Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Research Dept.
Published Date:
February 1995
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Assumptions

The statistical tables in this appendix have been compiled on the basis of information available on April 11, 1994. The estimates and projections for 1994 and 1995, as well as those for the 1996-99 medium-term scenario, are based on a number of assumptions and working hypotheses.

  • For the industrial countries, real effective exchange rates are assumed to remain constant at their average level during March 1-24, 1994, except for the bilateral exchange rates among the ERM currencies, which are assumed to remain constant in nominal terms. For both 1994 and 1995, these assumptions imply an average U.S. dollar/SDR conversion rate of 1.395.
  • “Established” policies of national authorities will be maintained.
  • The price of oil will average $13.76 a barrel in 1994 and $14.57 a barrel in 1995. In the medium term, the oil price is assumed to remain unchanged in real terms.
  • Interest rates, as represented by the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits, wilt average 4.2 percent in 1994 and 5.1 percent in 1995; the three-month certificate of deposit rate in Japan will average 2.0 percent in 1994 and 2.7 percent in 1995; and the three-month interbank deposit rate in Germany will average 5.2 percent in 1994 and 4.1 percent in 1995.

Data and Conventions

Data and projections for more than 180 countries form the statistical basis for the World Economic Outlook (the World Economic Outlook data base). The data are maintained jointly by the IMF’s Research Department and the area departments, with the latter regularly preparing country projections based on consistent global assumptions, such as those summarized above.

Although national statistical agencies are the ultimate providers of historical data and definitions, the international organizations are, and have always been, involved in statistical issues, with the aim of harmonizing differences among national statistical systems, of setting international standards with respect to definitions, and of providing conceptual frameworks for measurement and presentation of economic statistics. As regards the World Economic Outlook data base, updates and revisions by both national source agencies and international organizations are used.

Over the past several years, two developments of major importance for improving the standards of economic statistics and analysis have been the com-prehensive work to revise the United Nations’ standardized System of National Accounts (SNA) and the IMF’s Balance of Payments Manual. Work on both projects is now completed, and the System of National Accounts 1993 as well as the fifth edition of the Balance of Payments Manual have been issued.1 The IMF was actively involved in both projects, but it is the new Balance of Payments Manual that is central to the IMF’s interest in countries’ external positions. Box 13 summarizes key changes introduced with the new Manual.

Composite data for country groups in the World Economic Outlook are either sums or weighted averages of data for individual countries. Arithmetic weighted averages are used for all data except inflation and money growth for nonindustrial country groups, for which geometric averages are used.

  • The following conventions apply.
  • Country group composites for interest rates, exchange rates, and the growth 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 world or group GDP.
  • Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total world or group GDP.2
  • Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
  • For data relating to the external economy (balance of payments and debt), composites are sums of individual country data after conversion to U.S. dollars at the average (for debt, end of period) exchange rates in the years indicated. Composites of foreign trade unit values, however, are arithmetic averages of percentage 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). Group composites of trade volumes are derived as sums of trade values (on a balance of payments basis) deflated by corresponding unit-value group composites.

For the central European countries, external transactions in nonconvertible currencies through 1990 are converted to U.S. dollars at the implicit U.S. dollar/ruble conversion rates obtained from each country’s national currency exchange rate for the U.S. dollar and for the ruble.

Box 13.The New Balance of Payments Manual

Like its predecessors, the fifth edition of the IMF’s Balance of Payments Manual (1993) serves as an international standard for the conceptual framework underlying balance of payments statistics. Compared with earlier editions, the Manual introduces a number of new features and changes in scope and orientation. These aim, among other things, to achieve maximum integration and harmonization with the System of National Accounts 1993 (SNA) and the IMF’s money and banking and government finance statistical systems.1

The Manual provides for an articulated set of international accounts, for the first time encompassing both flows and stocks. Thus, the conceptual framework for the measurement and presentation of balance of payments statistics concerning an economy’s international transactions—which involve the provision of economic values in the form of goods, services, income, and financial instruments between the reporting economy and the rest of the world—is linked with the economy’s international investment position in terms of the stock of external assets and liabilities. The relationship between transactions in financial instruments during a given period and their levels at the end of the period, including valuation changes (variations in price levels and exchange rates) and other changes in the volume of assets that do not reflect transactions, is also explicitly delineated in the Manual. With the development of a conceptual framework encompassing both transactions and stocks, the relationship between the international accounts and their integration with the SNA is reinforced.

The Manual defines the current account as comprising transactions in goods, services, and income, and the receipts or payments of current transfers; in previous editions, the current account was defined to be inclusive of all transfers. Capital transfers, such as investment grants and debt forgiveness, are now included in an expanded and redesignated capital and financial account. The distinction between current and capital transfers is based on the guidelines established in the SNA that focus on the special characteristics of capital transfers. The redefinition of the current account, to-gether with the inclusion of retained earnings on direct investment in the SNA, removes a major source of discordance between the Manual and the SNA and facilitates the derivation of important national accounting measures such as disposable income and saving.

Given the heightened interest in international trade in services—as evidenced, for example, in the Uruguay Round negotiations—the Manual expands considerably the classification of services transactions. The increased emphasis on disaggregated data for international transactions in services and the distinction between goods and services as reflected in the Manual also stem from the perception that both the production of and international trade in services differ from the production of and trade in goods. International trade in goods is independent of the production of goods. In contrast, the production of a service is limited to an arrangement made between a particular producer in one economy and a particular consumer or group of consumers in another, before the time that the international trade occurs.

The capital account in the Manual has been expanded and redesignated as the capital and financial account. The capital account component covers all transactions that involve the receipt or payment of capital transfers and the acquisition or disposal of nonproduced, nonfinancial assets. The financial account component, which is roughly equivalent to the former capital account, covers all transactions associated with changes of ownership in the foreign financial assets and liabilities of an economy. Such changes involve the creation and liquidation of claims on, or by, the rest of the world. Capital and financial account transactions as presented in the Manual are the same as those reflected in the external accumulation accounts of the SAM, are generally compatible with other IMF statistical systems, and are consistent with the classification of related current account income components and with that of the international investment position.

Four functional components are distinguished in the financial account: direct investment, portfolio investment, other investment, and reserve assets. Direct investment, which is further divided into equity capital, reinvested earnings, and other capital, is classified primarily on a directional basis—resident investment abroad and nonresident investment in the reporting economy. For the first time, equity capital and other capital such as intercompany debt are subdivided into asset and liability transactions. Transactions through so-called special-purpose entities generally are included in direct investment. However, transactions between affiliated banks and between other affiliated financial intermediaries (including those of special-purpose entities with the sole purpose of serving as financial intermediaries) associated with deposits and other claims and liabilities related to usual banking transactions, and similar claims and liabilities of other financial intermediaries, are not included. These types of transactions are classified under portfolio or other investment.

The coverage of portfolio investment has been expanded to reflect the recent growth of new financial instruments. In addition to long-term debt and equity securities, money market debt instruments and tradable financial derivatives are included in portfolio investment. Among derivative instruments are various forms of options, traded financial futures, warrants, and arrangements such as currency and interest rate swaps. Transactions in derivatives are treated as separate transactions, rather than as integral parts of underlying transactions to which they may be linked as hedges.

Assets and liabilities for other investment—a residual category that includes all financial transactions not covered under direct investment, portfolio investment, or reserve assets—are classified primarily on an instrument basis. A secondary breakdown is based on the sector of domestic creditor or debtor. The instruments included in other investment comprise trade credits, loans (including use of IMF credit and IMF Trust Fund loans), currency and deposits, and other assets and liabilities such as miscellaneous accounts receivable and payable. IMF repurchase agreements (repayment of principal for use of IMF credit) are classified under loans (as is the case in the SNA and the IMF’s money and banking statistics) because they are treated as newly created financial assets that are collateralized loans, rather than as assets related to the underlying securities used as collateral.

Reserve assets, the fourth major functional category of the financial account, consist of monetary gold, SDRs. reserve position in the IMF, foreign exchange assets, and other claims. In contrast to the fourth edition, the new Manual excludes all reserve asset changes that are not attributable to transactions, such as the monetization or demonetization of gold, the allocation or cancellation of SDRs, and valuation changes. These adjustments are reflected in the international investment position.

The concept of exceptional financing and the related balance of payments accounting treatment have evolved since the fourth edition of the Manual was published and have assumed greatly increased importance for IMF members and for IMF operations and statistics in recent years. The treatment of various forms of exceptional financing or debt reorganization in the balance of payments involves entries in several components of the accounts in the standard presentation and below-the-line exceptional financing in analytic presentations, as in the IMF’s Balance of Payments Statistics Yearbook. New and extensive coverage of exceptional financing transactions is presented in the new edition of the Manual, including, in a special appendix, tabular details of the appropriate balance of payments entries.

A few of the changes and new features in the fifth edition of the Manual are already reflected in the World Economic Outlook data base—for example, the harmonization of balance of payments flows with external debt stocks and the treatment and organization of the many new types of exceptional financing transactions, such as restructuring and cancellation of debt and payment arrears. Other changes, including the revision to exclude capital transfers from the definition of the current account, will be reflected over time as national statistical compilers come into compliance with the new Manual.

1Commission of the European Communities, IMF, OECD, UN, and World Bank, System of National Accounts 1993 (Brussels/Luxembourg, New York, Paris, and Washington, 1993); IMF, A Guide to Money and Banking Statistics in international Finance Statistics (1984); and IMF, A Manual on Government Finance Statistics (1986).

Trade among the states of the former U.S.S.R. is not yet included in the data for these countries’ external transactions because of insufficient information.

Unless otherwise indicated, multiyear averages of growth rates are expressed as compound annual rates of change.

Classification of Countries

Summary of the Country Classification

The country classification in the World Economic Outlook divides the world into three major groups: industrial countries, developing countries, and countries in transition.3 Rather than being based on strict criteria, economic or otherwise, this classification has evolved over time and is intended only to facilitate the analysis and provide a reasonably meaningful organization of data. Each of the three main country groups are further divided into a number of subgroups. Tables A and B provide an overview by these standard groups in the World Economic Outlook, showing the number of countries in each group and the average 1990 shares of groups in aggregate PPP-valued GDP, total exports of goods and services, and total debt outstanding.

Table A.Industrial Countries: Classification by Standard World Economic Outlook Groups, and Their Shares in Aggregate GDP and Exports of Goods and Services, 19901
Percentage of
Total GDP ofTotal exports of goods and services of
Number of Countries Included in GroupIndustrial countriesWorldIndustrial countriesWorld
Industrial countries23100.055.7100.075.7
United States38.621.518.013.7
Japan15.38.611.78.9
Germany8.24.613.710.3
France6.93.99.77.3
Italy6.53.66.54.9
United Kingdom6.43.69.97.5
Canada3.62.04.03.1
Other industrial countries1614.48.026.520.1
Industrial country groups
Seven major industrial countries785.647.773.555.6
European Union1236.220.255.341.9
Industrial countries except the United States, Japan, and Germany209.915.011.4
Seven major industrial countries except the United States647.126.255.442.0
Major European industrial countries428.115.739.730.1

The GUP shares are based on the purchasing power parity (PPP) valuation of country GDPs.

The GUP shares are based on the purchasing power parity (PPP) valuation of country GDPs.

Table B.Developing Countries and Countries in Transition: Classification by Standard World Economic Outlook Croups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Total Debt Outstanding, 19901
Percentage of
Total GDP ofTotal exports of goods and services ofTotal debt of developing countries
Number of Countries Included in GroupDeveloping countriesWorldDeveloping countriesWorld
Developing countries130100.033.4100.020.3100.0
By region
Africa5011.83.99.92.017.4
Asia2851.417.252.210.628.1
Middle East and Europe1.513.04.321.44.321.0
Wesiern Hemisphere3423.98.016.53.433.5
Sub-Saharan Africa454.41.53.30.78.9
Four newly industrializing Asian economies46.92.332.06.53.0
By predominant export
Fuel1923.47.827.25.531.7
Nonfuel exports11176.625.672.814.868.3
Manufactures1150.016.751.210.430.6
Primary products5410.93.77.71.620.3
Agricultural products408.32.85.21.114.7
Minerals142.60.92.50.55.6
Services and private transfers336.61.24.36.98.8
Diversified export base139.13.09.62.08.6
By financial criteria
Net creditor countries87.02.321.74.44.2
Net debtor countries12293.031.178.315.995.8
Market borrowers2250.016.753.410.843.4
Diversified borrowers3128.59.516.73.430.3
Official borrowers6914.54.98.21.722.1
Countries with recent debt-servicing difficulties7237.812.626.35.359.8
Countries without debt-servicing difficulties5055.218.452.010.536.0
Other groups
Small low-income economies459.43.13.10.611.3
Least developed countries465.21.72.00.48.2
Fifteen heavily indebted countries1528.19.420.14.139.0
Countries in transition22410.94.0
Central Europe82.81.4
Former U.S.S.R.158.12.6

The GDP shares are based on the purchasing power parity (PPP) valuation of country GDPs.

Including Mongolia.

The GDP shares are based on the purchasing power parity (PPP) valuation of country GDPs.

Including Mongolia.

The general features and the compositions of groups in the World Economic Outlook classification are as follows.4

The group of industrial countries (23 countries) comprises

  • Australia
  • Austria
  • Belgium
  • Canada
  • Denmark
  • Finland
  • France
  • Germany
  • Greece
  • Iceland
  • Ireland
  • Italy
  • Japan
  • Luxembourg
  • Netherlands
  • New Zealand
  • Norway
  • Portugal
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • United States

The seven largest countries in this group in terms of GDP—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—are collectively referred to as the major industrial countries.

The members of the European Union are also distinguished as a subgroup.5 They are

  • Belgium
  • Denmark
  • France
  • Germany
  • Greece
  • Ireland
  • Italy
  • Luxembourg
  • Netherlands
  • Portugal
  • Spain
  • United Kingdom

In 1991 and subsequent years, data for Germany refer to west Germany and the former German Democratic Republic. Before 1991, economic data are not available on a unified basis or in a consistent manner. In general, data on national accounts and domestic economic and financial activity through 1990 cover west Germany only, whereas data for the central government, foreign trade, and balance of payments apply to west Germany through June 1990 and to unified Germany thereafter.

The group of developing countries (130 countries) includes all countries that are not classified as industrial countries or as countries in transition, together with a few dependent territories for which adequate statistics are available.

