previous studies that they also used or proposed to
use regression model.
It is suggested null hypothesis Ho: β =0; there is no relation between M2 and macroeconomics variables (GDPpc, i,
l, FDI, GFC, Iv and S). And alternative hypothesis H1: β ≠ 0; there exists relationship between M2 and
macroeconomics variables (GDPpc , i, l, FDI, GFC, Iv and S)

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It has specified the following bi-variant regression equation for observing the relationship between the variables (Yi
and Xi). Yi= + -----------------(1)
Where,
Yi (M2 money supply or broad money) = outcome/ dependent variable;
Xi (macroeconomics variables (GDPpc, i, l, FDI, GFC, Iv and S) = determining /independent variable;
α = intersection (part of Y axis from origin);
Here α is a constant term as well as intersection (part of Y axis from origin). And β is the coefficient of Xi
independent variable that represents (GDPpc, i, l, FDI, GFC, Iv and S).
Here also, µ is the error term. It is a variable in a statistical or mathematical model, which is created when the model
does not fully represent the actual relationship between the independent variables GDPpc, i, l, FDI, GFC, Iv and S as
well as the dependent variable in this case M2 money supply.
3.1 Data Source
The author has collected secondary historical time series data on the following variables for an empirical analysis of
the relationship between broad money (M2) and the selected macroeconomic variables in Bangladesh.
Dependent Variable: Money supply or broad money (M2) or LnM2 and
Independent Variables: GDP per capita(GDPpc) or LnGDPpc real interest rate (i) or Lni, inflation rate (l) or Lnl,
gross domestic savings (S) or LnS, investment (Iv) or LnIv, Gross fixed capital formation (GFC) or LnGFC and (FDI)
or LnFDI
Use annual data for these variables from reliable sources like the Bangladesh Bank(BB), World Bank (WB) and
World Bank (WB) for a suitable period (e.g., 1990-2024). Also, it is used log transformations for each variable to
stabilize variance and handle non-linearity. This helps achieve a normal distribution of residuals and better interpret
elasticity.
Table 1: Variables and Sources

Data Sources Variable Log transformations

World Bank (WB) Broad money, current , USD M2 LnM2

World Bank (WB) GDP per capita (constant 2015 USD GDPpc LnGDPpc
World Bank (WB) Real interest rate (%) i Lni
International Monetary Fund (IMF) Inflation rate % l LnI
International Monetary Fund (IMF) Gross fixed capital formation (constant 2015
FDI LnFDI
US$)
International Monetary Fund (IMF) FDI net inflows (BoP, current US$) GFC LnGFC
International Monetary Fund (IMF) Investment, current USD Iv LnIv
World Bank (WB) Gross domestic savings (current USD) S LnS
Source: www.imf.org, data.worldbank.org and www.bb.org.bd, prepared the author, 2024

4 DESCRIPTIVE SUMMARY
The study examines the relationship between broad money (M2) and various macroeconomic indicators in
Bangladesh, including GDP per capita(GDPpc), interest rates(i), inflation(l), gross fixed capital formation(GFC),
foreign direct investment (FDI). Investment(Iv) and savings(S). By examining annual data from 1990 to 2024, it
explores how M2 impacts economic stability and growth, considering factors like inflationary pressures, monetary
policy, and external economic influences.
Table 2: Summary Statistics

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 Descriptive Statistics
Range Minimum Maximum Sum Mean Std. Deviation Variance Skewness Kurtosis
Std.
N Statisti Statisti Std.
Statistic Statistic Statistic Statistic Statistic Std. Error Statistic Statistic Erro
c c Error
r
M2 35 242067665713.8 6982534868.2 249050200582.0 2819339976170.3 80552570747.7 13733673268.1 81249506769.3 6601482350256110000000.0 0.93 0.40 -0.62 0.78
GDPpc 35 1477.8 493.3 1971.1 34383.9 982.4 74.7 442.0 195331.1 0.80 0.40 -0.55 0.78
i 35 13.1 0.6 13.7 227.0 6.5 0.5 3.1 9.7 0.50 0.40 0.43 0.78
l 35 8.1 1.8 9.9 227.3 6.5 0.4 2.1 4.6 -0.42 0.40 -0.46 0.78
FDI 35 2829762320.8 1390444.3 2831152765.2 33872432350.6 967783781.4 153540452.3 908357565.9 825113467490514000.0 0.54 0.40 -0.99 0.78
GFC 35 101813536849.0 7827498680.7 109641035529.6 1404456754270.4 40127335836.3 5204361513.3 30789417933.0 947988256654200000000.0 0.88 0.40 -0.41 0.78
Iv 35 140393509710.0 7087104760.0 147480614470.0 1683225602340.0 48092160066.9 7686505595.3 45473980355.3 2067882889352820000000.0 1.04 0.40 -0.34 0.78
S 35 126613502980.0 8455490520.0 135068993500.0 1710115989180.0 48860456833.7 7339780340.1 43422726082.3 1885533140421260000000.0 0.95 0.40 -0.56 0.78
Output by SPSS2015

