"Adjusting to Lower Commodity Prices", October 2015; Tables ... - IMF

WORLD ECONOMIC OUTLOOK: ADJUSTING TO LOWER COMMODITY PRICES

Table A1. Summary of World Output1 (Annual percent change) Average 1997–2006 World Advanced Economies United States Euro Area2 Japan Other Advanced Economies3 Emerging Market and Developing Economies Regional Groups Commonwealth of Independent States4 Emerging and Developing Asia Emerging and Developing Europe Latin America and the Caribbean Middle East, North Africa, Afghanistan, and Pakistan Middle East and North Africa Sub-Saharan Africa Memorandum European Union Low-Income Developing Countries Analytical Groups By Source of Export Earnings Fuel Nonfuel Of Which, Primary Products By External Financing Source Net Debtor Economies Net Debtor Economies by Debt-Servicing Experience Economies with Arrears and/or Rescheduling during 2010–14 Memorandum Median Growth Rate Advanced Economies Emerging Market and Developing Economies Low-Income Developing Countries Output per Capita Advanced Economies Emerging Market and Developing Economies Low-Income Developing Countries World Growth Rate Based on Market Exchange Value of World Output (billions of U.S. dollars) At Market Exchange Rates At Purchasing Power Parities

Projections 2016

2007

2008

2009

2010

2011

2012

2013

2014

2015

4.0 2.8 3.3 2.3 0.9 3.6 5.4

5.7 2.8 1.8 3.0 2.2 4.1 8.7

3.1 0.2 –0.3 0.5 –1.0 1.2 5.8

0.0 –3.4 –2.8 –4.6 –5.5 –2.0 3.1

5.4 3.1 2.5 2.0 4.7 4.6 7.5

4.2 1.7 1.6 1.6 –0.5 2.8 6.3

3.4 1.2 2.2 –0.8 1.7 1.7 5.2

3.3 1.1 1.5 –0.3 1.6 2.1 5.0

3.4 1.8 2.4 0.9 –0.1 2.8 4.6

3.1 2.0 2.6 1.5 0.6 2.2 4.0

3.6 2.2 2.8 1.6 1.0 2.4 4.5

4.0 1.9 2.0 1.6 0.7 2.6 5.3

5.5 7.1 4.1 3.1

9.0 11.2 5.5 5.7

5.3 7.3 3.1 3.9

–6.3 7.5 –3.0 –1.3

4.6 9.6 4.8 6.1

4.8 7.9 5.4 4.9

3.4 6.8 1.3 3.1

2.2 7.0 2.9 2.9

1.0 6.8 2.8 1.3

–2.7 6.5 3.0 –0.3

0.5 6.4 3.0 0.8

2.5 6.5 3.4 2.8

4.8 4.9 5.0

6.3 6.4 7.6

5.2 5.2 6.0

2.2 2.2 4.1

4.9 5.2 6.6

4.5 4.6 5.0

5.0 5.0 4.3

2.3 2.1 5.2

2.7 2.6 5.0

2.5 2.3 3.8

3.9 3.8 4.3

4.5 4.3 5.1

2.6 6.0

3.3 7.4

0.7 5.9

–4.3 5.9

2.1 7.1

1.8 5.3

–0.4 5.2

0.2 6.1

1.5 6.0

1.9 4.8

1.9 5.8

1.9 6.0

5.0 5.6 3.8

7.7 9.0 6.7

5.4 6.0 3.8

–0.9 4.3 1.0

5.1 8.1 6.5

5.1 6.7 5.6

4.8 5.3 3.1

2.5 5.6 4.1

2.3 5.2 2.5

0.1 4.9 2.2

2.2 5.1 2.1

3.5 5.7 3.3

4.4

6.7

4.3

1.9

6.7

5.1

4.1

4.5

4.1

3.7

4.4

5.3

5.2

6.8

5.2

–0.3

3.6

3.0

2.3

2.7

1.3

1.6

3.8

4.8

3.5 4.4 4.7

4.2 6.2 5.2

1.0 5.0 5.6

–3.8 1.8 3.9

2.3 4.8 6.2

2.1 4.5 5.8

0.8 4.1 5.2

1.4 3.9 5.4

2.3 3.6 5.4

2.2 3.2 4.3

2.4 3.6 5.2

2.1 4.0 5.8

2.1 4.1 3.7 3.1

2.0 7.2 5.2 3.9

–0.6 4.3 3.8 1.5

–4.1 2.0 3.7 –2.0

2.5 6.3 5.0 4.1

1.2 5.2 4.2 3.0

0.6 3.9 2.8 2.4

0.6 3.9 4.0 2.4

1.2 3.3 3.9 2.7

1.4 2.9 2.8 2.5

1.7 3.4 3.7 3.0

1.5 4.2 4.0 3.2

37,621 54,442

57,516 78,743

73,777 75,467 77,269 73,507 76,321 98,714 103,554 108,777 113,162 118,519

96,193 149,464

1Real

63,014 59,683 65,339 72,423 82,644 83,045 88,523 94,013

2020

GDP. for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. 3Excludes the United States, euro area countries, and Japan. 4Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure. 2Data

168

International Monetary Fund | October 2015

STATISTICAL APPENDIX

Table A2. Advanced Economies: Real GDP and Total Domestic Demand1 (Annual percent change) Average 1997–2006 2007 2008 Real GDP Advanced Economies United States Euro Area3 Germany France Italy Spain Netherlands Belgium Austria Greece Portugal Ireland Finland Slovak Republic Lithuania Slovenia Luxembourg Latvia Estonia Cyprus4 Malta Japan United Kingdom Korea Canada Australia Taiwan Province of China Switzerland Sweden Singapore Hong Kong SAR Norway Czech Republic Israel Denmark New Zealand Iceland San Marino Memorandum Major Advanced Economies Real Total Domestic Demand Advanced Economies United States Euro Area3 Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies5 Memorandum Major Advanced Economies

2009

2010 2011

2012

Projections 2013 2014 2015 2016 2020

Fourth Quarter2 Projections 2014:Q4 2015:Q4 2016:Q4

2.8 3.3 2.3 1.5 2.4 1.5 3.9 2.8 2.4 2.5 4.1 2.3 7.3 3.9 4.3 6.4 4.1 4.9 7.6 7.1 4.0 2.3 0.9 3.1 4.9 3.4 3.6 4.9 2.2 3.4 5.4 3.7 2.6 3.1 3.7 2.3 3.4 4.5 ...

2.8 1.8 3.0 3.4 2.4 1.5 3.8 3.7 3.0 3.6 3.5 2.5 5.5 5.2 10.7 11.1 6.9 8.4 9.8 7.7 4.9 3.9 2.2 2.6 5.5 2.0 4.5 6.5 4.2 3.4 9.1 6.5 2.9 5.5 6.1 0.8 3.7 9.5 7.1

0.2 –0.3 0.5 0.8 0.2 –1.0 1.1 1.7 1.0 1.5 –0.4 0.2 –2.2 0.7 5.4 2.6 3.3 –0.8 –3.2 –5.4 3.6 3.3 –1.0 –0.3 2.8 1.2 2.7 0.7 2.2 –0.6 1.8 2.1 0.4 2.7 3.1 –0.7 –0.8 1.5 1.7

–3.4 –2.8 –4.6 –5.6 –2.9 –5.5 –3.6 –3.8 –2.6 –3.8 –4.4 –3.0 –5.6 –8.3 –5.3 –14.8 –7.8 –5.4 –14.2 –14.7 –2.0 –2.5 –5.5 –4.3 0.7 –2.7 1.6 –1.6 –2.1 –5.2 –0.6 –2.5 –1.6 –4.8 1.3 –5.1 0.5 –4.7 –12.8

3.1 2.5 2.0 3.9 2.0 1.7 0.0 1.4 2.5 1.9 –5.4 1.9 0.4 3.0 4.8 1.6 1.2 5.7 –2.9 2.5 1.4 3.5 4.7 1.9 6.5 3.4 2.3 10.6 2.9 6.0 15.2 6.8 0.6 2.3 5.5 1.6 2.0 –3.6 –4.6

1.7 1.6 1.6 3.7 2.1 0.6 –0.6 1.7 1.6 2.8 –8.9 –1.8 2.6 2.6 2.7 6.1 0.6 2.6 5.0 7.6 0.3 2.1 –0.5 1.6 3.7 3.0 2.7 3.8 1.9 2.7 6.2 4.8 1.0 2.0 5.0 1.2 1.3 2.0 –9.5

1.2 2.2 –0.8 0.6 0.2 –2.8 –2.1 –1.1 0.1 0.8 –6.6 –4.0 0.2 –1.4 1.6 3.8 –2.7 –0.7 4.8 5.2 –2.4 2.5 1.7 0.7 2.3 1.9 3.6 2.1 1.1 –0.3 3.4 1.7 2.7 –0.9 2.9 –0.7 2.9 1.2 –7.5

1.1 1.5 –0.3 0.4 0.7 –1.7 –1.2 –0.5 0.3 0.3 –3.9 –1.6 1.4 –1.1 1.4 3.3 –1.1 4.4 4.2 1.6 –5.4 2.4 1.6 1.7 2.9 2.0 2.1 2.2 1.8 1.3 4.4 3.1 0.7 –0.5 3.3 –0.5 2.5 3.9 –4.5

1.8 2.4 0.9 1.6 0.2 –0.4 1.4 1.0 1.1 0.4 0.8 0.9 5.2 –0.4 2.4 2.9 3.0 5.6 2.4 2.9 –2.3 3.5 –0.1 3.0 3.3 2.4 2.7 3.8 1.9 2.3 2.9 2.5 2.2 2.0 2.6 1.1 3.3 1.8 –1.0

2.0 2.6 1.5 1.5 1.2 0.8 3.1 1.8 1.3 0.8 –2.3 1.6 4.8 0.4 3.2 1.8 2.3 4.4 2.2 2.0 0.5 3.4 0.6 2.5 2.7 1.0 2.4 2.2 1.0 2.8 2.2 2.5 0.9 3.9 2.5 1.6 2.2 4.8 1.0

2.2 2.8 1.6 1.6 1.5 1.3 2.5 1.9 1.5 1.6 –1.3 1.5 3.8 0.9 3.6 2.6 1.8 3.4 3.3 2.9 1.4 3.5 1.0 2.2 3.2 1.7 2.9 2.6 1.3 3.0 2.9 2.7 1.3 2.6 3.3 2.0 2.4 3.7 1.1

1.9 2.0 1.6 1.3 1.9 1.0 1.8 2.1 1.5 1.1 2.4 1.2 2.5 1.6 3.1 3.6 2.0 3.0 4.0 3.4 1.8 2.6 0.7 2.1 3.6 2.0 2.8 3.2 1.9 2.1 3.2 3.3 2.0 2.2 2.9 2.2 2.5 2.4 1.3

1.8 2.5 0.9 1.5 0.1 –0.4 2.0 1.5 1.0 –0.2 1.4 0.6 6.0 –0.5 2.6 2.6 2.4 8.5 2.0 3.4 –1.8 4.1 –0.8 3.4 2.7 2.5 2.5 3.2 2.0 2.6 2.2 2.3 3.0 1.3 2.9 1.4 4.2 1.9 ...

2.0 2.5 1.5 1.6 1.5 1.2 3.2 0.8 1.7 1.3 –5.4 1.6 2.6 1.0 3.4 1.2 1.8 2.8 2.1 3.1 ... 3.3 1.3 2.2 3.8 0.5 2.5 2.5 0.5 2.6 2.1 2.7 –0.7 3.5 1.9 1.7 1.8 4.4 ...

2.3 2.8 1.7 1.6 1.5 1.5 2.2 2.8 1.4 2.2 3.0 1.5 2.6 0.4 3.8 3.6 2.1 3.5 4.0 3.0 ... 3.5 1.3 2.2 2.0 2.0 3.2 2.9 1.5 3.0 2.7 3.1 2.8 2.4 4.0 0.9 2.2 3.2 ...

2.5

2.1

–0.2

–3.8

2.9

1.6

1.4

1.2

1.7

1.9

2.2

1.7

1.6

1.9

2.2

2.9 3.7 2.3 0.9 2.5 1.9 4.8 0.5 3.4 3.6 3.3

2.3 1.1 2.8 1.8 3.1 1.3 4.1 1.1 2.5 3.4 4.9

–0.3 –1.3 0.3 1.0 0.5 –1.2 –0.4 –1.3 –1.3 2.8 1.7

–3.7 –3.8 –4.0 –3.2 –2.5 –4.1 –6.0 –4.0 –4.4 –2.7 –2.6

3.0 2.9 1.4 2.9 2.1 2.0 –0.5 2.9 2.5 5.2 6.3

1.4 1.6 0.7 3.0 2.0 –0.6 –2.7 0.4 0.3 3.3 3.0

0.8 2.1 –2.3 –0.9 –0.3 –5.5 –4.2 2.6 1.4 2.2 1.8

0.8 1.2 –0.7 0.9 0.7 –2.5 –2.7 1.9 1.8 1.8 1.3

1.8 2.5 0.9 1.3 0.6 –0.7 2.3 –0.1 3.5 1.3 2.3

2.2 3.2 1.4 1.2 1.1 0.9 3.7 0.4 2.3 0.3 2.4

2.5 3.5 1.6 1.5 1.5 1.0 2.4 0.8 2.3 0.8 2.9

2.0 2.1 1.5 1.4 1.9 1.0 1.4 0.6 2.3 1.9 3.1

1.7 2.9 1.0 1.5 0.4 –1.0 2.8 –1.8 2.8 1.3 1.8

2.3 3.2 1.3 1.1 1.3 1.4 4.4 1.6 2.3 –0.8 2.6

2.6 3.5 1.7 1.7 1.8 1.3 1.1 0.9 2.2 2.0 3.3

2.7

1.6

–0.7

–3.7

2.9

1.4

1.1

1.1

1.7

2.1

2.4

1.8

1.6

2.3

2.5

1In

this and other tables, when countries are not listed alphabetically, they are ordered on the basis of economic size. 2From the fourth quarter of the preceding year. 3Data for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. 4Owing to the unusual macroeconomic uncertainty, quarterly real GDP projections are not available. 5Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.


