Back Matter

Back Matter

Author(s):
International Monetary Fund. Research Dept.
Published Date:
January 1989
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    Supplementary Note Discrepancies in the World Current Account

    One of the well-known difficulties in analyzing the performance of the world economy is the discrepancy that arises when countries’ current account balances are aggregated to a world total. Rather than adding to zero, as they should in theory, the current account data have shown large aggregate net debit balances since the late 1970s. In 1984 the Fund established a Working Party to study the causes of this discrepancy and to recommend steps that could be taken to reduce its magnitude. The report of the Working Party concluded that most of the discrepancy could be attributed to asymmetries among countries in the recording of investment income in combination with the rapid growth of cross-border assets and liabilities.38 As a result of the Working Party’s recommendations, the Fund’s Bureau of Statistics and some national statistical offices began to take a number of steps aimed at reducing the size of the discrepancy.

    This note reviews recent developments in the global discrepancy and describes the adjustments that can be applied at the aggregate level to reduce the discrepancy in the historical data base. It then describes briefly the process underlying the World Economic Outlook projections and discusses whether this process itself might be a possible source of systematic bias. The note concludes by considering possible steps to reduce projected future discrepancies.

    Historical Data

    It may be useful as a starting point to note certain characteristics of the current account data. First, the current account balance is the net result of large gross flows of credits and debits, so that relatively small errors in the component series may result in relatively large errors in the balance. It should also be noted that the global current account discrepancy is unlike the statistical discrepancy or “errors and omissions” item in national balance of payments accounts. The former should in principle be zero, so that any actual discrepancy represents differences in recording current account transactions among countries; the latter contains an unknown combination of errors or omissions on either current or capital transactions within the national statistical framework.

    The global discrepancy, as reported in the World Economic Outlook, by the Fund’s Bureau of Statistics (based on submissions of national statistical offices), and by the OECD, narrowed considerably between 1984 and 1987 (Table 15). However, this resulted largely from special factors rather than from basic improvements in the recorded data. As shown in Tables 15 and 16, the positive discrepancy in the merchandise trade account rose sharply in 1987—perhaps reflecting very rapid growth of nominal trade flows, with exports in one country sometimes being recorded in the accounts some months ahead of the offsetting import entry in the partner country. The second major factor was the rise in the credit balance on reinvested earnings, which reflected a major continuing difference between the records of creditor and debtor countries, together with the effects of the inclusion in the U.S. accounts of unrealized capital gains that rose considerably as a result of the depreciation of the U.S. dollar during 1985–87. Also, there was an increased positive discrepancy in the category of “other” private goods, services, and income.

    The significant increase in the discrepancy that occurred in 1988 reflects to some extent a reversal of some of the special factors that contributed to the previous decline, notably the tendency for the U.S. dollar to strengthen during 1988. The renewed rise in interest rates and the strength of profits worldwide may also have contributed to that increase, given that much of the discrepancy reflects under-recording of factor income payments among countries. Of course, the data for 1988 are stilt based on preliminary national statistics and may be substantially revised.

    In principle, considerable improvement in the aggregate data can be achieved by introducing some broad adjustments, as is now done regularly by the Fund’s Bureau of Statistics (Table 17), following the recommendations of the Working Party cited above. In addition, the Bureau of Statistics supplements the reported data by adding information on transactions by international organizations, including certain transfers involving institutions of the European Community. While these adjustments improve the consistency of the global current account, there are considerable difficulties in applying some of them in the context of the World Economic Outlook. The adjustments that could potentially be adopted for both the historical period and the projections are those that are applied to the international institutions.

    Table 15.Comparison of World Economic Outlook, Bureau of Statistics, and OECD Data on World Current Account Discrepancy, 1981–90(In billions of U.S. dollars)
    1981198219831984198519861987198819891990
    By area
    Total current account
    World Economic Outlook–68–99–74–80–72–52–27–66–87–89
    Bureau of Statistics–64–96–72–75–65–38–15
    OECD–58–92–66–77–69–49–29–62–67–64
    Industrial countries
    World Economic Outlook–24–27–22–59–52–12–36–54–78–70
    Bureau of Statistics–18–21–22–57–51–20–47
    OECD–23–26–23–63–54–20–49–62–68–57
    Developing countries
    World Economic Outlook–43–77–58–28–22–414–9–7–16
    Bureau of Statistics–51–83–59–27–22–3513
    OECD–36–76–57–29–23–411–14–13–20
    Other countries1
    World Economic Outlook–1667215–3–3–3
    Bureau of Statistics26795912
    OECD110141581119141413
    International organizations2332*388
    By type of transaction
    Trade balance, total
    World Economic Outlook14–16158934323336
    Bureau of Statistics2691827181743
    OECD2791822131847525260
    Industrial countries
    World Economic Outlook–35–29–27–51–45–7–28–12–16–9
    Bureau of Statistics–21–15–20–42–38–5–21
    OECD–32–25–24–51–46–8–27–4–611
    Developing countries
    World Economic Outlook48212658511456455147
    Bureau of Statistics42152556501450
    OECD56212757571656424639
    Other countries1
    World Economic Outlook1778327–1–1–1
    Bureau of Statistics51013135712
    OECD412151681119141311
    Services balance, total3
    World Economic Outlook–75–87–71–87–72–50–48–84–105–109
    Bureau of Statistics–83–98–85–97–76–49–52
    OECD4–70–86–72–86–68–49–53–87–90–93
    Industrial countries
    World Economic Outlook33252818233233–2–21–16
    Bureau of Statistics32242515202619
    OECD431222312202116–15–17–20
    Developing countries
    World Economic Outlook–106–110–100–104–94–82–79–81–84–91
    Bureau of Statistics–109–115–103–105–96–78–69
    OECD4–98–105–93–95–89–71–68–71–73–75
    Other countries1
    World Economic Outlook–2–2—1–1–2–1–1–2
    Bureau of Statistics5–7–7–7–73–3
    OECD4–3–3–2–3–111–12
    Note: Details may not add to totals because of rounding.

    Primarily U.S.S.R. and Eastern Europe; coverage differs as between the World Economic Outlook and other tabulations.

    Available in Bureau of Statistics only; mainly official transfers.

    Excludes transfers except for OECD tabulations.

    Includes private transfers.

    Includes international organizations.

    Table 16.Components of the World Current Account Balance(In billions of U.S. dollars)
    1984198519861987
    Total current account–75–65–38–15
    Trade27181743
    Transfers (private and official)–5–6–6–5
    Services–97–76–49–52
    Shipment–33–29–30–32
    Other transport–3–2
    Travel4541
    Reinvested earnings10192637
    Other direct investment income–12–9–6–7
    Other investment income–43–49–49–63
    Other official goods, services, and income–19–12–10–7
    Other private goods, services, and income121519
    Source: Balance of Payments Yearbook, Part 2, International Monetary Fund, 1988.

    The Discrepancy and the Fund’s Projection Procedures

    Since the World Economic Outlook projections draw on information provided by a historical data base that is biased toward an excess of current account debits, the projections typically display a widening of the discrepancy over the projection period. This built-in tendency for the recorded discrepancy to widen largely reflects the relative understatement of receipts of investment income in the historical data, which also seems to account for a considerable part of the bias in the projections.39

    The general procedure underlying the staffs projections is to start with a set of preliminary assumptions about economic activity and prices in the larger countries, based on preliminary inputs from country desks, together with the technical assumptions of unchanged policies and constant real exchange rates over the projection period. On the basis of these assumptions, projections for individual countries are developed by each country desk. The country projections are subsequently checked for consistency in terms of the reasonableness of the outcomes for the main components of the world current account; in terms of the compatibility of the global output and inflation projections; and in terms of the implied or assumed flows of financial resources between creditor and debtor countries. (The financing constraint is explicit primarily for the indebted developing countries.) When major inconsistencies arise, the initial country estimates are adjusted with the aim of achieving a more consistent global picture. In particular, an effort is made to keep the ratios of the discrepancy to world GNP and to world exports within certain limits (Table 18). Notwithstanding these efforts at reconciliation of the global projections, when the country data are finally added up, a large aggregate discrepancy tends to appear in the medium term.

    It should be noted that the reported discrepancy for a given year tends to decline over time as the data are continuously revised and improved. This is illustrated in Chart 24 and in Table 19, which compare the projections and initial estimates for a given year with the outcome as subsequently recorded in the official statistics; the comparison indicates that the short-term projections are rather closely correlated with the initially reported outcome. Over a span of years, however, the record is mixed, as illustrated in Table 19, which shows a survey of projections and actual data since 1985. In that table, the October estimate for the prior year typically is based on officially reported outcomes for most countries so that subsequent changes represent primarily revisions to the reported data. For 1985 and 1986, and especially for 1987, the net negative global discrepancy was reduced substantially in successive projections and data revisions.

    Chart 24.Current Account Comparison: Projected vs. Actual

    (In billions of U.S. dollars)

    Table 19 also shows that some of the changes in the current account balances between successive projections have been quite large. For instance, there was a sharp decrease in the discrepancy for 1986 between the October 1985 projection and the April 1986 projection, which may have been influenced by the sharp decline in the effective exchange rate of the dollar between the two projection rounds. More recently, there has been a large increase in the projected negative discrepancy for 1989 between the first projections in April 1988 and the most recent estimates.

    Overall, this discussion suggests that the statistical procedures underlying the World Economic Outlook, per se, do not necessarily result in rising discrepancies. The main problem appears to relate to the biases in the historical data that may be affecting the projections in various ways.

    Table 17.Current Account Balances, Reported and Adjusted(In billions of U.S. dollars)
    19831984198519861987
    Current account balances, as reported–72–75–65–38–15
    Industrial countries–22–57–51–20–47
    Developing countries–59–27–22–3513
    Other countries795912
    International organizations2388
    Adjustments, by type3346392625
    Reinvested earnings–11–7–21–29–30
    Other direct investment income5841
    Other investment income3339454143
    Official transfers56121311
    Adjusted current account balances–40–28–25–1211
    Industrial countries–9–36–46–26–53
    Developing countries–46–85–1136
    Other countries795912
    International organizations2388
    Unallocated66889
    Source: Balance of Payments Statistics Yearbook, Part 2, International Monetary Fund, 1988.Note: Details may not add to total because of rounding.
    Table 18.World Current Account and Services Balances: Selected Ratios(In percent)
    Averages
    1959–681969–781979–881988198919901991199219931994
    Ratio of world current
    account balance to:
    World GNP0.320.120.430.320.410.380.400.390.370.34
    World exports of
    goods and services2.610.762.121.662.041.911.961.911.801.63
    Ratio of world balance on
    services to world
    services debits5.094.657.346.597.697.287.427.517.557.59
    Table 19.Evolution of World Economic Outlook Estimates of the World Current Account Balance(In billions of U.S. dollars)
    WEO Issues198519861987198819891990
    April 1985–88.3–96.9
    October 1985–95.3–92.8
    April 1986–90.8–64.3–75.7
    October 1986–70.7–63.3–67.4
    April 1987–75.4–56.2–59.0–53.9
    October 1987–73.1–65.3–57.9–62.9
    April 1988–73.5–57.3–44.6–57.5–59.8
    October 1988–70.6–53.9–36.9–58.9–74.8
    April 1989–74.8–56.6–38.1–77.6–86.5–100.0
    October 1989–71.8–52.3–26.8–66.1–87.4–88.6

    Conclusions

    The tendency for the staffs projections to display a widening global current account discrepancy over the medium term originates to a large extent in deficiencies in the national statistics. The Fund’s Bureau of Statistics currently estimates adjustments to the historical regional and global data. However, it is difficult to incorporate these adjustments into the forecasting framework of the World Economic Outlook, which is designed to support the Fund’s surveillance activities and therefore needs to be built up from data for individual countries. One important modification that is envisaged at this stage is to include data for international institutions; this will be implemented in the spring 1990 World Economic Outlook. Also under consideration is the elimination of unrealized capital gains and losses on income from U.S. direct investment abroad, which can cause large fluctuations in the historical data.

    The results of the Working Party indicate that the main cause of net debit balances in the aggregate data over time is the under-reporting of portfolio investment income. However, this factor is unlikely to result in future discrepancies as large as those implied by the staff’s projections. Indeed, in line with past experience it is likely that the net deficit on the world current account in the period ahead (taking future data revisions into account) may turn out to be significantly smaller than currently envisaged.

    Several steps could be taken to obtain more consistent current account projections in the World Economic Outlook, The first would be to encourage national authorities to adjust their data along the lines now used by the Fund’s Bureau of Statistics. This would involve primarily adjusting the investment income accounts by reference to partner country data, using as a basis the international banking statistics published monthly by the Fund in international Financial Statistics. Alternatively, similar adjustments could be made by the country desks involved. It would be particularly important to correct the net negative bias in the service accounts of the large industrial countries. To this end, a more detailed and consistent treatment of the main transactions within each country’s services account may need to be developed.

    The analysis of international transactions has been complicated not only by the large discrepancy in the world current account balance but also by sizable statistical discrepancies in the balance of payments accounts of many countries. Such discrepancies reflect in part errors and omissions in the measurement of current account variables, but they are also likely to result in large measure from inadequate reporting of capital transactions. Efforts to improve the reporting of external claims and liabilities would greatly facilitate the analysis of international developments and prospects. In particular, it would provide a more solid basis for evaluating the financing implications of payments imbalances and a better way to cross check the accuracy of current account statistics. It would also help to improve the recording of services transactions, given that investment income flows in some important countries are estimated on the basis of data on cross-border assets and liabilities.

