## _0598stapdf — Statistical Appendix (Selected Sections)

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### Overview and scope
- Statistical appendix covers historical data and projections for 182 countries (the World Economic Outlook database).
- Data compiled on the basis of information available at the end of March 1998.
- Figures for 1998 and beyond are projections and are shown with the same degree of precision as historical figures for convenience.
- Appendix comprises four sections: Assumptions, Data and Conventions, Classification of Countries, and Statistical Tables.

### Assumptions (estimates and projections for 1998–99 and medium-term 2000–2003)
- Exchange rates:
  - Real effective exchange rates for advanced economies assumed constant at average levels during February 9–March 4, 1998; ERM bilateral rates constant in nominal terms.
  - For Greece and Ireland (realigned in mid-March) reference period: March 16–17, 1998.
  - Implied average U.S. dollar/SDR conversion rates: 1.356 (1998) and 1.358 (1999).
- Oil price:
  - $14.59 a barrel (1998); $15.94 a barrel (1999).
  - Medium term: oil price unchanged in real terms.
- Interest rates:
  - LIBOR on six-month U.S. dollar deposits: 6.1 percent (1998) and 6.1 percent (1999).
  - Three-month certificate of deposit rate in Japan: 0.7 percent (1998) and 1.3 percent (1999).
  - Three-month interbank deposit rate in Germany: 3.9 percent (1998) and 4.5 percent (1999).
- Policies:
  - Established policies of national authorities assumed maintained; more specific assumptions for selected advanced economies described in source Box 4.

### Data sources, harmonization, and composite construction
- Database maintained jointly by IMF Research and area departments; national statistical agencies are ultimate providers of historical data and definitions.
- SNA 1993 and IMF’s BPM improvements; adaptation to BPM began May 1995 WEO; full concordance depends on revised country data.
- Composite construction:
  - Arithmetic weighted averages used for all data except inflation and money growth in developing and transition groups, where geometric averages are used.
  - Weights and conventions:
    - Exchange rates, interest rates, and growth rates of monetary aggregates: weighted by GDP converted to U.S. dollars at market exchange rates (averaged over preceding three years).
    - Other domestic economy data: weighted by GDP at purchasing power parities (PPPs).
    - Unemployment and employment growth: weighted by labor force.
    - External economy composites: sums after conversion to U.S. dollars at indicated market exchange rates.
  - Multiyear averages of growth rates expressed as compound annual rates unless otherwise indicated.

### Country classification and group counts
- Three major groups: advanced economies (28 countries), developing countries (128 countries), countries in transition (28 countries).
- Advanced-economy subgroups: G-7 (United States, Japan, Germany, France, Italy, United Kingdom, Canada), European Union (15 members), newly industrialized Asian economies.
- Developing-country regional classifications: Africa, Asia, Europe, Middle East, Western Hemisphere (with Cyprus, Malta, Turkey in combined Middle East and Europe region; Egypt and Libyan Arab Jamahiriya included in Middle East and Europe).
- Developing-country analytical classifications:
  - By source of export earnings: fuel (SITC 3), manufactures (SITC 5–9, less 68), nonfuel primary products (SITC 0,1,2,4,68), services/income/private transfers, diversified.
  - By external financing source: net creditor countries (positive net external assets at end-1995) and net debtor countries (further split by main source of external financing and by debt-servicing experience during 1992–96).
- Other groups: Heavily Indebted Poor Countries (HIPCs) — 40 countries (all except Nigeria); Least developed countries — 46 of 47 UN-listed (Tuvalu excluded); MENA defined as Arab League countries plus Islamic Republic of Iran.

### Key cross-country numeric highlights — Output and growth
- World growth (selected series from Table A1): 3.3; 3.2; 2.6; 1.8; 2.6; 2.7; 3.9; 3.6; 4.1; 4.1; 3.1; 3.7.
- Developing countries (aggregate real GDP, annual percent change, Table A5):
  - 1980–89: 4.3; 1990–99: 5.7; 1990: 4.0; 1991: 5.0; 1992: 6.6; 1993: 6.5; 1994: 6.8; 1995: 6.0; 1996: 6.6; 1997: 5.8; 1998: 4.0; 1999: 5.3.
- Advanced economies — components of real GDP (Table A3, annual percent change):
  - Private consumer expenditure: 1980–89: 3.0; 1990–99: 2.4; 1998: 2.3; 1999: 2.6.
  - Gross fixed capital formation: 1980–89: 3.0; 1990–99: 2.8; 1998: 4.8; 1999: 4.3.
- Countries in transition (Table A7, selected series):
  - Central and eastern Europe aggregate (1991–1997): 1991: –10.0; 1992: –8.7; 1993: –3.6; 1994: –3.0; 1995: 1.4; 1996: 1.5; 1997: 2.7.
  - Russia (1991–1997): 1991: –5.0; 1992: –14.5; 1993: –8.7; 1994: –12.6; 1995: –4.0; 1996: –2.8; 1997: 0.4.

### Inflation and prices (selected tables and series)
- GDP deflators — Advanced economies (ten-year averages): 6.2 2.7 4.5 4.5 3.4 2.8 2.2 2.3 2.0 1.8 1.7 1.7.
- Consumer prices — Developing countries (aggregate, ten-year averages): 36.0 32.4 68.1 36.2 38.3 46.8 50.7 21.7 13.7 8.5 10.2 8.5.
- Consumer prices — Countries in transition (selected country examples, annual percent change):
  - Albania (selected years): 35.8; 225.2; 85.0; 22.6; 7.8; 12.7; 32.1 (as presented in table).
  - Russia (1990s series): 92.7; 1,353.0; 895.9; 302.0; 190.1; 47.8; 14.7 (selected years as in source).
- Nonfuel primary commodity prices (Table A23, annual percent change, 1990–1999): 0.6 0.2 –6.4 –5.7 0.1 1.8 13.6 8.2 –1.3 –3.7 –7.4 0.9.
- Memorandum — Average oil spot price (U.S. dollars a barrel, 1990–1999): 22.97 19.33 19.03 16.82 15.89 17.17 20.42 19.18 14.59 15.94.

### Fiscal and monetary indicators (selected series)
- Advanced economies — General government fiscal balance (1990–1999): –2.0 –2.7 –3.7 –4.2 –3.4 –3.3 –2.5 –1.3 –1.1 –0.8.
  - United States (1990–1999): –2.7 –3.3 –4.4 –3.6 –2.3 –1.9 –1.1 –0.2 0.1 0.4.
  - Japan (1990–1999): 2.9 2.9 1.5 –1.6 –2.3 –3.6 –4.3 –3.4 –3.8 –2.9.
- Central government fiscal balance — Developing countries (weighted average, 1990–1999): –3.0–3.5–3.1–3.4–2.8–2.6–2.4–2.2–2.5–1.8 (Table A20).
- Growth of broad money — Developing countries (annual percent change, 1990–1999): 95.5 74.0 84.2 85.7 70.8 25.1 22.4 20.1 14.1 14.9 (Table A21).
- Short-term interest rates (selected series, Section 5): United States: 7.5 5.4 3.4 3.0 4.2 5.5 5.0 5.1 5.4 5.5; Japan: 6.9 7.0 4.1 2.7 1.9 1.0 0.3 0.3 0.5 0.7; Germany: 8.4 9.2 9.5 7.2 5.3 4.5 3.3 3.3 3.7 4.3; LIBOR: 8.4 6.1 3.9 3.4 5.1 6.1 5.6 5.9 6.1 6.1.

### External sector, current account, and external financing (selected aggregates)
- Advanced economies — Current account balance (1990–1999, billions of U.S. dollars): –86.4; –24.7; –23.2; 56.0; 20.1; 35.3; 19.8; 47.9; 3.3; 18.9 (Table A27 excerpt).
- Developing countries — Current account balance (1990–1999, billions of U.S. dollars): –25.1; –98.3; –79.3; –121.8; –88.5; –94.4; –74.3; –82.1; –87.2; –89.7 (Section 7).
- Developing countries — Balance of capital and financial account mirrors current account (1990–1999, billions of U.S. dollars): 25.1 98.3 79.3 121.8 88.5 94.4 74.3 82.1 87.2 89.7 (Section 8).
- Developing countries — Net financial flows (1990–1999, billions of U.S. dollars): 50.8 148.1 131.5 163.3 145.7 183.5 204.4 172.2 128.5 174.8 (Section 8).
- Change in reserves for developing countries (– = increase, 1990–1999, billions of U.S. dollars): –42.4–48.9–47.5–39.7–42.4–65.6–103.4–55.2–37.3–80.8 (Section 8).
- Developing countries — Total external debt (Table A38/A39, in billions of U.S. dollars): 1990: 1,182.4; 1991: 1,250.4; 1992: 1,330.2; 1993: 1,445.5; 1994: 1,573.5; 1995: 1,706.6; 1996: 1,768.4; 1997: 1,764.0; 1998: 1,838.5; 1999: 1,918.1.
- Regional external debt (1999, in billions of U.S. dollars): Africa: 295.7; Asia: 622.0; Middle East and Europe: 241.9; Western Hemisphere: 758.5.
- Debt-service payments (developing countries, in billions of U.S. dollars): 1990: 139.4; 1995: 228.3; 1999: 249.5.
- Debt-service ratios (debt-service as percent of exports of goods and services, developing countries): 1990: 21.0 percent; 1995: 22.1 percent; 1999: 17.6 percent.

### Reserves and reserve ratios (selected series)
- Developing countries — Reserves (in billions of U.S. dollars, 1990–1999): 194.6; 246.2; 261.5; 307.8; 362.2; 428.6; 513.9; 563.4; 600.3; 680.8 (Table A36).
- Ratio of reserves to imports of goods and services — Developing countries (1990–1999): 30.1; 34.7; 33.0; 35.8; 38.7; 39.1; 43.0; 43.5; 44.6; 46.5.

### Debt composition and creditor structure (selected)
- Developing countries — Creditor composition (1990 → 1999, in billions of U.S. dollars):
  - Official: 563.8 → 745.3.
  - Banks: 394.2 → 432.7.
  - Other private: 224.4 → 740.1.
- By external financing source (1999, in billions of U.S. dollars):
  - Net creditor countries: 39.1.
  - Net debtor countries: 879.0.
  - Official financing: 294.7.
  - Private financing: 1,148.3.
  - Diversified financing: 436.0.

### Debt-service and IMF flows (selected)
- Interest payments (in percent of exports of goods and services) — Developing countries (Table A42): 1990: 9.1; 1991: 9.3; 1992: 9.0; 1993: 9.1; 1994: 8.5; 1995: 8.6; 1996: 8.4; 1997: 8.3; 1998: 8.7; 1999: 8.1.
- Amortization (in percent of exports) — Developing countries (Table A42): 1990: 11.9; 1991: 12.7; 1992: 14.2; 1993: 14.7; 1994: 14.0; 1995: 13.5; 1996: 14.3; 1997: 13.9; 1998: 9.4; 1999: 9.5.
- Net credit and loans from IMF (selected series, Table A37):
  - Developing countries (1989–1997): –1.5; –1.9; 1.1; –0.4; –0.1; –0.8; 12.6; –2.9; 0.8 (series as presented).

### Medium-Term Baseline Scenario (summary, Section 12)
- World real GDP (selected series): 3.1 3.2 3.7 4.1 4.1 3.1 3.7 4.5.
- Advanced economies real GDP: 2.6 2.6 2.7 2.7 3.0 2.4 2.5 2.9.
- Developing countries real GDP: 4.2 5.5 5.4 6.6 5.8 4.0 5.3 6.3.
- Countries in transition real GDP: 2.8–4.2 2.0–0.1 1.7 2.9 3.4 5.4.
- World trade, volume (goods and services): 3.6 6.7 7.1 6.6 9.4 6.4 6.1 6.2.
- Selected medium-term external ratios (developing countries):
  - Total external debt (percent of GDP): 31.6 38.3 32.6 33.8 31.6 32.6 32.4 30.3.
  - Debt service (percent of GDP): 4.3 4.8 4.6 5.0 5.0 4.2 4.2 4.0.
- Developing countries — medium-term real GDP and trade (annual percent change):
  - Real GDP: 4.2 5.5 5.4 6.6 5.8 4.0 5.3 6.3.
  - Export volume: 0.5 9.1 8.4 8.7 10.8 7.4 6.7 7.1.
  - Import volume: 1.2 7.9 8.6 9.3 12.1 5.2 7.8 7.8.

_Italic: Source — _0598stapdf (Statistical Appendix sections and tables as presented in the supplied PDF content)._

### Section 1

### _0598stapdf - 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 at the end of March 1998.
- Figures for 1998 and beyond are shown with the same degree of precision as historical figures for convenience; they are projections and the same degree of accuracy is not to be inferred.
- Data and projections cover 182 countries (the World Economic Outlook database).

### 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 February 9–March 4, 1998, except that the bilateral exchange rates among the ERM currencies are assumed to remain constant in nominal terms.
  - For Greece and Ireland (realigned in mid-March) the reference period for the exchange rate assumption is March 16–17, 1998.
  - For 1998 and 1999, these assumptions imply average U.S. dollar/SDR conversion rates of 1.356 and 1.358, respectively.
- Policies
  - Established policies of national authorities are assumed to be maintained.
  - More specific policy assumptions for selected advanced economies are described in Box 4 (in the source).
- Oil price
  - The price of oil is assumed to average $14.59 a barrel in 1998 and $15.94 a barrel in 1999.
  - In the medium term, the oil price is assumed to remain unchanged in real terms.
- Interest rates
  - LIBOR on six-month U.S. dollar deposits is assumed to average 6.1 percent in 1998 and 1999.
  - The three-month certificate of deposit rate in Japan is assumed to average 0.7 percent in 1998 and 1.3 percent in 1999.
  - The three-month interbank deposit rate in Germany is assumed to average 3.9 percent in 1998 and 4.5 percent in 1999.

### Data and Conventions
- Database scope and maintenance
  - Data and projections for 182 countries form the statistical basis for the World Economic Outlook; the database is maintained jointly by the IMF’s Research Department and area departments, with area departments regularly updating country projections based on consistent global assumptions.
- Sources and harmonization
  - National statistical agencies are the ultimate providers of historical data and definitions; international organizations also contribute to harmonizing methodologies, concepts, definitions, classifications, and valuation procedures.
  - The World Economic Outlook database reflects information from both national source agencies and international organizations.
- International standards
  - Completion in 1993 of the System of National Accounts 1993 (SNA) and the IMF’s Balance of Payments Manual (BPM) represented important improvements; adaptation of country balance of payments data to the BPM definitions began with the May 1995 World Economic Outlook, but full concordance depends on provision of revised country data by national compilers.
- Construction of composites
  - Composite data for country groups are either sums or weighted averages of individual country data.
  - Arithmetic weighted averages are used for all data except inflation and money growth for the developing and transition country groups, for which geometric averages are used.
  - Conventions:
    - 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.
    - 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 the average market exchange rates in the years indicated for balance of payments data, and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars.
    - Composites of changes in foreign trade volumes and prices: arithmetic averages of percentage changes for individual countries weighted by the U.S. dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
  - For central and eastern European countries, external transactions in nonconvertible currencies (through 1990) are converted to U.S. dollars at the implicit U.S. dollar/ruble conversion rates obtained from each country’s national currency exchange rate for the U.S. dollar and for the ruble.
  - Multiyear averages of growth rates are expressed as compound annual rates of change unless otherwise indicated.

### Classification of Countries
- High-level groups
  - The World Economic Outlook divides the world into three major groups: advanced economies, developing countries, and countries in transition.
  - The classification is not based on strict criteria but has evolved to facilitate analysis.
  - A few countries are not included in these groups (e.g., not IMF members or lacking databases); examples: Cuba and the Democratic People’s Republic of Korea (not IMF members), San Marino (advanced economy without a completed database).
  - Note: owing to lack of data, only three of the former republics of the dissolved Socialist Federal Republic of Yugoslavia (Croatia, the former Yugoslav Republic of Macedonia, and Slovenia) are included in the group composites for countries in transition.
- Subgroups and regional breakdowns
  - Each main group is divided into subgroups: among advanced economies, the seven largest by GDP form the major industrial countries (G-7), the European Union (15 members) is a subgroup, and the newly industrialized Asian economies are distinguished.
  - The developing countries (128 countries) are classified by region (Africa, Asia, Europe, Middle East, Western Hemisphere) with adjustments: Cyprus, Malta, and Turkey are placed in a combined Middle East and Europe region for WEO classification; Egypt and the Libyan Arab Jamahiriya are included in that region rather than Africa.
  - Additional regional groupings included for analytical purposes: sub-Sahara, sub-Sahara excluding Nigeria and South Africa, and Asia excluding China and India.
- Size of groups (counts)
  - Advanced economies: 28 countries.
  - Developing countries: 128 countries.
  - Countries in transition: 28 countries.
- Advanced economies details
  - The seven largest countries by GDP in the advanced group (the G-7): United States, Japan, Germany, France, Italy, United Kingdom, and Canada.
  - Composite data under “European Union” cover the current 15 members for all years in the tables, even though membership has increased over time.
  - Data for Germany: in 1991 and subsequent years, data refer to west Germany and the eastern Länder (former German Democratic Republic); before 1991, data are not available on a unified basis. Annual percent change series apply to west Germany up to and including 1991, but to unified Germany from 1992 onward. National accounts and domestic activity through 1990 cover west Germany only, whereas central government and balance of payments data apply to west Germany through June 1990 and to unified Germany thereafter.
- Developing countries analytical classifications
  - By source of export earnings: fuel (SITC 3), manufactures (SITC 5 to 9, less 68), nonfuel primary products (SITC 0, 1, 2, 4, and 68), services/income/private transfers, and diversified export earnings. Countries whose 1990–93 export earnings in any of the first four categories accounted for more than half of total export earnings are allocated to that group; others are classified as diversified.
  - By external financing source: net creditor countries and net debtor countries. Net creditor countries are defined as developing countries with positive net external assets at the end of 1995. If net external asset information is unavailable, inclusion is based on whether countries have cumulated a substantial current account surplus over the past 25 years to 1995.
  - Net debtor countries are further differentiated by main source of external financing (official financing, private financing, diversified financing source) and by experience with debt servicing during 1992–96 (countries with arrears and/or rescheduling during 1992–96 versus other net debtor countries).
- Other groups among developing countries
  - Heavily indebted poor countries (HIPCs), least developed countries, and Middle East and north Africa (MENA) are included as “other groups.”
- Notes on tables
  - Table A provides an overview of standard groups showing number of countries in each group and average 1997 shares of groups in aggregate PPP-valued GDP, total exports of goods and services, and population.
  - The GDP shares shown in Table A are based on purchasing-power-parity (PPP) valuation of country GDPs.