169


Table A3. Advanced Economies: Components of Real GDP (Annual percent change) Averages 1997–2006 2007–16 Private Consumer Expenditure Advanced Economies United States Euro Area1 Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies2 Memorandum Major Advanced Economies Public Consumption Advanced Economies United States Euro Area1 Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies2 Memorandum Major Advanced Economies Gross Fixed Capital Formation Advanced Economies United States Euro Area1 Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies2 Memorandum Major Advanced Economies

170

2007

2008

2009

2010

2011

2012

2013

2014

Projections 2015 2016

3.0 3.8 2.1 1.0 2.5 1.7 3.9 0.9 4.0 3.5 3.5

1.3 1.7 0.4 0.8 1.0 –0.5 0.1 0.7 1.0 2.5 2.4

2.4 2.2 1.8 0.0 2.5 1.2 3.3 0.9 2.6 4.2 4.7

0.1 –0.3 0.3 0.5 0.4 –1.1 –0.7 –0.9 –0.5 2.9 1.1

–1.1 –1.6 –1.1 0.3 0.2 –1.5 –3.6 –0.7 –3.1 0.3 0.1

1.9 1.9 0.8 0.3 1.8 1.2 0.3 2.8 0.4 3.4 3.7

1.4 2.3 0.0 1.3 0.5 0.0 –2.0 0.3 0.1 2.3 2.9

0.9 1.5 –1.2 0.9 –0.2 –4.0 –2.9 2.3 1.1 1.9 2.1

1.2 1.7 –0.6 0.8 0.4 –2.8 –2.3 2.1 1.7 2.5 2.2

1.7 2.7 0.9 1.0 0.6 0.3 2.4 –1.3 2.5 2.7 2.3

2.3 3.2 1.8 1.8 1.8 0.7 4.1 –0.5 3.1 2.3 2.5

2.7 3.5 1.5 1.4 1.8 1.1 2.8 2.2 2.6 2.8 2.8

2.8

1.3

1.9

–0.2

–1.1

1.8

1.4

1.0

1.3

1.7

2.3

2.8

2.6 2.1 1.8 0.8 1.3 1.4 4.5 2.1 2.8 2.1 2.8

1.0 0.3 1.0 1.7 1.4 –0.2 1.1 1.1 1.1 1.3 2.5

1.9 1.4 2.1 1.5 1.8 0.4 6.2 1.1 1.2 2.8 3.0

2.4 2.5 2.4 3.4 1.1 1.0 5.9 –0.1 2.0 4.6 3.0

3.0 3.7 2.4 3.0 2.4 0.4 4.1 2.3 1.2 3.3 3.4

1.0 0.1 0.8 1.3 1.3 0.6 1.5 1.9 0.0 2.7 2.8

–0.6 –2.7 –0.1 0.9 1.0 –1.8 –0.3 1.2 0.0 0.8 1.6

0.3 –0.9 –0.1 1.3 1.6 –1.2 –3.7 1.7 2.3 1.2 2.0

–0.4 –2.5 0.2 0.8 1.7 –0.3 –2.9 1.9 –0.3 0.4 2.2

0.6 –0.5 0.8 1.7 1.5 –1.0 0.1 0.2 1.6 0.2 2.4

1.1 0.6 1.0 1.9 1.3 0.2 0.5 1.6 2.0 –1.8 2.0

0.9 1.2 0.6 1.2 0.6 0.0 –0.2 –0.9 0.8 –0.7 2.2

1.9

0.7

1.4

2.1

2.9

0.7

–1.0

0.2

–0.8

0.2

0.9

0.7

3.3 4.6 3.1 1.0 3.5 3.0 7.0 –1.1 2.3 5.9 3.5

0.5 0.6 –0.7 1.2 0.0 –3.0 –2.9 –0.7 1.5 0.7 2.4

2.4 –1.2 4.9 4.1 5.5 1.6 4.4 0.3 5.3 3.2 6.6

–2.6 –4.8 –0.6 0.8 0.8 –3.1 –3.9 –4.1 –4.7 1.6 0.3

–11.1 –13.1 –11.3 –9.9 –9.1 –9.9 –16.9 –10.6 –14.4 –12.0 –4.8

1.9 1.1 –0.4 5.0 2.1 –0.5 –4.9 –0.2 5.9 11.3 6.4

2.9 3.7 1.6 7.4 2.1 –1.9 –6.3 1.4 2.3 4.8 3.8

2.2 6.3 –3.6 0.1 0.2 –9.3 –8.1 3.4 0.7 4.8 2.5

0.9 2.4 –2.6 –1.3 –0.6 –5.8 –3.8 3.2 3.4 0.4 2.1

2.9 4.1 1.2 3.5 –1.2 –3.3 3.4 2.6 8.6 0.2 1.6

2.6 4.0 2.1 1.9 –0.4 1.0 5.9 –0.5 5.5 –3.3 2.7

3.4 5.4 2.6 1.9 1.6 2.2 3.8 –1.4 4.6 –1.8 3.6

3.0

0.3

0.9

–3.3

–11.9

2.1

3.2

3.3

1.4

3.1

2.4

3.3



Table A3. Advanced Economies: Components of Real GDP (continued) (Annual percent change) Averages 1997–2006 2007–16 Final Domestic Demand Advanced Economies United States Euro Area1 Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies2 Memorandum Major Advanced Economies Stock Building3 Advanced Economies United States Euro Area1 Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies2 Memorandum Major Advanced Economies Foreign Balance3 Advanced Economies United States Euro Area1 Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies2 Memorandum Major Advanced Economies

2007

2008

2009

2010

2011

2012

2013

2014


2.9 3.7 2.3 1.0 2.4 1.9 4.8 0.6 3.4 3.8 3.2

1.1 1.3 0.3 1.1 0.9 –0.9 –0.5 0.5 1.1 1.9 2.4

2.3 1.4 2.6 1.1 3.0 1.1 4.1 0.8 2.8 3.7 4.8

–0.1 –0.9 0.5 1.1 0.7 –1.2 –0.5 –1.6 –0.7 2.9 1.2

–2.6 –3.1 –2.7 –1.4 –1.5 –2.9 –5.9 –2.3 –4.1 –1.9 –0.6

1.7 1.5 0.5 1.4 1.8 0.8 –0.7 2.0 1.1 5.0 4.4

1.3 1.7 0.3 2.5 0.9 –0.8 –2.6 0.7 0.4 2.5 2.8

1.0 1.9 –1.5 0.8 0.3 –4.5 –4.2 2.4 1.3 2.5 2.1

0.9 1.2 –0.9 0.3 0.5 –2.8 –2.7 2.3 1.5 1.5 2.1

1.8 2.5 1.0 1.7 0.5 –0.6 2.1 –0.2 3.3 1.6 2.1

2.2 3.0 1.7 1.9 1.2 0.6 3.8 0.0 3.3 0.1 2.6

2.5 3.6 1.5 1.5 1.5 1.1 2.4 0.8 2.6 1.0 3.0

2.7

1.0

1.6

–0.5

–2.7

1.6

1.4

1.3

1.0

1.7

2.1

2.5

0.0 0.0 0.0 –0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.0

0.0 0.0 –0.1 –0.1 0.0 0.0 0.0 0.0 –0.1 0.0 0.0

0.0 –0.2 0.2 0.7 0.1 0.2 0.0 0.3 –0.1 –0.1 0.1

–0.2 –0.5 –0.2 –0.1 –0.2 –0.1 0.1 0.2 –0.5 0.0 0.4

–1.2 –0.8 –1.2 –1.7 –1.1 –1.2 –0.2 –1.5 –0.6 –0.8 –2.0

1.3 1.5 0.9 1.4 0.3 1.3 0.2 0.9 1.5 0.2 1.9

0.1 –0.1 0.4 0.5 1.1 0.2 0.0 –0.2 –0.2 0.8 0.2

–0.2 0.1 –0.9 –1.6 –0.6 –1.1 –0.2 0.2 0.1 –0.2 –0.3

0.0 0.1 0.2 0.5 0.2 0.3 –0.1 –0.4 0.3 0.4 –0.8

0.0 0.1 –0.1 –0.3 0.2 –0.1 0.2 0.1 0.3 –0.2 0.2

0.0 0.3 –0.2 –0.6 –0.1 0.2 0.0 0.4 –1.0 0.1 0.0

0.0 0.0 0.0 0.0 0.0 –0.1 0.0 0.0 –0.3 –0.2 0.0

0.0

0.0

0.0

–0.3

–1.0

1.2

0.1

–0.2

0.1

0.0

0.1

–0.1

–0.1 –0.6 0.1 0.5 –0.1 –0.4 –0.8 0.4 –0.5 –0.3 0.6

0.2 0.1 0.4 0.3 –0.1 0.4 0.9 0.0 0.1 –0.3 0.5

0.4 0.6 0.3 1.6 –0.8 0.2 –0.6 1.0 –0.4 –1.5 0.8

0.5 1.1 0.1 –0.1 –0.3 0.2 1.6 0.2 1.1 –1.9 0.3

0.3 1.2 –0.6 –2.6 –0.4 –1.3 2.8 –2.0 0.7 0.0 1.5

0.1 –0.5 0.6 1.1 –0.1 –0.3 0.5 2.0 –0.9 –2.0 –0.1

0.3 0.0 1.0 0.9 0.0 1.2 2.1 –0.8 1.4 –0.4 0.4

0.4 0.1 1.5 1.5 0.5 2.8 2.2 –0.8 –0.8 –0.4 0.5

0.3 0.2 0.4 –0.4 0.0 0.7 1.4 –0.2 0.0 0.2 0.8

0.0 –0.2 0.0 0.4 –0.5 0.3 –0.8 0.3 –0.6 1.1 0.4

–0.2 –0.8 0.1 0.4 0.0 –0.1 –0.6 0.2 0.2 0.7 0.0

–0.2 –0.8 0.2 0.1 0.0 0.4 0.2 0.2 –0.1 0.9 0.0

–0.2

0.1

0.5

0.5

0.0

0.0

0.1

0.2

0.1

0.0

–0.3

–0.3

1Data

for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. 2Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries. 3Changes expressed as percent of GDP in the preceding period.


171


Table A4. Emerging Market and Developing Economies: Real GDP (Annual percent change)

Commonwealth of Independent States1,2 Russia Excluding Russia Armenia Azerbaijan Belarus Georgia Kazakhstan Kyrgyz Republic Moldova Tajikistan Turkmenistan Ukraine3 Uzbekistan Emerging and Developing Asia Bangladesh Bhutan Brunei Darussalam Cambodia China Fiji India Indonesia Kiribati Lao P.D.R. Malaysia Maldives Marshall Islands Micronesia Mongolia Myanmar Nepal Palau Papua New Guinea Philippines Samoa Solomon Islands Sri Lanka Thailand Timor-Leste4 Tonga Tuvalu Vanuatu Vietnam Emerging and Developing Europe Albania Bosnia and Herzegovina Bulgaria Croatia Hungary Kosovo FYR Macedonia Montenegro Poland Romania Serbia Turkey

172

Average 1997–2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

5.5 5.0 6.6 9.4 12.5 7.6 6.4 7.4 4.3 3.3 7.2 11.9 4.6 5.2 7.1 5.6 7.0 1.9 8.9 9.4 2.2 6.6 2.5 1.9 6.2 4.3 8.4 ... 0.5 5.3 ... 4.0 ... 1.0 4.0 3.6 0.3 4.5 3.0 ... 1.0 ... 2.5 6.9 4.1 5.1 7.8 3.5 3.8 4.0 ... 2.9 ... 4.2 2.7 ... 4.3

9.0 8.5 10.4 13.7 25.0 8.7 12.6 8.9 8.5 3.0 7.8 11.1 8.2 9.5 11.2 6.5 12.6 0.1 10.2 14.2 –0.9 9.8 6.3 2.2 7.8 6.3 10.8 3.8 –2.1 8.8 12.0 3.4 0.0 7.2 6.6 1.1 6.4 6.8 5.4 11.4 –1.1 6.4 5.2 7.1 5.5 5.9 6.0 6.9 5.2 0.5 8.3 6.5 10.7 7.2 6.9 5.9 4.7

5.3 5.2 5.6 6.9 10.8 10.3 2.6 3.3 7.6 7.8 7.9 14.7 2.2 9.0 7.3 5.5 10.8 –2.0 6.7 9.6 1.0 3.9 7.4 –0.8 7.8 4.8 13.3 –2.0 –2.5 7.8 3.6 6.1 –4.8 6.6 4.2 2.9 7.1 6.0 1.7 14.2 1.8 8.0 6.5 5.7 3.1 7.5 5.6 5.8 2.1 0.9 4.5 5.5 6.9 3.9 8.5 5.4 0.7

–6.3 –7.8 –2.5 –14.1 9.3 0.1 –3.7 1.2 2.9 –6.0 3.9 6.1 –15.1 8.1 7.5 5.3 5.7 –1.8 0.1 9.2 –1.4 8.5 4.7 0.3 7.5 –1.5 –1.8 –1.7 0.9 –2.1 5.1 4.5 –10.5 6.1 1.1 –6.4 –4.7 3.5 –0.7 13.0 2.6 –4.4 3.3 5.4 –3.0 3.4 –2.7 –5.0 –7.4 –6.6 3.6 –0.4 –5.7 2.6 –7.1 –3.1 –4.8

4.6 4.5 5.0 2.2 5.0 7.7 6.2 7.3 –0.5 7.1 6.5 9.2 0.3 8.5 9.6 6.0 9.3 2.7 6.0 10.6 3.0 10.3 6.4 –0.9 8.1 7.5 6.6 6.1 3.2 7.3 5.3 4.8 3.7 7.7 7.6 –2.3 6.9 8.0 7.5 9.4 3.1 –2.7 1.6 6.4 4.8 3.7 0.8 0.7 –1.7 0.8 3.3 3.4 2.5 3.7 –0.8 0.6 9.2

4.8 4.3 6.2 4.7 0.1 5.5 7.2 7.5 6.0 6.8 7.4 14.7 5.5 8.3 7.9 6.5 10.1 3.7 7.1 9.5 2.7 6.6 6.2 –0.2 8.0 5.3 6.6 0.0 1.8 17.3 5.6 3.4 4.7 10.7 3.7 6.2 12.9 8.2 0.8 9.5 1.3 8.5 1.2 6.2 5.4 2.5 1.0 2.0 –0.3 1.8 4.4 2.3 3.2 4.8 1.1 1.4 8.8

3.4 3.4 3.6 7.1 2.2 1.7 6.4 5.0 –0.9 –0.7 7.5 11.1 0.2 8.2 6.8 6.3 6.4 0.9 7.3 7.7 1.8 5.1 6.0 3.4 7.9 5.5 1.6 4.7 0.0 12.3 7.3 4.8 3.2 8.1 6.7 1.2 4.7 6.3 7.3 6.4 –1.1 0.2 1.8 5.2 1.3 1.6 –1.2 0.5 –2.2 –1.5 2.8 –0.5 –2.5 1.8 0.6 –1.0 2.1

2.2 1.3 4.2 3.5 5.8 1.0 3.3 6.0 10.5 9.4 7.4 10.2 0.0 8.0 7.0 6.0 4.9 –2.1 7.4 7.7 4.6 6.9 5.6 2.4 8.0 4.7 –4.8 3.0 –3.9 11.6 8.4 4.1 –1.8 5.5 7.1 –1.1 3.0 7.3 2.8 2.8 –0.3 1.3 2.0 5.4 2.9 1.4 2.5 1.1 –1.1 1.5 3.4 2.7 3.3 1.7 3.4 2.6 4.2

1.0 0.6 1.9 3.4 2.8 1.6 4.8 4.3 3.6 4.6 6.7 10.3 –6.8 8.1 6.8 6.3 6.4 –2.3 7.0 7.3 5.3 7.3 5.0 3.7 7.4 6.0 6.1 0.5 –1.6 7.8 8.5 5.4 4.9 8.5 6.1 1.9 1.5 7.4 0.9 4.5 2.3 2.2 2.3 6.0 2.8 1.9 1.1 1.7 –0.4 3.6 2.7 3.8 1.5 3.4 2.8 –1.8 2.9

–2.7 –3.8 –0.1 2.5 4.0 –3.6 2.0 1.5 2.0 –1.0 3.0 8.5 –9.0 6.8 6.5 6.5 7.7 –1.2 7.0 6.8 4.3 7.3 4.7 3.1 7.5 4.7 2.9 1.7 –0.2 3.5 8.5 3.4 4.0 12.3 6.0 2.6 3.3 6.5 2.5 4.3 2.7 3.5 –2.0 6.5 3.0 2.7 2.0 1.7 0.8 3.0 3.2 3.2 3.2 3.5 3.4 0.5 3.0


