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Back Matter

Author(s):
International Monetary Fund
Published Date:
August 1984
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    Statistical Appendix

    Introduction

    The statistical tables in this appendix have been compiled on the basis of information available on or before August 3, 1984, except for some of the major industrial countries where some minor adjustments have been made to reflect information available up to September 7, 1984. The recording throughout the tables of the figures for 1984 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 June 1984 to the end of 1985, a rate of US$1.040 per SDR—the rate prevailing on average during June 1984—is used.

    The estimates and projections for 1984 and 1985 are predicated on a number of assumptions and working hypotheses:

    —for the major currencies, the exchange rates of a recent period (June 1984) will prevail throughout the balance of 1984 and 1985;

    —“present” policies of national authorities will be maintained; and

    —the average price of oil will remain constant in nominal terms.

    The classification of countries in this report is the one adopted by the Fund in December 1979 and utilized in IFS for the March 1980 and subsequent issues. Industrial countries comprise

    AustraliaGermany, FederalNetherlands
    AustriaRepublic ofNew Zealand
    BelgiumIcelandNorway
    CanadaIrelandSpain
    DenmarkItalySweden
    FinlandJapanSwitzerland
    FranceLuxembourgUnited Kingdom
    United States

    The developing countries are divided into two groups—“oil exporting countries” and “non-oil developing countries.” The countries covered under the heading oil exporting countries1 are

    AlgeriaKuwaitQatar
    IndonesiaLibyan ArabSaudi Arabia
    Iran, IslamicJamahiriyaUnited Arab
    Republic ofNigeriaEmirates
    IraqOmanVenezuela

    The other developing countries, or non-oil developing countries, include all Fund members (as of March 31, 1984) except those listed above as being “industrial countries” or “oil exporting countries,” together with certain essentially autonomous dependent territories for which adequate statistics are available.2 Where regional breakdowns of data for “non-oil developing countries” are shown, the subgroups conform to the regional classification used in IFS.

    In a number of tables, certain analytical subgroups of countries are distinguished. Among the “developing countries,” a subgroup of major borrowers is distinguished. This group comprises those seven developing countries with total outstanding external indebtedness at end-1983 of at least $30 billion, or outstanding indebtedness to private creditors at end-1983 of at least $20 billion. These countries are

    ArgentinaBrazilIndonesiaKorea
    MexicoPhilippinesVenezuela

    Among the “non-oil developing countries,” four analytical subgroups of countries are distinguished. These subgroupings are based primarily on the character of the countries’ economic activity and the predominant composition of their exports. Since the large “non-oil” group in the basic classification in cludes some countries that do have significant pro duction and/or exports of oil, one of the analytic subgroups shown separately comprises countries (out side 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 are

    BahrainEgyptPeru
    BoliviaGabonSyrian Arab Republic
    CongoMalaysiaTrinidad and Tobago
    EcuadorMexicoTunisia

    Within the great majority of developing countries and areas that are net importers of oil (net oil importers), three subgroups are distinguished. The first is major exporters of manufactures, including

    ArgentinaIsraelSingapore
    BrazilKoreaSouth Africa
    GreecePortugalYugoslavia
    Hong Kong

    A second subgroup is the low-income countries, comprising 43 countries whose per capita GDP, as estimated by the World Bank, did not exceed the equivalent of $350 in 1978. These are

    AfghanistanBurundiComoros
    BangladeshCape VerdeEthiopia
    BeninCentral AfricanGambia, The
    BhutanRepublicGuinea
    Burkina FasoChadGuinea-Bissau
    BurmaChinaHaiti
    IndiaMaldivesSomalia
    DemocraticMaliSri Lanka
    KampucheaMauritaniaSudan
    KenyaNepalTanzania
    Lao People’sNigerTogo
    DemocraticPakistanUganda
    RepublicRwandaVanuatu
    LesothoSenegalViet Nam
    MadagascarSierra LeoneZaïre
    MalawiSolomon Islands

    The third subgroup, other net oil importers, comprises middle-income countries (according to the World Bank’s estimates), the majority of which export mainly primary commodities. The countries in this subgroup comprise all non-oil developing countries that are not included among “net oil exporters,” “major exporters of manufactures,” or “low-income countries.”

    Under the approach indicated above, certain countries would qualify for inclusion in more than one of these subgroups but are classified in only one of them according to their more predominant characteristics for purposes of analysis. Thus, India, which would qualify as a “major exporter of manufactures,” and China, which to date has been a net exporter of oil, are both classified as low-income countries (within the oil importing subgroup) in this report.

    Except where otherwise specifically indicated, the Union of Soviet Socialist Republics and other non-member countries of Eastern Europe, Cuba, and the Democratic People’s Republic of 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.

    Domestic Economic Activity and Prices

    Table 1.Industrial Countries: Changes in Output and Prices, 1967–851

    (In percent)

    Change from Fourth
    Quarter of
    Preceding Year
    Average
    1967–762
    Change from Preceding YearFourth quarter
    197719781979198019811982198319841985198319841985
    Real GNP
    Canada4.82.03.63.21.13.3−4.43.34.63.17.13.52.8
    United States2.85.55.02.8−0.32.5−2.13.77.34.06.36.53.5
    Japan7.45.35.15.24.84.03.33.05.04.13.64.84.5
    France34.73.13.83.31.10.22.00.71.31.70.61.52.0
    Germany, Fed. Rep. of3.42.83.54.01.9−0.3−1.11.32.72.42.92.71.8
    Italy34.31.92.74.93.90.2−0.4−1.22.52.51.22.32.5
    United Kingdom32.32.23.82.8−2.5−1.62.33.22.42.43.52.31.9
    Other industrial countries4.31.92.23.12.10.60.21.83.12.73.02.62.7
    All industrial countries3.73.94.13.51.31.6−0.22.64.93.44.24.53.1
    Of which,
    Seven major countries above3.64.34.53.61.21.8−0.32.75.23.54.44.93.2
    European countries3.82.43.13.41.5−0.20.51.32.32.42.22.42.1
    GNP deflator
    Canada6.97.46.710.311.410.610.45.44.04.72.94.84.5
    United States5.65.87.48.79.29.66.03.83.94.43.84.14.5
    Japan7.95.74.62.62.82.71.70.70.81.20.51.31.3
    France37.39.09.510.412.012.212.59.77.55.410.26.35.1
    Germany, Fed. Rep. of5.13.74.24.04.54.24.83.22.32.63.01.72.5
    Italy39.319.113.915.920.718.417.915.011.911.115.511.010.8
    United Kingdom39.913.910.914.519.811.77.25.44.95.04.95.24.8
    Other industrial countries7.910.18.78.29.39.59.77.06.15.96.76.15.3
    All industrial countries6.77.67.68.09.28.87.25.04.34.44.74.34.3
    Of which,
    Seven major countries above6.57.27.38.09.18.76.74.64.04.14.44.14.2
    European countries7.59.88.69.011.010.09.47.36.05.47.35.55.2

    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 2.Developing Countries: Changes in Output, 1967–851

    (In percent)

    Average
    1967–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Developing countries
    Weighted average35.76.04.74.32.30.7−0.10.93.74.4
    Of which, major borrowers6.56.05.06.44.71.80.4−1.11.84.0
    Median5.16.04.83.73.01.71.93.33.6
    Oil exporting countries37.06.32.33.7−2.1−4.1−4.2−0.83.84.6
    Oil sector2.0−3.52.7−11.7−15.5−16.1−6.04.54.0
    Other sectors9.46.04.24.75.33.91.93.54.8
    Non-oil developing countries
    Weighted average35.65.86.45.05.03.11.71.83.74.3
    Median5.05.06.14.83.83.31.81.93.33.6
    By analytical group
    Weighted averages3
    Net oil exporters6.83.76.17.67.36.71.0−2.62.84.6
    Net oil importers5.46.16.54.64.72.51.82.63.84.3
    Major exporters of manufactures6.95.74.86.24.50.90.62.63.6
    Low-income countries3.86.69.03.55.94.24.36.76.15.5
    Excluding China and India3.63.65.53.23.23.03.33.44.04.3
    Other net oil importers5.16.05.63.53.23.10.41.62.93.5
    Medians
    Net oil exporters6.04.96.94.76.35.11.20.13.83.8
    Net oil importers4.85.06.04.83.72.91.81.93.33.5
    Major exporters of manufactures7.66.46.76.44.94.21.21.22.32.2
    Low-income countries3.93.85.03.83.63.12.63.33.63.6
    Other net oil importers5.15.56.24.93.72.91.51.03.33.1
    By area
    Weighted averages3
    Africa (excluding South Africa)4.82.32.52.03.01.71.30.83.23.6
    Asia5.07.39.84.85.55.04.57.06.65.8
    Europe5.55.45.43.81.52.31.70.92.22.8
    Middle East5.69.46.65.66.85.42.93.84.04.6
    Western Hemisphere6.65.14.36.56.01.1−1.2−2.81.13.4
    Medians
    Africa4.72.94.04.03.42.21.91.13.42.9
    Asia4.86.07.06.35.55.03.15.55.64.9
    Europe6.46.26.85.62.72.52.81.72.12.5
    Middle East6.45.68.33.86.87.34.33.04.84.5
    Western Hemisphere4.95.36.34.84.72.0−0.52.13.1

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

    Compound annual rates of change. Excludes China.

    Arithmetic averages of country growth rates weighted by the average U.S. dollar value of GDPs over the preceding three years.

    Table 3.Developing Countries: Changes in Consumer Prices, 1967–851

    (In percent)

    Average
    1967–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Developing countries
    Weighted average21.918.921.627.226.124.733.335.622.9
    Of which, major borrowers45.438.343.851.354.859.788.596.150.5
    Median11.39.511.514.513.510.810.510.010.0
    Oil exporting countries
    Weighted average15.212.010.913.213.28.110.010.810.3
    Median11.210.610.611.211.17.66.47.06.5
    Non-oil developing countries
    Weighted average315.923.620.824.831.430.130.341.444.527.1
    Median7.811.39.411.914.713.711.511.310.010.0
    By analytical group
    Weighted averages3
    Net oil exporters8.222.817.717.724.224.444.071.448.321.5
    Net oil importers17.323.821.325.932.531.028.036.443.828.1
    Major exporters of manufactures22.643.240.245.453.359.656.578.6101.159.2
    Low-income countries10.76.93.66.811.610.57.58.16.95.7
    Excluding Chin a and India14.914.211.018.521.527.020.719.515.110.4
    Other net oil importers15.819.718.723.931.519.315.717.218.913.2
    Medians
    Net oil exporters7.912.410.69.015.114.616.217.416.513.8
    Net oil importers7.810.69.112.114.713.510.810.510.010.0
    Major exporters of manufactures11.512.214.419.024.921.321.020.520.017.0
    Low-income countries8.110.09.111.013.613.712.511.812.010.0
    Other net oil importers7.511.38.412.114.512.47.86.98.58.9
    By area
    Weighted averages3
    Africa (excluding South Africa)8.624.319.322.922.828.018.526.517.014.0
    Asia10.35.53.66.712.510.46.05.86.85.3
    Europe9.015.119.825.937.924.023.823.230.220.4
    Middle East9.620.020.925.942.234.637.039.264.361.4
    Western Hemisphere27.553.845.350.157.463.171.8112.7119.561.5
    Medians
    Africa7.512.010.212.213.813.513.113.012.010.0
    Asia8.05.55.87.212.613.87.48.07.17.0
    Europe7.311.19.914.316.215.719.013.914.712.7
    Middle East9.516.110.714.115.210.310.86.112.516.0
    Western Hemisphere8.711.610.215.618.114.69.411.312.011.0

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

    Compound annual rates of change. Excludes China.

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

    Table 4.Industrial Countries: Changes in Real Total Domestic Demand, 1967–851

    (In percent)

    Change from Fourth
    Quarter of
    Preceding Year
    Average
    1967–762
    Change from Preceding YearFourth quarter
    197719781979198019811982198319841985198319841985
    Canada5.11.11.74.0−0.23.9−6.53.54.03.16.93.32.7
    United States2.75.95.02.0−1.23.1−1.24.98.84.18.07.43.5
    Japan7.04.26.16.41.22.13.11.63.83.72.04.03.6
    France4.71.83.74.12.2−0.74.1−0.30.50.9−0.70.61.8
    Germany, Fed. Rep. of2.52.93.75.41.4−2.5−2.21.92.01.44.32.01.1
    Italy2.60.52.05.77.0−2.2−0.2−2.02.73.12.82.9
    United Kingdom2.00.84.44.4−3.6−1.93.04.32.42.65.42.12.1
    Other industrial countries3.11.50.93.41.8−1.10.20.62.42.21.91.82.4
    All industrial countries3.33.64.03.70.50.80.12.75.13.24.64.62.9
    Of which,
    Seven major countries above3.34.04.53.80.21.20.13.15.63.45.05.02.9
    European countries3.01.82.74.41.6−2.00.81.01.82.02.11.91.8

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

    Compound annual rates of change.

