International Journal of Civil Engineering and Technology (IJCIET) Volume 10, Issue 03, March 2019, pp. 1046-1055, Article ID: IJCIET_10_03_102 Available online at http://www.iaeme.com/ijciet/issues.asp?JType=IJCIET&VType=10&IType=03 ISSN Print: 0976-6308 and ISSN Online: 0976-6316 © IAEME Publication Scopus Indexed TOURISM REVENUE IN MAJOR TOURISM CLUSTER IN THAILAND: DETERMINANTS AND RESPONSES OF MACROECONOMIC VARIABLES Bundit Chaivichayachat Department of Economics, Faculty of Economics, Kasetsart University Bangkok, Thailand ABSTRACT In order to promote tourism sector to be a major sector to enhance the economic growth in Thailand, MOTS set up the tourism clusters which included the province that located in the same area, the same activity and the same culture. This paper aims to find the determinants of the visitor’s behaviors and to simulate the response of tourism revenue, sectoral final demand and sector output in Andaman and Lanna tourism clusters. The results can be used for policy recommendation to promote tourism in cluster level. The difference in tourism characters were found. The behavior of tourists in each tourism cluster are difference. They response to the economic factors with their own specific character. For sectoral analysis, tourism revenue concentrates on limited sectors. (1) The specific policy of promoting tourism in each cluster should be proposed. Moreover, the qualitative policy should be applied. (2) As the tourism revenue concentrated in limited sectors, the other policy which is target on the promoting of the others sectors to treat the equality economic expansion together with the enhancing of sectoral linkage. and (3) In fact, tourism section contributes a slice share in total output. Then, the promotion on tourism sector alone cannot generate a significant economic expansion. For sustain economic expansion and development, the alternative policy should be considered. Key words: Thai Tourism, Bridge Matrix, Tourism Policy Cite this Article: Bundit Chaivichayachat, Tourism Revenue in Major Tourism Cluster in Thailand: Determinants and Responses of Macroeconomic Variables., International Journal of Civil Engineering and Technology, 10(03), 2019, pp. 1046–1055 http://www.iaeme.com/IJCIET/issues.asp?JType=IJCIET&VType=10&IType=03 http://www.iaeme.com/IJCIET/index.asp 1046 editor@iaeme.com Bundit Chaivichayachat 1. INTRODUCTION To promote tourism sector to be a major sector to enhance the economic growth in Thailand, MOTS set up the tourism clusters which included the province that located in the same area, the same activity and the same culture. There are 8 tourism clusters, named Lanna Culture, Royal Coast, Active Beach, Andaman, South I-san, Cultural in Central, Khong River and Chao Phraya River. Among these clusters, Andaman cluster and Lanna cluster are the important tourism cluster both in term of tourist number and in term of tourism revenues. (Table 1.1 and Table 1.2) For the behaviors of visitors, Bundit (2018) found that the behavior of visitor in 8 clusters are differences. They responses to the differences set of macroeconomic variables. Then, the specific policy for each cluster are required. This paper aims to find the determinants of the visitor’s behaviors and to simulate the response of tourism revenue, sectoral final demand and sector output in Andaman and Lanna tourism clusters by applied tourism input-output table. The results can be used for policy recommendation for Andaman and Lanna clusters to promote tourism in cluster level. Table 1.1: Visitors in 8 Tourism Clusters Lanna Culture Royal Coast Active Beach Andaman South I-san Cultural in Central Khong River Chao Phraya River Total Source: Department of Tourism 2010 8,121,709 8,079,227 16,738,835 10,317,185 9,571,493 10,017,504 322,056 4,547,157 69,295,905 2011 9,361,322 9,628,135 18,023,131 14,669,508 10,947,661 