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2,36 2,242,52 2,42 2,41

2,692,49

2,31 2,091,77

1,681,4

2,772,46 2,33

2

1,65

1,461,19

0

1

2

3

4

5

6

7

8

9

:E

7/21/2019 - q42014

30/77

30

10 : 2014 ( . ).

( ) -

1,02 . .

:

- 1,27 . ,

- (

2013) 253 . , 60,02 .

60,28 . ,

( 1,56 . - 2014).

16%

30/6/2014 25% 31/12/2014 .

15,3% ( 2,11 . 13,77 . -

).

1 . ( 2 .). -

1,56 . (. 11).

0,96

2,36

3,564,33

5,196,23

7,24

8,659,68

10,91

12,5

13,77

0

2

4

6

8

10

12

14

16

. . . . . . . . . . .

: ,

7/21/2019 - q42014

31/77

31

11: ( 1.1.2014) 2014 (- . )

,

, 32

432. 250 (

500 ).

, 33( )

2014 11,41%.

65%

.

34 ,

447 2014.

340, 680 .

-

28,6% 2014. O -

32

: ( ) .

33 : , ( , , .) - .

34

: ( ) .

205

401

561

702

852

994

1.139

1.238

1.3361.417

1.479

1.561

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

. . . . . . . . . . .

: ,

7/21/2019 - q42014

32/77

32

2014 -

65%.

,

2014 690 .

307 ( ) - 720 .

24,4%

2014. ,

2014 50%

.

, 2014, 35 -

248, 50.00036-

165.

35 : - .3691/2008.

36 50.000 : 50.000 - -

.3691/2008 ( ..U. 2.3.5.2 ) ( 01/08/2013 . 8 . 68 .4174/2013)

7/21/2019 - q42014

33/77

33

2: - -

-14 -14 -14 -14 -14 -14 -14 -14 -14 -14 -14 -14

(. )1 205 401 561 702 852 994 1.139 1.238 1.336 1.417 1.479 1.561 1.561

%

2

6,38% 9,02% 9,27% 10,10% 11,37% 12,01% 13,06% 13,40% 14,16% 14,85% 14,40% 15,30% 15,30%

& H

3 14 31 50 36 22 41 38 18 33 47 36 66 432

% 4 8,46% 151,83% 57,71% 73,45% 75,91% 22,54% 16,53% 119,11% 1,23% 95,93% 3,48% 9,04% 11,41%

5 51 44 30 47 71 48 47 16 43 18 18 14 447

% 6 69,5% 89,3% 333,6% 33,6% 32,2% 24,5% 7,7% 646,0% 3,1% 103,4% 8,4% 29,9% 28,6%

& ( )

3 57 17 20 22 86 175 105 30 35 28 34 81 690

%

4

15,7% 179,3% 37,7% 55,8% 11,9% 4,4% 29,7% 37,4% 22,9% 27,7% 24,2% 29,8% 24,4%

-

7

78 22 21 25 9 5 22 13 8 17 12 16 248

50.000 8

42 12 6 21 7 5 16 10 7 17 9 13 165

:

1. : ( ) ( 1/1/2014), 30/11/2013. . 2013 .

2. % : To ( 1/12/2013 ) -

.

3. : ( ) .

4. % : , ( , , .) .

5. : ( ) .

6. % : , ( , , .) - .

7/21/2019 - q42014

34/77

34

1 9

37 -

2014 ( ) 3.804

. 749 . 16,5% 2014 ( 4.553 .) 447 . 10,52% -

2013 ( 4.251 .). 2014 -

515 .

11,92%,

2014 (

325 . 8,14%) (. 12)

12: ( . )

,

2.257 . 2014 632 . 21,9%

2014 ( 2.889 .) 396 . 14,9% 2013 ( 2.653 .).

2014

273 . 10,8%.