    Table 5.Major Industrial Countries: Changes in Real GNP and Components, 1977–851

    (In percent)

    Change from Fourth
    Quarter of
    Preceding Year
    Change from Preceding YearFourth quarter
    197719781979198019811982198319841985198319841985
    Consumer expenditure3.94.43.61.01.11.43.33.83.53.73.73.1
    Public consumption1.82.92.22.22.01.60.82.52.5−0.73.82.1
    Gross fixed investment7.27.04.7−1.91.0−3.54.510.34.59.57.83.4
    Final domestic demand3.94.63.60.81.20.62.94.53.53.64.43.0
    Stockbuilding20.10.2−0.5−0.1−0.50.21.0−0.11.40.6
    Total domestic demand4.04.53.80.21.20.13.15.63.45.05.02.9
    Exports of goods and services5.38.010.28.05.0−2.5−0.98.76.96.17.97.4
    Imports of goods and services4.89.19.30.53.91.73.516.56.614.611.66.4
    Foreign balance20.4−0.20.90.7−0.4−0.3−0.30.2−0.6−0.20.2
    GNP4.34.53.61.21.8−0.32.75.23.54.44.93.2

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

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

    Table 6.Major Industrial Countries: Employment and Unemployment, 1967–851

    (In percent)

    Average
    1967–76
    197719781979198019811982198319841985
    Growth in employment
    Canada2.71.83.54.13.02.8−3.20.82.22.0
    United States2.03.74.42.90.51.1−0.91.34.62.8
    Japan0.91.41.21.31.00.81.01.70.61.3
    France1.10.80.4−0.1−0.70.1−0.6−0.5−0.4
    Germany, Fed. Rep. of−0.20.62.51.1−0.21.2−2.1−0.40.4
    Italy1.01.00.51.11.40.5−0.20.20.51.0
    United Kingdom−0.30.30.91.1−1.8−3.8−2.3−1.10.21.2
    All seven countries1.42.22.62.10.60.4−0.40.52.41.8
    Unemployment rates
    Canada5.68.18.37.47.57.511.111.911.311.0
    United States5.47.06.15.97.27.69.79.67.56.9
    Japan1.42.02.22.12.02.22.42.72.62.3
    France4.35.05.46.26.67.68.29.010.010.9
    Germany, Fed. Rep. of1.53.93.83.33.44.96.88.28.28.2
    Italy24.87.27.27.77.68.49.19.89.99.9
    United Kingdom3.15.65.55.16.410.011.612.312.612.4
    All seven countries33.75.45.15.05.66.57.98.37.67.3

    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.

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

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

    Table 7.Industrial Countries: Changes in Consumer Prices, 1967–851

    (In percent)

    Average
    1967–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Canada6.08.08.99.110.212.510.85.84.94.8
    United States5.86.57.611.313.510.36.23.24.55.0
    Japan8.98.03.83.68.04.92.61.82.32.3
    France7.39.48.710.713.813.411.89.67.45.4
    Germany, Fed. Rep. of4.33.72.74.15.55.95.33.02.52.7
    Italy8.517.012.114.821.218.716.315.111.511.3
    United Kingdom10.015.98.313.418.011.98.64.65.25.1
    Other industrial countries7.411.38.57.710.210.49.77.76.56.2
    All industrial countries6.78.47.19.011.89.97.44.94.94.9
    Of which,
    Seven major countries above6.67.96.99.212.19.87.04.44.64.7
    European countries7.110.27.48.711.811.09.57.26.35.7

    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.

    Table 8.Major Industrial Countries: Fiscal Balances and Impulses, 1977–851

    (In percent of GNP)

    197719781979198019811982198319841985
    A. Central government
    Fiscal balance
    (+ surplus, − deficit)
    Canada2−3.5−4.6−3.5−3.5−2.2−5.3−6.2−6.6−5.6
    United States−2.7−2.0−1.2−2.4−2.5−4.3−5.8−4.8−4.5
    Japan3−5.1−5.3−6.2−6.1−5.9−5.5−5.5−4.7−4.2
    France4−1.0−1.6−1.5−1.1−2.6−2.8−3.3−3.3−3.3
    Germany, Fed. Rep. of−2.2−2.1−1.8−1.7−2.2−1.9−2.0−1.4−0.8
    Italy5−9.0−13.1−10.8−10.8−12.8−15.1−16.5−16.9−16.9
    United Kingdom−3.1−5.0−5.3−4.7−4.2−2.9−4.9−3.5−3.1
    All seven countries−3.2−3.4−3.1−3.5−3.8−4.6−5.7−5.0−4.6
    All seven countries except United States−3.7−4.6−4.6−4.3−4.7−4.9−5.6−5.1−4.7
    Fiscal impulse
    (+ expansionary, − contractionary)
    Canada21.21.0−0.6−0.2−1.20.80.80.6−0.7
    United States0.2−0.80.30.20.51.60.3
    Japan30.20.21.0−0.3−0.6−0.2−0.5−0.5
    France4−0.30.90.1−0.71.00.1−0.3−0.2
    Germany, Fed. Rep. of−0.40.10.1−0.4−0.8−1.7−0.1−0.2−0.3
    Italy5−0.83.8−1.70.10.60.6−0.40.3−0.2
    United Kingdom−2.32.70.7−2.5−2.2−1.22.5−1.1−0.2
    All seven countries−0.10.5−0.2−0.2−0.2−0.10.9−0.2
    All seven countries except United States−0.31.00.3−0.5−0.4−0.60.3−0.3−0.4
    B. General government6
    Fiscal balance
    (+ surplus, − deficit)
    Canada−2.4−3.1−1.8−2.7−1.6−5.0−6.2−5.7−4.6
    United States−0.9−0.6−1.2−0.9−3.8−3.9−3.1−3.0
    Japan−3.8−5.5−4.8−4.2−4.0−3.6−3.2−2.2−1.5
    France−0.8−1.9−0.70.2−1.8−2.6−3.3−3.2−3.3
    Germany, Fed. Rep. of−2.4−2.5−2.8−3.1−3.9−3.5−2.7−1.7−1.0
    Italy−8.1−9.7−9.5−8.0−11.9−12.7−11.8−12.4−12.4
    United Kingdom7−3.3−4.2−3.2−3.5−2.8−2.1−3.3−2.7−2.2
    All seven countries−2.1−2.3−1.9−2.4−2.8−4.0−4.2−3.4−3.1
    All seven countries except United States−3.2−4.3−3.7−3.4−4.1−4.2−4.3−3.7−3.2
    Fiscal impulse
    (+ expansionary, − contractionary)
    Canada−0.20.6−0.90.4−0.8−0.41.30.1−0.8
    United States−0.2−0.1−0.50.6−0.21.10.40.70.4
    Japan0.21.8−0.5−0.5−0.2−0.7−0.6−0.7−0.7
    France1.4−1.0−1.60.50.2−0.2−0.9−0.3
    Germany, Fed. Rep. of−0.80.40.9−1.0−2.4−1.0−0.4−0.3
    Italy−2.21.20.4−1.32.1−1.0−3.00.9−0.2
    United Kingdom7−1.61.8−0.6−1.8−2.4−0.71.8−0.3−0.3
    All seven countries−0.40.6−0.3−0.2−0.30.1
    All seven countries except United States−0.51.2−0.2−0.8−0.4−0.9−0.4−0.4−0.5

    For the definition of the fiscal impulse measure, see April 1984 World Economic Outlook, Supplementary Note 1. Data have been converted where necessary from a fiscal to a calendar year basis for ease of comparison. Composites for the country groups are weighted averages of the individual country ratios, with weights in each year proportionate to the U.S. dollar value of the respective GNPs in the preceding year.

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

    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 of the social security institutions and part of that of local authorities.

    Data are on a national income basis except for the United Kingdom.

    Data for the United Kingdom are on a cash basis and exclude net lending.

    International Trade

    Table 9.World Trade Summary, 1967–851

    (Percentage changes)

    Average
    1976–762
    Change from Preceding Year
    197719781979198019811982198319841985
    World trade3
    Volume7.55.05.56.52.01.0−2.52.08.55.5
    Unit value (in U.S. dollar terms)8.59.010.018.519.5−1.0−4.0−4.50.53.5
    (in SDR terms)47.08.02.514.518.59.02.5−1.53.03.5
    Volume of trade
    Exports
    Industrial countries7.95.36.27.63.93.3−2.32.68.65.1
    Developing countries6.52.43.94.4−2.1−3.7−7.51.38.36.0
    Oil exporting countries6.00.4−3.21.6−12.2−15.2−18.5−7.56.05.2
    Non-oil developing countries6.64.29.78.19.07.71.75.89.16.2
    Imports
    Industrial countries7.54.45.28.6−1.5−2.2−0.64.411.96.5
    Developing countries8.710.07.15.28.77.4−4.5−4.44.04.7
    Oil exporting countries18.516.73.4−8.512.421.35.9−10.9−2.71.7
    Non-oil developing countries6.07.48.610.67.33.1−8.2−1.86.45.7
    Unit value of trade
    (in SDR terms)4
    Exports
    Industrial countries6.26.65.211.312.26.33.1−0.52.14.0
    Developing countries11.111.0−3.826.534.413.61.1−3.54.03.1
    Oil exporting countries19.28.4−5.840.558.720.42.2−8.71.60.9
    Non-oil developing countries6.413.4−2.015.014.97.80.20.65.74.4
    Imports
    Industrial countries7.27.92.315.420.58.01.0−2.71.83.5
    Developing countries6.86.53.012.917.012.23.33.94.2
    Oil exporting countries5.37.34.99.510.78.22.50.74.04.4
    Non-oil developing countries7.16.32.214.319.413.63.6−0.23.94.1

    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 three 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). Figures are rounded to the nearest 0.5 percent.

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

    Table 10.Summary of Terms of Trade and World Prices, 1967–851

    (Percentage changes)

    Average
    1967–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Terms of trade
    Industrial countries−1.0−1.22.8−3.5−6.9−1.62.02.20.30.4
    Developing countries4.54.2−6.612.114.81.2−2.1−3.50.1−1.0
    Oil exporting countries13.11.1−10.228.343.411.3−0.3−9.3−2.3−3.3
    Non-oil developing countries−0.76.7−4.10.7−3.8−5.1−3.30.81.70.2
    Net oil exporters1.26.9−4.119.211.4−7.0−6.90.43.0−1.2
    Net oil importers−1.06.8−4.2−2.2−6.6−4.8−2.60.91.50.5
    Major exporters of manufactures−1.15.0−3.3−3.3−5.6−4.3−2.41.21.40.4
    Low-income countries3−0.616.4−7.3−0.5−10.6−7.3−1.94.83.4
    Other net oil importers−0.76.1−4.90.6−9.3−6.7−4.70.21.70.6
    World trade prices (in U.S. dollar terms) for major commodity groups4
    Manufactures7.58.014.514.011.0−6.0−2.0−4.51.04.0
    Oil21.79.40.446.463.010.0−3.9−12.3−1.3
    Non-oil primary commodities (market prices)7.421.2−4.116.38.7−14.6−12.06.76.52.3

    Based on foreign trade unit values except where indicated. 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.

    Excluding China and India.

    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 11.Price Indices of Non-Oil Primary Commodities, 1967–851

    (Percentage changes)

    Average
    1976–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Non-oil primary commodities37.421.2−4.116.38.7−14.6−12.06.7.52.3
    By commodity group Food and beverages9.433.4−10.59.69.9−16.9−12.58.38.1−0.2
    Food7.6−1.815.813.330.1−13.6−20.88.93.12.7
    Beverages12.573.2−27.55.8−12.2−22.32.57.615.1−3.8
    Agricultural raw materials6.73.27.621.94.1−9.7−13.79.59.13.6
    Metals3.37.55.429.910.7−14.0−9.20.1−0.37.8
    Non-oil primary commodities exported by developing countries4
    Oil exporting countries8.027.42.110.1−0.2−11.4−17.216.011.1
    Non-oil developing countries7.325.4−7.214.310.0−14.7−13.27.96.71.7
    By analytical group
    Net oil exporters7.517.22.016.311.1−13.9−14.59.84.64.1
    Net oil importers7.227.7−9.513.89.7−14.9−12.87.47.31.1
    Major exporters of manufactures9.129.2−15.215.316.2−14.4−15.85.35.91.6
    Low-income countries6.329.9−10.19.76.0−12.3−12.59.414.5−1.7
    Other net oil importers6.625.6−5.314.67.1−16.3−10.97.95.12.0
    By area
    Africa (excluding South Africa)7.036.4−12.112.8−0.7−16.4−12.29.79.50.7
    Asia5.418.110.116.613.7−15.7−16.612.810.21.0
    Europe8.70.26.712.410.3−8.8−15.513.07.12.1
    Middle East9.55.40.85.812.1−2.0−23.19.78.91.9
    Western Hemisphere8.227.9−12.613.812.3−14.4−10.75.04.12.2
    Memorandum items
    Oil export unit value21.79.40.446.463.010.0−3.9−12.3−1.3
    Export unit value of manufactures7.58.014.514.011.0−6.0−1.0−3.51.04.0

    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.

