## Statistical Appendix — 1098stapdf

## Source details

**Canonical URL:** [Statistical Appendix — 1098stapdf](https://www.imf.org/-/media/files/publications/weo/weo-database/1998/1098stapdf.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/weo/weo-database/1998/1098stapdf.pdf.md)
- [Structured JSON version](/-/media/files/publications/weo/weo-database/1998/1098stapdf.pdf.json)

---

### Overview and database coverage
- The statistical appendix presents historical data and projections and comprises four sections: Assumptions, Data and Conventions, Classification of Countries, and Statistical Tables.
- Data in the tables have been compiled on the basis of information available in mid-September 1998.
- Figures for 1998 and beyond are shown with the same degree of precision as historical figures for convenience but are projections and not to be inferred as equally accurate.
- Data and projections for 182 countries form the World Economic Outlook database.

### Key assumptions (estimates and projections for 1998–99 and medium-term 2000–2003)
- Exchange rates:
  - Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the four-week period July 27–August 24, 1998, except that bilateral exchange rates among the ERM currencies are assumed to remain constant in nominal terms.
  - For 1998 and 1999, the above exchange rate assumptions imply average U.S. dollar/SDR conversion rates of 1.339 and 1.326, respectively.
- Oil price assumptions:
  - $13.28 a barrel in 1998
  - $14.51 a barrel in 1999
  - In the medium term, the oil price is assumed to remain unchanged in real terms.
- Interest rate assumptions:
  - LIBOR on six-month U.S. dollar deposits: 5.7 percent in 1998 and 1999
  - Three-month certificate of deposit rate in Japan: 0.7 percent in 1998 and 0.6 percent in 1999
  - Three-month interbank deposit rate in Germany: 3.7 percent in 1998 and 1999
- Policy assumption: Established policies of national authorities are assumed to be maintained; more specific policy assumptions for selected advanced economies are described elsewhere in the World Economic Outlook.
- BPM adaptation note: The process of adapting country balance of payments data to the IMF’s Balance of Payments Manual, Fifth Edition (BPM) began with the May 1995 World Economic Outlook; full concordance depends on national provision of revised country data.

### Data and composite-construction conventions
- The World Economic Outlook database is maintained jointly by the IMF’s Research Department and area departments; area departments regularly update country projections based on consistent global assumptions.
- Harmonization frameworks referenced: System of National Accounts 1993 (SNA) and the IMF’s Balance of Payments Manual, Fifth Edition (BPM).
- Composite construction rules (selected):
  - Exchange rates, interest rates, and growth rates of monetary aggregates: weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of world or group GDP.
  - Other domestic economy data (growth rates or ratios): weighted by GDP valued at purchasing power parities (PPPs) as a share of total world or group GDP.
  - Inflation and money growth for developing and transition country groups: geometric averages.
  - Unemployment rates and employment growth: weighted by labor force as a share of group labor force.
  - External economy composites: sums of individual country data after conversion to U.S. dollars at average market exchange rates for balance of payments years, and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars.
  - Trade volume/price composites: arithmetic averages weighted by 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 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.
- Multiyear averages of growth rates are expressed as compound annual rates of change unless otherwise indicated.

### Country classification and group compositions
- Major groups and counts:
  - Advanced economies: 28 countries
  - Developing countries: 128 countries
  - Countries in transition: 28 countries
- The WEO divides countries into advanced economies, developing countries, and countries in transition; subgrouping and special placements:
  - Advanced economy subgroups include the seven largest by GDP (G-7), the 15 European Union members, and four newly industrialized Asian economies.
  - Euro area (new classification) comprises 11 countries that will form the European Monetary Union as of January 1, 1999: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Data shown are aggregates of country data and do not reflect official statistics at this time.
  - Regions for developing countries align with IFS classification except Cyprus, Malta, and Turkey are placed in a combined Middle East and Europe region for WEO purposes.
- Analytical classifications for developing countries:
  - By main source of export earnings (1990–93 export-earnings dominance rule): Fuel exporters; Manufactures (SITC 5 to 9, less 68); Nonfuel primary products (SITC 0, 1, 2, 4, and 68); Services, income, and private transfers; Diversified exporters.
  - By external financing source: Net creditor countries (7 countries); Net debtor countries (121 countries); Official financing subgroup (62 countries); Private financing subgroup (34 countries); Diversified financing subgroup (25 countries).
  - Net debtor decomposition by debt-servicing experience: Countries with arrears and/or rescheduling during 1993–97: 60 countries; Other net debtor countries: 61 countries.
  - Other groups: Heavily indebted poor countries: 40 countries; Least developed countries: 46 countries.

### Selected group shares (1997, percent) — Table A excerpts
- Advanced economies (advanced economies column): Share of world GDP 100.0; share of world exports of goods and services 55.3; share of world population 15.7
- Major industrial countries (7 countries): share of world GDP 80.1 (advanced economies column); share of world exports 44.3; share of world population 11.7
- United States:
  - share of advanced economies GDP 36.8
  - share of world GDP 20.4
  - share of advanced economies exports 17.8
  - share of world exports 13.7
  - share of advanced economies population 9.5
  - share of world population 4.6
- Japan:
  - share of advanced economies GDP 14.0
  - share of world GDP 7.7
  - share of advanced economies exports 9.2
  - share of world exports 7.1
  - share of advanced economies population 1.3
  - share of world population 2.2
- Euro area (11 countries):
  - share of advanced economies GDP 28.0
  - share of world GDP 15.5
  - share of advanced economies exports 38.9
  - share of world exports 30.0
  - share of advanced economies population 31.5
  - share of world population 4.9
- Developing countries (128 countries):
  - Share of world GDP 39.9
  - share of world exports 18.6
  - share of world population 77.3
- Selected developing-country regional shares:
  - Africa (51 countries): share of developing countries GDP 8.3; share of world GDP 3.3; share of developing countries exports 10.6; share of world exports 2.0; share of developing countries population 14.9; share of world population 11.5
  - Asia (27 countries): share of developing countries GDP 57.9; share of world GDP 23.1; share of developing countries exports 45.0; share of world exports 8.4; share of developing countries population 67.7; share of world population 52.3
  - China: share of developing countries GDP 29.0; share of world GDP 11.6; share of developing countries exports 16.6; share of world exports 3.1; share of developing countries population 27.5; share of world population 21.2
  - India: share of developing countries GDP 10.8; share of world GDP 4.3; share of developing countries exports 3.6; share of world exports 0.7; share of developing countries population 21.6; share of world population 16.7
- Countries in transition (28 countries): share of world GDP 4.8; share of world exports 4.2; share of world population 7.0
  - Central and eastern Europe (18 countries): share of transition group GDP 51.7; share of world GDP 2.5; share of transition group exports 57.4; share of world exports 2.4; share of transition group population 45.1; share of world population 3.1
  - Russia: share of transition group GDP 3.8; share of world GDP 1.9; share of transition group exports 35.7; share of world exports 1.5; share of transition group population 36.6; share of world population 2.5

### Global output and growth — Table 1 highlights (annual percent change; ten-year averages and annual observations)
- World: 3.4, 3.0, 2.7, 1.8, 2.5, 2.6, 3.9, 3.7, 4.2, 4.1, 2.0, 2.5
- Advanced economies: 2.9, 2.3, 2.7, 1.2, 1.9, 1.2, 3.2, 2.5, 3.0, 3.1, 2.0, 1.9
- United States: 2.7, 2.4, 1.2, –0.9, 2.7, 2.3, 3.5, 2.3, 3.4, 3.9, 3.5, 2.0
- Japan: 3.8, 1.5, 5.1, 3.8, 1.0, 0.3, 0.6, 1.5, 3.9, 0.8, –2.5, 0.5
- Developing countries: 4.3, 5.3, 4.0, 5.0, 6.6, 6.5, 6.7, 6.1, 6.6, 5.8, 2.3, 3.6
- Regions (selected):
  - Africa: 2.5, 2.8, 2.3, 1.9, 0.4, 0.7, 2.2, 3.1, 5.8, 3.2, 3.7, 4.7
  - Asia: 7.0, 7.0, 5.6, 6.6, 9.5, 9.3, 7.6, 9.0, 8.2, 6.6, 1.8, 3.9
  - Western Hemisphere: 2.2, 3.2, 1.0, 3.8, 3.3, 3.9, 5.2, 1.2, 3.5, 5.1, 2.8, 2.7
- Output per capita (memorial):
  - Advanced economies: 2.2, 1.6, 1.9, 0.4, 1.2, 0.6, 2.5, 1.9, 2.1, 2.5, 1.4, 1.4
  - Developing countries: 1.9, 3.3, 2.1, 3.0, 4.0, 4.5, 4.5, 4.2, 4.5, 4.0, 0.7, 2.0
- Value of world output in billions of U.S. dollars:
  - At market exchange rates: 14,473 26,648 22,489 23,636 23,506 24,191 25,972 28,802 29,610 29,506 28,997 29,772
  - At purchasing power parities: 17,584 33,427 25,524 26,986 28,435 29,880 31,713 33,639 35,759 38,047 40,685 43,606

### Advanced economies — components and labor market (selected series)
- Private consumer expenditure (annual percent change) — Advanced economies: 3.0 2.4 2.9 1.4 2.4 1.7 2.8 2.5 2.9 2.7 2.3 1.9
- Gross fixed capital formation — Advanced economies: 3.1 2.8 2.7 –1.6 1.5 –0.4 4.4 4.1 5.3 3.9 4.0 4.5
- Unemployment rate (percent) — Advanced economies: 6.9 7.1 5.9 6.6 7.3 7.7 7.6 7.2 7.3 7.1 6.9 7.0
- Growth in employment (compound annual rate of change) — Advanced economies: 1.2 0.8 1.6 0.1 –0.1 –0.1 1.1 1.1 1.0 1.3 0.9 0.9
- Growth in real per capita GDP — Advanced economies: 2.2 1.6 1.9 0.4 1.2 0.6 2.5 1.9 2.1 2.5 1.4 1.4

### Inflation and prices (Tables 8–13 highlights)
- GDP deflators, Advanced economies (ten-year averages series): 6.1 percent, 2.6 percent, 4.5 percent, 4.5 percent, 3.3 percent, 2.8 percent, 2.2 percent, 2.3 percent, 1.9 percent, 1.7 percent, 1.6 percent, 1.5 percent
- Consumer prices, Advanced economies (ten-year averages series): 6.3 percent, 2.9 percent, 5.2 percent, 4.7 percent, 3.5 percent, 3.1 percent, 2.6 percent, 2.5 percent, 2.4 percent, 2.1 percent, 1.7 percent, 1.7 percent
- Consumer prices, Developing countries (ten-year averages row): 35.9 percent, 32.5 percent, 68.2 percent, 36.5 percent, 38.7 percent, 47.2 percent, 51.6 percent, 22.3 percent, 14.1 percent, 9.1 percent, 10.3 percent, 8.3 percent
- Countries in transition — Central and eastern Europe (as reported): 95.4 percent, 283.1 percent, 357.7 percent, 153.3 percent, 75.3 percent, 32.4 percent, 38.2 percent, 18.3 percent, 14.7 percent
- Countries in transition — Russia (Table 8): 92.7 percent, 1,353.0 percent, 895.9 percent, 302.0 percent, 190.1 percent, 47.8 percent, 14.7 percent, 48.4 percent, 73.2 percent

### Advanced economies — labor costs and productivity (Table 10)
- Hourly earnings, Advanced economies: 6.4 percent, 4.3 percent, 6.6 percent, 6.0 percent, 5.9 percent, 3.9 percent, 3.4 percent, 3.3 percent, 3.2 percent, 3.9 percent, 3.6 percent, 2.8 percent
- Productivity, Advanced economies: 2.3 percent, 3.0 percent, 2.4 percent, 1.9 percent, 3.5 percent, 2.3 percent, 5.0 percent, 4.0 percent, 3.4 percent, 4.3 percent, 1.8 percent, 1.7 percent
- Unit labor costs, Advanced economies: 4.1 percent, 1.2 percent, 4.1 percent, 4.0 percent, 2.3 percent, 1.6 percent, –1.5 percent, –0.7 percent, –0.2 percent, –0.4 percent, 1.8 percent, 1.1 percent

### Financial, fiscal, and monetary indicators (Tables 14–19 highlights)
- Advanced economies central government fiscal balance: –2.5, –3.0, –4.0, –4.2, –3.5, –3.2, –2.6, –1.3, –1.2, –1.1 (1990–1999)
- Advanced economies general government fiscal balance: –2.0, –2.7, –3.6, –4.1, –3.4, –3.2, –2.5, –1.1, –1.2, –1.2 (1990–1999)
- Growth of broad money (Advanced economies): 8.2, 5.9, 3.1, 3.9, 2.5, 4.4, 4.9, 5.0 (1990–1997)
- Short-term interest rates (LIBOR): 8.4, 6.1, 3.9, 3.4, 5.1, 6.1, 5.6, 5.8, 5.7, 5.9 (1990–1999)
- Policy-related interest rates (selected): United States (federal funds): 8.1, 5.7, 3.5, 3.0, 4.2, 5.9, 5.4, 5.5, 5.6 (1990–1998, August series); Japan (overnight call): 7.2, 7.5, 4.6, 3.0, 2.1, 1.2, 0.4, 0.4, 0.4 (1990–1998, August series)
- Exchange-rate examples (U.S. dollars per unit or national currency units per U.S. dollar, 1990–1998):
  - Japanese yen: 144.8, 134.7, 126.7, 111.2, 102.2, 94.1, 108.8, 121.0, 144.5 (1990–1998)
  - Deutsche mark: 1.62, 1.66, 1.56, 1.65, 1.62, 1.43, 1.50, 1.73, 1.78 (1990–1998)

### Developing countries — macro and external aggregates (Sections 6–9 highlights)
- Real GDP, Developing countries: 4.3, 5.3, 4.0, 5.0, 6.6, 6.5, 6.7, 6.1, 6.6, 5.8, 2.3, 3.6
- Central government fiscal balances (developing countries, percent of GDP, 1990–1999): –3.1, –3.4, –2.9, –3.2, –2.7, –2.5, –2.3, –2.3, –3.4, –2.9
- Broad money growth (developing countries, annual percent change): 92.4, 73.0, 84.7, 91.8, 70.5, 24.4, 22.4, 19.5, 17.3, 13.8 (1990–1999)
- Developing countries — exports and imports (billions of U.S. dollars): Exports: 541.9; 546.0; 594.4; 614.8; 707.0; 847.6; 947.9; 1,028.5; 999.3; 1,080.0; Imports: 484.9; 531.1; 604.1; 661.4; 724.9; 858.0; 942.0; 1,008.8; 989.0; 1,048.1
- Developing countries — trade volume (exports, annual percent change): 1.7, 8.7, 8.5, 5.5, 10.6, 7.5, 14.0, 11.9, 8.6, 11.1, 3.9, 5.8
- World trade — volume (annual percent change): 4.4, 6.2, 5.6, 4.6, 4.7, 3.6, 9.3, 9.5, 6.8, 9.7, 3.7, 4.6
- Average oil spot price (U.S. dollars a barrel): 22.99, 19.37, 19.04, 16.79, 15.95, 17.20, 20.37, 19.27, 13.28, 14.51 (selected series)

### Current account and balance of payments — key aggregates (Section 7 and 8)
- Advanced economies — current account balances (billions of U.S. dollars, selected series): –87.2, –24.4, –17.3, 61.9, 32.8, 51.2, 34.3, 69.4, 39.6, –18.4
- Advanced economies — exports and imports (billions of U.S. dollars): Exports: 2,702.0; 2,784.2; 2,986.5; 2,936.3; 3,305.6; 3,939.5; 4,061.7; 4,158.6; 4,117.4; 4,308.3; Imports: 2,735.2; 2,797.8; 2,961.7; 2,844.8; 3,230.3; 3,845.0; 3,996.1; 4,088.2; 4,050.1; 4,296.9
- Developing countries — current account balances (billions of U.S. dollars, selected): –24.8, –98.0, –78.8, –121.3, –89.8, –95.3, –71.4, –61.8, –78.3, –63.2
- Developing countries — balance on goods and services and income components (billions of U.S. dollars): Trade balance: 57.1; 14.9; –9.6; –46.5; –17.9; –10.5; 5.9; 19.7; 10.3; 32.0; Services, net: –34.5; –50.0; –46.4; –45.7; –42.4; –52.7; –49.6; –61.8; –56.5; –58.6; Income, net: –58.4; –59.1; –53.8; –56.0; –53.7; –63.0; –64.0; –61.0; –72.4; –76.0
- Developing countries — reserves (billions of U.S. dollars, 1990–1999): 194.6; 246.2; 261.3; 307.9; 362.4; 429.2; 514.8; 565.1; 563.1; 602.9
- Ratio of reserves to imports of goods and services (percent) — Developing countries (1990–1999): 30.3; 34.9; 33.1; 35.8; 38.9; 39.2; 43.0; 43.7; 44.3; 44.8

### External debt and debt service (Sections 10–11 highlights)
- Developing countries total external debt (billions of U.S. dollars, 1990–1999): 1,182.6; 1,235.9; 1,315.7; 1,456.5; 1,550.5; 1,680.5; 1,743.6; 1,773.7; 1,812.1; 1,865.1
- Debt-service payments, developing countries (billions of U.S. dollars): 145.4; 150.3; 171.1; 182.8; 203.2; 226.1; 253.7; 262.3; 265.3; 264.5
- Debt-service payments as percent of exports of goods and services — Developing countries: 21.9 percent; 22.4 percent; 23.3 percent; 23.8 percent; 23.3 percent; 21.9 percent; 22.0 percent; 21.0 percent; 21.7 percent; 20.1 percent (1990–1999)
- Developing countries — short-term and long-term debt (billions): Short-term debt: 158.5; ...; 270.8 (1990 and 1999); Long-term debt: 1,024.2; ...; 1,594.3 (1990 and 1999)
- Debt-to-GDP ratio — Developing countries (percent): 37.3; 38.1; 37.3; 37.2; 37.5; 35.8; 33.4; 31.8; 32.8; 32.7 (1990–1999)
- Debt-service ratios — interest payments (percent of exports of goods and services), Developing countries: 10.2; 10.0; 9.4; 9.3; 8.7; 8.5; 8.3; 7.6; 8.9; 8.7 (1990–1999)
- Amortization (percent of exports), Developing countries: 11.7; 12.4; 13.9; 14.6; 14.7; 13.4; 13.7; 13.4; 12.8; 11.3 (1990–1999)

