Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Research Dept.
Published Date:
January 1985
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Statistical Appendix

Introduction

Assumptions and Conventions

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

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

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

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

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

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

Classification of Countries

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

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

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

Table A.Developing Countries: Shares of Various Subgroups in Aggregate GDP, Exports of Goods and Services, and Debt Outstanding, 1980(In percent)
GDPExports of Goods and ServicesDebt1Memorandum:

Number of Countries

in Each Subgroup
Developing countries100.0100.0131
By region
Africa13.714.216.648
Asia31.425.123.826
Europe10.57.511.98
Middle East16.736.716
Western Hemisphere27.716.440.333
By predominant export
Fuel exporters32.449.820
Non-fuel exporters67.650.275.0111
Primary product exporters33.121.644.872
Exporters of manufactures29.023.021.311
Service and remittance countries5.55.68.928
By financial criteria
Capital importing countries86.067.5100.0123
Market borrowers Of which,51.449.167.735
Major borrowers28.017.841.77
Official borrowers7.25.110.859
Countries with recent debt-servicing problems42.826.659.557
Countries without debt-servicing problems43.341.040.566
By miscellaneous criteria
Small low-income countries5.62.88.341
Sub-Saharan Africa 24.64.07.343
Middle Eastern oil exporters14.032.58
Non-oil Middle Eastern countries2.74.37.48
By alternative analytical categories
Oil exporting countries24.043.912
Non-oil developing countries76.056.186.6119
Net oil exporters11.110.018.112
Net oil importers65.046.168.5107
Major exporters of manufactures26.826.133.911
Low-income countries22.87.213.343
Other net oil importers15.412.921.353

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

AustraliaGermany, Fed. Rep. ofNew Zealand
AustriaIcelandNorway
BelgiumIrelandSpain
CanadaItalySweden
DenmarkJapanSwitzerland
FinlandLuxembourgUnited Kingdom
FranceNetherlandsUnited States

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

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

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

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

AlgeriaKuwaitSyrian Arab Rep.
BahrainLibyan Arab Jamahiriya
CongoTrinidad and Tobago
EcuadorMexico
GabonNigeriaTunisia
IndonesiaOmanUnited Arab Emirates
Iran, Islamic Rep. ofQatar
IraqSaudi ArabiaVenezuela

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

AfghanistanComorosJamaica
ArgentinaCosta RicaKenya
BangladeshDjiboutiLao People’s Dem. Rep.
BelizeDominican Rep.
BeninEl SalvadorLiberia
BhutanEquatorial GuineaMadagascar
BoliviaEthiopiaMalawi
BotswanaFijiMalaysia
BrazilGambia, TheMali
BurmaGhanaMauritania
BurundiGuatemalaMauritius
CameroonGuineaMorocco
Central African Rep.Guinea-BissauMozambique
GuyanaNicaragua
ChadHaitiNiger
ChileHondurasPapua New Guinea
ColombiaIvory Coast
ParaguaySomaliaThailand
PeruSouth AfricaTogo
PhilippinesSri LankaTurkey
RwandaSt. Christopher and NevisUganda
São Tomé and PrincipeUruguay
SudanZaire
SenegalSurinameZambia
Sierra LeoneSwazilandZimbabwe
Solomon IslandsTanzania

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

ChinaIsraelSingapore
Hong KongKoreaViet Nam
HungaryRomaniaYugoslavia
India

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

Antigua and BarbudaGreeceNepalVanuatu
GrenadaNetherlands AntillesWestern Samoa
BahamasJordan
BarbadosKampuchea, Dem.PakistanYemen Arab Rep.
Burkina FasoPanama
Cape VerdeLebanonPortugalYemen, People’s Dem. Rep. of
CyprusLesothoSeychelles
DominicaMaldivesSt. Lucia
EgyptMaltaSt. Vincent

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

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

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

AlgeriaCyprusMalaysiaPortugal
Antigua and BarbudaEcuadorMexicoSingapore
GabonNigeriaSouth Africa
ArgentinaGreecePanamaSuriname
BahamasHong KongPapua New GuineaTrinidad and Tobago
BoliviaHungary
BrazilIndonesiaParaguayUruguay
ChileIvory CoastPeruVenezuela
ColombiaKoreaPhilippinesYugoslavia
Congo

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

ArgentinaKoreaPhilippines
BrazilMexicoVenezuela
Indonesia

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

AfghanistanFijiMaltaSudan
BahrainGambia, TheMauritaniaSwaziland
BangladeshGhanaNepalSyrian Arab Rep.
BhutanGrenadaNetherlands Antilles
Burkina FasoGuatemalaTanzania
BurmaGuineaNicaraguaTogo
BurundiGuinea-BissauPakistanUganda
Cape VerdeRwandaViet Nam
CentralGuyanaSão Tomé and PrincipeWestern Samoa
AfricanHonduras
Rep.JamaicaYemen Arab Rep.
ChadJordanSenegal
ComorosLao People’s Dem. Rep.SeychellesYemen, People’s Dem. Rep. of
DjiboutiSierra Leone
DominicaLiberia
DominicanMadagascarSomalia
Rep.MalawiSt. LuciaZaire
El SalvadorMaldivesSt. VincentZambia
EquatorialMali
Guinea

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

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

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

AfghanistanComorosKenyaSão Tomé
BangladeshEquatorialLao People’sand
BeninGuineaDem. Rep.Principe
BhutanEthiopiaMadagascarSierra Leone
Burkina FasoGambia, TheMalawiSomalia
BurmaGhanaMaldivesSri Lanka
BurundiGuineaMaliSudan
Cape VerdeGuinea-MauritaniaTanzania
CentralBissauMozambiqueTogo
AfricanHaitiNepalUganda
Rep.IndiaNigerViet Nam
ChadKampuchea,PakistanZaïre
ChinaDem.Rwanda

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

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

Iran, IslamicLibyan ArabSaudi Arabia
Rep. ofJamahiriyaUnited Arab
IraqOmanEmirates
KuwaitQatar

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

BahrainLebanonYemen Arab Rep
EgyptSyrian ArabYemen, People’s
IsraelRep.Dem. Rep. of
Jordan

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

AlgeriaKuwaitQatar
IndonesiaLibyan ArabSaudi Arabia
Iran, IslamicJamahiriyaUnited Arab
Rep. ofNigeriaEmirates
IraqOmanVenezuela

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

BahrainEgyptPeru
BoliviaGabonSyrian Arab Rep.
CongoMalaysiaTrinidad and Tobago
EcuadorMexicoTunisia

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

ArgentinaIsraelSingapore
BrazilKoreaSouth Africa
GreecePortugalYugoslavia
Hong Kong

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

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

Output and Employment

Table 1.World Output, 1967-861(Changes, in percent)
AverageFrom Preceding Year
1967-7621977197819791980198119821983198419851986
World4.44.54.43.52.01.60.42.54.53.13.4
Industrial countries3.73.94.13.51.31.6−0.22.64.92.83.1
United States2.85.55.02.8−0.32.5−2.13.76.82.63.3
Other industrial countries4.52.93.53.92.21.10.92.03.53.02.9
Of which,
Japan7.45.35.15.24.84.03.33.45.84.44.0
Germany, Fed. Rep. of3.52.83.54.01.9−0.2−1.01.32.62.13.1
Developing countries6.06.15.14.23.62.31.51.44.43.54.1
Median growth rate5.25.55.64.93.73.21.51.52.93.03.3
By region
Africa4.84.41.22.84.51.70.2−1.22.62.23.1
Asia5.28.09.14.35.35.65.07.68.16.86.0
Europe6.05.45.43.81.62.52.21.33.52.93.3
Middle East9.07.01.72.3−2.1−1.8−0.21.72.6
Western Hemisphere5.95.34.16.15.31.0−0.9−3.23.12.53.3
By analytical criteria
Fuel exporters7.95.92.73.31.10.9−0.4−1.52.21.03.0
Non-fuel exporters5.35.96.14.64.62.92.52.95.64.74.6
Market borrowers6.25.74.65.94.72.30.3−0.93.62.73.7
Official borrowers3.55.83.82.12.93.31.92.33.23.54.0
Other countries35.54.54.72.32.90.81.73.53.13.63.5
Table 2.Industrial Countries: Changes in Real GNP and Total Domestic Demand, 1967-861(In percent)
From Fourth

