Back Matter

Back Matter

Author(s):
International Monetary Fund. Research Dept.
Published Date:
January 1986
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    Statistical Appendix

    Assumptions and Conventions

    The statistical tables in this appendix have been compiled on the basis of information available on or before September 12, 1986. The recording of the figures for 1986 and beyond with the same degree of precision as the historical figures is solely a matter of convenience. It is not intended to convey any connotation regarding the degree of accuracy attaching to these estimates and projections.

    The estimates and projections for 1986 and 1987 are predicated on a number of assumptions and working hypotheses:

    (1) for the major currencies, the exchange rates prevailing over the two weeks to September 5, 1986 will remain unchanged in real terms throughout the balance of 1986 and 1987;

    (2) “present” policies of national authorities will be maintained; and

    (3) the price of oil will average $15.00 a barrel from September 1986 to the end of 1987.

    A few of the tables include series expressed in SDRs (or based on SDR values). The U.S. dollar/SDR conversion rates used in this report are, for the historical period, the geometric averages of daily rates given in the Fund’s International Financial Statistics (IFS). For the years prior to 1970, these data impute to the SDR a value of US$1.00. For 1986 and 1987, the exchange rate assumptions specified above imply average U.S. dollar/SDR conversion rates of 1.176 and 1.219, respectively.

    Classification of Countries

    The classification scheme used in the preparation of this survey is as follows.

    Industrial countries comprise:

    AustraliaIcelandNorway
    AustriaIrelandSpain
    BelgiumItalySweden
    CanadaJapanSwitzerland
    DenmarkLuxembourgUnited Kingdom
    FinlandNetherlandsUnited States
    FranceNew Zealand
    Germany, Fed. Rep. of

    The seven largest countries in this group in terms of gross national product (GNP)—Canada, the United States, Japan, France, the Federal Republic of Germany, Italy, and the United Kingdom—are collectively referred to as the major industrial countries.

    The developing countries include all other Fund members (as of January 1, 1986), together with certain essentially autonomous dependent territories for which adequate statistics are available.1 The regional breakdowns of data for developing countries conform to the regional classification used in the Fund’s International Financial Statistics (IFS). It should be noted that, in this classification, Egypt and Libyan Arab Jamahiriya are classified as part of the Middle East, not Africa.

    The analytical groupings in this classification are (1) countries grouped by predominant export; (2) countries grouped by financial criteria; (3) countries grouped by other criteria; and (4) countries grouped by the former classification criteria. At present, the financial criteria first distinguish among capital exporting and capital importing countries. Countries in the latter, much larger group are then distinguished on the basis of two additional financial criteria: by predominant type of creditor and by the degree of debt-servicing difficulties faced by countries. The country groups shown under the heading of “by miscellaneous criteria” include capital importing fuel exporters; 15 heavily indebted countries: small low-income countries; and sub-Saharan Africa (excluding Nigeria and South Africa). The accompanying table presents a breakdown of these analytical groupings according to the proportion of developing country gross domestic product (GDP), exports of goods and services, and level of indebtedness. Further details on the classification scheme are given below.

    The first analytical criterion used to group developing countries is by predominant export category. Four categories are distinguished: fuel (Standard International Trade Classification–SITC 3): other primary commodities (SITC 0,1,2, 4, and diamonds and gem-stones); manufactures (SITC 5 to 8, less diamonds and gemstones); and “services and remittances.” On the basis of data for 1980, countries are assigned to the commodity grouping that accounts for 50 percent or more of their exports. Specifically, countries are assigned to the “services and remittances” category if their receipts on these transactions account for at least half of their exports of goods and services. If countries do not meet this criterion, they are assigned to the trade category (of the three listed above) that accounts for at least half of their total merchandise exports.2

    Given these definitions, the fuel exporters comprise:

    AlgeriaIraqSaudi Arabia
    BahrainKuwaitSyrian Arab Rep.
    CongoLibyan Arab

    Jamahiriya
    Trinidad and

    Tobago
    Ecuador
    GabonMexicoTunisia
    IndonesiaNigeriaUnited Arab

    Emirates
    Iran, IslamicOman
    Rep. ofQatarVenezuela

    The primary product exporters, that is, countries whose exports of agricultural and mineral primary products other than fuel accounted for over 50 percent of their total exports in 1980, comprise:

    AfghanistanGambia, ThePeru
    ArgentinaGhanaPhilippines
    BangladeshGuatemalaRwanda
    BelizeGuineaSão Tomé and
    BeninGuinea-BissauPrincipe
    BhutanGuyanaSenegal
    BoliviaHaitiSierra Leone
    BotswanaHondurasSolomon Islands
    BrazilJamaicaSomalia
    BurmaKenyaSouth Africa
    BurundiLao People’sSri Lanka
    CameroonDem. Rep.St. Christopher
    Central AfricanLiberiaand Nevis
    Rep.MadagascarSudan
    ChadMalawiSuriname
    ChileMalaysiaSwaziland
    ColombiaMaliTanzania
    ComorosMauritaniaThailand
    Costa RicaMauritiusTogo
    Côte d’IvoireMoroccoTurkey
    DjiboutiMozambiqueUganda
    Dominican Rep.NicaraguaUruguay
    El SalvadorNigerViet Nam
    EquatorialPapua NewZaïre
    GuineaGuineaZambia
    EthiopiaParaguayZimbabwe
    Fiji

    A further distinction is made among the “primary product exporters” on the basis of whether countries’ exports of primary commodities (other than fuel) consisted primarily of agricultural (SITC 0 and 1) or mineral (SITC 2 and 4 and diamonds and gemstones) commodities. The mineral exporters comprise:

    BoliviaLiberiaSouth Africa
    BotswanaMauritaniaSuriname
    ChileMoroccoTogo
    GuineaNigerZaïre
    GuyanaPeruZambia
    JamaicaSierra LeoneZimbabwe

    The agricultural exporters are those non-fuel primary product exporters that are not also mineral exporters.

    The exporters of manufactures (i.e., those countries or areas whose exports of manufactures accounted in 1980 for over 50 percent of total exports) include:

    ChinaIndiaRomania
    Hong KongIsraelSingapore
    HungaryKoreaYugoslavia

    The service and remittance countries, that is, those countries whose receipts from services (such as tourism) and private transfers (such as workers’ remittances) amount to at least 50 percent of their exports of goods and services, comprise:

    Antigua andJordanPanama
    BarbudaKampuchea,Portugal
    Bahamas, TheDemocraticSeychelles
    BarbadosLebanonSt. Lucia
    Burkina FasoLesothoSt. Vincent
    Cape VerdeMaldivesTonga
    CyprusMaltaVanuatu
    DominicaNepalWestern Samoa
    EgyptNetherlandsYemen Arab Rep
    GreeceAntillesYemen, People’s
    GrenadaPakistanDem. Rep. of

    The primary product exporters, exporters of manufactures, and service and remittance countries taken together are referred to as the “non-fuel exporters.”

    A second set of analytical groupings of developing countries is based on financial criteria. A first distinction is made between those developing countries that have traditionally been capital exporters and those that have traditionally been capital importers. At present, capital exporters are defined as those developing countries that, on average, recorded a current account surplus during the period 1979–81 and were aid donors over the same period. The capital exporting countries comprise:

    Iran, IslamicLibyan ArabSaudi Arabia
    Rep. ofJamahiriyaUnited Arab
    IraqOmanEmirates
    KuwaitQatar

    The capital importing countries comprise all other developing countries.

    Within the group of capital importing developing countries and areas, two types of financial distinction are made. The first distinguishes among countries and areas on the basis of their predominant type of creditor. Market borrowers are defined as those countries that obtained at least two thirds of their external borrowings from 1978 to 1982 from commercial creditors. The group includes:

    AlgeriaCongoKoreaPortugal
    Antigua andCôteMalaysiaSingapore
    Barbudad’IvoireMexicoSouth
    ArgentinaCyprusNigeriaAfrica
    Bahamas,EcuadorPanamaTrinidad
    TheGabonPapua Newand
    BoliviaGreeceGuineaTobago
    BrazilHong KongParaguayUruguay
    ChileHungaryPeruVenezuela
    ColombiaIndonesiaPhilippinesYugoslavia

    Official borrowers comprise those countries, except China and India, that obtained two thirds or more of their external borrowings from 1978 to 1982 from official creditors. The countries are:

    AfghanistanFijiMaliSwaziland
    BahrainGambia,MaltaSyrian Arab
    BangladeshTheMauritaniaRep.
    BhutanGhanaNepalTanzania
    BurkinaGrenadaNetherlandsTogo
    FasoGuatemalaAntillesTonga
    BurmaGuineaNicaraguaUganda
    BurundiGuinea-PakistanViet Nam
    Cape VerdeBissauRwandaWestern
    CentralGuyanaSão ToméSamoa
    AfricanHondurasandYemen
    Rep.JamaicaPrincipeArab Rep.
    ChadJordanSenegalYemen,
    ComorosLaoSeychellesPeople’s
    DjiboutiPeople’sSierraDem.
    DominicaDem.LeoneRep. of
    DominicanRep.SomaliaZaïre
    Rep.LiberiaSt. LuciaZambia
    El SalvadorMadagascarSt. Vincent
    EquatorialMalawiSudan
    GuineaMaldives

    Diversified borrowers comprise those capital importing developing countries that are not market or official borrowers. These countries’ external borrowings in 1978–82 were more or less evenly divided between official and commercial creditors. China and India are included in this group.

    A second financial distinction among capital importing developing countries is based on whether countries have or have not experienced debt-servicing difficulties in the recent past. Countries that have experienced debt-servicing problems are defined as those countries which incurred external payments arrears during 1983 to 1984 or rescheduled their debt during the period from end-1982 to mid-1985 as reported in the relevant issues of the Fund’s Annual Report on Exchange Arrangements and Exchange Restrictions. Countries classified as not having experienced debt-servicing problems are defined as all other capital importing developing countries.

    Several other analytical groups are also used in the report. One of these is the group of capital importing fuel exporters. This group, which is also referred to as the “indebted fuel exporters,” comprises those 12 fuel exporters that are not capital exporters. A second is the group of 15 heavily indebted countries. This group comprises:

    ArgentinaCôte d’IvoirePeru
    BoliviaEcuadorPhilippines
    BrazilMexicoUruguay
    ChileMoroccoVenezuela
    ColombiaNigeriaYugoslavia

    A third is the group of low-income countries, which comprises 43 countries whose per capita GDP, as estimated by the World Bank, did not exceed the equivalent of $410 in 1980. The countries in this group are:

    AfghanistanComorosLaoSâo Tomé
    BangladeshEquatorialPeople’sand
    BeninGuineaDem. Rep.Principe
    BhutanEthiopiaMadagascarSierra
    BurkinaGambia, TheMalawiLeone
    FasoGhanaMaldivesSomalia
    BurmaGuineaMaliSri Lanka
    BurundiGuinea-MauritaniaSudan
    Cape VerdeBissauMozambiqueTanzania
    CentralHaitiNepalTogo
    AfricanIndiaNigerUganda
    Rep.Kampuchea,PakistanViet Nam
    ChadDemocraticRwandaZaïre
    ChinaKenya

    References to the small or smaller low-income countries refer to the above group, less China and India. Reference is also made to sub-Saharan Africa, which comprises all African countries (as defined in IFS) except Algeria, Morocco, Nigeria, South Africa, and Tunisia.

    Finally, in the classification used in Fund publications until recently, the developing countries were divided into two groups—”oil exporting countries”3 and “non-oil developing countries.” The countries included under the heading oil exporting countries were:

    Table A.Developing Countries: Shares of Various Subgroups in Aggregate GDP, Exports of Goods and Services, and Debt Outstanding, 1980(In percent)
    GDPExports of Goods and ServicesDebt1Memorandum: Number of Countries in Each Subgroup
    Developing countries100.0100.0132
    By region
    Africa13.714.216.648
    Asia31.225.123.527
    Europe10.27.612.08
    Middle East17.736.616
    Western Hemisphere27.216.640.633
    By predominant export
    Fuel exporters33.449.620
    Non-fuel exporters66.650.474.9112
    Primary product exporters33.021.645.673
    Agricultural exporters26.214.334.555
    Mineral exporters6.87.311.218
    Exporters of manufactures28.222.820.110
    Service and remittance countries5.45.99.129
    By financial criteria
    Capital exporting countries15.032.48
    Capital importing countries85.067.6100.0124
    Market borrowers50.849.267.834
    Official borrowers7.15.110.760
    Diversified borrowers27.113.321.530
    Countries with recent debt-servicing difficulties43.331.262.261
    Countries without recent debt-servicing difficulties41.736.437.863
    By miscellaneous criteria
    Capital importing fuel exporters18.417.325.112
    Fifteen heavily indebted countries33.321.247.11.5
    Small low-income countries5.62.88.441
    Sub-Saharan Africa24.64.07.343
    By alternative analytical categories
    Oil exporting countries25.043.712
    Non-oil developing countries75.056.386.4120

    In percent of outstanding debt of capital importing developing countries.

    Excluding Nigeria and South Africa.

    AlgeriaKuwaitQatar
    IndonesiaLibyan ArabSaudi Arabia
    Iran, IslamicJamahiriyaUnited Arab
    Rep. ofNigeriaEmirates
    IraqOmanVenezuela

    The remaining countries, grouped under the heading non-oil developing countries, were further disaggregated into subgroupings based primarily on the character of the countries’ economic activity and on the predominant composition of their exports.

    Except where otherwise specifically indicated, the Union of Soviet Socialist Republics and other non-member countries of Eastern Europe, Cuba, and North Korea are excluded from the tables in this report. Also, it has not been possible to include in the tables a number of small countries or territories for which trade and payments data are not available.

