Statistical Appendix

International Monetary Fund. Research Dept.

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International Monetary Fund. Research Dept.

International Monetary Fund. Research Dept.
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Language:: English

Print Publication Date:: 01 Jan 1986

Keywords:: WEO; fuel exporter; debt ratio; real GNP; long-term debt; debtor country; Imports; Exports; Oil prices; Inflation; Oil; Western Hemisphere; Eastern Europe; Europe; Africa; Middle East; net oil exporter; oil developing countries; product exporter; Debt service; Interest payments; Sub-Saharan Africa

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Abstract

The statistical tables in this appendix have been compiled on the basis of information available on or before March 1986. 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.

Assumptions and Conventions

The estimates and projections for 1986 and 1987 are predicated on a number of assumptions and working hypotheses:

(1) for the major currencies, the average exchange rates of March 3–7, 1986 will remain unchanged in real terms throughout the balance of 1986 and 1987.

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

(3) the price of oil will average $15 per barrel from the second quarter of 1986 to the end of 1987.

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 $1.00. For 1986 and 1987, the exchange rate assumptions specified above imply average U.S. dollar/SDR conversion rates of 1.144 and 1.158, respectively.

Classification of Countries

The basic distinction, adopted by the Fund in December 1979, is between industrial countries and developing countries. Industrial countries comprise:

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

The developing countries include all other Fund members (as of January 1, 1986) 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 analytical groupings currently used by the staff to distinguish among developing countries 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, the financial criteria first distinguish among capital exporting and capital importing countries. Countries in the latter, much larger, group are then distinguished on the basis of two additional financial criteria: by predominant type of creditor and by the degree of debt-servicing difficulties faced by countries. The country groups shown under the heading of “by miscellaneous criteria” include capital importing fuel exporters; 15 heavily indebted countries; small low-income countries; and sub-Saharan Africa (excluding Nigeria and South Africa). Table A presents the standard set of headings 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.

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:

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:

A further distinction is made among the primary product exporters on the basis of whether countries’ exports of primary commodities (other than fuel) consisted primarily of agricultural (SITC 0 and 1) or mineral (SITC 2 and 4 and diamonds and gemstones) commodities. The mineral exporters comprise:

The agricultural exporters are those non-fuel primary product exporters that are not also mineral exporters.

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

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:

The primary product exporters, exporters of manufactures, and service and remittance countries taken together are referred to as the “non-fuel exporters.”

A second set of analytical groupings of developing countries is based on financial criteria. A first distinction is made between those developing countries that have traditionally been capital exporters and those that have traditionally been capital importers. At present, capital exporters are defined as those developing countries that, on average, recorded a current account surplus during the period 1979–81 and were aid donors over the same period. The capital exporting countries comprise:

Table A.

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

(In percent)

^¹In percent of outstanding debt of capital importing developing countries.

^²Excluding Nigeria and South Africa.

Table A.

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

(In percent)

				GDP	Exports of Goods and Services	Debt¹	Memorandum: Number of Countries in each Subgroup
Developing countries				100.0	100.0	…	132
	By region
	Africa			13.7	14.2	16.6	48
	Asia			31.2	25.1	23.5	27
	Europe			10.2	7.6	12.0	8
	Middle East			17.7	36.6	…	16
	Western Hemisphere			27.2	16.6	40.6	33
	By predominant export
	Fuel exporters			33.4	49.6	…	20
	Non-fuel exporters			66.6	50.4	74.9	112
		Primary product exporters		33.0	21.6	45.6	73
			Agricultural exporters	26.2	14.3	34.5	55
			Mineral exporters	6.8	7.3	11.2	18
		Exporters of manufactures		28.2	22.8	20.1	10
		Service and remittance countries		5.4	5.9	9.1	29
	By financial criteria
	Capital exporting countries			15.0	32.4	…	8
	Capital importing countries			85.0	67.6	100.0	124
		Market borrowers		50.8	49.2	67.8	34
		Official borrowers		7.1	5.1	10.7	60
		Diversified borrowers		27.1	13.3	21.5	30
	Countries with recent debt-servicing problems			43.3	31.2	62.2	61
	Countries without recent debt-servicing problems			41.7	36.4	37.8	63
	By miscellaneous criteria
	Capital importing fuel exporters			18.4	17.3	25.1	12
	Fifteen heavily indebted countries			33.3	21.2	47.1	15
	Small low-income countries			5.6	2.8	8.4	41
	Sub-Saharan Africa²			4.6	4.0	7.3	43
	By alternative analytical categories
	Oil exporting countries			25.0	43.7	…	12
	Non-oil developing countries			75.0	56.3	86.4	120
		Net oil exporters		10.8	10.0	17.9	12
		Net oil importers		64.1	46.3	68.5	108

^¹In percent of outstanding debt of capital importing developing countries.

^²Excluding Nigeria and South Africa.

Table A.

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

(In percent)

				GDP	Exports of Goods and Services	Debt¹	Memorandum: Number of Countries in each Subgroup
Developing countries				100.0	100.0	…	132
	By region
	Africa			13.7	14.2	16.6	48
	Asia			31.2	25.1	23.5	27
	Europe			10.2	7.6	12.0	8
	Middle East			17.7	36.6	…	16
	Western Hemisphere			27.2	16.6	40.6	33
	By predominant export
	Fuel exporters			33.4	49.6	…	20
	Non-fuel exporters			66.6	50.4	74.9	112
		Primary product exporters		33.0	21.6	45.6	73
			Agricultural exporters	26.2	14.3	34.5	55
			Mineral exporters	6.8	7.3	11.2	18
		Exporters of manufactures		28.2	22.8	20.1	10
		Service and remittance countries		5.4	5.9	9.1	29
	By financial criteria
	Capital exporting countries			15.0	32.4	…	8
	Capital importing countries			85.0	67.6	100.0	124
		Market borrowers		50.8	49.2	67.8	34
		Official borrowers		7.1	5.1	10.7	60
		Diversified borrowers		27.1	13.3	21.5	30
	Countries with recent debt-servicing problems			43.3	31.2	62.2	61
	Countries without recent debt-servicing problems			41.7	36.4	37.8	63
	By miscellaneous criteria
	Capital importing fuel exporters			18.4	17.3	25.1	12
	Fifteen heavily indebted countries			33.3	21.2	47.1	15
	Small low-income countries			5.6	2.8	8.4	41
	Sub-Saharan Africa²			4.6	4.0	7.3	43
	By alternative analytical categories
	Oil exporting countries			25.0	43.7	…	12
	Non-oil developing countries			75.0	56.3	86.4	120
		Net oil exporters		10.8	10.0	17.9	12
		Net oil importers		64.1	46.3	68.5	108

^¹In percent of outstanding debt of capital importing developing countries.

^²Excluding Nigeria and South Africa.

The capital importing countries comprise all other developing countries.

Within the group of capital importing developing countries and areas, two types of financial 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:

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:

Diversified borrowers comprise those capital importing developing countries that are not market or official borrowers. These countries’ external borrowings in 1978–82 were more or less evenly divided between official and commercial creditors. China and India are included in this group.

A second financial distinction among capital importing developing countries is based on whether countries have or have not experienced debt-servicing difficulties in the recent past. Countries that have experienced debt-servicing problems are defined as those countries which incurred external payments arrears during 1983 to 1984 or rescheduled their debt during the period from end-1982 to mid-1985 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 problems 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 capital importing fuel exporters. This group, which is also referred to as the “indebted fuel exporters,” comprises those 12 fuel exporters that are not capital exporters. A second is the group of 15 heavily indebted countries. This group comprises:

A third 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:

References to the small or smaller low-income countries refer to the above group, less China and India. Reference is also made to sub-Saharan Africa, which comprises all African countries (as defined in IFS) except Algeria, Morocco, Nigeria, South Africa, and Tunisia.

Finally, many of the tables present data on the developing countries grouped in accordance with the former classification categories. In this system, which was the one used from 1980 to 1984, 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:

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 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:

The net oil importers subgroup comprises all other non-oil developing countries.

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

List of Tables

Output and Employment

A1. World Output, 1968–87
A2. Industrial Countries: Real GNP and Total Domestic Demand, 1968–87
A3. Industrial Countries: Components of Real GNP, 1968–87
A4. Industrial Countries: Employment and Unemployment, 1968—87
A5. Developing Countries: Real GDP, 1968–87
A6. Developing Countries: Per Capita Real GDP, 1968–87
A7. Developing Countries: Gross Capital Formation, 1978–86

Inflation

A8. Inflation, 1968–87
A9. Industrial Countries: GNP Deflators and Consumer Prices, 1968–87
A10. Industrial Countries: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing, 1968–87
A11. Developing Countries: Consumer Prices—Weighted Averages, 1968–87
A12. Developing Countries: Consumer Prices—Median Estimates, 1968–87

Financial Policies

A13. Summary Financial Indicators, 1978–87
A14. Major Industrial Countries: Monetary Aggregates, 1978–86
A15. Major Industrial Countries: Interest Rates, 1978-January 1986
A16. Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1978–87
A17. Major Industrial Countries: General Government Fiscal Balances and Impulses, 1978–87
A18. Developing Countries: Broad Money Aggregates, 1978–85
A19. Developing Countries: Central Government Fiscal Balances, 1978–86

Foreign Trade

A20. Summary of World Trade Volumes and Prices, 1968–87
A21. Industrial Countries: Merchandise Trade, 1968–87
A22. Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade. 1968–87
A23. Developing Countries: Merchandise Trade, 1968–87
A24. Developing Countries: Export Volumes, 1968–87
A25. Developing Countries: Import Volumes, 1968–87
A26. Developing Countries: Export Unit Values, 1968–87
A27. Developing Countries: Import Unit Values, 1968–87
A28. Developing Countries: Terms of Trade, 1968–87
A29. Developing Countries: Non-Oil Commodity Prices, 1968–87

Current Account Transactions

A30. Summary of Payments Balances on Current Account, 1978–87
A31. Industrial Countries: Balance of Payments on Current Account, 1978–87
A32. Industrial Countries: Current Account Transactions, 1978–87
A33. Developing Countries: Summary of Payments Balances on Current Account, 1978–87
A34. Developing Countries: Summary of Payments Balances on Goods, Services, and Private Transfers, 1978–87
A35. Developing Countries: Current Account Balances as Percentage of Exports of Goods and Services, 1968–87
A36. Developing Countries—by Region: Current Account Transactions, 1978–87
A37. Developing Countries—by Predominant Export: Current Account Transactions, 1978–87
A38. Developing Countries—by Financial and Other Criteria: Current Account Transactions, 1978–87
A39. Developing Countries—by Alternative Analytical Categories: Current Account Transactions, 1978–87

Current Account Financing

A40. Capital Importing Developing Countries—by Class of Creditor: External Financing, 1978–87
A41. Capital Importing Developing Countries—by Region: Summary of External Financing, 1978–87
A42. Capital Importing Developing Countries—by Analytical Subgroup: Summary of External Financing, 1978–87
A43. Capital Importing Developing Countries—by Alternative Analytical Categories: Summary of External Financing, 1978–87
A44. Capital Importing Developing Countries: Reserves and Ratios of Reserves to Imports of Goods and Services, 1978–87
A45. Developing Countries: Use of Fund Credit, 1978–87

External Debt and Debt Service

A46. Capital Importing Developing Countries: External Debt and Debt Service, 1978–87
A47. Capital Importing Developing Countries—by Region: External Debt, by Class of Creditor, End of Year, 1978–87
A48. Capital Importing Developing Countries—by Analytical Criteria: External Debt, by Class of Creditor, End of Year, 1978–87
A49. Capital Importing Developing Countries—by Alternative Analytical Categories: External Debt, by Class of Creditor, End of Year, 1978–87
A50. Capital Importing Developing Countries: Long-Term and Short-Term External Debt Relative to Exports and to GDP, 1978–87
A51. Capital Importing Developing Countries: Debt Service Payments on Short-Term and Long-Term External Debt, 1978–87
A52. Capital Importing Developing Countries: Fund Charges and Repurchases from the Fund, 1978–87

Medium-Term Scenario

A53. Results of Baseline Medium-Term Scenario, 1977–91
A54. Capital Importing Developing Countries: Payments Balances on Current Account—Medium-Term Scenario, 1972–91
A55. Capital Importing Developing Countries: External Debt and Debt Service—Medium-Term Scenario, 1977–91
A56. Capital Importing Developing Countries: Foreign Trade and Output—Medium-Term Scenario, 1968–91
A57. Capital Importing Developing Countries: Medium-Term Impact of Additional Private and Official Lending, 1986–91
A58. Capital Importing Developing Countries: Medium-Term Impact of Lower Growth in Industrial Countries, 1987–91
A59. Capital Importing Developing Countries: Medium-Term Impact of Lower Interest Rates, 1987–91
A60. Capital Importing Developing Countries: Medium-Term Impact of Higher Oil Prices, 1987–91
A61. Capital Importing Developing Countries: Medium-Term Impact of Greater Effective Depreciation of the U.S. Dollar, 1987–91
A62. Capital Importing Developing Countries: Medium-Term Impact of Lower Non-Oil Commodity Prices, 1987–91

Table A1.

World Output, 1968–87¹

(Annual changes, in percent)

^¹Real 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. Excluding China prior to 1978.

^²Compound annual rates of change.

^³The U.S.S.R. and other countries of Eastern Europe that are not members of the Fund.

Table A1.

World Output, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
World			4.5	4.5	3.3	2.0	1.6	0.5	2.6	4.4	2.9	3.1	3.3
	Industrial countries		3.5	4.2	3.3	1.2	1.4	-0.4	2.6	4.7	2.8	3.0	3.2
	United States		2.7	5.3	2.5	-0.2	1.9	-2.5	3.5	6.5	2.2	2.9	3.6
	Other industrial countries		4.3	3.5	3.8	2.1	1.1	0.8	2.0	3.4	3.2	3.0	2.9
	Of which,
		Japan	6.5	5.2	5.3	4.3	3.7	3.1	3.2	5.1	4.6	3.0	3.2
		Germany, Fed. Rep. of	3.7	3.3	4.0	1.5	—	-1.0	1.5	3.0	2.4	3.7	2.7
	Developing countries		6.2	5.1	4.3	3.5	2.2	1.6	1.3	4.1	3.2	3.0	3.4
	Median growth rates		5.2	5.9	4.8	3.7	3.1	1.4	1.5	2.8	2.6	3.4	3.6
		By region
		Africa	5.3	1.1	3.2	3.8	1.7	0.8	-1.5	1.6	1.6	2.8	2.8
		Asia	5.4	9.1	4.4	5.5	5.5	5.0	7.4	7.9	6.1	5.5	5.5
		Europe	6.0	5.4	3.8	1.5	2.3	2.4	1.0	3.5	2.5	3.5	3.8
		Middle East	9.2	1.7	2.3	-2.1	-1.8	-0.2	0.1	0.7	-1.6	0.2	-0.3
		Western Hemisphere	6.0	4.1	6.0	5.3	0.9	-0.9	-3.1	3.1	3.8	1.6	3.5
		By analytical criteria
		Fuel exporters	8.4	2.7	3.7	1.1	0.9	-0.1	-1.8	1.2	-0.1	-0.6	0.3
		Non-fuel exporters	5.4	6.1	4.6	4.6	2.7	2.5	3.0	5.5	4.8	4.6	4.8
		Market borrowers	6.5	4.6	6.0	4.5	2.1	0.4	-1.1	3.4	2.9	2.2	3.6
		Official borrowers	3.9	3.6	2.1	3.2	3.1	2.0	1.9	2.8	2.9	4.1	3.4
	Other countries³		6.2	4.8	2.1	3.0	1.9	2.8	4.3	3.4	3.0	3.8	…

^²Compound annual rates of change.

^³The U.S.S.R. and other countries of Eastern Europe that are not members of the Fund.

Table A1.

World Output, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
World			4.5	4.5	3.3	2.0	1.6	0.5	2.6	4.4	2.9	3.1	3.3
	Industrial countries		3.5	4.2	3.3	1.2	1.4	-0.4	2.6	4.7	2.8	3.0	3.2
	United States		2.7	5.3	2.5	-0.2	1.9	-2.5	3.5	6.5	2.2	2.9	3.6
	Other industrial countries		4.3	3.5	3.8	2.1	1.1	0.8	2.0	3.4	3.2	3.0	2.9
	Of which,
		Japan	6.5	5.2	5.3	4.3	3.7	3.1	3.2	5.1	4.6	3.0	3.2
		Germany, Fed. Rep. of	3.7	3.3	4.0	1.5	—	-1.0	1.5	3.0	2.4	3.7	2.7
	Developing countries		6.2	5.1	4.3	3.5	2.2	1.6	1.3	4.1	3.2	3.0	3.4
	Median growth rates		5.2	5.9	4.8	3.7	3.1	1.4	1.5	2.8	2.6	3.4	3.6
		By region
		Africa	5.3	1.1	3.2	3.8	1.7	0.8	-1.5	1.6	1.6	2.8	2.8
		Asia	5.4	9.1	4.4	5.5	5.5	5.0	7.4	7.9	6.1	5.5	5.5
		Europe	6.0	5.4	3.8	1.5	2.3	2.4	1.0	3.5	2.5	3.5	3.8
		Middle East	9.2	1.7	2.3	-2.1	-1.8	-0.2	0.1	0.7	-1.6	0.2	-0.3
		Western Hemisphere	6.0	4.1	6.0	5.3	0.9	-0.9	-3.1	3.1	3.8	1.6	3.5
		By analytical criteria
		Fuel exporters	8.4	2.7	3.7	1.1	0.9	-0.1	-1.8	1.2	-0.1	-0.6	0.3
		Non-fuel exporters	5.4	6.1	4.6	4.6	2.7	2.5	3.0	5.5	4.8	4.6	4.8
		Market borrowers	6.5	4.6	6.0	4.5	2.1	0.4	-1.1	3.4	2.9	2.2	3.6
		Official borrowers	3.9	3.6	2.1	3.2	3.1	2.0	1.9	2.8	2.9	4.1	3.4
	Other countries³		6.2	4.8	2.1	3.0	1.9	2.8	4.3	3.4	3.0	3.8	…

^²Compound annual rates of change.

^³The U.S.S.R. and other countries of Eastern Europe that are not members of the Fund.

Table A2.

Industrial Countries: Real GNP and Total Domestic Demand, 1968–87¹

(Annual changes, in percent)

^¹Composites 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.

^²Compound annual rates of change.

^³From fourth quarter of preceding year.

^⁴GDP at market prices.

^⁵Average of expenditure, income, and output estimates of GDP at market prices.

Table A2.

Industrial Countries: Real GNP and Total Domestic Demand, 1968–87¹

(Annual changes, in percent)

			Average											Fourth Quarter³
			1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1985	1986	1987
Real GNP
Canada			4.7	3.6	3.2	1.1	3.3	-4.4	3.3	5.0	4.5	3.3	3.3	4.9	2.6	3.0
United States			2.7	5.3	2.5	-0.2	1.9	-2.5	3.5	6.5	2.2	2.9	3.6	2.1	3.8	3.4
Japan			6.5	5.2	5.3	4.3	3.7	3.1	3.2	5.1	4.6	3.0	3.2	4.4	2.0	3.8
France⁴			4.5	3.8	3.3	1.1	0.5	1.8	0.7	1.6	1.1	2.4	2.3	2.1	2.5	2.0
Germany, Fed. Rep. of			3.7	3.3	4.0	1.5	—	-1.0	1.5	3.0	2.4	3.7	2.7	2.8	3.7	2.3
Italy⁴			3.8	2.7	4.9	3.9	0.2	-0.5	-0.4	2.6	2.2	2.3	2.3	2.5	2.2	2.5
United Kingdom⁵			2.3	3.7	2.6	-2.5	-1.5	1.8	3.3	2.5	3.3	2.8	2.1	2.8	2.0	2.3
Other industrial countries			4.0	2.1	3.0	2.2	0.5	0.5	1.6	3.1	2.8	2.8	2.7	2.5	3.1	2.6
	All industrial countries		3.5	4.2	3.3	1.2	1.4	-0.4	2.6	4.7	2.8	3.0	3.2	2.6	3.2	3.1
	Of which,
		Seven major countries above	3.4	4.6	3.4	1.1	1.6	-0.6	2.8	5.0	2.7	3.0	3.3	2.7	3.3	3.2
		European countries	3.7	3.0	3.4	1.4	-0.1	0.5	1.5	2.4	2.3	2.9	2.5	2.4	2.7	2.3
Real total domestic demand
Canada			5.0	1.7	4.0	-0.2	3.9	-6.5	3.4	3.5	5.4	3.0	2.7	7.4	1.4	3.0
United States			2.8	4.9	1.5	-1.8	2.2	-1.9	5.0	8.5	2.8	3.6	3.3	3.2	3.5	3.1
Japan			6.1	5.9	6.5	0.8	2.1	2.8	1.8	3.8	3.7	4.2	4.4	4.3	3.8	4.7
France			4.4	3.8	4.1	2.1	-0.5	4.1	-0.4	0.6	1.6	3.0	2.9	2.9	2.8	2.5
Germany, Fed. Rep, of			3.9	3.6	5.6	1.0	-2.7	-2.0	2.0	2.0	1.4	4.1	3.6	3.6	3.8	3.2
Italy			3.4	2.0	5.7	7.0	-2.2	-0.3	-1.2	2.9	2.3	3.5	3.4	1.4	4.1	3.5
United Kingdom			1.7	4.2	3.8	-3.3	-1.8	2.4	4.3	2.3	2.7	3.3	2.4	3.3	2.3	2.6
Other industrial countries			3.9	1.0	3.4	2.1	-1.3	0.4	0.3	2.7	2.7	3.5	2.9	3.5	3.2	2.6
	All industrial countries		3.5	4.0	3.6	0.1	0.5	-0.2	2.8	5.1	2.8	3.6	3.4	3.4	3.5	3.2
	Of which,
		Seven major countries above	3.4	4.5	3.6	-0.2	0.8	-0.3	3.2	5.5	2.8	3.6	3.4	3.4	3.5	3.2
		European countries	3.5	2.7	4.5	1.6	-2.0	0.8	1.1	1.9	2.1	3.6	3.0	2.9	3.4	2.8

^¹Composites 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.

^²Compound annual rates of change.

^³From fourth quarter of preceding year.

^⁴GDP at market prices.

^⁵Average of expenditure, income, and output estimates of GDP at market prices.

Table A2.

Industrial Countries: Real GNP and Total Domestic Demand, 1968–87¹

(Annual changes, in percent)

			Average											Fourth Quarter³
			1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1985	1986	1987
Real GNP
Canada			4.7	3.6	3.2	1.1	3.3	-4.4	3.3	5.0	4.5	3.3	3.3	4.9	2.6	3.0
United States			2.7	5.3	2.5	-0.2	1.9	-2.5	3.5	6.5	2.2	2.9	3.6	2.1	3.8	3.4
Japan			6.5	5.2	5.3	4.3	3.7	3.1	3.2	5.1	4.6	3.0	3.2	4.4	2.0	3.8
France⁴			4.5	3.8	3.3	1.1	0.5	1.8	0.7	1.6	1.1	2.4	2.3	2.1	2.5	2.0
Germany, Fed. Rep. of			3.7	3.3	4.0	1.5	—	-1.0	1.5	3.0	2.4	3.7	2.7	2.8	3.7	2.3
Italy⁴			3.8	2.7	4.9	3.9	0.2	-0.5	-0.4	2.6	2.2	2.3	2.3	2.5	2.2	2.5
United Kingdom⁵			2.3	3.7	2.6	-2.5	-1.5	1.8	3.3	2.5	3.3	2.8	2.1	2.8	2.0	2.3
Other industrial countries			4.0	2.1	3.0	2.2	0.5	0.5	1.6	3.1	2.8	2.8	2.7	2.5	3.1	2.6
	All industrial countries		3.5	4.2	3.3	1.2	1.4	-0.4	2.6	4.7	2.8	3.0	3.2	2.6	3.2	3.1
	Of which,
		Seven major countries above	3.4	4.6	3.4	1.1	1.6	-0.6	2.8	5.0	2.7	3.0	3.3	2.7	3.3	3.2
		European countries	3.7	3.0	3.4	1.4	-0.1	0.5	1.5	2.4	2.3	2.9	2.5	2.4	2.7	2.3
Real total domestic demand
Canada			5.0	1.7	4.0	-0.2	3.9	-6.5	3.4	3.5	5.4	3.0	2.7	7.4	1.4	3.0
United States			2.8	4.9	1.5	-1.8	2.2	-1.9	5.0	8.5	2.8	3.6	3.3	3.2	3.5	3.1
Japan			6.1	5.9	6.5	0.8	2.1	2.8	1.8	3.8	3.7	4.2	4.4	4.3	3.8	4.7
France			4.4	3.8	4.1	2.1	-0.5	4.1	-0.4	0.6	1.6	3.0	2.9	2.9	2.8	2.5
Germany, Fed. Rep, of			3.9	3.6	5.6	1.0	-2.7	-2.0	2.0	2.0	1.4	4.1	3.6	3.6	3.8	3.2
Italy			3.4	2.0	5.7	7.0	-2.2	-0.3	-1.2	2.9	2.3	3.5	3.4	1.4	4.1	3.5
United Kingdom			1.7	4.2	3.8	-3.3	-1.8	2.4	4.3	2.3	2.7	3.3	2.4	3.3	2.3	2.6
Other industrial countries			3.9	1.0	3.4	2.1	-1.3	0.4	0.3	2.7	2.7	3.5	2.9	3.5	3.2	2.6
	All industrial countries		3.5	4.0	3.6	0.1	0.5	-0.2	2.8	5.1	2.8	3.6	3.4	3.4	3.5	3.2
	Of which,
		Seven major countries above	3.4	4.5	3.6	-0.2	0.8	-0.3	3.2	5.5	2.8	3.6	3.4	3.4	3.5	3.2
		European countries	3.5	2.7	4.5	1.6	-2.0	0.8	1.1	1.9	2.1	3.6	3.0	2.9	3.4	2.8

^¹Composites 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.

^²Compound annual rates of change.

^³From fourth quarter of preceding year.

^⁴GDP at market prices.

^⁵Average of expenditure, income, and output estimates of GDP at market prices.

Table A3.

Industrial Countries: Components of Real GNP, 1968–87¹

(Annual changes, in percent)

^¹Composites 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.

^²Compound annual rates of change.

^³Changes expressed as a percentage of GNP in the preceding period.

Table A3.

Industrial Countries: Components of Real GNP, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Consumer expenditure
Canada			5.3	2.6	2.0	1.0	1.7	-2.0	3.1	3.7	5.2	3.2	2.3
United States			3.5	4.1	2.2	-0.2	1.2	1.3	4.6	4.4	3.3	2.8	3.5
Japan			6.1	5.4	6.5	1.4	1.3	4.1	3.2	2.8	2.7	3.5	4.0
France			4.8	4.7	3.4	1.5	2.0	3.4	1.0	0.7	2.1	2.8	2.6
Germany, Fed. Rep. of			4.4	3.8	3.6	1.3	-0.5	-1.3	1.2	0.8	1.7	4.4	3.7
Italy			3.8	3.0	5.3	4.3	0.5	0.5	-0.3	1.8	2.0	3.2	3.4
United Kingdom			1.8	5.6	4.5	-0.4	-0.4	0.8	3.8	1.6	3.2	3.9	3.7
Other industrial countries			4.2	1.8	2.7	1.2	-0.1	0.9	0.8	0.9	2.2	4.1	2.8
	All industrial countries		4.0	3.9	3.4	0.8	0.8	1.4	2.9	2.8	2.9	3.3	3.4
	Of which,
		Seven major countries above	4.0	4.3	3.5	0.7	0.9	1.5	3.3	3.1	3.0	3.1	3.5
		European countries	3.9	3.4	3.6	1.3	0.1	0.7	1.3	0.9	2.1	3.8	3.2
Public consumption
Canada			4.5	1.7	0.3	0.4	2.5	0.7	0.6	2.6	2.1	2.8	2.4
United States			0.2	2.6	0.8	1.9	1.5	1.9	0.9	4.3	6.0	1.4	1.1
Japan			5.1	5.3	4.4	2.8	4.8	1.9	2.9	2.5	2.6	2.0	2.0
France			3.7	4.3	1.8	1.8	2.4	2.5	1.5	—	-0.6	1.0	1.0
Germany, Fed. Rep. of			3.4	3.8	3.3	2.6	1.9	-0.9	0.4	2.4	2.1	2.3	2.0
Italy			3.5	2.3	1.7	2.1	3.3	2.6	2.4	2.7	2.0	2.0	2.0
United Kingdom			1.8	2.3	2.2	1.3	0.1	0.9	1.8	1.3	0.6	0.8	0.4
Other industrial countries			4.3	4.7	2.9	2.8	2.3	2.1	2.9	1.9	1.9	1.2	1.4
	All industrial countries		2.3	3.4	2.1	2.1	2.3	1.6	1.6	2.9	3.6	1.6	1.4
	Of which,
		Seven major countries above	l.9	3.2	1.9	2.0	2.2	1.5	1.4	3.1	3.8	1.6	1.4
		European countries	3.4	3.7	2.8	2.2	2.0	1.4	1.6	1.4	1.2	1.5	1.3
Gross fixed investment
Canada			4.4	-0.1	6.8	3.4	6.4	-9.7	-5.7	0.7	7.0	4.9	3.1
United States			3.6	9.8	3.7	-7.9	1.1	-9.6	7.8	17.6	7.5	6.2	4.0
Japan			7.7	8.5	5.3	-3.1	0.8	-0.3	4.6	5.8	6.0	5.5
France			4.0	1.5	3.7	3.2	-1.1	0.7	-2.3	-2.0	-0.5	5.1	5.3
Germany, Fed. Rep. of			2.3	4.7	7.2	2.8	-4.8	-5.3	3.2	0.8	-0.3	4.7	4.8
Italy			1.8	-0.1	5.8	9.4	0.6	-5.2	-3.8	4.1	4.3	4.0	3.0
United Kingdom			1.2	3.1	2.6	-5.2	-9.3	6.4	4.5	8.2	1.3	4.4	0.5
Other industrial countries			3.0	-0.7	0.5	2.2	-1.9	-2.3	-1.1	3.1	4.8	4.9	4.2
	All industrial countries		3.6	5.6	4.0	-1.8	-0.4	-4.4	2.9	9.0	5.2	5.6	4.2
	Of which,
		Seven major countries above	3.7	6.8	4.6	-2.5	-0.1	-4.8	3.6	10.0	5.3	5.7	4.2
		European countries	2.6	1.5	3.6	2.2	-3.9	-1.5	0.7	2.4	1.8	4.8	3.8
Final domestic demand
Canada			5.0	1.9	2.7	1.5	2.9	-3.3	0.8	2.9	5.0	3.5	2.5
United States			2.8	4.7	2.2	-1.2	1.2	-0.4	4.4	6.4	4.5	3.1	3.2
Japan			6.5	6.3	5.9	1.1	2.2	2.8	2.1	3.3	3.6	4.1	4.3
France			4.4	3.9	3.3	1.9	1.4	2.7	0.3	0.1	1.2	3.0	2.9
Germany, Fed. Rep. of			3.7	4.0	4.4	1.9	-1.0	-2.1	1.5	l.l	1.4	4.0	3.6
Italy			3.3	2.3	4.8	4.9	1.0	-0.3	-0.5	2.3	2.4	3.2	3.1
United Kingdom			1.7	4.4	3.7	-0.9	-1.9	1.8	3.5	2.7	2.3	3.4	2.4
Other industrial countries			3.9	1.7	2.2	1.8	0.1	0.2	0.7	1.5	2.6	3.7	2.8
	All industrial countries		3.5	4.1	3.3	0.6	0.8	0.3	2.5	3.8	3.5	3.4	3.3
	Of which,
		Seven major countries above	3.5	4.5	3.4	0.4	0.9	0.3	2.8	4.2	3.6	3.4	3.3
		European countries	3.5	3.1	3.5	1.7	-0.4	0.3	1.2	1.3	1.9	3.6	3.0
Stock building³
Canada			—	-0.2	1.3	-1.8	1.0	-3.3	2.5	0.6	0.4	-0.5	0.3
United States			—	0.3	-0.7	-0.7	l.0	-1.5	0.6	2.1	-1.6	0.5	0.2
Japan			-0.4	-0.4	0.6	-0.4	-0.1	-0.1	-0.4	0.5	0.1	—	0.1
France			-0.1	-0.1	0.8	0.2	-1.8	1.4	-0.8	0.5	0.4	0.1	—
Germany, Fed. Rep. of			0.1	-0.4	1.2	-0.9	-1.7	0.1	0.5	0.8	0.1	0.1	—
Italy			—	-0.3	0.8	2.1	-3.2	—	-0.7	0.6	-0.1	0.3	0.3
United Kingdom			—	-0.2	0.1	-2.3	0.2	0.6	0.8	-0.3	0.4	—	—
Other industrial countries			—	-0.7	1.2	0.3	-1.3	0.1	-0.4	1.2	0.1	-0.2	0.1
	All industrial countries		—	-0.1	0.3	-0.4	-0.3	-0.5	0.2	1.3	-0.6	0.2	0.1
	Of which,
		Seven major countries above	—	—	0.2	-0.6	-0.1	-0.6	0.3	1.3	-0.7	0.3	0.1
		European countries	0.1	-0.4	1.0	-0.1	-1.6	0.5	-0.1	0.6	0.2	—	0.1
Foreign balance³
Canada			-0.3	1.3	-1.1	1.3	-0.4	2.8	-0.4	1.3	-0.6	0.3	0.6
United States			-0.1	0.3	1.0	1.7	-0.2	-0.7	-1.4	-2.0	-0.7	-0.8	0.2
Japan			0.4	-0.8	-1.3	3.7	1.6	0.3	1.5	1.3	0.9	-1.2	-1.1
France			0.1	0.1	-0.7	-1.1	0.9	-2.2	1.2	1.1	-0.5	-0.7	-0.6
Germany, Fed. Rep. of			-0.1	-0.4	-1.6	0.4	2.7	1.0	-0.4	1.1	0.9	-0.4	-0.8
Italy			0.4	0.7	-0.6	-3.0	2.3	-0.2	0.8	-0.2	-0.1	-1.1	-1.0
United Kingdom			0.5	-0.4	-1.4	0.9	0.3	-0.9	-0.8	-0.5	0.9	-0.4	-0.3
Other industrial countries			—	1.0	-0.5	0.1	1.8	0.2	1.3	0.5	0.2	-0.6	-0.1
	All industrial countries		—	0.2	-0.3	1.1	0.9	-0.2	-0.1	-0.4	—	-0.7	-0.2
	Of which,
		Seven major countries above	—	—	-0.2	1.3	0.7	-0.3	-0.4	-0.5	-0.1	-0.7	-0.2
		European countries	0.1	0.3	-1.0	-0.2	1.9	-0.3	0.5	0.6	0.3	-0.7	-0.5

^²Compound annual rates of change.

^³Changes expressed as a percentage of GNP in the preceding period.

Table A3.

Industrial Countries: Components of Real GNP, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Consumer expenditure
Canada			5.3	2.6	2.0	1.0	1.7	-2.0	3.1	3.7	5.2	3.2	2.3
United States			3.5	4.1	2.2	-0.2	1.2	1.3	4.6	4.4	3.3	2.8	3.5
Japan			6.1	5.4	6.5	1.4	1.3	4.1	3.2	2.8	2.7	3.5	4.0
France			4.8	4.7	3.4	1.5	2.0	3.4	1.0	0.7	2.1	2.8	2.6
Germany, Fed. Rep. of			4.4	3.8	3.6	1.3	-0.5	-1.3	1.2	0.8	1.7	4.4	3.7
Italy			3.8	3.0	5.3	4.3	0.5	0.5	-0.3	1.8	2.0	3.2	3.4
United Kingdom			1.8	5.6	4.5	-0.4	-0.4	0.8	3.8	1.6	3.2	3.9	3.7
Other industrial countries			4.2	1.8	2.7	1.2	-0.1	0.9	0.8	0.9	2.2	4.1	2.8
	All industrial countries		4.0	3.9	3.4	0.8	0.8	1.4	2.9	2.8	2.9	3.3	3.4
	Of which,
		Seven major countries above	4.0	4.3	3.5	0.7	0.9	1.5	3.3	3.1	3.0	3.1	3.5
		European countries	3.9	3.4	3.6	1.3	0.1	0.7	1.3	0.9	2.1	3.8	3.2
Public consumption
Canada			4.5	1.7	0.3	0.4	2.5	0.7	0.6	2.6	2.1	2.8	2.4
United States			0.2	2.6	0.8	1.9	1.5	1.9	0.9	4.3	6.0	1.4	1.1
Japan			5.1	5.3	4.4	2.8	4.8	1.9	2.9	2.5	2.6	2.0	2.0
France			3.7	4.3	1.8	1.8	2.4	2.5	1.5	—	-0.6	1.0	1.0
Germany, Fed. Rep. of			3.4	3.8	3.3	2.6	1.9	-0.9	0.4	2.4	2.1	2.3	2.0
Italy			3.5	2.3	1.7	2.1	3.3	2.6	2.4	2.7	2.0	2.0	2.0
United Kingdom			1.8	2.3	2.2	1.3	0.1	0.9	1.8	1.3	0.6	0.8	0.4
Other industrial countries			4.3	4.7	2.9	2.8	2.3	2.1	2.9	1.9	1.9	1.2	1.4
	All industrial countries		2.3	3.4	2.1	2.1	2.3	1.6	1.6	2.9	3.6	1.6	1.4
	Of which,
		Seven major countries above	l.9	3.2	1.9	2.0	2.2	1.5	1.4	3.1	3.8	1.6	1.4
		European countries	3.4	3.7	2.8	2.2	2.0	1.4	1.6	1.4	1.2	1.5	1.3
Gross fixed investment
Canada			4.4	-0.1	6.8	3.4	6.4	-9.7	-5.7	0.7	7.0	4.9	3.1
United States			3.6	9.8	3.7	-7.9	1.1	-9.6	7.8	17.6	7.5	6.2	4.0
Japan			7.7	8.5	5.3	-3.1	0.8	-0.3	4.6	5.8	6.0	5.5
France			4.0	1.5	3.7	3.2	-1.1	0.7	-2.3	-2.0	-0.5	5.1	5.3
Germany, Fed. Rep. of			2.3	4.7	7.2	2.8	-4.8	-5.3	3.2	0.8	-0.3	4.7	4.8
Italy			1.8	-0.1	5.8	9.4	0.6	-5.2	-3.8	4.1	4.3	4.0	3.0
United Kingdom			1.2	3.1	2.6	-5.2	-9.3	6.4	4.5	8.2	1.3	4.4	0.5
Other industrial countries			3.0	-0.7	0.5	2.2	-1.9	-2.3	-1.1	3.1	4.8	4.9	4.2
	All industrial countries		3.6	5.6	4.0	-1.8	-0.4	-4.4	2.9	9.0	5.2	5.6	4.2
	Of which,
		Seven major countries above	3.7	6.8	4.6	-2.5	-0.1	-4.8	3.6	10.0	5.3	5.7	4.2
		European countries	2.6	1.5	3.6	2.2	-3.9	-1.5	0.7	2.4	1.8	4.8	3.8
Final domestic demand
Canada			5.0	1.9	2.7	1.5	2.9	-3.3	0.8	2.9	5.0	3.5	2.5
United States			2.8	4.7	2.2	-1.2	1.2	-0.4	4.4	6.4	4.5	3.1	3.2
Japan			6.5	6.3	5.9	1.1	2.2	2.8	2.1	3.3	3.6	4.1	4.3
France			4.4	3.9	3.3	1.9	1.4	2.7	0.3	0.1	1.2	3.0	2.9
Germany, Fed. Rep. of			3.7	4.0	4.4	1.9	-1.0	-2.1	1.5	l.l	1.4	4.0	3.6
Italy			3.3	2.3	4.8	4.9	1.0	-0.3	-0.5	2.3	2.4	3.2	3.1
United Kingdom			1.7	4.4	3.7	-0.9	-1.9	1.8	3.5	2.7	2.3	3.4	2.4
Other industrial countries			3.9	1.7	2.2	1.8	0.1	0.2	0.7	1.5	2.6	3.7	2.8
	All industrial countries		3.5	4.1	3.3	0.6	0.8	0.3	2.5	3.8	3.5	3.4	3.3
	Of which,
		Seven major countries above	3.5	4.5	3.4	0.4	0.9	0.3	2.8	4.2	3.6	3.4	3.3
		European countries	3.5	3.1	3.5	1.7	-0.4	0.3	1.2	1.3	1.9	3.6	3.0
Stock building³
Canada			—	-0.2	1.3	-1.8	1.0	-3.3	2.5	0.6	0.4	-0.5	0.3
United States			—	0.3	-0.7	-0.7	l.0	-1.5	0.6	2.1	-1.6	0.5	0.2
Japan			-0.4	-0.4	0.6	-0.4	-0.1	-0.1	-0.4	0.5	0.1	—	0.1
France			-0.1	-0.1	0.8	0.2	-1.8	1.4	-0.8	0.5	0.4	0.1	—
Germany, Fed. Rep. of			0.1	-0.4	1.2	-0.9	-1.7	0.1	0.5	0.8	0.1	0.1	—
Italy			—	-0.3	0.8	2.1	-3.2	—	-0.7	0.6	-0.1	0.3	0.3
United Kingdom			—	-0.2	0.1	-2.3	0.2	0.6	0.8	-0.3	0.4	—	—
Other industrial countries			—	-0.7	1.2	0.3	-1.3	0.1	-0.4	1.2	0.1	-0.2	0.1
	All industrial countries		—	-0.1	0.3	-0.4	-0.3	-0.5	0.2	1.3	-0.6	0.2	0.1
	Of which,
		Seven major countries above	—	—	0.2	-0.6	-0.1	-0.6	0.3	1.3	-0.7	0.3	0.1
		European countries	0.1	-0.4	1.0	-0.1	-1.6	0.5	-0.1	0.6	0.2	—	0.1
Foreign balance³
Canada			-0.3	1.3	-1.1	1.3	-0.4	2.8	-0.4	1.3	-0.6	0.3	0.6
United States			-0.1	0.3	1.0	1.7	-0.2	-0.7	-1.4	-2.0	-0.7	-0.8	0.2
Japan			0.4	-0.8	-1.3	3.7	1.6	0.3	1.5	1.3	0.9	-1.2	-1.1
France			0.1	0.1	-0.7	-1.1	0.9	-2.2	1.2	1.1	-0.5	-0.7	-0.6
Germany, Fed. Rep. of			-0.1	-0.4	-1.6	0.4	2.7	1.0	-0.4	1.1	0.9	-0.4	-0.8
Italy			0.4	0.7	-0.6	-3.0	2.3	-0.2	0.8	-0.2	-0.1	-1.1	-1.0
United Kingdom			0.5	-0.4	-1.4	0.9	0.3	-0.9	-0.8	-0.5	0.9	-0.4	-0.3
Other industrial countries			—	1.0	-0.5	0.1	1.8	0.2	1.3	0.5	0.2	-0.6	-0.1
	All industrial countries		—	0.2	-0.3	1.1	0.9	-0.2	-0.1	-0.4	—	-0.7	-0.2
	Of which,
		Seven major countries above	—	—	-0.2	1.3	0.7	-0.3	-0.4	-0.5	-0.1	-0.7	-0.2
		European countries	0.1	0.3	-1.0	-0.2	1.9	-0.3	0.5	0.6	0.3	-0.7	-0.5

^²Compound annual rates of change.

^³Changes expressed as a percentage of GNP in the preceding period.

Table A4.

Industrial Countries: Employment and Unemployment, 1968–87¹

(In percent)

^¹The 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.

^²Composites 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.

^³National unemployment rates weighted by labor force in the respective countries.

^⁴Figures for ]1968 to 1977 have been adjusted by the staff to allow for a discontinuity in Italian labor force statistics.

Table A4.

Industrial Countries: Employment and Unemployment, 1968–87¹

(In percent)

			Average 1968–77	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Growth in employment²
Canada			2.6	3.5	4.1	3.0	2.8	-3.2	0.8	2.5	2.8	3.4	2.2
United States			2.2	4.4	2.9	0.5	1.1	-0.9	1.3	4.1	2.0	2.3	2.2
Japan			0.8	1.2	1.3	1.0	0.8	1.0	1.7	0.6	0.8	0.6	0.8
France			1.0	0.4	—	0.1	-0.6	0.1	-0.5	-1.0	-0.3	0.2	0.5
Germany, Fed. Rep. of			0.5	1.1	1.8	1.5	-0.6	-1.9	-1.7	—	0.8	1.3	0.9
Italy			1.3	0.4	1.0	1.4	0.3	-0.2	0.3	0.4	0.5	0.6	0.5
United Kingdom			-0.1	0.9	1.1	-0.3	-3.9	-1.8	-1.2	1.7	1.1	1.0	0.9
Other industrial countries			0.8	—	0.8	0.2	-0.6	-0.9	-0.9	0.3	0.8	1.0	0.9
	All industrial countries		1.4	2.3	1.9	0.7	0.2	-0.8	0.4	2.0	1.4	1.6	1.5
	Of which,
		Seven major countries above	1.5	2.7	2.1	0.7	0.3	-0.8	0.7	2.3	1.4	1.7	1.5
		European countries	0.6	0.5	0.9	0.4	-1.1	-1.2	-0.8	0.1	0.5	0.8	0.7
Unemployment rates³
Canada			6.0	8.3	7.4	7.5	7.5	11.1	11.9	11.3	10.5	10.0	9.8
United States			5.7	6.1	5.9	7.2	7.6	9.7	9.6	7.5	7.2	7.0	6.7
Japan			1.5	2.2	2.1	2.0	2.2	2.4	2.7	2.7	2.7	3.0	3.1
France			3.3	5.5	6.2	6.6	7.7	8.4	8.6	10.1	10.8	11.0	11.0
Germany, Fed. Rep. of 1.9			3.8	3.3	3.4	4.9	6.8	8.2	8.1	8.2	7.8	7.6
Italy⁴			6.1	7.2	7.7	7.6	8.4	9.1	9.9	10.4	10.6	10.8	10.8
United Kingdom			3.3	5.7	5.4	6.1	9.5	11.0	12.1	12.6	13.1	13.1	13.0
Other industrial countries			2.5	5.5	5.8	6.7	8.1	9.6	11.0	11.6	11.7	11.3	11.0
	All industrial countries		3.7	5.2	5.1	5.8	6.7	8.2	8.7	8.3	8.2	8.1	7.9
	Of which,
		Seven major countries above	4.0	5.1	5.0	5.6	6.5	8.0	8.3	7.7	7.6	7.6	7.4
		European countries	3.2	5.5	5.6	6.1	7.9	9.4	10.2	10.9	11.2	11.1	11.0

^¹The 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.

^²Composites 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.

^³National unemployment rates weighted by labor force in the respective countries.

^⁴Figures for ]1968 to 1977 have been adjusted by the staff to allow for a discontinuity in Italian labor force statistics.

Table A4.

Industrial Countries: Employment and Unemployment, 1968–87¹

(In percent)

			Average 1968–77	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Growth in employment²
Canada			2.6	3.5	4.1	3.0	2.8	-3.2	0.8	2.5	2.8	3.4	2.2
United States			2.2	4.4	2.9	0.5	1.1	-0.9	1.3	4.1	2.0	2.3	2.2
Japan			0.8	1.2	1.3	1.0	0.8	1.0	1.7	0.6	0.8	0.6	0.8
France			1.0	0.4	—	0.1	-0.6	0.1	-0.5	-1.0	-0.3	0.2	0.5
Germany, Fed. Rep. of			0.5	1.1	1.8	1.5	-0.6	-1.9	-1.7	—	0.8	1.3	0.9
Italy			1.3	0.4	1.0	1.4	0.3	-0.2	0.3	0.4	0.5	0.6	0.5
United Kingdom			-0.1	0.9	1.1	-0.3	-3.9	-1.8	-1.2	1.7	1.1	1.0	0.9
Other industrial countries			0.8	—	0.8	0.2	-0.6	-0.9	-0.9	0.3	0.8	1.0	0.9
	All industrial countries		1.4	2.3	1.9	0.7	0.2	-0.8	0.4	2.0	1.4	1.6	1.5
	Of which,
		Seven major countries above	1.5	2.7	2.1	0.7	0.3	-0.8	0.7	2.3	1.4	1.7	1.5
		European countries	0.6	0.5	0.9	0.4	-1.1	-1.2	-0.8	0.1	0.5	0.8	0.7
Unemployment rates³
Canada			6.0	8.3	7.4	7.5	7.5	11.1	11.9	11.3	10.5	10.0	9.8
United States			5.7	6.1	5.9	7.2	7.6	9.7	9.6	7.5	7.2	7.0	6.7
Japan			1.5	2.2	2.1	2.0	2.2	2.4	2.7	2.7	2.7	3.0	3.1
France			3.3	5.5	6.2	6.6	7.7	8.4	8.6	10.1	10.8	11.0	11.0
Germany, Fed. Rep. of 1.9			3.8	3.3	3.4	4.9	6.8	8.2	8.1	8.2	7.8	7.6
Italy⁴			6.1	7.2	7.7	7.6	8.4	9.1	9.9	10.4	10.6	10.8	10.8
United Kingdom			3.3	5.7	5.4	6.1	9.5	11.0	12.1	12.6	13.1	13.1	13.0
Other industrial countries			2.5	5.5	5.8	6.7	8.1	9.6	11.0	11.6	11.7	11.3	11.0
	All industrial countries		3.7	5.2	5.1	5.8	6.7	8.2	8.7	8.3	8.2	8.1	7.9
	Of which,
		Seven major countries above	4.0	5.1	5.0	5.6	6.5	8.0	8.3	7.7	7.6	7.6	7.4
		European countries	3.2	5.5	5.6	6.1	7.9	9.4	10.2	10.9	11.2	11.1	11.0

^¹The 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.

^²Composites 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.

^³National unemployment rates weighted by labor force in the respective countries.

^⁴Figures for ]1968 to 1977 have been adjusted by the staff to allow for a discontinuity in Italian labor force statistics.

Table A5.

Developing Countries: Real GDP, 1968–87¹

(Annual changes, in percent)

^¹Except where otherwise indicated, arithmetic averages of country growth rates weighted by the average U.S. dollar value of GDPs over the preceding three years. Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A5.

Developing Countries: Real GDP, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				6.2	5.1	4.3	3.5	2.2	1.6	1.3	4.1	3.2	3.0	3.4
Median growth rates				5.2	5.9	4.8	3.7	3.1	1.4	1.5	2.8	2.6	3.4	3.6
	By region
	Africa			5.3	1.1	3.2	3.8	1.7	0.8	-1.5	1.6	1.6	2.8	2.8
	Asia			5.4	9.1	4.4	5.5	5.5	5.0	7.4	7.9	6.1	5.5	5.5
	Europe			6.0	5.4	3.8	1.5	2.3	2.4	1.0	3.5	2.5	3.5	3.8
	Middle East			9.2	1.7	2.3	-2.1	-1.8	-0.2	0.1	0.7	-1.6	0.2	-0.3
	Western Hemisphere			6.0	4.1	6.0	5.3	0.9	-0.9	-3.1	3.1	3.8	1.6	3.5
	By predominant export
	Fuel exporters			8.4	2.7	3.7	1.1	0.9	-0.1	-1.8	1.2	-0.1	-0.6	0.3
	Non-fuel exporters			5.4	6.1	4.6	4.6	2.7	2.5	3.0	5.5	4.8	4.6	4.8
		Primary product exporters		5.4	3.5	4.6	4.3	1.1	0.3	-0.3	3.6	3.6	3.7	4.3
			Agricultural exporters	6.0	3.8	4.8	4.2	0.4	0.9	0.2	3.5	4.1	3.9	4.5
			Mineral exporters	3.3	2.3	3.8	4.9	3.8	-2.2	-2.5	4.1	0.9	2.9	3.5
		Exporters of manufactures		5.7	9.3	4.3	4.6	4.7	5.0	7.2	8.3	6.6	6.1	6.0
		Service and remittance countries		4.6	6.0	5.7	5.7	2.5	3.3	2.0	2.9	3.3	2.5	2.3
	By Financial criteria
	Capital exporting countries			10.2	0.7	1.4	-4.0	-3.2	-1.0	-0.3	0.5	-2.6	-0.4	-1.0
	Capital importing countries			5.7	5.7	4.8	4.7	3.0	2.1	1.6	4.7	4.2	3.5	4.2
		Market borrowers		6.5	4.6	6.0	4.5	2.1	0.4	-1.l	3.4	2.9	2.2	3.6
		Official borrowers		3.9	3.6	2.1	3.2	3.1	2.0	1.9	2.8	2.9	4.1	3.4
		Diversified borrowers		4.9	8.2	3.2	5.3	4.6	5.2	7.0	7.7	6.9	5.9	5.5
		Countries with recent debt-servicing problems		5.6	3.5	5.4	4.6	1.2	-0.1	-2.5	2.6	2.8	1.9	3.3
		Countries without debt-servicing problems		5.8	8.0	4.1	4.8	4.9	4.3	6.0	6.9	5.5	5.1	4.9
	By miscellaneous criteria
	Capital importing fuel exporters			7.1	4.2	5.5	5.2	4.2	0.5	-3.0	1.8	1.8	-0.7	1.4
	Fifteen heavily indebted countries			6.4	3.4	6.1	4.8	0.7	-0.4	-3.5	2.2	3.1	1.5	3.3
	Small low-income countries			3.7	3.6	2.8	3.2	2.5	2.0	2.6	3.6	4.2	5.1	3.9
	Sub-Saharan Africa³			3.7	1.9	2.1	3.2	1.9	0.5	0.6	1.9	3.1	4.7	3.5
	By alternative analytical categories
	Oil exporting countries			9.2	1.3	2.4	-1.0	-1.2	-0.3	-1.0	0.7	-1.1	-0.1	-0.3
	Non-oil developing countries			5.5	6.2	4.9	4.8	3.2	2.2	2.1	5.2	4.6	4.0	4.6
		Net oil exporters		6.0	6.0	7.6	7.3	6.7	1.2	-3.0	3.7	3.4	-0.4	2.5
		Net oil importers		5.4	6.2	4.5	4.5	2.7	2.4	3.1	5.5	4.8	4.7	5.0

^¹Except where otherwise indicated, arithmetic averages of country growth rates weighted by the average U.S. dollar value of GDPs over the preceding three years. Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A5.

