Under these circumstances, the amount outstanding of CP and corporate bonds issued has been above the previous year's level and the year-on-year rate of increase in the amount outstanding of lending by private banks, after adjusting for the liquidation of loans and loan write-offs, has been accelerating since August 2005 when the year-on-year rate of change turned positive.
On average, trade has grown much more rapidly than GDP over the past decades. Especially from the mid-1980s onwards and during the 1990s, world trade expanded substantially more than world output growth in every year, with the difference reaching as much as 7 percentage points in some years.