Back Matter

Back Matter

Author(s):
International Monetary Fund. Research Dept.
Published Date:
January 1987
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    Estimates of potential output are derived from “Potential Output in Major Industrial Countries,” Chapter 1 of Staff Studies for the World Economic Outlook (Washington: International Monetary Fund, August 1987); and Fund staff estimates.

    The difference reflects mainly timing factors, the inclusion of natural gas liquids in total oil exports, and the fact that the overall crude oil mix is heavier (and thus carries a lower price) than the seven medium and lighter crude oils included in the OPEC basket. The $18 a barrel reference price would correspond roughly to a price of about $18.75–$19.00 a barrel for Brent, the widely quoted North Sea crude oil, and a higher price for West Texas Intermediate (WTI), the most widely quoted U.S. crude oil. It should be noted, however, that the differentials between various crude oil prices have been unstable in the past few years, reflecting partly the impact of speculative factors (influencing particularly the prices of Brent and WTI).

    The reasons for the weakness of real commodity prices in recent years, which include both short-term demand and supply factors as well as some more deep-seated structural factors, are discussed in detail in Primary Commodities—Market Developments and Outlook (Washington: International Monetary Fund, May 1987).

    For a detailed discussion of indicators, see Strengthening the International Monetary System, Occasional Paper No. 50 (Washington: International Monetary Fund, 1987).

    There is no internationally-agreed methodology for deflating net factor income payments from or to abroad. Consequently, the measures used here refer to the real, that is, foreign balance in constant 1980 prices (with sign reversed) on goods and services except investment income. Merchandise transactions were deflated using foreign trade unit values. Because the large shifts in the terms of trade on merchandise transactions could not plausibly be thought to apply to the services transactions as well, the real service balance (except investment income) was estimated by assuming that real service credits and debits increased in line with the corresponding real merchandise credits and debits.

    Statistical Appendix

    Assumptions and Conventions

    The statistical tables in this appendix have been compiled on the basis of information available on or before August 7, 1987. The recording of the figures for 1987 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 1987 and 1988 are predicated on a number of assumptions and working hypotheses:

    (1) for the major currencies, the average exchange rates of the first week of September 1987 will remain unchanged in real terms through the end of 1988;

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

    (3) the price of oil will average $17.00 a barrel in 1987. and $17.60 in 1988.

    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 1987 and 1988. the exchange rate assumptions specified above imply average U.S. dollar/SDR conversion rates of 1.283 and 1.306, respectively.

    Classification of Countries

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

    Industrial countries comprise:

    Australia

    Austria

    Belgium

    Canada

    Denmark

    Finland

    France

    Germany. Fed. Rep. of

    Iceland

    Ireland

    Italy

    Japan

    Luxembourg

    Netherlands

    New Zealand

    Norway

    Spain

    Sweden

    Switzerland

    United Kingdom

    United States

    The seven largest countries in this group in terms of 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 July 15, 1987), 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 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 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 they have faced. The country groups shown under the heading of “miscellaneous criteria” include capital importing fuel exporters; fifteen heavily indebted countries; small low-income countries: and sub-Saharan Africa (excluding Nigeria and South Africa). The accompanying Table A presents a breakdown of these analytical groupings according to the proportion of developing country GDP, exports of goods and services, and level of indebtedness. Further details on the classification scheme are given below.

    Table A.Developing Countries: Shares of Various Subgroups in Aggregate GDP, Exports of Goods and Services, and Debt Outstanding, 1984–86(In percent)
    GDPExports of
    Goods
    and Services
    DebtMemorandum:
    Number of
    Countries in
    Each Subgroup
    Developing countries100.0100.0100.0133
    By region
    Africa11.811.114.148
    Asia33.737.124.027
    Europe8.511.812.49
    Middle East17.622.313.116
    Western Hemisphere28.417.836.533
    By predominant export
    Fuel exporters30.832.827.520
    Non-fuel exporters69.267.272.5113
    Primary product exporters34.024.143.473
    Agricultural exporters28.617.933.955
    Mineral exporters5.36.29.518
    Exporters of manufactures29.136.419.611
    Service and remittance countries6.16.89.529
    By financial criteria
    Capital exporting countries13.917.65.78
    Capital importing countries86.182.494.3125
    Market borrowers51.957.460.634
    Official borrowers6.75.210.360
    Diversified borrowers27.619.823.331
    Countries with recent debt-servicing difficulties41.232.358.465
    Countries without recent debt-servicing difficulties44.950.135.860
    By miscellaneous criteria
    Capital importing fuel exporters17.015.221.812
    Fifteen heavily indebted countries32.620.941.415
    Small low-income countries5.13.07.941
    Sub-Saharan Africa13.73.86.543
    By alternative analytical categories
    Oil exporting countries23.526.116.112
    Non-oil developing countries76.573.983.9121

    Excluding Nigeria and South Africa.

    The first analytical criterion used to group developing countries is by predominant export category. Four categories are distinguished: fuel (SITC (Standard International Trade Classification) 3); other primary commodities (SITC 0. 1, 2, 4, and diamonds and gemstones); 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:

    Algeria

    Bahrain

    Congo

    Ecuador

    Gabon

    Indonesia

    Iran, Islamic Rep. of

    Iraq

    Kuwait

    Libyan Arab Jamahiriya

    Mexico

    Nigeria

    Oman

    Qatar

    Saudi Arabia

    Syrian Arab Rep.

    Trinidad and Tobago

    Tunisia

    United Arab Emirates

    Venezuela

    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:

    Afghanistan

    Argentina

    Bangladesh

    Belize

    Benin

    Bhutan

    Bolivia

    Botswana

    Brazil

    Burma

    Burundi

    Cameroon

    Central African Rep.

    Chad

    Chile

    Colombia

    Comoros

    Costa Rica

    Côte d’Ivoire

    Djibouti

    Dominican Rep.

    El Salvador

    Equatorial Guinea

    Ethiopia

    Fiji

    Gambia, The

    Ghana

    Guatemala

    Guinea

    Guinea-Bissau

    Guyana

    Haiti

    Honduras

    Jamaica

    Kenya

    Lao People’s Dem. Rep.

    Liberia

    Madagascar

    Malawi

    Malaysia

    Mali

    Mauritania

    Mauritius

    Morocco

    Mozambique

    Nicaragua

    Niger

    Papua New Guinea

    Paraguay

    Peru

    Philippines

    Rwanda

    São Tomé and Principe

    Senegal

    Sierra Leone

    Solomon Islands

    Somalia

    South Africa

    Sri Lanka

    St. Kills and Nevis

    Sudan

    Suriname

    Swaziland

    Tanzania

    Thailand

    Togo

    Turkey

    Uganda

    Uruguay

    Viet Nam

    Zaïre

    Zambia

    Zimbabwe

    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, 1, 2 except 27, 28, and 4) or mineral (SITC 27 and 28 and diamonds and gemstones) commodities. The mineral exporters comprise:

    Bolivia

    Botswana

    Chile

    Guinea

    Guyana

    Jamaica

    Liberia

    Mauritania

    Morocco

    Niger

    Peru

    Sierra Leone

    South Africa

    Suriname

    Togo

    Zaïre

    Zambia

    Zimbabwe

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

    The exporters of manufactures (that is, those countries or areas whose exports of manufactures accounted in 1980 for over 50 percent of total exports) comprise:

    China

    Hong Kong

    Hungary

    India

    Israel

    Korea

    Poland

    Romania

    Singapore

    Taiwan Province of China

    Yugoslavia

    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 and Barbuda

    Bahamas, The

    Barbados

    Burkina Faso

    Cape Verde

    Cyprus

    Dominica

    Egypt

    Greece

    Grenada

    Jordan

    Kampuchea, Democratic

    Lebanon

    Lesotho

    Maldives

    Malta

    Nepal

    Netherlands Antilles

    Pakistan

    Panama

    Portugal

    Seychelles

    St. Lucia

    St. Vincent

    Tonga

    Vanuatu

    Western Samoa

    Yemen Arab Rep.

    Yemen, People’s Dem, 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. Islamic Rep. of

    Iraq

    Kuwait

    Libyan Arab Jamahiriya

    Oman

    Qatar

    Saudi Arabia

    United Arab Emirates

    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 comprises:

    Algeria

    Antigua and Barbuda

    Argentina

    Bahamas, The

    Bolivia

    Brazil

    Chile

    Colombia

    Congo

    Côte d’Ivoire

    Cyprus

    Ecuador

    Gabon

    Greece

    Hong Kong

    Hungary

    Indonesia

    Korea

    Malaysia

    Mexico

    Nigeria

    Panama

    Papua New Guinea

    Paraguay

    Peru

    Philippines

    Portugal

    Singapore

    South Africa

    Taiwan Province of China

    Trinidad and Tobago

    Uruguay

    Venezuela

    Yugoslavia

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

    Afghanistan

    Bahrain

    Bangladesh

    Bhutan

    Burkina Faso

    Burma

    Burundi

    Cape Verde

    Central African Rep.

    Chad

    Comoros

    Djibouti

    Dominica

    Dominican Rep.

    El Salvador

    Equatorial Guinea

    Fiji

    Gambia, The

    Ghana

    Grenada

    Guatemala

    Guinea

    Guinea-Bissau

    Guyana

    Honduras

    Jamaica

    Jordan

    Lao People’s Dem. Rep.

    Liberia

    Madagascar

    Malawi

    Maldives

    Mali

    Malta

    Mauritania

    Nepal

    Netherlands Antilles

    Nicaragua

    Pakistan

    Rwanda

    São Tomé and Principe

    Senegal

    Seychelles

    Sierra Leone

    Somalia

    St. Lucia

    St. Vincent

    Sudan

    Swaziland

    Syrian Arab Rep.

    Tanzania

    Togo

    Tonga

    Uganda

    Viet Nam

    Western Samoa

    Yemen Arab Rep.

    Yemen, People’s Dem. Rep. of

    Zaïre

    Zambia

    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. Commercial borrowers comprise those countries classified as either market or diversified borrowers.

    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 1985 or rescheduled their debt during the period from end-1983 to end-1986 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 fifteen heavily indebted countries. This group comprises:

    Argentina

    Bolivia

    Brazil

    Chile

    Colombia

    Côte d’Ivoire

    Ecuador

    Mexico

    Morocco

    Nigeria

    Peru

    Philippines

    Uruguay

    Venezuela

    Yugoslavia

    A third is the group of small low-income countries, comprising those Fund members, excluding China and India, 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:

    Afghanistan

    Bangladesh

    Benin

    Bhutan

    Burkina Faso

    Burma

    Burundi

    Cape Verde

    Central African Rep.

    Chad

    Comoros

    Equatorial Guinea

    Ethiopia

    Gambia, The

    Ghana

    Guinea

    Guinea-Bissau

    Guyana

    Haiti

    Kampuchea, Democratic

    Kenya

    Lao People’s Dem. Rep.

    Madagascar

    Malawi

    Maldives

    Mali

    Mauritania

    Mozambique

    Nepal

    Niger

    Pakistan

    Rwanda

    São Tomé and Principe

    Sierra Leone

    Somalia

    Sri Lanka

    Sudan

    Tanzania

    Togo

    Uganda

    Viet Nam

    Zaïre

    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:

    Algeria

    Indonesia

    Iran. Islamic Rep. of

    Iraq

    Kuwait

    Libyan Arab Jamahiriya

    Nigeria

    Oman

    Qatar

    Saudi Arabia

    United Arab Emirates

    Venezuela

    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, nonmember 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, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    World4.33.42.11.80.72.64.53.33.22.83.1
    Industrial countries3.43.41.31.5–0.32.75.03.12.72.42.6
    United States2.82.5–0.21.9–2.53.66.83.02.92.42.7
    Other industrial countries4.03.92.21.31.02.13.73.22.52.52.5
    Of which,
    Japan5.85.34.33.73.13.25.14.72.43.23.4
    Germany, Fed. Rep. of3.53.91.5–1.01.93.32.02.51.52.1
    Developing countries6.04.33.41.61.61.64.13.34.03.34.4
    Median growth rates5.34.83.63.01.61.63.02.82.93.03.5
    By region
    Africa5.13.33.82.01.0–1.61.42.10.81.53.3
    Asia5.84.55.45.55.27.68.06.46.36.05.9
    Europe5.93.81.11.94.02.53.93.02.9
    Middle East8.21.8–2.5–2.10.30.10.2–1.11.2–1.52.7
    Western Hemisphere5.86.16.10.1–1.0–2.83.63.54.43.64.7
    By analytical criteria
    Fuel exporters7.83.71.00.80.1–2.00.90.3–0.1–0.62.9
    Non-fuel exporters5.44.54.32.02.43.45.74.75.84.84.9
    Market borrowers6.46.05.01.70.4–0.73.72.74.03.64.6
    Official borrowers3.92.63.13.22.61.92.82.83.03.64.1
    Other countries35.92.54.03.43.74.23.33.64.13.63.6