The regional breakdowns of developing countries in the World Economic Outlook conform to the IMF’s International Financial Statistics (IFS) classification, with one important exception. Because all of the developing countries in Europe except Cyprus, Malta, and Turkey are included in the group of countries in transition, the World Economic Outlook classification places these three countries in a combined Middle East and Europe region. It should also be noted that Egypt and the Libyan Arab Jamahiriya are included in this region, not in Africa. Two additional regional groupings are included in the World Economic Outlook because of their analytical significance. These are sub-Saharan Africa6 and four newly industrializing Asian economies.7

The developing countries are also grouped according to analytical criteria: predominant export, financial criteria, and other groups. The export criteria are based on countries’ export composition in 1984–86, whereas the financial criteria reflect net creditor and debtor positions as of 1987, sources of borrowing as of end-1989, and experience with debt servicing during 1986-90.

The first analytical criterion, by predominant export, distinguishes among five groups: fuel (Standard International Trade Classification—SITC 3); manufactures (SITC 5 to 8, less diamonds and gemstones); nonfuel primary products (SITCO, 1, 2, 4, and diamonds and gemstones); services and private transfers; and diversified export base. A further distinction is made among the exporters of nonfuel primary products on the basis of whether countries’ exports of primary commodities consist primarily of agricultural commodities (SITC 0, 1, 2 except 27, 28, and 4) or minerals (SITC 27 and 28 and diamonds and gemstones).

The financial criteria first distinguish between net creditor and net debtor countries. Countries in the latter, much larger group are then differentiated on the basis of two additional financial criteria: by predominant type of creditor and by experience with debt servicing.

The country groups shown under other groups constitute the small low-income economies, the least developed countries, and 15 heavily indebted countries.

The group of countries in transition (28 countries) comprises central and eastern European countries, non-European successor states of the former Soviet Union, and Mongolia. A common characteristic of these countries is the transitional state of their economies from a centrally administered system to one based on market principles. The group of countries in transition comprises

  • Albania
  • Armenia
  • Azerbaijan
  • Belarus
  • Bosnia and Herzegovina
  • Bulgaria
  • Croatia
  • Czech
  • Republic
  • Estonia
  • Georgia
  • Hungary
  • Kazakhstan
  • Kyrgyz Republic
  • Latvia
  • Lithuania
  • Macedonia, Former Yugoslav Rep. of
  • Moldova
  • Mongolia
  • Poland
  • Romania
  • Russia
  • Slovak Republic
  • Slovenia
  • Taji kistan
  • Turkmenistan
  • Ukraine
  • Uzbekistan
  • Yugoslavia. Fed, Rep. of (Serbia/Montenegro)

Two subgroups are distinguished among the countries in transition, central Europe and the former U.S.S.R. The countries in central Europe (12 countries) are

  • Albania
  • Bosnia and Herzegovina
  • Bulgaria
  • Croatia
  • Czech Republic
  • Hungary
  • Macedonia, Former Yugoslav Rep. of
  • Poland
  • Romania
  • Slovak Republic
  • Slovenia
  • Yugoslavia, Fed. Rep. of (Serbia/Montenegro)

Detailed Description of the Developing Country Classification by Analytical Group

Countries Classified by Predominant Export

Fuel (19 countries). Countries whose average ratio of fuel exports to total exports in 1984-86 exceeded 50 percent are assigned to this category. The group comprises

  • Angola
  • Algeria
  • Cameroon
  • Congo
  • Ecuador
  • Gabon
  • Indonesia
  • Iran, Islamic Rep. of Iraq
  • Kuwait
  • Libya
  • Mexico
  • Nigeria
  • Oman
  • Qatar
  • Saudi Arabia
  • Trinidad and Tobago
  • United Arab Emirates
  • Venezuela

Nonfuel exports (111 countries). This category identifies countries with total exports of goods and services including a substantial share of (a) manufactures, (b) primary products, or (c) services and private transfers. However, those countries whose export structure is so diversified that they do not fall clearly into any one of these three groups are assigned to a fourth group, (d) diversified export base.

(a) Economies whose exports of manufactures accounted for over 50 percent of their total exports on average in 1984-86 are included in the group of exporters of manufactures (11 countries). This group includes

  • Brazil
  • China
  • Hong Kong
  • India
  • Israel
  • Korea
  • Singapore
  • Taiwan Province of China
  • Thailand
  • Tunisia
  • Turkey

(b) The group of exporters of primary products (54 countries) consists of those countries whose exports of agricultural and mineral primary products (SITC 0, 1, 2, 4, and diamonds and gemstones) accounted for at least half of their total exports on average in 1984-86. These countries are

  • Afghanistan, Islamic State of
  • Argentina
  • Bhutan
  • Bolivia
  • Botswana
  • Burundi
  • Central African Rep.
  • Chad
  • Chile
  • Colombia
  • Comoros
  • Costa Rica
  • Côte d’Ivoire
  • Djibouti
  • Dominica
  • El Salvador
  • Equatorial
  • Guinea
  • Gambia, The
  • Ghana
  • Guatemala
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Honduras
  • Kenya
  • Lao People’s Dem. Rep.
  • Liberia
  • Madagascar
  • Malawi
  • Mali
  • Mauritania
  • Mauritius
  • Myanmar
  • Namibia
  • Nicaragua
  • Niger
  • Papua New Guinea
  • Paraguay
  • Peru
  • Rwanda
  • São Tomé and Principe
  • Solomon Islands
  • Somalia
  • Sri Lanka
  • St. Vincent and the Grenadines
  • Sudan
  • Surinamc
  • Swaziland
  • Togo
  • Uganda
  • Uruguay
  • Vict Nam
  • Zaïre
  • Zambia

Among exporters of primary products, a further distinction is made between exporters of agricultural products and minerals. The group of mineral exporters (14 countries) comprises

  • Bolivia
  • Botswana
  • Chile
  • Guinea
  • Guyana
  • Liberia
  • Mauritania
  • Namibia
  • Niger
  • Peru
  • Suriname
  • Togo
  • Zaïre
  • Zambia

All other exporters of primary products are classified as agricultural exporters (40 countries).

(c) The exporters of services and recipients of private transfers (33 countries) are defined as those countries whose average income from services and private transfers accounted for more than half of total average export earnings in 1984-86. This group comprises

  • Antigua and Barbuda
  • Aruba
  • Bahamas, The
  • Barbados
  • Burkina Faso
  • Cambodia
  • Cape Verde
  • Cyprus
  • Dominican Rep.
  • Egypt
  • Ethiopia
  • Fiji
  • Grenada
  • Jamaica
  • Jordan
  • Kiribati
  • Lebanon
  • Lesotho
  • Maldives
  • Malta
  • Mozambique, Rep. of
  • Nepal
  • Netherlands Antilles
  • Pakistan
  • Panama
  • Seychelles
  • St. Kitts and Nevis
  • St. Lucia
  • Tanzania
  • Tonga
  • Vanuatu
  • Western Samoa
  • Yemen. Rep. of

(d) Countries with a diversified export base (13 countries) are those whose export earnings in 1984–86 were not dominated by any one of the categories mentioned under (a) through (c) above. The group comprises

  • Bahrain
  • Bangladesh
  • Belize
  • Benin
  • Haiti
  • Malaysia
  • Morocco
  • Philippines
  • Senegal
  • Sierra Leone
  • South Africa
  • Syrian Arab Rep.
  • Zimbabwe

Countries Classified by Financial Criteria

Net creditor countries (8 countries) are defined as developing countries that were net external creditors in 1987 or that experienced substantial cumulated current account surpluses (excluding official transfers) between 1967-68 (the beginning of most balance of payments series in the World Economic Outlook data base) and 1987. The net creditor group consists of the following economies:

  • Iran, Islamic Rep. of
  • Kuwait
  • Libya
  • Oman
  • Qatar
  • Saudi Arabia
  • Taiwan Province of China
  • United Arab Emirates

Net debtor countries (122 countries) are disaggregated according to two criteria: (a) predominant type of creditor and (b) experience with debt servicing.

(a) Within the classification by predominant type of creditor (sources of borrowing), three subgroups are identified: market borrowers, official borrowers, and diversified borrowers.

Market borrowers (22 countries) are defined as net debtor countries with more than two-thirds of their total liabilities outstanding at the end of 1989 owed to commercial creditors. They comprise

  • Algeria
  • Antigua and Barbuda
  • Argentina
  • Bahamas, The
  • Brazil
  • Chile
  • China
  • Hong Kong
  • Israel
  • Kiribati
  • Korea
  • Malaysia
  • Mexico
  • Panama
  • Papua New Guinea
  • Peru
  • Singapore
  • Suriname
  • Thailand
  • Trinidad and Tobago
  • Uruguay
  • Venezuela

Official borrowers (69 countries) are defined as net debtor countries with more than two-thirds of their total liabilities outstanding at the end of 1989 owed to official creditors. This group comprises

  • Afghanistan, Islamic State of
  • Aruba
  • Bangladesh
  • Belize
  • Bhutan
  • Bolivia
  • Botswana
  • Burkina Faso
  • Burundi
  • Cambodia
  • Cameroon
  • Cape Verde
  • Central African Rep.
  • Chad
  • Comoros
  • Djibouti
  • Dominica Dominican Rep.
  • Egypt
  • El Salvador
  • Equatorial Guinea
  • Ethiopia
  • Gabon
  • Gambia, The
  • Ghana
  • Grenada
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Honduras
  • Jamaica Lao People’s Dem. Rep.
  • Lesotho
  • Madagascar
  • Malawi
  • Maldives
  • Mali
  • Malta
  • Mauritania
  • Mauritius
  • Morocco
  • Mozambique, Rep. of
  • Myanmar
  • Namibia
  • Nepal
  • Netherlands Antilles
  • Nicaragua
  • Nigel
  • Nigeria
  • Pakistan
  • Rwanda
  • São Tomé and Principe
  • Somalia
  • St. Kitts and Nevis
  • St. Lucia
  • St. Vincent and the Grenadines
  • Sudan
  • Swaziland
  • Tanzania
  • Togo
  • Tonga
  • Tunisia
  • Uganda
  • Viet Nam
  • Western Samoa
  • Yemen, Rep. of
  • Zaïre
  • Zambia

Diversified borrowers (31 countries) consist of those net debtor developing countries that are classified neither as market nor as official borrowers.

(b) Within the classification by experience with debt servicing, a further distinction is made. Countries with recent debt-servicing difficulties (72 countries) are defined as those countries that incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements during 1986-90, Information on these developments is taken from relevant issues of the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions.

All other net debtor countries are classified as countries without debt-servicing difficulties (50 countries).

Other Croups

The group of small low-income economies (45 countries) comprises those IMF members—excluding China and India—whose GDP per person, as estimated by the World Bank, did not exceed the equivalent of $425 in 1986. These countries are

  • Afghanistan, Islamic Slate of
  • Bangladesh
  • Benin
  • Bhutan
  • Burkina Faso
  • Burundi
  • Cambodia
  • Central African Rep.
  • Chad
  • Comoros
  • Equatorial Guinea
  • Ethiopia
  • Gambia, The
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Guyana8
  • Haiti
  • Kenya
  • Lao People’s Dem, Rep.
  • Lesotho
  • Madagascar
  • Malawi
  • Maldives
  • Mali
  • Mauritania
  • Mozambique, Rep. of
  • Myanmar
  • Nepal
  • Niger
  • Pakistan
  • Rwanda
  • São Tomé and Principe
  • Senegal
  • Sierra Leone
  • Somalia
  • Sri Lanka
  • Sudan
  • Tanzania
  • Togo
  • Uganda
  • Vanuatu
  • Viet Nam
  • Zaïre
  • Zambia

The countries currently classified by the United Nations as the least developed countries (46 countries) are9

  • Afghanistan, Islamic State of Bangladesh
  • Benin
  • Bhutan
  • Botswana
  • Burkina Faso
  • Burundi
  • Cambodia
  • Cape Verde
  • Central African Rep.
  • Chad
  • Comoros
  • Djibouti
  • Equatorial Guinea
  • Ethiopia
  • Gambia, The
  • Guinea
  • Guinea-Bissau
  • Haiti
  • Kiribati
  • Lao People’s Dem. Rep.
  • Lesotho
  • Liberia
  • Madagascar
  • Malawi
  • Maldives
  • Mali
  • Mauritania
  • Mozambique, Rep. of
  • Myanmar
  • Nepal
  • Niger
  • Rwanda
  • São Tomé and Principe
  • Sierra Leone
  • Solomon Islands
  • Somalia
  • Sudan
  • Tanzania
  • Togo
  • Uganda
  • Vanuatu
  • Western Samoa
  • Yemen, Rep of
  • Zaïre
  • Zambia

The group of 15 heavily indebted countries10 (the Baker Plan countries) comprises those countries associated with the “Program for Sustained Growth” proposed by the Governor for the United States at the 1985 IMF-World Bank Annual Meetings in Seoul. These countries are

  • Argentina
  • Bolivia
  • Brazil
  • Chile
  • Colombia
  • Côte d’Ivoire
  • Ecuador
  • Mexico
  • Morocco
  • Nigeria
  • Peru
  • Philippines
  • Uruguay
  • Venezuela
  • Former Yugoslavia

List of Tables

Medium-Term Projections: Baseline Scenario

Table A1.Summary of World Output1(Annual percent change)
Average
1976-8519861987198S1989199019911992199319941995
World3.43.63.94.73.42.20.71.82.33.03.7
Industrial countries2.82.93.24.43.32.40.61.61.22.42.6
United States2.92.93.13.92.51.2-0.72.63.03.92.6
European Union2.33.02.94.33.53.00.71.0-0.31.32.5
Japan4.22.64.16.24.74.84.31.10.10.72.3
Other industrial countries2.82.63.44.03.11.1-1.00.71.32.63.3
Developing countries4.55.05.75.34.03.74.45.96.15.55.8
By region
Africa2.42.31.44.03.61.71.50.41.13.44.5
Asia6.47.18.09.15.35.66.18.18.47.57.4
Middle East and Europe3.52.55.90.33.74.21.97.54.73.03.7
Western Hemisphere3.34.03.41.01.60.33.32.53.42.83.4
By analytical criteria
Fuel exporters3.40.83.01.25.04.23.95.62.82.84.3
Non fuel exporters4.96.46.66.53.73.64.66.07.06.36.2
Net creditor countries3.20.31.7-0.46.77.36.29.25.02.43.5
Net debtor countries4.65.46.05.73.83.44.35.66.25.86.0
Market borrowers5.26.36.96.03.43.05.87.37.86.56.5
Official borrowers3.64.03.44.14.03.73.53.03.44.75.0
Countries with recent debt-servicing difficulties3.13.73.91.92.40.22.12.32.93.03.8
Countries without debt-servicing difficulties6.06.87.78.54.85.75.77.78.17.37.2
Countries in transition3.63.62.64.32.3-3.3-11.8-15.5-8.8-6.11.4
Central Europe3.13.41.91.50.4-7.0-12.7-8.3-1.41.83.5
Former U.S.S.R.23.83.62.85.33.0-2.0-11.6-18.2-11.9-9.80.4
Memorandum
Median growth rate
Industrial countries2.82.93.14.13.82.11.01.20.11.42.7
Developing countries3.93.43.13.93.73.13.03.53.74.04.5
Countries in transition3.83.62.85.33.0-2.3-11.8-17.0-10.13.0
Output per capita industrial countries2.22.32.63.72.51.6-0.20.90.51.71.9
Developing countries2.02.73.44.70.61.92.53.34.43.54.1
Countries in transition2.92.91.83.61.8-4.0-12.0-15.7-8.9-6.11.3

Real GDP. For most countries included in the group “countries in transition,” total output is measured by real net material product (NMP) or by NMP-based estimates of GDP.