Quarter of

Preceding Year
AverageFrom Preceding YearFourth quarter
1967-7621977197819791980198119821983198419851986198419851986
Real GNP
Canada4.82.03.63.21.13.3−4.43.35.04.02.44.33.52.3
United States2.85.55.02.8−0.32.5−2.13.76.82.63.35.72.62.8
Japan7.45.35.15.24.84.03.33.45.84.44.06.52.84.5
France34.73.13.83.31.10.41.80.71.31.01.71.11.41.9
Germany, Fed. Rep. of3.52.83.54.01.9−0.2−1.01.32.62.13.12.82.32.5
Italy34.31.92.74.93.90.2−0.5−0.42.62.72.61.73.52.0
United Kingdom42.22.33.72.7−2.5−1.52.33.02.63.22.22.82.51.8
Other industrial countries4.21.72.03.22.10.60.31.83.12.62.52.12.62.6
All industrial countries3.73.94.13.51.31.6−0.22.64.92.83.14.32.62.9
Of which,
Seven major countries above3.64.34.43.51.21.8−0.32.85.12.83.24.72.62.9
European countries3.82.43.03.41.5−0.20.51.42.32.32.52.12.42.2
Real total domestic demand
Canada5.10.82.34.23.7−6.93.73.74.33.11.95.32.6
United States2.75.95.02.0−1.23.1−1.24.98.73.73.66.74.03.0
Japan7.04.26.16.41.22.13.21.94.03.43.44.03.13.3
France4.71.83.84.12.2−0.54.1−0.40.30.91.70.61.41.9
Germany, Fed. Rep. of3.42.93.75.41.4−2.5−2.02.01.70.92.80.81.92.0
Italy4.10.52.05.77.0−2.2−0.3−1.22.93.82.92.93.92.6
United Kingdom1.9−0.54.23.7−3.2−1.72.54.32.12.82.52.22.71.0
Other industrial countries4.11.40.93.62.0−1.20.20.52.82.42.10.23.52.2
All industrial countries3.53.64.03.80.50.80.12.85.23.03.13.93.42.7
Of which,
Seven major countries above3.54.04.53.80.21.20.13.15.53.13.34.43.42.8
European countries3.71.72.74.41.7−2.00.81.11.82.02.41.02.72.0
Table 3.Industrial Countries: Changes in Components of Real GNP, 1967-861(In percent)
AverageFrom Preceding Year
1967-7621977197819791980198119821983198419851986
Consumer expenditure
Canada5.62.42.62.01.01.7−2.03.13.74.12.5
United States3.55.04.52.70.52.01.44.85.34.13.3
Japan6.63.84.75.91.30.84.23.32.92.83.1
France5.03.24.73.41.52.03.41.00.71.01.4
Germany, Fed. Rep. of4.13.73.63.11.4−0.6−1.41.10.61.12.6
Italy4.32.33.05.34.30.50.5−0.31.83.02.5
United Kingdom2.1−0.55.54.5−0.3−0.30.83.91.63.02.9
Other industrial countries4.22.41.82.71.2−0.21.00.70.91.71.8
All industrial countries4.03.63.93.51.01.01.43.03.13.02.8
Of which,
Seven major countries above4.03.94.33.61.01.21.53.33.53.23.0
European countries4.02.63.43.51.40.71.20.91.82.2
Public consumption
Canada4.93.21.70.30.42.50.70.62.63.11.9
United States1.41.52.01.32.20.92.0−0.33.54.53.8
Japan5.13.95.14.32.95.21.82.92.32.41.9
France3.91.54.21.81.62.62.41.40.30.7
Germany, Fed. Rep. of3.71.03.93.52.61.5−1.00.22.11.11.6
Italy3.72.32.31.72.13.32.62.42.72.22.0
United Kingdom2.6−1.72.22.11.40.20.72.41.01.21.0
Other industrial countries4.43.14.72.92.82.31.72.82.02.01.6
All industrial countries2.91.93.22.32.32.11.51.22.53.02.5
Of which,
Seven major countries above2.71.72.92.22.22.11.50.92.63.22.7
European countries3.71.53.82.82.21.91.31.71.41.31.2
Gross fixed investment
Canada4.4−0.56.83.46.4−9.7−5.70.76.37.4
United States1.913.79.93.8−7.13.1−6.89.718.06.44.5
Japan9.14.89.46.31.13.61.90.75.74.64.3
France4.7−0.81.53.82.9−0.80.7−2.3−2.20.33.4
Germany, Fed. Rep. of1.43.94.97.23.1−4.1−4.73.11.2−1.85.1
Italy2.9−0.4−0.15.89.40.6−5.2−3.84.13.73.0
United Kingdom2.3−2.63.92.2−5.1−8.86.73.87.44.31.9
Other industrial countries4.41.2−0.70.42.2−1.5−1.9−1.23.33.84.0
All industrial countries3.26.35.84.1−1.30.6−3.13.69.34.54.3
Of which,
Seven major countries above3.07.27.04.8−1.91.0−3.34.410.24.64.3
European countries2.91.01.73.62.3−3.5−1.30.52.41.83.6
Final domestic demand
Canada5.21.91.92.71.52.9−3.30.82.94.43.4
United States2.85.54.82.6−0.42.00.34.46.84.63.6
Japan7.24.16.35.91.42.13.22.43.83.43.4
France4.82.03.93.31.81.42.70.30.81.6
Germany, Fed. Rep. of3.43.24.04.12.0−0.9−2.01.41.00.52.9
Italy3.91.82.34.84.91.0−0.3−0.52.33.02.5
United Kingdom2.2−1.24.53.5−0.9−1.71.83.62.52.82.3
Other industrial countries4.12.21.72.21.80.30.61.52.12.2
All industrial countries3.63.64.13.40.91.10.62.54.03.33.1
Of which,
Seven major countries above3.63.94.53.60.81.30.72.94.43.53.2
European countries3.72.13.13.41.8−0.30.31.11.31.72.3
Stockbuilding3
Canada−1.30.41.5−1.60.8−3.72.80.8−0.3
United States0.40.2−0.6−0.81.1−1.40.51.9−0.80.1
Japan−0.3−0.20.5−0.1−0.50.2
France−0.3−0.10.80.3−2.01.4−0.80.20.1
Germany, Fed. Rep. of0.1−0.4−0.21.3−0.6−1.60.60.60.4
Italy0.1−1.4−0.30.82.1−3.2−0.70.60.80.4
United Kingdom−0.20.8−0.30.2−2.60.10.80.8−0.40.2
Other industrial countries−0.8−0.81.40.2−1.3−0.2−0.11.20.3
All industrial countries0.4−0.4−0.3−0.50.21.1−0.2
Of which,
Seven major countries above0.10.2−0.5−0.1−0.50.31.1−0.3
European countries−0.3−0.31.0−1.60.50.60.30.1
Foreign balance3
Canada−0.41.51.3−1.11.3−0.42.8−0.41.3−0.3−0.7
United States0.2−0.30.10.90.9−0.4−0.9−1.2−1.8−1.1−0.4
Japan0.51.1−1.0−1.13.51.91.41.80.70.5
France1.3−0.8−1.11.0−2.21.21.0
Germany, Fed. Rep. of−0.2−0.3−1.30.52.20.9−0.50.91.10.4
Italy0.21.30.7−0.6−3.02.3−0.20.8−0.2−1.1−0.3
United Kingdom0.41.6−0.5−1.71.10.4−0.8−1.2−0.50.4−0.3
Other industrial countries0.31.1−0.40.11.80.21.30.40.30.4
All industrial countries0.10.40.2−0.20.80.9−0.3−0.2−0.2
Of which,
Seven major countries above0.10.4−0.20.90.7−0.4−0.3−0.3−0.3
European countries0.10.70.4−0.9−0.21.8−0.30.40.60.30.1
Table 4.Industrial Countries: Employment and Unemployment, 1967-861(In percent)
Average 1967-761977197819791980198119821983198419851986
Growth in employment2
Canada2.71.83.54.13.02.8−3.20.82.53.02.2
United States2.03.74.42.90.51.1−0.91.34.12.11.9
Japan0.91.41.21.31.00.81.01.70.61.11.0
France0.71.60.4−0.60.1−0.5−1.0−0.3
Germany, Fed. Rep. of0.41.11.81.4−0.5−1.9−1.70.60.6
Italy1.50.90.41.01.40.3−1.21.30.40.50.8
United Kingdom−0.30.30.91.1−1.8−3.7−2.4−1.10.60.70.4
Other industrial countries0.70.10.80.2−0.6−0.9−0.80.50.70.7
All industrial countries2.01.92.21.90.60.2−0.80.41.91.41.3
Of which,
Seven major countries above2.22.32.62.10.70.3−0.80.72.21.51.4
European countries0.40.60.50.90.2−1.0−1.2−0.70.40.5
Unemployment rates3
Canada5.68.18.37.47.57.511.111.911.310.510.0
United States5.47.06.15.97.27.69.79.67.57.37.1
Japan1.42.02.22.12.02.22.42.72.72.42.4
France3.05.15.56.26.67.78.48.610.110.811.2
Germany, Fed. Rep. of1.73.93.83.33.44.96.88.28.18.28.1
Italy45.97.27.27.77.68.410.09.910.410.410.1
United Kingdom3.05.75.75.46.510.111.812.112.613.113.2
Other industrial countries2.24.75.55.86.57.99.510.911.811.912.0
All industrial countries3.55.35.25.15.86.88.38.78.38.28.1
Of which,
Seven major countries above3.75.45.15.05.66.58.18.37.77.67.5
European countries3.05.25.55.66.17.99.410.110.911.211.3
Table 5.Developing Countries: Growth of Real GDP, 1967-861,2(In percent)
Average

1967-763
1977197819791980198119821983198419851986
Developing countries6.06.15.14.23.62.31.51.44.43.54.1
Memorandum: Median growth rate5.25.55.64.93.73.21.51.52.93.03.3
By region
Africa4.84.41.22.84.51.70.2−1.22.62.23.1
Asia5.28.09.14.35.35.65.07.68.16.86.0
Europe6.05.45.43.81.62.52.21.33.52.93.3
Middle East9.07.01.72.3−2.1−1.8−0.21.72.6
Western Hemisphere5.95.34.16.15.31.0−0.9−3.23.12.53.3
By predominant export
Fuel exporters7.95.92.73.31.10.9−0.4−1.52.21.03.0
Non-fuel exporters5.35.96.14.64.62.92.52.95.64.74.6
Primary product exporters5.55.03.64.84.61.10.2−0.63.52.73.4
Exporters of manufactures5.38.09.24.24.54.85.07.28.57.06.1
Service and remittance countries4.17.95.95.75.33.03.12.03.13.94.0
By financial criteria
Capital importing countries5.55.85.74.74.73.12.01.85.04.24.4
Of which,
Market borrowers6.25.74.65.94.72.30.3−0.93.62.73.7
Of which,
Major borrowers6.86.04.96.44.71.90.4−1.33.62.73.8
Official borrowers3.55.83.82.12.93.31.92.33.23.54.0
Countries with recent debt-servicing problems5.45.63.44.94.11.4−2.22.82.83.3
Countries without debt-servicing problems5.56.38.14.45.44.93.95.67.05.55.3
By miscellaneous criteria
Small low-income countries3.24.93.92.92.82.82.12.93.43.94.7
Sub-Saharan Africa43.94.02.22.23.21.70.50.71.63.14.0
Middle Eastern oil exporters10.16.40.71.4−4.0−3.2−1.0−0.41.4−0.82.3
Non-oil Middle Eastern countries5.19.46.16.26.75.13.92.73.13.53.9
By alternative analytical categories
Oil exporting countries8.36.91.31.9−0.9−1.2−0.6−0.61.80.32.7
Non-oil developing countries5.45.86.24.94.93.32.22.15.34.54.5
Net oil exporters6.23.76.17.67.36.71.1−2.93.93.74.2
Net oil importers5.36.26.24.54.52.82.43.05.64.74.6
Major exporters of manufactures6.65.74.66.44.40.90.80.34.62.83.8
Low-income countries3.66.78.52.65.64.65.37.58.47.86.1
Other net oil importers5.16.85.64.03.23.41.01.53.03.33.6
Memorandum
Output of non-oil sector in oil exporting countries9.46.04.35.46.94.11.41.91.92.3
Table 6.Developing Countries: Gross Capital Formation, 1977-841(In percent of GDP)
19771978197919801981198219831984
Developing countries27.527.426.526.525.824.623.822.7
By region
Africa30.028.726.427.529.125.523.021.1
Asia26.327.528.528.427.326.726.825.6
Europe37.334.233.032.329.928.327.325.2
Middle East25.026.123.021.422.023.527.326.3
Western Hemisphere25.124.823.223.723.020.917.917.4
By predominant export
Fuel exporters27.127.724.924.325.023.723.922.9
Non-fuel exporters27.627.327.127.426.225.023.822.6
Primary product exporters24.423.122.323.423.221.619.818.4
Exporters of manufactures30.331.632.331.729.728.928.727.9
Service and remittance countries34.631.029.327.824.323.020.318.7
By financial criteria
Capital importing countries27.827.627.127.326.524.723.222.0
Of which,
Market borrowers28.828.327.327.526.824.421.920.7
Of which,
Major borrowers26.626.425.225.124.222.420.119.3
Official borrowers19.119.820.320.620.519.518.617.4
Countries with recent debt-servicing problems27.526.525.125.625.022.620.018.6
Countries without debt-servicing problems28.228.729.028.927.826.826.325.2
By miscellaneous criteria
Small low-income countries16.517.818.418.918.417.916.916.9
Sub-Saharan Africa223.022.621.722.523.922.720.619.7
Middle Eastern oil exporters24.626.022.220.721.523.327.626.9
Non-oil Middle Eastern countries27.327.027.626.225.325.224.722.6
By alternative analytical categories
Oil exporting countries28.329.024.422.923.624.024.823.6
Non-oil developing countries27.327.027.127.526.524.723.522.4
Memorandum
Median estimates
Developing countries24.925.225.525.325.624.323.021.3
By region
Africa25.726.925.423.626.525.022.422.3
Asia23.823.728.628.428.524.326.222.5
Europe36.538.836.132.727.726.023.523.2
Middle East28.427.225.922.323.024.525.723.1
Western Hemisphere23.623.525.025.422.221.219.516.7

Inflation

Table 7Inflation, 1967-861(In percent)
Average

1967-762
1977197819791980198119821983198419851986
Industrial countries36.77.67.68.09.28.77.24.94.13.93.7
United States5.65.87.48.79.29.66.03.83.83.83.7
Other industrial countries37.68.77.87.59.28.27.85.64.34.03.7
Of which,
Japan7.95.74.62.62.82.71.70.50.60.70.9
Germany, Fed. Rep. of5.13.74.24.14.54.24.63.21.92.42.3
Developing countries413.724.618.721.526.925.724.232.036.439.029.0
Median inflation rates7.711.39.811.514.313.310.99.910.010.08.0
By region4
Africa8.518.816.916.716.621.313.418.719.820.624.2
Asia9.37.84.08.013.110.66.26.67.18.16.0
Europe9.115.119.825.937.924.123.723.228.127.318.8
Middle East8.417.212.611.716.815.312.812.213.914.113.0
Western Hemisphere24.549.941.946.553.758.264.698.6117.0133.086.5
By analytical criteria4
Fuel exporters9.517.712.412.115.516.217.824.719.317.013.7
Non-fuel exporters16.228.021.425.732.130.327.536.046.051.037.0
Market borrowers18.732.628.231.836.138.337.854.164.168.647.9
Official borrowers9.417.313.719.522.228.317.522.017.218.815.2
Table 8Industrial Countries: Changes in GNP Deflators and Consumer Prices, 1967-861(In percent)
From Fourth

