Chapter

STATISTICAL APPENDIX

Author(s):
International Monetary Fund. Research Dept.
Published Date:
April 2011
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The Statistical Appendix presents historical data as well as projections. It comprises five sections: Assumptions, What’s New, Data and Conventions, Classification of Countries, and Statistical Tables.

The assumptions underlying the estimates and projections for 2011-12 and the medium-term scenario for 2013—16 are summarized in the first section. The second section presents a brief description of changes to the database and statistical tables. The third section provides a general description of the data and of the conventions used for calculating country group composites. The classification of countries in the various groups presented in the World Economic Outlook is summarized in the fourth section.

The last, and main, section comprises the statistical tables. (Statistical Appendix A is included here; Statistical Appendix B is available online.) Data in these tables have been compiled on the basis of information available through late March 2011. The figures for 2011 and beyond are shown with the same degree of precision as the historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.

Assumptions

Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the period February 8—March 8, 2011. For 2011 and 2012, these assumptions imply average U.S. dollar/SDR conversion rates of 1.565 and 1.562, U.S. dollar/euro conversion rates of 1.369 and 1.362, and yen/U.S. dollar conversion rates of 82.3 and 82.5, respectively.

It is assumed that the price of oil will average $107.16 a barrel in 2011 and $108.00 a barrel in 2012.

Established policies of national authorities are assumed to be maintained. The more specific policy assumptions underlying the projections for selected economies are described in Box A1.

With regard to interest rates, it is assumed that the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits will average 0.6 percent in 2011 and 0.9 percent in 2012, that three-month euro deposits will average 1.7 percent in 2011 and 2.6 percent in 2012, and that six-month yen deposits will average 0.6 percent in 2011 and 0.3 percent in 2012.

With respect to introduction of the euro, on December 31, 1998, the Council of the European Union decided that, effective January 1, 1999, the irrevocably fixed conversion rates between the euro and currencies of the member states adopting the euro are as follows.

1 euro=13.7603Austrian schillings
=40.3399Belgian francs
=0.585274Cyprus pound1
=1.95583Deutsche mark
=15.6466Estonian krooni2
=5.94573Finnish markkaa
=6.55957French francs
=340.750Greek drachma3
=0.787564Irish pound
=1,936.27Italian lire
=40.3399Luxembourg francs
=0.42930Maltese lira4
=2.20371Netherlands guilders
=200.482Portuguese escudos
=30.1260Slovak koruna5
=239.640Slovenian tolars6
=166.386Spanish pesetas

See Box 5.4 of the October 1998 World Economic Outlook for details on how the conversion rates were established.

What’s New

  • On January 1, 2011, Estonia became the 17th country to join the euro area. Data for Estonia are not included in the euro area aggregates because the database has not yet been converted to euros but are included in data aggregated for advanced economies.
  • Starting with the April 2011 World Economic Outlook, the data for Tuvalu are included in the emerging and developing economy aggregates.
  • The country group composites for fiscal data are calculated as the sum of the U.S dollar values for the relevant individual countries. This differs from the calculations in the October 2010 and earlier issues of the World Economic Outlook, for which the composites were weighted by GDP valued at purchasing power parities (PPPs) as a share of total world GDP.
  • WEO aggregated data excludes Libya for projection years due to the uncertain political situation.
  • Except for GDP growth and inflation, projections for Côte d’lvoire are not shown due to the uncertain political situation.

Data and Conventions

Data and projections for 184 economies form the statistical basis for the World Economic Outlook (the WEO database). The data are maintained jointly by the IMF’s Research Department and regional departments, with the latter regularly updating country projections based on consistent global assumptions.

Although national statistical agencies are the ultimate providers of historical data and definitions, international organizations are also involved in statistical issues, with the objective of harmonizing methodologies for the compilation of national statistics, including analytical frameworks, concepts, definitions, classifications, and valuation procedures used in the production of economic statistics. The WEO database reflects information from both national source agencies and international organizations.

Most countries’ macroeconomic data presented in the World Economic Outlook conform broadly to the 1993 version of the System of National Accounts (SNA). The IMF’s sector statistical standards—the Balance of Payments Manual, Fifth Edition (BPM5), the Monetary and Financial Statistics Manual (MFSM 2000), and the Government Finance Statistics Manual 2001 (GFSM 2001)—have all been aligned with the 1993 SNA. These standards reflect the IMF’s special interest in countries’ external positions, financial sector stability, and public sector fiscal positions. The process of adapting country data to the new standards begins in earnest when the manuals are released. However, full concordance with the manuals is ultimately dependent on the provision by national statistical compilers of revised country data; hence, the World Economic Outlook estimates are only partially adapted to these manuals. Nonetheless, for many countries the impact of conversion to the updated standards will be small on major balances and aggregates. Many other countries have partially adopted the latest standards and will continue implementation over a period of years.

Consistent with the recommendations of the 1993 SNA, several countries have phased out their traditional fixed-base-year method of calculating real macroeconomic variable levels and growth by switching to a chain-weighted method of computing aggregate growth. The chain-weighted method frequently updates the weights of price and volume indicators. It allows countries to measure GDP growth more accurately by reducing or eliminating the downward biases in volume series built on index numbers that average volume components using weights from a year in the moderately distant past.

Composite data for country groups in the World Economic Outlook are either sums or weighted averages of data for individual countries. Unless noted otherwise, multiyear averages of growth rates are expressed as compound annual rates of change.7 Arithmetically weighted averages are used for all data for the emerging and developing economies group except inflation and money growth, for which geometric averages are used. The following conventions apply.

  • Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  • Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parity (PPP) as a share of total world or group GDP.8
  • Composites for data relating to the domestic economy for the euro area (16 member countries throughout the entire period unless noted otherwise)9 are aggregates of national source data using GDP weights. Annual data are not adjusted for calendar-day effects. For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
  • Composites for fiscal data are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated.
  • Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
  • Composites relating to the external economy are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars. Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percent changes for individual countries weighted by the U.S. dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
  • Unless noted otherwise, group composites are computed if 90 percent or more of the share of group weights is represented.

Classification of Countries Summary of the Country Classification

The country classification in the World Economic Outlook divides the world into two major groups: advanced economies, and emerging and developing economies.10 This classification is not based on strict criteria, economic or otherwise, and it has evolved over time. The objective is to facilitate analysis by providing a reasonably meaningful method for organizing data. Table A provides an overview of the country classification, showing the number of countries in each group by region and summarizing some key indicators of their relative size (GDP valued by PPP, total exports of goods and services, and population).

Some countries remain outside the country classification and therefore are not included in the analysis. Cuba and the Democratic People’s Republic of Korea are not IMF members, and their economies therefore are not monitored by the IMF. San Marino is omitted from the group of advanced economies for lack of a fully developed database. Likewise, the Marshall Islands, the Federated States of Micronesia, Palau, and Somalia are omitted from the emerging and developing economies group composites because of data limitations.

General Features and Composition of Groups in the World Economic Outlook Classification

Advanced Economies

The 34 advanced economies are listed in Table B. The seven largest in terms of GDP—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—constitute the subgroup of major advanced economies, often referred to as the Group of Seven (G7). The members of the euro area and the newly industrialized Asian economies are also distinguished as subgroups. Composite data shown in the tables for the euro area cover the current members for all years, even though the membership has increased over time.11

Table C lists the member countries of the European Union, not all of which are classified as advanced economies in the World Economic Outlook.

Emerging and Developing Economies

The group of emerging and developing economies (150 countries) includes all those that are not classified as advanced economies.

The regional breakdowns of emerging and developing economies are central and eastern Europe (CEE), Commonwealth of Independent States (CIS), developing Asia, Latin America and the Caribbean (LAC), Middle East and North Africa (MENA), and sub-Saharan Africa (SSA).

Emerging and developing economies are also classified according to analytical criteria. The analytical criteria reflect the composition of countries’ export earnings and other income from abroad; a distinction between net creditor and net debtor countries; and, for the net debtor countries, financial criteria based on external financing sources and experience with external debt servicing. The detailed composition of emerging and developing economies in the regional and analytical groups is shown in Tables D and E.

The analytical criterion by source of export earnings distinguishes between categories: fuel (Standard International Trade Classification—SITC 3) and nonfuel and then focuses on nonfuel primary products (SITCs 0, 1, 2, 4, and 68). Countries are categorized into one of these groups when their main source of export earnings exceeds 50 percent of total exports on average between 2005 and 2009.

The financial criteria focus on net creditor economies, net debtor economies, and heavily indebted poor countries (HIPCs). Countries are categorized as net debtors when their current account balance accumulations from 1972 (or earliest data available) to 2009 are negative. Net debtor countries are further differentiated on the basis of two additional financial criteria: official external financing and experience with debt servicing12 Countries are placed in the official external financing category when 65 percent or more of their total debt, on average between 2005 and 2009, is financed by official creditors.

The HIPC group comprises the countries that are or have been considered by the IMF and the World Bank for participation in their debt initiative known as the HIPC Initiative, which aims to reduce the external debt burdens of all the eligible HIPCs to a “sustainable” level in a reasonably short period of time.13 Many of these countries have already benefited from debt relief and graduated from the initiative.

Table A.Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20101(Percent of total for group or world)
Exports of Goods
GDPand ServicesPopulation
Number ofAdvancedAdvancedAdvanced
CountriesEconomiesWorldEconomiesWorldEconomiesWorld
Advanced Economies34100.052.3100.063.7100.015.0
United States37.719.715.49.830.44.5
Euro Area21627.814.640.926.132.14.8
Germany7.64.012.68.08.01.2
France5.52.95.53.56.20.9
Italy4.62.44.62.95.90.9
Spain3.51.83.12.04.50.7
Japan11.15.87.34.612.51.9
United Kingdom5.62.95.63.56.10.9
Canada3.41.83.92.53.30.5
Other Advanced Economies1414.37.527.017.215.52.3
Memorandum
Major Advanced Economies775.539.554.834.972.410.8
Newly Industrialized Asian Economies47.43.915.49.88.31.2

The GDP shares are based on the purchasing-power-parity valuation of countries’ GDP. The number of countries comprising each group reflects those for which data are included in the group aggregates.

Euro area data do not include Estonia, but Estonia is included in data aggregated for advanced economies.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Emerging andEmerging andEmerging and
DevelopingDevelopingDeveloping
EconomiesWorldEconomiesWorldEconomiesWorld
Emerging and Developing Economies150100.047.7100.036.3100.085.0
Regional Groups
Central and Eastern Europe147.23.49.43.43.02.6
Commonwealth of Independent
States3138.94.210.13.74.84.1
Russia6.33.06.72.42.42.1
Developing Asia2750.424.043.615.861.552.3
China28.613.626.09.423.119.7
India11.35.44.81.721.017.8
Excluding China and India2510.55.012.94.717.414.8
Latin America and the Caribbean3218.08.614.75.39.88.3
Brazil6.22.93.41.23.32.8
Mexico4.42.14.61.71.91.6
Middle East and North Africa2010.45.016.86.17.16.0
Sub-Saharan Africa445.12.45.42.013.811.7
Excluding Nigeria and South Africa422.51.22.81.010.28.7
Analytical Groups
By Source of Export Earnings
Fuel2717.98.526.69.611.49.7
Nonfuel12382.139.173.426.688.675.3
Of Which, Primary Products202.31.12.61.04.84.1
By External Financing Source
Net Debtor Economies12150.424.042.915.662.052.7
Of Which, Official Financing282.51.21.80.69.78.2
Net Debtor Economies by Debt-
Servicing Experience
Economies with Arrears and/or
Rescheduling during 2004-08444.92.44.41.69.68.1
Other Net Debtor Economies7745.521.738.514.052.444.5
Other Groups
Heavily Indebted Poor Countries392.41.21.90.710.79.1

The GDP shares are based on the purchasing-power-parity valuation of countries’ GDP. The number of countries comprising each group reflects those for which data are included in the group aggregates.

Euro area data do not include Estonia, but Estonia is included in data aggregated for advanced economies.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

The GDP shares are based on the purchasing-power-parity valuation of countries’ GDP. The number of countries comprising each group reflects those for which data are included in the group aggregates.

Euro area data do not include Estonia, but Estonia is included in data aggregated for advanced economies.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Table B.Advanced Economies by Subgroup
Major Currency Areas
United States
Euro Area
Japan
Euro Area1
AustriaGreecePortugal
BelgiumIrelandSlovak Republic
CyprusItalySlovenia
FinlandLuxembourgSpain
FranceMalta
GermanyNetherlands
Newly Industrialized Asian Economies
Hong Kong SAR2Singapore
KoreaTaiwan Province of China
Major Advanced Economies
CanadaItalyUnited States
FranceJapan
GermanyUnited Kingdom
Other Advanced Economies
AustraliaIcelandSingapore
Czech RepublicIsraelSweden
DenmarkKoreaSwitzerland
EstoniaNew ZealandTaiwan Province of China
Hong Kong SAR2Norway

Data for Estonia are not included in the euro area aggregates because the database has not yet been converted to euros.

On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.

Data for Estonia are not included in the euro area aggregates because the database has not yet been converted to euros.

On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.

Table C.European Union
AustriaGermanyNetherlands
BelgiumGreecePoland
BulgariaHungaryPortugal
CyprusIrelandRomania
Czech RepublicItalySlovak Republic
DenmarkLatviaSlovenia
EstoniaLithuaniaSpain
FinlandLuxembourgSweden
FranceMaltaUnited Kingdom
Table D.Emerging and Developing Economies by Region and Main Source of Export Earnings
FuelNonfuel Primary Products
Commonwealth of Independent States1
AzerbaijanMongolia
KazakhstanUzbekistan
Russia
Turkmenistan
Developing Asia
Brunei DarussalamPapua New Guinea
Timor-LesteSolomon Islands
Latin America and the Caribbean
EcuadorChile
Trinidad and TobagoGuyana
VenezuelaPeru
Suriname
Middle East and North Africa
AlgeriaMauritania
Bahrain
Islamic Republic of Iran
Iraq
Kuwait
Libya
Oman
Qatar
Saudi Arabia
Sudan
United Arab Emirates
Republic of Yemen
Sub-Saharan Africa
AngolaBurkina Faso
ChadBurundi
Republic of CongoDemocratic Republic of Congo
Equatorial GuineaGuinea
GabonGuinea-Bissau
NigeriaMalawi
Mali
Mozambique
Sierra Leone
Zambia
Zimbabwe

Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.

Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.