    Tables

    Output and Employment

    Table A1.World Output, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    World4.44.53.32.01.60.52.64.43.12.83.1
    Industrial countries3.54.23.41.21.4–0.42.64.83.02.73.1
    United States2.75.32.5–0.21.9–2.53.66.42.72.73.5
    Other industrial countries4.33.63.92.11.10.82.03.63.22.62.7
    Of which,
    Japan6.55.25.34.33.73.13.25.14.52.62.9
    Germany, Fed. Rep. of.1.73.34.01.5–1.01.53.32.53.03.0
    Developing countries6.25.14.33.51.21.61.44.13.22.72.9
    Median growth rates5.25.74.93.73.21.41.32.82.53.03.0
    By region
    Africa5.31.13.23.71.80.8–1.71.72.01.41.3
    Asia5.49.14.45.45.55.07.67.96.04.64.6
    Europe6.05.43.81.52.32.31.13.52.22.32.4
    Middle East9.21.72.3–2.2–1.8–0.10.10.9–1.20.1
    Western Hemisphere6.04.16.15.30.9–1.0–3.13.23.72.73.5
    By analytical criteria
    Fuel exporters8.42.73.71.00.9–0.2–2.01.40.1–1.20.5
    Non-fuel exporters5.46.04.64.52.82.53.15.54.84.43.9
    Market borrowers6.54.66.04.52.20.4–1.03.52.92.52.8
    Official borrowers3.93.62.13.03.32.11.73.21.82.93.4
    Other countries36.24.82.13.01.92.84.23.63.23.43.5

    Real GDP (or GNP) for industrial and developing countries and real net material product (NMP) for other countries. Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GDPs (GNPs or NMPs where applicable) over the preceding three years. Because of the uncertainty surrounding the valuation of the composite NMP of the other countries, they have been assigned—somewhat arbitrarily—a weight of 15 percent in the calculation of the growth of world output. Excluding China prior to 1978.

    Compound annual rates of change.

    The U.S.S.R. and other countries of Eastern Europe that are not members of the Fund.

    Table A2.Industrial Countries: Real GNP and Total Domestic Demand, 1968–871(Annual changes, in percent)
    Fourth Quarter3
    Average

    1968–772
    1978197919801981198219831984198519861987198519861987
    Real GNP
    Canada44.94.63.91.53.7–3.33.15.54.03.33.63.92.73.6
    United States2.75.32.5–0.21.9–2.53.66.42.72.73.52.92.83.6
    Japan6.55.25.34.33.73.13.25.14.52.62.93.92.02.9
    France44.53.83.31.10.51.80.71.51.32.22.22.02.02.3
    Germany, Fed. Rep. of.1.73.34.01.5–1.01.53.32.53.03.02.24.02.1
    Italy43.82.74.93.90.2–0.5–0.22.82.32.82.52.32.92.5
    United Kingdom52.33.82.6–2.6–1.61.83.32.83.32.42.52.82.32.6
    Other industrial countries4.02.13.12.10.40.31.73.33.02.52.22.42.42.0
    All industrial countries3.54.23.41.21.4–0.42.64.53.02.73.12.92.73.0
    Of which,
    Seven major countries above3.44.63.41.11.6–0.62.85.03.02.73.23.02.73.1
    European countries3.73.03.41.4–0.10.51.62.62.42.62.42.32.82.2
    Real total domestic demand
    Canada5.12.55.11.94.8–6.43.74.24.63.12.25.61.23.4
    United States2.74.91.5–1.82.2–1.95.18.33.43.43.33.92.93.4
    Japan6.26.06.50.82.12.81.83.83.64.24.43.94.34.2
    France4.43.84.12.1–0.54.1–0.50.72.03.32.72.92.83.0
    Germany, Fed. Rep. of3.83.65.51.1–2.6–2.02.02.21.54.23.72.95.12.4
    Italy3.42.05.77.0–2.2–0.3–1.13.32.43.93.71.85.03.2
    United Kingdom1.74.33.8–3.3–1.72.34.52.52.23.03.22.12.63.0
    Other industrial countries3.81.63.42.0–1.30.30.52.72.73.12.52.83.12.2
    All industrial countries3.44.13.60.20.6–0.22.85.13.03.63.43.53.33.2
    Of which,
    Seven major countries above3.44.53.6–0.10.9–0.33.25.43.13.63.53.63.43.4
    European countries3.52.84.41.6–2.00.71.22.02.23.63.12.73.82.7

    Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

    Compound annual rates of change.

    From fourth quarter of preceding year.

    GDP at market prices.

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

    Table A3.Industrial Countries: Components of Real GNP, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Consumer expenditure
    Canada5.33.42.92.22.3–1.83.03.65.03.22.3
    United States3.54.12.2–0.21.21.34.74.73.53.93.5
    Japan6.15.46.51.41.34.13.22.82.73.04.1
    France4.84.73.41.52.03.41.01.12.53.12.2
    Germany, Fed. Rep. of4.43.93.61.2–0.5–1.31.22.01.84.53.4
    Italy3.83.05.34.30.50.5–0.31.91.93.43.5
    United Kingdom1.85.64.6–0.4–0.40.83.91.82.83.74.0
    Other industrial countries4.12.22.71.0–0.10.90.91.02.73.22.6
    All industrial countries3.94.03.40.80.81.42.93.13.03.63.4
    Of which,
    Seven major countries above3.94.33.50.81.01.53.33.43.13.73.5
    European countries3.93.63.61.20.10.71.31.42.33.73.1
    Public consumption
    Canada5.21.70.62.82.51.40.83.11.91.12.3
    United States0.22.60.81.91.51.91.14.06.82.51.6
    Japan5.25.34.42.84.81.92.92.53.51.5
    France3.74.31.81.82.42.41.41.30.40.50.5
    Germany. Fed. Rep, of3.43.83.32.61.8–0.80.32.42.11.92.7
    Italy3.52.31.72.13.32.62.42.42.52.52.0
    United Kingdom1.82.32.31.30.10.91.81.40.21.00.8
    Other industrial countries4.45.23.02.82.42.02.82.02.61.61.6
    All industrial countries2.23.52.12.22.31.61.72.94.12.21.6
    Of which,
    Seven major countries above1.93.22.02.12.21.61.53.04.32.31.6
    European countries3.53.92.82.22.01.41.61.61.61.41.5
    Gross fixed investment
    Canada4.63.08.310.011.7–10.7–1.90.86.12.33.4
    United States3.69.83.7–7.91.1–9.68.216.17.71.63.0
    Japan7.48.55.33.10.8–0.34.65.46.76.2
    France4.01.53.73.2–1.10.8–2.3–1.33.15.05.6
    Germany, Fed. Rep, of2.34.67.32.7–4.8–5.33.20.8–0.33.15.5
    Italy1.8–0.15.89.40.6–5.2–3.86.24.14.24.5
    United Kingdom1.13.52.5–5.2–8.85.85.27.90.92.12.7
    Other industrial countries3.1–0.20.42.1–2.2–2.4–1.02.03.64.83.3
    All industrial countries3.55.94.0–1.6–0.2–4.53.28.45.33.34.0
    Of which,
    Seven major countries above3.66.94.7–2.20.2–4.93.99.45.53.04.1
    European countries2.61.83.62.2–3.9–1.60.92.72.04.34.3
    Final domestic demand
    Canada5.13.03.54.04.5–3.41.52.94.62.62.5
    United States2.84.72.2–1.21.2–0.44.56.34.83.23.1
    Japan6.46.45.91.12.22.82.13.33.54.24.5
    France4.43.93.31.91.42.70.30.62.33.12.7
    Germany. Fed. Rep. of3.74.04.41.8–1.0–2.11.51.81.43.73.7
    Italy3.32.34.84.91.0–0.3–0.52.72.43.43.5
    United Kingdom1.74.53.7–0.9–1.81.63.62.81.92.93.1
    Other industrial countries3.92.22.21.70.10.20.71.32.73.22.6
    All industrial countries3.44.23.30.60.90.32.63.93.63.43.3
    Of which,
    Seven major countries above3.44.63.50.51.00.32.94.33.83.43.4
    European countries3.53.33.51.7–0.40.31.21.62.03.43.1
    Stock building3
    Canada–0.51.5–2.00.3–3.02.11.20.5–0.3
    United States0.3–0.7–0.71.0–1.50.62.0–1.40.20.3
    Japan–0.2–0.40.6–0.3–0.1–0.1–0.40.50.1–0.1
    France–0.1–0.10.80.2–1.81.4–0.80.1–0.30.10.1
    Germany, Fed. Rep. of0.1–0.41.2–0.8–1.70.10.50.40.10.5
    Italy–0.30.82.1–3.1–0.60.60.40.3
    United Kingdom–0.20.1–2.30.10.60.8–0.40.30.10.1
    Other industrial countries–0.61.20.3–1.3–0.31.4
    All industrial countries–0.10.3–0.4–0.3–0.50.21.2–0.60.20.1
    Of which,
    Seven major countries above0.1–0.5–0.1–0.60.31.1–0.70.20.1
    European countries0.1–0.41.0–0.1–1.60.40.30.20.30.1
    Foreign balance3
    Canada–0.21.6–1.2–0.6–1.03.21.0–0.20.11.4
    United States–0.10.31.01.7–0.2–0.7–1.5–1.9–0.7–0.90.1
    Japan0.4–0.9–1.43.41.50.31.51.30.8–1.5–1.4
    France0.10.1–0.7–1.10.9–2.21.20.8–0.7–1.1–0.6
    Germany, Fed. Rep, of–0.1–0.3–1.60.42.71.0–0.41.11.1–1.0–0.5
    Italy0.40.8–0.5–2.82.3–0.20.9–0.3–1.0–1.2
    United Kingdom0.5–0.5–1.60.91.4–0.9–0.8–0.50.4–0.6–0.6
    Other industrial countries1.0–0.50.21.90.21.30.50.3–0.4–0.3
    All industrial countries0.2–0.31.00.9–0.2–0.1–0.4–0.9–0.3
    Of which,
    Seven major countries above0.1–0.21.20.7–0.3–0.4–0.5–0.1–0.9–0.3
    European countries0.10.3–1.00.21.9–0.30.50.50.3–0.9–0.6

    Composites for country groups are averages of percentage changes in real terms for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

    Compound annual rates of change.

    Changes expressed as a percentage of GNP in the preceding period.

    Table A4.Industrial Countries: Employment and Unemployment, 1968–871(In percent)
    Average 1968–771978197919801981198219831984198519861987
    Growth in employment2
    Canada2.63.54.13.02.8–3.30.82.52.83.01.8
    United States2.24.42.90.51.1–0.91.34.12.02.42.5
    Japan0.81.21.31.00.81.01.70.60.70.60.6
    France1.00.40.1–0.60.1–0.4–0.9–0.30.20.5
    Germany, Fed. Rep. of0.51.11.81.5–0.6–1.9–1.70.10.81.31.0
    Italy1.30.41.01.40.3–0.20.30.40.50.70.6
    United Kingdom–0.10.91.1–1.8–3.7–2.0–0.91.30.40.4
    Other industrial countries0.80.70.2–0.8–0.8–0.90.30.91.11.0
    All industrial countries1.42.31.90.60.2-0.70.41.91.41.61.5
    Of which,
    Seven major countries above1.52.72.10.70.3–0.70.62.21.41.71.6
    European countries0.60.50.90.3–1.1–1.0–0.8–0.20.60.80.7
    Unemployment rates3
    Canada6.08.37.47.57.511.111.911.310.59.79.6
    United States5.76.15.97.27.69.79.67.57.26.96.5
    Japan1.52.22.12.02.22.42.62.72.62.83.0
    France3.35.56.26.67.78.48.610.010.410.710.7
    Germany, Fed. Rep. of1.93.83.33.44.96.88.28.18.27.97.5
    Italy46.17.27.77.68.49.19.910.410.611.211.3
    United Kingdom3.35.75.46.510.111.511.912.411.311.611.5
    Other industrial countries2.65.55.96.7I 19.611.011.711.711.411.2
    All industrial countries3.75.25.15.86.88.28.78.28.18.07.8
    Of which,
    Seven major countries above4.05.15.05.66.58.08.37.67.47.47.2
    European countries3.35.45.66.28.09.310.210.810.810.910.7

    The figures in the table are not comparable among countries since they are based on the differing labor force definitions and concepts used by the respective national statistical agencies.

    Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

    National unemployment rates weighted by labor force in the respective countries.

    Figures for 1968 to 1977 have been adjusted by the staff to allow for a discontinuity in Italian labor force statistics.