*Source: _0598stapdf - Section 1*

### Section 2

### Section 2 — Statistical Appendix: Country Groupings and Classifications

### Developing-country classification by external financing source
- 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.
- The Appendix provides detailed country listings (Table D) by region under headings: Net Creditor Countries; Official financing; Private financing; Diversified financing.
- Examples of regional coverage in Table D (selected entries preserved as in source):
  - Africa, Sub-Sahara: Angola•, Benin•, Botswana•, Burkina Faso•, Burundi•, Cameroon•, Cape Verde•, Central African Republic•, Chad•, Comoros•, Congo, Republic of•, Congo, Democratic Republic of •, Côte d’Ivoire•, Djibouti•, Equatorial Guinea•, Eritrea•, Ethiopia•, Gabon•, Gambia, The•, Ghana•, Guinea•, Guinea-Bissau•, Kenya•, Lesotho•, Liberia•, Madagascar•, Malawi•, Mali•, Mauritania•, Mauritius•, Mozambique, Republic of•, Namibia•, Niger•, Nigeria•, Rwanda•, São Tomé and Príncipe•, Senegal•, Seychelles•, Sierra Leone•, Somalia•, South Africa•, Sudan•, Swaziland•, Tanzania•, Togo•, Uganda•, Zambia•, Zimbabwe•.
  - North Africa: Algeria•, Morocco•, Tunisia•.
  - Asia: Afghanistan, Islamic State of•, Bangladesh•, Bhutan•, Brunei Darussalam•, Cambodia•, China•, Fiji•, India•, Indonesia•, Kiribati•, Lao People’s Democratic Republic•, Malaysia•, Maldives•, Marshall Islands•, Micronesia, Federated States of•, Myanmar•, Nepal•, Pakistan•, Papua New Guinea•, Philippines•, Samoa•, Solomon Islands•, Sri Lanka•, Thailand•, Tonga•, Vanuatu•, Vietnam•.
  - Middle East and Europe: Bahrain•, Cyprus•, Egypt•, Iran, Islamic Republic of•, Iraq•, Jordan•, Kuwait•, Lebanon•, Libya•, Malta•, Oman•, Qatar•, Saudi Arabia•, Syrian Arab Republic•, Turkey•, United Arab Emirates•, Yemen, Republic of•.
  - Western Hemisphere: Antigua and Barbuda•, Argentina•, Bahamas, The•, Barbados•, Belize•, Bolivia•, Brazil•, Chile•, Colombia•, Costa Rica•, Dominica•, Dominican Republic•, Ecuador•, El Salvador•, Grenada•, Guatemala•, Guyana•, Haiti•, Honduras•, Jamaica•, Mexico•, Netherlands Antilles•, Nicaragua•, Panama•, Paraguay•, Peru•, St. Kitts and Nevis•, St. Lucia•, St. Vincent and the Grenadines•, Suriname•, Trinidad and Tobago•, Uruguay•, Venezuela•.

### Other developing-country groupings and special classifications
- Heavily Indebted Poor Countries (HIPCs): The 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: The group comprises 46 of the 47 developing countries classified as “least developed” by the United Nations (Tuvalu is excluded because it is not an IMF member).
- Middle East and North Africa (MENA): Defined as the Arab League countries plus the Islamic Republic of Iran; composition straddles the Africa and Middle East and Europe regions.
- Table E lists Heavily Indebted Poor Countries, Least Developed Countries, and Middle East and North Africa group members (selected entries preserved as in source), e.g. Angola•, Benin••, Burkina Faso••, Burundi••, Central African Republic••, Chad••, Congo, Democratic Republic of••, Djibouti••, Equatorial Guinea••, Ethiopia••, Guinea••, Guinea-Bissau••, Liberia••, Madagascar••, Mali••, Mozambique, Republic of••, Niger••, Rwanda••, São Tomé and Príncipe••, Sierra Leone••, Somalia•••, Sudan•••, Tanzania••, Togo••, Uganda••, Zambia••, Yemen, Republic of•••, and western-hemisphere entries Bolivia•, Guyana•, Haiti•, Honduras•, Nicaragua•.

### Countries in transition
- The group of countries in transition comprises 28 countries.
- Composition: 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; Transcaucasus and central Asia.
- Table F lists the countries by subgroup (preserved as in source):
  - Central and Eastern Europe: Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, former Yugoslav Republic of, Moldova, Poland, Romania, Slovak Republic, Slovenia, Yugoslavia, Federal Republic of.
  - Russia: Russia.
  - Transcaucasus and Central Asia: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, Uzbekistan.
- Common characteristics:
  - Transition from centrally administered systems to market-based systems.
  - Transformation of sizable industrial sectors with largely obsolete capital stocks.
- Distinction from other economies in partial transition: China, Cambodia, the Lao People’s Democratic Republic, Vietnam, and a number of African countries are classified in the developing country group because they are largely rural, low-income economies focused principally on economic development.

### Debt-servicing experience and arrears/rescheduling classification
- Within the net debtor classification, a distinction is made between countries with arrears or rescheduling agreements (or both) and other net debtor countries.
- During the 1992–96 period, 64 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 1992–96.
- The source notes specific analytical subgroupings: Countries with arrears and/or rescheduling during 1992–96 and Other net debtor countries (no quantitative split beyond the 64 figure is provided in this section).

### Statistical Appendix: Tables and numeric highlights
- The Statistical Appendix organizes numerous tables covering output, inflation, financial policies, foreign trade, current account transactions, balance of payments and external financing, external debt and debt service, flow of funds, and a medium-term baseline scenario.
- Table listings (as provided) include overviews and country-by-country series such as:
  - Table A1: Summary of World Output (annual percent change). Selected figures from Table A1 preserved verbatim where given: World growth row includes values: 3.3, 3.2, 2.6, 1.8, 2.6, 2.7, 3.9, 3.6, 4.1, 4.1, 3.1, 3.7.
  - Ten-Year Averages and annual series are presented across tables for groups including Advanced economies, Developing countries, Regional groups (Africa, Asia, Middle East and Europe, Western Hemisphere), and Analytical groups (by source of export earnings; by external financing source).
  - Specific numeric items preserved from Table A1 include: Net debtor countries growth series: 4.5, 5.7, 3.9, 5.0, 6.6, 6.6, 6.9, 6.2, 6.7, 5.9, 4.1, 5.3. Countries in transition line includes values with negatives and noted annual series (e.g., 2.9, –3.2, –3.8, –7.5, –11.8, –6.4, –7.6, –1.3, –0.1, 1.7, 2.9, 3.4).
  - Value of world output in billions of U.S. dollars at market exchange rates row contains: 14,472, 26,841, 22,489, 23,643, 23,516, 24,026, 25,966, 28,804, 29,600, 29,477, 29,781, 31,110.
  - At purchasing power parities row contains: 17,584, 33,427, 25,524, 26,986, 28,435, 29,880, 31,713, 33,639, 35,759, 38,047, 40,685, 43,606.

*Source: _0598stapdf - Section 2*

### Section 3

### _0598stapdf - Section 3

### Table A3. Advanced Economies: Components of Real GDP (Annual percent change)
- Header columns: 1980–89; 1990–99; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999
- Private consumer expenditure (Advanced economies):
  - 1980–89: 3.0; 1990–99: 2.4; 1990: 2.9; 1991: 1.4; 1992: 2.4; 1993: 1.7; 1994: 2.8; 1995: 2.4; 1996: 2.7; 1997: 2.7; 1998: 2.3; 1999: 2.6
- Public consumption (Advanced economies):
  - 1980–89: 2.5; 1990–99: 1.3; 1990: 2.7; 1991: 2.0; 1992: 1.5; 1993: 0.7; 1994: 1.1; 1995: 0.9; 1996: 1.2; 1997: 0.9; 1998: 1.2; 1999: 1.1
- Gross fixed capital formation (Advanced economies):
  - 1980–89: 3.0; 1990–99: 2.8; 1990: 2.7; 1991: –1.6; 1992: 1.5; 1993: –0.4; 1994: 4.4; 1995: 3.8; 1996: 5.2; 1997: 3.7; 1998: 4.8; 1999: 4.3
- Final domestic demand (Advanced economies):
  - 1980–89: 2.9; 1990–99: 2.3; 1990: 3.0; 1991: 1.0; 1992: 1.9; 1993: 1.0; 1994: 2.7; 1995: 2.5; 1996: 3.0; 1997: 2.4; 1998: 2.5; 1999: 2.6
- Stock building (Advanced economies) — changes as percent of GDP in preceding period:
  - 1980–89: –0.2; 1990–99: —; 1990: —; 1991: 0.3; 1992: –0.2; 1993: —; 1994: —; 1995: 0.1; 1996: 0.5; 1997: —; 1998: —; 1999: 0.1
- Foreign balance (Advanced economies) — changes as percent of GDP in preceding period:
  - 1980–89: —; 1990–99: 0.1; 1990: 0.1; 1991: 0.3; 1992: —; 1993: 0.3; 1994: –0.2; 1995: —; 1996: —; 1997: –0.1; 1998: 0.3; 1999: –0.1

### Table A4. Advanced Economies: Unemployment, Employment, and Real Per Capita GDP (In percent)
- Header columns: 1980–89; 1990–99; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999
- Unemployment rate (Advanced economies):
  - 1980–89: 6.9; 1990–99: 7.1; 1990: 5.9; 1991: 6.6; 1992: 7.4; 1993: 7.7; 1994: 7.6; 1995: 7.3; 1996: 7.3; 1997: 7.1; 1998: 7.0; 1999: 6.7
- Growth in employment (Advanced economies) — compound annual rate:
  - 1980–89: 1.2; 1990–99: 0.8; 1990: 1.6; 1991: 0.1; 1992: –0.1; 1993: –0.1; 1994: 1.0; 1995: 1.1; 1996: 0.9; 1997: 1.3; 1998: 0.8; 1999: 1.2
- Growth in real per capita GDP (Advanced economies) — compound annual rate:
  - 1980–89: 2.2; 1990–99: 1.6; 1990: 1.9; 1991: 0.4; 1992: 1.2; 1993: 0.6; 1994: 2.5; 1995: 1.8; 1996: 1.9; 1997: 2.4; 1998: 1.8; 1999: 2.0

### Table A5. Developing Countries: Real GDP (Annual percent change)
- Header columns: 1980–89; 1990–99; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999
- Developing countries (aggregate):
  - 1980–89: 4.3; 1990–99: 5.7; 1990: 4.0; 1991: 5.0; 1992: 6.6; 1993: 6.5; 1994: 6.8; 1995: 6.0; 1996: 6.6; 1997: 5.8; 1998: 4.0; 1999: 5.3
- Regional groups — Africa:
  - 1980–89: 2.6; 1990–99: 2.9; 1990: 2.4; 1991: 1.9; 1992: 0.4; 1993: 0.8; 1994: 2.5; 1995: 3.0; 1996: 5.5; 1997: 3.2; 1998: 4.6; 1999: 4.9
- Regional groups — Asia:
  - 1980–89: 7.0; 1990–99: 7.5; 1990: 5.6; 1991: 6.6; 1992: 9.5; 1993: 9.3; 1994: 9.6; 1995: 9.0; 1996: 8.3; 1997: 6.7; 1998: 4.4; 1999: 5.9
- By source of export earnings — Manufactures:
  - 1980–89: 6.7; 1990–99: 7.1; 1990: 3.5; 1991: 5.7; 1992: 8.7; 1993: 8.7; 1994: 9.3; 1995: 9.6; 1996: 8.7; 1997: 8.7; 1998: 6.5; 1999: 6.1
- By external financing source — Net creditor countries:
  - 1980–89: 0.4; 1990–99: 3.8; 1990: 7.2; 1991: 5.0; 1992: 8.4; 1993: 4.0; 1994: 1.7; 1995: 1.2; 1996: 3.5; 1997: 3.3; 1998: 0.3; 1999: 3.5
- Real per capita GDP (Developing countries):
  - 1980–89: 1.9; 1990–99: 3.7; 1990: 2.1; 1991: 3.0; 1992: 4.0; 1993: 4.5; 1994: 4.5; 1995: 4.2; 1996: 4.5; 1997: 4.0; 1998: 2.3; 1999: 3.6

### Table A6. Developing Countries—by Country: Real GDP (Annual percent change)
- Note: Many country figures for recent years are IMF staff estimates; some are fiscal-year data.
- Selected country examples (Average figures shown in table columns through 1997):
  - Africa regional aggregate:
    - 1980–89: 2.6; 1990: 2.4; 1991: 1.9; 1992: 0.4; 1993: 0.8; 1994: 2.5; 1995: 3.0; 1996: 5.5; 1997: 3.2
  - China:
    - 1980–89: 9.5; 1990: 3.8; 1991: 9.2; 1992: 14.2; 1993: 13.5; 1994: 12.6; 1995: 10.5; 1996: 9.7; 1997: 8.8
  - India:
    - 1980–89: 6.0; 1990: 5.9; 1991: 1.7; 1992: 4.2; 1993: 5.0; 1994: 6.9; 1995: 7.9; 1996: 7.5; 1997: 5.6
  - Brazil:
    - 1980–89: 2.8; 1990: –4.3; 1991: 1.0; 1992: –0.5; 1993: 4.9; 1994: 5.9; 1995: 4.2; 1996: 2.8; 1997: 3.0
  - Russia (from Table A7 but reflected in regional discussions): see Table A7 for transition-country specifics.

### Table A7. Countries in Transition: Real GDP (Annual percent change)
- Note: Data for some countries refer to real net material product (NMP) or are IMF staff estimates; figures indicative and not fully comparable.
- Central and eastern Europe aggregate:
  - 1980–89: . . .; 1990: . . .; 1991: –10.0; 1992: –8.7; 1993: –3.6; 1994: –3.0; 1995: 1.4; 1996: 1.5; 1997: 2.7
- Selected country examples:
  - Albania:
    - 1980–89: 2.5; 1990: –10.0; 1991: –28.0; 1992: –7.2; 1993: 9.6; 1994: 9.4; 1995: 8.9; 1996: 9.1; 1997: –7.0
  - Poland:
    - 1980–89: 0.5; 1990: –11.6; 1991: –7.0; 1992: 2.6; 1993: 3.8; 1994: 5.2; 1995: 7.0; 1996: 6.1; 1997: 6.9
  - Russia:
    - 1980–89: . . .; 1990: . . .; 1991: –5.0; 1992: –14.5; 1993: –8.7; 1994: –12.6; 1995: –4.0; 1996: –2.8; 1997: 0.4
  - Transcaucasus and central Asia aggregate:
    - 1980–89: . . .; 1990: . . .; 1991: –7.0; 1992: –14.4; 1993: –10.1; 1994: –10.2; 1995: –4.3; 1996: 1.5; 1997: 2.2
  - Selected transition-country extremes:
    - Armenia (1990s experience): 1991: –12.4; 1992: –52.6; 1993: –14.1; 1994: 5.4; 1995: 6.9; 1996: 5.8; 1997: 3.3
    - Georgia (1990s experience): 1991: –20.6; 1992: –44.8; 1993: –25.4; 1994: –11.4; 1995: 2.4; 1996: 10.5; 1997: 11.0

*Statistical Appendix: Tables A3–A7 (section contains multi-year series and country-level annual growth rates as presented in the source).*

