Back Matter

Back Matter

Author(s):
International Monetary Fund. Research Dept.
Published Date:
January 1985
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    Statistical Appendix

    Introduction

    In an effort both to keep pace with changes in the circumstances confronting the world economy and to enhance the usefulness of the statistical material used in the report, this appendix incorporates a number of revisions from those appearing in previous World Economic Outlook reports. The main change is a streamlining of the Fund’s classification system for developing countries—a streamlining that places the commodity structure of countries’ exports (e.g., oil vs. non-oil) on the same plane as various financial criteria (e.g., private vs. official financing), which have become increasingly important over the past few years. The new classification of countries is discussed below. The other major change in this appendix has been a rearrangement of the tables. These are now organized into eight functional sets. These sets generally consist of an initial summary table and two subsets of tables on the industrial and developing countries, respectively. Finally, an effort has been made to provide a more complete range of information, for instance, as regards financial conditions in both industrial and developing countries and investment spending in the developing countries. An overview of the contents of the appendix is provided by the list of tables which follows this introduction.

    Assumptions and Conventions

    The statistical tables in this appendix have been compiled on the basis of information available on or before February 22, 1985, except for the major industrial countries where some adjustments have been made to reflect information available up to March 29, 1985. The recording of the figures for 1985 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.

    A few of the tables include series expressed in SDRs (or based on SDR values). The U.S. dollar/SDR conversion rates used in this report are, for the historical period, the geometric averages of daily rates given in the Fund’s International Financial Statistics (IFS). For the years prior to 1970, these data impute to the SDR a value of US$1.00. For the period from December 1984 to the end of 1986, a rate of US$1.003 = SDR 1—the rate prevailing on average during November 1984—is used.

    The estimates and projections for 1985 and 1986 are predicated on a number of assumptions and working hypotheses:

    (1) for the major currencies, the exchange rates of a recent period (November 1984) will prevail throughout the balance of the period to end-1986;

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

    (3) the average price of oil will remain constant in U.S. dollar terms.

    For the assumptions underlying the medium-term scenarios, see Chapter III, Table III-3.

    Classification of Countries

    As noted above, the classification of countries used in World Economic Outlook reports since 1979 has been revised. Under the former classification, Fund member countries were divided into three groups: industrial countries, oil exporting developing countries, and non-oil developing countries. Although essential to meaningful analysis from the early to mid-1970s to the early 1980s, continued primary reliance on this division of countries was increasingly hampering analysis of the problems of the mid-1980s. The essential difficulty was that other characteristics of a country’s external economic relations had come to the fore. For instance, with the advent of the debt crisis of 1982, developments in countries’ current account balances became much more a function of the type of financing (private vs. official) that they relied upon than of the commodity composition of their exports. Moreover, the problems associated with the primacy attached to the distinction between oil exporting developing countries and non-oil exporting developing countries were compounded by the out-of-date criterion used to make the distinction, which ignored the many “non-oil” countries that had in fact become producers and exporters of oil.

    In the light of these considerations, a new, streamlined classification scheme has been adopted which, while preserving continuity through continued publication for an interim period of the old aggregates, (1) eliminates the primacy of the oil/non-oil distinction among developing countries, (2) redefines the regional subgroups of developing countries to include the oil exporting countries, and (3) provides the scope for more elaborate and meaningful analytical distinctions among developing countries. With regard to the latter, it is expected that, again with due regard to the requirements of continuity, these analytical groupings will evolve over time in the light both of structural changes in member countries and of changes in the circumstances facing the world economy. In particular, it is anticipated that the base periods, currently centered around 1980, used to classify countries will be gradually rolled forward, perhaps every two or three years.

    The analytical groupings retained by the staff for purposes of the forthcoming World Economic Outlook reports are (1) countries grouped by predominant export; (2) countries grouped by financial criteria; (3) countries grouped by other criteria; and (4) countries grouped by the former classification criteria. At present, two financial criteria are distinguished: by predominant type of creditor and by the degree of debt servicing difficulties faced by countries. The country groups shown under the heading of “by other criteria” include low-income countries except China and India; sub-Saharan Africa (excluding Nigeria and South Africa); and a breakdown of the Middle Eastern region into “oil” and “non-oil” countries. Table A presents the standard set of stubs used in many of the tables for developing countries as well as the proportion of developing country GDP, exports of goods and services, and indebtedness accounted for by the groups in question. Further details on the classification scheme are given below.

    Table A.Developing Countries: Shares of Various Subgroups in Aggregate GDP, Exports of Goods and Services, and Debt Outstanding, 1980(In percent)
    GDPExports of
    Goods and
    Services
    Debt 1Memorandum:
    Number of Countries
    in Each Subgroup
    Developing countries100.0100.0131
    By region
    Africa13.714.216.648
    Asia31.425.123.826
    Europe10.57.511.98
    Middle East16.736.716
    Western Hemisphere27.716.440.333
    By predominant export
    Fuel exporters32.449.820
    Non-fuel exporters67.650.275.0111
    Primary product exporters33.121.644.872
    Exporters of manufactures29.023.021.311
    Service and remittance countries5.55.68.928
    By financial criteria
    Indebted developing countries86.067.5100.0123
    Market borrowers51.449.167.735
    Of which,
    Major borrowers28.017.841.77
    Official borrowers7.25.110.859
    Countries with recent debt-servicing problems42.826.659.557
    Countries without debt-servicing problems43.341.040.566
    By miscellaneous criteria
    Small low-income countries5.62.88.341
    Sub-Saharan Africa 24.64.07.343
    Middle Eastern oil exporters14.032.58
    Non-oil Middle Eastern countries2.74.37.48
    By alternative analytical categories
    Oil exporting countries24.043.912
    Non-oil developing countries76.056.186.6119
    Net oil exporters11.110.018.112
    Net oil importers65.046.168.5107
    Major exporters of manufactures26.826.133.911
    Low-income countries22.87.213.343
    Other net oil importers15.412.921.353

    In percent of outstanding debt of indebted developing countries.

    Excluding Nigeria and South Africa.

    The basic distinction between industrial countries and developing countries, adopted by the Fund in December 1979 and utilized in IFS for the March 1980 and subsequent issues, remains unchanged. Industrial countries comprise:

    AustraliaFranceJapanSweden
    AustriaGermany, Fed. Rep. ofLuxembourgSwitzerland
    BelgiumNetherlandsUnited Kingdom
    CanadaIcelandNew ZealandUnited States
    DenmarkIrelandNorway
    FinlandItalySpain

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

    The developing countries include all other Fund members (as of January 1, 1985) together with certain essentially autonomous dependent territories for which adequate statistics are available.1 The regional breakdowns of data for “developing countries” conform to the regional classification used in IFS, with the oil exporting countries included in their respective regions. It should be noted that, in this classification, Egypt and the Libyan Arab Jamahiriya are part of the Middle East, not Africa.

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

    Given these definitions, the fuel exporters comprise the following countries:

    AlgeriaIran, Islamic Rep. ofMexicoTrinidad and Tobago
    BahrainNigeria
    CongoIraqOmanTunisia
    EcuadorKuwaitQatarUnited Arab Emirates
    GabonLibyan Arab JamahiriyaSaudi Arabia
    IndonesiaSyrian Arab Rep.Venezuela

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

    AfghanistanBotswanaChadEl Salvador
    ArgentinaBrazilChileEquatorial Guinea
    BangladeshBurmaColombiaEthiopia
    BelizeBurundiComorosFiji
    BeninCameroonCosta RicaGambia, The
    BhutanCentral African Rep.DjiboutiGhana
    BoliviaDominican Rep.Guatemala
    GuineaMalaysiaRwandaSudan
    Guinea-BissauMaliSão Tomé and PrincipeSuriname
    GuyanaMauritaniaSwaziland
    HaitiMauritiusSenegalTanzania
    HondurasMoroccoSierra LeoneThailand
    Ivory CoastMozambiqueSolomon IslandsTogo
    JamaicaNicaraguaTurkey
    KenyaNigerSomaliaUganda
    Lao People’s Dem. Rep.Papua New GuineaSouth AfricaUruguay
    Sri LankaZaïre
    LiberiaParaguaySaint Christopher and NevisZambia
    MadagascarPeruZimbabwe
    MalawiPhilippines

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

    ChinaIndiaRomaniaViet Nam
    Hong KongIsraelSingaporeYugoslavia
    HungaryKorea

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

    Antigua and BarbudaEgyptMaldivesSeychelles
    GreeceMaltaSt. Lucia
    BahamasGrenadaNepalSt. Vincent
    BarbadosJordanNetherlands AntillesVanuatu
    Burkina FasoKampuchea, DemocraticWestern Samoa
    Cape VerdePakistanYemen Arab Rep.
    CyprusLebanonPanamaYemen, People’s Dem. Rep. of
    DominicaLesothoPortugal

    The last three categories taken together are referred to as the “non-fuel exporters.”

    A second set of analytical groupings of developing countries is based on financial criteria. These pertain only to indebted developing countries, which, for present purposes, include all developing countries except the eight Middle Eastern oil exporters for which external debt statistics are either not available or are small in relation to external assets. Because of these exclusions, disaggregations of the indebted developing country group do not include data for the group of fuel exporters. Moreover, coverage of the Middle Eastern region in these cases is limited to the “non-oil” countries of the region.

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

    AlgeriaCyprusMexicoSouth Africa
    Antigua and BarbudaEcuadorNigeriaSuriname
    GabonPanamaTrinidad and Tobago
    ArgentinaGreecePapua New Guinea
    BahamasHong KongUruguay
    BoliviaHungaryParaguayVenezuela
    BrazilIndonesiaPeruYugoslavia
    ChileIvory CoastPhilippines
    ColombiaKoreaPortugal
    CongoMalaysiaSingapore

    Among the market borrowers, a subgroup of major borrowers is distinguished. This group comprises those seven countries with the largest total outstanding external indebtedness. These countries are:

    ArgentinaIndonesiaMexicoVenezuela
    BrazilKoreaPhilippines

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

    AfghanistanEl SalvadorLiberiaSierra Leone
    BahrainEquatorialMadagascarSomalia
    BangladeshGuineaMalawiSt. Lucia
    BhutanFijiMaldivesSt. Vincent
    Burkina FasoGambia, TheMaliSudan
    BurmaGhanaMaltaSwaziland
    BurundiGrenadaMauritaniaSyrian Arab Rep.
    Cape VerdeGuatemalaNepalTanzania
    Central African Rep.GuineaNetherlands AntillesTogo
    Guinea-BissauUganda
    NicaraguaViet Nam
    ChadGuyanaPakistanWestern Samoa
    ComorosHondurasRwandaYemen Arab Rep.
    DjiboutiJamaicaSão Tomé and PrincipeYemen, People’s Dem. Rep. of
    DominicaJordan
    Dominican Rep.Lao People’s Dem. Rep.SenegalZaïre
    SeychellesZambia

    China and India, which satisfy the criterion for this grouping, have been excluded because of the twin circumstances that these two countries, first, are large enough to significantly affect the group composites and, second, have experienced developments that are at variance with those of most other countries in the group. China and India are, therefore, implicitly grouped with the indebted developing countries whose external borrowing in 1978–82 was more or less evenly divided between official and commercial creditors.

    A second financial distinction is based on whether countries have or have not experienced debt-servicing difficulties in the recent past. Countries that have experienced debt-servicing difficulties are defined as those countries which incurred external payments arrears during the period 1981 to 1983 or rescheduled their debt during the period from 1981 to mid-1984 as reported in the relevant issues of the Fund’s Annual Report on Exchange Arrangements and Exchange Restrictions. Countries classified as not having experienced debt-servicing difficulties are defined as all other indebted developing countries.

    Several other analytical groups are also used in the report. One of these is the group of low-income countries, which comprises 43 countries whose per capita GDP, as estimated by the World Bank, did not exceed the equivalent of $410 in 1980. The countries in this group are:

    AfghanistanComorosLao People’s Dem. Rep.São Tomé and Principe
    BangladeshEquatorial Guinea
    BeninMadagascarSierra Leone
    BhutanEthiopiaMalawiSomalia
    Burkina FasoGambia, TheMaldivesSri Lanka
    BurmaGhanaMaliSudan
    BurundiGuineaMauritaniaTanzania
    Cape VerdeGuinea-BissauMozambiqueTogo
    Central African Rep.HaitiNepalUganda
    IndiaNigerViet Nam
    Kampuchea, DemocraticPakistanZaïre
    ChadRwanda
    ChinaKenya

    References to the small or smaller low-income countries refer to the above group less China and India.

