madagascar 2012

8/20/2019 Madagascar 2012

1/16


2/16

L`cò`se`r

Sah pgmftfe m̀ erfsfs egntfnuhc tg `fflhet L`c ò s̀e r̀ hegnglfè mmy `nc sgef`mmy fn 9400 `nc orgss cglhstfeprgcuet (OCT) orhw iy ` wh`k 4.2%. Ft sagumc orgw b`sthr fn 9409, iy 9.3%, `nc fn 9405, iy 3.8%.

Sah pgmftfe m̀ erfsfs `msg smgwhc (`nc fn sglh e s̀hs stgpphc) lgst puimfe shetgr rhbgrls. Agwhvhr, tahiucoht chffeft w`s egnt`fnhc `t 0.5% gb OCT fn 9400 ta`nks tg egntfnufno sphncfno ùsthrfty `nc sagumc

rhl`fn sth`cy fn 9409.

Vguta hlpmgylhnt rhl f̀ns ` ifo prgimhl, wfta 8.6% gb unchr-98s gut gb wgrk, eglp r̀hc wfta `n gvhr`mmr`th gb 5.1%. Xri`n ygutas whrh lgrh `fflhethc (1.6%) ta`n tagsh fn tah eguntrysfch (5.6%) iut tahsh mgwffourhs afch ` r`th gb unchr-hlpmgylhnt wafea fs lgrh hxpmgsfvh. Sah eguntry a`s ` n`tfgn`m jgi suppgrtprgor`llh iut tah eurrhnt pgmftfe`m `nc fnstftutfgn`m fnstìfmfty a`s prhvhnthc ft brgl èafhvfno fts og`ms.

Gvhrvfhw

Sah pgmftfe m̀ erfsfs egntfnuhc fn 9400, `fflhetfno tah hegngly `nc sgefhty. Afoahr gfm `nc bggc prfehs `nc pggrr`fnb`mm `msg pm`yhc tahfr p`rt `nc rh`m OCT rgsh iy gnmy 4.2%, i`rhmy lgrh ta`n tah 4.8% fn 9404. Sahhegngly sagumc hxp`nc, agwhvhr, iy 9.3% fn 9409 `nc 3.8% fn 9405, gwfno tg agphs gb ` sgmutfgn tg tah erfsfs`bthr òrhhlhnt gn ` rg`c-l`p gn 0? Uhpthlihr 9400 `nc tah strhnota gb tah lfnfno shetgr. Iut tah gnogfnohegnglfe erfsfs fn tah hurg `rh` egumc unchrlfnh tafs lglhntul wfta ` b`mm fn chl`nc bgr L`cò`se`n oggcs

`nc afoa unhlpmgylhnt fn Hurgph ta`t egumc rhcueh hxpgrts `nc `bbhet tah tgurfst fncustry.

Egntfnufno ùsthrfty khpt tah iucoht chffeft tg 0.5% gb OCT fn 9400 `nc ft sagumc ih ìgut tah s`lh fn 9409.Egnsulhr prfeh fn`tfgn w`s afoa `t 6.8% fn 9400 iheùsh gb fnerh`shs fn gfm `nc bggc prfehs. Sah eurrhntèegunt chffeft sar`nk brgl 6.?% gb OCT fn 9404 tg 5.3% fn 9400 iheùsh gb rhvfvhc oggcs hxpgrts `nc ` crgpfn flpgrts `rfsfno brgl mhss hegnglfe ètfvfty. Sah chffeft fs hxphethc tg wfchn smfoatmy tg 3.3% fn 9409 `nc3.?% fn 9405 wfta tah or`cu`m rhsulptfgn gb flpgrts gb oggcs `s tah pgmftfe`m sftu`tfgn ngrl`mfshs.

Sah wh`knhss gb tah hegngly sfneh tah st r̀t gb tah pgmftfe`m erfsfs a s̀ orh`tmy `fflhethc mfvfno egncftfgns `nc `9404 agushagmc survhy sagwhc ?2% gb L`cò`se`ns whrh egnsfchrhc pggr, up brgl 21% fn 9448. Sah gnmyLfmmhnnful Chvhmgplhnt Og`m (LCO) tah eguntry wfmm èafhvh fs ta`t bgr rhcuefno tah r`th gb AFR/@FCU.

Sah agushagmc survhy sagwhc unhlpmgylhnt w`s b`frmy mgw (5.1%) iut unchr-hlpmgylhnt vhry afoa (2?.9%)iheùsh gb unsuftìmh jgis gr tah nulihr gb agurs wgrkhc. Vguno phgpmh `rh lgst `fflhethc iy tafs jgimhssnhss

p`tthrn. Sah ogvhrnlhnt a`s ` n`tfgn`m hlpmgylhnt pgmfey TNH (Tgmftfquh n`tfgn`mh c'hlpmgf) ihfnoflpmhlhnthc targuoa ` n`tfgn`m hlpmgylhnt suppgrt prgor`llh TNUH (Trgor`llh n`tfgn`m ch sgutfhn äm'hlpmgf), iut tah eurrhnt pgmftfe`m `nc fnstftutfgn`m unehrt`fnty a`s prhvhnthc ft brgl èafhvfno fts og`ms. Ugprètfe`m sthps tg ahmp yguno phgpmh hnthr tah jgis l`rkht `rh mfttmh kngwn ìgut `nc, fn `ny e`sh, `sshsslhntgb tahfr rhsumts fs cfsteumt bgr mèk gb c`t`. Sah lfsl`tea ihtwhhn tr`fnfno `nc hlpmgyhrs‖ nhhcs, hsphef`mmy fntah prfv`th shetgr, fs ` ifo prgimhl `nc tah prgehss bgr shhkfno wgrk fs fnhstefhnt. _fta sg l`ny yguno phgpmh,ohttfno tahl fntg jgis sagumc ih ` l`jgr ogvhrnlhnt egnehrn `nc sphef`m prgor`llhs tg cg tafs sagumc ihmùneahc wahn tah pgmftfe`m erfsfs fs gvhr.

@brfe`n Hegnglfe Gutmggk 9409 9 | © @bCI, GHEC, XNCT, XNHE@


3/16

attp://cx.cgf.gro04.0?1?/111659206459

attp://cx.cgf.gro/04.0?1?/11165924934?

Bfourh 0: Yh`m OCT orgwta (Ugutahrn)

Bfourhs bgr 9404 `rh hstfl`ths; bgr 9400 `nc m`thr `rh prgjhetfgns.

Sìmh 0: Lèrghegnglfe Fncfè tgrs

9404 9400 9409 9405

Yh`m OCT orgwta 4.8 4.2 9.3 3.8

Yh`m OCT phr e`pft` orgwta -9.3 -9.5 -4.8 0.?

ETF fnbm`tfgn 6.9 6.8 1.5 1.9

Iucoht i`m`neh % OCT -4.6 -0.5 -0.5 -0.9

Eurrhnt èegunt % OCT -6.? -5.3 -3.3 -3.?


Yh m̀ OCT orgwta (%) Ugutahrn @brf è - Yh m̀ OCT orgwta (%) @brf è - Yh m̀ OCT orgwta (%)

9445 9443 9448 9442 944? 9441 9446 9404 9400 9409 9405-8%

-9.8%

4%

9.8%

8%

?.8%

04%

09.8%

Y h ` m O C T O r g w t a ( %

)


http://dx.doi.org/10.1787/888932602407http://dx.doi.org/10.1787/888932602407http://dx.doi.org10.1787/888932619032


4/16

attp://cx.cgf.gro04.0?1?/111659290441

Yhehnt Chvhmgplhnts & Trgsphets

Sìmh 9: OCT iy Uhetgr (phrehntòh gb OCT)

9442 9404

@orfeumturh, bgrhstry, bfsafno & auntfno 9?.8 91

Lfnfno `nc qu`rryfno 4.9 4.9

gb wafea gfm - -

L`nubèturfno 03.2 1.?

Hmhetrfefty, o`s `nc w`thr 5.? 5.6

Egnstruetfgn 0.9 0.5

_agmhs`mh `nc rht`fm tr`ch, agthms `nc rhstùr`nts 06.8 90

gb wafea agthms `nc rhstùr`nts - -

Sr`nspgrt, stgròh `nc egllunfe`tfgn 04.8 00

Bfn`neh, rh`m hst`th `nc iusfnhss shrvfehs 0.0 0.?

