Statistical Appendix
The Statistical Appendix presents historical data as well as projections. It comprises seven sections: Assumptions, What’s New, Data and Conventions, Country Notes, Classification of Countries, Key Data Documentation, and Statistical Tables.
The assumptions underlying the estimates and projections for 2017–18 and the medium-term scenario for 2019–22 are summarized in the first section. The second section presents a brief description of the changes to the database and statistical tables since the April 2017 World Economic Outlook (WEO). The third section provides a general description of the data and the conventions used for calculating country group composites. The fourth section summarizes selected key information for each country. The classification of countries in the various groups presented in the WEO is summarized in the fifth section. The sixth section provides information on methods and reporting standards for the member countries’ national account and government finance indicators included in the report.
The last, and main, section comprises the statistical tables. (Statistical Appendix A is included here; Statistical Appendix B is available online.) Data in these tables have been compiled on the basis of information available through September 22, 2017. The figures for 2017 and beyond are shown with the same degree of precision as the historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.
Assumptions
Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels measured during the period July 20 to August 17, 2017. For 2017 and 2018, these assumptions imply average US dollar–special drawing right (SDR) conversion rates of 1.385 and 1.409, US dollar–euro conversion rates of 1.128 and 1.176, and yen–US dollar conversion rates of 111.4 and 109.1, respectively.
It is assumed that the price of oil will average $50.28 a barrel in 2017 and $50.17 a barrel in 2018.
Established policies of national authorities are assumed to be maintained. The more specific policy assumptions underlying the projections for selected economies are described in Box A1.
With regard to interest rates, it is assumed that the London interbank offered rate (LIBOR) on six-month US dollar deposits will average 1.4 percent in 2017 and 1.9 percent in 2018, that three-month euro deposits will average –0.3 percent in 2017 and 2018, and that six-month yen deposits will average 0.1 percent in 2017 and 0.2 percent in 2018.
As a reminder, with respect to introduction of the euro, on December 31, 1998, the Council of the European Union decided that, effective January 1, 1999, the irrevocably fixed conversion rates between the euro and currencies of the member countries adopting the euro are as follows:
| 1 euro | = | 13.7603 | Austrian schillings |
| = | 40.3399 | Belgian francs | |
| = | 0.585274 | Cyprus pound1 | |
| = | 1.95583 | Deutsche marks | |
| = | 15.6466 | Estonian krooni2 | |
| = | 5.94573 | Finnish markkaa | |
| = | 6.55957 | French francs | |
| = | 340.750 | Greek drachmas3 | |
| = | 0.787564 | Irish pound | |
| = | 1,936.27 | Italian lire | |
| = | 0.702804 | Latvian lat4 | |
| = | 3.45280 | Lithuanian litas5 | |
| = | 40.3399 | Luxembourg francs | |
| = | 0.42930 | Maltese lira1 | |
| = | 2.20371 | Netherlands guilders | |
| = | 200.482 | Portuguese escudos | |
| = | 30.1260 | Slovak koruna6 | |
| = | 239.640 | Slovenian tolars7 | |
| = | 166.386 | Spanish pesetas |
Established on January 1, 2008.
Established on January 1, 2011.
Established on January 1, 2001.
Established on January 1, 2014.
Established on January 1, 2015.
Established on January 1, 2009.
Established on January 1, 2007.
See Box 5.4 of the October 1998 WEO for details on how the conversion rates were established.
What’s New
Data for Somalia are included in the emerging market and developing economies group composites, enlarging the database to a total of 193 countries. Somalia is classified as a member of the Middle East and North Africa region.
Starting with the October 2017 WEO, the real GDP per capita data in Statistical Tables A1, B1, and B2 are shown at purchasing power parity. This differs from the treatment of these data in the April 2017 WEO and earlier issues, in which the data were shown in local national currency.
Data and Conventions
Data and projections for 193 economies form the statistical basis of the WEO database. The data are maintained jointly by the IMF’s Research Department and regional departments, with the latter regularly updating country projections based on consistent global assumptions.
Although national statistical agencies are the ultimate providers of historical data and definitions, international organizations are also involved in statistical issues, with the objective of harmonizing methodologies for the compilation of national statistics, including analytical frameworks, concepts, definitions, classifications, and valuation procedures used in the production of economic statistics. The WEO database reflects information from both national source agencies and international organizations.
Most countries’ macroeconomic data presented in the WEO conform broadly to the 1993 version of the System of National Accounts (SNA). The IMF’s sector statistical standards—the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), the Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG), and the Government Finance Statistics Manual 2014 (GFSM 2014)—have been or are being aligned with the SNA 2008. These standards reflect the IMF’s special interest in countries’ external positions, financial sector stability, and public sector fiscal positions. The process of adapting country data to the new standards begins in earnest when the manuals are released. However, full concordance with the manuals is ultimately dependent on the provision by national statistical compilers of revised country data; hence, the WEO estimates are only partially adapted to these manuals. Nonetheless, for many countries the impact, on major balances and aggregates, of conversion to the updated standards will be small. Many other countries have partially adopted the latest standards and will continue implementation over a period of years.1
The fiscal gross and net debt data reported in the WEO are drawn from official data sources and IMF staff estimates. While attempts are made to align gross and net debt data with the definitions in the GFSM, as a result of data limitations or specific country circumstances, these data can sometimes deviate from the formal definitions. Although every effort is made to ensure the WEO data are relevant and internationally comparable, differences in both sectoral and instrument coverage mean that the data are not universally comparable. As more information becomes available, changes in either data sources or instrument coverage can give rise to data revisions that can sometimes be substantial. For clarification on the deviations in sectoral or instrument coverage, please refer to the metadata for the online WEO database.
Composite data for country groups in the WEO are either sums or weighted averages of data for individual countries. Unless noted otherwise, multiyear averages of growth rates are expressed as compound annual rates of change.2 Arithmetically weighted averages are used for all data for the emerging market and developing economies group except data on inflation and money growth, for which geometric averages are used. The following conventions apply:
Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to US dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parity as a share of total world or group GDP.3 Annual inflation rates are simple percentage changes from the previous years, except in the case of emerging market and developing economies, for which the rates are based on logarithmic differences.
Composites for real GDP per capita in purchasing power parity terms are sums of individual country data after conversion to the international dollar in the years indicated.
Unless noted otherwise, composites for all sectors for the euro area are corrected for reporting discrepancies in intra-area transactions. Annual data are not adjusted for calendar-day effects. For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
Composites for fiscal data are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated.
Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
Composites relating to external sector statistics are sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than US dollars.
Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percent changes for individual countries weighted by the US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
Unless noted otherwise, group composites are computed if 90 percent or more of the share of group weights is represented.
Data refer to calendar years, except in the case of a few countries that use fiscal years. Please refer to Table F, which lists the economies with exceptional reporting periods for national accounts and government finance data for each country.
For some countries, the figures for 2016 and earlier are based on estimates rather than actual outturns. Please refer to Table G, which lists the latest actual outturns for the indicators in the national accounts, prices, government finance, and balance of payments indicators for each country.
Country Notes
The consumer price data for Argentina before December 2013 reflect the consumer price index (CPI) for the Greater Buenos Aires Area (CPI-GBA), while from December 2013 to October 2015 the data reflect the national CPI (IPCNu). The new government that took office in December 2015 discontinued the IPCNu, stating that it was flawed, and released a new CPI for the Greater Buenos Aires Area on June 15, 2016 (a new national CPI has been disseminated starting in June 2016). At its November 9, 2016, meeting, the IMF Executive Board considered the new CPI series to be in line with international standards and lifted the declaration of censure issued in 2013. Given the differences in geographical coverage, weights, sampling, and methodology of these series, the average CPI inflation for 2014, 2015, and 2016 and end-of-period inflation for 2015 and 2016 are not reported in the October 2017 World Economic Outlook.
Argentina’s authorities discontinued the publication of labor market data in December 2015 and released new series starting in the second quarter of 2016.
Argentina’s and Venezuela’s consumer prices are excluded from all WEO group aggregates.
Greece’s primary balance estimates for 2016 are based on preliminary excessive deficit procedure (EDP) data on an accrual basis (ESA 2010) provided by the National Statistical Service (ELSTAT) as of April 21, 2017. Fiscal data since 2010 are adjusted in line with program definitions.
India’s growth rates of real GDP calculated from 1998 to 2011 are as per national accounts with base year 2004/05, and thereafter are as per national accounts with base year 2011/12.
Against the background of a civil war and weak capacities, the reliability of Libya’s data, especially medium-term projections, is low.
Data for Syria are excluded from 2011 onward because of the uncertain political situation.
Projecting the economic outlook in Venezuela, including assessing past and current economic developments as the basis for the projections, is complicated by the lack of discussions with the authorities (the last Article IV consultation took place in 2004), long intervals in receiving data with information gaps, incomplete provision of information, and difficulties in interpreting certain reported economic indicators in line with economic developments. The fiscal accounts include the budgetary central government and Petróleos de Venezuela, S.A. (PDVSA), and the fiscal accounts data for 2016–22 are IMF staff estimates. Revenue includes the IMF staff’s estimated foreign exchange profits transferred from the central bank to the government (buying US dollars at the most appreciated rate and selling at more depreciated rates in a multitier exchange rate system) and excludes the staff’s estimated revenue from PDVSA’s sale of PetroCaribe assets to the central bank. Fiscal accounts for 2010–22 correspond to the budgetary central government and PDVSA. Fiscal accounts before 2010 correspond to the budgetary central government, public enterprises (including PDVSA), Instituto Venezolano de los Seguros Sociales (IVSS—social security), and Fondo de Garantía de Depósitos y Protección Bancaria (FOGADE—deposit insurance).
Classification of Countries
Summary of the Country Classification
The country classification in the WEO divides the world into two major groups: advanced economies and emerging market and developing economies.4 This classification is not based on strict criteria, economic or otherwise, and it has evolved over time. The objective is to facilitate analysis by providing a reasonably meaningful method of organizing data. Table A provides an overview of the country classification, showing the number of countries in each group by region and summarizing some key indicators of their relative size (GDP valued at purchasing power parity, total exports of goods and services, and population).
Some countries remain outside the country classification and therefore are not included in the analysis. Cuba and the Democratic People’s Republic of Korea are examples of countries that are not IMF members, and their economies therefore are not monitored by the IMF.
General Features and Composition of Groups in the World Economic Outlook Classification
Advanced Economies
The 39 advanced economies are listed in Table B. The seven largest in terms of GDP based on market exchange rates—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—constitute the subgroup of major advanced economies often referred to as the Group of Seven (G7). The members of the euro area are also distinguished as a subgroup. Composite data shown in the tables for the euro area cover the current members for all years, even though the membership has increased over time.
Table C lists the member countries of the European Union, not all of which are classified as advanced economies in the WEO.
Emerging Market and Developing Economies
The group of emerging market and developing economies (154) includes all those that are not classified as advanced economies.
The regional breakdowns of emerging market and developing economies are Commonwealth of Independent States (CIS), emerging and developing Asia, emerging and developing Europe (sometimes also referred to as “central and eastern Europe”), Latin America and the Caribbean (LAC), the Middle East, North Africa, Afghanistan, and Pakistan (MENAP), and sub-Saharan Africa (SSA).
Emerging market and developing economies are also classified according to analytical criteria. The analytical criteria reflect the composition of export earnings and a distinction between net creditor and net debtor economies. The detailed composition of emerging market and developing economies in the regional and analytical groups is shown in Tables D and E.
The analytical criterion source of export earnings distinguishes between the categories fuel (Standard International Trade Classification [SITC] 3) and nonfuel and then focuses on nonfuel primary products (SITCs 0, 1, 2, 4, and 68). Economies are categorized into one of these groups when their main source of export earnings exceeded 50 percent of total exports on average between 2012 and 2016.
The financial criteria focus on net creditor economies, net debtor economies, heavily indebted poor countries (HIPCs), and low-income developing countries (LIDCs). Economies are categorized as net debtors when their latest net international investment position, where available, was less than zero or their current account balance accumulations from 1972 (or earliest available data) to 2016 were negative. Net debtor economies are further differentiated on the basis of experience with debt servicing.5
The HIPC group comprises the countries that are or have been considered by the IMF and the World Bank for participation in their debt initiative known as the HIPC Initiative, which aims to reduce the external debt burdens of all the eligible HIPCs to a “sustainable” level in a reasonably short period of time.6 Many of these countries have already benefited from debt relief and have graduated from the initiative.
The LIDCs are countries that have per capita income levels below a certain threshold (currently set at $2,700 in 2016 as measured by the World Bank’s Atlas method), structural features consistent with limited development and structural transformation, and insufficiently close external financial linkages to be widely seen as emerging market economies.
Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20171
(Percent of total for group or world)
| GDP | Exports of Goods and Services | Population | ||||||
|---|---|---|---|---|---|---|---|---|
| Number of Economies | Advanced Economies | World | Advanced Economies | World | Advanced Economies | World | ||
| Advanced Economies | 39 | 100.0 | 41.8 | 100.0 | 64.4 | 100.0 | 14.5 | |
| United States | 37.0 | 15.5 | 16.6 | 10.7 | 30.5 | 4.4 | ||
| Euro Area | 19 | 28.1 | 11.7 | 41.2 | 26.5 | 31.9 | 4.6 | |
| Germany | 7.9 | 3.3 | 12.1 | 7.8 | 7.8 | 1.1 | ||
| France | 5.4 | 2.3 | 5.7 | 3.7 | 6.1 | 0.9 | ||
| Italy | 4.4 | 1.9 | 4.2 | 2.7 | 5.7 | 0.8 | ||
| Spain | 3.4 | 1.4 | 3.1 | 2.0 | 4.4 | 0.6 | ||
| Japan | 10.4 | 4.4 | 6.1 | 3.9 | 12.0 | 1.7 | ||
| United Kingdom | 5.5 | 2.3 | 5.6 | 3.6 | 6.2 | 0.9 | ||
| Canada | 3.3 | 1.4 | 3.6 | 2.3 | 3.4 | 0.5 | ||
| Other Advanced Economies | 16 | 15.6 | 6.5 | 26.9 | 17.3 | 16.0 | 2.3 | |
| Memorandum | ||||||||
| Major Advanced Economies | 7 | 74.1 | 31.0 | 53.8 | 34.7 | 71.7 | 10.4 | |
| Emerging Market and Developing Economies | World | Emerging Market and Developing Economies | World | Emerging Market and Developing Economies | World | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Emerging Market and Developing Economies | 154 | 100.0 | 58.2 | 100.0 | 35.6 | 100.0 | 85.5 | |||
| Regional Groups | ||||||||||
| Commonwealth of Independent States2 | 12 | 7.8 | 4.5 | 6.9 | 2.5 | 4.6 | 3.9 | |||
| Russia | 5.5 | 3.2 | 4.5 | 1.6 | 2.3 | 2.0 | ||||
| Emerging and Developing Asia | 30 | 54.3 | 31.6 | 50.1 | 17.8 | 56.9 | 48.6 | |||
| China | 30.5 | 17.7 | 30.0 | 10.7 | 22.2 | 19.0 | ||||
| India | 12.4 | 7.2 | 6.0 | 2.2 | 20.9 | 17.8 | ||||
| Excluding China and India | 28 | 11.4 | 6.6 | 14.1 | 5.0 | 13.8 | 11.8 | |||
| Emerging and Developing Europe | 12 | 6.1 | 3.5 | 9.8 | 3.5 | 2.8 | 2.4 | |||
| Latin America and the Caribbean | 32 | 13.5 | 7.8 | 14.2 | 5.1 | 9.9 | 8.4 | |||
| Brazil | 4.5 | 2.6 | 3.0 | 1.1 | 3.3 | 2.8 | ||||
| Mexico | 3.3 | 1.9 | 5.4 | 1.9 | 2.0 | 1.7 | ||||
| Middle East, North Africa, Afghanistan, and Pakistan | 23 | 13.2 | 7.7 | 14.7 | 5.2 | 10.7 | 9.2 | |||
| Middle East and North Africa | 21 | 11.7 | 6.8 | 14.3 | 5.1 | 7.1 | 6.0 | |||
| Sub-Saharan Africa | 45 | 5.2 | 3.0 | 4.3 | 1.5 | 15.1 | 12.9 | |||
| Excluding Nigeria and South Africa | 43 | 2.6 | 1.5 | 2.5 | 0.9 | 11.3 | 9.7 | |||
| Analytical Groups3 | ||||||||||
| By Source of Export Earnings | ||||||||||
| Fuel | 28 | 18.6 | 10.8 | 20.2 | 7.2 | 11.7 | 10.0 | |||
| Nonfuel | 125 | 81.4 | 47.3 | 79.8 | 28.4 | 88.3 | 75.5 | |||
| Of Which, Primary Products | 31 | 4.6 | 2.7 | 4.7 | 1.7 | 7.9 | 6.7 | |||
| By External Financing Source | ||||||||||
| Net Debtor Economies | 121 | 49.6 | 28.9 | 46.2 | 16.5 | 66.8 | 57.1 | |||
| Net Debtor Economies by Debt-Servicing Experience | ||||||||||
| Economies with Arrears and/or Rescheduling during 2012–16 | 25 | 3.3 | 1.9 | 2.1 | 0.8 | 5.5 | 4.7 | |||
| Other Groups | ||||||||||
| Heavily Indebted Poor Countries | 39 | 2.4 | 1.4 | 1.9 | 0.7 | 11.3 | 9.7 | |||
| Low-Income Developing Countries | 59 | 7.2 | 4.2 | 6.6 | 2.3 | 22.5 | 19.2 | |||
The GDP shares are based on the purchasing-power-parity valuation of economies’ GDP. The number of economies comprising each group reflects those for which data are included in the group aggregates.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
Syria is omitted from the source of export earnings and South Sudan and Syria are omitted from the net external position group composites because of insufficient data.
Advanced Economies by Subgroup
| Major Currency Areas | ||
| United States | ||
| Euro Area | ||
| Japan | ||
| Euro Area | ||
| Austria | Greece | Netherlands |
| Belgium | Ireland | Portugal |
| Cyprus | Italy | Slovak Republic |
| Estonia | Latvia | Slovenia |
| Finland | Lithuania | Spain |
| France | Luxembourg | |
| Germany | Malta | |
| Major Advanced Economies | ||
| Canada | Italy | United States |
| France | Japan | |
| Germany | United Kingdom | |
| Other Advanced Economies | ||
| Australia | Korea | Singapore |
| Czech Republic | Macao SAR2 | Sweden |
| Denmark | New Zealand | Switzerland |
| Hong Kong SAR1 | Norway | Taiwan Province of China |
| Iceland | Puerto Rico | |
| Israel | San Marino |
On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.
On December 20, 1999, Macao was returned to the People’s Republic of China and became a Special Administrative Region of China.
European Union
| Austria | Germany | Poland |
| Belgium | Greece | Portugal |
| Bulgaria | Hungary | Romania |
| Croatia | Ireland | Slovak Republic |
| Cyprus | Italy | Slovenia |
| Czech Republic | Latvia | Spain |
| Denmark | Lithuania | Sweden |
| Estonia | Luxembourg | United Kingdom |
| Finland | Malta | |
| France | Netherlands |
Emerging Market and Developing Economies by Region and Main Source of Export Earnings
| Fuel | Nonfuel Primary Products | |
|---|---|---|
| Commonwealth of Independent States | ||
| Azerbaijan | Uzbekistan | |
| Kazakhstan | ||
| Russia | ||
| Turkmenistan1 | ||
| Emerging and Developing Asia | ||
| Brunei Darussalam | Lao P.D.R. | |
| Timor-Leste | Marshall Islands | |
| Mongolia | ||
| Papua New Guinea | ||
| Solomon Islands | ||
| Tuvalu | ||
| Latin America and the Caribbean | ||
| Bolivia | Argentina | |
| Ecuador | Chile | |
| Trinidad and Tobago | Guyana | |
| Venezuela | Honduras | |
| Paraguay | ||
| Suriname | ||
| Uruguay | ||
| Middle East, North Africa, Afghanistan, and Pakistan | ||
| Algeria | Afghanistan | |
| Bahrain | Mauritania | |
| Iran | Sudan | |
| Iraq | ||
| Kuwait | ||
| Libya | ||
| Oman | ||
| Qatar | ||
| Saudi Arabia | ||
| United Arab Emirates | ||
| Yemen | ||
| Sub-Saharan Africa | ||
| Angola | Burkina Faso | |
| Chad | Burundi | |
| Republic of Congo | Central African Republic | |
| Equatorial Guinea | Democratic Republic of the Congo | |
| Gabon | Côte d’Ivoire | |
| Nigeria | Eritrea | |
| South Sudan | Guinea | |
| Guinea-Bissau | ||
| Liberia | ||
| Malawi | ||
| Mali | ||
| Sierra Leone | ||
| South Africa | ||
| Zambia |
Turkmenistan, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarity in economic structure.
Emerging Market and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries and Low-Income Developing Countries
| Net External Position1 | Heavily Indebted Poor Countries2 | Low-Income Developing Countries | |
|---|---|---|---|
| Commonwealth of Independent States | |||
| Armenia | * | ||
| Azerbaijan | • | ||
| Belarus | * | ||
| Georgia3 | * | ||
| Kazakhstan | * | ||
| Kyrgyz Republic | * | * | |
| Moldova | * | * | |
| Russia | • | ||
| Tajikistan | * | * | |
| Turkmenistan3 | • | ||
| Ukraine3 | * | ||
| Uzbekistan | • | * | |
| Emerging and Developing Asia | |||
| Bangladesh | * | * | |
| Bhutan | * | * | |
| Brunei Darussalam | • | ||
| Cambodia | * | * | |
| China | • | ||
| Fiji | * | ||
| India | * | ||
| Indonesia | * | ||
| Kiribati | • | * | |
| Lao P.D.R. | * | * | |
| Malaysia | • | ||
| Maldives | * | ||
| Marshall Islands | * | ||
| Micronesia | • | ||
| Mongolia | * | ||
| Myanmar | * | * | |
| Nauru | * | ||
| Nepal | • | * | |
| Palau | • | ||
| Papua New Guinea | * | * | |
| Philippines | * | ||
| Samoa | * | ||
| Solomon Islands | * | * | |
| Sri Lanka | * | ||
| Thailand | * | ||
| Timor-Leste | • | * | |
| Tonga | * | ||
| Tuvalu | * | ||
| Vanuatu | * | ||
| Vietnam | * | * | |
| Emerging and Developing Europe | |||
| Albania | * | ||
| Bosnia and Herzegovina | * | ||
| Bulgaria | * | ||
| Croatia | * | ||
| Hungary | * | ||
| Kosovo | * | ||
| FYR Macedonia | * | ||
| Montenegro | * | ||
| Poland | * | ||
| Romania | * | ||
| Serbia | * | ||
| Turkey | * | ||
| Latin America and the Caribbean | |||
| Antigua and Barbuda | * | ||
| Argentina | • | ||
| The Bahamas | * | ||
| Barbados | * | ||
| Belize | * | ||
| Bolivia | * | • | |
| Brazil | * | ||
| Chile | * | ||
| Colombia | * | ||
| Costa Rica | * | ||
| Dominica | * | ||
| Dominican Republic | * | ||
| Ecuador | * | ||
| El Salvador | * | ||
| Grenada | * | ||
| Guatemala | * | ||
| Guyana | * | • | |
| Haiti | * | • | * |
| Honduras | * | • | * |
| Jamaica | * | ||
| Mexico | * | ||
| Nicaragua | * | • | * |
| Panama | * | ||
| Paraguay | * | ||
| Peru | * | ||
| St. Kitts and Nevis | * | ||
| St. Lucia | * | ||
| St. Vincent and the Grenadines | * | ||
| Suriname | * | ||
| Trinidad and Tobago | • | ||
| Uruguay | * | ||
| Venezuela | • | ||
| Middle East, North Africa, Afghanistan, and Pakistan | |||
| Afghanistan | • | • | * |
| Algeria | • | ||
| Bahrain | • | ||
| Djibouti | * | * | |
| Egypt | * | ||
| Iran | • | ||
| Iraq | • | ||
| Jordan | * | ||
| Kuwait | • | ||
| Lebanon | * | ||
| Libya | • | ||
| Mauritania | * | • | * |
| Morocco | * | ||
| Oman | • | ||
| Pakistan | * | ||
| Qatar | • | ||
| Saudi Arabia | • | ||
| Somalia | * | * | * |
| Sudan | * | * | * |
| Syria4 | … | ||
| Tunisia | * | ||
| United Arab Emirates | • | ||
| Yemen | * | * | |
| Sub-Saharan Africa | |||
| Angola | • | ||
| Benin | * | • | * |
| Botswana | • | ||
| Burkina Faso | * | • | * |
| Burundi | * | • | * |
| Cabo Verde | * | ||
| Cameroon | * | • | * |
| Central African Republic | * | • | * |
| Chad | * | • | * |
| Comoros | * | • | * |
| Democratic Republic of the Congo | * | • | * |
| Republic of Congo | * | • | * |
| Côte d’Ivoire | * | • | * |
| Equatorial Guinea | * | ||
| Eritrea | * | * | * |
| Ethiopia | * | • | * |
| Gabon | • | ||
| The Gambia | * | • | * |
| Ghana | * | • | * |
| Guinea | * | • | * |
| Guinea-Bissau | * | • | * |
| Kenya | * | * | |
| Lesotho | * | * | |
| Liberia | * | • | * |
| Madagascar | * | • | * |
| Malawi | * | • | * |
| Mali | * | • | * |
| Mauritius | • | ||
| Mozambique | * | • | * |
| Namibia | * | ||
| Niger | * | • | * |
| Nigeria | * | * | |
| Rwanda | * | • | * |
| São Tomé and Príncipe | * | • | * |
| Senegal | * | • | * |
| Seychelles | * | ||
| Sierra Leone | * | • | * |
| South Africa | • | ||
| South Sudan4 | … | * | |
| Swaziland | * | ||
| Tanzania | * | • | * |
| Togo | * | • | * |
| Uganda | * | • | * |
| Zambia | * | • | * |
| Zimbabwe | * | * | |
Dot (star) indicates that the country is a net creditor (net debtor).
Dot instead of star indicates that the country has reached the completion point, which allows it to receive the full debt relief committed to at the decision point.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
South Sudan and Syria are omitted from the net external position group composite for lack of a fully developed database.
Economies with Exceptional Reporting Periods1
| National Accounts | Government Finance | |
|---|---|---|
| The Bahamas | Jul/Jun | |
| Bangladesh | Jul/Jun | |
| Barbados | Apr/Mar | |
| Belize | Apr/Mar | |
| Bhutan | Jul/Jun | Jul/Jun |
| Botswana | Apr/Mar | |
| Dominica | Jul/Jun | |
| Egypt | Jul/Jun | Jul/Jun |
| Ethiopia | Jul/Jun | Jul/Jun |
| Haiti | Oct/Sep | Oct/Sep |
| Hong Kong SAR | Apr/Mar | |
| India | Apr/Mar | Apr/Mar |
| Iran | Apr/Mar | Apr/Mar |
| Jamaica | Apr/Mar | |
| Lesotho | Apr/Mar | Apr/Mar |
| Malawi | Jul/Jun | |
| Marshall Islands | Oct/Sep | Oct/Sep |
| Mauritius | Jul/Jun | |
| Micronesia | Oct/Sep | Oct/Sep |
| Myanmar | Apr/Mar | Apr/Mar |
| Namibia | Apr/Mar | |
| Nauru | Jul/Jun | Jul/Jun |
| Nepal | Aug/Jul | Aug/Jul |
| Pakistan | Jul/Jun | Jul/Jun |
| Palau | Oct/Sep | Oct/Sep |
| Puerto Rico | Jul/Jun | Jul/Jun |
| St. Lucia | Apr/Mar | |
| Samoa | Jul/Jun | Jul/Jun |
| Singapore | Apr/Mar | |
| Swaziland | Apr/Mar | |
| Thailand | Oct/Sep | |
| Trinidad and Tobago | Oct/Sep |
Unless noted otherwise, all data refer to calendar years.
Key Data Documentation
| National Accounts | Prices (CPI) | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Currency | Historical Data Source1 | Latest Actual Annual Data | Base Year2 | System of National Accounts | Use of Chain-Weighted Methodology3 | Historical Data Source1 | Latest Actual Annual Data |
| Afghanistan | Afghan afghani | NSO | 2015 | 2002/03 | SNA 1993 | NSO | 2015 | |
| Albania | Albanian lek | IMF staff | 2016 | 1996 | SNA 1993 | From 1996 | NSO | 2016 |
| Algeria | Algerian dinar | NSO | 2016 | 2001 | SNA 1993 | From 2005 | NSO | 2016 |
| Angola | Angolan kwanza | MEP | 2015 | 2002 | ESA 1995 | NSO | 2015 | |
| Antigua and Barbuda | Eastern Caribbean dollar | CB | 2016 | 20066 | SNA 1993 | NSO | 2016 | |
| Argentina | Argentine peso | NSO | 2016 | 2004 | SNA 2008 | NSO | 2016 | |
| Armenia | Armenian dram | NSO | 2016 | 2005 | SNA 2008 | NSO | 2016 | |
| Australia | Australian dollar | NSO | 2016 | 2014/15 | SNA 2008 | From 1980 | NSO | 2016 |
| Austria | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1995 | NSO | 2016 |
| Azerbaijan | Azerbaijan manat | NSO | 2016 | 2003 | SNA 1993 | From 1994 | NSO | 2016 |
| The Bahamas | Bahamian dollar | NSO | 2015 | 2006 | SNA 1993 | NSO | 2016 | |
| Bahrain | Bahrain dinar | NSO | 2016 | 2010 | SNA 2008 | NSO | 2016 | |
| Bangladesh | Bangladesh taka | NSO | 2016 | 2005 | SNA 1993 | NSO | 2016 | |
| Barbados | Barbados dollar | NSO and CB | 2014 | 19746 | SNA 1993 | NSO | 2016 | |
| Belarus | Belarusian ruble | NSO | 2016 | 2014 | SNA 2008 | From 2005 | NSO | 2016 |
| Belgium | Euro | CB | 2016 | 2014 | ESA 2010 | From 1995 | CB | 2016 |
| Belize | Belize dollar | NSO | 2015 | 2000 | SNA 1993 | NSO | 2015 | |
| Benin | CFA franc | NSO | 2015 | 2007 | SNA 1993 | NSO | 2016 | |
| Bhutan | Bhutanese ngultrum | NSO | 2015/16 | 20006 | SNA 1993 | CB | 2015/16 | |
| Bolivia | Bolivian boliviano | NSO | 2015 | 1990 | Other | NSO | 2016 | |
| Bosnia and Herzegovina | Bosnia convertible marka | NSO | 2016 | 2010 | ESA 2010 | From 2000 | NSO | 2016 |
| Botswana | Botswana pula | NSO | 2015 | 2006 | SNA 1993 | NSO | 2016 | |
| Brazil | Brazilian real | NSO | 2016 | 1995 | SNA 2008 | NSO | 2016 | |
| Brunei Darussalam | Brunei dollar | NSO and GAD | 2016 | 2010 | SNA 1993 | NSO and GAD | 2016 | |
| Bulgaria | Bulgarian lev | NSO | 2016 | 2010 | ESA 2010 | From 1996 | NSO | 2016 |
| Burkina Faso | CFA franc | NSO and MEP | 2016 | 1999 | SNA 1993 | NSO | 2016 | |
| Burundi | Burundi franc | NSO | 2015 | 2005 | SNA 1993 | NSO | 2016 | |
| Cabo Verde | Cabo Verdean escudo | NSO | 2016 | 2007 | SNA 2008 | From 2011 | NSO | 2016 |
| Cambodia | Cambodian riel | NSO | 2016 | 2000 | SNA 1993 | NSO | 2016 | |
| Cameroon | CFA franc | NSO | 2016 | 2000 | SNA 1993 | NSO | 2016 | |
| Canada | Canadian dollar | NSO | 2016 | 2007 | SNA 2008 | From 1980 | NSO | 2016 |
| Central African Republic | CFA franc | NSO | 2012 | 2005 | SNA 1993 | NSO | 2015 | |
| Chad | CFA franc | CB | 2015 | 2005 | Other | NSO | 2015 | |
| Chile | Chilean peso | CB | 2016 | 20136 | SNA 2008 | From 2003 | NSO | 2016 |
| China | Chinese yuan | NSO | 2016 | 2015 | SNA 2008 | NSO | 2016 | |
| Colombia | Colombian peso | NSO | 2016 | 2005 | Other | From 2000 | NSO | 2016 |
| Comoros | Comorian franc | MEP | 2015 | 2000 | Other | NSO | 2015 | |
| Democratic Republic of the Congo | Congolese franc | NSO | 2015 | 2005 | SNA 1993 | CB | 2015 | |
| Republic of Congo | CFA franc | NSO | 2016 | 1990 | SNA 1993 | NSO | 2016 | |
| Costa Rica | Costa Rican colón | CB | 2016 | 2012 | SNA 2008 | CB | 2016 | |
| Government Finance | Balance of Payments | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source | Subsectors Coverage4 | Accounting Practice5 | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source |
| Afghanistan | MoF | 2015 | 2001 | CG | C | NSO, MoF, and CB | 2015 | BPM 5 |
| Albania | IMF staff | 2016 | 1986 | CG,LG,SS,MPC, NFPC | Other | CB | 2016 | BPM 6 |
| Algeria | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 5 |
| Angola | MoF | 2015 | 2001 | CG,LG | Other | CB | 2015 | BPM 6 |
| Antigua and Barbuda | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 6 |
| Argentina | MEP | 2016 | 1986 | CG,SG,LG,SS | C | NSO | 2016 | BPM 5 |
| Armenia | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 6 |
| Australia | MoF | 2015 | 2014 | CG,SG,LG,TG | A | NSO | 2016 | BPM 6 |
| Austria | NSO | 2016 | 2001 | CG,SG,LG,SS | A | CB | 2016 | BPM 6 |
| Azerbaijan | MoF | 2015 | Other | CG | C | CB | 2016 | BPM 5 |
| The Bahamas | MoF | 2016/17 | 2001 | CG | C | CB | 2016 | BPM 5 |
| Bahrain | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 6 |
| Bangladesh | MoF | 2015/16 | Other | CG | C | CB | 2015 | BPM 6 |
| Barbados | MoF | 2016/17 | 1986 | CG | C | CB | 2016 | BPM 6 |
| Belarus | MoF | 2016 | 2001 | CG,LG,SS | C | CB | 2016 | BPM 6 |
| Belgium | CB | 2016 | ESA 2010 | CG,SG,LG,SS | A | CB | 2016 | BPM 6 |
| Belize | MoF | 2015/16 | 1986 | CG,MPC | Mixed | CB | 2015 | BPM 6 |
| Benin | MoF | 2016 | 1986 | CG | C | CB | 2015 | BPM 6 |
| Bhutan | MoF | 2015/16 | 1986 | CG | C | CB | 2014/15 | BPM 6 |
| Bolivia | MoF | 2016 | 2001 | CG,LG,SS,NMPC, NFPC | C | CB | 2016 | BPM 6 |
| Bosnia and Herzegovina | MoF | 2015 | 2001 | CG,SG,LG,SS | Mixed | CB | 2016 | BPM 6 |
| Botswana | MoF | 2015/16 | 1986 | CG | C | CB | 2015 | BPM 5 |
| Brazil | MoF | 2016 | 2001 | CG,SG,LG,SS, MPC,NFPC | C | CB | 2016 | BPM 6 |
| Brunei Darussalam | MoF | 2016 | Other | CG,BCG | C | NSO, MEP, and GAD | 2015 | BPM 6 |
| Bulgaria | MoF | 2015 | 2001 | CG,LG,SS | C | CB | 2016 | BPM 6 |
| Burkina Faso | MoF | 2016 | 2001 | CG | CB | CB | 2016 | BPM 6 |
| Burundi | MoF | 2015 | 2001 | CG | A | CB | 2015 | BPM 6 |
| Cabo Verde | MoF | 2016 | 2001 | CG | A | NSO | 2016 | BPM 5 |
| Cambodia | MoF | 2016 | 1986 | CG,LG | A | CB | 2016 | BPM 5 |
| Cameroon | MoF | 2016 | 2001 | CG,NFPC | C | MoF | 2016 | BPM 5 |
| Canada | MoF | 2016 | 2001 | CG,SG,LG,SS | A | NSO | 2016 | BPM 6 |
| Central African Republic | MoF | 2016 | 2001 | CG | C | CB | 2015 | BPM 5 |
| Chad | MoF | 2015 | 1986 | CG,NFPC | C | CB | 2015 | BPM 5 |
| Chile | MoF | 2016 | 2001 | CG,LG | A | CB | 2016 | BPM 6 |
| China | MoF | 2016 | 2001 | CG,LG | C | GAD | 2016 | BPM 6 |
| Colombia | MoF | 2015 | 2001 | CG,SG,LG,SS | Other | CB and NSO | 2015 | BPM 6 |
| Comoros | MoF | 2016 | 1986 | CG | Mixed | CB and IMF staff | 2016 | BPM 5 |
| Democratic Republic of the Congo | MoF | 2015 | 2001 | CG,LG | A | CB | 2015 | BPM 5 |
| Republic of Congo | MoF | 2016 | 2001 | CG | A | CB | 2015 | BPM 5 |
| Costa Rica | MoF and CB | 2016 | 1986 | CG | C | CB | 2016 | BPM 6 |
| National Accounts | Prices (CPI) | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Currency | Historical Data Source1 | Latest Actual Annual Data | Base Year2 | System of National Accounts | Use of Chain-Weighted Methodology3 | Historical Data Source1 | Latest Actual Annual Data |
| Côte d'Ivoire | CFA franc | NSO | 2014 | 2009 | SNA 1993 | NSO | 2016 | |
| Croatia | Croatian kuna | NSO | 2016 | 2010 | ESA 2010 | NSO | 2016 | |
| Cyprus | Euro | NSO | 2016 | 2005 | ESA 2010 | From 1995 | NSO | 2016 |
| Czech Republic | Czech koruna | NSO | 2016 | 2010 | ESA 2010 | From 1995 | NSO | 2016 |
| Denmark | Danish krone | NSO | 2015 | 2010 | ESA 2010 | From 1980 | NSO | 2016 |
| Djibouti | Djibouti franc | NSO | 2014 | 1990 | Other | NSO | 2016 | |
| Dominica | Eastern Caribbean dollar | NSO | 2015 | 2006 | SNA 1993 | NSO | 2015 | |
| Dominican Republic | Dominican peso | CB | 2016 | 2007 | SNA 2008 | From 2007 | CB | 2016 |
| Ecuador | US dollar | CB | 2016 | 2007 | SNA 1993 | NSO and CB | 2016 | |
| Egypt | Egyptian pound | MEP | 2015/16 | 2011/12 | SNA 1993 | NSO | 2015/16 | |
| El Salvador | US dollar | CB | 2016 | 1990 | Other | NSO | 2016 | |
| Equatorial Guinea | CFA franc | MEP and CB | 2016 | 2006 | SNA 1993 | MEP | 2016 | |
| Eritrea | Eritrean nakfa | IMF staff | 2006 | 2005 | SNA 1993 | NSO | 2009 | |
| Estonia | Euro | NSO | 2016 | 2010 | ESA 2010 | From 2010 | NSO | 2016 |
| Ethiopia | Ethiopian birr | NSO | 2015/16 | 2010/11 | SNA 1993 | NSO | 2016 | |
| Fiji | Fijian dollar | NSO | 2016 | 20116 | SNA 1993 | NSO | 2015 | |
| Finland | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1980 | NSO | 2016 |
| France | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1980 | NSO | 2016 |
| Gabon | CFA franc | MoF | 2015 | 2001 | SNA 1993 | NSO | 2016 | |
| The Gambia | Gambian dalasi | NSO | 2016 | 2004 | SNA 1993 | NSO | 2016 | |
| Georgia | Georgian lari | NSO | 2016 | 2000 | SNA 1993 | From 1996 | NSO | 2016 |
| Germany | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1991 | NSO | 2016 |
| Ghana | Ghanaian cedi | NSO | 2016 | 2006 | SNA 1993 | NSO | 2016 | |
| Greece | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1995 | NSO | 2016 |
| Grenada | Eastern Caribbean dollar | NSO | 2015 | 2006 | SNA 1993 | NSO | 2016 | |
| Guatemala | Guatemalan quetzal | CB | 2016 | 2001 | SNA 1993 | From 2001 | NSO | 2016 |
| Guinea | Guinean franc | NSO | 2011 | 2003 | SNA 1993 | NSO | 2016 | |
| Guinea-Bissau | CFA franc | NSO | 2015 | 2005 | SNA 1993 | NSO | 2016 | |
| Guyana | Guyanese dollar | NSO | 2016 | 20066 | SNA 1993 | NSO | 2016 | |
| Haiti | Haitian gourde | NSO | 2015/16 | 1986/87 | SNA 2008 | NSO | 2015/16 | |
| Honduras | Honduran lempira | CB | 2016 | 2000 | SNA 1993 | CB | 2016 | |
| Hong Kong SAR | Hong Kong dollar | NSO | 2016 | 2014 | SNA 2008 | From 1980 | NSO | 2016 |
| Hungary | Hungarian forint | NSO | 2016 | 2005 | ESA 2010 | From 2005 | IEO | 2016 |
| Iceland | Icelandic króna | NSO | 2016 | 2005 | ESA 2010 | From 1990 | NSO | 2016 |
| India | Indian rupee | NSO | 2016/17 | 2011/12 | SNA 2008 | NSO | 2016/17 | |
| Indonesia | Indonesian rupiah | NSO | 2016 | 2010 | SNA 2008 | NSO | 2016 | |
| Iran | Iranian rial | CB | 2015/16 | 2011/12 | SNA 1993 | CB | 2015/16 | |
| Iraq | Iraqi dinar | NSO | 2014 | 2007 | SNA 1968 | NSO | 2014 | |
| Ireland | Euro | NSO | 2016 | 2015 | ESA 2010 | From 1995 | NSO | 2016 |
| Israel | New Israeli shekel | NSO | 2016 | 2015 | SNA 2008 | From 1995 | NSO | 2016 |
| Italy | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1980 | NSO | 2016 |
| Jamaica | Jamaican dollar | NSO | 2015 | 2007 | SNA 1993 | NSO | 2015 | |
| Government Finance | Balance of Payments | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source | Subsectors Coverage4 | Accounting Practice5 | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source |
| Côte d'Ivoire | MoF | 2016 | 1986 | CG | A | CB | 2015 | BPM 6 |
| Croatia | MoF | 2016 | 2001 | CG,LG | A | CB | 2016 | BPM 6 |
| Cyprus | NSO | 2016 | ESA 2010 | CG,LG,SS | Other | CB | 2016 | BPM 6 |
| Czech Republic | MoF | 2016 | 2001 | CG,LG,SS | A | NSO | 2016 | BPM 6 |
| Denmark | NSO | 2016 | 2001 | CG,LG,SS | A | NSO | 2015 | BPM 6 |
| Djibouti | MoF | 2016 | 2001 | CG | A | CB | 2016 | BPM 5 |
| Dominica | MoF | 2015/16 | 1986 | CG | C | CB | 2015 | BPM 6 |
| Dominican Republic | MoF | 2016 | 2001 | CG,SG,LG,SS,NMPC | Mixed | CB | 2016 | BPM 6 |
| Ecuador | CB and MoF | 2016 | 1986 | CG,SG,LG,SS,NFPC | C | CB | 2016 | BPM 6 |
| Egypt | MoF | 2015/16 | 2001 | CG,LG,SS,MPC | C | CB | 2015/16 | BPM 5 |
| El Salvador | MoF and CB | 2016 | 1986 | CG,LG,SS | C | CB | 2016 | BPM 6 |
| Equatorial Guinea | MoF | 2016 | 1986 | CG | C | CB | 2015 | BPM 5 |
| Eritrea | MoF | 2008 | 2001 | CG | C | CB | 2008 | BPM 5 |
| Estonia | MoF | 2016 | 1986/2001 | CG,LG,SS | C | CB | 2016 | BPM 6 |
| Ethiopia | MoF | 2015/16 | 1986 | CG,SG,LG,NFPC | C | CB | 2015/16 | BPM 5 |
| Fiji | MoF | 2015 | 1986 | CG | C | CB | 2015 | BPM 6 |
| Finland | MoF | 2016 | 2001 | CG,LG,SS | A | NSO | 2016 | BPM 6 |
| France | NSO | 2016 | 2001 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| Gabon | IMF staff | 2016 | 2001 | CG | A | CB | 2015 | BPM 5 |
| The Gambia | MoF | 2016 | 1986 | CG | C | CB and IMF staff | 2016 | BPM 5 |
| Georgia | MoF | 2016 | 2001 | CG,LG | C | NSO and CB | 2015 | BPM 5 |
| Germany | NSO | 2016 | 2001 | CG,SG,LG,SS | A | CB | 2016 | BPM 6 |
| Ghana | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 5 |
| Greece | NSO | 2016 | 2014 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| Grenada | MoF | 2015 | 2001 | CG | CB | CB | 2015 | BPM 6 |
| Guatemala | MoF | 2016 | 2001 | CG | C | CB | 2015 | BPM 6 |
| Guinea | MoF | 2016 | 2001 | CG | Other | CB and MEP | 2016 | BPM 6 |
| Guinea-Bissau | MoF | 2014 | 2001 | CG | A | CB | 2015 | BPM 6 |
| Guyana | MoF | 2016 | 1986 | CG,SS,NFPC | C | CB | 2016 | BPM 5 |