### Medium-term baseline scenario (Table 45 and Table 46 highlights)
- World and group real GDP (annual percent change, baseline):
  - World real GDP: 1980–87 average: 3.1; 1988–95 average: 3.2; 1996–99 average: 3.2; 1996: 4.2; 1997: 4.1; 1998: 2.0; 1999: 2.5; 2000–2003: 4.1
  - Advanced economies: 1980–87: 2.6; 1988–95: 2.6; 1996–99: 2.5; 1996: 3.0; 1997: 3.1; 1998: 2.0; 1999: 1.9; 2000–2003: 2.8
  - Developing countries: 1980–87: 4.2; 1988–95: 5.5; 1996–99: 4.5; 1996: 6.6; 1997: 5.8; 1998: 2.3; 1999: 3.6; 2000–2003: 5.6
- Developing countries — medium-term baseline (selected projections, Table 46):
  - Aggregates — Real GDP: 4.2, 5.5, 4.5, 6.6, 5.8, 2.3, 3.6, 5.6
  - Export volume1: 0.6, 9.1, 7.2, 8.8, 10.9, 3.9, 5.5, 7.2
  - Import volume1: 1.1, 8.0, 6.1, 9.3, 9.8, 1.0, 4.6, 7.6
  - By region (selected) — Asia Real GDP: 6.9, 8.1, 5.1, 8.2, 6.6, 1.8, 3.9, 6.3; Africa Real GDP: 2.2, 2.3, 4.3, 5.8, 3.2, 3.7, 4.7, 5.2
- Developing countries — percent of exports of goods and services (Table 46 memoranda):
  - Current account balance: –8.2, –14.6, –9.2, –6.2, –4.9, –6.4, –4.8, –4.7
  - Total external debt: 228.9, 184.3, 162.9, 151.2, 141.8, 148.0, 141.4, 120.5
  - Debt-service payments2: 24.2, 22.4, 21.9, 22.0, 21.0, 21.7, 20.1, 17.0
  - Interest payments: 12.7, 10.0, 8.5, 8.3, 7.6, 8.9, 8.7, 7.2

*Source: Statistical Appendix, World Economic Outlook database (data compiled on the basis of information available in mid-September 1998).*

### Section 1

### Statistical Appendix — Section 1

### Overview
- The statistical appendix presents historical data and projections and comprises four sections: Assumptions, Data and Conventions, Classification of Countries, and Statistical Tables.
- Data in the tables have been compiled on the basis of information available in mid-September 1998.
- Figures for 1998 and beyond are shown with the same degree of precision as historical figures for convenience but are projections and not to be inferred as equally accurate.
- Data and projections for 182 countries form the World Economic Outlook database.

### Assumptions (estimates and projections for 1998–99 and medium-term 2000–2003)
- Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the four-week period July 27–August 24, 1998, except that bilateral exchange rates among the ERM currencies are assumed to remain constant in nominal terms.
- For 1998 and 1999, the above exchange rate assumptions imply average U.S. dollar/SDR conversion rates of 1.339 and 1.326, respectively.
- Established policies of national authorities are assumed to be maintained; more specific policy assumptions for selected advanced economies are described elsewhere in the World Economic Outlook.
- Oil price assumptions:
  - $13.28 a barrel in 1998
  - $14.51 a barrel in 1999
  - In the medium term, the oil price is assumed to remain unchanged in real terms.
- Interest rate assumptions:
  - London interbank offered rate (LIBOR) on six-month U.S. dollar deposits: 5.7 percent in 1998 and 1999
  - Three-month certificate of deposit rate in Japan: 0.7 percent in 1998 and 0.6 percent in 1999
  - Three-month interbank deposit rate in Germany: 3.7 percent in 1998 and 1999
- The process of adapting country balance of payments data to the IMF’s Balance of Payments Manual, Fifth Edition (BPM) began with the May 1995 World Economic Outlook; full concordance depends on national provision of revised country data.

### Data and Conventions
- The World Economic Outlook database is maintained jointly by the IMF’s Research Department and area departments; area departments regularly update country projections based on consistent global assumptions.
- International efforts to harmonize methodologies include the System of National Accounts 1993 (SNA) and the IMF’s Balance of Payments Manual, Fifth Edition (BPM).
- Composite data for country groups are constructed as either sums or weighted averages:
  - Exchange rates, interest rates, and growth rates of monetary aggregates: weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of world or group GDP.
  - Other domestic economy data (growth rates or ratios): weighted by GDP valued at purchasing power parities (PPPs) as a share of total world or group GDP.
  - Inflation and money growth for developing and transition country groups: geometric averages.
  - Unemployment rates and employment growth: weighted by labor force as a share of group labor force.
  - External economy composites: sums of individual country data after conversion to U.S. dollars at average market exchange rates for 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: arithmetic averages of percentage changes 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 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.
- Multiyear averages of growth rates are expressed as compound annual rates of change unless otherwise indicated.

### Classification of Countries
- The World Economic Outlook divides countries into three major groups: advanced economies, developing countries, and countries in transition.
  - This classification evolved for analytical usefulness rather than strict criteria; some economies are not included because they are not IMF members or databases have not been compiled.
  - Examples: Cuba and the Democratic People’s Republic of Korea are not IMF members; San Marino is an advanced economy for which a database has not been completed.
  - Only three former Yugoslav republics (Croatia, the former Yugoslav Republic of Macedonia, and Slovenia) are included in transition group composites due to data limitations.
- Subgrouping:
  - Advanced economies are subdivided to identify the seven largest by GDP (the major industrial countries / G-7), the 15 current members of the European Union, and the four newly industrialized Asian economies.
  - Developing countries are classified by region and into analytical and other groups; regions align with IFS classification with a modification: Cyprus, Malta, and Turkey are placed in a combined Middle East and Europe region for WEO purposes.
  - A newly added classification, the euro area, comprises countries that will form the European Monetary Union as of January 1, 1999: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Data shown are aggregates of country data and do not reflect official statistics at this time.

### Group compositions and notable numeric summaries (from Table A and related text)
- Number of countries by main groups:
  - Advanced economies: 28 countries
  - Developing countries: 128 countries
  - Countries in transition: 28 countries
- Selected shares (1997, percent of total for group or world) — as shown in Table A:
  - Advanced economies: Share of world GDP 100.0 (advanced economies column), share of world exports of goods and services 55.3, share of world population 15.7
  - Major industrial countries (subgroup of advanced economies): 7 countries; share of world GDP 80.1 (advanced economies column), share of world exports 44.3, share of world population 11.7
  - United States: share of advanced economies GDP 36.8; share of world GDP 20.4; share of advanced economies exports 17.8; share of world exports 13.7; share of advanced economies population 9.5; share of world population 4.6
  - Japan: share of advanced economies GDP 14.0; share of world GDP 7.7; share of advanced economies exports 9.2; share of world exports 7.1; share of advanced economies population 1.3; share of world population 2.2
  - Euro area (11 countries): share of advanced economies GDP 28.0; share of world GDP 15.5; share of advanced economies exports 38.9; share of world exports 30.0; share of advanced economies population 31.5; share of world population 4.9
  - Developing countries (128 countries): Share of world GDP 39.9; share of world exports 18.6; share of world population 77.3
  - Regions of developing countries (selected):
    - Africa: 51 countries; share of developing countries GDP 8.3; share of world GDP 3.3; share of developing countries exports 10.6; share of world exports 2.0; share of developing countries population 14.9; share of world population 11.5
    - Asia: 27 countries; share of developing countries GDP 57.9; share of world GDP 23.1; share of developing countries exports 45.0; share of world exports 8.4; share of developing countries population 67.7; share of world population 52.3
    - China: share of developing countries GDP 29.0; share of world GDP 11.6; share of developing countries exports 16.6; share of world exports 3.1; share of developing countries population 27.5; share of world population 21.2
    - India: share of developing countries GDP 10.8; share of world GDP 4.3; share of developing countries exports 3.6; share of world exports 0.7; share of developing countries population 21.6; share of world population 16.7
  - Countries in transition (28 countries): share of world GDP 4.8; share of world exports 4.2; share of world population 7.0
    - Central and eastern Europe: 18 countries; share of transition group GDP 51.7; share of world GDP 2.5; share of transition group exports 57.4; share of world exports 2.4; share of transition group population 45.1; share of world population 3.1
    - Russia: share of transition group GDP 3.8; share of world GDP 1.9; share of transition group exports 35.7; share of world exports 1.5; share of transition group population 36.6; share of world population 2.5

### Developing countries — analytical classifications
- By main source of export earnings (1990–93 export-earnings dominance rule):
  - Fuel exporters
  - Manufactures (SITC 5 to 9, less 68)
  - Nonfuel primary products (SITC 0, 1, 2, 4, and 68)
  - Services, income, and private transfers (exporters of services and recipients of income from abroad, including workers’ remittances)
  - Diversified export earnings
- By external financing source:
  - Net creditor countries: 7 countries; share of developing countries world GDP column 2.8; share of world GDP 1.1
  - Net debtor countries: 121 countries; share of developing countries world GDP 97.2; share of world GDP 38.7
  - Official financing subgroup: 62 countries; share 9.4 (developing countries column)
  - Private financing subgroup: 34 countries; share 63.9 (developing countries column)
  - Diversified financing subgroup: 25 countries; share 23.8 (developing countries column)
- Net debtor countries are further classified by debt-servicing experience:
  - Countries with arrears and/or rescheduling during 1992–96: 60 countries; share of developing countries GDP 23.6; share of world GDP 9.4
  - Other net debtor countries: 61 countries; share of developing countries GDP 73.6; share of world GDP 29.3
- Other groups among developing countries include:
  - Heavily indebted poor countries: 40 countries; share of developing countries GDP 4.0; share of world GDP 1.6
  - Least developed countries: 46 countries; share of developing countries GDP 4.4; share of world GDP 1.8

### Euro area and treatment of Germany
- Euro area includes 11 countries that will form the European Monetary Union as of January 1, 1999: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain.
- Germany data: in 1991 and subsequent years, data refer to unified Germany; before 1991, many national accounts and domestic economic series refer to west Germany only. For annual percent change tables, figures apply to west Germany up to and including 1991, and unified Germany from 1992 onward. Central government and balance of payments data apply to west Germany through June 1990 and to unified Germany thereafter.

_italic Source: Statistical Appendix, World Economic Outlook database (data compiled on the basis of information available in mid-September 1998)._

### Section 2

### 1098stapdf - Section 2

### Country classification and financing-source rules
- Net debtor countries are allocated to the first two subgroups according to whether their official financing, including official grants, or their private financing, including direct and portfolio investment, accounted for more than two-thirds of their total 1991–95 external financing.
- Countries that do not meet either of these two criteria are classified as countries with diversified financing source.
- Within the classification experience with debt servicing, a distinction is made between countries with arrears or rescheduling agreements (or both) and other net debtor countries. During the 1993–97 period, 60 countries incurred external payments arrears or entered into official or commercial bank debt-rescheduling agreements. This group is referred to as countries with arrears and/or rescheduling during 1993–97.

### Other developing-country groups (definitions and membership notes)
- Heavily Indebted Poor Countries (HIPCs): The HIPC group comprises 40 of the countries (all except Nigeria) considered by the IMF and the World Bank for their debt initiative, known as the HIPC Initiative.
- Least Developed Countries (LDCs): The group comprises 46 of the 47 developing countries classified as “least developed” by the United Nations (Tuvalu, not being an IMF member, is excluded).
- Middle East and north Africa (MENA): Defined as the Arab League countries plus the Islamic Republic of Iran. The MENA grouping is a World Economic Outlook group whose composition straddles the Africa and Middle East and Europe regions.

### Countries in transition: scope and characteristics
- The group comprises 28 countries: central and eastern European countries (including the Baltic countries), Russia, the other states of the former Soviet Union, and Mongolia.
- The transition country group is divided into three regional subgroups: central and eastern Europe, Russia, and Transcaucasus and central Asia.
- A common characteristic: economies transitioning from centrally administered systems to market-based systems, involving transformation of sizable industrial sectors with largely obsolete capital stocks.
- Note: Other economies undergoing transition (e.g., China, Cambodia, the Lao People’s Democratic Republic, Vietnam, and a number of African countries) are largely rural, low-income economies and are classified in the developing country group rather than in the countries in transition group.

### Selected country lists (as presented)
- The Statistical Appendix includes detailed lists of countries sorted by region and by main external financing source (Net Creditor countries; Official financing; Private financing; Diversified financing) and other groupings (Heavily Indebted Poor Countries; Least Developed Countries; Middle East and North Africa; Countries in Transition). (Detailed country lists appear in Table D, Table E, and Table F of the source.)

### Key statistics — Table 1: Summary of World Output (annual percent change; ten-year averages and annual observations)
- World: 3.4, 3.0, 2.7, 1.8, 2.5, 2.6, 3.9, 3.7, 4.2, 4.1, 2.0, 2.5
- Advanced economies: 2.9, 2.3, 2.7, 1.2, 1.9, 1.2, 3.2, 2.5, 3.0, 3.1, 2.0, 1.9
- United States: 2.7, 2.4, 1.2, –0.9, 2.7, 2.3, 3.5, 2.3, 3.4, 3.9, 3.5, 2.0
- European Union: 2.3, 2.0, 3.0, 1.6, 1.0, –0.5, 2.9, 2.4, 1.7, 2.7, 2.9, 2.5
- Japan: 3.8, 1.5, 5.1, 3.8, 1.0, 0.3, 0.6, 1.5, 3.9, 0.8, –2.5, 0.5
- Developing countries: 4.3, 5.3, 4.0, 5.0, 6.6, 6.5, 6.7, 6.1, 6.6, 5.8, 2.3, 3.6
- Regional groups:
  - Africa: 2.5, 2.8, 2.3, 1.9, 0.4, 0.7, 2.2, 3.1, 5.8, 3.2, 3.7, 4.7
  - Asia: 7.0, 7.0, 5.6, 6.6, 9.5, 9.3, 7.6, 9.0, 8.2, 6.6, 1.8, 3.9
  - Middle East and Europe: 2.2, 3.8, 5.6, 3.5, 6.5, 3.9, 0.7, 3.8, 4.7, 4.7, 2.3, 2.7
  - Western Hemisphere: 2.2, 3.2, 1.0, 3.8, 3.3, 3.9, 5.2, 1.2, 3.5, 5.1, 2.8, 2.7
- By source of export earnings:
  - Fuel: 0.8, 3.0, 4.9, 4.8, 6.3, 1.5, 0.2, 2.6, 3.7, 3.5, 0.7, 2.2
  - Nonfuel: 5.0, 5.6, 3.9, 5.0, 6.7, 7.1, 7.5, 6.5, 6.5, 6.0, 2.4, 3.7
- By external financing source:
  - Net creditor countries: 0.4, 3.6, 7.2, 5.0, 8.4, 4.0, 1.7, 1.2, 3.5, 2.9, –0.4, 2.4
  - Net debtor countries: 4.4, 5.4, 3.9, 5.0, 6.6, 6.6, 6.9, 6.2, 6.7, 5.9, 2.3, 3.6
  - Official financing: 3.5, 3.8, 3.8, 4.0, 3.0, 2.5, 3.4, 3.9, 5.8, 3.4, 4.5, 3.3
  - Private financing: 4.6, 5.9, 3.6, 6.0, 7.8, 7.9, 7.8, 6.3, 6.7, 6.4, 3.2, 3.6
  - Diversified financing: 4.5, 4.5, 4.7, 2.9, 4.9, 4.7, 6.1, 6.9, 6.9, 5.3, –0.8, 3.6
- Net debtor countries by debt-servicing experience:
  - Countries with arrears and/or rescheduling during 1993–97: 2.3, 2.8, 0.7, 2.3, 2.2, 2.6, 3.2, 4.1, 3.8, 4.1, 2.2, 3.2
  - Other net debtor countries: 5.6, 6.3, 5.3, 6.1, 8.3, 8.0, 8.2, 7.0, 7.6, 6.4, 2.4, 3.7
- Countries in transition (series): 2.8, –4.1, –3.5, –7.6, –14.0, –7.3, –7.1, –1.5, –1.0, 2.0, –0.2, –0.2
  - Central and eastern Europe: (series includes) –10.0, –8.7, –3.8, –2.8, 1.6, 1.6, 2.8, 3.4, 3.6
  - Russia: (series includes) –5.4, –19.4, –10.4, –11.6, –4.8, –5.0, 0.9, –6.0, –6.0
  - Transcaucasus and central Asia: (series includes) –7.0, –14.4, –10.1, –10.3, –4.3, 1.6, 2.1, 4.1, 3.8
- Memorandum:
  - Median growth rate — Advanced economies: 3.0, 2.7, 3.2, 2.2, 1.4, 1.3, 3.6, 2.9, 3.5, 3.4, 3.0, 2.6
  - Median growth rate — Developing countries: 3.2, 3.8, 3.1, 2.9, 3.6, 2.9, 3.5, 4.4, 4.6, 4.3, 4.0, 4.5
- Output per capita:
  - Advanced economies: 2.2, 1.6, 1.9, 0.4, 1.2, 0.6, 2.5, 1.9, 2.1, 2.5, 1.4, 1.4
  - Developing countries: 1.9, 3.3, 2.1, 3.0, 4.0, 4.5, 4.5, 4.2, 4.5, 4.0, 0.7, 2.0
- Value of world output in billions of U.S. dollars:
  - At market exchange rates: 14,473 26,648 22,489 23,636 23,506 24,191 25,972 28,802 29,610 29,506 28,997 29,772
  - At purchasing power parities: 17,584 33,427 25,524 26,986 28,435 29,880 31,713 33,639 35,759 38,047 40,685 43,606

### Key statistics — Table 2: Advanced Economies (Real GDP and Total Domestic Demand; annual percent change)
- Real GDP, ten-year averages and annual observations shown for Advanced economies and component countries. Selected series (ten-year averages and annual cells shown in the table):
  - Advanced economies: 2.9, 2.3, 2.7, 1.2, 1.9, 1.2, 3.2, 2.5, 3.0, 3.1, 2.0, 1.9
  - United States: 2.7, 2.4, 1.2, –0.9, 2.7, 2.3, 3.5, 2.3, 3.4, 3.9, 3.5, 2.0
  - Japan: 3.8, 1.5, 5.1, 3.8, 1.0, 0.3, 0.6, 1.5, 3.9, 0.8, –2.5, 0.5
  - Germany: 1.8, 2.4, 5.7, 5.0, 2.2, –1.2, 2.7, 1.2, 1.3, 2.2, 2.6, 2.5
  - France: 2.3, 1.8, 2.5, 0.8, 1.2, –1.3, 2.8, 2.1, 1.6, 2.3, 3.1, 2.8
  - United Kingdom: 2.4, 1.6, 0.4, –2.0, –0.5, 2.1, 4.3, 2.7, 2.2, 3.4, 2.3, 1.2
  - Other advanced economies and a range of country-specific series are presented in the table (Spain, Netherlands, Belgium, Sweden, Austria, Denmark, Finland, Greece, Portugal, Ireland, Luxembourg, Switzerland, Norway, Israel, Iceland, Korea, Australia, Taiwan Province of China, Hong Kong SAR, Singapore, New Zealand).
- Real total domestic demand for advanced economies is presented with series:
  - Advanced economies: 2.8, 2.2, 2.7, 0.8, 1.9, 0.9, 3.3, 2.5, 3.0, 2.8, 2.1, [cell formatting indicates series continued].
  - Major industrial countries and detailed country series shown (United States, Japan, Germany, France, Italy, United Kingdom, Canada, other advanced economies).