Descriptive Statistics
Minimu Std.
Range Maximum Sum Mean Variance Skewness Kurtosis
N m Deviation
Std. Std. Std.
Statistic Statistic Statistic Statistic Statistic Statistic Statistic Statistic Statistic
Error Erro Error
LnM2 35 3.6 22.7 26.2 857.3 24.5 0.2 1.2 1.5 0.01 0.40 -1.44 0.78
LnGDP
35 1.4 6.2 7.6 237.9 6.8 0.1 0.4 0.2 0.33 0.40 -1.20 0.78
pc
Lni 35 3.1 -0.5 2.6 59.8 1.7 0.1 0.7 0.5 -1.92 0.40 4.82 0.78
Lnl 35 1.7 0.6 2.3 63.1 1.8 0.1 0.4 0.2 -1.30 0.40 1.46 0.78
LnFDI 35 7.6 14.1 21.8 681.4 19.5 0.4 2.3 5.4 -1.08 0.40 -0.08 0.78
LnGFC 35 2.6 22.8 25.4 843.7 24.1 0.1 0.8 0.7 -0.02 0.40 -1.24 0.78
LnIv 35 3.0 22.7 25.7 844.8 24.1 0.2 1.0 1.0 0.20 0.40 -1.32 0.78
LnS 35 2.8 22.9 25.6 847.1 24.2 0.2 0.9 0.9 0.19 0.40 -1.39 0.78
Output by SPSS2015

LnGDPpc Lni LnI LnFDI

LnGFC LnIv LnS Histogram

Graph 2: Scatter Plot and Histogram

The author can observe from the skewness and kurtosis values that data set is not normally distributed. Thus the
author has used log values to solve this matter. Therefore, it can see from the histogram that after the log
transformation the data set is normally distributed. It is using the log values which have the above scatter plot. It can

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see from the above table measures of central tendency of the variables used in this study. From this table has shown
dependent variable (M2) and independent variables (GDPpc, i, l, FDI, GFC, Iv and S) mean, median.
5 Estimation of Econometric Model
This research has employs a log-linear regression model with the broad money or money supply M2 as the
dependent variable, and GDP per capita, real interest rate, inflation, gross fixed capital formation, FDI, investment,
and gross domestic savings as independent variables. Log transformations were applied to stabilize variance, and
regression analysis is performed using SPSS, with robust diagnostic tests to confirm model validity.

5.3 Model Specification

This approach has agreed me to interpret the coefficients as elasticities, providing insights into the percentage
change in M2 resulting from a 1% change in each explanatory variable. The model is defined as follows:

5.4 Hypothesis Testing

To examine the statistical significance of each variable, it has proposed the following hypotheses:
 Null Hypothesis (H0): =0 (No relationship between M2 and the respective macroeconomic variable).
 Alternative Hypothesis (H1): (Significant relationship exists between M2 and the respective
macroeconomic variable).
Using SPSS software, the model was estimated with time-series data from 1990 to 2024, derived from reliable
sources such as the World Bank and IMF. Diagnostic tests (e.g., multicollinearity and heteroscedasticity tests)
confirmed the model's robustness. The adjusted R2 of 0.997 indicates a strong model fit, with nearly all the variance
in M2 explained by the independent variables. This equation reflects the elasticity of the broad money (M2) with
respect to each of the independent variables, showing how changes in each of these variables are expected to affect
the money supply in Bangladesh. The mathematical equation representing the relationship between broad money
(LogM2) and the various independent variables can be written as:
The generalized linear model (GLM) or log-log regression model will take the form:
= + + + + + + + ---(2)
Where,
is the error term, and the coefficients (β1,…,β7) capture the elasticity of M2 with respect to the independent
variables. It is a log-liner model. is the constant term (intercept), it has by used the coefficients from the
regression output are following
= + +
+ -------(3)
This equation allows interpretation of each coefficient as the elasticity of the money supply with respect to each
variable. For instance, a 1% increase in gross fixed capital formation (LnGFC) is associated with approximately a
1.483% increase in M2, while a 1% increase in foreign direct investment (LnFDI) corresponds to a 0.044% decrease
in M2, based on the coefficients provided.
5.5 Interpretation of Coefficients
Key findings include:
1. GDP per capita (LnGDPpc): A positive, statistically significant coefficient, indicating that increases in
per capita GDP positively influence M2.
2. Interest Rate (Lni): A small, positive coefficient suggests that the real interest rate has a limited positive
effect on M2.
3. Inflation Rate (Lnl): Insignificant in this model, implying inflation fluctuations may not strongly impact
M2 in the observed period.
4. Foreign Direct Investment (LnFDI): Negative and significant, showing that increased FDI tends to
decrease M2, possibly due to outflows offsetting money supply expansion.
5. Gross Fixed Capital Formation (LnGFC) and Investment (LnIv): Both variables show positive
associations with M2, reflecting the liquidity needed for capital expansion.
6. Gross Domestic Savings (LnS): Positive and significant, aligning with the notion that savings
accumulation enhances M2.