    Table 12.Industrial Countries: Merchandise Trade, 1967–851

    (Percentage changes from preceding year, except as indicated)

    Average
    1976–762
    197719781979198019811982198319841985
    Total merchandise trade
    Value (in billions of U.S. dollars)
    Trade balance…..−199−36−66−18−13−9−44−58
    Exports…..6978341,0311,2101,2041,1341,1211,2151,324
    Imports…..7158261,0671,2761,2211,1481,1301,2591,382
    Volume
    Exports7.95.36.27.63.93.3−2.32.68.65.1
    Imports7.54.45.28.6−1.5−2.2−0.64.411.96.5
    Unit value (in U.S. dollar terms)
    Exports7.77.812.814.813.0−3.7−3.5−3.7−0.33.6
    Imports8.89.19.719.021.4−2.2−5.4−5.7−0.63.2
    Terms of trade−1.0−1.22.8−3.5−6.9−1.62.02.20.30.4
    Net oil imports
    Value (in billions of U.S. dollars)…..124121175248239194166177188
    Volume8.54.5−4.23.6−14.2−14.0−13.8−5.09.45.8
    Import unit value (in U.S. dollar terms)19.67.22.342.262.110.8−6.5−10.0−2.4−0.1
    Memorandum item
    Oil export unit value of oil exporting countries (in U.S. dollar terms)21.79.40.446.463.010.0−3.9−12.3−1.3
    Non-oil trade
    Value (in billions of U.S. dollars)
    Trade balance…..105129139182221181158133130
    Exports…..6758109901,1521,1411,0701,0591,1531,263
    Imports…..5706808519709208899021,0201,133
    Volume
    Exports8.75.26.17.54.43.4−3.12.49.05.5
    Imports8.04.28.510.12.70.61.56.012.97.2
    Unit value (in U.S. dollar terms)
    Exports7.07.813.113.711.5−4.2−3.3−3.4−0.23.8
    Imports6.89.710.013.611.0−5.8−4.8−4.3−0.33.9
    Terms of trade0.11.82.80.10.41.61.61.00.1−0.1
    Memorandum items
    Real GNP34.03.03.53.41.40.8−0.12.03.83.0
    Ratio of import volume to real GNP42.11.42.43.01.90.8−11.63.03.42.4
    Import volume of nonindustrial countries58.07.47.24.37.76.1−2.8−2.44.14.5
    Of which,
    Oil exporting countries18.516.33.4−8.512.421.35.9−10.9−2.71.7
    Non-oil developing countries6.07.78.610.67.33.1−8.2−1.86.45.7
    Market prices of non-oil primary commodities (in U.S. dollar terms)69.514.1−2.717.810.2−12.2−11.45.24.83.8
    Unit labor costs in manufacturing (in U.S. dollar terms)7.18.213.39.010.1−1.4−0.7−3.2−2.41.1

    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 percentage changes of non-oil imports and real GNPs (weighted by non-oil imports).

    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 13.Industrial Countries: Export and Import Volumes, 1967–851

    (Percentage changes)

    Average
    1967–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Exports
    Canada7.08.910.21.60.53.6−0.78.824.77.7
    United States6.71.210.014.27.0−3.2−11.9−6.26.53.6
    Japan13.09.11.00.219.210.6−2.48.612.35.5
    France9.66.66.69.13.34.0−3.83.75.54.5
    Germany, Fed. Rep. of8.16.04.67.33.95.21.90.48.57.0
    Italy8.87.011.17.3−8.15.5−0.55.25.04.0
    United Kingdom5.77.82.64.81.0−0.82.30.86.14.0
    Other industrial countries8.04.96.08.31.92.41.46.36.54.4
    All industrial countries7.95.36.27.63.93.3−2.32.68.65.1
    Of which,
    Seven major countries above7.95.56.27.44.63.6−3.61.59.25.4
    European countries7.95.86.07.31.33.90.33.86.64.9
    Imports
    Canada7.71.24.09.1−5.22.7−15.314.123.57.7
    United States6.912.77.41.0−6.00.7−5.010.027.811.1
    Japan10.43.66.611.6−5.0−2.4−0.71.38.15.5
    France10.20.76.112.26.2−3.93.1−2.02.11.5
    Germany, Fed. Rep. of8.04.37.99.22.0−3.70.45.27.54.7
    Italy7.1−0.27.913.92.8−11.33.21.66.56.5
    United Kingdom5.21.84.710.6−6.0−3.94.86.97.24.7
    Other industrial countries6.93.81.49.30.8−3.01.81.65.24.1
    All industrial countries7.54.45.28.6−1.5−2.2−0.64.411.96.5
    Of which,
    Seven major countries above7.84.76.78.3−2.3−1.9−1.55.514.57.0
    European countries7.52.54.110.71.1−4.32.02.95.54.2

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

    Compound annual rates of change.

    Table 14.Developing Countries: Merchandise Trade, 1967–851

    (Percentage changes, except as indicated)

    Average
    1976–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Developing countries3
    Value (in U. S. dollar terms)
    Exports19.514.97.236.332.5−0.9−12.4−5.410.08.9
    Imports17.518.518.322.528.29.2−7.6−7.55.58.7
    Volume
    Exports6.32.43.94.4−2.1−3.7−7.51.38.36.0
    Imports8.310.07.15.28.77.4−4.5−4.44.04.7
    Unit value (in U.S. dollar terms)
    Exports12.512.23.230.635.42.9−5.3−6.61.52.7
    Imports8.57.710.416.517.91.7−3.2−3.21.43.8
    Terms of trade3.74.2−6.612.114.81.2−2.1−3.50.1−1.0
    Purchasing power of exports411.16.7−2.917.012.4−2.5−9.5−2.38.44.9
    Memorandum items
    Real GNP growth of trading partners4.84.74.64.12.52.10.52.34.23.6
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries7.421.2−4.116.38.7−14.6−12.06.76.52.3
    Oil exporting countries
    Value (in U.S. dollar terms)
    Exports28.410.1−2.247.440.3−7.5−22.1−18.25.15.8
    Imports27.226.716.43.425.318.91.7−13.1−1.25.8
    Volume
    Exports6.20.4−3.21.6−12.2−15.2−18.5−7.56.05.2
    Imports19.116.73.4−8.512.421.35.9−10.9−2.71.7
    Unit value (in U.S. dollar terms)
    Exports20.99.71.045.059.99.1−4.3−11.6−0.90.5
    Imports6.98.512.513.011.5−2.0−4.0−2.51.54.0
    Terms of trade13.11.0−10.228.343.411.3−0.3−9.3−2.3−3.3
    Purchasing power of exports420.11.5−13.130.425.8−5.6−18.8−16.13.51.7
    Memorandum items
    Real GNP growth of trading partners4.84.74.64.12.52.10.52.34.23.6
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries7.421.2−4.116.38.7−14.6−12.06.76.52.3
    Oil exporting countries
    Value (in U.S. dollar terms)
    Exports28.410.1−2.247.440.3−7.5−22.1−18.25.15.8
    Imports27.226.716.43.425.318.91.7−13.1−1.25.8
    Volume
    Exports6.20.4−3.21.6−12.2−15.2−18.5−7.56.05.2
    Imports19.116.73.4−8.512.421.35.9−10.9−2.71.7
    Unit value (in U.S. dollar terms)
    Exports20.99.71.045.059.99.1−4.3−11.6−0.90.5
    Imports6.98.512.513.011.5−2.0−4.0−2.51.54.0
    Terms of trade13.11.0−10.228.343.411.3−0.3−9.3−2.3−3.3
    Purchasing power of exports420.11.5−13.130.425.8−5.6−18.8−16.13.51.7
    Memorandum items
    Oil export volume (in billions of barrels)…..10.8010.4110.499.127.626.075.515.786.02
    Average oil export price (in U.S. dollars per barret)…..12.8212.8718.8430.7033.7632.4428.4428.0628.06
    Annual percentage change21.79.30.446.463.010.0−3.9−12.3−1.3
    Real GNP growth of trading partners5.14.74.64.02.52.10.62.34.23.5
    Export unit value (in U.S. dollar terms) of manufactures7.58.014.513.911.1−6.0−2.1−4.31.04.0
    Non-oil developing countries3
    Value (in U.S. dollar terms)
    Exports15.019.415.328.326.15.2−4.63.112.610.4
    Imports15.315.419.130.429.16.2−10.9−5.28.09.7
    Volume
    Exports6.64.29.78.19.07.71.7−5.89.16.2
    Imports6.07.48.610.67.33.1−8.2−1.86.45.7
    Unit value (in U.S. dollar terms)
    Exports7.814.75.118.715.7−2.3−6.2−2.63.24.0
    Imports8.87.59.617.920.33.0−3.0−3.41.43.8
    Terms of trade−0.86.7−4.10.7−3.8−5.1−3.30.81.70.2
    Purchasing power of exports45.711.15.28.84.82.2−1.66.711.06.4
    Memorandum items
    Real GNP growth of trading partners4.54.74.64.12.41.90.22.44.33.7
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by non-oil developing countries7.325.4−7.214.310.0−14.7−13.27.96.71.7
    Gross reserves (end of period) as percentage of total imports of goods and services526.025.726.622.717.916.517.019.420.821.4
    Memorandum
    Major borrowers
    Value (in U.S. dollar terms)
    Exports16.118.39.831.733.413.0−9.11.313.910.5
    Imports16.316.619.026.128.811.5−13.1−18.111.110.4
    Volume
    Exports4.96.28.04.14.010.5−3.37.48.26.8
    Imports7.38.610.47.38.25.9−9.0−14.39.56.4
    Unit values (in U.S. dollar terms)
    Exports10.711.41.726.528.32.3−6.0−5.85.23.4
    Imports8.47.37.817.519.05.3−4.5−4.51.53.8
    Terms of trade2.13.8−5.77.67.8−2.9−1.6−1.43.7−0.4
    Purchasing power of exports47.210.31.912.012.17.3−4.96.012.26.5
    Memorandum item
    Gross reserves (end of period) as percentage of total imports of goods and services528.428.033.830.621.217.312.516.619.823.3

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

    Compound annual rates of change.

    Excluding China prior to 1978.

    Export earnings deflated by import prices.

    Gold holdings are valued at SDR 35 an ounce.

