Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Research Dept.
Published Date:
April 2006
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The statistical appendix presents historical data, as well as projections. It comprises five sections: Assumptions, What’s New, Data and Conventions, Classification of Countries, and Statistical Tables.

The assumptions underlying the estimates and projections for 2006–07 and the medium-term scenario for 2008–11 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-August 2006. The figures for 2006 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 July 5 to August 2, 2006. For 2006 and 2007, these assumptions imply average U.S. dollar/SDR conversion rates of 1.468 and 1.485, U.S. dollar/euro conversion rate of 1.25 and 1.28, and yen/U.S. dollar conversion rates of 115.6 and 115.1, respectively.

It is assumed that the price of oil will average $69.20 a barrel in 2006 and $75.50 a barrel in 2007.

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 5.4 percent in 2006 and 5.5 percent in 2007, that three-month euro deposits will average 3.1 percent in 2006 and 3.7 percent in 2007, and that six-month Japanese yen deposits will average 0.5 percent in 2006 and 1.1 percent in 2007.

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

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

What’s New

Following the declaration of independence from Serbia by Montenegro, it has been determined that Serbia is the continuing state of the former state union of “Serbia and Montenegro” and that Montenegro has seceded as a new independent state; and data for Liberia are now included in the appendix tables for real GDP, consumer prices, and payments balances on current account.

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

The short-term fiscal policy assumptions used in the World Economic Outlook are based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions and projected fiscal outturns. The medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. In cases where the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed, unless otherwise indicated. Specific assumptions used in some of the advanced economies follow (see also Tables 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 FY2007 mid-session review (July 11, 2006), adjusted to take into account 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 FY2007. 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. For 2006–2011, the projections reflect the measures announced in the new government’s coalition agreement. These aim to reduce the overall fiscal balance to below 3 percent of GDP in 2007. Projections do not include health care financing or corporate tax reforms because of the lack of specific information about their content.

France. The projections for 2006 are based on the initial budget adjusted for the IMF staff’s macro-economic assumptions. For 2007–09, the projections are based on the 2007–09 Stability Program Update, adjusted for the IMF staff’s macroeco-nomic assumptions and different assumptions about nontax revenue and spending growth (less deceleration). For 2010–11, the IMF staff assumes unchanged tax policies and real expenditure growth as in the 2009 projection.

Italy. Fiscal projections from 2007 assume a constant primary structural balance net of one-off measures. They include the estimated structural impact of the correction package announced on June 30, 2006.

United Kingdom. The fiscal projections are based on information provided in the 2006 Budget Report. Additionally, the projections incorporate the most recent statistical releases from the Office for National Statistics, including provisional budgetary outturns through 2006:Q1.

Canada. Projections are based on the 2006 Budget and IMF staff estimates, and incorporate the most recent data releases from the Statistics Canada, including provincial and territorial budgetary outturns through 2006Q1.

Australia. The fiscal projections through the fiscal year 2010/11 are based on the 2006–07 budget published in May 2006. For the remainder of the projection period, the IMF staff assumes unchanged policies.

Austria. Fiscal figures for 2005 are based on the authorities’ estimated outturn. Projections for 2006 are based on this year’s budget. Projections for 2007–08 are based on the Austrian Stability Program. For 2009–11, projections assume the same overall and structural balances as in 2008.

Belgium. The projections for 2006 are based on the 2006 budget, adjusted for the IMF staff’s macroeconomic assumptions and an assumed lower yield of some specific revenues. For 2007–11, the projections assume unchanged tax policies and real primary expenditure growth as in the recent past.

Denmark. Projections for 2006 are aligned with the latest official projections and budget, adjusted for the IMF staff’s macroeconomic assumptions. For 2007–11, the projections incorporate the June 2006 welfare agreement as well as key features of the prior medium-term fiscal plan. The projections imply continued budget surpluses in line with the authorities’ objectives of long-term fiscal sustain-ability and debt reduction.

Greece. Projections are based on the 2006 budget, adjusted for IMF staff’s assumptions for economic growth. For 2007 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. The fiscal projections are based on the authorities’ medium-term fiscal consolidation strategy that was announced in October 2003.

Korea. Projections for 2006 are based on the authorities’ budget, with some adjustment for IMF staff assumptions. For 2007–11, projections are in line with the authorities’ budget plans.

Netherlands. The fiscal projections build on the 2006 budget, 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 the fiscal year 2009/10 are based on the 2006/07 budget of May 2006. For the remainder of the projection period, the IMF staff assumes unchanged policies.

Portugal. Fiscal projections for 2006 build on the authorities’ budget. Projections for 2007 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 2008 are based on the policies outlined in the authorities’ updated Stability Program of June 2006, 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 April 18, 2006. Additionally, the projections incorporate the most recent statistical releases from Statistics Sweden, including provisional budgetary outturns through December 2005.

Switzerland. Estimates for 2005 and projections for 2006–11 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 5.4 percent in 2006 and 5.5 percent in 2007. 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 3.1 percent in 2006 and 3.7 percent in 2007. The interest rate on six-month Japanese yen deposits is assumed to average 0.5 percent in 2006 and 1.1 percent in 2007. Changes in interest rate assumptions compared with the April 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 183 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.2 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.3 Currently, real macroeconomic data for Albania, Australia, Austria, Azerbaijan, Canada, Czech Republic, Denmark, euro area, Finland, Georgia, Germany, Greece, Iceland, Ireland, Italy, Japan, Kazakhstan, Lithuania, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Russia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the United States are based on chain-weighted methodology. However, data before 1996 (Albania), 1995 (Czech Republic), 1990 (Denmark), 1995 (euro area), 1991 (Germany), 1995 (Greece), 1990 (Iceland), 1994 (Japan), 1995 (Luxembourg), 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.4 Arithmetically weighted averages are used for all data except inflation and money growth for the other emerging market and developing country group, for which geometric averages are used. The following conventions apply.

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

  • Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total world or group GDP.5

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

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

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

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

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); Iran, I.R. of (March/February); Mauritius (July/June); Myanmar (April/March); Nepal (July/June); Netherlands Antilles (February/January); 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.6 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 2005 shares of groups in aggregate PPP-valued GDP, total exports of goods and services, and population.

Table A.Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20051(Percent of total for group or world)
Number of

Countries
GDPExports of Goods

and Services
Population
Advanced

economies
WorldAdvanced

economies
WorldAdvanced

economies
World
Advanced economies29100.052.3100.069.1100.015.3
United States38.420.114.510.130.64.7
Euro area1228.314.842.929.732.14.9
Germany7.94.112.98.98.51.3
France5.73.06.34.46.51.0
Italy5.22.75.33.76.00.9
Spain3.41.83.32.34.30.7
Japan12.26.47.75.313.22.0
United Kingdom5.73.06.74.66.20.9
Canada3.51.84.93.43.30.5
Other advanced economies1311.96.223.316.114.62.2
Memorandum
Major advanced economies778.741.258.440.474.311.4
Newly industrialized Asian economies46.23.213.69.48.51.3
Other

emerging

market and

developing

countries
WorldOther

emerging

market and

developing

countries
WorldOther

emerging

market and

developing

countries
World
Other emerging market
and developing countries145100.047.7100.030.8100.084.7
Regional groups
Africa487.03.38.02.515.112.8
Sub-Sahara455.42.65.91.813.711.6
Excluding Nigeria and South Africa432.81.32.90.910.18.6
Central and eastern Europe156.93.314.04.33.42.9
Commonwealth of Independent States2137.93.89.93.15.24.4
Russia5.42.66.82.12.72.3
Developing Asia2356.827.138.712.061.852.3
China32.415.421.46.624.420.7
India12.56.04.01.220.417.3
Excluding China and India2112.05.713.44.117.014.4
Middle East135.82.814.74.54.43.7
Western Hemisphere3315.67.414.64.510.18.5
Brazil5.42.63.41.13.42.9
Mexico3.71.83.91.22.01.7
Analytical groups
By source of export earnings
Fuel2313.06.226.58.210.99.3
Nonfuel12287.041.473.522.789.175.4
of which, primary products232.11.02.40.75.34.5
By external financing source
Net debtor countries12553.825.649.615.367.657.2
of which, official financing5012.76.08.82.722.519.0
Net debtor countries by debt-servicing experience
Countries with arrears and/
or rescheduling during 1999–20035512.05.710.53.223.419.8
Other net debtor countries7041.819.939.112.144.237.4
Other groups
Heavily indebted poor countries291.90.91.20.48.06.8
Middle East and North Africa197.73.716.95.26.45.5

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.

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, the Democratic People’s Republic of Korea, and Montenegro are examples of countries that are not IMF members, whereas San Marino, among the advanced economies, and Aruba, Marshall Islands, Federated States of Micronesia, and Palau 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 29 advanced economies are listed in Table B. The seven largest in terms of GDP—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—constitute the subgroup of major advanced economies, often referred to as the Group of Seven (G-7) countries. The 12 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.

Table B.Advanced Economies by Subgroup
Other Subgroups
Major Currency AreasEuro areaNewly industrialized

Asian economies
Major advanced

economies
Other advanced economies
United StatesAustriaIrelandHong Kong SAR1CanadaAustraliaKorea
Euro areaBelgiumItalyKoreaFranceCyprusNew Zealand
JapanFinlandLuxembourgSingaporeGermanyDenmarkNorway
FranceNetherlandsTaiwan ProvinceItalyHong Kong SAR1Singapore
GermanyPortugalof ChinaJapanIcelandSweden
GreeceSpainUnited KingdomIsraelSwitzerland
United StatesTaiwan 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.

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.

Table C.European Union
AustriaFranceLatviaPortugal
BelgiumGermanyLithuaniaSlovak Republic
CyprusGreeceLuxembourgSlovenia
Czech RepublicHungaryMaltaSpain
DenmarkIrelandNetherlandsSweden
EstoniaItalyPolandUnited Kingdom
Finland

Other Emerging Market and Developing Countries

The group of other emerging market and developing countries (145 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).

Table D.Middle East and North Africa Countries
AlgeriaJordanMoroccoSyrian Arab Republic
BahrainKuwaitOmanTunisia
DjiboutiLebanonQatarUnited Arab Emirates
EgyptLibyaSaudi ArabiaYemen
Iran, I.R. ofMauritaniaSudan

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.