Table E.Emerging and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries
Net External PositionHeavily
Net CreditorNet Debtor1Indebted Poo Countries2
Central and Eastern Europe
Albania*
Bosnia and Herzegovina*
Bulgaria*
Croatia*
Hungary*
Kosovo*
Latvia*
Lithuania*
Former Yugoslav Republic of Macedonia*
Montenegro*
Poland*
Romania*
Serbia*
Turkey*
Commonwealth of Independent States3
Armenia*
Azerbaijan*
Belarus*
Georgia*
Kazakhstan*
Kyrgyz Republic*
Moldova*
Mongolia
Russia*
Tajikistan*
Turkmenistan*
Ukraine*
Uzbekistan*
Developing Asia
Islamic Republic of Afghanistan
Bangladesh
Bhutan*
Brunei Darussalam*
Cambodia*
China*
Fiji*
India*
Indonesia*
Kiribati*
Lao People’s Democratic Republic*
Malaysia*
Maldives*
Myanmar*
Nepal
Pakistan*
Papua New Guinea*
Philippines*
Samoa
Solomon Islands*
Sri Lanka*
Thailand*
Timor-Leste*
Tonga*
Tuvalu
Vanuatu*
Vietnam*
Latin America and the Caribbean
Antigua and Barbuda*
Argentina*
The Bahamas*
Barbados*
Belize*
Bolivia*
Brazil*
Chile*
Colombia*
Costa Rica*
Dominica*
Dominican Republic*
Ecuador
El Salvador*
Grenada*
Guatemala*
Guyana
Haiti
Honduras*
Jamaica*
Mexico*
Nicaragua*
Panama*
Paraguay*
Peru*
St. Kitts and Nevis*
St. Lucia*
St. Vincent and the Grenadines
Suriname
Trinidad and Tobago*
Uruguay*
Venezuela*
Middle East and North Africa
Algeria*
Bahrain*
Djibouti*
Egypt*
Islamic Republic of Iran*
Iraq*
Jordan*
Kuwait*
Lebanon*
Libya*
Mauritania*
Morocco*
Oman*
Qatar*
Saudi Arabia*
Sudan**
Syrian Arab Republic
Tunisia*
United Arab Emirates*
Republic of Yemen*
Sub-Saharan Africa
Angola*
Benin*
Botswana*
Burkina Faso
Burundi
Cameroon*
Cape Verde*
Central African Republic
Chad*
Comoros*
Democratic Republic of Congo
Republic of Congo
Cote d’Ivoire*
Equatorial Guinea
Eritrea*
Ethiopia
Gabon*
The Gambia
Ghana
Guinea**
Guinea-Bissau*
Kenya*
Lesotho*
Liberia*
Madagascar
Malawi*
Mali
Mauritius*
Mozambique*
Namibia*
Niger*
Nigeria*
Rwanda
Sao Tome and Principe*
Senegal*
Seychelles*
Sierra Leone*
South Africa*
Swaziland*
Tanzania*
Togo
Uganda*
Zambia*
Zimbabwe

Dot instead of star indicates that the net debtor’s main external finance source is official financing.

Dot instead of star indicates that the country has reached the completion point.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Dot instead of star indicates that the net debtor’s main external finance source is official financing.

Dot instead of star indicates that the country has reached the completion point.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Box A1.Economic Policy Assumptions Underlying the Projections for Selected Economies

Fiscal Policy Assumptions

The short-term fiscal policy assumptions used in the World Economic Outlook (WEO) are based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions and projected fiscal outturns. The medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. In cases where the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed unless indicated otherwise. Specific assumptions used in some of the advanced economies follow (see also Tables B5, B6, B7, and B9 in the online section of the Statistical Appendix for data on fiscal net lending/borrowing and structural balances).1

Argentina: The 2011 forecasts are based on the 2010 outturn and IMF staff assumptions. For the outer years, the IMF staff assumes unchanged policies.

Australia: Fiscal projections are based on IMF staff projections and the 2010-11 Mid-Year Economic and Fiscal Outlook.

Austria: The historical figures and the projections for general government deficit and debt do not yet fully reflect the most recent revisions by Statistik Austria in the context of their fiscal notification to Eurostat.

Belgium: The estimates for 2010 are preliminary estimates by the National Bank of Belgium. IMF staff projections for 2011 and beyond are based on unchanged policies. The 2011 projections, however, include some of the planned measures for the 2011 federal budget still under preparation and the 2011 budgetary targets for the regions and communities and the social security administration. For local governments, unchanged policies imply continuation of their electoral cycle.

Brazil: The 2010 forecasts are based on the budget law and IMF staff assumptions. For the outer years, the IMF staff assumes unchanged policies, with a further increase in public investment in line with the authorities’ intentions.

Canada: Projections use the baseline forecasts in the latest Budget 2011—A Low-Tax Plan for Jobs and Growth. The IMF staff makes some adjustments to this forecast for differences in macroeconomic projections. The IMF staff forecast also incorporates the most recent data releases from Finance Canada (Update of Economic and Fiscal Projections, October 2010) and Statistics Canada, including federal, provincial, and territorial budgetary outturns through the end of 2010:Q4.

China: For 2010—11, the government is assumed to continue and complete the stimulus program announced in late 2008, although the lack of details published on this package complicates IMF staff analysis. Specifically, the IMF staff assumes the stimulus is not withdrawn in 2010, and so there is no significant fiscal impulse. Stimulus is withdrawn in 2011, resulting in a negative fiscal impulse of about 1 percent of GDP (reflecting both higher revenue and lower spending).

Denmark: Projections for 2010—11 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2012—16, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2009 Convergence Program submitted to the European Union.

France: Estimates for the general government in 2010 are preliminary estimates from the 2011 budget and, for the central government, reflect the actual outturn. Projections for 2011 and beyond reflect the authorities’ 2011—14 multiyear budget, adjusted for differences about assumptions regarding macroeconomic and financial variables and revenue projections.

Germany: The estimates for 2010 are preliminary estimates from the Federal Statistical Office of Germany. The IMF staff’s projections for 2011 and beyond reflect the authorities’ adopted core federal government budget plan adjusted for the differences in the IMF staff’s macroeconomic framework and staff assumptions about fiscal developments in state and local governments, the social insurance system, and special funds. The estimate of gross debt at end 2010 includes the transfer of liabilities of bad banks to the government balance sheet.

Greece: Macroeconomic and fiscal projections for 2011 and the medium term are consistent with the policies that the IMF has agreed to support in the context of the Stand-By Arrangement. Fiscal projections assume a strong front-loaded fiscal adjustment, which already started in 2010 and will be followed by further measures in 2011—13. Growth is expected to bottom out in late 2010 and to gradually rebound thereafter, coming into positive territory in 2012. The data include fiscal data revisions for 2006—09. These revisions rectify a number of shortfalls with earlier statistics. First, government-controlled enterprises whose sales cover less than 50 percent of production costs have been reclassified as part of the general government sector, in line with Eurostat guidelines. A total of 17 entities were affected, including a number of large loss-making entities. The debt of these entities (7V4 percent of GDP) is now included in headline general government debt data, and their annual losses increase the annual deficit (to the extent that their called guarantees were not reflected in previous deficit data). Second, the revisions reflect better information on arrears (including for tax refunds, lump sum payments to retiring civil service pensioners, and payments to health sector suppliers) and revised social security balances that reflect corrections for imputed interest payments, double counting of revenues, and other inaccuracies. Finally, newly available information on swaps also helps explain the upward revision in debt data.

Hong Kong SAR: Projections are based on the authorities’ medium-term fiscal projections.

Hungary: Fiscal projections include IMF staff assumptions about the macroeconomic framework and the impact of existing legislated measures and fiscal policy plans announced by end-December 2010.

India: Historical data are based on budgetary execution data. Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions. Subnational data are incorporated with a lag of up to two years; general government data are thus finalized well after central government data. IMF presentation differs from Indian national accounts data, particularly regarding divestment and license auction proceeds, net versus gross recording of revenues in certain minor categories, and some public sector lending.

Indonesia: The 2010 deficit was lower than expected (0.6 percent of GDP), reflecting underspending, particularly for public investment. The 2011 deficit is estimated at 1.5 percent of GDP lower than the budget estimate of 1.8 percent of GDP. While higher oil prices will have a negative budgetary impact in the absence of fuel subsidy reform, this effect is likely to be offset by underspending, in particular on public investment, given significant budgeted increases. Fiscal projections for 2012—16 are built around key policy reforms needed to support economic growth, namely enhancing budget implementation to ensure fiscal policy effectiveness, reducing energy subsidies through gradual administrative price increases, and continuous revenue mobilization efforts to increase room for infrastructure development.

Ireland: The fiscal projections are based on the 2011 budget and the medium-term adjustment envisaged in the December 2010 EU/IMF Program. This includes €15 billion in consolidation measures over 2011—14, with €6 billion in savings programmed for 2011. The projections are adjusted for differences between the macroeconomic projections of the IMF staff and those of the Irish authorities. The new government that assumed office in early March 2011 has also committed to the 2011—12 fiscal program and to further consolidation in the medium term.

Italy: The fiscal projections incorporate the impact of the 2010 budget law and fiscal adjustment measures for 2011—13 as approved by the government in May 2010 and modified during parliamentary approval in June—July 2010. The estimates for 2010 are the preliminary outturn data from the Italian National Institute of Statistics (Istat). The IMF staff projections are based on the authorities’ estimates of the policy scenario, including the above-mentioned medium-term fiscal consolidation package and adjusted mainly for differences in macroeconomic assumptions and for less optimistic assumptions concerning the impact of revenue administration measures (to combat tax evasion). After 2013, a constant structural primary balance (net of one-time items) is assumed.

Japan: The 2011 projections assume fiscal measures already announced by the government and reconstruction spending of around 1 percent of GDP. The medium-term projections typically assume that expenditure and revenue of the general government are adjusted in line with current underlying demographic and economic trends (excluding fiscal stimulus).

Korea: The fiscal projections assume that fiscal policies will be implemented in 2011 as announced by the government. The projection for 2010 is mainly based on the outturn as of November 2010, assuming that the first 11 months had collected/used about 92 percent of total revenue/expenditure. As a result, the fiscal impulse is projected to be —3 percent of GDP in 2010. Expenditure numbers for 2011 are broadly in line with the government’s budget. Revenue projections reflect the IMF staff’s macroeconomic assumptions, adjusted for the tax measures included in the multiyear stimulus package introduced in 2009 and discretionary revenue-raising measures included in the 2010 budget. The medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2013.

Mexico: Fiscal projections are based on (1) the IMF staff’s macroeconomic projections; (2) the modified balanced budget rule under the Fiscal Responsibility Legislation, including the use of the exceptional clause; and (3) the authorities’ projections for spending, including for pensions and health care, and for wage restraint. For 2010—11, projections take into account departure from the balanced budget target under the exceptional clause of the fiscal framework, which allows for a small deficit that reflects cyclical deterioration in revenues.

Netherlands: Fiscal projections for the period 2010— 15 are based on the Bureau for Economic Policy Analysis budget projections, after adjusting for differences in macroeconomic assumptions. For 2016, the projection assumes that fiscal consolidation continues at the same pace as for 2015.

New Zealand: Fiscal projections are based on the authorities’ 2010 budget and IMF staff estimates. The New Zealand fiscal accounts switched to generally accepted accounting principles beginning in fiscal year 2006/07, with no comparable historical data.

Portugal: 2010 data are preliminary. For 2011 and beyond, the IMF staff incorporates all the approved fiscal measures (thus excluding the measures proposed in March 2011, which were rejected by Parliament). The fiscal numbers also incorporate the impact of the IMF staff’s macroeconomic projections.

Russia: Projections for 2011—13 are based on the non-oil deficit in percent of GDP implied by the draft medium-term budget and on the IMF staff’s revenue projections. The IMF staff assumes an unchanged non-oil federal government balance in percent of GDP during 2013—16.

Saudi Arabia: The authorities adopt a conservative assumption for oil prices—the 2011 budget is based on a price of $54 a barrel—with the result that fiscal outcomes often differ significantly from the budget. IMF staff projections of oil revenues are based on WEO baseline oil prices discounted by 5 percent, reflecting the higher sulfur content in Saudi crude oil. Regarding non-oil revenues, customs receipts are assumed to grow in line with imports, investment income in line with the London interbank offered rate (LIBOR), and fees and charges as a function of non-oil GDP. On the expenditure side, wages are assumed to rise above the natural rate of increase, reflecting a salary increase of 15 percent distributed during 2008—10, and goods and services are projected to grow in line with inflation over the medium term. In 2010 and 2013, 13th-month pay is awarded based on the lunar calendar. Interest payments are projected to decline in line with the authorities’ policy of repaying public debt. Capital spending in 2010 is projected to be higher than in the budget by about 32 percent and in line with the authorities’ announcement of $400 billion in spending over the medium term. The pace of spending is projected to slow over the medium term, leading to a tightening of the fiscal stance.

Singapore: For fiscal year 2011/12, projections are based on budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.

South Africa: Fiscal projections are based on the authorities’ 2011 budget and policy intentions stated in the Budget Review, published February 23, 2011.

Spain: The 2010 numbers are the authorities’ estimated outturns for the general government for the year. For 2011 and beyond, the projections are based on the 2011 budget and the authorities’ medium-term plan, adjusted for the IMF staff’s macroeco-nomic projections.

Sweden: Fiscal projections for 2010 are in line with the authorities’ projections. The impact of cyclical developments on the fiscal accounts is calculated using the OECD’s latest semi-elasticity.

Switzerland: Projections for 2009—15 are based on IMF staff calculations, which incorporate measures to restore balance in the federal accounts and strengthen social security finances.

Turkey: Fiscal projections assume the authorities adhere to their budget balance targets as set out in the 2011—2013 Medium-Term Program.

United Kingdom: Fiscal projections are based on the authorities’ 2011 budget announced in March 2011 and Economic and Fiscal Outlook by the Office for Budget Responsibility published along with the Budget. These projections incorporate the announced medium-term consolidation plans from 2011 onward. The projections are adjusted for differences in forecasts of macroeconomic and financial variables.

United States: Fiscal projections are based on the president’s draft FY2012 budget adjusted for the IMF staff’s assessment of policies likely adopted by Congress. Compared with the president’s budget, the IMF staff assumes more front-loaded discretionary spending cuts, a further extension of emergency unemployment benefits, and delayed action on the proposed revenue-raising measures. IMF staff estimates of fiscal deficits also exclude certain measures yet to be specified by the authorities and are adjusted for a different accounting treatment of financial sector support. The resulting projections are adjusted to reflect IMF staff forecasts of key macroeconomic and financial variables and are converted to the general government basis.

Monetary Policy Assumptions

Monetary policy assumptions are based on the established policy framework in each country. In most cases, this implies a nonaccommodative stance over the business cycle: official interest rates will increase when economic indicators suggest that inflation will rise above its acceptable rate or range, and they will decrease when indicators suggest that prospective inflation will not exceed the acceptable rate or range, that prospective output growth is below its potential rate, and that the margin of slack in the economy is significant. On this basis, the LIBOR on six-month U.S. dollar deposits is assumed to average 0.6 percent in 2011 and 0.9 percent in 2012 (see Table 1.1). The rate on three-month euro deposits is assumed to average 1.7 percent in 2011 and 2.6 percent in 2012. The interest rate on six-month Japanese yen deposits is assumed to average 0.6 percent in 2011 and 0.3 percent in 2012.

1 The output gap is actual minus potential output, as a percent of potential output. Structural balances are expressed as a percent of potential output. The structural balance is the actual net lending/borrowing that would be observed if the level of actual output coincided with potential output. Changes in the structural balance consequently include effects of temporary fiscal measures, the impact of fluctuations in interest rates and debt-service costs, and other noncyclical fluctuations in net lending/borrowing. The computations of structural balances are based on IMF staff estimates of potential GDP and revenue and expenditure elasticities (see the October 1993 World Economic Outlook, Annex I). Net debt is defined as gross debt minus financial assets of the general government, which include assets held by the social security insurance system. Estimates of the output gap and of the structural balance are subject to significant margins of uncertainty.

