Over the past two decades, labor markets around the world have become increasingly integrated. Political changes and economic reforms have transformed China, India, and the former Eastern bloc countries, effectively involving their large labor forces in open market economies. At the same time, the development of technology, combined with the progressive removal of restrictions on cross-border trade and capital flows, has made it possible for production processes to be unbundled and located farther from target markets for a growing universe of goods and services. The location of production has become much more responsive to relative labor costs across countries. There have also been increasing flows of migrants across borders, through both legal and informal routes.
This ongoing globalization of the labor market has drawn increasing attention from policymakers and the media, particularly in the advanced economies. The most asked question is whether the addition of this unprecedentedly large pool of labor from emerging market and developing countries is adversely affecting compensation and employment in the advanced economies.
This chapter addresses this important and emotive question. In contrast with most previous studies, which focus on one country or a single channel of transmission, it takes a broad approach, considering a large sample of advanced economies and a full range of transmission channels (competing imports of final products, offshoring of intermediate products, and immigration). The chapter focuses on the following issues:
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How rapidly has the global labor supply grown, and which channels of labor globalization have been most important?
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To what extent can recent trends in labor shares and labor compensation in advanced economies be explained by the changing global labor supply relative to other factors such as technological change and labor market reform? Has the impact been different in skilled and unskilled sectors?
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What policies can help the advanced economies meet the challenges of further labor market globalization?
This chapter finds that the effective global labor force has risen fourfold over the past two decades. This growing pool of global labor is being accessed by advanced economies through various channels, including imports of final goods, offshoring of the production of intermediates, and immigration. The ongoing globalization of labor has contributed to rising labor compensation in advanced economies by boosting productivity and output, while emerging market countries have also benefited from rising wages. Nevertheless, globalization is one of several factors that have acted to reduce the share of income accruing to labor in advanced economies, although rapid technological change has had a bigger impact, especially on workers in unskilled sectors. The analysis finds that countries that have enacted reforms to lower the cost of labor to business and improve labor market flexibility have generally experienced a smaller decline in the labor income share. Looking ahead, it is important for countries to maximize the benefits from labor globalization and technological change, while also working to address the distributional impact. To this end, policies should seek to improve the functioning of labor markets; strengthen access to education and training; and ensure adequate social safety nets that cushion the impact on those adversely affected, without obstructing the process of adjustment.
How Globalized Is Labor?
A first question to address is how the opening up of China, India, and the former Eastern bloc countries, together with ongoing demographic developments, has affected the global labor supply. This is not easy to answer because much depends on the assumptions made about how much of a country’s labor force is in, or could potentially compete in, the global market. One simple approach is to weigh each country’s labor force by its export-to-GDP ratio.1 By this measure, the effective global labor supply quadrupled between 1980 and 2005, with most of the increase taking place after 1990 (Figure 5.1).2 East Asia contributed about half of the increase, due to a marked rise in working-age population and rising trade openness, while South Asia and the former Eastern bloc countries accounted for smaller increases. While most of the absolute increase in the global labor supply consisted of less-educated workers (defined as those without higher education), the relative supply of workers with higher education increased by about 50 percent over the last 25 years, owing mostly to advanced economies, but also to China.
Alternative Measures of Global Labor Supply
East Asia’s marked rise in working-age population and increasing trade openness have contributed to about half of the quadrupling of the effective global labor supply, while South Asia and the former Eastern bloc accounted for smaller increases.
Sources: United Nations, Population Prospects: The 2004 Revision Population database; World Bank, World Development Indicators; and IMF staff calculations.1National labor forces scaled by export-to-GDP ratios.2Includes Western Hemisphere, Middle East and North Africa, and sub-Saharan Africa.3More educated labor force is defined by persons with university-level education. Less educated is defined by labor force with primary and secondary education plus the uneducated.
Advanced economies can access this increased pool of global labor both through imports of goods and services and through immigration. Trade has been the more important channel and has grown more rapidly, not least because immigration remains highly restricted in most countries (Figure 5.2). A similar picture emerges for developing and emerging market countries, where the export-to-GDP ratio is in general much higher than the ratio of emigrants to the domestic labor force.3 Nevertheless, immigration has expanded significantly over the past two decades in some large European economies (Germany, Italy, and the United Kingdom) and in the United States. The share of immigrants in the U.S. labor force is now close to 15 percent and hence comparable to the share of imports in GDP. Elsewhere the share of immigrants is still substantially less than the share of imports in GDP, but it is not negligible.
Immigration and Trade
(Percent of labor force and GDP, respectively)
Although immigration has expanded significantly over the past two decades in some large European countries and the United States, trade remains as the more important channel for accessing the large global labor force.
Sources: Docquier and Marfouk (2005); OECD, International Migration Data; U.S. Census Bureau; and IMF staff calculations.12000 data for immigration and emigration.2Hong Kong SAR, Greece, Israel, New Zealand, Singapore, and Taiwan Province of China are not included in average immigration due to data limitations. Russia and Slovak Republic are not included in average emigration due to data limitations.3Foreign-born labor force for Australia, Canada, and the United States. For Italy, the Netherlands, Norway, and the United Kingdom, the data refer to the share of foreign employment in total employment.
Focusing on trade, the share of developing country products in the manufacturing imports of advanced economies has doubled since the early 1990s (Figure 5.3). This owes much to China. Developing countries have also been capturing an increasing share of world markets. At the aggregate level, however, trade is a win-win game. As China, India, and the Eastern bloc countries have opened up, world markets and opportunities to export have expanded considerably for advanced economies and developing countries alike. Developing countries’ imports have been growing faster than those of advanced economies and the share of advanced economies’ exports going to developing countries has been rising (though not as rapidly as the share of developing countries in their own imports). Further, while both import and export prices have been on a declining trend relative to output prices, the terms of trade of advanced economies have improved by a cumulative 7 percent since 1980. Most notably, there was a substantial improvement in the terms of trade of Japan in the first half of the 1980s. However, the large fall in import prices at this time was mainly the result of the strong appreciation of the yen at a time when oil prices were falling, and was not directly related to globalization.
Share of Developing Countries in Trade
As China, India, and the Eastern bloc have opened up, world markets and opportunities to export have expanded considerably for advanced economies and developing countries alike.
Sources: OECD, STAN Bilateral Trade Database; and IMF staff calculations.
As can be seen in Figure 5.4, the strong export dynamism of emerging market and developing countries is in skilled as well as unskilled products: developing countries’ share in world exports of skilled goods and services has been on the rise in recent years.4 China has led the way, reflecting its very strong growth and a move toward more skill-intensive goods in its export basket. India’s export basket is also changing rapidly toward skill-intensive services, but the country’s weight in world trade remains small.
Developing Countries: Exports of Skilled Manufacturing Goods and Services
(Percent)
The recent robust growth in developing countries’ share in world exports, particularly in skilled products, owes much to China.
Sources: OECD, International Trade in Services Database and STAN Industrial Database; World Bank, World Integrated Trade Solution database; and IMF, Balance of Payments Statistics.1Bangladesh, China, India, Malaysia, the Philippines, and Thailand.2Czech Republic, Hungary, Poland, Romania, Slovak Republic, and Turkey.3Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela.4Egypt, Ethiopia, Morocco, South Africa, Sudan, and Tanzania.
One category of trade that has received much attention in recent years is trade in intermediates. The reduction of barriers to cross-border trade and capital flows, combined with technological progress in transport and communication, has made it easier for firms to move parts of their production to less costly foreign locations—a process referred to as offshore outsourcing or, more simply, offshoring. Nevertheless, and contrary to some popular perceptions, offshored inputs, which account for about half of total imports (the rest being imports of final products), have grown somewhat more slowly than total trade (see also OECD, 2006a). Moreover, the scale of offshoring is still quite limited in the overall economy (Figure 5.5). Imports of intermediate manufacturing and services inputs (excluding energy) accounted for about 5 percent of gross output and about 10 percent of total intermediate inputs in advanced economies in 2003, the latest year for which data are available.5 These shares have increased only moderately since the early 1980s.6 The share of offshored inputs in gross output ranges from 12 percent in the Netherlands to about 2–3 percent in the United States and Japan. Offshoring is thus relatively limited in the United States and Japan, in the same way that trade openness is usually low in large economies.
Offshoring by Advanced Economies1
The extent of offshoring is still quite limited in advanced economies. In 2003, the offshoring of nonenergy manufacturing and services inputs averaged about 5 percent of gross output and roughly 10 percent of total intermediate inputs. The low level of offshoring is particularly pronounced in the world’s largest economies, the United States and Japan.
Sources: OECD, Input-Output Tables (1995, 2002, and 2006 editions), International Trade in Services Database, and STAN Industrial Database; Groningen Growth and Development Centre, 60-Industry Database (September 2006); and IMF staff calculations.1Offshoring measures calculated using Input-Output Tables from OECD; resulting series extended from 2001 to 2003 by estimating extent of offshoring using a combination of data from the OECD STAN Industrial Database and the Groningen 60-Industry Database; only offshoring of nonenergy manufacturing and services inputs considered.2Advanced OECD economies used in calculations for long time series include Australia, Canada, France, Germany, Japan, the Netherlands, the United Kingdom, and the United States; weighted using series on GDP at current U.S. dollars from the World Economic Outlook database.3Advanced OECD economies used in calculations for short time series include Australia, Austria, Canada, Finland, France, Germany, Greece, Italy, the Netherlands, Japan, Korea, Portugal, Spain, Sweden, the United Kingdom, and the United States; weighted using series on GDP at current U.S. dollars from the World Economic Outlook database.
The manufacturing sector has been most affected by offshoring because it is more trad-able. For the countries for which long data series are available (G-7, Australia, and the Netherlands), the share of imported manufacturing inputs in gross manufacturing output increased from 6 percent in 1980 to 10 percent in 2003, with the rise being somewhat stronger in the latter years of the sample (Figure 5.6). In 2003, the offshoring intensity in manufacturing ranged from 4 percent in Japan to a high of about 25 percent in Canada. Imports of services inputs by the overall economy remain low at 1 percent of gross output, although the offshoring intensity in services has increased in recent years in a number of countries, including Canada, Germany, and the Netherlands.7
Advanced Economies: Offshoring by Category of Inputs1
The manufacturing sector has been more affected by offshoring because it is more tradable, although there are considerable differences across countries (the vertical line shows the range of country outcomes). Skilled inputs have also played a more significant role in the growth of offshoring in advanced economies than unskilled inputs.
Sources: OECD, Input-Output Tables (1995, 2002, and 2006), International Trade in Services Database, and STAN Industrial Database; Groningen Growth and Development Centre, 60-Industry Database (September 2006); and IMF staff calculations.1Offshoring measures calculated using Input-Output Tables from OECD; resulting series extended from 2001 to 2003 by estimating extent of offshoring using a combination of data from the OECD’s STAN Industrial Database and the Groningen 60-Industry Database; only offshoring of nonenergy manufacturing and services inputs considered. Advanced OECD economies used in calculations for long time series include Australia, Canada, France, Germany, Japan, the Netherlands, the United Kingdom, and the United States; weighted using series on GDP at current U.S. dollars from the World Economic Outlook database.2Excludes the United States since import data are reported as inclusive of “cost, insurance, and freight”; thus, values that normally accrue to business services are included in associated goods sectors.
Interestingly, the rise in offshoring in advanced economies has been driven mostly by imports of skilled rather than unskilled inputs. Several factors may help explain this finding. First, in line with advanced economies’ comparative advantage in skill-intensive production, goods traditionally produced in unskilled sectors (e.g., textiles) are more likely to be imported as final goods rather than intermediates.8 Sectors involved in the rise in the imports of intermediaries are electronic equipment; other machinery and equipment; and chemical, rubber, and plastic products. It should be noted, however, that offshoring is likely to involve the least skill-intensive stages of production in these skilled sectors, although the available data do not allow confirmation of this. Second, the bulk of advanced economies’ imports (of both final and intermediate products) still comes from other advanced economies and likely includes more skilled rather than unskilled products. Third, as mentioned earlier, the global supply of labor with higher education has increased relative to labor with lower education.
How Has the Globalization of Labor Affected Workers in Advanced Economies?
The rapid growth of the global labor supply and its manifestation through increasing exports of emerging market and developing countries leads to the question of how these trends have affected workers in advanced economies. With exports from emerging market and developing countries being intensive in labor, especially unskilled labor, traditional trade theory would predict that the integration of these countries into the world economy would exert downward pressure on the wages (corrected for productivity) of workers in advanced economies. Hence, the share of national income received by labor—the so-called labor share—would be expected to decline. To see this, it is worth noting that the labor share can be expressed as the ratio of labor compensation per worker to average worker productivity.
Nevertheless, workers in advanced economies could still be better off if the positive effects from enhanced trade and productivity on the economy’s income (the size of the total “pie”) are larger than the negative effect on the share of this income that accrues to labor. The vast literature documenting gains from trade (see, for example, Lewer and Van den Berg, 2003; Berg and Krueger, 2003) suggests that the increase in the economy’s income may indeed be substantial. Recently, Grossman and Rossi-Hansberg (2006) have argued that the productivity-enhancing effect from trade in intermediates could be even larger than from trade in final goods because, in addition to a competition effect for producing sectors, trade in intermediates also reduces the costs of production of using sectors. The empirical evidence on the productivity effects of offshoring is, however, mixed.9
What do the data show? Looking first at the labor share, there has been a clear decline since the early 1980s across the advanced economies (Figure 5.7).10 The decline is stronger for the labor share than for the share of employees’ compensation, reflecting a reduction in the share of other categories of workers in the total workforce (other categories of workers include self-employed, employers, and family workers).11 A part of this decline is a reversal of the rise in labor shares that took place in the 1970s, especially in Europe and Japan (Blanchard, 1998).12
Advanced Economies: Labor Income Shares
(Percent of GDP unless otherwise noted)
Over the past two decades, there has been a continued decline in the share of income that accrues to labor, especially in Europe and Japan. The income share of workers in unskilled sectors has dropped strongly while that of workers in skilled sectors has generally made small gains.
Sources: Haver Analytics; International Labor Organization, Labor Statistics Database; OECD, Employment and Labor Market Statistics, National Accounts Statistics, and STAN Industrial Database; United Nations, National Accounts Statistics (2004); and IMF staff calculations.1Income share of employees is the ratio of employees’ labor compensation to value added.2The income share of labor estimates the share of labor compensation of employees and “nonemployee” workers in value added.3Advanced economies include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, the United Kingdom, and the United States; weighted using series on GDP in U.S. dollars from the World Economic Outlook database.4Anglo-Saxon economies include Australia, Canada, and the United Kingdom. Australia is excluded from the analysis by skill level due to lack of data.5Europe includes Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, and Sweden. Ireland, the Netherlands, and Spain are excluded from the analysis by skill level due to lack of data.
The decline in the labor share since 1980 has been much more pronounced in Europe and Japan (about 10 percentage points) than in Anglo-Saxon countries, including the United States (about 3–4 percentage points).13 Within Europe, the strongest decline is observed in Austria, Ireland, and the Netherlands. Further, most of the decline in the labor share can be attributed to the fall in unskilled sectors, which was more pronounced in Europe and Japan than in the Anglo-Saxon countries. This decline reflects a combination of the reduction in the within-sector labor share and the shift of output from unskilled toward skilled sectors (see Figure 5.7). The income share of labor in skilled sectors, on the other hand, has been on the rise, especially in Anglo-Saxon countries where it has increased by about 5 percentage points. It is important to emphasize that due to the nature of the available data, these results relate to income shares of workers in skilled and unskilled sectors, rather than to income shares of skilled and unskilled workers themselves.
Despite the fall in the overall labor share, real labor compensation has expanded robustly in all advanced economies since 1980, with growth accelerating since the mid-1990s. This trend reflects both employment growth and increases in real compensation per worker, with a stronger weight on employment in the Anglo-Saxon countries and on real compensation per worker in Europe (Figure 5.8). Since the mid-1990s, however, employment growth has picked up in Europe, outpacing the growth in real compensation per worker. Growth in labor compensation of unskilled sectors, however, has been very sluggish (Figure 5.9). While unskilled employment has held steady in the United States, increases in real compensation per worker have been meager in unskilled sectors and the earnings gap between skilled and unskilled sectors has widened by 25 percent. In Europe, real compensation per worker in unskilled sectors grew broadly in line with that in skilled sectors, but employment in unskilled sectors lost ground to employment in skilled sectors (and actually contracted by a cumulative 15 percent).14
Advanced Economies: Labor Compensation and Employment
(Index, 1980 = 100)
Despite the fall in the overall labor share, real labor compensation has grown robustly in advanced economies, with a stronger weight on employment in Anglo-Saxon economies.
Sources: Haver Analytics; International Labor Organization, Labor Statistics Database; OECD, Employment and Labor Market Statistics, National Accounts Statistics, and STAN Industrial Database; United Nations, National Accounts Statistics (2004); and IMF staff calculations.1Advanced economies include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, the United Kingdom, and the United States; weighted using series on GDP in U.S. dollars from the World Economic Outlook database.2Anglo-Saxon economies include Australia, Canada, and the United Kingdom.3Europe includes Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, and Sweden.
Advanced Economies: Labor Compensation and Employment in Skilled and Unskilled Sectors
(Index, 1980 = 100)
Despite strong growth of labor compensation overall, the growth in labor compensation of unskilled sectors has been very slow. In the United States, the earnings gap between skilled and unskilled workers has widened by about 25 percent since 1980, while in Europe, employment in unskilled sectors has contracted.
Sources: Haver Analytics; International Labor Organization, Labor Statistics Database; OECD, Employment and Labour Market Statistics, National Accounts Statistics, and STAN Industrial Database; United Nations, National Accounts Statistics (2004); and IMF staff calculations.1For analysis by skill level, advanced economies include Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Norway, Portugal, Sweden, the United Kingdom, and the United States; weighted using series on GDP in U.S. dollars from the World Economic Outlook database.2For analysis by skill level, Anglo-Saxon economies include Canada and the United Kingdom.3For analysis by skill level, Europe includes Austria, Belgium, Denmark, Finland, France, Germany, Italy, Norway, Portugal, and Sweden.
Turning to emerging market countries, theory would predict that the globalization of labor would bring large benefits for workers in the form of wage convergence toward the levels in advanced economies. Data from the manufacturing sector confirm that real wages in emerging market countries, particularly in Asia, have been catching up with those in the United States (Figure 5.10). Real wages (corrected for purchasing power) have been converging rapidly and are relatively high in Asian countries that started developing earlier (Hong Kong SAR, Korea, Singapore, and Taiwan Province of China). Wages in other Asian countries, including China, have been converging at a slower pace, though this has accelerated in recent years.15 Studies confirm that both trade and emigration have contributed to rising incomes of nationals of developing countries, although the evidence on their impact on inequality is mixed (see Box 5.1 for a discussion of the evidence on the implications of globalization for labor markets in developing countries).
Catch-Up by Emerging Markets’ Manufacturing Wages
(Percent of U.S. manufacturing wages in constant PPP dollars)
While relative manufacturing wages in emerging Asia are generally increasing, catch-up has been most evident in the newly industrializing economies, such as Korea, Singapore, and Hong Kong SAR. In contrast, Latin American economies have not experienced much convergence.
Sources: UNIDO, Industrial Statistics Database 2006); CEIC Asia Database; Instituto Brasileiro de Geografia e Estatística, Pesquisa Industrial Mensal; and IMF staff calculations.
Labor Compensation and the Globalization of Labor: An Empirical Examination
While striking, the globalization of labor is but one of the forces that has been affecting the labor markets of advanced economies over the past two decades. Rapid technological change is another central development with potentially important implications for labor market outcomes (Figure 5.11). The information and communications technology (ICT) revolution, an all-purpose technological revolution that Blinder (2006) has compared to the third industrial revolution, has stimulated capital accumulation (see the September 2001 World Economic Outlook) and favored skilled labor—with which it is more complementary—over unskilled labor. Technology has also progressed in other areas as reflected in the strong rise in patent applications in OECD economies, especially since the early 1990s.
Information and Communications Technology (ICT) Capital, Patents, and Labor Market Indicators
The globalization of labor is but one of the forces that have influenced labor markets in advanced economies over the past two decades. Rapid technological change and changes in labor and product market policies are other significant developments with potentially important implications for labor market outcomes.
Sources: Bassanini and Duval (2006); Jorgenson and Vu (2005); OECD, Science and Technology Statistics; and IMF staff calculations.1Australia, Canada, New Zealand, and the United Kingdom.2Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, and Switzerland. Greece is not included due to data limitations.3Patents that have been filed at the European Patent Office, Japanese Patent Office, and granted by the United States Patent and Trademark Office (measured by priority year, that is, year of first application).4Difference between the labor cost to the employer and the net take-home pay of the employee, in percent of the labor cost.
There have also been changes in labor and product market policies. Reforms have proceeded in several areas, but generally in the direction of lowering the cost of labor to business and enhancing the flexibility of markets. Four main developments in labor market policies are particularly worth noting (see Figure 5.11): (1) a marked increase in the generosity of unemployment benefits in Europe (as measured by average replacement rate of income), in contrast with a slight decline in Anglo-Saxon countries; (2) a general decline in the tax wedge, especially in the United States where it has fallen by about 10 percentage points since 1995; (3) substantial declines in legislated employment protection and product market regulation, especially in Europe and Japan, both of which started with particularly restrictive stances; and (4) persisting large crosscountry differences in the degree of employment protection, with low protection in the United States and other Anglo-Saxon countries and relatively high protection in Europe and Japan. Recent studies (Bassanini and Duval, 2006; and Annett, 2006) have highlighted reductions in the tax wedge, reductions in unemployment benefits, deregulation of product markets, and more limited employment protection as the main factors that have contributed to employment growth and declining unemployment.16 Disentangling the influence of these variables is difficult, in particular because technological change and the globalization of labor may be expected to affect compensation and the labor share in similar ways. The influence of policy variables is complex, particularly because they may also affect the labor share indirectly by facilitating or obstructing the adjustment of the economy to labor globalization and technological progress.
This section uses an econometric model to analyze the relationship between labor compensation and labor globalization—measured in terms-of-trade prices, offshoring, and immigration—controlling for technological progress and changes in labor market policies. The basic model, which has solid microeconomic foundations and is widely used in the recent trade literature (see, for instance, Feenstra, 2004; Harrigan, 1998; and Kohli, 1991), relates the labor share to the capital-labor ratio and import and export prices (expressed relative to domestic prices).17 The two latter variables capture the effects of globalization of trade: declines in import prices are expected to decrease the labor share, as imports that come increasingly from developing countries are labor intensive; in contrast, declines in export prices should benefit labor relative to capital because of the high capital intensity of advanced economies’ exports. The basic model is augmented to include the intensity of offshoring, the share of immigrants in the domestic labor force, the share of ICT capital in total capital, measures of labor market policies, and country fixed effects.18 The model was estimated on a panel of 18 advanced OECD economies over 1982–2002, for the overall labor share and for the income shares of labor in skilled and unskilled sectors (see Appendix 5.1 for more details). At the outset, it should be noted that the effects of globalization can only be imperfectly disentangled from those of technology, especially for technological progress in transport and communication, which vastly expands the opportunities for globalized production. Similarly, part of the decline in import (and, in some cases, export) prices may be attributable to productivity improvements in the production of information and communications technology.
The results from estimating this model suggest that labor globalization, technological change, and labor market policies have all affected labor shares over the past two decades (Figure 5.12).19 Both labor globalization and technological progress have acted to reduce the labor share, with the impact of technological progress being somewhat larger, while changes in labor market policies have generally had a smaller but positive impact on the labor share.20 Each channel of labor globalization (trade prices, offshoring, and immigration) individually plays a relatively small role in explaining the decline in the labor share.
Contributions to the Annual Change in Labor Share1
(Percentage points)
Labor globalization and technological progress have acted to reduce the labor share, with the impact of technological progress being somewhat larger, while changes in labor market policies have generally had a smaller but positive impact on the labor share. Trade prices, offshoring, and immigration individually play a relatively small role in explaining the decline in the labor share.
Source: IMF staff calculations.11982–2002 or longest period available. 1986–2001 for Japan, as changes in the relative import price in earlier years reflected the yen’s strong appreciation rather than globalization. The contributions are based on estimated regression coefficients and average annual changes in the respective variables by country (see Appendix 5.1).2The annual change in the labor share in this figure corresponds to the sample period for which all the regression variables were available and may thus differ from the one shown in Figure 5.7.3Europe large includes France, Germany, Italy, and Spain.4Europe small covers Austria, Belgium, Denmark, Finland, Ireland, the Netherlands, Norway, Portugal, and Sweden.5Anglo-Saxon countries include Australia, Canada, the United Kingdom, and the United States.
Labor globalization contributed to the decline in labor shares in most countries, with broadly similar effects in both Anglo-Saxon countries and Europe.21 Nevertheless, the labor globalization effect in the Anglo-Saxon countries and Europe is driven by different factors. Europe’s labor share has been affected both by offshoring and immigration, while, in the Anglo-Saxon countries, offshoring was a somewhat less important factor. Similarly, within Europe, large economies were affected more by immigration than by offshoring, while the opposite holds for small economies. Another component of globalization—the change in trade prices—generally had only a small net effect on the labor share. Hence, while globalization exerted downward pressure on the labor share through declines in import prices, this effect has been broadly compensated by similar declines in export prices, which have boosted the labor share since exports of advanced economies are capital intensive. In large European countries and Japan, the net effect from changes in trade prices was actually to boost the labor share, likely reflecting a stronger concentration of exports in capital-intensive goods.
The reasons for the milder decline of the labor share in the Anglo-Saxon countries than in Europe are found in the role of technological change and labor market policies rather than in the differences in the impact of labor globalization. Technological change has contributed to the reduction of the labor share in both groups, but less so in the Anglo-Saxon countries. In particular, in the United States, ICT capital even contributed to raising the labor share, possibly reflecting the fact that the United States is most advanced in the use of ICT. The adverse labor demand effects of ICT appear to be stronger at the early stages of ICT adoption, before the needed adjustments in workers’ education have taken place.
Emigration and Trade: How Do They Affect Developing Countries?
This box reviews the evidence on the effects of emigration and trade on labor markets and incomes in developing countries.
Emigration
While a vast theoretical and empirical literature considers the impact of immigration on destination countries, little work has been done on emigration and its impact on source countries.1 This is surprising because the shares of the labor force leaving many individual source countries as emigrants are considerably higher than the proportionate changes in the labor force of many receiving countries due to immigration. To cite a few examples, the labor force in Barbados, Belize, El Salvador, Guyana, and Jamaica has been reduced by 20 percent or more due to emigration to the OECD countries.2 Meanwhile, immigrants constitute about 15 percent of the U.S. labor force, and the share is considerably lower in most other OECD countries.
In general, source countries do not record information on those who emigrate. However, Mexico and other Latin American countries—from where immigration is mostly to the United States—offer ideal case studies because U.S. data sources can be used to analyze the impact on the source countries. Along these lines, Cardarelli and Ueda (2004) assess the impact of migration to the United States on the welfare of source countries. Using as a yardstick the income produced by the nationals of the country irrespective of where they live, they estimate that the well-being of Mexican-born people was, on average, 20 percent higher than the country’s GDP alone would suggest over 1994–2003. Cardarelli and Ueda also conclude that immigration opportunities to the United States have raised the well-being of nationals born in several other developing countries, particularly in Latin America and the Caribbean (e.g., Jamaica, Haiti, Nicaragua, and El Salvador) and in the Philippines and Vietnam. One channel of income gains for developing country residents, included in these calculations, is the large flow of remittances back into the country from emigrants living abroad (see the April 2005 World Economic Outlook). While in Mexico annual remittances were about 3 percent of GDP over 1990–2003, they amounted to over 10 percent of GDP in El Salvador and Jamaica over the same period.
Focusing on workers who have stayed home, Mishra (2007) examines the effect of emigration to the United States on wages in Mexico, using data from the Mexican and U.S. censuses for 1970–2000. She finds a strong and positive effect of emigration on Mexican wages: a 10 percent decrease in the number of Mexican workers in a given skill group (defined by schooling and experience) increases the average wage in that skill group by about 4 percent (Aydemir and Borjas, 2006, find a similar result). The impact on wages differs dramatically across schooling groups, with the greatest increase being for the higher wage earners (those with 12–15 years of schooling) owing to the higher emigration rate of this group. Hence, while all categories of workers who stay home benefit in terms of higher wages, emigration could serve as a partial explanation for the increasing wage inequality in Mexico.3
The positive effect of emigration on wages in Mexico is confirmed by Hanson (forthcoming). He examines changes in the distribution of labor income across regions of Mexico during the 1990s, a period of rapid globalization of the Mexican economy. He finds that over the decade, average hourly earnings in high-migration states rose by 6–9 percent relative to low-migration states.
While workers benefit from higher wages and families from remittance inflows, capital owners who hire these workers lose. Overall, however, estimates suggest that there is a small aggregate annual welfare gain in the case of Mexico. Nevertheless, emigration can lead to loss of welfare if the fact that emigration of high-skilled workers leads to a decline in the productivity of those who have stayed behind is taken into account. For example, qualified doctors, researchers, and engineers confer a positive externality on the rest of the population, and this is lost when they emigrate. Mishra (2006) estimates substantial productivity losses for those who stay behind because of the very high rates of high-skilled emigration from the Caribbean countries. Gupta, Pattillo, and Wagh (2007) also report a high rate of migration of skilled workers from sub-Saharan African countries. One consequence of this is a human resource shortage in the health sector of these countries, as skilled health care professionals get hired in the high-demand OECD countries.
Trade
A large body of research shows that trade openness in developing countries has raised aggregate incomes and growth rates (see Berg and Krueger, 2003, for a survey). Using crosscountry and panel regressions, many studies have found that openness to trade is a significant explanatory variable for the level or growth rate of real GDP per capita, with the weight of evidence suggesting that this result holds even when the endogeneity of trade openness is taken into account and after controlling for other important determinants, such as the quality of institutions and geography.
In contrast, the internal distributional consequences of trade reform in developing countries are still the subject of intense debate (see Goldberg and Pavcnik, forthcoming, for a survey). The workhorse model to analyze the labor market consequences of trade liberalization—the Stolper-Samuelson theorem—predicts that trade liberalization will shift income toward a country’s abundant factor.4 For developing countries, this suggests that liberalization will principally benefit the abundant unskilled labor. Yet many developing countries, including Argentina, Brazil, Colombia, China, India, and Mexico experienced a widening wage gap between skilled and unskilled labor during periods of trade reform during the 1980s and 1990s.5
Of course, rising wage inequality does not necessarily imply a causal impact of trade reforms (since typically trade reforms were accompanied by significant domestic reforms in most countries).6 Hence, the literature in the past decade has focused on trying to identify the causal link between trade liberalization and distributional outcomes. Two key methodologies used are the industry-level and the regional approaches that examine whether industries or regions that were more exposed to trade liberalization experienced larger changes in labor market outcomes. However, a drawback of both these approaches is that they can directly identify only relative differences across regions or industries and not identify the impact on the nation as a whole.7
The econometric evidence from different countries is mixed on how trade reforms affect relative labor market outcomes across regions or industries. Topalova (2005) and Edmonds, Pavcnik, and Topalova (2007) find that districts in India that were more exposed to import liberalization experienced a slower reduction in poverty, which was coupled with lower investment in human capital and a lower decline in child labor. On the other hand, using a broader measure of openness, Hanson (2007) finds that states in Mexico with high exposure to globalization (measured by the shares of foreign direct investment, imports, and exports assembly in state GDP) experienced a rise in labor incomes relative to low-exposure states in the 1990s.
The empirical evidence on the effect of trade liberalization on wages at the industry level is also mixed.8 For example, studies find no significant relationship between trade policy and industry wages in Brazil and Mexico (Pavcnik and others, 2004; and Feliciano, 2001), while the reduction in tariffs within a sector is found to be associated with a significant reduction in wages in that sector in Colombia (Goldberg and Pavcnik, 2005) but with an increase in wages in Poland (Goh and Javorcik, 2007). The evidence from India on the effects of changes in tariffs on wages is mixed (see Topalova, 2005; Dutta, 2004; and Kumar and Mishra, forthcoming). Given that the sectors that experienced the largest tariff reductions were those with the largest share of unskilled workers, the industry-level studies thus suggest mixed effects of trade liberalization on the overall wage gap between skilled and unskilled workers: trade reforms were associated with a higher wage gap in Colombia, possibly with an unchanged wage gap in Brazil and Mexico, and with lower wage inequality in Poland.
In conclusion, on the one hand, emigration and trade both increase the aggregate incomes of developing countries (once the income of emigrants is included). On the other hand, the existing evidence on the impact of globalization on inequality is mixed, particularly in the case of trade. Further research efforts are needed to fully understand these important issues.
Changes in labor market policies have had a positive effect on the labor share in Anglo-Saxon countries, but a much more modest effect on average in Europe, particularly in large European economies where labor policies are estimated to have actually contributed to a decline in the labor share. The contribution of labor market policies is driven primarily by the changes in the tax wedge and unemployment benefit replacement.22 The decline in the tax wedge in Anglo-Saxon countries, especially in the United States, benefited the labor share, while in Europe the labor share was hurt by a rise in unemployment benefit replacement rates.
Turning to look at the skilled and unskilled sectors separately, the main factor affecting the income share of labor in unskilled sectors over the sample period, beyond the shift of employment toward skilled sectors, is technological change (Figure 5.13). This result is consistent with the belief that computers and other ICT equipment act as a substitute for unskilled labor, but they tend to complement skilled labor. On the other hand, labor globalization contributed to a decline in the income share of labor in skilled sectors, much more so than in unskilled sectors. This is in line with earlier findings that the increase in offshoring was mostly driven by the offshoring of skilled inputs rather than unskilled inputs. However, this was more than offset by the shift of employment from unskilled sectors to skilled sectors and the income share of labor in skilled sectors actually increased moderately.23
Advanced Economies: Contributions to the Annual Change in the Labor Share by Skill Level1
(Percentage points)
While technological change affected mostly the income share of labor in unskilled sectors, the labor income share in skilled sectors was more affected by labor globalization.
Source: IMF staff calculations.11982–2002 or longest period available. 1986–2001 for Japan, as changes in the relative import price in earlier years reflected the yen’s strong appreciation rather than globalization. The contributions are based on estimated regression coefficients and average annual changes in the respective variables by country (see Appendix 5.1).
Of course, the effects on labor shares do not by themselves give the full picture of how workers’ well-being is affected by forces of globalization and technological change. These factors also influence output and total labor compensation. The model results imply that on average, in advanced economies, the decline in traded goods prices yielded about a 6 percent increase in both output and total labor compensation, in real terms, over 25 years.24 Thus, although the labor share went down, globalization of labor as manifested in cheaper imports in advanced economies has increased the “size of the pie” to be shared among all citizens, resulting in a net gain in total workers’ compensation in real terms (Figure 5.14).25
Effects of Changes in Trade Prices on Labor Share, Output, and Labor Compensation1
(Percent)
Although on the whole the labor share went down, the globalization of labor increases the size of the pie to be shared among all citizens, resulting in a net gain in workers’ compensation in most countries.
Source: IMF staff calculations.11980–2004 or longest period available. 1986–2004 for Japan, as changes in the relative import price in earlier years reflected the yen’s strong appreciation rather than globalization. The effects are based on estimated regression coefficients and average annual changes in the respective variables by country (see Appendix 5.1).2Europe large includes France, Germany, Italy, and Spain.3Europe small covers Austria, Belgium, Denmark, Finland, Ireland, the Netherlands, Norway, Portugal, and Sweden.4Anglo-Saxon countries include Australia, Canada, the United Kingdom, and the United States.
In sum, the econometric analysis suggests that both labor globalization and technological change have been important factors behind the observed decline in labor shares in advanced economies. The rapid progress in ICT has had a particularly strong effect on the unskilled sectors. The role of labor market policies has differed across countries, with positive effects largest in the United States and much more modest on average in Europe (and negative in some countries). Finally, global competition has brought down international trade prices. Cheaper imports have increased the size of real total labor compensation, implying that workers have participated in the benefits of the bigger economic “pie,” although their share of it has declined.
Summary and Policy Implications
There has been a dramatic increase in the size of the effective global labor force over the past two decades, with one measure suggesting it has risen fourfold. This expansion is expected to continue in the coming years. The UN projects a 40 percent rise in the world’s working-age population by 2050, and trade openness will continue to grow, especially in services. Indeed, tentative projections suggest that the effective global labor supply could more than double again by 2050.26
The global pool of labor can be accessed by advanced economies through imports and immigration. Trade is the more important and faster-expanding channel, in large part because immigration remains very restricted in many countries. Contrary to popular perceptions, the intensity of offshoring of the production of intermediates is still small in the overall economy, although the manufacturing sector is more affected because of its greater tradability. Imports of offshored intermediates have also been growing somewhat more slowly than total trade.
The integration of workers from emerging market and developing countries into the global workforce has produced important benefits for advanced economies. Export opportunities have expanded considerably. It has provided access to cheaper imported goods and has enabled companies to operate more efficiently. This has boosted productivity and output, and contributed to rising real labor compensation. For emerging market economies, the ongoing integration of labor into the global marketplace has benefited workers, with manufacturing wages rising rapidly.
Nevertheless, labor globalization has negatively affected the share of income accruing to labor in the advanced economies (the labor share). It is, however, only one of several factors that have affected the labor share over the past two decades. Rapid technological change—especially in the information and communications sectors—has had a bigger impact, particularly on the labor share in unskilled sectors. This is broadly consistent with findings highlighted in a recent joint study by the International Labor Office and the World Trade Organization (2007).
Against this background, the increasing globalization of labor and ongoing technological changes raise important challenges for policymakers in the advanced economies. They must seek to harness the benefits that the growing pool of global labor is creating. This means continuing along the path of trade liberalization, while ensuring that domestic economies are sufficiently flexible to be able to adjust and respond to the pressures of globalization. At the same time, it is important to be fully cognizant of adjustment costs, and policies do need to support those people who are negatively affected by labor market globalization and technological changes. In broad terms, policies need to respond along three dimensions:
-
Improve the functioning of labor markets. Steps to reduce tax wedges to enable workers to take home a larger proportion of their gross pay and to ensure that unemployment benefit replacement rates do not deter workers from seeking employment have helped a number of countries adjust to the pressures of globalization. The duration of unemployment benefits and the work availability requirements are also important (see Annett, 2006; and Bassanini and Duval, 2006). Moreover, policies that increase the flexibility of the economy and thereby enable workers to move more easily from declining to expanding areas of the economy help the process of adjustment. A variety of country-specific approaches are possible, as demonstrated by the range of experience of successful reformers in western Europe (see Box 2.2). Reform packages also have to be designed with fiscal consequences in mind.
-
Improve access to education and training. Developing workers’ skills is necessary for keeping up with rapid technological change and for continuing innovation. Skilled sectors have been better able to adapt to changing conditions caused by the ICT revolution than unskilled sectors. Further, countries that started adopting ICT and training workers in this area earlier experienced less decline in their labor share. Workers must also be ready to compete with the growing pool of skilled workers in emerging markets, especially those in Asia. Beyond increases in spending on education and training, the quality of this spending is crucial. Experience shows that evaluation and targeting of training are important to maximize its impact.
-
Ensure adequate social protection for workers during the adjustment period. This includes providing adequate income support to cushion, but not obstruct, the process of change, and also making health care less dependent on continued employment and increasing the portability of pension benefits in some countries. The latter would also enhance the flexibility of the economy by facilitating the move of workers from declining sectors to expanding sectors. Whether measures specifically targeted at workers who have been displaced by international trade are desirable is less clear (see, e.g., OECD, 2005). The fact that these workers may face special hurdles reintegrating into the labor market as they are often older and less educated, and their skills are specific to declining industries or occupations, argues in favor of such measures. Also, minimizing losses for such workers may increase support for the international economic integration process. However, it may be difficult (even conceptually) to differentiate between job losses caused by globalization and those caused by other factors, since most labor markets are characterized by high rates of turnover and year-to-year earnings variability. If trade-displaced workers are treated more generously, including, for instance, by being provided supplementary wage subsidies, such compensation should be structured to avoid dulling incentives to search actively for new jobs.
Appendix 5.1. Data Sources and Methods
The main authors of this appendix are Florence Jaumotte and Irina Tytell.
Variable Definitions and Data Sources
This section provides further details on the construction of the variables used in this chapter and the sources of the data.
Sectoral Classification
Throughout the chapter, the analysis is carried out both for the aggregate economy and for a disaggregation of the economy by skill category. The classification of trade and labor into skill categories is based on the skill intensity of the sector. Hence skilled exports are exports of goods and services typically produced by skill-intensive sectors. The skilled labor share is the share of national income that accrues to workers in skill-intensive sectors. One drawback of this approach is that it does not capture changes that occur between skilled and unskilled workers within sectors. A more refined approach was, however, not feasible because of the lack of cross-country data on the wages of production (unskilled) and nonproduction (skilled) workers, which would have been needed to calculate labor shares and labor compensation of skilled and unskilled workers.
The classification of sectors into skilled and unskilled is based on the share of skilled workers in the labor force of the sector, where a person is considered skilled if he or she has at least upper secondary education. Data on the average fraction of skilled labor in each sector (across 16 OECD economies from 1994 to 1998) are from Jean and Nicoletti (2002). The chapter classifies 18 sectors (from the International Standard Industrial Classification, Revision 3) into two broad aggregates, namely, unskilled and skilled sectors, as reported in Table 5.1. In order to test the robustness of the results, an alternative three-category split was also used, which distinguishes between low-skill, medium-skill, and high-skill sectors. Figure 5.15 shows that the patterns of the labor shares (and real labor compensation per worker and employment) for the narrower high- and low-skilled aggregates are similar to those for the broader skilled and unskilled aggregates.
Classification of Sectors by Skill Intensity
Classification of Sectors by Skill Intensity
| Main Classification | Alternative Classification |
|---|---|
Unskilled
|
Low skilled
|
Skilled
|
Medium skilled
|
High skilled
|
Classification of Sectors by Skill Intensity
| Main Classification | Alternative Classification |
|---|---|
Unskilled
|
Low skilled
|
Skilled
|
Medium skilled
|
High skilled
|
Advanced Economies’ Labor Income Share, Labor Compensation, and Employment: Robustness to Alternative Skill Classification1
Sources: Haver Analytics; International Labor Organization, Labor Statistics Database; OECD, Employment and Labour Market Statistics, National Accounts Statistics, and STAN Industrial Database; United Nations, National Accounts Statistics (2004); and IMF staff calculations.1For the analysis by skill level, advanced economies include Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Norway, Portugal, Sweden, the United Kingdom, and the United States; weighted using series on GDP in U.S. dollars from the World Economic Outlook database.
Labor Compensation and Labor Shares
Labor compensation was calculated by augmenting the compensation of employees for the income of other categories of workers (self-employed, employers, and family workers). Following Gollin (2002) and for data availability reasons, it was assumed that other categories of workers earn the same average wage as employees. Labor compensation is hence the product of the compensation of employees and the ratio of total employment and employees.27 Other correction procedures (see Gollin, 2002, for a review), for which the data are not widely available, yield similar patterns over the subset of the sample used in this chapter for which the data are available. This correction was applied at both the aggregate and the sectoral level of data. When sectoral data on employees or total employment were not available, the following procedure was used:
-
the ratio of total employment to total employees was assumed to be the same as in previous years or, if it was not available for any year, it was assumed to be equal to the average for this sector across other OECD economies; and
-
the sum of “nonemployee” workers across sectors was constrained to add up to the total for the aggregate economy by scaling the imputed number of nonemployee workers proportionately.
The variables are defined as follows. Real labor compensation is labor compensation deflated by the CPI index from the World Economic Outlook database. The labor share is calculated as the ratio of labor compensation and value added at basic prices.28 The share of labor in skilled (unskilled) sectors is the ratio of labor compensation in skilled (unskilled) sectors to the economy-wide value added.
The main data source is the OECD’s Structural Analysis (STAN) Database. However, several other sources were used to fill in missing data and extend the series to the most recent year possible. For employees’ compensation and value added, these include the OECD’s National Accounts Statistics, the UN’s National Accounts Statistics, and Haver Analytics (for Japan). For data on total employment and employees, the additional sources were the OECD’s Employment and Labor Market Statistics Database and the ILO Labor Statistics Database. Due to data availability reasons, the calculations were limited to advanced OECD economies.
Manufacturing Wages
Manufacturing wages for advanced and developing economies are from the UNIDO Industrial Statistics Database. They were converted into constant purchasing power parity (PPP) dollars using CPI indices and PPP exchange rates from the World Economic Outlook database. The data for China are from the CEIC Asia database.
Immigration
The data on foreign labor force are from the OECD’s Trends in International Migration (2003 edition for all countries except the United States). For the United States, the data are from the U.S. Census Bureau and the U.S. Bureau of Labor Statistics. Data for Italy, the Netherlands, Norway, and the United Kingdom are for foreign employment instead of labor force. Data for Australia, Canada, and the United States refer to foreign-born labor force instead of foreign labor force. The available series were extended backward using growth rates from the stock of foreign (or foreign-born, in the case of Australia, Canada, and the United States) population when available, and the missing years were interpolated.
Data on emigration for 1990 and 2000 are from Docquier and Marfouk (2005) and refer to the stock of emigrants to the OECD economies.
Trade and Offshoring
Data on trade used in the chapter are from a variety of sources. Aggregate data on trade quantities and prices are from the World Economic Outlook database, including for the non-oil goods and services aggregates. Sectoral trade data for advanced economies (used to construct skilled and unskilled trade) are from the OECD STAN Industrial Database (for manufacturing) and from the OECD International Trade in Services Database (for services). For developing countries, sectoral trade data were obtained from the World Integrated Trade Solution (for manufacturing) and from the IMF’s Balance of Payments Statistics (for services). Data on manufacturing trade of advanced OECD economies by source country are from the OECD STAN Bilateral Trade Database. The services data for India were extended using the CEIC Asia database.
Offshore outsourcing is the outsourcing of intermediate production to companies in locations outside the country, which can be foreign affiliates or independent companies. It is measured by the imports of intermediate inputs, as provided in the OECD Input-Output Tables (1995, 2002, and 2006 editions). These tables assume that an industry uses an import of a particular product in proportion to its total use of that product (“the import proportionality assumption”), and this proportion is the economy-wide share of imports in domestic demand. The measure used in the chapter only includes nonfuel manufacturing and services inputs. Imported intermediate inputs of a sector are scaled by either the sector’s gross output or its total use of intermediates. Sectoral offshoring intensities are then aggregated based on sectoral gross output weights. Finally, the data on the overall offshoring intensity are interpolated for missing years.
For years beyond 2000, the OECD data were extended using the latest input-output table available (2000 for most countries) and updating the data on the import proportions for each category of intermediate input. The latter was approximated by the share of imports in domestic absorption (consumption and investment) for that category of products (sector). Data on imports by sectors are from the OECD STAN Industrial Database for manufacturing and from the OECD International Trade in Services Database for services. Data on value added by sector (used to calculate absorption) are from a combination of the OECD STAN Industrial Database and the Groningen 60-Industry Database.29
Imports of final goods and services are constructed as a residual by subtracting imported intermediate inputs from total imports.
Global Labor Supply
Several measures of the global labor supply are calculated, including the world’s working-age population, the world’s labor force, and an export-weighted world’s labor force. The latter attempts to measure the presence of the countries’ labor supply in the international market and is calculated as the sum across countries of national labor forces, each weighted by the country’s ratio of non-oil exports to GDP (Harrigan and Balaban, 1999). The export-to-GDP ratio is capped to one to limit the weight of countries specialized in re-export trade. Data on working-age population and labor force are from various sources, including the World Economic Outlook, the World Bank’s World Development Indicators, the United Nations Population Projections, and the CEIC Asia databases. The global labor supply by education level is calculated using the Barro-Lee (2000) data set on educational attainment of the population aged 15 or more. It is assumed that the share of the labor force with higher education is about the same as the share of the population aged 15 or more with higher education. For the years 2001–05, this share was extrapolated linearly for each country.
The projections of the global labor supply for 2006–50 are based on the UN projections of the working-age population. The labor force participation rate in each country is assumed to converge by 2050 to the current rate of labor force participation in the United States. Assuming instead that labor force participation rates remain at their current levels does not have much effect on the global labor supply projections. Projections for the export-to-GDP ratio are based on country-specific World Economic Outlook projections until 2012, and on the trend increase observed in the world export-to-GDP ratio for later years. Under these assumptions, the cumulative growth in the export-weighted global labor force over 2005–50 could range from a low of 120 percent (under the low variant of the population projections) to a high of 190 percent (under the high variant).
Capital Stock and ICT Capital
Fajnzylber and Lederman (1999) are the source of the capital stock series for the entire economy. This data set extends the capital stock series estimated by Nehru and Dhareshwar (1993) by adding the annual flow of gross fixed capital formation and assuming a 4 percent depreciation rate to the preexisting stock of capital.
Jorgenson and Vu (2005) provide series on IT investment using national expenditure data for computer hardware, software, and telecommunications equipment. A perpetual inventory method applies varying depreciation rates to estimate IT capital stock. This method assumes a geometric depreciation rate of 31.5 percent and a service life of 7 years for computer hardware, 31.5 percent and 5 years for software, and 11 percent and 11 years for telecommunications equipment.
Labor Market Policy Indicators
The indicators of labor and product market policies were provided by Bassanini and Duval (2006). The indicators are defined as follows:
-
Average unemployment benefit replacement rate is the average of the unemployment benefit replacement rates corresponding to multiple income, family, and unemployment duration situations. These include two income situations (100 percent and 67 percent of the average production worker earnings), three family situations (single, with dependent spouse, with spouse in work), and three unemployment durations (1st year, 2nd and 3rd years, and 4th and 5th years of unemployment). The original data are from the OECD’s Benefits and Wages Database.
-
Labor tax wedge is the difference between the labor cost to the employer and the corresponding net take-home pay of the employee for a single-earner couple with two children earning 100 percent of the average production worker earnings. It is thus the sum of personal income tax and all social security contributions expressed as a percentage of the total labor cost. The original data are from the OECD Taxing Wages Database.
-
Employment protection legislation is the OECD summary indicator of the stringency of Employment Protection Legislation. The original data are from the OECD Employment Outlook (2004).
-
Product market regulation is the OECD summary indicator of regulatory impediments to product market competition in seven nonmanufacturing industries (gas, electricity, post, telecom, passenger air transport, railways passenger and freight services, and road freight). The original data are from Conway and others (2006).
-
Union density measures the share of workers affiliated with a trade union. The original data are from the OECD Employment Outlook (2004).
Econometric Approach
This section presents the model used to examine the relationship between globalization and labor shares and reports the results from the estimations.
Methodology
The econometric approach used in this chapter is based on a model used frequently in the trade literature (see Feenstra, 2004; Harrigan, 1998; and Kohli, 1991). The model uses a revenue function with fixed factor quantities (of labor and capital) and exogenous product prices (of exports, imports, and domestic absorption). It assumes that firms are maximizing profits, all markets are competitive, and factors can move freely between firms. The revenue function is linearly homogeneous and concave in factor quantities and convex in product prices. It is typically specified as a flexible translogarithmic, or translog, form (Christensen, Jorgenson, and Lau, 1975).
Using the translog revenue function, product and factor shares can be obtained as
where S are product shares, R are factor shares, p are product prices, v are factor quantities, and z are shift variables. The shift variables capture any factors that could be expected to shift the revenue function, for example, measures of technological progress or offshoring, as suggested by Feenstra (2004). The share equations are subject to a number of cross-equation restrictions that follow from symmetry and linear homogeneity of the corresponding revenue function.
Given the theme of this chapter, the estimations focused primarily on the labor share equations. The following equation was adopted as the basic specification for the analysis:
where PE, PM, and PA are prices of exports, imports, and absorption; L is labor; K is capital; X is offshoring; LM is immigrant employment; and KICT is ICT capital. The relative prices and quantities are used to impose the necessary homogeneity restrictions. Labor shares are corrected for the income of other (nonemployee) categories of workers, prices and the capital stock variables are measured in 2000 U.S. dollars, and labor stock variables are represented by employment. Offshoring is measured as a share of imported intermediate inputs in total intermediate inputs, immigration is captured as a share of immigrant employment in total domestic employment, and ICT capital is modeled as a share of ICT capital in the total capital stock (more detail on these measurements is provided above). The effect of ICT capital is represented by a quadratic function to reflect potential nonlinearities associated with the need for learning the new technology: the adverse effect on wages and employment is likely to be greatest before workers acquire the skills necessary to effectively handle the new equipment. The model was estimated on a panel of 18 countries over 1982–2002 using country fixed effects. The basic specification was extended to include several measures of labor market policies, including the tax wedge, the replacement rate of unemployment benefits, indices of product market regulation, employment protection legislation, and union density.30
A potential concern with the accuracy of the estimation is that the variables related to labor globalization—trade prices, offshoring, and immigration—may be endogenous. Trade prices are unlikely to be exogenous for countries whose economic size is sufficiently large.31 Reverse causality or common third factors may bias the effects of offshoring and immigration on the labor share. To address this concern, an instrumental variables estimation was used with variables reflecting domestic and foreign supply and demand conditions, as well as lags of the potentially endogenous variables as instruments. Specifically, the list of instruments included the share of government consumption in GDP; the consumption tax rate; the (log of) total population; the (log of) export-weighted real GDP of trading partners; the distance-weighted export-adjusted employment in the rest of the world (a measure of the global labor supply); and lags of (logs of) relative trade prices, offshoring, and immigration.
In addition to the aggregate labor share equation, a system of labor share equations for skilled and unskilled workers was also estimated as follows:
where S and U denote skilled and unskilled, respectively, and the other variables are the same as above. A symmetry restriction postulates that the coefficients on the (log of) labor-capital ratio of the unskilled in the first equation and the skilled in the second equation are the same. This system was augmented to include country fixed effects and the measures of labor market policies, and was estimated by iterated three-stage least squares using the instruments listed above.
Estimation Results
The estimation results from the aggregate labor share equation are shown in Table 5.2. Most of the variables are statistically significant and have expected signs:
-
Higher relative export prices and lower relative import prices are associated with the lower labor share. This is consistent with advanced economies’ exports being relatively capital intensive and their imports, which increasingly come from developing countries, being relatively labor intensive.
-
Offshoring and immigration are negatively related to the labor share, consistent with the rising global labor supply exerting a negative effect on domestic labor demand. The coefficients on these variables in the instrumental variables regression are somewhat larger in absolute value, suggesting the presence of reverse causality: a lower labor share, which reflects lower unit labor costs, makes offshoring less appealing for domestic firms and makes immigration less attractive for foreign workers.
-
Technological progress appears to have a nonlinear effect on the labor share, consistent with the idea that labor-saving innovations initially create the need for extra learning on the part of workers, but enhance their productivity later on as the necessary skills are acquired.
-
Among the policy variables, only higher tax wedges and unemployment benefit replacement rates are associated with a lower labor share, reflecting labor market rigidities stemming from these policies.32 A nonlinear specification including interaction terms with labor globalization and technological progress variables suggested, in addition, that employment protection legislation tends to increase the effects of these variables on the labor share.
Impact of Labor Globalization and Technological Change on Labor Shares
Note: * denotes statistical significance at the 10 percent level; ** denotes statistical significance at the 5 percent level; and *** denotes statistical significance at the 1 percent level. Standard errors are heteroscedasticity and autocorrelation robust. ICT = information and communications technology.
Impact of Labor Globalization and Technological Change on Labor Shares
| Dependent Variable: Labor Share | Fixed Effects Estimation (excluding labor market policies) | Fixed Effects Estimation | Instrumental Variables Estimation | |||
|---|---|---|---|---|---|---|
| Relative export price (log of) | -0.117 | *** | -0.113 | *** | -0.165 | *** |
| Relative import price (log of) | 0.076 | ** | 0.087 | *** | 0.138 | *** |
| Labor-capital ratio (log of) | 0.055 | ** | 0.015 | -0.025 | ||
| Offshoring | -0.196 | * | -0.156 | * | -0.285 | *** |
| Immigration | -0.627 | *** | -0.553 | *** | -0.746 | *** |
| ICT capital | -2.871 | *** | -2.643 | *** | -517 | *** |
| ICT capital squared | 56.407 | *** | 44.962 | *** | 55.598 | *** |
| Tax wedge | … | -0.002 | * | -0.002 | *** | |
| Unemployment benefits | … | -0.001 | *** | -0.001 | *** | |
| Fixed effects | Yes | Yes | Yes | |||
| Observations | 231 | 225 | 208 | |||
| R-squared | 0.61 | 0.62 | ||||
| Anderson test | … | … | 151.63 | *** | ||
| Hansen test | … | … | 6.61 | |||
Note: * denotes statistical significance at the 10 percent level; ** denotes statistical significance at the 5 percent level; and *** denotes statistical significance at the 1 percent level. Standard errors are heteroscedasticity and autocorrelation robust. ICT = information and communications technology.
Impact of Labor Globalization and Technological Change on Labor Shares
| Dependent Variable: Labor Share | Fixed Effects Estimation (excluding labor market policies) | Fixed Effects Estimation | Instrumental Variables Estimation | |||
|---|---|---|---|---|---|---|
| Relative export price (log of) | -0.117 | *** | -0.113 | *** | -0.165 | *** |
| Relative import price (log of) | 0.076 | ** | 0.087 | *** | 0.138 | *** |
| Labor-capital ratio (log of) | 0.055 | ** | 0.015 | -0.025 | ||
| Offshoring | -0.196 | * | -0.156 | * | -0.285 | *** |
| Immigration | -0.627 | *** | -0.553 | *** | -0.746 | *** |
| ICT capital | -2.871 | *** | -2.643 | *** | -517 | *** |
| ICT capital squared | 56.407 | *** | 44.962 | *** | 55.598 | *** |
| Tax wedge | … | -0.002 | * | -0.002 | *** | |
| Unemployment benefits | … | -0.001 | *** | -0.001 | *** | |
| Fixed effects | Yes | Yes | Yes | |||
| Observations | 231 | 225 | 208 | |||
| R-squared | 0.61 | 0.62 | ||||
| Anderson test | … | … | 151.63 | *** | ||
| Hansen test | … | … | 6.61 | |||
Note: * denotes statistical significance at the 10 percent level; ** denotes statistical significance at the 5 percent level; and *** denotes statistical significance at the 1 percent level. Standard errors are heteroscedasticity and autocorrelation robust. ICT = information and communications technology.
The findings are generally robust to the exclusion of outliers (identified in terms of their influence on predicted values and the variance-covariance matrix of the estimates) and of individual countries.33 They are also robust to splitting the import price into that of oil and non-oil imports (while the oil price has a statistically significant effect on the labor share, it is small in magnitude). The coefficients on the ICT capital stock, its square, and offshoring become statistically insignificant when time effects are included. This is not surprising since time effects are often used in empirical studies to capture the effect of worldwide technological progress and other broad global trends. The time effects show a declining pattern over time, consistent with the negative effect of the growth in the ICT capital stock and offshoring on the labor share. The coefficients on the share of ICT capital are more robust to the inclusion of time effects when measured as a share of investment, rather than of capital stock. Similarly, the coefficient on offshoring of skilled inputs is more robust to the inclusion of time effects than that on total offshoring.
The estimation results from the labor share equations for skilled and unskilled sectors are shown in Table 5.3. The first two columns contain independent fixed effects estimations of the two equations, the middle two columns present independent instrumental variables estimations, and the last two columns show the system estimation with the cross-equation restriction imposed. Labor globalization and technological progress appear to have somewhat different effects on the labor shares of workers in skilled and unskilled sectors. Labor globalization has a somewhat stronger effect on the skilled sectors, in line, for example, with more offshoring occurring in the skilled sectors. Technological change affects both skill groups negatively, but the effect is less strong for the skilled, consistent with the nonlinearity due to learning requirements, as suggested above. These results should be treated as somewhat more tentative, however, given that the classification by skill is based on broad economic sectors.
Impact of Labor Globalization and Technological Change on Skilled and Unskilled Labor Shares
Note: * denotes statistical significance at the 10 percent level; ** denotes statistical significance at the 5 percent level; and *** denotes statistical significance at the 1 percent level. Standard errors are heteroscedasticity and autocorrelation robust. ICT = information and communications technology.
Impact of Labor Globalization and Technological Change on Skilled and Unskilled Labor Shares
| Fixed Effects Estimation | Instrumental Variables Estimation | Three-Stage Least Square Estimation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dependent Variable | Skilled labor share | Unskilled labor share | Skilled labor share | Unskilled labor share | Skilled labor share | Unskilled labor share | ||||||
| Log of: | ||||||||||||
| Relative export price | -0.072 | *** | -0.049 | *** | -0.117 | *** | -0.060 | *** | -0.115 | *** | -0.058 | *** |
| Relative import price | 0.053 | *** | 0.031 | ** | 0.089 | *** | 0.041 | *** | 0.097 | *** | 0.044 | *** |
| Skilled labor-capital ratio | 0.093 | ** | -0.203 | *** | 0.075 | ** | -0.210 | *** | 0.156 | *** | -0.163 | *** |
| Unskilled labor-capital ratio | -0.089 | *** | 0.181 | *** | -0.098 | *** | 0.177 | *** | -0.163 | *** | 0.143 | *** |
| Offshoring | -0.134 | * | -0.016 | -0.203 | *** | -0.052 | -0.191 | *** | -0.043 | |||
| Immigration | -0.507 | *** | -0.162 | ** | -0.678 | *** | -0.225 | ** | -0.663 | *** | -0.216 | *** |
| ICT capital | -0.808 | -0.922 | * | -1.413 | * | -1.099 | ** | -2.046 | *** | -1.409 | *** | |
| ICT capital squared | 22.358 | * | 10.458 | 29.792 | *** | 13.346 | * | 38.688 | *** | 17.860 | *** | |
| Tax wedge | -0.001 | -0.001 | ** | -0.002 | *** | -0.001 | *** | -0.002 | *** | -0.001 | *** | |
| Unemployment benefits | -0.001 | ** | -0.000 | * | -0.001 | *** | -0.000 | ** | -0.001 | *** | -0.000 | *** |
| Product market regulation | 0.000 | 0.002 | 0.001 | 0.002 | ** | 0.000 | 0.002 | ** | ||||
| Fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | ||||||
| Observations | 219 | 219 | 202 | 202 | 202 | 202 | ||||||
| R-squared | 0.53 | 0.94 | … | … | … | … | ||||||
| Anderson test | … | … | 140.83 | *** | 140.83 | *** | … | … | ||||
| Hansen test | … | … | 7.7 | 8.4 | … | … | ||||||
Note: * denotes statistical significance at the 10 percent level; ** denotes statistical significance at the 5 percent level; and *** denotes statistical significance at the 1 percent level. Standard errors are heteroscedasticity and autocorrelation robust. ICT = information and communications technology.
Impact of Labor Globalization and Technological Change on Skilled and Unskilled Labor Shares
| Fixed Effects Estimation | Instrumental Variables Estimation | Three-Stage Least Square Estimation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dependent Variable | Skilled labor share | Unskilled labor share | Skilled labor share | Unskilled labor share | Skilled labor share | Unskilled labor share | ||||||
| Log of: | ||||||||||||
| Relative export price | -0.072 | *** | -0.049 | *** | -0.117 | *** | -0.060 | *** | -0.115 | *** | -0.058 | *** |
| Relative import price | 0.053 | *** | 0.031 | ** | 0.089 | *** | 0.041 | *** | 0.097 | *** | 0.044 | *** |
| Skilled labor-capital ratio | 0.093 | ** | -0.203 | *** | 0.075 | ** | -0.210 | *** | 0.156 | *** | -0.163 | *** |
| Unskilled labor-capital ratio | -0.089 | *** | 0.181 | *** | -0.098 | *** | 0.177 | *** | -0.163 | *** | 0.143 | *** |
| Offshoring | -0.134 | * | -0.016 | -0.203 | *** | -0.052 | -0.191 | *** | -0.043 | |||
| Immigration | -0.507 | *** | -0.162 | ** | -0.678 | *** | -0.225 | ** | -0.663 | *** | -0.216 | *** |
| ICT capital | -0.808 | -0.922 | * | -1.413 | * | -1.099 | ** | -2.046 | *** | -1.409 | *** | |
| ICT capital squared | 22.358 | * | 10.458 | 29.792 | *** | 13.346 | * | 38.688 | *** | 17.860 | *** | |
| Tax wedge | -0.001 | -0.001 | ** | -0.002 | *** | -0.001 | *** | -0.002 | *** | -0.001 | *** | |
| Unemployment benefits | -0.001 | ** | -0.000 | * | -0.001 | *** | -0.000 | ** | -0.001 | *** | -0.000 | *** |
| Product market regulation | 0.000 | 0.002 | 0.001 | 0.002 | ** | 0.000 | 0.002 | ** | ||||
| Fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | ||||||
| Observations | 219 | 219 | 202 | 202 | 202 | 202 | ||||||
| R-squared | 0.53 | 0.94 | … | … | … | … | ||||||
| Anderson test | … | … | 140.83 | *** | 140.83 | *** | … | … | ||||
| Hansen test | … | … | 7.7 | 8.4 | … | … | ||||||
Note: * denotes statistical significance at the 10 percent level; ** denotes statistical significance at the 5 percent level; and *** denotes statistical significance at the 1 percent level. Standard errors are heteroscedasticity and autocorrelation robust. ICT = information and communications technology.
The contributions of the various factors to the change in the labor shares shown in the main text are calculated as the average annual change in the respective variable multiplied by the corresponding coefficient estimate. The averages across country groups are weighted by the number of years of data available for each country, so that countries with more data receive a larger weight in these averages. These contributions allow introducing cross-country differences in the role of various factors, although they do not fully reflect cross-country heterogeneity, since the estimated coefficients are the same for all countries in the sample.
Elasticity Calculations
The econometric model used in this chapter allows going beyond the effects of various factors on the labor share by computing the elasticities of labor compensation per worker and employment to these factors (Kohli, 1991).
The elasticities of labor compensation per worker to trade prices (given employment) are obtained as follows:
where i = E, M, and the output shares RL and Si are evaluated at the mean for each country.
The employment elasticities with respect to trade prices (given labor compensation per worker) are obtained as follows:
where
where i = E, M. It is important to point out that these elasticities are derived from the model that assumes fixed prices, hence possible price adjustments are not taken into account in these calculations.34
To compute the actual percent changes in the total labor compensation resulting from changes in trade prices, these elasticities are multiplied by the average percent changes in relative trade prices in each country. The averages across country groups are weighted by the number of years of data available for each country, so that countries with more data receive a larger weight in these averages. The results are shown in the main text.
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Note: The main authors of this chapter are Florence Jaumotte and Irina Tytell, with support from Christian de Guzman and Stephanie Denis. Robert Feenstra provided consultancy support.
This approach, which follows Harrigan and Balaban (1999), is more accurate for developing countries specialized in labor-intensive activities than for advanced economies whose exports are relatively capital intensive. In order to capture the export of labor through emigration, emigration weights could be added to the trade weights. However, these weights are generally very small.
This compares to estimates in Freeman (2006) that the integration of China, India, and the former Eastern bloc countries doubled the number of workers in the global economy. The difference is due to the weighing of national labor forces by export-to-GDP ratios in this chapter’s estimates.
The stock of emigrants is limited to those emigrating to OECD economies.
Skilled exports are measured as exports of goods and services produced in skilled sectors, that is, sectors with a higher share of skilled workers in their labor force. The results are generally robust to excluding medium-skill sectors and focusing instead on low-skill and high-skill sectors (see Appendix 5.1 for details). Using a more refined classification of products by skill intensity, Rodrik (2006) concludes that China’s export basket is much more skill intensive than would be expected given China’s level of development.
It is common to scale imported intermediates by total intermediate inputs to estimate the intensity of offshoring. However, it seems more appropriate to scale imported intermediates by total inputs (including labor and capital), since imported intermediates can substitute not only for domestic intermediate inputs but also for in-house labor and capital.
The flattening in 2001–02 is temporary and reflects the slowdown in world trade associated with the global recession.
See Jensen and Kletzer (2005) and Amiti and Wei (2005) for more details on offshoring of services. The latter also find that offshoring of services remains very limited, although it has grown in recent years.
The share of imported intermediates in total imports of unskilled products is lower than the comparable share for skilled products, at 37 percent and 68 percent, respectively.
There is little empirical evidence on the productivity effects of offshoring to date (see Olsen, 2006). There are some indications that positive productivity effects of manufacturing offshoring depend on the degree to which firms are already globally engaged. However, their global engagement may be already close to optimal levels in advanced economies, suggesting that the potential for productivity gains from services offshoring may be larger. Positive productivity effects of services offshoring to date appear to be generally small in manufacturing plants, but somewhat bigger in service-sector firms. Amiti and Wei (2006) find a significant positive effect of services offshoring and a somewhat smaller positive effect of manufacturing offshoring on productivity in the United States.
National accounts provide the share of employees’ compensation in total income but do not identify separately the labor income of other categories of workers (self-employed, employers, and family workers). Several correction procedures are available (Gollin, 2002) and, for data availability reasons, the employees’ compensation was augmented with compensation of other categories of workers by assuming that the latter command similar wages per worker as employees. The results are robust if other procedures are used (see Appendix 5.1).
Focusing on the United States, for which data are available since 1930, the share of employees’ compensation in national income does not appear to be at a historical low (though this may be partly related to the rise in the share of employees in the total workforce).
Blanchard (1998) argues that the rise of the labor share in Europe in the 1970s was driven by a negative shift in labor supply as wages did not adjust fast enough to the slowdown in underlying factor productivity growth. Over time, though, employment adjusted downward, exerting downward pressure on wages and returning the labor share toward its previous level (though at a higher unemployment rate). The further decline that has taken place in the labor share since the mid-1980s is the result of an adverse labor demand shock: at a given wage and capital stock, firms have steadily decreased employment. Such a shift may have various sources: the adoption of technologies biased against labor and toward capital or a shift in the distribution of rents away from workers.
For the purpose of this chapter, Europe includes the euro area countries, Denmark, and Norway, while Anglo-Saxon countries include Australia, Canada, the United Kingdom, and the United States.
Katz and Autor (1999) find similar changes in the gap between high- and low-income earners for the United States and European countries.
Asia’s labor productivity has also been converging toward the U.S. level (see the September 2006 World Economic Outlook).
Some of these variables may also affect the labor share in similar ways, especially if the elasticity of substitution between labor and capital is high. For instance, an increase in the unemployment benefit replacement rate increases the reservation wage of workers and leads in the very short run to a rise in the labor share. But as employment adjusts downward, the labor share declines and can fall below its initial level if the elasticity of substitution between capital and labor is high enough (Blanchard, 1998). Other shocks that increase the cost of labor, such as an increase in the tax wedge or an increase in employment protection, can be expected to have similar effects. Although strict product market regulation creates rents, it is not clear that it should affect the distribution of these rents between labor and capital and hence the labor share.
The factor share equations are derived from the maximization of an (economy-wide) revenue function, taking as given the factor endowments and sectoral prices (import, export, and absorption). See Appendix 5.1 for more details.
The theoretical rationale for including these variables is that they may act as shift factors in the revenue (GNP) function (Feenstra, 2004).
The contribution of a factor to the average annual change in the labor share over the sample period is the product of its coefficient and of its own average annual change over the same period.
Most studies have focused on explaining the decline in the relative wage (or labor share) of unskilled workers in the United States (see Freeman, 1995; and Feenstra, 2004, for a survey). Studies that attempt to explain the evolution of the overall labor share are more scarce. Most studies conclude that skill-biased technological change is a more important cause of wage inequality than trade (e.g., Harrigan, 1998; and Harrigan and Balaban, 1999). Feenstra (2004 and 2007) finds that the role of trade and technological progress are equally important in explaining rising wage inequality. In a recent contribution, Guscina (2006) finds that labor shares across countries are equally affected by technological progress and openness. Harrison (2002) also finds that globalization tends to reduce the labor share. Another strand of the literature examines whether globalization increases the elasticity of labor demand to wages and finds mixed results (see, for instance, Slaughter, 2001; and OECD, 2006a). Studies of immigration tend to find that its effects on wages and employment of natives are small (Greenwood, Hunt, and Kohli, 1996; and OECD, 2006b).
Some caution is needed when interpreting these results, since they are based on the regression coefficients that are the same for all the countries and average annual changes in variables that are country specific.
The other variables, namely, employment protection legislation, product market regulation, and union density, did not have significant effects. The analysis was expanded to investigate whether some labor market institutions tend to amplify or attenuate the impact of labor globalization and technological progress. Although strict employment protection legislation does not appear to have any effect on its own, there is some evidence that it tends to increase the adverse effects of labor globalization on labor shares. A more flexible labor market may thus contribute to limiting the decline in the overall labor share caused by globalization.
Workers in unskilled sectors have also benefited somewhat less from labor market policy changes. Although product market regulation has a negligible impact on the overall labor share, it seems to benefit the income share of labor in unskilled sectors. Hence, the reduction in product market regulation over the sample period had a negative effect on this income share.
This result was calculated as follows. The model allows for deriving elasticities of labor compensation to trade prices: on average, a 1 percent decline in the relative price of imports raises real total labor compensation by 0.5 percent, while a 1 percent decline in the relative price of exports lowers it by a somewhat smaller 0.4 percent. Combining these elasticities with the actual average changes in relative export and import prices implies an average annual increase in labor compensation of about 0.2 percent on average in advanced economies (or about 6 percent if compounded over 25 years). The increase in output implied by the change in trade prices is just the difference between the percent change of total labor compensation and the percent change of the labor share (which is very small in this case).
It should also be noted that a comprehensive evaluation of the impact of globalization on workers’ financial means needs to go beyond labor compensation and to take into account an increase in direct and indirect asset ownership (see the September 2006 World Economic Outlook).
This projection is based on the medium variant of the UN projections of working-age population and on the assumption that the ratio of non-oil exports to GDP will continue expanding at the rate observed in recent years (see Appendix 5.1). World Bank (2006) also provides projections of the world’s workforce until 2030 and projects that although the vast majority of the world’s workforce will remain unskilled, the supply of skilled workers is likely to grow faster than that of unskilled workers.
Korea was excluded from the sample because some of the income of the self-employed is already in the employees’ compensation, making it impossible to apply the correction (see also Young, 1995 and 2003).
The exceptions are Japan, where value added is measured at producer prices, and the United States, where it is measured at market prices.
Sectoral offshoring intensities were aggregated using sectoral value-added weights, due to the lack of data on sectoral gross output for the later years. The historical and extended series were then spliced using growth rates.
A specification including interaction terms between these policy variables and measures of labor globalization and technological progress was also explored.
The price of absorption could also be affected by changes in the labor share, which reflect changes in unit labor costs.
Other labor and product market variables, specifically, the index of employment protection legislation, the index of product market regulation, and the union density measure, were not statistically significant and were, therefore, excluded from the final specification.
Partial correlation plots, showing the correlation between the labor share and each regressor after controlling for the other explanatory variables, confirm that the estimated relationships are quite robust.
Further, the elasticities of the total labor compensation to import and export prices might be somewhat overestimated since the elasticity of the wage (employment) assumes constant employment (wage). However, the net effect of trade prices on total labor compensation should not be affected much.
ANNEX IMF EXECUTIVE BOARD DISCUSSION OF THE OUTLOOK, MARCH 2007
The following remarks by the Acting Chair were made at the conclusion of the Executive Board’s discussion of the World Economic Outlook on March 26, 2007.
Executive Directors welcomed the continued strong, broad-based expansion of the global economy during 2006, and noted that activity in most regions met or exceeded expectations. Looking forward, Directors believed that the global expansion would slow only modestly in 2007 and 2008 and inflationary pressures would remain contained. Directors noted that the composition of demand is expected to be more balanced among the major advanced economies in 2007, with the United States, the euro area, and Japan all expanding slightly above 2 percent. Directors also saw continued strong, albeit somewhat less rapid, growth among emerging market and developing countries.