8,565,999 5,079,895 4,539,051 77,923,424 2012 11,392,272 11,026,840 19,757,639 17,701,748 11,759,420 10,129,714 5,676,396 5,527,483 89,592,933 http://www.iaeme.com/IJCIET/index.asp 1047 2013 12,019,986 11,696,881 20,711,369 20,255,102 12,944,660 10,461,621 6,601,508 6,082,771 97,205,626 2014 13,836,485 12,374,205 20,437,168 22,957,420 13,328,234 11,105,677 6,816,155 6,371,675 103,399,508 2015 14,848,013 12,940,899 22,126,467 25,699,039 14,518,237 12,070,063 7,820,709 6,783,196 112,669,515 person 2016 15,399,272 13,416,960 27,104,201 26,531,958 15,296,606 12,436,919 8,129,055 7,098,513 121,182,897 editor@iaeme.com Tourism Revenue in Major Tourism Cluster in Thailand: Determinants and Responses of Macroeconomic Variables Table 1.2: Tourism Revenues in 8 Tourism Clusters Lanna Culture Royal Coast Active Beach Andaman South I-san Cultural in Central Khong River Chao Phraya River Total Source: Department of Tourism 2010 68,962 28,938 167,402 274,036 16,277 17,100 6,892 9,675 565,516 2011 88,994 52,471 166,511 274,588 19,397 14,350 10,725 10,306 607,472 2012 103,210 57,491 227,653 532,753 21,541 22,043 12,458 14,267 963,368 2013 83,771 50,127 151,826 353,464 23,428 18,104 10,408 14,473 676,636 2014 98,837 53,626 151,113 375,031 24,367 19,615 10,971 15,416 716,824 2015 110,674 57,935 186,141 443,267 27,499 21,737 12,898 17,215 840,748 Million Baht 2016 151,146 76,290 393,342 856,550 31,270 29,398 15,205 20,080 1,535,553 2. MODEL AND METHODOLOGY Demand theory was referred to explain the behavior of visitor in Lanna culture and Andaman cluster. The tourism revenues function can be set up referred to Kara et al. (2005), Alvarez (2007), Allen and Yop (2009), Onder et al. (2009), Monebi and Rahim (2010), Song and Wei (2010), HanafionHarun and Jamaluddin (2011), Ibranim (2011), Skuflic and Stokovic (2011), Betonio (2013), Altindag (2013), Bentum-Ennin (2014), Deluna and Jeon (2014), Laframboise et al. (2014) and Moorthy (2014). The tourism revenue for foreign visitors and Thai visitors in Lanna Culture and Andaman can be defined as following: RF1 = f (YM, PW, EX, PT, RT, TB, CR, HG, HS, PS, YO, PO, Q1, Q2, Q4) (1) RT1 = f (YT, UT, PT, RT, TB, CR, HG, HS, PS, PW, EX, YO, PO, Q1, Q2, Q4) (2) RF2 = f (YM, PW, EX, PT, RT, TB, CR, HG, HS, PS, YO, PO, Q1, Q2, Q4) (3) RT2 = f (YT, UT, PT, RT, TB, CR, HG, HS, PS, PW, EX, YO, PO, Q1, Q2, Q4) (4) where RF1 and RT1 are foreign and Thai visitor tourism revenue in Lanna Culture, RF2 and RT2 are foreign and Thai visitor tourism revenue in Andaman, YM is per capita income of foreign tourists (US dollar), PW is world’s consumer price index, EX is nominal exchange rate (Bath: US dollar), PT is consumer price index in Thailand, RT is market share of retail trade to GDP (percent), TB is government budget to promote tourism sector (million baht), CR is crime rate (time), HG is number of hotels and guest houses, HS is number of hospital, PS is dummy variable represents economic and political instability (= 1 when instability), YO is per capita income in Thai’s neighbor, PO is consumer price index in Thai’s neighbor, and Q1, Q2 and Q4 are dummy variable for quarter. http://www.iaeme.com/IJCIET/index.asp 1048 editor@iaeme.com Bundit Chaivichayachat For the sectoral analysis, the regional tourism input-output table for Lanna Culture and Andaman will be organized for the calculation of bridge matrix, which used for disaggregating the aggregate tourism revenue and calculate the final demand generated by tourism sector. The revenues which were induced by foreign visitors will be set in special export column and the revenues received from Thai’s visitor will be set in consumption column. Then, the matrix can be constructed as following: BF' bf1 bf 2 bf 26 (5) BT' bt1 bt 2 bt 26 (6) 26 where BF is bridge matrix of foreign tourism revenue, bfi Efi / Efi , Efi is foreign i1 26 visitor’s expenditure on sector