Back Matter

Back Matter

Author(s):
International Monetary Fund. Research Dept.
Published Date:
October 2009
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    STATISTICAL APPENDIX

    The Statistical Appendix presents historical data, as well as projections. It comprises five sections: Assumptions, What’s New, Data and Conventions, Classification of Countries’, and Statistical Tables.

    The assumptions underlying the estimates and projections for 2009–10 and the mediumterm scenario for 2011–14 are summarized in the first section. The second section presents a brief description of changes to the database and statistical tables. The third section provides a general description of the data and of the conventions used for calculating country group composites. The classification of countries in the various groups presented in the World Economic Outlook is summarized in the fourth section.

    The last, and main, section comprises the statistical tables. Data in these tables have been compiled on the basis of information available through mid-September 2009. The figures for 2009 and beyond are shown with the same degree of precision as the historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.

    Assumptions

    Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the period July 30–August 27, 2009. For 2009 and 2010, these assumptions imply average U.S. dollar/SDR conversion rates of 1.532 and 1.556, U.S. dollar/ euro conversion rates of 1.373 and 1.409, and yen/U.S. dollar conversion rates of 94.9 and 93.2, respectively.

    It is assumed that the price of oil will average $61.53 a barrel in 2009 and $76.50 a barrel in 2010.

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

    With regard to interest rates, it is assumed that the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits will average 1.2 percent in 2009 and 1.4 percent in 2010, that three-month euro deposits will average 1.2 percent in 2009 and 1.6 percent in 2010, and that six-month yen deposits will average 0.7 percent in 2009 and 0.6 percent in 2010.

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

    1 euro = 13.7603Austrian schillings
    = 40.3399Belgian francs
    = 0.585274Cyprus pound1
    = 1.95583Deutsche mark
    = 5.94573Finnish markkaa
    = 6.55957French francs
    = 340.750Greek drachma2
    = 0.787564Irish pound
    = 1,936.27Italian lire
    = 40.3399Luxembourg francs
    = 0.42930Maltese lira3
    = 2.20371Netherlands guilders
    = 200.482Portuguese escudos
    = 30.1260Slovak koruna4
    = 239.640Slovenian tolars5
    = 166.386Spanish pesetas

    Established on January 1, 2008.

    Established on January 1, 2001.

    Established on January 1, 2008.

    Established on January 1, 2009.

    Established on January 1, 2007.

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

    Fiscal Policy Assumptions

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

    Australia. The fiscal projections are based on the May 2009 budget and IMF staff projections.

    Austria. Projections for 2009 and 2010 incorporate two separate fiscal stimulus packages, tax reform, and other decisions made in Parliament. These measures are estimated to amount to 1.5 percent of GDP in 2009 and 1.9 percent of GDP in 2010.

    Belgium. Projections for 2009 are IMF staff estimates based on the 2009 budgets approved by the federal, community, and regional parliaments and adjusted for macroeconomic assumptions. Projections for the outer years are IMF staff estimates, assuming unchanged policies.

    Brazil. The 2009 forecasts are based on the budget law and IMF staff assumptions. For the outer years, the IMF staff assumes unchanged policies, with a further increase in public investment in line with the authorities’ intentions.

    Canada. Projections use the baseline forecasts in the 2009 Budget Statement and June 2009 Economic Action Plan—Second Report, and the September 2009 Update of Economic and Fiscal Projections. The IMF staff makes some adjustments to this forecast for differences in macroeconomic projections. The IMF staff forecast also incorporates the most recent data releases from Statistics Canada, including provincial and territorial budgetary outturns through the end of 2009:Q2.

    China. For 2009–10, the government has announced a large fiscal stimulus (although there is a lack of clarity on the precise size, which complicates analysis). The IMF staff is assuming a total fiscal stimulus of 4 percent on budget in 2009 (of which 1.0 percent of GDP is revenue, 0.5 percent of GDP is automatic stabilizers, and 2.5 percent of GDP is spending), as well as 1 percent in support for governmentowned enterprises. For 2010, the assumption is that the stimulus is not withdrawn.

    Denmark. Projections for 2009 and 2010 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2011–14, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2008 Convergence Program submitted to the European Union (EU) and additional information obtained during the 2008 Article IV discussions with authorities.

    France. Projections for 2009 are IMF staff estimates based on the 2009 budget and the two revised budget laws voted by Parliament and adjusted for macroeconomic assumptions. Projections for the outer years are IMF staff estimates based on unchanged policies.

    Germany. Projections for 2009 are based on the 2009 budget, fiscal stimulus measures announced since the budget was passed, and a cyclical widening of the deficit. These amount to a fiscal stimulus of 1.5 percent of GDP in 2009 and an additional fiscal stimulus of 0.5 percent of GDP in 2010. Over the medium term, the path of health expenditures accelerates as a result of population aging, and costs increase because significant health care reform measures have not been taken.

    Greece. Projections are based on the 2009 budget, the latest Stability Program, and other forecasts and data provided by the authorities.

    Hong Kong SAR. Fiscal projections for 2007–10 are consistent with the authorities’ mediumterm strategy as outlined in the fiscal year 2009/10 budget, with projections for 2011–14 based on the assumptions underlying the IMF staff’s medium-term macroeconomic scenario.

    India. Estimates for 2007 are based on budgetary execution data. Projections for 2008 and beyond are based on available information on the authorities’ fiscal plans, with some adjustments for the IMF staff’s assumptions. For 2008/09, the fiscal projections incorporate the estimated provisions under the 2008/09 budget, as well as the cost of fiscal stimulus measures in relation to the crisis (about 0.6 percent of GDP). Beyond 2008/09, the IMF staff projects that the government will not return to its fiscal rules target of 3 percent deficit in 2009/10 or in 2010/11, in order to provide some countercyclical stimulus to sagging economic activity. However, the central government will remain relatively prudent in its fiscal management and will not use all the fiscal room created by falling commodity prices, taking into account the slower growth in revenues and worsening subnational fiscal situation. This fiscal stance would result in a gradual reduction in the over-all fiscal deficit and a sustainable medium-term debt path.

    Indonesia. The 2009 fiscal projections are based on IMF staff estimates of the revised 2009 budget realization. Staff projections are adjusted for changes in macroeconomic assumptions as well as the execution of fiscal stimulus measures. For 2010, staff estimates are based on the assumption that the fiscal stimulus will not be withdrawn. Because the authorities were still in the process of finalizing the 2010 budget at the time of the WEO submission, the following elements of the additional fiscal stimulus were identified and reflected in the 2010 projections: (1) Rp 25 trillion in tax cuts, and (2) Rp 12 trillion in new infrastructure spending. The financing of the budget was based on an assumption that additional financing costs would be split between further drawdown of government deposits and additional bond issues.

    Ireland. The fiscal projections are based on the April 2009 supplementary budget. The authorities announced their intention to take steps to bring the deficit down to 2.6 percent of GDP by 2013, but have yet to implement measures to bring this about.

    Italy. The fiscal projections for 2009–10 incorporate the budget estimates as presented in the government’s 2010–13 Economic and Financial Planning Document approved by Parliament in July, including the fiscal stimulus packages, with further adjustments for the IMF staff’s macro-economic projections and assumptions. Thereafter, a broadly constant structural primary balance is assumed.

    Japan The 2009 projections assume that fiscal stimulus will be implemented as announced by the government. The medium-term projections typically assume that expenditure and revenue of the general government (excluding the social security fund) are adjusted in line with current government policies (3 percent cut a year in public investment).

    Korea. The fiscal projections assume that fiscal stimulus will be implemented in 2009 and 2010, as announced by the government. These discretionary stimulus measures amount to 3.6 percent of GDP in 2009 and 1.2 percent of GDP in 2010. Expenditure numbers for 2009 correspond to the budget numbers (original plus supplementary). Revenue projections reflect the IMF staff’s macroeconomic assumptions, adjusted for the estimated costs of tax measures included in the stimulus package. The mediumterm projections assume that the government will resume its consolidation plans and balance the budget (excluding social security funds) over the years.

    Mexico. Fiscal projections for 2009 are based on budgeted discretionary spending, with revenues and nondiscretionary spending driven by the IMF staff’s macroeconomic projections. Projections for 2010 and beyond are based on (1) IMF staff macroeconomic projections, (2) the modified balanced budget rule under the Fiscal Responsibility Legislation, and (3) authorities’ projections of the spending pressures in pensions and health care and of the wage bill restraint. A fiscal stimulus package of about 1 percent of GDP was introduced in the context of the 2009 budget (effective early 2009). The main elements were (1) an increase in infrastructure spending (0.4 percent of GDP), (2) an increase in net lending by development banks (0.2 percent of GDP), and (3) an increase in current spending on public security, social transfers, and economic development (0.3 percent of GDP).

    Netherlands. Fiscal projections for 2009–10 are based on the Bureau for Economic Policy Analysis budget projections, after adjusting for differences in macroeconomic assumptions. For the remainder of the projection period, the IMF staff projection assumes further consolidation efforts in line with the authorities’ objective of reducing the sustainability gap.

    New Zealand. The fiscal projections are based on the authorities’ May 2009 budget update and IMF staff estimates. The New Zealand fiscal accounts switched to new generally accepted accounting principles beginning in fiscal year 2006/07, with no comparable historical data.

    Portugal. For 2008–10, the fiscal projections take into account the impact of discretionary measures taken so far in response to the downturn. In addition, automatic stabilizers are allowed to play fully. For 2011–14, the deficits are projected to decline gradually, assuming the government will contain further current spending to achieve structural adjustment of at least 0.5 percent of GDP a year in compliance with the EU’s Stability and Growth Pact.

    Russia. The deficit projection for 2009 is based on the revised 2009 supplementary budget. Consolidated regional budgets are expected to be broadly balanced, reflecting strict deficit and debt limits at the local government level. For 2010, the projection is based on the IMF staff’s revenue forecast and the authorities’ nominal expenditures presented in the draft 2010–12 medium-term budget. The deficit projection for 2011–12 is based on the IMF staff’s revenue projections and the non-oil deficit implied by the draft 2010–12 medium-term budget. Over the longer term, the overall balance is assumed to evolve in line with the authorities’ intention to gradually reduce the non-oil deficit to 4.7 percent of GDP—a target that the IMF staff assumes will be attained by 2014.

    Saudi Arabia. The authorities systematically underestimate revenues and expenditures in the budget relative to actual outturns. The WEO baseline oil prices are discounted by 5 percent, reflecting the higher sulfur content in Saudi crude. Regarding non-oil revenues, customs receipts are assumed to grow in line with imports, investment income in line with the London interbank offered rate (LIBOR), and fees and charges as a function of non-oil GDP. On the expenditure side, wages are assumed to rise above the natural rate of increase, reflecting a salary increase of 15 percent distributed over 2008–10, and goods and services are projected to grow in line with inflation over the medium term. Interest payments are projected to decline in line with the authorities’ policy of repaying public debt. Capital spending in 2009 is projected to be higher than in the budget by about 40 percent and in line with the authorities’ announcements to maintain spending at current levels. The pace of spending is projected to slow over the medium term.

    Singapore. For fiscal year 2009/10, projections are based on budget numbers. Medium-term projections assume that capital gains on fiscal reserves will be included in investment income.