    Table A5.Developing Countries: Real GDP, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries6.25.14.33.51.21.61.44.13.22.72.9
    Median growth rates5.25.74.93.73.21.41.32.82.53.03.0
    By region
    Africa5.31.13.23.71.80.8–1.71.72.01.41.3
    Asia5.49.14.45.45.55.07.67.96.04.64.6
    Europe6.05.43.81.52.32.31.13.52.22.32.4
    Middle East9.21.72.3–2.2–1.8–0.10.10.9–1.20.1
    Western Hemisphere6.04.16.15.30.9–1.0–3.13.23.72.73.5
    By predominant export
    Fuel exporters8.42.73.71.00.9–0.2–2.01.40.1–1.20.5
    Non-fuel exporters5.46.04.64.52.82.53.15.54.84.43.9
    Primary product exporters5.43.54.64.21.10.3–0.43.63.54.33.5
    Agricultural exporters6.03.84.84.10.50.90.13.64.14.74.0
    Mineral exporters3.32.33.84.93.8–2.4–2.53.90.82.40.6
    Exporters of manufactures5.79.24.34.64.85.07.48.26.45.05.0
    Service and remittance countries4.65.95.75.72.53.22.63.34.02.61.8
    By financial criteria
    Capital exporting countries10.20.71.4–4.1–3.2–0.9–0.60.6–1.7–0.4–0.2
    Capital importing countries5.75.74.84.63.12.01.74.84.13.23.4
    Market borrowers6.54.66.04.52.20.4–1.03.52.92.52.8
    Official borrowers3.93.62.13.03.32.11.73.21.82.93.4
    Diversified borrowers4.98.23.25.34.65.27.17.77.04.54.5
    Countries with recent debt-servicing problems5.63.55.44.51.2–0.1–2.52.62.92.32.9
    Countries without debt-servicing problems5.88.04.14.84.94.26.16.95.34.03.8
    By miscellaneous criteria
    Capital importing fuel exporters7.14.35.55.24.20.4–3.12.01.5–1.81.1
    Fifteen heavily indebted countries6.43.46.14.80.7–0.5–3.52.13.32.53.5
    Small low-income countries3.73.62.83.02.82.22.44.14.14.94.2
    Sub-Saharan Africa33.71.92.12.92.20.60.12.32.62.83.3
    By alternative analytical categories
    Oil exporting countries9.21.42.4–1.1–1.2–0.2–1.20.8–0.3–0.5–0.2
    Non-oil developing countries5.56.14.94.83.22.22.25.24.43.73.8
    Net oil exporters6.06.07.77.36.71.0–2.73.92.1–1.52.6
    Net oil importers5.46.14.54.42.72.43.25.54.84.54.1

    Except where otherwise indicated, arithmetic averages of country growth rates weighted by the average U.S. dollar value of GDPs over the preceding three years. Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A6.Developing Countries: Per Capita Real GDP, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries3.62.21.81.1–0.3–1.1–1.01.81.10.30.6
    By region
    Africa2.6–1.50.50.8–1.3–2.4–4.9–1.5–0.9–1.4–1.5
    Asia2.96.82.13.53.72.95.66.04.32.62.6
    Europe4.84.12.70.51.31.40.22.61.21.21.3
    Middle East4.6–2.4–1.6–5.9–5.6–4.2–3.0–2.5–3.9–3.2–2.9
    Western Hemisphere3.61.13.73.0–1.2–3.3–5.30.81.50.51.2
    By predominant export
    Fuel exporters4.6–1.70.3–2.2–2.5–3.6–4.8–2.0–2.6–4.1–2.5
    Non-fuel exporters3.24.02.42.50.90.41.03.52.92.41.9
    Primary product exporters3.01.42.31.9–1.2–2.2–2.81.31.32.01.2
    Agricultural exporters3.51.72.51.7–1.81.4–2.21.41.82.41.6
    Mineral exporters0.9–0.11.32.51.3–5.2–5.50.8–1.6–1.6
    Exporters of manufactures3.77.32.33.13.43.45.96.75.03.33.1
    Service and remittance countries2.84.23.83.71.01.81.11.73.11.50.7
    By financial criteria
    Capital exporting countries5.0–3.8–2.9–7.8–7.2–5.4–3.9–3.2–4.5–3.5–3.2
    Capital importing countries3.43.22.52.51.0–0.3–0.52.62.00.91.2
    Market borrowers4.21.83.62.3–1.9–3.31.10.80.30.6
    Official borrowers1.10.9–0.60.20.5–0.9–1.20.3–1.1–0.30.2
    Diversified borrowers2.66.21.43.42.83.25.45.95.22.52.4
    Countries with recent debt-servicing problems3.30.83.12.2–1.0–2.5–4.80.20.70.10.7
    Countries without debt-servicing problems3.55.81.92.83.12.24.14.93.41.81.7
    By miscellaneous criteria
    Capital importing fuel exporters4.20.22.82.31.3–2.3–5.5–0.9–1.2–4.5–1.8
    Fifteen heavily indebted countries3.90.63.72.6–1.5–2.8–5.6–0.21.10.31.2
    Small low-income countries1.01.00.2–0.1–0.8–0.61.31.62.41.7
    Sub-Saharan Africa30.8–0.7–0.9–0.2–1.0–2.7–3.2–0.90.30.61.1
    By alternative analytical categories
    Oil exporting countries5.0–2.4–1.2–4.5–4.8–4.0–4.2–2.6–3.1–3.5–3.2
    Non-oil developing countries3.23.72.72.81.30.13.22.51.51.7
    Net oil exporters3.21.15.04.64.0–1.6–4.91.4–0.2–3.80.1
    Net oil importers3.24.12.32.50.80.31.13.53.02.52.0

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A7.Developing Countries: Gross Capital Formation, 1978–861(In percent of GDP)
    197819791980198119821983198419851986
    Developing countries28.026.626.626.325.124.023.422.822.8
    By region
    Africa27.925.025.828.524.922.420.819.520.2
    Asia29.429.728.927.627.327.227.127.026.2
    Europe32.331.630.329.127.724.924.023.723.9
    Middle East27.524.025.126.326.530.328.326.326.3
    Western Hemisphere25.023.023.422.820.917.317.517.217.8
    By predominant export
    Fuel exporters28.725.025.727.225.525.624.523.523.9
    Non-fuel exporters27.727.226.925.924.923.222.922.522.3
    Primary product exporters22.921.922.922.821.318.918.017.418.0
    Agricultural exporters23.321.922.521.621.018.717.517.318.0
    Mineral exporters21.522.024.627.622.219.720.117.818.0
    Exporters of manufactures33.533.231.229.128.728.028.728.827.9
    Service and remittance countries27.128.528.327.726.523.421.320.419.5
    By financial criteria
    Capital exporting countries27.222.424.526.126.431.429.527.828.1
    Capital importing countries28.127.126.926.424.922.822.522.122.0
    Market borrowers28.227.026.926.924.721.520.719.820.1
    Official borrowers19.119.019.118.918.016.816.617.518.0
    Diversified borrowers29.829.128.426.926.726.727.227.626.5
    Countries with recent debt-servicing problems27.225.625.525.522.819.218.417.818.2
    Countries without debt-servicing problems29.028.628.227.227.026.526.426.225.6
    By miscellaneous criteria
    Capital importing fuel exporters29.726.926.628.024.821.620.920.520.9
    Fifteen heavily indebted countries27.024.924.724.622.318.117.416.917.4
    Small low-income countries17.116.817.116.516.115.015.115.716.7
    Sub-Saharan Africa221.119.319.920.719.917.716.716.918.9
    By alternative analytical categories
    Oil exporting countries30.024.624.926.726.427.225.224.124.7
    Non-oil developing countries27.427.127.126.224.723.022.822.522.3
    Net oil exporters24.626.227.628.824.522.322.721.921.7
    Net oil importers27.927.327.025.824.723.122.922.622.4
    Memorandum
    Median estimates
    Developing countries25.425.625.525.524.321.920.819.920.0
    By region
    Africa25.625.423.525.622.719.819.319.719.5
    Asia24.227.328.927.525.224.822.120.720.8
    Europe33.932.332.631.031.627.124.823.423.6
    Middle East27.225.923.723.427.025.723.820.924.5
    Western Hemisphere24.025.125.523.221.219.919.018.518.6

    Except where otherwise indicated, arithmetic averages of country ratios weighted by the average U.S. dollar value of GDPs over the preceding three years.

    Excluding Nigeria and South Africa.

    Inflation

    Table A8.Inflation, 1968–871(In percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Industrial countries37.47.58.19.38.87.24.44.23.83.33.1
    United States6.57.38.89.19.66.53.83.93.42.83.4
    Other industrial countries38.27.77.69.48.37.75.64.44.23.72.9
    Of which,
    Japan8.34.83.03.83.21.90.81.31.71.81.2
    Germany, Fed. Rep. of5.34.34.04.84.04.43.21.62.22.81.6
    Developing countries415.218.721.527.126.124.433.037.939.628.416.2
    Median inflation rates8.59.911.614.613.310.49.410.08.79.07.0
    By region4
    Africa10.216.916.716.422.011.419.320.013.112.613.8
    Asia8.84.08.013.110.66.36.67.27.45.85.6
    Europe10.019.825.937.924.123.723.128.028.627.121.5
    Middle East9.812.611.716.815.212.712.314.711.711.211.1
    Western Hemisphere27.941.946.554.259.066.4102.7123.4145.786.532.2
    By analytical criteria4
    Fuel exporters10.812.412.115.516.117.825.019.813.119.718.6
    Non-fuel exporters17.121.425.732.330.927.837.348.054.432.615.1
    Market borrowers20.828.231.836.438.838.756.066.870.846.822.2
    Official borrowers10.513.719.422.229.914.022.618.323.724.117.4

    As measured by changes in GNP deflators for industrial countries and changes in consumer prices for developing countries.

    Compound annual rates of change.

    Averages of percentage changes in GNP deflators for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

    Percentage changes of geometric averages of indices of consumer prices for individual countries weighted by the average U.S. dollar value of their respective GDPs over the preceding three years. Excluding China prior to 1978.

    Table A9.Industrial Countries: GNP Deflators and Consumer Prices, 1968–871(Annual changes, in percent)
    Fourth Quarter3
    Average

    1968–772
    1978197919801981198219831984198519861987198519861987
    GNP deflator
    Canada46.96.010.010.610.88.94.93.63.42.93.53.93.23.2
    United States6.57.38.89.19.66.53.83.93.42.83.43.32.83.5
    Japan8.34.83.03.83.21.90.81.31.71.81.21.71.61.5
    France47.99.510.412.211.912.69.57.25.84.53.46.53.43.1
    Germany, Fed. Rep. of5.34.34.04.84.04.43.21.62.22.81.62.42.32.2
    Italy410.913.915.920.718.317.814.910.88.89.15.49.28.55.0
    United Kingdom411.011.214.519.811.77.45.03.96.13.83.77.43.53.9
    Other industrial countries8.69.17.79.19.39.77.26.65.44.64.35.43.95.1
    All industrial countries7.47.58.19.38.87.24.94.23.83.33.14.03.13.3
    Of which,
    Seven major countries above7.37.38.29.38.76.84.53.83.63.11.03.82.93.0
    European countries8.28.79.011.19.89.47.25.65.24.43.45.53.83.6
    Consumer prices
    Canada6.48.99.210.212.510.85.84.34.04.24.04.24.43.6
    United States6.17.611.313.510.46.13.24.33.52.03.53.51.64.0
    Japan9.33.83.68.04.92.71.92.22.10.50.51.9–0.31.3
    France8.09.110.813.613.411.89.67.45.82.72.74.82.62.0
    Germany, Fed. Rep. of4.82.74.15.46.35.33.32.52.2–0.21.51.8–0.52.5
    Italy9.812.114.821.218.716.314.610.89.26.04.88.95.05.2
    United Kingdom11.38.313.418.011.98.64.64.96.13.43.85.53.34.0
    Other industrial countries8.18.57.810.210.34.67.66.35.74.24.05.83.25.2
    All industrial countries7.27.29.011.89.97.34.94.74.02.23.03.91.73.5
    Of which,
    Seven major countries above7.16.99.312.19.96.94.44.43.82.02.83.61.53.2
    European countries7.87.58.811.711.19.57.26.15.32.73.14.82.23.6

    Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

    Compound annual rates of change.

    From fourth quarter of preceding year.

    GDP at market prices.

    Table A10.Industrial Countries: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Hourly earnings
    Canada9.97.18.810.112.011.74.34.93.92.84.0
    United States7.98.29.711.79.68.53.13.65.13.44.8
    Japan17.25.35.97.15.85.53.33.64.53.82.9
    France14.213.314.814.115.718.212.68.86.24.73.8
    Germany, Fed. Rep. of11.07.06.68.86.95.83.73.24.25.13.6
    Italy18.215.519.118.428.621.418.99.88.68.06.5
    United Kingdom14.614.915.820.514.59.98.27.78.87.56.5
    Other industrial countries13.411.610.310.910.99.69.96.66.56.45.8
    All industrial countries11.29.310.011.510.79.66.04.95.54.44.6
    Of which,
    Seven major countries above10.88.89.911.610.79.65.44.75.34.14.4
    European countries14.011.712.112.813.211.59.26.86.56.15.0
    Output per manhour
    Canada4.13.42.7–0.50.30.16.811.11.60.61.4
    United States2.61.5–0.12.22.25.74.14.42.23.3
    Japan7.311.36.73.50.20.13.08.54.0–0.51.2
    France6.15.85.01.64.26.44.75.13.93.73.5
    Germany, Fed. Rep, of5.03.04.81.11.81.74.74.34.22.12.0
    Italy5.04.08.43.17.32.53.45.31.23.13.1
    United Kingdom3.71.00.6–1.54.74.76.73.72.61.31.9
    Other industrial countries5.63.25.02.73.03.15.94.83.72.62.3
    All industrial countries4.23.73.01.22.52.45.25.23.81.72.5
    Of which,
    Seven major countries above4.03.82.70.92.42.35.15.33.81.62.6
    European countries5.43.84.71.83.73.75.24.83.32.62.5
    Unit labor costs
    Canada6.03.66.010.611.711.6–2.3–5.62.22.12.4
    United States4.26.69.811.77.26.2–2.5–0.60.61.11.4
    Japan9.2–5.3–0.83.65.55.50.3–4.50.54.31.6
    France7.57.29.312.410.811.27.63.52.21.00.3
    Germany, Fed. Rep. of5.63.91.77.65.04.1–1.0–0.93.01.5
    Italy12.511.19.914.919.718.514.84.37.34.75.4
    United Kingdom10.513.615.122.39.34.91.43.86.06.14.5
    Other industrial countries7.48.35.68.17.76.43.81.72.83.73.4
    All industrial countries6.75.56.910.38.07.00.8–0.31.62.62.0
    Of which,
    Seven major countries above6.65.07.110.68.07.10.3–0.61.42.51.8
    European countries8.27.67.210.99.17.63.91.93.13.42.4

    Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

    Compound annual rates of change.