Table E.Other Emerging Market and Developing Countries by Region and Main Source of Export Earnings
FuelNonfuel, of Which

Primary Products
AfricaAlgeriaBotswana
AngolaBurkina Faso
Congo, Rep. ofBurundi
Equatorial GuineaChad
GabonCongo, Dem. Rep. of
NigeriaCôte d’Ivoire
SudanGhana
Guinea
Guinea-Bissau
Malawi
Mauritania
Namibia
Niger
Sierra Leone
Uganda
Zambia
Zimbabwe
CommonwealthAzerbaijanTajikistan
of IndependentRussiaUzbekistan
StatesTurkmenistan
Developing AsiaPapua New Guinea
Solomon Islands
Middle EastBahrain
Iran, I.R. of
Kuwait
Libya
Oman
Qatar
Saudi Arabia
Syrian Arab Republic
United Arab Emirates
Yemen
WesternEcuadorChile
HemisphereTrinidad and TobagoSuriname
Venezuela
Table F.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*
Mozambique, Rep.**
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
Chand*
Congo, Rep. of*
Côte d’Ivoire
Equatorial Guinea*
Gabon
Guinea-Bissau*
Mali*
Niger*
Senegal**
Togo
Middle East
Bahrain*
Iran, I.R.*
Kuwait*
Libya*
Oman*
Qatar*
Saudi Arabia*
United Arab Emirates*
Yemen*
Mashreq
Egypt*
Jordan*
Lebanon
Syrian Arab Republic*
Western Hemisphere
Mercosur
Argentina
Bolivia (associate member)*
Brazil*
Chile (associate member)*
Paraguay
Uruguay
Andean region
Colombia
Ecuador*
Peru*
Venezuela*
Central and eastern Europe
Albania*
Bulgaria*
Croatia*
Czech Republic*
Estonia*
Hungary*
Latvia*
Lithuania*
Macedonia, FYR*
Malta*
Poland*
Romania*
Slovak Republic*
Slovenia*
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
Mexico, Central America, and Caribbean
Mexico*
Central America
Costa Rica*
El Salvador
Guatemala*
Honduras*
Nicaragua**
Panama*
Caribbean
Antigua and Barbuda*
Bahamas, The*
Barbados*
Belize*
Dominica*
Dominican Republic
Grenada
Guyana**
Haiti
Jamaica*
Netherlands Antilles*
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.

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 non-fuel 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.7 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.8

List of Tables

Medium-Term Baseline Scenario

Table 1.Summary of World Output1(Annual percent change)
Ten-Year Averages
1988–971998–20071998199920002001200220032004200520062007
World3.44.12.83.74.92.63.14.15.34.95.14.9
Advanced economies2.92.62.63.53.91.21.51.93.22.63.12.7
United States3.03.14.24.43.70.81.62.53.93.23.42.9
Euro area2.12.83.03.91.90.90.82.11.32.42.0
Japan2.91.3−1.8−0.22.90.40.11.82.32.62.72.1
Other advanced economies23.63.32.04.85.21.73.22.54.03.13.63.3
Other emerging market and
developing countries4.15.93.04.16.14.45.16.77.77.47.37.2
Regional groups
Africa2.34.32.82.73.14.23.64.65.55.45.45.9
Central and eastern Europe0.94.02.90.75.10.34.54.76.55.45.35.0
Commonwealth of Independent States35.8−3.45.29.06.35.37.98.46.56.86.5
Developing Asia7.97.44.26.27.06.17.08.48.89.08.78.6
Middle East4.04.73.71.85.33.04.16.45.55.75.85.4
Western Hemisphere2.92.82.30.53.90.50.12.25.74.34.84.2
Memorandum
European Union2.22.43.03.03.92.01.31.42.41.82.82.4
Analytical groups
By source of export earnings
Fuel5.2−0.33.07.14.34.16.97.26.76.76.7
Nonfuel4.96.03.64.25.94.45.26.77.87.57.47.3
of which, primary products3.13.63.21.11.62.93.03.55.75.35.05.2
By external financing source
Net debtor countries3.64.42.02.94.72.53.24.86.46.06.05.8
of which, official financing4.53.7−0.81.03.42.21.75.26.26.65.85.9
Net debtor countries by debt-servicing experience
Countries with arrears and/or
rescheduling during 1999–20034.24.1−1.11.53.72.92.25.66.87.16.16.5
Memorandum
Median growth rate
Advanced economies3.12.93.64.04.01.81.61.83.52.93.12.8
Other emerging market and
developing countries3.34.43.73.44.23.73.74.45.35.35.25.0
Output per capita
Advanced economies2.22.01.92.93.30.60.91.32.62.02.52.2
Other emerging market and
developing countries2.44.61.62.74.73.03.85.46.46.16.15.9
World growth based on market
exchange rates2.73.02.13.14.11.51.82.73.93.43.83.5
Value of world output in billions of U.S. dollars
At market exchange rates25,12537,75729,68230,78631,65031,45632,71436,75141,25844,45547,76751,057
At purchasing power parities30,61753,00940,17342,23045,18947,43449,71352,75856,96561,02865,11769,489

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.

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.

Table 2.Advanced Economies: Real GDP and Total Domestic Demand(Annual percent change)
Ten-Year AveragesFourth Quarter1
1988–971998–20071998199920002001200220032004200520062007200520062007
Real GDP
Advanced economies2.92.62.63.53.91.21.51.93.22.63.12.7
United States3.03.14.24.43.70.81.62.53.93.23.42.93.13.43.0
Euro area2.12.83.03.91.90.90.82.11.32.42.01.82.71.8
Germany2.71.32.01.93.11.2−0.21.20.92.01.31.72.41.6
France1.92.23.33.04.01.81.11.12.01.22.42.31.03.02.0
Italy1.91.31.41.93.61.80.31.11.51.30.51.61.4
Spain2.93.64.54.75.03.52.73.03.13.43.43.03.53.23.0
Netherlands2.92.34.34.03.51.40.10.32.01.52.92.92.23.52.0
Belgium2.62.11.93.13.71.21.50.92.41.52.72.11.52.81.9
Austria2.52.33.63.33.40.80.91.12.42.02.82.32.22.72.2
Finland1.63.25.23.95.02.61.61.83.52.93.52.53.33.23.4
Greece2.04.03.43.44.55.13.84.84.73.73.73.53.73.13.4
Portugal3.71.84.83.93.92.00.8−1.11.20.41.21.50.81.51.5
Ireland5.96.68.510.79.25.76.04.34.35.55.85.66.55.25.3
Luxembourg5.14.76.58.48.42.53.62.04.24.04.03.8
Japan2.91.3−1.8−0.22.90.40.11.82.32.62.72.13.72.41.9
United Kingdom2.22.83.33.03.82.42.12.73.31.92.72.71.83.12.5
Canada2.23.44.15.55.21.82.91.83.32.93.13.02.83.12.9
Korea7.74.2−6.99.58.53.87.03.14.74.05.04.35.34.14.3
Australia3.33.55.04.43.32.24.13.13.52.53.13.52.93.43.6
Taiwan Province of China7.14.04.55.75.8−2.24.23.46.14.14.04.26.43.04.3
Sweden1.53.03.74.54.31.12.01.73.72.74.02.23.03.62.6
Switzerland1.41.82.81.33.61.00.3−0.32.11.93.01.92.82.71.7
Hong Kong SAR5.24.1−5.54.010.00.61.83.28.67.36.05.57.46.44.6
Denmark2.02.02.22.63.50.70.50.71.93.22.72.33.34.10.4
Norway3.32.32.62.12.82.71.11.13.12.32.42.82.42.43.3
Israel5.23.44.22.98.7−0.6−0.91.54.85.24.14.46.24.45.0
Singapore9.14.6−1.47.210.0−2.34.02.98.76.46.94.58.73.26.2
New Zealand2.12.8−0.14.43.43.04.83.44.42.31.31.71.81.32.4
Cyprus5.13.85.04.85.04.12.11.93.93.73.53.8
Iceland1.23.95.84.34.13.8−1.03.08.25.54.01.0
Memorandum
Major advanced economies2.72.42.63.13.61.11.21.83.02.42.92.52.73.02.5
Newly industrialized Asian economies7.34.2−2.47.47.91.15.33.25.94.54.94.46.14.04.5
Real total domestic demand
Advanced economies2.92.73.04.04.01.11.62.13.22.73.02.7
United States2.93.55.35.34.40.92.22.84.43.33.42.93.13.23.0
Euro area2.13.63.63.41.20.41.42.01.52.22.11.72.41.8
Germany2.50.82.32.72.2−0.5−2.00.60.51.51.31.02.40.8
France1.52.63.93.54.51.71.21.92.82.12.42.32.12.62.0
Italy1.51.73.33.22.81.61.30.91.00.31.21.31.02.01.2
Spain2.94.76.26.55.43.63.33.85.05.34.43.65.03.63.6
Japan3.01.0−2.2−0.12.51.2−0.61.21.52.42.32.32.92.61.9
United Kingdom2.23.35.04.23.92.93.22.73.81.82.92.91.23.32.8
Canada2.03.72.54.24.71.23.34.74.34.83.93.33.63.73.1
Other advanced economies5.12.9−1.35.45.30.43.51.34.33.13.63.3
Memorandum
Major advanced economies2.62.63.33.83.71.11.32.23.12.62.82.52.63.02.4
Newly industrialized Asian economies8.22.5−7.77.87.6−0.14.14.42.33.83.91.63.95.0

From fourth quarter of preceding year.

From fourth quarter of preceding year.