| Haiti | MoF | 2015/16 | 2001 | CG | C | CB | 2015/16 | BPM 5 |
| Honduras | MoF | 2016 | 2014 | CG,LG,SS,NFPC | A | CB | 2015 | BPM 5 |
| Hong Kong SAR | NSO | 2016/17 | 2001 | CG | C | NSO | 2016 | BPM 6 |
| Hungary | MEP and NSO | 2016 | ESA 2010 | CG,LG,SS,NMPC | A | CB | 2015 | BPM 6 |
| Iceland | NSO | 2016 | 2001 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| India | MoF and IMF staff | 2015/16 | 1986 | CG,SG | C | CB | 2016/17 | BPM 6 |
| Indonesia | MoF | 2016 | 2001 | CG,LG | C | CB | 2016 | BPM 6 |
| Iran | MoF | 2015/16 | 2001 | CG | C | CB | 2015/16 | BPM 5 |
| Iraq | MoF | 2014 | 2001 | CG | C | CB | 2014 | BPM 5 |
| Ireland | MoF and NSO | 2016 | 2001 | CG,LG,SS | A | NSO | 2016 | BPM 6 |
| Israel | MoF and NSO | 2016 | 2001 | CG,LG,SS | Other | NSO | 2016 | BPM 6 |
| Italy | NSO | 2016 | 2001 | CG,LG,SS | A | NSO | 2016 | BPM 6 |
| Jamaica | MoF | 2015/16 | 1986 | CG | C | CB | 2015 | BPM 5 |
| National Accounts | Prices (CPI) | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Currency | Historical Data Source1 | Latest Actual Annual Data | Base Year2 | System of National Accounts | Use of Chain-Weighted Methodology3 | Historical Data Source1 | Latest Actual Annual Data |
| Japan | Japanese yen | GAD | 2016 | 2011 | SNA 2008 | From 1980 | GAD | 2016 |
| Jordan | Jordanian dinar | NSO | 2016 | 1994 | SNA 1993 | NSO | 2016 | |
| Kazakhstan | Kazakhstani tenge | NSO | 2016 | 2007 | SNA 1993 | From 1994 | CB | 2016 |
| Kenya | Kenya shilling | NSO | 2016 | 2009 | SNA 2008 | NSO | 2016 | |
| Kiribati | Australian dollar | NSO | 2015 | 2006 | SNA 2008 | NSO | 2016 | |
| Korea | South Korean won | CB | 2016 | 2010 | SNA 2008 | From 1980 | MoF | 2016 |
| Kosovo | Euro | NSO | 2015 | 2015 | ESA 2010 | NSO | 2016 | |
| Kuwait | Kuwaiti dinar | MEP and NSO | 2015 | 2010 | SNA 1993 | NSO and MEP | 2016 | |
| Kyrgyz Republic | Kyrgyz som | NSO | 2015 | 2005 | SNA 1993 | NSO | 2016 | |
| Lao P.D.R. | Lao kip | NSO | 2016 | 2012 | SNA 1993 | NSO | 2016 | |
| Latvia | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1995 | NSO | 2016 |
| Lebanon | Lebanese pound | NSO | 2013 | 2010 | SNA 2008 | From 2010 | NSO | 2016 |
| Lesotho | Lesotho loti | NSO | 2015/16 | 2012/13 | Other | NSO | 2016 | |
| Liberia | US dollar | CB | 2016 | 1992 | SNA 1993 | CB | 2016 | |
| Libya | Libyan dinar | MEP | 2016 | 2003 | SNA 1993 | NSO | 2016 | |
| Lithuania | Euro | NSO | 2016 | 2010 | ESA 2010 | From 2005 | NSO | 2016 |
| Luxembourg | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1995 | NSO | 2016 |
| Macao SAR | Macanese pataca | NSO | 2016 | 2015 | SNA 2008 | From 2001 | NSO | 2016 |
| FYR Macedonia | Macedonian denar | NSO | 2016 | 2005 | ESA 2010 | NSO | 2016 | |
| Madagascar | Malagasy ariary | NSO | 2015 | 2000 | SNA 1968 | NSO | 2016 | |
| Malawi | Malawian kwacha | NSO | 2011 | 2010 | SNA 2008 | NSO | 2016 | |
| Malaysia | Malaysian ringgit | NSO | 2016 | 2010 | SNA 2008 | NSO | 2016 | |
| Maldives | Maldivian rufiyaa | MoF and NSO | 2015 | 2014 | SNA 1993 | CB | 2016 | |
| Mali | CFA franc | NSO | 2016 | 1999 | SNA 1993 | NSO | 2016 | |
| Malta | Euro | NSO | 2016 | 2010 | ESA 2010 | From 2000 | NSO | 2016 |
| Marshall Islands | US dollar | NSO | 2015/16 | 2003/04 | SNA 1993 | NSO | 2015/16 | |
| Mauritania | Mauritanian ouguiya | NSO | 2014 | 2004 | SNA 1993 | NSO | 2014 | |
| Mauritius | Mauritian rupee | NSO | 2016 | 2006 | SNA 1993 | From 1999 | NSO | 2016 |
| Mexico | Mexican peso | NSO | 2016 | 2008 | SNA 2008 | NSO | 2016 | |
| Micronesia | US dollar | NSO | 2014/15 | 2004 | SNA 1993 | NSO | 2014/15 | |
| Moldova | Moldovan leu | NSO | 2016 | 1995 | SNA 1993 | NSO | 2016 | |
| Mongolia | Mongolian tögrög | NSO | 2016 | 2010 | SNA 1993 | NSO | 2016 | |
| Montenegro | Euro | NSO | 2015 | 2006 | ESA 1995 | NSO | 2016 | |
| Morocco | Moroccan dirham | NSO | 2016 | 2007 | SNA 1993 | From 1998 | NSO | 2016 |
| Mozambique | Mozambican metical | NSO | 2016 | 2009 | SNA 1993/ 2008 | NSO | 2016 | |
| Myanmar | Myanmar kyat | MEP | 2015/16 | 2010/11 | Other | NSO | 2015/16 | |
| Namibia | Namibia dollar | NSO | 2016 | 2000 | SNA 1993 | NSO | 2016 | |
| Nauru | Australian dollar | Other | 2015/16 | 2006/07 | SNA 1993 | NSO | 2015/16 | |
| Nepal | Nepalese rupee | NSO | 2015/16 | 2000/01 | SNA 1993 | CB | 2016/17 | |
| Netherlands | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1980 | NSO | 2016 |
| New Zealand | New Zealand dollar | NSO | 2016 | 2009/10 | Other | From 1987 | NSO | 2016 |
| Nicaragua | Nicaraguan córdoba | CB | 2016 | 2006 | SNA 1993 | From 1994 | CB | 2016 |
| Niger | CFA franc | NSO | 2016 | 2000 | SNA 1993 | NSO | 2016 | |
| Nigeria | Nigerian naira | NSO | 2016 | 2010 | SNA 2008 | NSO | 2016 | |
| Norway | Norwegian krone | NSO | 2016 | 2014 | ESA 2010 | From 1980 | NSO | 2016 |
| Government Finance | Balance of Payments | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source | Subsectors Coverage4 | Accounting Practice5 | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source |
| Japan | GAD | 2016 | 2001 | CG,LG,SS | A | MoF | 2016 | BPM 6 |
| Jordan | MoF | 2016 | 2001 | CG,NFPC | C | CB | 2016 | BPM 5 |
| Kazakhstan | IMF staff | 2016 | 2001 | CG,LG | A | CB | 2016 | BPM 6 |
| Kenya | MoF | 2016 | 2001 | CG | A | CB | 2016 | BPM 6 |
| Kiribati | MoF | 2016 | 1986 | CG,LG | C | NSO | 2014 | BPM 6 |
| Korea | MoF | 2015 | 2001 | CG | C | CB | 2016 | BPM 6 |
| Kosovo | MoF | 2015 | Other | CG,LG | C | CB | 2015 | BPM 5 |
| Kuwait | MoF | 2015 | 1986 | CG | Mixed | CB | 2016 | BPM 6 |
| Kyrgyz Republic | MoF | 2016 | Other | CG,LG,SS | C | CB | 2016 | BPM 5 |
| Lao P.D.R. | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 5 |
| Latvia | MoF | 2016 | 1986 | CG,LG,SS | C | CB | 2016 | BPM 6 |
| Lebanon | MoF | 2015 | 2001 | CG | Mixed | CB and IMF staff | 2015 | BPM 5 |
| Lesotho | MoF | 2016/17 | 2001 | CG,LG | C | CB | 2016/17 | BPM 5 |
| Liberia | MoF | 2016 | 2001 | CG | A | CB | 2015 | BPM 5 |
| Libya | MoF | 2016 | 1986 | CG,SG,LG | C | CB | 2016 | BPM 5 |
| Lithuania | MoF | 2015 | 2014 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| Luxembourg | MoF | 2016 | 2001 | CG,LG,SS | A | NSO | 2016 | BPM 6 |
| Macao SAR | MoF | 2015 | 2014 | CG,SS | C | NSO | 2016 | BPM 6 |
| FYR Macedonia | MoF | 2016 | 1986 | CG,SG,SS | C | CB | 2016 | BPM 6 |
| Madagascar | MoF | 2016 | 1986 | CG,LG | C | CB | 2016 | BPM 5 |
| Malawi | MoF | 2015/16 | 1986 | CG | C | NSO and GAD | 2016 | BPM 5 |
| Malaysia | MoF | 2015 | 1986 | CG,SG,LG | C | NSO | 2016 | BPM 6 |
| Maldives | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 5 |
| Mali | MoF | 2016 | 2001 | CG | Mixed | CB | 2016 | BPM 6 |
| Malta | NSO | 2016 | 2001 | CG,SS | A | NSO | 2016 | BPM 6 |
| Marshall Islands | MoF | 2015/16 | 2001 | CG,LG,SS | A | NSO | 2015/16 | BPM 6 |
| Mauritania | MoF | 2014 | 1986 | CG | C | CB | 2013 | BPM 5 |
| Mauritius | MoF | 2015/16 | 2001 | CG,LG,NFPC | C | CB | 2016 | BPM 5 |
| Mexico | MoF | 2016 | 2001 | CG,SS,NMPC,NFPC | C | CB | 2016 | BPM 6 |
| Micronesia | MoF | 2014/15 | 2001 | CG,SG,LG,SS | Other | NSO | 2014/15 | Other |
| Moldova | MoF | 2016 | 1986 | CG,LG,SS | C | CB | 2016 | BPM 5 |
| Mongolia | MoF | 2016 | 2001 | CG,SG,LG,SS | C | CB | 2016 | BPM 5 |
| Montenegro | MoF | 2015 | 1986 | CG,LG,SS | C | CB | 2015 | BPM 6 |
| Morocco | MEP | 2016 | 2001 | CG | A | GAD | 2016 | BPM 5 |
| Mozambique | MoF | 2016 | 2001 | CG,SG | Mixed | CB | 2015 | BPM 6 |
| Myanmar | MoF | 2015/16 | Other | CG,NFPC | Mixed | IMF staff | 2015/16 | BPM 5 |
| Namibia | MoF | 2015/16 | 2001 | CG | C | CB | 2015 | BPM 5 |
| Nauru | MoF | 2015/16 | 2001 | CG | Mixed | IMF staff | 2014/15 | BPM 6 |
| Nepal | MoF | 2015/16 | 2001 | CG | C | CB | 2015/16 | BPM 5 |
| Netherlands | MoF | 2016 | 2001 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| New Zealand | MoF | 2015/16 | 2001 | CG | A | NSO | 2016 | BPM 6 |
| Nicaragua | MoF | 2016 | 1986 | CG,LG,SS | C | IMF staff | 2016 | BPM 6 |
| Niger | MoF | 2015 | 1986 | CG | A | CB | 2015 | BPM 6 |
| Nigeria | MoF | 2016 | 2001 | CG,SG,LG | C | CB | 2016 | BPM 5 |
| Norway | NSO and MoF | 2016 | 2014 | CG,LG,SS | A | NSO | 2016 | BPM 6 |
| National Accounts | Prices (CPI) | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Currency | Historical Data Source1 | Latest Actual Annual Data | Base Year2 | System of National Accounts | Use of Chain-Weighted Methodology3 | Historical Data Source1 | Latest Actual Annual Data |
| Oman | Omani rial | NSO | 2015 | 2010 | SNA 1993 | NSO | 2016 | |
| Pakistan | Pakistan rupee | NSO | 2015/16 | 2005/066 | SNA 1968/ 1993 | NSO | 2016/17 | |
| Palau | US dollar | MoF | 2015/16 | 2004/05 | SNA 1993 | MoF | 2015/16 | |
| Panama | US dollar | NSO | 2015 | 2007 | SNA 1993 | From 2007 | NSO | 2015 |
| Papua New Guinea | Papua New Guinea kina | NSO and MoF | 2013 | 1998 | SNA 1993 | NSO | 2013 | |
| Paraguay | Paraguayan guaraní | CB | 2016 | 1994 | SNA 1993 | CB | 2016 | |
| Peru | Peruvian nuevo sol | CB | 2016 | 2007 | SNA 1993 | CB | 2016 | |
| Philippines | Philippine peso | NSO | 2016 | 2000 | SNA 2008 | NSO | 2016 | |
| Poland | Polish zloty | NSO | 2016 | 2010 | ESA 2010 | From 1995 | NSO | 2016 |
| Portugal | Euro | NSO | 2016 | 2011 | ESA 2010 | From 1980 | NSO | 2016 |
| Puerto Rico | US dollar | NSO | 2014/15 | 1954 | SNA1968 | MEP | 2015/16 | |
| Qatar | Qatari riyal | NSO and MEP | 2015 | 2013 | SNA 1993 | NSO and MEP | 2015 | |
| Romania | Romanian leu | NSO | 2016 | 2010 | ESA 2010 | From 2000 | NSO | 2016 |
| Russia | Russian ruble | NSO | 2016 | 2016 | SNA 2008 | From 1995 | NSO | 2016 |
| Rwanda | Rwandan franc | NSO | 2016 | 2014 | SNA 2008 | NSO | 2016 | |
| Samoa | Samoa tala | NSO | 2015/16 | 2009/10 | SNA 1993 | NSO | 2015/16 | |
| San Marino | Euro | NSO | 2015 | 2007 | Other | NSO | 2016 | |
| São Tomé and Príncipe | São Tomé and Príncipe dobra | NSO | 2015 | 2000 | SNA 1993 | NSO | 2016 | |
| Saudi Arabia | Saudi riyal | NSO and MEP | 2016 | 2010 | SNA 1993 | NSO and MEP | 2016 | |
| Senegal | CFA franc | NSO | 2016 | 2000 | SNA 1993 | NSO | 2016 | |
| Serbia | Serbian dinar | NSO | 2016 | 2010 | ESA 2010 | From 2010 | NSO | 2016 |
| Seychelles | Seychellois rupee | NSO | 2015 | 2006 | SNA 1993 | NSO | 2016 | |
| Sierra Leone | Sierra Leonean leone | NSO | 2016 | 2006 | SNA 1993 | From 2010 | NSO | 2016 |
| Singapore | Singapore dollar | NSO | 2016 | 2010 | SNA 1993 | From 2010 | NSO | 2016 |
| Slovak Republic | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1997 | NSO | 2016 |
| Slovenia | Euro | NSO | 2016 | 2010 | ESA 2010 | From 2000 | NSO | 2016 |
| Solomon Islands | Solomon Islands dollar | CB | 2016 | 2004 | SNA 1993 | NSO | 2016 | |
| Somalia | US dollar | CB | 2015 | 2015 | SNA 1993 | CB | 2014 | |
| South Africa | South African rand | CB | 2016 | 2010 | SNA 1993 | NSO | 2016 | |
| South Sudan | South Sudanese pound | NSO | 2015 | 2010 | SNA 1993 | NSO | 2016 | |
| Spain | Euro | NSO | 2016 | 2010 | ESA 2010 | From 1995 | NSO | 2016 |
| Sri Lanka | Sri Lankan rupee | NSO | 2016 | 2010 | SNA 1993 | NSO | 2016 | |
| St. Kitts and Nevis | Eastern Caribbean dollar | NSO | 2016 | 20066 | SNA 1993 | NSO | 2016 | |
| St. Lucia | Eastern Caribbean dollar | NSO | 2016 | 2006 | SNA 1993 | NSO | 2016 | |
| St. Vincent and the Grenadines | Eastern Caribbean dollar | NSO | 2016 | 20066 | SNA 1993 | NSO | 2016 | |
| Sudan | Sudanese pound | NSO | 2010 | 2007 | Other | NSO | 2015 | |
| Suriname | Surinamese dollar | NSO | 2015 | 2007 | SNA 1993 | NSO | 2016 | |
| Government Finance | Balance of Payments | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source | Subsectors Coverage4 | Accounting Practice5 | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source |
| Oman | MoF | 2016 | 2001 | CG | C | CB | 2015 | BPM 5 |
| Pakistan | MoF | 2015/16 | 1986 | CG,SG,LG | C | CB | 2015/16 | BPM 5 |
| Palau | MoF | 2015/16 | 2001 | CG | Other | MoF | 2015/16 | BPM 6 |
| Panama | MoF | 2015 | 1986 | CG,SG,LG,SS,NFPC | C | NSO | 2015 | BPM 5 |
| Papua New Guinea | MoF | 2013 | 1986 | CG | C | CB | 2013 | BPM 5 |
| Paraguay | MoF | 2016 | 2001 | CG,SG,LG,SS,MPC, NFPC | C | CB | 2016 | BPM 5 |
| Peru | MoF | 2016 | 1986 | CG,SG,LG,SS | C | CB | 2016 | BPM 5 |
| Philippines | MoF | 2016 | 2001 | CG,LG,SS | C | CB | 2016 | BPM 6 |
| Poland | MoF and NSO | 2016 | ESA 2010 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| Portugal | NSO | 2016 | 2001 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| Puerto Rico | MEP | 2015/16 | 2001 | Other | A | … | … | … |
| Qatar | MoF | 2015 | 1986 | CG | C | CB and IMF staff | 2014 | BPM 5 |
| Romania | MoF | 2016 | 2001 | CG,LG,SS | C | CB | 2016 | BPM 6 |
| Russia | MoF | 2016 | 2001 | CG,SG,SS | Mixed | CB | 2016 | BPM 6 |
| Rwanda | MoF | 2016 | 2001 | CG,LG | Mixed | CB | 2016 | BPM 6 |
| Samoa | MoF | 2015/16 | 2001 | CG | A | CB | 2015/16 | BPM 6 |
| San Marino | MoF | 2016 | Other | CG | Other | … | … | … |
| São Tomé and Príncipe | MoF and Customs | 2016 | 2001 | CG | C | CB | 2016 | BPM 6 |
| Saudi Arabia | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 5 |
| Senegal | MoF | 2016 | 2001 | CG | C | CB and IMF staff | 2016 | BPM 6 |
| Serbia | MoF | 2016 | 1986/2001 | CG,SG,LG,SS | C | CB | 2016 | BPM 6 |
| Seychelles | MoF | 2016 | 1986 | CG,SS | C | CB | 2016 | BPM 6 |
| Sierra Leone | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 5 |
| Singapore | MoF | 2015/16 | 2001 | CG | C | NSO | 2016 | BPM 6 |
| Slovak Republic | NSO | 2016 | 2001 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| Slovenia | MoF | 2016 | 1986 | CG,SG,LG,SS | C | NSO | 2016 | BPM 6 |
| Solomon Islands | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 6 |
| Somalia | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 5 |
| South Africa | MoF | 2016 | 2001 | CG,SG,SS | C | CB | 2016 | BPM 6 |
| South Sudan | MoF and MEP | 2016 | Other | CG | C | MoF, NSO, and MEP | 2016 | BPM 5 |
| Spain | MoF and NSO | 2016 | ESA 2010 | CG,SG,LG,SS | A | CB | 2016 | BPM 6 |
| Sri Lanka | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 5 |
| St. Kitts and Nevis | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 6 |
| St. Lucia | MoF | 2015/16 | 1986 | CG | C | CB | 2016 | BPM 6 |
| St. Vincent and the Grenadines | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 6 |
| Sudan | MoF | 2015 | 2001 | CG | Mixed | CB | 2015 | BPM 5 |
| Suriname | MoF | 2015 | 1986 | CG | Mixed | CB | 2016 | BPM 5 |
| National Accounts | Prices (CPI) | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Currency | Historical Data Source1 | Latest Actual Annual Data | Base Year2 | System of National Accounts | Use of Chain-Weighted Methodology3 | Historical Data Source1 | Latest Actual Annual Data |
| Swaziland | Swazi lilangeni | NSO | 2015 | 2011 | SNA 1993 | NSO | 2016 | |
| Sweden | Swedish krona | NSO | 2016 | 2016 | ESA 2010 | From 1993 | NSO | 2016 |
| Switzerland | Swiss franc | NSO | 2016 | 2010 | ESA 2010 | From 1980 | NSO | 2016 |
| Syria | Syrian pound | NSO | 2010 | 2000 | SNA 1993 | NSO | 2011 | |
| Taiwan Province of China | New Taiwan dollar | NSO | 2015 | 2011 | SNA 2008 | NSO | 2016 | |
| Tajikistan | Tajik somoni | NSO | 2016 | 1995 | SNA 1993 | NSO | 2016 | |
| Tanzania | Tanzania shilling | NSO | 2016 | 2007 | SNA 1993 | NSO | 2016 | |
| Thailand | Thai baht | MEP | 2016 | 2002 | SNA 1993 | From 1993 | MEP | 2016 |
| Timor-Leste | US dollar | MoF | 2015 | 20156 | Other | NSO | 2016 | |
| Togo | CFA franc | NSO | 2013 | 2000 | SNA 1993 | NSO | 2016 | |
| Tonga | Tongan pa’anga | CB | 2016 | 2010 | SNA 1993 | CB | 2016 | |
| Trinidad and Tobago | Trinidad and Tobago dollar | NSO | 2016 | 2000 | SNA 1993 | NSO | 2016 | |
| Tunisia | Tunisian dinar | NSO | 2014 | 2004 | SNA 1993 | From 2009 | NSO | 2016 |
| Turkey | Turkish lira | NSO | 2016 | 2009 | ESA 2010 | From 2009 | NSO | 2016 |
| Turkmenistan | New Turkmen manat | NSO | 2015 | 2008 | SNA 1993 | From 2000 | NSO | 2015 |
| Tuvalu | Australian dollar | PFTAC advisors | 2015 | 2005 | SNA 1993 | NSO | 2016 | |
| Uganda | Ugandan shilling | NSO | 2016 | 2010 | SNA 1993 | CB | 2015/16 | |
| Ukraine | Ukrainian hryvnia | NSO | 2016 | 2010 | SNA 2008 | From 2005 | NSO | 2016 |
| United Arab Emirates | U.A.E. dirham | NSO | 2016 | 2010 | SNA 1993 | NSO | 2016 | |
| United Kingdom | Pound sterling | NSO | 2016 | 2013 | ESA 2010 | From 1980 | NSO | 2016 |
| United States | US dollar | NSO | 2016 | 2009 | Other | From 1980 | NSO | 2016 |
| Uruguay | Uruguayan peso | CB | 2016 | 2005 | SNA 1993 | NSO | 2016 | |
| Uzbekistan | Uzbek sum | NSO | 2016 | 1995 | SNA 1993 | NSO | 2016 | |
| Vanuatu | Vanuatu vatu | NSO | 2016 | 2006 | SNA 1993 | NSO | 2016 | |
| Venezuela | Venezuelan bolívar fuerte | CB | 2016 | 1997 | SNA 2008 | CB | 2016 | |
| Vietnam | Vietnamese dong | NSO | 2016 | 2010 | SNA 1993 | NSO | 2016 | |
| Yemen | Yemeni rial | IMF staff | 2008 | 1990 | SNA 1993 | NSO,CB, and IMF staff | 2009 | |
| Zambia | Zambian kwacha | NSO | 2015 | 2010 | SNA 1993 | NSO | 2016 | |
| Zimbabwe | US dollar | NSO | 2013 | 2009 | Other | NSO | 2016 | |
| Government Finance | Balance of Payments | |||||||
|---|---|---|---|---|---|---|---|---|
| Country | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source | Subsectors Coverage4 | Accounting Practice5 | Historical Data Source1 | Latest Actual Annual Data | Statistics Manual in Use at Source |
| Swaziland | MoF | 2016/17 | 2001 | CG | A | CB | 2016 | BPM 6 |
| Sweden | MoF | 2015 | 2001 | CG,LG,SS | A | NSO | 2016 | BPM 6 |
| Switzerland | MoF | 2015 | 2001 | CG,SG,LG,SS | A | CB | 2016 | BPM 6 |
| Syria | MoF | 2009 | 1986 | CG | C | CB | 2009 | BPM 5 |
| Taiwan Province of China | MoF | 2015 | 1986 | CG,LG,SS | C | CB | 2015 | BPM 6 |
| Tajikistan | MoF | 2016 | 1986 | CG,LG,SS | C | CB | 2016 | BPM 5 |
| Tanzania | MoF | 2015 | 1986 | CG,LG | C | CB | 2015 | BPM 5 |
| Thailand | MoF | 2014/15 | 2001 | CG,BCG,LG,SS | A | CB | 2016 | BPM 6 |
| Timor-Leste | MoF | 2015 | 2001 | CG | C | CB | 2016 | BPM 6 |
| Togo | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 6 |
| Tonga | MoF | 2016 | 2014 | CG | C | CB and NSO | 2015 | BPM 6 |
| Trinidad and Tobago | MoF | 2015/16 | 1986 | CG | C | CB and NSO | 2016 | BPM 6 |
| Tunisia | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 5 |
| Turkey | MoF | 2015 | 2001 | CG,LG,SS | A | CB | 2016 | BPM 6 |
| Turkmenistan | MoF | 2015 | 1986 | CG,LG | C | NSO and IMF staff | 2013 | BPM 5 |
| Tuvalu | MoF | 2016 | Other | CG | Mixed | IMF staff | 2013 | BPM 6 |
| Uganda | MoF | 2015 | 2001 | CG | C | CB | 2015 | BPM 6 |
| Ukraine | MoF | 2016 | 2001 | CG,SG,LG,SS | C | CB | 2016 | BPM 6 |
| United Arab Emirates | MoF | 2015 | 2001 | CG,BCG,SG,SS | C | CB | 2016 | BPM 5 |
| United Kingdom | NSO | 2016 | 2001 | CG,LG | A | NSO | 2016 | BPM 6 |
| United States | MEP | 2016 | 2014 | CG,SG,LG | A | NSO | 2016 | BPM 6 |
| Uruguay | MoF | 2016 | 1986 | CG,LG,SS,MPC, NFPC | A | CB | 2016 | BPM 6 |
| Uzbekistan | MoF | 2016 | Other | CG,SG,LG,SS | C | MEP | 2016 | BPM 5 |
| Vanuatu | MoF | 2016 | 2001 | CG | C | CB | 2016 | BPM 5 |
| Venezuela | MoF | 2013 | 2001 | BCG,NFPC | C | CB | 2016 | BPM 5 |
| Vietnam | MoF | 2014 | 2001 | CG,SG,LG | C | CB | 2016 | BPM 5 |
| Yemen | MoF | 2013 | 2001 | CG,LG | C | IMF staff | 2009 | BPM 5 |
| Zambia | MoF | 2016 | 1986 | CG | C | CB | 2016 | BPM 6 |
| Zimbabwe | MoF | 2014 | 1986 | CG | C | CB and MoF | 2013 | BPM 4 |
CB = central bank; Customs = Customs Authority; GAD = General Administration Department; IEO = international economic organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre.
National accounts base year is the period with which other periods are compared and the period for which prices appear in the denominators of the price relationships used to calculate the index.
Use of chain-weighted methodology allows countries to measure GDP growth more accurately by reducing or eliminating the downward biases in volume series built on index numbers that average volume components using weights from a year in the moderately distant past.
For some countries, the structures of government consist of a broader coverage than specified for the general government. Coverage: BCG = budgetary central government; CG = central government; LG = local government; MPC = monetary public corporation, including central bank; NFPC = nonfinancial public corporation; NMPC = nonmonetary financial public corporation; SG = state government; SS = social security fund; TG = territorial governments.
Accounting standard: A = accrual accounting; C = cash accounting; CB = commitments basis accounting; Mixed = combination of accrual and cash accounting.
Base year is not equal to 100 because the nominal GDP is not measured in the same way as real GDP or the data are seasonally adjusted.
Economic Policy Assumptions Underlying the Projections for Selected Economies
Fiscal Policy Assumptions
The short-term fiscal policy assumptions used in the World Economic Outlook (WEO) are normally based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions and projected fiscal outturns. When no official budget has been announced, projections incorporate policy measures that are judged likely to be implemented. The medium-term fiscal projections are similarly based on a judgment about the most likely path of policies. For cases in which the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed unless indicated otherwise. Specific assumptions used in regard to some of the advanced economies follow. (See also Tables B5 to B9 in the online section of the Statistical Appendix for data on fiscal net lending/borrowing and structural balances.)1
Argentina: Fiscal projections are based on the available information regarding budget outturn and budget plans for the federal and provincial governments, fiscal measures announced by the authorities, and IMF staff macroeconomic projections.
Australia: Fiscal projections are based on Australian Bureau of Statistics data, the fiscal year 2017/18 budget, and IMF staff estimates.
Austria: Fiscal projections are based on data from Statistics Austria, the authorities’ projections, and IMF staff estimates and projections.
Belgium: Projections reflect the IMF staff’s assessment of policies and measures laid out in the 2017 budget and the 2016–19 Stability Programme, incorporated into the IMF staff’s macroeconomic framework.
Brazil: Fiscal projections for the end of 2017 take into account budget performance through July 31, 2017, and the deficit target approved in the budget law.
Canada: Projections use the baseline forecasts in the 2017 federal budget and 2017 provincial budget updates as available. The IMF staff makes some adjustments to these forecasts, including for differences in macroeconomic projections. The IMF staff forecast also incorporates the most recent data releases from Statistics Canada’s Canadian System of National Economic Accounts, including federal, provincial, and territorial budgetary outturns through the second quarter of 2017.
Chile: Projections are based on the authorities’ budget projections, adjusted to reflect the IMF staff’s projections for GDP and copper prices.
China: Projections assume that the pace of fiscal consolidation is likely to be more gradual, reflecting reforms to strengthen social safety nets and the social security system announced as part of the Third Plenum reform agenda.
Denmark: Estimates for 2016 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2017–18, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ Convergence Programme 2016 submitted to the European Union.
France: Projections for 2017 reflect the budget law and cancellation of spending taken in July 2017. For 2018–19, they are based on the multiyear budget and the preliminary fiscal path announced by the new government in July 2017, adjusted for differences in assumptions on macro and financial variables, and revenue projections. Historical fiscal data reflect the May 2017 revisions and update of the fiscal accounts, debt data, and national accounts for 2014 and 2015.
Germany: The IMF staff’s projections for 2017 and beyond are based on the 2017 Stability Programme Update, adjusted for the differences in the IMF staff’s macroeconomic framework and assumptions concerning revenue elasticities. The estimate of gross debt includes portfolios of impaired assets and noncore business transferred to institutions that are winding up, as well as other financial sector and EU support operations.
Greece: The fiscal projections reflect the IMF staff’s assessment of implementation of legislated fiscal measures under the IMF and European Stability Mechanism (ESM) program.
Hong Kong Special Administrative Region: Projections are based on the authorities’ medium-term fiscal projections on expenditures.
Hungary: Fiscal projections include IMF staff projections of the macroeconomic framework and of the impact of recent legislative measures, as well as fiscal policy plans announced in the 2017 budget.
India: Historical data are based on budgetary execution data. Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions. Subnational data are incorporated with a lag of up to two years; general government data are thus finalized well after central government data. IMF and Indian presentations differ, particularly regarding divestment and license auction proceeds, net versus gross recording of revenues in certain minor categories, and some public sector lending.
Indonesia: IMF projections are based on moderate tax policy and administration reforms, fuel subsidy pricing reforms introduced in January 2015, and a gradual increase in social and capital spending over the medium term in line with fiscal space.
Ireland: Fiscal projections are based on the country’s Budget 2017, Stability Programme Update 2017, and Summer Economic Statement 2017.
Israel: Historical data are based on Government Finance Statistics data prepared by the Central Bureau of Statistics. Projections for 2017 and 2018 are based on the 2017–18 budget, adjusted for the fiscal impact of new measures announced in April 2017 (the “Net Family Plan”) and for one-off revenues in 2017 arising from a large foreign direct investment transaction (0.3 percent of GDP). The central government deficit is assumed to remain at the current ceiling level of 2.9 percent of GDP in subsequent years, rather than declining in line with medium-term fiscal targets, consistent with long experience of revisions to those targets.
Italy: IMF staff estimates and projections are based on the fiscal plans included in the government’s 2017 budget and April 2017 Economic and Financial Document.
Japan: The projections include fiscal measures already announced by the government, including the fiscal stimulus package for 2017 and the consumption tax hike in October 2019.
Korea: The medium-term forecast incorporates the government’s announced medium-term consolidation path.
Mexico: Fiscal projections for 2017 are broadly in line with the approved budget; projections for 2018 onward assume compliance with rules established in the Fiscal Responsibility Law.
Netherlands: Fiscal projections for 2017–22 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after differences in macroeconomic assumptions are adjusted for. Historical data were revised following the June 2014 Central Bureau of Statistics release of revised macro data because of the adoption of the European System of National and Regional Accounts (ESA 2010) and the revisions of data sources.
New Zealand: Fiscal projections are based on the authorities’ fiscal year 2017/18 budget and on IMF staff estimates.
Portugal: Projections for 2017 are based on the authorities’ approved budget, adjusted to reflect the IMF staff’s macroeconomic forecast. Projections thereafter are based on the assumption of unchanged policies.
Puerto Rico: Fiscal projections are based on the Puerto Rico Fiscal and Economic Growth Plan (FEGP), which was prepared on March 13, 2017, and certified by the Oversight Board. In line with assumptions of this plan, IMF projections assume that Puerto Rico will lose federal funding for the Affordable Care Act (ACA) starting in 2018. Likewise, projections assume federal tax incentives, which were neutralizing the effects of Puerto Rico’s Act 154 on foreign companies, will no longer be available, starting in 2018, leading to additional revenue losses. Given sizable policy uncertainty, some FEGP and IMF assumptions may differ, in particular, those relating to the effects of the corporate tax reform, tax compliance and tax adjustments (fees and rates); reduction of subsidies, freezing of payroll operational costs, improvement of mobility, and reduction of expenses; and increasing health care efficiency. On the expenditure side, measures include extension of Act 66, which freezes much government spending, through 2020; reduction of operating costs; decreases in government subsidies; and spending cuts in education. Although IMF policy assumptions are similar to those in the FEGP scenario with full measures, the IMF’s projections of fiscal revenues, expenditures, and balance are different from FEGP’s. This stems from two main differences in methodologies: first and foremost, while IMF projections are on an accrual basis, FEGP’s are on a cash basis. Second, the IMF and FEGP make very different macroeconomic assumptions.
Russia: Projections for 2017–19 are IMF staff estimates, based on the authorities’ budget. Projections for 2020–22 are based on an oil price rule to be in effect in 2022, with adjustments by the IMF staff.
Saudi Arabia: IMF staff projections of oil revenues are based on WEO baseline oil prices and the assumption that Saudi Arabia continues to meet its commitments under the OPEC+ agreement. For non-oil revenues, IMF staff estimates of the revenue impact of announced policies in the Fiscal Balance Program are included in the baseline. On the expenditure side, starting in 2017, following recent reforms, the wage bill estimates no longer include the 13th-month wage payment that used to be awarded every three years in accordance with the lunar calendar. Expenditure projections take the 2017 budget as a starting point and reflect staff estimates of the effects of the latest changes in policies and economic developments.
Singapore: For fiscal years 2016/17 and 2017/18, projections are based on budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.
South Africa: Fiscal projections are based on the authorities’ 2017 Budget Review.
Spain: For 2017, fiscal data are IMF staff projections, reflecting the cash outturn through May and the 2017 budget passed by Parliament. For 2018 and beyond, fiscal projections are based on the measures specified in the Stability Programme Update 2017–20 and on the IMF staff’s macroeconomic projections.
Sweden: Fiscal projections take into account the authorities’ projections based on the 2017 Spring Budget. The impact of cyclical developments on the fiscal accounts is calculated using the Organisation for Economic Co-operation and Development’s 2005 elasticity to take into account output and employment gaps.
Switzerland: The projections assume that fiscal policy is adjusted as necessary to keep fiscal balances in line with the requirements of Switzerland’s fiscal rules.
Turkey: The fiscal projections for 2017 are based on the authorities’ Medium Term Programme 2017–19, with adjustments for additionally announced fiscal measures and the IMF staff’s higher inflation forecast. For the medium term, the fiscal projections assume a more gradual fiscal consolidation than envisaged in the Medium Term Programme.
United Kingdom: Fiscal projections are based on the country’s Budget 2017, published in March 2017, with expenditure projections based on the budgeted nominal values and with revenue projections adjusted for differences between IMF staff forecasts of macroeconomic variables (such as GDP growth and inflation) and the forecasts of these variables assumed in the authorities’ fiscal projections. IMF staff data exclude public sector banks and the effect of transferring assets from the Royal Mail Pension Plan to the public sector in April 2012. Real government consumption and investment are part of the real GDP path, which, according to the IMF staff, may or may not be the same as projected by the U.K. Office for Budget Responsibility.
United States: Fiscal projections are based on the January 2017 Congressional Budget Office baseline adjusted for the IMF staff’s policy and macroeconomic assumptions. The baseline incorporates the key provisions of the Bipartisan Budget Act of 2015, including a partial rollback of the sequester spending cuts in fiscal year 2016. In fiscal years 2017 through 2022, the IMF staff assumes that the sequester cuts will continue to be partially replaced, in proportions similar to those already implemented in fiscal years 2014 and 2015, with back-loaded measures generating savings in mandatory programs and additional revenues. Projections also incorporate the Protecting Americans from Tax Hikes Act of 2015, which extended some existing tax cuts for the short term and some permanently. Finally, fiscal projections are adjusted to reflect the IMF staff’s forecasts for key macroeconomic and financial variables and different accounting treatment of financial sector support and of defined-benefit pension plans and are converted to a general government basis. Data are compiled using SNA 2008, and when translated into government finance statistics, this is in accordance with GFSM 2014. Because of data limitations, most series begin in 2001.
Monetary Policy Assumptions
Monetary policy assumptions are based on the established policy framework in each country. In most cases, this implies a nonaccommodative stance over the business cycle: official interest rates will increase when economic indicators suggest that inflation will rise above its acceptable rate or range; they will decrease when indicators suggest that inflation will not exceed the acceptable rate or range, that output growth is below its potential rate, and that the margin of slack in the economy is significant. On this basis, the London interbank offered rate (LIBOR) on six-month US dollar deposits is assumed to average 1.4 percent in 2017 and 1.9 percent in 2018 (see Table 1.1). The rate on three-month euro deposits is assumed to average −0.3 percent in 2017 and 2018. The interest rate on six-month Japanese yen deposits is assumed to average 0.1 percent in 2017 and 0.2 percent in 2018.
Australia: Monetary policy assumptions are in line with market expectations.
Brazil: Monetary policy assumptions are consistent with gradual convergence of inflation toward the middle of the target range over the relevant horizon.
Canada: Monetary policy assumptions are in line with market expectations.
China: Monetary policy is expected to tighten with a gradual rise in the interest rate.
Denmark: The monetary policy is to maintain the peg to the euro.
Euro area: Monetary policy assumptions for euro area member countries are in line with market expectations.
Hong Kong Special Administrative Region: The IMF staff assumes that the currency board system remains intact.
India: The policy (interest) rate assumption is consistent with an inflation rate within the Reserve Bank of India’s targeted band.
Indonesia: Monetary policy assumptions are in line with the maintenance of inflation within the central bank’s targeted band.
Japan: Monetary policy assumptions are in line with market expectations.
Korea: Monetary policy assumptions are in line with market expectations.
Mexico: Monetary policy assumptions are consistent with attaining the inflation target.
Russia: Monetary projections assume that policy rates will be falling over the next year or two as inflation continues to be close to target in the context of a tight monetary stance.
Saudi Arabia: Monetary policy projections are based on the continuation of the exchange rate peg to the US dollar.
Singapore: Broad money is projected to grow in line with the projected growth in nominal GDP.
Sweden: Monetary projections are in line with Riks-bank projections.
Switzerland: The projections assume no change in the policy rate in 2016–17.
Turkey: The outlook for monetary and financial conditions assumes no changes to the current policy stance.
United Kingdom: The short-term interest rate path is based on market interest rate expectations.
United States: Following the Federal Reserve’s 25 basis point rate hike in mid-March, the IMF staff expects the federal funds target rate to increase by 25 more basis points in 2017 and rise gradually thereafter.
List of Tables
Output
Inflation
Financial Policies
Foreign Trade
Current Account Transactions
Balance of Payments and External Financing
Flow of Funds
Medium-Term Baseline Scenario
Summary of World Output1
(Annual percent change)
| Average | Projections | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999–2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | |||||
| World | 4.2 | −0.1 | 5.4 | 4.3 | 3.5 | 3.5 | 3.6 | 3.4 | 3.2 | 3.6 | 3.7 | 3.8 | ||||
| Advanced Economies | 2.5 | –3.4 | 3.1 | 1.7 | 1.2 | 1.3 | 2.1 | 2.2 | 1.7 | 2.2 | 2.0 | 1.7 | ||||
| United States | 2.6 | –2.8 | 2.5 | 1.6 | 2.2 | 1.7 | 2.6 | 2.9 | 1.5 | 2.2 | 2.3 | 1.7 | ||||
| Euro Area | 2.1 | –4.5 | 2.1 | 1.6 | –0.9 | –0.2 | 1.3 | 2.0 | 1.8 | 2.1 | 1.9 | 1.5 | ||||
| Japan | 1.0 | –5.4 | 4.2 | −0.1 | 1.5 | 2.0 | 0.3 | 1.1 | 1.0 | 1.5 | 0.7 | 0.6 | ||||
| Other Advanced Economies2 | 3.5 | –2.0 | 4.6 | 2.9 | 1.9 | 2.3 | 2.9 | 2.0 | 2.0 | 2.4 | 2.2 | 2.2 | ||||
| Emerging Market and Developing Economies | 6.2 | 2.8 | 7.4 | 6.4 | 5.4 | 5.1 | 4.7 | 4.3 | 4.3 | 4.6 | 4.9 | 5.0 | ||||
| Regional Groups | ||||||||||||||||
| Commonwealth of Independent States3 | 7.2 | −6.4 | 4.7 | 5.3 | 3.6 | 2.5 | 1.1 | −2.2 | 0.4 | 2.1 | 2.1 | 2.4 | ||||
| Emerging and Developing Asia | 8.0 | 7.5 | 9.6 | 7.9 | 7.0 | 6.9 | 6.8 | 6.8 | 6.4 | 6.5 | 6.5 | 6.3 | ||||
| Emerging and Developing Europe | 4.3 | –3.0 | 4.6 | 6.5 | 2.4 | 4.9 | 3.9 | 4.7 | 3.1 | 4.5 | 3.5 | 3.2 | ||||
| Latin America and the Caribbean | 3.3 | –1.8 | 6.1 | 4.7 | 3.0 | 2.9 | 1.2 | 0.1 | –0.9 | 1.2 | 1.9 | 2.7 | ||||
| Middle East, North Africa, Afghanistan, and | ||||||||||||||||
| Pakistan | 5.2 | 1.1 | 4.7 | 4.5 | 5.2 | 2.7 | 2.8 | 2.7 | 5.0 | 2.6 | 3.5 | 3.8 | ||||
| Middle East and North Africa | 5.2 | 1.0 | 4.9 | 4.6 | 5.3 | 2.5 | 2.6 | 2.6 | 5.1 | 2.2 | 3.2 | 3.5 | ||||
| Sub-Saharan Africa | 5.6 | 3.9 | 7.0 | 5.1 | 4.4 | 5.3 | 5.1 | 3.4 | 1.4 | 2.6 | 3.4 | 3.9 | ||||
| Memorandum | ||||||||||||||||
| European Union | 2.5 | –4.3 | 2.1 | 1.8 | –0.4 | 0.3 | 1.8 | 2.3 | 2.0 | 2.3 | 2.1 | 1.7 | ||||
| Low-Income Developing Countries | 6.1 | 5.8 | 7.5 | 5.2 | 5.2 | 6.1 | 6.0 | 4.7 | 3.6 | 4.6 | 5.2 | 5.3 | ||||
| Analytical Groups | ||||||||||||||||
| By Source of Export Earnings | ||||||||||||||||
| Fuel | 6.2 | –1.9 | 5.1 | 5.2 | 5.0 | 2.7 | 2.2 | 0.3 | 1.9 | 1.3 | 2.1 | 2.4 | ||||
| Nonfuel | 6.2 | 4.1 | 8.1 | 6.7 | 5.5 | 5.8 | 5.3 | 5.2 | 4.9 | 5.4 | 5.4 | 5.5 | ||||
| Of Which, Primary Products | 3.7 | –0.8 | 6.7 | 4.9 | 2.6 | 4.1 | 1.8 | 3.0 | 1.2 | 2.7 | 3.0 | 3.7 | ||||
| By External Financing Source | ||||||||||||||||
| Net Debtor Economies | 5.0 | 2.2 | 6.9 | 5.3 | 4.4 | 4.8 | 4.4 | 4.1 | 3.7 | 4.5 | 4.7 | 5.4 | ||||
| Net Debtor Economies by | ||||||||||||||||
| Debt-Servicing Experience | ||||||||||||||||
| Economies with Arrears and/or | ||||||||||||||||
| Rescheduling during 2012–16 | 5.1 | 0.1 | 4.2 | 2.6 | 2.3 | 3.2 | 1.4 | 0.6 | 2.7 | 3.2 | 4.0 | 5.1 | ||||
| Memorandum | ||||||||||||||||
| Median Growth Rate | ||||||||||||||||
| Advanced Economies | 3.1 | –3.8 | 2.3 | 2.0 | 1.0 | 1.6 | 2.5 | 1.8 | 2.0 | 3.0 | 2.5 | 1.8 | ||||
| Emerging Market and Developing Economies | 4.7 | 1.6 | 4.6 | 4.7 | 4.3 | 4.3 | 3.8 | 3.5 | 3.0 | 3.5 | 3.5 | 3.8 | ||||
| Low-Income Developing Countries | 5.0 | 3.9 | 6.1 | 5.6 | 5.1 | 5.3 | 4.8 | 4.3 | 4.0 | 4.5 | 5.0 | 5.4 | ||||
| Output per Capita4 | ||||||||||||||||
| Advanced Economies | 1.8 | –4.0 | 2.5 | 1.1 | 0.7 | 0.8 | 1.6 | 1.7 | 1.1 | 1.7 | 1.6 | 1.3 | ||||
| Emerging Market and Developing Economies | 4.5 | 1.1 | 5.9 | 4.9 | 3.7 | 3.7 | 3.2 | 2.8 | 2.8 | 3.2 | 3.5 | 3.6 | ||||
| Low-Income Developing Countries | 3.4 | 3.5 | 5.2 | 3.7 | 2.4 | 3.8 | 3.7 | 2.2 | 1.2 | 2.2 | 3.0 | 3.1 | ||||
| World Growth Rate Based on Market Exchange Rates | 3.1 | −2.1 | 4.1 | 3.1 | 2.5 | 2.6 | 2.8 | 2.7 | 2.5 | 3.0 | 3.1 | 2.9 | ||||
| Value of World Output (billions of US dollars) | ||||||||||||||||
| At Market Exchange Rates | 43,843 | 60,280 | 65,906 | 73,119 | 74,489 | 76,551 | 78,594 | 74,311 | 75,368 | 79,281 | 84,375 | 103,201 | ||||
| At Purchasing Power Parities | 62,820 | 83,777 | 89,271 | 94,857 | 99,664 | 104,684 | 110,258 | 115,108 | 120,197 | 126,634 | 133,805 | 167,782 | ||||
Real GDP.
Excludes the United States, euro area countries, and Japan.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
The output per capita is at purchasing power parity.