Risks around this central scenario appear to be more evenly balanced than at the time of the last World Economic Outlook (WEO) discussion in September 2006, but still tilted to the downside. In this context, Directors generally were of the view that the recent market turbulence represented a correction after a period of asset price buoyancy that does not require a fundamental revision in the positive global economic outlook. Some Directors were less sanguine about the risks to the outlook, pointing to heightened concerns about the stability of financial markets, slowing productivity and its implications for growth, and continuing uncertainties regarding oil and other commodity price developments. All Directors underscored the need for continued vigilance.
Directors discussed the downside risks facing the global economy. Most emphasized that the ongoing correction in the U.S. housing market could have a growing impact on the broader economy. Directors underscored that persistently higher financial market volatility could prompt a further retrenchment from riskier assets and markets—with several noting the potential for increased market volatility—and called for careful monitoring of market developments. Directors also recognized the possibility that inflationary pressures could revive as resource utilization constraints start to bind, and stressed the risk of a reversal of the recent decline in oil prices—given continuing geopolitical tensions and limited spare production capacity. They also noted continued risks that the existing large global imbalances could unwind in a disorderly way.
Directors considered that a key question in assessing risks to the outlook relates to the extent to which the world economy will remain on a sound growth trajectory even if the U.S. economy slows more sharply—or whether global prospects may decouple from the United States, especially in light of the limited impact of the recent cooling of U.S. activity. In this context, Directors welcomed the staff’s analysis of cross-country growth spillovers, and attributed the limited global impact so far to several factors. In particular, the U.S. slowdown has been focused on the housing sector, which has a relatively low import content. Also, the causes of the slowing have been specific to the U.S. economy, rather than a common event simultaneously affecting many countries. Nevertheless, a number of Directors observed that the greater integration fostered by globalization has increased the potential magnitude of spillovers, and that a sharp further slowing in the U.S. economy would likely have a substantial impact on global growth. Directors recognized, however, that the strength of spillovers experienced by individual countries would vary both with the extent of their trade and financial linkages with the United States and with the degree of domestic vulnerabilities.
Advanced Economies
Directors noted that the U.S. economy has slowed noticeably over the past year, largely owing to the correction in the housing sector, while private consumption has so far remained robust. Nevertheless, activity in the United States is expected to regain momentum in the period ahead with growth rates rising during the course of 2007 and returning to potential in 2008. Directors expressed concern, however, about the recent evidence of intensifying difficulties in the subprime mortgage market, which could start to impose a broader drag on the economy, particularly if the housing downturn deepens and credit standards are tightened more generally. In this vein, some Directors considered that the impact of the weakening housing sector may not yet have played out fully, and that a deeper-than-anticipated downturn in the United States should not be ruled out. Although inflationary pressures have eased somewhat following the decline in oil prices from last year’s highs, core inflation remains elevated. Directors supported the Federal Reserve’s approach in recent months of holding the policy rate steady, while appreciating that the Fed stands ready to respond to shifts in the balance of risks between growth and inflation. Directors welcomed the indications that the FY2008 budget will seek to balance the federal budget by FY2012, while expressing a preference for the more ambitious target of aiming to achieve balance excluding the social security surplus. Fiscal consolidation will need to be supported by reforms to put the Social Security, Medicare, and Medicaid systems on a sustainable long-term footing.
Directors welcomed the acceleration in real GDP growth in the euro area in 2006, and saw the risks to the outlook as evenly balanced. They considered that further cautious withdrawal of monetary accommodation by the European Central Bank would be warranted to forestall inflationary pressures, contingent on the recovery progressing as expected. Directors welcomed the progress made toward needed fiscal consolidation, but felt that more ambitious efforts are warranted given the strong cyclical upswing and the looming pressures from the aging of the population. Directors also underscored the importance of further policy reforms under the Lisbon agenda to bolster prospects for a sustained long-term expansion, particularly steps to boost productivity and increase labor utilization. Recent experience has also underlined the importance of complementary product and services market reforms to foster job creation and expenditure-based fiscal consolidation.
Directors welcomed the emergence of the Japanese economy from its mid-2006 soft patch. With inflation still close to zero, Directors generally supported the Bank of Japan’s cautious approach to raising interest rates since exiting its zero interest rate policy last year, and suggested that monetary accommodation should be removed only if the expansion remains strong, and then only gradually. Directors suggested that greater clarity regarding the Bank of Japan’s medium-term inflation goals would also help to anchor private sector expectations, while reducing risks of an abrupt unwinding of yen carry trades with sharp movements in exchange rates or the volume of capital flows. Fiscal consolidation appears to be running ahead of the government’s plans to achieve a primary surplus by FY2011, but additional fiscal efforts beyond those contained in the current medium-term plan will be needed to put net debt on a declining trajectory. Further progress on structural reforms will also be important to enhance growth with spillover benefits to the world economy.
Emerging Market and Other Developing Countries
Directors welcomed the strong performance of the economies in emerging Asia, with the vibrant expansions in China and India leading the way. Most Directors were confident that the region is well positioned to withstand a U.S. slowdown, although some others cautioned that spillovers could still be sizable, as growing intra-regional trade in part represents shipments of intermediate goods ultimately destined for the United States. Against the background of widening current account surpluses in some countries in the region, Directors took note of the differing degrees of exchange rate flexibility observed within the region. Many Directors considered that greater flexibility of the renminbi would help provide a more secure base for monetary policy management in China, while also helping to contain China’s widening current account surplus.
Directors observed that growth in Latin America exceeded 5 percent in 2006, supported by a strong external environment and generally sound economic policies. Although the pace of growth is likely to ease somewhat in the next two years, Directors commented that strengthened fundamentals and improved macroeconomic policy frameworks should enable countries in Latin America to maintain growth rates even in the face of a sharper-than-expected U.S. slowdown. Nevertheless, the region remains vulnerable to a softening of commodity prices, which would pose policy challenges in several countries by putting pressure on current account and fiscal balances. Directors also noted that fiscal reforms will be important to create more room for increased spending on well-targeted social programs. Reforms to improve the region’s disappointing productivity performance are also a priority.
Directors welcomed the strong growth in emerging Europe, noting that the expansion is likely to moderate in 2007 in response to slower growth in western Europe. While the widening current account deficits should be comfortably financed in most countries, Directors cautioned that a deterioration in global financial conditions could reduce capital inflows in the future. Directors also drew attention to the slowing pace of reform among the new European Union members, which again underscores the importance of structural reforms to facilitate continuing smooth convergence within the European Union.
Directors observed that economic activity in the Commonwealth of Independent States has continued to be boosted by high commodity prices, and growth prospects appear generally positive. They expressed concern that strong capital inflows and robust domestic demand growth, driven in part by large public spending increases that have outpaced revenue growth, have kept inflation high in many countries. Consequently, Directors saw a need for greater spending restraint as well as for tighter monetary policy and, in some cases, greater exchange rate flexibility, to contain inflationary pressures. Sustaining the recent strong growth momentum will also require reforms aimed at attracting greater private investment to diversify the sources of growth away from the export of primary commodities.
While recognizing the variety of challenges facing countries in sub-Saharan Africa, Directors welcomed the continued strong expansion seen in the region as a whole, as well as the prospects for a further acceleration in growth in 2007. At the same time, Directors highlighted the vulnerabilities of the non-oil-exporting economies in the region to commodity price shocks or further increases in oil prices. Sustained macroeconomic stability and structural reforms will be necessary to foster vibrant market-based economies and sustain the recent improvement in the region’s growth performance. Directors underscored that most countries in the region would benefit from further trade liberalization, improved market access for their exports, and delivery on aid commitments by advanced economies to support progress toward achieving the Millennium Development Goals. Measures to strengthen institutions and the business environment will also help spur private sector activity, and reduce the region’s still-high reliance on commodity exports.
In the context of continued high oil prices, Middle Eastern oil exporters enjoyed another year of solid growth, accompanied by strong current account and fiscal balances. Directors viewed the outlook for the region as a whole as favorable, and welcomed the public investment plans among the GCC countries. Nonetheless, the region remains heavily dependent on the hydrocarbon sector, while rising populations are contributing to high unemployment rates. In this context, Directors underscored the importance of fostering greater private investment in the non-oil sector in order to balance the sources of growth and increase employment opportunities. Also important will be measures to improve the business environment and adapt education systems to align the skills mix of the labor force with the needs of the private sector. In the non-oil-exporting countries of the Mashreq region, growth accelerated in 2006 in the context of an upturn in foreign direct investment and the overall favorable external environment.
Directors noted that many emerging market and developing countries around the world face the challenge of taking advantage of strong capital inflows to support investment, while avoiding large swings in competitiveness and a buildup of balance sheet vulnerabilities. Noting that there is no simple recipe that can be uniformly applied, Directors highlighted the importance of balanced and flexible approaches to macroeconomic management that suit the circumstances of each country, while avoiding steps that could undermine confidence or distort markets. Several Directors also recognized that even countries with credible policy frameworks and strong institutions and financial systems may be vulnerable to large and volatile capital flows, and could benefit from Fund advice on policy options tailored to their circumstances in the context of Article IV consultations.
Multilateral Issues
Underscoring the shared responsibility among policymakers for maintaining the foundations for strong global growth, Directors emphasized the importance of policy actions across key countries to support the smooth unwinding of large global imbalances. Important elements of such an approach include efforts to raise national saving in the United States, including through further fiscal consolidation; advancing growth-enhancing reforms in the euro area; further structural reforms, including fiscal consolidation, in Japan; and initiatives to encourage consumption and greater exchange rate flexibility in some parts of emerging Asia, especially China. Directors were of the view that lower oil prices and increased spending would reduce external surpluses among Middle Eastern oil exporters, but saw scope for continuing to boost spending—subject to absorptive capacity constraints. A few Directors also considered that an increase in energy taxation in the United States could help reduce the country’s high levels of oil consumption, thereby contributing to a reduction in global imbalances as well as to reducing environmental consequences. In this context, Directors took note of the U.S. administration’s recently announced objective of curbing gasoline consumption.
Directors took note of the staff’s analysis—based on historical episodes of reversals of current account imbalances and a closer look at U.S. trade behavior—that real exchange rates can play a potentially important role in the adjustment process in countries with large and persistent current account surpluses and deficits. However, they emphasized that exchange rate changes, while supportive of adjustment, must be accompanied by policy actions to rebalance domestic demand. In this vein, several Directors considered that the analysis usefully complements earlier WEO studies on the importance of domestic policy adjustments and exchange rate movements in the resolution of imbalances. Directors generally acknowledged that a shared willingness of authorities across key regions to allow real exchange rates to adjust—particularly where they are not freely floating—could prove to be a crucial ingredient of policies to promote a smooth resolution of the large global imbalances. While the staff’s analysis suggests that the U.S. trade deficit could be more responsive to real exchange rate changes than is commonly found in the macroeconomic literature, many Directors were not convinced by this finding and felt that additional research and analysis in this area, using alternative methodologies, should be undertaken before firm conclusions can be drawn. Some other Directors emphasized, however, that the staff’s finding is an important result.
Directors welcomed the staff’s analysis on how the rapid growth of international trade and the introduction of new technologies are beginning to forge an increasingly integrated global labor market. This integration is contributing to growth and incomes in both source and host countries, but at the same time it is affecting distributional outcomes and may thus be contributing indirectly to protectionist sentiment. Steps to do more to help those who are adversely affected by developments in technology and trade should include better education systems, more flexible labor markets, and welfare systems that cushion the impact of—but do not obstruct—economic change.
Directors welcomed the revival of the Doha Round of multilateral trade negotiations. A successful outcome would, by further strengthening multilateral rules and reducing the risks of protectionism, boost medium-term global prospects. Prospects for a gradual unwinding of global imbalances would also benefit from initiatives to remove obstacles to the smooth reallocation of resources in response to exchange rate movements, including through trade reform.
STATISTICAL APPENDIX
The statistical appendix presents historical data, as well as projections. It comprises five sections: Assumptions, What’s New, Data and Conventions, Classification of Countries, and Statistical Tables.
The assumptions underlying the estimates and projections for 2007–08 and the medium-term scenario for 2009–12 are summarized in the first section. The second section presents a brief description of changes to the database and statistical tables. The third section provides a general description of the data, and of the conventions used for calculating country group composites. The classification of countries in the various groups presented in the World Economic Outlook is summarized in the fourth section.
The last, and main, section comprises the statistical tables. Data in these tables have been compiled on the basis of information available through end-March 2007. The figures for 2007 and beyond are shown with the same degree of precision as the historical figures solely for convenience; since they are projections, the same degree of accuracy is not to be inferred.
Assumptions
Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the period January 26 to February 23, 2007. For 2007 and 2008, these assumptions imply average U.S. dollar/SDR conversion rates of 1.495 and 1.500, U.S. dollar/euro conversion rate of 1.30 and 1.31, and yen/U.S. dollar conversion rates of 120.4 and 119.2, respectively.
It is assumed that the price of oil will average $60.75 a barrel in 2007 and $64.75 a barrel in 2008.
Established policies of national authorities are assumed to be maintained. The more specific policy assumptions underlying the projections for selected advanced economies are described in Box A1.
With regard to interest rates, it is assumed that the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits will average 5.3 percent in 2007 and 5.1 percent in 2008, that three-month euro deposits will average 3.8 percent in 2007 and 3.7 percent in 2008, and that six-month Japanese yen deposits will average 0.9 percent in 2007 and 1.2 percent in 2008.
With respect to introduction of the euro, on December 31, 1998, the Council of the European Union decided that, effective January 1, 1999, the irrevocably fixed conversion rates between the euro and currencies of the member states adopting the euro are as follows.
| 1 euro = 13.7603 | Austrian schillings |
| = 40.3399 | Belgian francs |
| = 1.95583 | Deutsche mark |
| = 5.94573 | Finnish markkaa |
| = 6.55957 | French francs |
| = 340.750 | Greek drachma1 |
| = 0.787564 | Irish pound |
| = 1,936.27 | Italian lire |
| = 40.3399 | Luxembourg francs |
| = 2.20371 | Netherlands guilders |
| = 200.482 | Portuguese escudos |
| = 239.640 | Slovenia tolars2 |
| = 166.386 | Spanish pesetas |
| 1 euro = 13.7603 | Austrian schillings |
| = 40.3399 | Belgian francs |
| = 1.95583 | Deutsche mark |
| = 5.94573 | Finnish markkaa |
| = 6.55957 | French francs |
| = 340.750 | Greek drachma1 |
| = 0.787564 | Irish pound |
| = 1,936.27 | Italian lire |
| = 40.3399 | Luxembourg francs |
| = 2.20371 | Netherlands guilders |
| = 200.482 | Portuguese escudos |
| = 239.640 | Slovenia tolars2 |
| = 166.386 | Spanish pesetas |
See Box 5.4 in the October 1998 World Economic Outlook for details on how the conversion rates were established.
What’s New
On January 1, 2007, Slovenia became the thirteenth country to join the euro area and is now included in the advanced economy group; also on January 1, 2007, Bulgaria and Romania became members of the European Union, enlarging the group to a total of 27 countries; the Netherlands Antilles has been excluded from the World Economic Outlook database following the decision by its five constituent islands to abandon the federation and will cease to exist in July 2007; the country composition of the fuel-exporting group has been revised to reflect the periodic update of the classification criteria; and the purchasing power parity (PPP) weights have been updated to reflect the most up-to-date PPP conversion factor provided by the World Bank.
Economic Policy Assumptions Underlying the Projections for Selected Advanced Economies
The short-term fiscal policy assumptions used in the World Economic Outlook are based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions and projected fiscal outturns. The medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. In cases where the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed, unless otherwise indicated. Specific assumptions used in some of the advanced economies follow (see also Tables 12–14 in the Statistical Appendix for data on fiscal and structural balances).1
United States. The fiscal projections are based on the Administration’s FY2008 budget proposal submitted to Congress on February 5, 2007. Adjustments are made to account for differences in macroeconomic projections as well as staff assumptions about (1) additional defense spending based on analysis by the Congressional Budget Office; (2) slower compression in the growth rate of discretionary spending; and (3) continued AMT relief beyond FY2008. The projections also assume that personal retirement accounts are not introduced.
Japan. The medium-term fiscal projections assume that expenditure and revenue of the general government (excluding social security) are adjusted in line with the current government target to achieve primary fiscal balance by the early 2010s.
Germany. The projections reflect the measures announced in the government’s coalition agreement. These aim to reduce the overall fiscal balance to below 1.5 percent of GDP in 2007. Projections include a loss in revenue due to corporate tax reform, and no change in the path of health expenditures, since the health care reform discussions have been postponed for 2007.
France. The estimates for 2006 are based on latest official estimates and the projections for 2007 on the initial budget law. Medium-term projections incorporate the authorities’ tax revenue projections as outlined in the 2008–10 Stability Program Update, but assume different spending (less deceleration) and nontax revenue profiles, consistent with an unchanged policy assumption. For 2011–12, the IMF staff assumes unchanged tax policies and real expenditure growth as in the 2010 projection. All fiscal projections are adjusted for the IMF staff’s macroeconomic assumptions.
Italy. Fiscal projections for 2007 are based on the IMF staff’s estimate of the impact of the budget measures, adjusted for the better-than-expected 2006 fiscal outcome. From 2008, a constant primary structural balance net of one-off measures is assumed.
United Kingdom. The fiscal projections are based on information provided in the 2006 Pre-Budget Report. Additionally, the projections incorporate the most recent statistical releases from the Office for National Statistics, including provisional budgetary outturns through the third quarter of 2006.
Canada. Projections are based on the 2006 Budget and IMF staff estimates, and incorporate the most recent data releases from Statistics Canada, including provincial and territorial budgetary outturns through the third quarter of 2006.
Australia. The fiscal projections through 2009/10 are based on the Mid-Year Economic and Fiscal Outlook published in December 2006. For the remainder of the projection period, the IMF staff assumes unchanged policies.
Austria. Fiscal figures for 2006 are based on the authorities’ estimated outturn. Projections for 2007 and beyond are IMF staff projections based on current policies in place.
Belgium. The projections for 2007 are based on the information provided in the 2007 Budget Report and adjusted for IMF staff’s macroeco-nomic assumptions. For 2007, in particular, the IMF staff’s fiscal projections exclude one-off measures not explicitly outlined in the budget (representing 0.3 percent of GDP). For the remainder of the projection period, the IMF staff assumes unchanged policies.
Denmark. For 2007–11, the projections incorporate the June 2006 welfare agreement as well as key features of the prior medium-term fiscal plan, and are adjusted for the IMF staff’s macroeconomic assumptions. The projections imply continued budget surpluses in line with the authorities’ objectives of long-term fiscal sustainability and debt reduction.
Greece. Projections are based on the 2007 budget, adjusted for IMF staff’s assumptions for economic growth. For 2008 and beyond, tax revenues as a percent of GDP are assumed to be constant, while social insurance contributions are assumed to continue their trend increase and EU transfers are assumed to decline. Total expenditure is assumed to remain broadly constant as a percent of GDP.
Hong Kong SAR. Fiscal projections for 2007–10 are consistent with the authorities’ medium-term strategy as outlined in the 2007/08 budget, with projections for 2011–12 based on the assumptions underlying the IMF staff’s medium-term macroeco-nomic scenario.
Korea. Projections for 2007 are based on the authorities’ budget, with some adjustment for the IMF staff’s assumptions. For 2008–12, projections are in line with the authorities’ budget plans.
Netherlands. The fiscal projections build on the 2006 and 2007 budgets, the latest Stability Program, and other forecasts provided by the authorities, adjusted for the IMF staff’s macroeconomic assumptions.
New Zealand. The fiscal projections through 2010/11 are based on the Half Year Economic and Fiscal Update (HYEFU) of December 2006. For the remainder of the projection period, the IMF staff assumes unchanged policies.
Portugal. Fiscal projections for 2007 build on the authorities’ budget. Projections for 2008 and beyond are based on the current Stability and Growth Program of the authorities.
Singapore. For the 2006/07 fiscal year, budget projections on the expenditure side are mostly based on the authorities’ budget and fiscal projections, while revenues grow in line with economic activity. Thereafter, the projections assume a constant budget balance (in percent of GDP).
Spain. Fiscal projections through 2009 are based on the 2007 budget, policies outlined in the authorities’ updated Stability Program 2006–09, adjusted for the IMF staff’s macroeconomic assumptions, information from recent statistical releases, and official announcements. In subsequent years, the fiscal projections assume unchanged policies.
Sweden. The fiscal projections are based on information provided in the budget presented on October 16, 2006. Additionally, the projections incorporate the most recent statistical releases from Statistics Sweden, including provisional budgetary outturns through December 2006.
Switzerland. Projections for 2007–12 are based on IMF staff calculations, which incorporate measures to restore balance in the Federal accounts and strengthen social security finances.
Monetary policy assumptions are based on the established policy framework in each country. In most cases, this implies a nonaccommodative stance over the business cycle: official interest rates will therefore increase when economic indicators suggest that prospective inflation will rise above its acceptable rate or range, and they will decrease when indicators suggest that prospective inflation will not exceed the acceptable rate or range, that prospective output growth is below its potential rate, and that the margin of slack in the economy is significant. On this basis, the LIBOR on six-month U.S. dollar deposits is assumed to average 5.3 percent in 2007 and 5.1 percent in 2008. The projected path for U.S. dollar short-term interest rates reflects the assumption implicit in prevailing forward rates. The rate on three-month euro deposits is assumed to average 3.8 percent in 2007 and 3.7 percent in 2008. The interest rate on six-month Japanese yen deposits is assumed to average 0.9 percent in 2007 and 1.2 percent in 2008. Changes in interest rate assumptions compared with the September 2006 World Economic Outlook are summarized in Table 1.1.
1 The output gap is actual less potential output, as a percent of potential output. Structural balances are expressed as a percent of potential output. The structural budget balance is the budgetary position that would be observed if the level of actual output coincided with potential output. Changes in the structural budget balance consequently include effects of temporary fiscal measures, the impact of fluctuations in interest rates and debt-service costs, and other noncyclical fluctuations in the budget balance. The computations of structural budget balances are based on IMF staff estimates of potential GDP and revenue and expenditure elasticities (see the October 1993 World Economic Outlook, Annex I). Net debt is defined as gross debt less financial assets of the general government, which include assets held by the social security insurance system. Estimates of the output gap and of the structural balance are subject to significant margins of uncertainty.Data and Conventions
Data and projections for 182 countries form the statistical basis for the World Economic Outlook (the World Economic Outlook database). The data are maintained jointly by the IMF’s Research Department and area departments, with the latter regularly updating country projections based on consistent global assumptions.
Although national statistical agencies are the ultimate providers of historical data and definitions, international organizations are also involved in statistical issues, with the objective of harmonizing methodologies for the national compilation of statistics, including the analytical frameworks, concepts, definitions, classifications, and valuation procedures used in the production of economic statistics. The World Economic Outlook database reflects information from both national source agencies and international organizations.
The comprehensive revision of the standardized System of National Accounts 1993 (SNA), the IMF’s Balance of Payments Manual, Fifth Edition (BPM5), the Monetary and Financial Statistics Manual (MFSM), and the Government Finance Statistics Manual 2001 (GFSM 2001) represented important improvements in the standards of economic statistics and analysis.3 The IMF was actively involved in all these projects, particularly the Balance of Payments, Monetary and Financial Statistics, and Government Finance Statistics manuals, which reflects 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 definitions began in earnest when the manuals were released. However, full concordance with the manuals is ultimately dependent on the provision by national statistical compilers of revised country data, and hence the World Economic Outlook estimates are still only partially adapted to these manuals.
In line with recent improvements in standards of reporting economic statistics, several countries have phased out their traditional fixed-base-year method of calculating real macroeconomic variables levels and growth by switching to a chain-weighted method of computing aggregate growth. Recent dramatic changes in the structure of these economies have obliged these countries to revise the way in which they measure real GDP levels and growth. Switching to the chain-weighted method of computing aggregate growth, which uses current price information, allows countries to measure GDP growth more accurately by eliminating upward biases in new data.4 Currently, real macroeconomic data for Albania, Australia, Austria, Azerbaijan, Belgium, Canada, Cyprus, Czech Republic, Denmark, euro area, Finland, Georgia, Germany, Greece, Iceland, Ireland, Italy, Japan, Kazakhstan, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Poland, Portugal, Russia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the United States are based on chain-weighted methodology. However, data before 1996 (Albania), 1994 (Azerbaijan), 1995 (Belgium), 1995 (Cyprus), 1995 (Czech Republic), 1995 (euro area), 1991 (Germany), 2000 (Greece), 1990 (Iceland), 1995 (Ireland), 1994 (Japan), 1995 (Kazakhstan), 1995 (Luxembourg), 2000 (Malta), 1995 (Poland), 1995 (Russia), 1995 (Slovenia), and 1995 (Spain) are based on unrevised national accounts and subject to revision in the future.
The members of the European Union have adopted a harmonized system for the compilation of the national accounts, referred to as ESA 1995. All national accounts data from 1995 onward are presented on the basis of the new system. Revision by national authorities of data prior to 1995 to conform to the new system has progressed, but has in some cases not been completed. In such cases, historical World Economic Outlook data have been carefully adjusted to avoid breaks in the series. Users of EU national accounts data prior to 1995 should nevertheless exercise caution until such time as the revision of historical data by national statistical agencies has been fully completed. See Box 1.2, “Revisions in National Accounts Methodologies,” in the May 2000 World Economic Outlook.
Composite data for country groups in the World Economic Outlook are either sums or weighted averages of data for individual countries. Unless otherwise indicated, multiyear averages of growth rates are expressed as compound annual rates of change.5 Arithmetically weighted averages are used for all data except inflation and money growth for the other emerging market and developing country group, for which geometric averages are used. The following conventions apply.
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Country group composites for exchange rates, interest rates, and the growth rates of monetary aggregates are weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
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Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total world or group GDP.6
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Composites for data relating to the domestic economy for the euro area (13 member countries throughout the entire period unless otherwise noted) are aggregates of national source data using weights based on 1995 ECU exchange rates.
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Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
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Composites relating to the external economy are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars. Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percentage changes for individual countries weighted by the U.S. dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
For central and eastern European countries, external transactions in nonconvertible currencies (through 1990) are converted to U.S. dollars at the implicit U.S. dollar/ruble conversion rates obtained from each country’s national currency exchange rate for the U.S. dollar and for the ruble.
All data refer to calendar years, except for the following countries, which refer to fiscal years: Australia (July/June), Bangladesh (July/June), Egypt (July/June), Islamic Republic of Iran (March/February), Mauritius (July/June), Myanmar (April/March), Nepal (July/June), New Zealand (July/June), Pakistan (July/June), Samoa (July/June), and Tonga (July/June).
Classification of Countries
Summary of the Country Classification
The country classification in the World Economic Outlook divides the world into two major groups: advanced economies, and other emerging market and developing countries.7 Rather than being based on strict criteria, economic or otherwise, this classification has evolved over time with the objective of facilitating analysis by providing a reasonably meaningful organization of data. Table A provides an overview of these standard groups in the World Economic Outlook, showing the number of countries in each group and the average 2006 shares of groups in aggregate PPP-valued GDP, total exports of goods and services, and population.
Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20061
(Percent of total for group or world)
The GDP shares are based on the purchasing-power-parity (PPP) valuation of country GDPs. The number of countries comprising each group reflects those for which data are included in the group aggregates.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20061
(Percent of total for group or world)
| Number of Countries | GDP | Exports of Goods and Services | Population | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Advanced economies | World | Advanced economies | World | Advanced economies | World | |||||
| Advanced economies | 30 | 100.0 | 52.0 | 100.0 | 67.3 | 100.0 | 15.3 | |||
| United States | 37.8 | 19.7 | 14.5 | 9.8 | 30.6 | 4.7 | ||||
| Euro area | 13 | 28.2 | 14.7 | 43.1 | 29.0 | 32.3 | 5.0 | |||
| Germany | 7.4 | 3.9 | 13.2 | 8.9 | 8.4 | 1.3 | ||||
| France | 5.6 | 2.9 | 6.4 | 4.3 | 6.4 | 1.0 | ||||
| Italy | 5.2 | 2.7 | 5.2 | 3.5 | 6.0 | 0.9 | ||||
| Spain | 3.5 | 1.8 | 3.2 | 2.2 | 4.5 | 0.7 | ||||
| Japan | 12.1 | 6.3 | 7.4 | 5.0 | 13.0 | 2.0 | ||||
| United Kingdom | 6.2 | 3.2 | 6.8 | 4.6 | 6.2 | 0.9 | ||||
| Canada | 3.4 | 1.7 | 4.7 | 3.1 | 3.3 | 0.5 | ||||
| Other advanced economies | 13 | 12.4 | 6.4 | 23.5 | 15.8 | 14.5 | 2.2 | |||
| Memorandum | ||||||||||
| Major advanced economies | 7 | 77.6 | 40.4 | 58.3 | 39.2 | 74.0 | 11.3 | |||
| Newly industrialized Asian economies | 4 | 6.5 | 3.4 | 13.7 | 9.2 | 8.4 | 1.3 | |||
| Other emerging market and developing countries | World | Other emerging market and developing countries | World | Other emerging market and developing countries | World | |||||
| Other emerging market and developing countries | 143 | 100.0 | 48.0 | 100.0 | 32.7 | 100.0 | 84.7 | |||
| Regional groups | ||||||||||
| Africa | 48 | 7.0 | 3.4 | 7.7 | 2.5 | 15.3 | 12.9 | |||
| Sub-Sahara | 45 | 5.4 | 2.6 | 5.8 | 1.9 | 13.9 | 11.8 | |||
| Excluding Nigeria and South Africa | 43 | 2.9 | 1.4 | 2.8 | 0.9 | 10.2 | 8.7 | |||
| Central and eastern Europe | 14 | 7.1 | 3.4 | 13.2 | 4.3 | 3.4 | 2.9 | |||
| Commonwealth of Independent States2 | 13 | 8.0 | 3.8 | 10.1 | 3.3 | 5.2 | 4.4 | |||
| Russia | 5.4 | 2.6 | 6.9 | 2.3 | 2.6 | 2.2 | ||||
| Developing Asia | 23 | 56.3 | 27.0 | 38.6 | 12.6 | 61.7 | 52.3 | |||
| China | 31.4 | 15.1 | 21.9 | 7.2 | 24.3 | 20.5 | ||||
| India | 13.1 | 6.3 | 4.1 | 1.3 | 20.6 | 17.4 | ||||
| Excluding China and India | 21 | 11.7 | 5.6 | 12.6 | 4.1 | 16.9 | 14.3 | |||
| Middle East | 13 | 5.9 | 2.8 | 14.5 | 4.7 | 4.4 | 3.7 | |||
| Western Hemisphere | 32 | 15.7 | 7.6 | 15.9 | 5.2 | 10.1 | 8.5 | |||
| Brazil | 5.4 | 2.6 | 3.3 | 1.1 | 3.4 | 2.9 | ||||
| Mexico | 3.7 | 1.8 | 5.5 | 1.8 | 1.9 | 1.6 | ||||
| Analytical groups | ||||||||||
| By source of export earnings | ||||||||||
| Fuel | 23 | 13.3 | 6.4 | 26.5 | 8.7 | 11.0 | 9.3 | |||
| Nonfuel | 120 | 86.7 | 41.6 | 73.5 | 24.0 | 89.0 | 75.3 | |||
| of which, primary products | 21 | 1.7 | 0.8 | 2.3 | 0.7 | 4.1 | 3.5 | |||
| By external financing source | ||||||||||
| Net debtor countries | 121 | 54.1 | 26.0 | 48.5 | 15.9 | 64.6 | 54.7 | |||
| of which, official financing | 34 | 6.1 | 2.9 | 3.8 | 1.2 | 13.8 | 11.7 | |||
| Net debtor countries by debt-servicing experience | ||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 51 | 10.2 | 4.9 | 7.6 | 2.5 | 19.0 | 16.1 | |||
| Other net debtor countries | 70 | 43.9 | 21.1 | 40.9 | 13.4 | 45.6 | 38.6 | |||
| Other groups | ||||||||||
| Heavily indebted poor countries | 30 | 2.0 | 1.0 | 1.2 | 0.4 | 8.3 | 7.0 | |||
| Middle East and North Africa | 19 | 7.8 | 3.8 | 16.6 | 5.4 | 6.5 | 5.5 | |||
The GDP shares are based on the purchasing-power-parity (PPP) valuation of country GDPs. The number of countries comprising each group reflects those for which data are included in the group aggregates.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20061
(Percent of total for group or world)
| Number of Countries | GDP | Exports of Goods and Services | Population | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Advanced economies | World | Advanced economies | World | Advanced economies | World | |||||
| Advanced economies | 30 | 100.0 | 52.0 | 100.0 | 67.3 | 100.0 | 15.3 | |||
| United States | 37.8 | 19.7 | 14.5 | 9.8 | 30.6 | 4.7 | ||||
| Euro area | 13 | 28.2 | 14.7 | 43.1 | 29.0 | 32.3 | 5.0 | |||
| Germany | 7.4 | 3.9 | 13.2 | 8.9 | 8.4 | 1.3 | ||||
| France | 5.6 | 2.9 | 6.4 | 4.3 | 6.4 | 1.0 | ||||
| Italy | 5.2 | 2.7 | 5.2 | 3.5 | 6.0 | 0.9 | ||||
| Spain | 3.5 | 1.8 | 3.2 | 2.2 | 4.5 | 0.7 | ||||
| Japan | 12.1 | 6.3 | 7.4 | 5.0 | 13.0 | 2.0 | ||||
| United Kingdom | 6.2 | 3.2 | 6.8 | 4.6 | 6.2 | 0.9 | ||||
| Canada | 3.4 | 1.7 | 4.7 | 3.1 | 3.3 | 0.5 | ||||
| Other advanced economies | 13 | 12.4 | 6.4 | 23.5 | 15.8 | 14.5 | 2.2 | |||
| Memorandum | ||||||||||
| Major advanced economies | 7 | 77.6 | 40.4 | 58.3 | 39.2 | 74.0 | 11.3 | |||
| Newly industrialized Asian economies | 4 | 6.5 | 3.4 | 13.7 | 9.2 | 8.4 | 1.3 | |||
| Other emerging market and developing countries | World | Other emerging market and developing countries | World | Other emerging market and developing countries | World | |||||
| Other emerging market and developing countries | 143 | 100.0 | 48.0 | 100.0 | 32.7 | 100.0 | 84.7 | |||
| Regional groups | ||||||||||
| Africa | 48 | 7.0 | 3.4 | 7.7 | 2.5 | 15.3 | 12.9 | |||
| Sub-Sahara | 45 | 5.4 | 2.6 | 5.8 | 1.9 | 13.9 | 11.8 | |||
| Excluding Nigeria and South Africa | 43 | 2.9 | 1.4 | 2.8 | 0.9 | 10.2 | 8.7 | |||
| Central and eastern Europe | 14 | 7.1 | 3.4 | 13.2 | 4.3 | 3.4 | 2.9 | |||
| Commonwealth of Independent States2 | 13 | 8.0 | 3.8 | 10.1 | 3.3 | 5.2 | 4.4 | |||
| Russia | 5.4 | 2.6 | 6.9 | 2.3 | 2.6 | 2.2 | ||||
| Developing Asia | 23 | 56.3 | 27.0 | 38.6 | 12.6 | 61.7 | 52.3 | |||
| China | 31.4 | 15.1 | 21.9 | 7.2 | 24.3 | 20.5 | ||||
| India | 13.1 | 6.3 | 4.1 | 1.3 | 20.6 | 17.4 | ||||
| Excluding China and India | 21 | 11.7 | 5.6 | 12.6 | 4.1 | 16.9 | 14.3 | |||
| Middle East | 13 | 5.9 | 2.8 | 14.5 | 4.7 | 4.4 | 3.7 | |||
| Western Hemisphere | 32 | 15.7 | 7.6 | 15.9 | 5.2 | 10.1 | 8.5 | |||
| Brazil | 5.4 | 2.6 | 3.3 | 1.1 | 3.4 | 2.9 | ||||
| Mexico | 3.7 | 1.8 | 5.5 | 1.8 | 1.9 | 1.6 | ||||
| Analytical groups | ||||||||||
| By source of export earnings | ||||||||||
| Fuel | 23 | 13.3 | 6.4 | 26.5 | 8.7 | 11.0 | 9.3 | |||
| Nonfuel | 120 | 86.7 | 41.6 | 73.5 | 24.0 | 89.0 | 75.3 | |||
| of which, primary products | 21 | 1.7 | 0.8 | 2.3 | 0.7 | 4.1 | 3.5 | |||
| By external financing source | ||||||||||
| Net debtor countries | 121 | 54.1 | 26.0 | 48.5 | 15.9 | 64.6 | 54.7 | |||
| of which, official financing | 34 | 6.1 | 2.9 | 3.8 | 1.2 | 13.8 | 11.7 | |||
| Net debtor countries by debt-servicing experience | ||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 51 | 10.2 | 4.9 | 7.6 | 2.5 | 19.0 | 16.1 | |||
| Other net debtor countries | 70 | 43.9 | 21.1 | 40.9 | 13.4 | 45.6 | 38.6 | |||
| Other groups | ||||||||||
| Heavily indebted poor countries | 30 | 2.0 | 1.0 | 1.2 | 0.4 | 8.3 | 7.0 | |||
| Middle East and North Africa | 19 | 7.8 | 3.8 | 16.6 | 5.4 | 6.5 | 5.5 | |||
The GDP shares are based on the purchasing-power-parity (PPP) valuation of country GDPs. The number of countries comprising each group reflects those for which data are included in the group aggregates.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
A few countries are presently not included in these groups, either because they are not IMF members and their economies are not monitored by the IMF, or because databases have not yet been fully developed. Because of data limitations, group composites do not reflect the following countries: the Islamic Republic of Afghanistan, Bosnia and Herzegovina, Brunei Darussalam, Eritrea, Iraq, Liberia, Serbia, Somalia, and Timor-Leste. Cuba and the Democratic People’s Republic of Korea are examples of countries that are not IMF members, whereas San Marino, among the advanced economies, and Aruba, Marshall Islands, Federated States of Micronesia, Palau, and Republic of Montenegro, among the developing countries, are examples of economies for which databases have not been completed.
General Features and Composition of Groups in the World Economic Outlook Classification
Advanced Economies
The 30 advanced economies are listed in Table B. The seven largest in terms of GDP—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—constitute the subgroup of major advanced economies, often referred to as the Group of Seven (G-7) countries. The 13 members of the euro area and the four newly industrialized Asian economies are also distinguished as subgroups. 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.
Advanced Economies by Subgroup
On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.
Advanced Economies by Subgroup
| Other Subgroups | ||||||
|---|---|---|---|---|---|---|
| Major Currency Areas | Euro area | Newly industrialized Asian economies |
Major advanced economies |
Other advanced economies | ||
| United States | Austria | Ireland | Hong Kong SAR1 | Canada | Australia | Korea |
| Euro area | Belgium | Italy | Korea | France | Cyprus | New Zealand |
| Japan | Finland | Luxembourg | Singapore | Germany | Denmark | Norway |
| France | Netherlands | Taiwan Province of China | Italy | Hong Kong SAR1 | Singapore | |
| Germany | Portugal | Japan | Iceland | Sweden | ||
| Greece | Slovenia | United Kingdom | Israel | Switzerland | ||
| Spain | United States | Taiwan Province of China | ||||
On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.
Advanced Economies by Subgroup
| Other Subgroups | ||||||
|---|---|---|---|---|---|---|
| Major Currency Areas | Euro area | Newly industrialized Asian economies |
Major advanced economies |
Other advanced economies | ||
| United States | Austria | Ireland | Hong Kong SAR1 | Canada | Australia | Korea |
| Euro area | Belgium | Italy | Korea | France | Cyprus | New Zealand |
| Japan | Finland | Luxembourg | Singapore | Germany | Denmark | Norway |
| France | Netherlands | Taiwan Province of China | Italy | Hong Kong SAR1 | Singapore | |
| Germany | Portugal | Japan | Iceland | Sweden | ||
| Greece | Slovenia | United Kingdom | Israel | Switzerland | ||
| Spain | United States | Taiwan Province of China | ||||
On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.
In 1991 and subsequent years, data for Germany refer to west Germany and the eastern Länder (i.e., the former German Democratic Republic). Before 1991, economic data are not available on a unified basis or in a consistent manner. Hence, in tables featuring data expressed as annual percent change, these apply to west Germany in years up to and including 1991, but to unified Germany from 1992 onward. In general, data on national accounts and domestic economic and financial activity through 1990 cover west Germany only, whereas data for the central government and balance of payments apply to west Germany through June 1990 and to unified Germany thereafter.
Table C lists the member countries of the European Union, not all of which are classified as advanced economies in the World Economic Outlook.
European Union
European Union
| Austria | Finland | Latvia | Romania |
| Belgium | France | Lithuania | Slovak Republic |
| Bulgaria | Germany | Luxembourg | Slovenia |
| Cyprus | Greece | Malta | Spain |
| Czech Republic | Hungary | Netherlands | Sweden |
| Denmark | Ireland | Poland | United Kingdom |
| Estonia | Italy | Portugal |
European Union
| Austria | Finland | Latvia | Romania |
| Belgium | France | Lithuania | Slovak Republic |
| Bulgaria | Germany | Luxembourg | Slovenia |
| Cyprus | Greece | Malta | Spain |
| Czech Republic | Hungary | Netherlands | Sweden |
| Denmark | Ireland | Poland | United Kingdom |
| Estonia | Italy | Portugal |
Other Emerging Market and Developing Countries
The group of other emerging market and developing countries (143 countries) includes all countries that are not classified as advanced economies.
The regional breakdowns of other emerging market and developing countries—Africa, central and eastern Europe, Commonwealth of Independent States, developing Asia, Middle East, and Western Hemisphere—largely conform to the regional breakdowns in the IMF’s International Financial Statistics. In both classifications, Egypt and the Libyan Arab Jamahiriya are included in the Middle East region rather than in Africa. In addition, the World Economic Outlook sometimes refers to the regional group of Middle East and North Africa countries, also referred to as the MENA countries, whose composition straddles the Africa and Middle East regions. This group is defined as the Arab League countries plus the Islamic Republic of Iran (see Table D).
Middle East and North Africa Countries
Middle East and North Africa Countries
| Algeria | Jordan | Morocco | Syrian Arab Republic |
| Bahrain | Kuwait | Oman | Tunisia |
| Djibouti | Lebanon | Qatar | United Arab Emirates |
| Egypt | Libya | Saudi Arabia | Yemen, Rep. of |
| Iran, I.R. of | Mauritania | Sudan |
Middle East and North Africa Countries
| Algeria | Jordan | Morocco | Syrian Arab Republic |
| Bahrain | Kuwait | Oman | Tunisia |
| Djibouti | Lebanon | Qatar | United Arab Emirates |
| Egypt | Libya | Saudi Arabia | Yemen, Rep. of |
| Iran, I.R. of | Mauritania | Sudan |
Other emerging market and developing countries are also classified according to analytical criteria. The analytical criteria reflect countries’ composition of export earnings and other income from abroad, exchange rate arrangements, a distinction between net creditor and net debtor countries, and, for the net debtor countries, financial criteria based on external financing source and experience with external debt servicing. The detailed composition of other emerging market and developing countries in the regional and analytical groups is shown in Tables E and F.
Other Emerging Market and Developing Countries by Region and Main Source of Export Earnings
Other Emerging Market and Developing Countries by Region and Main Source of Export Earnings
| Fuel | Nonfuel, of Which Primary Products |
|
|---|---|---|
| Africa | Algeria | Botswana |
| Angola | Burkina Faso | |
| Congo, Rep. of | Burundi | |
| Equatorial Guinea | Chad | |
| Gabon | Congo, Dem. Rep. of | |
| Nigeria | Guinea | |
| Sudan | Guinea-Bissau | |
| Malawi | ||
| Mauritania | ||
| Namibia | ||
| Niger | ||
| Sierra Leone | ||
| Zambia | ||
| Zimbabwe | ||
| Commonwealth of Independent States | Azerbaijan | Mongolia |
| Russia | Tajikistan | |
| Turkmenistan | Uzbekistan | |
| Developing Asia | Papua New Guinea | |
| Solomon Islands | ||
| Middle East | Bahrain | |
| Iran, I.R. of | ||
| Kuwait | ||
| Libya | ||
| Oman | ||
| Qatar | ||
| Saudi Arabia | ||
| Syrian Arab Republic | ||
| United Arab Emirates | ||
| Yemen, Rep. of | ||
| Western Hemisphere | Ecuador | Chile |
| Trinidad and Tobago | Suriname | |
| Venezuela |
Other Emerging Market and Developing Countries by Region and Main Source of Export Earnings
| Fuel | Nonfuel, of Which Primary Products |
|
|---|---|---|
| Africa | Algeria | Botswana |
| Angola | Burkina Faso | |
| Congo, Rep. of | Burundi | |
| Equatorial Guinea | Chad | |
| Gabon | Congo, Dem. Rep. of | |
| Nigeria | Guinea | |
| Sudan | Guinea-Bissau | |
| Malawi | ||
| Mauritania | ||
| Namibia | ||
| Niger | ||
| Sierra Leone | ||
| Zambia | ||
| Zimbabwe | ||
| Commonwealth of Independent States | Azerbaijan | Mongolia |
| Russia | Tajikistan | |
| Turkmenistan | Uzbekistan | |
| Developing Asia | Papua New Guinea | |
| Solomon Islands | ||
| Middle East | Bahrain | |
| Iran, I.R. of | ||
| Kuwait | ||
| Libya | ||
| Oman | ||
| Qatar | ||
| Saudi Arabia | ||
| Syrian Arab Republic | ||
| United Arab Emirates | ||
| Yemen, Rep. of | ||
| Western Hemisphere | Ecuador | Chile |
| Trinidad and Tobago | Suriname | |
| Venezuela |
Other Emerging Market and Developing Countries by Region, Net External Position, and Heavily Indebted Poor Countries
Dot instead of star indicates that the net debtor’s main external finance source is official financing.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries by Region, Net External Position, and Heavily Indebted Poor Countries
| Net External Position | Heavily Indebted Poor Countries |
|||||
|---|---|---|---|---|---|---|
| Net creditor | Net debtor1 | |||||
| Africa | ||||||
| Maghreb | ||||||
| Algeria | * | |||||
| Morocco | * | |||||
| Tunisia | * | |||||
| Sub-Sahara | ||||||
| South Africa | * | |||||
| Horn of Africa | ||||||
| Djibouti | * | |||||
| Ethiopia | • | * | ||||
| Sudan | * | |||||
| Great Lakes | ||||||
| Burundi | • | * | ||||
| Congo, Dem. Rep. of | * | * | ||||
| Kenya | * | |||||
| Rwanda | • | * | ||||
| Tanzania | • | * | ||||
| Uganda | * | * | ||||
| Southern Africa | ||||||
| Angola | * | |||||
| Botswana | * | |||||
| Comoros | • | |||||
| Lesotho | * | |||||
| Madagascar | • | * | ||||
| Malawi | • | * | ||||
| Mauritius | * | |||||
| Mozambique, Rep. of | * | * | ||||
| Namibia | * | |||||
| Seychelles | * | |||||
| Swaziland | * | |||||
| Zambia | * | * | ||||
| Zimbabwe | * | |||||
| West and Central Africa | ||||||
| Cape Verde | * | |||||
| Gambia, The | * | * | ||||
| Ghana | • | * | ||||
| Guinea | * | * | ||||
| Mauritania | * | * | ||||
| Nigeria | * | |||||
| São Tomé and Príncipe | * | * | ||||
| Sierra Leone | • | * | ||||
| CFA franc zone | ||||||
| Benin | * | * | ||||
| Burkina Faso | • | * | ||||
| Cameroon | * | * | ||||
| Central African Republic | • | |||||
| Chad | * | * | ||||
| Congo, Rep. of | • | * | ||||
| Côte d’Ivoire | * | |||||
| Equatorial Guinea | * | |||||
| Gabon | • | |||||
| Guinea-Bissau | * | * | ||||
| Mali | * | * | ||||
| Niger | • | * | ||||
| Senegal | * | * | ||||
| Togo | • | |||||
| Central and eastern Europe | ||||||
| Albania | * | |||||
| Bulgaria | * | |||||
| Croatia | * | |||||
| Czech Republic | * | |||||
| Estonia | * | |||||
| Hungary | * | |||||
| Latvia | * | |||||
| Lithuania | * | |||||
| Macedonia, FYR | * | |||||
| Malta | * | |||||
| Poland | * | |||||
| Romania | * | |||||
| Slovak Republic | * | |||||
| Turkey | * | |||||
| Commonwealth of Independent States2 | ||||||
| Armenia | * | |||||
| Azerbaijan | * | |||||
| Belarus | * | |||||
| Georgia | * | |||||
| Kazakhstan | * | |||||
| Kyrgyz Republic | * | |||||
| Moldova | * | |||||
| Mongolia | • | |||||
| Russia | * | |||||
| Tajikistan | • | |||||
| Turkmenistan | * | |||||
| Ukraine | * | |||||
| Uzbekistan | * | |||||
| Developing Asia | ||||||
| Bhutan | • | |||||
| Cambodia | • | |||||
| China | * | |||||
| Fiji | * | |||||
| Indonesia | * | |||||
| Kiribati | * | |||||
| Lao PDR | * | |||||
| Malaysia | * | |||||
| Myanmar | * | |||||
| Papua New Guinea | * | |||||
| Philippines | * | |||||
| Samoa | * | |||||
| Solomon Islands | • | |||||
| Thailand | * | |||||
| Tonga | • | |||||
| Vanuatu | * | |||||
| Vietnam | • | |||||
| South Asia | ||||||
| Bangladesh | • | |||||
| India | * | |||||
| Maldives | * | |||||
| Nepal | • | |||||
| Pakistan | • | |||||
| Sri Lanka | • | |||||
| Middle East | ||||||
| Bahrain | * | |||||
| Iran, I.R. of | * | |||||
| Kuwait | * | |||||
| Libya | * | |||||
| Oman | * | |||||
| Qatar | * | |||||
| Saudi Arabia | * | |||||
| United Arab Emirates | * | |||||
| Yemen, Rep. of | * | |||||
| Mashreq | ||||||
| Egypt | * | |||||
| Jordan | * | |||||
| Lebanon | * | |||||
| Syrian Arab Republic | * | |||||
| Western Hemisphere | ||||||
| Mexico | * | |||||
| South America | ||||||
| Argentina | * | |||||
| Brazil | * | |||||
| Bolivia | • | * | ||||
| Chile | * | |||||
| Colombia | * | |||||
| Ecuador | * | |||||
| Paraguay | • | |||||
| Peru | • | |||||
| Uruguay | • | |||||
| Venezuela | * | |||||
| Central America | ||||||
| Costa Rica | * | |||||
| El Salvador | • | |||||
| Guatemala | * | |||||
| Honduras | * | * | ||||
| Nicaragua | * | * | ||||
| Panama | * | |||||
| The Caribbean | ||||||
| Antigua and Barbuda | * | |||||
| Bahamas, The | * | |||||
| Barbados | * | |||||
| Belize | * | |||||
| Dominica | * | |||||
| Dominican Republic | • | |||||
| Grenada | • | |||||
| Guyana | * | * | ||||
| Haiti | * | * | ||||
| Jamaica | * | |||||
| St. Kitts and Nevis | * | |||||
| St. Lucia | * | |||||
| St. Vincent and the Grenadines |
• | |||||
| Suriname | * | |||||
| Trinidad and Tobago | * | |||||
Dot instead of star indicates that the net debtor’s main external finance source is official financing.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries by Region, Net External Position, and Heavily Indebted Poor Countries
| Net External Position | Heavily Indebted Poor Countries |
|||||
|---|---|---|---|---|---|---|
| Net creditor | Net debtor1 | |||||
| Africa | ||||||
| Maghreb | ||||||
| Algeria | * | |||||
| Morocco | * | |||||
| Tunisia | * | |||||
| Sub-Sahara | ||||||
| South Africa | * | |||||
| Horn of Africa | ||||||
| Djibouti | * | |||||
| Ethiopia | • | * | ||||
| Sudan | * | |||||
| Great Lakes | ||||||
| Burundi | • | * | ||||
| Congo, Dem. Rep. of | * | * | ||||
| Kenya | * | |||||
| Rwanda | • | * | ||||
| Tanzania | • | * | ||||
| Uganda | * | * | ||||
| Southern Africa | ||||||
| Angola | * | |||||
| Botswana | * | |||||
| Comoros | • | |||||
| Lesotho | * | |||||
| Madagascar | • | * | ||||
| Malawi | • | * | ||||
| Mauritius | * | |||||
| Mozambique, Rep. of | * | * | ||||
| Namibia | * | |||||
| Seychelles | * | |||||
| Swaziland | * | |||||
| Zambia | * | * | ||||
| Zimbabwe | * | |||||
| West and Central Africa | ||||||
| Cape Verde | * | |||||
| Gambia, The | * | * | ||||
| Ghana | • | * | ||||
| Guinea | * | * | ||||
| Mauritania | * | * | ||||
| Nigeria | * | |||||
| São Tomé and Príncipe | * | * | ||||
| Sierra Leone | • | * | ||||
| CFA franc zone | ||||||
| Benin | * | * | ||||
| Burkina Faso | • | * | ||||
| Cameroon | * | * | ||||
| Central African Republic | • | |||||
| Chad | * | * | ||||
| Congo, Rep. of | • | * | ||||
| Côte d’Ivoire | * | |||||
| Equatorial Guinea | * | |||||
| Gabon | • | |||||
| Guinea-Bissau | * | * | ||||
| Mali | * | * | ||||
| Niger | • | * | ||||
| Senegal | * | * | ||||
| Togo | • | |||||
| Central and eastern Europe | ||||||
| Albania | * | |||||
| Bulgaria | * | |||||
| Croatia | * | |||||
| Czech Republic | * | |||||
| Estonia | * | |||||
| Hungary | * | |||||
| Latvia | * | |||||
| Lithuania | * | |||||
| Macedonia, FYR | * | |||||
| Malta | * | |||||
| Poland | * | |||||
| Romania | * | |||||
| Slovak Republic | * | |||||
| Turkey | * | |||||
| Commonwealth of Independent States2 | ||||||
| Armenia | * | |||||
| Azerbaijan | * | |||||
| Belarus | * | |||||
| Georgia | * | |||||
| Kazakhstan | * | |||||
| Kyrgyz Republic | * | |||||
| Moldova | * | |||||
| Mongolia | • | |||||
| Russia | * | |||||
| Tajikistan | • | |||||
| Turkmenistan | * | |||||
| Ukraine | * | |||||
| Uzbekistan | * | |||||
| Developing Asia | ||||||
| Bhutan | • | |||||
| Cambodia | • | |||||
| China | * | |||||
| Fiji | * | |||||
| Indonesia | * | |||||
| Kiribati | * | |||||
| Lao PDR | * | |||||
| Malaysia | * | |||||
| Myanmar | * | |||||
| Papua New Guinea | * | |||||
| Philippines | * | |||||
| Samoa | * | |||||
| Solomon Islands | • | |||||
| Thailand | * | |||||
| Tonga | • | |||||
| Vanuatu | * | |||||
| Vietnam | • | |||||
| South Asia | ||||||
| Bangladesh | • | |||||
| India | * | |||||
| Maldives | * | |||||
| Nepal | • | |||||
| Pakistan | • | |||||
| Sri Lanka | • | |||||
| Middle East | ||||||
| Bahrain | * | |||||
| Iran, I.R. of | * | |||||
| Kuwait | * | |||||
| Libya | * | |||||
| Oman | * | |||||
| Qatar | * | |||||
| Saudi Arabia | * | |||||
| United Arab Emirates | * | |||||
| Yemen, Rep. of | * | |||||
| Mashreq | ||||||
| Egypt | * | |||||
| Jordan | * | |||||
| Lebanon | * | |||||
| Syrian Arab Republic | * | |||||
| Western Hemisphere | ||||||
| Mexico | * | |||||
| South America | ||||||
| Argentina | * | |||||
| Brazil | * | |||||
| Bolivia | • | * | ||||
| Chile | * | |||||
| Colombia | * | |||||
| Ecuador | * | |||||
| Paraguay | • | |||||
| Peru | • | |||||
| Uruguay | • | |||||
| Venezuela | * | |||||
| Central America | ||||||
| Costa Rica | * | |||||
| El Salvador | • | |||||
| Guatemala | * | |||||
| Honduras | * | * | ||||
| Nicaragua | * | * | ||||
| Panama | * | |||||
| The Caribbean | ||||||
| Antigua and Barbuda | * | |||||
| Bahamas, The | * | |||||
| Barbados | * | |||||
| Belize | * | |||||
| Dominica | * | |||||
| Dominican Republic | • | |||||
| Grenada | • | |||||
| Guyana | * | * | ||||
| Haiti | * | * | ||||
| Jamaica | * | |||||
| St. Kitts and Nevis | * | |||||
| St. Lucia | * | |||||
| St. Vincent and the Grenadines |
• | |||||
| Suriname | * | |||||
| Trinidad and Tobago | * | |||||
Dot instead of star indicates that the net debtor’s main external finance source is official financing.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
The analytical criterion, by source of export earnings, distinguishes between categories: fuel (Standard International Trade Classification—SITC 3) and nonfuel and then focuses on nonfuel primary products (SITC 0, 1, 2, 4, and 68).
The financial criteria focus on net creditor, net debtor countries, and heavily indebted poor countries (HIPCs). Net debtor countries are further differentiated on the basis of two additional financial criteria: by official external financing and by experience with debt servicing.8 The HIPC group comprises the countries considered by the IMF and the World Bank for their debt initiative, known as the HIPC Initiative, with the aim of reducing the external debt burdens of all the eligible HIPCs to a “sustainable” level in a reasonably short period of time.9
List of Tables
-
4. Advanced Economies: Unemployment, Employment, and Real Per Capita GDP
-
6. Other Emerging Market and Developing Countries—by Country: Real GDP
-
9. Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing
-
10. Other Emerging Market and Developing Countries: Consumer Prices
-
11. Other Emerging Market and Developing Countries—by Country: Consumer Prices
-
14. Advanced Economies: General Government Structural Balances
-
18. Other Emerging Market and Developing Countries: Central Government Fiscal Balances
-
19. Other Emerging Market and Developing Countries: Broad Money Aggregates
-
22. Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services
-
23. Other Emerging Market and Developing Countries—by Region: Total Trade in Goods
-
26. Advanced Economies: Balance of Payments on Current Account
-
28. Other Emerging Market and Developing Countries: Payments Balances on Current Account
-
29. Other Emerging Market and Developing Countries—by Region: Current Account Transactions
Balance of Payments and External Financing
-
32. Summary of Balance of Payments, Capital Flows, and External Financing
-
35. Other Emerging Market and Developing Countries: Reserves
External Debt and Debt Service
-
40. Other Emerging Market and Developing Countries: Ratio of External Debt to GDP
-
41. Other Emerging Market and Developing Countries: Debt-Service Ratios
Output
Summary of World Output1
(Annual percent change)
Real GDP.
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Summary of World Output1
(Annual percent change)
| Ten-Year Averages | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||
| World | 3.2 | 4.4 | 3.7 | 4.8 | 2.5 | 3.1 | 4.0 | 5.3 | 4.9 | 5.4 | 4.9 | 4.9 | ||||
| Advanced economies | 2.7 | 2.6 | 3.5 | 4.0 | 1.2 | 1.6 | 1.9 | 3.3 | 2.5 | 3.1 | 2.5 | 2.7 | ||||
| United States | 3.0 | 2.8 | 4.4 | 3.7 | 0.8 | 1.6 | 2.5 | 3.9 | 3.2 | 3.3 | 2.2 | 2.8 | ||||
| Euro area | … | 2.1 | 3.0 | 3.9 | 1.9 | 0.9 | 0.8 | 2.0 | 1.4 | 2.6 | 2.3 | 2.3 | ||||
| Japan | 2.0 | 1.6 | -0.1 | 2.9 | 0.2 | 0.3 | 1.4 | 2.7 | 1.9 | 2.2 | 2.3 | 1.9 | ||||
| Other advanced economies2 | 3.2 | 3.5 | 4.7 | 5.3 | 1.7 | 3.2 | 2.4 | 4.1 | 3.2 | 3.6 | 3.3 | 3.4 | ||||
| Other emerging market and developing countries | 3.8 | 6.4 | 4.1 | 6.0 | 4.3 | 5.0 | 6.7 | 7.7 | 7.5 | 7.9 | 7.5 | 7.1 | ||||
| Regional groups | ||||||||||||||||
| Africa | 2.2 | 4.7 | 2.7 | 3.1 | 4.4 | 3.7 | 4.7 | 5.8 | 5.6 | 5.5 | 6.2 | 5.8 | ||||
| Central and eastern Europe | 1.1 | 4.4 | 0.5 | 4.9 | 0.2 | 4.5 | 4.8 | 6.6 | 5.5 | 6.0 | 5.5 | 5.3 | ||||
| Commonwealth of Independent States3 | … | 7.0 | 5.2 | 9.0 | 6.3 | 5.3 | 7.9 | 8.4 | 6.6 | 7.7 | 7.0 | 6.4 | ||||
| Developing Asia | 7.3 | 7.9 | 6.4 | 7.0 | 6.0 | 7.0 | 8.4 | 8.7 | 9.2 | 9.4 | 8.8 | 8.4 | ||||
| Middle East | 4.5 | 4.8 | 1.8 | 5.4 | 3.0 | 3.9 | 6.5 | 5.6 | 5.4 | 5.7 | 5.5 | 5.5 | ||||
| Western Hemisphere | 3.1 | 3.2 | 0.3 | 3.9 | 0.5 | 0.3 | 2.4 | 6.0 | 4.6 | 5.5 | 4.9 | 4.2 | ||||
| Memorandum | ||||||||||||||||
| European Union | 2.0 | 2.5 | 3.0 | 3.9 | 2.1 | 1.4 | 1.5 | 2.6 | 1.9 | 3.2 | 2.8 | 2.7 | ||||
| Analytical groups | ||||||||||||||||
| By source of export earnings | ||||||||||||||||
| Fuel | -0.3 | 5.9 | 3.0 | 7.1 | 4.4 | 4.0 | 6.9 | 7.3 | 6.7 | 6.7 | 6.9 | 6.0 | ||||
| Nonfuel | 4.6 | 6.4 | 4.2 | 5.8 | 4.3 | 5.2 | 6.7 | 7.8 | 7.6 | 8.1 | 7.6 | 7.2 | ||||
| of which, primary products | 2.5 | 3.7 | 0.6 | 1.5 | 2.9 | 2.8 | 3.6 | 6.1 | 5.2 | 4.3 | 4.8 | 5.3 | ||||
| By external financing source | ||||||||||||||||
| Net debtor countries | 3.4 | 5.0 | 2.8 | 4.6 | 2.5 | 3.3 | 4.9 | 6.4 | 6.3 | 6.7 | 6.3 | 6.0 | ||||
| of which, official financing | 4.1 | 5.4 | 3.9 | 4.6 | 3.4 | 3.9 | 4.7 | 6.5 | 7.1 | 7.0 | 6.4 | 6.3 | ||||
| Net debtor countries by debt-servicing experience | ||||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 3.4 | 4.7 | 1.1 | 3.3 | 2.6 | 1.6 | 5.2 | 6.9 | 7.2 | 6.5 | 6.8 | 6.1 | ||||
| Memorandum | ||||||||||||||||
| Median growth rate | ||||||||||||||||
| Advanced economies | 3.0 | 2.9 | 4.0 | 4.1 | 1.9 | 1.7 | 1.8 | 3.7 | 2.9 | 3.3 | 2.9 | 2.7 | ||||
| Other emerging market and developing countries | 3.3 | 4.6 | 3.4 | 4.2 | 3.6 | 3.7 | 4.4 | 5.4 | 5.5 | 5.5 | 5.5 | 5.0 | ||||
| Output per capita | ||||||||||||||||
| Advanced economies | 2.0 | 2.1 | 2.9 | 3.4 | 0.6 | 1.0 | 1.3 | 2.7 | 2.0 | 2.5 | 2.0 | 2.2 | ||||
| Other emerging market and developing countries | 2.2 | 5.1 | 2.6 | 4.6 | 2.9 | 3.7 | 5.4 | 6.4 | 6.2 | 6.6 | 6.2 | 5.8 | ||||
| World growth based on market exchange rates | 2.5 | 3.1 | 3.1 | 4.1 | 1.5 | 1.8 | 2.6 | 4.0 | 3.3 | 3.9 | 3.4 | 3.5 | ||||
| Value of world output in billions of U.S. dollars | ||||||||||||||||
| At market exchange rates | 26,238 | 40,433 | 30,908 | 31,759 | 31,542 | 32,813 | 36,853 | 41,432 | 44,688 | 48,144 | 51,511 | 54,678 | ||||
| At purchasing power parities | 32,232 | 56,697 | 42,039 | 45,010 | 47,227 | 49,474 | 52,510 | 56,782 | 61,259 | 66,229 | 70,807 | 75,632 | ||||
Real GDP.
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Summary of World Output1
(Annual percent change)
| Ten-Year Averages | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||
| World | 3.2 | 4.4 | 3.7 | 4.8 | 2.5 | 3.1 | 4.0 | 5.3 | 4.9 | 5.4 | 4.9 | 4.9 | ||||
| Advanced economies | 2.7 | 2.6 | 3.5 | 4.0 | 1.2 | 1.6 | 1.9 | 3.3 | 2.5 | 3.1 | 2.5 | 2.7 | ||||
| United States | 3.0 | 2.8 | 4.4 | 3.7 | 0.8 | 1.6 | 2.5 | 3.9 | 3.2 | 3.3 | 2.2 | 2.8 | ||||
| Euro area | … | 2.1 | 3.0 | 3.9 | 1.9 | 0.9 | 0.8 | 2.0 | 1.4 | 2.6 | 2.3 | 2.3 | ||||
| Japan | 2.0 | 1.6 | -0.1 | 2.9 | 0.2 | 0.3 | 1.4 | 2.7 | 1.9 | 2.2 | 2.3 | 1.9 | ||||
| Other advanced economies2 | 3.2 | 3.5 | 4.7 | 5.3 | 1.7 | 3.2 | 2.4 | 4.1 | 3.2 | 3.6 | 3.3 | 3.4 | ||||
| Other emerging market and developing countries | 3.8 | 6.4 | 4.1 | 6.0 | 4.3 | 5.0 | 6.7 | 7.7 | 7.5 | 7.9 | 7.5 | 7.1 | ||||
| Regional groups | ||||||||||||||||
| Africa | 2.2 | 4.7 | 2.7 | 3.1 | 4.4 | 3.7 | 4.7 | 5.8 | 5.6 | 5.5 | 6.2 | 5.8 | ||||
| Central and eastern Europe | 1.1 | 4.4 | 0.5 | 4.9 | 0.2 | 4.5 | 4.8 | 6.6 | 5.5 | 6.0 | 5.5 | 5.3 | ||||
| Commonwealth of Independent States3 | … | 7.0 | 5.2 | 9.0 | 6.3 | 5.3 | 7.9 | 8.4 | 6.6 | 7.7 | 7.0 | 6.4 | ||||
| Developing Asia | 7.3 | 7.9 | 6.4 | 7.0 | 6.0 | 7.0 | 8.4 | 8.7 | 9.2 | 9.4 | 8.8 | 8.4 | ||||
| Middle East | 4.5 | 4.8 | 1.8 | 5.4 | 3.0 | 3.9 | 6.5 | 5.6 | 5.4 | 5.7 | 5.5 | 5.5 | ||||
| Western Hemisphere | 3.1 | 3.2 | 0.3 | 3.9 | 0.5 | 0.3 | 2.4 | 6.0 | 4.6 | 5.5 | 4.9 | 4.2 | ||||
| Memorandum | ||||||||||||||||
| European Union | 2.0 | 2.5 | 3.0 | 3.9 | 2.1 | 1.4 | 1.5 | 2.6 | 1.9 | 3.2 | 2.8 | 2.7 | ||||
| Analytical groups | ||||||||||||||||
| By source of export earnings | ||||||||||||||||
| Fuel | -0.3 | 5.9 | 3.0 | 7.1 | 4.4 | 4.0 | 6.9 | 7.3 | 6.7 | 6.7 | 6.9 | 6.0 | ||||
| Nonfuel | 4.6 | 6.4 | 4.2 | 5.8 | 4.3 | 5.2 | 6.7 | 7.8 | 7.6 | 8.1 | 7.6 | 7.2 | ||||
| of which, primary products | 2.5 | 3.7 | 0.6 | 1.5 | 2.9 | 2.8 | 3.6 | 6.1 | 5.2 | 4.3 | 4.8 | 5.3 | ||||
| By external financing source | ||||||||||||||||
| Net debtor countries | 3.4 | 5.0 | 2.8 | 4.6 | 2.5 | 3.3 | 4.9 | 6.4 | 6.3 | 6.7 | 6.3 | 6.0 | ||||
| of which, official financing | 4.1 | 5.4 | 3.9 | 4.6 | 3.4 | 3.9 | 4.7 | 6.5 | 7.1 | 7.0 | 6.4 | 6.3 | ||||
| Net debtor countries by debt-servicing experience | ||||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 3.4 | 4.7 | 1.1 | 3.3 | 2.6 | 1.6 | 5.2 | 6.9 | 7.2 | 6.5 | 6.8 | 6.1 | ||||
| Memorandum | ||||||||||||||||
| Median growth rate | ||||||||||||||||
| Advanced economies | 3.0 | 2.9 | 4.0 | 4.1 | 1.9 | 1.7 | 1.8 | 3.7 | 2.9 | 3.3 | 2.9 | 2.7 | ||||
| Other emerging market and developing countries | 3.3 | 4.6 | 3.4 | 4.2 | 3.6 | 3.7 | 4.4 | 5.4 | 5.5 | 5.5 | 5.5 | 5.0 | ||||
| Output per capita | ||||||||||||||||
| Advanced economies | 2.0 | 2.1 | 2.9 | 3.4 | 0.6 | 1.0 | 1.3 | 2.7 | 2.0 | 2.5 | 2.0 | 2.2 | ||||
| Other emerging market and developing countries | 2.2 | 5.1 | 2.6 | 4.6 | 2.9 | 3.7 | 5.4 | 6.4 | 6.2 | 6.6 | 6.2 | 5.8 | ||||
| World growth based on market exchange rates | 2.5 | 3.1 | 3.1 | 4.1 | 1.5 | 1.8 | 2.6 | 4.0 | 3.3 | 3.9 | 3.4 | 3.5 | ||||
| Value of world output in billions of U.S. dollars | ||||||||||||||||
| At market exchange rates | 26,238 | 40,433 | 30,908 | 31,759 | 31,542 | 32,813 | 36,853 | 41,432 | 44,688 | 48,144 | 51,511 | 54,678 | ||||
| At purchasing power parities | 32,232 | 56,697 | 42,039 | 45,010 | 47,227 | 49,474 | 52,510 | 56,782 | 61,259 | 66,229 | 70,807 | 75,632 | ||||
Real GDP.
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Advanced Economies: Real GDP and Total Domestic Demand
(Annual percent change)
From fourth quarter of preceding year.