*Source: Section 2, Statistical Appendix, 1098stapdf*

### Section 3

### Advanced Economies: Components of Real GDP

### Coverage (years)
- Ten‑Year Averages and annual series for: 1980–89, 1990–99, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999.

### Private consumer expenditure (Annual percent change)
- Advanced economies: 3.0 2.4 2.9 1.4 2.4 1.7 2.8 2.5 2.9 2.7 2.3 1.9
- Major industrial countries: 2.9 2.2 2.6 0.9 2.2 1.6 2.5 2.2 2.7 2.5 2.8 2.0
- Memorandum — Industrial countries: 2.8 2.2 2.6 1.0 2.1 1.4 2.5 2.3 2.7 2.6 2.9 2.2
- Memorandum — European Union: 2.4 2.0 3.0 2.3 1.6 –0.2 1.7 1.9 2.1 2.2 2.7 2.6
- Memorandum — Euro area: 2.3 2.0 3.6 3.2 2.0 –0.6 1.4 1.9 1.7 1.6 2.5 2.7

### Public consumption (Annual percent change)
- Advanced economies: 2.5 1.3 2.7 2.0 1.5 0.7 1.1 0.8 1.5 0.9 1.0 1.1
- Major industrial countries: 2.3 1.1 2.2 1.5 1.1 0.5 1.0 0.6 1.1 0.6 1.1 1.1
- Memorandum — Industrial countries: 2.4 1.2 2.4 1.7 1.2 0.6 1.0 0.8 1.1 0.7 1.1 1.2
- Memorandum — European Union: 2.0 1.5 2.4 2.2 2.2 0.9 1.1 0.9 1.6 0.2 1.6 1.4
- Memorandum — Euro area: 2.3 1.6 2.4 2.2 2.8 1.1 1.0 0.7 1.7 0.3 1.8 1.5

### Gross fixed capital formation (Annual percent change)
- Advanced economies: 3.1 2.8 2.7 –1.6 1.5 –0.4 4.4 4.1 5.3 3.9 4.0 4.5
- Major industrial countries: 2.8 2.7 1.9 –2.4 1.9 –0.2 4.0 3.3 5.4 3.6 4.9 4.6
- Memorandum — Industrial countries: 2.9 2.6 1.9 –2.5 1.3 –0.8 4.0 3.7 5.2 4.0 5.1 4.6
- Memorandum — European Union: 2.6 1.4 3.8 –0.2 –1.0 –6.3 2.4 3.7 1.0 2.6 4.5 4.4
- Memorandum — Euro area: 2.2 1.6 5.4 1.9 –0.5 –7.6 2.1 3.7 0.6 2.1 4.2 4.9

### Final domestic demand (Annual percent change)
- Advanced economies: 2.9 2.3 3.0 1.0 1.9 1.0 2.8 2.5 3.2 2.5 2.2 2.4
- Major industrial countries: 2.8 2.1 2.5 0.4 1.8 0.9 2.4 2.1 3.1 2.3 2.8 2.4
- Memorandum — Industrial countries: 2.8 2.1 2.5 0.5 1.7 0.7 2.4 2.3 3.0 2.4 2.9 2.5
- Memorandum — European Union: 2.4 1.8 3.0 1.7 1.1 –1.3 1.8 2.0 1.8 1.9 2.9 2.8
- Memorandum — Euro area: 2.3 1.8 3.8 2.7 1.6 –1.8 1.5 2.0 1.5 1.5 2.7 3.0

### Stock building (Changes expressed as percent of GDP in the preceding period)
- Advanced economies: –0.2 — — –0.3 –0.2 — — –0.1 0.5 –0.1 –0.2 0.2 –0.1 –0.2
- Major industrial countries: –0.2 — — –0.3 –0.2 –0.1 — 0.6 –0.1 –0.2 0.4 0.1 –0.3
- Memorandum — Industrial countries: –0.2 — — –0.2 –0.2 –0.1 –0.1 0.6 –0.1 –0.2 0.4 0.1 –0.3
- Memorandum — European Union: — — — 0.1 –0.3 –0.1 –0.5 0.8 0.1 –0.4 0.4 0.4 0.1
- Memorandum — Euro area: — 0.1 0.1 –0.3 –0.3 –0.7 0.9 0.1 –0.4 0.6 0.5 0.1

### Foreign balance (Changes expressed as percent of GDP in the preceding period)
- Advanced economies: — 0.1 0.1 0.3 — 0.3 –0.2 0.1 –0.1 0.3 –0.1 –0.1
- Major industrial countries: — — 0.2 0.5 — 0.1 –0.2 0.1 –0.1 0.1 –0.7 –0.2
- United States (foreign balance row): –0.1 –0.3 0.3 0.6 –0.1 –0.7 –0.5 0.1 –0.2 –0.4 –1.6 –0.5
- Memorandum — Industrial countries: — — 0.2 0.5 0.1 0.3 –0.1 — –0.1 0.1 –0.7 –0.2
- Memorandum — European Union: — 0.2 — — — 0.1 1.3 0.3 0.3 0.4 0.4 –0.4 –0.2
- Memorandum — Euro area: 0.1 0.2 –0.2 –0.2 — 1.5 0.2 0.2 0.6 0.5 –0.2 –0.2

---

### Advanced Economies: Labor Market and Per Capita Output

### Unemployment rate (Percent)
- Advanced economies: 6.9 7.1 5.9 6.6 7.3 7.7 7.6 7.2 7.3 7.1 6.9 7.0
- Major industrial countries: 6.9 6.7 5.8 6.5 7.2 7.3 7.2 6.8 6.9 6.7 6.4 6.5
- United States: 7.3 5.8 5.6 6.8 7.5 6.9 6.1 5.6 5.4 4.9 4.5 4.8
- Japan: 2.5 3.0 2.1 2.1 2.2 2.5 2.9 3.1 3.3 3.4 4.1 4.3
- Memorandum — Industrial countries: 7.2 7.4 6.2 6.9 7.8 8.2 8.1 7.7 7.7 7.5 7.1 7.1
- Memorandum — European Union: 9.0 10.3 8.1 8.5 9.9 11.1 11.6 11.2 11.3 11.0 10.3 10.0
- Memorandum — Euro area: 9.4 11.1 8.9 8.9 10.1 11.4 12.3 12.0 12.4 12.5 11.8 11.3

### Growth in employment (Compound annual rate of change)
- Advanced economies: 1.2 0.8 1.6 0.1 –0.1 –0.1 1.1 1.1 1.0 1.3 0.9 0.9
- Major industrial countries: 1.1 0.7 1.5 — — –0.1 — 1.0 0.8 0.7 1.3 0.9 0.5
- United States: 1.7 1.2 1.3 –0.9 0.7 1.5 2.3 1.5 1.4 2.2 1.5 0.7
- Memorandum — Industrial countries: 1.1 0.7 1.6 –0.1 –0.3 –0.3 0.9 1.0 0.9 1.3 1.1 0.7
- Memorandum — European Union: 0.4 0.2 1.7 0.1 –1.6 –2.0 –0.2 0.6 0.5 0.6 1.2 0.9

### Growth in real per capita GDP (Compound annual rate of change)
- Advanced economies: 2.2 1.6 1.9 0.4 1.2 0.6 2.5 1.9 2.1 2.5 1.4 1.4
- Major industrial countries: 2.1 1.4 1.6 — 1.1 0.4 2.2 1.5 1.9 2.3 1.6 1.3
- United States: 1.8 1.4 0.2 –2.0 1.6 1.2 2.5 1.3 2.1 3.0 2.6 1.2
- Japan: 3.1 1.2 4.7 3.4 0.7 — 0.4 1.3 3.5 0.6 –2.8 0.3
- Memorandum — Industrial countries: 2.1 1.5 1.7 — 1.0 0.3 2.2 1.6 2.0 2.4 1.8 1.5
- Memorandum — European Union: 2.1 1.7 2.3 1.0 0.7 –0.7 2.6 2.2 1.4 2.5 2.7 2.4
- Memorandum — Euro area: 2.0 1.8 2.9 1.9 1.1 –1.1 2.3 2.0 1.3 2.3 2.8 2.7

---

### Developing Countries: Aggregate Output

### Real GDP — Developing countries (Annual percent change)
- Developing countries: 4.3 5.3 4.0 5.0 6.6 6.5 6.7 6.1 6.6 5.8 2.3 3.6

### Regional groups (Annual percent change)
- Africa: 2.5 2.8 2.3 1.9 0.4 0.7 2.2 3.1 5.8 3.2 3.7 4.7
- Asia: 7.0 7.0 5.6 6.6 9.5 9.3 8.6 9.0 8.2 6.6 1.8 3.9
- Middle East and Europe: 2.2 3.8 5.6 3.5 6.5 3.9 0.7 3.8 4.7 4.7 2.3 2.7
- Western Hemisphere: 2.2 3.2 1.0 3.8 3.3 3.9 5.2 1.2 3.5 5.1 2.8 2.7

### Analytical groups (Annual percent change)
- By source of export earnings — Fuel: 0.8 3.0 4.9 4.8 6.3 1.5 0.2 2.6 3.7 3.5 0.7 2.2
- By source of export earnings — Manufactures: 6.7 6.7 3.6 5.7 8.6 6.9 3.9 6.7 8.7 7.7 6.5 4.1
- By external financing source — Net creditor countries: 0.4 3.6 7.2 5.0 8.4 4.0 1.7 1.2 3.5 2.9 –0.4 2.4
- By external financing source — Net debtor countries: 4.4 5.4 3.9 5.0 6.6 6.6 6.9 6.2 6.7 5.9 2.3 3.6

### Real per capita GDP — Developing countries (Memorandum)
- Real percapita GDP: 1.9 3.3 2.1 3.0 4.0 4.5 4.5 4.2 4.5 4.0 0.7 2.0
- Regional — Asia (real percapita GDP): 5.1 5.4 3.9 4.8 7.7 7.5 7.5 7.5 7.4 6.7 5.1 0.6

---

*Source: 1098stapdf - Section 3 (statistical tables reproduced as presented).*

### Section 4

### 1098stapdf - Section 4

### Summary of Inflation — Ten-Year Averages (Table 8)
- GDP deflators, Advanced economies: 6.1 percent, 2.6 percent, 4.5 percent, 4.5 percent, 3.3 percent, 2.8 percent, 2.2 percent, 2.3 percent, 1.9 percent, 1.7 percent, 1.6 percent, 1.5 percent
- GDP deflators, United States: 5.0 percent, 2.5 percent, 4.3 percent, 4.0 percent, 2.8 percent, 2.6 percent, 2.4 percent, 2.3 percent, 1.9 percent, 1.9 percent, 1.2 percent, 2.0 percent
- Consumer prices, Advanced economies: 6.3 percent, 2.9 percent, 5.2 percent, 4.7 percent, 3.5 percent, 3.1 percent, 2.6 percent, 2.5 percent, 2.4 percent, 2.1 percent, 1.7 percent, 1.7 percent
- Consumer prices, Developing countries: 35.9 percent, 32.5 percent, 68.2 percent, 36.5 percent, 38.7 percent, 47.2 percent, 51.6 percent, 22.3 percent, 14.1 percent, 9.1 percent, 10.3 percent, 8.3 percent
- Regional groups, developing countries — Africa: 15.0 percent, 22.3 percent, 16.0 percent, 24.7 percent, 32.4 percent, 30.5 percent, 37.5 percent, 34.1 percent, 26.7 percent, 11.0 percent, 7.7 percent, 7.1 percent
- Regional groups, developing countries — Asia: 8.8 percent, 8.9 percent, 7.0 percent, 8.2 percent, 7.2 percent, 11.0 percent, 15.9 percent, 12.8 percent, 7.9 percent, 4.7 percent, 8.3 percent, 7.0 percent
- Analytical groups by external financing source — Net creditor countries: 2.6 percent, 2.9 percent, 3.9 percent, 6.1 percent, 3.2 percent, 4.2 percent, 3.4 percent, 5.0 percent, 2.3 percent, 1.2 percent, 1.1 percent, 1.7 percent
- Analytical groups by external financing source — Net debtor countries: 37.4 percent, 30.1 percent, 71.2 percent, 37.7 percent, 40.1 percent, 49.0 percent, 53.5 percent, 22.8 percent, 14.5 percent, 9.4 percent, 10.6 percent, 8.4 percent
- Net debtor countries with arrears and/or rescheduling during 1993–97: 69.5 percent, 86.2 percent, 73.9 percent, 111.7 percent, 152.8 percent, 216.0 percent, 233.2 percent, 43.0 percent, 22.2 percent, 12.5 percent, 10.7 percent, 9.4 percent
- Countries in transition (ten-year averages line in Table 8): 8.6 percent, 128.0 percent, 38.6 percent, 95.8 percent, 656.6 percent, 609.3 percent, 268.4 percent, 124.1 percent, 41.4 percent, 27.9 percent, 29.5 percent, 34.6 percent
- Central and eastern Europe (as reported): 95.4 percent, 283.1 percent, 357.7 percent, 153.3 percent, 75.3 percent, 32.4 percent, 38.2 percent, 18.3 percent, 14.7 percent
- Russia (as reported in Table 8): 92.7 percent, 1,353.0 percent, 895.9 percent, 302.0 percent, 190.1 percent, 47.8 percent, 14.7 percent, 48.4 percent, 73.2 percent

### Advanced Economies: GDP Deflators and Consumer Prices (Table 9)
- GDP deflators, Advanced economies (ten-year averages row repeated): 6.1 percent, 2.6 percent, 4.5 percent, 4.5 percent, 3.3 percent, 2.8 percent, 2.2 percent, 2.3 percent, 1.9 percent, 1.7 percent, 1.6 percent, 1.5 percent
- Major industrial countries, GDP deflators: 5.3 percent, 2.3 percent, 4.1 percent, 4.1 percent, 3.0 percent, 2.5 percent, 1.9 percent, 1.9 percent, 1.6 percent, 1.5 percent, 1.2 percent, 1.3 percent
- Japan, GDP deflators: 2.2 percent, 0.6 percent, 2.3 percent, 2.7 percent, 1.7 percent, 0.6 percent, 0.2 percent, –0.6 percent, –0.5 percent, 0.6 percent, 0.4 percent, –1.0 percent
- Consumer prices, Advanced economies (ten-year averages row repeated): 6.3 percent, 2.9 percent, 5.2 percent, 4.7 percent, 3.5 percent, 3.1 percent, 2.6 percent, 2.5 percent, 2.4 percent, 2.1 percent, 1.7 percent, 1.7 percent
- Consumer prices, Major industrial countries: 5.5 percent, 2.7 percent, 4.8 percent, 4.3 percent, 3.2 percent, 2.8 percent, 2.2 percent, 2.3 percent, 2.2 percent, 2.0 percent, 1.4 percent, 1.6 percent
- Consumer prices, United States: 5.5 percent, 3.0 percent, 5.4 percent, 4.2 percent, 3.0 percent, 3.0 percent, 2.6 percent, 2.8 percent, 2.9 percent, 2.3 percent, 1.6 percent, 2.3 percent
- Memorandum, Industrial countries, GDP deflators: 5.6 percent, 2.5 percent, 4.4 percent, 4.3 percent, 3.2 percent, 2.6 percent, 2.0 percent, 2.1 percent, 1.7 percent, 1.6 percent, 1.3 percent, 1.5 percent
- Memorandum, European Union, Consumer prices: 7.0 percent, 3.2 percent, 5.4 percent, 5.1 percent, 4.4 percent, 3.8 percent, 3.0 percent, 2.9 percent, 2.5 percent, 1.9 percent, 1.7 percent, 1.8 percent

### Advanced Economies: Hourly Earnings, Productivity, and Unit Labor Costs (Table 10)
- Hourly earnings, Advanced economies: 6.4 percent, 4.3 percent, 6.6 percent, 6.0 percent, 5.9 percent, 3.9 percent, 3.4 percent, 3.3 percent, 3.2 percent, 3.9 percent, 3.6 percent, 2.8 percent
- Productivity, Advanced economies: 2.3 percent, 3.0 percent, 2.4 percent, 1.9 percent, 3.5 percent, 2.3 percent, 5.0 percent, 4.0 percent, 3.4 percent, 4.3 percent, 1.8 percent, 1.7 percent
- Unit labor costs, Advanced economies: 4.1 percent, 1.2 percent, 4.1 percent, 4.0 percent, 2.3 percent, 1.6 percent, –1.5 percent, –0.7 percent, –0.2 percent, –0.4 percent, 1.8 percent, 1.1 percent
- United States, Hourly earnings: 2.8 percent, 3.7 percent, 4.7 percent, 5.3 percent, 4.3 percent, 3.0 percent, 2.8 percent, 2.4 percent, 2.1 percent, 4.0 percent, 4.6 percent, 3.7 percent
- United States, Productivity: 0.4 percent, 3.3 percent, 2.3 percent, 2.1 percent, 5.2 percent, 2.1 percent, 3.2 percent, 4.1 percent, 4.5 percent, 4.0 percent, 3.4 percent, 2.5 percent
- United States, Unit labor costs: 2.3 percent, 0.3 percent, 2.4 percent, 3.1 percent, –0.8 percent, 0.8 percent, –0.4 percent, –1.6 percent, –2.3 percent, —, –1.2 percent, 1.1 percent

### Developing Countries: Consumer Prices (Table 11 and Table 12 highlights)
- Developing countries (ten-year averages row): 35.9 percent, 32.5 percent, 68.2 percent, 36.5 percent, 38.7 percent, 47.2 percent, 51.6 percent, 22.3 percent, 14.1 percent, 9.1 percent, 10.3 percent, 8.3 percent
- Regional medians, Developing countries — Median Developing countries: 9.8 percent, 8.5 percent, 10.4 percent, 11.8 percent, 9.8 percent, 9.5 percent, 10.6 percent, 10.0 percent, 7.3 percent, 5.9 percent, 5.0 percent, 4.7 percent
- Africa (selected country examples, Table 12): Angola (annual series excerpt) 5.6 percent, 1.8 percent, 83.6 percent, 299.1 percent, 1,379.5 percent, 949.8 percent, 2,671.6 percent, 4,147.0 percent, 111.3 percent
- Asia (selected country examples, Table 12): China (series excerpt) 7.2 percent, 3.1 percent, 3.6 percent, 6.4 percent, 14.6 percent, 24.3 percent, 16.7 percent, 8.4 percent, 2.8 percent
- Western Hemisphere (selected country examples, Table 12): Argentina (series excerpt) 318.9 percent, 2,314.7 percent, 171.7 percent, 24.9 percent, 10.6 percent, 4.2 percent, 3.4 percent, 0.2 percent, 0.8 percent
- Notation: For many countries, figures for recent years are IMF staff estimates; data for some countries are for fiscal years.