    Table 15.Non-Oil Developing Countries—By Analytical Subgroup: Merchandise Trade, 1967–851

    (Percentage changes, except as indicated)

    Average
    1976–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Net oil exporters
    Value (in U.S. dollar terms)
    Exports14.020.814.647.138.15.4−0.6−0.511.48.6
    Imports14.612.714.735.134.218.7−16.0−16.012.411.8
    Volume
    Exports3.26.810.06.44.07.49.03.07.85.7
    Imports5.16.45.616.612.512.5−14.1−13.612.07.6
    Unit value (in U.S. dollar terms)
    Exports10.413.14.238.232.9−1.9−8.9−2.43.32.7
    Imports9.15.88.615.919.35.5−2.2−2.80.33.9
    Terms of trade1.26.9−4.119.211.4−7.0−6.90.43.0−1.2
    Purchasing power of exports34.514.25.526.915.8−0.11.63.411.14.5
    Memorandum items
    Real GNP growth of trading partners4.54.94.73.92.22.2−0.12.54.83.7
    Average price of oil (in U.S. dollar terms) exported by major oil exporting countries21.79.30.446.463.010.0−3.9−12.3−1.3
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by net oil exporters among non-oil developing countries7.517.22.016.311.1−13.9−14.59.84.64.1
    Gross reserves (end of period) as percentage of total imports of goods and services422.123.522.020.819.316.414.018.520.321.9
    Net oil importers5
    Value (in U.S. dollar terms)
    Exports15.219.215.425.423.95.2−5.43.612.810.8
    Imports15.216.119.829.728.34.1−9.9−3.27.39.4
    Volume
    Exports7.23.79.78.410.17.80.36.49.46.2
    Imports6.27.99.19.76.51.5−7.00.35.65.4
    Unit value (in U.S. dollar terms)
    Exports7.514.95.215.612.6−2.4−5.6−2.63.14.3
    Imports8.57.69.818.220.52.5−3.1−3.51.63.7
    Terms of trade−1.06.8−4.2−2.2−6.6−4.8−2.60.91.50.5
    Purchasing power of exports36.510.75.16.02.82.6−2.37.411.16.8
    Memorandum items
    Real GNP growth of trading partners4.34.64.54.22.41.80.22.34.23.6
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by net oil importers7.227.7−9.513.89.7−14.9−12.87.47.31.1
    Gross reserves (end of period) as percentage of total imports of goods and services426.626.127.423.117.616.517.619.620.921.3
    Major exporters of manufactures
    Value (in U.S. dollar terms)
    Exports17.721.919.526.927.87.6−6.87.014.912.2
    Imports18.512.719.233.528.16.9−10.0−4.29.110.4
    Volume
    Exports9.97.212.39.912.69.0−2.29.711.77.2
    Imports9.44.18.311.86.53.7−7.8−0.77.45.9
    Unit value (in U.S. dollar terms)
    Exports7.113.76.415.513.5−1.4−4.7−2.42.94.7
    Imports8.38.310.119.420.23.1−2.4−3.61.54.3
    Terms of trade−1.15.0−3.3−3.3−5.6−4.3−2.41.21.40.4
    Purchasing power of exports38.712.58.56.36.34.4−4.511.013.27.6
    Memorandum items
    Real GNP growth of trading partners4.54.54.54.22.31.9−2.44.33.7
    Developed countries’ export prices (in U.S. dollar terms) of manufactures7.58.014.513.911.1−6.0−2.1−4.31.04.0
    Gross reserves (end of period) as percentage of total imports of goods and services428.224.227.221.314.914.414.516.519.822.7
    Low-income countries (excluding China and India)
    Value (in U.S. dollar terms)
    Exports9.121.07.319.315.0−7.2−7.37.58.89.5
    Imports9.315.630.817.522.8−1.4−4.0−3.35.95.8
    Volume
    Exports1.3−4.65.22.86.4−3.0−1.25.12.95.9
    Imports0.86.018.70.71.6−4.40.3−0.83.62.3
    Unit value (in U.S. dollar terms)
    Exports7.726.92.016.18.1−4.4−6.12.25.73.4
    Imports8.49.010.116.720.93.1−4.3−2.42.23.4
    Terms of trade−0.616.4−7.3−0.5−10.6−7.3−1.94.83.4
    Purchasing power of exports30.611.1−2.62.2−4.9−10.0−3.110.26.45.9
    Memorandum items
    Real GNP growth of trading partners4.54.24.33.72.11.10.52.03.73.5
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by low–income countries6.329.9−10.19.76.0−12.3−12.59.414.5−1.7
    Gross reserves (end of period) as percentage of total imports of goods and services420.520.917.316.512.612.011.215.313.610.0
    Other net oil importers
    Value (in U.S. dollar terms)
    Exports13.914.811.121.817.5−0.2−4.4−2.610.29.9
    Imports14.222.113.123.325.62.8−10.7−3.62.46.9
    Voluem
    Exports5.20.87.14.15.84.94.31.37.05.8
    Imports4.813.73.76.02.60.8−7.10.41.13.6
    Unit value (in U.S. dollar terms)
    Exports8.213.93.717.011.0−4.9−8.3−3.83.03.8
    Imports9.07.49.116.422.42.0−3.8−4.01.33.2
    Terms of trade−0.76.1−4.90.6−9.3−6.7−4.70.21.70.6
    Purchasing power of exports34.56.91.84.7−3.9−2.1−0.61.58.86.5
    Memorandum items
    Real GNP growth of trading partners4.04.54.23.72.01.3−0.12.13.93.4
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by other net oil importers6.625.6−5.314.67.1−16.3−10.97.95.12.0
    Gross reserves (end of period) as percentage of total imports of goods and services426.425.027.124.821.518.817.516.314.412.2

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

    Compound annual rates of change.

    Export earnings deflated by import prices.

    Gold holdings are valued at SDR 35 an ounce.

    Excluding China prior to 1978.

    Table 16.Non-Oil Developing Countries—By Region: Merchandise Trade, 1967–851

    (Percentage changes, except as indicated)

    Average
    1967–762
    Change from Preceding Year
    197719781979198019811982198319841985
    Africa (excluding South Africa)
    Value (in U.S. dollar terms)
    Exports12.315.84.224.817.6−9.3−7.3−2.49.08.5
    Imports14.016.215.716.923.3−3.2−8.9−9.63.46.2
    Volume
    Exports3.1−6.31.74.83.1−3.3−0.6−0.13.83.8
    Imports5.211.13.60.84.9−0.4−4.0−7.41.91.9
    Unit value (in U.S. dollar terms)
    Exports8.923.52.419.014.1−6.3−6.8−2.35.04.5
    Imports8.44.611.716.017.5−2.8−5.2−2.41.54.2
    Terms of trade0.518.1−8.42.7−2.9−3.6−1.70.13.50.3
    Purchasing power of exports33.710.7−6.87.60.1−6.7−2.37.54.1
    Memorandum items
    Real GNP growth of trading partners4.33.53.83.31.80.60.31.43.02.8
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries in Africa7.036.4−12.112.8−0.7−16.4−12.29.79.50.7
    Gross reserves (end of period) as percentage of total imports of goods and services416.913.614.013.310.29.18.69.38.45.7
    Asia5
    Value (in U.S. dollar terms)
    Exports17.719.821.030.724.59.5−1.66.815.211.5
    Imports14.818.829.834.830.27.2−5.33.410.211.0
    Volume
    Exports10.95.311.711.411.110.13.99.511.36.6
    Imports5.911.518.414.89.62.4−1.67.97.96.5
    Unit value (in U.S. dollar terms)
    Exports6.113.88.317.412.0−0.5−5.3−2.53.54.5
    Imports8.46.69.617.418.94.7−3.8−4.22.14.2
    Terms of trade−2.26.7−1.2−0.1−5.7−5.0−1.61.71.40.4
    Purchasing power of exports38.512.410.411.34.74.62.211.412.97.0
    Memorandum items
    Real GNP growth of trading partners5.05.25.45.03.33.01.03.25.04.2
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries in Asia5.418.110.116.613.7−15.7−16.612.810.21.0
    Gross reserves (end of period) as percentage of total imports of goods and services429.730.526.121.717.718.522.525.326.827.1
    Europe
    Value (in U.S. dollar terms)
    Exports15.710.614.821.219.612.7−2.0−0.710.08.3
    Imports16.618.98.726.118.52.9−10.4−4.93.87.4
    Volume
    Exports8.53.06.52.55.115.11.55.59.75.2
    Imports7.38.00.46.8−0.14.1−9.6−0.52.84.3
    Unit value (in U.S. dollar terms)
    Exports6.67.37.818.313.9−2.1−3.4−5.80.23.0
    Imports8.610.08.318.218.7−1.1−1.0−4.40.92.9
    Terms of trade−1.9−2.5−0.50.1−4.0−1.0−2.5−1.4−0.7
    Purchasing power of exports36.50.56.02.60.814.0−1.14.09.05.3
    Memorandum items
    Real GNP growth of trading partners3.33.14.13.42.20.90.42.03.43.4
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries in Europe8.70.26.712.410.3−8.8−15.513.07.12.1
    Gross reserves (end of period) as percentage of total imports of goods and services429.218.320.915.013.211.310.112.112.711.6
    Middle East
    Value (in U.S. dollar terms)
    Exports15.722.99.025.134.74.9−7.0−9.510.410.2
    Imports15.621.412.027.325.49.4−7.2−3.85.99.8
    Volume
    Exports4.39.1−4.12.77.61.3−1.9−6.28.97.7
    Imports6.514.2−0.76.00.85.7−1.80.85.76.2
    Unit value (in U.S. dollar terms)
    Exports10.912.613.621.925.33.5−5.3−3.51.52.3
    Imports8.66.312.720.224.53.5−5.5−4.50.23.3
    Terms of trade2.16.00.71.40.60.21.01.2−1.0
    Purchasing power of exports36.515.6−3.44.18.21.3−1.6−5.210.26.7
    Memorandum items
    Real GNP growth of trading partners4.94.74.14.22.41.3−0.11.53.73.5
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries in Middle East9.55.40.85.812.1−2.0−23.19.78.91.9
    Gross reserves (end of period) as percentage of total imports of goods and services430.929.733.027.823.921.523.921.117.916.0
    Western Hemisphere
    Value (in U.S. dollar terms)
    Exports13.524.210.228.628.77.5−7.22.212.111.1
    Imports15.410.615.434.434.67.6−22.2−22.28.310.7
    Volume
    Exports3.04.514.06.47.611.42.16.16.86.9
    Imports5.93.77.015.311.02.1−20.8−20.17.36.9
    Unit value (in U.S. dollar terms)
    Exports10.318.9−3.320.819.6−3.5−9.1−3.75.03.8
    Imports9.06.77.816.621.35.4−1.8−2.70.93.5
    Terms of trade1.111.4−10.33.6−1.4−8.5−7.4−1.04.00.3
    Purchasing power of exports34.116.42.210.36.12.0−5.45.111.17.3
    Memorandum items
    Real GNP growth of trading partners4.04.54.23.61.71.3−1.01.84.33.3
    Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries in Western Hemisphere8.227.9−12.613.812.3−14.4−10.75.04.12.2
    Gross reserves (end of period) as percentage of total imports of goods and services424.132.238.634.224.219.515.018.222.426.2

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

    Compound annual rates of change.

    Export earnings deflated by import prices.

    Gold holdings are valued at SDR 35 an ounce.

    Excluding China prior to 1978.

    Balance of Payments

    Table 17.Summary of Payments Balances on Current Account, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Industrial countries−2.132.7−5.1−38.14.83.22.8−31.2−46.2
    Canada−4.1−4.0−4.2−1.2−5.41.91.3−0.2
    United States−11.7−12.32.66.610.7−3.8−35.5−84.3−109.0
    Japan11.117.0−8.1−9.96.38.822.236.441.5
    France1.08.56.9−2.5−2.8−9.5−1.8−0.22.6
    Germany, Fed. Rep. of8.513.40.1−8.30.810.29.89.612.0
    Italy3.17.96.4−9.5−7.5−4.91.0−1.8
    United Kingdom2.05.53.012.718.113.37.54.94.2
    Other industrial countries−12.0−3.2−11.8−26.0−15.6−13.0−1.62.54.4
    Developing countries−1.0−37.3−1.021.8−55.0−99.0−70.1−53.0−54.0
    Of which, major borrowers−9.5−18.4−22.3−26.6−35.7−39.8−11.0−11.5−9.7
    Oil exporting countries29.45.762.3110.453.513.117.58.09.0
    Middle Eastern countries36.720.661.899.757.83.7−10.3−5.5−6.5
    Other−7.3−14.90.510.7−4.3−16.8−7.2−2.5−2.5
    Non–oil developing countries−30.4−42.9−63.3−88.7−108.5−85.9−52.6−45.0−45.0
    By analytical group2
    Net oil exporters−6.4−7.9−8.6−11.0−23.4−17.3−4.4−6.5−7.6
    Net oil importers−25.0−34.3−52.5−74.4−86.4−74.3−51.8−40.6−37.4
    Major exporters of manufactures−8.9−10.8−23.0−32.8−37.8−34.6−15.9−8.6−5.3
    Low–income countries−3.7−8.2−10.6−14.2−15.5−15.0−12.4−12.8−13.8
    Other net oil importers−12.5−15.3−18.9−27.4−33.1−24.7−23.5−19.2−18.2
    By area
    Africa3−6.6−9.3−9.6−12.6−14.1−13.0−10.2−9.4−9.6
    Asia−1.6−8.3−17.1−25.3−22.7−14.3−11.5−6.2−6.5
    Europe−9.1−7.2−10.1−12.7−10.4−6.9−5.4−3.1−3.0
    Middle East−5.1−6.2−8.4−8.1−10.6−9.6−10.2−9.3−10.6
    Western Hemisphere−8.5−13.3−21.3−33.1−45.9−38.9−15.5−17.1−15.5
    Total4−3.1−4.6−6.0−16.3−50.3−95.9−67.3−84.2−100.2

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

    China, which is classified as a low-income country but is also a net oil exporter, is included in the total but not in the subgroups.

    Excluding South Africa.

    Reflects errors, omissions, and asymmetries in reported balance of payments statistics on current account, plus balance of listed groups with other countries (mainly the U.S.S.R. and other nonmember countries of Eastern Europe).