Figures from 1990 onward are weighted averages of separate estimates for the states of the former U.S.S.R. and the Baltic countries.

Real GDP. For most countries included in the group “countries in transition,” total output is measured by real net material product (NMP) or by NMP-based estimates of GDP.

Figures from 1990 onward are weighted averages of separate estimates for the states of the former U.S.S.R. and the Baltic countries.

Table A2.Industrial Countries: Real GDP and Total Domestic Demand(Annual percent change)
AverageFourth Quarter1
1976-851986198719881989199019911992199319941995199319941995
Real GDP
United States2.92.93.13.92.51.2-0.72.63.03.92.63.13.22.2
Japan4.22.64.16.24.74.84.31.10.10.72.32.22.2
Germany22.22.31.53.73.65.71.02.1-1.20.92.1-0.11.22.9
France2.32.52.34.54.32.50.71.4-0.71.22.6-0.21.63.2
Italy3.12.93.14.12.92.11.20.7-0.71.12.50.41.72.8
United Kingdom31.94.34.85.02.20.4-2.2-0.61.92.52.82.42.43.0
Canada3.43.34.25.02.4-0.2-1.70.72.43.54.13.03.84.1
Seven countries above2.92.93.24.53.22.40.51.71.42.52.51.72.62.5
Spain1.63.53.65.24.73.62.20.8-1.0
Netherlands1.92.71.22.64.74.12.11.40.3
Belgium1.61.52.05.03.83.41.90.6-1.3
Denmark2.63.60.31.20.61.41.01.20.3
Greece2.81.6-0.74.13.5-0.11.80.9
Portugal3.14.15.14.05.54.22.31.5-0.8
Ireland3.43.74.64.26.59.12.64.92.5
Luxembourg3.25.04.26.47.84.62.72.22.0
Sweden1.62.33.12.32.41.4-1.1-1.9-1.7
Switzerland1.52.92.02.93.92.3-0.1-0.7
Austria2.31.11.93.83.84.22.71.6-0.5
Finland3.12.14.05.45.40.4-7.1-3.8-2.6
Norway4.14.22.00.12.01.71.63.31.8
Iceland3.46.58.8-0.40.20.51.0-3.71.0
Australia3.11.94.44.44.61.4-0.82.03.0
New Zealand1.50.7-1.73.0-1.00.8-2.72.13.7
Other industrial countries2.22.63.13.84.02.80.90.91.62.8
All industrial countries2.82.93.24.43.32.40.61.61.22.42.6
European Union2.33.02.94.33.53.00.71.0-0.31.32.5
West Germany2.22.31.53.73.65.74.51.6-1.90.51.8-0.81.12.5
Real total domestic demand
United States3.33.02.73.01.80.8-1.42.93.84.22.74.03.52.4
Japan3.43.73.17.65.85.02.90.40.31.72.91.12.82.7
Germany21.83.32.43.62.95.24.22.7-1.40.21.8
France2.14.53.34.73.92.80.50.4-1.41.02.3-1.32.22.4
Italy2.73.04.24.42.82.51.90.8-5.00.42.4-3.41.13.0
United Kingdom1.74.95.37.92.9-0.6-3.30.42.03.22.73.32.22.9
Canada3.04.25.35.54.3-0.7-0.71.72.83.53.23.03.8
Other industrial countries1.73.73.84.35.32.60.50.7-0.91.32.6
All industrial countries2.83.53.64.53.42.20.31.61.12.52.6
Seven countries above2.93.53.64.63.12.10.21.71.42.72.71.72.82.5
European Union1.94.03.95.05.73.01.41.2-1.51.02.4
West Germany1.83.32.43.62.95.23.61.52.6-0.51.4-3.41.71.4

From fourth quarter of preceding year.

Data through 1990 apply to west Germany only.

Average of expenditure, income, and output estimates of GDP at market prices.

From fourth quarter of preceding year.

Data through 1990 apply to west Germany only.

Average of expenditure, income, and output estimates of GDP at market prices.

Table A3.Industrial Countries; Components of Real GDP(Annual percent change)
Average
1976-851986198719881989199019911992199319941995
Private consumer expenditure
United States3.23.62.83.61.91.5-0.42.63.33.02.2
Japan3.63.44.25.24.33.92.21.71.12.43.3
Germany12.03.53.42.72.85.24.02.30.1-0.60.9
France2.53.92.93.23.12.91.41.70.81.11.3
Italy3.45.74.24.23.52.52.71.4-2.10.11.8
United Kingdom2.16.85.37.53.20.6-2.22.52.72.4
Canada3.14.44.44.53.41.0-2.01.11.62.03.4
Other industrial countries1.83.33.33.13.72.62.11.6-0.21.42.4
All industrial countries2.83.83.44.02.92.40.91.91.62.02.3
Seven countries above3.03.93.54.22.82.40.72.01.92.22.3
European Union2.34.23.94.13.43.02.01.60.20.81.8
West Germany2.03.53.42.72.85.24.51.7-0.70.6
Public consumption
United States2.15.23.00.62.03.11.5-0.1-0.70.3-0.3
Japan3.54.50.42.22.01.91.62.23.02.92.8
Germany11.82.51.52.1-1.62.2-0.13.8-0.7-0.6-0.4
France2.91.72.83.40.52.02.52.71.10.90.7
Italy2.82.63.42.80.81.21.61.00.8-0.21.5
United Kingdom0.91.61.00.71.42.52.50.7-0.50.20.9
Canada2.21.61.74.14.03.42.10.2-0.1-0.5-0.7
Other industrial countries3.03.43.32.43.43.13.01.70.90.20.2
All industrial countries2.43.82.41.71.82.61.71.20.40.60.5
Seven countries above2.33.92.31.61.52.51.51.10.30.60.5
European Union2.32.52.72.31.12.21.82.20.3-0.10.9
West Germany1.82.51.52.1-1.62.20.33.2-1.3-0.6-0.4
Gross fixed capital formation
United States4.80.4-0.54.20.1-1.7-7.76.211.010.79.1
Japan3.04.89.611.99.38.83.7-0.8-1.3-0.21.5
Germany11.23.31.84.46.38.58.04.2-3.32.44.2
France0.34.54.89.67.82.9-1.5-2.1-5.10.62.6
Italy1.32.25.06.94.33.80.6-2.0-11.10.22.6
United Kingdom1.32.610.213.55.5-3.4-9.8-1.60.84.84.8
Canada3.76.210.810.36.1-3.5-2.0-1.30.77.16.8
Other industrial countries0.55.85.68.63.91.6-2.5-2.0-3.30.64.8
All industrial countries2.92.83.97.44.61.7-2.71.92.35.15.7
Seven countries above3.32.33.67.23.91.7-2.82.53.35.85.9
European Union0.74.25.68.86.93.80.1-0.4-4.71.63.6
West Germany1.23.31.84.46.38.56.11.1-6.90.23.4
Final domestic demand
United States3.23.42.33.11.71.3-1.22.53.73.72.9
Japan3.43.95.47.05.75.32.60.90.51.62.7
Germany11.83.22.73.02.65.34.03.0-0.80.11.4
France2.13.63.34.63.62.81.01.1-0.41.01.8
Italy2.83.24.24.53.32.62.20.5-3.60.11.9
United Kingdom1.74.95.27.23.30.2-2.7-0.21.62.62.5
Canada3.04.25.15.64.10.5-1.20.41.12.53.4
Other industrial countries1.73.73.84.14.82.41.20.8-0.71.02.5
All industrial countries2.73.63.54.43.22.50.51.61.22.22.6
Seven countries above2.93.63.44.42.92.50.41.71.52.42.6
European Union1.93.93.94.73.73.11.51.3-0.90.82.0
West Germany1.83.22.73.02.65.34.01.8-1.8-0.51.0
Stock building2
United States0.1-0.30.4-0.10.2-0.5-0.30.30.20.5-0.2
Japan0.1-0.1-0.30.60.2-0.30.3-0.5-0.10.10.2
Germany10.1-0.20.60.3-0.10.2-0.3-0.60.10.4
France0.90.10.10.30.1-0.4-0.7-1.00.5
Italy-0.1-0.4-0.20.3-1.60.30.5
United Kingdom0.20.10.7-0.3-0.9-0.70.50.40.70.1
Canada0.10.1-0.10.2-1.20.4-0.50.70.20.2
Other industrial countries0.20.60.2-0.7-0.1-0.20.30.2
All industrial countries0.1-0.10.10.20.2-0.3-0.2-0.20.30.1
Seven countries above0.1-0.10.10.10.1-0.4-0.1-0.20.30.1
European Union0.20.30.1-0.1-0.1-0.1-0.60.20.3
West Germany0.1-0.20.60.5-0.1-0.4-0.3-0.70.10.3
Foreign balance2
United States-0.5-0.20.30.90.60.40.7-0.3-0.9-0.4-0.2
Japan0.7-1.0-0.9-1.2-1.1-0.21.30.8-0.3-0.9-0.7
Germany10.3-0.8-0.80.30.90.8-3.1-0.60.20.70.3
France0.2-1.9-1.1-0.30.3-0.40.21.00.70.20.3
Italy-0.1-0.1-1.1-0.5-0.5-0.8-0.14.60.70.1
United Kingdom-0.5-0.5-2.9-0.81.11.2-0.9-0.2-0.8
Canada0.3-0.7-0.9-1.2-1.60.7-0.60.80.50.70.4
Other industrial countries0.4-1.1-0.8-0.6-1.50.10.50.11.00.20.2
All industrial countries-0.6-0.4-0.2-0.20.20.30.1-0.2-0.1
Seven countries above-0.1-0.6-0.3-0.10.10.20.3-0.3-0.1
European Union0.2-1.0-0.9-0.8-0.3-0.7-0.21.20.30.2
West Germany0.3-0.8-0.80.30.90.81.20.20.61.00.5

Data through 1990 apply to west Germany only.

Changes expressed as percent of GDP in the preceding period.

Data through 1990 apply to west Germany only.

Changes expressed as percent of GDP in the preceding period.

Table A4.Industrial Countries: Employment, Unemployment, and Real Per Capita GDP(In percent)
Average1
1976-851986198719881989199019911992199319941995
Growth in employment
United States2.22.32.62.32.00.5-0.90.61.51.81.3
Japan1.10.81.01.71.92.01.91.10.20.30.6
Germany20.21.40.70.81.53.0-2.3-1.7-1.9-1.4
France0.10.30.81.41.10.1-0.5-1.4-0.40.7
Italy0.50.8-0.10.79.11.41.4-0.6-2.5-1.30.4
United Kingdom-0.20.32.33.32.70.3-3.2-2.7-1.20.60.8
Canada1.92.82.93.22.00.7-1.8-0.81.21.82.8
Other industrial countries0.11.81.71.82.21.7-0.3-1.5-1.80.11.3
All industrial countries1.01.51.71.91.91.3-0.4-0.3-0.30.51.0
Seven countries above1.21.41.71.91.81.2-0.5-0.10.60.9
European Union0.91.21.61.71.7-0.8-1.4-1.8-0.70.6
West Germany0.21.40.70.81.53.02.60.9-1.6-1.4-0.3
Unemployment rate
United States37.57.06.25.35.35.56.77.46.86.25.8
Japan2.32.82.82.52.32.12.12.22.53.03.1
Germany25.27.67.67.66.86.26.77.78.910.010.0
France7.010.410.510.09.48.89.410.111.712.412.1
Italy48.611.112.012.012.011.010.911.510.411.311.2
United Kingdom7.111.110.08.06.35.88.19.810.310.09.8
Canada9.09.58.87.57.58.110.311.311.210.810.1
Other industrial countries7.510.29.99.55.68.39.110.412.312.912.5
All industrial countries6.57.87.46.96.36.27.07.88.28.38.1
Seven countries above6.37.36.96.35.85.76.67.37.37.47.2
European Union7.611.010.810.29.38.69.110.111.211.911.7
West Germany5.27.67.67.66.86.25.55.87.38.68.8
Growth in real per capita GDP
United States1.92.02.23.01.60.2-1.81.41.92.81.5
Japan3.32.13.65.84.54.53.90.8-0.20.52.1
Germany22.32.31.53.12.63.70.31.3-1.90.31.6
France1.92.11.84.03.82.00.31.0-1.10.82.1
Italy2.92.83.03.92.82.00.90.6-0.81.02.4
United Kingdom1.94.04.54.81.90.1-2.9-0.91.72.32.5
Canada2.32.32.93.611.7-1.7-2.9-0.41.32.32.9
Other industrial countries1.72.22.73.43.42.20.20.5-0.51.02.3
All industrial countries2.22.32.63.72.51.6-0.20.90.51.71.9
Seven countries above2.32.32.63.82.41.5-0.31.00.61.81.9
European Union2.12.82.74.03.12.30.20.7-0.71.02.2
West Germany2.32.31.53.12.63.73.20.3-2.8-0.41.0

Compound annual rate of change for employment and per capita GDP: arithmetic average for unemployment rate.

Data through 1990 apply to west Germany only.