    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, 1969–881(Annual changes, in percent)
    Fourth Quarter3
    Average
    1969–782
    1979198019811982198319841985198619871988198619871988
    Real GNP
    Canada44.83.91.53.7–3.23.26.34.33.33.53.21.84.53.1
    United States2.82.5–0.21.9–2.53.66.83.02.92.42.72.22.73.0
    Japan5.85.34.33.73.13.25.14.72.43.23.42.03.33.4
    France44.43.21.61.22.50.71.41.72.21.41.82.01.12.5
    Germany, Fed. Rep. of3.53.91.5–1.01.93.32.02.51.52.12.41.61.5
    Italy43.44.93.91.10.20.53.52.72.72.52.32.42.82.2
    United Kingdom52.22.7–2.5–1.41.53.33.03.43.03.42.33.83.41.7
    Other industrial countries3.63.12.30.50.41.73.32.92.32.01.82.12.02.0
    All industrial countries3.43.41.31.5–0.32.75.03.12.72.42.62.22.62.7
    Of which,
    Seven major countries above3.43.41.21.7–0.52.85.23.22.82.52.72.32.72.8
    European countries3.53.41.60.20.71.72.72.52.62.12.02.62.11.9
    Real total domestic demand
    Canada4.95.11.94.7–6.64.14.94.93.93.63.42.15.02.7
    United States2.81.5–1.82.2–1.95.18.73.63.91.82.02.71.62.5
    Japan5.66.50.82.12.81.83.83.84.04.04.43.84.34.2
    France4.13.71.6–0.13.5–0.70.52.23.92.42.23.91.22.7
    Germany, Fed. Rep. of3.65.51.1–2.7–2.02.32.01.03.72.83.14.02.32.4
    Italy3.15.77.0–1.20.3–0.44.43.13.24.12.63.63.42.4
    United Kingdom1.83.8–3.0–1.52.04.62.72.93.53.73.04.24.21.9
    Other industrial countries3.43.42.0–1.30.30.52.53.03.52.21.83.42.02.1
    All industrial countries3.33.50.20.6–0.32.95.33.33.82.62.63.22.52.8
    Of which,
    Seven major countries above3.33.6–0.11.0–0.33.35.73.33.82.72.73.22.62.9
    European countries3.34.31.6–1.80.71.32.12.43.83.02.54.02.62.3

    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, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Consumer expenditure
    Canada5.22.92.22.3–2.63.44.35.23.94.03.1
    United States3.42.2–0.21.21.34.74.84.64.21.82.2
    Japan5.86.41.41.34.13.22.72.62.73.73.7
    France4.83.01.22.13.50.91.02.43.41.81.7
    Germany, Fed. Rep. of4.43.61.3–0.5–1.31.71.51.84.33.12.8
    Italy3.65.34.31.51.10.42.22.73.24.33.1
    United Kingdom2.14.5–0.20.83.92.13.65.14.13.3
    Other industrial countries3.72.71.1–0.10.91.01.12.93.02.21.9
    All industrial countries3.83.40.80.91.43.03.13.63.82.62.6
    Of which,
    Seven major countries above3.83.50.81.11.53.43.53.73.92.72.7
    European countries3.83.51.30.30.81.51.42.63.93.02.5
    Public consumption
    Canada4.60.62.82.52.41.41.52.71.01.41.6
    United States0.10.81.91.51.91.14.47.33.82.73.3
    Japan5.14.42.84.81.92.92.82.06.61.03.3
    France3.63.02.53.13.72.11.13.22.71.51.5
    Germany, Fed. Rep. of3.83.42.61.8–0.80.22.42.12.32.32.5
    Italy3.21.72.12.72.92.82.03.53.02.72.0
    United Kingdom2.02.31.50.41.01.90.60.40.81.91.2
    Other industrial countries4.42.92.82.31.93.01.52.92.61.61.3
    All industrial countries2.22.22.32.31.81.82.94.53.62.12.6
    Of which,
    Seven major countries above1.92.12.22.31.81.63.14.73.72.22.8
    European countries3.53.02.42.11.71.81.52.32.22.01.7
    Gross fixed investment
    Canada4.98.310.011.7–11.0–0.71.68.15.18.04.2
    United States3.83.7–7.91.1–9.68.216.85.51.8–1.41.8
    Japan6.45.33.10.8–0.34.95.66.66.55.4
    France3.63.12.6–1.9–1.4–3.6–2.31.13.03.84.2
    Germany, Fed. Rep. of2.47.32.8–4.8–5.33.10.80.13.12.24.8
    Italy0.75.89.4–2.3–5.7–1.64.43.31.22.12.5
    United Kingdom0.92.6–4.8–9.54.15.99.01.91.24.83.5
    Other industrial countries2.50.42.2–2.0–2.4–0.93.03.85.33.52.4
    All industrial countries3.44.0–1.5–0.4–4.83.38.84.43.22.03.2
    Of which,
    Seven major countries above3.54.6–2.2–0.2–5.34.09.64.42.91.73.3
    European countries2.23.52.3–4.4–2.30.92.61.93.93.43.4
    Final domestic demand
    Canada5.03.54.04.5–3.72.13.15.33.64.43.1
    United States2.72.2–1.21.2–0.44.56.65.33.71.52.3
    Japan5.95.91.12.22.82.13.43.54.34.44.2
    France4.33.11.81.32.40.20.42.33.22.12.2
    Germany, Fed. Rep. of3.84.41.9–1.0–2.11.71.51.53.62.73.1
    Italy2.84.85.10.8–0.20.32.62.92.73.62.8
    United Kingdom1.83.7–0.7–1.71.43.83.02.63.53.82.9
    Other industrial countries3.52.21.70.10.20.81.52.93.32.31.9
    All industrial countries3.33.30.70.90.22.74.03.93.62.52.8
    Of which,
    Seven major countries above3.33.50.51.00.33.04.44.13.72.62.9
    European countries3.33.41.8–0.40.21.41.62.33.52.92.5
    Stock building3
    Canada1.6–1.90.2–2.91.91.8–0.40.3–0.70.3
    United States0.1–0.7–0.71.0–1.50.62.1–1.60.20.3–0.4
    Japan–0.20.6–0.3–0.1–0.1–0.30.40.4–0.2–0.30.2
    France–0.10.7–0.2–1.41.0–0.90.1–0.10.70.3
    Germany, Fed. Rep. of–0.11.2–0.8–1.60.10.60.5–0.50.10.1
    Italy0.20.81.9–2.00.6–0.71.80.20.60.6–0.1
    United Kingdom0.2–2.30.20.60.8–0.30.3–0.1
    Other industrial countries–0.11.20.3–1.4–0.31.00.10.3–0.1–0.1
    All industrial countries0.3–0.4–0.3–0.50.21.2–0.60.20.1–0.1
    Of which,
    Seven major countries above0.1–0.6–0.1–0.60.31.3–0.70.20.1–0.1
    European countries0.9–0.1–1.40.5–0.10.50.10.30.2
    Foreign balance3
    Canada0.1–1.2–0.5–0.93.4–0.31.3–0.3–0.5–0.1–0.1
    United States1.01.7–0.2–0.7–1.5–2.0–0.7–1.00.50.7
    Japan–0.1–1.43.41.50.31.51.31.0–1.4–0.7–0.9
    France–0.61.3–0.91.40.9–0.5–1.7–1.0–0.4
    Germany, Fed. Rep. of–0.2–1.50.42.71.0–0.31.31.0–1.1–1.2–0.9
    Italy–1.0–2.82.4–0.10.8–0.9–0.4–0.5–1.7–0.4
    United Kingdom0.4–1.40.80.5–1.1–0.8–0.60.8–0.7–0.4–0.6
    Other industrial countries0.1–0.50.21.80.21.30.50.2–1.1–0.2
    All industrial countries–0.31.10.9–0.1–0.1–0.4–0.1–1.1–0.2
    Of which,
    Seven major countries above–0.21.20.8–0.2–0.3–0.5–0.1–1.1–0.2–0.1
    European countries0.1–1.12.0–0.10.50.50.2–1.2–0.9–0.5

    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, 1969–881(In percent)
    Average
    1969–78
    1979198019811982198319841985198619871988
    Growth in employment2
    Canada2.84.13.02.8–3.30.82.52.82.92.62.6
    United States2.42.90.51.1–0.91.34.12.02.32.62.0
    Japan0.81.31.00.81.01.70.60.70.80.71.0
    France1.00.1–0.60.1–0.1–0.9–0.40.3–0.70.6
    Germany, Fed. Rep. of0.51.81.5–0.6–1.9–1.70.20.81.10.60.6
    Italy1.31.01.40.3–0.20.30.40.50.60.50.5
    United Kingdom0.11.1–1.8–3.7–2.0–1.20.71.20.50.80.7
    Other industrial countries0.80.70.3–0.7–0.8–0.90.31.11.70.80.6
    All industrial countries1.51.90.60.2–0.70.41.91.41.61.51.3
    Of which,
    Seven major countries above1.62.10.70.3–0.70.62.21.41.61.61.4
    European countries0.60.90.3–1.1–1.0–0.8–0.10.60.90.40.5
    Unemployment rates3
    Canada6.47.47.47.511.111.911.310.59.69.18.6
    United States6.05.97.27.69.79.67.57.27.06.26.0
    Japan1.62.12.02.22.42.72.72.62.83.03.0
    France3.76.26.67.78.48.39.710.210.511.511.5
    Germany, Fed. Rep. of2.23.33.44.96.88.28.18.27.97.97.7
    Italy46.37.77.67.98.69.910.010.311.111.511.8
    United Kingdom3.34.35.48.59.910.811.111.311.510.710.4
    Other industrial countries3.05.96.78.19.611.011.611.611.311.311.3
    All industrial countries4.05.05.76.68.18.68.18.07.97.77.6
    Of which,
    Seven major countries above4.24.95.56.37.88.27.57.47.47.17.0
    European countries3.65.46.07.68.99.910.410.710.710.810.7

    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 1969 to 1977 have been adjusted by the staff to allow for a discontinuity in Italian labor force statistics.

    Table A5.Developing Countries: Real GDP, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries6.04.33.41.61.61.64.13.34.03.34.4
    Median growth rates5.34.83.63.01.61.63.02.82.93.03.5
    By region
    Africa5.13.33.82.01.0–1.61.42.10.81.53.3
    Asia5.84.55.45.55.27.68.06.46.36.05.9
    Europe5.93.81.11.94.02.53.93.02.9
    Middle East8.21.8–2.5–2.10.30.10.2–1.11.2–1.52.7
    Western Hemisphere5.86.16.10.1–1.0–2.83.63.54.43.64.7
    By predominant export
    Fuel exporters7.83.71.00.80.1–2.00.90.3–0.1–0.62.9
    Non-fuel exporters5.44.54.32.02.43.45.74.75.84.84.9
    Primary product exporters5.24.84.90.50.4–0.14.03.15.44.34.8
    Agricultural exporters5.75.04.9–0.31.00.54.13.76.04.55.0
    Mineral exporters3.13.84.94.0–2.1–2.23.80.92.52.73.5
    Exporters of manufactures5.94.33.73.64.47.38.16.66.55.95.6
    Service and remittance countries4.84.44.72.13.32.93.34.24.32.72.8
    By financial criteria
    Capital exporting countries8.91.4–4.1–3.3–0.3–0.7–0.3–2.00.9–2.42.6
    Capital importing countries5.74.74.52.42.02.04.94.24.54.14.7
    Market borrowers6.46.05.01.70.4–0.73.72.74.03.64.6
    Official borrowers3.92.63.13.22.61.92.82.83.03.64.1
    Diversified borrowers5.13.14.13.44.67.07.57.25.75.15.0
    Countries with recent debt-servicing problems5.55.34.20.1–0.3–1.93.02.73.53.24.3
    Countries without debt-servicing problems5.94.14.84.94.46.26.85.85.55.15.0
    By miscellaneous criteria
    Capital importing fuel exporters7.05.55.24.20.4–3.01.82.1–0.90.93.3
    Fifteen heavily indebted countries6.16.15.5–0.5–3.22.53.13.83.34.7
    Small low-income countries3.83.63.12.82.82.13.73.84.84.74.4
    Sub-Saharan Africa33.42.33.12.81.2–0.21.53.53.62.13.8
    By alternative analytical categories
    Oil exporting countries8.42.4–1.1–1.30.1–1.20.2–0.40.9–0.92.7
    Non-oil developing countries5.54.84.62.52.12.55.44.54.94.44.8
    Net oil exporters6.07.06.76.41.0–2.73.82.4–1.01.13.2
    Net oil importers5.44.54.41.92.33.45.74.95.95.05.1

    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, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries3.41.91.0–0.6–0.9–0.62.01.31.91.32.3
    By region
    Africa2.20.20.7–1.0–2.0–4.6–1.7–0.6–2.1–1.10.4
    Asia3.52.63.43.63.15.76.14.64.64.34.2
    Europe4.72.8–0.9–0.80.21.13.21.52.81.91.8
    Middle East4.0–2.1–6.2–5.8–3.8–2.8–3.0–3.8–2.0–4.1–0.5
    Western Hemisphere3.33.73.7–1.9–3.2–5.01.31.42.21.62.5
    By predominant export
    Fuel exporters3.90.2–2.3–2.5–3.4–4.7–2.3–2.3–3.0–3.2–0.1
    Non-fuel exporters3.32.62.40.20.41.53.92.94.02.93.0
    Primary product exporters2.82.42.4–1.7–2.0–2.51.61.03.31.92.4
    Agricultural exporters3.42.62.4–2.5–1.3–1.81.91.53.82.32.7
    Mineral exporters0.61.12.41.5–4.9–5.10.5–1.60.10.10.8
    Exporters of manufactures4.22.82.22.32.95.86.65.25.14.44.1
    Service and remittance countries3.02.63.00.61.91.51.82.52.51.01.0
    By financial criteria
    Capital exporting countries4.2–2.9–7.9–7.1–4.7–3.8–3.7–4.9–2.6–5.1–0.7
    Capital importing countries3.42.62.30.5–0.22.92.32.62.22.7
    Market borrowers4.03.72.6–0.3–1.8–2.71.60.72.11.82.6
    Official borrowers1.2–0.10.20.4–0.3–0.90.10.20.20.91.4
    Diversified borrowers3.01.42.41.92.75.35.75.63.93.33.1
    Countries with recent debt-servicing problems3.12.91.9–1.9–2.6–3.90.90.71.51.22.2
    Countries without debt-servicing problems3.72.22.83.12.44.34.94.03.63.33.2
    By miscellaneous criteria
    Capital importing fuel exporters3.82.62.21.4–2.3–5.4–1.1–0.2–3.4–1.40.6
    Fifteen heavily indebted countries3.63.63.1–2.1–2.8–5.30.30.91.71.32.5
    Small low-income countries1.10.70.2–0.1–0.71.11.21.91.91.7
    Sub-Saharan Africa30.7–0.8–0.1–0.1–1.6–3.2–1.30.60.6–0.80.8
    By alternative analytical categories
    Oil exporting countries4.3–1.4–4.6–4.7–3.7–4.1–3.0–3.1–2.2–3.5–0.4
    Non-oil developing countries3.32.82.60.70.63.52.73.12.62.9
    Net oil exporters3.04.24.23.7–1.7–4.81.30.1–3.2–1.10.7
    Net oil importers3.32.62.40.20.41.53.83.14.13.13.2