Bfn`nef`m fnthrlhcf`tfgn, rh`m hst`th shrvfehs, iusfnhss `nc gtahr shrvfeh ètfvftfhs - -

Ohnhr`m ogvhrnlhnt shrvfehs ?.9 2.6

Tuimfe `clfnfstr`tfgn & chbhneh; sgef`m sheurfty, hcue`tfgn, ah`mta & sgef`m wgrk - -

Tuimfe `clfnfstr`tfgn, hcue`tfgn, ah`mta - -

Tuimfe `clfnfstr`tfgn, hcue`tfgn, ah`mta & gtahr sgef`m & phrsgn`m shrvfehs - -

Gtahr egllunfty, sgef`m & phrsgn`m shrvfeh ètfvftfhs - -

Gtahr shrvfehs 03.8 0?.5

Orgss cglhstfe prgcuet `t i`sfe prfehs / bètgr egst 044 044


Sah hegngly orhw `n hstfl t̀hc 4.2% fn 9400, gnmy smfoatmy lgrh ta`n 9404 (4.8%) `nc w`s crfvhn iy tahshegnc`ry shetgr (up 9.?% gvhr 9404) `nc tah thrtf`ry (up 9.0%). Sah prfl`ry shetgr sar`nk iy 9.5% ihe ùshgb pggr òrfeumtur`m gutput rhsumtfno brgl sp`rsh r`fnb`mm `nc shvhr`m aurrfe`nhs. Lfnfno rhl`fnhc gnh gb tahhegngly‖s eafhb strhnotas `nc hxtrètfvh fncustrfhs orhw 98.6%. Sah shegnc`ry shetgr‖s ihst phrbgrlhrs whrhihvhròhs, p`phr `nc bggc-prgehssfno `nc fn tah thrtf`ry shetgr i`nkfno, thmhegllunfe`tfgns `nc tr`nspgrt,

suppgrthc iy tgurfsl,[0\ wafea rhegvhrhc fn 9400 wfta ` 03.1% rfsh fn vfsftgrs (brgl 062 489 tg 998 488).

Gvhr`mm fnvhstlhnt bhmm tg 03.6% gb OCT fn 9400 brgl 01.1% fn 9404 `s ` rhsumt gb gb mhss chvhmgplhnt `fc `nctah hnc gb tah iufmcfno `nc fnst`mm`tfgn pa`shs gb ifo lfnfno prgjhets. Fn rh`m thrls, tah crgp w`s 00.9% `nc `msg`fflhethc puimfe `nc prfv`th fnvhstlhnt (cgwn 1% `nc 09% rhsphetfvhmy). Sgt`m egnsulptfgn iy vgmulh w`ssmfoatmy up (0.0%) iut prfv`th egnsulptfgn rgsh lgrh (0.9%) ta`n puimfe (4.?%). Sgt`m egnsulptfgn w`s 65% gb OCT, cgwn 9.? phrehntòh pgfnts brgl 9404, l`fnmy iheùsh gb prfv`th egnsulptfgn crgppfno brgl 12.5% gb OCT tg 15.2%. Tuimfe egnsulptfgn w`s sth`cy `t 6.8% gb OCT (6.3% fn 9404).

Sah sfonfno gb tah rg`c-l`p òrhhlhnt tg hnc tah pgmftfe m̀ erfsfs gn 0? Uhpthlihr 9400 `nc tah vfogrguslfnfno shetgr sagumc iggst orgwta tg 9.3% fn 9409 `nc 3.8% fn 9405. Bgrhfon `fc (wafea buncs ?4% gb ogvhrnlhnt fnvhstlhnt) wfmm ngt eglpmhthmy rhsulh fn 9409.[9\ Fb pm`nnhc vgtfno bgr ` nhw p`rmf`lhnt `ncprhsfchnt fn 9409 fs emh`n `nc ngt ea`mmhnohc, lgrh `fc egumc rhturn fn 9405 `nc wfta ft `n flprgvhc iusfnhssemfl`th bgr tah prfv`th shetgr. Lfnfno wfmm ih tah eafhb hnofnh gb orgwta fn 9409 `nc 9405 wfta prgcuetfgn


http://dx.doi.org10.1787/888932621008http://dx.doi.org10.1787/888932621008


5/16

st`rtfno `t tah eguntry‖s ifoohst lfnh, `t @li`tgvy. Sah thrtf`ry shetgr wfmm ihnhfft brgl rhvfvhc tgurfsl.@orfeumtur`m prgcuetfgn wfmm rhl`fn lgchst fn 9409 `nc 9405 iheùsh gb mgw r`fnb`mm `nc brhquhnt aurrfe`nhs.

Sgt`m fnvhstlhnt fs hxphethc tg orgw 9.9% fn 9409 (03.8% gb OCT), `nc 1.2% (03.3%) fn 9405. _fta sphncfnogn hmhetfgns fn 9409, hstfl`thc `t LO@ 38 ifmmfgn (L`cò`se`r `rf`ry) gr XUC 99.8 lfmmfgn (XU cgmm`rs), `nc `bthrtah hegngly a`s rhturnhc tg ngrl`m fn 9405, tgt`m egnsulptfgn iy vgmulh sagumc orgw 0.5% fn 9409 `nc 3.0%fn 9405 tg rhèa 65.?% gb OCT.

[0\ Sgurfsl ffourhs `rh brgl tah Sìmhù ch igrc ch m‖æegnglfh ch L`cò`se`r, Fnstftut N`tfgn`m ch mÙt`tfstfquh, J`nu`ry 9409.

[9\ @fc wfmm ih nhhchc agwhvhr bgr tah agmcfno gb hmhetfgns.



6/16

attp://cx.cgf.gro04.0?1?/111659290662

Lèrghegnglfe Tgmfey

Bfse`m Tgmfey

_fta cfrhet hxthrn`m buncfno gb tah ogvhrnlhnt rhcuehc, tah ogvhrnlhnt egntfnuhc iucoht`ry ùsthrfty fn9400, iut tah chffeft stfmm wfchnhc smfoatmy tg 0.5% gb OCT (brgl 4.6% fn 9404). Trfgrftfhs whrh tah lfnfstrfhs gb bfn`neh, hcue`tfgn, ah`mta, chehntr`mfs`tfgn `nc òrfeumturh, wafea ogt ìgut 24% gb tah iucoht.

Ogvhrnlhnt rhvhnuh bhmm tg 09.9% gb OCT fn 9400 brgl 05.5% fn 9404 iheùsh gb tah crgp fn bgrhfon `fc `ncsmgwhr hegnglfe ètfvfty. Egmmhetfgn w`s 65.3% gb tah iucohthc ffourh `t tah hnc gb 9400 (62% bgr t`x `nc52.5% bgr ngn-t`x). Sgt`m sphncfno w`s 05.8% gb OCT (03.0% fn 9404). Iucoht rhstr`fnts lh`nt prfgrfty whnttg eurrhnt sphncfno (04.9% gb OCT) gvhr fnvhstlhnt sphncfno (5.5%). @vhròh sphncfno egllftlhnt fn tahohnhr`m iucoht w`s 16.5% `t tah hnc gb 9400, fnemucfno ?4.9% bgr fnvhstlhnt. Afoahr wgrmc gfm prfehs bgrehctah ogvhrnlhnt tg suisfcfsh gfm eglp`nfhs[5\ tg tah tunh gb XUC 55.? lfmmfgn (4.3% gb OCT) tg khhp pulpprfehs sth`cy, taguoa ngt `mm gb ft w`s p`fc, wafea wh`khnhc tah ffn`nef`m sftu`tfgn gb l`ny gfm ffrls. Sah 9400iucoht chffeft w`s bunchc iy cfsiurshlhnts brgl gnogfno prgjhets `nc iy rhegursh tg tah i`nkfno systhl iyùetfgnfno trh`sury igncs.

Sah 9409 iucoht egntfnuhs tah pgmfey gb rfogur, wfta t`x irh k̀s tg hneguròh fnvhstlhnt fn rhnhwìmh hnhroy.Bgrhfon `fc wfmm ngt a`vh rhturnhc, hxehpt tg ahmp p`y bgr hmhetfgns, sg tgt`m rhvhnuh (fnemucfno or`nts) fshstfl`thc `t 09.3% gb OCT `nc tgt`m sphncfno `t 05.?%. Sah chffeft wfmm ih ìgut tah s`lh `s 9400 (0.5% gb OCT). Egnstftutfgn`m ngrl`mfty sagumc ih rhstgrhc iy 9405 `nc rhvhnuh fnerh`sh tg 05.0% gb OCT `nc sphncfno

tg 03.5%, wfta ` iucoht chbfeft gb 0.9% gb OCT.

[5\ Sahsh suisfcfhs `rh ohnhr`m `nc ngt hsphef`mmy cfrhethc tgw`rc tah pggr.

Sìmh 5: Tuimfe Bfn`nehs (phrehntòh gb OCT)

9445 9442 944? 9441 9446 9404 9400 9409 9405

Sgt`m rhvhnuh `nc or`nts 08.3 86.0 02 0?.2 09.5 05.5 09.9 09.3 05.0

S`x rhvhnuh 04 04.? 00.3 05 04.? 04.1 6.6 6.1 6.?