### Section 4

### Output: Countries in Transition

### Summary of Inflation (Table A8 — Ten-Year Averages)
- GDP deflators — Advanced economies: 6.2 2.7 4.5 4.5 3.4 2.8 2.2 2.3 2.0 1.8 1.7 1.7
- GDP deflators — United States: 5.0 2.7 4.3 4.0 2.8 2.6 2.4 2.5 2.3 2.0 1.6 2.1
- GDP deflators — European Union: 7.3 3.2 5.3 5.5 4.5 3.7 2.6 2.9 2.4 1.8 1.7 1.8
- GDP deflators — Japan: 2.2 0.7 2.3 2.7 1.7 0.6 0.2 –0.6 –0.5 0.6 — –0.3
- Consumer prices — Advanced economies: 6.3 3.0 5.2 4.6 3.5 3.0 2.6 2.5 2.4 2.1 2.1 2.0
- Consumer prices — Developing countries (aggregate): 36.0 32.4 68.1 36.2 38.3 46.8 50.7 21.7 13.7 8.5 10.2 8.5
- Regional consumer-price highlights (ten-year averages where shown):
  - Africa: 16.0 21.9 17.5 24.3 32.1 31.2 34.6 33.9 26.2 10.5 7.5 6.0
  - Asia: 8.8 8.2 6.5 7.8 6.8 10.3 14.7 11.9 6.7 3.9 8.0 6.2
  - Middle East and Europe: 19.5 26.7 22.4 27.5 25.6 24.6 31.9 35.9 24.5 22.6 26.6 26.3
  - Western Hemisphere: 116.7 103.6 438.3 129.1 151.4 208.8 210.2 35.9 22.3 13.1 9.1 7.4
- Analytical groups by export-earnings source:
  - Fuel exporters: 13.3 22.7 14.3 21.3 22.8 26.1 32.4 42.4 30.6 14.9 14.4 11.3
  - Nonfuel exporters: 40.5 29.8 77.6 38.4 40.6 49.7 53.1 19.5 11.9 7.8 9.8 8.2
- By external financing source:
  - Net creditor countries: 2.6 3.2 3.9 6.1 3.2 4.2 3.4 5.0 2.1 1.2 1.4 1.8
  - Net debtor countries: 37.6 29.8 71.1 37.4 39.8 48.6 52.6 22.6 14.1 8.7 10.5 8.7
  - Official financing: 19.1 17.4 19.7 25.3 22.1 22.8 24.9 22.1 15.9 9.3 7.1 6.5
  - Private financing: 53.7 39.7 116.4 49.4 56.4 70.7 70.7 76.9 25.7 15.2 9.2 7.9
  - Diversified financing: 12.4 12.3 13.3 16.0 11.6 11.5 11.6 13.5 10.5 7.2 15.9 11.7
- Net debtor countries by debt-servicing experience:
  - Countries with arrears and/or rescheduling during 1992–96: 76.8 77.6 78.4 294.1 107.5 131.0 179.7 188.9 37.9 20.8 10.3 8.6 7.1
  - Other net debtor countries: 18.1 12.1 12.2 12.5 11.0 12.7 16.7 16.4 11.5 8.1 11.2 9.3

### Inflation — Advanced Economies (Table A9)
- GDP deflators — Advanced economies (ten-year averages): 6.2 2.7 4.5 4.5 3.4 2.8 2.2 2.3 2.0 1.8 1.7 1.7
- Major industrial countries — GDP deflators (ten-year averages): 5.3 2.4 4.1 4.1 3.0 2.5 1.9 2.0 1.8 1.6 1.3 1.5
- Selected country GDP-deflator highlights (ten-year averages):
  - Germany: 3.0 2.4 3.2 3.9 5.6 4.0 2.4 2.1 1.0 0.6 0.5 1.3 0.5 0.8 1.7
  - France: 7.1 1.9 3.1 3.3 2.1 2.5 1.5 1.6 1.1 1.0 1.3 1.4 1.2 1.4 1.4
  - United Kingdom: 7.5 3.5 6.4 6.5 4.6 3.2 1.6 2.4 3.1 2.6 2.6 2.1 2.2 2.6 2.1
- Consumer prices — Advanced economies (ten-year averages): 6.3 3.0 5.2 4.6 3.5 3.0 2.6 2.5 2.4 2.1 2.1 2.0
- Consumer prices — Major industrial countries (ten-year averages): 5.5 2.7 4.8 4.3 3.2 2.8 2.2 2.3 2.2 2.0 1.7 1.9 1.9 1.8 1.9

### Labor Costs and Productivity — Advanced Economies (Table A10)
- Hourly earnings — Advanced economies (ten-year averages): 8.3 4.4 6.6 6.0 5.8 3.9 4.0 3.5 3.7 3.6 3.4 3.3
- Productivity — Advanced economies (ten-year averages): 3.9 3.0 2.3 2.0 2.8 2.3 4.9 3.8 3.2 4.2 2.4 2.2
- Unit labor costs — Advanced economies (ten-year averages): 4.3 1.3 4.2 3.9 2.9 1.6 –0.9 –0.4 0.5 –0.6 0.9 1.1

### Inflation — Developing Countries (Table A11 and A12 Highlights)
- Developing countries — consumer prices (ten-year averages): 36.0 32.4 68.1 36.2 38.3 46.8 50.7 21.7 13.7 8.5 10.2 8.5
- Regional medians (developing countries):
  - Median developing countries: 9.9 8.4 10.4 11.8 9.8 9.7 10.3 10.0 7.1 5.6 4.8 4.1
  - Africa median: 10.3 10.3 10.1 10.5 10.1 9.5 24.6 12.4 8.5 8.0 5.5 4.3
  - Asia median: 8.7 7.6 9.2 11.9 8.8 8.7 7.2 8.1 6.6 4.8 5.5 5.4
- Country-level examples (selected entries from Table A12; annual percent change):
  - Angola: 5.6 1.8 83.6 299.1 1,379.5 949.8 2,671.6 4,145.3 111.2
  - Congo, Dem. Rep. of: 57.5 81.3 2,154.4 4,129.2 1,893.1 23,760.5 541.8 610.6 190.0
  - China: 7.1 2.1 2.7 5.4 13.0 21.7 14.8 6.1 1.5
  - India: 9.1 9.9 13.0 9.8 8.4 10.0 10.2 6.9 6.1
  - Vietnam: 124.1 67.0 84.4 37.8 8.3 9.4 17.0 5.7 3.1

### Inflation — Countries in Transition (Tables A13)
- Central and eastern Europe aggregate (selected averages): 95.4 283.0 357.7 153.3 75.3 32.4 38.4
- Selected country consumer-price averages (annual percent change):
  - Albania: — — — 35.8 225.2 85.0 22.6 7.8 12.7 32.1
  - Belarus: — — — 83.5 969.0 1,190.0 2,220.0 709.0 52.7 64.0
  - Bulgaria: 2.5 23.9 333.5 82.0 72.8 96.0 62.1 123.0 1,089.4
  - Poland: 43.0 585.8 70.3 43.0 35.3 32.2 27.9 19.9 15.0
  - Romania: 2.9 127.9 161.1 210.4 256.1 136.7 32.3 38.8 154.8
  - Russia: — — — 92.7 1,353.0 895.9 302.0 190.1 47.8 14.7
- Transcaucasus and central Asia aggregate (selected averages): 110.9 945.3 1,224.2 1,667.7 183.6 68.7 29.5
- Selected transitions country examples:
  - Armenia: 100.3 824.5 3,731.8 5,273.4 176.7 18.6 13.9
  - Kazakhstan: 91.0 1,515.7 1,662.3 1,879.9 176.3 39.1 17.4
  - Uzbekistan: 169.0 645.2 534.0 1,568.0 116.9 64.4 45.0

Note: Table A13 indicates consumer-price indices are measured on a retail price index basis for earlier years; broader consumer price indices are typically used for more recent years.

### Summary Financial Indicators (Table A14)
- Central government fiscal balance — Advanced economies (1990–1999 series): –2.6 –3.0 –4.0 –4.2 –3.5 –3.2 –2.6 –1.5 –1.2 –1.0
  - United States: –3.0 –3.5 –4.7 –3.9 –2.7 –2.3 –1.4 –0.5 –0.2 —
  - European Union: –3.5 –3.8 –4.8 –5.9 –5.3 –4.5 –4.0 –2.3 –1.9 –1.7
  - Japan: –0.5 –0.2 –1.7 –2.7 –3.5 –4.1 –4.2 –3.7 –3.6 –3.2
  - Other advanced economies: –0.6 –1.9 –2.1 –2.0 –1.2 –0.8 –0.2 0.6 0.4 0.6
- General government fiscal balance — Advanced economies (1990–1999): –2.0 –2.7 –3.7 –4.2 –3.4 –3.3 –2.5 –1.3 –1.1 –0.8
  - United States: –2.7 –3.3 –4.4 –3.6 –2.3 –1.9 –1.1 –0.2 0.1 0.4
  - European Union: –3.6 –4.3 –5.1 –6.4 –5.7 –5.2 –4.3 –2.3 –2.0 –1.7
  - Japan: 2.9 2.9 1.5 –1.6 –2.3 –3.6 –4.3 –3.4 –3.8 –2.9
  - Other advanced economies: –0.9 –2.4 –3.2 –2.7 –1.5 –1.0 –0.1 0.8 0.8 0.8
- General government structural balance — Advanced economies (1990–1999): –3.2 –3.0 –3.3 –3.1 –2.6 –2.5 –1.9 –0.7 –0.6 –0.3
- Growth of broad money — Advanced economies (selected entries): 8.2 5.8 3.1 3.9 2.5 4.4 5.1 5.2
  - United States: 4.1 3.1 1.8 1.3 0.6 3.9 4.6 5.6
  - European Union: 11.6 9.5 4.6 5.9 2.2 4.4 5.9 5.3
  - Japan: 7.4 2.3 –0.2 2.2 2.8 3.3 3.2 4.0
  - Other advanced economies: 11.9 8.8 8.1 7.9 9.3 8.1 8.5 6.0

*Source: _0598stapdf - Section 4*

### Section 5

### _0598stapdf - Section 5

### Short-term interest rates (selected series)
- United States: 7.5 5.4 3.4 3.0 4.2 5.5 5.0 5.1 5.4 5.5
- Japan: 6.9 7.0 4.1 2.7 1.9 1.0 0.3 0.3 0.5 0.7
- Germany: 8.4 9.2 9.5 7.2 5.3 4.5 3.3 3.3 3.7 4.3
- LIBOR: 8.4 6.1 3.9 3.4 5.1 6.1 5.6 5.9 6.1 6.1

### Developing countries — key aggregates and balances
- Central government fiscal balance (weighted average): –3.0 –3.5 –3.1 –3.4 –2.8 –2.6 –2.4 –2.2 –2.5 –1.8
- Central government fiscal balance (median): –4.0 –4.0 –3.8 –4.2 –4.1 –3.5 –2.6 –2.4 –2.3 –1.8
- General government fiscal balance (weighted average): –3.9 –3.8 –3.4 –3.7 –3.0 –3.2 –2.9 –2.8 –2.8 –2.3
- General government fiscal balance (median): –4.0 –3.7 –3.8 –4.2 –4.1 –3.5 –2.3 –2.4 –2.3 –1.5
- Growth of broad money (weighted average): 95.5 74.0 84.2 85.7 70.8 25.1 22.4 20.1 14.1 14.9
- Growth of broad money (median): 18.1 18.8 17.9 16.4 18.9 16.4 14.2 12.2 10.8 10.4

### Countries in transition — balances and money growth
- Central government fiscal balance: –4.2 –9.1 –9.8 –6.0 –7.1 –3.7 –5.0 –4.3 –3.4 –2.2
- General government fiscal balance: –4.3 –9.5 –14.0 –6.8 –6.9 –4.4 –5.1 –4.8 –3.9 –2.6
- Growth of broad money: 21.7 118.0 521.3 398.8 186.3 66.3 31.0 26.4 16.8 17.9
- Note: Balances are in percent of GDP.

### Advanced Economies — General government fiscal balances (1990–1999, percent of GDP)
- Advanced economies (general government fiscal balance): –2.0 –2.7 –3.7 –4.2 –3.4 –3.3 –2.5 –1.3 –1.1 –0.8
- Major industrial countries: –2.1 –2.7 –3.8 –4.3 –3.5 –3.4 –2.8 –1.4 –1.3 –0.9
- United States: –2.7 –3.3 –4.4 –3.6 –2.3 –1.9 –1.1 –0.2 0.1 0.4
- Japan: 2.9 2.9 1.5 –1.6 –2.3 –3.6 –4.3 –3.4 –3.8 –2.9
- Germany: –2.0 –3.3 –2.8 –3.2 –2.4 –3.3 –3.4 –2.7 –2.7 –2.5
- France: –1.6 –2.0 –3.8 –5.6 –5.6 –5.0 –4.1 –3.0 –3.0 –2.7
- Italy: –11.1 –10.1 –9.6 –10.0 –9.2 –7.7 –6.7 –2.7 –2.5 –2.5
- United Kingdom: –1.2 –2.6 –6.3 –7.9 –6.9 –5.6 –4.6 –1.6 –0.3 —
- Canada: –4.0 –6.6 –7.5 –7.3 –5.3 –4.0 –1.7 1.0 1.6 1.6
- Other advanced economies: –1.6 –2.6 –3.3 –3.8 –3.0 –2.7 –1.5 –0.5 –0.4 –0.2
- Selected other countries (1990–1999):
  - Spain: –3.7 –4.4 –3.5 –6.7 –6.3 –6.7 –4.4 –2.6 –2.2 –2.0
  - Netherlands: –5.1 –2.9 –3.9 –3.2 –3.8 –4.0 –2.3 –1.4 –1.7 –1.3
  - Belgium: –5.5 –6.3 –6.9 –7.1 –4.9 –3.9 –3.2 –2.1 –1.7 –1.6
  - Sweden: 4.2 –1.1 –7.8 –12.3 –10.3 –6.9 –3.5 –0.4 1.3 2.0
  - Austria: –2.1 –3.0 –2.0 –4.2 –4.9 –5.2 –4.0 –2.5 –2.5 –2.5
  - Denmark: –1.0 –2.4 –2.2 –2.8 –2.7 –2.2 –0.9 0.4 1.2 2.0
  - Finland: 5.3 –1.5 –5.9 –8.0 –6.2 –5.2 –3.1 –0.9 0.5 1.0
  - Greece: –16.1 –11.5 –12.8 –13.8 –10.3 –9.8 –7.6 –4.0 –2.4 –2.0
  - Portugal: –5.6 –6.6 –3.5 –6.0 –6.1 –5.8 –3.3 –2.5 –2.5 –1.9
  - Ireland: –2.3 –2.3 –2.5 –2.7 –1.7 –2.2 –0.4 0.9 0.5 0.3
  - Luxembourg: 4.8 1.9 0.8 1.6 2.8 1.9 2.5 1.7 0.6 0.9
  - Switzerland: — –2.1 –3.4 –3.6 –2.8 –1.8 –1.8 –2.7 –3.4 –3.0
  - Norway: 2.6 0.1 –1.7 –1.4 0.4 3.3 5.9 7.1 5.6 6.5
  - Israel: –4.8 –4.8 –3.4 –3.0 –2.3 –3.4 –4.1 –3.1 –2.8 –2.3
  - Iceland: –3.3 –2.9 –2.8 –4.5 –4.7 –3.0 –1.6 –0.7 –0.8 –0.8
  - Korea: –0.6 –1.6 –2.6 –1.0 1.0 — — — — —
  - Australia: 0.5 –2.6 –4.7 –4.7 –3.6 –2.2 –1.0 –0.6 0.1 0.8
  - Taiwan Province of China: 0.8 0.5 0.3 0.6 0.2 0.4 0.2 0.2 0.2 0.2
  - Hong Kong SAR: 0.7 3.2 2.5 2.3 1.3 –0.3 2.2 3.8 2.0 1.3
  - Singapore: 11.4 10.3 11.3 14.3 13.7 12.0 9.1 10.3 9.6 5.7
  - New Zealand: –2.3 –2.3 –0.6 — 1.4 2.7 2.8 1.8 1.7 1.9
- Memoranda:
  - Industrial countries: –2.2 –2.8 –3.9 –4.5 –3.7 –3.5 –2.8 –1.4 –1.2 –0.9
  - European Union: –3.6 –4.3 –5.1 –6.4 –5.7 –5.2 –4.3 –2.3 –2.0 –1.7
  - Newly industrialized Asian economies: 0.7 0.4 –0.1 0.9 1.6 0.8 0.9 1.2 0.9 0.6

### Fiscal balance excluding social security transactions (selected)
- United States: –5.2 –5.5 –6.3 –5.3 –4.1 –3.6 –3.5 –2.9 –2.8 –2.6
- Japan: –0.6 –0.8 –2.0 –4.8 –5.1 –6.5 –6.8 –5.5 –5.6 –4.7
- Germany: –2.9 –4.0 –2.8 –3.5 –2.5 –3.1 –3.1 –2.8 –3.0 –2.5
- France: –1.6 –1.8 –3.2 –4.4 –4.8 –4.2 –3.4 –2.5 –2.8 –2.7
- Italy: –5.8 –5.0 –4.0 –5.4 –4.4 –3.3 –1.9 1.8 1.6 2.0
- Canada: 1.6 –1.3 –3.8 –3.2 –0.8 –1.4 1.6 5.2 3.9 3.7

### Central government fiscal balance (1990–1999, advanced economies)
- Advanced economies: –2.6 –3.0 –4.0 –4.2 –3.5 –3.2 –2.6 –1.5 –1.2 –1.0
- Major industrial countries: –2.8 –3.0 –4.2 –4.3 –3.6 –3.3 –2.8 –1.6 –1.3 –1.1
- United States (budget basis): –3.0 –3.5 –4.7 –3.9 –2.7 –2.3 –1.4 –0.5 –0.2 —
- Japan (national income basis, excludes social security transactions): –0.5 –0.2 –1.7 –2.7 –3.5 –4.1 –4.2 –3.7 –3.6 –3.2
- Germany (administrative basis, excludes social security transactions; data through 1990 apply to west Germany only): –2.0 –1.9 –1.3 –2.1 –1.5 –1.5 –2.2 –1.7 –1.5 –1.4
- France (administrative basis, excludes social security transactions): –1.6 –1.6 –2.9 –4.2 –4.6 –4.0 –3.5 –3.1 –2.8 –2.6
- Italy: –10.2 –10.3 –10.4 –10.0 –9.2 –7.1 –6.9 –2.7 –3.0 –2.6
- United Kingdom: –1.1 –2.3 –7.0 –8.0 –6.8 –5.4 –4.9 –2.0 –0.7 –0.5
- Canada: –3.7 –4.3 –4.0 –4.7 –3.4 –3.0 –1.4 0.8 1.4 1.3
- Other advanced economies: –1.6 –2.6 –3.1 –4.0 –3.1 –2.7 –1.6 –0.9 –0.8 –0.5
- Memoranda:
  - Industrial countries: –2.7 –3.1 –4.2 –4.5 –3.8 –3.4 –2.8 –1.6 –1.3 –1.0
  - European Union: –3.5 –3.8 –4.8 –5.9 –5.3 –4.5 –4.0 –2.3 –1.9 –1.7
  - Newly industrialized Asian economies: 1.2 –0.3 –0.3 0.4 0.9 0.8 0.8 0.9 — 0.2