    South Africa. The authorities did not explicitly enact a stimulus package in response to the weakening economy but instead accelerated the existing public investment program to help support economic activity. Thus, the IMF staff estimates of the magnitude of the stimulus rely on the authorities’ 2009 budget and are derived from a cyclical adjustment of the public sector borrowing requirement based on tax-specific elasticities.

    Spain. The fiscal projections for 2009 take into account the impact of discretionary measures taken so far in response to the economic downturn. In addition, automatic stabilizers are allowed to operate fully. For 2010–14, the deficit is projected to decline gradually as spending declines (the stimulus has sunset clauses) and as the government contains further current spending to bring the deficit down.

    Sweden. For 2009, the fiscal projections take into account the impact of the stimulus measures introduced in response to the downturn. No further measures are assumed for the future, consistent with the authorities’ projections in the 2009 Spring Bill. The impact of cyclical developments on the fiscal accounts is calculated using the Organization for Economic Cooperation and Development’s latest semi-elasticity.

    Switzerland. Projections for 2008–14 are based on IMF staff calculations, which incorporate measures to restore balance in the federal accounts and strengthen social security finances.

    Turkey. Fiscal projections are based on the IMF staff’s assessment of the fiscal policies and measures identified in the authorities’ mediumterm macroeconomic program.

    United Kingdom. The projections incorporate a fiscal stimulus of about 1.5 percent of GDP in 2009 (1.3 percent revenue measures, 0.2 percent expenditure measures).

    United States. The fiscal projections are based on the administration’s budget for fiscal year 2009 and the U.S. Congressional Budget Office’s baseline budget outlook for 2009–19. These projections include the $787 billion stimulus package under the American Recovery and Reinvestment Act of 2009. The projections are adjusted for differences in forecasts of (1) macroeconomic and financial variables, (2) the timing of stimulus disbursements, (3) additional costs to support financial institutions and government-sponsored enterprises, and (4) the effect of financial sector support on government-owned financial assets.

    Monetary Policy Assumptions

    Monetary policy assumptions are based on the established policy framework in each country. In most cases, this implies a nonaccom-modative stance over the business cycle: official interest rates will increase when economic indicators suggest that inflation will rise above its acceptable rate or range, and they will decrease when indicators suggest that prospective inflation will not exceed the acceptable rate or range, that prospective output growth is below its potential rate, and that the margin of slack in the economy is significant. On this basis, the LIBOR on six-month U.S. dollar deposits is assumed to average 1.2 percent in 2009 and 1.4 percent in 2010 (see Table 1.1). The rate on three-month euro deposits is assumed to average 1.2 percent in 2009 and 1.6 percent in 2010. The interest rate on six-month Japanese yen deposits is assumed to average 0.7 percent in 2009 and 0.6 percent in 2010.

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

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

    What’s New

    Starting with the October 2009 World Economic Outlook, the Islamic Republic of Afghanistan, Bosnia and Herzegovina, Brunei Darussalam, Eritrea, Iraq, Liberia, Montenegro, Serbia, and Timor-Leste are included in the regional and analytical group compositions. Zimbabwe has been returned to the group compositions as a result of recent price stabilization, which facilitates the measurement of macroeconomic variables and allows for cross-country data comparisons. Georgia officially withdrew from the Commonwealth of Independent States on August 18, 2009, but is included in that group for reasons of geography and similarities in economic structure.

    Data and Conventions

    Data and projections for 182 economies form the statistical basis for the World Economic Outlook (the WEO database). The data are maintained jointly by the IMF’s Research Department and regional departments, with the latter regularly updating country projections based on consistent global assumptions.

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

    The comprehensive revision of the standardized System of National Accounts 1993, the IMF’s Balance of Payments Manual, Fifth Edition, the Monetary and Financial Statistics Manual, and the Government Finance Statistics Manual 2001 represented significant improvements in the standards of economic statistics and analysis.1 The IMF was actively involved in all these projects, particularly the Balance of Payments, Monetary and Financial Statistics, and Government Finance Statistics manuals, which reflect the IMF’s special interest in countries’ external positions, financial sector stability, and public sector fiscal positions. The process of adapting country data to the new definitions began in earnest when the manuals were released. However, full concordance with the manuals is ultimately dependent on the provision by national statistical compilers of revised country data; hence, the World Economic Outlook estimates are still only partially adapted to these manuals.

    Several countries have phased out their traditional fixed-base-year method of calculating real macroeconomic variable levels and growth by switching to a chain-weighted method of computing aggregate growth, in line with recent improvements in standards for reporting economic statistics. Recent dramatic changes in the structure of these economies have caused these countries to revise the way they measure real GDP levels and growth. Switching to the chain-weighted method of computing aggregate growth, which uses current price information, allows countries to measure GDP growth more accurately by eliminating upward biases in new data.2 Currently, real macroeconomic data for Albania, Australia, Austria, Azerbaijan, Belgium, Bulgaria, Canada, Cyprus, the Czech Republic, Denmark, Estonia, the euro area, Finland, France, Georgia, Germany, Greece, Guatemala, Hong Kong SAR, Iceland, Ireland, Israel, Italy, Japan, Kazakhstan, Korea, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Russia, Singapore, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the United States are based on chain-weighted methodology. However, data before 1994 (Azerbaijan, Kazakhstan), 1995 (Belgium, Cyprus, Czech Republic, Estonia, euro area, Ireland, Luxembourg, Poland, Russia, Slovenia, Spain), 1996 (Albania, Georgia), 2000 (Greece, Korea, Malta, Singapore), and 2001 (Bulgaria) are based on unrevised national accounts and are subject to revision in the future.

    Composite data for country groups in the World Economic Outlook are either sums or weighted averages of data for individual countries. Unless otherwise indicated, multiyear averages of growth rates are expressed as compound annual rates of change.3 Arithmetically weighted averages are used for all data except inflation and money growth for the emerging and developing economies group, for which geometric averages are used. The following conventions apply.

    • Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.

    • Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parity (PPP) as a share of total world or group GDP.4

    • Composites for data relating to the domestic economy for the euro area (16 member countries throughout the entire period unless otherwise noted) are aggregates of national source data using GDP weights. Annual data are not adjusted for calendar day effects. For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.

    • Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.

    • Composites relating to the external economy are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars. Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percent changes for individual countries weighted by the U.S. dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).

    All data refer to calendar years, except for the following countries, which refer to fiscal years: Islamic Republic of Afghanistan, Islamic Republic of Iran, and Myanmar (April/March); Australia, Egypt, Ethiopia, Mauritius, Nepal, New Zealand, Pakistan, Samoa, and Tonga (July/June); and Haiti (October/September).

    Classification of Countries

    Summary of the Country Classification

    The country classification in the World Economic Outlook divides the world into two major groups: advanced economies and emerging and developing economies.5 This classification is not based on strict criteria, economic or otherwise, and it has evolved over time. The objective is to facilitate analysis by providing a reasonably meaningful method for organizing data. Table A provides an overview of the country classification, showing the number of countries in each group by region and summarizing some key indicators of their relative size (GDP valued by purchasing power parity, total exports of goods and services, and population).

    Table A.Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20081(Percent of total for group or world)
    GDPExports of Goods
    and Services
    Population
    Number of
    Countries
    Advanced
    economies
    WorldAdvanced
    economies
    WorldAdvanced
    economies
    World
    Advanced economies33100.055.1100.065.0100.015.1
    United States37.420.614.29.330.34.6
    Euro area1628.515.744.128.632.44.9
    Germany7.64.213.38.78.21.2
    France5.63.16.03.96.20.9
    Italy4.82.65.23.45.90.9
    Spain3.72.03.32.24.50.7
    Japan11.56.37.04.512.71.9
    United Kingdom5.83.26.14.06.10.9
    Canada3.41.94.12.73.30.5
    Other advanced economies1313.37.324.515.915.32.3
    Memorandum
    Major advanced economies776.242.056.036.472.611.0
    Newly industrialized Asian economies46.73.713.18.58.31.3
    Emerging and
    developing
    economies
    WorldEmerging and
    developing
    economies
    WorldEmerging and
    developing
    economies
    World
    Emerging and developing economies149100.044.9100.035.0100.084.9
    Regional groups
    Africa506.93.17.82.715.313.0
    Sub-Sahara475.42.45.82.014.011.9
    Excluding Nigeria and South Africa452.81.33.11.110.58.9
    Central and eastern Europe148.13.610.63.73.12.6
    Commonwealth of Independent States21310.24.611.54.05.04.2
    Russia7.33.37.62.72.52.1
    Developing Asia2646.721.038.613.561.952.6
    China25.311.422.98.023.519.9
    India10.64.83.91.421.017.8
    Excluding China and India2410.84.911.84.117.514.8
    Middle East149.04.016.95.94.94.1
    Western Hemisphere3219.28.614.65.19.88.4
    Brazil6.32.83.31.23.42.8
    Mexico5.02.24.51.61.91.6
    Analytical groups
    By source of export earnings
    Fuel2719.58.830.910.811.39.6
    Nonfuel12280.536.269.124.288.775.3
    of which, primary products201.60.71.90.74.13.5
    By external financing source
    Net debtor countries12051.123.041.114.461.151.8
    of which, official financing312.51.11.40.510.99.3
    Net debtor countries by debt-
    servicing experience
    Countries with arrears and/or
    rescheduling during 2003-07486.73.04.81.713.111.1
    Other net debtor countries7244.520.036.312.748.040.8
    Other groups
    Heavily indebted poor countries352.10.91.50.59.58.0
    Middle East and North Africa2010.74.819.26.77.05.9

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

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

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

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

    Advanced Economies

    The 33 advanced economies are listed in Table B. The seven largest in terms of GDP—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—constitute the subgroup of major advanced economies, often referred to as the Group of Seven (G7). The 16 members of the euro area and the four newly industrialized Asian economies are also distinguished as subgroups. Composite data shown in the tables for the euro area cover the current members for all years, even though the membership has increased over time.

    Table B.Advanced Economies by Subgroup
    Other Subgroups
    Major Currency AreasEuro areaNewly industrialized
    Asian economies
    Major advanced
    economies
    Other advanced economies
    United StatesAustriaItalyHong Kong SAR1CanadaAustraliaNew Zealand
    Euro areaBelgiumLuxembourgKoreaFranceCzech RepublicNorway
    JapanCyprusMaltaSingaporeGermanyDenmarkSingapore
    FinlandNetherlandsTaiwan ProvinceItalyHong Kong SAR1Sweden
    FrancePortugalof ChinaJapanIcelandSwitzerland
    GermanySlovak Rep.United KingdomIsraelTaiwan Province
    GreeceSloveniaUnited StatesKoreaof China
    IrelandSpain

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

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

    Table C.European Union
    AustriaFinlandLatviaRomania
    BelgiumFranceLithuaniaSlovak Republic
    BulgariaGermanyLuxembourgSlovenia
    CyprusGreeceMaltaSpain
    Czech RepublicHungaryNetherlandsSweden
    DenmarkIrelandPolandUnited Kingdom
    EstoniaItalyPortugal

    Emerging and Developing Economies

    The group of emerging and developing economies (149 countries) includes all countries that are not classified as advanced economies.