Projections 2016 2020 0.5 –0.6 2.8 2.2 2.5 –2.2 3.0 2.4 3.6 1.5 3.4 8.9 2.0 7.0 6.4 6.8 8.4 3.2 7.2 6.3 3.7 7.5 5.1 1.8 8.0 4.5 3.1 2.2 1.7 3.6 8.4 4.4 2.7 3.0 6.3 1.6 3.0 6.5 3.2 5.0 2.4 4.0 5.0 6.4 3.0 3.4 3.0 1.9 1.0 2.5 3.8 3.2 4.9 3.5 3.9 1.5 2.9

2.5 1.5 4.6 3.5 3.4 1.6 5.0 4.5 5.3 4.0 5.0 8.2 4.0 6.5 6.5 6.7 6.5 5.0 7.3 6.3 3.7 7.7 6.0 1.5 7.4 5.0 4.7 1.6 0.7 9.1 7.7 3.8 2.0 3.2 6.5 2.0 3.6 6.5 3.2 6.0 0.7 1.6 2.5 6.0 3.4 4.2 4.0 2.5 1.8 2.1 4.1 3.8 3.3 3.6 3.3 4.0 3.5


Table A4. Emerging Market and Developing Economies: Real GDP (continued) (Annual percent change)

Latin America and the Caribbean Antigua and Barbuda Argentina5 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, North Africa, Afghanistan, and Pakistan Afghanistan Algeria Bahrain Djibouti Egypt Iran6 Iraq Jordan Kuwait Lebanon Libya Mauritania Morocco Oman Pakistan Qatar Saudi Arabia Sudan7 Syria8 Tunisia United Arab Emirates Yemen

Average 1997–2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

3.1 4.5 2.6 3.2 2.5 6.0 3.3 2.7 4.1 2.7 5.3 2.0 5.5 3.2 2.9 5.0 3.5 1.3 0.8 4.3 1.0 3.3 3.9 5.0 1.5 3.9 3.7 2.4 4.1 4.1 8.5 1.1 2.6

5.7 7.1 8.0 1.4 1.8 1.1 4.6 6.0 5.2 6.9 7.9 6.4 8.5 2.2 3.8 6.1 6.3 7.0 3.3 6.2 1.4 3.1 5.3 12.1 5.4 8.5 4.8 0.6 3.0 5.1 4.8 6.5 8.8

3.9 1.5 3.1 –2.3 0.4 3.2 6.1 5.0 3.2 3.5 2.7 7.1 3.1 6.4 1.3 0.9 3.3 2.0 0.8 4.2 –0.8 1.4 2.9 10.1 6.4 9.1 3.4 2.8 –0.5 4.1 3.4 7.2 5.3

–1.3 –10.7 0.1 –4.2 –4.0 0.7 3.4 –0.2 –1.0 1.7 –1.0 –1.2 0.9 0.6 –3.1 –6.6 0.5 3.3 3.1 –2.4 –3.4 –4.7 –2.8 3.9 –4.0 1.0 –3.8 –0.5 –2.0 3.0 –4.4 4.2 –3.2

6.1 –8.5 9.5 1.5 0.3 3.3 4.1 7.6 5.7 4.0 5.0 0.7 8.3 3.5 1.4 –0.5 2.9 4.4 –5.5 3.7 –1.5 5.1 3.2 7.5 13.1 8.5 –3.8 –1.7 –2.3 5.1 –0.1 7.8 –1.5

4.9 –1.9 8.4 0.6 0.8 2.1 5.2 3.9 5.8 6.6 4.5 –0.1 2.8 7.9 2.2 0.8 4.2 5.4 5.5 3.8 1.4 4.0 6.2 10.9 4.3 6.5 –1.9 0.7 0.2 5.3 0.0 5.2 4.2

3.1 3.6 0.8 2.2 0.3 3.8 5.1 1.8 5.5 4.0 5.2 –1.3 2.6 5.2 1.9 –1.2 3.0 4.8 2.9 4.1 –0.5 4.0 5.1 10.8 –1.2 6.0 –0.9 –1.1 1.3 3.1 1.4 3.3 5.6

2.9 1.5 2.9 0.0 0.0 1.5 6.8 2.7 4.3 4.9 3.4 0.6 4.8 4.6 1.8 2.3 3.7 5.2 4.2 2.8 0.2 1.4 4.5 8.4 14.2 5.8 6.2 0.1 2.3 2.8 1.7 5.1 1.3

1.3 4.2 0.5 1.0 0.2 3.6 5.5 0.1 1.9 4.6 3.5 3.9 7.3 3.8 2.0 5.7 4.2 3.8 2.7 3.1 0.4 2.1 4.7 6.2 4.4 2.4 6.1 0.5 –0.2 1.8 0.8 3.5 –4.0

–0.3 2.2 0.4 1.2 1.0 2.2 4.1 –3.0 2.3 2.5 3.0 2.8 5.5 –0.6 2.3 3.4 3.8 3.2 2.5 3.5 1.1 2.3 4.0 6.0 3.0 2.4 5.0 1.8 2.1 1.5 1.0 2.5 –10.0

0.8 2.1 –0.7 2.2 1.1 3.2 3.5 –1.0 2.5 2.8 4.0 3.3 4.5 0.1 2.5 2.4 3.7 4.9 3.2 3.6 2.1 2.8 4.2 6.3 3.8 3.3 3.5 1.4 2.5 0.5 1.4 2.2 –6.0

2.8 2.7 0.2 1.5 2.0 2.4 3.5 2.5 3.5 4.1 4.3 1.9 4.0 1.8 2.0 2.5 3.5 3.2 3.5 4.0 2.7 3.3 4.0 6.0 4.1 4.0 2.5 2.2 3.0 3.0 1.7 3.1 0.0

4.8 ... 4.1 5.2 2.2 5.0 4.4 ... 5.4 5.7 3.2 3.5 4.7 4.0 2.5 4.5 11.8 3.9 15.8 2.9 4.9 6.2 4.5

6.3 13.3 3.4 8.3 5.1 7.1 9.1 1.9 8.2 6.0 9.4 6.4 2.8 3.5 4.5 5.5 18.0 6.0 8.5 5.7 6.3 3.2 3.3

5.2 3.9 2.4 6.2 5.8 7.2 0.9 8.2 7.2 2.5 9.1 2.7 1.1 5.9 8.2 5.0 17.7 8.4 3.0 4.5 4.5 3.2 3.6

2.2 20.6 1.6 2.5 5.0 4.7 2.3 3.4 5.5 –7.1 10.3 –0.8 –1.0 4.2 6.1 0.4 12.0 1.8 4.7 5.9 3.1 –5.2 3.9

4.9 8.4 3.6 4.3 3.5 5.1 6.6 6.4 2.3 –2.4 8.0 5.0 4.8 3.8 4.8 2.6 19.6 4.8 3.0 3.4 2.6 1.6 7.7

4.5 6.5 2.8 2.1 4.5 1.8 3.7 7.5 2.6 10.6 0.9 –62.1 4.4 5.2 4.1 3.6 13.4 10.0 –1.3 ... –1.9 4.9 –12.7

5.0 14.0 2.6 3.6 4.8 2.2 –6.6 13.9 2.7 7.7 2.8 104.5 6.0 3.0 5.8 3.8 4.9 5.4 –3.4 ... 3.7 7.2 2.4

2.3 3.9 2.8 5.3 5.0 2.1 –1.9 6.6 2.8 0.8 2.5 –13.6 5.5 4.7 4.7 3.7 4.6 2.7 3.9 ... 2.3 4.3 4.8

2.7 1.3 3.8 4.5 6.0 2.2 4.3 –2.1 3.1 0.1 2.0 –24.0 6.9 2.4 2.9 4.0 4.0 3.5 3.6 ... 2.3 4.6 –0.2

2.5 2.0 3.0 3.4 6.5 4.2 0.8 0.0 2.9 1.2 2.0 –6.1 4.1 4.9 4.4 4.2 4.7 3.4 3.5 ... 1.0 3.0 –28.1

3.9 3.0 3.9 3.2 7.0 4.3 4.4 7.1 3.7 2.5 2.5 2.0 6.4 3.7 2.8 4.5 4.9 2.2 4.0 ... 3.0 3.1 11.6

4.5 6.0 3.5 3.3 6.0 5.0 4.4 7.1 4.5 2.9 4.0 13.5 4.0 5.4 1.0 5.2 2.8 3.2 5.8 ... 4.7 3.8 4.7



173


Table A4. Emerging Market and Developing Economies: Real GDP (continued) (Annual percent change)

Sub-Saharan Africa Angola Benin Botswana Burkina Faso Burundi Cabo Verde Cameroon Central African Republic Chad Comoros Democratic Republic of the 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 South Sudan Swaziland Tanzania Togo Uganda Zambia Zimbabwe9

Average 1997–2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

5.0 8.8 4.4 4.7 6.1 2.8 7.4 4.0 1.6 8.4 2.4 –0.1 3.4 1.1 37.8 1.5 5.6 0.2 3.6 5.1 3.3 0.9 2.9 3.0 ... 3.4 2.8 4.9 4.3 8.5 4.2 4.4 7.2 8.4 3.8 4.4 2.8 9.4 3.4 ... 3.4 5.5 1.3 6.8 5.1 ...

7.6 22.6 4.6 8.3 4.1 3.4 9.2 3.3 4.6 3.3 0.5 6.3 –1.6 1.8 12.3 1.4 11.8 6.3 3.6 4.5 1.8 3.2 6.9 5.0 12.7 6.4 9.6 4.3 5.9 7.4 3.6 3.2 9.1 7.6 0.6 4.9 10.4 8.1 5.4 ... 4.0 8.5 2.1 8.1 8.4 –3.4

6.0 13.8 5.0 6.2 5.8 4.9 6.7 2.9 2.1 3.1 1.0 6.2 5.6 2.5 9.9 –9.8 11.2 1.7 5.7 9.3 4.9 3.2 0.2 5.1 6.0 7.2 7.6 5.0 5.5 5.8 2.6 9.6 8.0 11.2 8.1 3.7 –2.1 5.4 3.2 ... 4.3 5.6 2.4 10.4 7.8 –16.6

4.1 2.4 2.7 –7.7 3.0 3.8 –1.3 1.9 1.7 4.2 1.8 2.9 7.5 3.3 –4.5 3.9 10.0 –2.3 6.4 5.8 –0.3 3.3 3.3 4.5 5.1 –4.7 8.3 4.5 3.0 6.5 0.3 –0.7 9.0 6.2 4.0 2.4 –1.1 3.2 –1.5 ... 1.9 5.4 3.5 8.1 9.2 7.5

6.6 3.4 2.6 8.6 8.4 5.1 1.5 3.3 3.0 13.5 2.1 7.1 8.7 2.0 –3.8 2.2 10.6 6.3 6.5 7.9 1.9 4.4 8.4 6.9 6.1 0.3 6.9 5.8 4.1 7.1 6.0 8.4 10.0 6.3 4.5 4.2 5.9 5.3 3.0 ... 1.4 6.4 4.1 7.7 10.3 11.4

5.0 3.9 3.3 6.0 6.6 4.2 4.0 4.1 3.3 0.1 2.2 6.9 3.4 –4.4 1.9 8.7 11.4 7.1 –4.3 14.0 3.9 9.4 6.1 4.5 7.4 1.5 4.9 2.7 3.9 7.4 5.1 2.2 4.9 7.5 4.8 1.8 7.9 6.0 3.2 ... 1.2 7.9 4.8 6.8 6.4 11.9

4.3 5.2 5.4 4.8 6.5 4.0 1.1 4.6 4.1 8.9 3.0 7.1 3.8 10.7 5.8 7.0 8.7 5.3 5.6 8.0 3.8 –1.8 4.6 5.3 8.2 3.0 1.9 0.0 3.2 7.1 5.1 11.8 4.3 8.8 4.5 4.4 6.6 15.2 2.2 –52.4 3.0 5.1 5.9 2.6 6.8 10.6

5.2 6.8 5.6 9.3 6.6 4.5 1.0 5.6 –36.0 5.7 3.5 8.5 3.3 8.7 –6.5 1.3 9.8 5.6 4.8 7.3 2.3 0.8 5.7 3.6 8.7 2.3 5.2 1.7 3.2 7.4 5.1 4.6 5.4 4.7 4.0 3.6 6.0 20.1 2.2 29.3 2.9 7.3 5.4 3.9 6.7 4.5

5.0 4.8 5.4 4.4 4.0 4.7 1.8 5.7 1.0 6.9 2.0 9.2 6.8 7.9 –0.3 1.7 10.3 4.3 –0.2 4.0 1.1 2.5 5.3 3.4 0.7 3.3 5.7 7.2 3.6 7.4 4.5 6.9 6.3 6.9 4.5 4.7 3.3 7.1 1.5 2.9 2.5 7.0 5.0 4.8 5.6 3.3

3.8 3.5 5.5 2.6 5.0 –7.2 3.5 5.3 5.5 6.9 1.0 8.4 1.0 8.2 –10.2 0.2 8.7 3.5 4.7 3.5 0.0 4.7 6.5 2.6 0.9 3.4 4.0 5.0 3.2 7.0 4.8 4.3 4.0 6.5 5.0 5.1 3.5 –23.9 1.4 –5.3 1.9 6.9 5.4 5.2 4.3 1.4

Projections 2016 2020 4.3 3.5 5.3 3.2 6.0 5.2 3.7 5.4 5.7 4.2 2.2 7.3 6.5 7.6 –0.8 2.2 8.1 4.9 5.5 5.7 4.9 4.8 6.8 2.9 5.6 4.6 5.0 5.0 3.8 8.2 5.0 5.4 4.3 7.0 5.2 5.9 3.7 –0.7 1.3 0.7 0.7 7.0 5.6 5.5 4.0 2.4

5.1 5.2 6.0 4.4 6.6 5.2 4.2 5.5 4.0 2.8 4.0 5.2 0.4 6.8 –1.8 3.8 7.5 5.5 5.9 3.6 7.5 5.0 6.9 3.6 7.6 5.0 6.0 4.5 3.6 17.6 4.4 9.0 5.1 7.5 6.0 7.3 3.4 6.9 2.6 7.4 1.4 6.9 5.5 6.4 6.8 3.4

1Data for some countries refer to real net material product (NMP) or are estimates based on NMP. The figures should be interpreted only as indicative of broad orders of magnitude because reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures. 2Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure. 3Data are based on the 2008 System of National Accounts. The revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward. 4In this table only, the data for Timor-Leste are based on non-oil GDP. 5The data for Argentina are officially reported data as revised in May 2014. On February 1, 2013, the IMF issued a declaration of censure, and in December 2013 called on Argentina to implement specified actions to address the quality of its official GDP data according to a specified timetable. On June 3, 2015, the Executive Board recognized the ongoing discussions with the Argentine authorities and their material progress in remedying the inaccurate provision of data since 2013, but found that some specified actions called for by the end of February 2015 had not yet been completely implemented. The Executive Board will review this issue again by July 15, 2016, and in line with the procedures set forth in the IMF legal framework. 6For Iran, data and forecasts are based on GDP at market prices. Corresponding data used by the IMF staff for GDP growth at factor prices are 3.0 percent, –1.9 percent, and –6.8 percent for 2014/15, 2013/14, and 2012/13, respectively. 7Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan. 8Data for Syria are excluded for 2011 onward because of the ongoing conflict and related lack of data. 9The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates. Real GDP is in constant 2009 prices.