    Statistical Appendix

    Assumptions and Conventions

    The statistical tables in this appendix have been compiled on the basis of information available on or before September 12, 1989. The recording of the figures for 1989 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 1989 and 1990 are predicated on a number of assumptions and working hypotheses:

    • For the major currencies, the average exchange rates in the four weeks ending August 8, 1989 will remain unchanged in real terms through the end of 1990.

    • “Present” policies of national authorities will be maintained.

    • The price of oil will average $16 in 1989 and will remain constant in real terms thereafter.

    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 1989 and 1990, the exchange rate assumptions specified above imply average U.S. dollar/SDR conversion rates of 1.285 and 1.291, respectively.

    Classification of Countries

    Greece and Portugal have now been reclassified and moved from the group of developing to the industrial countries.40

    The revised group of industrial countries (23 countries) now comprises:

    AustraliaGreeceNorway
    AustriaIcelandPortugal
    BelgiumIrelandSpain
    CanadaItalySweden
    DenmarkJapanSwitzerland
    FinlandLuxembourgUnited Kingdom
    FranceNetherlandsUnited States
    Germany, Fed. Rep. ofNew Zealand

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

    The European countries are defined as all industrial countries excluding the United States. Japan. Canada. Australia, and New Zealand. Among the European countries, the current members of the European Community are distinguished as a subgroup.41 They are:

    BelgiumGreeceNetherlands
    DenmarkIrelandPortugal
    FranceItalySpain
    Germany, Fed. Rep. ofLuxembourgUnited Kingdom

    The developing countries include all other Fund members (as of mid-1989), together with certain essentially autonomous dependent territories for which adequate statistics are available.42 The regional breakdowns of developing countries conform to the regional classification used in the Fund’s International Financial Statistics. It should be noted that, in this classification, Egypt and Libyan Arab Jamahiriya are classified as part of the Middle East, not Africa.

    In addition to their regional classification, the developing countries are also grouped according to analytical criteria. Specifically, countries are classified (1) by predominant export; (2) by financial criteria; and (3) in a number of miscellaneous groups.

    The first analytical criterion, by predominant export category, distinguishes among five groups: fuel (SITC—Standard International Trade Classification—3): manufactures (SITC 5 to 8, less diamonds and gemstones); non-fuel primary products (SITC 0,1,2,4, and diamonds and gemstones); “services and private transfers,” and “diversified export base.”

    A further distinction is made among the exporters of primary products on the basis of whether countries’ exports of primary commodities (other than fuel) consist primarily of agricultural commodities (SITC 0,1,2 except 27, 28, and 4) or minerals (SITC 27 and 28, and diamonds and gemstones).

    The financial criteria first distinguish among net creditor and net debtor 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 “miscellaneous groups” comprise sub-Saharan Africa;43 12 major oil exporters; net debtor fuel exporters; 4 newly industrializing Asian economies; small low-income economies; and 15 heavily indebted countries.

    Table A presents a breakdown of all developing country groupings according to the proportion of GDP, exports of goods and services, and level of indebtedness. A detailed account of the analytical country classification scheme is provided below.

    Table A.Developing Countries: Shares of Various Subgroups in Aggregate GDP, Exports of Goods and Services, and Debt Outstanding, 1985–87(In percent)
    GDPExports of

    Goods and

    Services
    Debt
    Developing Countries100.0100.0100.0
    By region
    Africa12.111.015.7
    Asia33.941.625.7
    Europe8.810.110.1
    Middle East15.719.912.8
    Western Hemisphere29.417.335.7
    By predominant export
    Fuel28.928.827.5
    Non-fuel exports71.171.272.5
    Manufactures48.849.336.1
    Primary products12.18.118.8
    Agricultural products10.15.613.6
    Minerals1.92.55.2
    Services and private transfers3.64.77.7
    Diversified export base6.69.19.9
    By financial criteria
    Net creditor countries13.521.05.2
    Net debtor countries86.579.094.8
    Market borrowers37.841.743.9
    Diversified borrowers38.028.831.8
    Official borrowers10.78.619.2
    Countries with recent debt-servicing difficulties48.334.261.6
    Countries without debt-servicing difficulties38.244.833.2
    Miscellaneous groups
    Sub-Saharan Africa4.23.97.5
    Twelve major oil exporters21.823.416.9
    Net debtor fuel exporters17.914.723.2
    Four newly industrializing Asian economies7.424.55.5
    Small low-income economies6.23.59.0
    Fifteen heavily indebted countries33.720.441.5

    1. Countries Classified by Predominant Export

    Fuel (18 countries)

    Countries whose average 1984–86 ratio of fuel exports to total exports exceeded 50 percent are assigned to the fuel category. The group comprises:

    AlgeriaIraqQatar
    CameroonKuwaitSaudi Arabia
    CongoLibyan ArabTrinidad and Tobago
    EcuadorJamahiriyaUnited Arab Emirates
    GabonMexicoVenezuela
    IndonesiaNigeria
    Iran, IslamicOman
    Rep. of

    Non-fuel exports (114 countries)

    This category seeks to identify countries with total exports of goods and services including a substantial share of (a) manufactures, (b) primary products, or (c) services and private transfers. However, countries whose export structure is so diversified that it does not fall clearly into any one of the other three groups are assigned to a fourth group, (d) diversified export base.

    a. Economies whose exports of manufactures accounted for over 50 percent of their total exports in 1984–86 are included in the group of exporters of manufactures (15 countries). This group consists of:

    BrazilIsraelTaiwan Prov. of China
    ChinaKoreaThailand
    Hong KongPolandTunisia
    HungaryRomaniaTurkey
    IndiaSingaporeYugoslavia

    b. The group of exporters of primary products (53 countries) consists of those countries whose exports of agricultural and mineral primary products (SITC 0,1,2,4, and diamonds and gemstones) accounted for at least half of their total exports in 1984–86.44 These countries are:

    AfghanistanGambia, ThePapua New Guinea
    ArgentinaGhanaParaguay
    BhutanGuatemalaPeru
    BoliviaGuineaRwanda
    BotswanaGuinea-BissauSão Tomé and Principe
    BurundiGuyanaSolomon Islands
    Central AfricanHondurasSomalia
    Rep.KenyaSri Lanka
    ChadLao People’sSt. Vincent
    ChileDem. Rep.Sudan
    ColombiaLiberiaSuriname
    ComorosMadagascarSwaziland
    Costa RicaMalawiTogo
    Côte d’IvoireMaliUganda
    DjiboutiMauritaniaUruguay
    DominicaMauritiusViet Nam
    El SalvadorMyanmarZaire
    EquatorialNicaraguaZambia
    GuineaNiger

    Among primary products a further distinction is made between agricultural products and minerals. The group of mineral exporters (13 countries) comprises:

    BoliviaLiberiaTogo
    BotswanaMauritaniaZaire
    ChileNigerZambia
    GuineaPeru
    GuyanaSuriname

    The agricultural exporters (40 countries) consist of all other exporters of primary products. They are:

    AfghanistanEquatorial GuineaNicaragua
    ArgentinaGambia, ThePapua New Guinea
    BhutanGhanaParaguay
    BurundiGuatemalaRwanda
    Central AfricanGuinea-BissauSão Tomé and Principe
    Rep.HondurasSolomon Islands
    ChadKenyaSomalia
    ColombiaLao People’sSri Lanka
    ComorosDem. Rep.St. Vincent
    Costa RicaMadagascarSudan
    Côte d’IvoireMalawiSwaziland
    DjiboutiMaliUganda
    DominicaMauritiusUruguay
    El SalvadorMyanmarViet Nam

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

    Antigua and BarbudaJamaicaPakistan
    Bahamas. TheJordanPanama
    BarbadosKiribati,Seychelles
    Burkina FasoRep. ofSt. Kitts and Nevis
    CambodiaLebanonSt. Lucia
    Cape VerdeLesothoTanzania
    CyprusMaldivesTonga
    Dominican RepublicMaltaVanuatu
    EgyptMozambiqueWestern Samoa
    EthiopiaNepalYemen Arab Republic
    FijiNetherlandsYemen, People’s Dem
    GrenadaAntillesRep. of

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

    BahrainMalaysiaSierra Leone
    BangladeshMoroccoSouth Africa
    BelizePhilippinesSyrian Arab Republic
    BeninSenegalZimbabwe
    Hait.

    2. Countries Classified by Financial Criteria

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

    IranOmanTaiwan Prov. of China
    KuwaitQatarUnited Arab Emirates
    Libyan ArabSaudi Arabia
    Jamahiriya

    Net debtor countries (124 countries) are disaggregated according to two criteria: (a) predominant type of creditor, and (b) experience with debt servicing.

    a. By predominant type of creditor (sources of borrowing)

    Market borrowers (21 countries) are defined as net debtor countries with more than two thirds of their total liabilities outstanding at the end of 1987 owed to commercial creditors. They comprise:

    AlgeriaEcuadorSingapore
    Antigua andHong KongSouth Africa
    BarbudaHungarySuriname
    ArgentinaKorea, Rep. ofTrinidad and
    Bahamas, TheMalaysiaTobago
    BarbadosMexicoUruguay
    BrazilPapua New GuineaVenezuela
    ChilePhilippines

    Official borrowers (68 countries) are defined as net debtor countries with more than two thirds of their total liabilities outstanding at the end of 1987 owed to official creditors. This group comprises:

    AfghanistanCape VerdeEquatorial
    BangladeshCentral AfricanGuinea
    BelizeRepublicEthiopia
    BhutanChadGambia, The
    BoliviaComorosGhana
    BotswanaDjiboutiGrenada
    Burkina FasoDominicaGuinea
    BurundiEgyptGuinea-Bissau
    CambodiaEl SalvadorHaiti
    HondurasMoroccoSt. Vincent
    JamaicaMozambiqueSudan
    KenyaMyanmarSwaziland
    Kiribati, Rep. ofNepalTanzania
    Lao People’s Dem.Netherlands Antille:Togo
    Rep.NigerTonga
    LesothoPakistanUganda
    LiberiaPolandVanuatu
    MadagascarRwandaViet Nam
    MalawiSenegalWestern Samoa
    MaldivesSierra LeoneYemen Arab Rep.
    MaliSomaliaYemen, People’s Dem.
    MaltaSri LankaRep. of
    MauritaniaSt. Kitts-NevisZaire
    MauritiusSt. LuciaZambia

    Diversified borrowers (35 countries) consist of those net debtor developing countries that are neither market nor official borrowers:

    BahrainGabonParaguay
    BeninGuatemalaPeru
    CameroonGuyanaRomania
    ChinaIndiaSão Tomé and Principe
    ColombiaIndonesiaSeychelles
    CongoIraqSolomon Islands
    Costa RicaIsraelSyrian Arab Republic
    Côte d’IvoireJordanThailand
    CyprusLebanonTunisia
    Dominican Rep.NicaraguaTurkey
    FijiNigeriaYugoslavia
    PanamaZimbabwe

    b. By experience with debt servicing

    Countries with recent debt-servicing difficulties (72 countries) are defined as those countries that incurred external payments arrears or entered official or commercial bank debt rescheduling agreements during 1986–88. Information on these developments is taken from relevant issues of the Fund’s Annual Report on Exchange Arrangements and Exchange Restrictions.

    All other net debtor countries are classified as not having experienced recent debt-servicing problems.

    3. Miscellaneous Groups

    Sub-Saharan Africa comprises all African countries (as defined in International Financial Statistics) except Algeria, Morocco, Nigeria, South Africa, and Tunisia.

    The group of 12 major oil exporters comprises:

    AlgeriaKuwaitQatar
    IndonesiaLibyan ArabSaudi Arabia
    Iran, Islamic Rep.JamahiriyaUnited Arab Emirates
    IraqNigeriaVenezuela
    Oman

    The four newly industrializing Asian economies are Hong Kong, Korea, Singapore, and Taiwan Province of China.

    The net debtor fuel exporters are those eleven fuel exporters that are not net creditor countries. They are:

    AlgeriaGabonNigeria
    CameroonIndonesiaTrinidad and
    CongoIraqTobago
    EcuadorMexicoVenezuela

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

    AfghanistanGuinea-BissauPakistan
    BangladeshGuyana45Rwanda
    BeninHaitiSão Tomé and
    BhutanKenyaPrincipe
    Burkina FasoLao People’sSenegal
    BurundiDem. Rep.Sierra Leone
    CambodiaLesothoSomalia
    Central AfricanMadagascarSri Lanka
    Rep.MalawiSudan
    ChadMaldivesTanzania
    ComorosMaliTogo
    Equatorial GuineaMauritaniaUganda
    EthiopiaMozambiqueVanuatu
    Gambia, TheMyanmarViet Nam
    GhanaNepalZaire
    GuineaNigerZambia

    The group of 15 heavily indebted countries comprises those countries associated with the “Program for Sustained Growth” proposed by the Governor for the United States at the 1985 Fund/Bank Annual Meetings in Seoul. These countries are:

    ArgentinaCôte d’IvoirePeru
    BoliviaEcuadorPhilippines
    BrazilMexicoUruguay
    ChileMoroccoVenezuela
    ColombiaNigeriaYugoslavia

    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.