Quarter of

Preceding Year
AverageFrom Preceding YearFourth quarter
1967-7621977197819791980198119821983198419851986198419851986
GNP deflator
Canada6.97.46.710.311.410.610.45.32.83.44.12.64.04.1
United States5.65.87.48.79.29.66.03.83.83.83.73.63.93.8
Japan7.95.74.62.62.82.71.70.50.60.70.91.00.81.0
France37.39.09.410.412.211.812.69.57.36.15.26.25.74.9
Germany, Fed. Rep. of5.13.74.24.14.54.24.63.21.92.42.31.52.22.6
Italy39.319.113.915.920.718.317.815.010.79.67.98.49.17.2
United Kingdom39.913.911.214.519.911.77.25.34.25.24.24.44.94.3
Other industrial countries8.09.89.67.79.29.39.87.16.55.55.25.45.65.0
All industrial countries6.77.67.68.09.28.77.24.94.13.93.73.73.93.7
Of which,
Seven major countries above6.57.27.38.09.28.66.74.53.73.73.53.43.73.5
European countries7.59.78.99.011.09.89.47.35.75.34.64.95.04.4
Consumer prices
Canada6.08.08.99.110.212.510.85.84.33.84.73.74.14.7
United States5.86.57.611.313.510.46.23.24.33.84.34.14.04.1
Japan8.98.03.83.68.14.92.61.82.31.82.12.31.82.0
France7.39.49.110.713.813.411.89.67.46.04.76.55.64.1
Germany, Fed. Rep. of4.33.72.74.15.46.35.33.32.42.32.12.11.82.5
Italy8.517.012.114.821.218.716.315.110.79.17.59.89.16.9
United Kingdom10.015.98.313.418.011.98.64.65.06.04.85.05.45.5
Other industrial countries7.411.48.57.810.210.49.77.66.35.95.35.85.94.5
All industrial countries6.78.47.29.011.89.97.44.94.74.24.14.34.24.0
Of which,
Seven major countries above6.67.96.99.212.19.97.04.54.43.94.04.13.93.9
European countries7.110.27.58.811.811.19.57.36.15.44.55.55.14.4
Table 9.Industrial Countries: Changes in Hourly Compensation, Productivity, and Unit Labor Costs in Manufacturing, 1967-861(In percent)
AverageFrom Preceding Year
1967-7621977197819791980198119821983198419851986
Hourly Compensation3
Canada9.510.97.28.810.112.011.87.35.93.84.2
United States7.58.38.39.811.79.48.83.43.64.84.9
Japan17.69.34.66.36.75.85.53.33.65.24.4
France13.613.113.614.514.815.916.211.78.06.15.4
Germany, Fed. Rep. of10.68.66.86.98.57.25.73.73.33.53.9
Italy17.218.515.519.118.428.621.420.011.49.08.5
United Kingdom13.99.114.916.121.515.09.38.47.79.07.8
Other industrial countries13.114.612.111.610.811.09.77.66.86.26.3
All industrial countries10.810.49.310.311.510.89.56.05.05.45.2
Of which,
Seven major countries above10.59.78.810.111.710.79.55.74.85.35.1
European countries13.512.311.812.413.013.411.09.16.96.46.0
Output per manhour3
Canada4.43.53.42.7−0.40.37.411.80.31.2
United States2.62.50.90.60.23.12.14.23.52.82.7
Japan8.44.711.36.73.50.22.98.54.24.3
France6.25.45.85.02.22.75.64.95.84.34.3
Germany, Fed. Rep. of5.24.52.94.71.22.11.74.94.03.52.3
Italy5.40.34.08.43.17.32.54.15.82.92.6
United Kingdom4.00.51.31.45.04.66.64.32.82.7
Other industrial countries6.23.23.75.62.73.42.65.55.03.42.8
All industrial countries4.33.23.53.51.52.82.34.75.13.13.0
Of which,
Seven major countries above4.13.23.53.21.32.72.24.65.23.13.0
European countries5.63.34.05.02.23.63.35.55.03.63.0
Unit labor costs3
Canada4.97.13.65.910.611.611.7−5.33.53.0
United States4.85.77.39.111.66.06.6−0.80.12.02.1
Japan8.54.3−6.0−0.43.25.55.40.4−4.51.0
France7.07.27.59.012.312.910.16.52.11.71.1
Germany, Fed. Rep. of5.13.93.82.17.25.04.0−1.1−0.61.6
Italy11.218.111.19.914.819.918.415.25.26.05.8
United Kingdom9.58.613.314.521.59.54.41.63.46.05.0
Other industrial countries6.611.18.25.78.07.47.02.01.82.73.5
All industrial countries6.37.05.76.69.97.77.11.22.22.2
Of which,
Seven major countries above6.26.35.36.810.37.87.11.1−0.32.22.1
European countries7.68.77.57.110.69.47.43.51.82.72.9
Table 10.Developing Countries: Changes in Consumer Prices—Weighted Averages, 1967-861,2(In percent)
AverageFrom Preceding Year
1967-7631977197819791980198119821983198419851986
Developing countries13.724.618.721.526.925.724.232.036.439.029.0
By region
Africa8.518.816.916.716.621.313.418.719.820.624.2
Asia9.37.84.08.013.110.66.26.67.18.16.0
Europe9.115.119.825.937.924.123.723.228.127.318.8
Middle East8.417.212.611.716.815.312.812.213.914.113.0
Western Hemisphere24.549.941.946.553.758.264.698.6117.0133.086.5
By predominant export
Fuel exporters9.517.712.412.115.516.217.824.719.317.013.7
Non-fuel exporters16.228.021.425.732.130.327.536.046.051.037.0
Primary product exporters21.441.738.544.451.850.247.166.789.9102.571.8
Exporters of manufactures8.18.75.38.615.213.710.610.912.714.210.4
Service and remittance countries8.614.212.315.318.316.014.815.215.414.113.0
By financial criteria
Capital importing countries15.125.919.923.629.428.227.136.942.745.332.9
Of which,
Market borrowers18.732.628.231.836.138.337.854.164.168.647.9
Of which,
Major borrowers22.445.438.343.851.054.458.886.9104.0108.268.2
Official borrowers9.417.313.719.522.228.317.522.017.218.815.2
Countries with recent debt-servicing problems18.637.833.637.645.546.147.471.487.696.264.6
Countries without debt-servicing problems9.211.07.210.915.312.79.89.810.711.510.6
By miscellaneous criteria
Small low-income countries9.319.015.221.424.233.020.226.819.419.515.8
Sub-Saharan Africa49.728.022.226.725.930.619.729.920.520.636.9
Middle Eastern oil exporters8.016.510.78.611.811.88.67.64.96.87.6
Non-oil Middle Eastern countries9.720.021.025.942.334.637.638.865.649.435.7
By alternative analytical categories
Oil exporting countries9.915.111.411.113.313.68.69.510.110.710.7
Non-oil developing countries14.727.720.824.831.229.729.740.646.649.735.5
Net oil exporters8.422.817.717.724.224.443.970.952.550.936.8
Net oil importers15.828.621.325.932.330.627.435.645.549.535.3
Major exporters of manufactures21.543.140.145.252.858.854.975.8104.5112.773.3
Low-income countries8.113.24.77.712.512.27.710.48.211.08.0
Other net oil importers15.217.817.322.830.816.515.414.119.118.517.6
Table 11.Developing Countries: Changes in Consumer Prices—Median Estimates, 1967-861(In percent)
AverageFrom Preceding Year
1967-761977197819791980198119821983198419851986
Developing countries7.711.39.811.514.313.310.99.910.010.08.0
By region
Africa7.512.010.311.613.313.712.712.011.811.09.2
Asia6.86.25.97.513.012.57.68.17.37.06.0
Europe7.511.19.914.316.215.719.013.813.412.211.0
Middle East8.213.210.710.610.88.99.16.67.57.06.5
Western Hemisphere9.011.610.214.918.114.69.48.912.013.010.0
By predominant export
Fuel exporters7.912.010.510.311.213.310.79.79.26.96.2
Non-fuel exporters7.610.99.412.114.913.310.99.910.010.08.7
Primary product exporters7.811.510.112.216.814.012.311.812.012.510.0
Exporters of manufactures6.55.04.88.915.114.17.97.38.37.06.0
Service and remittance countries7.710.78.212.914.311.86.96.25.75.15.5
By financial criteria
Capital importing countries7.711.39.612.014.713.611.210.210.110.08.0
Of which,
Market borrowers9.011.810.414.917.414.89.911.812.210.010.0
Of which,
Major borrowers13.511.114.418.826.421.310.211.850.330.010.0
Official borrowers7.811.29.112.015.012.711.710.610.510.08.0
Countries with recent debt-servicing problems8.012.010.212.819.216.613.014.817.314.511.0
Countries without debt-servicing problems7.510.18.911.013.412.29.87.97.58.07.0
By miscellaneous criteria
Small low-income countries7.710.59.712.213.613.512.611.711.612.09.0
Sub-Saharan Africa27.611.910.512.413.613.612.912.111.911.09.1
Middle Eastern oil exporters8.910.610.69.910.08.37.43.71.62.53.5
Non-oil Middle Eastern countries8.916.110.714.115.210.311.77.510.510.510.0
By alternative analytical categories
Oil exporting countries8.511.210.610.810.611.77.85.68.36.35.7
Non-oil developing countries7.711.39.612.014.713.411.510.210.010.08.0
Net oil exporters7.712.410.59.015.114.616.217.413.29.57.5
Net oil importers7.710.99.312.114.713.310.79.610.010.08.2
Major exporters of manufactures11.812.214.419.024.921.321.020.218.517.515.0
Low-income countries7.510.29.411.713.413.212.511.710.812.08.7
Other net oil importers7.711.38.411.614.512.57.86.87.58.07.0

Financial Policies

Table 12.Summary Financial Indicators, 1977-861(In percent)
1977197819791980198119821983198419851986
Major industrial countries
Fiscal balances of central governments2
Seven major countries−3.2−3.4−3.0−3.5−3.8−4.7−5.7−5.2−5.3−5.1
Of which,
United States−2.7−2.0−1.2−2.4−2.5−4.3−5.8−5.0−5.3−5.0
Japan−5.1−5.3−6.2−6.3−6.0−6.0−5.8−5.7−5.3−5.0
Germany, Fed. Rep. of−2.2−2.1−1.8−1.6−2.1−2.1−2.0−1.8−1.5−1.5
Fiscal impulses of central governments3
Seven major countries−0.10.6−0.2−0.20.90.20.1−0.2
Of which,
United States0.2−0.80.40.41.70.50.4−0.2
Japan0.20.21.10.2−0.4−0.2−0.40.5−0.3−0.3
Germany, Fed. Rep. of−0.40.20.1−0.4−0.7−1.2−0.10.3−0.20.2
Growth of monetary aggregates4
Narrow money
Seven major countries8.811.09.85.76.67.310.27.07.86.5
Of which,
United States7.68.27.76.37.16.611.26.97.56.0
Japan7.010.110.72.63.35.83.62.83.03.0
Germany, Fed. Rep. of8.313.47.52.41.13.610.33.34.14.8
Broad money
Seven major countries12.211.010.79.59.99.610.57.57.97.3
Of which,
United States12.78.58.38.19.59.312.57.98.47.1
Japan11.411.711.99.28.99.27.47.88.07.8
Germany, Fed. Rep. of9.410.68.95.36.46.56.63.95.24.8
Interest rates5
Six-month Eurodollars6.39.111.913.916.713.69.911.38.58.0
Developing countries
Fiscal balances of central governments2
Weighted averages−2.6−3.4−2.2−1.5−3.4−4.8−5.4−4.3−3.6
Median−3.7−3.8−3.5−4.6−5.9−6.6−6.9−5.3−4.6
Growth of monetary aggregates6
Weighted averages31.929.034.036.136.034.737.548.040.0
Median19.819.517.720.719.319.116.816.014.0
Table 13.Major Industrial Countries: Changes in Monetary Aggregates, 1977-85(In percent)
From Fourth

Quarter of

Preceding Year
From Preceding YearFourth quarter
197719781979198019811982198319841983198419851
Narrow money (Ml)2
Canada8.811.07.59.26.15.515.514.216.719.430.6
United States7.68.27.76.37.16.611.26.910.45.28.5
Japan7.010.110.72.63.35.83.62.8−0.16.93.0
France7.911.313.86.812.213.99.97.011.79.56.0
Germany, Fed. Rep. of8.313.47.52.41.13.610.33.38.15.92.0
Italy20.323.622.315.911.211.615.311.712.99.611.0
United Kingdom14.319.811.35.010.310.012.614.911.215.615.5
Seven major countries above38.811.09.85.76.67.310.27.09.07.68.4
Four major European countries311.315.612.36.27.79.211.68.410.69.87.8
Broad money4
Canada14.311.115.718.915.19.45.74.44.36.29.5
United States12.78.58.38.19.59.312.57.912.27.78.0
Japan11.411.711.99.28.99.27.47.87.37.88.0
France12.313.213.010.811.411.59.18.011.28.35.0
Germany, Fed. Rep. of9.410.68.95.36.46.56.63.95.64.74.8
Italy20.522.320.914.310.812.116.111.913.312.113.0
United Kingdom8.015.313.316.715.911.010.89.110.510.210.5
Seven major countries above312.211.010.79.59.99.610.57.510.17.88.0
Four major European countries311.714.112.810.410.49.89.97.59.68.27.9
Table 14.Major Industrial Countries: Interest Rates, 1977-July 1985(Percent per annum)
19771978197919801981198219831984July

