, and to 9.25 percent in October 1993. The broad measure of the money supply in Germany increased 7.5 percent over the 12-month period, while the M-1 measure increased by 9.5 percent.
The monetary initiatives did not yield all of the desired economic outcomes. Selected measures of Germany's economic performance over the November 1992-October 1993 period are presented in Exhibit 2 which may be found below on this page.
Selected Measures of Germany's Economic Performance November 1992-October 1993
================================================================= Period
-----------------------------------------------
Measure Nov92-Jan93 Feb93-Apr93 May93-Jul93 Aug93-Nov93 -------------- ----------- ----------- ----------- -----------
Gross Domestic - 1.9% - 3.3% - 5.6% + 2.3%
Product
Industrial -14.6% -18.0% - 1.8% - 1.4%
Production
Unemployment 7.4% 7.8% 8.2% 8.6%
Consumer Prices + 3.5% + 3.5% + 3.1% + 1.2%
Wages/Earnings + 1.1% + 1.6% + 7.3% + 5.0%
[sources: "Economic and Financial Indicators," 6 February
1993, p. 111; 1 May 1993, p. 113; 7 August 1993, p. 91; 30 October 1993, p. 119.]
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