    List of Tables

    Output and Employment

    Table A1.World Output, 1971–901(Annual changes, in percent)
    Average

    1971–802
    1981198219831984198519861987198819891990
    World3.91.50.52.64.33.23.13.34.03.12.9
    Industrial countries3.21.5–0.32.74.93.42.63.54.43.82.9
    United States2.81.9–2.53.66.83.42.73.74.42.92.1
    Japan4.83.73.13.25.14.92.54.55.74.94.7
    Germany, Fed. Rep. of2.7–1.01.93.31.92.31.73.64.03.0
    Other industrial countries3.30.70.81.93.13.12.63.23.73.12.6
    Developing countries5.51.82.02.34.03.94.23.64.23.24.0
    By region
    Africa3.81.81.6–1.00.54.02.31.02.22.82.8
    Asia5.35.95.48.08.36.96.77.99.26.16.1
    Europe5.3–0.11.43.24.92.14.32.71.21.93.0
    Middle East7.2–1.31.31.7–0.9–0.20.6–1.53.53.53.0
    Western Hemisphere5.9–0.2–1.2–2.83.43.54.03.00.72.5
    By analytical criteria
    Fuel exporters6.61.10.7–0.50.11.60.4–0.22.52.63.3
    Non-fuel exporters5.12.22.63.65.95.05.95.34.93.34.2
    Market borrowers6.01.50.2–0.54.03.04.23.82.51.83.5
    Official borrowers3.8–0.41.83.03.83.84.42.74.53.83.8
    Countries with recent debt servicing difficulties5.3–1.00.2–1.62.53.23.52.42.01.12.7
    Countries without debtservicing difficulties5.25.55.07.17.66.76.06.97.65.35.7
    Other countries35.01.21.92.82.11.83.92.02.21.71.8

    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.

    Compound annual rates of change. Excluding China.

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

    Table A2.Industrial Countries: Real GNP and Total Domestic Demand, 1971–901(Annual changes, in percent)
    Fourth Quarter3
    Average

    1971–802
    1981198219831984198519861987198819891990198819891990
    Real GNP
    Canada44.63.7–3.23.26.34.83.14.55.02.62.04.02.02.3
    United States2.81.9–2.53.66.83.42.73.74.42.92.13.42.52.2
    Japan4.83.73.13.25.14.92.54.55.74.94.74.85.24.5
    France43.61.22.50.71.41.82.31.93.53.43.03.03.63.3
    Germany, Fed. Rep. of2.7–1.01.93.31.92.31.73.64.03.03.03.64.0
    Italy43.80.90.31.13.02.62.63.03.93.22.93.43.12.9
    United Kingdom51.9–1.31.83.62.23.53.24.54.23.02.73.73.72.1
    Other industrial countries3.10.50.51.63.43.22.32.93.33.12.33.32.92.3
    All industrial countries3.21.5–0.32.74.93.42.63.54.43.52.93.63.32.9
    Of which,
    Seven major countries above3.21.7–0.42.95.13.42.73.64.53.53.03.73.43.0
    European countries3.00.10.81.82.62.52.52.73.63.32.83.33.32.9
    European Community3.10.10.81.72.52.42.62.73.73.42.93.33.43.1
    Real total domestic demand
    Canada4.94.7–6.64.15.35.34.24.95.85.42.14.74.02.0
    United States2.52.2–1.95.18.73.83.33.23.32.32.42.42.02.7
    Japan4.22.12.81.83.84.04.15.27.75.24.66.15.14.7
    France3.5–0.13.5–0.70.42.44.13.03.63.63.04.23.42.8
    Germany, Fed, Rep. of2.7–2.7–2.02.32.00.83.52.93.72.73.13.02.53.6
    Italy2.9–1.20.3–0.63.92.72.94.64.33.73.43.73.43.4
    United Kingdom1.7–1.52.24.82.62.74.25.26.23.61.17.21.31.2
    Other industrial countries2.9–1.20.60.22.73.43.53.33.83.62.33.93.32.3
    All industrial countries2.90.6–0.22.85.23.43.63.74.53.42.93.83.13.0
    Of which,
    Seven major countries above2.91.0–0.33.35.73.43.63.84.63.43.05.83.03.2
    European countries2.8–1.80.81.22.12.43.93.74.23.32.74.12.82.8
    European Community2.8–1.90.81.21.92.23.83.84.33.52.84.52.92.9

    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, 1971–901(Annual changes, in percent)
    Average

    l97l–802
    1981198219831984198519861987198819891990
    Consumer expenditure
    Canada4.92.3–2.63.44.65.24.24.94.33.61.9
    United States3.01.21.34.74.84.73.92.83.42.42.3
    Japan4.91.34.13.22.72.73.14.25.03.34.4
    France4.12.13.50.91.12.43.72.72.82.62.5
    Germany. Fed. Rep. of3.3–0.5–1.31.71.51.43.43.52.71.73.0
    Italy4.31.41.30.62.13.13.83.93.83.23.0
    United Kingdom2.20.94.51.83.75.75.36.43.71.9
    Other industrial countries3.10.21.00.81.33.03.12.72.53.12.4
    All industrial countries3.40.91.43.03.13.73.73.33.72.82.8
    Of which,
    Seven major countries above3.51.11.53.43.43.73.83.43.82.82.9
    European countries3.40.30.81.61.42.63.93.53.42.72.6
    European Community3.50.20.81.61.42.53.93.63.52.82.7
    Public consumption
    Canada3.62.52.41.41.23.21.70.73.12.21.0
    United States0.81.51.91.14.47.94.22.60.43.11.5
    Japan4.74.81.92.92.81.76.2–0.72.21.51.9
    France3.43.13.72.01.22.21.73.02.22.22.0
    Germany, Fed. Rep. of3.51.8–0.80.22.42.12.61.52.20.12.3
    Italy3.22.72.92.92.53.52.93.63.02.22.0
    United Kingdom2.40.30.82.00.80.12.01.10.50.2–1.2
    Other industrial countries4.12.41.52.61.83.22.82.72.12.01.6
    All industrial countries2.52.31.71.83.04.73.71.91.52.11.6
    Of which,
    Seven major countries above2.22.31.81.63.24.93.91.81.42.11.6
    European countries3.42.11.61.81.62.22.42.42.01.31.5
    European Community3.42.01.51.61.62.12.42.42.11.21.4
    Gross fixed investment
    Canada6.111.7–11.0–0.72.19.55.711.713.27.54.0
    United States3.31.1–9.68.216.85.31.02.65.82.23.8
    Japan3.73.10.8–0.34.95.85.810.313.49.45.1
    France2.5–1.9–1.4–3.6–2.32.93.33.77.47.35.5
    Germany, Fed. Rep. of1.4–4.8–5.33.20.80.13.32.26.08.54.2
    Italy1.1–2.3–5.7–2.04.51.41.66.84.94.74.2
    United Kingdom0.4–9.65.45.08.63.81.79.610.66.83.2
    Other industrial countries1.5–2.6–1.7–1.03.34.55.74.87.16.02.6
    All industrial countries2.8–0.6–4.63.28.84.62.95.17.95.64.0
    Of which,
    Seven major countries above3.0–0.2–5.23.99.64.62.55.18.05.54.3
    European countries1.5–4.8–1.90.62.42.44.15.27.06.54.1
    European Community1.4–5.6–1.70.32.12.43.75.37.37.04.4
    Final domestic demand
    Canada4.94.5–3.72.15.45.74.05.66.24.42.3
    United States2.61.2–0.44.56.65.43.52.73.22.52.4
    Japan4.52.22.82.13.43.64.25.77.55.34.5
    France3.61.32.40.20.42.53.22.93.63.53.1
    Germany, Fed. Rep. of2.9–1.0–2.11.71.61.23.22.83.32.88.1
    Italy3.30.8–0.2–0.22.72.83.24.53.93.43.1
    United Kingdom1.9–1.51.64.02.72.94.25.16.03.61.6
    Other industrial countries2.90.10.40.71.83.23.53.13.53.62.4
    All industrial countries3.00.90.32.64.04.13.63.64.33.52.9
    Of which,
    Seven major countries above3.01.00.33.04.44.23.63.74.53.53.0
    European countries2.9–0.40.31.31.62.43.63.63.93.22.7
    European Community3.0–0.60.31.21.52.33.63.74.03.42.9
    Stockbuilding3
    Canada0.2–2.91.91.8–0.40.2–0.6–0.40.9–0.2
    United States1.0–1.50.62.1–1.5–0.10.50.1–0.2
    Japan–0.2–0.1–0.1–0.30.40.4–0.1–0.40.2–0.10.1
    France–1.41.0–0.9–0.10.90.10.1
    Germany, Fed, Rep. of–0.1–1.60.10.60.5–0.40.30.10.4–0.1
    Italy–0.4–2.00.3–0.41.3–0.30.20.50.50.3
    United Kingdom–0.20.10.60.8–0.1–0.10.30.1–0.5
    Other industrial countries–1.40.3–0.50.90.20.20.40.1
    All industrial countries–0.3–0.50.21.2–0.60.20.2
    Of which,
    Seven major countries above–0.1–0.1–0.60.31.3–0.80.20.2
    European countries–0.1–1.40.5–0.20.50.20.20.30.1
    European Community–0.1–1.30.5–0.10.4–0.10.30.10.30.1
    Foreign balances3
    Canada–0.3–0.93.4–0.30.9–0.4–0.7–0.5–1.1–2.5
    United States0.3–0.2–0.7–1.5–2.0–0.6–0.70.41.10.5–0.3
    Japan0.31.50.31.51.31.1–1.4–0.6–1.9–0.30.1
    France1.3–0.91.41.0–0.5–1.8–1.1–0.2–0.3–0.1
    Germany, Fed. Rep. of2.71.0–0.31.31.2–1.0–1.11.4
    Italy2.4–0.10.9–1.0–0.2–0.3–1.8–0.6–0.7–0.6
    United Kingdom0.20.5–1.0–1.0–0.81.0–0.7–0.6–3.9–1.41.6
    Other industrial countries0.11.71.40.5–1.2–0.5–0.6–0.7
    All industrial countries0.21.0–0.2–0.1–0.4–0.9–0.3–0.3–0.1–0.1
    Of which,
    Seven major countries above0.20.8–0.2–0.3–0.6–0.9–0.3–0.2–0.1
    European countries0.12.1–0.20.50.50.2–1.2–1.0–0.8–0.1
    European Community0.12.1–0.20.50.50.3–1.1–1.0–0.8–0.10.1

    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, Unemployment, and Real Per Capita GNP, 1971–90(In percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Growth in employment2
    Canada3.12.7–3.50.52.42.62.82.93.21.81.7
    United States2.41.1–0.91.34.12.02.32.62.32.21.4
    Japan0.80.81.01.70.60.70.81.01.71.50.9
    France0.7–0.60.2–0.4–0.9–0.30.20.11.00.90.7
    Germany, Fed. Rep. of0.3–0.6–1.9–1.70.20.81.21.00.81.20.8
    Italy0.90.3–0.20.30.40.50.6–0.11.30.10.6
    United Kingdom0.2–3.4–1.9–0.22.21.40.72.73.22.1–0.2
    Other industrial countries0.6–0.5–0.6–0.80.11.21.91.31.41.31.2
    All industrial countries1.40.2–0.70.52.01.41.71.81.91.61.0
    Of which,
    Seven major countries above1.60.4–0.70.72.31.41.61.81.91.61.0
    European countries0.5–1.1–1.0–0.60.30.60.91.01.41.00.6
    European Community0.4–1.2–1.1–0.70.20.60.91.01.51.10.7
    Unemployment rates3
    Canada6.97.511.011.811.210.59.58.87.87.88.0
    United States6.47.69.79.67.57.27.06.25.55.35.5
    Japan1.82.22.42.72.72.62.82.82.52.32.3
    France4.57.48.18.39.710.210.410.610.310.09.9
    Germany, Fed. Rep. of2.74.86.73.18.18.27.97.97.77.17.0
    Italy6.77.98.69.910.010.311.112.012.012.012.1
    United Kingdom3.58.19.610.510.710.911.110.08.16.77.4
    Other industrial countries3.98.09.210.711.011.010.510.39.99.59.3
    All industrial countries4.56.68.08.68.08.07.97.57.06.66.7
    Of which,
    Seven major countries above4.66.37.78.17.47.37.37.06.46.06.2
    European countries4.17.58.79.810.210.410.410.29.79.29.3
    European Community4.48.09.410.611.111.311.311.110.510.010.0
    Growth in real per capita GNP2
    Canada3.42.1–4.42.15.33.82.14.33.81.81.3
    United States1.70.9–3.52.65.82.41.72.73.41.91.1
    Japan3.62.92.42.54.44.31.83.95.14.34.1
    France3.00.62.00.21.01.41.91.53.13.02.6
    Germany, Fed. Rep. of2.6–0.2–0.92.33.72.22.21.53.63.72.6
    Italy3.30.80.10.82.72.42.42.73.83.02.7
    United Kingdom1.8–2.01.83.62.03.33.04.23.92.72.4
    Other industrial countries2.3–0.1–0.11.23.02.81.72.32.72.51.8
    All industrial countries2.40.7–0.92.14.32.71.92.83.72.82.2
    Of which,
    Seven major countries above2.40.9–1.12.34.52.71.92.93.82.82.3
    European countries2.6–0.30.51.62.42.42.22.33.32.92.4
    European Community2.6–0.30.61.62.32.32.32.43.53.12.5

    Compound annual rates of change for employment and per capita GNP, and arithmetic averages for unemployment rates.

    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.

    Composites for the country groups are averages of national unemployment rates weighted by labor force in the respective countries.