Advanced Economies: Real GDP and Total Domestic Demand1
(Annual percent change)
| Fourth Quarter2 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | Projections | Projections | |||||||||||||||
| 1999−2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | 2016:Q4 | 2017:Q4 | 2018:Q4 | |||
| Real GDP | |||||||||||||||||
| Advanced Economies | 2.5 | −3.4 | 3.1 | 1.7 | 1.2 | 1.3 | 2.1 | 2.2 | 1.7 | 2.2 | 2.0 | 1.7 | 2.0 | 2.2 | 1.9 | ||
| United States | 2.6 | −2.8 | 2.5 | 1.6 | 2.2 | 1.7 | 2.6 | 2.9 | 1.5 | 2.2 | 2.3 | 1.7 | 1.8 | 2.3 | 2.3 | ||
| Euro Area | 2.1 | −4.5 | 2.1 | 1.6 | −0.9 | −0.2 | 1.3 | 2.0 | 1.8 | 2.1 | 1.9 | 1.5 | 1.9 | 2.2 | 1.7 | ||
| Germany | 1.6 | −5.6 | 3.9 | 3.7 | 0.7 | 0.6 | 1.9 | 1.5 | 1.9 | 2.0 | 1.8 | 1.2 | 1.9 | 2.2 | 1.8 | ||
| France | 2.0 | −2.9 | 2.0 | 2.1 | 0.2 | 0.6 | 0.9 | 1.1 | 1.2 | 1.6 | 1.8 | 1.8 | 1.2 | 2.1 | 1.4 | ||
| Italy | 1.2 | −5.5 | 1.7 | 0.6 | −2.8 | −1.7 | 0.1 | 0.8 | 0.9 | 1.5 | 1.1 | 0.8 | 1.2 | 1.5 | 1.0 | ||
| Spain | 3.6 | −3.6 | 0.0 | −1.0 | −2.9 | −1.7 | 1.4 | 3.2 | 3.2 | 3.1 | 2.5 | 1.7 | 3.0 | 3.1 | 2.1 | ||
| Netherlands | 2.5 | −3.8 | 1.4 | 1.7 | −1.1 | −0.2 | 1.4 | 2.3 | 2.2 | 3.1 | 2.6 | 1.8 | 2.7 | 3.4 | 1.9 | ||
| Belgium | 2.3 | −2.3 | 2.7 | 1.8 | 0.1 | −0.1 | 1.6 | 1.5 | 1.2 | 1.6 | 1.6 | 1.5 | 1.1 | 1.9 | 1.5 | ||
| Austria | 2.4 | −3.8 | 1.9 | 2.8 | 0.7 | 0.1 | 0.6 | 1.0 | 1.5 | 2.3 | 1.9 | 1.4 | 2.0 | 1.8 | 2.0 | ||
| Greece | 3.5 | −4.3 | −5.5 | −9.1 | −7.3 | −3.2 | 0.4 | −0.2 | 0.0 | 1.8 | 2.6 | 1.0 | −1.0 | 3.6 | 1.7 | ||
| Portugal | 1.6 | −3.0 | 1.9 | −1.8 | −4.0 | −1.1 | 0.9 | 1.6 | 1.4 | 2.5 | 2.0 | 1.2 | 2.0 | 2.0 | 2.3 | ||
| Ireland | 5.4 | −4.7 | 1.8 | 2.9 | 0.0 | 1.6 | 8.3 | 25.5 | 5.1 | 4.1 | 3.4 | 2.8 | 8.9 | 0.4 | 2.4 | ||
| Finland | 3.3 | −8.3 | 3.0 | 2.6 | −1.4 | −0.8 | −0.6 | 0.0 | 1.9 | 2.8 | 2.3 | 1.5 | 2.4 | 2.5 | 2.6 | ||
| Slovak Republic | 5.1 | −5.4 | 5.0 | 2.8 | 1.7 | 1.5 | 2.6 | 3.8 | 3.3 | 3.3 | 3.7 | 3.4 | 2.9 | 3.6 | 3.7 | ||
| Lithuania | 6.1 | −14.8 | 1.6 | 6.0 | 3.8 | 3.5 | 3.5 | 1.8 | 2.3 | 3.5 | 3.5 | 3.0 | 3.5 | 2.4 | 5.5 | ||
| Slovenia | 4.3 | −7.8 | 1.2 | 0.6 | −2.7 | −1.1 | 3.0 | 2.3 | 3.1 | 4.0 | 2.5 | 1.8 | 4.6 | 2.2 | 3.7 | ||
| Luxembourg | 4.3 | −4.4 | 4.9 | 2.5 | −0.4 | 4.0 | 5.6 | 4.0 | 4.2 | 3.9 | 3.6 | 3.0 | 3.9 | 3.9 | 2.9 | ||
| Latvia | 6.6 | −14.3 | −3.8 | 6.4 | 4.0 | 2.6 | 2.1 | 2.7 | 2.0 | 3.8 | 3.9 | 3.0 | 2.3 | 4.3 | 4.0 | ||
| Estonia | 5.7 | −14.7 | 2.3 | 7.6 | 4.3 | 1.9 | 2.9 | 1.7 | 2.1 | 4.0 | 3.7 | 3.0 | 3.2 | 3.0 | 4.0 | ||
| Cyprus | 4.1 | −1.8 | 1.3 | 0.3 | −3.2 | −6.0 | −1.5 | 1.7 | 2.8 | 3.4 | 2.6 | 2.2 | 2.9 | 3.1 | 2.6 | ||
| Malta | 2.2 | −2.4 | 3.5 | 1.4 | 2.6 | 4.6 | 8.2 | 7.1 | 5.5 | 5.1 | 4.4 | 3.2 | 5.9 | 3.9 | 4.4 | ||
| Japan | 1.0 | −5.4 | 4.2 | −0.1 | 1.5 | 2.0 | 0.3 | 1.1 | 1.0 | 1.5 | 0.7 | 0.6 | 1.7 | 1.4 | 0.5 | ||
| United Kingdom | 2.5 | −4.3 | 1.9 | 1.5 | 1.3 | 1.9 | 3.1 | 2.2 | 1.8 | 1.7 | 1.5 | 1.7 | 1.9 | 1.3 | 1.5 | ||
| Korea | 5.7 | 0.7 | 6.5 | 3.7 | 2.3 | 2.9 | 3.3 | 2.8 | 2.8 | 3.0 | 3.0 | 2.9 | 2.4 | 3.4 | 2.8 | ||
| Canada | 2.9 | −2.9 | 3.1 | 3.1 | 1.7 | 2.5 | 2.6 | 0.9 | 1.5 | 3.0 | 2.1 | 1.8 | 2.0 | 3.0 | 2.0 | ||
| Australia | 3.4 | 1.7 | 2.3 | 2.7 | 3.6 | 2.1 | 2.8 | 2.4 | 2.5 | 2.2 | 2.9 | 2.7 | 2.4 | 2.3 | 3.2 | ||
| Taiwan Province of China | 4.6 | −1.6 | 10.6 | 3.8 | 2.1 | 2.2 | 4.0 | 0.7 | 1.5 | 2.0 | 1.9 | 2.2 | 2.7 | 1.6 | 2.4 | ||
| Switzerland | 2.3 | −2.2 | 2.9 | 1.8 | 1.0 | 1.9 | 2.5 | 1.2 | 1.4 | 1.0 | 1.3 | 1.7 | 0.9 | 2.1 | 0.3 | ||
| Sweden | 3.0 | −5.2 | 6.0 | 2.7 | −0.3 | 1.2 | 2.6 | 4.1 | 3.2 | 3.1 | 2.4 | 1.7 | 2.1 | 2.7 | 2.6 | ||
| Singapore | 5.9 | −0.6 | 15.2 | 6.2 | 3.9 | 5.0 | 3.6 | 1.9 | 2.0 | 2.5 | 2.6 | 2.6 | 2.9 | 2.0 | 2.8 | ||
| Hong Kong SAR | 4.7 | −2.5 | 6.8 | 4.8 | 1.7 | 3.1 | 2.8 | 2.4 | 2.0 | 3.5 | 2.7 | 3.3 | 3.2 | 2.6 | 3.0 | ||
| Norway | 2.2 | −1.6 | 0.6 | 1.0 | 2.7 | 1.0 | 1.9 | 1.6 | 1.1 | 1.4 | 1.6 | 1.9 | 2.0 | 1.2 | 1.8 | ||
| Czech Republic | 4.0 | −4.8 | 2.3 | 1.8 | −0.8 | −0.5 | 2.7 | 5.3 | 2.6 | 3.5 | 2.6 | 2.3 | 1.8 | 3.6 | 3.0 | ||
| Israel | 3.7 | 1.5 | 5.5 | 5.2 | 2.2 | 4.2 | 3.5 | 2.6 | 4.0 | 3.1 | 3.4 | 3.0 | 4.7 | 2.7 | 3.1 | ||
| Denmark | 1.8 | −4.9 | 1.9 | 1.3 | 0.2 | 0.9 | 1.7 | 1.6 | 1.7 | 1.9 | 1.8 | 1.8 | 2.9 | 0.7 | 1.8 | ||
| New Zealand | 3.4 | 0.4 | 2.0 | 1.9 | 2.5 | 2.1 | 2.8 | 3.2 | 3.6 | 3.5 | 3.0 | 2.4 | 2.8 | 4.6 | 1.9 | ||
| Puerto Rico | 1.7 | −2.0 | −0.4 | −0.4 | 0.0 | −0.3 | −1.2 | −1.1 | −2.6 | −2.8 | −2.5 | −0.5 | … | … | … | ||
| Macao SAR | … | 1.3 | 25.3 | 21.7 | 9.2 | 11.2 | −1.2 | −21.5 | −2.1 | 13.4 | 7.0 | 4.3 | … | … | … | ||
| Iceland | 4.6 | −6.9 | −3.6 | 2.0 | 1.2 | 4.4 | 1.9 | 4.1 | 7.2 | 5.5 | 3.3 | 2.7 | 10.7 | 5.5 | 1.8 | ||
| San Marino | … | −12.8 | −4.6 | −9.5 | −7.5 | −3.0 | −0.9 | 0.5 | 1.0 | 1.2 | 1.3 | 1.3 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major Advanced Economies | 2.1 | −3.8 | 2.8 | 1.6 | 1.4 | 1.4 | 1.9 | 2.1 | 1.4 | 2.0 | 1.9 | 1.5 | 1.7 | 2.1 | 1.8 | ||
| Real Total Domestic Demand | |||||||||||||||||
| Advanced Economies | 2.4 | −3.7 | 2.9 | 1.4 | 0.8 | 1.0 | 2.0 | 2.4 | 1.7 | 2.3 | 2.1 | 1.7 | 2.0 | 2.2 | 2.1 | ||
| United States | 2.7 | −3.8 | 2.9 | 1.6 | 2.1 | 1.3 | 2.7 | 3.5 | 1.7 | 2.3 | 2.5 | 1.6 | 2.1 | 2.2 | 2.5 | ||
| Euro Area | 2.0 | −4.0 | 1.5 | 0.7 | −2.4 | −0.6 | 1.3 | 1.9 | 2.3 | 2.1 | 1.9 | 1.5 | 2.4 | 2.4 | 0.9 | ||
| Germany | 0.9 | −3.2 | 2.9 | 3.0 | −0.8 | 1.0 | 1.3 | 1.5 | 2.4 | 2.1 | 2.0 | 1.5 | 2.3 | 2.0 | 1.7 | ||
| France | 2.4 | −2.5 | 2.1 | 2.0 | −0.3 | 0.7 | 1.4 | 1.6 | 1.9 | 1.9 | 1.7 | 1.8 | 1.5 | 1.7 | 1.9 | ||
| Italy | 1.4 | −4.1 | 2.0 | −0.6 | −5.6 | −2.6 | 0.2 | 1.3 | 1.0 | 1.6 | 1.1 | 0.7 | 1.3 | 1.4 | 1.1 | ||
| Spain | 4.2 | −6.0 | −0.5 | −3.1 | −5.1 | −3.2 | 1.9 | 3.4 | 2.9 | 2.6 | 2.2 | 1.5 | 2.3 | 2.9 | 1.8 | ||
| Japan | 0.6 | −4.0 | 2.4 | 0.7 | 2.3 | 2.4 | 0.4 | 0.7 | 0.4 | 1.1 | 0.7 | 0.6 | 0.5 | 1.5 | 0.5 | ||
| United Kingdom | 2.8 | −4.9 | 2.5 | −0.6 | 2.2 | 2.1 | 3.4 | 1.9 | 1.5 | 1.6 | 1.2 | 1.7 | 1.6 | 2.0 | 1.1 | ||
| Canada | 3.5 | −3.0 | 5.1 | 3.4 | 2.0 | 2.1 | 1.5 | 0.0 | 0.8 | 4.4 | 1.9 | 1.7 | 1.7 | 5.0 | 1.6 | ||
| Other Advanced Economies3 | 3.7 | −2.6 | 6.1 | 3.1 | 2.0 | 1.5 | 2.6 | 2.5 | 1.9 | 3.1 | 2.6 | 2.6 | 2.0 | 2.7 | 3.3 | ||
| Memorandum | |||||||||||||||||
| Major Advanced Economies | 2.1 | −3.7 | 2.8 | 1.4 | 1.1 | 1.3 | 1.9 | 2.3 | 1.5 | 2.1 | 1.9 | 1.5 | 1.8 | 2.1 | 1.9 | ||
In this and other tables, when countries are not listed alphabetically, they are ordered on the basis of economic size.
From the fourth quarter of the preceding year.
Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
Advanced Economies: Components of Real GDP
(Annual percent change)
| Averages | Projections | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999–2008 | 2009–18 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||
| Private Consumer Expenditure | ||||||||||||||
| Advanced Economies | 2.6 | 1.5 | −1.2 | 1.9 | 1.3 | 0.9 | 1.2 | 1.8 | 2.4 | 2.2 | 2.3 | 1.9 | ||
| United States | 3.1 | 1.9 | −1.6 | 1.9 | 2.3 | 1.5 | 1.5 | 2.9 | 3.6 | 2.7 | 2.7 | 2.1 | ||
| Euro Area | 1.8 | 0.6 | −1.1 | 0.8 | −0.1 | −1.1 | −0.6 | 0.8 | 1.7 | 2.1 | 1.8 | 1.7 | ||
| Germany | 0.9 | 1.2 | 0.3 | 0.3 | 1.3 | 1.3 | 0.8 | 1.0 | 1.6 | 1.9 | 2.1 | 1.8 | ||
| France | 2.3 | 1.0 | 0.2 | 1.8 | 0.5 | −0.2 | 0.5 | 0.8 | 1.4 | 2.2 | 1.2 | 1.6 | ||
| Italy | 1.0 | −0.1 | −1.5 | 1.2 | 0.0 | −4.0 | −2.4 | 0.2 | 1.6 | 1.3 | 1.3 | 1.1 | ||
| Spain | 3.4 | 0.0 | −3.6 | 0.3 | −2.4 | −3.5 | −3.1 | 1.6 | 2.9 | 3.2 | 2.6 | 2.4 | ||
| Japan | 1.0 | 0.7 | −0.7 | 2.4 | −0.4 | 2.0 | 2.4 | −0.9 | −0.3 | 0.4 | 1.5 | 0.8 | ||
| United Kingdom | 3.0 | 1.0 | −3.2 | 0.6 | −0.5 | 1.7 | 1.6 | 2.2 | 2.4 | 2.8 | 1.7 | 1.1 | ||
| Canada | 3.6 | 2.3 | 0.0 | 3.6 | 2.3 | 1.9 | 2.6 | 2.7 | 1.9 | 2.3 | 3.4 | 1.9 | ||
| Other Advanced Economies1 | 3.7 | 2.4 | 0.0 | 3.7 | 3.0 | 2.1 | 2.3 | 2.3 | 2.7 | 2.3 | 2.4 | 2.7 | ||
| Memorandum | ||||||||||||||
| Major Advanced Economies | 2.3 | 1.4 | −1.2 | 1.7 | 1.3 | 1.1 | 1.3 | 1.8 | 2.4 | 2.2 | 2.2 | 1.7 | ||
| Public Consumption | ||||||||||||||
| Advanced Economies | 2.2 | 1.0 | 2.9 | 1.0 | −0.5 | 0.1 | −0.3 | 0.6 | 1.5 | 1.6 | 1.1 | 1.9 | ||
| United States | 2.1 | 0.3 | 3.7 | 0.1 | −2.7 | −0.9 | −2.4 | −0.5 | 1.3 | 1.0 | 0.2 | 3.0 | ||
| Euro Area | 2.0 | 0.9 | 2.4 | 0.7 | −0.1 | −0.3 | 0.3 | 0.7 | 1.3 | 1.7 | 1.2 | 0.9 | ||
| Germany | 1.0 | 2.0 | 3.0 | 1.3 | 0.9 | 1.1 | 1.4 | 1.5 | 2.9 | 3.7 | 1.8 | 2.1 | ||
| France | 1.6 | 1.3 | 2.4 | 1.3 | 1.0 | 1.6 | 1.5 | 1.3 | 1.1 | 1.3 | 1.2 | 0.5 | ||
| Italy | 1.4 | −0.3 | 0.4 | 0.6 | −1.8 | −1.4 | −0.3 | −0.7 | −0.7 | 0.6 | 0.9 | −0.4 | ||
| Spain | 5.1 | 0.2 | 4.1 | 1.5 | −0.3 | −4.7 | −2.1 | −0.3 | 2.0 | 0.8 | 0.9 | 0.4 | ||
| Japan | 1.8 | 1.3 | 2.0 | 1.9 | 1.9 | 1.7 | 1.5 | 0.5 | 1.7 | 1.3 | 0.6 | −0.2 | ||
| United Kingdom | 3.1 | 1.0 | 1.1 | 0.2 | 0.2 | 1.7 | 0.3 | 2.3 | 1.3 | 0.8 | 1.4 | 0.8 | ||
| Canada | 2.6 | 1.5 | 2.7 | 2.3 | 1.3 | 0.7 | −0.7 | 0.8 | 1.5 | 2.0 | 2.7 | 2.2 | ||
| Other Advanced Economies1 | 2.8 | 2.5 | 3.4 | 2.8 | 1.5 | 2.0 | 2.3 | 2.5 | 2.4 | 3.4 | 2.8 | 2.4 | ||
| Memorandum | ||||||||||||||
| Major Advanced Economies | 1.9 | 0.8 | 2.9 | 0.7 | −0.9 | 0.1 | −0.7 | 0.3 | 1.4 | 1.3 | 0.7 | 1.9 | ||
| Gross Fixed Capital Formation | ||||||||||||||
| Advanced Economies | 2.3 | 1.1 | −11.0 | 1.7 | 2.9 | 2.4 | 1.5 | 3.3 | 2.6 | 1.7 | 3.4 | 3.0 | ||
| United States | 2.3 | 1.5 | −13.1 | 1.1 | 3.7 | 6.3 | 3.1 | 4.8 | 3.5 | 0.6 | 3.4 | 3.3 | ||
| Euro Area | 2.7 | 0.0 | −11.2 | −0.3 | 1.5 | −3.4 | −2.5 | 1.7 | 3.1 | 4.4 | 3.9 | 3.4 | ||
| Germany | 1.0 | 1.5 | −9.9 | 5.0 | 7.4 | −0.1 | −1.2 | 3.8 | 1.1 | 2.9 | 3.7 | 3.2 | ||
| France | 3.4 | 0.4 | −9.1 | 2.1 | 2.1 | 0.2 | −0.8 | 0.1 | 1.0 | 2.9 | 2.9 | 3.1 | ||
| Italy | 2.3 | −2.2 | −9.9 | −0.5 | −1.9 | −9.3 | −6.6 | −2.3 | 1.6 | 2.9 | 2.1 | 2.7 | ||
| Spain | 5.3 | −2.3 | −16.9 | −4.9 | −6.9 | −8.6 | −3.4 | 3.8 | 6.0 | 3.1 | 4.3 | 3.5 | ||
| Japan | −1.0 | 0.6 | −9.7 | −1.6 | 1.7 | 3.5 | 4.9 | 2.9 | 0.1 | 0.9 | 2.8 | 1.7 | ||
| United Kingdom | 1.8 | 1.0 | −15.2 | 5.0 | 1.9 | 2.3 | 3.2 | 6.7 | 3.4 | 0.5 | 2.2 | 1.7 | ||
| Canada | 4.9 | 0.7 | −11.8 | 11.4 | 4.6 | 4.9 | 1.3 | 0.9 | −4.6 | −3.1 | 3.4 | 2.2 | ||
| Other Advanced Economies1 | 3.7 | 2.3 | −5.1 | 5.9 | 4.0 | 2.9 | 2.5 | 2.1 | 1.9 | 2.2 | 3.7 | 3.0 | ||
| Memorandum | ||||||||||||||
| Major Advanced Economies | 1.8 | 1.0 | −11.8 | 1.8 | 3.2 | 3.4 | 1.9 | 3.6 | 2.1 | 1.0 | 3.2 | 2.8 | ||
| Final Domestic Demand | ||||||||||||||
| Advanced Economies | 2.5 | 1.3 | −2.6 | 1.7 | 1.3 | 1.1 | 1.0 | 1.9 | 2.3 | 2.1 | 2.4 | 2.1 | ||
| United States | 2.8 | 1.6 | −3.1 | 1.5 | 1.7 | 1.9 | 1.2 | 2.7 | 3.3 | 2.1 | 2.5 | 2.4 | ||
| Euro Area | 2.0 | 0.5 | −2.7 | 0.5 | 0.3 | −1.5 | −0.8 | 1.0 | 1.9 | 2.5 | 2.1 | 1.9 | ||
| Germany | 0.9 | 1.4 | −1.4 | 1.4 | 2.5 | 1.0 | 0.5 | 1.7 | 1.8 | 2.5 | 2.4 | 2.2 | ||
| France | 2.4 | 0.9 | −1.5 | 1.8 | 0.9 | 0.3 | 0.4 | 0.7 | 1.2 | 2.2 | 1.6 | 1.7 | ||
| Italy | 1.3 | −0.6 | −2.9 | 0.7 | −0.8 | −4.5 | −2.8 | −0.4 | 1.1 | 1.5 | 1.4 | 1.1 | ||
| Spain | 4.2 | −0.5 | −5.9 | −0.7 | −3.0 | −4.8 | −3.0 | 1.6 | 3.3 | 2.7 | 2.6 | 2.3 | ||
| Japan | 0.6 | 0.8 | −2.4 | 1.4 | 0.5 | 2.3 | 2.8 | 0.2 | 0.2 | 0.7 | 1.8 | 0.8 | ||
| United Kingdom | 2.8 | 1.0 | −4.4 | 1.1 | 0.0 | 1.8 | 1.6 | 2.9 | 2.3 | 2.0 | 1.8 | 1.1 | ||
| Canada | 3.7 | 1.8 | −2.2 | 5.0 | 2.6 | 2.4 | 1.6 | 1.9 | 0.3 | 1.0 | 3.3 | 2.0 | ||
| Other Advanced Economies1 | 3.5 | 2.4 | −0.7 | 4.1 | 2.9 | 2.3 | 2.3 | 2.3 | 2.5 | 2.4 | 2.9 | 2.6 | ||
| Memorandum | ||||||||||||||
| Major Advanced Economies | 2.2 | 1.3 | −2.7 | 1.6 | 1.3 | 1.4 | 1.1 | 1.9 | 2.2 | 1.8 | 2.2 | 1.9 | ||
| Stock Building2 | ||||||||||||||
| Advanced Economies | 0.0 | 0.0 | −1.1 | 1.3 | 0.1 | −0.2 | 0.0 | 0.1 | 0.1 | −0.3 | −0.1 | 0.0 | ||
| United States | −0.1 | 0.0 | −0.8 | 1.5 | −0.1 | 0.1 | 0.2 | −0.1 | 0.2 | −0.4 | −0.2 | 0.0 | ||
| Euro Area | 0.0 | −0.1 | −1.3 | 0.9 | 0.5 | −0.9 | 0.2 | 0.3 | 0.0 | −0.1 | 0.0 | 0.0 | ||
| Germany | −0.1 | −0.2 | −1.7 | 1.4 | 0.5 | −1.6 | 0.5 | −0.4 | −0.3 | −0.1 | −0.2 | −0.2 | ||
| France | 0.0 | 0.1 | −1.1 | 0.3 | 1.1 | −0.6 | 0.2 | 0.7 | 0.3 | −0.1 | 0.4 | 0.0 | ||
| Italy | 0.0 | 0.0 | −1.2 | 1.3 | 0.2 | −1.1 | 0.2 | 0.6 | 0.2 | −0.5 | 0.2 | 0.0 | ||
| Spain | 0.0 | 0.0 | −0.2 | 0.2 | −0.1 | −0.2 | −0.3 | 0.3 | 0.1 | 0.1 | 0.0 | 0.0 | ||
| Japan | 0.0 | −0.1 | −1.6 | 1.0 | 0.2 | 0.0 | −0.4 | 0.1 | 0.6 | −0.3 | −0.5 | −0.1 | ||
| United Kingdom | −0.1 | 0.1 | −0.5 | 1.5 | −0.6 | 0.2 | 0.3 | 0.7 | −0.2 | −0.5 | −0.1 | 0.0 | ||
| Canada | 0.0 | 0.1 | −0.7 | 0.1 | 0.7 | −0.3 | 0.5 | −0.3 | −0.3 | −0.3 | 1.1 | 0.8 | ||
| Other Advanced Economies1 | 0.2 | −0.1 | −1.9 | 1.9 | 0.2 | −0.3 | −0.8 | 0.2 | 0.1 | −0.5 | 0.1 | 0.0 | ||
| Memorandum | ||||||||||||||
| Major Advanced Economies | 0.0 | 0.0 | −1.0 | 1.2 | 0.1 | −0.2 | 0.2 | 0.1 | 0.2 | −0.3 | −0.1 | 0.0 | ||
| Foreign Balance2 | ||||||||||||||
| Advanced Economies | 0.0 | 0.1 | 0.4 | 0.1 | 0.3 | 0.4 | 0.3 | 0.1 | −0.2 | −0.1 | −0.1 | 0.0 | ||
| United States | −0.2 | 0.0 | 1.2 | −0.5 | 0.0 | 0.1 | 0.3 | −0.2 | −0.7 | −0.2 | −0.2 | −0.2 | ||
| Euro Area | 0.1 | 0.3 | −0.6 | 0.7 | 0.9 | 1.5 | 0.4 | 0.1 | 0.1 | −0.4 | 0.2 | 0.1 | ||
| Germany | 0.7 | 0.1 | −2.6 | 1.1 | 0.9 | 1.4 | −0.3 | 0.7 | 0.1 | −0.4 | 0.0 | 0.0 | ||
| France | −0.3 | −0.2 | −0.4 | −0.1 | 0.0 | 0.5 | −0.1 | −0.5 | −0.5 | −0.8 | −0.3 | 0.0 | ||
| Italy | −0.1 | 0.2 | −1.3 | −0.3 | 1.2 | 2.8 | 0.8 | −0.1 | −0.5 | −0.1 | −0.1 | 0.0 | ||
| Spain | −0.7 | 1.0 | 2.8 | 0.5 | 2.1 | 2.2 | 1.5 | −0.5 | −0.1 | 0.5 | 0.5 | 0.3 | ||
| Japan | 0.2 | −0.1 | −1.2 | 1.6 | −0.9 | −0.8 | −0.4 | 0.0 | 0.3 | 0.6 | 0.3 | −0.1 | ||
| United Kingdom | −0.2 | −0.1 | 0.3 | −0.8 | 1.4 | −0.7 | −0.8 | −0.4 | 0.0 | −0.4 | −0.1 | 0.3 | ||
| Canada | −0.7 | 0.0 | 0.0 | −2.1 | −0.3 | −0.4 | 0.3 | 1.1 | 1.0 | 0.6 | −0.5 | 0.3 | ||
| Other Advanced Economies1 | 0.4 | 0.3 | 1.5 | 0.1 | 0.5 | 0.5 | 0.9 | 0.5 | −0.4 | 0.1 | −0.4 | 0.1 | ||
| Memorandum | ||||||||||||||
| Major Advanced Economies | −0.1 | 0.0 | 0.0 | −0.1 | 0.1 | 0.2 | 0.0 | 0.0 | −0.3 | −0.1 | −0.1 | −0.1 | ||
Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
Changes expressed as percent of GDP in the preceding period.
Emerging Market and Developing Economies: Real GDP
(Annual percent change)
| Average | Projections | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999–2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | |
| Commonwealth of Independent States1,2 | 7.2 | −6.4 | 4.7 | 5.3 | 3.6 | 2.5 | 1.1 | −2.2 | 0.4 | 2.1 | 2.1 | 2.4 |
| Russia | 6.9 | −7.8 | 4.5 | 5.1 | 3.7 | 1.8 | 0.7 | −2.8 | −0.2 | 1.8 | 1.6 | 1.5 |
| Excluding Russia | 8.0 | −2.4 | 5.0 | 6.0 | 3.6 | 4.2 | 1.9 | −0.6 | 1.9 | 2.9 | 3.3 | 4.3 |
| Armenia | 10.5 | −14.1 | 2.2 | 4.7 | 7.1 | 3.3 | 3.6 | 3.3 | 0.2 | 3.5 | 2.9 | 4.0 |
| Azerbaijan | 14.6 | 9.3 | 5.0 | −1.6 | 2.2 | 5.8 | 2.7 | 0.6 | −3.1 | −1.0 | 1.3 | 3.1 |
| Belarus | 7.5 | 0.2 | 7.7 | 5.5 | 1.7 | 1.0 | 1.7 | −3.8 | −2.6 | 0.7 | 0.7 | 2.0 |
| Georgia | 6.6 | −3.7 | 6.2 | 7.2 | 6.4 | 3.4 | 4.6 | 2.9 | 2.7 | 4.0 | 4.2 | 5.5 |
| Kazakhstan | 8.7 | 1.2 | 7.3 | 7.5 | 5.0 | 6.0 | 4.3 | 1.2 | 1.1 | 3.3 | 2.8 | 4.3 |
| Kyrgyz Republic | 4.7 | 2.9 | −0.5 | 6.0 | −0.1 | 10.9 | 4.0 | 3.5 | 3.8 | 3.5 | 3.8 | 5.4 |
| Moldova | 4.9 | −6.0 | 7.1 | 6.8 | −0.7 | 9.4 | 4.8 | −0.4 | 4.3 | 4.0 | 3.7 | 3.9 |
| Tajikistan | 8.1 | 3.9 | 6.5 | 7.4 | 7.5 | 7.4 | 6.7 | 6.0 | 6.9 | 4.5 | 4.0 | 4.0 |
| Turkmenistan | 15.2 | 6.1 | 9.2 | 14.7 | 11.1 | 10.2 | 10.3 | 6.5 | 6.2 | 6.5 | 6.3 | 5.4 |
| Ukraine3 | 6.2 | −15.1 | 0.3 | 5.5 | 0.2 | 0.0 | −6.6 | −9.8 | 2.3 | 2.0 | 3.2 | 4.0 |
| Uzbekistan | 6.1 | 8.1 | 8.5 | 8.3 | 8.2 | 8.0 | 8.1 | 8.0 | 7.8 | 6.0 | 6.0 | 6.0 |
| Emerging and Developing Asia | 8.0 | 7.5 | 9.6 | 7.9 | 7.0 | 6.9 | 6.8 | 6.8 | 6.4 | 6.5 | 6.5 | 6.3 |
| Bangladesh | 5.8 | 5.3 | 6.0 | 6.5 | 6.3 | 6.0 | 6.3 | 6.8 | 7.2 | 7.1 | 7.0 | 7.0 |
| Bhutan | 8.3 | 5.7 | 9.3 | 9.7 | 6.4 | 3.6 | 4.0 | 6.1 | 6.2 | 5.9 | 11.2 | 6.3 |
| Brunei Darussalam | 1.9 | −1.8 | 2.7 | 3.7 | 0.9 | −2.1 | −2.5 | −0.4 | −2.5 | −1.3 | 0.6 | 5.3 |
| Cambodia | 9.5 | 0.1 | 6.0 | 7.2 | 7.3 | 7.4 | 7.1 | 7.2 | 7.0 | 6.9 | 6.8 | 6.0 |
| China | 10.1 | 9.2 | 10.6 | 9.5 | 7.9 | 7.8 | 7.3 | 6.9 | 6.7 | 6.8 | 6.5 | 5.8 |
| Fiji | 1.9 | −1.4 | 3.0 | 2.7 | 1.4 | 4.7 | 5.6 | 3.8 | 0.4 | 3.8 | 3.5 | 3.2 |
| India4 | 6.9 | 8.5 | 10.3 | 6.6 | 5.5 | 6.4 | 7.5 | 8.0 | 7.1 | 6.7 | 7.4 | 8.2 |
| Indonesia | 4.9 | 4.7 | 6.4 | 6.2 | 6.0 | 5.6 | 5.0 | 4.9 | 5.0 | 5.2 | 5.3 | 5.5 |
| Kiribati | 1.1 | 1.1 | −1.6 | 0.6 | 5.1 | 5.0 | 0.4 | 7.5 | 4.2 | 2.8 | 2.3 | 1.8 |
| Lao P.D.R. | 6.7 | 7.4 | 8.0 | 8.0 | 7.8 | 8.0 | 7.6 | 7.3 | 7.0 | 6.9 | 6.9 | 7.0 |
| Malaysia | 5.5 | −1.5 | 7.5 | 5.3 | 5.5 | 4.7 | 6.0 | 5.0 | 4.2 | 5.4 | 4.8 | 4.9 |
| Maldives | 7.8 | −6.6 | 7.1 | 8.4 | 2.3 | 7.1 | 7.6 | 3.3 | 3.9 | 4.6 | 4.7 | 5.0 |
| Marshall Islands | 1.9 | 6.5 | 1.2 | 3.5 | 2.9 | −0.8 | −0.4 | 1.9 | 2.0 | 1.9 | 1.8 | 1.5 |
| Micronesia | 0.5 | 1.2 | 3.3 | 1.0 | −1.7 | −3.0 | −2.4 | 3.7 | 3.0 | 2.0 | 1.4 | 0.6 |
| Mongolia | 6.2 | −2.1 | 7.3 | 17.3 | 12.3 | 11.6 | 7.9 | 2.4 | 1.0 | 2.0 | 2.5 | 8.2 |
| Myanmar | 11.7 | 5.1 | 5.3 | 5.6 | 7.3 | 8.4 | 8.0 | 7.0 | 6.1 | 7.2 | 7.6 | 7.5 |
| Nauru | … | 8.7 | 13.6 | 11.7 | 10.1 | 34.2 | 36.5 | 2.8 | 10.4 | 4.0 | −4.0 | 2.0 |
| Nepal | 4.1 | 4.5 | 4.8 | 3.4 | 4.8 | 4.1 | 6.0 | 3.3 | 0.4 | 7.5 | 5.0 | 3.8 |
| Palau | … | −9.1 | 3.0 | 5.1 | 3.9 | −2.1 | 5.4 | 11.4 | 1.9 | 1.0 | 5.5 | 2.0 |
| Papua New Guinea | 2.3 | 6.8 | 10.1 | 1.1 | 4.6 | 3.8 | 12.5 | 9.2 | 2.4 | 3.1 | 2.9 | 3.3 |
| Philippines | 4.6 | 1.1 | 7.6 | 3.7 | 6.7 | 7.1 | 6.1 | 6.1 | 6.9 | 6.6 | 6.7 | 6.8 |
| Samoa | 3.8 | −6.1 | −2.0 | 5.6 | 0.4 | −1.9 | 1.2 | 1.6 | 7.1 | 2.1 | 0.9 | 2.1 |
| Solomon Islands | 1.6 | −4.7 | 6.8 | 13.2 | 4.6 | 3.0 | 2.3 | 2.5 | 3.3 | 3.0 | 3.1 | 2.7 |
| Sri Lanka | 5.1 | 3.5 | 8.0 | 8.4 | 9.1 | 3.4 | 5.0 | 4.8 | 4.4 | 4.7 | 4.8 | 5.2 |
| Thailand | 4.8 | −0.7 | 7.5 | 0.8 | 7.2 | 2.7 | 0.9 | 2.9 | 3.2 | 3.7 | 3.5 | 3.0 |
| Timor-Leste5 | … | 13.0 | 10.2 | 7.9 | 5.0 | 2.7 | 4.3 | 4.0 | 5.0 | 4.0 | 6.0 | 5.2 |
| Tonga | 1.1 | 2.9 | 3.2 | 1.8 | −1.1 | −0.6 | 2.9 | 3.5 | 3.1 | 3.1 | 3.2 | 1.4 |
| Tuvalu | … | −4.4 | −3.1 | 7.9 | −3.8 | 4.6 | 1.3 | 9.1 | 3.0 | 3.2 | 2.5 | 2.0 |
| Vanuatu | 3.0 | 3.3 | 1.6 | 1.2 | 1.8 | 2.0 | 2.3 | 1.6 | 4.0 | 4.5 | 4.0 | 3.0 |
| Vietnam | 6.8 | 5.4 | 6.4 | 6.2 | 5.2 | 5.4 | 6.0 | 6.7 | 6.2 | 6.3 | 6.3 | 6.2 |
| Emerging and Developing Europe | 4.3 | −3.0 | 4.6 | 6.5 | 2.4 | 4.9 | 3.9 | 4.7 | 3.1 | 4.5 | 3.5 | 3.2 |
| Albania | 6.8 | 3.4 | 3.7 | 2.5 | 1.4 | 1.0 | 1.8 | 2.2 | 3.4 | 3.7 | 3.7 | 4.0 |
| Bosnia and Herzegovina | 5.4 | −0.8 | 0.8 | 0.9 | −0.9 | 2.4 | 1.1 | 3.0 | 2.0 | 2.5 | 2.6 | 3.0 |
| Bulgaria | 5.3 | −3.6 | 1.3 | 1.9 | 0.0 | 0.9 | 1.3 | 3.6 | 3.4 | 3.6 | 3.2 | 2.5 |
| Croatia | 3.7 | −7.4 | −1.7 | −0.3 | −2.2 | −1.1 | −0.5 | 2.2 | 3.0 | 2.9 | 2.7 | 2.1 |
| Hungary | 3.4 | −6.6 | 0.7 | 1.7 | −1.6 | 2.1 | 4.0 | 3.1 | 2.0 | 3.2 | 3.4 | 2.2 |
| Kosovo | … | 3.6 | 3.3 | 4.4 | 2.8 | 3.4 | 1.2 | 4.1 | 3.4 | 3.5 | 3.5 | 4.0 |
| FYR Macedonia | 3.6 | −0.4 | 3.4 | 2.3 | −0.5 | 2.9 | 3.6 | 3.8 | 2.4 | 2.5 | 3.2 | 3.8 |
| Montenegro | … | −5.7 | 2.5 | 3.2 | −2.7 | 3.5 | 1.8 | 3.4 | 2.5 | 3.0 | 2.8 | 3.1 |
| Poland | 4.1 | 2.6 | 3.7 | 5.0 | 1.6 | 1.4 | 3.3 | 3.9 | 2.6 | 3.8 | 3.3 | 2.6 |
| Romania | 5.4 | −7.1 | −0.8 | 1.1 | 0.6 | 3.5 | 3.1 | 3.9 | 4.8 | 5.5 | 4.4 | 3.3 |
| Serbia | 4.1 | −3.1 | 0.6 | 1.4 | −1.0 | 2.6 | −1.8 | 0.8 | 2.8 | 3.0 | 3.5 | 4.0 |
| Turkey | 4.0 | −4.7 | 8.5 | 11.1 | 4.8 | 8.5 | 5.2 | 6.1 | 3.2 | 5.1 | 3.5 | 3.6 |
| Latin America and the Caribbean | 3.3 | −1.8 | 6.1 | 4.7 | 3.0 | 2.9 | 1.2 | 0.1 | −0.9 | 1.2 | 1.9 | 2.7 |
| Antigua and Barbuda | 4.6 | −12.1 | −7.2 | −2.1 | 3.5 | −0.1 | 5.1 | 4.1 | 5.3 | 2.7 | 3.0 | 2.0 |
| Argentina | 2.6 | −5.9 | 10.1 | 6.0 | −1.0 | 2.4 | −2.5 | 2.6 | −2.2 | 2.5 | 2.5 | 3.2 |
| The Bahamas | 2.1 | −4.2 | 1.5 | 0.6 | 3.1 | 0.0 | −0.5 | −1.7 | −0.3 | 1.8 | 2.5 | 1.5 |
| Barbados | 1.8 | −4.0 | 0.3 | 0.8 | 0.3 | −0.1 | 0.1 | 0.9 | 1.6 | 0.9 | 0.5 | 1.6 |
| Belize | 5.7 | 0.8 | 3.3 | 2.1 | 3.7 | 0.7 | 4.1 | 2.9 | −0.8 | 2.5 | 2.3 | 1.7 |
| Bolivia | 3.4 | 3.4 | 4.1 | 5.2 | 5.1 | 6.8 | 5.5 | 4.9 | 4.3 | 4.2 | 4.0 | 3.7 |
| Brazil | 3.4 | −0.1 | 7.5 | 4.0 | 1.9 | 3.0 | 0.5 | −3.8 | −3.6 | 0.7 | 1.5 | 2.0 |
| Chile | 4.3 | −1.6 | 5.8 | 6.1 | 5.3 | 4.0 | 1.9 | 2.3 | 1.6 | 1.4 | 2.5 | 3.3 |
| Colombia | 3.4 | 1.7 | 4.0 | 6.6 | 4.0 | 4.9 | 4.4 | 3.1 | 2.0 | 1.7 | 2.8 | 3.6 |
| Costa Rica | 4.7 | −1.0 | 5.0 | 4.3 | 4.8 | 2.3 | 3.7 | 4.7 | 4.3 | 3.8 | 3.8 | 3.9 |
| Dominica | 2.8 | −1.2 | 0.7 | −0.2 | −1.1 | −0.6 | 4.4 | −2.5 | 2.6 | 3.9 | 2.8 | 1.5 |
| Dominican Republic | 4.8 | 0.9 | 8.3 | 3.1 | 2.8 | 4.7 | 7.6 | 7.0 | 6.6 | 4.8 | 5.8 | 5.0 |
| Ecuador | 3.3 | 0.6 | 3.5 | 7.9 | 5.6 | 4.9 | 4.0 | 0.2 | −1.5 | 0.2 | 0.6 | 1.6 |
| El Salvador | 2.6 | −3.1 | 1.4 | 2.2 | 1.9 | 1.8 | 1.4 | 2.3 | 2.4 | 2.3 | 2.1 | 2.0 |
| Grenada | 3.7 | −6.6 | −0.5 | 0.8 | −1.2 | 2.4 | 7.3 | 6.4 | 3.7 | 2.5 | 2.3 | 2.7 |
| Guatemala | 3.6 | 0.5 | 2.9 | 4.2 | 3.0 | 3.7 | 4.2 | 4.1 | 3.1 | 3.2 | 3.4 | 4.0 |
| Guyana | 1.8 | 3.3 | 4.4 | 5.4 | 4.8 | 5.2 | 3.8 | 3.1 | 3.3 | 3.5 | 3.6 | 2.8 |
| Haiti | 0.7 | 3.1 | −5.5 | 5.5 | 2.9 | 4.2 | 2.8 | 1.2 | 1.4 | 1.0 | 3.0 | 3.0 |
| Honduras | 4.5 | −2.4 | 3.7 | 3.8 | 4.1 | 2.8 | 3.1 | 3.6 | 3.6 | 4.0 | 3.6 | 3.8 |
| Jamaica | 1.3 | −3.4 | −1.4 | 1.4 | −0.5 | 0.2 | 0.5 | 0.9 | 1.3 | 1.7 | 2.3 | 2.8 |
| Mexico | 2.6 | −4.7 | 5.1 | 4.0 | 4.0 | 1.4 | 2.3 | 2.6 | 2.3 | 2.1 | 1.9 | 2.7 |
| Nicaragua | 3.9 | −3.3 | 4.4 | 6.3 | 6.5 | 4.9 | 4.8 | 4.9 | 4.7 | 4.5 | 4.3 | 4.5 |
| Panama | 5.7 | 1.6 | 5.8 | 11.8 | 9.2 | 6.6 | 6.1 | 5.8 | 4.9 | 5.3 | 5.6 | 5.5 |
| Paraguay | 2.2 | −4.0 | 13.1 | 4.3 | −1.2 | 14.0 | 4.7 | 3.0 | 4.1 | 3.9 | 4.0 | 3.8 |
| Peru | 5.1 | 1.0 | 8.5 | 6.5 | 6.0 | 5.8 | 2.4 | 3.3 | 4.0 | 2.7 | 3.8 | 3.8 |
| St. Kitts and Nevis | 3.7 | −1.0 | −2.9 | −0.8 | −0.8 | 6.6 | 5.1 | 4.9 | 3.1 | 2.7 | 3.5 | 2.7 |
| St. Lucia | 2.1 | −0.8 | 0.1 | 3.4 | −0.7 | 0.2 | −0.9 | 2.0 | 1.0 | 1.6 | 2.8 | 1.5 |
| St. Vincent and the Grenadines | 3.5 | −2.0 | −2.3 | 0.2 | 1.3 | 2.5 | 0.3 | 0.9 | 0.8 | 2.2 | 2.8 | 3.0 |
| Suriname | 4.1 | 3.0 | 5.2 | 5.8 | 2.7 | 2.9 | 0.4 | −2.7 | −10.5 | −1.2 | 1.2 | 3.1 |
| Trinidad and Tobago | 7.6 | −4.4 | 3.3 | −0.3 | 1.3 | 2.7 | −0.6 | −0.6 | −5.4 | −3.2 | 1.9 | 1.4 |
| Uruguay | 1.5 | 4.2 | 7.8 | 5.2 | 3.5 | 4.6 | 3.2 | 0.4 | 1.5 | 3.5 | 3.1 | 3.0 |
| Venezuela | 3.4 | −3.2 | −1.5 | 4.2 | 5.6 | 1.3 | −3.9 | −6.2 | −16.5 | −12.0 | −6.0 | −1.3 |
| Middle East, North Africa, Afghanistan, and Pakistan | 5.2 | 1.1 | 4.7 | 4.5 | 5.2 | 2.7 | 2.8 | 2.7 | 5.0 | 2.6 | 3.5 | 3.8 |
| Afghanistan | … | 20.6 | 8.4 | 6.5 | 14.0 | 5.7 | 2.7 | 1.3 | 2.4 | 2.5 | 3.0 | 5.0 |
| Algeria | 4.0 | 1.6 | 3.6 | 2.8 | 3.4 | 2.8 | 3.8 | 3.7 | 3.3 | 1.5 | 0.8 | 2.4 |
| Bahrain | 6.0 | 2.5 | 4.3 | 2.0 | 3.7 | 5.4 | 4.4 | 2.9 | 3.0 | 2.5 | 1.7 | 2.2 |
| Djibouti | 3.3 | 1.6 | 4.1 | 7.3 | 4.8 | 5.0 | 6.0 | 6.5 | 6.5 | 7.0 | 7.0 | 6.0 |
| Egypt | 5.1 | 4.7 | 5.1 | 1.8 | 2.2 | 3.3 | 2.9 | 4.4 | 4.3 | 4.1 | 4.5 | 6.0 |
| Iran | 4.4 | 0.3 | 5.8 | 3.5 | −7.7 | −0.3 | 3.2 | −1.6 | 12.5 | 3.5 | 3.8 | 4.1 |
| Iraq | 13.0 | 3.4 | 6.4 | 7.5 | 13.9 | 7.6 | 0.7 | 4.8 | 11.0 | −0.4 | 2.9 | 2.1 |
| Jordan | 6.3 | 5.5 | 2.3 | 2.6 | 2.7 | 2.8 | 3.1 | 2.4 | 2.0 | 2.3 | 2.5 | 3.0 |
| Kuwait | 5.9 | −7.1 | −2.4 | 10.9 | 7.9 | 0.4 | 0.6 | 2.1 | 2.5 | −2.1 | 4.1 | 3.2 |
| Lebanon | 3.8 | 10.1 | 8.0 | 0.9 | 2.8 | 2.6 | 2.0 | 0.8 | 1.0 | 1.5 | 2.0 | 3.0 |
| Libya4 | 4.5 | −3.0 | 3.2 | −66.7 | 124.7 | −36.8 | −53.0 | −10.3 | −3.0 | 55.1 | 31.2 | 2.6 |
| Mauritania | 5.2 | −1.0 | 4.8 | 4.7 | 5.8 | 6.1 | 5.6 | 0.9 | 1.7 | 3.8 | 3.0 | 4.0 |
| Morocco | 4.4 | 4.2 | 3.8 | 5.2 | 3.0 | 4.5 | 2.7 | 4.5 | 1.2 | 4.8 | 3.0 | 4.6 |
| Oman | 2.9 | 6.1 | 4.8 | −1.1 | 9.3 | 4.4 | 2.5 | 4.2 | 3.0 | 0.0 | 3.7 | 2.2 |
| Pakistan | 5.1 | 0.4 | 2.6 | 3.6 | 3.8 | 3.7 | 4.1 | 4.1 | 4.5 | 5.3 | 5.6 | 5.9 |
| Qatar | 11.3 | 12.0 | 18.1 | 13.4 | 4.7 | 4.4 | 4.0 | 3.6 | 2.2 | 2.5 | 3.1 | 3.2 |
| Saudi Arabia | 3.2 | −2.1 | 4.8 | 10.3 | 5.4 | 2.7 | 3.7 | 4.1 | 1.7 | 0.1 | 1.1 | 2.0 |
| Somalia | … | … | … | … | 1.2 | 2.8 | 3.6 | 3.6 | 3.2 | 2.4 | 3.5 | 3.8 |
| Sudan6 | 6.2 | 4.7 | 2.5 | −1.2 | −3.0 | 5.2 | 1.6 | 4.9 | 3.0 | 3.7 | 3.6 | 3.5 |
| Syria7 | 3.4 | 5.9 | 3.4 | … | … | … | … | … | … | … | … | … |
| Tunisia | 4.9 | 3.1 | 2.6 | −1.9 | 3.9 | 2.4 | 2.3 | 1.1 | 1.0 | 2.3 | 3.0 | 4.3 |
| United Arab Emirates | 5.9 | −5.2 | 1.6 | 6.4 | 5.1 | 5.8 | 3.3 | 3.8 | 3.0 | 1.3 | 3.4 | 3.1 |
| Yemen | 4.1 | 3.9 | 7.7 | −12.7 | 2.4 | 4.8 | −0.2 | −28.1 | −9.8 | −2.0 | 8.5 | 5.5 |
| Sub-Saharan Africa | 5.6 | 3.9 | 7.0 | 5.1 | 4.4 | 5.3 | 5.1 | 3.4 | 1.4 | 2.6 | 3.4 | 3.9 |
| Angola | 11.2 | 2.4 | 3.4 | 3.9 | 5.2 | 6.8 | 4.8 | 3.0 | −0.7 | 1.5 | 1.6 | 1.4 |
| Benin | 4.5 | 2.3 | 2.1 | 3.0 | 4.8 | 7.2 | 6.4 | 2.1 | 4.0 | 5.4 | 6.0 | 6.2 |
| Botswana | 5.2 | −7.7 | 8.6 | 6.0 | 4.5 | 11.3 | 4.1 | −1.7 | 4.3 | 4.5 | 4.8 | 4.2 |
| Burkina Faso | 5.7 | 3.0 | 8.4 | 6.6 | 6.5 | 5.7 | 4.2 | 4.0 | 5.9 | 6.4 | 6.5 | 6.0 |
| Burundi | 3.1 | 3.8 | 5.1 | 4.0 | 4.4 | 5.9 | 4.5 | −4.0 | −1.0 | 0.0 | 0.1 | 0.5 |
| Cabo Verde | 7.4 | −1.3 | 1.5 | 4.0 | 1.1 | 0.8 | 0.6 | 1.0 | 3.8 | 4.0 | 4.1 | 4.1 |
| Cameroon | 3.6 | 1.9 | 3.3 | 4.1 | 4.6 | 5.6 | 5.9 | 5.8 | 4.7 | 4.0 | 4.6 | 5.5 |
| Central African Republic | 1.2 | 1.7 | 3.0 | 3.3 | 4.1 | −36.7 | 1.0 | 4.8 | 4.5 | 4.7 | 5.0 | 5.6 |
| Chad | 7.8 | 4.1 | 13.6 | 0.1 | 8.8 | 5.8 | 6.9 | 1.8 | −6.4 | 0.6 | 2.4 | 3.7 |
| Comoros | 2.0 | 1.8 | 2.1 | 2.2 | 3.0 | 3.5 | 2.0 | 1.0 | 2.2 | 3.3 | 4.0 | 4.0 |
| Democratic Republic of the Congo | 2.4 | 2.9 | 7.1 | 6.9 | 7.1 | 8.5 | 9.5 | 6.9 | 2.4 | 2.8 | 3.0 | 4.7 |
| Republic of Congo | 3.5 | 7.8 | 8.7 | 3.4 | 3.8 | 3.3 | 6.8 | 2.6 | −2.8 | −3.6 | 2.8 | 0.3 |
| Côte d’Ivoire | 0.5 | 3.3 | 2.0 | −4.2 | 10.1 | 9.3 | 8.8 | 8.9 | 7.7 | 7.6 | 7.3 | 6.5 |
| Equatorial Guinea | 28.1 | 1.3 | −8.9 | 6.5 | 8.3 | −4.1 | −0.7 | −9.1 | −9.7 | −7.4 | −7.8 | −1.4 |
| Eritrea | −1.1 | 3.9 | 2.2 | 8.7 | 7.0 | 3.1 | 5.0 | 4.8 | 3.7 | 3.3 | 3.6 | 4.0 |
| Ethiopia | 8.1 | 10.0 | 10.6 | 11.4 | 8.7 | 9.9 | 10.3 | 10.4 | 8.0 | 8.5 | 8.5 | 7.5 |
| Gabon | −0.1 | −2.3 | 6.3 | 7.1 | 5.3 | 5.5 | 4.4 | 3.9 | 2.1 | 1.0 | 2.7 | 5.1 |
| The Gambia | 3.7 | 6.4 | 6.5 | −4.3 | 5.6 | 4.8 | 0.9 | 4.3 | 2.2 | 3.0 | 3.5 | 4.8 |
| Ghana | 5.3 | 4.8 | 7.9 | 14.0 | 9.3 | 7.3 | 4.0 | 3.8 | 3.5 | 5.9 | 8.9 | 5.4 |
| Guinea | 3.5 | −1.5 | 4.2 | 5.6 | 5.9 | 3.9 | 3.7 | 3.5 | 6.6 | 6.7 | 5.8 | 5.2 |
| Guinea-Bissau | 2.9 | 3.4 | 4.6 | 8.1 | −1.7 | 3.3 | 1.0 | 5.1 | 5.1 | 5.0 | 5.0 | 5.0 |
| Kenya | 3.3 | 3.3 | 8.4 | 6.1 | 4.6 | 5.9 | 5.4 | 5.7 | 5.8 | 5.0 | 5.5 | 6.5 |
| Lesotho | 3.5 | 4.5 | 6.9 | 4.5 | 5.3 | 3.6 | 3.4 | 2.5 | 2.4 | 4.6 | 3.1 | 5.6 |
| Liberia | … | 5.1 | 6.1 | 7.4 | 8.2 | 8.7 | 0.7 | 0.0 | −1.6 | 2.6 | 4.0 | 6.8 |
| Madagascar | 4.0 | −4.7 | 0.3 | 1.5 | 3.0 | 2.3 | 3.3 | 3.1 | 4.2 | 4.3 | 5.3 | 5.0 |
| Malawi | 3.8 | 8.3 | 6.9 | 4.9 | 1.9 | 5.2 | 5.7 | 2.9 | 2.3 | 4.5 | 5.0 | 5.5 |
| Mali | 5.4 | 4.7 | 5.4 | 3.2 | −0.8 | 2.3 | 7.0 | 6.0 | 5.8 | 5.3 | 5.0 | 4.7 |
| Mauritius | 4.3 | 3.0 | 4.1 | 3.9 | 3.2 | 3.2 | 3.6 | 3.5 | 3.9 | 3.9 | 4.0 | 4.1 |
| Mozambique | 7.8 | 6.4 | 6.7 | 7.1 | 7.2 | 7.1 | 7.4 | 6.6 | 3.8 | 4.7 | 5.3 | 14.0 |
| Namibia | 4.1 | 0.3 | 6.0 | 5.1 | 5.1 | 5.6 | 6.4 | 6.0 | 1.1 | 0.8 | 2.5 | 3.6 |
| Niger | 4.4 | −0.7 | 8.4 | 2.2 | 11.8 | 5.3 | 7.5 | 4.0 | 5.0 | 4.2 | 4.7 | 6.2 |
| Nigeria | 7.5 | 8.4 | 11.3 | 4.9 | 4.3 | 5.4 | 6.3 | 2.7 | −1.6 | 0.8 | 1.9 | 1.7 |
| Rwanda | 8.0 | 6.3 | 7.3 | 7.8 | 8.8 | 4.7 | 7.6 | 8.9 | 5.9 | 6.2 | 6.8 | 7.5 |
| São Tomé and Príncipe | 4.3 | 4.0 | 4.5 | 4.8 | 4.5 | 4.3 | 4.1 | 4.0 | 4.1 | 5.0 | 5.5 | 5.5 |
| Senegal | 4.4 | 2.4 | 4.3 | 1.9 | 4.5 | 3.6 | 4.1 | 6.5 | 6.7 | 6.8 | 7.0 | 6.4 |
| Seychelles | 2.2 | −1.1 | 5.9 | 5.4 | 3.7 | 6.0 | 4.5 | 5.0 | 4.5 | 4.1 | 3.4 | 4.0 |
| Sierra Leone | 7.5 | 3.2 | 5.3 | 6.3 | 15.2 | 20.7 | 4.6 | −20.5 | 6.1 | 6.0 | 6.1 | 7.4 |
| South Africa | 4.0 | −1.5 | 3.0 | 3.3 | 2.2 | 2.5 | 1.7 | 1.3 | 0.3 | 0.7 | 1.1 | 2.2 |
| South Sudan | … | … | … | … | −52.4 | 29.3 | 2.9 | −0.2 | −13.8 | −6.3 | −3.4 | 3.9 |
| Swaziland | 3.6 | 4.5 | 3.5 | 2.0 | 3.5 | 4.8 | 3.6 | 1.1 | 0.0 | 0.3 | −0.9 | 2.2 |
| Tanzania | 6.1 | 5.4 | 6.4 | 7.9 | 5.1 | 7.3 | 7.0 | 7.0 | 7.0 | 6.5 | 6.8 | 6.6 |
| Togo | 1.6 | 3.5 | 4.1 | 4.8 | 5.9 | 6.1 | 5.4 | 5.3 | 5.0 | 5.0 | 5.3 | 5.6 |
| Uganda | 7.5 | 8.1 | 7.7 | 6.8 | 2.2 | 4.7 | 4.6 | 5.7 | 2.3 | 4.4 | 5.2 | 7.3 |
| Zambia | 6.4 | 9.2 | 10.3 | 5.6 | 7.6 | 5.1 | 4.7 | 2.9 | 3.4 | 4.0 | 4.5 | 4.5 |
| Zimbabwe8 | −6.8 | 7.4 | 15.4 | 16.3 | 13.6 | 5.3 | 2.8 | 1.4 | 0.7 | 2.8 | 0.8 | −0.9 |
Data for some countries refer to real net material product (NMP) or are estimates based on NMP. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
Data are based on the 2008 System of National Accounts. The revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.