    Table 18.Industrial Countries: Balance of Payments on Current Account, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Exports (f.o.b.)696.6834.31,030.91,210.31,203.71,134.41,121.11,215.41,323.2
    Imports (f.o.b.)715.4825.61,067.41,276.11,221.51,147.81,130.11,259.11,381.0
    Trade balance−18.88.6−36.5−65.8−17.7−13.4−9.0−43.7−57.8
    Services, credits258.8321.7414.8500.0534.6525.3488.1512.6547.8
    Services, debits236.8290.6375.0463.2503.5500.9468.6492.2528.1
    Private transfers−5.3−6.9−8.4−9.1−8.6−7.8−7.7−7.9−8.1
    Net services and private transfers16.724.131.427.722.516.611.812.511.6
    Balance on current account−2.132.7−5.1−38.14.83.22.8−31.2−46.2
    Official transfers−13.2−16.7−19.6−22.2−21.7−23.1−21.5−21.3−21.7
    Balance on current account, including official transfers−15.316.1−24.7−60.4−16.9−20.0−18.9−52.5−67.9

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

    Table 19.Industrial Countries: Balances on Current Account, Including Official Transfers, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Canada−4.1−4.3−4.1−1.0−5.12.21.40.3
    United States−14.5−15.5−1.01.96.3−9.2−41.6−90.0−115.0
    Japan10.716.6−8.9−11.24.97.520.535.040.0
    France−0.47.05.2−4.2−4.8−12.1−3.8−2.40.2
    Germany, Fed. Rep. of4.19.0−6.1−15.8−5.83.63.93.75.8
    Italy2.56.45.5−9.7−8.2−5.50.8−0.3−2.1
    United Kingdom0.12.2−1.48.514.710.14.42.21.5
    Other industrial countries−13.7−5.3−13.9−28.9−19.0−16.5−4.5−0.61.3
    All industrial countries−15.316.1−24.7−60.4−16.9−20.0−18.9−52.5−67.9
    Of which,
    Seven major countries above−1.621.4−10.8−31.42.1−3.5−14.4−51.9−69.3
    European countries−4.024.0−7.7−45.5−14.0−11.07.111.013.6

    The balances shown in this table cover goods, services, and all (private and official) current transfers. For classification of countries in groups shown here, see the introduction to this appendix.

    Table 20.Developing Countries: Balance of Payments Summaries, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Developing countries
    Exports (f.o.b.)318.8341.8465.9617.5612.1536.2507.2557.9607.4
    Imports (f.o.b.)281.6333.1408.2523.3571.6528.1488.8515.5560.5
    Trade balance37.28.757.794.140.58.118.442.446.9
    Net services and private transfers−38.2−46.0−58.6−72.4−95.6−107.1−88.5−95.4−100.9
    Balance on current account−1.0−37.2−1.021.7−55.0−99.0−70.1−53.0−54.0
    Memorandum: Exports of goods and services387.3426.5574.6761.3779.9697.2660.9720.3783.0
    Oil exporting countries
    Exports8 (f.o.b.)146.7143.4211.3296.5274.3213.8174.9183.8194.4
    Oil exports138.6134.0197.7280.1257.1196.9156.8162.3168.9
    Other exports8.19.413.616.417.216.918.121.525.5
    Imports (f.o.b.)83.797.4100.7126.2150.0152.5132.5130.9138.5
    Trade balance63.046.0110.6170.2124.361.342.452.955.9
    Net services and private transfers−33.6−40.4−48.3−59.8−70.8−74.4−59.9−60.9−64.9
    Receipts18.221.225.636.547.745.242.242.041.7
    Payments51.861.673.996.3118.5119.6102.1102.9106.6
    Balance on current account29.45.762.3110.453.5−13.1−17.5−8.0−9.0
    Memorandum: Exports of goods and services164.9164.6236.9333.0322.0259.0217.1225.8236.1
    Non-oil developing countries
    Exports (f.o.b.)172.1198.4254.6321.0337.8322.4332.3374.1413.0
    Imports (f.o.b.)197.9235.7307.5397.1421.6375.6356.3384.6422.0
    Trade balance−25.8−37.3−52.9−76.1−83.8−53.2−24.0−10.5−9.0
    Net services and private transfers−4.6−5.6−10.3−12.6−24.8−32.7−28.6−34.5−36.0
    Balance on current account−30.4−42.9−63.3−88.7−108.5−85.9−52.6−45.0−45.0
    Net official transfers8.28.211.512.513.112.512.012.813.9
    Net capital inflows32.649.764.677.092.260.941.142.142.9
    Overall balance210.415.012.90.8−3.2−12.40.59.911.8
    Memorandum: Exports of goods and services222.4261.9337.7428.3457.9438.2443.8494.5546.9
    Memorandum item
    Major borrowers
    Exports (f.o.b.)56.562.181.8109.1123.3112.0113.4129.2142.7
    Imports (f.o.b.)53.864.080.7103.9115.8100.782.591.7101.2
    Trade balance2.7−1.91.15.27.411.331.037.541.5
    Net services and private transfers−12.3−16.5−23.4−31.7−43.2−51.1−41.9−49.0−51.2
    Balance on current account−9.5−18.4−22.3−26.6−35.7−39.8−11.0−11.5−9.7
    Net official transfers0.10.30.40.40.70.50.60.60.6
    Net capital inflows14.826.031.927.232.920.39.914.916.5
    Overall balance25.47.810.01.1−2.2−18.9−0.54.07.4
    Memorandum: Exports of goods and services68.578.1101.4134.6154.8139.6137.5155.2173.2

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

    Equal, with sign reversed, to sum of use of reserves, change in liabilities constituting foreign authorities’ reserves, and use of Fund credit. (See Table 27.)

    Table 21.Non-Oil Developing Countries—By Analytical Subgroup: Balance of Payments Summaries, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Net oil exporters
    Exports (f.o.b.)23.526.939.654.757.657.357.664.169.6
    Imports (f.o.b.)27.331.342.356.767.356.547.553.459.7
    Trade balance−3.8−4.4−2.7−2.0−9.70.710.110.810.0
    Net services and private transfers−2.6−3.6−5.9−9.0−13.7−18.1−14.5−17.3−17.6
    Balance on current account−6.4−7.9−8.6−11.0−23.4−17.3−4.4−6.5−7.6
    Net official transfers1.91.52.32.22.42.02.12.22.3
    Net capital inflows5.36.910.112.322.011.63.46.78.2
    Overall balance20.80.53.83.51.1−3.81.12.42.8
    Memorandum: Exports of goods and services33.139.255.876.081.577.777.986.295.0
    Net oil importers
    Exports (f.o.b.)148.6171.5215.0266.3280.2265.1274.8310.0343.4
    Imports (f.o.b.)170.7204.5265.2340.4354.3319.1308.8331.3362.3.
    Trade balance−22.0−33.0−50.2−74.0−74.1−54.0−34.0−21.3−18.9
    Net services and private transfers−2.0−2.0−4.5−3.6−11.1−14.6−14.2−17.2−18.4
    Balance on current account−24.0−35.0−54.7−77.6−85.2−68.6−48.2−38.5−37.4
    Net official transfers6.46.79.310.310.710.69.910.611.6
    Net capital inflows27.342.854.664.770.249.337.735.434.8
    Overall balance29.614.59.1−2.6−4.2−8.7−0.67.69.0
    Memorandum: Exports of goods and services189.2222.7281.8352.3376.3360.4365.9408.3451.9
    Major exporters of manufactures
    Exports (f.o.b.)78.393.5118.7151.7163.2152.1162.8187.1210.0
    Imports (f.o.b)87.4104.1139.0178.0190.2171.2163.9178.8197.4
    Trade balance−9.1−10.6−20.3−26.3−27.1−19.0−1.18.412.6
    Net services and private transfers0.2−0.2−2.8−6.5−10.8−15.5−14.8−17.0−17.9
    Balance on current account−8.9−10.8−23.0−32.8−37.8−34.6−15.9−8.6−5.3
    Net official transfers1.41.62.02.32.42.32.43.23.4
    Net capital inflows11.619.725.628.136.425.715.514.514.7
    Overall balance24.210.54.7−2.31.0−6.62.09.012.8
    Memorandum: Exports of goods and services101.9122.9157.0198.8217.5204.5212.5241.3269.6
    Low–income countries (excluding China and India)
    Exports (f.o.b.)10.511.313.515.514.413.314.315.617.1
    Imports (f.o.b.)14.619.122.527.627.226.125.326.828.4
    Trade balance−4.1−7.8−9.0−12.1−12.8−12.8−11.0−11.2−11.3
    Net services and private transfers−1.3−0.6−1.00.10.21.01.10.80.6
    Balance on current account−5.4−8.5−10.0−12.0−12.6−11.8−9.9−10.4−10.7
    Net official transfers2.52.73.43.93.94.24.34.34.7
    Net capital inflows3.75.36.77.47.46.35.95.75.2
    Overall balance20.8−0.40.1−0.7−1.3−1.30.3−0.4−0.8
    Memorandum: Exports of goods and services12.914.317.220.219.018.019.120.622.5
    Other net oil importers
    Exports (f.o.b.)45.550.561.672.472.269.067.374.281.5
    Imports (f.o.b.)55.763.077.897.6100.489.786.488.594.6
    Trade balance−10.2−12.5−16.2−25.3−28.2−20.6−19.2−14.4−13.1
    Net services and private transfers−2.3−2.8−2.7−2.2−4.9−4.1−4.3−4.8−5.1
    Balance on current account−12.5−15.3−18.9−27.4−33.1−24.7−23.5−19.2−18.2
    Net official transfers2.22.03.23.64.03.73.02.93.3
    Net capital inflows12.016.518.424.725.415.515.013.011.1
    Overall balance21.73.22.70.9−3.7−5.5−5.5−3.3−3.8
    Memorandum: Exports of goods and services57.866.381.9100.3102.5100.096.1105.0115.7

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

    Equal, with sign reversed, to sum of use of reserves, change in liabilities constituting foreign authorities’ reserves, and use of Fund credit. (See Table 27.)

    Table 22.Non-Oil Developing Countries—By Region: Balance of Payments Summaries, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Africa (excluding South Africa)
    Exports (f.o.b.)18.319.123.828.025.423.623.025.127.2
    Imports (f.o.b.)19.722.826.732.931.929.026.227.128.8
    Trade balance−1.4−3.7−2.9−4.9−6.5−5.5−3.3−2.1−1.6
    Net services and private transfers−5.2−5.6−6.7−7.7−7.7−7.5−6.9−7.3−7.9
    Balance on current account−6.6−9.3−9.6−12.6−14.1−13.0−10.2−9.4−9.6
    Net official transfers2.32.53.03.43.43.33.33.43.5
    Net capital inflows5.06.46.47.88.48.15.45.13.2
    Overall balance20.7−0.5−0.2−1.4−2.3−1.6−1.5−0.9−2.9
    Memorandum: Exports of goods and services22.724.430.336.033.030.730.032.735.7
    Asia
    Exports (f.o.b.)68.182.4107.7134.1146.8144.4154.2177.7198.0
    Imports (f.o.b.)72.293.7126.3164.5176.3166.9172.6190.1211.0
    Trade balance−4.1−11.3−18.6−30.4−29.4−22.4−18.3−12.5−13.0
    Net services and private transfers2.52.91.55.16.78.16.96.36.4
    Balance on current account−1.6−8.3−17.1−25.3−22.7−14.3−11.5−6.2−6.5
    Net official transfers1.81.92.62.62.72.72.72.62.8
    Net capital inflows5.411.119.224.123.516.314.912.113.5
    Overall balance25.64.74.71.43.54.66.28.59.7
    Memorandum: Exports of goods and services85.2104.4135.8169.9190.1191.1201.7229.1255.2
    Europe
    Exports (f.o.b.)24.928.634.741.546.745.845.550.054.2
    Imports (f.o.b.)38.742.053.062.964.758.055.157.261.4
    Trade balance−13.8−13.5−18.4−21.4−18.0−12.2−9.6−7.1−7.2
    Net services and private transfers4.76.38.38.77.65.34.24.14.2
    Balance on current account−9.1−7.2−10.1−12.7−10.4−6.9−5.4−3.1−3.0
    Net official transfers0.10.10.10.10.30.60.90.91.0
    Net capital inflows7.57.59.813.18.84.13.32.62.4
    Overall balance2−1.50.4−0.20.5−1.4−2.2−1.20.50.4
    Memorandum: Exports of goods and services32.738.047.557.164.260.358.964.770.3
    Middle East
    Exports (f.o.b.)9.410.212.817.218.016.815.216.818.5
    Imports (f.o.b.)18.720.926.633.436.533.932.634.638.0
    Trade balance−9.3−10.7−13.8−16.2−18.5−17.1−17.5−17.8−19.5
    Net services and private transfers4.24.55.48.17.97.57.38.58.9
    Balance on current account−5.1−6.2−8.4−8.1−10.6−9.6−10.2−9.3−10.6
    Net official transfers3.63.25.05.45.64.73.84.65.2
    Net capital inflows1.83.94.64.15.56.95.43.44.7
    Overall balance20.30.91.11.40.52.0−1.0−1.3−0.7
    Memorandum: Exports of goods and services15.719.024.233.334.733.932.135.538.5
    Western Hemisphere
    Exports (f.o.b.)41.045.158.074.780.374.676.285.494.9
    Imports (f.o.b.)40.847.063.285.191.671.255.460.066.4
    Trade balance0.2−1.9−5.2−10.4−11.33.320.825.428.4
    Net services and private transfers−8.7−11.4−16.1−22.7−34.6−42.2−36.3−42.5−44.0
    Balance on current account−8.5−13.3−21.3−33.1−45.9−38.9−15.5−17.1−15.5
    Net official transfers0.30.40.80.70.81.01.21.21.2
    Net capital inflows13.722.127.630.542.723.711.519.219.6
    Overall balance25.59.27.0−1.9−2.4−14.2−2.93.25.2
    Memorandum: Exports of goods and services53.760.879.5102.9112.0101.599.7110.3123.9

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

    Equal, with sign reversed, to sum of use of reserves, change in liabilities constituting foreign authorities’ reserves, and use of Fund credit. (See Table 27.)