Developing Countries: Real GDP, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				6.2	5.1	4.3	3.5	2.2	1.6	1.3	4.1	3.2	3.0	3.4
Median growth rates				5.2	5.9	4.8	3.7	3.1	1.4	1.5	2.8	2.6	3.4	3.6
	By region
	Africa			5.3	1.1	3.2	3.8	1.7	0.8	-1.5	1.6	1.6	2.8	2.8
	Asia			5.4	9.1	4.4	5.5	5.5	5.0	7.4	7.9	6.1	5.5	5.5
	Europe			6.0	5.4	3.8	1.5	2.3	2.4	1.0	3.5	2.5	3.5	3.8
	Middle East			9.2	1.7	2.3	-2.1	-1.8	-0.2	0.1	0.7	-1.6	0.2	-0.3
	Western Hemisphere			6.0	4.1	6.0	5.3	0.9	-0.9	-3.1	3.1	3.8	1.6	3.5
	By predominant export
	Fuel exporters			8.4	2.7	3.7	1.1	0.9	-0.1	-1.8	1.2	-0.1	-0.6	0.3
	Non-fuel exporters			5.4	6.1	4.6	4.6	2.7	2.5	3.0	5.5	4.8	4.6	4.8
		Primary product exporters		5.4	3.5	4.6	4.3	1.1	0.3	-0.3	3.6	3.6	3.7	4.3
			Agricultural exporters	6.0	3.8	4.8	4.2	0.4	0.9	0.2	3.5	4.1	3.9	4.5
			Mineral exporters	3.3	2.3	3.8	4.9	3.8	-2.2	-2.5	4.1	0.9	2.9	3.5
		Exporters of manufactures		5.7	9.3	4.3	4.6	4.7	5.0	7.2	8.3	6.6	6.1	6.0
		Service and remittance countries		4.6	6.0	5.7	5.7	2.5	3.3	2.0	2.9	3.3	2.5	2.3
	By Financial criteria
	Capital exporting countries			10.2	0.7	1.4	-4.0	-3.2	-1.0	-0.3	0.5	-2.6	-0.4	-1.0
	Capital importing countries			5.7	5.7	4.8	4.7	3.0	2.1	1.6	4.7	4.2	3.5	4.2
		Market borrowers		6.5	4.6	6.0	4.5	2.1	0.4	-1.l	3.4	2.9	2.2	3.6
		Official borrowers		3.9	3.6	2.1	3.2	3.1	2.0	1.9	2.8	2.9	4.1	3.4
		Diversified borrowers		4.9	8.2	3.2	5.3	4.6	5.2	7.0	7.7	6.9	5.9	5.5
		Countries with recent debt-servicing problems		5.6	3.5	5.4	4.6	1.2	-0.1	-2.5	2.6	2.8	1.9	3.3
		Countries without debt-servicing problems		5.8	8.0	4.1	4.8	4.9	4.3	6.0	6.9	5.5	5.1	4.9
	By miscellaneous criteria
	Capital importing fuel exporters			7.1	4.2	5.5	5.2	4.2	0.5	-3.0	1.8	1.8	-0.7	1.4
	Fifteen heavily indebted countries			6.4	3.4	6.1	4.8	0.7	-0.4	-3.5	2.2	3.1	1.5	3.3
	Small low-income countries			3.7	3.6	2.8	3.2	2.5	2.0	2.6	3.6	4.2	5.1	3.9
	Sub-Saharan Africa³			3.7	1.9	2.1	3.2	1.9	0.5	0.6	1.9	3.1	4.7	3.5
	By alternative analytical categories
	Oil exporting countries			9.2	1.3	2.4	-1.0	-1.2	-0.3	-1.0	0.7	-1.1	-0.1	-0.3
	Non-oil developing countries			5.5	6.2	4.9	4.8	3.2	2.2	2.1	5.2	4.6	4.0	4.6
		Net oil exporters		6.0	6.0	7.6	7.3	6.7	1.2	-3.0	3.7	3.4	-0.4	2.5
		Net oil importers		5.4	6.2	4.5	4.5	2.7	2.4	3.1	5.5	4.8	4.7	5.0

^¹Except where otherwise indicated, arithmetic averages of country growth rates weighted by the average U.S. dollar value of GDPs over the preceding three years. Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A6.

Developing Countries: Per Capita Real GDP, 1968–87¹

(Annual changes. In percent)

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A6.

Developing Countries: Per Capita Real GDP, 1968–87¹

(Annual changes. In percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				3.4	2.0	1.6	1.0	-0.3	-1.1	-1.2	1.4	0.9	0.4	0.9
	By region
	Africa			2.6	-1.5	0.4	0.9	-1.3	-2.4	-4.7	-1.6	-1.3	—	0.1
	Asia			2.4	6.0	1.5	3.2	3.4	2.6	4.6	5.0	3.8	2.9	2.7
	Europe			4.8	4.2	2.7	0.4	1.3	1.4	0.2	2.7	1.4	2.4	2.7
	Middle East			4.6	-2.4	-1.7	-5.8	-5.7	-4.3	-3.1	-2.8	-4.4	-3.0	-3.5
	Western Hemisphere			3.6	1.1	3.7	3.0	-1.2	-3.2	-5.3	0.8	1.7	-0.6	1.3
	By predominant export
	Fuel exporters			4.6	-1.7	0.3	-2.1	-2.5	-3.6	-4.7	-2.2	-2.9	-3.5	-2.7
	Non-fuel exporters			2.9	3.7	2.1	2.4	0.8	0.3	0.6	3.1	2.7	2.3	2.4
		Primary product exporters		3.0	1.4	2.3	1.9	-1.2	-2.2	-2.8	1.2	1.3	1.4	2.0
			Agricultural exporters	3.5	1.7	2.5	1.8	-1.8	-1.4	-2.1	1.3	1.9	1.5	2.1
			Mineral exporters	0.9	-0.1	1.3	2.5	1.3	-5.1	-5.4	0.9	-1.6	0.4	0.9
		Exporters of manufactures		2.9	6.4	1.6	2.7	3.0	3.0	4.8	5.6	4.4	3.5	3.2
		Service and remittance countries		2.8	4.2	3.8	3.7	1.0	1.9	0.4	1.3	2.4	1.4	1.2
	By financial criteria
	Capital exporting countries			5.0	-3.8	-2.9	-7.7	-7.2	-5.4	-3.7	-3.4	-5.3	-3.6	-4.1
	Capital importing countries			3.2	3.0	2.2	2.4	0.9	-0.3	-0.7	2.2	2.0	1.1	1.7
		Market borrowers		3.9	1.4	3.2	2.1	-0.1	-1.9	-3.6	0.5	0.6	-0.4	1.0
		Official borrowers		1.1	1.0	-0.6	0.5	0.3	-1.1	-1.1	-0.1	-0.1	0.9	0.2
		Diversified borrowers		2.6	6.2	1.4	3.4	2.8	3.2	5.2	5.9	5.1	3.9	3.5
		Countries with recent debt-servicing problems		3.3	0.8	3.1	2.2	-1.0	-2.5	-4.8	0.2	0.6	-0.5	1.1
		Countries without debt-servicing problems		3.1	5.2	1.5	2.6	2.8	2.0	3.4	4.2	3.2	2.6	2.3
	By miscellaneous criteria
	Capital importing fuel exporters			4.2	—	2.7	2.4	1.4	-2.3	-5.5	-1.2	-0.9	-3.4	-1.4
	Fifteen heavily indebted countries			3.9	0.6	3.7	2.6	-1.5	-2.8	-5.6	-0.2	1.0	-0.7	1.1
	Small low-income countries			1.0	1.0	—	0.5	-0.4	-1.1	-0.4	0.7	1.8	2.5	1.4
	Sub-Saharan Africa³			0.8	-0.7	-1.0	0.1	-1.2	-2.8	-2.8	-1.4	0.9	2.4	1.3
	By alternative analytical categories
	Oil exporting countries			5.0	-2.5	-1.2	-4.4	-4.8	-4.1	-4.1	-2.8	-3.9	-3.1	-3.4
	Non-oil developing countries			3.0	3.4	2.4	2.7	1.2	-0.1	-0.2	2.8	2.5	1.6	2.2
		Net oil exporters		3.2	1.1	4.9	4.6	4.0	-1.4	-5.2	1.1	1.1	-2.7	0.1
		Net oil importers		3.0	3.8	2.0	2.4	0.7	0.2	0.7	3.0	2.7	2.3	2.5

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A6.

Developing Countries: Per Capita Real GDP, 1968–87¹

(Annual changes. In percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				3.4	2.0	1.6	1.0	-0.3	-1.1	-1.2	1.4	0.9	0.4	0.9
	By region
	Africa			2.6	-1.5	0.4	0.9	-1.3	-2.4	-4.7	-1.6	-1.3	—	0.1
	Asia			2.4	6.0	1.5	3.2	3.4	2.6	4.6	5.0	3.8	2.9	2.7
	Europe			4.8	4.2	2.7	0.4	1.3	1.4	0.2	2.7	1.4	2.4	2.7
	Middle East			4.6	-2.4	-1.7	-5.8	-5.7	-4.3	-3.1	-2.8	-4.4	-3.0	-3.5
	Western Hemisphere			3.6	1.1	3.7	3.0	-1.2	-3.2	-5.3	0.8	1.7	-0.6	1.3
	By predominant export
	Fuel exporters			4.6	-1.7	0.3	-2.1	-2.5	-3.6	-4.7	-2.2	-2.9	-3.5	-2.7
	Non-fuel exporters			2.9	3.7	2.1	2.4	0.8	0.3	0.6	3.1	2.7	2.3	2.4
		Primary product exporters		3.0	1.4	2.3	1.9	-1.2	-2.2	-2.8	1.2	1.3	1.4	2.0
			Agricultural exporters	3.5	1.7	2.5	1.8	-1.8	-1.4	-2.1	1.3	1.9	1.5	2.1
			Mineral exporters	0.9	-0.1	1.3	2.5	1.3	-5.1	-5.4	0.9	-1.6	0.4	0.9
		Exporters of manufactures		2.9	6.4	1.6	2.7	3.0	3.0	4.8	5.6	4.4	3.5	3.2
		Service and remittance countries		2.8	4.2	3.8	3.7	1.0	1.9	0.4	1.3	2.4	1.4	1.2
	By financial criteria
	Capital exporting countries			5.0	-3.8	-2.9	-7.7	-7.2	-5.4	-3.7	-3.4	-5.3	-3.6	-4.1
	Capital importing countries			3.2	3.0	2.2	2.4	0.9	-0.3	-0.7	2.2	2.0	1.1	1.7
		Market borrowers		3.9	1.4	3.2	2.1	-0.1	-1.9	-3.6	0.5	0.6	-0.4	1.0
		Official borrowers		1.1	1.0	-0.6	0.5	0.3	-1.1	-1.1	-0.1	-0.1	0.9	0.2
		Diversified borrowers		2.6	6.2	1.4	3.4	2.8	3.2	5.2	5.9	5.1	3.9	3.5
		Countries with recent debt-servicing problems		3.3	0.8	3.1	2.2	-1.0	-2.5	-4.8	0.2	0.6	-0.5	1.1
		Countries without debt-servicing problems		3.1	5.2	1.5	2.6	2.8	2.0	3.4	4.2	3.2	2.6	2.3
	By miscellaneous criteria
	Capital importing fuel exporters			4.2	—	2.7	2.4	1.4	-2.3	-5.5	-1.2	-0.9	-3.4	-1.4
	Fifteen heavily indebted countries			3.9	0.6	3.7	2.6	-1.5	-2.8	-5.6	-0.2	1.0	-0.7	1.1
	Small low-income countries			1.0	1.0	—	0.5	-0.4	-1.1	-0.4	0.7	1.8	2.5	1.4
	Sub-Saharan Africa³			0.8	-0.7	-1.0	0.1	-1.2	-2.8	-2.8	-1.4	0.9	2.4	1.3
	By alternative analytical categories
	Oil exporting countries			5.0	-2.5	-1.2	-4.4	-4.8	-4.1	-4.1	-2.8	-3.9	-3.1	-3.4
	Non-oil developing countries			3.0	3.4	2.4	2.7	1.2	-0.1	-0.2	2.8	2.5	1.6	2.2
		Net oil exporters		3.2	1.1	4.9	4.6	4.0	-1.4	-5.2	1.1	1.1	-2.7	0.1
		Net oil importers		3.0	3.8	2.0	2.4	0.7	0.2	0.7	3.0	2.7	2.3	2.5

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A7.

Developing Countries: Gross Capital Formation, 1978–86¹

(In percent of GDP)

^¹Except where otherwise indicated, arithmetic averages of country ratios weighted by the average U.S. dollar value of GDPs over the preceding three years.

^²Excluding Nigeria and South Africa.

Table A7.

Developing Countries: Gross Capital Formation, 1978–86¹

(In percent of GDP)

					1978	1979	1980	1981	1982	1983	1984	1985	1986
Developing countries					27.9	26.5	26.5	26.2	24.9	23.9	23.2	23.1	22.5
	By region
	Africa				28.0	25.0	25.8	28.4	24.8	22.4	21.2	19.8	19.8
	Asia				29.4	29.6	28.7	27.5	27.1	26.9	27.0	27.3	26.8
	Europe				32.3	31.6	30.4	29.1	27.8	25.9	23.5	23.3	22.9
	Middle East				27.5	23.9	24.8	25.8	26.0	29.6	27.5	25.9	23.7
	Western Hemisphere				24.7	23.0	23.4	22.8	20.9	17.4	17.2	17.9	17.4
	By predominant export
	Fuel exporters				28.5	25.0	25.7	27.2	25.5	25.5	24.3	23.3	22.1
	Non-fuel exporters				27.7	27.2	26.8	25.8	24.7	23.1	22.6	23.0	22.6
		Primary product exporters			22.9	21.9	22.8	22.7	21.2	19.0	18.2	18.5	18.2
			Agricultural exporters		23.3	21.8	22.4	21.6	21.0	18.8	17.6	18.2	17.9
			Mineral exporters		21.6	22.0	24.5	27.4	22.1	19.8	20.4	19.7	19.8
		Exporters of manufactures			33.5	33.1	31.2	29.0	28.5	28.0	28.3	29.2	28.7
		Service and remittance countries			27.2	28.4	27.4	26.6	24.9	22.0	19.5	18.2	17.6
	By financial criteria
	Capital exporting countries				27.2	22.4	24.4	26.0	26.4	31.2	29.3	28.0	25.5
	Capital importing countries				28.0	27.1	26.8	26.2	24.7	22.8	22.2	22.4	22.0
		Market borrowers			28.0	26.9	26.8	26.9	24.6	21.5	20.5	20.2	20.0
		Official borrowers			19.1	19.0	19.1	18.9	17.9	16.7	16.6	16.5	16.3
		Diversified borrowers			29.8	29.1	28.2	26.6	26.4	26.6	26.9	27.9	26.8
		Countries with recent debt-servicing problems			27.2	25.6	25.4	25.3	22.6	19.1	18.0	18.0	17.5
		Countries without debt-servicing problems			28.8	28.6	28.1	27.1	26.8	26.5	26.4	26.6	26.1
	By miscellaneous criteria
	Capital importing fuel exporters				29.4	26.9	26.6	28.0	24.8	21.7	20.8	19.9	19.4
	Fifteen heavily indebted countries				27.0	24.9	24.7	24.6	22.3	18.3	17.2	17.2	16.8
	Small low-income countries				17.1	16.8	17.2	16.5	16.1	15.0	15.0	14.9	15.0
	Sub-Saharan Africa²				21.1	19.3	19.9	20.7	19.8	17.7	16.5	17.2	17.9
	By alternative analytical categories
	Oil exporting countries				30.0	24.6	24.9	26.6	26.4	27.1	25.3	23.5	22.4
	Non-oil developing countries				27.3	27.1	26.9	26.1	24.5	22.9	22.5	23.0	22.5
		Net oil exporters			24.1	25.9	27.0	28.2	23.8	21.9	21.3	21.7	20.7
		Net oil importers			27.9	27.3	26.9	25.8	24.6	23.1	22.7	23.2	22.8
Memorandum
	Median estimates
			Developing countries		25.1	25.6	25.0	25.0	24.3	21.6	20.6	19.9	19.9
				By region
				Africa	25.7	25.5	23.5	25.7	22.9	19.8	19.2	19.7	19.3
				Asia	24.2	26.3	27.9	27.5	25.2	24.5	22.2	20.7	21.3
				Europe	33.9	32.3	32.6	31.1	31.6	28.3	23.5	22.3	22.9
				Middle East	27.2	25.9	23.7	23.0	24.7	24.2	23.8	24.1	24.0
				Western Hemisphere	23.6	25.1	24.8	22.8	20.9	19.7	18.3	17.4	16.9

^¹Except where otherwise indicated, arithmetic averages of country ratios weighted by the average U.S. dollar value of GDPs over the preceding three years.

^²Excluding Nigeria and South Africa.

Table A7.

Developing Countries: Gross Capital Formation, 1978–86¹

(In percent of GDP)

					1978	1979	1980	1981	1982	1983	1984	1985	1986
Developing countries					27.9	26.5	26.5	26.2	24.9	23.9	23.2	23.1	22.5
	By region
	Africa				28.0	25.0	25.8	28.4	24.8	22.4	21.2	19.8	19.8
	Asia				29.4	29.6	28.7	27.5	27.1	26.9	27.0	27.3	26.8
	Europe				32.3	31.6	30.4	29.1	27.8	25.9	23.5	23.3	22.9
	Middle East				27.5	23.9	24.8	25.8	26.0	29.6	27.5	25.9	23.7
	Western Hemisphere				24.7	23.0	23.4	22.8	20.9	17.4	17.2	17.9	17.4
	By predominant export
	Fuel exporters				28.5	25.0	25.7	27.2	25.5	25.5	24.3	23.3	22.1
	Non-fuel exporters				27.7	27.2	26.8	25.8	24.7	23.1	22.6	23.0	22.6
		Primary product exporters			22.9	21.9	22.8	22.7	21.2	19.0	18.2	18.5	18.2
			Agricultural exporters		23.3	21.8	22.4	21.6	21.0	18.8	17.6	18.2	17.9
			Mineral exporters		21.6	22.0	24.5	27.4	22.1	19.8	20.4	19.7	19.8
		Exporters of manufactures			33.5	33.1	31.2	29.0	28.5	28.0	28.3	29.2	28.7
		Service and remittance countries			27.2	28.4	27.4	26.6	24.9	22.0	19.5	18.2	17.6
	By financial criteria
	Capital exporting countries				27.2	22.4	24.4	26.0	26.4	31.2	29.3	28.0	25.5
	Capital importing countries				28.0	27.1	26.8	26.2	24.7	22.8	22.2	22.4	22.0
		Market borrowers			28.0	26.9	26.8	26.9	24.6	21.5	20.5	20.2	20.0
		Official borrowers			19.1	19.0	19.1	18.9	17.9	16.7	16.6	16.5	16.3
		Diversified borrowers			29.8	29.1	28.2	26.6	26.4	26.6	26.9	27.9	26.8
		Countries with recent debt-servicing problems			27.2	25.6	25.4	25.3	22.6	19.1	18.0	18.0	17.5
		Countries without debt-servicing problems			28.8	28.6	28.1	27.1	26.8	26.5	26.4	26.6	26.1
	By miscellaneous criteria
	Capital importing fuel exporters				29.4	26.9	26.6	28.0	24.8	21.7	20.8	19.9	19.4
	Fifteen heavily indebted countries				27.0	24.9	24.7	24.6	22.3	18.3	17.2	17.2	16.8
	Small low-income countries				17.1	16.8	17.2	16.5	16.1	15.0	15.0	14.9	15.0
	Sub-Saharan Africa²				21.1	19.3	19.9	20.7	19.8	17.7	16.5	17.2	17.9
	By alternative analytical categories
	Oil exporting countries				30.0	24.6	24.9	26.6	26.4	27.1	25.3	23.5	22.4
	Non-oil developing countries				27.3	27.1	26.9	26.1	24.5	22.9	22.5	23.0	22.5
		Net oil exporters			24.1	25.9	27.0	28.2	23.8	21.9	21.3	21.7	20.7
		Net oil importers			27.9	27.3	26.9	25.8	24.6	23.1	22.7	23.2	22.8
Memorandum
	Median estimates
			Developing countries		25.1	25.6	25.0	25.0	24.3	21.6	20.6	19.9	19.9
				By region
				Africa	25.7	25.5	23.5	25.7	22.9	19.8	19.2	19.7	19.3
				Asia	24.2	26.3	27.9	27.5	25.2	24.5	22.2	20.7	21.3
				Europe	33.9	32.3	32.6	31.1	31.6	28.3	23.5	22.3	22.9
				Middle East	27.2	25.9	23.7	23.0	24.7	24.2	23.8	24.1	24.0
				Western Hemisphere	23.6	25.1	24.8	22.8	20.9	19.7	18.3	17.4	16.9

^¹Except where otherwise indicated, arithmetic averages of country ratios weighted by the average U.S. dollar value of GDPs over the preceding three years.

^²Excluding Nigeria and South Africa.

Table A8.

Inflation. 1968–87¹

(In percent)

^¹As measured by changes in GNP deflators for industrial countries and changes in consumer prices for developing countries.

^²Compound annual rates of change.

^³Averages 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.

^⁴Percentage 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. Excluding China prior to 1978.

Table A8.

Inflation. 1968–87¹

(In percent)

		Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Industrial countries³		7.4	7.7	8.1	9.3	8.8	7.3	4.9	4.3	3.9	3.4	3.0
United States		6.5	7.3	8.8	9.1	9.6	6.5	3.8	4.1	3.3	3.3	3.0
Other industrial countries³		8.2	7.9	7.6	9.4	8.3	7.8	5.6	4.4	4.3	3.6	3.0
Of which,
	Japan	8.3	4.8	3.0	3.8	3.2	1.9	0.8	1.3	1.7	1.1	1.4
	Germany, Fed. Rep. of	5.3	4.3	4.0	4.8	4.0	4.3	3.3	1.9	2.1	2.6	1.3
Developing countries⁴		15.2	18.7	21.5	27.1	26.0	24.5	32.7	37.4	39.3	25.9	13.7
Median inflation rates		8.5	9.9	11.6	14.5	13.3	10.4	9.7	10.1	9.0	9.2	7.0
	By region⁴
	Africa	10.0	16.9	16.7	16.5	21.3	12.7	18.6	19.8	13.6	13.1	10.3
	Asia	8.8	4.0	8.0	13.1	10.6	6.2	6.6	7.1	6.7	5.4	4.8
	Europe	9.9	19.8	25.9	37.9	24.1	23.7	23.1	27.9	27.9	25.2	17.6
	Middle East	9.8	12.6	11.6	16.7	15.3	12.7	12.1	13.9	13.8	11.9	11.4
	Western Hemisphere	27.9	41.9	46.5	54.2	59.1	66.3	102.4	122.6	144.0	76.0	27.0
	By analytical criteria⁴
	Fuel exporters	10.7	12.4	12.1	15.5	16.2	17.7	24.7	19.3	14.7	16.5	12.6
	Non-fuel exporters	17.1	21.4	25.7	32.3	30.7	28.0	37.1	47.6	53.0	30.6	14.3
	Market borrowers	20.8	28.2	31.8	36.4	38.8	38.6	55.6	66.4	70.2	42.9	18.6
	Official borrowers	10.3	13.7	19.4	22.4	28.3	16.2	21.9	17.6	19.7	17.3	13.0

^¹As measured by changes in GNP deflators for industrial countries and changes in consumer prices for developing countries.

^²Compound annual rates of change.

^³Averages 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.

Table A8.

Inflation. 1968–87¹

(In percent)

		Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Industrial countries³		7.4	7.7	8.1	9.3	8.8	7.3	4.9	4.3	3.9	3.4	3.0
United States		6.5	7.3	8.8	9.1	9.6	6.5	3.8	4.1	3.3	3.3	3.0
Other industrial countries³		8.2	7.9	7.6	9.4	8.3	7.8	5.6	4.4	4.3	3.6	3.0
Of which,
	Japan	8.3	4.8	3.0	3.8	3.2	1.9	0.8	1.3	1.7	1.1	1.4
	Germany, Fed. Rep. of	5.3	4.3	4.0	4.8	4.0	4.3	3.3	1.9	2.1	2.6	1.3
Developing countries⁴		15.2	18.7	21.5	27.1	26.0	24.5	32.7	37.4	39.3	25.9	13.7
Median inflation rates		8.5	9.9	11.6	14.5	13.3	10.4	9.7	10.1	9.0	9.2	7.0
	By region⁴
	Africa	10.0	16.9	16.7	16.5	21.3	12.7	18.6	19.8	13.6	13.1	10.3
	Asia	8.8	4.0	8.0	13.1	10.6	6.2	6.6	7.1	6.7	5.4	4.8
	Europe	9.9	19.8	25.9	37.9	24.1	23.7	23.1	27.9	27.9	25.2	17.6
	Middle East	9.8	12.6	11.6	16.7	15.3	12.7	12.1	13.9	13.8	11.9	11.4
	Western Hemisphere	27.9	41.9	46.5	54.2	59.1	66.3	102.4	122.6	144.0	76.0	27.0
	By analytical criteria⁴
	Fuel exporters	10.7	12.4	12.1	15.5	16.2	17.7	24.7	19.3	14.7	16.5	12.6
	Non-fuel exporters	17.1	21.4	25.7	32.3	30.7	28.0	37.1	47.6	53.0	30.6	14.3
	Market borrowers	20.8	28.2	31.8	36.4	38.8	38.6	55.6	66.4	70.2	42.9	18.6
	Official borrowers	10.3	13.7	19.4	22.4	28.3	16.2	21.9	17.6	19.7	17.3	13.0

^¹As measured by changes in GNP deflators for industrial countries and changes in consumer prices for developing countries.

^²Compound annual rates of change.

^³Averages 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.

Table A9.

Industrial Countries: GNP Deflators and Consumer Prices, 1968–87¹

(Annual changes, in percent)

^¹Composites 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.

^²Compound annual rates of change.

^³From fourth quarter of preceding year.

^⁴GDP at market prices.

Table A9.

Industrial Countries: GNP Deflators and Consumer Prices, 1968–87¹

(Annual changes, in percent)

			Average											Fourth Quarter³
			1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1985	1986	1987
GNP deflator
Canada			7.2	6.7	10.3	11.4	10.6	10.3	5.3	2.8	3.2	3.9	3.6	3.3	4.5	3.3
United States			6.5	7.3	8.8	9.1	9.6	6.5	3.8	4.1	3.3	3.3	3.0	3.1	3.2	2.9
Japan			8.3	4.8	3.0	3.8	3.2	1.9	0.8	1.3	1.7	1.1	1.4	1.7	1.0	1.6
France⁴			7.9	9.5	10.4	12.2	11.9	12.6	9.5	7.1	5.9	4.3	3.0	5.7	3.6	2.8
Germany, Fed. Rep. of			5.3	4.3	4.0	4.8	4.0	4.3	3.3	1.9	2.1	2.6	1.3	2.9	2.0	1.0
Italy⁴			10.9	13.9	15.9	20.7	18.3	17.8	15.0	10.7	9.0	8.6	6.5	8.9	7.3	6.7
United Kingdom⁴			11.0	11.2	14.5	19.9	11.7	7.3	5.1	4.0	6.1	3.7	3.9	7.6	2.9	3.8
Other industrial countries			8.5	9.6	7.7	9.2	9.3	9.7	7.2	6.6	5.7	4.8	4.2	5.4	4.9	3.7
	All industrial countries		7.4	7.7	8.1	9.3	8.8	7.3	4.9	4.3	3.9	3.4	3.0	3.9	3.2	2.9
	Of which,
		Seven major countries above	7.3	7.3	8.2	9.3	8.7	6.9	4.5	4.0	3.6	3.2	2.8	3.6	3.0	2.8
		European countries	8.2	8.9	9.0	11.1	9.8	9.4	7.3	5.6	5.3	4.3	3.4	5.5	3.7	3.2
Consumer prices
Canada			6.4	8.9	9.1	10.2	12.5	10.8	5.8	4.3	4.0	5.5	4.0	4.1	6.0	3.2
United States			6.1	7.6	11.3	13.5	10.4	6.1	3.2	4.3	3.5	3.1	3.1	3.5	3.0	3.0
Japan			9.3	3.8	3.6	8.0	4.9	2.7	1.9	2.2	2.1	0.5	1.3	1.9	-0.2	2.4
France			8.0	9.1	10.8	13.6	13.4	11.8	9.6	7.4	5.8	2.2	2.1	4.8	1.5	2.2
Germany, Fed. Rep. of			4.5	2.7	4.1	5.4	6.3	5.3	3.3	2.4	2.2	—	1.0	1.6	-0.2	1.6
Italy			9.8	12.1	14.8	21.2	18.7	16.3	15.1	10.7	9.2	6.0	5.8	8.9	5.2	6.1
United Kingdom			11.3	8.3	13.4	18.0	11.9	8.6	4.6	5.0	6.1	3.8	3.9	5.5	3.7	3.7
Other industrial countries			8.1	8.5	7.8	10.2	10.4	9.7	7.6	6.3	5.8	3.7	3.9	5.2	3.5	3.7
	All industrial countries		7.2	7.2	9.0	11.8	9.9	7.3	4.9	4.7	4.1	2.8	2.9	3.8	2.5	3.0
	Of which,
		Seven major countries above	7.1	6.9	9.2	12.1	9.9	6.9	4.4	4.4	3.8	2.6	2.7	3.6	2.3	2.9
		European countries	7.8	7.5	8.8	11.8	11.1	9.5	7.3	6.1	5.3	2.6	3.0	4.6	2.2	3.1

^¹Composites 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.

^²Compound annual rates of change.

^³From fourth quarter of preceding year.

^⁴GDP at market prices.

Table A9.

Industrial Countries: GNP Deflators and Consumer Prices, 1968–87¹

(Annual changes, in percent)

			Average											Fourth Quarter³
			1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1985	1986	1987
GNP deflator
Canada			7.2	6.7	10.3	11.4	10.6	10.3	5.3	2.8	3.2	3.9	3.6	3.3	4.5	3.3
United States			6.5	7.3	8.8	9.1	9.6	6.5	3.8	4.1	3.3	3.3	3.0	3.1	3.2	2.9
Japan			8.3	4.8	3.0	3.8	3.2	1.9	0.8	1.3	1.7	1.1	1.4	1.7	1.0	1.6
France⁴			7.9	9.5	10.4	12.2	11.9	12.6	9.5	7.1	5.9	4.3	3.0	5.7	3.6	2.8
Germany, Fed. Rep. of			5.3	4.3	4.0	4.8	4.0	4.3	3.3	1.9	2.1	2.6	1.3	2.9	2.0	1.0
Italy⁴			10.9	13.9	15.9	20.7	18.3	17.8	15.0	10.7	9.0	8.6	6.5	8.9	7.3	6.7
United Kingdom⁴			11.0	11.2	14.5	19.9	11.7	7.3	5.1	4.0	6.1	3.7	3.9	7.6	2.9	3.8
Other industrial countries			8.5	9.6	7.7	9.2	9.3	9.7	7.2	6.6	5.7	4.8	4.2	5.4	4.9	3.7
	All industrial countries		7.4	7.7	8.1	9.3	8.8	7.3	4.9	4.3	3.9	3.4	3.0	3.9	3.2	2.9
	Of which,
		Seven major countries above	7.3	7.3	8.2	9.3	8.7	6.9	4.5	4.0	3.6	3.2	2.8	3.6	3.0	2.8
		European countries	8.2	8.9	9.0	11.1	9.8	9.4	7.3	5.6	5.3	4.3	3.4	5.5	3.7	3.2
Consumer prices
Canada			6.4	8.9	9.1	10.2	12.5	10.8	5.8	4.3	4.0	5.5	4.0	4.1	6.0	3.2
United States			6.1	7.6	11.3	13.5	10.4	6.1	3.2	4.3	3.5	3.1	3.1	3.5	3.0	3.0
Japan			9.3	3.8	3.6	8.0	4.9	2.7	1.9	2.2	2.1	0.5	1.3	1.9	-0.2	2.4
France			8.0	9.1	10.8	13.6	13.4	11.8	9.6	7.4	5.8	2.2	2.1	4.8	1.5	2.2
Germany, Fed. Rep. of			4.5	2.7	4.1	5.4	6.3	5.3	3.3	2.4	2.2	—	1.0	1.6	-0.2	1.6
Italy			9.8	12.1	14.8	21.2	18.7	16.3	15.1	10.7	9.2	6.0	5.8	8.9	5.2	6.1
United Kingdom			11.3	8.3	13.4	18.0	11.9	8.6	4.6	5.0	6.1	3.8	3.9	5.5	3.7	3.7
Other industrial countries			8.1	8.5	7.8	10.2	10.4	9.7	7.6	6.3	5.8	3.7	3.9	5.2	3.5	3.7
	All industrial countries		7.2	7.2	9.0	11.8	9.9	7.3	4.9	4.7	4.1	2.8	2.9	3.8	2.5	3.0
	Of which,
		Seven major countries above	7.1	6.9	9.2	12.1	9.9	6.9	4.4	4.4	3.8	2.6	2.7	3.6	2.3	2.9
		European countries	7.8	7.5	8.8	11.8	11.1	9.5	7.3	6.1	5.3	2.6	3.0	4.6	2.2	3.1

^¹Composites 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.

^²Compound annual rates of change.

^³From fourth quarter of preceding year.

^⁴GDP at market prices.

Table A10.

Industrial Countries: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing, 1968–87¹

(Annual changes, in percent)

^¹Composites 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.

^²Compound annual rates of change.

Table A10.

Industrial Countries: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Hourly earnings
Canada			9.8	7.1	8.8	10.1	12.0	11.7	4.3	4.9	3.8	4.7	4.5
United States			7.8	8.2	9.7	11.7	9.6	8.5	3.5	3.7	4.4	3.9	4.2
Japan			17.3	4.6	6.3	6.7	5.8	5.5	3.3	3.6	4.5	3.4	3.5
France			14.2	13.3	14.8	14.1	15.7	18.2	12.2	7.8	5.9	4.9	3.9
Germany, Fed. Rep. of			11.0	6.7	6.8	8.7	6.9	5.8	3.8	3.1	4.0	4.4	3.4
Italy			18.2	15.5	19.1	18.4	28.6	21.4	20.0	11.4	11.0	9.5	8.5
United Kingdom			14.5	14.7	16.8	22.3	14.8	8.8	8.6	7.9	9.1	8.6	7.9
Other industrial countries			13.5	11.7	11.0	10.8	11.6	10.2	8.4	6.6	6.5	5.7	5.3
	All industrial countries		11.2	9.2	10.2	11.5	10.8	9.7	6.0	4.9	5.3	4.7	4.6
	Of which,
		Seven major countries above	10.8	8.8	10.1	11.7	10.6	9.6	5.6	4.6	5.1	4.5	4.5
		European countries	14.0	11.6	12.3	13.0	13.3	11.3	9.3	6.8	6.7	6.1	5.3
Output per manhour
Canada			4.4	3.4	2.7	-0.4	0.3	0.1	6.9	11.3	1.4	1.8	0.9
United States			2.9	1.5	-0.1	—	2.2	2.2	6.6	4.9	2.7	2.5	3.4
Japan			7.3	11.3	6.7	3.5	0.2	0.1	2.9	8.5	3.4	1.5	2.3
France			6.1	5.8	5.0	1.6	3.2	6.5	4.3	5.8	4.3	4.3	3.7
Germany, Fed. Rep. of			5.1	2.9	4.7	1.2	2.1	1.7	4.9	3.8	4.6	2.7	2.8
Italy			5.0	4.0	8.4	3.1	7.3	2.5	4.1	5.8	3.0	3.3	3.3
United Kingdom			3.6	1.3	1.4	0.1	5.1	3.7	7.2	4.4	3.8	3.1	3.0
Other industrial countries			5.9	3.6	5.6	2.7	3.5	2.7	6.2	5.2	3.7	2.9	2.4
	All industrial countries		4.3	3.5	3.5	1.4	2.9	2.3	4.7	6.1	3.2	2.5	2.9
	Of which,
		Seven major countries above	4.1	3.5	3.1	1.2	2.7	2.2	4.5	6.2	3.1	2.5	3.0
		European countries	5.4	4.0	5.0	2.0	3.7	3.3	5.6	5.1	4.1	3.3	3.0
Unit labor costs
Canada			5.2	3.6	6.0	10.6	11.7	11.7	-2.4	-5.8	2.3	1.9	3.7
United States			4.8	6.6	9.8	11.7	7.2	6.2	-2.8	-1.3	1.7	1.4	0.8
Japan			9.3	-6.0	-0.4	3.2	5.5	5.4	0.4	-4.5	1.1	1.9	1.2
France			7.6	7.2	9.3	12.3	12.0	11.0	7.6	1.9	1.5	0.6	0.2
Germany, Fed. Rep, of			5.6	3.7	2.0	7.4	4.7	4.0	-1.0	-0.8	-0.6	1.7	0.6
Italy			12.6	11.1	9.9	14.8	19.9	18.4	15.2	5.2	7.7	6.0	5.1
United Kingdom			10.5	13.2	15.2	22.2	9.3	4.9	1.3	3.4	5.2	5.3	4.8
Other industrial countries			7.3	7.9	5.0	8.0	7.8	7.3	2.1	1.4	2.7	2.7	2.8
	All industrial countries		6.6	5.7	6.6	10.0	7.7	7.2	1.2	-1.1	2.0	2.1	1.6
	Of which,
		Seven major countries above	6.5	5.2	6.9	10.4	7.6	7.2	1.1	-1.5	1.9	2.0	1.4
		European countries	8.2	7.3	6.9	10.8	9.2	7.8	3.6	1.6	2.6	2.8	2.3

^¹Composites 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.

^²Compound annual rates of change.

Table A10.

Industrial Countries: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Hourly earnings
Canada			9.8	7.1	8.8	10.1	12.0	11.7	4.3	4.9	3.8	4.7	4.5
United States			7.8	8.2	9.7	11.7	9.6	8.5	3.5	3.7	4.4	3.9	4.2
Japan			17.3	4.6	6.3	6.7	5.8	5.5	3.3	3.6	4.5	3.4	3.5
France			14.2	13.3	14.8	14.1	15.7	18.2	12.2	7.8	5.9	4.9	3.9
Germany, Fed. Rep. of			11.0	6.7	6.8	8.7	6.9	5.8	3.8	3.1	4.0	4.4	3.4
Italy			18.2	15.5	19.1	18.4	28.6	21.4	20.0	11.4	11.0	9.5	8.5
United Kingdom			14.5	14.7	16.8	22.3	14.8	8.8	8.6	7.9	9.1	8.6	7.9
Other industrial countries			13.5	11.7	11.0	10.8	11.6	10.2	8.4	6.6	6.5	5.7	5.3
	All industrial countries		11.2	9.2	10.2	11.5	10.8	9.7	6.0	4.9	5.3	4.7	4.6
	Of which,
		Seven major countries above	10.8	8.8	10.1	11.7	10.6	9.6	5.6	4.6	5.1	4.5	4.5
		European countries	14.0	11.6	12.3	13.0	13.3	11.3	9.3	6.8	6.7	6.1	5.3
Output per manhour
Canada			4.4	3.4	2.7	-0.4	0.3	0.1	6.9	11.3	1.4	1.8	0.9
United States			2.9	1.5	-0.1	—	2.2	2.2	6.6	4.9	2.7	2.5	3.4
Japan			7.3	11.3	6.7	3.5	0.2	0.1	2.9	8.5	3.4	1.5	2.3
France			6.1	5.8	5.0	1.6	3.2	6.5	4.3	5.8	4.3	4.3	3.7
Germany, Fed. Rep. of			5.1	2.9	4.7	1.2	2.1	1.7	4.9	3.8	4.6	2.7	2.8
Italy			5.0	4.0	8.4	3.1	7.3	2.5	4.1	5.8	3.0	3.3	3.3
United Kingdom			3.6	1.3	1.4	0.1	5.1	3.7	7.2	4.4	3.8	3.1	3.0
Other industrial countries			5.9	3.6	5.6	2.7	3.5	2.7	6.2	5.2	3.7	2.9	2.4
	All industrial countries		4.3	3.5	3.5	1.4	2.9	2.3	4.7	6.1	3.2	2.5	2.9
	Of which,
		Seven major countries above	4.1	3.5	3.1	1.2	2.7	2.2	4.5	6.2	3.1	2.5	3.0
		European countries	5.4	4.0	5.0	2.0	3.7	3.3	5.6	5.1	4.1	3.3	3.0
Unit labor costs
Canada			5.2	3.6	6.0	10.6	11.7	11.7	-2.4	-5.8	2.3	1.9	3.7
United States			4.8	6.6	9.8	11.7	7.2	6.2	-2.8	-1.3	1.7	1.4	0.8
Japan			9.3	-6.0	-0.4	3.2	5.5	5.4	0.4	-4.5	1.1	1.9	1.2
France			7.6	7.2	9.3	12.3	12.0	11.0	7.6	1.9	1.5	0.6	0.2
Germany, Fed. Rep, of			5.6	3.7	2.0	7.4	4.7	4.0	-1.0	-0.8	-0.6	1.7	0.6
Italy			12.6	11.1	9.9	14.8	19.9	18.4	15.2	5.2	7.7	6.0	5.1
United Kingdom			10.5	13.2	15.2	22.2	9.3	4.9	1.3	3.4	5.2	5.3	4.8
Other industrial countries			7.3	7.9	5.0	8.0	7.8	7.3	2.1	1.4	2.7	2.7	2.8
	All industrial countries		6.6	5.7	6.6	10.0	7.7	7.2	1.2	-1.1	2.0	2.1	1.6
	Of which,
		Seven major countries above	6.5	5.2	6.9	10.4	7.6	7.2	1.1	-1.5	1.9	2.0	1.4
		European countries	8.2	7.3	6.9	10.8	9.2	7.8	3.6	1.6	2.6	2.8	2.3

^¹Composites 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.

^²Compound annual rates of change.

Table A11.

Developing Countries: Consumer Prices—Weighted Averages, 1968–87¹

(Annual changes, in percent)

^¹Geometric averages of country indices weighted by the average U.S. dollar value of GDPs over the preceding three years. Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A11.

Developing Countries: Consumer Prices—Weighted Averages, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				15.2	18.7	21.5	27.1	26.0	24.5	32.7	37.4	39.3	25.9	13.7
	By region
	Africa			10.0	16.9	16.7	16.5	21.3	12.7	18.6	19.8	13.6	13.1	10.3
	Asia			8.8	4.0	8.0	13.1	10.6	6.2	6.6	7.1	6.7	5.4	4.8
	Europe			9.9	19.8	25.9	37.9	24.1	23.7	23.1	27.9	27.9	25.2	17.6
	Middle East			9.8	12.6	11.6	16.7	15.3	12.7	12.1	13.9	13.8	11.9	11.4
	Western Hemisphere			27.9	41.9	46.5	54.2	59.1	66.3	102.4	122.6	144.0	76.0	27.0
	By predominant export
	Fuel exporters			10.7	12.4	12.1	15.5	16.2	17.7	24.7	19.3	14.7	16.5	12.6
	Non-fuel exporters			17.1	21.4	25.7	32.3	30.7	28.0	37.1	47.6	53.0	30.6	14.3
		Primary product exporters		23.3	37.8	43.6	51.8	51.3	48.4	69.1	93.5	106.8	55.4	20.3
			Agricultural exporters	23.2	41.7	48.2	59.0	59.3	56.4	81.5	113.3	124.4	62.8	20.9
			Mineral exporters	23.1	22.3	25.4	23.6	21.7	20.6	28.2	29.8	43.2	22.5	17.0
		Exporters of manufactures		8.2	5.3	8.6	15.0	12.7	9.9	10.5	12.3	13.6	9.1	7.7
		Service and remittance countries		9.4	12.3	15.1	18.3	16.0	14.7	15.1	15.4	13.4	15.1	12.8
	By financial criteria
	Capital exporting countries			9.3	10.7	8.6	11.8	11.8	8.6	7.5	4.9	5.5	7.8	7.9
	Capital importing countries			16.0	19.9	23.6	29.6	28.4	27.4	37.7	44.0	46.0	29.3	14.8
		Market borrowers		20.8	28.2	31.8	36.4	38.8	38.6	55.6	66.4	70.2	42.9	18.6
		Official borrowers		10.3	13.7	19.4	22.4	28.3	16.2	21.9	17.6	19.7	17.3	13.0
		Diversified borrowers		7.8	8.3	11.3	20.4	11.9	11.2	11.2	14.1	14.5	9.6	8.2
		Countries with recent debt-servicing problems		20.5	31.2	34.4	39.6	44.6	46.6	70.3	85.1	93.3	55.1	23.3
		Countries without debt-servicing problems		9.9	9.3	13.5	20.4	14.0	10.3	10.4	11.9	11.4	8.9	7.3
	By miscellaneous criteria
	Capital importing fuel exporters			11.7	13.7	15.0	18.7	19.9	25.4	39.7	31.8	22.6	24.2	16.7
	Fifteen heavily indebted countries			25.7	37.4	40.8	47.0	52.6	56.0	87.5	110.6	122.5	68.1	25.9
	Small low-income countries			10.3	15.2	21.4	24.5	33.0	18.6	26.7	20.0	18.9	16.9	12.7
	Sub-Saharan Africa³			11.4	22.2	26.7	25.9	30.6	17.7	29.5	21.0	19.6	16.5	11.8
	By alternative analytical categories
	Oil exporting countries			10.8	11.4	11.1	13.3	13.6	8.6	9.5	10.0	6.6	8.2	7.5
	Non-oil developing countries			16.4	20.8	24.7	31.4	30.1	30.1	41.6	48.0	52.1	32.2	15.8
		Net oil exporters		10.3	17.7	17.7	24.2	24.4	43.5	70.1	50.0	48.2	39.2	25.5
		Net oil importers		17.5	21.3	25.8	32.5	31.0	27.9	36.9	47.7	52.7	31.0	14.1

^¹Geometric averages of country indices weighted by the average U.S. dollar value of GDPs over the preceding three years. Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A11.

Developing Countries: Consumer Prices—Weighted Averages, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				15.2	18.7	21.5	27.1	26.0	24.5	32.7	37.4	39.3	25.9	13.7
	By region
	Africa			10.0	16.9	16.7	16.5	21.3	12.7	18.6	19.8	13.6	13.1	10.3
	Asia			8.8	4.0	8.0	13.1	10.6	6.2	6.6	7.1	6.7	5.4	4.8
	Europe			9.9	19.8	25.9	37.9	24.1	23.7	23.1	27.9	27.9	25.2	17.6
	Middle East			9.8	12.6	11.6	16.7	15.3	12.7	12.1	13.9	13.8	11.9	11.4
	Western Hemisphere			27.9	41.9	46.5	54.2	59.1	66.3	102.4	122.6	144.0	76.0	27.0
	By predominant export
	Fuel exporters			10.7	12.4	12.1	15.5	16.2	17.7	24.7	19.3	14.7	16.5	12.6
	Non-fuel exporters			17.1	21.4	25.7	32.3	30.7	28.0	37.1	47.6	53.0	30.6	14.3
		Primary product exporters		23.3	37.8	43.6	51.8	51.3	48.4	69.1	93.5	106.8	55.4	20.3
			Agricultural exporters	23.2	41.7	48.2	59.0	59.3	56.4	81.5	113.3	124.4	62.8	20.9
			Mineral exporters	23.1	22.3	25.4	23.6	21.7	20.6	28.2	29.8	43.2	22.5	17.0
		Exporters of manufactures		8.2	5.3	8.6	15.0	12.7	9.9	10.5	12.3	13.6	9.1	7.7
		Service and remittance countries		9.4	12.3	15.1	18.3	16.0	14.7	15.1	15.4	13.4	15.1	12.8
	By financial criteria
	Capital exporting countries			9.3	10.7	8.6	11.8	11.8	8.6	7.5	4.9	5.5	7.8	7.9
	Capital importing countries			16.0	19.9	23.6	29.6	28.4	27.4	37.7	44.0	46.0	29.3	14.8
		Market borrowers		20.8	28.2	31.8	36.4	38.8	38.6	55.6	66.4	70.2	42.9	18.6
		Official borrowers		10.3	13.7	19.4	22.4	28.3	16.2	21.9	17.6	19.7	17.3	13.0
		Diversified borrowers		7.8	8.3	11.3	20.4	11.9	11.2	11.2	14.1	14.5	9.6	8.2
		Countries with recent debt-servicing problems		20.5	31.2	34.4	39.6	44.6	46.6	70.3	85.1	93.3	55.1	23.3
		Countries without debt-servicing problems		9.9	9.3	13.5	20.4	14.0	10.3	10.4	11.9	11.4	8.9	7.3
	By miscellaneous criteria
	Capital importing fuel exporters			11.7	13.7	15.0	18.7	19.9	25.4	39.7	31.8	22.6	24.2	16.7
	Fifteen heavily indebted countries			25.7	37.4	40.8	47.0	52.6	56.0	87.5	110.6	122.5	68.1	25.9
	Small low-income countries			10.3	15.2	21.4	24.5	33.0	18.6	26.7	20.0	18.9	16.9	12.7
	Sub-Saharan Africa³			11.4	22.2	26.7	25.9	30.6	17.7	29.5	21.0	19.6	16.5	11.8
	By alternative analytical categories
	Oil exporting countries			10.8	11.4	11.1	13.3	13.6	8.6	9.5	10.0	6.6	8.2	7.5
	Non-oil developing countries			16.4	20.8	24.7	31.4	30.1	30.1	41.6	48.0	52.1	32.2	15.8
		Net oil exporters		10.3	17.7	17.7	24.2	24.4	43.5	70.1	50.0	48.2	39.2	25.5
		Net oil importers		17.5	21.3	25.8	32.5	31.0	27.9	36.9	47.7	52.7	31.0	14.1

^¹Geometric averages of country indices weighted by the average U.S. dollar value of GDPs over the preceding three years. Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A12.

Developing Countries: Consumer Prices—Median Estimates, 1968—87

(Annual changes, in percent)

^¹Excluding Nigeria and South Africa.

Table A12.