### Countries in Transition: Consumer Prices (Table 13 highlights)
- Central and eastern Europe (aggregate series reported): 95.4 percent, 283.1 percent, 357.7 percent, 153.3 percent, 75.3 percent, 32.4 percent, 38.2 percent, 18.3 percent, 14.7 percent
- Selected country series:
  - Albania: 35.8 percent, 225.2 percent, 85.0 percent, 22.6 percent, 7.8 percent, 12.7 percent, 33.2 percent
  - Belarus: 83.5 percent, 969.0 percent, 1,190.0 percent, 2,220.0 percent, 709.0 percent, 52.7 percent, 64.0 percent
  - Bulgaria: 2.5 percent, 23.9 percent, 333.5 percent, 82.0 percent, 72.8 percent, 96.0 percent, 62.1 percent, 123.0 percent, 1,082.2 percent
  - Poland: 43.0 percent, 585.8 percent, 70.3 percent, 43.0 percent, 35.3 percent, 32.2 percent, 27.9 percent, 19.9 percent, 15.1 percent
  - Romania: 2.9 percent, 127.9 percent, 161.1 percent, 210.4 percent, 256.1 percent, 136.7 percent, 32.3 percent, 38.8 percent, 151.6 percent
  - Russia (as reported in Table 13): 92.7 percent, 1,353.0 percent, 895.9 percent, 302.0 percent, 190.1 percent, 47.8 percent, 14.7 percent
- Transcaucasus and central Asia (aggregate): 110.9 percent, 945.3 percent, 1,224.2 percent, 1,667.7 percent, 183.6 percent, 68.7 percent, 31.0 percent
- Selected Transcaucasus and central Asia country series:
  - Armenia: 100.3 percent, 824.5 percent, 3,731.8 percent, 5,273.4 percent, 176.7 percent, 18.7 percent, 14.0 percent
  - Azerbaijan: 105.6 percent, 912.6 percent, 1,129.7 percent, 1,664.4 percent, 411.7 percent, 19.8 percent, 3.5 percent
  - Kazakhstan: 91.0 percent, 1,515.7 percent, 1,662.3 percent, 1,879.9 percent, 176.3 percent, 39.1 percent, 17.4 percent
  - Uzbekistan: 169.0 percent, 645.2 percent, 534.0 percent, 1,568.0 percent, 116.9 percent, 64.4 percent, 50.0 percent
- Footnote on measurement: For many countries, inflation for earlier years is measured on the basis of a retail price index; consumer price indices with broader coverage are typically used for more recent years.

_Italic: Source: Tables 8–13, Statistical Appendix (section text and tables as provided)._

### Section 5

### Section 5 — Inflation: Countries in Transition (Statistical Appendix excerpts)

### Summary Financial Indicators (Table 14)
- Central government fiscal balance (Advanced economies): –2.5, –3.0, –4.0, –4.2, –3.5, –3.2, –2.6, –1.3, –1.2, –1.1 (1990–1999).
- United States central government fiscal balance: –3.0, –3.5, –4.7, –3.9, –2.7, –2.3, –1.4, –0.3, 0.6, 0.7 (1990–1999).
- European Union central government fiscal balance: –3.5, –3.8, –4.8, –6.0, –5.3, –4.5, –4.0, –2.2, –1.7, –1.5 (1990–1999).
- Japan central government fiscal balance: –0.5, –0.2, –1.7, –2.7, –3.5, –4.1, –4.3, –3.6, –4.8, –5.1 (1990–1999).
- Advanced economies general government fiscal balance: –2.0, –2.7, –3.6, –4.1, –3.4, –3.2, –2.5, –1.1, –1.2, –1.2 (1990–1999).
- Japan general government fiscal balance: 2.9, 2.9, 1.5, –1.6, –2.3, –3.6, –4.3, –3.1, –5.7, –7.0 (1990–1999).
- Growth of broad money (Advanced economies): 8.2, 5.9, 3.1, 3.9, 2.5, 4.4, 4.9, 5.0, . . ., . . . (1990–1997; later years not shown).
- Growth of broad money (Developing countries, weighted average): 92.4, 73.0, 84.7, 91.8, 70.5, 24.4, 22.4, 19.5, 17.3, 13.8 (1990–1999).
- Growth of broad money (Countries in transition): 21.7, 100.6, 429.9, 451.0, 185.2, 72.9, 31.2, 27.0, 9.6, 17.5 (1990–1999).
- Short-term interest rates (LIBOR): 8.4, 6.1, 3.9, 3.4, 5.1, 6.1, 5.6, 5.8, 5.7, 5.9 (1990–1999).

### Advanced Economies: Fiscal Balances and Excluding Social Security (Table 15)
- Advanced economies general government fiscal balance: –2.0, –2.7, –3.6, –4.1, –3.4, –3.2, –2.5, –1.1, –1.2, –1.2 (1990–1999).
- United States general government fiscal balance: –2.7, –3.3, –4.4, –3.6, –2.3, –1.9, –0.9, 0.2, 1.1, 1.2 (1990–1999).
- Japan general government fiscal balance: 2.9, 2.9, 1.5, –1.6, –2.3, –3.6, –4.3, –3.1, –5.7, –7.0 (1990–1999).
- Notable country series (general government fiscal balance, 1990–1999):
  - Germany: –2.0, –3.3, –2.8, –3.2, –2.4, –3.3, –3.4, –2.7, –2.6, –2.3.
  - France: –1.6, –2.0, –3.8, –5.6, –5.7, –4.9, –4.1, –3.0, –2.9, –2.3.
  - Italy: –11.1, –10.1, –9.6, –9.5, –9.2, –7.7, –6.7, –2.7, –2.6, –2.3.
  - United Kingdom: –1.2, –2.6, –6.3, –7.9, –6.9, –5.6, –4.6, –1.9, –0.1, –0.2.
- Fiscal balance excluding social security transactions (selected):
  - United States: –5.2, –5.5, –6.3, –5.3, –4.1, –3.6, –3.2, –2.6, –2.0, –2.0 (1990–1999).
  - Japan: –0.6, –0.8, –2.0, –4.8, –5.1, –6.5, –6.8, –5.2, –7.3, –8.6 (1990–1999).
- Central government fiscal balance (Advanced economies): –2.5, –3.0, –4.0, –4.2, –3.5, –3.2, –2.6, –1.3, –1.2, –1.1 (1990–1999).
- United States central government fiscal balance (budget basis): –3.0, –3.5, –4.7, –3.9, –2.7, –2.3, –1.4, –0.3, 0.6, 0.7 (1990–1999).
- Japan central government fiscal balance (national income basis, excluding social security): –0.5, –0.2, –1.7, –2.7, –3.5, –4.1, –4.3, –3.6, –4.8, –5.1 (1990–1999).

### Advanced Economies: Structural Balances (Table 16)
- Advanced economies structural balance (percent of potential GDP): –3.0, –2.8, –3.2, –3.0, –2.5, –2.5, –1.8, –0.6, –0.5, –0.4 (1990–1999).
- United States structural balance: –2.7, –2.1, –3.1, –2.3, –1.4, –1.1, –0.5, 0.1, 0.6, 0.9 (1990–1999).
- Japan structural balance: 1.6, 1.7, 0.9, –1.4, –1.5, –2.5, –3.6, –1.9, –2.8, –3.6 (1990–1999).
- Germany structural balance: –3.2, –5.4, –4.0, –2.2, –1.2, –2.0, –1.5, –0.7, –1.0, –0.9 (1990–1999).
- Memorandum: European Union structural balance: –5.2, –5.3, –4.9, –4.3, –3.9, –3.9, –2.7, –1.1, –1.0, –0.9 (1990–1999).

### Advanced Economies: Monetary Aggregates (Table 17)
- Narrow money (Advanced economies, annual percent change): 6.7, 7.1, 8.2, 8.8, 4.2, 5.3, 4.2, 4.2 (1990–1997).
- Narrow money (United States): 4.1, 7.9, 14.4, 10.6, 2.5, –1.6, –4.4, –1.2 (1990–1997).
- Narrow money (Japan): 4.5, 9.5, 3.9, 7.0, 4.2, 13.1, 9.7, 8.6 (1990–1997).
- Broad money (Advanced economies): 8.2, 5.9, 3.1, 3.9, 2.5, 4.4, 4.9, 5.0 (1990–1997).
- Broad money (United States): 4.1, 3.1, 1.8, 1.3, 0.6, 3.9, 4.6, 5.7 (1990–1997).
- Broad money (Japan): 7.4, 2.3, –0.2, 2.2, 2.8, 3.3, 2.9, 3.9 (1990–1997).

### Advanced Economies: Interest Rates (Tables 18)
- Policy-related interest rate (Major industrial countries): 9.1, 7.7, 6.3, 4.7, 4.5, 5.4, 4.4, 4.2, 4.3 (1990–1998, August series).
- United States policy-related rate (federal funds): 8.1, 5.7, 3.5, 3.0, 4.2, 5.9, 5.4, 5.5, 5.6 (1990–1998, August series).
- Japan policy-related rate (overnight call): 7.2, 7.5, 4.6, 3.0, 2.1, 1.2, 0.4, 0.4, 0.4 (1990–1998, August series).
- Short-term interest rate (Advanced economies): 9.1, 8.1, 6.9, 5.4, 4.9, 5.3, 4.1, 4.1, 5.1 (1990–1998, August series).
- Short-term interest rate (United States): 7.5, 5.4, 3.4, 3.1, 4.4, 5.7, 5.1, 5.2, 5.6 (1990–1998, August series).
- Long-term interest rate (Advanced economies): 9.5, 8.7, 7.9, 6.6, 7.2, 6.8, 6.1, 5.4, 4.8 (1990–1998).
- Long-term interest rate (United States): 8.6, 7.9, 7.0, 5.9, 7.1, 6.6, 6.4, 6.4, 5.3 (1990–1998).

### Advanced Economies: Exchange Rates (Table 19)
- U.S. dollar nominal exchange rates (national currency units per U.S. dollar, selected series):
  - Japanese yen: 144.8, 134.7, 126.7, 111.2, 102.2, 94.1, 108.8, 121.0, 144.5 (1990–1998).
  - Deutsche mark: 1.62, 1.66, 1.56, 1.65, 1.62, 1.43, 1.50, 1.73, 1.78 (1990–1998).
  - French franc: 5.45, 5.64, 5.29, 5.66, 5.55, 4.99, 5.12, 5.84, 5.98 (1990–1998).
  - Pound sterling (U.S. dollars per pound): 1.78, 1.76, 1.76, 1.50, 1.53, 1.58, 1.56, 1.64, 1.63 (1990–1998).
  - Korean won: 707.8, 733.4, 780.7, 802.7, 803.4, 771.3, 804.5, 951.3, 1,534.5 (1990–1998).
  - New Taiwan dollar: 26.85, 26.81, 25.16, 26.39, 26.46, 26.49, 27.46, 28.70, 34.59 (1990–1998).
  - Hong Kong dollar: 7.79, 7.77, 7.74, 7.74, 7.73, 7.74, 7.74, 7.74, 7.74 (1990–1998).
- Real effective exchange rates (index, 1980–89 = 100; percent change from previous assumption):
  - United States: 77.2, 75.2, 73.9, 75.6, 74.6, 71.0, 74.9, 81.9, 2.3 (series).
  - Japan: 107.9, 115.3, 119.8, 145.2, 153.9, 159.5, 133.3, 123.3, –4.3 (series).
  - Germany: 113.1, 111.7, 115.9, 123.9, 128.6, 138.9, 138.5, 129.2, 0.6 (series).
  - France: 97.2, 93.4, 94.5, 96.2, 95.3, 95.1, 92.4, 88.7, 0.7 (series).
  - United Kingdom: 93.1, 96.3, 93.2, 87.0, 87.4, 82.2, 85.6, 103.4, 1.1 (series).
  - Korea: (not listed in real effective section in the provided excerpt).
- Notes on definitions and coverage (as presented):
  - Central and general government fiscal balances are in percent of GDP.
  - Structural balances are in percent of potential GDP.
  - Short-term interest rate definitions: United States — three-month treasury bills; Japan — three-month certificates of deposit; Germany — three-month interbank deposits; LIBOR — six-month U.S. dollar deposits.
  - Monetary aggregate definitions: Narrow money = M1 (except UK where M0 used); Broad money = M2 (with exceptions for Japan, Germany, UK using M2+CDs, M3, M4 respectively).

*Source: Statistical Appendix, Section 5 excerpts (tables 14–19).*

### Section 6

### 1098stapdf - Section 6

### Central Government Fiscal Balances (Table 20)
- Developing countries: –3.1, –3.4, –2.9, –3.2, –2.7, –2.5, –2.3, –2.3, –3.4, –2.9 (Percent of GDP for 1990–1999)
- Regional groups (Percent of GDP)
  - Africa: –2.8, –3.8, –5.2, –6.3, –5.1, –3.5, –2.8, –2.0, –3.1, –1.9
  - Sub-Sahara: –4.4, –5.2, –6.6, –6.3, –5.6, –3.3, –2.9, –2.9, –3.2, –1.8
  - Asia: –3.2, –3.0, –2.9, –2.9, –2.4, –2.1, –2.0, –2.4, –3.5, –3.4
  - Middle East and Europe: –8.5, –11.4, –6.0, –8.0, –6.0, –5.0, –4.4, –3.6, –4.4, –3.4
  - Western Hemisphere: 0.2, –0.1, –0.3, –0.2, –0.9, 1.9, 1.7, 1.7, –2.6, 1.9
- Analytical groups (Percent of GDP)
  - By source of export earnings — Fuel: –5.4, –7.3, –5.5, –8.2, –7.0, –4.1, –1.7, –1.0, –3.9, –2.8
  - By external financing source — Net creditor countries: –11.2, –19.9, –12.0, –12.1, –9.4, –6.1, –3.4, –0.8, –5.8, –5.1
  - Net debtor countries: –2.8, –2.8, –2.5, –2.9, –2.5, –2.4, –2.3, –2.4, –3.3, –2.9
- Other groups (Percent of GDP)
  - Heavily indebted poor countries: –8.6, –7.8, –9.1, –7.8, –6.4, –4.7, –3.9, –3.3, –3.4, –2.6
  - Least developed countries: –7.3, –6.5, –6.7, –5.8, –5.6, –4.4, –4.0, –3.1, –3.0, –2.9
- Memorandum — Median Developing countries: –4.0, –3.9, –3.9, –4.1, –3.8, –3.4, –3.0, –2.4, –2.7, –2.5

### Broad Money Aggregates (Table 21)
- Developing countries (Annual percent change): 92.4, 73.0, 84.7, 91.8, 70.5, 24.4, 22.4, 19.5, 17.3, 13.8 (1990–1999)
- Regional groups (Annual percent change)
  - Africa: 20.1, 30.5, 34.2, 29.7, 42.6, 25.5, 21.0, 17.0, 13.5, 15.6
  - Asia: 21.7, 23.3, 22.7, 27.2, 24.4, 22.8, 21.6, 16.9, 17.5, 13.3
  - Western Hemisphere: 422.9, 227.2, 275.8, 299.3, 167.4, 22.1, 19.1, 20.2, 15.9, 12.6
- Analytical groups (Annual percent change)
  - By source of export earnings — Manufactures: 151.5, 132.3, 210.0, 268.2, 163.8, 23.7, 17.2, 15.5, 13.9, 10.6
  - By external financing source — Net creditor countries: 4.2, 8.1, 3.0, 1.9, 3.5, 6.1, 6.4, 6.4, 3.2, 5.3
  - Net debtor countries: 100.4, 78.7, 92.5, 100.7, 76.7, 25.7, 23.4, 20.3, 18.2, 14.3
- Other groups (Annual percent change)
  - Heavily indebted poor countries: 64.9, 57.6, 64.4, 53.4, 74.0, 43.7, 36.9, 22.5, 18.5, 16.9
- Memorandum — Median Developing countries: 18.1, 18.6, 17.6, 16.4, 18.5, 16.6, 14.1, 13.8, 11.2, 10.5