### General government structural balances (percent of potential GDP, 1990–1999)
- Structural balance, Advanced economies: –3.2 –3.0 –3.3 –3.1 –2.6 –2.5 –1.9 –0.7 –0.6 –0.3
- Major industrial countries: –3.0 –2.7 –3.2 –3.0 –2.5 –2.4 –1.9 –0.7 –0.6 –0.3
- United States: –2.9 –2.3 –3.4 –2.6 –1.7 –1.4 –0.6 –0.2 –0.1 0.1
- Japan: 1.5 1.5 0.8 –1.4 –1.5 –2.6 –3.8 –2.3 –1.8 –0.5
- Germany: –3.2 –5.4 –4.0 –2.2 –1.2 –2.0 –1.4 –0.6 –0.8 –0.9
- France: –2.8 –2.3 –3.4 –3.2 –3.6 –3.2 –1.9 –0.9 –1.2 –1.4
- Italy: –12.6 –11.0 –9.6 –8.5 –7.8 –6.8 –5.4 –1.3 –1.3 –1.6
- United Kingdom: –3.9 –2.7 –3.8 –4.4 –4.1 –4.0 –3.6 –1.0 –0.1 —
- Canada: –4.4 –4.1 –3.9 –4.6 –4.0 –2.9 –0.1 1.9 2.0 1.7
- Other advanced economies: –4.2 –4.5 –4.2 –3.8 –3.3 –3.2 –1.4 –0.4 –0.5 –0.4
- Select country examples:
  - Spain: –6.7 –7.2 –4.8 –5.0 –4.3 –5.0 –2.8 –1.5 –1.5 –1.8
  - Netherlands: –5.9 –3.4 –3.9 –1.6 –2.2 –2.3 –1.2 –1.1 –2.4 –2.4
  - Sweden: 0.1 –2.9 –6.5 –7.0 –7.0 –5.1 –0.9 2.4 3.1 3.0
  - Norway: 4.7 2.8 1.2 1.2 2.0 4.1 6.1 6.5 4.4 5.2
  - Australia: –0.1 –1.7 –3.1 –3.2 –3.0 –2.1 –0.9 –0.4 0.4 1.0
  - New Zealand: –7.3 –4.9 1.1 1.5 1.6 2.7 3.0 2.1 2.2 2.3
- Note: Structural budget position defined as actual budget deficit (or surplus) less effects of cyclical deviations of output from potential output.

### Monetary aggregates (annual percent change, selected series)
- Narrow money (Advanced economies): 6.8 7.1 8.2 8.8 4.2 5.3 4.2 4.1
- Narrow money (Major industrial countries): 6.5 6.6 8.3 8.4 3.7 4.7 3.5 3.6
- Narrow money (United States): 4.1 7.9 14.4 10.6 2.5 –1.6 –4.4 –1.2
- Narrow money (Japan): 4.5 9.5 3.9 7.0 4.2 13.1 9.7 8.6
- Narrow money (Germany): 29.6 3.4 10.8 8.5 5.2 6.8 12.4 2.3
- Broad money (Advanced economies): 8.2 5.8 3.1 3.9 2.5 4.4 5.1 5.2
- Broad money (Major industrial countries): 7.6 3.6 2.2 2.8 1.7 3.8 4.3 4.9
- Broad money (United States): 4.1 3.1 1.8 1.3 0.6 3.9 4.6 5.6
- Broad money (Japan): 7.4 2.3 –0.2 2.2 2.8 3.3 3.2 4.0
- Broad money (Germany): 19.7 6.3 7.6 10.9 1.6 3.6 8.7 3.6
- Memoranda:
  - Industrial countries (broad money): 8.0 5.4 2.7 3.5 2.0 4.0 4.8 4.9
  - European Union (broad money): 11.6 9.5 4.6 5.9 2.2 4.4 5.9 5.3
  - Newly industrialized Asian economies (broad money): 14.9 20.3 16.1 15.5 17.0 12.8 11.4 11.7

### Interest rates (advanced economies, percent a year; selected series)
- 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
- Policy-related interest rate (United States): 8.1 5.7 3.5 3.0 4.2 5.9 5.4 5.5 5.5
- Policy-related interest rate (Japan): 7.2 7.5 4.6 3.0 2.1 1.2 0.4 0.4 0.4
- Short-term interest rate (Advanced economies): 9.1 8.1 6.9 5.4 4.9 5.2 4.1 4.0 5.3
- Short-term interest rate (United States): 7.5 5.4 3.4 3.0 4.2 5.5 5.0 5.1 5.5
- Short-term interest rate (Japan): 6.9 7.0 4.1 2.7 1.9 1.0 0.3 0.3 0.8
- Short-term interest rate (Germany): 8.4 9.2 9.5 7.2 5.3 4.5 3.3 3.3 3.5
- Long-term interest rate (Advanced economies): 9.4 8.7 8.0 6.6 7.1 6.8 6.1 5.4 5.2
- Long-term interest rate (United States): 8.6 7.9 7.0 5.9 7.1 6.6 6.4 6.4 5.6
- Long-term interest rate (Japan): 7.0 6.3 5.1 4.0 4.2 3.3 3.0 2.1 1.7
- Long-term interest rate (Germany): 8.9 8.5 7.8 6.4 7.1 6.9 6.2 5.6 5.0
- Note: Definitions and country-specific instruments detailed in footnotes (policy and short/long-term rate definitions).

### Exchange rates — nominal and real effective (selected)
- Nominal exchange rates (national currency units per U.S. dollar; average February 9–March 4, 1998):
  - Japanese yen: 144.8 134.7 126.7 111.2 102.2 94.1 108.8 121.0 125.2
  - Deutsche mark: 1.62 1.66 1.56 1.65 1.62 1.43 1.50 1.73 1.78
  - French franc: 5.45 5.64 5.29 5.66 5.55 4.99 5.12 5.84 5.97
  - Italian lira: 1,198 1,241 1,232 1,574 1,612 1,629 1,543 1,703 1,747
  - Pound sterling (U.S. dollars per pound): 1.78 1.76 1.76 1.50 1.53 1.58 1.56 1.64 1.64
  - Canadian dollar: 1.17 1.15 1.21 1.29 1.37 1.37 1.36 1.38 1.41
  - Spanish peseta: 101.9 103.9 102.4 127.3 134.0 124.7 126.7 146.4 150.5
  - Korean won: 707.8 733.4 780.7 802.7 803.4 771.3 804.5 951.3 1,629.4
  - Hong Kong dollar: 7.79 7.77 7.74 7.74 7.73 7.74 7.74 7.74 7.74
  - New Taiwan dollar: 26.85 26.81 25.16 26.39 26.46 26.49 27.46 28.71 31.38
- Real effective exchange rates (index, 1980–89 = 100; average Feb 9–Mar 4, 1998 vs Jul 18–Aug 14, 1997):
  - United States: 77.3 75.2 73.9 75.6 74.5 71.0 74.8 81.8 2.0
  - Japan: 107.9 115.3 119.8 145.2 153.9 159.4 133.3 123.2 –7.2
  - Germany: 113.1 111.7 115.9 123.8 128.5 138.8 138.2 129.0 1.9
  - France: 97.1 93.4 94.5 96.4 95.6 95.6 92.9 89.2 2.5
  - United Kingdom: 93.1 96.4 93.3 87.0 87.4 82.1 85.4 103.1 1.4
  - Italy: 107.9 108.9 107.4 89.9 83.7 77.1 85.0 87.2 0.6
  - Canada: 112.9 116.7 108.6 99.8 93.1 90.1 93.3 92.8 –2.5
  - Spain: 113.7 118.2 122.1 112.4 104.5 102.3 104.2 102.2 1.4
  - Netherlands: 93.0 91.1 93.1 94.6 93.4 95.2 90.5 85.4 1.5
  - Switzerland: 115.0 118.1 112.9 113.6 122.9 129.9 128.6 123.0 4.1
  - Norway: 103.2 102.5 102.4 100.9 100.8 107.0 109.2 112.2 1.2
  - Australia: 101.2 102.2 96.3 88.9 93.5 93.0 109.0 114.2 –8.5
  - New Zealand: 115.4 110.8 100.0 99.0 102.5 106.0 114.5 116.3 — 

*Source: _0598stapdf - Section 5*

### Section 6

### STATISTICAL APPENDIX — Section 6 (selected tables)

### Central Government Fiscal Balances (Table A20)
- Developing countries (1990–1999): –3.0–3.5–3.1–3.4–2.8–2.6–2.4–2.2–2.5–1.8
- Regional groups
  - Africa: –2.8–4.0–5.5–6.7–5.7–4.2–3.8–2.4–3.1–2.0
  - Sub-Sahara: –4.4–5.5–7.0–7.0–6.5–4.2–4.3–3.3–3.4–2.3
  - Excluding Nigeria and South Africa: –6.7–7.3–8.9–7.9–7.3–6.2–5.9–4.1–3.9–3.1
  - Asia: –3.2–3.0–2.9–2.9–2.4–2.1–2.0–2.2–2.2–1.7
  - Excluding China and India: –1.6–1.8–2.0–1.9–1.3–0.8–0.9–1.3–2.1–0.8
  - Middle East and Europe: –8.5–11.4–5.9–8.0–5.9–5.0–4.2–3.2–4.0–3.6
  - Western Hemisphere: 0.2–0.4–1.0–0.8–0.9–1.9–1.8–1.7–2.2–1.4
- Analytical groups (by source of export earnings)
  - Fuel: –5.4–7.3–5.4–8.3–7.0–4.1–1.7–0.6–2.3–1.5
  - Manufactures: –2.2–2.7–3.0–2.8–2.2–2.3–2.4–2.4–2.4–1.9
  - Nonfuel primary products: –4.6–4.5–5.1–4.9–4.0–3.2–3.3–2.2–2.2–1.6
  - Services, income, and private transfers: –9.9–12.9–4.1–4.0–3.4–2.3–2.4–1.9–2.0–1.4
  - Diversified: –2.0–1.8–1.7–2.1–2.0–2.5–2.5–2.3–3.0–2.1
- Analytical groups (by external financing source)
  - Net creditor countries: –11.2–19.9–11.7–12.0–9.2–5.8–2.9–0.6–4.3–3.4
  - Net debtor countries: –2.7–3.0–2.8–3.1–2.6–2.5–2.4–2.2–2.4–1.8
  - Official financing: –5.1–5.8–5.6–6.2–5.6–4.1–4.2–3.8–3.8–3.1
  - Private financing: –0.7–1.3–1.7–2.0–1.5–1.8–1.8–1.7–1.9–1.4
  - Diversified financing: –6.5–5.9–4.2–4.7–4.2–3.7–3.0–3.0–3.4–2.3
- Net debtor countries by debt-servicing experience
  - Countries with arrears and/or rescheduling during 1992–96: –2.2–3.6–3.2–3.9–3.2–3.1–2.3–1.7–2.2–1.2
  - Other net debtor countries: –3.0–2.7–2.6–2.8–2.3–2.2–2.4–2.4–2.5–2.0
- Other groups
  - Heavily indebted poor countries: –8.5–8.2–9.6–8.8–7.7–6.2–5.6–4.1–4.0–3.2
  - Least developed countries: –7.6–7.2–7.5–6.8–6.9–5.8–5.6–4.3–4.4–4.2
  - Middle East and north Africa: –7.7–10.5–5.7–8.1–6.2–5.3–3.4–1.8–2.6–2.0
- Memorandum — Median
  - Developing countries: –4.0–4.0–3.8–4.2–4.1–3.5–2.6–2.4–2.3–1.8
  - Africa: –4.2–4.5–5.5–6.4–5.7–4.2–4.9–2.9–2.5–2.2
  - Asia: –6.9–5.5–5.0–3.8–3.0–2.2–2.2–2.2–1.7–1.2
  - Middle East and Europe: –6.1–6.9–4.3–6.7–7.1–4.2–4.2–3.0–3.0–3.3
  - Western Hemisphere: –1.7–1.2–1.8–1.6–1.9–2.1–1.6–1.9–2.0–1.3

### Broad Money Aggregates (Table A21)
- Developing countries (annual percent change, 1990–1999): 95.5 74.0 84.2 85.7 70.8 25.1 22.4 20.1 14.1 14.9
- Regional groups — Africa: 19.7 28.9 33.5 28.3 42.7 24.6 24.6 16.3 11.5 11.4
- Sub-Sahara: 22.5 32.9 39.2 32.8 53.5 30.0 28.6 17.6 14.5 13.1
- Asia: 21.7 23.3 22.7 26.9 24.3 22.8 21.5 16.8 10.6 13.3
  - Excluding China and India: 25.1 23.9 20.3 21.3 18.9 21.9 19.4 16.2 14.4 14.3
- Middle East and Europe: 18.9 26.5 26.3 25.8 39.0 32.9 34.2 26.5 30.1 30.0
- Western Hemisphere: 432.9 231.4 273.5 270.6 169.2 24.1 18.5 22.3 13.1 12.1
- Analytical groups (by source of export earnings)
  - Fuel: 18.0 18.2 19.0 20.7 24.1 20.1 22.8 16.6 11.8 11.0
  - Manufactures: 159.6 135.5 208.2 243.0 165.6 25.6 16.6 16.6 8.2 10.3
  - Nonfuel primary products: 193.0 80.9 57.6 46.1 55.1 31.7 28.7 21.7 16.8 15.8
  - Services, income, and private transfers: 21.7 25.0 21.3 19.5 16.6 13.8 12.8 12.5 10.8 10.4
  - Diversified: 76.3 51.0 32.1 27.9 32.7 26.3 29.0 24.5 24.9 23.2
- By external financing source
  - Net creditor countries: 4.2 8.1 3.0 1.9 3.5 6.1 6.4 4.7 4.8 5.0
  - Net debtor countries: 103.8 79.8 91.9 42.9 77.1 26.5 23.5 21.1 14.7 15.4
  - Official financing: 50.3 37.9 38.9 32.1 40.1 21.4 20.1 14.4 12.7 12.6
  - Private financing: 165.5 116.3 132.3 135.0 101.2 28.5 24.3 22.7 14.8 16.0
  - Diversified financing: 17.5 20.4 21.9 21.8 25.1 21.3 22.3 18.3 15.0 14.6
- Net debtor countries by debt-servicing experience
  - Countries with arrears and/or rescheduling during 1992–96: 256.1 166.1 237.5 257.1 178.1 23.3 19.1 22.0 11.8 11.8
  - Other net debtor countries: 26.1 31.1 26.5 26.7 30.9 28.6 26.7 20.5 16.8 18.0
- Other groups
  - Heavily indebted poor countries: 66.1 55.1 63.8 50.7 75.8 43.3 38.3 21.7 17.3 17.2
  - Least developed countries: 33.6 55.2 56.9 45.8 48.4 30.5 25.2 20.0 16.5 16.8
  - Middle East and north Africa: 13.3 16.2 15.1 15.3 12.8 13.9 13.7 10.6 9.8 10.2
- Memorandum — Median
  - Developing countries: 18.1 18.8 17.9 16.4 18.9 16.4 14.2 12.2 10.8 10.4
  - Regional medians: Africa 14.8 16.0 13.5 13.2 30.6 16.9 15.7 12.5 10.5 10.4; Asia 18.4 21.3 18.0 18.7 19.8 16.7 14.0 12.8 12.8 12.3; Middle East and Europe 11.4 14.9 13.9 10.3 9.1 10.0 8.0 10.0 9.7 9.7; Western Hemisphere 27.5 33.7 25.1 17.0 18.6 20.2 14.0 12.5 11.4 10.1

### Summary of World Trade Volumes and Prices (Table A22)
- World trade — Volume (1990–1999 and ten-year averages)
  - Ten-year averages: 4.4 (1980–89), 6.6 (1990–99)
  - Year series (1990–1999): 5.6 4.3 5.1 4.0 9.3 9.5 6.6 9.4 6.4 6.1
- Price deflator (In U.S. dollars, 1990–1999): 0.7 8.7 –1.1 2.1 –4.1 2.3 8.3 –1.2 –5.7 –2.6 1.2
- Volume of trade — Exports (Developing countries, 1990–1999): 2.1 8.9 7.2 6.8 10.5 7.3 13.2 10.6 8.7 10.8 7.4 6.7
- Volume of trade — Imports (Developing countries, 1990–1999): 2.0 8.7 5.9 9.3 9.8 8.7 11.7 11.9 9.3 12.1 5.2 7.8
- Terms of trade (Developing countries, 1990–1999): –0.9 –0.6 1.4 –5.6 –2.1 –3.3 –0.2 2.1 3.0 0.2 –2.2 1.2
- Trade in goods — World trade volume (1990–1999): 4.5 6.9 5.2 4.5 5.5 4.2 10.2 10.3 6.2 9.6 6.7 6.3
- World trade prices in U.S. dollars (1990–1999)
  - Manufactures: 3.2 0.5 9.9 –0.3 3.5 –5.7 3.1 10.3 –3.2 –9.2 –2.1 0.6
  - Oil: 28.7 –15.8 –1.6 –11.6 –5.5 8.0 18.9 –6.0 –23.9 9.2
  - Nonfuel primary commodities: 0.6 –0.2 –6.4 –5.7 0.1 1.8 13.6 8.2 –1.3 –3.7 –7.4 0.9
- World exports in billions of U.S. dollars (mem.): Goods and services: 2,683 5,736 4,271 4,388 4,713 4,719 5,265 6,236 6,549 6,752 6,972 7,498; Goods: 2,152 4,566 3,401 3,483 3,719 3,705 4,180 5,001 5,231 5,394 5,562 5,988

