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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.

This chart displays Money (ann. var. of M2 %) for Euro Area from 2010 to 2021.

Money (annual variation in %) Data

2019 2020 2021 2022 2023
Albania 3.6 13.8 6.5 2.3 3.5
Algeria -0.8 7.0 13.6 14.5 5.9
Angola 30.0 24.5 -9.3 -1.4 37.8
Argentina 29.0 78.9 59.5 67.6 170.6
Armenia 21.5 14.8 12.8 13.4 22.1
Australia 2.39 12.70 9.40 6.48 4.96
Austria 4.4 9.3 4.8 3.0 -0.1
Azerbaijan 24.5 11.3 17.6 23.8 19.6
Bahrain 11.1 6.5 4.9 3.9 5.0
Bangladesh 9.9 12.6 13.6 9.4 10.5
Belarus 27.4 -3.3 19.8 25.0 34.7
Belgium 5.1 7.9 5.1 1.7 -4.3
Belize 5.8 10.7 12.3 4.7 7.0
Bolivia -7.5 14.1 6.6 4.0 10.6
Bosnia-Herz. 8.9 7.3 11.6 5.5 7.7
Botswana 8.0 5.9 5.0 6.8 9.3
Brazil 8.7 29.0 8.1 18.2 15.7
Brunei 4.3 -0.4 2.7 1.3 2.7
Bulgaria 9.9 10.9 10.7 13.2 8.7
Cambodia 18.0 30.9 16.3 8.3 12.5
Cameroon 11.8 12.8 17.1 12.3 3.2
Canada 7.8 18.0 8.8 3.5 3.9
CdI 10.8 21.1 18.3 9.4 3.3
Chile 9.4 1.4 7.3 5.9 2.7
China 8.7 10.1 9.0 11.8 9.7
Colombia 8.7 14.3 11.8 12.1 7.2
Costa Rica 6.4 14.3 2.2 -5.0 16.4
Croatia 6.4 11.5 13.0 10.1 21.8
Cyprus 2.8 1.3 7.3 3.9 0.2
Czech Republic 7.0 10.7 7.0 5.0 8.6
Denmark 5.0 9.3 0.6 9.4 2.2
Dominican Republic 10.4 16.0 15.3 7.0 17.1
DR Congo 35.9 45.9 46.5 -3.4 40.4
Ecuador 8.0 10.1 9.8 7.5 6.7
Egypt 13.3 19.7 18.3 27.1 19.9
El Salvador 11.5 11.6 2.5 4.9 6.4
Estonia 9.5 19.4 20.2 1.1 5.6
Ethiopia 20.5 23.9 23.9 33.3 18.7
Euro Area 5.7 11.0 7.0 3.5 -0.9
Finland 3.8 14.4 6.3 1.2 -18.1
France 7.5 15.9 6.8 5.8 -0.1
Georgia 18.8 18.8 17.9 22.9 26.9
Germany 4.6 8.3 5.6 5.0 -0.7
Ghana 15.8 35.1 11.9 27.8 37.2
Greece 4.3 12.1 10.0 3.9 1.7
Guatemala 9.8 18.7 11.6 11.1 6.8
Haiti 13.7 4.2 35.5 31.5 -9.6
Honduras 13.2 20.4 11.4 13.8 13.5
Hong Kong 2.8 5.8 4.3 1.6 4.0
Hungary 9.5 21.3 16.0 5.9 -0.9
Iceland 3.7 22.5 16.4 7.5 6.6
India 11.1 16.1 10.7 6.9 7.0
Indonesia 6.5 12.5 14.0 8.4 3.5
Iran 28.2 38.4 41.4 33.4 27.0
Iraq 8.4 15.9 16.7 20.3 7.5
Ireland 16.0 21.0 8.2 3.4 1.4
Israel 4.4 17.6 19.9 12.7 -5.5
Italy 5.9 10.5 7.1 -0.3 -2.9
Jamaica 9.7 18.5 13.5 8.5 11.9
Japan 2.6 9.2 3.7 2.9 2.3