    Table A5.Developing Countries: Real GDP, 1971–901(Annual changes, in percent)
    Average

    1971–802
    1981198219831984198519861987198819891990
    Developing countries5.51.82.02.34.03.94.23.64.23.24.0
    By region
    Africa3.81.81.6–1.00.54.02.31.02.22.82.8
    Asia5.35.95.48.08.36.96.77.99.26.16.1
    Europe5.3–0.11.43.24.92.14.32.71.21.93.0
    Middle East7.2–1.31.31.7–0.9–0.20.6–1.53.53.53.0
    Western Hemisphere5.9–0.2–1.2–2.83.43.54.03.00.72.5
    By predominant export
    Fuel6.61.10.7–0.50.11.60.4–0.22.52.63.3
    Non-fuel exports5.12.22.63.65.95.05.95.34.93.34.2
    Manufactures6.12.23.85.17.57.16.96.45.63.74.6
    Primary products3.2–2.50.32.70.34.73.42.31.02.9
    Agricultural products3.4–1.1–1.31.72.4–0.14.52.92.61.93.2
    Minerals2.63.9–6.3–4.33.82.15.85.50.3–3.31.6
    Services and private transfers4.34.24.22.73.73.34.83.93.13.23.8
    Diversified export base4.84.32.50.62.1–0.11.51.75.64.33.8
    By financial criteria
    Net creditor countries7.81.70.42.9–0.5–1.01.2–1.22.84.35.6
    Net debtor countries5.21.92.32.24.84.74.74.44.53.04.1
    Market borrowers6.01.50.2–0.54.03.04.23.82.51.83.5
    Diversified borrowers4.92.84.24.45.76.65.25.56.43.94.7
    Official borrowers3.8–0.41.83.03.83.84.42.74.53.83.8
    Countries with recent debt-servicing difficulties5.2–1.00.2–1.62.53.23.52.42.01.12.7
    Countries without debt-servicing difficulties5.25.55.07.17.66.76.06.97.65.35.7
    Miscellaneous groups
    Sub-Saharan Africa2.92.92.2–0.10.73.53.91.72.12.12.8
    Twelve major oil exporters6.8–0.80.80.4–0.91.21.5–0.53.13.33.4
    Net debtor fuel exporters6.01.11.2–2.31.64.01.01.93.01.93.7
    Four newly industrializing Asian economies8.87.04.69.59.64.511.312.29.86.56.7
    Small low-income economies3.23.03.01.92.63.54.23.64.24.54.2
    Fifteen heavily indebted countries5.8–0.3–0.4–2.72.03.74.02.61.10.42.5
    Memorandum
    Developing countries
    Median growth rate4.83.11.91.63.43.23.72.63.83.73.9

    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.

    Compound annual rates of change. Excluding China.

    Table A6.Developing Countries: Real Per Capita GDP, 1971–90(Annual changes, in percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Developing countries3.0–0.6–0.9–0.32.21.81.91.62.11.22.1
    By region
    Africa0.9–1.5–2.8–4.51.21.2–0.4–1.5–0.5
    Asia3.63.93.36.16.65.25.06.37.44.64.6
    Europe4.1–1.00.42.24.11.43.31.70.21.02.1
    Middle East2.7–5.2–2.9–1.6–4.0–3.5–3.2–4.60.10.2–0.2
    Western Hemisphere3.1–2.2–3.5–4.91.11.31.80.8–1.4–1.90.5
    By predominant export
    Fuel2.8–2.2–2.8–3.4–2.7–1.4–2.8–3.2–0.5–0.30.5
    Non-fuel exports3.10.20.11.14.33.24.13.53.11.72.6
    Manufactures3.90.72.13.36.05.65.44.74.02.33.2
    Primary products0.6–2.8–6.0–3.32.9–1.42.41.30.2–1.00.8
    Agricultural products0.7–3.9–5.4–2.63.1–1.72.30.90.7–0.21.1
    Minerals0.41.7–8.6–6.91.3–0.23.23.6–2.1–4.8–0.5
    Services and private transfers4.31.71.50.11.00.82.11.40.50.71.2
    Diversified export base2.01.7–1.9–0.4–2.6–1.0–0.92.91.71.2
    By financial criteria
    Net creditor countries3.1–2.2–3.8–0.1–3.4–4.1–2.4–3.8–0.21.50.8
    Net debtor countries3.0–0.3–0.3–0.33.12.82.62.42.51.22.3
    Market borrowers3.4–0.5–2.1–2.71.91.02.11.80.6–0.11.6
    Diversified borrowers3.00.72.12.44.04.93.33.54.42.33.2
    Official borrowers2.0–3.1–2.8–1.73.61.82.20.62.41.61.6
    Countries with recent debt-servicing difficulties2.6–3.2–2.6–4.11.31.11.40.3–0.1–1.00.6
    Countries without debt-servicing difficulties3.63.62.85.15.84.84.25.15.83.74.1
    Miscellaneous groups
    Sub-Saharan Africa–1.7–4.6–5.13.41.11.1–0.9–0.8–0.7
    Twelve major oil exporters2.7–4.3–2.9–2.6–3.2–2.8–1.8–3.6–0.3–0.6–0.2
    Net debtor fuel exporters2.9–1.8–1.6–4.9–1.01.3–1.7–0.70.5–0.61.4
    Four newly industrializing Asian economies6.75.22.97.88.23.210.010.98.45.35.5
    Small low-income economies0.9–1.5–3.7–3.73.71.31.51.01.61.81.6
    Fifteen heavily indebted countries3.1–2.3–2.6–4.8–0.11.61.80.4–1.0–1.60.5

    Compound annual rates of change. Excluding China.

    Table A7.Developing Countries: Gross Capital Formation, 1981–891(In percent of GDP)
    198119821983198419851986198719881989
    Developing countries26.525.223.823.523.423.223.023.222.9
    By region
    Africa26.423.820.619.218.118.917.918.017.6
    Asia28.527.327.527.129.028.428.228.428.0
    Europe28.129.626.626.827.428.527.427.328.0
    Middle East27.026.328.429.324.021.918.919.217.5
    Western Hemisphere23.321.217.416.617.417.919.820.219.8
    By predominant export
    Fuel26.825.324.624.022.221.119.919.818.5
    Non-fuel exports26.425.223.523.223.924.124.324.624.4
    Manufactures27.326.525.025.126.927.327.327.526.9
    Primary products20.618.316.815.915.115.216.215.916.3
    Agricultural products19.417.917.315.915.014.815.915.616.3
    Minerals24.319.515.615.915.517.117.716.916.3
    Services and private transfers25.424.421.020.319.318.818.917.817.5
    Diversified export base29.827.724.823.419.918.918.519.720.9
    By financial criteria
    Net creditor countries27.326.128.429.623.821.319.020.319.1
    Net debtor countries26.425.123.022.323.323.523.723.723.5
    Market borrowers26.724.621.320.620.120.321.822.522.7
    Diversified borrowers27.626.225.324.527.127.426.425.624.8
    Official borrowers20.222.219.420.120.620.820.921.221.1
    Countries with recent debt-servicing difficulties25.223.519.418.218.418.919.720.119.9
    Countries without debt-servicing difficulties27.727.027.327.329.028.728.328.027.5
    Miscellaneous groups
    Sub-Saharan Africa20.919.717.017.217.918.918.317.917.5
    Twelve major oil exporters26.625.625.525.122.521.720.019.517.6
    Net debtor fuel exporters26.624.521.119.120.320.220.620.019.1
    Four newly industrializing Asian economies32.429.628.828.726.325.326.928.128.9
    Small low-income economies17.617.215.115.715.916.517.117.017.4
    Fifteen heavily indebted countries24.722.417.916.216.917.619.019.218.8
    Memorandum
    Median estimates
    Developing countries25.324.922.021.421.621.320.320.120.0
    By region
    Africa23.321.418.018.819.420.417.718.518.2
    Asia29.128.527.124.724.023.723.324.224.5
    Europe29.731.528.428.928.126.925.524.124.7
    Middle East23.426.924.724.422.221.319.118.419.9
    Western Hemisphere23.622.620.819.018.118.319.719.619.2

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

    Inflation

    Table A8.Inflation, 1971–90(In percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    GNP deflators
    Industrial countries28.48.77.55.24.53.63.43.03.24.13.7
    United States7.49.66.53.83.83.02.63.13.34.54.6
    Japan7.43.21.90.81.21.51.8–0.20.41.81.3
    Germany, Fed. Rep. of5.34.04.43.32.02.23.12.01.52.52.5
    Other industrial countries210.611.211.28.77.25.75.34.64.95.44.4
    Consumer prices
    Industrial countries28.610.17.55.04.94.12.43.03.34.53.9
    United States7.810.46.13.24.43.52.03.64.15.14.9
    Japan9.05.02.71.92.32.10.60.10.72.21.6
    Germany, Fed. Rep. of5.16.35.33.32.42.2–0.20.21.23.02.7
    Other industrial countries210.612.611.08.37.16.24.54.34.25.54.5
    Developing countries320.625.825.432.738.540.631.441.670.885.536.3
    By region3
    Africa14.120.813.117.920.813.214.515.019.716.813.7
    Asia10.510.46.86.56.67.89.19.814.613.09.4
    Europe13.223.836.123.026.227.226.835.562.592.243.3
    Middle East13.515.112.912.014.417.018.119.417.813.914.0
    Western Hemisphere39.860.766.8108.8133.4145.387.8130.9286.4404.6108.4
    By analytical criteria3
    Fuel exporters13.415.816.623.620.116.824.633.233.817.612.6
    Non-fuel exporters24.030.529.937.648.653.634.645.488.6119.145.4
    Market borrowers33.146.848.174.490.993.160.590.1174.9224.165.0
    Official borrowers11.923.634.522.823.628.133.631.743.428.820.2
    Countries with recent debt-servicing difficulties26.541.746.465.080.483.360.985.8164.4215.472.6
    Countries without debt-servicing difficulties14.013.39.610.011.512.78.69.513.714.811.0
    Memorandum
    Developing countries
    Median inflation rate10.813.010.49.410.28.27.27.89.08.07.2

    Compound annual rates of change. Excluding China.

    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.

    Table A9.Industrial Countries: GNP Deflators and Consumer Prices, 1971–901(Annual changes, in percent)
    Fourth Quarter3
    Average

    1971–802
    1981198219831984198519861987198819891990198819891990
    GNP deflators
    Canada48.310.88.75.03.12.62.44.34.15.24.44.35.14.5
    United States7.49.66.53.83.83.02.63.13.34.54.64.04.64.5
    Japan7.43.21.90.81.21.51.8–0.20.41.81.30.72.31.0
    France49.510.911.910.18.84.45.12.93.13.22.83.23.22.3
    Germany, Fed. Rep. of5.34.04.43.32.02.23.12.01.52.52.51.92.62.5
    Italy414.916.619.014.911.48.97.56.16.06.65.16.56.55.1
    United Kingdom413.911.57.65.14.75.73.44.86.77.55.77.17.25.2
    Other industrial countries9.39.710.28.17.26.16.24.84.95.24.45.05.14.3
    All industrial countries8.48.77.55.24.53.63.43.03.24.13.73.64.23.5
    Of which,
    Seven major countries above8.28.57.04.74.13.33.02.72.93.93.63.44.13.4
    European countries9.89.69.97.76.55.25.03.84.04.73.94.44.63.7
    European Community10.19.610.17.96.65.35.13.84.04.63.94.34.63.6
    Consumer prices
    Canada8.012.510.85.84.34.04.24.44.05.24.94.16.04.1
    United States7.810.46.13.24.43.52.03.64.15.14.94.35.34.9
    Japan9.05.02.71.92.32.10.60.10.72.21.61.02.41.2
    France9.613.411.89.67.45.82.53.32.73.53.03.03.52.7
    Germany, Fed. Rep. of5.16.35.33.32.42.2–0.20.21.23.02.71.63.22.8
    Italy14.019.516.513.110.89.15.94.75.06.65.15.26.64.7
    United Kingdom13.711.98.64.65.06.03.54.14.97.95.56.57.73.8
    Other industrial countries9.510.49.88.27.45.95.44.74.45.14.64.55.14.4
    All industrial countries8.610.17.55.04.94.12.43.03.34.53.93.64.63.7
    Of which,
    Seven major countries above8.510.07.04.44.53.82.02.83.14.43.83.44.53.5
    European countries9.511.39.77.36.35.53.23.13.44.94.03.84.93.6
    European Community9.711.510.07.46.45.53.23.03.34.93.93.84.93.5

    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, 1971–901(Annual changes, in percent)
    Average

    1971–802
    1981198219831984198519861987198819891990
    Hourly earnings
    Canada10.212.011.74.34.93.93.12.44.94.84.2
    United States8.89.68.92.53.34.94.52.64.64.14.7
    Japan13.05.44.93.13.73.21.61.64.55.45.1
    France15.015.918.510.48.68.64.43.13.14.54.3
    Germany, Fed. Rep. of9.97.35.33.93.23.85.15.13.94.65.3
    Italy19.925.519.919.513.110.23.16.75.17.16.3
    United Kingdom16.516.57.16.96.56.77.45.76.09.68.4
    Other industrial countries13.410.810.18.46.67.56.16.35.46.25.4
    All industrial countries11.510.89.55.55.05.54.43.54.65.25.2
    Of which,
    Seven major countries above11.110.89.45.04.75.24.13.14.55.15.2
    European countries14.413.211.18.97.27.15.45.44.66.15.8
    European Community14.813.711.59.17.27.25.25.24.46.15.7
    Output per man-hour
    Canada3.22.9–1.67.715.92.7–0.72.64.90.91.2
    United States2.42.32.65.15.44.63.73.73.62.61.7
    Japan5.90.2–0.51.95.92.0–0.74.47.57.05.5
    France4.72.95.73.91.62.12.53.26.15.14.5
    Germany, Fed. Rep. of4.32.01.44.43.53.91.01.84.23.73.1
    Italy4.87.43.05.47.93.3–0.83.31.41.01.5
    United Kingdom2.25.64.77.44.52.43.25.65.03.92.4
    Other industrial countries4.33.03.55.54.43.72.42.43.72.72.3
    All industrial countries3.62.62.35.15.43.62.03.34.63.62.8
    Of which,
    Seven major countries above3.52.52.15.05.53.62.03.54.73.82.9
    European countries4.43.73.55.64.43.21.73.14.23.42.8
    European Community4.34.03.75.24.33.11.63.04.03.42.8
    Unit labor costs
    Canada6.78.813.6–3.1–9.51.13.9–0.20.13.93.0
    United States6.37.26.2–2.5–2.00.30.7–1.00.91.53.1
    Japan6.75.25.51.1–2.11.22.3–2.7–2.8–1.6–0.4
    France9.812.712.16.36.96.31.9–0.1–2.9–0.6–0.2
    Germany, Fed. Rep. of5.35.23.8–0.5–0.40.24.03.3–0.30.82.0
    Italy14.316.916.413.34.86.74.03.33.76.04.8
    United Kingdom11.410.12.3–0.51.94.24.00.20.94.75.1
    Other industrial countries8.87.66.53.02.23.63.73.81.73.43.1
    All industrial countries7.68.07.00.4–0.31.82.30.21.62.3
    Of which,
    Seven major countries above7.48.07.1–0.71.52.1–0.3–0.21.32.2
    European countries9.69.17.43.22.73.83.72.20.42.62.9
    European Community9.99.27.63.82.83.93.62.10.42.62.8