### Summary of World Trade Volumes and Prices (Table 22)
- World trade — Volume (Annual percent change)
  - World trade: 4.4, 6.2, 5.6, 4.6, 4.7, 3.6, 9.3, 9.5, 6.8, 9.7, 3.7, 4.6 (Ten-year averages and annuals spanning 1980–1999)
- Price deflator (In U.S. dollars): 2.5, 0.6, 8.6, –1.0, 2.7, –3.8, 2.4, 8.4, –1.2, –5.6, –4.5, 0.9
- Volume of trade — Exports (Annual percent change)
  - Advanced economies: 5.3, 6.3, 6.7, 5.8, 5.2, 3.4, 8.9, 8.9, 6.0, 10.3, 3.6, 4.2
  - Developing countries: 2.1, 8.5, 7.5, 6.7, 10.4, 7.5, 13.1, 10.5, 8.8, 10.9, 3.9, 5.5
- Terms of trade (Annual percent change)
  - Advanced economies: 0.3, 0.2, –0.3, 0.7, 0.6, 0.9, —, 0.1, —, –0.8, 0.9, –0.5
  - Developing countries: –0.8, –0.9, 1.5, –5.6, –2.4, –3.2, –0.4, 2.2, 2.3, –0.7, –3.2, 0.8
- World exports in billions of U.S. dollars (Memorandum)
  - Goods and services: 2,680, 5,675, 4,268, 4,400, 4,711, 4,714, 5,264, 6,236, 6,558, 6,790, 6,725, 7,087
  - Goods: 2,149, 4,521, 3,399, 3,494, 3,720, 3,706, 4,184, 5,007, 5,247, 5,433, 5,365, 5,655

### Nonfuel Commodity Prices (Table 23)
- Nonfuel primary commodities (Annual percent change; U.S. dollar terms)
  - Ten-year averages and annuals: 0.6, –0.2, –6.4, –5.7, 0.1, 1.8, 13.4, 8.4, –1.2, –3.3, –13.9, 0.4
- Sub-components (Annual percent change)
  - Food: –0.4, –0.6, –9.6, –0.9, 2.3, –1.3, 5.1, 8.1, 12.2, –10.8, –12.0, 1.2
  - Metals: 3.2, –0.1, –10.7, –14.3, –2.3, –14.2, 16.6, 19.5, –11.9, 3.0, –14.1, 2.8
- Average oil spot price (In U.S. dollars a barrel): 22.99, 19.37, 19.04, 16.79, 15.95, 17.20, 20.37, 19.27, 13.28, 14.51
- Export unit value of manufactures: 3.2, 1.8, 9.9, –0.3, 3.5, –5.7, 3.1, 10.1, –3.0, –8.2, –3.9, 0.6

### Advanced Economies: Export and Import Volumes; Terms of Trade (Table 24)
- Export volume — Advanced economies (Annual percent change): 5.3, 5.8, 6.7, 5.8, 5.2, 3.4, 8.9, 8.9, 6.0, 10.3, 3.6, 4.2
- Import volume — Advanced economies (Annual percent change): 5.2, 5.5, 5.7, 3.3, 4.7, 1.7, 9.8, 9.0, 6.4, 9.0, 4.5, 4.7
- Terms of trade — Advanced economies (Annual percent change): 0.3, 0.2, –0.3, 0.7, 0.6, 0.9, —, 0.1, —, –0.8, 0.9, –0.5
- Selected country examples (Export volume annual percent change)
  - United States: 5.7, 6.3, 8.5, 6.3, 6.6, 2.9, 8.2, 11.3, 8.5, 12.8, 1.1, 3.2
  - Japan: 6.2, 5.1, 6.9, 5.2, 4.9, 1.3, 4.6, 5.4, 3.5, 10.8, –1.9, 0.6
- Memorandum — Industrial countries Export volume: 4.9, 5.4, 6.8, 5.1, 4.4, 2.3, 8.4, 8.0, 5.7, 10.2, 4.0, 4.4

### Developing Countries — Total Trade in Goods by Region (Table 25)
- Developing countries — Value in U.S. dollars (Exports): 2.1, 8.8, 16.8, 0.7, 8.9, 3.4, 15.0, 19.9, 11.8, 8.5, –2.8, 8.1 (1990–1999 series)
- Volume — Exports (Annual percent change): 1.7, 8.7, 8.5, 5.5, 10.6, 7.5, 14.0, 11.9, 8.6, 11.1, 3.9, 5.8
- Unit value in U.S. dollars — Exports (Annual percent change): 1.8, 0.5, 8.2, –3.2, 0.1, –3.9, 1.2, 7.3, 3.1, –2.3, –6.5, 2.1
- Regional highlights (Value in U.S. dollars, Exports)
  - Africa: 0.9, 3.9, 16.8, –3.6, –0.8, –5.5, 2.8, 18.6, 12.0, 2.3, –9.2, 9.0
  - Asia: 8.6, 12.9, 16.1, 13.4, 15.2, 11.8, 23.6, 23.1, 11.0, 11.1, 0.4, 5.8
  - Excluding China and India — Exports: 7.4, 11.5, 15.4, 15.1, 15.5, 12.7, 18.3, 22.4, 7.2, 5.9, –2.4, 6.9
  - Western Hemisphere — Exports: 4.9, 8.8, 9.7, –1.1, 4.7, 5.8, 15.2, 21.4, 11.8, 10.2, 0.1, 11.6
- Memorandum — Real GDP growth in developing country trading partners: 3.7, 3.1, 3.7, 2.7, 3.0, 2.8, 4.0, 3.5, 3.9, 3.8, 1.2, 2.1

### Developing Countries — Total Trade in Goods by Source of Export Earnings (Table 26)
- Fuel exporters (Value in U.S. dollars, Exports): –3.8, 3.6, 29.1, –11.1, 6.7, –7.2, 1.4, 11.8, 17.7, 3.7, –17.6, 10.3
- Nonfuel (Value in U.S. dollars, Exports): 6.7, 10.5, 11.4, 6.8, 9.8, 7.8, 19.8, 22.3, 10.2, 9.9, 1.2, 7.6
- Manufactures (Value in U.S. dollars, Exports): 10.0, 11.8, 10.4, 12.1, 14.7, 11.1, 24.4, 21.8, 9.3, 10.8, 0.2, 4.9
- Nonfuel primary products (Value in U.S. dollars, Exports): 2.5, 7.0, 2.4, 0.2, 3.9, 1.1, 18.9, 24.2, 6.0, 8.2, –1.4, 9.6
- Services, income, and private transfers (Value in U.S. dollars, Exports): 1.4, 6.8, 4.9, 4.3, –1.7, 3.1, 9.3, 24.9, 2.3, 10.4, 5.2, 7.3
- Diversified exporters (Value in U.S. dollars, Exports): 5.8, 10.3, 15.5, 3.0, 6.6, 5.7, 15.2, 22.3, 13.2, 9.0, 2.9, 10.7

*Source: 1098stapdf - Section 6*

### Section 7

### Section 7: Current Account — Summary

### Advanced Economies: Current Account Balances (Billions of U.S. dollars)
- Advanced economies: –87.2, –24.4, –17.3, 61.9, 32.8, 51.2, 34.3, 69.4, 39.6, –18.4
- Major industrial countries: –79.2, –21.2, –23.4, 12.2, –8.9, –0.9, –21.4, 6.0, –67.4, –120.9
- United States: –91.6, –4.4, –51.4, –86.1, –123.8, –115.3, –134.9, –155.2, –236.3, –290.4
- Japan: 43.9, 68.4, 112.3, 132.0, 130.6, 111.4, 65.8, 94.1, 131.4, 135.8
- Other advanced economies: –6.9, –5.1, 2.6, 10.1, 3.7, 1.2, 12.6, 7.2, 47.9, 43.4

### Advanced Economies: Components and Flows (Billions of U.S. dollars)
- Exports: 2,702.0; 2,784.2; 2,986.5; 2,936.3; 3,305.6; 3,939.5; 4,061.7; 4,158.6; 4,117.4; 4,308.3
- Imports: 2,735.2; 2,797.8; 2,961.7; 2,844.8; 3,230.3; 3,845.0; 3,996.1; 4,088.2; 4,050.1; 4,296.9
- Trade balance: –33.3; –13.6; 24.8; 91.4; 75.3; 94.5; 65.7; 70.4; 67.3; 11.4
- Services, credits: 704.5; 748.4; 824.7; 824.8; 880.6; 997.5; 1,052.1; 1,078.4; 1,076.8; 1,129.9
- Services, debits: 687.6; 710.5; 785.0; 777.2; 831.1; 946.5; 992.1; 999.7; 1,001.1; 1,050.2
- Balance on services: 16.9; 37.9; 39.7; 47.6; 49.5; 51.0; 60.0; 78.6; 75.7; 79.7
- Balance on goods and services: –16.4; 24.4; 64.6; 139.0; 124.8; 145.5; 125.6; 149.0; 143.1; 91.1
- Income, net: 4.1; 3.4; 9.0; 15.4; 14.3; 12.1; 14.8; 16.0; –0.1; 3.4
- Current transfers, net: –74.9; –52.2; –90.9; –92.6; –106.3; –106.4; –106.1; –95.6; –103.4; –112.9
- Current account balance: –87.2; –24.4; –17.3; 61.9; 32.8; 51.2; 34.3; 69.4; 39.1; –19.0

### Selected Advanced Economies — Country Series (Billions of U.S. dollars and Percent of GDP)
- United States current account (billions): –91.6, –4.4, –51.4, –86.1, –123.8, –115.3, –134.9, –155.2, –236.3, –290.4
- United States current account (percent of GDP): –1.6, –0.1, –0.8, –1.3, –1.8, –1.6, –1.8, –1.9, –2.8, –3.3
- Japan current account (billions): 43.9, 68.4, 112.3, 132.0, 130.6, 111.4, 65.8, 94.1, 131.4, 135.8
- Japan current account (percent of GDP): 1.5, 2.0, 3.0, 3.1, 2.8, 2.2, 1.4, 2.2, 3.6, 4.0
- Germany balance on goods and services (billions): 56.1, –2.3, –2.4, 8.1, 11.4, 19.6, 27.8, 30.9, 48.9, 49.1
- Selected country examples (billions): France current account: –9.8, –6.2, 3.8, 9.2, 7.4, 10.9, 20.5, 39.4, 31.4, 28.4; United Kingdom current account: –33.5, –14.1, –17.9, –15.5, –2.5, –5.8, –2.9, 7.3, –18.7, –21.1

### Developing Countries: Current Account Balances (Billions of U.S. dollars)
- Developing countries: –24.8, –98.0, –78.8, –121.3, –89.8, –95.3, –71.4, –61.8, –78.3, –63.2
- By region (current account balances, billions):
  - Africa: –8.0, –6.8, –10.3, –11.0, –12.1, –16.5, –3.9, –5.3, –14.7, –12.7
  - Asia: –16.4, –11.3, –12.8, –34.3, –20.4, –41.9, –38.4, 4.7, 37.2, 39.4
  - Middle East and Europe: 0.6, –63.0, –21.2, –30.4, –6.6, –0.9, 8.7, 3.7, –20.3, –18.9
  - Western Hemisphere: –1.0, –16.9, –34.5, –45.6, –50.7, –35.9, –37.8, –64.9, –80.5, –71.0

### Developing Countries: Transactions and Components (Billions of U.S. dollars)
- Exports: 541.9; 546.0; 594.4; 614.8; 707.0; 847.6; 947.9; 1,028.5; 999.3; 1,080.0
- Imports: 484.9; 531.1; 604.1; 661.4; 724.9; 858.0; 942.0; 1,008.8; 989.0; 1,048.1
- Trade balance: 57.1; 14.9; –9.6; –46.5; –17.9; –10.5; 5.9; 19.7; 10.3; 32.0
- Services, net: –34.5; –50.0; –46.4; –45.7; –42.4; –52.7; –49.6; –61.8; –56.5; –58.6
- Balance on goods and services: 22.6; –35.1; –56.0; –92.2; –60.3; –63.2; –43.6; –42.1; –46.2; –26.7
- Income, net: –58.4; –59.1; –53.8; –56.0; –53.7; –63.0; –64.0; –61.0; –72.4; –76.0
- Current transfers, net: 11.0; –3.8; 31.0; 26.9; 24.2; 30.9; 36.2; 41.2; 40.2; 39.5

### Developing Countries: By Source of Export Earnings (Billions of U.S. dollars)
- Fuel countries, current account: 17.6, –59.9, –24.7, –25.2, –6.9, 1.2, 31.0, 21.2, –15.3, –8.0
  - Fuel exports: 182.7; 162.4; 173.4; 160.8; 163.0; 182.3; 214.5; 222.5; 183.3; 202.3
  - Fuel trade balance: 76.4; 44.5; 41.7; 36.6; 53.0; 59.2; 90.3; 85.1; 44.8; 53.8
- Nonfuel countries, current account: –42.5, –38.1, –54.1, –96.0, –82.9, –96.4, –102.4, –83.1, –63.0, –55.2
  - Nonfuel exports: 359.3; 383.6; 421.1; 454.0; 544.0; 665.3; 733.4; 806.1; 816.0; 877.8
  - Nonfuel trade balance: –19.3; –29.6; –51.3; –83.1; –70.9; –69.6; –84.4; –65.4; –34.4; –21.9
- Manufactures, current account: –11.1, –4.8, –0.6, –26.8, –12.9, –45.7, –44.1, –15.4, 12.0, 15.3
  - Manufactures exports: 157.6; 176.7; 202.7; 225.3; 279.9; 341.0; 372.6; 412.9; 413.6; 433.9

### Memoranda and Ten-Year Averages (Percent of exports of goods and services)
- Developing countries (ten-year averages and selected years): –8.9 (1980–89), –8.7 (1990–99), –3.7 (1990), –14.6 (1991), –10.7 (1992), –15.8 (1993), –10.3 (1994), –9.2 (1995), –6.2 (1996), –4.9 (1997), –6.4 (1998), –4.8 (1999)
- Median developing countries: –19.3, –14.2, –13.7, –15.6, –18.1, –19.8, –13.9, –13.2, –12.5, –11.5, –13.5, –10.4

*International Monetary Fund — 1098stapdf, Section 7*

### Section 8

### Section 8 — Statistical Appendix (Tables 32–34)

### Current Account: Developing Countries (selected series)
- Exports of goods and services: 30.1, 31.4, 33.4, 35.9, 39.5, 44.9, 47.3, 50.6, 52.7, 56.7
- Interest payments: 5.5, 6.3, 6.3, 3.6, 3.5, 3.3, 3.4, 3.3, 3.1, 3.0, 3.1
- Oil trade balance: –0.1, 0.5, —, —, —, 0.2, 0.4, 0.7, 0.2, 0.7, 0.2, 0.7, 0.1, –0.3
- Diversified exports: 151.6, 156.1, 166.4, 176.0, 202.7, 247.9, 280.7, 306.0, 314.9, 348.5
- Diversified imports: 152.8, 166.2, 197.1, 215.3, 244.1, 270.7, 307.4, 346.3, 349.3, 377.2
- Trade balance (diversified): –1.2, –10.1, –30.7, –39.4, –41.3, –22.8, –26.7, –40.3, –34.4, –28.7
- Services, net: –4.5, –5.2, –4.9, –8.1, –13.0, –9.6, –9.0, –11.7, –8.9, –9.9
- Balance on goods and services: –5.7, –15.3, –35.7, –47.4, –54.3, –32.4, –35.7, –51.9, –43.3, –38.6
- Income, net: –24.0, –21.7, –20.4, –18.7, –14.4, –17.0, –16.1, –10.8, –21.3, –23.2
- Current transfers, net: 17.7, 18.7, 17.5, 16.0, 15.9, 18.1, 18.2, 19.5, 18.7, 18.9
- Current account balance: –12.0, –18.3, –38.5, –50.2, –52.8, –31.3, –33.6, –43.1, –45.9, –42.9

- Memorandum (exports of goods and services): 201.3, 207.4, 223.4, 235.9, 261.6, 315.5, 356.9, 390.8, 403.7, 445.1
- Memorandum (interest payments): 35.8, 35.5, 34.3, 35.3, 40.6, 41.0, 42.1, 44.3, 48.1, 54.1
- Memorandum (oil trade balance): 9.0, 7.3, 6.5, 3.9, 4.7, 5.4, 8.5, 5.3, 1.6, 1.6

### By external financing source — Net debtor countries (selected series)
- Net debtor countries: Exports: 446.3, 454.5, 491.3, 519.2, 609.7, 738.1, 824.5, 897.3, 889.2, 961.9
- Net debtor countries: Imports: 435.5, 473.1, 534.9, 592.8, 659.9, 787.5, 868.7, 931.3, 911.4, 967.6
- Trade balance: 10.8, –18.6, –43.6, –73.6, –50.2, –49.5, –44.2, –34.0, –22.2, –5.7
- Services, net: –17.6, –14.6, –18.5, –24.6, –25.8, –32.2, –26.0, –34.6, –29.7, –30.3
- Balance on goods and services: –6.8, –33.2, –62.1, –98.2, –76.0, –81.7, –70.2, –68.6, –52.0, –36.0
- Income, net: –66.6, –65.5, –59.9, –60.4, –56.4, –71.1, –72.4, –69.2, –81.3, –86.4
- Current transfers, net: 37.8, 49.8, 53.3, 51.8, 51.3, 55.9, 60.2, 65.8, 63.8, 64.0
- Current account balance: –35.6, –48.9, –68.7, –106.8, –81.1, –96.9, –82.4, –72.0, –69.4, –58.3

- Memorandum (exports of goods and services): 553.4, 563.8, 614.9, 655.9, 758.9, 910.8, 1,017.3, 1,106.4, 1,101.7, 1,187.5
- Memorandum (interest payments): 83.3, 80.9, 78.7, 81.3, 86.1, 94.2, 99.1, 99.1, 108.3, 115.7
- Memorandum (oil trade balance): 73.8, 55.2, 53.3, 42.6, 42.2, 45.7, 58.8, 56.6, 40.1, 48.2

