Month Billion Francs 1865-01-01 0.81 1865-02-01 0.78 1865-03-01 0.76 1865-04-01 0.81 1865-05-01 0.80 1865-06-01 0.80 1865-07-01 0.90 1865-08-01 0.92 1865-09-01 0.83 1865-10-01 0.87 1865-11-01 0.91 1865-12-01 0.88 1866-01-01 0.97 1866-02-01 0.89 1866-03-01 0.85 1866-04-01 0.89 1866-05-01 0.92 1866-06-01 0.88 1866-07-01 0.97 1866-08-01 0.98 1866-09-01 0.94 1866-10-01 0.96 1866-11-01 0.97 1866-12-01 0.94 1867-01-01 1.10 1867-02-01 1.06 1867-03-01 1.00 1867-04-01 1.01 1867-05-01 1.06 1867-06-01 10.4 1867-07-01 1.13 1867-08-01 1.12 1867-09-01 1.12 1867-10-01 1.19 1867-11-01 1.16 1867-12-01 1.12 1868-01-01 1.21 1868-02-01 1.19 1868-03-01 1.18 1868-04-01 1.26 1868-05-01 1.20 1868-06-01 1.21 1868-07-01 1.29 1868-08-01 1.22 1868-09-01 1.22 1868-10-01 1.27 1868-11-01 1.27 1868-12-01 1.38 1869-01-01 1.38 1869-02-01 1.34 1869-03-01 1.31 1869-04-01 1.34 1869-05-01 1.32 1869-06-01 1.32 1869-07-01 1.37 1869-08-01 1.35 1869-09-01 1.39 1869-10-01 1.38 1869-11-01 1.36 1869-12-01 1.40 1870-01-01 1.47 1870-02-01 1.41 1870-03-01 1.44 1870-04-01 1.41 1870-05-01 1.40 1870-06-01 1.45 1870-07-01 1.53 1870-08-01 1.71 1871-06-01 2.21 1871-07-01 1.96 1871-08-01 1.96 1871-09-01 1.91 1871-10-01 2.20 1871-11-01 2.36 1871-12-01 2.33 1872-01-01 2.45 1872-02-01 2.45 1872-03-01 2.37 1872-04-01 2.36 1872-05-01 2.37 1872-06-01 2.25 1872-07-01 2.43 1872-08-01 2.30 1872-09-01 2.40 1872-10-01 2.62 1872-11-01 2.62 1872-12-01 2.66 1873-01-01 2.86 1873-02-01 2.80 1873-03-01 2.74 1873-04-01 2.79 1873-05-01 2.78 1873-06-01 2.81 1873-07-01 2.97 1873-08-01 2.87 1873-09-01 2.89 1873-10-01 3.01 1873-11-01 2.92 1873-12-01 2.81 1874-01-01 2.83 1874-02-01 2.70 1874-03-01 2.60 1874-04-01 2.63 1874-05-01 2.51 1874-06-01 2.48 1874-07-01 2.54 1874-08-01 2.50 1874-09-01 2.48 1874-10-01 2.55 1874-11-01 2.55 1874-12-01 2.64 1875-01-01 2.64 1875-02-01 2.58 1875-03-01 2.52 1875-04-01 2.52 1875-05-01 2.39 1875-06-01 2.35 1875-07-01 2.42 1875-08-01 2.37 1875-09-01 2.41 1875-10-01 2.38 1875-11-01 2.40 1875-12-01 2.44 1876-01-01 2.50 1876-02-01 2.46 1876-03-01 2.46 1876-04-01 2.44 1876-05-01 2.42 1876-06-01 2.43 1876-07-01 2.44 1876-08-01 2.51 1876-09-01 2.47 1876-10-01 2.53 1876-11-01 2.62 1876-12-01 2.56 1877-01-01 2.66 1877-02-01 2.62 1877-03-01 2.54 1877-04-01 2.50 1877-05-01 2.51 1877-06-01 2.43 1877-07-01 2.42 1877-08-01 2.39 1877-09-01 2.37 1877-10-01 2.42 1877-11-01 2.46 1877-12-01 2.47 1878-01-01 2.51 1878-02-01 2.47 1878-03-01 2.37 1878-04-01 