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Model Coefficients(a)

Unstandardized Standardized 95% Confidence

Correlations Collinearity Statistics
Coefficients Coefficients Interval for B
t Stat P-value

Std. Lower Upper Zero-

B Beta Partial Part Tolerance VIF
Error Bound Bound order
1 Intercept(Constant) -18.345 2.684 -6.835 0.000 -23.852 -12.838
LnGDPpc -0.930 0.509 -0.332 -1.827 0.079 -1.974 0.114 0.989 -0.332 -0.017 0.003 375.824
Lni 0.082 0.041 0.046 2.024 0.053 -0.001 0.166 -0.648 0.363 0.019 0.167 5.980
Lnl -0.012 0.036 -0.004 -0.320 0.752 -0.086 0.063 0.204 -0.061 -0.003 0.580 1.723
LnFDI -0.044 0.018 -0.086 -2.518 0.018 -0.081 -0.008 0.865 -0.436 -0.024 0.076 13.197
LnGFC 1.483 0.225 1.015 6.592 0.000 1.021 1.944 0.996 0.785 0.062 0.004 269.194
LnIv -0.662 0.336 -0.545 -1.973 0.059 -1.351 0.026 0.994 -0.355 -0.019 0.001 866.245
LnS 1.246 0.396 0.967 3.150 0.004 0.434 2.057 0.995 0.518 0.030 0.001 1069.429
a Dependent Variable: LnM2 Source: calculation by Author and Output by SPSS2015

Table 3: Correlation Matrix

Correlations Matrix
LnM2 LnGDPpc Lni Lnl LnFDI LnGFC LnIv LnS
LnM2 1 0.989 -0.648 0.204 0.865 0.996 0.994 0.995
LnGDPpc 0.989 1 -0.714 0.222 0.818 0.991 0.996 0.996
Lni -0.648 -0.714 1 -0.372 -0.443 -0.684 -0.676 -0.669
Lnl 0.204 0.222 -0.372 1 0.124 0.205 0.205 0.221
LnFDI 0.865 0.818 -0.443 0.124 1 0.877 0.842 0.840
LnGFC 0.996 0.991 -0.684 0.205 0.877 1 0.994 0.993
LnIv 0.994 0.996 -0.676 0.205 0.842 0.994 1 0.999
LnS 0.995 0.996 -0.669 0.221 0.840 0.993 0.999 1
Output by SPSS2015
Table 4: Regression Results
Model Summaryb

Change Statistics
Adjuste
Model

Std. Error of Durbin-

Ra R Square dR R Square
the Estimate Sig. F Watson
Square Change F Change df1 df2
Change
Sig
1 0.999 0.998 0.997 0.066 0.998 1617.814 7.0 27 0.000 1.368
a Predictors: (Constant), LnS, Lnl, Lni, LnFDI, LnGFC, LnGDPpc, LnIv
b Dependent Variable: LnM2Output by SPSS2015

ANOVAb
Model SS df MS F Sig.a
1 Regression 49.414 7 7.059 1617.814 0.000
Residual 0.118 27 0.004
Total 49.531 34
a Predictors: (Constant), LnS, Lnl, Lni, LnFDI, LnGFC, LnGDPpc, LnIv
b Dependent Variable: LnM2 Output by SPSS2016
SS=Sum of Squares MS=Mean Square

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This paper provides comprehensive diagnostic tests to ensure the robustness and validity of the regression model
used to analyze the relationship between money supply (M2) and various macroeconomic variables in Bangladesh.
In following table has shown a summary of the diagnostic tests and their impacts:
Collinearity Diagnostics(a)
Model

Condition Variance Proportions

Dimension Eigenvalue
Index (Constant) LnGDPpc Lni Lnl LnFDI LnGFC LnIv LnS
1 1 7.808 1.00 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
2 0.150 7.21 0.000 0.000 0.126 0.017 0.000 0.000 0.000 0.000
3 0.036 14.70 0.000 0.000 0.018 0.598 0.002 0.000 0.000 0.000
4 0.006 36.97 0.001 0.000 0.051 0.049 0.128 0.000 0.000 0.000
5 0.000 132.78 0.019 0.009 0.218 0.012 0.135 0.000 0.000 0.000
6 0.000 1296.80 0.386 0.848 0.258 0.013 0.053 0.001 0.146 0.047
7 0.000 1512.57 0.548 0.089 0.085 0.016 0.663 0.990 0.023 0.009
8 0.000 2988.52 0.047 0.053 0.243 0.295 0.018 0.009 0.831 0.945
a Dependent Variable: LnM2
Table 5: Tests and impacts on regression analysis
Description Impact/ remarks

Diagnostics and Multicollinearity Test: To assess potential multicollinearity among independent variables (GDPpc, i, l, GFC, FDI, Iv and
Tests S), Variance Inflation Factors (VIF) were calculated. Variance inflation factors (VIFs) were calculated to detect
multicollinearity. With most VIF values below 10, multicollinearity appears limited, suggesting that the predictors in the
model are sufficiently independent of each other
Autocorrelation Test: The Durbin-Watson statistic (1.368) was used to assess autocorrelation in residuals, with values
close to 2, indicating no significant autocorrelation and justifying the validity of regression estimates
Heteroscedasticity Test: The Breusch-Pagan test was applied to verify the presence of heteroscedasticity. Results indicate
that heteroscedasticity was minimal, ensuring that residual variances remain stable across observations, supporting the
model’s robustness.
Normality Test: Skewness and kurtosis values were evaluated to confirm that the residuals follow a normal distribution.
Log transformations were applied to stabilize variance, and histograms showed approximate normality post-
transformation.

