Chapter

STATISTICAL APPENDIX

Author(s):
International Monetary Fund. Research Dept.
Published Date:
April 2004
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The statistical appendix presents historical data, as well as projections. It comprises five sections: Assumptions, What’s New, Data and Conventions, Classification of Countries, and Statistical Tables.

The assumptions underlying the estimates and projections for 2004-05 and the medium-term scenario for 2006-09 are summarized in the first section. The second section presents a brief description of changes to the database and statistical tables. The third section provides a general description of the data, and of the conventions used for calculating country group composites. The classification of countries in the various groups presented in the World Economic Outlook is summarized in the fourth section.

The last, and main, section comprises the statistical tables. Data in these tables have been compiled on the basis of information available through early April 2004. The figures for 2004 and beyond are shown with the same degree of precision as the historical figures solely for convenience; since they are projections, the same degree of accuracy is not to be inferred.

Assumptions

Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the period February 13–March 12, 2004. For 2004 and 2005, these assumptions imply average U.S. dollar/SDR conversion rates of 1.474 for 2004 and 1.476 for 2005, U.S. dollar/euro conversion rate of 1.23 for both years, and U.S. dollar/yen conversion rates of 109.1 and 106.2, respectively.

Established policies of national authorities are assumed to be maintained. The more specific policy assumptions underlying the projections for selected advanced economies are described in Box A1.

It is assumed that the price of oil will average $30.00 a barrel in 2004 and $27.00 a barrel in 2005.

With regard to interest rates, it is assumed that the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits will average 1.3 percent in 2004 and 3.5 percent in 2005; that the three-month interbank deposit rate for the euro will average 2.1 percent in 2004 and 2.6 percent in 2005; and that the three-month certificate of deposit rate in Japan will average 0.1 percent in 2004 and 0.4 percent in 2005.

With respect to introduction of the euro, on December 31, 1998 the Council of the European Union decided that, effective January 1, 1999, the irrevocably fixed conversion rates between the euro and currencies of the member states adopting the euro are:

1 euro = 13.7603Austrian schillings
= 40.3399Belgian francs
= 1.95583Deutsche mark
= 5.94573Finnish markkaa
= 6.55957French francs
= 340.750Greek drachma1
= 0.787564Irish pound
= 1,936.27Italian lire
= 40.3399Luxembourg francs
= 2.20371Netherlands guilders
= 200.482Portuguese escudos
= 166.386Spanish pesetas

See Box 5.4 in the October 1998 World Economic Outlook for details on how the conversion rates were established.

Box A1.Economic Policy Assumptions Underlying the Projections for Selected Advanced Economies

The short-term fiscal policy assumptions used in the World Economic Outlook are based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions and projected fiscal outturns. The medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. In cases where the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed, unless otherwise indicated. Specific assumptions used in some of the advanced economies follow (see also Tables 1416 in the Statistical Appendix for data on fiscal and structural balances).1

United States. The fiscal projections are based on the Administration’s FY2005 budget projections (February 2, 2004) adjusted to take into account (1) differences between macroeconomic assumptions; (2) the likelihood that additional Alternative Minimum Tax (AMT) relief would be provided; (3) a repeal of the Foreign Sales Corporation/ Extraterritorial Income (FSC/ETI) tax credit; and (4) a supplemental request in late 2004 to fund ongoing operations in Iraq and Afghanistan. The 2001 and 2003 tax cuts are assumed to be made permanent, and discretionary spending is assumed to be held tightly under control in line with Administration policy statements.

Japan. The medium-term projections for social security revenue and expenditure assume implementation of the pension reform currently under discussion. For the rest of the general government (excluding social security), expenditure and revenue are adjusted in line with the current government target of achieving primary balance by the early 2010s.

Germany. Fiscal projections for 2004-07 are based on the authorities’ Stability Program update of December 2003, adjusted for (1) differences between the IMF staff’s and the authorities’ macroeconomic assumptions; and (2) the fiscal and structural measures adopted after the release of the Stability Report update.

France. The projections are based on the authorities’ budget for 2004, the 2005-07 Stability Program, as well as on the authorities’ March 2004 update projections for 2004-05, and the IMF staff’s macroeconomic assumptions. For 2008-09, the IMF staff assumes unchanged tax policies and real expenditure growth at the average rate of that under the Stability Program (2005-07).

Italy. Fiscal projections for 2004 reflect IMF staff’s assessment of the authorities’ budget, adjusted for the IMF staff’s macroeconomic projections, and assumption that the authorities will make use of their discretionary control of spending (which was enhanced in late 2002) to avoid breaking the 3 percent of GDP ceiling if the deviation is relatively small. For 2005 and beyond, the projections assume a constant structural primary balance, net of asset sales.

United Kingdom. The fiscal projections are based on information provided in the 2004 Budget Report. Additionally, the projections incorporate the most recent statistical releases from the Office for National Statistics, including provisional budgetary outturns through December 2003. The computation of the structural fiscal balance is based on IMF staff projections of the output gap.

Canada. Projections are based on the 2004 budget, released on March 23, 2004. The federal government balance is the IMF staff’s estimate of the planning surplus (budgetary balance less contingency and economic reserves).

Australia. The fiscal projections through the fiscal year 2006/07 are based on the Mid-Year Economic and Fiscal Outlook 2003-04, which was published by the Australian Treasury in November 2003. For the remainder of the projection period, the IMF staff assumes unchanged policies.

Austria. Projections for 2004 reflect the 2004 budget. Projections for 2005-07 reflect the Stability Program’s expenditure and deficit objectives. Projections for 2008-09 assume further improvement in the structural and overall balances based on expenditure measures, consistent with achieving a broadly balanced budget over the cycle.

Belgium. Fiscal projections for 2004 are consistent with the budget. Projections for subsequent years are based on the deficit targets included in the coalition agreement of June 2003, adjusted for the IMF staff’s macroeconomic assumptions.

Denmark. Projections for 2003 and 2004 are aligned with the latest projections and budget, respectively, presented by the authorities, but adjusted for the IMF staff’s macroeconomic projections. For the years 2005 to 2008, the projections are in line with the authorities’ medium-term framework—adjusted for the IMF staff’s macroeconomic projections—targeting an average budget surplus of 1.5–2.5 percent of GDP, supported by a ceiling on real public consumption growth.

Korea. For 2004, it is assumed that the fiscal outcome will be in line with the budget. In the medium term, fiscal policy is assumed consistent with achieving a balanced budget excluding social security funds.

Netherlands. Projections for 2004-09 are based on the latest stability program, adjusted for the IMF staff’s macroeconomic assumptions. Additional policy measures in 2004 are assumed to compensate for the worse-than-expected outturn of the fiscal balance in 2003.

Portugal. Fiscal projections for 2004 build on the authorities’ latest (March 2004) fiscal estimates for 2003 and their 2004 targets (including the 2004 budget target for one-off measures), adjusted for the IMF staff’s macroeconomic projections for 2004. Projections for 2005 and beyond assume a constant structural primary balance.

Spain. Fiscal projections through 2007 are based on the policies outlined in the national authoritie’ updated stability program of January 2004, adjusted for the IMF staff’s macroeconomic projections. In subsequent years, the fiscal projections assume no significant changes in these policies.

Sweden. The fiscal projections are based on information provided in the 2004 Budget released in September 2003. Additionally, they incorporate the most recent statistical releases from Statistics Sweden, including provisional budgetary outturns through December 2003.

Switzerland. Projections for 2004 are based on federal budget plans and IMF staff projections for lower levels of government. Projections for 2005-07 are based on official financial plans (which include measures to restore balance in the Federal accounts and strengthen the finances of social security), adjusted for the staff’s macroeconomic projections. Beyond 2007, the general government’s balance is assumed to remain unchanged.

Monetary policy assumptions are based on the established policy framework in each country. In most cases, this implies a nonaccommodative stance over the business cycle: official interest rates will therefore increase when economic indicators suggest that prospective inflation will rise above its acceptable rate or range; and they will decrease when indicators suggest that prospective inflation will not exceed the acceptable rate or range, that prospective output growth is below its potential rate, and that the margin of slack in the economy is significant. On this basis, the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits is assumed to average 1.3 percent in 2004 and 3.5 percent in 2005. The projected path for U.S. dollar short-term interest rates reflects the assumption implicit in prevailing forward rates that the U.S. Federal Reserve will begin to raise interest rates in late 2004. The interest rate on six-month Japanese yen deposits is assumed to average 0.1 percent in 2004 and 0.4 percent in 2005, with the current monetary policy framework being maintained. The rate on six-month euro deposits is assumed to average 2.1 percent in 2004 and 2.6 percent in 2005. Changes in interest rate assumptions compared with the September 2003 World Economic Outlook are summarized in Table 1.1.

1 The output gap is actual less potential output, as a percent of potential output. Structural balances are expressed as a percent of potential output. The structural budget balance is the budgetary position that would be observed if the level of actual output coincided with potential output. Changes in the structural budget balance consequently include effects of temporary fiscal measures, the impact of fluctuations in interest rates and debt-service costs, and other noncyclical fluctuations in the budget balance. The computations of structural budget balances are based on IMF staff estimates of potential GDP and revenue and expenditure elasticities (see the October 1993 World Economic Outlook, Annex I). Net debt is defined as gross debt less financial assets of the general government, which include assets held by the social security insurance system. Estimates of the output gap and of the structural balance are subject to significant margins of uncertainty.

What’s New

  • The former three-way split of the world (advanced economies, developing countries, and countries in transition) has been revised to classify countries into two categories: advanced economies and other emerging market and developing countries. This revision reflects changes to the world economic environment: (1) a number of transition countries have made important progress toward becoming market economies, (2) the group of transition economies has become less coherent in terms of economic structure, and (3) the macroeconomic conditions in and policy challenges facing such economies have become more similar to those facing emerging market and developing countries more generally. Given the accession of eight countries in central and eastern Europe to the European Union in May 2004, this issue of the World Economic Outlook removes the transition category. The analytical groups now comprise all countries from the former developing and transition groups. Tables AF provide details on the country composition of the regional and analytical groups.

  • The Democratic Republic of Timor-Leste is now included in the WEO database.

  • Country projections for the current account balance are included.

  • The purchasing-power-parity (PPP) weights have been updated to reflect the new price surveys conducted by the World Bank using the new benchmark year of 2000. See Box A2 for additional details.

Data and Conventions

Data and projections for 175 countries form the statistical basis for the World Economic Outlook (the World Economic Outlook database). The data are maintained jointly by the IMF’s Research Department and area departments, with the latter regularly updating country projections based on consistent global assumptions.

Although national statistical agencies are the ultimate providers of historical data and definitions, international organizations are also involved in statistical issues, with the objective of harmonizing methodologies for the national compilation of statistics, including the analytical frameworks, concepts, definitions, classifications, and valuation procedures used in the production of economic statistics. The World Economic Outlook database reflects information from both national source agencies and international organizations.

The completion in 1993 of the comprehensive revision of the standardized System of National Accounts 1993 (SNA) and the IMF’s Balance of Payments Manual (BPM) represented important improvements in the standards of economic statistics and analysis.2 The IMF was actively involved in both projects, particularly the new Balance of Payments Manual, which reflects the IMF’s special interest in countries’ external positions. Key changes introduced with the new Manual were summarized in Box 13 of the May 1994 World Economic Outlook. The process of adapting country balance of payments data to the definitions of the new BPM began with the May 1995 World Economic Outlook. However, full concordance with the BPM is ultimately dependent on the provision by national statistical compilers of revised country data, and hence the World Economic Outlook estimates are still only partially adapted to the BPM.

The members of the European Union have adopted a harmonized system for the compilation of the national accounts, referred to as ESA 1995. All national accounts data from 1995 onward are presented on the basis of the new system. Revision by national authorities of data prior to 1995 to conform to the new system has progressed, but has in some cases not been completed. In such cases, historical World Economic Outlook data have been carefully adjusted to avoid breaks in the series. Users of European Union (EU) national accounts data prior to 1995 should nevertheless exercise caution until such time as the revision of historical data by national statistical agencies has been fully completed. See Box 1.2, “Revisions in National Accounts Methodologies,” in the May 2000 World Economic Outlook.

Composite data for country groups in the World Economic Outlook are either sums or weighted averages of data for individual countries. Unless otherwise indicated, multiyear averages of growth rates are expressed as compound annual rates of change. Arithmetically weighted averages are used for all data except inflation and money growth for the other emerging market and developing country group, for which geometric averages are used. The following conventions apply.

  • Country group composites for exchange rates, interest rates, and the growth rates of monetary aggregates are weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.

  • Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total world or group GDP.3

  • Composites for data relating to the domestic economy for the euro area (12 member countries throughout the entire period unless otherwise noted) are aggregates of national source data using weights based on 1995 ECU exchange rates.

  • Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.

  • Composites relating to the external economy are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars. Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percentage changes for individual countries weighted by the U.S. dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).

For central and eastern European countries, external transactions in nonconvertible currencies (through 1990) are converted to U.S. dollars at the implicit U.S. dollar/ruble conversion rates obtained from each country’s national currency exchange rate for the U.S. dollar and for the ruble.

Classification of Countries

Summary of the Country Classification

The country classification in the World Economic Outlook divides the world into two major groups: advanced economies and other emerging market and developing countries.4 Rather than being based on strict criteria, economic or otherwise, this classification has evolved over time with the objective of facilitating analysis by providing a reasonably meaningful organization of data. A few countries are presently not included in these groups, either because they are not IMF members and their economies are not monitored by the IMF, or because databases have not yet been fully developed. Because of data limitations, group composites do not reflect the following countries: Afghanistan, Bosnia and Herzegovina, Brunei Darussalam, Eritrea, Liberia, Serbia and Montenegro, Somalia, and Timor-Leste. Cuba and the Democratic People’s Republic of Korea are examples of countries that are not IMF members, whereas San Marino, among the advanced economies, is an example of an economy for which a database has not been completed.

Each of the two main country groups is further divided into a number of subgroups. Among the advanced economies, the seven largest in terms of GDP, collectively referred to as the major advanced countries, are distinguished as a subgroup, and so are the 15 current members of the European Union, the 12 members of the euro area, and the four newly industrialized Asian economies. The other emerging market and developing countries are classified by region, as well as into a number of analytical and other groups. Table A provides an overview of these standard groups in the World Economic Outlook, showing the number of countries in each group and the average 2003 shares of groups in aggregate PPP-valued GDP, total exports of goods and services, and population.

Table A.Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20031(Percent of total for group or world)
Number of CountriesGDPExports of Goods

and Services
Population
Advanced economiesWorldAdvanced economiesWorldAdvanced economiesWorld
Advanced economies29100.055.5100.074.6100.015.4
United States38.021.114.811.030.44.7
Euro area1228.615.944.633.332.14.9
Germany8.14.512.99.68.61.3
France5.83.27.75.76.41.0
Italy5.53.05.54.16.00.9
Spain3.21.83.72.84.20.6
Japan12.67.07.65.713.32.1
United Kingdom5.73.26.44.76.21.0
Canada3.51.94.83.63.30.5
Other advanced economies22220.911.640.330.125.74.0
Memorandum
Major advanced economies779.143.959.744.574.311.5
European Union1535.819.954.540.639.86.1
Newly industrialized Asian economies45.93.312.59.38.61.3
Other

emerging

market and

developing

countries
WorldOther

emerging

market and

developing

countries
WorldOther

emerging

market and

developing

countries
World
Other emerging market and developing countries146100.044.5100.025.4100.084.6
Regional groups
Africa487.33.27.72.014.612.4
Sub-Sahara455.52.55.51.413.311.2
Excluding Nigeria and South Africa432.91.32.80.79.78.2
Central and eastern Europe157.53.314.03.53.52.9
Commonwealth of Independent States138.23.79.12.35.44.5
Russia5.72.66.21.62.72.3
Developing Asia2353.523.839.610.162.052.4
China28.312.619.85.024.620.8
India12.95.73.70.920.417.2
Excluding China and India2112.45.516.24.117.014.4
Middle East146.32.813.23.34.74.0
Western Hemisphere3317.27.616.44.29.98.4
Brazil6.22.83.60.93.32.8
Mexico4.11.85.21.32.01.7
Analytical groups By source of export earnings
Fuel197.23.216.24.17.36.2
Nonfuel12792.841.383.821.392.778.4
Of which, primary products292.61.22.60.77.16.0
By external financing source
Net debtor countries12959.626.559.915.269.258.5
of which, official financing5410.44.68.62.223.720.0
Net debtor countries by debt-servicing experience
Countries with arrears and/or rescheduling during 1997–20015518.48.216.14.127.122.9
Other groups
Heavily indebted poor countries362.81.21.90.59.98.4
Middle East and north Africa208.43.715.53.96.85.7

The GDP shares are based on the purchasing-power-parity (PPP) valuation of country GDPs. The number of countries comprising each group reflects those for which data are included in the group aggregates.

Advanced economies excluding major advanced economies.

The GDP shares are based on the purchasing-power-parity (PPP) valuation of country GDPs. The number of countries comprising each group reflects those for which data are included in the group aggregates.

Advanced economies excluding major advanced economies.

General Features and Composition of Groups in the World Economic Outlook Classification

Advanced Economies

The 29 advanced economies are listed in Table B. The seven largest in terms of GDP—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—constitute the subgroup of major advanced economies, often referred to as the Group of Seven (G-7) countries. The current members of the European Union (15 countries), the euro area (12 countries), and the newly industrialized Asian economies are also distinguished as subgroups. Composite data shown in the tables for the European Union and the euro area cover the current members for all years, even though the membership has increased over time.

Table B.Advanced Economies by Subgroup
Major Currency Areas
United States
Euro area1
Japan
Other Subgroups
Euro area/European UnionNewly Industrialized Asian EconomiesMajor Advanced EconomiesOther Advanced Economies
AustriaIrelandHong Kong SAR2CanadaAustraliaKorea
BelgiumLuxembourgKoreaFranceAustriaLuxembourg
DenmarkNetherlandsSingaporeGermanyBelgiumNetherlands
FinlandPortugalTaiwan Province of ChinaItalyCyprusNew Zealand
FranceSpainJapanDenmarkNorway
GermanySwedenUnited KingdomFinlandPortugal
GreeceUnited KingdomUnited StatesGreeceSingapore
ItalyHong Kong SARSpain
IcelandSweden
IrelandSwitzerland
IsraelTaiwan Province of China

Italics indicate countries that are members of the euro area.

On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.

Italics indicate countries that are members of the euro area.

On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.

Table C.European Union Accession Countries
BulgariaLatviaSlovak Republic
CyprusLithuaniaSlovenia
Czech RepublicMaltaTurkey
EstoniaPoland
HungaryRomania
Table D.Other Emerging Market and Developing Countries by Region and Main Source of Export Earnings
FuelNonfuel, of Which

Primary Products
Africa Sub-SaharaAngola Congo, Rep. of Equatorial Guinea Gabon Chad NigeriaBotswana Burkina Faso Burkina Chad Congo, Dem. Rep. of Côte d’Ivoire Ethiopia Ghana Guinea Guinea-Bissau Malawi Mali Mauritania Namibia Niger Rwanda Sierra Leone Togo Uganda Zambia Zimbabwe
North AfricaAlgeria
Commonwealth of Independent StatesAzerbaijan TurkmenistanTajikistan Uzbekistan
Developing AsiaPapua New Guinea Solomon Islands
Middle EastBahrain Iran, I.R. of Iraq Kuwait Libya Oman Qatar Saudi Arabia United Arab Emirates Yemen
Western HemisphereVenezuelaBolivia Chile Guyana
Table E.Other Emerging Markets and Developing Countries by Region and Main External Financing Source1
Net Debtor CountriesNet Debtor Countries
By main external financing sourceBy main external financing source
CountriesNet debtor countriesOf which, official financingCountriesNet debtor countriesOf which, official financing
AfricaCentral and Eastern Europe
Sub-SaharaAlbania
AngolaBosnia and Herzegovina
BeninBulgaria
BotswanaCroatia
Burkina FasoCzech Republic
BurundiEstonia
CameroonHungary
Cape VerdeLatvia
Central African Republic ChadLithuania
ChadLithuania
ComorosMacedonia, FYR
Congo, Dem. Rep. ofMalta
Congo, Rep. ofPoland
Côte d’IvoireRomania
DjiboutiSerbia and Montenegro
Equatorial GuineaSlovak Republic
EthiopiaSlovenia Turkey
GabonCommonwealth of Independent States and Mongolia
The GhanaArmenia
GuineaAzerbaijan
GuineaBelarus
Guinea-BissauGeorgia
KenyaKazakhstan
LesothoKyrgyz Republic
MadagascarMoldova
MalawiMongolia
MaliRussia
MauritaniaTajikistan
MauritiusTurkmenistan
Mozambique, Rep. ofUkraine
NamibiaUzbekistan
NigerDeveloping Asia
NigeriaBangladesh
RwandaBhutan
São Tomé and Príncipe SenegalBrunei
SenegalCambodia
SeychellesChina
Sierra LeoneFiji
South AfricaIndia
SudanIndonesia
SwazilandKiribati
TanzaniaLao PDR
TogoMalaysia
UgandaMaldives
ZambiaMyanmar
ZimbabwePakistan
North Africa
AlgeriaPapua New Guinea
MoroccoPhilippines
TunisiaSamoa
Solomon IslandsBrazil
Sri LankaChile
ThailandColombia
TongaCosta Rica
VanuatuDominica
VietnamDominican Republic
Middle East
BahrainEcuador
EgyptEl Salvador
Iran, I.R. ofGrenada
IraqGuyana
JordanGuyana
KuwaitHaiti
LebanonHonduras
LibyaJamaica
OmanMexico
QatarNetherlands Antilles
Saudi ArabiaNicaragua
Syrian Arab RepublicPanama
United Arab EmiratesParaguay
YemenPeru
Western HemisphereSt. Kitts and Nevis
Antigua and BarbudaSt. Lucia
ArgentinaSt. Vincent and the Grenadines
Bahamas, TheSuriname
BarbadosTrinidad and Tobago
BelizeUruguay
BoliviaVenezuela

Countries with no dot in the net debtor column are classified as net creditors.

Countries with no dot in the net debtor column are classified as net creditors.

Table F.Other Developing Country Groups
CountriesHeavily Indebted Poor CountriesMiddle East and North AfricaCountriesHeavily Indebted Poor CountriesMiddle East and North Africa
AfricaUganda
Sub-SaharaZambia
AngolaNorth Africa
BeninAlgeria
Burkina FasoMorocco
BurundiTunisia
Cameroon
Central African RepublicDeveloping Asia
ChadLao PDR
ComorosMyanmar
Congo, Dem. Rep. ofVietnam
Congo, Rep. ofMiddle East
Côte d’IvoireBahrain
EthiopiaEgypt
Gambia, TheIran, I.R. of
GhanaIraq
GuineaJordan
Guinea-BissauKuwait
KenyaLebanon
MadagascarLibya
MalawiOman
Mali
MauritaniaQatar
Mozambique, Rep. ofSaudi Arabia
Niger
RwandaUnited Arab Emirates
São Tomé and PríncipeYemen
SenegalWestern Hemisphere
Sierra LeoneBolivia
SudanGuyana
TanzaniaHonduras
TogoNicaragua

In 1991 and subsequent years, data for Germany refer to west Germany and the eastern Länder (i.e., the former German Democratic Republic). Before 1991, economic data are not available on a unified basis or in a consistent manner. Hence, in tables featuring data expressed as annual percent change, these apply to west Germany in years up to and including 1991, but to unified Germany from 1992 onward. In general, data on national accounts and domestic economic and financial activity through 1990 cover west Germany only, whereas data for the central government and balance of payments apply to west Germany through June 1990 and to unified Germany thereafter.

Other Emerging Market and Developing Countries

The group of other emerging market and developing countries (146 countries) includes all countries that are not classified as advanced economies.

Box A2.Revised Purchasing-Power-Parity-Based Weights

The World Economic Outlook reports a wide range of world, regional, and analytic aggregates of economic indicators. In most cases, these aggregates are weighted averages of the indicators in the relevant countries, with weights reflecting each country’s share of group GDP. The derivation of these weights therefore requires that GDP in national currency terms be converted to a common currency (in practice, the U.S. dollar). The World Economic Outlook uses exchange rates based on purchasing power parities (PPPs) for this purpose.1

This issue of the World Economic Outlook incorporates revised GDP-PPP weights, based on benchmark surveys of national prices from 2000 released by the World Bank as part of the United Nation’s International Comparison Project (previous weights were based on surveys from the mid-1990s). Although the country weights are adjusted each year to take into account relative changes in real GDP, this adjustment does not fully capture changes in individual prices that underlie the PPP estimates. Because PPP estimates are not available for a small number of countries from the 2000 price surveys, weights for these countries are derived using an estimation methodology applied in the past (see Box A1 of the May 2000 World Economic Outlook). This approach uses a cross-section regression that relates PPP-based GDP per capita to GDP per capita at market exchange rates, openness to trade, and regional dummies. The regression results derived from countries for which PPP data are available are then applied to countries for which price surveys are not available.