2.32 1878-05-01 2.31 1878-06-01 2.28 1878-07-01 2.34 1878-08-01 2.30 1878-09-01 2.28 1878-10-01 2.34 1878-11-01 2.25 1878-12-01 2.21 1879-01-01 2.34 1879-02-01 2.27 1879-03-01 2.20 1879-04-01 2.24 1879-05-01 2.20 1879-06-01 2.20 1879-07-01 2.30 1879-08-01 2.17 1879-09-01 2.15 1879-10-01 2.23 1879-11-01 2.28 1879-12-01 2.28 1880-01-01 2.32 1880-02-01 2.25 1880-03-01 2.21 1880-04-01 2.27 1880-05-01 2.26 1880-06-01 2.24 1880-07-01 2.30 1880-08-01 2.23 1880-09-01 2.35 1880-10-01 2.36 1880-11-01 2.40 1880-12-01 2.48 1881-01-01 2.52 1881-02-01 2.48 1881-03-01 2.52 1881-04-01 2.54 1881-05-01 2.52 1881-06-01 2.60 1881-07-01 2.60 1881-08-01 2.52 1881-09-01 2.60 1881-10-01 2.71 1881-11-01 2.75 1881-12-01 2.78 1882-01-01 2.85 1882-02-01 2.78 1882-03-01 2.67 1882-04-01 2.67 1882-05-01 2.66 1882-06-01 2.67 1882-07-01 2.69 1882-08-01 2.74 1882-09-01 2.67 1882-10-01 2.73 1882-11-01 2.86 1882-12-01 2.79 1883-01-01 2.90 1883-02-01 2.80 1883-03-01 2.83 1883-04-01 2.86 1883-05-01 2.99 1883-06-01 2.90 1883-07-01 2.98 1883-08-01 2.96 1883-09-01 2.93 1883-10-01 3.00 1883-11-01 2.94 1883-12-01 2.95 1884-01-01 3.16 1884-02-01 2.97 1884-03-01 2.90 1884-04-01 2.95 1884-05-01 2.90 1884-06-01 2.87 1884-07-01 2.97 1884-08-01 2.82 1884-09-01 2.81 1884-10-01 2.90 1884-11-01 2.86 1884-12-01 2.86 1885-01-01 2.98 1885-02-01 2.91 1885-03-01 2.87 1885-04-01 2.92 1885-05-01 2.78 1885-06-01 2.76 1885-07-01 2.82 1885-08-01 2.72 1885-09-01 2.73 1885-10-01 2.82 1885-11-01 2.80 1885-12-01 2.92 1886-01-01 2.90 1886-02-01 2.83 1886-03-01 2.79 1886-04-01 2.85 1886-05-01 2.75 1886-06-01 2.77 1886-07-01 2.78 1886-08-01 2.67 1886-09-01 2.74 1886-10-01 2.73 1886-11-01 2.71 1886-12-01 2.79 1887-01-01 2.85 1887-02-01 2.76 1887-03-01 2.82 1887-04-01 2.75 1887-05-01 2.70 1887-06-01 2.75 1887-07-01 2.69 1887-08-01 2.56 1887-09-01 2.62 1887-10-01 2.65 1887-11-01 2.66 1887-12-01 2.73 1888-01-01 2.80 1888-02-01 2.74 1888-03-01 2.72 1888-04-01 2.73 1888-05-01 2.72 1888-06-01 2.60 1888-07-01 2.59 1888-08-01 2.55 1888-09-01 2.55 1888-10-01 2.61 1888-11-01 2.62 1888-12-01 2.62 1889-01-01 2.83 1889-02-01 2.79 1889-03-01 2.85 1889-04-01 2.87 1889-05-01 2.90 1889-06-01 2.80 1889-07-01 2.84 1889-08-01 2.81 1889-09-01 2.88 1889-10-01 3.12 1889-11-01 3.01 1889-12-01 3.00 1890-01-01 3.20 1890-02-01 3.11 1890-03-01 3.03 1890-04-01 3.04 1890-05-01 3.01 1890-06-01 2.99 1890-07-01 3.09 1890-08-01 2.91 1890-09-01 2.95 1890-10-01 3.09 1890-11-01 3.06 