Developing Countries: Consumer Prices—Median Estimates, 1968—87

(Annual changes, in percent)

				Average 1968–77	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				8.5	9.9	11.6	14.5	13.3	10.4	9.7	10.1	9.0	9.2	7.0
	By region
	Africa			8.3	10.3	11.9	12.9	13.4	12.6	11.5	11.8	10.3	10.0	7.5
	Asia			6.9	5.9	7.5	13.9	12.5	7.6	8.1	7.2	5.1	5.3	5.0
	Europe			7.8	9.9	14.3	16.2	15.7	19.0	13.8	13.4	12.1	10.0	8.5
	Middle East			9.1	10.7	10.6	10.5	8.9	9.2	5.6	7.5	5.8	7.8	5.5
	Western Hemisphere			9.8	10.2	14.9	18.1	14.7	9.2	8.8	11.9	14.0	15.0	10.0
	By predominant export
	Fuel exporters			8.7	10.5	10.3	11.2	13.3	10.7	9.7	9.2	7.3	8.0	6.5
	Non-fuel exporters			8.4	9.4	12.2	14.7	13.3	10.4	9.7	10.5	9.4	10.0	7.0
		Primary product exporters		8.6	10.1	12.2	16.5	14.0	11.8	11.5	12.4	13.0	10.9	9.5
			Agricultural exporters	8.5	10.0	12.1	17.1	12.7	11.8	11.4	11.9	12.6	10.0	8.0
			Mineral exporters	8.2	10.2	12.8	13.8	15.7	11.9	13.7	18.1	16.9	18.0	15.3
		Exporters of manufactures		6.8	5.3	9.4	13.3	13.6	7.6	6.3	5.6	4.3	4.5	4.2
		Service and remittance countries		8.4	8.2	13.1	14.7	11.7	6.7	5.9	5.6	4.9	5.3	5.0
	By financial criteria
	Capital exporting countries			9.4	10.6	9.9	10.0	8.3	7.4	3.7	1.2	3.0	4.0	4.0
	Capital importing countries			8.5	9.7	12.0	14.7	13.5	10.6	10.0	10.5	9.4	10.0	7.0
		Market bonowers		9.6	10.5	15.4	17.7	15.0	10.0	12.1	12.6	11.1	11.0	9.0
		Official borrowers		8.6	9.1	12.0	14.7	12.7	10.0	10.6	10.7	9.9	10.0	8.0
		Diversified borrowers		7.7	9.2	10.1	13.5	12.8	11.5	7.8	8.4	8.1	7.3	5.9
		Countries with recent debt-servicing problems		8.7	10.2	13.1	18.1	15.0	12.3	14.1	13.0	15.0	15.0	10.0
		Countries without debt-servicing problems		8.2	8.7	11.0	13.5	12.5	9.6	7.7	7.2	6.0	6.8	5.6
	By miscellaneous criteria
	Capital importing fuel exporters			8.2	10.5	10.6	12.5	14.7	12.6	11.1	11.3	9.1	9.5	8.0
	Fifteen heavily indebted countries			14.0	17.5	19.8	26.4	26.3	19.0	40.9	50.3	30.7	22.0	15.6
	Small low-income countries			8.5	9.9	12.2	13.8	12.7	11.8	12.0	11.1	10.0	10.0	8.0
	Sub-Saharan Africa¹			8.5	10.3	12.5	13.5	13.3	12.7	11.5	12.0	10.5	10.0	8.0
	By alternative analytical categories
	Oil exporting countries			9.0	10.6	10.8	10.6	11.7	7.8	5.6	8.3	4.9	5.0	4.7
	Non-oil developing countries			8.5	9.7	12.0	14.7	13.3	11.0	10.0	10.5	9.4	10.0	7.0
		Net oil exporters		8.6	10.5	9.0	15.1	14.6	16.2	17.4	13.2	10.5	13.0	12.0
		Net oil importers		8.4	9.4	12.2	14.7	13.3	10.4	9.7	10.1	9.0	9.9	7.0

^¹Excluding Nigeria and South Africa.

Table A12.

Developing Countries: Consumer Prices—Median Estimates, 1968—87

(Annual changes, in percent)

				Average 1968–77	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				8.5	9.9	11.6	14.5	13.3	10.4	9.7	10.1	9.0	9.2	7.0
	By region
	Africa			8.3	10.3	11.9	12.9	13.4	12.6	11.5	11.8	10.3	10.0	7.5
	Asia			6.9	5.9	7.5	13.9	12.5	7.6	8.1	7.2	5.1	5.3	5.0
	Europe			7.8	9.9	14.3	16.2	15.7	19.0	13.8	13.4	12.1	10.0	8.5
	Middle East			9.1	10.7	10.6	10.5	8.9	9.2	5.6	7.5	5.8	7.8	5.5
	Western Hemisphere			9.8	10.2	14.9	18.1	14.7	9.2	8.8	11.9	14.0	15.0	10.0
	By predominant export
	Fuel exporters			8.7	10.5	10.3	11.2	13.3	10.7	9.7	9.2	7.3	8.0	6.5
	Non-fuel exporters			8.4	9.4	12.2	14.7	13.3	10.4	9.7	10.5	9.4	10.0	7.0
		Primary product exporters		8.6	10.1	12.2	16.5	14.0	11.8	11.5	12.4	13.0	10.9	9.5
			Agricultural exporters	8.5	10.0	12.1	17.1	12.7	11.8	11.4	11.9	12.6	10.0	8.0
			Mineral exporters	8.2	10.2	12.8	13.8	15.7	11.9	13.7	18.1	16.9	18.0	15.3
		Exporters of manufactures		6.8	5.3	9.4	13.3	13.6	7.6	6.3	5.6	4.3	4.5	4.2
		Service and remittance countries		8.4	8.2	13.1	14.7	11.7	6.7	5.9	5.6	4.9	5.3	5.0
	By financial criteria
	Capital exporting countries			9.4	10.6	9.9	10.0	8.3	7.4	3.7	1.2	3.0	4.0	4.0
	Capital importing countries			8.5	9.7	12.0	14.7	13.5	10.6	10.0	10.5	9.4	10.0	7.0
		Market bonowers		9.6	10.5	15.4	17.7	15.0	10.0	12.1	12.6	11.1	11.0	9.0
		Official borrowers		8.6	9.1	12.0	14.7	12.7	10.0	10.6	10.7	9.9	10.0	8.0
		Diversified borrowers		7.7	9.2	10.1	13.5	12.8	11.5	7.8	8.4	8.1	7.3	5.9
		Countries with recent debt-servicing problems		8.7	10.2	13.1	18.1	15.0	12.3	14.1	13.0	15.0	15.0	10.0
		Countries without debt-servicing problems		8.2	8.7	11.0	13.5	12.5	9.6	7.7	7.2	6.0	6.8	5.6
	By miscellaneous criteria
	Capital importing fuel exporters			8.2	10.5	10.6	12.5	14.7	12.6	11.1	11.3	9.1	9.5	8.0
	Fifteen heavily indebted countries			14.0	17.5	19.8	26.4	26.3	19.0	40.9	50.3	30.7	22.0	15.6
	Small low-income countries			8.5	9.9	12.2	13.8	12.7	11.8	12.0	11.1	10.0	10.0	8.0
	Sub-Saharan Africa¹			8.5	10.3	12.5	13.5	13.3	12.7	11.5	12.0	10.5	10.0	8.0
	By alternative analytical categories
	Oil exporting countries			9.0	10.6	10.8	10.6	11.7	7.8	5.6	8.3	4.9	5.0	4.7
	Non-oil developing countries			8.5	9.7	12.0	14.7	13.3	11.0	10.0	10.5	9.4	10.0	7.0
		Net oil exporters		8.6	10.5	9.0	15.1	14.6	16.2	17.4	13.2	10.5	13.0	12.0
		Net oil importers		8.4	9.4	12.2	14.7	13.3	10.4	9.7	10.1	9.0	9.9	7.0

^¹Excluding Nigeria and South Africa.

Table A13.

Summary Financial Indicators, 1978–87

(In percent)

^¹In percent of GNP/GDP.

^²For definition of fiscal impulses, see World Economic Outlook April 1985, Supplementary Note 1. See also footnotes to Table A16. 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.

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

^⁴London interbank offered rate on six-month U.S. dollar deposits.

^⁵Money and quasi-money. For method of calculation, see Table A18.

Table A13.

Summary Financial Indicators, 1978–87

(In percent)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Major industrial countries
	Fiscal balances of central governments¹
	Seven major countries			-3.2	-2.8	-3.3	-3.6	-4.6	-5.4	-5.1	-5.4	-4.7	-3.9
	Of which,
		United States		-2.0	-1.1	-2.3	-2.4	-4.1	-5.6	-4.9	-5.9	-4.8	-3.4
		Japan		-5.2	-6.1	-6.2	-5.9	-5.9	-5.7	-5.4	-4.9	-4.8	-4.7
		Germany, Fed. Rep. of		-2.1	-1.8	-1.6	-2.1	-2.1	-2.0	-1.8	-1.1	-0.7	-0.6
	Fiscal impulses of central governments²
	Seven major countries			0.5	-0.4	-0.1	-0.2	—	0.8	0.3	0.4	-0.7	-0.8
	Of which,
		United States		0.1	-0.8	0.4	—	0.3	1.6	0.4	1.0	-1.0	-1.3
		Japan		0.2	1.1	0.1	-0.5	-0.3	-0.4	-0.1	-0.3	-0.4	-0.4
		Germany, Fed. Rep. of		0.1	—	-0.7	-0.8	-1.3	-0.1	0.5	-0.5	0.1	0.1
	Growth of monetary aggregates³
	Narrow money
		Seven major countries		11.0	10.2	5.6	6.5	7.1	10.0	6.4	8.5	7.6	6.3
		Of which,
			United States	8.2	7.7	6.3	7.1	6.6	11.2	6.9	8.9	8.0	5.7
			Japan	10.1	10.7	2.6	3.3	5.8	3.6	2.8	5.1	3.0	3.5
			Germany, Fed. Rep. of	13.4	7.5	2.4	1.1	3.6	10.3	3.3	4.3	6.4	5.0
	Broad money
		Seven major countries		11.2	10.6	9.5	10.0	9.4	10.5	7.7	8.9	7.7	7.4
		Of which,
			United States	8.5	8.3	8.1	9.5	9.3	12.5	8.0	9.0	7.2	6.9
			Japan	11.7	11.9	9.2	8.9	9.2	7.4	7.8	8.3	8.0	8.0
			Germany, Fed. Rep. of	10.6	8.9	5.3	6.4	6.5	6.6	3.9	4.9	5.0	5.5
	Interest rates⁴
	Six-month Eurodollars			9.1	11.9	14.0	16.7	13.6	9.9	11.3	8.6	7.5	7.5
Developing countries
	Fiscal balances of central governments¹
	Weighted averages			-3.4	-2.2	-1.5	-3.4	-4.8	-5.2	-4.4	-4.4	-4.8	…
	Medians			-3.9	-3.4	-4.6	-5.7	-6.6	-7.1	-5.2	-4.6	-4.5	…
	Growth of monetary aggregates⁵
	Weighted averages			28.9	33.9	35.7	36.3	34.8	38.4	48.9	45.0	30.0	…
	Medians			19.5	17.5	20.9	19.7	18.9	17.0	16.0	15.6	12.0	…

^¹In percent of GNP/GDP.

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

^⁴London interbank offered rate on six-month U.S. dollar deposits.

^⁵Money and quasi-money. For method of calculation, see Table A18.

Table A13.

Summary Financial Indicators, 1978–87

(In percent)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Major industrial countries
	Fiscal balances of central governments¹
	Seven major countries			-3.2	-2.8	-3.3	-3.6	-4.6	-5.4	-5.1	-5.4	-4.7	-3.9
	Of which,
		United States		-2.0	-1.1	-2.3	-2.4	-4.1	-5.6	-4.9	-5.9	-4.8	-3.4
		Japan		-5.2	-6.1	-6.2	-5.9	-5.9	-5.7	-5.4	-4.9	-4.8	-4.7
		Germany, Fed. Rep. of		-2.1	-1.8	-1.6	-2.1	-2.1	-2.0	-1.8	-1.1	-0.7	-0.6
	Fiscal impulses of central governments²
	Seven major countries			0.5	-0.4	-0.1	-0.2	—	0.8	0.3	0.4	-0.7	-0.8
	Of which,
		United States		0.1	-0.8	0.4	—	0.3	1.6	0.4	1.0	-1.0	-1.3
		Japan		0.2	1.1	0.1	-0.5	-0.3	-0.4	-0.1	-0.3	-0.4	-0.4
		Germany, Fed. Rep. of		0.1	—	-0.7	-0.8	-1.3	-0.1	0.5	-0.5	0.1	0.1
	Growth of monetary aggregates³
	Narrow money
		Seven major countries		11.0	10.2	5.6	6.5	7.1	10.0	6.4	8.5	7.6	6.3
		Of which,
			United States	8.2	7.7	6.3	7.1	6.6	11.2	6.9	8.9	8.0	5.7
			Japan	10.1	10.7	2.6	3.3	5.8	3.6	2.8	5.1	3.0	3.5
			Germany, Fed. Rep. of	13.4	7.5	2.4	1.1	3.6	10.3	3.3	4.3	6.4	5.0
	Broad money
		Seven major countries		11.2	10.6	9.5	10.0	9.4	10.5	7.7	8.9	7.7	7.4
		Of which,
			United States	8.5	8.3	8.1	9.5	9.3	12.5	8.0	9.0	7.2	6.9
			Japan	11.7	11.9	9.2	8.9	9.2	7.4	7.8	8.3	8.0	8.0
			Germany, Fed. Rep. of	10.6	8.9	5.3	6.4	6.5	6.6	3.9	4.9	5.0	5.5
	Interest rates⁴
	Six-month Eurodollars			9.1	11.9	14.0	16.7	13.6	9.9	11.3	8.6	7.5	7.5
Developing countries
	Fiscal balances of central governments¹
	Weighted averages			-3.4	-2.2	-1.5	-3.4	-4.8	-5.2	-4.4	-4.4	-4.8	…
	Medians			-3.9	-3.4	-4.6	-5.7	-6.6	-7.1	-5.2	-4.6	-4.5	…
	Growth of monetary aggregates⁵
	Weighted averages			28.9	33.9	35.7	36.3	34.8	38.4	48.9	45.0	30.0	…
	Medians			19.5	17.5	20.9	19.7	18.9	17.0	16.0	15.6	12.0	…

^¹In percent of GNP/GDP.

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

^⁴London interbank offered rate on six-month U.S. dollar deposits.

^⁵Money and quasi-money. For method of calculation, see Table A18.

Table A14.

Major Industrial Countries: Monetary Aggregates, 1978–86¹

(Annual changes, in percent)

^¹Composites 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.

^²From fourth quarter of preceding year.

^³M1 is generally currency in circulation plus private demand deposits. In addition, Canada excludes private sector float; the United States includes traveler’s checks of nonbank issues and other checkable deposits and excludes private sector float and demand deposits of banks; the Federal Republic of Germany includes demand deposits at fixed interest rates; and Japan includes government demand deposits and excludes float.

^⁴M1 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. For Japan, M2 + CD is currency in circulation plus total private and public sector deposits and installments of Sogo Banks plus certificates of deposit. For the Federal Republic of Germany, M3 is Ml plus private time deposits with maturities of less than four years plus savings deposits at statutory notice.

Table A14.

Major Industrial Countries: Monetary Aggregates, 1978–86¹

(Annual changes, in percent)

										Fourth Quarter²
		1978	1979	1980	1981	1982	1983	1984	1985	1984	1985	1986
Narrow money (M1)³
Canada		10.1	7.0	6.3	3.8	0.6	10.1	3.3	4.2	0.3	9.4	7.0
United States		8.2	7.7	6.3	7.1	6.6	11.2	6.9	8.9	5.3	11.9	6.0
Japan		10.1	10.7	2.6	3.3	5.8	3.6	2.8	5.1	6.9	4.5	3.0
France		11.3	13.8	6.8	12.2	13.9	9.9	7.0	8.6	9.5	10.0	6.5
Germany, Fed. Rep. of		13.4	7.5	2.4	1.1	3.6	10.3	3.3	4.3	5.9	5.3	5.2
Italy		23.7	24.2	16.1	10.9	11.8	15.1	12.3	13.8	12.4	11.5	10.5
United Kingdom		19.9	17.7	5.0	10.3	10.0	13.0	12.4	18.5	15.6	17.5	17.0
	Seven major countries above	11.0	10.2	5.6	6.5	7.1	10.0	6.4	8.5	6.9	10.1	6.4
	Four major European countries above	15.7	13.8	6.3	7.6	9.2	11.6	8.0	10.4	10.3	10.5	9.2
Broad money⁴
Canada		11.1	15.7	18.9	15.1	9.4	5.7	4.4	9.5	7.2	10.7	4.5
United States		8.5	8.3	8.1	9.5	9.3	12.5	8.0	9.0	7.9	8.6	7.0
Japan		11.7	11.9	9.2	8.9	9.2	7.4	7.8	8.3	7.8	9.0	8.0
France		13.2	13.0	10.8	11.4	11.5	9.1	8.0	7.9	8.3	8.0	6.0
Germany, Fed. Rep. of		10.6	8.9	5.3	6.4	6.5	6.6	3.9	4.9	4.7	5.1	5.5
Italy		23.7	19.6	14.4	10.7	12.3	16.5	12.3	13.9	12.1	11.2	10.5
United Kingdom		18.4	13.3	16.5	16.4	10.5	11.3	9.7	12.4	9.7	14.5	14.0
	Seven major countries above	11.2	10.6	9.5	10.0	9.4	10.5	7.7	8.9	7.9	8.9	7.5
	Four major European countries above	14.9	12.6	10.4	10.5	9.7	10.0	7.8	9.0	8.1	9.1	8.5

^¹Composites 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.

^²From fourth quarter of preceding year.

Table A14.

Major Industrial Countries: Monetary Aggregates, 1978–86¹

(Annual changes, in percent)

										Fourth Quarter²
		1978	1979	1980	1981	1982	1983	1984	1985	1984	1985	1986
Narrow money (M1)³
Canada		10.1	7.0	6.3	3.8	0.6	10.1	3.3	4.2	0.3	9.4	7.0
United States		8.2	7.7	6.3	7.1	6.6	11.2	6.9	8.9	5.3	11.9	6.0
Japan		10.1	10.7	2.6	3.3	5.8	3.6	2.8	5.1	6.9	4.5	3.0
France		11.3	13.8	6.8	12.2	13.9	9.9	7.0	8.6	9.5	10.0	6.5
Germany, Fed. Rep. of		13.4	7.5	2.4	1.1	3.6	10.3	3.3	4.3	5.9	5.3	5.2
Italy		23.7	24.2	16.1	10.9	11.8	15.1	12.3	13.8	12.4	11.5	10.5
United Kingdom		19.9	17.7	5.0	10.3	10.0	13.0	12.4	18.5	15.6	17.5	17.0
	Seven major countries above	11.0	10.2	5.6	6.5	7.1	10.0	6.4	8.5	6.9	10.1	6.4
	Four major European countries above	15.7	13.8	6.3	7.6	9.2	11.6	8.0	10.4	10.3	10.5	9.2
Broad money⁴
Canada		11.1	15.7	18.9	15.1	9.4	5.7	4.4	9.5	7.2	10.7	4.5
United States		8.5	8.3	8.1	9.5	9.3	12.5	8.0	9.0	7.9	8.6	7.0
Japan		11.7	11.9	9.2	8.9	9.2	7.4	7.8	8.3	7.8	9.0	8.0
France		13.2	13.0	10.8	11.4	11.5	9.1	8.0	7.9	8.3	8.0	6.0
Germany, Fed. Rep. of		10.6	8.9	5.3	6.4	6.5	6.6	3.9	4.9	4.7	5.1	5.5
Italy		23.7	19.6	14.4	10.7	12.3	16.5	12.3	13.9	12.1	11.2	10.5
United Kingdom		18.4	13.3	16.5	16.4	10.5	11.3	9.7	12.4	9.7	14.5	14.0
	Seven major countries above	11.2	10.6	9.5	10.0	9.4	10.5	7.7	8.9	7.9	8.9	7.5
	Four major European countries above	14.9	12.6	10.4	10.5	9.7	10.0	7.8	9.0	8.1	9.1	8.5

^¹Composites 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.

^²From fourth quarter of preceding year.

Table A15.

Major Industrial Countries: Interest Rates, 1978–January 1986¹

(In percent per annum)

^¹Composites for the country groups are averages of interest rates for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

^²Interest rate on the following instruments: Canada, three-month Financial paper; United States, 90-day bank certificates of deposit in secondary market; Japan, discount rate on two-month private bills; Franc the Federal Republic of Germany, Italy, and the United Kingdom, three-month interbank loan rate.

^³Average 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 over the counter sales yields of interest bearing government bonds with maturities of 10 years or more for Japan. Average yield to maturity of National Equipment Bonds of 1965, 1966, and 1967 for France, public authorities bonds with terms of three years or more for the Federal Republic of Germany, and bonds issued by the Consortium of Credit for Public Works with an average maturity of 15 to 20 years for Italy.

Table A15.

Major Industrial Countries: Interest Rates, 1978–January 1986¹

(In percent per annum)

		1978	1979	1980	1981	1982	1983	1984	1985	January 1986
Short-term interest rates¹
Canada		8.5	11.9	13.4	18.3	14.4	9.5	11.3	9.6	10.2
United States		8.2	11.2	13.1	15.9	12.4	9.1	10.4	8.0	7.8
Japan		4.4	5.9	11.0	7.7	7.1	6.7	6.3	6.7	7.0
France		8.1	9.5	12.2	15.4	14.6	12.4	11.7	9.9	9.0
Germany, Fed. Rep. of		3.7	6.6	9.5	12.0	8.8	5.7	6.0	5.4	4.7
Italy		11.4	12.0	17.5	20.0	20.0	18.0	17.1	14.9	14.9
United Kingdom		9.2	13.6	16.6	13.8	12.3	10.1	9.9	12.2	12.8
	Seven major countries above²	7.3	9.8	12.6	14.1	11.8	9.2	9.7	8.4	8.2
	Four major European countries above	7.2	9.6	12.8	14.6	i3.0	10.6	10.3	9.8	9.5
Long-term interest rates³
Canada		9.3	10.2	12.5	15.2	14.3	11.8	12.8	11.0	10.5
United States		8.5	9.3	11.4	13.7	12.9	11.3	12.5	11.0	9.6
Japan		6.1	7.7	8.9	8.4	8.3	7.8	7.3	6.5	5.6
France		9.0	9.5	13.0	15.7	15.6	13.6	12.4	10.9	10.4
Germany, Fed. Rep. of		5.7	7.4	8.5	10.4	9.0	7.9	7.8	6.9	6.3
Italy		13.7	14.1	16.1	20.6	20.9	18.0	15.0	13.0	12.7
United Kingdom		12.5	13.0	13.8	14.7	12.9	10.8	10.7	10.6	10.7
	Seven major countries above²	8.4	9.3	11.2	13.1	12.4	10.9	11.1	9.9	8.9
	Four major European countries above	9.2	10.1	12.0	14.3	13.6	11.8	10.9	9.9	9.5

^¹Composites for the country groups are averages of interest rates for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

Table A15.

Major Industrial Countries: Interest Rates, 1978–January 1986¹

(In percent per annum)

		1978	1979	1980	1981	1982	1983	1984	1985	January 1986
Short-term interest rates¹
Canada		8.5	11.9	13.4	18.3	14.4	9.5	11.3	9.6	10.2
United States		8.2	11.2	13.1	15.9	12.4	9.1	10.4	8.0	7.8
Japan		4.4	5.9	11.0	7.7	7.1	6.7	6.3	6.7	7.0
France		8.1	9.5	12.2	15.4	14.6	12.4	11.7	9.9	9.0
Germany, Fed. Rep. of		3.7	6.6	9.5	12.0	8.8	5.7	6.0	5.4	4.7
Italy		11.4	12.0	17.5	20.0	20.0	18.0	17.1	14.9	14.9
United Kingdom		9.2	13.6	16.6	13.8	12.3	10.1	9.9	12.2	12.8
	Seven major countries above²	7.3	9.8	12.6	14.1	11.8	9.2	9.7	8.4	8.2
	Four major European countries above	7.2	9.6	12.8	14.6	i3.0	10.6	10.3	9.8	9.5
Long-term interest rates³
Canada		9.3	10.2	12.5	15.2	14.3	11.8	12.8	11.0	10.5
United States		8.5	9.3	11.4	13.7	12.9	11.3	12.5	11.0	9.6
Japan		6.1	7.7	8.9	8.4	8.3	7.8	7.3	6.5	5.6
France		9.0	9.5	13.0	15.7	15.6	13.6	12.4	10.9	10.4
Germany, Fed. Rep. of		5.7	7.4	8.5	10.4	9.0	7.9	7.8	6.9	6.3
Italy		13.7	14.1	16.1	20.6	20.9	18.0	15.0	13.0	12.7
United Kingdom		12.5	13.0	13.8	14.7	12.9	10.8	10.7	10.6	10.7
	Seven major countries above²	8.4	9.3	11.2	13.1	12.4	10.9	11.1	9.9	8.9
	Four major European countries above	9.2	10.1	12.0	14.3	13.6	11.8	10.9	9.9	9.5

^¹Composites for the country groups are averages of interest rates for individual countries weighted by the average U.S. dollar value of their respective GNPs over the preceding three years.

Table A16.

Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1978–87¹

(In percent of GNP)

^¹Composites 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.

^²Data for Canada and the United Kingdom are on a national income accounts basis.

^³Data 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 FLIP transactions are based on national income accounts.

^⁴Data for France are on an administrative basis and do not include social security transactions.

^⁵Data 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 A16.

Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1978–87¹

(In percent of GNP)

		1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Fiscal balance
	(+ surplus, –deficit)
Canada²		-4.6	-3.5	-3.5	-2.2	-5.3	-6.2	-7.0	-6.9	-5.3	-3.9
United States		-2.0	-1.1	-2.3	-2.4	-4.1	-5.6	-4.9	-5.9	-4.8	-3.4
Japan³		-5.2	-6.1	-6.2	-5.9	-5.9	-5.7	-5.4	-4.9	-4.8	-4.7
France⁴		-1.6	-1.5	-1.1	-2.6	-2.8	-3.3	-3.4	-3.3	-3.1	-3.0
Germany, Fed. Rep. of		-2.1	-1.8	-1.6	-2.1	-2.1	-2.0	-1.8	-1.1	-0.7	-0.6
Italy⁵		-13.1	-10.8	-10.8	-12.8	-15.1	-16.4	-15.4	-16.0	-15.1	-14.7
United Kingdom²		-3.3	-2.2	-2.5	-2.9	-2.7	-3.2	-3.2	-2.8	-2.7	-2.9
	Seven major countries above	-3.2	-2.8	-3.3	-3.6	-4.6	-5.4	-5.1	-5.4	-4.7	-3.9
	Seven major countries except the United States	-4.4	-4.1	-4.1	-4.5	-5.0	-5.3	-5.2	-5.0	-4.6	-4.4
Fiscal impulse
	(+ expansionary, –contractionary)
Canada²		1.2	-0.5	-0.2	-1.1	0.8	0.9	1.6	0.4	-1.3	-1.1
United States		0.1	-0.8	0.4	—	0.3	1.6	0.4	1.0	-1.0	-1.3
Japan³		0.2	1.1	0.1	-0.5	-0.3	-0.4	-0.1	-0.3	-0.4	-0.4
France⁴		0.9	0.1	-0.8	1.1	—	0.1	-0.1	-0.3	-0.3	-0.1
Germany, Fed. Rep. of		0.1	—	-0.7	-0.8	-1.3	-0.1	0.5	-0.5	0.1	0.1
Italy⁵		3.8	-1.7	0.1	0.7	0.6	-0.1	-1.2	0.4	-1.1	-0.7
United Kingdom²		2.1	-0.8	-1.6	-1.5	-0.5	0.6	—	—	0.3	0.2
	Seven mayor countries above	0.5	-0.4	-0.1	-0.2	—	0.8	0.3	0.4	-0.7	-0.8
	Seven major countries except the United States	1.0	0.1	-0.5	-0.3	-0.3	—	0.1	-0.2	-0.3	-0.3

^²Data for Canada and the United Kingdom are on a national income accounts basis.

^⁴Data for France are on an administrative basis and do not include social security transactions.

Table A16.

Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1978–87¹

(In percent of GNP)

		1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Fiscal balance
	(+ surplus, –deficit)
Canada²		-4.6	-3.5	-3.5	-2.2	-5.3	-6.2	-7.0	-6.9	-5.3	-3.9
United States		-2.0	-1.1	-2.3	-2.4	-4.1	-5.6	-4.9	-5.9	-4.8	-3.4
Japan³		-5.2	-6.1	-6.2	-5.9	-5.9	-5.7	-5.4	-4.9	-4.8	-4.7
France⁴		-1.6	-1.5	-1.1	-2.6	-2.8	-3.3	-3.4	-3.3	-3.1	-3.0
Germany, Fed. Rep. of		-2.1	-1.8	-1.6	-2.1	-2.1	-2.0	-1.8	-1.1	-0.7	-0.6
Italy⁵		-13.1	-10.8	-10.8	-12.8	-15.1	-16.4	-15.4	-16.0	-15.1	-14.7
United Kingdom²		-3.3	-2.2	-2.5	-2.9	-2.7	-3.2	-3.2	-2.8	-2.7	-2.9
	Seven major countries above	-3.2	-2.8	-3.3	-3.6	-4.6	-5.4	-5.1	-5.4	-4.7	-3.9
	Seven major countries except the United States	-4.4	-4.1	-4.1	-4.5	-5.0	-5.3	-5.2	-5.0	-4.6	-4.4
Fiscal impulse
	(+ expansionary, –contractionary)
Canada²		1.2	-0.5	-0.2	-1.1	0.8	0.9	1.6	0.4	-1.3	-1.1
United States		0.1	-0.8	0.4	—	0.3	1.6	0.4	1.0	-1.0	-1.3
Japan³		0.2	1.1	0.1	-0.5	-0.3	-0.4	-0.1	-0.3	-0.4	-0.4
France⁴		0.9	0.1	-0.8	1.1	—	0.1	-0.1	-0.3	-0.3	-0.1
Germany, Fed. Rep. of		0.1	—	-0.7	-0.8	-1.3	-0.1	0.5	-0.5	0.1	0.1
Italy⁵		3.8	-1.7	0.1	0.7	0.6	-0.1	-1.2	0.4	-1.1	-0.7
United Kingdom²		2.1	-0.8	-1.6	-1.5	-0.5	0.6	—	—	0.3	0.2
	Seven mayor countries above	0.5	-0.4	-0.1	-0.2	—	0.8	0.3	0.4	-0.7	-0.8
	Seven major countries except the United States	1.0	0.1	-0.5	-0.3	-0.3	—	0.1	-0.2	-0.3	-0.3

^²Data for Canada and the United Kingdom are on a national income accounts basis.

^⁴Data for France are on an administrative basis and do not include social security transactions.

Table A17.

Major Industrial Countries; General Government Fiscal Balances and Impulses, 1978–87¹

(in percent of GNP)

^¹Data 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 A17.

Major Industrial Countries; General Government Fiscal Balances and Impulses, 1978–87¹

(in percent of GNP)

		1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Fiscal balance
	(+ surplus, –deficit)
Canada		-3.1	-1.8	-2.7	-1.6	-5.0	-6.2	-6.3	-6.1	-4.3	-3.4
United States		—	0.5	-1.3	-1.0	-3.5	-3.8	-2.9	-3.5	-3.4	-2.1
Japan		-5.5	-4.7	-4.4	-3.5	-3.6	-3.5	-2.6	-1.6	-1.5	-1.5
France		-1.9	-0.7	0.2	-1.8	-2.7	-3.1	-2.8	-2.5	-2.5	-2.5
Germany, Fed. Rep. of		-2.4	-2.6	-2.9	-3.7	-3.3	-2.5	-1.9	-1.1	-0.8	-0.6
Italy		-9.7	-9.5	-8.0	-11.9	-12.6	-12.4	-13.5	-14.0	-13.1	-12.7
United Kingdom		-4.4	-3.3	-3.6	-2.9	-2.4	-3.7	-3.8	-3.4	-3.1	-3.2
	Seven major countries above	-2.2	-1.7	-2.5	-2.6	-3.9	-4.1	-3.5	-3.5	-3.3	-2.5
	Seven major countries except the United States	-4.2	-3.6	-3.4	-3.8	-4.2	-4.4	-4.1	-3.6	-3.2	-3.0
Fiscal impulse
	(+ expansionary, –contractionary)
Canada		1.1	-0.6	0.5	-0.7	-0.4	1.4	1.5	0.7	-1.2	-0.5
United States		—	-0.5	0.7	-0.5	0.5	0.6	0.6	0.6	—	-1.0
Japan		1.7	-0.5	-0.4	-1.2	-0.1	-0.4	-0.5	-0.8	-0.4	-0.3
France		1.4	-1.0	-1.8	0.6	0.3	-0.5	-0.7	-1.0	—	-0.1
Germany, Fed. Rep. of		0.4	0.6	-0.4	-0.9	-2.1	-0.9	0.4	-0.6	0.4	—
Italy		1.4	0.4	-1.3	2.2	-1.1	-1.9	0.9	0.3	-1.2	-0.7
United Kingdom		1.9	-0.7	-1.8	-2.8	-0.8	1.4	0.1	0.1	0.3	0.1
	Seven major countries above	0.7	-0.4	-0.2	-0.6	-0.1	0.1	0.3	0.1	-0.2	-0.6
	Seven major countries except the United States	1.3	-0.3	-0.8	-0.6	-0.7	-0.3	—	-0.4	-0.3	-0.2

Table A17.

Major Industrial Countries; General Government Fiscal Balances and Impulses, 1978–87¹

(in percent of GNP)

		1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Fiscal balance
	(+ surplus, –deficit)
Canada		-3.1	-1.8	-2.7	-1.6	-5.0	-6.2	-6.3	-6.1	-4.3	-3.4
United States		—	0.5	-1.3	-1.0	-3.5	-3.8	-2.9	-3.5	-3.4	-2.1
Japan		-5.5	-4.7	-4.4	-3.5	-3.6	-3.5	-2.6	-1.6	-1.5	-1.5
France		-1.9	-0.7	0.2	-1.8	-2.7	-3.1	-2.8	-2.5	-2.5	-2.5
Germany, Fed. Rep. of		-2.4	-2.6	-2.9	-3.7	-3.3	-2.5	-1.9	-1.1	-0.8	-0.6
Italy		-9.7	-9.5	-8.0	-11.9	-12.6	-12.4	-13.5	-14.0	-13.1	-12.7
United Kingdom		-4.4	-3.3	-3.6	-2.9	-2.4	-3.7	-3.8	-3.4	-3.1	-3.2
	Seven major countries above	-2.2	-1.7	-2.5	-2.6	-3.9	-4.1	-3.5	-3.5	-3.3	-2.5
	Seven major countries except the United States	-4.2	-3.6	-3.4	-3.8	-4.2	-4.4	-4.1	-3.6	-3.2	-3.0
Fiscal impulse
	(+ expansionary, –contractionary)
Canada		1.1	-0.6	0.5	-0.7	-0.4	1.4	1.5	0.7	-1.2	-0.5
United States		—	-0.5	0.7	-0.5	0.5	0.6	0.6	0.6	—	-1.0
Japan		1.7	-0.5	-0.4	-1.2	-0.1	-0.4	-0.5	-0.8	-0.4	-0.3
France		1.4	-1.0	-1.8	0.6	0.3	-0.5	-0.7	-1.0	—	-0.1
Germany, Fed. Rep. of		0.4	0.6	-0.4	-0.9	-2.1	-0.9	0.4	-0.6	0.4	—
Italy		1.4	0.4	-1.3	2.2	-1.1	-1.9	0.9	0.3	-1.2	-0.7
United Kingdom		1.9	-0.7	-1.8	-2.8	-0.8	1.4	0.1	0.1	0.3	0.1
	Seven major countries above	0.7	-0.4	-0.2	-0.6	-0.1	0.1	0.3	0.1	-0.2	-0.6
	Seven major countries except the United States	1.3	-0.3	-0.8	-0.6	-0.7	-0.3	—	-0.4	-0.3	-0.2

Table A18.

Developing Countries: Broad Money Aggregates, 1978–85¹

(Annual changes, in percent)

^¹Except where otherwise indicated, geometric averages of country indices, weighted by the average U.S. dollar value of GDPs over thepreceding three years.

^²Excluding Nigeria and South Africa.

Table A18.

Developing Countries: Broad Money Aggregates, 1978–85¹

(Annual changes, in percent)

				1978	1979	1980	1981	1982	1983	1984	1985
Developing countries				28.9	33.9	35.7	36.3	34.8	38.4	48.9	45.0
	By region
	Africa			15.1	15.4	26.5	19.4	17.5	17.4	18.4	15.8
	Asia			17.7	25.4	27.4	20.5	21.7	19.4	22.9	17.6
	Europe			24.5	29.8	35.6	37.8	30.1	19.8	31.3	29.7
	Middle East			27.0	27.0	32.6	31.4	22.8	17.3	21.6	17.1
	Western Hemisphere			53.3	60.9	53.4	71.3	73.2	104.2	141.5	143.1
	By predominant export
	Fuel exporters			21.9	23.0	30.6	28.4	25.8	22.4	22.1	17.5
	Non-fuel exporters			32.0	38.8	38.0	40.1	39.5	47.6	64.6	60.4
		Primary product exporters		45.4	51.7	48.2	60.2	56.5	79.2	109.7	109.8
			Agricultural exporters	49.1	58.3	51.1	69.3	66.3	96.9	130.9	129.8
			Mineral exporters	31.1	26.2	36.1	26.9	23.2	23.7	41.1	38.9
		Exporters of manufactures		18.5	26.7	28.6	22.1	24.1	21.7	31.3	23.5
		Service and remittance countries		23.2	26.7	28.3	27.3	27.1	21.3	19.6	20.5
	By financial criteria
	Capital exporting countries			24.5	23.4	27.0	27.9	17.3	10.1	10.6	7.7
	Capital importing countries			29.6	35.5	37.1	37.8	38.0	44.1	56.7	52.5
		Market borrowers		37.5	41.9	42.8	46.6	46.9	59.6	75.6	74.7
		Official borrowers		23.3	15.3	21.3	23.7	24.4	25.0	20.6	21.9
		Diversified borrowers		18.5	30.4	32.0	26.8	25.9	21.9	34.0	24.4
		Countries with recent debt-servicing problems		38.8	42.1	43.4	51.7	51.9	69.4	92.0	91.5
		Countries without debt-servicing problems		20.8	29.2	31.2	25.1	25.1	21.8	27.8	22.5
	By miscellaneous criteria
	Capital importing fuel exporters			20.0	22.7	33.6	28.8	32.8	32.9	32.0	26.1
	Fifteen heavily indebted countries			45.1	51.8	50.5	60.9	61.6	88.1	117.7	120.6
	Small low-income countries			25.5	16.6	23.6	27.1	25.7	27.3	20.9	20.6
	Sub-Saharan Africa²			22.9	17.7	22.3	23.1	22.2	23.1	21.4	22.4
	By alternative analytical categories
	Oil exporting countries			19.4	20.7	30.8	23.9	15.9	13.8	12.1	11.2
	Non-oil developing countries			31.8	38.0	37.2	40.4	41.5	47.9	63.7	58.2
		Net oil exporters		31.2	32.5	36.5	41.6	55.7	49.2	57.7	46.0
		Net oil importers		31.9	38.8	37.3	40.2	39.2	47.6	64.8	60.4
Memorandum
	Median estimates
		Developing countries		19.5	17.5	20.9	19.7	18.9	17.0	16.0	15.6
			By region
			Africa	19.7	14.6	20.4	19.1	16.3	15.2	17.5	15.8
			Asia	18.3	21.0	21.4	19.5	20.7	18.9	14.9	14.3
			Europe	17.9	18.6	22.0	24.4	22.1	15.6	20.6	15.5
			Middle East	23.1	21.3	28.8	31.5	19.9	18.4	18.7	11.2
			Western Hemisphere	19.3	16.9	15.4	14.8	15.1	16.0	16.0	20.0

^¹Except where otherwise indicated, geometric averages of country indices, weighted by the average U.S. dollar value of GDPs over thepreceding three years.

^²Excluding Nigeria and South Africa.

Table A18.

Developing Countries: Broad Money Aggregates, 1978–85¹

(Annual changes, in percent)

				1978	1979	1980	1981	1982	1983	1984	1985
Developing countries				28.9	33.9	35.7	36.3	34.8	38.4	48.9	45.0
	By region
	Africa			15.1	15.4	26.5	19.4	17.5	17.4	18.4	15.8
	Asia			17.7	25.4	27.4	20.5	21.7	19.4	22.9	17.6
	Europe			24.5	29.8	35.6	37.8	30.1	19.8	31.3	29.7
	Middle East			27.0	27.0	32.6	31.4	22.8	17.3	21.6	17.1
	Western Hemisphere			53.3	60.9	53.4	71.3	73.2	104.2	141.5	143.1
	By predominant export
	Fuel exporters			21.9	23.0	30.6	28.4	25.8	22.4	22.1	17.5
	Non-fuel exporters			32.0	38.8	38.0	40.1	39.5	47.6	64.6	60.4
		Primary product exporters		45.4	51.7	48.2	60.2	56.5	79.2	109.7	109.8
			Agricultural exporters	49.1	58.3	51.1	69.3	66.3	96.9	130.9	129.8
			Mineral exporters	31.1	26.2	36.1	26.9	23.2	23.7	41.1	38.9
		Exporters of manufactures		18.5	26.7	28.6	22.1	24.1	21.7	31.3	23.5
		Service and remittance countries		23.2	26.7	28.3	27.3	27.1	21.3	19.6	20.5
	By financial criteria
	Capital exporting countries			24.5	23.4	27.0	27.9	17.3	10.1	10.6	7.7
	Capital importing countries			29.6	35.5	37.1	37.8	38.0	44.1	56.7	52.5
		Market borrowers		37.5	41.9	42.8	46.6	46.9	59.6	75.6	74.7
		Official borrowers		23.3	15.3	21.3	23.7	24.4	25.0	20.6	21.9
		Diversified borrowers		18.5	30.4	32.0	26.8	25.9	21.9	34.0	24.4
		Countries with recent debt-servicing problems		38.8	42.1	43.4	51.7	51.9	69.4	92.0	91.5
		Countries without debt-servicing problems		20.8	29.2	31.2	25.1	25.1	21.8	27.8	22.5
	By miscellaneous criteria
	Capital importing fuel exporters			20.0	22.7	33.6	28.8	32.8	32.9	32.0	26.1
	Fifteen heavily indebted countries			45.1	51.8	50.5	60.9	61.6	88.1	117.7	120.6
	Small low-income countries			25.5	16.6	23.6	27.1	25.7	27.3	20.9	20.6
	Sub-Saharan Africa²			22.9	17.7	22.3	23.1	22.2	23.1	21.4	22.4
	By alternative analytical categories
	Oil exporting countries			19.4	20.7	30.8	23.9	15.9	13.8	12.1	11.2
	Non-oil developing countries			31.8	38.0	37.2	40.4	41.5	47.9	63.7	58.2
		Net oil exporters		31.2	32.5	36.5	41.6	55.7	49.2	57.7	46.0
		Net oil importers		31.9	38.8	37.3	40.2	39.2	47.6	64.8	60.4
Memorandum
	Median estimates
		Developing countries		19.5	17.5	20.9	19.7	18.9	17.0	16.0	15.6
			By region
			Africa	19.7	14.6	20.4	19.1	16.3	15.2	17.5	15.8
			Asia	18.3	21.0	21.4	19.5	20.7	18.9	14.9	14.3
			Europe	17.9	18.6	22.0	24.4	22.1	15.6	20.6	15.5
			Middle East	23.1	21.3	28.8	31.5	19.9	18.4	18.7	11.2
			Western Hemisphere	19.3	16.9	15.4	14.8	15.1	16.0	16.0	20.0

^¹Except where otherwise indicated, geometric averages of country indices, weighted by the average U.S. dollar value of GDPs over thepreceding three years.

^²Excluding Nigeria and South Africa.

Table A19.

Developing Countries: Central Government Fiscal Balances, 1978–86¹

(In percent of GDP)

^¹Arithmetic averages of country balances, in percent of GDP, weighted by the average U.S. dollar value of GDPs over the preceding three years.

^²Excluding Nigeria and South Africa.

Table A19.

Developing Countries: Central Government Fiscal Balances, 1978–86¹

(In percent of GDP)

				1978	1979	1980	1981	1982	1983	1984	1985	1986
Developing countries				-3.4	-2.2	-1.5	-3.4	-4.8	-5.2	-4.4	-4.4	-4.8
	By region
	Africa			-5.5	-4.4	-3.9	-5.5	-6.4	-7.3	-5.1	-4.7	-5.4
	Asia			-2.0	-3.7	-3.4	-3.2	-4.4	-3.5	-3.2	-4.0	-3.9
	Europe			-3.0	-3.0	-3.5	-3.1	-2.5	-2.2	-2.3	-3.2	-2.7
	Middle East			-7.3	0.2	4.3	-3.0	-6.9	-9.9	-10.3	-9.0	-11.3
	Western Hemisphere			-2.0	-0.7	-0.6	-3.1	-4.2	-4.1	-2.3	-2.0	-2.0
	By predominant export
	Fuel exporters			-4.2	1.0	2.8	-2.6	-5.9	-7.4	-5.6	-5.8	-8.0
	Non-fuel exporters			-3.0	-3.6	-3.3	-3.8	-4.3	-4.0	-3.7	-3.7	-3.2
		Primary product exporters		-2.9	-2.4	-2.4	-3.8	-4.3	-3.9	-3.0	-2.5	-1.8
			Agricultural exporters	-2.4	-2.0	-2.2	-3.6	-3.9	-3.3	-2.4	-1.8	-1.1
			Mineral exporters	-4.9	-3.9	-3.2	-4.6	-5.7	-6.0	-5.4	-5.4	-5.0
		Exporters of manufactures		-1.8	-3.8	-3.4	-2.5	-2.9	-2.8	-3.0	-3.1	-3.1
		Service and remittance countries		-9.8	-10.3	-8.3	-11.2	-11.8	-11.4	-11.7	-13.6	-12.3
	By financial criteria
	Capital exporting countries			-5.5	3.6	8.0	-0.5	-4.9	-8.3	-8.0	-6.7	-9.5
	Capital importing countries			-3.1	-3.1	-2.9	-3.9	-4.8	-4.6	-3.7	-4.0	-4.0
		Market borrowers		-2.3	-1.1	-1.1	-3.5	-4.5	-4.3	-2.4	-2.8	-3.0
		Official borrowers		-6.2	-6.3	-6.9	-7.0	-8.7	-7.2	-7.6	-7.9	-7.8
		Diversified borrowers		-3.7	-5.9	-5.1	-3.8	-4.5	-4.6	-5.2	-5.1	-4.8
		Countries with recent debt-servicing problems		-3.2	-2.3	-1.8	-4.1	-4.8	-4.6	-2.8	-2.8	-2.9
		Countries without debt-servicing problems		-3.0	-3.9	-4.0	-3.7	-4.9	-4.6	-4.7	-5.1	-4.9
	By miscellaneous criteria
	Capital importing fuel exporters			-3.3	-1.0	-1.4	-4.2	-6.6	-6.6	-3.7	-5.0	-6.8
	Fifteen heavily indebted countries			-2.1	-0.8	-0.8	-3.6	-4.3	-4.3	-2.3	-2.0	-2.1
	Small low-income countries			-6.0	-6.8	-6.4	-6.3	-7.4	-6.0	-5.6	-6.1	-5.2
	Sub-Saharan Africa²			-5.8	-6.5	-6.5	-6.8	-7.0	-5.6	-4.6	-5.1	-4.8
	By alternative analytical categories
	Oil exporting countries			-4.4	2.2	4.6	-1.4	-5.1	-7.3	-5.5	-5.3	-7.8
	Non-oil developing countries			-3.1	-3.5	-3.3	-4.1	-4.8	-4.5	-4.0	-4.1	-3.8
		Net oil exporters		-5.8	-4.9	-4.1	-7.7	-9.4	-8.7	-7.1	-8.2	-9.6
		Net oil importers		-2.7	-3.3	-3.1	-3.5	-3.9	-3.7	-3.4	-3.3	-2.8
Memorandum
	Median estimates
		Developing countries		-3.9	-3.4	-4.6	-5.7	-6.6	-7.1	-5.2	-4.6	-4.5
			By region
			Africa	-5.7	-6.2	-6.0	-7.0	-7.5	-8.1	-5.8	-4.7	-4.5
			Asia	-2.8	-3.2	-3.4	-4.1	-5.8	-4.1	-3.5	-4.5	-4.3
			Europe	-2.3	-2.9	-3.2	-1.3	-1.9	-2.2	-3.2	-1.6	-1.9
			Middle East	-8.2	-0.1	-5.6	-11.6	-9.0	-9.1	-13.7	-12.2	-12.5
			Western Hemisphere	-2.2	-2.6	-3.1	-5.3	-5.8	-5.2	-5.1	-3.8	-2.9

^¹Arithmetic averages of country balances, in percent of GDP, weighted by the average U.S. dollar value of GDPs over the preceding three years.

^²Excluding Nigeria and South Africa.

Table A19.

Developing Countries: Central Government Fiscal Balances, 1978–86¹

(In percent of GDP)

				1978	1979	1980	1981	1982	1983	1984	1985	1986
Developing countries				-3.4	-2.2	-1.5	-3.4	-4.8	-5.2	-4.4	-4.4	-4.8
	By region
	Africa			-5.5	-4.4	-3.9	-5.5	-6.4	-7.3	-5.1	-4.7	-5.4
	Asia			-2.0	-3.7	-3.4	-3.2	-4.4	-3.5	-3.2	-4.0	-3.9
	Europe			-3.0	-3.0	-3.5	-3.1	-2.5	-2.2	-2.3	-3.2	-2.7
	Middle East			-7.3	0.2	4.3	-3.0	-6.9	-9.9	-10.3	-9.0	-11.3
	Western Hemisphere			-2.0	-0.7	-0.6	-3.1	-4.2	-4.1	-2.3	-2.0	-2.0
	By predominant export
	Fuel exporters			-4.2	1.0	2.8	-2.6	-5.9	-7.4	-5.6	-5.8	-8.0
	Non-fuel exporters			-3.0	-3.6	-3.3	-3.8	-4.3	-4.0	-3.7	-3.7	-3.2
		Primary product exporters		-2.9	-2.4	-2.4	-3.8	-4.3	-3.9	-3.0	-2.5	-1.8
			Agricultural exporters	-2.4	-2.0	-2.2	-3.6	-3.9	-3.3	-2.4	-1.8	-1.1
			Mineral exporters	-4.9	-3.9	-3.2	-4.6	-5.7	-6.0	-5.4	-5.4	-5.0
		Exporters of manufactures		-1.8	-3.8	-3.4	-2.5	-2.9	-2.8	-3.0	-3.1	-3.1
		Service and remittance countries		-9.8	-10.3	-8.3	-11.2	-11.8	-11.4	-11.7	-13.6	-12.3
	By financial criteria
	Capital exporting countries			-5.5	3.6	8.0	-0.5	-4.9	-8.3	-8.0	-6.7	-9.5
	Capital importing countries			-3.1	-3.1	-2.9	-3.9	-4.8	-4.6	-3.7	-4.0	-4.0
		Market borrowers		-2.3	-1.1	-1.1	-3.5	-4.5	-4.3	-2.4	-2.8	-3.0
		Official borrowers		-6.2	-6.3	-6.9	-7.0	-8.7	-7.2	-7.6	-7.9	-7.8
		Diversified borrowers		-3.7	-5.9	-5.1	-3.8	-4.5	-4.6	-5.2	-5.1	-4.8
		Countries with recent debt-servicing problems		-3.2	-2.3	-1.8	-4.1	-4.8	-4.6	-2.8	-2.8	-2.9
		Countries without debt-servicing problems		-3.0	-3.9	-4.0	-3.7	-4.9	-4.6	-4.7	-5.1	-4.9
	By miscellaneous criteria
	Capital importing fuel exporters			-3.3	-1.0	-1.4	-4.2	-6.6	-6.6	-3.7	-5.0	-6.8
	Fifteen heavily indebted countries			-2.1	-0.8	-0.8	-3.6	-4.3	-4.3	-2.3	-2.0	-2.1
	Small low-income countries			-6.0	-6.8	-6.4	-6.3	-7.4	-6.0	-5.6	-6.1	-5.2
	Sub-Saharan Africa²			-5.8	-6.5	-6.5	-6.8	-7.0	-5.6	-4.6	-5.1	-4.8
	By alternative analytical categories
	Oil exporting countries			-4.4	2.2	4.6	-1.4	-5.1	-7.3	-5.5	-5.3	-7.8
	Non-oil developing countries			-3.1	-3.5	-3.3	-4.1	-4.8	-4.5	-4.0	-4.1	-3.8
		Net oil exporters		-5.8	-4.9	-4.1	-7.7	-9.4	-8.7	-7.1	-8.2	-9.6
		Net oil importers		-2.7	-3.3	-3.1	-3.5	-3.9	-3.7	-3.4	-3.3	-2.8
Memorandum
	Median estimates
		Developing countries		-3.9	-3.4	-4.6	-5.7	-6.6	-7.1	-5.2	-4.6	-4.5
			By region
			Africa	-5.7	-6.2	-6.0	-7.0	-7.5	-8.1	-5.8	-4.7	-4.5
			Asia	-2.8	-3.2	-3.4	-4.1	-5.8	-4.1	-3.5	-4.5	-4.3
			Europe	-2.3	-2.9	-3.2	-1.3	-1.9	-2.2	-3.2	-1.6	-1.9
			Middle East	-8.2	-0.1	-5.6	-11.6	-9.0	-9.1	-13.7	-12.2	-12.5
			Western Hemisphere	-2.2	-2.6	-3.1	-5.3	-5.8	-5.2	-5.1	-3.8	-2.9

^¹Arithmetic averages of country balances, in percent of GDP, weighted by the average U.S. dollar value of GDPs over the preceding three years.