Comparison of New and Old Measures
GDP-PPP

Weights,

2004
Real GDP

Growth,

2004
OldNewOldNew
(percent of

world GDP)
(percent)
Advanced economies54.654.93.463.45
United States20.821.14.644.64
Euro area15.315.51.731.73
Japan6.86.83.353.35
Other advanced economies11.611.53.663.63
Other emerging market and developing countries45.445.16.076.04
Africa3.23.34.314.18
Central and eastern Europe3.33.34.484.49
Commonwealth of Independent States4.03.75.905.97
Developing Asia23.924.47.457.41
Middle East3.12.84.324.06
Western Hemisphere7.87.63.993.90
World100.0100.04.644.62

The new weights are quite similar to the old weights. The table shows old and new weights for the main regional breakdowns and several individual countries, together with the changes in regional GDP growth rates in 2004 as a result of the update to the weighting scheme. Advanced economies’ share of global output in 2004 has been revised up by 0.3 percentage point, implying an equal downward revision in the share of other emerging and developing countries. Among other emerging and developing countries, developing Asia’s share has been revised up by 0.5 percentage point. Given the relatively small changes in weights, the projected regional real GDP growth rates in 2004 are little changed and the overall world growth rate is virtually unchanged.

1 The advantages and disadvantages of using PPP-based exchange rates rather than market exchange rates were discussed in Box 1.2 of the September 2003 World Economic Outlook.

The regional breakdowns of other emerging market and developing countries–Africa, Central and eastern Europe, Commonwealth of Independent States, Developing Asia, Middle East, and Western Hemisphere—largely conform to the regional breakdowns in the IMF’s International Financial Statistics. In both classifications, Egypt and the Libyan Arab Jamahiriya are included in the Middle East region rather than in Africa. Three additional regional groupings—two of them constituting part of Africa and one a subgroup of Asia—are included in the World Economic Outlook because of their analytical significance. These are sub-Sahara, sub-Sahara excluding Nigeria and South Africa, and Asia excluding China and India.

Other emerging market and developing countries are also classified according to analytical criteria and into other groups. The analytical criteria reflect countries’ composition of export earnings and other income from abroad, a distinction between net creditor and net debtor countries, and, for the net debtor countries, financial criteria based on external financing source and experience with external debt servicing. Included as “other groups” are the heavily indebted poor countries (HIPCs), and Middle East and north Africa (MENA). The detailed composition of other emerging market and developing countries in the regional, analytical, and other groups is shown in Tables D through F.

The first analytical criterion, by source of export earnings, distinguishes between categories: fuel (Standard International Trade Classification—SITC 3) and nonfuel and then focuses on non-fuel primary products (SITC 0, 1, 2, 4, and 68).

The financial criteria focus on net creditor and net debtor countries, which are differentiated on the basis of two additional financial criteria: by official external financing and by experience with debt servicing.5

The other groups of developing countries constitute the HIPCs and MENA countries. The first group comprises the countries considered by the IMF and the World Bank for their debt initiative, known as the HIPC Initiative.6 Middle East and north Africa, also referred to as the MENA countries, is a World Economic Outlook group, whose composition straddles the Africa and Middle East regions. It is defined as the Arab League countries plus the Islamic Republic of Iran.

List of Tables

Medium-Term Baseline Scenario

Table 1.Summary of World Output1(Annual percent change)
Ten-Year Averages
1986–951996–20051996199719981999200020012002200320042005
World3.33.84.14.22.83.74.72.43.03.94.64.4
Advanced economies3.02.83.03.42.73.53.81.11.72.13.53.1
United States2.93.53.74.54.24.43.70.52.23.14.63.9
Euro area2.01.42.32.92.83.51.60.90.41.72.3
Japan23.11.53.61.8-1.20.22.80.4-0.32.73.41.9
Other advanced economies3.73.33.74.12.04.65.21.73.02.23.63.5
Other emerging market and developing countries3.75.05.65.33.04.05.94.14.66.16.05.9
Regional groups
Africa1.93.95.73.23.22.73.03.83.54.14.25.4
Central and eastern Europe0.83.54.84.22.80.44.80.34.44.54.54.4
Commonwealth of Independent States3.7-3.91.1-3.55.19.16.45.17.66.05.2
Developing Asia7.76.68.26.54.16.26.75.66.47.87.47.0
Middle East2.84.54.85.54.02.15.94.34.25.44.15.0
Western Hemisphere2.82.53.75.22.30.43.90.4-0.11.73.93.7
Analytical groups By source of export earnings
Fuel2.14.44.15.03.51.35.84.63.65.64.65.6
Nonfuel3.85.15.75.33.04.25.94.04.76.16.25.9
of which, primary products3.03.45.93.92.81.72.03.12.42.14.95.3
By external financing source
Net debtor countries3.14.05.24.51.82.94.72.53.34.65.05.0
of which, official financing4.33.86.24.2-1.92.84.43.93.74.65.15.4
Net debtor countries by debt-servicing experience
Countries with arrears and/or rescheduling during 1997–20012.33.44.13.8-0.61.94.63.63.43.34.65.0
Memorandum
Median growth rate
Advanced economies3.02.93.33.83.63.84.21.61.71.62.82.7
Other emerging market and developing countries3.14.04.34.63.73.44.13.53.34.14.54.5
Output per capita
Advanced economies2.32.22.32.82.02.93.30.51.11.62.92.6
Other emerging market and developing countries1.93.64.03.81.52.54.42.73.34.74.74.6
World growth based on market exchange rates2.62.93.33.52.23.14.01.31.82.73.83.5
Value of world output in billions of U.S. dollars
At market exchange rates22,25233,24629,85729,72429,50230,60631,42631,12832,27336,16339,85041,929
At purchasing power parities26,73545,29235,71937,91839,40441,39444,23646,29248,17650,43153,07056,282

Real GDP.

Annual data are calculated from seasonally adjusted quarterly data.

Real GDP.

Annual data are calculated from seasonally adjusted quarterly data.

Table 2.Advanced Economies: Real GDP and Total Domestic Demand(Annual percent change)
Ten-Year AveragesFourth Quarter1
1986–951996–20051996199719981999200020012002200320042005200320042005
Real GDP
Advanced economies3.02.83.03.42.73.53.81.11.72.13.53.1
United States2.93.53.74.54.24.43.70.52.23.14.63.94.34.23.7
Euro area2.01.42.32.92.83.51.60.90.41.72.30.61.92.4
Germany2.71.30.81.42.02.02.90.80.2-0.11.61.91.42.6
France2.12.21.01.93.63.24.22.11.20.21.82.40.62.22.4
Italy2.11.51.12.01.81.73.01.80.40.31.22.00.11.72.0
Spain3.03.32.44.04.34.24.22.82.02.42.83.32.72.93.5
Netherlands2.72.23.03.84.34.03.51.20.2-0.81.02.0-0.51.71.8
Belgium2.32.00.93.72.13.23.70.70.71.11.82.41.11.92.5
Austria2.52.02.01.63.92.73.40.81.40.71.42.40.52.22.5
Finland1.13.43.96.35.03.45.11.12.31.92.92.51.63.22.1
Greece1.23.62.43.63.43.44.44.03.84.24.03.05.52.34.2
Portugal4.02.43.54.04.63.83.41.80.5-1.30.82.7-0.52.12.9
Ireland24.47.18.111.18.611.310.16.26.91.43.64.72.73.24.7
Luxembourg6.24.43.38.36.97.89.11.21.31.22.33.3
Japan33.11.53.61.8-1.20.22.80.4-0.32.73.41.93.62.51.7
United Kingdom2.52.82.73.33.12.83.82.11.72.33.52.52.83.32.2
Canada2.33.31.64.24.15.55.31.93.31.72.63.11.62.93.0
Korea8.54.77.04.7-6.99.58.53.87.03.15.55.33.83.86.2
Australia3.13.74.33.95.24.33.22.53.83.03.53.64.03.03.8
Taiwan Province of China8.14.36.16.74.65.45.9-2.23.63.24.94.95.22.76.2
Sweden1.62.61.32.43.64.64.30.92.11.62.52.71.72.83.0
Switzerland1.31.40.31.72.41.53.20.90.20.51.72.20.12.02.2
Hong Kong SAR6.63.34.35.1-5.03.410.20.52.33.35.54.54.92.56.4
Denmark1.62.02.53.02.52.62.81.61.00.21.82.60.91.83.1
Norway2.82.55.35.22.62.12.81.91.00.22.52.02.31.32.4
Israel5.42.75.33.03.32.67.5-0.9-0.81.32.43.41.92.93.7
Singapore8.84.28.18.6-0.96.99.7-1.92.21.15.04.04.93.04.2
New Zealand2.53.04.02.0-0.23.94.02.54.33.53.02.53.23.31.6
Cyprus5.73.31.92.34.84.75.04.02.02.03.03.5
Iceland1.73.95.24.75.64.15.62.8-0.64.03.54.6
Memorandum
Major advanced economies2.72.62.83.22.73.13.50.91.42.23.53.03.03.22.9
European Union2.42.21.72.63.02.93.61.71.10.82.02.41.12.22.6
Newly industrialized Asian economies8.14.46.45.6-2.27.27.91.15.13.05.35.04.93.56.3
Real total domestic demand
Advanced economies3.02.83.03.33.14.13.81.01.72.33.22.9
United States2.73.83.84.85.35.34.40.72.83.34.43.64.13.93.5
Euro area1.81.01.83.63.52.91.00.31.01.02.31.31.72.5
Germany2.80.90.30.62.42.81.8-0.8-1.60.21.52.00.31.52.6
France2.12.20.6.0.74.23.74.52.01.11.02.22.51.52.52.5
Italy1.82.00.92.73.13.22.31.41.31.21.52.00.31.82.0
Spain3.73.71.93.55.75.64.53.02.63.33.43.42.92.93.6
Japan33.41.24.10.8-1.50.32.31.1-1.02.02.71.42.82.11.1
United Kingdom2.63.33.03.64.93.83.82.72.82.73.62.52.63.12.3
Canada2.03.40.95.72.44.15.01.73.44.23.53.33.63.83.0
Other advanced economies4.23.03.83.81.75.04.61.12.41.52.63.4
Memorandum
Major advanced economies2.72.82.83.13.53.83.60.91.52.53.42.82.93.12.7
European Union2.52.21.42.34.03.63.21.30.91.32.22.41.42.22.6
Newly industrialized Asian economies8.82.96.94.6-7.57.37.5-0.33.6-0.13.34.92.41.56.8

From fourth quarter of preceding year.

Fourth quarter data are calculated from seasonally adjusted data.

Annual data are calculated from seasonally adjusted quarterly data.

From fourth quarter of preceding year.

Fourth quarter data are calculated from seasonally adjusted data.

Annual data are calculated from seasonally adjusted quarterly data.