List of Tables

Medium-Term Baseline Scenario

Table A1.Summary of World Output1(Annual percent change)
AverageProjections
1993-200220032004200520062007200820092010201120122016
World3.33.64.94.65.25.42.9-0.55.04.44.54.7
Advanced Economies2.81.93.12.73.02.70.2-3.43.02.42.62.4
United States3.42.53.63.12.71.90.0-2.62.82.82.92.7
Euro Area22.10.82.21.73.12.90.4-4.11.71.61.81.7
Japan0.81.42.71.92.02.4-1.2-6.33.91.42.11.2
Other Advanced Economies33.82.64.13.43.94.01.1-2.34.33.23.33.1
Emerging and Developing
Economies4.16.27.57.38.28.86.12.77.36.56.56.8
Regional Groups
Central and Eastern Europe3.34.87.35.96.45.53.2-3.64.23.74.03.9
Commonwealth of Independent
States4-1.27.78.16.78.99.05.3-6.44.65.04.74.3
Developing Asia7.18.18.69.510.411.47.77.29.58.48.48.6
Latin America and the Caribbean2.72.16.04.75.65.74.3-1.76.14.74.23.9
Middle East and North Africa3.37.36.05.45.86.25.11.83.84.14.25.1
Sub-Saharan Africa3.74.97.16.26.47.25.62.85.05.55.95.4
Memorandum
European Union2.41.52.62.23.53.20.7-4.11.81.82.12.1
Analytical Groups
By Source of Export Earnings
Fuel1.37.27.96.77.57.75.2-1.93.84.94.44.4
Nonfuel4.96.07.47.48.49.16.33.88.06.96.97.2
Of Which, Primary Products3.94.15.56.16.26.66.61.57.06.75.75.6
By External Financing Source
Net Debtor Economies3.54.56.65.96.76.84.60.96.85.35.35.6
Of Which, Official Financing3.53.36.36.45.95.86.35.25.16.25.96.1
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/
or Rescheduling during
2005-092.46.17.57.87.77.76.12.26.55.35.04.9
Memorandum
Median Growth Rate
Advanced Economies3.22.24.03.13.84.10.9-3.52.42.42.42.5
Emerging and Developing Economies3.84.75.45.45.66.35.11.84.34.64.74.7
Output per Capita
Advanced Economies2.11.22.42.02.32.0-0.5-4.02.41.72.01.8
Emerging and Developing Economies2.85.06.46.17.17.64.91.66.35.55.55.8
World Growth Rate Based on Market
Exchange2.72.73.93.54.03.91.6-2.13.93.53.73.8
Value of World Output (billions of
U.S. dollars)
At Market Exchange Rates30,11137,41642,11945,56249,34955,70261,26857,92062,90968,65272,48690,452
At Purchasing Power Parities37,22048,79752,65556,72961,58366,71570,03870,12474,26578,29182,913105,546

Real GDR

Excludes Estonia.

in this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Estonia.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Real GDR

Excludes Estonia.

in this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Estonia.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Table A2.Advanced Economies: Real GDP and Total Domestic Demand1(Annual percent change)
Fourth Quarter2
AverageProjectionsProjections
1993-2002200320042005200620072008200920102011201220162010:Q42011:Q42012:Q4
Real GDP
Advanced Economies2.81.93.12.73.02.70.2-3.43.02.42.62.42.72.62.5
United States3.42.53.63.12.71.90.0-2.62.82.82.92.72.73.02.7
Euro Area32.10.82.21.73.12.90.4-4.11.71.61.81.72.01.52.1
Germany1.5-0.20.70.93.62.80.7-4.73.52.52.11.34.01.92.5
France2.01.12.32.02.42.30.1-2.51.51.61.82.11.51.72.0
Italy1.60.01.50.72.01.5-1.3-5.21.31.11.31.41.51.31.2
Spain3.23.13.33.64.03.60.9-3.7-0.10.81.61.70.61.11.9
Netherlands2.90.32.22.03.43.91.9-3.91.71.51.51.82.10.62.8
Belgium2.30.83.12.02.72.80.8-2.72.01.71.91.91.61.92.1
Austria2.20.82.52.53.63.72.2-3.92.02.42.31.83.11.33.1
Greece2.75.94.42.35.24.31.0-2.0-4.5-3.01.12.9-6.6-0.61.6
Portugal2.7-0.91.60.81.42.40.0-2.51.4-1.5-0.51.21.2-2.00.3
Finland3.52.04.12.94.45.30.9-8.23.13.12.52.05.01.43.5
Ireland7.74.44.66.05.35.6-3.5-7.6-1.00.51.93.4-0.62.61.9
Slovak Republic4.85.16.78.510.55.8-4.84.03.84.24.23.43.94.2
Slovenia4.12.84.34.55.96.93.7-8.11.22.02.41.91.93.92.2
Luxembourg4.71.54.45.45.06.61.4-3.73.43.03.13.13.22.73.7
Estonia7.67.29.410.66.9-5.1-13.93.13.33.73.66.81.74.8
Cyprus4.11.94.23.94.15.13.6-1.71.01.72.22.72.61.72.2
Malta-0.31.14.72.14.45.3-3.43.62.52.22.44.05.12.0
Japan0.81.42.71.92.02.4-1.2-6.33.91.42.11.22.52.51.3
United Kingdom3.12.83.02.22.82.7-0.1-4.91.31.72.32.61.52.22.4
Canada3.51.93.13.02.82.20.5-2.53.12.82.61.93.22.82.5
Korea6.12.84.64.05.25.12.30.26.14.54.24.04.94.64.2
Australia4.03.33.83.12.64.62.61.32.73.03.53.02.73.53.2
Taiwan Province of China5.03.76.24.75.46.00.7-1.910.85.45.24.95.68.33.7
Sweden2.62.34.23.24.33.3-0.6-5.35.53.83.53.47.21.85.7
Switzerland1.3-0.22.52.63.63.61.9-1.92.62.41.81.83.21.81.8
Hong Kong SAR3.03.08.57.17.06.42.3-2.76.85.44.24.36.05.72.9
Singapore6.14.69.27.48.78.81.5-0.814.55.24.44.013.76.33.3
Czech Republic3.64.56.36.86.12.5-4.12.31.72.93.22.61.44.4
Norway3.41.03.92.72.32.70.8-1.40.42.92.52.11.52.72.5
Israel4.51.55.14.95.75.34.20.84.63.83.83.35.62.44.7
Denmark2.40.42.32.43.41.6-1.1-5.22.12.02.01.92.72.32.1
New Zealand3.84.24.53.31.02.8-0.2-2.11.50.94.12.40.82.04.4
Iceland3.32.47.77.54.66.01.4-6.9-3.52.32.93.00.03.32.3
Memorandum
Major Advanced Economies2.51.82.92.42.62.2-0.2-3.72.82.32.52.22.62.52.3
Newly Industrialized Asian
Economies5.43.25.94.85.85.91.8-0.88.44.94.54.36.15.93.8
Real Total Domestic Demand
Advanced Economies2.82.23.22.72.82.3-0.2-3.72.82.02.32.42.82.42.4
United States3.82.84.03.22.61.3-1.1-3.63.22.42.72.93.12.82.7
Euro Area31.41.91.92.92.60.4-3.40.90.81.31.61.41.11.6
Germany1.00.6-0.10.02.41.31.2-1.92.51.31.61.23.41.51.7
France1.91.83.12.82.73.30.4-2.41.11.51.82.10.91.71.9
Italy1.30.81.30.92.01.3-1.4-3.91.61.40.91.22.30.91.3
Spain3.13.84.85.15.24.1-0.6-6.0-1.1-0.11.31.5-0.61.11.4
Japan0.80.81.91.71.21.3-1.4-4.82.11.82.01.02.12.71.1
United Kingdom3.32.93.52.12.53.1-0.7-5.52.40.91.62.32.80.52.1
Canada2.94.54.15.04.43.92.5-2.65.22.82.51.84.13.12.5
Other Advanced Economies43.92.04.63.34.04.71.6-2.95.74.13.83.84.94.04.5
Memorandum
Major Advanced Economies2.62.23.02.52.41.7-0.6-3.62.82.02.22.22.82.32.1
Newly Industrialized Asian
Economies4.70.84.82.94.24.31.7-3.27.94.84.34.55.55.25.1

When countries are not listed alphabetically, they are ordered on the basis of economic size.

From the fourth quarter of the preceding year.

Excludes Estonia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Estonia.

When countries are not listed alphabetically, they are ordered on the basis of economic size.

From the fourth quarter of the preceding year.

Excludes Estonia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Estonia.

Table A3.Advanced Economies: Components of Real GDP(Annual percent change)
AveragesProjections
1993-20022003-122003200420052006200720082009201020112012
Private Consumer Expenditure
Advanced Economies3.01.72.02.72.72.62.50.2-1.11.72.02.1
United States3.82.02.83.53.42.92.4-0.3-1.21.82.92.2
Euro Area11.11.21.61.82.11.70.4-1.10.81.11.3
Germany1.50.50.10.10.31.4-0.20.7-0.20.41.21.1
France2.01.82.12.42.52.62.50.50.61.71.41.6
Italy1.30.61.00.71.11.21.1-0.8-1.81.01.41.4
Spain2.81.82.94.24.23.83.7-0.6-4.21.21.31.4
Japan1.20.70.41.61.31.51.6-0.7-1.91.8-0.21.6
United Kingdom3.61.23.03.12.21.82.20.4-3.20.60.41.5
Canada3.13.13.03.33.74.24.62.90.43.43.22.6
Other Advanced Economies24.23.01.83.73.53.74.71.20.23.43.73.7
Memorandum
Major Advanced Economies2.81.62.02.62.52.42.00.0-1.21.61.91.9
Newly Industrialized Asian Economies5.53.10.63.03.93.84.71.00.54.24.64.4
Public Consumption
Advanced Economies2.01.42.21.71.31.61.92.32.41.4-0.2-0.5
United States1.70.82.21.40.61.01.32.51.91.0-1.7-2.0
Euro Area11.51.71.61.62.22.22.42.40.7-0.1-0.1
Germany1.41.20.4-0.70.41.01.62.32.92.31.10.6
France1.31.52.02.21.21.31.51.62.81.40.50.5
Italy0.50.81.92.21.90.50.90.51.0-0.60.1-0.3
Spain3.13.24.86.35.54.65.55.83.2-0.7-1.1-1.6
Japan2.91.52.31.91.60.41.50.53.02.31.20.6
United Kingdom1.61.33.43.02.01.41.31.61.00.8-0.5-1.3
Canada1.12.73.12.01.43.02.73.93.53.42.91.1
Other Advanced Economies22.92.62.41.92.03.23.12.93.22.92.32.0
Memorandum
Major Advanced Economies1.71.12.11.51.01.01.42.02.21.3-0.4-0.9
Newly Industrialized Asian Economies3.83.22.22.42.43.94.03.34.23.72.92.8
Gross Fixed Capital Formation
Advanced Economies3.41.42.14.54.33.92.2-2.5-12.12.54.26.2
United States5.61.23.16.25.32.5-1.2-4.5-14.83.25.39.7
Euro Area10.81.32.33.25.44.7-0.8-11.4-0.71.93.0
Germany0.21.8-0.3-0.30.98.04.72.5-10.16.04.23.7
France2.11.62.23.34.44.56.00.5-7.1-1.61.52.6
Italy1.9-0.3-1.22.30.82.91.7-3.8-11.92.52.62.6
Spain4.40.05.95.17.07.24.5-4.8-16.0-7.6-2.74.0
Japan-1.2-0.3-0.51.43.10.5-1.2-3.6-11.7-0.26.34.3
United Kingdom4.51.41.15.12.46.47.8-5.0-15.43.03.96.4
Canada4.23.76.27.89.37.13.51.4-11.78.33.23.3
Other Advanced Economies24.33.72.86.24.75.86.7-0.3-5.97.25.55.5
Memorandum
Major Advanced Economies3.31.11.84.44.23.41.0-3.0-13.02.84.76.8
Newly Industrialized Asian Economies4.13.31.96.22.23.94.6-3.0-3.911.45.85.2
Final Domestic Demand
Advanced Economies2.81.62.02.92.82.72.30.0-2.71.82.12.3
United States3.81.72.83.63.32.51.5-0.6-3.11.82.52.6
Euro Area11.11.31.82.12.82.40.6-2.60.51.01.3
Germany1.20.90.1-0.10.42.61.11.4-1.81.91.91.6
France1.91.72.12.52.62.73.00.7-0.51.01.21.5
Italy1.30.50.71.41.21.41.2-1.2-3.40.91.41.3
Spain3.21.64.04.85.24.94.2-0.7-6.0-1.2-0.11.4
Japan0.80.60.51.61.91.11.0-1.1-3.41.51.42.0
United Kingdom3.31.22.83.42.22.52.9-0.3-4.31.00.81.6
Canada2.83.13.73.94.44.64.02.8-1.84.43.12.4
Other Advanced Economies23.93.12.13.93.44.04.91.2-0.74.23.93.8
Memorandum
Major Advanced Economies2.71.42.02.72.62.31.7-0.3-2.91.72.02.2
Newly Industrialized Asian
Economies4.83.21.23.73.23.94.70.40.05.74.64.3
Stock Building3
Advanced Economies0.00.00.10.3-0.10.10.0-0.2-1.01.00.00.1
United States0.00.00.10.4-0.10.1-0.2-0.5-0.71.4-0.10.1
Euro Area10.00.10.2-0.20.10.2-0.2-0.80.4-0.20.0
Germany-0.20.00.50.0-0.4-0.2-0.1-0.20.10.5-0.80.0
France0.1-0.1-0.30.60.20.00.4-0.3-1.90.10.30.2
Italy0.00.10.1-0.1-0.30.50.1-0.2-0.60.90.00.0
Spain-0.10.0-0.10.0-0.10.3-0.10.10.00.10.00.0
Japan0.00.00.20.3-0.10.20.3-0.2-1.50.60.30.0
United Kingdom0.10.00.20.10.00.00.1-0.5-1.21.40.30.0
Canada0.10.00.70.10.5-0.2-0.1-0.2-0.90.8-0.30.1
Other Advanced Economies20.00.0-0.10.6-0.10.0-0.20.3-2.01.30.30.1
Memorandum
Major Advanced Economies0.00.00.10.3-0.10.10.0-0.4-0.81.00.00.1
Newly Industrialized Asian
Economies-0.10.0-0.20.8-0.20.2-0.31.0-3.01.90.20.0
Foreign Balance3
Advanced Economies-0.10.2-0.3-0.1-0.10.20.40.50.40.20.40.3
United States-0.50.1-0.5-0.7-0.3-0.10.61.21.3-0.40.30.0
Euro Area10.1-0.60.3-0.20.20.30.1-0.70.80.80.4
Germany0.50.4-0.81.30.71.11.6-0.1-3.21.21.30.6
France0.1-0.4-0.7-0.8-0.8-0.3-1.0-0.3-0.20.40.10.0
Italy0.3-0.2-0.80.2-0.30.00.20.1-1.3-0.5-0.20.4
Spain-0.10.0-0.8-1.7-1.7-1.4-0.81.52.71.00.90.2
Japan0.10.40.70.80.30.81.10.2-1.51.8-0.30.2
United Kingdom-0.30.1-0.1-0.70.00.2-0.50.70.9-1.00.60.7
Canada0.6-1.2-2.3-0.8-1.6-1.4-1.5-1.90.2-2.2-0.20.0
Other Advanced Economies20.30.70.60.41.00.90.80.21.70.50.30.2
Memorandum
Major Advanced Economies-0.20.1-0.4-0.2-0.20.10.40.50.10.00.20.2
Newly Industrialized Asian
Economies0.41.52.01.32.11.92.20.52.01.50.80.7

Excludes Estonia.

In this table, Other Advanced Economies means advanced economies excluding the G7 and Euro Area countries but including Estonia.

Changes expressed as percent of GDP of the preceding period.

Excludes Estonia.

In this table, Other Advanced Economies means advanced economies excluding the G7 and Euro Area countries but including Estonia.

Changes expressed as percent of GDP of the preceding period.