Gfm rhvhnuh - - - - - - - - -

Or`nts 8.0 3?.6 3.5 3.5 0.0 0 4.6 0.0 0.6

Sgt`m hxphncfturh `nc nht mhncfno (`) 06.2 90.3 01.? 06.8 03.1 03.0 05.8 05.? 03.5

Eurrhnt hxphncfturh 00.3 00.9 00 04.6 04.8 04.0 04.9 04.3 04.6

Hxemucfno fnthrhst 6.9 1.1 6.6 04.0 6.? 6.5 6.3 6.8 6.?

_òhs `nc s`m`rfhs 8.3 8.4 8.9 3.? 3.1 8.9 8.9 8.3 8.2

Fnthrhst 9.9 9.3 0.0 4.1 4.1 4.1 4.1 4.6 0.9

Trfl`ry i`m`neh -9 34.4 -0.2 -0.9 -0.1 -4.0 -4.3 -4.3 4

Gvhr`mm i`m`neh -3.9 5?.2 -9.? -0.6 -9.8 -4.6 -0.5 -0.5 -0.9


Lgnht`ry Tgmfey




7/16

L`cò`se`r cghs ngt ihmgno tg `ny lgnht`ry unfgn. Sah gstef`m jgi gb tah ehntr`m i`nk (IEL) fs tg khhp taheurrhney stìmh `t aglh `nc ìrg`c. Chspfth tah eurrhnt erfsfs, tah `rf`ry w`s b`frmy sth`cy fn 9400 ò`fnstl`jgr eurrhnefhs iheùsh gb tah i`nk‖s fnthrvhntfgn, wfta tah hurg (HXY) `t `n `vhròh gb LO@ 9 108.4? `nctah XU cgmm`r `t LO@ 9498.42. Lgnht`ry òorho`ths hxp`nchc curfno tah yh`r. Sah lgnhy suppmy (L5) orhw05.8%, wfta tah fnerh`sh fn nht hxthrn`m `sshts tg ` rhegrc XUC 0.0 ifmmfgn fn Chehlihr (tah hqufv`mhnt gb ìgutbgur lgntas gb flpgrts). Chspfth tah erfsfs, mg`ns tg tah hegngly (eafhy lhcful `nc mgno thrl) whrh up `n`vhròh ?%. Sah IEL‖s fnthrvhntfgn r`th (6.8%) a`s ngt ea`nohc sfneh @uoust 9446.

Fn`tfgn w`s `n `vhròh 6.8% fn 9400. Trfehs bgr mge`m prgcuets rgsh lgrh (?.8%) ta`n bgr flpgrts (8.8%) `ncshlf-ffnfsahc flpgrts (5.3%). Bggc prfehs whrh up 6%, fnemucfno rfeh (6.?%), wafea tah ogvhrnlhnt w`s bgrehctg flpgrt tg lhht chl`nc. Hnhroy w`s ?.1% ch`rhr iheùsh gb afoahr wgrmc gfm prfehs.

Sah ogvhrnlhnt pm ǹs tg egntfnuh è utfgus ffse m̀ `nc lgnht r̀y pgmfefhs ta`t sagumc irfno fn`tfgn cgwn tg 1.5%fn 9409 `nc 1.9% fn 9405.

Hegnglfe Eggphr`tfgn, Yhofgn`m Fnthor`tfgn & Sr`ch

L`cò`se`r ihmgnos tg shvhr`m rhofgn`m orgupfnos, fnemucfno tah Egllgn L`rkht bgr H`sthrn `nc Ugutahrn@brfe` (EGLHU@), tah Ugutahrn @brfe`n Chvhmgplhnt Egllunfty (U@CE) `nc tah Fncf`n Geh`n Egllfssfgn((FGE), iut cghs mfttmh tr`ch wfta tahl.[3\ Fn 9404, EGLHU@ iguoat 3.2% gb tah eguntry‖s tgt`m hxpgrts, [email protected]% `nc tah FGE 5.55%. Gb fts tgt`m flpgrts, 8.90% e`lh brgl EGLHU@, 00.43% brgl U@CE `nc 5.99% brgl

tah FGE eguntrfhs. L`cò`se`r a`s rhehntmy strh`lmfnhc fts eustgls `nc tr`ch rhoum`tfgns `nc tah _grmc I`nk‖s9400 Cgfno Iusfnhss rhpgrt lgvhc ft up hfoat pmèhs bgr h`sh gb ergss-igrchr tr`ch, l`fnmy ta`nks tg ihtthregllunfe`tfgn `nc eg-grcfn`tfgn ihtwhhn eustgls `nc pgrt gphr`tgrs, `nc eustgls emh`r`neh tggk gnmy tarhhc`ys, eglp`rhc wfta shvhn c`ys fn 9404.

L`cò`se`r‖s eurrhnt èegunt flprgvhc sfonfbfe`ntmy fn 9400 wfta fts chbfeft sarfnkfno brgl 6.?% gb OCT tg 5.3%,ta`nks tg ` 3.9% fnerh`sh fn hxpgrts (tg 02.0% gb OCT) chspfth tah erfsfs. Sah chffeft sagumc agmc lgrh gr mhsssth`cy fn 9409 (3.3%) `nc 9405 (3.?%). L`fn hxpgrts[8\ fn 9400 whrh (iy v`muh) bggc prgcuets(XUC 589.6 lfmmfgn), lfnhr`m grh (XUC 061.3 lfmmfgn) `nc sarflps (XUC 22.? lfmmfgn). Rgmulh flpgrts whrhcgwn 4.1% (tg 99.1% gb OCT) `nc whrh l`fnmy rfeh (XUC 18.2 lfmmfgn), gfm prgcuets (XUC 868.8 lfmmfgn, ?% gb OCT), suo`r (XUC ?1.9 lfmmfgn) `nc bggc prgcuets (XUC 963.6 lfmmfgn, 5.3% gb OCT). Flpgrts gb e`pft`m oggcswhrh cgwn 56.2% `nc ehlhnt 08.6%, `s egnstruetfgn gb l`jgr fnvhstlhnt prgjhets, hsphef`mmy fn lfnfno, w`seglpmhthc. Sah tr`ch chffeft taus flprgvhc, brgl 09.5% gb OCT fn 9404 tg 2.?% fn 9400. Ft sagumc wfchnsmfoatmy fn igta 9409 `nc 9405 ihbgrh stìfmfsfno `t ?.5% fn tah twg sueehhcfno yh`rs.

Sah shrvfehs chffeft sar`nk smfoatmy tg 4.1% gb OCT fn 9400 (0.0% fn 9404) `s ` rhsumt gb ah m̀tay hxpgrts gb tr`nspgrt `nc tr`vhm shrvfehs. Sah eurrhnt tr`nsbhrs chffeft w`s sth`cy `t 3.2% gb OCT (cgwn 4.5 gb `phrehntòh pgfnt brgl 9404), iheùsh gb prfv`th tr`nsbhrs, fnemucfno iy ngn-ogvhrnlhnt`m gro`nfs`tfgns(NOGs). Bgrhfon cfrhet fnvhstlhnt (BCF) `lgunthc tg UCY 351.? lfmmfgn (sphef`m cr`wfno rfoats), cgwn 04%brgl UCY 312.2 lfmmfgn fn 9404, gwfno tg eglpmhtfgn gb ifo lfnfno prgjhets. Hxtrètfvh fncustrfhs egntfnuh tg`ttrèt ìgut 14% gb BCF, wfta ffn`nef`m ètfvfty, egnstruetfgn `nc buhm cfstrfiutfgn ìsgrifno tah rhst. BCF fn9404 e`lh lgstmy brgl E`n`c` (54.5%), J`p`n (90.8%), Uguta Kgrh` (94.2%), Br`neh (6.0%) `nc Eafn` (?.2%).Uguta Kgrh` `nc Eafn`, wag `rh hlhrofno eguntry p`rtnhrs gb L`cò`se`r, taus prgvfchc `mlgst ` tafrc gb sueafnvhstlhnt fn 9404.

3 C`t` gn tr`ch wfta tahsh rhofgn`m orgupfnos eglh brgl tah rhpgrt gb tah Fncf`n Geh`n Egllfssfgn òsafp

survhy, @bCI, Getgihr 9400.8 C`t` gn v`muh hxpgrts `nc flpgrts `rh brgl tah Sìmhù ch igrc ch m‖æegnglfh ch L`cò`se`r, J`nu`ry 9409.

@brfe`n Hegnglfe Gutmggk 9409 ? | © @bCI, GHEC, XNCT, XNHE@


8/16

attp://cx.cgf.gro04.0?1?/111659299613

Sìmh 3: Eurrhnt @eegunt (phrehntòh gb OCT)

9445 9442 944? 9441 9446 9404 9400 9409 9405

Sr`ch i`m̀ neh -5.8 -04.9 -05.2 -94.9 -06.8 -09.5 -2.? -?.5 -?.5

Hxpgrts gb oggcs (b.g.i.) 0?.9 0?.8 02.1 05.6 09.5 09.5 02.0 03.? 05.?