Table 3.Advanced Economies: Components of Real GDP(Annual percent change)
Ten-Year Averages
1988–971998–20071998199920002001200220032004200520062007
Private consumer expenditure
Advanced economies2.92.82.94.13.82.22.21.92.92.62.62.4
United States2.93.65.05.14.72.52.72.83.93.53.02.6
Euro area2.03.13.43.12.00.91.21.61.41.81.7
Germany2.60.91.53.02.41.9−0.8−0.10.10.10.70.3
France1.42.73.63.33.52.52.42.22.52.12.72.5
Italy1.81.43.52.52.40.70.21.00.50.11.31.5
Spain2.53.94.85.34.93.22.92.64.44.43.63.4
Japan2.91.2−0.81.11.11.41.10.61.92.11.92.0
United Kingdom2.63.24.04.54.63.03.52.93.41.42.42.8
Canada2.33.42.83.84.02.33.63.03.33.93.93.1
Other advanced economies5.03.1−0.75.85.52.63.71.13.23.13.43.2
Memorandum
Major advanced economies2.62.73.33.83.62.22.02.02.82.52.52.3
Newly industrialized Asian economies7.83.0−5.28.27.33.24.9−0.42.33.13.83.7
Public consumption
Advanced economies1.92.31.72.82.52.83.32.31.91.51.81.9
United States1.12.31.63.11.73.14.32.52.10.91.62.2
Euro area1.71.21.92.32.02.31.61.01.22.11.5
Germany1.80.91.81.21.40.51.50.4−1.30.61.51.1
France2.11.4−0.61.42.01.11.92.02.21.11.71.7
Italy0.41.40.41.32.33.62.12.00.51.20.70.4
Spain3.84.43.54.05.33.94.54.86.04.53.83.6
Japan3.02.31.84.14.33.02.42.32.01.70.40.9
United Kingdom0.92.81.13.73.12.43.53.53.22.62.12.6
Canada1.12.93.22.13.13.92.53.53.02.72.52.0
Other advanced economies4.42.52.71.92.13.33.62.01.92.32.92.6
Memorandum
Major advanced economies1.52.11.42.82.32.73.22.31.81.21.51.8
Newly industrialized Asian economies6.42.73.00.72.43.74.32.31.72.43.62.7
Gross fixed capital formation
Advanced economies3.63.25.05.55.10.81.72.14.54.54.63.7
United States3.94.19.18.26.1−1.7−3.53.26.16.44.53.6
Euro area2.96.06.25.00.5−1.50.82.42.34.23.6
Germany2.91.04.04.73.0−3.7−6.1−0.8−0.40.84.94.3
France1.43.86.97.97.52.3−1.72.32.63.73.63.0
Italy1.42.54.33.66.42.54.0−1.72.2−0.62.32.0
Spain3.46.311.110.36.54.63.45.84.97.35.34.1
Japan3.00.2−6.5−0.71.2−0.9−5.00.31.13.35.53.9
United Kingdom2.64.414.02.82.72.53.70.46.03.05.34.1
Canada2.45.22.47.34.74.01.66.58.07.16.64.2
Other advanced economies6.72.9−1.02.86.9−4.43.42.57.04.34.34.1
Memorandum
Major advanced economies3.23.15.55.64.8−0.7−2.61.94.24.54.63.6
Newly industrialized Asian economies10.61.8−9.02.810.8−6.51.91.67.61.72.95.2
Final domestic demand
Advanced economies2.82.73.04.13.91.61.52.13.02.82.92.6
United States2.83.55.35.44.51.81.82.84.03.63.12.8
Euro area2.03.23.73.11.70.61.21.41.52.02.0
Germany2.40.92.42.72.2−0.5−2.00.60.51.71.2
France1.52.63.13.73.92.11.52.22.42.22.72.4
Italy1.41.63.02.53.21.61.40.60.90.11.41.4
Spain3.04.66.06.35.43.73.33.84.85.24.13.6
Japan2.91.1−2.01.11.61.1−0.20.81.82.32.52.3
United Kingdom2.23.34.94.14.02.83.52.63.71.92.83.0
Canada2.03.62.84.24.02.93.03.84.24.34.23.1
Other advanced economies5.32.8−0.74.25.30.93.61.63.83.23.53.3
Memorandum
Major advanced economies2.52.63.33.93.61.61.22.12.92.72.72.5
Newly industrialized Asian economies8.42.5−5.75.37.60.74.00.63.42.73.54.0
Stock building1
Advanced economies0.10.50.10.20.10.1
United States0.1−0.1−0.90.40.4−0.30.30.1
Euro area0.10.4−0.10.3−0.5−0.20.20.60.20.1
Germany0.4−0.2−0.1−0.9−0.60.80.30.2−0.3
France0.7−0.20.6−0.4−0.3−0.30.3−0.2−0.1
Italy−0.10.1−0.20.10.1−0.10.10.7−0.3
Spain0.10.20.3−0.10.20.20.4
Japan0.1−0.1−0.2−1.10.80.2−0.40.3−0.20.1−0.1
United Kingdom0.10.2−0.10.1−0.30.20.1−0.1
Canada0.1−0.30.10.8−1.70.30.80.10.4−0.20.1
Other advanced economies−0.71.1−0.6−0.20.5−0.1
Memorandum
Major advanced economies0.1−0.20.1−0.60.20.2−0.10.1
Newly industrialized Asian economies−1.92.1−0.1−0.70.1−0.50.9−0.30.2−0.1
Foreign balance1
Advanced economies0.10.10.40.6−0.10.10.10.20.10.10.1
United States0.1−0.6−1.2−1.0−0.9−0.2−0.7−0.4−0.7−0.3−0.1−0.1
Euro area−0.7−0.50.60.70.6−0.50.2−0.10.2
Germany0.20.5−0.4−0.81.01.72.0−0.91.20.40.60.1
France0.4−0.4−0.5−0.4−0.40.2−0.1−0.7−0.7−1.0−0.1−0.1
Italy0.3−0.3−1.7−1.20.80.2−1.0−0.80.1−0.30.40.3
Spain−0.3−1.3−1.7−1.9−0.5−0.2−0.7−0.9−2.2−2.2−1.4−1.0
Japan0.30.4−0.20.5−0.80.70.60.80.20.4−0.1
United Kingdom−0.5−1.4−1.0−0.1−0.5−1.1−0.1−0.6−0.2−0.2
Canada0.1−0.21.71.40.60.7−0.1−2.6−0.8−1.6−0.7−0.2
Other advanced economies−0.31.02.50.40.71.00.31.50.80.90.90.7
Memorandum
Major advanced economies0.1−0.3−0.7−0.7−0.2−0.2−0.4−0.2−0.2−0.1
Newly industrialized Asian economies−0.91.95.60.40.51.11.23.22.12.51.71.0

Changes expressed as percent of GDP in the preceding period.

Changes expressed as percent of GDP in the preceding period.

Table 4.Advanced Economies: Unemployment, Employment, and Real Per Capita GDP(Percent)
Ten-Year Averages1
1988–971998–20071998199920002001200220032004200520062007
Unemployment rate
Advanced economies6.76.16.76.35.75.86.36.66.36.05.65.5
United States26.04.94.54.24.04.75.86.05.55.14.84.9
Euro area8.510.09.28.27.88.38.78.98.67.97.7
Germany7.08.08.17.56.96.97.78.89.29.18.07.8
France10.59.411.110.59.18.48.99.59.69.59.08.5
Italy9.98.911.311.010.29.18.68.58.17.77.67.5
Spain20.011.918.615.613.910.611.511.511.09.28.68.3
Netherlands6.23.63.83.22.82.22.83.74.64.94.53.9
Belgium8.38.09.38.66.96.67.58.28.48.48.28.2
Austria3.54.44.53.93.63.64.24.34.85.24.84.6
Finland10.59.211.410.29.89.19.19.08.88.47.97.8
Greece8.610.511.412.311.310.810.39.710.59.99.79.5
Portugal5.85.85.04.43.94.05.06.36.77.67.77.6
Ireland13.94.87.65.64.33.94.44.74.54.34.34.2
Luxembourg2.23.43.02.92.52.32.63.53.94.24.54.7
Japan2.64.64.14.74.75.05.45.34.74.44.14.0
United Kingdom8.65.36.36.05.55.15.25.04.84.85.35.1
Canada9.57.28.37.66.87.27.67.67.26.86.36.3
Korea2.54.37.06.64.44.03.33.63.73.73.53.3
Australia8.56.17.76.96.36.86.46.15.55.15.05.0
Taiwan Province of China1.84.02.72.93.04.65.25.04.44.13.93.7
Sweden5.35.06.55.64.74.04.04.95.55.84.54.3
Switzerland2.52.73.42.41.71.62.33.43.53.42.62.5
Hong Kong SAR2.05.74.46.35.14.97.27.96.95.74.64.0
Denmark10.25.66.65.75.45.25.26.26.45.74.84.9
Norway5.13.93.23.23.43.53.94.54.54.63.93.9
Israel8.69.38.58.88.79.310.310.810.39.08.78.5
Singapore1.83.02.52.82.72.73.64.03.43.12.72.7
New Zealand7.85.17.46.86.05.35.24.63.93.73.94.5
Cyprus2.63.53.43.63.42.93.23.53.65.23.03.0
Iceland3.12.22.81.91.31.42.53.43.12.11.51.9
Memorandum
Major advanced economies6.46.06.25.95.55.86.46.66.36.05.75.6
Newly industrialized Asian economies2.24.35.45.44.04.24.24.44.24.03.73.4
Growth in employment
Advanced economies1.11.01.11.32.10.60.30.61.11.21.31.0
United States1.41.21.51.52.5−0.30.91.11.81.71.2
Euro area1.21.92.02.41.60.70.40.60.71.11.0
Germany0.40.41.21.41.90.4−0.6−1.00.4−0.20.50.2
France0.31.01.52.02.71.80.60.10.30.60.6
Italy−0.21.11.00.71.31.50.90.83.20.70.50.5
Spain2.33.64.54.65.13.22.42.62.63.63.93.2
Japan1.0−0.3−0.7−0.8−0.2−0.5−1.3−0.30.20.40.4−0.1
United Kingdom0.51.01.01.41.20.80.81.01.01.00.80.8
Canada1.11.92.52.62.51.22.42.41.81.41.70.8
Other advanced economies1.71.3−1.01.62.91.11.60.51.71.51.81.4
Memorandum
Major advanced economies0.90.81.01.11.70.3−0.20.50.91.01.10.7
Newly industrialized Asian economies2.31.2−3.01.53.60.82.00.31.91.21.91.7
Growth in real per capita GDP
Advanced economies2.22.01.92.93.30.60.91.32.62.02.52.2
United States1.82.03.03.32.5−0.30.61.52.92.32.51.9
Euro area1.82.02.73.51.50.40.21.40.82.11.6
Germany1.91.32.01.92.91.0−0.1−0.21.30.92.01.2
France1.51.62.92.53.41.10.40.51.40.61.81.8
Italy1.80.91.41.93.61.70.3−0.50.1−1.01.11.0
Spain2.73.04.24.33.82.92.02.42.52.83.02.5
Japan2.21.2−2.0−0.42.70.1−0.11.62.22.62.72.1
United Kingdom1.92.43.12.73.52.01.72.32.81.22.22.2
Canada1.02.43.24.74.30.71.80.82.32.02.22.0
Other advanced economies3.72.8−0.34.55.10.63.01.84.03.03.43.1
Memorandum
Major advanced economies2.01.92.02.53.00.50.61.32.41.92.42.0
Newly industrialized Asian economies6.23.5−3.46.57.00.44.72.65.34.04.43.9

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.