    The regional breakdowns of emerging and developing economies—Africa, central and eastern Europe, Commonwealth of Independent States, developing Asia, Middle East, and Western Hemisphere—largely conform to the regional breakdowns in the IMF’s International Financial Statistics. In both classifications, Egypt and Libya are included in the Middle East region rather than in Africa. In addition, the World Economic Outlook sometimes refers to the regional group of Middle East and North African countries, also referred to as the MENA countries, whose composition straddles the Africa and Middle East regions. This group is defined as the Arab League countries plus the Islamic Republic of Iran (see Table D).

    Table D.Middle East and North African Economies
    AlgeriaIraqMauritaniaSudan
    BahrainJordanMoroccoSyrian Arab Republic
    DjiboutiKuwaitOmanTunisia
    EgyptLebanonQatarUnited Arab Emirates
    Iran, I.R. ofLibyaSaudi ArabiaYemen, Rep. of

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

    Table E.Emerging and Developing Economies by Region and Main Source of Export Earnings
    FuelNonfuel Primary
    Products
    AfricaAlgeriaBurkina Faso
    AngolaBurundi
    ChadCongo, Dem.
    Congo, Rep. ofRep. of
    Equatorial GuineaGuinea
    GabonGuinea-Bissau
    NigeriaMalawi
    SudanMali
    Mauritania
    Mozambique
    Namibia
    Sierra Leone
    Zambia
    Zimbabwe
    Commonwealth of Independent States 1AzerbaijanMongolia
    KazakhstanUzbekistan
    Russia
    Turkmenistan
    Developing AsiaBrunei DarussalamPapua New Guinea Solomon Islands
    Timor-Leste
    Middle EastBahrain
    Iran, I.R. of
    Iraq
    Kuwait
    Libya
    Oman
    Qatar
    Saudi Arabia
    United Arab
    Emirates
    Yemen, Rep. of
    Western HemisphereEcuadorChile
    Trinidad and TobagoGuyana
    VenezuelaSuriname

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

    Table F.Emerging and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries
    Net External PositionHeavily
    Indebted
    Poor
    Countries
    Net External PositionHeavily
    Indebted
    Poor
    Countries
    Net
    creditor
    Net
    debtor1
    Net
    creditor
    Net
    debtor1
    AfricaCFA franc zone
    MaghrebBenin
    AlgeriaBurkina Faso
    MoroccoCameroon
    TunisiaCentral African Republic
    Sub-SaharaChad
    South AfricaCongo, Rep. of
    Horn of AfricaCôte d’Ivoire
    DjiboutiEquatorial Guinea
    EritreaGabon
    EthiopiaGuinea-Bissau
    SudanMali
    Great LakesNiger
    BurundiSenegal
    Congo, Dem. Rep. ofTogo
    KenyaCentral and eastern Europe
    RwandaAlbania
    TanzaniaBosnia and Herzegovina
    UgandaBulgaria
    Southern AfricaCroatia
    AngolaEstonia
    BotswanaHungary
    ComorosLatvia
    LesothoLithuania
    MadagascarMacedonia, FYR
    MalawiMontenegro
    MauritiusPoland
    MozambiqueRomania
    NamibiaSerbia
    SeychellesTurkey
    SwazilandCommonwealth of Independent States2
    ZambiaArmenia
    ZimbabweAzerbaijan
    West and Central AfricaBelarus
    Cape VerdeGeorgia
    Gambia, TheKazakhstan
    GhanaKyrgyz Republic
    GuineaMoldova
    GuineaMoldova
    LiberiaMongolia
    MauritaniaRussia
    NigeriaTajikistan
    São Tomé; and PríncipeTurkmenistan
    Sierra LeoneUkraine
    Uzbekistan
    Developing AsiaLebanon
    Afghanistan, I.R. ofSyrian Arab Republic
    BangladeshWestern Hemisphere
    BhutanMexico
    Brunei DarussalamSouth America
    CambodiaArgentina
    ChinaBolivia
    FijiBrazil
    IndiaChile
    IndonesiaColombia
    KiribatiEcuador
    Lao PDRParaguay
    MalaysiaPeru
    MaldivesUruguay
    MyanmarVenezuela
    NepalCentral America
    PakistanCosta Rica
    Papua New GuineaEl Salvador
    PhilippinesGuatemala
    SamoaHonduras
    Solomon IslandsNicaragua
    Sri LankaPanama
    ThailandCaribbean
    Timor-LesteAntigua and Barbuda
    TongaBahamas, The
    VanuatuBarbados
    VietnamBelize
    Middle EastDominica
    BahrainDominican Republic
    Iran, I.R. ofGrenada
    IraqGuyana
    KuwaitHaiti
    LibyaJamaica
    OmanSt. Kitts and Nevis
    QatarSt. Lucia
    Saudi ArabiaSt. Vincent and the Grenadines
    United Arab Emirates
    Yemen, Rep. ofSuriname
    MashreqTrinidad and Tobago
    Egypt
    Jordan

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

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

    The analytical criterion, by source of export earnings, distinguishes between categories: fuel (Standard International Trade Classification—SITC 3) and nonfuel and then focuses on nonfuel primary products (SITCs 0, 1, 2, 4, and 68).

    The financial criteria focus on net creditor countries, net debtor countries, and heavily indebted poor countries (HIPCs). Net debtor countries are further differentiated on the basis of two additional financial criteria: by official external financing and by experience with debt servicing.6 The HIPC group comprises the countries considered by the IMF and the World Bank for their debt initiative, known as the HIPC Initiative, with the aim of reducing the external debt burdens of all the eligible HIPCs to a “sustainable” level in a reasonably short period of time.7

    List of Tables

    Medium-Term Baseline Scenario

    Table A1.Summary of World Output1(Annual percent change)
    Average 1991–200020012002200320042005200620072008200920102014
    World3.12.32.93.64.94.55.15.23.0-1.13.14.5
    Advanced economies2.81.41.71.93.22.63.02.70.6-3.41.32.4
    United States3.41.11.82.53.63.12.72.10.4-2.71.52.1
    Euro area1.90.90.82.21.72.92.70.7-4.20.32.1
    Japan1.20.20.31.42.71.92.02.3-0.7-5.41.71.8
    Other advanced economies23.51.83.22.54.13.43.93.81.2-2.72.13.4
    Emerging and developing economies3.63.84.86.27.57.17.98.36.01.75.16.6
    Regional groups
    Africa2.44.96.55.46.75.76.16.35.21.74.05.3
    Central and eastern Europe2.00.24.44.87.36.06.65.53.0-5.01.84.0
    Commonwealth of
    Independent States3. . .6.15.27.88.26.78.48.65.5-6.72.15.3
    Developing Asia7.45.86.98.28.69.09.810.67.66.27.38.5
    Middle East4.02.53.86.95.95.55.86.25.42.04.24.8
    Memorandum
    European Union2.22.11.41.52.72.23.43.11.0-4.20.52.5
    Analytical groups By source of export earnings
    Fuel-0.14.34.87.07.96.77.27.45.4-2.13.14.6
    Nonfuel4.73.64.86.07.47.28.18.56.12.65.67.0
    of which, primary products3.63.73.14.36.15.65.45.64.81.34.65.4
    By external financing source
    Net debtor countries3.52.13.24.56.46.06.76.64.8-0.13.85.5
    of which, official financing3.34.64.13.96.16.66.56.46.44.25.06.0
    Net debtor countries by debt-servicing experience
    Countries with arrears and/or rescheduling during2003-073.11.80.56.17.67.87.47.35.40.62.94.9
    Memorandum
    Median growth rate
    Advanced economies3.11.91.91.93.83.03.83.61.1-3.60.92.8
    Emerging and developing economies3.33.53.94.85.45.66.06.35.11.53.35.0
    Output per capita
    Advanced economies2.10.71.11.32.62.02.42.0-0.1-4.00.81.9
    Emerging and developing economies2.02.43.44.86.15.86.67.04.70.43.85.3
    World growth based on market exchange rates2.61.62.02.74.03.43.93.81.8-2.32.33.7
    Value of world output in billions of U.S. dollars
    At market exchange rates28,35031,89233,18737,30141,97445,38549,11555,27060,91757,22860,49574,660
    At purchasing power parities33,45243,99345,96348,60752,45256,45361,19866,12269,49069,74372,98093,043

    Real GDP.

    In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.

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

    Table A2.Advanced Economies: Real GDP and Total Domestic Demand1(Annual percent change)
    Fourth Quarter2
    Average
    1991–2000
    20012002200320042005200620072008200920102014200820092010
    Real GDP
    Advanced economies2.81.41.71.93.22.63.02.70.6-3.41.32.4-2.2-1.31.7
    United States3.41.11.82.53.63.12.72.10.4-2.71.52.1-1.9-1.11.9
    Euro area. . .1.90.90.82.21.72.92.70.7-4.20.32.1-1.7-2.50.9
    Germany2.11.20.0-0.21.20.73.22.51.2-5.30.31.8-1.8-2.90.8
    France2.01.81.11.12.31.92.42.30.3-2.40.92.3-1.6-0.91.4
    Italy1.61.80.50.01.50.72.01.6-1.0-5.10.21.9-2.9-3.20.8
    Spain2.93.62.73.13.33.64.03.60.9-3.8-0.72.1-1.2-3.50.5
    Netherlands3.11.90.10.32.22.03.43.62.0-4.20.72.6-0.8-3.21.2
    Belgium2.30.81.51.02.82.23.02.61.0-3.20.02.4-1.0-2.20.5
    Greece2.34.23.45.64.92.94.54.02.9-0.8-0.11.92.4-1.81.0
    Austria2.50.51.60.82.52.53.53.52.0-3.80.32.40.2-3.31.0
    Portugal3.02.00.8-0.81.50.91.41.90.0-3.00.41.3-2.0-1.40.7
    Finland2.02.71.61.83.72.84.94.21.0-6.40.92.8-3.0-3.51.0
    Ireland7.15.76.54.44.66.25.46.0-3.0-7.5-2.52.6-8.0-4.6-1.5
    Slovak Republic0.23.44.84.75.26.58.510.46.4-4.73.74.22.2-3.20.7
    Slovenia. . .2.84.02.84.34.35.96.83.5-4.70.63.3-0.90.91.8
    Luxembourg5.02.54.11.54.55.26.45.20.7-4.8-0.22.9-0.9-2.61.7
    Cyprus4.24.02.11.94.23.94.14.43.6-0.50.83.32.7-1.42.1
    Malta4.4-1.62.6-0.30.44.13.83.72.1-2.10.52.90.50.01.3
    Japan1.20.20.31.42.71.92.02.3-0.7-5.41.71.8-4.5-1.31.4
    United Kingdom2.52.52.12.83.02.22.92.60.7-4.40.92.9-1.8-2.51.3
    Canada2.91.82.91.93.13.02.92.50.4-2.52.12.1-1.0-1.53.0
    Korea6.14.07.22.84.64.05.25.12.2-1.03.64.5-3.44.33.5
    Australia3.42.14.23.03.82.82.84.02.40.72.03.00.71.42.8
    Taiwan Province of China6.5-2.24.63.56.24.24.85.70.1-4.13.75.0-8.05.50.9
    Sweden2.01.12.41.94.13.34.22.6-0.2-4.81.23.9-5.1-0.71.9
    Switzerland1.11.20.4-0.22.52.63.63.61.8-2.00.51.5-0.2-1.91.9
    Hong Kong SAR3.90.51.83.08.57.17.06.42.4-3.63.54.3-2.7-0.23.5
    Czech Republic0.22.51.93.64.56.36.86.12.7-4.31.34.00.5-2.61.7
    Norway3.72.01.51.03.92.72.33.12.1-1.91.32.10.5-2.12.6
    Singapore7.6-2.44.13.89.37.38.47.81.1-3.34.14.6-4.02.54.3
    Denmark2.60.70.50.42.32.43.31.6-1.2-2.40.92.3-3.7-0.52.0
    Israel5.80.0-0.71.55.05.15.35.24.0-0.12.44.42.10.32.8
    New Zealand2.92.64.94.14.52.82.03.20.2-2.22.23.3-2.0-0.62.8
    Iceland2.53.90.12.47.77.54.35.61.3-8.5-2.04.0-1.5-11.9-5.0
    Memorandum
    Major advanced economies2.61.21.31.82.92.32.62.20.3-3.61.32.1-2.3-1.61.6
    Newly industrialized Asian economies6.11.25.63.15.94.75.65.71.5-2.43.64.6-4.73.92.8
    Real total domestic demand
    Advanced economies2.81.31.82.13.22.72.82.30.2-3.51.22.3-1.9-1.81.5
    United States3.71.22.42.84.03.22.61.4-0.7-3.61.72.3-2.5-1.82.0
    Euro area. . .1.30.41.41.91.92.82.50.7-3.2-0.31.8-0.4-3.00.7
    Germany2.0-0.5-2.00.6-0.10.02.21.01.7-1.8-0.91.52.0-2.50.5
    France1.81.71.11.83.02.82.73.20.7-2.10.71.8-0.7-1.41.3
    Italy1.41.61.30.81.30.92.01.4-1.3-4.30.21.7-2.4-2.70.9
    Spain2.83.83.23.84.85.15.24.2-0.5-6.5-1.92.0-3.6-6.0-0.5
    Japan1.01.0-0.40.81.91.71.21.2-0.9-3.41.21.5-1.8-2.01.3
    United Kingdom2.62.93.22.93.62.12.43.00.5-5.20.52.8-2.9-3.11.1
    Canada2.41.23.24.64.24.94.24.22.4-2.92.41.6-1.0-1.32.8
    Other advanced economies4.00.64.11.84.73.34.04.51.8-2.93.13.7-3.11.72.2
    Memorandum
    Major advanced economies2.71.21.42.23.02.42.41.7-0.2-3.41.12.0-1.8-2.01.6
    Newly industrialized Asian economies5.70.14.90.64.92.94.24.51.6-3.84.14.4-5.03.61.6