    Reference is also made to subgroups that reflect a combination of regional and analytical criteria. The most common of these groups are: (1) sub-Saharan Africa, which comprises all African countries except Algeria, Morocco, Nigeria, South Africa, and Tunisia; (2) Middle Eastern oil exporters which includes:

    Iran, Islamic Rep. ofKuwaitOmanUnited Arab Emirates
    Libyan Arab JamahiriyaQatar
    IraqSaudi Arabia

    and (3) the group of non-oil Middle Eastern countries which refers to all Middle Eastern countries except the eight oil exporters listed above, namely:

    BahrainJordanSyrian Arab Rep.Yemen, People’s Dem. Rep. of
    EgyptLebanonYemen Arab Rep.
    Israel

    Finally, many of the tables present data on the developing countries grouped in accordance with the former classification categories. In this system, the developing countries were divided into two groups—“oil exporting countries” and “non-oil developing countries.” The countries included under the heading oil exporting countries3 are:

    AlgeriaIraqNigeriaUnited Arab
    IndonesiaKuwaitOmanEmirates
    Iran, Islamic Rep. ofLibyan Arab JamahiriyaQatarVenezuela
    Saudi Arabia

    Among the “non-oil developing countries,” four analytical subgroups of countries were distinguished. These subgroupings were based primarily on the character of the countries’ economic activity and on the predominant composition of their exports. Since the large “non-oil” group in the basic classification included some countries that had significant production and/or exports of oil, one of the analytic subgroups shown separately comprised countries (outside the main oil exporting group mentioned above) whose oil exports exceeded their oil imports in most years of the 1970s.

    The countries classified in the subgroup net oil exporters were:

    BahrainEgyptMexicoTrinidad and Tobago
    BoliviaGabonPeru
    CongoMalaysiaSyrian Arab Rep.Tunisia
    Ecuador

    Within the great majority of developing countries and areas that were net importers of oil (net oil importers), three subgroups were distinguished. The first was major exporters of manufactures which included:

    ArgentinaHong KongPortugalSouth Africa
    BrazilIsraelSingapore
    GreeceKoreaYugoslavia

    A second subgroup was low-income countries, the same group as that of the same name defined above. The third subgroup, other net oil importers, comprised middle-income countries (according to the World Bank’s estimates) the majority of which exported mainly primary commodities. The countries in this subgroup comprised all non-oil developing countries that were not included among “net oil exporters,” “major exporters of manufactures,” or “low-income countries.”

    Except where otherwise specifically indicated, the Union of Soviet Socialist Republics and other non-member countries of Eastern Europe, Cuba, and North Korea are excluded from the following tables. 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

    Table 1.World Output, 1967–86 1(Changes, in percent)
    Average
    1967–76 2
    From Preceding Year
    1977197819791980198119821983198419851986
    World4.54.54.43.52.01.60.62.64.33.43.4
    Industrial countries3.74.04.13.51.31.6–0.22.64.93.13.0
    United States2.85.55.02.8–0.32.5–2.13.76.83.43.0
    Other industrial countries4.53.03.53.92.21.10.92.03.52.92.9
    Of which,
    Japan7.45.35.15.24.84.03.33.45.84.34.3
    Germany, Fed. Rep. of3.52.83.44.01.9–0.2–1.11.32.62.72.9
    Developing countries6.05.85.34.53.42.41.61.53.74.04.5
    Median growth rate5.15.16.04.93.73.31.51.42.83.03.3
    By region
    Africa5.04.31.44.23.70.90.1–0.22.22.93.6
    Asia5.27.29.44.84.75.85.17.16.45.85.8
    Europe6.05.45.43.81.62.52.21.32.53.23.4
    Middle East9.36.91.91.8–1.8–0.70.30.62.32.93.6
    Western Hemisphere5.95.34.16.15.31.0–1.0–3.12.43.24.2
    By analytical criteria
    Fuel exporters8.15.72.93.71.01.2–0.2–0.82.03.03.8
    Non-fuel exporters5.35.96.34.84.33.02.52.74.44.44.8
    Market borrowers6.25.74.76.14.42.20.2–0.63.13.64.4
    Official borrowers3.54.94.82.23.03.31.92.53.23.63.6
    Other countries 35.54.54.72.32.90.81.73.53.13.63.5

    Real GDP (or GNP) for industrial and developing countries and real net material product (NMP) for other countries. Except where otherwise noted, 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 20 percent in the calculation of the growth of world output. For classification of countries in groups shown here, see the Introduction to this appendix. Estimates do not include China for the period prior to 1978.

    Compound annual rates of change.

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

    Table 2.Industrial Countries: Changes in Real GNP and Total Domestic Demand, 1967–86 1(In percent)
    From Fourth Quarter of Preceding Year
    Average
    1967–76 2
    From Preceding YearFourth quarter
    1977197819791980198119821983198419851986198419851986
    Real GNP
    Canada4.82.03.63.21.13.3–4.43.34.73.22.63.72.82.4
    United States2.85.55.02.8–0.32.5–2.13.76.83.43.05.73.22.7
    Japan7.45.35.15.24.84.03.33.45.84.34.36.43.54.5
    France 34.73.13.83.31.10.22.00.71.81.42.01.91.52.1
    Germany, Fed. Rep. of3.52.83.44.01.9–0.2–1.11.32.62.72.92.72.03.3
    Italy 34.31.92.74.93.90.2–0.5–0.42.62.82.32.62.92.1
    United Kingdom 32.23.04.03.2–2.6–1.42.43.22.43.02.32.32.42.4
    Other industrial countries4.21.72.03.22.10.60.61.63.22.32.41.92.42.7
    All industrial countries3.74.04.13.51.31.6–0.22.64.93.13.04.32.93.0
    Of which,
    Seven major countries above3.64.44.53.61.21.8–0.32.85.13.23.04.62.93.0
    European countries3.82.53.13.51.5–0.20.51.52.42.42.42.12.42.4
    Real total domestic demand
    Canada5.11.11.74.0–0.23.9–6.53.53.42.42.51.92.82.3
    United States2.75.95.02.0–1.23.1–1.24.98.73.93.16.74.02.8
    Japan7.04.26.16.41.22.13.21.94.04.23.43.94.03.5
    France 34.71.83.84.12.2–0.74.1–0.40.91.01.61.11.31.9
    Germany, Fed. Rep. of3.42.93.75.41.4–2.5–2.12.01.71.82.20.62.12.3
    Italy 34.10.52.05.77.0–2.2–0.3–1.22.93.42.83.53.52.4
    United Kingdom 31.91.64.54.8–3.6–1.83.24.32.92.72.52.32.02.3
    Other industrial countries4.11.40.93.62.0–1.20.40.32.42.22.10.72.52.3
    All industrial countries3.53.64.03.80.50.80.22.85.13.32.83.93.42.6
    Of which,
    Seven major countries above3.54.14.53.80.21.20.13.25.63.42.94.43.52.7
    European countries3.71.82.74.51.7–2.00.81.11.92.22.11.22.52.1

    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. For classification of countries in groups shown here, see the Introduction to this appendix.

    Compound annual rates of change.

    GDP at market prices.

    Table 3.Industrial Countries: Changes in Components of Real GNP, 1967–86 1(In percent)
    Average
    1967–76 2
    From Preceding Year
    1977197819791980198119821983198419851986
    Consumer expenditure
    Canada5.62.42.62.01.01.7–2.03.13.43.22.6
    United States3.55.04.52.70.52.01.44.85.34.03.2
    Japan6.63.84.75.91.30.84.33.42.73.63.5
    France5.03.24.73.41.51.93.51.00.51.41.5
    Germany, Fed. Rep. of4.13.73.63.11.4–0.6–1.41.10.71.41.8
    Italy4.32.33.05.34.30.50.5–0.31.83.02.2
    United Kingdom2.0–0.45.54.5–0.3–0.30.94.01.63.12.9
    Other industrial countries4.22.31.82.71.2–0.20.80.60.91.61.8
    All industrial countries4.03.63.93.51.01.01.43.03.13.12.8
    Of which,
    Seven major countries above4.03.94.33.61.01.21.53.43.43.32.9
    European countries4.02.63.43.51.40.71.20.91.91.9
    Public consumption
    Canada4.93.21.70.30.42.50.70.32.80.90.4
    United States1.41.52.01.32.20.92.0–0.33.55.63.9
    Japan5.13.95.14.32.95.21.82.92.23.02.8
    France3.91.54.21.81.62.42.51.80.20.5
    Germany, Fed. Rep. of3.70.94.03.52.61.5–1.02.00.90.8
    Italy3.72.32.31.72.13.32.62.42.71.51.5
    United Kingdom2.5–0.42.32.11.40.20.83.00.80.81.3
    Other industrial countries4.43.14.72.92.82.33.41.72.22.01.6
    All industrial countries2.92.03.22.32.32.11.71.22.53.32.6
    Of which,
    Seven major countries above2.71.83.02.22.22.01.41.12.63.52.7
    European countries3.71.73.82.82.21.91.12.11.41.01.1
    Gross fixed investment
    Canada4.4–0.5–0.16.83.46.4–9.7–4.90.61.03.4
    United States1.913.79.93.8–7.13.1–6.89.718.05.64.1
    Japan9.14.89.46.31.13.61.90.75.75.43.8
    France4.7–0.81.53.82.9–1.8–0.6–1.9–1.91.72.8
    Germany, Fed. Rep. of1.43.84.97.23.2–4.3–4.63.01.23.33.9
    Italy2.9–0.4–0.15.89.40.6–5.2–3.84.14.03.5
    United Kingdom2.01.13.92.3–5.3–8.46.64.26.63.50.9
    Other industrial countries4.41.2–0.70.42.2–1.4–2.4–2.23.43.03.7
    All industrial countries3.26.55.84.1–1.30.6–3.23.59.24.43.7
    Of which,
    Seven major countries above3.07.57.04.8–1.90.9–3.34.510.24.63.7
    European countries2.91.51.73.62.3–3.6–1.60.42.52.93.1
    Final domestic demand
    Canada5.21.91.92.71.52.9–3.30.92.72.42.4
    United States2.85.54.82.6–0.42.00.34.46.84.53.5
    Japan7.24.16.35.91.42.13.22.43.64.23.6
    France4.82.03.93.31.81.42.50.5–0.11.21.6
    Germany, Fed. Rep. of3.43.24.04.12.0–1.0–2.01.31.11.72.0
    Italy3.91.82.34.84.91.0–0.3–0.52.32.92.3
    United Kingdom2.1–0.14.53.5–0.9–1.71.83.82.32.72.2
    Other industrial countries4.12.21.72.21.80.10.50.11.61.92.1
    All industrial countries3.63.74.13.40.91.10.62.54.03.43.0
    Of which,
    Seven major countries above3.53.94.53.60.81.30.62.94.43.63.1
    European countries3.72.23.13.41.7–0.40.21.21.31.92.1
    Stockbuilding 3
    Canada0.1–0.8–0.21.3–1.81.0–3.32.60.60.10.1
    United States–0.10.40.2–0.6–0.81.1–1.40.51.9–0.5–0.3
    Japan–0.30.1–0.10.5–0.1–0.1–0.50.30.1–0.1
    France–0.2–0.10.80.4–2.01.6–0.90.9–0.2
    Germany, Fed. Rep. of0.1–0.2–0.21.3–0.6–1.50.70.50.1
    Italy0.1–1.3–0.30.82.1–3.1–0.70.60.50.5
    United Kingdom–0.20.7–0.20.2–2.30.10.70.6–0.40.20.2
    Other industrial countries–0.8–0.81.40.2–1.3–0.10.20.70.3
    All industrial countries–0.10.4–0.4–0.3–0.50.21.1–0.1–0.2
    Of which,
    Seven major countries above0.10.2–0.5–0.1–0.50.21.2–0.2–0.2
    European countries–0.3–0.31.1–0.1–1.60.60.60.20.1
    Foreign balance 3
    Canada–0.41.21.2–1.11.2–0.52.7–0.41.01.00.1
    United States0.2–0.30.10.90.9–0.4–0.9–1.2–1.8–0.5–0.2
    Japan0.51.2–0.9–1.03.52.10.31.62.00.41.2
    France1.30.1–0.7–1.10.8–2.11.11.00.30.3
    Germany, Fed. Rep. of–0.1–0.2–1.30.52.30.9–0.61.01.10.9
    Italy0.21.40.8–0.5–2.82.3–0.20.8–0.3–0.5–0.4
    United Kingdom0.41.4–0.4–1.51.00.4–0.7–1.1–0.60.3–0.1
    Other industrial countries0.10.31.1–0.40.11.70.21.30.90.20.4
    All industrial countries0.10.40.2–0.20.80.9–0.3–0.2–0.10.2
    Of which,
    Seven major countries above0.10.4–0.20.90.7–0.4–0.3–0.3–0.10.2
    European countries0.10.70.4–0.9–0.21.8–0.30.40.60.30.3

    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. For classification of countries in groups shown here, see the Introduction to this appendix.

    Compound annual rates of change.

