Statistical Appendix
Author:
International Monetary Fund. Research Dept.
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Language:
English
Print Publication Date:
01 Jan 1985
Keywords:
WEO; U.S. dollar terms; debtor country; ratios of debt and debt service; U.S. dollar; dollar value; export volume growth; oil importer; fuel exporter; U.S. dollar value; market borrower; oil developing countries; Imports; Exports; Middle East; Western Hemisphere; Europe
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Abstract

Statistical Appendix

Statistical Appendix

Introduction

Assumptions and Conventions

The statistical tables in this appendix have been compiled on the basis of information available on or before September 20, 1985. The recording of the figures for 1985 and beyond with the same degree of precision as the historical figures is solely a matter of convenience. It is not intended to convey any connotation regarding the degree of accuracy attaching to these estimates and projections.

A few of the tables include series expressed in SDRs (or based on SDR values). The U.S. dollar/SDR conversion rates used in this report are, for the historical period, the geometric averages of daily rates given in the Fund’s International Financial Statistics (IFS). For the years prior to 1970, these data impute to the SDR a value of US$1.00. For the period from July 23, 1985 to the end of 1986, a rate of US$1,025 = SDR 1—the rate prevailing on July 22, 1985—is used.

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

(1) for the major currencies, the exchange rates of July 22, 1985 (the first business day after the realignment of those currencies that participate in the European Monetary System) will prevail throughout the balance of 1985 and 1986;

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

(3) the price of oil will remain constant in U.S. dollar terms at the average price prevailing in early August 1985, which is estimated at $26.50 per barrel.

Classification of Countries

The classification of countries used in World Economic Outlook reports since 1979 was revised with the April 1985 report. Under the former classification, Fund member countries were divided into three groups: industrial countries, oil exporting developing countries, and non-oil developing countries. Although essential to meaningful analysis from the early to mid-1970s to the early 1980s, continued primary reliance on this division of countries was increasingly hampering analysis of the problems of the mid-1980s. The essential difficulty was that other characteristics of a country’s external economic relations had come to the fore. For instance, with the advent of the debt crisis of 1982, developments in countries’ current account balances became much more a function of the type of financing (private vs. official) that they relied upon than of the commodity composition of their exports. Moreover, the problems associated with the primacy attached to the distinction between oil exporting developing countries and non-oil exporting developing countries were compounded by the out-of-date criterion used to make the distinction, which ignored the many “non-oil” countries that had in fact become producers and exporters of oil.

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

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

Table A.

Developing Countries: Shares of Various Subgroups in Aggregate GDP, Exports of Goods and Services, and Debt Outstanding, 1980

(In percent)

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In percent of outstanding debt of capital importing developing countries.

Excluding Nigeria and South Africa.

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

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

The first analytical criterion used to group developing countries is by predominant export category. Four categories are distinguished: fuel (SITC 3); other primary commodities (SITC 0, 1, 2, 4, and diamonds and gemstones); manufactures (SITC 5 to 8 less diamonds and gemstones); and “services and remittances.”

On the basis of data for 1980, countries are assigned to that commodity grouping which accounts for 50 percent or more of their exports. Specifically, countries are assigned to the “services and remittances” category if their receipts on these transactions account for at least half of their exports of goods and services. If countries do not meet this criterion, they are assigned to that trade category (of the three listed above) which accounts for at least half of their total merchandise exports.2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Except where otherwise specifically indicated, the Union of Soviet Socialist Republics and other non-member countries of Eastern Europe, Cuba, and North Korea are excluded from the following tables. Also, it has not been possible to include in the tables a number of small countries or territories for which trade and payments data are not available.

Output and Employment

Table 1.

World Output, 1967-861

(Changes, in percent)

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Real GDP (or GNP) for industrial and developing countries and real net material product (NMP) for other countries. Composites for the country groups are averages of percentage changes for individual countries weighted by the average U.S. dollar value of their respective GDPs (GNPs or NMPs where applicable) over the preceding three years. Because of the uncertainty surrounding the valuation of the composite NMP of the other countries, they have been assigned—somewhat arbitrarily—a weight of 15 percent in the calculation of the growth of world output. For classification of countries in groups shown here, see the Introduction to this appendix. Estimates do not include China for the period prior to 1978.