1890-12-01 3.05 1891-01-01 3.17 1891-02-01 3.13 1891-03-01 3.12 1891-04-01 3.22 1891-05-01 3.05 1891-06-01 3.00 1891-07-01 3.05 1891-08-01 2.93 1891-09-01 2.95 1891-10-01 3.05 1891-11-01 3.02 1891-12-01 3.19 1892-01-01 3.14 1892-02-01 3.07 1892-03-01 3.17 1892-04-01 3.14 1892-05-01 3.09 1892-06-01 3.21 1892-07-01 3.12 1892-08-01 3.09 1892-09-01 3.14 1892-10-01 3.21 1892-11-01 3.27 1892-12-01 3.30 1893-01-01 3.32 1893-02-01 3.38 1893-03-01 3.48 1893-04-01 3.48 1893-05-01 3.48 1893-06-01 3.45 1893-07-01 3.44 1893-08-01 3.47 1893-09-01 3.40 1893-10-01 3.55 1893-11-01 3.56 1893-12-01 3.48 1894-01-01 3.61 1894-02-01 3.53 1894-03-01 3.46 1894-04-01 3.47 1894-05-01 3.54 1894-06-01 3.40 1894-07-01 3.41 1894-08-01 3.37 1894-09-01 3.38 1894-10-01 3.53 1894-11-01 3.50 1894-12-01 3.48 1895-01-01 3.75 1895-02-01 3.68 1895-03-01 3.58 1895-04-01 3.59 1895-05-01 3.55 1895-06-01 3.46 1895-07-01 3.48 1895-08-01 3.34 1895-09-01 3.37 1895-10-01 3.63 1895-11-01 3.51 1895-12-01 3.65 1896-01-01 3.68 1896-02-01 3.58 1896-03-01 3.58 1896-04-01 3.77 1896-05-01 3.58 1896-06-01 3.55 1896-07-01 3.58 1896-08-01 3.46 1896-09-01 3.59 1896-10-01 3.63 1896-11-01 3.60 1896-12-01 3.84 1897-01-01 3.76 1897-02-01 3.67 1897-03-01 3.70 1897-04-01 3.72 1897-05-01 3.64 1897-06-01 3.67 1897-07-01 3.62 1897-08-01 3.55 1897-09-01 3.76 1897-10-01 3.73 1897-11-01 3.69 1897-12-01 3.81 1898-01-01 3.79 1898-02-01 3.71 1898-03-01 3.83 1898-04-01 3.71 1898-05-01 3.66 1898-06-01 3.71 1898-07-01 3.58 1898-08-01 3.54 1898-09-01 3.59 1898-10-01 3.70 1898-11-01 3.80 1898-12-01 3.81 1899-01-01 3.86 1899-02-01 3.80 1899-03-01 3.83 1899-04-01 3.78 1899-05-01 3.70 1899-06-01 3.76 1899-07-01 3.72 1899-08-01 3.80 1899-09-01 3.76 1899-10-01 3.86 1899-11-01 4.04 1899-12-01 3.98 1900-01-01 4.05 1900-02-01 3.97 1900-03-01 3.99 1900-04-01 4.01 1900-05-01 4.11 1900-06-01 3.95 1900-07-01 3.97 1900-08-01 3.96 1900-09-01 3.95 1900-10-01 4.02 1900-11-01 4.09 1900-12-01 4.19 1901-01-01 4.45 1901-02-01 4.33 1901-03-01 4.17 1901-04-01 4.18 1901-05-01 4.03 1901-06-01 3.96 1901-07-01 3.97 1901-08-01 3.91 1901-09-01 3.96 1901-10-01 4.22 1901-11-01 4.06 1901-12-01 4.07 1902-01-01 4.25 1902-02-01 4.15 1902-03-01 4.11 1902-04-01 4.12 1902-05-01 4.08 1902-06-01 4.04 1902-07-01 4.22 1902-08-01 4.00 1902-09-01 4.06 1902-10-01 4.28 1902-11-01 4.25 1902-12-01 4.30 1903-01-01 4.43 1903-02-01 4.33 1903-03-01 4.27 1903-04-01 4.48 1903-05-01 4.28 1903-06-01 4.23 1903-07-01 4.28 