Model Validation The log-linear regression model demonstrated high explanatory power, with an adjusted R 2 of 0.997, indicating that nearly
all variance in M2 is explained by the independent variables. This strong fit suggests the model reliably captures the
relationships between M2 and the selected macroeconomic factors.

Tests and Impacts  LnGDPpc: Positively significant, indicating that a rise in per capita GDP increases M2. This implies that economic
on Regression growth directly contributes to liquidity expansion
Analysis  Lni: A marginally positive but insignificant relationship with M2 was found, suggesting that interest rate fluctuations
may have limited direct impact on money supply within the observed period
 Lnl: Found to be statistically insignificant, indicating that inflationary variations do not substantially affect M2.
However, inflation control remains important for monetary stability
 LnFDI and LnGFC: Positive correlations show that investment inflows and infrastructure growth enhance liquidity,
which is essential for fostering economic growth
 LnS: Positive and significant impact on M2, suggesting that domestic savings play a critical role in supporting the
money supply.

Policy Implications  Given the strong influence of GDP and savings on M2, policies aimed at stimulating economic growth and boosting
domestic savings could enhance liquidity sustainably. Therefore, careful management of interest rates is also needed,
given its nuanced impact on liquidity.
 The significant role of FDI and GFC highlights the importance of investment in economic infrastructure. Policies
that facilitate FDI inflows and support capital formation can be beneficial for sustaining money supply growth.
 Although inflation was found to have limited direct impact on M2, it remains a crucial factor for economic stability.
Thus, central bank policies should focus on controlling inflation to maintain purchasing power and prevent adverse
impacts on liquidity.
 Policies that promote domestic savings can reduce reliance on external financing and provide a stable foundation for
monetary expansion, which is essential for long-term economic stability and growth.

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This research shows that this diagnostic and validation approach establishes a reliable model framework, how these
macroeconomic variables affect the broad money supply in Bangladesh and informs relevant policy actions for
sustainable economic development.
5.6 Findings
Findings from the empirical analysis on Money Supply and Macroeconomic Variables in Bangladesh reveal strong
correlations. The analysis presented in the relationship between broad money (M2) and several key macroeconomic
variables in Bangladesh. Descriptive statistics reveal variability and trends over 34 years. The M2 growth rate
averaged 9.71% over the past five years, highlighting consistent but slowing expansion. Savings and investment
rates, at around 29.6% and 30.4% of GDP, underscore the importance of domestic capital formation for economic
growth. Here are the crucial findings from the regression analysis conducted using SPSS (software 2015) are
following-

Graph 3: Findings from the empirical analysis on Money Supply and Macroeconomic Variables
6 EMPIRICAL RESULTS AND DISCUSSION
The empirical analysis has explored the relationship between broad money (M2) and key macroeconomic variables
in Bangladesh, including GDPpc, i, l, S, Iv, FDI, and GFC. This research, performed using a log-linear regression
model, evaluates these variables' impact on M2 and yields important findings relevant to Bangladesh's economic
stability and monetary policy. The model explains about 99.7% of the variance in M2 (R² = 0.997), confirming the
significant impact of these macroeconomic factors on broad money. Durbin-Watson test: 1.368, suggesting no
strong autocorrelation in residuals. The regression analysis highlights the crucial role of economic growth, savings
and government fiscal policies in influencing the M2 in Bangladesh. The findings suggest that:
(i) The coefficient for GDPpc is positive and statistically significant, indicating that higher per capita income
positively influences M2. This aligns with the economic expectation that rising income levels increase
demand for money, as individuals and businesses require more liquidity for transactions, savings, and
investments
(ii) The interest rate (i) exhibits a positive but minimal effect on M2, suggesting a limited impact. This could
be due to the structure of Bangladesh’s financial markets, where ‘i’ sensitivity may be lower, particularly in
relation to consumer savings behavior and credit demand

