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World Economic and Financial Surveys

World Economic Outlook

Database—WEO Groups and Aggregates Information

September 2011

Country Composition of WEO Groups

The country classification in the World Economic Outlook divides the world into two major groups: advanced economies and emerging and developing economies. Please refer to the introduction to the WEO's Statistical Appendix for details. This classification is not based on strict criteria, economic or otherwise, but instead has evolved over time with the objective of facilitating analysis by providing a reasonably meaningful organization of the data.

Some countries remain outside the country classification and therefore are not included in the analysis. Anguilla, Cuba, the Democratic People’s Republic of Korea, Montserrat, and South Sudan are examples of countries that are not IMF members, and their economies therefore are not monitored by the IMF. San Marino is omitted from the group of advanced economies for lack of a fully developed database. Likewise, the Marshall Islands, the Federated States of Micronesia, Palau, and Somalia are omitted from the emerging and developing economies group composites because of data limitations.

Advanced Economies

   Euro Area
   Major Advanced Economies (G7)
   Newly Industrialized Asian Economies
   Other Advanced Economies (Advanced Economies excluding G7 and Euro Area)

European Union


Emerging and Developing Economies

   Central and Eastern Europe
   Commonwealth of Independent States
   Developing Asia
      ASEAN-5
   Latin America and the Caribbean
   Middle East and North Africa
   Sub-Saharan Africa


Advanced Economies

Australia
Austria
Belgium
Canada
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece

Hong Kong SAR
Iceland
Ireland
Israel
Italy
Japan
Korea
Luxembourg
Malta
Netherlands
New Zealand
Norway

Portugal
Singapore
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
Taiwan Province of China
United Kingdom
United States


Euro Area

Austria
Belgium
Cyprus
Estonia
Finland
France
Germany

Greece
Ireland
Italy
Luxembourg
Malta
Netherlands
Portugal

Slovak Republic
Slovenia
Spain


Major Advanced Economies (G7)

Canada
France
Germany

Italy
Japan
United Kingdom

United States


Newly Industrialized Asian Economies

Hong Kong SAR
Korea

Singapore
Taiwan Province of China


Other Advanced Economies
(Advanced Economies excluding G7 and Euro Area)

Australia
Czech Republic
Denmark
Hong Kong SAR
Iceland

Israel
Korea
New Zealand
Norway
Singapore

Sweden
Switzerland
Taiwan Province of China


European Union

Austria
Belgium
Bulgaria
Cyprus
Czech Republic
Denmark
Estonia
Finland
France

Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta

Netherlands
Poland
Portugal
Romania
Slovak Republic
Slovenia
Spain
Sweden
United Kingdom


Emerging and Developing Economies

Islamic Republic of Afghanistan
Albania
Algeria
Angola
Antigua and Barbuda
Argentina
Armenia
Azerbaijan
The Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belize
Benin
Bhutan
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Brunei Darussalam
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Cape Verde
Central African Republic
Chad
Chile
China
Colombia
Comoros
Democratic Republic of Congo
Republic of Congo
Costa Rica
Côte d'Ivoire
Croatia
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Ethiopia
Fiji
Gabon
The Gambia

Georgia
Ghana
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hungary
India
Indonesia
Islamic Republic of Iran
Iraq
Jamaica
Jordan
Kazakhstan
Kenya
Kiribati
Kosovo
Kuwait
Kyrgyz Republic
Lao People's Democratic Republic
Latvia
Lebanon
Lesotho
Liberia
Libya1
Lithuania
Former Yugoslav Republic of Macedonia
Madagascar
Malawi
Malaysia
Maldives
Mali
Mauritania
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Morocco
Mozambique
Myanmar
Namibia
Nepal
Nicaragua
Niger
Nigeria
Oman

Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Qatar
Romania
Russia
Rwanda
Samoa
São Tomé and Príncipe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Solomon Islands
South Africa
Sri Lanka
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Sudan
Suriname
Swaziland
Syrian Arab Republic
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Tuvalu
Uganda
Ukraine
United Arab Emirates
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Republic of Yemen
Zambia
Zimbabwe

1Due to the uncertain political situation, Libya is excluded from the projection years of WEO aggregates.