### Nonfuel Commodity Prices (Table A23)
- Nonfuel primary commodities (annual percent change, 1990–1999): 0.6 0.2 –6.4 –5.7 0.1 1.8 13.6 8.2 –1.3 –3.7 –7.4 0.9
- Subcomponents (1990–1999)
  - Food: –0.4 –0.2 –9.6 –0.9 2.3 –1.3 5.1 8.1 12.2 –10.8 –1.5 –0.9
  - Beverages: –6.1 –2.3 –12.7 –6.5 –13.9 6.3 74.9 0.9 –17.4 32.6 –10.9 –9.4
  - Agricultural raw materials: 2.2 1.6 2.8 –3.6 2.7 16.2 10.1 3.7 –3.1 –8.1 –11.9 4.6
  - Metals: 3.2 0.3 –10.7 –14.3 –2.3 –14.2 16.6 19.5 –11.9 3.0 –8.0 3.2
  - Fertilizers: 2.5 1.5 –4.5 3.2 –5.0 –15.4 8.0 10.6 13.7 1.1 –2.9 –1.1
- Regional and group medians shown (selected examples)
  - Advanced economies: 0.9 0.4 –4.7 –6.0 2.0 3.1 8.6 6.6 2.6 –6.7 –7.1 2.3
  - Developing countries: –0.9 –0.3 –5.7 –3.4 –2.8 3.0 19.0 7.6 –4.7 2.7 –9.4 –1.7
- Memorandum
  - Average oil spot price (U.S. dollars a barrel, 1990–1999): 22.97 19.33 19.03 16.82 15.89 17.17 20.42 19.18 14.59 15.94
  - Export unit value of manufactures (1990–1999): 3.2 1.9 9.9 –0.3 3.5 –5.7 3.1 10.3 –3.2 –9.2 –2.1 0.6

### Advanced Economies: Export/Import Volumes and Terms of Trade (Table A24)
- Export volume — Advanced economies (1990–1999): 5.3 6.0 6.7 5.8 5.2 3.4 8.8 8.8 5.9 9.8 6.2 6.0
- Import volume — Advanced economies (1990–1999): 5.3 5.7 5.7 3.3 4.7 1.7 9.7 8.9 6.4 8.6 5.6
- Terms of trade — Advanced economies (1990–1999): 0.3 0.2 –0.4 0.7 0.6 0.8 — 0.1 –0.1 –0.7 –0.2 —
- Major industrial countries and country breakdowns provided for 1990–1999 (United States, Japan, Germany, France, Italy, United Kingdom, Canada, other advanced economies) with series for export volumes, import volumes, and terms of trade as reported in the table.

### Developing Countries — Total Trade in Goods (Tables A25–A26)
- Developing countries — Value in U.S. dollars (exports and imports, 1990–1999)
  - Exports: 2.1 9.6 16.6 0.9 9.0 3.3 15.1 19.9 11.1 8.5 3.4 9.4
  - Imports: 4.1 10.4 13.4 9.3 13.7 9.2 9.8 18.3 9.0 7.8 3.9 10.0
- Volume — Developing countries (exports and imports, 1990–1999)
  - Exports: 1.6 9.1 7.7 6.3 10.4 7.4 14.5 12.0 7.5 10.8 7.8 6.9
  - Imports: 3.0 9.2 6.1 6.7 15.2 10.4 7.5 13.0 8.9 10.2 5.3 8.7
- Unit values and terms of trade for developing countries (1990–1999)
  - Export unit value: 1.8 0.9 8.6 –3.9 0.5 –4.0 1.7 7.2 3.7 –2.2 –4.2 2.3
  - Import unit value: 2.3 1.4 7.1 2.7 0.3 –0.7 2.2 4.6 0.2 –2.1 –1.5 1.3
  - Terms of trade: –0.5 –0.5 1.4 –6.4 0.2 –3.3 –0.5 2.5 3.5 –0.2 –2.7 1.1
- Regional breakdowns (Africa, Sub-Sahara, Asia, Middle East and Europe, Western Hemisphere) provided with value, volume, unit value, and terms of trade series for 1990–1999 (series as shown in tables).
- By source of export earnings (Table A26)
  - Fuel — Exports value, volume, unit value, terms of trade series (1990–1999): value –3.8 4.6 29.1 –11.1 6.7 –7.4 1.7 12.0 17.9 2.8 –8.0 8.8; volume –2.2 5.5 9.1 2.8 11.2 1.8 8.7 3.6 4.1 6.4 4.1 3.6; unit value –1.0 –0.1 19.7 –11.5 –1.4 –9.2 –5.6 8.2 13.4 –3.2 –11.4 4.9; terms of trade –2.6 –2.0 12.1 –18.7 4.1 –10.2 –7.0 1.3 13.3 –1.4 –12.4 4.2
  - Nonfuel, Manufactures, Nonfuel primary products, Services/income/private transfers, Diversified — series for value, volume, and unit values for 1990–1999 are reported in the tables.

### Summary of Payments Balances on Current Account (Table A27, excerpt)
- Advanced economies (1990–1999, billions of U.S. dollars): –86.4 –24.7 –23.2 56.0 20.1 35.3 19.8 47.9 3.3 18.9
- United States (1990–1999, billions of U.S. dollars): –91.9 –5.7 –56.4 –90.8 –133.5 –129.1 –148.2 –166.4 –227.8 –228.2
- European Union: (table continues beyond supplied excerpt)

*Source: _0598stapdf - Section 6 — STATISTICAL APPENDIX (https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/weo0598/pdf/_0598stapdf.pdf)*

### Section 7

### Section 7

### Current Account: Summary
- Total (errors, omissions, asymmetries and exclusions) — in billions of U.S. dollars:
  - –133.4, –119.8, –103.5, –72.9, –64.1, –63.0, –73.9, –59.8, –116.8, –105.6
- In percent of total world current account transactions:
  - –1.5, –1.3, –1.1, –0.8, –0.6, –0.5, –0.6, –0.4, –0.8, –0.7
- In percent of world GDP:
  - –0.6, –0.5, –0.4, –0.3, –0.2, –0.2, –0.2, –0.2, –0.4, –0.3

### Advanced Economies: Balance of Payments on Current Account (1990–1999)
- Advanced economies: –86.4, –24.7, –23.2, 56.0, 20.1, 35.3, 19.8, 47.9, 3.3, 18.9 (billions of U.S. dollars)
- Major industrial countries: –79.4, –22.4, –28.7, 7.2, –20.7, –16.6, –33.8, –12.4, –75.7, –70.1
- United States: –91.9, –5.7, –56.4, –90.8, –133.5, –129.1, –148.2, –166.4, –227.8, –228.2
- Japan: 43.9, 68.4, 112.3, 132.0, 130.6, 111.4, 65.8, 94.1, 120.8, 121.1
- Germany1: 48.9, –18.0, –19.4, –14.3, –20.6, –23.6, –13.2, –5.8, –0.4, 1.3
- France: –9.8, –6.2, 3.8, 9.2, 7.4, 10.9, 20.5, 38.0, 32.4, 33.5
- Italy: –17.2, –24.5, –30.2, 8.4, 12.8, 25.1, 39.2, 32.7, 29.6, 28.9
- United Kingdom: –33.5, –14.1, –17.9, –15.5, –2.5, –5.8, –0.7, 7.4, –15.0, –15.9
- Canada: –19.8, –22.4, –21.0, –21.9, –14.8, –5.5, 2.7, –12.3, –15.3, –11.0
- Other advanced economies: –6.9, –2.2, 5.5, 48.8, 40.8, 51.9, 53.6, 60.4, 79.0, 89.1

Memoranda:
- Industrial countries: –104.8, –38.2, –39.1, 37.6, 7.1, 34.5, 25.1, 41.9, –27.6, –14.4
- European Union: –32.2, –81.8, –81.2, 5.4, 22.0, 53.3, 90.9, 115.8, 92.8, 99.1
- Newly industrialized Asian economies: 18.5, 14.7, 15.7, 20.2, 15.4, 5.4, –0.1, 9.3, 34.5, 37.5

In percent of GDP (selected series):
- United States: –1.6, –0.1, –0.9, –1.4, –1.9, –1.8, –1.9, –2.1, –2.7, –2.6
- Japan: 1.5, 2.0, 3.0, 3.1, 2.8, 2.2, 1.4, 2.2, 3.0, 2.9
- Germany1: 3.3, –1.0, –1.0, –0.7, –1.0, –1.0, –0.6, –0.3, —, 0.1
- Spain: –3.7, –3.8, –3.7, –1.2, –1.4, 0.2, 0.3, 0.5, 0.1, –0.2
- Singapore: 8.3, 11.2, 11.1, 9.1, 7.2, 16.0, 16.8, 15.7, 15.2, 14.3

1 Data through June 1990 apply to west Germany only.

### Advanced Economies: Current Account Transactions (1990–1999)
- Exports: 2,704.3; 2,786.0; 2,987.5; 2,935.6; 3,300.3; 3,934.7; 4,055.2; 4,129.5; 4,250.1; 4,556.1
- Imports: 2,737.2; 2,799.9; 2,963.6; 2,846.8; 3,228.6; 3,843.4; 3,993.3; 4,064.4; 4,226.9; 4,531.6
- Trade balance: –32.9; –13.8; 23.9; 88.8; 71.7; 91.3; 61.9; 65.1; 23.2; 24.5
- Services credits: 708.4; 753.2; 832.2; 833.1; 882.8; 1,003.4; 1,055.0; 1,075.1; 1,110.0; 1,184.7
- Services debits: 690.4; 713.5; 788.7; 781.2; 832.2; 949.7; 995.0; 990.7; 1,018.0; 1,076.2
- Balance on services: 18.0; 39.7; 43.5; 52.0; 50.6; 53.8; 60.0; 84.4; 92.0; 108.6
- Balance on goods and services: –10.6; 28.4; 68.7; 149.4; 126.6; 141.7; 125.8; 147.5; 111.0; 134.8
- Income, net: 4.2; 2.6; 1.3; 8.5; 4.3; –3.3; 3.9; –2.0; –4.2; 1.7
- Current transfers, net: –75.7; –53.1; –91.9; –93.3; –106.5; –106.5; –105.9; –99.6; –107.7; –115.8
- Current account balance: –86.4; –24.7; –23.2; 56.0; 20.1; 35.3; 19.8; 47.9; 3.3; 18.9

Balance on goods and services (selected entries):
- Advanced economies: –14.9; 25.8; 67.4; 140.8; 122.4; 145.0; 121.8; 149.5; 115.2; 133.1
- United States: –81.2; –31.0; –39.2; –72.3; –104.4; –101.9; –111.0; –113.6; –170.0; –164.2
- Japan: 25.5; 54.3; 80.7; 96.5; 96.4; 74.7; 21.2; 47.6; 71.2; 65.5

Income, net (selected):
- Advanced economies: 4.2; 2.6; 1.3; 8.5; 4.3; –3.3; 3.9; –2.0; –4.2; 1.7
- Major industrial countries: 28.3; 26.9; 28.6; 30.1; 28.2; 14.8; 29.3; 20.3; 18.3; 21.4
- United States: 23.9; 20.3; 18.0; 19.7; 9.7; 6.8; 2.8; –14.3; –15.6; –19.9
- Japan: 23.2; 25.9; 35.4; 40.6; 40.3; 44.4; 53.6; 55.3; 59.8; 66.4

Memoranda (income percent of GDP):
- Industrial countries: 2.5; 1.0; –2.2; 7.9; 3.4; –3.9; 3.2; –3.0; –3.9; –2.9
- European Union: –16.6; –18.7; –30.9; –27.3; –16.2; –24.0; –22.8; –11.1; –13.6; –13.0

1 Data through June 1990 apply to west Germany only.

### Developing Countries: Payments Balances on Current Account (1990–1999)
- Developing countries (current account balance, billions of U.S. dollars): –25.1; –98.3; –79.3; –121.8; –88.5; –94.4; –74.3; –82.1; –87.2; –89.7

Regional groups (current account balance, billions of U.S. dollars):
- Africa: –8.0; –6.8; –10.7; –12.0; –13.2; –18.0; –5.7; –6.0; –16.4; –14.9
- Asia: –16.4; –11.3; –12.8; –34.5; –19.5; –41.9; –37.7; –11.2; 11.9; 7.4
- Middle East and Europe: 0.6; –63.4; –21.6; –30.4; –6.7; –1.1; 8.3; –0.5; –15.8; –12.4
- Western Hemisphere: –1.3; –16.8; –34.3; –44.9; –49.1; –33.3; –39.3; –64.4; –66.9; –69.8

Analytical groups (by source of export earnings, current account balance, billions of U.S. dollars):
- Fuel: 17.7; –59.9; –24.7; –25.2; –7.1; 0.9; 30.5; 16.9; –9.4; –2.3
- Nonfuel: –42.7; –38.4; –54.6; –96.5; –81.4; –95.3; –104.8; –99.1; –77.8; –87.4

By external financing source (current account balance, billions of U.S. dollars):
- Net creditor countries: 10.8; –49.2; –10.1; –14.5; –8.7; 1.6; 12.4; 7.7; –7.4; –0.8
- Net debtor countries: –35.8; –49.1; –69.2; –107.3; –79.8; –96.0; –86.7; –89.8; –79.8; –88.9
- Official financing: –14.1; –13.1; –14.9; –19.0; –15.5; –17.8; –13.5; –14.0; –18.7; –16.4
- Private financing: 2.5; –22.2; –42.1; –73.9; –47.4; –55.4; –48.6; –50.8; –44.4; –53.1
- Diversified financing: 24.2; –13.8; –12.2; –14.4; –16.9; –22.8; –24.6; –25.0; –16.7; –19.4

Net debtor countries by debt-servicing experience:
- Countries with arrears and/or rescheduling during 1992–96: –11.7; –23.8; –26.6; –38.0; –27.9; –42.7; –34.2; –56.4; –63.4; –65.6
- Other net debtor countries: –24.1; –25.4; –42.6; –69.2; –52.0; –53.3; –52.5; –33.4; –16.3; –23.3

Other groups (selected):
- Heavily indebted poor countries: –13.7; –11.8; –12.1; –14.7; –10.0; –11.8; –13.6; –12.0; –12.7; –11.9
- Least developed countries: –11.7; –9.2; –8.9; –9.2; –7.4; –8.8; –10.0; –9.0; –11.2; –11.8

Ten-Year Averages and percent of exports of goods and services (selected):
- Developing countries (percent of exports of goods and services): –8.8; –9.0; –3.8; –14.7; –10.8; –15.9; –10.1; –9.1; –6.4; –6.6; –6.7; –6.3
- Median developing countries: –18.9; –13.4; –13.1; –15.6; –17.8; –20.1; –14.2; –12.9; –10.9; –10.8; –9.2; –9.1

### Developing Countries: Detailed Transactions and Regional Breakdowns (1990–1999)
Developing countries aggregates (billions of U.S. dollars):
- Exports: 540.6; 545.7; 594.9; 614.3; 707.1; 847.8; 942.1; 1,021.8; 1,056.8; 1,155.7
- Imports: 487.4; 532.7; 605.8; 661.7; 726.3; 859.4; 936.5; 1,009.5; 1,049.2; 1,154.1
- Trade balance: 53.2; 13.0; –10.9; –47.4; –19.1; –11.6; 5.6; 12.3; 7.5; 1.5
- Services, net: –36.1; –51.5; –46.4; –46.8; –41.0; –50.4; –46.2; –55.1; –55.1; –49.5
- Balance on goods and services: 17.0; –38.4; –57.3; –94.1; –60.1; –61.9; –40.6; –42.8; –47.6; –47.9
- Income, net: –54.7; –55.2; –52.7; –54.1; –53.3; –62.8; –67.9; –73.6; –75.9; –78.8
- Current transfers, net: 12.6; –4.7; 30.7; 26.4; 24.8; 30.4; 34.1; 34.3; 36.3; 37.0
- Current account balance: –25.1; –98.3; –79.3; –121.8; –88.5; –94.4; –74.3; –82.1; –87.2; –89.7

Memoranda:
- Exports of goods and services: 663.6; 671.0; 734.5; 766.0; 875.0; 1,034.6; 1,153.6; 1,251.7; 1,299.5; 1,416.7
- Interest payments: 86.4; 81.3; 80.5; 82.8; 87.3; 99.4; 101.4; 106.0; 115.2; 117.5
- Oil trade balance: 152.6; 129.4; 135.4; 116.6; 116.0; 125.4; 152.7; 149.1; 135.1; 145.4