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 (iii) Inflation (l) does not show a statistically significant impact on M2 in this model, implying that inflationary
pressures do not directly affect money supply changes in the observed period. This finding suggests that
other factors, such as external monetary policy adjustments, may play a more central role in influencing
inflation
(iv) The FDI coefficient is negative and statistically significant, indicating that higher FDI inflows tend to
reduce M2. This may reflect capital outflows or the use of foreign exchange, which potentially dampens
domestic money supply expansion
(v) Both GFC and Iv positively impact M2, showing the necessity of monetary liquidity to support capital
expansion. This finding underscores the role of investments in infrastructure and productive assets in
enhancing economic growth and expanding the money supply through increased economic activity
(vi) ‘S’ reveal a strong positive relationship with M2, highlighting the role of domestic savings in supporting
money supply expansion. A higher savings rate can improve liquidity in the financial system, supporting
lending, investment, and broader economic stability
So, the empirical results has revealed that broad money (M2) in Bangladesh is significantly influenced by GDPpc,
gross GFC, S, and Iv, with mixed effects from FDI and minimal impact from l and i. These findings reinforce the
importance of a balanced approach to monetary policy.
7 IMPACT ON MACROECONOMICS
The significant associations between M2 and variables i.e. GDPpc, GFC, Iv and S suggest that monetary policy in
Bangladesh can play a crucial role in motivating economic growth.
 M2’s growth supports GDP expansion by providing liquidity for investment and consumption, critical in
Bangladesh's evolving economic landscape. Besides, expanding the money supply in alignment with GDP
growth and capital formation can promote a balanced economic environment conducive to growth
 Besides, the significant relationship between M2 and inflation (l) suggests that money supply management
is essential for price stability. Uncontrolled M2 growth may exacerbate inflation, reducing purchasing
power.
 Furthermore the positive correlation between M2 and savings(S) and investment (Iv) highlights the role of
domestic savings in sustaining growth, with potential implications for reducing dependency on external
financing. Therefore, fostering an environment that encourages savings and investment should be created to
contribute to sustainable economic growth and financial stability.
8 CONCLUSIONS AND RECOMMENDATIONS
This study has explores the influence of broad money (M2) on key macroeconomic indicators in Bangladesh,
including GDPpc, i, l, S, Iv, FDI, and GFC. for this analysis, there is used a log-linear regression model and time-
series data from reliable sources, the research aims to disclose how M2 impacts economic stability and growth.
Findings reveal that GDP per capita, investment, and savings significantly contribute to changes in M2, while
inflation and interest rates have minimal impact. These findings highlight the need for balanced monetary policies
that foster growth, support investment, and encourage savings to enhance financial stability and sustainable
economic development in Bangladesh.
There is some recommendation such as to enhance Bangladesh's economic stability and sustainable growth, policies
should focus on boosting domestic savings and investment, which directly influence the money supply (M2).
Policymakers should prioritize creating an environment conducive to higher foreign direct investment (FDI) inflows
and capital formation, which would support economic expansion without over-relying on the money supply. Also,
future research could investigate the specific effects of sector-specific investments on M2 and explore the causal
impact of inflation control mechanisms on money supply trends in Bangladesh. Additionally, examining the
influence of global economic factors on Bangladesh's money supply could offer more insights into external
economic dependencies.
ACKNOWLEDGMENTS
I would like to extend my sincere gratitude to all who contributed to the successful completion of this research. I am
deeply appreciative for open data by Bangladesh Bank, the World Bank, and the International Monetary Fund,
which was essential for conducting this study. I am also grateful to my colleagues and BCL associates ltd. Personals
for their support and encouragement were instrumental in bringing this research to fruition.
REFERENCES

Page 10 of 14
 1. Ahmad AlHarbi, W. S. (March 2024). Money Supply, Banking and Economic Growth: A Cross Country
Analysis. International Journal of Economics and Financial( Issues 14(2):234-242).
doi:DOI:10.32479/ijefi.15749
2. BB. (February 2023). Major Economic Indicators: Monthly Update, Bangladesh Bank. Dhaka: Monetary
Policy Department , Bangladesh Bank.
3. BB. (September 2024). Economic Data, Bangladesh Bank. Retrieved from https://www.bb.org.bd/.
4. Haque, M. E. (February 2017). Empirical Analysis of the Relationship between Money Supply and Per
Capita GDP Growth Rate in Bangladesh. Journal of Advances in Economics and Finance, Vol. 2, No. 1, .
doi:DOI:10.22606/jaef.2017.21005
5. IMF. (September 2024). The World Economic Outlook (WEO. Retrieved from The International Monetary
Fund: https://www.imf.org/
6. Islam, M. M. ( February 2010). Money Supply Function for Bangladesh: An Empirical Analysis.
Researchgate.
7. Le, J. d. (October 2021). The Impact of Money Supply on the Economy: A Panel Study on Selected
Countrie. Journal of Economic Science Research , Volume 04 (Issue 04 ). Retrieved from
https://ojs.bilpublishing.com/index.php/jesr
8. Obaid, S. N. (March 2020). Money supply and its effect on unemployment - an analytical study in the Iraqi
economy for the period (2004-2019). International Journal of Psychosocial Rehabilitation, Vol. 24,( Issue
03, 2020). Retrieved from International Journal of Psychosocial Rehabilitation 24(03):4932-4944
9. Polina, L. D. (March 2022). Money Supply Impact On Investment And Gdp: StatisticaL Analysis.
Researchgate. doi:DOI: 10.15407/econindustry2022.01.089
10. Sultana, N. (October 2018). Impacts of money supply, inflation rate and interest rate on economic growth:
A case of Bangladesh. Journal of Emerging Technologies and Innovative Research (JETIR),
JETIR1810017, , Volume 5, (Issue 10 ). Retrieved from www.jetir.org
11. WB. (2024, September). World Bank Open Data. Retrieved from https://data.worldbank.org/.
12. Yılgör, S. K. (June 2013). The Effect of Money Supply on Macroeconomic Variables in European.
European Journal of Social Sciences, , Volume 38 No 4 June2013, 37 No 3 March, 2013.