2014 ( 754 .) 36 . 4,6%

2014 ( 790 .) 67 . 9,8%

37 : : , () (), - (). , ( ), -

, - , ....

7.755

8.841

4.2514.553 4.712

4.845 4.806 4.683 4.664

3.994 4.009 4.1594.319

3.804

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

:

7/21/2019 - q42014

35/77

35

2013 ( 687 .). 2014

150 . 16,6%.

731 . 2014 -

278 . 61,4% 2014 ( 453 -

. ) 212 . 40,8% 2013 ( 519.)38. 2014 -

13 . 1,8%. (. 13)

13: ( . )

( -

) 31/12/2011

9,5 ., , 2015, 31/8/2014

4,7 ..

2014 39

7,2 . (3).

38 ( ), 90

.39. 2015, . 166.

901

724

519

453 437 459

531 549

666

742 745713 718 731

0

100

200

300

400

500

600

700

800

900

1000

:

7/21/2019 - q42014

36/77

36

3: 2014 ( . )

2014 ( ) 1.145

( ) 1.773 - 1.526

1.294

- 534

127 6.399

- 793

7.192: , , . 166

7/21/2019 - q42014

37/77

37

2 2002-2013

14: 2002-2013: ( )

2002- 2013. -

: 2002-2007 -

2008 ( )

2013. 2005,

ESA 95.

:

1,2%.

26,2%, 25%.

- 4,2% , ,

4,4% . , 173%

( 10% 2002 27,3% 2013).

7,3% 2008 27,3% 2013 (

274%).

2,2%.

24,3%,

26,5% 2014, -

3,4

5,9

4,4

2,3

5,5

3,5

-0,2

-3,1

-4,9

-7,1-7

-3,9

-8

-6

-4

-2

0

2

4

6

8

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

:, , 2014

7/21/2019 - q42014

38/77

38

40 2015. ,

4,1% ,

(-4,4%), (-

7,7% 2011 -9,3% 2012).

1,5% . 3,5% (21,1% ),

3,8% (22,6% ). -

,

(29,4% 31% ) (23,8%).

-

42% . 95% ,

53%. , -

(8,9% -

15,8%). , -

-

.

-

14%. 12%, -

2009 (-19,4%), 2008 2013

(1,7% 1,8% ) 2010 5,2%.

, 26%, 2004 (17,3%)

.

20%. 52%,

, 2008

0,9%. 32%, -

2006 2007 (11% 15% ). -

( ) -

() -

, -

.

40 2015 ESA 95, - ESA 2010. -

. , ESA 2010- 0,2% 2014.

7/21/2019 - q42014

39/77

39

3 2015

3 1 2015

2015

2015 2,9% 2013

( ... 2,3% ESA-10,

2010) ,

.

4: (% , )

2013* 2014** 2015***

-3,9 0,6 2,9

-2,0 0,2 1,6

-6,5 -1,8 -2,0

-9,5 1,0 11,7

2,1 8,2 5,2

-

-1,6 2,3 2,2

-0,9 -1,0 0,3

-2,3 -2,5 0,4

** -3,8 0,6 2,6

** 25,5 24,8 22,6

* ESA 2010, ** , *** /

: , 2015, 26

15: (%) 2008-2015

-0,4

-4,4

-5,3

-8,9

-6,6

-4,0

0,8

2,3

0,2

-3,4

3,0

1,91,3 1,4

1,82,3

-10

-8

-6

-4

-2

0

2

4

2008 2009 2010 2011 2012 2013 2014 2015

...:O.O..

7/21/2019 - q42014

40/77

40

,

-

.

, , ,

,

,

.

,

-

-

. -

. ,

380 400 . ,

2014 100 ..

, ( 50% 2014)

-

( 1,3 . 1,2 . 2013),

.

, 400 . 2015

2014 .

, , -

,

.

, 2015 -

.

, -

-

.

-

.