Advanced Economies: Real GDP and Total Domestic Demand
(Annual percent change)
| Ten-Year Averages | Fourth Quarter1 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2006 | 2007 | 2008 | |||
| Real GDP | |||||||||||||||||
| Advanced economies | 2.7 | 2.6 | 3.5 | 4.0 | 1.2 | 1.6 | 1.9 | 3.3 | 2.5 | 3.1 | 2.5 | 2.7 | … | … | … | ||
| United States | 3.0 | 2.8 | 4.4 | 3.7 | 0.8 | 1.6 | 2.5 | 3.9 | 3.2 | 3.3 | 2.2 | 2.8 | 3.1 | 2.3 | 2.9 | ||
| Euro area | … | 2.1 | 3.0 | 3.9 | 1.9 | 0.9 | 0.8 | 2.0 | 1.4 | 2.6 | 2.3 | 2.3 | 3.3 | 1.9 | 2.5 | ||
| Germany | 2.5 | 1.5 | 1.9 | 3.1 | 1.2 | — | -0.2 | 1.2 | 0.9 | 2.7 | 1.8 | 1.9 | 3.7 | 1.0 | 1.9 | ||
| France | 1.8 | 2.1 | 3.0 | 4.0 | 1.8 | 1.1 | 1.1 | 2.0 | 1.2 | 2.0 | 2.0 | 2.4 | 2.2 | 2.1 | 2.6 | ||
| Italy | 1.6 | 1.4 | 1.9 | 3.6 | 1.8 | 0.3 | — | 1.2 | 0.1 | 1.9 | 1.8 | 1.7 | 2.8 | 1.0 | 2.4 | ||
| Spain | 2.8 | 3.7 | 4.7 | 5.0 | 3.6 | 2.7 | 3.0 | 3.2 | 3.5 | 3.9 | 3.6 | 3.4 | 4.0 | 3.5 | 3.4 | ||
| Netherlands | 3.0 | 2.3 | 4.7 | 3.9 | 1.9 | 0.1 | 0.3 | 2.0 | 1.5 | 2.9 | 2.9 | 2.7 | 2.9 | 2.6 | 2.5 | ||
| Belgium | 2.3 | 2.2 | 3.3 | 3.9 | 0.7 | 1.4 | 1.0 | 2.7 | 1.5 | 3.0 | 2.2 | 2.0 | 2.9 | 2.0 | 2.0 | ||
| Austria | 2.7 | 2.2 | 3.3 | 3.4 | 0.8 | 0.9 | 1.1 | 2.4 | 2.0 | 3.2 | 2.8 | 2.4 | 3.6 | 2.3 | 2.6 | ||
| Finland | 1.6 | 3.3 | 3.9 | 5.0 | 2.6 | 1.6 | 1.8 | 3.7 | 2.9 | 5.5 | 3.1 | 2.7 | 5.3 | 3.4 | 1.4 | ||
| Greece | 1.9 | 4.1 | 3.4 | 4.5 | 4.5 | 3.9 | 4.9 | 4.7 | 3.7 | 4.2 | 3.8 | 3.5 | 4.3 | 3.7 | 3.5 | ||
| Portugal | 3.6 | 1.7 | 3.9 | 3.9 | 2.0 | 0.8 | -0.7 | 1.3 | 0.5 | 1.3 | 1.8 | 2.1 | 1.7 | 1.9 | 2.2 | ||
| Ireland | 6.4 | 6.1 | 10.7 | 9.4 | 5.8 | 6.0 | 4.3 | 4.3 | 5.5 | 6.0 | 5.0 | 3.7 | 5.6 | 4.1 | 5.4 | ||
| Luxembourg | 4.9 | 4.6 | 8.4 | 8.4 | 2.5 | 3.8 | 1.3 | 3.6 | 4.0 | 5.8 | 4.6 | 4.1 | … | … | … | ||
| Slovenia | … | 4.0 | 5.4 | 4.1 | 2.7 | 3.5 | 2.7 | 4.4 | 4.0 | 5.2 | 4.5 | 4.0 | 5.5 | 4.1 | 3.5 | ||
| Japan | 2.0 | 1.6 | -0.1 | 2.9 | 0.2 | 0.3 | 1.4 | 2.7 | 1.9 | 2.2 | 2.3 | 1.9 | 2.5 | 1.9 | 1.9 | ||
| United Kingdom | 2.0 | 2.7 | 3.0 | 3.8 | 2.4 | 2.1 | 2.7 | 3.3 | 1.9 | 2.7 | 2.9 | 2.7 | 3.0 | 2.8 | 2.7 | ||
| Canada | 2.1 | 3.2 | 5.5 | 5.2 | 1.8 | 2.9 | 1.8 | 3.3 | 2.9 | 2.7 | 2.4 | 2.9 | 2.3 | 2.8 | 3.0 | ||
| Korea | 5.9 | 5.4 | 9.5 | 8.5 | 3.8 | 7.0 | 3.1 | 4.7 | 4.2 | 5.0 | 4.4 | 4.4 | 4.0 | 4.7 | 4.3 | ||
| Australia | 3.3 | 3.2 | 4.4 | 3.4 | 2.1 | 4.1 | 3.1 | 3.7 | 2.8 | 2.7 | 2.6 | 3.3 | 2.8 | 2.6 | 3.4 | ||
| Taiwan Province of China | 6.8 | 4.0 | 5.7 | 5.8 | -2.2 | 4.2 | 3.4 | 6.1 | 4.0 | 4.6 | 4.2 | 4.3 | 4.0 | 3.5 | 4.9 | ||
| Sweden | 1.4 | 3.1 | 4.5 | 4.3 | 1.1 | 2.0 | 1.7 | 4.1 | 2.9 | 4.4 | 3.3 | 2.5 | 4.2 | 4.0 | 1.8 | ||
| Switzerland | 1.4 | 1.7 | 1.3 | 3.6 | 1.0 | 0.3 | -0.2 | 2.3 | 1.9 | 2.7 | 2.0 | 1.8 | 2.2 | 2.0 | 1.6 | ||
| Hong Kong SAR | 3.8 | 5.3 | 4.0 | 10.0 | 0.6 | 1.8 | 3.2 | 8.6 | 7.5 | 6.8 | 5.5 | 5.0 | 6.9 | 4.6 | 5.3 | ||
| Denmark | 2.2 | 2.1 | 2.6 | 3.5 | 0.7 | 0.5 | 0.4 | 2.1 | 3.1 | 3.3 | 2.5 | 2.2 | 3.3 | 2.9 | 1.9 | ||
| Norway | 3.5 | 2.6 | 2.0 | 3.3 | 2.0 | 1.5 | 1.0 | 3.9 | 2.7 | 2.9 | 3.8 | 2.8 | 3.0 | 4.3 | 1.9 | ||
| Israel | 5.1 | 3.5 | 2.9 | 8.7 | -0.6 | -0.9 | 1.5 | 4.8 | 5.2 | 5.1 | 4.8 | 4.2 | 3.7 | 7.8 | 2.3 | ||
| Singapore | 7.8 | 5.6 | 7.2 | 10.1 | -2.4 | 4.2 | 3.1 | 8.8 | 6.6 | 7.9 | 5.5 | 5.7 | 6.6 | 6.0 | 4.7 | ||
| New Zealand | 2.1 | 3.2 | 4.3 | 3.6 | 2.6 | 4.6 | 3.2 | 4.4 | 2.1 | 1.5 | 2.5 | 2.6 | 2.0 | 2.9 | 2.6 | ||
| Cyprus | 4.7 | 3.7 | 4.8 | 5.0 | 4.0 | 2.0 | 1.8 | 4.2 | 3.9 | 3.8 | 3.9 | 4.0 | … | … | … | ||
| Iceland | 1.8 | 3.4 | 4.0 | 4.4 | 3.6 | -0.3 | 2.7 | 7.7 | 7.5 | 2.9 | — | 1.9 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major advanced economies | 2.5 | 2.3 | 3.1 | 3.6 | 1.0 | 1.2 | 1.8 | 3.1 | 2.3 | 2.8 | 2.2 | 2.5 | 2.9 | 2.1 | 2.6 | ||
| Newly industrialized Asian economies | 6.1 | 5.0 | 7.5 | 7.9 | 1.2 | 5.4 | 3.2 | 5.8 | 4.7 | 5.3 | 4.6 | 4.6 | 4.5 | 4.4 | 4.6 | ||
| Real total domestic demand | |||||||||||||||||
| Advanced economies | 2.7 | 2.7 | 4.1 | 4.0 | 1.1 | 1.7 | 2.1 | 3.3 | 2.6 | 2.8 | 2.3 | 2.6 | … | … | … | ||
| United States | 3.1 | 3.1 | 5.3 | 4.4 | 0.9 | 2.2 | 2.8 | 4.4 | 3.3 | 3.1 | 1.7 | 2.7 | 2.5 | 2.1 | 2.9 | ||
| Euro area | … | 2.0 | 3.6 | 3.4 | 1.2 | 0.4 | 1.5 | 1.9 | 1.6 | 2.3 | 2.2 | 2.3 | 2.3 | 2.3 | 2.5 | ||
| Germany | 2.3 | 0.8 | 2.7 | 2.2 | -0.5 | -2.0 | 0.6 | — | 0.5 | 1.6 | 1.3 | 1.8 | 0.6 | 2.7 | 1.5 | ||
| France | 1.5 | 2.5 | 3.5 | 4.5 | 1.7 | 1.2 | 1.9 | 2.8 | 2.1 | 2.3 | 2.3 | 2.7 | 2.1 | 2.4 | 2.7 | ||
| Italy | 1.4 | 1.6 | 3.2 | 2.8 | 1.6 | 1.3 | 0.9 | 1.1 | 0.3 | 1.6 | 1.7 | 1.7 | 2.9 | 1.2 | 1.9 | ||
| Spain | 2.7 | 4.5 | 6.5 | 6.0 | 3.7 | 3.2 | 3.8 | 4.8 | 5.0 | 4.6 | 4.0 | 3.7 | 4.7 | 4.0 | 3.7 | ||
| Japan | 2.0 | 1.3 | — | 2.4 | 1.0 | -0.4 | 0.8 | 1.9 | 1.7 | 1.4 | 2.1 | 1.9 | 2.0 | 1.9 | 1.9 | ||
| United Kingdom | 2.0 | 3.1 | 4.2 | 3.9 | 2.9 | 3.2 | 2.7 | 3.8 | 1.9 | 2.9 | 3.2 | 2.8 | 3.2 | 3.3 | 2.6 | ||
| Canada | 1.6 | 3.7 | 4.2 | 4.7 | 1.2 | 3.3 | 4.7 | 4.3 | 4.8 | 4.1 | 2.7 | 3.2 | 3.2 | 3.5 | 3.0 | ||
| Other advanced economies | 4.2 | 3.4 | 5.5 | 5.4 | 0.4 | 3.6 | 1.3 | 4.4 | 3.3 | 3.6 | 3.5 | 3.6 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major advanced economies | 2.4 | 2.5 | 3.8 | 3.7 | 1.1 | 1.3 | 2.2 | 3.2 | 2.4 | 2.6 | 1.9 | 2.4 | 2.3 | 2.2 | 2.5 | ||
| Newly industrialized Asian economies | 6.2 | 3.8 | 8.0 | 7.6 | — | 4.2 | — | 4.4 | 2.7 | 3.5 | 3.7 | 4.4 | 4.1 | 3.2 | 5.5 | ||
From fourth quarter of preceding year.
Advanced Economies: Real GDP and Total Domestic Demand
(Annual percent change)
| Ten-Year Averages | Fourth Quarter1 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2006 | 2007 | 2008 | |||
| Real GDP | |||||||||||||||||
| Advanced economies | 2.7 | 2.6 | 3.5 | 4.0 | 1.2 | 1.6 | 1.9 | 3.3 | 2.5 | 3.1 | 2.5 | 2.7 | … | … | … | ||
| United States | 3.0 | 2.8 | 4.4 | 3.7 | 0.8 | 1.6 | 2.5 | 3.9 | 3.2 | 3.3 | 2.2 | 2.8 | 3.1 | 2.3 | 2.9 | ||
| Euro area | … | 2.1 | 3.0 | 3.9 | 1.9 | 0.9 | 0.8 | 2.0 | 1.4 | 2.6 | 2.3 | 2.3 | 3.3 | 1.9 | 2.5 | ||
| Germany | 2.5 | 1.5 | 1.9 | 3.1 | 1.2 | — | -0.2 | 1.2 | 0.9 | 2.7 | 1.8 | 1.9 | 3.7 | 1.0 | 1.9 | ||
| France | 1.8 | 2.1 | 3.0 | 4.0 | 1.8 | 1.1 | 1.1 | 2.0 | 1.2 | 2.0 | 2.0 | 2.4 | 2.2 | 2.1 | 2.6 | ||
| Italy | 1.6 | 1.4 | 1.9 | 3.6 | 1.8 | 0.3 | — | 1.2 | 0.1 | 1.9 | 1.8 | 1.7 | 2.8 | 1.0 | 2.4 | ||
| Spain | 2.8 | 3.7 | 4.7 | 5.0 | 3.6 | 2.7 | 3.0 | 3.2 | 3.5 | 3.9 | 3.6 | 3.4 | 4.0 | 3.5 | 3.4 | ||
| Netherlands | 3.0 | 2.3 | 4.7 | 3.9 | 1.9 | 0.1 | 0.3 | 2.0 | 1.5 | 2.9 | 2.9 | 2.7 | 2.9 | 2.6 | 2.5 | ||
| Belgium | 2.3 | 2.2 | 3.3 | 3.9 | 0.7 | 1.4 | 1.0 | 2.7 | 1.5 | 3.0 | 2.2 | 2.0 | 2.9 | 2.0 | 2.0 | ||
| Austria | 2.7 | 2.2 | 3.3 | 3.4 | 0.8 | 0.9 | 1.1 | 2.4 | 2.0 | 3.2 | 2.8 | 2.4 | 3.6 | 2.3 | 2.6 | ||
| Finland | 1.6 | 3.3 | 3.9 | 5.0 | 2.6 | 1.6 | 1.8 | 3.7 | 2.9 | 5.5 | 3.1 | 2.7 | 5.3 | 3.4 | 1.4 | ||
| Greece | 1.9 | 4.1 | 3.4 | 4.5 | 4.5 | 3.9 | 4.9 | 4.7 | 3.7 | 4.2 | 3.8 | 3.5 | 4.3 | 3.7 | 3.5 | ||
| Portugal | 3.6 | 1.7 | 3.9 | 3.9 | 2.0 | 0.8 | -0.7 | 1.3 | 0.5 | 1.3 | 1.8 | 2.1 | 1.7 | 1.9 | 2.2 | ||
| Ireland | 6.4 | 6.1 | 10.7 | 9.4 | 5.8 | 6.0 | 4.3 | 4.3 | 5.5 | 6.0 | 5.0 | 3.7 | 5.6 | 4.1 | 5.4 | ||
| Luxembourg | 4.9 | 4.6 | 8.4 | 8.4 | 2.5 | 3.8 | 1.3 | 3.6 | 4.0 | 5.8 | 4.6 | 4.1 | … | … | … | ||
| Slovenia | … | 4.0 | 5.4 | 4.1 | 2.7 | 3.5 | 2.7 | 4.4 | 4.0 | 5.2 | 4.5 | 4.0 | 5.5 | 4.1 | 3.5 | ||
| Japan | 2.0 | 1.6 | -0.1 | 2.9 | 0.2 | 0.3 | 1.4 | 2.7 | 1.9 | 2.2 | 2.3 | 1.9 | 2.5 | 1.9 | 1.9 | ||
| United Kingdom | 2.0 | 2.7 | 3.0 | 3.8 | 2.4 | 2.1 | 2.7 | 3.3 | 1.9 | 2.7 | 2.9 | 2.7 | 3.0 | 2.8 | 2.7 | ||
| Canada | 2.1 | 3.2 | 5.5 | 5.2 | 1.8 | 2.9 | 1.8 | 3.3 | 2.9 | 2.7 | 2.4 | 2.9 | 2.3 | 2.8 | 3.0 | ||
| Korea | 5.9 | 5.4 | 9.5 | 8.5 | 3.8 | 7.0 | 3.1 | 4.7 | 4.2 | 5.0 | 4.4 | 4.4 | 4.0 | 4.7 | 4.3 | ||
| Australia | 3.3 | 3.2 | 4.4 | 3.4 | 2.1 | 4.1 | 3.1 | 3.7 | 2.8 | 2.7 | 2.6 | 3.3 | 2.8 | 2.6 | 3.4 | ||
| Taiwan Province of China | 6.8 | 4.0 | 5.7 | 5.8 | -2.2 | 4.2 | 3.4 | 6.1 | 4.0 | 4.6 | 4.2 | 4.3 | 4.0 | 3.5 | 4.9 | ||
| Sweden | 1.4 | 3.1 | 4.5 | 4.3 | 1.1 | 2.0 | 1.7 | 4.1 | 2.9 | 4.4 | 3.3 | 2.5 | 4.2 | 4.0 | 1.8 | ||
| Switzerland | 1.4 | 1.7 | 1.3 | 3.6 | 1.0 | 0.3 | -0.2 | 2.3 | 1.9 | 2.7 | 2.0 | 1.8 | 2.2 | 2.0 | 1.6 | ||
| Hong Kong SAR | 3.8 | 5.3 | 4.0 | 10.0 | 0.6 | 1.8 | 3.2 | 8.6 | 7.5 | 6.8 | 5.5 | 5.0 | 6.9 | 4.6 | 5.3 | ||
| Denmark | 2.2 | 2.1 | 2.6 | 3.5 | 0.7 | 0.5 | 0.4 | 2.1 | 3.1 | 3.3 | 2.5 | 2.2 | 3.3 | 2.9 | 1.9 | ||
| Norway | 3.5 | 2.6 | 2.0 | 3.3 | 2.0 | 1.5 | 1.0 | 3.9 | 2.7 | 2.9 | 3.8 | 2.8 | 3.0 | 4.3 | 1.9 | ||
| Israel | 5.1 | 3.5 | 2.9 | 8.7 | -0.6 | -0.9 | 1.5 | 4.8 | 5.2 | 5.1 | 4.8 | 4.2 | 3.7 | 7.8 | 2.3 | ||
| Singapore | 7.8 | 5.6 | 7.2 | 10.1 | -2.4 | 4.2 | 3.1 | 8.8 | 6.6 | 7.9 | 5.5 | 5.7 | 6.6 | 6.0 | 4.7 | ||
| New Zealand | 2.1 | 3.2 | 4.3 | 3.6 | 2.6 | 4.6 | 3.2 | 4.4 | 2.1 | 1.5 | 2.5 | 2.6 | 2.0 | 2.9 | 2.6 | ||
| Cyprus | 4.7 | 3.7 | 4.8 | 5.0 | 4.0 | 2.0 | 1.8 | 4.2 | 3.9 | 3.8 | 3.9 | 4.0 | … | … | … | ||
| Iceland | 1.8 | 3.4 | 4.0 | 4.4 | 3.6 | -0.3 | 2.7 | 7.7 | 7.5 | 2.9 | — | 1.9 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major advanced economies | 2.5 | 2.3 | 3.1 | 3.6 | 1.0 | 1.2 | 1.8 | 3.1 | 2.3 | 2.8 | 2.2 | 2.5 | 2.9 | 2.1 | 2.6 | ||
| Newly industrialized Asian economies | 6.1 | 5.0 | 7.5 | 7.9 | 1.2 | 5.4 | 3.2 | 5.8 | 4.7 | 5.3 | 4.6 | 4.6 | 4.5 | 4.4 | 4.6 | ||
| Real total domestic demand | |||||||||||||||||
| Advanced economies | 2.7 | 2.7 | 4.1 | 4.0 | 1.1 | 1.7 | 2.1 | 3.3 | 2.6 | 2.8 | 2.3 | 2.6 | … | … | … | ||
| United States | 3.1 | 3.1 | 5.3 | 4.4 | 0.9 | 2.2 | 2.8 | 4.4 | 3.3 | 3.1 | 1.7 | 2.7 | 2.5 | 2.1 | 2.9 | ||
| Euro area | … | 2.0 | 3.6 | 3.4 | 1.2 | 0.4 | 1.5 | 1.9 | 1.6 | 2.3 | 2.2 | 2.3 | 2.3 | 2.3 | 2.5 | ||
| Germany | 2.3 | 0.8 | 2.7 | 2.2 | -0.5 | -2.0 | 0.6 | — | 0.5 | 1.6 | 1.3 | 1.8 | 0.6 | 2.7 | 1.5 | ||
| France | 1.5 | 2.5 | 3.5 | 4.5 | 1.7 | 1.2 | 1.9 | 2.8 | 2.1 | 2.3 | 2.3 | 2.7 | 2.1 | 2.4 | 2.7 | ||
| Italy | 1.4 | 1.6 | 3.2 | 2.8 | 1.6 | 1.3 | 0.9 | 1.1 | 0.3 | 1.6 | 1.7 | 1.7 | 2.9 | 1.2 | 1.9 | ||
| Spain | 2.7 | 4.5 | 6.5 | 6.0 | 3.7 | 3.2 | 3.8 | 4.8 | 5.0 | 4.6 | 4.0 | 3.7 | 4.7 | 4.0 | 3.7 | ||
| Japan | 2.0 | 1.3 | — | 2.4 | 1.0 | -0.4 | 0.8 | 1.9 | 1.7 | 1.4 | 2.1 | 1.9 | 2.0 | 1.9 | 1.9 | ||
| United Kingdom | 2.0 | 3.1 | 4.2 | 3.9 | 2.9 | 3.2 | 2.7 | 3.8 | 1.9 | 2.9 | 3.2 | 2.8 | 3.2 | 3.3 | 2.6 | ||
| Canada | 1.6 | 3.7 | 4.2 | 4.7 | 1.2 | 3.3 | 4.7 | 4.3 | 4.8 | 4.1 | 2.7 | 3.2 | 3.2 | 3.5 | 3.0 | ||
| Other advanced economies | 4.2 | 3.4 | 5.5 | 5.4 | 0.4 | 3.6 | 1.3 | 4.4 | 3.3 | 3.6 | 3.5 | 3.6 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major advanced economies | 2.4 | 2.5 | 3.8 | 3.7 | 1.1 | 1.3 | 2.2 | 3.2 | 2.4 | 2.6 | 1.9 | 2.4 | 2.3 | 2.2 | 2.5 | ||
| Newly industrialized Asian economies | 6.2 | 3.8 | 8.0 | 7.6 | — | 4.2 | — | 4.4 | 2.7 | 3.5 | 3.7 | 4.4 | 4.1 | 3.2 | 5.5 | ||
From fourth quarter of preceding year.
Advanced Economies: Components of Real GDP
(Annual percent change)
Changes expressed as percent of GDP in the preceding period.
Advanced Economies: Components of Real GDP
(Annual percent change)
| Ten-Year Averages | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Private consumer expenditure | ||||||||||||||
| Advanced economies | 2.7 | 2.7 | 4.1 | 3.8 | 2.3 | 2.2 | 1.8 | 2.8 | 2.6 | 2.5 | 2.5 | 2.5 | ||
| United States | 3.0 | 3.4 | 5.1 | 4.7 | 2.5 | 2.7 | 2.8 | 3.9 | 3.5 | 3.2 | 2.9 | 2.7 | ||
| Euro area | … | 1.9 | 3.4 | 3.1 | 2.0 | 0.8 | 1.2 | 1.5 | 1.5 | 1.9 | 1.7 | 2.0 | ||
| Germany | 2.5 | 0.9 | 3.0 | 2.4 | 1.9 | -0.8 | -0.1 | 0.1 | 0.1 | 0.8 | 0.4 | 1.3 | ||
| France | 1.4 | 2.6 | 3.3 | 3.5 | 2.5 | 2.4 | 2.2 | 2.5 | 2.1 | 2.6 | 2.2 | 2.6 | ||
| Italy | 1.8 | 1.2 | 2.5 | 2.4 | 0.7 | 0.2 | 1.0 | 0.7 | 0.6 | 1.5 | 1.5 | 1.5 | ||
| Spain | 2.4 | 3.8 | 5.3 | 5.1 | 3.5 | 2.8 | 2.8 | 4.2 | 4.2 | 3.7 | 3.3 | 3.2 | ||
| Japan | 2.3 | 1.2 | 1.0 | 0.7 | 1.6 | 1.1 | 0.4 | 1.6 | 1.6 | 0.9 | 1.6 | 1.9 | ||
| United Kingdom | 2.2 | 3.1 | 4.5 | 4.6 | 3.0 | 3.5 | 2.9 | 3.4 | 1.4 | 2.1 | 2.8 | 2.6 | ||
| Canada | 2.1 | 3.4 | 3.8 | 4.0 | 2.3 | 3.6 | 3.0 | 3.3 | 3.9 | 4.1 | 3.3 | 2.8 | ||
| Other advanced economies | 4.2 | 3.5 | 5.9 | 5.6 | 2.6 | 3.7 | 1.0 | 3.3 | 3.2 | 3.3 | 3.3 | 3.4 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 2.6 | 2.6 | 3.8 | 3.5 | 2.2 | 2.0 | 2.0 | 2.8 | 2.4 | 2.4 | 2.3 | 2.4 | ||
| Newly industrialized Asian economies | 6.1 | 3.9 | 8.2 | 7.3 | 3.2 | 5.0 | -0.4 | 2.2 | 3.3 | 3.4 | 3.3 | 3.9 | ||
| Public consumption | ||||||||||||||
| Advanced economies | 1.8 | 2.3 | 2.8 | 2.5 | 2.8 | 3.3 | 2.4 | 2.0 | 1.5 | 1.9 | 1.9 | 1.9 | ||
| United States | 1.0 | 2.3 | 3.1 | 1.7 | 3.1 | 4.3 | 2.5 | 2.1 | 0.9 | 1.6 | 2.2 | 1.9 | ||
| Euro area | … | 1.8 | 1.9 | 2.3 | 2.0 | 2.4 | 1.8 | 1.4 | 1.4 | 2.1 | 1.4 | 1.6 | ||
| Germany | 1.8 | 0.8 | 1.2 | 1.4 | 0.5 | 1.5 | 0.4 | -1.3 | 0.6 | 1.8 | 0.5 | 1.1 | ||
| France | 1.7 | 1.7 | 1.4 | 2.0 | 1.1 | 1.9 | 2.0 | 2.2 | 1.1 | 1.9 | 2.0 | 2.1 | ||
| Italy | — | 1.5 | 1.3 | 2.3 | 3.6 | 2.1 | 2.0 | 1.6 | 1.5 | -0.3 | 0.3 | 0.3 | ||
| Spain | 3.7 | 4.6 | 4.0 | 5.3 | 3.9 | 4.5 | 4.8 | 6.3 | 4.8 | 4.4 | 4.0 | 3.8 | ||
| Japan | 2.8 | 2.2 | 4.2 | 4.3 | 3.0 | 2.4 | 2.3 | 1.9 | 1.7 | 0.3 | 1.2 | 1.0 | ||
| United Kingdom | 1.0 | 2.9 | 3.7 | 3.1 | 2.4 | 3.5 | 3.5 | 3.2 | 3.1 | 1.9 | 2.3 | 2.5 | ||
| Canada | 0.9 | 2.8 | 2.1 | 3.1 | 3.9 | 2.5 | 3.5 | 3.0 | 2.7 | 3.4 | 1.5 | 2.5 | ||
| Other advanced economies | 4.0 | 2.5 | 1.9 | 2.1 | 3.1 | 3.6 | 2.2 | 1.7 | 2.4 | 3.1 | 2.5 | 2.4 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 1.4 | 2.1 | 2.8 | 2.3 | 2.7 | 3.2 | 2.3 | 1.9 | 1.3 | 1.4 | 1.7 | 1.7 | ||
| Newly industrialized Asian economies | 5.9 | 2.8 | 0.8 | 2.4 | 3.5 | 4.4 | 2.5 | 1.8 | 2.9 | 3.7 | 3.2 | 2.7 | ||
| Gross fixed capital formation | ||||||||||||||
| Advanced economies | 3.4 | 2.8 | 5.6 | 5.1 | -0.8 | -1.6 | 2.0 | 4.5 | 4.4 | 4.1 | 2.0 | 3.3 | ||
| United States | 4.6 | 2.8 | 8.2 | 6.1 | -1.7 | -3.5 | 3.2 | 6.1 | 6.4 | 3.1 | -2.1 | 3.0 | ||
| Euro area | … | 2.8 | 6.3 | 5.0 | 0.5 | -1.5 | 1.1 | 2.2 | 2.5 | 4.5 | 4.1 | 3.6 | ||
| Germany | 2.9 | 1.1 | 4.7 | 3.0 | -3.7 | -6.1 | -0.8 | -0.4 | 0.8 | 5.6 | 4.7 | 4.1 | ||
| France | 1.3 | 3.4 | 7.9 | 7.5 | 2.3 | -1.7 | 2.3 | 2.6 | 3.7 | 3.5 | 3.0 | 3.2 | ||
| Italy | 1.1 | 2.3 | 3.6 | 6.4 | 2.5 | 4.0 | -1.7 | 1.6 | -0.5 | 2.3 | 2.4 | 2.2 | ||
| Spain | 3.4 | 6.0 | 10.4 | 6.6 | 4.8 | 3.4 | 5.9 | 5.0 | 7.0 | 6.3 | 5.6 | 4.8 | ||
| Japan | 0.9 | 0.8 | -0.8 | 1.2 | -0.9 | -4.9 | -0.5 | 1.4 | 2.4 | 3.5 | 4.1 | 2.7 | ||
| United Kingdom | 2.6 | 3.8 | 2.8 | 2.7 | 2.5 | 3.7 | 0.4 | 6.0 | 3.4 | 6.0 | 7.0 | 3.6 | ||
| Canada | 1.7 | 5.3 | 7.3 | 4.7 | 4.0 | 1.6 | 6.5 | 8.0 | 7.1 | 6.7 | 3.6 | 3.7 | ||
| Other advanced economies | 5.6 | 3.6 | 2.9 | 7.1 | -4.6 | 3.6 | 2.4 | 7.1 | 4.5 | 4.9 | 4.7 | 4.1 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 3.1 | 2.5 | 5.6 | 4.8 | -0.6 | -2.5 | 1.7 | 4.3 | 4.4 | 3.8 | 1.2 | 3.1 | ||
| Newly industrialized Asian economies | 8.2 | 3.4 | 2.9 | 10.9 | -6.2 | 2.1 | 1.7 | 7.5 | 2.1 | 3.4 | 5.3 | 5.5 | ||
| Final domestic demand | ||||||||||||||
| Advanced economies | 2.5 | 2.6 | 4.1 | 3.7 | 1.8 | 1.5 | 2.1 | 3.0 | 2.7 | 2.7 | 2.2 | 2.5 | ||
| United States | 3.0 | 3.1 | 5.4 | 4.5 | 1.8 | 1.8 | 2.8 | 4.0 | 3.6 | 2.9 | 1.9 | 2.7 | ||
| Euro area | … | 2.1 | 3.7 | 3.3 | 1.7 | 0.6 | 1.3 | 1.6 | 1.6 | 2.6 | 2.3 | 2.3 | ||
| Germany | 2.4 | 0.9 | 3.0 | 2.3 | 0.4 | -1.5 | -0.1 | -0.3 | 0.3 | 1.9 | 1.3 | 1.8 | ||
| France | 1.5 | 2.5 | 3.7 | 3.9 | 2.1 | 1.5 | 2.2 | 2.4 | 2.2 | 2.6 | 2.3 | 2.6 | ||
| Italy | 1.3 | 1.5 | 2.5 | 3.1 | 1.6 | 1.3 | 0.6 | 1.1 | 0.5 | 1.3 | 1.4 | 1.4 | ||
| Spain | 3.2 | 4.7 | 6.4 | 6.8 | 4.1 | 3.0 | 3.8 | 4.7 | 4.3 | 4.9 | 4.5 | 4.2 | ||
| Japan | 2.0 | 1.3 | 1.1 | 1.4 | 1.2 | -0.2 | 0.5 | 1.6 | 1.8 | 1.5 | 2.1 | 1.9 | ||
| United Kingdom | 2.0 | 3.2 | 4.1 | 4.0 | 2.8 | 3.5 | 2.6 | 3.7 | 2.0 | 2.7 | 3.4 | 2.8 | ||
| Canada | 1.8 | 3.7 | 4.2 | 4.0 | 2.9 | 3.0 | 3.8 | 4.2 | 4.3 | 4.5 | 3.0 | 3.0 | ||
| Other advanced economies | 4.4 | 3.3 | 4.3 | 5.4 | 0.9 | 3.6 | 1.5 | 3.8 | 3.3 | 3.6 | 3.5 | 3.4 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 2.4 | 2.5 | 4.0 | 3.6 | 1.7 | 1.3 | 2.0 | 2.9 | 2.6 | 2.5 | 2.0 | 2.4 | ||
| Newly industrialized Asian economies | 6.6 | 3.6 | 5.5 | 7.6 | 0.7 | 4.1 | 0.7 | 3.3 | 2.9 | 3.5 | 3.9 | 4.2 | ||
| Stock building 1 | ||||||||||||||
| Advanced economies | — | — | -0.2 | 0.1 | -0.6 | — | 0.1 | 0.2 | -0.1 | 0.1 | -0.1 | — | ||
| United States | 0.1 | — | — | -0.1 | -0.9 | 0.4 | — | 0.4 | -0.3 | 0.2 | -0.2 | — | ||
| Euro area | … | -0.1 | -0.1 | — | -0.4 | -0.3 | 0.2 | 0.2 | 0.1 | -0.3 | -0.1 | — | ||
| Germany | — | -0.1 | -0.2 | -0.1 | -0.9 | -0.6 | 0.8 | 0.3 | 0.2 | -0.2 | -0.1 | — | ||
| France | — | -0.1 | -0.2 | 0.6 | -0.4 | -0.3 | -0.2 | 0.3 | — | -0.3 | — | — | ||
| Italy | — | 0.1 | 0.1 | -0.2 | 0.1 | — | 0.1 | -0.1 | -0.2 | 1.2 | 0.2 | 0.3 | ||
| Spain | -0.1 | — | 0.2 | -0.1 | -0.1 | — | -0.1 | — | — | 0.1 | — | — | ||
| Japan | — | — | -1.0 | 1.0 | -0.2 | -0.3 | 0.2 | 0.3 | -0.1 | 0.1 | — | — | ||
| United Kingdom | — | — | 0.2 | -0.1 | 0.1 | -0.3 | 0.2 | 0.1 | -0.1 | 0.2 | -0.2 | — | ||
| Canada | — | — | 0.1 | 0.8 | -1.7 | 0.3 | 0.8 | 0.1 | 0.3 | -0.2 | -0.2 | 0.2 | ||
| Other advanced economies | -0.1 | 0.1 | 0.9 | — | -0.4 | — | -0.2 | 0.4 | — | -0.1 | — | 0.1 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | — | — | -0.2 | 0.2 | -0.6 | 0.1 | 0.2 | 0.3 | -0.2 | 0.2 | -0.1 | — | ||
| Newly industrialized Asian economies | -0.3 | 0.2 | 2.1 | -0.1 | -0.7 | 0.1 | -0.6 | 0.9 | -0.2 | 0.1 | -0.1 | 0.2 | ||
| Foreign balance 1 | ||||||||||||||
| Advanced economies | 0.1 | -0.2 | -0.6 | -0.1 | — | -0.2 | -0.4 | -0.3 | -0.3 | 0.1 | 0.2 | — | ||
| United States | -0.1 | -0.4 | -1.0 | -0.9 | -0.2 | -0.7 | -0.4 | -0.7 | -0.3 | — | 0.4 | — | ||
| Euro area | … | 0.1 | -0.5 | 0.5 | 0.7 | 0.5 | -0.7 | 0.2 | -0.2 | 0.4 | 0.1 | — | ||
| Germany | 0.2 | 0.7 | -0.8 | 1.0 | 1.7 | 2.0 | -0.9 | 1.2 | 0.4 | 1.1 | 0.6 | 0.2 | ||
| France | 0.3 | -0.4 | -0.4 | -0.4 | 0.2 | -0.1 | -0.8 | -0.7 | -0.9 | -0.4 | -0.3 | -0.3 | ||
| Italy | 0.2 | -0.2 | -1.2 | 0.8 | 0.2 | -1.0 | -0.8 | 0.1 | -0.3 | 0.2 | 0.2 | 0.1 | ||
| Spain | -0.2 | -0.9 | -1.7 | -0.4 | -0.2 | -0.6 | -0.8 | -1.7 | -1.7 | -1.0 | -0.8 | -0.6 | ||
| Japan | 0.1 | 0.3 | -0.1 | 0.5 | -0.8 | 0.7 | 0.7 | 0.8 | 0.3 | 0.8 | 0.2 | — | ||
| United Kingdom | 0.1 | -0.4 | -1.0 | -0.1 | -0.5 | -1.1 | -0.1 | -0.6 | — | -0.4 | -0.3 | -0.2 | ||
| Canada | 0.3 | -0.4 | 1.4 | 0.6 | 0.7 | -0.1 | -2.6 | -0.8 | -1.6 | -1.3 | -0.3 | -0.2 | ||
| Other advanced economies | 0.1 | 0.8 | 0.4 | 0.8 | 0.8 | 0.3 | 1.3 | 0.9 | 0.9 | 1.1 | 0.5 | 0.6 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | — | -0.2 | -0.7 | -0.2 | — | -0.2 | -0.4 | -0.2 | -0.2 | 0.1 | 0.2 | — | ||
| Newly industrialized Asian economies | -0.2 | 1.5 | 0.3 | 0.5 | 1.1 | 1.2 | 3.1 | 2.2 | 2.3 | 2.3 | 1.2 | 0.8 | ||
Changes expressed as percent of GDP in the preceding period.
Advanced Economies: Components of Real GDP
(Annual percent change)
| Ten-Year Averages | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Private consumer expenditure | ||||||||||||||
| Advanced economies | 2.7 | 2.7 | 4.1 | 3.8 | 2.3 | 2.2 | 1.8 | 2.8 | 2.6 | 2.5 | 2.5 | 2.5 | ||
| United States | 3.0 | 3.4 | 5.1 | 4.7 | 2.5 | 2.7 | 2.8 | 3.9 | 3.5 | 3.2 | 2.9 | 2.7 | ||
| Euro area | … | 1.9 | 3.4 | 3.1 | 2.0 | 0.8 | 1.2 | 1.5 | 1.5 | 1.9 | 1.7 | 2.0 | ||
| Germany | 2.5 | 0.9 | 3.0 | 2.4 | 1.9 | -0.8 | -0.1 | 0.1 | 0.1 | 0.8 | 0.4 | 1.3 | ||
| France | 1.4 | 2.6 | 3.3 | 3.5 | 2.5 | 2.4 | 2.2 | 2.5 | 2.1 | 2.6 | 2.2 | 2.6 | ||
| Italy | 1.8 | 1.2 | 2.5 | 2.4 | 0.7 | 0.2 | 1.0 | 0.7 | 0.6 | 1.5 | 1.5 | 1.5 | ||
| Spain | 2.4 | 3.8 | 5.3 | 5.1 | 3.5 | 2.8 | 2.8 | 4.2 | 4.2 | 3.7 | 3.3 | 3.2 | ||
| Japan | 2.3 | 1.2 | 1.0 | 0.7 | 1.6 | 1.1 | 0.4 | 1.6 | 1.6 | 0.9 | 1.6 | 1.9 | ||
| United Kingdom | 2.2 | 3.1 | 4.5 | 4.6 | 3.0 | 3.5 | 2.9 | 3.4 | 1.4 | 2.1 | 2.8 | 2.6 | ||
| Canada | 2.1 | 3.4 | 3.8 | 4.0 | 2.3 | 3.6 | 3.0 | 3.3 | 3.9 | 4.1 | 3.3 | 2.8 | ||
| Other advanced economies | 4.2 | 3.5 | 5.9 | 5.6 | 2.6 | 3.7 | 1.0 | 3.3 | 3.2 | 3.3 | 3.3 | 3.4 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 2.6 | 2.6 | 3.8 | 3.5 | 2.2 | 2.0 | 2.0 | 2.8 | 2.4 | 2.4 | 2.3 | 2.4 | ||
| Newly industrialized Asian economies | 6.1 | 3.9 | 8.2 | 7.3 | 3.2 | 5.0 | -0.4 | 2.2 | 3.3 | 3.4 | 3.3 | 3.9 | ||
| Public consumption | ||||||||||||||
| Advanced economies | 1.8 | 2.3 | 2.8 | 2.5 | 2.8 | 3.3 | 2.4 | 2.0 | 1.5 | 1.9 | 1.9 | 1.9 | ||
| United States | 1.0 | 2.3 | 3.1 | 1.7 | 3.1 | 4.3 | 2.5 | 2.1 | 0.9 | 1.6 | 2.2 | 1.9 | ||
| Euro area | … | 1.8 | 1.9 | 2.3 | 2.0 | 2.4 | 1.8 | 1.4 | 1.4 | 2.1 | 1.4 | 1.6 | ||
| Germany | 1.8 | 0.8 | 1.2 | 1.4 | 0.5 | 1.5 | 0.4 | -1.3 | 0.6 | 1.8 | 0.5 | 1.1 | ||
| France | 1.7 | 1.7 | 1.4 | 2.0 | 1.1 | 1.9 | 2.0 | 2.2 | 1.1 | 1.9 | 2.0 | 2.1 | ||
| Italy | — | 1.5 | 1.3 | 2.3 | 3.6 | 2.1 | 2.0 | 1.6 | 1.5 | -0.3 | 0.3 | 0.3 | ||
| Spain | 3.7 | 4.6 | 4.0 | 5.3 | 3.9 | 4.5 | 4.8 | 6.3 | 4.8 | 4.4 | 4.0 | 3.8 | ||
| Japan | 2.8 | 2.2 | 4.2 | 4.3 | 3.0 | 2.4 | 2.3 | 1.9 | 1.7 | 0.3 | 1.2 | 1.0 | ||
| United Kingdom | 1.0 | 2.9 | 3.7 | 3.1 | 2.4 | 3.5 | 3.5 | 3.2 | 3.1 | 1.9 | 2.3 | 2.5 | ||
| Canada | 0.9 | 2.8 | 2.1 | 3.1 | 3.9 | 2.5 | 3.5 | 3.0 | 2.7 | 3.4 | 1.5 | 2.5 | ||
| Other advanced economies | 4.0 | 2.5 | 1.9 | 2.1 | 3.1 | 3.6 | 2.2 | 1.7 | 2.4 | 3.1 | 2.5 | 2.4 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 1.4 | 2.1 | 2.8 | 2.3 | 2.7 | 3.2 | 2.3 | 1.9 | 1.3 | 1.4 | 1.7 | 1.7 | ||
| Newly industrialized Asian economies | 5.9 | 2.8 | 0.8 | 2.4 | 3.5 | 4.4 | 2.5 | 1.8 | 2.9 | 3.7 | 3.2 | 2.7 | ||
| Gross fixed capital formation | ||||||||||||||
| Advanced economies | 3.4 | 2.8 | 5.6 | 5.1 | -0.8 | -1.6 | 2.0 | 4.5 | 4.4 | 4.1 | 2.0 | 3.3 | ||
| United States | 4.6 | 2.8 | 8.2 | 6.1 | -1.7 | -3.5 | 3.2 | 6.1 | 6.4 | 3.1 | -2.1 | 3.0 | ||
| Euro area | … | 2.8 | 6.3 | 5.0 | 0.5 | -1.5 | 1.1 | 2.2 | 2.5 | 4.5 | 4.1 | 3.6 | ||
| Germany | 2.9 | 1.1 | 4.7 | 3.0 | -3.7 | -6.1 | -0.8 | -0.4 | 0.8 | 5.6 | 4.7 | 4.1 | ||
| France | 1.3 | 3.4 | 7.9 | 7.5 | 2.3 | -1.7 | 2.3 | 2.6 | 3.7 | 3.5 | 3.0 | 3.2 | ||
| Italy | 1.1 | 2.3 | 3.6 | 6.4 | 2.5 | 4.0 | -1.7 | 1.6 | -0.5 | 2.3 | 2.4 | 2.2 | ||
| Spain | 3.4 | 6.0 | 10.4 | 6.6 | 4.8 | 3.4 | 5.9 | 5.0 | 7.0 | 6.3 | 5.6 | 4.8 | ||
| Japan | 0.9 | 0.8 | -0.8 | 1.2 | -0.9 | -4.9 | -0.5 | 1.4 | 2.4 | 3.5 | 4.1 | 2.7 | ||
| United Kingdom | 2.6 | 3.8 | 2.8 | 2.7 | 2.5 | 3.7 | 0.4 | 6.0 | 3.4 | 6.0 | 7.0 | 3.6 | ||
| Canada | 1.7 | 5.3 | 7.3 | 4.7 | 4.0 | 1.6 | 6.5 | 8.0 | 7.1 | 6.7 | 3.6 | 3.7 | ||
| Other advanced economies | 5.6 | 3.6 | 2.9 | 7.1 | -4.6 | 3.6 | 2.4 | 7.1 | 4.5 | 4.9 | 4.7 | 4.1 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 3.1 | 2.5 | 5.6 | 4.8 | -0.6 | -2.5 | 1.7 | 4.3 | 4.4 | 3.8 | 1.2 | 3.1 | ||
| Newly industrialized Asian economies | 8.2 | 3.4 | 2.9 | 10.9 | -6.2 | 2.1 | 1.7 | 7.5 | 2.1 | 3.4 | 5.3 | 5.5 | ||
| Final domestic demand | ||||||||||||||
| Advanced economies | 2.5 | 2.6 | 4.1 | 3.7 | 1.8 | 1.5 | 2.1 | 3.0 | 2.7 | 2.7 | 2.2 | 2.5 | ||
| United States | 3.0 | 3.1 | 5.4 | 4.5 | 1.8 | 1.8 | 2.8 | 4.0 | 3.6 | 2.9 | 1.9 | 2.7 | ||
| Euro area | … | 2.1 | 3.7 | 3.3 | 1.7 | 0.6 | 1.3 | 1.6 | 1.6 | 2.6 | 2.3 | 2.3 | ||
| Germany | 2.4 | 0.9 | 3.0 | 2.3 | 0.4 | -1.5 | -0.1 | -0.3 | 0.3 | 1.9 | 1.3 | 1.8 | ||
| France | 1.5 | 2.5 | 3.7 | 3.9 | 2.1 | 1.5 | 2.2 | 2.4 | 2.2 | 2.6 | 2.3 | 2.6 | ||
| Italy | 1.3 | 1.5 | 2.5 | 3.1 | 1.6 | 1.3 | 0.6 | 1.1 | 0.5 | 1.3 | 1.4 | 1.4 | ||
| Spain | 3.2 | 4.7 | 6.4 | 6.8 | 4.1 | 3.0 | 3.8 | 4.7 | 4.3 | 4.9 | 4.5 | 4.2 | ||
| Japan | 2.0 | 1.3 | 1.1 | 1.4 | 1.2 | -0.2 | 0.5 | 1.6 | 1.8 | 1.5 | 2.1 | 1.9 | ||
| United Kingdom | 2.0 | 3.2 | 4.1 | 4.0 | 2.8 | 3.5 | 2.6 | 3.7 | 2.0 | 2.7 | 3.4 | 2.8 | ||
| Canada | 1.8 | 3.7 | 4.2 | 4.0 | 2.9 | 3.0 | 3.8 | 4.2 | 4.3 | 4.5 | 3.0 | 3.0 | ||
| Other advanced economies | 4.4 | 3.3 | 4.3 | 5.4 | 0.9 | 3.6 | 1.5 | 3.8 | 3.3 | 3.6 | 3.5 | 3.4 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 2.4 | 2.5 | 4.0 | 3.6 | 1.7 | 1.3 | 2.0 | 2.9 | 2.6 | 2.5 | 2.0 | 2.4 | ||
| Newly industrialized Asian economies | 6.6 | 3.6 | 5.5 | 7.6 | 0.7 | 4.1 | 0.7 | 3.3 | 2.9 | 3.5 | 3.9 | 4.2 | ||
| Stock building 1 | ||||||||||||||
| Advanced economies | — | — | -0.2 | 0.1 | -0.6 | — | 0.1 | 0.2 | -0.1 | 0.1 | -0.1 | — | ||
| United States | 0.1 | — | — | -0.1 | -0.9 | 0.4 | — | 0.4 | -0.3 | 0.2 | -0.2 | — | ||
| Euro area | … | -0.1 | -0.1 | — | -0.4 | -0.3 | 0.2 | 0.2 | 0.1 | -0.3 | -0.1 | — | ||
| Germany | — | -0.1 | -0.2 | -0.1 | -0.9 | -0.6 | 0.8 | 0.3 | 0.2 | -0.2 | -0.1 | — | ||
| France | — | -0.1 | -0.2 | 0.6 | -0.4 | -0.3 | -0.2 | 0.3 | — | -0.3 | — | — | ||
| Italy | — | 0.1 | 0.1 | -0.2 | 0.1 | — | 0.1 | -0.1 | -0.2 | 1.2 | 0.2 | 0.3 | ||
| Spain | -0.1 | — | 0.2 | -0.1 | -0.1 | — | -0.1 | — | — | 0.1 | — | — | ||
| Japan | — | — | -1.0 | 1.0 | -0.2 | -0.3 | 0.2 | 0.3 | -0.1 | 0.1 | — | — | ||
| United Kingdom | — | — | 0.2 | -0.1 | 0.1 | -0.3 | 0.2 | 0.1 | -0.1 | 0.2 | -0.2 | — | ||
| Canada | — | — | 0.1 | 0.8 | -1.7 | 0.3 | 0.8 | 0.1 | 0.3 | -0.2 | -0.2 | 0.2 | ||
| Other advanced economies | -0.1 | 0.1 | 0.9 | — | -0.4 | — | -0.2 | 0.4 | — | -0.1 | — | 0.1 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | — | — | -0.2 | 0.2 | -0.6 | 0.1 | 0.2 | 0.3 | -0.2 | 0.2 | -0.1 | — | ||
| Newly industrialized Asian economies | -0.3 | 0.2 | 2.1 | -0.1 | -0.7 | 0.1 | -0.6 | 0.9 | -0.2 | 0.1 | -0.1 | 0.2 | ||
| Foreign balance 1 | ||||||||||||||
| Advanced economies | 0.1 | -0.2 | -0.6 | -0.1 | — | -0.2 | -0.4 | -0.3 | -0.3 | 0.1 | 0.2 | — | ||
| United States | -0.1 | -0.4 | -1.0 | -0.9 | -0.2 | -0.7 | -0.4 | -0.7 | -0.3 | — | 0.4 | — | ||
| Euro area | … | 0.1 | -0.5 | 0.5 | 0.7 | 0.5 | -0.7 | 0.2 | -0.2 | 0.4 | 0.1 | — | ||
| Germany | 0.2 | 0.7 | -0.8 | 1.0 | 1.7 | 2.0 | -0.9 | 1.2 | 0.4 | 1.1 | 0.6 | 0.2 | ||
| France | 0.3 | -0.4 | -0.4 | -0.4 | 0.2 | -0.1 | -0.8 | -0.7 | -0.9 | -0.4 | -0.3 | -0.3 | ||
| Italy | 0.2 | -0.2 | -1.2 | 0.8 | 0.2 | -1.0 | -0.8 | 0.1 | -0.3 | 0.2 | 0.2 | 0.1 | ||
| Spain | -0.2 | -0.9 | -1.7 | -0.4 | -0.2 | -0.6 | -0.8 | -1.7 | -1.7 | -1.0 | -0.8 | -0.6 | ||
| Japan | 0.1 | 0.3 | -0.1 | 0.5 | -0.8 | 0.7 | 0.7 | 0.8 | 0.3 | 0.8 | 0.2 | — | ||
| United Kingdom | 0.1 | -0.4 | -1.0 | -0.1 | -0.5 | -1.1 | -0.1 | -0.6 | — | -0.4 | -0.3 | -0.2 | ||
| Canada | 0.3 | -0.4 | 1.4 | 0.6 | 0.7 | -0.1 | -2.6 | -0.8 | -1.6 | -1.3 | -0.3 | -0.2 | ||
| Other advanced economies | 0.1 | 0.8 | 0.4 | 0.8 | 0.8 | 0.3 | 1.3 | 0.9 | 0.9 | 1.1 | 0.5 | 0.6 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | — | -0.2 | -0.7 | -0.2 | — | -0.2 | -0.4 | -0.2 | -0.2 | 0.1 | 0.2 | — | ||
| Newly industrialized Asian economies | -0.2 | 1.5 | 0.3 | 0.5 | 1.1 | 1.2 | 3.1 | 2.2 | 2.3 | 2.3 | 1.2 | 0.8 | ||
Changes expressed as percent of GDP in the preceding period.
Advanced Economies: Unemployment, Employment, and Real Per Capita GDP
(Percent)
Compound annual rate of change for employment and per capita GDP; arithmetic average for unemployment rate.
The projections for unemployment have been adjusted to reflect the survey techniques adopted by the U.S. Bureau of Labor Statistics in January 1994.
Advanced Economies: Unemployment, Employment, and Real Per Capita GDP
(Percent)
| Ten-Year Averages1 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Unemployment rate | ||||||||||||||
| Advanced economies | 6.7 | 5.9 | 6.3 | 5.7 | 5.8 | 6.3 | 6.5 | 6.3 | 6.0 | 5.5 | 5.4 | 5.4 | ||
| United States2 | 5.9 | 5.0 | 4.2 | 4.0 | 4.7 | 5.8 | 6.0 | 5.5 | 5.1 | 4.6 | 4.8 | 5.0 | ||
| Euro area | … | 8.1 | 9.0 | 8.1 | 7.8 | 8.2 | 8.7 | 8.8 | 8.6 | 7.7 | 7.3 | 7.1 | ||
| Germany | 7.0 | 7.9 | 7.5 | 6.9 | 6.9 | 7.7 | 8.8 | 9.2 | 9.1 | 8.1 | 7.8 | 7.6 | ||
| France | 10.6 | 9.0 | 10.5 | 9.1 | 8.4 | 8.7 | 9.4 | 9.6 | 9.7 | 9.0 | 8.3 | 7.8 | ||
| Italy | 10.1 | 8.3 | 10.9 | 10.1 | 9.1 | 8.6 | 8.4 | 8.0 | 7.7 | 6.8 | 6.8 | 6.8 | ||
| Spain | 19.9 | 10.7 | 15.6 | 13.9 | 10.6 | 11.5 | 11.5 | 11.0 | 9.2 | 8.5 | 7.8 | 7.7 | ||
| Netherlands | 5.7 | 3.4 | 3.2 | 2.9 | 2.2 | 2.8 | 3.7 | 4.6 | 4.7 | 3.9 | 3.2 | 3.1 | ||
| Belgium | 8.4 | 7.8 | 8.5 | 6.9 | 6.6 | 7.5 | 8.2 | 8.4 | 8.4 | 8.3 | 7.8 | 7.6 | ||
| Austria | 3.6 | 4.3 | 3.9 | 3.6 | 3.6 | 4.2 | 4.3 | 4.8 | 5.2 | 4.8 | 4.5 | 4.3 | ||
| Finland | 11.2 | 8.7 | 10.2 | 9.8 | 9.1 | 9.1 | 9.0 | 8.8 | 8.4 | 7.7 | 7.5 | 7.4 | ||
| Greece | 9.0 | 10.0 | 12.1 | 11.4 | 10.8 | 10.3 | 9.7 | 10.5 | 9.9 | 8.9 | 8.3 | 8.5 | ||
| Portugal | 5.6 | 6.0 | 4.4 | 3.9 | 4.0 | 5.0 | 6.3 | 6.7 | 7.6 | 7.7 | 7.4 | 7.3 | ||
| Ireland | 13.0 | 4.5 | 5.6 | 4.3 | 3.9 | 4.4 | 4.6 | 4.4 | 4.4 | 4.4 | 4.5 | 4.7 | ||
| Luxembourg | 2.3 | 3.6 | 2.9 | 2.5 | 2.3 | 2.6 | 3.5 | 3.9 | 4.2 | 4.4 | 4.6 | 4.8 | ||
| Slovenia | … | 6.6 | 7.6 | 7.0 | 6.4 | 6.4 | 6.7 | 6.3 | 6.5 | 6.4 | 6.4 | 6.4 | ||
| Japan | 2.8 | 4.6 | 4.7 | 4.7 | 5.0 | 5.4 | 5.3 | 4.7 | 4.4 | 4.1 | 4.0 | 4.0 | ||
| United Kingdom | 8.3 | 5.2 | 6.0 | 5.5 | 5.1 | 5.2 | 5.0 | 4.8 | 4.8 | 5.4 | 5.3 | 5.1 | ||
| Canada | 9.6 | 6.9 | 7.6 | 6.8 | 7.2 | 7.6 | 7.6 | 7.2 | 6.8 | 6.3 | 6.2 | 6.2 | ||
| Korea | 2.9 | 3.9 | 6.6 | 4.4 | 4.0 | 3.3 | 3.6 | 3.7 | 3.7 | 3.5 | 3.3 | 3.1 | ||
| Australia | 8.5 | 5.7 | 6.9 | 6.3 | 6.8 | 6.4 | 6.1 | 5.5 | 5.1 | 4.9 | 4.6 | 4.6 | ||
| Taiwan Province of China | 1.9 | 4.1 | 2.9 | 3.0 | 4.6 | 5.2 | 5.0 | 4.4 | 4.1 | 3.9 | 3.8 | 3.7 | ||
| Sweden | 5.8 | 5.0 | 5.6 | 4.7 | 4.0 | 4.0 | 4.9 | 5.5 | 5.8 | 4.8 | 5.5 | 5.0 | ||
| Switzerland | 2.8 | 2.7 | 2.4 | 1.7 | 1.6 | 2.3 | 3.4 | 3.5 | 3.4 | 3.4 | 2.9 | 2.8 | ||
| Hong Kong SAR | 2.3 | 5.7 | 6.3 | 5.1 | 4.9 | 7.2 | 7.9 | 6.9 | 5.7 | 4.8 | 4.4 | 4.2 | ||
| Denmark | 9.9 | 5.4 | 5.7 | 5.4 | 5.2 | 5.2 | 6.2 | 6.4 | 5.7 | 4.5 | 4.7 | 4.9 | ||
| Norway | 5.1 | 3.7 | 3.2 | 3.4 | 3.5 | 3.9 | 4.5 | 4.5 | 4.6 | 3.4 | 2.9 | 3.0 | ||
| Israel | 8.8 | 9.0 | 8.8 | 8.8 | 9.4 | 10.3 | 10.8 | 10.3 | 9.0 | 8.4 | 7.5 | 7.2 | ||
| Singapore | 1.8 | 3.0 | 2.8 | 2.7 | 2.7 | 3.6 | 4.0 | 3.4 | 3.1 | 2.7 | 2.6 | 2.6 | ||
| New Zealand | 8.0 | 4.8 | 6.8 | 6.0 | 5.3 | 5.2 | 4.6 | 3.9 | 3.7 | 3.8 | 4.2 | 4.4 | ||
| Cyprus | 2.7 | 4.2 | 3.6 | 3.4 | 3.0 | 3.3 | 4.1 | 4.7 | 5.3 | 4.9 | 4.8 | 4.7 | ||
| Iceland | 3.3 | 2.1 | 1.9 | 1.3 | 1.4 | 2.5 | 3.4 | 3.1 | 2.1 | 1.3 | 2.0 | 2.3 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 6.4 | 5.9 | 5.9 | 5.5 | 5.8 | 6.4 | 6.6 | 6.3 | 6.0 | 5.6 | 5.5 | 5.5 | ||
| Newly industrialized Asian economies | 2.5 | 4.1 | 5.4 | 4.0 | 4.2 | 4.2 | 4.4 | 4.2 | 4.0 | 3.7 | 3.5 | 3.3 | ||
| Growth in employment | ||||||||||||||
| Advanced economies | 1.0 | 1.0 | 1.3 | 2.0 | 0.6 | 0.3 | 0.5 | 0.9 | 1.2 | 1.5 | 1.0 | 0.9 | ||
| United States | 1.4 | 1.2 | 1.5 | 2.5 | — | -0.3 | 0.9 | 1.1 | 1.8 | 1.9 | 1.2 | 1.0 | ||
| Euro area | … | 1.2 | 2.0 | 2.3 | 1.4 | 0.9 | 0.7 | 0.7 | 0.8 | 1.4 | 1.1 | 0.8 | ||
| Germany | 0.4 | 0.4 | 1.3 | 1.8 | 0.4 | -0.6 | -0.9 | 0.4 | -0.2 | 0.8 | 0.6 | 0.3 | ||
| France | 0.4 | 1.0 | 2.0 | 2.7 | 1.8 | 0.6 | 0.1 | — | 0.5 | 0.8 | 0.6 | 0.5 | ||
| Italy | -0.2 | 1.3 | 1.1 | 1.8 | 2.0 | 1.4 | 0.9 | 1.3 | 0.8 | 1.8 | 0.8 | 0.7 | ||
| Spain | 1.9 | 3.2 | 4.6 | 5.0 | 3.2 | 2.3 | 2.4 | 2.6 | 3.1 | 3.1 | 2.7 | 2.4 | ||
| Japan | 0.8 | -0.2 | -0.8 | -0.2 | -0.5 | -1.3 | -0.2 | 0.2 | 0.4 | 0.4 | 0.1 | — | ||
| United Kingdom | 0.3 | 0.9 | 1.4 | 1.2 | 0.8 | 0.8 | 1.0 | 1.0 | 0.9 | 0.8 | 0.7 | 0.6 | ||
| Canada | 1.0 | 1.9 | 2.6 | 2.5 | 1.2 | 2.4 | 2.4 | 1.8 | 1.4 | 2.0 | 1.4 | 1.3 | ||
| Other advanced economies | 1.3 | 1.6 | 1.6 | 2.9 | 1.1 | 1.6 | 0.5 | 1.6 | 1.5 | 1.7 | 1.5 | 1.5 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 0.8 | 0.8 | 1.1 | 1.8 | 0.4 | -0.1 | 0.5 | 0.8 | 1.0 | 1.3 | 0.8 | 0.7 | ||
| Newly industrialized Asian economies | 1.7 | 1.6 | 1.5 | 3.6 | 0.8 | 2.0 | 0.3 | 1.9 | 1.2 | 1.5 | 1.7 | 1.6 | ||
| Growth in real per capita GDP | ||||||||||||||
| Advanced economies | 2.0 | 2.1 | 2.9 | 3.4 | 0.6 | 1.0 | 1.3 | 2.7 | 2.0 | 2.5 | 2.0 | 2.2 | ||
| United States | 1.8 | 1.8 | 3.3 | 2.5 | -0.3 | 0.6 | 1.5 | 2.9 | 2.2 | 2.3 | 1.2 | 1.7 | ||
| Euro area | 1.8 | 2.8 | 3.5 | 1.5 | 0.4 | 0.2 | 1.3 | 0.9 | 2.2 | 1.8 | 1.9 | |||
| Germany | 1.8 | 1.4 | 1.8 | 3.0 | 1.0 | -0.1 | -0.2 | 1.3 | 0.9 | 2.9 | 2.0 | 2.0 | ||
| France | 1.4 | 1.5 | 2.5 | 3.4 | 1.1 | 0.4 | 0.5 | 1.4 | 0.6 | 1.4 | 1.5 | 1.9 | ||
| Italy | 1.5 | 1.1 | 1.8 | 3.3 | 1.5 | 0.1 | — | 1.1 | -1.0 | 1.5 | 1.6 | 1.5 | ||
| Spain | 2.5 | 2.3 | 3.8 | 4.3 | 3.1 | 1.4 | 1.2 | 1.6 | 1.9 | 2.1 | 1.9 | 1.8 | ||
| Japan | 1.7 | 1.4 | -0.3 | 2.7 | -0.1 | 0.1 | 1.2 | 2.7 | 1.9 | 2.2 | 2.3 | 1.9 | ||
| United Kingdom | 1.7 | 2.3 | 2.7 | 3.5 | 2.0 | 1.7 | 2.3 | 2.8 | 1.3 | 2.2 | 2.4 | 2.4 | ||
| Canada | 0.9 | 2.1 | 4.7 | 4.3 | 0.7 | 1.8 | 0.8 | 2.3 | 1.9 | 1.7 | 1.1 | 1.6 | ||
| Other advanced economies | 3.2 | 3.2 | 4.5 | 5.2 | 0.5 | 3.0 | 1.8 | 4.1 | 3.2 | 3.7 | 3.2 | 3.2 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 1.8 | 1.8 | 2.5 | 3.0 | 0.5 | 0.6 | 1.2 | 2.5 | 1.8 | 2.3 | 1.7 | 2.0 | ||
| Newly industrialized Asian economies | 4.9 | 4.4 | 6.6 | 7.0 | 0.5 | 4.7 | 2.6 | 5.3 | 4.2 | 4.8 | 4.1 | 4.1 | ||
Compound annual rate of change for employment and per capita GDP; arithmetic average for unemployment rate.
The projections for unemployment have been adjusted to reflect the survey techniques adopted by the U.S. Bureau of Labor Statistics in January 1994.
Advanced Economies: Unemployment, Employment, and Real Per Capita GDP
(Percent)
| Ten-Year Averages1 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Unemployment rate | ||||||||||||||
| Advanced economies | 6.7 | 5.9 | 6.3 | 5.7 | 5.8 | 6.3 | 6.5 | 6.3 | 6.0 | 5.5 | 5.4 | 5.4 | ||
| United States2 | 5.9 | 5.0 | 4.2 | 4.0 | 4.7 | 5.8 | 6.0 | 5.5 | 5.1 | 4.6 | 4.8 | 5.0 | ||
| Euro area | … | 8.1 | 9.0 | 8.1 | 7.8 | 8.2 | 8.7 | 8.8 | 8.6 | 7.7 | 7.3 | 7.1 | ||
| Germany | 7.0 | 7.9 | 7.5 | 6.9 | 6.9 | 7.7 | 8.8 | 9.2 | 9.1 | 8.1 | 7.8 | 7.6 | ||
| France | 10.6 | 9.0 | 10.5 | 9.1 | 8.4 | 8.7 | 9.4 | 9.6 | 9.7 | 9.0 | 8.3 | 7.8 | ||
| Italy | 10.1 | 8.3 | 10.9 | 10.1 | 9.1 | 8.6 | 8.4 | 8.0 | 7.7 | 6.8 | 6.8 | 6.8 | ||
| Spain | 19.9 | 10.7 | 15.6 | 13.9 | 10.6 | 11.5 | 11.5 | 11.0 | 9.2 | 8.5 | 7.8 | 7.7 | ||
| Netherlands | 5.7 | 3.4 | 3.2 | 2.9 | 2.2 | 2.8 | 3.7 | 4.6 | 4.7 | 3.9 | 3.2 | 3.1 | ||
| Belgium | 8.4 | 7.8 | 8.5 | 6.9 | 6.6 | 7.5 | 8.2 | 8.4 | 8.4 | 8.3 | 7.8 | 7.6 | ||
| Austria | 3.6 | 4.3 | 3.9 | 3.6 | 3.6 | 4.2 | 4.3 | 4.8 | 5.2 | 4.8 | 4.5 | 4.3 | ||
| Finland | 11.2 | 8.7 | 10.2 | 9.8 | 9.1 | 9.1 | 9.0 | 8.8 | 8.4 | 7.7 | 7.5 | 7.4 | ||
| Greece | 9.0 | 10.0 | 12.1 | 11.4 | 10.8 | 10.3 | 9.7 | 10.5 | 9.9 | 8.9 | 8.3 | 8.5 | ||
| Portugal | 5.6 | 6.0 | 4.4 | 3.9 | 4.0 | 5.0 | 6.3 | 6.7 | 7.6 | 7.7 | 7.4 | 7.3 | ||
| Ireland | 13.0 | 4.5 | 5.6 | 4.3 | 3.9 | 4.4 | 4.6 | 4.4 | 4.4 | 4.4 | 4.5 | 4.7 | ||
| Luxembourg | 2.3 | 3.6 | 2.9 | 2.5 | 2.3 | 2.6 | 3.5 | 3.9 | 4.2 | 4.4 | 4.6 | 4.8 | ||
| Slovenia | … | 6.6 | 7.6 | 7.0 | 6.4 | 6.4 | 6.7 | 6.3 | 6.5 | 6.4 | 6.4 | 6.4 | ||
| Japan | 2.8 | 4.6 | 4.7 | 4.7 | 5.0 | 5.4 | 5.3 | 4.7 | 4.4 | 4.1 | 4.0 | 4.0 | ||
| United Kingdom | 8.3 | 5.2 | 6.0 | 5.5 | 5.1 | 5.2 | 5.0 | 4.8 | 4.8 | 5.4 | 5.3 | 5.1 | ||
| Canada | 9.6 | 6.9 | 7.6 | 6.8 | 7.2 | 7.6 | 7.6 | 7.2 | 6.8 | 6.3 | 6.2 | 6.2 | ||
| Korea | 2.9 | 3.9 | 6.6 | 4.4 | 4.0 | 3.3 | 3.6 | 3.7 | 3.7 | 3.5 | 3.3 | 3.1 | ||
| Australia | 8.5 | 5.7 | 6.9 | 6.3 | 6.8 | 6.4 | 6.1 | 5.5 | 5.1 | 4.9 | 4.6 | 4.6 | ||
| Taiwan Province of China | 1.9 | 4.1 | 2.9 | 3.0 | 4.6 | 5.2 | 5.0 | 4.4 | 4.1 | 3.9 | 3.8 | 3.7 | ||
| Sweden | 5.8 | 5.0 | 5.6 | 4.7 | 4.0 | 4.0 | 4.9 | 5.5 | 5.8 | 4.8 | 5.5 | 5.0 | ||
| Switzerland | 2.8 | 2.7 | 2.4 | 1.7 | 1.6 | 2.3 | 3.4 | 3.5 | 3.4 | 3.4 | 2.9 | 2.8 | ||
| Hong Kong SAR | 2.3 | 5.7 | 6.3 | 5.1 | 4.9 | 7.2 | 7.9 | 6.9 | 5.7 | 4.8 | 4.4 | 4.2 | ||
| Denmark | 9.9 | 5.4 | 5.7 | 5.4 | 5.2 | 5.2 | 6.2 | 6.4 | 5.7 | 4.5 | 4.7 | 4.9 | ||
| Norway | 5.1 | 3.7 | 3.2 | 3.4 | 3.5 | 3.9 | 4.5 | 4.5 | 4.6 | 3.4 | 2.9 | 3.0 | ||
| Israel | 8.8 | 9.0 | 8.8 | 8.8 | 9.4 | 10.3 | 10.8 | 10.3 | 9.0 | 8.4 | 7.5 | 7.2 | ||
| Singapore | 1.8 | 3.0 | 2.8 | 2.7 | 2.7 | 3.6 | 4.0 | 3.4 | 3.1 | 2.7 | 2.6 | 2.6 | ||
| New Zealand | 8.0 | 4.8 | 6.8 | 6.0 | 5.3 | 5.2 | 4.6 | 3.9 | 3.7 | 3.8 | 4.2 | 4.4 | ||
| Cyprus | 2.7 | 4.2 | 3.6 | 3.4 | 3.0 | 3.3 | 4.1 | 4.7 | 5.3 | 4.9 | 4.8 | 4.7 | ||
| Iceland | 3.3 | 2.1 | 1.9 | 1.3 | 1.4 | 2.5 | 3.4 | 3.1 | 2.1 | 1.3 | 2.0 | 2.3 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 6.4 | 5.9 | 5.9 | 5.5 | 5.8 | 6.4 | 6.6 | 6.3 | 6.0 | 5.6 | 5.5 | 5.5 | ||
| Newly industrialized Asian economies | 2.5 | 4.1 | 5.4 | 4.0 | 4.2 | 4.2 | 4.4 | 4.2 | 4.0 | 3.7 | 3.5 | 3.3 | ||
| Growth in employment | ||||||||||||||
| Advanced economies | 1.0 | 1.0 | 1.3 | 2.0 | 0.6 | 0.3 | 0.5 | 0.9 | 1.2 | 1.5 | 1.0 | 0.9 | ||
| United States | 1.4 | 1.2 | 1.5 | 2.5 | — | -0.3 | 0.9 | 1.1 | 1.8 | 1.9 | 1.2 | 1.0 | ||
| Euro area | … | 1.2 | 2.0 | 2.3 | 1.4 | 0.9 | 0.7 | 0.7 | 0.8 | 1.4 | 1.1 | 0.8 | ||
| Germany | 0.4 | 0.4 | 1.3 | 1.8 | 0.4 | -0.6 | -0.9 | 0.4 | -0.2 | 0.8 | 0.6 | 0.3 | ||
| France | 0.4 | 1.0 | 2.0 | 2.7 | 1.8 | 0.6 | 0.1 | — | 0.5 | 0.8 | 0.6 | 0.5 | ||
| Italy | -0.2 | 1.3 | 1.1 | 1.8 | 2.0 | 1.4 | 0.9 | 1.3 | 0.8 | 1.8 | 0.8 | 0.7 | ||
| Spain | 1.9 | 3.2 | 4.6 | 5.0 | 3.2 | 2.3 | 2.4 | 2.6 | 3.1 | 3.1 | 2.7 | 2.4 | ||
| Japan | 0.8 | -0.2 | -0.8 | -0.2 | -0.5 | -1.3 | -0.2 | 0.2 | 0.4 | 0.4 | 0.1 | — | ||
| United Kingdom | 0.3 | 0.9 | 1.4 | 1.2 | 0.8 | 0.8 | 1.0 | 1.0 | 0.9 | 0.8 | 0.7 | 0.6 | ||
| Canada | 1.0 | 1.9 | 2.6 | 2.5 | 1.2 | 2.4 | 2.4 | 1.8 | 1.4 | 2.0 | 1.4 | 1.3 | ||
| Other advanced economies | 1.3 | 1.6 | 1.6 | 2.9 | 1.1 | 1.6 | 0.5 | 1.6 | 1.5 | 1.7 | 1.5 | 1.5 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 0.8 | 0.8 | 1.1 | 1.8 | 0.4 | -0.1 | 0.5 | 0.8 | 1.0 | 1.3 | 0.8 | 0.7 | ||
| Newly industrialized Asian economies | 1.7 | 1.6 | 1.5 | 3.6 | 0.8 | 2.0 | 0.3 | 1.9 | 1.2 | 1.5 | 1.7 | 1.6 | ||
| Growth in real per capita GDP | ||||||||||||||
| Advanced economies | 2.0 | 2.1 | 2.9 | 3.4 | 0.6 | 1.0 | 1.3 | 2.7 | 2.0 | 2.5 | 2.0 | 2.2 | ||
| United States | 1.8 | 1.8 | 3.3 | 2.5 | -0.3 | 0.6 | 1.5 | 2.9 | 2.2 | 2.3 | 1.2 | 1.7 | ||
| Euro area | 1.8 | 2.8 | 3.5 | 1.5 | 0.4 | 0.2 | 1.3 | 0.9 | 2.2 | 1.8 | 1.9 | |||
| Germany | 1.8 | 1.4 | 1.8 | 3.0 | 1.0 | -0.1 | -0.2 | 1.3 | 0.9 | 2.9 | 2.0 | 2.0 | ||
| France | 1.4 | 1.5 | 2.5 | 3.4 | 1.1 | 0.4 | 0.5 | 1.4 | 0.6 | 1.4 | 1.5 | 1.9 | ||
| Italy | 1.5 | 1.1 | 1.8 | 3.3 | 1.5 | 0.1 | — | 1.1 | -1.0 | 1.5 | 1.6 | 1.5 | ||
| Spain | 2.5 | 2.3 | 3.8 | 4.3 | 3.1 | 1.4 | 1.2 | 1.6 | 1.9 | 2.1 | 1.9 | 1.8 | ||
| Japan | 1.7 | 1.4 | -0.3 | 2.7 | -0.1 | 0.1 | 1.2 | 2.7 | 1.9 | 2.2 | 2.3 | 1.9 | ||
| United Kingdom | 1.7 | 2.3 | 2.7 | 3.5 | 2.0 | 1.7 | 2.3 | 2.8 | 1.3 | 2.2 | 2.4 | 2.4 | ||
| Canada | 0.9 | 2.1 | 4.7 | 4.3 | 0.7 | 1.8 | 0.8 | 2.3 | 1.9 | 1.7 | 1.1 | 1.6 | ||
| Other advanced economies | 3.2 | 3.2 | 4.5 | 5.2 | 0.5 | 3.0 | 1.8 | 4.1 | 3.2 | 3.7 | 3.2 | 3.2 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 1.8 | 1.8 | 2.5 | 3.0 | 0.5 | 0.6 | 1.2 | 2.5 | 1.8 | 2.3 | 1.7 | 2.0 | ||
| Newly industrialized Asian economies | 4.9 | 4.4 | 6.6 | 7.0 | 0.5 | 4.7 | 2.6 | 5.3 | 4.2 | 4.8 | 4.1 | 4.1 | ||
Compound annual rate of change for employment and per capita GDP; arithmetic average for unemployment rate.
The projections for unemployment have been adjusted to reflect the survey techniques adopted by the U.S. Bureau of Labor Statistics in January 1994.