1985
Short-term interest rates1
Canada7.58.711.712.817.713.69.311.19.1
United States5.37.210.111.414.010.68.69.57.1
Japan6.35.15.910.77.46.86.56.36.3
France9.28.29.512.215.314.712.611.910.1
Germany, Fed. Rep. of4.43.76.79.512.18.95.86.05.3
Italy14.911.513.715.919.619.417.815.414.2
United Kingdom8.29.213.716.613.912.310.110.012.0
Seven major countries above26.37.09.411.813.210.99.09.27.8
Four major European countries28.27.39.912.614.512.910.710.19.7
Long-term interest rates3
Canada8.79.310.212.515.214.311.812.710.9
United States7.48.49.411.513.913.011.112.410.7
Japan7.36.17.79.28.78.17.46.86.6
France9.69.09.513.015.715.613.612.410.7
Germany, Fed. Rep. of6.25.77.48.510.49.07.97.86.7
Italy14.713.113.015.319.420.218.315.713.8
United Kingdom12.712.513.013.814.712.910.710.710.4
Seven major countries above28.38.39.311.213.112.410.811.19.8
Four major European countries29.89.19.911.814.213.511.811.19.9
Table 15.Major Industrial Countries: Central Government Fiscal Balances and Impulses, 1977-861(In percent of GNP)
1977197819751980198119821983198419851986
Fiscal balance
(+ surplus, —deficit)
Canada2−3.5−4.6−3.5−3.5−2.2−5.3−6.2−7.0−6.0−4.8
United States−2.7−2.0−1.2−2.4−2.5−4.3−5.8−5.0−5.3−5.0
Japan3−5.1−5.3−6.2−6.3−6.0−6.0−5.8−5.7−5.3−5.0
France4−1.0−1.6−1.5−1.1−2.6−2.8−3.3−3.4−3.2−3.0
Germany, Fed. Rep. of−2.2−2.1−1.8−1.6−2.1−2.1−2.0−1.8−1.5−1.5
Italy5−9.0−13.1−10.8−10.8−12.8−15.1−16.4−15.4−16.6−17.6
United Kingdom−3.0−4.9−5.3−4.7−4.1−2.8−4.8−3.2−3.2−3.1
Seven major countries above−3.2−3.4−3.0−3.5−3.8−4.7−5.7−5.2−5.3−5.1
Seven major countries except the United States−3.7−4.6−4.5−4.4−4.7−5.0−5.6−5.4−5.2−5.1
Fiscal impulse
(+ expansionary, —contractionary)
Canada21.51.2−0.5−0.1−1.10.80.71.4−0.6−1.1
United States0.2−0.80.40.41.70.50.4−0.2
Japan30.20.21.10.2−0.4−0.2−0.40.5−0.3−0.3
France4−0.30.90.1−0.81.10.1−0.1−0.4−0.3
Germany, Fed. Rep. of−0.40.20.1−0.4−0.7−1.2−0.10.3−0.20.2
Italy5−0.83.8−1.70.10.70.6−0.1−1.20.90.6
United Kingdom−2.62.60.5−2.4−2.4−1.42.2−1.50.40.1
Seven major countries above0.6−0.2−0.1−0.20.90.20.1−0.2
Seven major countries except the United States−0.31.10.3−0.5−0.4−0.40.2−0.1−0.1
Table 16.Major Industrial Countries: General Government Fiscal Balances and Impulses, 1977-861(In percent of GNP)
1977197819791980198119821983198419851986
Fiscal balance
(+ surplus, - deficit)
Canada−2.4−3.1−1.8−2.7−1.6−5.0−6.2−6.3−5.4−4.4
United States−0.90.6−1.2−0.9−3.8−4.1−3.4−3.4−3.4
Japan−3.8−5.5−4.8−4.5−3.6−3.6−3.5−2.7−2.0−1.6
France−0.8−1.9−0.70.2−1.8−2.7−3.1−2.8−3.0−3.0
Germany, Fed. Rep. of−2.4−2.5−2.8−3.1−3.7−3.3−2.5−1.9−1.3−1.0
Italy−7.9−9.7−9.5−8.0−11.9−12.6−12.4−13.5−14.4−15.2
United Kingdom−3.3−4.4−3.3−3.7−3.1−2.4−3.5−3.8−3.5−3.1
Seven major countries above−2.1−2.3−1.7−2.5−2.6−4.0−4.2−3.8−3.6−3.5
Seven major countries except the United States−3.2−4.3−3.6−3.5−3.9−4.2−4.4−4.2−3.8−3.5
Fiscal impulse
(+ expansionary, - contractionary)
Canada0.41.1−0.60.5−0.8−0.41.21.3−0.1−0.9
United States−0.2−0.1−0.50.6−0.31.00.70.90.20.2
Japan0.31.7−0.5−0.2−1.0−0.2−0.4−0.2−0.7−0.4
France1.4−1.0−1.80.60.3−0.5−0.9−0.5−0.3
Germany, Fed. Rep. of−0.90.50.9−1.0−2.0−0.90.2−0.50.2
Italy−2.21.40.4−1.32.2−1.1−1.90.90.60.4
United Kingdom−1.61.9−0.7−1.7−2.6−0.81.30.50.1−0.2
Seven major countries above−0.30.7−0.3−0.1−0.40.10.5−0.1
Seven major countries except the United States−0.51.3−0.2−0.7−0.6−0.7−0.30.1−0.3−0.2
Table 17.Developing Countries: Changes in Broad Money Aggregates, 1977-841,2(In percent)
From Preceding Year
19771978197919801981198219831984
Developing countries31.929.034.036.136.034.737.548.0
By region
Africa22.815.014.926.820.516.917.016.7
Asia16.617.825.427.420.521.719.422.8
Europe22.924.529.835.637.730.119.931.4
Middle East36.127.027.032.631.422.817.322.1
Western Hemisphere57.253.361.854.968.873.399.4137.3
By predominant export
Fuel exporters27.921.922.830.828.425.822.421.9
Non-fuel exporters33.432.139.138.539.539.446.063.3
Primary product exporters50.346.253.950.158.756.376.3108.1
Exporters of manufactures17.718.625.928.323.124.621.831.0
Service and remittance countries22.723.226.828.327.327.121.320.5
By financial criteria
Capital importing countries31.629.735.837.637.338.043.055.5
Of which,
Market borrowers41.437.542.143.645.447.057.673.3
Of which,
Major borrowers54.650.058.252.765.670.491.1120.0
Official borrowers22.223.915.721.126.023.424.522.5
Countries with recent debt-servicing problems45.739.945.446.754.754.869.593.8
Countries without debt-servicing problems18.719.926.629.122.223.121.026.7
By miscellaneous criteria
Small low-income countries23.826.416.723.430.124.326.821.5
Sub-Saharan Africa327.122.617.822.026.320.322.016.4
Middle Eastern oil exporters33.424.523.427.027.917.310.111.0
Non-oil Middle Eastern countries47.638.043.761.249.956.562.488.2
By alternative analytical categories
Oil exporting countries30.619.420.531.024.015.913.812.2
Non-oil developing countries32.231.938.437.739.941.546.562.4
Net oil exporters22.631.233.436.441.554.951.659.9
Net oil importers33.832.039.137.939.639.245.662.8
Major exporters of manufactures54.950.858.753.564.067.790.6131.3
Low-income countries15.516.725.826.021.421.120.426.8
Other net oil importers29.225.027.330.629.723.017.521.2
Memorandum
Median estimates
Developing countries19.819.517.720.719.319.116.816.0
By region
Africa16.718.214.720.218.916.514.014.5
Asia19.419.122.221.418.221.318.916.7
Europe16.317.918.622.024.422.215.620.7
Middle East29.023.121.328.831.519.818.217.2
Western Hemisphere20.119.316.915.417.215.116.115.2
Table 18.Developing Countries: Central Government Fiscal Balances, 1977-841(In percent of GDP)
19771978197919801981198219831984
Developing countries−2.6−3.4−2.2−1.5−3.4−4.8−5.4−4.3
By region
Africa−6.3−5.5−4.4−4.0−5.4−6.3−7.2−5.0
Asia−1.5−2.0−3.7−3.4−3.3−4.4−3.6−3.3
Europe−3.2−3.0−3.0−3.5−3.1−2.5−5.4−2.4
Middle East−2.1−7.30.24.3−3.0−7.0−9.9−10.1
Western Hemisphere−2.2−2.0−0.7−0.6−3.0−4.0−3.7−2.1
By predominant export
Fuel exporters−1.9−4.21.02.8−2.5−5.9−7.3−5.3
Non-fuel exporters−2.9−3.1−3.6−3.3−3.8−4.2−4.4−3.8
Primary product exporters−3.1−2.8−2.2−2.2−3.6−4.0−4.4−2.9
Exporters of manufactures−1.6−1.9−3.9−3.5−2.6−3.1−2.9−3.2
Service and remittance

countries
−7.5−9.9−10.3−8.3−11.3−11.8−11.3−12.2
By financial criteria
Capital importing countries−3.1−3.1−3.1−2.9−3.9−4.8−4.8−3.7
Of which,
Market borrowers−2.5−2.3−1.1−1.1−3.4−4.4−4.1−2.4
Of which,
Major borrowers−1.7−1.6−0.4−0.3−3.0−3.9−2.9−1.0
Official borrowers−6.1−6.2−6.3−7.0−7.0−8.8−7.3−7.0
Countries with recent debt-servicing problems−3.3−2.8−1.9−1.8−3.6−4.2−4.6−2.3
Countries without debt-servicing problems−2.8−3.4−4.4−4.0−4.1−5.3−5.1−5.0
By miscellaneous criteria
Small low-income countries−6.0−6.1−6.8−6.5−6.3−7.5−6.2−5.7
Sub-Saharan Africa2−5.7−5.9−6.6−6.6−6.7−7.0−5.7−4.7
Middle Eastern oil exporters1.0−5.53.68.0−0.5−4.9−8.5−7.9
Non-oil Middle Eastern

countries
−14.5−14.9−14.3−12.2−15.2−17.7−17.2−20.0
By alternative analytical categories
Oil exporting countries−1.0−4.42.24.6−1.3−5.1−7.3−5.4
Non-oil developing countries−3.0−3.1−3.5−3.3−4.0−4.7−4.7−3.9
Net oil exporters−5.8−5.8−4.9−4.1−7.7−9.3−8.5−6.8
Net oil importers−2.5−2.7−3.3−3.1−3.5−3.9−4.0−3.4
Major exporters of manufactures−2.5−2.3−1.6−1.2−3.2−2.8−2.7−2.2
Low-income countries−2.2−3.0−5.8−5.0−3.7−4.6−4.3−4.6
Other net oil importers−3.1−2.8−2.7−3.7−3.6−4.7−5.8−3.9
Memorandum
Median estimates
Developing countries−3.7−3.8−3.5−4.6−5.9−6.6−6.9−5.3
By region
Africa−3.9−5.6−6.6−6.1−8.7−7.6−8.5−6.0
Asia−2.9−2.8−3.2−3.2−4.1−6.1−4.3−4.7
Europe−2.0−2.3−2.9−3.1−1.3−1.9−4.6−3.2
Middle East−1.4−8.2−0.1−5.6−11.6−8.9−8.9−10.9
Western Hemisphere−4.2−2.3−2.9−4.0−5.4−5.9−5.2−5.1