    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, 1971–901(Annual changes, in percent)
    Average

    1971–802
    1981198219831984198519861987198819891990
    Developing countries20.625.825.432.738.540.631.441.670.885.536.3
    By region
    Africa14.120.813.117.920.813.214.515.019.716.813.7
    Asia10.510.46.86.56.67.89.19.814.613.09.4
    Europe13.223.836.123.026.227.226.835.562.592.243.3
    Middle East13.515.112.912.014.417.018.119.417.813.914.0
    Western Hemisphere39.860.766.8108.8133.4145.387.8130.9286.4404.6108.4
    By predominant export
    Fuel13.415.816.623.620.116.824.633.233.817.612.6
    Non-fuel exports24.030.529.937.648.653.634.645.488.6119.145.4
    Manufactures18.230.328.533.842.746.533.647.799.2119.843.8
    Primary products51.850.856.991.9126.9153.965.470.1134.5284.193.5
    Agricultural products50.555.464.9102.7145.0159.668.075.9132.7267.169.2
    Minerals55.135.032.860.774.3132.553.643.8144.1379.8273.4
    Services and private transfers11.210.39.99.813.514.313.516.516.414.915.5
    Diversified export base11.013.712.210.016.713.712.312.910.512.311.2
    By financial criteria
    Net creditor countries12.411.17.65.63.06.212.714.313.910.110.2
    Net debtor countries22.028.428.938.346.047.734.946.782.0100.540.7
    Market borrowers33.146.848.174.490.993.160.590.1174.9224.165.0
    Diversified borrowers14.716.013.015.718.818.914.517.128.938.624.8
    Official borrowers11.923.634.522.823.628.133.631.743.428.820.2
    Countries with recent debt-servicing difficulties26.541.746.465.080.483.360.985.8164.4215.472.6
    Countries without debt-servicing difficulties14.013.39.610.011.512.78.69.513.714.811.0
    Miscellaneous groups
    Sub-Saharan Africa18.529.319.125.721.619.821.024.022.619.015.9
    Twelve major oil exporters12.713.38.79.910.98.212.515.318.016.212.0
    Net debtor fuel exporters14.019.723.037.233.023.931.744.845.321.313.0
    Four newly industrializing Asian economies12.317.66.23.62.51.61.82.34.65.75.1
    Small low-income economies15.330.221.023.221.322.845.442.049.528.120.5
    Fifteen heavily indebted countries35.953.755.591.0118.3122.977.4116.6248.6356.499.7

    Geometric averages of country indices weighted by the average U.S. dollar value of GDPs over the preceding three years.

    Compound annual rates of change. Excluding China.

    Financial policies

    Table A12.Developing Countries Prices—Median Estimates, 1971–90(Annual changes, in percent)
    Average

    1971–80
    1981198219831984198519861987198819891990
    Developing countries10.813.010.49.410.28.27.27.89.08.07.2
    By region
    Africa10.813.412.711.011.99.78.38.29.18.97.8
    Asia8.912.38.58.76.74.85.55.48.27.36.1
    Europe6.811.516.97.18.36.95.88.215.716.010.0
    Middle East11.18.89.15.26.45.07.08.25.67.58.4
    Western Hemisphere13.014.79.08.812.015.011.414.612.010.39.5
    By predominant export
    Fuel10.413.310.510.510.56.46.99.07.06.84.5
    Non-fuel exports10.713.010.49.310.08.97.27.29.08.47.6
    Manufactures9.113.810.69.08.38.15.88.28.09.18.0
    Primary products11.514.712.312.412.413.113.612.813.312.010.0
    Agricultural products11.514.112.712.012.410.513.012.113.211.08.7
    Minerals11.019.711.615.319.915.018.719.914.713.911.8
    Services and private transfers10.811.17.46.15.35.04.64.97.15.65.0
    Diversified export base9.712.512.58.811.49.18.53.68.57.95.0
    By financial criteria
    Net creditor countries9.98.26.42.10.50.62.35.35.03.63.5
    Net debtor countries10.913.310.89.610.78.97.78.29.48.77.8
    Market borrowers12.314.69.97.98.510.57.78.28.810.310.0
    Diversified borrowers10.512.211.78.911.08.87.611.212.013.010.0
    Official borrowers10.713.311.410.711.08.98.16.79.08.06.8
    Countries with recent debt-servicing difficulties11.415.113.814.114.415.013.116.514.812.110.0
    Countries without debt-servicing difficulties10.211.88.46.66.74.85.35.77.97.46.1
    Miscellaneous groups
    Sub-Saharan Africa11.113.312.711.512.010.37.88.29.28.87.5
    Twelve major oil exporters9.711.67.86.38.54.95.68.26.06.05.4
    Net debtor fuel exporters10.214.713.013.613.37.710.711.09.614.510.0
    Four newly industrializing Asian economies9.115.05.62.42.51.41.81.74.35.55.0
    Small low-income economies10.613.512.611.512.010.57.910.610.09.07.9
    Fifteen heavily indebted countries18.626.319.040.950.330.723.028.138.228.121.0
    Table A13.Summary Financial Indicators, 1981—90(In percent)
    1981198219831984198519861987198819891990
    Major industrial countries
    Fiscal balances of central governments1
    Seven major countries–3.6–4.6–5.3–5.0–4.9–4.4–3.4–2.9–2.5–2.3
    Of which,
    United States–2.4–4.1–5.6–5.1–5.3–4.8–3.4–3.2–2.8–2.6
    Japan–5.9–5.9–5.6–4.7–3.9–3.5–2.7–1.7–1.2–1.1
    Germany, Fed. Rep. of–2.5–2.4–1.9–1.6–1.2–1.2–1.4–1.7–1.2–1.3
    Fiscal impulses of central governments2
    Seven major countries–0.10.20.70.30.1–0.6–0.8–0.1–0.2–0.2
    Of which,
    United States0.41.70.70.5–0.5–1.20.1–0.3–0.3
    Japan–0.5–0.3–0.5–0.6–0.5–0.8–0.6–0.6–0.3
    Germany, Fed. Rep. of–0.7–0.30.3–0.30.4–0.30.2
    Growth of monetary aggregates3
    Narrow money (Ml)
    Seven major countries6.66.810.36.98.411.511.46.6
    Of which,
    United States7.36.611.17.09.013.611.64.3
    Japan3.35.83.62.85.06.910.58.411.87.5
    Germany, Fed. Rep. of1.13.610.23.34.38.59.09.86.04.9
    Broad money
    Seven major countries10.19.810.88.08.98.78.37.6
    Of which,
    United States9.49.312.58.09.08.36.65.1
    Japan8.99.27.47.88.48.710.411.210.010.0
    Germany, Fed. Rep. of6.46.56.63.84.95.87.16.45.44.9
    Interest rates
    Six-month Eurodollar rate416.713.69.911.38.66.87.38.19.59.0
    Developing countries
    Fiscal balances of central governments1
    Weighted averages–4.0–5.1–5.2–4.5–4.0–5.8–5.8–5.5–4.5
    Medians–5.5–6.4–5.9–4.6–4.5–4.9–5.2–4.7–4.3
    Growth of monetary aggregates5
    Weighted averages35.632.637.948.546.135.450.578.493.5
    Medians19.016.916.116.215.417.315.116.112.3

    In percent of GNP/GDP.

    For definition of fiscal impulses, see International Monetary Fund, Occasional Paper No. 44, A Review of the Fiscal Impulse Measure (International Monetary Fund, 1986). See also footnotes to Table A16.

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

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

    Broad money.

    Table A14.Major Industrial Countries: Monetary Aggregates, 1981–891(Annual changes, in percent)
    Fourth Quarter2
    19811982198319841985198619871988198719881989
    Narrow money (M1)3
    Canada3.4–0.110.13.54.24.913.06.010.85.9
    United States7.36.611.17.09.013.611.64.36.44.3
    Japan3.35.83.62.85.06.910.58.44.88.68.5
    France11.411.89.910.69.07.84.62.64.33.03.0
    Germany, Fed. Rep. of1.13.610.23.34.38.59.09.87.510.65.0
    Italy10.911.815.112.313.610.010.78.07.47.68.5
    United Kingdom10.78.617.014.515.722.423.417.822.714.42.0
    Seven major countries above6.66.810.36.98.411.511.46.67.36.6
    Four major European countries above7.68.412.69.510.011.711.39.29.98.84.6
    Broad money4
    Canada15.09.55.84.49.58.710.17.67.410.4
    United States9.49.312.58.09.08.36.65.14.25.2
    Japan8.99.27.47.88.48.710.411.210.810.210.0
    France11.813.812.011.07.76.43.13.64.33.74.0
    Germany, Fed. Rep. of6.46.56.63.84.95.87.16.46.06.85.0
    Italy10.712.316.512.313.98.810.78.08.38.58.0
    United Kingdom17.311.911.59.312.118.621.020.722.620.73.1
    Seven major countries above10.19.810.88.08.98.78.37.67.17.6
    Four major European countries above10.810.711.08.69.19.49.88.99.69.25.0

    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 with the exception of Japan, the Federal Republic of Germany, and Italy where the figures refer to through-the-year changes, i.e. from year-end to year-end.

    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 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. For the United Kingdom, 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 Ml plus private time deposits with maturities of less than four years plus savings deposits at statutory notice.

    Table A15.Major Industrial Countries: Interest Rates, 1981–August 19891(In percent per annum)
    19811982198319841985198619871988August

    1989
    Short-term interest rates2
    Canada18.414.49.511.29.69.28.49.612.3
    United States15.912.49.110.48.06.56.97.78.6
    Japan7.77.16.76.46.65.04.14.45.3
    France15.314.712.611.910.17.88.27.99.0
    Germany, Fed. Rep. of12.18.95.86.05.44.64.04.27.0
    Italy19.619.417.815.313.911.911.111.213.0
    United Kingdom13.111.610.19.912.210.99.710.313.8
    Seven major countries above14.111.89.39.78.46.96.77.28.5
    Four major European countries above14.513.010.810.29.98.37.87.910.2
    Long-term interest rates3
    Canada15.014.411.812.711.19.59.910.29.5
    United States13.913.011.112.510.67.78.48.88.1
    Japan8.48.37.87.36.55.25.04.84.9
    France15.815.713.612.510.98.49.49.18.4
    Germany, Fed. Rep. of10.19.08.18.07.06.16.26.56.9
    Italy20.621.619.516.614.612.211.612.013.3
    United Kingdom14.913.111.311.311.110.19.69.710.0
    Seven major countries above13.212.611.011.49.97.78.08.17.8
    Four major European countries above14.513.912.411.610.58.98.99.09.3

    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 prime corporate paper; United States, three-month certificates of deposit in secondary market; Japan, three-month certificates of deposit (from July 1984; earlier data refer to three-month Gensaki rate); Italy, three-month treasury bills; France, the Federal Republic of Germany, and the United Kingdom, three-month interbank deposits.

    Average yield on government bonds with residual maturities of over 10 years for Canada, yield on ten-year treasury bonds for the United States, and over-the-counter sales yield of ten-year government bonds with longest residual maturity for Japan. Long-term (7 to 10 years) government bond yield (Emprunts d’Etat à long terme TME) for France, yield on government bonds with maturities of 9-10 years for the Federal Republic of Germany, secondary market yield on fixed-coupon (BTP) government bonds (average maturity of about 3½ years) for Italy, and yield on medium-dated (ten-year) government stock for the United Kingdom.