### By external financing source — Financing types (selected groups)
- Official financing — Exports: 52.6, 51.3, 51.3, 50.7, 54.6, 66.6, 76.6, 79.1, 76.3, 82.2
- Official financing — Imports: 60.7, 61.9, 61.9, 64.4, 68.2, 70.0, 84.1, 90.4, 92.4, 95.4
- Official financing — Current account balance: –14.1, –13.0, –14.5, –17.9, –14.8, –16.3, –12.1, –13.0, –15.6, –14.2

- Private financing — Exports: 300.2, 316.2, 345.5, 367.4, 440.7, 535.5, 598.5, 652.4, 643.0, 691.3
- Private financing — Imports: 268.4, 308.9, 355.2, 401.1, 447.6, 533.4, 586.8, 628.8, 616.3, 651.3
- Private financing — Current account balance: 2.8, –22.1, –42.0, –74.1, –49.0, –57.4, –46.6, –36.8, –36.4, –27.8

- Diversified financing — Exports: 93.5, 86.9, 94.5, 101.1, 114.3, 135.9, 149.3, 165.8, 169.9, 188.5
- Diversified financing — Imports: 106.5, 102.3, 113.3, 123.5, 142.3, 170.0, 191.4, 208.2, 199.8, 217.2
- Diversified financing — Current account balance: –24.4, –13.7, –12.3, –14.8, –17.3, –23.2, –23.7, –22.2, –17.4, –16.3

### Net debtor countries — By debt-servicing experience (selected groups)
- Countries with arrears and/or rescheduling during 1993–97 — Exports: 159.4, 144.4, 149.2, 148.8, 163.0, 187.9, 215.1, 231.0, 220.3, 246.5
- Countries with arrears — Current account balance: –19.0, –24.6, –19.9, –29.0, –15.6, –36.8, –22.9, –41.3, –54.9, –48.1
- Other net debtor countries — Exports: 286.9, 310.0, 342.1, 370.4, 446.7, 550.1, 609.4, 666.3, 668.9, 715.4
- Other net debtor countries — Current account balance: –16.6, –24.2, –48.8, –77.7, –65.5, –60.0, –59.5, –30.7, –14.5, –10.3

### Other country-group indicators (selected)
- Heavily indebted poor countries — Exports: 28.3, 26.6, 26.8, 26.0, 29.7, 36.6, 41.6, 44.7, 44.6, 49.1
- Heavily indebted poor countries — Current account balance: –13.8, –11.8, –11.7, –13.6, –9.2, –10.7, –12.3, –11.1, –11.0, –10.5
- Least developed countries — Exports: 16.7, 15.8, 15.4, 16.3, 18.5, 22.1, 23.3, 25.6, 26.1, 28.4
- Least developed countries — Current account balance: –11.7, –9.2, –8.5, –8.1, –6.5, –7.8, –8.6, –8.2, –9.8, –10.8

### Regional summary — Balance of Payments and External Financing (Table 33 and 34, selected series)
- Developing countries — Balance on current account: –24.8, –98.0, –78.8, –121.3, –89.8, –95.3, –71.4, –61.8, –78.3, –63.2
- Developing countries — Balance on capital and financial account: 24.8, 98.0, 78.8, 121.3, 89.8, 95.3, 71.4, 61.8, 78.3, 63.2
- Net financial flows (developing countries): 61.9, 149.3, 125.3, 170.1, 144.2, 180.4, 193.7, 135.9, 93.8, 119.9
- Change in reserves (– = increase) (developing countries): –41.6, –49.8, –38.9, –48.6, –42.3, –67.1, –95.2, –57.8, 3.6, –37.0
- Total, net external financing (developing countries): 101.0, 112.4, 136.0, 173.2, 155.2, 199.2, 237.7, 223.8, 176.6, 170.5
- Non-debt-creating flows, net (developing countries): 35.1, 37.3, 44.6, 81.7, 99.0, 100.7, 133.5, 154.8, 128.8, 115.0
- Direct investment and portfolio investment equity flows (developing countries): 19.4, 32.6, 41.1, 76.9, 94.7, 98.6, 126.5, 148.2, 118.6, 109.2
- Net external borrowing (developing countries): 67.8, 74.0, 91.8, 91.6, 57.1, 85.9, 107.2, 68.3, 44.3, 61.5
- Scheduled amortization of external debt (developing countries): 89.9, 94.1, 114.4, 128.4, 132.5, 144.7, 166.0, 176.6, 162.1, 152.7
- Gross external financing (developing countries): 190.9, 206.5, 250.4, 301.6, 287.8, 343.8, 403.7, 400.5, 338.7, 323.2

- Countries in transition — Balance on current account: –20.1, 4.9, –0.1, –6.8, 3.7, –1.6, –18.0, –25.0, –30.8, –25.1
- Countries in transition — Total, net external financing: 16.3, 0.9, 12.3, 16.4, 12.5, 21.9, 23.7, 45.1, 52.4, 35.8

### By region (selected highlights)
- Africa — Balance on current account: –8.0, –6.8, –10.3, –11.0, –12.1, –16.5, –3.9, –5.3, –14.7, –12.7
- Sub-Sahara — Balance on current account: –9.0, –8.5, –9.8, –10.0, –8.9, –12.0, –3.9, –7.8, –13.6, –12.0
- Asia — Balance on current account: –16.4, –11.3, –12.8, –34.3, –20.4, –41.9, –38.4, 4.7, 37.2, 39.4
- Asia excluding China and India — Balance on current account: –18.8, –20.8, –16.3, –20.9, –24.5, –38.2, –40.8, –24.8, 11.8, 11.6
- Middle East and Europe — Balance on current account: 0.6, –63.0, –21.2, –30.4, –6.6, –0.9, 8.7, 3.7, –20.3, –18.9
- Western Hemisphere — Balance on current account: –1.0, –16.9, –34.5, –45.6, –50.7, –35.9, –37.8, –64.9, –80.5, –71.0

*Source: 1098stapdf - Section 8 (Statistical Appendix Tables 32–34).*

### Section 9

### 1098stapdf - Section 9

### Balance of Payments and External Financing (Table 35) — By analytical criteria (selected series and years)
- By source of export earnings — Fuel
  - Balance on current account: 17.6; –59.9; –24.7; –25.2; –6.9; 1.2; 31.0; 21.2; –15.3; –8.0 (1990–1999)
  - Change in reserves (– = increase): –7.3; –0.6; 7.8; 6.1; 2.0; –1.5; –17.8; –13.9; 7.6; 3.6 (1990–1999)
  - Asset transactions, including net errors and omissions: –16.4; 47.5; 2.2; 12.8; –2.5; 6.9; –13.3; –8.2; –6.6; –3.6 (1990–1999)
  - Total, net external financing: 6.0; 13.0; 14.7; 6.3; 7.4; –6.5; 0.2; 0.9; 14.3; 8.0 (1990–1999)
  - Non-debt-creating flows, net: –0.6; 3.2; 0.9; 0.7; 2.3; 0.8; 9.2; 9.6; 7.0; 4.9 (1990–1999)
  - Net credit and loans from IMF: 1.9; 0.5; –0.5; –0.8; 0.4; –0.2; 0.7; –0.3; . . .; . . . (1990–1999)
  - Net external borrowing: 4.7; 9.3; 14.3; 6.3; 4.7; –7.1; –9.8; –8.4; 7.9; 4.0 (1990–1999)
  - From official creditors: 6.7; 6.7; 6.2; –0.6; 3.1; 0.6; 2.5; –2.2; 1.1; –2.1 (1990–1999)
  - From banks: –19.1; 2.8; 3.9; –1.9; –5.8; –7.8; –8.0; –4.2; 0.9; –1.2 (1990–1999)
  - Other: 17.1; –0.1; 4.2; 8.8; 7.4; 0.1; –4.2; –2.0; 5.9; 7.3 (1990–1999)
  - Memorandum: Net financial flows: 0.6; 76.2; 27.4; 21.5; 13.6; –1.7; –14.0; –10.4; 7.8; 4.5 (1990–1999)
  - Exceptional financing: 6.7; 4.8; 10.3; 17.3; 14.1; 12.9; 9.7; 7.0; 4.8; 2.2 (1990–1999)

- By source of export earnings — Nonfuel (selected lines)
  - Balance on current account: –42.5; –38.1; –54.1; –96.0; –82.9; –96.4; –102.4; –83.1; –63.0; –55.2 (1990–1999)
  - Change in reserves (– = increase): –34.3; –49.2; –46.7; –54.7; –44.2; –65.6; –77.4; –43.9; –3.9; –40.5 (1990–1999)
  - Asset transactions, including net errors and omissions: –18.2; –12.1; –20.5; –16.1; –20.7; –43.6; –57.8; –96.1; –95.4; –66.8 (1990–1999)
  - Total, net external financing: 95.0; 99.4; 121.3; 166.9; 147.8; 205.7; 237.5; 223.0; 162.3; 162.5 (1990–1999)
  - Non-debt-creating flows, net: 36.0; 28.7; 37.3; 56.7; 78.6; 87.8; 106.2; 123.5; 111.3; 98.8 (1990–1999)
  - Net external borrowing: 62.9; 70.1; 84.0; 109.6; 70.5; 105.1; 135.0; 98.3; 46.9; 69.0 (1990–1999)
  - Memorandum: Net financial flows: 61.3; 73.1; 97.9; 148.6; 130.5; 182.1; 207.7; 146.3; 86.0; 115.4 (1990–1999)
  - Exceptional financing: 36.5; 20.7; 20.5; 15.8; 13.2; 9.4; 4.1; –0.3; –4.4; 2.2 (1990–1999)

- By external financing source — Net creditor countries (selected)
  - Balance on current account: 10.8; –49.2; –10.1; –14.5; –8.7; 1.6; 11.0; 10.2; –8.9; –4.9 (1990–1999)
  - Change in reserves (– = increase): –0.6; –0.8; 2.9; 2.6; 2.3; –1.9; –2.4; –7.9; –1.0; –1.9 (1990–1999)
  - Total, net external financing: –0.1; 2.0; 6.6; 0.6; 1.0; –5.0; 0.3; 5.3; 10.7; 7.3 (1990–1999)
  - Net external borrowing: 0.5; 1.5; 7.3; 0.6; 0.5; –2.3; –0.1; 2.8; 9.1; 5.7 (1990–1999)
  - Memorandum: Net financial flows: –3.8; 64.5; 17.6; 14.9; 11.0; 1.3; –7.5; –2.4; 9.9; 6.9 (1990–1999)

- Net debtor countries (aggregates)
  - Balance on current account: –35.6; –48.9; –68.7; –106.8; –81.1; –96.9; –82.4; –72.0; –69.4; –58.3 (1990–1999)
  - Change in reserves (– = increase): –41.0; –48.9; –41.8; –51.2; –44.6; –65.2; –92.8; –49.9; 4.6; –35.1 (1990–1999)
  - Total, net external financing: 101.1; 110.4; 129.4; 172.6; 154.3; 204.1; 237.4; 218.5; 166.0; 163.2 (1990–1999)
  - Non-debt-creating flows, net: 35.9; 31.4; 38.9; 57.4; 80.4; 91.2; 115.0; 130.6; 116.7; 102.0 (1990–1999)
  - Net external borrowing: 67.0; 77.9; 91.0; 115.4; 74.7; 100.3; 125.3; 87.1; 45.7; 67.3 (1990–1999)
  - Memorandum: Net financial flows: 65.7; 84.8; 107.6; 155.1; 133.2; 179.1; 201.2; 138.2; 83.9; 113.0 (1990–1999)
  - Exceptional financing: 43.2; 25.5; 30.9; 33.1; 27.3; 22.3; 13.7; 6.8; 0.4; 4.5 (1990–1999)

- Official financing (selected)
  - Balance on current account: –14.1; –13.0; –14.5; –17.9; –14.8; –16.3; –12.1; –13.0; –15.6; –14.2 (1990–1999)
  - Total, net external financing: 17.2; 14.3; 10.2; 14.1; 20.6; 19.3; 17.8; 16.6; 19.0; 14.9 (1990–1999)
  - Non-debt-creating flows, net: 7.4; 5.3; 5.2; 7.0; 8.2; 8.8; 8.6; 10.8; 13.9; 11.1 (1990–1999)
  - Net external borrowing: 10.6; 8.8; 4.7; 7.4; 11.6; 9.9; 9.2; 5.9; 4.9; 4.6 (1990–1999)
  - Memorandum: Net financial flows: 10.5; 10.8; 8.4; 11.6; 18.0; 15.8; 16.1; 13.6; 11.7; 10.8 (1990–1999)
  - Exceptional financing: 15.5; 11.9; 15.0; 11.3; 10.7; 9.7; 10.0; 2.3; 4.8; 3.5 (1990–1999)

- Private financing (selected)
  - Balance on current account: 2.8; –22.1; –42.0; –74.1; –49.0; –57.4; –46.6; –36.8; –36.4; –27.8 (1990–1999)
  - Total, net external financing: 53.4; 75.9; 101.1; 134.1; 104.6; 147.2; 170.2; 175.1; 138.8; 126.0 (1990–1999)
  - Non-debt-creating flows, net: 13.8; 21.3; 28.5; 42.8; 62.4; 67.7; 86.6; 106.4; 90.6; 78.6 (1990–1999)
  - Net external borrowing: 39.1; 55.8; 74.5; 91.7; 42.5; 65.8; 84.6; 70.3; 50.5; 54.0 (1990–1999)
  - Memorandum: Net financial flows: 35.5; 57.2; 84.1; 119.8; 86.9; 133.0; 142.8; 99.6; 64.7; 82.4 (1990–1999)
  - Exceptional financing: 20.3; 13.5; 12.1; 18.3; 14.5; 10.9; 1.3; 3.9; 2.0; 0.5 (1990–1999)

- Diversified financing (selected)
  - Balance on current account: –24.4; –13.7; –12.3; –14.8; –17.3; –23.2; –23.7; –22.2; –17.4; –16.3 (1990–1999)
  - Total, net external financing: 30.4; 20.3; 18.1; 24.5; 29.1; 37.6; 49.3; 26.7; 8.1; 22.2 (1990–1999)
  - Non-debt-creating flows, net: 14.7; 4.8; 5.2; 7.6; 9.8; 14.8; 19.7; 13.4; 12.3; 12.3 (1990–1999)
  - Net external borrowing: 17.4; 13.3; 11.7; 16.3; 20.6; 24.6; 31.5; 10.9; –9.8; 8.7 (1990–1999)
  - Memorandum: Net financial flows: 19.7; 16.7; 15.2; 23.7; 28.3; 30.3; 42.2; 25.0; 7.6; 19.8 (1990–1999)
  - Exceptional financing: 7.4; 0.1; 3.8; 3.5; 2.1; 1.8; 2.4; 0.6; –6.4; 0.5 (1990–1999)

- Net debtor countries by debt-servicing experience (selected)
  - Countries with arrears and/or rescheduling during 1993–97 — Total, net external financing: 38.3; 28.5; 31.8; 36.0; 44.9; 56.4; 65.4; 65.1; 55.7; 52.2 (1990–1999)
  - Other net debtor countries — Total, net external financing: 62.8; 82.0; 97.6; 136.6; 109.4; 147.7; 172.2; 177.0; 110.3; 111.0 (1990–1999)

- Other groups (selected)
  - Heavily indebted poor countries — Total, net external financing: 12.4; 10.4; 9.3; 8.6; 11.0; 12.0; 14.9; 12.2; 13.9; 13.9 (1990–1999)
  - Least developed countries — Total, net external financing: 11.7; 10.2; 8.8; 8.6; 8.0; 9.2; 10.0; 9.9; 12.5; 14.0 (1990–1999)
  - Middle East and north Africa — Total, net external financing: 18.9; 13.4; 18.2; 10.6; 12.3; 4.5; 7.6; 7.9; 18.9; 14.3 (1990–1999)

### Developing Countries — Reserves (Table 36)
- Reserves, billions of U.S. dollars, Developing countries (1990–1999):
  - 194.6; 246.2; 261.3; 307.9; 362.4; 429.2; 514.8; 565.1; 563.1; 602.9 (1990–1999)
- Regional groups — Reserves, billions of U.S. dollars (1990; 1999 examples)
  - Africa: 17.6; 46.4 (1990; 1999)
  - Sub-Sahara: 13.7; 33.1 (1990; 1999)
  - Asia: 68.1; 282.2 (1990; 1999)
  - Excluding China and India: 35.8; 84.8 (1990; 1999)
  - Middle East and Europe: 60.4; 120.9 (1990; 1999)
  - Western Hemisphere: 48.5; 153.4 (1990; 1999)
- Analytical groups — Reserves, billions of U.S. dollars (selected)
  - By source of export earnings — Fuel: 57.6; 67.0 (1990; 1999)
  - By source of export earnings — Manufactures: 63.6; 302.5 (1990; 1999)
  - By external financing source — Net creditor countries: 27.0; 31.8 (1990; 1999)
  - By external financing source — Net debtor countries: 167.6; 571.1 (1990; 1999)
  - Official financing: 14.2; 38.5 (1990; 1999)
  - Private financing: 118.6; 431.0 (1990; 1999)
- Net debtor countries by debt-servicing experience — Reserves, billions of U.S. dollars
  - Countries with arrears and/or rescheduling during 1993–97: 49.7; 152.2 (1990; 1999)
  - Other net debtor countries: 117.9; 418.9 (1990; 1999)
- Other groups — Reserves, billions of U.S. dollars
  - Heavily indebted poor countries: 4.8; 18.8 (1990; 1999)
  - Least developed countries: 9.1; 20.6 (1990; 1999)
  - Middle East and north Africa: 55.3; 99.1 (1990; 1999)

- Ratio of reserves to imports of goods and services (percent) — Developing countries (1990–1999):
  - 30.3; 34.9; 33.1; 35.8; 38.9; 39.2; 43.0; 43.7; 44.3; 44.8 (1990–1999)
- Selected regional ratio examples (1990; 1999)
  - Africa: 16.9; 32.1
  - Asia: 31.5; 51.3
  - Middle East and Europe: 34.4; 44.0
  - Western Hemisphere: 33.2; 40.7
- Notes:
  - Official holdings of gold are valued at SDR 35 an ounce in this table.
  - Reserves at year-end in percent of imports of goods and services for the year indicated.