1903-08-01 4.12 1903-09-01 4.14 1903-10-01 4.29 1903-11-01 4.22 1903-12-01 4.49 1904-01-01 4.36 1904-02-01 4.27 1904-03-01 4.43 1904-04-01 4.29 1904-05-01 4.17 1904-06-01 4.31 1904-07-01 4.19 1904-08-01 4.11 1904-09-01 4.27 1904-10-01 4.29 1904-11-01 4.25 1904-12-01 4.32 1905-01-01 4.37 1905-02-01 4.31 1905-03-01 4.37 1905-04-01 4.36 1905-05-01 4.30 1905-06-01 4.36 1905-07-01 4.31 1905-08-01 4.43 1905-09-01 4.38 1905-10-01 4.48 1905-11-01 4.65 1905-12-01 4.57 1906-01-01 4.72 1906-02-01 4.67 1906-03-01 4.70 1906-04-01 4.71 1906-05-01 4.77 1906-06-01 4.54 1906-07-01 4.51 1906-08-01 4.50 1906-09-01 4.50 1906-10-01 4.61 1906-11-01 4.71 1906-12-01 4.71 1907-01-01 5.03 1907-02-01 4.93 1907-03-01 4.74 1907-04-01 4.75 1907-05-01 4.75 1907-06-01 4.67 1907-07-01 4.70 1907-08-01 4.62 1907-09-01 4.69 1907-10-01 5.05 1907-11-01 4.82 1907-12-01 4.80 1908-01-01 4.95 1908-02-01 4.79 1908-03-01 4.72 1908-04-01 4.99 1908-05-01 4.75 1908-06-01 4.69 1908-07-01 4.80 1908-08-01 4.66 1908-09-01 4.75 1908-10-01 4.91 1908-11-01 4.89 1908-12-01 5.23 1909-01-01 4.99 1909-02-01 4.93 1909-03-01 4.97 1909-04-01 5.12 1909-05-01 5.03 1909-06-01 4.96 1909-07-01 5.00 1909-08-01 4.87 1909-09-01 5.22 1909-10-01 5.14 1909-11-01 5.09 1909-12-01 5.32 1910-01-01 5.29 1910-02-01 5.18 1910-03-01 5.34 1910-04-01 5.19 1910-05-01 5.07 1910-06-01 5.24 1910-07-01 5.04 1910-08-01 4.92 1910-09-01 5.17 1910-10-01 5.26 1910-11-01 5.17 1910-12-01 5.26 1911-01-01 5.30 1911-02-01 5.19 1911-03-01 5.24 1911-04-01 5.76 1911-05-01 5.04 1911-06-01 5.13 1911-07-01 5.03 1911-08-01 5.20 1911-09-01 5.33 1911-10-01 5.33 1911-11-01 5.45 1911-12-01 5.31 1912-01-01 5.32 1912-02-01 5.16 1912-03-01 5.23 1912-04-01 5.23 1912-05-01 5.24 1912-06-01 5.11 1912-07-01 5.09 1912-08-01 5.07 1912-09-01 5.19 1912-10-01 5.66 1912-11-01 5.47 1912-12-01 5.58 1913-01-01 5.88 1913-02-01 5.79 1913-03-01 5.59 1913-04-01 5.61 1913-05-01 5.51 1913-06-01 5.40 1913-07-01 5.68 1913-08-01 5.41 1913-09-01 5.52 1913-10-01 5.81 1913-11-01 5.65 1913-12-01 5.71 1914-01-01 5.89 1914-02-01 5.76 1914-03-01 5.74 1914-04-01 6.04 1914-05-01 5.81 1914-06-01 5.85 1914-07-01 6.68 1914-12-01 10.04 1915-01-01 10.47 1915-02-01 10.96 1915-03-01 11.18 1915-04-01 11.58 1915-05-01 11.83 1915-06-01 12.10 1915-07-01 12.59 1915-08-01 12.05 1915-09-01 13.46 1915-10-01 13.87 1915-11-01 14.28 1915-12-01 13.31 1916-01-01 13.86 1916-02-01 14.30 1916-03-01 14.95 1916-04-01 15.28 1916-05-01 15.44 1916-06-01 