To maintain comparability with historical data, the projections are not adjusted to the higher unemployment level implied by the new survey techniques adopted by the U.S. Bureau of Labor Statistics in January 1994.

New series starting in 1993, reflecting revisions in the labor force surveys and the definition of unemployment to bring data in line with those of other industrial countries.

Compound annual rate of change for employment and per capita GDP: arithmetic average for unemployment rate.

Data through 1990 apply to west Germany only.

To maintain comparability with historical data, the projections are not adjusted to the higher unemployment level implied by the new survey techniques adopted by the U.S. Bureau of Labor Statistics in January 1994.

New series starting in 1993, reflecting revisions in the labor force surveys and the definition of unemployment to bring data in line with those of other industrial countries.

Table A5.Developing Countries: Real GDP(Annual percent change)
Average
1976-851986198719881989199019911992199319941995
Developing countries4.55.05.75.34.03.74.45.96.15.55.8
By region
Africa2.42.31.44.03.61.71.50.41.13.44.5
Asia6.47.18.09.15.35.66.15.18.47.57.4
Middle East and Europe3.52.55.90.33.74.21.97.54.73.03.7
Western Hemisphere3.34.03.41.01.63.33.32.53.42.83.4
Sub-Saharan Africa2.64.12.63.12.60.80.9-0.21.23.45.1
Four newly industrializing Asian economies8.311.012.29.86.37.07.35.45.96.26.5
By predominant export
Fuel3.40.83.01.25.04.23.95.62.82.84.3
Nonfuel exports4.96.46.66.53.73.64.66.07.06.36.2
Manufactures6.07.98.18.14.34.05.07.28.57.06.8
Primary products2.34.93.61.41.21.93.74.74.54.54.9
Agricultural products2.44.72.81.61.62.64.25.65.14.64.7
Minerals1.85.55.70.90.2-0.42.11.72.64.05.7
Services and private transfers5.15.06.33.83.33.54.13.64.15.35.2
Diversified export base3.61.92.76.43.33.45.51.93.24.74.8
By financial criteria
Net creditor countries3.20.31.7-0.46.77.36.29.25.02.43.5
Net debtor countries4.65.46.05.73.83.44.55.66.25.86.0
Market borrowers5.26.36.96.03.43.05.87.37.86.56.5
Diversified borrowers4.24.65.85.94.34.01.93.94.44.85.4
Official borrowers3.64.05.44.14.03.73.53.03.44.75.0
Countries with recent debt-servicing difficulties3.13.73.91.92.40.22.12.32.93.03.8
Countries without debt-servicing difficulties6.06.87.78.54.85.75.77.78.17.37.2
Other groups
Small low-income economies3.84.23.53.43.83.64.13.54.05.55.8
Least developed countries3.03.32.42.52.82.11.12.12.84.44.9
Fifteen heavily indebted countries3.14.12.51.92.10.62.41.22.82.73.3
Memorandum
Real per capita GDP
Developing countries2.02.73.44.70.61.92.53.34.43.54.1
By region
Africa-0.4-0.4-1.31.20.9-1.1-1.0-2.2-1.50.61.7
Asia4.44.96.110.59.94.04.36.47.25.76.2
Middle East and Europe-0.2-0.62.1-3.01.42.70.20.42.20.41.0
Western Hemisphere0.91.91.2-0.8-0.8-1.61.30.41.50.81.5
Table A6.Developing Countries—By Country: Real GDP1(Annual percent change)
Average
1976-8519861987198819891990199119921993
Africa2.42.31.44.03.61.71.50.41.1
Algeria3.4-0.2-0.7-1.94.9-1.40.22.3-1.8
Angola-1.61.3-17.6
Benin4.12.1-1.53.0-2.04.03.04.23.3
Botswana11.68.212.214.19.27.35.52.74.9
Burkina Faso2.75.61.35.73.36.00.70.4
Burundi4.13.35.55.01.33.55.02.7-1.2
Cameroon7.57.9-3.5-10.50.8-6.9-7.0-5.2-4.9
Cape Verde4.62.77.67.66.92.42.53.52.3
Central African Republic3.04.6-3.32.32.31.0-1.6-2.4-3.0
Chad-4.0-1.813.85.8-2.38.37.9-3.7
Comoros3.91.91.62.7-1.60.92.11.61.2
Congo7.9-6.90.21.52.61.01.52.6-1.5
Côte d’Ivoire3.73.4-1.6-2.0-1.1-2.1-1.50.2-1.1
Djibouti1.4-1.20.51.21.72.02.02.02.0
Equatorial Guinea1.8-2.34.42.7-1.23.3-1.113.07.1
Ethiopia1.16.99.92.41.2-2.2-1.0-9.88.8
Gabon-1.0-2.1-15.43.57.04.06.7-2.42.6
Gambia. The4.14.12.81.74.35.22.34.02.1
Ghana0.35.24.85.65.13.35.33.95.0
Guinea2.23.13.30.34.04.32.43.04.5
Guinea-Bissau7.1-1.05.66.94.53.33.02.83.0
Kenya4.87.15.96.04.54.32.30.40.2
Lesotho-0.42.15.112.911.94.61.42.58.2
Liberia1.0-0.91.33.1-10.80.32.91.92.2
Madagascar1.92.01.23.44.15.1-6.31.11.9
Malawi3.5-0.21.63.05.24.87.8-7.712.0
Mali0.85.41.2-0.211.80.4-2.57.8-0.8
Mauritania4.25.82.93.12.2-1.82.63.02.5
Mauritius4.38.510.88.75.74.76.34.46.0
Morocco4.18.3-2.510.42.53.75.1-2.91.0
Mozambique. Rep. of-1.00.94.65.55.31.32.6-2.35.6
Namibia4.73.17.00.71.05.76.4-2.2
Niger5.64.61.86.90.9-1.32.5-6.51.4
Nigeria-0.52.5-0.79.97.28.24.83.52.9
Rwanda3.45.5-0.33.81.01.40.30.4-10.9
São Tomé and Principe0.51.0-1.52.03.1-2.21.51.51.5
Senegal2.34.6-1.05.1-1.44.50.82.9-0.8
Seychelles4.00.84.95.310.37.5-1.26.53.7
Sierra Leone-0.118.43.12.52.5-0.80.7-0.81.5
Somalia2.63.45.1-0.6-0.2-1.5-20.02.55.0
South Africa2.12.14.22.3-0.5-0.4-2.11.0
Sudan2.13.91.41.61.6-0.36.08.96.0
Swaziland3.58.516.910.03.58.83.83.84.1
Tanzania3.43.36.14.25.03.53.84.55.1
Togo1.61.60.56.23.80.62.9-13.4
Tunisia5.4-1.16.70.13.77.63.98.04.1
Uganda0.81.26.37.86.84.44.33.45.0
Zaïre2.72.72.5-1.4-2.6-7.2-10.6-16.0
Zambia0.52.72.51.91.00.7-2.0-2.84.0
Zimbabwe2.62.1-0.57.36.42.24.9-7.72.0
Asia6.47.18.09.15.35.66.18.18.4
Afghanistan, IS of-1.03.0-10.3-8.3-7.1-2.5-0.62.06.0
Bangladesh4.84.33.52.74.65.03.84.34.4
Bhutan6.810.217.81.10.72.01.92.25.6
Cambodia9.93.51.27.67.05.7
China7.89.711.011.13.43.87.713.013.1
Fiji1.66.2-5.92.412.04.80.72.83.3
Hong Kong8.911.114.58.32.85.24.15.35.5
India4.64.14.99.75.05.81.53.74.1
Indonesia5.75.94.95.87.57.26.96.36.5
Kiribati-5.7-1.30.310.2-2.2-2.92.83.12.9
Korea3.012.411.811.56.39.25.44.85.3
Lao P.D. Republic4.74.8-1.0-1.913.66.63.96.45.2
Malaysia6.81.25.48.99.29.75.78.07.4
Maldives7.68.67.310.39.316.27.66.55.4
Myanmar5.6-1.1-4.0-11.43.72.8-1.03.04.0
Nepal5.24.33.97.23.98.04.62.14.8
Pakistan6.16.06.44.84.75.68.25.15.1
Papua New Guinea0.94.72.82.9-1.4-3.09.511.814.4
Philippines2.83.44.86.36.12.4-0.40.31.8
Singapore7.41.89.511.19.28.36.75.89.8
Solomon Islands6.31.41.75.15.02.23.38.24.0
Sri Lanka5.24.41.42.72.36.24.64.54.0
Taiwan Province of China8.611.612.37.37.64.97.26.55.7
Thailand6.64.99.513.212.211.68.17.67.8
Vanuatu3.9-2.00.40.64.55.26.50.61.7
Viet Nam6.43.42.55.17.84.96.08.33.0
Western Samoa2.75.40.50.32.6-7.4-1.6-1.73.5
Middle East and Europe3.52.55.9033.74.21.97.54.7
Bahrain7.10.5-1.210.91.21.34.67.85.7
Cyprus8.33.87.08.78.07.31.210.31.3
Egypt6.44.88.73.52.72.31.20.41.3
Iran, Islamic Republic of1.2-9.3-2.2-9.74.511.28.64.63.0
Iraq0.811.928.3-10.212.0-26.0-61.310.0
Israel2.83.66.13.11.35.86.26.63.5
Jordan8.37.72.6-0.5-13.51.71.811.25.8
Kuwait-2.08.68.1-10.025.0-30.2-47.694.633.6
Lebanon-8.73.03.03.03.94.24.4
Libya1.1-15.2-25.6-10.27.210.86.04.0
Malta5.63.94.18.48.26.36.04.74.2
Oman8.93.4-3.55.73.68.89.26.85.0
Qatar-0.43.70.94.75.32.1-0.85.61.5
Saudi Arabia2.75.8-1.56.60.610.89.73.01.0
Syrian Arab Republic4.5-4.91.413.3-9.07.611.59.76.0
Turkey4.08.77.24.4-0.39.21.25.36.8
United Arab Emirates2.4-19.45.5-2.613.317.50.21.80.4
Former Yemen Arab Republic8.34.46.73.41.7
Former Yemen, P.D. Republic of-11.91.41.02.53.0
Yemen, Republic of2.0-4.27.44.3
Western Hemisphere3.34.03.41.01.60.33.32.53.4
Antigua and Barbuda6.49.79.07.76.33.44.51.72.6
Argentina-0.57.32.6-1.9-6.20.18.98.76.0
Aruba-0.315.917.012.310.44.63.1
Bahamas, The5.22.63.22.12.50.9-2.30.31.9
Barbados2.69.63.83.13.7-3.3-5.2-5.31.3
Belize3.45.012.69.612.98.04.74.94.2
Bolivia0.4-2.52.65.02.82.64.12.73.2
Brazil4.07.63.60.33.3-4.40.9-0.95.0
Chile3.55.66.67.310.23.06.010.36.0
Colombia3.85.85.44.13.44.52.13.55.2
Costa Rica3.05.54.53.45.63.62.27.36.0
Dominica3.56.86.88.0-1.26.42.22.13.7
Dominican Republic3.23.27.91.64.1-5.0-0.97.83.0
Ecuador4.33.1-5.910.50.33.04.93.51.7
El Salvador-0.40.62.71.61.03.43.55.05.0
Grenada4.45.56.05.35.75.22.02.95.3
Guatemala2.20.13.53.93.93.15.74.84.0
Guyana-2.2-0.90.9-2.6-3.3-5.36.07.87.4
Haiti2.30.60.6-1.5-1.5-3.0-4.0-10.8-4.0
Honduras4.40.76.14.54.30.15.15.04.0
Jamaica0.47.07.7-4.04.74.10.81.83.0
Mexico4.3-3.81.91.23.34.43.62.60.4
Netherlands Antilles2.6-5.50.23.34.27.23.36.63.0
Nicaragua-1.8-1.0-0.7-12.5-1.7-0.3-0.20.4-0.5
Panama4.63.42.4-15.6-0.44.60.68.65.9
Paraguay6.44.36.45.83.12.51.53.7
Peru1.19.28.3-8.2-11.6-4.42.7-2.87.0
St, Kilts and Nevis4.76.27.49.86.73.06.85.04.5
St, Lucia6.25.82.112.77.43.61.56.33.5
St. Vincent and the Grenadines6.17.26.38.67.27.15.14.72.2
Surinamc1.7-2.4-13.37.84.22.33.5-0.2
Trinidad and Tobago-1.7-4.7-4.0-0.91.53.1-1.6-1.0
Uruguay0.98.87.91.30.92.77.41.7
Venezuela1.26.53.65.8-8.66.59.76.8-1.0

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

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

Table A7.Countries in Transition: Real GDP1(Annual percent change)
Average
1976-8519861987198819891990199119921993
Central Europe3.13.41.91.50.4-7.0-12.7-8.3-1.4
Albania1.05.6-0.8-1.49.8-10.0-27.7-9.711.0
Bulgaria5.85.65.72.4-0.5-9.1-11.7-5.6-3.5
Croatia1.4
Czech Republic0.5
Former Czechoslovakia2.82.82.12.54.5-0.4-15.9-8.5
Hungary2.71.54.1-0.1-0.2-3.5-11.9-4.5-1.6
Macedonia, Former Yugoslav Rep. of-15.2
Poland1.84.22.04.1-11.6-7.61.54.0
Romania5.22.30.8-0.5-4.3-7.4-15.1-13.5
Slovak Republic-3.6
Slovenia-6.0
Former Yugoslavia2.23.2-1.1-1.70.8-7.5-17.0-34.6
Former Soviet Union and Baltic countries23.83.62.85.33.0-2.0-11.6-18.2-11.9
Armenia-11.8-52.0-28.0
Azerbaijan-0.7-26.8-14.4
Belarus-1.9-11.0-11.7
Estonia-11.3-19.3-3.5
Georgia-20.6-45.6-30.0
Kazakhstan-13.0-14.0-10.0
Kyrgyz Republic-5.0-19.1-16.4
Latvia-8.3-33.8-10.1
Lithuania-13.1-37.7-16.2
Moldova-18.0-21.3-15.0
Russia-12.9-18.5-11.5
Tajikistan-8.7-30.0-30.0
Turkmenistan-4.7-5.38.5
Ukraine-11.9-17.0-17.0
Uzbekistan-0.9-9.5
Other
Mongolia6.49.43.55.14.2-2.0-9.9-7.6-1.3

Data for most countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are 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 or of the informal economy is not fully reflected in the recent figures.