i, BT is bridge matrix of Thai tourism revenue, bt i Et i / Et i i1 and Eti is Thai visitor’s expenditure on sector i. After defining the bridge matrix, the inverse Leontief’s matrix will be arranged to calculate the output as following XT (I A) 1(BF RF) (I A) 1(BT RT ) (7) where XT is vector of output level initiate by tourism revenue, A is technology matrix, RF is foreign tourism revenue, RT is Thai tourism revenue, (BF RF) is sectoral final demand caused by foreign tourism revenue and (BT RT ) is sectoral final demand caused by Thai tourism revenue. The methodology process can be summarized in Figure 2.1. Figure 2.1: Research Methodologies The quarterly data during 2010-2016 collecting from ministry of tourism and sports (MOTS), bank of Thailand (BOT) and IMF, will used to estimate the tourism revenue functions. For sectoral analysis, regional tourism input-output table including 26 sectors for 2015 will be prepared to calculate bridge matrix, sectoral final demand and sectoral output. http://www.iaeme.com/IJCIET/index.asp 1049 editor@iaeme.com Tourism Revenue in Major Tourism Cluster in Thailand: Determinants and Responses of Macroeconomic Variables 3. RESULTS 3.1. Estimation The least squared (LS) technique was applied to estimate the revenue function. The estimations were developed by General-to-Specific approach to search for the determinants which are statistical significant. The estimated equations can be summarized in Table 3.1. The results indicate that all groups of visitors are significantly determined by exchange rate and size of retail trade sector. For the others economic variables, the estimated equations suggest that the difference group of foreign tourists will response to the macroeconomic factors in difference patterns. In Lanna culture, both foreign and Thai visitors are determined by consumer price index and the number of hotel and guest house. In contrast, these two factors cannot determine the tourism income in Andaman. Tourism budget for promoting tourism determines only for Thai visitors both in Lanna and Andaman. Crime rate shows the negative relationship with foreign tourism revenue in both clusters. Not only have the economic variables, the results also indicated the seasonal effect on the tourism revenue in all group of tourism in Lanna culture and Andaman. The behavior of tourism revenue from Thai visitors both in Lanna culture and Andaman are difference among quarter. For the income by foreign visitor, a positive significant increase is found in fourth quarter. The results confirm that tourism revenue are responses to the macroeconomic variables and seasonal in the difference ways. Table 3.1: Estimated Equation of Tourism Revenue in Lanna and Andaman Cluster Constant RF1 17232.24 RT1 549124.20 RF2 RT2 620722.40 4770982.00 t-stat. 4.65 4.66 2.23 4.86 EX 459.15 3208.14 11805.09 34269.42 2.49 4.47 t-stat. 5.21 2.44 PT -391.92 -2118.90 t-stat. -2.67 -2.09 YM 30.71 t-stat. 2.90 RT 9679.10 106836.30 211817.90 741782.10 t-stat. 3.86 6.03 2.67 5.10 CR -0.05 t-stat. -4.28 HG 0.90 28.59 t-stat. 3.45 4.10 PS -580.99 -4201.14 -12352.71 t-stat. 2.39 -3.06 -1.98 UT -0.75 -2.64 261.85 4.53 -17.51 t-stat. -1.78 TB 17.01 t-stat. 4.59 HS 91.86 191.33 t-stat. 4.31 3.32 YO -125.20 t-stat. Q1 147.42 5.40 5.74 -1184.40 -4.44 1189.97 807.69 -5.43 47993.81 t-stat. 4.20 6.33 Q2 -715.20 19845.51 t-stat. -2.85 Q4 1488.41 8613.32 51137.92 t-stat. 5.50 5.91 7.79 4.58 R-squared F-statistic 0.937 29.767 0.918 19.073 0.938 30.431 0.795 11.110 http://www.iaeme.com/IJCIET/index.asp 2.92 1050 52303.85 editor@iaeme.com Bundit Chaivichayachat 3.2. Structure of visitor’s Expenditure, Bridge Matrices and Sectoral Final Demand Table 3.2 shows the structure of visitor’s expenditure from Tourism Satellite Account (TSA) 2015. Higher than 85 percent of the visitor’s expenditure spends on tourism characteristics products especially in food and beverage serving services, and accommodation services. The structures of visitor’s expenditure were employed to set up the bridge matrix for foreign visitors (BF) and Thai visitors (BT) following equation (5) and (6). The coefficients in two bridge matrices collected in Table 3.3. By equation (7), the contribution of tourism revenue on sectoral final demand and sectoral output in Andaman and Lanna cluster in 2014 and 2015 explore in Table 3.4 and Table 3.5. 