World Economic Outlook Database - Groups and Aggregates
World Economic Outlook
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- World Economic Outlook Database - Groups and Aggregates
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Country classification
- The World Economic Outlook divides the world into two major groups: advanced economies and emerging and developing economies.
- The classification is not based on strict criteria and has evolved over time; the objective is to facilitate analysis by providing a reasonably meaningful method of organizing data.
- Some countries remain outside the country classification and therefore are not included in the analysis. Examples given are Cuba and the Democratic People’s Republic of Korea.
Aggregation methods — general rules
- Composite data for country groups are either sums or weighted averages of data for individual countries.
- Arithmetically weighted averages are used for all data for the emerging market and developing economies group—except data on inflation, for which geometric averages are used.
- Unless noted otherwise, group composites are computed if 90 percent or more of the share of group weights is represented.
Aggregation conventions by data type
- Domestic-economy data (growth rates or ratios): weighted by GDP valued at purchasing power parity as a share of total world or group GDP.
- Annual inflation rates:
- Simple percentage changes from the previous years for most groups.
- For emerging market and developing economies, rates are based on logarithmic differences.
- Real GDP per capita in purchasing power parity terms: sums of individual country data after conversion to the international dollar in the years indicated.
- Sectors for the euro area: composites are corrected for reporting discrepancies in intra-area transactions unless noted otherwise.
- Annual GDP data:
- Unadjusted annual GDP data are used for the euro area and for the majority of individual countries.
- Cyprus, Ireland, Portugal, and Spain report calendar-adjusted data (exception to unadjusted rule).
- For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
- Fiscal data composites: sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated.
- Composite unemployment rates and employment growth: weighted by labor force as a share of group labor force.
- External sector statistics:
- Sums of individual country data after conversion to US dollars at the average market exchange rates in the years indicated for balance of payments data.
- For debt denominated in currencies other than US dollars, conversions use end-of-year market exchange rates.
- Foreign trade volumes and prices: arithmetic averages of percent changes for individual countries weighted by the US dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
Country group listings (as provided)
- The source provides detailed country compositions for the classified groups, listing numerous economies under the advanced-economies and emerging-and-developing-economies headings, and further regional and subgroup breakdowns.
Content in this bundle
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