Figures for 1990 onward are weighted averages of separate estimates for the states of the former U.S.S.R. and the Baltic countries.

Data for most countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are 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 or of the informal economy is not fully reflected in the recent figures.

Figures for 1990 onward are weighted averages of separate estimates for the states of the former U.S.S.R. and the Baltic countries.

Table A8.Summary of Inflation(In percent)
Average
1976-851986198719881989199019911992199319941995
GDP deflators
Industrial countries7.63.83.23.74.44.34.23.22.62.32.5
United States6.72.73.13.94.64.33.92.92.62.22.8
European Union9.95.64.04.34.95.25.54.63.63.12.8
Japan3.71.80.41.82.22.01.61.01.20.9
Other industrial countries7.74.65.45.35.74.63.31.51.61.82.2
Consumer prices
Industrial countries7.92.73.23.44.45.04.53.32.92.52.6
United States7.21.93.74.14.85.44.23.03.02.83.2
European Union9.83.63.23.54.85.35.34.63.73.22.7
Japan4.70.90.10.72.32.83.31.71.30.90.9
Other industrial countries8.05.05.34.85.25.95.02.12.51.62.2
Developing countries25.728.335.253.761.965.535.938.845.940.912.0
By region
Africa16.815.316.721.321.916.932.240.631.730.612.4
Asia7.48.39.213.811.57.58.67.49.57.96.1
Middle East and Europe20.020.022.426.222.024.624.724.224.420.921.6
Western Hemisphere67.586.5124.6245.1363.3480.2136.2165.8236.5213.923.6
By analytical criteria
Fuel exporters19.026.436.236.418.817.016.717.117.414.48.8
Nonfuel exporters28.528.934.959.478.084.042.245.955.149.112.9
Market borrowers39.641.855.194.8122.8131.750.558.777.368.813.1
Official borrowers18.528.127.035.226.124.135.532.924.621.510.0
Countries with recent debt-servicing difficulties46.962.683.2142.2182.2226.393.2109.1139.2127.119.1
Countries without debt-servicing difficulties10.68.19.114.313.89.711.010.812.611.19.2
Countries in transition4.76.77.510.327.632.4104.3766.9687.2290.273.2
Central Europe12.819.325.142.3135.5158.2121.9145.1128.078.653.7
Former U.S.S.R.1.62.11.50.32.35.498.41,292.41,226.5457.483.2
Memorandum
Median inflation rate industrial countries8.43.64.14.64.85.44.23.15.62.72.5
Developing countries10.77.77.58.39.810.111.89.37.18.05.7
Countries in transition0.92.01.30.62.05.6105.0854.6797.5156.019.0
Table A9.Industrial Countries: GDP Deflators and Consumer Prices(Annual percent change)
AverageFourth Quarter1
1976-851986198719561989199019911992199319941995199319941995
GDP deflators
United States6.72.73.13.94.64.33.92.92.62.22.82.22.72.9
Japan3.71.80.41.82.22.01.61.01.20.90.91.21.0
Germany23.63.21.91.52.43.14.75.33.93.02.4
France9.85.23.02.53.03.03.02.32.11.92.11.82.51.4
Italy15.57.86.06.76.27.77.64.54.43.53.14.92.03.7
United Kingdom10.83.35.06.07.16.46.54.43.43.13.04.42.53.2
Canada7.12.44.74.64.83.32.51.10.81.11.70.51.51.8
Seven countries above7.23.22.93.44.14.14.03.02.52.22.42.32.32.3
Spain14.711.95.85.77.07.47.06.54.3
Netherlands4.70.2-0.51.21.22.32.82.513
Belgium5.73.82.41.84.12.72.74.12.6
Denmark8.24.64.73.44.22.72.51.91.2
Greece17.917.514.315.512.720.519.514.914.0
Portugal21.320.511.311.513.314.513.512.56.8
Ireland12.75.82.33.14.6-1.70.91.113
Luxembourg6.71.1-3.11.00.21.33.82.54.1
Sweden9.46.94.86.58.08.87.81.32.9
Switzerland3.53.82.62.44.25.75.52.62.3
Austria5.03.82.42.12.93.33.94.23.9
Finland9.04.55.36.96.95.52.31.11.2
Norway8.5-1.47.23.74.73.42.3-1.12.4
Iceland30.624.520.223.420.414.37.33.31.0
Australia9.27.27.48.27.34.61.51.21.1
New Zealand15.317.114.17.78.04.22.02.11.6
Other industrial countries9.97.25.25.36.15.95.24.13.23.13.0
All industrial countries7.63.83.23.74.44.34.23.22.62.32.5
European Union9.95.64.04.34.95.25.54.63.63.12.8
West Germany3.63.21.91.52.43.13.94.43.32.72.12.93.21.7
Consumer prices
United States7.21.93.74.14.85.44.23.03.02.83.22.73.03.2
Japan4.70.90.10.72.32.83.31.71.30.90.91.11.11.1
Germany24.0-0.10.21.32.82.74.54.94.73.02.2
France10.02.53.32.73.53.43.22.42.11.92.12.12.12.0
Italy15.35.94.75.06.36.56.35.24.33.83.14.03.92.6
United Kingdom310.53.64.14.65.98.16.84.73.03.23.02.73.53.0
Canada7.74.24.44.05.94.85.61.51.90.51.71.80.41.8
Other industrial countries9.66.04.94.75.66.45.54.23.73.23.0
All industrial countries7.92.73.23.44.45.04.53.32.92.52.6
Seven countries above7.62.22.93.24.34.84.43.12.82.42.52.52.52.5
European Union9.83.63.23.54.85.35.34.63.73.22.7
West Germany4.0-0.10.21.32.82.73.54.04.12.72.03.72.32.0

From fourth quarter of preceding year.

Data through 1990 apply to west Germany only.

Retail price index excluding mortgage interest.

From fourth quarter of preceding year.

Data through 1990 apply to west Germany only.

Retail price index excluding mortgage interest.

Table A10.Industrial Countries: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing(Annual percent change)
Average
1976-851986198719881989199019911992199319941995
Hourly earnings
United States7.64.12.24.03.95.25.54.22.81.42.9
Japan5.52.41.03.26.76.55.94.62.72.63.0
West Germany6.05.05.23.94.25.87.37.15.82.93.0
France12.65.14.63.94.85.24.14.02.02.03.0
Italy17.53.17.67.910.29.09.46.73.93.84.6
United Kingdom12.48.07.48.09.09.79.36.54.73.54.2
Canada8.72.93.33.95.35.24.83.62.12.12.1
Other industrial countries11.57.46.65.86.57.77.65.54.13.94.1
All industrial countries9.14.63.84.65.66.36.45.03.32.43.3
Seven countries above8.74.13.44.45.46.16.24.93.22.23.1
European Union12.15.86.25.86.77.37.66.34.33.43.8
Productivity
United States1.92.66.52.40.61.72.14.15.12.32.3
Japan4.24.17.44.52.81.5-3.7-1.6-1.41.7
West Germany3.61.01.94.23.33.52.91.42.32.92.3
France4.43.65.07.35.11.40.73.21.01.01.8
Italy4.2-0.85.46.13.32.01.83.12.12.22.4
United Kingdom3.13.85.45.44.31.92.54.97.12.42.6
Canada2.6-0.22.50.30.54.02.13.32.62.22.1
Other industrial countries4.41.92.23.62.41.12.01.81.91.61.8
All industrial countries3.21.84.84.12.42.02.02.22.91.62.1
Seven countries above3.01.85.24.22.42.22.02.23.11.62.2
European Union4.22.03.85.23.61.81.92.62.72.12.2
Unit labor costs
United States5.51.4-3.91.63.33.53.30.2-2.2-0.90.6
Japan1.22.4-3.0-3.92.03.54.38.64.34.11.3
West Germany2.34.03.3-0.20.92.14.35.63.40.7
France7.91.5-0.4-3.2-0.33.83.40.71.01.01.2
Italy12.84.02.11.76.76.87.53.51.81.62.1
United Kingdom9.14.01.92.54.67.76.61.5-2.31.01.5
Canada5.93.10.83.64.91.22.60.2-0.5-0.1
Other industrial countries6.95.44.32.24.16.65.63.72.22.32.2
All industrial countries5.82.8-0.80.53.24.24.32.80.40.81.1
Seven countries above5.62.3-1.70.33.03.94.12.70.20.60.9
European Union7.73.72.40.63.05.45.63.71.61.21.5
Table A11.Developing Countries: Consumer Prices(Annual percent change)
Average
1976-851986198719881989199019911992199319941995
Developing countries25.728.335.253.761.965.535.938.845.940.912.0
By region
Africa16.815.316.721.321.916.932.240.631.730.612.4
Asia7.48.39.213.811.57.58.67.49.57.96.1
Middle East and Europe20.020.022.426.222.024.624.724.224.420.921.6
Western Hemisphere67.586.5124.6245.1363.3480.2136.2165.8236.5213.923.6
Sub-Saharan Africa23.619.327.227.426.826.067.475.949.243.812.9
Four newly industrializing
Asian economies9.01.82.65.15.87.17.75.94.65.04.6
By predominant export
Fuel19.026.436.236.418.817.016.717.117.414.48.8
Nonfuei exports28.528.934.959.478.084.042.245.955.149.112.9
Manufactures26.728.536.868.186.594.243.058.278.369.715.0
Primary products59.356.660.2108.0175.9184.988.243.228.421.410.7
Agricultural products60.358.463.2100.8157.1154.462.624.617.913.510.9
Minerals56.451.351.6131.3242.5307.0201.3128.772.453.210.2
Services and private transfers10.912.013.912.115.818.219.016.912.210.38.7
Diversified export base11.811.912.310.510.111.311.99.36.57.15.8
By financial criteria
Net creditor countries9.46.99.59.17.15.67.77.79.14.74.8
Net debtor countries27.330.137.357.666.871.238.341.549.244.012.6
Market borrowers39.641.855.194.8122.8131.750.558.777.368.813.1
Diversified borrowers13.912.715.217.115.718.719.717.516.614.612.9
Official borrowers18.528.127.035.226.124.135.532.924.621.510.0
Countries with recent debt-servicing difficulties46.962.683.2142.2182.2226.393.2109.1139.2127.119.1
Countries without debt-servicing difficulties10.68.19.114.313.89.711.010.812.611.19.2
Other groups
Small low-income economies18.531.132.034.321.925.542.237.423.719.78.6
Least developed countries18.318.425.225.828.729.065.069.340.735.314.7
Fifteen heavily indebted countries60.175.8109.4209.1332.6386.3120.6170.6229.6201.329.2
Memorandum
Median
Developing countries10.77.77.58.39.810.111.89.37.18.05.7
By region
Africa11.58.57.07.79.710.010.49.86.912.67.8
Asia7.95.66.78.47.58.610.18.55.95.04.8
Middle East and Europe9.56.38.47.010.311.67.55.75.95.95.5
Western Hemisphere12.411.614.612.114.321.922.712.110.76.25.0
Table A12.Developing Countries—By Country: Consumer Prices1(Annual percent change)
Average
1976-8519861987198819891990199119921993
Africa16.815.316.721.321.916.932.240.631.7
Algeria10.514.05.95.79.216.722.831.820.2
Angola80.1253.01,044.0
Benin9.43.63.24.30.50.30.93.53.1
Botswana11.210.09.88.411.611.411.816.110.0
Burkina Faso8.7-0.4-0.43.00.81.23.9-1.91.8
Burundi10.51.77.14.511.77.09.04.59.7
Cameroon11.54.32.81.71.61.5-0.62.0-3.9
Cape Verde13.614.01.74.49.39.87.67.06.8
Central African Republic11.73.90.8-2.13.91.7-0.42.52.1
Chad8.5-13.1-2.715.4-4.93.01.7-5.62.1
Comoros9.78.33.30.34.6-7.4-1.72.41.9
Congo10.32.51.24.04.12.00.12.10.7
CÔte d’Ivoire11.56.87.06.91.0-0.71.64.22.0
Djibouti9.216.44.26.43.04.54.019.05.5
Equatorial Guinea21.9-15.7-9.0-3.45.22.7-0.91.51.6
Ethiopia11.84.9-9.52.29.65.220.921.010.0
Gabon11.36.4-1.0-9.86.66.01.90.71.2
Gambia, The11.435.046.212.410.810.29.112.05.9
Ghana61.824.639.831.425.237.218.010.124.3
Guinea20.364.736.727.428.319.419.616.67.1
Guinea-Bissau26.437.086.860.380.833.057.669.647.8
Kenya13.24.05.18.39.915.719.627.346.1
Lesotho14.510.011.614.914.415.814.018.812.0
Liberia6.13.65.09.725.310.010.010.010.0
Madagascar14.714.515.526.39.011.88.515.313.2
Malawi10.914.826.831.415.711.511.922.716.6
Mali12.4-1.2-15.08.5-0.21.61.5-5.9-0.6
Mauritania4.77.88.26.39.06.45.66.23.3
Mauritius13.24.30.71.516.010.712.82.98.9
Morocco9.88.72.72.43.16.78.24.94.5
Mozambique, Rep. of9.912.2175.855.042.149.233.245.135.0
Namibia13.412.612.915.112.011.917.78.6
Niger11.0-3.2-4.30.6-0.8-2.0-1.9-1.80.4
Nigeria17.75.711.354.550.57.413.044.660.4
Rwarida8.9-1.14.13.01.04.219.69.512.5
São Tomé and Principe5.413.923.841.244.840.436.127.421.2
Senegal9.36.1-4.1-1.80.40.3-1.8-0.7
Seychelles8.70.32.61.81.53.92.03.33.1
Sierra Leone31.180.9178.732.762.8111.0102.765.519.4
Somalia33.135.728.181.7110.4140.455.136.324.3
South Africa12.918.516.212.914.714.315.313.99.5
Sudan25.423.321.562.965.365.2123.5117.695.0
Swaziland14.513.213.212.212.913.513.09.08.0
Tanzania22.132.429.931.225.819.722.322.123.5
Togo8.74.10.2-1.21.00.52.40.3
Tunisia8.36.28.27.27.76.57.85.56.0
Uganda71.4179.6256.0180.161.533.127.754.55.1
Zaïre55.545.790.482.090.474.12,155.04,131.81,351.5
Zambia19.054.847.054.0128.3109.693.4191.3187.3
Zimbabwe12.214.211.97.111.615.523.942.725.4
Asia7.48.39.213.811.57.58.67.49.5
Afghanistan, I.S. of12.0-8.718.229.289.8158.8165.058.234.0
Bangladesh11.211.09.59.310.08.17.24.3
Bhutan6.39.96.810.09.711.013.79.89.1
Cambodia90.5152.387.9176.831.0
China2.96.07.318.617.82.12.75.313.0
Fiji8.11.85.711.86.18.16.54.95.2
Hong Kong8.82.95.57.410.19.712.09.38.5
India5.55.88.27.57.410.013.410.79.9
Indonesia12.75.99.38.16.88.19.47.69.7
Kiribati7.56.66.53.15.33.85.74.06.5
Korea12.12.73.07.15.78.69.36.24.8
Lao P.D. Republic52.835.06.114.875.919.610.46.75.0
Malaysia4.60.60.82.52.83.14.44.73.6
Maldives10.49.111.76.57.23.614.716.820.2
Myanmar4.514.722.022.523.722.029.122.325.0
Nepal8.315.913.311.08.19.79.820.88.0
Pakistan8.03.74.93.37.29.711.79.58.7
Papua New Guinea6.85.53.15.74.77.57.04.34.5
Philippines15.90.83.89.110.612.718.78.97.6
Singapore3.5-1.40.51.52.43.43.52.32.4
Solomon Islands8.313.111.516.814.98.615.210.37.0
Sri Lanka10.68.07.714.011.621.512.211.45.0
Taiwan Province of China6.30.70.51.34.44.23.64.52.9
Thailand7.31.92.53.95.56.05.74.13.3
Vanuatu6.74.814.78.47.55.06.54.14.4
Viet Nam37.0487.2316.7394.035.067.068.117.55.3
Western Samoa13.95.84.68.56.415.2-1.38.51.7
Middle East and Europe20.020.022.426.222.024.624.724.224.4
Bahrain8.0-2.5-1.70.21.21.30.81.00.9
Cyprus7.51.22.83.43.84.55.06.54.9
Egypt13.423.919.718.019.319.220.415.710.3
Iran, Islamic Republic of15.923.727.728.917.49.019.621.627.5
Iraq15.320.018.015.015.050.050.050.075.0
Israel118.448.119.916.320.217.219.012.010.9
Jordan8.5-0.37.725.816.18.24.04.8
Kuwait5.1-0.617.46.59.113.1-26.41.0-0.6
Lebanon21.2150.0400.0200.0200.0200.0100.050.050.0
Libya11.23.34.43.11.36.85.05.06.9
Malta5.22.00.41.00.93.02.51.64.0
Oman3.27.12.51.61.310.17.23.41.0
Qatar8.11.64.54.63.33.04.43.03.0
Saudi Arabia5.9-3.2-1.60.91.02.14.6-0.42.0
Syrian Arab Republic11.636.059.534.611.419.47.78.18.0
Turkey43.934.638.875.463.360.366.070.165.0
United Arab Emirates9.85.55.55.03.30.65.54.13.0
Former Yemen Arab Republic29.120.713.919.414.0
Former Yemen, P.D. Republic of0.82.50.52.1
Yemen, Republic of15.544.962.450.0
Western Hemisphere67.586.5124.6245.1363.3480.2136.2165.8236.5
Antigua and Barbuda16.70.53.66.83.77.05.73.03.0
Argentina251.890.1131.3343.03,080.52,314.7171.724.910.6
Aruba1.13.63.14.05.85.63.9
Bahamas, The6.45.46.14.15.44.67.25.72.7
Barbados9.40.23.64.86.23.06.36.11.1
Belize3.80.82.05.22.13.05.62.81.8
Bolivia188.5276.314.616.015.217.121.412.17.6
Brazil98.5142.2224.8684.61,319.92,738.8413.7991.12,103.3
Chile44.519.519.914.717.026.021.815.412.7
Colombia23.818.923.328.125.929.130.527.022.4
Costa Rica20.711.816.820.816.519.028.721.89.8
Dominica10.52.24.72.26.72.06.25.33.6
Dominican Republic13.09.815.944.445.459.453.94.64.8
Ecuador19.523.029.558.275.748.448.854.645.0
El Salvador13.431.925.319.917.624.014.411.218.5
Grenada13.60.5-0.84.05.62.82.63.82.6
Guatemala9.736.812.711.211.040.733.210.113.3
Guyana16.17.928.739.989.763.6101.528.211.3
Haiti7.98.5-5.12.910.920.619.825.230.7
Honduras8.34.42.44.69.823.333.98.810.7
Jamaica19.224.411.28.214.321.951.077.322.1
Mexico39.686.2131.8114.220.026.722.715.59.8
Netherlands Antilles6.81.23.82.63.93.63.61.43.5
Nicaragua37.9681.6911.914,315.84,709.37,484.92,945.123.720.4
Panama4.7-0.11.00.2-0.20.81.31.80.5
Paraguay15.231.721.823.026.038.224.915.518.3
Peru74.577.885.8667.03,398.67,481.6409.273.248.6
St. Kins and Nevis11.10.90.25.14.24.22.92.0
St. Lucia8.12.27.00.84.43.86.15.70.8
St. Vincent and the Grenadines9.91.22.90.32.77.35.93.84.3
Suriname9.218.753.47.32.719.526.043.6143.5
Trinidad and Tobago12.77.713.412.19.39.52.38.513.5
Uruguay51.476.463.662.280.4112.6101.868.454.2
Venezuela11.111.628.129.484.540.734.231.438.7

