World Economic Outlook (WEO) Database - Changes to the Database
World Economic Outlook
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Overview of the WEO database
- The World Economic Outlook (WEO) database contains selected macroeconomic data series from the statistical appendix of the World Economic Outlook report, which presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups and in many individual countries.
- The WEO is released in April and September/October each year.
Recent country-specific publication inclusions, exclusions, and special treatments (selected highlights)
- April 2025
- For Bolivia, projections for 2027–30 have been omitted because of significant uncertainty regarding the economic outlook.
- For Ecuador, fiscal projections for 2025–30 are excluded from publication because of ongoing program discussions.
- October 2024
- Following the 2021 International Comparison Program survey, estimates of purchasing-power-parity weights and GDP valued at purchasing power parity have been updated.
- For Bangladesh, fiscal year estimates of real GDP and purchasing-power-parity GDP are now used in country group aggregates.
- For Montenegro, historical data prior to 2023 for population and GDP per capita are excluded from publication pending the final release of 2023 Census estimates.
- For Zimbabwe, the authorities redenominated national accounts following the introduction on April 5, 2024 of the Zimbabwe gold replacing the Zimbabwe dollar; the use of the Zimbabwe dollar ceased on April 30, 2024.
- April 2024
- Ecuador’s fiscal sector projections are excluded for 2024–29 because of ongoing program discussions.
- Vietnam removed from Low-Income Developing Countries (LIDCs) and added to Emerging Market and Middle-Income Economies (EMMIEs) (featured in the WEO Report only).
- For West Bank and Gaza, data for 2022-23 previously excluded are now included; projections for 2024-29 are excluded due to unusually high uncertainty.
- October 2023
- Ecuador’s fiscal sector projections previously omitted are now included.
- Eritrea’s data and projections for 2020–28 are excluded due to constraints in data reporting.
- Sri Lanka’s projections for 2023–28 are excluded owing to ongoing discussions on sovereign debt restructuring.
- Ukraine’s projections for 2024–28, in line with the program’s baseline scenario, are now included.
- For West Bank and Gaza, certain projections for 2022–28 are excluded pending methodological adjustments.
- April 2023
- ASEAN-5 now comprises Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
- On January 1, 2023, Croatia became the 20th country to join the euro area; data for Croatia are included in euro area aggregates and advanced economies subgroups.
- For Ecuador, fiscal sector projections are excluded for 2023–28 because of ongoing program discussions.
- For Iran, nominal GDP in US dollars: official exchange rate used up to 2017; from 2018 onward the NIMA exchange rate is used to convert nominal rial GDP into US dollars.
- October 2022
- Algeria: total government expenditure and net lending/borrowing include net lending by the government (reflecting pension system and other public sector support).
- Ecuador’s fiscal sector projections, previously omitted, are now included.
- Tunisia’s forecast data, previously omitted, are now included.
- Turkey is now referred to as Türkiye.
- For Sri Lanka, certain projections for 2023–27 are excluded owing to ongoing sovereign debt restructuring discussions.
- Venezuela: methodological upgrades revised historical data from 2012 onward; nominal variables omitted in April 2022 are now included.
- April 2022
- Ecuador’s fiscal sector projections are excluded for 2022–27 because of ongoing program review discussions.
- Ethiopia’s forecast data, previously omitted, are now included.
- Fiji’s fiscal data and forecasts are now presented on a fiscal year basis.
- For Tunisia, projections are excluded for 2023–27 because of ongoing technical discussions.
- For Ukraine, all projections for 2022–27 except Real GDP are omitted due to unusually high uncertainty; Real GDP is projected through 2022.
- Venezuela redenominated its currency on October 1, 2021 by replacing 1,000,000 bolívares soberano (VES) with 1 bolívar digital (VED).
- For Zambia, general government net and gross debt projections for 2022-27 are omitted due to ongoing debt restructuring.
- Beginning with the April 2022 WEO, interest rate assumptions are based on the three-month and ten-year government bond yields, replacing London interbank offered rates.
- April 2021
- Starting with the April 2021 WEO, real GDP data and forecasts for New Zealand are reported on a production basis rather than an expenditure basis.
- October 2020
- Following the 2017 ICP survey, estimates of PPP weights and GDP valued at purchasing power parity were updated.
- Starting with October 2020, data and forecasts for Bangladesh and Tonga are presented on a fiscal year basis.
- Data for West Bank and Gaza are now included and added to the Middle East and Central Asia regional group.
- April 2020
- Due to high uncertainty from current global economic conditions, the April 2020 WEO database and statistical tables contained only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP growth, and fiscal balance; projections provided only through 2021.
- Timor-Leste authorities revised GDP compilation: oil and gas revenue before September 2019 reclassified from export to primary income.
- As of February 1, 2020 the United Kingdom is no longer part of the European Union; UK data are no longer included in European Union composites.