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

    Table 4.Industrial Countries: Employment and Unemployment, 1967–86 1(In percent)
    Average
    1967–76
    1977197819791980198119821983198419851986
    Growth in employment 2
    Canada2.71.83.54.13.02.8–3.20.82.42.31.8
    United States2.03.74.42.90.51.1–0.91.34.12.21.4
    Japan0.91.41.21.31.00.81.01.70.62.11.4
    France0.70.80.4–0.1–0.70.1–0.6–1.1–0.80.2
    Germany, Fed. Rep. of–0.20.62.51.1–0.21.2–2.1–0.40.10.4
    Italy1.61.00.51.11.40.5–0.20.20.30.50.5
    United Kingdom–0.30.30.91.1–1.8–3.7–2.0–0.70.60.70.7
    Other industrial countries0.70.10.80.2–0.6–0.8–0.90.30.70.7
    All industrial countries1.91.82.21.90.60.2–0.40.31.91.41.1
    Of which,
    Seven major countries above2.12.22.62.10.60.4–0.30.62.11.61.1
    European countries0.30.30.41.10.1–1.0–0.3–0.9–0.20.10.5
    Unemployment rates 3
    Canada5.68.18.37.47.57.511.111.911.311.211.0
    United States5.47.06.15.97.27.69.79.67.57.27.2
    Japan1.42.02.22.12.02.22.42.72.72.42.3
    France3.05.05.46.26.67.78.38.410.011.311.6
    Germany, Fed. Rep. of1.73.93.83.33.44.96.88.28.18.18.0
    Italy 46.07.27.27.77.68.39.09.810.410.710.7
    United Kingdom3.05.75.75.46.510.011.512.312.713.012.8
    Other industrial countries2.24.75.55.86.57.99.510.911.411.711.7
    All industrial countries3.55.35.25.15.86.78.28.78.28.28.2
    Of which,
    Seven major countries above3.85.45.15.05.66.57.98.37.67.67.6
    European countries3.05.15.45.66.17.99.210.110.811.211.2

    The figures in the table are not comparable among countries since they are based on the differing labor force definitions and concepts used by the respective national statistical agencies. For classification of countries in groups shown here, see the Introduction to this appendix.

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

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

    Figures for 1967 to 1976 have been adjusted by the staff to allow for a discontinuity in Italian labor force statistics.

    Table 5.Developing Countries: Growth of Real GDP, 1967–86 1,2(In percent)
    Average
    1967–76 3
    1977197819791980198119821983198419851986
    Developing countries6.05.85.34.53.42.41.61.53.74.04.5
    Memorandum: Median growth rate5.15.16.04.93.73.31.51.42.83.03.3
    By region
    Africa5.04.31.44.23.70.90.1–0.22.22.93.6
    Asia5.27.29.44.84.75.85.17.16.45.85.8
    Europe6.05.45.43.81.62.52.21.32.53.23.4
    Middle East9.36.91.91.8–1.8–0.70.30.62.32.93.6
    Western Hemisphere5.95.34.16.15.31.0–1.0–3.12.43.24.2
    By predominant export
    Fuel exporters8.15.72.93.71.01.2–0.2–0.82.03.03.8
    Non-fuel exporters5.35.96.34.84.33.02.52.74.44.44.8
    Primary product exporters5.55.13.64.74.61.00.2–0.53.13.44.1
    Exporters of manufactures5.36.99.64.63.85.25.16.66.25.65.8
    Service and remittance countries4.07.86.05.75.33.03.12.03.34.13.7
    By financial criteria
    Indebted developing countries5.55.85.95.04.43.12.01.83.94.24.6
    Of which,
    Market borrowers6.25.74.76.14.42.20.2–0.63.13.64.4
    Of which,
    Major borrowers6.86.04.86.44.71.80.4–1.23.04.04.9
    Official borrowers3.54.94.82.23.03.31.92.53.23.63.6
    Countries with recent debt-servicing problems5.55.43.75.33.91.1–0.1–1.92.03.23.9
    Countries without debt-servicing problems5.56.38.24.74.95.14.05.45.75.05.3
    By miscellaneous criteria
    Small low-income countries3.23.85.22.92.92.82.03.33.73.83.8
    Sub-Saharan Africa 44.04.02.22.13.21.70.60.81.52.93.5
    Middle Eastern oil exporters10.76.20.70.8–3.8–2.0–0.40.22.12.73.4
    Non-oil Middle Eastern countries4.99.46.65.66.95.54.02.73.03.64.1
    By alternative analytical categories
    Oil exporting countries8.76.81.52.4–1.2–0.9–0.30.31.93.03.5
    Non-oil developing countries5.45.66.35.14.63.42.21.94.24.24.7
    Net oil exporters6.13.76.17.67.46.61.0–2.82.93.44.4
    Net oil importers5.35.96.44.74.22.92.42.84.44.44.8
    Major exporters of manufactures6.65.74.76.24.31.20.80.34.24.04.8
    Low-income countries3.65.48.93.44.84.55.47.06.25.65.6
    Other net oil importers5.26.85.63.83.33.41.01.42.13.13.4
    Memorandum
    Output of non-oil sector in oil exporting countries9.46.04.35.35.94.32.12.03.13.5

    For classification of countries in groups shown here, see the Introduction to this appendix. China is excluded prior to 1978.

    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 Nigeria and South Africa.

    Table 6.Developing Countries: Gross Capital Formation, 1977–84 1(In percent of GDP)
    19771978197919801981198219831984
    Developing countries27.727.726.726.726.024.824.123.0
    By region
    Africa30.429.226.828.230.127.324.623.0
    Asia26.627.928.928.927.727.027.426.8
    Europe37.334.233.032.329.928.327.425.3
    Middle East24.926.122.921.221.223.127.125.7
    Western Hemisphere25.224.923.223.622.920.717.816.6
    By predominant export
    Fuel exporters27.428.025.024.324.823.924.122.8
    Non-fuel exporters27.827.527.427.726.525.124.123.1
    Primary product exporters24.723.422.623.823.521.819.918.3
    Exporters of manufactures30.331.732.531.929.929.129.229.0
    Service and remittance countries34.731.129.327.824.423.120.418.7
    By financial criteria
    Indebted developing countries28.127.927.327.526.725.023.622.5
    Of which,
    Market borrowers28.928.527.427.626.924.622.220.6
    Of which,
    Major borrowers26.626.425.325.224.222.320.118.7
    Official borrowers20.521.021.422.022.020.819.618.0
    Countries with recent debt-servicing problems27.526.625.325.825.223.020.518.6
    Countries without debt-servicing problems28.629.229.329.328.227.026.726.2
    By miscellaneous criteria
    Small low-income countries17.619.219.820.820.219.517.918.0
    Sub-Saharan Africa 223.823.422.423.925.123.821.020.4
    Middle Eastern oil exporters24.325.922.020.420.522.727.526.3
    Non-oil Middle Eastern countries28.027.228.126.525.625.324.722.6
    By alternative analytical categories
    Oil exporting countries28.429.224.523.023.424.525.324.1
    Non-oil developing countries27.527.327.327.726.724.823.722.6
    Memorandum
    Median estimates
    Developing countries25.725.625.525.425.524.623.421.6
    By region
    Africa27.027.925.524.227.025.322.922.5
    Asia24.125.428.729.528.825.425.623.6
    Europe36.538.836.132.727.726.023.523.5
    Middle East28.427.225.922.323.024.524.123.0
    Western Hemisphere23.223.623.324.422.021.019.017.1

    For classification of countries in groups shown here, see the Introduction to this appendix. Except where otherwise indicated, arithmetic averages of country ratios weighted by the average U.S. dollar value of GDPs over the preceding three years.

    Excluding Nigeria and South Africa.

    Inflation

    Table 7.Inflation, 1967–86 1(In percent)
    Average
    1967–76 2
    1977197819791980198119821983198419851986
    Industrial countries 36.77.57.68.09.28.77.24.94.13.93.7
    United States5.65.87.48.79.29.66.03.83.83.83.8
    Other industrial countries 37.68.77.87.59.28.37.85.64.34.03.7
    Of which,
    Japan7.95.74.62.62.82.71.70.70.51.41.3
    Germany, Fed. Rep. of5.13.74.24.04.54.24.73.21.92.22.3
    Developing countries 413.824.818.821.527.326.124.733.037.734.822.6
    Median inflation rates7.811.39.811.514.513.310.79.810.09.38.0
    By region 4
    Africa8.518.816.916.716.621.413.419.017.816.112.7
    Asia9.47.84.08.013.110.66.26.66.95.55.4
    Europe9.015.119.825.937.924.023.823.228.022.419.0
    Middle East8.718.012.811.117.415.612.712.716.517.315.1
    Western Hemisphere24.549.941.946.554.058.665.5100.5119.8113.759.7
    By analytical criteria 4
    Fuel exporters9.718.112.511.815.916.418.025.520.115.312.1
    Non-fuel exporters16.228.021.425.732.230.628.036.947.145.027.9
    Market borrowers18.732.628.231.836.338.738.555.565.760.335.0
    Official borrowers9.717.313.719.522.328.417.221.915.813.813.4

    As measured by changes in GNP deflators for industrial countries and changes in consumer prices for developing countries. For classification of countries in groups shown here, see the Introduction to this appendix.

    Compound annual rates of change.

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

    Except where otherwise noted, 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. Estimates exclude China prior to 1978.

    Table 8.Industrial Countries: Changes in GNP Deflators and Consumer Prices, 1967–86 1(In percent)
    From Fourth Quarter of Preceding Year
    Average
    1967–76 2
    From Preceding YearFourth quarter
    1977197819791980198119821983198419851986198419851986
    GNP deflator
    Canada6.97.46.710.311.410.610.45.43.03.03.42.83.43.4
    United States5.65.87.48.79.29.66.03.83.83.83.83.63.93.9
    Japan7.95.74.62.62.82.71.70.70.51.41.31.01.81.3
    France 37.39.09.410.412.212.312.49.57.06.15.16.05.64.8
    Germany, Fed. Rep. of5.13.74.24.04.54.24.73.21.92.22.31.51.82.6
    Italy 39.319.113.915.920.718.417.915.110.79.07.59.29.36.8
    United Kingdom 39.913.911.114.419.911.67.15.14.25.05.06.03.94.5
    Other industrial countries8.09.79.67.79.29.49.87.16.75.24.85.65.14.7
    All industrial countries6.77.57.68.09.28.77.24.94.13.93.73.83.93.8
    Of which,
    Seven major countries above6.57.27.38.09.28.66.74.63.63.73.63.53.73.6
    European countries7.59.78.98.911.09.99.47.25.75.14.65.24.74.5
    Consumer prices
    Canada6.08.08.99.110.212.510.85.84.43.63.53.73.73.5
    United States5.86.57.611.313.510.46.23.24.33.94.64.04.24.4
    Japan8.98.03.83.68.14.92.61.82.21.82.02.51.22.4
    France7.39.49.110.713.813.411.89.67.46.05.06.55.64.7
    Germany, Fed. Rep. of4.33.72.74.15.46.35.33.32.42.32.32.02.22.4
    Italy8.517.012.114.821.218.716.315.110.79.07.59.99.36.7
    United Kingdom10.015.98.313.418.011.98.64.75.05.55.04.85.05.0
    Other industrial countries7.011.48.57.810.210.49.77.66.55.75.25.95.74.6
    All industrial countries6.78.47.29.011.89.97.44.94.74.14.24.34.24.0
    Of which,
    Seven major countries above6.67.96.99.212.19.97.04.54.43.94.14.14.04.0
    European countries7.010.27.58.811.811.19.57.36.05.24.75.45.14.3

    Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years. For classification of countries in groups shown here, see the Introduction to this appendix.

    Compound annual rates of change.

    GDP at market prices.

    Table 9.Industrial Countries: Changes in Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing, 1967–86 1(In percent)
    Average
    1967–76 2
    From Preceding Year
    1977197819791980198119821983198419851986
    Hourly earnings 3
    Canada9.510.97.28.810.112.011.87.36.15.44.6
    United States7.58.38.39.811.79.48.83.43.64.54.9
    Japan17.68.65.35.97.15.35.24.04.75.13.9
    France13.613.113.614.514.815.916.211.17.46.05.5
    Germany, Fed. Rep. of10.68.66.86.98.76.95.83.84.05.15.3
    Italy16.418.814.619.617.723.620.217.410.110.010.0
    United Kingdom13.99.114.816.021.815.010.38.07.48.27.5
    Other industrial countries13.114.512.111.611.311.29.67.97.56.36.1
    All industrial countries10.810.49.410.311.710.59.55.95.35.55.3
    Of which,
    Seven major countries above10.49.68.910.011.710.39.45.64.95.45.2
    European countries13.412.311.712.513.212.911.08.87.06.86.5
    Output per manhour 3
    Canada4.43.53.42.6–0.40.30.17.411.14.02.8
    United States2.62.60.90.70.13.12.14.23.91.41.1
    Japan8.44.711.36.73.50.32.97.85.94.4
    France6.25.45.85.02.22.35.34.85.54.14.1
    Germany, Fed. Rep. of5.24.62.94.91.01.91.65.04.45.05.4
    Italy5.01.13.19.04.74.71.73.16.02.82.8
    United Kingdom4.00.51.31.30.24.84.65.83.63.32.2
    Other industrial countries6.23.23.65.62.83.62.55.45.43.22.7
    All industrial countries4.33.23.53.61.62.62.14.65.23.02.5
    Of which,
    Seven major countries above4.03.33.53.21.32.52.14.45.13.02.5
    European countries5.63.53.95.22.33.23.05.25.34.03.7
    Unit labor costs 3
    Canada4.97.13.66.010.611.611.7–0.1–4.61.31.7
    United States4.85.77.49.111.66.06.6–0.8–0.33.23.7
    Japan8.53.6–5.3–0.73.55.15.21.1–2.9–0.8–0.5
    France7.07.27.59.012.413.310.45.91.81.81.4
    Germany, Fed. Rep. of5.13.83.81.87.64.94.1–1.1–0.3–0.2
    Italy10.917.511.19.612.418.018.213.83.87.07.0
    United Kingdom9.58.613.314.521.59.75.42.13.64.75.1
    Other industrial countries6.611.08.35.78.37.36.92.32.13.03.3
    All industrial countries6.26.95.86.510.07.67.21.3–0.12.42.8
    Of which,
    Seven major countries above6.26.25.46.710.37.77.21.1–0.22.32.7
    European countries7.58.67.57.010.69.37.83.41.62.72.7

    Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years. For classification of countries in groups shown here, see the Introduction to this appendix.