See country-specific notes for India and Libya in the “Country Notes” section of the Statistical Appendix.
In this table only, the data for Timor-Leste are based on non-oil GDP.
Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
Data for Syria are excluded for 2011 onward owing to the uncertain political situation.
The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in US dollars. IMF staff estimates of US dollar values may differ from authorities’ estimates. Real GDP is in constant 2009 prices.
Summary of Inflation
(Percent)
| Average | Projections | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999–2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | ||||||
| GDP Deflators | |||||||||||||||||
| Advanced Economies | 1.8 | 0.7 | 0.9 | 1.3 | 1.2 | 1.2 | 1.4 | 1.3 | 1.0 | 1.4 | 1.6 | 1.8 | |||||
| United States | 2.3 | 0.8 | 1.2 | 2.1 | 1.8 | 1.6 | 1.8 | 1.1 | 1.3 | 1.7 | 1.9 | 1.9 | |||||
| Euro Area | 2.0 | 1.0 | 0.7 | 1.0 | 1.3 | 1.2 | 0.9 | 1.4 | 0.8 | 0.9 | 1.3 | 1.8 | |||||
| Japan | −1.2 | −0.6 | −1.9 | −1.7 | −0.8 | −0.3 | 1.7 | 2.1 | 0.3 | −0.2 | 0.9 | 1.1 | |||||
| Other Advanced Economies1 | 2.1 | 0.9 | 2.0 | 2.0 | 1.2 | 1.4 | 1.3 | 1.0 | 1.1 | 2.0 | 1.6 | 2.0 | |||||
| Consumer Prices | |||||||||||||||||
| Advanced Economies | 2.2 | 0.2 | 1.5 | 2.7 | 2.0 | 1.4 | 1.4 | 0.3 | 0.8 | 1.7 | 1.7 | 2.1 | |||||
| United States | 2.8 | −0.3 | 1.6 | 3.1 | 2.1 | 1.5 | 1.6 | 0.1 | 1.3 | 2.1 | 2.1 | 2.3 | |||||
| Euro Area2 | 2.2 | 0.3 | 1.6 | 2.7 | 2.5 | 1.3 | 0.4 | 0.0 | 0.2 | 1.5 | 1.4 | 2.0 | |||||
| Japan | −0.2 | −1.3 | −0.7 | −0.3 | −0.1 | 0.3 | 2.8 | 0.8 | −0.1 | 0.4 | 0.5 | 1.6 | |||||
| Other Advanced Economies1 | 2.1 | 1.4 | 2.4 | 3.3 | 2.1 | 1.7 | 1.5 | 0.5 | 1.0 | 1.8 | 1.9 | 2.0 | |||||
| Emerging Market and Developing Economies3 | 7.6 | 5.0 | 5.6 | 7.1 | 5.8 | 5.5 | 4.7 | 4.7 | 4.3 | 4.2 | 4.4 | 3.9 | |||||
| Regional Groups | |||||||||||||||||
| Commonwealth of Independent States4 | 18.8 | 11.1 | 7.2 | 9.8 | 6.2 | 6.5 | 8.1 | 15.5 | 8.3 | 5.8 | 5.2 | 4.6 | |||||
| Emerging and Developing Asia | 4.0 | 2.8 | 5.1 | 6.5 | 4.6 | 4.6 | 3.4 | 2.7 | 2.8 | 2.6 | 3.2 | 3.4 | |||||
| Emerging and Developing Europe | 15.4 | 4.8 | 5.7 | 5.5 | 6.1 | 4.5 | 4.1 | 3.2 | 3.3 | 6.0 | 5.7 | 4.9 | |||||
| Latin America and the Caribbean | 6.7 | 4.6 | 4.2 | 5.2 | 4.6 | 4.6 | 4.9 | 5.5 | 5.6 | 4.2 | 3.6 | 3.4 | |||||
| Middle East, North Africa, Afghanistan, and | |||||||||||||||||
| Pakistan | 6.4 | 7.3 | 6.6 | 9.2 | 9.8 | 9.2 | 6.8 | 5.7 | 5.1 | 6.8 | 7.7 | 4.9 | |||||
| Middle East and North Africa | 6.4 | 6.1 | 6.2 | 8.7 | 9.7 | 9.4 | 6.6 | 5.9 | 5.4 | 7.1 | 8.1 | 4.8 | |||||
| Sub-Saharan Africa | 10.5 | 9.8 | 8.1 | 9.4 | 9.3 | 6.6 | 6.3 | 7.0 | 11.3 | 11.0 | 9.5 | 7.8 | |||||
| Memorandum | |||||||||||||||||
| European Union | 2.7 | 1.0 | 2.0 | 3.1 | 2.6 | 1.5 | 0.5 | 0.0 | 0.2 | 1.7 | 1.7 | 2.0 | |||||
| Low-Income Developing Countries | 9.9 | 8.2 | 9.2 | 11.7 | 9.9 | 8.1 | 7.2 | 7.2 | 8.9 | 9.7 | 8.8 | 7.2 | |||||
| Analytical Groups | |||||||||||||||||
| By Source of Export Earnings | … | … | … | … | … | … | … | … | … | … | … | … | |||||
| Fuel | 12.3 | 7.7 | 6.7 | 8.6 | 8.0 | 8.1 | 6.5 | 8.8 | 7.3 | 5.9 | 6.2 | 5.1 | |||||
| Nonfuel | 6.3 | 4.3 | 5.3 | 6.7 | 5.3 | 4.9 | 4.2 | 3.8 | 3.7 | 3.9 | 4.1 | 3.7 | |||||
| Of Which, Primary Products5 | |||||||||||||||||
| By External Financing Source | |||||||||||||||||
| Net Debtor Economies | 8.2 | 7.2 | 6.7 | 7.7 | 7.0 | 6.3 | 5.7 | 5.5 | 5.1 | 5.5 | 5.5 | 4.7 | |||||
| Net Debtor Economies by Debt-Servicing Experience | |||||||||||||||||
| Economies with Arrears and/or Rescheduling during 2012–16 | 8.8 | 12.6 | 9.8 | 10.2 | 7.9 | 6.8 | 10.5 | 15.6 | 9.6 | 17.1 | 15.3 | 6.5 | |||||
| Memorandum | |||||||||||||||||
| Median Inflation Rate | |||||||||||||||||
| Advanced Economies | 2.3 | 0.8 | 1.9 | 3.2 | 2.6 | 1.4 | 0.7 | 0.1 | 0.6 | 1.6 | 1.5 | 2.0 | |||||
| Emerging Market and Developing Economies3 | 5.4 | 3.7 | 4.1 | 5.4 | 4.5 | 3.9 | 3.2 | 2.7 | 2.8 | 3.4 | 3.5 | 3.1 | |||||
Excludes the United States, euro area countries, and Japan.
Based on Eurostat’s harmonized index of consumer prices.
Excludes Argentina and Venezuela. See country-specific notes for Argentina and Venezuela in the “Country Notes” section of the Statistical Appendix.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
Data are missing because of Argentina, which accounts for more than 30 percent of the weights of the group. See country-specific notes for Argentina in the “Country Notes” section of the Statistical Appendix.
Advanced Economies: Consumer Prices1
(Annual percent change)
| End of Period2 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | Projections | Projections | ||||||||||||||
| 1999–2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | 2016 | 2017 | 2018 | ||
| Advanced Economies | 2.2 | 0.2 | 1.5 | 2.7 | 2.0 | 1.4 | 1.4 | 0.3 | 0.8 | 1.7 | 1.7 | 2.1 | 1.5 | 1.5 | 1.9 | |
| United States | 2.8 | −0.3 | 1.6 | 3.1 | 2.1 | 1.5 | 1.6 | 0.1 | 1.3 | 2.1 | 2.1 | 2.3 | 2.2 | 1.8 | 2.3 | |
| Euro Area3 | 2.2 | 0.3 | 1.6 | 2.7 | 2.5 | 1.3 | 0.4 | 0.0 | 0.2 | 1.5 | 1.4 | 2.0 | 1.1 | 1.1 | 1.6 | |
| Germany | 1.7 | 0.2 | 1.1 | 2.5 | 2.1 | 1.6 | 0.8 | 0.1 | 0.4 | 1.6 | 1.5 | 2.5 | 1.7 | 1.1 | 1.8 | |
| France | 1.9 | 0.1 | 1.7 | 2.3 | 2.2 | 1.0 | 0.6 | 0.1 | 0.3 | 1.2 | 1.3 | 1.8 | 0.6 | 1.1 | 1.5 | |
| Italy | 2.4 | 0.8 | 1.6 | 2.9 | 3.3 | 1.2 | 0.2 | 0.1 | −0.1 | 1.4 | 1.2 | 1.4 | 0.5 | 0.9 | 1.6 | |
| Spain | 3.3 | −0.3 | 1.8 | 3.2 | 2.4 | 1.4 | −0.1 | −0.5 | −0.2 | 2.0 | 1.5 | 1.9 | 1.6 | 1.2 | 1.4 | |
| Netherlands | 2.4 | 1.0 | 0.9 | 2.5 | 2.8 | 2.6 | 0.3 | 0.2 | 0.1 | 1.3 | 1.4 | 1.6 | 0.7 | 1.4 | 1.5 | |
| Belgium | 2.2 | 0.0 | 2.3 | 3.4 | 2.6 | 1.2 | 0.5 | 0.6 | 1.8 | 2.2 | 1.5 | 2.0 | 2.2 | 1.4 | 1.7 | |
| Austria | 1.9 | 0.4 | 1.7 | 3.5 | 2.6 | 2.1 | 1.5 | 0.8 | 1.0 | 1.6 | 1.8 | 2.2 | 1.5 | 1.7 | 1.9 | |
| Greece | 3.3 | 1.3 | 4.7 | 3.1 | 1.0 | −0.9 | −1.4 | −1.1 | 0.0 | 1.2 | 1.3 | 1.7 | 0.3 | 1.0 | 1.1 | |
| Portugal | 2.9 | −0.9 | 1.4 | 3.6 | 2.8 | 0.4 | −0.2 | 0.5 | 0.6 | 1.6 | 2.0 | 2.4 | 0.9 | 2.3 | 2.6 | |
| Ireland | 3.4 | −1.7 | −1.6 | 1.2 | 1.9 | 0.5 | 0.3 | 0.0 | −0.2 | 0.4 | 1.5 | 1.9 | −0.2 | 0.9 | 1.7 | |
| Finland | 1.8 | 1.6 | 1.7 | 3.3 | 3.2 | 2.2 | 1.2 | −0.2 | 0.4 | 0.8 | 1.2 | 2.0 | 1.1 | 0.5 | 1.6 | |
| Slovak Republic | 6.2 | 0.9 | 0.7 | 4.1 | 3.7 | 1.5 | −0.1 | −0.3 | −0.5 | 1.2 | 1.4 | 2.0 | 0.2 | 1.3 | 1.4 | |
| Lithuania | 2.7 | 4.2 | 1.2 | 4.1 | 3.2 | 1.2 | 0.2 | −0.7 | 0.7 | 3.5 | 2.0 | 2.5 | 2.0 | 3.3 | 2.0 | |
| Slovenia | 5.4 | 0.8 | 1.8 | 1.8 | 2.6 | 1.8 | 0.2 | −0.5 | −0.1 | 1.6 | 1.8 | 2.0 | 0.5 | 1.7 | 2.0 | |
| Luxembourg | 2.8 | 0.0 | 2.8 | 3.7 | 2.9 | 1.7 | 0.7 | 0.1 | 0.0 | 1.2 | 1.3 | 2.0 | 1.6 | −1.3 | 3.7 | |
| Latvia | 5.6 | 3.3 | −1.2 | 4.2 | 2.3 | 0.0 | 0.7 | 0.2 | 0.1 | 3.0 | 3.0 | 2.3 | 2.1 | 3.0 | 3.0 | |
| Estonia | 4.7 | 0.2 | 2.7 | 5.1 | 4.2 | 3.2 | 0.5 | 0.1 | 0.8 | 3.8 | 3.4 | 2.5 | 2.4 | 4.5 | 2.5 | |
| Cyprus | 2.7 | 0.2 | 2.6 | 3.5 | 3.1 | 0.4 | −0.3 | −1.5 | −1.2 | 0.8 | 0.7 | 2.0 | 0.1 | 0.8 | 0.7 | |
| Malta | 2.6 | 1.8 | 2.0 | 2.5 | 3.2 | 1.0 | 0.8 | 1.2 | 0.9 | 1.3 | 1.6 | 1.8 | 1.0 | 1.5 | 1.7 | |
| Japan | −0.2 | −1.3 | −0.7 | −0.3 | −0.1 | 0.3 | 2.8 | 0.8 | −0.1 | 0.4 | 0.5 | 1.6 | 0.3 | 0.1 | 0.6 | |
| United Kingdom3 | 1.8 | 2.2 | 3.3 | 4.5 | 2.8 | 2.6 | 1.5 | 0.0 | 0.7 | 2.6 | 2.6 | 2.0 | 1.2 | 2.8 | 2.6 | |
| Korea | 2.9 | 2.8 | 2.9 | 4.0 | 2.2 | 1.3 | 1.3 | 0.7 | 1.0 | 1.9 | 1.9 | 2.0 | 1.3 | 1.9 | 1.9 | |
| Canada | 2.3 | 0.3 | 1.8 | 2.9 | 1.5 | 0.9 | 1.9 | 1.1 | 1.4 | 1.6 | 1.8 | 1.9 | 1.4 | 1.6 | 1.9 | |
| Australia | 3.1 | 1.8 | 2.9 | 3.3 | 1.7 | 2.5 | 2.5 | 1.5 | 1.3 | 2.0 | 2.2 | 2.5 | 1.4 | 2.0 | 2.3 | |
| Taiwan Province of China | 1.1 | −0.9 | 1.0 | 1.4 | 1.9 | 0.8 | 1.2 | −0.3 | 1.4 | 1.0 | 1.4 | 2.0 | 1.7 | 1.0 | 1.4 | |
| Switzerland | 1.1 | −0.5 | 0.7 | 0.2 | −0.7 | −0.2 | 0.0 | −1.1 | −0.4 | 0.5 | 0.6 | 1.0 | 0.0 | 0.6 | 0.8 | |
| Sweden | 1.7 | 1.9 | 1.9 | 1.4 | 0.9 | 0.4 | 0.2 | 0.7 | 1.1 | 1.6 | 1.6 | 2.0 | 1.7 | 1.8 | 1.5 | |
| Singapore | 1.4 | 0.6 | 2.8 | 5.2 | 4.6 | 2.4 | 1.0 | −0.5 | −0.5 | 0.9 | 1.3 | 1.9 | 0.0 | 1.4 | 1.4 | |
| Hong Kong SAR | −0.6 | 0.6 | 2.3 | 5.3 | 4.1 | 4.3 | 4.4 | 3.0 | 2.6 | 2.0 | 2.2 | 3.0 | 2.6 | 2.0 | 2.2 | |
| Norway | 2.1 | 2.2 | 2.4 | 1.3 | 0.7 | 2.1 | 2.0 | 2.2 | 3.6 | 2.1 | 2.0 | 2.5 | 3.5 | 1.9 | 2.1 | |
| Czech Republic | 2.9 | 1.0 | 1.5 | 1.9 | 3.3 | 1.4 | 0.3 | 0.3 | 0.7 | 2.3 | 1.8 | 2.0 | 2.0 | 2.1 | 2.0 | |
| Israel | 2.2 | 3.3 | 2.7 | 3.5 | 1.7 | 1.5 | 0.5 | −0.6 | −0.5 | 0.2 | 0.5 | 2.0 | −0.2 | 0.2 | 1.0 | |
| Denmark | 2.2 | 1.3 | 2.3 | 2.8 | 2.4 | 0.8 | 0.6 | 0.5 | 0.3 | 1.0 | 1.4 | 2.0 | 0.5 | 1.2 | 1.6 | |
| New Zealand | 2.5 | 2.1 | 2.3 | 4.0 | 1.1 | 1.1 | 1.2 | 0.3 | 0.6 | 2.2 | 2.0 | 2.0 | 1.3 | 2.4 | 2.0 | |
| Puerto Rico | 2.8 | 0.3 | 2.5 | 2.9 | 1.3 | 1.1 | 0.6 | −0.8 | −0.3 | 1.1 | 0.9 | 0.8 | 0.5 | 1.1 | 0.9 | |
| Macao SAR | … | 1.2 | 2.8 | 5.8 | 6.1 | 5.5 | 6.0 | 4.6 | 2.4 | 1.5 | 2.2 | 2.8 | 1.4 | 1.5 | 2.2 | |
| Iceland | 5.3 | 12.0 | 5.4 | 4.0 | 5.2 | 3.9 | 2.0 | 1.6 | 1.7 | 1.8 | 2.6 | 2.5 | 1.9 | 2.0 | 2.9 | |
| San Marino | … | 2.4 | 2.6 | 2.0 | 2.8 | 1.6 | 1.1 | 0.1 | 0.6 | 0.9 | 1.0 | 1.2 | 0.6 | 0.9 | 1.0 | |
| Memorandum | ||||||||||||||||
| Major Advanced Economies | 2.0 | −0.1 | 1.4 | 2.6 | 1.9 | 1.3 | 1.5 | 0.3 | 0.8 | 1.7 | 1.7 | 2.1 | 1.6 | 1.4 | 1.9 | |
Movements in consumer prices are shown as annual averages.
Monthly year-over-year changes and, for several countries, on a quarterly basis.
Based on Eurostat’s harmonized index of consumer prices.
Emerging Market and Developing Economies: Consumer Prices1
(Annual percent change)
| End of Period2 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average | Projections | Projections | |||||||||||||
| 1999–2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | 2016 | 2017 | 2018 | |
| Commonwealth of Independent States3,4 | 18.8 | 11.1 | 7.2 | 9.8 | 6.2 | 6.5 | 8.1 | 15.5 | 8.3 | 5.8 | 5.2 | 4.6 | 6.5 | 5.4 | 4.9 |
| Russia | 19.8 | 11.7 | 6.9 | 8.4 | 5.1 | 6.8 | 7.8 | 15.5 | 7.0 | 4.2 | 3.9 | 4.0 | 5.4 | 4.0 | 4.0 |
| Excluding Russia | 15.7 | 9.6 | 8.1 | 13.3 | 9.2 | 5.7 | 8.8 | 15.6 | 11.3 | 9.6 | 8.2 | 5.8 | 9.3 | 8.9 | 7.2 |
| Armenia | 3.3 | 3.5 | 7.3 | 7.7 | 2.5 | 5.8 | 3.0 | 3.7 | −1.4 | 1.9 | 3.5 | 4.0 | −1.1 | 2.1 | 4.0 |
| Azerbaijan | 5.9 | 1.6 | 5.7 | 7.9 | 1.0 | 2.4 | 1.4 | 4.0 | 12.4 | 12.0 | 8.0 | 6.0 | 13.3 | 8.0 | 7.5 |
| Belarus | 49.1 | 13.0 | 7.7 | 53.2 | 59.2 | 18.3 | 18.1 | 13.5 | 11.8 | 8.0 | 7.5 | 7.0 | 10.6 | 8.0 | 7.5 |
| Georgia | 8.0 | 1.7 | 7.1 | 8.5 | −0.9 | −0.5 | 3.1 | 4.0 | 2.1 | 6.0 | 3.0 | 3.0 | 1.8 | 6.2 | 3.4 |
| Kazakhstan | 9.3 | 7.3 | 7.1 | 8.3 | 5.1 | 5.8 | 6.7 | 6.7 | 14.6 | 7.3 | 6.5 | 4.0 | 8.5 | 7.0 | 6.2 |
| Kyrgyz Republic | 11.2 | 6.8 | 8.0 | 16.6 | 2.8 | 6.6 | 7.5 | 6.5 | 0.4 | 3.8 | 5.1 | 5.0 | −0.5 | 4.8 | 5.5 |
| Moldova | 15.5 | 0.0 | 7.4 | 7.6 | 4.6 | 4.6 | 5.1 | 9.6 | 6.4 | 6.5 | 5.3 | 5.0 | 2.4 | 7.0 | 5.2 |
| Tajikistan | 18.1 | 6.4 | 6.5 | 12.4 | 5.8 | 5.0 | 6.1 | 5.8 | 5.9 | 8.9 | 8.0 | 6.0 | 6.1 | 10.0 | 8.0 |
| Turkmenistan | 10.2 | −2.7 | 4.4 | 5.3 | 5.3 | 6.8 | 6.0 | 7.4 | 3.6 | 6.0 | 6.2 | 6.2 | 6.2 | 6.1 | 6.2 |
| Ukraine5 | 13.5 | 15.9 | 9.4 | 8.0 | 0.6 | −0.3 | 12.1 | 48.7 | 13.9 | 12.8 | 10.0 | 5.0 | 12.4 | 10.0 | 7.0 |
| Uzbekistan | 17.4 | 12.3 | 12.3 | 12.4 | 11.9 | 11.7 | 9.1 | 8.5 | 8.0 | 13.0 | 12.7 | 10.0 | 7.9 | 15.7 | 10.7 |
| Emerging and Developing Asia | 4.0 | 2.8 | 5.1 | 6.5 | 4.6 | 4.6 | 3.4 | 2.7 | 2.8 | 2.6 | 3.2 | 3.4 | 2.7 | 3.1 | 3.2 |
| Bangladesh | 5.7 | 4.9 | 9.4 | 11.5 | 6.2 | 7.5 | 7.0 | 6.2 | 5.7 | 5.7 | 5.8 | 5.6 | 5.7 | 6.0 | 5.8 |
| Bhutan | 5.0 | 6.3 | 5.7 | 7.3 | 9.3 | 11.3 | 9.9 | 6.3 | 3.9 | 3.5 | 4.2 | 4.7 | 3.0 | 3.3 | 4.5 |
| Brunei Darussalam | 0.5 | 1.0 | 0.2 | 0.1 | 0.1 | 0.4 | −0.2 | −0.4 | −0.7 | −0.2 | 0.0 | 0.2 | −1.6 | 0.1 | 0.3 |
| Cambodia | 4.9 | −0.7 | 4.0 | 5.5 | 2.9 | 3.0 | 3.9 | 1.2 | 3.0 | 3.7 | 3.5 | 3.0 | 3.9 | 3.1 | 3.4 |
| China | 1.8 | −0.7 | 3.3 | 5.4 | 2.6 | 2.6 | 2.0 | 1.4 | 2.0 | 1.8 | 2.4 | 2.6 | 2.1 | 2.3 | 2.4 |
| Fiji | 3.2 | 3.7 | 3.7 | 7.3 | 3.4 | 2.9 | 0.5 | 1.4 | 3.9 | 3.8 | 3.5 | 3.0 | 3.9 | 3.5 | 3.5 |
| India | 4.9 | 10.6 | 9.5 | 9.5 | 10.0 | 9.4 | 5.8 | 4.9 | 4.5 | 3.8 | 4.9 | 5.0 | 3.6 | 4.5 | 4.8 |
| Indonesia | 10.0 | 5.0 | 5.1 | 5.3 | 4.0 | 6.4 | 6.4 | 6.4 | 3.5 | 4.0 | 3.9 | 3.5 | 3.0 | 4.0 | 3.7 |
| Kiribati | 2.7 | 9.8 | −3.9 | 1.5 | −3.0 | −1.5 | 2.1 | 0.6 | 1.9 | 2.2 | 2.5 | 2.5 | 0.7 | 2.2 | 2.5 |
| Lao P.D.R. | 17.1 | 0.0 | 6.0 | 7.6 | 4.3 | 6.4 | 4.1 | 1.3 | 2.0 | 2.3 | 2.7 | 3.1 | 3.2 | 2.3 | 2.6 |
| Malaysia | 2.4 | 0.6 | 1.7 | 3.2 | 1.7 | 2.1 | 3.1 | 2.1 | 2.1 | 3.8 | 2.9 | 3.0 | 1.8 | 3.8 | 2.9 |
| Maldives | 3.1 | 4.5 | 6.2 | 11.3 | 10.9 | 4.0 | 2.5 | 1.4 | 0.8 | 2.5 | 2.1 | 2.5 | 1.8 | 2.1 | 2.2 |
| Marshall Islands | … | 0.5 | 1.8 | 5.4 | 4.3 | 1.9 | 1.1 | −2.2 | −1.5 | 0.7 | 1.1 | 2.1 | −1.5 | 0.7 | 1.1 |
| Micronesia | 2.5 | 7.7 | 3.7 | 4.1 | 6.3 | 2.2 | 0.7 | −0.2 | 0.5 | 0.9 | 2.0 | 2.0 | 0.5 | 0.9 | 2.0 |
| Mongolia | 8.9 | 6.3 | 10.2 | 7.7 | 15.0 | 8.6 | 12.9 | 5.9 | 0.6 | 4.4 | 6.0 | 6.5 | 0.9 | 6.9 | 6.5 |
| Myanmar | 19.9 | 2.2 | 8.2 | 2.8 | 2.8 | 5.7 | 5.1 | 10.0 | 6.8 | 6.5 | 6.1 | 5.7 | 7.0 | 6.5 | 6.1 |
| Nauru | … | 22.4 | −2.0 | −3.4 | 0.3 | −1.1 | 0.3 | 9.8 | 8.2 | 5.1 | 2.0 | 2.0 | 8.2 | 1.6 | 2.0 |
| Nepal | 5.4 | 12.6 | 9.6 | 9.6 | 8.3 | 9.9 | 9.0 | 7.2 | 9.9 | 4.5 | 6.0 | 5.5 | 10.4 | 2.7 | 5.7 |
| Palau | … | 1.4 | 1.4 | 4.7 | 3.6 | 3.4 | 4.1 | 0.9 | −1.0 | 1.5 | 2.0 | 2.0 | 0.4 | 1.5 | 2.0 |
| Papua New Guinea | 8.3 | 6.9 | 5.1 | 4.4 | 4.5 | 5.0 | 5.2 | 6.0 | 6.7 | 5.7 | 5.5 | 5.0 | 6.6 | 5.5 | 5.0 |
| Philippines | 5.1 | 4.2 | 3.8 | 4.7 | 3.2 | 2.9 | 4.2 | 1.4 | 1.8 | 3.1 | 3.0 | 3.0 | 2.6 | 2.9 | 3.0 |
| Samoa | 4.3 | 14.6 | −0.2 | 2.9 | 6.2 | −0.2 | −1.2 | 1.9 | 0.1 | 1.8 | 1.9 | 3.0 | 2.3 | 1.4 | 2.4 |
| Solomon Islands | 9.2 | 7.1 | 1.0 | 7.4 | 5.9 | 5.4 | 5.2 | −0.6 | 0.5 | −0.5 | 1.7 | 4.0 | 3.5 | −2.2 | 1.9 |
| Sri Lanka | 11.1 | 3.4 | 6.2 | 6.7 | 7.5 | 6.9 | 2.8 | 2.2 | 4.0 | 6.0 | 5.0 | 5.0 | 4.5 | 5.1 | 5.0 |
| Thailand | 2.6 | −0.8 | 3.3 | 3.8 | 3.0 | 2.2 | 1.9 | −0.9 | 0.2 | 0.6 | 1.0 | 2.5 | 1.1 | 0.6 | 0.7 |
| Timor-Leste | … | −0.2 | 5.2 | 13.2 | 10.9 | 9.5 | 0.7 | 0.6 | −1.3 | 1.0 | 2.7 | 4.0 | 0.0 | 2.0 | 3.5 |
| Tonga | 8.3 | 1.4 | 3.5 | 6.3 | 1.1 | 2.1 | 1.2 | −1.1 | 2.6 | 7.5 | 2.7 | 2.5 | 6.7 | 6.6 | 2.5 |
| Tuvalu | … | −0.3 | −1.9 | 0.5 | 1.4 | 2.0 | 1.1 | 3.2 | 3.5 | 2.9 | 2.8 | 2.5 | 2.6 | 2.9 | 2.4 |
| Vanuatu | 2.8 | 4.3 | 2.8 | 0.9 | 1.3 | 1.5 | 0.8 | 2.5 | 0.9 | 2.6 | 2.8 | 3.0 | 2.1 | 2.7 | 2.9 |
| Vietnam | 6.3 | 6.7 | 9.2 | 18.7 | 9.1 | 6.6 | 4.1 | 0.6 | 2.7 | 4.4 | 4.0 | 4.0 | 4.7 | 4.0 | 4.0 |
| Emerging and Developing Europe | 15.4 | 4.8 | 5.7 | 5.5 | 6.1 | 4.5 | 4.1 | 3.2 | 3.3 | 6.0 | 5.7 | 4.9 | 4.2 | 5.7 | 5.9 |
| Albania | 2.5 | 2.2 | 3.6 | 3.4 | 2.0 | 1.9 | 1.6 | 1.9 | 1.3 | 2.1 | 2.8 | 3.0 | 2.2 | 2.3 | 3.0 |
| Bosnia and Herzegovina | 3.2 | −0.4 | 2.1 | 3.7 | 2.0 | −0.1 | −0.9 | −1.0 | −1.1 | 1.8 | 1.2 | 2.0 | −0.3 | 2.3 | 1.4 |
| Bulgaria6 | 6.7 | 2.5 | 3.0 | 3.4 | 2.4 | 0.4 | −1.6 | −1.1 | −1.3 | 1.1 | 1.4 | 2.1 | −0.5 | 1.3 | 1.6 |
| Croatia | 3.3 | 2.4 | 1.0 | 2.3 | 3.4 | 2.2 | −0.2 | −0.5 | −1.1 | 1.1 | 1.2 | 1.9 | 0.2 | 1.0 | 1.2 |
| Hungary | 6.7 | 4.2 | 4.9 | 3.9 | 5.7 | 1.6 | −0.2 | −0.1 | 0.4 | 2.5 | 3.2 | 3.0 | 1.8 | 2.7 | 3.0 |
| Kosovo | … | −2.4 | 3.5 | 7.3 | 2.5 | 1.8 | 0.4 | −0.5 | 0.3 | 1.4 | 1.4 | 2.0 | 1.3 | 1.0 | 1.8 |
| FYR Macedonia | 2.6 | −0.7 | 1.5 | 3.9 | 3.3 | 2.8 | −0.3 | −0.3 | −0.2 | 0.3 | 2.6 | 2.0 | −0.3 | 1.7 | 1.7 |
| Montenegro | … | 3.6 | 0.4 | 3.5 | 4.1 | 2.2 | −0.7 | 1.5 | −0.3 | 2.1 | 2.6 | 1.9 | 1.0 | 1.6 | 2.6 |
| Poland | 3.9 | 3.4 | 2.6 | 4.3 | 3.7 | 0.9 | 0.0 | −0.9 | −0.6 | 1.9 | 2.3 | 2.5 | 0.8 | 1.9 | 2.6 |
| Romania | 19.4 | 5.6 | 6.1 | 5.8 | 3.3 | 4.0 | 1.1 | −0.6 | −1.6 | 1.1 | 3.3 | 2.5 | −0.5 | 2.0 | 3.5 |
| Serbia | 23.5 | 8.1 | 6.1 | 11.1 | 7.3 | 7.7 | 2.1 | 1.4 | 1.1 | 3.4 | 3.0 | 3.0 | 1.5 | 3.6 | 3.0 |
| Turkey | 27.2 | 6.3 | 8.6 | 6.5 | 8.9 | 7.5 | 8.9 | 7.7 | 7.8 | 10.9 | 9.3 | 7.5 | 8.5 | 10.0 | 9.5 |
| Latin America and the Caribbean7 | 6.7 | 4.6 | 4.2 | 5.2 | 4.6 | 4.6 | 4.9 | 5.5 | 5.6 | 4.2 | 3.6 | 3.4 | 4.6 | 4.2 | 3.6 |
| Antigua and Barbuda | 2.0 | −0.6 | 3.4 | 3.5 | 3.4 | 1.1 | 1.1 | 1.0 | −0.5 | 2.4 | 1.2 | 2.0 | −1.1 | 2.5 | 2.0 |
| Argentina8 | 7.6 | 6.3 | 10.5 | 9.8 | 10.0 | 10.6 | … | … | … | 26.9 | 17.8 | 8.6 | … | 22.3 | 16.7 |
| The Bahamas | 2.2 | 1.7 | 1.6 | 3.1 | 1.9 | 0.4 | 1.2 | 1.9 | 0.8 | 2.4 | 2.2 | 2.2 | 0.8 | 2.4 | 2.2 |
| Barbados | 3.5 | 3.6 | 5.8 | 9.4 | 4.5 | 1.8 | 1.8 | −1.1 | 1.3 | 5.0 | 5.8 | 2.7 | 3.2 | 6.7 | 2.4 |
| Belize | 2.5 | −1.1 | 0.9 | 1.7 | 1.2 | 0.5 | 1.2 | −0.9 | 0.6 | 1.8 | 2.3 | 2.0 | 1.1 | 2.4 | 2.3 |
| Bolivia | 4.7 | 3.3 | 2.5 | 9.9 | 4.5 | 5.7 | 5.8 | 4.1 | 3.6 | 3.2 | 5.1 | 5.0 | 4.0 | 4.3 | 5.0 |
| Brazil | 6.8 | 4.9 | 5.0 | 6.6 | 5.4 | 6.2 | 6.3 | 9.0 | 8.7 | 3.7 | 4.0 | 4.0 | 6.3 | 3.6 | 4.0 |
| Chile | 3.7 | 1.5 | 1.4 | 3.3 | 3.0 | 1.9 | 4.4 | 4.3 | 3.8 | 2.3 | 2.7 | 3.0 | 2.8 | 2.4 | 2.9 |
| Colombia | 6.9 | 4.2 | 2.3 | 3.4 | 3.2 | 2.0 | 2.9 | 5.0 | 7.5 | 4.3 | 3.3 | 3.0 | 5.7 | 4.0 | 3.1 |
| Costa Rica | 11.1 | 7.8 | 5.7 | 4.9 | 4.5 | 5.2 | 4.5 | 0.8 | 0.0 | 1.7 | 2.9 | 3.0 | 0.8 | 2.7 | 3.0 |
| Dominica | 2.1 | 0.0 | 2.8 | 1.1 | 1.4 | 0.0 | 0.8 | −0.8 | 0.0 | 0.6 | 1.4 | 2.0 | −0.2 | 1.4 | 1.4 |
| Dominican Republic | 12.8 | 1.4 | 6.3 | 8.5 | 3.7 | 4.8 | 3.0 | 0.8 | 1.6 | 3.0 | 3.3 | 4.0 | 1.7 | 2.9 | 4.2 |
| Ecuador | 19.6 | 5.2 | 3.6 | 4.5 | 5.1 | 2.7 | 3.6 | 4.0 | 1.7 | 0.7 | 0.7 | 1.6 | 1.1 | 0.8 | 0.7 |
| El Salvador | 3.5 | 0.5 | 1.2 | 5.1 | 1.7 | 0.8 | 1.1 | −0.7 | 0.6 | 0.8 | 2.2 | 2.0 | −0.9 | 2.4 | 2.0 |
| Grenada | 2.9 | −0.3 | 3.4 | 3.0 | 2.4 | 0.0 | −1.0 | −0.6 | 1.7 | 2.6 | 2.0 | 1.9 | 0.9 | 3.0 | 1.8 |
| Guatemala | 7.3 | 1.9 | 3.9 | 6.2 | 3.8 | 4.3 | 3.4 | 2.4 | 4.4 | 4.4 | 3.5 | 4.0 | 4.2 | 4.3 | 4.0 |
| Guyana | 6.6 | 3.0 | 4.3 | 4.4 | 2.4 | 1.9 | 0.7 | −0.9 | 0.8 | 2.3 | 2.7 | 3.1 | 1.5 | 2.6 | 2.7 |
| Haiti | 15.3 | 3.4 | 4.1 | 7.4 | 6.8 | 6.8 | 3.9 | 7.5 | 13.4 | 14.7 | 9.0 | 5.0 | 12.5 | 15.3 | 5.0 |
| Honduras | 8.8 | 5.5 | 4.7 | 6.8 | 5.2 | 5.2 | 6.1 | 3.2 | 2.7 | 4.0 | 4.0 | 4.0 | 3.3 | 4.5 | 4.0 |
| Jamaica | 10.6 | 9.6 | 12.6 | 7.5 | 6.9 | 9.4 | 8.3 | 3.7 | 2.3 | 3.4 | 5.2 | 5.4 | 1.7 | 5.0 | 5.5 |
| Mexico | 6.3 | 5.3 | 4.2 | 3.4 | 4.1 | 3.8 | 4.0 | 2.7 | 2.8 | 5.9 | 3.8 | 3.0 | 3.4 | 6.1 | 3.5 |
| Nicaragua | 9.7 | 3.7 | 5.5 | 8.1 | 7.2 | 7.1 | 6.0 | 4.0 | 3.5 | 4.0 | 7.2 | 7.3 | 3.1 | 4.0 | 7.2 |
| Panama | 2.3 | 2.4 | 3.5 | 5.9 | 5.7 | 4.0 | 2.6 | 0.1 | 0.7 | 1.6 | 2.1 | 2.4 | 1.5 | 2.5 | 2.1 |
| Paraguay | 8.6 | 2.6 | 4.7 | 8.3 | 3.7 | 2.7 | 5.0 | 3.1 | 4.1 | 3.5 | 4.0 | 4.0 | 3.9 | 4.0 | 4.0 |
| Peru | 2.6 | 2.9 | 1.5 | 3.4 | 3.7 | 2.8 | 3.2 | 3.5 | 3.6 | 3.2 | 2.3 | 2.0 | 3.2 | 2.7 | 2.5 |
| St. Kitts and Nevis | 3.6 | 2.1 | 0.9 | 5.8 | 0.8 | 1.1 | 0.2 | −2.3 | −0.4 | 1.2 | 1.8 | 2.0 | 0.9 | 1.5 | 2.0 |
| St. Lucia | 3.0 | −0.2 | 3.3 | 2.8 | 4.2 | 1.5 | 3.5 | −1.0 | −3.1 | 0.2 | 0.9 | 1.5 | −3.0 | 1.4 | 1.2 |
| St. Vincent and the Grenadines | 2.9 | 0.4 | 0.8 | 3.2 | 2.6 | 0.8 | 0.2 | −1.7 | −0.2 | 1.7 | 1.4 | 1.5 | 1.0 | 1.9 | 1.5 |
| Suriname | 21.0 | −0.3 | 6.9 | 17.7 | 5.0 | 1.9 | 3.4 | 6.9 | 55.5 | 22.3 | 9.3 | 4.1 | 52.4 | 9.1 | 12.3 |
| Trinidad and Tobago | 5.9 | 7.0 | 10.5 | 5.1 | 9.3 | 5.2 | 5.7 | 4.7 | 3.1 | 3.2 | 3.2 | 3.2 | 3.1 | 3.2 | 3.2 |
| Uruguay | 8.3 | 7.1 | 6.7 | 8.1 | 8.1 | 8.6 | 8.9 | 8.7 | 9.6 | 6.1 | 6.3 | 6.1 | 8.1 | 6.2 | 6.7 |
| Venezuela8 | 20.5 | 27.1 | 28.2 | 26.1 | 21.1 | 43.5 | 57.3 | 111.8 | 254.4 | 652.7 | 2,349.3 | 4,684.8 | 302.6 | 1,133.0 | 2,529.6 |
| Middle East, North Africa, Afghanistan, and Pakistan | 6.4 | 7.3 | 6.6 | 9.2 | 9.8 | 9.2 | 6.8 | 5.7 | 5.1 | 6.8 | 7.7 | 4.9 | 6.2 | 7.5 | 6.5 |
| Afghanistan | … | −6.8 | 2.2 | 11.8 | 6.4 | 7.4 | 4.7 | −0.7 | 4.4 | 6.0 | 6.0 | 6.0 | 4.6 | 7.2 | 6.0 |
| Algeria | 2.9 | 5.7 | 3.9 | 4.5 | 8.9 | 3.3 | 2.9 | 4.8 | 6.4 | 5.5 | 4.4 | 4.0 | 7.0 | 5.5 | 4.4 |
| Bahrain | 1.2 | 2.8 | 2.0 | −0.4 | 2.8 | 3.3 | 2.7 | 1.8 | 2.8 | 0.9 | 3.5 | 1.6 | 2.3 | 1.0 | 3.2 |
| Djibouti | 3.2 | 1.7 | 4.0 | 5.1 | 3.7 | 2.4 | 2.9 | 2.1 | 2.7 | 3.0 | 3.0 | 3.0 | 2.4 | 3.0 | 3.0 |
| Egypt | 5.8 | 16.2 | 11.7 | 11.1 | 8.6 | 6.9 | 10.1 | 11.0 | 10.2 | 23.5 | 21.3 | 7.1 | 14.0 | 29.8 | 11.7 |
| Iran | 15.6 | 10.7 | 12.4 | 21.2 | 30.8 | 34.7 | 15.6 | 11.9 | 9.0 | 10.5 | 10.1 | 8.7 | 11.9 | 10.1 | 9.7 |
| Iraq | … | −2.2 | 2.4 | 5.6 | 6.1 | 1.9 | 2.2 | 1.4 | 0.4 | 2.0 | 2.0 | 2.0 | −1.0 | 2.0 | 2.0 |
| Jordan | 3.8 | −0.7 | 4.8 | 4.2 | 4.5 | 4.8 | 2.9 | −0.9 | −0.8 | 3.3 | 1.5 | 2.5 | 0.8 | 2.5 | 2.5 |
| Kuwait | 2.8 | 4.6 | 4.5 | 4.9 | 3.2 | 2.7 | 3.1 | 3.7 | 3.5 | 2.5 | 2.7 | 2.7 | 3.5 | 2.5 | 2.7 |
| Lebanon | 2.3 | 1.2 | 4.0 | 5.0 | 6.6 | 4.8 | 1.9 | −3.7 | −0.8 | 3.1 | 2.5 | 2.0 | 3.1 | 3.0 | 2.0 |
| Libya8 | −0.1 | 2.4 | 2.5 | 15.9 | 6.1 | 2.6 | 2.4 | 9.8 | 27.1 | 32.8 | 32.1 | 23.5 | 29.9 | 35.1 | 29.9 |
| Mauritania | 6.4 | 2.1 | 6.3 | 5.7 | 4.9 | 4.1 | 3.8 | 0.5 | 1.5 | 2.1 | 3.7 | 4.0 | 2.8 | 1.6 | 4.7 |
| Morocco | 1.9 | 1.0 | 1.0 | 0.9 | 1.3 | 1.9 | 0.4 | 1.5 | 1.6 | 0.9 | 1.6 | 2.0 | 1.8 | 1.1 | 1.6 |
| Oman | 2.2 | 3.5 | 3.3 | 4.0 | 2.9 | 1.2 | 1.0 | 0.1 | 1.1 | 3.2 | 3.2 | 3.1 | 1.1 | 3.2 | 3.2 |