Foreign Trade

Table 19.Summary of World Trade Volumes and Prices, 1967-861(Changes, in percent)
AverageFrom Preceding Year
1967-7621977197819791980198119821983198419851986
World trade3
Volume7.74.75.56.61.20.4−2.52.38.53.54.3
Unit value (in U.S. dollar terms)8.69.110.018.520.1−1.0−3.9−4.6−1.9−2.04.8
(in SDR terms)47.17.92.614.819.29.32.6−1.52.30.32.4
Volume of trade
Exports
Industrial countries8.15.05.87.13.73.4−2.32.19.73.74.1
Developing countries6.02.54.05.5−4.4−5.5−8.02.78.40.35.0
Fuel exporters4.31.3−1.62.3−13.7−14.9−16.4−4.73.4−5.53.1
Non-fuel exporters6.84.09.48.98.96.80.98.912.04.16.1
Imports
Industrial countries7.54.24.98.5−1.7−2.5−0.84.211.76.14.7
Developing countries8.49.56.94.78.67.1−3.8−3.42.1−0.12.7
Fuel exporters15.913.63.9−4.813.320.1−0.5−12.7−4.3−7.4
Non-fuel exporters6.37.58.69.56.61.5−5.51.65.02.93.7
Unit value of trade
(in SDR terms)4
Exports
Industrial countries6.16.95.611.912.56.03.0−0.31.30.93.9
Developing countries11.210.8−3.925.337.715.62.2−4.93.9−1.90.1
Fuel exporters19.38.4−6.139.362.623.03.5−8.63.4−1.9−1.9
Non-fuel exporters6.113.2−1.613.112.87.20.9−1.74.3−1.91.3
Imports
Industrial countries7.28.12.515.420.88.31.1−2.41.82.9
Developing countries6.96.83.313.317.412.43.2−0.93.30.12.5
Fuel exporters5.77.14.710.412.410.23.10.12.70.73.2
Non-fuel exporters7.06.32.514.919.613.43.3−1.53.52.3
Terms of trade
Industrial countries−1.0−1.13.0−3.1−6.9−2.11.82.2−0.41.01.0
Developing countries4.13.7−6.910.517.32.8−1.0−4.00.7−2.0−2.3
Fuel exporters12.91.2−10.426.244.711.50.4−8.70.7−2.6−5.0
Non-fuel exporters−0.86.5−4.0−1.5−5.7−5.5−2.3−0.20.8−1.8−0.9
Memorandum
World trade prices (in U.S. dollar terms) for major commodity groups5
Manufactures7.58.014.513.911.1−6.0−2.1−4.3−3.4−2.06.0
Oil21.79.60.445.963.59.9−4.0−12.2−2.0−4.0−1.0
Non-oil primary commodities
(market prices)7.421.2−4.116.28.3−15.2−12.47.92.5−11.21.5
Table 20.Industrial Countries: Merchandise Trade, 1967-861(Changes, in percent)
AverageFrom Preceding Year
1967-7621977197819791980198119821983198419851986
Total merchandise trade
Value (in U.S. dollar terms)
Exports16.313.519.723.617.5−0.6−5.8−1.46.62.210.8
Imports17.013.915.429.319.6−4.4−6.1−1.68.93.610.2
Volume
Exports8.15.05.87.13.73.4−2.32.19.73.74.1
Imports7.54.24.98.5−1.7−2.5−0.84.211.76.14.7
Unit value (in U.S. dollar terms)
Exports7.68.113.215.413.3−3.9−3.6−3.4−2.8−1.46.4
Imports8.89.310.019.121.7−1.9−5.3−5.5−2.4−2.45.3
Terms of trade−1.0−1.13.0−3.1−6.9−2.11.82.2−0.41.01.0
Non-oil trade
Value (in U.S. dollar terms)
Exports16.213.420.122.316.5−1.1−6.3−1.46.82.611.5
Imports15.314.419.425.114.5−5.4−3.51.511.46.011.8
Volume
Exports8.74.95.87.04.23.5−3.01.89.93.84.5
Imports8.24.47.910.22.40.11.35.913.48.05.1
Unit value (in U.S. dollar terms)
Exports6.98.113.514.311.8−4.4−3.4−3.1−2.8−1.26.7
Imports6.59.610.613.511.7−5.6−4.7−4.1−1.7−1.96.3
Terms of trade0.4−1.42.60.70.11.21.41.0−1.10.70.4
Memorandum
Real GNP33.93.03.53.41.40.9−0.12.13.82.62.8
Apparent income elasticity of non-oil imports42.11.52.33.01.70.2−12.32.93.53.01.8
Import volume of developing countries58.49.56.94.78.67.1−3.8−3.42.1−0.12.7
Market prices of non-oil primary commodities (in U.S. dollar terms)67.714.1−2.717.89.7−12.6−11.85.71.3−10.93.1
Unit labor costs in manufacturing (in U.S. dollar terms)6.88.013.59.210.0−1.2−1.0−3.1−4.8−1.34.4
Table 21.Industrial Countries: Export Volumes, Import Volumes, and Terms of Trade, 1967-86 1(Changes, in percent)
AverageFrom Preceding Year
1967-7621977197819791980198119821983198419851986
Export volumes3
Canada7.09.010.21.50.53.6−0.78.822.22.20.8
United States6.71.210.014.27.0−3.2−11.9−5.98.3−1.43.3
Japan13.08.10.10.518.911.0−2.18.215.73.75.5
France9.77.16.78.73.34.4−4.34.15.22.63.7
Germany, Fed. Rep. of7.84.63.65.01.46.52.9−0.29.67.35.3
Italy8.87.610.87.7−7.85.5−0.53.56.54.04.0
United Kingdom5.46.50.64.52.4−1.41.70.87.06.11.8
Other industrial countries8.04.96.18.21.82.21.34.98.15.14.7
All industrial countries7.95.05.87.13.73.4−2.32.19.73.74.1
Of which,
Seven major countries above7.95.05.66.74.33.8−3.51.210.23.24.0
European countries7.95.35.46.71.04.20.42.87.55.24.2
Import volumes4
Canada7.71.14.29.0−5.32.7−15.314.118.44.93.9
United States6.912.77.41.0−6.10.6−5.010.722.811.15.8
Japan10.43.06.613.1−5.4−2.0−1.01.210.4−0.53.7
France10.11.56.711.65.8−3.62.8−1.93.63.53.6
Germany, Fed. Rep. of7.72.77.17.8−0.2−5.01.04.05.55.45.4
Italy7.10.87.413.22.6−11.13.32.09.29.05.5
United Kingdom4.61.23.613.0−5.0−4.93.35.510.35.54.0
Other industrial countries7.13.71.49.30.8−3.41.50.96.14.54.1
All industrial countries7.54.24.98.5−1.7−2.5−0.84.211.76.14.7
Of which,
Seven major countries above7.74.46.38.2−2.6−2.3−1.65.413.46.74.8
European countries7.42.23.810.50.9−4.91.82.26.15.24.5
Terms of trade3
Canada0.9−4.6−4.05.9−0.8−3.8−1.32.8−4.4−0.50.8
United States−2.0−4.1−0.9−4.6−9.43.52.85.4−0.44.62.0
Japan−2.23.415.1−14.8−21.11.40.23.32.20.4
France−0.3−1.64.1−0.5−6.3−4.71.82.50.91.81.4
Germany, Fed. Rep. of0.3−1.04.0−5.5−6.3−6.73.71.7−2.21.00.8
Italy−2.42.92.1−1.8−6.2−10.56.84.6−1.50.9
United Kingdom−2.02.35.83.93.70.5−1.7−1.0−0.90.70.8
Other industrial countries−0.3−1.81.0−1.1−4.0−2.01.5−0.30.9−0.60.5
All industrial countries−0.9−1.13.03.1−6.9−2.11.82.2−0.41.01.0
Of which,
Seven major countries above−1.2−0.83.7−3.8−7.9−2.21.93.0−0.91.61.2
European countries−0.6−0.33.0−1.6−3.9−4.42.31.1−0.40.40.8
Table 22.Developing Countries: Merchandise Trade, 1967-861,2(Changes, in percent)
AverageFrom Preceding Year
1967-7631977197819791980198119821983198419851986
Developing countries
Value (in U.S. dollar terms)
Exports19.714.87.236.332.6−1.0−12.0−5.48.1−3.97.6
Imports17.618.318.522.428.49.1−7.1−7.31.1−2.37.8
Volume
Exports6.02.54.05.5−4.4−5.5−8.02.78.40.35.0
Imports8.49.56.94.78.67.1−3.8−3.42.1−0.12.7
Unit value (in U.S. dollar terms)
Exports12.912.03.129.338.74.7−4.3−7.9−0.3−4.22.5
Imports8.58.010.817.018.21.9−3.3−4.1−1.0−2.24.9
Terms of trade4.13.7−6.910.517.32.8−1.0−4.00.7−2.0−2.3
Purchasing power of exports410.36.3−3.216.612.1−2.8−8.9−1.49.2−1.82.5
Memorandum
Real GNP growth of trading partners5.14.84.54.02.52.10.72.44.43.13.4
Market prices (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by developing countries9.025.6−6.514.08.9−14.9−13.79.73.3−11.50.8
Fuel exporters
Value (in U.S. dollar terms)
Exports26.211.0−0.947.041.4−5.2−19.0−15.72.5−9.53.4
Imports24.323.016.88.528.319.9−3.9−15.4−5.8−8.95.7
Volume
Exports4.31.3−1.62.3−13.7−14.9−16.4−4.73.4−5.53.1
Imports15.913.63.9−4.813.320.1−0.5−12.7−4.3−7.4
Unit value (in U.S. dollar terms)
Exports21.09.60.743.763.811.4−3.1−11.5−0.9−4.20.4
Imports7.28.312.313.913.2−0.1−3.5−3.1−1.6−1.75.7
Terms of trade12.91.2−10.426.244.711.50.4−8.70.7−2.6−5.0
Purchasing power of exports417.72.5−11.829.124.9−5.1−16.1−13.04.1−8.0−2.1
Memorandum
Oil export volume (in billions of barrels)510.810.410.59.17.66.15.65.75.15.3
Average oil export price (in U.S. dollars per barrel)512.812.918.830.733.732.428.427.926.826.5
Annual percentage change21.79.60.445.963.59.9−4.0−12.2−2.0−4.0−1.0
Real GNP growth of trading partners5.14.74.54.02.42.10.62.34.43.03.3
Export unit value (in U.S. dollar terms) of manufactures7.58.014.513.911.1−6.0−2.1−4.3−3.4−2.06.0
Non-fuel exporters
Value (in U.S. dollar terms)
Exports14.919.115.427.123.73.7−4.73.612.1−0.210.1
Imports15.315.719.429.828.44.3−8.6−3.04.30.48.5
Volume
Exports6.84.09.48.98.96.80.98.912.04.16.1
Imports6.37.58.69.56.61.5−5.51.65.02.93.7
Unit value (in U.S. dollar terms)