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A7.Developing Countries: Gross Capital Formation, 1979–871(In percent of GDP)
    197919801981198219831984198519861987
    Developing countries26.726.526.124.923.823.323.023.423.4
    By region
    Africa24.725.628.124.522.520.719.119.519.1
    Asia29.528.727.427.126.927.027.127.127.4
    Europe31.329.527.127.725.024.624.324.724.9
    Middle East24.025.125.826.529.527.426.325.625.1
    Western Hemisphere23.423.323.220.517.417.417.418.818.8
    By predominant export
    Fuel exporters25.025.726.925.425.224.023.223.423.1
    Non-fuel exporters27.326.725.724.723.223.022.923.323.4
    Primary product exporters22.122.723.020.819.118.117.518.418.6
    Agricultural exporters22.222.322.020.618.917.517.318.518.9
    Mineral exporters21.824.527.121.620.120.218.217.817.2
    Exporters of manufactures32.730.628.128.427.428.528.929.129.1
    Service and remittance countries28.428.327.826.523.421.320.920.220.4
    By financial criteria
    Capital exporting countries22.424.525.426.330.528.227.526.926.4
    Capital importing countries27.226.726.224.722.822.622.322.922.9
    Market borrowers27.226.927.224.521.720.819.720.420.3
    Official borrowers18.919.019.118.116.717.017.016.717.5
    Diversified borrowers28.927.925.826.426.026.927.928.228.6
    Countries with recent debt-servicing problems26.125.425.322.819.618.918.319.219.6
    Countries without debt-servicing problems28.528.127.126.726.326.326.426.526.3
    By miscellaneous criteria
    Capital importing fuel exporters26.926.628.124.921.621.020.121.020.8
    Fifteen heavily indebted countries25.124.524.821.918.217.316.818.018.3
    Small low-income countries16.717.016.416.114.615.014.915.817.0
    Sub-Saharan Africa219.019.620.119.016.916.216.017.518.7
    By alternative analytical categories
    Oil exporting countries24.624.926.326.326.624.523.624.023.4
    Non-oil developing countries27.226.926.024.523.022.922.823.223.3
    Net oil exporters26.227.628.824.522.523.021.921.421.6
    Net oil importers27.426.825.624.523.122.922.923.423.6
    Memorandum
    Median estimates
    Developing countries25.625.925.525.022.521.721.120.520.2
    By region
    Africa24.623.124.922.419.920.020.519.119.3
    Asia28.830.428.726.626.924.121.421.221.3
    Europe30.531.428.431.525.326.323.122.423.5
    Middle East25.923.723.426.924.724.422.623.023.5
    Western Hemisphere25.226.123.021.320.318.618.318.318.8

    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, 1969–88(In percent)
    Average
    1969–78
    1979198019811982198319841985198619871988
    GNP deflators
    Industrial countries27.88.19.38.87.25.14.23.83.33.13.3
    United States6.78.89.19.66.43.83.73.22.63.33.8
    Other industrial countries28.67.79.48.47.65.94.64.23.92.93.0
    Of which,
    Japan8.23.03.83.21.90.81.21.51.80.61.7
    Germany, Fed. Rep. of5.64.04.84.04.43.22.02.23.12.52.2
    Consumer prices
    Industrial countries27.69.111.810.07.55.04.74.12.33.03.4
    United States6.511.313.510.46.13.24.33.61.93.74.1
    Other industrial countries28.47.810.89.98.36.15.04.52.72.53.0
    Of which,
    Japan9.13.77.74.92.71.92.32.00.60.31.6
    Germany, Fed. Rep. of4.64.15.46.35.33.32.42.2–0.20.62.4
    Developing countries316.321.126.626.026.033.238.039.429.035.723.4
    Median inflation rates9.111.514.613.410.39.410.48.78.28.06.6
    By region3
    Africa11.616.616.421.911.419.420.312.813.713.810.8
    Asia8.78.013.110.76.36.67.27.67.87.95.7
    Europe10.822.231.723.634.823.124.925.424.926.922.8
    Middle East10.911.716.815.212.712.314.812.211.713.211.3
    Western Hemisphere31.046.654.459.268.0105.5128.2149.086.5117.764.9
    By analytical criteria3
    Fuel exporters11.312.115.616.117.624.919.713.319.227.417.0
    Non-fuel exporters18.524.931.330.630.237.547.953.333.539.325.9
    Market borrowers22.631.836.538.939.357.068.571.847.162.237.8
    Official borrowers11.419.322.129.714.022.518.826.435.827.213.8
    1

    Compound annual rates of change.

    Averages of percentage changes 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, 1969–881(Annual changes, in percent)
    Fourth Quarter3
    Average
    1969–782
    1979198019811982198319841985198619871988198619871988
    GNP deflator
    Canada47.210.010.610.88.75.03.33.23.04.33.53.24.13.4
    United States6.78.89.19.66.43.83.73.22.63.33.82.24.03.7
    Japan8.23.03.83.21.90.81.21.51.80.61.71.31.21.6
    France48.510.111.411.411.79.77.55.74.63.43.03.53.42.9
    Germany, Fed. Rep. of5.64.04.84.04.43.22.02.23.12.52.23.12.12.4
    Italy412.115.920.718.516.215.210.28.88.05.05.38.34.45.5
    United Kingdom411.814.519.911.57.65.14.16.03.54.54.82.14.75.0
    Other industrial countries9.07.79.19.49.77.66.75.65.73.93.65.33.53.6
    All industrial countries7.88.19.38.87.25.14.23.83.33.13.32.93.33.3
    Of which,
    Seven major countries above7.68.29.38.76.74.73.83.53.02.93.32.63.33.2
    European countries8.89.011.19.89.27.65.85.34.73.53.54.23.33.6
    Consumer prices
    Canada6.99.210.212.510.85.84.34.04.24.43.94.34.53.5
    United States6.511.313.510.46.13.24.33.61.93.74.11.34.64.0
    Japan9.13.77.74.92.71.92.32.00.60.31.6–0.21.31.3
    France8.410.813.313.411.89.67.45.82.73.33.02.33.23.0
    Germany, Fed. Rep. of4.64.15.46.35.33.32.42.2–0.20.62.4–1.11.82.6
    Italy11.114.821.319.516.514.710.89.25.84.54.94.44.84.8
    United Kingdom11.713.418.011.98.64.64.96.13.44.24.53.44.04.8
    Other industrial countries8.67.910.110.39.97.86.35.84.84.03.74.53.84.2
    All industrial countries7.69.111.810.07.55.04.74.12.33.03.41.73.63.4
    Of which,
    Seven major countries above7.49.312.110.07.14.54.53.92.02.93.41.33.63.3
    European countries8.48.911.911.39.77.46.25.42.92.93.42.33.23.7

    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.

    Table A10.Industrial Countries: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Hourly earnings
    Canada9.88.810.112.011.74.34.93.93.13.53.5
    United States8.09.811.79.58.53.13.45.33.21.63.4
    Japan16.15.97.15.85.53.33.54.53.52.52.6
    France14.514.814.116.518.212.28.86.24.64.14.1
    Germany, Fed. Rep. of11.16.78.86.95.93.73.24.15.35.04.8
    Italy19.119.118.425.519.919.312.410.44.37.56.0
    United Kingdom15.415.219.714.89.67.27.48.37.58.17.4
    Other industrial countries13.810.611.010.49.69.37.46.86.06.15.3
    All industrial countries11.410.111.510.79.66.05.15.74.13.44.0
    Of which,
    Seven major countries above11.010.011.610.79.65.44.85.63.93.03.8
    European countries14.512.112.813.111.59.17.46.85.46.05.3
    Output per manhour
    Canada4.02.7–0.40.30.16.911.11.6–0.51.51.0
    United States2.4–0.12.22.25.75.55.13.73.23.3
    Japan7.26.73.40.30.12.98.63.9–0.92.83.1
    France6.05.01.64.26.44.33.92.02.53.03.6
    Germany, Fed. Rep. of4.74.81.11.82.04.34.64.01.51.82.6
    Italy5.28.43.17.43.04.97.21.50.52.62.6
    United Kingdom3.00.6–1.54.74.76.74.94.02.75.83.9
    Other industrial countries5.34.92.73.44.06.04.83.42.02.22.4
    All industrial countries4.03.11.32.62.65.25.94.02.32.63.0
    Of which,
    Seven major countries above3.82.81.02.52.45.16.04.02.42.73.1
    European countries5.14.71.83.94.05.35.02.82.02.93.0
    Unit labor costs
    Canada5.66.010.611.711.7–2.4–5.62.23.72.02.5
    United States5.49.811.77.26.1–2.5–2.00.2–0.4–1.60.1
    Japan8.3–0.83.65.55.50.4–4.70.64.5–0.2–0.6
    France8.09.312.311.811.17.64.74.12.11.10.5
    Germany, Fed. Rep. of6.01.87.65.04.1–1.1–1.30.43.83.12.1
    Italy13.29.914.816.916.413.74.98.83.74.83.3
    United Kingdom11.814.521.59.54.70.52.44.04.72.23.5
    Other industrial countries8.25.58.26.75.63.12.53.34.03.92.8
    All industrial countries7.16.910.27.86.80.7–0.71.71.80.70.9
    Of which,
    Seven major countries above6.97.110.58.07.00.3–1.21.51.50.30.7
    European countries9.07.110.98.87.23.62.33.93.43.02.3

    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, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries16.321.126.626.026.033.238.039.429.035.723.4
    By region
    Africa11.616.616.421.911.419.420.312.813.713.810.8
    Asia8.78.013.110.76.36.67.27.67.87.95.7
    Europe10.822.231.723.634.823.124.925.424.926.922.8
    Middle East10.911.716.815.212.712.314.812.211.713.211.3
    Western Hemisphere31.046.654.459.268.0105.5128.2149.086.5117.764.9
    By predominant export
    Fuel exporters11.312.115.616.117.624.919.713.319.227.417.0
    Non-fuel exporters18.524.931.330.630.237.547.953.333.539.325.9
    Primary product exporters26.143.551.751.748.971.197.2111.462.877.245.8
    Agricultural exporters26.448.059.059.856.984.0117.8129.870.989.351.1
    Mineral exporters24.525.423.321.420.828.431.745.927.923.019.1
    Exporters of manufactures8.58.714.513.515.011.412.613.810.410.79.7
    Service and remittance countries10.615.118.316.014.514.715.513.915.314.811.1
    By financial criteria
    Capital exporting countries10.28.611.811.78.67.85.73.07.110.610.2
    Capital importing countries17.223.128.928.429.138.144.446.532.940.025.6
    Market borrowers22.631.836.538.939.357.068.571.847.162.237.8
    Official borrowers11.419.322.129.714.022.518.826.435.827.213.8
    Diversified borrowers8.711.119.412.716.512.214.314.711.010.89.4
    Countries with recent debt-servicing problems21.932.637.543.449.269.083.290.161.180.046.8
    Countries without debt-servicing problems10.513.520.414.110.310.512.011.99.38.87.9
    By miscellaneous criteria
    Capital importing fuel exporters12.215.018.719.825.340.132.122.430.243.223.7
    Fifteen heavily indebted countries28.540.847.252.857.389.9115.0125.276.1104.860.2
    Small low-income countries11.621.224.034.415.827.421.024.534.628.511.7
    Sub-Saharan Africa313.426.325.232.213.430.422.417.819.317.510.9
    By alternative analytical categories
    Oil exporting countries11.111.113.313.48.59.910.54.97.412.410.2
    Non-oil developing countries17.824.130.630.032.141.848.352.536.443.327.2
    Net oil exporters11.717.724.324.544.271.051.951.353.567.634.9
    Net oil importers18.925.131.530.830.237.247.752.733.839.926.2

    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, 1969–88(Annual changes, in percent)
    Average
    1969–78
    1979198019811982198319841985198619871988
    Developing countries9.111.514.613.410.39.410.48.78.28.06.6
    By region
    Africa9.111.912.513.712.610.911.210.59.08.57.6
    Asia7.27.513.912.57.68.17.04.95.76.05.7
    Europe8.19.615.820.021.020.215.015.111.79.610.0
    Middle East10.010.610.58.99.15.26.44.110.09.05.0
    Western Hemisphere10.414.918.114.79.08.812.015.011.413.59.0
    By predominant export
    Fuel exporters9.410.411.213.310.58.99.05.96.98.96.4
    Non-fuel exporters9.012.114.913.410.39.610.99.48.78.06.8
    Primary product exporters9.312.216.414.212.311.512.413.111.411.09.5
    Agricultural exporters9.212.117.112.712.511.312.011.211.110.08.2
    Mineral exporters8.912.813.815.711.915.019.115.616.415.712.8
    Exporters of manufactures6.89.011.513.87.97.38.35.65.46.06.0
    Service and remittance countries9.013.114.911.76.95.85.14.73.83.74.7
    By financial criteria
    Capital exporting countries9.99.910.08.27.43.71.21.73.75.54.0
    Capital importing countries9.111.914.713.810.49.610.99.28.78.07.0
    Market borrowers10.215.317.715.010.111.112.49.26.99.89.5
    Official borrowers9.212.014.712.79.79.411.010.310.08.06.5
    Diversified borrowers8.49.912.513.011.48.48.48.78.68.06.0
    Countries with recent debt-servicing problems9.312.418.015.212.314.112.815.115.016.411.0
    Countries without debt-servicing problems8.810.713.512.78.77.37.15.65.86.05.5
    By miscellaneous criteria
    Capital importing fuel exporters8.910.712.614.711.69.711.47.98.910.49.5
    Fifteen heavily indebted countries15.219.926.426.319.041.850.330.723.028.120.0
    Small low-income countries9.212.213.812.712.511.511.110.510.79.07.0
    Sub-Saharan Africa19.312.513.313.512.711.211.210.59.28.06.5
    By alternative analytical categories
    Oil exporting countries9.610.810.611.67.87.28.04.65.610.45.0
    Non-oil developing countries9.111.914.713.710.89.610.99.28.78.06.9
    Net oil exporters9.39.015.214.615.113.612.810.213.411.49.9
    Net oil importers9.012.114.713.410.29.410.69.28.18.06.3

    Excluding Nigeria and South Africa.