^²Excluding Nigeria and South Africa.

Table A20.

Summary of World Trade Volumes and Prices, 1968–87¹

(Annual changes, in percent)

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Averages based on data for the two groups of countries shown separately below and on partly estimated data for the U.S.S.R. and other nonmember countries of Eastern Europe and, for years prior to 1978, China.

^⁴For years prior to 1970, an imputed value of US$1.00 has been assigned to the SDR.

^⁵As represented, respectively, by the export unit value index for the manufactures of the industrial countries; the oil export unit value of the oil exporting countries (according to the former analytical categories); and the index of market quotations for non-oil primary commodities exported by the developing countries.

Table A20.

Summary of World Trade Volumes and Prices, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
World trade³
Volume				7.7	5.4	6.5	1.7	0.8	-2.3	2.8	8.7	2.9	3.3	3.8
Unit value (in U.S. dollar terms)				9.6	10.0	18.7	19.6	-1.2	-4.3	-4.7	-2.4	-1.7	6.2	3.6
			(in SDR terms)⁴	7.9	2.6	15.0	18.7	9.1	2.2	-1.6	1.8	-0.8	-5.5	2.6
Volume of trade
Exports
	Industrial countries			8.1	5.5	7.0	4.1	3.6	-2.2	2.5	9.3	3.9	2.7	3.4
	Developing countries			5.7	4.0	5.0	-4.0	-5.7	-8.1	2.9	7.1	0.4	3.8	5.5
		Fuel exporters		4.7	-1.6	1.7	-13.1	-15.1	-16.5	-3.7	0.7	-4.1	2.6	4.2
		Non-fuel exporters		7.1	9.4	8.4	9.1	6.5	0.7	8.3	11.7	3.4	4.3	5.8
Imports
	Industrial countries			7.4	5.6	8.8	-0.7	-1.5	0.1	5.1	13.0	5.2	5.0	4.3
	Developing countries			9.2	7.1	4.8	8.5	7.1	-4.2	-3.2	2.2	-0.3	-0.6	2.1
		Fuel exporters		16.7	3.9	-4.3	13.3	20.0	-1.6	-12.0	-4.5	-8.8	-15.1	-7.9
		Non-fuel exporters		6.6	8.9	9.3	6.5	1.5	-5.5	1.6	5.2	3.3	5.1	5.4
Unit value of trade
	(in SDR terms)⁴
Exports
	Industrial countries			6.7	5.8	11.9	12.0	5.9	2.8	-0.4	1.6	0.6	1.1	2.8
	Developing countries			12.8	-3.9	25.9	37.1	15.9	1.9	-4.7	4.2	-2.8	-18.0	1.6
		Fuel exporters		20.3	-6.1	40.1	61.7	23.3	3.2	-8.6	3.4	-3.6	-39.4	-0.2
		Non-fuel exporters		7.4	-1.6	13.6	12.6	7.5	0.5	-1.2	4.8	-2.4	-5.2	2.5
Imports
	Industrial countries			8.1	1.9	15.1	19.6	7.2	0.1	-2.7	0.5	-1.2	-5.2	2.7
	Developing countries			7.4	3.2	13.5	17.5	12.5	3.2	-0.9	2.9	-0.7	-7.1	3.1
		Fuel exporters		6.3	4.7	10.4	12.4	10.2	3.1	0.2	2.3	0.6	-3.2	3.7
		Non-fuel exporters		7.7	2.3	15.1	19.7	13.5	3.3	-1.5	3.3	-1.2	-8.5	2.9
Terms of trade
Industrial countries				-1.3	3.9	-2.8	-6.4	-1.2	2.7	2.3	1.1	1.8	6.7	0.1
Developing countries				5.0	-6.8	10.9	16.7	3.0	-1.2	-3.9	1.2	-2.2	-11.7	-1.4
	Fuel exporters			13.2	-10.3	26.8	43.8	11.8	0.1	-8.8	1.1	-4.2	-37.4	-3.8
	Non-fuel exporters			-0.3	-3.9	-1.2	-5.9	-5.3	-2.6	0.2	1.5	-1.2	3.6	-0.4
Memorandum
	World trade prices (in U.S. dollar terms) for major commodity groups⁵
		Manufactures		8.1	15.6	14.2	10.7	-4.9	-2.5	-3.3	-3.7	1.0	14.0	4.5
		Oil		22.7	0.4	45.9	63.5	9.9	-4.2	-11.7	-2.1	-4.4	-40.0	-6.3
		Non-oil primary commodities		9.9	-5.5	17.8	5.9	-13.9	-10.1	7.1	3.7	-12.2	12.0	1.0

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^⁴For years prior to 1970, an imputed value of US$1.00 has been assigned to the SDR.

Table A20.

Summary of World Trade Volumes and Prices, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
World trade³
Volume				7.7	5.4	6.5	1.7	0.8	-2.3	2.8	8.7	2.9	3.3	3.8
Unit value (in U.S. dollar terms)				9.6	10.0	18.7	19.6	-1.2	-4.3	-4.7	-2.4	-1.7	6.2	3.6
			(in SDR terms)⁴	7.9	2.6	15.0	18.7	9.1	2.2	-1.6	1.8	-0.8	-5.5	2.6
Volume of trade
Exports
	Industrial countries			8.1	5.5	7.0	4.1	3.6	-2.2	2.5	9.3	3.9	2.7	3.4
	Developing countries			5.7	4.0	5.0	-4.0	-5.7	-8.1	2.9	7.1	0.4	3.8	5.5
		Fuel exporters		4.7	-1.6	1.7	-13.1	-15.1	-16.5	-3.7	0.7	-4.1	2.6	4.2
		Non-fuel exporters		7.1	9.4	8.4	9.1	6.5	0.7	8.3	11.7	3.4	4.3	5.8
Imports
	Industrial countries			7.4	5.6	8.8	-0.7	-1.5	0.1	5.1	13.0	5.2	5.0	4.3
	Developing countries			9.2	7.1	4.8	8.5	7.1	-4.2	-3.2	2.2	-0.3	-0.6	2.1
		Fuel exporters		16.7	3.9	-4.3	13.3	20.0	-1.6	-12.0	-4.5	-8.8	-15.1	-7.9
		Non-fuel exporters		6.6	8.9	9.3	6.5	1.5	-5.5	1.6	5.2	3.3	5.1	5.4
Unit value of trade
	(in SDR terms)⁴
Exports
	Industrial countries			6.7	5.8	11.9	12.0	5.9	2.8	-0.4	1.6	0.6	1.1	2.8
	Developing countries			12.8	-3.9	25.9	37.1	15.9	1.9	-4.7	4.2	-2.8	-18.0	1.6
		Fuel exporters		20.3	-6.1	40.1	61.7	23.3	3.2	-8.6	3.4	-3.6	-39.4	-0.2
		Non-fuel exporters		7.4	-1.6	13.6	12.6	7.5	0.5	-1.2	4.8	-2.4	-5.2	2.5
Imports
	Industrial countries			8.1	1.9	15.1	19.6	7.2	0.1	-2.7	0.5	-1.2	-5.2	2.7
	Developing countries			7.4	3.2	13.5	17.5	12.5	3.2	-0.9	2.9	-0.7	-7.1	3.1
		Fuel exporters		6.3	4.7	10.4	12.4	10.2	3.1	0.2	2.3	0.6	-3.2	3.7
		Non-fuel exporters		7.7	2.3	15.1	19.7	13.5	3.3	-1.5	3.3	-1.2	-8.5	2.9
Terms of trade
Industrial countries				-1.3	3.9	-2.8	-6.4	-1.2	2.7	2.3	1.1	1.8	6.7	0.1
Developing countries				5.0	-6.8	10.9	16.7	3.0	-1.2	-3.9	1.2	-2.2	-11.7	-1.4
	Fuel exporters			13.2	-10.3	26.8	43.8	11.8	0.1	-8.8	1.1	-4.2	-37.4	-3.8
	Non-fuel exporters			-0.3	-3.9	-1.2	-5.9	-5.3	-2.6	0.2	1.5	-1.2	3.6	-0.4
Memorandum
	World trade prices (in U.S. dollar terms) for major commodity groups⁵
		Manufactures		8.1	15.6	14.2	10.7	-4.9	-2.5	-3.3	-3.7	1.0	14.0	4.5
		Oil		22.7	0.4	45.9	63.5	9.9	-4.2	-11.7	-2.1	-4.4	-40.0	-6.3
		Non-oil primary commodities		9.9	-5.5	17.8	5.9	-13.9	-10.1	7.1	3.7	-12.2	12.0	1.0

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^⁴For years prior to 1970, an imputed value of US$1.00 has been assigned to the SDR.

Table A21.

Industrial Countries: Merchandise Trade, 1968–87

(Changes, in percent)

^¹Compound annual rates of change.

^²Averages of changes for individual countries weighted by the average U.S. dollar value of their respective non-oil imports over the preceding three years.

^³Ratio of growth in non-oil imports to growth in real GNP.

^⁴Average of individual commodity price indices weighted by the U.S. dollar value of industrial countries’ imports of the respective commodities in 1979–81.

Table A21.

Industrial Countries: Merchandise Trade, 1968–87

(Changes, in percent)

		Average 1968–77¹	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Total merchandise trade
Value (in U.S. dollar terms)
	Exports	17.2	19.7	23.6	17.5	-0.6	-5.9	-1.2	6.5	3.6	16.8	7.3
	Imports	17.9	15.4	29.3	19.6	-4.4	-6.2	-0.9	8.9	3.0	11.9	8.1
Volume
	Exports	8.1	5.5	7.0	4.1	3.6	-2.2	2.5	9.3	3.9	2.7	3.4
	Imports	7.4	5.6	8.8	-0.7	-1.5	0.1	5.1	13.0	5.2	5.0	4.3
Unit value (in U.S. dollar terms)
	Exports	8.3	13.5	15.5	12.9	-4.1	-3.8	-3.6	-2.5	-0.3	13.7	3.8
	Imports	9.8	9.3	18.8	20.5	-2.9	-6.3	-5.8	-3.6	-2.1	6.6	3.7
Terms of trade		-1.3	3.9	-2.8	-6.4	-1.2	2.7	2.3	1.1	1.8	6.7	0.1
Non-oil trade
Value (in U.S. dollar terms)
	Exports	17.1	20.0	22.3	16.5	-1.1	-6.4	-1.2	6.7	3.7	19.5	7.7
	Imports	16.3	19.4	25.1	14.2	-5.3	-3.6	2.3	11.4	5.2	21.0	9.5
Volume
	Exports	8.9	5.5	6.9	4.7	3.7	-2.9	2.2	9.5	3.9	2.5	3.5
	Imports	8.3	9.0	10.7	3.7	1.6	2.4	7.0	15.1	6.9	5.3	4.5
Unit value (in U.S. dollar terms)
	Exports	7.5	13.8	14.4	11.4	-4.6	-3.5	-3.3	-2.5	-0.2	16.5	4.0
	Imports	7.3	9.5	13.1	10.0	-6.8	-5.9	-4.5	-3.2	-1.6	15.0	4.7
Terms of trade		0.2	3.9	1.2	1.2	2.3	2.5	1.2	0.7	1.4	1.3	-0.7
Memorandum
	Real GNP²	3.8	3.5	3.3	1.4	0.7	-0.2	2.0	3.8	2.7	2.9	2.9
	Apparent income elasticity of non-oil imports³	2.2	2.6	3.2	2.7	2.1	-11.8	3.5	4.0	2.6	1.9	1.6
	Import volume of developing countries	9.2	7.1	4.8	8.5	7.1	-4.2	-3.2	2.2	-0.3	-0.6	2.1
	Market prices of non-oil primary commodities (in U.S. dollar terms)⁴	8.9	-2.4	24.0	6.5	-13.8	-8.7	5.9	1.4	-11.0	11.6	3.0
	Unit labor costs in manufacturing (in U.S. dollar terms)	7.3	13.3	9.1	10.1	-1.1	-0.8	-3.1	-5.7	—	14.8	2.1

^¹Compound annual rates of change.

^²Averages of changes for individual countries weighted by the average U.S. dollar value of their respective non-oil imports over the preceding three years.

^³Ratio of growth in non-oil imports to growth in real GNP.

^⁴Average of individual commodity price indices weighted by the U.S. dollar value of industrial countries’ imports of the respective commodities in 1979–81.

Table A21.

Industrial Countries: Merchandise Trade, 1968–87

(Changes, in percent)

		Average 1968–77¹	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Total merchandise trade
Value (in U.S. dollar terms)
	Exports	17.2	19.7	23.6	17.5	-0.6	-5.9	-1.2	6.5	3.6	16.8	7.3
	Imports	17.9	15.4	29.3	19.6	-4.4	-6.2	-0.9	8.9	3.0	11.9	8.1
Volume
	Exports	8.1	5.5	7.0	4.1	3.6	-2.2	2.5	9.3	3.9	2.7	3.4
	Imports	7.4	5.6	8.8	-0.7	-1.5	0.1	5.1	13.0	5.2	5.0	4.3
Unit value (in U.S. dollar terms)
	Exports	8.3	13.5	15.5	12.9	-4.1	-3.8	-3.6	-2.5	-0.3	13.7	3.8
	Imports	9.8	9.3	18.8	20.5	-2.9	-6.3	-5.8	-3.6	-2.1	6.6	3.7
Terms of trade		-1.3	3.9	-2.8	-6.4	-1.2	2.7	2.3	1.1	1.8	6.7	0.1
Non-oil trade
Value (in U.S. dollar terms)
	Exports	17.1	20.0	22.3	16.5	-1.1	-6.4	-1.2	6.7	3.7	19.5	7.7
	Imports	16.3	19.4	25.1	14.2	-5.3	-3.6	2.3	11.4	5.2	21.0	9.5
Volume
	Exports	8.9	5.5	6.9	4.7	3.7	-2.9	2.2	9.5	3.9	2.5	3.5
	Imports	8.3	9.0	10.7	3.7	1.6	2.4	7.0	15.1	6.9	5.3	4.5
Unit value (in U.S. dollar terms)
	Exports	7.5	13.8	14.4	11.4	-4.6	-3.5	-3.3	-2.5	-0.2	16.5	4.0
	Imports	7.3	9.5	13.1	10.0	-6.8	-5.9	-4.5	-3.2	-1.6	15.0	4.7
Terms of trade		0.2	3.9	1.2	1.2	2.3	2.5	1.2	0.7	1.4	1.3	-0.7
Memorandum
	Real GNP²	3.8	3.5	3.3	1.4	0.7	-0.2	2.0	3.8	2.7	2.9	2.9
	Apparent income elasticity of non-oil imports³	2.2	2.6	3.2	2.7	2.1	-11.8	3.5	4.0	2.6	1.9	1.6
	Import volume of developing countries	9.2	7.1	4.8	8.5	7.1	-4.2	-3.2	2.2	-0.3	-0.6	2.1
	Market prices of non-oil primary commodities (in U.S. dollar terms)⁴	8.9	-2.4	24.0	6.5	-13.8	-8.7	5.9	1.4	-11.0	11.6	3.0
	Unit labor costs in manufacturing (in U.S. dollar terms)	7.3	13.3	9.1	10.1	-1.1	-0.8	-3.1	-5.7	—	14.8	2.1

^¹Compound annual rates of change.

^²Averages of changes for individual countries weighted by the average U.S. dollar value of their respective non-oil imports over the preceding three years.

^³Ratio of growth in non-oil imports to growth in real GNP.

^⁴Average of individual commodity price indices weighted by the U.S. dollar value of industrial countries’ imports of the respective commodities in 1979–81.

Table A22.

Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade, 1968–87¹

(Annual changes, in percent)

^¹Trade in goods only.

^²Compound annual rates of change.

^³Composites 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.

^⁴Composites 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 A22.

Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Export volumes³
Canada			7.1	10.2	1.5	0.5	3.6	-0.7	8.8	22.2	4.2	4.2	3.4
United States			6.6	10.6	13.8	9.9	-2.5	-11.2	-5.2	5.7	-1.2	3.3	9.2
Japan			15.1	-2.9	0.5	18.9	11.0	-2.1	8.2	15.6	4.8	-1.8	-2.5
France			9.8	6.6	9.0	3.5	4.0	-3.8	3.4	5.7	1.9	3.4	3.6
Germany, Fed. Rep. of			7.7	3.6	5.0	1.4	6.5	2.9	-0.2	9.6	6.4	4.0	3.0
Italy			8.8	10.8	7.7	-7.8	5.5	-0.5	3.5	6.5	6.5	3.5	3.0
United Kingdom			6.8	0.6	4.7	2.2	-1.3	1.7	0.8	7.1	5.8	3.0	2.4
Other industrial countries			7.7	6.0	8.3	1.8	2.3	0.9	5.7	8.5	5.3	3.2	3.5
	All industrial countries		8.1	5.5	7.0	4.1	3.6	-2.2	2.5	9.3	3.9	2.7	3.4
	Of which,
		Seven major countries above	8.3	5.3	6.6	4.9	4.0	-3.2	1.4	9.5	3.5	2.5	3.3
		European countries	8.0	5.4	6.7	1.0	4.2	0.3	3.1	7.6	5.0	3.5	3.2
Import volumes⁴
Canada			7.3	4.2	9.0	-5.3	2.7	-15.3	14.1	18.4	8.2	2.0	0.8
United States			7.3	11.9	2.5	-1.5	5.7	-0.3	14.6	28.7	6.5	4.1	3.2
Japan			8.4	4.7	12.0	-5.4	-2.0	-1.0	1.2	10.3	-0.4	5.5	5.0
France			9.8	6.1	11.9	6.2	-3.9	3.3	-1.4	2.7	4.3	6.5	5.8
Germany, Fed. Rep. of			8.8	7.1	7.8	-0.2	-5.0	1.0	4.0	5.5	4.6	6.6	5.8
Italy			5.9	7.4	13.2	2.6	-11.1	3.3	2.0	9.2	7.5	8.5	7.0
United Kingdom			4.1	3.6	13.0	-5.1	-4.6	3.0	5.6	10.4	4.6	3.1	3.9
Other industrial countries			7.0	1.3	9.4	0.8	-3.4	1.2	1.2	6.4	5.9	4.9	4.2
	All industrial countries		7.4	5.6	8.8	-0.7	-1.5	0.1	5.1	13.0	5.2	5.0	4.3
	Of which,
		Seven major countries above	7.5	7.3	8.6	-1.3	-0.9	-0.3	6.5	15.1	5.0	5.1	4.3
		European countries	7.3	3.7	10.6	0.9	-4.9	1.6	2.3	6.2	5.1	5.9	5.1
Terms of trade³
Canada			0.4	-4.0	5.9	-0.8	-3.8	-1.3	2.8	-4.4	-1.6	-3.7	-0.8
United States			-2.9	2.6	-2.8	-7.5	7.9	7.1	6.4	6.8	3.6	2.8	1.1
Japan			-3.6	16.9	-15.6	-21.1	1.4	0.2	3.3	2.2	3.6	21.6	-0.8
France			-0.3	4.1	-0.5	-6.3	-4.7	1.8	2.5	0.9	2.5	10.6	0.9
Germany, Fed. Rep. of			0.4	4.0	-5.5	-6.3	-6.7	3.7	1.6	-2.2	1.4	8.1	0.6
Italy			-2.1	2.1	-1.8	-6.2	-10.5	6.8	4.6	-1.5	0.4	11.1	1.0
United Kingdom			-2.1	5.8	3.9	3.7	0.5	-1.7	-1.1	-1.0	2.1	-4.1
Other industrial countries			-0.5	0.9	-1.0	-4.0	-2.0	1.5	-0.7	0.8	0.4	5.6	0.1
	All industrial countries		-1.3	3.9	-2.8	-6.4	-1.2	2.7	2.3	1.1	1.8	6.7	0.1
	Of which,
		Seven major countries above	-1.6	5.0	-3.4	-7.2	-1.0	3.1	3.3	1.2	2.3	7.0	0.1
		European countries	-0.7	3.0	-1.5	-3.9	-4.4	2.3	1.0	-0.5	1.1	6.4	0.4

^¹Trade in goods only.

^²Compound annual rates of change.

Table A22.

Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Export volumes³
Canada			7.1	10.2	1.5	0.5	3.6	-0.7	8.8	22.2	4.2	4.2	3.4
United States			6.6	10.6	13.8	9.9	-2.5	-11.2	-5.2	5.7	-1.2	3.3	9.2
Japan			15.1	-2.9	0.5	18.9	11.0	-2.1	8.2	15.6	4.8	-1.8	-2.5
France			9.8	6.6	9.0	3.5	4.0	-3.8	3.4	5.7	1.9	3.4	3.6
Germany, Fed. Rep. of			7.7	3.6	5.0	1.4	6.5	2.9	-0.2	9.6	6.4	4.0	3.0
Italy			8.8	10.8	7.7	-7.8	5.5	-0.5	3.5	6.5	6.5	3.5	3.0
United Kingdom			6.8	0.6	4.7	2.2	-1.3	1.7	0.8	7.1	5.8	3.0	2.4
Other industrial countries			7.7	6.0	8.3	1.8	2.3	0.9	5.7	8.5	5.3	3.2	3.5
	All industrial countries		8.1	5.5	7.0	4.1	3.6	-2.2	2.5	9.3	3.9	2.7	3.4
	Of which,
		Seven major countries above	8.3	5.3	6.6	4.9	4.0	-3.2	1.4	9.5	3.5	2.5	3.3
		European countries	8.0	5.4	6.7	1.0	4.2	0.3	3.1	7.6	5.0	3.5	3.2
Import volumes⁴
Canada			7.3	4.2	9.0	-5.3	2.7	-15.3	14.1	18.4	8.2	2.0	0.8
United States			7.3	11.9	2.5	-1.5	5.7	-0.3	14.6	28.7	6.5	4.1	3.2
Japan			8.4	4.7	12.0	-5.4	-2.0	-1.0	1.2	10.3	-0.4	5.5	5.0
France			9.8	6.1	11.9	6.2	-3.9	3.3	-1.4	2.7	4.3	6.5	5.8
Germany, Fed. Rep. of			8.8	7.1	7.8	-0.2	-5.0	1.0	4.0	5.5	4.6	6.6	5.8
Italy			5.9	7.4	13.2	2.6	-11.1	3.3	2.0	9.2	7.5	8.5	7.0
United Kingdom			4.1	3.6	13.0	-5.1	-4.6	3.0	5.6	10.4	4.6	3.1	3.9
Other industrial countries			7.0	1.3	9.4	0.8	-3.4	1.2	1.2	6.4	5.9	4.9	4.2
	All industrial countries		7.4	5.6	8.8	-0.7	-1.5	0.1	5.1	13.0	5.2	5.0	4.3
	Of which,
		Seven major countries above	7.5	7.3	8.6	-1.3	-0.9	-0.3	6.5	15.1	5.0	5.1	4.3
		European countries	7.3	3.7	10.6	0.9	-4.9	1.6	2.3	6.2	5.1	5.9	5.1
Terms of trade³
Canada			0.4	-4.0	5.9	-0.8	-3.8	-1.3	2.8	-4.4	-1.6	-3.7	-0.8
United States			-2.9	2.6	-2.8	-7.5	7.9	7.1	6.4	6.8	3.6	2.8	1.1
Japan			-3.6	16.9	-15.6	-21.1	1.4	0.2	3.3	2.2	3.6	21.6	-0.8
France			-0.3	4.1	-0.5	-6.3	-4.7	1.8	2.5	0.9	2.5	10.6	0.9
Germany, Fed. Rep. of			0.4	4.0	-5.5	-6.3	-6.7	3.7	1.6	-2.2	1.4	8.1	0.6
Italy			-2.1	2.1	-1.8	-6.2	-10.5	6.8	4.6	-1.5	0.4	11.1	1.0
United Kingdom			-2.1	5.8	3.9	3.7	0.5	-1.7	-1.1	-1.0	2.1	-4.1
Other industrial countries			-0.5	0.9	-1.0	-4.0	-2.0	1.5	-0.7	0.8	0.4	5.6	0.1
	All industrial countries		-1.3	3.9	-2.8	-6.4	-1.2	2.7	2.3	1.1	1.8	6.7	0.1
	Of which,
		Seven major countries above	-1.6	5.0	-3.4	-7.2	-1.0	3.1	3.3	1.2	2.3	7.0	0.1
		European countries	-0.7	3.0	-1.5	-3.9	-4.4	2.3	1.0	-0.5	1.1	6.4	0.4

^¹Trade in goods only.

^²Compound annual rates of change.

Table A23.

Developing Countries: Merchandise Trade, 1968–87¹

(Annual changes, in percent)

^¹Excluding China prior to 1978.

^²ompound annual rates of change.

^³Export earnings deflated by import prices.

^⁴Oil exporting countries, according to the former classification categories.

^⁵Exported by the industrial countries.

^⁶Gold holdings are valued at SDR 35 an ounce.

Table A23.

Developing Countries: Merchandise Trade, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries
Value (in U.S. dollar terms)
	Exports		21.1	7.2	36.3	32.6	-1.0	-12.4	-5.1	7.0	-3.3	-4.3	8.3
	Imports		19.1	18.5	22.7	28.3	9.1	-7.5	-7.1	0.8	-1.9	3.8	6.3
Volume
	Exports		5.7	4.0	5.0	-4.0	-5.7	-8.1	2.9	7.1	0.4	3.8	5.5
	Imports		9.2	7.1	4.8	8.5	7.1	-4.2	-3.2	2.2	-0.3	-0.6	2.1
Unit value (in U.S. dollar terms)
	Exports		14.6	3.1	29.9	38.1	5.0	-4.6	-7.7	-0.1	-3.8	-7.8	2.6
	Imports		9.1	10.6	17.1	18.3	1.9	-3.4	-4.0	-1.3	-1.6	4.4	4.1
Terms of trade			5.0	-6.8	10.9	16.7	3.0	-1.2	-3.9	1.2	-2.2	-11.7	-1.4
Purchasing power of exports³			11.1	-3.1	16.4	12.1	-2.9	-9.3	-1.1	8.4	-1.8	-8.3	4.0
Memorandum
	Real GNP growth of trading partners		5.1	4.6	3.9	2.5	2.0	0.6	2.4	4.2	2.7	3.1	3.2
	Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries		9.9	-5.5	17.8	5.9	-13.9	-10.1	7.1	3.7	-12.2	12.0	1.0
	Fuel exporters
	Value (in U.S. dollar terms)
		Exports	27.9	-0.9	47.0	41.5	-5.2	-19.3	-14.8	-0.2	-8.4	-30.1	5.0
		Imports	26.0	16.7	9.1	28.3	19.9	-5.0	-14.6	-6.4	-9.1	-7.6	-3.6
	Volume
		Exports	4.7	-1.6	1.7	-13.1	-15.1	-16.5	-3.7	0.7	-4.1	2.6	4.2
		Imports	16.7	3.9	-4.3	13.3	20.0	-1.6	-12.0	-4.5	-8.8	-15.1	-7.9
	Unit value (in U.S. dollar terms)
		Exports	22.2	0.7	44.5	62.9	11.7	-3.4	-11.5	-0.9	-4.5	-31.9	0.7
		Imports	7.9	12.3	13.9	13.2	-0.1	-3.5	-2.9	-1.9	-0.3	8.8	4.7
	Terms of trade		13.2	-10.3	26.8	43.8	11.8	0.1	-8.8	1.1	-4.2	-37.4	-3.8
	Purchasing power of exports³		18.5	-11.8	29.1	24.9	-5.1	-16.3	-12.2	1.8	-8.1	-35.8	0.3
	Memorandum
		Oil export volume (in billions of barrels)⁴	9.4	10.4	10.5	9.1	7.6	6.1	5.6	5.5	5.0	5.2	5.4
		Average oil export price (in U.S. dollars per barrel)⁴	5.9	12.9	18.8	30.7	33.7	32.3	28.5	27.9	26.7	16.0	15.0
		Annual percentage change	22.7	0.4	45.9	63.5	9.9	-4.2	-11.7	-2.1	-4.4	-40.0	-6.3
		Real GNP growth of trading partners	5.0	4.6	3.9	2.4	1.9	0.5	2.3	4.1	2.7	3.0	3.2
		Export unit value (in U.S. dollar terms) of manufactures⁵	8.1	15.6	14.2	10.7	-4.9	-2.5	-3.3	-3.7	1.0	14.0	4.5
	Non-fuel exporters
	Value (in U.S. dollar terms)
		Exports	16.8	15.4	27.1	23.8	3.7	-5.2	3.5	12.2	—	11.1	9.5
		Imports	16.5	19.5	29.8	28.4	4.4	-8.7	-3.1	4.2	1.1	8.1	9.5
	Volume
		Exports	7.1	9.4	8.4	9.1	6.5	0.7	8.3	11.7	3.4	4.3	5.8
		Imports	6.6	8.9	9.3	6.5	1.5	-5.5	1.6	5.2	3.3	5.1	5.4
	Unit value (in U.S. dollar terms)
		Exports	9.0	5.5	17.3	13.5	-2.6	-5.9	-4.4	0.5	-3.3	6.5	3.5
		Imports	9.4	9.8	18.7	20.6	2.8	-3.3	-4.6	-1.0	-2.1	2.8	3.9
	Terms of trade		-0.3	-3.9	-1.2	-5.9	-5.3	-2.6	0.2	1.5	-1.2	3.6	-0.4
	Purchasing power of exports³		6.8	5.1	7.0	2.7	0.9	-1.9	8.5	13.4	2.1	8.1	5.4
	Memorandum
		Real GNP growth of trading partners	5.1	4.6	4.0	2.6	2.0	0.8	2.6	4.2	2.7	3.1	3.2
		Market price (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by non-fuel exporters	11.4	-5.6	17.2	7.0	-13.8	-11.2	7.0	3.6	-12.3	12.3	1.0
		Gross reserves (end of period) as percentage of total imports of goods and services⁶	26.7	26.6	22.8	17.7	16.3	17.1	19.2	21.1	22.1	23.1	23.2

^¹Excluding China prior to 1978.

^²ompound annual rates of change.

^³Export earnings deflated by import prices.

^⁴Oil exporting countries, according to the former classification categories.

^⁵Exported by the industrial countries.

^⁶Gold holdings are valued at SDR 35 an ounce.

Table A23.

Developing Countries: Merchandise Trade, 1968–87¹

(Annual changes, in percent)

			Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries
Value (in U.S. dollar terms)
	Exports		21.1	7.2	36.3	32.6	-1.0	-12.4	-5.1	7.0	-3.3	-4.3	8.3
	Imports		19.1	18.5	22.7	28.3	9.1	-7.5	-7.1	0.8	-1.9	3.8	6.3
Volume
	Exports		5.7	4.0	5.0	-4.0	-5.7	-8.1	2.9	7.1	0.4	3.8	5.5
	Imports		9.2	7.1	4.8	8.5	7.1	-4.2	-3.2	2.2	-0.3	-0.6	2.1
Unit value (in U.S. dollar terms)
	Exports		14.6	3.1	29.9	38.1	5.0	-4.6	-7.7	-0.1	-3.8	-7.8	2.6
	Imports		9.1	10.6	17.1	18.3	1.9	-3.4	-4.0	-1.3	-1.6	4.4	4.1
Terms of trade			5.0	-6.8	10.9	16.7	3.0	-1.2	-3.9	1.2	-2.2	-11.7	-1.4
Purchasing power of exports³			11.1	-3.1	16.4	12.1	-2.9	-9.3	-1.1	8.4	-1.8	-8.3	4.0
Memorandum
	Real GNP growth of trading partners		5.1	4.6	3.9	2.5	2.0	0.6	2.4	4.2	2.7	3.1	3.2
	Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries		9.9	-5.5	17.8	5.9	-13.9	-10.1	7.1	3.7	-12.2	12.0	1.0
	Fuel exporters
	Value (in U.S. dollar terms)
		Exports	27.9	-0.9	47.0	41.5	-5.2	-19.3	-14.8	-0.2	-8.4	-30.1	5.0
		Imports	26.0	16.7	9.1	28.3	19.9	-5.0	-14.6	-6.4	-9.1	-7.6	-3.6
	Volume
		Exports	4.7	-1.6	1.7	-13.1	-15.1	-16.5	-3.7	0.7	-4.1	2.6	4.2
		Imports	16.7	3.9	-4.3	13.3	20.0	-1.6	-12.0	-4.5	-8.8	-15.1	-7.9
	Unit value (in U.S. dollar terms)
		Exports	22.2	0.7	44.5	62.9	11.7	-3.4	-11.5	-0.9	-4.5	-31.9	0.7
		Imports	7.9	12.3	13.9	13.2	-0.1	-3.5	-2.9	-1.9	-0.3	8.8	4.7
	Terms of trade		13.2	-10.3	26.8	43.8	11.8	0.1	-8.8	1.1	-4.2	-37.4	-3.8
	Purchasing power of exports³		18.5	-11.8	29.1	24.9	-5.1	-16.3	-12.2	1.8	-8.1	-35.8	0.3
	Memorandum
		Oil export volume (in billions of barrels)⁴	9.4	10.4	10.5	9.1	7.6	6.1	5.6	5.5	5.0	5.2	5.4
		Average oil export price (in U.S. dollars per barrel)⁴	5.9	12.9	18.8	30.7	33.7	32.3	28.5	27.9	26.7	16.0	15.0
		Annual percentage change	22.7	0.4	45.9	63.5	9.9	-4.2	-11.7	-2.1	-4.4	-40.0	-6.3
		Real GNP growth of trading partners	5.0	4.6	3.9	2.4	1.9	0.5	2.3	4.1	2.7	3.0	3.2
		Export unit value (in U.S. dollar terms) of manufactures⁵	8.1	15.6	14.2	10.7	-4.9	-2.5	-3.3	-3.7	1.0	14.0	4.5
	Non-fuel exporters
	Value (in U.S. dollar terms)
		Exports	16.8	15.4	27.1	23.8	3.7	-5.2	3.5	12.2	—	11.1	9.5
		Imports	16.5	19.5	29.8	28.4	4.4	-8.7	-3.1	4.2	1.1	8.1	9.5
	Volume
		Exports	7.1	9.4	8.4	9.1	6.5	0.7	8.3	11.7	3.4	4.3	5.8
		Imports	6.6	8.9	9.3	6.5	1.5	-5.5	1.6	5.2	3.3	5.1	5.4
	Unit value (in U.S. dollar terms)
		Exports	9.0	5.5	17.3	13.5	-2.6	-5.9	-4.4	0.5	-3.3	6.5	3.5
		Imports	9.4	9.8	18.7	20.6	2.8	-3.3	-4.6	-1.0	-2.1	2.8	3.9
	Terms of trade		-0.3	-3.9	-1.2	-5.9	-5.3	-2.6	0.2	1.5	-1.2	3.6	-0.4
	Purchasing power of exports³		6.8	5.1	7.0	2.7	0.9	-1.9	8.5	13.4	2.1	8.1	5.4
	Memorandum
		Real GNP growth of trading partners	5.1	4.6	4.0	2.6	2.0	0.8	2.6	4.2	2.7	3.1	3.2
		Market price (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by non-fuel exporters	11.4	-5.6	17.2	7.0	-13.8	-11.2	7.0	3.6	-12.3	12.3	1.0
		Gross reserves (end of period) as percentage of total imports of goods and services⁶	26.7	26.6	22.8	17.7	16.3	17.1	19.2	21.1	22.1	23.1	23.2

^¹Excluding China prior to 1978.

^²ompound annual rates of change.

^³Export earnings deflated by import prices.

^⁴Oil exporting countries, according to the former classification categories.

^⁵Exported by the industrial countries.

^⁶Gold holdings are valued at SDR 35 an ounce.

Table A24.

Developing Countries: Export Volumes, 1968–87¹

(Annual changes, in percent)

^¹Excluding China prior to 1978,

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A24.

Developing Countries: Export Volumes, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				5.7	4.0	5.0	-4.0	-5.7	-8.1	2.9	7.1	0.4	3.8	5.5
	By region
	Africa			3.5	3.6	7.7	—	-16.1	-7.0	3.8	4.6	6.1	3.1	6.1
	Asia			10.9	10.4	9.5	9.2	9.3	0.5	10.1	14.0	2.5	6.2	5.6
	Europe			7.5	6.7	2.7	4.8	11.5	1.3	8.0	14.6	4.6	4.1	6.4
	Middle East			7.2	-3.3	0.4	-15.2	-17.9	-19.8	-8.9	-3.2	-5.9	2.9	4.4
	Western Hemisphere			1.3	9.6	7.5	1.2	6.1	-2.2	7.1	7.3	-1.2	-0.2	4.8
	By predominant export
	Fuel exporters			4.7	-1.6	1.7	-13.1	-15.1	-16.5	-3.7	0.7	-4.1	2.6	4.2
	Non-fuel exporters			7.1	9.4	8.4	9.1	6.5	0.7	8.3	11.7	3.4	4.3	5.8
		Primary product exporters		4.2	9.0	7.2	7.2	3.0	0.9	6.0	8.6	3.3	1.9	6.4
			Agricultural exporters	4.7	8.3	5.4	6.3	9.5	2.2	6.7	11.6	1.9	2.8	7.2
			Mineral exporters	3.6	10.5	10.9	9.0	-9.1	-2.0	4.3	0.6	7.4	-0.7	3.9
		Exporters of manufactures		12.4	9.8	8.5	11.8	10.3	0.6	10.2	14.5	3.6	5.7	5.6
		Service and remittance countries		3.6	8.9	16.4	3.7	2.5	0.9	8.0	9.2	2.0	8.1	4.3
	By financial criteria
	Capital exporting countries			7.7	-3.2	0.3	-16.5	-19.0	-21.4	-9.6	-4.6	-7.5	1.6	4.1
	Capital importing countries			5.7	7.6	7.5	4.4	2.3	-1.5	7.5	10.7	2.5	4.1	5.6
		Market borrowers		6.3	9.3	8.1	3.9	1.0	-2.4	9.3	10.8	1.9	3.0	5.4
		Official borrowers		1.5	-0.3	4.3	1.6	-5.6	-4.0	1.8	-1.4	1.9	8.2	4.3
		Diversified borrowers		6.1	5.4	6.5	7.5	11.4	3.0	2.8	14.4	5.0	6.7	6.8
		Countries with recent debt-servicing problems		3.2	5.5	6.3	3.3	-3.0	-4.2	5.4	7.0	1.4	0.6	4.5
		Countries without debt-servicing problems		8.6	9.4	8.5	5.3	6.8	0.6	9.0	13.2	3.2	6.2	6.3
	By miscellaneous criteria
	Capital importing fuel exporters			1.2	1.8	4.8	-6.0	-7.4	-7.4	5.0	7.4	-0.3	3.5	4.1
	Fifteen heavily indebted countries			2.5	5.8	7.2	0.7	-2.0	-4.9	5.5	8.7	-0.2	0.4	4.9
	Small low-income countries			0.3	2.1	3.5	7.8	-2.7	-0.6	4.0	0.2	4.0	11.3	4.0
	Sub-Saharan Africa³			2.0	0.2	2.8	4.9	-2.6	4.4	0.4	4.9	0.7	9.1	3.2
	By alternative analytical categories
	Oil exporting countries			5.1	-2.7	1.7	-14.9	-17.6	-19.6	-5.7	-0.4	-5.0	2.4	4.8
	Non-oil developing countries			6.9	9.4	7.8	8.8	6.8	1.5	8.1	11.1	3.0	4.2	5.5
		Net oil exporters		3.8	9.8	5.4	3.3	4.6	9.3	7.1	9.3	1.1	6.1	3.3
		Net oil importers		7.3	9.4	8.3	10.0	7.3	—	8.3	11.5	3.4	3.9	5.9

^¹Excluding China prior to 1978,

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A24.

Developing Countries: Export Volumes, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				5.7	4.0	5.0	-4.0	-5.7	-8.1	2.9	7.1	0.4	3.8	5.5
	By region
	Africa			3.5	3.6	7.7	—	-16.1	-7.0	3.8	4.6	6.1	3.1	6.1
	Asia			10.9	10.4	9.5	9.2	9.3	0.5	10.1	14.0	2.5	6.2	5.6
	Europe			7.5	6.7	2.7	4.8	11.5	1.3	8.0	14.6	4.6	4.1	6.4
	Middle East			7.2	-3.3	0.4	-15.2	-17.9	-19.8	-8.9	-3.2	-5.9	2.9	4.4
	Western Hemisphere			1.3	9.6	7.5	1.2	6.1	-2.2	7.1	7.3	-1.2	-0.2	4.8
	By predominant export
	Fuel exporters			4.7	-1.6	1.7	-13.1	-15.1	-16.5	-3.7	0.7	-4.1	2.6	4.2
	Non-fuel exporters			7.1	9.4	8.4	9.1	6.5	0.7	8.3	11.7	3.4	4.3	5.8
		Primary product exporters		4.2	9.0	7.2	7.2	3.0	0.9	6.0	8.6	3.3	1.9	6.4
			Agricultural exporters	4.7	8.3	5.4	6.3	9.5	2.2	6.7	11.6	1.9	2.8	7.2
			Mineral exporters	3.6	10.5	10.9	9.0	-9.1	-2.0	4.3	0.6	7.4	-0.7	3.9
		Exporters of manufactures		12.4	9.8	8.5	11.8	10.3	0.6	10.2	14.5	3.6	5.7	5.6
		Service and remittance countries		3.6	8.9	16.4	3.7	2.5	0.9	8.0	9.2	2.0	8.1	4.3
	By financial criteria
	Capital exporting countries			7.7	-3.2	0.3	-16.5	-19.0	-21.4	-9.6	-4.6	-7.5	1.6	4.1
	Capital importing countries			5.7	7.6	7.5	4.4	2.3	-1.5	7.5	10.7	2.5	4.1	5.6
		Market borrowers		6.3	9.3	8.1	3.9	1.0	-2.4	9.3	10.8	1.9	3.0	5.4
		Official borrowers		1.5	-0.3	4.3	1.6	-5.6	-4.0	1.8	-1.4	1.9	8.2	4.3
		Diversified borrowers		6.1	5.4	6.5	7.5	11.4	3.0	2.8	14.4	5.0	6.7	6.8
		Countries with recent debt-servicing problems		3.2	5.5	6.3	3.3	-3.0	-4.2	5.4	7.0	1.4	0.6	4.5
		Countries without debt-servicing problems		8.6	9.4	8.5	5.3	6.8	0.6	9.0	13.2	3.2	6.2	6.3
	By miscellaneous criteria
	Capital importing fuel exporters			1.2	1.8	4.8	-6.0	-7.4	-7.4	5.0	7.4	-0.3	3.5	4.1
	Fifteen heavily indebted countries			2.5	5.8	7.2	0.7	-2.0	-4.9	5.5	8.7	-0.2	0.4	4.9
	Small low-income countries			0.3	2.1	3.5	7.8	-2.7	-0.6	4.0	0.2	4.0	11.3	4.0
	Sub-Saharan Africa³			2.0	0.2	2.8	4.9	-2.6	4.4	0.4	4.9	0.7	9.1	3.2
	By alternative analytical categories
	Oil exporting countries			5.1	-2.7	1.7	-14.9	-17.6	-19.6	-5.7	-0.4	-5.0	2.4	4.8
	Non-oil developing countries			6.9	9.4	7.8	8.8	6.8	1.5	8.1	11.1	3.0	4.2	5.5
		Net oil exporters		3.8	9.8	5.4	3.3	4.6	9.3	7.1	9.3	1.1	6.1	3.3
		Net oil importers		7.3	9.4	8.3	10.0	7.3	—	8.3	11.5	3.4	3.9	5.9

^¹Excluding China prior to 1978,

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A25.

Developing Countries: Import Volumes, 1968–87¹

(Annual changes, in percent)

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A25.

Developing Countries: Import Volumes, 1968–87¹

(Annual changes, in percent)

				Average l968–77²	1978	1979	1980	1981	1982	1983	1984	1935	1986	1987
Developing countries				9.2	7.1	4.8	8.5	7.1	-4.2	-3.2	2.2	-0.3	-0.6	2.1
	By region
	Africa			7.6	3.6	-3.7	9.3	10.3	-9.0	-10.1	-0.3	-5.2	-0.2	-1.5
	Asia			7.8	16.4	13.4	10.2	4.1	-0.2	6.4	6.7	6.3	2.8	5.4
	Europe			7.6	0.8	5.4	0.5	2.2	-7.7	2.2	6.9	4.1	5.3	8.0
	Middle East			17.1	3.4	-3.6	9.4	16.8	5.9	-2.8	-6.3	-11.4	-13.3	-9.6
	Western Hemisphere			7.0	5.5	8.0	9.3	2.6	-17.7	-22.2	2.9	-1.3	3.2	5.1
	By predominant export
	Fuel exporters			16.7	3.9	-4.3	13.3	20.0	-1.6	-12.0	-4.5	-8.8	-15.1	-7.9
	Non-fuel exporters			6.6	8.9	9.3	6.5	1.5	-5.5	1.6	5.2	3.3	5.1	5.4
		Primary product exporters		5.0	3.4	6.8	6.7	-0.2	-8.8	-4.8	1.3	-3.8	9.2	6.0
			Agricultural exporters	6.0	5.8	8.2	5.4	-4.8	-5.7	-1.5	0.3	-2.2	9.9	6.2
			Mineral exporters	2.7	-2.9	3.1	10.2	12.7	-16.0	-13.4	4.3	-9.0	6.8	5.3
		Exporters of manufactures		9.1	14.7	11.1	6.2	1.7	-4.9	6.5	8.9	9.3	4.2	6.4
		Service and remittance countries		5.5	7.1	10.5	6.7	6.7	2.0	3.0	2.4	-1.4	-0.8	-0.5
	By financial criteria
	Capital exporting countries			22.4	4.1	-6.8	13.3	22.3	7.8	-5.1	-8.9	-15.6	-17.8	-12.9
	Capital importing countries			7.6	7.8	7.1	7.7	4.5	-6.5	-2.7	4.6	2.6	2.3	4.2
		Market borrowers		9.1	8.3	7.4	8.9	6.9	-7.4	-6.5	3.0	-1.2	2.8	5.2
		Official borrowers		3.9	5.1	1.5	0.2	-2.5	-1.4	1.0	1.1	-1.2	5.0	2.5
		Diversified borrowers		5.9	7.7	9.0	7.9	1.1	-6.3	6.8	10.2	13.5	0.2	2.6
		Countries with recent debt-servicing problems		6.8	4.5	4.6	5.4	3.7	-14.6	-15.0	1.8	-2.7	2.3	2.8
		Countries without debt-servicing problems		8.4	10.5	9.1	9.4	5.2	-0.7	5.0	6.0	5.2	2.3	4.8
	By miscellaneous criteria
	Capital importing fuel exporters			12.9	3.8	-1.6	13.4	18.0	-10.3	-19.7	1.2	-0.7	-12.3	-3.2
	Fifteen heavily indebted countries			9.2	4.1	7.1	7.6	3.8	-16.5	-21.5	-2.2	-2.9	2.0	3.7
	Small low-income countries			1.3	17.0	-0.6	2.8	-5.8	1.7	-2.3	5.5	-0.1	7.4	2.3
	Sub-Saharan Africa³			3.8	8.1	-2.8	6.9	-3.6	-3.5	-7.7	-1.4	1.1	11.1	1.0
	By alternative analytical categories
	Oil exporting countries			20.3	2.8	-8.5	12.3	22.1	5.1	-10.1	-7.4	-11.8	-16.5	-10.4
	Non-oil developing countries			6.5	9.0	10.0	7.3	2.6	-7.5	-0.3	5.7	3.4	4.1	5.2
		Net oil exporters		5.8	6.7	16.7	12.4	12.4	-13.8	-10.9	9.4	1.0	-4.2	-1.0
		Net oil importers		6.7	9.3	9.0	6.5	0.9	-6.3	1.6	5.1	3.8	5.5	6.1

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A25.

Developing Countries: Import Volumes, 1968–87¹

(Annual changes, in percent)

				Average l968–77²	1978	1979	1980	1981	1982	1983	1984	1935	1986	1987
Developing countries				9.2	7.1	4.8	8.5	7.1	-4.2	-3.2	2.2	-0.3	-0.6	2.1
	By region
	Africa			7.6	3.6	-3.7	9.3	10.3	-9.0	-10.1	-0.3	-5.2	-0.2	-1.5
	Asia			7.8	16.4	13.4	10.2	4.1	-0.2	6.4	6.7	6.3	2.8	5.4
	Europe			7.6	0.8	5.4	0.5	2.2	-7.7	2.2	6.9	4.1	5.3	8.0
	Middle East			17.1	3.4	-3.6	9.4	16.8	5.9	-2.8	-6.3	-11.4	-13.3	-9.6
	Western Hemisphere			7.0	5.5	8.0	9.3	2.6	-17.7	-22.2	2.9	-1.3	3.2	5.1
	By predominant export
	Fuel exporters			16.7	3.9	-4.3	13.3	20.0	-1.6	-12.0	-4.5	-8.8	-15.1	-7.9
	Non-fuel exporters			6.6	8.9	9.3	6.5	1.5	-5.5	1.6	5.2	3.3	5.1	5.4
		Primary product exporters		5.0	3.4	6.8	6.7	-0.2	-8.8	-4.8	1.3	-3.8	9.2	6.0
			Agricultural exporters	6.0	5.8	8.2	5.4	-4.8	-5.7	-1.5	0.3	-2.2	9.9	6.2
			Mineral exporters	2.7	-2.9	3.1	10.2	12.7	-16.0	-13.4	4.3	-9.0	6.8	5.3
		Exporters of manufactures		9.1	14.7	11.1	6.2	1.7	-4.9	6.5	8.9	9.3	4.2	6.4
		Service and remittance countries		5.5	7.1	10.5	6.7	6.7	2.0	3.0	2.4	-1.4	-0.8	-0.5
	By financial criteria
	Capital exporting countries			22.4	4.1	-6.8	13.3	22.3	7.8	-5.1	-8.9	-15.6	-17.8	-12.9
	Capital importing countries			7.6	7.8	7.1	7.7	4.5	-6.5	-2.7	4.6	2.6	2.3	4.2
		Market borrowers		9.1	8.3	7.4	8.9	6.9	-7.4	-6.5	3.0	-1.2	2.8	5.2
		Official borrowers		3.9	5.1	1.5	0.2	-2.5	-1.4	1.0	1.1	-1.2	5.0	2.5
		Diversified borrowers		5.9	7.7	9.0	7.9	1.1	-6.3	6.8	10.2	13.5	0.2	2.6
		Countries with recent debt-servicing problems		6.8	4.5	4.6	5.4	3.7	-14.6	-15.0	1.8	-2.7	2.3	2.8
		Countries without debt-servicing problems		8.4	10.5	9.1	9.4	5.2	-0.7	5.0	6.0	5.2	2.3	4.8
	By miscellaneous criteria
	Capital importing fuel exporters			12.9	3.8	-1.6	13.4	18.0	-10.3	-19.7	1.2	-0.7	-12.3	-3.2
	Fifteen heavily indebted countries			9.2	4.1	7.1	7.6	3.8	-16.5	-21.5	-2.2	-2.9	2.0	3.7
	Small low-income countries			1.3	17.0	-0.6	2.8	-5.8	1.7	-2.3	5.5	-0.1	7.4	2.3
	Sub-Saharan Africa³			3.8	8.1	-2.8	6.9	-3.6	-3.5	-7.7	-1.4	1.1	11.1	1.0
	By alternative analytical categories
	Oil exporting countries			20.3	2.8	-8.5	12.3	22.1	5.1	-10.1	-7.4	-11.8	-16.5	-10.4
	Non-oil developing countries			6.5	9.0	10.0	7.3	2.6	-7.5	-0.3	5.7	3.4	4.1	5.2
		Net oil exporters		5.8	6.7	16.7	12.4	12.4	-13.8	-10.9	9.4	1.0	-4.2	-1.0
		Net oil importers		6.7	9.3	9.0	6.5	0.9	-6.3	1.6	5.1	3.8	5.5	6.1

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A26.