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

    From the fourth quarter of the preceding year.

    Table A3.Advanced Economies: Components of Real GDP(Annual percent change)
    Ten-Year Averages
    1991–20002001–102001200220032004200520062007200820092010
    Private consumer expenditure
    Advanced economies2.91.72.42.31.92.72.72.62.40.4-1.00.7
    United States3.62.02.72.72.83.53.42.92.7-0.2-0.90.9
    Euro area. . .1.12.00.91.21.61.82.01.60.4-0.9-0.1
    Germany2.30.21.9-0.80.10.10.31.3-0.30.40.4-1.0
    France1.71.92.52.32.12.32.52.62.41.00.70.8
    Italy1.70.40.70.21.00.71.11.21.2-0.9-1.70.7
    Spain2.71.83.42.82.94.24.23.83.6-0.6-5.1-0.6
    Japan1.30.81.61.10.41.61.31.50.70.6-1.10.5
    United Kingdom2.81.63.13.53.03.12.21.52.11.2-3.1-0.3
    Canada2.43.02.33.63.03.33.74.14.63.0-0.12.2
    Other advanced economies14.12.62.84.01.53.63.53.74.41.2-0.42.0
    Memorandum
    Major advanced economies2.71.62.32.02.02.52.52.32.00.2-0.80.6
    Newly industrialized Asian economies5.82.73.75.60.12.73.94.04.70.8-0.52.4
    Public consumption
    Advanced economies1.82.33.13.42.21.71.31.62.02.52.62.4
    United States1.02.33.74.52.21.40.61.01.43.02.52.9
    Euro area. . .2.02.12.41.71.61.51.92.22.02.41.9
    Germany1.71.40.51.50.4-0.70.41.01.72.03.43.9
    France1.61.51.11.92.02.21.21.31.51.11.11.1
    Italy0.21.83.92.41.92.21.90.51.00.62.01.3
    Spain3.24.53.94.54.86.35.54.65.55.44.30.4
    Japan3.11.93.02.42.31.91.60.41.90.81.62.8
    United Kingdom1.32.42.43.53.43.02.01.61.22.82.91.4
    Canada0.82.93.92.53.12.01.43.03.33.72.73.3
    Other advanced economies2.92.73.23.52.51.72.33.02.73.03.42.0
    Memorandum
    Major advanced economies1.52.13.03.32.11.51.01.01.62.32.42.7
    Newly industrialized Asian economies4.43.33.84.02.71.92.73.83.53.44.62.4
    Gross fixed capital formation
    Advanced economies3.60.0-0.4-1.22.14.64.34.02.5-2.1-12.4-0.6
    United States6.0-0.9-1.0-2.73.16.25.32.5-1.2-3.6-14.7-1.2
    Euro area. . .0.20.6-1.41.32.33.35.54.80.0-10.7-2.4
    Germany2.2-0.7-3.7-6.1-0.3-0.30.97.85.03.1-10.1-2.4
    France1.71.52.3-1.72.23.34.44.46.50.6-6.1-0.7
    Italy1.3-0.52.73.7-1.22.30.82.92.0-3.0-13.3-1.3
    Spain3.30.84.83.45.95.17.07.24.6-4.4-16.0-6.8
    Japan-0.6-1.8-0.9-4.9-0.51.43.10.50.8-5.0-12.81.0
    United Kingdom2.80.72.63.61.15.72.46.57.8-2.8-15.3-2.7
    Canada2.83.14.01.66.27.89.36.93.70.9-9.81.5
    Other advanced economies4.82.2-3.84.02.87.24.35.76.60.4-7.93.6
    Memorandum
    Major advanced economies3.5-0.5-0.3-2.21.84.44.13.41.4-2.5-13.1-0.9
    Newly industrialized Asian economies6.51.0-5.72.42.57.81.84.04.9-2.7-9.15.8
    Final domestic demand
    Advanced economies2.81.51.91.72.02.92.82.72.40.3-2.70.9
    United States3.71.62.11.92.83.63.32.51.7-0.4-2.81.1
    Euro area. . .1.11.70.71.31.72.12.72.40.6-2.4-0.1
    Germany2.10.30.4-1.40.1-0.10.52.51.21.4-1.3-0.3
    France1.71.72.11.42.12.52.62.73.00.9-0.60.6
    Italy1.30.51.71.30.71.41.21.41.3-1.0-3.40.5
    Spain2.92.13.93.24.04.85.24.94.2-0.6-6.3-1.9
    Japan1.10.41.2-0.20.51.61.91.11.0-0.7-3.21.1
    United Kingdom2.51.62.83.52.83.52.22.32.90.8-3.9-0.3
    Canada2.22.92.93.03.73.94.44.54.12.6-1.72.3
    Other advanced economies4.22.51.13.81.84.13.44.04.61.4-1.42.4
    Memorandum
    Major advanced economies2.61.31.91.32.02.72.62.31.80.0-2.60.8
    Newly industrialized Asian economies5.72.41.14.41.13.73.14.04.70.4-1.72.9
    Stock building2
    Advanced economies0.0-0.1-0.60.10.10.3-0.10.1-0.1-0.1-0.90.4
    United States0.1-0.1-0.90.50.10.4-0.10.1-0.3-0.4-1.00.6
    Euro area-0.1-0.4-0.30.10.2-0.20.10.00.1-0.8-0.2
    Germany-0.1-0.2-0.9-0.60.50.0-0.4-0.2-0.10.1-0.5-0.6
    France0.1-0.2-0.4-0.3-0.30.50.20.00.2-0.2-1.50.1
    Italy0.0-0.10.10.00.1-0.1-0.30.50.0-0.3-0.5-0.3
    Spain-0.10.0-0.10.0-0.10.0-0.10.3-0.10.1-0.2-0.1
    Japan0.00.0-0.2-0.30.20.3-0.10.20.3-0.2-0.20.1
    United Kingdom0.1-0.10.1-0.30.20.10.00.00.1-0.4-1.20.9
    Canada0.2-0.1-1.70.20.80.10.3-0.10.2-0.1-0.90.1
    Other advanced economies0.00.0-0.50.1-0.10.60.00.0-0.20.3-1.41.0
    Memorandum
    Major advanced economies0.0-0.1-0.70.10.10.3-0.10.1-0.1-0.3-0.80.3
    Newly industrialized Asian economies0.00.0-0.90.4-0.41.0-0.10.2-0.31.1-2.21.2
    Foreign balance2
    Advanced economies0.00.10.1-0.1-0.3-0.2-0.10.20.50.40.20.2
    United States-0.40.1-0.2-0.7-0.5-0.7-0.3-0.10.61.21.2-0.2
    Euro area. . .0.10.60.5-0.60.3-0.10.20.30.0-0.80.6
    Germany0.00.51.72.0-0.81.40.71.11.5-0.3-3.61.2
    France0.2-0.40.10.0-0.7-0.7-0.9-0.4-0.9-0.4-0.20.2
    Italy0.2-0.20.2-0.8-0.80.2-0.30.00.20.3-1.00.4
    Spain-0.1-0.2-0.2-0.6-0.8-1.7-1.7-1.4-0.91.43.11.2
    Japan0.20.2-0.80.70.70.80.30.81.10.2-2.40.7
    United Kingdom-0.1-0.1-0.5-1.1-0.1-0.70.00.4-0.60.40.80.3
    Canada0.6-1.00.7-0.1-2.5-0.9-1.7-1.3-1.6-1.90.1-0.4
    Other advanced economies0.50.50.8-0.20.60.20.60.80.7-0.11.00.0
    Memorandum
    Major advanced economies-0.10.00.0-0.1-0.4-0.2-0.20.20.50.5-0.10.2
    Newly industrialized Asian economies0.41.21.30.62.21.21.61.62.00.20.80.3

    In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.

    Changes expressed as percent of GDP in the preceding period.