    Financial Policies

    Table A13.Summary Financial Indicators, 1979–88(In percent)
    1979198019811982198319841985198619871988
    Major industrial countries
    Fiscal balances of central governments1
    Seven major countries–2.8–3.3–3.6–4.6–5.3–5.0–4.9–4.5–3.9–3.9
    Of which,
    United States–1.1–2.3–2.4–4.1–5.6–5.1–5.3–5.0–3.7–3.7
    Japan–6.1–6.2–5.9–5.9–5.6–4.7–4.0–3.6–4.1–4.6
    Germany, Fed. Rep. of–1.9–1.9–2.5–2.4–1.9–1.6–1.3–1.2–1.3–1.5
    Fiscal impulses of central governments2
    Seven major countries–0.4–0.10.10.70.30.1–0.5–0.7
    Of which,
    United States–0.80.40.31.70.70.3–0.3–1.3
    Japan1.10.1–0.5–0.3–0.5–0.6–0.5–0.70.30.3
    Germany, Fed. Rep. of–0.2–0.7–0.20.3–0.30.10.2
    Growth of monetary aggregates3
    Narrow money
    Seven major countries10.05.76.56.710.07.08.511.5
    Of which,
    United States7.86.27.06.611.17.09.213.4
    Japan10.72.63.35.83.62.85.06.910.77.9
    Germany, Fed. Rep. of7.52.41.13.610.33.24.38.57.56.0
    Broad money
    Seven major countries10.89.510.19.510.67.89.28.5
    Of which,
    United States8.38.09.49.312.57.99.18.06.06.0
    Japan11.99.28.99.27.47.88.48.79.48.2
    Germany, Fed. Rep. of9.05.36.46.56.63.84.95.97.45.7
    Interest rates
    Six-month Eurodollars412.214.016.713.69.911.38.66.87.38.0
    Developing countries
    Fiscal balances of central governments1
    Weighted averages–2.3–1.4–4.3–5.6–5.6–4.8–4.5–6.2–5.3
    Medians–3.5–4.6–5.7–6.4–6.3–4.7–4.6–5.3–4.8
    Growth of monetary aggregates5
    Weighted averages33.935.536.135.237.849.146.034.034.4
    Medians17.720.719.018.916.516.215.415.711.5

    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, 1979–871(Annual changes, in percent)
    Fourth Quarter2
    19791980198119821983198419851986198519861987
    Narrow money (M1)3
    Canada7.06.23.4–0.110.03.44.24.98.45.4
    United States7.86.27.06.611.17.09.213.412.115.3
    Japan10.72.63.35.83.62.85.06.93.010.49.9
    France13.67.711.811.110.311.47.87.06.45.55.0
    Germany, Fed. Rep. of7.52.41.13.610.33.24.38.55.17.67.5
    Italy24.216.110.911.815.112.313.710.110.510.79.0
    United Kingdom12.24.410.78.612.814.717.825.621.722.116.5
    Seven major countries above10.05.76.56.710.07.08.511.59.812.8
    Four major European countries above13.06.67.78.211.89.810.112.210.210.99.1
    Broad money4
    Canada15.718.915.09.25.74.49.48.710.79.0
    United States8.38.09.49.312.57.99.18.08.88.96.4
    Japan11.99.28.99.27.47.88.48.78.79.29.0
    France13.411.212.011.510.29.88.35.45.74.55.0
    Germany, Fed. Rep. of9.05.36.46.56.63.84.95.95.16.87.5
    Italy21.014.410.712.316.512.313.99.011.29.49.0
    United Kingdom12.615.217.311.710.59.214.418.617.718.819.0
    Seven major countries above10.89.510.19.510.67.89.28.59.09.1
    Four major European countries above13.010.410.910.010.38.29.79.29.39.49.6

    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 government 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 Ml 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 time deposits with maturities of less than four years plus savings deposits at statutory notice.

    Table A15.Major Industrial Countries: Interest Rates, 1979–August 19871(In percent per annum)
    19791980198119821983198419851986August
    1987
    Short-term interest rates2
    Canada11.913.418.314.49.511.39.69.29.1
    United States11.213.115.912.49.110.48.06.56.8
    Japan5.911.07.77.16.76.36.75.13.7
    France9.512.215.414.612.411.79.97.77.9
    Germany, Fed. Rep. of6.69.512.08.85.76.05.44.63.9
    Italy12.017.520.020.018.017.114.912.612.0
    United Kingdom13.616.613.812.310.19.912.210.99.9
    Seven major countries above9.812.714.211.89.39.88.56.96.6
    Four major European countries above9.612.914.713.210.810.510.08.47.9
    Long-term interest rates3
    Canada10.212.515.214.311.812.811.09.510.5
    United States9.411.513.913.011.112.410.67.78.8
    Japan7.78.98.48.37.87.36.55.26.1
    France9.513.015.815.713.612.510.98.49.8
    Germany, Fed. Rep. of7.48.510.48.97.97.86.95.96.1
    Italy14.116.120.620.918.014.913.010.59.8
    United Kingdom13.013.814.712.910.810.710.69.99.8
    Seven major countries above9.411.313.212.510.911.29.87.58.3
    Four major European countries above10.212.114.513.812.011.110.08.48.6

    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, 10 years for the United States, 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 remaining maturity of more than three years for the. Federal Republic of Germany, bonds issued by the Consortium of Credit for Public Works with an average maturity of 15 to 20 years for Italy, and central government bonds with 20 years to maturity for the United Kingdom.

    Table A16.Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1979–881

    (In percent of GNP)2

    1979198019811982198319841985198619871988
    Fiscal balance
    (+ surplus, –deficit)
    Canada3–3.4–3.4–2.1–5.5–6.2–6.8–6.7–4.9–4.1–3.8
    United States4–1.1–2.3–2.4–4.1–5.6–5.1–5.3–5.0–3.7–3.7
    Japan5–6.1–6.2–5.9–5.9–5.6–4.7–4.0–3.6–4.1–4.6
    France6–1.5–1.1–2.6–2.7–3.2–3.3–3.3–2.8–2.5–2.1
    Germany, Fed. Rep. of7–1.9–1.9–2.5–2.4–1.9–1.6–1.3–1.2–1.3–1.5
    Italy8–10.8–9.4–10.6–13.2–14.0–13.2–14.0–12.3–11.4–10.9
    United Kingdom3–2.3–2.5–2.9–2.7–3.0–3.1–2.3–2.3–2.2–2.1
    Seven major countries above–2.8–3.3–3.6–4.6–5.3–5.0–4.9–4.5–3.9–3.9
    Seven major countries except the United States–4.2–4.1–4.4–5.0–5.1–4.9–4.6–4.0–4.0–4.1
    Fiscal impulse
    (+ expansionary, –contractionary)
    Canada3–0.4–0.1–1.11.50.61.60.5–1.4–0.4–0.1
    United States4–0.80.40.31.70.70.3–0.3–1.3
    Japan51.10.1–0.5–0.3–0.5–0.6–0.5–0.70.30.3
    France60.1–0.61.20.20.1–0.1–0.2–0.5–0.5–0.4
    Germany, Fed. Rep. of 7–0.2–0.7–0.20.3–0.30.10.2
    Italy8–1.70.10.41.4–0.2–0.50.8–1.5–0.9–0.6
    United Kingdom3–0.9–1.8–1.4–0.80.70.3–0.40.20.4
    Seven major countries above–0.4–0.10.10.70.30.1–0.5–0.7
    Seven major countries except the United States–0.3–0.1–0.1–0.2–0.6

    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.

    Canada, France, Italy and the United Kingdom: in percent of GDP.

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

    Data for the United States are on a unified budget 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 exclude social security transactions.

    Data for the Federal Republic of Germany are on an administrative basis and exclude 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 same level but do not include the gross transactions of social security institutions, only their deficits.

    Data from 1980 are not comparable with those for 1979 because they are based on a recent revision of the national income accounts.

    The fiscal impulse estimate of the April 1987 WEO is shown for the transitional year 1980.

    Table A17.Major Industrial Countries: General Government Fiscal Balances and Impulses, 1979–881

    (In percent of GNP)2

    1979198019811982198319841985198619871988
    Fiscal balance
    (+ surplus, –deficit)
    Canada–2.0–2.8–1.5–5.8–6.9–6.4–7.0–5.5–4.5–4.1
    United States0.5–1.3–1.0–3.5–3.8–2.8–3.3–3.5–2.3–2.4
    Japan–4.7–4.4–3.5–3.6–3.7–2.1–0.8–0.6–1.2–1.6
    France–0.8–1.9–2.8–3.2–2.7–2.9–2.9–2.6–2.1
    Germany, Fed. Rep. of–2.6–2.9–3.7–3.3–2.5–1.9–1.1–1.2–1.5–2.0
    Italy3–9.5–8.5–11.5–11.3–10.7–11.5–12.2–11.2–10.4–9.9
    United Kingdom–3.2–3.5–2.8–2.3–3.6–3.8–2.6–2.8–2.6–2.5
    Seven major countries above–1.8–2.5–2.7–3.9–4.1–3.3–3.3–3.3–2.6–2.7
    Seven major countries except the United States–3.7–3.5–3.9–4.3–4.4–3.9–3.3–3.0–2.9–3.0
    Fiscal impulse
    (+ expansionary, –contractionary)
    Canada–0.20.5–0.81.31.21.31.6–1.0–0.3
    United States–0.50.7–0.50.50.60.60.70.3–1.30.1
    Japan–0.5–0.4–1.2–0.1–0.2–1.2–1.0–0.70.40.3
    France–0.9–1.41.40.7–0.2–0.8–0.1–0.7–0.7
    Germany, Fed. Rep. of0.8–0.2–0.5–1.9–0.40.6–0.80.40.5
    Italy30.41.31.9–1.4–1.70.80.9–0.9–0.9–0.5
    United Kingdom–0.9–2.0–2.7–1.11.60.5–0.70.40.3
    Seven major countries above–0.4–0.4–0.10.20.20.2–0.70.1
    Seven major countries except the United States–0.2–0.5–0.4–0.5–0.1–0.3–0.30.1
    Memorandum
    Germany, Fed. Rep. of
    Fiscal balance, territorial authorities4–3.3–3.9–4.9–4.4–3.3–2.6–2.1–2.2–2.4–2.9

    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.

    Canada, France, Italy, and the United Kingdom: in percent of GDP.

    Data from 1980 are not comparable with those for 1979 because they are based on a recent revision of the national income accounts. The fiscal impulse estimate of the April 1987 WEO is shown for the transitional year 1980.

    General government, on an administrative basis, excluding social security transactions.

    Table A18.Developing Countries: Broad Money Aggregates, 1979–861(Annual changes, in percent)
    19791980198119821983198419851986
    Developing countries33.935.536.135.237.849.146.034.0
    By region
    Africa15.426.119.117.615.719.118.112.0
    Asia25.327.320.219.219.624.918.322.2
    Europe30.730.835.231.318.827.730.829.8
    Middle East27.032.731.420.516.620.413.47.7
    Western Hemisphere61.055.872.381.5105.8145.6152.787.4
    By predominant export
    Fuel exporters23.130.728.529.321.222.118.418.6
    Non-fuel exporters38.537.539.538.246.964.360.841.4
    Primary product exporters51.649.760.257.579.7111.9116.264.2
    Agricultural exporters58.153.468.767.397.6133.4136.975.4
    Mineral exporters26.134.428.223.523.643.044.318.1
    Exporters of manufactures27.327.122.321.921.231.622.624.5
    Service and remittance countries26.528.027.024.923.219.520.316.7
    By financial criteria
    Capital exporting countries23.427.027.914.89.29.26.45.9
    Capital importing countries35.536.837.439.043.357.253.839.1
    Market borrowers42.144.047.150.760.177.978.651.1
    Official borrowers15.220.822.425.723.520.933.532.5
    Diversified borrowers30.530.026.323.521.233.722.522.0
    Countries with recent debt-servicing problems41.342.350.055.566.488.593.660.6
    Countries without debt-servicing problems29.431.325.122.921.729.521.320.3
    By miscellaneous criteria
    Capital importing fuel exporters22.933.828.942.131.533.329.030.0
    Fifteen heavily indebted countries51.852.361.768.288.6120.7127.677.7
    Small low-income countries16.422.524.827.425.120.636.033.7
    Sub-Saharan Africa217.721.322.122.417.722.331.622.3
    By alternative analytical categories
    Oil exporting countries20.730.823.920.312.712.29.29.3
    Non-oil developing countries37.836.939.940.347.163.560.142.6
    Net oil exporters33.036.941.857.748.958.956.843.1
    Net oil importers38.536.939.637.646.864.360.642.5
    Memorandum
    Median estimates
    Developing countries17.720.719.018.916.516.215.415.7
    By region
    Africa14.620.217.416.313.616.615.114.0
    Asia21.021.418.120.919.815.814.216.1
    Europe18.719.324.126.514.518.724.218.9
    Middle East21.330.534.619.317.115.29.47.5
    Western Hemisphere16.916.314.814.816.116.120.523.8