Developing Countries: Export Unit Values, 1968–87¹

(Annual changes, in percent, in terms of U.S. dollars)

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A26.

Developing Countries: Export Unit Values, 1968–87¹

(Annual changes, in percent, in terms of U.S. dollars)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				14.6	3.1	29.9	38.1	5.0	-4.6	-7.7	-0.1	-3.8	-7.8	2.6
	By region
	Africa			13.2	1.9	28.6	37.9	-0.6	-8.3	-6.9	-1.9	-6.6	-11.5	-1.2
	Asia			9.4	7.3	20.1	16.2	-0.1	-4.7	-4.6	1.8	-3.0	1.6	3.9
	Europe			7.5	7.6	18.0	14.5	-0.7	-2.1	-7.7	-5.0	-2.2	8.9	4.6
	Middle East			21.8	2.0	43.9	63.2	13.4	-2.3	-12.0	-1.9	-4.4	-32.5	1.1
	Western Hemisphere			14.3	-2.0	24.0	28.6	0.6	-7.5	-5.8	2.7	-3.4	-3.3	2.8
	By predominant export
	Fuel exporters			22.2	0.7	44.5	62.9	11.7	-3.4	-11.5	-0.9	-4.5	-31.9	0.7
	Non-fuel exporters			9.0	5.5	17.3	13.5	-2.6	-5.9	-4.4	0.5	-3.3	6.5	3.5
		Primary product exporters		10.2	2.2	19.1	14.5	-7.1	-9.2	-2.9	1.5	-5.5	8.4	2.6
			Agricultural exporters	11.4	0.4	17.0	11.4	-6.0	-9.1	-3.3	3.9	-4.2	9.2	2.5
			Mineral exporters	7.6	6.5	23.7	20.7	-9.0	-9.5	-2.2	-4.4	-9.2	6.1	2.9
		Exporters of manufactures		7.4	9.0	15.8	11.6	1.4	-3.0	-5.1	—	-1.8	5.7	4.0
		Service and remittance countries		8.4	5.6	15.2	19.8	-0.9	-6.3	-7.4	-1.9	-1.7	2.5	4.5
	By financial criteria
	Capital exporting countries			23.1	1.0	45.8	66.1	13.8	-2.2	-12.7	-2.1	-4.7	-36.7	0.5
	Capital importing countries			11.4	4.2	22.7	24.1	0.3	-5.7	-5.8	0.5	-3.5	-1.1	3.0
		Market borrowers		12.2	3.3	24.7	27.4	0.6	5.6	-6.2	0.7	-3.5	-2.7	2.8
		Official borrowers		11.3	2.7	18.0	14.9	1.9	-6.5	-2.4	3.6	-3.3	5.2	2.0
		Diversified borrowers		8.7	8.2	17.5	15.4	-1.9	-5.9	-5.1	-1.1	-3.6	3.2	4.0
		Countries with recent debt-servicing problems		12.4	1.6	25.6	28.3	-0.2	-7.5	-5.8	0.6	-4.9	-3.6	3.1
		Countries without debt-servicing problems		10.4	6.5	20.3	20.7	0.6	-4.4	-5.7	0.4	-2.6	0.5	2.9
	By miscellaneous criteria
	Capital importing fuel exporters			20.3	0.1	41.9	56.3	7.6	-5.4	-9.7	0.7	-4.3	-27.0	0.9
	Fifteen heavily indebted countries			14.7	-0.2	28.0	34.1	1.4	-7.1	-6.2	1.9	-3.8	-5.6	3.0
	Small low-income countries			10.7	4.4	15.6	7.2	-6.3	-8.8	1.8	6.0	-6.3	10.9	2.2
	Sub-Saharan Africa³			11.1	2.0	18.6	12.7	-9.1	-10.8	-3.2	2.4	-2.6	2.1	0.6
	By alternative analytical categories
	Oil exporting countries			23.1	0.4	44.9	64.9	12.4	-2.6	-12.5	-1.2	-4.5	-34.4	-0.4
	Non-oil developing countries			9.4	5.4	19.0	16.0	-1.8	-6.2	-4.6	0.5	-3.4	3.7	3.6
		Net oil exporters		12.0	4.4	39.5	33.6	0.7	-8.9	-5.1	0.6	-5.6	-15.8	4.4
		Net oil importers		8.9	5.6	15.8	12.7	-2.3	-5.6	-4.5	0.4	3.0	7.6	3.5

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A26.

Developing Countries: Export Unit Values, 1968–87¹

(Annual changes, in percent, in terms of U.S. dollars)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				14.6	3.1	29.9	38.1	5.0	-4.6	-7.7	-0.1	-3.8	-7.8	2.6
	By region
	Africa			13.2	1.9	28.6	37.9	-0.6	-8.3	-6.9	-1.9	-6.6	-11.5	-1.2
	Asia			9.4	7.3	20.1	16.2	-0.1	-4.7	-4.6	1.8	-3.0	1.6	3.9
	Europe			7.5	7.6	18.0	14.5	-0.7	-2.1	-7.7	-5.0	-2.2	8.9	4.6
	Middle East			21.8	2.0	43.9	63.2	13.4	-2.3	-12.0	-1.9	-4.4	-32.5	1.1
	Western Hemisphere			14.3	-2.0	24.0	28.6	0.6	-7.5	-5.8	2.7	-3.4	-3.3	2.8
	By predominant export
	Fuel exporters			22.2	0.7	44.5	62.9	11.7	-3.4	-11.5	-0.9	-4.5	-31.9	0.7
	Non-fuel exporters			9.0	5.5	17.3	13.5	-2.6	-5.9	-4.4	0.5	-3.3	6.5	3.5
		Primary product exporters		10.2	2.2	19.1	14.5	-7.1	-9.2	-2.9	1.5	-5.5	8.4	2.6
			Agricultural exporters	11.4	0.4	17.0	11.4	-6.0	-9.1	-3.3	3.9	-4.2	9.2	2.5
			Mineral exporters	7.6	6.5	23.7	20.7	-9.0	-9.5	-2.2	-4.4	-9.2	6.1	2.9
		Exporters of manufactures		7.4	9.0	15.8	11.6	1.4	-3.0	-5.1	—	-1.8	5.7	4.0
		Service and remittance countries		8.4	5.6	15.2	19.8	-0.9	-6.3	-7.4	-1.9	-1.7	2.5	4.5
	By financial criteria
	Capital exporting countries			23.1	1.0	45.8	66.1	13.8	-2.2	-12.7	-2.1	-4.7	-36.7	0.5
	Capital importing countries			11.4	4.2	22.7	24.1	0.3	-5.7	-5.8	0.5	-3.5	-1.1	3.0
		Market borrowers		12.2	3.3	24.7	27.4	0.6	5.6	-6.2	0.7	-3.5	-2.7	2.8
		Official borrowers		11.3	2.7	18.0	14.9	1.9	-6.5	-2.4	3.6	-3.3	5.2	2.0
		Diversified borrowers		8.7	8.2	17.5	15.4	-1.9	-5.9	-5.1	-1.1	-3.6	3.2	4.0
		Countries with recent debt-servicing problems		12.4	1.6	25.6	28.3	-0.2	-7.5	-5.8	0.6	-4.9	-3.6	3.1
		Countries without debt-servicing problems		10.4	6.5	20.3	20.7	0.6	-4.4	-5.7	0.4	-2.6	0.5	2.9
	By miscellaneous criteria
	Capital importing fuel exporters			20.3	0.1	41.9	56.3	7.6	-5.4	-9.7	0.7	-4.3	-27.0	0.9
	Fifteen heavily indebted countries			14.7	-0.2	28.0	34.1	1.4	-7.1	-6.2	1.9	-3.8	-5.6	3.0
	Small low-income countries			10.7	4.4	15.6	7.2	-6.3	-8.8	1.8	6.0	-6.3	10.9	2.2
	Sub-Saharan Africa³			11.1	2.0	18.6	12.7	-9.1	-10.8	-3.2	2.4	-2.6	2.1	0.6
	By alternative analytical categories
	Oil exporting countries			23.1	0.4	44.9	64.9	12.4	-2.6	-12.5	-1.2	-4.5	-34.4	-0.4
	Non-oil developing countries			9.4	5.4	19.0	16.0	-1.8	-6.2	-4.6	0.5	-3.4	3.7	3.6
		Net oil exporters		12.0	4.4	39.5	33.6	0.7	-8.9	-5.1	0.6	-5.6	-15.8	4.4
		Net oil importers		8.9	5.6	15.8	12.7	-2.3	-5.6	-4.5	0.4	3.0	7.6	3.5

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A27.

Developing Countries: Import Unit Values, 1968–87¹

(Annual changes, in percent, in terms of U.S. dollars)

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A27.

Developing Countries: Import Unit Values, 1968–87¹

(Annual changes, in percent, in terms of U.S. dollars)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				9.1	10.6	17.1	18.3	1.9	-3.4	-4.0	-1.3	-1.6	4.4	4.1
	By region
	Africa			9.0	12.8	18.3	19.7	-2.9	-3.6	-3.7	-4.2	-3.7	5.2	4.2
	Asia			9.1	10.1	17.2	18.2	4.8	-4.0	-4.1	0.7	-1.8	3.9	3.8
	Europe			9.4	7.8	19.7	19.2	-1.0	-1.8	-6.6	-3.4	-1.3	1.3	4.2
	Middle East			8.2	13.4	15.3	15.5	-0.5	-4.4	-3.6	-1.9	-0.9	8.7	4.3
	Western Hemisphere			9.3	8.2	16.4	20.1	5.2	-1.8	-3.2	-1.3	-0.4	1.9	4.5
	By predominant export
	Fuel exporters			7.9	12.3	13.9	13.2	-0.1	-3.5	-2.9	-1.9	-0.3	8.8	4.7
	Non-fuel exporters			9.4	9.8	18.7	20.6	2.8	-3.3	-4.6	-1.0	-2.1	2.8	3.9
		Primary product exporters		9.6	9.8	18.6	24.2	3.7	-3.2	-3.8	-2.0	-2.4	1.0	4.4
			Agricultural exporters	9.7	9.2	17.3	23.8	5.5	-3.7	-4.2	-1.2	-0.9	1.2	4.7
			Mineral exporters	9.3	11.4	22.2	25.5	-0.9	-2.0	-2.8	-4.4	-6.8	0.4	3.5
		Exporters of manufactures		9.0	10.5	18.5	18.4	3.3	-3.3	-4.3	—	-1.9	3.4	3.6
		Service and remittance countries		9.5	7.4	20.1	17.3	-1.5	-3.8	-7.5	-1.6	-2.2	4.9	3.6
	By financial criteria
	Capital exporting countries			7.3	13.6	13.4	11.7	-2.3	-4.0	-3.6	-2.1	-0.2	10.6	4.9
	Capital importing countries			9.2	10.0	17.9	19.5	2.7	-3.3	-4.1	-1.1	-1.9	3.5	4.0
		Market borrowers		9.2	9.6	17.4	18.0	2.9	-2.7	-3.8	-0.9	-2.0	3.5	4.2
		Official borrowers		9.6	9.2	17.5	24.1	6.1	-4.4	-4.5	-1.0	-1.4	—	3.3
		Diversified borrowers		8.9	11.8	19.3	21.6	0.5	-4.3	-5.0	-1.8	-1.8	4.6	3.9
		Countries with recent debt-servicing problems		9.3	9.4	17.9	20.7	2.7	-2.8	-3.1	-2.0	-2.5	2.4	4.1
		Countries without debt-servicing problems		9.1	10.6	17.8	18.6	2.6	-3.6	-4.7	-0.7	-1.6	3.9	3.9
	By miscellaneous criteria
	Capital importing fuel exporters			8.3	11.1	14.5	14.7	1.9	-3.0	-2.2	-1.8	-0.5	7.1	4.6
	Fifteen heavily indebted countries			9.1	8.6	16.6	18.4	4.5	-2.7	-2.8	-0.8	-0.7	3.1	4.5
	Small low-income countries			9.5	10.7	17.7	21.2	2.7	-4.6	-4.2	-0.7	-1.8	2.4	3.6
	Sub-Saharan Africa³			9.4	12.6	17.7	19.2	-2.0	-4.6	-4.3	-2.5	-0.6	4.0	4.3
	By alternative analytical categories
	Oil exporting countries			7.2	13.1	13.4	11.6	-2.0	-4.0	-3.4	-2.0	-0.1	10.5	4.9
	Non-oil developing countries			9.4	9.6	18.6	20.5	3.2	-3.2	-4.3	-1.0	-2.1	2.7	3.9
		Net oil exporters		9.7	8.8	16.2	19.2	5.6	-2.1	-2.2	-2.2	-1.4	6.9	4.2
		Net oil importers		9.3	9.8	19.0	20.7	2.8	-3.4	-4.7	-0.8	-2.2	2.1	3.9

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A27.

Developing Countries: Import Unit Values, 1968–87¹

(Annual changes, in percent, in terms of U.S. dollars)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				9.1	10.6	17.1	18.3	1.9	-3.4	-4.0	-1.3	-1.6	4.4	4.1
	By region
	Africa			9.0	12.8	18.3	19.7	-2.9	-3.6	-3.7	-4.2	-3.7	5.2	4.2
	Asia			9.1	10.1	17.2	18.2	4.8	-4.0	-4.1	0.7	-1.8	3.9	3.8
	Europe			9.4	7.8	19.7	19.2	-1.0	-1.8	-6.6	-3.4	-1.3	1.3	4.2
	Middle East			8.2	13.4	15.3	15.5	-0.5	-4.4	-3.6	-1.9	-0.9	8.7	4.3
	Western Hemisphere			9.3	8.2	16.4	20.1	5.2	-1.8	-3.2	-1.3	-0.4	1.9	4.5
	By predominant export
	Fuel exporters			7.9	12.3	13.9	13.2	-0.1	-3.5	-2.9	-1.9	-0.3	8.8	4.7
	Non-fuel exporters			9.4	9.8	18.7	20.6	2.8	-3.3	-4.6	-1.0	-2.1	2.8	3.9
		Primary product exporters		9.6	9.8	18.6	24.2	3.7	-3.2	-3.8	-2.0	-2.4	1.0	4.4
			Agricultural exporters	9.7	9.2	17.3	23.8	5.5	-3.7	-4.2	-1.2	-0.9	1.2	4.7
			Mineral exporters	9.3	11.4	22.2	25.5	-0.9	-2.0	-2.8	-4.4	-6.8	0.4	3.5
		Exporters of manufactures		9.0	10.5	18.5	18.4	3.3	-3.3	-4.3	—	-1.9	3.4	3.6
		Service and remittance countries		9.5	7.4	20.1	17.3	-1.5	-3.8	-7.5	-1.6	-2.2	4.9	3.6
	By financial criteria
	Capital exporting countries			7.3	13.6	13.4	11.7	-2.3	-4.0	-3.6	-2.1	-0.2	10.6	4.9
	Capital importing countries			9.2	10.0	17.9	19.5	2.7	-3.3	-4.1	-1.1	-1.9	3.5	4.0
		Market borrowers		9.2	9.6	17.4	18.0	2.9	-2.7	-3.8	-0.9	-2.0	3.5	4.2
		Official borrowers		9.6	9.2	17.5	24.1	6.1	-4.4	-4.5	-1.0	-1.4	—	3.3
		Diversified borrowers		8.9	11.8	19.3	21.6	0.5	-4.3	-5.0	-1.8	-1.8	4.6	3.9
		Countries with recent debt-servicing problems		9.3	9.4	17.9	20.7	2.7	-2.8	-3.1	-2.0	-2.5	2.4	4.1
		Countries without debt-servicing problems		9.1	10.6	17.8	18.6	2.6	-3.6	-4.7	-0.7	-1.6	3.9	3.9
	By miscellaneous criteria
	Capital importing fuel exporters			8.3	11.1	14.5	14.7	1.9	-3.0	-2.2	-1.8	-0.5	7.1	4.6
	Fifteen heavily indebted countries			9.1	8.6	16.6	18.4	4.5	-2.7	-2.8	-0.8	-0.7	3.1	4.5
	Small low-income countries			9.5	10.7	17.7	21.2	2.7	-4.6	-4.2	-0.7	-1.8	2.4	3.6
	Sub-Saharan Africa³			9.4	12.6	17.7	19.2	-2.0	-4.6	-4.3	-2.5	-0.6	4.0	4.3
	By alternative analytical categories
	Oil exporting countries			7.2	13.1	13.4	11.6	-2.0	-4.0	-3.4	-2.0	-0.1	10.5	4.9
	Non-oil developing countries			9.4	9.6	18.6	20.5	3.2	-3.2	-4.3	-1.0	-2.1	2.7	3.9
		Net oil exporters		9.7	8.8	16.2	19.2	5.6	-2.1	-2.2	-2.2	-1.4	6.9	4.2
		Net oil importers		9.3	9.8	19.0	20.7	2.8	-3.4	-4.7	-0.8	-2.2	2.1	3.9

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A28.

Developing Countries: Terms of Trade, 1968–87¹

(Annual changes, in percent)

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A28.

Developing Countries: Terms of Trade, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				5.0	-6.8	10.9	16.7	3.0	-1.2	-3.9	1.2	-2.2	-11.7	-1.4
	By region
	Africa			3.8	-9.7	8.7	15.2	2.3	-4.8	-3.3	2.4	-3.0	-15.8	-5.2
	Asia			0.3	-2.5	2.5	-1.8	-4.7	-0.8	-0.6	1.1	-1.2	-2.3	—
	Europe			-1.8	-0.2	-1.4	-3.9	0.3	-0.3	-1.2	-1.6	-1.0	7.5	0.4
	Middle East			12.5	-10.0	24.8	41.3	14.0	2.2	-8.8	—	-3.5	-37.9	-3.1
	Western Hemisphere			4.6	-9.4	6.6	7.0	-4.4	-5.8	-2.8	4.0	-3.0	-5.1	-1.7
	By predominant export
	Fuel exporters			13.2	-10.3	26.8	43.8	11.8	0.1	-8.8	1.1	-4.2	-37.4	-3.8
	Non-fuel exporters			-0.3	-3.9	-1.2	-5.9	-5.3	-2.6	0.2	1.5	-1.2	3.6	0.4
		Primary product exporters		0.6	-6.9	0.4	-7.9	-10.4	-6.2	0.9	3.5	-3.2	7.3	-1.7
			Agricultural exporters	1.6	-8.0	-0.3	-10.0	-10.9	-5.6	1.0	5.2	-3.3	7.9	-2.1
			Mineral exporters	-1.5	-4.4	1.3	-3.8	-8.1	-7.7	0.6	—	-2.6	5.7	-0.6
		Exporters of manufactures		-1.4	-1.3	-2.3	-5.8	-1.8	0.3	-0.8	—	0.1	2.2	0.4
		Service and remittance countries		-0.9	-1.7	-4.1	2.2	0.6	-2.6	0.1	-0.3	0.6	-2.3	0.9
	By financial criteria
	Capital exporting countries			14.8	-11.1	28.6	48.7	16.4	1.9	-9.4	—	-4.5	-42.7	-4.1
	Capital importing countries			2.0	-5.3	4.1	3.9	-2.3	-2.6	-1.7	1.7	-1.7	-4.4	-1.0
		Market borrowers		2.8	-5.7	6.2	8.0	-2.2	-3.0	-2.6	1.6	-1.6	-6.0	-1.3
		Official borrowers		1.5	-6.0	0.5	-7.4	-4.0	-2.2	2.2	4.7	-1.9	5.1	-1.3
		Diversified borrowers		-0.2	-3.3	-1.5	-5.1	-2.4	-1.7	-0.1	0.7	-1.9	-1.4	0.1
		Countries with recent debt-servicing problems		2.8	-7.1	6.5	6.3	-2.8	-4.8	-2.8	2.7	-2.5	-5.8	-1.0
		Countries without debt-servicing problems		1.2	-3.7	2.1	1.7	-1.9	-0.8	-1.0	l.l	-1.0	-3.3	-1.0
	By miscellaneous criteria
	Capital importing fuel exporters			11.0	-9.8	24.0	36.2	5.6	-2.5	-7.7	2.5	-3.8	-31.8	-3.5
	Fifteen heavily indebted countries			5.2	-8.1	9.8	13.3	-2.9	-4.5	-3.6	2.8	-3.1	-8.5	-1.5
	Small low-income countries			1.1	-5.7	-1.8	-11.6	-8.7	-4.4	6.3	6.8	-4.5	8.3	-1.4
	Sub-Saharan Africa³			1.6	-9.3	0.8	-5.4	-7.3	-6.5	1.2	5.0	-2.0	-1.9	-3.5
	By alternative analytical categories
	Oil exporting countries			14.8	-11.2	27.8	47.7	14.7	1.4	-9.4	0.8	-4.4	-40.7	-5.0
	Non-oil developing countries			—	-3.9	0.4	-3.8	-4.9	-3.1	-0.3	1.5	-1.4	0.9	-0.3
		Net oil exporters		2.2	-4.1	20.1	12.1	-4.6	-6.9	-2.9	2.9	-4.3	-21.2	0.2
		Net oil importers		-0.4	-3.8	-2.6	-6.6	-5.0	-2.3	0.2	1.3	-0.8	5.4	-0.4

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A28.

Developing Countries: Terms of Trade, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				5.0	-6.8	10.9	16.7	3.0	-1.2	-3.9	1.2	-2.2	-11.7	-1.4
	By region
	Africa			3.8	-9.7	8.7	15.2	2.3	-4.8	-3.3	2.4	-3.0	-15.8	-5.2
	Asia			0.3	-2.5	2.5	-1.8	-4.7	-0.8	-0.6	1.1	-1.2	-2.3	—
	Europe			-1.8	-0.2	-1.4	-3.9	0.3	-0.3	-1.2	-1.6	-1.0	7.5	0.4
	Middle East			12.5	-10.0	24.8	41.3	14.0	2.2	-8.8	—	-3.5	-37.9	-3.1
	Western Hemisphere			4.6	-9.4	6.6	7.0	-4.4	-5.8	-2.8	4.0	-3.0	-5.1	-1.7
	By predominant export
	Fuel exporters			13.2	-10.3	26.8	43.8	11.8	0.1	-8.8	1.1	-4.2	-37.4	-3.8
	Non-fuel exporters			-0.3	-3.9	-1.2	-5.9	-5.3	-2.6	0.2	1.5	-1.2	3.6	0.4
		Primary product exporters		0.6	-6.9	0.4	-7.9	-10.4	-6.2	0.9	3.5	-3.2	7.3	-1.7
			Agricultural exporters	1.6	-8.0	-0.3	-10.0	-10.9	-5.6	1.0	5.2	-3.3	7.9	-2.1
			Mineral exporters	-1.5	-4.4	1.3	-3.8	-8.1	-7.7	0.6	—	-2.6	5.7	-0.6
		Exporters of manufactures		-1.4	-1.3	-2.3	-5.8	-1.8	0.3	-0.8	—	0.1	2.2	0.4
		Service and remittance countries		-0.9	-1.7	-4.1	2.2	0.6	-2.6	0.1	-0.3	0.6	-2.3	0.9
	By financial criteria
	Capital exporting countries			14.8	-11.1	28.6	48.7	16.4	1.9	-9.4	—	-4.5	-42.7	-4.1
	Capital importing countries			2.0	-5.3	4.1	3.9	-2.3	-2.6	-1.7	1.7	-1.7	-4.4	-1.0
		Market borrowers		2.8	-5.7	6.2	8.0	-2.2	-3.0	-2.6	1.6	-1.6	-6.0	-1.3
		Official borrowers		1.5	-6.0	0.5	-7.4	-4.0	-2.2	2.2	4.7	-1.9	5.1	-1.3
		Diversified borrowers		-0.2	-3.3	-1.5	-5.1	-2.4	-1.7	-0.1	0.7	-1.9	-1.4	0.1
		Countries with recent debt-servicing problems		2.8	-7.1	6.5	6.3	-2.8	-4.8	-2.8	2.7	-2.5	-5.8	-1.0
		Countries without debt-servicing problems		1.2	-3.7	2.1	1.7	-1.9	-0.8	-1.0	l.l	-1.0	-3.3	-1.0
	By miscellaneous criteria
	Capital importing fuel exporters			11.0	-9.8	24.0	36.2	5.6	-2.5	-7.7	2.5	-3.8	-31.8	-3.5
	Fifteen heavily indebted countries			5.2	-8.1	9.8	13.3	-2.9	-4.5	-3.6	2.8	-3.1	-8.5	-1.5
	Small low-income countries			1.1	-5.7	-1.8	-11.6	-8.7	-4.4	6.3	6.8	-4.5	8.3	-1.4
	Sub-Saharan Africa³			1.6	-9.3	0.8	-5.4	-7.3	-6.5	1.2	5.0	-2.0	-1.9	-3.5
	By alternative analytical categories
	Oil exporting countries			14.8	-11.2	27.8	47.7	14.7	1.4	-9.4	0.8	-4.4	-40.7	-5.0
	Non-oil developing countries			—	-3.9	0.4	-3.8	-4.9	-3.1	-0.3	1.5	-1.4	0.9	-0.3
		Net oil exporters		2.2	-4.1	20.1	12.1	-4.6	-6.9	-2.9	2.9	-4.3	-21.2	0.2
		Net oil importers		-0.4	-3.8	-2.6	-6.6	-5.0	-2.3	0.2	1.3	-0.8	5.4	-0.4

^¹Excluding China prior to 1978.

^²Compound annual rates of change.

^³Excluding Nigeria and South Africa.

Table A29.

Developing Countries; Non-Oil Commodity Prices, 1968–87¹

(Annual changes, in percent)

^¹In U.S. dollar terms.

^²Compound annual rates of change.

^³Based on averages of component commodity price indices weighted by the U.S. dollar value of exports of each commodity from developing countries in 1979–81.

^⁴Based on averages of individual commodity price indices weighted according to the 1979–81 composition of commodity exports of the respective groups of developing countries.

^⁵Of the oil exporting countries (according to the former analytical categories).

^⁶Exported by the industrial countries.

Table A29.

Developing Countries; Non-Oil Commodity Prices, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Non-oil primary commodities				9.9	-5.5	17.8	5.9	-13.9	-10.1	7.1	3.7	-12.2	12.0	1.0
	By commodity group³
	Food and beverages			12.4	-11.5	8.7	0.3	-12.9	-11.1	9.7	8.7	-15.3	19.9	-2.4
		Food		6.8	12.6	13.1	13.2	-6.5	-19.2	11.2	2.9	-18.7	3.4	7.2
		Beverages		18.4	-25.9	4.7	-12.4	-21.1	1.1	7.9	15.9	-11.6	36.6	-9.8
	Agricultural raw materials			7.9	6.7	32.4	13.6	-15.0	-7.1	5.9	2.4	-12.2	3.7	5.8
	Metals			5.2	4.0	30.7	9.7	-16.8	-10.3	4.4	-7.5	-2.8	1.1	5.0
	By region⁴
	Africa			11.3	-11.6	15.7	5.0	-16.4	-9.8	6.2	3.4	-8.7	16.7	-0.5
	Asia			7.6	6.5	19.3	9.9	-12.4	-16.8	8.6	10.3	-19.6	0.9	5.0
	Europe			6.6	11.3	26.2	8.1	-7.5	-4.9	5.6	0.3	-9.4	4.1	6.1
	Middle East			9.0	0.7	11.3	17.1	-7.4	-15.8	11.0	0.1	-14.5	1.3	7.6
	Western Hemisphere			11.0	-12.0	15.8	5.1	-14.5	-8.2	6.0	-0.5	-8.3	20.1	-1.5
	By predominant export⁴
	Fuel exporters			11.8	-6.7	21.4	4.4	-17.8	-9.3	7.7	4.2	-11.6	12.5	0.4
	Non-fuel exporters			9.7	-5.6	17.2	7.0	-13.8	-11.2	7.0	3.6	-12.3	12.3	1.0
		Primary product exporters		10.1	-6.9	17.7	6.4	-14.9	-11.0	7.1	2.9	-11.5	13.6	0.4
			Agricultural exporters	11.5	-8.5	15.1	4.4	-14.9	-10.4	7.6	5.4	-12.4	14.8	-0.7
			Mineral exporters	5.6	0.1	28.9	13.7	-15.1	-13.1	5.4	-6.1	-5.7	9.3	4.9
		Exporters of manufactures		7.6	1.3	15.9	8.7	-7.8	-10.4	5.3	9.9	-18.1	6.2	4.5
		Service and remittance countries		7.2	6.9	9.9	16.1	-4.9	-17.7	3.1	0.2	-12.5	1.9	5.8
	By financial criteria⁴
	Capital exporting countries			6.2	9.4	8.3	15.2	-7.2	-22.1	11.1	3.5	-19.8	6.3	6.5
	Capital importing countries			10.0	-5.8	17.7	6.6	-14.3	-11.0	7.0	3.7	-12.2	12.3	0.9
		Market borrowers		10.2	-5.6	21.0	4.3	-15.4	-9.7	7.2	3.8	-12.3	12.2	0.9
		Official borrowers		10.3	-9.5	14.0	8.5	-16.1	-12.3	7.4	1.4	-7.6	15.5	-1.0
		Diversified borrowers		8.8	-2.9	10.6	13.2	-8.6	-13.9	6.3	5.2	-16.0	9.9	2.9
		Countries with recent debt-servicing problems		10.0	-7.8	17.8	5.3	-14.6	-10.2	7.4	0.4	-10.0	14.1	0.9
		Countries without debt-servicing problems		9.8	-2.8	17.6	8.6	-13.8	-12.1	6.4	7.6	-15.2	9.8	1.0
	By miscellaneous criteria⁴
	Capital importing fuel exporters			11.9	-7.1	21.8	4.1	-18.1	-8.9	7.6	4.3	-11.3	12.6	0.2
	Fifteen heavily indebted countries			10.7	-9.8	17.5	2.9	-14.3	-8.8	6.4	2.2	-10.4	16.1	-0.1
	Small low-income countries			10.8	-11.1	9.4	1.7	-14.0	-11.1	9.0	9.8	-13.0	13.4	-1.4
	Sub-Saharan Africa			12.0	-13.1	14.4	1.2	-18.2	-8.3	7.8	4.5	-8.3	17.7	-2.0
	By alternative analytical categories⁴
	Oil exporting countries			11.1	-2.8	24.8	5.7	-19.4	-9.9	7.8	4.9	-13.1	9.8	1.5
	Non-oil developing countries			9.9	-6.1	17.2	6.9	-13.8	-11.2	6.9	3.5	-12.1	12.6	0.9
		Net oil exporters		9.9	1.9	24.7	6.1	-16.1	-12.8	8.1	4.9	-14.2	4.3	2.8
		Net oil importers		9.9	-7.4	15.6	6.9	-13.3	-10.8	6.7	3.3	-11.7	14.2	0.6
Memorandum
	Oil export unit value⁵			22.7	0.4	45.9	63.5	9.9	-4.2	-11.7	-2.1	-4.4	-40.0	-6.3
	Export unit value of manufactures⁶			8.1	15.6	14.2	10.7	-4.9	-2.5	-3.3	-3.7	1.0	14.0	4.5

^¹In U.S. dollar terms.

^²Compound annual rates of change.

^³Based on averages of component commodity price indices weighted by the U.S. dollar value of exports of each commodity from developing countries in 1979–81.

^⁴Based on averages of individual commodity price indices weighted according to the 1979–81 composition of commodity exports of the respective groups of developing countries.

^⁵Of the oil exporting countries (according to the former analytical categories).

^⁶Exported by the industrial countries.

Table A29.

Developing Countries; Non-Oil Commodity Prices, 1968–87¹

(Annual changes, in percent)

				Average 1968–77²	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Non-oil primary commodities				9.9	-5.5	17.8	5.9	-13.9	-10.1	7.1	3.7	-12.2	12.0	1.0
	By commodity group³
	Food and beverages			12.4	-11.5	8.7	0.3	-12.9	-11.1	9.7	8.7	-15.3	19.9	-2.4
		Food		6.8	12.6	13.1	13.2	-6.5	-19.2	11.2	2.9	-18.7	3.4	7.2
		Beverages		18.4	-25.9	4.7	-12.4	-21.1	1.1	7.9	15.9	-11.6	36.6	-9.8
	Agricultural raw materials			7.9	6.7	32.4	13.6	-15.0	-7.1	5.9	2.4	-12.2	3.7	5.8
	Metals			5.2	4.0	30.7	9.7	-16.8	-10.3	4.4	-7.5	-2.8	1.1	5.0
	By region⁴
	Africa			11.3	-11.6	15.7	5.0	-16.4	-9.8	6.2	3.4	-8.7	16.7	-0.5
	Asia			7.6	6.5	19.3	9.9	-12.4	-16.8	8.6	10.3	-19.6	0.9	5.0
	Europe			6.6	11.3	26.2	8.1	-7.5	-4.9	5.6	0.3	-9.4	4.1	6.1
	Middle East			9.0	0.7	11.3	17.1	-7.4	-15.8	11.0	0.1	-14.5	1.3	7.6
	Western Hemisphere			11.0	-12.0	15.8	5.1	-14.5	-8.2	6.0	-0.5	-8.3	20.1	-1.5
	By predominant export⁴
	Fuel exporters			11.8	-6.7	21.4	4.4	-17.8	-9.3	7.7	4.2	-11.6	12.5	0.4
	Non-fuel exporters			9.7	-5.6	17.2	7.0	-13.8	-11.2	7.0	3.6	-12.3	12.3	1.0
		Primary product exporters		10.1	-6.9	17.7	6.4	-14.9	-11.0	7.1	2.9	-11.5	13.6	0.4
			Agricultural exporters	11.5	-8.5	15.1	4.4	-14.9	-10.4	7.6	5.4	-12.4	14.8	-0.7
			Mineral exporters	5.6	0.1	28.9	13.7	-15.1	-13.1	5.4	-6.1	-5.7	9.3	4.9
		Exporters of manufactures		7.6	1.3	15.9	8.7	-7.8	-10.4	5.3	9.9	-18.1	6.2	4.5
		Service and remittance countries		7.2	6.9	9.9	16.1	-4.9	-17.7	3.1	0.2	-12.5	1.9	5.8
	By financial criteria⁴
	Capital exporting countries			6.2	9.4	8.3	15.2	-7.2	-22.1	11.1	3.5	-19.8	6.3	6.5
	Capital importing countries			10.0	-5.8	17.7	6.6	-14.3	-11.0	7.0	3.7	-12.2	12.3	0.9
		Market borrowers		10.2	-5.6	21.0	4.3	-15.4	-9.7	7.2	3.8	-12.3	12.2	0.9
		Official borrowers		10.3	-9.5	14.0	8.5	-16.1	-12.3	7.4	1.4	-7.6	15.5	-1.0
		Diversified borrowers		8.8	-2.9	10.6	13.2	-8.6	-13.9	6.3	5.2	-16.0	9.9	2.9
		Countries with recent debt-servicing problems		10.0	-7.8	17.8	5.3	-14.6	-10.2	7.4	0.4	-10.0	14.1	0.9
		Countries without debt-servicing problems		9.8	-2.8	17.6	8.6	-13.8	-12.1	6.4	7.6	-15.2	9.8	1.0
	By miscellaneous criteria⁴
	Capital importing fuel exporters			11.9	-7.1	21.8	4.1	-18.1	-8.9	7.6	4.3	-11.3	12.6	0.2
	Fifteen heavily indebted countries			10.7	-9.8	17.5	2.9	-14.3	-8.8	6.4	2.2	-10.4	16.1	-0.1
	Small low-income countries			10.8	-11.1	9.4	1.7	-14.0	-11.1	9.0	9.8	-13.0	13.4	-1.4
	Sub-Saharan Africa			12.0	-13.1	14.4	1.2	-18.2	-8.3	7.8	4.5	-8.3	17.7	-2.0
	By alternative analytical categories⁴
	Oil exporting countries			11.1	-2.8	24.8	5.7	-19.4	-9.9	7.8	4.9	-13.1	9.8	1.5
	Non-oil developing countries			9.9	-6.1	17.2	6.9	-13.8	-11.2	6.9	3.5	-12.1	12.6	0.9
		Net oil exporters		9.9	1.9	24.7	6.1	-16.1	-12.8	8.1	4.9	-14.2	4.3	2.8
		Net oil importers		9.9	-7.4	15.6	6.9	-13.3	-10.8	6.7	3.3	-11.7	14.2	0.6
Memorandum
	Oil export unit value⁵			22.7	0.4	45.9	63.5	9.9	-4.2	-11.7	-2.1	-4.4	-40.0	-6.3
	Export unit value of manufactures⁶			8.1	15.6	14.2	10.7	-4.9	-2.5	-3.3	-3.7	1.0	14.0	4.5

^¹In U.S. dollar terms.

^²Compound annual rates of change.

^³Based on averages of component commodity price indices weighted by the U.S. dollar value of exports of each commodity from developing countries in 1979–81.

^⁴Based on averages of individual commodity price indices weighted according to the 1979–81 composition of commodity exports of the respective groups of developing countries.

^⁵Of the oil exporting countries (according to the former analytical categories).

^⁶Exported by the industrial countries.

Table A30.

Summary of Payments Balances on Current Account, 1978–87¹

(In billions of U.S. dollars)

^¹Including official transfers.

^²Covers estimated balances on current transactions only in convertible currencies of the U.S.S.R. and other nonmember countries of Eastern Europe.

^³Reflects errors, omissions, and asymmetries in reported balance of payments statistics on current account, plus balance of listed groups with countries not included. In the estimate for 1987, the current balance for the group of “Other countries” has been assumed to remain at the same level as projected for 1986.

^⁴Staff 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 A30.

Summary of Payments Balances on Current Account, 1978–87¹

(In billions of U.S. dollars)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Industrial countries				14.5	-25.5	-61.8	-18.9	-22.2	-23.0	-64.1	-54.2	13.5	-9.3
United States				-15.4	-1.0	1.9	6.3	-8.1	-46.0	-107.4	-117.7	-110.5	-108.8
Other industrial countries				30.0	24.6	-63.7	-25.2	-14.1	23.0	43.2	63.4	124.0	99.5
Of which,
	Japan			16.5	-8.8	-10.7	4.8	6.9	20.8	35.0	49.7	72.0	62.0
	Germany, Fed. Rep. of			9.0	-6.1	-15.8	-5.5	3.4	4.1	6.8	13.2	25.4	20.1
Developing countries				-34.5	7.1	27.9	-49.2	-90.9	-58.9	-35.1	-34.1	-69.3	-57.9
	By region
	Africa			-12.8	-3.4	-1.6	-21.9	-21.3	-11.6	-6.7	-1.4	-11.6	-10.1
	Asia			-6.8	-12.6	-19.3	-20.7	-17.3	-14.3	-4.8	-15.4	-15.4	-16.9
	Europe			-7.1	-10.0	-12.3	-9.9	-6.1	-4.2	-1.9	-2.3	1.3	0.4
	Middle East			11.2	54.2	90.7	45.8	-5.1	-18.5	-18.1	-10.7	-36.7	-24.7
	Western Hemisphere			-19.0	-21.1	-29.5	-42.6	-41.1	-10.3	-3.6	-4.3	-6.9	-6.6
	By analytical criteria
	Fuel exporters			-6.1	51.4	95.1	31.0	-25.6	-14.8	-8.6	-6.5	-49.0	-35.6
	Non-fuel exporters			-28.4	-44.3	-67.1	-80.2	-65.3	-44.1	-26.5	-27.6	-20.3	-22.3
	Market borrowers			-31.8	-29.2	-35.3	-71.2	-72.3	-27.2	-3.6	1.7	-10.3	-9.8
	Official borrowers			-7.2	-5.9	9.1	-11.7	-10.3	-9.2	-9.9	-9.0	-9.1	-9.9
Other countries²				-9.5	-6.5	-4.6	-3.3	-0.5	1.1	2.3	-2.4	-8.5	…
	Total³			-29.5	-24.9	-38.5	-71.5	-113.5	-80.8	-96.9	-90.8	-64.3	-75.7
Memorandum
	Total, by selected categories
		Trade balance		10.9	17.3	27.0	20.4	-3.4	4.7	9.2	1.4	9.5	8.4
			Timing asymmetry⁴	10.0	23.0	11.0	-3.0	-10.0	2.0	—	4.0	11.0	9.0
			Residual asymmetry	0.9	-5.7	16.0	23.4	6.6	2.7	9.2	-2.6	-1.5	-0.6
		Balance on services		-28.3	-31.5	-50.3	-78.7	-95.0	-75.0	-96.9	-80.9	-60.4	-67.2
			(in percent of service payments)	-6.1	-5.3	-6.7	-9.2	-11.1	-9.5	-11.7	-9.7	-6.4	-6.7
		Private transfers net		1.0	1.4	0.5	0.1	-1.4	0.9	3.1	3.1	-0.4	-0.7
		Official transfers net		-13.3	-12.0	-15.7	-13.3	-13.6	-11.4	-12.3	-14.3	-12.9	-16.2

^¹Including official transfers.

^²Covers estimated balances on current transactions only in convertible currencies of the U.S.S.R. and other nonmember countries of Eastern Europe.

Table A30.

Summary of Payments Balances on Current Account, 1978–87¹

(In billions of U.S. dollars)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Industrial countries				14.5	-25.5	-61.8	-18.9	-22.2	-23.0	-64.1	-54.2	13.5	-9.3
United States				-15.4	-1.0	1.9	6.3	-8.1	-46.0	-107.4	-117.7	-110.5	-108.8
Other industrial countries				30.0	24.6	-63.7	-25.2	-14.1	23.0	43.2	63.4	124.0	99.5
Of which,
	Japan			16.5	-8.8	-10.7	4.8	6.9	20.8	35.0	49.7	72.0	62.0
	Germany, Fed. Rep. of			9.0	-6.1	-15.8	-5.5	3.4	4.1	6.8	13.2	25.4	20.1
Developing countries				-34.5	7.1	27.9	-49.2	-90.9	-58.9	-35.1	-34.1	-69.3	-57.9
	By region
	Africa			-12.8	-3.4	-1.6	-21.9	-21.3	-11.6	-6.7	-1.4	-11.6	-10.1
	Asia			-6.8	-12.6	-19.3	-20.7	-17.3	-14.3	-4.8	-15.4	-15.4	-16.9
	Europe			-7.1	-10.0	-12.3	-9.9	-6.1	-4.2	-1.9	-2.3	1.3	0.4
	Middle East			11.2	54.2	90.7	45.8	-5.1	-18.5	-18.1	-10.7	-36.7	-24.7
	Western Hemisphere			-19.0	-21.1	-29.5	-42.6	-41.1	-10.3	-3.6	-4.3	-6.9	-6.6
	By analytical criteria
	Fuel exporters			-6.1	51.4	95.1	31.0	-25.6	-14.8	-8.6	-6.5	-49.0	-35.6
	Non-fuel exporters			-28.4	-44.3	-67.1	-80.2	-65.3	-44.1	-26.5	-27.6	-20.3	-22.3
	Market borrowers			-31.8	-29.2	-35.3	-71.2	-72.3	-27.2	-3.6	1.7	-10.3	-9.8
	Official borrowers			-7.2	-5.9	9.1	-11.7	-10.3	-9.2	-9.9	-9.0	-9.1	-9.9
Other countries²				-9.5	-6.5	-4.6	-3.3	-0.5	1.1	2.3	-2.4	-8.5	…
	Total³			-29.5	-24.9	-38.5	-71.5	-113.5	-80.8	-96.9	-90.8	-64.3	-75.7
Memorandum
	Total, by selected categories
		Trade balance		10.9	17.3	27.0	20.4	-3.4	4.7	9.2	1.4	9.5	8.4
			Timing asymmetry⁴	10.0	23.0	11.0	-3.0	-10.0	2.0	—	4.0	11.0	9.0
			Residual asymmetry	0.9	-5.7	16.0	23.4	6.6	2.7	9.2	-2.6	-1.5	-0.6
		Balance on services		-28.3	-31.5	-50.3	-78.7	-95.0	-75.0	-96.9	-80.9	-60.4	-67.2
			(in percent of service payments)	-6.1	-5.3	-6.7	-9.2	-11.1	-9.5	-11.7	-9.7	-6.4	-6.7
		Private transfers net		1.0	1.4	0.5	0.1	-1.4	0.9	3.1	3.1	-0.4	-0.7
		Official transfers net		-13.3	-12.0	-15.7	-13.3	-13.6	-11.4	-12.3	-14.3	-12.9	-16.2

^¹Including official transfers.

^²Covers estimated balances on current transactions only in convertible currencies of the U.S.S.R. and other nonmember countries of Eastern Europe.

Table A31.

Industrial Countries: Balance of Payments on Current Account, 1978–87¹

(In billions of U.S. dollars)

^¹Including official transfers.

Table A31.

Industrial Countries: Balance of Payments on Current Account, 1978–87¹

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Balance on current account
Canada			-4.3	-4.1	-1.0	-5.1	2.2	1.4	2.0	-1.9	-4.2	-3.3
United States			-15.4	-1.0	1.9	6.3	-8.1	-46.0	-107.4	-117.7	-110.5	-108.8
Japan			16.5	-8.8	-10.7	4.8	6.9	20.8	35.0	49.7	72.0	62.0
France			7.0	5.2	-4.2	-4.8	-12.1	-4.7	-0.8	0.3	9.0	7.9
Germany, Fed. Rep. of			9.0	-6.1	-15.8	-5.5	3.4	4.1	6.8	13.2	25.4	20.1
Italy			6.2	5.5	-9.7	-8.2	-5.5	0.8	-3.0	-3.7	2.1	-1.1
United Kingdom			1.9	-1.6	7.2	13.2	7.1	4.7	1.1	3.8	3.9	-0.7
Other industrial countries			-6.4	-14.7	-29.6	-19.7	-15.9	-4.1	2.0	1.9	15.9	14.5
	All industrial countries		14.5	-25.5	-61.8	-18.9	-22.2	-23.0	-64.1	-54.2	13.5	-9.3
	Of which,
		Seven major countries above	20.9	-10.8	-32.3	0.8	-6.3	-18.9	-66.1	-56.2	-2.4	-23.8
		European countries	22.9	-8.2	-47.1	-15.5	-13.5	7.7	16.1	24.8	63.6	48.0
		All industrial countries except the United States	30.0	-24.6	-63.7	-25.2	-14.1	23.0	43.2	63.4	124.0	99.5
Memorandum
Balance on goods and services
Canada			-4.4	-4.7	-2.0	-6.3	1.1	0.7	1.2	-2.7	-5.1	-4.3
United States			-10.3	4.7	8.9	13.2	0.1	-37.1	-95.9	-102.8	-98.5	-96.4
Japan			17.2	-7.6	-9.2	6.4	8.2	22.4	36.5	51.4	73.7	63.7
France			10.3	9.2	—	-0.5	-7.5	-0.9	2.1	3.7	13.9	13.2
Germany, Fed. Rep. of			17.9	5.5	-2.3	6.3	15.0	14.7	17.4	23.7	40.1	37.0
Italy			6.6	5.0	-10.9	-8.9	-6.4	-0.4	-4.1	-4.8	0.7	-2.4
United Kingdom			5.3	3.3	12.0	17.2	10.6	8.0	4.2	8.6	6.8	4.0
Other industrial countries			-4.6	-12.9	-26.8	-16.1	-12.4	-0.9	4.7	5.4	21.1	19.4
	All industrial countries		38.0	2.5	-30.2	11.2	8.6	6.5	-33.8	-17.6	52.6	34.2
	Of which,
		Seven major countries above	42.6	15.4	-3.4	27.3	21.0	7.4	-38.5	-23.0	31.5	14.8
		European countries	40.1	13.1	-23.3	7.0	8.5	27.1	33.9	45.6	89.4	78.1
		All industrial countries except the United States	48.4	-2.2	-39.1	-2.0	8.5	43.7	62.1	85.3	151.1	130.6
Official transfers, net
Canada			-0.3	0.1	0.3	0.3	0.2	—	-0.2	-0.3	-0.1	-0.2
United States			-3.2	-3.6	-4.7	-4.5	-5.5	-6.3	-8.5	-11.2	-8.5	-8.8
Japan			-0.4	-0.9	-1.3	-1.4	-1.3	-1.4	-1.4	-1.5	-1.5	-1.5
France			-1.5	-1.7	-1.7	-2.0	-2.7	-2.1	-1.9	-1.9	-2.8	-3.0
Germany, Fed. Rep. of			-4.4	-6.1	-7.4	-6.6	-6.7	-5.9	-6.4	-6.2	-8.9	-10.0
Italy			-1.5	-1.0	-0.2	-0.7	-0.6	-0.2	-0.2	-0.3	-0.4	-0.4
United Kingdom			-3.2	-4.3	-4.1	-3.3	-3.2	-3.0	-2.9	-4.5	-2.6	-4.3
Other industrial countries			-1.9	-1.9	-2.9	-3.3	-3.4	-2.8	-2.5	-3.0	-4.1	-3.6
	All industrial countries		-16.4	-19.4	-22.1	-21.5	-23.1	-21.7	-24.0	-28.8	-28.9	-31.9
	Of which,
		Seven major countries above	-14.4	-17.4	-19.2	-18.2	-19.7	-18.8	-21.5	-25.9	-24.8	-28.3
		European countries	-11.9	-14.4	-15.6	-15.2	-15.7	-13.3	-13.0	-15.2	-18.0	-20.7
		All industrial countries except the United States	-13.2	-15.8	-17.3	-17.0	-17.6	-15.4	-15.4	-17.6	-20.4	-23.1

^¹Including official transfers.

Table A31.