    Table A11.Developing Countries: Consumer Prices—Weighted Averages, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries15.218.721.527.126.124.433.037.939.628.416.2
    By region
    Africa10.216.916.716.422.011.419.320.013.112.613.8
    Asia8.84.08.013.110.66.36.67.27.45.85.6
    Europe10.019.825.937.924.123.723.128.028.627.121.5
    Middle East9.812.611.716.815.212.712.314.711.711.211.1
    Western Hemisphere27.941.946.554.259.066.4102.7123.4145.786.532.2
    By predominant export
    Fuel exporters10.812.412.115.516.117.825.019.813.119.718.6
    Non-fuel exporters17.121.425.732.330.927.837.348.054.432.615.1
    Primary product exporters23.337.843.651.851.848.069.794.6110.759.820.5
    Agricultural exporters23.341.748.259.059.955.681.9113.7127.267.920.9
    Mineral exporters23.122.325.423.421.520.928.632.049.624.918.5
    Exporters of manufactures8.25.35.615.012.79.910.512.413.59.29.0
    Service and remittance countries9.512.315.118.316.014.715.115.413.814.313.9
    By financial criteria
    Capital exporting countries9.310.78.611.311.78.67.85.83.08.28.2
    Capital importing countries16.019.923.629.628.627.337.944.346.932.117.5
    Market borrowers20.828.231.836.438.838.756.066.870.846.822.2
    Official borrowers10.513.719.422.229.914.022.618.323.724.117.4
    Diversified borrowers7.88.311.320.411.911.211.214.014.89.48.8
    Countries with recent debt-servicing problems20.631.234.439.644.946.370.785.994.962.629.2
    Countries without debt–servicing problems9.99.313.520.414.010.310.511.911.88.27.2
    By miscellaneous criteria
    Capital importing fuel exporters11.713.715.018.719.925.540.131.922.030.027.7
    Fifteen heavily indebted countries25.737.440.847.052.656.187.7111.1123.176.632.2
    Small low-income countries10.515.221.424.235.315.727.720.623.322.516.1
    Sub-Saharan Africa311.822.226.725.633.113.430.422.218.918.013.3
    By alternative analytical categories
    Oil exporting countries10.811.411.113.313.58.69.910.64.88.39.3
    Non-oil developing countries16.420.824.731.430.230.041.848.353.235.518.4
    Net oil exporters10.317.717.724.224.443.970.751.550.652.441.8
    Net oil importers17.521.325.832.531.127.737.047.853.732.814.8

    Geometric averages of country indices weighted by the average U.S. dollar value of GDPs over the preceding three years. Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A12.Developing Countries: Consumer Prices–Median Estimates, 1968–87(Annual changes, in percent)
    Average 1968–771978197919801981198219831984198519861987
    Developing countries8.59.911.614.613.310.49.410.08.79.07.0
    By region
    Africa8.410.311.912.913.712.910.911.410.410.08.3
    Asia6.95.97.513.912.57.68.17.25.35.55.3
    Europe8.09.914.316.215.719.013.813.413.08.89.0
    Middle East9.110.710.610.58.99.25.67.54.79.25.0
    Western Hemisphere9.810.414.918.114.79.28.811.915.013.012.0
    By predominant export
    Fuel exporters8.710.710.311.213.310.78.49.25.98.26.0
    Non-fuel exporters8.49.412.215.013.310.49.710.110.010.07.3
    Primary product exporters8.610.112.216.414.212.311.412.013.011.510.0
    Agricultural exporters8.510.012.117.112.712.511.311.912.610.08.0
    Mineral exporters8.210.212.813.815.711.913.718.117.015.015.5
    Exporters of manufactures6.85.39.413.313.47.66.35.64.53.94.2
    Service and remittance countries8.58.213.114.911.76.75.95.64.95.35.0
    By financial criteria
    Capital exporting countries9.410.69.910.08.37.43.71.21.75.54.0
    Capital importing countries8.59.712.014.713.810.49.710.410.010.07.3
    Market borrowers9.710.615.317.715.010.011.112.59.39.78.5
    Official borrowers8.69.112.014.712.79.79.710.710.010.08.0
    Diversified borrowers7.79.210.113.512.811.57.88.48.86.86.0
    Countries with recent debt–servicing problems8.810.213.118.115.012.313.112.815.015.015.0
    Countries without debt–servicing problems8.28.711.013.512.59.57.67.27.06.85.8
    By miscellaneous criteria
    Capital importing fuel exporters8.210.710.612.514.712.59.711.57.89.77.5
    Fifteen heavily indebted countries14.017.519.826.426.319.040.950.330.723.020.0
    Small low-income countries8.59.912.213.812.712.511.511.110.39.08.0
    Sub-Saharan Africa18.610.312.513.513.513.111.212.010.310.08.5
    By alternative analytical categories
    Oil exporting countries9.010.610.810.611.77.87.28.64.67.25.0
    Non-oil developing countries8.59.712.014.713.510.69.710.110.010.07.3
    Net oil exporters8.610.79.015.114.616.213.612.98.010.09.0
    Net oil importers8.59.412.214.713.310.39.410.010.09.07.0

    Excluding Nigeria and South Africa.

    Financial Policies

    Table A13.Summary Financial Indicators, 1978–87(In percent)
    1978197919801981198219831984198519861987
    Major industrial countries
    Fiscal balances of central governments1
    Seven major countries–3.2–2.8–3.3–3.6–4.6–5.4–5.0–5.0–4.7–3.7
    Of which,
    United States–2.0–1.1–2.3–2.4–4.1–5.6–4.9–5.1–5.0–3.3
    Japan–5.2–6.1–6.2–5.9–5.9–5.6–5.0–4.4–4.4–4.6
    Germany, Fed. Rep. of–2.1–1.8–1.6–2.1–2.1–2.0–1.8–1.1–0.8–0.8
    Fiscal impulses of central governments2
    Seven major countries0.6–0.3–0.1–0.2–0.3–0.9
    Of which,
    United States0.1–0.80.40.31.60.40.3–0.1–1.6
    Japan0.21.10.1–0.5–0.3–0.5–0.3–0.5–0.4–0.1
    Germany, Fed. Rep. of0.1–0.7–0.8–1.3–0.10.5–0.50.1
    Growth of monetary aggregates3
    Narrow money
    Seven major countries11.09.85.66.46.710.06.98.4
    Of which,
    United States8.27.76.27.16.611.27.09.1
    Japan10.110.72.63.35.83.62.85.06.25.0
    Germany, Fed, Rep. of13.47.52.41.13.610.23.34.77.65.2
    Broad money
    Seven major countries10.710.79.410.19.510.57.98.98.28.3
    Of which,
    United States8.58.38.09.49.312.58.09.18.09.0
    Japan11.711.99.28.99.27.47.88.48.47.5
    Germany. Fed. Rep. of10.68.95.36.46.56.63.94.95.65.8
    Interest rates
    Six-month Eurodollars49.111.914.016.713.69.911.33.66.86.5
    Developing countries
    Fiscal balances of central governments1
    Weighted averages–3.4–2.2–1.4–3.5–4.8–5.1–4.3–4.3–5.1
    Medians–3.9–3.4–4.6–5.9–6.6–6.9–5.0–4.7–4.6
    Growth of monetary aggregates5
    Weighted averages28.933.935.736.234.538.348.847.531.3
    Medians19.317.420.919.418.516.915.914.712.5

    In percent of GNP/GDP.

    For definition of fiscal impulses, see World Economic Outlook April 1986, Supplementary Note 1. See also footnotes to Table A16. It should be noted that estimates for the industrial and developing countries are not necessarily comparable, in part because of the exclusion of the so–called monetary correction from the estimates for some of the high–inflation developing countries.

    For definitions of monetary aggregates, see footnotes 3 and 4 to Table A14.

    London interbank offered rate on six–month U.S. dollar deposits.

    Money and quasi–money. For method of calculation, see Table A18.

    Table A14.Major Industrial Countries: Monetary Aggregates, 1978–861(Annual changes, in percent)
    Fourth Quarter2
    19781979198019811982198319841985198419851986
    Narrow money (M1)3
    Canada10.17.06.33.70.110.3.44.10.39.37.7
    United States8.27.76.27.16.611.27.09.15.411.9
    Japan10.110.72.63.35.83.62.85.06.93.07.0
    France10.913.67.711.811.110.311.47.810.86.18.6
    Germany, Fed. Rep. of13.47.52.41.13.610.23.34.75.75.35.5
    Italy23.624.216.110.911.815.112.313.712.410.48.5
    United Kingdom19.912.24.410.78.612.814.716.718.718.022.0
    Seven major countries above11.09.85.66.46.710.06.98.47.29.6
    Four major European countries above15.512.76.47.68.111.79.79.911.39.310.5
    Broad money4
    Canada11.115.718.915.19.25.74.49.47.210.54.8
    United States8.58.38.09.49.312.58.09.18.08.79.0
    Japan11.711.99.28.99.27.47.88.47.88.78.0
    France10.713.710.711.811.510.010.37.39.45.55.0
    Germany, Fed. Rep. of10.68.95.36.46.56.63.94.94.75.16.0
    Italy22.321.014.410.712.316.512.313.912.111.17.5
    United Kingdom14.712.615.217.311.710.59.212.99.515.217.3
    Seven major countries above10.710.79.410.19.510.57.98.98.08.78.5
    Four major European countries above13.312.810.110.810.010.18.39.08.38.68.6

    Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

    From fourth quarter of preceding year.

    M1 is generally currency in circulation plus private demand deposits. In addition. Canada excludes private sector float; the United States includes traveler’s checks of nonbank issues and other checkable deposits and excludes private sector float and demand deposits of banks; the Federal Republic of Germany includes demand deposits at fixed interest rates; and Japan includes govemment demand deposits and excludes float.

    M1 plus quasi-money—generally “M2,” except for the United Kingdom, Japan, and the Federal Republic of Germany, for which the data are based on sterling M3, M2 + CD, and M3, 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. France also includes government savings bonds. Sterling M3 is M1 plus private sterling time deposits. For Japan, M2 + CD is currency in circulation plus total private and public sector deposits and installments of Sogo Banks plus certificates of deposit. For the Federal Republic of Germany, M3 is M1 plus private lime deposits with maturities of less than four years plus savings deposits at statutory notice.

    Table A15.Major Industrial Countries: Interest Rates, 1978–August 19861(In percent per annum)
    19781979198019811982198319841985August

    1986
    Short-term interest rates2
    Canada8.511.913.418.314.49.511.39.68.5
    United States8.211.213.115.912.49.110.48.05.9
    Japan5.15.911.07.77.16.76.36.74.8
    France8.19.512.215.414.612.411.79.97.1
    Germany, Fed. Rep. of3.76.67.512.08.85.76.05.44.6
    Italy11.412.017.520.020.018.017.114.911.2
    United Kingdom9.213.616.613.812.310.19.912.29.8
    Seven major countries above7.39.912.714.211.79.29.78.56.3
    Four major European countries above7.29.612.814.612.910.410.29.87.6
    Long-term interest rates3
    Canada9.310.212.515.214.311.812.811.09.0
    United States8.59.311.413.712.911.312.511.07.3
    Japan6.17.78.98.48.37.87.36.54.6
    France9.09.513.015.815.713.612.510.97.5
    Germany, Fed. Rep. of5.77.48.510.49.07.97.86.95.6
    Italy13.714.116.120.620.918.014.913.09.4
    United Kingdom12.513.013.814.712.910.810.710.69.5
    Seven major countries above8.49.411.213.112.310.911.09.87.1
    Four major European countries above9.210.112.014.313.411.710.99.97.7

    Composites for the country groups are averages of interest rates for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

    Interest rate on the following instruments: Canada, three-month Financial paper; United States, 90-day bank certificates of deposit in secondary market; Japan, discount rate on two-month private bills from 1981 (prior to 1981, unconditional call money rate); France, the Federal Republic of Germany, Italy, and the United Kingdom, three-month interbank loan rate.

    Average yield to maturity of central government bonds with terms of 10 years or more for Canada, 20 years for the United States and the United Kingdom, and over the counter sales yields of interest bearing government bonds with maturities of 10 years or more for Japan. Average yield to maturity of National Equipment Bonds of 1965, 1966, and 1967 for France, public authorities bonds with terms of three years or more for the Federal Republic of Germany, and bonds issued by the Consortium of Credit for Public Works with an average maturity of 15 to 20 years for Italy.

    Table A16.Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1978–871(In percent of GNP)
    1978197919801981198219831984198519861987
    Fiscal balance
    (+ surplus, –deficit)
    Canada2–4.5–3.4–3.4–2.1–5.4–6.2–6.9–6.8–5.6–4.3
    United States–2.0–1.1–2.3–2.4–4.1–5.6–4.9–5.1–5.0–3.3
    Japan3–5.2–6.1–6.2–5.9–5.9–5.6–5.0–4.4–4.4–4.6
    France4–1.6–1.5–1.1–2.6–2.8–3.3–3.4–3.3–2.9–2.6
    Germany. Fed. Rep. of–2.1–1.8–1.6–2.1–2.1–2.0–1.8–1.1–0.8–0.8
    Italy5–13.1–10.8–10.8–12.8–15.1–16.4–15.5–16.3–14.3–12.9
    United Kingdom2–3.3–2.2–2.5–2.9–2.7–3.2–3.4–2.4–2.5–2.4
    Seven major countries above–3.2–2.8–3.3–3.6–4.6–5.4–5.0–5.0–4.7–3.7
    Seven major countries except the United States–4.4–4.1–4.1–4.5–5.0–5.3–5.1–4.8–4.4–4.2
    Fiscal impulse
    (+ expansionary, – contractionary)
    Canada21.4–0.4–0.1–1.11.40.61.50.3–0.9–1.0
    United States0.1–0.80.40.31.60.40.3–0.1–1.6
    Japan30.21.10.1–0.5–0.3–0.5–0.3–0.5–0.4–0.1
    France40.90.1–0.81.10.1–0.1–0.3–0.4–0.4
    Germany, Fed. Rep. of0.1–0.7–0.8–1.3–0.10.5–0.50.1
    Italy53.8–1.70.10.70.6–1.00.8–1.8–1.4
    United Kingdom22.1–0.8–1.7–1.5–0.60.80.3–0.50.10.1
    Seven major countries above0.6–0.3–0.1–0.20.70.2–0.3–0.9
    Seven major countries except the United States1.00.1–0.5–0.3–0.30.1–0.3–0.4–0.3

    Composites for the country groups are weighted averages of the individual national ratios for each year, with weights proportionate to the U.S. dollar value of the respective GNPs in the preceding three years.

    Data for Canada and the United Kingdom are on a national income accounts basis.