    Compound annual rates of change.

    In manufacturing.

    Table 10.Developing Countries: Changes in Consumer Prices—Weighted Averages, 1967–86 1,2(In percent)
    Average
    1967–76 3
    From Preceding Year
    1977197819791980198119821983198419851986
    Developing countries13.824.818.821.527.326.124.733.037.734.822.6
    By region
    Africa8.518.816.916.716.621.413.419.017.816.112.7
    Asia9.47.84.08.013.110.66.26.66.95.55.4
    Europe9.015.119.825.937.924.023.823.228.022.419.0
    Middle East8.718.012.811.117.415.612.712.716.517.315.1
    Western Hemisphere24.549.941.946.554.058.665.5100.5119.8113.759.7
    By predominant export
    Fuel exporters9.718.112.511.815.916.418.025.520.115.312.1
    Non-fuel exporters16.228.021.425.732.230.628.036.947.145.027.9
    Primary product exporters21.441.738.544.452.150.648.068.592.388.348.2
    Exporters of manufactures8.28.75.38.615.113.710.611.012.611.910.6
    Service and remittance countries8.714.212.315.318.316.014.815.215.514.312.8
    By financial criteria
    Indebted developing countries15.125.919.923.629.628.427.537.643.439.725.0
    Of which,
    Market borrowers18.732.628.231.836.338.738.555.565.760.335.0
    Of which,
    Major borrowers22.445.438.343.851.354.859.788.6106.087.447.1
    Official borrowers9.717.313.719.522.328.417.221.915.813.813.4
    Countries with recent debt-servicing problems18.637.833.637.645.746.448.273.089.081.346.1
    Countries without debt-servicing problems9.211.07.210.915.312.79.79.910.710.69.0
    By miscellaneous criteria
    Small low-income countries9.819.015.221.424.333.220.127.017.414.114.7
    Sub-Saharan Africa 49.728.022.226.726.130.919.630.218.318.614.0
    Middle Eastern oil exporters8.417.410.87.612.111.98.47.87.08.08.9
    Non-oil Middle Eastern countries9.720.020.925.942.234.436.638.465.960.040.4
    By alternative analytical categories
    Oil exporting countries10.215.511.510.613.613.78.59.810.89.79.5
    Non-oil developing countries14.827.720.824.831.430.030.141.447.443.827.1
    Net oil exporters8.422.817.717.724.224.443.971.252.958.831.8
    Net oil importers15.928.621.325.932.530.927.936.446.441.326.3
    Major exporters of manufactures21.543.140.045.253.159.356.078.0108.294.152.0
    Low-income countries8.313.24.77.712.612.37.710.47.46.66.9
    Other net oil importers15.117.817.322.830.716.415.414.218.615.211.2

    For classification of countries in groups shown here, see the Introduction to this appendix.

    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. Estimates exclude China prior to 1978.

    Excluding Nigeria and South Africa.

    Table 11.Developing Countries: Changes in Consumer Prices—Median Estimates, 1967–86 1(In percent)
    Average
    1967–76
    From Preceding Year
    1977197819791980198119821983198419851986
    Developing countries7.811.39.811.514.513.310.79.810.09.38.0
    By region
    Africa7.512.010.311.613.513.712.712.011.711.09.2
    Asia7.16.25.97.513.012.57.68.18.16.66.0
    Europe7.211.19.914.316.215.719.013.913.512.312.2
    Middle East8.213.210.710.311.08.88.25.15.66.06.6
    Western Hemisphere9.011.610.214.918.114.69.48.911.913.09.0
    By predominant export
    Fuel exporters7.912.010.510.011.813.39.77.78.07.66.1
    Non-fuel exporters7.710.99.412.115.113.310.99.910.010.08.0
    Primary product exporters7.811.510.112.216.814.212.311.813.013.010.0
    Exporters of manufactures6.95.04.88.915.114.17.97.38.54.06.7
    Service and remittance countries7.710.78.212.914.311.86.95.85.65.66.0
    By financial criteria
    Indebted developing countries7.811.39.612.014.913.611.210.210.29.98.0
    Of which,
    Market borrowers8.911.810.414.917.414.89.911.811.913.010.1
    Of which,
    Major borrowers13.511.114.418.826.421.310.211.846.022.013.0
    Official borrowers7.811.29.112.015.312.711.510.511.19.08.0
    Countries with recent debt-servicing problems8.112.010.212.819.216.613.314.515.414.010.0
    Countries without debt-servicing problems7.510.18.911.013.412.110.07.68.08.07.0
    By miscellaneous criteria
    Small low-income countries7.810.59.712.214.413.512.611.712.211.09.6
    Sub-Saharan Africa 27.611.910.512.413.813.612.912.512.511.09.6
    Middle Eastern oil exporters8.810.610.69.610.58.36.62.31.03.55.5
    Non-oil Middle Eastern countries8.816.110.714.115.210.310.86.711.09.810.0
    By alternative analytical categories
    Oil exporting countries8.411.210.610.611.210.67.65.65.55.56.0
    Non-oil developing countries7.811.39.612.014.913.411.510.210.09.98.0
    Net oil exporters7.712.410.59.015.114.616.217.413.011.37.7
    Net oil importers7.710.99.312.114.913.310.79.810.09.98.0
    Major exporters of manufactures11.812.214.419.024.921.321.020.518.617.517.5
    Low-income countries7.610.29.411.713.613.212.511.711.610.09.1
    Other net oil importers7.711.38.411.614.512.57.86.88.08.07.0

    For classification of countries in groups shown here, see the Introduction to this appendix.

    Excluding Nigeria and South Africa.

    Financial Policies

    Table 12.Summary Financial Indicators, 1977–86 1(In percent)
    1977197819791980198119821983198419851986
    Major industrial countries
    Fiscal balances of central governments 2
    Seven major countries–3.2–3.4–3.0–3.5–3.8–4.7–5.7–5.1–5.3–5.0
    Of which,
    United States–2.7–2.0–1.2–2.4–2.5–4.3–5.8–5.0–5.7–5.3
    Japan–5.1–5.3–6.2–6.3–6.0–6.0–5.8–5.6–5.1–4.8
    Germany, Fed. Rep. of–2.2–2.1–1.8–1.7–2.2–1.9–2.0–1.6–1.1–0.8
    Fiscal impulses of central governments 3
    Seven major countries–0.10.6–0.2–0.1–0.2–0.10.90.10.3–0.3
    Of which,
    United States0.2–0.80.40.10.41.70.50.8–0.3
    Japan0.20.21.00.2–0.3–0.2–0.50.2–0.5–0.6
    Germany, Fed. Rep. of–0.50.10.1–0.4–0.8–1.8–0.3–0.3–0.3–0.1
    Growth of monetary aggregates 4
    Narrow money
    Seven major countries8.811.19.85.76.67.310.27.06.25.5
    Of which,
    United States7.68.27.76.37.16.611.26.95.75.5
    Japan6.910.110.72.63.35.83.72.82.22.5
    Germany, Fed. Rep. of8.313.37.52.41.13.610.32.84.14.8
    Broad money
    Seven major countries12.211.010.79.59.99.510.47.67.47.0
    Of which,
    United States12.78.58.38.19.59.312.57.97.77.2
    Japan11.411.711.99.28.99.27.47.87.67.5
    Germany, Fed. Rep. of9.410.69.05.36.46.56.63.74.84.8
    Interest rates 5
    Three-month Eurodollars6.18.812.114.216.813.29.610.89.59.0
    Developing countries
    Fiscal balances of central governments 2
    Weighted averages–2.7–3.3–2.4–1.3–3.3–4.9–5.4–4.5–3.5
    Median–3.7–3.9–3.6–4.5–6.1–6.5–6.7–5.2–4.5
    Growth of monetary aggregates 6
    Weighted averages36.228.836.735.336.434.839.143.235.7
    Median19.319.517.720.519.118.917.015.513.7

    For classification of countries in groups shown here, see the Introduction to this appendix.

    In percent of GNP/GDP.

    For definition of fiscal impulses, see Supplementary Note 1, “Fiscal Policy in Major Industrial Countries.” See also footnotes to Appendix Table 15. It should be noted that estimates for the industrial and developing countries are not necessarily comparable, in part because of the exclusion of the so-called monetary correction from the estimates for some of the high-inflation developing countries.

    For definitions of monetary aggregates, see footnotes 1 and 3 to Appendix Table 13.

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

    Money and quasi-money. For method of calculation, see Appendix Table 17.

    Table 13.Major Industrial Countries: Changes in Monetary Aggregates, 1977–85(In percent)
    From Fourth Quarter of Preceding Year
    From Preceding YearFourth quarter
    19771978197919801981198219831984198319841985 1
    Narrow money (M1) 2
    Canada8.911.07.59.26.25.515.513.416.818.511.0
    United States7.68.27.76.37.16.611.26.910.45.25.5
    Japan6.910.110.72.63.35.83.72.81.74.22.5
    France7.911.313.86.812.213.99.97.011.75.05.0
    Germany, Fed. Rep. of8.313.37.52.41.13.610.32.88.22.74.8
    Italy20.323.622.315.911.211.615.311.712.99.610.0
    United Kingdom14.319.811.35.010.310.012.615.211.217.015.0
    Seven major countries above 38.811.19.85.76.67.310.27.09.36.56.0
    Four major European countries 311.315.612.36.27.79.111.68.410.67.98.2
    Broad money 4
    Canada14.311.115.719.015.19.45.84.14.45.56.0
    United States12.78.58.38.19.59.312.57.912.27.77.5
    Japan11.411.711.99.28.99.27.47.87.37.87.6
    France12.313.213.010.811.411.59.18.011.26.55.0
    Germany, Fed. Rep. of9.410.69.05.36.46.56.63.75.74.14.8
    Italy20.522.320.914.310.812.116.111.913.312.110.0
    United Kingdom8.015.313.316.715.911.010.89.510.59.77.0
    Seven major countries above 312.211.010.79.59.99.610.57.610.17.57.1
    Four major European countries 311.714.112.810.410.49.89.87.69.67.56.3

    Staff assumptions except for the United States, and, for broad money only, France and the United Kingdom. In these instances, the estimates represent the midpoints of the announced target ranges of the monetary authorities.

    M1 is generally currency in circulation plus private demand deposits. In addition, Canada includes daily interest checkable deposits and non-personal notice deposits and 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.

    These composites are averages of individual country data, weighted for each year in proportion to the U.S. dollar values of the respective GNPs in the preceding three years.

    M1 plus quasi-money—generally “M2,” except for the United Kingdom, Japan, and the Federal Republic of Germany, for which the data are based on sterling M3, M2 + CD, and M3, respectively. Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. France also includes government savings bonds. Sterling M3 is M1 plus private sterling time deposits. For Japan, M2 + CD is currency in circulation plus total private and public sector deposits and installments of Sogo Banks. For the Federal Republic of Germany, M3 is M1 plus private time deposits with maturities of less than four years plus savings deposits at statutory notice.

    Table 14.Major Industrial Countries: Interest Rates, 1977–January 1985(Percent per annum)
    19771978197919801981198219831984January
    1985
    Short-term interest rates 1
    Canada7.58.812.113.218.314.29.511.010.1
    United States5.37.210.111.414.010.68.69.58.6
    Japan6.35.15.910.77.46.86.56.36.3
    France9.28.29.512.215.314.712.611.910.5
    Germany, Fed. Rep. of4.43.76.79.512.18.95.86.05.9
    Italy14.911.113.515.919.619.417.815.413.0
    United Kingdom8.29.213.716.613.912.310.110.011.7
    Seven major countries above 26.66.99.411.813.210.99.09.28.6
    Four major European countries 28.27.29.812.614.512.910.710.19.7
    Long-term interest rates 3
    Canada8.79.310.212.515.214.311.812.711.7
    United States7.48.49.411.513.913.011.112.411.3
    Japan7.36.17.79.28.78.17.47.16.6
    France9.69.09.513.015.715.613.612.411.0
    Germany, Fed. Rep. of6.25.77.48.510.49.07.97.87.1
    Italy14.713.113.015.319.420.218.315.713.5
    United Kingdom12.712.513.013.814.712.910.710.711.0
    Seven major countries above 28.38.39.311.213.112.410.811.110.2
    Four major European countries 29.89.19.911.814.213.511.811.110.2

    Interest rate on following instruments: Canada, 90-day Government of Canada Treasury bill; United States, 60-day to 89-day bank certificate of deposit in secondary market; Japan, three-month Gensaki (bond trading with repurchase agreement); France, the Federal Republic of Germany, and the United Kingdom, three-month interbank deposits; Italy, 90-day Government of Italy Treasury bill.