Exports
7.614.55.516.713.6−2.9−5.5−4.8−4.23.7
Imports8.57.59.918.520.42.7−3.3−4.6−0.7−2.44.7
Terms of trade−0.86.5−4.0−1.5−5.7−5.5−2.3−0.20.8−1.8−0.9
Purchasing power of exports45.910.85.07.22.71.0−1.48.612.92.35.1
Memorandum
Real GNP growth of trading partners5.04.84.54.12.62.10.72.54.43.23.5
Market price (in U.S. dollar terms) of primary commodities (excluding petroleum) exported by non-fuel exporters8.826.1−7.114.69.5−15.3−13.89.23.1−11.11.1
Gross reserves (end of period) as percentage of total imports of goods and services627.425.526.722.917.816.417.119.120.621.621.4
Table 23.Developing Countries: Export Volumes, 1967-861,2(Changes, in percent)
AverageFrom Preceding Year
1967-7631977197819791980198119821983198419851986
Developing countries6.02.54.05.5−4.4−5.5−8.02.78.40.35.0
By region
Africa3.61.73.87.80.2−16.3−5.72.77.25.04.2
Asia10.46.210.49.49.28.91.410.813.93.76.9
Europe8.22.36.62.45.013.41.18.213.04.86.0
Middle East6.40.6−3.31.1−15.9−17.6−20.1−9.70.4−9.33.3
Western Hemisphere0.93.99.69.10.27.1−3.07.08.21.13.1
By predominant export
Fuel exporters4.31.3−1.62.3−13.7−14.9−16.4−4.73.4−5.53.1
Non-fuel exporters6.84.09.48.98.96.80.98.912.04.16.1
Primary product exporters4.03.29.08.56.73.50.26.110.42.95.5
Exporters of manufactures12.35.49.88.411.710.21.610.813.85.06.7
Service and remittance countries3.72.78.715.64.73.310.47.14.44.7
By financial criteria
Capital importing countries5.64.17.67.84.32.8−1.17.611.23.35.3
Of which,
Market borrowers6.25.69.38.63.71.3−2.59.311.83.65.1
Of which,
Major borrowers3.910.87.35.13.311.3−3.910.110.4−0.23.6
Official borrowers1.7−3.8−0.34.42.4−2.7−3.31.10.3−0.65.5
Countries with recent debt-servicing problems2.82.34.75.61.11.0−2.95.58.73.03.8
Countries without debt-servicing problems8.15.79.69.36.54.08.912.63.46.2
By miscellaneous criteria
Small low-income countries0.9−6.21.94.08.2−2.81.34.10.50.66.7
Sub-Saharan Africa42.8−7.00.63.15.6−4.35.83.30.24.4
Middle Eastern oil exporters6.9−0.1−3.21.1−17.3−19.0−21.8−10.5−0.6−10.73.5
Non-oil Middle Eastern countries5.09.4−4.31.45.51.4−1.0−2.48.3−0.12.8
By alternative analytical categories
Oil exporting countries4.80.6−2.72.3−15.5−17.7−19.6−6.72.8−7.03.3
Non-oil developing countries6.74.59.48.38.77.41.78.611.43.85.7
Net oil exporters3.17.69.85.43.66.69.66.88.91.04.0
Net oil importers7.33.99.48.89.87.60.28.911.94.46.1
Major exporters of manufactures10.47.811.810.712.18.7−2.713.314.55.46.2
Low-income countries2.4−4.94.411.89.16.73.76.07.81.46.9
Other net oil importers5.41.57.93.65.75.74.71.48.33.95.3
Table 24.Developing Countries: Import Volumes, 1967-861,2(Changes, in percent)
AverageFrom Preceding Year
1967-7631977197819791980198119821983198419851986
Developing countries8.49.56.94.78.67.1−3.8−3.42.1−0.12.7
By region
Africa7.37.53.2−3.39.710.3−6.6−11.42.5−5.6−0.3
Asia7.210.116.413.310.34.0−0.16.55.95.24.6
Europe7.47.50.25.80.52.3−7.72.05.93.05.6
Middle East15.813.03.4−4.49.416.85.9−2.8−5.9−9.1−2.9
Western Hemisphere6.57.85.48.09.42.7−17.8−22.62.21.15.0
By predominant export
Fuel exporters15.913.63.9−4.813.320.1−0.5−12.7−4.3−7.4
Non-fuel exporters6.37.58.69.56.61.5−5.51.65.02.93.7
Primary product exporters5.24.13.07.27.4−0.3−9.0−5.01.0−3.01.3
Exporters of manufactures8.39.614.710.95.81.8−4.76.88.27.65.8
Service and remittance countries3.812.26.011.27.16.72.02.43.70.40.8
By financial criteria
Capital importing countries7.08.97.67.37.84.6−6.1−3.04.42.33.6
Of which,
Market borrowers8.98.08.17.59.06.9−6.7−7.03.24.8
Of which,
Major borrowers11.17.710.27.79.05.4−9.1−14.92.2−1.35.8
Official borrowers3.57.64.71.90.6−1.9−2.11.21.30.3−1.2
Countries with recent debt-servicing problems7.19.13.04.84.82.6−13.0−14.71.70.83.5
Countries without debt-servicing problems7.18.710.98.99.75.8−1.93.35.62.93.7
By miscellaneous criteria
Small low-income countries1.15.816.1−0.32.7−5.71.5−1.66.54.2−2.2
Sub-Saharan Africa43.35.17.1−2.18.0−3.2−4.5−6.71.11.0−1.4
Middle Eastern oil exporters22.113.14.1−7.813.322.47.8−5.1−8.7−12.9−3.3
Non-oil Middle Eastern countries7.112.91.44.81.04.50.83.61.2−0.3−1.9
By alternative analytical categories
Oil exporting countries19.315.52.8−9.112.322.16.6−11.0−6.5−10.3−1.4
Non-oil developing countries6.27.38.710.17.42.6−7.5−0.35.23.23.8
Net oil exporters4.95.66.816.612.312.5−13.9−10.87.33.02.8
Net oil importers6.47.49.19.16.70.9−6.31.64.93.24.0
Major exporters of manufactures10.04.28.511.06.52.8−7.10.26.11.15.6
Low-income countries−0.69.520.89.312.9−3.8−4.74.310.414.82.8
Other net oil importers5.312.23.85.83.10.6−6.02.6−0.9−1.21.8
Table 25.Developing Countries: Export Unit Values, 1967-861,2(Changes, in terms of U.S. dollars, in percent)
AverageFrom Preceding Year
1967-7631977197819791980198119821983198419851986
Developing countries12.912.03.129.338.74.7−4.3−7.9−0.3−4.22.5
By region
Africa11.615.31.828.537.5−0.5−8.3−7.2−4.6−6.10.9
Asia7.813.57.320.116.20.2−4.7−5.31.6−3.44.0
Europe6.67.37.818.413.9−2.0−1.8−7.4−3.8−4.74.2
Middle East20.89.22.042.864.513.1−1.9−12.1−1.3−4.0
Western Hemisphere12.615.4−2.022.229.7−0.3−6.7−5.92.1−4.52.4
By predominant export
Fuel exporters21.09.60.743.763.811.4−3.1−11.5−0.9−4.20.4
Non-fuel exporters7.614.55.516.713.6−2.9−5.5−4.8−4.23.7
Primary product exporters8.416.72.117.915.1−7.6−8.6−3.2−0.2−5.21.9
Exporters of manufactures6.112.69.015.711.51.5−3.0−5.50.5−3.44.9
Service and remittance countries7.59.45.816.018.5−1.4−5.3−9.2−1.6−4.84.6
By financial criteria
Capital importing countries9.813.74.222.324.2−0.2−5.5−6.1−4.23.2
Of which,
Market borrowers10.812.93.324.127.60.3−5.3−6.5−0.3−4.53.1
Of which,
Major borrowers13.611.32.425.329.21.6−5.5−7.22.3−3.92.8
Official borrowers9.420.12.717.913.6−1.1−7.0−2.42.9−2.33.0
Countries with recent debt-servicing problems11.413.91.225.328.9−7.0−6.30.9−4.32.7
Countries without debt-servicing problems8.613.36.420.321.0−0.2−4.6−6.0−0.5−4.13.5
By miscellaneous criteria
Small low-income countries8.128.44.615.16.3−6.0−9.10.34.8−4.22.4
Sub-Saharan Africa48.826.72.018.211.4−8.5−10.8−3.84.1−2.72.1
Middle Eastern oil exporters22.19.01.044.767.713.8−1.7−12.6−1.5−4.3−0.5
Non-oil Middle Eastern countries10.612.113.824.026.53.6−4.6−6.80.4−2.13.0
By alternative analytical categories
Oil exporting countries21.99.50.444.166.012.4−2.2−12.4−1.4−4.3−0.2
Non-oil developing countries7.814.35.418.616.0−2.4−5.9−4.90.2−4.13.6
Net oil exporters10.512.14.439.533.1−1.1−9.1−5.11.0−4.62.0
Net oil importers7.414.65.615.312.9−2.6−5.3−4.9−4.13.9
Major exporters of manufactures7.213.16.914.714.1−1.6−3.9−5.4−0.6−4.64.2
Low-income countries7.024.85.413.211.1−1.3−5.4−4.82.6−4.93.9
Other net oil importers7.913.03.317.611.6−5.5−8.3−3.8−0.2−2.13.2
Table 26.Developing Countries: Import Unit Values, 1967-861,2(Changes, in terms of U.S. dollars, in percent)
AverageFrom Preceding Year
1967-7631977197819791980198119821983198419851986
Developing countries8.58.010.817.018.21.93.34.1−1.0−2.24.9
By region
Africa8.28.013.017.919.2−3.3−3.5−4.1−5.1−3.95.7
Asia8.57.010.117.218.24.7−3.9−4.11.2−1.74.9
Europe8.49.78.419.219.0−0.8−1.9−5.8−2.9−3.33.7
Middle East7.48.513.415.315.5−0.5−4.4−3.6−1.8−2.25.5
Western Hemisphere8.76.98.216.420.15.2−1.7−3.4−0.2−1.14.7
By predominant export
Fuel exporters7.28.312.313.913.2−0.1−3.5−3.1−1.6−1.75.7
Non-fuel exporters8.57.59.918.520.42.7−3.3−4.6−0.7−2.44.7
Primary product exporters8.97.59.818.424.13.5−3.1−4.0−1.5−2.04.5
Exporters of manufactures8.27.810.518.418.43.2−3.2−4.40.3−2.34.7
Service and remittance countries8.87.38.219.417.0−1.3−3.8−6.8−2.5−3.95.1
By financial criteria
Capital importing countries8.67.610.217.719.42.6−3.2−4.2−0.8−2.34.8
Of which,
Market borrowers8.48.39.717.317.92.9−2.7−3.7−0.8−2.15.1
Of which,
Major borrowers8.36.28.017.118.55.5−4.4−3.11.2−0.44.9
Official borrowers9.16.79.317.023.55.5−4.2−4.8−0.5−1.94.7
Countries with recent debt-servicing problems8.57.89.216.820.73.3−3.0−4.0−0.5−1.74.4
Countries without debt-servicing problems8.57.410.818.318.62.2−3.3−4.2−0.9−2.55.0
By miscellaneous criteria
Small low-income countries8.59.310.717.321.12.6−4.5−5.4−1.2−3.24.2
Sub-Saharan Africa48.69.813.116.617.6−3.2−4.3−5.5−1.4−2.04.8
Middle Eastern oil exporters6.49.413.613.411.7−2.3−4.0−3.6−2.1−1.85.6
Non-oil Middle Eastern countries8.66.112.820.724.43.6−5.4−3.5−1.3−3.05.2
By alternative analytical categories
Oil exporting countries6.49.213.113.411.6−2.0−3.9−3.4−2.0−1.85.7
Non-oil developing countries8.77.39.818.420.43.1−3.1−4.3−0.6−2.34.7
Net oil exporters9.15.78.816.219.25.6−2.1−2.6−0.7−2.35.7
Net oil importers8.67.69.918.720.62.7−3.3−4.7−0.6−2.34.6
Major exporters of manufactures8.48.210.120.020.43.2−2.7−4.1−1.0−2.44.9
Low-income countries8.55.510.818.618.31.8−4.3−4.9−0.5−3.74.0
Other net oil importers8.97.49.216.822.42.3−3.9−5.5−1.24.4
Table 27.Developing Countries: Terms of Trade, 1967-861,2(Changes, in percent)
AverageFrom Preceding Year
1967-7631977197819791980198119821983198419851986
Developing countries4.13.7−6.910.517.32.8−1.0−4.00.7−2.0−2.3
By region
Africa3.16.8−9.99.015.32.9−4.9−3.20.6−2.3−4.6
Asia0.45.7−2.52.5−1.8−4.3−0.8−1.20.4−1.7−0.8
Europe−1.7−2.2−0.6−0.7−4.3−1.2−1.7−0.9−1.50.5
Middle East12.40.7−10.023.942.513.62.6−8.80.5−1.9−5.2
Western Hemisphere3.68.0−9.45.07.9−5.2−5.0−2.72.3−3.5−2.2
By predominant export
Fuel exporters12.91.2−10.426.244.711.50.4−8.70.7−2.6−5.0
Non-fuel exporters−0.86.5−4.0−1.5−5.7−5.5−2.3−0.20.8−1.8−0.9
Primary product exporters−0.48.5−7.0−0.4−7.3−10.7−5.70.91.3−3.3−2.5
Exporters of manufactures−0.64.2−1.4−2.3−5.8−1.60.3−1.20.1−1.10.2
Service and remittance countries−1.12.0−2.2−2.81.3−0.2−1.6−2.51.0−0.9−0.4
By financial criteria
Capital importing countries1.45.5−5.43.94.0−2.7−2.4−2.00.8−1.9−1.6
Of which,
Market borrowers2.24.3−5.85.88.2−2.5−2.7−2.90.5−2.4−1.9
Of which,
Major borrowers4.94.9−5.27.09.1−3.7−1.2−4.31.1−3.5−2.0
Official borrowers0.312.6−6.10.8−8.0−6.2−2.92.63.4−0.4−1.7
Countries with recent debt-servicing problems2.65.7−7.37.36.8−3.2−4.1−2.31.4−2.6−1.7
Countries without debt-servicing problems0.65.3−4.01.72.1−2.4−1.3−1.80.4−1.6−1.5
By miscellaneous criteria
Small low-income countries−0.417.4−5.6−1.9−12.3−8.4−4.96.06.0−1.0−1.7
Sub-Saharan Africa40.115.5−9.81.4−5.3−5.5−6.81.85.6−0.8−2.6
Middle Eastern oil exporters14.7−0.3−11.127.550.116.42.4−9.40.5−2.5−5.8
Non-oil Middle Eastern countries1.85.70.92.71.70.9−3.41.71.0−2.1
By alternative analytical categories
Oil exporting countries14.50.3−11.227.048.714.81.8−9.40.7−2.5−5.6
Non-oil developing countries−0.46.3−4.00.1−3.6−5.3−2.9−0.60.8−1.9−1.1
Net oil exporters1.36.1−4.120.111.7−6.3−7.2−2.51.7−2.3−3.5
Net oil importers−0.66.3−4.0−2.9−6.4−5.2−2.0−0.30.6−1.8−0.6
Major exporters of manufactures−1.24.5−2.9−4.5−5.2−4.7−1.3−1.40.4−2.3−0.6
Low-income countries1.213.3−4.8−4.5−6.1−3.1−1.10.13.1−1.2−0.1
Other net oil importers−0.95.3−5.40.7−8.8−7.6−4.61.8−0.1−0.9−1.2
Table 28.Developing Countries: Non-Oil Commodity Prices, 1967-861(Change, in percent)
AverageFrom Preceding Year
1967-7621977197819791980198119821983198419851986
Non-oil primary commodities37.421.2−4.116.28.3−15.2−12.47.92.5−11.21.5
By commodity group
Food and beverages9.633.4−10.59.69.9−16.9−12.58.55.2−13.3
Food7.7−1.815.813.430.0−13.6−20.89.1−1.4−14.1−0.3
Beverages12.573.2−27.45.8−12.2−22.32.57.614.7−12.40.4
Agricultural raw materials6.73.27.621.94.1−9.7−13.79.54.0−13.32.1
Metals3.37.55.430.38.8−16.6−10.44.3−6.3−2.35.2
By region4
Africa6.830.8−10.314.62.4−16.5−13.69.74.6−9.30.5
Asia5.418.110.116.613.7−15.8−16.713.16.6−18.4−1.4
Europe8.70.26.712.89.2−10.8−16.417.90.1−19.62.4
Middle East9.55.40.85.812.1−2.0−23.19.78.3−6.51.9
Western Hemisphere8.227.9−12.614.011.8−15.3−11.06.90.2−8.62.4
By alternative analytical categories4
Oil exporting countries8.027.42.110.1−0.3−11.5−17.316.27.1−15.2−2.6
Non-oil developing countries7.325.4−7.214.49.7−15.2−13.49.22.9−11.21.1
Net oil exporters7.517.22.016.311.1−13.9−14.69.9−1.4−10.23.2
Net oil importers7.227.7−9.513.99.3−15.6−13.19.04.2−11.50.5
Major exporters of manufactures9.129.2−15.215.316.0−14.6−15.95.73.5−11.11.9
Low-income countries6.329.9−10.19.76.0−12.4−12.69.913.9−16.4−2.0
Other net oil importers6.625.6−5.314.86.5−17.6−11.410.80.4−9.20.8
Memorandum
Oil export unit value21.79.60.445.963.59.9−4.0−12.2−2.0−4.0−1.0
Export unit value of manufactures7.58.014.513.911.1−6.0−2.1−4.3−3.4−2.06.0