    Table A4.Emerging and Developing Economies, by Country: Real GDP1(Annual percent change)
    Average
    1991–200020012002200320042005200620072008200920102014
    Africa2.44.96.55.46.75.76.16.35.21.74.05.3
    Algeria1.62.74.76.95.25.12.03.03.02.13.74.2
    Angola1.33.114.53.311.220.618.620.313.20.29.36.1
    Benin4.56.24.44.03.02.93.84.65.03.83.06.0
    Botswana6.43.59.06.36.01.65.14.42.9-10.34.12.1
    Burkina Faso5.36.64.77.34.67.15.53.65.03.54.16.0
    Burundi-1.72.14.4-1.24.80.95.13.64.53.23.65.0
    Cameroon21.44.54.04.03.72.33.23.32.91.62.75.2
    Cape Verde6.86.15.34.74.36.510.87.85.93.54.06.4
    Central African Republic1.00.6-0.6-7.11.02.43.83.72.22.43.15.5
    Chad2.811.78.514.733.67.90.20.2-0.21.64.62.3
    Comoros1.13.34.12.5-0.24.21.20.51.01.01.54.0
    Congo, Dem. Rep. of-5.6-2.13.55.86.67.95.66.36.22.75.46.8
    Congo, Rep. of1.43.84.60.83.57.86.2-1.65.67.412.22.3
    Côte d’Ivoire3.10.0-1.6-1.71.61.90.71.62.33.74.06.0
    Djibouti-1.72.02.63.23.03.24.85.15.85.15.47.1
    Equatorial Guinea31.663.419.514.038.09.71.321.411.3-5.4-2.8-1.9
    Eritrea. . .8.83.0-2.71.52.6-1.01.31.00.31.43.7
    Ethiopia2.97.71.2-3.59.812.611.511.511.67.57.07.7
    Gabon1.72.1-0.32.41.13.01.25.62.3-1.02.62.8
    Gambia, The4.25.8-3.26.97.05.16.56.36.13.64.35.0
    Ghana4.54.24.55.25.65.96.45.77.34.55.05.1
    Guinea4.13.84.21.22.33.02.51.84.90.02.74.2
    Guinea-Bissau0.9-0.6-4.2-0.62.23.50.62.73.31.92.54.0
    Kenya1.74.70.32.84.65.96.47.11.72.54.06.5
    Lesotho3.83.01.63.94.60.78.15.13.5-1.03.14.3
    Liberia. . .2.83.8-31.32.65.37.89.47.14.96.312.9
    Madagascar1.76.0-12.49.85.34.65.06.27.1-0.40.95.3
    Malawi3.4-4.11.75.75.43.36.78.69.75.94.63.3
    Mali3.612.14.37.21.26.15.34.35.14.14.55.3
    Mauritania2.92.91.15.65.25.411.41.02.22.34.75.9
    Mauritius6.04.12.24.14.33.43.54.26.62.12.04.2
    Morocco2.47.63.36.34.83.07.82.75.65.03.25.0
    Mozambique6.512.39.26.57.98.48.77.06.84.35.26.5
    Namibia3.91.24.84.312.32.57.15.52.9-0.71.73.0
    Niger1.08.05.37.1-0.88.45.83.39.51.05.25.8
    Nigeria1.98.221.210.310.65.46.27.06.02.95.06.3
    Rwanda0.78.511.00.35.37.27.37.911.25.35.26.0
    São Tomé and Príncipe1.53.111.65.46.65.76.76.05.84.04.57.0
    Senegal3.14.60.76.75.95.62.44.72.51.53.44.9
    Seychelles4.5-2.31.2-5.9-2.97.58.37.3-1.9-8.74.05.0
    Sierra Leone-7.618.227.49.59.77.15.16.45.54.04.05.4
    South Africa1.82.73.73.14.95.05.35.13.1-2.21.74.5
    Sudan3.56.25.47.15.16.311.310.26.84.05.54.9
    Swaziland2.91.01.83.92.52.22.93.52.40.42.62.5
    Tanzania2.96.07.26.97.87.46.77.17.45.05.67.5
    Togo0.9-2.3-0.35.22.41.23.91.91.12.42.64.0
    Tunisia4.75.01.75.66.04.15.36.34.63.04.06.0
    Uganda6.25.28.76.56.86.310.88.49.07.06.07.0
    Zambia-0.24.93.35.15.45.36.26.35.84.55.06.1
    Zimbabwe30.6-2.7-4.4-10.4-3.6-4.0-6.3-6.9-14.13.76.06.0
    Central and eastern Europe42.00.24.44.87.36.06.65.53.0-5.01.84.0
    Albania1.37.04.25.85.75.85.56.36.80.72.26.0
    Bosnia and Herzegovina. . .3.65.03.56.33.96.96.85.5-3.00.54.5
    Bulgaria-4.04.14.55.06.66.26.36.26.0-6.5-2.55.0
    Croatia. . .3.85.45.04.24.24.75.52.4-5.20.44.0
    Estonia. . .7.57.97.67.29.410.07.2-3.6-14.0-2.64.0
    Hungary1.04.14.14.24.84.03.91.20.6-6.7-0.93.5
    Latvia. . .8.06.57.28.710.612.210.0-4.6-18.0-4.04.0
    Lithuania. . .6.76.910.27.47.87.88.93.0-18.5-4.04.0
    Macedonia, FYR. . .-4.50.92.84.14.14.05.94.9-2.52.04.0
    Montenegro. . .1.11.92.54.44.28.610.77.5-4.0-2.04.0
    Poland3.81.21.43.95.33.66.26.84.91.02.24.0
    Romania-1.65.65.05.38.54.17.96.27.1-8.50.55.0
    Serbia. . .5.63.92.48.35.65.26.95.4-4.01.55.5
    Turkey3.7-5.76.25.39.48.46.94.70.9-6.53.73.5
    Commonwealth of Independent States4,56.15.27.88.26.78.48.65.5- 6.72.15.3
    Russia. . .5.14.77.37.26.47.78.15.6-7.51.55.0
    Excluding Russia. . .8.96.69.110.87.410.29.95.4-4.73.65.9
    Armenia. . .9.613.214.010.513.913.213.76.8-15.61.24.5
    Azerbaijan. . .6.58.110.510.424.330.523.411.67.57.40.9
    Belarus. . .4.75.07.011.49.410.08.610.0-1.21.86.9
    Georgia. . .4.75.511.15.99.69.412.32.1-4.02.05.0
    Kazakhstan. . .13.59.89.39.69.710.78.93.2-2.02.07.5
    Kyrgyz Republic. . .5.30.07.07.0-0.23.18.57.61.53.05.6
    Moldova. . .6.17.86.67.47.54.83.07.2-9.00.05.0
    Mongolia0.30.24.77.010.67.38.610.28.90.53.00.9
    Tajikistan. . .10.29.110.210.66.77.07.87.92.03.06.0
    Turkmenistan. . .20.415.817.114.713.011.411.610.54.015.38.0
    Ukraine. . .9.25.29.612.12.77.37.92.1-14.02.75.8
    Uzbekistan. . .4.24.04.27.77.07.39.59.07.07.06.0
    Developing Asia7.45.86.98.28.69.09.810.67.66.27.38.5
    Afghanistan, I.R. of. . .. . .. . .15.18.816.18.212.13.415.78.68.9
    Bangladesh4.94.84.85.86.16.36.56.36.05.45.46.5
    Bhutan5.06.810.97.26.86.56.321.47.68.55.36.8
    Brunei Darussalam. . .2.73.92.90.50.44.40.6-1.50.20.61.7
    Cambodia. . .8.16.68.510.313.310.810.26.7-2.74.36.3
    China10.48.39.110.010.110.411.613.09.08.59.09.5
    Fiji5.02.03.21.05.50.73.3-6.60.2-2.51.23.0
    India5.63.94.66.97.99.29.89.47.35.46.48.1
    Indonesia4.03.64.54.85.05.75.56.36.14.04.86.3
    Kiribati5.2-5.16.12.32.20.03.2-0.53.41.51.11.1
    Lao PDR6.35.75.96.16.47.18.47.57.24.65.47.3
    Malaysia7.10.55.45.86.85.35.86.24.6-3.62.56.0
    Maldives7.53.56.58.59.5-4.618.07.25.8-4.03.44.2
    Myanmar7.111.312.013.813.613.613.111.94.04.35.05.1
    Nepal5.05.60.13.94.73.13.73.24.74.04.15.5
    Pakistan3.91.93.24.97.47.76.15.62.02.03.05.5
    Papua New Guinea4.6-0.1-0.22.22.73.62.66.57.03.93.72.4
    Philippines3.01.84.44.96.45.05.37.13.81.03.24.5
    Samoa3.28.15.52.04.28.62.22.24.8-5.5-1.03.0
    Solomon Islands2.6-8.0-2.86.54.95.46.910.76.90.42.43.7
    Sri Lanka5.2-1.54.05.95.46.27.76.86.03.05.05.4
    Thailand4.42.25.37.16.34.65.24.92.6-3.53.76.0
    Timor-Leste. . .18.92.40.14.26.2-5.88.412.87.27.97.8
    Tonga1.62.63.03.21.45.40.6-3.21.22.61.91.6
    Vanuatu2.8-2.5-7.43.25.56.57.46.86.63.03.54.5
    Vietnam7.66.97.17.37.88.48.28.56.24.65.37.0
    Middle East4.02.53.86.95.95.55.86.25.42.04.24.8
    Bahrain4.64.65.27.25.67.96.78.16.13.03.75.0
    Egypt4.43.53.23.24.14.56.87.17.24.74.56.0
    Iran, I.R. of3.73.77.57.25.14.75.87.82.51.52.23.2
    Iraq. . .. . .. . .. . .. . .-0.76.21.59.54.35.86.8
    Jordan4.75.35.84.28.68.18.08.97.93.04.05.5
    Kuwait3.70.23.017.310.210.65.12.56.3-1.53.34.7
    Lebanon7.14.53.34.17.52.50.67.58.57.04.04.5
    Libya0.2-4.3-1.313.04.410.36.77.53.41.85.27.1
    Oman4.55.62.10.43.44.96.07.77.84.13.84.1
    Qatar6.96.33.26.317.79.215.015.316.411.518.53.3
    Saudi Arabia2.70.50.17.75.35.63.23.34.4-0.94.05.0
    Syrian Arab Republic4.83.75.9-2.16.74.55.14.25.23.04.25.7
    United Arab Emirates4.41.72.611.99.78.29.46.37.4-0.22.45.2
    Yemen, Rep. of5.73.83.93.74.05.63.23.33.64.27.34.7
    Western Hemisphere3.30.70.62.26.04.75.75.74.2-2.52.94.0
    Antigua and Barbuda3.41.52.04.35.25.512.46.92.8-6.5-1.53.9
    Argentina64.2-4.4-10.98.89.09.28.58.76.8-2.51.53.0
    Bahamas, The2.10.82.6-0.9-0.85.74.30.7-1.7-3.9-0.51.8
    Barbados1.0-2.60.72.04.83.93.23.40.2-3.00.02.5
    Belize6.05.05.19.34.63.04.71.23.81.02.02.5
    Bolivia3.81.72.52.74.24.44.84.66.12.83.43.7
    Brazil2.51.32.71.15.73.24.05.75.1-0.73.53.7
    Chile6.53.52.24.06.05.64.64.73.2-1.74.05.4
    Colombia2.72.22.54.64.75.76.97.52.5-0.32.54.5
    Costa Rica5.21.12.96.44.35.98.87.82.6-1.52.35.2
    Dominica2.1-4.2-5.10.13.03.33.81.83.21.12.03.0
    Dominican Republic6.11.85.8-0.31.39.310.78.55.30.52.06.0
    Ecuador2.25.34.23.68.06.03.92.56.5-1.01.53.0
    El Salvador4.61.72.32.31.93.14.24.72.5-2.50.54.0
    Grenada4.5-3.01.67.1-5.711.0-2.34.92.2-4.00.03.5
    Guatemala3.72.43.92.53.23.35.46.34.00.41.33.5
    Guyana4.92.31.1-0.71.6-1.95.15.43.02.04.04.4
    Haiti0.3-1.0-0.30.4-3.51.82.33.41.22.02.73.7
    Honduras3.32.73.84.56.26.16.66.34.0-2.02.03.0
    Jamaica0.51.31.03.51.41.02.71.5-1.0-3.6-0.22.1
    Mexico3.5-0.20.81.74.03.25.13.31.3-7.33.34.9
    Nicaragua3.63.00.82.55.34.43.93.23.2-1.01.04.0
    Panama5.50.62.24.27.57.28.511.59.21.83.76.5
    Paraguay1.82.10.03.84.12.94.36.85.8-4.53.95.5
    Peru4.00.25.04.05.06.87.78.99.81.55.85.5
    St. Kitts and Nevis4.12.01.00.57.65.65.30.92.4-2.00.02.0
    St. Lucia2.2-4.10.63.54.54.45.01.70.7-2.5-0.43.9
    St. Vincent and the Grenadines3.1-0.13.22.86.82.67.67.00.9-1.12.14.0
    Suriname0.74.52.86.38.03.94.55.46.01.53.55.5
    Trinidad and Tobago4.53.87.914.48.06.213.54.62.3-0.82.02.4
    Uruguay2.9-3.5-7.12.34.66.84.67.68.90.63.53.9
    Venezuela2.13.4-8.9-7.818.310.310.38.44.8-2.0-0.40.4

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

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

    The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars.