Table 3.Advanced Economies: Components of Real GDP(Annual percent change)
Ten-Year Averages
1986–951996–20051996199719981999200020012002200320042005
Private consumer expenditure
Advanced economies3.12.92.92.93.14.03.72.22.32.12.82.8
United States2.93.83.43.85.05.14.72.53.43.13.83.6
Euro area1.91.61.63.03.52.71.70.11.01.32.2
Germany2.91.21.00.61.83.72.01.4-1.0-0.10.61.8
France1.82.11.30.23.63.52.92.81.41.61.62.4
Italy2.21.91.23.23.22.62.70.80.51.31.42.0
Spain2.93.32.23.24.44.74.02.82.63.03.13.5
Japan13.31.12.41.00.20.91.70.91.11.90.9
United Kingdom3.03.63.63.63.94.44.63.13.42.94.02.2
Canada2.33.42.64.62.83.84.02.63.43.33.43.1
Other advanced economies3.93.13.93.61.65.14.62.42.71.62.53.3
Memorandum
Major advanced economies2.92.82.62.73.43.83.52.22.22.22.92.7
European Union2.52.32.02.13.33.73.12.01.11.41.82.3
Newly industrialized Asian economies8.33.76.35.1-5.08.07.43.24.60.23.04.7
Public consumption
Advanced economies2.22.11.61.41.82.72.42.73.12.61.61.2
United States1.52.00.41.81.63.11.72.83.63.71.30.4
Euro area1.91.71.31.41.92.12.52.91.91.51.4
Germany1.61.01.80.31.90.81.01.01.70.80.30.6
France2.32.22.22.1-0.11.53.02.94.12.42.31.5
Italy1.31.71.10.30.31.41.73.81.92.21.72.7
Spain4.73.51.32.93.74.25.13.64.44.63.12.3
Japan13.42.42.91.02.04.64.93.02.41.21.41.0
United Kingdom1.01.80.7-0.31.33.21.91.72.72.12.32.5
Canada1.62.0-1.2-1.03.22.12.63.73.03.02.02.5
Other advanced economies3.42.73.52.53.12.42.62.83.52.42.31.8
Memorandum
Major advanced economies1.92.01.11.21.52.82.32.73.02.71.41.0
European Union1.91.91.51.01.62.12.12.42.82.01.71.7
Newly industrialized Asian economies5.63.17.84.03.1-0.12.43.03.42.42.72.0
Gross fixed capital formation
Advanced economies3.33.55.65.45.25.55.4-1.1-1.82.25.24.3
United States2.85.18.18.09.18.26.1-2.3-2.34.07.25.5
Euro area2.11.32.55.26.04.9-0.3-2.8-1.22.73.5
Germany3.30.3-0.80.63.04.12.7-4.2-6.7-2.93.84.1
France2.32.9-0.1-0.27.28.38.42.1-1.4-0.82.43.6
Italy1.52.63.62.14.05.06.91.91.2-2.11.32.2
Spain5.04.62.15.010.08.85.73.31.03.03.64.2
Japan13.70.97.00.6-4.3-0.52.8-1.3-6.03.35.42.4
United Kingdom2.74.65.76.812.71.63.63.61.82.64.53.5
Canada2.05.74.415.22.47.35.54.31.34.97.15.0
Other advanced economies5.23.45.36.33.14.96.0-1.51.21.63.53.9
Memorandum
Major advanced economies2.93.65.75.15.75.65.2-1.0-2.62.35.64.3
European Union2.82.82.43.56.85.45.10.7-1.5-0.52.93.4
Newly industrialized Asian economies11.52.07.54.6-9.12.410.6-6.81.51.14.75.1
Final domestic demand
Advanced economies3.02.93.23.13.14.03.91.61.62.23.12.9
United States2.73.83.84.35.35.44.51.62.43.44.03.5
Euro area1.91.61.73.23.73.11.40.71.72.3
Germany2.71.00.70.52.13.21.90.1-1.7-0.51.22.0
France2.02.31.30.63.44.04.02.71.51.31.92.4
Italy1.92.01.72.42.82.93.41.60.90.71.42.2
Spain3.63.72.03.55.55.54.63.12.63.33.23.4
Japan13.41.23.80.9-1.00.72.01.1-0.81.72.71.3
United Kingdom2.53.43.33.34.83.73.92.93.02.73.82.5
Canada2.13.52.15.42.84.24.03.22.93.63.83.4
Other advanced economies4.13.14.13.91.94.54.61.52.51.82.73.2
Memorandum
Major advanced economies2.72.83.02.93.43.93.71.61.32.33.22.8
European Union2.52.31.92.23.63.73.31.80.91.12.12.4
Newly industrialized Asian economies8.73.17.04.6-5.65.17.60.43.60.93.34.4
Stock building2
Advanced economies0.20.20.60.20.1
United States0.5-0.1-0.90.4-0.50.2
Euro area-0.1-0.50.10.4-0.2-0.1-0.50.20.3-0.7
Germany-0.50.3-0.4-0.1-0.80.10.70.3
France0.1-0.60.10.8-0.20.5-0.7-0.3-0.30.30.1
Italy-0.70.30.30.3-1.1-0.10.50.50.1-0.2
Spain-0.10.20.1-0.1-0.10.2
Japan10.3-0.1-0.6-0.40.3-0.20.3
United Kingdom-0.30.30.10.2-0.1-0.2-0.1-0.1
Canada0.1-0.70.7-0.30.10.8-1.60.80.6-0.4-0.1
Other advanced economies0.1-0.1-0.3-0.1-0.20.6-0.1-0.4-0.3-0.10.1
Memorandum
Major advanced economies—0.10.3-0.1-0.70.20.2-0.20.1
European Union-0.50.10.4-0.1-0.1-0.40.20.1
Newly industrialized Asian economies0.1-0.2-0.1-0.1-1.91.9-0.2-0.7-0.8-0.10.4
Foreign balance2
Advanced economies-0.10.2-0.4-0.60.1-0.1-0.20.20.2
United States0.1-0.5-0.1-0.3-1.2-1.0-0.9-0.2-0.7-0.40.1
Euro area0.10.40.6-0.6-0.60.60.70.6-0.6-0.1
Germany-0.10.40.50.8-0.4-0.71.11.61.7-0.30.2
France-0.10.41.2-0.5-0.4-0.20.10.1-0.9-0.5
Italy0.2-0.40.2-0.6-1.2-1.40.80.3-0.9-0.9-0.3
Spain-0.6-0.50.50.6-1.3-1.4-0.4-0.2-0.6-1.0-0.7-0.3
Japan1-0.20.3-0.41.00.3-0.10.5-0.70.70.70.70.5
United Kingdom-0.1-0.6-0.2-0.3-1.7-1.0-0.1-0.6-1.3-0.4-0.2
Canada0.1-0.10.3-1.71.71.40.60.6-0.3-2.3-0.8
Other advanced economies-0.30.50.61.00.60.70.40.40.70.3
Memorandum
Major advanced economies-0.20.1-0.7-0.7-0.2-0.2-0.30.1
European Union-0.10.30.4-0.9-0.70.40.50.2-0.6-0.1
Newly industrialized Asian economies-0.61.6-0.51.15.60.60.71.31.42.92.30.6

Annual data are calculated from seasonally adjusted quarterly data.

Changes expressed as percent of GDP in the preceding period.

Annual data are calculated from seasonally adjusted quarterly data.

Changes expressed as percent of GDP in the preceding period.

Table 4.Advanced Economies: Unemployment, Employment, and Real Per Capita GDP(Percent)
Ten-Year Averages1
1986–951996–20051996199719981999200020012002200320042005
Unemployment rate
Advanced economies6.86.57.16.96.86.45.85.96.46.66.46.3
United States26.25.05.44.94.54.24.04.85.86.05.55.4
Euro area9.310.810.810.29.48.58.08.48.89.18.9
Germany6.49.08.79.69.18.47.87.98.69.910.210.0
France10.310.011.911.811.410.79.38.58.89.39.49.1
Italy11.210.111.611.711.811.410.69.59.08.78.48.2
Spain19.914.522.220.818.715.713.910.511.411.310.810.1
Netherlands6.94.26.65.54.23.22.62.02.54.25.35.6
Belgium8.48.29.59.29.38.66.96.77.38.18.38.2
Austria3.34.24.44.44.54.03.73.64.34.44.44.1
Finland8.810.314.612.611.410.29.89.19.19.08.88.5
Greece8.210.39.89.811.111.911.110.49.99.89.79.8
Portugal6.05.77.36.75.04.43.94.15.16.47.16.8
Ireland15.06.311.910.37.85.74.33.74.24.95.04.9
Luxembourg1.83.53.33.33.12.92.62.63.04.14.95.5
Japan32.54.63.43.44.14.74.75.05.45.34.94.9
United Kingdom8.95.88.17.16.36.05.55.15.25.04.94.9
Canada9.57.89.69.18.37.66.87.27.77.67.47.1
Korea2.73.92.12.67.06.44.23.83.13.43.33.2
Australia8.46.88.28.27.76.96.36.76.35.96.05.9
Taiwan Province of China1.73.82.62.72.72.93.04.65.25.05.04.7
Sweden4.15.58.08.06.55.64.74.04.04.94.84.5
Switzerland1.83.04.14.53.52.51.81.72.53.53.22.9
Hong Kong SAR1.95.32.82.24.76.25.05.17.37.96.45.3
Denmark9.86.18.57.76.45.55.14.94.96.06.05.6
Norway4.64.04.94.13.23.23.43.63.94.64.64.5
Israel8.49.26.67.78.58.98.89.310.310.710.710.1
Singapore3.13.42.01.83.23.53.13.34.44.74.23.8
New Zealand7.35.86.16.77.56.86.05.35.24.74.95.2
Cyprus2.73.33.13.43.33.63.43.03.53.53.43.2
Iceland2.42.74.43.92.81.91.31.42.53.33.02.5
Memorandum
Major advanced economies6.66.46.76.66.36.15.75.96.56.86.56.4
European Union9.68.810.710.59.89.08.27.47.78.28.38.1
Newly industrialized Asian economies2.44.02.32.65.45.33.94.14.14.34.13.8
Growth in employment
Advanced economies1.51.11.01.41.11.42.10.70.30.61.01.2
United States1.51.31.52.31.51.52.5-0.30.91.71.5
Euro area1.00.50.91.81.82.21.40.40.20.50.9
Germany3.50.2-0.3-0.21.11.21.80.4-0.6-1.1-0.40.3
France0.41.10.40.41.52.02.61.80.60.20.50.9
Italy-0.31.10.50.41.11.31.92.11.51.00.90.8
Spain1.63.52.63.34.15.55.53.72.02.72.72.6
Japan31.1-0.20.41.1-0.7-0.8-0.2-0.6-1.2-0.2-0.10.4
United Kingdom0.31.00.91.81.01.31.10.80.70.90.90.5
Canada1.42.10.82.32.72.82.61.12.22.22.22.2
Other advanced economies1.71.61.71.51.32.33.01.51.41.01.41.5
Memorandum
Major advanced economies1.40.90.81.41.01.11.80.4-0.10.50.91.0
European Union1.31.10.60.92.11.92.11.40.50.30.60.8
Newly industrialized Asian economies2.71.32.11.8-2.91.53.51.02.00.31.71.7
Growth in real per capita GDP
Advanced economies2.32.22.32.82.02.93.30.51.11.62.92.6
United States1.72.42.53.33.03.32.5-0.51.22.13.62.8
Euro area1.81.22.22.62.53.11.10.40.31.52.2
Germany-0.31.20.51.22.02.02.70.7-0.11.61.9
France1.61.70.71.53.22.83.71.50.7-0.21.42.0
Italy1.91.50.91.91.71.63.01.80.40.31.01.8
Spain2.83.02.33.84.13.83.42.02.02.42.83.4
Japan32.81.33.21.5-1.52.60.2-0.52.53.21.8
United Kingdom2.22.42.53.12.92.53.51.41.21.82.92.0
Canada1.02.30.63.23.24.74.30.92.20.81.41.9
Other advanced economies3.12.73.13.51.64.14.51.12.21.42.83.1
Memorandum
Major advanced economies2.12.12.22.62.12.52.90.30.81.63.02.5
European Union2.11.91.32.32.72.63.41.50.90.61.92.2
Newly industrialized Asian economies7.03.55.34.5-3.36.26.90.34.32.34.64.4

Compound annual rate of change for employment and per capita GDP; arithmetic average for unemployment rate.

The projections for unemployment have been adjusted to reflect the survey techniques adopted by the U.S. Bureau of Labor Statistics in January 1994.

Annual data are calculated from seasonally adjusted quarterly data.

Compound annual rate of change for employment and per capita GDP; arithmetic average for unemployment rate.

The projections for unemployment have been adjusted to reflect the survey techniques adopted by the U.S. Bureau of Labor Statistics in January 1994.

Annual data are calculated from seasonally adjusted quarterly data.