174



Table A5. Summary of Inflation (Percent)

GDP Deflators Advanced Economies United States Euro Area1 Japan Other Advanced Economies2 Consumer Prices Advanced Economies United States Euro Area1,3 Japan Other Advanced Economies2 Emerging Market and Developing Economies Regional Groups Commonwealth of Independent States4 Emerging and Developing Asia Emerging and Developing Europe Latin America and the Caribbean5 Middle East, North Africa, Afghanistan, and Pakistan Middle East and North Africa Sub-Saharan Africa Memorandum European Union Low-Income Developing Countries Analytical Groups By Source of Export Earnings Fuel Nonfuel Of Which, Primary Products6 By External Financing Source Net Debtor Economies Net Debtor Economies by Debt-Servicing Experience Economies with Arrears and/or Rescheduling during 2010–14 Memorandum Median Inflation Rate Advanced Economies Emerging Market and Developing Economies

Average 1997–2006

2007

2008

2009

2010

2011

2012

2013

2014

2015


1.7 2.1 1.7 –1.0 2.0

2.2 2.7 2.5 –0.9 2.8

1.9 2.0 2.0 –1.3 2.9

0.8 0.8 1.0 –0.5 1.0

1.0 1.2 0.7 –2.2 2.3

1.3 2.1 1.1 –1.9 2.0

1.2 1.8 1.3 –0.9 1.3

1.2 1.6 1.3 –0.6 1.3

1.3 1.6 0.9 1.7 1.2

1.0 1.0 1.2 1.9 0.6

1.1 1.2 1.0 0.1 1.6

1.8 2.2 1.5 0.6 2.2

2.0 2.5 2.0 –0.1 1.9 8.7

2.2 2.9 2.2 0.1 2.1 6.6

3.4 3.8 3.3 1.4 3.8 9.4

0.2 –0.3 0.3 –1.3 1.4 5.2

1.5 1.6 1.6 –0.7 2.4 5.8

2.7 3.1 2.7 –0.3 3.3 7.3

2.0 2.1 2.5 0.0 2.1 6.0

1.4 1.5 1.3 0.4 1.7 5.8

1.4 1.6 0.4 2.7 1.5 5.1

0.3 0.1 0.2 0.7 0.6 5.6

1.2 1.1 1.0 0.4 1.6 5.1

2.1 2.4 1.7 1.5 2.2 4.5

20.5 4.2 24.2 8.9

9.7 5.4 6.0 5.2

15.5 7.6 8.0 8.0

11.1 2.8 4.8 6.1

7.1 5.1 5.6 5.7

9.8 6.5 5.4 6.5

6.2 4.7 6.0 5.7

6.4 4.8 4.3 6.7

8.1 3.5 3.8 7.9

15.9 3.0 2.9 11.2

8.9 3.2 3.5 10.7

4.8 3.7 4.2 8.0

5.6 5.5 11.2

10.3 10.6 5.5

11.8 11.7 13.0

7.1 6.0 9.8

6.5 6.2 8.2

9.2 8.7 9.5

9.8 9.7 9.4

9.1 9.3 6.6

6.7 6.5 6.4

6.2 6.5 6.9

5.4 5.5 7.3

4.1 4.0 5.8

3.5 10.0

2.4 7.8

3.7 14.6

0.9 8.3

2.0 9.1

3.1 11.8

2.6 10.0

1.5 8.0

0.5 7.3

0.1 7.5

1.1 7.2

1.9 5.8

13.1 7.4 ...

10.0 5.5 ...

13.4 8.2 ...

8.4 4.3 ...

7.3 5.4 ...

9.1 6.8 ...

8.4 5.3 ...

9.1 5.0 ...

8.2 4.3 ...

12.4 4.0 ...

10.5 3.8 ...

6.9 3.9 ...

9.6

5.9

9.3

6.8

6.3

7.4

6.7

6.2

5.6

5.5

5.1

4.4

10.7

10.6

15.1

13.8

10.1

10.0

7.8

6.6

10.7

15.6

8.5

5.4

2.1 5.0

2.2 6.0

4.0 10.3

0.9 3.9

1.8 4.2

3.3 5.5

2.6 4.6

1.3 4.0

0.7 3.3

0.2 3.4

1.4 3.4

2.0 3.4

1Data

for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. the United States, euro area countries, and Japan. 3Based on Eurostat’s harmonized index of consumer prices. 4Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure. 5Excludes Argentina. See note 6 to Table A7. 6Data are missing because of Argentina, which accounts for more than 30 percent of the weights of the group. See note 6 to Table A7. 2Excludes


175


Table A6. Advanced Economies: Consumer Prices1 (Annual percent change)

Advanced Economies United States Euro Area3,4 Germany France Italy Spain Netherlands Belgium Austria Greece Portugal Ireland Finland Slovak Republic Lithuania Slovenia Luxembourg Latvia Estonia Cyprus3 Malta Japan United Kingdom3 Korea Canada Australia Taiwan Province of China Switzerland Sweden Singapore Hong Kong SAR Norway Czech Republic Israel Denmark New Zealand Iceland San Marino Memorandum Major Advanced Economies

Average 1997–2006 2.0 2.5 2.0 1.4 1.6 2.3 2.9 2.4 1.8 1.5 3.6 2.8 3.1 1.5 6.9 2.6 6.1 2.4 4.4 4.9 2.7 2.8 –0.1 1.5 3.4 2.1 2.6 0.8 0.8 1.5 0.7 –0.4 2.1 3.9 3.1 2.1 2.1 3.9 ... 1.8

2007 2.2 2.9 2.2 2.3 1.6 2.0 2.8 1.6 1.8 2.2 2.9 2.4 2.9 1.6 1.9 5.8 3.6 2.7 10.1 6.7 2.2 0.7 0.1 2.3 2.5 2.1 2.3 1.8 0.7 1.7 2.1 2.0 0.7 2.9 0.5 1.7 2.4 5.1 2.5

2008 3.4 3.8 3.3 2.7 3.2 3.5 4.1 2.2 4.5 3.2 4.2 2.7 3.1 3.9 3.9 11.1 5.7 4.1 15.2 10.6 4.4 4.7 1.4 3.6 4.7 2.4 4.4 3.5 2.4 3.3 6.6 4.3 3.8 6.3 4.6 3.4 4.0 12.7 4.1

2009 0.2 –0.3 0.3 0.2 0.1 0.8 –0.3 1.0 0.0 0.4 1.2 –0.9 –1.7 1.6 0.9 4.2 0.9 0.0 3.2 0.2 0.2 1.8 –1.3 2.2 2.8 0.3 1.7 –0.9 –0.5 1.9 0.6 0.6 2.2 1.0 3.3 1.3 2.1 12.0 2.4

2010 1.5 1.6 1.6 1.2 1.7 1.6 1.8 0.9 2.3 1.7 4.7 1.4 –1.6 1.7 0.7 1.2 1.8 2.8 –1.2 2.7 2.6 2.0 –0.7 3.3 2.9 1.8 2.9 1.0 0.7 1.9 2.8 2.3 2.4 1.5 2.7 2.3 2.3 5.4 2.6

2011 2.7 3.1 2.7 2.5 2.3 2.9 3.2 2.5 3.4 3.6 3.3 3.6 1.2 3.3 4.1 4.1 1.8 3.7 4.2 5.1 3.5 2.5 –0.3 4.5 4.0 2.9 3.4 1.4 0.2 1.4 5.2 5.3 1.3 1.9 3.5 2.8 4.0 4.0 2.0

2012 2.0 2.1 2.5 2.1 2.2 3.3 2.4 2.8 2.6 2.6 1.5 2.8 1.9 3.2 3.7 3.2 2.6 2.9 2.3 4.2 3.1 3.2 0.0 2.8 2.2 1.5 1.7 1.9 –0.7 0.9 4.6 4.1 0.7 3.3 1.7 2.4 1.1 5.2 2.8

2013 1.4 1.5 1.3 1.6 1.0 1.3 1.4 2.6 1.2 2.1 –1.2 0.4 0.5 2.2 1.5 1.2 1.8 1.7 0.0 3.2 0.4 1.0 0.4 2.6 1.3 1.0 2.4 0.8 –0.2 0.4 2.4 4.3 2.1 1.4 1.5 0.8 1.1 3.9 1.3

2014 1.4 1.6 0.4 0.8 0.6 0.2 –0.2 0.3 0.5 1.5 –1.5 –0.2 0.3 1.2 –0.1 0.2 0.2 0.7 0.7 0.5 –0.3 0.8 2.7 1.5 1.3 1.9 2.5 1.2 0.0 0.2 1.0 4.4 2.0 0.4 0.5 0.6 1.2 2.0 1.1

2.2

3.2

–0.1

1.4

2.6

1.9

1.3

1.5

1Movements

in consumer prices are shown as annual averages. year-over-year changes and, for several countries, on a quarterly basis. 3Based on Eurostat’s harmonized index of consumer prices. 4Data for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. 2Monthly

176


Projections 2015 2016 2020 0.3 1.2 2.1 0.1 1.1 2.4 0.2 1.0 1.7 0.2 1.2 1.9 0.1 1.0 1.7 0.2 0.7 1.3 –0.3 0.9 1.5 1.0 1.3 1.9 0.7 1.1 1.7 1.0 1.7 2.0 –0.4 0.0 1.4 0.6 1.3 1.7 0.2 1.5 2.0 0.0 1.3 2.0 –0.1 1.4 2.0 –0.4 1.6 2.0 –0.4 0.7 1.7 0.3 1.6 2.4 0.4 1.8 2.0 0.2 1.6 2.2 –1.0 0.9 1.9 1.0 1.4 2.1 0.7 0.4 1.5 0.1 1.5 2.0 0.7 1.8 3.0 1.0 1.6 2.1 1.8 2.6 2.5 –0.1 1.0 2.0 –1.1 –0.2 1.0 0.5 1.1 2.0 0.0 1.8 1.8 2.9 3.0 3.5 2.3 2.2 2.5 0.4 1.5 2.0 –0.1 2.0 2.0 0.5 1.8 2.0 0.2 1.5 2.0 2.1 4.5 2.5 0.4 0.9 1.4 0.2

1.1

2.1

End of Period2 Projections 2014 2015 2016 0.7 0.8 1.4 0.6 0.9 1.4 –0.2 0.7 1.1 0.2 0.2 1.2 0.0 0.1 1.0 –0.1 1.9 0.8 –1.0 0.7 0.9 –0.1 1.2 1.4 –0.4 1.3 0.9 0.8 1.2 1.8 –2.6 1.5 0.6 –0.3 0.0 3.4 0.2 0.2 0.8 0.6 0.4 1.3 –0.1 0.5 1.6 –0.2 0.2 1.5 0.2 –0.2 1.9 –0.9 1.3 2.2 0.3 1.8 1.7 0.0 0.4 2.1 –1.0 –1.0 0.9 0.4 1.0 1.8 2.6 0.1 0.6 0.9 0.3 1.7 0.8 1.3 2.5 1.9 1.1 2.0 1.6 2.4 2.5 0.6 0.6 1.1 –0.3 –1.2 0.3 0.3 0.4 1.5 0.0 0.7 2.6 4.8 2.9 3.0 2.1 2.3 2.3 0.1 0.5 1.9 –0.2 0.7 2.2 0.3 0.5 1.8 0.8 0.4 1.8 0.8 3.6 4.8 1.1 0.4 0.9 0.8

0.7

1.3


Table A7. Emerging Market and Developing Economies: Consumer Prices1 (Annual percent change)

Commonwealth of Independent States3,4 Russia Excluding Russia Armenia Azerbaijan Belarus Georgia Kazakhstan Kyrgyz Republic Moldova Tajikistan Turkmenistan Ukraine5 Uzbekistan Emerging and Developing Asia Bangladesh Bhutan Brunei Darussalam Cambodia China Fiji India Indonesia Kiribati Lao P.D.R. Malaysia Maldives Marshall Islands Micronesia Mongolia Myanmar Nepal Palau Papua New Guinea Philippines Samoa Solomon Islands Sri Lanka Thailand Timor-Leste Tonga Tuvalu Vanuatu Vietnam Emerging and Developing Europe Albania Bosnia and Herzegovina Bulgaria Croatia Hungary Kosovo FYR Macedonia Montenegro Poland Romania Serbia Turkey

Average 1997–2006

2007

2008

2009

2010

2011

2012

2013

20.5 21.8 16.8 4.1 2.6 61.8 7.1 9.0 11.0 14.9 26.4 16.6 12.4 24.0 4.2 5.3 5.3 0.3 4.1 0.9 2.9 5.4 14.0 1.7 25.6 2.5 1.9 ... 1.9 9.9 ... 5.7 ... 8.9 5.5 4.6 8.8 9.2 3.1 ... 7.0 ... 2.4 4.4 24.2 6.8 2.8 36.2 3.5 8.5 ... 1.8 ... 5.8 35.7 26.7 41.3

9.7 9.0 11.7 4.6 16.6 8.4 9.2 10.8 10.2 12.4 13.2 6.3 12.8 12.3 5.4 9.1 5.2 1.0 7.7 4.8 4.8 5.9 6.7 3.6 4.5 2.0 6.8 2.6 3.6 8.2 30.9 6.2 3.0 0.9 2.9 5.6 7.7 15.8 2.2 8.6 7.4 2.3 3.8 8.3 6.0 2.9 1.5 7.6 2.9 7.9 4.4 2.8 3.4 2.5 4.8 6.0 8.8

15.5 14.1 19.3 9.0 20.8 14.8 10.0 17.1 24.5 12.7 20.4 14.5 25.2 12.7 7.6 8.9 6.3 2.1 25.0 5.9 7.7 9.2 9.8 13.7 7.6 5.4 12.0 14.7 6.6 26.8 11.5 6.7 10.0 10.8 8.2 11.6 17.3 22.4 5.5 7.4 7.5 10.4 4.2 23.1 8.0 3.4 7.4 12.0 6.1 6.1 9.4 7.2 9.0 4.2 7.8 12.4 10.4

11.1 11.7 9.7 3.5 1.6 13.0 1.7 7.3 6.8 0.0 6.4 –2.7 15.9 14.1 2.8 4.9 7.1 1.0 –0.7 –0.7 3.7 10.6 5.0 9.8 0.0 0.6 4.5 0.5 7.7 6.3 2.2 12.6 4.7 6.9 4.2 6.3 7.1 3.5 –0.9 –0.2 3.5 –0.3 5.2 6.7 4.8 2.3 –0.4 2.5 2.4 4.2 –2.4 –0.6 3.6 3.4 5.6 8.1 6.3

7.1 6.9 7.8 7.3 5.7 7.7 7.1 7.1 7.8 7.4 6.5 4.4 9.4 9.4 5.1 9.4 4.8 0.2 4.0 3.3 3.7 9.5 5.1 –3.9 6.0 1.7 6.1 1.8 3.7 10.2 8.2 9.5 1.1 5.1 3.8 0.8 0.9 6.2 3.3 5.2 3.9 –1.9 2.7 9.2 5.6 3.6 2.1 3.0 1.0 4.9 3.5 1.7 0.7 2.6 6.1 6.1 8.6