Table A4.Emerging and Developing Economies: Real GDP1(Annual percent change)
AverageProjections
1993-200220032004200520062007200820092010201120122016
Central and Eastern Europe23.34.87.35.96.45.53.2-3.64.23.74.03.9
Albania6.75.85.75.85.45.97.73.33.53.43.64.5
Bosnia and Herzegovina3.56.34.06.16.15.7-3.10.82.24.05.0
Bulgaria-1.25.56.76.46.56.46.2-5.50.23.03.54.0
Croatia2.95.04.24.24.75.52.4-5.8-1.41.31.83.0
Hungary3.14.04.53.53.30.80.8-6.71.22.82.83.2
Kosovo5.42.63.83.46.36.92.94.05.55.24.5
Latvia2.97.28.710.612.210.0-4.2-18.0-0.33.34.04.0
Lithuania10.27.47.87.89.82.9-14.71.34.63.83.6
Former Yugoslav Republic of Macedonia0.02.84.64.45.06.15.0-0.90.73.03.74.0
Montenegro2.54.44.28.610.76.9-5.71.12.03.53.8
Poland4.63.95.33.66.26.85.11.73.83.83.63.9
Romania1.75.28.54.27.96.37.3-7.1-1.31.54.44.0
Serbia2.48.35.65.26.95.5-3.11.83.05.05.0
Turkey3.05.39.48.46.94.70.7-4.78.24.64.54.0
Commonwealth of Independent States2,3-1.27.78.16.78.99.05.3-6.44.65.04.74.3
Russia-0.97.37.26.48.28.55.2-7.84.04.84.54.0
Excluding Russia-2.09.110.87.610.610.05.5-3.16.05.55.15.1
Armenia4.414.010.513.913.213.76.9-14.22.64.64.34.0
Azerbaijan-1.410.510.226.434.525.010.89.35.02.82.52.8
Belarus0.87.011.49.410.08.610.20.27.66.84.84.5
Georgia11.15.99.69.412.32.4-3.86.45.54.84.7
Kazakhstan0.39.39.69.710.78.93.21.27.05.95.66.4
Kyrgyz Republic-0.97.07.0-0.23.18.57.62.9-1.45.06.05.0
Moldova-3.86.67.47.54.83.07.8-6.06.94.54.84.5
Mongolia2.77.010.67.318.810.28.9-1.36.19.87.115.6
Tajikistan-1.710.210.66.77.07.87.93.96.55.85.05.0
Turkmenistan1.617.114.713.011.011.114.76.19.29.06.46.9
Ukraine-5.09.612.12.77.47.91.9-14.84.24.54.94.0
Uzbekistan1.94.27.47.07.59.59.08.18.57.07.06.0
Developing Asia7.18.18.69.510.411.47.77.29.58.48.48.6
Islamic Republic of Afghanistan8.41.111.25.613.73.620.98.28.07.59.6
Bangladesh5.05.86.16.36.56.36.05.86.06.36.67.0
Bhutan6.24.08.07.06.420.13.08.76.76.56.017.4
Brunei Darussalam2.12.90.50.44.40.2-1.9-1.84.13.12.63.4
Cambodia7.08.510.313.310.810.26.7-2.06.06.56.56.7
China9.810.010.111.312.714.29.69.210.39.69.59.5
Fiji2.81.05.50.61.9-0.5-0.1-3.00.11.31.22.6
India5.86.98.19.29.79.96.26.810.48.27.88.1
Indonesia3.44.85.05.75.56.36.04.66.16.26.57.0
Kiribati4.42.32.23.91.90.4-1.1-0.71.83.03.52.0
Lao People’s Democratic Republic6.16.27.06.88.67.87.87.67.77.57.37.3
Malaysia5.85.86.85.35.86.54.7-1.77.25.55.25.0
Maldives7.114.012.4-7.121.412.612.8-4.88.06.05.03.5
Myanmar8.613.813.613.613.112.03.65.15.35.55.55.7
Nepal4.53.94.73.53.43.46.14.94.64.53.85.0
Pakistan3.14.97.47.76.15.61.63.44.82.84.06.0
Papua New Guinea2.54.40.63.92.37.26.65.57.08.05.05.0
Philippines3.74.96.45.05.37.13.71.17.35.05.05.0
Samoa4.23.84.27.02.22.15.1-5.1-0.02.82.13.0
Solomon Islands-0.46.54.95.46.910.77.3-1.35.65.85.95.8
Sri Lanka4.55.95.46.27.76.86.03.89.16.96.56.5
Thailand3.67.16.34.65.15.02.5-2.37.84.04.55.0
Timor-Leste0.14.26.2-5.89.111.012.96.07.38.67.9
Tonga1.91.80.0-0.4-0.40.91.3-0.30.31.41.71.8
Tuvalu-3.3-1.5-3.93.34.87.0-1.70.20.00.61.8
Vanuatu1.73.74.55.27.46.56.23.52.23.84.24.0
Vietnam7.57.37.88.48.28.56.35.36.86.36.87.5
Latin America and the Caribbean2.72.16.04.75.65.74.3-1.76.14.74.23.9
Antigua and Barbuda3.44.35.45.012.96.51.8-8.9-4.13.12.54.6
Argentina40.69.08.99.28.58.66.80.89.26.04.64.0
The Bahamas3.60.71.65.03.51.9-1.7-4.30.51.32.32.3
Barbados1.82.04.83.93.63.8-0.2-4.7-0.52.02.53.5
Belize4.79.34.63.04.71.23.80.02.02.32.52.5
Bolivia3.52.74.24.44.84.66.13.44.24.54.54.5
Brazil2.91.15.73.24.06.15.2-0.67.54.54.14.2
Chile5.04.06.05.54.64.63.7-1.75.35.94.94.3
Colombia2.53.95.34.76.76.93.51.54.34.64.54.5
Costa Rica4.56.44.35.98.87.92.7-1.34.24.34.44.5
Dominica0.70.13.03.34.82.53.2-0.31.01.62.53.0
Dominican Republic5.7-0.31.39.310.78.55.33.57.85.55.56.0
Ecuador2.23.38.85.74.82.07.20.43.23.22.82.3
El Salvador3.92.31.93.34.24.32.4-3.50.72.53.04.0
Grenada3.97.1-5.711.0-2.34.92.2-7.6-1.41.02.84.0
Guatemala3.52.53.23.35.46.33.30.52.63.03.23.5
Guyana3.9-0.71.6-1.95.17.02.03.33.64.75.93.1
Haiti0.30.4-3.51.82.23.30.82.9-5.18.68.85.7
Honduras3.04.56.26.16.66.24.1-2.12.83.54.04.0
Jamaica0.63.51.41.13.01.4-0.9-3.0-1.11.62.43.8
Mexico2.71.44.03.25.23.21.5-6.15.54.64.03.2
Nicaragua3.92.55.34.34.23.12.8-1.54.53.53.74.0
Panama4.04.27.57.28.512.110.13.27.57.47.25.0
Paraguay1.43.84.12.94.36.85.8-3.815.35.64.54.0
Peru4.34.05.06.87.78.99.80.98.87.55.85.7
St. Kitts and Nevis4.0-1.27.35.22.64.24.6-9.6-1.51.51.52.0
St. Lucia1.13.53.65.04.41.50.7-3.60.84.23.93.1
St. Vincent and the Grenadines2.52.86.82.67.68.0-0.6-1.1-2.32.52.54.0
Suriname1.16.38.54.53.85.14.73.14.45.05.05.4
Trinidad and Tobago5.614.47.96.213.24.82.4-3.50.02.22.42.6
Uruguay0.72.34.66.84.37.38.62.68.55.04.24.0
Venezuela0.0-7.818.310.39.98.24.8-3.3-1.91.81.61.8
Middle East and North Africa3.37.36.05.45.86.25.11.83.84.14.25.1
Algeria2.36.95.25.12.03.02.42.43.33.63.23.5
Bahrain4.87.25.67.96.78.46.33.14.13.15.15.4
Djibouti-0.83.23.03.24.85.15.85.04.54.85.75.8
Egypt4.83.24.14.56.87.17.24.75.11.04.06.5
Islamic Republic of Iran3.27.25.14.75.87.81.00.11.00.03.04.3
Iraq-0.76.21.59.54.20.89.612.69.8
Jordan4.34.28.68.17.98.57.62.33.13.33.95.5
Kuwait4.817.411.210.45.34.55.0-5.22.05.35.15.4
Lebanon4.03.27.51.00.67.59.38.57.52.55.04.0
Libya5-1.613.04.410.36.77.52.3-2.34.2
Mauritania2.95.65.25.411.41.03.5-1.24.75.25.85.5
Morocco3.26.34.83.07.82.75.64.93.23.94.65.0
Oman3.80.33.44.05.56.712.91.14.24.44.14.4
Qatar7.46.317.77.618.626.825.48.616.320.07.14.3
Saudi Arabia1.47.75.35.63.22.04.20.63.77.53.04.9
Sudan5.57.15.16.311.310.26.86.05.14.75.65.9
Syrian Arab Republic3.4-2.06.96.25.05.74.56.03.23.05.15.5
Tunisia4.25.56.04.05.76.34.53.13.71.35.66.5
United Arab Emirates4.516.410.18.68.86.55.3-3.23.23.33.84.2
Republic of Yemen5.03.74.05.63.23.33.63.98.03.44.04.7
Sub-Saharan Africa3.74.97.16.26.47.25.62.85.05.55.95.4
Angola3.53.311.220.619.523.913.82.41.67.810.55.8
Benin4.94.03.02.93.84.65.02.72.53.44.35.0
Botswana6.36.36.01.65.14.83.1-3.78.66.06.63.4
Burkina Faso5.57.84.58.75.53.65.23.25.85.55.66.5
Burundi-1.7-1.24.80.95.13.64.53.53.94.54.85.0
Cameroon62.94.03.72.33.23.42.62.03.03.54.54.5
Cape Verde7.54.74.36.510.18.66.23.65.45.56.85.5
Central African Republic1.5-7.11.02.43.83.72.01.73.34.15.05.7
Chad3.514.733.67.90.20.2-0.40.35.14.16.02.7
Comoros1.62.5-0.24.21.20.51.01.82.12.43.54.0
Democratic Republic of Congo-3.65.86.67.85.66.36.22.87.26.56.06.1
Republic of Congo1.80.83.57.86.2-1.65.67.59.17.84.75.5
Cote d’lvoire3.2-1.71.61.90.71.62.33.82.6-7.56.06.0
Equatorial Guinea36.714.038.09.71.321.410.75.7-0.87.24.0-3.4
Eritrea5.1-2.71.52.6-1.01.4-9.83.92.27.96.11.9
Ethiopia5.6-2.111.712.611.511.811.210.08.08.58.08.0
Gabon1.62.51.43.01.25.62.3-1.45.75.63.33.4
The Gambia3.86.97.00.33.46.06.36.75.75.55.55.5
Ghana4.65.25.46.24.66.58.44.75.713.77.34.4
Guinea4.41.22.33.02.51.84.9-0.31.94.04.55.1
Guinea-Bissau0.40.42.84.32.13.23.23.03.54.34.54.7
Kenya2.22.84.66.06.37.01.62.65.05.76.56.6
Lesotho3.54.72.32.44.74.54.73.02.43.14.15.0
Liberia-31.32.65.37.89.47.14.65.15.99.85.0
Madagascar1.59.85.34.65.06.27.1-3.7-2.00.64.75.1
Malawi3.05.55.52.67.75.88.67.66.66.15.75.0
Mali4.57.62.36.15.34.35.04.54.56.05.45.0
Mauritius4.84.35.51.54.55.95.53.04.04.14.24.5
Mozambique8.56.57.98.48.77.36.86.37.07.57.87.3
Namibia3.04.312.32.57.15.44.3-0.84.44.84.54.4
Niger2.87.1-0.88.45.83.39.3-0.97.55.515.49.7
Nigeria4.710.310.65.46.27.06.07.08.46.96.66.0
Rwanda2.22.27.49.49.25.511.24.16.56.57.06.5
Sao Tome and Principe2.75.46.65.76.76.05.84.04.55.06.05.6
Senegal3.26.75.95.62.45.03.22.24.24.54.85.4
Seychelles3.4-5.9-2.96.76.49.6-1.30.76.24.04.74.6
Sierra Leone-1.99.57.47.27.36.45.53.25.05.16.05.5
South Africa2.82.94.65.35.65.63.6-1.72.83.53.84.5
Swaziland2.73.92.52.22.92.83.11.22.00.51.52.5
Tanzania4.06.97.87.47.06.97.36.76.56.46.66.9
Togo1.05.02.11.24.12.32.43.23.43.64.04.2
Uganda7.26.56.86.310.88.48.77.25.26.06.57.0
Zambia0.55.15.45.36.26.25.76.47.66.87.47.3
Zimbabwe7-17.2-6.9-2.2-3.5-3.7-17.76.09.07.35.74.7

For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

Data for some countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are IMF staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Private analysts are of the view that real GDP growth was significantly lower than the official estimates in 2008 and 2009, although the discrepancy between private and official estimates of real GDP growth narrowed in 2010.

Libya’s projections are excluded due to the uncertain political situation.

The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July-June to January-December).

The Zimbabwe dollar ceased circulating in early 2009. Data are based on staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates. Real GDP is in constant 2009 prices.

For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

Data for some countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are IMF staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Private analysts are of the view that real GDP growth was significantly lower than the official estimates in 2008 and 2009, although the discrepancy between private and official estimates of real GDP growth narrowed in 2010.

Libya’s projections are excluded due to the uncertain political situation.

The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July-June to January-December).

The Zimbabwe dollar ceased circulating in early 2009. Data are based on staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates. Real GDP is in constant 2009 prices.

Table A5.Summary of Inflation(Percent)
AverageProjections
1993-200220032004200520062007200820092010201120122016
GDP Deflators
Advanced Economies1.81.82.12.12.22.32.00.80.91.41.41.7
United States1.92.22.83.33.32.92.20.91.01.11.41.8
Euro Area11.92.21.92.01.92.42.01.00.81.21.51.7
Japan-0.6-1.6-1.1-1.2-0.9-0.7-1.0-0.4-2.1-1.4-0.10.6
Other Advanced Economies22.42.12.41.92.22.72.90.82.33.42.02.0
Consumer Prices
Advanced Economies2.21.82.02.32.42.23.40.11.62.21.71.9
United States2.52.32.73.43.22.93.8-0.31.62.21.62.0
Euro Area1,32.12.12.22.22.22.13.30.31.62.31.71.9
Japan0.2-0.30.0-0.30.30.01.4-1.4-0.70.20.21.0
Other Advanced Economies22.41.81.82.12.12.13.81.52.53.32.42.2
Emerging and Developing Economies28.66.75.95.95.66.59.25.26.26.95.33.8
Regional Groups
Central and Eastern Europe44.910.96.65.95.96.08.04.75.35.14.23.5
Commonwealth of Independent States4108.212.310.412.19.59.715.611.27.29.68.16.0
Developing Asia6.82.74.13.84.15.47.43.16.06.04.22.8
Latin America and the Caribbean39.310.46.66.35.35.47.96.06.06.76.05.1
Middle East and North Africa8.95.56.56.47.510.013.46.56.910.07.34.8
Sub-Saharan Africa22.910.87.68.96.96.911.710.57.57.87.35.7
Memorandum
European Union4.92.22.32.32.32.43.70.92.02.71.92.0
Analytical Groups
By Source of Export Earnings
Fuel48.411.39.710.09.010.114.99.38.210.98.66.2
Nonfuel23.65.65.04.94.75.67.94.35.86.04.63.3
Of Which, Primary Products27.05.03.85.25.25.19.15.24.05.35.23.9
By External Financing Source
Net Debtor Economies30.67.45.55.95.86.09.07.27.46.75.94.3
Of Which, Official Financing21.18.56.37.67.57.812.99.36.57.76.75.2
Net Debtor Economies by Debt-Servicing Experience
Economies with Arrears and/or Rescheduling during 2005-0924.112.07.98.18.78.211.46.58.08.68.16.8
Memorandum
Median Inflation Rate
Advanced Economies2.42.12.12.22.32.13.90.72.02.52.12.0
Emerging and Developing Economies8.24.34.46.06.06.310.33.74.56.05.44.0

Excludes Estonia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Estonia.