    Table 23.Non-Oil Developing Countries: Selected Components of Balances on Current Account, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    All non-oil developing countries
    Balance on current account−30.4−42.9−63.3−88.7−108.5−85.9−52.6−45.0−45.0
    Trade balance−25.8−37.3−52.9−76.1−83.8−53.2−24.0−10.5−9.0
    Oil trade balance2−18.4−18.6−25.1−38.4−38.9−29.3−21.9−19.7−19.5
    Non–oil trade balance3−7.5−18.8−27.8−37.7−44.9−24.0−2.09.210.6
    Net services and private transfers−4.6−5.6−10.3−12.6−24.8−32.7−28.6−34.5−36.0
    Interest income, net4−10.6−13.4−17.6−26.1−40.3−51.5−50.5−54.4−60.5
    Other services and private transfers, net6.07.87.313.515.518.821.819.924.4
    Net oil exporters
    Balance on current account−6.4−7.9−8.6−11.0−23.4−17.3−4.4−6.5−7.6
    Trade balance−3.8−4.4−2.7−2.0−9.70.710.110.810.0
    Oil trade balance25.57.113.323.727.129.427.929.029.9
    Non–oil trade balance3−9.2−11.5−16.0−25.8−36.8−28.6−17.8−18.2−19.9
    Net services and private transfers−2.6−3.6−5.9−9.0−13.7−18.1−14.5−17.3−17.6
    Interest income, net4−2.7−3.5−3.1−4.3−6.9−10.5−11.2−11.6−13.9
    Other services and private transfers, net0.1−0.1−2.8−4.7−6.9−7.6−3.3−5.7−3.7
    Net oil importers (excluding China)
    Balance on current account−25.0−34.3−52.5−74.4−86.4−74.3−51.8−40.6−37.4
    Trade balance−22.5−31.8−47.7−70.5−75.1−58.6−36.3−22.1−17.3
    Oil trade balance2−24.6−26.6−40.2−65.1−69.3−62.0−52.8−51.6−52.3
    Non–oil trade balance32.1−5.2−7.5−5.3−5.83.416.529.535.0
    Net services and private transfers−2.6−2.5−4.8−3.9−11.3−15.7−15.4−18.5−20.1
    Interest income, net4−8.0−9.9−14.5−21.8−33.3−41.4−40.1−43.5−48.3
    Other services and private transfers, net5.57.59.617.922.025.724.625.028.2

    For classification of countries in groups shown here, see the introduction to this appendix. China, which is classified as a low-income country but is also a net oil exporter, is included in the total but not in the subgroups.

    Based on a c.i.f. valuation of oil imports.

    Calculated by residual.

    Comprises all investment income (including dividends), except payments of income on foreign direct investment.

    Table 24.Developing Countries: Current Account Balances as Percentage of Exports of Goods and Services, 1967–851
    Average
    1976–762
    197719781979198019811982198319841985
    Developing countries
    Weighted average−6.7−0.3−8.7−0.22.9−7.1−14.2−10.6−7.6−6.9
    Median−19.9−20.5−29.6−27.0−30.4−37.5−35.4−31.0−25.9−24.3
    Oil exporting countries
    Weighted average11.317.93.526.333.216.6−5.1−8.1−4.2−3.8
    Median8.419.33.524.231.85.41.5−1.6−2.5−3.8
    Non–oil developing countries
    Weighted average17.1−13.7−16.4−18.7−20.7−23.7−19.6−11.9−9.1−8.2
    Median22.0−21.5−30.7−29.1−34.1−42.4−36.9−33.9−29.4−25.9
    By analytical group
    Weighted averages
    Net oil exporters22.6−19.3−20.2−15.3−14.5−28.7−22.3−5.6−7.6−8.0
    Net oil importers16.2−12.7−15.7−19.4−22.0−22.6−19.0−13.2−9.4−8.3
    Major exporters of manufactures15.5−8.7−8.8−14.7−16.5−17.4−16.9−7.5−3.6−2.0
    Low–income countries22.7−9.1−26.7−29.8−32.8−25.3−16.6−15.4−17.2−20.7
    Excluding China and India46.5−41.9−59.0−58.3−59.6−66.3−65.6−51.6−50.4−47.5
    Other net oil importers13.5−21.6−23.0−23.1−27.3−32.3−24.7−24.4−18.2−15.8
    Medians
    Net oil exporters19.5−21.9−24.4−16.2−5.7−25.6−23.3−18.7−14.2−13.8
    Net oil importers22.4−21.5−32.7−30.4−36.7−42.5−42.0−36.1−32.5−27.6
    Major exporters of manufactures13.9−2.9−9.7−7.1−18.7−19.9−15.6−5.5−2.5
    Low–income countries41.1−41.8−69.5−69.0−67.5−66.4−87.5−74.8−59.7−58.7
    Other net oil importers16.9−17.8−23.8−24.5−27.9−36.3−32.1−30.8−25.7−24.1
    By area
    Weighted averages
    Africa (excluding South Africa)−20.6−29.0−38.1−31.7−35.1−42.9−42.3−34.0−28.7−26.8
    Asia12.9−1.9−8.0−12.6−14.9−11.9−7.5−5.7−2.7−2.6
    Europe−8.5−27.7−18.9−21.2−22.2−16.2−11.4−9.1−4.7−4.3
    Middle East−34.2−32.6−32.6−34.8−24.3−30.7−28.3−31.8−26.4−27.5
    Western Hemisphere−24.1−15.9−21.9−26.8−32.2−41.0−38.3−15.6−15.5−12.5
    Medians
    Africa (excluding South Africa)−26.8−22.9−46.8−38.8−51.6−55.4−62.1−53.0−41.4−35.2
    Asia21.8−22.5−32.5−28.7−36.4−35.1−30.5−31.6−27.2−25.7
    Europe−7.7−21.5−18.0−20.4−19.3−11.8−9.4−10.0−7.5−8.5
    Middle East−30.9−28.0−45.9−53.6−41.9−52.1−51.7−52.0−45.4−47.3
    Western Hemisphere21.1−20.1−12.7−18.9−24.3−37.5−30.9−25.0−24.8−21.5
    Memorandum item
    Major borrowers
    Weighted average−20.0−13.9−23.6−22.0−19.7−23.1−28.5−8.0−7.4−5.6
    Median−20.3−20.2−26.4−21.5−25.4−25.6−24.1−25.0−16.5−10.2

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

    Excludes China.

    Table 25.World Payments Balances on Current Account, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Industrial countries2−233− 5−38533−31−46
    Developing countries2−1−37−122−55−99−70−53−54
    Oil exporting countries2966211054−13−17−8−9
    Non-oil developing countries−30−43−63−89−109−86−53−45−45
    Subtotal−3−5−6−16−50−96−67−84−100
    Other countries3−3−532−15357
    Total−6−9−3−14−51−91−65−79−92
    Total asymmetry above, by selected categories
    Trade balance asymmetry171527342741681
    Of which,
    Timing asymmetry on trade4714279−2−95811
    Residual asymmetry on trade10125291311−10
    Asymmetry on account of services and private transfers−23−25−30−49−78−95−81−87−93

    Goods, services, and private transfers.

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

    This group comprises a number of countries outside the Fund membership, the most important of which are the U.S.S.R. and other nonmember countries of Eastern Europe. The figures are rough estimates based on incomplete information.

    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 26.Oil Exporting Countries: Estimated Disposition of Current Account Surplus, 1974–831

    (In billions of U.S. dollars)

    1974197519761977197819791980198119821983Total
    1974–83
    Current account surplus26935392966211053−13−17373
    Plus: Oil sector capital transactions (outflow −)3−121−6−12−9−2363−15
    Net borrowing423911161077151797
    Equals: Cash surplus available for disposition5939423924631156383455
    Disposition of cash surplus
    Fund and World Bank5432−1−1133620
    Loans and grants to non–oil developing countries657789911108781
    Bank deposits in industrial countries (net)730111313540422−16−13127
    Direct placements7212286432
    Eurocurrency deposits2391211332362201395
    Other placements82018201811156148133227

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

    As shown in Table 20.

    Mainly changes in accounts receivable from oil exports.

    Total net increase in external liabilities of public and private sectors (including banks). Includes small amounts of official transfer receipts, inward non-oil direct investment capital, and miscellaneous capital items. Excludes borrowing from other oil exporting countries.

    Includes lending to the Fund, other changes in the reserve position in the Fund, and direct purchases of World Bank bonds.

    Includes contributions and capital subscriptions to multilateral development agencies (other than the World Bank). Estimates are based on highly uncertain information.

    Includes deposits in Eurocurrency markets.

    Includes net acquisitions of government securities, corporate stocks and bonds, bilateral lending (except to non-oil developing countries), real estate and other direct investments, and prepayments for imports. Also includes unidentified placements and statistical discrepancies.

    Table 27.Developing Countries—Major Borrowers: Current Account Financing, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Current account deficit29.518.422.326.635.739.811.011.59.7
    Non-debt-creating flows, net2.44.15.85.27.78.83.44.55.0
    Official transfers0.10.30.40.40.70.50.60.60.6
    Direct investment flows, net2.53.74.34.26.34.62.63.03.3
    SDR allocations, valuation adjustments, and gold monetization−0.20.21.10.60.83.60.20.91.0
    Use of reserves−5.0−7.3−9.5−2.21.216.7−3.3−8.4−10.8
    Recorded errors and omissions3−3.2−3.2−2.7−16.9−19.9−21.2−13.5−8.1−8.1
    Net external borrowing415.224.828.840.446.735.424.423.423.7
    Reserve-related liabilities−0.4−0.6−0.51.11.07.77.9−1.11.9
    Liabilities constituting foreign authorities’ reserves5−0.50.1−0.30.40.21.5−1.1
    Use of Fund credit0.1−0.7−0.20.70.80.75.04.43.5
    Arrears5.54.1−5.4−1.5
    Long-term borrowing from official creditors, net62.22.33.22.65.05.07.111.27.7
    Other net external borrowing713.423.126.036.740.822.79.413.314.1
    Long term7.513.318.014.327.616.229.939.2
    From banks83.316.312.710.716.110.327.938.2
    Other4.2−3.05.33.611.55.82.01.1
    Short term6.09.78.022.413.16.5−20.5−26.0
    Note: Except where otherwise footnoted, estimates shown here are based on national balance of payments statistics, which are not always easily reconcilable with year-to-year changes in either debtor- or creditor-reported debt statistics, mainly because the balance of payments statistics include valuation adjustments and changes in financial assets as well as changes in liabilities.

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

    Net total of balances on goods, services, and private transfers, as defined in the yearbook issue of the Fund’s Balance of Payments Statistics (with sign reversed).

    Positioned here on the presumption that estimates reflect primarily unrecorded capital outflows. Estimates and projections for 1983–85 assume a gradual reversion to past “normal” levels.

    Includes any net use of nonreserve claims on nonresidents (apart from those implicit in “errors and omissions”).

    Comprises use of Fund credit and short-term borrowing by monetary authorities from other monetary authorities.

    Estimates, based on the debt statistics reported in Table 35, of net disbursements by official creditors (other than monetary institutions). Includes some bank lending guaranteed by official creditors.