Table 5.Other Emerging Market and Developing Countries: Real GDP(Annual percent change)
Ten-Year Averages
1986–951996–20051996199719981999200020012002200320042005
Other emerging market and developing countries3.75.05.65.33.04.05.94.14.66.16.05.9
Regional groups
Africa1.93.95.73.23.22.73.03.83.54.14.25.4
Sub-Sahara1.93.85.33.92.42.73.23.73.53.54.25.7
Excluding Nigeria and South Africa2.34.65.95.04.03.42.54.63.83.25.97.3
Central and eastern Europe0.83.54.84.22.80.44.80.34.44.54.54.4
Commonwealth of Independent States3.7-3.91.1-3.55.19.16.45.17.66.05.2
Russia3.6-3.61.4-5.36.310.05.14.77.36.05.3
Excluding Russia4.0-4.50.50.82.36.99.46.28.15.95.0
Developing Asia7.76.68.26.54.16.26.75.66.47.87.47.0
China9.98.29.68.87.87.18.07.58.09.18.58.0
India5.75.97.55.05.86.75.44.04.77.46.86.0
Excluding China and India6.23.86.63.8-4.73.75.33.14.45.15.55.6
Middle East2.84.54.85.54.02.15.94.34.25.44.15.0
Western Hemisphere2.82.53.75.22.30.43.90.4-0.11.73.93.7
Brazil2.52.12.73.30.10.84.41.31.9-0.23.53.5
Mexico1.63.55.26.85.03.66.6-0.20.71.33.33.3
Analytical groups
By source of export earnings
Fuel2.14.44.15.03.51.35.84.63.65.64.65.6
Nonfuel3.85.15.75.33.04.25.94.04.76.16.25.9
of which, primary products3.03.45.93.92.81.72.03.12.42.14.95.3
By external financing source
Net debtor countries3.14.05.24.51.82.94.72.53.34.65.05.0
of which, official financing4.33.86.24.2-1.92.84.43.93.74.65.15.4
Net debtor countries by debt-servicing experience
Countries with arrears and/or rescheduling during 1997–20012.33.44.13.8-0.61.94.63.63.43.34.65.0
Other groups
Heavily indebted poor countries2.04.85.34.74.24.54.35.44.03.75.95.7
Middle East and north Africa2.64.55.34.64.52.45.24.34.15.64.24.9
Memorandum
Real per capita GDP
Other emerging market and developing countries1.93.64.03.81.52.54.42.73.34.74.74.6
Africa-0.91.63.20.80.80.40.71.61.21.92.03.3
Central and eastern Europe0.13.14.43.72.3-0.14.4-0.24.04.04.14.0
Commonwealth of Independent States3.9-3.81.2-3.35.39.46.65.47.86.25.4
Developing Asia5.95.26.75.02.74.85.34.35.16.56.25.8
Middle East2.42.53.31.93.72.22.13.31.92.8
Western Hemisphere1.01.02.03.60.7—1.22.3—1.1—1.60.32.52.3
Table 6.Other Emerging and Developing Countries—by Country: Real GDP1(Annual percent change)
Average
1986–951996199719981999200020012002200320042005
Africa1.95.73.23.22.73.03.83.54.14.25.4
Algeria0.43.81.15.13.22.22.64.16.74.44.3
Angola-0.911.27.96.83.33.03.215.34.512.811.2
Benin2.56.05.74.64.75.85.06.05.56.06.8
Botswana7.85.76.75.95.57.55.23.95.44.53.7
Burkina Faso4.89.96.88.53.71.55.94.46.55.25.3
Burundi0.6-8.04.7-0.9-1.12.24.5-0.55.45.7
Cameroon2-2.15.05.15.04.44.25.36.54.24.75.1
Cape Verde4.56.57.38.711.97.35.14.35.05.05.5
Central African Republic0.6-8.17.53.93.61.81.0-0.8-5.84.94.5
Chad3.83.14.27.72.31.09.59.910.042.714.9
Comoros1.2-1.34.21.21.94.52.32.32.11.73.5
Congo, Dem. Rep. of-3.7-1.0-5.6-1.6-4.3-6.2-2.13.55.06.07.0
Congo, Rep. of4.84.3-0.63.7-3.08.23.63.50.85.83.0
Côte d’Ivoire1.67.75.74.81.6-2.30.1-1.6-3.81.84.4
Djibouti-1.2-4.1-0.70.12.20.71.92.63.54.14.6
Equatorial Guinea4.132.282.022.628.318.236.318.014.711.846.5
Eritrea9.37.91.8-13.210.21.04.02.01.7
Ethiopia3.010.64.7-1.46.05.47.71.2-3.86.76.4
Gabon1.93.65.73.5-8.9-1.92.02.81.10.8
Gambia, The3.06.14.96.56.45.55.8-3.28.75.65.0
Ghana4.84.64.24.74.43.74.24.54.75.05.0
Guinea4.15.15.04.84.61.93.84.22.14.65.3
Guinea-Bissau3.0.4.66.5-27.27.67.50.2-7.2-1.23.03.5
Kenya3.64.22.11.61.3-0.11.21.01.52.63.6
Lesotho5.39.54.8-3.50.51.93.33.83.94.24.2
Madagascar1.22.13.73.94.74.86.0-12.79.66.06.0
Malawi2.67.33.83.34.01.1-4.21.84.42.14.0
Mali3.77.16.18.73.0-3.213.34.43.24.95.0
Mauritania3.15.72.83.95.25.24.03.34.24.85.2
Mauritius7.15.26.06.05.32.67.24.03.35.55.1
Morocco2.712.2-2.27.7-0.11.06.33.25.53.04.0
Mozambique, Rep. of4.47.111.112.67.51.513.07.77.08.47.0
Namibia4.03.24.23.33.43.52.33.33.74.74.0
Niger1.63.42.810.4-0.6-1.47.13.04.04.14.1
Nigeria2.76.63.20.31.55.43.01.510.60.95.9
Rwanda-4.512.713.88.97.66.06.79.40.96.15.9
São Tomé and Príncipe0.11.51.02.52.53.04.04.14.56.56.5
Senegal2.35.15.05.75.05.65.61.16.36.05.8
Seychelles4.310.012.25.7-1.34.8-2.20.3-5.1-2.01.0
Sierra Leone-1.4-24.8-17.6-0.8-8.13.85.46.36.56.87.1
South Africa1.34.32.60.82.03.52.73.61.92.63.2
Sudan3.76.39.35.76.56.96.16.05.86.26.5
Swaziland6.53.93.83.33.61.91.73.62.21.71.4
Tanzania3.74.53.53.73.75.66.16.35.56.36.5
Togo1.77.13.5-2.32.4-0.8-0.24.63.14.43.6
Tunisia3.47.15.44.86.14.74.91.76.15.66.0
Uganda6.38.65.14.77.95.45.36.74.95.56.2
Zambia-0.86.93.3-1.92.23.64.93.34.23.54.5
Zimbabwe2.99.71.40.8-4.1-6.8-8.8-12.8-13.2-9.25.2
Central and eastern Europe30.84.84.22.80.44.80.34.44.54.54.4
Albania-1.29.1-10.212.710.17.37.64.76.06.06.0
Bosnia and Herzegovina61.930.015.89.65.54.45.53.55.15.7
Bulgaria-3.5-8.0-5.64.02.35.44.14.84.35.05.2
Croatia5.96.82.5-0.92.93.85.24.43.43.8
Czech Republic4.3-0.8-1.00.53.33.12.02.93.03.4
Estonia3.99.84.6-0.67.36.56.04.75.55.0
Hungary-0.91.34.64.94.25.23.83.52.93.23.4
Latvia3.78.44.82.86.87.96.16.76.06.0
Lithuania4.77.07.3-1.73.96.46.89.06.76.3
Macedonia, FYR1.21.43.44.34.5-4.50.93.14.04.5
Malta5.94.04.93.44.16.4-1.21.21.32.63.2
Serbia and Montenegro7.32.5-18.05.05.54.03.03.04.0
Poland1.66.06.84.84.14.01.01.43.74.74.0
Romania-1.93.9-6.1-4.8-1.22.15.75.04.95.05.0
Slovak Republic6.14.64.21.52.03.84.44.23.94.1
Slovenia3.84.43.75.94.12.92.92.33.54.1
Turkey4.46.97.6.3.1-4.77.4-7.57.95.85.05.0
Memorandum
EU accession countries4.84.22.80.44.90.24.44.44.54.4
Commonwealth of Independent States3-3.91.1-3.55.19.16.45.17.66.05.2
Russia-3.61.4-5.36.310.05.14.77.36.05.3
Excluding Russia-4.50.50.82.36.99.46.28.15.95.0
Armenia5.93.37.33.36.09.612.912.07.06.0
Azerbaijan1.35.810.07.411.19.910.611.28.113.2
Belarus2.811.48.43.45.84.75.06.84.83.5
Georgia10.510.62.93.01.94.75.58.66.05.0
Kazakhstan0.51.6-.1.92.79.813.59.59.58.07.5
Kyrgyz Republic7.19.92.13.75.35.45.24.14.5
Moldova-5.91.6-6.5-3.42.16.17.86.35.04.0
Mongolia0.52.44.03.53.21.11.03.95.05.35.5
Tajikistan-4.41.75.33.78.310.29.110.28.04.0
Turkmenistan-6.7-11.37.016.518.020.5
Ukraine-10.0-3.0-1.9-0.25.99.25.29.36.04.0
Uzbekistan1.62.52.13.43.24.13.20.32.02.0
Developing Asia7.78.26.54.16.26.75.66.47.87.47.0
Afghanistan, I.S. of
Bangladesh4.15.05.35.05.45.64.84.95.45.86.3
Bhutan6.75.27.26.47.65.36.67.77.37.67.8
Brunei Darussalam1.03.6-4.02.62.83.03.23.62.01.6
Cambodia4.64.33.710.87.05.75.54.85.92.5
China9.99.68.87.87.18.07.58.09.18.58.0
Fiji3.33.1-0.91.59.5-3.24.34.45.23.23.0
India5.77.55.05.86.75.44.04.77.46.86.0
Indonesia6.88.04.5-13.10.84.93.53.74.14.85.0
Kiribati1.93.81.912.69.51.61.81.02.51.81.5
Lao PDR5.06.96.94.07.35.85.85.95.35.86.3
Malaysia8.210.07.3-7.46.18.60.34.15.25.76.0
Maldives7.49.110.49.87.24.83.56.06.24.02.4
Myanmar1.76.45.75.810.913.710.55.55.14.33.7
Nepal6.15.35.32.94.56.14.8-0.52.34.04.6
Pakistan5.22.91.83.14.03.42.74.45.55.45.7
Papua New Guinea4.97.7-3.9-3.87.6-1.2-2.3-0.62.52.33.1
Philippines3.45.85.2-0.63.44.43.04.44.54.54.2
Samoa2.37.30.82.42.66.96.21.83.13.23.2
Solomon Islands5.51.6-1.41.8-0.5-14.3-9.0-2.05.64.24.3
Sri Lanka4.43.86.44.74.36.0-1.53.95.56.06.3
Thailand9.55.9-1.4-10.54.44.82.15.46.77.06.7
Timor-Leste, Dem. Rep. of15.417.32.3-3.11.02.9
Tonga2.2-0.40.22.42.96.50.51.62.5-0.50.5
Vanuatu3.12.52.43.0-2.12.5-2.1-2.81.02.23.3
Vietnam6.59.38.23.54.25.55.05.86.07.07.0
Middle East2.84.85.54.02.15.94.34.25.44.15.0
Bahrain4.14.13.14.84.35.34.55.15.05.05.0
Egypt2.84.95.94.56.35.13.53.23.13.74.5
Iran, I.R. of1.77.64.03.41.25.95.47.25.95.95.8
Iraq
Jordan3.52.13.33.03.14.14.25.03.25.05.5
Kuwait2.50.62.53.6-1.71.90.6-0.49.90.72.7
Lebanon-3.64.04.03.01.0-0.52.02.03.03.03.0
Libya-1.02.74.8-3.13.10.52.54.70.64.0
Oman4.42.96.22.7-0.25.59.32.32.24.84.8
Qatar1.24.825.46.25.311.67.23.04.08.28.3
Saudi Arabia3.41.42.62.8-0.74.91.31.06.40.73.2
Syrian Arab Republic4.39.85.06.8-3.60.63.43.22.53.64.0
United Arab Emirates3.46.18.31.44.412.33.51.97.02.44.6
Yemen7.46.45.33.54.44.63.93.83.33.9
Western Hemisphere2.83.75.22.30.43.90.4-0.1.1.73.93.7
Antigua and Barbuda4.26.15.65.04.93.31.52.12.51.00.5
Argentina2.85.58.13.8-3.4-0.8-4.4-10.98.75.54.0
Bahamas, The1.04.23.33.05.94.9-2.00.70.92.53.0
Barbados0.82.52.94.42.53.0-2.7-1.81.62.32.5
Belize7.10.92.21.84.98.25.49.02.13.54.5
Bolivia3.24.45.05.00.42.31.52.82.63.65.8
Brazil2.52.73.30.10.84.41.31.9-0.23.53.5
Chile7.77.46.63.2-0.84.23.72.23.34.65.5
Colombia4.62.13.40.6-4.22.91.41.83.64.04.0
Costa Rica5.30.95.68.48.21.81.12.95.64.03.5
Dominica3.63.12.02.81.61.4-4.2-4.71.02.0
Dominican Republic3.57.28.37.38.07.33.24.7-1.3-1.04.5
Ecuador2.72.44.12.1-6.32.85.13.32.65.93.6
El Salvador2.71.74.23.73.42.21.72.12.23.03.5
Grenada3.73.14.07.37.56.5-3.3-0.52.54.54.6
Guatemala3.63.04.45.03.83.62.32.22.12.63.5
Guyana2.67.96.2-1.73.0-1.32.31.1-0.22.00.8
Haiti-1.54.12.72.22.70.9-1.1-0.93.0
Honduras3.33.65.02.9-1.95.72.62.73.03.54.0
Jamaica2.6-1.2-1.4-0.4-0.20.91.11.52.21.61.6
Mexico1.65.26.85.03.66.6-0.20.71.33.33.3
Netherlands Antilles2.11.3-0.50.7-0.7-2.00.60.20.51.01.5
Nicaragua-0.94.85.14.17.04.23.01.02.33.75.0
Panama2.47.46.47.44.02.70.62.24.14.23.7
Paraguay3.61.32.6-0.40.5-0.42.7-2.32.32.73.2
Peru2.02.56.8-0.60.92.80.34.94.04.04.5
St. Kitts and Nevis5.26.56.81.13.54.13.32.12.12.42.3
St. Lucia5.91.70.63.82.80.1-4.32.31.02.0
St. Vincent and the Grenadines5.01.43.95.23.01.30.91.12.22.83.3
Suriname-1.00.65.82.2-0.9-0.14.53.05.85.14.1
Trinidad and Tobago-0.43.82.87.84.46.13.32.73.84.09.1
Uruguay3.95.65.04.5-2.8-1.4-3.4-11.02.57.04.0
Venezuela3.0-0.26.40.2-6.13.22.8-8.9-9.28.81.1

For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).