Current Account Transactions

Table 29.Summary of Payments Balances on Current Account, 1977-861(In billions of U.S. dollars)
1977197819791980198119821983198419851986
Industrial countries−2.431.9−5.7−38.83.22.53.9−35.2−52.1−51.1
United States−11.7−12.32.66.610.8−2.6−34.5−93.0−123.2−141.1
Other industrial countries9.344.2−8.2−45.4−7.65.138.457.871.089.9
Of which,
Japan11.317.0−7.9−9.56.28.122.236.445.657.0
Germany, Fed. Rep. of8.513.4−8.31.110.110.013.219.924.3
Developing countries−0.2−35.81.022.8−55.9−99.9−68.5−42.1−49.4−48.4
By region
Africa−10.4−15.4−6.6−5.3−25.3−25.1−15.7−11.6−7.8−7.7
Asia−1.0−8.9−15.2−21.9−23.5−20.2−16.4−7.9−15.0−14.6
Europe−9.0−7.1−9.9−12.3−10.1−6.7−5.1−2.7−2.1−2.1
Middle East31.714.954.592.546.4−5.7−19.6−14.9−16.5−16.0
Western Hemisphere−11.6−19.4−21.7−30.3−43.5−42.2−11.6−5.0−8.1−8.0
By analytical criteria
Fuel exporters24.9−0.254.6100.134.9−23.2−13.8−3.2−7.8−9.1
Non-fuel exporters−25.1−35.6−53.6−77.3−90.8−76.7−54.7−38.9−41.6−39.2
Market borrowers−19.5−32.8−30.3−36.5−72.7−74.7−29.4−7.2−4.1−3.5
Official borrowers−8.4−11.0−12.1−16.0−19.0−17.6−15.7−16.3−16.9−16.6
Other countries2−6.9−3.5−2.1−3.0−2.82.64.96.76.36.7
Total3−9.6−7.4−6.8−19.0−55.4−94.8−59.7−70.7−95.3−92.8
Memorandum
Total, by selected categories
Trade balance16.215.921.128.118.8−2.111.422.0−6.0−1.6
Timing asymmetry45.613.923.07.9−1.3−11.82.0−1.05.013.0
Residual asymmetry10.62.0−1.920.220.19.79.423.0−11.0−14.6
Services and private transfers−25.7−23.3−27.9−47.1−74.2−92.6−71.1−92.7−89.3−91.3
(in percent of service payments)−7.0−5.2−4.9−6.6−9.2−11.5−9.5−11.9−11.4−10.8
Table 30.Industrial Countries: Balances of Payments on Current Account, 1977-861(In billions of U.S. dollars)
1977197819791980198119821983198419851986
Current balances, excluding official transfers
Canada−4.1−4.0−4.2−1.2−5.41.91.32.20.7−1.1
United States−11.7−12.32.66.610.8−2.6−34.5−93.0−123.2−141.1
Japan11.317.0−7.9−9.56.28.122.236.445.657.0
France1.08.56.9−2.5−2.8−9.5−2.31.12.34.2
Germany, Fed. Rep. of8.513.4−8.31.110.110.013.219.924.3
Italy3.17.96.4−9.5−7.5−4.91.0−2.8−6.4−7.6
United Kingdom2.05.53.312.317.511.88.03.75.34.9
Other industrial countries−12.5−4.0−12.8−26.7−16.7−12.6−1.84.03.78.2
All industrial countries−2.431.9−5.7−38.83.22.53.9−35.2−52.1−51.1
Of which,
Seven major countries above10.036.07.1−12.119.915.15.7−39.2−55.8−59.3
European countries5.435.76.7−30.50.63.820.928.132.640.6
All industrial countries except the United States9.344.2−8.2−45.4−7.65.138.457.871.089.9
Current balances, including official transfers
Canada−4.1−4.3−4.1−1.0−5.12.21.42.00.6−1.3
United States−14.5−15.4−1.01.96.3−8.1−40.8−101.5−130.0−148.0
Japan10.916.5−8.8−10.74.86.920.835.044.055.3
France−0.47.05.2−4.2−4.8−12.1−4.5−0.80.42.1
Germany, Fed. Rep. of4.19.0−6.1−15.8−5.53.44.16.312.115.7
Italy2.56.25.5−9.7−8.2−5.50.8−3.0−6.6−7.9
United Kingdom2.2−1.18.114.18.64.90.82.31.8
Other industrial countries−14.1−6.0−14.7−29.6−20.0−16.0−4.61.41.05.1
All industrial countries−15.615.3−25.1−61.0−18.4−20.6−17.9−59.8−76.1−77.2
Of which,
Seven major countries above−1.421.3−10.4−31.41.6−4.7−13.2−61.2−77.1−82.2
European countries−4.123.5−7.7−46.2−14.7−12.07.614.517.924.1
All industrial countries except the United States−1.030.7−24.1−62.9−24.7−12.622.941.753.970.8
Table 31.Industrial Countries: Current Account Transactions, 1977-861(In billions of U.S. dollars)
1977197819791980198119821983198419851986
Exports (f.o.b.)695.7833.01,029.41,209.31,201.51,131.51,115.71,189.31,215.91,347.0
Imports (f.o.b.)714.3824.21,065.51,274.91,219.31,144.81,126.91,227.61,271.51,401.1
Trade balance−18.68.7−36.1−65.5−17.8−13.3−11.2−38.3−55.6−54.1
Services receipts259.0323.6415.5499.8534.7526.6494.4504.2509.5564.4
Services payments237.4293.4376.5463.6505.1503.2471.5494.0498.4552.9
Private transfers, net−5.4−7.0−8.5−9.5−8.5−7.7−7.9−7.1−7.6−8.5
Net services and private transfers16.223.230.426.821.115.815.13.13.53.0
Balance on current account−2.431.9−5.7−38.83.22.53.9−35.2−52.1−51.1
Official transfers, net−13.1−16.6−19.4−22.2−21.6−23.1−21.8−24.6−24.0−26.0
Balance on current account, including official transfers−15.615.3−25.1−61.0−18.4−20.6−17.9−59.8−76.1−77.2
Table 32.Developing Countries: Summary of Payments Balances on Current Account, 1977-861(In billions of U.S. dollars)
1977197819791980198119821983198419851986
Developing countries−0.2−35.81.022.8−55.9−99.9−68.5−42.1−49.4−48.4
By region
Africa−10.4−15.4−6.6−5.3−25.3−25.1−15.7−11.6−7.8−7.7
Asia−1.0−8.9−15.2−21.9−23.5−20.2−16.4−7.9−15.0−14.6
Europe−9.0−7.1−9.9−12.3−10.1−6.7−5.1−2.7−2.1−2.1
Middle East31.714.954.592.546.4−5.7−19.6−14.9−16.5−16.0
Western Hemisphere−11.6−19.4−21.7−30.3−43.5−42.2−11.6−5.0−8.1−8.0
By predominant export
Fuel exporters24.9−0.254.6100.134.9−23.2−13.8−3.2−7.8−9.1
Non-fuel exporters−25.1−35.6−53.6−77.3−90.8−76.7−54.7−38.9−41.6−39.2
Primary product exporters−17.9−22.1−27.4−44.7−61.7−59.5−43.0−31.0−27.2−25.2
Exporters of manufactures−1.4−7.9−18.2−23.2−15.7−4.3−0.73.2−3.2−2.1
Service and remittance countries−5.8−5.6−8.1−9.3−13.4−12.9−11.0−11.2−11.2−12.0
By financial criteria
Capital importing countries−37.0−56.4−60.7−76.8−112.5−103.5−60.1−37.9−43.6−42.7
Of which,
Market borrowers−19.5−32.8−30.3−36.5−72.7−74.7−29.4−7.2−4.1−3.5
Of which,
Major borrowers−9.5−18.4−22.3−27.4−36.1−39.8−10.3−3.4−3.4
Official borrowers−8.4−11.0−12.1−16.0−19.0−17.6−15.7−16.3−16.9−16.6
Countries with recent debt-servicing problems−27.5−37.4−39.1−48.3−66.6−62.1−24.8−13.9−15.7−14.1
Countries without debt-servicing problems−9.5−19.0−21.6−28.5−45.9−41.4−35.2−24.0−27.9−28.6
By miscellaneous criteria
Small low-income countries−5.6−8.7−10.2−12.5−13.0−12.7−10.1−11.2−12.6−12.0
Sub-Saharan Africa2−4.2−7.7−8.1−11.3−12.3−11.3−9.4−7.6−8.2−7.9
Middle Eastern oil exporters36.820.661.699.656.63.7−8.4−4.3−5.9−5.7
Non-oil Middle Eastern countries−5.1−5.6−7.2−7.1−10.2−9.4−11.3−10.6−10.6−10.3
By alternative analytical categories
Oil exporting countries29.45.762.1109.451.9−13.6−14.5−3.5−5.7−6.3
Non-oil developing countries−29.6−41.5−61.1−86.6−107.8−86.3−53.9−38.7−43.8−42.1
Net oil exporters−6.4−7.5−7.8−10.3−23.4−17.5−5.6−4.4−8.2−9.0
Net oil importers−23.3−34.0−53.3−76.3−84.4−68.8−48.3−34.3−35.6−33.0
Major exporters of manufactures−8.0−9.8−21.6−31.7−37.7−34.6−15.8−4.60.41.9
Low-income countries−2.9−9.2−12.9−18.0−14.7−9.9−8.7−11.1−21.6−22.0
Other net oil importers−12.3−15.0−18.8−26.6−31.9−24.3−23.8−18.6−14.4−12.9
Table 33.Developing Countries: Current Account Balances as Percentage of Exports of Goods and Services, 1967-861(In percent)
Average