    Data for Japan cover the consolidated operations of the general account, certain special accounts, social security transactions, and disbursements of the fiscal investment and loan program (FILP) except those to financial institutions. Japanese data other than FILP transactions are based on national income accounts.

    Data for France are on an administrative basis and do not include social security transactions.

    Data for Italy refer to the state sector and cover the transactions of the state budget as well as those of several autonomous entities operating at the state level. They also include the deficit, but not the gross transactions, of social security institutions, and part of that of local authorities.

    Table A17.Major Industrial Countries: General Government Fiscal Balances and Impulses, 1978–871(In percent of GNP)
    1978197919801981198219831984198519861987
    Fiscal balance
    (+ surplus, –deficit)
    Canada–3.2–2.0–2.8–1.5–5.7–6.6–6.6–6.6–5.3–4.7
    United States0.5–1.3–1.0–3.5–3.8–2.9–3.4–3.6–2.0
    Japan–5.5–4.7–4.4–3.5–3.6–3.7–2.2–1.6–1.7–2.0
    France–1.9–0.70.2–1.8–2.7–3.1–2.9–2.6–2.5–2.5
    Germany, Fed. Rep. of–2.4–2.6–2.9–3.7–3.3–2.5–1.9–1.1–0.8–0.8
    Italy–9.7–9.5–8.0–11.9–12.6–11.7–13.0–14.0–12.0–11.1
    United Kingdom–4.4–3.3–3.6–2.8–2.4–3.7–4.2–3.1–2.9–2.9
    Seven major countries above–2.3–1.7–2.5–2.6–3.9–4.1–3.5–3.6–3.4–2.5
    Seven major countries except the United States–4.2–3.6–3.4–3.8–4.3–4.4–4.03.6–3.2–3.0
    Fiscal impulse
    (+ expansionary, –contractionary)
    Canada1.4–0.20.5–0.71.10.91.50.7–0.8–0.2
    United States–0.50.7–0.50.50.60.60.70.1–1.3
    Japan1.7–0.5–0.4–1.2–0.1–0.2–1.2–0.5–0.4–0.1
    France1.4–1.0–1.80.60.3–0.5–0.6–0.8–0.1–0.1
    Germany, Fed. Rep. of0.40.6–0.4–0.9–2.1–0.80.4–0.60.10.2
    Italy1.40.4–1.32.2–1.1–2.41.01.0–1.8–0.9
    United Kingdom1.9–0.7–2.0–2.9–0.91.70.60.6–0.10.3
    Seven major countries above0.7–0.4–0.2–0.6–0.10.10.20.1–0.2–0.7
    Seven major countries except the United States1.3–0.2–0.8–0.6–0.6–0.2–0.1–0.3–0.3–0.1

    Data are on a national income accounts basis. Composites for the country groups are weighted averages of the individual national ratios for each year, with weights proportionate to the U.S. dollar value of the respective GNPs in the preceding three years.

    Table A18.Developing Countries: Broad Money Aggregates, 1978–851(Annual changes, in percent)
    19781979198019811982198319841985
    Developing countries28.933.935.736.234.538.348.847.5
    By region
    Africa15.015.426.319.316.916.718.717.6
    Asia17.725.427.420.222.019.523.018.7
    Europe24.529.835.637.830.119.830.433.1
    Middle East27.027.032.631.420.617.020.713.4
    Western Hemisphere53.361.153.571.273.5104.0141.7156.0
    By predominant export
    Fuel exporters21.923.130.728.424.622.121.619.5
    Non-fuel exporters32.038.737.939.939.747.664.763.2
    Primary product exporters45.451.748.259.857.179.2110.2118.5
    Agricultural exporters49.058.351.168.766.896.7130.2140.7
    Mineral exporters31.126.235.826.523.623.844.341.0
    Exporters of manufactures18.526.728.622.124.121.731.322.4
    Service and remittance countries23.226.728.327.327.021.319.821.3
    By financial criteria
    Capital exporting countries24.523.427.027.914.89.79.56.3
    Capital importing countries29.635.637.137.638.244.056.855.9
    Market borrowers37.542.042.846.547.159.575.980.4
    Official borrowers23.115.320.922.225.124.320.632.5
    Diversified borrowers18.530.432.026.825.921.933.622.5
    Countries with recent debt-servicing problems38.842.143.451.352.369.292.5101.7
    Countries without debt-servicing problems20.729.331.225.125.121.827.721.5
    By miscellaneous criteria
    Capital imparting fuel exporters20.022.933.728.832.832.531.931.3
    Fifteen heavily indebted countries45.151.850.560.861.887.9118.0130.0
    Small low-income countries25.316.623.125.126.726.320.734.4
    Sub-Saharan Africa222.617.721.722.820.620.921.130.7
    By alternative analytical categories
    Oil exporting countries19.420.730.823.914.513.611.610.4
    Non-oil developing countries31.838.137.240.241.847.863.762.1
    Net oil exporters31.233.036.741.756.548.958.754.5
    Net oil importers31.938.837.340.039.347.664.663.5
    Memorandum
    Median estimates
    Developing countries19.317.420.919.418.516.915.914.7
    By region
    Africa18.914.620.419.116.314.516.714.6
    Asia18.021.021.419.120.919.314.912.5
    Europe17.918.622.024.422.115.621.019.1
    Middle East23.121.328.831.519.318.415.210.7
    Western Hemisphere19.316.916.314.814.816.115.820.5

    Except where otherwise indicated, geometric averages of country indices, weighted by the average U.S. dollar value of GDPs over the preceding three years.

    Excluding Nigeria and South Africa.

    Table A19.Developing Countries: Central Government Fiscal Balances, 1978–861(In percent of GDP)
    197819791980198119821983198419851986
    Developing countries–3.4–2.2–1.4–3.5–4.8–5.1–4.3–4.3–5.1
    By region
    Africa–5.6–4.5–3.9–5.6–6.1–7.5–4.9–4.0–4.6
    Asia–2.0–3.6–3.4–3.2–4.3–3.5–3.1–3.5–4.0
    Europe–3.0–3.0–3.5–3.1–2.5–2.2–2.3–3.6–2.2
    Middle East–7.30.24.4–3.2–7.3–9.5–10.6–9.5–11.3
    Western Hemisphere–2.0–0.7–0.6–3.1–4.2–4.1–2.2–2.1–3.5
    By predominant export
    Fuel exporters–4.21.02.9–2.8–6.0–7.2–5.8–6.0–8.9
    Non-fuel exporters–3.0–3.6–3.2–3.8–4.3–4.0–3.6–3.4–3.3
    Primary product exporters–2.9–2.3–2.3–3.7–4.1–3.9–2.9–2.5–2.3
    Agricultural exporters–2.4–1.9–2.1–3.5–3.9–3.3–2.2–1.9–1.7
    Mineral exporters–5.1–4.2–3.2–4.7–5.1–6.5–5.6–5.1–5.4
    Exporters of manufactures–1.8–3.8–3.4–2.5–3.0–2.7–2.7–2.6–2.7
    Service and remittance countries–9.8–10.3–8.3–10.7–12.3–11.4–12.1–13.3–11.8
    By financial criteria
    Capital exporting countries–5.53.68.0–1.0–5.1–8.0–8.6–8.1–10.0
    Capital importing countries–3.1–3.1–2.9–3.9–4.8–4.6–3.6–3.6–4.3
    Market borrowers–2.3–1.1–1.1–3.5–4.5–4.3–2.3–2.5–3.6
    Official borrowers–5.9–6.0–6.7–6.8–8.3–7.2–7.5–8.0–7.6
    Diversified borrowers–3.7–6.0–5.0–3.8–4.6–4.6–5.1–4.7–4.6
    Countries with recent debt servicing problems–3.2–2.3–1.8–4.0–4.7–4.7–2.7–2.9–4.0
    Countries without debt servicing problems–3.0–3.9–4.0–3.7–4.9–4.5–4.5–4.4–4.5
    By miscellaneous criteria
    Capital importing fuel exporters–3.3–1.0–1.3–4.2–6.6–6.6–3.6–4.3–8.0
    Fifteen heavily indebted countries–2.1–0.8–0.8–3.6–4.3–4.4–2.2–1.9–3.2
    Small low-income countries–5.7–6.4–6.1–6.1–7.0–5.9–5.4–6.2–5.3
    Sub-Saharan Africa2–5.8–6.5–6.6–6.7–6.9–5.7–4.5–5.0–4.9
    By alternative analytical categories
    Oil exporting countries–4.42.24.6–1.6–5.2–7.1–5.8–5.5–7.4
    Non-oil developing countries–3.1–3.5–3.2–4.0–4.7–4.5–3.8–3.9–4.3
    Net oil exporters–5.7–4.9–3.9–7.4–9.6–8.7–7.3–8.4–13.6
    Net oil importers–2.7–3.3–3.1–3.5–3.9–3.7–3.2–3.1–2.7
    Memorandum
    Median estimates
    Developing countries–3.9–3.4–4.6–5.9–6.6–6.9–5.0–4.7–4.6
    By region
    Africa–5.7–6.2–6.0–7.0–7.4–8.0–5.7–5.2–4.6
    Asia–2.8–3.2–3.4–4.1–5.8–4.1–3.5–4.0–4.3
    Europe–2.3–2.9–3.1–1.3–1.8–1.6–3.4–2.2–3.0
    Middle East–8.2–0.1–5.6–10.2–9.0–9.2–13.9–10.4–13.2
    Western Hemisphere–2.2–2.6–3.1–5.3–5.8–5.2–5.0–4.0–2.4

    Arithmetic averages of country balances, in percent of GDP, weighted by the average U.S. dollar value of GDPs over the preceding three years.

    Excluding Nigeria and South Africa.

    Foreign Trade

    Table A20.Summary of World Trade Volumes and Prices, 1968–871(Annual changes, in percent)
    Average 1968–7721978197919801981198219831984198519861987
    World trade3
    Volume7.95.46.61.30.5–2.32.88.63.14.33.8
    Unit value (in U.S. dollar terms)9.510.118.620.0–1.0–4.1–4.6–2.3–1.95.15.1
    (in SDR terms)47.82.714.919.19.22.4–1.51.9–1.0–9.31.4
    Volume of trade
    Exports
    Industrial countries8.06.07.34.03.6–2.12.79.64.33.03.1
    Developing countries5.74.25.0–4.1–5.9–8.23.16.70.75.85.2
    Fuel exporters4.7–1.51.8–13.3–15.3–16.6–3.2–3.69.04.4
    Non-fuel exporters7.19.68.59.06.30.78.111.53.44.75.6
    Imports
    Industrial countries8.04.88.8–1.7–2.2–0.64.612.54.87.54.9
    Developing countries9.27.14.78.56.7–4.1–2.71.7–1.1–3.70.7
    Fuel exporters16.73.6–4.413.618.6–1.6–10.5–6.3–11.7–19.0–7.1
    Non-fuel exporters6.69.09.36.41.7–5.41.55.53.42.43.2
    Unit value of trade (in SDR terms)4
    Exports
    Industrial countries6.85.311.612.15.72.7–0.71.50.1–2.03.0
    Developing countries12.8–3.925.837.216.02.1–4.64.2–3.4–24.6–1.3
    Fuel exporters20.3–6.140.161.723.33.6–8.73.1–4.2–45.6–0.4
    Non-fuel exporters7.4–1.813.612.87.60.6–1.15.1–2.9–12.2–1.7
    Imports
    Industrial countries7.52.615.120.87.80.8–2.11.0–0.8–9.21.3
    Developing countries7.43.313.517.412.63.0–0.92.8–1.3–9.91.6
    Fuel exporters6.35.110.512.310.73.00.32.20.2–2.62.3
    Non-fuel exporters7.72.415.119.713.43.0–1.53.1–1.9–12.51.4
    Terms of trade
    Industrial countries–0.62.6–3.0–7.2–2.01.91.50.50.98.01.7
    Developing countries5.0–7.010.916.83.0–0.9–3.81.4–2.2–16.3–2.9
    Fuel exporters13.2–10.726.744.111.40.5–8.90.9–4.4–44.1–2.6
    Non-fuel exporters–0.3–4.1–1.3–5.8–5.1–2.40.51.9–1.10.3–3.0
    Memorandum
    World trade prices (in U.S. dollar terms) for major commodity groups5
    Manufactures8.115.313.510.4–4.7–2.3–3.1–3.31.017.56.5
    Oil22.80.445.963.69.8–4.3–11.4–2.4–4.3–45.73.4
    Non-oil primary commodities10.8–5.517.85.9–13.9–10.17.13.7–12.2–1.5–1.5

    Excluding China prior to 1978 except as indicated in footnote 3.

    Compound annual rates of change.

    Averages based on data for the two groups of countries shown separately below and on partly estimated data for the U.S.S.R. and other nonmember countries of Eastern Europe and, for years prior to 1978, China.

    For years prior to 1970, an imputed value of US$1.00 has been assigned to the SDR.

    As represented, respectively, by the export unit value index for the manufactures of the industrial countries; the oil export unit value of the oil exporting countries (according to the former analytical categories); and the index of market quotations for non-oil primary commodities exported by the developing countries.