### Net Credit and Loans from IMF (Table 37)
- Developing countries — Net credit and loans from IMF (Billions of U.S. dollars), 1989–1997 (selected):
  - Developing countries: –1.5; –1.9; 1.1; –0.4; –0.1; –0.8; 12.6; –2.9; 0.8 (1989–1997 as available)
- Regional groups — Net credit and loans from IMF (selected series)
  - Africa: 0.1; –0.5 (1989; 1997)
  - Sub-Sahara: –0.4; –0.6 (1989; 1997)
  - Asia: –1.1; 5.0 (1989; 1997)
  - Western Hemisphere: –0.2; –4.0 (1989; 1997)
- Analytical groups — By source of export earnings (selected)
  - Fuel: 1.7; –0.3 (1989; 1997)
  - Manufactures: –2.0; 1.7 (1989; 1997)
  - Diversified: –0.6; –0.7 (1989; 1997)
- By external financing source (selected)
  - Net creditor countries: . . . (no series reported)
  - Net debtor countries: –1.5; –1.9; 1.1; –0.4; –0.1; –0.8; 12.6; –2.9; 0.8 (1989–1997)
  - Official financing: —; –0.8; 0.2; 0.3; –0.3; 0.8; 0.6; —; –0.1 (series as reported)
  - Private financing: –0.2; 0.5; –1.2; –1.9; –0.4; –0.2; 13.7; –1.0; –1.5 (series as reported)
  - Diversified financing: –1.3; –1.6; 2.2; 1.2; 0.6; –1.4; –1.7; –1.9; 2.5 (series as reported)

- Net debtor countries by debt-servicing experience (selected)
  - Countries with arrears and/or rescheduling during 1993–97: –0.2; –0.2; –0.8; –1.2; –0.1; 1.0; 1.7; 0.9; 0.3 (series as reported)
  - Other net debtor countries: –1.3; –1.7; 1.9; 0.8; –0.1; –1.8; 10.9; –3.9; 0.5 (series as reported)

- Memorandum — Total (selected IMF series and year-end disbursements)
  - Net credit provided under: General Resources Account: –2.542; –1.885; 52.520; 0.644; 3.374; 0.594; 415.633; 30.291; 114.355 (series as reported)
  - Trust Fund: –0.509; –0.365; –0.069; —; –0.060; –0.014; –0.015; —; –0.007 (series as reported)
  - SAF/ESAF: 1.232; 0.688; 1.070; 0.733; 0.253; 0.998; 1.619; 0.325; 0.122 (series as reported)
  - Disbursements at year-end under General Resources Account: 28.639; 29.028; 31.821; 31.217; 34.503; 37.276; 53.275; 51.824; 62.703 (series as reported)
  - Disbursements at year-end under Trust Fund: 0.627; 0.296; 0.226; 0.217; 0.157; 0.153; 0.141; 0.137; 0.121 (series as reported)
  - Disbursements at year-end under SAF/ESAF: 2.440; 3.363; 4.499; 5.041; 5.285; 6.634; 8.342; 8.392; 7.994 (series as reported)

*Source: Table 35–37, STATISTICAL APPENDIX, 1098stapdf - Section 9.*

### Section 10

### External Financing: IMF Credit

### Summary of External Debt and Debt Service (Table 38)
- Developing countries total external debt (Billions of U.S. dollars):
  - 1990: 1,182.6
  - 1991: 1,235.9
  - 1992: 1,315.7
  - 1993: 1,456.5
  - 1994: 1,550.5
  - 1995: 1,680.5
  - 1996: 1,743.6
  - 1997: 1,773.7
  - 1998: 1,812.1
  - 1999: 1,865.1
- Regional external debt (Billions of U.S. dollars), selected:
  - Africa: 1990: 232.7; 1999: 285.0
  - Asia: 1990: 332.6; 1999: 626.7
  - Middle East and Europe: 1990: 174.4; 1999: 247.6
  - Western Hemisphere: 1990: 442.9; 1999: 705.7
- By external financing source (Billions of U.S. dollars):
  - Net creditor countries: 1990: 13.7; 1999: 33.6
  - Net debtor countries: 1990: 1,168.9; 1999: 1,831.5
  - Official financing: 1990: 218.6; 1999: 287.9
  - Private financing: 1990: 624.0; 1999: 1,117.0
  - Diversified financing: 1990: 326.2; 1999: 426.6
- Debt-service payments, developing countries (Billions of U.S. dollars):
  - 1990: 145.4
  - 1991: 150.3
  - 1992: 171.1
  - 1993: 182.8
  - 1994: 203.2
  - 1995: 226.1
  - 1996: 253.7
  - 1997: 262.3
  - 1998: 265.3
  - 1999: 264.5
- Debt-service payments as percent of exports of goods and services, developing countries:
  - 1990: 21.9 percent
  - 1991: 22.4 percent
  - 1992: 23.3 percent
  - 1993: 23.8 percent
  - 1994: 23.3 percent
  - 1995: 21.9 percent
  - 1996: 22.0 percent
  - 1997: 21.0 percent
  - 1998: 21.7 percent
  - 1999: 20.1 percent

### External Debt: Summary by Maturity and Creditor Type (Table 39)
- Developing countries total debt (Billions of U.S. dollars) and maturity:
  - Total debt: same series as Table 38 (1990: 1,182.6 to 1999: 1,865.1)
  - Short-term debt: 1990: 158.5; 1999: 270.8
  - Long-term debt: 1990: 1,024.2; 1999: 1,594.3
- By type of creditor (Billions of U.S. dollars), developing countries:
  - Official: 1990: 567.8; 1999: 750.5
  - Banks: 1990: 379.8; 1999: 483.0
  - Other private: 1990: 235.1; 1999: 631.5
- Regional breakdown highlights (Total debt, Billions of U.S. dollars):
  - Africa total debt: 1990: 232.7; 1999: 285.0
    - Africa short-term: 1990: 23.4; 1999: 23.0
    - Africa long-term: 1990: 209.3; 1999: 262.0
    - Africa official creditors: 1990: 153.4; 1999: 209.5
  - Asia total debt: 1990: 332.6; 1999: 626.7
    - Asia short-term: 1990: 36.3; 1999: 78.4
    - Asia long-term: 1990: 296.3; 1999: 548.4
    - Asia official creditors: 1990: 171.7; 1999: 281.1
  - Western Hemisphere total debt: 1990: 442.9; 1999: 705.7
    - Western Hemisphere short-term: 1990: 58.0; 1999: 108.6
    - Western Hemisphere long-term: 1990: 384.9; 1999: 597.2
    - Western Hemisphere banks: 1990: 198.4; 1999: 172.7

### External Debt: By Analytical Criteria (Table 40)
- By source of export earnings (Total debt, Billions of U.S. dollars):
  - Fuel exporters: 1990: 162.8; 1999: 189.9
    - Fuel short-term: 1990: 35.1; 1999: 26.4
    - Fuel official creditors: 1990: 67.1; 1999: 90.5
  - Nonfuel exporters: 1990: 1,019.8; 1999: 1,675.2
    - Nonfuel short-term: 1990: 123.4; 1999: 244.4
    - Nonfuel official creditors: 1990: 500.6; 1999: 660.1
  - Manufactures exporters: 1990: 322.0; 1999: 621.5
    - Manufactures short-term: 1990: 41.9; 1999: 83.0
  - Nonfuel primary products exporters: 1990: 163.4; 1999: 227.9
  - Services, income, and private transfers exporters: 1990: 95.5; 1999: 91.0
  - Diversified exporters: 1990: 438.9; 1999: 734.9
- By external financing source (Total debt, Billions of U.S. dollars):
  - Net creditor countries: 1990: 13.7; 1999: 33.6
    - Net creditor short-term: 1990: 10.3; 1999: 9.8
    - Net creditor long-term: 1990: 3.5; 1999: 23.9
  - Net debtor countries: 1990: 1,168.9; 1999: 1,831.5
    - Net debtor short-term: 1990: 148.2; 1999: 261.0
    - Net debtor long-term: 1990: 1,020.7; 1999: 1,570.5
  - Official financing: 1990: 218.6; 1999: 287.9
  - Private financing: 1990: 624.0; 1999: 1,117.0
  - Diversified financing: 1990: 326.2; 1999: 426.6
- Net debtor countries by debt-servicing experience (Total debt, Billions of U.S. dollars):
  - Countries with arrears and/or rescheduling during 1993–97: 1990: 543.2; 1999: 716.7
    - Short-term: 1990: 62.5; 1999: 85.4
    - Long-term: 1990: 480.7; 1999: 631.3
  - Other net debtor countries: 1990: 625.7; 1999: 1,114.8
    - Short-term: 1990: 85.7; 1999: 175.6
    - Long-term: 1990: 540.0; 1999: 939.2
- Other group highlights (Total debt, Billions of U.S. dollars):
  - Heavily indebted poor countries: 1990: 158.4; 1999: 209.9
  - Least developed countries: 1990: 107.9; 1999: 155.5
  - Middle East and north Africa: 1990: 194.3; 1999: 226.3

### Developing Countries: Ratio of External Debt to GDP (Table 41)
- Developing countries debt-to-GDP ratio (percent):
  - 1990: 37.3
  - 1991: 38.1
  - 1992: 37.3
  - 1993: 37.2
  - 1994: 37.5
  - 1995: 35.8
  - 1996: 33.4
  - 1997: 31.8
  - 1998: 32.8
  - 1999: 32.7
- Regional and group ratios (percent), selected:
  - Africa: 1990: 59.3; 1999: 66.4
  - Sub-Sahara: 1990: 61.6; 1999: 72.0
  - Asia: 1990: 31.0; 1999: 26.6
  - Western Hemisphere: 1990: 40.2; 1999: 34.0
  - Fuel exporters: 1990: 29.9; 1999: 28.0
  - Nonfuel primary products: 1990: 79.8; 1999: 42.1
  - Heavily indebted poor countries: 1990: 90.5; 1999: 51.0
  - Least developed countries: 1990: 66.7; 1999: 27.1

*1098stapdf - Section 10*

### Section 11

### Section 11 — External Debt: Servicing (Tables 42–45)

### Debt-Service Ratios — Interest Payments (Table 42)
- Developing countries (interest payments, percent of exports of goods and services):
  - 1990: 10.2
  - 1991: 10.0
  - 1992: 9.4
  - 1993: 9.3
  - 1994: 8.7
  - 1995: 8.5
  - 1996: 8.3
  - 1997: 7.6
  - 1998: 8.9
  - 1999: 8.7
- Regional groups (interest payments, selected series, percent of exports):
  - Africa: 1990: 9.8; 1991: 11.6; 1992: 10.6; 1993: 10.4; 1994: 10.6; 1995: 10.4; 1996: 10.2; 1997: 8.3; 1998: 12.4; 1999: 10.7
  - Sub-Sahara: 1990: 8.7; 1991: 10.2; 1992: 8.9; 1993: 8.7; 1994: 9.2; 1995: 8.8; 1996: 9.4; 1997: 7.2; 1998: 11.7; 1999: 9.9
  - Asia: 1990: 8.3; 1991: 8.0; 1992: 7.6; 1993: 6.9; 1994: 6.4; 1995: 6.0; 1996: 5.9; 1997: 5.2; 1998: 5.7; 1999: 5.8
  - Middle East and Europe: 1990: 4.0; 1991: 3.7; 1992: 4.6; 1993: 5.0; 1994: 3.9; 1995: 3.5; 1996: 3.8; 1997: 3.5; 1998: 4.2; 1999: 4.0
  - Western Hemisphere: 1990: 19.7; 1991: 18.3; 1992: 16.7; 1993: 16.8; 1994: 15.9; 1995: 16.4; 1996: 15.6; 1997: 15.1; 1998: 16.8; 1999: 16.6
- Analytical groups (interest payments, percent of exports):
  - By source of export earnings — Fuel: 1990: 4.9; 1991: 4.2; 1992: 4.2; 1993: 4.6; 1994: 4.3; 1995: 4.5; 1996: 4.4; 1997: 3.6; 1998: 4.9; 1999: 4.8
  - By external financing source — Net creditor countries: 1990: 0.7; 1991: 0.4; 1992: 0.4; 1993: 0.6; 1994: 0.7; 1995: 0.9; 1996: 1.1; 1997: 0.9; 1998: 1.2; 1999: 1.1
  - Net debtor countries: 1990: 12.1; 1991: 11.8; 1992: 11.1; 1993: 10.7; 1994: 9.8; 1995: 9.5; 1996: 9.2; 1997: 8.4; 1998: 9.7; 1999: 9.6
- Net debtor countries by debt-servicing experience:
  - Countries with arrears and/or rescheduling during 1993–97 (interest payments): 1990: 14.3; 1991: 14.5; 1992: 13.8; 1993: 14.0; 1994: 12.5; 1995: 12.2; 1996: 12.2; 1997: 11.3; 1998: 14.7; 1999: 13.7
  - Other net debtor countries: 1990: 10.9; 1991: 10.6; 1992: 10.0; 1993: 9.4; 1994: 8.9; 1995: 8.6; 1996: 8.2; 1997: 7.4; 1998: 8.1; 1999: 8.2
- Other groups (interest payments):
  - Heavily indebted poor countries: 1990: 8.9; 1991: 12.7; 1992: 9.7; 1993: 10.6; 1994: 14.1; 1995: 10.1; 1996: 12.8; 1997: 8.0; 1998: 14.5; 1999: 10.6
  - Least developed countries: 1990: 6.2; 1991: 9.7; 1992: 8.0; 1993: 7.7; 1994: 7.0; 1995: 8.3; 1996: 8.7; 1997: 5.3; 1998: 14.4; 1999: 9.3
- Notes:
  - Excludes service payments to the IMF.
  - Interest payments are on total debt. Estimates through 1997 reflect debt-service payments actually made. Estimates for 1998 and 1999 take into account projected exceptional financing items, including accumulation of arrears and rescheduling agreements. In some cases, amortization on account of debt-reduction operations is included.

### Debt-Service Ratios — Amortization (Table 42, continued)
- Developing countries (amortization on long-term debt, percent of exports):
  - 1990: 11.7
  - 1991: 12.4
  - 1992: 13.9
  - 1993: 14.6
  - 1994: 14.7
  - 1995: 13.4
  - 1996: 13.7
  - 1997: 13.4
  - 1998: 12.8
  - 1999: 11.3
- Regional groups (amortization, percent of exports):
  - Africa: 1990: 14.7; 1991: 15.9; 1992: 16.2; 1993: 15.9; 1994: 16.4; 1995: 16.1; 1996: 14.7; 1997: 12.6; 1998: 12.7; 1999: 12.5
  - Sub-Sahara: 1990: 7.3; 1991: 8.2; 1992: 8.9; 1993: 8.5; 1994: 8.9; 1995: 10.0; 1996: 11.1; 1997: 9.9; 1998: 11.0; 1999: 11.3
  - Asia: 1990: 10.1; 1991: 9.2; 1992: 10.9; 1993: 11.1; 1994: 10.4; 1995: 10.4; 1996: 10.1; 1997: 7.5; 1998: 7.9; 1999: 8.2
  - Western Hemisphere: 1990: 17.9; 1991: 21.0; 1992: 25.1; 1993: 26.3; 1994: 27.3; 1995: 23.4; 1996: 26.1; 1997: 31.6; 1998: 25.9; 1999: 19.7
- Analytical groups (amortization, percent of exports):
  - By source of export earnings — Diversified: 1990: 17.4; 1991: 19.3; 1992: 22.5; 1993: 22.4; 1994: 25.2; 1995: 21.0; 1996: 22.2; 1997: 19.4; 1998: 16.6; 1999: 13.8
  - By external financing source — Net creditor countries: 1990: 0.6; 1991: 0.4; 1992: 0.4; 1993: 0.8; 1994: 3.4; 1995: 4.4; 1996: 3.3; 1997: 1.4; 1998: 1.4; 1999: 1.7
  - Net debtor countries: 1990: 13.9; 1991: 14.7; 1992: 16.6; 1993: 16.9; 1994: 16.4; 1995: 14.6; 1996: 15.1; 1997: 15.0; 1998: 14.1; 1999: 12.4
- Net debtor countries by debt-servicing experience (amortization):
  - Countries with arrears and/or rescheduling during 1993–97: 1990: 16.2; 1991: 18.8; 1992: 18.8; 1993: 21.1; 1994: 18.4; 1995: 17.6; 1996: 17.2; 1997: 21.5; 1998: 21.1; 1999: 15.9
  - Other net debtor countries: 1990: 12.8; 1991: 12.9; 1992: 15.6; 1993: 15.2; 1994: 15.6; 1995: 13.6; 1996: 14.4; 1997: 12.8; 1998: 11.8; 1999: 11.2

### IMF Charges and Repurchases to the IMF (Table 43)
- Developing countries (charges and repurchases, percent of exports of goods and services):
  - 1990: 1.5
  - 1991: 1.3
  - 1992: 1.0
  - 1993: 0.9
  - 1994: 0.7
  - 1995: 0.9
  - 1996: 0.6
  - 1997: 0.6
- Regional examples (percent of exports):
  - Africa: 1990: 1.5; 1991: 1.2; 1992: 1.1; 1993: 1.1; 1994: 0.8; 1995: 2.5; 1996: 0.5; 1997: 0.9
  - Western Hemisphere: 1990: 3.1; 1991: 3.0; 1992: 2.7; 1993: 2.6; 1994: 1.5; 1995: 1.6; 1996: 1.6; 1997: 1.9
- Analytical groups (percent of exports):
  - Net debtor countries: 1990: 1.8; 1991: 1.5; 1992: 1.2; 1993: 1.1; 1994: 0.8; 1995: 1.0; 1996: 0.7; 1997: 0.7
  - Official financing: 1990: 2.6; 1991: 1.8; 1992: 1.5; 1993: 1.4; 1994: 0.7; 1995: 3.3; 1996: 0.6; 1997: 0.5
- Memorandum (General Resources Account, totals in billions of U.S. dollars):
  - Total, billions of U.S. dollars (General Resources Account): 1990: 10.1; 1991: 19.7; 1992: 68.8; 1993: 88.0; 1994: 59.7; 1995: 53.3; 1996: 38.2; 1997: 70.1
  - Charges: 1990: 2.5; 1991: 30; 1992: 2.4; 1993: 31.2; 1994: 29.1; 1995: 21.7; 1996: 24.2; 1997: 8.4
  - Repurchases: 1990: 7.5; 1991: 8.9; 1992: 6.3; 1993: 7.5; 1994: 5.7; 1995: 6.5; 1996: 4.6; 1997: 9.9
- Trust Fund and SAF/ESAF (memorandum, billions of U.S. dollars and components):
  - Trust Fund totals and components and SAF/ESAF totals and components are reported in small magnitudes (e.g., Trust Fund: 1990: 0.367; SAF/ESAF: 1990: 0.013) with interest and repayments detailed in the table.