Compound annual rates of change.

The U.S.S.R. and other countries of Eastern Europe that are not members of the Fund. The forecasts for these countries have not been updated from those given in April.

Table 2.

Industrial Countries: Changes in Real GNP and Total Domestic Demand, 1967-861

(In percent)

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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.

Average of expenditure, income, and output estimates of GDP at factor cost.

Table 3.

Industrial Countries: Changes in Components of Real GNP, 1967-861

(In percent)

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

Compound annual rates of change.

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

Table 4.

Industrial Countries: Employment and Unemployment, 1967-861

(In percent)

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

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

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

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

Table 5.

Developing Countries: Growth of Real GDP, 1967-861, 2

(In percent)

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

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

Compound annual rates of change.

Excluding Nigeria and South Africa.

Table 6.

Developing Countries: Gross Capital Formation, 1977-841

(In percent of GDP)

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

Excluding Nigeria and South Africa.

Inflation

Table 7

Inflation, 1967-861

(In percent)

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

Compound annual rates of change.

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

Percentage changes of geometric averages of indices of consumer prices for individual countries weighted by the average U.S. dollar value of their respective GDPs over the preceding three years. Estimates exclude China prior to 1978.

Table 8

Industrial Countries: Changes in GNP Deflators and Consumer Prices, 1967-861

(In percent)

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

Compound annual rates of change.

GDP at market prices.

Table 9.

Industrial Countries: Changes in Hourly Compensation, Productivity, and Unit Labor Costs in Manufacturing, 1967-861

(In percent)

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

Compound annual rates of change.

In manufacturing.

Table 10.

Developing Countries: Changes in Consumer Prices—Weighted Averages, 1967-861, 2

(In percent)

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

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

Compound annual rates of change. Estimates exclude China prior to 1978.

Excluding Nigeria and South Africa.

Table 11.

Developing Countries: Changes in Consumer Prices—Median Estimates, 1967-861

(In percent)

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

Excluding Nigeria and South Africa.

Financial Policies

Table 12.

Summary Financial Indicators, 1977-861

(In percent)

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

In percent of GNP/GDP.

For definition of fiscal impulses, see April 1985 World Economic Outlook report, Supplementary Note 1. See also footnotes to Table 15. It should be noted that estimates for the industrial and developing countries are not necessarily comparable, in part because of the exclusion of the so-called monetary correction from the estimates for some of the high-inflation developing countries.

For definitions of monetary aggregates, see footnotes 2 and 4 to Table 13.

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

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

Table 13.

Major Industrial Countries: Changes in Monetary Aggregates, 1977-85

(In percent)

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Staff assumptions except for the United States, and, for broad money only, France. In these instances, the estimates represent the midpoints of the announced target ranges of the monetary authorities. The target range for Ml in the United States for the year ending in the fourth quarter of 1985 has been adjusted for the Federal Reserve’s announced rebasing to the second quarter of 1985 and revised target range of 3 to 8 percent for the second half of the year.

M1 is generally currency in circulation plus private demand deposits. In addition, Canada includes daily interest checkable deposits and nonpersonal notice deposits and excludes private sector float; the United States includes traveler’s checks of nonbank issues and other checkable deposits and excludes private sector float and demand deposits of banks; the Federal Republic of Germany includes demand deposits at fixed interest rates; and Japan includes government demand deposits and excludes float.

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

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

Table 14.

Major Industrial Countries: Interest Rates, 1977-July 1985

(Percent per annum)

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

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

Average yield to maturity of central government bonds with terms of 10 years or more for Canada, 20 years for the United States and the United Kingdom, and 7 years for Japan. Average yield to maturity of National Equipment Bonds of 1965, 1966, and 1967 for France, public authorities bonds with terms of 3 years or more for the Federal Republic of Germany, and multiyear treasury bonds for Italy.