    These composites are weighted averages, with the weights for each year proportionate to the U.S. dollar value of the respective countries’ GNPs in the preceding three years.

    Average yield to maturity of Central Government bonds with terms of 10 years or more for Canada, 20 years for the United States and the United Kingdom, and 7 years for Japan. Average yield to maturity of National Equipment Bonds of 1965, 1966, and 1967 for France, Public Authorities bonds with terms of 3 years or more for the Federal Republic of Germany, and multiyear Treasury bonds for Italy.

    Table 15.Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1977–86 1(In percent of GNP)
    1977197819791980198119821983198419851986
    Fiscal balance
    (+ surplus, – deficit)
    Canada 2–3.5–4.6–3.5–3.5–2.2–5.3–6.2–6.4–5.5–4.4
    United States–2.7–2.0–1.2–2.4–2.5–4.3–5.8–5.0–5.7–5.3
    Japan 3–5.1–5.3–6.2–6.3–6.0–6.0–5.8–5.6–5.1–4.8
    France 4–1.0–1.6–1.5–1.1–2.6–2.8–3.3–3.4–3.4–3.4
    Germany, Fed. Rep. of–2.2–2.1–1.8–1.7–2.2–1.9–2.0–1.6–1.1–0.8
    Italy 5–9.0–13.1–10.8–10.8–12.8–15.1–16.4–15.4–15.6–15.9
    United Kingdom–3.0–5.0–5.3–4.7–4.1–2.8–4.8–3.3–3.2–2.9
    Seven major countries above–3.2–3.4–3.0–3.5–3.8–4.7–5.7–5.1–5.3–5.0
    Seven major countries except the United States–3.7–4.6–4.5–4.4–4.7–5.0–5.6–5.2–5.0–4.7
    Fiscal impulse
    (+ expansionary, – contractionary)
    Canada 21.51.2–0.5–0.1–1.10.80.70.8–0.8–1.0
    United States0.2–0.80.40.10.41.70.50.8–0.3
    Japan 30.20.21.00.2–0.3–0.2–0.50.2–0.5–0.6
    France 4–0.30.90.1–0.70.90.10.1–0.1–0.2–0.1
    Germany, Fed. Rep. of–0.50.10.1–0.4–0.8–1.8–0.3–0.3–0.3–0.1
    Italy 5–0.83.8–1.70.10.60.6–0.2–1.1–0.1
    United Kingdom–2.02.80.9–2.6–2.4–1.42.2–1.60.3
    Seven major countries above–0.10.6–0.2–0.1–0.2–0.10.90.10.3–0.3
    Seven major countries except the United States–0.31.10.3–0.4–0.5–0.50.2–0.3–0.3–0.3

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

    Data for Canada are on a national income accounts basis.

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

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

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

    Table 16.Major Industrial Countries: General Government Fiscal Balances and Impulses, 1977–86 1(In percent of GNP)
    1977197819791980198119821983198419851986
    Fiscal balance
    (+ surplus, – deficit)
    Canada–2.4–3.1–1.8–2.7–1.6–5.0–6.2–5.8–5.0–4.1
    United States–0.90.6–1.2–0.9–3.8–4.1–3.4–4.4–4.1
    Japan–3.8–5.5–4.8–4.5–3.6–3.4–3.3–2.4–1.7–1.0
    France–0.8–1.9–0.70.2–1.8–2.6–3.3–3.4–3.3–3.3
    Germany, Fed. Rep. of–2.4–2.5–2.8–3.1–3.9–3.4–2.7–2.3–1.5–1.2
    Italy–8.1–9.7–9.5–8.0–11.9–12.8–11.8–13.6–13.5–13.6
    United Kingdom–3.3–4.2–3.3–3.7–3.1–2.4–3.5–3.5–3.1–2.6
    Seven major countries above–2.1–2.3–1.7–2.5–2.7–4.0–4.2–3.8–4.0–3.6
    Seven major countries except the United States–3.2–4.2–3.6–3.5–4.0–4.2–4.3–4.1–3.6–3.1
    Fiscal impulse
    (+ expansionary, – contractionary)
    Canada0.41.1–0.60.5–0.8–0.41.20.6–0.4–0.8
    United States–0.2–0.1–0.50.6–0.31.00.70.91.3–0.2
    Japan0.31.7–0.6–0.2–0.9–0.4–0.4–0.4–0.8–1.0
    France1.4–1.0–1.70.40.2–0.1–0.6–0.8–0.2
    Germany, Fed. Rep. of–1.00.40.9–1.1–2.6–1.2–0.3–0.5
    Italy–2.21.20.4–1.32.1–1.1–2.71.6–0.2
    United Kingdom–1.31.9–0.2–1.8–2.6–0.81.4–0.2
    Seven major countries above–0.30.6–0.3–0.1–0.5–0.10.10.40.4–0.4
    Seven major countries except the United States–0.51.3–0.2–0.7–0.6–0.9–0.4–0.1–0.5–0.5

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

    Table 17.Developing Countries: Changes in Broad Money Aggregates, 1977–84 1,2(In percent)
    From Preceding Year
    19771978197919801981198219831984
    Developing countries36.228.836.735.336.434.839.143.2
    By region
    Africa23.215.014.925.820.616.517.414.5
    Asia17.015.534.827.420.618.819.316.7
    Europe22.224.529.835.637.730.119.928.6
    Middle East34.130.623.630.332.326.319.823.7
    Western Hemisphere76.453.361.853.469.274.2102.2122.2
    By predominant export
    Fuel exporters43.723.620.931.129.028.423.322.4
    Non-fuel exporters33.430.943.737.139.838.047.654.6
    Primary product exporters50.546.253.948.959.056.479.696.2
    Exporters of manufactures17.716.136.028.323.021.421.923.3
    Service and remittance countries22.523.226.819.127.327.021.418.0
    By financial criteria
    Indebted developing countries36.928.839.336.437.637.143.948.6
    Of which,
    Market borrowers51.637.542.142.645.847.559.466.9
    Of which,
    Major borrowers74.550.058.251.266.071.394.0106.4
    Official borrowers21.723.915.721.126.023.424.318.1
    Countries with recent debt-servicing problems57.339.945.445.555.055.472.084.7
    Countries without debt-servicing problems18.818.133.527.822.321.020.821.2
    By miscellaneous criteria
    Small low-income countries24.526.416.723.430.124.326.416.6
    Sub-Saharan Africa 328.122.617.822.025.720.321.013.0
    Middle Eastern oil exporters30.628.819.028.428.820.912.413.6
    Non-oil Middle Eastern countries47.538.043.638.649.856.162.075.9
    By alternative analytical categories
    Oil exporting countries28.621.417.931.424.417.715.713.5
    Non-oil developing countries38.230.942.536.540.140.547.454.1
    Net oil exporters69.231.233.430.441.957.648.557.0
    Net oil importers33.830.843.937.439.837.747.253.6
    Major exporters of manufactures54.950.858.752.064.567.695.9114.4
    Low-income countries15.613.738.826.021.417.120.417.7
    Other net oil importers29.225.027.330.629.623.016.820.1
    Memorandum
    Median estimates
    Developing countries19.319.517.720.519.118.917.015.5
    By region
    Africa16.718.214.720.218.916.515.013.7
    Asia19.219.122.221.417.920.718.917.2
    Europe15.917.918.622.024.422.215.819.1
    Middle East28.225.121.328.031.519.818.217.4
    Western Hemisphere18.719.316.915.417.214.816.715.6

    For classification of countries in groups shown here, see the Introduction to this appendix.

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

    Excluding Nigeria and South Africa.

    Table 18.Developing Countries: Central Government Fiscal Balances, 1977–84 1(In percent of GDP)
    19771978197919801981198219831984
    Developing countries–2.7–3.3–2.4–1.3–3.3–4.9–5.4–4.5
    By region
    Africa–6.5–5.6–4.9–3.0–6.6–6.9–7.2–5.1
    Asia–1.5–2.0–3.7–3.5–3.3–4.4–3.6–3.2
    Europe–3.2–3.0–3.0–3.5–3.6–2.6–2.3–2.4
    Middle East–2.6–6.90.15.0–0.8–6.9–11.6–11.4
    Western Hemisphere–2.2–2.0–0.8–0.6–2.9–4.1–3.9–2.3
    By predominant export
    Fuel exporters–2.1–3.90.93.7–2.0–6.0–7.7–6.1
    Non-fuel exporters–2.9–3.1–3.7–3.4–3.8–4.3–4.2–3.7
    Primary product exporters–3.1–2.9–2.3–2.3–3.8–4.0–3.6–2.6
    Exporters of manufactures–1.7–2.0–4.0–3.7–2.4–3.3–3.5–3.5
    Service and remittance countries–7.5–9.9–10.3–8.3–11.5–11.8–11.6–11.8
    By financial criteria
    Indebted developing countries–3.1–3.1–3.2–2.9–4.0–4.9–4.7–3.8
    Of which,
    Market borrowers–2.5–2.3–1.2–0.9–3.7–4.5–4.2–2.6
    Of which,
    Major borrowers–1.7–1.6–0.4–0.3–3.0–4.0–3.1–1.4
    Official borrowers–6.2–6.3–6.3–7.1–7.0–8.7–7.4–6.6
    Countries with recent debt-servicing problems–3.4–2.8–1.9–1.9–3.8–4.4–4.0–2.4
    Countries without debt-servicing problems–2.8–3.4–4.6–3.8–4.3–5.5–5.4–5.1
    By miscellaneous criteria
    Small low-income countries–6.2–6.2–6.8–6.5–6.4–7.4–6.2–5.4
    Sub-Saharan Africa2–5.9–6.0–6.7–6.5–6.8–7.3–6.0–4.5
    Middle Eastern oil exporters0.8–4.83.89.51.9–4.5–9.5–8.9
    Non-oil Middle Eastern countries–14.8–15.0–14.4–13.5–13.1–18.8–21.5–21.6
    By alternative analytical categories
    Oil exporting countries–1.2–4.02.05.9–0.7–5.1–7.8–6.0
    Non-oil developing countries–3.0–3.1–3.6–3.3–4.0–4.8–4.6–4.0
    Net oil exporters–5.8–5.8–5.0–4.1–7.5–9.4–8.6–7.6
    Net oil importers–2.6–2.7–3.4–3.2–3.5–4.0–3.9–3.4
    Major exporters of manufactures–2.5–2.3–1.6–1.4–3.0–3.1–3.4–2.5
    Low-income countries–2.3–3.1–5.9–5.1–3.8–4.6–4.5–4.3
    Other net oil importers–3.2–2.9–2.8–3.8–3.9–4.7–3.8–3.7
    Memorandum
    Median estimates
    Developing countries–3.7–3.9–3.6–4.5–6.1–6.5–6.7–5.2
    By region
    Africa–4.3–5.3–6.6–6.0–8.7–7.9–7.9–6.0
    Asia–3.1–2.8–3.3–3.2–4.1–6.0–4.2–4.4
    Europe–2.0–2.3–2.9–3.3–2.3–1.9–2.0–1.7
    Middle East–1.4–8.2–0.1–5.0–10.4–8.9–9.2–10.7
    Western Hemisphere–3.7–2.4–2.9–4.0–5.4–5.9–5.3–4.9

    For classification of countries in groups shown here, see the Introduction to this appendix. Arithmetic averages of country balances, in percent of GDP, weighted by the average U.S. dollar value of GDPs over the preceding three years.

    Excluding Nigeria and South Africa.