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

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

    Private analysts are of the view that real GDP growth has been lower than the official reports since the last quarter of 2008.

    Table A5.Summary of Inflation(Percent)
    Average
    1991–200020012002200320042005200620072008200920102014
    GDP deflators
    Advanced economies2.41.91.61.82.02.12.22.32.00.91.01.6
    United States2.12.31.62.22.83.33.32.92.11.61.52.0
    Euro area2.42.62.21.92.02.02.42.40.60.61.4
    Japan0.1-1.2-1.5-1.6-1.1-1.2-0.9-0.7-0.9-0.2-0.80.1
    Other advanced economies13.32.11.82.22.32.02.12.72.90.71.41.8
    Consumer prices
    Advanced economies2.72.21.51.82.02.32.42.23.40.11.11.9
    United States2.82.81.62.32.73.43.22.93.8-0.41.72.2
    Euro area22.42.32.12.22.22.22.13.30.30.81.5
    Japan0.8-0.7-0.9-0.30.0-0.30.30.01.4-1.1-0.80.8
    Other advanced economies13.32.21.71.81.82.12.12.13.81.31.62.2
    Emerging and developing economies44.57.96.96.75.95.95.66.49.35.54.94.0
    Regional groups
    Africa24.510.89.08.76.77.16.46.010.39.06.54.7
    Central and eastern Europe59.525.918.611.26.65.95.96.08.14.84.23.3
    Commonwealth of
    Independent States320.314.012.310.412.19.49.715.611.89.46.9
    Developing Asia8.12.82.12.64.13.84.25.47.53.03.42.8
    Middle East10.33.85.36.17.17.28.311.215.08.36.65.6
    Western Hemisphere64.86.58.610.46.66.35.35.47.96.15.25.2
    Memorandum
    European Union7.53.02.52.22.32.32.32.43.70.91.11.7
    Analytical groups
    By source of export earnings
    Fuel77.613.511.911.59.810.09.010.015.010.38.97.4
    Nonfuel35.86.55.75.65.04.94.85.67.94.33.93.2
    of which, primary products50.414.47.96.14.46.47.05.711.36.65.14.7
    By external financing source
    Net debtor countries42.68.68.17.45.55.85.85.98.76.65.64.0
    of which, official financing24.48.23.77.67.37.98.57.913.19.86.34.9
    Net debtor countries by debt-
    servicing experience
    Countries with arrears and/or rescheduling during 2003-0731.99.112.59.37.08.28.77.911.59.46.54.9
    Memorandum
    Median inflation rate
    Advanced economies2.62.62.32.12.02.12.22.23.80.51.32.0
    Emerging and developing economies8.74.73.64.44.56.06.16.410.44.94.44.0

    In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.

    Based on Eurostat’s harmonized index of consumer prices.

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

    Table A6.Advanced Economies: Consumer Prices (Annual percent change)
    AverageEnd of Period
    1991–200020012002200320042005200620072008200920102014200820092010
    Consumer Prices
    Advanced economies2.72.21.51.82.02.32.42.23.40.11.11.91.60.71.1
    United States2.82.81.62.32.73.43.22.93.8-0.41.72.20.71.61.5
    Euro area12.42.32.12.22.22.22.13.30.30.81.51.60.90.6
    Germany2.31.91.41.01.81.91.82.32.80.10.20.71.10.00.2
    France1.81.81.92.22.31.91.91.63.20.31.11.83.20.31.1
    Italy3.72.32.62.82.32.22.22.03.50.70.91.82.40.61.1
    Spain4.02.83.63.13.13.43.62.84.1-0.30.91.71.50.40.8
    Netherlands2.35.13.82.21.41.51.71.62.20.91.01.52.20.91.0
    Belgium2.02.41.61.51.92.52.31.84.50.21.01.32.70.11.2
    Greece9.13.73.93.43.03.53.33.04.21.11.72.03.11.31.8
    Austria2.02.31.71.32.02.11.72.23.20.51.01.81.51.20.8
    Portugal4.74.43.73.32.52.13.02.42.7-0.61.01.80.8-0.51.1
    Finland1.92.72.01.30.10.81.31.63.91.01.11.73.41.01.1
    Ireland2.64.04.74.02.32.22.72.93.1-1.6-0.31.11.3-1.30.1
    Slovak Republic7.13.38.67.52.74.52.74.61.52.32.34.42.02.3
    Slovenia8.47.55.63.62.52.53.65.70.51.53.02.10.52.1
    Luxembourg2.22.72.12.02.22.52.72.33.40.21.81.60.92.11.5
    Cyprus3.82.02.84.01.92.02.22.24.40.41.22.81.80.91.2
    Malta3.12.52.61.92.72.52.60.74.72.11.92.45.00.92.6
    Japan0.8-0.7-0.9-0.30.0-0.30.30.01.4-1.1-0.80.80.4-1.5-0.7
    United Kingdom12.71.21.31.41.32.02.32.33.61.91.52.03.91.21.3
    Canada2.02.52.32.71.82.22.02.12.40.11.32.01.90.21.6
    Korea5.14.12.83.53.62.82.22.54.72.62.53.04.12.03.0
    Australia2.24.43.02.82.32.73.52.34.41.61.52.53.71.61.2
    Taiwan Province of China2.60.0-0.2-0.31.62.30.61.83.5-0.51.52.03.8-0.11.3
    Sweden2.72.71.92.31.00.81.51.73.32.22.42.02.13.12.2
    Switzerland1.91.00.60.60.81.21.00.72.4-0.40.51.00.7-0.40.5
    Hong Kong SAR5.3-1.6-3.0-2.6-0.40.92.02.04.3-1.00.52.62.0-2.80.5
    Czech Republic13.34.71.90.12.81.82.52.96.31.01.12.03.60.61.9
    Norway2.33.01.32.50.51.52.30.73.82.31.82.52.11.91.9
    Singapore1.71.0-0.40.51.70.51.02.16.5-0.21.61.85.4-1.32.0
    Denmark2.12.42.42.11.21.81.91.73.41.72.02.02.92.31.7
    Israel9.51.15.70.7-0.41.42.10.54.63.62.02.03.8-0.51.8
    New Zealand1.82.62.61.72.33.03.42.44.01.51.02.13.40.91.4
    Iceland3.26.74.82.13.24.06.85.012.411.74.42.518.17.02.5
    Memorandum
    Major advanced economies
    2.41.91.31.72.02.32.32.13.2-0.11.11.81.30.70.9
    Newly industrialized Asian
    economies
    4.11.91.01.42.42.21.62.24.51.01.92.63.90.52.1

    Based on Eurostat’s harmonized index of consumer prices.