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.

Table 5.Other Emerging Market and Developing Countries: Real GDP(Annual percent change)
Ten-Year Averages
1988–971998–20071998199920002001200220032004200520062007
Other emerging market and developing countries4.15.93.04.16.14.45.16.77.77.47.37.2
Regional groups
Africa2.34.32.82.73.14.23.64.65.55.45.45.9
Sub-Sahara2.34.31.92.63.44.23.64.15.65.85.26.3
Excluding Nigeria and South Africa2.34.83.33.12.45.54.03.56.46.16.07.7
Central and eastern Europe0.94.02.90.75.10.34.54.76.55.45.35.0
Commonwealth of Independent States15.8−3.45.29.06.35.37.98.46.56.86.5
Russia5.4−5.36.410.05.14.77.37.26.46.56.5
Excluding Russia6.60.82.46.79.16.79.311.06.77.66.4
Developing Asia7.97.44.26.27.06.17.08.48.89.08.78.6
China9.99.17.87.18.48.39.110.010.110.210.010.0
India6.06.65.96.95.34.14.37.28.08.58.37.3
Excluding China and India6.34.2−4.73.65.83.14.85.86.46.15.56.0
Middle East4.04.73.71.85.33.04.16.45.55.75.85.4
Western Hemisphere2.92.82.30.53.90.50.12.25.74.34.84.2
Brazil2.02.40.10.84.41.31.90.54.92.33.64.0
Mexico3.03.25.03.86.60.81.44.23.04.03.5
Analytical groups
By source of export earnings
Fuel5.2−0.33.07.14.34.16.97.26.76.76.7
Nonfuel4.96.03.64.25.94.45.26.77.87.57.47.3
of which, primary products3.13.63.21.11.62.93.03.55.75.35.05.2
By external financing source
Net debtor countries3.64.42.02.94.72.53.24.86.46.06.05.8
of which, official financing4.53.7−0.81.03.42.21.75.26.26.65.85.9
Net debtor countries by debt-servicing experience
Countries with arrears and/or rescheduling during 1999–20034.24.1−1.11.53.72.92.25.66.87.16.16.5
Other groups
Heavily indebted poor countries1.64.53.33.52.75.03.64.26.45.85.35.6
Middle East and north Africa3.64.74.12.04.83.34.16.35.45.56.15.5
Memorandum
Real per capita GDP
Other emerging market and developing countries2.44.61.62.74.73.03.85.46.46.16.15.9
Africa−0.42.10.40.30.81.91.42.43.33.23.23.8
Central and eastern Europe0.33.62.40.24.6−0.24.04.36.15.04.94.6
Commonwealth of Independent States16.0−3.35.49.36.65.68.28.76.77.06.7
Developing Asia6.36.22.84.95.74.85.87.27.77.87.67.5
Middle East1.52.71.6−0.33.31.02.14.53.63.83.93.4
Western Hemisphere1.11.40.7−1.12.4−1.0−1.40.74.32.93.42.9

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.

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.

Table 6.Other Emerging Market and Developing Countries—by Country: Real GDP1(Annual percent change)
Average

1988–97
1998199920002001200220032004200520062007
Africa2.32.82.73.14.23.64.65.55.45.45.9
Algeria1.05.13.22.22.64.76.95.25.34.95.0
Angola0.93.23.03.114.53.311.220.614.331.4
Benin4.04.05.34.96.24.53.93.12.94.55.1
Botswana7.410.87.28.34.95.66.36.06.24.24.3
Burkina Faso5.78.44.13.36.75.27.94.07.15.65.8
Burundi−1.04.8−1.0−0.92.14.4−1.24.80.96.16.6
Cameroon2−1.65.04.44.24.54.04.03.72.64.24.3
Cape Verde5.38.411.97.36.15.34.74.45.85.56.0
Central African Republic3.93.61.80.3−0.6−7.61.32.23.23.8
Chad3.57.0−0.7−0.911.78.514.731.312.20.12.5
Comoros1.11.21.91.43.34.12.5−0.24.21.23.0
Congo, Dem. Rep. of−5.1−1.7−4.3−6.9−2.13.55.86.66.56.57.2
Congo, Rep. of4.73.7−2.67.63.84.60.83.67.97.42.1
Côte d’Ivoire3.44.71.5−3.3−1.4−1.51.81.91.93.0
Djibouti−1.60.13.00.52.02.63.23.03.24.25.0
Equatorial Guinea23.525.724.314.178.321.314.132.46.0−1.09.4
Eritrea1.8−13.19.20.73.03.54.82.04.0
Ethiopia2.3−4.36.65.47.9−3.112.38.75.45.5
Gabon4.83.5−8.9−1.92.1−0.32.41.42.92.22.5
Gambia, The3.66.56.46.45.8−3.26.95.15.04.55.0
Ghana4.64.74.43.74.24.55.25.85.86.06.0
Guinea4.44.84.71.94.04.21.22.73.35.05.4
Guinea-Bissau3.6−27.27.67.50.2−7.1−0.62.23.24.65.2
Kenya2.63.32.40.64.70.32.84.65.75.45.2
Lesotho6.0−3.5−0.61.63.33.63.22.71.31.61.4
Liberia34.624.022.031.8−33.9−5.29.57.08.1
Madagascar1.53.94.74.76.0−12.79.85.34.64.75.6
Malawi3.91.13.50.8−4.12.13.95.12.18.45.6
Mali5.18.43.0−3.212.14.37.22.46.15.15.4
Mauritania2.22.86.71.92.91.15.65.25.414.110.6
Mauritius6.26.04.47.13.92.03.64.53.43.43.4
Morocco3.17.7−0.11.06.33.25.54.21.77.33.3
Mozambique, Rep. of4.612.67.51.913.18.27.97.57.77.97.0
Namibia3.43.33.43.52.46.73.55.93.54.54.5
Niger1.610.4−0.6−1.47.13.05.3−0.67.03.54.2
Nigeria4.30.31.55.43.11.510.76.06.95.26.4
Rwanda−2.68.97.66.06.79.40.94.06.03.04.3
São Tomé and Príncipe1.32.52.53.04.04.14.03.83.85.55.5
Senegal1.85.96.33.24.60.76.75.65.54.05.3
Seychelles6.02.51.94.3−2.21.3−6.3−2.0−2.2−1.4−1.6
Sierra Leone−6.3−0.8−8.13.818.227.59.37.47.27.46.5
South Africa1.70.52.44.22.73.73.04.54.94.24.0
Sudan2.64.33.18.46.26.44.95.27.912.111.3
Swaziland4.62.83.52.61.62.92.42.11.91.21.0
Tanzania3.43.73.55.16.27.25.76.76.85.97.3
Togo2.7−2.32.41.00.24.11.93.00.84.24.5
Tunisia4.14.86.14.74.91.75.66.04.25.86.0
Uganda6.63.68.35.34.86.94.45.76.05.56.0
Zambia−0.1−1.92.23.64.93.35.15.45.16.06.0
Zimbabwe3.60.1−3.6−7.3−2.7−4.4−10.4−3.8−6.5−5.1−4.7
Central and eastern Europe30.92.90.75.10.34.54.76.55.45.35.0
Albania−1.812.710.17.37.02.95.75.95.55.06.0
Bosnia and Herzegovina17.69.55.44.35.34.46.25.05.56.0
Bulgaria−5.84.02.35.44.14.94.55.75.55.66.0
Croatia2.5−0.92.94.45.65.33.84.34.64.7
Czech Republic0.3−0.81.33.62.51.93.64.26.16.04.8
Estonia4.40.37.96.57.26.77.89.89.58.0
Hungary−1.04.94.26.04.33.83.45.24.14.53.5
Latvia4.74.76.98.06.57.28.610.211.09.0
Lithuania7.3−1.74.76.46.810.57.07.56.86.5
Macedonia, FYR3.44.34.5−4.50.92.84.14.04.04.0
Malta5.73.44.19.9−1.71.5−2.5−1.52.51.61.8
Serbia−18.05.25.14.52.49.36.35.55.0
Poland2.35.04.54.21.11.43.85.33.45.04.5
Romania−2.5−4.8−1.22.15.75.15.28.44.15.55.5
Slovak Republic4.21.52.03.24.14.25.46.16.57.0
Slovenia3.95.44.12.73.52.74.23.94.24.0
Turkey4.23.1−4.77.4−7.57.95.88.97.45.05.0
Commonwealth of Independent States3,43.45.29.06.35.37.98.46.56.86.5
Russia−5.36.410.05.14.77.37.26.46.56.5
Excluding Russia0.82.46.79.16.79.311.06.77.66.4
Armenia7.33.36.09.613.213.910.113.97.56.0
Azerbaijan6.011.46.26.58.110.410.224.325.626.4
Belarus8.43.45.84.75.07.011.49.37.04.5
Georgia2.93.01.94.75.511.15.99.37.56.5
Kazakhstan−1.92.79.813.59.89.39.69.48.37.7
Kyrgyz Republic2.13.75.45.3−0.07.07.0−0.65.05.5
Moldova−6.5−3.42.16.17.86.67.47.13.03.0
Mongolia−0.13.53.21.11.04.05.610.76.26.55.5
Tajikistan5.23.78.310.29.110.210.66.78.06.0
Turkmenistan6.716.518.620.415.817.114.79.69.09.0
Ukraine−1.9−0.25.99.25.29.612.12.65.02.8
Uzbekistan4.34.33.84.24.04.27.77.07.27.0
Developing Asia7.94.26.27.06.17.08.48.89.08.78.6
Afghanistan, Rep. of28.615.78.014.012.011.1
Bangladesh4.45.05.45.64.84.85.86.16.26.26.2
Bhutan4.35.87.79.58.67.17.17.57.412.714.3
Brunei Darussalam−0.63.12.92.73.92.90.50.43.72.6
Cambodia5.012.68.47.76.28.610.013.45.06.5
China9.97.87.18.48.39.110.010.110.210.010.0
Fiji4.11.29.2−2.82.74.33.04.12.12.61.8
India6.05.96.95.34.14.37.28.08.58.37.3
Indonesia6.9−13.10.85.43.64.54.85.15.65.26.0
Kiribati3.612.69.56.95.02.2−1.4−3.70.30.80.8
Lao PDR6.04.07.35.85.75.96.16.47.07.36.6
Malaysia9.3−7.46.18.90.34.45.57.25.25.55.8
Maldives6.69.87.24.83.56.58.59.5−5.513.04.0
Myanmar3.55.810.913.711.312.013.813.613.27.05.5
Nepal5.32.94.56.15.6−0.63.33.82.71.94.2
Pakistan4.62.63.74.32.03.24.97.48.06.27.0
Papua New Guinea4.04.71.9−2.5−0.1−0.22.02.93.13.74.0
Philippines3.8−0.63.46.01.84.44.96.25.05.05.4
Samoa2.61.12.13.77.14.41.82.85.64.04.5
Solomon Islands4.71.8−0.5−14.3−9.0−1.66.48.05.05.34.3
Sri Lanka4.84.74.36.0−1.54.06.05.46.05.66.0
Thailand8.4−10.54.44.82.25.37.06.24.54.55.0
Timor-Leste, Dem. Rep. of15.416.6−6.7−6.20.32.30.94.6
Tonga0.73.52.35.42.63.03.21.42.31.90.6
Vanuatu4.34.5−3.22.7−2.7−4.62.44.03.03.02.8
Vietnam7.65.84.86.86.97.17.37.88.47.87.6
Middle East4.03.71.85.33.04.16.45.55.75.85.4
Bahrain4.94.84.35.24.65.27.25.46.97.16.3
Egypt3.47.56.15.43.53.23.14.14.95.65.6
Iran, I.R. of3.62.71.95.13.77.56.75.65.45.44.9
Iraq
Jordan2.63.03.44.35.35.84.28.47.26.05.0
Kuwait1.23.7−1.84.70.75.113.46.28.56.24.7
Lebanon−3.62.3−1.21.24.22.95.06.01.0−3.25.0
Libya0.3−0.40.31.14.53.39.14.63.55.04.6
Oman5.52.7−0.25.57.52.62.05.66.77.15.7
Qatar4.011.74.59.14.57.35.911.26.56.74.7
Saudi Arabia3.72.8−0.74.90.50.17.75.36.65.86.5
Syrian Arab Republic6.05.6−3.12.33.73.71.03.12.93.23.7
United Arab Emirates6.30.13.112.41.72.611.99.78.511.55.8
Yemen5.33.54.44.63.93.12.63.83.92.5
Western Hemisphere2.92.30.53.90.50.12.25.74.34.84.2
Antigua and Barbuda3.64.94.93.31.52.04.35.25.07.13.9
Argentina3.23.9−3.4−0.8−4.4−10.98.89.09.28.06.0
Bahamas, The1.16.84.01.90.82.31.41.82.74.04.5
Barbados0.76.20.52.3−2.60.51.94.83.94.24.9
Belize7.23.78.713.04.95.19.34.63.55.32.6
Bolivia4.15.00.42.51.72.52.93.94.14.13.9
Brazil2.00.10.84.41.31.90.54.92.33.64.0
Chile7.93.2−0.84.53.42.23.96.26.35.25.5
Colombia4.00.6−4.22.91.51.93.94.85.14.84.0
Costa Rica4.68.48.21.81.12.96.44.15.96.54.5
Dominica2.62.81.61.4−4.2−5.10.13.03.43.03.0
Dominican Republic3.77.38.17.84.04.5−1.92.09.35.55.0
Ecuador3.72.1−6.32.85.34.23.67.94.74.43.2
El Salvador4.43.73.42.21.72.32.31.82.83.53.5
Grenada3.07.97.37.0−4.40.85.8−3.05.06.55.0
Guatemala4.05.03.83.62.32.22.12.73.24.14.0
Guyana3.8−1.73.0−1.32.31.1−0.71.6−3.03.54.1
Haiti−0.72.32.61.3−0.6−0.50.2−2.60.42.33.6
Honduras3.52.9−1.95.72.62.73.54.64.24.54.5
Jamaica1.0−1.21.00.71.51.12.30.91.42.83.0
Mexico3.05.03.86.60.81.44.23.04.03.5
Netherlands Antilles3.0−3.1−1.8−2.01.40.41.41.00.71.82.7
Nicaragua0.53.77.04.13.00.82.35.14.03.74.3
Panama3.67.33.92.70.62.24.27.66.46.56.1
Paraguay3.70.6−1.5−3.32.13.84.12.93.54.0
Peru0.6−0.70.93.00.25.23.95.26.46.05.0
St. Kitts and Nevis5.21.13.74.42.61.60.67.16.75.24.1
St. Lucia4.53.33.9−0.3−4.10.53.14.05.46.04.0
St. Vincent and the Grenadines4.25.73.62.0−0.13.22.86.82.23.43.7
Suriname1.71.6−0.9−0.14.53.05.37.85.14.54.4
Trinidad and Tobago1.88.18.06.94.27.913.99.17.912.56.9
Uruguay3.34.5−2.8−1.4−3.4−11.02.211.86.64.64.2
Venezuela2.60.3−6.03.73.4−8.9−7.717.99.37.53.7