    Table A16.Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1981–901

    (In percent of GNP)2

    1981198219831984198519861987198819891990
    Fiscal balance
    (+ surplus, – deficit)
    Canada3–2.1–5.4–6.2–6.7–6.6–4.8–4.2–3.4–3.8–2.9
    United States4–2.4–4.1–5.6–5.1–5.3–4.8–3.4–3.2–2.8–2.6
    Japan5–5.9–5.9–5.6–4.7–3.9–3.5–2.7–1.7–1.2–1.1
    France6–2.6–2.7–3.2–3.4–3.3–2.8–2.3–2.0–1.7–1.5
    Germany, Fed. Rep. of7–2.5–2.4–1.9–1.6–1.2–1.2–1.4–1.7–1.2–1.3
    Italy8–10.7–13.2–13.9–13.2–13.8–12.3–11.6–11.6–11.5–11.5
    United Kingdom3–2.6–2.7–2.8–3.1–2.4–2.1–1.31.01.92.0
    Seven major countries above–3.6–4.6–5.3–5.0–4.9–4.4–3.4–2.9–2.5–2.3
    Seven major countries except the United States–4.4–5.0–5.1–4.8–4.5–3.9–3.4–2.7–2.3–2.2
    Fiscal impulse(+ expansionary, – contractionary)
    Canada3–1.11.30.61.60.5–1.6–0.4–0.30.5–0.9
    United States40.41.70.70.5–0.5–1.20.1–0.3–0.3
    Japan5–0.5–0.3–0.5–0.6–0.5–0.8–0.6–0.6–0.3
    France61.20.20.1–0.1–0.2–0.5–0.6–0.2–0.1
    Germany, Fed. Rep. of7–0.7–0.30.3–0.30.4–0.30.2
    Italy80.51.40.1–0.80.5–1.7–0.70.3–0.1
    United Kingdom3–1.6–0.40.30.3–0.3–1.4–0.5–0.1
    Seven major countries above–0.10.20.70.30.1–0.6–0.8–0.1–0.2–0.2
    Seven major countries except the United States–0.2–0.1–0.1–0.2–0.7–0.4–0.3–0.2–0.1

    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.

    Table A17.Major Industrial Countries: General Government Fiscal Balances and Impulses, 1981–901

    (In percent of GNP)2

    1981198219831984198519861987198819891990
    Fiscal balance
    (+ surplus, – deficit)
    Canada–1.5–5.9–6.9–6.4–7.0–5.6–4.6–3.4–3.9–2.9
    United States–1.0–3.5–3.8–2.8–3.3–3.4–2.3–2.0–2.0–1.8
    Japan–3.8–3.6–3.7–2.1–0.8–0.90.61.42.02.2
    France–0.4–3.0–3.0–2.5–2.7–2.6–1.6–1.4–1.4–1.4
    Germany, Fed. Rep. of–3.7–3.3–2.5–1.9–1.1–1.3–1.8–2.0–0.2–0.9
    Italy–11.4–11.3–10.6–11.6–12.5–11.7–11.2–10.6–10.6–10.5
    United Kingdom–2.5–2.4–3.4–3.9–2.9–2.4–1.50.91.92.0
    Seven major countries above–2.6–4.0–4.1–3.3–3.3–3.3–2.2–1.7–1.3–1.2
    Seven major countries except the United States–3.7–4.3–4.3–3.8–3.4–3.1–2.2–1.4–0.8–0.7
    Fiscal impulse(+ expansionary, – contractionary)
    Canada–0.91.20.91.41.3–1.1–0.5–0.20.7–1.2
    United States–0.40.60.70.70.80.2–0.8–0.10.2–0.4
    Japan–0.8–0.5–0.2–1.2–0.9–0.3–1.4–0.4–0.2
    France–0.72.5–0.5–0.90.2–0.1–1.20.40.3
    Germany, Fed. Rep. of–0.5–1.8–0.40.5–0.70.30.20.7–1.00.9
    Italy1.8–1.4–1.40.80.8–1.0–0.4–0.10.1–0.1
    United Kingdom–2.8–0.71.30.5–0.5–0.10.1–1.5–0.5–0.1
    Seven major countries above–0.60.10.20.20.3–0.8–0.1–0.1
    Seven major countries except the United States–0.7–0.3–0.1–0.1–0.3–0.3–0.7–0.1–0.2
    Memorandum
    Germany, Fed. Rep. of
    Fiscal balance, territorial authorities3–4.9–4.4–3.3–2.6–2.1–2.2–2.5–2.5–1.8–2.2

    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.

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

    Table A18.Developing Countries: Broad Money Aggregates, 1981–881(Annual changes, in percent)
    19811982198319841985198619871988
    Developing countries35.632.637.948.546.135.450.578.4
    By region
    Africa20.016.515.320.518.910.820.026.4
    Asia20.318.420.724.419.223.823.923.1
    Europe36.330.818.628.531.533.340.563.0
    Middle East30.820.215.919.018.513.411.411.5
    Western Hemisphere70.474.4107.7143.5139.784.1150.0315.4
    By predominant export
    Fuel27.222.922.120.220.522.830.022.5
    Non-fuel exports39.537.546.664.960.141.760.3107.8
    Manufactures41.238.844.864.558.443.466.4124.1
    Primary products53.553.593.0136.2136.967.085.9145.8
    Agricultural products57.157.4109.7151.3140.170.390.3143.8
    Minerals40.641.147.891.2124.652.765.7156.9
    Services and private transfers21.123.619.816.316.624.616.014.1
    Diversified export base18.716.015.518.913.18.615.222.1
    By financial criteria
    Net creditor countries24.917.29.79.214.313.212.812.1
    Net debtor countries37.535.643.756.952.539.757.891.9
    Market borrowers55.657.277.798.093.059.7107.4201.6
    Diversified borrowers27.120.523.433.325.223.525.133.7
    Official borrowers25.130.123.227.637.736.737.939.6
    Countries with recent debt-servicing difficulties48.047.762.681.482.757.096.4177.3
    Countries without debt-servicing difficulties25.221.522.530.321.521.120.320.8
    Miscellaneous groups
    Sub-Saharan Africa25.120.415.928.027.928.020.922.5
    Twelve major oil exporters24.013.913.910.614.710.914.216.3
    Net debtor fuel exporters28.327.833.029.525.831.144.530.5
    Four newly industrializing
    Asian economies23.527.619.515.218.120.022.819.2
    Small low-income economies26.825.623.125.536.445.149.141.7
    Fifteen heavily indebted countries60.061.389.2116.8119.474.7135.8275.3
    Memorandum
    Median estimates
    Developing countries19.016.916.116.215.417.315.116.1
    By region
    Africa19.016.313.916.616.015.214.014.9
    Asia18.119.919.815.914.916.817.517.5
    Europe20.117.911.713.810.313.913.217.1
    Middle East34.619.317.015.211.79.98.97.9
    Western Hemisphere18.014.316.116.315.223.519.424.1

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

    Table A19.Developing Countries: Central Government Fiscal Balances, 1981–891(In percent of GDP)
    198119821983198419851986198719881989
    Developing countries–4.0–5.1–5.2–4.5–4.0–5.8–5.8–5.5–4.5
    By region
    Africa–5.7–6.8–7.5–5.1–4.7–5.9–7.8–7.5–4.5
    Asia–3.1–4.2–3.3–2.8–3.1–4.1–3.6–3.5–3.5
    Europe–2.9–0.5–0.5–0.3–0.4–0.4–0.10.9–0.3
    Middle East–2.6–6.8–10.0–10.2–8.1–13.8–12.3–12.4–11.0
    Western Hemisphere–5.6–6.1–4.8–3.9–3.2–4.6–5.6–5.1–3.6
    By predominant export
    Fuel–2.3–5.9–7.5–5.5–5.6–11.1–11.1–10.4–7.5
    Non-fuel exports–4.7–4.8–4.1–4.0–3.2–3.4–3.5–3.5–3.4
    Manufactures–2.7–3.0–2.4–2.5–1.9–2.3–2.6–2.5–2.7
    Primary products–10.3–8.2–7.2–6.4–4.2–3.6–4.1–4.9–4.1
    Agricultural products–8.2–9.1–7.5–6.5–4.0–3.3–3.9–5.2–4.2
    Minerals–17.9–5.2–6.3–5.9–5.0–4.7–5.3–3.5–3.4
    Services and private transfers–9.4–12.9–11.7–11.6–12.1–11.1–10.4–10.5–9.9
    Diversified export base–5.8–5.9–5.3–5.1–4.5–6.0–5.5–4.1–4.3
    By financial criteria
    Net creditor countries4.7–0.6–6.3–6.9–5.7–12.6–12.0–12.5–11.2
    Net debtor countries–5.4–5.9–5.0–4.0–3.7–4.7–4.8–4.4–3.5
    Market borrowers–3.7–5.9–4.5–3.3–2.9–4.6–5.2–4.5–3.0
    Diversified borrowers–4.9–5.4–4.9–4.1–3.7–4.3–4.0–3.8–3.2
    Official borrowers–12.6–8.3–7.2–6.7–6.4–6.2–6.2–5.9–6.6
    Countries with recent debt-servicing difficulties–6.9–6.8–5.4–4.0–3.6–4.8–5.3–4.6–3.6
    Countries without debt-servicing difficulties–3.5–4.9–4.5–4.1–3.9–4.5–4.1–4.0–3.4
    Miscellaneous groups
    Sub-Saharan Africa–6.9–7.1–5.8–5.1–5.3–5.6–7.2–6.6–5.9
    Twelve major oil exporters–1.3–5.4–7.7–5.7–5.3–10.9–10.3–10.7–8.1
    Net debtor fuel exporters–7.7–9.6–7.9–3.9–5.1–8.8–9.0–7.7–4.0
    Four newly industrializing
    Asian economies–1.4–2.2–0.90.10.50.20.1–0.1–1.3
    Small low-income economies–6.6–7.3–6.4–5.8–6.5–6.4–6.3–6.4–5.9
    Fifteen heavily indebted countries–5.4–5.7–4.8–3.4–2.7–4.2–5.8–5.0–3.3
    Memorandum
    Median estimates
    Developing countries–5.5–6.4–5.9–4.6–4.5–4.9–5.2–4.7–4.3
    By region
    Africa–7.3–7.3–7.7–5.7–5.1–5.8–6.9–5.7–4.9
    Asia–4.1–5.6–4.0–3.2–3.6–5.0–3.9–3.3–3.5
    Europe–1.8–1.7–1.1–1.6–1.2–2.3–2.0–1.1–2.3
    Middle East–10.4–9.1–9.2–12.8–8.5–14.6–12.1–13.0–11.4
    Western Hemisphere–5.3–5.4–5.1–4.7–2.9–2.3–2.6–3.3–2.8

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

    Foreign trade

    Table A20.Summary of World Trade Volumes and Prices, 1971–90(Annual changes, in percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    World trade2
    Volume5.71.2–1.82.78.62.94.56.69.06.95.7
    Unit value in U.S. dollar terms13.7–1.6–4.5–4.7–2.5–2.14.89.84.90.82.8
    in SDR terms10.88.62.0–1.61.7–1.1–9.3–0.41.05.42.3
    Volume of trade
    Exports
    Industrial countries6.33.8–2.03.09.84.72.65.58.97.46.0
    Developing countries3.5–5.5–6.61.67.00.78.811.210.96.65.9
    Fuel exporters0.5–13.9–14.9–5.10.2–5.011.41.511.65.84.1
    Non-fuel exporters6.74.71.86.911.74.28.015.010.76.86.5
    Imports
    Industrial countries5.4–1.6–0.64.512.34.78.67.39.56.45.6
    Developing countries8.28.0–3.4–2.82.6–0.6–4.45.710.28.76.1
    Fuel exporters14.822.7–0.9–11.9–7.8–10.6–20.8–8.33.55.03.7
    Non-fuel exporters6.12.2–4.51.87.13.21.69.811.99.56.7
    Unit value of trade
    (in SDR terms)
    Exports
    Industrial countries8.75.42.6–0.91.2–0.5–1.70.51.93.82.7
    Developing countries17.914.91.6–3.93.6–4.1–26.0–0.2–1.19.20.8
    Fuel exporters28.821.13.0–8.02.8–4.3–48.48.8–15.314.52.7
    Non-fuel exporters9.78.30.3–0.34.1–3.9–13.4–3.33.77.70.3
    Imports
    Industrial countries10.67.20.8–2.50.8–1.1–9.90.35.02.7
    Developing countries10.411.72.5–0.81.8–1.8–9.5–2.02.46.91.7
    Fuel exporters8.89.43.3–0.22.2–0.9–3.0–0.93.34.62.5
    Non-fuel exporters10.912.72.1–1.01.7–2.2–11.6–2.32.27.51.5
    Terms of trade
    Industrial countries–1.7–1.61.81.60.40.69.20.51.6–1.1
    Developing countries6.82.9–0.8–3.11.7–2.3–18.31.8–3.52.1–0.8
    Fuel exporters18.510.7–0.2–7.80.7–3.5–46.89.8–18.09.40.2
    Non-fuel exporters–1.1–3.9–1.80.72.4–1.7–2.1–1.11.50.2–1.2
    Memorandum
    World trade prices (in U.S. dollar terms) for major commodity groups3
    Manufactures11.1–3.9–2.1–2.8–3.11.117.712.06.1–0.82.2
    Oil34.49.8–4.3–11.6–2.8–4.9–50.228.2–19.918.52.2
    Non-fuel primary commodities11.6–13.5–9.96.94.2–12.9–1.23.418.2–1.7–8.0

    Compound annual rates of change. Excluding China.

    Averages of growth rates for world exports and imports based on data for the groups of countries shown separately below and on partly estimated data for the U.S.S.R. and nonmember countries of Eastern Europe.

    As represented, respectively, by the export unit value index for manufactures of the industrial countries; the oil export unit value of the twelve major oil exporters; and the index of market quotations for non-fuel primary commodities exported by the developing countries.