Flpgrts gb oggcs (b.g.i.) 94.? 9?.? 54.8 53.0 50.1 93.2 99.1 99 94.6

Uhrvfehs -8.8 -9.9 -9.3 -3.0 -3.9 -0.0 -4.1 -4.6 -4.6

Bètgr fneglh -0.8 -0.8 -4.1 -4.8 -0.0 -0.9 -4.8 -4.2 -4.8

Eurrhnt tr`nsbhrs 8.8 5.1 3.6 3.5 5.2 3.6 3.2 3.8 5.6

Eurrhnt èegunt i`m`neh -3.6 -04.4 -00.6 -94.2 -90.0 -6.? -5.3 -3.3 -3.?


Chit Tgmfey

Ufneh tah st`rt gb tah erfsfs, tah ea`nehs gb git`fnfno nhw mg`ns brgl tr`cftfgn`m mhnchrs a`vh ihhn smfl, sgpuimfe chit fs qufth sl`mm. Hxthrn`m chit w`s hstfl`thc fn Junh 9400 `t UCY 0 340.09 lfmmfgn (06.?% gb OCT,cgwn brgl 93.6% fn 9404). Chspfth tah erfsfs, tah ogvhrnlhnt a`s p`fc gn tflh fts hxthrn`m chit fnthrhst, wafeaw`s LO@ 0?3.28 ifmmfgn (XUC 20.92 lfmmfgn) `t tah hnc gb 9400. Sah hxèt `lgunt gb `rrh`rs cuh gn cglhstfechit `t tah hnc gb 9400 w`s ngt kngwn iut tah n`tfgn`m iusfnhss bhchr`tfgn OHL (Orguphlhnt chs Hnthrprfshsch L`cò`se`r ) s`fc tah ogvhrnlhnt gwhc ffrls ìgut LO@ ? ifmmfgn (XUC 5.3 lfmmfgn),[2\ lgstmy v`muh `cchct`x (R@S) rhbuncs, `t tah hnc gb @uoust 9400. Ogvhrnlhnt chit sagumc rhl`fn qufth mgw fn 9409 `nc 9405.

[2\ Uhttmhlhnt gb tahsh fs `lgno tah sagrt-thrl sthps prgpgshc iy OHL `s p`rt gb hegnglfe rhegvhrylh`surhs.




9/16

attp://cx.cgf.gro04.0?1?/111659206459

Bfourh 9: Utgek gb tgt`m hxthrn`m chit (phrehnt`oh gb OCT) `nc chit shrvfeh (phrehnt`oh gb hxpgrts gb oggcs `nc shrvfehs)


Chit/OCT Chit shrvfeh /Hxpgrts

9445 9443 9448 9442 944? 9441 9446 9404 9400 9409 94054%

98%

84%

?8%

044%

098%

084%

T h r e h n t ` o h




10/16

Hegnglfe & Tgmftfe`m Ogvhrn`neh

Trfv`th Uhetgr

Fn spfth gb tah pgmftfe`m `nc hegnglfe unehrt`fnty sfneh 9446, tah iusfnhss emfl`th a`s rhehntmy flprgvhc

sglhwa`t. Sah eguntry lgvhc up shvhn pmèhs, tg 05?ta gvhr`mm `lgno 015 eguntrfhs fn tah _grmc I`nk 9409Cgfno Iusfnhss rhpgrt, wfta fts ihst segrh bgr h`sh gb st`rtfno ` iusfnhss, bgr wafea ft lgvhc up ` sphetèum`r 84

pmèhs gvhr tah yh`r tg r`nk 94ta fn tah wgrmc, `bthr tah ogvhrnlhnt ìgmfsahc tah lfnflul e`pft`m rhqufrhc tgsht up mflfthc eglp`nfhs iut tafs cfc ngt a`vh luea flpèt `nc tahfr nulihr [?\ ètu`mmy bhmm 3% fn 9400.Agwhvhr, tah tgt`m gb `mm ffrls erh`thc fn 9400 rgsh 31% tg 94 ?04 (brgl 05 6?? fn 9404). Fncfvfcu`m ffrls whrh89.0% gb tah tgt`m, wfta 90.2% fn tah e`pft`m, @nt`n`n`rfvg. Chspfth tafs, tah fnvhstlhnt emfl`th rhl`fnscfsteumt. Hmhetrfefty suppmy fs pggr `nc imèkguts brhquhnt `nc tah eguntry segrhs i`cmy fn tah Cgfno Iusfnhssrhpgrt bgr hnbgrefno egntrèts, h`sh gb emgsfno bfrls, rhofsthrfno prgphrty `nc ohttfno egnstruetfgn phrlfts.

[?\ Uhh Sìmhù ch Igrc ch m‖æegnglfh ch L`cò`se`r, J`nu`ry 9409.

Bfn`nef`m Uhetgr

Sah ffn ǹef m̀ shetgr eglprfshs 00 i`nks, shvhn ffn`nef`m hst ìmfsalhnts `nc 96 lferg-ffn`neh fnstftutfgns (tarhhgb wafea `rh eurrhntmy susphnchc `nc `w`ftfno rhùtagrfs`tfgn tg gphr`th). Gnmy twg i`nks (I`nk gb @brfe` `ncIBR-Ugefætæ Oænær`mh) `rh b`frmy whmm hstìmfsahc gutsfch tah e`pft`m. Bfn`nef`m l`rkhts fnemuch tah lgnhyl`rkht (fnthri`nk hxea`nohs `nc gphn l`rkht) `nc trh`sury ignc ùetfgns. Sah ehntr`m i`nk‖s fnthrvhntfgnr`th (6.8%) a`s ihhn tah s`lh sfneh @uoust 9446 `nc tah gvhr`mm `vhròh whfoathc r`th bgr ùetfgnhc trh`suryigncs w`s sth`cy `t 6.28% fn Junh 9400 (6.2% fn Chehlihr 9404).

Sah pgmftfe m̀ `nc hegnglfe erfsfs a s̀ `fflhethc tah qu m̀fty gb tah i`nks‖ pgrtbgmfgs. Sah prgpgrtfgns gb ngn-phrbgrlfno mg`ns `nc e`pft`m rfsk mhvhms `rh b`frmy mgw iut rfsfno. I`c `nc cfsputhc chits fnerh`shc tg 05.1% gb orgss mg`ns `t tah hnc gb Junh 9400 (brgl 00.6% fn 9404).[1\ Sah pgpum`tfgn‖s ush gb i`nks rhl`fns mgw (ìgut8%) `nc lferg-bfn`neh fnstftutfgns `rh ushc iy 09%.

[1\ Uhh Iummhtfn ch m` IEL, Junh 9400.

Tuimfe Uhetgr L`nòhlhnt, Fnstftutfgns & Yhbgrl

Iheùsh gb tah erfsfs, rhbgrls tg iggst tah prfv`th shetgr a`vh smgwhc cgwn, gr hvhn eglh tg ` a`mt, `nc tahst`th egntrgms, gr stfmm a`s sa`rhs fn, hnhroy, thmhegllunfe`tfgns, òrg-fncustry `nc `fr tr`nspgrt eglp`nfhs.Ogvhrnlhnt khpt prglfshs fn @uoust 9400 tg h`sh tah pmfoat gb tagsh `fflhethc iy tah erfsfs iy, `lgno gtahrtafnos, cfrhetmy flpgrtfno rfeh, suo`r, eggkfno gfm `nc gur, tg tah cfseglbgrt gb prfv`th flpgrthrs. Iusfnhssgro`nfs`tfgns a`vh l`ch prgpgs`ms tg tah ogvhrnlhnt bgr tèkmfno tah prfv`th shetgr‖s l`ny prgimhls. Sahyfnemuch sagrt `nc lhcful-thrl lh`surhs.[6\

Sah ogvhrnlhnt a s̀ egntfnuhc tg flpmhlhnt tah iucoht prgor`llh, prgeurhlhnt rhbgrls, ` afhr r̀eafè m

egntrgm systhl gb sphncfno, `nc ihtthr rhvhnuh egmmhetfgn. Iut tah _grmc I`nk‖s Uhpthlihr 9400 rhvfhw gb ogvhrnlhnt sphncfno ngthc prgimhls fn rhvhnuh egmmhetfgn, iucoht egvhròh, tah sphncfno ea`fn, iucohtnglhnem`turh, lgnftgrfno `nc tah fnvhstlhnt iucoht. Ft prgpgshc shvhr`m lh`surhs tg hneguròh cf`mgouhìgut puimfe ffn`neh rhbgrl ihtwhhn tah ogvhrnlhnt `nc fts p`rtnhrs `s sggn `s suftìmh egncftfgns whrhrhstgrhc.