Methodological, classification, and currency redenomination changes (selected highlights)
- Purchasing-power-parity (PPP) and ICP updates
- Updates following ICP releases: 2011 ICP (notable updates in multiple years), 2017 ICP (noted in October 2020), and 2021 ICP (noted in October 2024) led to updates of PPP weights and GDP valued at purchasing power parity.
- Balance of Payments and classification standards
- October 2014: WEO adopted BPM6 with multiple reclassifications (merchanting to goods exports; goods-for-processing and maintenance reclassified from goods to services; migrants’ transfers removed from capital transfers; reverse investment reclassified to present assets and liabilities on a gross basis; financial derivatives included as a separate category). Sign convention for increases in assets (and liabilities) within the financial account is now positive; balances computed as net acquisition of financial assets minus net incurrence of financial liabilities.
- Interest rate assumptions
- Beginning with April 2022 WEO, interest rate assumptions based on three-month and ten-year government bond yields replaced London interbank offered rates.
- Country and group reclassifications
- Regional and subgroup renamings and composition changes across multiple vintages, including:
- April 2004: world classification revised to “advanced economies” and “other emerging market and developing countries.”
- April 2013: NIEs grouping eliminated.
- April 2019 and October 2019: various renamings (e.g., FYR Macedonia to North Macedonia; Commonwealth of Independent States discontinued and reallocated into Emerging and Developing Europe and MECA).
- April 2023: ASEAN-5 defined as Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
- Currency redenominations and local currency data treatments (selected examples)
- Venezuela: August 20, 2018 redenomination by replacing 100,000 VEF with 1 VES; October 1, 2021 redenomination replacing 1,000,000 VES with 1 VED.
- Mauritania: January 2018 redenomination replacing 10 old MRO with 1 MRU (local currency data expressed in new currency beginning October 2019).
- São Tomé and Príncipe: January 2018 redenomination replacing 1,000 old STD with 1 STN (local currency data expressed in new currency beginning October 2019).
- Belarus: April 2017 redenomination replacing 10,000 old Belarusian rubles with 1 new Belarusian ruble (local currency data expressed in new currency starting April 2017).
- Ghana: July 2007 redenomination replacing 10,000 cedis with 1 Ghana cedi (local currency data expressed in new currency beginning April 2010).
- Mozambique: July 2006 redenomination replacing 1,000 old meticais with 1 new metical (local currency data expressed in new currency beginning April 2010).
- Romania: redenomination transforming 10,000 old Lei into 1 new Leu (noted April 2006).
- Turkey: revaluation by dropping six zeros from the old Lira; new Turkish Lira (Yeni Türk Lirasi) became the new currency unit (noted April 2006).
- Zambia: October 2013 redenomination replacing 1,000 old kwacha with 1 new kwacha (local currency data expressed in new currency starting October 2013).
- Suriname: 2004 redenomination replacing 1,000 Surinamese guilder with 1 Surinamese dollar (local currency data expressed in new currency starting October 2010).
- Sudan, Mauritania, Cyprus, Malta, and others noted with specific redenomination or membership date changes where applicable.
- National accounts and source revisions
- April 2017: Japan’s quinquennial benchmark revision (ESRI) implementing 2008 SNA and updating reference year to 2011 led to nominal GDP level revisions of 5.0–6.3 percent for 2013–15 and mean absolute revision for growth over 1995–2015 of 0.4 percentage point.
- October 2013: U.S. Comprehensive Revision of NIPA (July 31, 2013) increased level of GDP by 3.4 percent and altered historical interpretation of the Great Recession and recovery dynamics.
- April 2011: data composition changes and expansion of published indicators (investment, gross national savings, general government structural balance, export/import volumes, value of oil exports/imports where available).
- Data availability adjustments due to uncertainty or program discussions
- Multiple instances where country projections or sectoral projections (notably fiscal projections) are excluded from publication for specific year ranges because of ongoing IMF program discussions, unusually high uncertainty, sovereignty or market sensitivity (examples include Ecuador, Sri Lanka, Tunisia, Zambia, Ukraine, Syria, Libya, Pakistan, Egypt, and others across different WEO vintages).
- April 2020: data and statistical tables limited to a subset of indicators and projections provided only through 2021 due to high global uncertainty.
Data publication practices and computation rules (selected points)
- Group composites and weights
- Country group composites are typically computed using country weights calculated as nominal GDP valued at purchasing-power-parity (PPP) exchange rates as a share of total world GDP; threshold rule: group composites computed if 90 percent or more of the share of group weights is represented unless otherwise noted (October 2010).
- From April 2011, country group composites for fiscal data are calculated as the sum of the U.S dollar values for relevant individual countries (rather than PPP-weighted composites used previously).
- Indicator coverage and historical revisions
- Over time, the WEO database has expanded the set of indicators and the forecast horizon for many series; conversely, certain series or country data are sometimes omitted or revised when methodological changes, redenominations, or data reporting constraints occur.
- Contact for queries
- Queries about the WEO database should be sent to the e-mail address weo@imf.org.
Content in this bundle
- April 2025 WEO Database - Country Data Documentation
- Historical WEO Forecasts Database (XLSX)