    Trade

    Table 19.Summary of World Trade Volumes and Prices, 1967–86 1(Changes, in percent)
    Average
    1967–76 2
    From Preceding Year
    1977197819791980198119821983198419851986
    World trade 3
    Volume7.74.75.46.61.50.7–2.32.18.85.45.4
    Unit value (in U.S. dollar terms)8.79.210.018.519.8–1.2–4.1–4.4–1.8–0.23.0
    (in SDR terms) 47.18.02.614.818.99.12.4–1.32.32.03.0
    Volume of trade
    Exports
    Industrial countries8.05.15.77.13.73.4–2.22.49.95.35.2
    Developing countries6.02.53.95.4–2.6–4.0–7.20.98.05.55.8
    Fuel exporters5.31.0–1.92.0–10.9–12.6–15.1–5.72.52.13.7
    Non-fuel exporters6.84.09.49.09.07.01.06.212.07.67.0
    Imports
    Industrial countries7.54.14.98.6–1.7–2.5–0.84.212.26.15.5
    Developing countries8.49.57.04.98.37.3–3.9–3.62.54.75.6
    Fuel exporters15.113.34.2–4.313.020.5–0.7–12.9–4.92.52.5
    Non-fuel exporters6.37.58.59.66.41.6–5.51.55.95.66.8
    Unit value of trade
    (in SDR terms) 4
    Exports
    Industrial countries6.26.85.611.912.56.12.9–0.41.61.73.7
    Developing countries11.210.8–3.725.435.213.81.4–3.23.52.32.2
    Fuel exporters18.78.6–5.839.757.619.61.9–7.52.91.10.6
    Non-fuel exporters6.113.2–1.713.012.87.10.90.64.03.13.2
    Imports
    Industrial countries7.28.32.515.420.88.31.1–2.41.81.73.2
    Developing countries6.96.83.113.217.312.43.1–1.13.23.23.1
    Fuel exporters6.57.64.310.112.310.33.02.82.73.5
    Non-fuel exporters7.06.32.514.819.613.43.2–1.73.43.42.9
    Terms of trade
    Industrial countries–0.9–1.43.0–3.0–6.8–2.11.82.0–0.20.4
    Developing countries4.13.7–6.710.815.21.2–1.7–2.10.3–0.8–0.9
    Fuel exporters11.41.0–9.726.940.48.5–1.1–7.50.1–1.6–2.8
    Non-fuel exporters–0.86.5–4.1–1.6–5.7–5.5–2.22.40.6–0.30.2
    Memorandum
    World trade prices (in U.S. dollar terms) for major commodity groups 5
    Manufactures7.58.014.513.911.1–6.0–2.1–4.1–3.00.23.9
    Oil21.79.60.446.463.09.9–3.8–12.3–1.9–2.0
    Non-oil primary commodities (market prices)7.421.2–4.116.38.3–15.2–12.37.82.5–2.35.0

    For classification of countries in groups shown here, see the Introduction to this appendix. Excludes data for China prior to 1978.

    Compound annual rates of change.

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

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

    As represented, respectively, by (1) the United Nations export unit value index for the manufactures of the developed countries; (2) the oil export unit values of the oil exporting countries; and (3) the International Financial Statistics index of market quotations for non-oil primary commodities.

    Table 20.Industrial Countries: Merchandise Trade, 1967–86 1(Changes, in percent)
    Average
    1967–76 2
    From Preceding Year
    1977197819791980198119821983198419851986
    Total merchandise trade
    Value (in U.S. dollar terms)
    Exports16.413.519.723.617.5–0.6–5.8–1.27.34.69.1
    Imports17.013.915.429.319.7–4.4–6.1–1.59.75.59.0
    Volume
    Exports8.05.15.77.13.73.4–2.22.49.95.35.2
    Imports7.54.24.98.6–1.7–2.5–0.84.212.26.15.5
    Unit value (in U.S. dollar terms)
    Exports7.88.013.215.413.3–3.9–3.7–3.6–2.4–0.73.7
    Imports8.89.59.919.121.7–1.9–5.3–5.5–2.2–0.63.2
    Terms of trade–0.9–1.43.0–3.0–6.8–2.11.82.0–0.20.4
    Non-oil trade
    Value (in U.S. dollar terms)
    Exports16.213.420.022.316.6–1.1–6.3–1.27.75.19.6
    Imports15.314.419.425.114.5–5.4–3.41.611.96.810.2
    Volume
    Exports8.55.15.76.94.23.4–2.92.210.35.75.6
    Imports8.14.18.010.42.50.21.15.913.96.86.0
    Unit value (in U.S. dollar terms)
    Exports7.17.913.514.511.8–4.4–3.4–3.3–2.4–0.53.8
    Imports6.610.010.513.311.6–5.7–4.5–4.1–1.8–0.23.9
    Terms of trade0.5–1.82.71.10.21.41.10.8–0.6–0.3–0.1
    Memorandum
    Real GNP 33.93.03.53.51.40.9–0.12.13.82.82.7
    Apparent income elasticity of non-oil imports 42.11.42.33.01.80.3–16.12.83.62.42.2
    Import volume of developing countries 58.49.57.04.98.37.3–3.9–3.62.54.75.6
    Market prices of non-oil primary commodities (in U.S. dollar terms) 67.714.1–2.717.89.7–12.6–11.75.61.0–1.35.7
    Unit labor costs in manufacturing (in U.S. dollar terms)6.87.913.69.110.1–1.4–0.9–3.0–4.5–0.62.8

    For classification of countries in groups shown here, see the Introduction to this appendix.

    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.

    Total imports.

    Average of individual commodity price indices weighted according to the U.S. dollar value of imports of the respective commodities in 1970.

    Table 21.Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade, 1967–86 1(Changes, in percent)
    Average
    1967–76 2
    From Preceding Year
    1977197819791980198119821983198419851986
    Export volumes 3
    Canada7.08.910.21.60.53.6–0.78.824.46.42.9
    United States6.71.210.014.27.1–3.2–11.9–6.28.63.82.5
    Japan13.09.00.90.218.711.2–2.18.214.86.48.7
    France9.77.16.78.73.34.0–3.83.76.04.04.5
    Germany, Fed. Rep. of7.84.63.65.01.46.52.9–0.29.28.47.7
    Italy8.87.011.07.3–8.14.70.35.35.64.13.7
    United Kingdom5.48.80.64.82.1–1.21.60.87.14.94.8
    Other industrial countries8.14.95.98.22.02.31.45.89.04.85.3
    All industrial countries8.05.15.77.13.73.4–2.22.49.95.35.2
    Of which,
    Seven major countries above7.95.25.76.64.33.7–3.41.310.35.55.2
    European countries7.95.55.46.71.04.10.53.47.85.45.6
    Import volumes 4
    Canada7.71.24.09.1–5.22.7–15.314.121.33.42.1
    United States6.912.77.41.0–6.10.6–5.010.023.29.87.3
    Japan10.43.06.612.2–5.3–2.0–1.01.310.76.65.3
    France10.11.56.711.65.8–3.93.1–1.32.72.73.5
    Germany, Fed. Rep. of7.72.77.27.8–0.2–5.01.04.05.44.65.1
    Italy7.1–0.28.013.92.8–11.33.21.69.47.06.6
    United Kingdom4.6–0.13.713.0–5.1–4.53.05.610.45.55.4
    Other industrial countries7.13.81.39.30.9–3.31.61.37.44.84.6
    All industrial countries7.54.14.98.6–1.7–2.5–0.84.212.26.15.5
    Of which,
    Seven major countries above7.74.26.48.3–2.6–2.3–1.65.213.86.55.8
    European countries7.42.03.810.61.0–4.81.82.46.74.65.1
    Terms of trade 3
    Canada0.9–4.6–4.05.9–0.8–3.8–1.32.8–4.0–2.10.1
    United States–2.0–4.1–0.9–4.6–9.43.52.85.4–0.51.02.4
    Japan–2.23.415.1–14.8–21.11.30.23.33.50.7–1.1
    France–0.3–1.64.1–0.5–6.3–4.81.92.31.1–0.20.9
    Germany, Fed. Rep. of0.3–1.04.0–5.4–6.3–6.73.71.6–1.9–1.5–1.6
    Italy–2.42.42.4–0.7–6.0–9.85.92.4–0.41.8
    United Kingdom–2.0–1.05.93.83.80.5–1.7–1.1–1.00.40.9
    Other industrial countries–0.3–1.81.0–1.1–4.0–2.01.4–0.50.6–0.4
    All industrial countries–0.9–1.43.0–3.0–6.8–2.11.82.0–0.20.4
    Of which,
    Seven major countries above–1.2–1.23.8–3.7–7.9–2.21.92.8–0.50.5
    European countries–0.6–0.83.1–1.5–3.9–4.32.20.8–0.3–0.30.1

    Trade in goods only. For classification of countries in groups shown here, see the Introduction to this appendix.

    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 22.Developing Countries: Merchandise Trade, 1967–86 1,2(Changes, in percent)
    Average
    1967–76 3
    From Preceding Year
    1977197819791980198119821983198419851986
    Developing countries
    Value (in U.S. dollar terms)
    Exports19.714.87.236.332.6–1.0–11.9–5.47.45.48.1
    Imports17.618.318.322.628.09.2–7.2–7.61.55.58.8
    Volume
    Exports6.02.53.95.4–2.6–4.0–7.20.98.05.55.8
    Imports8.49.57.04.98.37.3–3.9–3.62.54.75.6
    Unit value (in U.S. dollar terms)
    Exports12.912.03.229.436.23.1–5.1–6.2–0.6–0.12.2
    Imports8.58.010.616.818.21.8–3.4–4.2–0.90.83.1
    Terms of trade4.13.7–6.710.815.21.2–1.7–2.10.3–0.8–0.9
    Purchasing power of exports 410.36.3–3.016.712.2–2.8–8.8–1.38.44.64.9
    Memorandum
    Real GNP growth of trading partners5.54.84.64.12.42.20.72.44.23.33.3
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries9.025.6–6.514.08.9–14.9–13.79.63.0–2.64.3
    Fuel exporters
    Value (in U.S. dollar terms)
    Exports26.811.0–0.947.041.4–5.2–19.0–15.51.20.84.4
    Imports24.423.216.58.727.820.3–4.2–15.6–6.12.86.1
    Volume
    Exports5.31.0–1.92.0–10.9–12.6–15.1–5.72.52.13.7
    Imports15.113.34.2–4.313.020.5–0.7–12.9–4.92.52.5
    Unit value (in U.S. dollar terms)
    Exports20.49.81.044.258.88.4–4.6–10.4–1.3–1.30.6
    Imports8.18.811.813.613.1–0.1–3.5–3.2–1.30.33.5
    Terms of trade11.41.0–9.726.940.48.5–1.1–7.50.1–1.6–2.8
    Purchasing power of exports 417.32.0–11.429.425.0–5.1–16.0–12.82.60.50.9
    Memorandum
    Oil export volume (in billions of barrels) 510.810.410.59.17.66.15.65.65.75.8
    Average oil export price (in U.S. dollars per barrel) 512.812.918.830.733.732.528.527.927.427.4
    Annual percentage change21.79.60.446.463.09.9–3.8–12.3–1.9–2.0
    Real GNP growth of trading partners5.34.74.64.02.42.10.62.34.33.23.3
    Export unit value (in U.S. dollar terms) of manufactures7.58.014.513.911.1–6.0–2.1–4.1–3.00.23.9
    Non-fuel exporters
    Value (in U.S. dollar terms)
    Exports14.919.115.427.123.83.8–4.63.511.88.410.4
    Imports15.315.719.329.928.14.4–8.7–3.35.16.69.9
    Volume
    Exports6.84.09.49.09.07.01.06.212.07.67.0
    Imports6.37.58.59.66.41.6–5.51.55.95.66.8
    Unit value (in U.S. dollar terms)
    Exports7.614.55.516.613.6–3.0–5.5–2.5–0.10.73.2
    Imports8.57.59.918.520.42.7–3.4–4.8–0.71.02.9
    Terms of trade–0.86.5–4.1–1.6–5.7–5.5–2.22.40.6–0.30.2
    Purchasing power of exports 45.910.85.07.32.81.1–1.28.712.67.37.2
    Memorandum
    Real GNP growth of trading partners5.74.84.64.22.42.40.82.54.13.33.4
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by non-fuel exporters8.826.1–7.114.69.5–15.3–13.89.12.9–2.24.2
    Gross reserves (end of period) as percentage of total imports of goods and services 627.226.427.423.418.316.917.719.721.021.821.8

    For classification of countries in groups shown here, see the Introduction to this appendix.

    Excluding China prior to 1978.

    Compound annual rates of change.

    Export earnings deflated by import prices.

    Of oil exporting countries.

    Gold holdings are valued at SDR 35 an ounce.

    Table 23.Developing Countries: Export Volumes, 1967–86 1,2(Changes, in percent)
    Average
    1967–76 3
    From Preceding Year
    1977197819791980198119821983198419851986
    Developing countries6.02.53.95.4–2.6–4.0–7.20.98.05.55.8
    By region
    Africa4.01.34.07.71.6–15.4–5.80.16.24.34.6
    Asia10.46.210.39.49.89.91.68.714.07.47.7
    Europe8.12.36.62.45.013.53.17.613.17.26.7
    Middle East7.60.3–3.60.9–13.1–15.3–18.8–11.0–0.43.03.5
    Western Hemisphere1.13.99.59.11.27.7–2.64.97.74.84.8
    By predominant export
    Fuel exporters5.31.0–1.92.0–10.9–12.6–15.1–5.72.52.13.7
    Non-fuel exporters6.84.09.49.09.07.01.06.212.07.67.0
    Primary product exporters4.13.09.18.66.73.1–0.32.49.46.96.3
    Exporters of manufactures12.35.49.88.411.710.92.39.314.77.87.5
    Service and remittance countries3.72.38.717.75.94.2–0.97.05.010.36.4
    By financial criteria
    Indebted developing countries5.64.17.67.95.13.6–0.75.510.86.26.4
    Of which,
    Market borrowers6.45.59.28.54.82.2–1.87.411.86.16.3
    Of which,
    Major borrowers4.110.77.15.04.812.6–3.37.69.94.96.1
    Official borrowers1.7–4.24.52.0–3.1–2.9–0.80.63.25.4
    Countries with recent debt-servicing problems3.02.14.75.62.21.8–2.33.78.15.55.6
    Countries without debt-servicing problems8.15.79.69.47.24.80.46.612.46.66.8
    By miscellaneous criteria
    Small low-income countries1.3–6.83.13.97.5–4.3–1.22.9–0.25.56.6
    Sub-Saharan Africa 43.0–7.51.53.15.3–5.90.4–1.83.34.13.9
    Middle Eastern oil exporters8.4–0.4–3.50.8–14.4–16.6–20.5–11.7–1.22.73.3
    Non-oil Middle Eastern countries4.98.9–4.33.36.82.40.1–5.85.95.34.3
    By alternative analytical categories
    Oil exporting countries5.90.3–3.02.0–12.5–15.2–18.2–7.41.92.43.5
    Non-oil developing countries6.74.59.58.48.77.61.85.911.36.96.8
    Net oil exporters3.37.49.95.83.67.39.33.77.33.85.7
    Net oil importers7.33.99.48.99.87.70.46.412.17.57.0
    Major exporters of manufactures10.47.311.810.712.08.9–2.110.415.48.27.4
    Low-income countries2.4–4.94.911.79.07.33.22.48.26.16.0
    Other net oil importers5.31.57.83.95.95.24.30.26.87.06.6

    For classification of countries in groups shown here, see the Introduction to this appendix.