    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, 1979–871(In percent of GDP)
    197919801981198219831984198519861987
    Developing countries–2.3–1.4–4.3–5.6–5.6–4.8–4.5–6.2–5.3
    By region
    Africa–5.5–4.3–6.0–7.0–8.1–5.4–4.6–5.9–7.8
    Asia–3.6–3.3–3.2–4.3–3.3–2.9–3.1–4.1–4.0
    Europe–2.5–2.9–4.7–2.7–2.6–2.6–3.0–2.6–1.8
    Middle East0.14.5–3.3–7.2–9.4–10.4–9.4–15.0–10.3
    Western Hemisphere–0.7–0.6–5.0–6.6–5.8–4.0–3.6–4.8–4.2
    By predominant export
    Fuel exporters0.62.7–2.9–6.2–7.3–5.8–6.1–11.4–9.1
    Non-fuel exporters–3.5–3.1–4.8–5.2–4.7–4.3–3.8–3.9–3.8
    Primary product exporters–2.3–2.3–5.3–6.1–5.5–4.5–3.7–3.7–3.6
    Agricultural exporters–1.9–2.1–5.5–6.4–5.2–4.2–3.4–3.4–3.3
    Mineral exporters–4.2–3.1–4.4–4.9–6.6–5.7–4.8–5.5–5.1
    Exporters of manufactures–3.5–3.2–3.2–3.0–2.6–2.4–2.0–2.5–2.6
    Service and remittance countries–10.1–8.0–11.1–12.7–11.8–13.6–14.3–12.4–10.7
    By financial criteria
    Capital exporting countries3.68.2–0.9–4.9–7.8–8.3–8.0–15.4–10.1
    Capital importing countries–3.2–2.9–4.8–5.7–5.2–4.2–4.0–4.8–4.6
    Market borrowers–1.3–1.2–4.7–6.0–5.4–3.4–3.3–4.4–4.5
    Official borrowers–5.9–6.6–6.7–8.1–7.3–7.5–7.5–7.3–6.4
    Diversified borrowers–5.6–4.6–4.5–4.5–4.4–4.8–4.3–4.8–4.4
    Countries with recent debt-servicing problems–2.3–1.7–5.6–6.1–5.6–4.0–3.8–4.8–4.4
    Countries without debt-servicing problems–4.1–4.1–3.9–5.2–4.8–4.4–4.2–4.8–4.8
    By miscellaneous criteria
    Capital importing fuel exporters–1.7–1.7–4.5–7.3–7.0–3.7–4.6–8.1–8.3
    Fifteen heavily indebted countries–0.8–0.8–5.2–6.2–5.7–3.6–3.2–4.4–4.6
    Small low-income countries–6.3–5.9–6.0–6.8–6.2–5.7–5.9–6.3–6.1
    Sub-Saharan Africa2–6.5–6.3–6.7–7.0–6.0–5.1–5.1–6.5–6.1
    By alternative analytical categories
    Oil exporting countries1.64.4–1.8–5.5–7.2–5.7–5.8–11.3–8.9
    Non-oil developing countries–3.4–3.1–5.0–5.6–5.0–4.5–4.2–4.7–4.3
    Net oil exporters–5.1–4.0–7.7–9.8–8.9–7.7–8.6–12.5–10.4
    Net oil importers–3.2–3.0–4.6–4.9–4.4–3.9–3.4–3.4–3.4
    Memorandum
    Median estimates
    Developing countries–3.5–4.6–5.7–6.4–6.3–4.7–4.6–5.3–4.8
    By region
    Africa–7.1–6.3–7.1–7.3–7.8–5.3–5.5–6.3–6.0
    Asia–3.0–3.3–4.1–5.5–4.2–3.4–3.6–4.6–4.0
    Europe–1.9–1.3–1.3–2.1–2.1–2.2–1.4–3.2–2.5
    Middle East–0.1–5.6–11.8–9.1–9.2–12.7–9.4–14.8–10.0
    Western Hemisphere–2.6–3.1–5.3–5.4–5.2–4.7–3.3–2.8–2.8

    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, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    World trade3
    Volume6.76.31.20.8–2.23.08.93.14.83.44.4
    Unit value (in U.S. dollar terms)10.818.720.1–1.2–4.2–4.8–2.4–2.24.49.94.8
    (in SDR terms)48.315.019.39.12.3–1.71.8–1.3–9.70.43.1
    Volume of trade
    Exports
    Industrial countries7.17.23.93.6–2.13.09.94.32.62.54.0
    Developing countries4.64.3–4.2–6.0–7.63.27.10.98.55.96.5
    Fuel exporters3.11.9–13.5–15.1–16.2–3.20.7–5.711.0–2.16.8
    Non-fuel exporters6.16.78.45.31.28.211.55.17.78.96.4
    Imports
    Industrial countries6.88.9–1.6–2.0–0.64.712.64.68.43.53.6
    Developing countries7.22.97.47.9–3.9–2.22.3–0.3–2.81.96.1
    Fuel exporters15.0–4.713.418.6–1.4–10.0–5.6–12.3–20.5–12.01.2
    Non-fuel exporters4.96.45.03.3–5.11.75.84.64.05.97.3
    Unit value of trade
    (in SDR terms)4
    Exports
    Industrial countries7.611.712.35.82.6–1.01.2–0.2–1.71.03.3
    Developing countries12.125.036.515.41.9–4.53.9–3.9–25.90.52.4
    Fuel exporters19.639.962.023.13.1–8.72.7–3.3–49.39.31.9
    Non-fuel exporters7.313.112.47.20.7–1.04.8–4.3–12.7–2.52.6
    Imports
    Industrial countries8.215.020.87.70.7–2.40.9–1.0–9.81.33.9
    Developing countries8.014.217.311.42.8–1.12.6–2.5–11.1–0.12.4
    Fuel exporters7.610.912.410.73.1–0.32.0–0.6–3.6–0.53.0
    Non-fuel exporters8.015.819.311.82.7–1.62.9–3.3–13.70.12.3
    Terms of trade
    Industrial countries–0.5–2.9–7.1–1.81.91.40.30.89.0–0.3–0.6
    Developing countries3.89.516.43.6–0.9–3.51.3–1.4–16.70.6
    Fuel exporters11.226.244.011.20.1–8.50.7–2.7–47.49.9–1.1
    Non-fuel exporters–0.7–2.3–5.8–4.1–2.00.61.8–1.11.1–2.50.3
    Memorandum
    World trade prices (in U.S. dollar terms) for major commodity groups5
    Manufactures9.613.610.4–3.9–2.1–2.8–3.01.217.912.83.8
    Oil22.846.063.69.8–4.1–11.7–2.4–4.8–49.827.63.5
    Non-oil primary commodities10.317.95.5–13.5–9.96.94.2–12.9–1.1–1.84.0

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

    Compound annual rates of change.

    Averages of growth rates for world exports and imports based on data for the two groups of countries shown separately below and on partly estimated data for the U.S.S.R. and nonmember countries of Eastern Europe and, for years prior to 1978, China. Estimates of the growth of world trade are uncertain, and appear especially so in 1986. The GATT secretariat estimates that world trade rose by only 3 1/2 percent, significantly less than the Fund staff’s estimate of about 5 percent. This difference results mainly from the choice of data used for the United States and nonmember countries.

    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, 1969–88(Changes, in percent)
    Average
    1969–781
    1979198019811982198319841985198619871988
    Total merchandise trade
    Value (in U.S. dollar terms)
    Exports17.923.617.5–0.7–5.9–1.26.73.216.613.39.3
    Imports18.229.319.8–4.4–6.2–1.09.02.612.914.89.4
    Volume
    Exports7.17.23.93.6–2.13.09.94.32.62.54.0
    Imports6.88.9–1.6–2.0–0.64.712.64.68.43.53.6
    Unit value (in U.S. dollar terms)
    Exports10.115.213.1–4.2–3.9–4.1–3.0–1.113.610.55.1
    Imports10.618.721.7–2.5–5.7–5.5–3.2–1.94.210.95.7
    Terms of trade–0.5–2.9–7.1–1.81.91.40.30.89.0–0.3–0.6
    Non-oil trade
    Value (in U.S. dollar terms)
    Exports17.822.316.5–1.2–6.3–1.37.03.119.613.39.3
    Imports17.025.114.3–5.3–3.72.311.54.822.714.89.9
    Volume
    Exports7.37.14.43.7–2.82.710.24.22.42.64.1
    Imports7.310.32.61.41.86.915.16.28.24.03.8
    Unit value (in U.S. dollar terms)
    Exports9.714.211.6–4.7–3.7–3.8–2.9–1.116.810.45.0
    Imports9.013.411.4–6.6–5.4–4.3–3.1–1.413.410.45.9
    Terms of trade0.60.70.12.01.90.50.30.33.0–0.8
    Memorandum
    Real GNP23.63.41.50.92.24.02.92.62.32.3
    Apparent income elasticity of non-oil imports32.03.01.71.6–66.43.23.72.23.11.81.6
    Import volume of developing countries7.22.97.47.9–3.9–2.22.3–0.3–2.81.96.1
    Market prices of non-oil primary commodities (in U.S. dollar terms)48.724.25.8–13.0–8.45.42.3–12.00.52.43.7
    Unit labor costs in manufacturing (in U.S. dollar terms)8.69.410.3–1.1–1.3–3.6–5.4–0.317.78.72.4

    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, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Export volumes3
    Canada6.84.02.64.9–0.57.419.96.44.33.72.5
    United States6.814.19.8–1.6–10.9–3.88.02.98.09.014.6
    Japan11.30.217.110.6–2.38.716.04.4–1.3–2.7–0.3
    France9.29.13.34.0–3.83.75.31.7–0.21.33.4
    Germany, Fed. Rep. of5.95.11.46.52.9–0.29.66.41.2–0.42.1
    Italy8.17.7–7.82.20.25.86.67.41.6–1.33.5
    United Kingdom5.64.80.9–0.82.61.88.45.53.74.02.2
    Other industrial countries6.38.31.92.31.05.88.84.72.72.72.9
    All industrial countries7.17.23.93.6–2.13.09.94.32.62.54.0
    Of which,
    Seven major countries above7.36.94.64.1–3.12.110.34.22.62.44.4
    European countries6.76.80.73.90.53.67.94.52.31.52.5
    Import volumes4
    Canada7.514.65.110.1–16.511.119.59.88.03.53.0
    United States7.51.6–7.90.6–3.713.024.85.114.80.41.2
    Japan7.811.3–5.0–2.2–0.51.210.80.47.25.75.9
    France8.811.96.2–2.6–0.9–0.34.14.86.94.54.8
    Germany, Fed. Rep. of10.17.8–0.2–5.01.04.15.54.65.93.84.5
    Italy6.213.22.6–9.41.81.49.08.74.46.85.4
    United Kingdom3.313.6–5.4–3.75.48.111.13.46.45.84.5
    Other industrial countries6.29.41.1–3.41.31.17.15.36.93.53.2
    All industrial countries6.88.9–1.6–2.0–0.64.712.64.68.43.53.6
    Of which,
    Seven major countries above7.18.7–2.5–1.5–1.26.014.44.48.93.53.7
    European countries6.510.71.1–4.51.82.56.64.86.84.64.4
    Terms of trade3
    Canada0.38.67.81.7–3.11.3–1.7–1.6–2.70.10.4
    United States–1.7–3.9–13.51.93.03.31.9–1.41.3–6.7–1.4
    Japan–1.1–15.9–19.51.50.92.92.44.633.50.2–0.2
    France–0.2–0.5–6.3–4.72.02.21.32.69.61.1
    Germany, Fed. Rep. of0.7–5.4–6.4–6.73.81.7–2.31.415.02.8–1.4
    Italy–1.8–1.8–6.2–5.84.51.6–1.60.615.81.40.6
    United Kingdom–1.54.34.81.1–0.10.3–2.11.2–5.42.70.7
    Other industrial countries0.3–1.1–3.9–2.11.5–0.91.00.23.5–0.5–0.1
    All industrial countries–0.5–2.9–7.1–1.81.91.40.30.89.0–0.3–0.6
    Of which,
    Seven major countries above–0.7–3.6–8.2–1.72.02.21.010.9–0.3–0.8
    European countries–0.1–1.5–3.8–3.82.30.7–0.41.27.71.2–0.2

    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, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries
    Value (in U.S. dollar terms)
    Exports19.834.631.7–1.7–11.8–4.66.7–4.0–7.116.411.0
    Imports18.421.226.98.9–7.5–6.40.6–3.8–0.211.410.5
    Volume
    Exports4.64.3–4.2–6.0–7.63.27.10.98.55.96.5
    Imports7.22.97.47.9–3.9–2.22.3–0.3–2.81.96.1
    Unit value (in U.S. dollar terms)
    Exports14.629.037.54.6–4.6–7.6–0.3–4.8–14.410.04.2
    Imports10.417.818.11.0–3.8–4.3–1.6–3.52.79.34.2
    Terms of trade3.89.516.43.6–0.9–3.51.3–1.4–16.70.6
    Purchasing power of exports38.514.311.5–2.6–8.4–0.48.4–0.5–9.66.56.5
    Memorandum
    Real GNP growth of trading partners4.94.02.62.10.82.64.32.83.12.83.1
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries10.317.95.5–13.5–9.96.94.2–12.9–1.1–1.84.0
    Fuel exporters
    Value (in U.S. dollar terms)
    Exports26.147.141.2–5.3–19.1–14.5–0.8–9.7–35.017.210.7
    Imports26.59.028.418.9–4.9–13.1–7.7–13.7–11.5–4.26.0
    Volume
    Exports3.11.9–13.5–15.1–16.2–3.20.7–5.711.0–2.16.8
    Imports15.0–4.713.418.6–1.4–10.0–5.6–12.3–20.5–12.01.2
    Unit value (in U.S. dollar terms)
    Exports22.344.363.111.5–3.5–11.6–1.5–4.2–41.419.63.7
    Imports10.014.413.30.3–3.5–3.4–2.2–1.611.48.94.8
    Terms of trade11.226.244.011.20.1–8.50.7–2.7–47.49.9–1.1
    Purchasing power of exports314.728.624.6–5.6–16.1–11.41.4–8.3–41.67.65.6
    Memorandum
    Oil export volume (in billions of barrels)49.710.59.17.66.15.65.55.15.85.45.8
    Average oil export price (in U.S. dollars per barrel)46.918.830.733.732.328.627.926.513.317.017.6
    Annual percentage change22.846.063.69.8–4.1–11.7–2.4–4.8–49.827.63.5
    Real GNP growth of trading partners4.94.02.52.10.72.54.43.03.12.93.1
    Export unit value (in U.S. dollar terms) of manufactures59.613.610.4–3.9–2.1–2.8–3.01.217.912.83.8
    Non-fuel exporters
    Value (in U.S. dollar terms)
    Exports16.424.622.82.3–4.63.812.0–0.48.516.211.1
    Imports15.827.126.24.6–8.8–3.04.40.23.716.011.6
    Volume
    Exports6.16.78.45.31.28.211.55.17.78.96.4
    Imports4.96.45.03.3–5.11.75.84.64.05.97.3
    Unit value (in U.S. dollar terms)
    Exports9.716.713.2–2.9–5.8–4.10.5–5.20.86.74.4
    Imports10.419.520.21.2–3.9–4.7–1.3–4.2–0.39.54.0
    Terms of trade–0.7–2.3–5.8–4.1–2.00.61.8–1.11.1–2.50.3
    Purchasing power of exports35.44.32.21.0–0.88.913.53.98.96.16.8
    Memorandum
    Real GNP growth of trading partners5.04.12.62.10.92.74.32.73.12.73.1
    Market price (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by non-fuel exporters10.817.36.7–13.4–11.16.74.0–13.0–1.3–2.84.4
    Gross reserves (end of period) as percentage of total imports of goods and services632.322.117.215.916.718.720.623.026.827.528.5