9.8 8.4 13.2 7.7 7.9 53.2 8.5 8.3 16.6 7.6 12.4 5.3 8.0 12.8 6.5 11.5 8.6 0.1 5.5 5.4 7.3 9.4 5.3 1.5 7.6 3.2 11.3 5.4 4.3 7.7 2.8 9.6 2.6 4.4 4.7 5.2 7.4 6.7 3.8 13.2 4.6 0.5 0.7 18.7 5.4 3.4 3.7 3.4 2.3 3.9 7.3 3.9 3.1 4.3 5.8 11.1 6.5

6.2 5.1 9.1 2.5 1.0 59.2 –0.9 5.1 2.8 4.6 5.8 5.3 0.6 12.1 4.7 6.2 10.1 0.1 2.9 2.6 3.4 10.2 4.0 –3.0 4.3 1.7 10.9 4.3 6.3 15.0 2.8 8.3 5.4 4.5 3.2 2.0 5.9 7.5 3.0 10.9 2.0 1.4 1.4 9.1 6.0 2.0 2.0 2.4 3.4 5.7 2.5 3.3 3.6 3.7 3.3 7.3 8.9

6.4 6.8 5.6 5.8 2.4 18.3 –0.5 5.8 6.6 4.6 5.0 6.8 –0.3 11.2 4.8 7.5 8.6 0.4 3.0 2.6 2.9 10.0 6.4 –1.5 6.4 2.1 4.0 1.9 2.1 8.6 5.7 9.9 2.8 5.0 2.9 0.6 5.4 6.9 2.2 9.5 1.5 2.0 1.3 6.6 4.3 1.9 –0.1 0.4 2.2 1.7 1.8 2.8 2.2 0.9 4.0 7.7 7.5

2014

Projections 2015 2016 2020

End of Period2 Projections 2014 2015 2016

8.1 7.8 8.7 3.0 1.4 18.1 3.1 6.7 7.5 5.1 6.1 6.0 12.1 8.4 3.5 7.0 9.6 –0.2 3.9 2.0 0.5 5.9 6.4 2.1 5.5 3.1 2.5 1.1 0.9 12.9 5.9 9.0 4.0 5.3 4.2 –0.4 5.2 3.3 1.9 0.7 1.4 3.3 1.0 4.1 3.8 1.6 –0.9 –1.6 –0.2 –0.2 0.4 –0.1 –0.7 0.0 1.1 2.1 8.9

15.9 15.8 16.3 4.3 5.0 15.1 3.7 6.3 8.3 8.4 10.8 7.0 50.0 9.7 3.0 6.4 7.2 0.0 1.1 1.5 2.8 5.4 6.8 1.4 5.3 2.4 1.0 –0.6 –1.0 7.6 12.2 7.2 1.8 6.0 1.9 1.3 3.8 1.7 –0.9 1.1 0.9 4.7 3.1 2.2 2.9 2.2 0.5 –0.8 –0.4 0.3 –0.5 0.1 1.7 –0.8 –0.4 1.6 7.4

11.4 11.4 11.5 4.6 –0.1 16.2 2.0 7.4 10.5 4.7 7.4 4.2 24.9 9.8 3.1 6.1 8.9 –0.2 1.0 1.5 0.1 5.3 8.4 3.1 5.0 2.7 1.2 0.5 0.9 10.7 7.4 8.1 3.8 6.3 2.7 0.2 4.2 2.1 0.6 0.3 1.2 3.3 1.1 1.8 3.1 0.7 –0.5 –2.0 –0.5 –0.9 –0.4 –0.4 –0.3 –1.0 0.8 1.8 8.2

8.9 8.6 9.6 3.4 4.2 14.2 5.0 8.6 9.0 7.4 8.2 6.0 14.2 9.2 3.2 6.6 6.1 0.1 1.8 1.8 2.8 5.5 5.4 0.3 1.5 3.8 2.5 1.0 1.9 7.5 11.8 8.0 2.0 5.4 3.4 2.2 3.3 3.4 1.5 2.4 1.6 3.5 3.0 3.0 3.5 2.5 1.1 0.6 1.1 2.3 0.5 1.3 1.4 1.0 –0.2 3.4 7.0

4.8 4.0 6.5 4.0 4.5 11.4 4.0 6.0 5.5 6.5 6.0 4.7 5.0 10.0 3.7 6.2 5.6 0.1 3.2 3.0 2.8 4.9 4.1 2.1 3.3 3.0 4.1 2.3 2.0 6.5 6.6 6.1 2.0 5.0 3.5 3.0 4.5 5.0 2.2 3.3 3.3 2.6 3.0 4.9 4.2 3.0 2.1 2.1 2.2 3.0 1.8 2.0 1.7 2.5 2.5 4.0 6.5


14.5 13.5 16.8 3.4 7.9 16.9 5.0 9.0 10.1 9.0 11.7 4.7 45.8 9.1 3.0 6.4 7.4 0.0 1.9 1.8 2.8 5.4 4.6 1.4 5.5 2.4 1.3 –0.6 –1.0 7.1 13.3 7.6 1.8 6.0 3.1 3.0 4.4 3.2 –0.3 1.9 1.3 4.4 3.2 2.5 3.6 2.3 1.0 0.3 0.4 2.0 0.0 0.8 1.8 0.1 –0.5 2.5 8.0

177

8.5 8.5 8.4 4.0 0.5 12.3 5.0 8.0 7.8 7.3 6.5 7.3 12.0 9.5 3.2 6.8 7.6 0.1 2.8 1.8 2.8 5.6 4.7 0.3 10.1 3.8 3.0 1.0 1.9 6.8 10.2 8.5 2.0 5.0 2.7 2.1 3.8 3.6 2.3 2.9 1.9 3.3 3.0 3.6 3.7 2.7 1.6 0.9 1.3 2.4 1.5 1.7 1.5 1.6 1.1 4.1 6.5


Table A7. Emerging Market and Developing Economies: Consumer Prices1(continued) (Annual percent change)

Latin America and the Caribbean6 Antigua and Barbuda Argentina6 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, North Africa, Afghanistan, and Pakistan Afghanistan Algeria Bahrain Djibouti Egypt Iran Iraq Jordan Kuwait Lebanon Libya Mauritania Morocco Oman Pakistan Qatar Saudi Arabia Sudan7 Syria8 Tunisia United Arab Emirates Yemen

178

2007

2008

2009

2010

2011

2012

2013

2014

8.9 1.7 ... 1.7 2.8 1.6 3.9 6.9 3.5 9.3 11.3 1.5 12.4 25.4 3.1 2.0 7.1 5.4 15.9 10.3 9.3 8.9 8.8 1.2 8.7 3.4 3.8 2.5 1.5 20.5 4.4 9.8 23.8

5.2 1.4 8.8 2.4 4.0 2.3 6.7 3.6 4.4 5.5 9.4 3.2 6.1 2.3 4.6 3.9 6.8 12.2 9.0 6.9 9.2 4.0 11.1 4.2 8.1 1.8 4.5 2.8 7.0 6.6 7.9 8.1 18.7

8.0 5.3 8.6 4.4 8.1 6.4 14.0 5.7 8.7 7.0 13.4 6.4 10.6 8.4 7.3 8.0 11.4 8.1 14.4 11.4 22.0 5.1 19.8 8.8 10.2 5.8 5.3 5.5 10.1 14.9 12.0 7.9 30.4

6.1 –0.6 6.3 1.7 3.7 –1.1 3.3 4.9 1.5 4.2 7.8 0.0 1.4 5.2 0.5 –0.3 1.9 3.0 3.4 5.5 9.6 5.3 3.7 2.4 2.6 2.9 2.1 –0.2 0.4 –0.4 7.6 7.1 27.1

5.7 3.4 10.5 1.6 5.7 0.9 2.5 5.0 1.4 2.3 5.7 2.8 6.3 3.6 1.2 3.4 3.9 4.3 4.1 4.7 12.6 4.2 5.5 3.5 4.7 1.5 0.7 3.3 0.8 6.8 10.5 6.7 28.2

6.5 3.5 9.8 3.1 9.4 1.7 9.9 6.6 3.3 3.4 4.9 1.1 8.5 4.5 5.1 3.0 6.2 4.4 7.4 6.8 7.5 3.4 8.1 5.9 8.3 3.4 7.1 2.8 3.2 17.7 5.1 8.1 26.1

5.7 3.4 10.0 1.9 4.5 1.2 4.5 5.4 3.0 3.2 4.5 1.4 3.7 5.1 1.7 2.4 3.8 2.4 6.8 5.2 6.9 4.1 7.2 5.7 3.7 3.7 1.4 4.2 2.6 5.0 9.3 8.1 21.1

6.7 1.1 10.6 0.4 1.8 0.5 5.7 6.2 1.9 2.0 5.2 0.0 4.8 2.7 0.8 0.0 4.3 2.2 6.8 5.2 9.4 3.8 7.1 4.0 2.7 2.8 1.0 1.5 0.8 1.9 5.2 8.6 40.6

7.9 1.1 ... 1.2 1.9 1.2 5.8 6.3 4.4 2.9 4.5 0.8 3.0 3.6 1.1 –0.8 3.4 1.0 3.9 6.1 6.7 4.0 6.0 2.6 5.0 3.2 0.8 3.5 0.2 3.4 7.0 8.9 62.2

11.2 0.8 16.8 1.7 1.2 0.1 4.3 8.9 4.4 4.4 2.3 –0.2 1.1 4.1 –1.2 –0.7 2.9 1.1 7.4 3.8 5.0 2.8 5.4 1.0 3.3 3.2 –0.8 0.6 –1.0 3.7 8.1 8.4 159.1

10.7 1.2 25.6 1.3 0.8 1.2 4.9 6.3 3.7 3.5 3.1 0.6 3.5 2.9 1.2 2.0 2.8 2.3 8.9 5.4 6.5 3.0 7.0 2.0 4.2 2.8 –0.3 2.7 1.8 4.3 6.8 8.1 204.1

8.0 2.5 21.1 2.0 2.4 2.0 5.0 4.6 3.0 3.0 4.0 2.1 4.0 1.5 2.0 1.9 4.0 3.9 5.0 5.4 6.0 3.0 7.0 2.0 4.5 2.0 1.7 1.5 2.0 3.3 5.4 6.4 162.5

8.2 1.3 23.9 0.2 2.3 –0.2 5.2 6.4 4.6 3.7 5.1 0.5 1.6 3.7 0.5 –0.6 2.9 1.2 5.3 5.8 4.0 4.1 6.5 1.0 4.2 3.2 0.6 3.7 0.1 3.9 8.5 8.3 68.5

12.0 0.5 19.3 1.6 0.6 0.7 4.2 9.3 4.2 4.2 2.1 0.8 2.0 3.7 –1.0 0.3 2.8 1.0 10.3 4.7 6.1 2.6 5.7 3.0 3.8 3.3 –2.2 0.5 0.5 5.2 7.8 9.0 190.0

10.5 1.6 26.4 1.3 1.1 1.7 5.0 5.5 3.5 3.3 4.0 0.3 3.5 2.5 2.0 2.2 3.3 3.5 5.9 5.2 6.8 3.0 7.0 2.0 4.5 2.5 1.7 3.7 1.6 3.2 5.9 7.9 210.0

5.6 ... 3.1 0.9 2.0 4.7 14.8 ... 2.6 1.8 2.1 –1.0 6.2 1.7 0.4 6.0 4.0 –0.2 14.6 2.3 2.5 3.8 10.3

10.3 8.7 3.7 3.3 5.0 11.0 18.4 30.8 4.7 5.5 4.1 6.2 7.3 2.0 5.9 7.8 13.6 5.0 14.8 4.7 3.0 11.1 7.9

11.8 26.4 4.9 3.5 12.0 11.7 25.3 2.7 14.0 6.3 10.8 10.4 7.5 3.9 12.6 12.0 15.2 6.1 14.3 15.2 4.3 12.3 19.0

7.1 –6.8 5.7 2.8 1.7 16.2 10.8 –2.2 –0.7 4.6 1.2 2.4 2.1 1.0 3.5 18.1 –4.9 4.1 11.3 2.8 3.7 1.6 3.7

6.5 2.2 3.9 2.0 4.0 11.7 12.4 2.4 4.8 4.5 4.0 2.5 6.3 1.0 3.3 10.1 –2.4 3.8 13.0 4.4 3.3 0.9 11.2

9.2 11.8 4.5 –0.4 5.1 11.1 21.5 5.6 4.2 4.9 5.0 15.9 5.7 0.9 4.0 13.7 1.9 3.7 18.1 ... 3.5 0.9 19.5

9.8 6.4 8.9 2.8 3.7 8.6 30.5 6.1 4.5 3.2 6.6 6.1 4.9 1.3 2.9 11.0 1.9 2.9 35.5 ... 5.1 0.7 9.9

9.1 7.4 3.3 3.3 2.4 6.9 34.7 1.9 4.8 2.7 4.8 2.6 4.1 1.9 1.2 7.4 3.1 3.5 36.5 ... 5.8 1.1 11.0

6.7 4.7 2.9 2.7 2.9 10.1 15.5 2.2 2.9 2.9 1.9 2.8 3.5 0.4 1.0 8.6 3.0 2.7 36.9 ... 4.9 2.3 8.2

6.2 –1.9 4.2 2.0 3.0 11.0 15.1 1.9 0.2 3.3 0.1 8.0 3.6 1.5 0.4 4.5 1.6 2.1 19.8 ... 5.0 3.7 30.0

5.4 2.8 4.1 2.1 3.5 8.8 11.5 3.0 3.1 3.3 1.5 9.2 4.2 2.0 2.0 4.7 2.3 2.3 12.7 ... 4.0 3.0 15.0

4.1 5.0 4.0 2.5 3.0 7.0 5.0 3.0 2.0 3.6 3.0 1.8 5.0 2.0 2.8 5.0 2.3 2.9 5.2 ... 3.8 3.4 6.0

6.5 1.5 5.3 2.5 2.8 8.2 16.2 1.6 1.7 2.9 –0.7 3.7 4.7 1.6 1.0 8.2 2.9 2.4 25.7 ... 4.8 3.0 10.0

5.7 –1.2 2.0 1.6 3.0 11.4 14.0 3.0 1.9 3.3 1.0 11.7 3.6 1.6 0.4 3.2 1.6 2.1 15.5 ... 4.4 3.3 20.0

5.2 1.9 4.1 2.6 3.0 10.4 9.0 3.0 2.5 3.3 2.0 7.2 4.2 2.0 2.0 6.0 2.3 2.3 10.0 ... 4.0 3.0 12.0




Average 1997–2006


Table A7. Emerging Market and Developing Economies: Consumer Prices1(continued) (Annual percent change)

Sub-Saharan Africa Angola Benin Botswana Burkina Faso Burundi Cabo Verde Cameroon Central African Republic Chad Comoros Democratic Republic of the 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 South Sudan Swaziland Tanzania Togo Uganda Zambia Zimbabwe9