| Pakistan | 6.2 | 19.6 | 10.1 | 13.7 | 11.0 | 7.4 | 8.6 | 4.5 | 2.9 | 4.1 | 4.8 | 5.0 | 3.2 | 3.9 | 5.0 |
| Qatar | 6.3 | −4.9 | −2.4 | 2.0 | 1.8 | 3.2 | 3.4 | 1.8 | 2.7 | 0.9 | 4.8 | 2.3 | … | … | … |
| Saudi Arabia | 1.0 | 4.1 | 3.8 | 3.7 | 2.9 | 3.5 | 2.7 | 2.2 | 3.5 | −0.2 | 5.0 | 2.0 | 1.7 | −0.2 | 5.0 |
| Somalia | … | … | … | … | … | … | … | … | … | … | … | … | 2.3 | 2.9 | 2.7 |
| Sudan9 | 9.1 | 11.3 | 13.0 | 18.3 | 35.4 | 36.5 | 36.9 | 16.9 | 17.8 | 26.9 | 19.0 | 14.0 | 30.5 | 21.0 | 17.0 |
| Syria10 | 4.1 | 2.8 | 4.4 | … | … | … | … | … | … | … | … | … | … | … | … |
| Tunisia | 2.7 | 3.7 | 3.3 | 3.5 | 5.1 | 5.8 | 4.9 | 4.9 | 3.7 | 4.5 | 4.4 | 3.5 | 4.2 | 4.5 | 4.1 |
| United Arab Emirates | 5.6 | 1.6 | 0.9 | 0.9 | 0.7 | 1.1 | 2.3 | 4.1 | 1.8 | 2.1 | 2.9 | 1.9 | 1.8 | 2.1 | 2.9 |
| Yemen | 11.4 | 3.7 | 11.2 | 19.5 | 9.9 | 11.0 | 8.2 | 39.4 | 5.0 | 20.0 | 29.5 | 9.0 | 22.0 | 23.0 | 24.0 |
| Sub-Saharan Africa | 10.5 | 9.8 | 8.1 | 9.4 | 9.3 | 6.6 | 6.3 | 7.0 | 11.3 | 11.0 | 9.5 | 7.8 | 12.5 | 10.4 | 9.2 |
| Angola | 81.6 | 13.7 | 14.5 | 13.5 | 10.3 | 8.8 | 7.3 | 10.3 | 32.4 | 30.9 | 20.6 | 9.5 | 41.9 | 23.4 | 17.6 |
| Benin | 3.1 | 0.4 | 2.2 | 2.7 | 6.7 | 1.0 | −1.1 | 0.3 | −0.8 | 2.0 | 2.1 | 2.0 | −2.7 | 2.2 | 2.0 |
| Botswana | 8.7 | 8.1 | 6.9 | 8.5 | 7.5 | 5.9 | 4.4 | 3.1 | 2.8 | 3.7 | 3.7 | 3.9 | 3.0 | 4.4 | 3.0 |
| Burkina Faso | 2.6 | 0.9 | −0.6 | 2.8 | 3.8 | 0.5 | −0.3 | 0.9 | −0.2 | 1.5 | 2.0 | 2.0 | −1.6 | 2.0 | 2.0 |
| Burundi | 10.0 | 10.6 | 6.5 | 9.6 | 18.2 | 7.9 | 4.4 | 5.6 | 5.5 | 18.0 | 20.2 | 17.7 | 9.5 | 18.6 | 21.5 |
| Cabo Verde | 2.3 | 1.0 | 2.1 | 4.5 | 2.5 | 1.5 | −0.2 | 0.1 | −1.4 | 1.0 | 1.5 | 2.0 | −0.3 | 1.1 | 1.7 |
| Cameroon | 2.4 | 3.0 | 1.3 | 2.9 | 2.4 | 2.1 | 1.9 | 2.7 | 0.9 | 0.7 | 1.1 | 2.0 | 0.3 | 1.2 | 1.1 |
| Central African Republic | 2.9 | 3.5 | 1.5 | 1.2 | 5.9 | 6.6 | 11.6 | 4.5 | 4.6 | 3.8 | 3.7 | 3.0 | 4.7 | 3.6 | 3.6 |
| Chad | 1.6 | 10.1 | −2.1 | 1.9 | 7.7 | 0.2 | 1.7 | 6.8 | −1.1 | 0.2 | 1.9 | 3.0 | −4.9 | 0.7 | 2.3 |
| Comoros | 4.0 | 4.8 | 3.9 | 2.2 | 5.9 | 1.6 | 1.3 | 2.0 | 1.8 | 2.0 | 2.0 | 2.0 | 0.8 | 1.9 | 2.1 |
| Democratic Republic of the Congo | 77.9 | 46.1 | 23.5 | 14.9 | 0.9 | 0.9 | 1.2 | 1.0 | 18.2 | 41.7 | 44.0 | 10.0 | 23.6 | 50.0 | 40.0 |
| Republic of Congo | 2.7 | 4.3 | 0.4 | 1.8 | 5.0 | 4.6 | 0.9 | 2.7 | 3.6 | −0.4 | −1.1 | 2.4 | 0.8 | −1.3 | −0.9 |
| Côte d’Ivoire | 3.0 | 1.0 | 1.4 | 4.9 | 1.3 | 2.6 | 0.4 | 1.2 | 0.7 | 1.0 | 2.0 | 2.0 | 1.1 | 1.5 | 2.0 |
| Equatorial Guinea | 5.0 | 5.7 | 5.3 | 4.8 | 3.4 | 3.2 | 4.3 | 1.7 | 1.4 | 1.7 | 1.8 | 2.1 | 1.6 | 1.7 | 1.9 |
| Eritrea | 16.3 | 33.0 | 11.2 | 3.9 | 6.0 | 6.5 | 10.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 |
| Ethiopia | 10.2 | 8.5 | 8.1 | 33.2 | 24.1 | 8.1 | 7.4 | 10.1 | 7.3 | 8.1 | 8.0 | 7.5 | 6.7 | 9.2 | 7.5 |
| Gabon | 0.7 | 1.9 | 1.4 | 1.3 | 2.7 | 0.5 | 4.5 | −0.1 | 2.1 | 2.5 | 2.5 | 2.5 | 4.1 | 2.5 | 2.5 |
| The Gambia | 6.5 | 4.6 | 5.0 | 4.8 | 4.6 | 5.2 | 6.3 | 6.8 | 7.2 | 8.3 | 7.1 | 4.7 | 7.9 | 7.6 | 6.4 |
| Ghana | 17.7 | 13.1 | 6.7 | 7.7 | 7.1 | 11.7 | 15.5 | 17.2 | 17.5 | 11.8 | 9.0 | 6.0 | 15.4 | 10.0 | 8.0 |
| Guinea | 15.1 | 4.7 | 15.5 | 21.4 | 15.2 | 11.9 | 9.7 | 8.2 | 8.2 | 8.5 | 8.2 | 7.9 | 8.7 | 8.2 | 8.0 |
| Guinea-Bissau | 3.0 | −1.6 | 1.1 | 5.1 | 2.1 | 0.8 | −1.0 | 1.5 | 1.5 | 2.8 | 2.5 | 2.5 | 1.6 | 2.5 | 2.5 |
| Kenya | 6.8 | 10.6 | 4.3 | 14.0 | 9.4 | 5.7 | 6.9 | 6.6 | 6.3 | 8.0 | 5.2 | 5.0 | 6.3 | 5.1 | 5.2 |
| Lesotho | 7.5 | 5.8 | 3.3 | 6.0 | 5.5 | 5.0 | 4.6 | 4.3 | 6.4 | 6.6 | 6.0 | 5.0 | 4.4 | 6.5 | 6.0 |
| Liberia | … | 7.4 | 7.3 | 8.5 | 6.8 | 7.6 | 9.9 | 7.7 | 8.8 | 12.8 | 9.9 | 7.1 | 12.5 | 12.4 | 9.1 |
| Madagascar | 10.3 | 9.0 | 9.2 | 9.5 | 5.7 | 5.8 | 6.1 | 7.4 | 6.7 | 7.8 | 6.8 | 5.0 | 7.0 | 7.7 | 6.8 |
| Malawi | 17.4 | 8.4 | 7.4 | 7.6 | 21.3 | 28.3 | 23.8 | 21.9 | 21.7 | 13.0 | 9.6 | 3.9 | 20.0 | 11.1 | 8.3 |
| Mali | 2.2 | 2.2 | 1.3 | 3.1 | 5.3 | −0.6 | 0.9 | 1.4 | −1.8 | 0.2 | 1.2 | 2.2 | −0.8 | 1.0 | 1.4 |
| Mauritius | 6.4 | 2.5 | 2.9 | 6.5 | 3.9 | 3.5 | 3.2 | 1.3 | 1.0 | 4.2 | 5.0 | 3.1 | 2.3 | 5.0 | 4.0 |
| Mozambique | 10.5 | 3.3 | 12.7 | 10.4 | 2.1 | 4.2 | 2.3 | 2.4 | 19.2 | 17.5 | 10.5 | 5.5 | 21.1 | 14.0 | 8.0 |
| Namibia | 7.6 | 9.5 | 4.9 | 5.0 | 6.7 | 5.6 | 5.3 | 3.4 | 6.7 | 6.0 | 5.8 | 5.8 | 7.3 | 6.0 | 5.8 |
| Niger | 2.4 | 4.3 | −2.8 | 2.9 | 0.5 | 2.3 | −0.9 | 1.0 | 0.3 | 1.0 | 2.1 | 2.0 | −2.4 | 2.0 | 2.0 |
| Nigeria | 11.6 | 12.5 | 13.7 | 10.8 | 12.2 | 8.5 | 8.0 | 9.0 | 15.7 | 16.3 | 14.8 | 14.5 | 18.5 | 16.0 | 15.1 |
| Rwanda | 6.8 | 10.3 | 2.3 | 5.7 | 6.3 | 4.2 | 1.8 | 2.5 | 5.7 | 7.1 | 6.0 | 5.0 | 7.3 | 7.0 | 5.0 |
| São Tomé and Príncipe | 15.3 | 17.0 | 13.3 | 14.3 | 10.6 | 8.1 | 7.0 | 5.3 | 5.4 | 4.5 | 5.2 | 3.2 | 5.1 | 5.5 | 5.0 |
| Senegal | 2.3 | −2.2 | 1.2 | 3.4 | 1.4 | 0.7 | −1.1 | 0.1 | 0.9 | 2.1 | 2.2 | 2.2 | 2.1 | 2.0 | 2.2 |
| Seychelles | 6.3 | 31.8 | −2.4 | 2.6 | 7.1 | 4.3 | 1.4 | 4.0 | −1.0 | 2.8 | 2.3 | 3.0 | −0.2 | 3.0 | 3.2 |
| Sierra Leone | 9.8 | 9.2 | 17.8 | 18.5 | 13.8 | 9.8 | 8.3 | 9.0 | 11.5 | 16.9 | 10.6 | 7.7 | 17.4 | 12.0 | 9.5 |
| South Africa | 5.8 | 7.1 | 4.3 | 5.0 | 5.6 | 5.8 | 6.1 | 4.6 | 6.3 | 5.4 | 5.3 | 5.5 | 6.7 | 5.2 | 5.4 |
| South Sudan | … | … | … | … | 45.1 | 0.0 | 1.7 | 52.8 | 379.8 | 182.2 | 45.0 | 7.5 | 479.7 | 111.4 | 25.0 |
| Swaziland | 7.4 | 7.4 | 4.5 | 6.1 | 8.9 | 5.6 | 5.7 | 5.0 | 8.0 | 7.0 | 5.4 | 5.5 | 9.0 | 6.5 | 4.4 |
| Tanzania | 6.1 | 12.1 | 7.2 | 12.7 | 16.0 | 7.9 | 6.1 | 5.6 | 5.2 | 5.4 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Togo | 2.6 | 3.7 | 1.4 | 3.6 | 2.6 | 1.8 | 0.2 | 1.8 | 0.9 | 0.8 | 1.2 | 2.0 | 0.5 | … | … |
| Uganda | 5.7 | 13.0 | 3.7 | 15.0 | 12.7 | 4.9 | 3.1 | 5.4 | 5.5 | 5.8 | 5.6 | 5.0 | 5.7 | 5.9 | 5.3 |
| Zambia | 18.5 | 13.4 | 8.5 | 8.7 | 6.6 | 7.0 | 7.8 | 10.1 | 17.9 | 6.8 | 7.4 | 8.0 | 7.5 | 5.8 | 8.0 |
| Zimbabwe11 | −7.4 | 6.2 | 3.0 | 3.5 | 3.7 | 1.6 | −0.2 | −2.4 | −1.6 | 2.5 | 9.5 | 4.0 | −0.9 | 7.0 | 10.0 |
Movements in consumer prices are shown as annual averages.
Monthly year-over-year changes and, for several countries, on a quarterly basis.
For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price index (CPI) inflation data with broader and more up-to-date coverage are typically used for more recent years.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in the group for reasons of geography and similarity in economic structure.
Starting in 2014 data exclude Crimea and Sevastopol.
Based on Eurostat’s harmonized index of consumer prices.
Excludes Argentina and Venezuela.
See country-specific notes for Argentina, Libya, and Venezuela in the “Country Notes” section of the Statistical Appendix.
Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
Data for Syria are excluded for 2011 onward owing to the uncertain political situation.
The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in US dollars. IMF staff estimates of US dollar values may differ from authorities’ estimates.
Major Advanced Economies: General Government Fiscal Balances and Debt1
(Percent of GDP unless noted otherwise)
| Average | Projections | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999–2008 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | |||
| Major Advanced Economies | ||||||||||||
| Net Lending/Borrowing | −3.4 | −7.3 | −6.3 | −4.2 | −3.6 | −3.0 | −3.5 | −3.4 | −2.9 | −2.7 | ||
| Output Gap2 | 0.9 | −2.4 | −2.1 | −1.9 | −1.4 | −0.7 | −0.7 | −0.1 | 0.2 | 0.3 | ||
| Structural Balance2 | −3.8 | −6.3 | −5.1 | −3.7 | −3.1 | −2.8 | −3.1 | −3.3 | −2.9 | −2.8 | ||
| United States | ||||||||||||
| Net Lending/Borrowing3 | −3.5 | −9.6 | −7.9 | −4.4 | −4.0 | −3.5 | −4.4 | −4.3 | −3.7 | −4.3 | ||
| Output Gap2 | 1.8 | −3.1 | −2.2 | −1.9 | −1.1 | 0.0 | −0.1 | 0.3 | 0.7 | 0.6 | ||
| Structural Balance2 | −4.0 | −8.2 | −6.4 | −4.4 | −3.8 | −3.6 | −4.1 | −4.4 | −4.0 | −4.5 | ||
| Net Debt | 43.2 | 76.8 | 80.2 | 81.6 | 80.8 | 80.2 | 81.3 | 82.5 | 81.1 | 82.8 | ||
| Gross Debt | 62.6 | 100.0 | 103.4 | 105.4 | 105.1 | 105.2 | 107.1 | 108.1 | 107.8 | 109.6 | ||
| Euro Area | ||||||||||||
| Net Lending/Borrowing | −2.0 | −4.2 | −3.6 | −3.0 | −2.6 | −2.1 | −1.5 | −1.3 | −1.0 | −0.1 | ||
| Output Gap2 | 0.9 | −0.5 | −1.9 | −2.8 | −2.4 | −1.9 | −1.3 | −0.5 | 0.0 | 0.6 | ||
| Structural Balance2 | −2.5 | −3.9 | −2.1 | −1.3 | −1.1 | −0.9 | −0.8 | −0.9 | −0.9 | −0.4 | ||
| Net Debt | 54.5 | 68.5 | 72.2 | 74.6 | 74.9 | 73.9 | 73.3 | 71.8 | 70.3 | 62.7 | ||
| Gross Debt | 67.9 | 86.1 | 89.5 | 91.4 | 91.9 | 90.0 | 89.0 | 87.4 | 85.6 | 76.3 | ||
| Germany | ||||||||||||
| Net Lending/Borrowing | −2.1 | −1.0 | 0.0 | −0.1 | 0.3 | 0.6 | 0.8 | 0.7 | 0.8 | 1.1 | ||
| Output Gap2 | 0.1 | 1.0 | 0.5 | −0.3 | 0.1 | 0.1 | 0.4 | 0.8 | 1.0 | 0.8 | ||
| Structural Balance2 | −2.2 | −1.3 | −0.2 | 0.1 | 0.5 | 0.6 | 0.6 | 0.3 | 0.2 | 0.7 | ||
| Net Debt | 50.3 | 58.7 | 58.2 | 57.0 | 53.5 | 50.5 | 48.3 | 45.8 | 43.2 | 33.7 | ||
| Gross Debt | 62.6 | 78.7 | 79.9 | 77.5 | 74.7 | 70.9 | 68.1 | 65.0 | 61.8 | 50.1 | ||
| France | ||||||||||||
| Net Lending/Borrowing | −2.6 | −5.1 | −4.8 | −4.0 | −3.9 | −3.6 | −3.4 | −3.0 | −3.0 | −0.8 | ||
| Output Gap2 | 0.5 | −1.1 | −1.9 | −2.4 | −2.5 | −2.4 | −2.2 | −1.8 | −1.3 | 0.3 | ||
| Structural Balance2 | −3.0 | −4.4 | −3.4 | −2.4 | −2.3 | −2.0 | −1.9 | −1.8 | −2.2 | −1.0 | ||
| Net Debt | 54.6 | 76.9 | 80.6 | 83.5 | 86.1 | 86.9 | 87.8 | 88.5 | 88.7 | 82.9 | ||
| Gross Debt | 63.1 | 85.2 | 89.5 | 92.3 | 94.9 | 95.6 | 96.3 | 96.8 | 97.0 | 91.2 | ||
| Italy | ||||||||||||
| Net Lending/Borrowing | −2.9 | −3.7 | −2.9 | −2.9 | −3.0 | −2.7 | −2.4 | −2.2 | −1.3 | 0.0 | ||
| Output Gap2 | 0.2 | −0.5 | −2.8 | −4.1 | −4.1 | −3.3 | −2.7 | −1.6 | −1.0 | 0.0 | ||
| Structural Balance2,4 | −3.6 | −4.1 | −1.5 | −0.6 | −1.1 | −0.9 | −1.1 | −1.4 | −0.8 | 0.0 | ||
| Net Debt | 94.7 | 106.8 | 111.6 | 116.7 | 118.8 | 119.8 | 120.6 | 121.2 | 119.9 | 109.6 | ||
| Gross Debt | 102.9 | 116.5 | 123.4 | 129.0 | 131.8 | 132.1 | 132.6 | 133.0 | 131.4 | 120.1 | ||
| Japan | ||||||||||||
| Net Lending/Borrowing | −5.5 | −9.1 | −8.3 | −7.6 | −5.4 | −3.5 | −4.2 | −4.1 | −3.3 | −2.1 | ||
| Output Gap2 | −0.8 | −4.6 | −3.7 | −2.2 | −2.6 | −2.1 | −1.8 | −0.9 | −0.7 | −0.7 | ||
| Structural Balance2 | −5.5 | −7.5 | −7.1 | −7.1 | −5.1 | −3.9 | −3.8 | −3.9 | −3.2 | −2.0 | ||
| Net Debt | 64.2 | 117.9 | 120.5 | 117.4 | 119.0 | 118.4 | 119.8 | 120.9 | 120.7 | 114.6 | ||
| Gross Debt5 | 165.8 | 230.6 | 236.6 | 240.5 | 242.1 | 238.1 | 239.3 | 240.3 | 240.0 | 233.9 | ||
| United Kingdom | ||||||||||||
| Net Lending/Borrowing | −1.9 | −7.5 | −7.7 | −5.5 | −5.6 | −4.3 | −2.9 | −2.9 | −2.3 | −1.2 | ||
| Output Gap2 | 0.8 | −2.6 | −2.6 | −2.1 | −0.7 | −0.2 | −0.1 | −0.1 | −0.2 | 0.0 | ||
| Structural Balance2 | −2.5 | −5.4 | −5.7 | −3.9 | −4.8 | −4.1 | −2.8 | −2.8 | −2.2 | −1.2 | ||
| Net Debt | 34.9 | 73.2 | 76.4 | 77.8 | 79.7 | 80.3 | 80.1 | 80.5 | 80.6 | 76.6 | ||
| Gross Debt | 39.5 | 81.6 | 85.1 | 86.2 | 88.1 | 89.0 | 89.3 | 89.5 | 89.7 | 85.6 | ||
| Canada | ||||||||||||
| Net Lending/Borrowing | 1.1 | −3.3 | −2.5 | −1.5 | 0.0 | −1.1 | −1.9 | −2.2 | −1.8 | −1.1 | ||
| Output Gap2 | 1.6 | −1.0 | −1.3 | −0.9 | −0.5 | −1.2 | −1.5 | −0.2 | 0.4 | 0.1 | ||
| Structural Balance2 | 0.3 | −2.8 | −1.8 | −1.0 | 0.0 | −0.5 | −1.1 | −2.1 | −2.1 | −1.2 | ||
| Net Debt | 34.1 | 27.1 | 28.2 | 29.0 | 27.2 | 25.2 | 27.4 | 24.6 | 22.7 | 14.9 | ||
| Gross Debt | 75.6 | 81.5 | 84.8 | 85.8 | 85.4 | 91.6 | 92.4 | 89.6 | 87.7 | 79.9 | ||
Debt data refer to the end of the year and are not always comparable across countries. Gross and net debt levels reported by national statistical agencies for countries that have adopted the System of National Accounts (SNA) 2008 (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans. Fiscal data for the aggregated major advanced economies and the United States start in 2001, and the average for the aggregate and the United States is therefore for the period 2001–07.
Percent of potential GDP.
Figures reported by the national statistical agency are adjusted to exclude items related to the accrual-basis accounting of government employees’ defined-benefit pension plans.
Excludes one-time measures based on the authorities’ data and, if unavailable, on receipts from the sale of assets.
Includes equity shares; nonconsolidated basis.
Summary of World Trade Volumes and Prices
(Annual percent change)
| Averages | Projections | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1999–2008 | 2009–18 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||
| Trade in Goods and Services | |||||||||||||||
| World Trade1 | |||||||||||||||
| Volume | 6.6 | 3.1 | −10.5 | 12.5 | 7.1 | 2.7 | 3.6 | 3.8 | 2.8 | 2.4 | 4.2 | 4.0 | |||
| Price Deflator | |||||||||||||||
| In US Dollars | 4.4 | −1.2 | −10.4 | 5.5 | 11.2 | −1.6 | −0.7 | −1.8 | −13.3 | −4.1 | 3.8 | 2.3 | |||
| In SDRs | 2.9 | 0.0 | −8.2 | 6.6 | 7.4 | 1.4 | 0.1 | −1.7 | −5.9 | −3.5 | 4.2 | 0.5 | |||
| Volume of Trade | |||||||||||||||
| Exports | |||||||||||||||
| Advanced Economies | 5.6 | 2.8 | −11.1 | 12.1 | 6.0 | 2.3 | 3.2 | 4.0 | 3.8 | 2.2 | 3.8 | 3.6 | |||
| Emerging Market and Developing Economies | 8.8 | 3.8 | −8.0 | 13.7 | 8.6 | 3.5 | 4.8 | 3.2 | 1.8 | 2.5 | 4.8 | 4.5 | |||
| Imports | |||||||||||||||
| Advanced Economies | 5.6 | 2.6 | −11.6 | 11.4 | 5.1 | 1.2 | 2.4 | 3.8 | 4.6 | 2.7 | 4.0 | 3.8 | |||
| Emerging Market and Developing Economies | 9.9 | 4.0 | −9.3 | 14.6 | 11.5 | 5.2 | 5.2 | 4.3 | −0.9 | 2.0 | 4.4 | 4.9 | |||
| Terms of Trade | |||||||||||||||
| Advanced Economies | −0.5 | 0.3 | 2.5 | −0.9 | −1.6 | −0.7 | 0.9 | 0.3 | 1.9 | 0.9 | −0.4 | 0.2 | |||
| Emerging Market and Developing Economies | 2.7 | −0.6 | −5.7 | 2.1 | 4.2 | 0.5 | −0.6 | −0.6 | −4.3 | −1.2 | 0.1 | −0.5 | |||
| Trade in Goods | |||||||||||||||
| World Trade1 | |||||||||||||||
| Volume | 6.7 | 3.0 | −11.7 | 14.5 | 7.0 | 2.3 | 3.3 | 3.1 | 2.3 | 2.3 | 4.3 | 4.1 | |||
| Price Deflator | |||||||||||||||
| In US Dollars | 4.5 | −1.4 | −11.7 | 6.4 | 12.6 | −1.7 | −1.2 | −2.5 | −14.4 | −4.8 | 4.3 | 2.1 | |||
| In SDRs | 2.9 | −0.3 | −9.5 | 7.6 | 8.8 | 1.3 | −0.5 | −2.4 | −7.1 | −4.2 | 4.7 | 0.4 | |||
| World Trade Prices in US Dollars2 | |||||||||||||||
| Manufactures | 1.7 | −0.1 | −1.4 | 2.3 | 4.2 | 2.8 | −3.0 | −0.4 | −2.3 | −5.2 | 1.5 | 1.0 | |||
| Oil | 22.2 | −6.4 | −36.3 | 27.9 | 31.6 | 1.0 | −0.9 | −7.5 | −47.2 | −15.7 | 17.4 | −0.2 | |||
| Nonfuel Primary Commodities | 6.2 | −0.7 | −16.0 | 26.6 | 18.0 | −10.1 | −1.4 | −3.9 | −17.5 | −1.8 | 7.1 | 0.5 | |||
| Food | 5.6 | −0.5 | −15.2 | 12.1 | 20.3 | −2.6 | 0.7 | −4.1 | −17.2 | 2.1 | 3.6 | 1.1 | |||
| Beverages | 2.4 | −0.1 | 1.6 | 14.1 | 16.6 | −18.6 | −11.9 | 20.7 | −3.1 | −5.0 | −8.7 | 0.6 | |||
| Agricultural Raw Materials | 1.9 | −0.1 | −17.1 | 33.2 | 22.7 | −12.7 | 1.6 | 2.0 | −13.5 | −5.7 | 2.1 | −2.5 | |||
| Metal | 11.8 | −1.4 | −19.2 | 48.2 | 13.5 | −16.8 | −4.3 | −10.1 | −23.0 | −5.4 | 20.6 | 1.4 | |||
| World Trade Prices in SDRs2 | |||||||||||||||
| Manufactures | 0.2 | 1.1 | 1.0 | 3.3 | 0.7 | 6.0 | −2.2 | −0.4 | 6.1 | −4.5 | 1.9 | −0.7 | |||
| Oil | 20.3 | −5.3 | −34.8 | 29.3 | 27.2 | 4.1 | −0.1 | −7.5 | −42.7 | −15.1 | 17.8 | −1.9 | |||
| Nonfuel Primary Commodities | 4.6 | 0.5 | −13.9 | 28.0 | 14.1 | −7.3 | −0.6 | −3.8 | −10.4 | −1.2 | 7.5 | −1.2 | |||
| Food | 4.0 | 0.7 | −13.1 | 13.3 | 16.2 | 0.4 | 1.5 | −4.0 | −10.2 | 2.8 | 4.0 | −0.6 | |||
| Beverages | 0.9 | 1.1 | 4.1 | 15.3 | 12.7 | −16.1 | −11.2 | 20.8 | 5.2 | −4.4 | −8.4 | −1.1 | |||
| Agricultural Raw Materials | 0.4 | 1.1 | −15.1 | 34.6 | 18.5 | −10.0 | 2.4 | 2.0 | −6.1 | −5.1 | 2.4 | −4.1 | |||
| Metal | 10.1 | −0.3 | −17.2 | 49.8 | 9.7 | −14.3 | −3.5 | −10.1 | −16.4 | −4.8 | 21.1 | −0.3 | |||
| World Trade Prices in Euros2 | |||||||||||||||
| Manufactures | −1.1 | 2.2 | 4.2 | 7.3 | −0.6 | 11.3 | −6.1 | −0.5 | 17.1 | −4.9 | −0.4 | −3.2 | |||
| Oil | 18.8 | −4.3 | −32.7 | 34.3 | 25.5 | 9.3 | −4.1 | −7.6 | −36.8 | −15.4 | 15.2 | −4.3 | |||
| Nonfuel Primary Commodities | 3.3 | 1.6 | −11.2 | 32.9 | 12.6 | −2.7 | −4.5 | −3.9 | −1.2 | −1.6 | 5.0 | −3.6 | |||
| Food | 2.7 | 1.8 | −10.4 | 17.7 | 14.7 | 5.4 | −2.5 | −4.1 | −0.9 | 2.4 | 1.7 | −3.1 | |||
| Beverages | −0.4 | 2.2 | 7.3 | 19.8 | 11.2 | −11.9 | −14.7 | 20.7 | 16.1 | −4.8 | −10.5 | −3.5 | |||
| Agricultural Raw Materials | −0.9 | 2.2 | −12.5 | 39.8 | 17.0 | −5.5 | −1.7 | 1.9 | 3.6 | −5.5 | 0.1 | −6.5 | |||
| Metal | 8.7 | 0.8 | −14.6 | 55.5 | 8.3 | −10.0 | −7.3 | −10.2 | −7.8 | −5.2 | 18.4 | −2.8 | |||
| Trade in Goods | |||||||||||||||
| Volume of Trade | |||||||||||||||
| Exports | |||||||||||||||
| Advanced Economies | 5.6 | 2.7 | −13.0 | 14.9 | 6.0 | 1.9 | 2.7 | 3.4 | 3.1 | 1.9 | 4.1 | 3.6 | |||
| Emerging Market and Developing Economies | 8.9 | 3.7 | −8.3 | 15.1 | 7.6 | 3.8 | 4.7 | 2.7 | 1.5 | 2.6 | 4.4 | 4.3 | |||
| Fuel Exporters | 5.7 | 1.8 | −6.5 | 6.5 | 5.7 | 2.7 | 2.0 | −0.6 | 3.5 | 1.3 | 0.1 | 3.4 | |||
| Nonfuel Exporters | 10.1 | 4.4 | −9.1 | 18.5 | 8.4 | 4.2 | 5.9 | 4.1 | 0.8 | 3.0 | 5.5 | 4.6 | |||
| Imports | |||||||||||||||
| Advanced Economies | 5.7 | 2.4 | −12.7 | 13.1 | 5.3 | 0.3 | 2.1 | 3.5 | 3.7 | 2.3 | 4.5 | 3.9 | |||
| Emerging Market and Developing Economies | 9.9 | 3.8 | −10.7 | 15.6 | 11.1 | 5.0 | 4.8 | 2.6 | −0.3 | 2.4 | 4.4 | 5.0 | |||
| Fuel Exporters | 11.4 | 0.5 | −16.0 | 8.0 | 11.6 | 8.2 | 4.0 | 0.7 | −8.0 | −4.4 | 0.4 | 3.2 | |||
| Nonfuel Exporters | 9.6 | 4.5 | −9.4 | 17.6 | 11.0 | 4.3 | 5.0 | 3.0 | 1.5 | 3.8 | 5.2 | 5.3 | |||
| Price Deflators in SDRs | |||||||||||||||
| Exports | |||||||||||||||
| Advanced Economies | 1.7 | −0.3 | −7.4 | 4.3 | 6.4 | −0.3 | 0.3 | −2.0 | −6.1 | −2.2 | 4.0 | 1.2 | |||
| Emerging Market and Developing Economies | 6.6 | −0.3 | −13.1 | 12.7 | 13.3 | 3.1 | −1.3 | −3.2 | −9.1 | −7.0 | 5.7 | −0.9 | |||
| Fuel Exporters | 14.6 | −3.1 | −25.9 | 21.6 | 25.6 | 4.5 | −2.4 | −6.7 | −30.0 | −13.1 | 12.8 | −1.2 | |||
| Nonfuel Exporters | 3.7 | 0.6 | −6.9 | 9.1 | 8.4 | 2.5 | −0.8 | −1.6 | −1.0 | −5.4 | 3.9 | −0.8 | |||
| Imports | |||||||||||||||
| Advanced Economies | 2.5 | −0.6 | −10.7 | 6.3 | 8.7 | 1.0 | −0.5 | −2.1 | −7.9 | −3.4 | 4.1 | 0.8 | |||
| Emerging Market and Developing Economies | 3.7 | 0.4 | −7.2 | 10.8 | 8.3 | 2.6 | −0.7 | −2.7 | −5.2 | −5.8 | 5.6 | −0.4 | |||
| Fuel Exporters | 3.3 | 0.9 | −2.1 | 8.2 | 6.6 | 3.5 | 0.0 | −2.4 | −3.2 | −3.9 | 3.4 | −0.3 | |||
| Nonfuel Exporters | 3.8 | 0.2 | −8.4 | 11.4 | 8.7 | 2.4 | −0.9 | −2.8 | −5.6 | −6.2 | 6.1 | −0.5 | |||
| Terms of Trade | |||||||||||||||
| Advanced Economies | −0.8 | 0.3 | 3.7 | −1.9 | −2.1 | −1.2 | 0.9 | 0.1 | 1.9 | 1.3 | 0.0 | 0.4 | |||
| Emerging Market and Developing Economies | 2.8 | −0.7 | −6.3 | 1.7 | 4.6 | 0.5 | −0.6 | −0.5 | −4.2 | −1.3 | 0.1 | −0.4 | |||
| Regional Groups | |||||||||||||||
| Commonwealth of Independent States3 | 7.6 | −3.2 | −25.8 | 12.8 | 20.7 | 1.8 | −6.6 | −1.5 | −20.0 | −12.1 | 9.1 | −0.4 | |||
| Emerging and Developing Asia | −1.6 | 0.5 | 2.6 | −6.1 | −2.3 | 1.2 | 0.9 | 2.3 | 8.8 | 0.4 | −2.5 | 0.0 | |||
| Emerging and Developing Europe | 0.1 | 0.1 | 3.6 | −3.7 | −1.9 | −1.1 | 1.5 | 1.3 | 2.7 | 1.6 | −3.6 | 1.4 | |||
| Latin America and the Caribbean | 3.7 | −0.8 | −5.4 | 8.6 | 5.6 | −1.3 | −1.4 | −2.4 | −9.0 | 1.8 | −0.2 | −2.6 | |||
| Middle East, North Africa, Afghanistan, and | |||||||||||||||
| Pakistan | 9.5 | −3.5 | −17.9 | 7.6 | 13.5 | 0.3 | −0.3 | −4.7 | −26.5 | −6.4 | 6.9 | −0.3 | |||
| Middle East and North Africa | 10.0 | −3.6 | −18.3 | 7.5 | 13.7 | 0.9 | −0.3 | −4.7 | −27.3 | −7.0 | 7.2 | −0.7 | |||
| Sub-Saharan Africa | 5.4 | −1.2 | −11.0 | 12.0 | 11.6 | −1.9 | −0.2 | −3.3 | −15.9 | −2.2 | 4.1 | −1.4 | |||
| Analytical Groups | |||||||||||||||
| By Source of Export Earnings | |||||||||||||||
| Fuel | 10.9 | −4.0 | −24.3 | 12.4 | 17.8 | 1.0 | −2.4 | −4.4 | −27.7 | −9.6 | 9.1 | −1.0 | |||
| Nonfuel | −0.1 | 0.4 | 1.6 | −2.1 | −0.3 | 0.1 | 0.1 | 1.2 | 4.8 | 0.9 | −2.0 | −0.3 | |||
| Memorandum | |||||||||||||||
| World Exports in Billions of US Dollars | |||||||||||||||
| Goods and Services | 11,471 | 21,362 | 15,750 | 18,707 | 22,275 | 22,505 | 23,223 | 23,647 | 20,996 | 20,614 | 22,260 | 23,645 | |||
| Goods | 9,123 | 16,743 | 12,234 | 14,908 | 17,930 | 18,061 | 18,489 | 18,585 | 16,185 | 15,756 | 17,122 | 18,160 | |||
| Average Oil Price4 | 22.2 | −6.4 | −36.3 | 27.9 | 31.6 | 1.0 | −0.9 | −7.5 | −47.2 | −15.7 | 17.4 | −0.2 | |||
| In US Dollars a Barrel | 44.79 | 74.42 | 61.78 | 79.03 | 104.01 | 105.01 | 104.07 | 96.25 | 50.79 | 42.84 | 50.28 | 50.17 | |||
| Export Unit Value of Manufactures5 | 1.7 | −0.1 | −1.4 | 2.3 | 4.2 | 2.8 | −3.0 | −0.4 | −2.3 | −5.2 | 1.5 | 1.0 | |||
Average of annual percent change for world exports and imports.
As represented, respectively, by the export unit value index for manufactures of the advanced economies and accounting for 83 percent of the advanced economies’ trade (export of goods) weights; the average of UK Brent, Dubai Fateh, and West Texas Intermediate crude oil prices; and the average of world market prices for nonfuel primary commodities weighted by their 2002–04 shares in world commodity exports.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
Percent change of average of UK Brent, Dubai Fateh, and West Texas Intermediate crude oil prices.
Percent change for manufactures exported by the advanced economies.