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table 24.Developing Countries: Import Volumes, 1967–86 1,2(Changes, in percent)
    Average
    1967–76 3
    From Preceding Year
    1977197819791980198119821983198419851986
    Developing countries8.49.57.04.98.37.3–3.9–3.62.54.75.6
    By region
    Africa7.27.43.3–3.19.510.6–6.8–11.50.8–0.61.4
    Asia7.210.116.513.410.24.1–0.26.77.16.98.0
    Europe7.57.50.25.8–0.42.1–7.02.16.85.05.9
    Middle East14.912.93.4–3.69.017.15.5–2.8–5.51.21.3
    Western Hemisphere6.47.85.28.19.43.1–17.7–23.81.58.28.5
    By predominant export
    Fuel exporters15.113.34.2–4.313.020.5–0.7–12.9–4.92.52.5
    Non-fuel exporters6.37.58.59.66.41.6–5.51.55.95.66.8
    Primary product exporters5.24.12.97.36.7–0.3–9.2–5.21.82.35.2
    Exporters of manufactures8.39.614.611.15.91.8–4.36.99.48.08.7
    Service and remittance countries3.712.35.911.37.16.91.81.73.24.43.2
    By financial criteria
    Indebted developing countries7.08.97.57.47.64.7–6.0–3.35.05.56.4
    Of which,
    Market borrowers8.87.88.17.69.07.1–6.6–7.24.35.87.1
    Of which,
    Major borrowers10.97.510.17.88.85.9–9.0–15.72.08.89.0
    Official borrowers3.48.43.91.9–1.1–2.21.14.11.52.1
    Countries with recent debt-servicing problems7.09.13.04.94.32.8–12.8–15.50.46.16.3
    Countries without debt-servicing problems7.18.710.79.19.75.9–1.93.37.05.26.5
    By miscellaneous criteria
    Small low-income countries1.05.916.3–0.21.6–5.21.0–1.56.13.52.0
    Sub-Saharan Africa 43.35.17.4–2.16.8–2.5–4.6–6.90.52.60.8
    Middle Eastern oil exporters20.512.44.9–7.012.722.57.4–4.6–8.80.30.8
    Non-oil Middle Eastern countries6.914.2–0.45.61.04.90.52.63.43.22.4
    By alternative analytical categories
    Oil exporting countries18.114.83.3–8.511.922.56.3–10.7–8.01.01.4
    Non-oil developing countries6.27.38.610.27.22.7–7.5–0.66.45.86.9
    Net oil exporters4.96.46.016.612.312.5–14.2–12.810.17.76.5
    Net oil importers6.47.49.09.36.41.0–6.21.65.85.66.9
    Major exporters of manufactures10.14.28.311.26.52.9–6.80.38.37.08.5
    Low-income countries–0.69.521.09.312.7–3.8–4.84.410.66.96.6
    Other net oil importers5.212.23.75.92.50.7–5.92.1–2.21.63.7

    For classification of countries in groups shown here, see the Introduction to this appendix.

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table 25.Developing Countries: Export Unit Values, 1967–86 1,2(Changes, in terms of U.S. dollars, in percent)
    Average
    1967–76 3
    From Preceding Year
    1977197819791980198119821983198419851986
    Developing countries12.912.03.229.436.23.1–5.1–6.2–0.6–0.12.2
    By region
    Africa11.115.61.628.735.6–1.3–8.1–4.5–3.1–2.31.8
    Asia7.813.57.420.115.6–0.7–5.0–3.31.81.13.0
    Europe6.67.37.818.413.9–2.1–3.4–7.6–5.10.33.0
    Middle East20.29.52.343.159.29.9–3.5–10.2–2.1–1.30.6
    Western Hemisphere12.415.5–1.922.228.6–1.0–7.0–4.91.10.62.4
    By predominant export
    Fuel exporters20.49.81.044.258.88.4–4.6–10.4–1.3–1.30.6
    Non-fuel exporters7.614.55.516.613.6–3.0–5.5–2.5–0.10.73.2
    Primary product exporters8.316.82.017.815.1–7.0–8.20.4–0.30.13.4
    Exporters of manufactures6.112.69.015.711.50.9–3.5–4.40.31.13.1
    Service and remittance countries7.49.95.813.917.3–2.4–4.4–6.4–2.91.33.3
    By financial criteria
    Indebted developing countries9.813.74.222.223.2–0.9–5.9–4.40.42.7
    Of which,
    Market borrowers10.513.03.424.226.3–0.6–5.9–5.1–0.40.12.6
    Of which,
    Major borrowers13.311.42.625.427.30.4–6.1–5.81.61.22.3
    Official borrowers 49.320.52.317.813.8–0.6–7.4–0.63.21.73.2
    Countries with recent debt-servicing problems11.214.11.225.427.5–0.8–7.5–5.30.30.52.4
    Countries without debt-servicing problems8.613.36.420.220.4–1.0–4.9–3.9–0.20.32.8
    By miscellaneous criteria
    Small low-income countries7.729.33.415.26.5–4.6–6.91.64.61.12.8
    Sub-Saharan Africa 48.527.41.018.211.5–5.7–5.8–2.00.90.42.6
    Middle Eastern oil exporters21.49.31.345.262.010.5–3.3–10.9–2.4–1.70.4
    Non-oil Middle Eastern countries10.412.713.921.625.02.6–5.6–3.50.21.52.4
    By alternative analytical categories
    Oil exporting countries21.29.70.744.660.49.1–4.0–11.3–1.6–1.60.5
    Non-oil developing countries7.814.35.418.416.1–2.5–5.9–2.9–0.10.73.0
    Net oil exporters10.312.34.338.933.3–1.8–8.8–3.20.8–0.41.9
    Net oil importers7.414.65.515.212.9–2.6–5.4–2.8–0.30.93.2
    Major exporters of manufactures7.213.16.914.714.2–1.8–4.3–3.1–0.90.63.0
    Low-income countries7.024.84.913.211.2–2.0–5.0–1.52.81.33.1
    Other net oil importers7.913.13.417.211.5–4.7–8.0–3.0–0.91.63.7

    For classification of countries in groups shown here, see the Introduction to this appendix.

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table 26.Developing Countries: Import Unit Values, 1967–86 1,2(Changes, in terms of U.S. dollars, in percent)
    Average
    1967–76 3
    From Preceding Year
    1977197819791980198119821983198419851986
    Developing countries8.58.010.616.818.21.8–3.4–4.2–0.90.83.1
    By region
    Africa8.38.112.817.619.0–3.1–3.6–4.0–4.20.93.3
    Asia8.57.010.017.118.44.6–4.0–4.21.60.92.8
    Europe8.49.78.419.219.0–0.8–2.0–6.8–4.71.02.9
    Middle East8.18.912.715.015.5–0.4–4.4–3.8–1.93.5
    Western Hemisphere8.96.98.416.319.85.0–1.8–3.4–0.11.63.4
    By predominant export
    Fuel exporters8.18.811.813.613.1–0.1–3.5–3.2–1.30.33.5
    Non-fuel exporters8.57.59.918.520.42.7–3.4–4.8–0.71.02.9
    Primary product exporters8.97.59.918.324.23.6–3.2–4.0–1.81.13.0
    Exporters of manufactures8.27.810.518.418.43.1–3.4–4.81.01.02.8
    Service and remittance countries8.87.38.219.416.9–1.3–3.8–6.9–4.10.73.2
    By financial criteria
    Indebted developing countries8.67.610.117.619.32.5–3.3–4.5–0.71.03.0
    Of which,
    Market borrowers8.58.49.717.117.82.8–2.8–3.9–0.81.03.0
    Of which,
    Major borrowers8.66.48.116.918.45.3–4.5–3.10.92.33.5
    Official borrowers9.16.79.417.023.55.5–4.2–6.6–0.11.73.0
    Countries with recent debt-servicing problems8.67.99.316.620.53.2–3.2–4.4–1.01.53.3
    Countries without debt-servicing problems8.57.410.818.318.62.1–3.4–4.5–0.60.92.9
    By miscellaneous criteria
    Small low-income countries8.69.310.517.321.12.9–4.5–5.6–0.31.22.7
    Sub-Saharan Africa 48.79.712.816.617.6–2.9–4.5–5.7–1.91.44.0
    Middle Eastern oil exporters7.810.012.713.011.8–2.0–4.0–3.1–1.9–0.53.6
    Non-oil Middle Eastern countries8.66.112.720.724.43.5–5.5–5.7–1.71.13.4
    By alternative analytical categories
    Oil exporting countries7.79.812.513.011.5–2.0–4.0–3.0–1.53.5
    Non-oil developing countries8.77.39.818.420.43.1–3.2–4.7–0.71.13.0
    Net oil exporters9.15.78.816.219.25.5–2.1–3.9–1.20.53.4
    Net oil importers8.67.610.018.720.62.7–3.4–4.9–0.61.12.9
    Major exporters of manufactures8.48.210.120.020.43.2–2.8–4.5–0.81.12.7
    Low-income countries8.55.510.618.518.31.9–4.4–5.1–0.11.13.1
    Other net oil importers8.97.49.316.622.42.2–4.0–5.4–0.71.33.2

    For classification of countries in groups shown here, see the Introduction to this appendix.

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table 27.Developing Countries: Terms of Trade, 1967–86 1,2(Changes, in percent)
    Average
    1967–76 3
    From Preceding Year
    1977197819791980198119821983198419851986
    Developing countries4.13.7–6.710.815.21.2–1.7–2.10.3–0.8–0.9
    By region
    Africa2.67.0–10.09.413.91.9–4.7–0.61.2–3.1–1.5
    Asia0.45.7–2.42.5–2.3–5.1–1.01.00.20.20.3
    Europe–1.7–2.2–0.6–0.7–4.3–1.3–1.4–0.9–0.4–0.7
    Middle East11.20.5–9.324.537.810.31.0–6.6–0.3–1.3–2.8
    Western Hemisphere3.28.0–9.55.17.4–5.7–5.2–1.51.2–1.0–0.9
    By predominant export
    Fuel exporters11.41.0–9.726.940.48.5–1.1–7.50.1–1.6–2.8
    Non-fuel exporters–0.66.2–4.1–1.6–5.7–5.5–2.22.40.6–0.30.2
    Primary product exporters–0.58.7–7.2–0.4–7.3–10.2–5.14.61.5–1.00.4
    Exporters of manufactures–0.64.2–1.3–2.3–5.8–2.1–0.10.4–0.70.10.2
    Service and remittance countries–1.22.4–2.3–4.60.3–1.1–0.60.61.30.6
    By financial criteria
    Indebted developing countries1.45.5–5.43.93.3–3.3–2.70.10.7–0.6–0.3
    Of which,
    Market borrowers1.84.3–5.76.07.2–3.3–3.2–1.30.4–1.0–0.4
    Of which,
    Major borrowers4.34.7–5.17.27.5–4.7–1.7–2.70.7–1.1–1.1
    Official borrowers0.213.0–6.50.7–7.9–5.7–3.36.43.30.10.2
    Countries with recent debt-servicing problems2.35.8–7.47.55.8–3.9–4.4–1.01.3–1.0–0.8
    Countries without debt-servicing problems0.65.3–3.91.61.5–3.0–1.60.70.3–0.5–0.1
    By miscellaneous criteria
    Small low-income countries–0.818.3–6.4–1.8–12.1–7.4–2.57.64.90.2
    Sub-Saharan Africa 4–0.116.1–10.51.4–5.2–2.9–1.33.92.8–1.0–1.3
    Middle Eastern oil exporters12.6–0.7–10.128.544.912.70.7–8.1–0.5–1.2–3.1
    Non-oil Middle Eastern countries1.66.21.00.70.5–0.9–0.12.31.90.4–0.9
    By alternative analytical categories
    Oil exporting countries12.6–10.527.943.811.3–8.6–0.1–1.6–2.9
    Non-oil developing countries–0.46.3–4.0–3.6–5.4–2.81.90.6–0.3
    Net oil exporters1.26.2–4.119.511.8–7.0–6.80.82.1–0.9–1.5
    Net oil importers–0.66.3–4.0–3.0–6.4–5.2–2.02.20.4–0.20.3
    Major exporters of manufactures–1.24.5–2.9–4.5–5.2–4.9–1.61.4–0.1–0.50.3
    Low-income countries1.213.3–5.2–4.5–6.0–3.8–0.53.83.00.3
    Other net oil importers–0.95.3–5.40.5–8.9–6.8–4.12.6–0.20.20.6

    For classification of countries in groups shown here, see the Introduction to this appendix.