Regional highlights (selected series, current account balance in billions of U.S. dollars):
- Africa current account balance: –8.0; –6.8; –10.7; –12.0; –13.2; –18.0; –5.7; –6.0; –16.4; –14.9
  - Exports: 88.9; 86.9; 86.4; 81.3; 83.7; 99.1; 111.4; 113.7; 110.0; 120.0
  - Imports: 79.8; 77.2; 82.0; 78.9; 82.9; 99.5; 99.0; 103.1; 109.2; 117.5
- Asia current account balance: –16.4; –11.3; –12.8; –34.5; –19.5; –41.9; –37.7; –11.2; 11.9; 7.4
  - Exports: 169.9; 192.7; 221.9; 247.7; 306.2; 377.4; 417.6; 463.5; 495.2; 542.2
  - Imports: 181.9; 203.3; 233.4; 278.2; 325.8; 401.5; 443.8; 456.2; 465.6; 520.7
- Middle East and Europe current account balance: 0.6; –63.4; –21.6; –30.4; –6.7; –1.1; 8.3; –0.5; –15.8; –12.4
  - Exports: 154.0; 139.7; 154.1; 145.5; 155.8; 174.9; 196.2; 205.8; 199.0; 213.3
  - Imports: 124.7; 134.5; 147.8; 150.7; 135.9; 157.7; 172.3; 188.5; 198.1; 211.5
- Western Hemisphere current account balance: –1.3; –16.8; –34.3; –44.9; –49.1; –33.3; –39.3; –64.4; –66.9; –69.8
  - Exports: 127.8; 126.4; 132.4; 139.7; 161.4; 196.4; 216.9; 238.8; 252.5; 280.1
  - Imports: 101.0; 117.7; 142.6; 153.9; 181.9; 200.7; 221.5; 261.7; 276.3; 304.5

### Developing Countries—By Analytical Criteria (Selected series, 1990–1999)
By source of export earnings — Fuel group:
- Fuel current account balance: 17.7; –59.9; –24.7; –25.2; –7.1; 0.9; 30.5; 16.9; –9.4; –2.3
- Fuel exports: 182.7; 162.4; 173.4; 160.6; 163.2; 182.9; 215.6; 221.6; 203.9; 221.7
- Fuel imports: 106.3; 118.0; 131.7; 123.9; 109.8; 122.7; 123.2; 139.5; 146.9; 156.9
- Oil trade balance (fuel memorandum): 153.5; 132.8; 140.0; 124.9; 123.3; 135.4; 166.1; 165.8; 150.3; 162.3

Nonfuel aggregates:
- Nonfuel current account balance: –42.7; –38.4; –54.6; –96.5; –81.4; –95.3; –104.8; –99.1; –77.8; –87.4
- Nonfuel exports: 357.9; 383.3; 421.5; 453.7; 543.9; 664.9; 726.6; 800.3; 852.9; 933.9
- Nonfuel imports: 381.1; 414.7; 474.1; 537.7; 616.5; 736.6; 813.4; 870.0; 902.3; 997.2
- Interest payments (nonfuel memorandum): 73.4; 71.0; 69.6; 71.5; 76.8; 86.8; 89.4; 94.9; 103.9; 106.3

Manufactures:
- Manufactures current account balance: –11.3; –4.9; –0.5; –27.2; –12.1; –45.3; –45.6; –29.0; –8.2; –12.0
- Manufactures exports: 157.5; 176.6; 202.8; 225.3; 279.9; 341.3; 372.8; 412.8; 436.7; 474.7
- Manufactures imports: 153.3; 171.4; 194.3; 235.6; 278.9; 353.8; 385.5; 398.3; 403.4; 449.2

Nonfuel primary products:
- Nonfuel primary products current account balance: –13.6; –10.0; –11.5; –13.6; –10.5; –11.9; –15.9; –15.5; –17.1; –16.5
- Exports: 34.7; 36.1; 37.6; 37.4; 44.4; 55.8; 57.9; 62.0; 65.3; 72.0
- Imports: 38.5; 39.1; 42.7; 44.4; 48.3; 60.5; 66.2; 70.0; 74.9; 80.7

Services, income, and private transfers:
- Current account balance: –5.7; –5.3; –4.3; –5.6; –6.0; –6.9; –9.2; –8.3; –10.6; –12.1
- Exports: 14.0; 14.4; 14.8; 15.1; 17.0; 20.6; 21.5; 23.6; 24.6; 26.2
- Imports: 36.6; 37.9; 39.9; 42.2; 45.0; 51.4; 56.6; 59.9; 63.7; 68.1

Diversified financing (partial series):
- Diversified current account balance entries (selected): –12.0; –18.3; –38.4; –50.1; –52.8; –31.1; –34.1; –46.3; –41.9; –46.8

Memoranda and ten-year averages are reported throughout the tables for cross-reference and country-group comparisons.

*Source: _0598stapdf - Section 7*

### Section 8

### Section 8

### Developing countries — Aggregate balance of payments and external financing (Table A33)
- Balance on current account: –25.1–98.3–79.3–121.8–88.5–94.4–74.3–82.1–87.2–89.7
- Balance on capital and financial account: 25.1 98.3 79.3 121.8 88.5 94.4 74.3 82.1 87.2 89.7
- Capital transfers: 16.1 3.9 3.2 4.6 4.0 0.1 8.1 5.7 7.3 2.0
- Net financial flows: 50.8 148.1 131.5 163.3 145.7 183.5 204.4 172.2 128.5 174.8
- Errors and omissions, net: 0.6–4.9–7.8–6.5–18.7–23.7–34.8–40.6–11.3–6.3
- Change in reserves (– = increase): –42.4–48.9–47.5–39.7–42.4–65.6–103.4–55.2–37.3–80.8
- By type of financing flow:
  - Nonexceptional financing flows: 11.9 112.8 92.2 123.4 108.0 137.8 162.4 131.1 103.3 165.8
  - Exceptional financing flows: 55.6 34.3 34.6 38.0 23.0 22.2 15.3 6.2 21.2 4.7
  - Arrears on debt service: 16.6 12.0 5.1 13.1 –4.3 –2.9 –11.2 –8.1 . . . .
  - Debt forgiveness: 13.7 1.0 0.3 1.7 1.2 2.6 4.7 0.3 . . . .
  - Rescheduling of debt service: 14.8 14.1 17.2 22.2 25.4 21.3 17.6 13.5 . . . .
- External financing (components):
  - Balance on current account: –25.1–98.3–79.3–121.8–88.5–94.4–74.3–82.1–87.2–89.7
  - Change in reserves (– = increase): –42.4–48.9–47.5–39.7–42.4–65.6–103.4–55.2–37.3–80.8
  - Asset transactions, including net errors and omissions: –25.5 33.0–9.1–13.5–27.6–54.6–51.6–72.4–35.2–25.4
  - Total, net external financing: 93.0 114.2 135.9 175.0 158.5 214.5 229.3 209.7 159.7 195.9
  - Non-debt-creating flows, net: 35.3 36.2 43.8 82.6 97.8 95.6 125.6 136.4 119.4 111.6
    - Capital transfers: 16.1 3.9 3.2 4.6 4.0 0.1 8.1 5.7 7.3 2.0
    - Direct investment and portfolio investment equity flows: 19.2 32.2 40.6 78.0 93.8 95.5 117.5 130.7 112.1 109.6
  - Net credit and loans from IMF: –1.9 1.1–0.4–0.1–0.8 12.6–2.9 0.8 . . . .
  - Net external borrowing: 59.6 76.9 92.5 92.5 61.6 106.3 106.6 72.5 38.2 90.5
    - Borrowing from official creditors: 16.1 23.8 18.2 17.8 9.1 27.4–3.4 17.5 28.6 5.7
    - Borrowing from banks: 11.9 18.8 9.9–9.6–29.9 5.5 19.1–4.1–13.1 7.3
    - Other borrowing: 31.6 34.3 64.3 64.3 82.4 73.4 91.0 59.1 22.8 77.5
- Memorandum:
  - Balance on goods and services in percent of GDP: 0.5–1.2–1.6–2.5–1.5–1.3–0.8–0.8–0.8–0.8
  - Scheduled amortization of external debt: 92.2 94.7 114.4 129.4 131.2 142.6 162.5 177.0 138.1 136.2
  - Gross external financing: 185.2 208.9 250.3 304.4 289.8 357.1 391.9 386.7 297.8 332.1
  - Gross external borrowing: 151.8 171.6 206.9 221.9 192.8 248.8 269.2 249.6 176.3 226.7

### Countries in transition — balance of payments (Table A33 continued)
- Balance on current account: –22.0 3.2–1.0–7.2 4.4–3.9–19.4–25.6–33.0–34.9
- Balance on capital and financial account: 22.0–3.2 1.0 7.2–4.4 3.9 19.4 25.6 33.0 34.9
- Capital transfers: — 0.9 2.5 2.7–0.4 0.5 0.1–0.8 0.1 3.2
- Net financial flows: 10.7–0.6 7.1 15.2 7.4 38.2 15.8 35.3 38.9 34.7
- Errors and omissions, net: 3.9–4.7–2.0 2.0–2.8 1.1 3.1–2.6–1.1 0.6
- Change in reserves (– = increase): 7.4 1.3–6.6–12.7–8.5–35.9 0.4–6.2–4.9–3.6
- By type of financing flow:
  - Nonexceptional financing flows: –2.7–19.1–13.3–4.3–17.1 24.4 10.8 29.3 35.8 37.5
  - Exceptional financing flows: 17.3 14.5 20.9 24.2 21.3 15.5 8.2 2.6 2.1 1.0
  - Arrears on debt service: 9.0 6.1 8.6 3.6 3.4–12.6–0.5–0.4 . . . .
  - Rescheduling of debt service: 8.3 7.2 9.7 16.6 15.6 25.6 9.1 2.0 . . . .
- External financing totals:
  - Asset transactions, including net errors and omissions: –1.7–5.5–4.6 4.4–0.8 0.2 1.7–2.5 1.8 3.8
  - Total, net external financing: 16.3 0.9 12.2 15.5 4.9 39.6 17.2 34.4 36.1 34.7
  - Non-debt-creating flows, net: –0.3 3.2 6.7 8.7 5.2 13.7 13.1 17.3 18.4 23.0
  - Direct investment and portfolio investment equity flows: –0.3 2.3 4.2 6.0 5.6 13.2 13.1 18.1 18.3 19.8
  - Net credit and loans from IMF: 0.3 2.4 1.6 3.7 2.4 4.7 3.7 2.4 . . . .
  - Net external borrowing: 16.2–4.6 4.0 3.1–2.7 21.2 0.4 14.6 16.0 13.6
  - Borrowing from official creditors: 7.2 1.8–0.1 3.0–11.0 8.4–5.5 0.8 3.5–4.4
  - Borrowing from banks: –0.6–4.5–0.3 4.5 2.2–0.7 0.3 1.1 0.7 0.5
  - Other borrowing: 9.6–1.9 4.4–4.5 6.1 13.5 5.6 12.7 11.9 17.5
- Memorandum:
  - Scheduled amortization of external debt: 29.1 28.0 28.3 25.2 26.7 25.0 20.3 15.9 21.8 27.1
  - Gross external financing: 45.3 28.9 40.5 40.6 31.5 64.7 37.5 50.2 57.8 61.8
  - Gross external borrowing: 45.3 23.3 32.3 28.2 24.0 46.2 20.7 30.5 37.8 40.7

### Developing countries — by external financing source and country-groups (selected series from Table A32)
- Net debtor countries — Exports: 444.9 454.2 491.8 518.7 609.8 738.2 818.1 893.6 937.5 1,028.4
- Net debtor countries — Current account balance: –35.8–49.1–69.2–107.3–79.8–96.0–86.7–89.8–79.8–88.9
- Official financing — Current account balance: –14.1–13.1–14.9–19.0–15.5–17.8–13.5–14.0–18.7–16.4
  - Official financing — Exports of goods and services (memorandum): 63.9 64.5 66.6 66.6 71.2 85.2 96.9 99.5 102.7 112.7
- Private financing — Current account balance: 2.5–22.2–42.1–73.9–47.4–55.4–48.6–50.8–44.4–53.1
  - Private financing — Exports of goods and services (memorandum): 369.7 386.7 425.0 457.1 542.4 651.4 724.2 797.3 836.5 911.1
- Diversified financing — Current account balance: –24.2–13.8–12.2–14.4–16.9–22.8–24.6–25.0–16.7–19.4
  - Diversified financing — Exports of goods and services (memorandum): 118.4 113.1 124.4 132.3 150.9 177.6 197.1 215.7 231.2 255.3
- Net debtor countries by debt-servicing experience (countries with arrears and/or rescheduling during 1992–96) — Current account balance: –11.7–23.8–26.6–38.0–27.9–42.7–34.2–56.4–63.4–65.6
  - Exports of goods and services (memorandum): 214.7 200.3 209.4 209.8 231.4 266.4 302.8 325.2 333.8 368.3
- Other net debtor countries — Current account balance: –24.1–25.4–42.6–69.2–52.0–53.3–52.5–33.4–16.3–23.3
  - Exports of goods and services (memorandum): 337.3 364.1 406.6 445.6 533.1 647.9 715.4 787.2 836.6 910.8

### Regional balance of payments and external financing (Table A34)
- Africa:
  - Balance on current account: –8.0–6.8–10.7–12.0–13.2–18.0–5.7–6.0–16.4–14.9
  - Change in reserves (– = increase): –1.5–2.2 1.2 1.4–4.4–1.4–6.4–11.3–2.2–3.3
  - Total, net external financing: 11.8 10.7 10.8 12.0 21.1 21.4 19.1 20.1 19.2 19.2
  - Non-debt-creating flows, net: 5.8 3.9 3.7 4.3 5.8 6.1 11.2 9.3 12.2 8.6
  - Net external borrowing: 6.5 6.7 7.4 7.4 14.4 14.4 5.7 11.3 7.4 11.4
  - Memorandum — Net financial flows: 5.8 8.0 8.8 9.3 18.6 18.9 11.0 17.3 11.9 16.3
- Sub-Sahara (selected):
  - Balance on current account: –8.9–8.5–10.2–11.0–10.0–13.4–5.7–8.5–15.2–13.7
  - Total, net external financing: 10.4 10.7 10.1 11.1 15.4 17.9 16.3 18.6 17.7 18.6
  - Non-debt-creating flows, net: 2.8 3.4 2.6 3.2 4.4 5.5 10.3 7.4 10.2 6.6
- Asia:
  - Balance on current account: –16.4–11.3–12.8–34.5–19.5–41.9–37.7–11.2 11.9 7.4
  - Change in reserves (– = increase): –19.0–26.4–14.7–25.4–39.7–29.0–48.9–17.2–24.4–65.5
  - Total, net external financing: 35.7 46.0 38.5 71.3 72.6 104.6 114.7 73.4 34.0 70.0
  - Non-debt-creating flows, net: 10.8 13.2 18.4 35.0 44.6 50.1 60.2 58.8 41.3 43.6
  - Net external borrowing: 27.3 30.9 18.9 35.8 28.9 56.0 56.2 9.5–12.3 25.0
  - Memorandum — Net financial flows: 33.8 42.8 31.5 64.3 69.3 96.9 111.5 56.3 26.2 65.8
- Asia excluding China and India:
  - Balance on current account: –18.8–20.8–16.2–20.8–24.4–38.3–40.7–27.8–4.6–9.1
  - Total, net external financing: 26.4 32.6 31.5 39.5 32.4 59.4 63.4 23.5–6.0 25.8
  - Non-debt-creating flows, net: 8.0 9.6 10.9 11.3 11.6 14.3 19.5 18.5 12.7 14.4
- Middle East and Europe:
  - Balance on current account: 0.6–63.4–21.6–30.4–6.7–1.1 8.3–0.5–15.8–12.4
  - Change in reserves (– = increase): –3.0–2.2–11.5 5.5–3.1–9.4–21.2–14.3–2.4–3.4
  - Total, net external financing: 11.6 10.8 21.1 22.0 1.3 9.4 13.9 14.3 19.2 17.8
  - Non-debt-creating flows, net: 11.5 1.9 1.2 4.5 4.3 2.6 4.4 5.2 4.8 6.1
- Western Hemisphere:
  - Balance on current account: –1.3–16.8–34.3–44.9–49.1–33.3–39.3–64.4–66.9–69.8
  - Change in reserves (– = increase): –18.9–18.0–22.6–21.2 4.7–25.9–27.0–12.3–8.3–8.6
  - Total, net external financing: 34.0 46.7 65.4 69.8 63.5 79.2 81.7 101.9 87.4 88.9
  - Non-debt-creating flows, net: 6.9 11.7 14.1 13.6 24.8 25.6 37.3 51.6 48.2 42.9
  - Net external borrowing: 26.0 36.0 52.9 57.0 40.0 40.7 46.3 54.2 41.6 52.6

### Other country groups (selected lines from Table A32)
- Heavily indebted poor countries — Current account balance: –13.7–11.8–12.1–14.7–10.0–11.8–13.6–12.0–12.7–11.9
  - Exports: 26.9 26.4 26.8 25.4 28.9 35.7 39.9 43.0 45.1 50.0
- Least developed countries — Current account balance: –11.7–9.2–8.9–9.2–7.4–8.8–10.0–9.0–11.2–11.8
  - Exports: 15.3 15.7 15.4 15.9 18.4 21.7 23.4 25.5 27.4 30.0
- Middle East and north Africa — Current account balance: –1.2–64.3–22.6–27.7–16.0–6.6 9.2 3.3–17.7–14.2
  - Exports: 159.3 145.6 158.1 147.4 151.8 169.1 191.2 199.6 188.0 201.4
  - Oil trade balance (memorandum): 122.2 106.6 114.3 101.9 101.1 109.7 130.8 131.5 121.7 128.8

_Italic: Source — Tables A32–A34, Statistical Appendix (Section 8) of the supplied PDF content._

### Section 9

### STATISTICAL APPENDIX — Tables A35–A37

### Table A35. Developing Countries—by Analytical Criteria: Balance of Payments and External Financing (selected series)
- Fuel — Balance on current account (1990–1999): 17.7, –59.9, –24.7, –25.2, –7.1, 0.9, 30.5, 16.9, –9.4, –2.3
- Fuel — Change in reserves (– = increase) (1990–1999): –5.8, –0.2, 1.3, 13.4, 0.6, –0.3, –27.1, –17.7, 1.2, –1.9
- Fuel — Total, net external financing (1990–1999): 6.2, 12.1, 13.9, 6.2, 8.1, –2.5, 1.4, 7.8, 13.9, 8.0