Other Emerging Market and Developing Countries: Real GDP
(Annual percent change)
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Real GDP
(Annual percent change)
| Ten-Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Other emerging market and developing countries | 3.8 | 6.4 | 4.1 | 6.0 | 4.3 | 5.0 | 6.7 | 7.7 | 7.5 | 7.9 | 7.5 | 7.1 | |||
| Regional groups | |||||||||||||||
| Africa | 2.2 | 4.7 | 2.7 | 3.1 | 4.4 | 3.7 | 4.7 | 5.8 | 5.6 | 5.5 | 6.2 | 5.8 | |||
| Sub-Sahara | 2.1 | 4.9 | 2.7 | 3.4 | 4.5 | 3.7 | 4.2 | 6.0 | 6.0 | 5.7 | 6.8 | 6.1 | |||
| Excluding Nigeria and South Africa | 2.3 | 5.3 | 3.2 | 2.4 | 5.9 | 4.0 | 3.7 | 6.7 | 6.5 | 6.3 | 7.8 | 6.9 | |||
| Central and eastern Europe | 1.1 | 4.4 | 0.5 | 4.9 | 0.2 | 4.5 | 4.8 | 6.6 | 5.5 | 6.0 | 5.5 | 5.3 | |||
| Commonwealth of Independent States1 | … | 7.0 | 5.2 | 9.0 | 6.3 | 5.3 | 7.9 | 8.4 | 6.6 | 7.7 | 7.0 | 6.4 | |||
| Russia | … | 6.6 | 6.4 | 10.0 | 5.1 | 4.7 | 7.3 | 7.2 | 6.4 | 6.7 | 6.4 | 5.9 | |||
| Excluding Russia | … | 7.7 | 2.4 | 6.7 | 9.1 | 6.6 | 9.3 | 11.0 | 6.9 | 9.7 | 8.3 | 7.5 | |||
| Developing Asia | 7.3 | 7.9 | 6.4 | 7.0 | 6.0 | 7.0 | 8.4 | 8.7 | 9.2 | 9.4 | 8.8 | 8.4 | |||
| China | 9.6 | 9.4 | 7.6 | 8.4 | 8.3 | 9.1 | 10.0 | 10.1 | 10.4 | 10.7 | 10.0 | 9.5 | |||
| India | 5.7 | 7.0 | 6.7 | 5.3 | 4.1 | 4.3 | 7.3 | 7.8 | 9.2 | 9.2 | 8.4 | 7.8 | |||
| Excluding China and India | 5.1 | 5.4 | 3.7 | 5.8 | 3.1 | 4.8 | 5.8 | 6.4 | 6.2 | 5.9 | 6.0 | 6.0 | |||
| Middle East | 4.5 | 4.8 | 1.8 | 5.4 | 3.0 | 3.9 | 6.5 | 5.6 | 5.4 | 5.7 | 5.5 | 5.5 | |||
| Western Hemisphere | 3.1 | 3.2 | 0.3 | 3.9 | 0.5 | 0.3 | 2.4 | 6.0 | 4.6 | 5.5 | 4.9 | 4.2 | |||
| Brazil | 2.0 | 3.1 | 0.3 | 4.3 | 1.3 | 2.7 | 1.1 | 5.7 | 2.9 | 3.7 | 4.4 | 4.2 | |||
| Mexico | 3.4 | 3.1 | 3.8 | 6.6 | — | 0.8 | 1.4 | 4.2 | 2.8 | 4.8 | 3.4 | 3.5 | |||
| Analytical groups | |||||||||||||||
| By source of export earnings | |||||||||||||||
| Fuel | -0.3 | 5.9 | 3.0 | 7.1 | 4.4 | 4.0 | 6.9 | 7.3 | 6.7 | 6.7 | 6.9 | 6.0 | |||
| Nonfuel | 4.6 | 6.4 | 4.2 | 5.8 | 4.3 | 5.2 | 6.7 | 7.8 | 7.6 | 8.1 | 7.6 | 7.2 | |||
| of which, primary products | 2.5 | 3.7 | 0.6 | 1.5 | 2.9 | 2.8 | 3.6 | 6.1 | 5.2 | 4.3 | 4.8 | 5.3 | |||
| By external financing source | |||||||||||||||
| Net debtor countries | 3.4 | 5.0 | 2.8 | 4.6 | 2.5 | 3.3 | 4.9 | 6.4 | 6.3 | 6.7 | 6.3 | 6.0 | |||
| of which, official financing | 4.1 | 5.4 | 3.9 | 4.6 | 3.4 | 3.9 | 4.7 | 6.5 | 7.1 | 7.0 | 6.4 | 6.3 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 3.4 | 4.7 | 1.1 | 3.3 | 2.6 | 1.6 | 5.2 | 6.9 | 7.2 | 6.5 | 6.8 | 6.1 | |||
| Other groups | |||||||||||||||
| Heavily indebted poor countries | 1.8 | 4.8 | 3.6 | 2.7 | 4.8 | 3.5 | 4.0 | 6.5 | 5.9 | 5.8 | 5.4 | 6.0 | |||
| Middle East and north Africa | 4.0 | 4.8 | 2.1 | 4.8 | 3.3 | 3.9 | 6.5 | 5.5 | 5.3 | 5.7 | 5.5 | 5.6 | |||
| Memorandum | |||||||||||||||
| Real per capita GDP | |||||||||||||||
| Other emerging market and developing countries | 2.2 | 5.1 | 2.6 | 4.6 | 2.9 | 3.7 | 5.4 | 6.4 | 6.2 | 6.6 | 6.2 | 5.8 | |||
| Africa | -0.5 | 2.5 | 0.4 | 0.8 | 2.1 | 1.4 | 2.5 | 3.6 | 3.4 | 3.3 | 4.1 | 3.7 | |||
| Central and eastern Europe | 0.6 | 3.9 | — | 4.5 | -0.2 | 4.1 | 4.4 | 6.1 | 5.1 | 5.6 | 5.1 | 4.8 | |||
| Commonwealth of Independent States1 | … | 7.2 | 5.4 | 9.2 | 6.6 | 5.6 | 8.2 | 8.7 | 6.8 | 7.9 | 7.2 | 6.6 | |||
| Developing Asia | 5.8 | 6.7 | 5.0 | 5.7 | 4.8 | 5.7 | 7.2 | 7.6 | 8.0 | 8.2 | 7.7 | 7.3 | |||
| Middle East | 2.1 | 2.9 | -0.2 | 3.4 | 1.0 | 2.0 | 4.5 | 3.7 | 3.5 | 3.8 | 3.6 | 3.5 | |||
| Western Hemisphere | 1.3 | 1.8 | -1.3 | 2.4 | -1.0 | -1.2 | 0.9 | 4.6 | 3.2 | 4.1 | 3.5 | 2.9 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Real GDP
(Annual percent change)
| Ten-Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Other emerging market and developing countries | 3.8 | 6.4 | 4.1 | 6.0 | 4.3 | 5.0 | 6.7 | 7.7 | 7.5 | 7.9 | 7.5 | 7.1 | |||
| Regional groups | |||||||||||||||
| Africa | 2.2 | 4.7 | 2.7 | 3.1 | 4.4 | 3.7 | 4.7 | 5.8 | 5.6 | 5.5 | 6.2 | 5.8 | |||
| Sub-Sahara | 2.1 | 4.9 | 2.7 | 3.4 | 4.5 | 3.7 | 4.2 | 6.0 | 6.0 | 5.7 | 6.8 | 6.1 | |||
| Excluding Nigeria and South Africa | 2.3 | 5.3 | 3.2 | 2.4 | 5.9 | 4.0 | 3.7 | 6.7 | 6.5 | 6.3 | 7.8 | 6.9 | |||
| Central and eastern Europe | 1.1 | 4.4 | 0.5 | 4.9 | 0.2 | 4.5 | 4.8 | 6.6 | 5.5 | 6.0 | 5.5 | 5.3 | |||
| Commonwealth of Independent States1 | … | 7.0 | 5.2 | 9.0 | 6.3 | 5.3 | 7.9 | 8.4 | 6.6 | 7.7 | 7.0 | 6.4 | |||
| Russia | … | 6.6 | 6.4 | 10.0 | 5.1 | 4.7 | 7.3 | 7.2 | 6.4 | 6.7 | 6.4 | 5.9 | |||
| Excluding Russia | … | 7.7 | 2.4 | 6.7 | 9.1 | 6.6 | 9.3 | 11.0 | 6.9 | 9.7 | 8.3 | 7.5 | |||
| Developing Asia | 7.3 | 7.9 | 6.4 | 7.0 | 6.0 | 7.0 | 8.4 | 8.7 | 9.2 | 9.4 | 8.8 | 8.4 | |||
| China | 9.6 | 9.4 | 7.6 | 8.4 | 8.3 | 9.1 | 10.0 | 10.1 | 10.4 | 10.7 | 10.0 | 9.5 | |||
| India | 5.7 | 7.0 | 6.7 | 5.3 | 4.1 | 4.3 | 7.3 | 7.8 | 9.2 | 9.2 | 8.4 | 7.8 | |||
| Excluding China and India | 5.1 | 5.4 | 3.7 | 5.8 | 3.1 | 4.8 | 5.8 | 6.4 | 6.2 | 5.9 | 6.0 | 6.0 | |||
| Middle East | 4.5 | 4.8 | 1.8 | 5.4 | 3.0 | 3.9 | 6.5 | 5.6 | 5.4 | 5.7 | 5.5 | 5.5 | |||
| Western Hemisphere | 3.1 | 3.2 | 0.3 | 3.9 | 0.5 | 0.3 | 2.4 | 6.0 | 4.6 | 5.5 | 4.9 | 4.2 | |||
| Brazil | 2.0 | 3.1 | 0.3 | 4.3 | 1.3 | 2.7 | 1.1 | 5.7 | 2.9 | 3.7 | 4.4 | 4.2 | |||
| Mexico | 3.4 | 3.1 | 3.8 | 6.6 | — | 0.8 | 1.4 | 4.2 | 2.8 | 4.8 | 3.4 | 3.5 | |||
| Analytical groups | |||||||||||||||
| By source of export earnings | |||||||||||||||
| Fuel | -0.3 | 5.9 | 3.0 | 7.1 | 4.4 | 4.0 | 6.9 | 7.3 | 6.7 | 6.7 | 6.9 | 6.0 | |||
| Nonfuel | 4.6 | 6.4 | 4.2 | 5.8 | 4.3 | 5.2 | 6.7 | 7.8 | 7.6 | 8.1 | 7.6 | 7.2 | |||
| of which, primary products | 2.5 | 3.7 | 0.6 | 1.5 | 2.9 | 2.8 | 3.6 | 6.1 | 5.2 | 4.3 | 4.8 | 5.3 | |||
| By external financing source | |||||||||||||||
| Net debtor countries | 3.4 | 5.0 | 2.8 | 4.6 | 2.5 | 3.3 | 4.9 | 6.4 | 6.3 | 6.7 | 6.3 | 6.0 | |||
| of which, official financing | 4.1 | 5.4 | 3.9 | 4.6 | 3.4 | 3.9 | 4.7 | 6.5 | 7.1 | 7.0 | 6.4 | 6.3 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 3.4 | 4.7 | 1.1 | 3.3 | 2.6 | 1.6 | 5.2 | 6.9 | 7.2 | 6.5 | 6.8 | 6.1 | |||
| Other groups | |||||||||||||||
| Heavily indebted poor countries | 1.8 | 4.8 | 3.6 | 2.7 | 4.8 | 3.5 | 4.0 | 6.5 | 5.9 | 5.8 | 5.4 | 6.0 | |||
| Middle East and north Africa | 4.0 | 4.8 | 2.1 | 4.8 | 3.3 | 3.9 | 6.5 | 5.5 | 5.3 | 5.7 | 5.5 | 5.6 | |||
| Memorandum | |||||||||||||||
| Real per capita GDP | |||||||||||||||
| Other emerging market and developing countries | 2.2 | 5.1 | 2.6 | 4.6 | 2.9 | 3.7 | 5.4 | 6.4 | 6.2 | 6.6 | 6.2 | 5.8 | |||
| Africa | -0.5 | 2.5 | 0.4 | 0.8 | 2.1 | 1.4 | 2.5 | 3.6 | 3.4 | 3.3 | 4.1 | 3.7 | |||
| Central and eastern Europe | 0.6 | 3.9 | — | 4.5 | -0.2 | 4.1 | 4.4 | 6.1 | 5.1 | 5.6 | 5.1 | 4.8 | |||
| Commonwealth of Independent States1 | … | 7.2 | 5.4 | 9.2 | 6.6 | 5.6 | 8.2 | 8.7 | 6.8 | 7.9 | 7.2 | 6.6 | |||
| Developing Asia | 5.8 | 6.7 | 5.0 | 5.7 | 4.8 | 5.7 | 7.2 | 7.6 | 8.0 | 8.2 | 7.7 | 7.3 | |||
| Middle East | 2.1 | 2.9 | -0.2 | 3.4 | 1.0 | 2.0 | 4.5 | 3.7 | 3.5 | 3.8 | 3.6 | 3.5 | |||
| Western Hemisphere | 1.3 | 1.8 | -1.3 | 2.4 | -1.0 | -1.2 | 0.9 | 4.6 | 3.2 | 4.1 | 3.5 | 2.9 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Country: Real GDP1
(Annual percent change)
For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.
The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).
Data for some countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are IMF staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Country: Real GDP1
(Annual percent change)
| Average 1989–98 |
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Africa | 2.2 | 2.7 | 3.1 | 4.4 | 3.7 | 4.7 | 5.8 | 5.6 | 5.5 | 6.2 | 5.8 |
| Algeria | 1.7 | 3.2 | 2.2 | 2.6 | 4.7 | 6.9 | 5.2 | 5.3 | 2.7 | 4.5 | 4.1 |
| Angola | 0.3 | 3.2 | 3.0 | 3.1 | 14.5 | 3.3 | 11.2 | 20.6 | 15.3 | 35.3 | 16.0 |
| Benin | 4.1 | 5.3 | 4.9 | 6.2 | 4.5 | 3.9 | 3.1 | 2.9 | 4.1 | 4.7 | 5.2 |
| Botswana | 6.5 | 7.2 | 8.3 | 4.9 | 5.6 | 6.3 | 6.0 | 6.2 | 4.2 | 4.3 | 4.4 |
| Burkina Faso | 4.5 | 7.4 | 1.8 | 6.6 | 4.7 | 8.0 | 4.6 | 7.1 | 6.4 | 6.5 | 6.3 |
| Burundi | -1.0 | -1.0 | -0.9 | 2.1 | 4.4 | -1.2 | 4.8 | 0.9 | 5.1 | 5.5 | 6.6 |
| Cameroon2 | -0.3 | 4.4 | 4.2 | 4.5 | 4.0 | 4.0 | 3.7 | 2.0 | 3.5 | 4.0 | 4.1 |
| Cape Verde | 5.5 | 11.9 | 7.3 | 6.1 | 5.3 | 4.7 | 4.4 | 5.8 | 5.8 | 6.5 | 7.0 |
| Central African Republic | 0.2 | 3.6 | 1.8 | 0.3 | -0.6 | -7.6 | 1.3 | 2.2 | 3.5 | 4.0 | 4.3 |
| Chad | 3.5 | -0.7 | -0.9 | 11.7 | 8.5 | 14.7 | 33.6 | 8.6 | 1.3 | -1.2 | 7.4 |
| Comoros | 0.9 | 1.9 | 1.4 | 3.3 | 4.1 | 2.5 | -0.2 | 4.2 | 1.2 | 3.0 | 4.5 |
| Congo, Dem. Rep. of | -5.3 | -4.3 | -6.9 | -2.1 | 3.5 | 5.8 | 6.6 | 6.5 | 5.1 | 6.5 | 6.9 |
| Congo, Rep. of | 3.0 | -2.6 | 7.6 | 3.8 | 4.6 | 0.8 | 3.6 | 7.7 | 6.4 | 3.7 | 7.3 |
| Côte d’Ivoire | 3.8 | 1.8 | -4.6 | — | -1.6 | -1.7 | 1.6 | 1.5 | 1.4 | 1.7 | 3.3 |
| Djibouti | -1.7 | 3.0 | 0.4 | 2.0 | 2.6 | 3.2 | 3.0 | 3.2 | 4.5 | 5.1 | 5.7 |
| Equatorial Guinea | 26.6 | 24.2 | 13.7 | 94.4 | 24.7 | 12.5 | 33.9 | 6.5 | 1.0 | 7.1 | 9.0 |
| Eritrea | … | — | -13.1 | 9.2 | 0.6 | 3.9 | 2.0 | 4.8 | 2.0 | 1.3 | 1.3 |
| Ethiopia | 1.9 | 6.0 | 5.9 | 7.7 | 1.2 | -3.5 | 13.1 | 10.3 | 10.6 | 6.5 | 6.6 |
| Gabon | 4.8 | -8.9 | -1.9 | 2.1 | -0.3 | 2.4 | 1.1 | 3.0 | 1.0 | 4.7 | 2.2 |
| Gambia, The | 4.0 | 6.4 | 5.5 | 5.8 | -3.2 | 6.9 | 7.0 | 5.1 | 6.5 | 7.0 | 6.0 |
| Ghana | 4.3 | 4.4 | 3.7 | 4.2 | 4.5 | 5.2 | 5.6 | 5.9 | 6.2 | 6.3 | 6.9 |
| Guinea | 4.3 | 4.7 | 1.9 | 4.0 | 4.2 | 1.2 | 2.7 | 3.3 | 2.8 | 2.5 | 5.0 |
| Guinea-Bissau | 0.2 | 7.6 | 7.5 | 0.2 | -7.1 | -0.6 | 2.2 | 3.2 | 2.7 | 5.0 | 4.7 |
| Kenya | 2.3 | 2.4 | 0.6 | 4.7 | 0.3 | 2.8 | 4.5 | 5.8 | 6.0 | 6.2 | 5.8 |
| Lesotho | 4.6 | -0.6 | 0.7 | 2.0 | 2.8 | 3.0 | 3.8 | 3.7 | 5.6 | 5.1 | 5.2 |
| Liberia | … | 34.6 | 29.3 | 22.0 | 31.8 | -33.9 | -5.2 | 9.5 | 9.7 | 13.3 | 13.5 |
| Madagascar | 1.5 | 4.7 | 4.7 | 6.0 | -12.7 | 9.8 | 5.3 | 4.6 | 4.7 | 5.6 | 5.6 |
| Malawi | 3.7 | 3.5 | 0.8 | -4.1 | 2.1 | 3.9 | 5.1 | 2.1 | 8.5 | 5.7 | 5.5 |
| Mali | 5.9 | 3.0 | -3.2 | 12.1 | 4.3 | 7.2 | 2.4 | 6.1 | 4.6 | 5.9 | 5.7 |
| Mauritania | 2.2 | 6.7 | 1.9 | 2.9 | 1.1 | 5.6 | 5.2 | 5.4 | 11.7 | 1.9 | 5.0 |
| Mauritius | 5.9 | 4.6 | 7.2 | 4.2 | 1.5 | 3.8 | 4.7 | 3.0 | 3.7 | 4.1 | 4.4 |
| Morocco | 2.8 | -0.1 | 1.0 | 6.3 | 3.2 | 5.5 | 4.2 | 1.7 | 7.3 | 3.5 | 5.8 |
| Mozambique, Rep. of | 5.0 | 7.5 | 1.9 | 13.1 | 8.2 | 7.9 | 7.5 | 7.8 | 8.5 | 6.8 | 7.6 |
| Namibia | 3.7 | 3.4 | 3.5 | 2.4 | 6.7 | 3.5 | 6.6 | 4.2 | 4.6 | 4.8 | 4.6 |
| Niger | 1.9 | -0.6 | -1.4 | 7.1 | 3.0 | 4.5 | -0.7 | 6.8 | 3.4 | 4.1 | 4.3 |
| Nigeria | 3.4 | 1.5 | 5.4 | 3.1 | 1.5 | 10.7 | 6.0 | 7.2 | 5.3 | 8.2 | 6.7 |
| Rwanda | -1.8 | 7.6 | 6.0 | 6.7 | 9.4 | 0.9 | 4.0 | 6.0 | 4.2 | 4.7 | 4.9 |
| São Tomé and Príncipe | 1.3 | 2.5 | 3.0 | 4.0 | 4.1 | 4.0 | 3.8 | 6.0 | 8.0 | 7.0 | 7.0 |
| Senegal | 2.5 | 6.3 | 3.2 | 4.6 | 0.7 | 6.7 | 5.6 | 5.5 | 3.3 | 5.6 | 5.6 |
| Seychelles | 5.7 | 1.9 | 4.3 | -2.3 | 1.2 | -5.9 | -2.9 | 1.2 | 4.5 | 5.0 | 4.0 |
| Sierra Leone | -6.6 | -8.1 | 3.8 | 18.2 | 27.4 | 9.5 | 7.4 | 7.3 | 7.4 | 6.5 | 6.5 |
| South Africa | 1.4 | 2.4 | 4.2 | 2.7 | 3.7 | 3.1 | 4.8 | 5.1 | 5.0 | 4.7 | 4.5 |
| Sudan | 2.6 | 3.1 | 8.4 | 6.2 | 5.4 | 7.1 | 5.1 | 8.6 | 12.2 | 11.1 | 10.2 |
| Swaziland | 4.2 | 3.5 | 2.6 | 1.6 | 2.9 | 2.9 | 2.1 | 2.3 | 2.1 | 1.2 | 1.0 |
| Tanzania | 3.1 | 3.5 | 5.1 | 6.2 | 7.2 | 5.7 | 6.7 | 6.8 | 5.9 | 7.3 | 7.6 |
| Togo | 1.7 | 2.6 | -1.0 | -2.3 | -0.2 | 5.2 | 2.3 | 1.2 | 1.8 | 2.9 | 3.9 |
| Tunisia | 4.6 | 6.1 | 4.7 | 4.9 | 1.7 | 5.6 | 6.0 | 4.0 | 5.3 | 6.0 | 6.0 |
| Uganda | 6.1 | 8.3 | 5.3 | 4.8 | 6.9 | 4.4 | 5.7 | 6.7 | 5.4 | 6.2 | 6.5 |
| Zambia | -1.2 | 2.2 | 3.6 | 4.9 | 3.3 | 5.1 | 5.4 | 5.2 | 6.0 | 6.0 | 6.0 |
| Zimbabwe | 2.9 | -3.6 | -7.3 | -2.7 | -4.4 | -10.4 | -3.8 | -5.3 | -4.8 | -5.7 | -3.6 |
| Central and eastern Europe 3 | 1.1 | 0.5 | 4.9 | 0.2 | 4.5 | 4.8 | 6.6 | 5.5 | 6.0 | 5.5 | 5.3 |
| Albania | -0.5 | 10.1 | 7.3 | 7.0 | 2.9 | 5.7 | 5.9 | 5.5 | 5.0 | 6.0 | 6.0 |
| Bosnia and Herzegovina | … | 9.5 | 5.2 | 3.6 | 5.0 | 4.1 | 5.8 | 5.0 | 6.0 | 6.0 | 6.0 |
| Bulgaria | -5.6 | 2.3 | 5.4 | 4.1 | 4.9 | 4.5 | 5.7 | 5.5 | 6.2 | 6.0 | 6.0 |
| Croatia | … | -0.9 | 2.9 | 4.4 | 5.6 | 5.3 | 3.8 | 4.3 | 4.6 | 4.7 | 4.5 |
| Czech Republic | 0.0 | 1.3 | 3.6 | 2.5 | 1.9 | 3.6 | 4.2 | 6.1 | 6.1 | 4.8 | 4.3 |
| Estonia | … | 0.3 | 10.8 | 7.7 | 8.0 | 7.1 | 8.1 | 10.5 | 11.4 | 9.9 | 7.9 |
| Hungary | -0.2 | 4.2 | 5.2 | 4.1 | 4.3 | 4.1 | 4.9 | 4.2 | 3.9 | 2.8 | 3.0 |
| Latvia | … | 4.7 | 6.9 | 8.0 | 6.5 | 7.2 | 8.6 | 10.2 | 11.9 | 10.5 | 7.0 |
| Lithuania | … | -1.5 | 4.1 | 6.6 | 6.9 | 10.3 | 7.3 | 7.6 | 7.5 | 7.0 | 6.5 |
| Macedonia, FYR | … | 4.3 | 4.5 | -4.5 | 0.9 | 2.8 | 4.1 | 3.8 | 4.0 | 4.5 | 4.5 |
| Malta | 5.3 | 3.8 | -1.0 | -1.1 | 1.9 | -2.3 | 0.8 | 2.2 | 2.5 | 2.3 | 2.3 |
| Serbia | … | -18.0 | 4.5 | 4.8 | 4.2 | 2.5 | 8.4 | 6.2 | 5.4 | 5.0 | 5.5 |
| Poland | 2.5 | 4.5 | 4.2 | 1.1 | 1.4 | 3.8 | 5.3 | 3.5 | 5.8 | 5.8 | 5.0 |
| Romania | -2.9 | -1.2 | 2.1 | 5.7 | 5.1 | 5.2 | 8.4 | 4.1 | 7.7 | 6.5 | 4.8 |
| Slovak Republic | … | 0.3 | 0.7 | 3.2 | 4.1 | 4.2 | 5.4 | 6.0 | 8.2 | 8.2 | 7.5 |
| Turkey | 4.3 | -4.7 | 7.4 | -7.5 | 7.9 | 5.8 | 8.9 | 7.4 | 5.5 | 5.0 | 6.0 |
| Commonwealth of Independent States 3, 4 | … | 5.2 | 9.0 | 6.3 | 5.3 | 7.9 | 8.4 | 6.6 | 7.7 | 7.0 | 6.4 |
| Russia | … | 6.4 | 10.0 | 5.1 | 4.7 | 7.3 | 7.2 | 6.4 | 6.7 | 6.4 | 5.9 |
| Excluding Russia | … | 2.4 | 6.7 | 9.1 | 6.6 | 9.3 | 11.0 | 6.9 | 9.7 | 8.3 | 7.5 |
| Armenia | … | 3.3 | 6.0 | 9.6 | 13.2 | 14.0 | 10.5 | 14.0 | 13.4 | 9.0 | 6.0 |
| Azerbaijan | … | 11.4 | 6.2 | 6.5 | 8.1 | 10.4 | 10.2 | 24.3 | 31.0 | 29.2 | 23.1 |
| Belarus | … | 3.4 | 5.8 | 4.7 | 5.0 | 7.0 | 11.4 | 9.3 | 9.9 | 5.5 | 3.9 |
| Georgia | … | 3.0 | 1.9 | 4.7 | 5.5 | 11.1 | 5.9 | 9.6 | 9.0 | 7.5 | 6.5 |
| Kazakhstan | … | 2.7 | 9.8 | 13.5 | 9.8 | 9.3 | 9.6 | 9.7 | 10.6 | 9.0 | 8.1 |
| Kyrgyz Republic | … | 3.7 | 5.4 | 5.3 | -0.0 | 7.0 | 7.0 | -0.2 | 2.7 | 6.5 | 6.6 |
| Moldova | … | -3.4 | 2.1 | 6.1 | 7.8 | 6.6 | 7.4 | 7.5 | 4.0 | 4.5 | 5.0 |
| Mongolia | -0.3 | 3.2 | 1.2 | 1.1 | 4.2 | 6.1 | 10.8 | 6.6 | 8.4 | 8.0 | 7.0 |
| Tajikistan | … | 3.7 | 8.3 | 10.2 | 9.1 | 10.2 | 10.6 | 6.7 | 7.0 | 7.5 | 8.0 |
| Turkmenistan | … | 16.5 | 18.6 | 20.4 | 15.8 | 17.1 | 14.7 | 9.0 | 9.0 | 10.0 | 10.0 |
| Ukraine | … | -0.2 | 5.9 | 9.2 | 5.2 | 9.6 | 12.1 | 2.7 | 7.1 | 5.0 | 4.6 |
| Uzbekistan | … | 4.3 | 3.8 | 4.2 | 4.0 | 4.2 | 7.7 | 7.0 | 7.2 | 7.7 | 7.5 |
| Developing Asia | 7.3 | 6.4 | 7.0 | 6.0 | 7.0 | 8.4 | 8.7 | 9.2 | 9.4 | 8.8 | 8.4 |
| Afghanistan, Rep. of | … | … | … | … | 28.6 | 15.7 | 8.0 | 14.0 | 8.0 | 12.2 | 10.8 |
| Bangladesh | 4.7 | 5.4 | 5.6 | 4.8 | 4.8 | 5.8 | 6.1 | 6.3 | 6.7 | 6.6 | 6.5 |
| Bhutan | 4.5 | 7.9 | 7.6 | 7.2 | 10.0 | 7.6 | 6.8 | 6.5 | 13.7 | 15.2 | 8.6 |
| Brunei Darussalam | … | 3.1 | 2.9 | 2.7 | 3.9 | 2.9 | 0.5 | 0.4 | 3.8 | 2.6 | 3.0 |
| Cambodia | … | 12.6 | 8.4 | 7.7 | 6.2 | 8.6 | 10.0 | 13.4 | 9.5 | 7.0 | 6.0 |
| China | 9.6 | 7.6 | 8.4 | 8.3 | 9.1 | 10.0 | 10.1 | 10.4 | 10.7 | 10.0 | 9.5 |
| Fiji | 3.8 | 9.2 | -2.8 | 2.7 | 4.3 | 3.0 | 5.4 | 0.7 | 3.2 | 2.3 | 1.7 |
| India | 5.7 | 6.7 | 5.3 | 4.1 | 4.3 | 7.3 | 7.8 | 9.2 | 9.2 | 8.4 | 7.8 |
| Indonesia | 4.8 | 0.8 | 5.4 | 3.6 | 4.5 | 4.8 | 5.0 | 5.7 | 5.5 | 6.0 | 6.3 |
| Kiribati | 3.1 | 9.5 | 3.9 | 1.7 | 5.8 | 1.4 | -2.9 | -0.2 | 5.8 | 2.5 | 1.6 |
| Lao PDR | 6.6 | 7.3 | 5.8 | 5.7 | 5.9 | 6.1 | 6.4 | 7.1 | 7.6 | 7.1 | 7.9 |
| Malaysia | 7.4 | 6.1 | 8.9 | 0.3 | 4.4 | 5.5 | 7.2 | 5.2 | 5.9 | 5.5 | 5.8 |
| Maldives | 6.7 | 7.2 | 4.8 | 3.5 | 6.5 | 8.5 | 9.5 | -4.5 | 16.1 | 4.0 | 3.0 |
| Myanmar | 5.3 | 10.9 | 13.7 | 11.3 | 12.0 | 13.8 | 13.6 | 13.2 | 7.0 | 5.5 | 4.0 |
| Nepal | 4.8 | 4.5 | 6.1 | 5.6 | -0.6 | 3.3 | 3.8 | 2.7 | 1.9 | 3.5 | 4.5 |
| Pakistan | 4.1 | 3.7 | 4.3 | 2.0 | 3.2 | 4.9 | 7.4 | 8.0 | 6.2 | 6.5 | 6.5 |
| Papua New Guinea | 4.2 | 1.9 | -2.5 | -0.1 | -0.2 | 2.2 | 2.7 | 3.3 | 3.7 | 4.3 | 3.7 |
| Philippines | 3.0 | 3.4 | 6.0 | 1.8 | 4.4 | 4.9 | 6.2 | 5.0 | 5.4 | 5.8 | 5.8 |
| Samoa | 2.4 | 2.1 | 3.7 | 7.1 | 4.4 | 1.6 | 3.3 | 5.4 | 2.3 | 3.0 | 3.5 |
| Solomon Islands | 4.8 | -0.5 | -14.3 | -9.0 | -1.6 | 6.4 | 8.0 | 5.0 | 4.8 | 3.8 | 3.4 |
| Sri Lanka | 5.0 | 4.3 | 6.0 | -1.5 | 4.0 | 6.0 | 5.4 | 6.0 | 7.5 | 7.0 | 7.0 |
| Thailand | 5.8 | 4.4 | 4.8 | 2.2 | 5.3 | 7.1 | 6.3 | 4.5 | 5.0 | 4.5 | 4.8 |
| Timor-Leste, Dem. Rep. of | … | … | 15.5 | 16.5 | -6.7 | -6.2 | 0.3 | 2.3 | -1.6 | 32.0 | 3.6 |
| Tonga | 1.4 | 2.3 | 5.4 | 2.6 | 3.0 | 3.2 | 1.4 | 2.3 | 1.9 | 0.6 | 1.6 |
| Vanuatu | 4.4 | -3.2 | 2.7 | -2.6 | -7.4 | 3.2 | 5.5 | 6.8 | 5.5 | 5.0 | 4.0 |
| Vietnam | 7.7 | 4.8 | 6.8 | 6.9 | 7.1 | 7.3 | 7.8 | 8.4 | 8.2 | 8.0 | 7.8 |
| Middle East | 4.5 | 1.8 | 5.4 | 3.0 | 3.9 | 6.5 | 5.6 | 5.4 | 5.7 | 5.5 | 5.5 |
| Bahrain | 4.8 | 4.3 | 5.2 | 4.6 | 5.2 | 7.2 | 5.6 | 7.8 | 7.7 | 6.9 | 6.6 |
| Egypt | 3.7 | 6.1 | 5.4 | 3.5 | 3.2 | 3.2 | 4.1 | 4.5 | 6.8 | 6.7 | 6.6 |
| Iran, I.R. of | 5.5 | 1.9 | 5.1 | 3.7 | 7.5 | 7.2 | 5.1 | 4.4 | 5.3 | 5.0 | 5.0 |
| Iraq | … | … | … | … | … | … | … | … | … | … | … |
| Jordan | 2.7 | 3.4 | 4.3 | 5.3 | 5.8 | 4.2 | 8.4 | 7.2 | 6.0 | 6.0 | 6.0 |
| Kuwait | 2.7 | -1.8 | 4.7 | 0.2 | 3.0 | 16.5 | 10.5 | 10.0 | 5.0 | 3.5 | 4.8 |
| Lebanon | -0.1 | -0.8 | 1.7 | 4.5 | 3.3 | 4.1 | 7.0 | 1.0 | — | 1.0 | 3.5 |
| Libya | -1.1 | 1.1 | 3.4 | 5.9 | 1.4 | 5.9 | 5.0 | 6.3 | 5.6 | 7.9 | 8.1 |
| Oman | 5.2 | -0.2 | 5.5 | 7.5 | 2.6 | 2.0 | 5.4 | 5.8 | 5.9 | 6.0 | 6.3 |
| Qatar | 4.7 | 4.5 | 9.1 | 3.3 | 7.1 | 3.5 | 20.8 | 6.1 | 8.8 | 8.0 | 11.8 |
| Saudi Arabia | 3.1 | -0.7 | 4.9 | 0.5 | 0.1 | 7.7 | 5.3 | 6.6 | 4.6 | 4.8 | 4.0 |
| Syrian Arab Republic | 5.3 | -3.1 | 2.3 | 3.7 | 3.7 | 1.0 | 2.4 | 2.9 | 3.0 | 3.3 | 4.7 |
| United Arab Emirates | 6.6 | 3.1 | 12.4 | 1.7 | 2.6 | 11.9 | 9.7 | 8.5 | 9.7 | 8.2 | 7.2 |
| Yemen, Rep. of | … | 3.5 | 4.4 | 4.6 | 3.9 | 3.1 | 2.6 | 3.7 | 3.8 | 2.6 | 2.9 |
| Western Hemisphere | 3.1 | 0.3 | 3.9 | 0.5 | 0.3 | 2.4 | 6.0 | 4.6 | 5.5 | 4.9 | 4.2 |
| Antigua and Barbuda | 3.5 | 4.9 | 3.3 | 1.5 | 2.0 | 4.3 | 5.2 | 5.3 | 8.0 | 3.8 | 1.8 |
| Argentina | 3.8 | -3.4 | -0.8 | -4.4 | -10.9 | 8.8 | 9.0 | 9.2 | 8.5 | 7.5 | 5.5 |
| Bahamas, The | 1.6 | 4.0 | 1.9 | 0.8 | 2.3 | 1.4 | 1.8 | 2.7 | 4.0 | 4.5 | 4.0 |
| Barbados | 0.9 | 0.5 | 2.3 | -2.6 | 0.5 | 1.9 | 4.5 | 4.1 | 3.5 | 4.9 | 2.0 |
| Belize | 6.5 | 8.7 | 13.0 | 5.0 | 5.1 | 9.3 | 4.6 | 3.5 | 5.0 | 3.5 | 3.3 |
| Bolivia | 4.3 | 0.4 | 2.5 | 1.7 | 2.5 | 2.9 | 3.9 | 4.1 | 4.5 | 4.5 | 5.3 |
| Brazil | 2.0 | 0.3 | 4.3 | 1.3 | 2.7 | 1.1 | 5.7 | 2.9 | 3.7 | 4.4 | 4.2 |
| Chile | 7.5 | -0.4 | 4.5 | 3.5 | 2.2 | 4.0 | 6.0 | 5.7 | 4.0 | 5.2 | 5.1 |
| Colombia | 3.6 | -4.2 | 2.9 | 1.5 | 1.9 | 3.9 | 4.9 | 5.3 | 6.8 | 5.5 | 4.5 |
| Costa Rica | 5.1 | 8.2 | 1.8 | 1.1 | 2.9 | 6.4 | 4.3 | 5.9 | 7.9 | 6.0 | 5.0 |
| Dominica | 2.0 | 1.6 | 1.4 | -4.2 | -5.1 | 0.1 | 3.0 | 3.4 | 4.1 | 3.0 | 3.0 |
| Dominican Republic | 4.2 | 8.1 | 8.1 | 3.6 | 4.4 | -1.9 | 2.0 | 9.3 | 10.7 | 6.0 | 4.5 |
| Ecuador | 2.9 | -6.3 | 2.8 | 5.3 | 4.2 | 3.6 | 7.9 | 4.7 | 4.2 | 2.7 | 2.9 |
| El Salvador | 4.6 | 3.4 | 2.2 | 1.7 | 2.3 | 2.3 | 1.8 | 2.8 | 4.2 | 4.0 | 4.0 |
| Grenada | 3.6 | 7.3 | 7.0 | -4.4 | 0.8 | 5.8 | -6.9 | 12.1 | 2.1 | 5.0 | 4.0 |
| Guatemala | 4.1 | 3.8 | 3.6 | 2.3 | 2.2 | 2.1 | 2.7 | 3.2 | 4.6 | 4.5 | 4.0 |
| Guyana | 3.9 | 3.0 | -1.3 | 2.3 | 1.1 | -0.7 | 1.6 | -1.9 | 4.8 | 5.2 | 4.7 |
| Haiti | -0.6 | 2.6 | 1.3 | -0.6 | -0.5 | 0.2 | -2.6 | 0.4 | 2.2 | 3.5 | 4.0 |
| Honduras | 3.4 | -1.9 | 5.7 | 2.6 | 2.7 | 3.5 | 5.0 | 4.1 | 5.5 | 4.8 | 3.4 |
| Jamaica | 1.2 | 1.0 | 0.7 | 1.5 | 1.1 | 2.3 | 1.0 | 1.4 | 2.7 | 3.0 | 3.1 |
| Mexico | 3.4 | 3.8 | 6.6 | — | 0.8 | 1.4 | 4.2 | 2.8 | 4.8 | 3.4 | 3.5 |
| Nicaragua | 2.3 | 7.0 | 4.1 | 3.0 | 0.8 | 2.5 | 5.1 | 4.0 | 3.7 | 4.2 | 5.0 |
| Panama | 5.8 | 3.9 | 2.7 | 0.6 | 2.2 | 4.2 | 7.5 | 6.9 | 8.1 | 6.6 | 6.8 |
| Paraguay | 3.2 | -1.5 | -3.3 | 2.1 | — | 3.8 | 4.1 | 2.9 | 4.0 | 4.0 | 4.5 |
| Peru | 1.6 | 0.9 | 3.0 | 0.2 | 5.2 | 3.9 | 5.2 | 6.4 | 8.0 | 6.0 | 5.5 |
| St. Kitts and Nevis | 4.3 | 3.9 | 6.5 | 1.7 | -0.3 | -1.2 | 7.3 | 4.1 | 4.6 | 6.0 | 4.3 |
| St. Lucia | 3.5 | 3.9 | 0.1 | -3.7 | 0.8 | 2.9 | 4.8 | 5.8 | 4.2 | 4.0 | 4.3 |
| St. Vincent and the Grenadines | 3.4 | 3.6 | 2.0 | -0.1 | 3.2 | 2.8 | 6.8 | 2.2 | 4.1 | 5.5 | 6.3 |
| Suriname | 0.8 | -0.9 | -0.1 | 6.8 | 2.6 | 6.0 | 8.1 | 5.5 | 5.8 | 5.3 | 4.0 |
| Trinidad and Tobago | 3.0 | 8.0 | 6.9 | 4.2 | 7.9 | 13.9 | 9.1 | 7.9 | 12.0 | 7.0 | 4.5 |
| Uruguay | 3.6 | -2.8 | -1.4 | -3.4 | -11.0 | 2.2 | 11.8 | 6.6 | 7.0 | 5.0 | 3.5 |
| Venezuela | 2.1 | -6.0 | 3.7 | 3.4 | -8.9 | -7.8 | 18.3 | 10.3 | 10.3 | 6.2 | 2.0 |
For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.
The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).
Data for some countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are IMF staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Country: Real GDP1
(Annual percent change)
| Average 1989–98 |
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Africa | 2.2 | 2.7 | 3.1 | 4.4 | 3.7 | 4.7 | 5.8 | 5.6 | 5.5 | 6.2 | 5.8 |
| Algeria | 1.7 | 3.2 | 2.2 | 2.6 | 4.7 | 6.9 | 5.2 | 5.3 | 2.7 | 4.5 | 4.1 |
| Angola | 0.3 | 3.2 | 3.0 | 3.1 | 14.5 | 3.3 | 11.2 | 20.6 | 15.3 | 35.3 | 16.0 |
| Benin | 4.1 | 5.3 | 4.9 | 6.2 | 4.5 | 3.9 | 3.1 | 2.9 | 4.1 | 4.7 | 5.2 |
| Botswana | 6.5 | 7.2 | 8.3 | 4.9 | 5.6 | 6.3 | 6.0 | 6.2 | 4.2 | 4.3 | 4.4 |
| Burkina Faso | 4.5 | 7.4 | 1.8 | 6.6 | 4.7 | 8.0 | 4.6 | 7.1 | 6.4 | 6.5 | 6.3 |
| Burundi | -1.0 | -1.0 | -0.9 | 2.1 | 4.4 | -1.2 | 4.8 | 0.9 | 5.1 | 5.5 | 6.6 |
| Cameroon2 | -0.3 | 4.4 | 4.2 | 4.5 | 4.0 | 4.0 | 3.7 | 2.0 | 3.5 | 4.0 | 4.1 |
| Cape Verde | 5.5 | 11.9 | 7.3 | 6.1 | 5.3 | 4.7 | 4.4 | 5.8 | 5.8 | 6.5 | 7.0 |
| Central African Republic | 0.2 | 3.6 | 1.8 | 0.3 | -0.6 | -7.6 | 1.3 | 2.2 | 3.5 | 4.0 | 4.3 |
| Chad | 3.5 | -0.7 | -0.9 | 11.7 | 8.5 | 14.7 | 33.6 | 8.6 | 1.3 | -1.2 | 7.4 |
| Comoros | 0.9 | 1.9 | 1.4 | 3.3 | 4.1 | 2.5 | -0.2 | 4.2 | 1.2 | 3.0 | 4.5 |
| Congo, Dem. Rep. of | -5.3 | -4.3 | -6.9 | -2.1 | 3.5 | 5.8 | 6.6 | 6.5 | 5.1 | 6.5 | 6.9 |
| Congo, Rep. of | 3.0 | -2.6 | 7.6 | 3.8 | 4.6 | 0.8 | 3.6 | 7.7 | 6.4 | 3.7 | 7.3 |
| Côte d’Ivoire | 3.8 | 1.8 | -4.6 | — | -1.6 | -1.7 | 1.6 | 1.5 | 1.4 | 1.7 | 3.3 |
| Djibouti | -1.7 | 3.0 | 0.4 | 2.0 | 2.6 | 3.2 | 3.0 | 3.2 | 4.5 | 5.1 | 5.7 |
| Equatorial Guinea | 26.6 | 24.2 | 13.7 | 94.4 | 24.7 | 12.5 | 33.9 | 6.5 | 1.0 | 7.1 | 9.0 |
| Eritrea | … | — | -13.1 | 9.2 | 0.6 | 3.9 | 2.0 | 4.8 | 2.0 | 1.3 | 1.3 |
| Ethiopia | 1.9 | 6.0 | 5.9 | 7.7 | 1.2 | -3.5 | 13.1 | 10.3 | 10.6 | 6.5 | 6.6 |
| Gabon | 4.8 | -8.9 | -1.9 | 2.1 | -0.3 | 2.4 | 1.1 | 3.0 | 1.0 | 4.7 | 2.2 |
| Gambia, The | 4.0 | 6.4 | 5.5 | 5.8 | -3.2 | 6.9 | 7.0 | 5.1 | 6.5 | 7.0 | 6.0 |
| Ghana | 4.3 | 4.4 | 3.7 | 4.2 | 4.5 | 5.2 | 5.6 | 5.9 | 6.2 | 6.3 | 6.9 |
| Guinea | 4.3 | 4.7 | 1.9 | 4.0 | 4.2 | 1.2 | 2.7 | 3.3 | 2.8 | 2.5 | 5.0 |
| Guinea-Bissau | 0.2 | 7.6 | 7.5 | 0.2 | -7.1 | -0.6 | 2.2 | 3.2 | 2.7 | 5.0 | 4.7 |
| Kenya | 2.3 | 2.4 | 0.6 | 4.7 | 0.3 | 2.8 | 4.5 | 5.8 | 6.0 | 6.2 | 5.8 |
| Lesotho | 4.6 | -0.6 | 0.7 | 2.0 | 2.8 | 3.0 | 3.8 | 3.7 | 5.6 | 5.1 | 5.2 |
| Liberia | … | 34.6 | 29.3 | 22.0 | 31.8 | -33.9 | -5.2 | 9.5 | 9.7 | 13.3 | 13.5 |
| Madagascar | 1.5 | 4.7 | 4.7 | 6.0 | -12.7 | 9.8 | 5.3 | 4.6 | 4.7 | 5.6 | 5.6 |
| Malawi | 3.7 | 3.5 | 0.8 | -4.1 | 2.1 | 3.9 | 5.1 | 2.1 | 8.5 | 5.7 | 5.5 |
| Mali | 5.9 | 3.0 | -3.2 | 12.1 | 4.3 | 7.2 | 2.4 | 6.1 | 4.6 | 5.9 | 5.7 |
| Mauritania | 2.2 | 6.7 | 1.9 | 2.9 | 1.1 | 5.6 | 5.2 | 5.4 | 11.7 | 1.9 | 5.0 |
| Mauritius | 5.9 | 4.6 | 7.2 | 4.2 | 1.5 | 3.8 | 4.7 | 3.0 | 3.7 | 4.1 | 4.4 |
| Morocco | 2.8 | -0.1 | 1.0 | 6.3 | 3.2 | 5.5 | 4.2 | 1.7 | 7.3 | 3.5 | 5.8 |
| Mozambique, Rep. of | 5.0 | 7.5 | 1.9 | 13.1 | 8.2 | 7.9 | 7.5 | 7.8 | 8.5 | 6.8 | 7.6 |
| Namibia | 3.7 | 3.4 | 3.5 | 2.4 | 6.7 | 3.5 | 6.6 | 4.2 | 4.6 | 4.8 | 4.6 |
| Niger | 1.9 | -0.6 | -1.4 | 7.1 | 3.0 | 4.5 | -0.7 | 6.8 | 3.4 | 4.1 | 4.3 |
| Nigeria | 3.4 | 1.5 | 5.4 | 3.1 | 1.5 | 10.7 | 6.0 | 7.2 | 5.3 | 8.2 | 6.7 |
| Rwanda | -1.8 | 7.6 | 6.0 | 6.7 | 9.4 | 0.9 | 4.0 | 6.0 | 4.2 | 4.7 | 4.9 |
| São Tomé and Príncipe | 1.3 | 2.5 | 3.0 | 4.0 | 4.1 | 4.0 | 3.8 | 6.0 | 8.0 | 7.0 | 7.0 |
| Senegal | 2.5 | 6.3 | 3.2 | 4.6 | 0.7 | 6.7 | 5.6 | 5.5 | 3.3 | 5.6 | 5.6 |
| Seychelles | 5.7 | 1.9 | 4.3 | -2.3 | 1.2 | -5.9 | -2.9 | 1.2 | 4.5 | 5.0 | 4.0 |
| Sierra Leone | -6.6 | -8.1 | 3.8 | 18.2 | 27.4 | 9.5 | 7.4 | 7.3 | 7.4 | 6.5 | 6.5 |
| South Africa | 1.4 | 2.4 | 4.2 | 2.7 | 3.7 | 3.1 | 4.8 | 5.1 | 5.0 | 4.7 | 4.5 |
| Sudan | 2.6 | 3.1 | 8.4 | 6.2 | 5.4 | 7.1 | 5.1 | 8.6 | 12.2 | 11.1 | 10.2 |
| Swaziland | 4.2 | 3.5 | 2.6 | 1.6 | 2.9 | 2.9 | 2.1 | 2.3 | 2.1 | 1.2 | 1.0 |
| Tanzania | 3.1 | 3.5 | 5.1 | 6.2 | 7.2 | 5.7 | 6.7 | 6.8 | 5.9 | 7.3 | 7.6 |
| Togo | 1.7 | 2.6 | -1.0 | -2.3 | -0.2 | 5.2 | 2.3 | 1.2 | 1.8 | 2.9 | 3.9 |
| Tunisia | 4.6 | 6.1 | 4.7 | 4.9 | 1.7 | 5.6 | 6.0 | 4.0 | 5.3 | 6.0 | 6.0 |
| Uganda | 6.1 | 8.3 | 5.3 | 4.8 | 6.9 | 4.4 | 5.7 | 6.7 | 5.4 | 6.2 | 6.5 |
| Zambia | -1.2 | 2.2 | 3.6 | 4.9 | 3.3 | 5.1 | 5.4 | 5.2 | 6.0 | 6.0 | 6.0 |
| Zimbabwe | 2.9 | -3.6 | -7.3 | -2.7 | -4.4 | -10.4 | -3.8 | -5.3 | -4.8 | -5.7 | -3.6 |
| Central and eastern Europe 3 | 1.1 | 0.5 | 4.9 | 0.2 | 4.5 | 4.8 | 6.6 | 5.5 | 6.0 | 5.5 | 5.3 |
| Albania | -0.5 | 10.1 | 7.3 | 7.0 | 2.9 | 5.7 | 5.9 | 5.5 | 5.0 | 6.0 | 6.0 |
| Bosnia and Herzegovina | … | 9.5 | 5.2 | 3.6 | 5.0 | 4.1 | 5.8 | 5.0 | 6.0 | 6.0 | 6.0 |
| Bulgaria | -5.6 | 2.3 | 5.4 | 4.1 | 4.9 | 4.5 | 5.7 | 5.5 | 6.2 | 6.0 | 6.0 |
| Croatia | … | -0.9 | 2.9 | 4.4 | 5.6 | 5.3 | 3.8 | 4.3 | 4.6 | 4.7 | 4.5 |
| Czech Republic | 0.0 | 1.3 | 3.6 | 2.5 | 1.9 | 3.6 | 4.2 | 6.1 | 6.1 | 4.8 | 4.3 |
| Estonia | … | 0.3 | 10.8 | 7.7 | 8.0 | 7.1 | 8.1 | 10.5 | 11.4 | 9.9 | 7.9 |
| Hungary | -0.2 | 4.2 | 5.2 | 4.1 | 4.3 | 4.1 | 4.9 | 4.2 | 3.9 | 2.8 | 3.0 |
| Latvia | … | 4.7 | 6.9 | 8.0 | 6.5 | 7.2 | 8.6 | 10.2 | 11.9 | 10.5 | 7.0 |
| Lithuania | … | -1.5 | 4.1 | 6.6 | 6.9 | 10.3 | 7.3 | 7.6 | 7.5 | 7.0 | 6.5 |
| Macedonia, FYR | … | 4.3 | 4.5 | -4.5 | 0.9 | 2.8 | 4.1 | 3.8 | 4.0 | 4.5 | 4.5 |
| Malta | 5.3 | 3.8 | -1.0 | -1.1 | 1.9 | -2.3 | 0.8 | 2.2 | 2.5 | 2.3 | 2.3 |
| Serbia | … | -18.0 | 4.5 | 4.8 | 4.2 | 2.5 | 8.4 | 6.2 | 5.4 | 5.0 | 5.5 |
| Poland | 2.5 | 4.5 | 4.2 | 1.1 | 1.4 | 3.8 | 5.3 | 3.5 | 5.8 | 5.8 | 5.0 |
| Romania | -2.9 | -1.2 | 2.1 | 5.7 | 5.1 | 5.2 | 8.4 | 4.1 | 7.7 | 6.5 | 4.8 |
| Slovak Republic | … | 0.3 | 0.7 | 3.2 | 4.1 | 4.2 | 5.4 | 6.0 | 8.2 | 8.2 | 7.5 |
| Turkey | 4.3 | -4.7 | 7.4 | -7.5 | 7.9 | 5.8 | 8.9 | 7.4 | 5.5 | 5.0 | 6.0 |
| Commonwealth of Independent States 3, 4 | … | 5.2 | 9.0 | 6.3 | 5.3 | 7.9 | 8.4 | 6.6 | 7.7 | 7.0 | 6.4 |
| Russia | … | 6.4 | 10.0 | 5.1 | 4.7 | 7.3 | 7.2 | 6.4 | 6.7 | 6.4 | 5.9 |
| Excluding Russia | … | 2.4 | 6.7 | 9.1 | 6.6 | 9.3 | 11.0 | 6.9 | 9.7 | 8.3 | 7.5 |
| Armenia | … | 3.3 | 6.0 | 9.6 | 13.2 | 14.0 | 10.5 | 14.0 | 13.4 | 9.0 | 6.0 |
| Azerbaijan | … | 11.4 | 6.2 | 6.5 | 8.1 | 10.4 | 10.2 | 24.3 | 31.0 | 29.2 | 23.1 |
| Belarus | … | 3.4 | 5.8 | 4.7 | 5.0 | 7.0 | 11.4 | 9.3 | 9.9 | 5.5 | 3.9 |
| Georgia | … | 3.0 | 1.9 | 4.7 | 5.5 | 11.1 | 5.9 | 9.6 | 9.0 | 7.5 | 6.5 |
| Kazakhstan | … | 2.7 | 9.8 | 13.5 | 9.8 | 9.3 | 9.6 | 9.7 | 10.6 | 9.0 | 8.1 |
| Kyrgyz Republic | … | 3.7 | 5.4 | 5.3 | -0.0 | 7.0 | 7.0 | -0.2 | 2.7 | 6.5 | 6.6 |
| Moldova | … | -3.4 | 2.1 | 6.1 | 7.8 | 6.6 | 7.4 | 7.5 | 4.0 | 4.5 | 5.0 |
| Mongolia | -0.3 | 3.2 | 1.2 | 1.1 | 4.2 | 6.1 | 10.8 | 6.6 | 8.4 | 8.0 | 7.0 |
| Tajikistan | … | 3.7 | 8.3 | 10.2 | 9.1 | 10.2 | 10.6 | 6.7 | 7.0 | 7.5 | 8.0 |
| Turkmenistan | … | 16.5 | 18.6 | 20.4 | 15.8 | 17.1 | 14.7 | 9.0 | 9.0 | 10.0 | 10.0 |
| Ukraine | … | -0.2 | 5.9 | 9.2 | 5.2 | 9.6 | 12.1 | 2.7 | 7.1 | 5.0 | 4.6 |
| Uzbekistan | … | 4.3 | 3.8 | 4.2 | 4.0 | 4.2 | 7.7 | 7.0 | 7.2 | 7.7 | 7.5 |
| Developing Asia | 7.3 | 6.4 | 7.0 | 6.0 | 7.0 | 8.4 | 8.7 | 9.2 | 9.4 | 8.8 | 8.4 |
| Afghanistan, Rep. of | … | … | … | … | 28.6 | 15.7 | 8.0 | 14.0 | 8.0 | 12.2 | 10.8 |
| Bangladesh | 4.7 | 5.4 | 5.6 | 4.8 | 4.8 | 5.8 | 6.1 | 6.3 | 6.7 | 6.6 | 6.5 |
| Bhutan | 4.5 | 7.9 | 7.6 | 7.2 | 10.0 | 7.6 | 6.8 | 6.5 | 13.7 | 15.2 | 8.6 |
| Brunei Darussalam | … | 3.1 | 2.9 | 2.7 | 3.9 | 2.9 | 0.5 | 0.4 | 3.8 | 2.6 | 3.0 |
| Cambodia | … | 12.6 | 8.4 | 7.7 | 6.2 | 8.6 | 10.0 | 13.4 | 9.5 | 7.0 | 6.0 |
| China | 9.6 | 7.6 | 8.4 | 8.3 | 9.1 | 10.0 | 10.1 | 10.4 | 10.7 | 10.0 | 9.5 |
| Fiji | 3.8 | 9.2 | -2.8 | 2.7 | 4.3 | 3.0 | 5.4 | 0.7 | 3.2 | 2.3 | 1.7 |
| India | 5.7 | 6.7 | 5.3 | 4.1 | 4.3 | 7.3 | 7.8 | 9.2 | 9.2 | 8.4 | 7.8 |
| Indonesia | 4.8 | 0.8 | 5.4 | 3.6 | 4.5 | 4.8 | 5.0 | 5.7 | 5.5 | 6.0 | 6.3 |
| Kiribati | 3.1 | 9.5 | 3.9 | 1.7 | 5.8 | 1.4 | -2.9 | -0.2 | 5.8 | 2.5 | 1.6 |
| Lao PDR | 6.6 | 7.3 | 5.8 | 5.7 | 5.9 | 6.1 | 6.4 | 7.1 | 7.6 | 7.1 | 7.9 |
| Malaysia | 7.4 | 6.1 | 8.9 | 0.3 | 4.4 | 5.5 | 7.2 | 5.2 | 5.9 | 5.5 | 5.8 |
| Maldives | 6.7 | 7.2 | 4.8 | 3.5 | 6.5 | 8.5 | 9.5 | -4.5 | 16.1 | 4.0 | 3.0 |
| Myanmar | 5.3 | 10.9 | 13.7 | 11.3 | 12.0 | 13.8 | 13.6 | 13.2 | 7.0 | 5.5 | 4.0 |
| Nepal | 4.8 | 4.5 | 6.1 | 5.6 | -0.6 | 3.3 | 3.8 | 2.7 | 1.9 | 3.5 | 4.5 |
| Pakistan | 4.1 | 3.7 | 4.3 | 2.0 | 3.2 | 4.9 | 7.4 | 8.0 | 6.2 | 6.5 | 6.5 |
| Papua New Guinea | 4.2 | 1.9 | -2.5 | -0.1 | -0.2 | 2.2 | 2.7 | 3.3 | 3.7 | 4.3 | 3.7 |
| Philippines | 3.0 | 3.4 | 6.0 | 1.8 | 4.4 | 4.9 | 6.2 | 5.0 | 5.4 | 5.8 | 5.8 |
| Samoa | 2.4 | 2.1 | 3.7 | 7.1 | 4.4 | 1.6 | 3.3 | 5.4 | 2.3 | 3.0 | 3.5 |
| Solomon Islands | 4.8 | -0.5 | -14.3 | -9.0 | -1.6 | 6.4 | 8.0 | 5.0 | 4.8 | 3.8 | 3.4 |
| Sri Lanka | 5.0 | 4.3 | 6.0 | -1.5 | 4.0 | 6.0 | 5.4 | 6.0 | 7.5 | 7.0 | 7.0 |
| Thailand | 5.8 | 4.4 | 4.8 | 2.2 | 5.3 | 7.1 | 6.3 | 4.5 | 5.0 | 4.5 | 4.8 |
| Timor-Leste, Dem. Rep. of | … | … | 15.5 | 16.5 | -6.7 | -6.2 | 0.3 | 2.3 | -1.6 | 32.0 | 3.6 |
| Tonga | 1.4 | 2.3 | 5.4 | 2.6 | 3.0 | 3.2 | 1.4 | 2.3 | 1.9 | 0.6 | 1.6 |
| Vanuatu | 4.4 | -3.2 | 2.7 | -2.6 | -7.4 | 3.2 | 5.5 | 6.8 | 5.5 | 5.0 | 4.0 |
| Vietnam | 7.7 | 4.8 | 6.8 | 6.9 | 7.1 | 7.3 | 7.8 | 8.4 | 8.2 | 8.0 | 7.8 |
| Middle East | 4.5 | 1.8 | 5.4 | 3.0 | 3.9 | 6.5 | 5.6 | 5.4 | 5.7 | 5.5 | 5.5 |
| Bahrain | 4.8 | 4.3 | 5.2 | 4.6 | 5.2 | 7.2 | 5.6 | 7.8 | 7.7 | 6.9 | 6.6 |
| Egypt | 3.7 | 6.1 | 5.4 | 3.5 | 3.2 | 3.2 | 4.1 | 4.5 | 6.8 | 6.7 | 6.6 |
| Iran, I.R. of | 5.5 | 1.9 | 5.1 | 3.7 | 7.5 | 7.2 | 5.1 | 4.4 | 5.3 | 5.0 | 5.0 |
| Iraq | … | … | … | … | … | … | … | … | … | … | … |
| Jordan | 2.7 | 3.4 | 4.3 | 5.3 | 5.8 | 4.2 | 8.4 | 7.2 | 6.0 | 6.0 | 6.0 |
| Kuwait | 2.7 | -1.8 | 4.7 | 0.2 | 3.0 | 16.5 | 10.5 | 10.0 | 5.0 | 3.5 | 4.8 |
| Lebanon | -0.1 | -0.8 | 1.7 | 4.5 | 3.3 | 4.1 | 7.0 | 1.0 | — | 1.0 | 3.5 |
| Libya | -1.1 | 1.1 | 3.4 | 5.9 | 1.4 | 5.9 | 5.0 | 6.3 | 5.6 | 7.9 | 8.1 |
| Oman | 5.2 | -0.2 | 5.5 | 7.5 | 2.6 | 2.0 | 5.4 | 5.8 | 5.9 | 6.0 | 6.3 |
| Qatar | 4.7 | 4.5 | 9.1 | 3.3 | 7.1 | 3.5 | 20.8 | 6.1 | 8.8 | 8.0 | 11.8 |
| Saudi Arabia | 3.1 | -0.7 | 4.9 | 0.5 | 0.1 | 7.7 | 5.3 | 6.6 | 4.6 | 4.8 | 4.0 |
| Syrian Arab Republic | 5.3 | -3.1 | 2.3 | 3.7 | 3.7 | 1.0 | 2.4 | 2.9 | 3.0 | 3.3 | 4.7 |
| United Arab Emirates | 6.6 | 3.1 | 12.4 | 1.7 | 2.6 | 11.9 | 9.7 | 8.5 | 9.7 | 8.2 | 7.2 |
| Yemen, Rep. of | … | 3.5 | 4.4 | 4.6 | 3.9 | 3.1 | 2.6 | 3.7 | 3.8 | 2.6 | 2.9 |
| Western Hemisphere | 3.1 | 0.3 | 3.9 | 0.5 | 0.3 | 2.4 | 6.0 | 4.6 | 5.5 | 4.9 | 4.2 |
| Antigua and Barbuda | 3.5 | 4.9 | 3.3 | 1.5 | 2.0 | 4.3 | 5.2 | 5.3 | 8.0 | 3.8 | 1.8 |
| Argentina | 3.8 | -3.4 | -0.8 | -4.4 | -10.9 | 8.8 | 9.0 | 9.2 | 8.5 | 7.5 | 5.5 |
| Bahamas, The | 1.6 | 4.0 | 1.9 | 0.8 | 2.3 | 1.4 | 1.8 | 2.7 | 4.0 | 4.5 | 4.0 |
| Barbados | 0.9 | 0.5 | 2.3 | -2.6 | 0.5 | 1.9 | 4.5 | 4.1 | 3.5 | 4.9 | 2.0 |
| Belize | 6.5 | 8.7 | 13.0 | 5.0 | 5.1 | 9.3 | 4.6 | 3.5 | 5.0 | 3.5 | 3.3 |
| Bolivia | 4.3 | 0.4 | 2.5 | 1.7 | 2.5 | 2.9 | 3.9 | 4.1 | 4.5 | 4.5 | 5.3 |
| Brazil | 2.0 | 0.3 | 4.3 | 1.3 | 2.7 | 1.1 | 5.7 | 2.9 | 3.7 | 4.4 | 4.2 |
| Chile | 7.5 | -0.4 | 4.5 | 3.5 | 2.2 | 4.0 | 6.0 | 5.7 | 4.0 | 5.2 | 5.1 |
| Colombia | 3.6 | -4.2 | 2.9 | 1.5 | 1.9 | 3.9 | 4.9 | 5.3 | 6.8 | 5.5 | 4.5 |
| Costa Rica | 5.1 | 8.2 | 1.8 | 1.1 | 2.9 | 6.4 | 4.3 | 5.9 | 7.9 | 6.0 | 5.0 |
| Dominica | 2.0 | 1.6 | 1.4 | -4.2 | -5.1 | 0.1 | 3.0 | 3.4 | 4.1 | 3.0 | 3.0 |
| Dominican Republic | 4.2 | 8.1 | 8.1 | 3.6 | 4.4 | -1.9 | 2.0 | 9.3 | 10.7 | 6.0 | 4.5 |
| Ecuador | 2.9 | -6.3 | 2.8 | 5.3 | 4.2 | 3.6 | 7.9 | 4.7 | 4.2 | 2.7 | 2.9 |
| El Salvador | 4.6 | 3.4 | 2.2 | 1.7 | 2.3 | 2.3 | 1.8 | 2.8 | 4.2 | 4.0 | 4.0 |
| Grenada | 3.6 | 7.3 | 7.0 | -4.4 | 0.8 | 5.8 | -6.9 | 12.1 | 2.1 | 5.0 | 4.0 |
| Guatemala | 4.1 | 3.8 | 3.6 | 2.3 | 2.2 | 2.1 | 2.7 | 3.2 | 4.6 | 4.5 | 4.0 |
| Guyana | 3.9 | 3.0 | -1.3 | 2.3 | 1.1 | -0.7 | 1.6 | -1.9 | 4.8 | 5.2 | 4.7 |
| Haiti | -0.6 | 2.6 | 1.3 | -0.6 | -0.5 | 0.2 | -2.6 | 0.4 | 2.2 | 3.5 | 4.0 |
| Honduras | 3.4 | -1.9 | 5.7 | 2.6 | 2.7 | 3.5 | 5.0 | 4.1 | 5.5 | 4.8 | 3.4 |
| Jamaica | 1.2 | 1.0 | 0.7 | 1.5 | 1.1 | 2.3 | 1.0 | 1.4 | 2.7 | 3.0 | 3.1 |
| Mexico | 3.4 | 3.8 | 6.6 | — | 0.8 | 1.4 | 4.2 | 2.8 | 4.8 | 3.4 | 3.5 |
| Nicaragua | 2.3 | 7.0 | 4.1 | 3.0 | 0.8 | 2.5 | 5.1 | 4.0 | 3.7 | 4.2 | 5.0 |
| Panama | 5.8 | 3.9 | 2.7 | 0.6 | 2.2 | 4.2 | 7.5 | 6.9 | 8.1 | 6.6 | 6.8 |
| Paraguay | 3.2 | -1.5 | -3.3 | 2.1 | — | 3.8 | 4.1 | 2.9 | 4.0 | 4.0 | 4.5 |
| Peru | 1.6 | 0.9 | 3.0 | 0.2 | 5.2 | 3.9 | 5.2 | 6.4 | 8.0 | 6.0 | 5.5 |
| St. Kitts and Nevis | 4.3 | 3.9 | 6.5 | 1.7 | -0.3 | -1.2 | 7.3 | 4.1 | 4.6 | 6.0 | 4.3 |
| St. Lucia | 3.5 | 3.9 | 0.1 | -3.7 | 0.8 | 2.9 | 4.8 | 5.8 | 4.2 | 4.0 | 4.3 |
| St. Vincent and the Grenadines | 3.4 | 3.6 | 2.0 | -0.1 | 3.2 | 2.8 | 6.8 | 2.2 | 4.1 | 5.5 | 6.3 |
| Suriname | 0.8 | -0.9 | -0.1 | 6.8 | 2.6 | 6.0 | 8.1 | 5.5 | 5.8 | 5.3 | 4.0 |
| Trinidad and Tobago | 3.0 | 8.0 | 6.9 | 4.2 | 7.9 | 13.9 | 9.1 | 7.9 | 12.0 | 7.0 | 4.5 |
| Uruguay | 3.6 | -2.8 | -1.4 | -3.4 | -11.0 | 2.2 | 11.8 | 6.6 | 7.0 | 5.0 | 3.5 |
| Venezuela | 2.1 | -6.0 | 3.7 | 3.4 | -8.9 | -7.8 | 18.3 | 10.3 | 10.3 | 6.2 | 2.0 |
For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.
The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).
Data for some countries refer to real net material product (NMP) or are estimates based on NMP. For many countries, figures for recent years are IMF staff estimates. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Inflation
Summary of Inflation
(Percent)
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Based on Eurostat’s harmonized index of consumer prices.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Summary of Inflation
(Percent)
| Ten-Year Averages | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||
| GDP deflators | ||||||||||||||||
| Advanced economies | 3.3 | 1.7 | 0.9 | 1.5 | 1.9 | 1.6 | 1.7 | 1.9 | 1.9 | 1.9 | 1.4 | 1.7 | ||||
| United States | 2.5 | 2.2 | 1.4 | 2.2 | 2.4 | 1.7 | 2.1 | 2.8 | 3.0 | 2.9 | 1.7 | 1.9 | ||||
| Euro area | … | 1.9 | 0.9 | 1.5 | 2.7 | 2.6 | 2.1 | 1.9 | 1.9 | 1.7 | 1.8 | 1.8 | ||||
| Japan | 0.9 | -1.0 | -1.3 | -1.7 | -1.2 | -1.5 | -1.6 | -1.1 | -1.3 | -0.9 | -0.3 | 0.6 | ||||
| Other advanced economies1 | 4.0 | 1.8 | 1.1 | 1.9 | 2.0 | 1.8 | 2.0 | 2.0 | 1.9 | 1.7 | 1.3 | 2.0 | ||||
| Consumer prices | ||||||||||||||||
| Advanced economies | 3.5 | 2.0 | 1.4 | 2.2 | 2.1 | 1.5 | 1.8 | 2.0 | 2.3 | 2.3 | 1.8 | 2.1 | ||||
| United States | 3.3 | 2.6 | 2.2 | 3.4 | 2.8 | 1.6 | 2.3 | 2.7 | 3.4 | 3.2 | 1.9 | 2.5 | ||||
| Euro area2 | … | 2.1 | 1.1 | 2.1 | 2.4 | 2.3 | 2.1 | 2.1 | 2.2 | 2.2 | 2.0 | 2.0 | ||||
| Japan | 1.5 | -0.2 | -0.3 | -0.4 | -0.8 | -0.9 | -0.2 | — | -0.6 | 0.2 | 0.3 | 0.8 | ||||
| Other advanced economies | 4.0 | 1.9 | 1.1 | 1.8 | 2.1 | 1.7 | 1.8 | 1.7 | 2.1 | 2.1 | 2.0 | 2.1 | ||||
| Other emerging market and developing countries | 50.3 | 6.2 | 10.3 | 7.1 | 6.7 | 5.8 | 5.8 | 5.6 | 5.4 | 5.3 | 5.4 | 4.9 | ||||
| Regional groups | ||||||||||||||||
| Africa | 28.2 | 10.5 | 11.8 | 13.5 | 12.5 | 9.7 | 10.6 | 7.9 | 8.4 | 9.5 | 10.7 | 10.4 | ||||
| Central and eastern Europe | 63.5 | 11.2 | 23.7 | 23.1 | 19.7 | 14.9 | 8.3 | 6.1 | 4.8 | 5.0 | 4.8 | 3.7 | ||||
| Commonwealth of Independent States3 | … | 17.9 | 69.8 | 24.7 | 20.3 | 13.8 | 12.0 | 10.3 | 12.4 | 9.5 | 9.0 | 8.3 | ||||
| Developing Asia | 9.7 | 3.1 | 2.5 | 1.8 | 2.7 | 2.0 | 2.5 | 4.1 | 3.6 | 4.0 | 3.9 | 3.4 | ||||
| Middle East | 11.4 | 6.7 | 6.6 | 4.0 | 3.8 | 5.3 | 6.2 | 7.2 | 7.1 | 7.9 | 10.6 | 8.7 | ||||
| Western Hemisphere | 134.2 | 7.0 | 8.3 | 7.6 | 6.1 | 8.9 | 10.6 | 6.5 | 6.3 | 5.4 | 5.2 | 5.7 | ||||
| Memorandum | ||||||||||||||||
| European Union | 11.5 | 2.4 | 2.2 | 3.1 | 3.0 | 2.5 | 2.2 | 2.3 | 2.3 | 2.3 | 2.2 | 2.2 | ||||
| Analytical groups | ||||||||||||||||
| By source of export earnings | ||||||||||||||||
| Fuel | 74.1 | 13.0 | 36.2 | 13.9 | 13.5 | 11.7 | 11.3 | 9.6 | 9.9 | 8.9 | 9.4 | 8.5 | ||||
| Nonfuel | 46.5 | 5.2 | 6.7 | 6.1 | 5.6 | 4.9 | 5.0 | 5.0 | 4.7 | 4.8 | 4.8 | 4.3 | ||||
| of which, primary products | 73.5 | 23.9 | 30.7 | 35.5 | 30.9 | 17.6 | 19.2 | 14.7 | 17.0 | 22.5 | 25.5 | 27.2 | ||||
| By external financing source | ||||||||||||||||
| Net debtor countries | 55.7 | 7.3 | 10.4 | 8.8 | 8.1 | 8.1 | 7.3 | 5.7 | 6.2 | 6.7 | 6.4 | 5.6 | ||||
| of which, official financing | 27.7 | 5.7 | 5.3 | 3.8 | 4.1 | 3.7 | 5.9 | 7.4 | 7.3 | 6.9 | 6.6 | 5.6 | ||||
| Net debtor countries by debt-servicing experience | ||||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 44.6 | 11.6 | 14.1 | 10.4 | 11.4 | 14.2 | 11.6 | 8.6 | 10.7 | 13.1 | 11.5 | 11.2 | ||||
| Memorandum | ||||||||||||||||
| Median inflation rate | ||||||||||||||||
| Advanced economies | 3.1 | 2.1 | 1.4 | 2.7 | 2.6 | 2.2 | 2.1 | 1.9 | 2.1 | 2.2 | 2.0 | 2.0 | ||||
| Other emerging market and developing countries | 10.3 | 4.5 | 3.9 | 4.0 | 4.7 | 3.3 | 4.0 | 4.5 | 5.7 | 5.5 | 5.3 | 4.4 | ||||
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Based on Eurostat’s harmonized index of consumer prices.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Summary of Inflation
(Percent)
| Ten-Year Averages | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||
| GDP deflators | ||||||||||||||||
| Advanced economies | 3.3 | 1.7 | 0.9 | 1.5 | 1.9 | 1.6 | 1.7 | 1.9 | 1.9 | 1.9 | 1.4 | 1.7 | ||||
| United States | 2.5 | 2.2 | 1.4 | 2.2 | 2.4 | 1.7 | 2.1 | 2.8 | 3.0 | 2.9 | 1.7 | 1.9 | ||||
| Euro area | … | 1.9 | 0.9 | 1.5 | 2.7 | 2.6 | 2.1 | 1.9 | 1.9 | 1.7 | 1.8 | 1.8 | ||||
| Japan | 0.9 | -1.0 | -1.3 | -1.7 | -1.2 | -1.5 | -1.6 | -1.1 | -1.3 | -0.9 | -0.3 | 0.6 | ||||
| Other advanced economies1 | 4.0 | 1.8 | 1.1 | 1.9 | 2.0 | 1.8 | 2.0 | 2.0 | 1.9 | 1.7 | 1.3 | 2.0 | ||||
| Consumer prices | ||||||||||||||||
| Advanced economies | 3.5 | 2.0 | 1.4 | 2.2 | 2.1 | 1.5 | 1.8 | 2.0 | 2.3 | 2.3 | 1.8 | 2.1 | ||||
| United States | 3.3 | 2.6 | 2.2 | 3.4 | 2.8 | 1.6 | 2.3 | 2.7 | 3.4 | 3.2 | 1.9 | 2.5 | ||||
| Euro area2 | … | 2.1 | 1.1 | 2.1 | 2.4 | 2.3 | 2.1 | 2.1 | 2.2 | 2.2 | 2.0 | 2.0 | ||||
| Japan | 1.5 | -0.2 | -0.3 | -0.4 | -0.8 | -0.9 | -0.2 | — | -0.6 | 0.2 | 0.3 | 0.8 | ||||
| Other advanced economies | 4.0 | 1.9 | 1.1 | 1.8 | 2.1 | 1.7 | 1.8 | 1.7 | 2.1 | 2.1 | 2.0 | 2.1 | ||||
| Other emerging market and developing countries | 50.3 | 6.2 | 10.3 | 7.1 | 6.7 | 5.8 | 5.8 | 5.6 | 5.4 | 5.3 | 5.4 | 4.9 | ||||
| Regional groups | ||||||||||||||||
| Africa | 28.2 | 10.5 | 11.8 | 13.5 | 12.5 | 9.7 | 10.6 | 7.9 | 8.4 | 9.5 | 10.7 | 10.4 | ||||
| Central and eastern Europe | 63.5 | 11.2 | 23.7 | 23.1 | 19.7 | 14.9 | 8.3 | 6.1 | 4.8 | 5.0 | 4.8 | 3.7 | ||||
| Commonwealth of Independent States3 | … | 17.9 | 69.8 | 24.7 | 20.3 | 13.8 | 12.0 | 10.3 | 12.4 | 9.5 | 9.0 | 8.3 | ||||
| Developing Asia | 9.7 | 3.1 | 2.5 | 1.8 | 2.7 | 2.0 | 2.5 | 4.1 | 3.6 | 4.0 | 3.9 | 3.4 | ||||
| Middle East | 11.4 | 6.7 | 6.6 | 4.0 | 3.8 | 5.3 | 6.2 | 7.2 | 7.1 | 7.9 | 10.6 | 8.7 | ||||
| Western Hemisphere | 134.2 | 7.0 | 8.3 | 7.6 | 6.1 | 8.9 | 10.6 | 6.5 | 6.3 | 5.4 | 5.2 | 5.7 | ||||
| Memorandum | ||||||||||||||||
| European Union | 11.5 | 2.4 | 2.2 | 3.1 | 3.0 | 2.5 | 2.2 | 2.3 | 2.3 | 2.3 | 2.2 | 2.2 | ||||
| Analytical groups | ||||||||||||||||
| By source of export earnings | ||||||||||||||||
| Fuel | 74.1 | 13.0 | 36.2 | 13.9 | 13.5 | 11.7 | 11.3 | 9.6 | 9.9 | 8.9 | 9.4 | 8.5 | ||||
| Nonfuel | 46.5 | 5.2 | 6.7 | 6.1 | 5.6 | 4.9 | 5.0 | 5.0 | 4.7 | 4.8 | 4.8 | 4.3 | ||||
| of which, primary products | 73.5 | 23.9 | 30.7 | 35.5 | 30.9 | 17.6 | 19.2 | 14.7 | 17.0 | 22.5 | 25.5 | 27.2 | ||||
| By external financing source | ||||||||||||||||
| Net debtor countries | 55.7 | 7.3 | 10.4 | 8.8 | 8.1 | 8.1 | 7.3 | 5.7 | 6.2 | 6.7 | 6.4 | 5.6 | ||||
| of which, official financing | 27.7 | 5.7 | 5.3 | 3.8 | 4.1 | 3.7 | 5.9 | 7.4 | 7.3 | 6.9 | 6.6 | 5.6 | ||||
| Net debtor countries by debt-servicing experience | ||||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 44.6 | 11.6 | 14.1 | 10.4 | 11.4 | 14.2 | 11.6 | 8.6 | 10.7 | 13.1 | 11.5 | 11.2 | ||||
| Memorandum | ||||||||||||||||
| Median inflation rate | ||||||||||||||||
| Advanced economies | 3.1 | 2.1 | 1.4 | 2.7 | 2.6 | 2.2 | 2.1 | 1.9 | 2.1 | 2.2 | 2.0 | 2.0 | ||||
| Other emerging market and developing countries | 10.3 | 4.5 | 3.9 | 4.0 | 4.7 | 3.3 | 4.0 | 4.5 | 5.7 | 5.5 | 5.3 | 4.4 | ||||
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Based on Eurostat’s harmonized index of consumer prices.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Advanced Economies: GDP Deflators and Consumer Prices
(Annual percent change)
From fourth quarter of preceding year.