Based on Eurostat’s harmonized index of consumer prices.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Excludes Estonia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Estonia.

Based on Eurostat’s harmonized index of consumer prices.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Table A6.Advanced Economies: Consumer Prices(Annual percent change)
End of Period1
AverageProjectionsProjections
1993-200220032004200520062007200820092010201120122016201020112012
Consumer Prices
Advanced Economies2.21.82.02.32.42.23.40.11.62.21.71.91.92.11.6
United States2.52.32.73.43.22.93.8-0.31.62.21.62.01.42.11.4
Euro Area2,32.12.12.22.22.22.13.30.31.62.31.71.92.22.11.7
Germany1.71.01.81.91.82.32.80.21.22.21.52.01.92.21.5
France1.62.22.31.91.91.63.20.11.72.11.71.91.72.11.7
Italy3.12.82.32.22.22.03.50.81.62.02.12.01.92.02.1
Spain3.33.13.13.43.62.84.1-0.22.02.61.51.82.92.11.4
Netherlands2.62.21.41.51.71.62.21.00.92.32.21.81.82.22.1
Belgium1.81.51.92.52.31.84.5-0.02.32.92.32.03.32.92.3
Austria1.81.32.02.11.72.23.20.41.72.52.01.92.22.21.8
Greece6.43.43.03.53.33.04.21.44.72.50.51.25.11.40.5
Portugal3.53.32.52.13.02.42.7-0.91.42.41.41.82.41.42.1
Finland1.71.30.10.81.31.63.91.61.73.02.12.02.82.22.2
Ireland2.84.02.32.22.72.93.1-1.7-1.60.50.51.7-0.20.71.0
Slovak Republic8.47.52.84.31.93.90.90.73.42.72.81.33.42.9
Slovenia12.15.63.62.52.53.65.70.91.82.23.12.41.93.02.7
Luxembourg2.02.02.22.52.72.33.40.42.33.51.72.12.83.61.7
Estonia1.33.04.14.46.610.4-0.12.94.72.12.55.43.52.0
Cyprus3.14.01.92.02.22.24.40.22.63.92.82.21.94.12.6
Malta3.21.92.72.52.60.74.71.82.03.02.62.54.02.02.6
Japan0.2-0.30.0-0.30.30.01.4-1.4-0.70.20.21.00.00.10.3
United Kingdom21.81.41.32.02.32.33.62.13.34.22.02.03.43.91.9
Canada1.82.71.82.22.02.12.40.31.82.21.92.02.22.02.0
Korea4.23.53.62.82.22.54.72.83.04.53.03.03.54.13.0
Australia2.52.82.32.73.52.34.41.82.83.03.02.62.73.42.9
Taiwan Province of China1.7-0.31.62.30.61.83.5-0.91.02.02.02.07.42.32.0
Sweden1.72.31.00.81.51.73.32.01.92.02.02.02.11.72.0
Switzerland1.10.60.81.21.10.72.4-0.50.70.91.01.00.70.91.0
Hong Kong SAR2.8-2.6-0.40.92.02.04.30.52.45.84.42.53.14.04.4
Singapore1.20.51.70.51.02.16.60.62.83.33.02.04.02.83.1
Czech Republic0.12.81.82.52.96.31.01.52.02.02.02.32.22.0
Norway2.22.50.51.52.30.73.82.22.41.82.22.52.82.02.4
Israel7.10.7-0.41.32.10.54.63.32.73.02.51.72.62.72.4
Denmark2.12.11.21.81.91.73.41.32.32.02.02.02.92.12.0
New Zealand1.91.72.33.03.42.44.02.12.34.12.72.14.00.74.7
Iceland3.32.13.24.06.85.012.412.05.42.62.62.52.43.02.5
Memorandum
Major Advanced Economies1.91.72.02.32.42.23.2-0.11.42.01.51.81.51.91.4
Newly Industrialized Asian Economies3.11.52.42.21.62.24.51.32.33.82.92.64.63.52.9

December-December changes. Several countries report Q4-Q4 changes.

Based on Eurostat’s harmonized index of consumer prices.

Excludes Estonia.

December-December changes. Several countries report Q4-Q4 changes.

Based on Eurostat’s harmonized index of consumer prices.

Excludes Estonia.

Table A7.Emerging and Developing Economies: Consumer Prices1(Annual percent change)
End of Period2
AverageProjectionsProjections
1993-200220032004200520062007200820092010201120122016201020112012
Central and Eastern Europe344.910.96.65.95.96.08.04.75.35.14.23.55.15.23.8
Albania17.02.32.92.42.42.93.42.23.64.53.53.03.44.02.9
Bosnia and Herzegovina0.50.33.66.11.57.4-0.42.15.02.52.73.15.02.5
Bulgaria71.22.36.16.07.47.612.02.53.04.83.73.04.45.32.4
Croatia45.91.82.03.33.22.96.12.41.03.52.43.01.93.52.4
Hungary15.84.46.83.63.97.96.14.24.94.13.53.04.23.93.2
Kosovo0.3-1.1-1.40.64.49.4-2.43.58.22.11.46.65.62.0
Latvia17.82.96.26.96.610.115.33.3-1.23.01.71.92.41.92.3
Lithuania-1.11.22.73.75.711.04.41.23.12.92.53.63.52.5
Former Yugoslav Republic of Macedonia30.11.2-0.40.53.22.38.4-0.81.55.22.01.93.07.52.0
Montenegro7.53.13.43.04.28.53.40.53.12.02.00.73.01.8
Poland16.20.83.52.11.02.54.23.52.64.12.92.53.13.82.7
Romania71.415.411.99.06.64.87.85.66.16.13.43.08.04.03.0
Serbia2.910.617.312.76.512.48.16.29.94.14.010.36.04.0
Turkey72.025.38.68.29.68.810.46.38.65.76.04.76.47.05.4
Commonwealth of Independent States3,4108.212.310.412.19.59.715.611.27.29.68.16.08.99.17.5
Russia95.313.710.912.79.79.014.111.76.99.38.06.08.88.57.5
Excluding Russia147.18.79.110.78.911.619.510.18.010.28.45.99.210.57.6
Armenia147.84.77.00.62.94.49.03.58.29.35.54.09.47.04.0
Azerbaijan108.22.26.79.78.416.620.81.55.710.37.55.07.910.05.0
Belarus247.228.418.110.37.08.414.813.07.712.99.75.59.913.09.0
Georgia4.85.78.39.29.210.01.77.112.67.95.411.29.46.5
Kazakhstan111.76.67.17.98.710.817.17.47.49.16.46.08.08.96.3
Kyrgyz Republic65.23.14.14.35.610.224.56.87.818.89.36.018.912.68.0
Moldova65.711.712.411.912.712.412.70.07.47.56.35.08.17.55.0
Mongolia40.85.17.912.54.58.226.86.310.216.416.05.014.320.012.0
Tajikistan182.016.47.27.310.013.220.46.56.513.99.75.09.812.69.8
Turkmenistan246.35.65.910.78.26.314.5-2.74.46.17.36.04.87.57.0
Ukraine149.35.29.013.59.112.825.215.99.49.28.35.09.110.27.7
Uzbekistan128.011.66.610.014.212.312.714.19.411.612.311.012.112.411.0
Developing Asia6.82.74.13.84.15.47.43.16.06.04.22.85.95.63.5
Islamic Republic of Afghanistan24.113.212.35.113.026.8-12.28.09.81.05.020.4-0.15.0
Bangladesh4.95.46.17.06.89.18.95.48.27.67.35.06.98.36.3
Bhutan7.02.14.65.35.05.28.48.67.16.56.04.59.16.35.5
Brunei Darussalam1.50.30.91.10.21.02.11.00.51.21.21.20.51.21.2
Cambodia13.61.03.96.36.17.725.0-0.74.05.15.23.03.16.54.1
China6.21.23.91.81.54.85.9-0.73.35.02.52.04.74.22.0
Fiji2.84.22.82.42.54.87.73.15.43.83.93.04.03.33.3
India7.23.83.84.26.26.48.310.913.27.56.94.08.67.75.9
Indonesia13.86.86.110.513.16.09.84.85.17.15.93.07.07.35.5
Kiribati3.01.9-0.9-0.3-1.54.211.08.8-1.42.52.52.5-1.48.04.0
Lao People’s Democratic Republic28.515.510.57.26.84.57.60.05.45.75.23.15.55.75.2
Malaysia3.01.11.43.03.62.05.40.61.72.82.52.32.42.82.5
Maldives4.3-2.86.32.53.57.412.34.05.06.55.83.05.08.03.5
Myanmar27.924.93.810.726.332.922.58.27.38.08.38.07.48.58.0
Nepal6.94.74.04.58.06.47.713.09.39.98.04.28.310.06.9
Pakistan8.03.14.69.37.97.812.020.811.715.514.07.012.716.012.0
Papua New Guinea10.514.72.11.82.40.910.86.96.68.38.06.87.59.07.0
Philippines6.93.56.07.66.22.89.33.23.84.94.34.03.05.14.2
Samoa3.84.37.87.83.24.56.214.4-0.23.04.04.0-0.66.04.0
Solomon Islands9.510.56.97.011.17.717.47.11.03.35.04.50.86.14.3
Sri Lanka9.79.09.011.010.015.822.63.45.97.96.25.56.96.55.8
Thailand3.81.82.84.54.62.25.5-0.83.34.03.42.93.05.12.4
Timor-Leste7.23.21.84.18.97.60.14.96.06.05.08.06.06.0
Tonga4.211.510.68.36.07.57.33.44.05.94.86.06.65.83.9
Tuvalu3.32.83.23.82.210.5-0.3-1.91.21.62.2-1.82.41.6
Vanuatu2.53.01.41.22.03.94.84.32.84.03.53.03.44.03.5
Vietnam5.63.37.98.47.58.323.16.79.213.56.75.011.89.56.2
Latin America and the Caribbean39.310.46.66.35.35.47.96.06.06.76.05.16.66.85.8
Antigua and Barbuda2.32.02.02.11.81.45.3-0.63.43.72.72.22.93.03.1
Argentina54.713.44.49.610.98.88.66.310.510.211.511.010.911.011.0
The Bahamas1.73.01.02.21.82.54.52.11.72.01.42.01.72.01.7
Barbados1.81.61.46.17.34.08.13.75.16.14.61.95.17.02.3
Belize1.62.63.13.74.22.36.42.00.52.93.52.51.34.42.5
Bolivia6.03.34.45.44.38.714.03.32.510.45.44.07.27.95.0
Brazil103.514.86.66.94.23.65.74.95.06.34.84.55.95.94.5
Chile6.42.81.13.13.44.48.71.71.53.63.23.03.04.53.2
Colombia15.77.15.95.04.35.57.04.22.33.62.82.83.23.23.1
Costa Rica13.09.412.313.811.59.413.47.85.75.65.44.05.86.05.5
Dominica1.21.62.41.62.63.26.40.02.83.61.11.52.43.51.3
Dominican Republic7.327.451.54.27.66.110.61.46.36.15.84.06.26.05.5
Ecuador37.07.92.72.13.32.38.45.23.63.53.23.03.33.43.1
El Salvador6.32.14.54.74.04.67.30.41.23.53.82.82.14.82.8
Grenada1.92.22.33.54.23.98.0-0.35.05.84.52.06.35.04.0
Guatemala8.75.67.69.16.66.811.41.93.95.15.94.05.46.35.5
Guyana6.96.04.76.96.712.28.13.03.76.26.15.44.56.95.4
Haiti18.626.728.316.814.29.014.43.44.16.48.05.04.79.16.5
Honduras15.47.78.08.85.66.911.58.74.77.67.16.06.58.06.5
Jamaica14.810.113.515.18.59.322.09.612.69.06.05.511.77.45.7
Mexico15.64.64.74.03.64.05.15.34.23.63.13.04.43.53.0
Nicaragua9.05.38.59.69.111.119.83.75.58.78.47.09.28.67.3
Panama1.00.60.52.92.54.28.82.43.55.03.52.54.94.43.3
Paraguay11.314.24.36.89.68.110.22.64.79.69.04.07.210.77.5
Peru11.22.33.71.62.01.85.82.91.52.73.22.02.13.53.0
St. Kitts and Nevis3.02.32.23.48.54.55.41.92.53.52.92.52.23.82.9
St. Lucia2.51.01.53.93.62.87.21.01.83.22.82.4-0.65.21.9
St. Vincent and the Grenadines1.70.23.03.73.16.910.10.41.55.03.62.52.05.91.9
Suriname73.523.09.19.911.36.414.6-0.16.917.910.44.010.319.97.5
Trinidad and Tobago5.13.83.76.98.37.912.07.010.711.57.55.013.49.55.5
Uruguay21.719.49.24.76.48.17.97.16.77.26.06.06.96.86.5
Venezuela39.931.121.716.013.718.730.427.128.229.831.322.127.232.430.1
Middle East and North Africa8.95.56.56.47.510.013.46.56.910.07.34.88.78.66.5
Algeria11.22.63.61.62.33.64.95.74.35.04.33.74.54.54.1
Bahrain1.01.72.22.62.03.33.52.82.03.02.72.52.02.72.5
Djibouti2.82.03.13.13.55.012.01.74.04.62.32.52.84.02.1
Egypt5.93.28.18.84.211.011.716.211.711.512.06.510.713.510.5
Islamic Republic of Iran22.115.615.310.411.918.425.410.812.522.512.57.020.015.011.0
Iraq37.053.230.82.7-2.85.15.05.04.03.35.05.0
Jordan2.71.63.43.56.34.713.9-0.75.06.15.62.36.15.73.6
Kuwait1.71.01.34.13.15.510.64.04.16.12.73.24.16.12.7
Lebanon6.31.31.7-0.75.64.110.81.24.56.53.02.24.55.52.6
Libya61.7-2.11.02.91.46.210.42.82.42.4
Mauritania5.55.310.412.16.27.37.32.26.17.36.70.06.37.56.9
Morocco2.91.21.51.03.32.03.91.01.02.92.92.92.22.92.9
Oman-0.20.20.71.93.45.912.63.53.33.53.03.03.43.33.0
Qatar2.22.36.88.811.813.815.0-4.9-2.44.24.14.00.44.24.1
Saudi Arabia0.30.60.40.62.34.19.95.15.46.05.54.05.46.64.5
Sudan45.27.78.48.57.28.014.311.313.09.07.06.015.48.06.0
Syrian Arab Republic3.95.84.47.210.44.715.22.84.46.05.05.06.36.05.0
Tunisia3.62.73.62.04.13.44.93.54.44.03.33.04.14.03.3
United Arab Emirates3.23.15.06.29.311.112.31.60.94.53.02.22.73.72.7
Republic of Yemen27.310.812.59.910.87.919.03.712.113.011.06.412.513.58.6
Sub-Saharan Africa22.910.87.68.96.96.911.710.57.57.87.35.76.98.16.6
Angola527.998.343.623.013.312.212.513.714.514.612.45.215.313.011.2
Benin7.41.50.95.43.81.38.02.22.14.23.03.04.04.53.0
Botswana9.29.27.08.611.67.112.68.16.97.87.06.17.47.56.4
Burkina Faso5.12.0-0.46.42.4-0.210.72.60.42.02.02.01.42.02.0
Burundi14.510.78.013.52.78.324.410.76.48.413.45.04.113.912.9
Cameroon75.70.60.32.04.91.15.33.01.33.02.52.52.63.02.5
Cape Verde4.41.2-1.90.44.84.46.81.02.14.45.42.03.45.74.3
Central African Republic4.94.4-2.22.96.70.99.33.51.52.72.92.02.33.42.4
Chad6.2-1.8-4.83.77.7-7.48.310.11.03.03.03.0-2.2-2.0-2.0
Comoros4.83.74.53.03.44.54.84.82.73.93.63.03.24.32.9
Democratic Republic of Congo546.212.84.021.413.216.718.046.223.512.011.07.79.813.09.0
Republic of Congo7.11.73.72.54.72.66.04.35.05.95.23.15.45.04.2
Cote d’lvoire6.23.31.53.92.51.96.31.01.45.02.52.55.15.02.5
Equatorial Guinea9.17.34.25.74.52.84.37.27.57.37.06.57.57.37.0
Eritrea11.222.725.112.515.19.319.933.012.713.312.312.314.212.312.3
Ethiopia1.915.18.66.812.315.825.336.42.812.911.29.07.316.09.0
Gabon4.92.10.41.2-1.45.05.31.90.62.33.43.00.73.53.2
The Gambia3.817.014.35.02.15.44.54.65.05.95.55.05.86.05.0
Ghana27.626.712.615.110.210.716.519.310.78.78.76.58.69.08.5
Guinea4.611.017.531.434.722.918.44.715.519.615.13.720.817.112.3
Guinea-Bissau21.2-3.50.83.20.74.610.4-1.61.14.02.02.05.71.82.0
Kenya12.09.811.89.96.04.316.29.33.97.25.05.04.56.75.5
Lesotho9.07.35.03.46.18.010.77.23.85.45.65.63.15.65.7
Liberia10.33.66.97.213.717.57.47.39.76.05.06.69.04.7
Madagascar16.2-1.114.018.410.810.49.29.09.08.87.55.09.28.56.5
Malawi32.49.611.415.513.98.08.88.76.96.66.95.46.37.06.8
Mali5.1-1.2-3.16.41.51.59.12.21.24.52.72.81.95.03.1
Mauritius7.13.94.74.98.78.69.72.52.97.44.64.46.15.84.4
Mozambique23.413.512.66.413.28.210.33.312.79.57.25.616.68.45.6
Namibia9.17.24.12.35.16.710.48.84.55.95.64.53.15.75.5
Niger6.2-1.80.47.80.10.110.51.10.93.82.02.02.73.52.0
Nigeria26.014.015.017.98.25.411.612.513.711.19.58.511.710.58.5
Rwanda13.87.412.09.18.89.115.410.32.33.15.55.00.26.05.0
Sao Tome and Principe29.39.612.817.223.118.526.017.014.410.66.73.012.98.55.0
Senegal4.8-0.00.51.72.15.95.8-1.71.23.92.52.14.32.72.3
Seychelles2.43.33.90.6-1.95.337.031.9-2.43.14.32.60.45.53.5
Sierra Leone17.07.514.212.09.511.614.89.217.814.78.85.418.413.18.0
South Africa7.65.81.43.44.77.111.57.14.34.95.84.53.55.95.6
Swaziland9.27.33.54.85.39.713.17.54.57.96.14.54.57.35.4
Tanzania15.34.44.14.45.66.38.411.810.56.37.05.07.27.55.5
Togo6.6-0.90.46.82.20.98.71.93.26.22.01.96.96.9-2.1
Uganda6.95.75.08.06.66.87.314.29.46.111.05.04.212.010.0
Zambia41.021.418.018.39.010.712.413.48.59.06.55.07.97.06.0
Zimbabwe86.53.04.86.15.03.27.16.5