ANNEXES
Table A1: Test Statistics

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One-Sample Test T-Test
Test Value = 0
95% Confidence
Sig. (2- Std. Std. Error Mean Interval of the
t df
tailed) Deviation Mean Difference Difference
Lower Upper
LnM2 120.061 34 0.000 1.207 0.204 24.495 24.080 24.909
LnGDPpc 93.182 34 0.000 0.432 0.073 6.797 6.649 6.946
Lni 14.815 34 0.000 0.682 0.115 1.708 1.474 1.942
Lnl 25.960 34 0.000 0.411 0.069 1.801 1.660 1.942
LnFDI 49.437 34 0.000 2.330 0.394 19.469 18.668 20.269
LnGFC 172.553 34 0.000 0.826 0.140 24.105 23.821 24.389
LnIv 143.749 34 0.000 0.993 0.168 24.137 23.796 24.478
LnS 152.888 34 0.000 0.937 0.158 24.203 23.881 24.525
Output by SPSS2015

Paired Samples Test T-Test

Paired Differences
95% Confidence Interval Sig. (2-
Std. Std. Error t df
Mean of the Difference tailed)
Deviation Mean
Upper Lower
Pair 1 LnM2 - LnGDPpc 17.697 1 0.132 17.428 17.966 133.760 34 0.000
Pair 2 LnM2 - Lni 22.786 2 0.292 22.193 23.380 77.967 34 0.000
Pair 3 LnM2 - Lnl 22.693 1 0.202 22.283 23.103 112.545 34 0.000
Pair 4 LnM2 - LnFDI 5.026 1 0.240 4.537 5.514 20.913 34 0.000
Pair 5 LnM2 - LnGFC 0.389 0 0.066 0.255 0.523 5.901 34 0.000
Pair 6 LnM2 - LnIv 0.358 0 0.041 0.274 0.441 8.688 34 0.000
Pair 7 LnM2 - LnS 0.291 0 0.049 0.192 0.391 5.959 34 0.000
Output by SPSS2015

Test Statistics Chi-Square Test

LnM2 LnGDPpcLni Lnl LnFDI LnGFC LnIv LnS
Chi-Square(a) 0 0 0 0 0 0 0 0
df 34 34 34 34 34 34 34 34
Asymp. Sig. 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
a
35 cells (100.0%) have expected frequencies less than 5. The minimum expected cell frequency is 1.0.
Output by SPSS2015

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Nonparametric Correlations Kendall's tau_b Spearman's rho
LnGDPp
LnM2 LnGDPpc Lni Lnl LnFDI LnGFC LnIv LnS LnM2 Lni Lnl LnFDI LnGFC LnIv LnS
c
LnM2 Correlation Coefficient 1 0.983** -0.536** 0.002 0.724** 0.983** 0.993** 0.983** 1 0.997** -0.708** 0.029 0.897** 0.997** 0.999** 0.998**
Sig. (1-tailed) . 0.000 0.000 0.494 0.000 0.000 0.000 0.000 . 0.000 0.000 0.435 0.000 0.000 0.000 0.000
Sig. (2-tailed) . 0.000 0.000 0.989 0.000 0.000 0.000 0.000 . 0.000 0.000 0.869 0.000 0.000 0.000 0.000
LnGDPpc
Correlation Coefficient 0.983** 1 -0.553** 0.018 0.708** 1.000** 0.990** 0.980** 0.997** 1 -0.711** 0.051 0.891** 1.000** 0.999** 0.998**
Sig. (1-tailed) 0.000 . 0.000 0.438 0.000 . 0.000 0.000 0.000 . 0.000 0.385 0.000 . 0.000 0.000
Sig. (2-tailed) 0.000 . 0.000 0.876 0.000 . 0.000 0.000 0.000 . 0.000 0.770 0.000 . 0.000 0.000
Lni Correlation Coefficient -0.536** -0.553** 1 -0.224* -0.388 -0.553** -0.543** -0.546** -0.708** -0.711** 1 -0.319* -0.513** -0.711** -0.710** -0.711**
Sig. (1-tailed) 0.000 0.000 . 0.029 0.001 0.000 0.000 0.000 0.000 0.000 . 0.031 0.001 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 . 0.059 0.001 0.000 0.000 0.000 0.000 0.000 . 0.062 0.002 0.000 0.000 0.000
Lnl Correlation Coefficient 0.002 0.018 -0.224* 1 0.008 0.018 0.008 0.018 0.029 0.051 -0.319* 1 0.012 0.051 0.041 0.058
Sig. (1-tailed) 0.494 0.438 0.029 . 0.472 0.438 0.472 0.438 0.435 0.385 0.031 . 0.472 0.385 0.407 0.370
Sig. (2-tailed) 0.989 0.876 0.059 . 0.943 0.876 0.943 0.876 0.869 0.770 0.062 . 0.944 0.770 0.814 0.741
LnFDI Correlation Coefficient 0.724** 0.708** -0.388** 0.008 1 0.708** 0.718** 0.708** 0.897** 0.891** -0.513** 0.012 1 0.891** 0.894** 0.891**
Sig. (1-tailed) 0.000 0.000 0.001 0.472 . 0.000 0.000 0.000 0.000 0.000 0.001 0.472 . 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 0.001 0.943 . 0.000 0.000 0.000 0.000 0.000 0.002 0.944 . 0.000 0.000 0.000
LnGFC Correlation Coefficient 0.983** 1.000** -0.553** 0.018 0.708** 1 0.990** 0.980** 0.997** 1.000** -0.711** 0.051 0.891** 1 0.999** 0.998**
Sig. (1-tailed) 0.000 . 0.000 0.438 0.000 . 0.000 0.000 0.000 . 0.000 0.385 0.000 . 0.000 0.000
Sig. (2-tailed) 0.000 . 0.000 0.876 0.000 . 0.000 0.000 0.000 . 0.000 0.770 0.000 . 0.000 0.000
LnIv Correlation Coefficient 0.993** 0.990** -0.543** 0.008 0.718** 0.990** 1 0.990** 0.999** 0.999** -0.710** 0.041 0.894** 0.999** 1 0.999**
Sig. (1-tailed) 0.000 0.000 0.000 0.472 0.000 0.000 . 0.000 0.000 0.000 0.000 0.407 0.000 0.000 . 0.000
Sig. (2-tailed) 0.000 0.000 0.000 0.943 0.000 0.000 . 0.000 0.000 0.000 0.000 0.814 0.000 0.000 . 0.000
LnS Correlation Coefficient 0.983** 0.980** -0.546** 0.018 0.708** 0.980** 0.990** 1 0.998** 0.998** -0.711** 0.058 0.891** 0.998** 0.999** 1
Sig. (1-tailed) 0.000 0.000 0.000 0.438 0.000 0.000 0.000 . 0.000 0.000 0.000 0.370 0.000 0.000 0.000 .
Sig. (2-tailed) 0.000 0.000 0.000 0.876 0.000 0.000 0.000 . 0.000 0.000 0.000 0.741 0.000 0.000 0.000 .
** Correlation is significant at the 0.01 level (1-tailed). ** Correlation is significant at the 0.01 level (2-tailed).
* Correlation is significant at the 0.05 level (1-tailed). Output by SPSS2015 N=35