    Table A21.Industrial Countries: Merchandise Trade, 1971–90(Changes, in percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Total merchandise trade
    Value (in U.S. dollar terms)
    Exports18.6–0.9–5.8–1.16.53.216.616.915.46.69.4
    Imports19.7–4.5–6.2–1.38.52.513.018.214.16.89.0
    Volume
    Exports6.33.8–2.03.09.84.72.65.58.97.46.0
    Imports5.4–1.6–0.64.512.34.78.67.39.56.45.6
    Unit value (in U.S. dollar terms)
    Exports11.6–4.5–3.9–4.0–3.0–1.513.610.85.9–0.83.2
    Imports13.6–2.9–5.6–5.5–3.3–2.04.110.24.20.43.2
    Terms of trade–1.7–1.61.81.60.40.69.20.51.6–1.1
    Non-oil trade
    Value (in U.S. dollar terms)
    Exports18.3–1.4–6.1–1.16.83.119.317.116.26.79.5
    Imports17.4–5.3–3.61.710.84.622.618.516.76.19.1
    Volume
    Exports6.63.9–2.52.710.04.62.35.89.17.56.1
    Imports6.21.81.86.314.56.38.37.89.96.55.9
    Unit value (in U.S. dollar terms)
    Exports11.0–5.1–3.7–3.7–2.9–1.416.610.76.5–0.83.2
    Imports10.6–7.0–5.3–4.3–3.2–1.613.210.06.2–0.43.1
    Terms of trade0.42.01.70.60.30.13.00.70.4–0.40.1
    Memorandum
    Real GNP23.20.92.24.03.12.53.14.03.22.6
    Apparent income elasticity of non-oil imports31.92.02.83.72.03.32.52.52.02.2
    Import volume of developing countries8.28.0–3.4–2.82.6–0.6–4.45.710.28.76.1
    Market prices of non-fuel primary commodities (in U.S. dollar terms)410.4–13.0–8.45.42.3–12.00.49.219.3–0.6–6.9
    Unit labor costs in manufacturing (in U.S. dollar terms)9.4–1.0–1.2–4.0–5.2–0.418.08.73.8–2.02.6

    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 1980–82.

    Table A22.Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade, 1971–901(Annual changes, in percent)
    Average

    1971–802
    1981198219831984198519861987198819891990
    Export volumes3
    Canada5.84.9–0.57.418.66.43.57.310.01.34.0
    United States7.7–1.6–11.0–3.88.03.26.813.823.512.57.1
    Japan9.611.5–2.48.015.75.1–0.50.44.36.07.4
    France7.44.4–4.34.54.71.8–0.22.38.77.86.9
    Germany, Fed. Rep. of5.46.63.3–0.39.25.91.32.87.411.16.0
    Italy6.16.6–1.63.58.03.24.13.15.76.15.5
    United Kingdom4.7–0.92.82.38.15.53.65.3–0.61.94.0
    Other industrial countries5.82.41.36.18.95.32.26.27.16.05.3
    All industrial countries6.33.8–2.03.09.84.72.65.58.97.46.0
    Of which,
    Seven major countries above6.54.2–3.12.010.14.52.75.29.67.96.3
    European countries5.74.10.53.78.04.82.54.26.97.15.5
    European Community5.84.40.73.07.94.52.74.37.07.35.6
    Import volumes4
    Canada8.510.1–16.511.119.610.47.59.114.69.13.8
    United States5.70.5–3.713.024.84.513.25.67.04.17.2
    Japan4.8–2.5–0.80.810.50.69.79.116.76.67.7
    France7.7–3.63.0–1.93.44.47.06.79.06.25.7
    Germany, Fed. Rep. of4.9–5.01.44.05.14.16.25.46.78.06.4
    Italy4.4–4.5–1.8–1.910.94.18.010.67.07.46.5
    United Kingdom3.7–4.05.68.611.43.26.97.012.85.91.7
    Other industrial countries5.1–2.71.61.06.25.87.98.58.67.14.6
    All industrial countries5.4–1.6–0.64.512.34.78.67.39.56.45.6
    Of which,
    Seven major countries above5.5–1.2–1.45.814.44.38.96.89.96.26.0
    European countries5.1–3.91.72.46.35.07.67.98.86.65.2
    European Community5.2–3.61.72.06.24.77.78.49.27.05.4
    Terms of trade3
    Canada1.91.7–3.11.3–0.9–1.2–2.52.62.14.1–0.2
    United States–3.61.93.03.31.9–2.20.6–6.51.4–1.0–0.6
    Japan–5.41.11.22.52.54.134.31.13.0–2.52.0
    France–0.9–4.72.02.21.32.69.71.00.5–1.9–0.9
    Germany, Fed. Rep. of–1.6–6.63.71.7–2.31.315.13.7–0.3–3.00.2
    Italy–3.0–4.92.72.3–1.50.615.82.31.0–2.0–0.5
    United Kingdom–0.70.8–0.10.2–1.61.1–5.10.91.91.40.9
    Other industrial countries–0.4–2.01.6–0.20.90.45.20.51.3–0.2–0.3
    All industrial countries–1.7–1.61.81.60.40.69.20.51.6–1.1
    Of which,
    Seven major countries above–2.3–1.71.82.20.20.710.60.51.8–1.50.1
    European countries–1.0–3.62.11.0–0.41.38.31.50.3–1.4
    European Community–1.1–4.12.01.3–0.81.79.51.60.3–1.70.1

    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, 1971–90(Annual changes, in percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Developing countries
    Value (in U.S. dollar terms)
    Exports25.2–1.6–11.2–5.46.3–4.3–6.922.313.911.37.4
    Imports22.69.3–7.3–6.60.2–3.414.217.411.28.4
    Volume
    Exports3.5–5.5–6.61.67.00.78.811.210.96.65.9
    Imports8.28.0–3.4–2.82.6–0.6–4.45.710.28.76.1
    Unit value (in U.S. dollar terms)
    Exports21.14.1–4.8–6.9–0.7–5.0–14.510.02.84.41.3
    Imports13.31.2–4.0–3.9–2.4–2.84.68.06.52.32.2
    Terms of trade6.82.9–0.8–3.11.7–2.3–18.31.8–3.52.1–0.8
    Purchasing power of exports210.5–2.8–7.4–1.58.9–1.6–11.013.27.08.95.1
    Memorandum
    Real GNP growth of trading partners4.42.10.82.64.33.03.23.64.33.53.3
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries11.6–13.5–9.96.94.2–12.9–1.23.418.2–1.7–8.0
    Fuel exporters
    Value (in U.S. dollar terms)
    Exports32.9–5.5–17.9–15.5–1.2–10.0–33.521.8–1.815.87.5
    Imports28.221.6–4.2–14.9–9.6–12.2–11.20.111.25.06.8
    Volume
    Exports0.5–13.9–14.9–5.10.2–5.011.41.511.65.84.1
    Imports14.822.7–0.9–11.9–7.8–10.6–20.8–8.33.55.03.7
    Unit value (in U.S. dollar terms)
    Exports32.39.7–3.5–11.0–1.4–5.3–40.419.9–12.09.53.2
    Imports11.7–0.9–3.3–3.4–2.0–1.812.19.27.40.13.0
    Terms of trade18.510.7–0.2–7.80.7–3.5–46.89.8–18.09.40.2
    Purchasing power of exports219.0–4.7–15.1–12.60.9–8.3–40.711.5–8.615.74.3
    Memorandum
    Average oil export price (in U.S. dollars per barrel)311.633.732.328.527.726.413.116.813.516.016.4
    (Annual percentage change)34.49.8–4.3–11.6–2.8–4.9–50.228.2–19.918.52.2
    Real GNP growth of trading partners4.42.20.92.54.43.23.23.84.53.63.4
    Export unit value (in U.S. dollar terms) of manufactures411.1–3.9–2.1–2.8–3.11.117.712.06.1–0.82.2
    Non-fuel exporters
    Value (in U.S. dollar terms)
    Exports20.22.6–4.53.211.5–0.88.022.519.310.07.3
    Imports20.84.3–8.7–2.44.53.818.218.912.58.8
    Volume
    Exports6.74.71.86.911.74.28.015.010.76.86.5
    Imports6.12.2–4.51.87.13.21.69.811.99.56.7
    Unit value (in U.S. dollar terms)
    Exports12.7–1.9–6.1–3.5–0.2–4.86.57.83.00.8
    Imports13.92.1–4.4–4.2–2.5–3.12.27.76.22.72.0
    Terms of trade–1.1–3.9–1.80.72.4–1.7–2.1–1.11.50.2–1.2
    Purchasing power of exports25.50.6–0.17.714.42.45.713.712.37.15.2
    Memorandum
    Real GNP growth of trading partners4.52.30.82.94.52.83.33.74.43.53.3
    Market price (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by non-fuel exporters12.0–13.3–11.26.73.9–13.1–1.62.519.30.6–7.0
    Gross reserves (end of period) as percentage of total imports of goods and services522.616.217.219.121.023.327.130.828.428.329.5

    Compound annual rates of change. Excluding China.

    Export earnings deflated by import prices.

    Twelve major oil exporters.

    Exported by the industrial countries.

    Gold holdings are valued at SDR 35 an ounce.

    Table A24.Developing Countries: Export Volumes, 1971–90(Annual changes, in percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Developing countries3.5–5.5–6.61.67.00.78.811.210.96.65.9
    By region
    Africa2.1–13.8–5.58.96.63.7–0.43.43.44.0
    Asia11.17.61.49.313.53.816.419.113.19.47.8
    Europe5.61.64.66.112.72.30.28.55.82.52.4
    Middle East0.5–16.5–17.8–10.3–4.8–7.113.83.714.65.83.1
    Western Hemisphere1.87.8–1.97.78.0–0.3–3.27.78.52.55.6
    By predominant export
    Fuel0.5–13.9–14.9–5.10.2–5.011.41.511.65.84.1
    Non-fuel exports6.74.71.86.911.74.28.015.010.76.86.5
    Manufactures9.79.82.49.815.04.28.918.912.27.06.7
    Primary products1.9–0.11.81.42.25.74.24.32.27.04.8
    Agricultural products1.62.4–0.22.32.36.34.93.74.87.65.4
    Minerals2.5–5.06.0–0.42.14.52.65.4–2.55.93.7
    Services and private transfers1.6–0.8–2.2–0.63.0–0.67.36.39.37.15.9
    Diversified export base5.6–7.20.52.48.14.56.65.58.85.36.6
    By financial criteria
    Net creditor countries1.9–8.3–17.5–6.9–3.8–7.217.96.28.54.83.5
    Net debtor countries4.6–3.9–0.85.211.03.26.812.511.47.06.5
    Market borrowers6.35.11.29.311.12.46.614.614.28.37.3
    Diversified borrowers3.9–12.8–4.6–0.213.05.37.011.38.65.65.5
    Official borrowers2.0–9.13.53.93.90.17.75.85.44.35.4
    Countries with recent debt-servicing difficulties2.6–11.6–3.12.89.02.3–0.15.28.63.24.8
    Countries without debt-servicing difficulties8.06.11.67.713.04.012.818.113.39.47.5
    Miscellaneous groups
    Sub-Saharan Africa1.1–2.11.41.45.20.37.84.0–2.96.22.7
    Twelve major oil exporters0.1–16.2–17.5–7.5–1.5–5.413.113.95.04.1
    Net debtor fuel exporters1.1–19.3–6.43.010.40.910.23.88.45.36.0
    Four newly industrializing Asian economies16.110.42.514.516.14.120.723.214.110.87.4
    Small low-income economies0.3–1.3–2.93.5–0.93.510.33.31.85.76.2
    Fifteen heavily indebted countries2.7–0.8–5.05.68.71.5–1.86.18.73.05.4

    Compound annual rates of change. Excluding China.

    Table A25.Developing Countries: Import Volumes, 1971–90(Annual changes, in percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Developing countries8.28.0–3.4–2.82.6–0.6–4.45.710.28.76.1
    By region
    Africa5.410.9–8.1–10.2–0.1–6.8–10.6–4.76.13.21.3
    Asia9.08.21.78.07.85.62.214.817.312.97.2
    Europe5.0–5.1–7.92.79.34.60.41.22.07.27.1
    Middle East13.718.86.1–3.1–7.3–13.1–21.3–6.20.75.94.6
    Western Hemisphere7.01.8–17.7–22.63.22.73.13.74.5–0.26.3
    By predominant export
    Fuel14.822.7–0.9–11.9–7.8–10.6–20.8–8.33.55.03.7
    Non-fuel exports6.12.2–4.51.87.13.21.69.811.99.56.7
    Manufactures7.92.4–3.55.310.47.53.712.213.611.97.6
    Primary products3.8–1.9–14.6–8.81.0–2.42.86.32.31.72.6
    Agricultural products4.1–7.9–12.7–6.03.2–1.82.35.11.71.73.6
    Minerals3.013.6–18.6–15.2–4.5–3.84.19.43.71.7
    Services and private transfers4.63.83.74.53.0–1.7–6.4–4.44.1–1.72.7
    Diversified export base3.84.3–4.0–4.51.6–8.8–5.19.816.78.86.1
    By financial criteria
    Net creditor countries16.715.04.04.5–6.3–17.9–12.76.79.87.75.8
    Net debtor countries7.06.7–4.9–4.44.83.2–2.95.510.38.96.2
    Market borrowers8.05.0–7.5–6.45.8–0.93.312.915.012.37.9
    Diversified borrowers–7.712.3–3.3–3.93.08.9–9.10.15.97.65.1
    Official borrowers3.6–1.6–0.76.40.7–2.4–1.36.4–0.12.6
    Countries with recent debt-servicing difficulties6.44.1–11.0–16.61.40.1–5.5–2.36.53.46.3
    Countries without debt-servicing difficulties7.89.51.67.17.35.4–1.110.612.511.86.1
    Miscellaneous groups
    Sub-Saharan Africa2.60.1–4.8–7.9–0.70.2–2.0–0.52.50.8–0.3
    Twelve major oil exporters16.123.35.4–9.1–10.4–13.9–22.2–9.5–0.75.24.2
    Net debtor fuel exporters13.024.2–6.3–24.4–4.50.5–17.4–9.87.22.44.5
    Four newly industrializing Asian economies11.76.41.48.010.0–0.110.525.220.215.98.9
    Small low-income economies1.2–2.10.3–2.25.11.90.5–0.35.10.4
    Fifteen heavily indebted countries8.23.1–16.3–21.3–2.21.4–1.00.35.42.96.7

    Compound annual rates of change. Excluding China.