[6\ Uagrt-thrl lh`surhs fnemuch p`yfno ogvhrnlhnt `rrh`rs gwhc tg prfv`th ffrls, ` chffnftfvh sgmutfgn tgpgwhr euts `nc shttfno up ` br`nk cf`mgouh ihtwhhn tah ogvhrnlhnt `nc tah prfv`th shetgr. Lhcful-thrl gnhsfnemuch gro`nfsfno ihtthr hegnglfe tr`nsp̀ rhney `nc cr`btfno ` pgmfey gb p`rtnhrsafps fn lfnfno fnvhstlhnts.



11/16

N`tur`m Yhsgureh L`nòhlhnt & Hnvfrgnlhnt

L`cò`se`r a`s gnh gb tah wgrmc‖s orh`thst ifgcfvhrsftfhs `nc auoh n`tur`m rhsgurehs. Iut tafs n`tur`m ahrftòhfs tarh`thnhc iy chbgrhst`tfgn `nc c`lòh tg n`tur`m `rh`s, hsphef`mmy brgl tah bhmmfno `nc fmmho`m hxpgrt gb

rgshwggc. @igut 54 444 rgshwggc `nc higny mgos a`vh ihhn shfzhc iy tah hnvfrgnlhnt lfnfstry `nc mgoohrs`rh taguoat tg a`vh ìgut 944 444 lgrh. Sah ogvhrnlhnt i`nnhc `mm rgshwggc hxpgrts fn L`rea 9404 `nc fn@uoust 9400 grchrhc egnffse`tfgn gb `mm bhmmhc mgos `nc a`c rgshwggc `nc higny `cchc tg @pphncfx FFF gb tahEgnvhntfgn gn Fnthrn`tfgn`m Sr`ch fn Hnc`nohrhc Uphefhs gb _fmc Bùn` `nc Bmgr` (EFSHU). Sah egnffse`thc mgos`rh tg ih sgmc fn 9409 fn ` tr`nsp`rhnt l`nnhr. Sah eguntry‖s n`tur`m rhsgurehs `rh `msg tarh`thnhc iy emfl`thea`noh. Fts ohgor`pafe`m pgsftfgn fn tah sguta-whst Fncf`n Geh`n, gnh gb tah wgrmc‖s l`jgr aurrfe`nh `rh`s,hxpgshs ft tg stgrls, bmggcfno `nc crguoat.

E`rhbum l`nòhlhnt fs nhhchc gb rhvhnuh h`rnhc brgl hxpmgft`tfgn gb fts n`tur`m rhsgurehs, hsphef`mmy lfnfno,sg ta`t ft ihnhffts L`cò`se`ns. Sah ogvhrnlhnt a`s jgfnhc tah Hxtrètfvh Fncustrfhs Sr`nsp`rhney Fnftf`tfvh(HFSF) `nc w`s `clftthc `s ` e`ncfc`th eguntry fn Bhiru`ry 9441. Safs st`tus w`s susphnchc fn Getgihr 9400untfm tah pgmftfe`m sftu`tfgn rhturnhc tg ngrl`m. Hxtrètfgn fncustry ffrls[04\ p`fc tah ogvhrnlhntLO@ 980.6 ifmmfgn (XUC 059 lfmmfgn, gr 0.8% gb OCT) ihtwhhn 944? `nc lfc-9404, èegrcfno tg `n HFSF ùcft. Sah iucohtfshc ngn-t x̀ rhvhnuh egmmhethc iy tah lfnfstrfhs gb ffsahrfhs, lfnfno `nc tah hnvfrgnlhnt w`s

hstfl`thc `t XUC ?.6 lfmmfgn fn 9400 (4.0% gb OCT), sg iucoht rhvhnuh brgl hxtrètfgn gb n`tur`m rhsgurehsrhl`fns sl`mm iut sfonfbfe`nt prgorhss sagumc ih l`ch fn eglfno yh`rs.

[04\ Pft L`cò`se`r Lfnhr`ms, Yfg Sfntg, @li`tgvy `nc Kr`gl` U@.

Tgmftfe`m Egnthxt

@bthr shvhr`m bruftmhss `tthlpts tg rhsgmvh tah pgmftfe`m erfsfs, prgorhss shhls tg a`vh ihhn l`ch sfneh tahsfonfno gn 0? Uhpthlihr 9400 iy `mlgst `mm pgmftfe`m orgups[00\ gb ` rg`c-l`p òrhhlhnt tg hnc tah erfsfs,ta`nks tg lhcf`tfgn iy U@CE. Lh`surhs tg flpmhlhnt ft a`vh fnemuchc tah `ppgfntlhnt gb ` egnshnsus prflh

lfnfsthr fn Getgihr ta`t yh`r, bgrl`tfgn gb ` tr`nsftfgn`m n`tfgn`m unfty ogvhrnlhnt fn Ngvhlihr `nchnm`rohlhnt gb tah twg agushs gb tah tr`nsftfgn`m p`rmf`lhnt fn Chehlihr. @n fnchphnchnt tr`nsftfgn`m hmhetfgnsegllfssfgn w`s `ppgfnthc fn Bhiru`ry 9409 `nc mhofsm`tfvh `nc prhsfchntf`m hmhetfgns wfmm ih gro`nfshc wfta tahahmp gb tah Xnfthc N`tfgns `nc tah Brhnea-sph`kfno fnthrn`tfgn`m igcy, tah Gro`nfs`tfgn fnthrn`tfgn`mh ch m`br`negpagnfh iy Chehlihr 9409. Fn vfhw gb tafs prgorhss, sglh eguntrfhs `nc fnthrn`tfgn`m igcfhs[09\ a`vhlgvhc tgw`rcs rhegonfsfno tah tr`nsftfgn`m ogvhrnlhnt. Iut gnmy tah agmcfno gb tr`nsp`rhnt `nc erhcfimhhmhetfgns e`n chffnftfvhmy hnc tah erfsfs `nc `mmgw tah eguntry tg rhturn tg tah fnthrn`tfgn`m egllunfty `nc wfnhntfrh rhegonftfgn brgl fts bgrhfon p`rtnhrs.

[00\ Gnmy bgrlhr Trhsfchnt Cfcfhr Y`tsfr`k`‖s p`rty a`s ngt yht sfonhc.

[09\ Sah Uwfss `li`ss`cgr, tah ah`c gb tah Hurgph`n Xnfgn (HX) chmho`tfgn `nc tah XN Yhsfchnt Eggrcfn`tgra`vh `mrh`cy prhshnthc ehrtfffhc egpfhs gb tahfr erhchntf`ms tg tah bgrhfon lfnfsthr, gn rhsphetfvhmy 96Ngvhlihr `nc 09 `nc 9? Chehlihr 9400.



12/16

Ugef`m Egnthxt & Aul`n Chvhmgplhnt

Iufmcfno Aul`n Yhsgurehs

Sah pgmftfe m̀ `nc hegnglfe erfsfs a`s ahmphc l`kh mfvfno egncftfgns a r̀chr bgr L`c ò s̀è ns. @ 9404 agushagmcsurvhy sagwhc ?2% (fnemucfno 19.9% fn tah eguntrysfch) gb tah pgpum`tfgn whrh rho`rchc `s pggr, up brgl 21%fn 9448. Fn 9441, tah eguntry a`c agphs gb lhhtfno tarhh gb tah LCOs iy tah 9408 t`roht c`th, iut ngw gnmyta t̀ bgr rhcuefno AFR/@FCU[0\ wfmm ih èafhvhc.

Sah mhnota gb tah erfsfs a s̀ unchrlfnhc tah ah m̀tae r̀h systhl `nc fts ìfmfty tg lhht phgpmh‖s nhhcs. Fnb`ntlgrt`mfty rhl`fns afoa (20 phr 0 444 fn 9404), `s cghs eafmc (unchr-ffvh) lgrt`mfty (69.1 phr 0 444). Sah LCOs`rh rhsphetfvhmy 50 `nc 82. L`thrn`m lgrt`mfty fs 361 bgr 044 444 mfvh ifrtas, wafmh tah LCO t`roht fs 09?. L`jgriucoht rhstr`fnts[03\ `nc mèk gb st`ffl emgshc 903 ah`mtae`rh ehntrhs fn J`nu`ry 9400. @mm tahsh bètgrs a`vheùshc tah rhturn gb cfsh`shs ta`t a`c ihhn hr`cfe`thc gr whrh unchr egntrgm, suea `s pmòuh, rìfhs `nc pgmfg. Sah @brfe`n Chvhmgplhnt I`nk (@bCI) l`ch ` XUC 0 lfmmfgn hlhrohney or`nt fn J`nu r̀y 9409 bgr e`lp f̀ons gb vèefn`tfgn ò`fnst tah tarhh cfsh`shs.

Sah eguntry shhls gn tah w`y tg tah og`m gb unfvhrs m̀ hcue t̀fgn, wfta ?3.5% nht hnrgmlhnt fn 9404, iut pggr-qu`mfty thèafno fs ` l`jgr prgimhl. Sah prfl`ry seaggm eglpmhtfgn r`th w`s 22% fn 9404, b`r brgl tah LCO gb 044%. Lfnfstry iucoht rhstrfetfgns[08\ unchrlfnhc tah hcue`tfgn systhl `nc fnerh`shc tah egst gb hcue`tfgn tgb`lfmfhs iy 54%. @igut 344 444 eafmcrhn whrh unìmh tg hnrgm bgr tah 9400-09 seaggm yh`r, `nc uri`n prfl`ryseaggms sagwhc ` 3.2% crgp fn hnrgmlhnt fn 9446-04.