Based on Eurostat’s harmonized index of consumer prices.
Advanced Economies: GDP Deflators and Consumer Prices
(Annual percent change)
| Ten-Year Averages | Fourth Quarter1 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2006 | 2007 | 2008 | |||
| GDP deflators | |||||||||||||||||
| Advanced economies | 3.3 | 1.7 | 0.9 | 1.5 | 1.9 | 1.6 | 1.7 | 1.9 | 1.9 | 1.9 | 1.4 | 1.7 | … | … | |||
| United States | 2.5 | 2.2 | 1.4 | 2.2 | 2.4 | 1.7 | 2.1 | 2.8 | 3.0 | 2.9 | 1.7 | 1.9 | 2.5 | 1.7 | 1.9 | ||
| Euro area | 1.9 | 0.9 | 1.5 | 2.7 | 2.6 | 2.1 | 1.9 | 1.9 | 1.7 | 1.8 | 1.8 | 1.5 | 1.9 | 1.9 | |||
| Germany | 3.4 | 0.7 | 0.4 | -0.6 | 1.2 | 1.4 | 1.1 | 0.9 | 0.7 | 0.3 | 0.8 | 1.0 | 0.2 | 0.8 | 1.3 | ||
| France | 1.9 | 1.7 | — | 1.5 | 2.0 | 2.4 | 1.8 | 1.7 | 1.8 | 2.1 | 1.8 | 1.7 | 2.0 | 1.7 | 1.7 | ||
| Italy | 4.9 | 2.4 | 1.3 | 2.0 | 3.0 | 3.4 | 3.1 | 2.9 | 2.2 | 1.8 | 2.0 | 1.9 | 1.2 | 2.0 | 1.8 | ||
| Spain | 4.9 | 3.7 | 2.6 | 3.5 | 4.2 | 4.3 | 4.1 | 4.0 | 4.1 | 3.8 | 3.4 | 3.1 | 3.6 | 3.1 | 3.0 | ||
| Netherlands | 2.1 | 2.5 | 1.8 | 4.1 | 5.1 | 3.8 | 2.2 | 0.7 | 1.7 | 1.5 | 2.0 | 2.2 | 1.3 | 2.6 | 2.1 | ||
| Belgium | 2.6 | 1.7 | 0.3 | 1.9 | 2.0 | 1.9 | 1.6 | 2.4 | 2.1 | 1.8 | 1.6 | 1.7 | 1.5 | 2.0 | 1.4 | ||
| Austria | 2.2 | 1.5 | 0.6 | 1.8 | 1.8 | 1.4 | 1.3 | 1.7 | 1.9 | 1.3 | 1.7 | 1.7 | 1.6 | 1.7 | 1.7 | ||
| Finland | 2.8 | 1.1 | 0.9 | 2.6 | 3.0 | 1.3 | -0.4 | 0.6 | 0.2 | 1.3 | 0.1 | 1.1 | -1.8 | 4.5 | -0.8 | ||
| Greece | 12.3 | 3.5 | 3.0 | 5.7 | 2.7 | 3.7 | 3.6 | 3.3 | 3.4 | 3.1 | 3.3 | 3.3 | 3.1 | 3.3 | 3.3 | ||
| Portugal | 7.0 | 3.1 | 3.3 | 3.0 | 3.7 | 3.9 | 3.1 | 2.7 | 2.8 | 2.9 | 3.0 | 2.4 | 3.1 | 4.3 | 2.6 | ||
| Ireland | 3.3 | 3.7 | 4.0 | 5.5 | 5.5 | 5.0 | 2.5 | 1.8 | 3.5 | 3.5 | 3.6 | 2.4 | 3.4 | 3.0 | 2.4 | ||
| Luxembourg | 2.4 | 3.1 | 5.3 | 2.0 | 0.1 | 2.7 | 4.9 | 1.7 | 4.7 | 3.9 | 2.8 | 2.4 | … | … | … | ||
| Slovenia | 1.9 | 2.3 | -0.5 | 2.6 | 3.5 | 2.4 | 1.1 | 1.1 | 2.3 | 1.8 | 2.3 | 2.1 | 2.3 | 3.5 | |||
| Japan | 0.9 | -1.0 | -1.3 | -1.7 | -1.2 | -1.5 | -1.6 | -1.1 | -1.3 | -0.9 | -0.3 | 0.6 | -0.6 | -0.1 | 0.8 | ||
| United Kingdom | 4.2 | 2.4 | 2.2 | 1.3 | 2.2 | 3.1 | 3.1 | 2.6 | 2.2 | 2.3 | 2.7 | 2.7 | 2.4 | 2.5 | 2.8 | ||
| Canada | 1.9 | 2.3 | 1.7 | 4.1 | 1.1 | 1.1 | 3.4 | 3.0 | 3.2 | 2.1 | 1.3 | 2.1 | 0.5 | 2.0 | 1.8 | ||
| Korea | 7.1 | 1.2 | -0.1 | 0.7 | 3.5 | 2.8 | 2.7 | 2.7 | -0.2 | -0.4 | -1.0 | 1.6 | -0.5 | -1.8 | 2.9 | ||
| Australia | 2.3 | 3.2 | 0.6 | 4.0 | 4.0 | 2.5 | 3.4 | 3.4 | 4.6 | 4.6 | 3.2 | 1.8 | 4.2 | 2.2 | 1.7 | ||
| Taiwan Province of China | 2.9 | -0.7 | -1.3 | -1.6 | 0.5 | -0.8 | -2.1 | -1.6 | -0.5 | -0.8 | -0.3 | 1.2 | -0.3 | -0.2 | -10.2 | ||
| Sweden | 3.9 | 1.5 | 0.9 | 1.4 | 2.1 | 1.6 | 2.0 | 0.2 | 1.2 | 1.8 | 1.8 | 2.0 | 2.1 | 1.8 | 2.0 | ||
| Switzerland | 2.0 | 0.9 | 0.7 | 0.8 | 0.6 | 1.6 | 1.2 | 0.6 | -0.1 | 1.0 | 1.0 | 1.2 | 1.0 | 1.0 | 1.2 | ||
| Hong Kong SAR | 6.7 | -2.5 | -5.8 | -5.6 | -1.8 | -3.5 | -6.3 | -3.6 | -0.4 | -0.3 | 1.5 | 1.0 | -0.5 | 2.0 | 0.4 | ||
| Denmark | 2.1 | 2.3 | 1.7 | 3.0 | 2.5 | 2.3 | 1.6 | 2.0 | 3.2 | 2.6 | 1.9 | 2.0 | 2.6 | 2.4 | 1.8 | ||
| Norway | 2.2 | 4.8 | 6.6 | 15.7 | 1.7 | -1.8 | 3.0 | 5.3 | 8.5 | 7.4 | -1.0 | 3.6 | 2.7 | -0.4 | 6.1 | ||
| Israel | 12.9 | 1.8 | 6.0 | 1.3 | 1.8 | 4.8 | -0.3 | -0.1 | 0.8 | 2.0 | -0.3 | 2.0 | -0.6 | 1.8 | 2.1 | ||
| Singapore | 2.5 | — | -5.3 | 3.7 | -1.8 | -1.2 | -1.1 | 3.7 | 0.4 | 0.2 | 0.8 | 1.0 | 0.4 | 0.8 | 1.0 | ||
| New Zealand | 2.1 | 2.3 | 0.7 | 2.8 | 3.9 | 0.9 | 2.3 | 3.4 | 2.5 | 1.8 | 2.0 | 2.4 | 1.7 | 2.3 | 2.2 | ||
| Cyprus | 4.5 | 2.8 | 2.3 | 3.8 | 3.4 | 1.2 | 5.1 | 3.3 | 2.4 | 2.5 | 2.1 | 2.1 | … | … | … | ||
| Iceland | 6.6 | 4.4 | 3.2 | 3.6 | 8.6 | 5.6 | 0.5 | 2.4 | 2.9 | 11.5 | 6.0 | -0.1 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major advanced economies | 2.6 | 1.6 | 0.9 | 1.2 | 1.6 | 1.4 | 1.6 | 1.9 | 1.9 | 1.9 | 1.4 | 1.7 | 1.6 | 1.4 | 1.7 | ||
| Newly industrialized Asian economies | 5.5 | 0.1 | -1.5 | -0.6 | 1.6 | 0.8 | — | 0.7 | -0.3 | -0.5 | -0.4 | 1.4 | -0.3 | -0.6 | -1.3 | ||
| Consumer prices | |||||||||||||||||
| Advanced economies | 3.5 | 2.0 | 1.4 | 2.2 | 2.1 | 1.5 | 1.8 | 2.0 | 2.3 | 2.3 | 1.8 | 2.1 | … | … | … | ||
| United States | 3.3 | 2.6 | 2.2 | 3.4 | 2.8 | 1.6 | 2.3 | 2.7 | 3.4 | 3.2 | 1.9 | 2.5 | 1.9 | 2.6 | 2.5 | ||
| Euro area2 | 2.1 | 1.1 | 2.1 | 2.4 | 2.3 | 2.1 | 2.1 | 2.2 | 2.2 | 2.0 | 2.0 | 1.8 | 2.0 | 2.0 | |||
| Germany | 2.6 | 1.5 | 0.6 | 1.4 | 1.9 | 1.4 | 1.0 | 1.8 | 1.9 | 1.8 | 2.0 | 1.6 | 1.3 | 2.2 | 1.6 | ||
| France | 2.2 | 1.8 | 0.6 | 1.8 | 1.8 | 1.9 | 2.2 | 2.3 | 1.9 | 1.9 | 1.7 | 1.8 | 1.5 | 2.7 | 0.8 | ||
| Italy | 4.5 | 2.3 | 1.7 | 2.6 | 2.3 | 2.6 | 2.8 | 2.3 | 2.2 | 2.2 | 2.1 | 2.0 | 2.0 | 1.7 | 2.3 | ||
| Spain | 4.8 | 3.1 | 2.2 | 3.5 | 2.8 | 3.6 | 3.1 | 3.1 | 3.4 | 3.6 | 2.6 | 2.7 | 2.6 | 2.9 | 2.6 | ||
| Japan | 1.5 | -0.2 | -0.3 | -0.4 | -0.8 | -0.9 | -0.2 | — | -0.6 | 0.2 | 0.3 | 0.8 | 0.3 | 0.6 | 0.8 | ||
| United Kingdom2 | 3.7 | 1.6 | 1.3 | 0.9 | 1.2 | 1.3 | 1.4 | 1.3 | 2.0 | 2.3 | 2.3 | 2.0 | 2.8 | 2.0 | 2.0 | ||
| Canada | 2.5 | 2.2 | 1.7 | 2.7 | 2.5 | 2.3 | 2.7 | 1.8 | 2.2 | 2.0 | 1.7 | 2.0 | 1.3 | 2.2 | 2.0 | ||
| Other advanced economies | 4.6 | 1.9 | 0.9 | 2.0 | 2.4 | 1.8 | 1.8 | 1.9 | 2.1 | 2.0 | 2.0 | 2.2 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major advanced economies | 2.9 | 1.9 | 1.4 | 2.2 | 1.9 | 1.3 | 1.7 | 2.0 | 2.3 | 2.3 | 1.7 | 2.0 | 1.6 | 2.1 | 2.0 | ||
| Newly industrialized Asian economies | 5.3 | 1.6 | — | 1.2 | 1.9 | 1.0 | 1.5 | 2.4 | 2.3 | 1.6 | 2.1 | 2.1 | 1.4 | 2.6 | 1.7 | ||
From fourth quarter of preceding year.
Based on Eurostat’s harmonized index of consumer prices.
Advanced Economies: GDP Deflators and Consumer Prices
(Annual percent change)
| Ten-Year Averages | Fourth Quarter1 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2006 | 2007 | 2008 | |||
| GDP deflators | |||||||||||||||||
| Advanced economies | 3.3 | 1.7 | 0.9 | 1.5 | 1.9 | 1.6 | 1.7 | 1.9 | 1.9 | 1.9 | 1.4 | 1.7 | … | … | |||
| United States | 2.5 | 2.2 | 1.4 | 2.2 | 2.4 | 1.7 | 2.1 | 2.8 | 3.0 | 2.9 | 1.7 | 1.9 | 2.5 | 1.7 | 1.9 | ||
| Euro area | 1.9 | 0.9 | 1.5 | 2.7 | 2.6 | 2.1 | 1.9 | 1.9 | 1.7 | 1.8 | 1.8 | 1.5 | 1.9 | 1.9 | |||
| Germany | 3.4 | 0.7 | 0.4 | -0.6 | 1.2 | 1.4 | 1.1 | 0.9 | 0.7 | 0.3 | 0.8 | 1.0 | 0.2 | 0.8 | 1.3 | ||
| France | 1.9 | 1.7 | — | 1.5 | 2.0 | 2.4 | 1.8 | 1.7 | 1.8 | 2.1 | 1.8 | 1.7 | 2.0 | 1.7 | 1.7 | ||
| Italy | 4.9 | 2.4 | 1.3 | 2.0 | 3.0 | 3.4 | 3.1 | 2.9 | 2.2 | 1.8 | 2.0 | 1.9 | 1.2 | 2.0 | 1.8 | ||
| Spain | 4.9 | 3.7 | 2.6 | 3.5 | 4.2 | 4.3 | 4.1 | 4.0 | 4.1 | 3.8 | 3.4 | 3.1 | 3.6 | 3.1 | 3.0 | ||
| Netherlands | 2.1 | 2.5 | 1.8 | 4.1 | 5.1 | 3.8 | 2.2 | 0.7 | 1.7 | 1.5 | 2.0 | 2.2 | 1.3 | 2.6 | 2.1 | ||
| Belgium | 2.6 | 1.7 | 0.3 | 1.9 | 2.0 | 1.9 | 1.6 | 2.4 | 2.1 | 1.8 | 1.6 | 1.7 | 1.5 | 2.0 | 1.4 | ||
| Austria | 2.2 | 1.5 | 0.6 | 1.8 | 1.8 | 1.4 | 1.3 | 1.7 | 1.9 | 1.3 | 1.7 | 1.7 | 1.6 | 1.7 | 1.7 | ||
| Finland | 2.8 | 1.1 | 0.9 | 2.6 | 3.0 | 1.3 | -0.4 | 0.6 | 0.2 | 1.3 | 0.1 | 1.1 | -1.8 | 4.5 | -0.8 | ||
| Greece | 12.3 | 3.5 | 3.0 | 5.7 | 2.7 | 3.7 | 3.6 | 3.3 | 3.4 | 3.1 | 3.3 | 3.3 | 3.1 | 3.3 | 3.3 | ||
| Portugal | 7.0 | 3.1 | 3.3 | 3.0 | 3.7 | 3.9 | 3.1 | 2.7 | 2.8 | 2.9 | 3.0 | 2.4 | 3.1 | 4.3 | 2.6 | ||
| Ireland | 3.3 | 3.7 | 4.0 | 5.5 | 5.5 | 5.0 | 2.5 | 1.8 | 3.5 | 3.5 | 3.6 | 2.4 | 3.4 | 3.0 | 2.4 | ||
| Luxembourg | 2.4 | 3.1 | 5.3 | 2.0 | 0.1 | 2.7 | 4.9 | 1.7 | 4.7 | 3.9 | 2.8 | 2.4 | … | … | … | ||
| Slovenia | 1.9 | 2.3 | -0.5 | 2.6 | 3.5 | 2.4 | 1.1 | 1.1 | 2.3 | 1.8 | 2.3 | 2.1 | 2.3 | 3.5 | |||
| Japan | 0.9 | -1.0 | -1.3 | -1.7 | -1.2 | -1.5 | -1.6 | -1.1 | -1.3 | -0.9 | -0.3 | 0.6 | -0.6 | -0.1 | 0.8 | ||
| United Kingdom | 4.2 | 2.4 | 2.2 | 1.3 | 2.2 | 3.1 | 3.1 | 2.6 | 2.2 | 2.3 | 2.7 | 2.7 | 2.4 | 2.5 | 2.8 | ||
| Canada | 1.9 | 2.3 | 1.7 | 4.1 | 1.1 | 1.1 | 3.4 | 3.0 | 3.2 | 2.1 | 1.3 | 2.1 | 0.5 | 2.0 | 1.8 | ||
| Korea | 7.1 | 1.2 | -0.1 | 0.7 | 3.5 | 2.8 | 2.7 | 2.7 | -0.2 | -0.4 | -1.0 | 1.6 | -0.5 | -1.8 | 2.9 | ||
| Australia | 2.3 | 3.2 | 0.6 | 4.0 | 4.0 | 2.5 | 3.4 | 3.4 | 4.6 | 4.6 | 3.2 | 1.8 | 4.2 | 2.2 | 1.7 | ||
| Taiwan Province of China | 2.9 | -0.7 | -1.3 | -1.6 | 0.5 | -0.8 | -2.1 | -1.6 | -0.5 | -0.8 | -0.3 | 1.2 | -0.3 | -0.2 | -10.2 | ||
| Sweden | 3.9 | 1.5 | 0.9 | 1.4 | 2.1 | 1.6 | 2.0 | 0.2 | 1.2 | 1.8 | 1.8 | 2.0 | 2.1 | 1.8 | 2.0 | ||
| Switzerland | 2.0 | 0.9 | 0.7 | 0.8 | 0.6 | 1.6 | 1.2 | 0.6 | -0.1 | 1.0 | 1.0 | 1.2 | 1.0 | 1.0 | 1.2 | ||
| Hong Kong SAR | 6.7 | -2.5 | -5.8 | -5.6 | -1.8 | -3.5 | -6.3 | -3.6 | -0.4 | -0.3 | 1.5 | 1.0 | -0.5 | 2.0 | 0.4 | ||
| Denmark | 2.1 | 2.3 | 1.7 | 3.0 | 2.5 | 2.3 | 1.6 | 2.0 | 3.2 | 2.6 | 1.9 | 2.0 | 2.6 | 2.4 | 1.8 | ||
| Norway | 2.2 | 4.8 | 6.6 | 15.7 | 1.7 | -1.8 | 3.0 | 5.3 | 8.5 | 7.4 | -1.0 | 3.6 | 2.7 | -0.4 | 6.1 | ||
| Israel | 12.9 | 1.8 | 6.0 | 1.3 | 1.8 | 4.8 | -0.3 | -0.1 | 0.8 | 2.0 | -0.3 | 2.0 | -0.6 | 1.8 | 2.1 | ||
| Singapore | 2.5 | — | -5.3 | 3.7 | -1.8 | -1.2 | -1.1 | 3.7 | 0.4 | 0.2 | 0.8 | 1.0 | 0.4 | 0.8 | 1.0 | ||
| New Zealand | 2.1 | 2.3 | 0.7 | 2.8 | 3.9 | 0.9 | 2.3 | 3.4 | 2.5 | 1.8 | 2.0 | 2.4 | 1.7 | 2.3 | 2.2 | ||
| Cyprus | 4.5 | 2.8 | 2.3 | 3.8 | 3.4 | 1.2 | 5.1 | 3.3 | 2.4 | 2.5 | 2.1 | 2.1 | … | … | … | ||
| Iceland | 6.6 | 4.4 | 3.2 | 3.6 | 8.6 | 5.6 | 0.5 | 2.4 | 2.9 | 11.5 | 6.0 | -0.1 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major advanced economies | 2.6 | 1.6 | 0.9 | 1.2 | 1.6 | 1.4 | 1.6 | 1.9 | 1.9 | 1.9 | 1.4 | 1.7 | 1.6 | 1.4 | 1.7 | ||
| Newly industrialized Asian economies | 5.5 | 0.1 | -1.5 | -0.6 | 1.6 | 0.8 | — | 0.7 | -0.3 | -0.5 | -0.4 | 1.4 | -0.3 | -0.6 | -1.3 | ||
| Consumer prices | |||||||||||||||||
| Advanced economies | 3.5 | 2.0 | 1.4 | 2.2 | 2.1 | 1.5 | 1.8 | 2.0 | 2.3 | 2.3 | 1.8 | 2.1 | … | … | … | ||
| United States | 3.3 | 2.6 | 2.2 | 3.4 | 2.8 | 1.6 | 2.3 | 2.7 | 3.4 | 3.2 | 1.9 | 2.5 | 1.9 | 2.6 | 2.5 | ||
| Euro area2 | 2.1 | 1.1 | 2.1 | 2.4 | 2.3 | 2.1 | 2.1 | 2.2 | 2.2 | 2.0 | 2.0 | 1.8 | 2.0 | 2.0 | |||
| Germany | 2.6 | 1.5 | 0.6 | 1.4 | 1.9 | 1.4 | 1.0 | 1.8 | 1.9 | 1.8 | 2.0 | 1.6 | 1.3 | 2.2 | 1.6 | ||
| France | 2.2 | 1.8 | 0.6 | 1.8 | 1.8 | 1.9 | 2.2 | 2.3 | 1.9 | 1.9 | 1.7 | 1.8 | 1.5 | 2.7 | 0.8 | ||
| Italy | 4.5 | 2.3 | 1.7 | 2.6 | 2.3 | 2.6 | 2.8 | 2.3 | 2.2 | 2.2 | 2.1 | 2.0 | 2.0 | 1.7 | 2.3 | ||
| Spain | 4.8 | 3.1 | 2.2 | 3.5 | 2.8 | 3.6 | 3.1 | 3.1 | 3.4 | 3.6 | 2.6 | 2.7 | 2.6 | 2.9 | 2.6 | ||
| Japan | 1.5 | -0.2 | -0.3 | -0.4 | -0.8 | -0.9 | -0.2 | — | -0.6 | 0.2 | 0.3 | 0.8 | 0.3 | 0.6 | 0.8 | ||
| United Kingdom2 | 3.7 | 1.6 | 1.3 | 0.9 | 1.2 | 1.3 | 1.4 | 1.3 | 2.0 | 2.3 | 2.3 | 2.0 | 2.8 | 2.0 | 2.0 | ||
| Canada | 2.5 | 2.2 | 1.7 | 2.7 | 2.5 | 2.3 | 2.7 | 1.8 | 2.2 | 2.0 | 1.7 | 2.0 | 1.3 | 2.2 | 2.0 | ||
| Other advanced economies | 4.6 | 1.9 | 0.9 | 2.0 | 2.4 | 1.8 | 1.8 | 1.9 | 2.1 | 2.0 | 2.0 | 2.2 | … | … | … | ||
| Memorandum | |||||||||||||||||
| Major advanced economies | 2.9 | 1.9 | 1.4 | 2.2 | 1.9 | 1.3 | 1.7 | 2.0 | 2.3 | 2.3 | 1.7 | 2.0 | 1.6 | 2.1 | 2.0 | ||
| Newly industrialized Asian economies | 5.3 | 1.6 | — | 1.2 | 1.9 | 1.0 | 1.5 | 2.4 | 2.3 | 1.6 | 2.1 | 2.1 | 1.4 | 2.6 | 1.7 | ||
From fourth quarter of preceding year.
Based on Eurostat’s harmonized index of consumer prices.
Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing
(Annual percent change)
Refers to labor productivity, measured as the ratio of hourly compensation to unit labor costs.
Data refer to unit wage cost.
Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing
(Annual percent change)
| Ten-Year Averages | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Hourly earnings | ||||||||||||||
| Advanced economies | 4.2 | 3.4 | 3.1 | 5.4 | 3.0 | 4.4 | 4.6 | 2.4 | 3.5 | 3.4 | 3.2 | 3.4 | ||
| United States | 3.5 | 4.7 | 3.9 | 9.0 | 2.4 | 7.3 | 7.0 | 2.0 | 4.7 | 3.8 | 3.4 | 4.0 | ||
| Euro area | … | 3.5 | 5.2 | 5.2 | 4.4 | 3.3 | 2.5 | 2.8 | 2.6 | 3.2 | 2.6 | 2.8 | ||
| Germany | 5.1 | 2.3 | 2.5 | 3.6 | 3.5 | 2.4 | 2.5 | 0.7 | 2.0 | 2.6 | 1.5 | 2.1 | ||
| France | 3.5 | 2.9 | 1.0 | 3.6 | 1.5 | 3.3 | 3.3 | 3.5 | 3.0 | 3.5 | 3.2 | 3.0 | ||
| Italy | 4.7 | 2.6 | 0.9 | 1.6 | 2.5 | 3.2 | 2.8 | 4.0 | 1.5 | 3.8 | 3.1 | 3.0 | ||
| Spain | 6.1 | 3.6 | 2.7 | 2.9 | 4.1 | 5.0 | 4.9 | 4.0 | 3.5 | 3.5 | 2.7 | 2.8 | ||
| Japan | 3.6 | 0.5 | -0.7 | -0.1 | 1.0 | -1.3 | 1.0 | 0.4 | 1.2 | 0.4 | 2.0 | 1.7 | ||
| United Kingdom | 6.0 | 4.1 | 4.0 | 4.7 | 4.3 | 3.5 | 3.6 | 3.7 | 3.7 | 5.2 | 4.8 | 3.9 | ||
| Canada | 3.4 | 2.8 | 2.2 | 3.2 | 3.1 | 3.6 | 3.1 | 1.2 | 3.8 | 2.4 | 2.5 | 2.8 | ||
| Other advanced economies | 7.6 | 5.3 | 6.6 | 6.6 | 5.6 | 4.3 | 4.9 | 5.3 | 4.9 | 5.2 | 4.8 | 4.9 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 4.0 | 3.4 | 2.5 | 5.5 | 2.4 | 4.4 | 4.6 | 1.9 | 3.4 | 3.2 | 3.1 | 3.3 | ||
| Newly industrialized Asian economies | 11.6 | 7.3 | 9.9 | 7.9 | 8.4 | 5.8 | 7.2 | 7.3 | 6.8 | 6.5 | 6.4 | 6.4 | ||
| Productivity 1 | ||||||||||||||
| Advanced economies | 2.9 | 3.3 | 4.1 | 5.2 | 0.8 | 4.2 | 4.4 | 3.3 | 3.4 | 3.7 | 3.0 | 2.7 | ||
| United States | 3.5 | 4.0 | 4.4 | 4.3 | 1.7 | 7.0 | 6.2 | 1.8 | 4.8 | 4.0 | 3.3 | 3.0 | ||
| Euro area | … | 3.4 | 5.6 | 6.7 | 2.6 | 1.5 | 1.8 | 3.5 | 2.9 | 4.0 | 2.7 | 2.4 | ||
| Germany | 3.2 | 4.0 | 2.6 | 5.3 | 3.0 | 0.9 | 3.9 | 3.8 | 6.5 | 6.9 | 4.0 | 3.0 | ||
| France | 4.3 | 3.9 | 2.9 | 6.8 | 1.0 | 3.1 | 4.1 | 4.6 | 4.9 | 4.7 | 3.7 | 3.5 | ||
| Italy | 0.9 | -0.2 | -0.7 | 1.2 | -1.2 | -1.0 | -1.0 | 1.4 | -2.8 | 1.1 | 0.5 | 0.6 | ||
| Spain | 3.5 | 2.4 | 4.3 | 1.9 | 2.1 | 2.3 | 1.9 | 2.0 | 0.6 | 3.9 | 2.5 | 2.1 | ||
| Japan | 1.7 | 3.0 | 3.2 | 6.8 | -3.0 | 3.7 | 5.3 | 5.3 | 1.6 | 3.0 | 3.0 | 1.8 | ||
| United Kingdom | 2.4 | 4.2 | 4.3 | 6.1 | 3.3 | 2.0 | 5.8 | 6.7 | 2.6 | 3.8 | 4.7 | 3.5 | ||
| Canada | 2.3 | 1.6 | 4.3 | 5.8 | -2.2 | 2.0 | -0.6 | 0.1 | 3.6 | 0.1 | 0.8 | 2.0 | ||
| Other advanced economies | 3.4 | 4.2 | 8.0 | 7.4 | — | 4.2 | 3.9 | 5.3 | 3.3 | 3.9 | 3.1 | 3.2 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 2.9 | 3.5 | 3.5 | 5.0 | 0.8 | 4.4 | 4.8 | 3.0 | 3.7 | 3.8 | 3.1 | 2.7 | ||
| Newly industrialized Asian economies | 5.1 | 6.5 | 13.3 | 12.1 | -0.3 | 6.1 | 5.7 | 7.7 | 5.1 | 6.0 | 4.8 | 5.0 | ||
| Unit labor costs | ||||||||||||||
| Advanced economies | 1.3 | 0.1 | -1.0 | 0.3 | 2.2 | 0.2 | 0.1 | -0.8 | 0.1 | -0.3 | 0.2 | 0.7 | ||
| United States | — | 0.7 | -0.5 | 4.6 | 0.7 | 0.2 | 0.8 | 0.2 | -0.1 | -0.2 | 0.1 | 1.0 | ||
| Euro area | … | 0.1 | -0.4 | -1.4 | 1.7 | 1.9 | 0.7 | -0.6 | -0.2 | -0.8 | -0.1 | 0.4 | ||
| Germany | 1.8 | -1.6 | -0.2 | -1.7 | 0.5 | 1.5 | -1.3 | -2.9 | -4.2 | -4.0 | -2.4 | -0.9 | ||
| France | -0.8 | -1.0 | -1.8 | -3.1 | 0.5 | 0.2 | -0.7 | -1.1 | -1.8 | -1.2 | -0.5 | -0.5 | ||
| Italy | 3.8 | 2.8 | 1.7 | 0.5 | 3.7 | 4.3 | 3.8 | 2.5 | 4.4 | 2.6 | 2.6 | 2.4 | ||
| Spain | 2.5 | 1.2 | -1.6 | 1.0 | 2.0 | 2.7 | 3.0 | 1.9 | 2.9 | -0.3 | 0.2 | 0.7 | ||
| Japan | 2.0 | -2.4 | -3.8 | -6.5 | 4.0 | -4.8 | -4.1 | -4.7 | -0.4 | -2.6 | -0.9 | -0.1 | ||
| United Kingdom2 | 3.5 | -0.1 | -0.3 | -1.3 | 1.0 | 1.5 | -2.1 | -2.8 | 1.1 | 1.3 | 0.1 | 0.4 | ||
| Canada | 1.0 | 1.2 | -2.0 | -2.4 | 5.3 | 1.5 | 3.7 | 1.1 | 0.2 | 2.2 | 1.7 | 0.8 | ||
| Other advanced economies | 4.3 | 0.9 | -1.1 | -0.9 | 5.4 | — | 0.6 | -0.4 | 1.2 | 1.1 | 1.4 | 1.4 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 1.1 | — | -1.0 | 0.6 | 1.7 | — | -0.2 | -1.0 | -0.3 | -0.6 | -0.1 | 0.6 | ||
| Newly industrialized Asian economies | 6.2 | 0.3 | -2.8 | -3.9 | 8.1 | -0.5 | 0.7 | -1.2 | 0.8 | 0.1 | 1.1 | 1.0 | ||
Refers to labor productivity, measured as the ratio of hourly compensation to unit labor costs.
Data refer to unit wage cost.
Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing
(Annual percent change)
| Ten-Year Averages | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Hourly earnings | ||||||||||||||
| Advanced economies | 4.2 | 3.4 | 3.1 | 5.4 | 3.0 | 4.4 | 4.6 | 2.4 | 3.5 | 3.4 | 3.2 | 3.4 | ||
| United States | 3.5 | 4.7 | 3.9 | 9.0 | 2.4 | 7.3 | 7.0 | 2.0 | 4.7 | 3.8 | 3.4 | 4.0 | ||
| Euro area | … | 3.5 | 5.2 | 5.2 | 4.4 | 3.3 | 2.5 | 2.8 | 2.6 | 3.2 | 2.6 | 2.8 | ||
| Germany | 5.1 | 2.3 | 2.5 | 3.6 | 3.5 | 2.4 | 2.5 | 0.7 | 2.0 | 2.6 | 1.5 | 2.1 | ||
| France | 3.5 | 2.9 | 1.0 | 3.6 | 1.5 | 3.3 | 3.3 | 3.5 | 3.0 | 3.5 | 3.2 | 3.0 | ||
| Italy | 4.7 | 2.6 | 0.9 | 1.6 | 2.5 | 3.2 | 2.8 | 4.0 | 1.5 | 3.8 | 3.1 | 3.0 | ||
| Spain | 6.1 | 3.6 | 2.7 | 2.9 | 4.1 | 5.0 | 4.9 | 4.0 | 3.5 | 3.5 | 2.7 | 2.8 | ||
| Japan | 3.6 | 0.5 | -0.7 | -0.1 | 1.0 | -1.3 | 1.0 | 0.4 | 1.2 | 0.4 | 2.0 | 1.7 | ||
| United Kingdom | 6.0 | 4.1 | 4.0 | 4.7 | 4.3 | 3.5 | 3.6 | 3.7 | 3.7 | 5.2 | 4.8 | 3.9 | ||
| Canada | 3.4 | 2.8 | 2.2 | 3.2 | 3.1 | 3.6 | 3.1 | 1.2 | 3.8 | 2.4 | 2.5 | 2.8 | ||
| Other advanced economies | 7.6 | 5.3 | 6.6 | 6.6 | 5.6 | 4.3 | 4.9 | 5.3 | 4.9 | 5.2 | 4.8 | 4.9 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 4.0 | 3.4 | 2.5 | 5.5 | 2.4 | 4.4 | 4.6 | 1.9 | 3.4 | 3.2 | 3.1 | 3.3 | ||
| Newly industrialized Asian economies | 11.6 | 7.3 | 9.9 | 7.9 | 8.4 | 5.8 | 7.2 | 7.3 | 6.8 | 6.5 | 6.4 | 6.4 | ||
| Productivity 1 | ||||||||||||||
| Advanced economies | 2.9 | 3.3 | 4.1 | 5.2 | 0.8 | 4.2 | 4.4 | 3.3 | 3.4 | 3.7 | 3.0 | 2.7 | ||
| United States | 3.5 | 4.0 | 4.4 | 4.3 | 1.7 | 7.0 | 6.2 | 1.8 | 4.8 | 4.0 | 3.3 | 3.0 | ||
| Euro area | … | 3.4 | 5.6 | 6.7 | 2.6 | 1.5 | 1.8 | 3.5 | 2.9 | 4.0 | 2.7 | 2.4 | ||
| Germany | 3.2 | 4.0 | 2.6 | 5.3 | 3.0 | 0.9 | 3.9 | 3.8 | 6.5 | 6.9 | 4.0 | 3.0 | ||
| France | 4.3 | 3.9 | 2.9 | 6.8 | 1.0 | 3.1 | 4.1 | 4.6 | 4.9 | 4.7 | 3.7 | 3.5 | ||
| Italy | 0.9 | -0.2 | -0.7 | 1.2 | -1.2 | -1.0 | -1.0 | 1.4 | -2.8 | 1.1 | 0.5 | 0.6 | ||
| Spain | 3.5 | 2.4 | 4.3 | 1.9 | 2.1 | 2.3 | 1.9 | 2.0 | 0.6 | 3.9 | 2.5 | 2.1 | ||
| Japan | 1.7 | 3.0 | 3.2 | 6.8 | -3.0 | 3.7 | 5.3 | 5.3 | 1.6 | 3.0 | 3.0 | 1.8 | ||
| United Kingdom | 2.4 | 4.2 | 4.3 | 6.1 | 3.3 | 2.0 | 5.8 | 6.7 | 2.6 | 3.8 | 4.7 | 3.5 | ||
| Canada | 2.3 | 1.6 | 4.3 | 5.8 | -2.2 | 2.0 | -0.6 | 0.1 | 3.6 | 0.1 | 0.8 | 2.0 | ||
| Other advanced economies | 3.4 | 4.2 | 8.0 | 7.4 | — | 4.2 | 3.9 | 5.3 | 3.3 | 3.9 | 3.1 | 3.2 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 2.9 | 3.5 | 3.5 | 5.0 | 0.8 | 4.4 | 4.8 | 3.0 | 3.7 | 3.8 | 3.1 | 2.7 | ||
| Newly industrialized Asian economies | 5.1 | 6.5 | 13.3 | 12.1 | -0.3 | 6.1 | 5.7 | 7.7 | 5.1 | 6.0 | 4.8 | 5.0 | ||
| Unit labor costs | ||||||||||||||
| Advanced economies | 1.3 | 0.1 | -1.0 | 0.3 | 2.2 | 0.2 | 0.1 | -0.8 | 0.1 | -0.3 | 0.2 | 0.7 | ||
| United States | — | 0.7 | -0.5 | 4.6 | 0.7 | 0.2 | 0.8 | 0.2 | -0.1 | -0.2 | 0.1 | 1.0 | ||
| Euro area | … | 0.1 | -0.4 | -1.4 | 1.7 | 1.9 | 0.7 | -0.6 | -0.2 | -0.8 | -0.1 | 0.4 | ||
| Germany | 1.8 | -1.6 | -0.2 | -1.7 | 0.5 | 1.5 | -1.3 | -2.9 | -4.2 | -4.0 | -2.4 | -0.9 | ||
| France | -0.8 | -1.0 | -1.8 | -3.1 | 0.5 | 0.2 | -0.7 | -1.1 | -1.8 | -1.2 | -0.5 | -0.5 | ||
| Italy | 3.8 | 2.8 | 1.7 | 0.5 | 3.7 | 4.3 | 3.8 | 2.5 | 4.4 | 2.6 | 2.6 | 2.4 | ||
| Spain | 2.5 | 1.2 | -1.6 | 1.0 | 2.0 | 2.7 | 3.0 | 1.9 | 2.9 | -0.3 | 0.2 | 0.7 | ||
| Japan | 2.0 | -2.4 | -3.8 | -6.5 | 4.0 | -4.8 | -4.1 | -4.7 | -0.4 | -2.6 | -0.9 | -0.1 | ||
| United Kingdom2 | 3.5 | -0.1 | -0.3 | -1.3 | 1.0 | 1.5 | -2.1 | -2.8 | 1.1 | 1.3 | 0.1 | 0.4 | ||
| Canada | 1.0 | 1.2 | -2.0 | -2.4 | 5.3 | 1.5 | 3.7 | 1.1 | 0.2 | 2.2 | 1.7 | 0.8 | ||
| Other advanced economies | 4.3 | 0.9 | -1.1 | -0.9 | 5.4 | — | 0.6 | -0.4 | 1.2 | 1.1 | 1.4 | 1.4 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 1.1 | — | -1.0 | 0.6 | 1.7 | — | -0.2 | -1.0 | -0.3 | -0.6 | -0.1 | 0.6 | ||
| Newly industrialized Asian economies | 6.2 | 0.3 | -2.8 | -3.9 | 8.1 | -0.5 | 0.7 | -1.2 | 0.8 | 0.1 | 1.1 | 1.0 | ||
Refers to labor productivity, measured as the ratio of hourly compensation to unit labor costs.
Data refer to unit wage cost.
Other Emerging Market and Developing Countries: Consumer Prices
(Annual percent change)
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Consumer Prices
(Annual percent change)
| Ten-Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Other emerging market and developing countries | 50.3 | 6.2 | 10.3 | 7.1 | 6.7 | 5.8 | 5.8 | 5.6 | 5.4 | 5.3 | 5.4 | 4.9 | |||
| Regional groups | |||||||||||||||
| Africa | 28.2 | 10.5 | 11.8 | 13.5 | 12.5 | 9.7 | 10.6 | 7.9 | 8.4 | 9.5 | 10.7 | 10.4 | |||
| Sub-Sahara | 33.5 | 12.9 | 14.9 | 17.4 | 15.5 | 12.0 | 13.2 | 9.5 | 10.5 | 11.5 | 12.7 | 12.2 | |||
| Excluding Nigeria and South Africa | 52.9 | 18.7 | 23.7 | 28.8 | 22.2 | 13.7 | 18.4 | 14.1 | 14.0 | 16.8 | 18.6 | 17.7 | |||
| Central and eastern Europe | 63.5 | 11.2 | 23.7 | 23.1 | 19.7 | 14.9 | 8.3 | 6.1 | 4.8 | 5.0 | 4.8 | 3.7 | |||
| Commonwealth of Independent States1 | … | 17.9 | 69.8 | 24.7 | 20.3 | 13.8 | 12.0 | 10.3 | 12.4 | 9.5 | 9.0 | 8.3 | |||
| Russia | … | 19.0 | 85.7 | 20.8 | 21.5 | 15.8 | 13.7 | 10.9 | 12.7 | 9.7 | 8.1 | 7.5 | |||
| Excluding Russia | … | 15.4 | 37.9 | 34.5 | 17.7 | 9.4 | 8.4 | 9.1 | 11.7 | 9.2 | 10.9 | 10.1 | |||
| Developing Asia | 9.7 | 3.1 | 2.5 | 1.8 | 2.7 | 2.0 | 2.5 | 4.1 | 3.6 | 4.0 | 3.9 | 3.4 | |||
| China | 9.4 | 1.2 | -1.4 | 0.4 | 0.7 | -0.8 | 1.2 | 3.9 | 1.8 | 1.5 | 2.2 | 2.3 | |||
| India | 9.7 | 4.5 | 4.7 | 4.0 | 3.8 | 4.3 | 3.8 | 3.8 | 4.2 | 6.1 | 6.2 | 4.3 | |||
| Excluding China and India | 10.4 | 6.1 | 8.7 | 2.6 | 6.1 | 6.3 | 4.6 | 5.0 | 7.7 | 8.5 | 6.2 | 5.5 | |||
| Middle East | 11.4 | 6.7 | 6.6 | 4.0 | 3.8 | 5.3 | 6.2 | 7.2 | 7.1 | 7.9 | 10.6 | 8.7 | |||
| Western Hemisphere | 134.2 | 7.0 | 8.3 | 7.6 | 6.1 | 8.9 | 10.6 | 6.5 | 6.3 | 5.4 | 5.2 | 5.7 | |||
| Brazil | 456.2 | 6.7 | 4.9 | 7.1 | 6.8 | 8.4 | 14.8 | 6.6 | 6.9 | 4.2 | 3.5 | 4.1 | |||
| Mexico | 20.4 | 6.1 | 16.6 | 9.5 | 6.4 | 5.0 | 4.5 | 4.7 | 4.0 | 3.6 | 3.9 | 3.5 | |||
| Analytical groups | |||||||||||||||
| By source of export earnings | |||||||||||||||
| Fuel | 74.1 | 13.0 | 36.2 | 13.9 | 13.5 | 11.7 | 11.3 | 9.6 | 9.9 | 8.9 | 9.4 | 8.5 | |||
| Nonfuel | 46.5 | 5.2 | 6.7 | 6.1 | 5.6 | 4.9 | 5.0 | 5.0 | 4.7 | 4.8 | 4.8 | 4.3 | |||
| of which, primary products | 73.5 | 23.9 | 30.7 | 35.5 | 30.9 | 17.6 | 19.2 | 14.7 | 17.0 | 22.5 | 25.5 | 27.2 | |||
| By external financing source | |||||||||||||||
| Net debtor countries | 55.7 | 7.3 | 10.4 | 8.8 | 8.1 | 8.1 | 7.3 | 5.7 | 6.2 | 6.7 | 6.4 | 5.6 | |||
| of which, official financing | 27.7 | 5.7 | 5.3 | 3.8 | 4.1 | 3.7 | 5.9 | 7.4 | 7.3 | 6.9 | 6.6 | 5.6 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 44.6 | 11.6 | 14.1 | 10.4 | 11.4 | 14.2 | 11.6 | 8.6 | 10.7 | 13.1 | 11.5 | 11.2 | |||
| Other groups | |||||||||||||||
| Heavily indebted poor countries | 56.0 | 11.9 | 18.5 | 25.5 | 19.5 | 5.9 | 9.4 | 7.0 | 10.0 | 9.0 | 8.8 | 6.9 | |||
| Middle East and north Africa | 13.3 | 5.9 | 5.9 | 3.6 | 3.6 | 4.8 | 5.4 | 6.4 | 6.0 | 6.9 | 9.1 | 7.7 | |||
| Memorandum | |||||||||||||||
| Median | |||||||||||||||
| Other emerging market and developing countries | 10.3 | 4.5 | 3.9 | 4.0 | 4.7 | 3.3 | 4.0 | 4.5 | 5.7 | 5.5 | 5.3 | 4.4 | |||
| Africa | 10.3 | 5.0 | 3.7 | 5.7 | 5.2 | 4.0 | 5.5 | 4.1 | 6.4 | 5.1 | 5.5 | 4.9 | |||
| Central and eastern Europe | 45.0 | 3.5 | 2.9 | 5.2 | 5.2 | 3.0 | 2.1 | 3.3 | 3.0 | 3.8 | 3.5 | 3.2 | |||
| Commonwealth of Independent States1 | … | 10.7 | 23.5 | 18.7 | 9.8 | 5.6 | 5.6 | 7.2 | 10.3 | 8.6 | 8.8 | 8.9 | |||
| Developing Asia | 8.5 | 4.4 | 4.0 | 2.4 | 3.8 | 3.7 | 3.5 | 4.6 | 5.8 | 6.1 | 5.5 | 5.0 | |||
| Middle East | 5.5 | 3.1 | 2.1 | 0.7 | 1.4 | 0.8 | 1.7 | 3.4 | 4.1 | 5.6 | 6.2 | 4.6 | |||
| Western Hemisphere | 12.8 | 4.5 | 4.2 | 4.7 | 4.5 | 4.6 | 5.1 | 4.4 | 4.9 | 5.1 | 4.5 | 3.6 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Consumer Prices
(Annual percent change)
| Ten-Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Other emerging market and developing countries | 50.3 | 6.2 | 10.3 | 7.1 | 6.7 | 5.8 | 5.8 | 5.6 | 5.4 | 5.3 | 5.4 | 4.9 | |||
| Regional groups | |||||||||||||||
| Africa | 28.2 | 10.5 | 11.8 | 13.5 | 12.5 | 9.7 | 10.6 | 7.9 | 8.4 | 9.5 | 10.7 | 10.4 | |||
| Sub-Sahara | 33.5 | 12.9 | 14.9 | 17.4 | 15.5 | 12.0 | 13.2 | 9.5 | 10.5 | 11.5 | 12.7 | 12.2 | |||
| Excluding Nigeria and South Africa | 52.9 | 18.7 | 23.7 | 28.8 | 22.2 | 13.7 | 18.4 | 14.1 | 14.0 | 16.8 | 18.6 | 17.7 | |||
| Central and eastern Europe | 63.5 | 11.2 | 23.7 | 23.1 | 19.7 | 14.9 | 8.3 | 6.1 | 4.8 | 5.0 | 4.8 | 3.7 | |||
| Commonwealth of Independent States1 | … | 17.9 | 69.8 | 24.7 | 20.3 | 13.8 | 12.0 | 10.3 | 12.4 | 9.5 | 9.0 | 8.3 | |||
| Russia | … | 19.0 | 85.7 | 20.8 | 21.5 | 15.8 | 13.7 | 10.9 | 12.7 | 9.7 | 8.1 | 7.5 | |||
| Excluding Russia | … | 15.4 | 37.9 | 34.5 | 17.7 | 9.4 | 8.4 | 9.1 | 11.7 | 9.2 | 10.9 | 10.1 | |||
| Developing Asia | 9.7 | 3.1 | 2.5 | 1.8 | 2.7 | 2.0 | 2.5 | 4.1 | 3.6 | 4.0 | 3.9 | 3.4 | |||
| China | 9.4 | 1.2 | -1.4 | 0.4 | 0.7 | -0.8 | 1.2 | 3.9 | 1.8 | 1.5 | 2.2 | 2.3 | |||
| India | 9.7 | 4.5 | 4.7 | 4.0 | 3.8 | 4.3 | 3.8 | 3.8 | 4.2 | 6.1 | 6.2 | 4.3 | |||
| Excluding China and India | 10.4 | 6.1 | 8.7 | 2.6 | 6.1 | 6.3 | 4.6 | 5.0 | 7.7 | 8.5 | 6.2 | 5.5 | |||
| Middle East | 11.4 | 6.7 | 6.6 | 4.0 | 3.8 | 5.3 | 6.2 | 7.2 | 7.1 | 7.9 | 10.6 | 8.7 | |||
| Western Hemisphere | 134.2 | 7.0 | 8.3 | 7.6 | 6.1 | 8.9 | 10.6 | 6.5 | 6.3 | 5.4 | 5.2 | 5.7 | |||
| Brazil | 456.2 | 6.7 | 4.9 | 7.1 | 6.8 | 8.4 | 14.8 | 6.6 | 6.9 | 4.2 | 3.5 | 4.1 | |||
| Mexico | 20.4 | 6.1 | 16.6 | 9.5 | 6.4 | 5.0 | 4.5 | 4.7 | 4.0 | 3.6 | 3.9 | 3.5 | |||
| Analytical groups | |||||||||||||||
| By source of export earnings | |||||||||||||||
| Fuel | 74.1 | 13.0 | 36.2 | 13.9 | 13.5 | 11.7 | 11.3 | 9.6 | 9.9 | 8.9 | 9.4 | 8.5 | |||
| Nonfuel | 46.5 | 5.2 | 6.7 | 6.1 | 5.6 | 4.9 | 5.0 | 5.0 | 4.7 | 4.8 | 4.8 | 4.3 | |||
| of which, primary products | 73.5 | 23.9 | 30.7 | 35.5 | 30.9 | 17.6 | 19.2 | 14.7 | 17.0 | 22.5 | 25.5 | 27.2 | |||
| By external financing source | |||||||||||||||
| Net debtor countries | 55.7 | 7.3 | 10.4 | 8.8 | 8.1 | 8.1 | 7.3 | 5.7 | 6.2 | 6.7 | 6.4 | 5.6 | |||
| of which, official financing | 27.7 | 5.7 | 5.3 | 3.8 | 4.1 | 3.7 | 5.9 | 7.4 | 7.3 | 6.9 | 6.6 | 5.6 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 44.6 | 11.6 | 14.1 | 10.4 | 11.4 | 14.2 | 11.6 | 8.6 | 10.7 | 13.1 | 11.5 | 11.2 | |||
| Other groups | |||||||||||||||
| Heavily indebted poor countries | 56.0 | 11.9 | 18.5 | 25.5 | 19.5 | 5.9 | 9.4 | 7.0 | 10.0 | 9.0 | 8.8 | 6.9 | |||
| Middle East and north Africa | 13.3 | 5.9 | 5.9 | 3.6 | 3.6 | 4.8 | 5.4 | 6.4 | 6.0 | 6.9 | 9.1 | 7.7 | |||
| Memorandum | |||||||||||||||
| Median | |||||||||||||||
| Other emerging market and developing countries | 10.3 | 4.5 | 3.9 | 4.0 | 4.7 | 3.3 | 4.0 | 4.5 | 5.7 | 5.5 | 5.3 | 4.4 | |||
| Africa | 10.3 | 5.0 | 3.7 | 5.7 | 5.2 | 4.0 | 5.5 | 4.1 | 6.4 | 5.1 | 5.5 | 4.9 | |||
| Central and eastern Europe | 45.0 | 3.5 | 2.9 | 5.2 | 5.2 | 3.0 | 2.1 | 3.3 | 3.0 | 3.8 | 3.5 | 3.2 | |||
| Commonwealth of Independent States1 | … | 10.7 | 23.5 | 18.7 | 9.8 | 5.6 | 5.6 | 7.2 | 10.3 | 8.6 | 8.8 | 8.9 | |||
| Developing Asia | 8.5 | 4.4 | 4.0 | 2.4 | 3.8 | 3.7 | 3.5 | 4.6 | 5.8 | 6.1 | 5.5 | 5.0 | |||
| Middle East | 5.5 | 3.1 | 2.1 | 0.7 | 1.4 | 0.8 | 1.7 | 3.4 | 4.1 | 5.6 | 6.2 | 4.6 | |||
| Western Hemisphere | 12.8 | 4.5 | 4.2 | 4.7 | 4.5 | 4.6 | 5.1 | 4.4 | 4.9 | 5.1 | 4.5 | 3.6 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Country: Consumer Prices1
(Annual percent change)
In accordance with standard practice in the World Economic Outlook, movements in consumer prices are indicated as annual averages rather than as December/December changes during the year, as is the practice in some countries. For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.
The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).
For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price indices with a broader and more up-to-date coverage are typically used for more recent years.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Country: Consumer Prices1
(Annual percent change)
| Average 1989–98 |
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Africa | 28.2 | 11.8 | 13.5 | 12.5 | 9.7 | 10.6 | 7.9 | 8.4 | 9.5 | 10.7 | 10.4 |
| Algeria | 18.0 | 2.6 | 0.3 | 4.2 | 1.4 | 2.6 | 3.6 | 1.6 | 2.5 | 5.5 | 5.7 |
| Angola | 397.8 | 248.2 | 325.0 | 152.6 | 108.9 | 98.3 | 43.6 | 23.0 | 13.3 | 10.2 | 5.9 |
| Benin | 7.2 | 0.3 | 4.2 | 4.0 | 2.4 | 1.5 | 0.9 | 5.4 | 3.8 | 3.0 | 2.8 |
| Botswana | 11.3 | 7.8 | 8.5 | 6.6 | 8.0 | 9.3 | 6.9 | 8.6 | 11.3 | 6.0 | 5.0 |
| Burkina Faso | 4.4 | -1.1 | -0.3 | 4.7 | 2.3 | 2.0 | -0.4 | 6.4 | 2.4 | 2.0 | 2.0 |
| Cameroon2 | 4.8 | 2.9 | 0.8 | 2.8 | 6.3 | 0.6 | 0.3 | 2.0 | 5.3 | 1.5 | 1.9 |
| Cape Verde | 7.3 | 4.3 | -2.4 | 3.7 | 1.9 | 1.2 | -1.9 | 0.4 | 4.9 | -0.8 | 2.6 |
| Central African Republic | 3.7 | -1.4 | 3.2 | 3.8 | 2.3 | 4.4 | -2.2 | 2.9 | 5.1 | 3.1 | 2.3 |
| Chad | 4.5 | -8.4 | 3.8 | 12.4 | 5.2 | -1.8 | -5.4 | 7.9 | 7.9 | 4.0 | 3.0 |
| Comoros | 2.9 | 1.1 | 5.9 | 5.6 | 3.6 | 3.7 | 4.5 | 3.0 | 3.4 | 3.0 | 3.0 |
| Congo, Dem. Rep. of | 790.1 | 284.9 | 550.0 | 357.3 | 25.3 | 12.8 | 4.0 | 21.4 | 13.2 | 17.4 | 8.9 |
| Congo, Rep. of | 5.9 | 3.1 | 0.4 | 0.8 | 3.1 | 1.5 | 3.6 | 2.5 | 4.0 | 3.5 | 3.0 |
| Côte d’Ivoire | 5.7 | 0.7 | 2.5 | 4.4 | 3.1 | 3.3 | 1.5 | 3.9 | 1.6 | 2.0 | 3.0 |
| Djibouti | 4.5 | 0.2 | 1.6 | 1.8 | 0.6 | 2.0 | 3.1 | 3.1 | 3.6 | 3.5 | 3.5 |
| Equatorial Guinea | 6.7 | 0.4 | 4.8 | 8.8 | 7.6 | 7.3 | 4.2 | 5.7 | 4.6 | 5.4 | 5.4 |
| Eritrea | … | 8.4 | 19.9 | 14.6 | 16.9 | 22.7 | 25.1 | 12.5 | 17.3 | 22.7 | 25.2 |
| Ethiopia | 7.6 | 4.8 | 6.2 | -5.2 | -7.2 | 15.1 | 8.6 | 6.8 | 12.3 | 17.0 | 12.9 |
| Gabon | 5.7 | -0.7 | 0.5 | 2.1 | 0.2 | 2.1 | 0.4 | — | 4.0 | 4.5 | 2.0 |
| Gambia, The | 5.8 | 3.8 | 0.9 | 4.5 | 8.6 | 17.0 | 14.2 | 3.2 | 1.5 | 3.2 | 3.5 |
| Ghana | 28.1 | 12.4 | 25.2 | 32.9 | 14.8 | 26.7 | 12.6 | 15.1 | 10.9 | 9.4 | 8.8 |
| Guinea | 3.2 | 4.6 | 6.8 | 5.4 | 3.0 | 12.9 | 17.5 | 31.4 | 33.9 | 34.1 | 25.0 |
| Guinea-Bissau | 44.1 | -2.1 | 8.6 | 3.3 | 3.3 | -3.5 | 0.8 | 3.4 | 1.9 | 1.9 | 2.0 |
| Kenya | 16.2 | 5.8 | 10.0 | 5.8 | 2.0 | 9.8 | 11.6 | 10.3 | 14.1 | 4.1 | 3.5 |
| Lesotho | 11.6 | 7.8 | 4.5 | 6.9 | 12.5 | 7.3 | 5.0 | 3.4 | 6.1 | 6.0 | 5.5 |
| Liberia | … | … | 5.3 | 12.1 | 14.2 | 10.3 | 3.6 | 6.9 | 7.2 | 7.0 | 6.5 |
| Madagascar | 16.5 | 8.1 | 10.7 | 6.9 | 16.2 | -1.1 | 14.0 | 18.4 | 10.8 | 9.6 | 6.9 |
| Malawi | 25.8 | 44.8 | 29.6 | 27.2 | 14.9 | 9.6 | 11.6 | 12.3 | 9.0 | 7.0 | 6.0 |
| Mali | 3.9 | -1.2 | -0.7 | 5.2 | 5.0 | -1.3 | -3.1 | 6.4 | 1.9 | 2.5 | 2.5 |
| Mauritania | 5.5 | 3.6 | 6.8 | 7.7 | 5.4 | 5.3 | 10.4 | 12.1 | 6.2 | 7.9 | 6.0 |
| Mauritius | 8.5 | 6.9 | 5.5 | 4.8 | 4.4 | 5.1 | 3.9 | 5.6 | 5.1 | 10.4 | 6.0 |
| Morocco | 4.7 | 0.7 | 1.9 | 0.6 | 2.8 | 1.2 | 1.5 | 1.0 | 3.3 | 2.0 | 2.0 |
| Mozambique, Rep. of | 36.2 | 2.9 | 12.7 | 9.1 | 16.8 | 13.5 | 12.6 | 6.4 | 13.2 | 5.9 | 5.7 |
| Namibia | 10.9 | 8.6 | 9.3 | 9.3 | 11.3 | 7.2 | 4.1 | 2.3 | 5.1 | 5.9 | 5.3 |
| Niger | 4.6 | -2.3 | 2.9 | 4.0 | 2.7 | -1.8 | 0.4 | 7.8 | 0.1 | 2.0 | 2.0 |
| Nigeria | 33.0 | 6.6 | 6.9 | 18.0 | 13.7 | 14.0 | 15.0 | 17.8 | 8.3 | 7.9 | 9.1 |
| Rwanda | 16.7 | -2.4 | 3.9 | 3.4 | 2.0 | 7.4 | 12.0 | 9.2 | 5.5 | 5.0 | 5.0 |
| São Tomé and Príncipe | 42.8 | 11.0 | 11.0 | 9.5 | 9.2 | 9.6 | 12.8 | 16.3 | 21.4 | 18.6 | 11.4 |
| Senegal | 4.0 | 0.8 | 0.7 | 3.0 | 2.3 | — | 0.5 | 1.7 | 2.1 | 2.8 | 1.7 |
| Seychelles | 1.6 | 6.3 | 6.3 | 6.0 | 0.2 | 3.2 | 3.9 | 1.0 | -0.5 | 11.0 | 8.9 |
| Sierra Leone | 45.2 | 34.1 | -0.9 | 2.6 | -3.7 | 7.5 | 14.2 | 12.1 | 9.5 | 8.4 | 8.0 |
| South Africa | 10.8 | 5.2 | 5.4 | 5.7 | 9.2 | 5.8 | 1.4 | 3.4 | 4.7 | 5.5 | 4.9 |
| Sudan | 81.5 | 16.0 | 8.0 | 4.9 | 8.3 | 7.7 | 8.4 | 8.5 | 7.2 | 9.2 | 6.0 |
| Swaziland | 9.7 | 5.9 | 7.2 | 7.5 | 11.7 | 7.4 | 3.4 | 4.8 | 5.1 | 5.8 | 4.6 |
| Tanzania | 22.5 | 9.0 | 6.2 | 5.1 | 4.6 | 4.4 | 4.1 | 4.4 | 5.8 | 5.5 | 5.0 |
| Togo | 5.9 | -0.1 | 1.9 | 3.9 | 3.1 | -0.9 | 0.4 | 6.8 | 2.7 | 2.9 | 3.0 |
| Tunisia | 5.3 | 2.7 | 2.3 | 2.0 | 2.7 | 2.7 | 3.6 | 2.0 | 4.5 | 3.0 | 2.9 |
| Uganda | 26.4 | 0.2 | 5.8 | 4.5 | -2.0 | 5.7 | 5.0 | 8.0 | 6.6 | 5.8 | 4.2 |
| Zambia | 78.5 | 26.8 | 26.1 | 21.7 | 22.2 | 21.4 | 18.0 | 18.3 | 9.1 | 8.0 | 4.9 |
| Zimbabwe | 23.8 | 58.0 | 55.6 | 73.4 | 133.2 | 365.0 | 350.0 | 237.8 | 1,016.7 | 2,879.5 | 6,470.8 |
| Central and eastern Europe 3 | 63.5 | 23.7 | 23.1 | 19.7 | 14.9 | 8.3 | 6.1 | 4.8 | 5.0 | 4.8 | 3.7 |
| Albania | 34.6 | 0.4 | — | 3.1 | 5.2 | 2.3 | 2.9 | 2.4 | 2.2 | 3.4 | 3.0 |
| Bosnia and Herzegovina | … | 3.0 | 5.1 | 3.2 | 0.3 | 0.6 | 0.3 | 1.9 | 6.0 | 2.5 | 1.9 |
| Bulgaria | 111.1 | 2.6 | 8.2 | 7.5 | 5.8 | 2.3 | 6.1 | 5.0 | 7.3 | 5.3 | 3.6 |
| Croatia | … | 4.0 | 4.6 | 3.7 | 1.7 | 1.8 | 2.1 | 3.3 | 3.2 | 2.7 | 2.8 |
| Czech Republic | 13.9 | 2.3 | 3.8 | 4.7 | 1.8 | 0.1 | 2.8 | 1.8 | 2.5 | 2.9 | 3.0 |
| Estonia | … | 3.3 | 4.0 | 5.8 | 3.6 | 1.3 | 3.0 | 4.1 | 4.4 | 4.8 | 5.3 |
| Hungary | 22.7 | 10.0 | 9.8 | 9.2 | 5.3 | 4.6 | 6.8 | 3.6 | 3.9 | 6.4 | 3.8 |
| Latvia | … | 2.4 | 2.6 | 2.5 | 1.9 | 2.9 | 6.2 | 6.7 | 6.5 | 7.3 | 6.5 |
| Lithuania | … | 1.5 | 1.1 | 1.6 | 0.3 | -1.1 | 1.2 | 2.7 | 3.8 | 3.5 | 3.4 |
| Macedonia, FYR | … | -2.7 | 5.8 | 4.8 | 2.2 | 1.4 | 0.1 | 0.5 | 3.2 | 2.5 | 2.5 |
| Malta | 3.0 | 2.3 | 3.0 | 2.5 | 2.6 | 1.9 | 2.7 | 2.5 | 2.6 | 2.4 | 2.3 |
| Poland | 70.4 | 7.3 | 10.1 | 5.5 | 1.9 | 0.8 | 3.5 | 2.1 | 1.0 | 2.2 | 2.9 |
| Romania | 102.7 | 45.8 | 45.7 | 34.5 | 22.5 | 15.3 | 11.9 | 9.0 | 6.6 | 4.5 | 5.0 |
| Serbia | … | 41.1 | 70.0 | 91.8 | 19.5 | 11.7 | 10.1 | 17.3 | 12.7 | 4.7 | 6.1 |
| Slovak Republic | … | 10.6 | 12.0 | 7.1 | 3.3 | 8.5 | 7.5 | 2.8 | 4.4 | 2.4 | 2.3 |
| Turkey | 76.2 | 64.9 | 54.9 | 54.4 | 45.0 | 21.6 | 8.6 | 8.2 | 9.6 | 8.0 | 4.3 |
| Commonwealth of Independent States 3, 4 | … | 69.8 | 24.7 | 20.3 | 13.8 | 12.0 | 10.3 | 12.4 | 9.5 | 9.0 | 8.3 |
| Russia | … | 85.7 | 20.8 | 21.5 | 15.8 | 13.7 | 10.9 | 12.7 | 9.7 | 8.1 | 7.5 |
| Excluding Russia | … | 37.9 | 34.5 | 17.7 | 9.4 | 8.4 | 9.1 | 11.7 | 9.2 | 10.9 | 10.1 |
| Armenia | … | 0.6 | -0.8 | 3.1 | 1.1 | 4.7 | 7.0 | 0.6 | 2.9 | 4.0 | 4.5 |
| Azerbaijan | … | -8.5 | 1.8 | 1.5 | 2.8 | 2.2 | 6.7 | 9.7 | 8.4 | 21.1 | 17.0 |
| Belarus | … | 293.7 | 168.6 | 61.1 | 42.6 | 28.4 | 18.1 | 10.3 | 7.0 | 11.4 | 13.7 |
| Georgia | … | 19.1 | 4.0 | 4.7 | 5.6 | 4.8 | 5.7 | 8.3 | 9.2 | 6.3 | 5.5 |
| Kazakhstan | … | 8.4 | 13.3 | 8.4 | 5.9 | 6.4 | 6.9 | 7.6 | 8.6 | 8.8 | 6.8 |
| Kyrgyz Republic | … | 35.9 | 18.7 | 6.9 | 2.1 | 3.1 | 4.1 | 4.3 | 5.6 | 5.0 | 4.0 |
| Moldova | … | 39.3 | 31.3 | 9.8 | 5.3 | 11.7 | 12.5 | 11.9 | 12.7 | 11.4 | 8.9 |
| Mongolia | … | 7.6 | 11.6 | 8.0 | 1.1 | 3.3 | 8.3 | 12.1 | 5.0 | 5.3 | 5.0 |
| Tajikistan | … | 27.5 | 32.9 | 38.6 | 12.2 | 16.4 | 7.2 | 7.3 | 10.1 | 11.4 | 9.2 |
| Turkmenistan | … | 23.5 | 8.0 | 11.6 | 8.8 | 5.6 | 5.9 | 10.7 | 8.2 | 6.5 | 9.0 |
| Ukraine | … | 22.7 | 28.2 | 12.0 | 0.8 | 5.2 | 9.0 | 13.5 | 9.0 | 11.3 | 10.0 |
| Uzbekistan | … | 52.9 | 49.5 | 47.5 | 44.3 | 14.8 | 8.8 | 21.0 | 19.5 | 10.4 | 12.2 |
| Developing Asia | 9.7 | 2.5 | 1.8 | 2.7 | 2.0 | 2.5 | 4.1 | 3.6 | 4.0 | 3.9 | 3.4 |
| Afghanistan, Rep. of | … | … | … | … | … | 5.1 | 24.1 | 13.2 | 12.3 | 5.5 | 5.9 |
| Bangladesh | 6.6 | 6.2 | 2.5 | 1.9 | 3.7 | 5.4 | 6.1 | 7.0 | 6.3 | 6.4 | 5.4 |
| Bhutan | 10.0 | 6.8 | 4.0 | 3.4 | 2.5 | 2.1 | 4.6 | 5.3 | 5.2 | 5.5 | 5.3 |
| Brunei Darussalam | … | — | 1.2 | 0.6 | -2.3 | 0.3 | 0.9 | 1.1 | 0.5 | 1.2 | 1.2 |
| Cambodia | … | 4.0 | -0.8 | 0.2 | 3.3 | 1.2 | 3.9 | 5.8 | 4.8 | 3.5 | 3.5 |
| China | 9.4 | -1.4 | 0.4 | 0.7 | -0.8 | 1.2 | 3.9 | 1.8 | 1.5 | 2.2 | 2.3 |
| Fiji | 4.6 | 2.0 | 1.1 | 4.3 | 0.8 | 4.2 | 2.8 | 2.4 | 3.4 | 3.7 | 3.1 |
| India | 9.7 | 4.7 | 4.0 | 3.8 | 4.3 | 3.8 | 3.8 | 4.2 | 6.1 | 6.2 | 4.3 |
| Indonesia | 12.2 | 20.7 | 3.8 | 11.5 | 11.8 | 6.8 | 6.1 | 10.5 | 13.1 | 6.3 | 5.3 |
| Kiribati | 3.9 | 0.6 | 0.9 | 7.0 | 1.6 | 2.6 | -1.9 | -0.5 | -0.2 | 0.2 | 1.0 |
| Lao PDR | 18.3 | 128.4 | 23.2 | 7.8 | 12.1 | 15.5 | 10.5 | 7.2 | 6.8 | 4.0 | 4.5 |
| Malaysia | 3.7 | 2.7 | 1.6 | 1.4 | 1.8 | 1.1 | 1.4 | 3.0 | 3.6 | 2.6 | 2.5 |
| Maldives | 8.8 | 3.0 | -1.2 | 0.7 | 0.9 | -2.8 | 6.3 | 3.3 | 3.5 | 7.0 | 6.0 |
| Myanmar | 28.3 | 10.9 | -1.7 | 34.5 | 58.1 | 24.9 | 3.8 | 10.1 | 26.3 | 37.5 | 35.0 |
| Nepal | 9.8 | 3.4 | 2.4 | 2.9 | 4.7 | 4.0 | 4.0 | 4.5 | 8.0 | 7.0 | 6.1 |
| Pakistan | 9.9 | 5.7 | 3.6 | 4.4 | 2.5 | 3.1 | 4.6 | 9.3 | 7.9 | 6.5 | 6.0 |
| Papua New Guinea | 7.6 | 14.9 | 15.6 | 9.3 | 11.8 | 14.7 | 2.1 | 1.7 | 3.5 | 4.3 | 4.0 |
| Philippines | 10.1 | 6.4 | 4.0 | 6.8 | 2.9 | 3.5 | 6.0 | 7.6 | 6.2 | 4.0 | 4.0 |
| Samoa | 5.5 | 0.8 | -0.2 | 1.9 | 7.4 | 4.3 | 7.9 | 7.8 | 3.2 | 2.6 | 3.0 |
| Solomon Islands | 11.3 | 8.0 | 6.9 | 7.6 | 9.3 | 10.0 | 6.9 | 7.3 | 8.0 | 6.6 | 8.1 |
| Sri Lanka | 11.9 | 4.0 | 1.5 | 12.1 | 10.2 | 2.6 | 7.9 | 10.6 | 9.5 | 14.0 | 6.5 |
| Thailand | 5.5 | 0.3 | 1.6 | 1.7 | 0.6 | 1.8 | 2.8 | 4.5 | 4.6 | 2.5 | 2.5 |
| Timor-Leste, Dem. Rep. of | … | … | 63.6 | 3.6 | 4.8 | 7.0 | 3.2 | 1.8 | 4.1 | 5.0 | 3.7 |
| Tonga | 4.4 | 3.9 | 5.3 | 6.9 | 10.4 | 11.1 | 11.7 | 9.7 | 6.8 | 7.9 | 8.2 |
| Vanuatu | 3.8 | 2.2 | 2.5 | 3.7 | 2.0 | 3.0 | 1.4 | 1.2 | 1.6 | 2.5 | 3.0 |
| Vietnam | 26.9 | 4.1 | -1.6 | -0.4 | 4.0 | 3.2 | 7.7 | 8.3 | 7.5 | 6.5 | 6.4 |
| Middle East | 11.4 | 6.6 | 4.0 | 3.8 | 5.3 | 6.2 | 7.2 | 7.1 | 7.9 | 10.6 | 8.7 |
| Bahrain | 1.1 | -1.3 | -0.7 | -1.2 | -0.5 | 1.7 | 2.3 | 2.6 | 3.0 | 3.0 | 2.8 |
| Egypt | 12.3 | 3.7 | 2.8 | 2.4 | 2.4 | 3.2 | 8.1 | 8.8 | 4.2 | 12.3 | 10.7 |
| Iran, I.R. of | 23.3 | 20.1 | 12.6 | 11.4 | 15.8 | 15.6 | 15.2 | 12.1 | 14.6 | 17.8 | 15.8 |
| Iraq | … | … | … | … | … | … | … | … | … | … | … |
| Jordan | 7.4 | 0.6 | 0.7 | 1.8 | 1.8 | 1.6 | 3.4 | 3.5 | 6.3 | 5.7 | 3.5 |
| Kuwait | 3.6 | 3.1 | 1.6 | 1.4 | 0.8 | 1.0 | 1.3 | 4.1 | 3.0 | 2.8 | 2.6 |
| Lebanon | 31.9 | 0.2 | -0.4 | -0.4 | 1.8 | 1.3 | 1.7 | -0.7 | 5.6 | 3.5 | 2.5 |
| Libya | 6.4 | 2.6 | -2.9 | -8.8 | -9.9 | -2.1 | -2.2 | 2.0 | 3.4 | 16.2 | 6.9 |
| Oman | 1.7 | 0.5 | -1.2 | -0.8 | -0.3 | 0.2 | 0.7 | 1.9 | 3.2 | 3.8 | 3.5 |
| Qatar | 3.0 | 2.2 | 1.7 | 1.4 | 0.2 | 2.3 | 6.8 | 8.8 | 11.8 | 10.0 | 8.5 |
| Saudi Arabia | 1.4 | -1.3 | -1.1 | -1.1 | 0.2 | 0.6 | 0.4 | 0.7 | 2.3 | 2.8 | 2.0 |
| Syrian Arab Republic | 9.1 | -3.7 | -3.9 | 3.4 | -0.5 | 5.8 | 4.4 | 7.2 | 10.0 | 8.0 | 5.0 |
| United Arab Emirates | 3.6 | 2.1 | 1.4 | 2.8 | 2.9 | 3.1 | 5.0 | 7.8 | 10.1 | 6.2 | 4.6 |
| Yemen, Rep. of | 37.7 | 8.0 | 10.9 | 11.9 | 12.2 | 10.8 | 12.5 | 11.8 | 21.6 | 21.1 | 17.5 |
| Western Hemisphere | 134.2 | 8.3 | 7.6 | 6.1 | 8.9 | 10.6 | 6.5 | 6.3 | 5.4 | 5.2 | 5.7 |
| Antigua and Barbuda | 3.8 | 0.6 | -0.6 | -0.4 | 2.4 | 2.0 | 2.0 | 2.1 | 2.0 | 3.4 | 2.0 |
| Argentina | 125.4 | -1.2 | -0.9 | -1.1 | 25.9 | 13.4 | 4.4 | 9.6 | 10.9 | 10.3 | 12.7 |
| Bahamas, The | 3.2 | 1.3 | 1.6 | 2.0 | 2.2 | 3.0 | 0.9 | 2.2 | 1.9 | 1.9 | 2.0 |
| Barbados | 3.4 | 1.5 | 2.4 | 2.6 | -1.2 | 1.6 | 1.4 | 6.0 | 7.2 | 4.9 | 2.4 |
| Belize | 2.1 | -1.3 | 0.7 | 1.2 | 2.2 | 2.6 | 3.1 | 3.7 | 4.3 | 2.9 | 2.8 |
| Bolivia | 11.7 | 2.2 | 4.6 | 1.6 | 0.9 | 3.3 | 4.4 | 5.4 | 4.3 | 6.5 | 6.0 |
| Brazil | 456.2 | 4.9 | 7.1 | 6.8 | 8.4 | 14.8 | 6.6 | 6.9 | 4.2 | 3.5 | 4.1 |
| Chile | 12.9 | 3.3 | 3.8 | 3.6 | 2.5 | 2.8 | 1.1 | 3.1 | 3.4 | 2.5 | 3.0 |
| Colombia | 23.6 | 10.9 | 9.2 | 8.0 | 6.3 | 7.1 | 5.9 | 5.0 | 4.3 | 4.2 | 3.7 |
| Costa Rica | 17.4 | 10.0 | 11.0 | 11.3 | 9.2 | 9.4 | 12.3 | 13.8 | 11.5 | 8.1 | 7.0 |
| Dominica | 2.9 | 1.2 | 0.9 | 1.6 | 0.1 | 1.6 | 2.4 | 1.6 | 1.5 | 1.5 | 1.5 |
| Dominican Republic | 17.4 | 6.5 | 7.7 | 8.9 | 5.2 | 27.4 | 51.5 | 4.2 | 7.6 | 4.5 | 4.4 |
| Ecuador | 40.6 | 52.2 | 96.1 | 37.7 | 12.6 | 7.9 | 2.7 | 2.1 | 3.3 | 2.8 | 3.0 |
| El Salvador | 12.2 | 0.5 | 2.3 | 3.8 | 1.9 | 2.1 | 4.5 | 3.7 | 4.6 | 4.4 | 3.5 |
| Grenada | 2.8 | 0.6 | 2.1 | 1.7 | 1.1 | 2.2 | 2.3 | 3.5 | 3.8 | 2.7 | 2.0 |
| Guatemala | 15.6 | 5.2 | 6.0 | 7.3 | 8.1 | 5.6 | 7.6 | 9.1 | 6.6 | 6.2 | 6.0 |
| Guyana | 29.4 | 7.4 | 6.1 | 2.7 | 5.3 | 6.0 | 4.7 | 6.9 | 6.6 | 4.5 | 3.2 |
| Haiti | 20.8 | 8.7 | 13.7 | 14.2 | 9.9 | 39.3 | 21.2 | 15.8 | 14.2 | 9.6 | 9.1 |
| Honduras | 19.3 | 11.6 | 11.0 | 9.7 | 7.7 | 7.7 | 8.1 | 8.8 | 5.6 | 6.0 | 6.6 |
| Jamaica | 27.8 | 6.0 | 8.1 | 7.0 | 7.1 | 10.5 | 13.5 | 15.3 | 8.6 | 6.2 | 6.1 |
| Mexico | 20.4 | 16.6 | 9.5 | 6.4 | 5.0 | 4.5 | 4.7 | 4.0 | 3.6 | 3.9 | 3.5 |
| Nicaragua | 154.7 | 7.2 | 9.9 | 4.7 | 4.0 | 6.5 | 9.3 | 9.6 | 9.4 | 6.1 | 5.2 |
| Panama | 1.0 | 1.3 | 1.4 | 0.3 | 1.0 | 0.6 | 0.5 | 2.9 | 2.5 | 2.2 | 2.4 |
| Paraguay | 18.1 | 6.8 | 9.0 | 7.3 | 10.5 | 14.2 | 4.3 | 6.8 | 9.6 | 10.2 | 3.4 |
| Peru | 201.6 | 3.5 | 3.8 | 2.0 | 0.2 | 2.3 | 3.7 | 1.6 | 2.0 | 1.0 | 2.0 |
| St. Kitts and Nevis | 3.7 | 3.4 | 2.1 | 2.1 | 2.1 | 2.3 | 2.2 | 3.6 | 6.8 | 3.2 | 2.1 |
| St. Lucia | 3.3 | 3.5 | 4.0 | 5.4 | -0.3 | 1.0 | 1.5 | 3.9 | 2.5 | 4.0 | 3.0 |
| St. Vincent and the Grenadines | 3.3 | 1.0 | 0.2 | 0.8 | 0.8 | 0.2 | 3.0 | 3.7 | 3.0 | 3.9 | 3.7 |
| Suriname | 59.7 | 98.7 | 58.6 | 39.8 | 15.5 | 23.0 | 9.1 | 9.9 | 11.3 | 4.6 | 4.3 |
| Trinidad and Tobago | 6.7 | 3.4 | 3.6 | 5.5 | 4.2 | 3.8 | 3.7 | 6.9 | 8.3 | 9.0 | 9.0 |
| Uruguay | 53.1 | 5.7 | 4.8 | 4.4 | 14.0 | 19.4 | 9.2 | 4.7 | 6.4 | 6.0 | 5.0 |
| Venezuela | 52.1 | 23.6 | 16.2 | 12.5 | 22.4 | 31.1 | 21.7 | 15.9 | 13.6 | 21.6 | 25.7 |
In accordance with standard practice in the World Economic Outlook, movements in consumer prices are indicated as annual averages rather than as December/December changes during the year, as is the practice in some countries. For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.