In accordance with standard practice in the World Economic Outlook, movements in consumer prices are indicated as annual averages rather than as December-December changes during the year, as is the practice in some countries. For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

December-December changes. Several countries report Q4-Q4 changes.

For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price index (CPI) inflation data with broader and more up-to-date coverage are typically used for more recent years.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Private analysts estimate that consumer price inflation has been considerably higher than the official estimates from 2007 onward. The Argentine authorities have announced that they are developing a national CPI to replace the Greater Buenos Aires CPI currently in use. At the request of the authorities, the IMF is providing technical assistancce in this effort.

Libya’s projections are excluded due to the uncertain political situation.

The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July-June to January-December).

The Zimbabwe dollar ceased circulating in early 2009. Data are based on staff estimates of price and exchange rate developments in U.S. dollars. Staff estimates of U.S. dollar values may differ from authorities’ estimates.

In accordance with standard practice in the World Economic Outlook, movements in consumer prices are indicated as annual averages rather than as December-December changes during the year, as is the practice in some countries. For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

December-December changes. Several countries report Q4-Q4 changes.

For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price index (CPI) inflation data with broader and more up-to-date coverage are typically used for more recent years.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Private analysts estimate that consumer price inflation has been considerably higher than the official estimates from 2007 onward. The Argentine authorities have announced that they are developing a national CPI to replace the Greater Buenos Aires CPI currently in use. At the request of the authorities, the IMF is providing technical assistancce in this effort.

Libya’s projections are excluded due to the uncertain political situation.

The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July-June to January-December).

The Zimbabwe dollar ceased circulating in early 2009. Data are based on staff estimates of price and exchange rate developments in U.S. dollars. Staff estimates of U.S. dollar values may differ from authorities’ estimates.

Table A8.Major Advanced Economies: General Government Fiscal Balances and Debt1(Percent of GDP unless noted otherwise)
AverageProjections
1995-2004200520062007200820092010201120122016
Major Advanced Economies
Net Lending/Borrowing-3.4-2.3-2.1-4.4-9.8-8.8-8.5-6.3-4.4
Output Gap2-0.1-0.20.40.6-0.9-5.5-4.0-3.1-2.2-0.2
Structural Balance2-2.9-2.4-2.2-3.7-5.8-6.4-6.5-4.9-4.1
United States
Net Lending/Borrowing-3.2-2.0-2.7-6.5-12.7-10.6-10.8-7.5-6.0
Output Gap20.10.00.30.0-1.8-6.0-4.8-3.7-2.7-0.4
Structural Balance2-2.3-2.0-2.3-4.7-6.8-7.5-8.1-5.7-5.3
Net Debt43.242.741.942.648.459.964.872.476.785.7
Gross Debt62.361.761.162.271.284.691.699.5102.9111.9
Euro Area3
Net Lending/Borrowing-2.5-2.5-1.3-0.6-2.0-6.3-6.1-4.4-3.6-1.9
Output Gap2-0.5-0.41.02.11.1-3.5-2.8-2.3-1.70.0
Structural Balance2-2.7-2.8-2.3-2.1-2.7-4.3-4.1-3.2-2.7-1.7
Net Debt54.754.753.150.752.961.064.466.968.268.1
Gross Debt70.770.068.566.269.879.385.087.388.386.3
Germany4
Net Lending/Borrowing-3.2-3.4-1.60.30.1-3.0-3.3-2.3-1.50.0
Output Gap2-0.6-1.30.92.42.0-3.7-1.6-0.5-0.10.2
Structural Balance2,5-2.4-2.6-2.2-0.9-0.7-1.0-2.2-2.1-1.5-0.1
Net Debt43.553.152.750.149.755.953.854.754.752.6
Gross Debt60.468.067.664.966.373.580.080.179.471.9
France
Net Lending/Borrowing-3.1-3.0-2.3-2.7-3.3-7.6-7.7-6.0-5.0-1.5
Output Gap20.20.30.81.1-0.4-4.0-3.6-3.1-2.50.2
Structural Balance2,5-3.1-3.3-2.6-3.1-3.1-5.0-5.1-4.0-3.3-1.5
Net Debt49.856.753.954.157.868.474.677.980.077.0
Gross Debt59.266.463.763.867.578.184.387.689.786.7
Italy
Net Lending/Borrowing-3.6-4.4-3.3-1.5-2.7-5.3-4.6-4.3-3.5-2.9
Output Gap20.0-0.40.81.5-0.5-3.9-3.3-3.0-2.50.0
Structural Balance2,6-4.1-4.6-3.4-2.5-2.6-3.9-2.9-2.8-2.2-3.0
Net Debt97.189.389.887.389.297.199.6100.6100.498.9
Gross Debt112.1105.9106.6103.6106.3116.1119.0120.3120.0118.0
Japan
Net Lending/Borrowing-6.3-4.8-4.0-2.4-4.2-10.3-9.5-10.0-8.4-7.4
Output Gap2-0.9-0.7-0.30.4-1.5-8.0-4.8-3.8-2.30.0
Structural Balance2-5.9-4.6-3.9-2.5-3.6-7.0-7.5-8.3-7.4-7.4
Net Debt54.684.684.381.596.5110.0117.5127.8135.1163.9
Gross Debt7135.4191.6191.3187.7195.0216.3220.3229.1233.4250.5
United Kingdom
Net Lending/Borrowing-1.8-3.3-2.6-2.7-4.9-10.3-10.4-8.6-6.9-1.3
Output Gap2-0.1-0.30.31.00.7-3.7-2.7-2.6-2.3-0.3
Structural Balance2-1.7-3.1-2.8-3.3-5.9-8.5-8.3-6.6-5.1-1.1
Net Debt37.637.338.038.245.660.969.475.178.673.5
Gross Debt42.842.143.143.952.068.377.283.086.581.3
Canada
Net Lending/Borrowing-0.21.51.61.60.1-5.5-5.5-4.6-2.80.0
Output Gap20.51.51.71.70.1-3.8-2.4-1.5-0.80.0
Structural Balance2-0.40.90.80.60.0-3.2-4.0-3.6-2.20.0
Net Debt52.931.026.322.922.428.432.235.136.333.0
Gross Debt88.171.670.366.571.383.484.084.283.172.6
Note: The methodology and specific assumptions for each country are discussed in Box A1 in the Statistical Appendix. The country group composites for fiscal data are calculated as the sum of the U.S dollar values for the relevant individual countries. This differs from the calculations in the October 2010 and earlier issues of the World Economic Outlook, for which the composites were weighted by GDP valued at purchasing power parities (PPPs) as a share of total world GDP

Debt data refer to the end of the year. Debt data are not always comparable across countries.

Percent of potential GDP.

Excludes Estonia.

Beginning in 1995, the debt and debt-services obligations of the Treuhandanstalt (and of various other agencies) were taken over by the general government. This debt is equivalent to 8 percent of GDP, and the associated debt service to 1/2 to 1 percent of GDP

Excludes sizable one-off receipts from the sale of assets, including licenses.

Excludes one-off measures based on the authorities’ data and, in the absence of the latter, receipts from the sale of assets.

Includes equity shares.

Note: The methodology and specific assumptions for each country are discussed in Box A1 in the Statistical Appendix. The country group composites for fiscal data are calculated as the sum of the U.S dollar values for the relevant individual countries. This differs from the calculations in the October 2010 and earlier issues of the World Economic Outlook, for which the composites were weighted by GDP valued at purchasing power parities (PPPs) as a share of total world GDP

Debt data refer to the end of the year. Debt data are not always comparable across countries.

Percent of potential GDP.

Excludes Estonia.

Beginning in 1995, the debt and debt-services obligations of the Treuhandanstalt (and of various other agencies) were taken over by the general government. This debt is equivalent to 8 percent of GDP, and the associated debt service to 1/2 to 1 percent of GDP

Excludes sizable one-off receipts from the sale of assets, including licenses.

Excludes one-off measures based on the authorities’ data and, in the absence of the latter, receipts from the sale of assets.

Includes equity shares.

Table A9.Summary of World Trade Volumes and Prices(Annual percent change)
AveragesProjections
1993-20022003-122003200420052006200720082009201020112012
Trade in Goods and Services
World Trade1
Volume6.65.75.610.87.78.77.52.7-10.912.47.46.9
Price Deflator
In U.S. Dollars-1.35.310.29.55.45.88.111.3-10.35.88.50.8
In SDRs-0.53.41.93.65.76.33.97.8-8.07.05.81.0
Volume of Trade
Exports
Advanced Economies6.24.73.49.26.28.76.61.9-12.212.06.85.9
Emerging and Developing Economies8.38.311.514.511.29.49.64.0-7.514.58.88.7
Imports
Advanced Economies6.54.14.29.36.57.75.10.4-12.611.25.85.5
Emerging and Developing Economies7.39.410.716.111.610.313.38.8-8.313.510.29.4
Terms of Trade
Advanced Economies-0.1-0.31.0-0.2-1.4-1.10.4-2.02.7-1.2-1.1-0.5
Emerging and Developing Economies0.41.50.62.95.13.20.53.7-5.10.24.7-0.3
Trade in Goods
World Trade1
Volume6.55.87.011.37.48.67.12.7-11.713.67.76.9
Price Deflator
In U.S. Dollars-1.05.49.29.46.26.57.811.7-11.97.29.20.9
In SDRs-0.23.41.03.56.47.03.68.1-9.78.46.41.1
World Trade Prices in U.S. Dollars2
Manufactures-1.44.013.55.72.62.66.26.6-6.33.05.51.1
Oil2.715.815.830.741.320.510.736.4-36.327.935.60.8
Nonfuel Primary Commodities-0.99.55.915.26.123.214.17.5-15.826.325.1-4.3
Food-1.57.86.314.0-0.910.515.223.4-14.711.424.1-4.7
Beverages1.39.94.8-0.918.18.413.823.31.614.123.9-3.5
Agricultural Raw Materials0.23.80.64.10.58.85.0-0.8-17.033.224.8-11.5
Metal-1.216.611.834.622.456.217.4-7.8-19.748.126.5-0.8
World Trade Prices in SDRs2
Manufactures-0.52.04.90.02.83.12.13.3-4.04.22.91.3
Oil3.613.67.123.641.621.06.432.1-34.829.332.21.0
Nonfuel Primary Commodities-0.17.5-2.19.06.323.89.64.1-13.827.621.9-4.1
Food-0.75.8-1.77.8-0.711.010.719.5-12.612.621.0-4.5
Beverages2.17.9-3.1-6.318.38.89.419.44.115.420.8-3.3
Agricultural Raw Materials1.11.9-7.0-1.60.89.30.9-3.9-14.934.721.6-11.3
Metal-0.314.43.327.322.756.912.8-10.7-17.749.723.3-0.6
World Trade Prices in Euros2
Manufactures1.80.2-5.2-3.82.41.8-2.7-0.7-1.08.22.31.6
Oil6.111.6-3.318.941.019.51.427.1-32.734.331.41.3
Nonfuel Primary Commodities2.35.6-11.64.85.922.34.50.1-11.132.521.2-3.8
Food1.73.9-11.23.7-1.19.65.614.9-9.817.020.3-4.2
Beverages4.66.0-12.5-9.917.87.54.214.87.319.820.1-3.0
Agricultural Raw Materials3.50.1-16.0-5.30.38.0-3.8-7.6-12.339.921.0-11.1
Metal2.012.4-6.722.422.255.07.5-14.2-15.155.522.6-0.3
Trade in Goods
Volume of Trade
Exports
Advanced Economies6.04.85.09.65.78.76.11.9-13.613.67.35.8
Emerging and Developing Economies8.28.111.514.110.98.98.74.1-7.815.18.98.6
Fuel Exporters3.63.911.89.85.82.14.12.7-6.92.55.13.0
Nonfuel Exporters9.99.711.315.612.811.810.74.7-8.320.110.310.6
Imports
Advanced Economies6.54.46.010.26.38.05.10.3-13.312.66.05.2
Emerging and Developing Economies7.39.211.516.211.49.812.88.2-9.213.810.29.6
Fuel Exporters3.69.210.814.816.09.821.614.5-12.83.49.28.2
Nonfuel Exporters8.49.211.616.510.59.810.96.8-8.316.310.49.8
Price Deflators in SDRs
Exports
Advanced Economies-0.72.41.62.43.74.43.14.8-6.85.55.20.4
Emerging and Developing Economies1.96.11.27.314.012.85.613.9-13.912.19.81.2
Fuel Exporters3.611.84.516.632.320.98.126.0-26.624.524.60.8
Nonfuel Exporters1.33.80.24.17.29.44.58.7-7.77.24.21.4
Imports
Advanced Economies-0.82.70.52.75.65.82.67.4-10.46.86.51.2
Emerging and Developing Economies1.44.60.34.57.99.15.010.2-8.912.74.71.7
Fuel Exporters0.45.31.04.58.010.75.28.9-5.415.36.10.5
Nonfuel Exporters1.64.40.24.57.88.85.010.5-9.812.14.41.9
Terms of Trade
Advanced Economies0.1-0.41.1-0.4-1.8-1.30.5-2.44.0-1.2-1.2-0.8
Emerging and Developing Economies0.51.40.92.75.73.40.53.3-5.4-0.64.8-0.4
Regional Groups
Central and Eastern Europe-0.3-0.4-0.51.2-1.6-1.22.0-2.53.8-2.0-2.2-0.4
Commonwealth of Independent States31.76.18.712.415.09.42.515.1-20.39.913.40.2
Developing Asia-0.3-1.9-1.0-2.7-2.2-1.7-2.1-2.74.3-10.70.3-0.2
Latin America and the Caribbean0.62.62.85.55.48.32.32.6-7.99.00.4-1.7
Middle East and North Africa2.45.42.08.121.96.01.913.9-18.37.016.8-0.1
Sub-Saharan Africa0.54.1-1.94.812.39.13.27.7-12.210.111.4-0.6
Analytical Groups
By Source of Export Earnings
Fuel Exporters3.26.13.511.522.59.22.815.7-22.38.017.50.3
Nonfuel Exporters-0.3-0.6-0.1-0.4-0.60.5-0.5-1.62.3-4.3-0.2-0.5
Memorandum
World Exports in Billions of U.S. Dollars
Goods and Services6,74516,5289,32311,31012,87014,84917,30719,74715,78318,71321,87723,502
Goods5,38313,2537,4429,03410,32711,96613,84515,85912,34114,98617,71119,015
Average Oil Price42.715.815.830.741.320.510.736.4-36.327.935.60.8
In U.S. Dollars a Barrel19.8270.8428.8937.7653.3564.2771.1397.0461.7879.03107.16108.00
Export Unit Value of Manufactures5-1.44.013.55.72.62.66.26.6-6.33.05.51.1