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

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

Table A13.Countries in Transition: Consumer Prices1(Annual percent change)
Average
1975-8519861987198819891990199119921993
Central Europe12.819.325.142.3135.5158.2121.9145.1128.0
Albania35.5225.985.0
Bulgaria1.12.72.72.56.423.9333.582.072.8
Croatia1,516.4
Czech Republic20.8
Former Czechoslovakia1.80.50.10.21.410.859.011.6
Hungary6.55.38.615.517.028.936.423.022.5
Macedonia, Former Yugoslav Rep. of244.0
Poland19.417.825.260.2251.1585.870.343.635.3
Romania2.90.71.12.60.94.7161.1210.3256.0
Slovak Republic23.2
Slovenia22.9
Former Yugoslavia32.888.1122.1200.01,257.7584.6270.06,146.6
Former Soviet Union and Baltic countries21.62.11.50.32.35.498.41,292.41,226.3
Armenia100.0790.02,500.0
Azerbaijan105.6611.3797.5
Belarus83.5969.01,188.0
Estonia210.61,069.089.0
Georgia78.5887.51,480.0
Kazakhstan147.02,568.02,146.9
Kyrgyz Republic85.0854.61,208.7
Latvia124.4951.2109.0
Lithuania224.71,020.3410.4
Moldova162.01,276.01,340.0
Russia92.71,353.0895.9
Tajikistan111.61,156.71,869.9
Turkmenistan102.5492.91,860.0
Ukraine91.21,445.34,927.9
Uzbekistan105.0528.0761.0
Other
Mongolia0.2208.6321.0183.0

For some countries, figures for recent years are staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available.

Figures for 1990 onward are weighted averages of separate estimates for the states of the former U.S.S.R. and the Baltic countries.

For some countries, figures for recent years are staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available.

Figures for 1990 onward are weighted averages of separate estimates for the states of the former U.S.S.R. and the Baltic countries.

Table A14.Summary Financial Indicators(In percent)
1986198719881989199019911992199319941995
Industrial countries
Central government fiscal balance1
Industrial countries-4.3-3.3-2.7-2.4-2.8-3.2-4.2-4.5-4.1-3.5
United States-4.7-3.3-2.8-2.3-2.9-3.6-4.6-3.5-2.6-2.0
European Union-4.8-4.2-3.7-3.4-3.9-4.2-5.0-6.2-5.8-5.3
Japan-3.2-2.2-1.3-1.2-0.5-0.2-1.6-2.6-3.7-3.1
Other industrial countries-2.5-1.5-1.0-0.7-1.2-3.0-4.1-5.4-4.7-3.9
General government fiscal balance1
Industrial countries-3.5-2.5-1.9-1.3-2.1-2.9-3.9-4.4-4.2-3.5
United States-3.4-2.5-2.0-1.5-2.5-3.4-4.5-3.5-2.7-2.0
European Union4.8-4.2-3.7-3.0-4.2-4.7-5.4-6.6-6.3-5.7
Japan-0.90.51.52.52.93.01.8-0.6-2.7-1.3
Other industrial countries-2.7-1.3-0.5-0.2-0.8-3.5-5.1-6.2-5.6-4.7
Growth of broad money
Industrial countries8.77.58.28.87.84.23.13.4
United States9.34.35.34.84.02.91.91.3
European Union7.19.69.810.612.26.76.05.7
Japan9.210.810.212.07.42.3-0.22.2
Other industrial countries9.99.310.910.96.93.92.83.4
Short-term interest rates2
United States6.05.86.78.17.55.43.43.03.94.8
Japan5.03.94.04.76.97.04.12.72.02.7
Germany4.64.04.57.18.49.29.57.25.24.1
LIBOR6.87.38.19.58.46.13.93.44.25.1
Developing countries
Central government fiscal balance1
Weighted average-6.0-6.0-5.6-4.9-3.5-3.3-3.4-3.5-3.2-2.9
Median-5.4-5.6-5.9-4.8-4.4-4.5-3.9-4.3-4.1-3.0
Growth of broad money
Weighted average33.745.166.981.077.554.071.968.741.817.4
Median18.216.018.216.617.016.715.313.712.010.1
Countries in transition
Central government fiscal balance1,3-2.4-2.3-2.4-2.6-4.8-10.2-10.7-8.3-5.8-4.3
Growth of broad money10.318.022.232.422.1125.9602.1352.1

In percent of GDP.

For the United States, three-month treasury bills; for Japan, three-month certificates of deposit; for Germany, three-month interbank deposits; for LIBOR, London interbank offered rate on six-month U.S. dollar deposits.

Due to country differences in definition and coverage, the estimates for this group of countries should be interpreted only as indicative of broad orders of magnitude. In particular, estimates for several countries in the former U.S.S.R. group apply to a wider concept of government.

In percent of GDP.

For the United States, three-month treasury bills; for Japan, three-month certificates of deposit; for Germany, three-month interbank deposits; for LIBOR, London interbank offered rate on six-month U.S. dollar deposits.

Due to country differences in definition and coverage, the estimates for this group of countries should be interpreted only as indicative of broad orders of magnitude. In particular, estimates for several countries in the former U.S.S.R. group apply to a wider concept of government.

Table A15.Major Industrial Countries: Central Government Fiscal Balances(In percent of GDP)
1986198719881989199019911992199319941995
Fiscal balance
United States1-4.7-3.3-2.8-2.3-2.9-3.6-4.6-3.5-2.6-2.0
Japan2-3.2-2.2-1.3-1.2-0.5-0.2-1.6-2.6-3.7-3.1
Germany3,4-1.2-1.4-1.7-0.9-1.8-1.9-1.5-2.2-2.3-2.5
France4-2.8-2.2-2.0-1.6-1.4-2.0-3.2-4.5-4.4-4.1
Italy5-12.4-11.8-11.8-11.4-11.1-11.1-11.1-10.5-10.2-8.9
United Kingdom6-2.1-1.11.11.2-1.1-2.4-6.9-9.2-7.9-6.8
Canada6-4.7-3.8-3.2-3.2-3.8-4.5-3.8-4.3-3.6-2.8
Seven countries above-4.4-3.4-2.8-2.4-2.8-3.2-4.2-4.3-3.9-3.3
Seven countries except the United States-4.0-3.4-2.8-2.5-2.7-2.9-4.0-4.9-5.0-4.4
Four European countries-4.4-4.0-3.5-3.0-3.7-4.2-5.3-6.2-5.9-5.3

Data are on a budget basis.

Data are on a national income basis and exclude social security transactions.

Data through June 1990 apply to west Germany only.

Data are on an administrative basis and exclude social security transactions.

Data refer to the state sector and cover the transactions of the state budget as well as those of several autonomous entities operating at the same level; data do not include the gross transactions of social security institutions, only their deficits. Includes imputed interest due on tax refund liabilities not replaced by government bonds.

Data are on a national income accounts basis.

Data are on a budget basis.

Data are on a national income basis and exclude social security transactions.

Data through June 1990 apply to west Germany only.

Data are on an administrative basis and exclude social security transactions.

Data refer to the state sector and cover the transactions of the state budget as well as those of several autonomous entities operating at the same level; data do not include the gross transactions of social security institutions, only their deficits. Includes imputed interest due on tax refund liabilities not replaced by government bonds.

Data are on a national income accounts basis.

Table A16.Major Industrial Countries: General Government Fiscal Balances and Impulses1(In percent of GDP)
1986198719881989199019911992199319941995
Fiscal balance
United States-3.4-2.5-2.0-1.5-2.5-3.4-4.5-3.5-2.7-2.0
Japan-0.90.51.52.52.93.01.8-0.6-2.7-1.3
Germany2-1.3-1.9-2.10.1-1.9-3.2-2.6-3.3-3.2-3.1
France3-2.7-1.9-1.7-1.3-1.5-2.1-3.9-5.6-5.8-5.1
Italy4-11.9-11.2-11.1-10.3-11.4-10.7-10.0-10.0-9.9-9.0
United Kingdom5-2.4-1.41.00.9-1.2-2.7-6.3-8.7-7.4-6.2
Canada-5.4-3.8-2.5-2.9-4.1-6.3-6.6-6.8-6.1-4.7
Seven countries above-3.4-2.5-1.9-1.2-2.0-2.7-3.7-4.1-4.0-3.2
Seven countries except the United States-3.4-2.6-1.8-0.9-1.7-2.2-3.1-4.6-5.1-4.2
Four European countries-4.4-4.0-3.4-2.5-3.8-4.6-5.5-6.6-6.3-5.7
+ Expansionary, - contractionary
Fiscal impulse6
United States70.5-0.6-0.50.70.5-0.8-0.6
Japan7-1.3-0.4-0.90.61.51.5-1.4
Germany2,70.8-1.70.7-1.5-1.3-0.5
France7-0.90.70.51.1-0.4-0.6
Italy-0.70.8-0.51.0-1.2-1.3-1.9-0.6-0.5
United Kingdom0.4-1.01.1-0.41.82.3-1.0-0.8
Canada-1.1-0.8-0.5-0.6-0.7
Seven countries above-0.6-0.5-0.5-0.7
Seven countries except the United States-0.6-0.5-0.8
Four European countries-0.40.5-0.6-0.5
Memorandum
Fiscal balance excluding social security transactions
United States-5.1-4.3-4.2-3.8-4.1-5.3-6.0-5.1-4.7-4.2
Japan-3.9-2.31.6-0.7-0.6-0.7-2.0-4.4-6.4-4.8
Germany-1.8-2.2-2.2-0.6-2.6-4.0-2.7-3.7-3.8-3.7
France-2.4-2.1-1.9-1.5-1.4-2.0-3.5-4.7-5.1-4.6
Italy-7.7-7.2-6.5-5.7-6.1-5.9-5.0-5.2-5.3-5.0
Canada-4.0-2.2-0.9-1.3-2.5-4.5-4.7-4.6-4.1-2.7

On a national income accounts basis.