Industrial Countries: Balance of Payments on Current Account, 1978–87¹

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Balance on current account
Canada			-4.3	-4.1	-1.0	-5.1	2.2	1.4	2.0	-1.9	-4.2	-3.3
United States			-15.4	-1.0	1.9	6.3	-8.1	-46.0	-107.4	-117.7	-110.5	-108.8
Japan			16.5	-8.8	-10.7	4.8	6.9	20.8	35.0	49.7	72.0	62.0
France			7.0	5.2	-4.2	-4.8	-12.1	-4.7	-0.8	0.3	9.0	7.9
Germany, Fed. Rep. of			9.0	-6.1	-15.8	-5.5	3.4	4.1	6.8	13.2	25.4	20.1
Italy			6.2	5.5	-9.7	-8.2	-5.5	0.8	-3.0	-3.7	2.1	-1.1
United Kingdom			1.9	-1.6	7.2	13.2	7.1	4.7	1.1	3.8	3.9	-0.7
Other industrial countries			-6.4	-14.7	-29.6	-19.7	-15.9	-4.1	2.0	1.9	15.9	14.5
	All industrial countries		14.5	-25.5	-61.8	-18.9	-22.2	-23.0	-64.1	-54.2	13.5	-9.3
	Of which,
		Seven major countries above	20.9	-10.8	-32.3	0.8	-6.3	-18.9	-66.1	-56.2	-2.4	-23.8
		European countries	22.9	-8.2	-47.1	-15.5	-13.5	7.7	16.1	24.8	63.6	48.0
		All industrial countries except the United States	30.0	-24.6	-63.7	-25.2	-14.1	23.0	43.2	63.4	124.0	99.5
Memorandum
Balance on goods and services
Canada			-4.4	-4.7	-2.0	-6.3	1.1	0.7	1.2	-2.7	-5.1	-4.3
United States			-10.3	4.7	8.9	13.2	0.1	-37.1	-95.9	-102.8	-98.5	-96.4
Japan			17.2	-7.6	-9.2	6.4	8.2	22.4	36.5	51.4	73.7	63.7
France			10.3	9.2	—	-0.5	-7.5	-0.9	2.1	3.7	13.9	13.2
Germany, Fed. Rep. of			17.9	5.5	-2.3	6.3	15.0	14.7	17.4	23.7	40.1	37.0
Italy			6.6	5.0	-10.9	-8.9	-6.4	-0.4	-4.1	-4.8	0.7	-2.4
United Kingdom			5.3	3.3	12.0	17.2	10.6	8.0	4.2	8.6	6.8	4.0
Other industrial countries			-4.6	-12.9	-26.8	-16.1	-12.4	-0.9	4.7	5.4	21.1	19.4
	All industrial countries		38.0	2.5	-30.2	11.2	8.6	6.5	-33.8	-17.6	52.6	34.2
	Of which,
		Seven major countries above	42.6	15.4	-3.4	27.3	21.0	7.4	-38.5	-23.0	31.5	14.8
		European countries	40.1	13.1	-23.3	7.0	8.5	27.1	33.9	45.6	89.4	78.1
		All industrial countries except the United States	48.4	-2.2	-39.1	-2.0	8.5	43.7	62.1	85.3	151.1	130.6
Official transfers, net
Canada			-0.3	0.1	0.3	0.3	0.2	—	-0.2	-0.3	-0.1	-0.2
United States			-3.2	-3.6	-4.7	-4.5	-5.5	-6.3	-8.5	-11.2	-8.5	-8.8
Japan			-0.4	-0.9	-1.3	-1.4	-1.3	-1.4	-1.4	-1.5	-1.5	-1.5
France			-1.5	-1.7	-1.7	-2.0	-2.7	-2.1	-1.9	-1.9	-2.8	-3.0
Germany, Fed. Rep. of			-4.4	-6.1	-7.4	-6.6	-6.7	-5.9	-6.4	-6.2	-8.9	-10.0
Italy			-1.5	-1.0	-0.2	-0.7	-0.6	-0.2	-0.2	-0.3	-0.4	-0.4
United Kingdom			-3.2	-4.3	-4.1	-3.3	-3.2	-3.0	-2.9	-4.5	-2.6	-4.3
Other industrial countries			-1.9	-1.9	-2.9	-3.3	-3.4	-2.8	-2.5	-3.0	-4.1	-3.6
	All industrial countries		-16.4	-19.4	-22.1	-21.5	-23.1	-21.7	-24.0	-28.8	-28.9	-31.9
	Of which,
		Seven major countries above	-14.4	-17.4	-19.2	-18.2	-19.7	-18.8	-21.5	-25.9	-24.8	-28.3
		European countries	-11.9	-14.4	-15.6	-15.2	-15.7	-13.3	-13.0	-15.2	-18.0	-20.7
		All industrial countries except the United States	-13.2	-15.8	-17.3	-17.0	-17.6	-15.4	-15.4	-17.6	-20.4	-23.1

^¹Including official transfers.

Table A32.

Industrial Countries: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

^¹Figures shown are on a balance of payments basis with rough adjustments to those countries’ oil trade balance data that are only available on a trade returns basis.

Table A32.

Industrial Countries: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Exports (f.o.b.)			832.9	1,029.4	1,209.3	1,201.7	1,130.8	1,117.1	1,189.5	1,232.6	1,439.2	1,543.9
Imports (f.o.b.)			824.3	1,065.5	1,274.9	1,219.3	1,143.4	1,132.7	1,233.6	1,270.0	1,421.3	1,536.7
	Trade balance		8.6	-36.1	-65.5	-17.6	-12.7	-15.6	-44.0	-37.5	17.9	7.2
Services receipts			334.6	435.2	534.9	589.5	584.6	540.3	560.8	583.9	706.8	750.8
Services payments			305.2	396.7	499.5	560.7	563.4	518.2	550.6	564.0	672.1	723.7
Balance on services			29.4	38.6	35.4	28.7	21.2	22.1	10.2	19.9	34.7	27.0
	Balance on goods and services		38.1	2.5	-30.1	11.2	8.6	6.5	-33.9	-17.6	52.6	34.2
Private transfers, net			-7.1	-8.7	-9.6	-8.7	-7.6	-7.8	-6.4	-7.8	-10.1	-11.6
Official transfers, net			-16.4	-19.4	-22.1	-21.5	-23.1	-21.7	-24.0	-28.8	-28.9	-31.9
		Balance on current account	14.6	-25.6	-61.8	-18.9	-22.2	-23.0	-64.2	-54.2	13.5	-9.3
Memorandum
Current account balance as percentage of GNP			0.2	-0.4	-0.8	-0.2	-0.3	-0.3	-0.8	-0.6	0.1	-0.1
Current account balance as percentage of exports of goods and services			1.2	-1.7	-3.5	-1.1	-1.3	-1.4	-3.7	-3.0	0.6	-0.4
Exports of goods and services			1,167.5	1,464.6	1,744.3	1,791.2	1,715.4	1,657.4	1,750.3	1,816.5	2,146.0	2,294.6
Oil trade balance¹			-119.9	-174.5	-247.1	-237.6	-193.4	-163.6	-159.7	-142.2	-91.0	-87.1

^¹Figures shown are on a balance of payments basis with rough adjustments to those countries’ oil trade balance data that are only available on a trade returns basis.

Table A32.

Industrial Countries: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Exports (f.o.b.)			832.9	1,029.4	1,209.3	1,201.7	1,130.8	1,117.1	1,189.5	1,232.6	1,439.2	1,543.9
Imports (f.o.b.)			824.3	1,065.5	1,274.9	1,219.3	1,143.4	1,132.7	1,233.6	1,270.0	1,421.3	1,536.7
	Trade balance		8.6	-36.1	-65.5	-17.6	-12.7	-15.6	-44.0	-37.5	17.9	7.2
Services receipts			334.6	435.2	534.9	589.5	584.6	540.3	560.8	583.9	706.8	750.8
Services payments			305.2	396.7	499.5	560.7	563.4	518.2	550.6	564.0	672.1	723.7
Balance on services			29.4	38.6	35.4	28.7	21.2	22.1	10.2	19.9	34.7	27.0
	Balance on goods and services		38.1	2.5	-30.1	11.2	8.6	6.5	-33.9	-17.6	52.6	34.2
Private transfers, net			-7.1	-8.7	-9.6	-8.7	-7.6	-7.8	-6.4	-7.8	-10.1	-11.6
Official transfers, net			-16.4	-19.4	-22.1	-21.5	-23.1	-21.7	-24.0	-28.8	-28.9	-31.9
		Balance on current account	14.6	-25.6	-61.8	-18.9	-22.2	-23.0	-64.2	-54.2	13.5	-9.3
Memorandum
Current account balance as percentage of GNP			0.2	-0.4	-0.8	-0.2	-0.3	-0.3	-0.8	-0.6	0.1	-0.1
Current account balance as percentage of exports of goods and services			1.2	-1.7	-3.5	-1.1	-1.3	-1.4	-3.7	-3.0	0.6	-0.4
Exports of goods and services			1,167.5	1,464.6	1,744.3	1,791.2	1,715.4	1,657.4	1,750.3	1,816.5	2,146.0	2,294.6
Oil trade balance¹			-119.9	-174.5	-247.1	-237.6	-193.4	-163.6	-159.7	-142.2	-91.0	-87.1

^¹Figures shown are on a balance of payments basis with rough adjustments to those countries’ oil trade balance data that are only available on a trade returns basis.

Table A33.

Developing Countries: Summary of Payments Balances on Current Account, 1978–87¹

(In billions of U.S. dollars)

^¹Including official transfers.

^²Excluding Nigeria and South Africa,

Table A33.

Developing Countries: Summary of Payments Balances on Current Account, 1978–87¹

(In billions of U.S. dollars)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				-34.5	7.1	27.9	-49.2	-90.9	-58.9	-35.1	-34.1	-69.3	-57.9
	By region
	Africa			-12.8	-3.4	-1.6	-21.9	-21.3	-11.6	-6.7	-1.4	-11.6	-10.1
	Asia			-6.8	-12.6	-19.3	-20.7	-17.3	-14.3	-4.8	-15.4	-15.4	-16.9
	Europe			-7.1	-10.0	-12.3	-9.9	-6.1	-4.2	-1.9	-2.3	1.3	0.4
	Middle East			11.2	54.2	90.7	45.8	-5.1	-18.5	-18.1	-10.7	-36.7	-24.7
	Western Hemisphere			-19.0	-21.1	-29.5	-42.6	-41.1	-10.3	-3.6	-4.3	-6.9	-6.6
	By predominant export
	Fuel exporters			-6.1	51.4	95.1	31.0	-25.6	-14.8	-8.6	-6.5	-49.0	-35.6
	Non-fuel exporters			-28.4	-44.3	-67.1	-80.2	-65.3	-44.1	-26.5	-27.6	-20.3	-22.3
		Primary product exporters		-19.2	-23.8	-40.2	-57.5	-54.8	-38.2	-26.0	-17.7	-15.1	-17.2
			Agricultural exporters	-16.8	-24.3	-38.7	-41.2	-42.5	-33.3	-19.8	-16.8	-14.1	-15.3
			Mineral exporters	-2.4	0.4	-1.5	-16.3	-12.3	-4.9	-6.2	-0.9	-1.0	-1.9
		Exporters of manufactures		-5.1	-14.6	-20.1	-12.5	-1.5	2.2	7.3	-2.0	4.4	2.5
		Service and remittance countries		-4.1	-5.8	-6.8	-10.2	-9.0	-8.1	-7.8	-8.0	-9.5	-7.6
	By financial criteria
	Capital exporting countries			13.6	56.3	92.5	50.2	-1.1	-11.8	-12.5	-7.4	-31.0	-20.8
	Capital importing countries			-48.2	-49.2	-64.6	-99.5	-89.8	-47.1	-22.6	-26.8	-38.3	-37.1
		Market borrowers		-31.8	-29.2	-35.3	-71.2	-72.3	-27.2	-3.6	1.7	-10.3	-9.8
		Official borrowers		-7.2	-5.9	-9.1	-11.7	-10.3	-9.2	-9.9	-9.0	-9.1	-9.9
		Diversified borrowers		-9.2	-14.1	-20.2	-16.6	-7.2	-10.7	-9.1	-19.4	-18.8	17.4
		Countries with recent debt-servicing problems		-31.7	-31.6	-38.5	-67.2	-62.3	-20.6	-8.4	-4.7	-14.0	-10.3
		Countries without debt-servicing problems		-16.4	-17.6	-26.1	-32.2	-27.5	-26.5	-14.2	-22.1	-24.3	-26.8
	By miscellaneous criteria
	Capital importing fuel exporters			-19.7	-4.9	2.5	-19.2	-24.5	-3.0	3.9	0.9	-18.0	-14.8
	Fifteen heavily indebted countries			-24.7	-24.5	-28.7	-50.0	-50.1	-13.8	-0.9	-0.1	-7.3	-5.1
	Small low-income countries			-5.9	-6.9	-8.7	-9.0	-8.6	-6.0	-6.9	-6.8	-6.9	-7.5
	Sub-Saharan Africa²			-5.4	-5.5	-8.1	-9.4	-8.4	-6.1	-3.9	-3.9	-5.4	-6.0
	By alternative analytical categories
	Oil exporting countries			-1.3	56.8	102.4	45.8	-17.8	-18.0	-10.0	-5.5	-44.1	-31.1
	Non-oil developing countries			-33.2	-49.7	-74.4	-95.0	-73.2	-40.9	-25.0	-28.7	-25.2	-26.7
		Net oil exporters		-5.9	-5.5	-8.1	-21.0	-15.4	-2.9	-2.5	-5.3	-14.0	-11.3
		Net oil importers		-27.3	-44.2	-66.4	-74.0	-57.8	-38.0	-22.5	-23.3	-11.2	-15.4

^¹Including official transfers.

^²Excluding Nigeria and South Africa,

Table A33.

Developing Countries: Summary of Payments Balances on Current Account, 1978–87¹

(In billions of U.S. dollars)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				-34.5	7.1	27.9	-49.2	-90.9	-58.9	-35.1	-34.1	-69.3	-57.9
	By region
	Africa			-12.8	-3.4	-1.6	-21.9	-21.3	-11.6	-6.7	-1.4	-11.6	-10.1
	Asia			-6.8	-12.6	-19.3	-20.7	-17.3	-14.3	-4.8	-15.4	-15.4	-16.9
	Europe			-7.1	-10.0	-12.3	-9.9	-6.1	-4.2	-1.9	-2.3	1.3	0.4
	Middle East			11.2	54.2	90.7	45.8	-5.1	-18.5	-18.1	-10.7	-36.7	-24.7
	Western Hemisphere			-19.0	-21.1	-29.5	-42.6	-41.1	-10.3	-3.6	-4.3	-6.9	-6.6
	By predominant export
	Fuel exporters			-6.1	51.4	95.1	31.0	-25.6	-14.8	-8.6	-6.5	-49.0	-35.6
	Non-fuel exporters			-28.4	-44.3	-67.1	-80.2	-65.3	-44.1	-26.5	-27.6	-20.3	-22.3
		Primary product exporters		-19.2	-23.8	-40.2	-57.5	-54.8	-38.2	-26.0	-17.7	-15.1	-17.2
			Agricultural exporters	-16.8	-24.3	-38.7	-41.2	-42.5	-33.3	-19.8	-16.8	-14.1	-15.3
			Mineral exporters	-2.4	0.4	-1.5	-16.3	-12.3	-4.9	-6.2	-0.9	-1.0	-1.9
		Exporters of manufactures		-5.1	-14.6	-20.1	-12.5	-1.5	2.2	7.3	-2.0	4.4	2.5
		Service and remittance countries		-4.1	-5.8	-6.8	-10.2	-9.0	-8.1	-7.8	-8.0	-9.5	-7.6
	By financial criteria
	Capital exporting countries			13.6	56.3	92.5	50.2	-1.1	-11.8	-12.5	-7.4	-31.0	-20.8
	Capital importing countries			-48.2	-49.2	-64.6	-99.5	-89.8	-47.1	-22.6	-26.8	-38.3	-37.1
		Market borrowers		-31.8	-29.2	-35.3	-71.2	-72.3	-27.2	-3.6	1.7	-10.3	-9.8
		Official borrowers		-7.2	-5.9	-9.1	-11.7	-10.3	-9.2	-9.9	-9.0	-9.1	-9.9
		Diversified borrowers		-9.2	-14.1	-20.2	-16.6	-7.2	-10.7	-9.1	-19.4	-18.8	17.4
		Countries with recent debt-servicing problems		-31.7	-31.6	-38.5	-67.2	-62.3	-20.6	-8.4	-4.7	-14.0	-10.3
		Countries without debt-servicing problems		-16.4	-17.6	-26.1	-32.2	-27.5	-26.5	-14.2	-22.1	-24.3	-26.8
	By miscellaneous criteria
	Capital importing fuel exporters			-19.7	-4.9	2.5	-19.2	-24.5	-3.0	3.9	0.9	-18.0	-14.8
	Fifteen heavily indebted countries			-24.7	-24.5	-28.7	-50.0	-50.1	-13.8	-0.9	-0.1	-7.3	-5.1
	Small low-income countries			-5.9	-6.9	-8.7	-9.0	-8.6	-6.0	-6.9	-6.8	-6.9	-7.5
	Sub-Saharan Africa²			-5.4	-5.5	-8.1	-9.4	-8.4	-6.1	-3.9	-3.9	-5.4	-6.0
	By alternative analytical categories
	Oil exporting countries			-1.3	56.8	102.4	45.8	-17.8	-18.0	-10.0	-5.5	-44.1	-31.1
	Non-oil developing countries			-33.2	-49.7	-74.4	-95.0	-73.2	-40.9	-25.0	-28.7	-25.2	-26.7
		Net oil exporters		-5.9	-5.5	-8.1	-21.0	-15.4	-2.9	-2.5	-5.3	-14.0	-11.3
		Net oil importers		-27.3	-44.2	-66.4	-74.0	-57.8	-38.0	-22.5	-23.3	-11.2	-15.4

^¹Including official transfers.

^²Excluding Nigeria and South Africa,

Table A34.

Developing Countries: Summary of Payments Balances on Goods, Services, and Private Transfers, 1978–87

In billions of U.S. dollars)

^¹Excluding Nigeria and South Africa.

Table A34.

Developing Countries: Summary of Payments Balances on Goods, Services, and Private Transfers, 1978–87

In billions of U.S. dollars)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				-36.6	0.8	22.6	-56.4	-99.4	-68.2	-45.7	-47.7	-84.3	-72.5
	By region
	Africa			-15.5	-6.7	-5.4	-25.6	-24.8	-15.3	-10.3	-5.7	-15.6	-13.9
	Asia			-8.7	-15.1	-21.9	-23.7	-20.2	-17.0	-7.6	-18.2	-18.3	-19.9
	Europe			-7.2	-10.1	-12.4	-10.2	-6.8	-5.3	-3.0	-3.3	0.3	-0.6
	Middle East			14.2	54.4	92.5	46.5	-5.6	-19.1	-20.0	-14.6	-42.1	-30.0
	Western Hemisphere			-19.4	-21.8	-30.2	-43.3	-42.0	-11.4	-4.9	-5.9	-8.6	-8.2
	By predominant export
	Fuel exporters			-1.0	54.6	100.1	35.0	-22.6	-12.6	-7.3	-5.3	-48.4	-35.5
	Non-fuel exporters			-35.6	-53.8	-77.5	-91.4	-76.7	-55.6	-38.5	-42.4	-35.9	-37.0
		Primary product exporters		-23.1	-28.6	-45.5	-63.0	-60.4	-44.2	-32.0	-24.8	-22.1	-23.9
			Agricultural exporters	-19.4	-27.4	-42.4	-44.8	-46.7	-37.9	-24.5	-22.2	-19.7	-20.8
			Mineral exporters	-3.7	-1.1	-3.1	-18.2	-13.8	-6.3	-7.4	-2.5	-2.4	-3.1
		Exporters of manufactures		-6.9	-16.9	-22.5	-14.8	-3.4	-0.1	4.3	-6.5	-0.4	-1.5
		Service and remittance countries		-5.7	-8.3	-9.5	-13.5	-12.9	-11.3	-10.8	-11.1	-13.4	-11.7
	By financial criteria
	Capital exporting countries			19.8	61.6	99.6	56.7	3.7	-7.8	-9.3	-4.7	-29.0	-19.3
	Capital importing countries			-56.4	-60.8	-77.0	-113.0	-103.0	-60.4	-36.4	-43.0	-55.3	-53.2
		Market borrowers		-32.8	-30.4	-36.7	-73.1	-74.3	-29.6	-5.8	-0.5	-12.5	-11.9
		Official borrowers		-11.0	-12.1	-16.0	-19.0	-17.5	-15.7	-16.3	-15.5	-15.8	-16.7
		Diversified borrowers		-12.6	-18.3	-24.2	-21.0	-11.2	-15.2	-14.3	-27.0	-27.1	-24.7
		Countries with recent debt-servicing problems		-34.8	-35.2	-42.1	-71.3	-66.7	-25.0	-12.8	-10.5	-20.5	-16.7
		Countries without debt-servicing problems		-21.6	-25.7	-34.9	-41.7	-36.4	-35.5	-23.6	-32.5	-34.8	-36.6
	By miscellaneous criteria
	Capital importing fuel exporters			-20.8	-7.0	0.5	-21.7	-26.3	-4.8	2.0	-0.6	-19.4	-16.2
	Fifteen heavily indebted countries			-25.4	-25.4	-29.4	-50.9	-50.8	-14.8	-1.6	-1.4	-8.4	-5.9
	Small low-income countries			-8.7	-10.2	-12.5	-12.9	-12.9	-10.1	-11.2	-11.5	-11.6	-12.4
	Sub-Saharan Africa¹			-7.6	-8.1	-11.3	-12.4	-11.5	-9.4	-7.3	-7.6	-9.1	-9.8
	By alternative analytical categories
	Oil exporting countries			4.9	62.0	109.4	52.0	-13.1	-14.1	-6.9	-2.9	-42.1	-29.7
	Non-oil developing countries			-41.5	-61.3	-86.8	-108.4	-86.3	-54.2	-38.8	-44.8	-42.2	-42.8
		Net oil exporters		-7.5	-7.8	-10.3	-23.4	-17.5	-5.1	-4.7	-7.5	-16.8	-14.2
		Net oil importers		-34.1	-53.5	-76.6	-84.9	-68.8	-49.1	-34.1	-37.3	-25.4	-28.6

^¹Excluding Nigeria and South Africa.

Table A34.

Developing Countries: Summary of Payments Balances on Goods, Services, and Private Transfers, 1978–87

In billions of U.S. dollars)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				-36.6	0.8	22.6	-56.4	-99.4	-68.2	-45.7	-47.7	-84.3	-72.5
	By region
	Africa			-15.5	-6.7	-5.4	-25.6	-24.8	-15.3	-10.3	-5.7	-15.6	-13.9
	Asia			-8.7	-15.1	-21.9	-23.7	-20.2	-17.0	-7.6	-18.2	-18.3	-19.9
	Europe			-7.2	-10.1	-12.4	-10.2	-6.8	-5.3	-3.0	-3.3	0.3	-0.6
	Middle East			14.2	54.4	92.5	46.5	-5.6	-19.1	-20.0	-14.6	-42.1	-30.0
	Western Hemisphere			-19.4	-21.8	-30.2	-43.3	-42.0	-11.4	-4.9	-5.9	-8.6	-8.2
	By predominant export
	Fuel exporters			-1.0	54.6	100.1	35.0	-22.6	-12.6	-7.3	-5.3	-48.4	-35.5
	Non-fuel exporters			-35.6	-53.8	-77.5	-91.4	-76.7	-55.6	-38.5	-42.4	-35.9	-37.0
		Primary product exporters		-23.1	-28.6	-45.5	-63.0	-60.4	-44.2	-32.0	-24.8	-22.1	-23.9
			Agricultural exporters	-19.4	-27.4	-42.4	-44.8	-46.7	-37.9	-24.5	-22.2	-19.7	-20.8
			Mineral exporters	-3.7	-1.1	-3.1	-18.2	-13.8	-6.3	-7.4	-2.5	-2.4	-3.1
		Exporters of manufactures		-6.9	-16.9	-22.5	-14.8	-3.4	-0.1	4.3	-6.5	-0.4	-1.5
		Service and remittance countries		-5.7	-8.3	-9.5	-13.5	-12.9	-11.3	-10.8	-11.1	-13.4	-11.7
	By financial criteria
	Capital exporting countries			19.8	61.6	99.6	56.7	3.7	-7.8	-9.3	-4.7	-29.0	-19.3
	Capital importing countries			-56.4	-60.8	-77.0	-113.0	-103.0	-60.4	-36.4	-43.0	-55.3	-53.2
		Market borrowers		-32.8	-30.4	-36.7	-73.1	-74.3	-29.6	-5.8	-0.5	-12.5	-11.9
		Official borrowers		-11.0	-12.1	-16.0	-19.0	-17.5	-15.7	-16.3	-15.5	-15.8	-16.7
		Diversified borrowers		-12.6	-18.3	-24.2	-21.0	-11.2	-15.2	-14.3	-27.0	-27.1	-24.7
		Countries with recent debt-servicing problems		-34.8	-35.2	-42.1	-71.3	-66.7	-25.0	-12.8	-10.5	-20.5	-16.7
		Countries without debt-servicing problems		-21.6	-25.7	-34.9	-41.7	-36.4	-35.5	-23.6	-32.5	-34.8	-36.6
	By miscellaneous criteria
	Capital importing fuel exporters			-20.8	-7.0	0.5	-21.7	-26.3	-4.8	2.0	-0.6	-19.4	-16.2
	Fifteen heavily indebted countries			-25.4	-25.4	-29.4	-50.9	-50.8	-14.8	-1.6	-1.4	-8.4	-5.9
	Small low-income countries			-8.7	-10.2	-12.5	-12.9	-12.9	-10.1	-11.2	-11.5	-11.6	-12.4
	Sub-Saharan Africa¹			-7.6	-8.1	-11.3	-12.4	-11.5	-9.4	-7.3	-7.6	-9.1	-9.8
	By alternative analytical categories
	Oil exporting countries			4.9	62.0	109.4	52.0	-13.1	-14.1	-6.9	-2.9	-42.1	-29.7
	Non-oil developing countries			-41.5	-61.3	-86.8	-108.4	-86.3	-54.2	-38.8	-44.8	-42.2	-42.8
		Net oil exporters		-7.5	-7.8	-10.3	-23.4	-17.5	-5.1	-4.7	-7.5	-16.8	-14.2
		Net oil importers		-34.1	-53.5	-76.6	-84.9	-68.8	-49.1	-34.1	-37.3	-25.4	-28.6

^¹Excluding Nigeria and South Africa.

Table A35.

Developing Countries: Current Account Balances as Percentage of Exports of Goods and Services, 1968–87¹

(In percent)

^¹Including official transfers.

^²Excluding Nigeria and South Africa.

Table A35.

Developing Countries: Current Account Balances as Percentage of Exports of Goods and Services, 1968–87¹

(In percent)

				Average 1968–77	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				-2.9	-8.1	1.2	3.7	-6.3	-13.1	-8.9	-5.0	-5.1	-10.6	-8.2
Memorandum: Median estimate				-11.1	-15.5	-13.5	-17.8	-27.0	-24.6	-22.5	-15.7	-16.8	-16.9	-16.6
	By region
	Africa			-11.1	-21.9	-4.4	-1.5	-23.8	-27.0	-15.3	-8.7	-1.9	-16.2	-13.3
	Asia			-6.1	-5.9	-8.4	-10.2	-9.7	-8.3	-6.6	-1.9	-6.3	-5.8	-5.8
	Europe			-10.3	-18.7	-21.1	-21.4	-15.8	-9.9	-7.1	-3.0	-3.5	1.7	0.5
	Middle East			14.1	7.9	27.1	32.6	16.8	-2.3	-9.8	-10.2	-6.7	-30.0	-19.4
	Western Hemisphere			-18.0	-26.5	-22.1	-23.4	-31.0	-33.4	-8.7	-2.8	-3.4	-5.6	-5.0
	By predominant export
	Fuel exporters			6.7	-3.3	19.2	25.2	8.3	-8.3	-5.6	-3.3	-2.7	-27.3	-19.1
	Non-fuel exporters			-11.3	-11.9	-14.5	-17.5	-19.9	-16.8	-11.2	-6.1	-6.4	-4.2	-4.3
		Primary product exporters		-17.5	-18.6	-18.0	-24.5	-35.9	-36.8	-25.5	-15.9	-11.0	-8.5	-8.8
			Agricultural exporters	-19.1	-23.3	-27.0	-35.7	-36.7	-40.2	-31.2	-16.3	-13.9	-10.4	-10.2
			Mineral exporters	-14.6	-7.8	1.0	-2.7	-34.0	-28.5	-11.4	-14.8	-2.3	-2.3	-4.2
		Exporters of manufactures		-3.4	-4.7	-10.5	-11.6	-6.4	-0.8	1.1	3.3	-0.9	1.7	0.9
		Service and remittance countries		-15.4	-16.1	-17.7	-15.0	-21.8	-19.6	-18.3	-17.2	-18.0	-20.2	-14.7
	By financial criteria
	Capital exporting countries			18.1	11.0	31.9	37.6	21.1	-0.6	-7.5	-8.6	-5.8	-34.3	-22.6
	Capital importing countries			-11.0	-16.0	-12.5	-12.6	-18.5	-17.8	-9.4	-4.1	-4.9	-6.8	-6.0
		Market borrowers		-11.7	-15.0	-10.3	-9.4	-18.2	-20.0	-7.5	-0.9	0.4	-2.6	-2.3
		Official borrowers		-17.8	-26.7	-17.9	-23.4	-30.5	-29.0	-26.3	-28.1	-25.4	-23.0	-23.3
		Diversified borrowers		-6.1	-14.7	-17.8	-20.0	-15.2	-6.6	-10.0	-7.7	-16.4	-14.6	-12.1
		Countries with recent debt-servicing problems		-14.0	-23.6	-17.7	-16.2	-28.4	-29.9	-10.2	-3.9	-2.2	-6.8	-4.6
		Countries without debt-servicing problems		-8.3	-9.8	-8.1	-9.4	-10.7	-9.2	-8.8	-4.3	-6.6	-6.7	-6.8
	By miscellaneous criteria
	Capital importing fuel exporters			-11.6	-31.5	-5.5	1.9	-14.2	-21.0	-2.7	3.3	0.8	-20.3	-15.8
	Fifteen heavily indebted countries			-14.7	-28.2	-20.4	-17.8	-30.4	-35.0	-10.1	-0.6	-0.1	-5.2	-3.3
	Small low-income countries			-24.5	-38.8	-37.4	-40.4	-45.3	-46.9	-31.3	-34.4	-34.8	-29.1	-29.4
	Sub-Saharan Africa²			-12.4	-26.1	-21.7	-26.7	-34.6	-33.3	-25.1	-15.4	-15.6	-19.2	-20.3
	By alternative analytical categories
	Oil exporting countries			11.3	-0.8	24.0	30.8	14.2	-6.9	-8.2	-4.7	-2.8	-31.9	-22.0
	Non-oil developing countries			-12.2	-12.7	-14.8	-17.4	-20.9	-16.7	-9.3	-5.2	-6.0	-4.9	-4.7
		Net oil exporters		-16.6	-15.1	-9.9	-10.6	-25.8	-19.9	-3.7	-2.9	-6.5	-18.7	-13.8
		Net oil importers		-11.5	-12.3	-15.8	-18.9	-19.8	-16.1	-10.5	-5.7	-5.9	-2.5	-3.2

^¹Including official transfers.

^²Excluding Nigeria and South Africa.

Table A35.

Developing Countries: Current Account Balances as Percentage of Exports of Goods and Services, 1968–87¹

(In percent)

				Average 1968–77	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries				-2.9	-8.1	1.2	3.7	-6.3	-13.1	-8.9	-5.0	-5.1	-10.6	-8.2
Memorandum: Median estimate				-11.1	-15.5	-13.5	-17.8	-27.0	-24.6	-22.5	-15.7	-16.8	-16.9	-16.6
	By region
	Africa			-11.1	-21.9	-4.4	-1.5	-23.8	-27.0	-15.3	-8.7	-1.9	-16.2	-13.3
	Asia			-6.1	-5.9	-8.4	-10.2	-9.7	-8.3	-6.6	-1.9	-6.3	-5.8	-5.8
	Europe			-10.3	-18.7	-21.1	-21.4	-15.8	-9.9	-7.1	-3.0	-3.5	1.7	0.5
	Middle East			14.1	7.9	27.1	32.6	16.8	-2.3	-9.8	-10.2	-6.7	-30.0	-19.4
	Western Hemisphere			-18.0	-26.5	-22.1	-23.4	-31.0	-33.4	-8.7	-2.8	-3.4	-5.6	-5.0
	By predominant export
	Fuel exporters			6.7	-3.3	19.2	25.2	8.3	-8.3	-5.6	-3.3	-2.7	-27.3	-19.1
	Non-fuel exporters			-11.3	-11.9	-14.5	-17.5	-19.9	-16.8	-11.2	-6.1	-6.4	-4.2	-4.3
		Primary product exporters		-17.5	-18.6	-18.0	-24.5	-35.9	-36.8	-25.5	-15.9	-11.0	-8.5	-8.8
			Agricultural exporters	-19.1	-23.3	-27.0	-35.7	-36.7	-40.2	-31.2	-16.3	-13.9	-10.4	-10.2
			Mineral exporters	-14.6	-7.8	1.0	-2.7	-34.0	-28.5	-11.4	-14.8	-2.3	-2.3	-4.2
		Exporters of manufactures		-3.4	-4.7	-10.5	-11.6	-6.4	-0.8	1.1	3.3	-0.9	1.7	0.9
		Service and remittance countries		-15.4	-16.1	-17.7	-15.0	-21.8	-19.6	-18.3	-17.2	-18.0	-20.2	-14.7
	By financial criteria
	Capital exporting countries			18.1	11.0	31.9	37.6	21.1	-0.6	-7.5	-8.6	-5.8	-34.3	-22.6
	Capital importing countries			-11.0	-16.0	-12.5	-12.6	-18.5	-17.8	-9.4	-4.1	-4.9	-6.8	-6.0
		Market borrowers		-11.7	-15.0	-10.3	-9.4	-18.2	-20.0	-7.5	-0.9	0.4	-2.6	-2.3
		Official borrowers		-17.8	-26.7	-17.9	-23.4	-30.5	-29.0	-26.3	-28.1	-25.4	-23.0	-23.3
		Diversified borrowers		-6.1	-14.7	-17.8	-20.0	-15.2	-6.6	-10.0	-7.7	-16.4	-14.6	-12.1
		Countries with recent debt-servicing problems		-14.0	-23.6	-17.7	-16.2	-28.4	-29.9	-10.2	-3.9	-2.2	-6.8	-4.6
		Countries without debt-servicing problems		-8.3	-9.8	-8.1	-9.4	-10.7	-9.2	-8.8	-4.3	-6.6	-6.7	-6.8
	By miscellaneous criteria
	Capital importing fuel exporters			-11.6	-31.5	-5.5	1.9	-14.2	-21.0	-2.7	3.3	0.8	-20.3	-15.8
	Fifteen heavily indebted countries			-14.7	-28.2	-20.4	-17.8	-30.4	-35.0	-10.1	-0.6	-0.1	-5.2	-3.3
	Small low-income countries			-24.5	-38.8	-37.4	-40.4	-45.3	-46.9	-31.3	-34.4	-34.8	-29.1	-29.4
	Sub-Saharan Africa²			-12.4	-26.1	-21.7	-26.7	-34.6	-33.3	-25.1	-15.4	-15.6	-19.2	-20.3
	By alternative analytical categories
	Oil exporting countries			11.3	-0.8	24.0	30.8	14.2	-6.9	-8.2	-4.7	-2.8	-31.9	-22.0
	Non-oil developing countries			-12.2	-12.7	-14.8	-17.4	-20.9	-16.7	-9.3	-5.2	-6.0	-4.9	-4.7
		Net oil exporters		-16.6	-15.1	-9.9	-10.6	-25.8	-19.9	-3.7	-2.9	-6.5	-18.7	-13.8
		Net oil importers		-11.5	-12.3	-15.8	-18.9	-19.8	-16.1	-10.5	-5.7	-5.9	-2.5	-3.2

^¹Including official transfers.

^²Excluding Nigeria and South Africa.

Table A36.

Developing Countries—by Region: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A36.

Developing Countries—by Region: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries
Exports (f.o.b.)			342.2	466.5	618.6	612.2	536.5	509.2	544.9	526.8	504.3	546.1
Imports (f.o.b.)			332.8	408.3	524.0	571.9	529.3	491.9	496.1	486.6	505.1	537.1
	Trade balance		9.3	58.2	94.6	40.3	7.2	17.3	48.9	40.3	-0.8	8.8
	Services, net		-53.1	-66.4	-81.0	-104.4	-111.8	-93.3	-103.0	-97.8	-92.3	-91.3
	Goods and services balance		-43.8	-8.2	13.5	-64.1	-104.6	-75.9	-54.2	-57.4	-93.1	-82.5
	Unrequited transfers		9.3	15.3	14.4	14.9	13.7	17.0	19.1	23.4	23.8	24.6
	Current account balance		-34.5	7.1	27.9	-49.2	-90.9	-58.9	-35.1	-34.1	-69.3	-57.9
Memorandum
Exports of goods and services			425.0	571.7	760.4	776.5	696.2	659.9	694.6	672.7	656.5	708.6
Investment income, net¹			-5.6	-8.5	-8.9	-15.4	-28.2	-29.6	-39.5	-44.6	-45.8	-47.2
Of which,
	Interest payments²		-25.9	-36.9	-55.3	-74.2	-83.7	-77.8	-87.0	-86.1	-84.5	-83.8
Oil trade balance			110.5	160.0	226.7	213.6	168.3	134.8	137.2	120.3	73.9	76.2
	Africa
	Exports (f.o.b.)		49.0	67.9	93.6	78.1	66.6	64.4	66.1	65.5	59.8	62.6
	Imports (f.o.b.)		51.4	58.5	76.6	82.0	71.9	62.3	59.5	54.3	57.0	58.5
		Trade balance	-2.4	9.3	17.0	-4.0	-5.3	2.1	6.6	11.2	2.8	4.2
		Services, net	-13.7	-16.6	-22.8	-22.5	-20.6	-18.6	-18.1	-18.3	-19.6	-19.3
		Goods and services balance	-16.1	-7.2	-5.7	-26.5	-25.9	-16.5	-11.5	-7.1	-16.8	-15.2
		Unrequited transfers	3.3	3.8	4.2	4.6	4.6	4.9	4.8	5.7	5.3	5.1
		Current account balance	-12.8	-3.4	-1.6	-21.9	-21.3	-11.6	-6.7	-1.4	-11.6	-10.1
	Memorandum
	Exports of goods and services		58.3	79.1	107.7	91.9	78.8	76.1	77.1	76.2	71.4	75.4
	Investment income, net¹		-2.3	-3.8	-5.0	-5.7	-6.7	-7.0	-7.9	-8.6	-9.6	-9.1
	Of which,
		Interest payments²	-3.4	-5.1	-7.3	-8.0	-8.2	-8.2	-9.1	-9.7	-10.7	-10.2
	Oil trade balance		8.5	12.7	19.5	21.0	19.3	16.5	19.0	18.3	11.5	11.7
	Asia
	Exports (f.o.b.)		93.5	122.9	155.9	170.2	163.0	171.1	198.6	197.6	213.1	233.7
	Imports (f.o.b.)		102.2	135.7	176.9	192.9	184.8	188.6	202.6	211.5	225.8	247.2
		Trade balance	-8.7	-12.8	-21.0	-22.7	-21.8	-17.5	-4.0	-13.9	-12.8	-13.5
		Services, net	-4.0	-6.6	-7.8	-7.9	-6.3	-8.0	-11.5	-11.8	-11.8	-12.9
		Goods and services balance	-12.7	-19.5	-28.8	-30.5	-28.1	-25.5	-15.5	-25.8	-24.5	-26.4
		Unrequited transfers	5.9	6.9	9.5	9.9	10.8	11.2	10.7	10.4	9.1	9.4
		Current account balance	-6.8	-12.6	-19.3	-20.7	-17.3	-14.3	-4.8	-15.4	-15.4	-16.9
	Memorandum
	Exports of goods and services		115.1	150.3	190.4	212.5	208.7	217.0	245.3	245.6	265.2	290.0
	Investment income, net¹		-2.0	-2.4	-4.0	-5.4	-7.2	-7.1	-7.7	-9.1	-10.3	-11.4
	Of which,
		Interest payments²	-5.2	-7.2	-10.4	-13.8	-15.6	-15.4	-17.9	-18.9	-19.5	-20.1
	Oil trade balance		-2.4	-4.2	-8.6	-9.6	-9.5	-7.5	-3.0	-4.1	-2.4	-2.4
	Europe
	Exports (f.o.b.)		28.6	34.7	41.6	46.0	45.6	45.5	49.5	50.6	57.4	63.9
	Imports (f.o.b.)		42.0	53.0	63.5	64.3	58.2	55.6	57.4	59.0	62.9	70.8
		Trade balance	-13.5	-18.4	-21.9	-18.3	-12.6	-10.1	-7.9	-8.4	-5.5	-6.9
		Services, net	0.5	0.8	1.7	-0.3	-1.4	-1.6	-1.9	-1.5	-0.5	0.2
		Goods and services balance	-13.0	-17.6	-20.3	-18.5	-14.0	-11.7	-9.8	-9.9	-6.0	-6.7
		Unrequited transfers	5.9	7.6	8.0	3.6	7.9	7.5	7.9	7.6	7.3	7.1
		Current account balance	-7.1	-10.0	-12.3	-9.9	-6.1	-4.2	-1.9	-2.3	13	0.4
	Memorandum
	Exports of goods and services		38.0	47.5	57.7	62.9	61.2	59.2	64.0	65.9	74.8	83.3
	Investment income, net¹		-1.5	-2.8	-4.1	-6.5	-6.7	-6.0	-6.5	-6.6	-6.6	-6.6
	Of which,
		Interest payments²	-2.2	-3.7	-5.4	-7.9	-7.9	-6.9	-7.7	-8.0	-8.1	-8.1
	Oil trade balance		-5.5	-8.0	-13.9	-13.8	-12.1	-10.9	-10.8	-10.6	-6.1	-6.3
	Middle East
	Exports (f.o.b.)		116.7	168.6	233.2	217.2	170.1	136.3	129.4	116.4	80.8	85.3
	Imports (f.o.b.)		78.9	87.7	110.8	128.8	130.3	122.2	112.3	93.6	93.0	87.6
		Trade balance	37.8	80.9	122.4	88.4	39.7	14.2	17.1	17.8	-12.1	-2.3
		Services, net	-20.1	-22.6	-23.4	-32.9	-34.1	-24.3	-28.6	-25.4	-24.0	-22.7
		Goods and services balance	17.7	58.3	99.0	55.5	5.7	-10.1	-11.5	-7.6	-36.1	-25.0
		Unrequited transfers	-6.5	-4.1	-8.3	-9.7	-10.8	-8.4	-6.5	-3.1	-0.6	0.3
		Current account balance	11.2	54.2	90.7	45.8	-5.1	-18.5	-18.1	-10.7	-36.7	-24.7
	Memorandum
	Exports of goods and services		141.9	199.7	278.4	271.8	224.5	189.2	177.9	160.2	122.4	127.6
	Investment income, net¹		8.5	11.6	20.3	26.5	26.0	23.2	18.7	12.9	9.2	6.6
	Of which,
		Interest payments²	-2.9	-4.1	-5.7	-6.9	-7.3	-7.0	-7.8	-8.2	-9.7	-10.5
	Oil trade balance		103.7	151.9	211.3	193.5	147.7	114.3	106.0	92.4	55.6	57.4
	Western Hemisphere
	Exports (f.o.b.)		54.4	72.5	94.3	100.7	91.2	91.9	101.3	96.7	93.3	100.5
	Imports (f.o.b.)		58.3	73.3	96.3	103.9	84.0	63.3	64.3	63.2	66.4	73.0
		Trade balance	-4.0	-0.8	-1.9	-3.2	7.2	28.7	37.0	33.6	26.9	27.4
		Services, net	-15.8	-21.5	-28.7	-40.9	-49.4	-40.8	-43.0	-40.7	-36.4	-36.7
		Goods and services balance	-19.8	-22.3	-30.7	-44.1	-42.3	-12.1	-5.9	-7.1	-9.6	-9.2
		Unrequited transfers	0.8	1.2	1.2	1.5	1.2	1.9	2.3	2.9	2.7	2.6
		Current account balance	-19.0	-21.1	-29.5	-42.6	-41.1	-10.3	-3.6	-4.3	-6.9	-6.6
	Memorandum
	Exports of goods and services		71.8	95.1	126.2	137.4	123.0	118.5	130.2	124.8	122.7	132.2
	Investment income, net¹		-8.2	-11.1	-16.2	-24.3	-33.6	-32.6	-36.1	-33.2	-28.5	-26.8
	Of which,
		Interest payments²	-12.3	-16.7	-26.5	-37.7	-44.7	-40.2	-44.5	-41.3	-36.5	-34.9
	Oil trade balance		6.2	7.7	18.3	22.5	22.9	22.3	26.1	24.4	15.3	15.8

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A36.

Developing Countries—by Region: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Developing countries
Exports (f.o.b.)			342.2	466.5	618.6	612.2	536.5	509.2	544.9	526.8	504.3	546.1
Imports (f.o.b.)			332.8	408.3	524.0	571.9	529.3	491.9	496.1	486.6	505.1	537.1
	Trade balance		9.3	58.2	94.6	40.3	7.2	17.3	48.9	40.3	-0.8	8.8
	Services, net		-53.1	-66.4	-81.0	-104.4	-111.8	-93.3	-103.0	-97.8	-92.3	-91.3
	Goods and services balance		-43.8	-8.2	13.5	-64.1	-104.6	-75.9	-54.2	-57.4	-93.1	-82.5
	Unrequited transfers		9.3	15.3	14.4	14.9	13.7	17.0	19.1	23.4	23.8	24.6
	Current account balance		-34.5	7.1	27.9	-49.2	-90.9	-58.9	-35.1	-34.1	-69.3	-57.9
Memorandum
Exports of goods and services			425.0	571.7	760.4	776.5	696.2	659.9	694.6	672.7	656.5	708.6
Investment income, net¹			-5.6	-8.5	-8.9	-15.4	-28.2	-29.6	-39.5	-44.6	-45.8	-47.2
Of which,
	Interest payments²		-25.9	-36.9	-55.3	-74.2	-83.7	-77.8	-87.0	-86.1	-84.5	-83.8
Oil trade balance			110.5	160.0	226.7	213.6	168.3	134.8	137.2	120.3	73.9	76.2
	Africa
	Exports (f.o.b.)		49.0	67.9	93.6	78.1	66.6	64.4	66.1	65.5	59.8	62.6
	Imports (f.o.b.)		51.4	58.5	76.6	82.0	71.9	62.3	59.5	54.3	57.0	58.5
		Trade balance	-2.4	9.3	17.0	-4.0	-5.3	2.1	6.6	11.2	2.8	4.2
		Services, net	-13.7	-16.6	-22.8	-22.5	-20.6	-18.6	-18.1	-18.3	-19.6	-19.3
		Goods and services balance	-16.1	-7.2	-5.7	-26.5	-25.9	-16.5	-11.5	-7.1	-16.8	-15.2
		Unrequited transfers	3.3	3.8	4.2	4.6	4.6	4.9	4.8	5.7	5.3	5.1
		Current account balance	-12.8	-3.4	-1.6	-21.9	-21.3	-11.6	-6.7	-1.4	-11.6	-10.1
	Memorandum
	Exports of goods and services		58.3	79.1	107.7	91.9	78.8	76.1	77.1	76.2	71.4	75.4
	Investment income, net¹		-2.3	-3.8	-5.0	-5.7	-6.7	-7.0	-7.9	-8.6	-9.6	-9.1
	Of which,
		Interest payments²	-3.4	-5.1	-7.3	-8.0	-8.2	-8.2	-9.1	-9.7	-10.7	-10.2
	Oil trade balance		8.5	12.7	19.5	21.0	19.3	16.5	19.0	18.3	11.5	11.7
	Asia
	Exports (f.o.b.)		93.5	122.9	155.9	170.2	163.0	171.1	198.6	197.6	213.1	233.7
	Imports (f.o.b.)		102.2	135.7	176.9	192.9	184.8	188.6	202.6	211.5	225.8	247.2
		Trade balance	-8.7	-12.8	-21.0	-22.7	-21.8	-17.5	-4.0	-13.9	-12.8	-13.5
		Services, net	-4.0	-6.6	-7.8	-7.9	-6.3	-8.0	-11.5	-11.8	-11.8	-12.9
		Goods and services balance	-12.7	-19.5	-28.8	-30.5	-28.1	-25.5	-15.5	-25.8	-24.5	-26.4
		Unrequited transfers	5.9	6.9	9.5	9.9	10.8	11.2	10.7	10.4	9.1	9.4
		Current account balance	-6.8	-12.6	-19.3	-20.7	-17.3	-14.3	-4.8	-15.4	-15.4	-16.9
	Memorandum
	Exports of goods and services		115.1	150.3	190.4	212.5	208.7	217.0	245.3	245.6	265.2	290.0
	Investment income, net¹		-2.0	-2.4	-4.0	-5.4	-7.2	-7.1	-7.7	-9.1	-10.3	-11.4
	Of which,
		Interest payments²	-5.2	-7.2	-10.4	-13.8	-15.6	-15.4	-17.9	-18.9	-19.5	-20.1
	Oil trade balance		-2.4	-4.2	-8.6	-9.6	-9.5	-7.5	-3.0	-4.1	-2.4	-2.4
	Europe
	Exports (f.o.b.)		28.6	34.7	41.6	46.0	45.6	45.5	49.5	50.6	57.4	63.9
	Imports (f.o.b.)		42.0	53.0	63.5	64.3	58.2	55.6	57.4	59.0	62.9	70.8
		Trade balance	-13.5	-18.4	-21.9	-18.3	-12.6	-10.1	-7.9	-8.4	-5.5	-6.9
		Services, net	0.5	0.8	1.7	-0.3	-1.4	-1.6	-1.9	-1.5	-0.5	0.2
		Goods and services balance	-13.0	-17.6	-20.3	-18.5	-14.0	-11.7	-9.8	-9.9	-6.0	-6.7
		Unrequited transfers	5.9	7.6	8.0	3.6	7.9	7.5	7.9	7.6	7.3	7.1
		Current account balance	-7.1	-10.0	-12.3	-9.9	-6.1	-4.2	-1.9	-2.3	13	0.4
	Memorandum
	Exports of goods and services		38.0	47.5	57.7	62.9	61.2	59.2	64.0	65.9	74.8	83.3
	Investment income, net¹		-1.5	-2.8	-4.1	-6.5	-6.7	-6.0	-6.5	-6.6	-6.6	-6.6
	Of which,
		Interest payments²	-2.2	-3.7	-5.4	-7.9	-7.9	-6.9	-7.7	-8.0	-8.1	-8.1
	Oil trade balance		-5.5	-8.0	-13.9	-13.8	-12.1	-10.9	-10.8	-10.6	-6.1	-6.3
	Middle East
	Exports (f.o.b.)		116.7	168.6	233.2	217.2	170.1	136.3	129.4	116.4	80.8	85.3
	Imports (f.o.b.)		78.9	87.7	110.8	128.8	130.3	122.2	112.3	93.6	93.0	87.6
		Trade balance	37.8	80.9	122.4	88.4	39.7	14.2	17.1	17.8	-12.1	-2.3
		Services, net	-20.1	-22.6	-23.4	-32.9	-34.1	-24.3	-28.6	-25.4	-24.0	-22.7
		Goods and services balance	17.7	58.3	99.0	55.5	5.7	-10.1	-11.5	-7.6	-36.1	-25.0
		Unrequited transfers	-6.5	-4.1	-8.3	-9.7	-10.8	-8.4	-6.5	-3.1	-0.6	0.3
		Current account balance	11.2	54.2	90.7	45.8	-5.1	-18.5	-18.1	-10.7	-36.7	-24.7
	Memorandum
	Exports of goods and services		141.9	199.7	278.4	271.8	224.5	189.2	177.9	160.2	122.4	127.6
	Investment income, net¹		8.5	11.6	20.3	26.5	26.0	23.2	18.7	12.9	9.2	6.6
	Of which,
		Interest payments²	-2.9	-4.1	-5.7	-6.9	-7.3	-7.0	-7.8	-8.2	-9.7	-10.5
	Oil trade balance		103.7	151.9	211.3	193.5	147.7	114.3	106.0	92.4	55.6	57.4
	Western Hemisphere
	Exports (f.o.b.)		54.4	72.5	94.3	100.7	91.2	91.9	101.3	96.7	93.3	100.5
	Imports (f.o.b.)		58.3	73.3	96.3	103.9	84.0	63.3	64.3	63.2	66.4	73.0
		Trade balance	-4.0	-0.8	-1.9	-3.2	7.2	28.7	37.0	33.6	26.9	27.4
		Services, net	-15.8	-21.5	-28.7	-40.9	-49.4	-40.8	-43.0	-40.7	-36.4	-36.7
		Goods and services balance	-19.8	-22.3	-30.7	-44.1	-42.3	-12.1	-5.9	-7.1	-9.6	-9.2
		Unrequited transfers	0.8	1.2	1.2	1.5	1.2	1.9	2.3	2.9	2.7	2.6
		Current account balance	-19.0	-21.1	-29.5	-42.6	-41.1	-10.3	-3.6	-4.3	-6.9	-6.6
	Memorandum
	Exports of goods and services		71.8	95.1	126.2	137.4	123.0	118.5	130.2	124.8	122.7	132.2
	Investment income, net¹		-8.2	-11.1	-16.2	-24.3	-33.6	-32.6	-36.1	-33.2	-28.5	-26.8
	Of which,
		Interest payments²	-12.3	-16.7	-26.5	-37.7	-44.7	-40.2	-44.5	-41.3	-36.5	-34.9
	Oil trade balance		6.2	7.7	18.3	22.5	22.9	22.3	26.1	24.4	15.3	15.8

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A37.

Developing Countries—by Predominant Export: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A37.