Table 15.

Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1977-861

(In percent of GNP)

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

Data for Canada are on a national income accounts basis.

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

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

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

Table 16.

Major Industrial Countries: General Government Fiscal Balances and Impulses, 1977-861

(In percent of GNP)

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

Table 17.

Developing Countries: Changes in Broad Money Aggregates, 1977-841, 2

(In percent)

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

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

Excluding Nigeria and South Africa.

Table 18.

Developing Countries: Central Government Fiscal Balances, 1977-841

(In percent of GDP)

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

Excluding Nigeria and South Africa.

Foreign Trade

Table 19.

Summary of World Trade Volumes and Prices, 1967-861

(Changes, in percent)

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

Compound annual rates of change.

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

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

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

Table 20.

Industrial Countries: Merchandise Trade, 1967-861

(Changes, in percent)

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

Compound annual rates of change.

Averages of changes for individual countries weighted by the average U.S. dollar value of their respective non-oil imports over the preceding three years.

Ratio of growth in non-oil imports to growth in real GNP.

Total imports.

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

Table 21.

Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade, 1967-86 1

(Changes, in percent)

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

Compound annual rates of change.

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

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

Table 22.

Developing Countries: Merchandise Trade, 1967-861, 2

(Changes, in percent)

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

Excluding China prior to 1978.

Compound annual rates of change.

Export earnings deflated by import prices.

Of oil exporting countries.

Gold holdings are valued at SDR 35 an ounce.

Table 23.

Developing Countries: Export Volumes, 1967-861, 2

(Changes, in percent)

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

Excluding China prior to 1978.

Compound annual rates of change.

Excluding Nigeria and South Africa.

Table 24.

Developing Countries: Import Volumes, 1967-861, 2

(Changes, in percent)

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

Excluding China prior to 1978.

Compound annual rates of change.

Excluding Nigeria and South Africa.

Table 25.

Developing Countries: Export Unit Values, 1967-861, 2

(Changes, in terms of U.S. dollars, in percent)

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

Excluding China prior to 1978.

Compound annual rates of change.

Excluding Nigeria and South Africa.

Table 26.

Developing Countries: Import Unit Values, 1967-861, 2

(Changes, in terms of U.S. dollars, in percent)

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

Excluding China prior to 1978.

Compound annual rates of change.

Excluding Nigeria and South Africa.

Table 27.

Developing Countries: Terms of Trade, 1967-861,2

(Changes, in percent)

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

Excluding China prior to 1978.

Compound annual rates of change.

Excluding Nigeria and South Africa.

Table 28.

Developing Countries: Non-Oil Commodity Prices, 1967-861

(Change, in percent)

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

Compound annual rates of change.

Based on averages of component commodity price indices weighted by the U.S. dollar value of exports of each commodity from primary producing countries in 1968-70.

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

Current Account Transactions

Table 29.

Summary of Payments Balances on Current Account, 1977-861

(In billions of U.S. dollars)

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

Covers estimated balances on current transactions only in convertible currencies of the U.S.S.R. and other nonmember countries of Eastern Europe. The forecasts for these countries have not been updated from those given in April.

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

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

Table 30.

Industrial Countries: Balances of Payments on Current Account, 1977-861

(In billions of U.S. dollars)

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

Table 31.

Industrial Countries: Current Account Transactions, 1977-861

(In billions of U.S. dollars)

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

Table 32.

Developing Countries: Summary of Payments Balances on Current Account, 1977-861

(In billions of U.S. dollars)

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

Excluding Nigeria and South Africa.

Table 33.

Developing Countries: Current Account Balances as Percentage of Exports of Goods and Services, 1967-861

(In percent)

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

Excluding Nigeria and South Africa.

Table 34.

Developing Countries—by Region: Current Account Transactions, 1977-861

(In billions of U.S. dollars)

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

Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

Including dividends and other investment income payments not related to foreign direct investment.