    Table A26.Developing Countries: Export Unit Values, 1971–90(Annual changes, in percent, in terms of U.S. dollars)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Developing countries21.14.1–4.8–6.9–0.7–5.0–14.510.02.84.41.3
    By region
    Africa19.9–2.8–9.8–2.9–5.2–7.0–15.211.7–1.11.32.3
    Asia12.61.6–4.9–3.81.8–4.5–5.310.38.14.70.9
    Europe11.5–1.9–6.7–5.4–1.92.71.82.90.70.8
    Middle East32.811.5–2.3–11.8–1.9–6.0–39.218.6–13.48.83.6
    Western Hemisphere18.3–1.1–7.7–6.42.4–4.8–13.24.95.73.90.6
    By predominant export
    Fuel32.39.7–3.5–11.0–1.4–5.3–40.419.9–12.09.53.2
    Non-fuel exports12.7–1.9–6.1–3.5–0.2–4.86.57.83.00.8
    Manufactures11.60.2–4.2–5.0–0.3–3.31.36.87.94.00.7
    Primary products12.9–9.2–9.9–1.53.6–6.30.111.01.1–2.4
    Agricultural products14.2–7.3–9.5–2.86.2–6.61.5–4.06.51.01.5
    Minerals10.5–12.6–10.80.9–1.6–5.5–3.09.220.01.3–10.0
    Services and private transfers13.31.7–6.9–4.90.7–4.0–3.00.28.9–1.53.6
    Diversified export base15.4–3.3–10.42.0–3.0–11.1–5.712.94.1–0.93.1
    By financial criteria
    Net creditor countries31.810.4–2.8–11.0–1.0–6.1–30.519.4–5.28.13.4
    Net debtor countries17.01.0–5.9–5.1–0.6–4.6–10.07.74.83.60.9
    Market borrowers16.2–0.3–7.4–5.0–0.1–5.0–9.68.45.24.00.4
    Diversified borrowers20.14.1–3.8–5.8–1.4–4.1–12.88.83.33.91.6
    Official borrowers12.1–4.8–6.2–2.7–0.1–4.4–0.90.17.81.0
    Countries with recent debt-servicing difficulties18.40.8–7.3–4.6–1.0–5.4–12.47.82.73.01.2
    Countries without debt-servicing difficulties14.71.3–4.4–5.5–0.1–3.9–7.77.66.14.00.6
    Miscellaneous groups
    Sub-Saharan Africa13.0–8.5–8.0–2.23.8–3.7–6.01.74.2–1.1–0.2
    Twelve major oil exporters33.310.5–3.2–11.5–1.6–5.7–42.622.2–14.611.03.0
    Net debtor fuel exporters29.17.9–5.7–9.2–0.8–4.0–38.517.8–6.79.02.4
    Four newly industrializing Asian economies10.32.5–4.1–4.62.0–2.9–0.79.38.75.30.2
    Small low-income economies11.4–6.9–7.91.76.8–7.3–2.65.09.30.70.2
    Fifteen heavily indebted countries19.20.1–7.0–6.32.2–4.7–14.76.94.04.40.8

    Compound annual rates of change. Excluding China.

    Table A27.Developing Countries: Import Unit Values, 1971–90(Annual changes, in percent, in terms of U.S. dollars)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Developing countries13.31.2–4.0–3.9–2.4–2.84.68.06.52.32.2
    By region
    Africa14.0–3.0–5.0–3.5–4.2–3.912.911.23.80.83.5
    Asia13.42.5–5.3–4.3–1.3–2.41.47.57.93.31.6
    Europe13.0–0.4–1.9–4.7–5.7–2.44.74.80.6–0.21.5
    Middle East12.8–0.2–4.3–3.7–2.2–2.611.09.77.20.32.5
    Western Hemisphere13.24.8–1.8–3.3–1.4–3.4–1.47.77.43.03.9
    By predominant export
    Fuel11.7–0.9–3.3–3.4–2.0–1.812.19.27.40.13.0
    Non-fuel exports13.92.1–4.4–4.2–2.5–3.12.27.76.22.72.0
    Manufactures13.61.6–4.4–4.7–3.1–2.01.77.76.82.71.3
    Primary products13.3–0.2–3.0–3.8–1.2–3.16.08.05.83.13.6
    Agricultural products13.40.3–2.6–4.0–1.2–3.15.28.06.32.93.5
    Minerals13.2–1.4–3.7–3.2–1.2–3.18.17.84.53.94.0
    Services and private transfers13.83.0–4.2–6.1–0.7–4.03.57.87.23.94.2
    Diversified export base15.75.8–5.7–1.1–2.3–7.7–0.27.02.21.63.7
    By financial criteria
    Net creditor countries12.50.7–4.5–3.9–1.8–2.07.510.19.90.62.3
    Net debtor countries13.51.3–3.9–3.9–2.5–2.94.17.75.92.52.1
    Market borrowers13.53.7–3.8–3.7–1.4–4.31.57.46.03.00.9
    Diversified borrowers13.7–0.4–3.9–4.0–3.7–1.06.48.55.61.73.4
    Official borrowers12.9–1.7–4.3–4.4–2.7–3.75.36.26.23.03.6
    Countries with recent debt-servicing difficulties13.42.0–3.4–2.8–2.6–4.16.18.35.12.13.4
    Countries without debt-servicing difficulties13.50.6–4.5–4.9–2.4–2.12.87.36.32.81.5
    Miscellaneous groups
    Sub-Saharan Africa14.0–3.7–5.1–3.4–2.8–2.312.211.34.52.14.4
    Twelve major oil exporters11.5–1.8–3.9–3.7–2.2–1.913.29.77.4–0.52.6
    Net debtor fuel exporters11.7–0.5–2.9–3.2–1.7–1.710.98.57.20.63.3
    Four newly industrializing
    Asian economies13.34.5–5.5–4.60.1–3.60.67.88.23.6–0.2
    Small low-income economies13.80.7–5.4–4.7–1.4–3.55.69.16.73.74.7
    Fifteen heavily indebted countries13.04.3–2.9–2.8–0.9–3.31.98.96.42.73.5

    Compound annual rates of change. Excluding China.

    Table A28.Developing Countries: Terms of Trade, 1971–90(Annual changes, in percent)
    Average

    1971–801
    1981198219831984198519861987198819891990
    Developing countries6.82.9–0.8–3.11.7–2.3–18.31.8–3.52.1–0.8
    By region
    Africa5.10.1–5.00.7–1.1–3.2–24.90.4–4.70.5–1.2
    Asia–0.7–0.80.40.53.1–2.2–6.62.60.21.3–0.8
    Europe–1.30.4–2.20.20.5–1.9–2.82.30.9–0.7
    Middle East17.811.72.1–8.30.2–3.6–45.38.1–19.28.41.0
    Western Hemisphere4.5–5.7–6.0–3.23.8–1.4–12.0–2.6–1.60.9–3.2
    By predominant export
    Fuel18.510.7–0.2–7.80.7–3.5–46.89.8–18.09.40.2
    Non-fuel exports–1.1–3.9–1.80.72.4–1.7–2.1–1.11.50.2–1.2
    Manufactures–1.7–1.40.2–0.42.8–1.3–0.5–0.91.01.3–0.6
    Primary Products–0.4–9.0–7.22.34.9–3.3–5.6–7.44.9–2.0–5.8
    Agricultural products0.7–7.6–7.01.37.5–3.6–3.5–11.10.2–1.8–1.9
    Minerals–2.4–11.4–7.44.2–0.4–2.5–10.31.314.8–2.5–13.5
    Services and private transfers–0.5–1.3–2.81.31.4–6.3–7.11.6–5.2–0.6
    Diversified export base–0.3–8.6–5.03.1–0.7–3.7–5.55.51.8–2.4–0.6
    By financial criteria
    Net creditor countries17.19.61.8–7.40.9–4.3–35.48.5–13.87.51.1
    Net debtor countries3.1–0.3–2.1–1.22.0–1.7–13.5–1.01.0–1.3
    Market borrowers2.4–3.9–3.7–1.41.3–0.7–10.90.9–0.70.9–0.5
    Official borrowers–0.7–3.2–1.91.82.7–0.8–5.8–5.81.5–2.9–2.4
    Diversified borrowers5.74.50.1–1.92.4–3.1–18.00.3–2.22.2–1.8
    Countries with recent debt-servicing difficulties4.4–1.2–4.0–1.91.6–1.4–17.4–0.5–2.20.9–2.1
    Countries without debt-servicing difficulties1.00.70.1–0.62.4–1.8–10.30.3–0.21.1–0.9
    Miscellaneous groups
    Sub-Saharan Africa–0.9–5.0–3.01.36.7–1.4–16.3–8.6–0.3–3.1–4.4
    Twelve major oil exporters19.612.60.8–8.20.6–3.9–49.311.4–20.511.50.4
    Net debtor fuel exporters15.68.4–2.9–6.30.9–2.4–44.68.5–13.08.4–0.8
    Four newly industrializing
    Asian economies–2.7–1.91.51.90.7–1.31.40.51.70.4
    Small low-income economies–2.0–7.5–2.76.88.3–3.9–7.8–3.82.4–2.9–4.2
    Fifteen heavily indebted countries5.5–3.9–4.2–3.53.1–1.5–16.3–1.8–2.31.6–2.5

    Compound annual rates of change. Excluding China.

    Table A29.Developing Countries: Non-Fuel Commodity Prices, 1971–901(Annual changes, in percent)
    Average

    1971–802
    1981198219831984198519861987198819891990
    Non-fuel primary commodities11.6–13.5–9.96.94.2–12.9–1.23.418.2–1.7–8.0
    By commodity group3
    Food10.0–6.5–19.211.22.9–18.7–12.07.425.3–0.9–5.6
    Beverages12.1–21.11.17.915.9–11.616.2–28.70.2–15.2–8.5
    Agricultural raw materials16.5–13.2–6.64.84.3–14.8–1.129.48.20.42.1
    Minerals and metals8.0–15.0–10.72.8–6.5–4.2–9.017.240.34.4–19.5
    By region4
    Africa10.4–16.1–9.76.03.7–9.13.0–1.916.50.8–8.8
    Asia11.0–11.7–16.68.211.0–20.9–12.116.420.9–0.4–5.4
    Europe9.9–6.5–4.65.11.3–10.8–6.314.815.51.6–5.0
    Middle East11.8–7.4–15.811.00.1–14.5–5.819.419.37.5–2.6
    Western Hemisphere10.0–14.4–8.16.0–0.4–8.54.9–6.420.80.7–8.1
    By predominant export4
    Fuel12.5–17.4–8.37.06.2–12.72.96.613.3–3.2–5.1
    Non-fuel exports10.3–13.3–11.26.73.9–13.1–1.62.519.30.6–7.0
    Manufactures10.4–9.8–10.24.83.4–13.6–1.9–0.514.91.1–2.9
    Primary products9.6–15.4–9.37.31.8–9.63.7–2.621.20.4–11.1
    Agricultural products11.3–14.4–7.67.95.9–11.75.8–11.112.9–0.8–4.0
    Minerals6.9–17.6–12.76.0–7.6–4.2–1.519.137.12.3–22.1
    Services and private transfers12.5–14.4–19.18.50.2–13.12.22.622.33.1–4.8
    Diversified export base11.1–14.0–14.28.19.8–18.9–13.320.821.2–0.2–4.8
    By financial criteria
    Net creditor countries10.9–6.9–22.111.14.0–20.20.216.429.3–4.2–10.1
    Net debtor countries10.6–13.8–10.86.74.1–13.0–1.13.018.50.2–6.7
    Market borrowers10.0–13.6–10.87.53.6–14.2–4.98.121.3–0.5–7.1
    Diversified borrowers11.5–13.9–10.45.94.6–12.42.5–0.914.5–0.1–5.1
    Official borrowers10.2–14.2–11.76.64.5–11.31.3–1.018.92.2–8.6
    Countries with recent debt-servicing difficulties10.0–14.3–10.27.21.4–10.40.71.520.40.5–9.0
    Countries without debt-servicing difficulties11.6–13.1–11.96.08.3–16.8–3.85.515.4–0.3–3.0
    Miscellaneous groups
    Sub-Saharan Africa10.2–17.8–8.27.54.9–8.84.0–2.414.7–0.3–9.8
    Twelve major oil exporters12.7–18.1–9.56.86.4–15.115.016.0–4.5–5.1
    Net debtor fuel exporters12.5–17.7–7.86.96.2–12.53.06.412.9–3.2–4.9
    Four newly industrializing
    Asian economies11.1–10.1–8.55.418.4–20.2–17.116.911.8–1.00.6
    Small low-income economies9.3–14.6–12.69.06.7–12.20.60.520.00.7–11.4
    Fifteen heavily indebted countries10.0–14.1–8.86.32.5–10.81.5–2.119.80.3–8.5
    Memorandum
    Oil export unit value534.49.8–4.3–11.6–2.8–4.9–50.228.2–19.918.52.2
    Export unit value of manufactures611.1–3.9–2.1–2.8–3.11.117.712.06.1–0.82.2

    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 1980–82 composition of commodity exports of the respective groups of developing countries.