7/21/2019 - q42014

41/77

41

3 2

2015

2015 ( -

) 3,0% ..., 5,6 .,

3,3 . ( 1,8% ), 2014 41. ,

69,7%

( 2,3 . ,

) 2014 -

2014

42

( -

)43.

5: 2013-2015 ( . )

ESA 2013()

2014()

2015()

1. (, -, )

-11.351 -6.181 -3.388

2. (, , )

-7.039 -4.135 -573

3. ()

756 638 863

4. ()

3.352 1.229 -750

5. (2+3+4) -2.931 -2.268 -460

% -1,6% -1,3% -0,2%

6. 7.271 7.518 7.867

% 4,0% 4,2% 4,3%

7. ESA(5+6)

4.340 5.250 7.408

% 2,4% 2,9% 4,0%

8.

2.145 3.299 5.595

% 1,2% 1,8% 3,0%9. 319.133 318.000 316.900

% 174,9% 177,7% 171,4%

182.438 178.944 184.870

: , 2015, . 99

41 2015, . 99, 3.1.

42 2014 72,8 . 40,7% , 2014 - 1,1 . .

43

2014 ( ) 4,9 ..

7/21/2019 - q42014

42/77

42

2015 47,0 . (

, 21,9 . 25,1 . ) 1,4 . -

2014.

,

-

-

. 6,4 .,

400 . 2014.

2015 : (-

, .) 1,2%

( 42,4 . 2014 41,9 . 2015).

2,3%.

17,5% 51,1% .

260 . 5,1% 2014.

2015 -

( ). -

1,8 . 5%

2014 , , -

,

1,6 . 4,5%.

,

17% 22,9% . - 17%,

28,9%.

( ESA) 7,9 . (4,3%

), 7,5 . (4,2% ) 2014.

7/21/2019 - q42014

43/77

43

4

4 1 2014

( ) 3,75

. 2,1% ( ) 1,82 . 1,0% .

2,73 . -

300,6%

2015 ( 0,91 .) 2014.

, 1,88 . ( 4,72 . 6,59 . -

) 1,05% 1,67 . 0,93%

2015 2014.

, 1,87 . 1,05% ( ) 3,7 . 2,1%

.

()

3,07 . 62,1% -

2015 ( 4,94 .) 2014.

,

2015 ( -0,76 .) 2,94 . 385,8% -

( 3,7 . 2,1% ) 2014.

4 1 1 2014

( -

) 51,37 .

7,1% -

2015 ( 55,28 .) 2014.

46,65 . -

3,5 . 7,0%

2015 ( 50,15 .) 2014.

47,82 . -

1,32 . 2,7% -

2015 ( 49,1 .) 2014.

( + )

44,24 . 1,38 . 3,02% -

2015 ( 45,62 .)

2014.

, 20,46 .

932 . 4,4% - 2015 ( 21,39 .), 23,78 . -

7/21/2019 - q42014

44/77

44

452 . 1,9% -

2015 ( 24,23 .).

, 571 . 4,5%

2015 -

. 151 . 5,4%

375. 4,6%

2015. ,

42 . 1,2% -

. 177 . 8,4%

2015. -

226 . 7,3% -

2015.

, - 2015 317 .

2,2%, 102 . 1,2%

31 . 6,2%. O 2 .

0,5%

2015.

274 . 2,0% -

2015

.

,

89 . 2,1%,

11 . 0,4% -

2015, 20

. 1,8%.

1,85 . 50,5%, -

2015 ( 3,67

.) 1,82 ..

234 . 7,5% - 2015.

, 4,72 . 415 . 8,1%

2015 (

5,13 .) 2014.

4 1 2

2014

( -

) 55,06 ., 0,98 . 1,7%

2015 ( 56,04 .)

2014.

7/21/2019 - q42014

45/77

45

, 48,47 . -

0,77 . 1,6%

2015 ( 49,24 .) 2014 -

98,4%.