    Table A7.Emerging and Developing Economies, by Country: Consumer Prices1 (Annual percent change)
    AverageEnd of Period
    1991–200020012002200320042005200620072008200920102014200820092010
    Africa24.510.89.08.76.77.16.46.010.39.06.54.711.76.76.3
    Algeria16.34.21.42.63.61.62.53.64.54.63.43.05.83.53.3
    Angola549.4152.6108.998.343.623.013.312.212.514.015.40.013.214.016.0
    Benin7.64.02.41.50.95.43.81.38.04.02.82.89.93.53.3
    Botswana10.66.68.09.27.08.611.67.112.68.46.45.113.76.66.2
    Burkina Faso4.44.72.32.0-0.46.42.4-0.210.73.82.32.011.62.42.0
    Burundi15.29.3-1.310.78.013.42.88.324.412.98.35.025.79.17.5
    Cameroon24.92.86.30.60.32.04.91.15.32.92.02.05.30.12.0
    Cape Verde5.93.71.91.2-1.90.44.84.46.81.52.02.06.71.02.0
    Central African Republic3.93.82.34.4-2.22.96.70.99.34.62.82.514.51.12.5
    Chad4.512.45.2-1.8-4.83.77.7-7.48.36.53.03.09.7-9.03.0
    Comoros3.95.63.63.74.53.03.44.54.84.92.12.97.42.41.9
    Congo, Dem. Rep. of977.6357.325.312.84.021.413.216.718.039.214.68.827.631.215.0
    Congo, Rep. of7.30.83.01.73.72.54.72.66.06.94.43.011.44.84.0
    Côte d’Ivoire6.04.43.13.31.53.92.51.96.35.93.22.59.03.43.0
    Djibouti3.61.80.62.03.13.13.55.012.05.55.03.012.05.55.0
    Equatorial Guinea6.58.87.67.34.25.74.52.85.94.16.14.16.05.74.9
    Eritrea. . .14.616.922.725.112.515.19.312.614.014.514.014.014.015.0
    Ethiopia7.2-5.2-7.215.18.66.812.315.825.336.45.17.055.33.19.5
    Gabon4.02.10.22.10.41.2-1.45.05.32.63.83.05.61.14.0
    Gambia, The4.24.58.617.014.35.02.15.44.56.45.75.06.86.05.5
    Ghana25.632.914.826.712.615.110.210.716.518.510.25.018.114.69.2
    Guinea7.35.43.011.017.531.434.722.918.44.99.45.013.58.57.0
    Guinea-Bissau32.83.33.3-3.50.83.30.74.610.40.42.52.68.7-3.12.9
    Kenya15.95.82.09.811.610.314.59.813.112.07.85.013.811.57.2
    Lesotho10.56.912.57.35.03.46.18.010.77.76.55.110.67.75.9
    Liberia. . .12.114.210.33.66.97.213.717.57.35.05.09.410.54.5
    Madagascar16.26.916.2-1.114.018.410.810.49.29.99.75.010.110.38.8
    Malawi30.927.217.49.611.415.513.97.98.78.68.213.09.97.88.3
    Mali3.65.24.9-1.2-3.16.41.51.59.12.52.12.37.42.92.2
    Mauritania5.17.75.45.310.412.16.27.37.34.95.85.03.96.05.5
    Mauritius7.55.46.53.94.74.98.99.18.86.44.05.09.73.15.0
    Morocco4.00.62.81.21.51.03.32.03.92.82.82.64.22.82.8
    Mozambique28.79.116.813.512.66.413.28.210.33.55.55.56.24.05.7
    Namibia9.99.311.37.24.12.35.16.77.19.16.84.510.97.36.2
    Niger5.04.02.7-1.80.47.80.10.111.34.82.32.013.60.02.0
    Nigeria28.518.013.714.015.017.98.25.411.612.08.88.515.19.18.5
    Rwanda16.33.42.07.412.09.08.99.115.411.56.35.022.36.05.0
    Sāo Tomé and Príncipe35.89.59.29.612.817.223.118.526.017.111.95.024.814.010.0
    Senegal4.13.02.30.00.51.72.15.95.8-0.91.82.24.3-0.32.2
    Seychelles2.36.00.23.33.90.6-1.95.337.033.43.03.063.32.92.2
    Sierra Leone32.22.6-3.77.514.212.19.511.714.810.68.55.712.29.08.0
    South Africa9.05.79.25.81.43.44.77.111.57.26.24.59.56.85.6
    Sudan67.94.98.37.78.48.57.28.014.311.09.05.514.910.08.0
    Swaziland8.97.511.77.43.44.85.38.213.17.86.95.312.97.46.4
    Tanzania19.65.14.64.44.14.47.37.010.310.64.95.013.56.55.0
    Togo6.13.93.1-0.90.46.82.21.08.42.82.12.57.22.12.4
    Tunisia4.42.02.72.73.62.04.53.15.03.53.43.04.13.53.4
    Uganda12.64.5-2.05.75.08.06.66.87.314.210.85.712.512.39.2
    Zambia60.021.722.221.418.018.39.010.712.414.010.25.016.612.08.0
    Zimbabwe3-4.3-37.2-34.4-8.6113.6-31.533.0-72.7156.29.012.04.0218.70.88.7
    Central and eastern Europe459.525.918.611.26.65.95.96.08.14.84.23.36.74.33.9
    Albania34.73.15.22.32.92.42.42.93.41.72.03.02.21.82.6
    Bosnia and Herzegovina. . .4.50.30.50.33.66.11.57.40.91.62.53.80.81.8
    Bulgaria107.97.45.82.36.16.07.47.612.02.71.63.47.21.51.7
    Croatia. . .3.81.71.82.03.33.22.96.12.82.83.02.83.02.8
    Estonia. . .5.83.61.33.04.14.46.610.40.0-0.22.57.0-1.50.0
    Hungary20.09.25.34.66.83.63.97.96.14.54.13.03.56.12.4
    Latvia. . .2.51.63.36.26.96.610.115.33.1-3.51.110.4-1.7-2.6
    Lithuania. . .1.60.3-1.11.22.73.85.811.13.5-2.91.68.5-0.3-1.8
    Macedonia, FYR. . .5.52.21.2-0.40.53.22.38.3-0.52.03.04.1-1.02.0
    Montenegro. . .23.719.77.53.13.42.13.59.03.42.13.1. . .. . .. . .
    Poland26.15.51.90.83.52.11.02.54.23.42.62.53.33.02.9
    Romania101.134.522.515.311.99.06.64.87.85.53.63.56.34.33.0
    Serbia. . .91.819.511.710.117.312.76.511.79.97.34.78.610.07.0
    Turkey75.954.245.125.38.68.29.68.810.46.26.84.010.15.86.3
    Commonwealth of Independent States4,520.314.012.310.412.19.49.715.611.89.46.914.010.78.6
    Russia. . .21.515.813.710.912.79.79.014.112.39.97.513.311.09.0
    Excluding Russia. . .17.19.28.69.110.78.811.519.610.68.05.615.79.87.4
    Armenia. . .3.11.14.77.00.62.94.49.03.03.24.05.24.53.0
    Azerbaijan. . .1.52.82.26.79.78.416.620.82.25.36.015.44.56.0
    Belarus. . .61.142.628.418.110.37.08.414.813.08.36.013.311.08.0
    Georgia. . .4.75.64.85.78.39.29.210.01.23.05.05.53.03.0
    Kazakhstan. . .8.45.96.46.97.68.610.817.27.56.66.09.57.16.3
    Kyrgyz Republic. . .6.92.13.14.14.35.610.224.58.06.74.520.15.07.0
    Moldova. . .9.85.311.712.511.912.712.412.71.47.74.07.35.05.0
    Mongolia. . .6.20.95.17.912.54.58.226.88.57.95.323.28.56.0
    Tajikistan. . .38.612.216.47.27.310.013.220.48.010.96.511.811.810.0
    Turkmenistan. . .11.68.85.65.910.78.26.314.50.43.54.58.94.12.8
    Ukraine. . .11.90.75.29.013.59.112.825.216.310.35.022.314.09.0
    Uzbekistan. . .27.327.311.66.610.014.212.312.712.59.58.014.410.29.0
    Developing Asia8.12.82.12.64.13.84.25.47.53.03.42.85.93.53.1
    Afghanistan, I.R. of. . .. . .5.124.113.212.35.113.026.8-9.37.64.03.26.05.0
    Bangladesh5.61.93.75.46.17.07.19.17.75.35.64.26.04.66.5
    Bhutan9.23.42.52.14.65.35.05.28.47.04.03.99.25.54.0
    Brunei Darussalam. . .0.6-2.30.30.91.10.20.32.71.21.21.2. . .. . .. . .
    Cambodia. . .0.23.3-19.33.96.46.17.725.0-0.64.13.112.55.04.6
    China7.20.7-0.81.23.91.81.54.85.9-0.10.61.92.80.80.6
    Fiji3.54.30.84.22.82.42.54.87.85.07.02.06.69.52.0
    India9.03.84.33.83.84.26.26.48.38.78.44.09.78.97.4
    Indonesia13.211.511.86.86.110.513.16.09.85.06.24.211.14.06.0
    Kiribati3.06.03.21.6-0.7-0.4-1.54.211.09.12.82.818.62.82.8
    Lao PDR29.17.810.615.510.57.26.84.57.60.23.03.03.23.33.3
    Malaysia3.51.41.81.11.43.03.62.05.4-0.11.22.54.31.21.2
    Maldives7.00.70.9-2.86.32.53.67.611.95.54.53.08.66.74.7
    Myanmar24.134.558.124.93.810.726.332.922.56.94.76.09.24.55.0
    Nepal9.22.42.94.74.04.58.06.47.713.211.85.012.111.412.0
    Pakistan9.14.42.53.14.69.37.97.812.020.810.06.021.513.19.0
    Papua New Guinea9.59.311.814.72.11.82.40.910.78.25.03.711.25.34.8
    Philippines8.76.83.03.56.07.76.22.89.32.84.04.58.02.54.3
    Samoa3.51.97.44.37.87.83.24.56.214.26.54.08.89.26.0
    Solomon Islands10.47.49.510.56.97.111.17.717.28.07.05.917.55.58.4
    Sri Lanka9.714.29.69.09.011.010.015.822.64.613.07.014.48.010.7
    Thailand4.51.60.71.82.84.54.62.25.5-1.22.11.80.42.41.2
    Timor-Leste. . .3.64.77.23.21.84.18.97.64.04.04.05.74.04.0
    Tonga4.46.910.411.111.79.77.05.114.512.36.14.26.06.06.0
    Vanuatu3.03.72.03.01.41.22.03.94.84.33.03.05.83.53.0
    Vietnam15.4-0.34.13.37.98.47.58.323.17.011.05.019.97.010.0
    Middle East10.33.85.36.17.17.28.311.215.08.36.65.613.76.86.6
    Bahrain-0.3-1.2-0.51.72.22.62.03.33.53.02.52.05.13.02.5
    Egypt8.92.42.43.28.18.84.211.011.716.28.56.520.210.08.0
    Iran, I.R. of23.911.315.715.615.310.411.918.425.412.010.010.017.810.010.0
    Iraq. . .. . .. . .. . .. . .37.053.230.82.76.96.04.06.86.06.0
    Jordan3.51.81.81.63.43.56.35.414.90.24.01.79.63.53.3
    Kuwait2.21.40.81.01.34.13.15.510.54.64.43.010.54.64.4
    Lebanon18.5-0.41.81.31.7-0.75.64.110.82.53.52.06.42.93.0
    Libya5.8-8.8-9.9-2.11.02.91.46.210.45.04.53.010.45.04.5
    Oman0.5-0.8-0.30.20.71.93.45.912.63.33.02.07.73.12.9
    Qatar2.71.40.22.36.88.811.813.815.00.04.03.015.00.04.0
    Saudi Arabia0.8-1.10.20.60.40.62.34.19.94.54.03.07.83.73.5
    Syrian Arab Republic5.63.4-0.55.84.47.210.44.715.27.56.05.015.47.56.0
    United Arab Emirates3.62.72.93.25.06.29.311.112.32.53.33.9. . .. . .. . .
    Yemen, Rep. of34.611.912.210.812.59.910.87.919.08.48.98.410.86.111.7
    Western Hemisphere64.86.58.610.46.66.35.35.47.96.15.25.28.15.15.3
    Antigua and Barbuda2.71.72.42.02.02.11.81.45.3-0.82.52.50.7-1.42.5
    Argentina615.7-1.125.913.44.49.610.98.88.65.65.05.07.25.05.0
    Bahamas, The2.52.02.23.01.02.21.82.54.51.80.61.54.51.00.2
    Barbados2.92.6-1.21.61.46.17.34.08.13.55.22.17.23.27.2
    Belize1.81.22.22.63.13.74.22.36.42.71.82.54.41.02.5
    Bolivia9.11.60.93.34.45.44.38.714.04.34.53.511.83.04.0
    Brazil204.46.88.414.86.66.94.23.65.74.84.14.55.94.24.4
    Chile9.43.62.52.81.13.13.44.48.72.02.33.07.6-0.52.5
    Colombia20.08.06.37.15.95.04.35.57.04.63.83.17.73.83.6
    Costa Rica15.911.39.29.412.313.811.59.413.48.45.04.213.95.05.0
    Dominica2.11.60.11.62.41.62.63.26.31.81.61.51.91.81.5
    Dominican Republic10.48.95.227.451.54.27.66.110.60.95.43.04.55.05.0
    Ecuador42.537.712.67.92.72.13.32.38.45.03.02.58.83.02.5
    El Salvador7.93.81.92.14.54.74.04.67.31.01.82.85.51.02.5
    Grenada2.21.71.12.22.33.54.23.98.01.43.22.05.21.71.8
    Guatemala11.57.38.15.67.69.16.66.811.42.23.94.09.41.53.8
    Guyana16.62.65.46.04.76.96.712.28.12.93.55.06.43.34.0
    Haiti19.716.59.326.728.316.814.29.014.43.53.95.719.8-4.05.0
    Honduras18.29.77.77.78.18.85.66.911.45.96.05.810.84.56.0
    Jamaica24.96.97.010.113.515.18.59.322.09.48.76.216.88.78.7
    Mexico18.36.45.04.54.74.03.64.05.15.43.53.06.54.33.2
    Nicaragua19.24.74.06.58.59.69.111.119.94.34.26.513.82.54.0
    Panama1.20.31.00.60.52.92.54.28.82.32.62.56.82.62.5
    Paraguay13.47.310.514.24.36.89.68.110.22.83.63.17.52.55.0
    Peru38.02.00.22.33.71.62.01.85.83.22.02.06.71.22.0
    St. Kitts and Nevis3.32.12.12.32.23.48.54.55.43.42.12.27.62.02.2
    St. Lucia3.25.4-0.31.01.53.94.12.27.22.22.82.23.83.12.2
    St. Vincent and the Grenadines2.50.81.30.23.03.73.06.910.14.22.92.98.72.92.9
    Suriname75.539.815.523.09.19.911.36.414.67.56.07.59.35.54.3
    Trinidad and Tobago5.25.54.23.83.76.98.37.912.17.25.05.014.54.06.0
    Uruguay35.24.414.019.49.24.76.48.17.97.57.45.09.27.56.5
    Venezuela43.312.522.431.121.716.013.718.730.429.530.033.830.928.032.0

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

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

    The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars.