    Excluding China prior to 1978.

    Compound annual rates of change.

    Excluding Nigeria and South Africa.

    Table 28.Developing Countries: Non-Oil Commodity Prices, 1967–86 1(Changes, in percent)
    Average
    1967–76 2
    From Preceding Year
    1977197819791980198119821983198419851986
    Non-oil primary commodities 37.421.2–4.116.38.3–15.2–12.37.82.5–2.35.0
    By commodity group
    Food and beverages9.633.4–10.59.69.9–16.9–12.58.35.2–5.74.1
    Food7.7–1.815.813.430.0–13.6–20.88.8–1.5–4.57.3
    Beverages12.573.2–27.45.8–12.2–22.32.57.614.7–7.00.2
    Agricultural raw materials6.73.27.621.94.1–9.7–13.79.54.00.95.2
    Metals3.37.55.430.38.8–16.6–10.44.3–6.33.67.0
    By region 4
    Africa6.830.8–10.314.62.4–16.5–13.69.64.4–3.84.5
    Asia5.418.110.116.613.7–15.8–16.613.06.1–2.83.1
    Europe8.70.26.712.89.2–10.8–16.317.60.5–2.46.5
    Middle East9.55.40.85.812.1–2.0–23.19.78.3–0.94.5
    Western Hemisphere8.227.9–12.614.011.8–15.3–11.06.80.1–1.44.6
    By alternative analytical categories 4
    Oil exporting countries8.027.42.110.1–0.3–11.5–17.316.16.6–5.34.0
    Non-oil developing countries7.325.4–7.214.49.7–15.2–13.49.12.7–2.34.3
    Net oil exporters7.517.22.016.311.1–13.9–14.69.9–1.50.35.9
    Net oil importers7.327.7–9.513.99.3–15.6–13.18.94.0–3.03.8
    Major exporters of manufactures9.129.2–15.215.316.0–14.6–15.95.63.5–2.95.3
    Low-income countries6.329.9–10.19.76.0–12.4–12.59.713.3–5.50.8
    Other net oil importers6.625.6–5.314.86.5–17.6–11.310.70.2–2.04.2
    Memorandum
    Oil export unit value21.79.60.446.463.09.9–3.8–12.3–1.9–2.0
    Export unit value of manufactures7.58.014.513.911.1–6.0–2.1–4.1–3.00.23.9

    In U.S. dollar terms. For classification of countries in groups shown here, see the Introduction to this appendix.

    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 primary producing countries in 1968–70.

    Averages of percentage changes in individual commodity prices weighted according to the 1968–70 composition of commodity exports of the respective groups of developing countries.

    Current Account

    Table 29.Summary of Payments Balances on Current Account, 1977–86 1(In billions of U.S. dollars)
    1977197819791980198119821983198419851986
    Industrial countries–2.431.9–5.6–38.83.11.22.2–34.2–50.4–59.2
    United States–11.7–12.32.66.610.7–3.8–35.5–93.4–117.5
    Other industrial countries9.344.2–8.2–45.4–7.75.037.759.167.0
    Of which,
    Japan11.317.0–7.9–9.56.28.122.236.440.9
    Germany, Fed. Rep. of8.513.40.1–8.30.810.210.013.117.7
    Developing countries–0.1–36.20.222.6–56.3–99.6–70.5–43.9–44.2–44.4
    By region
    Africa–10.4–15.4–6.6–5.3–25.2–24.4–15.5–10.9–9.8–8.8
    Asia–0.9–8.9–15.2–21.8–23.4–19.8–16.3–7.9–8.2–8.7
    Europe–9.0–7.1–9.9–12.5–10.5–6.7–5.3–3.3–2.7–1.8
    Middle East31.814.553.791.645.8–6.5–21.7–16.3–16.1–18.3
    Western Hemisphere–11.6–19.4–21.7–29.3–43.1–42.1–11.7–5.5–7.5–6.8
    By analytical criteria
    Fuel exporters25.0–0.754.0100.134.7–23.4–17.0–5.7–8.9–11.1
    Non-fuel exporters–25.1–35.5–53.8–77.5–91.0–76.2–53.6–38.2–35.3–33.3
    Market borrowers–19.5–32.8–30.3–35.6–72.2–73.6–29.8–8.4–8.6–5.8
    Official borrowers–8.4–11.5–12.9–16.9–19.3–18.0–15.4–16.8–17.2–17.0
    Other countries 2–6.9–3.5–2.1–3.0–2.82.64.96.76.36.7
    Total 3–9.5–7.8–7.6–19.1–56.0–95.8–63.5–71.4–88.3–96.9
    Memorandum
    Total, by selected categories
    Trade balance16.016.120.829.219.6–0.915.719.76.23.3
    Timing asymmetry 45.613.923.07.9–1.3–11.84.86.56.410.0
    Residual asymmetry10.42.2–2.221.320.810.910.913.2–0.2–6.7
    Services and private transfers–25.5–23.9–28.4–48.3–75.6–94.8–79.1–91.2–94.5–100.2
    (in percent of service payments)–6.9–5.3–5.0–6.8–9.4–11.8–10.6–11.8–11.8–11.8

    On goods, services, and private transfers. For classification of countries in groups shown here, see the Introduction to this appendix.

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

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

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

    Table 30.Industrial Countries: Balances of Payments on Current Account, 1977–85 1(In billions of U.S. dollars)
    197719781979198019811982198319841985
    Current balances, excluding official transfers
    Canada–4.1–4.0–4.2–1.2–5.41.91.31.72.0
    United States–11.7–12.32.66.610.7–3.8–35.5–93.4–117.5
    Japan11.317.0–7.9–9.56.28.122.236.440.9
    France1.08.56.9–2.5–2.8–9.5–2.31.82.6
    Germany, Fed. Rep. of8.513.40.1–8.30.810.210.013.117.7
    Italy3.17.96.4–9.5–7.5–4.91.0–3.0–5.3
    United Kingdom2.05.53.312.317.511.86.93.24.7
    Other industrial countries–12.5–4.0–12.8–26.7–16.4–12.7–1.35.94.5
    All industrial countries–2.431.9–5.6–38.83.11.22.2–34.2–50.4
    Of which,
    Seven major countries above10.035.97.2–12.119.513.93.5–40.1–54.9
    European countries5.435.76.7–30.50.23.820.028.231.5
    All industrial countries except the United States9.344.2–8.2–45.4–7.75.037.759.167.0
    Current balances, including official transfers
    Canada–4.1–4.3–4.1–1.0–5.12.21.41.52.1
    United States–14.5–15.5–1.01.96.3–9.2–41.6–101.6–124.0
    Japan10.916.5–8.8–10.74.86.920.835.039.4
    France–0.47.05.2–4.2–4.8–12.1–4.50.5
    Germany, Fed. Rep. of4.19.0–6.1–15.8–5.83.64.16.311.0
    Italy2.56.25.5–9.7–8.2–5.50.8–3.2–5.5
    United Kingdom0.12.2–1.18.114.18.53.50.31.8
    Other industrial countries–14.1–6.0–14.7–29.6–19.8–16.2–4.23.01.2
    All industrial countries–15.615.3–25.1–61.0–18.5–21.9–19.4–58.3–73.5
    Of which,
    Seven major countries above–1.421.2–10.4–31.41.3–5.7–15.2–61.3–74.7
    European countries–4.123.5–7.7–46.2–15.0–11.96.614.817.3
    All industrial countries except the United States–1.030.7–24.1–62.9–24.8–12.722.243.350.5

    For classification of countries in groups shown here, see the Introduction to this appendix.

    Table 31.Industrial Countries: Current Account Transactions, 1977–86 1(In billions of U.S. dollars)
    1977197819791980198119821983198419851986
    Exports (f.o.b.)696.8834.01,030.71,211.01,203.21,133.31,119.31,200.61,254.71,368.3
    Imports (f.o.b.)715.4825.31,066.81,276.61,220.81,146.81,129.11,238.31,307.41,424.7
    Trade balance–18.68.7–36.1–65.6–17.6–13.4–9.8–37.7–52.8–56.4
    Services receipts259.0323.6415.5499.8534.7526.6492.6500.9513.7548.3
    Services payments237.4293.4376.5463.5505.3504.1472.9489.8503.5543.2
    Private transfers, net–5.4–7.0–8.5–9.5–8.7–7.8–7.7–7.6–7.9–7.9
    Net services and private transfers16.223.230.526.820.714.712.03.52.3–2.8
    Balance on current account–2.431.9–5.6–38.83.11.22.2–34.2–50.4–59.2
    Official transfers, net–13.1–16.6–19.4–22.2–21.6–23.1–21.6–24.1–23.0–23.9
    Balance on current account, including official transfers–15.615.2–25.1–61.0–18.5–21.9–19.4–58.3–73.5–83.1

    For classification of countries, see the Introduction to this appendix.

    Table 32.Developing Countries: Summary of Payments Balances on Current Account, 1977–86 1(In billions of U.S. dollars)
    1977197819791980198119821983198419851986
    Developing countries–0.1–36.20.222.6–56.3–99.6–70.5–43.9–44.2–44.4
    By region
    Africa–10.4–15.4–6.6–5.3–25.2–24.4–15.5–10.9–9.8–8.8
    Asia–0.9–8.9–15.2–21.8–23.4–19.8–16.3–7.9–8.2–8.7
    Europe–9.0–7.1–9.9–12.5–10.5–6.7–5.3–3.3–2.7–1.8
    Middle East31.814.553.791.645.8–6.5–21.7–16.3–16.1–18.3
    Western Hemisphere–11.6–19.4–21.7–29.3–43.1–42.1–11.7–5.5–7.5–6.8
    By predominant export
    Fuel exporters25.0–0.754.0100.134.7–23.4–17.0–5.7–8.9–11.1
    Non-fuel exporters–25.1–35.5–53.8–77.5–91.0–76.2–53.6–38.2–35.3–33.3
    Primary product exporters–17.9–22.1–27.4–44.9–61.9–58.9–42.0–31.3–28.7–25.4
    Exporters of manufactures–1.4–7.8–18.3–23.3–15.7–4.3–0.93.33.52.5
    Service and remittance countries–5.8–5.6–8.1–9.3–13.5–13.0–10.7–10.2–10.1–10.3
    By financial criteria
    Indebted developing countries–36.9–56.8–61.7–77.0–112.6–102.9–59.4–37.9–38.2–36.7
    Of which,
    Market borrowers–19.5–32.8–30.3–35.6–72.2–73.6–29.8–8.4–8.6–5.8
    Of which,
    Major borrowers–9.5–18.4–22.3–26.5–35.7–39.8–10.9–1.5–4.0–3.0
    Official borrowers–8.4–11.5–12.9–16.9–19.3–18.0–15.4–16.8–17.2–17.0
    Countries with recent debt-servicing problems–27.5–37.4–39.1–47.7–66.7–61.7–25.6–14.7–15.7–13.1
    Countries without debt-servicing problems–9.4–19.4–22.6–29.3–45.9–41.2–33.8–23.2–22.4–23.6
    By miscellaneous criteria
    Small low-income countries–5.7–8.7–10.2–12.5–13.0–12.7–10.0–11.5–12.1–11.8
    Sub-Saharan Africa 2–4.2–7.7–8.1–11.2–12.2–11.2–8.9–7.9–8.3–7.8
    Middle Eastern oil exporters36.820.661.999.656.33.3–11.1–6.0–6.0–7.7
    Non-oil Middle Eastern countries–5.0–6.0–8.2–8.1–10.5–9.8–10.6–10.3–10.1–10.5
    By alternative analytical categories
    Oil exporting countries29.45.762.3110.352.0–13.5–18.4–6.0–7.0–9.0
    Non-oil developing countries–29.6–41.9–62.1–87.7–108.3–86.1–52.1–37.9–37.2–35.4
    Net oil exporters–6.3–7.9–8.6–11.2–23.6–17.4–4.1–4.1–6.4–7.1
    Net oil importers–23.3–34.0–53.5–76.5–84.7–68.7–48.0–33.8–30.8–28.4
    Major exporters of manufactures–8.0–9.7–21.8–31.8–37.8–34.5–16.1–5.1–3.6–1.9
    Low-income countries–2.9–9.2–12.9–17.9–14.7–9.8–8.6–10.8–12.4–14.2
    Other net oil importers–12.3–15.0–18.8–26.8–32.2–24.3–23.4–17.9–14.8–12.2

    On goods, services, and private transfers. For classification of countries in groups shown here, see the Introduction to this appendix.

    Excluding Nigeria and South Africa.