    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, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries4.64.3–4.2–6.0–7.63.27.10.98.55.96.5
    By region
    Africa3.18.0–1.4–15.0–4.93.75.67.55.2–0.13.5
    Asia10.88.98.88.81.010.613.45.117.213.46.8
    Europe3.3–1.73.93.11.78.314.53.20.13.74.5
    Middle East4.80.4–15.2–17.6–19.7–9.3–4.4–9.215.2–4.78.6
    Western Hemisphere1.77.61.25.9–2.28.18.40.1–7.03.07.3
    By predominant export
    Fuel exporters3.11.9–13.5–15.1–16.2–3.20.7–5.711.0–2.16.8
    Non-fuel exporters6.16.78.45.31.28.211.55.17.78.96.4
    Primary product exporters4.66.96.93.01.46.08.66.0–1.13.75.8
    Agricultural exporters5.04.95.89.22.57.011.45.7–2.53.86.9
    Mineral exporters4.211.39.0–8.6–1.23.71.26.82.83.33.3
    Exporters of manufactures8.25.510.47.61.110.013.84.113.312.96.4
    Service and remittance countries3.516.33.72.50.97.19.38.310.8–1.19.2
    By financial criteria
    Capital exporting countries5.10.3–16.5–18.7–21.3–10.1–6.1–10.616.0–5.17.9
    Capital importing countries4.96.43.81.5–0.88.011.03.97.57.66.3
    Market borrowers6.58.33.50.9–2.09.911.53.98.19.16.3
    Official borrowers0.83.81.0–5.1–4.11.8–1.01.09.55.27.6
    Diversified borrowers2.81.65.86.24.23.812.74.65.23.85.9
    Countries with recent debt-servicing problems2.34.43.1–4.5–4.06.08.31.5–3.01.16.1
    Countries without debt-servicing problems8.58.34.47.11.79.512.95.514.511.36.4
    By miscellaneous criteria
    Capital importing fuel exporters0.85.3–7.0–7.7–6.57.39.3–0.16.61.15.7
    Fifteen heavily indebted countries2.87.30.6–2.3–5.06.59.31.9–5.70.76.4
    Small low-income countries–0.22.87.2–1.7–1.33.2–0.46.615.04.85.2
    Sub-Saharan Africa31.32.30.9–2.63.51.44.81.19.53.12.0
    By alternative analytical categories
    Oil exporting countries3.41.9–15.1–17.6–19.1–5.5–0.8–6.112.9–4.87.1
    Non-oil developing countries5.96.48.15.81.88.311.14.17.58.86.3
    Net oil exporters3.65.62.55.28.48.610.2–0.86.94.56.0
    Net oil importers6.36.59.35.90.58.311.25.07.59.46.4

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A25.Developing Countries: Import Volumes, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries7.22.97.47.9–3.9–2.22.3–0.3–2.81.96.1
    By region
    Africa7.1–3.98.711.2–8.0–9.80.6–8.3–6.7–3.22.9
    Asia8.611.09.67.51.08.55.97.74.87.78.2
    Europe1.3–0.6–2.5–1.3–8.22.67.85.41.54.98.8
    Middle East15.1–4.08.816.65.6–2.1–6.1–14.8–19.3–10.50.3
    Western Hemisphere6.57.49.83.6–17.5–22.63.01.7–1.5–0.64.7
    By predominant export
    Fuel exporters15.0–4.713.418.6–1.4–10.0–5.6–12.3–20.5–12.01.2
    Non-fuel exporters4.96.45.03.3–5.11.75.84.64.05.97.3
    Primary product exporters4.65.76.81.3–8.6–5.01.9–4.04.02.54.7
    Agricultural exporters5.76.95.8–2.9–6.3–1.40.8–1.43.72.25.0
    Mineral exporters2.12.69.612.9–14.1–14.25.3–11.84.93.43.8
    Exporters of manufactures4.86.13.43.9–4.06.59.211.05.69.18.9
    Service and remittance countries6.19.85.87.91.73.83.21.3–2.7–0.15.7
    By financial criteria
    Capital exporting countries19.2–7.413.021.27.7–4.5–9.2–19.6–23.8–15.70.3
    Capital importing countries5.94.96.55.7–6.1–1.74.73.30.64.16.7
    Market borrowers8.97.09.06.8–7.2–5.32.5–1.63.16.89.0
    Official borrowers4.2–0.9–0.1–0.2–1.7–0.32.1–0.3–1.61.72.2
    Diversified borrowers1.32.33.45.1–4.97.310.815.2–3.2–0.63.0
    Countries with recent debt-servicing problems4.01.53.83.1–14.1–13.82.9–1.5–3.9–0.26.5
    Countries without debt-servicing problems8.27.98.77.80.26.55.65.83.06.16.7
    By miscellaneous criteria
    Capital importing fuel exporters11.9–1.913.716.2–10.2–16.2–1.1–3.8–17.2–8.52.0
    Fifteen heavily indebted countries8.56.87.94.4–16.5–21.0–1.6–0.1–6.4–1.18.4
    Small low-income countries3.0–3.83.2–3.11.1–2.75.72.23.92.92.6
    Sub-Saharan Africa34.0–3.45.30.2–3.9–8.3–2.40.46.81.02.4
    By alternative analytical categories
    Oil exporting countries17.7–8.912.220.35.1–7.5–8.8–15.7–21.9–15.30.1
    Non-oil developing countries5.07.26.04.2–7.0–0.26.24.52.75.67.1
    Net oil exporters6.516.012.612.3–13.6–10.89.6–0.5–10.6–2.54.1
    Net oil importers4.86.05.02.8–5.81.75.75.34.86.77.5

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A26.Developing Countries: Export Unit Values, 1969–881(Annual changes, in percent, in terms of U.S. dollars)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries14.629.037.54.6–4.6–7.6–0.3–4.8–14.410.04.2
    By region
    Africa13.228.339.4–1.5–9.7–6.7–2.4–7.8–17.09.35.1
    Asia10.120.116.2–0.4–4.3–4.32.2–6.0–6.08.44.4
    Europe9.415.011.8–1.7–2.3–7.0–5.2–2.54.36.73.7
    Middle East22.043.963.213.4–2.3–12.1–2.1–1.9–41.220.73.5
    Western Hemisphere14.023.928.60.6–7.4–6.02.0–5.5–10.17.04.1
    By predominant export
    Fuel exporters22.344.363.111.5–3.5–11.6–1.5–4.2–41.419.63.7
    Non-fuel exporters9.716.713.2–2.9–5.8–4.10.5–5.20.86.74.4
    Primary product exporters10.319.215.0–7.0–9.7–2.71.6–8.62.33.84.4
    Agricultural exporters11.417.311.7–5.7–9.4–3.24.0–8.21.52.34.3
    Mineral exporters7.923.521.6–9.5–10.3–1.5–4.1–9.94.48.04.7
    Exporters of manufactures9.114.810.80.6–2.6–4.7–0.1–2.80.18.04.4
    Service and remittance countries9.015.219.8–0.9–6.3–7.4–2.1–5.9–1.110.44.6
    By financial criteria
    Capital exporting countries23.245.866.113.8–2.2–12.6–2.2–1.9–46.024.23.3
    Capital importing countries11.721.823.6–0.2–5.7–5.60.2–5.6–7.48.04.3
    Market borrowers12.624.527.60.4–5.9–6.20.4–6.1–9.99.14.5
    Official borrowers11.317.716.41.8–6.7–2.82.8–5.5–4.4–0.13.8
    Diversified borrowers10.015.813.6–2.8–5.1–4.5–1.2–3.80.26.63.9
    Countries with recent debt-servicing problems12.123.526.4–0.5–7.1–5.5–0.1–5.8–7.78.13.9
    Countries without debt-servicing problems11.120.321.10.1–4.6–5.60.5–5.4–7.17.94.6
    By miscellaneous criteria
    Capital importing fuel exporters20.341.357.17.1–5.7–10.1–0.6–6.7–36.715.34.0
    Fifteen heavily indebted countries14.527.934.11.6–6.9–6.41.5–5.3–11.49.14.3
    Small low-income countries11.015.18.8–5.9–8.81.46.5–8.9–2.22.33.5
    Sub-Saharan Africa311.019.415.1–8.3–9.2–2.82.9–4.2–4.0–1.34.6
    By alternative analytical categories
    Oil exporting countries23.244.765.112.1–3.0–12.5–1.8–4.3–44.622.33.7
    Non-oil developing countries10.018.415.6–2.1–5.8–4.40.4–5.1–2.06.94.3
    Net oil exporters12.539.533.50.8–7.4–5.30.2–6.8–24.77.63.3
    Net oil importers9.615.412.5–2.6–5.5–4.20.4–4.72.36.84.5

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A27.Developing Countries: Import Unit Values, 1969–881(Annual changes, in percent, in terms of U.S. dollars)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries10.417.818.11.0–3.8–4.3–1.6–3.52.79.34.2
    By region
    Africa10.818.719.7–2.9–4.7–3.8–4.3–3.98.210.04.7
    Asia10.217.918.12.4–4.4–4.30.5–4.3–1.69.64.7
    Europe10.319.518.2–1.9–2.3–6.3–4.2–2.90.87.21.7
    Middle East10.316.115.7–4.4–4.0–2.3–1.810.79.85.1
    Western Hemisphere10.217.319.94.9–2.1–3.4–1.4–3.62.49.73.7
    By predominant export
    Fuel exporters10.014.413.30.3–3.5–3.4–2.2–1.611.48.94.8
    Non-fuel exporters10.419.520.21.2–3.9–4.7–1.3–4.2–0.39.54.0
    Primary product exporters10.719.423.93.2–3.9–4.1–2.6–5.0–0.910.24.1
    Agricultural exporters10.518.023.44.6–3.9–4.6–1.9–4.4–2.110.44.0
    Mineral exporters11.023.225.3–0.5–4.0–2.7–4.5–6.82.99.84.4
    Exporters of manufactures10.319.118.10.4–3.8–4.4–0.3–3.7–0.89.24.3
    Service and remittance countries10.221.017.2–1.6–4.0–7.5–1.8–4.33.48.82.7
    By financial criteria
    Capital exporting countries9.814.212.0–1.5–4.0–4.2–2.4–1.314.19.65.2
    Capital importing countries10.418.519.21.4–3.7–4.3–1.4–3.81.19.34.1
    Market borrowers10.317.917.92.9–3.1–3.9–1.0–4.10.910.24.1
    Official borrowers10.618.724.15.1–4.6–4.5–1.6–4.25.44.1
    Diversified borrowers10.519.920.3–3.8–4.9–5.1–2.5–3.01.78.83.9
    Countries with recent debt-servicing problems10.418.720.01.8–3.5–3.3–2.2–4.03.58.63.6
    Countries without debt-servicing problems10.418.418.51.0–3.9–4.9–1.0–3.7–0.19.74.3
    By miscellaneous criteria
    Capital importing fuel exporters10.114.614.51.9–3.1–2.5–2.0–1.88.88.24.4
    Fifteen heavily indebted countries10.217.018.34.3–2.9–3.0–0.9–3.44.810.54.2
    Small low-income countries10.519.119.91.4–5.2–4.9–1.2–3.71.46.14.8
    Sub-Saharan Africa310.718.819.1–3.8–4.9–3.9–2.8–2.74.98.44.3
    By alternative analytical categories
    Oil exporting countries9.713.911.7–1.5–4.0–3.9–2.2–1.513.59.65.2
    Non-oil developing countries10.419.320.11.7–3.7–4.4–1.4–4.09.34.0
    Net oil exporters10.417.019.15.5–2.3–2.3–2.6–3.32.57.74.0
    Net oil importers10.519.620.31.1–4.0–4.8–1.2–4.2–0.49.54.0