Jordan 4.8 5.8 6.7 5.5 2.4
Kazakhstan 11.0 19.2 24.1 18.0 16.8
Kenya 5.4 11.9 5.6 5.4 9.3
Korea 7.9 9.8 12.9 4.0 3.9
Kosovo 2.8 50.9 -5.5 8.8 14.5
Kuwait -1.3 2.7 -7.4 6.5 1.0
Kyrgyzstan 17.6 20.5 15.6 32.5 11.4
Laos 18.9 16.3 24.0 36.9 33.3
Latvia 8.0 13.1 7.9 6.4 2.3
Lebanon -17.4 6.3 17.0 47.6 -13.5
Lithuania 10.4 32.1 13.5 12.5 0.3
Luxembourg 6.5 6.3 17.4 2.5 -7.1
Malaysia 3.5 4.5 6.3 4.3 5.9
Malta 5.0 8.4 10.7 5.5 3.1
Mexico 5.8 11.3 10.0 9.7 9.1
Moldova 8.2 20.2 9.5 9.6 20.9
Mongolia 8.2 16.2 13.8 6.5 26.8
Morocco 5.9 10.2 6.1 9.1 6.7
Myanmar 6.7 16.9 - - -
Netherlands 5.0 9.6 9.1 6.3 -1.6
New Zealand 4.7 12.2 7.1 1.8 3.6
Nicaragua 3.2 16.1 11.9 6.6 5.7
Nigeria 6.3 31.4 17.5 16.5 52.3
North Macedonia 9.9 11.2 10.3 6.4 6.1
Norway 4.2 12.1 10.4 5.6 0.3
Oman 2.0 8.9 4.6 0.6 13.1
Pakistan 10.2 17.7 14.5 9.7 19.7
Panama 2.5 8.0 -16.8 0.2 3.9
Paraguay 6.4 18.7 8.2 3.2 9.5
Peru 9.1 37.7 -4.0 0.4 2.6
Philippines 10.9 10.3 8.9 7.8 6.5
Poland 8.7 16.9 8.8 5.3 8.7
Portugal 7.5 11.7 11.8 7.8 -2.3
Qatar 2.5 3.8 1.4 17.4 1.1
Romania 10.9 15.3 15.8 6.8 10.5
Russia 9.7 13.5 13.0 24.4 19.4
Rwanda 20.7 13.2 13.8 21.7 15.3
Saudi Arabia 7.6 9.7 4.9 6.0 9.4
Senegal 8.2 12.3 14.5 22.5 9.6
Serbia 16.6 30.9 13.8 6.1 21.6
Singapore 5.0 13.2 2.4 1.8 4.6
Slovakia 8.9 9.1 7.6 1.9 3.6
Slovenia 7.9 12.1 8.8 8.4 5.4
South Africa 4.8 15.0 5.1 6.5 8.0
Spain 4.7 10.7 6.0 3.6 0.0
Sri Lanka 7.6 22.9 13.5 8.9 9.4
Sudan 60.1 88.8 153.2 49.4 -
Sweden 7.1 18.4 11.7 2.2 -0.5
Switzerland 0.1 6.0 1.5 -3.1 -12.4
Taiwan 4.5 9.4 7.3 6.7 5.6
Tajikistan 17.0 18.4 8.2 40.4 -0.8
Tanzania 11.8 8.2 17.6 12.1 11.9
Thailand 3.6 10.2 4.8 3.9 1.9
Trinidad and Tobago 0.1 10.9 -0.1 2.1 2.4
Tunisia 10.2 10.5 9.3 8.2 9.7
Turkey 25.6 35.6 52.2 62.3 65.8
UAE 8.0 4.6 5.7 9.0 18.7
Uganda 16.4 18.6 5.8 8.3 12.8
Ukraine 12.7 28.7 12.0 20.8 23.0
United Kingdom 3.9 14.3 6.6 3.0 -0.9
United States 5.1 19.1 16.1 5.1 -3.5
Uruguay 5.7 16.8 16.2 7.2 11.3
Uzbekistan 16.0 14.4 16.5 33.1 20.0
Venezuela 4,946 1,287 635 354 268
Vietnam 13.6 13.6 9.7 5.7 -
Zambia 12.2 47.2 6.7 21.0 22.6
Zimbabwe 249.4 485.2 131.8 392.7 712.0
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