15.81 1916-07-01 16.09 1916-08-01 16.42 1916-09-01 16.71 1916-10-01 16.59 1916-11-01 16.12 1916-12-01 16.68 1917-01-01 17.33 1917-02-01 17.89 1917-03-01 18.46 1917-04-01 19.01 1917-05-01 19.48 1917-06-01 19.82 1917-07-01 20.20 1917-08-01 20.57 1917-09-01 20.99 1917-10-01 21.71 1917-11-01 22.69 1917-12-01 22.34 1918-01-01 23.53 1918-02-01 24.31 1918-03-01 25.18 1918-04-01 26.40 1918-05-01 27.30 1918-06-01 28.55 1918-07-01 29.15 1918-08-01 29.43 1918-09-01 29.92 1918-10-01 30.78 1918-11-01 29.07 1918-12-01 30.25 1919-01-01 31.98 1919-02-01 32.72 1919-03-01 33.37 1919-04-01 33.98 1919-05-01 34.06 1919-06-01 34.44 1919-07-01 35.02 1919-08-01 35.09 1919-09-01 35.79 1919-10-01 36.97 1919-11-01 37.42 1919-12-01 37.27 1920-01-01 37.58 1920-02-01 37.89 1920-03-01 37.57 1920-04-01 37.69 1920-05-01 37.91 1920-06-01 37.54 1920-07-01 37.70 1920-08-01 37.90 1920-09-01 39.21 1920-10-01 39.08 1920-11-01 38.81 1920-12-01 37.90 1921-01-01 37.91 1921-02-01 37.81 1921-03-01 38.44 1921-04-01 38.21 1921-05-01 38.23 1921-06-01 37.42 1921-07-01 36.94 1921-08-01 36.78 1921-09-01 37.13 1921-10-01 37.15 1921-11-01 36.34 1921-12-01 36.49 1922-01-01 36.43 1922-02-01 36.15 1922-03-01 35.53 1922-04-01 35.79 1922-05-01 35.67 1922-06-01 36.04 1922-07-01 36.05 1922-08-01 36.39 1922-09-01 36.60 1922-10-01 36.69 1922-11-01 36.11 1922-12-01 36.36 1923-01-01 36.79 1923-02-01 37.06 1923-03-01 37.19 1923-04-01 36.55 1923-05-01 36.74 1923-06-01 36.69 1923-07-01 36.93 1923-08-01 37.36 1923-09-01 37.63 1923-10-01 37.67 1923-11-01 37.33 1923-12-01 37.91 1924-01-01 38.83 1924-02-01 39.34 1924-03-01 39.95 1924-04-01 39.82 1924-05-01 39.56 1924-06-01 39.66 1924-07-01 40.32 1924-08-01 40.03 1924-09-01 40.34 1924-10-01 40.53 1924-11-01 40.45 1924-12-01 40.60 1925-01-01 40.52 1925-02-01 40.79 1925-03-01 40.89 1925-04-01 43.05 1925-05-01 42.70 1925-06-01 43.00 1925-07-01 44.50 1925-08-01 44.70 1925-09-01 45.56 1925-10-01 46.68 1925-11-01 48.09 1925-12-01 51.09 1926-01-01 50.62 1926-02-01 50.99 1926-03-01 51.49 1926-04-01 52.21 1926-05-01 52.74 1926-06-01 58.07 1926-07-01 56.02 1926-08-01 55.15 1926-09-01 55.01 1926-10-01 54.58 1926-11-01 53.26 1926-12-01 52.91 1927-01-01 52.17 1927-02-01 51.70 1927-03-01 52.38 1927-04-01 52.21 1927-05-01 51.80 1927-06-01 52.79 1927-07-01 52.76 1927-08-01 52.67 1927-09-01 54.16 1927-10-01 54.70 1927-11-01 54.96 1927-12-01 56.55 1928-01-01 57.13 1928-02-01 57.70 1928-03-01 58.58 1928-04-01 59.20 