3.3. Simulation This section used to explore the impact of macroeconomic factors on tourism and output in 2015. There are 3 scenarios which imposed including the expansion of retail trade sector, the instability in economic and political condition, and the increasing in government budget to promote tourism. For the first scenario, 5 percent increasing in market share of retail trade to GDP is assumed. The results on sectoral output in Lanna Culture and Andaman show in Table 3.6. The increasing market share of retail trade to GDP generates the increasing in output for 17,295.35 million baht and 1,570.40 million baht by Thai and foreign tourists in Lanna culture. For Andaman, the output caused by Thai and foreign tourists will increase for 16,734.71 million baht and 33,179.76 million baht in response to the expansion of retail trade. The total output for Lanna culture and Andaman increase for 18,865.75 million baht and 49,914.47 million baht respectively. The results for the second scenario present in Table 3.7. The negative condition for the case the political and economic instability is assumed. Then, the output induced by Thai and foreign tourists in Lanna and Foreign tourists will decline. The output caused by tourism in Lanna culture and Andaman decreased for 10,307.78 million baht and 8,759.78 million baht. For the third scenario, 10 percent increasing in government budget to promote tourism policy is applied. In response to this case, output caused by Thai tourists in Lanna culture and Andaman will add up for 9,481.55 million baht and 79,489.38 million baht. (Table 3.8) 4. CONCLUSION The difference in tourism characters were found. The behavior of tourists in each tourism cluster are difference. They response to the economic factors with their own specific character. Not only the difference between clusters, the results also emphasis on the difference between foreign and Thai tourists. For sectoral analysis, tourism revenue concentrates on limited sectors. (1) The specific policy of promoting tourism in each cluster should be proposed. Moreover, the qualitative policy should be applied. (2) As the tourism revenue concentrated in limited sectors, the other policy which is target on the promoting of the other sectors to treat the equality economic expansion together with the enhancing of sectoral linkage. and (3) In fact, tourism section contributes a slice share in total output. Then, the promotion on tourism sector alone cannot generate a significant economic expansion. For sustain economic expansion and development, the alternative policy should be considered. http://www.iaeme.com/IJCIET/index.asp 1051 editor@iaeme.com Tourism Revenue in Major Tourism Cluster in Thailand: Determinants and Responses of Macroeconomic Variables Table 3.2: Visitor’s Expenditure Foreign Visitors 2014 2015 Lanna Cluster A. Consumption products A.1 Tourism characteristic products 1. Accommodation services for visitors 2. Food and beverage serving services 3. Railway passenger transport services 4. Road passenger transport services 5. Water passenger transport services 6. Air passenger transport services 7. Transport equipment rental services 8. Travel agencies and other reservation services 9. Cultural services 10. Sports and recreational services 11. Country-specific tourism characteristic goods 12. Country-specific tourism characteristic services A.2 Other