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A28.Developing Countries: Terms of Trade, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Developing countries3.89.516.43.6–0.9–3.51.3–1.4–16.70.6
    By region
    Africa2.28.116.41.5–5.3–3.01.9–4.1–23.3–0.60.4
    Asia–0.11.8–1.6–2.70.11.6–1.8–4.5–1.1–0.3
    Europe–0.8–3.8–5.40.2–0.8–1.10.43.5–0.52.0
    Middle East10.623.941.113.42.2–8.40.1–0.1–46.99.9–1.5
    Western Hemisphere3.45.67.2–4.1–5.4–2.73.5–1.9–12.2–2.50.4
    By predominant export
    Fuel exporters11.226.244.011.20.1–8.50.7–2.7–47.49.9–1.1
    Non-fuel exporters–0.7–2.3–5.8–4.1–2.00.61.8–1.11.1–2.50.3
    Primary product exporters–0.4–0.2–7.2–9.9–6.01.44.3–3.83.2–5.80.2
    Agricultural exporters0.8–0.6–9.5–9.9–5.71.46.1–3.93.6–7.30.2
    Mineral exporters–2.80.3–2.9–9.0–6.61.30.4–3.31.5–1.60.2
    Exporters of manufactures–1.0–3.6–6.10.21.3–0.40.30.90.8–1.10.1
    Service and remittance countries–1.1–4.82.20.7–2.40.1–0.3–1.6–4.41.51.9
    By financial criteria
    Capital exporting countries12.227.748.315.51.8–8.80.2–0.6–52.713.3–1.8
    Capital importing countries1.22.83.7–1.5–2.1–1.41.7–1.8–8.3–1.20.2
    Market borrowers2.05.68.2–2.4–2.8–2.31.4–2.0–10.7–1.00.4
    Official borrowers0.6–0.9–6.2–3.1–2.21.84.5–1.4–4.5–5.2–0.3
    Diversified borrowers–0.4–3.4–5.61.0–0.20.61.4–0.8–1.5–2.1–0.1
    Countries with recent debt-servicing problems1.64.15.3–2.3–3.7–2.32.1–1.9–10.8–0.50.3
    Countries without debt-servicing problems0.71.62.2–0.9–0.8–0.81.6–1.7–7.0–1.60.2
    By miscellaneous criteria
    Capital importing fuel exporters9.323.337.25.1–2.7–7.81.4–5.0–41.86.6–0.4
    Fifteen heavily indebted countries4.09.313.4–2.6–4.1–3.52.5–2.0–15.4–1.30.1
    Small low-income countries0.4–3.3–9.2–7.1–3.86.67.8–5.3–3.5–3.6–1.3
    Sub-Saharan Africa30.30.5–3.3–4.7–4.51.15.9–1.6–8.5–8.90.2
    By alternative analytical categories
    Oil exporting countries12.327.147.813.91.0–8.90.4–2.8–51.211.7–1.4
    Non-oil developing countries–0.4–0.8–3.8–3.7–2.21.8–1.1–2.0–2.20.3
    Net oil exporters1.919.312.1–4.4–5.2–3.12.9–3.7–26.6–0.2–0.7
    Net oil importers–0.8–3.6–6.5–3.7–1.60.61.7–0.62.7–2.40.4

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table A29.Developing Countries: Non-Oil Commodity Prices, 1969–881(Annual changes, in percent)
    Average
    1969–782
    1979198019811982198319841985198619871988
    Non-oil primary commodities10.317.95.5–13.5–9.96.94.2–12.9–1.1–1.84.0
    By commodity group3
    Food and beverages11.68.70.3–12.9–11.19.78.7–15.32.2–14.57.8
    Food8.813.113.2–6.5–19.211.22.9–18.6–11.63.47.7
    Beverages14.94.7–12.4–21.11.17.915.9–11.616.2–28.27.9
    Agricultural raw materials11.632.711.8–13.2–6.64.84.3–14.8–1.017.40.4
    Metals5.530.79.7–16.8–10.34.4–7.4–3.5–9.911.60.1
    By region4
    Africa9.715.84.8–16.1–9.76.03.7–9.13.0–6.03.3
    Asia8.819.59.3–11.7–16.68.211.0–20.9–12.07.74.6
    Europe7.826.57.2–6.5–4.65.11.3–10.8–6.37.61.7
    Middle East8.911.317.1–7.4–15.811.00.1–14.5–5.517.0–0.4
    Western Hemisphere9.515.95.1–14.4–8.16.0–0.4–8.55.2–9.55.5
    By predominant export4
    Fuel exporters11.021.73.5–16.8–9.07.05.4–13.12.11.63.2
    Non-fuel exporters9.217.36.7–13.4–11.16.74.0–13.0–1.3–2.84.4
    Primary product exporters9.317.86.1–14.6–10.96.93.3–12.2–0.5–3.94.7
    Agricultural exporters10.615.24.1–14.5–10.37.45.8–13.6–6.65.7
    Mineral exporters5.229.013.5–15.0–13.15.3–5.9–6.1–2.36.61.2
    Exporters of manufactures8.416.08.1–7.1–10.24.910.6–19.0–6.20.94.0
    Service and remittance countries8.09.915.8–4.7–17.67.90.4–13.0–5.810.70.9
    By financial criteria4
    Capital exporting countries7.78.414.8–6.8–21.910.84.0–20.00.49.81.9
    Capital importing countries9.417.96.3–13.8–10.86.74.1–13.0–0.9–2.34.3
    Market borrowers9.621.13.8–14.9–9.56.84.5–13.2–1.9–1.14.6
    Official borrowers8.914.08.4–16.0–12.27.31.4–8.13.3–4.73.6
    Diversified borrowers9.010.713.0–8.5–13.96.25.4–16.3–1.7–4.14.0
    Countries with recent debt-servicing problems8.917.95.1–14.3–10.17.31.2–10.30.7–3.24.1
    Countries without debt-servicing problems10.017.87.9–13.1–11.86.08.3–16.6–3.3–0.94.6
    By miscellaneous criteria4
    Capital importing fuel exporters11.122.13.2–17.1–8.56.95.5–12.92.21.43.2
    Fifteen heavily indebted countries9.317.52.7–14.1–8.86.32.5–10.81.6–6.14.9
    Small low-income countries9.69.41.5–13.9–11.08.99.7–13.71.6–7.23.9
    Sub-Saharan Africa10.313.6–0.1–17.9–8.58.05.1–8.73.5–6.53.1
    By alternative analytical categories4
    Oil exporting countries10.925.14.6–18.1–9.56.86.4–15.10.15.33.3
    Non-oil developing countries9.217.36.6–13.4–11.06.73.9–12.7–1.0–2.94.4
    Net oil exporters10.324.95.4–15.2–12.57.56.0–15.8–7.99.43.3
    Net oil importers9.015.76.7–13.0–10.76.63.5–12.20.4–5.24.6
    Memorandum
    Oil export unit value522.846.063.69.8–4.1–11.7–2.4–4.8–49.827.63.5
    Export unit value of manufactures69.613.610.4–3.9–2.1–2.8–3.01.217.912.83.8

    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, 1979–881(In billions of U.S. dollars)
    1979198019811982198319841985198619871988
    Industrial countries–23.1–60.5–18.7–22.3–19.5–58.5–51.4–18.1–38.9–44.2
    United States–1.01.96.9–8.7–46.3–107.0–116.4–141.4–152.1–140.6
    Other industrial countries–22.1–62.4–25.6–13.626.748.564.9123.3113.296.4
    Of which,
    Japan–8.8–10.74.86.920.835.049.385.885.183.2
    Germany, Fed. Rep. of–6.0–15.7–5.24.14.28.415.237.240.732.5
    Developing countries6.430.4–48.5–87.1–64.2–33.8–23.9–47.0–19.6–19.3
    By region
    Africa–3.4–1.9–22.4–21.5–12.3–8.0–0.1–9.4–7.5–6.1
    Asia–9.7–14.4–19.0–17.4–14.9–4.2–14.04.915.310.0
    Europe–13.6–15.6–14.3–8.7–5.9–3.2–3.3–1.7–2.3–2.5
    Middle East54.292.550.03.0–20.1–15.8–2.2–23.3–12.1–7.0
    Western Hemisphere–21.1–30.2–42.7–42.5–10.9–2.6–4.3–17.5–13.1–13.8
    By analytical criteria
    Fuel exporters51.495.934.8–18.2–19.5–5.43.0–37.9–11.9–4.7
    Non-fuel exporters–45.0–65.5–83.2–68.8–44.7–28.4–26.9–9.2–7.7–14.6
    Market borrowers–29.2–35.8–71.9–73.6–30.0–3.57.0–2.313.07.4
    Official borrowers–5.7–9.0–12.0–10.5–8.6–9.9–9.4–8.3–9.8–9.7
    Other countries2–2.70.8–3.02.42.74.82.3–0.20.70.6
    Total3–19.4–29.2–70.2–106.9–81.0–87.5–73.1–65.3–57.9–62.9
    Memorandum
    Total, by selected categories
    Trade balance21.330.116.7–3.02.98.59.19.715.416.7
    Timing asymmetry426.211.3–3.3–9.40.9–1.212.59.716.014.0
    Residual asymmetry–4.918.819.96.32.19.7–3.3–0.62.7
    Balance on services–30.7–45.1–74.8–89.3–73.6–86.1–71.3–60.9–57.0–62.3
    (in percent of service payments)–5.1–5.8–8.5–10.2–9.1–10.2–8.5–6.5–5.4–5.4
    Private transfers net1.10.20.4–1.50.22.01.83.23.54.6
    Official transfers net–11.2–14.4–12.5–13.1–10.5–12.0–12.7–17.4–19.8–21.9

    Including official transfers.

    Covers estimated balances on current transactions only in convertible currencies of the U.S.S.R. and 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, 1979–881(In billions of U.S. dollars)
    1979198019811982198319841985198619871988
    Balance on current account
    Canada–4.2–1.0–5.12.32.52.7–0.9–6.7–7.4–9.2
    United States–1.01.96.9–8.7–46.3–107.0–116.4–141.4–152.1–140.6
    Japan–8.8–10.74.86.920.835.049.385.885.183.2
    France5.2–4.2–4.6–12.1–4.7–0.8–0.23.4–0.6–4.0
    Germany, Fed. Rep. of–6.0–15.7–5.24.14.28.415.237.240.732.5
    Italy5.5–10.0–9.1–6.21.6–2.4–3.64.4–0.9–1.9
    United Kingdom–1.46.812.87.15.12.03.8–1.4–2.0–3.5
    Other industrial countries–12.5–27.6–19.2–15.5–2.73.71.30.5–1.7–0.8
    All industrial countries–23.1–60.5–18.7–22.3–19.5–58.5–51.4–18.1–38.9–44.2
    Of which,
    Seven major countries above–10.7–32.90.4–6.7–16.9–62.2–52.7–18.6–37.2–43.4
    European countries–5.7–45.8–15.6–13.19.720.827.055.045.631.2
    All industrial countries except the United States–22.1–62.4–25.6–13.626.748.564.9123.3113.296.4
    Memorandum
    Balance on goods and services
    Canada–4.6–1.9–6.21.11.62.1–1.4–7.7–8.4–10.0
    United States5.19.514.30.3–36.8–94.8–101.1–125.7–137.2–124.6
    Japan–7.6–9.26.48.222.336.550.987.987.385.4
    France9.2–0.3–7.5–0.92.12.57.74.11.0
    Germany, Fed. Rep. of4.7–3.25.614.614.119.025.450.055.647.4
    Italy5.0–11.4–10.0–7.20.3–3.9–4.75.90.1–0.7
    United Kingdom3.311.416.210.27.74.48.01.82.41.2
    Other industrial countries–10.7–24.8–15.5–12.10.66.63.04.32.94.1
    All industrial countries4.5–29.710.57.79.1–28.0–17.324.16.73.9
    Of which,
    Seven major countries above15.1–4.926.019.88.4–34.6–20.419.83.8–0.2
    European countries14.5–23.55.37.327.737.845.380.675.362.2
    All industrial countries except the United States–0.7–39.2–3.97.445.866.883.7149.8144.0128.5
    Official transfers, net
    Canada0.10.30.30.20.1–0.2–0.20.1–0.4–0.3
    United States–3.5–4.7–4.5–5.5–6.3–8.5–11.2–11.8–10.9–12.0
    Japan–0.9–1.3–1.4–1.3–1.4–1.4–1.4–1.5–1.6–1.6
    France–1.7–1.7–2.0–2.7–2.1–1.9–1.3–2.8–3.0–3.2
    Germany, Fed. Rep. of–5.3–6.6–6.0–6.1–5.6–6.6–6.4–7.8–9.3–9.2
    Italy–1.00.1–0.6–0.5–0.10.1–0.2–3.0–2.7–3.0
    United Kingdom–4.3–4.1–3.3–3.1–2.9–2.8–4.3–3.3–4.5–4.9
    Other industrial countries–1.9–2.9–3.3–3.5–3.0–2.6–2.1–3.0–3.9–4.3
    All industrial countries–18.5–21.0–20.7–22.4–21.3–23.9–27.2–33.0–36.2–38.5
    Of which,
    Seven major countries above–16.6–18.1–17.4–18.9–18.3–21.3–25.1–30.0–32.3–34.2
    European countries–13.5–14.5–14.4–15.0–12.9–13.0–14.1–19.7–23.1–24.4
    All industrial countries except the United States–15.0–16.2–16.2–16.9–15.0–15.4–16.0–21.2–25.3–26.5

    Including official transfers.