Average 1997–2006

2007

2008

2009

2010

2011

2012

2013

11.2 114.5 3.2 8.3 2.4 11.0 2.5 2.6 1.9 2.6 3.3 97.3 3.4 3.3 5.4 14.7 4.5 0.8 5.9 19.3 11.6 6.3 6.6 7.1 ... 9.4 19.6 1.5 5.9 9.5 7.7 2.1 11.8 6.2 20.4 1.4 2.9 11.9 5.6 ... 6.9 7.2 2.4 4.7 21.1 –7.2

5.5 12.2 1.3 7.1 –0.2 8.4 4.4 1.1 0.9 –7.4 4.5 16.7 2.6 1.9 2.8 9.3 17.2 –1.0 5.4 10.7 22.9 4.6 4.3 9.2 11.4 10.3 8.0 1.5 8.8 8.2 6.5 0.1 5.4 9.1 18.6 5.9 5.3 11.6 7.1 ... 8.1 7.0 0.9 6.1 10.7 –72.7

13.0 12.5 7.4 12.6 10.7 24.4 6.8 5.3 9.3 8.3 4.8 18.0 6.0 6.3 4.7 19.9 44.4 5.3 4.5 16.5 18.4 10.4 15.1 10.7 17.5 9.3 8.7 9.1 9.7 10.3 9.1 11.3 11.6 15.4 32.0 6.3 37.0 14.8 11.5 ... 12.7 10.3 8.7 12.0 12.4 157.0

9.8 13.7 0.9 8.1 0.9 10.6 1.0 3.0 3.5 10.1 4.8 46.2 4.3 1.0 5.7 33.0 8.5 1.9 4.6 13.1 4.7 –1.6 10.6 5.9 7.4 9.0 8.4 2.2 2.5 3.3 9.5 4.3 12.5 10.3 17.0 –2.2 31.8 9.2 7.1 ... 7.4 12.1 3.7 13.1 13.4 6.2

8.2 14.5 2.2 6.9 –0.6 6.5 2.1 1.3 1.5 –2.1 3.9 23.5 5.0 1.4 5.3 12.7 8.1 1.4 5.0 6.7 15.5 1.1 4.3 3.4 7.3 9.2 7.4 1.3 2.9 12.7 4.9 –2.8 13.7 2.3 13.3 1.2 –2.4 17.8 4.3 ... 4.5 7.2 1.4 4.0 8.5 3.0

9.5 13.5 2.7 8.5 2.8 9.6 4.5 2.9 1.2 1.9 2.2 15.5 1.8 4.9 4.8 13.3 33.2 1.3 4.8 7.7 21.4 5.1 14.0 6.0 8.5 9.5 7.6 3.1 6.5 10.4 5.0 2.9 10.8 5.7 14.3 3.4 2.6 18.5 5.0 ... 6.1 12.7 3.6 18.7 8.7 3.5

9.4 10.3 6.7 7.5 3.8 18.2 2.5 2.4 5.9 7.7 5.9 2.1 5.0 1.3 3.4 12.3 24.1 2.7 4.6 7.1 15.2 2.1 9.4 5.5 6.8 5.7 21.3 5.3 3.9 2.1 6.7 0.5 12.2 6.3 10.6 1.4 7.1 13.8 5.7 45.1 8.9 16.0 2.6 14.0 6.6 3.7

6.6 8.8 1.0 5.8 0.5 7.9 1.5 2.1 6.6 0.2 1.6 0.8 4.6 2.6 3.2 12.3 8.1 0.5 5.2 11.7 11.9 0.8 5.7 5.0 7.6 5.8 28.3 –0.6 3.5 4.2 5.6 2.3 8.5 4.2 8.1 0.7 4.3 9.8 5.8 0.0 5.6 7.9 1.8 4.8 7.0 1.6

2014



6.4 7.3 –1.1 3.9 –0.3 4.4 –0.2 1.9 11.6 1.7 1.3 1.0 0.9 0.4 4.3 12.3 7.4 4.5 6.2 15.5 9.7 –1.0 6.9 3.8 9.9 6.1 23.8 0.9 3.2 2.3 5.3 –0.9 8.1 1.8 7.0 –1.1 1.4 8.3 6.1 1.7 5.7 6.1 0.2 4.6 7.8 –0.2

6.9 10.3 0.5 4.0 0.7 7.4 1.0 2.0 5.7 4.3 2.0 1.0 0.9 1.6 3.5 12.3 10.0 0.6 6.5 15.3 9.0 1.3 6.3 3.9 7.9 7.6 20.1 2.4 2.0 4.0 4.8 1.3 9.1 2.1 5.8 0.6 4.3 10.2 4.8 41.1 5.2 5.6 1.9 5.7 7.3 –1.6

6.3 7.5 –0.8 3.7 –0.1 3.7 –0.4 2.6 8.4 3.7 0.0 1.2 0.5 0.9 4.3 12.3 7.1 1.7 6.9 17.0 9.0 –0.1 6.0 2.6 7.7 6.0 24.2 1.2 0.2 1.1 4.6 –0.6 7.9 2.1 6.4 –0.8 0.5 9.8 5.8 9.9 6.2 4.8 1.8 4.9 7.9 –0.8

7.3 14.2 2.3 4.4 1.8 6.2 2.5 2.1 4.9 3.1 2.2 1.7 1.7 1.5 2.9 12.3 9.0 2.5 5.3 10.1 8.7 2.3 5.9 4.1 8.2 7.4 14.0 3.6 3.0 5.6 6.0 2.1 9.7 4.2 4.6 2.1 2.9 12.7 5.9 14.4 5.7 5.9 2.1 6.5 7.5 0.0

5.8 9.4 2.8 4.4 2.0 5.0 2.5 2.2 3.0 3.0 2.2 2.5 2.5 2.0 2.8 12.3 8.3 2.5 5.0 7.4 5.0 3.0 5.0 5.0 6.4 5.2 7.4 2.6 3.0 5.6 5.7 1.8 7.0 5.0 3.0 1.3 3.0 7.5 5.5 0.5 5.2 5.1 2.5 5.0 5.0 2.2

7.8 13.9 2.3 4.3 1.6 11.8 2.0 2.0 9.4 3.2 4.0 0.9 1.8 2.0 3.5 12.3 12.3 1.1 6.0 12.0 9.4 2.0 6.3 4.1 8.0 8.1 18.7 3.1 3.0 5.5 5.2 2.6 10.5 3.5 5.2 3.0 4.9 12.0 5.5 25.0 6.1 6.6 2.2 6.4 8.0 –0.7

1Movements

7.1 13.0 2.4 4.4 1.8 4.4 2.5 2.1 2.5 3.0 0.1 2.5 2.2 1.8 2.9 12.3 8.2 2.5 4.7 8.0 8.0 2.5 5.4 5.0 8.5 7.2 9.1 2.6 3.0 5.6 5.5 1.5 9.5 5.0 4.0 1.4 3.8 10.2 5.7 35.0 5.4 5.4 2.3 6.6 7.0 0.5

in consumer prices are shown as annual averages. year-over-year changes and, for several countries, on a quarterly basis. 3For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price index (CPI) inflation data with broader and more up-to-date coverage are typically used for more recent years. 4Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure. 5Starting in 2014 data exclude Crimea and Sevastopol. 6Consumer price data from December 2013 onward reflect the new national CPI (IPCNu), which differs substantively from the preceding CPI (the CPI for the Greater Buenos Aires Area, CPIGBA). Because of the differences in geographical coverage, weights, sampling, and methodology, the IPCNu data cannot be directly compared to the earlier CPI-GBA data. Because of this structural break in the data, the average CPI inflation for 2014 is not reported in the October 2015 World Economic Outlook. Following a declaration of censure by the IMF on February 1, 2013, the public release of a new national CPI by the end of March was one of the specified actions in the IMF Executive Board’s December 2013 decision calling on Argentina to address the quality of its official CPI data. On June 3, 2015, the Executive Board recognized the ongoing discussions with the Argentine authorities and their material progress in remedying the inaccurate provision of data since 2013, but found that some specified actions called for by the end of February 2015 had not yet been completely implemented. The Executive Board will review this issue again by July 15, 2016, and in line with the procedures set forth in the IMF legal framework. 7Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan. 8Data for Syria are excluded for 2011 onward because of the ongoing conflict and related lack of data. 9The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates. 2Monthly


179


Table A8. Major Advanced Economies: General Government Fiscal Balances and Debt1 (Percent of GDP unless noted otherwise) Average 1997–2006 Major Advanced Economies Net Lending/Borrowing Output Gap2 Structural Balance2 United States Net Lending/Borrowing3 Output Gap2 Structural Balance2 Net Debt Gross Debt Euro Area4 Net Lending/Borrowing Output Gap2 Structural Balance2 Net Debt Gross Debt Germany Net Lending/Borrowing Output Gap2 Structural Balance2 Net Debt Gross Debt France Net Lending/Borrowing Output Gap2 Structural Balance2 Net Debt Gross Debt Italy Net Lending/Borrowing Output Gap2 Structural Balance2,5 Net Debt Gross Debt Japan Net Lending/Borrowing Output Gap2 Structural Balance2 Net Debt Gross Debt6 United Kingdom Net Lending/Borrowing Output Gap2 Structural Balance2 Net Debt Gross Debt Canada Net Lending/Borrowing Output Gap2 Structural Balance2 Net Debt Gross Debt

2009

2010

2011

2012

2013

2014

2015

Projections 2016

2020

–3.4 0.7 –3.8

–10.0 –4.6 –6.4

–8.8 –2.9 –7.4

–7.5 –2.4 –6.4

–6.4 –2.2 –5.1

–4.5 –2.3 –3.7

–4.0 –2.0 –3.3

–3.5 –1.5 –2.8

–3.1 –1.0 –2.5

–2.6 0.0 –2.6

–3.1 1.6 –3.5 41.3 60.2

–13.1 –5.0 –7.6 62.0 86.0

–10.9 –3.7 –9.4 69.5 94.7

–9.6 –3.4 –8.1 76.0 99.0

–7.9 –2.7 –6.2 79.3 102.5

–4.7 –2.9 –4.1 80.8 104.8

–4.1 –2.2 –3.6 80.1 104.8

–3.8 –1.6 –3.1 79.9 104.9

–3.6 –1.0 –3.0 80.7 106.0

–4.2 0.0 –4.1 81.2 106.2

–2.2 –0.3 –2.1 48.7 68.9

–6.2 –3.0 –4.5 52.5 78.6

–6.1 –1.6 –4.5 56.1 83.9

–4.1 –0.7 –3.7 58.2 86.4

–3.6 –2.0 –2.0 66.3 91.0

–2.9 –2.7 –1.2 69.0 93.1

–2.4 –2.6 –1.0 70.0 94.2

–2.0 –2.1 –0.9 70.1 93.7

–1.7 –1.6 –0.8 69.7 92.8

–0.2 –0.1 –0.2 64.1 85.2

–2.5 –0.6 –2.3 44.4 61.6

–3.0 –4.0 –0.9 54.5 72.7

–4.1 –1.3 –2.2 56.2 80.6

–0.9 1.0 –1.3 54.6 77.9

0.1 0.4 0.0 54.0 79.3

0.1 –0.4 0.4 53.1 77.0

0.3 –0.2 0.6 51.4 74.6

0.5 –0.1 0.5 48.4 70.7

0.3 0.2 0.2 46.4 68.2

1.0 0.4 0.8 38.1 57.9

–2.6 0.0 –2.7 53.1 61.9

–7.2 –2.5 –5.7 70.1 78.8

–6.8 –1.6 –5.8 73.7 81.5

–5.1 –0.6 –4.7 76.4 85.0

–4.8 –1.4 –3.8 81.7 89.4

–4.1 –1.7 –2.9 84.6 92.3

–4.0 –2.5 –2.4 87.9 95.6

–3.8 –2.4 –2.1 89.4 97.1

–3.4 –2.1 –2.0 90.3 98.0

–0.7 0.0 –0.7 85.4 93.1

–3.0 –0.7 –3.4 90.1 105.0

–5.3 –3.2 –4.2 94.2 112.5

–4.2 –1.4 –3.7 96.3 115.3

–3.5 –0.6 –3.8 98.4 116.4

–3.0 –3.0 –1.5 102.9 123.1

–2.9 –4.3 –0.5 109.6 128.5

–3.0 –4.6 –0.8 112.6 132.1

–2.7 –3.9 –0.5 113.5 133.1

–2.0 –3.1 –0.3 112.8 132.3

–0.2 –0.7 0.2 104.8 123.0

–6.0 –1.0 –5.7 65.3 155.0

–10.4 –7.1 –7.4 106.2 210.2

–9.3 –3.1 –7.8 113.1 215.8

–9.8 –3.7 –8.4 127.2 229.7

–8.8 –2.4 –7.8 129.0 236.6

–8.5 –1.2 –8.2 122.9 242.6

–7.3 –1.7 –6.8 126.1 246.2

–5.9 –1.5 –5.5 126.0 245.9

–4.5 –0.9 –4.3 128.1 247.8

–4.1 0.0 –4.1 132.1 251.7

–1.5 1.5 –2.5 36.2 40.6

–10.8 –2.2 –9.7 58.8 65.8

–9.7 –1.9 –8.0 69.1 76.4

–7.6 –2.5 –5.8 73.4 81.8

–7.8 –3.0 –5.6 77.1 85.8

–5.7 –2.7 –3.6 78.7 87.3

–5.7 –1.4 –4.3 80.9 89.4

–4.2 –0.7 –3.6 80.3 88.9

–2.8 –0.4 –2.5 79.5 88.0

0.1 0.0 0.1 69.3 77.8

1.1 0.9 0.6 46.0 81.3

–4.5 –3.5 –2.5 29.9 83.0

–4.9 –2.1 –3.7 32.9 84.6

–3.7 –1.0 –3.2 34.6 85.3

–3.1 –1.0 –2.5 36.4 87.9

–2.7 –0.9 –2.2 37.1 87.7

–1.6 –0.4 –1.6 36.4 87.9

–1.7 –1.3 –1.0 37.8 90.4

–1.3 –1.3 –0.7 38.0 89.4

–0.3 0.0 –0.3 34.1 79.9

Note: The methodology and specific assumptions for each country are discussed in Box A1. The country group composites for fiscal data are calculated as the sum of the U.S. dollar values for the relevant individual countries. 1Debt data refer to the end of the year and are not always comparable across countries. Gross and net debt levels reported by national statistical agencies for countries that have adopted the System of National Accounts (SNA) 2008 (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans. Fiscal data for the aggregated Major Advanced Economies and the United States start in 2001, and the average for the aggregate and the United States is therefore for the period 2001–07. 2Percent of potential GDP. 3Figures reported by the national statistical agency are adjusted to exclude items related to the accrual-basis accounting of government employees defined-benefit pension plans. 4Data for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. 5Excludes one-time measures based on the authorities’ data and, in the absence of the latter, receipts from the sale of assets. 6Includes equity shares; nonconsolidated basis.