Gnmy 39% gb tah pgpum`tfgn a`c èehss tg crfnkfno w`thr `nc 31% tg prgphr s`nft`tfgn fn 9404. Sah LCOst`rohts `rh 28% `nc ?0%.

[05\ Sah cfsh`sh `fflhets 4.0% gb tah 08-93 òh orgup. Trhvhntfgn `nc trh`tlhnt prgor`llhs `rh gnogfno bgrtafs, tuihreumgsfs `nc l`m`rf`, iut egvhròh fs sl`mm `nc ohttfno sl`mmhr `s buncfno tg egli`t fnbhetfgus cfsh`shsa`s cwfncmhc iheùsh gb tah pgmftfe`m erfsfs. Sah èafhvhlhnts sg b`r `rh unchr shrfgus tarh`t.

[03\ Iheùsh gb tah susphnsfgn gb lgst cfrhet `fc tg tah ogvhrnlhnt, tah ah`mta iucoht w`s eut iy 35% fn 9404`nc 03% fn 9400, brgl tah 9446 prh-erfsfs iucoht mhvhm. Cuh tg rhoum`tfgn prgimhls, gnmy 22% gb tah 9404 gnh

w`s egllftthc.

[08\ Sah hcue`tfgn iucoht w`s eut 06% fn 9404 `nc 1% fn 9400, brgl tah 9446 prh-erfsfs iucoht mhvhm.

Tgvhrty Yhcuetfgn, Ugef`m Trgthetfgn & Mìgur

_fta ng emh`r n`tfgn`m pgmfey curfno tah eurrhnt erfsfs, buncfno fs `mmge`thc gn tah i`sfs gb prfgrftfhs sht iy tahtr`nsftfgn`m ogvhrnlhnt. Sah 9400 iucoht h`rl`rkhc 5?% gb tah tgt`m bgr ah`mtae`rh, hcue`tfgn `nc bggcsheurfty. Sah 9409 iucoht hxp`nchc tahsh prfgrftfhs tg fnemuch strhnotahnfno sheurfty gb prgphrty `nc phgpmh,suppgrtfno òrfeumturh `nc orgwta gb hnhroy suppmy `nc `mmge`thc ìgut 34% tg tahl.

Sg sgbthn tah hfflhets gb tah sgef m̀ `nc pgmftfe`m erfsfs gn tah lgst vumnhrìmh shetfgns gb tah pgpum t̀fgn, v`rfgusn`tfgnwfch sgef`m prgthetfgn prgor`llhs a`vh ihhn mùneahc iut egvhr vhry bhw phgpmh. Sah ogvhrnlhnt`nngunehc lh`surhs fn @uoust 9400 tg flprgvh ah`mtae`rh, hcue`tfgn `nc bggc sheurfty. Sahy fnemuchc brhhafoahr `nc theanfe`m hcue`tfgn; brhh l`thrf`ms bgr pupfms fn ogvhrnlhnt seaggms; brhh trh`tlhnt `nc lhcfefnh fnpuimfe agspft`ms; eah`phr surofe`m gphr`tfgns targuoa suisfcfhs `nc suppmy gb tah lgst egllgn cruos; mggkfno`bthr aglhmhss phgpmh; prgvfcfno w`thr tg tah pggrhst b`lfmfhs; `nc l`fnt`fnfno suisfcfhs tg buhm eglp`nfhs tgkhhp pulp prfehs sth`cy. Ft fs a`rc tg thmm agw b`r tahsh lh`surhs a`vh ihhn flpmhlhnthc, fn tah ìshneh gb rhoum`r ogvhrnlhnt rhpgrts. Jucofno iy tah suist`ntf`m iucoht mflft`tfgns fn 9400 `nc 9409, l`ny gb tahlegumc just rhl`fn sflpmy oggc fnthntfgns.

XN òhnefhs `rh ètfvh fn l`ny `rh`s, wfta t`rohthc e`sa or`nts `nc bggc `nc `msg bgrtfffhc nutrftfgn bgr wglhn`nc eafmcrhn.

Ohnchr Hqu`mfty



13/16

L`cò`se`r a`s l`ch sfonfffe`nt hfflgrts tg prglgth ohnchr hqu`mfty, hsphef`mmy fn tah wgrmcwfch XNHUEG-mhcHcue`tfgn Bgr @mm e`lp`fon, eglp`rhc wfta lgst sui-Uà`r`n eguntrfhs. Sah igy/ofrm r`tfg fn prfl`ry seaggms fn9404 w`s 6?.8% (69% fn sui-Uà`r`n @brfe`) `nc fn shegnc`ry hcue`tfgn 63.9% (?6% fn sui-Uà`r`n @brfe`). Sah LCO bgr tahsh twg fncfè tgrs fs 044%. @nth-n`t m̀ e r̀h fs brhh iut prgvfsfgn gb egntr èhptfgn (92.0%) `nctah r`th gb ifrtas `tthnchc iy qu`mfffhc st`ffl (35.6%) `rh ngt vhry afoa, hsphef`mmy fn rur`m `rh`s, èegrcfno tgtah 9441-46 chlgor`pafe `nc ah m̀ta survhy.

Fn m`w wglhn a`vh hqu`m rfoats wfta lhn iut fn prètfeh cfserflfn`tfgn phrsfsts. Sah ogvhrnlhnt a`s t`khn

sthps sfneh 9444 tg prglgth wglhn's rfoats iut hnbgrehlhnt fs cfsteumt. T`rtfefp`tfgn gb wglhn fn hegnglfeètfvfty fs lgstmy fnbgrl`m `nc tahfr prhshneh fn ogvhrnlhnt fnstftutfgns fs mgw.



14/16

Sahl`tfe `n`mysfs: Trglgtfno Vguta Hlpmgylhnt

A`mb gb `mm L`cò`se`ns `rh unchr 94. Sah 9404 agushagmc mìgur l`rkht survhy [02\ sagwhc unhlpmgylhntw`s qufth mgw (5.1%), iut unchr-hlpmgylhnt vhry afoa iheùsh gb unsuftìmh jgis (39.9%) gr tah nulihr gb agurs wgrkhc (98%), sg lgrh ta`n ?4% gb tah wgrkbgreh `rh hftahr unhlpmgyhc gr unchr-hlpmgyhc. Sagshihtwhhn 08-93 l`kh up 9?.3% gb tah wgrkfno pgpum`tfgn (91% fn tgwns `nc 98% fn tah eguntrysfch). Vgunophgpmh (unchr 98) `msg sufflhr lgst brgl unhlpmgylhnt (8.6% eglp`rhc wfta 5.1% gvhr`mm), wfta lgrh `fflhethcfn tgwns (1.6%) ta`n fn rur`m `rh`s (5.6%).

Sah fnthrn`tfgn`m ffǹ nef m̀ `nc mgè m pgmftfè m erfshs ̀ rh rhekgnhc tg a v̀h chstrgyhc 552 444 jgis (13.?% gb tahlfn fncustry `nc tah shrvfehs `nc fnbr`strueturh shetgrs) `nc l`ch ìgut 64% gb jgis prhe`rfgus, èegrcfno tg tahFnthrn`tfgn`m Mìgur Gro`nfz`tfgn (FMG).

Sah ogvhrnlhnt a s̀ ` n t̀fgn m̀ hlpmgylhnt pgmfey, tah TNH, wafea fs flpmhlhnthc targuoa ` n t̀fgn m̀hlpmgylhnt suppgrt prgor`llh, tah TNUH, bgr 944?-00. Sahsh twg `rh i`shc gn tah str`thofe prfgrftfhs gb chvhmgpfno mge`m skfmms (hsphef`mmy iggstfno tah hlpmgyìfmfty gb vumnhrìmh orgups), hneguròfno shetgrs ta`tohnhr`th jgis `nc flprgvfno tah mho`m `nc fnstftutfgn`m hnvfrgnlhnt. Vguta hlpmgylhnt fs `msg ` bgeus gb taheguntry prgor`llh bgr chehnt wgrk (TTSC) `nc rhofgn`m jgi-prglgtfgn str`thofhs (UYTH) fn twg `rh`s(R`tgv`vy Bftgvfn`ny `nc @tsflg @ncrhb`n`). Uhvhr`m ogvhrnlhnt igcfhs[0?\ ch`m wfta yguta hlpmgylhnt.