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

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

    Private analysts estimate that CPI inflation has been considerably higher. The authorities have created a board of academic advisors to assess these issues.

    Table A8.Major Advanced Economies: General Government Fiscal Balances and Debt1(Percent of GDP unless noted otherwise)
    Average
    1993–2002
    200320042005200620072008200920102014
    Major advanced economies
    Actual balance-2.7-4.7-4.1-3.3-2.3-2.2-4.6-10.1-9.0-5.7
    Output gap2-0.4-1.1-0.30.00.50.7-0.6- 4.6-4.10.0
    Structural balance2-2.3-3.3-2.9-2.5-2.0-1.7-3.3-5.2-5.4-3.9
    United States
    Actual balance-1.6-4.8-4.3-3.2-2.2-2.8-5.9-12.5-10.0-6.7
    Output gap2-0.6-1.20.10.80.90.7-0.8-4.5-3.90.0
    Structural balance2-1.0-2.4-2.2-1.7-1.4-1.4-3.4-5.1-5.3-3.1
    Net debt45.940.842.442.741.842.347.958.266.884.9
    Gross debt64.460.261.261.460.961.970.484.893.6108.2
    Euro area
    Actual balance-2.9-3.0-2.9-2.5-1.2-0.6-1.8-6.2-6.6-3.5
    Output gap2-0.2-0.8-0.6-0.60.71.81.2-2.9-3.10.0
    Structural balance2-2.7-2.8-2.7-2.6-2.0-1.8-2.5-4.0-4.2-3.2
    Net debt59.459.760.360.558.656.259.068.674.683.7
    Gross debt68.668.769.169.667.865.769.280.086.395.6
    Germany3
    Actual balance-2.4-4.0-3.8-3.3-1.5-0.5-0.1-4.2-4.60.0
    Output gap20.0-1.7-1.9-2.3-0.40.91.0-3.6-3.30.0
    Structural balance2,4-2.0-3.2-2.8-2.3-1.4-0.7-0.6-2.2-2.70.0
    Net debt48.957.760.061.860.156.960.570.376.281.6
    Gross debt56.162.864.766.465.963.467.178.784.589.3
    France
    Actual balance-3.5-4.1-3.6-2.9-2.3-2.7-3.4-7.0-7.1-4.7
    Output gap2>-0.20.10.40.30.81.00.0-3.2-3.20.3
    Structural balance2,4-3.3-4.0-3.6-3.4-2.6-3.1-3.3-4.0-4.1-4.7
    Net debt46.653.255.356.753.954.157.867.072.982.9
    Gross debt56.062.965.066.463.663.867.576.782.692.6
    Italy
    Actual balance-4.7-3.5-3.5-4.3-3.3-1.5-2.7-5.6-5.6-5.3
    Output gap2-0.3-0.30.0-0.40.81.6-0.1-3.4-3.50.0
    Structural balance2,4-4.8-3.5-3.8-4.3-3.8-2.4-2.7-3.7-3.8-5.3
    Net debt111.1102.5102.0103.8104.4101.3103.6112.8117.0125.7
    Gross debt115.0104.4103.8105.8106.5103.5105.7115.8120.1128.5
    Japan
    Actual balance-5.5-8.0-6.2-5.0-4.0-2.5-5.8-10.5-10.2-8.0
    Excluding social security-6.8-8.1-6.6-5.4-4.1-2.4-4.8-9.1-8.9-6.6
    Output gap2-0.8-2.2-1.1-0.8-0.40.2-1.7-7.0-5.5-0.4
    Structural balance2-5.2-7.1-5.7-4.7-3.8-2.6-5.2-7.6-8.0-8.0
    Excluding social security-6.8-7.6-6.4-5.2-4.0-2.4-4.5-7.6-7.7-6.6
    Net debt42.776.582.784.684.380.488.1104.6115.0143.5
    Gross debt117.2167.2178.1191.6191.3187.7196.6218.6227.0245.6
    United Kingdom
    Actual balance-2.5-3.3-3.3-3.3-2.6-2.6-5.1-11.6-13.2-6.8
    Output gap2-0.3-0.40.1-0.30.00.4-0.1-4.9-4.70.0
    Structural balance2-2.2-2.8-3.3-3.0-2.6-2.9-5.5-9.0-9.6-6.2
    Net debt37.633.735.537.338.038.345.662.175.191.8
    Gross debt43.138.540.242.143.244.152.068.781.798.3
    Canada
    Actual balance-1.8-0.10.91.51.61.60.1-4.9-4.10.0
    Output gap20.0-0.7-0.10.51.01.2-0.5-4.6-4.10.0
    Structural balance 2-1.60.30.91.31.11.00.4-2.2-1.60.0
    Net debt58.738.735.230.626.523.522.228.231.329.4
    Gross debt92.676.672.671.068.064.262.778.279.368.9
    The methodology and specific assumptions for each country are discussed in Box A1 in this Statistical Appendix.

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

    Percent of potential GDP.

    Beginning in 1995, the debt and debt-service obligations of the Treuhandanstalt (and of various other agencies) were taken over by the general government. This debt is equivalent to 8 percent of GDP, and the associated debt service to ½ to 1 percent of GDP.

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

    Table A9.Summary of World Trade Volumes and Prices(Annual percent change)
    Ten-Year Averages
    1991–20002001–102001200220032004200520062007200820092010
    Trade in goods and services
    World trade1
    Volume7.13.60.23.65.510.77.8l9.17.33.0-11.92.5
    Price deflator
    In U.S. dollars
    -0.83.8-3.41.110.39.65.35.28.111.2-12.25.4
    In SDRs-0.62.10.0-0.62.03.75.65.73.97.7-9.43.7
    Volume of trade
    Exports
    Advanced economies
    7.02.4-0.42.43.49.16.18.66.31.9-13.62.0
    Emerging and developing economies8.46.72.27.211.014.811.711.09.84.6-7.23.6
    Imports Advanced economies7.02.1-0.42.74.29.26.57.64.70.5-13.71.2
    Emerging and developing economies7.17.62.86.410.315.912.212.413.89.4-9.54.6
    Terms of trade
    Advanced economies-0.10.00.40.91.0-0.2-1.4-1.10.3-1.82.0-0.2
    Emerging and developing economies-0.31.3-2.40.30.82.45.33.60.74.1-6.34.6
    Trade in goods
    World trade1
    Volume7.53.4-0.43.76.310.97.59.06.62.7-13.02.7
    Price deflator
    In U.S. dollars-1.03.9-3.80.69.99.86.25.98.312.0-13.25.7
    In SDRs-0.72.2-0.3-1.21.63.96.46.44.18.5-10.54.1
    World trade prices in U.S. dollars2
    Manufactures-1.33.9-3.32.114.38.73.63.89.08.6-9.13.1
    Oil2.110.5-13.82.515.830.741.320.510.736.4-36.624.3
    Nonfuel primary commodities-1.74.5-4.81.95.915.26.123.214.17.5-20.32.4
    Food-2.35.1–2.03.56.314.0–0.910.515.223.4–14.91.2
    Beverages–1.36.2-13.324.34.8-0.918.18.413.823.3-4.1-5.5
    Agricultural raw materials-0.4-0.7-3.4-0.20.64.10.58.85.0-0.8-20.72.3
    Metals-1.77.1-10.3-3.511.834.622.456.217.4-8.0-30.56.2
    World trade prices in SDRs2
    Manufactures-1.02.20.20.35.72.83.84.24.85.2-6.31.5
    Oil2.48.7-10.70.87.123.641.621.06.432.1-34.622.4
    Nonfuel primary commodities-1.42.8-1.30.2-2.19.06.323.89.64.1-17.70.8
    Food-2.03.41.51.8-1.77.8-0.711.010.719.5-12.2-0.4
    Beverages-1.04.4-10.222.2-3.1-6.318.38.89.419.4-1.1-7.0
    Agricultural raw materials-0.1-2.30.1-1.9-7.0-1.60.89.30.9-3.9-18.10.7
    Metals-1.45.3-7.0-5.13.327.322.756.912.8-10.9-28.24.5
    World trade prices in euros2
    Manufactures1.9-0.4-0.3-3.2-4.5-1.13.43.0-0.11.1-2.60.5
    Oil5.45.9-11.1-2.8-3.318.941.019.51.427.1-32.021.2
    Nonfuel primary commodities1.60.2-1.8-3.3-11.64.85.922.34.50.1-14.6-0.2
    Food0.90.81.1-1.8-11.23.7-1.19.65.614.9-8.8-1.3
    Beverages1.91.8-10.517.9-12.5-9.917.87.54.214.82.8-7.9
    Agricultural raw materials2.9-4.8-0.4-5.4-16.0-5.30.38.0-3.8-7.6-15.0-0.3
    Metals1.52.7-7.4-8.4-6.722.422.255.07.5-14.3-25.53.5
    Trade in goods
    Volume of trade
    Exports Advanced economies7.21.9-1.22.44.08.95.68.55.21.6-15.62.3
    Emerging and developing economies8.36.31.76.911.414.210.910.48.84.4-7.93.7
    Fuel exporters3.44.00.42.511.78.95.64.03.74.0-5.34.8
    Nonfuel exporters10.47.22.38.511.316.012.913.211.04.6-9.13.3
    Imports Advanced economies7.61.9-1.23.15.09.66.37.94.20.0-14.91.5
    Emerging and developing economies7.27.72.76.311.616.812.311.813.49.2-9.74.7
    Fuel exporters-0.411.116.29.08.915.216.612.619.818.4-7.34.8
    Nonfuel exporters9.56.90.45.812.117.111.411.612.17.0-10.24.7
    Price deflators in SDRs
    Exports
    Advanced economies
    -1.31.6-0.1-0.92.63.03.74.33.95.7-8.02.7
    Emerging and developing economies1.44.2-1.1-0.21.37.414.111.45.313.8-15.48.8
    Fuel exporters3.17.3-7.30.74.617.432.718.78.026.0-28.915.9
    Nonfuel exporters1.02.91.4-0.40.13.97.18.24.18.7-8.86.0
    Imports
    Advanced economies
    -1.31.6-0.7-1.91.43.35.65.73.58.1-10.42.8
    Emerging and developing economies1.72.51.3-0.70.04.17.07.24.49.1-9.63.9
    Fuel exporters1.62.70.50.50.94.67.78.05.16.9-8.31.9
    Nonfuel exporters1.52.51.4-0.9-0.14.16.97.04.29.7-9.94.4
    Terms of trade
    Advanced economies0.10.00.51.01.2-0.3-1.8