Average of annual percent change for world exports and imports.

As represented, respectively, by the export unit value index for manufactures of the advanced economies and accounting for 83 percent of the advanced economies’ trade (export of goods) weights; the average of U.K. Brent, Dubai, and West Texas Intermediate crude oil prices; and the average of world market prices for nonfuel primary commodities weighted by their 2002-04 shares in world commodity exports.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Percent change in average of U.K. Brent, Dubai, and West Texas Intermediate crude oil prices.

Percent change of manufactures exported by the advanced economies.

Average of annual percent change for world exports and imports.

As represented, respectively, by the export unit value index for manufactures of the advanced economies and accounting for 83 percent of the advanced economies’ trade (export of goods) weights; the average of U.K. Brent, Dubai, and West Texas Intermediate crude oil prices; and the average of world market prices for nonfuel primary commodities weighted by their 2002-04 shares in world commodity exports.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Percent change in average of U.K. Brent, Dubai, and West Texas Intermediate crude oil prices.

Percent change of manufactures exported by the advanced economies.

Table A10.Summary of Balances on Current Account(Billions of U.S. dollars)
Projections
20032004200520062007200820092010201120122016
Advanced Economies-218.9-219.5-411.2-449.8-344.2-471.8-101.1-95.5-125.6-91.0-302.5
United States-520.7-630.5-747.6-802.6-718.1-668.9-378.4-470.2-493.9-450.7-643.6
Euro Area1,223.476.614.6-12.614.7-196.9-69.4-77.03.86.618.3
Japan136.2172.1165.7170.4211.0157.1141.8194.8134.1138.6131.5
Other Advanced Economies3128.7127.4131.1142.0137.0129.0158.2167.7229.8213.9192.3
Memorandum
Newly Industrialized Asian Economies84.386.982.899.4130.987.8128.6133.1134.8136.1145.2
Emerging and Developing Economies145.2219.7443.0661.5649.7704.2326.6378.1646.5635.9900.8
Regional Groups
Central and Eastern Europe-32.5-52.0-57.7-85.3-131.7-151.3-44.3-76.0-102.0-116.0-165.6
Commonwealth of Independent States435.763.587.696.371.7107.741.475.0116.990.117.0
Developing Asia85.292.9167.5289.2418.3435.9328.2308.1348.9414.7843.7
Latin America and the Caribbean9.421.536.349.514.6-31.2-25.0-56.9-79.1-107.0-179.1
Middle East and North Africa59.8101.9212.7281.1265.8343.147.9152.8357.1349.0394.5
Sub-Saharan Africa-12.4-8.2-3.430.811.00.0-21.6-24.94.75.1-9.7
Memorandum
European Union12.161.7-13.8-48.0-83.1-167.4-39.6-22.3-37.1-26.3-13.1
Analytical Groups
By Source of Export Earnings
Fuel103.9184.6349.2476.6429.7587.0145.2291.0597.6568.5514.8
Nonfuel41.335.193.8184.9220.0117.2181.487.048.967.4386.0
Of Which, Primary Products-4.4-0.9-1.89.46.7-15.2-3.6-4.8-7.2-15.4-12.8
By External Financing Source
Net Debtor Economies-31.7-55.9-95.3-116.8-212.2-361.6-180.3-265.4-360.0-423.2-519.7
Of Which, Official Financing-5.8-4.6-5.7-3.9-5.7-12.8-11.4-14.7-17.9-19.7-16.7
Net Debtor Economies by Debt-Servicing Experience
Economies with Arrears and/or Rescheduling during 2005-091.9-6.8-9.0-6.1-19.2-34.8-31.6-40.8-47.0-53.3-51.2
World1-73.70.231.8211.8305.4232.4225.5282.6520.9544.9598.4
Memorandum
In Percent of Total World Current Account Transactions-0.40.00.10.70.90.60.70.81.21.21.0
In Percent of World GDP-0.20.00.10.40.50.40.40.40.70.70.6

Reflects errors, omissions, and asymmetries in balance of payments statistics on the current account, as well as the exclusion of data for international organizations and a limited number of countries. See “Classification of Countries” in the introduction to this Statistical Appendix.

Calculated as the sum of the balances of individual Euro Area countries, excluding Estonia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Estonia.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Reflects errors, omissions, and asymmetries in balance of payments statistics on the current account, as well as the exclusion of data for international organizations and a limited number of countries. See “Classification of Countries” in the introduction to this Statistical Appendix.

Calculated as the sum of the balances of individual Euro Area countries, excluding Estonia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Estonia.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Table A11.Advanced Economies: Balance on Current Account(Percent of GDP)
Projections
20032004200520062007200820092010201120122016
Advanced Economies-0.7-0.7-1.2-1.2-0.9-1.1-0.3-0.2-0.3-0.2-0.6
United States-4.7-5.3-5.9-6.0-5.1-4.7-2.7-3.2-3.2-2.8-3.4
Euro Area10.41.20.40.40.2-0.6-0.20.10.00.00.1
Germany1.94.75.16.57.66.75.05.35.14.63.6
France0.70.5-0.5-0.6-1.0-1.9-1.9-2.1-2.8-2.7-2.2
Italy-1.3-0.9-1.7-2.6-2.4-2.9-2.1-3.5-3.4-3.0-2.4
Spain-3.5-5.3-7.4-9.0-10.0-9.7-5.5-4.5-4.8-4.5-3.5
Netherlands5.67.67.49.36.74.34.67.17.98.26.0
Belgium3.43.22.01.91.6-1.90.81.21.01.22.4
Austria1.72.22.22.83.54.92.93.23.13.13.2
Greece-6.6-5.9-7.4-11.2-14.4-14.7-11.0-10.4-8.2-7.1-3.8
Portugal-6.5-8.4-10.4-10.7-10.1-12.6-10.9-9.9-8.7-8.5-5.7
Finland4.86.23.44.24.32.92.33.12.82.62.8
Ireland-0.0-0.6-3.5-3.6-5.3-5.6-3.0-0.70.20.60.1
Slovak Republic-5.9-7.8-8.5-7.8-5.3-6.6-3.6-3.4-2.8-2.7-3.1
Slovenia-0.8-2.7-1.7-2.5-4.8-6.7-1.5-1.2-2.0-2.1-2.6
Luxembourg8.111.911.510.410.15.36.77.78.58.79.3
Estonia-11.3-11.3-10.0-15.3-17.2-9.74.53.63.33.1-3.7
Cyprus-2.3-5.0-5.9-7.0-11.7-17.2-7.5-7.0-8.9-8.7-8.0
Malta-3.1-6.0-8.7-9.3-5.6-5.6-6.9-0.6-1.1-2.3-3.3
Japan3.23.73.63.94.83.22.83.62.32.32.0
United Kingdom-1.6-2.1-2.6-3.4-2.6-1.6-1.7-2.5-2.4-1.9-1.0
Canada1.22.31.91.40.80.4-2.8-3.1-2.8-2.6-1.3
Korea2.44.52.21.52.10.33.92.81.11.00.6
Australia-5.2-6.0-5.7-5.3-6.2-4.5-4.2-2.6-0.4-2.1-6.2
Taiwan Province of China9.85.84.87.08.96.911.49.411.610.98.0
Sweden7.06.66.88.49.28.77.26.56.15.85.6
Switzerland13.313.414.014.88.92.311.514.213.212.812.0
Hong Kong SAR10.49.511.412.112.313.78.66.65.25.57.9
Singapore22.717.021.124.827.314.619.022.220.419.014.9
Czech Republic-6.3-5.3-1.3-2.5-3.3-0.6-1.1-2.4-1.8-1.2-0.7
Norway12.312.716.317.214.117.913.112.916.316.014.8
Israel0.61.83.25.12.90.83.63.13.33.13.4
Denmark3.73.34.13.11.42.43.85.04.84.84.9
New Zealand-3.9-5.7-7.9-8.2-8.0-8.7-2.9-2.2-0.2-4.4-7.0
Iceland-4.8-9.8-16.1-25.7-15.7-28.3-10.4-8.01.12.1-0.6
Memorandum
Major Advanced Economies-1.5-1.4-1.9-2.0-1.3-1.3-0.8-1.0-1.3-1.1-1.4
Euro Area20.30.80.1-0.10.1-1.4-0.6-0.60.00.00.1
Newly Industrialized Asian Economies7.06.55.56.07.25.18.07.16.36.04.8

Calculated as the sum of the balances of individual Euro Area countries excluding Estonia.

Corrected for reporting discrepancies in intra-area transactions, excluding Estonia.

Calculated as the sum of the balances of individual Euro Area countries excluding Estonia.

Corrected for reporting discrepancies in intra-area transactions, excluding Estonia.