    Table A21.Industrial Countries: Merchandise Trade, 1968–87(Changes, in percent)
    Average 1968–7711978197919801981198219831984198519861987
    Total merchandise trade
    Value (in U.S. dollar terms)
    Exports17.219.723.617.4–0.8–5.8–1.26.63.416.910.1
    Imports17.915.329.319.6–4.5–6.1–0.98.93.013.010.2
    Volume
    Exports8.06.07.34.03.6–2.1–2.79.64.33.03.1
    Imports8.04.88.8–1.7–2.2–0.64.612.54.87.54.9
    Unit value (in U.S. dollar terms)
    Exports8.512.915.212.9–4.3–3.8–3.8–2.7–0.913.56.8
    Imports9.210.018.721.7–2.3–5.6–5.2–3.2–1.75.15.0
    Terms of trade–0.62.6–3.0–7.2–2.01.91.50.50.98.01.7
    Non-oil trade
    Value (in U.S. dollar terms)
    Exports17.120.022.316.5–1.3–6.3–1.27.13.120.110.5
    Imports16.319.425.114.1–5.4–3.52.311.74.722.511.4
    Volume
    Exports8.76.07.24.63.72.72.410.13.82.83.6
    Imports8.77.810.72.30.61.66.514.95.97.85.5
    Unit value (in U.S. dollar terms)
    Exports7.713.214.111.4–4.8–3.6–3.5–2.7–0.716.86.7
    Imports6.910.713.011.5–6.1–5.0–3.9–2.8–1.113.65.6
    Terms of trade0.82.21.0–0.11.31.50.40.10.42.91.1
    Memorandum
    Real GNP23.83.63.41.40.7–0.22.13.82.82.62.8
    Apparent income elasticity of non-oil imports32.32.23.21.70.9–8.63.13.92.12.92.0
    Import volume of developing countries9.27.14.78.56.7–4.1–2.71.7–1.1–3.70.7
    Market prices of non-oil primary commodities (in U.S. dollar terms)48.9–2.424.06.5–13.8–8.75.91.4–10.91.30.1
    Unit labor costs in manufacturing (in U.S. dollar terms)7.413.29.410.3–0.8–1.0–3.5–4.9–0.418.64.8

    Compound annual rates of change.

    Averages of changes for individual countries weighted by the average U.S. dollar value of their respective non-oil imports over the preceding three years.

    Ratio of growth in non-oil imports to growth in real GNP.

    Average of individual commodity price indices weighted by the U.S. dollar value of industrial countries’ imports of the respective commodities in 1979–81.

    Table A22.Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Export volumes3
    Canada7.314.34.02.64.9–0.87.418.55.92.95.1
    United States6.610.214.19.8–1.6–10.9–3.97.50.85.511.5
    Japan13.70.70.217.110.6–2.38.716.04.4–3.0–8.2
    France9.86.69.03.54.0–3.83.45.71.71.52.5
    Germany, Fed. Rep. of7.43.65.01.56.52.9–0.29.66.42.43.1
    Italy8.810.87.7–7.85.5–0.53.56.57.53.53.0
    United Kingdom6.80.64.72.2–1.31.70.87.16.82.22.0
    Other industrial countries7.76.08.21.92.21.05.88.75.32.64.4
    All industrial countries8.06.07.34.03.6–2.12.79.64.33.03.1
    Of which,
    Seven major countries above8.16.06.94.84.1–3.11.79.94.03.22.6
    European countries7.85.36.70.93.90.53.17.65.32.83.1
    Import volumes4
    Canada7.69.814.65.110.1–16.29.519.39.33.90.2
    United States9.05.41.6–7.90.6–3.713.024.54.510.23.9
    Japan8.46.711.3–5.0–2.2–0.51.210.80.47.47.9
    France9.86.111.96.2–3.93.4–1.32.74.96.05.7
    Germany, Fed. Rep. of11.17.17.7–0.1–5.01.04.05.54.58.54.8
    Italy5.97.413.22.6–11.13.32.09.18.98.08.0
    United Kingdom4.13.613.0–5.1–4.62.55.611.25.52.75.5
    Other industrial countries7.01.49.30.9–3.41.21.27.25.35.64.6
    All industrial countries8.04.88.8–1.7–2.2–0.64.612.54.87.54.9
    Of which,
    Seven major countries above8.46.28.7–2.6–1.8–1.25.814.24.78.15.0
    European countries7.73.710.60.9–5.21.82.46.55.66.35.3
    Terms of trade3
    Canada0.5–2.58.67.81.7–2.3–0.1–0.5–1.5–3.6–1.5
    United States–1.3–3.0–3.9–13.51.93.03.42.2–0.81.80.1
    Japan–2.415.0–16.1–19.82.50.82.82.44.134.88.4
    France–0.34.1–0.5–6.3–4.71.92.60.92.69.33.9
    Germany, Fed. Rep. of2.84.0–5.4–6.3–6.73.71.6–2.21.414.20.5
    Italy–2.12.1–1.8–6.2–10.56.84.6–1.51.115.21.5
    United Kingdom–2.15.83.93.70.5–1.7–1.0–0.92.2–3.81.8
    Other industrial countries–0.51.0–1.1–4.0–2.01.5–0.71.1–0.22.31.3
    All industrial countries–0.62.6–3.0–7.2–2.01.91.50.50.98.01.7
    Of which,
    Seven major countries above–0.63.3–3.7–8.4–2.12.02.20.51.29.91.9
    European countries–0.23.0–1.55.4–4.32.30.9–0.31.27.11.5

    Trade in goods only.

    Compound annual rates of change.

    Composites for country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective merchandise exports over the preceding three years.

    Composites for country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective merchandise imports over the preceding three years.

    Table A23.Developing Countries: Merchandise Trade, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries
    Value (in U.S. dollar terms)
    Exports21.17.336.432.5–1.1–12.3–4.86.7–3.7–7.67.7
    Imports19.118.722.628.38.9–7.5–6.60.3–3.30.56.1
    Volume
    Exports5.74.25.0–4.1–5.9–8.23.16.70.75.85.2
    Imports9.27.14.78.56.7–4.1–2.71.7–1.1–3.70.7
    Unit value (in U.S. dollar terms)
    Exports14.63.029.938.25.1–4.4–7.6–4.3–12.72.4
    Imports9.110.817.118.32.0–3.5–4.0–1.4–2.24.35.4
    Terms of trade5.0–7.010.916.83.0–0.9–3.81.4–2.2–16.3–2.9
    Purchasing power of exports311.0–3.216.412.0–3.1–9.1–0.88.2–1.5–11.42.2
    Memorandum
    Real GNP growth of trading partners4.14.13.61.61.3–0.12.44.23.02.62.9
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries10.8–5.517.85.9–13.9–10.17.13.7–12.2–1.5–1.5
    Fuel exporters
    Value (in U.S. dollar terms)
    Exports27.9–0.847.141.2–5.3–19.2–14.4–1.1–8.5–31.37.8
    Imports26.016.89.028.418.9–5.1–13.1–8.2–12.4–8.6–1.5
    Volume
    Exports4.7–1.51.8–13.3–15.3–16.6–3.2–3.69.04.4
    Imports16.73.6–4.413.618.6–1.6–10.5–6.3–11.7–19.0–7.1
    Unit value (in U.S. dollar terms)
    Exports22.20.744.562.911.7–3.0–11.6–1.1–5.1–37.03.3
    Imports7.912.714.113.10.3–3.5–2.9–2.0–0.712.86.1
    Terms of trade13.2–10.726.744.111.40.5–8.90.9–4.4–44.1–2.6
    Purchasing power of exports318.5–12.029.024.9–5.6–16.2–11.80.9–7.9–39.11.6
    Memorandum
    Oil export volume (in billions of barrels)49.410.410.59.17.66.15.55.45.15.75.9
    Average oil export price (in U.S. dollars per barrel)45.812.918.830.733.732.328.627.926.714.515.0
    Annual percentage change22.80.445.963.69.8–4.3–11.4–2.4–4.3–45.73.4
    Real GNP growth of trading partners4.94.63.92.31.90.52.54.32.92.73.0
    Export unit value (in U.S. dollar terms) of manufactures58.115.313.510.4–4.7–2.3–3.1–3.31.017.56.5
    Non-fuel exporters
    Value (in U.S. dollar terms)
    Exports16.815.427.123.83.7–5.13.612.3–0.56.47.7
    Imports16.519.729.828.24.5–8.7–3.24.20.43.78.5
    Volume
    Exports7.19.68.59.06.30.78.111.53.44.75.6
    Imports6.69.09.36.41.7–5.41.55.53.42.43.2
    Unit value (in U.S. dollar terms)
    Exports9.05.317.213.6–2.5–5.8–4.20.7–3.81.62.0
    Imports9.49.818.720.62.8–3.5–4.6–1.2–2.81.35.2
    Terms of trade–0.3–4.1–1.3–5.8–5.1–2.40.51.9–1.10.3–3.0
    Purchasing power of exports36.85.17.12.70.9–1.78.613.72.35.02.4
    Memorandum
    Real GNP growth of trading partners4.43.93.51.51.2–0.21.93.72.52.32.6
    Market price (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by non-fuel exporters11.4–5.617.27.0–13.8–11.27.03.6–12.4–1.5–1.6
    Gross reserves (end of period) as percentage of total imports of goods and services626.726.622.817.716.317.119.121.123.424.023.5

    Excluding China prior to 1978.

    Compound annual rates of change.

    Export earnings deflated by import prices.

    Oil exporting countries, according to the former classification categories.

    Exported by the industrial countries.

    Gold holdings are valued at SDR 35 an ounce.

    Table A24.Developing Countries: Export Volumes, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries5.74.25.0–4.1–5.9–8.23.16.70.75.85.2
    By region
    Africa3.53.77.9–0.6–15.8–7.53.14.83.75.02.9
    Asia10.910.89.59.08.20.810.813.83.86.96.3
    Europe7.56.72.74.811.21.17.214.24.93.35.9
    Middle East7.2–3.30.4–15.2–17.6–19.7–9.2–5.4–5.412.83.2
    Western Hemisphere1.110.07.61.26.1–2.58.58.6–1.7–0.15.7
    By predominant export
    Fuel exporters4.7–1.51.8–13.3–15.3–16.6–3.2–3.69.04.4
    Non-fuel exporters7.19.68.59.06.30.78.111.53.44.75.6
    Primary product exporters4.29.07.37.13.01.08.98.42.12.65.7
    Agricultural exporters4.78.35.46.19.22.56.811.42.13.26.8
    Mineral exporters3.610.711.38.9–8.6–2.33.70.72.30.72.5
    Exporters of manufactures12.410.28.611.79.90.510.014.24.16.06.1
    Service and remittance countries3.68.916.43.72.31.07.89.26.26.1–0.1
    By financial criteria
    Capital exporting countries7.7–3.20.3–16.5–18.7–21.3–9.9–7.1–7.016.44.0
    Capital importing countries5.77.87.64.21.9–1.67.910.92.64.45.4
    Market borrowers6.39.78.23.70.5–2.510.111.52.43.55.0
    Official borrowers1.5–0.34.51.4–5.9–4.01.7–2.40.81.26.2
    Diversified borrowers6.15.46.57.511.22.62.313.34.18.36.5
    Countries with recent debt servicing problems3.15.76.43.3–3.2–4.85.87.50.11.04.2
    Countries without debt servicing problems8.69.68.54.96.30.79.413.24.36.46.1
    By miscellaneous criteria
    Capital importing fuel exporters1.12.14.9–6.6–8.3–8.07.28.92.74.8
    Fifteen heavily indebted
    countries2.46.17.30.6–2.2–5.16.79.60.1–0.44.8
    Small low-income countries0.32.13.97.2–3.2–1.94.0–1.32.18.94.9
    Sub-Saharan Africa32.00.23.22.2–2.41.50.43.5–1.07.16.3
    By alternative analytical categories
    Oil exporting countries5.1–2.71.7–14.9–17.8–19.5–5.5–1.7–4.312.33.6
    Non-oil developing countries6.89.77.98.66.71.28.311.13.04.25.7
    Net oil exporters3.610.75.62.55.27.69.110.40.5–1.84.4
    Net oil importers7.39.68.310.07.08.211.33.55.15.8

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A25.Developing Countries: Import Volumes, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries9.27.14.78.56.7–4.1–2.71.7–1.1–3.70.7
    By region
    Africa7.64.2–3.88.710.9–8.3–10.30.2–7.0–9.8–4.3
    Asia7.816.313.310.23.4–0.38.15.55.61.71.7
    Europe7.60.85.40.52.2–7.82.38.04.85.96.5
    Middle East17.13.1–3.79.416.05.9–2.9–7.0–14.0–18.7–8.3
    Western Hemisphere7.05.67.99.82.5–17.7–22.33.00.67.9
    By predominant export
    Fuel exporters16.73.6–4.413.618.6–1.6–10.5–6.3–11.7–19.0–7.1
    Non-fuel exporters6.69.09.36.41.7–5.41.55.53.42.43.2
    Primary product exporters5.03.86.76.5–8.4–4.92.0–4.92.93.9
    Agricultural exporters6.05.88.25.3–4.2–5.9–1.51.0–3.03.84.5
    Mineral exporters2.7–1.32.99.611.8–14.3–13.95.2–10.90.12.3
    Exporters of manufactures9.114.711.16.21.7–4.96.58.99.34.03.5
    Service and remittance countries5.57.110.56.76.72.13.22.12.4–5.50.2
    By financial criteria
    Capital exporting countries22.53.7–6.913.321.17.8–5.2–9.9–19.9–22.9–11.3
    Capital importing countries7.67.97.17.74.3–6.4–2.14.22.5–0.52.3
    Market borrowers9.18.27.49.06.3–7.2–5.52.2–2.00.54.1
    Official borrowers3.96.51.4–0.6–1.0–1.80.51.8–1.6–3.20.2
    Diversified borrowers5.97.79.07.91.1–6.36.810.714.9–1.7–0.8
    Countries with recent debt servicing problems6.84.94.65.43.8–14.3–15.01.8–1.4–3.24.6
    Countries without debt servicing problems8.410.49.09.34.7–0.76.15.44.30.71.2
    By miscellaneous criteria
    Capital importing fuel exporters12.83.6–1.813.816.3–10.5–16.5–1.7–2.3–15.0–3.2
    Fifteen heavily indebted
    countries9.24.17.18.03.6–16.5–21.5–2.2–0.1–3.06.6
    Small low-income countries1.319.3–0.81.5–4.41.0–3.45.60.8–0.80.4
    Sub-Saharan Africa33.810.4–3.35.1–0.4–4.5–8.2–1.1–0.91.50.3
    By alternative analytical categories
    Oil exporting countries20.32.4–8.612.420.35.2–8.2–9.8–15.6–21.8–12.8
    Non-oil developing countries6.59.29.97.32.6–7.4–0.46.03.51.63.8
    Net oil exporters5.77.016.612.712.2–13.8–10.99.61.4–11.76.5
    Net oil importers6.79.58.96.41.0–6.21.55.43.93.93.4