    Residually calculated. Except for minor discrepancies in coverage, amounts shown reflect almost exclusively net external borrowing from private creditors.

    Refers only to long-term lending by banks guaranteed by government of debtor country. Bank lending also accounts for large fractions of unguaranteed long-term flows (included in other long-term flows) and short-term flows.

    Table 28.Non-Oil Developing Countries: Current Account Financing, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Current account deficit230.442.963.388.7108.585.952.645.045.0
    Non-debt-creating flows, net14.117.023.223.727.225.720.923.425.5
    Official transfers8.28.211.512.513.112.512.012.813.9
    Direct investment flows, net5.37.29.48.913.112.69.39.610.6
    SDR allocations, valuation adjustments, and gold monetization0.61.62.22.31.00.5−0.40.91.0
    Use of reserves−11.6−16.3−11.7−4.4−3.74.7−10.0−16.3−14.6
    Recorded errors and omissions3−6.1−5.7−1.2−13.1−15.2−19.6−12.5−7.5−7.5
    Net external borrowing434.147.953.182.4100.275.154.245.441.6
    Reserve-related liabilities2.81.8−0.74.99.514.611.31.42.7
    Liabilities constituting foreign authorities’ reserves51.41.6−1.32.00.70.7−0.8−0.20.8
    Use of Fund credit6−0.2−0.30.21.56.17.010.36.62.0
    Arrears1.60.50.41.42.66.91.8−5.0−0.1
    Long-term borrowing from official creditors, net712.713.716.919.424.323.524.526.421.2
    Other net external borrowing818.632.436.958.166.437.118.417.617.7
    Long term9.421.131.232.747.224.137.233.612.6
    From banks95.720.921.920.426.815.534.732.612.0
    Other3.70.29.312.320.48.62.50.90.6
    Short term9.211.35.725.419.213.0−18.7−16.05.1
    Note: Except where otherwise footnoted, estimates shown here are based on national balance of payments statistics, which are not always easily reconcilable with year-to-year changes in either debtor- or creditor-reported debt statistics, mainly because the balance of payments statistics include valuation adjustments and changes in financial assets as well as changes in liabilities.

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

    Net total of balances on goods, services and private transfers, as defined in the yearbook issue of the Fund’s Balance of Payments Statistics (with sign reversed).

    Positioned here on the presumption that estimates reflect primarily unrecorded capital outflows. Estimates and projections for 1983–85 assume a gradual reversion to past “normal” levels.

    Includes any net use of nonreserve claims on nonresidents (apart from those implicit in “errors and omissions”).

    Comprises use of Fund credit and short-term borrowing by monetary authorities from other monetary authorities.

    Projected use of Fund credit does not take into account prospective programs (except for Argentina and the Philippines).

    Estimates, based on the debt statistics reported in Table 35, of net disbursements by official creditors (other than monetary institutions). Includes some bank lending guaranteed by official creditors.

    Residually calculated. Except for minor discrepancies in coverage, amounts shown reflect almost exclusively net external borrowing from private creditors.

    Refers only to long-term lending by banks guaranteed by government of debtor country. Bank lending also accounts for large fractions of unguaranteed long-term flows (included in other long-term flows) and short-term flows.

    Table 29.Non-Oil Developing Countries—By Analytical Subgroup: Current Account Financing, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Net oil exporters
    Current account deficit6.47.98.611.023.417.34.46.57.6
    Use of reserves−2.0−1.4−3.5−3.4−0.83.6−2.0−3.7−4.0
    Non-debt-creating flows, net3.33.85.85.27.15.34.24.04.3
    Errors and omissions−3.4−1.20.6−3.4−8.1−9.8−6.3−3.8−3.8
    Net external borrowing8.46.75.712.625.218.38.510.011.1
    Long-term borrowing from official creditors4.42.82.33.53.83.45.13.14.2
    Reserve-related liabilities1.20.9−0.2−0.1−0.21.9−0.30.81.2
    Other borrowing2.83.03.69.221.712.93.76.05.8
    Major exporters of manufactures
    Current account deficit8.910.823.032.837.834.615.98.65.3
    Use of reserves−4.3−10.0−3.02.4−2.23.2−4.9−11.9−14.6
    Non-debt-creating flows, net4.56.37.26.87.08.46.39.29.7
    Errors and omissions−2.4−4.6−3.7−11.7−9.0−8.0−5.1−3.1−3.1
    Net external borrowing11.119.122.535.342.131.019.514.513.3
    Long-term borrowing from official creditors2.73.43.83.12.94.16.610.05.2
    Reserve-related liabilities0.1−0.4−1.71.36.35.4−1.60.9
    Other borrowing8.216.220.432.237.920.67.56.27.2
    Low-income countries (excluding China and India)
    Current account deficit5.48.510.012.012.611.89.910.410.7
    Use of reserves1.00.2−0.2−0.4−0.10.1−1.30.31.2
    Non-debt-creating flows, net2.72.93.94.34.44.54.54.54.9
    Errors and omissions0.20.40.40.50.30.60.40.20.2
    Net external borrowing3.44.95.97.68.06.66.35.44.4
    Long-term borrowing from official creditors2.13.25.34.85.75.94.34.53.5
    Reserve-related liabilities0.20.30.11.61.72.10.90.2−0.2
    Other borrowing1.21.40.41.20.7−1.51.10.71.1
    Other non-oil developing countries
    Current account deficit12.515.318.927.433.124.723.519.218.2
    Use of reserves−1.8−4.0−3.3−3.10.14.01.71.73.5
    Non-debt-creating flows, net3.33.65.56.98.06.85.24.95.6
    Errors and omissions−1.0−1.30.61.61.2−2.8−1.8−1.1−1.1
    Net external borrowing12.017.016.222.023.816.718.313.610.2
    Long-term borrowing from official creditors3.93.44.56.29.87.67.06.45.7
    Reserve-related liabilities1.71.31.13.15.92.74.31.61.0
    Other borrowing6.412.310.612.78.26.47.05.73.5

    For classification of countries, see the introduction to this appendix. For definitions of stub entries, see Table 27.

    Table 30.Non-Oil Developing Countries—By Region: Current Account Financing, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Africa (excluding South Africa)
    Current account deficit6.69.39.612.614.113.010.29.49.6
    Use of reserves−0.8−0.2−0.30.30.20.6−0.50.22.8
    Non-debt-creating flows, net2.83.23.94.74.74.74.14.14.4
    Errors and omissions−0.10.2−0.10.50.4−0.1−0.1
    Net external borrowing4.76.06.17.18.97.86.65.12.4
    Long-term borrowing from official creditors3.03.34.84.25.26.03.12.02.1
    Reserve-related liabilities0.20.80.31.72.62.61.70.6
    Other borrowing1.51.81.11.31.0−0.71.82.50.3
    Asia
    Current account deficit1.68.317.125.322.714.311.56.26.5
    Use of reserves−5.3−4.4−4.7−2.7−6.6−6.9−8.1−9.2−8.9
    Non-debt-creating flows, net3.34.65.15.87.76.46.27.27.8
    Errors and omissions−0.2−0.10.4−0.6−1.0−2.3−1.5−0.9−0.9
    Net external borrowing3.88.316.222.822.717.114.89.18.5
    Long-term borrowing from official creditors2.34.35.66.39.37.87.29.07.6
    Reserve-related liabilities−0.3−0.2−0.11.33.22.53.20.6−0.7
    Other borrowing1.84.310.615.210.16.84.4−0.51.5
    Europe
    Current account deficit9.17.210.112.710.46.95.43.13.0
    Use of reserves1.1−0.81.2−0.20.21.4−0.1−0.80.2
    Non-debt-creating flows, net0.80.81.31.21.21.41.61.71.7
    Errors and omissions−1.7−2.2−0.3−0.51.81.30.80.50.5
    Net external borrowing8.99.47.912.27.32.83.01.70.7
    Long-term borrowing from official creditors1.30.7−0.22.02.72.21.72.30.7
    Reserve-related liabilities1.80.7−0.5−0.32.30.40.50.3−0.5
    Other borrowing5.88.08.610.42.30.30.8−0.90.4
    Middle East
    Current account deficit5.16.28.48.110.69.610.29.310.6
    Use of reserves−1.7−1.9−1.0−1.2−1.71.11.00.2
    Non-debt-creating flows, net4.23.76.15.55.65.54.45.35.9
    Errors and omissions−0.20.1−0.20.20.90.60.30.3
    Net external borrowing2.94.23.63.84.84.94.12.74.1
    Long-term borrowing from official creditors3.33.63.92.82.63.62.82.22.6
    Reserve-related liabilities1.41.0−0.2−0.5−0.3−0.10.30.5
    Other borrowing−1.8−0.3−0.21.22.71.61.40.21.1
    Western Hemisphere
    Current account deficit8.513.321.333.145.938.915.517.115.5
    Use of reserves−5.0−8.9−6.80.21.611.1−1.6−7.6−9.0
    Non-debt-creating flows, net2.95.07.16.98.27.44.54.95.5
    Errors and omissions−3.2−3.3−0.4−10.9−16.8−19.0−12.1−7.3−7.3
    Net external borrowing13.920.521.537.052.939.524.827.026.2
    Long-term borrowing from official creditors2.81.72.74.24.53.99.710.98.2
    Reserve-related liabilities−0.4−0.2−0.12.51.98.66.0−0.43.5
    Other borrowing11.519.118.830.346.627.09.116.514.5

    For classification of countries in groups shown here, see the introduction to this appendix. For definitions of stub entries, see Table 27.

    Table 31.Non-Oil Developing Countries: Financing of Current Account Deficits and Reserve Accretions, 1977–851
    197719781979198019811982198319841985
    (In billions of U.S. dollars)
    Current account deficit30.442.963.388.7108.585.952.645.045.0
    Increase in official reserves11.616.311.74.43.7−4.710.016.314.6
    Total42.159.275.093.0112.281.262.661.359.6
    Financed by
    Non-debt-creating flows, net14.117.023.223.727.225.720.923.425.5
    Long-term borrowing from official creditors, net12.713.716.919.424.323.524.526.421.2
    Borrowing from private creditors, net18.632.436.958.166.437.118.417.617.7
    Reserve-related liabilities2.81.8−0.74.99.514.611.31.42.7
    Errors and omissions−6.1−5.7−1.2−13.1−15.2−19.6−12.5−7.5−7.5
    (In percent)
    Distribution of financing flows
    Non-debt-creating flows, net33.528.830.925.524.331.633.438.242.8
    Long-term borrowing from official creditors, net30.123.122.520.921.728.939.143.035.6
    Borrowing from private creditors, net44.354.749.362.459.145.729.528.729.7
    Reserve-related liabilities6.63.1−1.05.38.418.018.02.34.5
    Errors and omissions−14.5−9.6−1.6−14.1−13.5−24.2−20.0−12.3−12.6

    For classification of countries, see the introduction to this appendix. For definitions of stub entries, see Table 27.

    Table 32.Non-Oil Developing Countries: Distribution of Financing Flows for Current Account Deficits and Reserve Accretions, 1977–851

    (In Percent)

    197719781979198019811982198319841985
    By analytical group
    Net oil exporters
    Non-debt-creating flows, net404148363038653937
    Long-term borrowing from official creditors532919241625813136
    Borrowing from private creditors, net343330649094585949
    Reserve-related liabilities1410−2−1−114−5810
    Errors and omissions−40−135−24−34−71−98−37−32
    Net oil importers
    Non-debt-creating flows, net322628242330303844
    Long-term borrowing from official creditors242223202330344536
    Borrowing from private creditors, net475953625136262325
    Reserve-related liabilities52−1611192113
    Errors and omissions−8−9−3−12−8−15−11−7−8
    Major exporters of manufactures
    Non-debt-creating flows, net343028221827304549
    Long-term borrowing from official creditors21161510713324826
    Borrowing from private creditors, net6378781069566363036
    Reserve-related liabilities1−2−632026−84
    Errors and omissions−18−22−14−38−23−26−25−15−15
    Low-income countries (excluding China and India)
    Non-debt-creating flows, net433638353539404552
    Long-term borrowing from official creditors334052394551384436
    Borrowing from private creditors, net1917495−1210712
    Reserve-related liabilities33113131882−2
    Errors and omissions354425322
    Other net oil importers
    Non-debt-creating flows, net231925222433242838
    Long-term borrowing from official creditors271820203037323639
    Borrowing from private creditors, net446448422531323324
    Reserve-related liabilities12651018132097
    Errors and omissions−7−7354−13−8−6−7
    By area
    Africa (excluding South Africa)
    Non-debt-creating flows, net383439383437394566
    Long-term borrowing from official creditors403548343848292231
    Borrowing from private creditors, net212011107−617275
    Reserve-related liabilities393141821167−1
    Errors and omissions−13−143−1−1−1
    Asia
    Non-debt-creating flows, net483624212630324751
    Long-term borrowing from official creditors333426233237375850
    Borrowing from private creditors, net26334954353222−310
    Reserve-related liabilities−4−251112164−5
    Errors and omissions−2−12−2−3−11−8−6−6
    Europe
    Non-debt-creating flows, net10101491225294360
    Long-term borrowing from official creditors169−2152640315926
    Borrowing from private creditors, net7399968122515−2315
    Reserve-related liabilities239−5−223798−18
    Errors and omissions−22−27−3−41723151217
    Middle East
    Non-debt-creating flows, net614664595349496357
    Long-term borrowing from official creditors494441392532312725
    Borrowing from private creditors, net−26−4−213251415211
    Reserve-related liabilities2012−2−5−3−244
    Errors and omissions−32−228643
    Western Hemisphere
    Non-debt-creating flows, net212225211926262023
    Long-term borrowing from official creditors21810131014564433
    Borrowing from private creditors, net8586679210597536759
    Reserve-related liabilities−3−1843135−214
    Errors and omissions−24−15−1−33−38−68−71−29−30

    For classification of countries in groups shown here, see the introduction to this appendix. For definitions of stub entries shown here, see Table 27.