Developing Countries—by Predominant Export: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Fuel exporters
Exports (f.o.b.)			158.4	233.0	329.6	312.4	252.2	214.8	214.5	196.5	137.3	144.1
Imports (f.o.b.)			114.3	124.7	160.0	191.9	182.2	155.6	145.7	132.5	122.5	118.1
	Trade balance		44.1	108.3	169.5	120.5	70.0	59.2	68.7	64.0	14.8	26.1
	Services, net		-38.4	-46.0	-58.6	-72.8	-77.4	-59.1	-64.1	-58.9	-54.2	-53.6
	Goods and services balance		5.7	62.2	111.0	47.7	-7.4	0.1	4.7	5.1	-39.4	-27.6
	Unrequited transfers		-11.8	-10.9	-15.9	-16.7	-18.2	-14.9	-13.3	-11.6	-9.6	-8.1
	Current account balance		-6.1	51.4	95.1	31.0	-25.6	-14.8	-8.6	-6.5	-49.0	-35.6
Memorandum
Exports of goods and services			186.2	267.2	377.3	373.3	307.1	266.1	262.9	240.8	179.3	186.0
Investment income, net¹			4.4	5.3	12.1	16.8	11.6	8.6	3.1	0.2	-1.9	-2.5
Of which,
	Interest payments²		-8.1	-11.3	-15.7	-20.7	-23.6	-22.3	-25.6	-24.2	-23.7	-22.9
Oil trade balance			134.5	194.7	283.2	272.6	219.5	179.5	175.7	154.9	93.2	95.8
Non-fuel exporters
Exports (f.o.b.)			183.7	233.5	289.0	299.8	284.3	294.4	330.4	330.3	367.0	401.9
Imports (f.o.b.)			218.5	283.6	364.0	380.0	347.0	336.3	350.3	354.1	382.6	419.0
	Trade balance		-34.8	-50.1	-75.0	-80.2	-62.7	-41.9	-19.9	-23.7	-15.6	-17.2
	Services, net		-14.7	-20.4	-22.5	-31.6	-34.4	-34.2	-39.0	-38.9	-38.1	-37.7
	Goods and services balance		-49.5	-70.5	-97.4	-111.8	-97.1	-76.1	-58.8	-62.5	-53.7	-54.9
	Unrequited transfers		21.1	26.2	30.3	31.6	31.8	32.0	32.4	35.0	33.4	32.7
	Current account balance		-28.4	-44.3	-67.1	-80.2	-65.3	-44.1	-26.5	-27.6	-20.3	-22.3
Memorandum
Exports of goods and services			238.8	304.5	383.1	403.2	389.1	393.9	431.7	431.9	477.2	522.6
Investment income, net¹			-10.0	-13.8	-21.0	-32.2	-39.8	-38.1	-42.6	-44.7	-43.9	-44.7
Of which,
	Interest payments²		-17.8	-25.6	-39.6	-53.5	-60.1	-55.4	-61.5	-61.9	-60.7	-60.9
Oil trade balance			-24.0	-34.6	-56.5	-59.0	-51.2	-44.8	-38.6	-34.5	-19.3	-19.6
	Primary product exporters
	Exports (f.o.b.)		85.1	108.6	133.3	127.6	116.9	120.3	132.5	129.3	142.9	156.0
	Imports (f.o.b.)		88.4	112.0	148.4	153.6	135.5	124.1	123.1	115.6	127.4	141.1
		Trade balance	-3.3	-3.4	-15.1	-26.0	-18.6	-3.8	9.4	13.8	15.4	14.8
		Services, net	-22.0	-28.5	-35.0	-42.7	-47.4	-45.9	-47.2	-44.7	-42.8	-44.1
		Goods and services balance	-25.4	-31.9	-50.1	-68.7	-66.0	-49.7	-37.9	-30.9	-27.4	-29.3
		Unrequited transfers	6.1	8.1	9.9	11.2	11.2	11.5	11.9	13.3	12.3	12.2
		Current account balance	-19.2	-23.8	-40.2	-57.5	-54.8	-38.2	-26.0	-17.7	-15.1	-17.2
	Memorandum
	Exports of goods and services		103.6	132.4	164.2	160.4	148.8	149.9	162.8	161.0	178.2	194.9
	Investment income, net¹		-7.2	-10.7	-15.5	-23.3	-30.8	-30.0	-33.6	-33.4	-31.0	-31.1
	Of which,
		Interest payments²	-10.3	-15.4	-22.3	-30.6	-36.4	-34.2	-38.2	-38.2	-35.6	-35.7
	Oil trade balance		-12.8	-18.2	-28.1	-29.1	-25.1	-21.9	-17.7	-15.5	-8.2	-8.1
	Agricultural exporters
	Exports (f.o.b.)		58.9	72.6	86.0	88.5	82.2	84.9	98.5	96.2	107.9	118.6
	Imports (f.o.b.)		65.2	82.7	108.0	108.4	98.4	92.9	92.0	89.1	99.1	110.1
		Trade balance	-6.3	-10.1	-22.0	-20.0	-16.2	-7.9	6.5	7.1	8.8	8.3
		Services, net	-14.9	-19.9	-24.J	-29.6	-35.1	-34.4	-36.1	-34.6	-32.9	-33.6
		Goods and services balance	-21.2	-30.0	-46.1	-49.5	-51.3	-42.4	-29.5	-27.4	-24.1	-25.3
		Unrequited transfers	4.4	5.7	7.4	8.3	8.8	9.1	9.7	10.8	10.0	10.1
		Current account balance	-16.8	-24.3	-38.7	-41.2	-42.5	-33.3	-19.8	-16.8	-14.1	-15.3
	Memorandum
	Exports of goods and services		72.3	89.9	108.5	112.4	105.8	106.9	121.2	120.8	135.6	149.3
	Investment income, net¹		-4.6	-7.3	-10.7	-17.5	-23.8	-23.7	-26.2	-26.4	-24.1	-24.0
	Of which,
		Interest payments²	-7.3	-11.2	-16.0	-23.2	-28.5	-27.1	-29.8	-30.4	-28.1	-27.8
	Oil trade balance		-10.0	-14.3	-22.9	-23.0	-19.8	-16.5	-12.5	-10.6	-5.6	-5.4
	Mineral exporters
	Exports (f.o.b.)		26.2	35.9	47.3	39.1	34.7	35.4	34.0	33.2	34.9	37.4
	Imports (f.o.b.)		23.2	29.2	40.4	45.1	37.1	31.2	31.2	26.5	28.4	30.9
		Trade balance	3.0	6.7	6.9	-6.0	-2.5	4.1	2.8	6.7	6.6	6.5
		Services, net	-7.1	-8.6	-10.9	-13.2	-12.3	-11.4	-11.2	-10.2	-9.9	-10.5
		Goods and services balance	-4.2	-1.9	-4.0	-19.2	-14.7	-7.3	-8.3	-3.5	-3.3	-4.0
		Unrequited transfers	1.7	2.3	2.5	2.9	2.5	2.4	2.2	2.5	2.3	2.1
		Current account balance	-2.4	0.4	-1.5	-16.3	-12.3	-4.9	-6.2	-0.9	-1.0	-1.9
	Memorandum
	Exports of goods and services		31.3	42.5	55.7	48.0	43.0	43.0	41.6	40.2	42.5	45.6
	Investment income, net¹		-2.6	-3.4	-4.8	-5.8	-7.0	-6.3	-7.4	-7.1	-6.9	-7.2
	Of which,
		Interest payments²	-3.1	-4.2	-6.2	-7.5	-7.8	-7.1	-8.4	-7.8	-7.6	-7.8
	Oil trade balance		-2.8	-3.8	-5.2	-6.1	-5.3	-5.4	-5.2	-4.9	-2.6	-2.7
Exporters of manufactures
Exports (f.o.b.)			86.9	109.2	136.1	152.3	148.6	155.3	177.8	180.7	201.8	221.5
Imports (f.o.b.)			101.1	133.2	167.5	175.9	161.8	164.9	179.5	192.5	207.4	228.6
	Trade balance		-14.2	-24.0	-31.3	-23.6	-13.2	-9.6	-1.7	-11.8	-5.6	-7.1
	Services, net		2.2	1.6	2.6	2.5	4.2	3.5	0.6	-0.5	-0.3	0.3
	Goods and services balance		-12.0	-22.4	-28.7	-21.1	-9.1	-6.0	-1.1	-12.2	-5.9	-6.8
	Unrequited transfers		6.9	7.7	8.6	8.6	7.5	8.2	8.5	10.2	10.3	9.4
	Current account balance		-5.1	-14.6	-20.1	-12.5	-1.5	2.2	7.3	-2.0	4.4	2.5
Memorandum
Exports of goods and services			110.0	139.1	173.8	196.1	194.3	199.8	223.3	226.6	251.9	275.9
Investment income, net¹			-1.7	-2.3	-4.8	-7.3	-7.3	-5.7	-5.5	-6.6	-7.3	-7.4
Of which,
	Interest payments²		-4.8	-7.0	-11.3	-14.9	-15.3	-13.6	-14.8	-15.4	-15.8	-15.6
Oil trade balance			-9.2	-13.5	-22.7	-23.8	-20.8	-17.8	-15.9	-14.1	-8.8	-9.1
Service and remittance countries
Exports (f.o.b.)			11.8	15.8	19.6	19.9	18.8	18.8	20.1	20.2	22.4	24.4
Imports (f.o.b.)			29.0	38.5	48.1	50.6	49.7	47.3	47.7	46.0	47.8	49.3
	Trade balance		-17.2	-22.7	-28.5	-30.7	-30.8	-28.5	-27.5	-25.7	-25.4	-24.9
	Services, net		5.1	6.5	9.9	8.6	8.8	8.2	7.7	6.3	5.0	6.2
	Goods and services balance		-12.1	-16.2	-18.6	-22.1	-22.1	-20.4	-19.9	-19.4	-20.4	-18.8
	Unrequited transfers		8.0	10.4	11.8	11.9	13.1	12.3	12.0	11.4	10.9	II.1
	Current account balance		-4.1	-5.8	-6.8	-10.2	-9.0	-8.1	-7.8	-8.0	-9.5	-7.6
Memorandum
Exports of goods and services			25.2	33.0	45.1	46.8	46.0	44.2	45.6	44.3	47.2	51.8
Investment income, net¹			-1.1	-0.8	-0.7	-1.6	-1.7	-2.5	-3.5	-4.7	-5.6	-6.2
Of which,
	Interest payments²		-2.6	-3.1	-6.1	-8.0	-8.5	-7.7	-8.4	-8.4	-9.3	-9.6
Oil trade balance			-2.0	-2.9	-5.6	-6.1	-5.2	-5.1	-5.1	-4.9	-2.3	-2.4

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A37.

Developing Countries—by Predominant Export: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Fuel exporters
Exports (f.o.b.)			158.4	233.0	329.6	312.4	252.2	214.8	214.5	196.5	137.3	144.1
Imports (f.o.b.)			114.3	124.7	160.0	191.9	182.2	155.6	145.7	132.5	122.5	118.1
	Trade balance		44.1	108.3	169.5	120.5	70.0	59.2	68.7	64.0	14.8	26.1
	Services, net		-38.4	-46.0	-58.6	-72.8	-77.4	-59.1	-64.1	-58.9	-54.2	-53.6
	Goods and services balance		5.7	62.2	111.0	47.7	-7.4	0.1	4.7	5.1	-39.4	-27.6
	Unrequited transfers		-11.8	-10.9	-15.9	-16.7	-18.2	-14.9	-13.3	-11.6	-9.6	-8.1
	Current account balance		-6.1	51.4	95.1	31.0	-25.6	-14.8	-8.6	-6.5	-49.0	-35.6
Memorandum
Exports of goods and services			186.2	267.2	377.3	373.3	307.1	266.1	262.9	240.8	179.3	186.0
Investment income, net¹			4.4	5.3	12.1	16.8	11.6	8.6	3.1	0.2	-1.9	-2.5
Of which,
	Interest payments²		-8.1	-11.3	-15.7	-20.7	-23.6	-22.3	-25.6	-24.2	-23.7	-22.9
Oil trade balance			134.5	194.7	283.2	272.6	219.5	179.5	175.7	154.9	93.2	95.8
Non-fuel exporters
Exports (f.o.b.)			183.7	233.5	289.0	299.8	284.3	294.4	330.4	330.3	367.0	401.9
Imports (f.o.b.)			218.5	283.6	364.0	380.0	347.0	336.3	350.3	354.1	382.6	419.0
	Trade balance		-34.8	-50.1	-75.0	-80.2	-62.7	-41.9	-19.9	-23.7	-15.6	-17.2
	Services, net		-14.7	-20.4	-22.5	-31.6	-34.4	-34.2	-39.0	-38.9	-38.1	-37.7
	Goods and services balance		-49.5	-70.5	-97.4	-111.8	-97.1	-76.1	-58.8	-62.5	-53.7	-54.9
	Unrequited transfers		21.1	26.2	30.3	31.6	31.8	32.0	32.4	35.0	33.4	32.7
	Current account balance		-28.4	-44.3	-67.1	-80.2	-65.3	-44.1	-26.5	-27.6	-20.3	-22.3
Memorandum
Exports of goods and services			238.8	304.5	383.1	403.2	389.1	393.9	431.7	431.9	477.2	522.6
Investment income, net¹			-10.0	-13.8	-21.0	-32.2	-39.8	-38.1	-42.6	-44.7	-43.9	-44.7
Of which,
	Interest payments²		-17.8	-25.6	-39.6	-53.5	-60.1	-55.4	-61.5	-61.9	-60.7	-60.9
Oil trade balance			-24.0	-34.6	-56.5	-59.0	-51.2	-44.8	-38.6	-34.5	-19.3	-19.6
	Primary product exporters
	Exports (f.o.b.)		85.1	108.6	133.3	127.6	116.9	120.3	132.5	129.3	142.9	156.0
	Imports (f.o.b.)		88.4	112.0	148.4	153.6	135.5	124.1	123.1	115.6	127.4	141.1
		Trade balance	-3.3	-3.4	-15.1	-26.0	-18.6	-3.8	9.4	13.8	15.4	14.8
		Services, net	-22.0	-28.5	-35.0	-42.7	-47.4	-45.9	-47.2	-44.7	-42.8	-44.1
		Goods and services balance	-25.4	-31.9	-50.1	-68.7	-66.0	-49.7	-37.9	-30.9	-27.4	-29.3
		Unrequited transfers	6.1	8.1	9.9	11.2	11.2	11.5	11.9	13.3	12.3	12.2
		Current account balance	-19.2	-23.8	-40.2	-57.5	-54.8	-38.2	-26.0	-17.7	-15.1	-17.2
	Memorandum
	Exports of goods and services		103.6	132.4	164.2	160.4	148.8	149.9	162.8	161.0	178.2	194.9
	Investment income, net¹		-7.2	-10.7	-15.5	-23.3	-30.8	-30.0	-33.6	-33.4	-31.0	-31.1
	Of which,
		Interest payments²	-10.3	-15.4	-22.3	-30.6	-36.4	-34.2	-38.2	-38.2	-35.6	-35.7
	Oil trade balance		-12.8	-18.2	-28.1	-29.1	-25.1	-21.9	-17.7	-15.5	-8.2	-8.1
	Agricultural exporters
	Exports (f.o.b.)		58.9	72.6	86.0	88.5	82.2	84.9	98.5	96.2	107.9	118.6
	Imports (f.o.b.)		65.2	82.7	108.0	108.4	98.4	92.9	92.0	89.1	99.1	110.1
		Trade balance	-6.3	-10.1	-22.0	-20.0	-16.2	-7.9	6.5	7.1	8.8	8.3
		Services, net	-14.9	-19.9	-24.J	-29.6	-35.1	-34.4	-36.1	-34.6	-32.9	-33.6
		Goods and services balance	-21.2	-30.0	-46.1	-49.5	-51.3	-42.4	-29.5	-27.4	-24.1	-25.3
		Unrequited transfers	4.4	5.7	7.4	8.3	8.8	9.1	9.7	10.8	10.0	10.1
		Current account balance	-16.8	-24.3	-38.7	-41.2	-42.5	-33.3	-19.8	-16.8	-14.1	-15.3
	Memorandum
	Exports of goods and services		72.3	89.9	108.5	112.4	105.8	106.9	121.2	120.8	135.6	149.3
	Investment income, net¹		-4.6	-7.3	-10.7	-17.5	-23.8	-23.7	-26.2	-26.4	-24.1	-24.0
	Of which,
		Interest payments²	-7.3	-11.2	-16.0	-23.2	-28.5	-27.1	-29.8	-30.4	-28.1	-27.8
	Oil trade balance		-10.0	-14.3	-22.9	-23.0	-19.8	-16.5	-12.5	-10.6	-5.6	-5.4
	Mineral exporters
	Exports (f.o.b.)		26.2	35.9	47.3	39.1	34.7	35.4	34.0	33.2	34.9	37.4
	Imports (f.o.b.)		23.2	29.2	40.4	45.1	37.1	31.2	31.2	26.5	28.4	30.9
		Trade balance	3.0	6.7	6.9	-6.0	-2.5	4.1	2.8	6.7	6.6	6.5
		Services, net	-7.1	-8.6	-10.9	-13.2	-12.3	-11.4	-11.2	-10.2	-9.9	-10.5
		Goods and services balance	-4.2	-1.9	-4.0	-19.2	-14.7	-7.3	-8.3	-3.5	-3.3	-4.0
		Unrequited transfers	1.7	2.3	2.5	2.9	2.5	2.4	2.2	2.5	2.3	2.1
		Current account balance	-2.4	0.4	-1.5	-16.3	-12.3	-4.9	-6.2	-0.9	-1.0	-1.9
	Memorandum
	Exports of goods and services		31.3	42.5	55.7	48.0	43.0	43.0	41.6	40.2	42.5	45.6
	Investment income, net¹		-2.6	-3.4	-4.8	-5.8	-7.0	-6.3	-7.4	-7.1	-6.9	-7.2
	Of which,
		Interest payments²	-3.1	-4.2	-6.2	-7.5	-7.8	-7.1	-8.4	-7.8	-7.6	-7.8
	Oil trade balance		-2.8	-3.8	-5.2	-6.1	-5.3	-5.4	-5.2	-4.9	-2.6	-2.7
Exporters of manufactures
Exports (f.o.b.)			86.9	109.2	136.1	152.3	148.6	155.3	177.8	180.7	201.8	221.5
Imports (f.o.b.)			101.1	133.2	167.5	175.9	161.8	164.9	179.5	192.5	207.4	228.6
	Trade balance		-14.2	-24.0	-31.3	-23.6	-13.2	-9.6	-1.7	-11.8	-5.6	-7.1
	Services, net		2.2	1.6	2.6	2.5	4.2	3.5	0.6	-0.5	-0.3	0.3
	Goods and services balance		-12.0	-22.4	-28.7	-21.1	-9.1	-6.0	-1.1	-12.2	-5.9	-6.8
	Unrequited transfers		6.9	7.7	8.6	8.6	7.5	8.2	8.5	10.2	10.3	9.4
	Current account balance		-5.1	-14.6	-20.1	-12.5	-1.5	2.2	7.3	-2.0	4.4	2.5
Memorandum
Exports of goods and services			110.0	139.1	173.8	196.1	194.3	199.8	223.3	226.6	251.9	275.9
Investment income, net¹			-1.7	-2.3	-4.8	-7.3	-7.3	-5.7	-5.5	-6.6	-7.3	-7.4
Of which,
	Interest payments²		-4.8	-7.0	-11.3	-14.9	-15.3	-13.6	-14.8	-15.4	-15.8	-15.6
Oil trade balance			-9.2	-13.5	-22.7	-23.8	-20.8	-17.8	-15.9	-14.1	-8.8	-9.1
Service and remittance countries
Exports (f.o.b.)			11.8	15.8	19.6	19.9	18.8	18.8	20.1	20.2	22.4	24.4
Imports (f.o.b.)			29.0	38.5	48.1	50.6	49.7	47.3	47.7	46.0	47.8	49.3
	Trade balance		-17.2	-22.7	-28.5	-30.7	-30.8	-28.5	-27.5	-25.7	-25.4	-24.9
	Services, net		5.1	6.5	9.9	8.6	8.8	8.2	7.7	6.3	5.0	6.2
	Goods and services balance		-12.1	-16.2	-18.6	-22.1	-22.1	-20.4	-19.9	-19.4	-20.4	-18.8
	Unrequited transfers		8.0	10.4	11.8	11.9	13.1	12.3	12.0	11.4	10.9	II.1
	Current account balance		-4.1	-5.8	-6.8	-10.2	-9.0	-8.1	-7.8	-8.0	-9.5	-7.6
Memorandum
Exports of goods and services			25.2	33.0	45.1	46.8	46.0	44.2	45.6	44.3	47.2	51.8
Investment income, net¹			-1.1	-0.8	-0.7	-1.6	-1.7	-2.5	-3.5	-4.7	-5.6	-6.2
Of which,
	Interest payments²		-2.6	-3.1	-6.1	-8.0	-8.5	-7.7	-8.4	-8.4	-9.3	-9.6
Oil trade balance			-2.0	-2.9	-5.6	-6.1	-5.2	-5.1	-5.1	-4.9	-2.3	-2.4

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A38.

Developing Countries—by Financial and Other Criteria: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

^³Excluding Nigeria and South Africa.

Table A38.

Developing Countries—by Financial and Other Criteria: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
By financial criteria
Capital exporting countries
Exports (f.o.b.)			106.5	155.8	216.1	199.2	153.1	120.9	112.9	99.5	64.0	67.0
Imports (f.o.b.)			58.2	61.5	77.9	93.2	96.4	88.2	78.6	66.2	60.2	55.0
	Trade balance		48.3	94.2	138.2	106.1	56.7	32.7	34.2	33.3	3.8	12.0
	Services, net		-21.6	-24.6	-27.9	-36.9	-38.2	-27.7	-31.6	-27.5	-23.8	-23.3
	Goods and services balance		26.6	69.6	110.3	69.2	18.5	5.0	2.7	5.8	-20.0	-11.3
	Unrequited transfers		-13.0	-13.3	-17.7	-19.0	-19.7	-16.8	-15.2	-13.2	-11.0	-9.5
	Current account balance		13.6	56.3	92.5	50.2	-1.1	-11.8	-12.5	-7.4	-31.0	-20.8
Memorandum
Exports of goods and services			123.7	176.5	246.1	237.7	190.5	157.2	144.6	127.9	90.3	92.1
Investment income, net¹			9.3	12.0	20.5	26.6	26.0	24.2	20.1	15.5	12.7	10.6
Of which,
	Interest payments²		-1.1	-1.6	-2.0	-2.5	-2.5	-2.4	-2.9	-3.3	-3.8	-4.4
Oil trade balance			103.2	151.2	210.7	193.0	147.0	113.8	105.1	91.5	54.5	56.3
Capital importing countries
Exports (f.o.b.)			235.7	310.7	402.5	412.9	383.4	388.3	432.1	427.3	440.3	479.1
Imports (f.o.b.)			274.6	346.8	446.2	478.7	432.9	403.8	417.4	420.4	444.9	482.1
	Trade balance		-39.0	-36.1	-43.7	-65.8	-49.5	-15.4	14.6	7.0	-4.6	-3.2
	Services, net		-31.5	-41.8	-53.1	-67.5	-73.6	-65.5	-71.5	-70.3	-68.5	-68.0
	Goods and services balance		-70.4	-77.9	-96.8	-133.3	-123.1	-80.9	-56.9	-63.2	-73.1	-71.1
	Unrequited transfers		22.3	28.6	32.2	33.9	33.3	33.8	34.3	36.6	34.8	34.1
	Current account balance		-48.2	-49.2	-64.6	-99.5	-89.8	-47.1	-22.6	-26.8	-38.3	-37.1
Memorandum
Exports of goods and services			301.4	395.2	514.3	538.8	505.7	502.8	550.0	544.9	566.2	616.5
Investment income, net¹			-14.8	-20.5	-29.4	-42.0	-54.2	-53.8	-59.6	-60.0	-58.5	-57.8
Of which,
	Interest payments²		-24.8	-35.3	-53.3	-71.8	-81.2	-75.4	-84.1	-82.8	-80.7	-79.4
Oil trade balance			7.3	8.8	16.0	20.6	21.3	20.9	32.0	28.9	19.4	19.9
	Market borrowers
	Exports (f.o.b.)		168.5	227.2	300.7	305.5	281.4	288.3	321.6	316.2	317.0	343.6
	Imports (f.o.b.)		180.1	227.2	291.8	321.0	289.3	260.3	265.7	257.3	273.9	300.2
		Trade balance	-11.5	—	8.9	-15.5	-7.9	28.0	55.9	58.9	43.1	43.3
		Services, net	-25.8	-35.5	-50.5	-62.9	-70.8	-62.5	-66.8	-64.3	-60.4	-59.9
		Goods and services balance	-37.4	-35.5	-41.6	-78.5	-78.7	-34.5	-10.9	-5.3	-17.4	-16.6
		Unrequited transfers	5.6	6.4	6.3	7.3	6.4	7.3	7.3	7.1	7.0	6.8
		Current account balance	-31.8	-29.2	-35.3	-71.2	-72.3	-27.2	-3.6	1.7	-10.3	-9.8
	Memorandum
	Exports of goods and services		212.1	282.9	374.2	391.0	361.3	360.7	396.5	390.8	397.1	429.9
	Investment income, net¹		-11.6	-16.4	-24.2	-34.9	-46.4	-45.2	-49.9	-47.8	-44.1	-41.4
	Of which,
		Interest payments²	-19.0	-26.8	-41.3	-56.9	-65.1	-59.8	-66.9	-64.7	-60.8	-57.9
	Oil trade balance		14.1	18.1	33.8	38.5	35.9	33.2	41.8	37.8	24.3	25.1
	Official borrowers
	Exports (f.o.b.)		20.4	25.1	29.3	28.2	25.3	25.1	25.7	25.3	28.8	30.6
	Imports (f.o.b.)		31.4	37.4	46.6	48.2	45.4	43.8	43.9	42.7	44.9	47.5
		Trade balance	-11.0	-12.4	-17.3	-20.0	-20.1	-18.7	-18.2	-17.4	-16.1	-16.9
		Services, net	-4.1	-4.5	-4.6	-4.9	-4.4	-4.6	-5.5	-5.3	-5.4	-5.6
		Goods and services balance	-15.1	-16.9	-21.9	-24.9	-24.5	-23.3	-23.8	-22.7	-21.5	-22.5
		Unrequited transfers	7.9	10.9	12.7	13.2	14.2	14.1	13.9	13.7	12.3	12.6
		Current account balance	-7.2	-5.9	-9.1	-11.7	-10.3	-9.2	-9.9	-9.0	-9.1	-9.9
	Memorandum
	Exports of goods and services		26.8	33.2	39.0	38.4	35.6	34.9	35.3	35.5	39.8	42.5
	Investment income, net¹		-1.0	-1.3	-1.7	-2.0	-2.5	-2.8	-3.2	-3.9	-4.4	-4.6
	Of which,
		Interest payments²	-1.7	-2.3	-3.3	-3.8	-4.3	-4.2	-4.6	-5.2	-5.6	-5.7
	Oil trade balance		-1.7	-3.0	-5.0	-6.3	-5.5	-5.2	-4.9	-5.0	-2.6	-2.4
	Diversified borrowers
	Exports (f.o.b.)		46.7	58.5	72.5	79.2	76.7	74.9	84.8	85.8	94.5	104.9
	Imports (f.o.b.)		63.2	82.1	107.8	109.5	98.2	99.6	107.9	120.3	126.1	134.4
		Trade balance	-16.4	-23.7	-35.3	-30.3	-21.4	-24.7	-23.1	-34.5	-31.6	-29.5
		Services, net	-1.6	-1.8	1.9	0.3	1.6	1.5	0.8	-0.8	-2.6	-2.5
		Goods and services balance	-18.0	-25.5	-33.3	-29.9	-19.9	-23.2	-22.2	-35.2	-34.2	-32.1
		Unrequited transfers	8.8	11.3	13.1	13.4	12.7	12.5	13.1	15.8	15.4	14.6
		Current account balance	-9.2	-14.1	-20.2	-16.6	-7.2	-10.7	-9.1	-19.4	-18.8	-17.4
	Memorandum
	Exports of goods and services		62.5	79.1	101.1	109.4	108.8	107.1	118.2	118.5	129.3	144.1
	Investment income, net¹		-2.3	-2.8	-3.4	-5.2	-5.4	-5.7	-6.4	-8.3	-10.0	-11.8
	Of which,
		Interest payments³	-4.1	-6.3	-8.6	-11.1	-11.8	-11.4	-12.6	-12.9	-14.3	-15.8
	Oil trade balance		-5.0	-6.3	-12.8	-11.5	-9.1	-7.1	-4.8	-3.9	-2.3	-2.8
	Countries with recent debt servicing problems
	Exports (f.o.b.)		105.3	140.5	186.2	180.3	159.7	158.5	170.8	164.6	159.7	172.0
	Imports (f.o.b.)		119.6	147.5	187.6	199.8	165.7	136.5	136.2	129.3	135.5	145.1
		Trade balance	-14.3	-7.0	-1.4	-19.4	-6.0	22.0	34.6	35.4	24.2	26.8
		Services, net	-24.1	-31.8	-43.9	-55.6	-63.9	-51.3	-52.2	-50.7	-49.1	-47.7
		Goods and services balance	-38.4	-38.8	-45.3	-75.0	-69.9	-29.3	-17.6	-15.3	-24.9	-20.8
		Unrequited transfers	6.7	7.2	6.9	7.8	7.6	8.7	9.2	10.7	10.9	10.6
		Current account balance	-31.7	-31.6	-38.5	-67.2	-62.3	-20.6	-8.4	-4.7	-14.0	-10.3
	Memorandum
	Exports of goods and services		134.5	178.2	237.3	236.4	208.0	202.5	217.5	209.3	205.7	222.4
	Investment income, net¹		-10.6	-14.6	-22.0	-31.7	-42.2	-41.3	-45.2	-43.8	-40.6	-37.9
	Of which,
		Interest payments²	-15.8	-22.2	-35.0	-47.9	-55.3	-50.8	-56.0	-53.5	-50.0	-47.5
	Oil trade balance		5.1	6.6	16.6	23.0	24.4	22.5	29.0	27.3	17.1	17.4
	Countries without debt-servicing problems
	Exports (f.o.b.)		130.4	170.2	216.3	232.6	223.7	229.8	261.3	262.7	280.6	307.0
	Imports (f.o.b.)		155.1	199.3	258.5	279.0	267.2	267.2	281.2	291.1	309.4	337.0
		Trade balance	-24.6	-29.0	-42.3	-46.4	-43.5	-37.4	-19.9	-28.4	-28.8	-30.0
		Services, net	-7.3	-10.1	-9.2	-11.9	-9.8	-14.2	-19.3	-19.6	-19.3	-20.3
		Goods and services balance	-32.0	-39.1	-51.5	-58.3	-53.3	-51.7	-39.2	-48.0	-48.2	-50.3
		Unrequited transfers	15.6	21.5	25.3	26.1	25.7	25.1	25.1	25.9	23.9	23.5
		Current account balance	-16.4	-17.6	-26.1	-32.2	-27.5	-26.5	-14.2	-22.1	-24.3	-26.8
	Memorandum
	Exports of goods and services		166.8	217.0	277.0	302.4	297.7	300.3	332.4	335.5	360.6	394.1
	Investment income, net¹		-4.2	-5.9	-7.4	-10.3	-12.1	-12.5	-14.4	-16.3	-17.9	-20.0
	Of which,
		Interest payments³	-9.0	-13.2	-18.3	-23.9	-25.8	-24.6	-28.1	-29.3	-30.6	-31.9
	Oil trade balance		2.2	2.1	-0.6	-2.3	-3.1	-1.6	3.0	1.6	2.3	2.5
By miscellaneous criteria
	Capital importing fuel exporters
	Exports (f.o.b.)		51.9	77.2	113.5	113.1	99.1	94.0	101.6	97.0	73.3	77.1
	Imports (f.o.b.)		56.1	63.2	82.2	98.7	85.9	67.5	67.1	66.3	62.3	63.1
		Trade balance	-4.2	14.0	31.3	14.4	13.2	26.5	34.5	30.7	11.0	14.1
		Services, net	-16.8	-21.4	-30.6	-35.9	-39.2	-31.3	-32.5	-31.4	-30.4	-30.3
		Goods and services balance	-20.9	-7.4	0.7	-21.5	-26.0	-4.8	2.0	-0.7	-19.4	-16.3
		Unrequited transfers	1.2	2.4	1.3	2.3	1.5	1.9	1.9	1.6	1.4	1.4
		Current account balance	-19.7	-4.9	2.5	-19.2	-24.5	-3.0	3.9	0.9	-18.0	-14.8
	Memorandum
	Exports of goods and services		62.5	90.7	131.3	135.6	116.7	108.9	118.3	113.0	89.0	93.9
	Investment income, net¹		-4.8	-6.7	-8.4	-9.8	-14.4	-15.6	-17.1	-15.3	-14.6	-13.1
	Of which,
		Interest payments²	-7.0	-9.7	-13.6	-18.2	-21.1	-20.0	-22.6	-20.9	-19.9	-18.5
	Oil trade balance		31.3	43.4	72.5	79.6	72.5	65.7	70.6	63.4	38.7	39.5
	Fifteen heavily indebted countries
	Exports (f.o.b.)		69.1	94.8	128.0	127.3	112.5	111.3	123.2	118.3	112.1	121.0
	Imports (f.o.b.)		76.9	96.0	122.4	132.7	107.8	82.3	79.8	76.9	80.9	87.7
		Trade balance	-7.9	-1.2	5.6	-5.3	4.7	29.0	43.4	41.4	31.1	33.2
		Services, net	-19.7	-26.5	-36.7	-47.8	-56.8	-46.2	-48.0	-45.7	-42.2	-41.5
		Goods and services balance	-27.6	-27.7	-31.1	-53.1	-52.2	-17.2	-4.6	-4.3	-11.1	-8.4
		Unrequited transfers	2.9	3.2	2.3	3.1	2.1	3.3	3.6	4.3	3.8	3.2
		Current account balance	-24.7	-24.5	-28.7	-50.0	-50.1	-13.8	-0.9	-0.1	-7.3	-5.1
	Memorandum
	Exports of goods and services		87.6	119.7	161.3	164.8	143.1	136.5	150.7	145.6	141.3	153.0
	Investment income, net¹		-8.3	-12.1	-17.3	-26.2	-36.8	-36.0	-39.5	-37.0	-32.9	-30.0
	Of which,
		Interest payments²	-12.0	-17.4	-25.7	-37.1	-44.4	-41.0	-45.7	-43.4	-39.1	-36.6
	Oil trade balance		8.3	9.9	23.0	28.9	29.4	27.4	33.6	32.1	19.9	20.7
	Small low-income countries
	Exports (f.o.b.)		12.3	14.7	17.0	15.5	14.1	14.9	15.8	15.4	19.0	20.2
	Imports (f.o.b.)		20.1	23.5	29.3	28.3	27.5	25.7	26.9	26.4	29.0	30.8
		Trade balance	-7.8	-8.8	-12.3	-12.8	-13.4	-10.8	-11.1	-11.0	-10.0	-10.5
		Services, net	-2.9	-3.6	-3.4	-3.7	-3.8	-4.1	-4.7	-5.0	-5.3	-5.5
		Goods and services balance	-10.7	-12.4	-15.7	-16.5	-17.2	-14.9	-15.8	-16.0	-15.3	-16.0
		Unrequited transfers	4.8	5.5	7.0	7.5	8.6	9.0	8.9	9.2	8.3	8.5
		Current account balance	-5.9	-6.9	-8.7	-9.0	-8.6	-6.0	-6.9	-6.8	-6.9	-7.5
	Memorandum
	Exports of goods and services		15.3	18.3	21.5	19.9	18.4	19.1	19.9	19.6	23.8	25.4
	Investment income, net¹		-0.7	-0.8	-1.0	-1.5	-2.0	-2.1	-2.3	-2.7	-3.0	-3.2
	Of which,
		Interest payments²	-1.0	-1.2	-1.6	-2.0	-2.5	-2.6	-2.8	-3.2	-3.5	-3.6
	Oil trade balance		-1.8	-2.9	-4.5	-5.3	-5.3	-4.6	-4.3	-4.2	-2.5	-2.5
	Sub-Saharan Africa³
	Exports (f.o.b.)		16.8	20.5	24.2	21.4	20.0	19.4	20.9	20.4	22.8	23.6
	Imports (f.o.b.)		18.8	21.5	27.4	25.9	23.8	21.1	20.2	20.3	23.5	24.7
		Trade balance	-2.0	-1.0	-3.2	-4.5	-3.9	-1.6	0.6	0.1	-0.7	-1.1
		Services, net	-5.3	-6.3	-7.3	-7.6	-7.4	-7.7	-8.0	-8.0	-8.6	-8.8
		Goods and services balance	-7.3	-7.4	-10.5	-12.1	-11.3	-9.3	-7.3	-7.9	-9.3	-9.9
		Unrequited transfers	1.9	1.9	2.5	2.7	2.9	3.2	3.4	3.9	3.9	3.9
		Current account balance	-5.4	-5.5	-8.1	-9.4	-8.4	-6.1	-3.9	-3.9	-5.4	-6.0
	Memorandum
	Exports of goods and services		20.9	25.2	30.1	27.1	25.2	24.5	25.7	25.3	28.2	29.6
	Investment income, net¹		-0.9	-1.4	-2.0	-2.3	-2.7	-2.7	-3.0	-3.4	-3.7	-3.9
	Of which,
		Interest payments²	-1.2	-1.8	-2.6	-2.9	-3.2	-3.1	-3.4	-3.8	-4.1	-4.2
	Oil trade balance		-0.5	-0.9	-1.1	-0.5	0.2	0.8	1.5	1.3	0.4	0.2

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

^³Excluding Nigeria and South Africa.

Table A38.

Developing Countries—by Financial and Other Criteria: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
By financial criteria
Capital exporting countries
Exports (f.o.b.)			106.5	155.8	216.1	199.2	153.1	120.9	112.9	99.5	64.0	67.0
Imports (f.o.b.)			58.2	61.5	77.9	93.2	96.4	88.2	78.6	66.2	60.2	55.0
	Trade balance		48.3	94.2	138.2	106.1	56.7	32.7	34.2	33.3	3.8	12.0
	Services, net		-21.6	-24.6	-27.9	-36.9	-38.2	-27.7	-31.6	-27.5	-23.8	-23.3
	Goods and services balance		26.6	69.6	110.3	69.2	18.5	5.0	2.7	5.8	-20.0	-11.3
	Unrequited transfers		-13.0	-13.3	-17.7	-19.0	-19.7	-16.8	-15.2	-13.2	-11.0	-9.5
	Current account balance		13.6	56.3	92.5	50.2	-1.1	-11.8	-12.5	-7.4	-31.0	-20.8
Memorandum
Exports of goods and services			123.7	176.5	246.1	237.7	190.5	157.2	144.6	127.9	90.3	92.1
Investment income, net¹			9.3	12.0	20.5	26.6	26.0	24.2	20.1	15.5	12.7	10.6
Of which,
	Interest payments²		-1.1	-1.6	-2.0	-2.5	-2.5	-2.4	-2.9	-3.3	-3.8	-4.4
Oil trade balance			103.2	151.2	210.7	193.0	147.0	113.8	105.1	91.5	54.5	56.3
Capital importing countries
Exports (f.o.b.)			235.7	310.7	402.5	412.9	383.4	388.3	432.1	427.3	440.3	479.1
Imports (f.o.b.)			274.6	346.8	446.2	478.7	432.9	403.8	417.4	420.4	444.9	482.1
	Trade balance		-39.0	-36.1	-43.7	-65.8	-49.5	-15.4	14.6	7.0	-4.6	-3.2
	Services, net		-31.5	-41.8	-53.1	-67.5	-73.6	-65.5	-71.5	-70.3	-68.5	-68.0
	Goods and services balance		-70.4	-77.9	-96.8	-133.3	-123.1	-80.9	-56.9	-63.2	-73.1	-71.1
	Unrequited transfers		22.3	28.6	32.2	33.9	33.3	33.8	34.3	36.6	34.8	34.1
	Current account balance		-48.2	-49.2	-64.6	-99.5	-89.8	-47.1	-22.6	-26.8	-38.3	-37.1
Memorandum
Exports of goods and services			301.4	395.2	514.3	538.8	505.7	502.8	550.0	544.9	566.2	616.5
Investment income, net¹			-14.8	-20.5	-29.4	-42.0	-54.2	-53.8	-59.6	-60.0	-58.5	-57.8
Of which,
	Interest payments²		-24.8	-35.3	-53.3	-71.8	-81.2	-75.4	-84.1	-82.8	-80.7	-79.4
Oil trade balance			7.3	8.8	16.0	20.6	21.3	20.9	32.0	28.9	19.4	19.9
	Market borrowers
	Exports (f.o.b.)		168.5	227.2	300.7	305.5	281.4	288.3	321.6	316.2	317.0	343.6
	Imports (f.o.b.)		180.1	227.2	291.8	321.0	289.3	260.3	265.7	257.3	273.9	300.2
		Trade balance	-11.5	—	8.9	-15.5	-7.9	28.0	55.9	58.9	43.1	43.3
		Services, net	-25.8	-35.5	-50.5	-62.9	-70.8	-62.5	-66.8	-64.3	-60.4	-59.9
		Goods and services balance	-37.4	-35.5	-41.6	-78.5	-78.7	-34.5	-10.9	-5.3	-17.4	-16.6
		Unrequited transfers	5.6	6.4	6.3	7.3	6.4	7.3	7.3	7.1	7.0	6.8
		Current account balance	-31.8	-29.2	-35.3	-71.2	-72.3	-27.2	-3.6	1.7	-10.3	-9.8
	Memorandum
	Exports of goods and services		212.1	282.9	374.2	391.0	361.3	360.7	396.5	390.8	397.1	429.9
	Investment income, net¹		-11.6	-16.4	-24.2	-34.9	-46.4	-45.2	-49.9	-47.8	-44.1	-41.4
	Of which,
		Interest payments²	-19.0	-26.8	-41.3	-56.9	-65.1	-59.8	-66.9	-64.7	-60.8	-57.9
	Oil trade balance		14.1	18.1	33.8	38.5	35.9	33.2	41.8	37.8	24.3	25.1
	Official borrowers
	Exports (f.o.b.)		20.4	25.1	29.3	28.2	25.3	25.1	25.7	25.3	28.8	30.6
	Imports (f.o.b.)		31.4	37.4	46.6	48.2	45.4	43.8	43.9	42.7	44.9	47.5
		Trade balance	-11.0	-12.4	-17.3	-20.0	-20.1	-18.7	-18.2	-17.4	-16.1	-16.9
		Services, net	-4.1	-4.5	-4.6	-4.9	-4.4	-4.6	-5.5	-5.3	-5.4	-5.6
		Goods and services balance	-15.1	-16.9	-21.9	-24.9	-24.5	-23.3	-23.8	-22.7	-21.5	-22.5
		Unrequited transfers	7.9	10.9	12.7	13.2	14.2	14.1	13.9	13.7	12.3	12.6
		Current account balance	-7.2	-5.9	-9.1	-11.7	-10.3	-9.2	-9.9	-9.0	-9.1	-9.9
	Memorandum
	Exports of goods and services		26.8	33.2	39.0	38.4	35.6	34.9	35.3	35.5	39.8	42.5
	Investment income, net¹		-1.0	-1.3	-1.7	-2.0	-2.5	-2.8	-3.2	-3.9	-4.4	-4.6
	Of which,
		Interest payments²	-1.7	-2.3	-3.3	-3.8	-4.3	-4.2	-4.6	-5.2	-5.6	-5.7
	Oil trade balance		-1.7	-3.0	-5.0	-6.3	-5.5	-5.2	-4.9	-5.0	-2.6	-2.4
	Diversified borrowers
	Exports (f.o.b.)		46.7	58.5	72.5	79.2	76.7	74.9	84.8	85.8	94.5	104.9
	Imports (f.o.b.)		63.2	82.1	107.8	109.5	98.2	99.6	107.9	120.3	126.1	134.4
		Trade balance	-16.4	-23.7	-35.3	-30.3	-21.4	-24.7	-23.1	-34.5	-31.6	-29.5
		Services, net	-1.6	-1.8	1.9	0.3	1.6	1.5	0.8	-0.8	-2.6	-2.5
		Goods and services balance	-18.0	-25.5	-33.3	-29.9	-19.9	-23.2	-22.2	-35.2	-34.2	-32.1
		Unrequited transfers	8.8	11.3	13.1	13.4	12.7	12.5	13.1	15.8	15.4	14.6
		Current account balance	-9.2	-14.1	-20.2	-16.6	-7.2	-10.7	-9.1	-19.4	-18.8	-17.4
	Memorandum
	Exports of goods and services		62.5	79.1	101.1	109.4	108.8	107.1	118.2	118.5	129.3	144.1
	Investment income, net¹		-2.3	-2.8	-3.4	-5.2	-5.4	-5.7	-6.4	-8.3	-10.0	-11.8
	Of which,
		Interest payments³	-4.1	-6.3	-8.6	-11.1	-11.8	-11.4	-12.6	-12.9	-14.3	-15.8
	Oil trade balance		-5.0	-6.3	-12.8	-11.5	-9.1	-7.1	-4.8	-3.9	-2.3	-2.8
	Countries with recent debt servicing problems
	Exports (f.o.b.)		105.3	140.5	186.2	180.3	159.7	158.5	170.8	164.6	159.7	172.0
	Imports (f.o.b.)		119.6	147.5	187.6	199.8	165.7	136.5	136.2	129.3	135.5	145.1
		Trade balance	-14.3	-7.0	-1.4	-19.4	-6.0	22.0	34.6	35.4	24.2	26.8
		Services, net	-24.1	-31.8	-43.9	-55.6	-63.9	-51.3	-52.2	-50.7	-49.1	-47.7
		Goods and services balance	-38.4	-38.8	-45.3	-75.0	-69.9	-29.3	-17.6	-15.3	-24.9	-20.8
		Unrequited transfers	6.7	7.2	6.9	7.8	7.6	8.7	9.2	10.7	10.9	10.6
		Current account balance	-31.7	-31.6	-38.5	-67.2	-62.3	-20.6	-8.4	-4.7	-14.0	-10.3
	Memorandum
	Exports of goods and services		134.5	178.2	237.3	236.4	208.0	202.5	217.5	209.3	205.7	222.4
	Investment income, net¹		-10.6	-14.6	-22.0	-31.7	-42.2	-41.3	-45.2	-43.8	-40.6	-37.9
	Of which,
		Interest payments²	-15.8	-22.2	-35.0	-47.9	-55.3	-50.8	-56.0	-53.5	-50.0	-47.5
	Oil trade balance		5.1	6.6	16.6	23.0	24.4	22.5	29.0	27.3	17.1	17.4
	Countries without debt-servicing problems
	Exports (f.o.b.)		130.4	170.2	216.3	232.6	223.7	229.8	261.3	262.7	280.6	307.0
	Imports (f.o.b.)		155.1	199.3	258.5	279.0	267.2	267.2	281.2	291.1	309.4	337.0
		Trade balance	-24.6	-29.0	-42.3	-46.4	-43.5	-37.4	-19.9	-28.4	-28.8	-30.0
		Services, net	-7.3	-10.1	-9.2	-11.9	-9.8	-14.2	-19.3	-19.6	-19.3	-20.3
		Goods and services balance	-32.0	-39.1	-51.5	-58.3	-53.3	-51.7	-39.2	-48.0	-48.2	-50.3
		Unrequited transfers	15.6	21.5	25.3	26.1	25.7	25.1	25.1	25.9	23.9	23.5
		Current account balance	-16.4	-17.6	-26.1	-32.2	-27.5	-26.5	-14.2	-22.1	-24.3	-26.8
	Memorandum
	Exports of goods and services		166.8	217.0	277.0	302.4	297.7	300.3	332.4	335.5	360.6	394.1
	Investment income, net¹		-4.2	-5.9	-7.4	-10.3	-12.1	-12.5	-14.4	-16.3	-17.9	-20.0
	Of which,
		Interest payments³	-9.0	-13.2	-18.3	-23.9	-25.8	-24.6	-28.1	-29.3	-30.6	-31.9
	Oil trade balance		2.2	2.1	-0.6	-2.3	-3.1	-1.6	3.0	1.6	2.3	2.5
By miscellaneous criteria
	Capital importing fuel exporters
	Exports (f.o.b.)		51.9	77.2	113.5	113.1	99.1	94.0	101.6	97.0	73.3	77.1
	Imports (f.o.b.)		56.1	63.2	82.2	98.7	85.9	67.5	67.1	66.3	62.3	63.1
		Trade balance	-4.2	14.0	31.3	14.4	13.2	26.5	34.5	30.7	11.0	14.1
		Services, net	-16.8	-21.4	-30.6	-35.9	-39.2	-31.3	-32.5	-31.4	-30.4	-30.3
		Goods and services balance	-20.9	-7.4	0.7	-21.5	-26.0	-4.8	2.0	-0.7	-19.4	-16.3
		Unrequited transfers	1.2	2.4	1.3	2.3	1.5	1.9	1.9	1.6	1.4	1.4
		Current account balance	-19.7	-4.9	2.5	-19.2	-24.5	-3.0	3.9	0.9	-18.0	-14.8
	Memorandum
	Exports of goods and services		62.5	90.7	131.3	135.6	116.7	108.9	118.3	113.0	89.0	93.9
	Investment income, net¹		-4.8	-6.7	-8.4	-9.8	-14.4	-15.6	-17.1	-15.3	-14.6	-13.1
	Of which,
		Interest payments²	-7.0	-9.7	-13.6	-18.2	-21.1	-20.0	-22.6	-20.9	-19.9	-18.5
	Oil trade balance		31.3	43.4	72.5	79.6	72.5	65.7	70.6	63.4	38.7	39.5
	Fifteen heavily indebted countries
	Exports (f.o.b.)		69.1	94.8	128.0	127.3	112.5	111.3	123.2	118.3	112.1	121.0
	Imports (f.o.b.)		76.9	96.0	122.4	132.7	107.8	82.3	79.8	76.9	80.9	87.7
		Trade balance	-7.9	-1.2	5.6	-5.3	4.7	29.0	43.4	41.4	31.1	33.2
		Services, net	-19.7	-26.5	-36.7	-47.8	-56.8	-46.2	-48.0	-45.7	-42.2	-41.5
		Goods and services balance	-27.6	-27.7	-31.1	-53.1	-52.2	-17.2	-4.6	-4.3	-11.1	-8.4
		Unrequited transfers	2.9	3.2	2.3	3.1	2.1	3.3	3.6	4.3	3.8	3.2
		Current account balance	-24.7	-24.5	-28.7	-50.0	-50.1	-13.8	-0.9	-0.1	-7.3	-5.1
	Memorandum
	Exports of goods and services		87.6	119.7	161.3	164.8	143.1	136.5	150.7	145.6	141.3	153.0
	Investment income, net¹		-8.3	-12.1	-17.3	-26.2	-36.8	-36.0	-39.5	-37.0	-32.9	-30.0
	Of which,
		Interest payments²	-12.0	-17.4	-25.7	-37.1	-44.4	-41.0	-45.7	-43.4	-39.1	-36.6
	Oil trade balance		8.3	9.9	23.0	28.9	29.4	27.4	33.6	32.1	19.9	20.7
	Small low-income countries
	Exports (f.o.b.)		12.3	14.7	17.0	15.5	14.1	14.9	15.8	15.4	19.0	20.2
	Imports (f.o.b.)		20.1	23.5	29.3	28.3	27.5	25.7	26.9	26.4	29.0	30.8
		Trade balance	-7.8	-8.8	-12.3	-12.8	-13.4	-10.8	-11.1	-11.0	-10.0	-10.5
		Services, net	-2.9	-3.6	-3.4	-3.7	-3.8	-4.1	-4.7	-5.0	-5.3	-5.5
		Goods and services balance	-10.7	-12.4	-15.7	-16.5	-17.2	-14.9	-15.8	-16.0	-15.3	-16.0
		Unrequited transfers	4.8	5.5	7.0	7.5	8.6	9.0	8.9	9.2	8.3	8.5
		Current account balance	-5.9	-6.9	-8.7	-9.0	-8.6	-6.0	-6.9	-6.8	-6.9	-7.5
	Memorandum
	Exports of goods and services		15.3	18.3	21.5	19.9	18.4	19.1	19.9	19.6	23.8	25.4
	Investment income, net¹		-0.7	-0.8	-1.0	-1.5	-2.0	-2.1	-2.3	-2.7	-3.0	-3.2
	Of which,
		Interest payments²	-1.0	-1.2	-1.6	-2.0	-2.5	-2.6	-2.8	-3.2	-3.5	-3.6
	Oil trade balance		-1.8	-2.9	-4.5	-5.3	-5.3	-4.6	-4.3	-4.2	-2.5	-2.5
	Sub-Saharan Africa³
	Exports (f.o.b.)		16.8	20.5	24.2	21.4	20.0	19.4	20.9	20.4	22.8	23.6
	Imports (f.o.b.)		18.8	21.5	27.4	25.9	23.8	21.1	20.2	20.3	23.5	24.7
		Trade balance	-2.0	-1.0	-3.2	-4.5	-3.9	-1.6	0.6	0.1	-0.7	-1.1
		Services, net	-5.3	-6.3	-7.3	-7.6	-7.4	-7.7	-8.0	-8.0	-8.6	-8.8
		Goods and services balance	-7.3	-7.4	-10.5	-12.1	-11.3	-9.3	-7.3	-7.9	-9.3	-9.9
		Unrequited transfers	1.9	1.9	2.5	2.7	2.9	3.2	3.4	3.9	3.9	3.9
		Current account balance	-5.4	-5.5	-8.1	-9.4	-8.4	-6.1	-3.9	-3.9	-5.4	-6.0
	Memorandum
	Exports of goods and services		20.9	25.2	30.1	27.1	25.2	24.5	25.7	25.3	28.2	29.6
	Investment income, net¹		-0.9	-1.4	-2.0	-2.3	-2.7	-2.7	-3.0	-3.4	-3.7	-3.9
	Of which,
		Interest payments²	-1.2	-1.8	-2.6	-2.9	-3.2	-3.1	-3.4	-3.8	-4.1	-4.2
	Oil trade balance		-0.5	-0.9	-1.1	-0.5	0.2	0.8	1.5	1.3	0.4	0.2

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

^³Excluding Nigeria and South Africa.