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A26.Developing Countries: Export Unit Values, 1968–871(Annual changes, in percent, in terms of U.S. dollars)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries14.63.029.938.25.1–4.4–7.6–4.3–12.72.4
    By region
    Africa13.21.928.538.3–0.7–7.6–6.4–1.5–5.4–17.5–0.4
    Asia9.47.020.116.20.2–4.7–4.62.0–4.8–3.22.5
    Europe7.57.618.014.5–0.5–1.9–7.0–4.7–2.36.13.8
    Middle East21.82.043.963.213.4–2.3–12.1–1.9–4.7–36.83.5
    Western Hemisphere14.3–2.123.928.50.6–7.1–6.02.2–3.3–10.41.9
    By predominant export
    Fuel exporters22.20.744.562.911.7–3.0–11.6–1.1–5.1–37.03.3
    Non-fuel exporters9.05.317.213.6–2.5–5.8–4.20.7–3.81.62.0
    Primary product exporters10.22.219.014.7–7.1–9.2–2.71.8–5.6–1.0–0.8
    Agricultural exporters11.40.417.011.4–6.0–9.0–3.34.1–4.9–1.8–1.6
    Mineral exporters7.66.523.521.4–9.3–9.7–1.5–3.9–7.41.31.5
    Exporters of manufactures7.48.615.811.61.8–2.9–4.90.3–2.53.73.7
    Service and remittance countries8.45.615.219.8–0.9–6.3–7.4–2.0–4.30.33.9
    By financial criteria
    Capital exporting countries23.11.045.866.113.8–2.2–12.7–2.1–4.9–42.53.4
    Capital importing countries11.44.122.624.20.4–5.5–5.60.6–4.2–5.92.2
    Market borrowers12.23.124.627.40.7–5.4–6.20.4–4.6–7.82.2
    Official borrowers11.32.717.715.92.0–6.2–2.74.5–3.80.60.2
    Diversified borrowers8.78.217.515.4–1.8–5.6–4.6–0.1–2.9–0.82.7
    Countries with recent debt servicing problems12.41.625.528.4–0.2–7.0–5.50.6–4.4–9.72.5
    Countries without debt servicing problems10.46.220.320.70.8–4.3–5.70.6–4.0–3.52.0
    By miscellaneous criteria
    Capital importing fuel exporters20.30.141.956.47.8–4.6–9.80.1–5.3–31.43.1
    Fifteen heavily indebted countries14.7–0.227.934.11.5–6.8–6.31.5–3.4–12.62.4
    Small low-income countries10.74.415.18.9–6.0–7.01.27.4–5.60.40.6
    Sub-Saharan Africa311.12.018.314.0–8.7–7.3–3.03.9–3.0–5.9–1.4
    By alternative analytical categories
    Oil exporting countries23.10.444.964.912.4–2.6–12.5–1.4–5.2–40.22.0
    Non-oil developing countries9.45.218.916.0–1.7–5.9–4.40.7–3.9–1.02.5
    Net oil exporters12.04.439.533.50.8–7.3–5.10.4–6.2–21.94.5
    Net oil importers8.95.415.812.9–2.2–5.6–4.30.7–3.43.12.2

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A27.Developing Countries: Import Unit Values, 1968–871(Annual changes, in percent, in terms of U.S. dollars)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries9.110.817.118.32.0–3.5–4.0–1.4–2.24.35.4
    By region
    Africa9.012.918.319.7–3.0–4.6–3.8–4.2–4.38.96.5
    Asia9.110.317.218.24.8–4.0–4.10.7–3.00.84.7
    Europe9.47.819.719.2–1.0–1.8–6.6–4.4–1.21.05.6
    Middle East8.213.715.415.50.1–4.4–3.5–2.0–1.113.06.1
    Western Hemisphere9.38.216.519.95.1–1.8–3.2–1.2–0.72.25.4
    By predominant export
    Fuel exporters7.912.714.113.10.3–3.5–2.9–2.0–0.712.86.1
    Non-fuel exporters9.49.818.720.62.8–3.5–4.6–1.2–2.81.35.2
    Primary product exporters9.69.818.524.23.6–3.7–3.9–2.5–3.3–0.45.4
    Agricultural exporters9.79.217.323.85.1–3.7–4.3–1.8–1.5–2.35.2
    Mineral exporters9.311.522.125.4–0.4–3.7–3.0–4.4–8.45.86.3
    Exporters of manufactures9.010.518.518.43.2–3.3–4.4–2.42.04.9
    Service and remittance countries9.57.420.117.3–1.5–3.8–7.5–1.6–3.12.55.5
    By financial criteria
    Capital exporting countries7.214.013.611.7–1.4–4.0–3.5–2.1–0.715.86.1
    Capital importing countries9.210.117.919.42.6–3.4–4.1–1.3–2.52.65.3
    Market borrowers9.29.717.517.93.0–3.0–3.8–0.8–3.12.35.3
    Official borrowers9.69.217.524.15.2–4.4–4.5–1.4–1.11.55.4
    Diversified borrowers8.911.819.321.60.5–4.3–5.0–2.4–1.63.75.2
    Countries with recent debt-
    servicing problems9.39.518.020.62.6–3.3–3.2–2.0–2.84.15.5
    Countries without debt-
    servicing problems9.110.717.818.62.6–3.6–4.8–0.9–2.42.05.2
    By miscellaneous criteria
    Capital importing fuel exporters8.411.414.614.41.8–3.1–2.2–1.8–0.89.96.0
    Fifteen heavily indebted countries9.18.716.718.34.4–2.8–2.8–0.8–0.84.05.3
    Small low-income countries9.510.717.721.12.6–4.6–4.2–0.8–1.41.9
    Sub-Saharan Africa39.412.617.719.1–3.5–4.7–4.3–2.60.44.76.7
    By alternative analytical categories
    Oil exporting countries7.213.513.611.5–1.6–4.0–3.3–1.9–0.715.16.3
    Non-oil developing countries9.49.718.620.53.1–3.4–4.3–1.2–2.71.55.2
    Net oil exporters9.78.816.219.25.6–2.1–2.2–2.5–2.14.84.6
    Net oil importers9.39.819.020.72.7–3.6–4.7–1.0–2.81.05.3

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A28.Developing Countries: Terms of Trade, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Developing countries5.0–7.010.916.83.0–0.9–3.81.4–2.2–16.3–2.9
    By region
    Africa3.8–9.88.615.52.4–3.2–2.72.8–1.2–24.2–6.5
    Asia0.3–3.02.5–1.7–4.4–0.7–0.51.3–1.8–3.9–2.1
    Europe–1.8–0.2–1.4–3.90.5–0.1–0.5–0.3–1.15.1–1.8
    Middle East12.5–10.324.741.313.32.2–8.80.1–3.6–44.0–2.5
    Western Hemisphere4.5–9.56.47.1–4.3–5.4–3.03.5–2.6–12.4–3.3
    By predominant export
    Fuel exporters13.2–10.726.744.111.40.5–8.90.9–4.4–44.1–2.6
    Non-fuel exporters–0.3–4.1–1.3–5.8–5.1–2.40.51.9–1.10.3–3.0
    Primary product exporters0.6–6.90.4–7.6–10.4–5.71.24.3–2.4–0.6–5.9
    Agricultural exporters1.6–8.0–0.3–10.0–10.5–5.51.06.0–3.50.4–6.5
    Mineral exporters–1.5–4.51.2–3.2–9.0–6.11.50.51.1–4.2–4.5
    Exporters of manufactures–1.4–1.7–2.3–5.7–1.40.4–0.60.31.6–1.2
    Service and remittance countries–0.9–1.7–4.12.20.6–2.60.1–0.4–1.3–2.1–1.6
    By financial criteria
    Capital exporting countries14.8–11.428.448.715.41.9–9.5–4.2–50.3–2.5
    Capital importing countries2.0–5.54.04.0–2.2–2.1–1.51.9–1.7–8.3–2.9
    Market borrowers2.8–6.06.18.0–2.2–2.5–2.51.3–1.5–9.9–2.9
    Official borrowers1.5–6.00.2–6.5–3.1–1.91.96.0–2.8–0.9–4.9
    Diversified borrowers–0.3–3.3–1.5–5.1–2.2–1.30.42.3–1.4–4.3–2.4
    Countries with recent debt-servicing problems2.8–7.26.46.5–2.7–3.9–2.42.6–1.7–13.3–2.9
    Countries without debt-servicing problems1.2–4.02.11.8–1.7–0.7–1.01.5–1.7–5.4–3.0
    By miscellaneous criteria
    Capital importing fuel exporters11.0–10.223.836.75.8–1.6–7.82.0–4.6–37.6–2.7
    Fifteen heavily indebted countries5.2–8.29.713.4–2.8–4.2–3.72.4–2.7–15.9–2.8
    Small low-income countries1.1–5.7–2.2–10.1–8.4–2.55.78.2–4.2–1.4–4.9
    Sub-Saharan Africa31.6–9.40.5–4.3–5.5–2.71.46.6–3.4–10.2–7.7
    By alternative analytical categories
    Oil exporting countries14.9–11.627.647.914.21.5–9.50.6–4.5–48.0–4.0
    Non-oil developing countries–4.00.3–3.7–4.7–2.6–0.11.9–1.3–2.5–2.6
    Net oil exporters2.2–4.120.112.0–4.5–5.3–2.92.9–4.3–25.5–0.2
    Net oil importers–0.4–4.0–2.7–6.5–4.8–2.10.41.8–0.72.1–2.9

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A29.Developing Countries: Non-Oil Commodity Prices, 1968–871(Annual changes, in percent)
    Average

    1968–772
    1978197919801981198219831984198519861987
    Non-oil primary commodities10.8–5.517.85.9–13.9–10.17.13.7–12.2–1.5–1.5
    By commodity group3
    Food and beverages12.8–11.58.70.3–12.9–11.19.78.7–15.31.4–5.7
    Food7.112.613.113.2–6.5–19.211.22.9–18.6–10.90.5
    Beverages18.5–25.94.7–12.4–21.11.17.915.9–11.613.9–10.7
    Agricultural raw materials10.46.732.413.6–15.0–7.15.92.4–12.0–2.24.3
    Metals5.34.030.79.7–16.8–10.34.4–7.5–3.5–8.43.0
    By region4
    Africa11.3–11.615.75.0–16.4–9.86.23.4–8.73.1–2.1
    Asia7.66.519.39.9–12.4–16.88.610.3–19.8–12.92.5
    Europe6.611.326.28.1–7.5–4.95.60.3–9.5–5.22.0
    Middle East9.00.711.317.1–7.4–15.811.00.1–14.5–7.23.0
    Western Hemisphere11.0–12.015.85.1–14.5–8.26.0–0.5–8.45.0–4.5
    By predominant export4
    Fuel exporters11.8–6.721.44.4–17.8–9.37.74.2–11.60.9–0.4
    Non-fuel exporters9.7–5.617.27.0–13.8–11.27.03.6–12.4–1.5–1.6
    Primary product exporters10.1–6.917.76.4–14.9–11.07.12.9–11.6–0.6–2.2
    Agricultural exporters11.5–8.515.14.4–14.9–10.47.65.4–13.0–0.7–3.4
    Mineral exporters5.60.128.913.7–15.1–13.15.4–6.1–5.9–0.42.3
    Exporters of manufactures7.61.315.98.7–7.8–10.45.39.9–18.1–6.11.7
    Service and remittance countries7.26.99.916.1–4.9–17.78.10.2–12.5–7.92.2
    By financial criteria4
    Capital exporting countries6.29.48.315.2–7.2–22.111.13.5–19.6–0.84.9
    Capital importing countries10.0–5.817.76.6–14.3–11.07.03.7–12.3–1.2–1.5
    Market borrowers10.2–5.621.04.3–15.4–9.77.23.8–12.4–1.7–1.8
    Official borrowers10.3–9.514.08.5–16.1–12.37.41.4–7.62.3–2.4
    Diversified borrowers8.8–2.910.613.2–8.6–13.96.35.2–16.1–2.90.2
    Countries with recent debt-servicing problems10.0–7.817.85.3–14.6–10.27.40.9–10.01.0–1.9
    Countries without debt-servicing problems9.8–2.817.68.6–13.8–12.16.47.6–15.4–4.4–0.9
    By miscellaneous criteria4
    Capital importing fuel exporters11.9–7.121.84.1–18.1–8.97.64.3–11.40.9–0.6
    Fifteen heavily indebted countries10.7–9.817.52.9–14.3–8.86.42.2–10.41.6–3.3
    Small low-income countries10.8–11.19.41.7–14.0–11.19.09.8–12.9–0.3–2.6
    Sub-Saharan Africa12.0–13.114.41.2–18.2–8.37.84.5–8.23.7–2.7
    By alternative analytical categories4
    Oil exporting countries11.1–2.824.85.7–19.4–9.97.84.9–13.2–0.61.1
    Non-oil developing countries9.9–6.117.26.9–13.8–11.26.93.5–12.2–1.3–1.7
    Net oil exporters9.91.924.76.1–16.1–12.88.14.9–14.6–9.00.9
    Net oil importers9.9–7.415.66.9–13.3–10.86.73.3–11.80.3–2.2
    Memorandum
    Oil export unit value522.80.445.963.69.8–4.3–11.4–2.4–4.3–45.73.4
    Export unit value of manufactures68.115.313.510.4–4.7–2.3–3.1–3.31.017.56.5

    In U.S. dollar terms.

    Compound annual rates of change.

    Based on averages of component commodity price indices weighted by the U.S. dollar value of exports of each commodity from developing countries in 1979–81.

    Based on averages of individual commodity price indices weighted according to the 1979–81 composition of commodity exports of the respective groups of developing countries.

    Of the oil exporting countries (according to the former analytical categories).