Data for some countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are IMF staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.

For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).

Data for some countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are IMF staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.

Table 7.Summary of Inflation(Percent)
Ten-Year Averages
1986–951996–20051996199719981999200020012002200320042005
GDP deflators
Advanced economies3.41.51.91.71.30.91.41.81.51.31.41.4
United States2.81.81.91.71.11.42.22.41.51.62.11.7
Euro area1.82.9-0.11.21.71.42.42.52.11.91.9
Japan11.2-1.3-0.80.3-0.1-1.5-2.0-1.5-1.2-2.5-2.4-1.4
Other advanced economies4.82.03.22.61.91.12.02.01.71.91.51.8
Consumer prices
Advanced economies3.61.82.42.01.51.42.12.11.51.81.71.7
United States3.52.42.92.31.52.23.42.81.62.32.32.2
Euro area21.82.21.61.11.12.02.42.32.11.71.6
Japan11.4-0.11.70.6-0.3-0.9-0.8-0.9-0.2-0.4-0.1
Other advanced economies4.72.02.92.22.21.21.82.11.71.81.72.0
Other emerging market and
developing countries58.08.818.111.611.410.47.36.86.06.15.75.0
Regional groups
Africa27.412.228.213.510.211.513.011.89.610.38.66.7
Central and eastern Europe59.221.737.352.033.023.323.019.614.89.26.95.5
Commonwealth of Independent States24.455.718.024.069.624.520.413.812.110.38.8
Developing Asia11.24.08.24.97.82.51.92.72.02.74.03.6
Middle East17.79.514.411.010.511.08.57.17.58.68.98.1
Western Hemisphere194.79.019.511.58.57.26.66.08.910.66.25.6
Analytical groups
By source of export earnings
Fuel25.815.136.717.915.015.012.310.811.112.111.610.5
Nonfuel61.38.316.711.111.110.06.96.55.65.75.34.6
of which, primary products51.717.933.319.914.019.424.221.111.715.313.08.7
By external financing source
Net debtor countries69.910.118.313.515.210.69.28.48.27.65.95.1
of which, official financing24.411.414.99.924.612.77.411.69.79.28.66.7
Net debtor countries by debt-servicing experience
Countries with arrears and/or rescheduling during 1997–2001165.412.723.411.817.114.012.111.810.212.08.56.6
Memorandum
Median inflation rate
Advanced economies3.61.92.21.81.61.42.62.52.12.21.41.8
Other emerging market and developing countries10.05.18.87.06.24.14.24.93.34.64.03.5

Annual data are calculated from seasonally adjusted quarterly data.

Based on Eurostat’s harmonized index of consumer prices.

Annual data are calculated from seasonally adjusted quarterly data.

Based on Eurostat’s harmonized index of consumer prices.

Table 8.Advanced Economies: GDP Deflators and Consumer Prices(Annual percent change)
Ten-Year AveragesFourth Quarter1
1986–951996–20051996199719981999200020012002200320042005200320042005
GDP deflators
Advanced economies3.41.51.91.71.30.91.41.81.51.31.41.4
United States2.81.81.91.71.11.42.22.41.51.62.11.71.52.21.6
Euro area1.82.9-0.11.21.71.42.42.52.11.91.92.31.91.8
Germany2.90.91.00.71.10.5-0.31.31.61.01.01.21.21.01.2
France2.81.31.41.30.80.40.71.72.01.71.61.61.51.71.6
Italy6.02.85.32.42.71.62.22.63.12.92.92.83.03.32.4
Spain6.43.43.52.32.42.83.54.24.44.23.93.04.23.42.8
Netherlands1.52.51.22.01.71.63.95.43.42.81.71.21.62.20.6
Belgium2.81.61.21.41.71.41.21.81.72.02.11.92.91.52.0
Austria2.91.31.30.90.50.71.42.11.42.01.41.42.21.41.5
Finland4.21.4-0.32.13.5-0.23.23.00.90.70.40.90.61.8
Greece15.64.47.46.85.23.03.43.54.04.53.33.15.83.32.0
Portugal10.03.33.03.83.83.13.54.44.72.32.02.41.71.62.5
Ireland3.13.62.14.06.33.84.35.15.40.62.62.30.52.12.4
Luxembourg2.62.12.02.72.72.23.92.20.61.11.71.7
Japan21.2-1.3-0.80.3-0.1-1.5-2.0-1.5-1.2-2.5-2.4-1.4-2.7-1.9-1.1
United Kingdom4.72.73.42.92.82.31.42.33.23.12.82.82.83.32.8
Canada2.91.71.61.2-0.41.74.01.01.03.41.41.92.31.62.0
Korea7.52.75.14.65.8-0.10.73.52.82.30.81.21.90.70.6
Australia4.12.22.21.60.60.54.13.92.23.12.41.52.92.71.2
Taiwan Province of China2.70.33.11.72.6-1.4-1.70.6-1.0-2.20.31.2-2.10.31.2
Sweden5.31.51.21.60.80.71.32.31.42.31.22.03.01.72.5
Switzerland3.00.50.4-0.20.71.21.10.60.40.60.70.60.60.8
Hong Kong SAR7.8-1.35.95.70.2-5.9-6.2-1.9-3.0-5.1-2.60.5-4.8-1.61.6
Denmark3.22.02.52.21.01.83.02.11.61.91.71.92.01.61.7
Norway2.63.34.12.9-0.76.615.91.9-1.32.81.40.72.40.21.0
Israel18.94.110.99.16.96.51.42.24.5-0.7-0.21.6-2.11.91.6
Singapore2.71.10.4-2.3-4.74.3-1.60.4-0.41.21.5-1.11.91.7
New Zealand4.72.01.91.51.20.62.34.50.61.73.12.93.22.42.9
Cyprus4.62.91.72.72.52.24.52.33.35.41.23.7
Iceland11.93.52.03.74.92.92.99.45.2-0.51.92.8
Memorandum
Major advanced economies2.91.31.61.41.10.91.21.51.31.21.31.31.01.51.3
European Union4.42.12.51.91.91.41.52.42.62.32.12.12.32.22.0
Newly industrialized Asian economies5.71.34.33.53.5-1.5-0.71.60.8-0.20.31.1-0.30.41.0
Consumer prices
Advanced economies3.61.82.42.01.51.42.12.11.51.81.71.7
United States3.52.42.92.31.52.23.42.81.62.32.32.21.92.72.1
Euro area31.82.21.61.11.12.02.42.32.11.71.62.11.61.6
Germany32.41.11.21.50.60.61.41.91.31.11.00.91.31.10.8
France32.71.62.11.30.70.61.81.81.92.21.81.62.41.71.5
Italy35.42.44.01.92.01.72.62.32.62.82.12.02.71.82.2
Spain5.92.83.71.92.22.42.52.63.93.02.72.72.72.72.7
Japan21.4-0.11.70.6-0.3-0.9-0.8-0.9-0.2-0.4-0.1-0.2-0.20.1
United Kingdom44.31.52.51.81.61.40.81.21.31.41.61.81.41.62.0
Canada3.31.91.61.61.01.72.72.52.32.71.41.91.71.62.0
Other advanced economies5.22.33.22.12.51.32.32.82.42.11.92.1
Memorandum
Major advanced economies3.21.72.22.01.21.42.11.91.31.71.61.61.51.81.6
European Union34.01.82.41.61.31.21.92.22.22.01.71.72.01.71.6
Newly industrialized Asian economies5.02.24.33.34.41.11.90.91.42.12.41.42.02.4

From fourth quarter of preceding year.

Annual data are calculated from seasonally adjusted quarterly data.

Based on Eurostat’s harmonized index of consumer prices.

Retail price index excluding mortgage interest.

From fourth quarter of preceding year.

Annual data are calculated from seasonally adjusted quarterly data.

Based on Eurostat’s harmonized index of consumer prices.

Retail price index excluding mortgage interest.

Table 9.Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing(Annual percent change)
Ten-Year Averages
1986–951996–20051996199719981999200020012002200320042005
Hourly earnings
Advanced economies5.13.53.33.03.33.25.42.93.13.93.63.5
United States3.74.32.02.06.14.19.02.54.05.54.04.0
Euro area3.24.13.71.02.93.63.53.63.33.23.1
Germany5.63.24.24.03.83.73.63.43.03.03.0
France3.92.72.22.10.51.14.72.53.32.63.74.0
Italy7.02.95.84.2-1.42.33.13.32.33.13.63.1
Spain7.03.95.74.53.32.72.84.05.25.13.23.0
Japan3.70.91.83.10.8-0.7-0.20.8-1.20.82.81.6
United Kingdom7.14.14.44.24.64.04.74.33.53.64.33.8
Canada3.92.51.02.21.83.73.33.52.52.51.43.0
Other advanced economies8.04.25.94.43.14.54.34.04.04.23.94.0
Memorandum
Major advanced economies4.43.42.62.73.32.95.72.62.83.93.63.4
European Union6.13.34.23.81.63.03.93.63.53.33.33.2
Newly industrialized Asian economies13.55.99.95.61.87.76.43.44.26.46.96.8
Productivity
Advanced economies3.13.32.73.82.23.75.20.84.23.73.62.9
United States3.04.23.43.64.73.84.52.47.25.24.23.0
Euro area2.52.04.03.11.84.90.61.81.92.22.4
Germany3.32.73.23.13.05.92.83.02.82.8
France3.63.71.05.65.52.97.72.22.42.03.84.1
Italy3.20.5-0.62.7-0.61.53.8-0.8-2.0-0.90.81.5
Spain3.21.20.62.71.41.40.32.22.80.3
Japan2.32.83.84.7-4.02.96.4-3.53.55.45.64.1
United Kingdom3.92.7-0.41.61.03.96.03.21.54.93.91.5
Canada2.12.2-2.43.41.75.76.3-1.72.70.52.92.9
Other advanced economies3.53.03.44.41.45.84.70.82.82.32.32.4
Memorandum
Major advanced economies3.03.32.53.72.43.15.30.84.54.13.93.0
European Union3.42.51.43.62.62.35.11.01.72.32.42.2
Newly industrialized Asian economies7.35.26.95.7-3.114.110.80.44.43.95.15.1
Unit labor costs
Advanced economies2.00.30.7-0.71.2-0.40.22.1-1.00.20.6
United States0.70.1-1.3-1.61.30.34.30.1-3.00.4-0.21.0
Euro area0.72.0-0.3-2.01.1-1.22.91.71.41.00.7
Germany2.20.50.90.8-2.93.8-2.13.60.70.20.2
France0.3-1.01.2-3.2-4.8-1.8-2.80.30.90.6-0.1-0.1
Italy3.62.46.41.5-0.80.8-0.74.14.44.02.81.6
Spain3.72.75.11.71.91.22.44.02.92.23.12.7
Japan1.4-1.8-1.9-1.65.0-3.5-6.24.5-4.6-4.3-2.7-2.4
United Kingdom3.11.44.82.53.5-1.31.11.9-1.20.42.3
Canada1.70.33.4-1.2-1.9-2.85.3-0.32.0-1.50.1
Other advanced economies4.41.22.60.12.0-1.1-0.43.21.11.71.51.5
Memorandum
Major advanced economies1.40.2-0.91.0-0.20.31.8-1.6-0.2-0.30.4
European Union2.60.92.80.1-0.90.7-1.22.71.81.00.91.0
Newly industrialized Asian economies5.70.63.50.45.4-5.4-4.22.9-0.61.51.31.2
Table 10.Other Emerging Market and Developing Countries: Consumer Prices(Annual percent change)
Ten-Year Averages
1986–951996–20051996199719981999200020012002200320042005
Other emerging market and developing countries58.08.818.111.611.410.47.36.86.06.15.75.0
Regional groups
Africa27.412.228.213.510.211.513.011.89.610.38.66.7
Sub-Sahara32.415.033.916.512.114.616.814.812.013.010.47.8
Excluding Nigeria and South Africa49.322.460.024.716.623.528.321.914.018.014.59.0
Central and eastern Europe59.221.737.352.033.023.323.019.614.89.26.95.5
Commonwealth of Independent States24.455.718.024.069.624.520.413.812.110.38.8
Russia25.347.914.727.885.720.821.615.813.711.29.9
Excluding Russia22.575.826.515.936.934.017.59.48.68.46.2
Developing Asia11.24.08.24.97.82.51.92.72.02.74.03.6
China11.71.78.32.8-0.8-1.40.40.7-0.81.23.53.0
India9.45.89.07.213.24.74.03.84.33.84.34.1
Excluding China and India11.67.27.46.620.98.72.95.96.14.94.84.5
Middle East17.79.514.411.010.511.08.57.17.58.68.98.1
Western Hemisphere194.79.019.511.58.57.26.66.08.910.66.25.6
Brazil716.17.816.06.93.24.97.16.88.414.85.94.7
Mexico41.211.734.420.615.916.69.56.45.04.54.33.2
Analytical groups
By source of export earnings
Fuel25.815.136.717.915.015.012.310.811.112.111.610.5
Nonfuel61.38.316.711.111.110.06.96.55.65.75.34.6
of which, primary products51.717.933.319.914.019.424.221.111.715.313.08.7
By external financing source
Net debtor countries69.910.118.313.515.210.69.28.48.27.65.95.1
of which, official financing24.411.414.99.924.612.77.411.69.79.28.66.7
Net debtor countries by debt-servicing experience
Countries with arrears and/or rescheduling during 1997–2001165.412.723.411.817.114.012.111.810.212.08.56.6
Other groups
Heavily indebted poor countries56.217.142.121.917.317.218.218.110.711.59.38.6
Middle East and north Africa17.88.616.110.59.39.27.06.16.47.27.67.0
Memorandum
Median
Other emerging market and developing countries10.05.18.87.06.24.14.24.93.34.64.03.5
Africa10.85.17.56.45.24.04.94.93.65.64.83.6
Central and eastern Europe49.36.117.68.88.23.36.25.53.32.33.03.0
Commonwealth of Independent States15.146.817.410.523.518.79.85.66.46.95.0
Developing Asia8.64.77.26.28.34.22.53.83.84.03.93.5
Middle East7.22.76.83.33.02.11.01.71.62.62.92.0
Western Hemisphere12.94.57.16.54.63.54.63.74.24.53.53.2
Table 11.Other Emerging Market and Developing Countries—by Country: Consumer Prices1(Annual percent change)
Average