consumption products Total Andaman Cluster 3,946.00 4,549.00 7,309.15 8,121.83 4,468.81 5,110.21 11,065.79 12,321.11 215.37 228.36 354.75 398.98 347.99 386.84 1,327.52 1,410.96 11.81 11.86 593.95 778.68 422.87 542.37 994.35 1,153.07 3,293.03 3,656.10 1,694.33 1,918.03 2,740.07 3,011.27 1,511.58 1,702.00 3,211.01 3,561.01 1,570.36 1,781.96 3,257.31 3,621.27 1,303.34 1,498.05 2,670.79 2,988.82 2,370.14 2,602.83 5,876.59 6,527.07 19,028.02 21,720.89 41,528.88 46,160.79 Foreign Visitors 2014 2015 A. Consumption products A.1 Tourism characteristic products 1. Accommodation services for visitors 38,412.45 2. Food and beverage serving services 41,695.21 3. Railway passenger transport services 1.10 4. Road passenger transport services 1,789.38 5. Water passenger transport services 3,696.89 6. Air passenger transport services 3,563.27 7. Transport equipment rental services 8. Travel agencies and other reservation services 17,963.75 9. Cultural services 4,971.72 10. Sports and recreational services 17,218.26 11. Country-specific tourism characteristic goods 10,205.52 12. Country-specific tourism characteristic services 6,625.77 A.2 Other consumption products 19,526.66 Total 165,669.99 Source: Ministry of Tourism and Sports http://www.iaeme.com/IJCIET/index.asp Million Baht Thai Visitors 2014 2015 1052 Million Baht Thai Visitors 2014 2015 46,816.57 9,033.20 9,806.70 50,650.06 12,013.69 13,172.24 1.18 10.31 1.16 2,758.76 1,255.11 1,547.39 6,246.35 103.30 89.74 4,894.15 886.84 850.65 21,873.44 3,847.53 4,280.21 6,060.79 1,696.24 1,858.11 20,626.79 4,756.77 5,141.12 12,316.12 3,022.60 3,309.42 8,052.79 2,319.29 2,673.55 21,582.92 7,088.23 8,024.66 201,879.91 46,033.11 50,754.94 editor@iaeme.com Bundit Chaivichayachat Table 3.3: Bridge Matrices Lanna Culture Andaman 2014 Sector 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 2015 2014 Domestic Foreign Domestic Foreign Tourism Tourism Tourism Tourism Revenue Revenue Revenue Revenue 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.1760 0.2665 0.0085 0.0320 0.0000 0.0102 0.0000 0.0793 0.0660 0.0773 0.0784 0.0643 0.1415 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.2074 0.2349 0.0113 0.0183 0.0006 0.0312 0.0000 0.0523 0.0890 0.0794 0.0825 0.0685 0.1246 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.1759 0.2669 0.0086 0.0306 0.0000 0.0117 0.0000 0.0792 0.0652 0.0771 0.0784 0.0647 0.1414 0.0000 0.0000 Sector 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.2094 0.2353 0.0105 0.0178 0.0005 0.0358 0.0000 0.0531 0.0883 0.0784 0.0820 0.0690 0.1198 0.0000 0.0000 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020 021 022 023 024 025 026 2015 Domestic Foreign Domestic Foreign Tourism Tourism Tourism Tourism Revenue Revenue Revenue Revenue 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.1962 0.2610 0.0002 0.0273 0.0022 0.0193 0.0000 0.0836 0.0368 0.1033 0.0657 0.0504 0.1540 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.2319 0.2517 0.0000 0.0108 0.0223 0.0215 0.0000 0.1084 0.0300 0.1039 0.0616 0.0400 0.1179 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.1932 0.2595 0.0000 0.0305 0.0018 0.0168 0.0000 0.0843 0.0366 0.1013 0.0652 0.0527 0.1581 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.2319 0.2509 0.0000 0.0137 0.0309 0.0242 0.0000 0.1083 0.0300 0.1022 0.0610 0.0399 0.1069 0.0000 0.0000 Table 3.4: Sectoral Final Demand Induced by Tourism Revenues Lanna Culture Sector Billion Baht Thai Tourism Revenue Foreign Tourism Revenue Others Total Adaman Sector Billion Baht Thai Tourism Revenue Foreign Tourism Revenue Others Total 001 0.00 0.00 169,813.31 169,813.31 001 0.00 0.00 107,771.12 107,771.12 002 003 004 0.00 0.00 0.00 0.00 0.00 0.00 299.44 57,612.18 24,979.58 299.44 57,612.18 24,979.58 002 003 004 0.00 0.00 0.00 0.00 0.00 0.00 1,696.14 15,355.75 9,167.59 1,696.14 15,355.75 9,167.59 005 006 0.00 0.00 0.00 0.00 13,518.19 1,607.75 13,518.19 