- Non-fuel — Balance on current account (1990–1999): –42.7, –38.4, –54.6, –96.5, –81.4, –95.3, –104.8, –99.1, –77.8, –87.4
- Non-fuel — Change in reserves (– = increase) (1990–1999): –36.6, –48.7, –48.8, –53.1, –43.0, –65.3, –76.4, –37.4, –38.5, –78.8
- Non-fuel — Total, net external financing (1990–1999): 86.8, 102.1, 122.0, 168.7, 150.5, 217.0, 227.9, 201.8, 145.8, 187.8

- By external financing source — Net creditor countries — Balance on current account (1990–1999): 10.8, –49.2, –10.1, –14.5, –8.7, 1.6, 12.4, 7.7, –7.4, –0.8
- By external financing source — Net debtor countries — Balance on current account (1990–1999): –35.8, –49.1, –69.2, –107.3, –79.8, –96.0, –86.7, –89.8, –79.8, –88.9

- Official financing — Balance on current account (1990–1999): –14.1, –13.1, –14.9, –19.0, –15.5, –17.8, –13.5, –14.0, –18.7, –16.4
- Official financing — Total, net external financing (1990–1999): 16.1, 13.8, 9.6, 13.9, 19.0, 17.8, 18.1, 20.3, 19.4, 20.0

- Private financing — Balance on current account (1990–1999): 2.5, –22.2, –42.1, –73.9, –47.4, –55.4, –48.6, –50.8, –44.4, –53.1
- Private financing — Total, net external financing (1990–1999): 53.4, 79.6, 104.4, 135.6, 107.6, 163.8, 161.9, 149.7, 119.3, 143.4

- Diversified financing — Balance on current account (1990–1999): –24.2, –13.8, –12.2, –14.4, –16.9, –22.8, –24.6, –25.0, –16.7, –19.4
- Diversified financing — Total, net external financing (1990–1999): 23.1, 19.9, 15.9, 25.5, 30.3, 37.4, 48.4, 34.7, 13.5, 29.4

- Net debtor countries by debt-servicing experience — Countries with arrears and/or rescheduling during 1992–96 — Balance on current account (1990–1999): –11.7, –23.8, –26.6, –38.0, –27.9, –42.7, –34.2, –56.4, –63.4, –65.6
- Net debtor countries by debt-servicing experience — Other net debtor countries — Balance on current account (1990–1999): –24.1, –25.4, –42.6, –69.2, –52.0, –53.3, –52.5, –33.4, –16.3, –23.3

- Other groups — Heavily indebted poor countries — Balance on current account (1990–1999): –13.7, –11.8, –12.1, –14.7, –10.0, –11.8, –13.6, –12.0, –12.7, –11.9
- Other groups — Least developed countries — Balance on current account (1990–1999): –11.7, –9.2, –8.9, –9.2, –7.4, –8.8, –10.0, –9.0, –11.2, –11.8
- Other groups — Middle East and north Africa — Balance on current account (1990–1999): –1.2, –64.3, –22.6, –27.7, –16.0, –6.6, 9.2, 3.3, –17.7, –14.2

(Note: Table A35 contains many more disaggregations — rows shown above are selected key series reproduced exactly as in the source for 1990–1999.)

### Table A36. Developing Countries: Reserves (selected series)
- Developing countries — In billions of U.S. dollars (1990–1999): 194.6, 246.2, 261.5, 307.8, 362.2, 428.6, 513.9, 563.4, 600.3, 680.8
- Regional groups — Africa — In billions of U.S. dollars (1990–1999): 17.6, 21.3, 18.5, 19.8, 24.9, 26.7, 32.3, 43.8, 45.9, 49.0
- Regional groups — Asia — In billions of U.S. dollars (1990–1999): 68.1, 95.2, 87.1, 109.6, 158.0, 184.3, 229.8, 248.2, 272.6, 338.0
- Analytical groups — By source of export earnings — Fuel — In billions of U.S. dollars (1990–1999): 57.6, 60.6, 51.6, 49.7, 50.1, 51.4, 62.1, 74.1, 72.6, 74.4
- Analytical groups — By source of export earnings — Manufactures — In billions of U.S. dollars (1990–1999): 63.6, 85.9, 88.9, 117.7, 169.2, 206.4, 252.6, 265.4, 303.1, 369.9
- By external financing source — Net creditor countries — In billions of U.S. dollars (1990–1999): 27.0, 29.1, 26.3, 25.3, 25.1, 29.1, 29.4, 31.9, 30.5, 30.9
- By external financing source — Net debtor countries — In billions of U.S. dollars (1990–1999): 167.6, 217.1, 235.3, 282.5, 337.1, 399.5, 484.5, 531.5, 569.8, 649.9

- Ratio of reserves to imports of goods and services — Developing countries (1990–1999): 30.1, 34.7, 33.0, 35.8, 38.7, 39.1, 43.0, 43.5, 44.6, 46.5
- Ratio of reserves to imports — Regional groups — Africa (1990–1999): 16.7, 20.7, 16.9, 18.8, 22.6, 20.5, 24.7, 32.1, 32.0, 32.0
- Ratio of reserves to imports — Manufactures (1990–1999): 35.1, 43.2, 38.8, 41.6, 50.1, 47.9, 53.8, 53.8, 60.5, 67.0

(Note: Table A36 includes more regional and analytical breakdowns and two panels: reserves in levels and ratios to imports for 1990–1999; rows above are key series reproduced exactly.)

### Table A37. Net Credit and Loans from IMF (selected series)
- Developing countries — Net credit and loans from IMF (1989–1997): –1.5, –1.9, 1.1, –0.4, –0.1, –0.8, 12.6, –2.9, 0.8
- Regional groups — Africa (1989–1997): 0.1, –0.6, 0.2, –0.2, 0.2, 0.9, 0.8, 0.6, –0.5
- Analytical groups — By source of export earnings — Fuel (1989–1997): 1.7, 1.9, 0.5, –0.5, –0.8, 0.4, –0.2, 0.7, –0.3
- By external financing source — Private financing (1989–1997): –0.2, 0.5, –1.2, –1.9, –0.4, –0.2, 13.7, –1.0, –1.5
- Net debtor countries by debt-servicing experience — Countries with arrears and/or rescheduling during 1992–96 (1989–1997): –0.2, –0.2, –0.8, –1.2, –0.1, 1.0, 1.7, 0.9, 0.3
- Other groups — Middle East and north Africa (1989–1997): 0.5, –0.3, 0.2, –0.1, –0.5, 0.5, 0.2, 0.6, 0.3

Memorandum (selected lines)
- Total — Net credit provided under General Resources Account (1989–1997): –2.542, –1.885, 52.520, 0.644, 43.374, 40.594, 415.633, 30.291, 114.355
- Disbursements at year-end under General Resources Account (1989–1997): 28.639, 29.028, 31.821, 31.217, 34.503, 37.276, 53.275, 51.824, 62.703

1. Includes net disbursements from programs under the General Resources Account, Trust Fund, Structural Adjustment Facility (SAF), and Enhanced Structural Adjustment Facility (ESAF). The data are on a transactions basis, with conversions to U.S. dollar values at annual average exchange rates.
2. Disbursements converted to U.S. dollar values at end-of-period exchange rates.

*Source: Tables A35–A37, STATISTICAL APPENDIX (Section 9) from the supplied PDF content.*

### Section 10

### External Financing: IMF Credit (Section 10)

### Summary of External Debt and Debt Service (Table A38)
- Developing countries: external debt (in billions of U.S. dollars) — 1990: 1,182.4; 1991: 1,250.4; 1992: 1,330.2; 1993: 1,445.5; 1994: 1,573.5; 1995: 1,706.6; 1996: 1,768.4; 1997: 1,764.0; 1998: 1,838.5; 1999: 1,918.1.
- Regional external debt (in billions of U.S. dollars), 1999:
  - Africa: 295.7
  - Asia: 622.0
  - Middle East and Europe: 241.9
  - Western Hemisphere: 758.5
- By external financing source (in billions of U.S. dollars), 1999:
  - Net creditor countries: 39.1
  - Net debtor countries: 879.0
  - Official financing: 294.7
  - Private financing: 1,148.3
  - Diversified financing: 436.0
- Debt-service payments for developing countries (in billions of U.S. dollars):
  - 1990: 139.4; 1995: 228.3; 1999: 249.5
- Debt-service by region (1999, in billions of U.S. dollars):
  - Africa: 33.4
  - Asia: 87.4
  - Middle East and Europe: 27.4
  - Western Hemisphere: 101.3
- Debt-service ratios (debt-service payments as percent of exports of goods and services), developing countries:
  - 1990: 21.0 percent; 1995: 22.1 percent; 1999: 17.6 percent
- Analytical groups (debt-service as percent of exports, 1999):
  - Net creditor countries: 2.8 percent
  - Net debtor countries: 19.2 percent
  - Official financing: 22.5 percent
  - Private financing: 18.6 percent
  - Diversified financing: 19.8 percent
- Notes:
  - Debt-service payments refer to actual payments of interest on total debt plus actual amortization payments on long-term debt. The projections incorporate the impact of exceptional financing items.
  - Total debt at year-end in percent of exports of goods and services in year indicated.

### External Debt: Summary (Table A39)
- Developing countries — total debt by maturity (in billions of U.S. dollars), selected years:
  - Total debt (1990–1999): 1,182.4; 1,250.4; 1,330.2; 1,445.5; 1,573.5; 1,706.6; 1,768.4; 1,764.0; 1,838.5; 1,918.1
  - Short-term (1990, 1995, 1999): 177.9; 297.1; 241.8
  - Long-term (1990, 1995, 1999): 1,004.6; 1,323.8; 1,676.3
- By type of creditor (developing countries, in billions of U.S. dollars):
  - Official: 563.8 (1990) → 745.3 (1999)
  - Banks: 394.2 (1990) → 432.7 (1999)
  - Other private: 224.4 (1990) → 740.1 (1999)
- Regional detail (total debt in billions of U.S. dollars, 1999):
  - Africa: 295.7 (short-term 40.4; long-term 275.3)
  - Asia: 622.0 (short-term 54.7; long-term 567.4)
  - Middle East and Europe: 241.9 (short-term 63.1; long-term 178.7)
  - Western Hemisphere: 758.5 (short-term 103.6; long-term 654.9)
- Creditor composition by region (1999, in billions of U.S. dollars):
  - Africa — Official: 207.5; Banks: 33.6; Other private: 54.7
  - Asia — Official: 279.8; Banks: 179.7; Other private: 162.5
  - Western Hemisphere — Official: 164.0; Banks: 165.1; Other private: 429.3

### External Debt: By Analytical Criteria (Table A40)
- By source of export earnings — total debt (in billions of U.S. dollars), 1990 and 1999:
  - Fuel: 164.3 (1990) → 201.2 (1999)
  - Nonfuel: 1,018.2 (1990) → 1,716.9 (1999)
  - Manufactures: 319.8 (1990) → 628.6 (1999)
  - Nonfuel primary products: 163.9 (1990) → 240.0 (1999)
  - Services, income, and private transfers: 95.5 (1990) → 93.2 (1999)
  - Diversified: 439.0 (1990) → 755.1 (1999)
- Maturity composition for diversified exporters (in billions of U.S. dollars):
  - Short-term: 65.5 (1990) → 134.1 (1999)
  - Long-term: 373.5 (1990) → 621.0 (1999)
- By external financing source (1999, in billions of U.S. dollars):
  - Net creditor countries total debt: 39.1 (short-term 17.2; long-term 21.9)
  - Net debtor countries total debt: 1,879.0 (short-term 224.6; long-term 1,654.5)
  - Official financing total debt: 294.7 (short-term 19.5; long-term 275.2)
  - Private financing total debt: 1,148.3 (short-term 162.2; long-term 986.1)
  - Diversified financing total debt: 436.0 (short-term 42.9; long-term 393.2)
- Net debtor countries by debt-servicing experience (total debt in billions of U.S. dollars, 1990–1999):
  - Countries with arrears and/or rescheduling during 1992–96: 624.0 (1990) → 913.2 (1999)
    - Short-term: 85.3 (1990) → 92.8 (1999)
    - Long-term: 538.7 (1990) → 820.3 (1999)
  - Other net debtor countries: 544.7 (1990) → 965.9 (1999)
    - Short-term: 82.2 (1990) → 131.7 (1999)
    - Long-term: 462.4 (1990) → 834.1 (1999)
- Other groups — total debt (in billions of U.S. dollars), 1990 and 1999:
  - Heavily indebted poor countries: 158.4 (1990) → 214.2 (1999)
  - Least developed countries: 108.7 (1990) → 159.9 (1999)
  - Middle East and north Africa: 195.3 (1990) → 240.1 (1999)

### Developing Countries: Ratio of External Debt to GDP (Table A41)
- Developing countries — external debt to GDP (percent), 1990–1999:
  - 1990: 37.4; 1991: 38.6; 1992: 37.7; 1993: 38.5; 1994: 38.1; 1995: 36.4; 1996: 33.8; 1997: 31.6; 1998: 32.6; 1999: 32.4
- Regional ratios (percent of GDP, 1999):
  - Africa: 63.4
  - Sub-Sahara: 67.9
  - Asia: 24.3
  - Middle East and Europe: 30.3
  - Western Hemisphere: 36.1
- By source of export earnings (percent of GDP, 1999):
  - Fuel: 30.3
  - Manufactures: 24.6
  - Nonfuel primary products: 42.5
  - Services, income, and private transfers: 42.3
  - Diversified: 39.2
- By external financing source (percent of GDP, 1999):
  - Net creditor countries: 12.1
  - Net debtor countries: 33.5
  - Official financing: 68.6
  - Private financing: 28.1
  - Diversified financing: 40.1
- Net debtor countries by debt-servicing experience (percent of GDP, 1999):
  - Countries with arrears and/or rescheduling during 1992–96: 40.7
  - Other net debtor countries: 28.8
- Selected other groups (percent of GDP, 1999):
  - Heavily indebted poor countries: 51.5
  - Least developed countries: 27.8
  - Middle East and north Africa: 33.9

*Data extracted from Section 10 tables (Tables A38–A41) in the source PDF.*

### Section 11

### Section 11 — Statistical Appendix (Selected Tables)

### Developing Countries: Debt-Service Ratios (Table A42)
- Interest payments (In percent of exports of goods and services) — Developing countries:
  - 1990: 9.1; 1991: 9.3; 1992: 9.0; 1993: 9.1; 1994: 8.5; 1995: 8.6; 1996: 8.4; 1997: 8.3; 1998: 8.7; 1999: 8.1
- Interest payments — Regional highlights:
  - Africa: 1990: 10.2; 1991: 10.5; 1992: 9.8; 1993: 10.0; 1994: 10.5; 1995: 10.1; 1996: 10.2; 1997: 10.6; 1998: 11.9; 1999: 10.3
  - Asia: 1990: 8.3; 1991: 8.1; 1992: 7.6; 1993: 7.0; 1994: 6.4; 1995: 6.1; 1996: 6.1; 1997: 6.3; 1998: 6.0; 1999: 5.6
  - Western Hemisphere: 1990: 15.4; 1991: 16.3; 1992: 15.6; 1993: 16.3; 1994: 15.6; 1995: 16.7; 1996: 15.7; 1997: 15.4; 1998: 16.1; 1999: 15.6
- Amortization (In percent of exports of goods and services) — Developing countries:
  - 1990: 11.9; 1991: 12.7; 1992: 14.2; 1993: 14.7; 1994: 14.0; 1995: 13.5; 1996: 14.3; 1997: 13.9; 1998: 9.4; 1999: 9.5
- Amortization — Regional highlights:
  - Africa: 1990: 17.2; 1991: 18.2; 1992: 18.4; 1993: 16.5; 1994: 13.7; 1995: 12.8; 1996: 12.5; 1997: 12.9; 1998: 12.9; 1999: 12.9
  - Asia: 1990: 10.1; 1991: 9.3; 1992: 10.8; 1993: 11.1; 1994: 11.0; 1995: 9.5; 1996: 10.1; 1997: 8.6; 1998: 5.9; 1999: 7.7
  - Western Hemisphere: 1990: 17.2; 1991: 20.7; 1992: 25.2; 1993: 26.6; 1994: 26.1; 1995: 23.5; 1996: 28.3; 1997: 30.4; 1998: 16.4; 1999: 13.5
- Notes from table:
  - Excludes service payments to the IMF.
  - Interest payments on total debt and amortization on long-term debt. Estimates through 1997 reflect debt-service payments actually made. The 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.