180



Table A9. Summary of World Trade Volumes and Prices (Annual percent change) Averages 1997–2006 2007–16 Trade in Goods and Services World Trade1 Volume Price Deflator In U.S. Dollars In SDRs Volume of Trade Exports Advanced Economies Emerging Market and Developing Economies Imports Advanced Economies Emerging Market and Developing Economies Terms of Trade Advanced Economies Emerging Market and Developing Economies Trade in Goods World Trade1 Volume Price Deflator In U.S. Dollars In SDRs World Trade Prices in U.S. Dollars2 Manufactures Oil Nonfuel Primary Commodities Food Beverages Agricultural Raw Materials Metal World Trade Prices in SDRs2 Manufactures Oil Nonfuel Primary Commodities Food Beverages Agricultural Raw Materials Metal World Trade Prices in Euros2 Manufactures Oil Nonfuel Primary Commodities Food Beverages Agricultural Raw Materials Metal

2007

2008

2009

2010

2011

2012

2013

2014


6.8

3.5

7.9

2.9

–10.3

12.5

6.7

2.9

3.3

3.3

3.2

4.1

1.4 1.3

0.6 1.0

7.9 3.7

11.6 8.1

–10.5 –8.3

5.7 6.8

11.2 7.5

–1.7 1.3

–0.6 0.2

–1.8 –1.8

–12.1 –4.8

–0.5 –1.0

6.2 8.1

2.9 4.6

7.0 9.4

2.1 4.5

–11.2 –8.0

12.1 13.6

5.9 7.6

2.2 4.5

2.9 4.4

3.4 2.9

3.1 3.9

3.4 4.8

6.6 8.3

2.4 6.0

5.3 15.4

0.4 9.3

–11.7 –8.0

11.5 14.5

5.1 10.3

1.1 5.9

2.0 5.2

3.4 3.6

4.0 1.3

4.2 4.4

–0.2 1.9

0.0 0.1

0.2 2.0

–2.3 3.7

2.7 –4.9

–0.9 2.4

–1.7 3.9

–0.7 0.6

0.8 –0.3

0.4 –0.5

1.6 –4.7

0.1 –1.0

7.1

3.3

7.2

2.5

–11.8

14.3

6.7

2.5

3.0

3.1

3.0

3.9

1.3 1.2

0.5 0.9

8.1 3.9

12.4 8.9

–11.7 –9.5

6.5 7.6

12.6 8.9

–1.7 1.3

–1.0 –0.2

–2.4 –2.4

–13.2 –6.0

–0.8 –1.3

0.3 12.2 2.2 –0.1 0.2 –0.6 8.9

0.8 –2.4 0.4 2.0 4.5 1.0 –3.0

5.7 10.7 13.9 14.8 13.8 5.0 17.4

6.2 36.4 7.9 24.5 23.3 –0.7 –7.8

–5.6 –36.3 –15.8 –14.8 1.6 –17.1 –19.2

2.4 27.9 26.5 11.9 14.1 33.2 48.2

6.4 31.6 17.9 19.9 16.6 22.7 13.5

0.5 1.0 –10.0 –2.4 –18.6 –12.7 –16.8

–1.1 –0.9 –1.2 1.1 –11.9 1.6 –4.3

–0.6 –7.5 –4.0 –4.1 20.7 1.9 –10.3

–4.1 –46.4 –16.9 –16.8 –4.7 –11.8 –22.3

–0.7 –2.4 –5.1 –4.7 –1.2 –1.4 –9.4

0.1 12.0 2.1 –0.2 0.1 –0.8 8.8

1.3 –2.0 0.8 2.5 4.9 1.5 –2.5

1.6 6.4 9.5 10.3 9.4 0.9 12.8

2.9 32.2 4.6 20.6 19.5 –3.8 –10.7

–3.3 –34.8 –13.7 –12.7 4.1 –15.1 –17.2

3.5 29.3 27.9 13.1 15.3 34.6 49.8

2.8 27.2 13.9 15.8 12.7 18.6 9.7

3.6 4.1 –7.3 0.6 –16.1 –10.0 –14.3

–0.3 –0.1 –0.4 1.9 –11.2 2.4 –3.5

–0.5 –7.5 –3.9 –4.1 20.8 2.0 –10.2

3.9 –41.9 –9.9 –9.9 3.2 –4.4 –15.8

–1.2 –2.9 –5.6 –5.2 –1.6 –1.9 –9.8

0.4 12.3 2.3 0.0 0.3 –0.5 9.1

2.0 –1.3 1.6 3.2 5.7 2.2 –1.8

–3.1 1.4 4.3 5.1 4.2 –3.8 7.5

–1.1 27.1 0.5 15.9 14.8 –7.5 –14.1

–0.2 –32.7 –11.0 –9.9 7.3 –12.5 –14.6

7.5 34.3 32.8 17.4 19.8 39.8 55.5

1.5 25.5 12.4 14.3 11.2 17.0 8.3

8.8 9.3 –2.6 5.7 –11.9 –5.5 –10.0

–4.2 –4.1 –4.3 –2.1 –14.7 –1.6 –7.3

–0.6 –7.6 –4.0 –4.2 20.7 1.8 –10.3

14.5 –35.9 –0.7 –0.7 13.8 5.4 –7.2

–1.2 –2.9 –5.6 –5.1 –1.6 –1.9 –9.8


181


Table A9. Summary of World Trade Volumes and Prices (continued) (Annual percent change) Averages 1997–2006 2007–16 Trade in Goods Volume of Trade Exports Advanced Economies Emerging Market and Developing Economies Fuel Exporters Nonfuel Exporters Imports Advanced Economies Emerging Market and Developing Economies Fuel Exporters Nonfuel Exporters Price Deflators in SDRs Exports Advanced Economies Emerging Market and Developing Economies Fuel Exporters Nonfuel Exporters Imports Advanced Economies Emerging Market and Developing Economies Fuel Exporters Nonfuel Exporters Terms of Trade Advanced Economies Emerging Market and Developing Economies Regional Groups Commonwealth of Independent States3 Emerging and Developing Asia Emerging and Developing Europe Latin America and the Caribbean Middle East, North Africa, Afghanistan, and Pakistan Middle East and North Africa Sub-Saharan Africa Analytical Groups By Source of Export Earnings Fuel Nonfuel Memorandum World Exports in Billions of U.S. Dollars Goods and Services Goods Average Oil Price4 In U.S. Dollars a Barrel Export Unit Value of Manufactures5

2007

2008

2009

2010

2011

2012

2013

2014


6.1 8.7 5.0 10.2

2.6 4.5 2.3 5.4

6.1 8.7 4.5 10.6

1.3 3.8 3.5 4.0

–13.2 –8.4 –7.4 –9.0

14.6 14.4 4.9 18.4

5.7 7.5 5.6 8.3

1.6 4.9 5.6 4.5

2.5 4.2 0.6 6.0

3.2 2.9 –0.5 4.4

2.8 3.5 3.3 3.5

3.1 4.6 3.7 4.9

6.8 8.6 8.8 8.5

2.1 5.7 4.9 5.9

4.7 14.9 24.3 12.7

0.0 9.2 15.1 7.7

–13.4 –9.5 –12.5 –8.7

13.4 15.4 8.8 17.1

5.2 10.5 9.5 10.7

0.2 5.5 10.6 4.4

1.7 4.7 4.3 4.8

3.3 2.7 0.7 3.2

3.7 1.5 –8.9 3.9

4.0 4.3 2.1 4.8

0.4 3.9 8.6 2.1

0.5 1.8 0.2 2.3

3.5 6.0 7.8 5.2

6.1 14.9 25.3 10.2

–7.1 –13.4 –25.5 –7.1

4.4 13.2 22.8 9.2

6.7 12.7 23.6 8.2

0.1 2.7 3.6 2.3

0.5 –0.8 –1.4 –0.5

–1.7 –3.4 –6.7 –2.0

–5.4 –7.9 –27.7 0.2

–1.2 –1.8 –3.2 –1.4

0.7 2.2 1.5 2.4

0.5 1.7 1.9 1.6

3.2 4.0 3.7 4.1

8.2 9.8 7.9 10.3

–10.2 –8.4 –5.7 –9.1

6.0 10.7 7.1 11.7

8.9 8.5 6.6 8.9

1.1 2.2 2.2 2.2

–0.3 –0.7 –0.4 –0.7

–1.9 –2.9 –2.0 –3.1

–6.7 –3.7 1.1 –4.8

–1.2 –1.2 –0.6 –1.4

–0.2 1.7

–0.1 0.2

0.2 1.9

–2.0 4.7

3.4 –5.4

–1.5 2.3

–2.0 4.0

–1.0 0.5

0.9 –0.1

0.2 –0.6

1.4 –4.3

0.0 –0.6

5.4 –1.5 –0.3 2.5

–0.9 0.8 0.1 0.2

2.0 0.4 2.5 3.3

16.3 –1.0 –0.6 4.7

–17.9 3.1 3.0 –4.8

13.0 –6.2 –3.6 8.4

11.7 –2.3 –2.1 5.9

1.9 1.1 –0.9 –1.1

–1.2 1.1 1.7 –1.7

–1.1 2.2 1.3 –2.4

–24.9 9.3 0.7 –7.7

–0.9 0.7 –0.9 –1.9

6.3 6.6 2.2

–1.9 –1.9 0.2

3.3 3.3 5.0

13.0 13.7 9.3

–18.2 –18.6 –11.7

11.1 11.1 12.6

14.4 14.7 11.3

–0.4 0.1 –1.4

–0.8 –0.8 –2.4

–5.5 –5.6 –3.5

–24.8 –25.4 –13.7

–3.2 –3.5 0.0

7.0 –0.3

–1.7 0.7

4.0 1.0

16.2 –0.1

–20.9 2.2

14.7 –2.2

16.0 –0.7

1.4 0.0

–1.0 0.2

–4.8 1.2

–28.5 5.3

–2.6 0.0

9,165 7,291 12.2 31.21 0.3

20,568 16,323 –2.4 82.03 0.8

17,141 13,661 10.7 71.13 5.7

19,642 15,731 36.4 97.04 6.2

15,758 12,261 –36.3 61.78 –5.6

18,742 14,928 27.9 79.03 2.4

22,216 17,911 31.6 104.01 6.4

22,489 18,092 1.0 105.01 0.5

23,162 18,521 –0.9 104.07 –1.1

23,471 18,611 –7.5 96.25 –0.6

1Average

21,188 21,870 16,531 16,984 –46.4 –2.4 51.62 50.36 –4.1 –0.7

of annual percent change for world exports and imports. represented, respectively, by the export unit value index for manufactures of the advanced economies and accounting for 83 percent of the advanced economies’ trade (export of goods) weights; the average of U.K. Brent, Dubai Fateh, and West Texas Intermediate crude oil prices; and the average of world market prices for nonfuel primary commodities weighted by their 2002–04 shares in world commodity exports. 3Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure. 4Percent change of average of U.K. Brent, Dubai Fateh, and West Texas Intermediate crude oil prices. 5Percent change for manufactures exported by the advanced economies. 2As

182



Table A10. Summary of Current Account Balances (Billions of U.S. dollars)

Advanced Economies United States Euro Area1 Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies2 Emerging Market and Developing Economies Regional Groups Commonwealth of Independent States3 Russia Excluding Russia Emerging and Developing Asia China India ASEAN-54 Emerging and Developing Europe Latin America and the Caribbean Brazil Mexico Middle East, North Africa, Afghanistan, and Pakistan Sub-Saharan Africa South Africa Analytical Groups By Source of Export Earnings Fuel Nonfuel Of Which, Primary Products By External Financing Source Net Debtor Economies Net Debtor Economies by Debt-Servicing Experience Economies with Arrears and/or Rescheduling during 2010–14 Memorandum World European Union Low-Income Developing Countries Middle East and North Africa

Projections 2016

2007

2008

2009

2010

2011

2012

2013

2014

2015

–353.5 –718.6 10.6 232.5 –8.0 –31.3 –142.9 212.1 –81.3 11.4 192.8 623.2

–583.1 –690.8 –223.5 210.9 –28.0 –68.1 –152.0 142.6 –103.5 1.8 165.6 681.1

–80.7 –384.0 –21.8 196.5 –22.5 –42.3 –64.3 145.3 –64.5 –40.0 203.1 246.5

2.4 –442.0 11.7 192.5 –22.2 –73.9 –56.2 221.0 –62.7 –56.7 273.6 281.4

–50.2 –460.4 10.0 229.0 –29.6 –70.1 –47.4 129.8 –43.3 –47.7 257.9 394.0

–9.3 –449.7 154.1 240.8 –32.0 –8.9 –3.8 59.7 –98.2 –60.0 266.6 360.2

193.4 –376.8 236.6 238.7 –22.7 19.9 20.0 40.7 –119.8 –54.6 337.6 180.9

189.5 –389.5 274.8 286.4 –26.2 41.1 11.2 24.4 –173.9 –37.5 338.9 158.0

230.1 –460.6 364.6 286.3 –5.2 37.0 10.6 124.3 –135.8 –45.8 319.7 –23.9

143.7 –551.5 363.7 277.9 –9.2 42.7 13.9 126.5 –130.6 –36.0 305.9 –57.6

–16.2 –746.9 326.8 270.3 –7.9 10.1 22.4 130.7 –86.1 –30.4 312.7 –286.3

65.3 71.3 –6.0 395.8 353.2 –15.7 53.3 –124.7 5.9 1.6 –14.7

108.2 103.9 4.3 425.7 420.6 –27.9 31.1 –148.0 –39.4 –28.2 –20.4

42.8 50.4 –7.6 275.3 243.3 –38.2 65.8 –53.4 –30.1 –24.3 –8.4

69.2 67.5 1.7 233.8 237.8 –48.1 43.9 –87.0 –94.9 –77.3 –5.0

107.9 97.3 10.7 99.4 136.1 –78.2 48.9 –118.6 –102.2 –73.2 –13.2

67.4 71.3 –3.9 120.8 215.4 –88.2 6.5 –80.7 –137.9 –84.4 –16.4

18.2 34.1 –15.9 103.4 148.2 –32.4 –2.6 –72.5 –173.1 –90.9 –30.5

56.7 59.5 –2.8 208.2 219.7 –27.5 23.4 –55.7 –175.5 –103.6 –25.0

43.1 61.8 –18.8 329.6 347.8 –30.4 26.8 –34.8 –162.9 –72.8 –27.9

44.0 63.9 –19.8 311.9 344.4 –37.3 22.9 –42.1 –148.1 –63.2 –24.3

72.5 80.5 –8.0 0.0 95.3 –86.5 9.5 –84.1 –170.4 –78.2 –31.9

264.9 15.9 –16.1

334.1 0.5 –15.9

41.4 –29.5 –8.1

171.2 –10.9 –5.6

417.3 –9.7 –9.0

419.1 –28.5 –19.7

344.0 –39.1 –21.1

192.5 –68.2 –19.1

–113.4 –85.5 –13.7

–138.1 –85.3 –14.8

–14.2 –90.1 –15.9

421.6 201.6 –1.9

580.5 100.6 –20.9

135.0 111.6 –4.7

308.9 –27.5 –10.4

626.5 –232.5 –24.1

599.5 –239.3 –56.4

461.0 –280.2 –60.6

296.7 –138.7 –48.0

–67.9 44.0 –43.3

–80.7 23.1 –51.0

93.5 –379.8 –55.1

–175.6

–326.8

–155.3

–278.5

–366.5

–466.5

–442.9

–376.0

–324.0

–337.9

–487.5

–6.5

–15.9

–15.3

–16.5

–22.9

–40.4

–41.5

–27.2

–31.0

–37.5

–47.9

269.7 –86.6 6.2 268.6

98.0 –241.7 –10.2 347.7

165.9 –7.2 –24.3 49.1

283.8 11.6 –17.6 174.0

343.8 89.5 –27.2 416.0

350.9 201.7 –39.0 422.5

374.2 307.0 –43.8 345.0

347.5 309.4 –59.9 194.4

206.2 351.9 –84.8 –112.0

86.1 354.6 –93.2 –137.1

–302.5 345.5 –92.4 –10.7


183

2020


Table A10. Summary of Current Account Balances (continued) (Percent of GDP)