1928-05-01 59.20 1928-06-01 60.63 1928-07-01 60.44 1928-08-01 62.18 1928-09-01 62.65 1928-10-01 61.33 1928-11-01 62.66 1928-12-01 63.92 1929-01-01 62.15 1929-02-01 62.51 1929-03-01 64.58 1929-04-01 62.85 1929-05-01 64.32 1929-06-01 64.92 1929-07-01 64.14 1929-08-01 66.47 1929-09-01 66.64 1929-10-01 68.27 1929-11-01 68.16 1929-12-01 68.57 1930-01-01 70.34 1930-02-01 71.12 1930-03-01 70.83 1930-04-01 70.77 1930-05-01 73.08 1930-06-01 72.59 1930-07-01 72.11 1930-08-01 73.68 1930-09-01 73.05 1930-10-01 74.79 1930-11-01 75.95 1930-12-01 76.44 1931-01-01 78.56 1931-02-01 78.95 1931-03-01 77.86 1931-04-01 77.23 1931-05-01 78.18 1931-06-01 76.93 1931-07-01 79.86 1931-08-01 78.64 1931-09-01 78.17 1931-10-01 83.64 1931-11-01 82.54 1931-12-01 85.72 1932-01-01 84.72 1932-02-01 83.19 1932-03-01 81.78 1932-04-01 82.77 1932-05-01 81.42 1932-06-01 80.67 1932-07-01 82.12 1932-08-01 79.91 1932-09-01 82.46 1932-10-01 82.20 1932-11-01 81.54 1932-12-01 85.03 1933-01-01 83.31 1933-02-01 83.99 1933-03-01 86.10 1933-04-01 84.99 1933-05-01 83.27 1933-06-01 84.71 1933-07-01 82.85 1933-08-01 81.14 1933-09-01 82.99 1933-10-01 81.10 1933-11-01 80.37 1933-12-01 82.61 1934-01-01 79.47 1934-02-01 81.02 1934-03-01 82.83 1934-04-01 81.50 1934-05-01 79.99 1934-06-01 82.06 1934-07-01 80.81 1934-08-01 81.73 1934-09-01 81.48 1934-10-01 79.47 1934-11-01 81.88 1934-12-01 83.41 1935-01-01 81.69 1935-02-01 81.92 1935-03-01 83.04 1935-04-01 82.35 1935-05-01 82.78 1935-06-01 82.10 1935-07-01 81.13 1935-08-01 82.24 1935-09-01 82.24 1935-10-01 83.31 1935-11-01 82.45 1935-12-01 81.15 1936-01-01 81.50 1936-02-01 81.24 1936-03-01 83.20 1936-04-01 82.56 1936-05-01 84.70 1936-06-01 85.11 1936-07-01 85.89 1936-08-01 84.32 1936-09-01 83.75 1936-10-01 87.20 1936-11-01 86.65 1936-12-01 89.34 1937-01-01 87.69 1937-02-01 87.06 1937-03-01 85.75 1937-04-01 87.06 1937-05-01 85.74 1937-06-01 85.98 1937-07-01 89.31 1937-08-01 88.26 1937-09-01 91.37 1937-10-01 91.34 1937-11-01 90.13 1937-12-01 93.84 1938-01-01 92.26 1938-02-01 92.74 1938-03-01 98.10 1938-04-01 98.52 1938-05-01 98.92 1938-06-01 102.09 1938-07-01 101.12 1938-08-01 99.06 1938-09-01 124.43 1938-10-01 110.45 1938-11-01 106.80 1938-12-01 110.94 1939-01-01 109.38 1939-02-01 111.16 1939-03-01 119.75 1939-04-01 124.67 1939-05-01 121.39 1939-06-01 122.61 1939-07-01 123.24 1939-08-01 142.36 1939-09-01 144.56 1939-10-01 144.38 1939-11-01 149.37 1939-12-01 151.32 1940-01-01 151.74 1940-02-01 156.15