1986–95
1996199719981999200020012002200320042005
Africa27.428.213.510.211.513.011.89.610.38.66.7
Algeria17.718.75.75.02.60.34.21.42.63.84.0
Angola184.64,146.0221.5107.4248.2325.0152.6108.998.340.215.9
Benin5.94.93.85.80.34.24.02.41.52.63.0
Botswana13.110.39.47.66.97.97.25.54.74.54.5
Burkina Faso2.86.12.45.0-1.1-0.34.92.73.02.02.0
Burundi8.926.431.112.53.424.39.3-1.310.77.75.2
Cameroon24.56.65.12.90.82.86.31.22.02.0
Cape Verde7.26.08.64.43.9-2.43.81.81.22.02.0
Central African Republic2.53.71.6-1.9-1.43.23.82.34.01.52.3
Chad2.111.35.64.3-8.43.812.45.2-1.03.04.8
Comoros2.02.03.0-3.61.14.65.93.34.53.53.5
Congo, Dem. Rep. of648.2617.0199.0107.0270.0553.7357.927.79.16.05.0
Congo, Rep. of2.710.213.21.83.10.40.83.12.02.02.0
Côte d’Ivoire6.72.74.24.50.72.54.43.13.83.22.7
Djibouti6.33.52.52.22.02.41.80.62.02.02.0
Equatorial Guinea2.56.04.53.76.06.56.08.87.68.06.0
Eritrea10.33.79.58.419.914.616.922.620.720.5
Ethiopia7.60.9-6.43.63.94.2-2.6-7.215.15.53.0
Gabon4.14.54.12.3-0.70.42.10.22.02.02.0
Gambia, The14.34.83.11.13.80.94.58.618.014.97.2
Ghana28.946.627.914.612.425.232.914.826.48.66.0
Guinea21.93.01.95.14.66.85.43.012.98.83.5
Guinea-Bissau53.150.749.18.0-2.18.63.33.33.03.03.0
Kenya16.48.911.96.75.810.04.92.09.7-0.23.4
Lesotho13.39.18.57.88.66.16.912.37.16.35.2
Madagascar19.119.84.56.29.98.86.916.2-1.15.05.0
Malawi25.537.79.129.844.829.627.214.99.69.99.0
Mali2.16.5-0.74.1-1.2-0.75.22.40.52.52.5
Mauritania7.24.74.58.04.13.34.73.95.35.63.5
Mauritius7.25.97.95.47.95.34.46.45.05.04.5
Morocco5.43.01.02.70.71.90.62.81.22.02.0
Mozambique, Rep. of55.644.66.40.62.912.79.016.813.511.58.2
Namibia12.58.08.86.28.79.39.311.37.26.55.5
Niger2.55.32.94.5-2.32.94.02.7-0.70.92.0
Nigeria33.229.38.510.06.66.918.013.714.416.510.1
Rwanda13.913.411.76.8-2.43.93.42.07.46.93.0
São Tomé and Príncipe35.742.069.042.116.311.09.59.29.613.314.5
Senegal3.42.81.61.20.80.73.12.30.11.22.0
Seychelles1.8-1.10.62.76.36.26.00.27.05.04.0
Sierra Leone64.723.114.636.034.1-0.92.6-3.76.64.83.5
South Africa13.37.38.66.95.25.44.98.96.03.25.6
Sudan78.0132.846.717.116.08.04.98.37.76.56.0
Swaziland12.36.47.97.55.99.97.511.98.16.96.1
Tanzania29.120.515.413.29.06.25.24.65.04.73.8
Togo5.24.66.3-0.11.93.93.1-0.80.91.8
Tunisia6.53.73.73.12.73.01.92.82.72.72.5
Uganda62.97.75.80.25.84.5-2.05.75.93.53.5
Zambia86.943.124.424.526.826.121.722.221.518.517.5
Zimbabwe19.921.418.831.758.555.976.7140.0431.7640.0200.0
Central and eastern Europe359.237.352.033.023.323.019.614.89.26.95.5
Albania26.912.732.120.90.43.15.22.33.03.0
Bosnia and Herzegovina-11.55.6-0.42.95.03.20.30.10.91.7
Bulgaria51.0123.01,061.218.82.610.47.55.82.36.03.6
Croatia3.53.65.74.16.24.92.31.52.53.5
Czech Republic8.88.510.62.13.94.81.80.13.53.0
Estonia23.111.28.23.34.05.83.61.33.02.5
Hungary19.923.518.314.310.09.89.25.34.77.14.4
Latvia17.68.44.62.42.62.51.92.93.03.0
Lithuania24.78.85.10.81.01.30.3-1.21.12.5
Macedonia, FYR2.32.6-0.1-0.75.85.32.41.22.83.0
Malta2.42.03.12.42.12.13.22.21.32.12.0
Poland77.919.914.911.87.310.15.51.90.83.02.4
Romania71.338.8154.859.145.845.734.522.515.312.07.2
Serbia and Montenegro29.542.169.991.121.211.37.56.0
Slovak Republic5.86.16.710.712.07.33.38.57.84.2
Slovenia9.98.47.96.28.98.47.55.63.73.4
Turkey66.082.385.784.664.954.954.445.025.312.010.6
Memorandum
EU accession countries38.653.834.024.123.720.115.39.57.15.6
Commonwealth of Independent States355.718.024.069.624.520.413.812.110.38.8
Russia47.914.727.885.720.821.615.813.711.29.9
Excluding Russia75.826.515.936.934.017.59.48.68.46.2
Armenia18.714.08.60.6-0.83.11.14.83.03.0
Azerbaijan19.83.7-0.8-8.51.81.52.82.24.02.5
Belarus52.763.873.0293.7168.661.142.628.422.713.6
Georgia39.37.03.619.14.04.75.64.85.85.0
Kazakhstan39.117.47.38.413.38.35.96.46.55.8
Kyrgyz Republic32.023.410.535.918.76.92.12.73.73.8
Moldova23.511.87.739.331.39.85.311.79.56.9
Mongolia44.446.836.69.47.611.66.30.95.05.05.0
Tajikistan418.288.043.227.532.938.612.216.48.55.0
Turkmenistan992.483.716.823.58.011.6
Ukraine80.215.910.622.728.212.00.85.26.94.6
Uzbekistan54.070.916.744.649.547.544.314.88.99.3
Developing Asia11.28.24.97.82.51.92.72.02.74.03.6
Afghanistan, I.S. of
Bangladesh8.12.55.08.66.22.21.53.84.95.13.5
Bhutan10.17.49.09.23.63.62.75.05.05.05.0
Brunei Darussalam2.01.7-0.41.20.6-2.31.51.31.3
Cambodia7.18.014.84.0-0.80.23.31.73.43.4
China11.78.32.8-0.8-1.40.40.7-0.81.23.53.0
Fiji5.14.93.45.92.01.14.31.92.02.52.5
India9.49.07.213.24.74.03.84.33.84.34.1
Indonesia8.27.96.258.020.73.811.511.96.65.04.5
Kiribati2.7-1.52.23.71.80.46.03.21.42.32.5
Lao PDR12.619.119.590.1128.423.28.610.612.37.55.0
Malaysia2.73.52.75.32.71.51.41.81.12.22.5
Maldives9.56.27.6-1.43.0-1.20.70.9-1.52.02.8
Myanmar23.720.033.949.110.9-1.734.546.940.043.047.0
Nepal11.77.28.18.311.43.42.42.94.75.44.6
Pakistan9.010.411.46.24.14.43.12.93.64.04.0
Papua New Guinea6.111.63.913.614.915.69.311.815.77.56.7
Philippines8.99.05.99.76.74.46.13.13.13.94.0
Samoa5.45.46.92.20.31.03.88.14.22.42.3
Solomon Islands12.311.88.112.38.06.97.69.410.12.83.0
Sri Lanka11.415.99.69.44.76.214.29.66.36.05.5
Thailand4.45.95.68.10.31.61.70.61.82.21.3
Timor-Leste, Dem. Rep. of63.63.64.87.14.13.2
Tonga8.52.03.03.95.36.910.415.020.020.020.0
Vanuatu6.00.92.83.32.22.53.72.24.03.23.0
Vietnam101.85.73.27.74.2-1.6-0.44.03.23.53.5
Middle East17.714.411.010.511.08.57.17.58.68.98.1
Bahrain0.3-0.14.6-0.4-1.3-3.6-1.2-0.50.61.01.2
Egypt17.07.16.24.73.82.82.42.43.25.23.5
Iran, I.R. of25.523.217.318.120.112.611.415.817.016.015.0
Iraq
Jordan4.86.53.03.10.60.71.81.82.33.01.8
Kuwait7.93.60.70.13.01.81.71.41.22.02.0
Lebanon83.28.97.74.50.2-0.4-0.41.81.42.02.0
Libya7.14.03.63.72.6-2.9-8.8-9.81.03.01.3
Oman2.80.5-0.5-0.50.5-1.2-1.0-0.71.02.61.1
Qatar2.88.81.12.92.21.71.41.04.32.81.2
Saudi Arabia0.70.9-0.4-0.2-1.3-0.6-0.8-0.60.51.00.9
Syrian Arab Republic20.88.91.9-1.0-3.7-3.93.00.64.34.04.0
United Arab Emirates4.43.02.92.02.11.42.83.12.82.62.4
Yemen35.240.04.611.58.010.911.912.210.811.79.0
Western Hemisphere194.719.511.58.57.26.66.08.910.66.25.6
Antigua and Barbuda4.23.00.23.41.10.71.02.22.52.52.5
Argentina200.70.20.50.9-1.2-0.9-1.125.913.46.79.5
Bahamas, The4.41.40.51.31.31.62.02.03.02.52.0
Barbados3.32.47.7-1.31.62.61.51.52.41.6
Belize2.36.41.0-0.8-1.30.71.22.32.52.52.5
Bolivia28.012.44.77.72.24.61.60.93.33.53.5
Brazil716.116.06.93.24.97.16.88.414.85.94.7
Chile16.67.46.15.13.33.83.62.52.81.32.9
Colombia25.020.818.318.610.29.37.86.37.15.75.0
Costa Rica18.117.513.211.710.011.011.39.29.49.49.0
Dominica3.41.72.41.01.2-7.31.60.11.62.31.5
Dominican Republic22.05.48.34.86.57.78.95.227.428.810.6
Ecuador-0.74.1-0.6-29.2-7.737.712.67.93.22.7
El Salvador18.29.84.52.50.52.33.71.92.92.72.5
Grenada2.62.81.31.40.52.23.23.02.52.52.5
Guatemala16.111.09.26.64.95.18.96.35.95.04.5
Guyana36.27.13.64.67.56.12.75.35.84.63.5
Haiti15.821.916.212.78.111.516.88.732.525.014.1
Honduras14.623.820.213.711.611.09.77.77.77.16.4
Jamaica27.821.59.18.16.37.78.06.57.07.07.0
Mexico41.234.420.615.916.69.56.45.04.54.33.2
Netherlands Antilles2.63.43.11.20.85.01.80.52.02.52.5
Nicaragua781.011.69.213.011.211.57.44.05.25.24.0
Panama0.81.31.30.61.31.40.31.01.21.31.5
Paraguay23.09.87.011.66.89.07.310.514.28.06.7
Peru288.311.86.56.03.73.7-0.11.52.52.52.5
St. Kitts and Nevis2.42.08.73.73.42.12.12.11.41.51.6
St. Lucia3.60.92.83.53.62.1-0.21.01.01.0
St. Vincent and the Grenadines3.14.40.52.11.00.20.81.00.32.02.0
Suriname66.7-0.87.319.098.858.942.315.523.813.611.3
Trinidad and Tobago8.13.33.6-0.53.43.55.54.23.52.82.7
Uruguay69.328.319.810.85.74.84.414.019.48.37.7
Venezuela40.699.950.035.823.616.212.522.431.129.335.0

For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).