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.

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.

Table 7.Summary of Inflation(Percent)
Ten-Year Averages
1988–971998–20071998199920002001200220032004200520062007
GDP deflators
Advanced economies3.21.71.30.91.51.91.61.61.92.02.11.9
United States2.72.21.11.42.22.41.72.12.83.02.92.0
Euro area1.91.61.01.52.72.62.11.91.92.02.0
Japan1.0−0.9−0.1−1.3−1.7−1.2−1.6−1.6−1.2−1.30.5
Other advanced economies14.31.81.91.02.02.01.72.02.11.91.72.1
Consumer prices
Advanced economies3.42.01.51.42.22.11.51.82.02.32.62.3
United States3.52.61.52.23.42.81.62.32.73.43.62.9
Euro area22.01.11.12.12.32.22.12.12.22.32.4
Japan1.5−0.20.7−0.3−0.4−0.8−0.9−0.3−0.60.30.7
Other advanced economies4.21.92.21.11.82.11.71.81.72.12.32.2
Other emerging market and
developing countries53.56.711.010.07.06.55.75.85.65.35.25.0
Regional groups
Africa29.110.59.311.913.612.89.910.78.08.59.910.6
Central and eastern Europe65.413.932.823.022.819.414.79.26.14.85.34.6
Commonwealth of Independent States319.523.969.624.620.313.812.010.312.39.69.2
Developing Asia10.53.47.82.51.72.72.02.54.13.53.83.6
Middle East12.46.36.86.74.13.95.46.37.67.77.17.9
Western Hemisphere162.87.49.08.37.66.18.810.56.56.35.65.2
Memorandum
European Union9.32.22.21.62.52.62.22.02.12.22.32.4
Analytical groups
By source of export earnings
Fuel73.113.917.736.514.013.611.711.39.710.08.68.3
Nonfuel50.65.610.06.55.95.54.85.05.04.64.74.6
of which, primary products65.920.612.925.331.428.515.818.913.916.020.623.9
By external financing source
Net debtor countries61.18.415.310.58.88.38.37.55.86.46.86.1
of which, official financing37.59.119.110.46.27.79.47.76.58.89.46.8
Net debtor countries by debt-servicing experience
Countries with arrears and/or
rescheduling during 1999–200345.712.021.013.19.210.913.110.88.710.812.610.7
Memorandum
Median inflation rate
Advanced economies3.32.11.61.32.62.52.12.11.92.12.32.1
Other emerging market and
developing countries10.34.76.63.84.04.73.34.24.45.65.54.8

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.

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.

Table 8.Advanced Economies: GDP Deflators and Consumer Prices(Annual percent change)
Ten-Year AveragesFourth Quarter1
1988–971998–20071998199920002001200220032004200520062007200520062007
GDP deflators
Advanced economies3.21.71.30.91.51.91.61.61.92.02.11.9
United States2.72.21.11.42.22.41.72.12.83.02.92.03.12.62.0
Euro area1.91.61.01.52.72.62.11.91.92.02.02.12.11.9
Germany3.50.80.60.4−0.61.21.41.10.90.71.11.40.71.70.8
France2.11.61.21.52.02.41.81.71.81.91.81.91.81.8
Italy5.32.52.61.32.03.03.43.12.92.12.32.22.92.41.9
Spain5.23.72.52.63.54.24.44.04.14.44.03.54.43.73.4
Netherlands1.92.91.71.63.99.73.82.20.71.71.91.91.91.42.4
Belgium2.61.61.80.71.71.81.81.72.32.21.01.42.8−0.42.8
Austria2.71.40.30.61.81.81.41.31.71.91.71.71.81.81.7
Finland3.21.43.40.92.63.01.3−0.40.60.61.10.91.20.32.6
Greece13.53.75.23.05.71.83.83.53.43.73.73.63.24.9−0.1
Portugal7.93.13.73.33.03.73.92.72.82.72.62.42.42.52.5
Ireland3.23.96.54.05.55.65.02.51.83.52.42.34.20.44.4
Luxembourg2.82.5−0.45.32.00.12.74.81.04.22.92.2
Japan1.0−0.9−0.1−1.3−1.7−1.2−1.6−1.6−1.2−1.30.5−1.61.5−0.6
United Kingdom4.52.52.72.21.32.23.13.12.62.22.92.72.22.52.9
Canada2.42.1−0.41.74.11.11.13.43.03.21.92.24.10.82.3
Korea7.31.85.8−0.10.73.52.82.72.7−0.4−1.61.7−0.6−2.43.7
Australia3.12.90.50.54.14.02.63.23.44.53.82.55.02.32.6
Taiwan Province of China2.7−0.52.6−1.3−1.60.5−0.8−2.1−1.6−0.7−0.50.50.20.6
Sweden4.41.40.60.91.42.11.62.00.81.11.61.81.81.61.8
Switzerland2.30.8−0.30.70.80.61.61.20.50.61.01.10.11.01.1
Hong Kong SAR7.7−2.60.2−5.7−5.6−1.8−3.5−6.3−3.6−0.21.30.7−0.41.8
Denmark2.42.21.21.73.02.52.31.92.22.62.51.71.34.6−0.7
Norway2.84.9−0.76.615.91.1−1.62.65.68.48.54.19.26.24.1
Israel14.22.46.36.01.31.84.8−0.3−0.10.82.12.12.22.21.9
Singapore3.20.1−1.7−5.33.7−1.8−0.7−0.93.50.62.12.3−0.24.52.3
New Zealand3.02.41.80.62.93.90.32.23.72.33.53.01.53.82.4
Cyprus4.52.92.42.33.73.22.25.02.42.83.02.3
Iceland8.34.45.03.23.68.65.60.52.32.99.53.4
Memorandum
Major advanced economies2.81.51.00.81.21.61.41.61.91.92.11.82.02.21.5
Newly industrialized Asian
economies5.70.43.6−1.5−0.61.60.7−0.10.6−0.4−0.81.3−0.2−0.92.5
Consumer prices
Advanced economies3.42.01.51.42.22.11.51.82.02.32.62.3
United States3.52.61.52.23.42.81.62.32.73.43.62.93.73.32.6
Euro area22.01.11.12.12.32.22.12.12.22.32.42.32.32.2
Germany2.71.60.90.61.52.01.41.01.72.02.02.62.22.02.2
France2.41.70.70.51.81.81.92.22.31.92.01.91.81.92.1
Italy4.92.32.01.72.62.32.62.82.32.32.42.12.72.21.3
Spain5.13.11.82.23.52.83.63.13.13.43.83.43.53.53.5
Japan1.5−0.20.7−0.3−0.4−0.8−0.9−0.3−0.60.30.7−1.00.61.1
United Kingdom24.01.61.61.30.91.21.31.41.32.02.32.42.12.72.2
Canada2.82.11.01.72.72.52.32.71.82.22.21.92.31.92.0
Other advanced economies4.82.02.90.92.02.41.71.81.92.12.32.3
Memorandum
Major advanced economies3.11.91.31.42.21.91.31.72.02.32.62.32.42.52.1
Newly industrialized Asian
economies5.31.94.41.11.90.91.42.42.22.22.22.32.61.9