The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).
For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price indices with a broader and more up-to-date coverage are typically used for more recent years.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Country: Consumer Prices1
(Annual percent change)
| Average 1989–98 |
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Africa | 28.2 | 11.8 | 13.5 | 12.5 | 9.7 | 10.6 | 7.9 | 8.4 | 9.5 | 10.7 | 10.4 |
| Algeria | 18.0 | 2.6 | 0.3 | 4.2 | 1.4 | 2.6 | 3.6 | 1.6 | 2.5 | 5.5 | 5.7 |
| Angola | 397.8 | 248.2 | 325.0 | 152.6 | 108.9 | 98.3 | 43.6 | 23.0 | 13.3 | 10.2 | 5.9 |
| Benin | 7.2 | 0.3 | 4.2 | 4.0 | 2.4 | 1.5 | 0.9 | 5.4 | 3.8 | 3.0 | 2.8 |
| Botswana | 11.3 | 7.8 | 8.5 | 6.6 | 8.0 | 9.3 | 6.9 | 8.6 | 11.3 | 6.0 | 5.0 |
| Burkina Faso | 4.4 | -1.1 | -0.3 | 4.7 | 2.3 | 2.0 | -0.4 | 6.4 | 2.4 | 2.0 | 2.0 |
| Cameroon2 | 4.8 | 2.9 | 0.8 | 2.8 | 6.3 | 0.6 | 0.3 | 2.0 | 5.3 | 1.5 | 1.9 |
| Cape Verde | 7.3 | 4.3 | -2.4 | 3.7 | 1.9 | 1.2 | -1.9 | 0.4 | 4.9 | -0.8 | 2.6 |
| Central African Republic | 3.7 | -1.4 | 3.2 | 3.8 | 2.3 | 4.4 | -2.2 | 2.9 | 5.1 | 3.1 | 2.3 |
| Chad | 4.5 | -8.4 | 3.8 | 12.4 | 5.2 | -1.8 | -5.4 | 7.9 | 7.9 | 4.0 | 3.0 |
| Comoros | 2.9 | 1.1 | 5.9 | 5.6 | 3.6 | 3.7 | 4.5 | 3.0 | 3.4 | 3.0 | 3.0 |
| Congo, Dem. Rep. of | 790.1 | 284.9 | 550.0 | 357.3 | 25.3 | 12.8 | 4.0 | 21.4 | 13.2 | 17.4 | 8.9 |
| Congo, Rep. of | 5.9 | 3.1 | 0.4 | 0.8 | 3.1 | 1.5 | 3.6 | 2.5 | 4.0 | 3.5 | 3.0 |
| Côte d’Ivoire | 5.7 | 0.7 | 2.5 | 4.4 | 3.1 | 3.3 | 1.5 | 3.9 | 1.6 | 2.0 | 3.0 |
| Djibouti | 4.5 | 0.2 | 1.6 | 1.8 | 0.6 | 2.0 | 3.1 | 3.1 | 3.6 | 3.5 | 3.5 |
| Equatorial Guinea | 6.7 | 0.4 | 4.8 | 8.8 | 7.6 | 7.3 | 4.2 | 5.7 | 4.6 | 5.4 | 5.4 |
| Eritrea | … | 8.4 | 19.9 | 14.6 | 16.9 | 22.7 | 25.1 | 12.5 | 17.3 | 22.7 | 25.2 |
| Ethiopia | 7.6 | 4.8 | 6.2 | -5.2 | -7.2 | 15.1 | 8.6 | 6.8 | 12.3 | 17.0 | 12.9 |
| Gabon | 5.7 | -0.7 | 0.5 | 2.1 | 0.2 | 2.1 | 0.4 | — | 4.0 | 4.5 | 2.0 |
| Gambia, The | 5.8 | 3.8 | 0.9 | 4.5 | 8.6 | 17.0 | 14.2 | 3.2 | 1.5 | 3.2 | 3.5 |
| Ghana | 28.1 | 12.4 | 25.2 | 32.9 | 14.8 | 26.7 | 12.6 | 15.1 | 10.9 | 9.4 | 8.8 |
| Guinea | 3.2 | 4.6 | 6.8 | 5.4 | 3.0 | 12.9 | 17.5 | 31.4 | 33.9 | 34.1 | 25.0 |
| Guinea-Bissau | 44.1 | -2.1 | 8.6 | 3.3 | 3.3 | -3.5 | 0.8 | 3.4 | 1.9 | 1.9 | 2.0 |
| Kenya | 16.2 | 5.8 | 10.0 | 5.8 | 2.0 | 9.8 | 11.6 | 10.3 | 14.1 | 4.1 | 3.5 |
| Lesotho | 11.6 | 7.8 | 4.5 | 6.9 | 12.5 | 7.3 | 5.0 | 3.4 | 6.1 | 6.0 | 5.5 |
| Liberia | … | … | 5.3 | 12.1 | 14.2 | 10.3 | 3.6 | 6.9 | 7.2 | 7.0 | 6.5 |
| Madagascar | 16.5 | 8.1 | 10.7 | 6.9 | 16.2 | -1.1 | 14.0 | 18.4 | 10.8 | 9.6 | 6.9 |
| Malawi | 25.8 | 44.8 | 29.6 | 27.2 | 14.9 | 9.6 | 11.6 | 12.3 | 9.0 | 7.0 | 6.0 |
| Mali | 3.9 | -1.2 | -0.7 | 5.2 | 5.0 | -1.3 | -3.1 | 6.4 | 1.9 | 2.5 | 2.5 |
| Mauritania | 5.5 | 3.6 | 6.8 | 7.7 | 5.4 | 5.3 | 10.4 | 12.1 | 6.2 | 7.9 | 6.0 |
| Mauritius | 8.5 | 6.9 | 5.5 | 4.8 | 4.4 | 5.1 | 3.9 | 5.6 | 5.1 | 10.4 | 6.0 |
| Morocco | 4.7 | 0.7 | 1.9 | 0.6 | 2.8 | 1.2 | 1.5 | 1.0 | 3.3 | 2.0 | 2.0 |
| Mozambique, Rep. of | 36.2 | 2.9 | 12.7 | 9.1 | 16.8 | 13.5 | 12.6 | 6.4 | 13.2 | 5.9 | 5.7 |
| Namibia | 10.9 | 8.6 | 9.3 | 9.3 | 11.3 | 7.2 | 4.1 | 2.3 | 5.1 | 5.9 | 5.3 |
| Niger | 4.6 | -2.3 | 2.9 | 4.0 | 2.7 | -1.8 | 0.4 | 7.8 | 0.1 | 2.0 | 2.0 |
| Nigeria | 33.0 | 6.6 | 6.9 | 18.0 | 13.7 | 14.0 | 15.0 | 17.8 | 8.3 | 7.9 | 9.1 |
| Rwanda | 16.7 | -2.4 | 3.9 | 3.4 | 2.0 | 7.4 | 12.0 | 9.2 | 5.5 | 5.0 | 5.0 |
| São Tomé and Príncipe | 42.8 | 11.0 | 11.0 | 9.5 | 9.2 | 9.6 | 12.8 | 16.3 | 21.4 | 18.6 | 11.4 |
| Senegal | 4.0 | 0.8 | 0.7 | 3.0 | 2.3 | — | 0.5 | 1.7 | 2.1 | 2.8 | 1.7 |
| Seychelles | 1.6 | 6.3 | 6.3 | 6.0 | 0.2 | 3.2 | 3.9 | 1.0 | -0.5 | 11.0 | 8.9 |
| Sierra Leone | 45.2 | 34.1 | -0.9 | 2.6 | -3.7 | 7.5 | 14.2 | 12.1 | 9.5 | 8.4 | 8.0 |
| South Africa | 10.8 | 5.2 | 5.4 | 5.7 | 9.2 | 5.8 | 1.4 | 3.4 | 4.7 | 5.5 | 4.9 |
| Sudan | 81.5 | 16.0 | 8.0 | 4.9 | 8.3 | 7.7 | 8.4 | 8.5 | 7.2 | 9.2 | 6.0 |
| Swaziland | 9.7 | 5.9 | 7.2 | 7.5 | 11.7 | 7.4 | 3.4 | 4.8 | 5.1 | 5.8 | 4.6 |
| Tanzania | 22.5 | 9.0 | 6.2 | 5.1 | 4.6 | 4.4 | 4.1 | 4.4 | 5.8 | 5.5 | 5.0 |
| Togo | 5.9 | -0.1 | 1.9 | 3.9 | 3.1 | -0.9 | 0.4 | 6.8 | 2.7 | 2.9 | 3.0 |
| Tunisia | 5.3 | 2.7 | 2.3 | 2.0 | 2.7 | 2.7 | 3.6 | 2.0 | 4.5 | 3.0 | 2.9 |
| Uganda | 26.4 | 0.2 | 5.8 | 4.5 | -2.0 | 5.7 | 5.0 | 8.0 | 6.6 | 5.8 | 4.2 |
| Zambia | 78.5 | 26.8 | 26.1 | 21.7 | 22.2 | 21.4 | 18.0 | 18.3 | 9.1 | 8.0 | 4.9 |
| Zimbabwe | 23.8 | 58.0 | 55.6 | 73.4 | 133.2 | 365.0 | 350.0 | 237.8 | 1,016.7 | 2,879.5 | 6,470.8 |
| Central and eastern Europe 3 | 63.5 | 23.7 | 23.1 | 19.7 | 14.9 | 8.3 | 6.1 | 4.8 | 5.0 | 4.8 | 3.7 |
| Albania | 34.6 | 0.4 | — | 3.1 | 5.2 | 2.3 | 2.9 | 2.4 | 2.2 | 3.4 | 3.0 |
| Bosnia and Herzegovina | … | 3.0 | 5.1 | 3.2 | 0.3 | 0.6 | 0.3 | 1.9 | 6.0 | 2.5 | 1.9 |
| Bulgaria | 111.1 | 2.6 | 8.2 | 7.5 | 5.8 | 2.3 | 6.1 | 5.0 | 7.3 | 5.3 | 3.6 |
| Croatia | … | 4.0 | 4.6 | 3.7 | 1.7 | 1.8 | 2.1 | 3.3 | 3.2 | 2.7 | 2.8 |
| Czech Republic | 13.9 | 2.3 | 3.8 | 4.7 | 1.8 | 0.1 | 2.8 | 1.8 | 2.5 | 2.9 | 3.0 |
| Estonia | … | 3.3 | 4.0 | 5.8 | 3.6 | 1.3 | 3.0 | 4.1 | 4.4 | 4.8 | 5.3 |
| Hungary | 22.7 | 10.0 | 9.8 | 9.2 | 5.3 | 4.6 | 6.8 | 3.6 | 3.9 | 6.4 | 3.8 |
| Latvia | … | 2.4 | 2.6 | 2.5 | 1.9 | 2.9 | 6.2 | 6.7 | 6.5 | 7.3 | 6.5 |
| Lithuania | … | 1.5 | 1.1 | 1.6 | 0.3 | -1.1 | 1.2 | 2.7 | 3.8 | 3.5 | 3.4 |
| Macedonia, FYR | … | -2.7 | 5.8 | 4.8 | 2.2 | 1.4 | 0.1 | 0.5 | 3.2 | 2.5 | 2.5 |
| Malta | 3.0 | 2.3 | 3.0 | 2.5 | 2.6 | 1.9 | 2.7 | 2.5 | 2.6 | 2.4 | 2.3 |
| Poland | 70.4 | 7.3 | 10.1 | 5.5 | 1.9 | 0.8 | 3.5 | 2.1 | 1.0 | 2.2 | 2.9 |
| Romania | 102.7 | 45.8 | 45.7 | 34.5 | 22.5 | 15.3 | 11.9 | 9.0 | 6.6 | 4.5 | 5.0 |
| Serbia | … | 41.1 | 70.0 | 91.8 | 19.5 | 11.7 | 10.1 | 17.3 | 12.7 | 4.7 | 6.1 |
| Slovak Republic | … | 10.6 | 12.0 | 7.1 | 3.3 | 8.5 | 7.5 | 2.8 | 4.4 | 2.4 | 2.3 |
| Turkey | 76.2 | 64.9 | 54.9 | 54.4 | 45.0 | 21.6 | 8.6 | 8.2 | 9.6 | 8.0 | 4.3 |
| Commonwealth of Independent States 3, 4 | … | 69.8 | 24.7 | 20.3 | 13.8 | 12.0 | 10.3 | 12.4 | 9.5 | 9.0 | 8.3 |
| Russia | … | 85.7 | 20.8 | 21.5 | 15.8 | 13.7 | 10.9 | 12.7 | 9.7 | 8.1 | 7.5 |
| Excluding Russia | … | 37.9 | 34.5 | 17.7 | 9.4 | 8.4 | 9.1 | 11.7 | 9.2 | 10.9 | 10.1 |
| Armenia | … | 0.6 | -0.8 | 3.1 | 1.1 | 4.7 | 7.0 | 0.6 | 2.9 | 4.0 | 4.5 |
| Azerbaijan | … | -8.5 | 1.8 | 1.5 | 2.8 | 2.2 | 6.7 | 9.7 | 8.4 | 21.1 | 17.0 |
| Belarus | … | 293.7 | 168.6 | 61.1 | 42.6 | 28.4 | 18.1 | 10.3 | 7.0 | 11.4 | 13.7 |
| Georgia | … | 19.1 | 4.0 | 4.7 | 5.6 | 4.8 | 5.7 | 8.3 | 9.2 | 6.3 | 5.5 |
| Kazakhstan | … | 8.4 | 13.3 | 8.4 | 5.9 | 6.4 | 6.9 | 7.6 | 8.6 | 8.8 | 6.8 |
| Kyrgyz Republic | … | 35.9 | 18.7 | 6.9 | 2.1 | 3.1 | 4.1 | 4.3 | 5.6 | 5.0 | 4.0 |
| Moldova | … | 39.3 | 31.3 | 9.8 | 5.3 | 11.7 | 12.5 | 11.9 | 12.7 | 11.4 | 8.9 |
| Mongolia | … | 7.6 | 11.6 | 8.0 | 1.1 | 3.3 | 8.3 | 12.1 | 5.0 | 5.3 | 5.0 |
| Tajikistan | … | 27.5 | 32.9 | 38.6 | 12.2 | 16.4 | 7.2 | 7.3 | 10.1 | 11.4 | 9.2 |
| Turkmenistan | … | 23.5 | 8.0 | 11.6 | 8.8 | 5.6 | 5.9 | 10.7 | 8.2 | 6.5 | 9.0 |
| Ukraine | … | 22.7 | 28.2 | 12.0 | 0.8 | 5.2 | 9.0 | 13.5 | 9.0 | 11.3 | 10.0 |
| Uzbekistan | … | 52.9 | 49.5 | 47.5 | 44.3 | 14.8 | 8.8 | 21.0 | 19.5 | 10.4 | 12.2 |
| Developing Asia | 9.7 | 2.5 | 1.8 | 2.7 | 2.0 | 2.5 | 4.1 | 3.6 | 4.0 | 3.9 | 3.4 |
| Afghanistan, Rep. of | … | … | … | … | … | 5.1 | 24.1 | 13.2 | 12.3 | 5.5 | 5.9 |
| Bangladesh | 6.6 | 6.2 | 2.5 | 1.9 | 3.7 | 5.4 | 6.1 | 7.0 | 6.3 | 6.4 | 5.4 |
| Bhutan | 10.0 | 6.8 | 4.0 | 3.4 | 2.5 | 2.1 | 4.6 | 5.3 | 5.2 | 5.5 | 5.3 |
| Brunei Darussalam | … | — | 1.2 | 0.6 | -2.3 | 0.3 | 0.9 | 1.1 | 0.5 | 1.2 | 1.2 |
| Cambodia | … | 4.0 | -0.8 | 0.2 | 3.3 | 1.2 | 3.9 | 5.8 | 4.8 | 3.5 | 3.5 |
| China | 9.4 | -1.4 | 0.4 | 0.7 | -0.8 | 1.2 | 3.9 | 1.8 | 1.5 | 2.2 | 2.3 |
| Fiji | 4.6 | 2.0 | 1.1 | 4.3 | 0.8 | 4.2 | 2.8 | 2.4 | 3.4 | 3.7 | 3.1 |
| India | 9.7 | 4.7 | 4.0 | 3.8 | 4.3 | 3.8 | 3.8 | 4.2 | 6.1 | 6.2 | 4.3 |
| Indonesia | 12.2 | 20.7 | 3.8 | 11.5 | 11.8 | 6.8 | 6.1 | 10.5 | 13.1 | 6.3 | 5.3 |
| Kiribati | 3.9 | 0.6 | 0.9 | 7.0 | 1.6 | 2.6 | -1.9 | -0.5 | -0.2 | 0.2 | 1.0 |
| Lao PDR | 18.3 | 128.4 | 23.2 | 7.8 | 12.1 | 15.5 | 10.5 | 7.2 | 6.8 | 4.0 | 4.5 |
| Malaysia | 3.7 | 2.7 | 1.6 | 1.4 | 1.8 | 1.1 | 1.4 | 3.0 | 3.6 | 2.6 | 2.5 |
| Maldives | 8.8 | 3.0 | -1.2 | 0.7 | 0.9 | -2.8 | 6.3 | 3.3 | 3.5 | 7.0 | 6.0 |
| Myanmar | 28.3 | 10.9 | -1.7 | 34.5 | 58.1 | 24.9 | 3.8 | 10.1 | 26.3 | 37.5 | 35.0 |
| Nepal | 9.8 | 3.4 | 2.4 | 2.9 | 4.7 | 4.0 | 4.0 | 4.5 | 8.0 | 7.0 | 6.1 |
| Pakistan | 9.9 | 5.7 | 3.6 | 4.4 | 2.5 | 3.1 | 4.6 | 9.3 | 7.9 | 6.5 | 6.0 |
| Papua New Guinea | 7.6 | 14.9 | 15.6 | 9.3 | 11.8 | 14.7 | 2.1 | 1.7 | 3.5 | 4.3 | 4.0 |
| Philippines | 10.1 | 6.4 | 4.0 | 6.8 | 2.9 | 3.5 | 6.0 | 7.6 | 6.2 | 4.0 | 4.0 |
| Samoa | 5.5 | 0.8 | -0.2 | 1.9 | 7.4 | 4.3 | 7.9 | 7.8 | 3.2 | 2.6 | 3.0 |
| Solomon Islands | 11.3 | 8.0 | 6.9 | 7.6 | 9.3 | 10.0 | 6.9 | 7.3 | 8.0 | 6.6 | 8.1 |
| Sri Lanka | 11.9 | 4.0 | 1.5 | 12.1 | 10.2 | 2.6 | 7.9 | 10.6 | 9.5 | 14.0 | 6.5 |
| Thailand | 5.5 | 0.3 | 1.6 | 1.7 | 0.6 | 1.8 | 2.8 | 4.5 | 4.6 | 2.5 | 2.5 |
| Timor-Leste, Dem. Rep. of | … | … | 63.6 | 3.6 | 4.8 | 7.0 | 3.2 | 1.8 | 4.1 | 5.0 | 3.7 |
| Tonga | 4.4 | 3.9 | 5.3 | 6.9 | 10.4 | 11.1 | 11.7 | 9.7 | 6.8 | 7.9 | 8.2 |
| Vanuatu | 3.8 | 2.2 | 2.5 | 3.7 | 2.0 | 3.0 | 1.4 | 1.2 | 1.6 | 2.5 | 3.0 |
| Vietnam | 26.9 | 4.1 | -1.6 | -0.4 | 4.0 | 3.2 | 7.7 | 8.3 | 7.5 | 6.5 | 6.4 |
| Middle East | 11.4 | 6.6 | 4.0 | 3.8 | 5.3 | 6.2 | 7.2 | 7.1 | 7.9 | 10.6 | 8.7 |
| Bahrain | 1.1 | -1.3 | -0.7 | -1.2 | -0.5 | 1.7 | 2.3 | 2.6 | 3.0 | 3.0 | 2.8 |
| Egypt | 12.3 | 3.7 | 2.8 | 2.4 | 2.4 | 3.2 | 8.1 | 8.8 | 4.2 | 12.3 | 10.7 |
| Iran, I.R. of | 23.3 | 20.1 | 12.6 | 11.4 | 15.8 | 15.6 | 15.2 | 12.1 | 14.6 | 17.8 | 15.8 |
| Iraq | … | … | … | … | … | … | … | … | … | … | … |
| Jordan | 7.4 | 0.6 | 0.7 | 1.8 | 1.8 | 1.6 | 3.4 | 3.5 | 6.3 | 5.7 | 3.5 |
| Kuwait | 3.6 | 3.1 | 1.6 | 1.4 | 0.8 | 1.0 | 1.3 | 4.1 | 3.0 | 2.8 | 2.6 |
| Lebanon | 31.9 | 0.2 | -0.4 | -0.4 | 1.8 | 1.3 | 1.7 | -0.7 | 5.6 | 3.5 | 2.5 |
| Libya | 6.4 | 2.6 | -2.9 | -8.8 | -9.9 | -2.1 | -2.2 | 2.0 | 3.4 | 16.2 | 6.9 |
| Oman | 1.7 | 0.5 | -1.2 | -0.8 | -0.3 | 0.2 | 0.7 | 1.9 | 3.2 | 3.8 | 3.5 |
| Qatar | 3.0 | 2.2 | 1.7 | 1.4 | 0.2 | 2.3 | 6.8 | 8.8 | 11.8 | 10.0 | 8.5 |
| Saudi Arabia | 1.4 | -1.3 | -1.1 | -1.1 | 0.2 | 0.6 | 0.4 | 0.7 | 2.3 | 2.8 | 2.0 |
| Syrian Arab Republic | 9.1 | -3.7 | -3.9 | 3.4 | -0.5 | 5.8 | 4.4 | 7.2 | 10.0 | 8.0 | 5.0 |
| United Arab Emirates | 3.6 | 2.1 | 1.4 | 2.8 | 2.9 | 3.1 | 5.0 | 7.8 | 10.1 | 6.2 | 4.6 |
| Yemen, Rep. of | 37.7 | 8.0 | 10.9 | 11.9 | 12.2 | 10.8 | 12.5 | 11.8 | 21.6 | 21.1 | 17.5 |
| Western Hemisphere | 134.2 | 8.3 | 7.6 | 6.1 | 8.9 | 10.6 | 6.5 | 6.3 | 5.4 | 5.2 | 5.7 |
| Antigua and Barbuda | 3.8 | 0.6 | -0.6 | -0.4 | 2.4 | 2.0 | 2.0 | 2.1 | 2.0 | 3.4 | 2.0 |
| Argentina | 125.4 | -1.2 | -0.9 | -1.1 | 25.9 | 13.4 | 4.4 | 9.6 | 10.9 | 10.3 | 12.7 |
| Bahamas, The | 3.2 | 1.3 | 1.6 | 2.0 | 2.2 | 3.0 | 0.9 | 2.2 | 1.9 | 1.9 | 2.0 |
| Barbados | 3.4 | 1.5 | 2.4 | 2.6 | -1.2 | 1.6 | 1.4 | 6.0 | 7.2 | 4.9 | 2.4 |
| Belize | 2.1 | -1.3 | 0.7 | 1.2 | 2.2 | 2.6 | 3.1 | 3.7 | 4.3 | 2.9 | 2.8 |
| Bolivia | 11.7 | 2.2 | 4.6 | 1.6 | 0.9 | 3.3 | 4.4 | 5.4 | 4.3 | 6.5 | 6.0 |
| Brazil | 456.2 | 4.9 | 7.1 | 6.8 | 8.4 | 14.8 | 6.6 | 6.9 | 4.2 | 3.5 | 4.1 |
| Chile | 12.9 | 3.3 | 3.8 | 3.6 | 2.5 | 2.8 | 1.1 | 3.1 | 3.4 | 2.5 | 3.0 |
| Colombia | 23.6 | 10.9 | 9.2 | 8.0 | 6.3 | 7.1 | 5.9 | 5.0 | 4.3 | 4.2 | 3.7 |
| Costa Rica | 17.4 | 10.0 | 11.0 | 11.3 | 9.2 | 9.4 | 12.3 | 13.8 | 11.5 | 8.1 | 7.0 |
| Dominica | 2.9 | 1.2 | 0.9 | 1.6 | 0.1 | 1.6 | 2.4 | 1.6 | 1.5 | 1.5 | 1.5 |
| Dominican Republic | 17.4 | 6.5 | 7.7 | 8.9 | 5.2 | 27.4 | 51.5 | 4.2 | 7.6 | 4.5 | 4.4 |
| Ecuador | 40.6 | 52.2 | 96.1 | 37.7 | 12.6 | 7.9 | 2.7 | 2.1 | 3.3 | 2.8 | 3.0 |
| El Salvador | 12.2 | 0.5 | 2.3 | 3.8 | 1.9 | 2.1 | 4.5 | 3.7 | 4.6 | 4.4 | 3.5 |
| Grenada | 2.8 | 0.6 | 2.1 | 1.7 | 1.1 | 2.2 | 2.3 | 3.5 | 3.8 | 2.7 | 2.0 |
| Guatemala | 15.6 | 5.2 | 6.0 | 7.3 | 8.1 | 5.6 | 7.6 | 9.1 | 6.6 | 6.2 | 6.0 |
| Guyana | 29.4 | 7.4 | 6.1 | 2.7 | 5.3 | 6.0 | 4.7 | 6.9 | 6.6 | 4.5 | 3.2 |
| Haiti | 20.8 | 8.7 | 13.7 | 14.2 | 9.9 | 39.3 | 21.2 | 15.8 | 14.2 | 9.6 | 9.1 |
| Honduras | 19.3 | 11.6 | 11.0 | 9.7 | 7.7 | 7.7 | 8.1 | 8.8 | 5.6 | 6.0 | 6.6 |
| Jamaica | 27.8 | 6.0 | 8.1 | 7.0 | 7.1 | 10.5 | 13.5 | 15.3 | 8.6 | 6.2 | 6.1 |
| Mexico | 20.4 | 16.6 | 9.5 | 6.4 | 5.0 | 4.5 | 4.7 | 4.0 | 3.6 | 3.9 | 3.5 |
| Nicaragua | 154.7 | 7.2 | 9.9 | 4.7 | 4.0 | 6.5 | 9.3 | 9.6 | 9.4 | 6.1 | 5.2 |
| Panama | 1.0 | 1.3 | 1.4 | 0.3 | 1.0 | 0.6 | 0.5 | 2.9 | 2.5 | 2.2 | 2.4 |
| Paraguay | 18.1 | 6.8 | 9.0 | 7.3 | 10.5 | 14.2 | 4.3 | 6.8 | 9.6 | 10.2 | 3.4 |
| Peru | 201.6 | 3.5 | 3.8 | 2.0 | 0.2 | 2.3 | 3.7 | 1.6 | 2.0 | 1.0 | 2.0 |
| St. Kitts and Nevis | 3.7 | 3.4 | 2.1 | 2.1 | 2.1 | 2.3 | 2.2 | 3.6 | 6.8 | 3.2 | 2.1 |
| St. Lucia | 3.3 | 3.5 | 4.0 | 5.4 | -0.3 | 1.0 | 1.5 | 3.9 | 2.5 | 4.0 | 3.0 |
| St. Vincent and the Grenadines | 3.3 | 1.0 | 0.2 | 0.8 | 0.8 | 0.2 | 3.0 | 3.7 | 3.0 | 3.9 | 3.7 |
| Suriname | 59.7 | 98.7 | 58.6 | 39.8 | 15.5 | 23.0 | 9.1 | 9.9 | 11.3 | 4.6 | 4.3 |
| Trinidad and Tobago | 6.7 | 3.4 | 3.6 | 5.5 | 4.2 | 3.8 | 3.7 | 6.9 | 8.3 | 9.0 | 9.0 |
| Uruguay | 53.1 | 5.7 | 4.8 | 4.4 | 14.0 | 19.4 | 9.2 | 4.7 | 6.4 | 6.0 | 5.0 |
| Venezuela | 52.1 | 23.6 | 16.2 | 12.5 | 22.4 | 31.1 | 21.7 | 15.9 | 13.6 | 21.6 | 25.7 |
In accordance with standard practice in the World Economic Outlook, movements in consumer prices are indicated as annual averages rather than as December/December changes during the year, as is the practice in some countries. For many countries, figures for recent years are IMF staff estimates. Data for some countries are for fiscal years.
The percent changes in 2002 are calculated over a period of 18 months, reflecting a change in the fiscal year cycle (from July–June to January–December).
For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price indices with a broader and more up-to-date coverage are typically used for more recent years.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Financial Policies
Summary of Financial Indicators
(Percent)
Percent of GDP.
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Percent of potential GDP.
M2, defined as M1 plus quasi-money, except for Japan, for which the data are based on M2 plus certificates of deposit (CDs). Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For the euro area, M3 is composed of M2 plus marketable instruments held by euro-area residents, which comprise repurchase agreements, money market fund shares/units, money market paper, and debt securities up to two years.
Annual data are period average. For the United States, three-month treasury bills; for Japan, three-month certificates of deposit; for the euro area, the three-month EURIBOR; and for LIBOR, London interbank offered rate on six-month U.S. dollar deposits.
Summary of Financial Indicators
(Percent)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Advanced economies | ||||||||||||
| Central government fiscal balance 1 | ||||||||||||
| Advanced economies | -1.0 | 0.1 | -0.9 | -2.4 | -3.1 | -2.8 | -2.4 | -1.8 | -1.7 | -1.7 | ||
| United States | 1.1 | 1.9 | 0.4 | -2.6 | -3.8 | -3.7 | -2.9 | -1.9 | -2.0 | -2.1 | ||
| Euro area | -1.6 | -0.4 | -1.6 | -2.0 | -2.3 | -2.4 | -2.3 | -1.5 | -1.2 | -1.1 | ||
| Japan | -8.2 | -6.6 | -6.1 | -6.6 | -6.7 | -5.6 | -5.8 | -5.9 | -5.8 | -5.8 | ||
| Other advanced economies2 | 0.7 | 1.5 | 1.0 | -0.2 | -0.8 | -0.2 | 0.2 | 0.5 | 0.4 | 0.5 | ||
| General government fiscal balance 1 | ||||||||||||
| Advanced economies | -1.0 | — | -1.4 | -3.2 | -3.8 | -3.3 | -2.5 | -1.8 | -1.6 | -1.6 | ||
| United States | 0.9 | 1.6 | -0.4 | -3.8 | -4.8 | -4.6 | -3.7 | -2.6 | -2.5 | -2.5 | ||
| Euro area | -1.4 | -1.0 | -1.9 | -2.6 | -3.1 | -2.8 | -2.4 | -1.6 | -1.2 | -1.1 | ||
| Japan | -7.4 | -7.6 | -6.3 | -8.0 | -8.0 | -6.2 | -4.8 | -4.3 | -3.8 | -3.5 | ||
| Other advanced economies2 | 0.2 | 1.7 | 0.4 | -0.4 | -0.7 | -0.1 | 0.6 | 0.7 | 0.4 | 0.6 | ||
| General government structural balance 3 | ||||||||||||
| Advanced economies | -1.4 | -1.2 | -1.8 | -3.4 | -3.7 | -3.4 | -2.7 | -2.1 | -1.8 | -1.8 | ||
| Growth of broad money 4 | ||||||||||||
| Advanced economies | 5.9 | 4.9 | 8.1 | 5.7 | 5.4 | 5.5 | 5.6 | … | … | … | ||
| United States | 6.0 | 6.0 | 10.4 | 6.3 | 5.0 | 5.8 | 4.0 | 5.3 | … | … | ||
| Euro area | 5.7 | 4.1 | 8.0 | 6.9 | 7.1 | 6.6 | 7.3 | 9.8 | … | … | ||
| Japan | 2.7 | 1.9 | 3.3 | 1.8 | 1.6 | 1.8 | 2.0 | 0.9 | … | … | ||
| Other advanced economies2 | 9.1 | 6.6 | 8.1 | 6.1 | 7.2 | 6.5 | 9.0 | … | … | … | ||
| Short-term interest rates 5 | ||||||||||||
| United States | 4.8 | 6.0 | 3.5 | 1.6 | 1.0 | 1.4 | 3.2 | 4.8 | 5.2 | 5.1 | ||
| Euro area | 3.0 | 4.4 | 4.3 | 3.3 | 2.3 | 2.1 | 2.2 | 3.1 | 3.8 | 3.7 | ||
| Japan | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.9 | 1.2 | ||
| LIBOR | 5.5 | 6.6 | 3.7 | 1.9 | 1.2 | 1.8 | 3.8 | 5.3 | 5.3 | 5.1 | ||
| Other emerging market and developing countries | ||||||||||||
| Central government fiscal balance 1 | ||||||||||||
| Weighted average | -3.8 | -3.0 | -3.1 | -3.4 | -2.7 | -1.6 | -0.9 | -0.4 | -1.1 | -0.8 | ||
| Median | -3.1 | -2.7 | -3.7 | -3.6 | -3.2 | -2.5 | -1.9 | -1.2 | -1.9 | -1.9 | ||
| General government fiscal balance 1 | ||||||||||||
| Weighted average | -4.8 | -3.5 | -3.9 | -4.3 | -3.4 | -1.9 | -1.1 | -0.5 | -1.3 | -1.1 | ||
| Median | -3.4 | -3.2 | -3.3 | -3.6 | -3.0 | -2.4 | -1.9 | -0.9 | -1.7 | -1.9 | ||
| Growth of broad money | ||||||||||||
| Weighted average | 17.6 | 15.1 | 15.7 | 16.5 | 15.7 | 16.9 | 19.1 | 20.5 | 15.9 | 13.9 | ||
| Median | 13.1 | 15.1 | 13.7 | 13.3 | 13.0 | 13.6 | 14.3 | 16.2 | 12.3 | 11.1 | ||
Percent of GDP.
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Percent of potential GDP.
M2, defined as M1 plus quasi-money, except for Japan, for which the data are based on M2 plus certificates of deposit (CDs). Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For the euro area, M3 is composed of M2 plus marketable instruments held by euro-area residents, which comprise repurchase agreements, money market fund shares/units, money market paper, and debt securities up to two years.
Annual data are period average. For the United States, three-month treasury bills; for Japan, three-month certificates of deposit; for the euro area, the three-month EURIBOR; and for LIBOR, London interbank offered rate on six-month U.S. dollar deposits.
Summary of Financial Indicators
(Percent)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Advanced economies | ||||||||||||
| Central government fiscal balance 1 | ||||||||||||
| Advanced economies | -1.0 | 0.1 | -0.9 | -2.4 | -3.1 | -2.8 | -2.4 | -1.8 | -1.7 | -1.7 | ||
| United States | 1.1 | 1.9 | 0.4 | -2.6 | -3.8 | -3.7 | -2.9 | -1.9 | -2.0 | -2.1 | ||
| Euro area | -1.6 | -0.4 | -1.6 | -2.0 | -2.3 | -2.4 | -2.3 | -1.5 | -1.2 | -1.1 | ||
| Japan | -8.2 | -6.6 | -6.1 | -6.6 | -6.7 | -5.6 | -5.8 | -5.9 | -5.8 | -5.8 | ||
| Other advanced economies2 | 0.7 | 1.5 | 1.0 | -0.2 | -0.8 | -0.2 | 0.2 | 0.5 | 0.4 | 0.5 | ||
| General government fiscal balance 1 | ||||||||||||
| Advanced economies | -1.0 | — | -1.4 | -3.2 | -3.8 | -3.3 | -2.5 | -1.8 | -1.6 | -1.6 | ||
| United States | 0.9 | 1.6 | -0.4 | -3.8 | -4.8 | -4.6 | -3.7 | -2.6 | -2.5 | -2.5 | ||
| Euro area | -1.4 | -1.0 | -1.9 | -2.6 | -3.1 | -2.8 | -2.4 | -1.6 | -1.2 | -1.1 | ||
| Japan | -7.4 | -7.6 | -6.3 | -8.0 | -8.0 | -6.2 | -4.8 | -4.3 | -3.8 | -3.5 | ||
| Other advanced economies2 | 0.2 | 1.7 | 0.4 | -0.4 | -0.7 | -0.1 | 0.6 | 0.7 | 0.4 | 0.6 | ||
| General government structural balance 3 | ||||||||||||
| Advanced economies | -1.4 | -1.2 | -1.8 | -3.4 | -3.7 | -3.4 | -2.7 | -2.1 | -1.8 | -1.8 | ||
| Growth of broad money 4 | ||||||||||||
| Advanced economies | 5.9 | 4.9 | 8.1 | 5.7 | 5.4 | 5.5 | 5.6 | … | … | … | ||
| United States | 6.0 | 6.0 | 10.4 | 6.3 | 5.0 | 5.8 | 4.0 | 5.3 | … | … | ||
| Euro area | 5.7 | 4.1 | 8.0 | 6.9 | 7.1 | 6.6 | 7.3 | 9.8 | … | … | ||
| Japan | 2.7 | 1.9 | 3.3 | 1.8 | 1.6 | 1.8 | 2.0 | 0.9 | … | … | ||
| Other advanced economies2 | 9.1 | 6.6 | 8.1 | 6.1 | 7.2 | 6.5 | 9.0 | … | … | … | ||
| Short-term interest rates 5 | ||||||||||||
| United States | 4.8 | 6.0 | 3.5 | 1.6 | 1.0 | 1.4 | 3.2 | 4.8 | 5.2 | 5.1 | ||
| Euro area | 3.0 | 4.4 | 4.3 | 3.3 | 2.3 | 2.1 | 2.2 | 3.1 | 3.8 | 3.7 | ||
| Japan | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.9 | 1.2 | ||
| LIBOR | 5.5 | 6.6 | 3.7 | 1.9 | 1.2 | 1.8 | 3.8 | 5.3 | 5.3 | 5.1 | ||
| Other emerging market and developing countries | ||||||||||||
| Central government fiscal balance 1 | ||||||||||||
| Weighted average | -3.8 | -3.0 | -3.1 | -3.4 | -2.7 | -1.6 | -0.9 | -0.4 | -1.1 | -0.8 | ||
| Median | -3.1 | -2.7 | -3.7 | -3.6 | -3.2 | -2.5 | -1.9 | -1.2 | -1.9 | -1.9 | ||
| General government fiscal balance 1 | ||||||||||||
| Weighted average | -4.8 | -3.5 | -3.9 | -4.3 | -3.4 | -1.9 | -1.1 | -0.5 | -1.3 | -1.1 | ||
| Median | -3.4 | -3.2 | -3.3 | -3.6 | -3.0 | -2.4 | -1.9 | -0.9 | -1.7 | -1.9 | ||
| Growth of broad money | ||||||||||||
| Weighted average | 17.6 | 15.1 | 15.7 | 16.5 | 15.7 | 16.9 | 19.1 | 20.5 | 15.9 | 13.9 | ||
| Median | 13.1 | 15.1 | 13.7 | 13.3 | 13.0 | 13.6 | 14.3 | 16.2 | 12.3 | 11.1 | ||
Percent of GDP.
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Percent of potential GDP.
M2, defined as M1 plus quasi-money, except for Japan, for which the data are based on M2 plus certificates of deposit (CDs). Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For the euro area, M3 is composed of M2 plus marketable instruments held by euro-area residents, which comprise repurchase agreements, money market fund shares/units, money market paper, and debt securities up to two years.
Annual data are period average. For the United States, three-month treasury bills; for Japan, three-month certificates of deposit; for the euro area, the three-month EURIBOR; and for LIBOR, London interbank offered rate on six-month U.S. dollar deposits.
Advanced Economies: General and Central Government Fiscal Balances and Balances Excluding Social Security Transactions1
(Percent of GDP)
On a national income accounts basis except as indicated in footnotes. See Box A1 for a summary of the policy assumptions underlying the projections.
Adjusted for valuation changes of the foreign exchange stabilization fund.
Based on ESA95 methodology, according to which swap income is not included.
Data include the impact of discharging future pension liabilities of the formerly state-owned telecommunications company at a cost of 1.8 percent of GDP in 1999.
Data cover the consolidated central government including the social security funds but excluding privatization.
Data are on a cash basis.
Government balance is revenue minus expenditure plus balance of state-owned enterprises, excluding privatization receipts.
Data are on a budget basis.
Data are on an administrative basis and exclude social security transactions.
Data are on a national income basis and exclude social security transactions.
Advanced Economies: General and Central Government Fiscal Balances and Balances Excluding Social Security Transactions1
(Percent of GDP)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General government fiscal balance | ||||||||||||
| Advanced economies | -1.0 | — | -1.4 | -3.2 | -3.8 | -3.3 | -2.5 | -1.8 | -1.6 | -1.6 | ||
| United States | 0.9 | 1.6 | -0.4 | -3.8 | -4.8 | -4.6 | -3.7 | -2.6 | -2.5 | -2.5 | ||
| Euro area | -1.4 | -1.0 | -1.9 | -2.6 | -3.1 | -2.8 | -2.4 | -1.6 | -1.2 | -1.1 | ||
| Germany | -1.5 | 1.3 | -2.8 | -3.7 | -4.0 | -3.7 | -3.2 | -1.7 | -1.3 | -1.3 | ||
| France2 | -1.7 | -1.5 | -1.6 | -3.2 | -4.2 | -3.7 | -2.9 | -2.6 | -2.6 | -2.4 | ||
| Italy | -1.7 | -0.8 | -3.1 | -2.9 | -3.5 | -3.4 | -4.1 | -4.4 | -2.2 | -2.4 | ||
| Spain | -1.1 | -0.9 | -0.5 | -0.3 | — | -0.2 | 1.1 | 1.8 | 1.3 | 1.1 | ||
| Netherlands | 0.6 | 2.1 | -0.3 | -2.0 | -3.1 | -1.8 | -0.3 | 0.5 | 0.5 | 0.7 | ||
| Belgium | -0.5 | 0.1 | 0.6 | — | — | — | -2.3 | — | — | — | ||
| Austria3 | -2.3 | -1.6 | -0.1 | -0.7 | -1.8 | -1.3 | -1.6 | -1.2 | -1.2 | -1.0 | ||
| Finland | 1.6 | 6.9 | 5.0 | 4.1 | 2.4 | 2.1 | 2.5 | 3.8 | 3.5 | 3.7 | ||
| Greece | -2.7 | -3.2 | -3.9 | -4.1 | -4.9 | -6.2 | -4.2 | -2.1 | -2.0 | -1.9 | ||
| Portugal | -2.7 | -2.7 | -4.3 | -4.2 | -5.2 | -5.3 | -5.7 | -3.9 | -3.3 | -2.6 | ||
| Ireland4 | 2.4 | 4.4 | 0.7 | -0.4 | 0.3 | 1.5 | 1.1 | 2.1 | 1.3 | 0.5 | ||
| Luxembourg | 3.4 | 6.0 | 6.1 | 2.1 | 0.3 | -1.1 | -1.0 | -1.4 | -0.9 | -0.8 | ||
| Slovenia | -0.6 | -1.3 | -1.3 | -1.5 | -1.3 | -1.4 | -1.1 | -0.8 | -0.9 | -0.8 | ||
| Japan | -7.4 | -7.6 | -6.3 | -8.0 | -8.0 | -6.2 | -4.8 | -4.3 | -3.8 | -3.5 | ||
| United Kingdom | 1.2 | 1.7 | 1.1 | -1.6 | -3.2 | -3.1 | -3.0 | -2.5 | -2.4 | -2.2 | ||
| Canada | 1.6 | 2.9 | 0.7 | -0.1 | -0.4 | 0.5 | 1.4 | 0.9 | 0.6 | 0.7 | ||
| Korea5 | -2.5 | 1.1 | 0.6 | 2.3 | 2.7 | 2.3 | 1.9 | 1.8 | 1.9 | 2.1 | ||
| Australia6 | 1.3 | 1.8 | 0.9 | 1.0 | 1.6 | 2.0 | 1.9 | 1.0 | 0.7 | 1.1 | ||
| Taiwan Province of China | -5.7 | -4.5 | -6.4 | -4.3 | -2.8 | -2.9 | -0.6 | -0.5 | -0.9 | -1.0 | ||
| Sweden | 2.3 | 5.0 | 2.6 | -0.5 | -0.2 | 1.6 | 2.8 | 2.8 | 2.3 | 2.6 | ||
| Switzerland | -0.6 | 2.2 | — | -1.2 | -1.4 | -1.0 | -0.2 | — | -0.1 | -0.9 | ||
| Hong Kong SAR | 0.8 | -0.6 | -4.9 | -4.8 | -3.3 | 1.7 | 1.0 | 3.9 | 1.7 | 3.0 | ||
| Denmark | 1.4 | 2.3 | 1.2 | 0.2 | -0.1 | 1.9 | 4.6 | 4.2 | 3.4 | 2.5 | ||
| Norway | 6.0 | 15.4 | 13.3 | 9.2 | 7.3 | 11.1 | 15.2 | 19.3 | 18.0 | 19.3 | ||
| Israel | -4.4 | -2.1 | -4.2 | -4.5 | -6.9 | -4.8 | -2.9 | -2.7 | -4.0 | -3.4 | ||
| Singapore | 4.6 | 7.9 | 4.8 | 4.1 | 5.8 | 6.0 | 7.8 | 6.4 | 5.3 | 5.0 | ||
| New Zealand7 | 1.5 | 1.2 | 1.6 | 1.7 | 3.4 | 4.6 | 5.8 | 5.6 | 3.7 | 3.2 | ||
| Cyprus | -4.3 | -2.3 | -2.2 | -4.4 | -6.2 | -4.0 | -2.4 | -1.4 | -1.6 | -0.9 | ||
| Iceland | 2.3 | 2.4 | 0.2 | -0.8 | -2.0 | 0.3 | 3.2 | 2.4 | -0.5 | -1.1 | ||
| Memorandum | ||||||||||||
| Major advanced economies | -1.0 | -0.2 | -1.7 | -4.0 | -4.8 | -4.2 | -3.5 | -2.7 | -2.4 | -2.4 | ||
| Newly industrialized Asian economies | -2.7 | -0.5 | -2.0 | -0.4 | 0.5 | 0.8 | 1.4 | 1.7 | 1.2 | 1.5 | ||
| Fiscal balance excluding social security transactions | ||||||||||||
| United States | -0.2 | 0.5 | -1.3 | -4.3 | -5.2 | -5.0 | -4.2 | -3.1 | -2.9 | -3.0 | ||
| Japan | -8.5 | -8.2 | -6.5 | -7.9 | -8.1 | -6.6 | -5.1 | -4.3 | -3.8 | -3.7 | ||
| Germany | -1.7 | 1.3 | -2.6 | -3.3 | -3.7 | -3.7 | -3.0 | -1.6 | -0.7 | -0.6 | ||
| France | -2.0 | -1.9 | -2.0 | -2.9 | -3.6 | -2.7 | -2.7 | -2.1 | -1.8 | -1.4 | ||
| Italy | 2.6 | 3.1 | 0.8 | 1.2 | 0.7 | 0.8 | — | -0.3 | 1.4 | 1.4 | ||
| Canada | 3.9 | 4.8 | 2.4 | 1.4 | 1.0 | 1.9 | 2.9 | 2.4 | 2.2 | 2.3 | ||
| Central government fiscal balance | ||||||||||||
| Advanced economies | -1.0 | 0.1 | -0.9 | -2.4 | -3.1 | -2.8 | -2.4 | -1.8 | -1.7 | -1.7 | ||
| United States8 | 1.1 | 1.9 | 0.4 | -2.6 | -3.8 | -3.7 | -2.9 | -1.9 | -2.0 | -2.1 | ||
| Euro area | -1.6 | -0.4 | -1.6 | -2.0 | -2.3 | -2.4 | -2.3 | -1.5 | -1.2 | -1.1 | ||
| Germany9 | -1.5 | 1.4 | -1.3 | -1.7 | -1.8 | -2.3 | -2.6 | -1.4 | -1.1 | -1.1 | ||
| France | -2.6 | -2.5 | -2.4 | -3.6 | -3.9 | -3.2 | -3.0 | -2.6 | -2.2 | -2.0 | ||
| Italy | -1.4 | -1.0 | -2.9 | -3.0 | -2.9 | -3.1 | -3.7 | -3.3 | -1.9 | -2.0 | ||
| Spain | -1.0 | -1.0 | -0.6 | -0.5 | -0.3 | -1.2 | 0.4 | 0.8 | 0.6 | 0.5 | ||
| Japan10 | -8.2 | -6.6 | -6.1 | -6.6 | -6.7 | -5.6 | -5.8 | -5.9 | -5.8 | -5.8 | ||
| United Kingdom | 1.3 | 1.8 | 1.1 | -1.8 | -3.5 | -3.2 | -2.9 | -2.7 | -2.5 | -2.1 | ||
| Canada | 0.9 | 1.9 | 1.1 | 0.8 | — | 0.4 | 0.1 | 0.5 | 0.3 | 0.2 | ||
| Other advanced economies | 0.2 | 1.3 | 0.8 | 0.3 | 0.4 | 1.1 | 1.7 | 2.1 | 1.8 | 1.9 | ||
| Memorandum | ||||||||||||
| Major advanced economies | -1.1 | — | -1.2 | -3.0 | -3.8 | -3.5 | -3.2 | -2.6 | -2.4 | -2.4 | ||
| Newly industrialized Asian economies | -0.8 | 0.2 | -0.6 | 0.3 | 0.4 | 1.0 | 1.0 | 1.7 | 1.2 | 1.5 | ||
On a national income accounts basis except as indicated in footnotes. See Box A1 for a summary of the policy assumptions underlying the projections.
Adjusted for valuation changes of the foreign exchange stabilization fund.
Based on ESA95 methodology, according to which swap income is not included.
Data include the impact of discharging future pension liabilities of the formerly state-owned telecommunications company at a cost of 1.8 percent of GDP in 1999.
Data cover the consolidated central government including the social security funds but excluding privatization.
Data are on a cash basis.
Government balance is revenue minus expenditure plus balance of state-owned enterprises, excluding privatization receipts.
Data are on a budget basis.
Data are on an administrative basis and exclude social security transactions.
Data are on a national income basis and exclude social security transactions.
Advanced Economies: General and Central Government Fiscal Balances and Balances Excluding Social Security Transactions1
(Percent of GDP)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General government fiscal balance | ||||||||||||
| Advanced economies | -1.0 | — | -1.4 | -3.2 | -3.8 | -3.3 | -2.5 | -1.8 | -1.6 | -1.6 | ||
| United States | 0.9 | 1.6 | -0.4 | -3.8 | -4.8 | -4.6 | -3.7 | -2.6 | -2.5 | -2.5 | ||
| Euro area | -1.4 | -1.0 | -1.9 | -2.6 | -3.1 | -2.8 | -2.4 | -1.6 | -1.2 | -1.1 | ||
| Germany | -1.5 | 1.3 | -2.8 | -3.7 | -4.0 | -3.7 | -3.2 | -1.7 | -1.3 | -1.3 | ||
| France2 | -1.7 | -1.5 | -1.6 | -3.2 | -4.2 | -3.7 | -2.9 | -2.6 | -2.6 | -2.4 | ||
| Italy | -1.7 | -0.8 | -3.1 | -2.9 | -3.5 | -3.4 | -4.1 | -4.4 | -2.2 | -2.4 | ||
| Spain | -1.1 | -0.9 | -0.5 | -0.3 | — | -0.2 | 1.1 | 1.8 | 1.3 | 1.1 | ||
| Netherlands | 0.6 | 2.1 | -0.3 | -2.0 | -3.1 | -1.8 | -0.3 | 0.5 | 0.5 | 0.7 | ||
| Belgium | -0.5 | 0.1 | 0.6 | — | — | — | -2.3 | — | — | — | ||
| Austria3 | -2.3 | -1.6 | -0.1 | -0.7 | -1.8 | -1.3 | -1.6 | -1.2 | -1.2 | -1.0 | ||
| Finland | 1.6 | 6.9 | 5.0 | 4.1 | 2.4 | 2.1 | 2.5 | 3.8 | 3.5 | 3.7 | ||
| Greece | -2.7 | -3.2 | -3.9 | -4.1 | -4.9 | -6.2 | -4.2 | -2.1 | -2.0 | -1.9 | ||
| Portugal | -2.7 | -2.7 | -4.3 | -4.2 | -5.2 | -5.3 | -5.7 | -3.9 | -3.3 | -2.6 | ||
| Ireland4 | 2.4 | 4.4 | 0.7 | -0.4 | 0.3 | 1.5 | 1.1 | 2.1 | 1.3 | 0.5 | ||
| Luxembourg | 3.4 | 6.0 | 6.1 | 2.1 | 0.3 | -1.1 | -1.0 | -1.4 | -0.9 | -0.8 | ||
| Slovenia | -0.6 | -1.3 | -1.3 | -1.5 | -1.3 | -1.4 | -1.1 | -0.8 | -0.9 | -0.8 | ||
| Japan | -7.4 | -7.6 | -6.3 | -8.0 | -8.0 | -6.2 | -4.8 | -4.3 | -3.8 | -3.5 | ||
| United Kingdom | 1.2 | 1.7 | 1.1 | -1.6 | -3.2 | -3.1 | -3.0 | -2.5 | -2.4 | -2.2 | ||
| Canada | 1.6 | 2.9 | 0.7 | -0.1 | -0.4 | 0.5 | 1.4 | 0.9 | 0.6 | 0.7 | ||
| Korea5 | -2.5 | 1.1 | 0.6 | 2.3 | 2.7 | 2.3 | 1.9 | 1.8 | 1.9 | 2.1 | ||
| Australia6 | 1.3 | 1.8 | 0.9 | 1.0 | 1.6 | 2.0 | 1.9 | 1.0 | 0.7 | 1.1 | ||
| Taiwan Province of China | -5.7 | -4.5 | -6.4 | -4.3 | -2.8 | -2.9 | -0.6 | -0.5 | -0.9 | -1.0 | ||
| Sweden | 2.3 | 5.0 | 2.6 | -0.5 | -0.2 | 1.6 | 2.8 | 2.8 | 2.3 | 2.6 | ||
| Switzerland | -0.6 | 2.2 | — | -1.2 | -1.4 | -1.0 | -0.2 | — | -0.1 | -0.9 | ||
| Hong Kong SAR | 0.8 | -0.6 | -4.9 | -4.8 | -3.3 | 1.7 | 1.0 | 3.9 | 1.7 | 3.0 | ||
| Denmark | 1.4 | 2.3 | 1.2 | 0.2 | -0.1 | 1.9 | 4.6 | 4.2 | 3.4 | 2.5 | ||
| Norway | 6.0 | 15.4 | 13.3 | 9.2 | 7.3 | 11.1 | 15.2 | 19.3 | 18.0 | 19.3 | ||
| Israel | -4.4 | -2.1 | -4.2 | -4.5 | -6.9 | -4.8 | -2.9 | -2.7 | -4.0 | -3.4 | ||
| Singapore | 4.6 | 7.9 | 4.8 | 4.1 | 5.8 | 6.0 | 7.8 | 6.4 | 5.3 | 5.0 | ||
| New Zealand7 | 1.5 | 1.2 | 1.6 | 1.7 | 3.4 | 4.6 | 5.8 | 5.6 | 3.7 | 3.2 | ||
| Cyprus | -4.3 | -2.3 | -2.2 | -4.4 | -6.2 | -4.0 | -2.4 | -1.4 | -1.6 | -0.9 | ||
| Iceland | 2.3 | 2.4 | 0.2 | -0.8 | -2.0 | 0.3 | 3.2 | 2.4 | -0.5 | -1.1 | ||
| Memorandum | ||||||||||||
| Major advanced economies | -1.0 | -0.2 | -1.7 | -4.0 | -4.8 | -4.2 | -3.5 | -2.7 | -2.4 | -2.4 | ||
| Newly industrialized Asian economies | -2.7 | -0.5 | -2.0 | -0.4 | 0.5 | 0.8 | 1.4 | 1.7 | 1.2 | 1.5 | ||
| Fiscal balance excluding social security transactions | ||||||||||||
| United States | -0.2 | 0.5 | -1.3 | -4.3 | -5.2 | -5.0 | -4.2 | -3.1 | -2.9 | -3.0 | ||
| Japan | -8.5 | -8.2 | -6.5 | -7.9 | -8.1 | -6.6 | -5.1 | -4.3 | -3.8 | -3.7 | ||
| Germany | -1.7 | 1.3 | -2.6 | -3.3 | -3.7 | -3.7 | -3.0 | -1.6 | -0.7 | -0.6 | ||
| France | -2.0 | -1.9 | -2.0 | -2.9 | -3.6 | -2.7 | -2.7 | -2.1 | -1.8 | -1.4 | ||
| Italy | 2.6 | 3.1 | 0.8 | 1.2 | 0.7 | 0.8 | — | -0.3 | 1.4 | 1.4 | ||
| Canada | 3.9 | 4.8 | 2.4 | 1.4 | 1.0 | 1.9 | 2.9 | 2.4 | 2.2 | 2.3 | ||
| Central government fiscal balance | ||||||||||||
| Advanced economies | -1.0 | 0.1 | -0.9 | -2.4 | -3.1 | -2.8 | -2.4 | -1.8 | -1.7 | -1.7 | ||
| United States8 | 1.1 | 1.9 | 0.4 | -2.6 | -3.8 | -3.7 | -2.9 | -1.9 | -2.0 | -2.1 | ||
| Euro area | -1.6 | -0.4 | -1.6 | -2.0 | -2.3 | -2.4 | -2.3 | -1.5 | -1.2 | -1.1 | ||
| Germany9 | -1.5 | 1.4 | -1.3 | -1.7 | -1.8 | -2.3 | -2.6 | -1.4 | -1.1 | -1.1 | ||
| France | -2.6 | -2.5 | -2.4 | -3.6 | -3.9 | -3.2 | -3.0 | -2.6 | -2.2 | -2.0 | ||
| Italy | -1.4 | -1.0 | -2.9 | -3.0 | -2.9 | -3.1 | -3.7 | -3.3 | -1.9 | -2.0 | ||
| Spain | -1.0 | -1.0 | -0.6 | -0.5 | -0.3 | -1.2 | 0.4 | 0.8 | 0.6 | 0.5 | ||
| Japan10 | -8.2 | -6.6 | -6.1 | -6.6 | -6.7 | -5.6 | -5.8 | -5.9 | -5.8 | -5.8 | ||
| United Kingdom | 1.3 | 1.8 | 1.1 | -1.8 | -3.5 | -3.2 | -2.9 | -2.7 | -2.5 | -2.1 | ||
| Canada | 0.9 | 1.9 | 1.1 | 0.8 | — | 0.4 | 0.1 | 0.5 | 0.3 | 0.2 | ||
| Other advanced economies | 0.2 | 1.3 | 0.8 | 0.3 | 0.4 | 1.1 | 1.7 | 2.1 | 1.8 | 1.9 | ||
| Memorandum | ||||||||||||
| Major advanced economies | -1.1 | — | -1.2 | -3.0 | -3.8 | -3.5 | -3.2 | -2.6 | -2.4 | -2.4 | ||
| Newly industrialized Asian economies | -0.8 | 0.2 | -0.6 | 0.3 | 0.4 | 1.0 | 1.0 | 1.7 | 1.2 | 1.5 | ||
On a national income accounts basis except as indicated in footnotes. See Box A1 for a summary of the policy assumptions underlying the projections.
Adjusted for valuation changes of the foreign exchange stabilization fund.
Based on ESA95 methodology, according to which swap income is not included.
Data include the impact of discharging future pension liabilities of the formerly state-owned telecommunications company at a cost of 1.8 percent of GDP in 1999.
Data cover the consolidated central government including the social security funds but excluding privatization.
Data are on a cash basis.
Government balance is revenue minus expenditure plus balance of state-owned enterprises, excluding privatization receipts.
Data are on a budget basis.
Data are on an administrative basis and exclude social security transactions.
Data are on a national income basis and exclude social security transactions.
Advanced Economies: General Government Structural Balances1
(Percent of potential GDP)
On a national income accounts basis. The structural budget position is defined as the actual budget deficit (or surplus) less the effects of cyclical deviations of output from potential output. Because of the margin of uncertainty that attaches to estimates of cyclical gaps and to tax and expenditure elasticities with respect to national income, indicators of structural budget positions should be interpreted as broad orders of magnitude. Moreover, it is important to note that changes in structural budget balances are not necessarily attributable to policy changes but may reflect the built-in momentum of existing expenditure programs. In the period beyond that for which specific consolidation programs exist, it is assumed that the structural deficit remains unchanged.
Excludes one-off receipts from the sale of mobile telephone licenses equivalent to 2.5 percent of GDP in 2000 for Germany, 0.1 percent of GDP in 2001 and 2002 for France, 1.2 percent of GDP in 2000 for Italy, 0.1 percent of GDP in 2000 for Spain, 0.7 percent of GDP in 2000 for the Netherlands, and 0.2 percent of GDP in 2001 for Belgium, 0.4 percent of GDP in 2000 for Austria, 0.3 percent of GDP in 2000 for Portugal, and 0.2 percent of GDP in 2002 for Ireland. Also excludes one-off receipts from sizable asset transactions, in particular 0.5 percent of GDP for France in 2005.
Excludes Luxembourg.
Excludes commonwealth government privatization receipts.
Excludes oil.
Government balance is revenue minus expenditure plus balance of state-owned enterprises, excluding privatization receipts.
Advanced Economies: General Government Structural Balances1
(Percent of potential GDP)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Structural balance | ||||||||||||
| Advanced economies | -1.4 | -1.2 | -1.8 | -3.4 | -3.7 | -3.4 | -2.7 | -2.1 | -1.8 | -1.8 | ||
| United States | -0.7 | — | -1.2 | -3.9 | -4.6 | -4.5 | -3.6 | -2.7 | -2.4 | -2.4 | ||
| Euro area2,3 | -1.2 | -1.6 | -2.3 | -2.6 | -2.7 | -2.4 | -1.9 | -1.3 | -1.0 | -1.0 | ||
| Germany2 | -0.9 | -1.2 | -2.8 | -3.2 | -3.4 | -3.4 | -2.8 | -1.8 | -1.4 | -1.4 | ||
| France2 | -1.4 | -2.1 | -2.2 | -3.2 | -3.5 | -3.0 | -2.2 | -1.4 | -1.4 | -1.5 | ||
| Italy2 | -1.4 | -2.5 | -3.8 | -3.9 | -3.3 | -3.4 | -3.4 | -3.8 | -1.8 | -2.0 | ||
| Spain2 | -1.2 | -1.3 | -0.9 | -0.3 | 0.1 | 0.7 | 1.2 | 1.8 | 1.2 | 1.1 | ||
| Netherlands2 | — | 0.2 | -1.1 | -2.2 | -2.6 | -1.2 | 0.1 | 0.9 | 0.5 | 0.6 | ||
| Belgium2 | -1.0 | -0.8 | -0.4 | -0.5 | -0.8 | -0.7 | 0.2 | -0.7 | -0.4 | — | ||
| Austria2 | -3.2 | -3.9 | -1.2 | -0.5 | -0.8 | -0.9 | -1.2 | -1.3 | -1.6 | -1.2 | ||
| Finland | 2.0 | 6.7 | 4.8 | 4.5 | 3.1 | 2.7 | 3.3 | 3.5 | 3.3 | 3.5 | ||
| Greece | -2.1 | -2.9 | -4.1 | -4.3 | -5.4 | -7.1 | -5.1 | -3.1 | -2.9 | -2.7 | ||
| Portugal2 | -3.6 | -3.6 | -1.4 | -0.3 | -2.8 | -3.0 | -5.3 | -3.0 | -2.5 | -2.0 | ||
| Ireland2 | 2.2 | 3.8 | 0.5 | -0.7 | 0.2 | 1.6 | 1.2 | 2.0 | 1.3 | 0.7 | ||
| Slovenia | -0.9 | -1.7 | -1.4 | -2.9 | -0.9 | -1.2 | -1.0 | -0.6 | -1.1 | -1.0 | ||
| Japan | -6.6 | -7.5 | -5.8 | -7.2 | -7.2 | -5.8 | -4.6 | -4.3 | -3.9 | -3.7 | ||
| United Kingdom | 1.2 | 1.5 | 0.6 | -1.8 | -3.1 | -3.4 | -3.0 | -2.7 | -2.2 | -2.0 | ||
| Canada | 1.2 | 1.9 | 0.3 | -0.2 | -0.1 | 0.6 | 1.3 | 0.8 | 0.7 | 0.8 | ||
| Other advanced economies | 0.2 | 1.1 | 0.8 | 0.1 | 0.3 | 0.9 | 1.3 | 1.0 | 0.6 | 0.7 | ||
| Australia4 | 0.9 | 1.6 | 1.0 | 1.1 | 1.4 | 1.8 | 1.8 | 1.0 | 0.9 | 1.4 | ||
| Sweden | 1.4 | 3.1 | 2.2 | -0.3 | 0.7 | 1.9 | 2.9 | 2.1 | 1.2 | 1.8 | ||
| Denmark | 0.1 | 0.8 | 1.2 | 0.4 | 0.7 | 1.0 | 1.3 | 1.7 | 1.8 | 1.6 | ||
| Norway5 | -3.6 | -2.4 | -1.1 | -3.4 | -5.3 | -4.0 | -3.6 | -2.7 | -3.9 | -4.1 | ||
| New Zealand6 | 0.9 | 1.3 | 2.2 | 3.3 | 4.3 | 4.9 | 5.5 | 5.0 | 4.2 | 3.5 | ||
| Memorandum | ||||||||||||
| Major advanced economies | -1.5 | -1.5 | -2.2 | -3.9 | -4.4 | -4.1 | -3.3 | -2.7 | -2.3 | -2.2 | ||
On a national income accounts basis. The structural budget position is defined as the actual budget deficit (or surplus) less the effects of cyclical deviations of output from potential output. Because of the margin of uncertainty that attaches to estimates of cyclical gaps and to tax and expenditure elasticities with respect to national income, indicators of structural budget positions should be interpreted as broad orders of magnitude. Moreover, it is important to note that changes in structural budget balances are not necessarily attributable to policy changes but may reflect the built-in momentum of existing expenditure programs. In the period beyond that for which specific consolidation programs exist, it is assumed that the structural deficit remains unchanged.
Excludes one-off receipts from the sale of mobile telephone licenses equivalent to 2.5 percent of GDP in 2000 for Germany, 0.1 percent of GDP in 2001 and 2002 for France, 1.2 percent of GDP in 2000 for Italy, 0.1 percent of GDP in 2000 for Spain, 0.7 percent of GDP in 2000 for the Netherlands, and 0.2 percent of GDP in 2001 for Belgium, 0.4 percent of GDP in 2000 for Austria, 0.3 percent of GDP in 2000 for Portugal, and 0.2 percent of GDP in 2002 for Ireland. Also excludes one-off receipts from sizable asset transactions, in particular 0.5 percent of GDP for France in 2005.
Excludes Luxembourg.
Excludes commonwealth government privatization receipts.
Excludes oil.
Government balance is revenue minus expenditure plus balance of state-owned enterprises, excluding privatization receipts.