Ogvhrnlhnt lh`surhs, targuoa tah lfnfstry gb tah efvfm shrvfeh, mìgur `nc sgef`m m`ws (LBTSMU), tg ahmp ygunophgpmh hnthr tah mìgur l`rkht fnemuch: f) strhnotahnfno ehntr`mfshc jgi-shhkfno shrvfehs; ff) rhfnbgrefno rhofgn`m

hlpmgylhnt `nc tr`fnfno bèfmftfhs; fff) shhkfno `pprhntfeh pmèhlhnt òrhhlhnts; fv) gro`nfsfno hlpmgylhnt`nc tr`fnfno `cvfeh `nc fnbgrl`tfgn shrvfehs; v) hxafiftfgns ìgut hlpmgylhnt stòhc fn bgur prgvfnehs; vf)tr`fnfno fn jgi-shhkfno theanfquhs `nc vge`tfgn`m tr`fnfno `s whmm `s fnftf`m `nc egntfnugus tr`fnfno; `nc vff)theanfe`m suppgrt bgr chsfonfno jgi `nc fneglh-ohnhr`tfno prgjhets. @sshsslhnt gb tahsh lh`surhs fs ngt `mw`ysh`sy, bgr mèk gb c`t`.

Gnh-gffl lh`surhs tg ahmp yguno iusfnhss phgpmh `nc prgvfch skfmms tr`fnfno fnemuch ` prgor`llh tg suppgrtsl`mm rur`m ffrls `nc rhofgn`m hegnglfhs (TYGUTHYHY L`cò`se`r) sht up fn 9441 tg ahmp orgwta gb sl`mm ngn-òrfeumtur`m tr`chs fn rur`m `rh`s `nc tg fnvgmvh 90 444 sl`mm iusfnhsshs (LHY). Ft prgvfchs skfmms `pprhntfehsafpstg yguno phgpmh wag w`nt tg erh`th gr ffnc ` jgi. XN òhnefhs `rh `msg tryfno tg ahmp yguta hlpmgylhnt, [01\wfta jgi b`frs (fn @n`m`l`no`, @ntsfr`n`n` `nc Là`j`no`) suppgrthc iy tah FMG, `nc, targuoa tah XnfthcN`tfgns Chvhmgplhnt Trgor`llh (XNCT), tah hstìmfsalhnt gb bgur fnbgrl`tfgn, oufc`neh `nc jgi `nc shmb-hlpmgylhnt ahmp ehntrhs bgr phgpmh `nc iusfnhsshs aurt iy tah erfsfs, fn tah e`pft`m, Làftsy, Sgmf`ry-vfmmh `ncU`fnt @uoustfn (Sgmf`ry FF).

Sah lfsl`tea ihtwhhn tr`fnfno ǹc tah skfmms nhhcs gb hlpmgyhrs fs ̀ ifo prgimhl fn afrfno yguno phgpmh. I s̀fe`nc unfvhrsfty hcue`tfgn, `nc ogvhrnlhnt theanfe m̀ `nc vge t̀fgn`m tr`fnfno[06\ turn gut or`cu`ths wag `rh ngt`mw`ys `c`pthc bgr tah mìgur l`rkht. @igut 63% gb afoahr hcue`tfgn or`cu`ths fn 9446 qu`mfffhc fn hcue`tfgn,mfthr`turh, sgef`m `nc n`tur`m sefhnehs, `nc ah`mtae`rh. Gnmy 3% whrh or`cu`ths fn hnofnhhrfno `nc fncustrf`mprgcuetfgn `nc prgehssfno hvhn taguoa tahsh `rh skfmms afoamy sguoat `bthr iy tah prfv`th shetgr.

@ 9400 survhy iy tah Brhnea Chvhmgplhnt @ohney @BC ( @ohneh br`nï`fsh ch cævhmgpphlhnt)[94\ bgunc khypgthntf`m hlpmgylhnt shetgrs fn L`cò`se`r whrh tgurfsl, òrfeumturh, òrg-fncustry, fnbgrl`tfgn theangmgoy,tr`nspgrt `nc egnstruetfgn. Ft s`fc gnmy 844 phgpmh fn tah wagmh eguntry whrh stucyfno òrfeumturh `nc tgurfsl,shetgrs ta`t egumc prgvfch tah lgst jgis. Sah sftu`tfgn w`s tah s`lh fn egnstruetfgn, wfta ` eargnfe mèk gb qu`mfffhc wgrkhrs. Yheruftlhnt fs hvhn lgrh cfsteumt fn ngn-str`thofe gr ngn-prfgrfty shetgrs, mh`cfno sglh ifoffrls tg sht up tahfr gwn tr`fnfno bèfmftfhs. Mfttmh `tthntfgn fs yht ofvhn tg thèafno lhtagcs `t shegnc`ry `ncunfvhrsfty mhvhm.

@s tah bgrl`m shetgr e`nngt ìsgri hnguoa gb tah l`ny mhss-qu`mfffhc yguno phgpmh, tah fnbgrl`m shetgr rhl`fnstah bgeus bgr jgis `nc tr`fnfno. Sah eurrhnt n`tfgn`m erfsfs fs hnm`rofno tah fnbgrl`m shetgr targuoa orgwta gb unchr-hlpmgylhnt `nc i`c wgrkfno egncftfgns, gb wafea yguno phgpmh `rh tah l`fn vfetfls.

Fnsustefhnt jgi erh`tfgn tg ìsgri tah unhlpmgyhc fs ` l`jgr gistèmh, `mgno wfta mèk gb fnbgrl`tfgn `ncegllunfe`tfgn ihtwhhn tah jgi-shhkhrs `nc fnthrhsthc hlpmgyhrs. Afrfno gb yguno phgpmh fn L`cò`se`r fs ngtsg luea ìgut v`rfgus egsts `nc ea`rohs[90\ `nc tah eurrhnt mho`m lfnflul wòh. Y`tahr, hlpmgyhrs `rh vhryrhmuet`nt tg afrh phgpmh wftagut hxphrfhneh gr ffrst-tflh jgi-shhkhrs gn mgno egntrèts. _fta lgrh `nc lgrhbfrst-tflhrs `rrfvfno gn tah jgi l`rkht,[99\ hlpmgyhrs `rh cgfno vhry mfttmh tg ahmp or`cu`ths `nc tr`fnhhs.

I`sfe prgor`llhs tg iggst yguta hlpmgylhnt hxfst iut a`vh mflfthc egvhròh. Sah jgi-shhkfno systhl a`sl`ny `ws `nc tah @BC survhy ngthc tah ìshneh gb ` systhl tg l`kh phgpmh hlpmgyìmh. Vguno phgpmh `rhgbthn mhbt tg tahfr gwn chvfehs fn tafs rhsphet. Sah gee`sfgn`m hlpmgylhnt b`frs gnmy t`roht yguno or`cu`ths.Ihtwhhn 98% `nc 84% gb yguno jgi-shhkhrs `rh ìmh tg sfon gn wfta `n hlpmgylhnt òhney. Trfv`th



15/16

hlpmgylhnt ffrls ahmp bhwhr ta`n 04% gb yguno phgpmh. L`cò`se`r `msg a`s ng systhl gb unhlpmgylhntihnhbft.

_fta sg l`ny yguno phgpmh, ohttfno tahl fntg jgis sagumc ih ` l`jgr egnehrn bgr tah ogvhrnlhnt. Uthps tg iht`khn[95\ sagumc fnemuch, fn tah sagrt thrl, qufekmy hncfno tah pgmftfe`m erfsfs tg stgp burtahr chstruetfgn gb jgis`nc chsfonfno (`s sggn `s tah erfsfs fs gvhr) sphef`m yguta hlpmgylhnt prgor`llhs fnemucfno vge`tfgn`m tr`fnfno,ahmp fn ffncfno jgis, st`rtfno wgrk, rhfnthor`tfgn `nc rhtr`fnfno, `s whmm `s èehss tg mg`ns bgr shmb-hlpmgylhnt.Lhcful-thrl lh`surhs sagumc fnemuch rhtafnkfno tah hcue`tfgn `nc tr`fnfno systhl tg strhnotahn mfnks tg tah

jgis l r̀kht `nc mùneafno ` shrfgus hegnglfe rhegvhry prgor`llh t`rohtfno shetgrs lgst `fflhethc iy tahpgmftfe`m `nc hegnglfe erfsfs, p`yfno sphef`m `tthntfgn tg ULHs.

[02\ Lgst tah c`t` gn yguta hlpmgylhnt fs t`khn brgl tafs survhy. Safs shetfgn `msg cr`ws gn `n `sshsslhnt gb tah flpèt gb tah hegnglfe `nc pgmftfe`m erfshs gn hlpmgylhnt puimfsahc iy tah FMG `nc tah XNCT fn Chehlihr9400 `nc gn tah @BC @prfm 9400 wgrkfno cgeulhnt ― Lætfhrs pgrthurs : mh rómh ch m‖hntrhprhn`rf`t, ch m`bgrl`tfgn ht ch m‖fnshrtfgn prgbhssfgnnhmmh ä p`rtfr ch m‖`n`mysh ch trgfs p`ys.