    Table 33.Non-Oil Developing Countries: Reserves and Ratios of Reserves to Imports of Goods and Services, 1977–851
    197719781979198019811982198319841985
    (In billions of U.S. dollars)
    Official reserve holdings
    All non-oil developing countries68.684.794.896.196.992.4100.2116.6131.3
    By analytical group
    Net oil exporters9.310.413.416.817.313.315.218.822.5
    Net oil importers59.374.381.479.379.679.185.197.7108.8
    Major exporters of manufactures28.138.039.935.738.035.838.850.763.9
    Low-income countries12.513.215.414.914.820.325.728.127.7
    Excluding China and India4.54.34.84.54.23.85.14.83.8
    Other net oil importers18.623.126.228.726.722.920.618.917.2
    By area
    Africa (excluding South Africa)4.54.85.45.04.43.83.83.62.6
    Asia27.230.434.235.840.547.955.965.173.1
    Europe8.610.69.710.39.57.68.69.49.3
    Middle East7.19.09.810.610.511.29.68.68.4
    Western Hemisphere20.328.934.833.131.021.121.228.736.8
    Memorandum item
    Major borrowers227.532.838.034.333.022.424.833.142.8
    (In percent)
    Ratios of reserves to imports of goods and services3
    All non-oil developing countries26.026.622.717.916.517.019.420.821.4
    By analytical group
    Net oil exporters23.522.020.819.316.414.018.520.321.9
    Net oil importers26.427.423.117.616.517.619.620.921.2
    Major exporters of manufactures24.427.221.314.914.414.516.519.822.7
    Low-income countries36.228.725.719.319.228.235.135.231.6
    Excluding China and India23.017.316.512.612.011.215.313.610.0
    Other net oil importers25.027.124.821.518.817.516.314.412.2
    By area
    Africa (excluding South Africa)15.314.013.310.29.18.69.38.45.7
    Asia30.426.121.717.718.522.525.326.827.1
    Europe18.520.915.013.211.310.112.112.711.6
    Middle East29.733.027.823.921.523.921.117.916.0
    Western Hemisphere32.238.634.224.219.515.018.222.426.2
    Memorandum item
    Major borrowers235.233.830.621.217.312.516.619.823.3

    For this table, official holdings of gold are valued at SDR 35 an ounce. This convention results in a significant underestimate of the reserves of those groups of countries that have substantial holdings of gold. For classification of countries in groups shown here, see the introduction to this appendix.

    Includes two oil exporting countries: Indonesia and Venezuela.

    Ratio of year-end reserves to imports of goods and services during the year indicated.

    Table 34.Developing Countries: Use of Fund Credit, 1977–841

    (In billions of U.S. dollars)

    19771978197919801981198219831984
    Developing countries0.20.30.21.56.17.011.76.6
    Of which, major borrowers0.1−0.7−0.20.70.80.75.04.4
    Non-oil developing countries0.20.30.21.56.17.010.36.6
    By analytical group
    Net oil exporters0.1−0.1−0.20.10.51.11.4
    Net oil importers−0.3−0.30.31.76.06.59.25.3
    Major exporters of manufactures−0.1−0.6−0.40.51.12.04.13.4
    Low-income countries−0.3−0.20.20.62.12.71.90.6
    Excluding China and India0.10.20.31.21.10.90.1
    Other net oil importers20.50.50.62.91.83.21.3
    By area
    Africa (excluding South Africa)0.10.30.40.51.71.21.40.8
    Asia−0.3−0.21.03.12.21.90.6
    Europe0.10.10.61.21.21.40.8
    Middle East0.10.1−0.1−0.3−0.2
    Western Hemisphere−0.1−0.50.1−0.20.31.55.64.4
    Memorandum item
    Drawings outstanding at end of year2
    Developing countries8.08.08.39.514.921.231.337.9
    Non-oil developing countries8.08.08.39.514.921.230.837.4

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

    Year-to-year changes in drawings do not necessarily match corresponding use of Fund credit estimates because of valuation adjustments.

    External Debt

    Table 35.Developing Countries: External Debt Outstanding, 1977–851

    (In billions of U.S. dollars)

    197719781979198019811982198319841985
    Developing countries 2327.6396.0469.3559.1650.8741.0782.0826.7863.4
    Short-term debt57.370.481.8113.2136.0150.2130.798.9104.2
    Long-term debt270.3325.6387.5445.9514.7590.8651.3727.8759.2
    By type of creditor
    Official creditors109.2129.0147.2169.5189.1211.9238.1267.9290.7
    Governments75.988.799.4112.0122.0134.4150.6169.2180.8
    International institutions33.240.347.857.567.177.587.598.7109.9
    Private creditors161.2196.5240.3276.4325.6378.8413.2459.9468.6
    Unguaranteed debt57.058.669.382.4102.6118.1119.0118.6118.6
    Guaranteed debt104.2137.9171.0194.0223.0260.7294.2341.3350.0
    Financial institutions72.298.5129.2151.0177.2209.3242.6288.8296.7
    Other private creditors32.039.441.843.045.851.451.652.553.3
    Of which,
    Major borrowers127.2155.9190.9233.7286.1337.7350.1370.2384.5
    Short-term debt24.531.742.166.081.993.372.846.950.3
    Long-term debt102.7124.2148.9167.7204.2244.4277.3323.3334.3
    From official creditors22.626.328.731.735.740.047.158.466.1
    From private creditors80.197.9120.2136.1168.5204.4230.1264.9268.2
    Non-oil developing countries288.0342.9403.6484.6572.4649.7685.5728.9764.6
    Short-term debt48.358.064.790.7111.2129.3110.694.698.9
    Long-term debt239.7285.0338.9393.9461.2520.4574.9634.2665.8
    By type of creditor
    Official creditors99.4118.0134.9155.8174.8195.4219.9246.3267.5
    Governments68.079.989.6101.1110.8122.1137.2153.4164.5
    International institutions31.438.145.354.863.973.382.792.8102.9
    Private creditors140.3167.0203.9238.0286.4325.0355.0388.0398.3
    Unguaranteed debt52.253.763.976.596.0107.0108.1107.7107.7
    Guaranteed debt88.1113.3140.0161.5190.4217.9246.9280.3290.6
    Financial institutions61.881.7106.8126.8152.8176.1204.1236.2246.0
    Other private creditors26.331.633.234.637.641.942.844.144.6
    Long-term and short-term debt by analytical group
    Net oil exporters60.172.884.8102.6133.3154.2164.2173.6181.2
    Net oil importers227.9270.1318.8382.0439.1495.5521.3555.2583.4
    Major exporters of manufactures112.0132.7157.2191.4224.2259.3271.1287.3300.1
    Low-income countries49.055.162.871.776.882.888.896.6104.0
    Excluding China and India28.432.638.144.550.555.259.664.167.7
    Other net oil importers66.982.398.7118.9138.1153.3161.4171.3179.3
    Long-term and short-term debt by area
    Africa (excluding South Africa)31.037.145.150.856.362.766.269.371.8
    Asia69.879.593.6115.8133.9154.0167.7185.5200.0
    Europe37.947.054.766.370.372.175.077.679.5
    Middle East21.930.836.241.546.250.855.658.762.9
    Western Hemisphere109.5132.5158.1193.4246.7287.5299.1315.3327.6

    Does not include debt owed to the Fund (shown in Table 34). For classification of countries in groups shown here, see the introduction to this appendix.

    Excludes, for purposes of this table, eight oil exporting countries: the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

    Table 36.Developing Countries: Long-Term and Sbort- Term External Debt Relative to Exports and to GDP, 1977–85 1

    (In percent)

    197719781979198019811982198319841985
    Ratio of external debt to exports of goods and services 2
    Developing countries 3124.4131.0118.0108.6120.1145.8154.5146.8139.2
    Of which, major borrowers185.8199.7188.2173.6184.8241.9254.5238.6222.0
    Non-oil developing countries129.5131.0119.5113.1125.0148.3154.4147.4139.8
    By analytical group
    Net oil exporters181.4185.9151.8135.0163.5198.4210.8201.5190.8
    Net oil importers120.4121.3113.1108.4116.7137.5142.4136.0129.1
    Major exporters of manufactures109.9108.0100.196.3103.1126.8127.6119.1111.3
    Low-income countries166.0164.7146.3134.8136.2148.1154.8155.8156.3
    Excluding China and India220.1228.0222.0220.6265.2307.1311.6311.3300.7
    Other net oil importers115.7124.1120.6118.5134.8153.4167.9163.1154.9
    By area
    Africa (excluding South Africa)136.4151.6149.2141.2170.9204.0220.7212.0201.4
    Asia81.976.168.968.170.480.683.181.078.4
    Europe115.7123.7115.2116.1109.5119.5127.2119.9113.1
    Middle East138.9162.2149.4124.4133.3149.8173.2165.5163.4
    Western Hemisphere203.9217.8198.8187.9220.3283.2300.0285.9264.4
    Ratio of external debt to GDP 2
    Developing countries 324.625.525.425.528.532.835.335.634.2
    Of which, major borrowers29.730.632.532.735.342.547.547.846.5
    Non-oil developing countries24.424.724.425.028.432.834.935.434.3
    By analytical group
    Net oil exporters38.941.439.736.338.750.160.457.756.1
    Net oil importers22.222.322.223.126.329.630.931.630.6
    Major exporters of manufactures26.226.326.728.231.635.837.437.836.6
    Low-income countries14.113.212.912.713.915.115.315.715.3
    Excluding China and India35.434.035.135.342.245.847.648.445.0
    Other net oil importers26.528.527.029.133.838.042.045.044.3
    By area
    Africa (excluding South Africa)36.036.737.935.743.449.754.657.754.0
    Asia15.915.014.916.018.220.621.321.821.3
    Europe21.423.120.824.627.928.934.437.336.7
    Middle East45.055.363.459.159.458.656.455.352.2
    Western Hemisphere28.029.430.129.933.741.145.945.645.0

    Does not include debt owed to the Fund. For classification of countries in groups shown here, see the introduction to this appendix.

    Ratio of year-end debt to exports or GDP for year indicated.

    Excludes, for purposes of this table, eight oil exporting countries: the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

    Table 37.Non-Oil Developing Countries: Distribution of Debt by Class of Creditor, End of Year, 1977–851

    (In Precent)

    197719781979198019811982198319841985
    All non-oil developing countries
    Total outstanding debt100.0100.0100.0100.0100.0100.0100.0100.0100.0
    Short-term debt16.816.916.018.719.419.916.113.012.9
    Long-term debt83.283.184.081.380.680.183.987.087.1
    To official creditors34.534.433.432.230.530.132.133.835.0
    To governments23.623.322.220.919.418.820.021.021.5
    To international institutions10.911.111.211.311.211.312.112.713.5
    To private creditors48.748.750.549.150.050.051.853.252.1
    To financial institutions221.523.826.526.226.727.129.832.432.2
    To other private creditors27.324.924.122.923.422.922.020.819.9
    By analytical group
    Net oil exporters
    Total outstanding debt100.0100.0100.0100.0100.0100.0100.0100.0100.0
    Short-term debt10.516.416.421.425.624.615.713.915.1
    Long-term debt89.583.683.678.674.475.484.386.184.9
    To official creditors29.930.328.827.223.221.923.724.225.5
    To private financial institutions234.534.935.933.632.832.440.943.741.7
    To other private creditors25.1