Data through 1990 apply to west Germany only.

Adjusted for valuation changes of the foreign exchange stabilization fund.

Includes imputed interest due on tax refund liabilities not replaced by government bonds.

Excludes asset sales.

For a definition of the fiscal impulse measure, see The New Palgrave Dictionary of Money and Finance, edited by Peter Newman, Murray Milgate, and John Eatwell (London: Macmillan, 1992; New York: Stockton, 1992). Impulse estimates equal to or less than ±0.3 percent of GDP are indicated by “—”.

For relevant years, the fiscal impulse is calculated on the basis of data adjusted for net international financial transfers related to the 1990-91 regional conflict in the Middle East.

On a national income accounts basis.

Data through 1990 apply to west Germany only.

Adjusted for valuation changes of the foreign exchange stabilization fund.

Includes imputed interest due on tax refund liabilities not replaced by government bonds.

Excludes asset sales.

For a definition of the fiscal impulse measure, see The New Palgrave Dictionary of Money and Finance, edited by Peter Newman, Murray Milgate, and John Eatwell (London: Macmillan, 1992; New York: Stockton, 1992). Impulse estimates equal to or less than ±0.3 percent of GDP are indicated by “—”.

For relevant years, the fiscal impulse is calculated on the basis of data adjusted for net international financial transfers related to the 1990-91 regional conflict in the Middle East.

Table A17.Industrial Countries: Monetary Aggregates

(Annual percent change)1

19861987198819891990199119921993
Narrow money2
United States15.56.34.30.64.27.914.310.5
Japan10.44.88.62.44.59.53.97.0
Germany36.07.410.95.629.63.410.88.5
France6.94.13.97.63.7-4.7-0.1-0.6
Italy7.27.87.310.36.610.50.67.5
United Kingdom4.04.86.85.75.22.42.34.8
Canada6.58.27.53.2-1.25.25.413.9
Other industrial countries9.912.913.59.19.46.86.45.7
All industrial countries11.46.97.23.97.16.57.97.7
Seven countries above11.66.16.23.16.76.58.28.0
European Union6.96.98.67.913.14.14.55.1
Broad money4
United States9.34.35.34.84.02.91.91.3
Japan9.210.810.212.07.42.3-0.22.2
Germany34.05.96.95.519.76.37.610.9
France6.69.98.49.59.02.75.5-1.5
Italy-1.77.27.69.98.19.14.57.9
United Kingdom16.016.017.318.812.16.03.54.9
Canada10.97.112.614.48.14.83.13.5
Other industrial countries10.110.610.110.57.96.55.24.0
All industrial countries8.77.58.28.87.84.23.13.4
Seven countries above8.57.07.98.57.73.82.73.3
European Union7.19.69.810.612.26.76.05.7

Based on end-of-period data.

M1 except for the United Kingdom, where M0 is used here as a measure of narrow money; it comprises notes in circulation plus bankers’ operational deposits. Ml is generally currency in circulation plus private demand deposits. In addition, the United States includes traveler’s checks of nonbank issues and other checkable deposits and excludes private sector float and demand deposits of banks. Japan includes government demand deposits and excludes float. Germany includes demand deposits at fixed interest rates. Canada excludes private sector float.

Data through 1989 apply to west Germany only. The growth rates for the monetary aggregates in 1990 are affected by the extension of the currency area.

M2, defined as Ml plus quasi-money, except for Japan, Germany, and the United Kingdom, for which the data are based on M2 plus certificates of deposit (CDs), M3, and M4, respectively. Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For Japan. M2 plus CDs is currency in circulation plus total private and public sector deposits and installments of Sogo Banks plus CDs. For Germany, M3 is Ml plus private time deposits with maturities of less than four years plus savings deposits at statutory notice. For the United Kingdom, M4 is composed of non-interest-bearing Ml, private sector interest-bearing sterling sight bank deposits, private sector sterling time bank deposits, private sector holdings of sterling bank CDs, private sector holdings of building society shares and deposits, and sterling CDs less building society holdings of bank deposits and bank CDs, and notes and coins.

Based on end-of-period data.

M1 except for the United Kingdom, where M0 is used here as a measure of narrow money; it comprises notes in circulation plus bankers’ operational deposits. Ml is generally currency in circulation plus private demand deposits. In addition, the United States includes traveler’s checks of nonbank issues and other checkable deposits and excludes private sector float and demand deposits of banks. Japan includes government demand deposits and excludes float. Germany includes demand deposits at fixed interest rates. Canada excludes private sector float.

Data through 1989 apply to west Germany only. The growth rates for the monetary aggregates in 1990 are affected by the extension of the currency area.

M2, defined as Ml plus quasi-money, except for Japan, Germany, and the United Kingdom, for which the data are based on M2 plus certificates of deposit (CDs), M3, and M4, respectively. Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For Japan. M2 plus CDs is currency in circulation plus total private and public sector deposits and installments of Sogo Banks plus CDs. For Germany, M3 is Ml plus private time deposits with maturities of less than four years plus savings deposits at statutory notice. For the United Kingdom, M4 is composed of non-interest-bearing Ml, private sector interest-bearing sterling sight bank deposits, private sector sterling time bank deposits, private sector holdings of sterling bank CDs, private sector holdings of building society shares and deposits, and sterling CDs less building society holdings of bank deposits and bank CDs, and notes and coins.

Table A18.Industrial Countries: Interest Rates(In percent a year)
March
198619871988198919901991199219931994
Short-term interest rate1
United States6.56.97.79.18.25.83.73.23.8
Japan5.04.14.45.37.67.24.32.82.1
Germany4.64.04.27.18.49.29.57.25.8
France7.78.27.99.310.39.710.48.46.2
Italy11.911.111.212.712.312.714.510.58.9
United Kingdom10.99.710.313.914.811.59.65.95.2
Canada9.28.49.612.213.09.06.75.04.6
Other industrial countries10.19.49.010.811.410.710.48.16.4
All industrial countries7.36.77.18.89.28.06.75.14.5
Seven countries above6.96.77.28.79.27.86.34.54.3
European Union8.78.28.310.311.110.711.08.26.2
Long-term interest rate2
United States7.78.48.88.58.67.97.05.96.5
Japan5.35.04.85.17.06.35.14.04.0
Germany6.16.26.57.08.78.57.96.56.5
France8.69.49.18.810.09.08.66.96.6
Italy312.211.612.013.313.613.113.111.39.3
United Kingdom10.19.69.710.211.810.19.17.57.3
Canada9.59.910.29.910.89.88.87.97.8
Other industrial countries10.110.49.910.711.710.29.88.06.8
All industrial countries8.18.48.48.69.58.67.96.56.2
Seven countries above7.78.08.18.19.08.37.56.26.2
European Union9.19.29.19.811.010.29.88.17.0

Interest rate on the following instruments: United States, three-month certificates of deposit (CDs) in secondary markets; Japan, from July 1984, three-month CDs (through June 1984, three-month Gensaki rate; Germany, France, and the United Kingdom, three-month interbank deposits; Italy, three-month treasury bills; and Canada, three-month prime corporate paper.

For the United States, yield on ten-year treasury bonds; for Japan, over-the-counter sales yield on ten-year government bonds with longest residual maturity; for Germany, yield on government bonds with maturities of nine to ten years; for France, long-term (seven- to ten-year) government bond yield (Emprunts d’Etat à long terme TME); for Italy, secondary market yield on fixed-coupon (BTP) government bonds with two to four years’ residual maturity; for the United Kingdom, yield on medium-dated (ten-year) government stock: and for Canada, average yield on government bonds with residual maturities of over ten years.

March 1994 data refer to yield on ten-year government bonds.

Interest rate on the following instruments: United States, three-month certificates of deposit (CDs) in secondary markets; Japan, from July 1984, three-month CDs (through June 1984, three-month Gensaki rate; Germany, France, and the United Kingdom, three-month interbank deposits; Italy, three-month treasury bills; and Canada, three-month prime corporate paper.

For the United States, yield on ten-year treasury bonds; for Japan, over-the-counter sales yield on ten-year government bonds with longest residual maturity; for Germany, yield on government bonds with maturities of nine to ten years; for France, long-term (seven- to ten-year) government bond yield (Emprunts d’Etat à long terme TME); for Italy, secondary market yield on fixed-coupon (BTP) government bonds with two to four years’ residual maturity; for the United Kingdom, yield on medium-dated (ten-year) government stock: and for Canada, average yield on government bonds with residual maturities of over ten years.

March 1994 data refer to yield on ten-year government bonds.

Table A19.Developing Countries: Central Government Fiscal Balances(In percent of GDP)
1986198719881989199019911992199319941995
Developing countries-6.0-6.0-5.6-4.9-3.5-3.3-3.4-3.5-3.2-2.9
By region
Africa-5.2-7.4-8.0-5.2-3.6-5.0-7.2-10.6-8.4-8.4
Asia-4.2-3.4-3.3-3.3-2.9-2.7-2.8-2.9-2.6-2.2
Middle East and Europe-13.8-12.5-12.9-9.8-10.6-11.4-7.4-6.4-6.4-6.4
Western Hemisphere-5.6-6.8-5.3-5.4-0.80.2-0.9-0.1-0.3-0.2
Sub-Saharan Africa-6.8-9.9-8.7-7.3-8.2-8.9-10.1-13.2-12.1-12.7
Four newly industrializing Asian economies-0.30.92.51.81.3-0.10.3-0.10.2
By predominant export
Fuel-10.1-10.1-9.9-5.5-4.2-4.3-3.4-3.1-2.6-1.9
Nonfuel exports-4.7-4.7-4.3-4.7-3.3-3.1-3.4-3.6-3.3-3.2
Manufactures-3.4-3.6-3.0-3.9-2.1-2.1-2.7-2.7-2.4-2.1
Primary products-4.4-5.6-5.7-5.7-4.2-4.0-4.1-4.8-4.7-4.8
Agricultural products-4.3-4.9-6.1-7.0-4.2-3.5-4.1-3.2-3.1-2.7
Minerals-4.6-7.5-4.6-2.0-4.1-5.9-4.0-10.2-10.3-11.8
Services and private transfers-12.2-10.9-11.0-10.7-11.0-8.6-7.6-7.7-7.8-9.1
Diversified export base-6.3-5.2-4.8-3.7-2.8-3.3-3.6-4.8-3.9-3.5
By financial criteria
Net creditor countries-9.1-8.5-7.4-2.1-6.2-10.9-6.1-3.5-3.6-1.9
Net debtor countries-5.8-5.8-5.5-5.1-3.3-2.8-3.2-3.5-3.1-3.0
Market borrowers-4.0-4.3-3.3-3.2-0.7-0.4-1.2-1.1-1.3-1.2
Diversified borrowers-7.5-6.5-7.1-6.9-5.4-4.7-4.6-5.5-4.7-4.4
Official borrowers-8.6-9.8-10.1-8.2-8.1-7.5-7.8-9.0-7.1-7.0
Countries with recent debt-servicing difficulties-7.8-8.9-8.4-7.4-3.8-2.8-3.5-3.7-2.9-2.9
Countries without debt-servicing difficulties-4.2-3.4-3.4-3.4-2.9-2.7-3.0-3.4-3.2-3.0
Other groups
Small low-income economies-7.7-8.7-9.1-7.4-7.9-7.8-8.2-9.2-8.4-8.5
Least developed countries-8.3-10.8-11.2-8.9-9.7-9.1-10.1-12.5-12.7-13.8
Fifteen heavily indebted countries-5.3-6.6-5.4-5.1-1.0-0.5-1.8-1.4-0.8-0.7
Memorandum
Median
Developing countries-5.4-5.6-5.9-4.8-4.4-4.5-3.9-4.3-4.1-3.0
By region
Africa-6.7-7.2-6.8-6.4-6.0-6.0-5.1-6.2-5.5-4.4
Asia-5.1-4.0-2.4-3.2-4.4-4.6-4.2-4.7-4.7-3.4
Middle East and Europe-15.0-11.9-9.1-5.3-5.8-7.2-5.6-4.7-4.6-3.8
Western Hemisphere-2.3-2.9-4.4-4.4-2.3-2.0-2.0-1.8-1.5-1.0
Table A20.Developing Countries: Broad Money Aggregates(Annual percent change)
1986198719881989199019911992199319941995
Developing countries33.745.166.981.077.554.071.968.741.817.4
By region
Africa11.318.323.316.517.026.731.922.917.415.6
Asia24.925.623.823.020.721.720.618.516.315.6
Middle East and Europe17.816.418.719.820.39.039.427.629.230.4
Western Hemisphere77.9131.5288.0456.7443.1224.1289.4299.2116.913.2
Sub-Saharan Africa25.520.722.722.218.842.854.533.224.621.4
Four newly industrializing Asian economies21.623.220.018.815.819.215.415.614.214.2
By predominant export
Fuel21.629.826.823.424.022.820.323.818.216.2
Nonfuel exports40.753.890.8114.4106.970.2103.993.652.417.8
Manufactures41.857.098.2106.5107.981.7148.4141.674.118.3
Primary products66.994.3176.7350.4273.087.354.538.624.619.4
Agricultural products70.2101.4178.3362.7227.975.549.437.423.118.6
Minerals53.164.7169.7301.2501.2135.574.843.631.423.3
Services and private transfers23.516.212.618.422.223.723.921.821.722.2
Diversified export base11.212.519.720.615.114.911.710.510.49.7
By financial criteria
Net creditor countries12.714.615.513.715.519.518.620.213.99.5
Net debtor countries38.251.980.1100.496.264.190.983.648.118.5
Market borrowers50.976.3127.6176.5168.6106.0130.5135.063.914.6
Diversified borrowers21.019.626.527.719.08.743.222.127.927.2
Official borrowers29.538.950.939.342.234.638.527.721.020.0
Countries with recent debt-servicing difficulties54.288.9165.1235.7234.2142.2181.3182.680.917.3
Countries without debt-servicing difficulties23.321.522.522.521.315.633.521.922.319.6
Other groups
Small low-income economies46.260.237.539.529.043.349.433.325.423.7
Least developed countries28.025.430.030.627.748.057.237.828.225.4
Fifteen heavily indebted countries67.9118.8244.8452.3354.5200.7339.9267.0107.913.2
Memorandum
Median
Developing countries18.216.018.216.617.016.715.313.712.010.1
By region
Africa13.413.915.013.411.813.812.910.89.810.0
Asia18.418.718.219.817.519.715.216.514.614.0
Middle East and Europe10.59.79.111.315.013.810.710.310.89.7
Western Hemisphere23.519.522.917.427.530.919.913.810.39.8
Table A21.Summary of World Trade Volumes and Prices(Annual percent change)
Average
1976-851986198719881989199019911992199319941995
World trade1
Volume4.04.86.19.26.44.62.44.52.45.86.3
Unit value
In U.S. dollars4.14.610.75.11.78.3-1.01.6-3.70.32.1
In SDRs5.9-9.50.41.16.62.3-1.8-1.3-2.90.42.1
World trade prices2
Manufactures3.418.312.36.3-0.29.3-0.73.7-4.22.11.6
Oil-48.828.7-20.421.528.3-17.0-0.5-11.5-14.75.9
Nonfuel primary commodities2.0-3.78.322.8-0.5-7.8-4.4-0.1-3.86.02.1
Volume of trade
Exports
Industrial countries4.92.84.68.46.55.82.94.10.44.04.4
Developing countries0.98.610.513.46.16.27.27.88.69.69.2
Fuel exporters-4.211.9-1.314.68.24.51.53.75.19.35.3
Nonfuel exporters6.77.215.612.85.47.09.49.39.79.610.5
Imports
Industrial countries5.18.56.88.67.14.82.04.5-0.25.45.2
Developing countries3.8-1.66.612.86.67.19.810.28.77.29.2
Fuel exporters2.7-18.3-6.710.17.33.67.97.9-1.02.57.6
Nonfuel exporters4.25.811.113.66.48.110.310.911.48.49.6
Unit value of trade in SDRs
Export
Industrial countries5.0-1.71.42.25.42.7-2.0-0.6-3.60.31.6
Developing countries9.0-26.91.5-1.211.11.0-2.9-1.3-0.50.53.2
Fuel exporters10.7-48.79.3-13.418.913.2-9.6-0.6-1.8-2.47.0
Nonfuel exporters6.5-12.7-1.73.58.6-3.4-0.2-1.6-0.11.42.1
Imports
Industrial countries5.2-9.70.40.86.23.4-3.2-2.3-5.0-0.71.9
Developing countries6.5-12.4-1.33.28.8-1.10.4-1.11.32.42.5
Fuel exporters5.6-4.2-1.93.66.51.83.51.01.94.14.4
Nonfuel exporters6.9-15.6-1.03.09.4-1.8-0.4-1.71.12.02.1
Terms of trade
Industrial countries-0.28.81.11.4-0.7-0.61.21.81.41.0-0.3
Developing countries2.4-16.52.7-4.32.12.1-3.3-0.2-1.8-1.80.6
Fuel exporters4.9-46.511.5-16.411.611.1-12.6-1.6-3.6-6.22.5
Nonfuel exporters-0.33.4-0.60.4-0.7-1.60.10.2-1.2-0.6