, 41,93 . - 0,49 . 1,2%

2015 ( 42,42 .) 2014

98,8%.

105 . 23,3%

2015, 131 . -

2,3% 37 . 5,9%

2015.

, 6,59 .

208 . 3,1%

2015 ( 6,8 .), 96,9% -

.

, ,

99,6%

2015, , , -

100,2%, 99,4%

98,4%.

, .. 100,0% , ... 101,1%, .... 103,6%, 99,0%,

.... 100,0%, - 100,0% .... 94,3%.

,

2014

2015 0,98 . 1,7%,

0,49 . 1,2%

0,21 . 3,1%.

7/21/2019 - q42014

46/77

46

6: - : - 2014

-

2013 2014 2013 2014

. (-

)

. .

-

2015

2013-2014

- .

-

2015

-

2015

- -

2015-

2018

-

- 2015

-

2013

-

2015-18 -

- 2013

(1) (2) (3)(4)=[(2)-

(3)]

(5)={[(2)-

(1)]/(1)}

(6)=[(4)/(3)] (7) (8) (9)(10)={[(8)-

(7)]/(7)}

(11)={[(9)-(7)]/(7)}

I. - (1+2)

53.019 51.366 55.280 -3.914 -3,12% -7,1% 53.079 55.280 55.935 4,1% 5,4%

1. - (+-)

48.423 46.650 50.149 -3.499 -3,66% -7,0% 48.414 50.149 50.783 3,6% 4,9%

. -

51.442 49.636 52.811 -3.175 -3,51% -6,0% 51.433 52.811 53.689 2,7% 4,4%

.

-

86 384 474 -90 346,51% -19,0% 86 474 230 451,2% 167,4%

. 3.105 3.370 3.136 234 8,53% 7,5% 3.105 3.136 3.136 1,0% 1,0%

2. -

4.596 4.716 5.131 -415 2,61% -8,1% 4.665 5.131 5.152 10,0% 10,4%

.. 4.520 4.649 4.931 -282 2,85% -5,7% 4.511 4.931 4.952 9,3% 9,8%

76 67 200 -133 -11,84% -66,5% 154 200 200 29,9% 29,9%II.

(1+2)58.459 55.063 56.041 -978 -5,81% -1,7% 58.457 56.041 56.542 -4,1% -3,3%

1. (++++)

51.809 48.471 49.241 -770 -6,44% -1,6% 51.806 49.241 49.742 -5,0% -4,0%

. -

44.230 41.928 42.416 -488 -5,20% -1,2% 44.227 42.416 42.612 -4,1% -3,7%

. -

( -529 345 450 -105 -34,78% -23,3% 529 450 533 -14,9% 0,8%

7/21/2019 - q42014

47/77

47

)

. -

, 879 587 624 -37 -33,22% -5,9% 879 624 642 -29,0% -27,0%

( )

514 442 451 -9 -14,01% -2,0% 514 451 439 -12,3% -14,6%

365 145 173 -28 -60,27% -16,2% 365 173 203 -52,6% -44,4%

. ( -

)6.044 5.569 5.700 -131 -7,86% -2,3% 6.044 5.700 5.900 -5,7% -2,4%

. -

EFSF

127 42 51 -9 -66,93% -17,6% 127 51 55 -59,8% -56,7%

2. -

6.650 6.592 6.800 -208 -0,87% -3,1% 6.651 6.800 6.800 2,2% 2,2%

783 710 700 10 -9,32% 1,4% 772 700 700 -9,3% -9,3%

5.867 5.882 6.100 -218 0,26% -3,6% 5.879 6.100 6.100 3,8% 3,8%

. -

(2-

2)

-2.054 -1.876 -1.669 -207 -8,67% 12,4% -1.986 -1.669 -1.648 -16,0% -17,0%

-

/

-1,1% -1,05% -0,93% -0,1% -1,1% -0,9% -0,9% -14,3% -15,4%

V. - - (1-1)

-3.386 -1.821 908 -2.729 -46,22% -300,6% -3.392 908 1.041 -126,8% -130,7%

A T /

-1,9% -1,0% 0,5% -1,5% -1,9% 0,5% 0,6% -127,3% -131,3%

V. -

(1-1+)