For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price indices with a broader and more up-to-date coverage are typically used for more recent years.

For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.

The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).

For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price indices with a broader and more up-to-date coverage are typically used for more recent years.

Table 12.Summary Financial Indicators(Percent)
1996199719981999200020012002200320042005
Advanced economies
Central government fiscal balance1
Advanced economies-2.8-1.6-1.0-1.10.2-1.0-2.5-3.3-3.2-2.6
United States-1.9-0.60.51.11.90.4-2.5-4.1-4.2-2.9
Euro area-3.8-2.6-2.4-1.6-0.4-1.5-2.0-2.3-2.2-2.1
Japan-4.4-4.0-3.8-8.5-6.9-6.3-7.0-6.8-6.6-6.4
Other advanced economies-1.5-0.20.52.40.6-0.3-0.7-0.8-0.5
General government fiscal balance1
Advanced economies-3.2-1.6-1.2-0.80.1-1.3-3.1-4.0-3.8-3.1
United States-2.2-0.80.40.91.6-0.2-3.3-4.9-4.8-3.5
Euro area-4.3-2.6-2.3-1.3-0.9-1.7-2.3-2.8-2.8-2.4
Japan-5.1-3.8-5.5-7.2-7.5-6.1-7.9-8.2-7.1-6.6
Other advanced economies-1.70.61.22.50.5-0.6-1.2-1.3-1.1
General government structural balance2
Advanced economies-3.0-1.7-1.3-1.2-0.8-1.3-2.6-3.2-3.2-2.7
Growth of broad money3
Advanced economies4.95.06.75.84.98.75.85.1
United States4.65.68.56.36.110.36.85.3
Euro area44.14.54.95.44.211.26.76.4
Japan3.03.94.02.71.93.31.81.6
Other advanced economies9.56.09.38.96.87.26.26.3
Short-term interest rates5
United States5.15.24.94.86.03.51.61.01.13.0
Euro area45.24.44.13.04.44.23.32.42.63.2
Japan0.30.30.20.10.10.10.00.00.10.3
LIBOR5.65.95.65.56.63.71.91.21.33.5
Other emerging market and developing countries
Central government fiscal balance1
Weighted average-2.6-2.9-3.8-3.8-3.0-3.2-3.5-3.0-2.7-2.5
Median-2.5-2.5-2.8-3.2-2.7-3.6-3.3-3.2-2.9-2.2
General government fiscal balance1
Weighted average-3.5-3.8-4.8-4.8-3.6-4.0-4.4-3.6-3.2-2.9
Median-2.8-2.4-3.3-3.5-3.2-3.2-3.9-3.0-2.8-2.2
Growth of broad money
Weighted average29.419.516.918.214.914.916.616.914.512.3
Median16.717.210.913.213.213.613.010.89.99.3

Percent of GDP.

Percent of potential GDP.

M2, defined as M1 plus quasi-money, except for Japan, for which the data are based on M2 plus certificates of deposit (CDs). Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For the euro area, M3 is composed of M2 plus marketable instruments held by euro-area residents, which comprise repurchase agreements, money market fund shares/units, money market paper, and debt securities up to two years.

Excludes Greece prior to 2001.

For the United States, three-month treasury bills; for Japan, three-month certificates of deposit; for the euro area, a weighted average of national three-month money market interest rates through 1998 and three-month EURIBOR thereafter; and for LIBOR, London interbank offered rate on six-month U.S. dollar deposits.

Percent of GDP.

Percent of potential GDP.

M2, defined as M1 plus quasi-money, except for Japan, for which the data are based on M2 plus certificates of deposit (CDs). Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For the euro area, M3 is composed of M2 plus marketable instruments held by euro-area residents, which comprise repurchase agreements, money market fund shares/units, money market paper, and debt securities up to two years.

Excludes Greece prior to 2001.

For the United States, three-month treasury bills; for Japan, three-month certificates of deposit; for the euro area, a weighted average of national three-month money market interest rates through 1998 and three-month EURIBOR thereafter; and for LIBOR, London interbank offered rate on six-month U.S. dollar deposits.

Table 13.Advanced Economies: General and Central Government Fiscal Balances and Balances Excluding Social Security Transactions1(Percent of GDP)
1996199719981999200020012002200320042005
General government fiscal balance
Advanced economies-3.2-1.6-1.2-0.80.1-1.3-3.1-4.0-3.8-3.1
United States-2.2-0.80.40.91.6-0.2-3.3-4.9-4.8-3.5
Euro area-4.3-2.6-2.3-1.3-0.9-1.7-2.3-2.8-2.8-2.4
Germany-3.4-2.7-2.2-1.51.3-2.8-3.5-4.0-3.5-3.1
France2-4.1-3.0-2.7-1.8-1.4-1.4-3.2-4.1-3.9-3.2
Italy-7.1-2.7-2.8-1.7-0.6-2.6-2.3-2.4-2.9-2.8
Spain-4.9-3.2-3.0-1.2-0.8-0.30.10.30.40.5
Netherlands-1.8-1.1-0.80.72.2-1.6-3.2-3.0-2.7
Belgium-3.8-2.0-0.7-0.40.10.50.2-0.1-0.1
Austria3-3.8-2.0-2.5-2.4-1.60.1-0.4-1.2-0.9-1.7
Finland-2.9-1.31.62.27.15.24.32.12.02.1
Greece-7.4-4.0-2.5-1.8-2.0-1.4-1.2-2.7-2.7-2.5
Portugal-4.0-3.0-2.6-2.8-2.9-4.4-2.7-2.8-4.2-4.0
Ireland4-0.21.22.42.44.40.9-0.2-0.3-0.9-1.0
Luxembourg1.93.23.23.56.46.22.4-1.0-2.6-3.1
Japan-5.1-3.8-5.5-7.2-7.5-6.1-7.9-8.2-7.1-6.6
United Kingdom-4.2-2.20.11.13.90.8-1.5-3.0-3.0-3.0
Canada-2.80.20.11.63.01.40.81.21.01.3
Korea5-1.5-3.9-3.01.10.62.32.32.52.9
Australia6-0.9-0.10.30.90.9-0.1-0.6-0.6-0.8-1.0
Taiwan Province of China2.32.33.70.8-4.5-6.6-4.3-4.0-3.8-2.9
Sweden-2.9-1.72.31.33.44.61.10.20.41.2
Switzerland-2.0-2.4-0.4-0.22.60.2-0.1-2.3-2.4-1.7
Hong Kong SAR2.16.5-1.80.8-0.6-5.0-4.9-4.0-4.9-2.7
Denmark-1.00.41.13.22.52.81.61.21.11.3
Norway6.57.83.56.115.013.79.29.36.65.8
Israel-5.9-4.5-3.7-4.2-2.1-4.1-4.5-6.4-4.8-3.8
Singapore9.39.23.64.68.04.84.01.81.11.2
New Zealand72.72.22.11.51.31.61.73.04.44.1
Cyprus-3.4-5.3-5.5-4.0-2.7-2.8-3.6-6.3-5.4-4.7
Iceland-1.60.52.62.70.3-0.9-1.20.31.1
Memorandum
Major advanced economies-3.5-1.9-1.3-1.0-1.5-3.7-4.7-4.5-3.6
European Union-4.3-2.5-1.7-0.80.8-1.0-1.9-2.6-2.6-2.3
Newly industrialized Asian economies3.24.22.51.3-2.1-4.8-3.4-3.3-3.4-2.3
Fiscal balance excluding social security transactions
United States-1.8-0.60.40.61.3-0.2-2.9-4.4-4.3-3.1
Japan-6.8-5.5-6.9-8.2-8.0-6.2-7.6-7.8-6.6-5.9
Germany-3.1-2.8-2.4-1.81.3-2.7-3.2-3.7-3.5-3.1
France-3.6-2.6-2.5-2.0-2.0-1.7-3.1-3.3-3.2-2.8
Italy-5.3-0.71.32.73.41.31.91.61.31.2
Canada3.02.73.94.93.02.32.62.42.7
Central government fiscal balance
Advanced economies-2.8-1.6-1.0-1.10.2-1.0-2.5-3.3-3.2-2.6
United States8-1.9-0.60.51.11.90.4-2.5-4.1-4.2-2.9
Euro area-3.8-2.6-2.4-1.6-0.4-1.5-2.0-2.3-2.2-2.1
Germany9-2.2-1.7-1.5-1.31.3-1.1-1.5-2.0-1.5-1.4
France-3.7-3.6-3.9-2.5-2.4-2.2-3.7-4.0-3.9-3.4
Italy-7.0-2.9-2.7-1.5-1.1-2.8-2.4-2.5-2.7-2.6
Spain-3.9-2.7-2.4-1.1-0.9-0.5-0.4-0.4-0.3-0.1
Japan10-4.4-4.0-3.8-8.5-6.9-6.3-7.0-6.8-6.6-6.4
United Kingdom-4.4-2.20.11.14.00.8-1.6-3.2-3.1-3.1
Canada-2.00.70.80.91.81.21.00.70.50.6
Other advanced economies-1.7-1.0-1.2-0.60.7-0.2-0.4-0.6-0.6-0.3
Memorandum
Major advanced economies-3.1-1.7-1.0-1.20.1-1.2-3.0-3.9-3.9-3.2
European Union-4.0-2.6-2.0-1.10.3-1.1-1.9-2.4-2.3-2.2
Newly industrialized Asian-economies1.00.8-1.1-1.00.8-0.9-0.5-0.5-0.40.3

On a national income accounts basis except as indicated in footnotes. See Box A1 for a summary of the policy assumptions underlying the projections.

Adjusted for valuation changes of the foreign exchange stabilization fund.

Based on E SA95. methodology, according to which swap income is not included.

To maintain compara-bility, data exclude the impact of discharging future pension-liabilities of the formerly stateowned telecommunications company at a cost of 1.8 percent of GDP in 1999.

Data-cover the consolidated central government including the social security-funds but excluding privatization.

Data exclude net advances (primarily privatization receipts and net policy-related lending).

Government balance is reve-nue minus expenditure plus balance of state-owned enterprises, excluding privatization receipts.

Data are on a budget basis.

Data are on an administrative basis and exclude social-security transactions.

Data are on a national income basis and exclude social-security transactions.

On a national income accounts basis except as indicated in footnotes. See Box A1 for a summary of the policy assumptions underlying the projections.

Adjusted for valuation changes of the foreign exchange stabilization fund.

Based on E SA95. methodology, according to which swap income is not included.

To maintain compara-bility, data exclude the impact of discharging future pension-liabilities of the formerly stateowned telecommunications company at a cost of 1.8 percent of GDP in 1999.

Data-cover the consolidated central government including the social security-funds but excluding privatization.

Data exclude net advances (primarily privatization receipts and net policy-related lending).

Government balance is reve-nue minus expenditure plus balance of state-owned enterprises, excluding privatization receipts.

Data are on a budget basis.

Data are on an administrative basis and exclude social-security transactions.

Data are on a national income basis and exclude social-security transactions.