Central and Eastern Europe

Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Hungary
Kosovo
Latvia
Lithuania

Former Yugoslav Republic of Macedonia
Montenegro
Poland
Romania
Serbia
Turkey


Commonwealth of Independent States

Armenia
Azerbaijan
Belarus
Georgia1
Kazakhstan
Kyrgyz Republic
Moldova

Mongolia1
Russia
Tajikistan
Turkmenistan
Ukraine
Uzbekistan

1Georgia and Mongolia, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarities in economic structure.

Developing Asia

Islamic Republic of Afghanistan
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China
Fiji
India
Indonesia
Kiribati
Lao People's Democratic Republic
Malaysia
Maldives

Myanmar
Nepal
Pakistan
Papua New Guinea
Philippines
Samoa
Solomon Islands
Sri Lanka
Thailand
Timor-Leste
Tonga
Tuvalu
Vanuatu
Vietnam


ASEAN-5

Indonesia, Malaysia, Philippines, Thailand, and Vietnam


Latin America and the Caribbean

Antigua and Barbuda
Argentina
The Bahamas
Barbados
Belize
Bolivia
Brazil
Chile
Colombia
Costa Rica
Dominica

Dominican Republic
Ecuador
El Salvador
Grenada
Guatemala
Guyana
Haiti
Honduras
Jamaica
Mexico
Nicaragua
Panama

Paraguay
Peru
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Suriname
Trinidad and Tobago
Uruguay
Venezuela


Middle East and North Africa

Algeria
Bahrain
Djibouti
Egypt
Islamic Republic of Iran
Iraq
Jordan
Kuwait
Lebanon
Libya1

Mauritania
Morocco
Oman
Qatar
Saudi Arabia
Sudan
Syrian Arab Rep.
Tunisia
United Arab Emirates
Republic of Yemen

1Due to the uncertain political situation, Libya is excluded from the projection years of WEO aggregates

Sub-Saharan Africa

Angola
Benin
Botswana
Burkina Faso
Burundi
Cameroon
Cape Verde
Central African Republic
Chad
Comoros
Democratic Republic of Congo
Republic of Congo
Côte d'Ivoire
Equatorial Guinea

Eritrea
Ethiopia
Gabon
The Gambia
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritius
Mozambique
Namibia

Niger
Nigeria
Rwanda
São Tomé and Príncipe
Senegal
Seychelles
Sierra Leone
South Africa
Swaziland
Tanzania
Togo
Uganda
Zambia
Zimbabwe



WEO Aggregates

Composite data for country groups in the World Economic Outlook are either sums or weighted averages of data for individual countries. All historical and projected data are recalculated to reflect changes in country group composition in order to ensure that the economic indicators reflect changes in economic conditions and not changes in the country group composition. Arithmetically weighted averages are used for all data except inflation for the other emerging market and developing country group, for which geometric averages are used. The following conventions apply.

  • Country group composites for interest rates are weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  • Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parities (PPPs) as a share of total world or group GDP. Annual inflation rates are simple percent change from previous years, except for other emerging market and developing countries where the rates are based on logarithmic differences (see the FAQ for more details).
  • Composites for data relating to the domestic economy for the euro area (17 member countries throughout the entire period unless otherwise noted) are aggregates of national source data using GDP weights. Annual data are not adjusted for calendar day effects. For data prior to 1999, data aggregation apply 1995 European Currency exchange rates.
  • Data for Estonia are now included in the euro area aggregates.
  • Composite unemployment rates are weighted by labor force as a share of group labor force.
  • Composites relating to the external economy are 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, however, are 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).
  • Unless noted otherwise, group composites are computed if 90 percent or more of the share of group weights is represented.
  • The country group composites for fiscal data are calculated as the sum of the U.S dollar values for the relevant individual countries.