Table 35.

Developing Countries—by Predominant Export: Current Account Transactions, 1977-861

(In billions of U.S. dollars)

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

Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

Including dividends and other investment income payments not related to foreign direct investment.

Table 36.

Developing Countries—by Financial and Other Criteria: Current Account Transactions, 1977-861

(In billions of U.S. dollars)

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

Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

Including dividends and other investment income payments not related to foreign direct investment.

Excluding Nigeria and South Africa.

Table 37.

Developing Countries—by Alternative Analytical Categories: Current Account Transactions, 1977-861

(In billions of U.S. dollars)

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

Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

Including dividends and other investment income payments not related to foreign direct investment.

Current Account Financing

Table 38.

Capital Importing Developing Countries—by Class of Creditor: Current Account Financing, 1977-861

(In billions of U.S. dollars)

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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, in part because the latter are affected by changes in valuation.

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

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

Pertains primarily to export credit.

Positioned here on the presumption that estimates reflect primarily unrecorded capital outflows.

Comprises short-term borrowing by monetary authorities from other monetary authorities.

Projected use of Fund credit does not take into account prospective programs.

Estimates, based on debt statistics reported in Tables 45 and 46, of net disbursements by official creditors (other than monetary institutions).

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 39.

Capital Importing Developing Countries—by Region: Summary of Current Account Financing, 1977-861

(In billions of U.S. dollars)

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For classification of countries in groups shown here, see the Introduction to this appendix. For definition of stub entries, see Table 38.

Table 40.

Capital Importing Developing Countries—by Analytical Subgroup: Summary of Current Account Financing, 1977-861

(In billions of U.S. dollars)

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For classification of countries in groups shown here, see the Introduction to this appendix. For definition of stub entries, see Table 38.

For estimates for the market and official borrowers, see Table 38.

Excluding Nigeria and South Africa.

Table 41.

Capital Importing Developing Countries—by Alternative Analytical Categories: Summary of Current Account Financing, 1977-861

(In billions of U.S. dollars)

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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, in part because the latter are affected by changes in valuation.

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

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

Pertains primarily to export credit.

Positioned here on the presumption that estimates reflect primarily unrecorded capital outflows.

Comprises short-term borrowing by the monetary authorities from other monetary authorities.

Estimates, based on debt statistics reported in Table 47, of net disbursements by official creditors (other than monetary institutions).

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

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

For definition of stubs for groups shown below, see footnotes on the non-oil developing countries.

Table 42.

Capital Importing Developing Countries: Reserves and Ratios of Reserves to Imports of Goods and Services, 1977-861

(Values in billions of U.S. dollars; ratios in percent)

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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.

Excluding Nigeria and South Africa.

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

Table 43.

Developing Countries: Use of Fund Credit, 1977-861

(In billions of U.S. dollars)

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

Projected use of Fund credit for 1985 and 1986 does not take into account prospective programs.

Excluding Nigeria and South Africa.

External Debt and Debt Service

Table 44.

Capital Importing Developing Countries: External Debt and Debt Service, 1977-861

(In percent of exports of goods and services, except where otherwise noted)

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For classification of countries in groups shown here, see the Introduction to this appendix. Debt export ratios show the ratio of total debt at the end of a year to exports of goods and services in that year. Debt service payments and ratios refer to all interest payments plus amortization payments on long-term debt.

Table 45.

Capital Importing Developing Countries—by Region: External Debt, by Class of Creditor, End of Year, 1977-861

(In billions of U.S. dollars)

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

By an official agency of the debtor country.

Covers only public and publicly guaranteed debt.

Includes all unguaranteed debt on the presumption that this is owed mainly to private creditors.

Table 46.

Capital Importing Developing Countries—by Analytical Criteria: External Debt, by Class of Creditor, End of Year, 1977-861

(In billions of U.S. dollars)

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

Covers only public and publicly guaranteed debt.

Includes all unguaranteed debt on the presumption that this is owed mainly to private creditors.

Excluding Nigeria and South Africa.