Summary of Current Account Balances
(Billions of US dollars)
| Projections | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | ||||
| Advanced Economies | −78.5 | 13.9 | −29.1 | 28.3 | 238.5 | 251.9 | 325.1 | 361.1 | 390.6 | 368.3 | 388.4 | |||
| United States | −372.5 | −430.7 | −444.6 | −426.2 | −349.5 | −373.8 | −434.6 | −451.7 | −462.0 | −528.7 | −578.5 | |||
| Euro Area | −9.3 | 0.4 | −0.8 | 177.1 | 291.3 | 332.3 | 373.3 | 412.7 | 382.7 | 402.9 | 399.8 | |||
| Germany | 196.7 | 192.3 | 229.7 | 248.9 | 251.8 | 289.7 | 288.5 | 290.4 | 296.0 | 304.3 | 307.6 | |||
| France | −22.5 | −22.2 | −28.3 | −32.7 | −24.6 | −36.2 | −10.7 | −24.7 | −28.9 | −21.4 | −1.7 | |||
| Italy | −41.4 | −72.7 | −68.6 | −7.5 | 20.5 | 40.5 | 26.3 | 47.3 | 52.8 | 47.5 | 16.8 | |||
| Spain | −64.3 | −56.2 | −47.4 | −3.1 | 20.7 | 14.9 | 16.3 | 23.8 | 24.3 | 28.3 | 31.9 | |||
| Japan | 145.3 | 221.0 | 129.8 | 59.7 | 45.9 | 36.8 | 134.1 | 188.1 | 175.0 | 191.1 | 201.9 | |||
| United Kingdom | −70.1 | −66.6 | −46.6 | −97.4 | −119.6 | −140.0 | −122.7 | −114.5 | −91.4 | −86.6 | −74.0 | |||
| Canada | −40.4 | −58.2 | −49.6 | −65.7 | −59.4 | −43.6 | −52.8 | −50.5 | −55.6 | −51.2 | −43.7 | |||
| Other Advanced Economies1 | 206.9 | 287.0 | 270.7 | 279.4 | 354.6 | 371.9 | 371.1 | 369.8 | 373.1 | 366.6 | 398.9 | |||
| Emerging Market and Developing Economies | 238.8 | 277.6 | 374.3 | 357.6 | 173.2 | 168.4 | −51.1 | −96.2 | −92.0 | −147.2 | −387.2 | |||
| Regional Groups | ||||||||||||||
| Commonwealth of Independent States2 | 42.9 | 68.5 | 107.3 | 67.6 | 17.3 | 57.0 | 53.0 | −0.2 | 18.1 | 26.8 | 56.1 | |||
| Russia | 50.4 | 67.5 | 97.3 | 71.3 | 33.4 | 57.5 | 68.8 | 25.5 | 41.5 | 48.4 | 72.6 | |||
| Excluding Russia | −7.4 | 1.0 | 10.0 | −3.7 | −16.1 | −0.5 | −15.9 | −25.8 | −23.4 | −21.5 | −16.5 | |||
| Emerging and Developing Asia | 274.3 | 233.4 | 100.2 | 122.3 | 99.4 | 230.9 | 313.1 | 222.7 | 155.8 | 125.1 | −97.4 | |||
| China | 243.3 | 237.8 | 136.1 | 215.4 | 148.2 | 236.0 | 304.2 | 196.4 | 162.5 | 152.0 | 28.8 | |||
| India | −38.4 | −47.9 | −76.4 | −87.8 | −32.3 | −26.8 | −22.1 | −15.2 | −33.7 | −40.5 | −95.1 | |||
| ASEAN-53 | 66.1 | 45.4 | 49.4 | 6.4 | −3.6 | 22.3 | 30.8 | 45.9 | 36.9 | 27.9 | −12.1 | |||
| Emerging and Developing Europe | −53.9 | −86.9 | −119.5 | −81.9 | −72.0 | −59.0 | −35.8 | −32.6 | −45.7 | −52.0 | −70.3 | |||
| Latin America and the Caribbean | −34.5 | −97.9 | −114.8 | −135.4 | −165.0 | −184.1 | −172.9 | −99.0 | −107.9 | −131.4 | −181.4 | |||
| Brazil | −26.3 | −75.8 | −77.0 | −74.2 | −74.8 | −104.2 | −59.4 | −23.5 | −29.0 | −39.2 | −52.9 | |||
| Mexico | −8.6 | −5.6 | −13.2 | −15.8 | −31.1 | −23.1 | −28.8 | −23.0 | −19.8 | −25.2 | −34.2 | |||
| Middle East, North Africa, Afghanistan, and | ||||||||||||||
| Pakistan | 36.0 | 170.5 | 413.1 | 412.1 | 331.8 | 190.1 | −116.5 | −128.2 | −60.1 | −54.4 | −5.6 | |||
| Sub-Saharan Africa | −26.0 | −10.0 | −11.9 | −27.1 | −38.4 | −66.6 | −92.0 | −58.9 | −52.2 | −61.4 | −88.6 | |||
| South Africa | −8.1 | −5.6 | −9.2 | −20.3 | −21.6 | −18.7 | −14.0 | −9.6 | −9.8 | −11.8 | −15.8 | |||
| Analytical Groups | ||||||||||||||
| By Source of Export Earnings | ||||||||||||||
| Fuel | 131.3 | 309.5 | 616.8 | 597.1 | 462.1 | 308.4 | −68.5 | −85.7 | 10.9 | 18.2 | 99.0 | |||
| Nonfuel | 109.0 | −30.1 | −242.5 | −239.5 | −288.9 | −140.0 | 17.4 | −10.5 | −102.9 | −165.5 | −486.2 | |||
| Of Which, Primary Products | −2.5 | −9.4 | −26.0 | −61.3 | −76.9 | −50.2 | −52.8 | −40.5 | −48.8 | −55.8 | −81.6 | |||
| By External Financing Source | ||||||||||||||
| Net Debtor Economies | −165.1 | −282.3 | −385.3 | −430.7 | −399.2 | −365.9 | −301.5 | −209.2 | −248.5 | −295.9 | −468.5 | |||
| Net Debtor Economies by Debt-Servicing Experience | ||||||||||||||
| Economies with Arrears and/or Rescheduling during 2012–16 | −27.0 | −19.6 | −31.7 | −46.4 | −48.9 | −34.6 | −43.3 | −49.5 | −35.5 | −33.6 | −55.0 | |||
| Memorandum | ||||||||||||||
| World | 160.3 | 291.5 | 345.2 | 385.9 | 411.7 | 420.3 | 274.0 | 264.9 | 298.6 | 221.0 | 1.2 | |||
| European Union | −19.9 | 2.1 | 78.0 | 203.8 | 300.5 | 310.2 | 359.9 | 359.7 | 404.9 | 432.7 | 431.1 | |||
| Low-Income Developing Countries | −17.4 | −15.2 | −21.7 | −31.2 | −41.2 | −48.1 | −77.0 | −44.5 | −43.8 | −54.9 | −97.5 | |||
| Middle East and North Africa | 40.2 | 170.0 | 408.1 | 414.5 | 334.2 | 192.1 | −114.4 | −124.7 | −49.0 | −38.6 | 8.4 | |||
| Advanced Economies | −0.2 | 0.0 | −0.1 | 0.1 | 0.5 | 0.5 | 0.7 | 0.8 | 0.8 | 0.7 | 0.7 | |||
| United States | −2.6 | −2.9 | −2.9 | −2.6 | −2.1 | −2.1 | −2.4 | −2.4 | −2.4 | −2.6 | −2.5 | |||
| Euro Area | −0.1 | 0.0 | 0.0 | 1.4 | 2.2 | 2.5 | 3.2 | 3.5 | 3.1 | 3.0 | 2.6 | |||
| Germany | 5.7 | 5.6 | 6.1 | 7.0 | 6.7 | 7.4 | 8.5 | 8.3 | 8.1 | 7.7 | 6.9 | |||
| France | −0.8 | −0.8 | −1.0 | −1.2 | −0.9 | −1.3 | −0.4 | −1.0 | −1.1 | −0.8 | −0.1 | |||
| Italy | −1.9 | −3.4 | −3.0 | −0.4 | 1.0 | 1.9 | 1.4 | 2.6 | 2.7 | 2.3 | 0.7 | |||
| Spain | −4.3 | −3.9 | −3.2 | −0.2 | 1.5 | 1.1 | 1.4 | 1.9 | 1.9 | 2.0 | 2.0 | |||
| Japan | 2.8 | 3.9 | 2.1 | 1.0 | 0.9 | 0.8 | 3.1 | 3.8 | 3.6 | 3.8 | 3.7 | |||
| United Kingdom | −3.0 | −2.7 | −1.8 | −3.7 | −4.4 | −4.7 | −4.3 | −4.4 | −3.6 | −3.3 | −2.5 | |||
| Canada | −2.9 | −3.6 | −2.8 | −3.6 | −3.2 | −2.4 | −3.4 | −3.3 | −3.4 | −2.9 | −2.1 | |||
| Other Advanced Economies1 | 4.2 | 5.0 | 4.1 | 4.2 | 5.2 | 5.4 | 5.9 | 5.7 | 5.4 | 5.0 | 4.7 | |||
| Emerging Market and Developing | ||||||||||||||
| Economies | 1.3 | 1.2 | 1.4 | 1.3 | 0.6 | 0.5 | −0.2 | −0.3 | −0.3 | −0.4 | −0.9 | |||
| Regional Groups | ||||||||||||||
| Commonwealth of Independent States2 | 2.5 | 3.2 | 4.0 | 2.4 | 0.6 | 2.1 | 2.8 | 0.0 | 0.9 | 1.3 | 2.2 | |||
| Russia | 3.8 | 4.1 | 4.7 | 3.2 | 1.5 | 2.8 | 5.0 | 2.0 | 2.8 | 3.2 | 4.0 | |||
| Excluding Russia | −1.8 | 0.2 | 1.7 | −0.6 | −2.3 | −0.1 | −3.0 | −5.6 | −4.6 | −4.0 | −2.2 | |||
| Emerging and Developing Asia | 3.4 | 2.4 | 0.9 | 1.0 | 0.7 | 1.5 | 2.0 | 1.4 | 0.9 | 0.7 | −0.4 | |||
| China | 4.7 | 3.9 | 1.8 | 2.5 | 1.5 | 2.2 | 2.7 | 1.7 | 1.4 | 1.2 | 0.2 | |||
| India | −2.8 | −2.8 | −4.2 | −4.8 | −1.7 | −1.3 | −1.1 | −0.7 | −1.4 | −1.5 | −2.4 | |||
| ASEAN-53 | 4.9 | 2.7 | 2.6 | 0.3 | −0.2 | 1.1 | 1.5 | 2.1 | 1.6 | 1.1 | −0.3 | |||
| Emerging and Developing Europe | −3.4 | −5.0 | −6.3 | −4.4 | −3.6 | −2.9 | −2.0 | −1.8 | −2.4 | −2.5 | −2.8 | |||
| Latin America and the Caribbean | −0.9 | −1.9 | −2.0 | −2.3 | −2.8 | −3.1 | −3.4 | −2.0 | −2.0 | −2.3 | −2.6 | |||
| Brazil | −1.6 | −3.4 | −2.9 | −3.0 | −3.0 | −4.2 | −3.3 | −1.3 | −1.4 | −1.8 | −2.0 | |||
| Mexico | −1.0 | −0.5 | −1.1 | −1.3 | −2.5 | −1.8 | −2.5 | −2.2 | −1.7 | −2.0 | −2.2 | |||
| Middle East, North Africa, Afghanistan, and Pakistan | 1.5 | 6.2 | 12.8 | 12.4 | 9.7 | 5.5 | −3.7 | −4.1 | −1.9 | −1.6 | −0.1 | |||
| Sub-Saharan Africa | −2.4 | −0.8 | −0.8 | −1.8 | −2.4 | −3.9 | −6.1 | −4.2 | −3.4 | −3.6 | −4.1 | |||
| South Africa | −2.7 | −1.5 | −2.2 | −5.1 | −5.9 | −5.3 | −4.4 | −3.3 | −2.9 | −3.3 | −3.8 | |||
| Analytical Groups | ||||||||||||||
| By Source of Export Earnings | ||||||||||||||
| Fuel | 3.3 | 6.5 | 10.5 | 9.7 | 7.3 | 5.0 | −1.4 | −1.9 | 0.2 | 0.4 | 1.6 | |||
| Nonfuel | 0.7 | −0.2 | −1.2 | −1.1 | −1.2 | −0.6 | 0.1 | 0.0 | −0.4 | −0.6 | −1.2 | |||
| Of Which, Primary Products | −0.2 | −0.7 | −1.6 | −3.7 | −4.5 | −3.0 | −3.2 | −2.6 | −2.7 | −3.0 | −3.3 | |||
| By External Financing Source | ||||||||||||||
| Net Debtor Economies | −1.8 | −2.5 | −3.0 | −3.3 | −2.9 | −2.6 | −2.4 | −1.6 | −1.8 | −2.0 | −2.4 | |||
| Net Debtor Economies by Debt-Servicing Experience | ||||||||||||||
| Economies with Arrears and/or | ||||||||||||||
| Rescheduling during 2012-16 | −4.9 | −3.1 | −4.5 | −6.0 | −6.0 | −4.3 | −5.6 | −6.4 | −4.9 | −4.3 | −4.9 | |||
| Memorandum | ||||||||||||||
| World | 0.3 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.3 | 0.0 | |||
| European Union | −0.1 | 0.0 | 0.4 | 1.2 | 1.7 | 1.7 | 2.2 | 2.2 | 2.4 | 2.4 | 2.1 | |||
| Low-Income Developing Countries | −1.6 | −1.2 | −1.5 | −1.9 | −2.3 | −2.5 | −4.2 | −2.5 | −2.3 | −2.6 | −3.3 | |||
| Middle East and North Africa | 1.8 | 6.6 | 13.6 | 13.5 | 10.6 | 6.0 | −4.0 | −4.4 | −1.7 | −1.3 | 0.2 | |||
| Advanced Economies | −0.8 | 0.1 | −0.2 | 0.2 | 1.7 | 1.7 | 2.4 | 2.7 | 2.7 | 2.4 | 2.1 | |||
| United States | −23.5 | −23.2 | −20.9 | −19.2 | −15.2 | −15.7 | −19.2 | −20.5 | −19.7 | −21.5 | −19.5 | |||
| Euro Area | −0.4 | 0.0 | 0.0 | 5.5 | 8.6 | 9.3 | 11.7 | 12.8 | ||||||
| Germany | 15.2 | 13.3 | 13.6 | 15.3 | 14.7 | 16.3 | 18.2 | 18.1 | 17.2 | 16.2 | 13.7 | |||
| France | −3.4 | −3.1 | −3.4 | −4.1 | −2.9 | −4.2 | −1.4 | −3.3 | −3.6 | −2.6 | −0.2 | |||
| Italy | −8.4 | −13.5 | −11.1 | −1.3 | 3.3 | 6.4 | 4.8 | 8.5 | 8.9 | 7.3 | 2.1 | |||
| Spain | −18.9 | −15.3 | −11.0 | −0.8 | 4.7 | 3.3 | 4.1 | 5.8 | 5.4 | 5.7 | 5.2 | |||
| Japan | 21.7 | 25.4 | 13.9 | 6.5 | 5.5 | 4.3 | 17.1 | 23.2 | 20.3 | 21.3 | 20.2 | |||
| United Kingdom | −11.2 | −9.7 | −5.9 | −12.3 | −14.8 | −16.6 | −15.5 | −15.4 | −12.0 | −11.0 | −9.0 | |||
| Canada | −10.4 | −12.4 | −9.1 | −11.9 | −10.7 | −7.7 | −10.8 | −10.7 | −10.6 | −9.0 | −6.5 | |||
| Other Advanced Economies1 | 7.8 | 8.8 | 7.0 | 7.1 | 8.7 | 9.1 | 10.2 | 10.3 | 9.7 | 9.0 | 8.2 | |||
| Emerging Market and Developing | ||||||||||||||
| Economies | 4.3 | 4.0 | 4.5 | 3.9 | 2.0 | 2.1 | −0.5 | −1.2 | −1.2 | −1.8 | −3.7 | |||
| Regional Groups | ||||||||||||||
| Commonwealth of Independent States2 | 8.2 | 10.2 | 12.1 | 7.4 | 1.9 | 6.8 | 9.0 | 0.0 | 3.1 | 4.3 | 7.3 | |||
| Russia | 14.7 | 15.3 | 17.0 | 12.1 | 5.6 | 10.2 | 17.5 | 7.7 | 10.6 | 11.9 | 14.6 | |||
| Excluding Russia | −4.1 | 0.5 | 3.2 | −1.1 | −5.3 | −0.2 | −8.2 | −14.8 | −11.6 | −10.1 | −6.1 | |||
| Emerging and Developing Asia | 12.5 | 8.3 | 2.9 | 3.3 | 2.6 | 5.7 | 8.2 | 6.1 | 3.9 | 3.0 | −1.9 | |||
| China | 19.5 | 14.8 | 6.8 | 9.9 | 6.3 | 9.6 | 12.9 | 8.9 | 6.9 | 6.2 | 1.0 | |||
| India | −13.8 | −12.6 | −16.8 | −19.4 | −6.9 | −5.6 | −5.3 | −3.4 | −6.8 | −7.5 | −12.1 | |||
| ASEAN-53 | 10.9 | 6.1 | 5.5 | 0.7 | −0.4 | 2.3 | 3.4 | 5.0 | 3.7 | 2.6 | −0.9 | |||
| Emerging and Developing Europe | −10.3 | −14.8 | −17.3 | −11.9 | −9.7 | −7.5 | −5.1 | −4.5 | −5.7 | −6.0 | −6.2 | |||
| Latin America and the Caribbean | −4.3 | −9.7 | −9.2 | −10.7 | −13.1 | −14.9 | −16.1 | −9.5 | −9.5 | −11.1 | −12.3 | |||
| Brazil | −14.6 | −32.7 | −26.3 | −26.4 | −26.8 | −39.5 | −26.5 | −10.8 | −12.2 | −16.2 | −18.5 | |||
| Mexico | −3.5 | −1.8 | −3.6 | −4.1 | −7.8 | −5.5 | −7.1 | −5.8 | −4.5 | −5.5 | −5.6 | |||
| Middle East, North Africa, Afghanistan, and Pakistan | 2.9 | 13.6 | 27.0 | 24.3 | 20.8 | 13.6 | −9.4 | −11.5 | −5.2 | −4.8 | −0.3 | |||
| Sub-Saharan Africa | −8.6 | −2.6 | −2.4 | −5.7 | −8.0 | −14.7 | −26.6 | −18.8 | −14.9 | −16.5 | −19.1 | |||
| South Africa | −9.8 | −5.2 | −7.3 | −17.3 | −19.0 | −17.0 | −14.5 | −10.8 | −10.2 | −12.1 | −14.0 | |||
| Analytical Groups | ||||||||||||||
| By Source of Export Earnings | ||||||||||||||
| Fuel | 8.7 | 16.5 | 25.2 | 22.5 | 18.3 | 13.6 | −3.6 | −5.5 | 0.6 | 0.8 | 4.9 | |||
| Nonfuel | 2.8 | −0.6 | −4.1 | −4.0 | −4.6 | −2.2 | 0.3 | −0.2 | −1.6 | −2.5 | −5.7 | |||
| Of Which, Primary Products | −0.8 | −2.5 | −5.8 | −14.3 | −18.1 | −12.1 | −14.8 | −11.7 | −13.0 | −14.2 | −16.6 | |||
| By External Financing Source | ||||||||||||||
| Net Debtor Economies | −6.9 | −9.5 | −10.7 | −11.8 | −10.6 | −9.6 | −8.9 | −6.2 | −6.6 | −7.4 | −8.8 | |||
| Net Debtor Economies by Debt-Servicing Experience | ||||||||||||||
| Economies with Arrears and/or | ||||||||||||||
| Rescheduling during 2012-16 | −16.8 | −9.9 | −13.5 | −20.2 | −21.4 | −16.5 | −25.3 | −31.9 | −20.2 | −17.3 | −21.2 | |||
| Memorandum | ||||||||||||||
| World | 1.0 | 1.5 | 1.5 | 1.6 | 1.8 | 1.9 | 1.3 | 1.3 | 1.3 | 0.9 | 0.0 | |||
| European Union | −0.3 | 0.0 | 1.0 | 2.8 | 3.9 | 3.9 | 5.0 | 5.0 | 5.2 | 5.1 | 4.3 | |||
| Low-Income Developing Countries | −5.9 | −4.1 | −4.6 | −6.5 | −8.0 | −9.1 | −16.0 | −9.3 | −8.1 | −9.2 | −11.3 | |||
| Middle East and North Africa | 3.4 | 13.9 | 27.3 | 25.0 | 21.4 | 14.0 | −9.4 | −11.5 | −4.3 | −3.6 | 0.6 | |||
Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
Indonesia, Malaysia, Philippines, Thailand, Vietnam.
Advanced Economies: Balance on Current Account
(Percent of GDP)
| Projections | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | ||
| Advanced Economies | −0.2 | 0.0 | −0.1 | 0.1 | 0.5 | 0.5 | 0.7 | 0.8 | 0.8 | 0.7 | 0.7 | |
| United States | −2.6 | −2.9 | −2.9 | −2.6 | −2.1 | −2.1 | −2.4 | −2.4 | −2.4 | −2.6 | −2.5 | |
| Euro Area1 | −0.1 | 0.0 | 0.0 | 1.4 | 2.2 | 2.5 | 3.2 | 3.5 | 3.1 | 3.0 | 2.6 | |
| Germany | 5.7 | 5.6 | 6.1 | 7.0 | 6.7 | 7.4 | 8.5 | 8.3 | 8.1 | 7.7 | 6.9 | |
| France | −0.8 | −0.8 | −1.0 | −1.2 | −0.9 | −1.3 | −0.4 | −1.0 | −1.1 | −0.8 | −0.1 | |
| Italy | −1.9 | −3.4 | −3.0 | −0.4 | 1.0 | 1.9 | 1.4 | 2.6 | 2.7 | 2.3 | 0.7 | |
| Spain | −4.3 | −3.9 | −3.2 | −0.2 | 1.5 | 1.1 | 1.4 | 1.9 | 1.9 | 2.0 | 2.0 | |
| Netherlands | 5.8 | 7.4 | 9.1 | 10.8 | 9.9 | 8.9 | 8.6 | 8.5 | 10.0 | 10.0 | 9.3 | |
| Belgium | −1.1 | 1.8 | −1.1 | −0.1 | −0.3 | −0.7 | 0.4 | −0.4 | −0.3 | 0.0 | 0.8 | |
| Austria | 2.6 | 2.9 | 1.6 | 1.5 | 2.0 | 2.4 | 1.9 | 1.7 | 2.1 | 2.2 | 2.2 | |
| Greece | −12.3 | −11.4 | −10.0 | −3.8 | −2.0 | −1.6 | 0.1 | −0.6 | −0.2 | −0.1 | 0.0 | |
| Portugal | −10.4 | −10.1 | −6.0 | −1.8 | 1.6 | 0.1 | 0.1 | 0.7 | 0.4 | 0.3 | −1.4 | |
| Ireland | −4.7 | −1.2 | −1.6 | −2.6 | 2.1 | 1.6 | 10.9 | 3.3 | 3.4 | 3.5 | 4.0 | |
| Finland | 1.9 | 1.2 | −1.8 | −1.9 | −1.6 | −1.3 | −0.6 | −1.1 | 0.4 | 0.4 | 0.4 | |
| Slovak Republic | −3.4 | −4.7 | −5.0 | 0.9 | 1.9 | 1.1 | 0.2 | −0.7 | 0.3 | 0.2 | 1.2 | |
| Lithuania | 2.1 | −0.3 | −3.9 | −1.2 | 1.5 | 3.6 | −2.3 | −0.9 | −1.6 | −1.4 | −2.6 | |
| Slovenia | −0.6 | −0.1 | 0.2 | 2.1 | 4.4 | 5.8 | 4.4 | 5.2 | 5.0 | 4.9 | 2.7 | |
| Luxembourg | 7.2 | 6.7 | 6.0 | 5.9 | 5.6 | 5.0 | 5.1 | 4.7 | 4.7 | 4.9 | 5.5 | |
| Latvia | 7.8 | 2.0 | −3.2 | −3.6 | −2.7 | −2.0 | −0.8 | 1.5 | −0.3 | −1.5 | −2.1 | |
| Estonia | 2.5 | 1.8 | 1.3 | −2.4 | −0.1 | 1.0 | 2.3 | 1.9 | 1.8 | 1.4 | −2.0 | |
| Cyprus | −7.7 | −11.3 | −4.1 | −6.0 | −4.9 | −4.3 | −2.9 | −5.3 | −3.8 | −2.7 | −3.7 | |
| Malta | −6.6 | −4.7 | −0.2 | 1.7 | 2.8 | 9.6 | 5.3 | 7.9 | 8.9 | 8.8 | 8.4 | |
| Japan | 2.8 | 3.9 | 2.1 | 1.0 | 0.9 | 0.8 | 3.1 | 3.8 | 3.6 | 3.8 | 3.7 | |
| United Kingdom | −3.0 | −2.7 | −1.8 | −3.7 | −4.4 | −4.7 | −4.3 | −4.4 | −3.6 | −3.3 | −2.5 | |
| Korea | 3.7 | 2.6 | 1.6 | 4.2 | 6.2 | 6.0 | 7.7 | 7.0 | 5.6 | 5.4 | 5.3 | |
| Canada | −2.9 | −3.6 | −2.8 | −3.6 | −3.2 | −2.4 | −3.4 | −3.3 | −3.4 | −2.9 | −2.1 | |
| Australia | −4.6 | −3.6 | −3.0 | −4.1 | −3.2 | −2.9 | −4.7 | −2.6 | −1.6 | −2.4 | −2.3 | |
| Taiwan Province of China | 10.9 | 8.9 | 8.2 | 9.5 | 10.4 | 12.0 | 14.5 | 14.0 | 13.8 | 13.9 | 14.6 | |
| Switzerland | 7.4 | 14.8 | 8.0 | 10.4 | 11.5 | 8.7 | 11.4 | 10.5 | 9.9 | 9.4 | 8.6 | |
| Sweden | 6.0 | 6.0 | 5.5 | 5.6 | 5.3 | 4.6 | 4.7 | 4.5 | 3.9 | 3.7 | 3.0 | |
| Singapore | 16.8 | 23.4 | 22.1 | 17.4 | 16.9 | 19.7 | 18.1 | 19.0 | 19.6 | 19.5 | 16.9 | |
| Hong Kong SAR | 9.9 | 7.0 | 5.6 | 1.6 | 1.5 | 1.4 | 3.3 | 4.6 | 3.0 | 3.1 | 3.5 | |
| Norway | 10.6 | 10.9 | 12.4 | 12.4 | 10.2 | 11.0 | 8.7 | 5.0 | 5.5 | 5.7 | 6.1 | |
| Czech Republic | −2.3 | −3.6 | −2.1 | −1.6 | −0.5 | 0.2 | 0.2 | 1.1 | 0.6 | 0.1 | −1.4 | |
| Israel | 3.3 | 3.7 | 2.2 | 0.4 | 3.1 | 4.0 | 4.8 | 3.6 | 4.1 | 3.1 | 3.2 | |
| Denmark | 3.5 | 6.6 | 6.6 | 6.3 | 7.8 | 8.9 | 9.2 | 7.9 | 7.3 | 7.0 | 6.2 | |
| New Zealand | −2.2 | −2.3 | −2.8 | −3.9 | −3.2 | −3.2 | −3.4 | −2.8 | −3.6 | −3.8 | −3.9 | |
| Puerto Rico | … | … | … | … | … | … | … | … | … | … | … | |
| Macao SAR | 28.2 | 39.4 | 40.9 | 39.3 | 40.2 | 34.2 | 25.4 | 27.4 | 33.0 | 34.5 | 37.0 | |
| Iceland | −9.6 | −6.6 | −5.3 | −4.0 | 6.0 | 4.0 | 5.4 | 7.9 | 6.2 | 6.1 | 5.1 | |
| San Marino | … | … | … | … | … | … | … | … | … | … | … | |
| Memorandum | … | |||||||||||
| Major Advanced Economies | −0.6 | −0.7 | −0.8 | −0.9 | −0.7 | −0.6 | −0.5 | −0.3 | −0.3 | −0.4 | −0.4 | |
| Euro Area2 | 0.4 | 0.5 | 0.8 | 2.2 | 2.8 | 3.0 | 3.7 | 3.5 | 3.6 | 3.5 | 3.2 | |
Data corrected for reporting discrepancies in intra-area transactions.
Data calculated as the sum of the balances of individual euro area countries.
Emerging Market and Developing Economies: Balance on Current Account
(Percent of GDP)
| Projections | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2022 | |
| Commonwealth of Independent States1 | 2.5 | 3.2 | 4.0 | 2.4 | 0.6 | 2.1 | 2.8 | 0.0 | 0.9 | 1.3 | 2.2 |
| Russia | 3.8 | 4.1 | 4.7 | 3.2 | 1.5 | 2.8 | 5.0 | 2.0 | 2.8 | 3.2 | 4.0 |
| Excluding Russia | −1.8 | 0.2 | 1.7 | −0.6 | −2.3 | −0.1 | −3.0 | −5.6 | −4.6 | −4.0 | −2.2 |
| Armenia | −16.5 | −13.6 | −10.4 | −10.0 | −7.3 | −7.6 | −2.6 | −2.3 | −3.6 | −3.2 | −5.1 |
| Azerbaijan | 23.0 | 28.0 | 26.5 | 21.9 | 16.1 | 13.3 | −0.4 | −3.6 | 1.9 | 2.5 | 5.4 |
| Belarus | −12.5 | −14.5 | −8.2 | −2.8 | −10.0 | −6.6 | −3.3 | −3.6 | −5.3 | −4.6 | −2.5 |
| Georgia | −10.5 | −10.3 | −12.8 | −11.7 | −5.8 | −10.7 | −12.0 | −13.3 | −11.9 | −10.7 | −9.1 |
| Kazakhstan | −3.6 | 0.9 | 5.3 | 0.5 | 0.5 | 2.8 | −2.8 | −6.4 | −5.3 | −3.8 | 0.5 |
| Kyrgyz Republic | 0.9 | −2.2 | −2.9 | 3.7 | −13.3 | −16.0 | −16.0 | −9.7 | −11.6 | −12.0 | −9.7 |
| Moldova | −8.2 | −7.5 | −11.7 | −7.5 | −5.2 | −5.3 | −5.0 | −3.8 | −4.0 | −4.0 | −5.4 |
| Tajikistan | −3.6 | −9.6 | −7.3 | −9.2 | −7.8 | −2.8 | −6.0 | −3.8 | −6.3 | −6.2 | −4.3 |
| Turkmenistan | −16.6 | −12.9 | −0.8 | −0.9 | −7.3 | −6.4 | −14.0 | −21.0 | −15.4 | −14.3 | −11.9 |
| Ukraine2 | −1.4 | −2.2 | −6.3 | −8.1 | −9.2 | −3.9 | −0.3 | −4.1 | −3.3 | −3.0 | −3.0 |
| Uzbekistan | 2.6 | 6.6 | 5.8 | 1.2 | 2.9 | 1.7 | 0.7 | 0.7 | 0.9 | 0.3 | −2.0 |
| Emerging and Developing Asia | 3.4 | 2.4 | 0.9 | 1.0 | 0.7 | 1.5 | 2.0 | 1.4 | 0.9 | 0.7 | −0.4 |
| Bangladesh | 2.4 | 0.4 | −1.0 | 0.7 | 1.2 | 1.2 | 1.6 | 0.6 | −0.7 | −1.3 | −2.4 |
| Bhutan | −6.3 | −22.2 | −29.8 | −21.5 | −25.4 | −26.4 | −28.3 | −29.1 | −29.4 | −16.6 | 10.0 |
| Brunei Darussalam | 32.3 | 36.6 | 34.7 | 29.8 | 20.9 | 30.7 | 16.0 | 9.6 | 4.8 | −2.1 | 14.1 |
| Cambodia | −9.9 | −9.3 | −5.9 | −8.2 | −13.0 | −9.8 | −9.3 | −8.8 | −8.6 | −8.6 | −8.0 |
| China | 4.7 | 3.9 | 1.8 | 2.5 | 1.5 | 2.2 | 2.7 | 1.7 | 1.4 | 1.2 | 0.2 |
| Fiji | −4.0 | −4.3 | −5.1 | −1.4 | −9.7 | −7.6 | −1.5 | −5.1 | −5.0 | −4.7 | −3.3 |
| India | −2.8 | −2.8 | −4.2 | −4.8 | −1.7 | −1.3 | −1.1 | −0.7 | −1.4 | −1.5 | −2.4 |
| Indonesia | 1.8 | 0.7 | 0.2 | −2.7 | −3.2 | −3.1 | −2.0 | −1.8 | −1.7 | −1.8 | −1.9 |
| Kiribati | −13.3 | −2.2 | −13.5 | −4.5 | 8.4 | 25.1 | 35.2 | 15.4 | −4.6 | −5.9 | −2.9 |
| Lao P.D.R. | −17.0 | −15.6 | −14.3 | −24.9 | −26.7 | −18.3 | −16.5 | −10.6 | −9.6 | −10.9 | −4.8 |
| Malaysia | 15.0 | 10.1 | 10.9 | 5.2 | 3.5 | 4.4 | 3.0 | 2.4 | 2.4 | 2.2 | 1.8 |
| Maldives | −9.6 | −7.3 | −14.8 | −6.6 | −4.3 | −3.2 | −7.3 | −19.6 | −17.2 | −17.0 | −10.3 |
| Marshall Islands | −10.3 | −20.9 | 2.0 | 0.1 | −5.3 | 1.9 | 16.5 | 8.5 | 5.9 | 4.5 | −0.7 |
| Micronesia | −19.0 | −15.4 | −18.8 | −13.4 | −10.1 | 1.2 | 4.2 | 3.2 | 3.4 | 3.0 | 2.9 |
| Mongolia | −6.0 | −13.0 | −26.5 | −27.4 | −25.4 | −11.5 | −4.0 | −6.3 | −4.9 | −8.7 | −4.1 |
| Myanmar | −1.2 | −1.1 | −1.8 | −4.0 | −4.9 | −3.3 | −5.2 | −5.9 | −6.6 | −6.6 | −6.4 |
| Nauru | 63.8 | 46.3 | 26.1 | 38.1 | 18.8 | −13.5 | −9.5 | 1.7 | 0.7 | −1.3 | 2.1 |
| Nepal | 4.2 | −2.4 | −1.0 | 4.8 | 3.3 | 4.5 | 5.0 | 6.3 | −0.4 | −0.7 | −1.9 |
| Palau | −9.9 | −9.0 | −11.8 | −11.2 | −11.6 | −15.0 | −7.7 | −10.3 | −12.1 | −14.4 | −12.3 |
| Papua New Guinea | −8.3 | −20.4 | −24.0 | −36.1 | −31.3 | 2.9 | 19.8 | 20.1 | 18.6 | 17.3 | 16.5 |
| Philippines | 5.0 | 3.6 | 2.5 | 2.8 | 4.2 | 3.8 | 2.5 | 0.2 | −0.1 | −0.3 | −1.0 |
| Samoa | −4.9 | −7.0 | −4.3 | −6.3 | −0.4 | −8.1 | −3.0 | −6.1 | −5.7 | −5.0 | −4.0 |
| Solomon Islands | −21.9 | −32.9 | −8.3 | 1.7 | −3.4 | −4.3 | −3.0 | −3.9 | −5.0 | −5.0 | −6.0 |
| Sri Lanka | −0.4 | −1.9 | −7.1 | −5.8 | −3.4 | −2.5 | −2.4 | −2.4 | −2.5 | −2.3 | −2.0 |
| Thailand | 7.9 | 3.4 | 2.5 | −0.4 | −1.2 | 3.7 | 8.1 | 11.5 | 10.1 | 8.1 | 2.9 |
| Timor-Leste | 40.4 | 42.0 | 41.4 | 41.0 | 42.3 | 27.0 | 7.7 | −19.3 | −5.6 | −15.9 | −17.0 |
| Tonga | −19.7 | −19.0 | −16.8 | −12.3 | −8.3 | −10.7 | −14.7 | −12.8 | −13.5 | −13.6 | −11.4 |
| Tuvalu | 6.9 | −42.2 | −63.6 | −36.4 | −22.3 | −23.1 | −27.0 | −34.0 | −37.7 | −39.0 | −27.8 |
| Vanuatu | −7.9 | −5.4 | −8.1 | −6.5 | −3.3 | −0.3 | −10.5 | −3.7 | −14.4 | −13.6 | −4.7 |
| Vietnam | −6.5 | −3.8 | 0.2 | 6.0 | 4.5 | 4.9 | −0.1 | 4.1 | 1.3 | 1.4 | 0.0 |
| Emerging and Developing Europe | −3.4 | −5.0 | −6.3 | −4.4 | −3.6 | −2.9 | −2.0 | −1.8 | −2.4 | −2.5 | −2.8 |
| Albania | −15.9 | −11.3 | −13.2 | −10.1 | −9.3 | −10.8 | −8.6 | −7.6 | −9.2 | −8.2 | −6.2 |
| Bosnia and Herzegovina | −6.4 | −6.1 | −9.5 | −8.7 | −5.3 | −7.4 | −5.5 | −4.5 | −4.3 | −4.2 | −4.9 |
| Bulgaria | −8.3 | −1.7 | 0.3 | −0.9 | 1.3 | 0.1 | −0.1 | 4.2 | 2.5 | 1.9 | −0.4 |
| Croatia | −5.1 | −1.1 | −0.7 | 0.0 | 1.0 | 2.1 | 4.8 | 2.6 | 3.8 | 3.0 | 0.5 |
| Hungary | −0.8 | 0.3 | 0.7 | 1.8 | 3.8 | 2.1 | 3.4 | 5.5 | 4.8 | 4.2 | 1.4 |
| Kosovo | −9.2 | −11.6 | −12.7 | −5.8 | −3.6 | −7.0 | −8.5 | −9.8 | −11.0 | −11.3 | −10.0 |
| FYR Macedonia | −6.8 | −2.0 | −2.5 | −3.2 | −1.6 | −0.5 | −2.1 | −3.1 | −2.3 | −2.5 | −3.1 |
| Montenegro | −27.9 | −22.7 | −17.6 | −18.5 | −14.5 | −15.2 | −13.3 | −19.0 | −20.2 | −21.2 | −14.0 |
| Poland | −4.1 | −5.4 | −5.2 | −3.7 | −1.3 | −2.1 | −0.6 | −0.2 | −1.0 | −1.2 | −2.2 |
| Romania | −4.8 | −5.1 | −4.9 | −4.8 | −1.1 | −0.7 | −1.2 | −2.3 | −3.0 | −2.9 | −2.9 |
| Serbia | −6.2 | −6.4 | −8.6 | −11.5 | −6.1 | −6.0 | −4.7 | −4.0 | −4.0 | −3.9 | −3.7 |
| Turkey | −1.8 | −5.8 | −8.9 | −5.5 | −6.7 | −4.7 | −3.7 | −3.8 | −4.6 | −4.6 | −3.8 |
| Latin America and the Caribbean | −0.9 | −1.9 | −2.0 | −2.3 | −2.8 | −3.1 | −3.4 | −2.0 | −2.0 | −2.3 | −2.6 |
| Antigua and Barbuda | −13.8 | −14.5 | −10.3 | −14.8 | −15.1 | 2.0 | 6.8 | 0.2 | 1.4 | −0.8 | −0.1 |
| Argentina | 2.2 | −0.4 | −1.0 | −0.4 | −2.1 | −1.5 | −2.7 | −2.7 | −3.6 | −3.7 | −4.3 |
| The Bahamas | −10.3 | −10.1 | −14.1 | −17.1 | −16.9 | −21.9 | −13.6 | −12.9 | −17.8 | −14.0 | −7.1 |
| Barbados | −6.6 | −5.7 | −12.6 | −9.0 | −8.9 | −9.9 | −6.5 | −4.6 | −3.3 | −3.0 | −2.7 |
| Belize | −4.9 | −2.5 | −1.1 | −1.2 | −4.6 | −7.5 | −9.9 | −9.4 | −8.0 | −6.6 | −4.9 |
| Bolivia | 4.3 | 3.9 | 0.3 | 7.2 | 2.4 | 1.7 | −5.7 | −5.7 | −4.7 | −4.8 | −4.4 |
| Brazil | −1.6 | −3.4 | −2.9 | −3.0 | −3.0 | −4.2 | −3.3 | −1.3 | −1.4 | −1.8 | −2.0 |
| Chile | 1.9 | 1.4 | −1.7 | −4.0 | −4.1 | −1.7 | −1.9 | −1.4 | −2.3 | −2.8 | −3.5 |
| Colombia | −2.0 | −3.0 | −2.9 | −3.1 | −3.3 | −5.2 | −6.4 | −4.3 | −3.8 | −3.6 | −2.9 |
| Costa Rica | −1.8 | −3.2 | −5.3 | −5.1 | −4.8 | −4.9 | −4.3 | −3.2 | −3.9 | −4.0 | −4.1 |
| Dominica | −22.7 | −15.9 | −14.1 | −17.3 | −9.8 | −7.2 | −1.9 | 0.8 | −6.2 | −7.3 | 0.2 |
| Dominican Republic | −4.8 | −7.5 | −7.5 | −6.4 | −4.1 | −3.3 | −2.0 | −1.5 | −1.6 | −2.6 | −3.6 |
| Ecuador | 0.5 | −2.3 | −0.5 | −0.2 | −1.0 | −0.5 | −2.1 | 1.4 | −0.7 | −1.6 | −1.6 |
| El Salvador | −1.5 | −2.5 | −4.8 | −5.4 | −6.5 | −4.8 | −3.6 | −2.0 | −1.0 | −2.1 | −4.4 |
| Grenada | −24.3 | −23.7 | −23.6 | −21.1 | −23.2 | −4.4 | −3.8 | −3.2 | −7.1 | −6.3 | −5.0 |
| Guatemala | 0.7 | −1.4 | −3.4 | −2.6 | −2.5 | −2.1 | −0.3 | 1.0 | 0.5 | −0.2 | −2.5 |
| Guyana | −9.1 | −9.6 | −13.0 | −11.6 | −13.3 | −9.6 | −5.7 | 0.4 | −2.0 | −1.1 | 3.6 |
| Haiti | −1.9 | −1.5 | −4.3 | −5.7 | −6.6 | −8.5 | −3.1 | −0.9 | −1.1 | −0.9 | 0.3 |
| Honduras | −3.8 | −4.3 | −8.0 | −8.6 | −9.6 | −7.0 | −5.5 | −3.8 | −4.0 | −4.2 | −4.4 |
| Jamaica | −11.0 | −8.0 | −12.2 | −11.1 | −9.2 | −7.5 | −3.2 | −2.2 | −2.7 | −3.0 | −3.0 |
| Mexico | −1.0 | −0.5 | −1.1 | −1.3 | −2.5 | −1.8 | −2.5 | −2.2 | −1.7 | −2.0 | −2.2 |
| Nicaragua | −8.5 | −8.9 | −11.9 | −10.7 | −10.9 | −7.1 | −9.0 | −8.6 | −8.4 | −8.4 | −10.2 |
| Panama | −0.8 | −10.8 | −13.2 | −10.5 | −9.8 | −13.7 | −7.3 | −5.7 | −5.1 | −3.3 | −2.8 |
| Paraguay | 3.0 | −0.3 | 0.4 | −2.0 | 1.7 | −0.4 | −1.1 | 1.7 | 1.1 | 0.4 | 0.5 |
| Peru | −0.5 | −2.4 | −1.9 | −2.7 | −4.4 | −4.4 | −4.8 | −2.7 | −1.5 | −1.6 | −2.3 |
| St. Kitts and Nevis | −25.2 | −20.4 | −13.0 | −7.6 | −11.1 | −4.9 | −9.7 | −11.4 | −12.8 | −11.1 | −10.9 |
| St. Lucia | −10.8 | −14.7 | −16.9 | −12.2 | −9.8 | 3.3 | 6.8 | −1.9 | −0.5 | −3.6 | −0.2 |
| St. Vincent and the Grenadines | −29.2 | −30.6 | −29.4 | −27.6 | −30.9 | −25.7 | −14.9 | −15.8 | −14.7 | −13.6 | −11.3 |
| Suriname | 2.9 | 14.9 | 9.8 | 3.3 | −3.8 | −7.9 | −16.4 | −2.8 | 9.4 | 6.1 | 1.1 |
| Trinidad and Tobago | 8.6 | 18.8 | 16.8 | 13.1 | 20.5 | 15.1 | 3.9 | −11.3 | −9.0 | −8.4 | −7.0 |
| Uruguay | −1.2 | −1.8 | −2.7 | −5.1 | −5.0 | −4.5 | −2.1 | −0.1 | −0.4 | −0.8 | −1.5 |
| Venezuela | 0.2 | 1.9 | 4.9 | 0.8 | 2.0 | 2.3 | −6.6 | −1.6 | −0.4 | −1.3 | −1.6 |
| Middle East, North Africa, Afghanistan, and Pakistan | 1.5 | 6.2 | 12.8 | 12.4 | 9.7 | 5.5 | −3.7 | −4.1 | −1.9 | −1.6 | −0.1 |
| Afghanistan | 41.5 | 29.2 | 26.7 | 10.8 | 0.3 | 5.7 | 3.0 | 7.1 | 4.7 | 1.6 | −3.8 |
| Algeria | 0.3 | 7.5 | 9.9 | 5.9 | 0.4 | −4.4 | −16.5 | −16.5 | −13.0 | −10.8 | −6.7 |
| Bahrain | 2.4 | 3.0 | 8.8 | 8.4 | 7.4 | 4.6 | −2.4 | −4.7 | −4.6 | −4.2 | −3.1 |
| Djibouti | −6.6 | 2.8 | −13.1 | −18.8 | −23.3 | −25.1 | −31.8 | −30.4 | −21.0 | −18.2 | −17.3 |
| Egypt | −3.8 | −1.9 | −2.5 | −3.6 | −2.2 | −0.8 | −3.6 | −6.0 | −5.9 | −3.8 | −2.2 |
| Iran | 2.2 | 4.4 | 10.4 | 6.0 | 6.7 | 3.2 | 2.4 | 4.1 | 5.1 | 5.9 | 6.2 |
| Iraq | −11.5 | 1.6 | 10.9 | 5.1 | 1.1 | 2.6 | −6.5 | −8.7 | −6.3 | −6.7 | −0.6 |
| Jordan | −5.2 | −7.1 | −10.3 | −15.2 | −10.4 | −7.3 | −9.1 | −9.3 | −8.4 | −8.3 | −6.2 |
| Kuwait | 26.7 | 31.8 | 42.9 | 45.5 | 39.9 | 33.4 | 3.5 | −4.5 | −0.6 | −1.4 | −1.0 |
| Lebanon | −11.9 | −20.3 | −15.4 | −24.0 | −26.7 | −26.4 | −18.7 | −18.6 | −18.0 | −16.8 | −15.6 |
| Libya3 | 18.5 | 21.1 | 9.9 | 29.9 | 0.0 | −78.4 | −52.6 | −22.4 | 1.8 | 9.8 | −0.5 |
| Mauritania | −13.4 | −8.2 | −5.0 | −24.1 | −22.0 | −27.3 | −19.7 | −14.9 | −14.2 | −9.6 | −7.9 |
| Morocco | −5.4 | −4.4 | −7.6 | −9.3 | −7.6 | −5.9 | −2.1 | −4.4 | −4.0 | −2.9 | −1.0 |
| Oman | −1.0 | 8.3 | 13.0 | 10.1 | 6.6 | 5.8 | −15.5 | −18.6 | −14.3 | −13.2 | −6.1 |
| Pakistan | −5.5 | −2.2 | 0.1 | −2.1 | −1.1 | −1.3 | −1.0 | −1.7 | −4.0 | −4.9 | −3.0 |
| Qatar | 6.5 | 19.1 | 31.1 | 33.2 | 30.4 | 24.0 | 8.4 | −4.9 | 2.3 | 1.0 | 1.0 |
| Saudi Arabia | 4.9 | 12.7 | 23.6 | 22.4 | 18.1 | 9.8 | −8.7 | −4.3 | 0.6 | 0.4 | 1.6 |
| Somalia | … | … | … | … | −4.8 | −6.3 | −7.2 | −10.1 | −11.1 | −10.7 | −10.0 |
| Sudan4 | −9.6 | −2.1 | −0.4 | −9.3 | −8.7 | −7.1 | −8.0 | −5.6 | −1.9 | −2.0 | −1.5 |
| Syria5 | −2.9 | −2.8 | … | … | … | … | … | … | … | … | … |
| Tunisia | −2.8 | −4.8 | −7.4 | −8.3 | −8.4 | −9.1 | −8.9 | −9.0 | −8.7 | −8.4 | −6.2 |
| United Arab Emirates | 3.1 | 4.2 | 12.6 | 19.7 | 19.0 | 13.3 | 4.7 | 2.4 | 2.1 | 2.1 | 3.7 |
| Yemen | −10.1 | −3.4 | −3.0 | −1.7 | −3.1 | −1.7 | −5.5 | −5.6 | −2.3 | −2.4 | −3.2 |
| Sub-Saharan Africa | −2.4 | −0.8 | −0.8 | −1.8 | −2.4 | −3.9 | −6.1 | −4.2 | −3.4 | −3.6 | −4.1 |
| Angola | −10.0 | 9.1 | 12.6 | 12.0 | 6.7 | −3.0 | −10.0 | −5.1 | −4.8 | −4.5 | −4.1 |
| Benin | −8.3 | −8.2 | −7.3 | −7.4 | −7.4 | −8.6 | −8.4 | −7.2 | −8.7 | −7.1 | −6.2 |
| Botswana | −6.3 | −2.6 | 3.1 | 0.3 | 8.9 | 15.4 | 7.8 | 11.7 | 4.5 | 2.8 | 3.9 |
| Burkina Faso | −4.7 | −2.2 | −1.5 | −7.0 | −11.3 | −8.0 | −8.0 | −6.8 | −7.2 | −7.1 | −6.7 |
| Burundi | 1.7 | −12.2 | −14.4 | −18.6 | −19.3 | −18.5 | −17.7 | −13.1 | −12.4 | −11.8 | −9.5 |
| Cabo Verde | −14.6 | −12.4 | −16.3 | −12.6 | −4.9 | −9.1 | −5.0 | −3.7 | −6.1 | −6.0 | −5.4 |
| Cameroon | −3.5 | −2.8 | −3.0 | −3.6 | −3.9 | −4.3 | −4.1 | −3.6 | −3.6 | −3.5 | −1.7 |
| Central African Republic | −9.1 | −10.2 | −7.6 | −4.6 | −3.0 | −5.6 | −9.0 | −9.1 | −9.7 | −6.5 | −5.1 |
| Chad | −8.2 | −8.5 | −5.8 | −7.8 | −9.1 | −8.9 | −12.3 | −9.2 | −2.0 | −2.8 | −3.1 |
| Comoros | −6.9 | −0.2 | −4.9 | −7.3 | −8.3 | −8.0 | 0.4 | −10.1 | −9.5 | −11.3 | −13.1 |
| Democratic Republic of the Congo | −6.1 | −10.5 | −5.2 | −4.6 | −5.2 | −4.8 | −3.9 | −3.4 | −4.6 | −2.1 | −2.0 |
| Republic of Congo | −14.1 | 7.8 | −3.2 | 17.7 | 1.7 | −11.6 | −42.9 | −70.1 | −15.9 | 2.5 | −5.0 |
| Côte d’Ivoire | 6.6 | 1.9 | 10.4 | −1.2 | −1.4 | 1.4 | −0.6 | −1.1 | −2.9 | −2.8 | −2.5 |
| Equatorial Guinea | −9.7 | −20.2 | −5.7 | −1.1 | −2.5 | −4.3 | −17.7 | −10.5 | −8.0 | −7.4 | −4.7 |
| Eritrea | −7.6 | −5.6 | 0.6 | 2.3 | −0.1 | 0.6 | −2.2 | −0.1 | 0.7 | 0.3 | −1.2 |
| Ethiopia | −6.7 | −1.4 | −2.5 | −6.9 | −5.9 | −6.4 | −11.6 | −9.9 | −8.3 | −7.4 | −6.4 |
| Gabon | 4.4 | 14.9 | 21.0 | 17.6 | 7.0 | 7.3 | −5.7 | −10.2 | −9.3 | −6.7 | 1.5 |
| The Gambia | −12.5 | −0.7 | −12.3 | −7.9 | −10.2 | −10.8 | −15.0 | −8.9 | −9.4 | −12.0 | −12.0 |
| Ghana | −5.5 | −8.6 | −9.0 | −11.7 | −11.9 | −9.5 | −7.7 | −6.7 | −5.8 | −5.4 | −4.3 |
| Guinea | −5.7 | −6.4 | −18.4 | −20.0 | −12.5 | −13.4 | −15.4 | −31.9 | −25.0 | −21.4 | −11.8 |
| Guinea-Bissau | −5.8 | −8.3 | −1.3 | −8.4 | −5.0 | 0.6 | 2.0 | 0.9 | 0.1 | −0.6 | −1.2 |
| Kenya | −4.4 | −5.9 | −9.2 | −8.4 | −8.8 | −10.4 | −6.8 | −5.2 | −6.1 | −7.0 | −7.3 |
| Lesotho | 1.5 | −8.4 | −12.9 | −8.2 | −5.5 | −5.2 | −4.8 | −7.7 | −8.5 | −9.4 | −13.2 |
| Liberia | −23.2 | −32.0 | −27.4 | −21.5 | −30.1 | −26.9 | −35.2 | −24.7 | −26.7 | −31.3 | −22.4 |
| Madagascar | −21.1 | −9.7 | −6.9 | −6.9 | −5.9 | −0.3 | −1.9 | 0.8 | −4.7 | −5.3 | −4.0 |
| Malawi | −10.2 | −8.6 | −8.6 | −9.3 | −8.4 | −8.4 | −9.5 | −13.5 | −9.1 | −8.1 | −7.4 |
| Mali | −10.8 | −10.7 | −5.1 | −2.2 | −2.9 | −4.7 | −5.3 | −7.1 | −7.0 | −5.6 | −5.7 |
| Mauritius | −7.4 | −10.3 | −13.8 | −7.3 | −6.3 | −5.7 | −4.9 | −4.4 | −5.8 | −6.2 | −0.3 |
| Mozambique | −10.9 | −16.1 | −25.3 | −44.7 | −42.9 | −38.2 | −40.3 | −38.2 | −25.6 | −45.8 | −114.1 |
| Namibia | −1.5 | −3.5 | −3.0 | −5.7 | −4.0 | −10.8 | −12.6 | −14.0 | −7.3 | −6.6 | −6.0 |
| Niger | −24.4 | −19.8 | −22.3 | −14.7 | −15.0 | −15.4 | −18.0 | −15.5 | −18.6 | −18.3 | −14.1 |
| Nigeria | 4.7 | 3.6 | 2.6 | 3.8 | 3.7 | 0.2 | −3.2 | 0.7 | 1.9 | 1.0 | 0.7 |
| Rwanda | −7.0 | −7.2 | −7.4 | −11.2 | −8.7 | −11.8 | −13.4 | −14.4 | −10.2 | −11.2 | −8.0 |
| São Tomé and Príncipe | −24.7 | −22.9 | −27.7 | −21.9 | −13.8 | −21.9 | −13.0 | −6.2 | −10.2 | −9.9 | −7.8 |
| Senegal | −6.7 | −4.4 | −8.0 | −10.9 | −10.5 | −9.0 | −7.5 | −5.3 | −5.1 | −5.2 | −5.7 |
| Seychelles | −14.8 | −19.4 | −23.0 | −21.1 | −11.9 | −23.1 | −18.6 | −18.4 | −15.6 | −14.6 | −14.4 |
| Sierra Leone | −13.3 | −22.7 | −65.0 | −31.8 | −17.5 | −18.2 | −17.4 | −19.7 | −21.1 | −18.5 | −15.1 |
| South Africa | −2.7 | −1.5 | −2.2 | −5.1 | −5.9 | −5.3 | −4.4 | −3.3 | −2.9 | −3.3 | −3.8 |
| South Sudan | … | … | 18.2 | −15.9 | −3.9 | −1.6 | −7.2 | 4.7 | 1.7 | −12.7 | −4.5 |
| Swaziland | −11.2 | −8.6 | −6.9 | 3.3 | 5.3 | 3.4 | 10.8 | 0.7 | −1.1 | 0.2 | 1.3 |
| Tanzania | −7.6 | −7.7 | −10.8 | −11.6 | −10.6 | −10.1 | −8.5 | −5.6 | −5.6 | −6.5 | −6.7 |
| Togo | −5.6 | −6.3 | −8.0 | −7.5 | −13.2 | −9.9 | −11.1 | −9.7 | −8.3 | −7.3 | −4.3 |
| Uganda | −5.7 | −8.0 | −10.0 | −6.8 | −7.0 | −8.5 | −7.1 | −4.3 | −5.6 | −7.2 | −3.6 |
| Zambia | 6.0 | 7.5 | 4.7 | 5.4 | −0.6 | 2.1 | −3.9 | −4.4 | −3.6 | −2.8 | −0.4 |
| Zimbabwe6 | −13.7 | −12.5 | −20.1 | −12.9 | −15.6 | −15.1 | −9.3 | −4.1 | −3.6 | −0.8 | −1.9 |
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
Starting in 2014 data exclude Crimea and Sevastopol.