From fourth quarter of preceding year.

Based on Eurostat’s harmonized index of consumer prices.

From fourth quarter of preceding year.

Based on Eurostat’s harmonized index of consumer prices.

Table 9.Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs in Manufacturing(Annual percent change)
Ten-Year Averages
1988–971998–20071998199920002001200220032004200520062007
Hourly earnings
Advanced economies4.73.73.32.95.32.94.44.62.43.53.44.0
United States3.34.95.83.99.02.47.37.02.04.63.63.9
Euro area3.62.85.25.24.33.42.52.73.13.13.5
Germany5.42.31.32.53.63.52.42.50.71.92.12.7
France3.72.80.61.03.61.53.33.33.43.03.94.5
Italy6.22.1−1.00.91.62.53.22.84.01.53.02.8
Spain6.43.63.32.72.94.15.04.94.03.53.03.0
Japan3.90.60.8−0.7−0.11.0−1.31.00.41.20.93.0
United Kingdom6.44.24.64.04.74.33.53.63.73.65.25.0
Canada3.83.53.40.21.42.13.13.71.65.36.48.6
Other advanced economies8.25.02.66.56.55.54.54.95.44.64.95.0
Memorandum
Major advanced economies4.13.53.42.45.42.44.44.62.03.43.23.9
Newly industrialized Asian economies12.96.71.79.67.78.35.87.17.66.26.56.3
Productivity1
Advanced economies3.23.42.63.95.00.84.24.53.53.13.23.0
United States3.14.15.54.44.21.77.06.21.94.13.63.0
Euro area3.43.85.36.62.51.52.13.93.22.82.6
Germany3.63.40.32.65.43.01.14.34.95.44.03.0
France4.34.25.52.96.81.03.14.14.64.54.55.0
Italy1.8−0.3−0.8−0.41.7−0.7−1.1−0.71.1−1.90.1
Spain3.01.51.41.40.52.04.13.41.01.10.5
Japan2.72.4−3.63.26.8−3.03.75.35.31.62.62.6
United Kingdom3.03.91.34.56.23.52.04.86.42.53.84.6
Canada2.63.23.52.84.3−1.71.9−0.33.85.54.88.0
Other advanced economies3.73.80.97.97.14.33.75.12.73.33.1
Memorandum
Major advanced economies3.13.42.63.54.90.84.44.83.33.43.43.2
Newly industrialized Asian economies5.95.7−0.813.011.9−0.56.15.77.74.95.24.7
Unit labor costs
Advanced economies1.60.30.90.90.32.10.20.11.00.40.20.9
United States0.20.80.3−0.54.60.80.30.80.10.5−0.10.8
Euro area0.2−0.9−0.2−1.31.81.80.3−1.1−0.10.30.9
Germany1.7−1.01.0−0.1−1.70.51.3−1.7−4.0−3.3−1.8−0.3
France−0.5−1.3−4.7−1.8−3.10.50.2−0.7−1.1−1.4−0.6−0.5
Italy4.32.4−0.21.3−0.13.34.43.52.83.43.02.7
Spain3.32.11.91.22.34.12.90.90.52.51.92.5
Japan1.1−1.74.6−3.8−6.54.0−4.8−4.1−4.7−0.4−1.70.4
United Kingdom23.40.33.3−0.5−1.40.81.5−1.1−2.51.11.40.4
Canada1.20.3−0.1−2.6−2.83.91.14.0−2.1−0.21.60.5
Other advanced economies4.51.12.1−1.2−0.75.30.10.81.51.41.6
Memorandum
Major advanced economies1.10.10.9−1.00.51.5−0.2−1.2−0.10.6
Newly industrialized Asian economies6.50.63.2−2.7−3.98.1−0.60.6−0.80.70.91.2

Refers to labor productivity, measured as the ratio of hourly compensation to unit labor costs.

Data refer to unit wage cost.

Refers to labor productivity, measured as the ratio of hourly compensation to unit labor costs.

Data refer to unit wage cost.

Table 10.Other Emerging Market and Developing Countries: Consumer Prices(Annual percent change)
Ten-Year Averages
1988–971998–20071998199920002001200220032004200520062007
Other emerging market and
developing countries53.56.711.010.07.06.55.75.85.65.35.25.0
Regional groups
Africa29.110.59.311.913.612.89.910.78.08.59.910.6
Sub-Sahara34.612.910.914.917.415.912.213.49.610.711.712.6
Excluding Nigeria and South Africa55.118.814.124.329.623.314.219.014.514.517.218.4
Central and eastern Europe65.413.932.823.022.819.414.79.26.14.85.34.6
Commonwealth of Independent States119.523.969.624.620.313.812.010.312.39.69.2
Russia21.127.785.720.821.515.813.710.912.69.78.5
Excluding Russia15.915.937.034.317.69.38.39.111.79.410.9
Developing Asia10.53.47.82.51.72.72.02.54.13.53.83.6
China11.40.9−0.8−1.40.40.7−0.81.23.91.81.52.2
India9.35.213.24.73.93.74.53.73.94.05.65.3
Excluding China and India9.97.721.99.02.66.26.44.65.07.88.66.0
Middle East12.46.36.86.74.13.95.46.37.67.77.17.9
Western Hemisphere162.87.49.08.37.66.18.810.56.56.35.65.2
Brazil576.36.73.24.97.16.88.414.86.66.94.54.1
Mexico28.07.215.916.69.56.45.04.54.74.03.53.3
Analytical groups
By source of export earnings
Fuel73.113.917.736.514.013.611.711.39.710.08.68.3
Nonfuel50.65.610.06.55.95.54.85.05.04.64.74.6
of which, primary products65.920.612.925.331.428.515.818.913.916.020.623.9
By external financing source
Net debtor countries61.18.415.310.58.88.38.37.55.86.46.86.1
of which, official financing37.59.119.110.46.27.79.47.76.58.89.46.8
Net debtor countries by debt-servicing experience
Countries with arrears and/or
rescheduling during 1999–200345.712.021.013.19.210.913.110.88.710.812.610.7
Other groups
Heavily indebted poor countries64.612.010.619.426.720.86.08.56.310.07.76.5
Middle East and north Africa14.05.66.55.93.63.74.85.56.76.46.56.9
Memorandum
Median
Other emerging market and
developing countries10.34.76.63.84.04.73.34.24.45.65.54.8
Africa10.45.15.93.75.95.24.05.54.16.45.04.9
Central and eastern Europe51.74.28.23.35.85.53.32.33.52.73.53.3
Commonwealth of Independent States110.810.523.518.79.85.65.67.110.38.78.0
Developing Asia8.64.88.64.02.23.73.83.54.65.86.75.3
Middle East5.72.62.92.10.71.40.81.73.43.94.55.0
Western Hemisphere12.74.45.13.54.64.44.24.54.44.74.74.1

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.

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.

Table 11.Other Emerging Market and Developing Countries—by Country: Consumer Prices1(Annual percent change)
Average