Average of annual percent change for world exports and imports. The estimates of world trade comprise, in addition to trade of industrial and developing countries (which is summarized in the table), trade of countries in transition, except that trade among the states of the former U.S.S.R. is not included.

In U.S. dollars. As represented, respectively, by the export unit value index for the manufactures of the industrial countries; the average of U.K. Brent, Dubai, and Alaska North Slope crude oil spot prices; and the average of world market prices for nonfuel primary commodities weighted by their 1979-81 shares in world commodity exports.

Average of annual percent change for world exports and imports. The estimates of world trade comprise, in addition to trade of industrial and developing countries (which is summarized in the table), trade of countries in transition, except that trade among the states of the former U.S.S.R. is not included.

In U.S. dollars. As represented, respectively, by the export unit value index for the manufactures of the industrial countries; the average of U.K. Brent, Dubai, and Alaska North Slope crude oil spot prices; and the average of world market prices for nonfuel primary commodities weighted by their 1979-81 shares in world commodity exports.

Table A22.Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade1(Annual percent change)
Average
1976-851986198719881989196019911992199319941995
Export volume
United States2.36.08.320.710.87.67.76.95.27.84.4
Japan8.5-0.60.44.44.25.82.41.6-1.0-1.11.8
Germany25.61.52.96.87.94.51.21.5-10.34.43.5
France5.20.33.88.18.24.84.25.1-4.52.86.0
Italy4.93.83.34.99.23.30.13.98.83.85.2
United Kingdom4.44.25.92.15.86.21.22.23.01.75.6
Canada7.14.63.69.31.25.10.98.810.16.94.3
Other industrial countries4.92.76.86.74.66.73.14.51.44.25.5
All industrial countries4.92.84.68.46.55.82.94.10.44.04.4
Seven countries above4.92.93.89.07.25.52.84.03.94.1
European Union5.02.94.86.57.15.42.13.5-1.83.65.0
Import volume
United States8.39.83.54.15.91.90.711.012.79.16.1
Japan2.89.79.016.77.95.63.8-0.74.07.27.1
Germany24.36.15.56.57.212.813.72.1-12.91.03.4
France4.819.28.29.07.05.43.11.2-10.42.54.4
Italy4.57.611.36.48.54.54.53.5-7.71.55.5
United Kingdom4.17.47.713.58.20.1-5.36.64.25.95.0
Canada6.68.16.214.25.4-0.12.66.510.36.63.2
Other industrial countries3.88.19.55.07.85.01.23.1-2.84.45.3
All industrial countries5.18.56.88.67.14.82.04.5-0.25.45.2
Seven countries above5.68.75.98.76.94.72.45.00.75.75.2
European Union4.38.49.18.77.76.84.53.7-7.13.24.8
Terms of trade
United States0.4-1.6-3.71.2-0.7-2.51.70.31.2-0.7-0.7
Japan-1.934.70.63.1-4.4-6.610.27.38.28.8-1.0
Germany2-1.615.13.7-2.71.5-2.32.52.3-0.1
France-0.812.80.61.1-1.60.10.61.1-1.2-1.2-0.4
Italy-0.816.72.70.8-1.22.93.71.4-3.7-0.1-0.6
United Kingdom0.9-5.10.40.52.10.90.91.92.42.6-0.5
Canada1.1-2.83.21.81.8-2.7-1.40.21.01.9-0.1
Other industrial countries0.14.71.11.61.00.1-0.80.8-1.1
All industrial countries-0.28.81.11.4-0.7-0.61.21.81.41.0-0.3
Seven countries above-0.410.31.01.3-1.4-0.81.92.32.31.4-0.5
European Union-0.410.11.90.5-1.01.11.80.10.1-0.3
Memorandum
Non-oil trade
Industrial countries
Export volume4.15.26.38.56.37.02.74.5-1.03.84.4
Import volume6.411.08.88.96.46.53.14.5-1.15.15.3
Terms of trade1.22.51.10.10.10.50.61.31.50.3-0.1

Merchandise trade based on balance of payments or trade returns data

Data through June 1990 apply to west Germany only.

Merchandise trade based on balance of payments or trade returns data

Data through June 1990 apply to west Germany only.

Table A23.Developing Countries—By Region: Merchandise Trade(Annual percent change)
Average
1976-851986198719881989199019911992199319941995
Developing countries
Value in U.S. dollars
Exports8.1-8.223.516.412.413.55.09.57.010.012.7
Imports8.5-0.516.121.010.612.211.212.29.19.711.9
Volume
Exports0.98.610.513.46.16.27.27.88.69.69.2
Imports3.8-1.66.612.86.67.19.810.28.77.29.2
Unit value in U.S. dollars
Exports7.1-15.511.82.65.96.9-2.11.6-1.40.43.2
Imports4.61.28.87.23.74.71.31.80.42.32.5
Terms of trade2.4-16.52.7-4.32.12.1-3.3-0.2-1.8-1.80.6
Memorandum
Real GDP growth in developing country trading partners4.34.25.25.53.93.62.43.03.03.53.7
Market prices of nonfuel commodities exported by developing countries2.7-0.95.417.2-2.2-7.2-3.2-2.2-4.25.72.9
By region
Africa
Value in U.S. dollars
Exports6.3-13.113.52.47.917.1-3.8-1.6-2.91.08.2
Imports4.00.17.012.45.48.3-1.65.6-1.5-2.510.9
Volume
Exports0.50.60.83.85.86.00.6-0.63.5-0.13.0
Imports-0.4-7.4-3.16.63.81.0-2.93.90.4-6.57.7
Unit value in U.S. dollars
Exports5.7-13.612.6-1.32.010.5-4.4-1.0-6.21.15.0
Imports4.48.010.45.41.57.31.41.7-1.84.33.0
Terms of trade1.2-20.02.0-6.40.53.0-5.7-2.6-4.5-3.12.0
Asia
Value in U.S. dollars
Exports14.210.229.624.711.310.814.013.010.412.213.8
Imports13.33.223.630.213.412.514.112.612.612.113.2
Volume
Exports8.715.618.216.16.38.210.79.19.810.110.9
Imports8.34.414.621.39.28.411.911.011.29.410.3
Unit value in U.S. dollars
Exports5.0-4.69.77.44.72.53.03.60.51.92.5
Imports4.7-1.27.97.43.93.81.91.51.22.42.7
Terms of trade0.4-3.51.70.8-1.31.02.1-0.7-0.6-0.1
Middle East and Europe
Value in U.S. dollars
Exports2.4-29.225.12.720.822.8-9.48.11.97.711.7
Imports7.5-9.07.36.57.613.35.37.63.46.69.9
Volume
Exports-6.113.10.414.97.21.62.28.87.114.26.4
Imports3.5-12.6-2.2-0.93.56.04.64.64.15.37.5
Unit value in U.S. dollars
Exports9.1-37.424.5-10.612.620.8-11.3-0.7-4.9-5.74.9
Imports3.94.19.87.53.96.90.62.8-0.71.22.2
Terms of trade5.0-39.813.4-16.88.413.0-11.9-3.4-4.2-6.82.6
Western Hemisphere
Value in U.S. dollars
Exports10.0-16.012.617.110.29.7-1.24.75.48.111.3
Imports4.02.212.215.87.112.016.620.27.59.19.3
Volume
Exports4.2-5.48.810.14.76.25.16.78.07.38.1
Imports-1.14.12.67.62.37.817.318.08.07.37.2
Unit value in U.S. dollars
Exports5.6-11.23.56.35.33.3-5.9-1.9-2.40.83.0
Imports5.2-1.89.37.64.73.9-0.61.8-0.51.61.9
Terms of trade0.4-9.6-5.3-1.20.6-0.6-5.4-3.7-1.9-0.91.0
Sub-Saharan Africa
Value in U.S. dollars
Exports5.91.07.52.56.47.5-4.1-2.9-1.73.612.3
Imports4.010.011.19.03.17.3-0.32.0-1.22.09.7
Volume
Exports-0.61.61.5-2.98.57.7-2.6-1.31.6-8.88.2
Imports-2.00.7-2.62.61.91.8-1.9-0.1-1.4-6.46.4
Unit value in U.S. dollars
Exports6.6-0.65.95.6-1.9-0.2-1.5-1.7-3.313.53.9
Imports6.19.314.06.21.25.41.72.10.29.03.0
Terms of trade0.4-9.0-7.1-0.6-3.1-5.3-3.1-3.7-3.54.10.8
Four newly industrializing Asian economies
Value in U.S. dollars
Exports17.719.934.726.010.27.814.312.110.811.713.5
Imports14.611.335.032.612.813.816.512.711.212.413.1
Volume
Exports11.621.221.916.13.66.212.711.011.310.811.7
Imports8.417.124.323.28.212.516.012.99.59.710.8
Unit value in U.S. dollars
Exports5.4-1.110.68.66.41.61.51.0-0.50.81.7
Imports5.7-5.08.67.74.21.20.5-0.21.62.52.1
Terms of trade-0.34.11.80.82.10.41.01.1-2.1-1.6-0.4
Table A24.Developing Countries—By Predominant Export: Merchandise Trade(Annual percent change)
Average
1976-851986198719881989199019911992199319941995
Fuel
Value in U.S. dollars
Exports4.2-33.719.03.222.725.2-7.46.12.46.612.6
Imports6.5-9.60.918.59.011.712.612.16.512.3
Volume
Exports-4.211.9-1.314.68.24.51.53.75.19.35.3
Imports2.7-18.3-6.710.17.33.67.97.9-1.02.57.6
Unit value in U.S. dollars
Exports8.8-40.820.5-10.013.419.8-8.82.3-2.6-2.56.9
Imports3.710.78.17.71.67.84.34.01.04.04.3
Terms of trade4.9-46.511.5-16.411.611.1-12.6-1.6-3.6-6.22.5
Nonfuel exports
Value in U.S. dollars
Exports11.68.125.321.39.29.410.010.78.611.012.7
Imports9.43.121.221.611.012.310.812.211.610.511.9
Volume
Exports6.77.215.612.85.47.09.49.39.79.610.5
Imports4.25.811.113.66.48.110.310.911.48.49.6
Unit value in U.S. dollars
Exports4.60.88.47.53.62.30.61.3-1.01.32.0
Imports5.0-2.59.17.14.33.96.51.20.21.92.1
Terms of trade-0.33.4-0.60.4-0.7-1.60.10.2-1.2-0.6
Manufactures
Value in U.S. dollars
Exports14.711.331.524.39.48.412.512.69.611.613.1
Imports12.04.825.426.412.412.512.112.213.912.012.8
Volume
Exports9.89.521.014.94.45.811.011.310.610.611.5
Imports6.49.215.017.07.88.911.811.813.210.110.6
Unit value in U.S. dollars
Exports4.51.78.68.24.82.4