    Table A32.Industrial Countries: Current Account Transactions, 1979–88(In billions of U.S. dollars)
    1979198019811982198319841985198619871988
    Exports (f.o.b.)1,027.61,207.11,198.81,127.91,114.21,188.71,226.51,430.01,620.51,770.5
    Imports (f.o.b.)1,063.81,274.41,218.71,142.61,131.41,233.11,265.61,429.41,640.81,795.8
    Trade balance–36.2–67.2–19.9–14.7–17.1–44.4–39.10.6–20.3–25.3
    Services receipts454.5560.8614.3604.8562.1583.7601.1702.9820.9892.5
    Services payments413.8523.3583.9582.5535.9567.3579.4679.3793.9863.3
    Balance on services40.737.530.322.326.216.421.723.527.029.2
    Balance on goods and services4.5–29.710.57.79.1–28.0–17.324.16.73.9
    Private transfers, net–9.1–9.8–8.5–7.5–7.3–6.5–6.9–9.2–9.4–9.5
    Official transfers, net–18.5–21.0–20.7–22.4–21.3–23.9–27.2–33.0–36.2–38.5
    Balance on current account–23.1–60.5–18.7–22.3–19.5–58.5–51.4–18.1–38.9–44.2
    Memorandum
    Current account balance as percentage of GNP–0.3–0.8–0.2–0.3–0.2–0.7–0.6–0.2–0.3–0.3
    Current account balance as percentage of exports of goods and services–1.6–3.4–1.0–1.3–1.2–3.3–2.8–0.8–1.6–1.7
    Exports of goods and services1,482.21,767.91,813.11,732.81,676.31,772.31,827.62,132.92,441.52,663.0
    Oil trade balance1–174.5–247.3–237.8–194.5–163.6–160.8–141.9–90.2–103.8–108.9

    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, 1979–881(In billions of U.S. dollars)
    1979198019811982198319841985198619871988
    Developing countries6.430.4–48.5–87.1–64.2–33.8–23.9–47.0–19.6–19.3
    By region
    Africa–3.4–1.9–22.4–21.5–12.3–8.0–0.1–9.4–7.5–6.1
    Asia–9.7–14.4–19.0–17.4–14.9–4.2–14.04.915.310.0
    Europe–13.6–15.6–14.3–8.7–5.9–3.2–3.3–1.7–2.3–2.5
    Middle East54.292.550.03.0–20.1–15.8–2.2–23.3–12.1–7.0
    Western Hemisphere–21.1–30.2–42.7–42.5–10.9–2.6–4.3–17.5–13.1–13.8
    By predominant export
    Fuel exporters51.495.934.8–18.2–19.5–5.43.0–37.9–11.9–4.7
    Non-fuel exporters–45.0–65.5–83.2–68.8–44.7–28.4–26.9–9.2–7.7–14.6
    Primary product exporters–23.7–40.2–57.8–55.4–37.9–26.1–14.5–16.7–21.0–22.9
    Agricultural exporters–24.1–38.5–41.2–42.8–32.6–19.3–13.6–15.7–19.7–21.9
    Mineral exporters0.4–1.7–16.7–12.7–5.3–6.7–0.9–1.1–1.3–0.9
    Exporters of manufactures–15.5–18.9–15.2–4.01.36.4–4.213.020.415.9
    Service and remittance countries–5.9–6.4–10.2–9.4–8.1–8.7–8.2–5.5–7.2–7.7
    By financial criteria
    Capital exporting countries56.393.954.57.3–13.6–9.60.9–20.2–5.4–0.9
    Capital importing countries–50.0–63.4–103.0–94.3–50.6–24.2–24.8–26.8–14.2–18.4
    Market borrowers–29.2–35.8–71.9–73.6–30.0–3.57.0–2.313.07.4
    Official borrowers–5.7–9.0–12.0–10.5–8.6–9.9–9.4–8.3–9.8–9.7
    Diversified borrowers–15.0–18.6–19.1–10.2–12.0–10.9–22.4–16.3–17.4–16.1
    Countries with recent debt-servicing problems–35.1–42.6–72.3–66.7–23.5–10.7–6.5–22.8–18.7–20.2
    Countries without debt-servicing problems–14.8–20.9–30.7–27.6–27.1–13.5–18.3–4.04.51.7
    By miscellaneous criteria
    Capital importing fuel exporters–4.92.0–19.8–25.5–5.94.22.1–17.7–6.5–3.8
    Fifteen heavily indebted countries–24.6–29.5–50.3–50.6–15.3–1.50.2–15.5–11.1–13.8
    Small low-income countries–6.8–8.7–8.9–8.6–5.5–6.5–6.6–6.4–8.0–8.5
    Sub-Saharan Africa2–5.5–8.4–9.7–8.4–5.6–3.3–2.9–4.9–7.1–6.9
    By alternative analytical categories
    Oil exporting countries56.8104.049.9–9.6–22.2–7.63.6–32.7–10.5–4.0
    Non-oil developing countries–50.4–73.6–98.3–77.5–42.0–26.2–27.5–14.3–9.2–15.3
    Net oil exporters–5.5–8.8–21.3–16.6–3.3–2.0–4.1–10.2–7.6–7.0
    Net oil importers–44.9–64.8–77.0–60.9–38.7–24.2–23.4–4.1–1.6–8.3

    Including official transfers.

    Excluding Nigeria and South Africa.

    Table A34.Developing Countries: Summary of Payments Balances on Goods, Services, and Private Transfers, 1979–88(In billions of U.S. dollars)
    1979198019811982198319841985198619871988
    Developing countries24.9–55.6–95.4–74.0–44.8–37.4–61.7–35.1–35.0
    By region
    Africa–6.6–5.4–26.1–24.8–15.8–11.4–4.2–13.6–12.0–10.7
    Asia–12.3–17.1–21.8–20.2–17.7–7.2–16.81.911.96.7
    Europe–13.6–15.8–14.9–9.5–7.1–4.3–4.5–3.6–4.7–5.0
    Middle East54.494.250.72.6–21.4–18.0–6.1–27.4–15.7–10.7
    Western Hemisphere–21.8–30.9–43.5–43.4–12.0–3.9–5.8–18.9–14.7–15.3
    By predominant export
    Fuel exporters54.5100.838.9–15.2–17.1–3.84.7–36.2–10.5–3.4
    Non-fuel exporters–54.5–75.9–94.5–80.2–56.8–40.9–42.1–25.5–24.6–31.6
    Primary product exporters–28.3–45.3–63.3–61.0–43.7–31.9–21.2–23.6–28.5–30.2
    Agricultural exporters–27.2–42.2–44.8–46.9–37.1–24.0–18.9–21.3–25.9–27.9
    Mineral exporters–1.1–3.1–18.4–14.1–6.6–8.0–2.3–2.2–2.6–2.3
    Exporters of manufactures–17.9–21.5–17.7–6.0–1.13.3–8.88.316.111.8
    Service and remittance countries–8.3–9.1–13.6–13.3–12.0–12.2–12.1–10.3–12.2–13.2
    By financial criteria
    Capital exporting countries61.6101.061.012.1–9.5–6.54.0–17.5–3.01.4
    Capital importing countries–61.6–76.1–116.6–107.4–64.4–38.3–41.5–44.1–32.1–36.3
    Market borrowers–30.4–37.3–73.6–75.5–32.2–5.54.6–5.29.43.8
    Official borrowers–11.9–15.9–19.3–17.7–15.1–16.1–15.6–14.6–16.6–16.5
    Diversified borrowers–19.3–22.9–23.8–14.2–17.2–16.7–30.5–24.3–25.0–23.6
    Countries with recent debt-servicing problems–38.6–46.4–76.8–71.1–28.5–15.6–12.6–29.1–25.5–26.8
    Countries without debt-servicing problems–23.0–29.7–39.8–36.3–35.9–22.7–28.9–15.0–6.6–9.5
    By miscellaneous criteria
    Capital importing fuel exporters–7.1–0.2–22.1–27.3–7.62.60.7–18.7–7.5–4.7
    Fifteen heavily indebted countries–25.5–30.1–51.2–51.3–16.1–2.0–0.8–16.1–12.0–14.4
    Small low-income countries–10.1–12.5–12.9–12.8–9.6–10.8–11.3–11.7–13.5–14.2
    Sub-Saharan Africa1–8.0–11.6–12.8–11.6–8.9–6.6–6.6–8.9–11.4–11.3
    By alternative analytical categories
    Oil exporting countries61.9110.956.2–4.8–18.2–4.56.7–30.1–8.1–1.8
    Non-oil developing countries–61.9–86.0–111.8–90.5–55.8–40.3–44.1–31.6–27.0–33.2
    Net oil exporters–7.7–11.1–23.7–18.6–6.0–4.6–6.9–12.5–9.8–9.3
    Net oil importers–54.2–74.9–88.1–71.9–49.8–35.7–37.3–19.0–17.2–23.9

    Excluding Nigeria and South Africa.

    Table A35.Developing Countries: Current Account Balances as Percentage of Exports of Goods and Services, 1969–881(In percent)
    Average
    1969–78
    1979198019811982198319841985198619871988
    Developing countries–4.31.13.9–6.2–12.3–9.5–4.8–3.5–7.2–2.7–2.4
    Memorandum: Median estimate–11.6–12.9–18.7–28.5–24.1–22.7–13.9–12.8–14.9–14.8–11.3
    By region
    Africa–12.4–4.3–1.8–24.3–27.1–16.0–10.2–0.2–13.4–9.8–7.4
    Asia–4.5–6.5–7.5–9.0–8.4–6.8–1.7–5.71.84.72.8
    Europe–19.7–21.8–21.3–19.2–12.0–8.3–4.2–4.1–2.1–2.5–2.4
    Middle East15.927.133.218.31.3–10.7–8.9–1.4–19.5–9.3–4.9
    Western Hemisphere–19.1–22.2–23.9–31.1–34.8–9.2–2.0–3.4–16.2–11.3–10.7
    By predominant export
    Fuel exporters7.919.225.49.3–6.0–7.4–2.11.3–22.5–6.4–2.3
    Non-fuel exporters–13.3–14.1–16.4–20.0–17.2–11.0–6.4–6.1–1.9–1.4–2.4
    Primary product exporters–18.1–17.9–24.4–35.9–37.1–25.1–15.8–9.0–10.1–11.8–11.8
    Agricultural exporters–20.0–26.7–35.5–36.6–40.3–30.3–15.8–11.2–12.9–15.3–15.5
    Mineral exporters–14.40.9–2.9–34.4–29.3–12.2–15.9–2.2–2.5–2.6–1.8
    Exporters of manufactures–8.5–10.0–10.0–7.3–1.90.62.7–1.84.86.34.4
    Service and remittance countries–17.0–17.7–14.1–21.8–20.5–18.4–19.2–18.2–11.4–13.9–13.6
    By financial criteria
    Capital exporting countries20.631.938.222.93.8–8.7–6.70.7–22.8–5.6–0.9
    Capital importing countries–13.0–12.2–11.9–18.8–18.3–9.8–4.3–4.5–4.8–2.2–2.6
    Market borrowers–12.1–10.3–9.6–18.4–20.5–8.3–0.91.8–0.62.91.5
    Official borrowers–19.2–17.3–22.9–30.9–29.5–24.5–27.7–27.0–22.8–25.5–22.9
    Diversified borrowers–12.7–15.9–15.9–15.9–8.4–9.9–8.2–16.9–11.7–11.4–9.7
    Countries with recent debt-servicing problems–18.1–18.2–16.8–29.1–30.5–10.9–4.6–2.9–11.1–8.5–8.3
    Countries without debt-servicing problems–7.5–6.8–7.5–10.2–9.3–9.0–4.0–5.5–1.11.10.4
    By miscellaneous criteria
    Capital importing fuel exporters–13.1–5.41.6–14.7–22.2–5.43.51.9–22.2–7.2–3.8
    Fifteen heavily indebted countries–16.0–20.5–18.3–30.6–35.6–11.2–1.00.1–12.1–8.1–9.0
    Small low-income countries–27.5–37.3–40.2–44.2–46.2–28.6–32.8–33.8–29.2–34.1–33.4
    Sub-Saharan Africa2–13.6–21.6–28.2–36.0–33.4–22.7–12.8–11.6–17.8–24.7–22.5
    By alternative analytical categories
    Oil exporting countries12.524.031.215.5–3.7–10.2–3.61.9–25.2–7.3–2.6
    Non-oil developing countries–14.0–14.4–16.6–21.1–17.3–9.2–5.3–5.6–2.8–1.5–2.3
    Net oil exporters–17.0–9.9–11.8–26.3–21.8–4.2–2.3–5.1–14.9–10.1–8.5
    Net oil importers–13.5–15.2–17.6–20.0–16.4–10.3–5.9–5.7–0.9–0.3–1.4

    Including official transfers.

    Excluding Nigeria and South Africa.

    Table A36.Developing Countries—by Region: Current Account Transactions, 1979–88(In billions of U.S. dollars)
    1979198019811982198319841985198619871988
    Developing countries
    Exports (f.o.b.)478.7630.5619.8546.4521.1556.0533.9495.8577.1640.5
    Imports (f.o.b.)421.8535.1582.7539.0504.4507.5488.5487.7543.2600.4
    Trade balance56.995.437.17.416.748.545.48.133.940.1
    Services, net–66.1–79.5–100.7–107.8–97.1–100.8–90.6–81.2–80.9–88.2
    Goods and services balance–9.215.9–63.6–100.4–80.4–52.3–45.2–73.1–47.0–48.1
    Unrequited transfers15.514.615.113.416.318.521.326.127.328.8
    Current account balance6.430.4–48.5–87.1–64.2–33.8–23.9–47.0–19.6–19.3
    Memorandum
    Exports of goods and services587.4777.1787.8707.2672.6708.6683.2649.7740.2815.0
    Investment income, net1–8.8–9.0–17.8–33.2–33.5–42.0–43.8–42.8–43.7–46.0
    Of which,
    Interest payments2–38.1–57.1–77.6–88.6–81.9–90.7–89.4–86.2–86.1–90.9
    Oil trade balance170.3238.0216.8166.3133.3132.8118.463.882.290.1
    Africa
    Exports (f.o.b.)68.093.478.267.265.067.066.458.063.469.0
    Imports (f.o.b.)59.076.782.872.763.060.753.554.157.562.0
    Trade balance9.016.7–4.6–5.52.06.312.93.95.97.0
    Services, net–16.1–22.6–22.5–20.6–19.2–19.2–19.0–19.9–20.0–20.2
    Goods and services balance–7.1–5.9–27.2–26.2–17.2–12.9–6.2–15.9–14.2–13.2
    Unrequited transfers3.74.04.84.74.94.96.06.56.67.1
    Current account balance–3.4–1.9–22.4–21.5–12.3–8.0–0.1–9.4–7.5–6.1
    Memorandum
    Exports of goods and services79.2107.692.079.576.878.377.269.976.883.3
    Investment income, net1–3.7–5.1–5.9–6.8–7.4–8.6–9.5–10.0–10.5–10.5
    Of which,
    Interest payments