1988–97
1998199920002001200220032004200520062007
Africa29.19.311.913.612.89.910.78.08.59.910.6
Algeria18.25.02.60.34.21.42.63.61.65.05.5
Angola363.6107.4248.2325.0152.6108.998.343.623.012.98.3
Benin6.95.80.34.24.02.41.50.95.43.02.5
Botswana11.56.57.88.56.68.09.36.98.611.36.0
Burkina Faso4.35.0−1.1−0.34.72.32.0−0.46.43.22.0
Burundi13.612.53.424.39.3−1.310.78.013.42.53.3
Cameroon24.63.92.90.82.86.30.60.32.02.93.0
Cape Verde7.24.44.3−2.43.71.91.2−1.90.46.20.2
Central African Republic3.5−1.9−1.43.23.82.34.4−2.22.93.31.9
Chad5.64.3−8.43.812.45.2−1.8−5.47.98.63.0
Comoros2.81.21.15.95.63.63.74.53.63.83.0
Congo, Dem. Rep. of821.629.1284.9550.0357.325.312.84.021.410.08.9
Congo, Rep. of4.21.83.10.40.83.11.53.62.52.52.5
Côte d’Ivoire6.04.50.72.54.43.13.31.53.92.62.8
Djibouti4.92.20.21.61.80.62.03.13.13.03.0
Equatorial Guinea6.27.90.44.88.87.67.94.36.24.84.1
Eritrea9.58.419.914.616.922.725.112.416.522.0
Ethiopia7.53.64.86.2−5.2−7.215.18.66.812.312.2
Gabon4.42.3−0.70.52.10.22.10.41.81.2
Gambia, The6.81.13.80.94.58.617.014.23.22.93.7
Ghana29.419.212.425.232.914.826.712.615.18.87.1
Guinea5.25.14.66.85.43.012.917.531.427.012.4
Guinea-Bissau49.98.0−2.18.63.33.3−3.50.83.42.22.2
Kenya16.06.75.810.05.82.09.811.610.313.01.6
Lesotho12.08.27.86.18.012.26.44.44.04.64.8
Liberia5.312.114.210.33.66.98.07.5
Madagascar18.56.28.110.76.916.2−1.114.018.411.29.6
Malawi26.229.844.829.627.218.19.611.415.510.98.2
Mali4.44.1−1.2−0.75.25.0−1.3−3.16.41.92.5
Mauritania5.56.03.66.87.75.45.310.412.16.05.1
Mauritius8.16.86.95.54.84.45.13.95.64.95.7
Morocco4.72.70.71.90.62.81.21.51.02.52.0
Mozambique, Rep. of42.41.52.912.716.813.512.66.410.17.45.7
Namibia11.56.28.69.39.311.37.24.12.45.15.0
Niger4.24.5−2.32.94.02.7−1.80.47.82.0
Nigeria35.710.06.66.918.013.714.015.017.99.48.0
Rwanda16.36.8−2.43.93.42.07.412.09.25.55.0
São Tomé and Príncipe43.042.111.011.09.59.29.612.816.319.817.2
Senegal3.71.10.80.73.02.30.51.72.32.3
Seychelles1.52.76.36.36.00.23.23.91.0−0.41.8
Sierra Leone45.036.034.1−0.92.6−3.77.514.212.111.38.3
South Africa11.46.95.25.45.79.25.81.43.44.65.7
Sudan87.617.116.08.04.98.37.78.48.57.05.0
Swaziland10.97.55.97.27.511.77.43.44.85.05.9
Tanzania25.813.29.06.25.14.64.44.14.47.56.5
Togo5.81.0−0.11.93.93.1−0.90.46.83.02.7
Tunisia5.73.12.72.32.02.72.73.62.03.92.0
Uganda38.65.80.25.84.5−2.05.75.08.06.77.0
Zambia82.424.526.826.121.722.221.418.018.39.28.6
Zimbabwe21.431.358.055.673.4133.2365.0350.0237.81,216.04,278.8
Central and eastern Europe365.432.823.022.819.414.79.26.14.85.34.6
Albania32.120.60.43.15.22.32.92.42.23.0
Bosnia and Herzegovina−0.43.05.13.20.30.60.31.96.02.5
Bulgaria108.018.82.610.47.55.82.36.15.07.43.8
Croatia5.74.04.63.71.71.82.13.33.52.8
Czech Republic12.710.72.14.04.71.80.12.81.82.93.3
Estonia8.23.34.05.83.61.33.04.14.63.8
Hungary22.914.210.09.89.25.34.66.83.63.55.8
Latvia4.72.42.62.51.92.96.26.86.66.3
Lithuania5.41.51.11.60.3−1.11.22.73.63.3
Macedonia, FYR1.4−2.75.84.82.21.40.10.52.92.0
Malta2.73.82.23.12.52.61.92.72.52.92.8
Poland76.711.87.310.15.51.90.83.52.10.92.3
Romania94.059.145.845.734.522.515.311.99.07.85.7
Serbia29.842.271.891.819.511.710.117.314.39.7
Slovak Republic6.710.712.07.33.38.57.52.74.73.6
Slovenia8.06.28.88.47.55.63.62.52.52.3
Turkey75.883.663.554.353.944.825.28.68.210.27.2
Commonwealth of Independent States3,423.969.624.620.313.812.010.312.39.69.2
Russia27.785.720.821.515.813.710.912.69.78.5
Excluding Russia15.937.034.317.69.38.39.111.79.410.9
Armenia8.70.6−0.83.11.14.77.00.63.03.0
Azerbaijan−0.8−8.51.81.52.82.26.79.78.710.5
Belarus73.0293.7168.661.142.628.418.110.37.99.0
Georgia3.619.14.04.75.64.85.78.39.66.0
Kazakhstan7.38.413.38.45.96.46.97.68.57.9
Kyrgyz Republic10.535.918.76.92.13.14.14.35.74.5
Moldova7.739.331.39.85.311.712.511.911.510.5
Mongolia9.47.611.66.30.95.17.912.55.04.8
Tajikistan43.227.532.938.612.216.47.17.17.85.0
Turkmenistan16.823.58.011.68.85.65.910.79.08.0
Ukraine10.622.728.212.00.85.29.013.59.313.5
Uzbekistan16.744.749.547.544.314.88.821.019.314.5
Developing Asia10.57.82.51.72.72.02.54.13.53.83.6
Afghanistan, Rep. of5.124.113.212.38.2
Bangladesh6.88.66.22.21.53.85.46.17.06.86.1
Bhutan10.010.66.84.03.42.52.14.65.56.06.0
Brunei Darussalam−0.41.20.6−2.30.30.91.10.51.2
Cambodia13.3−0.5−0.80.23.31.23.95.85.04.0
China11.4−0.8−1.40.40.7−0.81.23.91.81.52.2
Fiji5.15.92.01.14.30.84.22.83.74.23.2
India9.313.24.73.93.74.53.73.94.05.65.3
Indonesia8.058.020.73.811.511.86.86.110.513.05.9
Kiribati3.74.70.41.07.31.1−1.6−0.61.62.5
Lao PDR12.590.1128.423.27.810.615.510.57.27.75.0
Malaysia3.25.12.81.61.41.81.11.43.03.82.7
Maldives9.7−1.43.0−1.20.70.9−2.86.33.37.06.0
Myanmar25.949.110.9−1.734.558.124.93.810.126.337.5
Nepal9.811.43.42.42.94.74.04.54.57.97.6
Pakistan10.07.85.73.64.42.53.14.69.37.97.3
Papua New Guinea6.813.614.915.69.311.814.72.11.73.52.9
Philippines10.49.76.44.06.82.93.56.07.66.75.0
Samoa5.35.40.8−0.21.97.44.37.97.83.34.0
Solomon Islands11.812.38.06.97.69.310.06.97.38.28.4
Sri Lanka12.39.44.01.512.110.22.67.910.68.07.0
Thailand5.08.10.31.61.70.61.82.84.54.92.6
Timor-Leste, Dem. Rep. of63.63.64.87.13.30.96.02.5
Tonga5.23.03.95.36.910.411.111.79.57.210.3
Vanuatu4.33.32.22.53.72.03.01.41.02.32.4
Vietnam47.27.74.2−1.6−0.44.03.27.78.27.67.6
Middle East12.46.86.74.13.95.46.37.67.77.17.9
Bahrain1.1−0.4−1.3−0.7−1.2−0.51.72.32.62.63.0
Egypt13.45.03.72.82.42.43.210.311.44.16.2
Iran, I.R. of24.418.120.112.611.415.815.615.212.114.015.0
Iraq
Jordan7.73.10.60.71.81.81.63.43.56.35.7
Kuwait3.70.63.11.61.40.81.01.33.93.53.0
Lebanon44.24.50.2−0.4−0.41.81.3−1.30.34.53.0
Libya6.33.72.6−2.9−8.8−9.9−2.1−2.22.53.03.5
Oman1.80.40.5−1.2−0.8−0.20.20.83.23.02.0
Qatar3.22.92.21.71.40.22.36.88.89.08.0
Saudi Arabia1.5−0.2−1.3−1.1−1.10.20.60.40.71.01.0
Syrian Arab Republic12.1−1.0−3.7−3.93.4−0.55.84.47.25.614.4
United Arab Emirates3.92.02.11.42.82.93.15.08.07.75.0
Yemen37.211.58.010.911.912.210.812.511.815.513.1
Western Hemisphere162.89.08.37.66.18.810.56.56.35.65.2
Antigua and Barbuda4.03.80.6−0.6−0.42.42.02.02.13.52.0
Argentina159.40.9−1.2−0.9−1.125.913.44.49.612.311.4
Bahamas, The3.51.31.31.62.02.23.00.92.21.72.7
Barbados4.0−1.31.62.42.80.21.61.46.06.34.9
Belize2.8−0.8−1.30.71.22.22.63.13.74.33.6
Bolivia12.57.72.24.61.60.93.34.45.44.14.0
Brazil576.33.24.97.16.88.414.86.66.94.54.1
Chile13.95.13.33.83.62.52.81.13.13.53.1
Colombia24.518.710.99.28.06.37.15.95.04.74.2
Costa Rica18.311.710.011.011.39.29.411.713.613.010.9
Dominica3.11.01.20.91.60.11.62.41.61.51.5
Dominican Republic21.24.86.57.78.95.227.451.54.28.55.0
Ecuador42.736.152.296.137.712.67.92.72.13.23.0
El Salvador13.92.60.52.33.81.92.14.53.74.13.5
Grenada3.01.40.62.11.71.12.22.33.54.32.0
Guatemala15.96.65.26.07.38.15.67.69.16.96.6
Guyana33.24.77.46.12.75.46.04.76.97.54.4
Haiti20.110.68.713.714.29.939.321.215.814.19.0
Honduras18.313.711.611.09.77.77.78.18.15.84.4
Jamaica27.88.66.08.17.07.110.513.415.39.69.0
Mexico28.015.916.69.56.45.04.54.74.03.53.3
Netherlands Antilles2.61.40.84.41.60.41.91.63.22.82.5
Nicaragua269.418.57.29.94.74.06.69.39.68.66.8
Panama1.00.61.31.40.31.00.60.52.92.82.3
Paraguay19.311.66.89.07.310.514.24.36.88.94.9
Peru267.17.33.53.82.00.22.33.71.62.42.5
St. Kitts and Nevis3.33.73.42.12.12.12.32.13.62.02.0
St. Lucia3.12.83.53.75.4−0.31.01.53.95.54.0
St. Vincent and the Grenadines3.12.11.00.20.80.80.23.03.71.81.7
Suriname58.019.198.758.639.815.523.09.19.914.87.0
Trinidad and Tobago6.95.33.43.65.54.23.83.76.97.77.6
Uruguay59.010.85.74.84.414.019.49.24.75.94.3
Venezuela51.435.823.616.212.522.431.121.715.912.115.4

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.