1,607.75 005 006 0.00 0.00 0.00 0.00 7,318.33 1,614.50 7,318.33 1,614.50 007 008 009 0.00 0.00 0.00 0.00 0.00 0.00 28,867.79 18,420.57 29,823.35 28,867.79 18,420.57 29,823.35 007 008 009 0.00 0.00 0.00 0.00 0.00 0.00 10,146.28 3,933.87 8,580.32 10,146.28 3,933.87 8,580.32 010 0.00 0.00 65,523.94 65,523.94 010 0.00 0.00 31,474.28 31,474.28 011 012 013 0.00 7.72 11.69 0.00 4.25 4.79 0.00 66,289.49 35,358.18 0.00 66,301.45 35,374.67 011 012 013 0.00 9.42 12.59 0.00 42.61 46.17 0.00 96,586.48 79,238.90 0.00 96,638.52 79,297.67 014 0.38 0.22 760.84 761.44 014 0.01 0.00 374.62 374.63 015 016 017 1.37 0.00 0.48 0.37 0.01 0.69 12,955.71 376.46 5,246.79 12,957.45 376.48 5,247.96 015 016 017 1.40 0.10 0.87 2.27 4.97 4.23 8,526.10 9,978.10 3,582.77 8,529.77 9,983.16 3,587.87 018 0.00 0.00 165.18 165.18 018 0.00 0.00 190.69 190.69 019 020 3.47 2.88 1.07 1.81 4,441.65 21,460.59 4,446.20 21,465.27 019 020 4.06 1.78 19.92 5.52 23,208.74 8,448.00 23,232.72 8,455.29 021 022 3.39 3.44 1.61 1.68 4,965.37 6,054.32 4,970.37 6,059.43 021 022 4.95 3.17 18.92 11.26 8,213.43 26,617.09 8,237.30 26,631.51 023 024 2.83 6.20 1.40 2.49 0.00 5,833.77 4.23 5,842.46 023 024 2.50 7.56 7.34 20.55 0.00 14,296.98 9.84 14,325.09 025 026 0.00 0.00 0.00 0.00 135,613.98 8,805.97 135,613.98 8,805.97 025 026 0.00 0.00 0.00 0.00 55,186.34 113.87 55,186.34 113.87 Total 43.84 20.37 718,794.41 718,858.63 Total 48.39 183.77 531,620.30 531,852.47 Lanna Culture Sector percent Thai Tourism Foreign Tourism Others Total Revenue Revenue http://www.iaeme.com/IJCIET/index.asp Adaman Sector 1053 percent Thai Tourism Revenue Foreign Tourism Revenue Others Total editor@iaeme.com 001 0.00 0.00 100.00 100.00 001 0.00 0.00 100.00 100.00 002 003 0.00 0.00 0.00 0.00 100.00 100.00 100.00 100.00 002 003 0.00 0.00 0.00 0.00 100.00 100.00 100.00 100.00 Tourism Revenue in Major Tourism Cluster in Thailand: Determinants and Responses of Macroeconomic Variables Table 3.5 Sectoral Output induced by Tourism Revenues Lanna Culture Sector Thai Tourism Foreign Tourism Revenue Revenue Billion Baht Adaman Others Total Sector Billion Baht Thai Tourism Foreign Tourism Revenue Revenue Others Total 001 5.56 2.43 261,237.16 261,245.15 001 6.42 24.46 178,968.35 178,999.22 002 003 004 005 006 3.28 7.15 0.39 15.44 67,896.44 117,031.94 67,901.28 117,042.19 23.48 22.51 48,010.61 291,154.39 48,011.20 291,176.87 81,296.48 63,347.52 30,963.48 129,072.58 81,326.33 63,375.95 30,970.74 129,120.47 5,160.97 5,161.09 002 003 004 005 006 6.37 5.92 1.46 10.28 0.08 1.57 3.10 0.20 7.04 0.04 0.08 0.26 2,929.22 2,929.56 007 008 009 010 7.85 0.54 5.81 0.13 3.82 0.26 2.83 0.06 313,503.87 313,515.54 10.79 41.64 189,417.20 189,469.63 37,996.79 99,252.35 66,549.09 37,997.60 99,260.98 66,549.28 007 008 009 010 0.65 5.27 0.43 2.57 19.60 1.88 12,569.18 55,567.50 35,545.99 12,572.40 55,592.38 35,548.30 011 012 013 014 0.00 7.77 12.26 0.00 67,342.26 37,534.53 0.00 67,354.30 37,551.82 0.00 43.66 47.62 0.00 99,228.85 81,415.27 0.00 99,282.18 81,475.89 853.50 854.10 011 012 013 014 0.00 9.68 13.00 0.38 0.00 4.27 5.04 0.22 0.01 0.03 441.01 441.05 015 016 017 018 1.42 0.00 0.65 0.00 0.39 0.01 0.85 0.00 13,370.57 13,372.39 377.30 6,871.39 377.31 6,872.89 9,842.62 10,043.36 9,847.02 10,048.49 5,402.90 5,409.93 245.13 1.56 0.11 1.22 0.00 2.84 5.03 5.81 245.12 015 016 017 018 0.02 226.11 226.13 019 020 021 022 3.90 4.22 3.39 3.56 1.24 2.53 1.61 1.73 5,300.94 35,121.55 5,306.07 35,128.29 22.44 9.80 18.95 11.37 26,131.65 17,243.33 5,078.89 6,456.95 4.58 2.99 4.96 3.19 26,104.63 17,230.54 5,073.89 6,451.66 019 020 021 022 8,291.30 26,903.76 8,315.21 26,918.32 023 024 025 2.83 6.21 1.38 0.00 6,034.08 146,770.29 4.23 6,042.78 146,772.39 7.34 20.82 4.75 0.00 14,953.27 65,659.63 9.84 14,981.71 65,665.65 0.29 10,132.60 10,133.03 023 024 025 026 2.50 7.62 1.27 026 1.40 2.49 0.72 0.13 0.50 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