Table A12.Emerging and Developing Economies: Balance on Current Account(Percent of GDP)
Projections
20032004200520062007200820092010201120122016
Central and Eastern Europe-4.1-5.3-4.9-6.5-8.1-7.9-2.8-4.3-5.4-5.7-6.2
Albania-5.0-4.0-6.1-5.6-10.4-15.2-14.0-10.1-11.2-9.8-5.0
Bosnia and Herzegovina-19.4-16.4-17.2-8.0-10.7-14.5-6.9-6.0-6.0-5.7-4.6
Bulgaria-5.3-6.4-11.7-17.6-30.2-23.3-10.0-0.8-1.5-2.0-4.0
Croatia-6.3-4.4-5.5-7.0-7.6-9.2-5.5-1.9-3.6-3.6-5.7
Hungary-8.0-8.4-7.6-7.6-6.9-7.3-0.51.61.50.9-3.7
Kosovo-8.1-8.3-7.4-6.7-8.3-15.2-16.8-17.3-23.1-25.6-16.7
Latvia-8.1-12.9-12.5-22.5-22.3-13.18.63.62.61.5-2.6
Lithuania-6.9-7.6-7.1-10.7-14.6-13.44.51.8-0.9-2.9-3.3
Former Yugoslav Republic of Macedonia-3.8-7.6-2.6-0.8-6.5-13.9-6.4-2.8-4.2-4.8-4.5
Montenegro-6.7-7.2-8.5-24.1-39.5-50.6-30.3-25.6-24.5-22.1-8.9
Poland-2.5-4.0-1.2-2.7-4.8-4.8-2.2-3.3-3.9-4.2-4.3
Romania-5.8-8.4-8.6-10.4-13.4-11.6-4.2-4.2-5.0-5.2-5.0
Serbia-7.2-12.1-8.7-10.2-16.0-21.1-6.9-7.1-7.4-6.6-5.1
Turkey-2.5-3.7-4.6-6.1-5.9-5.7-2.3-6.5-8.0-8.2-8.4
Commonwealth of Independent States16.28.28.77.44.24.92.53.84.73.20.4
Russia8.210.111.19.55.96.24.14.95.63.90.3
Excluding Russia0.22.21.30.6-1.30.8-2.00.72.00.70.8
Armenia-6.8-0.5-1.0-1.8-6.4-11.8-16.0-13.7-12.4-11.3-8.5
Azerbaijan-27.8-29.81.317.627.335.523.627.728.424.217.2
Belarus-2.4-5.31.4-3.9-6.7-8.6-13.0-15.5-15.7-15.2-12.0
Georgia-9.6-6.9-11.1-15.1-19.7-22.6-11.2-9.8-13.0-12.0-6.1
Kazakhstan-0.90.8-1.8-2.5-8.14.6-3.72.55.84.21.5
Kyrgyz Republic1.74.92.8-3.1-0.2-8.12.0-7.4-6.7-7.8-3.9
Moldova-6.6-1.8-7.6-11.4-15.3-16.3-8.5-10.9-11.1-11.2-9.3
Mongolia-7.11.31.36.56.3-12.9-9.0-15.2-13.3-14.013.2
Tajikistan-1.3-3.9-1.7-2.8-8.6-7.6-5.92.2-4.1-7.2-4.3
Turkmenistan2.70.65.115.715.516.5-16.1-11.4-4.7-3.96.1
Ukraine5.810.62.9-1.5-3.7-7.1-1.5-1.9-3.6-3.8-2.9
Uzbekistan5.87.27.79.17.38.72.26.710.06.72.7
Developing Asia2.82.64.16.06.95.94.13.33.33.64.8
Islamic Republic of Afghanistan-16.5-4.7-2.7-5.70.9-1.6-2.62.0-0.7-3.6-7.4
Bangladesh0.3-0.30.01.21.11.93.31.4-1.0-1.2-0.2
Bhutan-22.5-17.6-28.7-4.212.1-2.2-9.2-5.2-12.0-18.1-19.0
Brunei Darussalam50.648.352.756.451.154.340.242.844.644.550.9
Cambodia-3.6-2.2-3.8-0.6-2.5-6.2-5.2-4.3-11.4-10.0-4.7
China2.83.67.19.310.69.66.05.25.76.37.8
Fiji-6.4-12.6-9.9-18.7-13.6-17.9-7.9-7.1-8.9-8.5-6.4
India1.50.1-1.3-1.0-0.7-2.0-2.8-3.2-3.7-3.8-1.6
Indonesia3.50.60.13.02.40.02.60.90.90.4-1.0
Kiribati-15.0-21.8-41.7-24.2-29.4-34.7-29.8-23.1-28.9-23.7-21.3
Lao People’s Democratic Republic-13.1-17.8-18.1-11.2-15.9-18.5-17.6-10.2-13.6-15.4-16.3
Malaysia12.012.115.016.415.917.516.511.811.410.88.6
Maldives-3.4-11.6-27.6-23.4-29.3-36.9-23.5-26.9-30.4-28.0-30.9
Myanmar-1.02.43.77.10.6-2.2-1.3-2.0-3.5-4.55.1
Nepal2.42.72.02.1-0.12.74.2-2.7-1.0-1.0-0.3
Pakistan4.91.8-1.4-3.9-4.8-8.5-5.7-2.3-1.5-2.4-4.4
Papua New Guinea4.32.16.19.23.310.1-7.6-23.7-24.2-17.610.3
Philippines0.41.92.04.54.92.25.84.52.92.80.9
Samoa-8.3-8.4-9.6-11.1-15.9-6.2-2.0-8.0-13.1-8.9-2.4
Solomon Islands6.316.3-7.0-9.3-13.8-19.3-17.9-25.6-16.8-15.2-39.4
Sri Lanka-0.4-3.1-2.5-5.3-4.3-9.8-0.5-3.5-4.1-4.5-5.0
Thailand3.41.7-4.31.16.30.88.34.62.71.92.0
Timor-Leste-15.121.178.8165.5329.0455.6245.4227.1196.9167.663.7
Tonga0.70.4-5.2-8.1-8.6-11.7-11.1-9.4-11.3-11.2-6.9
Tuvalu-34.5-4.521.7-1.5-1.9-10.2-5.2-24.16.3-3.45.1
Vanuatu-5.9-4.5-8.7-6.5-7.0-11.1-8.2-5.9-5.7-6.0-6.0
Vietnam-4.9-3.5-1.1-0.3-9.8-11.9-6.6-3.8-4.0-3.9-3.5
Latin America and the Caribbean0.51.01.41.60.4-0.7-0.6-1.2-1.4-1.8-2.4
Antigua and Barbuda-12.9-14.5-21.7-31.4-34.3-30.5-22.5-13.9-18.6-18.2-24.3
Argentina6.31.72.63.22.31.31.80.90.1-0.5-0.9
The Bahamas-5.4-2.8-9.9-19.6-17.8-15.9-11.7-12.4-15.0-14.3-12.0
Barbados-5.6-10.6-10.7-6.9-4.5-9.6-5.5-7.4-6.7-6.0-4.7
Belize-18.2-14.7-13.6-2.1-4.1-9.8-8.4-2.7-8.1-6.7-7.3
Bolivia1.03.86.511.312.012.14.74.83.84.42.9
Brazil0.81.81.61.20.1-1.7-1.5-2.3-2.6-3.0-3.6
Chile-1.12.21.24.94.5-1.91.61.90.5-1.3-2.5
Colombia-0.9-0.6-1.1-1.9-2.9-3.0-2.2-3.1-2.1-2.2-1.8
Costa Rica-5.0-4.3-4.9-4.5-6.3-9.3-2.0-3.6-4.5-4.7-5.1
Dominica-20.0-20.4-26.0-15.7-25.0-31.8-28.1-28.0-29.2-27.5-22.5
Dominican Republic5.14.8-1.4-3.6-5.3-9.9-5.0-8.6-8.3-5.4-4.0
Ecuador-1.4-1.61.03.93.62.2-0.7-4.4-4.0-4.0-4.0
El Salvador-4.7-4.1-3.5-4.2-6.0-7.6-1.8-2.1-3.8-3.6-3.5
Grenada-25.3-9.0-31.3-33.2-43.2-38.7-33.2-27.1-25.3-27.1-26.2
Guatemala-4.7-4.9-4.6-5.0-5.2-4.3-0.0-2.1-3.3-4.0-5.4
Guyana-5.8-6.7-10.1-13.1-11.1-13.1-9.2-9.8-11.9-22.9-10.1
Haiti-1.6-1.62.6-1.4-1.5-4.4-3.4-2.3-4.0-4.6-2.9
Honduras-6.8-7.7-3.0-3.7-9.0-15.4-3.7-6.2-7.3-7.1-6.1
Jamaica-7.6-6.4-9.5-10.0-16.5-17.8-10.9-8.1-8.3-7.7-4.3
Mexico-1.0-0.7-0.6-0.5-0.9-1.5-0.7-0.5-0.9-1.1-1.5
Nicaragua-16.0-14.4-14.9-13.4-16.6-23.3-11.9-14.1-17.6-16.5-12.1
Panama-4.5-7.5-4.9-3.1-7.2-11.9-0.2-11.2-12.5-12.6-6.8
Paraguay2.32.10.21.41.5-1.80.6-3.2-4.1-3.7-2.8
Peru-1.50.01.43.11.4-4.20.2-1.5-2.1-2.8-1.4
St. Kitts and Nevis-34.8-20.1-18.3-20.4-24.3-33.2-34.0-27.5-30.5-28.9-24.5
St. Lucia-14.7-10.9-17.1-30.2-31.3-27.8-14.4-16.7-29.1-20.8-16.9
St. Vincent and the Grenadines-20.5-24.4-22.3-23.7-34.6-35.2-35.0-33.6-37.5-34.3-25.2
Suriname-18.0-10.3-13.07.810.79.6-1.11.00.4-0.20.1
Trinidad and Tobago8.712.422.539.624.831.39.017.618.719.217.9
Uruguay-0.70.00.2-2.0-0.9-4.70.60.5-1.0-1.6-1.9
Venezuela14.113.817.714.88.812.02.64.97.06.32.0
Middle East and North Africa6.69.516.117.914.414.92.46.512.711.29.3
Algeria13.013.020.524.722.820.20.39.417.817.414.6
Bahrain2.04.211.013.815.710.22.94.613.013.410.3
Djibouti3.4-1.3-3.2-11.5-21.4-24.3-9.1-6.7-15.4-18.8-17.4
Egypt2.44.33.21.62.10.5-2.3-2.0-2.7-2.3-1.4
Islamic Republic of Iran0.60.68.89.211.97.34.26.011.710.46.8
Iraq6.219.012.512.8-26.6-6.2-3.2-0.715.8
Jordan11.50.1-18.0-11.0-16.9-9.0-6.3-5.4-8.5-8.7-4.6
Kuwait19.726.237.244.636.840.526.131.839.439.441.8
Lebanon-13.0-15.3-13.4-5.3-6.8-9.2-9.4-10.2-12.9-12.8-9.8
Libya28.420.339.649.741.741.715.616.0
Mauritania-13.6-34.6-47.2-1.3-18.3-15.8-12.3-4.9-6.9-5.0-7.3
Morocco3.21.71.82.2-0.1-5.2-4.9-4.2-5.7-4.1-1.8
Oman2.44.516.815.45.98.3-0.611.614.914.712.3
Qatar25.322.430.925.325.029.210.218.736.134.026.2
Saudi Arabia13.120.828.527.824.327.86.18.719.813.86.2
Sudan-7.9-6.5-11.1-15.2-12.5-9.0-12.4-8.5-5.5-6.6-6.5
Syrian Arab Republic-12.5-1.6-2.3-2.3-3.6-2.8-5.7-4.4-4.6-4.8-5.0
Tunisia-2.7-2.4-0.9-1.8-2.4-3.8-2.8-4.8-7.8-5.8-1.6
United Arab Emirates5.25.611.615.46.07.43.07.710.410.511.2
Republic of Yemen1.51.63.81.1-7.0-4.6-10.2-4.4-4.0-4.0-4.4
Sub-Saharan Africa-2.8-1.4-0.54.31.30.0-2.4-2.40.40.4-0.6
Angola-5.63.818.227.515.78.6-10.0-1.86.29.54.4
Benin-9.4-7.0-6.3-5.3-10.1-8.0-8.9-6.3-5.3-6.8-5.2
Botswana5.73.515.217.215.07.5-5.5-2.5-2.40.04.0
Burkina Faso-9.0-11.0-11.6-9.1-8.2-11.5-4.9-4.2-4.1-7.6-5.6
Burundi-4.6-8.4-1.2-14.5-24.6-15.0-16.1-12.0-15.8-14.9-17.2
Cameroon-1.8-3.4-3.41.61.4-0.8-3.7-3.9-3.1-3.0-2.9
Cape Verde-11.1-14.3-3.5-5.4-14.7-15.7-15.3-11.8-18.0-15.7-7.9
Central African Republic-2.2-1.8-6.5-3.0-6.2-10.4-7.9-8.7-9.1-8.5-6.6
Chad-49.0-17.12.4-9.01.1-0.1-22.1-21.3-8.0-6.1-4.3
Comoros-3.2-4.6-7.4-6.7-6.3-11.1-9.0-6.8-12.1-10.1-6.8
Democratic Republic of Congo0.9-3.0-13.3-2.7-1.1-17.5-10.5-6.8-2.8-0.71.1
Republic of Congo2.5-7.62.02.0-8.01.2-8.92.712.516.06.1
Cote d’lvoire32.11.60.22.8-0.71.97.43.9
Equatorial Guinea-33.3-21.6-6.27.14.39.1-17.1-23.8-10.2-9.0-5.6
Eritrea9.7-0.70.3-3.6-6.1-5.5-7.6-5.8-0.90.2-1.3
Ethiopia-1.3-1.4-6.3-9.1-4.5-5.6-5.0-4.3-8.1-8.1-4.2
Gabon9.511.222.915.617.323.77.911.817.015.35.9
The Gambia-7.3-7.0-13.4-10.2-9.6-12.7-9.9-12.0-12.0-12.8-13.8
Ghana-1.1-2.5-5.1-6.2-8.0-10.8-4.0-7.2-6.8-5.2-2.3
Guinea-0.8-2.8-0.47.0-10.3-7.5-10.8-12.7-11.4-12.1-14.4
Guinea-Bissau-0.51.4-2.1-5.6-4.4-4.9-6.0-6.2-5.7-4.3-1.5
Kenya-0.20.1-1.5-2.3-4.0-6.7-5.6-7.9-9.3-7.9-4.0
Lesotho-13.9-5.5-7.64.713.97.9-0.5-16.2-23.4-17.8-11.8
Liberia-24.4-20.2-37.4-13.9-31.4-57.3-38.3-44.1-37.6-65.5-7.0
Madagascar-6.0-9.2-10.6-8.8-12.7-20.6-20.7-13.4-7.1-6.40.3
Malawi-11.7-11.2-14.7-12.51.0-10.2-5.8-1.3-3.8-3.7-2.0
Mali-7.0-7.9-8.5-4.1-6.9-12.7-7.5-8.5-6.8-8.0-7.8
Mauritius1.6-1.8-5.0-9.1-5.4-10.1-7.4-9.5-11.6-9.6-3.5
Mozambique-17.5-10.7-11.6-10.7-9.7-11.9-10.5-12.7-12.0-12.1-12.2
Namibia6.17.04.713.99.12.7-0.7-1.1-0.9-3.30.7
Niger-7.5-7.3-8.9-8.6-8.2-13.0-28.7-30.7-22.7-14.1-4.0
Nigeria-5.95.76.526.518.715.413.06.414.613.39.0
Rwanda-2.51.81.0-4.3-2.2-4.9-8.5-6.8-9.2-6.2-3.3
Sao Tome and Principe-14.1-16.2-9.5-27.5-37.6-37.8-28.0-32.0-44.7-42.5-24.9
Senegal-6.4-6.9-9.0-9.5-11.8-14.3-7.7-8.3-11.5-10.8-8.2
Seychelles0.2-5.8-18.8-13.2-20.5-48.9-40.0-50.7-32.7-18.6-2.1
Sierra Leone-4.8-5.8-7.1-5.6-5.5-11.5-8.4-9.7-11.9-11.4-9.2
South Africa-1.0-3.0-3.5-5.3-7.0-7.1-4.1-2.8-4.4-5.1-6.0
Swaziland1.4-0.3-7.6-10.3-5.2-11.1-16.8-20.6-16.0-12.9-7.5
Tanzania-0.2-2.5-3.8-7.6-10.0-11.1-10.2-8.6-9.5-10.7-7.2
Togo-10.8-10.0-9.9-8.4-8.7-9.6-6.9-7.9-8.4-7.4-6.1
Uganda-4.70.1-1.4-3.4-3.1-3.1-6.8-9.9-10.6-9.2-4.1
Zambia-14.3-10.4-8.5-0.4-6.5-7.24.23.85.93.30.0
Zimbabwe4-10.9-8.6-7.2-23.2-24.4-18.3-17.5-17.5-12.9

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Libya’s projections are excluded due to the uncertain political situation.

Cote d’Ivoire’s projections are not shown due to the uncertain political situation.

The Zimbabwe dollar ceased circulating in early 2009. Data are based on staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S.dollar values may differ from the authorities’ estimates.

Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Libya’s projections are excluded due to the uncertain political situation.

Cote d’Ivoire’s projections are not shown due to the uncertain political situation.

The Zimbabwe dollar ceased circulating in early 2009. Data are based on staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S.dollar values may differ from the authorities’ estimates.

Table A13.Emerging and Developing Economies: Net Financial Flows 1(Billions of U.S. dollars)
AverageProjections
2000-022003200420052006200720082009201020112012
Emerging and Developing Economies
Private Financial Flows, Net76.6172.9226.4291.2252.1694.7230.3236.6470.1388.1411.5
Private Direct Investment, Net155.5146.0187.7252.7258.1418.3439.6247.7371.1357.7378.7
Private Portfolio Flows, Net-33.90.016.235.1-40.589.2-57.9120.2162.269.093.2
Other Private Financial Flows, Net-45.026.922.53.434.5187.2-151.4-131.4-63.2-38.5-60.4
Official Financial Flows, Net2-17.0-47.6-51.3-104.0-167.5-100.9-102.2125.487.5-41.0-91.0
Change in Reserves3-109.4-321.5-410.9-587.9-749.8-1,214.6-735.9-503.8-885.4-969.8-938.1
Memorandum
Current Account475.0145.2219.7443.0661.5649.7704.2326.6378.1646.5635.9
Central and Eastern Europe
Private Financial Flows, Net21.038.550.0101.9117.3183.4153.429.075.4119.5139.7
Private Direct Investment, Net14.814.630.637.864.174.866.431.222.339.443.4
Private Portfolio Flows, Net1.45.115.420.80.6-3.3-9.810.028.934.527.8
Other Private Financial Flows, Net4.818.84.043.352.6112.096.8-12.224.245.768.4
Official Flows, Net24.95.09.73.54.8-6.721.952.238.523.08.4
Change in Reserves3-4.6-10.9-12.8-43.6-32.4-36.8-4.1-29.0-35.1-40.0-30.8
Commonwealth of Independent States5
Private Financial Flows, Net-4.620.95.629.151.6129.2-96.2-62.0-23.76.210.7
Private Direct Investment, Net4.15.413.211.721.328.352.216.619.029.032.8
Private Portfolio Flows, Net1.32.04.73.94.919.5-31.4-9.55.56.85.1
Other Private Financial Flows, Net-10.013.4-12.313.525.481.4-117.0-69.1-48.2-29.6-27.2
Official Flows, Net2-4.3-11.2-10.1-18.3-25.4