2.658 3.748 6.608 -2.860 41,01% -43,3% 2.652 6.608 6.941 149,2% 161,7%

A T / 1,5% 2,1% 3,7% -1,6% 1,5% 3,7% 3,9% 154,0% 166,8%

VI. - - (I-II)

-5.440 -3.697 -761 -2.936 -32,04% 385,8% -5.378 -761 -607 -85,8% -88,7%

/

-3,0% -2,1% -0,4% -1,6% -2,9% -0,4% -0,3% -85,6% -88,5%

V. -

604 1.872 4.939 -3.067 209,93% -62,1% 666 4.939 5.293 641,6% 694,7%

7/21/2019 - q42014

48/77

48

(I-II+)

-

/ 0,3% 1,05% 2,8% -1,7% 0,4% 2,8% 3,0%

182.438 178.944 178.944 178.944 182.438 178.944 178.944:

7/21/2019 - q42014

49/77

49

4 2

-

-

. , -

.

()

2014 -

7,85 ., 4,6% -

2015 1,6% -

. 2014

8,22 .,

3,2%

2013.

()

2014, 2,66 ., 151 . -

5,4% -

2015. , 57,9% -

. 2014,

2,81 ., - 66,9% -

2013.

()

,

.

-

2015 1,2%

2014. 3,47 .. 16,1% 2013. 2014 -

3,43 .,

14,7%

2013. , -

-

(.

).

() ()

7/21/2019 - q42014

50/77

50

31,8% -

2014, 2013. 2014

2,11 ., 25,5% -

2013.

()

-

-

. 2014,

-

2013 1,3%. 2014

24,23 . 23,78 ., -

2015 1,9% 2013 3,1%.

()

( ) 2014.

2014 ( 14,54 .) 0,9%

2013, 6,5% 2013 2012.

2,2% -

2015 2014 3,0% -

2013.

, 7,3% 7,6%

2013.

25,9% 2013.

()

( -

2015) 8,8 . ,

2,23 ..

2,1% -

2013. , - 2013 3,3%.

2,7%, ( )

3,4%

11,2% 2013. 2014

1,14 . ( 40 .

1,18 . -

2013), 1,12 . 1,8%

.

() ()

7/21/2019 - q42014

51/77

51

-

470 ., 12,0% -

2013 6,2% -

2015. ,

2014 6,2%

2013.

()

415 . 8,1% -

2015

2014, 5,13 ..

2014, 4,72 .

2,6% .

2015 66,5%

5,7%. 2014 4,65 . 4,52 .

2013 2,9%.

()

2014, 265 .

8,5% 2013 234 . 7,5%

2015.

7/21/2019 - q42014

52/77

52

7: - : - 2014

-

2013 2014 2013 2014

. ( -

)

.

.

- 2015

-

-

2013-2014

. -

-

2015

-

- 2015

E -

2015-

2018

- -

-

2015

- -

2013

2015-18

- - 2013

(1) (2) (3)(4)=([2)-

(3)]

(5)={[(2)-

(1)]/(1)}(6)=[(4)/(3)] (7) (8) (9)

(10)={[(8)-

(7)]/(7)}

(11)={[(9)-

(7)]/(7)} - (1+2)

53.020 51.366 55.280 -3.914 -3,1% -7,1% 53.079 55.280 55.935 4,1% 5,4%

1. (++-)

48.424 46.650 50.149 -3.499 -3,7% -7,0% 48.414 50.149 50.783 3,6% 4,9%

. (+ + + IV) 47.172 47.819 49.141 -1.322 1,4% -2,7% 47.164 49.141 49.916 4,2% 5,8%. 20.066 20.464 21.396 -932 2,0% -4,4% 20.058 21.396 22.568 6,7% 12,5%