See country-specific notes for Libya in the “Country Notes” section of the Statistical Appendix.
Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
Data for Syria are excluded for 2011 onward owing to the uncertain political situation.
The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in US dollars. IMF staff estimates of US dollar values may differ from authorities’ estimates.
Summary of Financial Account Balances
(Billions of US dollars)
| Projections | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||
| Advanced Economies | |||||||||||||
| Financial Account Balance | 12.8 | −96.7 | −210.1 | −122.3 | 235.8 | 380.5 | 440.8 | 470.5 | 389.0 | 367.2 | |||
| Direct Investment, Net | 303.6 | 341.0 | 358.7 | 112.4 | 165.9 | 167.3 | 74.4 | −180.7 | 204.7 | 152.7 | |||
| Portfolio Investment, Net | −376.4 | −745.2 | −900.7 | −201.8 | −360.8 | −152.2 | −20.0 | 428.9 | 272.0 | 179.6 | |||
| Financial Derivatives, Net | −94.1 | −118.2 | 0.7 | −92.2 | 33.5 | −34.5 | −24.2 | 67.5 | 17.1 | 26.4 | |||
| Other Investment, Net | −287.2 | 63.9 | −44.8 | −215.1 | 245.1 | 263.9 | 183.5 | 55.7 | −235.9 | −62.6 | |||
| Change in Reserves | 469.6 | 352.9 | 349.8 | 273.2 | 153.1 | 134.9 | 226.6 | 97.8 | 128.9 | 72.9 | |||
| United States | |||||||||||||
| Financial Account Balance | −239.4 | −446.4 | −525.6 | −448.9 | −404.0 | −326.8 | −333.2 | −377.7 | −460.6 | −528.7 | |||
| Direct Investment, Net | 151.5 | 85.8 | 173.1 | 126.9 | 104.7 | 101.2 | −195.0 | −167.8 | −17.2 | −109.6 | |||
| Portfolio Investment, Net | 18.5 | −620.8 | −226.3 | −498.3 | −30.7 | −120.8 | −53.6 | −196.7 | −319.6 | −421.5 | |||
| Financial Derivatives, Net | −44.8 | −14.1 | −35.0 | 7.1 | 2.2 | −54.3 | −25.2 | 15.8 | −16.2 | −23.8 | |||
| Other Investment, Net | −416.9 | 100.9 | −453.4 | −89.0 | −477.1 | −249.4 | −53.0 | −31.0 | −107.4 | 26.2 | |||
| Change in Reserves | 52.3 | 1.8 | 15.9 | 4.5 | −3.1 | −3.6 | −6.3 | 2.1 | −0.2 | 0.0 | |||
| Euro Area | |||||||||||||
| Financial Account Balance | 31.6 | −20.1 | −66.0 | 179.3 | 437.3 | 336.2 | 332.4 | 396.4 | … | … | |||
| Direct Investment, Net | 41.6 | 84.3 | 130.3 | 58.2 | 36.8 | 81.3 | 263.1 | 199.9 | … | … | |||
| Portfolio Investment, Net | −347.0 | −66.8 | −349.6 | −177.3 | −169.6 | 43.7 | 135.5 | 526.4 | … | … | |||
| Financial Derivatives, Net | 15.7 | −4.4 | 5.5 | 38.9 | 42.1 | 60.8 | 100.3 | 25.0 | … | … | |||
| Other Investment, Net | 262.9 | −46.9 | 133.5 | 240.6 | 521.8 | 144.6 | −178.2 | −372.0 | … | … | |||
| Change in Reserves | 58.4 | 13.7 | 14.3 | 19.0 | 6.2 | 5.8 | 11.7 | 17.1 | … | … | |||
| Germany | |||||||||||||
| Financial Account Balance | 184.4 | 123.7 | 167.7 | 194.3 | 300.0 | 316.3 | 259.6 | 260.5 | 296.0 | 304.3 | |||
| Direct Investment, Net | 43.0 | 60.6 | 10.3 | 33.6 | 26.0 | 96.6 | 59.9 | 23.8 | 60.1 | 53.8 | |||
| Portfolio Investment, Net | 119.2 | 154.1 | −51.4 | 66.8 | 209.6 | 175.0 | 217.9 | 230.4 | 224.4 | 251.0 | |||
| Financial Derivatives, Net | −7.5 | 17.6 | 39.8 | 30.9 | 31.8 | 42.3 | 29.2 | 36.1 | 38.0 | 38.5 | |||
| Other Investment, Net | 17.4 | −110.7 | 165.1 | 61.1 | 31.4 | 5.6 | −45.0 | −31.7 | −26.5 | −39.0 | |||
| Change in Reserves | 12.4 | 2.1 | 3.9 | 1.7 | 1.2 | −3.3 | −2.4 | 1.9 | 0.0 | 0.0 | |||
| France | |||||||||||||
| Financial Account Balance | −30.7 | −34.2 | −74.6 | −48.0 | −19.2 | −10.3 | −13.5 | −22.7 | −26.9 | −19.3 | |||
| Direct Investment, Net | 70.3 | 34.3 | 19.8 | 19.4 | −13.9 | 47.2 | −2.6 | 1.4 | 5.6 | 10.1 | |||
| Portfolio Investment, Net | −328.7 | −155.0 | −333.7 | −50.6 | −79.3 | −23.8 | 51.5 | 40.7 | 29.6 | 31.1 | |||
| Financial Derivatives, Net | 23.6 | −34.8 | −19.4 | −18.4 | −22.3 | −31.8 | 12.0 | 15.1 | 19.3 | 24.3 | |||
| Other Investment, Net | 212.0 | 105.1 | 240.3 | −3.6 | 98.2 | −2.9 | −82.4 | −82.1 | −83.7 | −87.3 | |||
| Change in Reserves | −5.5 | 7.7 | −7.7 | 5.2 | −1.9 | 1.0 | 8.0 | 2.2 | 2.3 | 2.5 | |||
| Italy | |||||||||||||
| Financial Account Balance | −51.8 | −111.2 | −89.6 | −13.1 | 16.9 | 58.2 | 30.4 | 70.7 | 50.9 | 47.5 | |||
| Direct Investment, Net | −0.2 | 21.3 | 17.2 | 6.8 | 0.9 | 3.1 | 3.0 | −6.2 | 3.1 | 10.6 | |||
| Portfolio Investment, Net | −53.1 | 58.4 | 15.9 | −31.3 | −17.5 | −4.7 | 99.3 | 170.3 | 42.9 | 40.7 | |||
| Financial Derivatives, Net | −6.9 | 6.6 | −10.1 | 7.5 | 4.0 | −4.8 | 3.7 | 3.5 | 3.4 | 2.5 | |||
| Other Investment, Net | −0.4 | −198.9 | −113.9 | 2.1 | 27.5 | 65.9 | −76.2 | −95.7 | 1.4 | −6.3 | |||
| Change in Reserves | 8.8 | 1.4 | 1.3 | 1.9 | 2.0 | −1.3 | 0.6 | −1.3 | 0.0 | 0.0 | |||
| Spain | |||||||||||||
| Financial Account Balance | −72.8 | −58.9 | −43.4 | 0.5 | 41.6 | 14.0 | 24.8 | 29.6 | 29.9 | 34.4 | |||
| Direct Investment, Net | 2.7 | −1.9 | 12.8 | −27.2 | −24.6 | 10.7 | 32.6 | 23.5 | 24.1 | 25.3 | |||
| Portfolio Investment, Net | −69.6 | −46.6 | 43.1 | 53.7 | −83.6 | −13.5 | 11.2 | 52.3 | −17.2 | −15.7 | |||
| Financial Derivatives, Net | 8.4 | −11.4 | 2.9 | −10.7 | 1.4 | 0.2 | −1.4 | −3.2 | 0.0 | 0.0 | |||
| Other Investment, Net | −20.4 | 0.0 | −116.2 | −18.2 | 147.8 | 11.6 | −23.3 | −52.1 | 23.0 | 24.8 | |||
| Change in Reserves | 6.0 | 1.1 | 13.9 | 2.8 | 0.7 | 5.1 | 5.6 | 9.1 | 0.0 | 0.0 | |||
| Japan | |||||||||||||
| Financial Account Balance | 168.8 | 247.3 | 158.4 | 53.9 | −4.3 | 58.9 | 178.6 | 266.7 | 171.6 | 187.7 | |||
| Direct Investment, Net | 61.2 | 72.5 | 117.8 | 117.5 | 144.7 | 118.6 | 131.0 | 134.6 | 121.7 | 126.0 | |||
| Portfolio Investment, Net | 211.7 | 147.9 | −162.9 | 28.8 | −280.6 | −42.2 | 131.5 | 282.2 | 198.0 | 191.0 | |||
| Financial Derivatives, Net | −10.5 | −11.9 | −17.1 | 6.7 | 58.1 | 34.0 | 17.7 | −16.7 | −8.2 | −8.5 | |||
| Other Investment, Net | −120.9 | −5.5 | 43.4 | −61.1 | 34.8 | −60.1 | −106.7 | −127.7 | −149.9 | −131.2 | |||
| Change in Reserves | 27.2 | 44.3 | 177.3 | −37.9 | 38.7 | 8.5 | 5.1 | −5.7 | 10.0 | 10.5 | |||
| United Kingdom | |||||||||||||
| Financial Account Balance | −45.4 | −46.8 | −37.6 | −83.7 | −122.9 | −129.5 | −102.7 | −147.3 | −92.9 | −88.4 | |||
| Direct Investment, Net | −61.0 | −10.1 | 53.4 | −34.9 | −11.2 | −193.4 | −115.2 | −267.5 | 5.1 | 0.0 | |||
| Portfolio Investment, Net | −48.5 | 21.3 | 11.4 | 338.3 | −86.8 | −204.4 | −415.8 | −256.1 | 0.0 | 0.0 | |||
| Financial Derivatives, Net | −45.5 | −39.4 | 4.8 | −58.6 | 18.1 | −1.0 | −48.6 | 35.9 | −8.0 | −0.2 | |||
| Other Investment, Net | 100.6 | −28.0 | −115.1 | −340.6 | −50.7 | 257.5 | 444.7 | 331.5 | −102.1 | −100.9 | |||
| Change in Reserves | 9.0 | 9.4 | 7.9 | 12.1 | 7.8 | 11.7 | 32.2 | 8.8 | 12.1 | 12.6 | |||
| Canada | |||||||||||||
| Financial Account Balance | −41.6 | −58.3 | −49.4 | −62.7 | −56.9 | −43.5 | −53.4 | −47.8 | −55.6 | −51.2 | |||
| Direct Investment, Net | 16.9 | 6.3 | 12.5 | 12.8 | −12.0 | 1.4 | 25.5 | 35.3 | 10.5 | 11.5 | |||
| Portfolio Investment, Net | −91.0 | −109.9 | −104.3 | −63.8 | −27.1 | −26.2 | −35.8 | −114.6 | −47.3 | −53.3 | |||
| Financial Derivatives, Net | … | … | … | … | … | … | … | … | … | … | |||
| Other Investment, Net | 22.3 | 41.4 | 34.3 | −13.4 | −22.5 | −24.0 | −51.6 | 25.9 | −18.7 | −9.3 | |||
| Change in Reserves | 10.2 | 3.9 | 8.1 | 1.7 | 4.7 | 5.3 | 8.5 | 5.6 | 0.0 | 0.0 | |||
| Other Advanced Economies1 | |||||||||||||
| Financial Account Balance | 149.9 | 286.5 | 287.5 | 248.5 | 372.4 | 368.8 | 371.2 | 345.1 | 364.0 | 357.0 | |||
| Direct Investment, Net | 21.9 | 93.9 | −6.7 | −35.1 | 25.5 | −9.8 | −85.5 | −55.4 | −91.8 | −82.5 | |||
| Portfolio Investment, Net | −108.0 | −51.4 | 38.9 | 138.8 | 130.9 | 185.4 | 318.3 | 246.4 | 235.9 | 239.1 | |||
| Financial Derivatives, Net | 17.7 | −17.9 | 41.1 | −28.8 | −28.7 | −21.9 | −17.4 | −0.2 | −14.5 | −14.0 | |||
| Other Investment, Net | −114.0 | −17.3 | 89.3 | −101.8 | 144.2 | 108.1 | −21.7 | 83.7 | 128.7 | 170.1 | |||
| Change in Reserves | 332.5 | 279.3 | 125.1 | 274.7 | 101.3 | 106.3 | 175.9 | 69.7 | 103.5 | 46.1 | |||
| Emerging Market and Developing Economies | |||||||||||||
| Financial Account Balance | 66.4 | 135.7 | 240.4 | 118.7 | 24.1 | 18.9 | −266.9 | −419.9 | −128.6 | −137.5 | |||
| Direct Investment, Net | −326.4 | −452.7 | −531.6 | −484.3 | −482.8 | −412.0 | −341.0 | −272.6 | −217.5 | −189.8 | |||
| Portfolio Investment, Net | −85.9 | −224.4 | −149.9 | −241.0 | −160.1 | −115.4 | 112.3 | −10.0 | −71.0 | −19.0 | |||
| Financial Derivatives, Net | … | … | … | … | … | … | … | … | … | … | |||
| Other Investment, Net | −44.3 | −23.8 | 169.2 | 411.7 | 79.8 | 409.4 | 472.5 | 353.0 | 283.6 | 44.3 | |||
| Change in Reserves | 524.4 | 835.6 | 748.0 | 431.0 | 589.5 | 128.4 | −515.8 | −479.6 | −112.0 | 39.1 | |||
| Regional Groups | ||||||||||||
| Commonwealth of Independent States2 | ||||||||||||
| Financial Account Balance | 28.7 | 75.5 | 100.7 | 50.1 | −8.4 | 12.0 | 54.2 | 0.6 | 22.2 | 30.1 | ||
| Direct Investment, Net | −15.5 | −8.5 | −15.2 | −27.6 | −3.7 | 19.2 | 0.5 | −36.0 | −9.6 | −4.0 | ||
| Portfolio Investment, Net | −6.1 | −14.2 | 17.9 | 3.5 | −0.2 | 28.8 | 12.0 | −2.1 | −5.8 | −1.9 | ||
| Financial Derivatives, Net | … | … | … | … | … | … | … | … | … | … | ||
| Other Investment, Net | 36.4 | 36.0 | 64.3 | 42.6 | 17.6 | 72.8 | 41.3 | 28.0 | 12.4 | 6.2 | ||
| Change in Reserves | 10.6 | 60.5 | 31.9 | 30.1 | −22.5 | −114.1 | −6.9 | 10.2 | 24.8 | 29.5 | ||
| Emerging and Developing Asia | ||||||||||||
| Financial Account Balance | 214.2 | 148.4 | 65.2 | 9.7 | 32.9 | 147.6 | 86.7 | −26.0 | 161.7 | 131.8 | ||
| Direct Investment, Net | −114.6 | −225.0 | −277.3 | −221.9 | −273.2 | −205.2 | −141.1 | −21.9 | 7.5 | 44.3 | ||
| Portfolio Investment, Net | −67.0 | −91.3 | −58.0 | −115.6 | −64.7 | −123.9 | 82.7 | 41.5 | 27.1 | 41.7 | ||
| Financial Derivatives, Net | … | 0.2 | −0.3 | 1.5 | −2.0 | 0.4 | −1.5 | −10.2 | −10.8 | −11.3 | ||
| Other Investment, Net | −63.2 | −97.5 | −28.7 | 207.1 | −78.4 | 281.0 | 462.5 | 345.0 | 234.3 | 54.6 | ||
| Change in Reserves | 461.6 | 563.0 | 431.3 | 139.4 | 450.7 | 195.1 | −316.1 | −380.3 | −95.9 | 2.9 | ||
| Emerging and Developing Europe | ||||||||||||
| Financial Account Balance | −51.4 | −89.1 | −107.1 | −65.4 | −61.7 | −42.5 | −8.8 | −13.0 | −39.9 | −36.9 | ||
| Direct Investment, Net | −30.6 | −26.7 | −39.8 | −27.5 | −25.8 | −32.5 | −34.0 | −28.0 | −27.0 | −32.2 | ||
| Portfolio Investment, Net | −10.1 | −45.8 | −53.5 | −70.0 | −40.0 | −19.3 | 24.7 | −5.0 | −34.0 | −14.1 | ||
| Financial Derivatives, Net | 0.9 | 0.0 | 1.6 | −2.9 | −1.4 | 0.3 | −1.7 | 0.1 | 0.0 | 0.1 | ||
| Other Investment, Net | −42.5 | −52.5 | −30.1 | 7.3 | −13.0 | 9.2 | 12.6 | −3.6 | 9.4 | −4.6 | ||
| Change in Reserves | 31.0 | 35.9 | 14.6 | 27.8 | 18.5 | −0.2 | −10.4 | 23.6 | 11.7 | 14.0 | ||
| Latin America and the Caribbean | ||||||||||||
| Financial Account Balance | −36.0 | −119.9 | −127.7 | −148.9 | −192.7 | −201.8 | −189.2 | −108.4 | −112.4 | −124.9 | ||
| Direct Investment, Net | −73.5 | −112.3 | −148.0 | −154.2 | −150.2 | −137.6 | −133.6 | −140.2 | −127.6 | −129.5 | ||
| Portfolio Investment, Net | −26.0 | −96.8 | −110.5 | −87.6 | −103.3 | −110.0 | −60.0 | −50.9 | −51.7 | −44.0 | ||
| Financial Derivatives, Net | −2.5 | 0.6 | 5.5 | 2.3 | 1.4 | 4.4 | 1.5 | −1.3 | −0.5 | −0.4 | ||
| Other Investment, Net | 11.6 | −2.0 | 15.6 | 31.6 | 47.4 | 2.3 | 32.0 | 64.0 | 54.5 | 34.0 | ||
| Change in Reserves | 54.4 | 90.7 | 109.8 | 59.0 | 11.9 | 39.2 | −29.2 | 19.9 | 12.8 | 15.0 | ||
| Middle East, North Africa, Afghanistan, and Pakistan | ||||||||||||
| Financial Account Balance | −41.5 | 121.8 | 319.2 | 286.4 | 308.0 | 180.6 | −130.4 | −204.6 | −107.7 | −81.8 | ||
| Direct Investment, Net | −63.6 | −48.9 | −21.6 | −25.6 | −8.8 | −28.8 | −2.5 | −9.5 | −20.8 | −22.4 | ||
| Portfolio Investment, Net | 31.7 | 24.1 | 73.3 | 57.1 | 70.4 | 131.0 | 67.8 | 20.1 | 9.3 | 7.7 | ||
| Financial Derivatives, Net | … | … | … | … | … | … | … | … | … | … | ||
| Other Investment, Net | 16.1 | 60.5 | 129.4 | 100.3 | 118.0 | 62.0 | −56.9 | −72.5 | −30.5 | −41.6 | ||
| Change in Reserves | −25.7 | 86.1 | 138.1 | 154.7 | 128.2 | 16.0 | −139.2 | −143.1 | −66.0 | −25.9 | ||
| Sub-Saharan Africa | ||||||||||||
| Financial Account Balance | −47.6 | −1.0 | −9.9 | −13.2 | −54.0 | −77.1 | −79.3 | −68.5 | −52.5 | −55.8 | ||
| Direct Investment, Net | −28.5 | −31.2 | −29.7 | −27.4 | −21.0 | −27.0 | −30.3 | −37.0 | −39.9 | −46.0 | ||
| Portfolio Investment, Net | −8.5 | −0.4 | −19.2 | −28.4 | −22.3 | −22.1 | −15.0 | −13.7 | −15.9 | −8.3 | ||
| Financial Derivatives, Net | −0.2 | −0.2 | −1.7 | −1.7 | −0.8 | −1.5 | −0.4 | 0.9 | 0.0 | 0.0 | ||
| Other Investment, Net | −2.7 | 31.6 | 18.8 | 22.8 | −11.8 | −18.0 | −19.0 | −7.9 | 3.5 | −4.3 | ||
| Change in Reserves | −7.6 | −0.5 | 22.2 | 19.8 | 2.7 | −7.7 | −14.0 | −9.9 | 0.6 | 3.6 | ||
| Analytical Groups | |||||||||||||||
| By Source of Export Earnings | |||||||||||||||
| Fuel | |||||||||||||||
| Financial Account Balance | 17.3 | 257.2 | 516.6 | 453.6 | 366.7 | 224.0 | −79.3 | −163.2 | −43.8 | −10.0 | |||||
| Direct Investment, Net | −53.7 | −25.6 | −21.1 | −25.7 | 13.0 | 10.6 | 7.9 | −26.1 | −14.3 | −8.7 | |||||
| Portfolio Investment, Net | 11.0 | 20.3 | 87.0 | 47.2 | 78.1 | 162.4 | 80.1 | 19.0 | 12.2 | 15.7 | |||||
| Financial Derivatives, Net | |||||||||||||||
| Other Investment, Net | 104.9 | 146.5 | 254.5 | 196.0 | 175.4 | 152.8 | 15.4 | 4.7 | 8.6 | −8.2 | |||||
| Change in Reserves | −48.1 | 114.2 | 194.9 | 234.7 | 99.8 | −107.1 | −190.0 | −161.2 | −50.7 | −9.0 | |||||
| Nonfuel | |||||||||||||||
| Financial Account Balance | 51.5 | −119.9 | −276.2 | −335.0 | −342.7 | −205.1 | −187.6 | −256.7 | −84.8 | −127.6 | |||||
| Direct Investment, Net | −270.1 | −424.8 | −510.5 | −458.6 | −495.7 | −422.6 | −348.9 | −246.5 | −203.2 | −181.0 | |||||
| Portfolio Investment, Net | −97.1 | −244.7 | −236.9 | −288.1 | −238.2 | −277.8 | 32.1 | −29.0 | −83.3 | −34.7 | |||||
| Financial Derivatives, Net | 0.5 | 5.8 | −1.0 | −2.7 | 3.6 | −2.0 | −10.5 | −11.3 | −11.7 | ||||||
| Other Investment, Net | −149.3 | −170.0 | −85.3 | 215.7 | −95.6 | 256.6 | 457.2 | 348.4 | 275.0 | 52.5 | |||||
| Change in Reserves | 572.8 | 720.4 | 553.1 | 196.2 | 489.7 | 235.5 | −325.8 | −318.4 | −61.3 | 48.1 | |||||
| By External Financing Source | |||||||||||||||
| Net Debtor Economies | |||||||||||||||
| Financial Account Balance | −187.7 | −287.9 | −392.2 | −427.8 | −430.5 | −375.8 | −282.7 | −225.4 | −235.8 | −265.6 | |||||
| Direct Investment, Net | −196.3 | −222.9 | −283.7 | −283.0 | −281.3 | −289.0 | −281.8 | −297.2 | −287.7 | −311.6 | |||||
| Portfolio Investment, Net | −61.4 | −212.2 | −182.8 | −202.3 | −179.2 | −198.4 | −40.3 | −52.7 | −103.6 | −61.7 | |||||
| Financial Derivatives, Net | |||||||||||||||
| Other Investment, Net | −73.8 | −86.0 | −63.5 | −51.3 | −28.3 | −10.7 | 38.4 | 41.4 | 70.3 | 35.8 | |||||
| Change in Reserves | 149.1 | 233.5 | 135.1 | 109.7 | 60.2 | 117.3 | 2.8 | 95.5 | 97.1 | 84.4 | |||||
| Net Debtor Economies by | |||||||||||||||
| Debt-Servicing Experience | |||||||||||||||
| Economies with Arrears and/or | |||||||||||||||
| Rescheduling during 2012-16 | |||||||||||||||
| Financial Account Balance | −19.9 | −11.7 | −25.2 | −47.4 | −49.5 | −27.7 | −39.4 | −50.3 | −31.1 | −28.6 | |||||
| Direct Investment, Net | −20.7 | −21.6 | −22.5 | −25.8 | −25.0 | −18.2 | −25.4 | −25.5 | −23.2 | −26.5 | |||||
| Portfolio Investment, Net | 14.1 | −11.2 | 1.0 | −1.4 | −10.1 | −0.4 | 1.7 | −0.9 | −14.1 | −7.2 | |||||
| Financial Derivatives, Net | |||||||||||||||
| Other Investment, Net | 0.1 | 9.1 | 6.9 | −0.7 | −11.7 | 1.8 | −20.9 | −21.9 | 4.3 | −6.7 | |||||
| Change in Reserves | −13.1 | 12.2 | −10.2 | −21.4 | −2.1 | −10.5 | 5.4 | −1.5 | 2.2 | 12.3 | |||||
| Memorandum | |||||||||||||||
| World | |||||||||||||||
| Financial Account Balance | 79.1 | 38.9 | 30.3 | −3.7 | 259.9 | 399.4 | 174.0 | 50.6 | 260.4 | 229.7 | |||||
Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
Summary of Net Lending and Borrowing
(Percent of GDP)
| Projections | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Averages | Average | ||||||||||||||
| 1999–2008 | 2003-10 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019-22 | |||||
| Advanced Economies | |||||||||||||||
| Net Lending and Borrowing | −0.8 | −0.7 | 0.0 | 0.1 | 0.5 | 0.5 | 0.6 | 0.7 | 0.8 | 0.7 | 0.7 | ||||
| Current Account Balance | −0.8 | −0.7 | −0.1 | 0.1 | 0.5 | 0.5 | 0.7 | 0.8 | 0.8 | 0.7 | 0.7 | ||||
| Savings | 22.4 | 21.5 | 21.0 | 21.4 | 21.6 | 22.2 | 22.5 | 22.0 | 22.0 | 22.0 | 22.3 | ||||
| Investment | 23.0 | 22.2 | 21.1 | 21.0 | 20.9 | 21.2 | 21.2 | 20.9 | 21.1 | 21.3 | 21.6 | ||||
| Capital Account Balance | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | −0.1 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| United States | |||||||||||||||
| Net Lending and Borrowing | −4.5 | −4.5 | −2.9 | −2.6 | −2.1 | −2.1 | −2.4 | −2.4 | −2.4 | −2.6 | −2.6 | ||||
| Current Account Balance | −4.5 | −4.5 | −2.9 | −2.6 | −2.1 | −2.1 | −2.4 | −2.4 | −2.4 | −2.6 | −2.6 | ||||
| Savings | 18.3 | 16.7 | 15.7 | 17.7 | 18.3 | 19.3 | 19.4 | 18.0 | 17.5 | 17.4 | 17.7 | ||||
| Investment | 22.4 | 21.2 | 18.5 | 19.4 | 19.8 | 20.1 | 20.4 | 19.7 | 19.8 | 20.0 | 20.3 | ||||
| Capital Account Balance | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Euro Area | |||||||||||||||
| Net Lending and Borrowing | −0.1 | 0.1 | 0.1 | 1.5 | 2.4 | 2.6 | 3.1 | 3.4 | … | … | … | ||||
| Current Account Balance | −0.2 | −0.1 | 0.0 | 1.4 | 2.2 | 2.5 | 3.2 | 3.5 | 3.1 | 3.0 | 2.8 | ||||
| Savings | 23.1 | 22.6 | 22.4 | 22.3 | 22.4 | 22.9 | 23.7 | 23.8 | 24.2 | 24.3 | 24.6 | ||||
| Investment | 22.8 | 22.3 | 21.5 | 20.1 | 19.6 | 19.9 | 20.0 | 20.3 | 20.6 | 20.8 | 21.3 | ||||
| Capital Account Balance | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | −0.1 | 0.0 | … | … | … | ||||
| Germany | |||||||||||||||
| Net Lending and Borrowing | 2.7 | 5.0 | 6.1 | 7.0 | 6.7 | 7.5 | 8.5 | 8.4 | 8.1 | 7.7 | 7.1 | ||||
| Current Account Balance | 2.7 | 5.0 | 6.1 | 7.0 | 6.7 | 7.4 | 8.5 | 8.3 | 8.1 | 7.7 | 7.1 | ||||
| Savings | 23.5 | 24.6 | 27.2 | 26.3 | 26.2 | 27.0 | 27.7 | 27.5 | 27.6 | 27.3 | 27.2 | ||||
| Investment | 20.9 | 19.6 | 21.1 | 19.3 | 19.5 | 19.5 | 19.1 | 19.2 | 19.4 | 19.6 | 20.1 | ||||
| Capital Account Balance | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| France | |||||||||||||||
| Net Lending and Borrowing | 1.5 | 0.2 | −0.9 | −1.2 | −0.8 | −1.2 | −0.4 | −0.9 | −1.0 | −0.7 | −0.1 | ||||
| Current Account Balance | 1.5 | 0.1 | −1.0 | −1.2 | −0.9 | −1.3 | −0.4 | −1.0 | −1.1 | −0.8 | −0.2 | ||||
| Savings | 23.8 | 22.6 | 22.2 | 21.4 | 21.4 | 21.5 | 22.3 | 22.0 | 22.1 | 22.3 | 22.9 | ||||
| Investment | 22.4 | 22.5 | 23.2 | 22.6 | 22.3 | 22.7 | 22.8 | 23.0 | 23.3 | 23.0 | 23.0 | ||||
| Capital Account Balance | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||
| Italy | |||||||||||||||
| Net Lending and Borrowing | −0.5 | −1.5 | −2.9 | −0.1 | 0.9 | 2.1 | 1.6 | 2.4 | 2.6 | 2.3 | 1.5 | ||||
| Current Account Balance | −0.6 | −1.6 | −3.0 | −0.4 | 1.0 | 1.9 | 1.4 | 2.6 | 2.7 | 2.3 | 1.4 | ||||
| Savings | 20.6 | 19.5 | 17.5 | 17.5 | 17.9 | 18.9 | 18.8 | 19.6 | 19.6 | 19.6 | 19.3 | ||||
| Investment | 21.2 | 21.1 | 20.5 | 17.9 | 17.0 | 17.0 | 17.3 | 17.0 | 16.9 | 17.3 | 17.9 | ||||
| Capital Account Balance | 0.1 | 0.1 | 0.1 | 0.2 | 0.0 | 0.2 | 0.2 | −0.1 | −0.1 | 0.0 | 0.1 | ||||
| Spain | |||||||||||||||
| Net Lending and Borrowing | −5.3 | −6.0 | −2.8 | 0.3 | 2.2 | 1.6 | 2.0 | 2.1 | 2.3 | 2.4 | 2.4 | ||||
| Current Account Balance | −6.1 | −6.6 | −3.2 | −0.2 | 1.5 | 1.1 | 1.4 | 1.9 | 1.9 | 2.0 | 2.0 | ||||
| Savings | 22.3 | 21.7 | 18.7 | 19.8 | 20.2 | 20.5 | 21.4 | 22.3 | 22.5 | 22.8 | 22.8 | ||||
| Investment | 28.4 | 28.4 | 21.9 | 20.0 | 18.7 | 19.4 | 20.1 | 20.4 | 20.6 | 20.8 | 20.9 | ||||
| Capital Account Balance | 0.7 | 0.6 | 0.4 | 0.5 | 0.6 | 0.5 | 0.7 | 0.2 | 0.4 | 0.4 | 0.4 | ||||
| Japan | |||||||||||||||
| Net Lending and Borrowing | 3.0 | 3.5 | 2.1 | 0.9 | 0.7 | 0.7 | 3.0 | 3.7 | 3.5 | 3.7 | 3.7 | ||||
| Current Account Balance | 3.2 | 3.6 | 2.1 | 1.0 | 0.9 | 0.8 | 3.1 | 3.8 | 3.6 | 3.8 | 3.7 | ||||
| Savings | 28.5 | 27.3 | 24.2 | 23.6 | 24.1 | 24.6 | 27.0 | 27.2 | 27.0 | 27.3 | 27.6 | ||||
| Investment | 25.3 | 23.7 | 22.1 | 22.7 | 23.2 | 23.9 | 23.9 | 23.3 | 23.4 | 23.5 | 23.9 | ||||
| Capital Account Balance | −0.1 | −0.1 | 0.0 | 0.0 | −0.1 | 0.0 | −0.1 | −0.1 | −0.1 | −0.1 | −0.1 | ||||
| United Kingdom | |||||||||||||||
| Net Lending and Borrowing | −2.2 | −2.3 | −1.8 | −3.7 | −4.4 | −4.7 | −4.3 | −4.5 | −3.6 | −3.3 | −2.8 | ||||
| Current Account Balance | −2.1 | −2.3 | −1.8 | −3.7 | −4.4 | −4.7 | −4.3 | −4.4 | −3.6 | −3.3 | −2.7 | ||||
| Savings | 15.9 | 14.9 | 14.1 | 12.4 | 12.0 | 12.7 | 13.0 | 12.6 | 13.4 | 13.6 | 14.6 | ||||
| Investment | 18.1 | 17.2 | 15.8 | 16.0 | 16.4 | 17.3 | 17.2 | 17.0 | 17.0 | 16.8 | 17.3 | ||||
| Capital Account Balance | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −0.1 | −0.1 | −0.1 | −0.1 | −0.1 | ||||
| Canada | ||||||||||||||
| Net Lending and Borrowing | 1.4 | 0.1 | −2.5 | −3.6 | −3.2 | −2.4 | −3.4 | −3.3 | −3.4 | −2.9 | −2.3 | |||
| Current Account Balance | 1.4 | 0.1 | −2.8 | −3.6 | −3.2 | −2.4 | −3.4 | −3.3 | −3.4 | −2.9 | −2.3 | |||
| Savings | 23.1 | 22.9 | 21.4 | 21.3 | 21.7 | 22.2 | 20.4 | 19.6 | 19.9 | 20.5 | 21.2 | |||
| Investment | 21.7 | 22.7 | 24.2 | 24.9 | 24.9 | 24.7 | 23.8 | 22.9 | 23.3 | 23.4 | 23.5 | |||
| Capital Account Balance | 0.0 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Other Advanced Economies1 | ||||||||||||||
| Net Lending and Borrowing | 3.7 | 4.1 | 4.2 | 4.2 | 5.3 | 5.2 | 5.7 | 5.6 | 5.2 | 4.9 | 4.7 | |||
| Current Account Balance | 3.8 | 4.2 | 4.1 | 4.2 | 5.2 | 5.4 | 5.9 | 5.7 | 5.4 | 5.0 | 4.8 | |||
| Savings | 29.8 | 30.2 | 30.7 | 30.4 | 30.5 | 30.7 | 31.1 | 30.5 | 30.7 | 30.4 | 30.0 | |||
| Investment | 25.8 | 25.8 | 26.2 | 26.1 | 25.2 | 25.2 | 24.9 | 24.7 | 25.3 | 25.3 | 25.2 | |||
| Capital Account Balance | −0.1 | 0.0 | 0.1 | 0.0 | 0.1 | −0.1 | −0.2 | −0.1 | −0.2 | −0.1 | −0.1 | |||
| Emerging Market and Developing Economies | ||||||||||||||
| Net Lending and Borrowing | 2.4 | 2.9 | 1.5 | 1.3 | 0.7 | 0.6 | 0.0 | −0.2 | −0.2 | −0.3 | −0.6 | |||
| Current Account Balance | 2.4 | 2.8 | 1.4 | 1.3 | 0.6 | 0.5 | −0.2 | −0.3 | −0.3 | −0.4 | −0.7 | |||
| Savings | 28.7 | 31.4 | 33.6 | 33.4 | 32.8 | 33.0 | 32.7 | 32.0 | 31.7 | 31.5 | 31.4 | |||
| Investment | 26.6 | 28.8 | 32.2 | 32.4 | 32.4 | 32.6 | 33.0 | 32.3 | 32.0 | 31.9 | 32.0 | |||
| Capital Account Balance | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||
| Regional Groups | ||||||||||||||
| Commonwealth of Independent States2 | ||||||||||||||
| Net Lending and Borrowing | 6.6 | 5.0 | 4.1 | 2.2 | 0.6 | 0.6 | 2.8 | 0.0 | 0.9 | 1.3 | 2.0 | |||
| Current Account Balance | 7.0 | 5.3 | 4.0 | 2.4 | 0.6 | 2.1 | 2.8 | 0.0 | 0.9 | 1.3 | 2.0 | |||
| Savings | 27.7 | 26.9 | 28.6 | 27.4 | 24.7 | 25.0 | 26.3 | 26.0 | 25.6 | 26.5 | 26.2 | |||
| Investment | 20.9 | 21.5 | 24.5 | 25.0 | 24.0 | 22.8 | 23.2 | 25.5 | 24.3 | 24.9 | 23.8 | |||
| Capital Account Balance | −0.4 | −0.3 | 0.0 | −0.2 | 0.0 | −1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Emerging and Developing Asia | ||||||||||||||
| Net Lending and Borrowing | 3.5 | 4.1 | 0.9 | 1.0 | 0.8 | 1.6 | 2.0 | 1.4 | 1.0 | 0.7 | 0.1 | |||
| Current Account Balance | 3.4 | 4.0 | 0.9 | 1.0 | 0.7 | 1.5 | 2.0 | 1.4 | 0.9 | 0.7 | 0.0 | |||
| Savings | 37.0 | 41.5 | 43.9 | 43.7 | 43.0 | 43.6 | 42.6 | 41.1 | 40.5 | 39.8 | 38.5 | |||
| Investment | 34.0 | 37.7 | 42.9 | 42.6 | 42.3 | 42.1 | 40.6 | 39.7 | 39.6 | 39.2 | 38.5 | |||
| Capital Account Balance | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Emerging and Developing Europe | ||||||||||||||
| Net Lending and Borrowing | −4.6 | −5.1 | −5.5 | −3.4 | −2.5 | −1.6 | −0.7 | −1.1 | −1.7 | −1.6 | −2.1 | |||
| Current Account Balance | −4.9 | −5.5 | −6.3 | −4.4 | −3.6 | −2.9 | −2.0 | −1.8 | −2.4 | −2.5 | −2.7 | |||
| Savings | 19.6 | 19.6 | 20.4 | 20.5 | 21.5 | 22.1 | 22.9 | 22.6 | 22.5 | 22.6 | 22.7 | |||
| Investment | 24.2 | 25.1 | 26.6 | 24.9 | 25.0 | 24.9 | 24.7 | 24.2 | 24.8 | 25.0 | 25.3 | |||
| Capital Account Balance | 0.3 | 0.4 | 0.8 | 0.9 | 1.1 | 1.3 | 1.3 | 0.6 | 0.7 | 0.9 | 0.6 | |||
| Latin America and the Caribbean | ||||||||||||||
| Net Lending and Borrowing | −0.4 | 0.2 | −1.9 | −2.3 | −2.7 | −3.1 | −3.3 | −2.0 | −1.9 | −2.3 | −2.5 | |||
| Current Account Balance | −0.5 | 0.1 | −2.0 | −2.3 | −2.8 | −3.1 | −3.4 | −2.0 | −2.0 | −2.3 | −2.5 | |||
| Savings | 19.9 | 20.9 | 20.3 | 19.8 | 19.0 | 18.0 | 18.6 | 17.7 | 17.7 | 17.5 | 18.3 | |||
| Investment | 20.5 | 21.0 | 22.2 | 22.3 | 22.3 | 21.8 | 22.5 | 20.0 | 19.7 | 19.8 | 20.8 | |||
| Capital Account Balance | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Middle East, North Africa, Afghanistan, and Pakistan | ||||||||||||||
| Net Lending and Borrowing | 8.0 | 8.8 | 12.8 | 11.9 | 9.9 | 6.2 | −3.5 | −4.0 | −1.8 | −1.6 | −0.5 | |||
| Current Account Balance | 8.3 | 9.3 | 12.8 | 12.4 | 9.7 | 5.5 | −3.7 | −4.1 | −1.9 | −1.6 | −0.7 | |||
| Savings | 34.3 | 36.4 | 39.5 | 37.9 | 36.1 | 32.9 | 24.8 | 23.7 | 25.2 | 25.4 | 27.0 | |||
| Investment | 26.4 | 27.8 | 26.7 | 25.9 | 26.0 | 26.8 | 28.1 | 27.2 | 26.8 | 26.6 | 26.7 | |||
| Capital Account Balance | 0.2 | 0.2 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | −0.1 | 0.1 | 0.1 | 0.1 | |||
| Sub-Saharan Africa | ||||||||||||||
| Net Lending and Borrowing | 1.9 | 2.3 | −0.3 | −0.6 | −1.8 | −3.4 | −5.6 | −3.7 | −3.0 | −3.2 | −3.6 | |||
| Current Account Balance | 0.7 | 0.8 | −0.8 | −1.8 | −2.4 | −3.9 | −6.1 | −4.2 | −3.4 | −3.6 | −4.0 | |||
| Savings | 19.0 | 20.3 | 18.7 | 18.2 | 17.5 | 17.1 | 14.2 | 14.8 | 15.3 | 15.3 | 15.8 | |||
| Investment | 18.4 | 19.4 | 19.3 | 19.9 | 19.9 | 20.8 | 19.9 | 18.6 | 18.7 | 18.9 | 19.7 | |||
| Capital Account Balance | 1.2 | 1.5 | 0.6 | 1.2 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | |||
| Analytical Groups | ||||||||||||||||
| By Source of Export Earnings | ||||||||||||||||
| Fuel | ||||||||||||||||
| Net Lending and Borrowing | 9.3 | 9.7 | 10.5 | 9.3 | 7.3 | 4.6 | −1.3 | −1.8 | 0.3 | 0.3 | 1.3 | |||||
| Current Account Balance | 9.7 | 10.0 | 10.5 | 9.7 | 7.3 | 5.0 | −1.4 | −1.9 | 0.2 | 0.4 | 1.2 | |||||
| Savings | 33.6 | 33.9 | 35.8 | 34.5 | 31.9 | 29.8 | 26.0 | 24.4 | 25.4 | 25.4 | 26.2 | |||||
| Investment | 24.4 | 24.4 | 25.2 | 25.3 | 24.9 | 25.0 | 27.6 | 25.9 | 24.7 | 24.4 | 24.1 | |||||
| Capital Account Balance | 0.0 | 0.0 | 0.0 | −0.1 | 0.0 | −0.7 | −0.1 | −0.1 | 0.1 | 0.1 | 0.1 | |||||
| Nonfuel | ||||||||||||||||
| Net Lending and Borrowing | 0.6 | 1.0 | −1.0 | −0.9 | −1.0 | −0.4 | 0.2 | 0.1 | −0.3 | −0.5 | −0.9 | |||||
| Current Account Balance | 0.4 | 0.8 | −1.2 | −1.1 | −1.2 | −0.6 | 0.1 | 0.0 | −0.4 | −0.6 | −1.0 | |||||
| Savings | 27.4 | 30.7 | 33.0 | 33.2 | 33.0 | 33.8 | 34.0 | 33.3 | 32.9 | 32.6 | 32.2 | |||||
| Investment | 27.2 | 30.0 | 34.0 | 34.2 | 34.2 | 34.3 | 34.0 | 33.4 | 33.3 | 33.2 | 33.3 | |||||
| Capital Account Balance | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | |||||
| By External Financing Source | ||||||||||||||||
| Net Debtor Economies | ||||||||||||||||
| Net Lending and Borrowing | −1.1 | −1.1 | −2.8 | −3.0 | −2.6 | −2.3 | −2.0 | −1.5 | −1.6 | −1.8 | −2.1 | |||||
| Current Account Balance | −1.4 | −1.5 | −3.0 | −3.3 | −2.9 | −2.6 | −2.4 | −1.6 | −1.8 | −2.0 | −2.2 | |||||
| Savings | 21.7 | 23.1 | 23.4 | 22.8 | 22.4 | 22.5 | 22.5 | 22.6 | 22.5 | 22.6 | 23.1 | |||||
| Investment | 23.3 | 24.7 | 26.3 | 26.1 | 25.2 | 25.1 | 24.8 | 24.2 | 24.3 | 24.6 | 25.4 | |||||
| Capital Account Balance | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | |||||
| Net Debtor Economies by | ||||||||||||||||
| Debt-Servicing Experience | ||||||||||||||||
| Economies with Arrears and/or | ||||||||||||||||
| Rescheduling during 2012-16 | ||||||||||||||||
| Net Lending and Borrowing | −0.4 | −1.3 | −3.9 | −5.3 | −5.6 | −3.8 | −5.1 | −6.2 | −4.6 | −4.0 | −4.4 | |||||
| Current Account Balance | −0.9 | −1.9 | −4.5 | −6.0 | −6.0 | −4.3 | −5.6 | −6.4 | −4.9 | −4.3 | −4.7 | |||||
| Savings | 20.7 | 20.8 | 16.4 | 14.8 | 13.3 | 14.0 | 12.2 | 12.2 | 13.9 | 15.4 | 16.8 | |||||
| Investment | 22.1 | 22.7 | 20.5 | 20.5 | 19.3 | 18.2 | 17.8 | 18.5 | 19.0 | 19.9 | 21.7 | |||||
| Capital Account Balance | 0.5 | 0.6 | 0.5 | 0.7 | 0.4 | 0.5 | 0.4 | 0.1 | 0.3 | 0.3 | 0.2 | |||||
| Memorandum | ||||||||||||||||
| World | ||||||||||||||||
| Net Lending and Borrowing | 0.0 | 0.3 | 0.6 | 0.6 | 0.6 | 0.6 | 0.4 | 0.4 | 0.4 | 0.3 | 0.1 | |||||
| Current Account Balance | 0.0 | 0.2 | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.3 | 0.1 | |||||
| Savings | 24.0 | 24.3 | 25.6 | 26.0 | 26.0 | 26.4 | 26.5 | 25.8 | 25.8 | 25.8 | 26.1 | |||||
| Investment | 23.9 | 24.1 | 25.1 | 25.3 | 25.3 | 25.6 | 25.8 | 25.3 | 25.4 | 25.5 | 26.0 | |||||
| Capital Account Balance | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
Summary of World Medium-Term Baseline Scenario
| Projections | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Averages | Averages | |||||||||
| 1999–2008 | 2009–18 | 2015 | 2016 | 2017 | 2018 | 2015–18 | 2019–22 | |||
| Annual Percent Change | ||||||||||
| World Real GDP | 4.2 | 3.4 | 3.4 | 3.2 | 3.6 | 3.7 | 3.5 | 3.7 | ||
| Advanced Economies | 2.5 | 1.4 | 2.2 | 1.7 | 2.2 | 2.0 | 2.0 | 1.7 | ||
| Emerging Market and Developing Economies | 6.2 | 5.0 | 4.3 | 4.3 | 4.6 | 4.9 | 4.5 | 5.0 | ||
| Memorandum | ||||||||||
| Potential Output | ||||||||||
| Major Advanced Economies | 2.1 | 1.3 | 1.4 | 1.4 | 1.5 | 1.5 | 1.4 | 1.5 | ||
| World Trade, Volume1 | 6.6 | 3.1 | 2.8 | 2.4 | 4.2 | 4.0 | 3.4 | 3.9 | ||
| Imports | ||||||||||
| Advanced Economies | 5.6 | 2.6 | 4.6 | 2.7 | 4.0 | 3.8 | 3.8 | 3.5 | ||
| Emerging Market and Developing Economies | 9.9 | 4.0 | −0.9 | 2.0 | 4.4 | 4.9 | 2.6 | 5.0 | ||
| Exports | ||||||||||
| Advanced Economies | 5.6 | 2.8 | 3.8 | 2.2 | 3.8 | 3.6 | 3.4 | 3.4 | ||
| Emerging Market and Developing Economies | 8.8 | 3.8 | 1.8 | 2.5 | 4.8 | 4.5 | 3.4 | 4.4 | ||
| Terms of Trade | ||||||||||
| Advanced Economies | −0.5 | 0.3 | 1.9 | 0.9 | −0.4 | 0.2 | 0.6 | 0.0 | ||
| Emerging Market and Developing Economies | 2.7 | −0.6 | −4.3 | −1.2 | 0.1 | −0.5 | −1.5 | 0.0 | ||
| World Prices in US Dollars | ||||||||||
| Manufactures | 1.7 | −0.1 | −2.3 | −5.2 | 1.5 | 1.0 | −1.3 | 1.2 | ||
| Oil | 22.2 | −6.4 | −47.2 | −15.7 | 17.4 | −0.2 | −15.0 | 1.4 | ||
| Nonfuel Primary Commodities | 6.2 | −0.7 | −17.5 | −1.8 | 7.1 | 0.5 | −3.4 | −0.5 | ||
| Consumer Prices | ||||||||||
| Advanced Economies | 2.2 | 1.4 | 0.3 | 0.8 | 1.7 | 1.7 | 1.1 | 2.0 | ||
| Emerging Market and Developing Economies | 7.6 | 5.1 | 4.7 | 4.3 | 4.2 | 4.4 | 4.4 | 4.0 | ||
| Interest Rates | Percent | |||||||||
| Real Six-Month LIBOR2 | 1.5 | −0.7 | −0.6 | −0.3 | −0.3 | 0.2 | −0.3 | 1.1 | ||
| World Real Long-Term Interest Rate3 | 2.1 | 0.8 | 1.3 | 0.4 | −0.1 | 0.2 | 0.5 | 0.5 | ||
| Current Account Balances | Percent of GDP | |||||||||
| Advanced Economies | −0.8 | 0.4 | 0.7 | 0.8 | 0.8 | 0.7 | 0.8 | 0.7 | ||
| Emerging Market and Developing Economies | 2.4 | 0.5 | −0.2 | −0.3 | −0.3 | −0.4 | −0.3 | −0.7 | ||
| Total External Debt | ||||||||||
| Emerging Market and Developing Economies | 32.3 | 28.0 | 28.5 | 29.7 | 29.5 | 28.8 | 29.1 | 27.6 | ||
| Debt Service | ||||||||||
| Emerging Market and Developing Economies | 9.4 | 9.9 | 12.3 | 10.7 | 10.2 | 9.7 | 10.7 | 9.5 | ||
Data refer to trade in goods and services.