Correlations
LnM2 LnGDPpc Lni Lnl LnFDI LnGFC LnIv LnS
LnM2 Pearson Correlation 1 0.989** -0.648** 0.204 0.865** 0.996** 0.994** 0.995**
Sig. (1-tailed) 0.000 0.000 0.120 0.000 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 0.000 0.239 0.000 0.000 0.000 0.000
Sum of Squares and Cross-products 49.531 17.516 -18.146 3.440 82.680 33.789 40.534 38.255
Covariance 1.457 0.515 -0.534 0.101 2.432 0.994 1.192 1.125
LnGDPpc Pearson Correlation 0.989** 1 -0.714** 0.222 0.818** 0.991** 0.996** 0.996**
Sig. (1-tailed) 0.000 0.000 0.100 0.000 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 0.000 0.200 0.000 0.000 0.000 0.000
Sum of Squares and Cross-products 17.516 6.332 -7.150 1.337 27.948 12.016 14.523 13.688
Covariance 0.515 0.186 -0.210 0.039 0.822 0.353 0.427 0.403
Lni Pearson Correlation -0.648** -0.714** 1 -0.372* -0.443** -0.684** -0.676** -0.669**
Sig. (1-tailed) 0.000 0.000 0.014 0.004 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 0.000 0.028 0.008 0.000 0.000 0.000
Sum of Squares and Cross-products -18.146 -7.150 15.819 -3.539 -23.946 -13.101 -15.578 -14.524
Covariance -0.534 -0.210 0.465 -0.104 -0.704 -0.385 -0.458 -0.427
Lnl Pearson Correlation 0.204 0.222 -0.372* 1 0.124 0.205 0.205 0.221
Sig. (1-tailed) 0.120 0.100 0.014 0.240 0.119 0.118 0.101
Sig. (2-tailed) 0.239 0.200 0.028 0.000 0.480 0.238 0.237 0.202
Sum of Squares and Cross-products 3.440 1.337 -3.539 5.730 4.018 2.363 2.847 2.890
Covariance 0.101 0.039 -0.104 0.169 0.118 0.069 0.084 0.085
LnFDI Pearson Correlation 0.865** 0.818** -0.443** 0.124 1 0.877** 0.842** 0.840**
Sig. (1-tailed) 0.000 0.000 0.004 0.240 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 0.008 0.480 0.000 0.000 0.000 0.000
Sum of Squares and Cross-products 82.680 27.948 -23.946 4.018 184.556 57.424 66.290 62.333
Covariance 2.432 0.822 -0.704 0.118 5.428 1.689 1.950 1.833
LnGFC Pearson Correlation 0.996** 0.991** -0.684** 0.205 0.877** 1 0.994** 0.993**
Sig. (1-tailed) 0.000 0.000 0.000 0.119 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 0.000 0.238 0.000 0.000 0.000 0.000
Sum of Squares and Cross-products 33.789 12.016 -13.101 2.363 57.424 23.224 27.753 26.142
Covariance 0.994 0.353 -0.385 0.069 1.689 0.683 0.816 0.769
LnIv Pearson Correlation 0.994** 0.996** -0.676** 0.205** 0.842** 0.994** 1 0.999**
Sig. (1-tailed) 0.000 0.000 0.000 0.118 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 0.000 0.237 0.000 0.000 0.000 0.000
Sum of Squares and Cross-products 40.534 14.523 -15.578 2.847 66.290 27.753 33.551 31.604
Covariance 1.192 0.427 -0.458 0.084 1.950 0.816 0.987 0.930
LnS Pearson Correlation 0.995** 0.996** -0.669** 0.221 0.840** 0.993** 0.999** 1
Sig. (1-tailed) 0.000 0.000 0.000 0.101 0.000 0.000 0.000
Sig. (2-tailed) 0.000 0.000 0.000 0.202 0.000 0.000 0.000 0.000
Sum of Squares and Cross-products 38.255 13.688 -14.524 2.890 62.333 26.142 31.604 29.823
Covariance 1.125 0.403 -0.427 0.085 1.833 0.769 0.930 0.877
** Correlation is significant at the 0.01 level (1-tailed).N=35
* Correlation is significant at the 0.05 level (1-tailed).