Table A39.

Developing Countries—by Alternative Analytical Categories: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A39.

Developing Countries—by Alternative Analytical Categories: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Oil exporting countries
Exports (f.o.b.)			143.5	211.5	296.8	274.6	215.0	177.6	174.7	158.5	106.4	111.2
Imports (f.o.b.)			96.7	100.4	125.9	150.6	152.1	132.2	119.8	105.5	97.3	91.4
	Trade balance		46.7	111.1	170.8	124.0	63.0	45.4	54.8	53.0	9.1	19.8
	Services, net		-34.7	-40.6	-49.8	-58.9	-60.5	-46.4	-49.6	-45.2	-42.0	-41.2
	Goods and services balance		12.1	70.5	121.0	65.2	2.5	-0.9	5.3	7.9	-32.9	-21.4
	Unrequited transfers		-13.4	-13.7	-18.6	-19.4	-20.2	-17.1	-15.3	-13.3	-11.2	-9.7
	Current account balance		-1.3	56.8	102.4	45.8	-17.8	-18.0	-10.0	-5.5	-44.1	-31.1
Memorandum
Exports of goods and services			164.2	236.5	332.6	321.6	259.1	219.1	211.8	192.5	138.2	141.6
Investment income, net¹			7.8	9.2	17.7	24.3	22.3	18.5	13.8	9.2	6.4	4.9
Of which,
	Interest payments²		-4.0	-6.3	-8.2	-10.6	-10.4	-10.5	-12.4	-12.6	-13.3	-12.9
Oil trade balance			128.8	184.9	264.9	250.9	196.1	157.0	152.7	133.7	80.3	82.6
Non-oil developing countries
Exports (f.o.b.)			198.7	255.0	321.9	337.5	321.5	331.6	370.2	368.3	397.8	434.8
Imports (f.o.b.)			236.1	307.9	398.1	421.3	377.2	359.8	376.2	381.1	407.7	445.6
	Trade balance		-37.4	-52.9	-76.2	-83.8	-55.7	-28.1	-6.0	-12.7	-9.9	-10.9
	Services, net		-18.5	-25.8	-31.3	-45.5	-51.3	-46.9	-53.5	-52.6	-50.3	-50.1
	Goods and services balance		-55.9	-78.7	-107.5	-129.3	-107.1	-75.0	-59.5	-65.3	-60.2	-61.0
	Unrequited transfers		22.7	29.0	33.1	34.3	33.9	34.1	34.5	36.8	35.0	34.3
	Current account balance		-33.2	-49.7	-74.4	-95.0	-73.2	-40.9	-25.0	-28.7	-25.2	-26.7
Memorandum
Exports of goods and services			260.8	335.2	427.8	454.9	437.1	440.8	482.7	480.2	518.4	567.0
Investment income, net¹			-13.4	-17.6	-26.6	-39.7	-50.6	-48.1	-53.3	-53.8	-52.1	-52.1
Of which,
	Interest payments²		-21.9	-30.6	-47.1	-63.6	-73.3	-67.3	-74.6	-73.5	-71.1	-70.8
Oil trade balance			-18.3	-24.9	-38.2	-37.3	-27.8	-22.2	-15.5	-13.4	-6.4	-6.4
	Net oil exporters
	Exports (f.o.b.)		26.9	39.6	54.6	57.5	57.3	58.3	64.1	61.2	54.7	58.9
	Imports (f.o.b.)		31.0	42.1	56.4	66.9	56.5	49.2	52.7	52.5	53.7	55.4
		Trade balance	-4.1	-2.5	-1.8	-9.4	0.8	9.1	11.4	8.7	0.9	3.5
		Services, net	-3.7	-6.0	-9.2	-14.5	-18.6	-14.6	-16.4	-16.5	-17.9	-18.1
		Goods and services balance	-7.9	-8.6	-11.0	-23.9	-17.8	-5.5	-5.0	-7.8	-17.0	-14.5
		Unrequited transfers	2.0	3.0	2.9	2.9	2.4	2.6	2.5	2.5	3.0	3.1
		Current account balance	-5.9	-5.5	-8.1	-21.0	-15.4	-2.9	-2.5	-5.3	-14.0	-11.3
	Memorandum
	Exports of goods and services		39.2	55.8	75.8	81.3	77.5	78.7	87.2	82.3	75.0	81.7
	Investment income, net¹		-4.4	-4.5	-6.1	-8.7	-12.3	-12.4	-13.6	-12.9	-12.7	-12.3
	Of which,
		Interest payments²	-5.6	-7.1	-10.1	-13.6	-17.0	-16.0	-18.1	-16.7	-16.2	-16.0
	Oil trade balance		7.2	13.5	23.8	27.6	30.0	28.6	29.6	27.2	16.9	17.0
	Net oil importers
	Exports {f.o.b.)		171.8	215.4	267.2	280.0	264.1	273.3	306.1	307.0	343.2	375.9
	Imports (f.o.b.)		205.0	265.8	341.7	354.4	320.7	310.6	323.5	328.6	354.0	390.2
		Trade balance	-33.3	-50.4	-74.5	-74.4	-56.6	-37.2	-17.4	-21.5	-10.8	-14.4
		Services, net	-14.7	-19.8	-22.1	-31.0	-32.7	-32.3	-37.1	-36.1	-32.4	-32.1
		Goods and services balance	-48.0	-70.2	-96.5	-105.4	-89.3	-69.5	-54.5	-57.5	-43.2	-46.5
		Unrequited transfers	20.7	26.0	30.2	31.4	31.5	31.5	32.0	34.3	32.0	31.2
		Current account balance	-27.3	-44.2	-66.4	-74.0	-57.8	-38.0	-22.5	-23.3	-11.2	-15.4
	Memorandum
	Exports of goods and services		221.7	279.4	351.9	373.6	359.6	362.1	395.5	397.9	443.3	485.3
	Investment income, net¹		-9.0	-13.1	-20.5	-31.0	-38.2	-35.7	-39.7	-40.9	-39.4	-39.9
	Of which,
		Interest payments²	-16.3	-23.5	-36.9	-50.0	-56.4	-51.2	-56.5	-56.8	-54.9	-54.9
	Oil trade balance		-25.6	-38.4	-62.0	-64.9	-57.8	-50.8	-45.1	-40.6	-23.2	-23.4

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A39.

Developing Countries—by Alternative Analytical Categories: Current Account Transactions, 1978–87

(In billions of U.S. dollars)

			1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Oil exporting countries
Exports (f.o.b.)			143.5	211.5	296.8	274.6	215.0	177.6	174.7	158.5	106.4	111.2
Imports (f.o.b.)			96.7	100.4	125.9	150.6	152.1	132.2	119.8	105.5	97.3	91.4
	Trade balance		46.7	111.1	170.8	124.0	63.0	45.4	54.8	53.0	9.1	19.8
	Services, net		-34.7	-40.6	-49.8	-58.9	-60.5	-46.4	-49.6	-45.2	-42.0	-41.2
	Goods and services balance		12.1	70.5	121.0	65.2	2.5	-0.9	5.3	7.9	-32.9	-21.4
	Unrequited transfers		-13.4	-13.7	-18.6	-19.4	-20.2	-17.1	-15.3	-13.3	-11.2	-9.7
	Current account balance		-1.3	56.8	102.4	45.8	-17.8	-18.0	-10.0	-5.5	-44.1	-31.1
Memorandum
Exports of goods and services			164.2	236.5	332.6	321.6	259.1	219.1	211.8	192.5	138.2	141.6
Investment income, net¹			7.8	9.2	17.7	24.3	22.3	18.5	13.8	9.2	6.4	4.9
Of which,
	Interest payments²		-4.0	-6.3	-8.2	-10.6	-10.4	-10.5	-12.4	-12.6	-13.3	-12.9
Oil trade balance			128.8	184.9	264.9	250.9	196.1	157.0	152.7	133.7	80.3	82.6
Non-oil developing countries
Exports (f.o.b.)			198.7	255.0	321.9	337.5	321.5	331.6	370.2	368.3	397.8	434.8
Imports (f.o.b.)			236.1	307.9	398.1	421.3	377.2	359.8	376.2	381.1	407.7	445.6
	Trade balance		-37.4	-52.9	-76.2	-83.8	-55.7	-28.1	-6.0	-12.7	-9.9	-10.9
	Services, net		-18.5	-25.8	-31.3	-45.5	-51.3	-46.9	-53.5	-52.6	-50.3	-50.1
	Goods and services balance		-55.9	-78.7	-107.5	-129.3	-107.1	-75.0	-59.5	-65.3	-60.2	-61.0
	Unrequited transfers		22.7	29.0	33.1	34.3	33.9	34.1	34.5	36.8	35.0	34.3
	Current account balance		-33.2	-49.7	-74.4	-95.0	-73.2	-40.9	-25.0	-28.7	-25.2	-26.7
Memorandum
Exports of goods and services			260.8	335.2	427.8	454.9	437.1	440.8	482.7	480.2	518.4	567.0
Investment income, net¹			-13.4	-17.6	-26.6	-39.7	-50.6	-48.1	-53.3	-53.8	-52.1	-52.1
Of which,
	Interest payments²		-21.9	-30.6	-47.1	-63.6	-73.3	-67.3	-74.6	-73.5	-71.1	-70.8
Oil trade balance			-18.3	-24.9	-38.2	-37.3	-27.8	-22.2	-15.5	-13.4	-6.4	-6.4
	Net oil exporters
	Exports (f.o.b.)		26.9	39.6	54.6	57.5	57.3	58.3	64.1	61.2	54.7	58.9
	Imports (f.o.b.)		31.0	42.1	56.4	66.9	56.5	49.2	52.7	52.5	53.7	55.4
		Trade balance	-4.1	-2.5	-1.8	-9.4	0.8	9.1	11.4	8.7	0.9	3.5
		Services, net	-3.7	-6.0	-9.2	-14.5	-18.6	-14.6	-16.4	-16.5	-17.9	-18.1
		Goods and services balance	-7.9	-8.6	-11.0	-23.9	-17.8	-5.5	-5.0	-7.8	-17.0	-14.5
		Unrequited transfers	2.0	3.0	2.9	2.9	2.4	2.6	2.5	2.5	3.0	3.1
		Current account balance	-5.9	-5.5	-8.1	-21.0	-15.4	-2.9	-2.5	-5.3	-14.0	-11.3
	Memorandum
	Exports of goods and services		39.2	55.8	75.8	81.3	77.5	78.7	87.2	82.3	75.0	81.7
	Investment income, net¹		-4.4	-4.5	-6.1	-8.7	-12.3	-12.4	-13.6	-12.9	-12.7	-12.3
	Of which,
		Interest payments²	-5.6	-7.1	-10.1	-13.6	-17.0	-16.0	-18.1	-16.7	-16.2	-16.0
	Oil trade balance		7.2	13.5	23.8	27.6	30.0	28.6	29.6	27.2	16.9	17.0
	Net oil importers
	Exports {f.o.b.)		171.8	215.4	267.2	280.0	264.1	273.3	306.1	307.0	343.2	375.9
	Imports (f.o.b.)		205.0	265.8	341.7	354.4	320.7	310.6	323.5	328.6	354.0	390.2
		Trade balance	-33.3	-50.4	-74.5	-74.4	-56.6	-37.2	-17.4	-21.5	-10.8	-14.4
		Services, net	-14.7	-19.8	-22.1	-31.0	-32.7	-32.3	-37.1	-36.1	-32.4	-32.1
		Goods and services balance	-48.0	-70.2	-96.5	-105.4	-89.3	-69.5	-54.5	-57.5	-43.2	-46.5
		Unrequited transfers	20.7	26.0	30.2	31.4	31.5	31.5	32.0	34.3	32.0	31.2
		Current account balance	-27.3	-44.2	-66.4	-74.0	-57.8	-38.0	-22.5	-23.3	-11.2	-15.4
	Memorandum
	Exports of goods and services		221.7	279.4	351.9	373.6	359.6	362.1	395.5	397.9	443.3	485.3
	Investment income, net¹		-9.0	-13.1	-20.5	-31.0	-38.2	-35.7	-39.7	-40.9	-39.4	-39.9
	Of which,
		Interest payments²	-16.3	-23.5	-36.9	-50.0	-56.4	-51.2	-56.5	-56.8	-54.9	-54.9
	Oil trade balance		-25.6	-38.4	-62.0	-64.9	-57.8	-50.8	-45.1	-40.6	-23.2	-23.4

^¹Comprises all investment income, except payments of income on foreign direct investment; receipts from direct investment abroad by residents are included.

^²Including dividends and other investment income payments not related to foreign direct investment.

Table A40.

Capital Importing Developing Countries—by Class of Creditor: External Financing, 1978–87

(In billions of U.S. dollars)

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.

^¹Equivalent to current account deficit less official transfers. For purposes of this table, official transfers are treated as external financing.

^²Pertains primarily to export credit.

^³Positioned here on the presumption that estimates reflect primarily unrecorded capital outflows.

^⁴Comprises short-term borrowing by monetary authorities from other monetary authorities.

^⁵Projected use of Fund credit includes prospective programs.

^⁶Estimates, based on debt statistics reported in Tables A47 and A48, of net disbursements by official creditors (other than monetary institutions).

^⁷Residually calculated. Except for minor discrepancies in coverage, amounts shown reflect almost exclusively net external borrowing from private creditors.

^⁸Refers 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 A40.

Capital Importing Developing Countries—by Class of Creditor: External Financing, 1978–87

(In billions of U.S. dollars)

						1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Capital importing countries
Deficit on goods, services, and private transfers¹						56.4	60.8	77.0	113.0	103.0	60.4	36.4	43.0	55.3	53.2
	Non-debt-creating flows					17.8	24.7	23.7	27.8	26.6	23.2	24.1	26.5	29.0	29.1
		Official transfers				8.3	11.6	12.4	13.6	13.3	13.3	13.9	16.2	17.0	16.2
		Direct investment flows, net				7.8	10.2	8.9	14.0	13.1	9.6	9.9	10.0	11.4	12.3
		SDR allocations, valuation adjustments, and gold monetization				1.7	2.9	2.4	0.2	0.2	0.3	0.3	0.2	0.6	0.7
	Use of reserves					-13.9	-21.6	-18.6	5.1	17.2	-9.4	-19.7	-2.2	-8.1	-7.1
	Asset transactions, net²					-3.5	-4.2	-4.1	-12.5	-10.2	-9.6	-11.8	-6.2	-9.3	-11.1
	Recorded errors and omissions³					-5.7	-3.8	-14.8	-19.6	-26.3	-10.9	-4.1	-3.8	—	—
	Net external borrowing					61.7	65.8	90.9	112.3	95.8	67.2	48.0	28.7	43.7	42.4
		Reserve-related liabilities				1.4	-0.8	4.4	9.2	18.9	18.1	5.9	—	2.4	1.5
			Liabilities constituting foreign authorities’ reserves⁴			1.4	-1.3	2.0	0.9	1.6	-2.0	-0.7	-0.1	-0.3	-0.1
			Use of Fund credit⁵			-0.6	0.2	1.5	6.3	7.0	11.4	5.1	0.2	-0.6	-2.9
			Arrears			0.5	0.4	0.8	1.9	10.4	8.7	1.5	-0.2	3.3	4.4
		Long-term borrowing from official creditors, net⁶				16.5	19.3	25.4	30.1	27.6	31.6	28.7	18.0	27.3	26.6
		Other net external borrowing⁷				43.9	47.3	61.1	73.1	49.3	17.5	13.4	10.8	14.1	14.4
			Long-term			34.1	39.0	34.9	52.7	34.5	42.8	13.3	23.1	16.9	12.2
				From banks⁸		29.2	26.0	19.7	28.4	21.4	40.3	13.0	27.0	16.8	9.4
				Other		4.9	12.9	15.2	24.3	13.1	2.5	0.3	-3.9	0.1	2.8
			Short-term			9.7	8.3	26.3	20.4	14.8	-25.4	—	-11.3	-3.1	1.9
Of which,
	Market borrowers
	Deficit on goods, services, and private transfers¹					32.8	30.4	36.7	73.1	74.3	29.6	5.8	0.5	12.5	11.9
		Non-debt-creating flows, net				8.8	11.4	10.3	13.2	12.9	10.0	9.6	9.6	10.9	11.4
			Official transfers			1.0	1.2	1.5	1.9	2.0	2.4	2.2	2.1	2.1	2.1
			Direct investment flows, net			6.4	8.0	7.5	11.3	10.7	7.4	7.2	7.3	8.2	8.6
			SDR allocations, valuation adjustments and gold monetization			1.4	2.2	1.3	—	0.2	0.1	0.2	0.2	0.6	0.7
		Use of reserves				-10.6	-18.2	-17.3	5.0	24.8	-4.2	-19.8	-7.6	-4.5	-5.5
		Asset transactions, net²				-3.0	-3.2	-2.8	-11.0	-9.8	-6.9	-8.5	-5.2	-9.0	-10.3
		Recorded errors and omissions³				-4.5	-3.5	-15.9	-21.4	-23.5	-11.7	-2.6	-4.1	—	—
		Net external borrowing				42.0	43.9	62.4	87.3	69.8	42.3	27.1	7.8	15.0	16.3
			Reserve-related liabilities			-1.0	-1.9	1.0	2.3	13.3	16.0	3.5	-2.6	1.2	3.5
				Liabilities constituting foreign authorities’ reserves⁴		—	-1.5	0.2	0.5	1.6	-1.2	-0.7	-0.3	-0.3	-0.1
				Use of Fund credit⁵		-1.0	-0.4	0.6	1.8	2.9	7.7	4.2	0.7	0.2	-0.8
				Arrears		—	—	0.1	—	8.8	9.5	—	-3.0	1.3	4.4
			Long-term borrowing from official creditors, net⁶			6.5	5.1	7.7	9.4	7.3	15.6	11.9	5.8	11.3	8.5
			Other net external borrowing⁷			36.5	40.7	53.7	75.6	49.2	10.7	11.7	4.6	2.5	4.4
				Long-term		29.2	32.3	28.2	53.4	34.5	36.9	14.9	19.7	6.4	3.7
					From banks⁸	25.1	20.5	15.7	28.3	21.3	36.4	15.5	27.5	7.4	3.5
					Other	4.1	11.8	12.4	25.1	13.2	0.4	-0.6	-7.8	-0.9	0.2
				Short-term		7.4	8.5	25.5	22.1	14.6	-26.1	-3.2	-14.1	-4.2	0.4
	Official borrowers
	Deficit on goods, services, and private transfers¹					11.0	12.1	16.0	19.0	17.5	15.7	16.3	15.5	15.8	16.7
		Non-debt-creating flows, net				4.5	6.9	7.5	8.1	7.7	6.8	7.0	6.9	7.2	7.4
			Official transfers			3.9	6.1	6.9	7.3	7.2	6.5	6.4	6.5	6.6	6.8
			Direct investment flows, net			0.6	0.5	0.2	0.9	0.6	0.4	0.4	0.4	0.5	0.6
			SDR allocations, valuation adjustments, and gold monetization			—	0.2	0.4	-0.1		-0.1	0.2	—	—	—
		Use of reserves				-0.8	-0.8	-0.3	0.4	1.1	-1.0	1.4	0.6	0.2	1.2
		Asset transactions, net²				-0.1	-0.4	-0.9	-0.5	—	-0.1	-0.1	-0.2	-0.1	—
		Recorded errors and omissions³				0.3	-1.1	-1.4	0.2	-1.5	-0.4	-0.3	-0.3	—	—
		Net external borrowing				7.1	7.6	11.1	10.8	10.2	10.4	8.2	8.5	8.6	8.2
			Reserve-related liabilities			0.8	0.3	2.1	3.1	3.4	1.8	1.3	2.0	-0.3	—
				Liabilities constituting foreign authorities’ reserves⁴		0.3	—	1.6	0.7	0.2	-0.4	—	0.5	—	-0.1
				Use of Fund credit⁵		0.2	0.5	0.1	2.0	1.3	1.6	0.4	—	-0.6	-0.8
				Arrears		0.2	-0.2	0.4	0.4	1.9	0.6	0.9	1.5	0.4	0.8
			Long-term borrowing from official creditors, net⁶			3.9	6.3	7.8	9.2	8.8	7.2	7.5	5.6	7.8	7.7
			Other net external borrowing⁷			2.5	0.9	1.1	-1.5	-2.0	1.4	-0.6	0.9	1.0	0.5
				Long-term		1.9	0.7	0.5	-1.4	-1.3	1.8	-0.3	0.1	0.6	0.3
				Short-term		0.6	0.3	0.6	-0.1	-0.7	-0.4	-0.3	0.8	0.3	0.2

^¹Equivalent to current account deficit less official transfers. For purposes of this table, official transfers are treated as external financing.

^²Pertains primarily to export credit.

^³Positioned here on the presumption that estimates reflect primarily unrecorded capital outflows.

^⁴Comprises short-term borrowing by monetary authorities from other monetary authorities.

^⁵Projected use of Fund credit includes prospective programs.

^⁶Estimates, based on debt statistics reported in Tables A47 and A48, of net disbursements by official creditors (other than monetary institutions).

^⁷Residually calculated. Except for minor discrepancies in coverage, amounts shown reflect almost exclusively net external borrowing from private creditors.

Table A40.

Capital Importing Developing Countries—by Class of Creditor: External Financing, 1978–87

(In billions of U.S. dollars)

						1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Capital importing countries
Deficit on goods, services, and private transfers¹						56.4	60.8	77.0	113.0	103.0	60.4	36.4	43.0	55.3	53.2
	Non-debt-creating flows					17.8	24.7	23.7	27.8	26.6	23.2	24.1	26.5	29.0	29.1
		Official transfers				8.3	11.6	12.4	13.6	13.3	13.3	13.9	16.2	17.0	16.2
		Direct investment flows, net				7.8	10.2	8.9	14.0	13.1	9.6	9.9	10.0	11.4	12.3
		SDR allocations, valuation adjustments, and gold monetization				1.7	2.9	2.4	0.2	0.2	0.3	0.3	0.2	0.6	0.7
	Use of reserves					-13.9	-21.6	-18.6	5.1	17.2	-9.4	-19.7	-2.2	-8.1	-7.1
	Asset transactions, net²					-3.5	-4.2	-4.1	-12.5	-10.2	-9.6	-11.8	-6.2	-9.3	-11.1
	Recorded errors and omissions³					-5.7	-3.8	-14.8	-19.6	-26.3	-10.9	-4.1	-3.8	—	—
	Net external borrowing					61.7	65.8	90.9	112.3	95.8	67.2	48.0	28.7	43.7	42.4
		Reserve-related liabilities				1.4	-0.8	4.4	9.2	18.9	18.1	5.9	—	2.4	1.5
			Liabilities constituting foreign authorities’ reserves⁴			1.4	-1.3	2.0	0.9	1.6	-2.0	-0.7	-0.1	-0.3	-0.1
			Use of Fund credit⁵			-0.6	0.2	1.5	6.3	7.0	11.4	5.1	0.2	-0.6	-2.9
			Arrears			0.5	0.4	0.8	1.9	10.4	8.7	1.5	-0.2	3.3	4.4
		Long-term borrowing from official creditors, net⁶				16.5	19.3	25.4	30.1	27.6	31.6	28.7	18.0	27.3	26.6
		Other net external borrowing⁷				43.9	47.3	61.1	73.1	49.3	17.5	13.4	10.8	14.1	14.4
			Long-term			34.1	39.0	34.9	52.7	34.5	42.8	13.3	23.1	16.9	12.2
				From banks⁸		29.2	26.0	19.7	28.4	21.4	40.3	13.0	27.0	16.8	9.4
				Other		4.9	12.9	15.2	24.3	13.1	2.5	0.3	-3.9	0.1	2.8
			Short-term			9.7	8.3	26.3	20.4	14.8	-25.4	—	-11.3	-3.1	1.9
Of which,
	Market borrowers
	Deficit on goods, services, and private transfers¹					32.8	30.4	36.7	73.1	74.3	29.6	5.8	0.5	12.5	11.9
		Non-debt-creating flows, net				8.8	11.4	10.3	13.2	12.9	10.0	9.6	9.6	10.9	11.4
			Official transfers			1.0	1.2	1.5	1.9	2.0	2.4	2.2	2.1	2.1	2.1
			Direct investment flows, net			6.4	8.0	7.5	11.3	10.7	7.4	7.2	7.3	8.2	8.6
			SDR allocations, valuation adjustments and gold monetization			1.4	2.2	1.3	—	0.2	0.1	0.2	0.2	0.6	0.7
		Use of reserves				-10.6	-18.2	-17.3	5.0	24.8	-4.2	-19.8	-7.6	-4.5	-5.5
		Asset transactions, net²				-3.0	-3.2	-2.8	-11.0	-9.8	-6.9	-8.5	-5.2	-9.0	-10.3
		Recorded errors and omissions³				-4.5	-3.5	-15.9	-21.4	-23.5	-11.7	-2.6	-4.1	—	—
		Net external borrowing				42.0	43.9	62.4	87.3	69.8	42.3	27.1	7.8	15.0	16.3
			Reserve-related liabilities			-1.0	-1.9	1.0	2.3	13.3	16.0	3.5	-2.6	1.2	3.5
				Liabilities constituting foreign authorities’ reserves⁴		—	-1.5	0.2	0.5	1.6	-1.2	-0.7	-0.3	-0.3	-0.1
				Use of Fund credit⁵		-1.0	-0.4	0.6	1.8	2.9	7.7	4.2	0.7	0.2	-0.8
				Arrears		—	—	0.1	—	8.8	9.5	—	-3.0	1.3	4.4
			Long-term borrowing from official creditors, net⁶			6.5	5.1	7.7	9.4	7.3	15.6	11.9	5.8	11.3	8.5
			Other net external borrowing⁷			36.5	40.7	53.7	75.6	49.2	10.7	11.7	4.6	2.5	4.4
				Long-term		29.2	32.3	28.2	53.4	34.5	36.9	14.9	19.7	6.4	3.7
					From banks⁸	25.1	20.5	15.7	28.3	21.3	36.4	15.5	27.5	7.4	3.5
					Other	4.1	11.8	12.4	25.1	13.2	0.4	-0.6	-7.8	-0.9	0.2
				Short-term		7.4	8.5	25.5	22.1	14.6	-26.1	-3.2	-14.1	-4.2	0.4
	Official borrowers
	Deficit on goods, services, and private transfers¹					11.0	12.1	16.0	19.0	17.5	15.7	16.3	15.5	15.8	16.7
		Non-debt-creating flows, net				4.5	6.9	7.5	8.1	7.7	6.8	7.0	6.9	7.2	7.4
			Official transfers			3.9	6.1	6.9	7.3	7.2	6.5	6.4	6.5	6.6	6.8
			Direct investment flows, net			0.6	0.5	0.2	0.9	0.6	0.4	0.4	0.4	0.5	0.6
			SDR allocations, valuation adjustments, and gold monetization			—	0.2	0.4	-0.1		-0.1	0.2	—	—	—
		Use of reserves				-0.8	-0.8	-0.3	0.4	1.1	-1.0	1.4	0.6	0.2	1.2
		Asset transactions, net²				-0.1	-0.4	-0.9	-0.5	—	-0.1	-0.1	-0.2	-0.1	—
		Recorded errors and omissions³				0.3	-1.1	-1.4	0.2	-1.5	-0.4	-0.3	-0.3	—	—
		Net external borrowing				7.1	7.6	11.1	10.8	10.2	10.4	8.2	8.5	8.6	8.2
			Reserve-related liabilities			0.8	0.3	2.1	3.1	3.4	1.8	1.3	2.0	-0.3	—
				Liabilities constituting foreign authorities’ reserves⁴		0.3	—	1.6	0.7	0.2	-0.4	—	0.5	—	-0.1
				Use of Fund credit⁵		0.2	0.5	0.1	2.0	1.3	1.6	0.4	—	-0.6	-0.8
				Arrears		0.2	-0.2	0.4	0.4	1.9	0.6	0.9	1.5	0.4	0.8
			Long-term borrowing from official creditors, net⁶			3.9	6.3	7.8	9.2	8.8	7.2	7.5	5.6	7.8	7.7
			Other net external borrowing⁷			2.5	0.9	1.1	-1.5	-2.0	1.4	-0.6	0.9	1.0	0.5
				Long-term		1.9	0.7	0.5	-1.4	-1.3	1.8	-0.3	0.1	0.6	0.3
				Short-term		0.6	0.3	0.6	-0.1	-0.7	-0.4	-0.3	0.8	0.3	0.2

^¹Equivalent to current account deficit less official transfers. For purposes of this table, official transfers are treated as external financing.

^²Pertains primarily to export credit.

^³Positioned here on the presumption that estimates reflect primarily unrecorded capital outflows.

^⁴Comprises short-term borrowing by monetary authorities from other monetary authorities.

^⁵Projected use of Fund credit includes prospective programs.

^⁶Estimates, based on debt statistics reported in Tables A47 and A48, of net disbursements by official creditors (other than monetary institutions).

^⁷Residually calculated. Except for minor discrepancies in coverage, amounts shown reflect almost exclusively net external borrowing from private creditors.

Table A41.

Capital Importing Developing Countries—by Region: Summary of External Financing, 1978–87¹

(in billions of U.S. dollars)

^¹For definition of stub entries, see Table A40.

Table A41.

Capital Importing Developing Countries—by Region: Summary of External Financing, 1978–87¹

(in billions of U.S. dollars)

		1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Africa
Deficit on goods, services, and private transfers		15.5	6.7	5.4	25.6	24.8	15.3	10.3	5.7	15.6	13.9
	Use of reserves	1.8	-4.4	-6.2	8.6	4.0	0.5	0.3	-0.5	1.3	1.6
	Asset transactions, net	-1.0	-1.7	-1.3	-1.7	-0.8	-0.6	-0.4	-0.1	-0.1	—
	Errors and omissions	0.1	-1.4	-1.1	-0.7	-2.3	-2.9	-2.2	-1.1	—	—
	Non-debt-creating flows, net	3.6	4.9	4.1	3.5	5.5	4.8	4.7	5.2	5.1	5.0
Net external borrowing		10.9	9.3	9.7	15.9	18.4	13.5	7.9	2.3	9.3	7.3
	Long-term borrowing from official creditors	3.9	6.0	6.1	7.3	5.2	7.4	5.6	4.9	5.2	5.0
	Reserve-related liabilities	0.5	—	1.6	2.9	7.8	5.1	1.0	0.5	3.2	1.9
	Other borrowing	6.5	3.3	2.0	5.7	5.4	1.0	1.4	-3.1	0.9	0.5
Asia
Deficit on goods, services, and private transfers		8.7	15.1	21.9	23.7	20.2	17.0	7.6	18.2	18.3	19.9
	Use of reserves	-5.0	-6.0	-6.7	-6.7	-6.0	-8.8	-9.3	0.5	-4.5	-5.2
	Asset transactions, net	-0.2	-1.5	0.9	0.1	-1.9	-2.7	-3.9	-3.2	-5.1	-6.3
	Errors and omissions	-1.2	-0.2	-1.8	-3.2	-4.7	-2.3	-2.3	-0.7	—	—
	Non-debt-creating flows, net	4.9	5.5	6.5	8.7	6.8	6.8	7.3	7.3	7.9	8.4
Net external borrowing		10.3	17.3	22.9	24.8	25.9	24.1	15.8	14.4	19.9	22.9
	Long-term borrowing from official creditors	4.4	4.6	6.9	10.2	9.4	9.3	10.7	6.5	10.0	10.1
	Reserve-related liabilities	-0.2	-0.1	1.3	3.4	2.6	4.2	1.4	-3.6	0.1	-0.3
	Other borrowing	6.1	12.8	14.8	11.2	14.0	10.6	3.7	11.4	9.8	13.1
Europe
Deficit on goods, services, and private transfers		7.2	10.1	12.4	10.2	6.8	5.3	3.0	3.3	-0.3	0.6
	Use of reserves	-1.0	1.1	-0.9	0.6	1.8	-0.1	-1.6	-1.9	-1.5	-1.7
	Asset transactions, net	—	0.5	0.3	-0.8	-1.5	-0.4	-0.2	-0.3	-0.6	-0.5
	Errors and omissions	-1.1	0.5	0.2	1.6	0.8	-1.4	-0.1	0.3	—	—
	Non-debt-creating flows, net	0.8	1.2	1.0	1.1	1.4	1.9	1.8	1.8	2.0	2.1
Net external borrowing		8.4	6.9	11.3	7.7	4.4	5.2	3.1	3.4	-0.2	0.7
	Long-term borrowing from official creditors	2.7	1.2	3.6	2.7	2.4	1.0	2.0	0.5	0.6	0.2
	Reserve-related liabilities	0.4	-0.5	-0.2	2.3	—	0.8	0.2	-0.6	-0.9	-1.5
	Other borrowing	5.2	6.1	8.3	2.7	2.0	3.4	0.8	3.5	0.1	2.0
Non-oil Middle East
Deficit on goods, services, and private transfers		5.6	7.2	7.1	10.2	9.2	11.3	10.7	9.9	13.1	10.7
	Use of reserves	-1.7	-0.9	-1.3	—	-1.8	1.1	2.5	-1.2	0.1	0.5
	Asset transactions, net	0.1	0.5	-1.4	-0.3	1.6	-0.8	-0.3	-0.3	0.5	0.1
	Errors and omissions	-0.4	-0.8	0.2	1.0	—	1.4	-0.3	0.5	—	—
	Non-debt-creating flows, net	3.5	6.0	5.2	6.2	5.6	5.0	5.3	6.7	7.5	6.9
Net external borrowing		4.1	2.3	4.4	3.4	3.8	4.6	3.5	4.2	5.0	3.1
	Long-term borrowing from official creditors	3.0	4.7	4.5	4.6	5.1	4.5	3.1	2.8	2.3	4.4
	Reserve-related liabilities	0.9	—	-0.2	-0.5	-0.4	-0.2	—	1.8	1.7	-0.7
	Other borrowing	0.2	-2.3	0.1	-0.7	-0.9	0.4	0.4	-0.4	1.1	-0.7
Western Hemisphere
Deficit on goods, services, and private transfers		19.4	21.8	30.2	43.3	42.0	11.4	4.9	5.9	8.6	8.2
	Use of reserves	-8.0	-11.3	-3.6	2.6	19.2	-2.1	-11.6	0.9	-3.5	-2.3
	Asset transactions, net	-2.5	-2.1	-2.7	-9.8	-7.6	-5.2	-7.1	-2.2	-4.1	-4.5
	Errors and omissions	-3.1	-2.0	-12.4	-18.3	-20.2	-5.8	0.9	-2.7	—	—
	Non-debt-creating flows, net	4.9	7.1	6.8	8.3	7.3	4.7	5.0	5.5	6.5	6.6
Net external borrowing		28.0	30.1	42.0	60.6	43.3	19.7	17.7	4.5	3.7	8.4
	Long-term borrowing from official creditors	2.5	2.8	4.2	5.3	5.6	9.5	7.3	3.3	9.1	6.9
	Reserve-related liabilities	-0.3	-0.1	1.9	1.2	9.0	8.2	3.4	1.8	-1.8	2.0
	Other borrowing	25.8	27.4	35.9	54.1	28.8	2.0	7.0	0.6	2.3	-0.5

^¹For definition of stub entries, see Table A40.

Table A41.

Capital Importing Developing Countries—by Region: Summary of External Financing, 1978–87¹

(in billions of U.S. dollars)

		1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
Africa
Deficit on goods, services, and private transfers		15.5	6.7	5.4	25.6	24.8	15.3	10.3	5.7	15.6	13.9
	Use of reserves	1.8	-4.4	-6.2	8.6	4.0	0.5	0.3	-0.5	1.3	1.6
	Asset transactions, net	-1.0	-1.7	-1.3	-1.7	-0.8	-0.6	-0.4	-0.1	-0.1	—
	Errors and omissions	0.1	-1.4	-1.1	-0.7	-2.3	-2.9	-2.2	-1.1	—	—
	Non-debt-creating flows, net	3.6	4.9	4.1	3.5	5.5	4.8	4.7	5.2	5.1	5.0
Net external borrowing		10.9	9.3	9.7	15.9	18.4	13.5	7.9	2.3	9.3	7.3
	Long-term borrowing from official creditors	3.9	6.0	6.1	7.3	5.2	7.4	5.6	4.9	5.2	5.0
	Reserve-related liabilities	0.5	—	1.6	2.9	7.8	5.1	1.0	0.5	3.2	1.9
	Other borrowing	6.5	3.3	2.0	5.7	5.4	1.0	1.4	-3.1	0.9	0.5
Asia
Deficit on goods, services, and private transfers		8.7	15.1	21.9	23.7	20.2	17.0	7.6	18.2	18.3	19.9
	Use of reserves	-5.0	-6.0	-6.7	-6.7	-6.0	-8.8	-9.3	0.5	-4.5	-5.2
	Asset transactions, net	-0.2	-1.5	0.9	0.1	-1.9	-2.7	-3.9	-3.2	-5.1	-6.3
	Errors and omissions	-1.2	-0.2	-1.8	-3.2	-4.7	-2.3	-2.3	-0.7	—	—
	Non-debt-creating flows, net	4.9	5.5	6.5	8.7	6.8	6.8	7.3	7.3	7.9	8.4
Net external borrowing		10.3	17.3	22.9	24.8	25.9	24.1	15.8	14.4	19.9	22.9
	Long-term borrowing from official creditors	4.4	4.6	6.9	10.2	9.4	9.3	10.7	6.5	10.0	10.1
	Reserve-related liabilities	-0.2	-0.1	1.3	3.4	2.6	4.2	1.4	-3.6	0.1	-0.3
	Other borrowing	6.1	12.8	14.8	11.2	14.0	10.6	3.7	11.4	9.8	13.1
Europe
Deficit on goods, services, and private transfers		7.2	10.1	12.4	10.2	6.8	5.3	3.0	3.3	-0.3	0.6
	Use of reserves	-1.0	1.1	-0.9	0.6	1.8	-0.1	-1.6	-1.9	-1.5	-1.7
	Asset transactions, net	—	0.5	0.3	-0.8	-1.5	-0.4	-0.2	-0.3	-0.6	-0.5
	Errors and omissions	-1.1	0.5	0.2	1.6	0.8	-1.4	-0.1	0.3	—	—
	Non-debt-creating flows, net	0.8	1.2	1.0	1.1	1.4	1.9	1.8	1.8	2.0	2.1
Net external borrowing		8.4	6.9	11.3	7.7	4.4	5.2	3.1	3.4	-0.2	0.7
	Long-term borrowing from official creditors	2.7	1.2	3.6	2.7	2.4	1.0	2.0	0.5	0.6	0.2
	Reserve-related liabilities	0.4	-0.5	-0.2	2.3	—	0.8	0.2	-0.6	-0.9	-1.5
	Other borrowing	5.2	6.1	8.3	2.7	2.0	3.4	0.8	3.5	0.1	2.0
Non-oil Middle East
Deficit on goods, services, and private transfers		5.6	7.2	7.1	10.2	9.2	11.3	10.7	9.9	13.1	10.7
	Use of reserves	-1.7	-0.9	-1.3	—	-1.8	1.1	2.5	-1.2	0.1	0.5
	Asset transactions, net	0.1	0.5	-1.4	-0.3	1.6	-0.8	-0.3	-0.3	0.5	0.1
	Errors and omissions	-0.4	-0.8	0.2	1.0	—	1.4	-0.3	0.5	—	—
	Non-debt-creating flows, net	3.5	6.0	5.2	6.2	5.6	5.0	5.3	6.7	7.5	6.9
Net external borrowing		4.1	2.3	4.4	3.4	3.8	4.6	3.5	4.2	5.0	3.1
	Long-term borrowing from official creditors	3.0	4.7	4.5	4.6	5.1	4.5	3.1	2.8	2.3	4.4
	Reserve-related liabilities	0.9	—	-0.2	-0.5	-0.4	-0.2	—	1.8	1.7	-0.7
	Other borrowing	0.2	-2.3	0.1	-0.7	-0.9	0.4	0.4	-0.4	1.1	-0.7
Western Hemisphere
Deficit on goods, services, and private transfers		19.4	21.8	30.2	43.3	42.0	11.4	4.9	5.9	8.6	8.2
	Use of reserves	-8.0	-11.3	-3.6	2.6	19.2	-2.1	-11.6	0.9	-3.5	-2.3
	Asset transactions, net	-2.5	-2.1	-2.7	-9.8	-7.6	-5.2	-7.1	-2.2	-4.1	-4.5
	Errors and omissions	-3.1	-2.0	-12.4	-18.3	-20.2	-5.8	0.9	-2.7	—	—
	Non-debt-creating flows, net	4.9	7.1	6.8	8.3	7.3	4.7	5.0	5.5	6.5	6.6
Net external borrowing		28.0	30.1	42.0	60.6	43.3	19.7	17.7	4.5	3.7	8.4
	Long-term borrowing from official creditors	2.5	2.8	4.2	5.3	5.6	9.5	7.3	3.3	9.1	6.9
	Reserve-related liabilities	-0.3	-0.1	1.9	1.2	9.0	8.2	3.4	1.8	-1.8	2.0
	Other borrowing	25.8	27.4	35.9	54.1	28.8	2.0	7.0	0.6	2.3	-0.5

^¹For definition of stub entries, see Table A40.

Table A42.

Capital Importing Developing Countries—by Analytical Subgroup: Summary of External Financing, 1978–87¹

(In billions of U.S. dollars)

^¹For definition of stub entries, see Table A40.

^²For estimates for the market and official borrowers, see Table A40.

^³Excluding Nigeria and South Africa.

Table A42.

Capital Importing Developing Countries—by Analytical Subgroup: Summary of External Financing, 1978–87¹

(In billions of U.S. dollars)

				1978	1979	1980	1981	1982	1983	1984	1985	1986	1987
By predominant export
Non-fuel exporters
Deficit on goods, services, and private transfers				35.6	53.8	77.5	91.4	76.7	55.6	38.5	42.4	35.9	37.0
	Use of reserves			-16.3	-10.5	-4.9	0.5	0.1	-7.7	-14.1	-2.6	-13.2	-10.3
	Asset transactions, net			-0.9	-0.8	-0.5	-5.4	-4.0	-4.5	-7.7	-4.8	-6.2	-8.0
	Errors and omissions			-5.9	-1.9	-9.3	-9.1	-11.6	-6.8	-5.4	-2.1	—	—
	Non-debt-creating flows, net			14.7	19.3	19.3	22.2	21.2	19.5	20.5	23.4	25.6	25.7
Net external borrowing				44.0	47.7	72.8	83.2	71.0	55.2	45.2	28.5	29.7	29.7
	Long-term borrowing from official creditors			13.9	17.3	22.0	25.5	25.1	25.2	26.2	15.2	22.7	22.1
	Reserve-related liabilities			1.7	-0.3	4.3	9.3	12.5	11.9	5.0	0.8	-1.2	-2.0
	Other borrowing			28.4	30.7	46.6	48.3	33.4	18.2	14.0	12.5	8.2	9.7
	Primary product exporters
	Deficit on goods, services, and private transfers			23.1	28.6	45.5	63.0	60.4	44.2	32.0	24.8	22.1	23.9
		Use of reserves		-9.9	-7.9	0.3	6.7	9.1	1.8	-6.7	-1.4	-5.5	-3.2
		Asset transactions, net		-1.1	-1.4	-0.7	-5.3	-2.9	-2.3	-3.2	-1.1	-1.7	-2.1
		Errors and omissions		-5.0	-2.7	-9.6	-9.7	-10.3	-3.5	-2.6	-2.2	—	—
		Non-debt-creating flows, net		8.6	10.6	10.3	12.2	12.0	10.8	10.9	11.9	12.5	13.0
	Net external borrowing			30.6	29.9	45.3	59.2	52.5	37.5	33.6	17.5	16.8	16.3
		Long-term borrowing from official creditors		7.7	9.7	12.8	14.6	14.3	15.5	17.7	8.5	15.3	11.8
		Reserve-related liabilities		1.0	0.8	4.0	5.8	10.8	9.8	3.9	0.3	-2.6	0.9
		Other borrowing		21.9	19.4	28.5	38.8	27.5	12.1	12.0	8.7	4.1	3.5
		Agricultural exporters
		Deficit on goods, services, and private transfers		19.4	27.4	42.4	44.8	46.7	37.9	24.5	22.2	19.7	20.8
			Use of reserves	-8.6	-5.6	3.4	4.0	7.5	1.9	-6.9	-0.8	-4.0	-2.5
			Asset transactions, net	-0.9	-0.4	-0.6	-4.0	-1.8	-1.9	-3.6	-1.4	-1.7	-1.9
			Errors and omissions	-4.6	-1.9	-7.6	-9.3	-9.6	-1.5	-0.6	-1.0	—	—
			Non-debt-creating flows, net	7.3	8.8	8.6	9.6	9.5	9.2	9.4	10.3	10.9	11.5
		Net external borrowing		26.2	26.5	38.6	44.5	41.1	30.2	26.2	15.1	14.5	13.8
			Long-term borrowing from official creditors	5.8	7.1	9.3	11.8	11.5	11.7	15.2	6.6	12.4	9.6
			Reserve-related liabilities	0.3	1.3	2.6	4.3	7.2	9.0	2.4	-1.5	-3.9	-0.7
			Other borrowing	20.1	18.1	26.7	28.4	22.4	9.4	8.6	10.0	5.9	4.9
		Mineral exporters
		Deficit on goods, services, and private transfers		3.7	1.1	3.1	18.2	13.8	6.3	7.4	2.5	2.4	3.1
			Use of reserves	-1.3	-2.3	-3.1	2.7	1.6	-0.1	0.2	-0.6	-1.5	-0.7
			Asset transactions, net	-0.3	-1.0	-0.2	-1.3	-1.1	-0.4	0.4	0.3	-0.1	-0.1
			Errors and omissions	-0.3	-0.8	-2.0	-0.5	-0.7	-2.0	-2.1	-1.2	—	—
			Non-debt-creating flows, net	1.2	1.8	1.7	2.6	2.5	1.6	1.5	1.6	1.6	1.5
		Net external borrowing		4.3	3.5	6.7	14.7	11.4	7.3	7.4	2.4	2.4	2.4
			Long-term borrowing from official creditors	1.9	2.6	3.5	2.8	2.8	3.8	2.5	1.9	2.8	2.2
			Reserve-related liabilities	0.6	-0.5	1.4	1.5	3.6	0.7	1.5	1.8	1.3	1.6
			Other borrowing	1.7	1.3	1.8	10.4	5.1	2.7	3.4	-1.3	-1.8	-1.4
Exporters of manufactures
Deficit on goods, services, and private transfers				6.9	16.9	22.5	14.8	3.4	0.1	-4.3	6.5	0.4	1.5
	Use of reserves			-4.8	-2.3	-3.5	-6.7	-7.4	-9.6

Australia	Iceland	Norway
Austria	Ireland	Spain
Belgium	Italy	Sweden
Canada	Japan	Switzerland
Denmark	Luxembourg	United Kingdom
Finland	Netherlands	United States
France	New Zealand
Germany, Fed. Rep. of

Australia	Iceland	Norway
Austria	Ireland	Spain
Belgium	Italy	Sweden
Canada	Japan	Switzerland
Denmark	Luxembourg	United Kingdom
Finland	Netherlands	United States
France	New Zealand
Germany, Fed. Rep. of

Algeria	Iraq	Saudi Arabia
Bahrain	Kuwait	Syrian Arab Rep.
Congo	Libyan Arab Jamahiriya	Trinidad and Tobago
Ecuador
Gabon	Mexico	Tunisia
Indonesia	Nigeria	United Arab Emirates
Iran, Islamic Rep. of	Oman
	Qatar	Venezuela

Algeria	Iraq	Saudi Arabia
Bahrain	Kuwait	Syrian Arab Rep.
Congo	Libyan Arab Jamahiriya	Trinidad and Tobago
Ecuador
Gabon	Mexico	Tunisia
Indonesia	Nigeria	United Arab Emirates
Iran, Islamic Rep. of	Oman
	Qatar	Venezuela

Afghanistan	Gambia, The	Peru
Argentina	Ghana	Philippines
Bangladesh	Guatemala	Rwanda
Belize	Guinea	São Tomé and Principe
Benin	Guinea-Bissau
Bhutan	Guyana	Senegal
Bolivia	Haiti	Sierra Leone
Botswana	Honduras	Solomon Islands
Brazil	Jamaica	Somalia
Burma	Kenya	South Africa
Burundi	Lao People’s Dem. Rep.	Sri Lanka
Cameroon		St. Christopher and Nevis
Central African Rep.	Liberia
	Madagascar	Sudan
Chad	Malawi	Suriname
Chile	Malaysia	Swaziland
Colombia	Mali	Tanzania
Comoros	Mauritania	Thailand
Costa Rica	Mauritius	Togo
Côte d’Ivoire	Morocco	Turkey
Djibouti	Mozambique	Uganda
Dominican Rep.	Nicaragua	Uruguay
El Salvador	Niger	Viet Nam
Equatorial Guinea	Papua New Guinea	Zaire
Ethiopia		Zambia
Fiji	Paraguay	Zimbabwe

China	India	Romania
Hong Kong	Israel	Singapore
Hungary	Korea	Yugoslavia

China	India	Romania
Hong Kong	Israel	Singapore
Hungary	Korea	Yugoslavia

Antigua and Barbuda	Kampuchea, Dem,	St. Lucia
	Lebanon	St. Vincent
Bahamas	Lesotho	Tonga
Barbados	Maldives	Vanuatu
Burkina Faso	Malta	Western Samoa
Cape Verde	Nepal	Yemen Arab Rep.
Cyprus	Netherlands Antilles
Dominica		Yemen, People’s Dem. Rep. of
Egypt	Pakistan
Greece	Panama
Grenada	Portugal
Jordan	Seychelles

Antigua and Barbuda	Kampuchea, Dem,	St. Lucia
	Lebanon	St. Vincent
Bahamas	Lesotho	Tonga
Barbados	Maldives	Vanuatu
Burkina Faso	Malta	Western Samoa
Cape Verde	Nepal	Yemen Arab Rep.
Cyprus	Netherlands Antilles
Dominica		Yemen, People’s Dem. Rep. of
Egypt	Pakistan
Greece	Panama
Grenada	Portugal
Jordan	Seychelles

Topics

Countries

Series

About

Resources

Abstract

Assumptions and Conventions

Classification of Countries

List of Tables

Output and Employment

Inflation

Financial Policies

Foreign Trade

Current Account Transactions

Current Account Financing

External Debt and Debt Service

Medium-Term Scenario