Trade Balances, Current Accounts, Exchange Rates, Relative Prices, and Cyclical Income Movements for the Seven Largest Industrial Countries, 1976–78
|Current account1, 2|
|Percentage change, 1976–78|
|Nominal effective exchange rate3||–16.7||–7.8||13.7||–16.2||32.0||–6.0||–10.4|
|Unadjusted relative wholesale prices4||3.8||4.6||–9.4||18.7||–12.5||18.5||1.5|
|Adjusted relative wholesal e prices (real exchange rate)5||–13.6||–3.5||3.1||–0.4||15.3||11.7||–9.0|
|Percentage change in real GNP/GDP6|
|Output gap in manufacturing7|
|1977||–7.2||–3.0||–4.2||–7. 0||–15.4||–6. 5||–2.7|
In billions of U.S. dollars.
Includes goods, services, and all current transfers, both private and official.
The Fund’s multilateral exchange rate model (MERM) index. A positive figure denotes an appreciation, a negative one a depreciation.
Percentage change in ratio of own to competitors’ wholesale prices for manufactures. A positive figure denotes deterioration in country’s position, a negative one improvement.
Percentage change in ratio of own to competitors’ wholesale prices for manufactures, adjusted for effective exchange rates. A positive figure denotes deterioration in country’s position, whereas a negative one denotes improvement. Since the relationship is multiplicative rather than additive, numbers in the two rows above will not sum to those in this row.
Gross domestic product at market prices for France, Italy, and the United Kingdom.
Defined as potential output less actual output, as percentage of actual output. A negative figure indicates manufacturing sector is operating at less than normal capacity.