London interbank offered rate on US dollar deposits minus percent change in US GDP deflator.
GDP-weighted average of 10-year (or nearest-maturity) government bond rates for Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
World Economic Outlook Selected Topics
World Economic Outlook Archives
| World Economic Outlook: Financial Systems and Economic Cycles | September 2006 |
| World Economic Outlook: Spillovers and Cycles in the Global Economy | April 2007 |
| World Economic Outlook: Globalization and Inequality | October 2007 |
| World Economic Outlook: Housing and the Business Cycle | April 2008 |
| World Economic Outlook: Financial Stress, Downturns, and Recoveries | October 2008 |
| World Economic Outlook: Crisis and Recovery | April 2009 |
| World Economic Outlook: Sustaining the Recovery | October 2009 |
| World Economic Outlook: Rebalancing Growth | April 2010 |
| World Economic Outlook: Recovery, Risk, and Rebalancing | October 2010 |
| World Economic Outlook: Tensions from the Two-Speed Recovery—Unemployment, Commodities, and Capital Flows | April 2011 |
| World Economic Outlook: Slowing Growth, Rising Risks | September 2011 |
| World Economic Outlook: Growth Resuming, Dangers Remain | April 2012 |
| World Economic Outlook: Coping with High Debt and Sluggish Growth | October 2012 |
| World Economic Outlook: Hopes, Realities, Risks | April 2013 |
| World Economic Outlook: Transitions and Tensions | October 2013 |
| World Economic Outlook: Recovery Strengthens, Remains Uneven | April 2014 |
| World Economic Outlook: Legacies, Clouds, Uncertainties | October 2014 |
| World Economic Outlook: Uneven Growth—Short- and Long-Term Factors | April 2015 |
| World Economic Outlook: Adjusting to Lower Commodity Prices | October 2015 |
| World Economic Outlook: Too Slow for Too Long | April 2016 |
| World Economic Outlook: Subdued Demand—Symptoms and Remedies | October 2016 |
| World Economic Outlook: Gaining Momentum? | April 2017 |
| World Economic Outlook: Seeking Sustainable Growth: Short-term Recovery, Long-term Challenges | October 2017 |
I. Methodology—Aggregation, Modeling, and Forecasting
| Measuring Inequality: Conceptual, Methodological, and Measurement Issues | October 2007, Box 4.1 |
| New Business Cycle Indices for Latin America: A Historical Reconstruction | October 2007, Box 5.3 |
| Implications of New PPP Estimates for Measuring Global Growth | April 2008, Appendix 1.1 |
| Measuring Output Gaps | October 2008, Box 1.3 |
| Assessing and Communicating Risks to the Global Outlook | October 2008, Appendix 1.1 |
| Fan Chart for Global Growth | April 2009, Appendix 1.2 |
| Indicators for Tracking Growth | October 2010, Appendix 1.2 |
| Inferring Potential Output from Noisy Data: The Global Projection Model View | October 2010, Box 1.3 |
| Uncoordinated Rebalancing | October 2010, Box 1.4 |
| World Economic Outlook Downside Scenarios | April 2011, Box 1.2 |
| Fiscal Balance Sheets: The Significance of Nonfinancial Assets and Their Measurement | October 2014, Box 3.3 |
| Tariff Scenarios | October 2016, Scenario box |
| World Growth Projections over the Medium Term | October 2016, Box 1.1 |
II. Historical Surveys
| Historical Perspective on Growth and the Current Account | October 2008, Box 6.3 |
| A Historical Perspective on International Financial Crises | October 2009, Box 4.1 |
| The Good, the Bad, and the Ugly: 100 Years of Dealing with Public Debt Overhangs | October 2012, Chapter 3 |
| What Is the Effect of Recessions? | October 2015, Box 1.1 |
III. Economic Growth—Sources and Patterns
| Asia Rising: Patterns of Economic Development and Growth | September 2006, Chapter 3 |
| Japan’s Potential Output and Productivity Growth | September 2006, Box 3.1 |
| The Evolution and Impact of Corporate Governance Quality in Asia | September 2006, Box 3.2 |
| Decoupling the Train? Spillovers and Cycles in the Global Economy | April 2007, Chapter 4 |
| Spillovers and International Business Cycle Synchronization: A Broader Perspective | April 2007, Box 4.3 |
| The Discounting Debate | October 2007, Box 1.7 |
| Taxes versus Quantities under Uncertainty (Weitzman, 1974) | October 2007, Box 1.8 |
| Experience with Emissions Trading in the European Union | October 2007, Box 1.9 |
| Climate Change: Economic Impact and Policy Responses | October 2007, Appendix 1.2 |
| What Risks Do Housing Markets Pose for Global Growth? | October 2007, Box 2.1 |
| The Changing Dynamics of the Global Business Cycle | October 2007, Chapter 5 |
| Major Economies and Fluctuations in Global Growth | October 2007, Box 5.1 |
| Improved Macroeconomic Performance—Good Luck or Good Policies? | October 2007, Box 5.2 |
| House Prices: Corrections and Consequences | October 2008, Box 1.2 |
| Global Business Cycles | April 2009, Box 1.1 |
| How Similar Is the Current Crisis to the Great Depression? | April 2009, Box 3.1 |
| Is Credit a Vital Ingredient for Recovery? Evidence from Industry-Level Data | April 2009, Box 3.2 |
| From Recession to Recovery: How Soon and How Strong? | April 2009, Chapter 3 |
| What’s the Damage? Medium-Term Output Dynamics after Financial Crises | October 2009, Chapter 4 |
| Will the Recovery Be Jobless? | October 2009, Box 1.3 |
| Unemployment Dynamics during Recessions and Recoveries: Okun’s Law and Beyond | April 2010, Chapter 3 |
| Does Slow Growth in Advanced Economies Necessarily Imply Slow Growth in Emerging Economies? | October 2010, Box 1.1 |
| The Global Recovery: Where Do We Stand? | April 2012, Box 1.2 |
| How Does Uncertainty Affect Economic Performance? | October 2012, Box 1.3 |
| Resilience in Emerging Market and Developing Economies: Will It Last? | October 2012, Chapter 4 |
| Jobs and Growth: Can’t Have One without the Other? | October 2012, Box 4.1 |
| Spillovers from Policy Uncertainty in the United States and Europe | April 2013, Chapter 2, Spillover Feature |
| Breaking through the Frontier: Can Today’s Dynamic Low-Income Countries Make It? | April 2013, Chapter 4 |
| What Explains the Slowdown in the BRICS? | October 2013, Box 1.2 |
| Dancing Together? Spillovers, Common Shocks, and the Role of Financial and Trade Linkages | October 2013, Chapter 3 |
| Output Synchronicity in the Middle East, North Africa, Afghanistan, and Pakistan and in the Caucasus and Central Asia | October 2013, Box 3.1 |
| Spillovers from Changes in U.S. Monetary Policy | October 2013, Box 3.2 |
| Saving and Economic Growth | April 2014, Box 3.1 |
| On the Receiving End? External Conditions and Emerging Market Growth before, during, and after the Global Financial Crisis | April 2014, Chapter 4 |
| The Impact of External Conditions on Medium-Term Growth in Emerging Market Economies | April 2014, Box 4.1 |
| The Origins of IMF Growth Forecast Revisions since 2011 | October 2014, Box 1.2 |
| Underlying Drivers of U.S. Yields Matter for Spillovers | October 2014, Chapter 2, Spillover Feature |
| Is It Time for an Infrastructure Push? The Macroeconomic Effects of Public Investment | October 2014, Chapter 3 |
| The Macroeconomic Effects of Scaling Up Public Investment in Developing Economies | October 2014, Box 3.4 |
| Where Are We Headed? Perspectives on Potential Output | April 2015, Chapter 3 |
| Steady As She Goes—Estimating Sustainable Output | April 2015, Box 3.1 |
| Macroeconomic Developments and Outlook in Low-Income Developing Countries—The Role of External Factors | April 2016, Box 1.2 |
| Time for a Supply-Side Boost? Macroeconomic Effects of Labor and Product Market Reforms in Advanced Economies | April 2016, Chapter 3 |
| Road Less Traveled: Growth in Emerging Market and Developing Economies in a Complicated External Environment | April 2017, Chapter 3 |
| Growing with Flows: Evidence from Industry-Level Data | April 2017, Box 2.2 |
| Emerging Market and Developing Economy Growth: Heterogeneity and Income Convergence Overthe Forecast Horizon | October 2017, Box 1.3 |
IV. Inflation and Deflation and Commodity Markets
| The Boom in Nonfuel Commodity Prices: Can It Last? | September 2006, Chapter 5 |
| International Oil Companies and National Oil Companies in a Changing Oil Sector Environment | September 2006, Box 1.4 |
| Commodity Price Shocks, Growth, and Financing in Sub-Saharan Africa | September 2006, Box 2.2 |
| Has Speculation Contributed to Higher Commodity Prices? | September 2006, Box 5.1 |
| Agricultural Trade Liberalization and Commodity Prices | September 2006, Box 5.2 |
| Recent Developments in Commodity Markets | September 2006, Appendix 2.1 |
| Who Is Harmed by the Surge in Food Prices? | October 2007, Box 1.1 |
| Refinery Bottlenecks | October 2007, Box 1.5 |
| Making the Most of Biofuels | October 2007, Box 1.6 |
| Commodity Market Developments and Prospects | April 2008, Appendix 1.2 |
| Dollar Depreciation and Commodity Prices | April 2008, Box 1.4 |
| Why Hasn’t Oil Supply Responded to Higher Prices? | April 2008, Box 1.5 |
| Oil Price Benchmarks | April 2008, Box 1.6 |
| Globalization, Commodity Prices, and Developing Countries | April 2008, Chapter 5 |
| The Current Commodity Price Boom in Perspective | April 2008, Box 5.2 |
| Is Inflation Back? Commodity Prices and Inflation | October 2008, Chapter 3 |
| Does Financial Investment Affect Commodity Price Behavior? | October 2008, Box 3.1 |
| Fiscal Responses to Recent Commodity Price Increases: An Assessment | October 2008, Box 3.2 |
| Monetary Policy Regimes and Commodity Prices | October 2008, Box 3.3 |
| Assessing Deflation Risks in the G3 Economies | April 2009, Box 1.3 |
| Will Commodity Prices Rise Again When the Global Economy Recovers? | April 2009, Box 1.5 |
| Commodity Market Developments and Prospects | April 2009, Appendix 1.1 |
| Commodity Market Developments and Prospects | October 2009, Appendix 1.1 |
| What Do Options Markets Tell Us about Commodity Price Prospects? | October 2009, Box 1.6 |
| What Explains the Rise in Food Price Volatility? | October 2009, Box 1.7 |
| How Unusual Is the Current Commodity Price Recovery? | April 2010, Box 1.2 |
| Commodity Futures Price Curves and Cyclical Market Adjustment | April 2010, Box 1.3 |
| Commodity Market Developments and Prospects | October 2010, Appendix 1.1 |
| Dismal Prospects for the Real Estate Sector | October 2010, Box 1.2 |
| Have Metals Become More Scarce and What Does Scarcity Mean for Prices? | October 2010, Box 1.5 |
| Commodity Market Developments and Prospects | April 2011, Appendix 1.2 |
| Oil Scarcity, Growth, and Global Imbalances | April 2011, Chapter 3 |
| Life Cycle Constraints on Global Oil Production | April 2011, Box 3.1 |
| Unconventional Natural Gas: A Game Changer? | April 2011, Box 3.2 |
| Short-Term Effects of Oil Shocks on Economic Activity | April 2011, Box 3.3 |
| Low-Frequency Filtering for Extracting Business Cycle Trends | April 2011, Appendix 3.1 |
| The Energy and Oil Empirical Models | April 2011, Appendix 3.2 |
| Commodity Market Developments and Prospects | September 2011, Appendix 1.1 |
| Financial Investment, Speculation, and Commodity Prices | September 2011, Box 1.4 |
| Target What You Can Hit: Commodity Price Swings and Monetary Policy | September 2011, Chapter 3 |
| Commodity Market Review | April 2012, Chapter 1, Special Feature |
| Commodity Price Swings and Commodity Exporters | April 2012, Chapter 4 |
| Macroeconomic Effects of Commodity Price Shocks on Low-Income Countries | April 2012, Box 4.1 |
| Volatile Commodity Prices and the Development Challenge in Low-Income Countries | April 2012, Box 4.2 |
| Commodity Market Review | October 2012, Chapter 1, Special Feature |
| Unconventional Energy in the United States | October 2012, Box 1.4 |
| Food Supply Crunch: Who Is Most Vulnerable? | October 2012, Box 1.5 |
| Commodity Market Review | April 2013, Chapter 1, Special Feature |
| The Dog That Didn’t Bark: Has Inflation Been Muzzled or Was It Just Sleeping? | April 2013, Chapter 3 |
| Does Inflation Targeting Still Make Sense with a Flatter Phillips Curve? | April 2013, Box 3.1 |
| Commodity Market Review | October 2013, Chapter 1, Special Feature |
| Energy Booms and the Current Account: Cross-Country Experience | October 2013, Box 1.SF.1 |
| Oil Price Drivers and the Narrowing WTI-Brent Spread | October 2013, Box 1.SF.2 |
| Anchoring Inflation Expectations When Inflation Is Undershooting | April 2014, Box 1.3 |
| Commodity Prices and Forecasts | April 2014, Chapter 1, Special Feature |
| Commodity Market Developments and Forecasts, with a Focus on Natural Gas in the World Economy | October 2014, Chapter 1, Special Feature |
| Commodity Market Developments and Forecasts, with a Focus on Investment in an Era of Low Oil Prices | April 2015, Chapter 1, Special Feature |
| The Oil Price Collapse: Demand or Supply? | April 2015, Box 1.1 |
| Commodity Market Developments and Forecasts, with a Focus on Metals in the World Economy | October 2015, Chapter 1, Special Feature |
| The New Frontiers of Metal Extraction: The North-to-South Shift | October 2015, Chapter 1, Special Feature Box 1.SF.1 |
| Where Are Commodity Exporters Headed? Output Growth in the Aftermath of the Commodity Boom | October 2015, Chapter 2 |
| The Not-So-Sick Patient: Commodity Booms and the Dutch Disease Phenomenon | October 2015, Box 2.1 |
| Do Commodity Exporters’ Economies Overheat during Commodity Booms? | October 2015, Box 2.4 |
| Commodity Market Developments and Forecasts, with a Focus on the Energy Transition in an Era of Low Fossil Fuel Prices | April 2016, Chapter 1, Special Feature |
| Global Disinflation in an Era of Constrained Monetary Policy | October 2016, Chapter 3 |
| Commodity Market Developments and Forecasts, with a Focus on Food Security and Markets in the World Economy | October 2016, Chapter 1, Special Feature |
| How Much Do Global Prices Matter for Food Inflation? | October 2016, Box 3.3 |
| Commodity Market Developments and Forecasts, With a Focus on the Role Technology and Unconventional Sources in the Global Oil Market | April 2017, Chapter 1, Special Feature |
| Commodity Market Developments and Forecasts | October 2017, Chapter 1, Special Feature |
V. Fiscal Policy
| Improved Emerging Market Fiscal Performance: Cyclical or Structural? | September 2006, Box 2.1 |
| When Does Fiscal Stimulus Work? | April 2008, Box 2.1 |
| Fiscal Policy as a Countercyclical Tool | October 2008, Chapter 5 |
| Differences in the Extent of Automatic Stabilizers and Their Relationship with Discretionary Fiscal Policy | October 2008, Box 5.1 |
| Why Is It So Hard to Determine the Effects of Fiscal Stimulus? | October 2008, Box 5.2 |
| Have the U.S. Tax Cuts Been “TTT” [Timely, Temporary, and Targeted]? | October 2008, Box 5.3 |
| Will It Hurt? Macroeconomic Effects of Fiscal Consolidation | October 2010, Chapter 3 |
| Separated at Birth? The Twin Budget and Trade Balances | September 2011, Chapter 4 |
| Are We Underestimating Short-Term Fiscal Multipliers? | October 2012, Box 1.1 |
| The Implications of High Public Debt in Advanced Economies | October 2012, Box 1.2 |
| The Good, the Bad, and the Ugly: 100 Years of Dealing with Public Debt Overhangs | October 2012, Chapter 3 |
| The Great Divergence of Policies | April 2013, Box 1.1 |
| Public Debt Overhang and Private Sector Performance | April 2013, Box 1.2 |
| Is It Time for an Infrastructure Push? The Macroeconomic Effects of Public Investment | October 2014, Chapter 3 |
| Improving the Efficiency of Public Investment | October 2014, Box 3.2 |
| The Macroeconomic Effects of Scaling Up Public Investment in Developing Economies | October 2014, Box 3.4 |
| Fiscal Institutions, Rules, and Public Investment | October 2014, Box 3.5 |
| Commodity Booms and Public Investment | October 2015, Box 2.2 |
| Cross-Border Impacts of Fiscal Policy: Still Relevant | October 2017, Chapter 4 |
| The Spillover Impact of U.S. Government Spending Shocks on External Positions | October 2017, Box 4.1 |
VI. Monetary Policy, Financial Markets, and Flow of Funds
| How Do Financial Systems Affect Economic Cycles? | September 2006, Chapter 4 |
| Financial Leverage and Debt Deflation | September 2006, Box 4.1 |
| Financial Linkages and Spillovers | April 2007, Box 4.1 |
| Macroeconomic Conditions in Industrial Countries and Financial Flows to Emerging Markets | April 2007, Box 4.2 |
| Macroeconomic Implications of Recent Market Turmoil: Patterns from Previous Episodes | October 2007, Box 1.2 |
| What Is Global Liquidity? | October 2007, Box 1.4 |
| The Changing Housing Cycle and the Implications for Monetary Policy | April 2008, Chapter 3 |
| Is There a Credit Crunch? | April 2008, Box 1.1 |
| Assessing Vulnerabilities to Housing Market Corrections | April 2008, Box 3.1 |
| Financial Stress and Economic Downturns | October 2008, Chapter 4 |
| The Latest Bout of Financial Distress: How Does It Change the Global Outlook? | October 2008, Box 1.1 |
| Policies to Resolve Financial System Stress and Restore Sound Financial Intermediation | October 2008, Box 4.1 |
| How Vulnerable Are Nonfinancial Firms? | April 2009, Box 1.2 |
| The Case of Vanishing Household Wealth | April 2009, Box 2.1 |
| Impact of Foreign Bank Ownership during Home-Grown Crises | April 2009, Box 4.1 |
| A Financial Stress Index for Emerging Economies | April 2009, Appendix 4.1 |
| Financial Stress in Emerging Economies: Econometric Analysis | April 2009, Appendix 4.2 |
| How Linkages Fuel the Fire | April 2009, Chapter 4 |
| Lessons for Monetary Policy from Asset Price Fluctuations | October 2009, Chapter 3 |
| Were Financial Markets in Emerging Economies More Resilient than in Past Crises? | October 2009, Box 1.2 |
| Risks from Real Estate Markets | October 2009, Box 1.4 |
| Financial Conditions Indices | April 2011, Appendix 1.1 |
| House Price Busts in Advanced Economies: Repercussions for Global Financial Markets | April 2011, Box 1.1 |
| International Spillovers and Macroeconomic Policymaking | April 2011, Box 1.3 |
| Credit Boom-Bust Cycles: Their Triggers and Policy Implications | September 2011, Box 1.2 |
| Are Equity Price Drops Harbingers of Recession? | September 2011, Box 1.3 |
| Cross-Border Spillovers from Euro Area Bank Deleveraging | April 2012, Chapter 2, Spillover Feature |
| The Financial Transmission of Stress in the Global Economy | October 2012, Chapter 2, Spillover Feature |
| The Great Divergence of Policies | April 2013, Box 1.1 |
| Taper Talks: What to Expect When the United States Is Tightening | October 2013, Box 1.1 |
| Credit Supply and Economic Growth | April 2014, Box 1.1 |
| Should Advanced Economies Worry about Growth Shocks in Emerging Market Economies? | April 2014, Chapter 2, Spillover Feature |
| Perspectives on Global Real Interest Rates | April 2014, Chapter 3 |
| Housing Markets across the Globe: An Update | October 2014, Box 1.1 |
| U.S. Monetary Policy and Capital Flows to Emerging Markets | April 2016, Box 2.2 |
| A Transparent Risk-Management Approach to Monetary Policy | October 2016, Box 3.5 |
| Will the Revival in Capital Flows to Emerging Markets be Sustained? | October 2017, Box 1.2 |
VII. Labor Markets, Poverty, and Inequality
| The Globalization of Labor | April 2007, Chapter 5 |
| Emigration and Trade: How Do They Affect Developing Countries? | April 2007, Box 5.1 |
| Labor Market Reforms in the Euro Area and the Wage-Unemployment Trade-Off | October 2007, Box 2.2 |
| Globalization and Inequality | October 2007, Chapter 4 |
| The Dualism between Temporary and Permanent Contracts: Measures, Effects, and Policy Issues | April 2010, Box 3.1 |
| Short-Time Work Programs | April 2010, Box 3.2 |
| Slow Recovery to Nowhere? A Sectoral View of Labor Markets in Advanced Economies | September 2011, Box 1.1 |
| The Labor Share in Europe and the United States during and after the Great Recession | April 2012, Box 1.1 |
| Jobs and Growth: Can’t Have One without the Other? | October 2012, Box 4.1 |
| Reforming Collective-Bargaining Systems to Achieve High and Stable Employment | April 2016, Box 3.2 |
| Understanding the Downward Trend in Labor Shares | April 2017, Chapter 3 |
VIII. Exchange Rate Issues
| How Emerging Market Countries May Be Affected by External Shocks | September 2006, Box 1.3 |
| Exchange Rates and the Adjustment of External Imbalances | April 2007, Chapter 3 |
| Exchange Rate Pass-Through to Trade Prices and External Adjustment | April 2007, Box 3.3 |
| Depreciation of the U.S. Dollar: Causes and Consequences | April 2008, Box 1.2 |
| Lessons from the Crisis: On the Choice of Exchange Rate Regime | April 2010, Box 1.1 |
| Exchange Rate Regimes and Crisis Susceptibility in Emerging Markets | April 2014, Box 1.4 |
| Exchange Rates and Trade Flows: Disconnected? | October 2015, Chapter 3 |
| The Relationship between Exchange Rates and Global-Value-Chain-Related Trade | October 2015, Box 3.1 |
| Measuring Real Effective Exchange Rates and Competitiveness: The Role of Global Value Chains | October 2015, Box 3.2 |
| Labor Force Participation Rates in Advanced Economies | October 2017, Box 1.1 |
| Recent Wage Dynamics in Advanced Economies: Drivers and Implications | October 2017, Chapter 2 |
| Labor Market Dynamics by Skill Level | October 2017, Box 2.1 |
| Worker Contracts and Nominal Wage Rigidities in Europe: Firm-level Evidence | October 2017, Box 2.2 |
| Wage and Employment Adjustment After the Global Financial Crisis: Firm-level Evidence | October 2017, Box 2.3 |
IX. External Payments, Trade, Capital Movements, and Foreign Debt
| Capital Flows to Emerging Market Countries: A Long-Term Perspective | September 2006, Box 1.1 |
| How Will Global Imbalances Adjust? | September 2006, Box 2.1 |
| External Sustainability and Financial Integration | April 2007, Box 3.1 |
| Large and Persistent Current Account Imbalances | April 2007, Box 3.2 |
| Multilateral Consultation on Global Imbalances | October 2007, Box 1.3 |
| Managing the Macroeconomic Consequences of Large and Volatile Aid Flows | October 2007, Box 2.3 |
| Managing Large Capital Inflows | October 2007, Chapter 3 |
| Can Capital Controls Work? | October 2007, Box 3.1 |
| Multilateral Consultation on Global Imbalances: Progress Report | April 2008, Box 1.3 |
| How Does the Globalization of Trade and Finance Affect Growth? Theory and Evidence | April 2008, Box 5.1 |
| Divergence of Current Account Balances across Emerging Economies | October 2008, Chapter 6 |
| Current Account Determinants for Oil-Exporting Countries | October 2008, Box 6.1 |
| Sovereign Wealth Funds: Implications for Global Financial Markets | October 2008, Box 6.2 |
| Global Imbalances and the Financial Crisis | April 2009, Box 1.4 |
| Trade Finance and Global Trade: New Evidence from Bank Surveys | October 2009, Box 1.1 |
| From Deficit to Surplus: Recent Shifts in Global Current Accounts | October 2009, Box 1.5 |
| Getting the Balance Right: Transitioning out of Sustained Current Account Surpluses | April 2010, Chapter 4 |
| Emerging Asia: Responding to Capital Inflows | October 2010, Box 2.1 |
| Latin America-5: Riding Another Wave of Capital Inflows | October 2010, Box 2.2 |
| Do Financial Crises Have Lasting Effects on Trade? | October 2010, Chapter 4 |
| Unwinding External Imbalances in the European Union Periphery | April 2011, Box 2.1 |
| International Capital Flows: Reliable or Fickle? | April 2011, Chapter 4 |
| External Liabilities and Crisis Tipping Points | September 2011, Box 1.5 |
| The Evolution of Current Account Deficits in the Euro Area | April 2013, Box 1.3 |
| External Rebalancing in the Euro Area | October 2013, Box 1.3 |
| The Yin and Yang of Capital Flow Management: Balancing Capital Inflows with Capital Outflows | October 2013, Chapter 4 |
| Simulating Vulnerability to International Capital Market Conditions | October 2013, Box 4.1 |
| The Trade Implications of the U.S. Shale Gas Boom | October 2014, Box 1.SF.1 |
| Are Global Imbalances at a Turning Point? | October 2014, Chapter 4 |
| Switching Gears: The 1986 External Adjustment | October 2014, Box 4.1 |
| A Tale of Two Adjustments: East Asia and the Euro Area | October 2014, Box 4.2 |
| Understanding the Role of Cyclical and Structural Factors in the Global Trade Slowdown | April 2015, Box 1.2 |
| Small Economies, Large Current Account Deficits | October 2015, Box 1.2 |
| Capital Flows and Financial Deepening in Developing Economies | October 2015, Box 1.3 |
| Dissecting the Global Trade Slowdown | April 2016, Box 1.1 |
| Understanding the Slowdown in Capital Flows to Emerging Markets | April 2016, Chapter 2 |
| Capital Flows to Low-Income Developing Countries | April 2016, Box 2.1 |
| The Potential Productivity Gains from Further Trade and Foreign Direct Investment Liberalization | April 2016, Box 3.3 |
| Global Trade: What’s Behind the Slowdown | October 2016, Chapter 2 |
| The Evolution of Emerging Market and Developing Economies’ Trade Integration with China’s Final Demand | April 2017, Box 2.3 |
| Shifts in the Global Allocation of Capital: Implications for Emerging Market and Developing Economies | April 2017, Box 2.4 |
| Macroeconomic Adjustment in Emerging Market Commodity Exporters | October 2017, Box 1.4 |
| Remittances and Consumption Smoothing | October 2017, Box 1.5 |
X. Regional Issues
| EMU: 10 Years On | October 2008, Box 2.1 |
| Vulnerabilities in Emerging Economies | April 2009, Box 2.2 |
| East-West Linkages and Spillovers in Europe | April 2012, Box 2.1 |
| The Evolution of Current Account Deficits in the Euro Area | April 2013, Box 1.3 |
XI. Country-Specific Analyses
| Why Is the U.S. International Income Account Still in the Black, and Will This Last? | September 2005, Box 1.2 | |
| Is India Becoming an Engine for Global Growth? | September 2005, Box 1.4 | |
| Saving and Investment in China | September 2005, Box 2.1 | |
| China’s GDP Revision: What Does It Mean for China and the Global Economy? | April 2006, Box 1.6 | |
| What Do Country Studies of the Impact of Globalization on Inequality Tell Us? | ||
| Examples from Mexico, China, and India | October 2007, Box 4.2 | |
| Japan after the Plaza Accord | April 2010, Box 4.1 | |
| Taiwan Province of China in the Late 1980s | April 2010, Box 4.2 | |
| Did the Plaza Accord Cause Japan’s Lost Decades? | April 2011, Box 1.4 | |
| Where Is China’s External Surplus Headed? | April 2012, Box 1.3 | |
| The U.S. Home Owners’ Loan Corporation | April 2012, Box 3.1 | |
| Household Debt Restructuring in Iceland | April 2012, Box 3.2 | |
| Abenomics: Risks after Early Success? | October 2013, Box 1.4 | |
| Is China’s Spending Pattern Shifting (away from Commodities)? | April 2014, Box 1.2 | |
| Public Investment in Japan during the Lost Decade | October 2014, Box 3.1 | |
| Japanese Exports: What’s the Holdup? | October 2015, Box 3.3 | |
| The Japanese Experience with Deflation | October 2016, Box 3.2 | |
XII. Special Topics
| Climate Change and the Global Economy | April 2008, Chapter 4 | |
| Rising Car Ownership in Emerging Economies: Implications for Climate Change | April 2008, Box 4.1 | |
| South Asia: Illustrative Impact of an Abrupt Climate Shock | April 2008, Box 4.2 | |
| Macroeconomic Policies for Smoother Adjustment to Abrupt Climate Shocks | April 2008, Box 4.3 | |
| Catastrophe Insurance and Bonds: New Instruments to Hedge Extreme Weather Risks | April 2008, Box 4.4 | |
| Recent Emission-Reduction Policy Initiatives | April 2008, Box 4.5 | |
| Complexities in Designing Domestic Mitigation Policies | April 2008, Box 4.6 | |
| Getting By with a Little Help from a Boom: Do Commodity Windfalls Speed Up Human Development? | October 2015, Box 2.3 | |
| Breaking the Deadlock: Identifying the Political Economy Drivers of Structural Reforms | April 2016, Box 3.1 | |
| Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method | April 2016, Box 3.4 | |
| A Global Rush for Land | October 2016, Box 1.SF.1 | |
| Within-Country Trends in Income per Capita: The Case of the Brazil, Russia, India, China, and South Africa | April 2017, Box 2.1 | |
| Technological Progress and Labor Shares: A Historical Overview | April 2017, Box 3.1 | |
| The Elasticity of Substitution Between Capital and Labor: Concept and Estimation | April 2017, Box 3.2 | |
| Routine Tasks, Automation, and Economic Dislocation Around the World | April 2017, Box 3.3 | |
| Adjustments to the Labor Share of Income | April 2017, Box 3.4 | |
| Conflict, Growth, and Migration | April 2017, Box 1.1 | |
| Tackling Measurement Challenges of Irish Economic Activity | April 2017, Box 1.2 | |
| The Effects of Weather Shocks on Economic Activity: How Can Low-Income Countries Cope? | October 2017, Chapter 3 | |
| The Growth Impact of Tropical Cyclones | October 2017, Box 3.1 | |
| The Role of Policies in Coping with Weather Shocks: A Model-Based Analysis | October 2017, Box 3.2 | |
| Strategies for Coping with Weather Shocks and Climate Change: Selected Case Studies | October 2017, Box 3.3 | |
| Coping with Weather Shocks: The Role of Financial Markets | October 2017, Box 3.4 | |
| Historical Climate, Economic Development, and the World Income Distribution | October 2017, Box 3.5 | |
| Mitigating Climate Change | October 2017, Box 3.6 | |
IMF Executive Board Discussion of the Outlook, October 2017
The following remarks were made by the Chair at the conclusion of the Executive Board’s discussion of the Fiscal Monitor, Global Financial Stability Report, and World Economic Outlook on September 21, 2017.
Executive Directors broadly shared the assessment of global economic prospects and risks. They observed that global activity has strengthened further and is expected to rise steadily into next year. The pickup is broad based across countries, driven by investment and trade. Nevertheless, the recovery is not complete, with medium-term global growth remaining modest, especially in advanced economies and fuel exporters. In most advanced economies, inflation remains subdued amid weak wage growth, while slow productivity growth and worsening demographic profiles weigh on medium-term prospects. Meanwhile, several emerging markets and developing economies continue to adjust to a range of factors, including lower commodity revenues.
Directors noted that, while risks are broadly balanced in the near term, medium-term risks remain skewed to the downside, with rising financial vulnerabilities. These include the possibility of a sudden tightening of global financial conditions, a rapid increase in private sector debt in key emerging market economies, low bank profitability and pockets of still-elevated non-performing loan ratios, and policy uncertainty about financial deregulation. Directors also pointed to risks associated with inward-looking policies, rising geopolitical tensions, and weather-related factors.
Given this landscape, Directors underscored the continued importance of employing a range of policy tools, in a comprehensive, consistent, and well-communicated manner, to secure the recovery and improve medium-term prospects. They recognized that major central banks have made every effort to communicate their monetary normalization policies to markets. The cyclical upturn in economic activity provides a window of opportunity to accelerate critical structural reforms, increase resilience, and promote inclusiveness.
Directors stressed that a cooperative multilateral framework remains vital for amplifying the mutual benefits of national policies and minimizing any cross-border spillovers. Common challenges include maintaining the rules-based, open trading system; preserving the resilience of the global financial system; avoiding competitive races to the bottom in taxation and financial regulation; and further strengthening the global financial safety net. Multilateral cooperation is also essential to tackle various noneconomic challenges, among which are refugee flows, cyberthreats and, as most Directors highlighted, mitigating and adapting to climate change. Concerted effort is also needed to reduce excess global imbalances, through a recalibration of policies with a view to achieving their domestic objectives as well as strengthening prospects for strong, sustainable, and balanced global growth. In this context, as a few Directors emphasized, the IMF also has a role to play by continuing to strengthen its multilateral analysis of external imbalances and exchange rates.
Directors agreed that continued accommodative monetary policy is still needed in countries with low core inflation, consistent with central banks’ mandates. Fiscal policy should gear toward long-term sustainability, avoid procyclicality, and promote inclusive growth. At the same time, fiscal policy should be as growth friendly as possible, using space, where available, to support productivity and growth-enhancing structural reforms. In many cases, policymakers should prioritize rebuilding buffers, improving medium-term debt dynamics, and enhancing resilience. Efforts to raise potential output should be prioritized based on country-specific circumstances, including increasing the supply of labor, upgrading skills and human capital, investing in infrastructure, and lowering product and labor market distortions. Social safety nets remain important to protect those adversely affected by technological progress and other structural transformation.
Directors noted that income disparities among countries have narrowed, but inequality has increased in some economies. They saw a role that well-designed fiscal policies can play in achieving redistributive objectives without necessarily undermining growth and incentives to work. Directors generally concurred that there may be scope for strengthening means-testing of transfers in many countries and for increasing the progressivity of taxation in some others. Most Directors noted that any consideration of a universal basic income would have to be weighed carefully against a host of country-specific factors—including existing social safety schemes, financing modalities, fiscal cost, and social preferences, as well as its impact on incentives to work—which, in the view of many Directors, raised questions about its attractiveness and practicality. Directors emphasized that improving education and health care is key to reducing inequality and enhancing social mobility over time.
Directors underlined the continued need for emerging market and developing economies to bolster economic and financial resilience to external shocks, including through enhanced macroprudential policy frameworks and exchange rate flexibility. They noted that a common challenge across these economies is how to speed up their convergence toward living standards in advanced economies. While priorities differ across countries, many need to improve governance, infrastructure, education, and access to health care. In several countries, policies should also facilitate greater labor force participation, reduce barriers to entry into product markets, and enhance the efficiency of credit allocation.
Directors observed that the global financial system continues to strengthen, and market confidence has improved generally. They recognized the substantial progress made in resolving weak banks in many advanced economies, while a majority of systemic institutions are adjusting business models and restoring profitability. However, a prolonged period of monetary accommodation could lead to further increases in asset valuations and a buildup of leverage in the nonfinancial sector that could signal higher risks to financial stability. These developments call for continued vigilance about household debt ratios and investors’ exposure to market and credit risks. In this context, Directors stressed the need to calibrate the path of normalization of monetary policies carefully, implement macro- and microprudential measures as needed, and address remaining legacy problems.
Directors noted a generally subdued outlook for commodity prices. They encouraged low-income developing countries that are commodity exporters to continue improving revenue mobilization and strengthening debt management, while safeguarding social outlays and capital expenditures. Countries with more diversified export bases should further strengthen fiscal positions and foreign exchange buffers. Across all low-income developing countries, an overarching challenge is to maintain progress toward their Sustainable Development Goals.
Many countries are implementing the SNA 2008 or European System of National and Regional Accounts (ESA) 2010, and a few countries use versions of the SNA older than that from 1993. A similar adoption pattern is expected for the BPM6 and GFSM 2014. Please refer to Table G, which lists the statistical standards adhered to by each country.
Averages for real GDP and its components, employment, inflation, factor productivity, trade, and commodity prices are calculated based on the compound annual rate of change, except in the case of GDP per capita and the unemployment rate, which are based on the simple arithmetic average.
See “Revised Purchasing Power Parity Weights” in the July 2014 WEO Update for a summary of the revised purchasing-power-parity-based weights, as well as Box A2 of the April 2004 WEO and Annex IV of the May 1993 WEO. See also Anne-Marie Gulde and Marianne Schulze-Ghattas, “Purchasing Power Parity Based Weights for the World Economic Outlook,” in Staff Studies for the World Economic Outlook (Washington, DC: International Monetary Fund, December 1993), 106—23.
As used here, the terms “country” and “economy” do not always refer to a territorial entity that is a state as understood by international law and practice. Some territorial entities included here are not states, although their statistical data are maintained on a separate and independent basis.
During 2012—16, 25 economies incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements. This group is referred to as economies with arrears and/or rescheduling during 2012—16.
See David Andrews, Anthony R. Boote, Syed S. Rizavi, and Suk-winder Singh, Debt Relief for Low-Income Countries: The Enhanced HIPC Initiative, IMF Pamphlet Series 51 (Washington, DC: International Monetary Fund, November 1999).