[0?\ Sahsh `rh tah lfnfstrfhs gb tah efvfm shrvfeh, mìgur `nc sgef`m m`w (LBTSMU); hcue`tfgn (LHN); theanfe`mhcue t̀fgn `nc vge`tfgn`m tr`fnfno (LHSBT); afoahr hcue t̀fgn `nc sefhntfbfe rhsh`rea; bfn`neh ǹc tah iucoht; tah

hegngly `nc fncustry; tr`ch; pgpum`tfgn; yguta `nc mhfsurh (LJM), `s whmm `s tah n`tfgn`m lgnftgrfno ehntrh bgrhlpmgylhnt `nc vge`tfgn`m tr`fnfno (GLHB), tah n`tfgn`m egllftthh tg lgnftgr jgi erh`tfgn `nc pgvhrtyrhcuetfgn, tah n`tfgn`m mìgur egunefm, tah trfp`rtfth rhofgn`m hlpmgylhnt egunefms, `nc v`rfgus st`th òhnefhs`nc tr`fnfno hstìmfsalhnts.

[01\ Sahsh hbbgrts `rh hxpm`fnhc fn tah Chehlihr 9400 FMG/XNCT rhpgrt.

[06\ Sah eguntry gnmy a`s 25 ogvhrnlhnt vge`tfgn`m tr`fnfno ehntrhs.

[94\ @BC @prfm 9400 wgrkfno cgeulhnt, gp. eft.

[90\ Egst gb cfslfss`m, sgef`m sheurfty chcuetfgns `nc gtahr ea`rohs, `nc unehrt`fnty ìgut wòh egsts iheùsh gb unprhcfetìmh bumbfmlhnt gb egntrèts.

[99\ Sah 9404 _grmc I`nk rhpgrt gn tah ea`mmhnohs gb uri`nfs`tfgn fn L`cò`se`r put tah nulihr `t ìgut544 444 ` yh`r fn tah l`fn eftfhs.

[95\ Sahsh rhegllhnc`tfgns `rh p`rtmy fnspfrhc iy tagsh fn tah Chehlihr 9400 FMG/XNCT rhpgrt gn prglgtfgn

gb chehnt wgrk.

Ngths

0 Sgurfsl bfourhs `rh brgl tah Sìmhù ch igrc ch m‖æegnglfh ch L`cò`se`r, Fnstftut N`tfgn`m ch m` Ut`tfstfquh, J`nu r̀y 9409.

9 @fc wfmm ih nhhchc, agwhvhr, bgr tah agmcfno gb hmhetfgns.

5 Sahsh suisfcfhs `rh ohnhr`m `nc ngt hsphef`mmy cfrhethc tgw`rc tah pggr.

3 C`t` gn tr`ch wfta tahsh rhofgn`m orgupfnos eglh brgl tah rhpgrt gb tah Fncf`n Geh`n Egllfssfgn òsafp



16/16

survhy, @bCI, Getgihr 9400.

8 C`t` gn v`muh hxpgrts `nc flpgrts `rh brgl tah Sìmhù ch igrc ch m‖æegnglfh ch L`cò`se`r, J`nu`ry 9409.

2 Uhttmhlhnt gb tahsh fs `lgno tah sagrt-thrl sthps prgpgshc iy tah OHL `s p`rt gb hegnglfe rhegvhrylh`surhs.

? Uhh Sìmhù ch Igrc ch m‖æegnglfh ch L`cò`se`r, J`nu`ry 9409.

1 Uhh Iummhtfn ch m` IEL, Junh 9400.

6 Uagrt-thrl lh`surhs fnemuch p`yfno ogvhrnlhnt `rrh`rs gwhc tg prfv`th ffrls, ` chffnftfvh sgmutfgn tg pgwhreuts `nc shttfno up ` br`nk cf`mgouh ihtwhhn tah ogvhrnlhnt `nc tah prfv`th shetgr. Lhcful-thrl gnhs fnemuchgro`nfsfno ihtthr hegnglfe tr`nsp`rhney `nc cr`btfno ` pgmfey gb p`rtnhrsafps fn lfnfno fnvhstlhnts.

04 Pft L`cò`se`r Lfnhr`ms, Yfg Sfntg, @li`tgvy `nc Kr`gl` U@.

00 Gnmy bgrlhr Trhsfchnt Cfcfhr Y`tsfr`k`‖s p`rty a`s ngt yht sfonhc.

09 Sah Uwfss `li`ss`cgr, tah ah`c gb tah Hurgph`n Xnfgn (HX) chmho`tfgn `nc tah XN Yhsfchnt Eggrcfn`tgra`vh `mrh`cy prhshnthc ehrtfffhc egpfhs gb tahfr erhchntf`ms tg tah bgrhfon lfnfsthr, gn rhsphetfvhmy 96Ngvhlihr, `nc 09 `nc 9? Chehlihr 9400.

05 Sah cfsh`sh `fflhets 4.0% gb tah 08-93 òh orgup. Trhvhntfgn `nc trh`tlhnt prgor`llhs `rh gnogfno bgrtafs, tuihreumgsfs `nc l`m`rf`, iut egvhròh fs sl`mm `nc rhcuefno, `s buncfno tg egli`t fnbhetfgus cfsh`shs a`scwfncmhc iheùsh gb tah pgmftfe`m erfsfs. Sah èafhvhlhnts sg b`r `rh unchr shrfgus tarh`t.

03 Iheùsh gb tah susphnsfgn gb lgst cfrhet `fc tg tah ogvhrnlhnt, tah ah`mta iucoht w`s eut iy 35% fn 9404`nc 03% fn 9400 brgl tah 9446 prh-erfsfs iucoht mhvhm. Iheùsh gb rhoum`tfgn prgimhls, gnmy 22% gb tah 9404gnh w`s egllftthc.

08 Sah hcue`tfgn iucoht w`s eut 06% fn 9404 `nc 1% fn 9400 brgl tah 9446 prh-erfsfs iucoht mhvhm.

02 Lgst tah c`t` gn yguta hlpmgylhnt `rh t`khn brgl tafs survhy. Safs shetfgn `msg cr`ws gn `n `sshsslhnt gb tah flpèt gb tah hegnglfe `nc pgmftfe`m erfshs gn hlpmgylhnt puimfsahc iy tah FMG `nc tah XNCT fn Chehlihr9400 `nc gn tah @ohneh br`nï f̀sh ch cævhmgpphlhnt (@BC) @prfm 9400 wgrkfno cgeulhnt ― Lætfhrs pgrthurs :

mh rómh ch m‖hntrhprhn`rf`t, ch m` bgrl`tfgn ht ch m‖fnshrtfgn prgbhssfgnnhmmh ä p`rtfr ch m‖`n`mysh ch trgfs p`ys.

0? Sahsh `rh tah lfnfstrfhs gb tah efvfm shrvfeh, mìgur `nc sgef`m m`w (LBTSMU); hcue`tfgn (LHN); theanfe`mhcue t̀fgn `nc vge`tfgn`m tr`fnfno (LHSBT); afoahr hcue t̀fgn `nc sefhntfbfe rhsh`rea; bfn`neh ǹc tah iucoht; tahhegngly `nc fncustry; tr`ch; pgpum`tfgn; yguta `nc mhfsurh (LJM), `s whmm `s tah n`tfgn`m lgnftgrfno ehntrh bgrhlpmgylhnt `nc vge`tfgn`m tr`fnfno (GLHB), tah n`tfgn`m egllftthh tg lgnftgr jgi erh`tfgn `nc pgvhrtyrhcuetfgn, tah n`tfgn`m mìgur egunefm, tah trfp`rtfth rhofgn`m hlpmgylhnt egunefms, `nc v`rfgus st`th òhnefhs`nc tr`fnfno hstìmfsalhnts.

01 Sahsh hbbgrts `rh hxpm`fnhc fn tah Chehlihr 9400 FMG/XNCT rhpgrt.

06 Sah eguntry gnmy a`s 25 ogvhrnlhnt vge`tfgn`m tr`fnfno ehntrhs.

94 @BC @prfm 9400 wgrkfno cgeulhnt, gp. eft.

90 Egst gb cfslfss`m, sgef`m sheurfty chcuetfgns `nc gtahr ea`rohs, `nc unehrt`fnty ìgut wòh egsts iheùsh gb unprhcfetìmh bumbfmlhnt gb egntrèts.

99 Sah 9404 _grmc I`nk rhpgrt gn tah ea`mmhnohs gb uri`nfs`tfgn fn L`cò`se`r put tah nulihr `t ìgut544 444 ` yh`r fn tah l`fn eftfhs.

95 Sahsh rhegllhnc`tfgns `rh p`rtmy fnspfrhc iy tagsh fn tah Chehlihr 9400 FMG/XNCT rhpgrt gn prglgtfgngb chehnt wgrk.

madagascar 2012

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