Advanced Economies: General Government Structural Balances1
(Percent of potential GDP)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Structural balance | ||||||||||||
| Advanced economies | -1.4 | -1.2 | -1.8 | -3.4 | -3.7 | -3.4 | -2.7 | -2.1 | -1.8 | -1.8 | ||
| United States | -0.7 | — | -1.2 | -3.9 | -4.6 | -4.5 | -3.6 | -2.7 | -2.4 | -2.4 | ||
| Euro area2,3 | -1.2 | -1.6 | -2.3 | -2.6 | -2.7 | -2.4 | -1.9 | -1.3 | -1.0 | -1.0 | ||
| Germany2 | -0.9 | -1.2 | -2.8 | -3.2 | -3.4 | -3.4 | -2.8 | -1.8 | -1.4 | -1.4 | ||
| France2 | -1.4 | -2.1 | -2.2 | -3.2 | -3.5 | -3.0 | -2.2 | -1.4 | -1.4 | -1.5 | ||
| Italy2 | -1.4 | -2.5 | -3.8 | -3.9 | -3.3 | -3.4 | -3.4 | -3.8 | -1.8 | -2.0 | ||
| Spain2 | -1.2 | -1.3 | -0.9 | -0.3 | 0.1 | 0.7 | 1.2 | 1.8 | 1.2 | 1.1 | ||
| Netherlands2 | — | 0.2 | -1.1 | -2.2 | -2.6 | -1.2 | 0.1 | 0.9 | 0.5 | 0.6 | ||
| Belgium2 | -1.0 | -0.8 | -0.4 | -0.5 | -0.8 | -0.7 | 0.2 | -0.7 | -0.4 | — | ||
| Austria2 | -3.2 | -3.9 | -1.2 | -0.5 | -0.8 | -0.9 | -1.2 | -1.3 | -1.6 | -1.2 | ||
| Finland | 2.0 | 6.7 | 4.8 | 4.5 | 3.1 | 2.7 | 3.3 | 3.5 | 3.3 | 3.5 | ||
| Greece | -2.1 | -2.9 | -4.1 | -4.3 | -5.4 | -7.1 | -5.1 | -3.1 | -2.9 | -2.7 | ||
| Portugal2 | -3.6 | -3.6 | -1.4 | -0.3 | -2.8 | -3.0 | -5.3 | -3.0 | -2.5 | -2.0 | ||
| Ireland2 | 2.2 | 3.8 | 0.5 | -0.7 | 0.2 | 1.6 | 1.2 | 2.0 | 1.3 | 0.7 | ||
| Slovenia | -0.9 | -1.7 | -1.4 | -2.9 | -0.9 | -1.2 | -1.0 | -0.6 | -1.1 | -1.0 | ||
| Japan | -6.6 | -7.5 | -5.8 | -7.2 | -7.2 | -5.8 | -4.6 | -4.3 | -3.9 | -3.7 | ||
| United Kingdom | 1.2 | 1.5 | 0.6 | -1.8 | -3.1 | -3.4 | -3.0 | -2.7 | -2.2 | -2.0 | ||
| Canada | 1.2 | 1.9 | 0.3 | -0.2 | -0.1 | 0.6 | 1.3 | 0.8 | 0.7 | 0.8 | ||
| Other advanced economies | 0.2 | 1.1 | 0.8 | 0.1 | 0.3 | 0.9 | 1.3 | 1.0 | 0.6 | 0.7 | ||
| Australia4 | 0.9 | 1.6 | 1.0 | 1.1 | 1.4 | 1.8 | 1.8 | 1.0 | 0.9 | 1.4 | ||
| Sweden | 1.4 | 3.1 | 2.2 | -0.3 | 0.7 | 1.9 | 2.9 | 2.1 | 1.2 | 1.8 | ||
| Denmark | 0.1 | 0.8 | 1.2 | 0.4 | 0.7 | 1.0 | 1.3 | 1.7 | 1.8 | 1.6 | ||
| Norway5 | -3.6 | -2.4 | -1.1 | -3.4 | -5.3 | -4.0 | -3.6 | -2.7 | -3.9 | -4.1 | ||
| New Zealand6 | 0.9 | 1.3 | 2.2 | 3.3 | 4.3 | 4.9 | 5.5 | 5.0 | 4.2 | 3.5 | ||
| Memorandum | ||||||||||||
| Major advanced economies | -1.5 | -1.5 | -2.2 | -3.9 | -4.4 | -4.1 | -3.3 | -2.7 | -2.3 | -2.2 | ||
On a national income accounts basis. The structural budget position is defined as the actual budget deficit (or surplus) less the effects of cyclical deviations of output from potential output. Because of the margin of uncertainty that attaches to estimates of cyclical gaps and to tax and expenditure elasticities with respect to national income, indicators of structural budget positions should be interpreted as broad orders of magnitude. Moreover, it is important to note that changes in structural budget balances are not necessarily attributable to policy changes but may reflect the built-in momentum of existing expenditure programs. In the period beyond that for which specific consolidation programs exist, it is assumed that the structural deficit remains unchanged.
Excludes one-off receipts from the sale of mobile telephone licenses equivalent to 2.5 percent of GDP in 2000 for Germany, 0.1 percent of GDP in 2001 and 2002 for France, 1.2 percent of GDP in 2000 for Italy, 0.1 percent of GDP in 2000 for Spain, 0.7 percent of GDP in 2000 for the Netherlands, and 0.2 percent of GDP in 2001 for Belgium, 0.4 percent of GDP in 2000 for Austria, 0.3 percent of GDP in 2000 for Portugal, and 0.2 percent of GDP in 2002 for Ireland. Also excludes one-off receipts from sizable asset transactions, in particular 0.5 percent of GDP for France in 2005.
Excludes Luxembourg.
Excludes commonwealth government privatization receipts.
Excludes oil.
Government balance is revenue minus expenditure plus balance of state-owned enterprises, excluding privatization receipts.
Advanced Economies: Monetary Aggregates1
(Annual percent change)
End-of-period based on monthly data.
M1 except for the United Kingdom, where M0 is used here as a measure of narrow money; it comprises notes in circulation plus bankers’ operational deposits. M1 is generally currency in circulation plus private demand deposits. In addition, the United States includes traveler’s checks of nonbank issues and other checkable deposits and excludes private sector float and demand deposits of banks. Canada excludes private sector float.
Excludes Greece prior to 2001.
Average of Wednesdays.
M2, defined as M1 plus quasi-money, except for Japan, and the United Kingdom, for which the data are based on M2 plus certificates of deposit (CDs), and M4, respectively. Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For the United Kingdom, M4 is composed of non-interest-bearing M1, private sector interest-bearing sterling sight bank deposits, private sector sterling time bank deposits, private sector holdings of sterling bank CDs, private sector holdings of building society shares and deposits, and sterling CDs less building society of banks deposits and bank CDs and notes and coins. For the euro area, M3 is composed of M2 plus marketable instruments held by euro-area residents, which comprise repurchase agreements, money market fund shares/units, money market paper, and debt securities up to two years.
Advanced Economies: Monetary Aggregates1
(Annual percent change)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | ||
|---|---|---|---|---|---|---|---|---|---|
| Narrow money 2 | |||||||||
| Advanced economies | 8.4 | 2.0 | 9.3 | 9.1 | 8.2 | 6.5 | 5.5 | … | |
| United States | 2.6 | -3.1 | 8.7 | 3.2 | 7.1 | 5.3 | -0.2 | -0.6 | |
| Euro area3 | 10.6 | 5.3 | 6.0 | 9.9 | 10.6 | 8.9 | 11.4 | 7.5 | |
| Japan | 11.7 | 3.5 | 13.7 | 23.5 | 4.5 | 4.0 | 5.6 | -0.1 | |
| United Kingdom | 11.5 | 4.6 | 7.6 | 6.4 | 7.4 | 5.7 | 4.7 | 3.3 | |
| Canada4 | 7.9 | 14.5 | 15.3 | 5.1 | 10.1 | 11.0 | 11.2 | 14.2 | |
| Memorandum | |||||||||
| Newly industrialized Asian economies | 19.8 | 4.6 | 11.4 | 13.3 | 14.1 | 9.3 | 7.4 | 4.8 | |
| Broad money 5 | |||||||||
| Advanced economies | 5.9 | 4.9 | 8.1 | 5.7 | 5.4 | 5.5 | 5.6 | … | |
| United States | 6.0 | 6.0 | 10.4 | 6.3 | 5.0 | 5.8 | 4.0 | 5.3 | |
| Euro area3 | 5.7 | 4.1 | 8.0 | 6.9 | 7.1 | 6.6 | 7.3 | 9.8 | |
| Japan | 2.7 | 1.9 | 3.3 | 1.8 | 1.6 | 1.8 | 2.0 | 0.9 | |
| United Kingdom | 4.0 | 8.4 | 6.7 | 7.0 | 7.2 | 8.8 | 12.7 | 12.7 | |
| Canada4 | 5.2 | 6.7 | 6.1 | 5.1 | 6.2 | 6.2 | 5.6 | 9.3 | |
| Memorandum | |||||||||
| Newly industrialized Asian economies | 17.2 | 14.3 | 7.2 | 5.7 | 6.8 | 3.5 | 4.5 | 6.3 | |
End-of-period based on monthly data.
M1 except for the United Kingdom, where M0 is used here as a measure of narrow money; it comprises notes in circulation plus bankers’ operational deposits. M1 is generally currency in circulation plus private demand deposits. In addition, the United States includes traveler’s checks of nonbank issues and other checkable deposits and excludes private sector float and demand deposits of banks. Canada excludes private sector float.
Excludes Greece prior to 2001.
Average of Wednesdays.
M2, defined as M1 plus quasi-money, except for Japan, and the United Kingdom, for which the data are based on M2 plus certificates of deposit (CDs), and M4, respectively. Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For the United Kingdom, M4 is composed of non-interest-bearing M1, private sector interest-bearing sterling sight bank deposits, private sector sterling time bank deposits, private sector holdings of sterling bank CDs, private sector holdings of building society shares and deposits, and sterling CDs less building society of banks deposits and bank CDs and notes and coins. For the euro area, M3 is composed of M2 plus marketable instruments held by euro-area residents, which comprise repurchase agreements, money market fund shares/units, money market paper, and debt securities up to two years.
Advanced Economies: Monetary Aggregates1
(Annual percent change)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | ||
|---|---|---|---|---|---|---|---|---|---|
| Narrow money 2 | |||||||||
| Advanced economies | 8.4 | 2.0 | 9.3 | 9.1 | 8.2 | 6.5 | 5.5 | … | |
| United States | 2.6 | -3.1 | 8.7 | 3.2 | 7.1 | 5.3 | -0.2 | -0.6 | |
| Euro area3 | 10.6 | 5.3 | 6.0 | 9.9 | 10.6 | 8.9 | 11.4 | 7.5 | |
| Japan | 11.7 | 3.5 | 13.7 | 23.5 | 4.5 | 4.0 | 5.6 | -0.1 | |
| United Kingdom | 11.5 | 4.6 | 7.6 | 6.4 | 7.4 | 5.7 | 4.7 | 3.3 | |
| Canada4 | 7.9 | 14.5 | 15.3 | 5.1 | 10.1 | 11.0 | 11.2 | 14.2 | |
| Memorandum | |||||||||
| Newly industrialized Asian economies | 19.8 | 4.6 | 11.4 | 13.3 | 14.1 | 9.3 | 7.4 | 4.8 | |
| Broad money 5 | |||||||||
| Advanced economies | 5.9 | 4.9 | 8.1 | 5.7 | 5.4 | 5.5 | 5.6 | … | |
| United States | 6.0 | 6.0 | 10.4 | 6.3 | 5.0 | 5.8 | 4.0 | 5.3 | |
| Euro area3 | 5.7 | 4.1 | 8.0 | 6.9 | 7.1 | 6.6 | 7.3 | 9.8 | |
| Japan | 2.7 | 1.9 | 3.3 | 1.8 | 1.6 | 1.8 | 2.0 | 0.9 | |
| United Kingdom | 4.0 | 8.4 | 6.7 | 7.0 | 7.2 | 8.8 | 12.7 | 12.7 | |
| Canada4 | 5.2 | 6.7 | 6.1 | 5.1 | 6.2 | 6.2 | 5.6 | 9.3 | |
| Memorandum | |||||||||
| Newly industrialized Asian economies | 17.2 | 14.3 | 7.2 | 5.7 | 6.8 | 3.5 | 4.5 | 6.3 | |
End-of-period based on monthly data.
M1 except for the United Kingdom, where M0 is used here as a measure of narrow money; it comprises notes in circulation plus bankers’ operational deposits. M1 is generally currency in circulation plus private demand deposits. In addition, the United States includes traveler’s checks of nonbank issues and other checkable deposits and excludes private sector float and demand deposits of banks. Canada excludes private sector float.
Excludes Greece prior to 2001.
Average of Wednesdays.
M2, defined as M1 plus quasi-money, except for Japan, and the United Kingdom, for which the data are based on M2 plus certificates of deposit (CDs), and M4, respectively. Quasi-money is essentially private term deposits and other notice deposits. The United States also includes money market mutual fund balances, money market deposit accounts, overnight repurchase agreements, and overnight Eurodollars issued to U.S. residents by foreign branches of U.S. banks. For the United Kingdom, M4 is composed of non-interest-bearing M1, private sector interest-bearing sterling sight bank deposits, private sector sterling time bank deposits, private sector holdings of sterling bank CDs, private sector holdings of building society shares and deposits, and sterling CDs less building society of banks deposits and bank CDs and notes and coins. For the euro area, M3 is composed of M2 plus marketable instruments held by euro-area residents, which comprise repurchase agreements, money market fund shares/units, money market paper, and debt securities up to two years.
Advanced Economies: Interest Rates
(Percent a year)
Annual data are end of period. For the United States, federal funds rate; for Japan, overnight call rate; for the euro area, main refinancing rate; for the United Kingdom, base lending rate; and for Canada, target rate for overnight money market financing.
Annual data are period average. For the United States, three-month treasury bill market bid yield at constant maturity; for Japan, three-month bond yield with repurchase agreement; for the euro area, three-month EURIBOR; for the United Kingdom, three-month interbank offered rate; for the Canada, three-month treasury bill yield.
Annual data are period average. For the United States, 10-year treasury bond yield at constant maturity; for Japan, 10-year government bond yield; for the euro area, a weighted average of national 10-year government bond yields through 1998 and 10-year euro bond yield thereafter; for the United Kingdom, 10-year government bond yield; and for Canada, 10-year government bond yield.
Advanced Economies: Interest Rates
(Percent a year)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | February 2007 |
||
|---|---|---|---|---|---|---|---|---|---|---|
| Policy-related interest rate 1 | ||||||||||
| United States | 5.3 | 6.4 | 1.8 | 1.2 | 1.0 | 2.2 | 4.2 | 5.2 | 5.3 | |
| Euro area2 | 3.0 | 4.8 | 3.3 | 2.8 | 2.0 | 2.0 | 2.3 | 3.5 | 3.5 | |
| Japan | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.5 | |
| United Kingdom | 5.5 | 6.0 | 4.0 | 4.0 | 3.8 | 4.8 | 4.5 | 5.0 | 5.3 | |
| Canada | 4.8 | 5.8 | 2.3 | 2.8 | 2.8 | 2.5 | 3.3 | 4.3 | 4.3 | |
| Short-term interest rate 2 | ||||||||||
| Advanced economies | 3.5 | 4.5 | 3.2 | 2.1 | 1.6 | 1.7 | 2.5 | 3.5 | 4.1 | |
| United States | 4.8 | 6.0 | 3.5 | 1.6 | 1.0 | 1.4 | 3.2 | 4.8 | 5.2 | |
| Euro area | 3.0 | 4.4 | 4.3 | 3.3 | 2.3 | 2.1 | 2.2 | 3.1 | 3.8 | |
| Japan | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.6 | |
| United Kingdom | 5.5 | 6.1 | 5.0 | 4.0 | 3.7 | 4.6 | 4.7 | 4.8 | 5.6 | |
| Canada | 4.7 | 5.5 | 3.9 | 2.6 | 2.9 | 2.2 | 2.7 | 4.0 | 4.2 | |
| Memorandum | ||||||||||
| Newly industrialized Asian economies | 4.5 | 4.6 | 3.6 | 2.6 | 2.3 | 2.2 | 2.3 | 2.9 | 4.4 | |
| Long-term interest rate 3 | ||||||||||
| Advanced economies | 4.7 | 5.1 | 4.4 | 4.2 | 3.6 | 3.7 | 3.5 | 4.1 | 4.2 | |
| United States | 5.6 | 6.0 | 5.0 | 4.6 | 4.0 | 4.3 | 4.3 | 4.8 | 4.7 | |
| Euro area | 4.6 | 5.5 | 5.0 | 4.9 | 3.9 | 3.8 | 3.3 | 4.0 | 4.1 | |
| Japan | 1.7 | 1.7 | 1.3 | 1.3 | 1.0 | 1.5 | 1.4 | 1.7 | 1.6 | |
| United Kingdom | 5.2 | 5.0 | 5.0 | 4.8 | 4.5 | 4.8 | 4.3 | 4.5 | 4.9 | |
| Canada | 5.6 | 5.9 | 5.5 | 5.3 | 4.8 | 4.6 | 4.1 | 4.2 | 4.1 | |
| Memorandum | ||||||||||
| Newly industrialized Asian economies | 7.2 | 7.0 | 5.5 | 5.0 | 3.9 | 3.7 | 3.8 | 4.1 | 4.9 | |
Annual data are end of period. For the United States, federal funds rate; for Japan, overnight call rate; for the euro area, main refinancing rate; for the United Kingdom, base lending rate; and for Canada, target rate for overnight money market financing.
Annual data are period average. For the United States, three-month treasury bill market bid yield at constant maturity; for Japan, three-month bond yield with repurchase agreement; for the euro area, three-month EURIBOR; for the United Kingdom, three-month interbank offered rate; for the Canada, three-month treasury bill yield.
Annual data are period average. For the United States, 10-year treasury bond yield at constant maturity; for Japan, 10-year government bond yield; for the euro area, a weighted average of national 10-year government bond yields through 1998 and 10-year euro bond yield thereafter; for the United Kingdom, 10-year government bond yield; and for Canada, 10-year government bond yield.
Advanced Economies: Interest Rates
(Percent a year)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | February 2007 |
||
|---|---|---|---|---|---|---|---|---|---|---|
| Policy-related interest rate 1 | ||||||||||
| United States | 5.3 | 6.4 | 1.8 | 1.2 | 1.0 | 2.2 | 4.2 | 5.2 | 5.3 | |
| Euro area2 | 3.0 | 4.8 | 3.3 | 2.8 | 2.0 | 2.0 | 2.3 | 3.5 | 3.5 | |
| Japan | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.5 | |
| United Kingdom | 5.5 | 6.0 | 4.0 | 4.0 | 3.8 | 4.8 | 4.5 | 5.0 | 5.3 | |
| Canada | 4.8 | 5.8 | 2.3 | 2.8 | 2.8 | 2.5 | 3.3 | 4.3 | 4.3 | |
| Short-term interest rate 2 | ||||||||||
| Advanced economies | 3.5 | 4.5 | 3.2 | 2.1 | 1.6 | 1.7 | 2.5 | 3.5 | 4.1 | |
| United States | 4.8 | 6.0 | 3.5 | 1.6 | 1.0 | 1.4 | 3.2 | 4.8 | 5.2 | |
| Euro area | 3.0 | 4.4 | 4.3 | 3.3 | 2.3 | 2.1 | 2.2 | 3.1 | 3.8 | |
| Japan | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.6 | |
| United Kingdom | 5.5 | 6.1 | 5.0 | 4.0 | 3.7 | 4.6 | 4.7 | 4.8 | 5.6 | |
| Canada | 4.7 | 5.5 | 3.9 | 2.6 | 2.9 | 2.2 | 2.7 | 4.0 | 4.2 | |
| Memorandum | ||||||||||
| Newly industrialized Asian economies | 4.5 | 4.6 | 3.6 | 2.6 | 2.3 | 2.2 | 2.3 | 2.9 | 4.4 | |
| Long-term interest rate 3 | ||||||||||
| Advanced economies | 4.7 | 5.1 | 4.4 | 4.2 | 3.6 | 3.7 | 3.5 | 4.1 | 4.2 | |
| United States | 5.6 | 6.0 | 5.0 | 4.6 | 4.0 | 4.3 | 4.3 | 4.8 | 4.7 | |
| Euro area | 4.6 | 5.5 | 5.0 | 4.9 | 3.9 | 3.8 | 3.3 | 4.0 | 4.1 | |
| Japan | 1.7 | 1.7 | 1.3 | 1.3 | 1.0 | 1.5 | 1.4 | 1.7 | 1.6 | |
| United Kingdom | 5.2 | 5.0 | 5.0 | 4.8 | 4.5 | 4.8 | 4.3 | 4.5 | 4.9 | |
| Canada | 5.6 | 5.9 | 5.5 | 5.3 | 4.8 | 4.6 | 4.1 | 4.2 | 4.1 | |
| Memorandum | ||||||||||
| Newly industrialized Asian economies | 7.2 | 7.0 | 5.5 | 5.0 | 3.9 | 3.7 | 3.8 | 4.1 | 4.9 | |
Annual data are end of period. For the United States, federal funds rate; for Japan, overnight call rate; for the euro area, main refinancing rate; for the United Kingdom, base lending rate; and for Canada, target rate for overnight money market financing.
Annual data are period average. For the United States, three-month treasury bill market bid yield at constant maturity; for Japan, three-month bond yield with repurchase agreement; for the euro area, three-month EURIBOR; for the United Kingdom, three-month interbank offered rate; for the Canada, three-month treasury bill yield.
Annual data are period average. For the United States, 10-year treasury bond yield at constant maturity; for Japan, 10-year government bond yield; for the euro area, a weighted average of national 10-year government bond yields through 1998 and 10-year euro bond yield thereafter; for the United Kingdom, 10-year government bond yield; and for Canada, 10-year government bond yield.
Advanced Economies: Exchange Rates
Defined as the ratio, in common currency, of the unit labor costs in the manufacturing sector to the weighted average of those of its industrial country trading partners, using 1999–2001 trade weights.
In nominal effective terms. Average December 7, 2006–January 4, 2007 rates compared with January 26–February 23, 2007 rates.
A synthetic euro for the period prior to January 1, 1999, is used in the calculation of real effective exchange rates for the euro. See Box 5.5 in the World Economic Outlook, October 1998.
Advanced Economies: Exchange Rates
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | Exchange Rate Assumption 2007 |
||
|---|---|---|---|---|---|---|---|---|---|---|
| U.S. dollars per national currency unit | ||||||||||
| U.S. dollar nominal exchange rates | ||||||||||
| Euro | 1.067 | 0.924 | 0.896 | 0.944 | 1.131 | 1.243 | 1.246 | 1.256 | 1.301 | |
| Pound sterling | 1.618 | 1.516 | 1.440 | 1.501 | 1.634 | 1.832 | 1.820 | 1.843 | 1.956 | |
| National currency units per U.S. dollar | ||||||||||
| Japanese yen | 113.5 | 107.7 | 121.5 | 125.2 | 115.8 | 108.1 | 110.0 | 116.3 | 120.4 | |
| Canadian dollar | 1.486 | 1.485 | 1.548 | 1.569 | 1.397 | 1.299 | 1.211 | 1.134 | 1.179 | |
| Swedish krona | 8.257 | 9.132 | 10.314 | 9.707 | 8.068 | 7.338 | 7.450 | 7.367 | 7.046 | |
| Danish krone | 6.967 | 8.060 | 8.317 | 7.870 | 6.577 | 5.985 | 5.987 | 5.941 | 5.724 | |
| Swiss franc | 1.500 | 1.687 | 1.686 | 1.554 | 1.346 | 1.242 | 1.243 | 1.253 | 1.250 | |
| Norwegian krone | 7.797 | 8.782 | 8.989 | 7.932 | 7.074 | 6.730 | 6.439 | 6.407 | 6.323 | |
| Israeli new sheqel | 4.138 | 4.077 | 4.205 | 4.735 | 4.548 | 4.481 | 4.485 | 4.450 | 4.374 | |
| Icelandic krona | 72.30 | 78.28 | 96.84 | 91.19 | 76.64 | 70.07 | 62.94 | 70.02 | 69.43 | |
| Cyprus pound | 0.542 | 0.621 | 0.643 | 0.609 | 0.517 | 0.468 | 0.464 | 0.459 | 0.445 | |
| Korean won | 1,188.4 | 1,130.3 | 1,290.8 | 1,249.0 | 1,191.2 | 1,144.1 | 1,023.9 | 954.5 | 930.0 | |
| Australian dollar | 1.550 | 1.717 | 1.932 | 1.839 | 1.534 | 1.358 | 1.309 | 1.327 | 1.290 | |
| New Taiwan dollar | 32.263 | 31.216 | 33.787 | 34.571 | 34.441 | 33.418 | 32.156 | 32.529 | 32.906 | |
| Hong Kong dollar | 7.757 | 7.791 | 7.799 | 7.799 | 7.787 | 7.788 | 7.777 | 7.768 | 7.808 | |
| Singapore dollar | 1.695 | 1.724 | 1.792 | 1.791 | 1.742 | 1.690 | 1.664 | 1.589 | 1.528 | |
| Index, 2000 = 100 |
Percent change
from previous assumption 2 |
|||||||||
| Real effective exchange rates 1 | ||||||||||
| United States | 90.0 | 100.0 | 103.2 | 103.0 | 92.9 | 88.0 | 86.1 | 84.8 | 1.4 | |
| Euro area3 | 114.0 | 100.0 | 101.2 | 107.2 | 122.2 | 127.6 | 127.7 | 127.7 | -0.5 | |
| Germany | 106.5 | 100.0 | 99.1 | 100.9 | 104.1 | 103.3 | 99.3 | 97.2 | -0.2 | |
| France | 107.3 | 100.0 | 98.2 | 99.1 | 107.9 | 110.9 | 111.3 | 112.0 | -0.2 | |
| Italy | 106.5 | 100.0 | 101.2 | 107.9 | 116.8 | 121.2 | 125.0 | 125.5 | -0.2 | |
| Spain | 100.0 | 100.0 | 102.7 | 105.6 | 109.2 | 112.5 | 113.2 | 114.3 | -0.2 | |
| Netherlands | 103.7 | 100.0 | 103.5 | 107.3 | 115.0 | 117.0 | 117.2 | 116.4 | -0.2 | |
| Belgium | 105.9 | 100.0 | 102.7 | 102.9 | 106.8 | 108.0 | 109.1 | 110.0 | -0.2 | |
| Austria | 110.0 | 100.0 | 97.3 | 98.1 | 101.2 | 94.5 | 95.5 | 96.5 | -0.1 | |
| Finland | 110.1 | 100.0 | 105.8 | 105.4 | 110.5 | 114.9 | 116.7 | 116.1 | -0.1 | |
| Greece | 104.3 | 100.0 | 99.9 | 103.1 | 108.0 | 116.3 | 119.8 | 124.2 | -0.1 | |
| Portugal | 99.5 | 100.0 | 102.9 | 105.8 | 110.0 | 113.6 | 113.2 | 113.3 | -0.1 | |
| Ireland | 117.7 | 100.0 | 99.2 | 94.1 | 101.8 | 109.0 | 109.0 | 109.7 | -0.5 | |
| Luxembourg | 104.0 | 100.0 | 102.6 | 102.1 | 104.5 | 105.3 | 106.5 | 107.5 | -0.1 | |
| Japan | 97.7 | 100.0 | 92.3 | 83.5 | 80.6 | 79.7 | 76.0 | 70.3 | -1.6 | |
| United Kingdom | 97.8 | 100.0 | 96.8 | 100.2 | 95.3 | 98.9 | 98.6 | 101.7 | 1.0 | |
| Canada | 104.0 | 100.0 | 101.3 | 98.8 | 108.4 | 111.3 | 117.7 | 127.0 | -1.0 | |
| Korea | 94.3 | 100.0 | 93.0 | 97.1 | 93.5 | 93.2 | 104.4 | 113.1 | -0.3 | |
| Australia | 103.7 | 100.0 | 94.5 | 99.6 | 112.5 | 125.7 | 134.0 | 136.6 | 0.2 | |
| Taiwan Province of China | 96.3 | 100.0 | 106.5 | 94.3 | 86.9 | 82.5 | 84.8 | 83.8 | -0.3 | |
| Sweden | 103.0 | 100.0 | 96.6 | 92.7 | 95.3 | 90.8 | 89.9 | 91.4 | -1.4 | |
| Switzerland | 100.9 | 100.0 | 105.9 | 112.0 | 112.7 | 115.1 | 114.9 | 114.0 | -1.3 | |
| Hong Kong SAR | 103.0 | 100.0 | 103.5 | 98.8 | 86.6 | 77.2 | 73.8 | 70.9 | 0.4 | |
| Denmark | 105.0 | 100.0 | 101.7 | 104.1 | 108.5 | 114.9 | 114.4 | 114.0 | 0.1 | |
| Norway | 99.2 | 100.0 | 102.7 | 116.4 | 116.8 | 114.5 | 117.1 | 120.3 | 1.1 | |
| Israel | 93.4 | 100.0 | 103.3 | 90.1 | 81.9 | 76.7 | 77.0 | 78.0 | 0.1 | |
| Singapore | 96.4 | 100.0 | 105.0 | 101.3 | 97.6 | 98.6 | 99.8 | 105.8 | 1.3 | |
| New Zealand | 113.0 | 100.0 | 96.3 | 104.1 | 117.4 | 125.1 | 130.1 | 119.2 | 0.2 | |
Defined as the ratio, in common currency, of the unit labor costs in the manufacturing sector to the weighted average of those of its industrial country trading partners, using 1999–2001 trade weights.
In nominal effective terms. Average December 7, 2006–January 4, 2007 rates compared with January 26–February 23, 2007 rates.
A synthetic euro for the period prior to January 1, 1999, is used in the calculation of real effective exchange rates for the euro. See Box 5.5 in the World Economic Outlook, October 1998.
Advanced Economies: Exchange Rates
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | Exchange Rate Assumption 2007 |
||
|---|---|---|---|---|---|---|---|---|---|---|
| U.S. dollars per national currency unit | ||||||||||
| U.S. dollar nominal exchange rates | ||||||||||
| Euro | 1.067 | 0.924 | 0.896 | 0.944 | 1.131 | 1.243 | 1.246 | 1.256 | 1.301 | |
| Pound sterling | 1.618 | 1.516 | 1.440 | 1.501 | 1.634 | 1.832 | 1.820 | 1.843 | 1.956 | |
| National currency units per U.S. dollar | ||||||||||
| Japanese yen | 113.5 | 107.7 | 121.5 | 125.2 | 115.8 | 108.1 | 110.0 | 116.3 | 120.4 | |
| Canadian dollar | 1.486 | 1.485 | 1.548 | 1.569 | 1.397 | 1.299 | 1.211 | 1.134 | 1.179 | |
| Swedish krona | 8.257 | 9.132 | 10.314 | 9.707 | 8.068 | 7.338 | 7.450 | 7.367 | 7.046 | |
| Danish krone | 6.967 | 8.060 | 8.317 | 7.870 | 6.577 | 5.985 | 5.987 | 5.941 | 5.724 | |
| Swiss franc | 1.500 | 1.687 | 1.686 | 1.554 | 1.346 | 1.242 | 1.243 | 1.253 | 1.250 | |
| Norwegian krone | 7.797 | 8.782 | 8.989 | 7.932 | 7.074 | 6.730 | 6.439 | 6.407 | 6.323 | |
| Israeli new sheqel | 4.138 | 4.077 | 4.205 | 4.735 | 4.548 | 4.481 | 4.485 | 4.450 | 4.374 | |
| Icelandic krona | 72.30 | 78.28 | 96.84 | 91.19 | 76.64 | 70.07 | 62.94 | 70.02 | 69.43 | |
| Cyprus pound | 0.542 | 0.621 | 0.643 | 0.609 | 0.517 | 0.468 | 0.464 | 0.459 | 0.445 | |
| Korean won | 1,188.4 | 1,130.3 | 1,290.8 | 1,249.0 | 1,191.2 | 1,144.1 | 1,023.9 | 954.5 | 930.0 | |
| Australian dollar | 1.550 | 1.717 | 1.932 | 1.839 | 1.534 | 1.358 | 1.309 | 1.327 | 1.290 | |
| New Taiwan dollar | 32.263 | 31.216 | 33.787 | 34.571 | 34.441 | 33.418 | 32.156 | 32.529 | 32.906 | |
| Hong Kong dollar | 7.757 | 7.791 | 7.799 | 7.799 | 7.787 | 7.788 | 7.777 | 7.768 | 7.808 | |
| Singapore dollar | 1.695 | 1.724 | 1.792 | 1.791 | 1.742 | 1.690 | 1.664 | 1.589 | 1.528 | |
| Index, 2000 = 100 |
Percent change
from previous assumption 2 |
|||||||||
| Real effective exchange rates 1 | ||||||||||
| United States | 90.0 | 100.0 | 103.2 | 103.0 | 92.9 | 88.0 | 86.1 | 84.8 | 1.4 | |
| Euro area3 | 114.0 | 100.0 | 101.2 | 107.2 | 122.2 | 127.6 | 127.7 | 127.7 | -0.5 | |
| Germany | 106.5 | 100.0 | 99.1 | 100.9 | 104.1 | 103.3 | 99.3 | 97.2 | -0.2 | |
| France | 107.3 | 100.0 | 98.2 | 99.1 | 107.9 | 110.9 | 111.3 | 112.0 | -0.2 | |
| Italy | 106.5 | 100.0 | 101.2 | 107.9 | 116.8 | 121.2 | 125.0 | 125.5 | -0.2 | |
| Spain | 100.0 | 100.0 | 102.7 | 105.6 | 109.2 | 112.5 | 113.2 | 114.3 | -0.2 | |
| Netherlands | 103.7 | 100.0 | 103.5 | 107.3 | 115.0 | 117.0 | 117.2 | 116.4 | -0.2 | |
| Belgium | 105.9 | 100.0 | 102.7 | 102.9 | 106.8 | 108.0 | 109.1 | 110.0 | -0.2 | |
| Austria | 110.0 | 100.0 | 97.3 | 98.1 | 101.2 | 94.5 | 95.5 | 96.5 | -0.1 | |
| Finland | 110.1 | 100.0 | 105.8 | 105.4 | 110.5 | 114.9 | 116.7 | 116.1 | -0.1 | |
| Greece | 104.3 | 100.0 | 99.9 | 103.1 | 108.0 | 116.3 | 119.8 | 124.2 | -0.1 | |
| Portugal | 99.5 | 100.0 | 102.9 | 105.8 | 110.0 | 113.6 | 113.2 | 113.3 | -0.1 | |
| Ireland | 117.7 | 100.0 | 99.2 | 94.1 | 101.8 | 109.0 | 109.0 | 109.7 | -0.5 | |
| Luxembourg | 104.0 | 100.0 | 102.6 | 102.1 | 104.5 | 105.3 | 106.5 | 107.5 | -0.1 | |
| Japan | 97.7 | 100.0 | 92.3 | 83.5 | 80.6 | 79.7 | 76.0 | 70.3 | -1.6 | |
| United Kingdom | 97.8 | 100.0 | 96.8 | 100.2 | 95.3 | 98.9 | 98.6 | 101.7 | 1.0 | |
| Canada | 104.0 | 100.0 | 101.3 | 98.8 | 108.4 | 111.3 | 117.7 | 127.0 | -1.0 | |
| Korea | 94.3 | 100.0 | 93.0 | 97.1 | 93.5 | 93.2 | 104.4 | 113.1 | -0.3 | |
| Australia | 103.7 | 100.0 | 94.5 | 99.6 | 112.5 | 125.7 | 134.0 | 136.6 | 0.2 | |
| Taiwan Province of China | 96.3 | 100.0 | 106.5 | 94.3 | 86.9 | 82.5 | 84.8 | 83.8 | -0.3 | |
| Sweden | 103.0 | 100.0 | 96.6 | 92.7 | 95.3 | 90.8 | 89.9 | 91.4 | -1.4 | |
| Switzerland | 100.9 | 100.0 | 105.9 | 112.0 | 112.7 | 115.1 | 114.9 | 114.0 | -1.3 | |
| Hong Kong SAR | 103.0 | 100.0 | 103.5 | 98.8 | 86.6 | 77.2 | 73.8 | 70.9 | 0.4 | |
| Denmark | 105.0 | 100.0 | 101.7 | 104.1 | 108.5 | 114.9 | 114.4 | 114.0 | 0.1 | |
| Norway | 99.2 | 100.0 | 102.7 | 116.4 | 116.8 | 114.5 | 117.1 | 120.3 | 1.1 | |
| Israel | 93.4 | 100.0 | 103.3 | 90.1 | 81.9 | 76.7 | 77.0 | 78.0 | 0.1 | |
| Singapore | 96.4 | 100.0 | 105.0 | 101.3 | 97.6 | 98.6 | 99.8 | 105.8 | 1.3 | |
| New Zealand | 113.0 | 100.0 | 96.3 | 104.1 | 117.4 | 125.1 | 130.1 | 119.2 | 0.2 | |
Defined as the ratio, in common currency, of the unit labor costs in the manufacturing sector to the weighted average of those of its industrial country trading partners, using 1999–2001 trade weights.
In nominal effective terms. Average December 7, 2006–January 4, 2007 rates compared with January 26–February 23, 2007 rates.
A synthetic euro for the period prior to January 1, 1999, is used in the calculation of real effective exchange rates for the euro. See Box 5.5 in the World Economic Outlook, October 1998.
Other Emerging Market and Developing Countries: Central Government Fiscal Balances
(Percent of GDP)
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Central Government Fiscal Balances
(Percent of GDP)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other emerging market and developing countries | -3.8 | -3.0 | -3.1 | -3.4 | -2.7 | -1.6 | -0.9 | -0.4 | -1.1 | -0.8 | |||
| Regional groups | |||||||||||||
| Africa | -3.5 | -1.2 | -2.1 | -2.3 | -1.4 | -0.2 | 1.2 | 3.1 | 0.4 | 0.9 | |||
| Sub-Sahara | -3.8 | -2.3 | -2.5 | -2.4 | -2.4 | -0.8 | 0.4 | 2.6 | -0.5 | — | |||
| Excluding Nigeria and South Africa | -4.9 | -4.1 | -2.7 | -2.9 | -2.9 | -1.9 | -0.7 | 2.9 | -2.2 | -1.8 | |||
| Central and eastern Europe | -5.5 | -5.1 | -7.5 | -8.2 | -6.4 | -5.2 | -3.6 | -2.7 | -3.1 | -2.2 | |||
| Commonwealth of Independent States1 | -3.9 | 0.3 | 1.8 | 1.0 | 1.2 | 2.6 | 5.5 | 5.8 | 3.0 | 3.8 | |||
| Russia | -4.1 | 0.9 | 2.7 | 1.3 | 1.7 | 4.3 | 7.5 | 7.5 | 4.0 | 4.2 | |||
| Excluding Russia | -3.3 | -1.3 | -0.8 | 0.2 | -0.2 | -1.7 | 0.2 | 1.5 | 0.6 | 2.8 | |||
| Developing Asia | -4.2 | -4.4 | -3.9 | -3.7 | -3.1 | -2.3 | -2.1 | -1.6 | -1.9 | -1.7 | |||
| China | -3.7 | -3.3 | -2.7 | -3.0 | -2.4 | -1.5 | -1.3 | -0.7 | -1.0 | -0.9 | |||
| India | -6.5 | -7.2 | -6.6 | -6.1 | -5.3 | -4.4 | -4.2 | -3.8 | -3.6 | -3.3 | |||
| Excluding China and India | -2.8 | -3.8 | -3.7 | -3.1 | -2.4 | -1.9 | -1.8 | -1.9 | -2.2 | -1.9 | |||
| Middle East | -1.8 | 2.1 | -0.9 | -2.1 | -0.5 | 2.2 | 5.0 | 6.1 | 3.5 | 5.1 | |||
| Western Hemisphere | -2.7 | -2.3 | -2.4 | -3.5 | -3.2 | -2.0 | -2.1 | -2.0 | -1.9 | -1.9 | |||
| Brazil | -2.5 | -2.1 | -1.9 | -0.7 | -3.7 | -1.4 | -3.4 | -3.2 | -2.4 | -2.0 | |||
| Mexico | -1.7 | -1.5 | -1.0 | -2.2 | -1.5 | -1.3 | -1.2 | -2.0 | -1.9 | -1.7 | |||
| Analytical groups | |||||||||||||
| By source of export earnings | |||||||||||||
| Fuel | -2.9 | 2.8 | 1.2 | 0.3 | 1.8 | 4.6 | 7.9 | 8.0 | 4.8 | 6.0 | |||
| Nonfuel | -3.9 | -3.9 | -3.8 | -4.0 | -3.4 | -2.5 | -2.3 | -1.6 | -2.0 | -1.8 | |||
| of which, primary products | -3.6 | -3.7 | -2.6 | -2.8 | -2.3 | -1.3 | 1.1 | 6.1 | 2.0 | 0.3 | |||
| By external financing source | |||||||||||||
| Net debtor countries | -4.1 | -4.2 | -4.2 | -4.5 | -3.9 | -3.0 | -2.7 | -2.2 | -2.5 | -2.2 | |||
| of which, official financing | -3.8 | -4.1 | -4.0 | -3.3 | -2.7 | -2.1 | -2.4 | -1.5 | -2.9 | -2.7 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | -3.1 | -3.5 | -3.2 | -4.7 | -2.9 | -2.2 | -1.5 | -0.7 | -2.1 | -1.7 | |||
| Other groups | |||||||||||||
| Heavily indebted poor countries | -4.2 | -4.8 | -4.0 | -4.3 | -4.0 | -3.1 | -2.2 | 4.3 | -2.1 | -2.0 | |||
| Middle East and north Africa | -1.8 | 2.1 | -0.9 | -1.9 | — | 2.0 | 4.6 | 5.6 | 3.2 | 4.6 | |||
| Memorandum | |||||||||||||
| Median | |||||||||||||
| Other emerging market and developing countries | -3.1 | -2.7 | -3.7 | -3.6 | -3.2 | -2.5 | -1.9 | -1.2 | -1.9 | -1.9 | |||
| Africa | -3.3 | -2.7 | -3.4 | -3.6 | -3.0 | -2.9 | -1.8 | -0.2 | -1.9 | -2.1 | |||
| Central and eastern Europe | -3.3 | -2.6 | -4.2 | -5.4 | -4.1 | -3.7 | -3.0 | -2.6 | -2.4 | -2.0 | |||
| Commonwealth of Independent States1 | -5.1 | -1.2 | -1.4 | -0.4 | -1.0 | 0.4 | -0.2 | 0.7 | 1.0 | 0.5 | |||
| Developing Asia | -3.2 | -3.5 | -3.9 | -3.8 | -3.0 | -1.8 | -2.2 | -1.9 | -2.6 | -2.6 | |||
| Middle East | -1.5 | 3.2 | 0.3 | -0.1 | 1.2 | 1.7 | 1.1 | 1.6 | 0.7 | 3.7 | |||
| Western Hemisphere | -2.9 | -2.6 | -4.2 | -4.3 | -3.7 | -2.8 | -2.4 | -1.7 | -1.8 | -1.6 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Central Government Fiscal Balances
(Percent of GDP)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other emerging market and developing countries | -3.8 | -3.0 | -3.1 | -3.4 | -2.7 | -1.6 | -0.9 | -0.4 | -1.1 | -0.8 | |||
| Regional groups | |||||||||||||
| Africa | -3.5 | -1.2 | -2.1 | -2.3 | -1.4 | -0.2 | 1.2 | 3.1 | 0.4 | 0.9 | |||
| Sub-Sahara | -3.8 | -2.3 | -2.5 | -2.4 | -2.4 | -0.8 | 0.4 | 2.6 | -0.5 | — | |||
| Excluding Nigeria and South Africa | -4.9 | -4.1 | -2.7 | -2.9 | -2.9 | -1.9 | -0.7 | 2.9 | -2.2 | -1.8 | |||
| Central and eastern Europe | -5.5 | -5.1 | -7.5 | -8.2 | -6.4 | -5.2 | -3.6 | -2.7 | -3.1 | -2.2 | |||
| Commonwealth of Independent States1 | -3.9 | 0.3 | 1.8 | 1.0 | 1.2 | 2.6 | 5.5 | 5.8 | 3.0 | 3.8 | |||
| Russia | -4.1 | 0.9 | 2.7 | 1.3 | 1.7 | 4.3 | 7.5 | 7.5 | 4.0 | 4.2 | |||
| Excluding Russia | -3.3 | -1.3 | -0.8 | 0.2 | -0.2 | -1.7 | 0.2 | 1.5 | 0.6 | 2.8 | |||
| Developing Asia | -4.2 | -4.4 | -3.9 | -3.7 | -3.1 | -2.3 | -2.1 | -1.6 | -1.9 | -1.7 | |||
| China | -3.7 | -3.3 | -2.7 | -3.0 | -2.4 | -1.5 | -1.3 | -0.7 | -1.0 | -0.9 | |||
| India | -6.5 | -7.2 | -6.6 | -6.1 | -5.3 | -4.4 | -4.2 | -3.8 | -3.6 | -3.3 | |||
| Excluding China and India | -2.8 | -3.8 | -3.7 | -3.1 | -2.4 | -1.9 | -1.8 | -1.9 | -2.2 | -1.9 | |||
| Middle East | -1.8 | 2.1 | -0.9 | -2.1 | -0.5 | 2.2 | 5.0 | 6.1 | 3.5 | 5.1 | |||
| Western Hemisphere | -2.7 | -2.3 | -2.4 | -3.5 | -3.2 | -2.0 | -2.1 | -2.0 | -1.9 | -1.9 | |||
| Brazil | -2.5 | -2.1 | -1.9 | -0.7 | -3.7 | -1.4 | -3.4 | -3.2 | -2.4 | -2.0 | |||
| Mexico | -1.7 | -1.5 | -1.0 | -2.2 | -1.5 | -1.3 | -1.2 | -2.0 | -1.9 | -1.7 | |||
| Analytical groups | |||||||||||||
| By source of export earnings | |||||||||||||
| Fuel | -2.9 | 2.8 | 1.2 | 0.3 | 1.8 | 4.6 | 7.9 | 8.0 | 4.8 | 6.0 | |||
| Nonfuel | -3.9 | -3.9 | -3.8 | -4.0 | -3.4 | -2.5 | -2.3 | -1.6 | -2.0 | -1.8 | |||
| of which, primary products | -3.6 | -3.7 | -2.6 | -2.8 | -2.3 | -1.3 | 1.1 | 6.1 | 2.0 | 0.3 | |||
| By external financing source | |||||||||||||
| Net debtor countries | -4.1 | -4.2 | -4.2 | -4.5 | -3.9 | -3.0 | -2.7 | -2.2 | -2.5 | -2.2 | |||
| of which, official financing | -3.8 | -4.1 | -4.0 | -3.3 | -2.7 | -2.1 | -2.4 | -1.5 | -2.9 | -2.7 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | -3.1 | -3.5 | -3.2 | -4.7 | -2.9 | -2.2 | -1.5 | -0.7 | -2.1 | -1.7 | |||
| Other groups | |||||||||||||
| Heavily indebted poor countries | -4.2 | -4.8 | -4.0 | -4.3 | -4.0 | -3.1 | -2.2 | 4.3 | -2.1 | -2.0 | |||
| Middle East and north Africa | -1.8 | 2.1 | -0.9 | -1.9 | — | 2.0 | 4.6 | 5.6 | 3.2 | 4.6 | |||
| Memorandum | |||||||||||||
| Median | |||||||||||||
| Other emerging market and developing countries | -3.1 | -2.7 | -3.7 | -3.6 | -3.2 | -2.5 | -1.9 | -1.2 | -1.9 | -1.9 | |||
| Africa | -3.3 | -2.7 | -3.4 | -3.6 | -3.0 | -2.9 | -1.8 | -0.2 | -1.9 | -2.1 | |||
| Central and eastern Europe | -3.3 | -2.6 | -4.2 | -5.4 | -4.1 | -3.7 | -3.0 | -2.6 | -2.4 | -2.0 | |||
| Commonwealth of Independent States1 | -5.1 | -1.2 | -1.4 | -0.4 | -1.0 | 0.4 | -0.2 | 0.7 | 1.0 | 0.5 | |||
| Developing Asia | -3.2 | -3.5 | -3.9 | -3.8 | -3.0 | -1.8 | -2.2 | -1.9 | -2.6 | -2.6 | |||
| Middle East | -1.5 | 3.2 | 0.3 | -0.1 | 1.2 | 1.7 | 1.1 | 1.6 | 0.7 | 3.7 | |||
| Western Hemisphere | -2.9 | -2.6 | -4.2 | -4.3 | -3.7 | -2.8 | -2.4 | -1.7 | -1.8 | -1.6 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Broad Money Aggregates
(Annual percent change)
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Broad Money Aggregates
(Annual percent change)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other emerging market and developing countries | 17.6 | 15.1 | 15.7 | 16.5 | 15.7 | 16.9 | 19.1 | 20.5 | 15.9 | 13.9 | |||
| Regional groups | |||||||||||||
| Africa | 19.3 | 19.8 | 21.0 | 20.7 | 21.8 | 18.6 | 22.3 | 25.0 | 17.2 | 19.1 | |||
| Sub-Sahara | 21.4 | 22.4 | 22.2 | 23.9 | 25.3 | 21.6 | 26.0 | 28.5 | 18.3 | 21.3 | |||
| Central and eastern Europe | 37.7 | 24.6 | 38.0 | 10.6 | 10.6 | 14.3 | 17.6 | 16.1 | 13.7 | 11.8 | |||
| Commonwealth of Independent States1 | 53.2 | 57.5 | 37.9 | 34.0 | 38.7 | 34.7 | 36.0 | 41.7 | 33.3 | 23.7 | |||
| Russia | 48.1 | 57.2 | 35.7 | 33.9 | 39.4 | 33.7 | 36.3 | 40.5 | 33.9 | 26.0 | |||
| Excluding Russia | 70.3 | 58.2 | 43.2 | 34.2 | 36.8 | 37.7 | 34.8 | 45.4 | 31.2 | 15.9 | |||
| Developing Asia | 13.9 | 12.1 | 14.6 | 14.0 | 16.3 | 13.5 | 16.2 | 17.1 | 15.3 | 13.0 | |||
| China | 14.7 | 12.3 | 17.6 | 16.9 | 19.6 | 14.4 | 16.6 | 16.9 | 15.0 | 12.0 | |||
| India | 15.9 | 16.1 | 14.6 | 14.6 | 16.3 | 13.3 | 19.2 | 21.1 | 20.0 | 17.8 | |||
| Excluding China and India | 11.7 | 9.4 | 9.2 | 8.2 | 10.0 | 12.0 | 13.1 | 14.7 | 12.6 | 11.7 | |||
| Middle East | 10.6 | 13.0 | 13.6 | 16.8 | 12.7 | 18.6 | 20.3 | 23.4 | 16.3 | 14.4 | |||
| Western Hemisphere | 10.5 | 7.9 | 6.8 | 17.4 | 11.5 | 17.4 | 17.9 | 18.5 | 10.8 | 10.3 | |||
| Brazil | 7.1 | 3.7 | 12.6 | 23.2 | 3.7 | 18.6 | 18.9 | 15.7 | 8.0 | 8.4 | |||
| Mexico | 22.8 | 16.2 | 13.7 | 12.6 | 11.7 | 13.5 | 15.0 | 18.7 | 12.4 | 10.3 | |||
| Analytical groups | |||||||||||||
| By source of export earnings | |||||||||||||
| Fuel | 24.7 | 29.6 | 20.9 | 22.1 | 23.7 | 25.7 | 28.3 | 32.8 | 22.7 | 18.9 | |||
| Nonfuel | 16.3 | 12.5 | 14.7 | 15.4 | 14.1 | 15.1 | 17.1 | 17.7 | 14.2 | 12.5 | |||
| of which, primary products | 22.6 | 24.0 | 21.8 | 20.2 | 31.3 | 32.9 | 34.8 | 30.6 | 21.0 | 31.0 | |||
| By external financing source | |||||||||||||
| Net debtor countries | 16.5 | 12.8 | 14.1 | 15.2 | 12.1 | 15.4 | 17.4 | 18.3 | 14.2 | 12.9 | |||
| of which, official financing | 16.1 | 14.0 | 11.9 | 14.0 | 14.1 | 14.8 | 15.2 | 16.7 | 14.0 | 12.7 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 10.6 | 11.8 | 1.7 | 22.3 | 19.7 | 19.6 | 22.3 | 21.1 | 18.7 | 19.4 | |||
| Other groups | |||||||||||||
| Heavily indebted poor countries | 23.4 | 29.6 | 19.9 | 17.9 | 17.9 | 14.5 | 15.2 | 19.4 | 15.6 | 12.4 | |||
| Middle East and north Africa | 11.1 | 13.1 | 14.4 | 16.2 | 12.9 | 17.5 | 19.2 | 22.0 | 16.1 | 14.3 | |||
| Memorandum | |||||||||||||
| Median | |||||||||||||
| Other emerging market and developing countries | 13.1 | 15.1 | 13.7 | 13.3 | 13.0 | 13.6 | 14.3 | 16.2 | 12.3 | 11.1 | |||
| Africa | 12.6 | 14.1 | 15.5 | 18.6 | 15.5 | 13.7 | 14.3 | 16.4 | 13.3 | 11.7 | |||
| Central and eastern Europe | 13.7 | 19.9 | 21.1 | 9.4 | 11.5 | 14.6 | 14.7 | 18.2 | 13.0 | 11.7 | |||
| Commonwealth of Independent States1 | 32.1 | 40.1 | 35.7 | 34.1 | 30.7 | 32.3 | 26.4 | 34.9 | 27.0 | 19.3 | |||
| Developing Asia | 14.7 | 12.3 | 9.1 | 13.3 | 13.1 | 14.4 | 12.1 | 15.2 | 10.3 | 10.0 | |||
| Middle East | 10.6 | 10.2 | 11.6 | 10.9 | 8.1 | 12.3 | 17.0 | 20.2 | 14.7 | 11.4 | |||
| Western Hemisphere | 10.6 | 9.2 | 9.2 | 8.3 | 8.1 | 12.2 | 13.7 | 12.4 | 8.1 | 8.0 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries: Broad Money Aggregates
(Annual percent change)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other emerging market and developing countries | 17.6 | 15.1 | 15.7 | 16.5 | 15.7 | 16.9 | 19.1 | 20.5 | 15.9 | 13.9 | |||
| Regional groups | |||||||||||||
| Africa | 19.3 | 19.8 | 21.0 | 20.7 | 21.8 | 18.6 | 22.3 | 25.0 | 17.2 | 19.1 | |||
| Sub-Sahara | 21.4 | 22.4 | 22.2 | 23.9 | 25.3 | 21.6 | 26.0 | 28.5 | 18.3 | 21.3 | |||
| Central and eastern Europe | 37.7 | 24.6 | 38.0 | 10.6 | 10.6 | 14.3 | 17.6 | 16.1 | 13.7 | 11.8 | |||
| Commonwealth of Independent States1 | 53.2 | 57.5 | 37.9 | 34.0 | 38.7 | 34.7 | 36.0 | 41.7 | 33.3 | 23.7 | |||
| Russia | 48.1 | 57.2 | 35.7 | 33.9 | 39.4 | 33.7 | 36.3 | 40.5 | 33.9 | 26.0 | |||
| Excluding Russia | 70.3 | 58.2 | 43.2 | 34.2 | 36.8 | 37.7 | 34.8 | 45.4 | 31.2 | 15.9 | |||
| Developing Asia | 13.9 | 12.1 | 14.6 | 14.0 | 16.3 | 13.5 | 16.2 | 17.1 | 15.3 | 13.0 | |||
| China | 14.7 | 12.3 | 17.6 | 16.9 | 19.6 | 14.4 | 16.6 | 16.9 | 15.0 | 12.0 | |||
| India | 15.9 | 16.1 | 14.6 | 14.6 | 16.3 | 13.3 | 19.2 | 21.1 | 20.0 | 17.8 | |||
| Excluding China and India | 11.7 | 9.4 | 9.2 | 8.2 | 10.0 | 12.0 | 13.1 | 14.7 | 12.6 | 11.7 | |||
| Middle East | 10.6 | 13.0 | 13.6 | 16.8 | 12.7 | 18.6 | 20.3 | 23.4 | 16.3 | 14.4 | |||
| Western Hemisphere | 10.5 | 7.9 | 6.8 | 17.4 | 11.5 | 17.4 | 17.9 | 18.5 | 10.8 | 10.3 | |||
| Brazil | 7.1 | 3.7 | 12.6 | 23.2 | 3.7 | 18.6 | 18.9 | 15.7 | 8.0 | 8.4 | |||
| Mexico | 22.8 | 16.2 | 13.7 | 12.6 | 11.7 | 13.5 | 15.0 | 18.7 | 12.4 | 10.3 | |||
| Analytical groups | |||||||||||||
| By source of export earnings | |||||||||||||
| Fuel | 24.7 | 29.6 | 20.9 | 22.1 | 23.7 | 25.7 | 28.3 | 32.8 | 22.7 | 18.9 | |||
| Nonfuel | 16.3 | 12.5 | 14.7 | 15.4 | 14.1 | 15.1 | 17.1 | 17.7 | 14.2 | 12.5 | |||
| of which, primary products | 22.6 | 24.0 | 21.8 | 20.2 | 31.3 | 32.9 | 34.8 | 30.6 | 21.0 | 31.0 | |||
| By external financing source | |||||||||||||
| Net debtor countries | 16.5 | 12.8 | 14.1 | 15.2 | 12.1 | 15.4 | 17.4 | 18.3 | 14.2 | 12.9 | |||
| of which, official financing | 16.1 | 14.0 | 11.9 | 14.0 | 14.1 | 14.8 | 15.2 | 16.7 | 14.0 | 12.7 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | 10.6 | 11.8 | 1.7 | 22.3 | 19.7 | 19.6 | 22.3 | 21.1 | 18.7 | 19.4 | |||
| Other groups | |||||||||||||
| Heavily indebted poor countries | 23.4 | 29.6 | 19.9 | 17.9 | 17.9 | 14.5 | 15.2 | 19.4 | 15.6 | 12.4 | |||
| Middle East and north Africa | 11.1 | 13.1 | 14.4 | 16.2 | 12.9 | 17.5 | 19.2 | 22.0 | 16.1 | 14.3 | |||
| Memorandum | |||||||||||||
| Median | |||||||||||||
| Other emerging market and developing countries | 13.1 | 15.1 | 13.7 | 13.3 | 13.0 | 13.6 | 14.3 | 16.2 | 12.3 | 11.1 | |||
| Africa | 12.6 | 14.1 | 15.5 | 18.6 | 15.5 | 13.7 | 14.3 | 16.4 | 13.3 | 11.7 | |||
| Central and eastern Europe | 13.7 | 19.9 | 21.1 | 9.4 | 11.5 | 14.6 | 14.7 | 18.2 | 13.0 | 11.7 | |||
| Commonwealth of Independent States1 | 32.1 | 40.1 | 35.7 | 34.1 | 30.7 | 32.3 | 26.4 | 34.9 | 27.0 | 19.3 | |||
| Developing Asia | 14.7 | 12.3 | 9.1 | 13.3 | 13.1 | 14.4 | 12.1 | 15.2 | 10.3 | 10.0 | |||
| Middle East | 10.6 | 10.2 | 11.6 | 10.9 | 8.1 | 12.3 | 17.0 | 20.2 | 14.7 | 11.4 | |||
| Western Hemisphere | 10.6 | 9.2 | 9.2 | 8.3 | 8.1 | 12.2 | 13.7 | 12.4 | 8.1 | 8.0 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Foreign Trade
Summary of World Trade Volumes and Prices
(Annual percent change)
Average of annual percent change for world exports and imports.
As represented, respectively, by the export unit value index for the manufactures of the advanced economies; the average of U.K. Brent, Dubai, and West Texas Intermediate crude oil spot prices; and the average of world market prices for nonfuel primary commodities weighted by their 1995–97 shares in world commodity exports.
Summary of World Trade Volumes and Prices
(Annual percent change)
| Ten-Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Trade in goods and services | |||||||||||||||
| World trade 1 | |||||||||||||||
| Volume | 6.7 | 6.8 | 5.8 | 12.3 | 0.2 | 3.4 | 5.4 | 10.6 | 7.4 | 9.2 | 7.0 | 7.4 | |||
| Price deflator | |||||||||||||||
| In U.S. dollars | 0.3 | 2.9 | -1.5 | -0.6 | -3.5 | 1.2 | 10.4 | 9.8 | 5.5 | 5.4 | 2.8 | 0.8 | |||
| In SDRs | 0.2 | 1.9 | -2.3 | 3.1 | — | -0.5 | 2.1 | 3.8 | 5.8 | 5.9 | 1.1 | 0.4 | |||
| Volume of trade | |||||||||||||||
| Exports | |||||||||||||||
| Advanced economies | 6.7 | 5.6 | 5.6 | 11.8 | -0.6 | 2.3 | 3.3 | 8.9 | 5.6 | 8.4 | 5.5 | 5.8 | |||
| Other emerging market and developing countries | 7.6 | 9.5 | 3.7 | 14.7 | 2.6 | 6.9 | 10.8 | 14.6 | 11.2 | 10.6 | 10.4 | 9.9 | |||
| Imports | |||||||||||||||
| Advanced economies | 6.4 | 5.8 | 8.0 | 11.7 | -0.6 | 2.6 | 4.1 | 9.1 | 6.1 | 7.4 | 4.7 | 5.7 | |||
| Other emerging market and developing countries | 7.1 | 10.2 | 0.8 | 13.9 | 3.2 | 6.3 | 10.3 | 16.4 | 12.1 | 15.0 | 12.5 | 12.2 | |||
| Terms of trade | |||||||||||||||
| Advanced economies | — | -0.4 | -0.3 | -2.5 | 0.3 | 0.8 | 0.9 | -0.2 | -1.4 | -1.3 | -0.1 | — | |||
| Other emerging market and developing countries | -0.9 | 2.0 | 4.3 | 5.5 | -2.4 | 0.8 | 1.1 | 2.8 | 5.5 | 4.1 | -2.4 | 0.9 | |||
| Trade in goods | |||||||||||||||
| World trade 1 | |||||||||||||||
| Volume | 6.7 | 7.0 | 5.4 | 12.8 | -0.5 | 3.7 | 6.3 | 11.0 | 7.4 | 9.5 | 7.2 | 7.7 | |||
| Price deflator | |||||||||||||||
| In U.S. dollars | 0.2 | 3.0 | -1.1 | 0.3 | -3.7 | 0.6 | 9.9 | 9.9 | 6.2 | 5.9 | 2.4 | 0.8 | |||
| In SDRs | 0.1 | 2.0 | -1.9 | 3.9 | -0.3 | -1.1 | 1.7 | 4.0 | 6.4 | 6.4 | 0.8 | 0.4 | |||
| World trade prices in U.S. dollars 2 | |||||||||||||||
| Manufactures | 0.3 | 2.5 | -2.4 | -5.9 | -3.8 | 2.3 | 14.1 | 9.3 | 3.4 | 4.4 | 4.4 | 1.1 | |||
| Oil | -1.2 | 17.3 | 37.5 | 57.0 | -13.8 | 2.5 | 15.8 | 30.7 | 41.3 | 20.5 | -5.5 | 6.6 | |||
| Nonfuel primary commodities | -2.2 | 4.8 | -7.2 | 4.8 | -4.9 | 1.7 | 6.9 | 18.5 | 10.3 | 28.4 | 4.2 | -8.8 | |||
| World trade prices in SDRs 2 | |||||||||||||||
| Manufactures | 0.2 | 1.5 | -3.2 | -2.4 | -0.3 | 0.5 | 5.5 | 3.4 | 3.6 | 4.9 | 2.7 | 0.8 | |||
| Oil | -1.3 | 16.2 | 36.4 | 62.8 | -10.7 | 0.8 | 7.1 | 23.6 | 41.6 | 21.0 | -7.0 | 6.2 | |||
| Nonfuel primary commodities | -2.3 | 3.8 | -7.9 | 8.6 | -1.5 | — | -1.2 | 12.1 | 10.5 | 29.0 | 2.5 | -9.1 | |||
| World trade prices in euros 2 | |||||||||||||||
| Manufactures | 0.9 | 1.0 | 2.5 | 8.7 | -0.8 | -3.0 | -4.7 | -0.6 | 3.2 | 3.6 | 0.8 | 0.7 | |||
| Oil | -0.7 | 15.6 | 44.4 | 81.3 | -11.1 | -2.8 | -3.3 | 18.9 | 41.0 | 19.5 | -8.8 | 6.1 | |||
| Nonfuel primary commodities | -1.6 | 3.2 | -2.6 | 20.9 | -1.9 | -3.5 | -10.8 | 7.8 | 10.0 | 27.4 | 0.6 | -9.2 | |||
| Trade in goods | |||||||||||||||
| Volume of trade | |||||||||||||||
| Exports | |||||||||||||||
| Advanced economies | 6.6 | 5.6 | 5.0 | 12.5 | -1.3 | 2.3 | 3.9 | 8.8 | 5.3 | 8.9 | 5.3 | 6.0 | |||
| Other emerging market and developing countries | 7.4 | 9.5 | 3.1 | 14.7 | 2.0 | 7.2 | 11.7 | 14.7 | 11.1 | 11.1 | 10.5 | 9.9 | |||
| Fuel exporters | 3.7 | 5.3 | -1.6 | 10.5 | -0.1 | 2.2 | 10.1 | 10.3 | 6.6 | 4.6 | 7.0 | 4.7 | |||
| Nonfuel exporters | 8.9 | 11.0 | 4.4 | 16.0 | 2.8 | 8.9 | 12.2 | 16.2 | 12.7 | 13.8 | 12.0 | 12.2 | |||
| Imports | |||||||||||||||
| Advanced economies | 6.6 | 6.0 | 8.2 | 12.3 | -1.6 | 3.0 | 5.0 | 9.4 | 6.2 | 7.8 | 4.9 | 5.8 | |||
| Other emerging market and developing countries | 7.1 | 10.4 | -0.2 | 14.1 | 2.9 | 6.5 | 12.1 | 17.6 | 12.4 | 13.3 | 13.5 | 12.9 | |||
| Fuel exporters | 1.3 | 11.4 | -10.5 | 10.6 | 15.2 | 7.5 | 9.7 | 18.0 | 19.1 | 17.6 | 16.8 | 13.3 | |||
| Nonfuel exporters | 8.9 | 10.2 | 1.9 | 14.7 | 0.9 | 6.3 | 12.5 | 17.5 | 11.1 | 12.4 | 12.8 | 12.8 | |||
| Price deflators in SDRs | |||||||||||||||
| Exports | |||||||||||||||
| Advanced economies | -0.1 | 1.2 | -3.0 | 0.5 | -0.3 | -0.8 | 2.5 | 3.1 | 3.8 | 4.4 | 1.6 | 0.4 | |||
| Other emerging market and developing countries | 0.9 | 4.9 | 4.7 | 14.2 | -0.8 | — | 1.7 | 7.4 | 13.9 | 10.5 | -1.3 | 0.8 | |||
| Fuel exporters | 0.3 | 11.6 | 22.8 | 40.9 | -6.7 | 1.4 | 5.6 | 16.2 | 31.6 | 17.1 | -6.4 | 3.4 | |||
| Nonfuel exporters | 1.0 | 2.7 | -0.1 | 6.0 | 1.4 | -0.5 | 0.5 | 4.4 | 7.6 | 7.8 | 1.0 | -0.4 | |||
| Imports | |||||||||||||||
| Advanced economies | -0.4 | 1.6 | -2.9 | 3.6 | -0.6 | -1.8 | 1.3 | 3.4 | 5.6 | 6.0 | 1.2 | 0.6 | |||
| Other emerging market and developing countries | 1.7 | 2.6 | -0.7 | 6.9 | 1.5 | -0.7 | 0.1 | 4.1 | 7.3 | 7.0 | 0.9 | -0.4 | |||
| Fuel exporters | 2.1 | 2.0 | -3.1 | 1.9 | 1.0 | 1.2 | — | 3.4 | 7.1 | 8.5 | 1.3 | -1.0 | |||
| Nonfuel exporters | 1.5 | 2.7 | -0.2 | 7.8 | 1.6 | -1.1 | 0.2 | 4.2 | 7.3 | 6.7 | 0.9 | -0.2 | |||
| Terms of trade | |||||||||||||||
| Advanced economies | 0.3 | -0.4 | -0.2 | -3.0 | 0.3 | 1.0 | 1.3 | -0.3 | -1.6 | -1.5 | 0.4 | -0.2 | |||
| Other emerging market and developing countries | -0.8 | 2.3 | 5.4 | 6.9 | -2.3 | 0.7 | 1.6 | 3.1 | 6.2 | 3.2 | -2.2 | 1.2 | |||
| Fuel exporters | -1.7 | 9.4 | 26.7 | 38.3 | -7.6 | 0.2 | 5.6 | 12.4 | 22.8 | 7.9 | -7.6 | 4.5 | |||
| Nonfuel exporters | -0.5 | 0.1 | 0.1 | -1.6 | -0.1 | 0.6 | 0.3 | 0.1 | 0.3 | 1.0 | 0.1 | -0.2 | |||
| Memorandum | |||||||||||||||
| World exports in billions of U.S. dollars | |||||||||||||||
| Goods and services | 5,394 | 11,227 | 7,088 | 7,885 | 7,614 | 7,994 | 9,303 | 11,283 | 12,787 | 14,717 | 16,139 | 17,456 | |||
| Goods | 4,309 | 9,021 | 5,626 | 6,345 | 6,070 | 6,349 | 7,418 | 9,017 | 10,275 | 11,920 | 13,052 | 14,137 | |||
Average of annual percent change for world exports and imports.
As represented, respectively, by the export unit value index for the manufactures of the advanced economies; the average of U.K. Brent, Dubai, and West Texas Intermediate crude oil spot prices; and the average of world market prices for nonfuel primary commodities weighted by their 1995–97 shares in world commodity exports.
Summary of World Trade Volumes and Prices
(Annual percent change)
| Ten-Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Trade in goods and services | |||||||||||||||
| World trade 1 | |||||||||||||||
| Volume | 6.7 | 6.8 | 5.8 | 12.3 | 0.2 | 3.4 | 5.4 | 10.6 | 7.4 | 9.2 | 7.0 | 7.4 | |||
| Price deflator | |||||||||||||||
| In U.S. dollars | 0.3 | 2.9 | -1.5 | -0.6 | -3.5 | 1.2 | 10.4 | 9.8 | 5.5 | 5.4 | 2.8 | 0.8 | |||
| In SDRs | 0.2 | 1.9 | -2.3 | 3.1 | — | -0.5 | 2.1 | 3.8 | 5.8 | 5.9 | 1.1 | 0.4 | |||
| Volume of trade | |||||||||||||||
| Exports | |||||||||||||||
| Advanced economies | 6.7 | 5.6 | 5.6 | 11.8 | -0.6 | 2.3 | 3.3 | 8.9 | 5.6 | 8.4 | 5.5 | 5.8 | |||
| Other emerging market and developing countries | 7.6 | 9.5 | 3.7 | 14.7 | 2.6 | 6.9 | 10.8 | 14.6 | 11.2 | 10.6 | 10.4 | 9.9 | |||
| Imports | |||||||||||||||
| Advanced economies | 6.4 | 5.8 | 8.0 | 11.7 | -0.6 | 2.6 | 4.1 | 9.1 | 6.1 | 7.4 | 4.7 | 5.7 | |||
| Other emerging market and developing countries | 7.1 | 10.2 | 0.8 | 13.9 | 3.2 | 6.3 | 10.3 | 16.4 | 12.1 | 15.0 | 12.5 | 12.2 | |||
| Terms of trade | |||||||||||||||
| Advanced economies | — | -0.4 | -0.3 | -2.5 | 0.3 | 0.8 | 0.9 | -0.2 | -1.4 | -1.3 | -0.1 | — | |||
| Other emerging market and developing countries | -0.9 | 2.0 | 4.3 | 5.5 | -2.4 | 0.8 | 1.1 | 2.8 | 5.5 | 4.1 | -2.4 | 0.9 | |||
| Trade in goods | |||||||||||||||
| World trade 1 | |||||||||||||||
| Volume | 6.7 | 7.0 | 5.4 | 12.8 | -0.5 | 3.7 | 6.3 | 11.0 | 7.4 | 9.5 | 7.2 | 7.7 | |||
| Price deflator | |||||||||||||||
| In U.S. dollars | 0.2 | 3.0 | -1.1 | 0.3 | -3.7 | 0.6 | 9.9 | 9.9 | 6.2 | 5.9 | 2.4 | 0.8 | |||
| In SDRs | 0.1 | 2.0 | -1.9 | 3.9 | -0.3 | -1.1 | 1.7 | 4.0 | 6.4 | 6.4 | 0.8 | 0.4 | |||
| World trade prices in U.S. dollars 2 | |||||||||||||||
| Manufactures | 0.3 | 2.5 | -2.4 | -5.9 | -3.8 | 2.3 | 14.1 | 9.3 | 3.4 | 4.4 | 4.4 | 1.1 | |||
| Oil | -1.2 | 17.3 | 37.5 | 57.0 | -13.8 | 2.5 | 15.8 | 30.7 | 41.3 | 20.5 | -5.5 | 6.6 | |||
| Nonfuel primary commodities | -2.2 | 4.8 | -7.2 | 4.8 | -4.9 | 1.7 | 6.9 | 18.5 | 10.3 | 28.4 | 4.2 | -8.8 | |||
| World trade prices in SDRs 2 | |||||||||||||||
| Manufactures | 0.2 | 1.5 | -3.2 | -2.4 | -0.3 | 0.5 | 5.5 | 3.4 | 3.6 | 4.9 | 2.7 | 0.8 | |||
| Oil | -1.3 | 16.2 | 36.4 | 62.8 | -10.7 | 0.8 | 7.1 | 23.6 | 41.6 | 21.0 | -7.0 | 6.2 | |||
| Nonfuel primary commodities | -2.3 | 3.8 | -7.9 | 8.6 | -1.5 | — | -1.2 | 12.1 | 10.5 | 29.0 | 2.5 | -9.1 | |||
| World trade prices in euros 2 | |||||||||||||||
| Manufactures | 0.9 | 1.0 | 2.5 | 8.7 | -0.8 | -3.0 | -4.7 | -0.6 | 3.2 | 3.6 | 0.8 | 0.7 | |||
| Oil | -0.7 | 15.6 | 44.4 | 81.3 | -11.1 | -2.8 | -3.3 | 18.9 | 41.0 | 19.5 | -8.8 | 6.1 | |||
| Nonfuel primary commodities | -1.6 | 3.2 | -2.6 | 20.9 | -1.9 | -3.5 | -10.8 | 7.8 | 10.0 | 27.4 | 0.6 | -9.2 | |||
| Trade in goods | |||||||||||||||
| Volume of trade | |||||||||||||||
| Exports | |||||||||||||||
| Advanced economies | 6.6 | 5.6 | 5.0 | 12.5 | -1.3 | 2.3 | 3.9 | 8.8 | 5.3 | 8.9 | 5.3 | 6.0 | |||
| Other emerging market and developing countries | 7.4 | 9.5 | 3.1 | 14.7 | 2.0 | 7.2 | 11.7 | 14.7 | 11.1 | 11.1 | 10.5 | 9.9 | |||
| Fuel exporters | 3.7 | 5.3 | -1.6 | 10.5 | -0.1 | 2.2 | 10.1 | 10.3 | 6.6 | 4.6 | 7.0 | 4.7 | |||
| Nonfuel exporters | 8.9 | 11.0 | 4.4 | 16.0 | 2.8 | 8.9 | 12.2 | 16.2 | 12.7 | 13.8 | 12.0 | 12.2 | |||
| Imports | |||||||||||||||
| Advanced economies | 6.6 | 6.0 | 8.2 | 12.3 | -1.6 | 3.0 | 5.0 | 9.4 | 6.2 | 7.8 | 4.9 | 5.8 | |||
| Other emerging market and developing countries | 7.1 | 10.4 | -0.2 | 14.1 | 2.9 | 6.5 | 12.1 | 17.6 | 12.4 | 13.3 | 13.5 | 12.9 | |||
| Fuel exporters | 1.3 | 11.4 | -10.5 | 10.6 | 15.2 | 7.5 | 9.7 | 18.0 | 19.1 | 17.6 | 16.8 | 13.3 | |||
| Nonfuel exporters | 8.9 | 10.2 | 1.9 | 14.7 | 0.9 | 6.3 | 12.5 | 17.5 | 11.1 | 12.4 | 12.8 | 12.8 | |||
| Price deflators in SDRs | |||||||||||||||
| Exports | |||||||||||||||
| Advanced economies | -0.1 | 1.2 | -3.0 | 0.5 | -0.3 | -0.8 | 2.5 | 3.1 | 3.8 | 4.4 | 1.6 | 0.4 | |||
| Other emerging market and developing countries | 0.9 | 4.9 | 4.7 | 14.2 | -0.8 | — | 1.7 | 7.4 | 13.9 | 10.5 | -1.3 | 0.8 | |||
| Fuel exporters | 0.3 | 11.6 | 22.8 | 40.9 | -6.7 | 1.4 | 5.6 | 16.2 | 31.6 | 17.1 | -6.4 | 3.4 | |||
| Nonfuel exporters | 1.0 | 2.7 | -0.1 | 6.0 | 1.4 | -0.5 | 0.5 | 4.4 | 7.6 | 7.8 | 1.0 | -0.4 | |||
| Imports | |||||||||||||||
| Advanced economies | -0.4 | 1.6 | -2.9 | 3.6 | -0.6 | -1.8 | 1.3 | 3.4 | 5.6 | 6.0 | 1.2 | 0.6 | |||
| Other emerging market and developing countries | 1.7 | 2.6 | -0.7 | 6.9 | 1.5 | -0.7 | 0.1 | 4.1 | 7.3 | 7.0 | 0.9 | -0.4 | |||
| Fuel exporters | 2.1 | 2.0 | -3.1 | 1.9 | 1.0 | 1.2 | — | 3.4 | 7.1 | 8.5 | 1.3 | -1.0 | |||
| Nonfuel exporters | 1.5 | 2.7 | -0.2 | 7.8 | 1.6 | -1.1 | 0.2 | 4.2 | 7.3 | 6.7 | 0.9 | -0.2 | |||
| Terms of trade | |||||||||||||||
| Advanced economies | 0.3 | -0.4 | -0.2 | -3.0 | 0.3 | 1.0 | 1.3 | -0.3 | -1.6 | -1.5 | 0.4 | -0.2 | |||
| Other emerging market and developing countries | -0.8 | 2.3 | 5.4 | 6.9 | -2.3 | 0.7 | 1.6 | 3.1 | 6.2 | 3.2 | -2.2 | 1.2 | |||
| Fuel exporters | -1.7 | 9.4 | 26.7 | 38.3 | -7.6 | 0.2 | 5.6 | 12.4 | 22.8 | 7.9 | -7.6 | 4.5 | |||
| Nonfuel exporters | -0.5 | 0.1 | 0.1 | -1.6 | -0.1 | 0.6 | 0.3 | 0.1 | 0.3 | 1.0 | 0.1 | -0.2 | |||
| Memorandum | |||||||||||||||
| World exports in billions of U.S. dollars | |||||||||||||||
| Goods and services | 5,394 | 11,227 | 7,088 | 7,885 | 7,614 | 7,994 | 9,303 | 11,283 | 12,787 | 14,717 | 16,139 | 17,456 | |||
| Goods | 4,309 | 9,021 | 5,626 | 6,345 | 6,070 | 6,349 | 7,418 | 9,017 | 10,275 | 11,920 | 13,052 | 14,137 | |||
Average of annual percent change for world exports and imports.