1. 11.497 12.207 12.778 -571 6,2% -4,5% 11.489 12.778 13.529 11,2% 17,8% 7.979 7.849 8.224 -375 -1,6% -4,6% 7.971 8.224 7.399 3,2% -7,2% 1.681 2.655 2.806 -151 57,9% -5,4% 1.681 2.806 4.043 66,9% 140,5% 1.837 1.703 1.748 -45 -7,3% -2,6% 1.837 1.748 2.087 -4,8% 13,6%

2. 2.991 3.474 3.432 42 16,1% 1,2% 2.991 3.432 3.842 14,7% 28,5%

3. 2.826 1.928 2.105 -177 -31,8% -8,4% 2.826 2.105 2.078 -25,5% -26,5%

5. 2.752 2.855 3.081 -226 3,7% -7,3% 2.752 3.081 3.119 12,0% 13,3%

. 24.549 23.776 24.228 -452 -3,1% -1,9% 24.556 24.228 24.281 -1,3% -1,1%

1. 14.666 14.224 14.541 -317 -3,0% -2,2% 14.673 14.541 14.245 -0,9% -2,9%

13.848 13.618 13.892 -274 -1,7% -2,0% 13.856 13.892 13.766 0,3% -0,6%

2.224 2.055 2.276 -221 -7,6% -9,7% 2.224 2.276 2.343 2,3% 5,4%

682 632 668 -36 -7,3% -5,4% 682 668 668 -2,1% -2,1% 10.942 10.930 10.948 -18 -0,1% -0,2% 10.950 10.948 10.755 0,0% -1,8%

,

818 606 649 -43 -25,9% -6,6% 817 649 479 -20,6% -41,4%

503 277 269 8 -44,9% 3,0% 503 269 172 -46,5% -65,8%

313 327 379 -52 4,5% -13,7% 313 379 299 21,1% -4,5%

2. 8.995 8.702 8.804 -102 -3,3% -1,2% 8.995 8.804 9.034 -2,1% 0,4%

316 305 309 -4 -3,5% -1,3% 316 309 309 -2,2% -2,2% -

56 86 86 0 53,6% 0,0% 56 86 55 53,6% -1,8%

- 4.228 4.113 4.202 -89 -2,7% -2,1% 4.230 4.202 4.334 -0,7% 2,5%

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53/77

53

( ) 2.908 2.809 2.798 11 -3,4% 0,4% 2.906 2.798 2.893 -3,7% -0,4%

-

1.183 1.119 1.139 -20 -5,4% -1,8% 1.183 1.139 1.139 -3,7% -3,7%

304 270 270 0 -11,2% 0,0% 304 270 304 -11,2% 0,0%3. 533 469 500 -31 -12,0% -6,2% 533 500 653 -6,2% 22,5%4. ' 355 381 383 -2 7,3% -0 ,5% 355 383 349 7,9% -1,7%

(+)

44.615 44.240 45.624 -1.384 -0,8% -3,0% 44.614 45.624 46.849 2,3% 5,0%

. 183 196 183 13 7,1% 7,1% 183 183 279 0,0% 52,5%IV. -

2.374 3.383 3.334 49 42,5% 1,5% 2.367 3.334 2.788 40,9% 17,8%

- (II+V)

2.557 3.579 3.517 62 40,0% 1,8% 2.550 3.517 3.067 37,9% 20,3%

.

(+++V)

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. 86 384 474 -90 346,5% -19,0% 86 474 230 451,2% 167,4% (++)

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: -

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7. 1.462 1.812 23,9% 1.799 1.767 100,7%

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783 710 -9,3% 700 700 101,4%

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74Person, T. and Tabllini, G. The Economic Effects of Constitutions, The MIT Press, Cambridge MA, 2003.

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