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Table A2: Time series data
GDP per capita Gross fixed capital
Real interest rate Inflation FDI net inflows (BoP, Investment, current Gross domestic savings
Broad money, USD (constant 2015 formation (constant 2015
(%) rate % current US$) USD (current USD)
US$) US$)
Variable M2 GDPpc i l FDI GFC Iv S
1990 6982534868.2 493.3 7.8 9.2 3238781.2 7827498680.7 7087104760.0 8455490520.0
1991 7457029279.3 500.7 11.7 9.3 1390444.3 8019992731.0 7364020160.0 9544929200.0
1992 7869916818.2 518.3 11.1 5.9 3721853.4 8341393343.1 7650995160.0 9531166720.0
1993 8368260695.1 532.4 13.7 3.3 14049886.5 9272626713.0 8148376520.0 9014630240.0
1994 9828346599.1 542.6 9.1 4.6 11147788.3 10129189637.6 8881267500.0 9950270260.0
1995 10924990372.5 559.9 5.5 8.9 1896372.1 11102418653.9 10337813220.0 11348732220.0
1996 11864468946.7 575.0 5.2 6.8 13529831.5 12429343738.4 11711647350.0 12686370450.0
1997 12471267231.6 590.2 8.9 2.7 139376153.1 13232210411.0 12778338150.0 13749457290.0
1998 13112526806.8 609.2 7.8 6.7 190059373.0 14438083391.7 13488942330.0 14592512300.0
1999 14322051284.0 625.6 9.0 8.9 179603006.3 15677824089.9 14229118020.0 15180925240.0
2000 15733755653.5 646.3 9.0 3.6 280384629.7 16793723064.8 14939974530.0 16250823280.0
2001 21021354877.9 666.3 9.3 1.8 78527040.1 18126258270.9 15389730330.0 16447231000.0
2002 23204102842.3 679.1 8.4 2.4 52304931.0 19471247075.9 16135431600.0 17641015000.0
2003 26349290116.3 699.0 5.9 3.9 268285231.8 20962229392.5 18066473900.0 19480047400.0
2004 29383693345.1 723.5 5.6 8.1 448905400.7 22682930727.7 19672988480.0 21533123200.0
2005 31483157179.3 759.2 5.8 6.5 813321971.9 24897610401.7 20961722100.0 22046511300.0
2006 36249271533.7 800.1 5.5 7.2 456523167.7 27359474509.9 22950549840.0 25119315720.0
2007 40032883875.7 847.6 5.8 7.2 651029738.1 29314819895.2 25500146380.0 27806289700.0
2008 46903299549.4 890.6 4.7 9.9 1328422986.5 32192100519.6 29407141150.0 31689155500.0
2009 56241551215.4 927.3 6.1 6.7 901286583.1 34570499471.6 32905818000.0 36463402800.0
2010 67721751094.0 967.9 4.7 7.3 1232258246.6 37531332036.6 37047858320.0 42075860860.0
2011 76940679691.3 1018.0 5.1 8.8 1264725163.3 41119682849.2 43162569700.0 46185952840.0
2012 81003613503.1 1071.0 5.3 8.9 1584403460.0 45465099725.2 46090781480.0 49314516300.0
2013 92094077075.1 1121.1 6.0 6.8 2602962095.4 47904139465.2 51996437640.0 56660826600.0
2014 109501378835.0 1174.3 6.9 7.3 2539190939.7 52625116997.7 60343309740.0 63062559000.0
2015 125838453907.3 1236.4 5.5 6.4 2831152765.2 56371394212.4 68802126540.0 70772107950.0
2016 145798163464.4 1308.2 13.6 5.9 2332724780.7 61393731509.3 80207366400.0 85172584320.0
2017 164025456853.8 1377.1 4.3 5.4 1810395803.6 66525985717.0 90908359850.0 90206285400.0
2018 176220391305.5 1460.8 3.6 5.8 2421626238.4 74597517852.4 102272439170.0 98374111900.0
2019 192725403995.8 1558.5 5.7 5.5 1908045387.0 79730036130.4 113147809320.0 109368488440.0
2020 215977377126.8 1593.9 4.3 5.6 1525312160.4 82876081063.7 117061238160.0 117472530360.0
2021 235761099543.5 1685.0 3.1 5.6 1723856464.1 89581401749.8 129121240350.0 128184644100.0
2022 249050200582.0 1785.4 2.0 6.1 1634888030.4 100020656208.1 147480614470.0 135068993500.0
2023 231269302648.3 1869.2 0.6 9.0 1385155351.8 102232068503.7 139501916460.0 134864350350.0
2024 225608873454.6 1971.1 0.6 9.3 1238730293.5 109641035529.6 138473935260.0 134800777920.0
Data source: see table 1

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