1967-76
1977197819791980198119821983198419851986
Developing countries−7.1−8.40.23.0−7.2−14.3−10.4−6.0−7.3−6.7
Memorandum: Median estimate−20.7−20.5−29.6−26.4−29.5−36.2−35.5−33.7−24.6−27.2−22.9
By region
Africa−15.8−19.2−26.4−8.3−4.9−27.5−31.4−20.6−15.1−10.3−9.6
Asia−13.9−1.0−7.7−10.2−11.5−11.1−9.6−7.5−3.2−6.0−5.3
Europe−8.5−27.7−18.8−21.1−21.5−16.2−11.0−8.7−4.2−3.2−2.9
Middle East9.622.810.527.333.217.1−2.6−10.4−8.2−10.2−9.6
Western Hemisphere−18.2−17.9−27.1−22.9−24.0−31.6−34.3−9.8−3.9−6.4−6.0
By predominant export
Fuel exporters5.413.6−0.120.426.59.4−7.5−5.2−1.2−3.2−3.6
Non-fuel exporters−16.7−12.4−14.9−17.7−20.2−22.6−19.7−13.8−9.0−9.5−8.2
Primary product exporters−21.1−19.7−21.5−20.8−27.3−38.6−40.1−28.8−19.1−17.0−14.7
Exporters of manufactures−9.5−1.5−7.1−13.0−13.3−8.0−2.2−0.31.4−1.4−0.8
Service and remittance countries−24.9−28.6−22.4−24.9−21.0−29.1−28.4−25.3−24.8−25.2−25.3
By financial criteria
Capital importing countries−15.6−14.1−18.7−15.4−15.0−20.9−20.4−11.9−6.9−7.9−7.2
Of which,
Market borrowers−12.6−10.6−15.5−10.7−9.8−18.6−20.6−8.2−1.8−1.0−0.8
Of which,
Major borrowers−20.0−13.9−23.6−22.0−20.3−23.3−28.5−7.4−2.3−2.1
Official borrowers−33.1−33.5−41.1−36.4−41.2−49.3−49.4−44.8−45.8−48.1−44.0
Countries with recent debt-servicing problems−18.5−25.5−31.9−25.3−23.8−31.7−33.0−13.7−7.0−8.0−6.7
Countries without debt-servicing problems−13.4−6.1−10.3−9.0−9.2−14.0−13.0−10.9−6.8−7.9−7.4
By miscellaneous criteria
Small low-income countries−46.1−40.4−56.9−55.4−58.3−64.9−67.9−53.0−56.1−64.5−56.6
Sub-Saharan Africa2−21.9−21.0−36.6−31.9−37.5−45.9−44.9−38.7−29.9−32.6−29.6
Middle Eastern oil exporters17.829.716.634.940.523.81.9−5.4−2.9−4.5−4.3
Non-oil Middle Eastern countries−34.2−32.5−30.8−30.8−21.9−29.9−27.6−35.0−31.5−32.6−30.2
By alternative analytical categories
Oil exporting countries10.817.93.526.232.916.2−5.2−6.7−1.6−2.9−3.2
Non-oil developing countries−17.5−13.4−15.9−18.3−20.3−23.7−19.7−12.2−8.0−9.0−8.0
Net oil exporters−22.5−19.2−19.0−13.9−13.6−28.8−22.6−7.1−5.1−9.7−10.1
Net oil importers−16.6−12.4−15.4−19.1−21.7−22.6−19.1−13.3−8.6−8.8−7.5
Major exporters of manufactures−15.5−8.0−8.0−13.9−16.1−17.7−17.1−7.5−2.00.20.7
Low-income countries−23.7−9.6−26.7−29.3−33.1−25.6−17.4−15.2−17.8−35.3−33.0
Other net oil importers−13.8−21.7−23.2−23.8−26.8−31.2−24.0−24.8−18.3−13.9−11.5
Table 34.Developing Countries—by Region: Current Account Transactions, 1977-861(In billions of U.S. dollars)
1977197819791980198119821983198419851986
Developing countries
Exports (f.o.b.)318.9342.0466.3618.1611.7538.4509.2550.2528.8568.9
Imports (f.o.b.)281.1332.9407.5523.2570.7530.5491.6496.8485.2522.8
Trade balance37.99.158.794.941.07.917.653.443.546.0
Of which,
Oil trade113.5110.2159.1225.4212.4166.9133.1138.5120.4122.4
Net services and private transfers−38.1−44.9−57.8−72.1−96.8−107.8−86.0−95.6−93.0−94.4
Of which,
Investment income, net2−3.2−5.1−8.2−8.4−14.9−28.0−28.9−37.6−41.1−43.5
Of which,
Interest payments3−18.3−25.4−36.6−54.8−73.8−83.4−76.8−84.9−85.3−84.5
Current account balance−0.2−35.81.022.8−55.9−99.9−68.5−42.1−49.4−48.4
Exports of goods and services386.0424.5571.0759.6775.9697.8659.7699.5680.6727.4
Africa
Exports (f.o.b.)46.449.168.093.778.067.464.365.764.868.1
Imports (f.o.b.)44.051.358.576.581.773.762.660.955.258.2
Trade balance2.4−2.39.517.2−3.7−6.21.74.99.69.9
Of which,
Oil trade8.18.412.719.421.019.316.718.616.417.0
Net services and private transfers−12.8−13.1−16.1−22.5−21.6−18.9−17.3−16.4−17.4−17.6
Of which,
Investment income, net2−1.7−2.2−3.6−4.6−5.2−6.5−6.7−7.0−8.2−7.7
Of which,
Interest payments3−2.7−3.3−5.0−6.9−7.5−8.1−7.9−8.2−9.3−8.9
Current account balance−10.4−15.4−6.6−5.3−25.3−25.1−15.7−11.6−7.8−7.7
Exports of goods and services54.458.479.3107.891.979.976.076.975.879.9
Asia
Exports (f.o.b.)78.993.4122.8155.9170.2164.4172.6199.9200.2222.6
Imports (f.o.b.)79.7102.1135.6176.9192.7184.9188.7202.2209.0229.4
Trade balance−0.8−8.7−12.8−21.0−22.5−20.5−16.1−2.4−8.8−6.9
Of which,
Oil trade−1.7−2.6−4.9−9.8−10.8−10.5−9.0−4.8−6.2−7.8
Net services and private transfers−0.1−0.2−2.4−0.9−1.00.3−0.3−5.5−6.1−7.7
Of which,
Investment income, net2−1.6−1.9−2.3−3.9−5.5−7.2−7.2−7.6−8.9−10.2
Of which,
Interest payments3−3.8−5.1−7.2−10.4−13.9−15.6−15.4−17.8−18.6−19.4
Current account balance−1.0−8.9−15.2−21.9−23.5−20.2−16.4−7.9−15.0−14.6
Exports of goods and services95.3114.9150.0190.4212.5209.8218.2246.7250.6275.9
Europe
Exports (f.o.b.)24.728.434.441.145.745.445.549.449.454.5
Imports (f.o.b.)38.341.652.562.763.757.755.457.056.762.1
Trade balance−13.6−13.2−18.1−21.6−18.0−12.3−9.9−7.5−7.4−7.6
Of which,
Oil trade−4.9−5.5−8.0−13.4−13.9−12.1−10.9−11.3−11.2−11.5
Net services and private transfers4.66.28.29.37.95.64.84.85.35.5
Of which,
Investment income, net2−1.1−1.5−2.8−4.1−6.6−6.7−6.0−6.5−6.2−6.2
Of which,
Interest payments3−1.6−2.2−3.7−5.4−7.9−7.8−6.9−7.7−7.5−7.6
Current account balance−9.0−7.1−9.9−12.3−10.1−6.7−5.1−2.7−2.1−2.1
Exports of goods and services32.437.646.956.962.360.659.263.764.871.0
Middle East
Exports (f.o.b.)118.3116.7168.6233.2217.1170.1135.1133.9116.5120.4
Imports (f.o.b.)67.979.587.7110.8128.8130.3122.1112.8100.3102.8
Trade balance50.437.280.9122.488.339.813.021.116.217.6
Of which,
Oil trade106.1103.7151.9211.3193.5147.7114.2109.697.0100.1
Net services and private transfers−18.7−22.2−26.4−29.8−41.9−45.5−32.6−36.0−32.7−33.6
Of which,
Investment income, net27.08.711.620.326.526.023.419.315.511.7
Of which,
Interest payments3−1.8−2.6−4.1−5.7−6.8−7.3−6.7−7.3−8.3−9.2
Current account balance31.714.954.592.546.4−5.7−19.6−14.9−16.5−16.0
Exports of goods and services139.2141.9199.8278.4271.8224.5188.3182.7162.5166.0
Western Hemisphere
Exports (f.o.b.)50.654.472.594.2100.791.291.7101.397.9103.4
Imports (f.o.b.)51.158.373.396.3103.983.962.764.064.070.4
Trade balance−0.5−3.9−0.8−2.0−3.27.229.037.433.933.0
Of which,
Oil trade5.76.17.517.822.622.522.226.324.424.5
Net services and private transfers−11.1−15.5−21.0−28.3−40.3−49.4−40.6−42.4−42.0−41.0
Of which,
Investment income, net2−5.8−8.2−11.1−16.1−24.2−33.5−32.4−35.8−33.3−31.2
Of which,
Interest payments3−8.5−12.2−16.7−26.4−37.6−44.6−39.9−43.9−41.7−39.4
Current account balance−11.6−19.4−21.7−30.3−43.5−42.2−11.6−5.0−8.1−8.0
Exports of goods and services64.771.895.1126.1137.5123.0118.1129.4126.8134.5
Table 35.Developing Countries—by Predominant Export: Current Account Transactions, 1977-861(In billions of U.S. dollars)
1977197819791980198119821983198419851986
Fuel exporters
Exports (f.o.b.)159.9158.4233.0329.5312.3253.0213.3218.7197.9204.7
Imports (f.o.b.)98.5115.0124.7160.0191.9184.3155.9146.9133.7141.4
Trade balance61.443.5108.3169.4120.468.657.471.864.163.3
Of which,
Oil trade136.5134.3194.4282.8272.3219.1179.5179.0159.7164.8
Net services and private transfers−36.5−43.7−53.7−69.4−85.4−91.8−71.2−75.0−72.0−72.4
Of which,
Investment income, net24.54.45.312.116.811.59.13.91.71.0
Of which,
Interest payments3−5.3−8.1−11.2−15.7−20.7−23.6−21.9−24.6−23.8−22.8
Current account balance24.9−0.254.6100.134.9−23.2−13.8−3.2−7.8−9.1
Exports of goods and services183.4186.2267.2377.2373.2308.0264.7266.5244.3251.5
Non-fuel exporters
Exports (f.o.b.)159.0183.5233.3288.6299.4285.5295.8331.6330.9364.2
Imports (f.o.b.)182.6218.0282.8363.1378.8346.2335.7349.9351.5381.4
Trade balance−23.6−34.4−49.5−74.5−79.4−60.7−39.8−18.4−20.6−17.2
Of which,
Oil trade−23.0−24.2−35.3−57.3−59.9−52.3−46.4−40.5−39.2−42.4
Net services and private transfers−1.6−1.2−4.1−2.8−11.4−16.0−14.9−20.6−21.0−22.0
Of which,
Investment income, net2−7.7−9.5−13.5−20.5−31.7−39.5−38.0−41.6−42.9−44.5
Of which,
Interest payments3−13.0−17.3−25.4−39.1−53.1−59.7−54.9−60.3−61.6−61.7
Current account balance−25.1−35.6−53.6−77.3−90.8−76.7−54.7−38.9−41.6−39.2
Exports of goods and services202.5238.3303.8382.4402.6389.7395.0433.0436.3475.9
Primary product exporters
Exports (f.o.b.)75.984.5108.1132.8127.0116.3119.5131.6128.5138.0
Imports (f.o.b.)76.986.9110.3147.1151.7133.7121.9121.3115.3122.1
Trade balance−0.9−2.4−2.2−14.2−24.7−17.4−2.410.313.115.9
Of which,
Oil trade−12.6−12.7−18.0−28.2−28.7−24.9−21.8−17.8−16.2−17.3
Net services and private transfers−17.0−19.7−25.2−30.5−37.0−42.1−40.6−41.3−40.3−41.1
Of which,
Investment income, net2−5.5−7.0−10.5−15.0−22.7−30.3−29.4−32.9−33.0−32.5
Of which,
Interest payments3−7.8−10.2−15.3−21.8−30.1−35.9−33.6−37.2−37.6−37.0
Current account balance−17.9−22.1−27.4−44.7−61.7−59.5−43.0−31.0−27.2−25.2
Exports of goods and services90.8103.0132.0163.8159.9148.3149.1161.7159.8171.9
Exporters of manufactures
Exports (f.o.b.)73.187.5109.7136.6152.8150.6157.7180.3183.0204.8
Imports (f.o.b.)80.9102.5134.7168.7177.1163.4167.0181.4190.6211.0
Trade balance−7.8−15.1−25.0−32.1−24.4−12.8−9.3−1.0−7.6−6.2
Of which,
Oil trade−8.3−9.5−14.3−24.1−25.3−22.3−19.5−17.3−17.4−19.4
Net services and private transfers6.47.26.88.88.78.58.64.34.44.1
Of which,
Investment income net2−1.5−1.7−2.3−4.8−7.6−7.5−6.3−5.8−6.8−7.3
Of which,
Interest payments3−3.6−4.8−7.1−11.3−15.2−15.5−14.0−15.2−15.8−16.1
Current account balance−1.4−7.9−18.2−23.2−15.7−4.3−0.73.2−3.2−2.1
Exports of goods and services91.4110.4139.4174.3196.6196.2202.2226.1232.0256.8
Service and remittance countries
Exports (f.o.b.)10.011.615.519.219.618.518.619.619.521.3
Imports (f.o.b.)24.828.537.847.449.949.046.847.345.648.3
Trade balance−14.8−16.9−22.4−28.2−30.4−30.5−28.2−27.7−26.1−27.0
Of which,
Oil trade−2.1−2.0−2.9−5.1−5.8−5.1−5.1−5.4−5.7−5.8
Net services and private transfers9.011.414.318.816.917.617.116.514.915.0
Of which,
Investment income, net2−0.7−0.8−0.7−0.6−1.5−1.6−2.3−2.9−3.0−4.7
Of which,
Interest income3−1.6−2.3−3.0−6.0−7.9−8.4−7.3−8.0−8.1−8.5
Current account balance−5.8−5.6−8.1−9.3−13.4−12.9−11.0−11.2−11.2−12.0
Exports of goods and services20.424.932.544.446.145.343.745.244.647.3
Table 36.Developing Countries—by Financial and Other Criteria: Current Account Transactions, 1977-861(In billions of U.S. dollars)
1977197819791980198119821983198419851986
By financial criteria
Capital importing countries
Exports (f.o.b.)210.0235.5310.5402.0412.5385.3389.5433.1428.7465.9
Imports (f.o.b.)231.3274.1346.0445.3477.6434.1403.4418.0417.8453.9
Trade balance−21.3−38.6−35.5−43.2−65.1−48.8−13.915.210.912.0
Of which,
Oil trade7.57.07.914.719.419.919.529.523.822.7
Net services and private transfers−15.7−17.8−25.2−33.6−47.4−54.7−46.2−53.0−54.5−54.6