- Note:
  - Excludes advanced economies. Charges on, and repurchases (or repayments of principal) for, use of IMF credit.

### Summary of Sources and Uses of World Saving (Table 44) — Selected Highlights
- World (percent of GDP):
  - Saving (averages): 1976–83: 23.7; 1984–91: 22.7; 1992: 24.4; 1993: 22.1; 1994: 22.9; 1995: 23.2; 1996: 23.3; 1997: 23.7; 1998: 23.2; 1999: 23.6; 2000–2003: 24.0
  - Investment (averages): 1976–83: 24.2; 1984–91: 23.5; 1992: 23.5; 1993: 23.5; 1994: 23.6; 1995: 23.8; 1996: 23.8; 1997: 23.7; 1998: 23.2; 1999: 23.6; 2000–2003: 24.2
  - Net lending (world): 1976–83: –0.3; 1984–91: –0.5; 1992: –0.6; 1993: –0.2; 1994: –0.2; 1995: 0.2; 1996: 0.2; 1997: 0.6; 1998: 0.7; 1999: 0.4; 2000–2003: 0.5
- Advanced economies (percent of GDP):
  - Saving (average 1996–99): 1996: 20.9; 1997: 21.4; 1998: 21.3; 1999: 21.3; 2000–2003: 21.5
  - Investment (average 1996–99): 1996: 20.7; 1997: 20.9; 1998: 21.4; 1999: 21.3; 2000–2003: 21.0
  - Net lending (advanced economies): 1996: 0.2; 1997: 0.6; 1998: 0.7; 1999: 0.4; 2000–2003: 0.5
- Developing countries (percent of GDP):
  - Saving (selected years): 1992: 24.8; 1993: 25.4; 1994: 26.7; 1995: 26.8; 1996: 27.1; 1997: 27.4; 1998: 26.3; 1999: 27.0; 2000–2003: 27.3
  - Investment (selected years): 1992: 24.8; 1993: 26.4; 1994: 28.6; 1995: 28.3; 1996: 28.4; 1997: 27.8; 1998: 26.7; 1999: 27.1; 2000–2003: 27.8
  - Net lending (developing countries): 1992: –1.6; 1993: –3.2; 1994: –1.5; 1995: –1.8; 1996: –1.3; 1997: –0.5; 1998: –0.4; 1999: –0.1; 2000–2003: –0.5
- Regional exemplars (selected figures, percent of GDP):
  - United States — Saving: 1992: 14.5; 1993: 14.5; 1994: 15.5; 1995: 16.3; 1996: 16.6; 1997: 17.3; 1998: 17.2; 1999: 16.7; 2000–2003: 16.3
  - Japan — Saving: 1976–83: 31.5; 1984–91: 32.6; 1992: 33.8; 1993: 32.8; 1994: 31.4; 1995: 30.7; 1996: 31.3; 1997: 30.8; 1998: 29.7; 1999: 29.7; 2000–2003: 29.1
- Memoranda on acquisitions of foreign assets and changes in reserves are provided by region and group (values reported in percent of GDP, e.g., World acquisition of foreign assets: 1976–83: 2.0; 1984–91: 0.7; 1992: 1.6; etc.; World change in reserves: 1976–83: 1.0; 1984–91: 0.4; 1992: 1.1; etc.).
- Notes:
  - Estimates are based on individual countries’ national accounts and balance of payments statistics. Net lending equals the current account balance (current transfers, net factor income, resource balance). Country group composites are weighted by GDP valued at purchasing power parities (PPPs).

### Medium-Term Baseline Scenario — Summary (Table 45)
- World and group real GDP (annual percent change):
  - World real GDP: 1980–87 average: 3.1; 1988–95 average: 3.2; 1996–99 average: 3.2; 1996: 4.2; 1997: 4.1; 1998: 2.0; 1999: 2.5; 2000–2003: 4.1
  - Advanced economies: 1980–87: 2.6; 1988–95: 2.6; 1996–99: 2.5; 1996: 3.0; 1997: 3.1; 1998: 2.0; 1999: 1.9; 2000–2003: 2.8
  - Developing countries: 1980–87: 4.2; 1988–95: 5.5; 1996–99: 4.5; 1996: 6.6; 1997: 5.8; 1998: 2.3; 1999: 3.6; 2000–2003: 5.6
  - Countries in transition: 1980–87: 2.7; 1988–95: –4.5; 1996–99: 0.1; 1996: –1.0; 1997: 2.0; 1998: –0.2; 1999: –0.2; 2000–2003: 4.1
- World trade, volume (data refer to trade in goods and services; indices/percent changes shown):
  - World trade, volume (selected entries): 1980–87 average: 3.6; 1988–95: 6.6; 1996–99: 6.2; 1996: 6.8; 1997: 9.7; 1998: 3.7; 1999: 4.6; 2000–2003: 6.2
  - Imports — Advanced economies: 1996: 6.4; 1997: 9.0; 1998: 4.5; 1999: 4.7; 2000–2003: 5.6
  - Exports — Developing countries: 1996: 2.8; 1997: 10.9; 1998: 3.9; 1999: 5.5; 2000–2003: 7.2
- Terms of trade (annual percent change):
  - Advanced economies: 1980–87: 0.3; 1988–95: 0.3; 1996: –0.1; 1997: —; 1998: –0.8; 1999: 0.9; 2000–2003: –0.5; later: –0.3
  - Developing countries: 1980–87: –0.8; 1988–95: –1.3; 1996: –0.2; 1997: 2.3; 1998: –0.7; 1999: –3.2; 2000–2003: 0.8; 0.4
- World prices in U.S. dollars (annual percent change):
  - Manufactures: 1980–87: 3.3; 1988–95: 3.2; 1996–99: –3.7; 1996: –3.0; 1997: –8.2; 1998: –3.9; 1999: 0.6; 2000–2003: 1.0
  - Oil: 1980–87: –6.1; 1988–95: –0.7; 1996–99: –4.2; 1996: 18.4; 1997: –5.4; 1998: –31.1; 1999: 9.3; 2000–2003: 3.2
  - Nonfuel primary commodities: 1980–87: –1.8; 1988–95: 3.8; 1996–99: –4.7; 1996: –1.2; 1997: –3.3; 1998: –13.9; 1999: 0.4; 2000–2003: 2.6
- Consumer prices (annual percent change):
  - Advanced economies: 1980–87: 6.9; 1988–95: 3.7; 1996–99: 2.0; 1996: 2.4; 1997: 2.1; 1998: 1.7; 1999: 1.7; 2000–2003: 2.0
  - Developing countries: 1980–87: 30.4; 1988–95: 47.4; 1996–99: 10.4; 1996: 14.1; 1997: 9.1; 1998: 10.3; 1999: 8.3; 2000–2003: 5.1
  - Countries in transition: 1980–87: 6.4; 1988–95: 153.0; 1996–99: 33.2; 1996: 41.4; 1997: 27.9; 1998: 29.5; 1999: 34.6; 2000–2003: 8.0
- Interest rates (in percent):
  - Real six-month LIBOR: 1980–87: 5.8; 1988–95: 3.0; 1996–99: 4.0; 1996: 3.7; 1997: 4.0; 1998: 4.5; 1999: 3.9; 2000–2003: 4.0
  - World real long-term interest rate: 1980–87: 4.7; 1988–95: 4.3; 1996–99: 3.2; 1996: 3.8; 1997: 3.2; 1998: 3.0; 1999: 2.8; 2000–2003: 3.3
- Balances on current account (percent of GDP):
  - Advanced economies: –0.5 (1980–87); –0.1 (1988–95); 0.1 (1996–99); 0.1 (1996); 0.3 (1997); 0.2 (1998); –0.1 (1999)
  - Developing countries: –1.6 (1980–87); –2.1 (1988–95); –1.3 (1996–99); –1.4 (1996); –1.1 (1997); –1.4 (1998); –1.1 (1999); –1.1 (2000–2003)
- Total external debt (percent of GDP):
  - Developing countries: 1996–99 average: 31.4; 1988–95: 37.9; 1996: 32.7; 1997: 33.4; 1998: 31.8; 1999: 32.8; 2000–2003: 32.7; 1999 listed: 30.3
  - Countries in transition: 1988–95: 8.3; 1992: 27.9; 1996–99: 34.7; 1996: 30.7; 1997: 30.4; 1998: 37.8; 1999: 39.9; 2000–2003: 37.0
- Debt service (percent of exports of goods and services):
  - Developing countries: 1980–87: 4.2; 1988–95: 4.8; 1996–99: 4.8; 1996: 4.9; 1997: 4.7; 1998: 4.8; 1999: 4.6; 2000–2003: 4.3
  - Countries in transition: 1980–87: 1.7; 1988–95: 3.2; 1996–99: 4.3; 1996: 3.2; 1997: 3.2; 1998: 5.3; 1999: 5.6; 2000–2003: 5.8

*Source: 1098stapdf - Section 11 (Tables 42–45).*

### Section 12

### Table 46. Developing Countries—Medium-Term Baseline Scenario: Selected Economic Indicators

### Aggregates — Annual percent change (Developing countries)
- Real GDP: 4.2, 5.5, 4.5, 6.6, 5.8, 2.3, 3.6, 5.6
- Export volume1: 0.6, 9.1, 7.2, 8.8, 10.9, 3.9, 5.5, 7.2
- Terms of trade1: –0.8, –1.3, –0.2, 2.3, –0.7, –3.2, 0.8, 0.4
- Import volume1: 1.1, 8.0, 6.1, 9.3, 9.8, 1.0, 4.6, 7.6

(Note 1: Data refer to trade in goods and services.)

### Regional groups — Annual percent change

- Africa
  - Real GDP: 2.2, 2.3, 4.3, 5.8, 3.2, 3.7, 4.7, 5.2
  - Export volume1: –0.1, 4.6, 4.7, 8.8, 4.7, 0.2, 5.2, 5.4
  - Terms of trade1: –0.4, –1.1, –0.3, 3.6, –0.8, –5.6, 1.7, 0.1
  - Import volume1: –1.0, 4.3, 3.5, 1.5, 6.2, 2.0, 4.5, 5.0

- Asia
  - Real GDP: 6.9, 8.1, 5.1, 8.2, 6.6, 1.8, 3.9, 6.3
  - Export volume1: 5.9, 12.7, 7.6, 9.2, 13.1, 4.0, 4.6, 8.4
  - Terms of trade1: 0.3, –0.7, –0.4, 0.1, –1.1, –0.6, 0.1, 0.2
  - Import volume1: 5.5, 12.5, 3.2, 8.5, 5.6, –4.9, 4.2, 10.0

- Middle East and Europe
  - Real GDP: 2.3, 3.5, 3.6, 4.7, 4.7, 2.3, 2.7, 3.9
  - Export volume1: –3.8, 8.0, 5.8, 7.6, 9.6, 2.4, 3.9, 4.3
  - Terms of trade1: –0.6, –4.1, –0.4, 7.3, –1.0, –8.7, 1.6, 0.3
  - Import volume1: 0.7, 1.5, 8.6, 14.8, 11.6, 3.5, 5.0, 4.5

- Western Hemisphere
  - Real GDP: 2.3, 2.6, 3.5, 3.5, 5.1, 2.8, 2.7, 4.6
  - Export volume1: 4.2, 7.5, 8.9, 9.2, 10.8, 6.7, 8.7, 7.7
  - Terms of trade1: –3.7, 0.7, 0.2, 1.9, 0.1, –2.3, 1.3, 0.7
  - Import volume1: –1.8, 10.1, 10.4, 10.4, 18.0, 8.9, 4.8, 6.4

### Analytical groups — Annual percent change

- Net debtor countries by debt-servicing experience (Countries with arrears and/or rescheduling during 1993–97)
  - Real GDP: 2.4, 2.3, 3.3, 3.8, 4.1, 2.2, 3.2, 4.5
  - Export volume1: –0.7, 5.0, 7.5, 9.6, 10.1, 3.0, 7.6, 7.5
  - Terms of trade1: –1.7, –1.5, –2.2, 0.3, –3.7, –6.3, 1.2, 0.4
  - Import volume1: –1.5, 3.8, 5.1, 3.8, 11.6, 1.0, 4.3, 6.2

- Other net debtor countries
  - Real GDP: 5.5, 6.9, 5.0, 7.6, 6.4, 2.4, 3.7, 6.0
  - Export volume1: 5.8, 10.2, 7.9, 9.6, 11.9, 4.9, 5.4, 7.6
  - Terms of trade1: –0.9, 0.1, 0.1, 0.2, 0.1, –0.1, 0.3, 0.3
  - Import volume1: 3.6, 11.2, 6.2, 9.3, 9.3, 1.3, 4.9, 8.7

### Developing countries — Percent of exports of goods and services
- Current account balance: –8.2, –14.6, –9.2, –6.2, –4.9, –6.4, –4.8, –4.7
- Total external debt: 228.9, 184.3, 162.9, 151.2, 141.8, 148.0, 141.4, 120.5
- Debt-service payments2: 24.2, 22.4, 21.9, 22.0, 21.0, 21.7, 20.1, 17.0
- Interest payments: 12.7, 10.0, 8.5, 8.3, 7.6, 8.9, 8.7, 7.2
- Amortization: 11.5, 12.4, 13.4, 13.7, 13.4, 12.8, 11.3, 9.7

(Note 2: Interest payments on total debt plus amortization payments on long-term debt only. Projections incorporate the impact of exceptional financing items. Excludes service payments to the IMF.)

### Regional groups — Percent of exports of goods and services

- Africa
  - Current account balance: –7.5, –6.6, –13.9, –2.9, –3.9, –11.7, –9.3, –6.6
  - Total external debt: 257.2, 236.6, 246.1, 224.0, 208.7, 223.6, 208.9, 170.2
  - Debt-service payments2: 23.7, 27.5, 26.6, 24.9, 21.0, 25.1, 23.2, 18.0
  - Interest payments: 11.1, 11.6, 10.4, 10.2, 8.3, 12.4, 10.7, 8.8
  - Amortization: 12.6, 15.9, 16.1, 14.7, 12.6, 12.7, 12.5, 9.2

- Asia
  - Current account balance: –7.3, –4.9, –9.2, –7.6, 0.8, 6.7, 6.7, 1.0
  - Total external debt: 201.4, 159.5, 123.1, 118.8, 114.2, 110.9, 106.6, 89.3
  - Debt-service payments2: 22.6, 17.2, 16.1, 16.0, 12.7, 13.6, 14.1, 12.5
  - Interest payments: 10.5, 8.0, 6.0, 5.9, 5.2, 5.7, 5.8, 4.6
  - Amortization: 12.1, 9.2, 10.1, 10.1, 7.5, 7.9, 8.2, 7.9

- Middle East and Europe
  - Current account balance: –9.6, –36.3, –0.4, 3.6, 1.4, –8.5, –7.4, –7.1
  - Total external debt: 120.2, 97.9, 101.1, 89.0, 85.1, 98.0, 96.5, 94.2
  - Debt-service payments2: 11.6, 10.3, 10.9, 10.6, 9.0, 11.9, 10.7, 8.7
  - Interest payments: 6.2, 3.7, 3.5, 3.8, 3.5, 4.2, 4.0, 3.7
  - Amortization: 5.4, 6.6, 7.4, 6.9, 5.5, 7.7, 6.7, 5.0

- Western Hemisphere
  - Current account balance: –8.0, –10.3, –14.6, –13.8, –21.6, –26.4, –21.0, –12.2
  - Total external debt: 361.6, 277.4, 249.3, 231.0, 211.4, 223.4, 209.0, 174.1
  - Debt-service payments2: 40.6, 39.3, 39.8, 41.7, 46.7, 42.7, 36.3, 29.9
  - Interest payments: 23.6, 18.3, 16.4, 15.6, 15.1, 16.8, 16.6, 13.6
  - Amortization: 16.9, 21.0, 23.4, 26.1, 31.6, 25.9, 19.7, 16.3

### Analytical groups — Percent of exports of goods and services

- Net debtor countries by debt-servicing experience (Countries with arrears and/or rescheduling during 1993–97)
  - Current account balance: –20.1, –14.0, –16.1, –8.7, –14.6, –20.1, –15.9, –8.6
  - Total external debt: 344.5, 314.1, 291.1, 262.1, 242.1, 258.0, 236.5, 189.0
  - Debt-service payments2: 30.6, 33.3, 29.8, 29.3, 32.8, 35.8, 29.6, 23.5
  - Interest payments: 16.4, 14.5, 12.2, 12.2, 11.3, 14.7, 13.7, 10.6
  - Amortization: 14.2, 18.8, 17.6, 17.2, 21.5, 21.1, 15.9, 12.9

- Other net debtor countries
  - Current account balance: –2.8, –6.2, –8.8, –7.9, –3.7, –1.8, –1.2, –3.9
  - Total external debt: 221.7, 172.7, 145.5, 137.2, 129.5, 130.2, 126.0, 109.4
  - Debt-service payments2: 27.0, 23.4, 22.2, 22.6, 20.2, 19.8, 19.3, 16.6
  - Interest payments: 14.0, 10.6, 8.6, 8.2, 7.4, 8.1, 8.2, 6.9
  - Amortization: 13.0, 12.9, 13.6, 14.4, 12.8, 11.8, 11.2, 9.7

*1098stapdf - Section 12*

---


_Source: https://www.imf.org/-/media/files/publications/weo/weo-database/1998/1098stapdf.pdf_