### IMF Charges and Repurchases to the IMF (Table A43)
- IMF charges and repurchases (In percent of exports of goods and services) — Developing countries (1990–1997):
  - 1990: 1.5; 1991: 1.3; 1992: 1.0; 1993: 0.9; 1994: 0.7; 1995: 0.9; 1996: 0.6; 1997: 0.6
- IMF charges — Regional examples:
  - Africa: 1990: 1.6; 1991: 1.2; 1992: 1.1; 1993: 1.1; 1994: 0.8; 1995: 2.6; 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
- Net debtor countries (charges series):
  - 1990: 1.8; 1991: 1.5; 1992: 1.2; 1993: 1.1; 1994: 0.8; 1995: 1.0; 1996: 0.7; 1997: 0.7
- Net debtor countries with arrears and/or rescheduling during 1992–96:
  - 1990: 2.2; 1991: 2.2; 1992: 2.0; 1993: 2.0; 1994: 1.1; 1995: 2.0; 1996: 0.8; 1997: 0.8
- Memorandum (Total, in billions of U.S. dollars) — General Resources Account:
  - Total, General Resources Account: 1990: 10.1; 1991: 19.8; 1992: 68.8; 1993: 59.7; 1994: 53.3; 1995: 38.2; 1996: 70.1; 1997: 69.3; 199? (final column value): 829.587 (as presented)
  - Charges: 2.5; 302.4; 312.2; 291.2; 151.7; 242.8; 47.2; 151.1; 800 (as presented)
  - Repurchases: 7.5; 96.3; 75.7; 68.5; 31.9; 6.5; 469.9; 607.2; 317.7; 87 (as presented)
- Trust Fund and SAF/ESAF lines provide small-dollar memorandum items (e.g., SAF/ESAF totals: 0.013; 0.021; 0.055; 0.151; 0.330; 0.586; 0.742; 0.854 and corresponding interest and repayments series as shown).

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

### Summary of Sources and Uses of World Saving (Flow of Funds, Table A44)
- World averages (In percent of GDP) — World saving and investment, selected years/averages:
  - Saving: 1976–83 average: 23.7; 1984–91: 22.7; 1992: 22.1; 1993: 21.8; 1994: 22.8; 1995: 23.2; 1996: 23.2; 1997: 23.3; 1998: 23.5; 1999: 23.5; 2000–2003: 24.0
  - Investment: 1976–83: 24.4; 1984–91: 23.5; 1992: 23.4; 1993: 23.5; 1994: 23.5; 1995: 23.8; 1996: 23.6; 1997: 23.6; 1998: 23.7; 1999: 23.8; 2000–2003: 24.6
- Advanced economies (In percent of GDP) — Saving and Investment:
  - Saving: 1976–83: 22.3; 1984–91: 21.1; 1992: 20.1; 1993: 19.8; 1994: 20.3; 1995: 20.8; 1996: 21.0; 1997: 21.4; 1998: 21.4; 1999: 21.5; 2000–2003: 21.7
  - Investment: 1976–83: 22.6; 1984–91: 21.6; 1992: 20.7; 1993: 20.0; 1994: 20.5; 1995: 20.7; 1996: 20.7; 1997: 20.7; 1998: 20.8; 1999: 20.9; 2000–2003: 21.2
  - Net lending (advanced economies): –0.3; –0.5; –0.6; –0.2; –0.2; 0.2; 0.3; 0.6; 0.5; 0.6; 0.5
- United States highlights (In percent of GDP):
  - Saving: 19.5; 16.9; 14.5; 14.5; 15.5; 16.0; 16.6; 17.1; 17.0; 17.0; 17.0 (1976–83 through 2000–2003 averages)
  - Investment: 20.4; 19.1; 16.0; 16.5; 17.5; 17.2; 17.6; 18.2; 18.7; 18.6; 18.9
  - Net lending (United States): –0.9; –2.1; –1.5; –2.0; –1.9; –1.2; –1.0; –1.0; –1.7; –1.6; –1.9
- Japan highlights (In percent of GDP):
  - Saving: 31.5; 32.6; 33.8; 32.8; 31.4; 30.7; 31.3; 30.8; 30.8; 30.3; 29.5
  - Investment: 30.9; 29.8; 30.8; 29.7; 28.7; 28.6; 29.9; 28.9; 28.5; 27.9; 26.3
  - Net lending (Japan): 0.6; 2.8; 3.0; 3.1; 2.8; 2.1; 1.4; 2.3; 2.9; 3.0; 3.2
- Developing countries (In percent of GDP) — aggregates:
  - Saving: 24.6; 22.8; 24.5; 24.7; 26.3; 26.6; 26.5; 26.5; 26.7; 26.6; 27.0
  - Investment: 25.4; 24.7; 26.4; 28.3; 27.9; 28.6; 28.0; 27.5; 27.6; 27.5; 28.5
  - Net lending (developing countries): –0.8; –1.9; –2.0; –3.6; –1.6; –2.0; –1.5; –1.0; –0.8; –0.9; –1.5
  - Current transfers: 0.9; 1.0; 1.5; 1.3; 1.2; 1.1; 1.2; 1.1; 1.2; 1.3; 3.1
  - Factor income: –0.8; –1.9; –1.8; –1.8; –1.4; –1.6; –1.7; –1.5; –1.5; –1.5; –1.3
  - Resource balance: –0.9; –1.0; –1.7; –3.1; –1.4; –1.5; –1.0; –0.6; –0.5; –0.7; –3.4
- Regional and analytical group snapshots (selected values):
  - Africa — Saving: 25.9; 17.7; 16.9; 13.9; 14.9; 14.4; 16.8; 16.8; 15.8; 17.0; 18.2
  - Asia — Saving: 26.0; 27.3; 30.0; 31.9; 33.2; 32.9; 32.4; 32.2; 32.7; 32.1; 31.7
  - Newly industrialized Asian economies — Saving: 34.7; 33.4; 33.4; 32.9; 33.2; 32.4; 33.3; 33.1; 33.7; 33.8; 33.8
  - By source of export earnings — Fuel exporters: Saving 34.9; 19.6; 21.5; 17.5; 20.5; 22.8; 23.2; 20.8; 18.9; 19.2; 20.4
  - By external financing source — Net creditor countries: Saving 41.9; 17.5; 14.3; 15.7; 16.1; 21.2; 20.2; 19.2; 18.3; 17.9; 17.1
  - Official financing group — Saving 21.0; 13.3; 13.8; 11.5; 12.8; 11.9; 13.1; 13.8; 13.3; 14.5; 15.9
- Memoranda on financial flows (In percent of GDP):
  - Acquisition of foreign assets (world or groups): e.g., Developing countries memorandum: 2.1; 0.7; 1.5; 1.9; 3.0; 3.1; 3.4; 2.8; 1.4; 2.4; 1.3
  - Change in reserves: e.g., Developing countries memorandum: 1.0; 0.4; 1.3; 1.2; 2.0; 1.7; 2.3; 1.3; 0.6; 1.9; 1.3

- Note from table:
  - Estimates are based on individual countries' national accounts and balance of payments statistics. Country group composites are weighted by GDP valued at purchasing power parities (PPPs) as a share of total world GDP. The table documents saving, investment, net lending, current transfers, factor income, resource balance, acquisition of foreign assets, and change in reserves across regions, analytical groups, and time averages.

*Compiled from tables A42–A44 in the Statistical Appendix.*

### Section 12

### STATISTICALAPPENDIX — Section 12

### Summary of World Medium-Term Baseline Scenario
- World real GDP: 3.1 3.2 3.7 4.1 4.1 3.1 3.7 4.5
- Advanced economies real GDP: 2.6 2.6 2.7 2.7 3.0 2.4 2.5 2.9
- Developing countries real GDP: 4.2 5.5 5.4 6.6 5.8 4.0 5.3 6.3
- Countries in transition real GDP: 2.8–4.2 2.0–0.1 1.7 2.9 3.4 5.4

Memorandum
- Potential output, major industrial countries: 2.7 2.6 2.3 2.2 2.4 2.2 2.3 2.3
- World trade, volume (goods and services): 3.6 6.7 7.1 6.6 9.4 6.4 6.1 6.2

Trade volumes (annual percent change)
- Imports, advanced economies: 4.4 4.4 6.9 6.4 8.6 6.8 5.6 5.6
- Imports, developing countries: 1.2 7.9 8.6 9.3 12.1 5.2 7.8 7.8
- Imports, countries in transition: 1.9 2.3 5.9 7.6 5.4 5.1 5.6 7.2

- Exports, advanced economies: 4.6 6.9 7.0 5.9 9.8 6.2 6.0 5.9
- Exports, developing countries: 0.5 9.1 8.4 8.7 10.8 7.4 6.7 7.1
- Exports, countries in transition: 3.0 1.2 4.8 4.9 3.5 4.2 6.6 7.6

Terms of trade (annual percent change)
- Advanced economies: 0.3 0.3–0.2–0.1–0.7–0.2—–0.3
- Developing countries: –0.7–1.30.53.00.2–2.21.20.1
- Countries in transition: –0.3–0.1–0.6–2.30.20.3–0.60.1

World prices in U.S. dollars (annual percent change)
- Manufactures: 3.3 3.2–3.5–3.2–9.2–2.1 0.6 1.3
- Oil: –6.2–0.7–1.818.9–6.0–23.99.21.3
- Nonfuel primary commodities: –1.8 3.8–2.9–1.3–3.7–7.4 0.9 1.9

Consumer prices (annual percent change)
- Advanced economies: 6.9 3.7 2.2 2.4 2.1 2.1 2.0 2.1
- Developing countries: 30.6 47.0 10.2 13.7 8.5 10.2 8.5 6.5
- Countries in transition: 6.4 153.0 22.3 41.4 27.8 13.8 8.7 6.2

Interest rates (in percent)
- Real six-month LIBOR: 5.8 3.0 3.9 3.3 3.9 4.4 4.0 3.6
- World real long-term interest rate: 4.7 4.3 3.4 3.8 3.1 3.2 3.4 3.9

In percent of GDP
- Balances on current account, advanced economies: –0.5–0.1 0.1 0.1 0.2—0.1 0.1
- Balances on current account, developing countries: –1.6–2.1–1.5–1.4–1.5–1.5–1.5–1.7
- Balances on current account, countries in transition: 0.3–0.3–2.8–2.1–2.7–3.3–3.2–2.7

External debt and debt service (in percent of GDP or as indicated)
- Total external debt, developing countries: 31.6 38.3 32.6 33.8 31.6 32.6 32.4 30.3
- Total external debt, countries in transition: 8.3 27.3 29.8 30.4 29.9 29.7 29.0 24.5
- Debt service, developing countries: 4.3 4.8 4.6 5.0 5.0 4.2 4.2 4.0
- Debt service, countries in transition: 1.7 2.9 4.0 3.3 3.6 4.3 4.7 4.4

Notes
- Data refer to trade in goods and services.
- Real six-month LIBOR = London interbank offered rate on U.S. dollar deposits less percent change in U.S. GDP deflator.
- World real long-term interest rate = GDP-weighted average of ten-year (or nearest maturity) government bond rates for the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada.

*Medium-Term Baseline Scenario: Summary*

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### Developing Countries — Medium-Term Baseline Scenario: Selected Economic Indicators
Annual percent change (selected series)
- Developing countries, real GDP: 4.2 5.5 5.4 6.6 5.8 4.0 5.3 6.3
- Developing countries, export volume (goods and services): 0.5 9.1 8.4 8.7 10.8 7.4 6.7 7.1
- Developing countries, terms of trade: –0.7–1.30.53.00.2–2.21.20.1
- Developing countries, import volume: 1.2 7.9 8.6 9.3 12.1 5.2 7.8 7.8

Regional groups — Real GDP (annual percent change)
- Africa: 2.3 2.3 4.5 5.5 3.2 4.6 4.9 5.2
- Asia: 6.9 8.1 6.3 8.3 6.7 4.4 5.9 7.3
- Middle East and Europe: 2.3 3.5 4.2 4.9 4.4 3.3 4.0 4.0
- Western Hemisphere: 2.4 2.6 4.0 3.5 5.0 3.2 4.3 4.9

Regional groups — Trade volumes and terms of trade (annual percent change)
- Africa export volume: –0.3 4.2 6.8 10.6 5.7 4.5 6.7 5.2
- Africa terms of trade: –0.5–1.0–0.83.5–1.5–5.7 0.5—
- Africa import volume: –0.9 4.4 4.8 2.2 5.7 5.7 5.4 5.2

- Asia export volume: 5.9 12.7 9.8 8.8 14.0 9.3 7.3 8.5
- Asia terms of trade: 0.2–0.70.10.6–1.40.11.3–0.1
- Asia import volume: 5.5 12.4 7.2 8.0 7.1 4.5 9.2 10.0

- Middle East and Europe export volume: –3.8 8.0 5.5 6.4 8.0 3.8 3.8 3.9
- Middle East and Europe terms of trade: –0.6–4.02.210.04.5–6.61.60.1
- Middle East and Europe import volume: 0.7 1.5 11.3 14.7 23.0 4.0 4.5 4.0

- Western Hemisphere export volume: 4.1 7.5 9.0 9.5 9.8 8.7 7.9 7.6
- Western Hemisphere terms of trade: –3.50.40.51.60.4–1.11.10.4
- Western Hemisphere import volume: –1.7 9.5 10.6 11.0 15.9 7.1 8.5 7.1

Analytical groups — Growth and trade (annual percent change)
- Net debtor countries by debt-servicing experience (countries with arrears and/or rescheduling during 1992–96), real GDP: 2.3 2.4 4.0 4.1 4.2 3.3 4.3 4.8
- Other net debtor countries, real GDP: 5.9 7.1 6.1 7.7 6.5 4.5 5.7 6.9

- Net debtors with arrears, export volume: 0.2 5.1 7.9 9.6 8.4 5.6 8.1 7.7
- Other net debtors, export volume: 5.4 10.5 9.6 9.6 12.9 9.1 6.8 7.7

- Net debtors with arrears, terms of trade: –1.9–1.10.51.51.9–2.20.80.1
- Other net debtors, terms of trade: –0.6–0.20.20.6–0.3–0.51.10.1

- Net debtors with arrears, import volume: –1.0 4.0 9.6 6.2 20.4 4.5 8.0 6.5
- Other net debtors, import volume: 3.7 11.4 8.1 9.2 9.0 5.8 8.5 9.1

*Developing Countries — Medium-Term Baseline Scenario: Selected Economic Indicators*

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### Developing Countries — Indicators in percent of exports of goods and services (selected years)
Developing countries (levels by year)
- Current account balance: –8.2–14.7–9.1–6.4–6.6–6.7–6.3–7.5
- Total external debt: 229.3 186.4 165.0 153.3 140.9 141.5 135.4 119.2
- Debt-service payments: 24.9 22.0 22.1 22.7 22.2 18.1 17.6 15.5
  - Interest payments: 12.8 9.3 8.6 8.4 8.3 8.7 8.1 6.8
  - Amortization: 12.2 12.7 13.5 14.3 13.9 9.4 9.5 8.7

Regional groups (levels by year)
- Africa
  - Current account balance: –7.2–6.7–15.2–4.3–4.5–12.4–10.4–9.2
  - Total external debt: 257.3 237.1 246.3 220.9 209.5 216.8 205.2 169.3
  - Debt-service payments: 26.9 28.7 22.8 22.7 23.5 24.7 23.2 18.7
  - Interest payments: 11.3 10.5 10.1 10.2 10.6 11.9 10.3 8.6
  - Amortization: 15.6 18.2 12.8 12.5 12.9 12.9 12.9 10.0

- Asia
  - Current account balance: –7.3–5.0–9.2–7.4–2.0 2.0 1.1–4.3
  - Total external debt: 202.7 160.8 123.1 118.5 103.6 101.1 94.8 78.0
  - Debt-service payments: 22.6 17.3 15.6 16.2 14.9 11.9 13.3 11.1
  - Interest payments: 10.5 8.1 6.1 6.1 6.3 6.0 5.6 4.5
  - Amortization: 12.1 9.3 9.5 10.1 8.6 5.9 7.7 6.6

- Middle East and Europe
  - Current account balance: –9.6–36.0–0.5 3.4–0.2–6.3–4.6–4.1
  - Total external debt: 120.2 102.1 99.5 89.0 84.8 91.3 89.9 90.1
  - Debt-service payments: 11.6 10.2 14.5 12.4 10.0 10.8 10.2 9.2
  - Interest payments: 6.2 3.7 3.8 4.0 3.5 3.8 3.6 3.1
  - Amortization: 5.4 6.5 10.7 8.5 6.5 6.9 6.6 6.1

- Western Hemisphere
  - Current account balance: –8.1–10.2–13.5–14.5–21.5–21.1–20.1–15.4
  - Total external debt: 361.6 280.1 260.6 242.7 227.8 226.1 218.4 200.8
  - Debt-service payments: 41.2 37.0 40.2 44.1 45.8 32.6 29.2 27.2
  - Interest payments: 23.6 16.3 16.7 15.7 15.4 16.1 15.6 13.1
  - Amortization: 17.5 20.7 23.5 28.3 30.4 16.4 13.5 14.1

Analytical groups (levels by year)
- Net debtor countries with arrears and/or rescheduling during 1992–96
  - Current account balance: –21.2–11.9–16.0–11.3–17.3–19.0–17.8–12.2
  - Total external debt: 363.9 323.3 305.9 274.7 257.9 260.6 247.9 210.3
  - Debt-service payments: 34.0 32.8 31.1 31.3 34.1 30.1 26.6 24.8
  - Interest payments: 18.2 12.6 13.4 13.2 13.4 14.7 13.5 11.0
  - Amortization: 15.8 20.1 17.6 18.1 20.7 15.4 13.2 13.8

- Other net debtor countries
  - Current account balance: –1.0–7.0–8.2–7.3–4.2–2.0–2.6–6.7
  - Total external debt: 202.3 161.8 134.3 127.7 114.0 111.6 106.0 93.9
  - Debt-service payments: 25.9 22.3 21.2 22.6 20.7 15.6 16.2 13.4
  - Interest payments: 12.7 10.1 8.0 7.7 7.6 7.4 7.1 5.9
  - Amortization: 13.2 12.2 13.0 14.8 13.3 8.2 9.1 7.6

Notes
- Data refer to trade in goods and services.
- Debt-service payments = 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.

*Medium-Term Baseline Scenario: Developing Countries*

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*Source: _0598stapdf - Section 12*

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_Source: https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/weo/weo0598/pdf/_0598stapdf.pdf_