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.

Table 12.Summary Financial Indicators(Percent)
1998199920002001200220032004200520062007
Advanced economies
Central government fiscal balance1
Advanced economies−0.9−1.00.1−1.0−2.4−3.1−2.8−2.3−2.1−2.1
United States0.51.11.90.4−2.6−3.8−3.7−2.9−2.5−2.8
Euro area−2.2−1.7−0.4−1.6−2.0−2.3−2.4−2.0−1.8−1.7
Japan−3.5−8.2−6.7−6.1−6.7−6.8−5.8−5.4−5.2−5.1
Other advanced economies20.10.61.60.7−0.1−0.6−0.10.20.20.3
General government fiscal balance1
Advanced economies−1.4−1.0−1.5−3.3−3.9−3.3−2.7−2.3−2.3
United States0.40.91.6−0.4−3.8−4.8−4.6−3.7−3.1−3.2
Euro area−2.3−1.3−1.0−1.9−2.6−3.0−2.7−2.2−2.0−1.9
Japan−5.6−7.5−7.7−6.4−8.2−8.1−6.3−5.6−5.2−4.9
Other advanced economies2−0.60.21.70.3−0.5−0.6−0.10.40.40.5
General government structural balance3
Advanced economies−1.5−1.4−1.3−1.9−3.4−3.7−3.4−2.8−2.6−2.5
Growth of broad money4
Advanced economies6.85.94.98.15.65.35.55.6
United States8.76.06.010.46.34.95.74.0
Euro area5.05.74.18.06.97.16.67.4
Japan4.02.71.93.31.81.61.82.0
Other advanced economies29.49.16.78.16.17.16.49.0
Short-term interest rates5
United States4.94.86.03.51.61.01.43.25.05.3
Euro area3.73.04.44.33.32.32.12.23.13.7
Japan0.20.00.20.00.00.00.00.00.20.9
LIBOR5.65.56.63.71.91.21.83.85.45.5
Other emerging market and developing countries
Central government fiscal balance1
Weighted average−3.7−3.8−2.9−3.1−3.5−2.8−1.7−0.9−0.5−0.3
Median−3.0−3.2−2.7−3.7−3.6−3.2−2.7−2.0−1.9−1.7
General government fiscal balance1
Weighted average−4.6−4.7−3.5−3.9−4.3−3.4−2.1−1.4−0.9−0.8
Median−3.3−3.3−3.2−3.3−3.6−3.0−2.7−2.0−1.7−1.7
Growth of broad money
Weighted average18.517.616.515.415.916.217.119.218.014.4
Median11.413.115.113.613.312.413.514.013.010.5

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.

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.

Table 13.Advanced Economies: General and Central Government Fiscal Balances and Balances Excluding Social Security Transactions1(Percent of GDP)
1998199920002001200220032004200520062007
General government fiscal balance
Advanced economies1.41.01.53.33.93.32.72.32.3
United States0.40.91.6−0.4−3.8−4.8−4.6−3.7−3.1−3.2
Euro area−2.3−1.3−1.0−1.9−2.6−3.0−2.7−2.2−2.0−1.9
Germany−2.2−1.51.3−2.8−3.7−4.0−3.7−3.3−2.9−2.4
France2−2.6−1.7−1.5−1.6−3.2−4.2−3.7−2.9−2.7−2.6
Italy−2.8−1.7−0.7−3.1−2.9−3.4−3.4−4.1−4.0−4.1
Spain−3.0−1.1−0.9−0.5−0.3−0.11.11.30.9
Netherlands−0.80.72.2−0.3−2.0−3.2−2.1−0.1−0.8−0.8
Belgium−0.8−0.50.10.60.10.1−0.7
Austria3−2.4−2.3−1.6−0.1−0.7−1.7−1.2−1.6−1.8−0.9
Finland1.71.66.95.04.12.32.12.52.73.3
Greece−4.3−3.5−4.0−6.0−4.9−5.8−6.9−4.5−2.8−2.7
Portugal−2.4−2.7−2.7−4.3−4.2−5.5−5.3−6.0−4.6−3.7
Ireland42.52.44.40.7−0.40.21.51.00.7−0.4
Luxembourg3.23.35.95.92.00.2−1.1−1.9−1.7−1.9
Japan−5.6−7.5−7.7−6.4−8.2−8.1−6.3−5.6−5.2−4.9
United Kingdom0.11.21.71.0−1.6−3.3−3.2−3.3−3.2−2.8
Canada0.11.62.90.7−0.10.71.71.11.0
Korea5−3.9−2.51.10.62.32.72.32.12.42.5
Australia60.81.71.40.10.31.11.72.32.22.0
Taiwan Province of China−3.2−5.7−4.5−6.4−4.3−2.8−2.9−2.4−1.7−1.7
Sweden1.92.35.02.6−0.5−0.11.01.40.71.1
Switzerland−1.5−0.62.2−1.2−1.4−1.2−0.6−1.0−0.8
Hong Kong SAR−1.80.8−0.6−4.9−4.8−3.3−0.31.00.50.7
Denmark1.42.31.20.2−0.11.73.92.62.5
Norway3.66.215.613.69.37.511.416.217.720.4
Israel−3.7−4.2−2.0−4.0−4.3−6.7−5.1−2.7−3.0−3.0
Singapore3.64.67.94.84.05.76.06.04.34.5
New Zealand72.11.51.21.61.73.44.64.84.43.0
Cyprus−4.2−4.4−2.4−2.3−4.5−6.3−4.1−2.4−2.2−1.6
Iceland0.52.32.40.2−0.8−2.00.33.22.1−0.8
Memorandum
Major advanced economies−1.4−1.1−0.2−1.7−4.0−4.8−4.3−3.6−3.2−3.2
Newly industrialized Asian economies−2.9−2.8−0.5−2.1−0.50.40.50.81.01.1
Fiscal balance excluding social security transactions
United States−0.3−0.20.5−1.3−4.3−5.2−5.0−4.2−3.5−3.7
Japan−7.0−8.5−8.2−6.5−7.9−8.2−6.6−5.3−4.8−4.6
Germany−2.3−1.71.3−2.6−3.4−3.6−3.6−2.9−2.2−1.3
France−2.5−2.0−1.9−2.0−2.9−3.6−2.7−2.7−1.9−1.4
Italy1.32.63.20.81.20.70.80.10.50.4
Canada2.73.94.82.41.41.42.13.32.62.6
Central government fiscal balance
Advanced economies0.91.00.11.02.43.12.82.32.12.1
United States80.51.11.90.4−2.6−3.8−3.7−2.9−2.5−2.8
Euro area−2.2−1.7−0.4−1.6−2.0−2.3−2.4−2.0−1.8−1.7
Germany9−1.8−1.51.4−1.3−1.7−1.8−2.3−2.5−1.9−1.7
France−2.9−2.6−2.5−2.4−3.6−3.9−3.2−3.0−2.5−2.1
Italy−2.6−1.4−1.0−2.9−2.8−2.6−3.1−3.8−3.7−3.7
Spain−2.3−1.0−1.0−0.6−0.5−0.3−1.20.40.50.3
Japan10−3.5−8.2−6.7−6.1−6.7−6.8−5.8−5.4−5.2−5.1
United Kingdom0.11.21.80.9−1.8−3.6−3.2−3.1−3.1−2.8
Canada0.80.91.91.10.80.10.60.40.30.2
Other advanced economies−0.20.21.50.50.40.61.21.81.71.8
Memorandum
Major advanced economies−0.9−1.2−0.1−1.2−3.0−3.8−3.5−3.2−2.8−2.9
Newly industrialized Asian economies−1.1−0.80.2−0.70.30.40.70.91.01.1

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.

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.

Table 14.Advanced Economies: General Government Structural Balances1(Percent of potential GDP)
1998199920002001200220032004200520062007
Structural balance
Advanced economies1.51.41.31.93.43.73.42.82.62.5
United States−0.7−0.60.1−1.1−3.8−4.5−4.4−3.6−3.1−3.2
Euro area2,3−1.8−1.3−1.7−2.4−2.6−2.7−2.4−2.0−1.7−1.6
Germany2−1.3−0.9−1.2−2.8−3.3−3.3−3.3−3.0−2.6−2.1
France2−1.8−1.4−2.1−2.2−3.1−3.5−3.0−2.2−1.8−1.8
Italy2−3.1−1.9−3.0−4.4−4.1−3.5−3.5−3.4−3.3−3.4
Spain2−2.8−1.4−1.6−1.2−0.30.10.81.11.31.0
Netherlands2−1.4−0.7−0.2−1.2−2.3−2.6−1.5−0.3−0.5−0.9
Belgium2−0.6−1.0−1.5−0.7−0.4−1.30.30.70.1−0.5
Austria2−2.6−2.7−3.4−0.8−0.5−0.6−0.9−1.4−1.9−0.9
Finland2.02.06.74.84.43.12.52.92.73.3
Greece−2.5−2.0−3.7−6.4−5.3−6.5−8.1−5.6−3.8−3.8
Portugal2−2.7−3.5−4.6−1.2−0.4−2.8−3.0−5.4−3.8−3.1
Ireland21.80.82.5−0.5−1.10.51.91.00.5−0.7
Japan−4.9−6.3−7.2−5.7−6.9−7.0−5.5−5.2−5.1−5.0
United Kingdom0.11.11.50.5−1.9−3.3−3.4−3.2−3.1−2.8
Canada0.51.32.00.4−0.20.30.91.81.11.0
Other advanced economies−0.10.51.20.70.30.81.30.90.8
Australia40.71.51.30.10.31.11.62.32.22.0
Sweden2.72.04.63.20.61.21.92.21.01.1
Denmark−1.20.10.81.10.40.70.81.71.51.6
Norway5−4.5−3.7−2.4−1.1−3.8−5.8−4.5−3.5−4.3−4.4
New Zealand61.80.91.32.13.24.24.84.84.03.3
Memorandum
Major advanced economies−1.6−1.5−1.5−2.2−3.9−4.3−4.0−3.4−3.1−3.1

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.

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.

Table 15.Advanced Economies: Monetary Aggregates1(Annual percent change)
19981999200020012002200320042005
Narrow money2
Advanced economies5.78.32.09.49.18.16.45.4
United States2.12.6−3.28.73.17.05.2−0.3
Euro area