As represented, respectively, by the export unit value index for the manufactures of the advanced economies; the average of U.K. Brent, Dubai, and West Texas Intermediate crude oil spot prices; and the average of world market prices for nonfuel primary commodities weighted by their 1995–97 shares in world commodity exports.
Nonfuel Commodity Prices1
(Annual percent change; U.S. dollar terms)
Averages of world market prices for individual commodities weighted by 1995–97 exports as a share of world commodity exports and total commodity exports for the indicated country group, respectively.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Average of U.K. Brent, Dubai, and West Texas Intermediate crude oil spot prices.
For the manufactures exported by the advanced economies.
Nonfuel Commodity Prices1
(Annual percent change; U.S. dollar terms)
| Ten–Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Nonfuel primary commodities | -2.2 | 4.8 | -7.2 | 4.8 | -4.9 | 1.7 | 6.9 | 18.5 | 10.3 | 28.4 | 4.2 | -8.8 | |||
| Food | -1.5 | 2.0 | -12.6 | 2.5 | 0.2 | 3.4 | 5.2 | 14.3 | -0.3 | 9.9 | 4.4 | -4.2 | |||
| Beverages | 0.3 | -1.3 | -21.3 | -15.1 | -16.1 | 16.5 | 4.9 | 3.0 | 21.0 | 6.3 | -1.4 | -1.6 | |||
| Agricultural raw materials | -0.3 | 2.1 | 1.2 | 4.4 | -4.9 | 1.8 | 3.7 | 5.5 | 1.6 | 10.1 | 0.1 | -2.0 | |||
| Metals | -4.5 | 10.3 | -1.1 | 12.2 | -9.8 | -2.7 | 12.2 | 36.1 | 26.4 | 56.5 | 5.8 | -14.3 | |||
| Advanced economies | -2.5 | 6.0 | -5.7 | 5.9 | -6.2 | 1.7 | 8.2 | 21.2 | 13.0 | 36.2 | 4.0 | -10.3 | |||
| Other emerging market and developing countries | -2.5 | 5.9 | -6.8 | 5.2 | -7.1 | 1.9 | 8.7 | 22.2 | 13.5 | 36.3 | 3.6 | -10.6 | |||
| Regional groups | |||||||||||||||
| Africa | -2.4 | 5.9 | -7.4 | 4.3 | -6.8 | 4.3 | 8.8 | 18.9 | 14.1 | 36.1 | 4.3 | -9.7 | |||
| Sub-Sahara | -2.4 | 6.1 | -7.3 | 4.4 | -7.1 | 4.5 | 9.1 | 19.2 | 14.7 | 37.3 | 4.3 | -9.9 | |||
| Central and eastern Europe | -2.8 | 6.7 | -4.9 | 6.7 | -7.0 | 0.9 | 8.5 | 24.1 | 15.7 | 40.6 | 3.8 | -11.6 | |||
| Commonwealth of Independent States2 | … | 8.6 | -2.5 | 9.7 | -8.3 | -0.6 | 10.3 | 29.5 | 20.6 | 50.0 | 4.3 | -13.3 | |||
| Developing Asia | -1.9 | 4.8 | -6.5 | 3.4 | -6.8 | 2.1 | 7.2 | 18.7 | 11.6 | 30.2 | 3.2 | -9.1 | |||
| Middle East | -2.5 | 5.9 | -7.1 | 5.3 | -6.5 | 2.0 | 9.4 | 20.2 | 12.5 | 34.4 | 4.9 | -9.0 | |||
| Western Hemisphere | -2.5 | 5.3 | -9.6 | 5.0 | -7.0 | 2.5 | 9.5 | 23.2 | 11.2 | 34.1 | 3.2 | -10.6 | |||
| Analytical groups | |||||||||||||||
| By source of export earnings | |||||||||||||||
| Fuel | -3.3 | 7.9 | -3.3 | 8.6 | -7.9 | -0.1 | 9.8 | 27.2 | 18.9 | 46.3 | 4.3 | -12.5 | |||
| Non fuel | -2.4 | 5.6 | -7.3 | 4.8 | -7.0 | 2.2 | 8.5 | 21.5 | 12.8 | 34.9 | 3.5 | -10.3 | |||
| of which, primary products | -3.1 | 7.5 | -6.2 | 8.7 | -8.3 | 0.8 | 10.4 | 31.9 | 18.7 | 53.3 | -2.0 | -15.7 | |||
| By source of external financing | |||||||||||||||
| Net debtor countries | -2.3 | 5.3 | -7.9 | 4.3 | -7.0 | 2.5 | 8.6 | 21.0 | 12.2 | 33.7 | 3.3 | -10.0 | |||
| of which, official financing | -1.7 | 4.3 | -11.1 | -0.4 | -8.1 | 5.3 | 9.3 | 17.7 | 11.5 | 29.3 | 3.4 | -7.3 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | -1.8 | 3.9 | -10.2 | 2.4 | -5.7 | 5.1 | 8.2 | 15.8 | 6.7 | 24.2 | 4.3 | -7.5 | |||
| Other groups | |||||||||||||||
| Heavily indebted poor countries | -1.9 | 4.6 | -10.8 | 0.8 | -7.7 | 6.7 | 9.9 | 16.2 | 11.0 | 29.6 | 3.9 | -7.0 | |||
| Middle East and north Africa | -2.3 | 5.4 | -7.6 | 4.8 | -5.9 | 2.2 | 8.8 | 19.1 | 11.2 | 31.8 | 4.7 | -8.6 | |||
| Memorandum | |||||||||||||||
| Average oil spot price3 | -1.2 | 17.3 | 37.5 | 57.0 | -13.8 | 2.5 | 15.8 | 30.7 | 41.3 | 20.5 | -5.5 | 6.6 | |||
| In U.S. dollars a barrel | 18.20 | 40.53 | 17.98 | 28.24 | 24.33 | 24.95 | 28.89 | 37.76 | 53.35 | 64.27 | 60.75 | 64.75 | |||
| Export unit value of manufactures4 | 0.3 | 2.5 | -2.4 | -5.9 | -3.8 | 2.3 | 14.1 | 9.3 | 3.4 | 4.4 | 4.4 | 1.1 | |||
Averages of world market prices for individual commodities weighted by 1995–97 exports as a share of world commodity exports and total commodity exports for the indicated country group, respectively.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Average of U.K. Brent, Dubai, and West Texas Intermediate crude oil spot prices.
For the manufactures exported by the advanced economies.
Nonfuel Commodity Prices1
(Annual percent change; U.S. dollar terms)
| Ten–Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Nonfuel primary commodities | -2.2 | 4.8 | -7.2 | 4.8 | -4.9 | 1.7 | 6.9 | 18.5 | 10.3 | 28.4 | 4.2 | -8.8 | |||
| Food | -1.5 | 2.0 | -12.6 | 2.5 | 0.2 | 3.4 | 5.2 | 14.3 | -0.3 | 9.9 | 4.4 | -4.2 | |||
| Beverages | 0.3 | -1.3 | -21.3 | -15.1 | -16.1 | 16.5 | 4.9 | 3.0 | 21.0 | 6.3 | -1.4 | -1.6 | |||
| Agricultural raw materials | -0.3 | 2.1 | 1.2 | 4.4 | -4.9 | 1.8 | 3.7 | 5.5 | 1.6 | 10.1 | 0.1 | -2.0 | |||
| Metals | -4.5 | 10.3 | -1.1 | 12.2 | -9.8 | -2.7 | 12.2 | 36.1 | 26.4 | 56.5 | 5.8 | -14.3 | |||
| Advanced economies | -2.5 | 6.0 | -5.7 | 5.9 | -6.2 | 1.7 | 8.2 | 21.2 | 13.0 | 36.2 | 4.0 | -10.3 | |||
| Other emerging market and developing countries | -2.5 | 5.9 | -6.8 | 5.2 | -7.1 | 1.9 | 8.7 | 22.2 | 13.5 | 36.3 | 3.6 | -10.6 | |||
| Regional groups | |||||||||||||||
| Africa | -2.4 | 5.9 | -7.4 | 4.3 | -6.8 | 4.3 | 8.8 | 18.9 | 14.1 | 36.1 | 4.3 | -9.7 | |||
| Sub-Sahara | -2.4 | 6.1 | -7.3 | 4.4 | -7.1 | 4.5 | 9.1 | 19.2 | 14.7 | 37.3 | 4.3 | -9.9 | |||
| Central and eastern Europe | -2.8 | 6.7 | -4.9 | 6.7 | -7.0 | 0.9 | 8.5 | 24.1 | 15.7 | 40.6 | 3.8 | -11.6 | |||
| Commonwealth of Independent States2 | … | 8.6 | -2.5 | 9.7 | -8.3 | -0.6 | 10.3 | 29.5 | 20.6 | 50.0 | 4.3 | -13.3 | |||
| Developing Asia | -1.9 | 4.8 | -6.5 | 3.4 | -6.8 | 2.1 | 7.2 | 18.7 | 11.6 | 30.2 | 3.2 | -9.1 | |||
| Middle East | -2.5 | 5.9 | -7.1 | 5.3 | -6.5 | 2.0 | 9.4 | 20.2 | 12.5 | 34.4 | 4.9 | -9.0 | |||
| Western Hemisphere | -2.5 | 5.3 | -9.6 | 5.0 | -7.0 | 2.5 | 9.5 | 23.2 | 11.2 | 34.1 | 3.2 | -10.6 | |||
| Analytical groups | |||||||||||||||
| By source of export earnings | |||||||||||||||
| Fuel | -3.3 | 7.9 | -3.3 | 8.6 | -7.9 | -0.1 | 9.8 | 27.2 | 18.9 | 46.3 | 4.3 | -12.5 | |||
| Non fuel | -2.4 | 5.6 | -7.3 | 4.8 | -7.0 | 2.2 | 8.5 | 21.5 | 12.8 | 34.9 | 3.5 | -10.3 | |||
| of which, primary products | -3.1 | 7.5 | -6.2 | 8.7 | -8.3 | 0.8 | 10.4 | 31.9 | 18.7 | 53.3 | -2.0 | -15.7 | |||
| By source of external financing | |||||||||||||||
| Net debtor countries | -2.3 | 5.3 | -7.9 | 4.3 | -7.0 | 2.5 | 8.6 | 21.0 | 12.2 | 33.7 | 3.3 | -10.0 | |||
| of which, official financing | -1.7 | 4.3 | -11.1 | -0.4 | -8.1 | 5.3 | 9.3 | 17.7 | 11.5 | 29.3 | 3.4 | -7.3 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | -1.8 | 3.9 | -10.2 | 2.4 | -5.7 | 5.1 | 8.2 | 15.8 | 6.7 | 24.2 | 4.3 | -7.5 | |||
| Other groups | |||||||||||||||
| Heavily indebted poor countries | -1.9 | 4.6 | -10.8 | 0.8 | -7.7 | 6.7 | 9.9 | 16.2 | 11.0 | 29.6 | 3.9 | -7.0 | |||
| Middle East and north Africa | -2.3 | 5.4 | -7.6 | 4.8 | -5.9 | 2.2 | 8.8 | 19.1 | 11.2 | 31.8 | 4.7 | -8.6 | |||
| Memorandum | |||||||||||||||
| Average oil spot price3 | -1.2 | 17.3 | 37.5 | 57.0 | -13.8 | 2.5 | 15.8 | 30.7 | 41.3 | 20.5 | -5.5 | 6.6 | |||
| In U.S. dollars a barrel | 18.20 | 40.53 | 17.98 | 28.24 | 24.33 | 24.95 | 28.89 | 37.76 | 53.35 | 64.27 | 60.75 | 64.75 | |||
| Export unit value of manufactures4 | 0.3 | 2.5 | -2.4 | -5.9 | -3.8 | 2.3 | 14.1 | 9.3 | 3.4 | 4.4 | 4.4 | 1.1 | |||
Averages of world market prices for individual commodities weighted by 1995–97 exports as a share of world commodity exports and total commodity exports for the indicated country group, respectively.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Average of U.K. Brent, Dubai, and West Texas Intermediate crude oil spot prices.
For the manufactures exported by the advanced economies.
Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services
(Annual percent change)
Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services
(Annual percent change)
| Ten-Year Averages | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Export volume | ||||||||||||||
| Advanced economies | 6.7 | 5.6 | 5.6 | 11.8 | -0.6 | 2.3 | 3.3 | 8.9 | 5.6 | 8.4 | 5.5 | 5.8 | ||
| United States | 7.8 | 4.5 | 4.3 | 8.7 | -5.4 | -2.3 | 1.3 | 9.2 | 6.8 | 8.9 | 8.0 | 7.0 | ||
| Euro area | 6.6 | 5.3 | 5.1 | 12.1 | 3.7 | 1.5 | 1.3 | 6.7 | 4.1 | 8.2 | 5.7 | 5.3 | ||
| Germany | 6.3 | 7.2 | 5.9 | 13.5 | 6.4 | 4.3 | 2.4 | 9.6 | 6.9 | 12.5 | 6.2 | 4.7 | ||
| France | 6.4 | 4.2 | 4.0 | 12.9 | 2.7 | 1.3 | -1.1 | 3.3 | 3.2 | 6.2 | 3.8 | 6.5 | ||
| Italy | 5.5 | 1.8 | -1.7 | 9.0 | 0.5 | -4.0 | -2.4 | 3.3 | -0.5 | 5.3 | 4.9 | 4.1 | ||
| Spain | 8.9 | 5.1 | 7.5 | 10.2 | 4.2 | 2.0 | 3.7 | 4.1 | 1.5 | 6.2 | 6.2 | 6.2 | ||
| Japan | 4.5 | 6.3 | 1.8 | 12.8 | -6.8 | 7.4 | 9.2 | 14.0 | 6.9 | 9.6 | 4.5 | 5.0 | ||
| United Kingdom | 5.7 | 4.3 | 3.8 | 9.1 | 2.9 | 1.0 | 1.7 | 4.9 | 7.9 | 11.2 | -3.4 | 5.1 | ||
| Canada | 6.9 | 3.0 | 10.7 | 8.9 | -3.0 | 1.2 | -2.4 | 5.2 | 2.1 | 1.3 | 2.8 | 3.5 | ||
| Other advanced economies | 7.6 | 7.9 | 8.4 | 14.8 | -1.9 | 6.4 | 8.4 | 13.1 | 7.4 | 8.6 | 7.1 | 7.1 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 6.3 | 4.8 | 4.1 | 10.7 | -1.1 | 1.1 | 1.7 | 7.9 | 5.5 | 8.8 | 4.6 | 5.4 | ||
| Newly industrialized Asian economies | 9.4 | 9.9 | 9.3 | 17.3 | -3.8 | 10.2 | 13.6 | 17.6 | 9.4 | 11.0 | 7.7 | 7.9 | ||
| Import volume | ||||||||||||||
| Advanced economies | 6.4 | 5.8 | 8.0 | 11.7 | -0.6 | 2.6 | 4.1 | 9.1 | 6.1 | 7.4 | 4.7 | 5.7 | ||
| United States | 7.6 | 5.9 | 11.5 | 13.1 | -2.7 | 3.4 | 4.1 | 10.8 | 6.1 | 5.8 | 2.9 | 5.0 | ||
| Euro area | 6.0 | 5.3 | 7.4 | 11.1 | 1.8 | 0.2 | 2.8 | 6.5 | 5.1 | 7.6 | 5.6 | 5.5 | ||
| Germany | 5.9 | 5.9 | 8.6 | 10.2 | 1.2 | -1.4 | 5.3 | 6.9 | 6.5 | 11.1 | 5.7 | 5.0 | ||
| France | 4.7 | 5.6 | 5.8 | 15.1 | 2.2 | 1.6 | 1.5 | 5.9 | 6.4 | 7.1 | 4.4 | 7.0 | ||
| Italy | 4.7 | 2.4 | 3.1 | 5.8 | -0.2 | -0.5 | 0.8 | 2.7 | 0.5 | 4.3 | 4.2 | 3.8 | ||
| Spain | 9.3 | 7.8 | 13.7 | 10.8 | 4.5 | 3.7 | 6.2 | 9.6 | 7.0 | 8.4 | 7.3 | 6.9 | ||
| Japan | 4.7 | 4.7 | 3.5 | 9.2 | 0.7 | 0.9 | 3.9 | 8.1 | 5.8 | 4.6 | 4.0 | 6.7 | ||
| United Kingdom | 5.3 | 5.6 | 7.9 | 9.0 | 4.8 | 4.8 | 2.0 | 6.6 | 7.0 | 11.5 | -2.0 | 5.0 | ||
| Canada | 6.0 | 4.5 | 7.8 | 8.1 | -5.1 | 1.7 | 4.5 | 8.2 | 7.1 | 5.2 | 3.8 | 4.3 | ||
| Other advanced economies | 7.3 | 7.5 | 7.0 | 14.2 | -3.9 | 6.3 | 7.4 | 13.9 | 7.7 | 8.3 | 7.7 | 7.2 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 6.0 | 5.3 | 8.1 | 11.0 | -0.4 | 1.9 | 3.5 | 8.0 | 5.9 | 7.2 | 3.2 | 5.3 | ||
| Newly industrialized Asian economies | 9.5 | 8.8 | 8.4 | 17.7 | -5.7 | 9.0 | 10.0 | 16.8 | 7.8 | 9.5 | 7.6 | 8.4 | ||
| Terms of trade | ||||||||||||||
| Advanced economies | — | -0.4 | -0.3 | -2.5 | 0.3 | 0.8 | 0.9 | -0.2 | -1.4 | -1.3 | -0.1 | — | ||
| United States | 0.5 | -0.6 | -1.2 | -2.1 | 2.3 | 0.5 | -1.0 | -1.5 | -2.6 | -1.0 | — | 0.3 | ||
| Euro area | -0.4 | -0.4 | 0.2 | -3.9 | 0.7 | 1.4 | 1.0 | -0.5 | -1.2 | -1.7 | 0.1 | -0.1 | ||
| Germany | -1.7 | -0.5 | 0.3 | -4.6 | 0.2 | 1.4 | 2.0 | -0.2 | -1.3 | -1.8 | -0.3 | -0.3 | ||
| France | -0.6 | -0.4 | 0.2 | -3.6 | 1.0 | 0.8 | 0.4 | -1.3 | -1.3 | -1.0 | 0.4 | 0.1 | ||
| Italy | 0.5 | -0.9 | -0.4 | -7.1 | 1.0 | 2.3 | 1.7 | — | -2.1 | -3.5 | -0.3 | -0.3 | ||
| Spain | 1.0 | 0.5 | -0.1 | -2.7 | 2.6 | 2.8 | 1.5 | -0.8 | 0.7 | -1.1 | 1.8 | 0.5 | ||
| Japan | -0.3 | -2.7 | -0.6 | -5.2 | -0.1 | -0.4 | -2.0 | -4.0 | -6.0 | -6.4 | -0.8 | -0.9 | ||
| United Kingdom | 0.8 | — | 0.7 | -0.8 | -0.6 | 2.5 | 1.0 | 0.4 | -2.5 | -0.9 | — | -0.1 | ||
| Canada | -0.6 | 1.4 | 1.4 | 4.0 | -1.6 | -2.4 | 6.0 | 4.1 | 4.0 | 0.7 | -1.9 | 0.2 | ||
| Other advanced economies | 0.1 | -0.2 | -1.0 | -0.8 | -0.5 | 0.3 | -0.1 | 0.2 | 0.2 | — | -0.7 | 0.1 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | -0.2 | -0.5 | -0.2 | -3.2 | 0.5 | 0.9 | 1.5 | -0.3 | -2.2 | -1.9 | -0.2 | — | ||
| Newly industrialized Asian economies | — | -1.5 | -2.4 | -3.1 | -0.6 | — | -1.7 | -1.8 | -2.2 | -1.7 | -1.1 | — | ||
| Memorandum | ||||||||||||||
| Trade in goods | ||||||||||||||
| Advanced economies | ||||||||||||||
| Export volume | 6.6 | 5.6 | 5.0 | 12.5 | -1.3 | 2.3 | 3.9 | 8.8 | 5.3 | 8.9 | 5.3 | 6.0 | ||
| Import volume | 6.6 | 6.0 | 8.2 | 12.3 | -1.6 | 3.0 | 5.0 | 9.4 | 6.2 | 7.8 | 4.9 | 5.8 | ||
| Terms of trade | 0.3 | -0.4 | -0.2 | -3.0 | 0.3 | 1.0 | 1.3 | -0.3 | -1.6 | -1.5 | 0.4 | -0.2 | ||
Advanced Economies: Export Volumes, Import Volumes, and Terms of Trade in Goods and Services
(Annual percent change)
| Ten-Year Averages | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Export volume | ||||||||||||||
| Advanced economies | 6.7 | 5.6 | 5.6 | 11.8 | -0.6 | 2.3 | 3.3 | 8.9 | 5.6 | 8.4 | 5.5 | 5.8 | ||
| United States | 7.8 | 4.5 | 4.3 | 8.7 | -5.4 | -2.3 | 1.3 | 9.2 | 6.8 | 8.9 | 8.0 | 7.0 | ||
| Euro area | 6.6 | 5.3 | 5.1 | 12.1 | 3.7 | 1.5 | 1.3 | 6.7 | 4.1 | 8.2 | 5.7 | 5.3 | ||
| Germany | 6.3 | 7.2 | 5.9 | 13.5 | 6.4 | 4.3 | 2.4 | 9.6 | 6.9 | 12.5 | 6.2 | 4.7 | ||
| France | 6.4 | 4.2 | 4.0 | 12.9 | 2.7 | 1.3 | -1.1 | 3.3 | 3.2 | 6.2 | 3.8 | 6.5 | ||
| Italy | 5.5 | 1.8 | -1.7 | 9.0 | 0.5 | -4.0 | -2.4 | 3.3 | -0.5 | 5.3 | 4.9 | 4.1 | ||
| Spain | 8.9 | 5.1 | 7.5 | 10.2 | 4.2 | 2.0 | 3.7 | 4.1 | 1.5 | 6.2 | 6.2 | 6.2 | ||
| Japan | 4.5 | 6.3 | 1.8 | 12.8 | -6.8 | 7.4 | 9.2 | 14.0 | 6.9 | 9.6 | 4.5 | 5.0 | ||
| United Kingdom | 5.7 | 4.3 | 3.8 | 9.1 | 2.9 | 1.0 | 1.7 | 4.9 | 7.9 | 11.2 | -3.4 | 5.1 | ||
| Canada | 6.9 | 3.0 | 10.7 | 8.9 | -3.0 | 1.2 | -2.4 | 5.2 | 2.1 | 1.3 | 2.8 | 3.5 | ||
| Other advanced economies | 7.6 | 7.9 | 8.4 | 14.8 | -1.9 | 6.4 | 8.4 | 13.1 | 7.4 | 8.6 | 7.1 | 7.1 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 6.3 | 4.8 | 4.1 | 10.7 | -1.1 | 1.1 | 1.7 | 7.9 | 5.5 | 8.8 | 4.6 | 5.4 | ||
| Newly industrialized Asian economies | 9.4 | 9.9 | 9.3 | 17.3 | -3.8 | 10.2 | 13.6 | 17.6 | 9.4 | 11.0 | 7.7 | 7.9 | ||
| Import volume | ||||||||||||||
| Advanced economies | 6.4 | 5.8 | 8.0 | 11.7 | -0.6 | 2.6 | 4.1 | 9.1 | 6.1 | 7.4 | 4.7 | 5.7 | ||
| United States | 7.6 | 5.9 | 11.5 | 13.1 | -2.7 | 3.4 | 4.1 | 10.8 | 6.1 | 5.8 | 2.9 | 5.0 | ||
| Euro area | 6.0 | 5.3 | 7.4 | 11.1 | 1.8 | 0.2 | 2.8 | 6.5 | 5.1 | 7.6 | 5.6 | 5.5 | ||
| Germany | 5.9 | 5.9 | 8.6 | 10.2 | 1.2 | -1.4 | 5.3 | 6.9 | 6.5 | 11.1 | 5.7 | 5.0 | ||
| France | 4.7 | 5.6 | 5.8 | 15.1 | 2.2 | 1.6 | 1.5 | 5.9 | 6.4 | 7.1 | 4.4 | 7.0 | ||
| Italy | 4.7 | 2.4 | 3.1 | 5.8 | -0.2 | -0.5 | 0.8 | 2.7 | 0.5 | 4.3 | 4.2 | 3.8 | ||
| Spain | 9.3 | 7.8 | 13.7 | 10.8 | 4.5 | 3.7 | 6.2 | 9.6 | 7.0 | 8.4 | 7.3 | 6.9 | ||
| Japan | 4.7 | 4.7 | 3.5 | 9.2 | 0.7 | 0.9 | 3.9 | 8.1 | 5.8 | 4.6 | 4.0 | 6.7 | ||
| United Kingdom | 5.3 | 5.6 | 7.9 | 9.0 | 4.8 | 4.8 | 2.0 | 6.6 | 7.0 | 11.5 | -2.0 | 5.0 | ||
| Canada | 6.0 | 4.5 | 7.8 | 8.1 | -5.1 | 1.7 | 4.5 | 8.2 | 7.1 | 5.2 | 3.8 | 4.3 | ||
| Other advanced economies | 7.3 | 7.5 | 7.0 | 14.2 | -3.9 | 6.3 | 7.4 | 13.9 | 7.7 | 8.3 | 7.7 | 7.2 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | 6.0 | 5.3 | 8.1 | 11.0 | -0.4 | 1.9 | 3.5 | 8.0 | 5.9 | 7.2 | 3.2 | 5.3 | ||
| Newly industrialized Asian economies | 9.5 | 8.8 | 8.4 | 17.7 | -5.7 | 9.0 | 10.0 | 16.8 | 7.8 | 9.5 | 7.6 | 8.4 | ||
| Terms of trade | ||||||||||||||
| Advanced economies | — | -0.4 | -0.3 | -2.5 | 0.3 | 0.8 | 0.9 | -0.2 | -1.4 | -1.3 | -0.1 | — | ||
| United States | 0.5 | -0.6 | -1.2 | -2.1 | 2.3 | 0.5 | -1.0 | -1.5 | -2.6 | -1.0 | — | 0.3 | ||
| Euro area | -0.4 | -0.4 | 0.2 | -3.9 | 0.7 | 1.4 | 1.0 | -0.5 | -1.2 | -1.7 | 0.1 | -0.1 | ||
| Germany | -1.7 | -0.5 | 0.3 | -4.6 | 0.2 | 1.4 | 2.0 | -0.2 | -1.3 | -1.8 | -0.3 | -0.3 | ||
| France | -0.6 | -0.4 | 0.2 | -3.6 | 1.0 | 0.8 | 0.4 | -1.3 | -1.3 | -1.0 | 0.4 | 0.1 | ||
| Italy | 0.5 | -0.9 | -0.4 | -7.1 | 1.0 | 2.3 | 1.7 | — | -2.1 | -3.5 | -0.3 | -0.3 | ||
| Spain | 1.0 | 0.5 | -0.1 | -2.7 | 2.6 | 2.8 | 1.5 | -0.8 | 0.7 | -1.1 | 1.8 | 0.5 | ||
| Japan | -0.3 | -2.7 | -0.6 | -5.2 | -0.1 | -0.4 | -2.0 | -4.0 | -6.0 | -6.4 | -0.8 | -0.9 | ||
| United Kingdom | 0.8 | — | 0.7 | -0.8 | -0.6 | 2.5 | 1.0 | 0.4 | -2.5 | -0.9 | — | -0.1 | ||
| Canada | -0.6 | 1.4 | 1.4 | 4.0 | -1.6 | -2.4 | 6.0 | 4.1 | 4.0 | 0.7 | -1.9 | 0.2 | ||
| Other advanced economies | 0.1 | -0.2 | -1.0 | -0.8 | -0.5 | 0.3 | -0.1 | 0.2 | 0.2 | — | -0.7 | 0.1 | ||
| Memorandum | ||||||||||||||
| Major advanced economies | -0.2 | -0.5 | -0.2 | -3.2 | 0.5 | 0.9 | 1.5 | -0.3 | -2.2 | -1.9 | -0.2 | — | ||
| Newly industrialized Asian economies | — | -1.5 | -2.4 | -3.1 | -0.6 | — | -1.7 | -1.8 | -2.2 | -1.7 | -1.1 | — | ||
| Memorandum | ||||||||||||||
| Trade in goods | ||||||||||||||
| Advanced economies | ||||||||||||||
| Export volume | 6.6 | 5.6 | 5.0 | 12.5 | -1.3 | 2.3 | 3.9 | 8.8 | 5.3 | 8.9 | 5.3 | 6.0 | ||
| Import volume | 6.6 | 6.0 | 8.2 | 12.3 | -1.6 | 3.0 | 5.0 | 9.4 | 6.2 | 7.8 | 4.9 | 5.8 | ||
| Terms of trade | 0.3 | -0.4 | -0.2 | -3.0 | 0.3 | 1.0 | 1.3 | -0.3 | -1.6 | -1.5 | 0.4 | -0.2 | ||
Other Emerging Market and Developing Countries—by Region: Total Trade in Goods
(Annual percent change)
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Region: Total Trade in Goods
(Annual percent change)
| Ten-Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Other emerging market and developing countries | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 7.8 | 15.5 | 8.0 | 25.4 | -2.5 | 8.6 | 22.0 | 29.1 | 25.3 | 21.5 | 10.9 | 11.0 | |||
| Imports | 8.3 | 14.0 | -0.5 | 17.6 | 0.5 | 7.3 | 20.5 | 28.8 | 20.0 | 20.4 | 16.2 | 12.6 | |||
| Volume | |||||||||||||||
| Exports | 7.4 | 9.5 | 3.1 | 14.7 | 2.0 | 7.2 | 11.7 | 14.7 | 11.1 | 11.1 | 10.5 | 9.9 | |||
| Imports | 7.1 | 10.4 | -0.2 | 14.1 | 2.9 | 6.5 | 12.1 | 17.6 | 12.4 | 13.3 | 13.5 | 12.9 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 1.0 | 6.0 | 5.5 | 10.1 | -4.3 | 1.8 | 10.0 | 13.5 | 13.6 | 10.0 | 0.3 | 1.1 | |||
| Imports | 1.8 | 3.6 | 0.1 | 3.1 | -2.0 | 1.0 | 8.3 | 10.1 | 7.0 | 6.6 | 2.6 | — | |||
| Terms of trade | -0.8 | 2.3 | 5.4 | 6.9 | -2.3 | 0.7 | 1.6 | 3.1 | 6.2 | 3.2 | -2.2 | 1.2 | |||
| Memorandum | |||||||||||||||
| Real GDP growth in developing country trading partners | 3.1 | 3.6 | 3.5 | 5.0 | 1.7 | 2.4 | 2.9 | 4.8 | 3.9 | 4.4 | 3.8 | 3.7 | |||
| Market prices of nonfuel commodities exported by other emerging market and developing countries | -2.5 | 5.9 | -6.8 | 5.2 | -7.1 | 1.9 | 8.7 | 22.2 | 13.5 | 36.3 | 3.6 | -10.6 | |||
| Regional groups | |||||||||||||||
| Africa | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 3.2 | 14.2 | 7.7 | 28.0 | -6.4 | 2.8 | 25.5 | 29.0 | 28.8 | 18.1 | 4.9 | 10.1 | |||
| Imports | 4.2 | 12.3 | 0.6 | 3.5 | 1.5 | 9.6 | 22.2 | 26.6 | 19.0 | 17.9 | 14.8 | 10.4 | |||
| Volume | |||||||||||||||
| Exports | 4.3 | 5.3 | 1.7 | 9.7 | 1.9 | 1.6 | 6.6 | 7.4 | 5.3 | 2.6 | 10.6 | 6.4 | |||
| Imports | 4.4 | 7.9 | 2.4 | 1.1 | 6.7 | 8.0 | 6.3 | 9.7 | 11.8 | 11.1 | 13.0 | 9.8 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | -0.8 | 8.7 | 6.5 | 16.6 | -8.1 | 1.4 | 18.0 | 20.4 | 22.4 | 15.3 | -4.6 | 4.3 | |||
| Imports | 0.3 | 4.3 | -1.5 | 2.9 | -4.8 | 1.5 | 15.1 | 15.5 | 6.8 | 6.5 | 1.8 | 0.5 | |||
| Terms of trade | -1.2 | 4.3 | 8.0 | 13.4 | -3.6 | -0.1 | 2.5 | 4.3 | 14.7 | 8.2 | -6.3 | 3.8 | |||
| Sub-Sahara | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 2.8 | 14.2 | 6.5 | 25.5 | -6.6 | 3.2 | 26.2 | 30.2 | 28.4 | 19.2 | 5.9 | 10.2 | |||
| Imports | 3.9 | 12.6 | -0.4 | 3.2 | 1.4 | 9.0 | 24.9 | 26.7 | 22.0 | 20.4 | 12.4 | 10.4 | |||
| Volume | |||||||||||||||
| Exports | 4.4 | 5.7 | -0.4 | 10.8 | 1.9 | 0.6 | 7.3 | 7.8 | 5.8 | 3.6 | 13.2 | 7.4 | |||
| Imports | 4.1 | 8.2 | 2.0 | 0.2 | 5.7 | 8.2 | 7.3 | 10.1 | 14.0 | 14.9 | 11.0 | 9.1 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | -1.5 | 8.4 | 7.5 | 13.1 | -8.3 | 2.9 | 17.9 | 21.1 | 21.5 | 15.3 | -5.6 | 3.6 | |||
| Imports | 0.3 | 4.3 | -2.0 | 3.7 | -4.0 | 0.7 | 16.5 | 15.2 | 7.4 | 5.1 | 1.2 | 1.2 | |||
| Terms of trade | -1.7 | 4.0 | 9.7 | 9.1 | -4.4 | 2.1 | 1.2 | 5.1 | 13.1 | 9.7 | -6.7 | 2.4 | |||
| Central and eastern Europe | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 6.8 | 15.9 | -2.3 | 13.9 | 11.1 | 14.1 | 28.9 | 32.0 | 16.1 | 21.6 | 16.9 | 11.0 | |||
| Imports | 10.0 | 14.8 | -4.5 | 16.9 | -0.4 | 14.0 | 29.5 | 31.8 | 16.1 | 22.8 | 16.3 | 10.9 | |||
| Volume | |||||||||||||||
| Exports | 6.3 | 10.9 | 1.7 | 16.4 | 9.5 | 7.5 | 12.3 | 16.7 | 10.0 | 15.0 | 10.9 | 9.8 | |||
| Imports | 10.4 | 9.8 | -2.1 | 16.8 | 1.3 | 8.7 | 12.4 | 17.7 | 9.3 | 13.5 | 12.3 | 10.3 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 1.4 | 4.7 | -3.8 | -2.2 | 2.0 | 6.2 | 14.9 | 13.5 | 5.7 | 5.7 | 5.5 | 1.1 | |||
| Imports | 2.0 | 4.6 | -2.4 | 0.1 | -1.5 | 5.2 | 15.4 | 12.2 | 6.4 | 8.2 | 3.8 | 0.6 | |||
| Terms of trade | -0.6 | 0.1 | -1.4 | -2.3 | 3.6 | 1.0 | -0.4 | 1.2 | -0.6 | -2.3 | 1.7 | 0.5 | |||
| Commonwealth of Independent States 1 | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | … | 16.4 | 0.1 | 36.9 | -0.9 | 6.3 | 26.8 | 36.7 | 28.8 | 25.0 | 5.2 | 8.3 | |||
| Imports | … | 14.0 | -25.8 | 14.6 | 15.0 | 9.6 | 26.5 | 29.5 | 23.7 | 28.4 | 18.3 | 12.7 | |||
| Volume | |||||||||||||||
| Exports | … | 6.6 | -1.4 | 9.6 | 4.1 | 7.1 | 12.5 | 12.8 | 3.4 | 6.1 | 6.1 | 6.2 | |||
| Imports | … | 11.7 | -21.3 | 13.7 | 18.1 | 8.4 | 23.8 | 21.8 | 15.0 | 18.6 | 13.9 | 12.4 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | … | 9.2 | 1.2 | 24.3 | -4.9 | -0.8 | 12.8 | 21.6 | 24.5 | 17.6 | -1.0 | 1.9 | |||
| Imports | … | 2.3 | -5.8 | 0.8 | -2.6 | 1.6 | 2.2 | 6.6 | 7.9 | 8.8 | 3.7 | 0.4 | |||
| Terms of trade | … | 6.7 | 7.4 | 23.3 | -2.3 | -2.3 | 10.4 | 14.1 | 15.3 | 8.0 | -4.5 | 1.5 | |||
| Developing Asia | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 13.5 | 17.0 | 8.3 | 22.2 | -1.6 | 13.8 | 23.3 | 27.9 | 23.8 | 22.6 | 17.7 | 15.1 | |||
| Imports | 10.5 | 17.2 | 11.8 | 25.9 | -1.2 | 12.5 | 25.6 | 31.2 | 20.7 | 17.8 | 16.4 | 15.0 | |||
| Volume | |||||||||||||||
| Exports | 12.7 | 13.9 | 5.2 | 20.4 | 0.5 | 13.3 | 16.3 | 19.3 | 17.3 | 17.3 | 15.4 | 15.4 | |||
| Imports | 9.8 | 13.3 | 8.3 | 18.8 | 1.1 | 12.6 | 18.3 | 19.4 | 12.6 | 12.1 | 14.7 | 16.2 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 0.9 | 3.1 | 4.8 | 1.7 | -2.1 | 0.5 | 6.2 | 7.5 | 5.8 | 4.8 | 2.0 | -0.3 | |||
| Imports | 0.9 | 3.9 | 6.2 | 6.4 | -2.1 | -0.1 | 6.2 | 9.9 | 7.2 | 5.3 | 1.6 | -0.8 | |||
| Terms of trade | — | -0.8 | -1.2 | -4.5 | — | 0.7 | — | -2.2 | -1.3 | -0.5 | 0.4 | 0.6 | |||
| Excluding China and India | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 12.5 | 10.1 | 10.1 | 18.6 | -9.0 | 5.7 | 11.8 | 18.0 | 15.0 | 16.1 | 9.5 | 8.5 | |||
| Imports | 10.5 | 11.3 | 11.5 | 21.0 | -7.8 | 5.7 | 10.9 | 22.8 | 19.5 | 11.5 | 11.0 | 10.3 | |||
| Volume | |||||||||||||||
| Exports | 11.2 | 5.9 | 3.1 | 16.1 | -6.6 | 5.5 | 4.5 | 8.2 | 7.4 | 8.0 | 6.5 | 7.9 | |||
| Imports | 9.3 | 7.4 | 4.7 | 16.9 | -7.1 | 6.5 | 6.4 | 13.6 | 10.3 | 5.9 | 8.9 | 9.9 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 1.3 | 4.5 | 10.2 | 2.5 | -2.5 | 0.4 | 7.3 | 9.3 | 7.2 | 7.6 | 2.8 | 0.5 | |||
| Imports | 1.6 | 4.3 | 12.1 | 3.8 | -0.5 | -0.8 | 4.3 | 8.3 | 8.2 | 5.5 | 2.0 | 0.4 | |||
| Terms of trade | -0.3 | 0.2 | -1.6 | -1.3 | -2.0 | 1.1 | 2.9 | 1.0 | -0.9 | 2.0 | 0.8 | — | |||
| Middle East | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 5.3 | 18.6 | 30.0 | 45.8 | -10.8 | 6.8 | 25.4 | 32.8 | 39.4 | 20.3 | 1.2 | 7.5 | |||
| Imports | 5.6 | 14.0 | -4.8 | 6.5 | 7.2 | 9.0 | 16.6 | 29.0 | 25.1 | 25.5 | 18.1 | 11.6 | |||
| Volume | |||||||||||||||
| Exports | 7.0 | 6.0 | 1.0 | 11.8 | -0.3 | 2.1 | 10.4 | 10.7 | 7.5 | 6.3 | 6.9 | 4.1 | |||
| Imports | 4.8 | 10.3 | -1.8 | 8.0 | 10.2 | 5.7 | 4.7 | 17.6 | 17.3 | 16.2 | 15.3 | 11.8 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | -0.7 | 12.6 | 28.5 | 33.2 | -9.9 | 5.4 | 13.6 | 21.6 | 30.4 | 14.0 | -5.3 | 3.7 | |||
| Imports | 1.0 | 3.4 | -2.9 | -1.2 | -2.5 | 2.9 | 11.4 | 10.0 | 6.9 | 8.2 | 2.6 | -0.1 | |||
| Terms of trade | -1.6 | 8.9 | 32.4 | 34.9 | -7.6 | 2.4 | 2.0 | 10.6 | 22.0 | 5.4 | -7.7 | 3.8 | |||
| Western Hemisphere | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 9.6 | 10.4 | 6.2 | 20.1 | -4.3 | 0.9 | 9.5 | 23.1 | 20.6 | 19.7 | 6.0 | 5.5 | |||
| Imports | 13.5 | 8.4 | -3.5 | 16.0 | -2.3 | -6.6 | 3.4 | 21.4 | 18.1 | 18.9 | 13.7 | 9.8 | |||
| Volume | |||||||||||||||
| Exports | 8.3 | 4.9 | 3.9 | 8.7 | 1.5 | 0.7 | 3.3 | 9.8 | 7.0 | 4.5 | 4.1 | 5.7 | |||
| Imports | 11.6 | 5.5 | -3.6 | 12.2 | -1.0 | -7.0 | – | 14.6 | 11.5 | 12.6 | 10.1 | 8.6 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 2.0 | 5.6 | 2.0 | 10.4 | -5.6 | 0.2 | 7.4 | 13.5 | 13.9 | 15.2 | 1.2 | -0.4 | |||
| Imports | 2.6 | 2.6 | -2.6 | 2.3 | -1.1 | -1.1 | 4.1 | 7.2 | 7.1 | 6.3 | 3.5 | 1.2 | |||
| Terms of trade | -0.6 | 2.9 | 4.7 | 7.9 | -4.6 | 1.4 | 3.2 | 5.9 | 6.3 | 8.4 | -2.2 | -1.6 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Region: Total Trade in Goods
(Annual percent change)
| Ten-Year Averages | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
| Other emerging market and developing countries | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 7.8 | 15.5 | 8.0 | 25.4 | -2.5 | 8.6 | 22.0 | 29.1 | 25.3 | 21.5 | 10.9 | 11.0 | |||
| Imports | 8.3 | 14.0 | -0.5 | 17.6 | 0.5 | 7.3 | 20.5 | 28.8 | 20.0 | 20.4 | 16.2 | 12.6 | |||
| Volume | |||||||||||||||
| Exports | 7.4 | 9.5 | 3.1 | 14.7 | 2.0 | 7.2 | 11.7 | 14.7 | 11.1 | 11.1 | 10.5 | 9.9 | |||
| Imports | 7.1 | 10.4 | -0.2 | 14.1 | 2.9 | 6.5 | 12.1 | 17.6 | 12.4 | 13.3 | 13.5 | 12.9 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 1.0 | 6.0 | 5.5 | 10.1 | -4.3 | 1.8 | 10.0 | 13.5 | 13.6 | 10.0 | 0.3 | 1.1 | |||
| Imports | 1.8 | 3.6 | 0.1 | 3.1 | -2.0 | 1.0 | 8.3 | 10.1 | 7.0 | 6.6 | 2.6 | — | |||
| Terms of trade | -0.8 | 2.3 | 5.4 | 6.9 | -2.3 | 0.7 | 1.6 | 3.1 | 6.2 | 3.2 | -2.2 | 1.2 | |||
| Memorandum | |||||||||||||||
| Real GDP growth in developing country trading partners | 3.1 | 3.6 | 3.5 | 5.0 | 1.7 | 2.4 | 2.9 | 4.8 | 3.9 | 4.4 | 3.8 | 3.7 | |||
| Market prices of nonfuel commodities exported by other emerging market and developing countries | -2.5 | 5.9 | -6.8 | 5.2 | -7.1 | 1.9 | 8.7 | 22.2 | 13.5 | 36.3 | 3.6 | -10.6 | |||
| Regional groups | |||||||||||||||
| Africa | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 3.2 | 14.2 | 7.7 | 28.0 | -6.4 | 2.8 | 25.5 | 29.0 | 28.8 | 18.1 | 4.9 | 10.1 | |||
| Imports | 4.2 | 12.3 | 0.6 | 3.5 | 1.5 | 9.6 | 22.2 | 26.6 | 19.0 | 17.9 | 14.8 | 10.4 | |||
| Volume | |||||||||||||||
| Exports | 4.3 | 5.3 | 1.7 | 9.7 | 1.9 | 1.6 | 6.6 | 7.4 | 5.3 | 2.6 | 10.6 | 6.4 | |||
| Imports | 4.4 | 7.9 | 2.4 | 1.1 | 6.7 | 8.0 | 6.3 | 9.7 | 11.8 | 11.1 | 13.0 | 9.8 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | -0.8 | 8.7 | 6.5 | 16.6 | -8.1 | 1.4 | 18.0 | 20.4 | 22.4 | 15.3 | -4.6 | 4.3 | |||
| Imports | 0.3 | 4.3 | -1.5 | 2.9 | -4.8 | 1.5 | 15.1 | 15.5 | 6.8 | 6.5 | 1.8 | 0.5 | |||
| Terms of trade | -1.2 | 4.3 | 8.0 | 13.4 | -3.6 | -0.1 | 2.5 | 4.3 | 14.7 | 8.2 | -6.3 | 3.8 | |||
| Sub-Sahara | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 2.8 | 14.2 | 6.5 | 25.5 | -6.6 | 3.2 | 26.2 | 30.2 | 28.4 | 19.2 | 5.9 | 10.2 | |||
| Imports | 3.9 | 12.6 | -0.4 | 3.2 | 1.4 | 9.0 | 24.9 | 26.7 | 22.0 | 20.4 | 12.4 | 10.4 | |||
| Volume | |||||||||||||||
| Exports | 4.4 | 5.7 | -0.4 | 10.8 | 1.9 | 0.6 | 7.3 | 7.8 | 5.8 | 3.6 | 13.2 | 7.4 | |||
| Imports | 4.1 | 8.2 | 2.0 | 0.2 | 5.7 | 8.2 | 7.3 | 10.1 | 14.0 | 14.9 | 11.0 | 9.1 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | -1.5 | 8.4 | 7.5 | 13.1 | -8.3 | 2.9 | 17.9 | 21.1 | 21.5 | 15.3 | -5.6 | 3.6 | |||
| Imports | 0.3 | 4.3 | -2.0 | 3.7 | -4.0 | 0.7 | 16.5 | 15.2 | 7.4 | 5.1 | 1.2 | 1.2 | |||
| Terms of trade | -1.7 | 4.0 | 9.7 | 9.1 | -4.4 | 2.1 | 1.2 | 5.1 | 13.1 | 9.7 | -6.7 | 2.4 | |||
| Central and eastern Europe | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 6.8 | 15.9 | -2.3 | 13.9 | 11.1 | 14.1 | 28.9 | 32.0 | 16.1 | 21.6 | 16.9 | 11.0 | |||
| Imports | 10.0 | 14.8 | -4.5 | 16.9 | -0.4 | 14.0 | 29.5 | 31.8 | 16.1 | 22.8 | 16.3 | 10.9 | |||
| Volume | |||||||||||||||
| Exports | 6.3 | 10.9 | 1.7 | 16.4 | 9.5 | 7.5 | 12.3 | 16.7 | 10.0 | 15.0 | 10.9 | 9.8 | |||
| Imports | 10.4 | 9.8 | -2.1 | 16.8 | 1.3 | 8.7 | 12.4 | 17.7 | 9.3 | 13.5 | 12.3 | 10.3 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 1.4 | 4.7 | -3.8 | -2.2 | 2.0 | 6.2 | 14.9 | 13.5 | 5.7 | 5.7 | 5.5 | 1.1 | |||
| Imports | 2.0 | 4.6 | -2.4 | 0.1 | -1.5 | 5.2 | 15.4 | 12.2 | 6.4 | 8.2 | 3.8 | 0.6 | |||
| Terms of trade | -0.6 | 0.1 | -1.4 | -2.3 | 3.6 | 1.0 | -0.4 | 1.2 | -0.6 | -2.3 | 1.7 | 0.5 | |||
| Commonwealth of Independent States 1 | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | … | 16.4 | 0.1 | 36.9 | -0.9 | 6.3 | 26.8 | 36.7 | 28.8 | 25.0 | 5.2 | 8.3 | |||
| Imports | … | 14.0 | -25.8 | 14.6 | 15.0 | 9.6 | 26.5 | 29.5 | 23.7 | 28.4 | 18.3 | 12.7 | |||
| Volume | |||||||||||||||
| Exports | … | 6.6 | -1.4 | 9.6 | 4.1 | 7.1 | 12.5 | 12.8 | 3.4 | 6.1 | 6.1 | 6.2 | |||
| Imports | … | 11.7 | -21.3 | 13.7 | 18.1 | 8.4 | 23.8 | 21.8 | 15.0 | 18.6 | 13.9 | 12.4 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | … | 9.2 | 1.2 | 24.3 | -4.9 | -0.8 | 12.8 | 21.6 | 24.5 | 17.6 | -1.0 | 1.9 | |||
| Imports | … | 2.3 | -5.8 | 0.8 | -2.6 | 1.6 | 2.2 | 6.6 | 7.9 | 8.8 | 3.7 | 0.4 | |||
| Terms of trade | … | 6.7 | 7.4 | 23.3 | -2.3 | -2.3 | 10.4 | 14.1 | 15.3 | 8.0 | -4.5 | 1.5 | |||
| Developing Asia | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 13.5 | 17.0 | 8.3 | 22.2 | -1.6 | 13.8 | 23.3 | 27.9 | 23.8 | 22.6 | 17.7 | 15.1 | |||
| Imports | 10.5 | 17.2 | 11.8 | 25.9 | -1.2 | 12.5 | 25.6 | 31.2 | 20.7 | 17.8 | 16.4 | 15.0 | |||
| Volume | |||||||||||||||
| Exports | 12.7 | 13.9 | 5.2 | 20.4 | 0.5 | 13.3 | 16.3 | 19.3 | 17.3 | 17.3 | 15.4 | 15.4 | |||
| Imports | 9.8 | 13.3 | 8.3 | 18.8 | 1.1 | 12.6 | 18.3 | 19.4 | 12.6 | 12.1 | 14.7 | 16.2 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 0.9 | 3.1 | 4.8 | 1.7 | -2.1 | 0.5 | 6.2 | 7.5 | 5.8 | 4.8 | 2.0 | -0.3 | |||
| Imports | 0.9 | 3.9 | 6.2 | 6.4 | -2.1 | -0.1 | 6.2 | 9.9 | 7.2 | 5.3 | 1.6 | -0.8 | |||
| Terms of trade | — | -0.8 | -1.2 | -4.5 | — | 0.7 | — | -2.2 | -1.3 | -0.5 | 0.4 | 0.6 | |||
| Excluding China and India | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 12.5 | 10.1 | 10.1 | 18.6 | -9.0 | 5.7 | 11.8 | 18.0 | 15.0 | 16.1 | 9.5 | 8.5 | |||
| Imports | 10.5 | 11.3 | 11.5 | 21.0 | -7.8 | 5.7 | 10.9 | 22.8 | 19.5 | 11.5 | 11.0 | 10.3 | |||
| Volume | |||||||||||||||
| Exports | 11.2 | 5.9 | 3.1 | 16.1 | -6.6 | 5.5 | 4.5 | 8.2 | 7.4 | 8.0 | 6.5 | 7.9 | |||
| Imports | 9.3 | 7.4 | 4.7 | 16.9 | -7.1 | 6.5 | 6.4 | 13.6 | 10.3 | 5.9 | 8.9 | 9.9 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 1.3 | 4.5 | 10.2 | 2.5 | -2.5 | 0.4 | 7.3 | 9.3 | 7.2 | 7.6 | 2.8 | 0.5 | |||
| Imports | 1.6 | 4.3 | 12.1 | 3.8 | -0.5 | -0.8 | 4.3 | 8.3 | 8.2 | 5.5 | 2.0 | 0.4 | |||
| Terms of trade | -0.3 | 0.2 | -1.6 | -1.3 | -2.0 | 1.1 | 2.9 | 1.0 | -0.9 | 2.0 | 0.8 | — | |||
| Middle East | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 5.3 | 18.6 | 30.0 | 45.8 | -10.8 | 6.8 | 25.4 | 32.8 | 39.4 | 20.3 | 1.2 | 7.5 | |||
| Imports | 5.6 | 14.0 | -4.8 | 6.5 | 7.2 | 9.0 | 16.6 | 29.0 | 25.1 | 25.5 | 18.1 | 11.6 | |||
| Volume | |||||||||||||||
| Exports | 7.0 | 6.0 | 1.0 | 11.8 | -0.3 | 2.1 | 10.4 | 10.7 | 7.5 | 6.3 | 6.9 | 4.1 | |||
| Imports | 4.8 | 10.3 | -1.8 | 8.0 | 10.2 | 5.7 | 4.7 | 17.6 | 17.3 | 16.2 | 15.3 | 11.8 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | -0.7 | 12.6 | 28.5 | 33.2 | -9.9 | 5.4 | 13.6 | 21.6 | 30.4 | 14.0 | -5.3 | 3.7 | |||
| Imports | 1.0 | 3.4 | -2.9 | -1.2 | -2.5 | 2.9 | 11.4 | 10.0 | 6.9 | 8.2 | 2.6 | -0.1 | |||
| Terms of trade | -1.6 | 8.9 | 32.4 | 34.9 | -7.6 | 2.4 | 2.0 | 10.6 | 22.0 | 5.4 | -7.7 | 3.8 | |||
| Western Hemisphere | |||||||||||||||
| Value in U.S. dollars | |||||||||||||||
| Exports | 9.6 | 10.4 | 6.2 | 20.1 | -4.3 | 0.9 | 9.5 | 23.1 | 20.6 | 19.7 | 6.0 | 5.5 | |||
| Imports | 13.5 | 8.4 | -3.5 | 16.0 | -2.3 | -6.6 | 3.4 | 21.4 | 18.1 | 18.9 | 13.7 | 9.8 | |||
| Volume | |||||||||||||||
| Exports | 8.3 | 4.9 | 3.9 | 8.7 | 1.5 | 0.7 | 3.3 | 9.8 | 7.0 | 4.5 | 4.1 | 5.7 | |||
| Imports | 11.6 | 5.5 | -3.6 | 12.2 | -1.0 | -7.0 | – | 14.6 | 11.5 | 12.6 | 10.1 | 8.6 | |||
| Unit value in U.S. dollars | |||||||||||||||
| Exports | 2.0 | 5.6 | 2.0 | 10.4 | -5.6 | 0.2 | 7.4 | 13.5 | 13.9 | 15.2 | 1.2 | -0.4 | |||
| Imports | 2.6 | 2.6 | -2.6 | 2.3 | -1.1 | -1.1 | 4.1 | 7.2 | 7.1 | 6.3 | 3.5 | 1.2 | |||
| Terms of trade | -0.6 | 2.9 | 4.7 | 7.9 | -4.6 | 1.4 | 3.2 | 5.9 | 6.3 | 8.4 | -2.2 | -1.6 | |||
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Other Emerging Market and Developing Countries—by Source of Export Earnings: Total Trade in Goods
(Annual percent change)
Other Emerging Market and Developing Countries—by Source of Export Earnings: Total Trade in Goods
(Annual percent change)
| Ten-Year Averages | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Fuel | ||||||||||||||
| Value in U.S. dollars | ||||||||||||||
| Exports | 3.3 | 18.2 | 21.3 | 48.7 | -10.3 | 5.0 | 25.7 | 34.3 | 39.5 | 21.6 | 1.6 | 8.2 | ||
| Imports | 2.8 | 14.6 | -12.2 | 8.7 | 12.3 | 10.6 | 18.5 | 28.6 | 26.8 | 26.5 | 20.2 | 12.5 | ||
| Volume | ||||||||||||||
| Exports | 3.7 | 5.3 | -1.6 | 10.5 | -0.1 | 2.2 | 10.1 | 10.3 | 6.6 | 4.6 | 7.0 | 4.7 | ||
| Imports | 1.3 | 11.4 | -10.5 | 10.6 | 15.2 | 7.5 | 9.7 | 18.0 | 19.1 | 17.6 | 16.8 | 13.3 | ||
| Unit value in U.S. dollars | ||||||||||||||
| Exports | 0.4 | 12.7 | 23.8 | 35.9 | -9.9 | 3.2 | 14.2 | 22.9 | 31.3 | 16.6 | -4.9 | 3.8 | ||
| Imports | 2.2 | 3.0 | -2.3 | -1.7 | -2.5 | 3.0 | 8.2 | 9.4 | 6.9 | 8.0 | 2.9 | -0.7 | ||
| Terms of trade | -1.7 | 9.4 | 26.7 | 38.3 | -7.6 | 0.2 | 5.6 | 12.4 | 22.8 | 7.9 | -7.6 | 4.5 | ||
| Nonfuel | ||||||||||||||
| Value in U.S. dollars | ||||||||||||||
| Exports | 9.4 | 14.7 | 4.6 | 18.6 | 0.3 | 9.8 | 20.8 | 27.4 | 20.4 | 21.5 | 14.7 | 12.0 | ||
| Imports | 9.9 | 13.9 | 1.9 | 19.1 | -1.3 | 6.7 | 20.9 | 28.9 | 18.7 | 19.2 | 15.3 | 12.6 | ||
| Volume | ||||||||||||||
| Exports | 8.9 | 11.0 | 4.4 | 16.0 | 2.8 | 8.9 | 12.2 | 16.2 | 12.7 | 13.8 | 12.0 | 12.2 | ||
| Imports | 8.9 | 10.2 | 1.9 | 14.7 | 0.9 | 6.3 | 12.5 | 17.5 | 11.1 | 12.4 | 12.8 | 12.8 | ||
| Unit value in U.S. dollars | ||||||||||||||
| Exports | 1.1 | 3.8 | 0.7 | 2.3 | -2.1 | 1.3 | 8.7 | 10.4 | 7.4 | 7.3 | 2.6 | — | ||
| Imports | 1.6 | 3.7 | 0.6 | 3.9 | -2.0 | 0.6 | 8.3 | 10.2 | 7.0 | 6.3 | 2.5 | 0.1 | ||
| Terms of trade | -0.5 | 0.1 | 0.1 | -1.6 | -0.1 | 0.6 | 0.3 | 0.1 | 0.3 | 1.0 | 0.1 | -0.2 | ||
| Primary products | ||||||||||||||
| Value in U.S. dollars | ||||||||||||||
| Exports | 2.2 | 10.7 | 2.5 | 8.4 | -5.8 | -1.5 | 20.4 | 42.4 | 20.8 | 37.3 | 0.2 | -6.1 | ||
| Imports | 3.3 | 8.4 | -14.5 | 9.3 | -1.0 | 2.4 | 12.2 | 26.3 | 23.4 | 14.9 | 9.3 | 7.6 | ||
| Volume | ||||||||||||||
| Exports | 6.0 | 4.8 | 4.9 | 1.6 | 5.9 | 0.5 | 5.9 | 15.4 | 3.9 | 0.5 | 3.6 | 6.9 | ||
| Imports | 3.9 | 5.7 | -11.3 | 7.1 | 4.4 | 4.6 | 4.0 | 15.7 | 14.1 | 6.9 | 8.0 | 6.1 | ||
| Unit value in U.S. dollars | ||||||||||||||
| Exports | -1.8 | 5.9 | -2.2 | 7.0 | -10.5 | -1.6 | 13.5 | 23.8 | 16.5 | 36.4 | -3.1 | -11.4 | ||
| Imports | — | 2.7 | -3.6 | 2.0 | -5.2 | -2.3 | 8.7 | 9.5 | 8.3 | 8.0 | 1.5 | 1.3 | ||
| Terms of trade | -1.8 | 3.1 | 1.4 | 4.9 | -5.6 | 0.7 | 4.4 | 13.1 | 7.6 | 26.3 | -4.5 | -12.6 | ||
Other Emerging Market and Developing Countries—by Source of Export Earnings: Total Trade in Goods
(Annual percent change)
| Ten-Year Averages | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1989–98 | 1999–2008 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||
| Fuel | ||||||||||||||
| Value in U.S. dollars | ||||||||||||||
| Exports | 3.3 | 18.2 | 21.3 | 48.7 | -10.3 | 5.0 | 25.7 | 34.3 | 39.5 | 21.6 | 1.6 | 8.2 | ||
| Imports | 2.8 | 14.6 | -12.2 | 8.7 | 12.3 | 10.6 | 18.5 | 28.6 | 26.8 | 26.5 | 20.2 | 12.5 | ||
| Volume | ||||||||||||||
| Exports | 3.7 | 5.3 | -1.6 | 10.5 | -0.1 | 2.2 | 10.1 | 10.3 | 6.6 | 4.6 | 7.0 | 4.7 | ||
| Imports | 1.3 | 11.4 | -10.5 | 10.6 | 15.2 | 7.5 | 9.7 | 18.0 | 19.1 | 17.6 | 16.8 | 13.3 | ||
| Unit value in U.S. dollars | ||||||||||||||
| Exports | 0.4 | 12.7 | 23.8 | 35.9 | -9.9 | 3.2 | 14.2 | 22.9 | 31.3 | 16.6 | -4.9 | 3.8 | ||
| Imports | 2.2 | 3.0 | -2.3 | -1.7 | -2.5 | 3.0 | 8.2 | 9.4 | 6.9 | 8.0 | 2.9 | -0.7 | ||
| Terms of trade | -1.7 | 9.4 | 26.7 | 38.3 | -7.6 | 0.2 | 5.6 | 12.4 | 22.8 | 7.9 | -7.6 | 4.5 | ||
| Nonfuel | ||||||||||||||
| Value in U.S. dollars | ||||||||||||||
| Exports | 9.4 | 14.7 | 4.6 | 18.6 | 0.3 | 9.8 | 20.8 | 27.4 | 20.4 | 21.5 | 14.7 | 12.0 | ||
| Imports | 9.9 | 13.9 | 1.9 | 19.1 | -1.3 | 6.7 | 20.9 | 28.9 | 18.7 | 19.2 | 15.3 | 12.6 | ||
| Volume | ||||||||||||||
| Exports | 8.9 | 11.0 | 4.4 | 16.0 | 2.8 | 8.9 | 12.2 | 16.2 | 12.7 | 13.8 | 12.0 | 12.2 | ||
| Imports | 8.9 | 10.2 | 1.9 | 14.7 | 0.9 | 6.3 | 12.5 | 17.5 | 11.1 | 12.4 | 12.8 | 12.8 | ||
| Unit value in U.S. dollars | ||||||||||||||
| Exports | 1.1 | 3.8 | 0.7 | 2.3 | -2.1 | 1.3 | 8.7 | 10.4 | 7.4 | 7.3 | 2.6 | — | ||
| Imports | 1.6 | 3.7 | 0.6 | 3.9 | -2.0 | 0.6 | 8.3 | 10.2 | 7.0 | 6.3 | 2.5 | 0.1 | ||
| Terms of trade | -0.5 | 0.1 | 0.1 | -1.6 | -0.1 | 0.6 | 0.3 | 0.1 | 0.3 | 1.0 | 0.1 | -0.2 | ||
| Primary products | ||||||||||||||
| Value in U.S. dollars | ||||||||||||||
| Exports | 2.2 | 10.7 | 2.5 | 8.4 | -5.8 | -1.5 | 20.4 | 42.4 | 20.8 | 37.3 | 0.2 | -6.1 | ||
| Imports | 3.3 | 8.4 | -14.5 | 9.3 | -1.0 | 2.4 | 12.2 | 26.3 | 23.4 | 14.9 | 9.3 | 7.6 | ||
| Volume | ||||||||||||||
| Exports | 6.0 | 4.8 | 4.9 | 1.6 | 5.9 | 0.5 | 5.9 | 15.4 | 3.9 | 0.5 | 3.6 | 6.9 | ||
| Imports | 3.9 | 5.7 | -11.3 | 7.1 | 4.4 | 4.6 | 4.0 | 15.7 | 14.1 | 6.9 | 8.0 | 6.1 | ||
| Unit value in U.S. dollars | ||||||||||||||
| Exports | -1.8 | 5.9 | -2.2 | 7.0 | -10.5 | -1.6 | 13.5 | 23.8 | 16.5 | 36.4 | -3.1 | -11.4 | ||
| Imports | — | 2.7 | -3.6 | 2.0 | -5.2 | -2.3 | 8.7 | 9.5 | 8.3 | 8.0 | 1.5 | 1.3 | ||
| Terms of trade | -1.8 | 3.1 | 1.4 | 4.9 | -5.6 | 0.7 | 4.4 | 13.1 | 7.6 | 26.3 | -4.5 | -12.6 | ||
Current Account Transactions
Summary of Payments Balances on Current Account
(Billions of U.S. dollars)
Reflects errors, omissions, and asymmetries in balance of payments statistics on current account, as well as the exclusion of data for international organizations and a limited number of countries. Calculated as the sum of the balance of individual euro area countries. See “Classification of Countries” in the introduction to this Statistical Appendix.
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Summary of Payments Balances on Current Account
(Billions of U.S. dollars)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Advanced economies | -114.2 | -267.9 | -213.0 | -229.0 | -220.6 | -255.2 | -473.4 | -563.2 | -587.2 | -637.8 | |||
| United States | -299.8 | -415.2 | -389.0 | -472.4 | -527.5 | -665.3 | -791.5 | -856.7 | -834.6 | -866.1 | |||
| Euro area1 | 22.4 | -41.3 | 3.2 | 42.2 | 35.5 | 97.5 | 8.1 | -29.1 | -35.2 | -50.6 | |||
| Japan | 114.5 | 119.6 | 87.8 | 112.6 | 136.2 | 172.1 | 165.7 | 170.4 | 166.6 | 159.1 | |||
| Other advanced economies2 | 48.7 | 68.9 | 85.0 | 88.7 | 135.1 | 140.6 | 144.3 | 152.2 | 116.0 | 119.8 | |||
| Memorandum | |||||||||||||
| Newly industrialized Asian economies | 57.1 | 38.9 | 48.1 | 55.5 | 80.0 | 83.9 | 79.9 | 87.0 | 88.1 | 89.6 | |||
| Other emerging market and developing countries | -21.2 | 85.8 | 39.4 | 77.3 | 147.6 | 212.6 | 428.0 | 544.2 | 455.1 | 470.7 | |||
| Regional groups | |||||||||||||
| Africa | -15.0 | 7.2 | 0.5 | -7.5 | -2.2 | 0.6 | 14.6 | 19.9 | 0.9 | -0.5 | |||
| Central and eastern Europe | -25.8 | -31.8 | -16.0 | -24.0 | -35.8 | -58.6 | -63.2 | -88.9 | -98.5 | -104.7 | |||
| Commonwealth of Independent States3 | 23.8 | 48.3 | 33.1 | 30.2 | 36.0 | 62.6 | 87.7 | 99.0 | 75.4 | 76.3 | |||
| Developing Asia | 38.3 | 38.1 | 36.6 | 64.6 | 82.5 | 88.5 | 165.2 | 253.1 | 308.9 | 358.6 | |||
| Middle East | 14.0 | 72.1 | 39.2 | 30.0 | 59.5 | 99.2 | 189.0 | 212.4 | 153.0 | 146.7 | |||
| Middle East Western Hemisphere | -56.4 | -48.1 | -53.9 | -16.1 | 7.7 | 20.4 | 34.6 | 48.7 | 15.3 | -5.7 | |||
| Memorandum | |||||||||||||
| European Union | -22.1 | -88.6 | -32.1 | 14.0 | 15.0 | 52.3 | -49.4 | -117.7 | -146.8 | -172.5 | |||
| Analytical groups | |||||||||||||
| By source of export earnings | |||||||||||||
| Fuel | 38.1 | 150.9 | 83.7 | 64.2 | 110.0 | 185.9 | 337.9 | 395.6 | 290.0 | 288.4 | |||
| Nonfuel | -59.3 | -65.1 | -44.2 | 13.1 | 37.6 | 26.7 | 90.1 | 148.6 | 165.0 | 182.3 | |||
| of which, primary products | -0.9 | -1.5 | -3.2 | -4.3 | -2.9 | 0.4 | 0.2 | 9.6 | 7.7 | 1.9 | |||
| By external financing source | |||||||||||||
| Net debtor countries | -93.1 | -95.0 | -74.3 | -36.0 | -29.7 | -69.0 | -93.5 | -111.4 | -159.7 | -186.6 | |||
| of which, official financing | -8.7 | -6.7 | -4.6 | -2.3 | -0.4 | -2.6 | -4.6 | -7.4 | -14.8 | -16.6 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | -19.8 | -9.3 | -10.8 | 7.1 | 11.0 | -2.6 | -8.9 | -1.2 | -15.3 | -19.8 | |||
| Total 1 | -135.4 | -182.1 | -173.5 | -151.7 | -73.0 | -42.6 | -45.4 | -19.0 | -132.1 | -167.1 | |||
| Memorandum | |||||||||||||
| In percent of total world current account transactions | -0.9 | -1.1 | -1.1 | -0.9 | -0.4 | -0.2 | -0.2 | -0.1 | -0.4 | -0.5 | |||
| In percent of world GDP | -0.4 | -0.6 | -0.6 | -0.5 | -0.2 | -0.1 | -0.1 | — | -0.3 | -0.3 | |||
Reflects errors, omissions, and asymmetries in balance of payments statistics on current account, as well as the exclusion of data for international organizations and a limited number of countries. Calculated as the sum of the balance of individual euro area countries. See “Classification of Countries” in the introduction to this Statistical Appendix.
In this table, “other advanced economies” means advanced economies excluding the United States, euro area countries, and Japan.
Mongolia, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarities in economic structure.
Summary of Payments Balances on Current Account
(Billions of U.S. dollars)
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Advanced economies | -114.2 | -267.9 | -213.0 | -229.0 | -220.6 | -255.2 | -473.4 | -563.2 | -587.2 | -637.8 | |||
| United States | -299.8 | -415.2 | -389.0 | -472.4 | -527.5 | -665.3 | -791.5 | -856.7 | -834.6 | -866.1 | |||
| Euro area1 | 22.4 | -41.3 | 3.2 | 42.2 | 35.5 | 97.5 | 8.1 | -29.1 | -35.2 | -50.6 | |||
| Japan | 114.5 | 119.6 | 87.8 | 112.6 | 136.2 | 172.1 | 165.7 | 170.4 | 166.6 | 159.1 | |||
| Other advanced economies2 | 48.7 | 68.9 | 85.0 | 88.7 | 135.1 | 140.6 | 144.3 | 152.2 | 116.0 | 119.8 | |||
| Memorandum | |||||||||||||
| Newly industrialized Asian economies | 57.1 | 38.9 | 48.1 | 55.5 | 80.0 | 83.9 | 79.9 | 87.0 | 88.1 | 89.6 | |||
| Other emerging market and developing countries | -21.2 | 85.8 | 39.4 | 77.3 | 147.6 | 212.6 | 428.0 | 544.2 | 455.1 | 470.7 | |||
| Regional groups | |||||||||||||
| Africa | -15.0 | 7.2 | 0.5 | -7.5 | -2.2 | 0.6 | 14.6 | 19.9 | 0.9 | -0.5 | |||
| Central and eastern Europe | -25.8 | -31.8 | -16.0 | -24.0 | -35.8 | -58.6 | -63.2 | -88.9 | -98.5 | -104.7 | |||
| Commonwealth of Independent States3 | 23.8 | 48.3 | 33.1 | 30.2 | 36.0 | 62.6 | 87.7 | 99.0 | 75.4 | 76.3 | |||
| Developing Asia | 38.3 | 38.1 | 36.6 | 64.6 | 82.5 | 88.5 | 165.2 | 253.1 | 308.9 | 358.6 | |||
| Middle East | 14.0 | 72.1 | 39.2 | 30.0 | 59.5 | 99.2 | 189.0 | 212.4 | 153.0 | 146.7 | |||
| Middle East Western Hemisphere | -56.4 | -48.1 | -53.9 | -16.1 | 7.7 | 20.4 | 34.6 | 48.7 | 15.3 | -5.7 | |||
| Memorandum | |||||||||||||
| European Union | -22.1 | -88.6 | -32.1 | 14.0 | 15.0 | 52.3 | -49.4 | -117.7 | -146.8 | -172.5 | |||
| Analytical groups | |||||||||||||
| By source of export earnings | |||||||||||||
| Fuel | 38.1 | 150.9 | 83.7 | 64.2 | 110.0 | 185.9 | 337.9 | 395.6 | 290.0 | 288.4 | |||
| Nonfuel | -59.3 | -65.1 | -44.2 | 13.1 | 37.6 | 26.7 | 90.1 | 148.6 | 165.0 | 182.3 | |||
| of which, primary products | -0.9 | -1.5 | -3.2 | -4.3 | -2.9 | 0.4 | 0.2 | 9.6 | 7.7 | 1.9 | |||
| By external financing source | |||||||||||||
| Net debtor countries | -93.1 | -95.0 | -74.3 | -36.0 | -29.7 | -69.0 | -93.5 | -111.4 | -159.7 | -186.6 | |||
| of which, official financing | -8.7 | -6.7 | -4.6 | -2.3 | -0.4 | -2.6 | -4.6 | -7.4 | -14.8 | -16.6 | |||
| Net debtor countries by debt-servicing experience | |||||||||||||
| Countries with arrears and/or rescheduling during 2001–05 | -19.8 | -9.3 | -10.8 | 7.1 | 11.0 | -2.6 | -8.9 | -1.2 | |||||