    Exported by the industrial countries.

    Current Account Transactions

    Table A30.Summary of Payments Balances on Current Account, 1978–871(In billions of U.S. dollars)
    1978197919801981198219831984198519861987
    Industrial countries14.8–25.4–61.2–19.5–22.4–22.4–62.0–53.5–11.6
    United States–15.6–1.01.96.3–9.1–46.7–106.5–117.7–123.0–123.0
    Other industrial countries30.4–24.4–63.0–25.8–13.324.344.564.2123.0111.4
    Of which,
    Japan16.5–8.8–10.74.86.920.835.049.282.774.1
    Germany, Fed. Rep. of9.0–6.0–15.7–5.24.14.26.513.330.825.5
    Developing countries–34.76.928.4–45.5–83.7–61.5–32.5–19.0–57.6–46.5
    By region
    Africa–13.0–3.6–2.1–22.3–21.5–12.2–7.3–0.1–8.5–6.4
    Asia–6.8–12.6–19.0–20.9–17.6–15.6–4.3–12.7–11.8–9.1
    Europe–7.1–10.0–12.3–9.9–6.0–4.1–1.9–2.0–0.4–1.8
    Middle East11.254.292.050.13.3–19.0–15.90.5–23.9–16.7
    Western Hemisphere–19.0–21.1–30.1–42.6–41.9–10.7–3.1–4.6–12.9–12.6
    By analytical criteria
    Fuel exporters–6.151.495.935.0–18.2–17.6–5.94.3–38.9–24.0
    Non-fuel exporters–28.6–44.5–67.5–80.6–65.5–44.0–26.6–23.3–18.7–22.5
    Market borrowers–31.7–29.2–35.9–71.4–73.3–29.5–3.07.8–9.1–8.2
    Official borrowers–7.4–6.1–9.3–12.0–10.6–9.1–10.0–9.7–9.1–9.9
    Other countries2–9.5–6.5–4.6–5.60.11.83.21.8–5.7–9.2
    Total3–29.4–25.0–37.4–70.6–106.0–82.1–91.2–70.7–63.3–67.4
    Memorandum
    Total, by selected categories
    Trade balance10.518.026.620.90.36.112.18.72.98.8
    Timing asymmetry49.723.911.3–3.3–9.11.0–0.612.06.78.5
    Residual asymmetry0.7–5.915.224.29.35.112.7–3.2–3.80.3
    Balance on services–28.2–32.8–49.2–78.6–90.7–77.4–92.4–68.7–54.3–55.8
    (in percent of service payments)–6.1–5.6–6.6–9.2–10.7–9.9–11.3–8.4–5.8–5.6
    Private transfers net0.91.20.2–2.2–0.41.20.41.2–1.7
    Official transfers net–12.7–11.3–14.9–13.0–13.3–10.5–12.2–11.1–13.1–18.7

    Including official transfers.

    Covers estimated balances on current transactions only in convertible currencies of the U.S.S.R. and other nonmember countries of Eastern Europe.

    Reflects errors, omissions, and asymmetries in reported balance of payments statistics on current account, plus balance of listed groups with countries not included.

    Staff estimates of the difference between the beginning-of-year and end-of-year “float,” that is, the value of those exports that have not yet been recorded as imports (usually because the goods are in transit or because of delays in the processing of the documentation). The estimates should be viewed only as rough orders of magnitude.

    Table A31.Industrial Countries: Balance of Payments on Current Account, 1978–871(In billions of U.S. dollars)
    1978197919801981198219831984198519861987
    Balance on current account
    Canada–4.3–4.2–1.0–5.12.42.42.6–0.4–5.2–2.9
    United States–15.6–1.01.96.3–9.1–46.7–106.5–117.7–123.0–123.0
    Japan16.5–8.8–10.74.86.920.835.049.282.774.1
    France7.05.2–4.2–4.8–12.1–4.7–0.8–0.15.56.5
    Germany, Fed. Rep. of9.0–6.0–15.7–5.24.14.26.513.330.825.5
    Italy6.25.5–9.7–8.2–5.50.8–2.9–4.25.53.0
    United Kingdom2.2–1.47.812.67.04.82.14.92.3–1.3
    Other industrial countries–6.3–14.7–29.6–19.9–15.9–3.92.01.51.66.4
    All industrial countries14.8–25.4–61.2–19.5–22.4–22.4–62.0–53.5–11.6
    Of which,
    Seven major countries above21.1–10.6–31.60.5–6.5–18.5–63.9–55.1–1.6–18.0
    European countries23.2–8.0–46.4–15.8–12.97.616.825.455.747.3
    All industrial countries except the United States30.4–24.4–63.0–25.8–13.324.344.564.2123.0111.4
    Memorandum
    Balance on goods and services
    Canada–4.3–4.6–1.9–6.21.21.52.0–1.0–6.2–3.9
    United States–10.54.78.913.2–0.2–37.2–94.3–102.7–110.1–109.5
    Japan17.2–7.6–9.26.48.222.436.550.884.475.8
    France10.39.2–0.5–7.5–0.92.12.59.511.2
    Germany, Fed. Rep. of17.24.7–3.25.614.613.917.424.044.543.9
    Italy6.65.0–10.9–8.9–6.4–0.4–4.2–5.34.32.0
    United Kingdom5.73.412.716.610.58.05.19.44.73.2
    Other industrial countries–4.4–12.9–26.8–16.3–12.5–0.64.84.86.211.2
    All industrial countries37.71.9–30.49.88.06.7–30.6–17.437.433.8
    Of which,
    Seven major countries above42.214.8–3.726.120.57.3–35.4–22.131.222.6
    European countries39.812.4–23.75.78.026.234.844.579.378.5
    All industrial countries except the United States48.2–2.8–39.4–3.48.244.063.885.3147.5143.3
    Official transfers, net
    Canada–0.30.10.30.30.2–0.2–0.20.1–0.1
    United States–3.2–3.6–4.7–4.5–5.5–6.3–8.5–11.2–9.0–9.5
    Japan–0.4–0.9–1.3–1.4–1.3–1.4–1.4–1.4–1.5–1.5
    France–1.5–1.7–1.7–2.0–2.7–2.1–1.9–1.3–2.0–2.4
    Germany, Fed. Rep. of–3.8–5.3–6.6–6.0–6.1–5.4–6.9–6.2–8.4–11.0
    Italy–1.5–1.0–0.2–0.7–0.6–0.2–0.2–0.3–0.4–0.5
    United Kingdom–3.2–4.3–4.1–3.3–3.1–3.0–2.8–4.5–3.2–4.1
    Other industrial countries–2.0–1.9–2.9–3.3–3.4–3.0–2.6–3.0–4.1–4.0
    All industrial countries–15.8–18.6–21.2–20.9–22.5–21.4–24.5–28.2–28.6–33.2
    Of which,
    Seven major countries above–13.8–16.6–18.4–17.6–19.1–18.3–21.9–25.2–24.5–29.1
    European countries–11.3–13.6–14.8–14.6–15.1–12.9–13.5–14.3–17.6–21.5
    All industrial countries except the United States–12.6–15.0–16.5–16.4–17.0–15.1–15.9–17.0–19.6–23.7

    Including official transfers.

    Table A32.Industrial Countries: Current Account Transactions, 1978–87(In billions of U.S. dollars)
    1978197919801981198219831984198519861987
    Exports (f.o.b.)831.71,027.71,207.01,197.41,127.91,114.51,188.21,229.11,437.51,583.2
    Imports (f.o.b.)823.11,063.91,272.81,215.41,140.81,130.91,231.91,269.01,433.61,579.1
    Trade balance8.6–36.2–65.8–18.0–12.9–16.4–43.6–39.93.94.0
    Services receipts335.1435.7536.5588.6584.2540.3561.2582.5707.5771.2
    Services payments305.9397.6501.1560.8563.3517.2548.1560.0674.0741.4
    Balance on services29.238.135.427.820.923.113.122.533.529.8
    Balance on goods and services37.71.9–30.49.88.06.7–30.6–17.437.433.8
    Private transfers, net–7.1–8.7–9.5–8.4–7.9–7.8–6.9–8.0–8.8–12.3
    Official transfers, net–15.8–18.6–21.2–20.9–22.5–21.4–24.5–28.2–28.6–33.2
    Balance on current account14.8–25.4–61.2–19.5–22.4–22.4–62.0–53.5–11.6
    Memorandum
    Current account balance as percentage of GNP0.2–0.4–0.8–0.3–0.3–0.3–0.8–0.6–0.1
    Current account balance as percentage of exports of goods and services1.3–1.7–3.5–1.1–1.3–1.4–3.5–3.0–0.5
    Exports of goods and services1,166.81,463.41,743.51,786.01,712.11,654.81,749.41,811.72,145.02,354.4
    Oil trade balance1–119.9–174.4–246.9–237.2–193.2–163.2–159.4–142.6–94.2–93.4

    Figures shown are on a balance of payments basis with rough adjustments to those countries’ oil trade balance data that are only available on a trade returns basis.

    Table A33.Developing Countries: Summary of Payments Balances on Current Account, 1978–871(In billions of U.S. dollars)
    1978197919801981198219831984198519861987
    Developing countries–34.76.928.4–45.5–83.7–61.5–32.5–19.0–57.6–46.5
    By region
    Africa–13.0–3.6–2.1–22.3–21.5–12.2–7.3–0.1–8.5–6.4
    Asia–6.8–12.6–19.0–20.9–17.6–15.6–4.3–12.7–11.8–9.1
    Europe–7.1–10.0–12.3–9.9–6.0–4.1–1.9–2.0–0.4–1.8
    Middle East11.254.292.050.13.3–19.0–15.90.5–23.9–16.7
    Western Hemisphere–19.0–21.1–30.1–42.6–41.9–10.7–3.1–4.6–12.9–12.6
    By predominant export
    Fuel exporters–6.151.495.935.0–18.2–17.6–5.94.3–38.9–24.0
    Non-fuel exporters–28.6–44.5–67.5–80.6–65.5–44.0–26.6–23.3–18.7–22.5
    Primary product exporters–19.4–24.1–40.7–57.9–55.0–38.0–26.1–15.6–15.6–19.8
    Agricultural exporters–16.8–24.3–38.8–41.6–42.4–33.1–19.8–15.0–13.717.1
    Mineral exporters–2.60.2–1.9–16.3–12.6–4.9–6.3–0.6–2.0–2.8
    Exporters of manufactures–5.1–14.6–20.1–12.5–1.52.57.5–1.32.34.5
    Service and remittance countries–4.1–5.8–6.8–10.2–9.0–8.5–8.0–6.3–5.4–7.2
    By financial criteria
    Capital exporting countries13.656.393.954.57.3–12.0–10.21.8–20.4–12.1
    Capital importing countries–48.3–49.5–65.5–100.1–90.9–49.5–22.3–20.8–37.2–34.4
    Market borrowers–31.7–29.2–35.9–71.4–73.3–29.5–3.07.89.1–8.2
    Official borrowers–7.4–6.1–9.3–12.0–10.6–9.1–10.0–9.7–9.1–9.9
    Diversified borrowers–9.2–14.1–20.2–16.6–7.1–10.9–9.3–18.9–19.1–16.3
    Countries with recent debt-servicing problems–31.9–31.9–39.6–67.7–63.1–21.9–8.6–3.1–17.5–17.9
    Countries without debt-servicing problems–16.4–17.5–25.9–32.4–27.8–27.6–13.7–17.7–19.7–16.5
    By miscellaneous criteria
    Capital importing fuel exporters–19.7–4.92.0–19.8–25.4–5.54.32.5–18.5–11.9
    Fifteen heavily indebted countries–24.6–24.6–29.5–50.3–50.6–14.9–1.10.3–11.5–10.9
    Small low-income countries–6.1–7.1–8.9–9.4–8.9–5.8–6.9–7.3–6.6–7.5
    Sub-Saharan Africa2–5.6–5.6–8.5–9.9–8.5–6.1–3.9–4.1–5.5–5.7
    By alternative analytical categories
    Oil exporting countries–1.356.8104.049.9–9.6–20.3–7.85.4–30.5–17.2
    Non-oil developing countries–33.4–49.9–75.6–95.4–74.1–41.224.6–24.4–27.1–29.4
    Net oil exporters–5.9–5.5–8.9–21.0–16.2–3.8–2.1–3.0–14.2–14.2
    Net oil importers–27.5–44.4–66.8–74.4–57.9–37.4–22.6–21.4–12.9–15.2

    Including official transfers.

    Excluding Nigeria and South Africa.

    Table A34.Developing Countries: Summary of Payments Balances on Goods, Services, and Private Transfers, 1978–87(In billions of U.S. dollars)
    1978197919801981198219831984198519861987
    Developing countries–36.80.623.1–52.4–91.9–71.4–43.8–35.1–72.1–60.0
    By region
    Africa–15.6–6.7–5.7–25.9–24.8–15.7–10.7–4.1–12.8–10.8
    Asia–8.8–15.2–21.7–23.8–20.4–18.3–7.2–15.4–14.6–11.9
    Europe–7.2–10.1–12.4–10.2–6.7–5.3–3.0–3.3–1.9–3.4
    Middle East14.254.493.950.82.9–20.418.6–6.1–28.6–20.2
    Western Hemisphere–19.4–21.7–30.9–43.3–42.8–11.8–4.3–6.1–14.1–13.7
    By predominant export
    Fuel exporters–1.154.5100.839.2–15.2–15.2–4.55.7–37.1–22.4
    Non-fuel exporters–35.8–53.9–77.6–91.6–76.7–56.2–39.2–40.8–35.0–37.7
    Primary product exporters–23.2–28.7–45.7–63.3–60.5–43.9–32.0–22.3–22.5–26.7
    Agricultural exporters–19.4–27.4–42.4–45.2–46.5–37.7–24.6–20.4–19.1–22.6
    Mineral exporters–3.8–1.2–3.3–18.0–14.0–6.2–7.4–1.9–3.4–4.1
    Exporters of manufactures–6.9–16.9–22.4–14.8