184

2007

2008

2009

2010

2011

2012

2013

2014

2015

Projections 2016

2020

–0.9 –5.0 0.1 6.7 –0.3 –1.4 –9.6 4.9 –2.7 0.8 3.8

–1.3 –4.7 –1.6 5.6 –1.0 –2.8 –9.3 2.9 –3.7 0.1 3.1

–0.2 –2.7 –0.2 5.7 –0.8 –1.9 –4.3 2.9 –2.8 –2.9 4.1

0.0 –3.0 0.1 5.6 –0.8 –3.5 –3.9 4.0 –2.6 –3.5 4.8

–0.1 –3.0 0.1 6.1 –1.0 –3.1 –3.2 2.2 –1.7 –2.7 4.0

0.0 –2.8 1.2 6.8 –1.2 –0.4 –0.3 1.0 –3.7 –3.3 4.1

0.4 –2.3 1.8 6.4 –0.8 0.9 1.4 0.8 –4.5 –3.0 5.0

0.4 –2.2 2.0 7.4 –0.9 1.9 0.8 0.5 –5.9 –2.1 5.0

0.5 –2.6 3.2 8.5 –0.2 2.0 0.9 3.0 –4.7 –2.9 5.1

0.3 –2.9 3.0 8.0 –0.4 2.3 1.1 3.0 –4.3 –2.3 4.7

0.0 –3.4 2.3 6.8 –0.3 0.5 1.5 2.8 –2.2 –1.6 4.0

3.8

3.5

1.3

1.2

1.5

1.3

0.6

0.5

–0.1

–0.2

–0.7

3.8 5.5 –1.5 6.5 10.0 –1.3 4.6 –7.9 0.2 0.1 –1.4

5.0 6.3 0.8 5.8 9.2 –2.3 2.3 –8.0 –0.9 –1.7 –1.9

2.6 4.1 –1.8 3.4 4.8 –2.8 4.9 –3.4 –0.7 –1.5 –0.9

3.4 4.4 0.4 2.4 3.9 –2.8 2.6 –5.1 –1.9 –3.5 –0.5

4.3 5.1 1.8 0.9 1.8 –4.2 2.5 –6.4 –1.7 –2.8 –1.1

2.5 3.5 –0.6 1.0 2.5 –4.8 0.3 –4.5 –2.4 –3.5 –1.4

0.7 1.6 –2.3 0.7 1.6 –1.7 –0.1 –3.8 –2.9 –3.8 –2.4

2.2 3.2 –0.4 1.4 2.1 –1.3 1.1 –2.9 –3.0 –4.4 –1.9

2.4 5.0 –3.3 2.0 3.1 –1.4 1.3 –2.1 –3.3 –4.0 –2.4

2.5 5.4 –3.5 1.8 2.8 –1.6 1.1 –2.4 –3.0 –3.8 –2.0

2.8 4.5 –1.0 0.0 0.6 –2.5 0.3 –3.8 –2.8 –3.8 –2.1

12.5 1.7 –5.4

12.7 0.0 –5.5

1.8 –2.8 –2.7

6.2 –0.9 –1.5

13.0 –0.7 –2.2

12.0 –1.9 –5.0

10.2 –2.4 –5.8

5.6 –4.1 –5.4

–3.6 –5.7 –4.3

–4.3 –5.5 –4.5

–0.3 –4.5 –4.0

10.7 1.6 –0.2

11.7 0.7 –1.8

3.3 0.8 –0.4

6.2 –0.2 –0.8

10.4 –1.1 –1.5

9.2 –1.1 –3.4

7.1 –1.2 –3.6

4.7 –0.6 –3.0

–1.4 0.2 –2.7

–1.6 0.1 –3.2

1.4 –1.1 –2.8

–2.0

–3.2

–1.6

–2.4

–2.8

–3.6

–3.3

–2.7

–2.6

–2.6

–2.8

–1.4

–2.9

–3.0

–2.8

–3.5

–5.8

–5.6

–3.8

–4.3

–5.0

–4.5

0.5 –0.5 0.7 13.7

0.2 –1.3 –0.9 14.2

0.3 0.0 –2.2 2.2

0.4 0.1 –1.3 6.8

0.5 0.5 –1.8 14.0

0.5 1.2 –2.4 13.0

0.5 1.7 –2.4 11.0

0.4 1.7 –3.1 6.1

0.3 2.2 –4.5 –4.0

0.1 2.1 –4.7 –4.7

–0.3 1.7 –3.5 –0.3



Table A10. Summary of Current Account Balances (continued) (Percent of exports of goods and services)


2007

2008

2009

2010

2011

2012

2013

2014

2015

Projections 2016

2020

–3.0 –43.5 0.4 15.7 –1.1 –5.2 –37.5 26.4 –10.7 2.3 6.9

–4.5 –37.5 –7.3 12.9 –3.4 –10.5 –36.5 16.0 –13.4 0.3 5.2

–0.8 –24.3 –0.9 15.2 –3.4 –8.6 –18.9 21.7 –10.3 –10.3 7.7

0.0 –23.8 0.4 13.3 –3.1 –13.8 –15.3 25.4 –9.1 –12.1 8.4

–0.4 –21.6 0.3 13.6 –3.6 –11.4 –11.0 13.9 –5.4 –8.7 6.7

–0.1 –20.3 4.8 14.8 –4.0 –1.5 –0.9 6.5 –12.4 –10.8 6.9

1.4 –16.5 7.0 14.0 –2.7 3.2 4.6 4.9 –14.9 –9.8 8.4

1.3 –16.6 7.8 16.2 –3.0 6.5 2.5 2.8 –20.8 –6.6 8.5

1.7 –20.4 ... 17.9 –0.6 6.7 2.7 16.0 –17.4 –9.5 9.0

1.1 –24.7 ... 16.6 –1.0 7.3 3.3 16.1 –15.8 –7.3 8.4

–0.1 –28.6 ... 12.8 –0.7 1.5 4.0 14.0 –8.0 –4.7 7.0

11.3

10.1

4.6

4.2

4.8

4.2

2.0

1.8

–0.3

–0.7

–2.6

11.2 18.3 –3.1 18.1 28.1 –6.1 8.7 –23.3 0.7 0.8 –5.1

13.7 19.9 1.6 16.6 28.1 –9.5 4.4 –22.7 –3.9 –12.3 –6.6

8.2 14.7 –4.2 12.5 19.5 –13.7 10.9 –10.2 –3.8 –13.4 –3.4

10.3 15.3 0.8 8.2 14.5 –12.6 5.9 –14.8 –9.5 –33.1 –1.6

12.2 17.0 3.4 2.9 6.8 –17.3 5.5 –17.1 –8.4 –24.9 –3.6

7.4 12.1 –1.2 3.3 9.9 –19.5 0.7 –11.7 –11.1 –29.9 –4.2

2.0 5.8 –5.1 2.7 6.3 –6.9 –0.3 –9.7 –13.8 –32.3 –7.6

6.7 10.6 –1.0 5.2 8.9 –5.8 2.4 –7.1 –14.3 –39.2 –6.0

7.1 15.7 –8.9 8.3 14.1 –6.7 2.9 –4.8 –14.8 –30.2 –6.7

7.1 15.8 –9.3 7.5 13.6 –7.6 2.3 –5.5 –12.9 –26.1 –5.3

8.9 15.3 –2.8 0.0 3.2 –12.1 0.7 –8.5 –11.4 –25.9 –4.9

25.9 4.9 –17.3

25.1 0.1 –15.5

4.3 –9.8 –9.8

14.5 –2.8 –5.2

27.3 –2.0 –7.1

25.4 –6.0 –16.7

21.1 –8.1 –18.6

12.6 –15.0 –17.4

–9.9 –23.3 –12.8

–11.8 –22.3 –13.7

–0.4 –17.8 –12.5

25.9 5.2 –0.6

26.8 2.2 –5.9

9.1 2.9 –1.6

16.6 –0.6 –2.7

25.0 –4.0 –5.4

22.5 –4.0 –13.4

17.5 –4.5 –14.4

12.1 –2.2 –11.8

–3.9 0.7 –11.6

–4.6 0.4 –13.7

4.3 –4.6 –11.9

–6.6

–10.4

–5.9

–8.7

–9.6

–12.0

–11.1

–9.3

–8.6

–8.5

–9.1

–4.1

–7.7

–9.7

–8.8

–10.5

–19.0

–19.1

–13.5

–17.5

–20.3

–19.3

1.6 –1.3 2.2 26.9

0.5 –3.2 –2.8 26.6

1.1 –0.1 –8.1 5.2

1.5 0.2 –4.6 15.1

1.5 1.2 –5.6 27.8

1.6 2.7 –7.8 26.2

1.6 4.0 –8.2 21.6

1.5 3.9 –10.9 13.0

1.0 4.9 –16.7 –10.0

0.4 4.7 –16.9 –12.0

–1.1 3.6 –11.9 –0.2

1Data

for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. the United States, euro area countries, and Japan. 3Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure. 4Indonesia, Malaysia, Philippines, Thailand, Vietnam. 2Excludes


185


Table A11. Advanced Economies: Balance on Current Account (Percent of GDP)

Advanced Economies United States Euro Area1 Germany France Italy Spain Netherlands Belgium Austria Greece Portugal Ireland Finland Slovak Republic Lithuania Slovenia Luxembourg Latvia Estonia Cyprus Malta Japan United Kingdom Korea Canada Australia Taiwan Province of China Switzerland Sweden Singapore Hong Kong SAR Norway Czech Republic Israel Denmark New Zealand Iceland San Marino Memorandum Major Advanced Economies Euro Area2

2007

2008

2009

2010

2011

2012

2013

2014

2015

Projections 2016

2020

–0.9 –5.0 0.1 6.7 –0.3 –1.4 –9.6 6.0 1.5 3.8 –14.0 –9.7 –5.4 3.8 –4.8 –14.9 –4.1 9.8 –20.8 –15.0 –10.8 –3.9 4.9 –2.7 1.1 0.8 –6.7 8.6 10.8 8.9 26.0 13.0 12.2 –4.3 4.0 1.4 –6.8 –14.0 ...

–1.3 –4.7 –1.6 5.6 –1.0 –2.8 –9.3 4.1 –1.0 4.5 –14.5 –12.1 –5.7 2.2 –6.5 –12.9 –5.3 7.3 –12.3 –8.7 –14.3 –1.1 2.9 –3.7 0.3 0.1 –5.0 6.6 3.0 8.5 14.4 15.0 15.7 –1.9 1.1 2.7 –7.7 –22.8 ...

–0.2 –2.7 –0.2 5.7 –0.8 –1.9 –4.3 5.8 –1.1 2.6 –10.9 –10.4 –3.0 1.9 –3.5 2.1 –0.6 7.6 8.0 2.5 –9.8 –6.6 2.9 –2.8 3.7 –2.9 –4.7 10.9 8.0 5.9 16.8 9.9 10.6 –2.4 3.5 3.3 –2.3 –9.7 ...

0.0 –3.0 0.1 5.6 –0.8 –3.5 –3.9 7.4 1.8 2.9 –10.1 –10.1 0.6 1.2 –4.7 –0.3 –0.1 6.9 2.3 1.8 –9.0 –4.7 4.0 –2.6 2.6 –3.5 –3.6 8.9 14.8 6.0 23.7 7.0 10.9 –3.7 3.6 5.7 –2.3 –6.6 ...

–0.1 –3.0 0.1 6.1 –1.0 –3.1 –3.2 9.1 –1.1 1.6 –9.9 –6.0 0.8 –1.8 –5.0 –3.8 0.2 5.8 –2.8 1.3 –3.1 –2.5 2.2 –1.7 1.6 –2.7 –2.9 8.2 7.7 6.9 22.0 5.6 12.4 –2.1 2.3 5.7 –2.8 –5.3 ...

0.0 –2.8 1.2 6.8 –1.2 –0.4 –0.3 10.9 –0.7 1.5 –2.5 –2.0 –1.5 –1.9 0.9 –1.2 2.6 5.7 –3.3 –2.4 –6.3 1.4 1.0 –3.7 4.2 –3.3 –4.3 9.9 10.3 6.6 17.2 1.6 12.4 –1.6 1.5 5.6 –4.0 –4.2 ...

0.4 –2.3 1.8 6.4 –0.8 0.9 1.4 10.8 –0.2 1.0 0.6 1.4 3.1 –1.8 1.5 1.6 5.6 4.7 –2.3 –1.1 –1.6 3.2 0.8 –4.5 6.2 –3.0 –3.4 10.8 11.1 6.7 17.9 1.5 10.0 –0.5 3.0 7.2 –3.2 5.7 ...

0.4 –2.2 2.0 7.4 –0.9 1.9 0.8 10.2 1.6 0.7 0.9 0.6 3.6 –1.9 0.1 0.1 7.0 5.1 –3.1 0.1 –4.5 3.3 0.5 –5.9 6.3 –2.1 –3.0 12.4 7.3 6.2 19.1 1.9 9.4 0.6 4.3 6.3 –3.3 3.4 ...

0.5 –2.6 3.2 8.5 –0.2 2.0 0.9 9.6 2.1 1.6 0.7 0.7 3.2 –1.1 0.1 –2.2 6.7 5.6 –1.7 0.6 –4.2 1.5 3.0 –4.7 7.1 –2.9 –4.0 12.4 7.2 6.7 20.8 2.2 7.0 1.7 4.6 7.0 –4.7 4.6 ...

0.3 –2.9 3.0 8.0 –0.4 2.3 1.1 9.2 2.1 1.7 1.5 1.6 3.0 –0.7 0.1 –2.4 6.2 5.6 –2.7 0.3 –3.8 1.3 3.0 –4.3 6.7 –2.3 –4.1 11.8 7.0 6.7 18.0 2.5 5.4 1.2 4.7 7.2 –5.6 3.4 ...

0.0 –3.4 2.3 6.8 –0.3 0.5 1.5 8.3 2.3 1.6 –0.2 0.4 2.0 –0.3 2.1 –2.2 4.1 5.1 –2.1 –1.1 –4.0 3.5 2.8 –2.2 4.7 –1.6 –3.3 9.6 7.0 5.7 13.8 3.5 6.0 –0.1 3.9 6.0 –4.3 0.7 ...

–1.2 0.2

–1.6 –0.7

–0.7 0.5

–0.7 0.5

–0.8 0.8

–1.0 2.1

–0.8 2.8

–0.8 3.2

–0.6 3.7

–0.8 3.6

–1.1 2.9

1Data

for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook; corrected for reporting discrepancies in intra-area transactions. for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook; calculated as the sum of the balances of individual euro area countries. 2Data

186



Table A12. Emerging Market and Developing Economies: Balance on Current Account (Percent of GDP)

States1

Commonwealth of Independent Russia Excluding Russia Armenia Azerbaijan Belarus Georgia Kazakhstan Kyrgyz Republic Moldova Tajikistan Turkmenistan Ukraine 2 Uzbekistan Emerging and Developing Asia Bangladesh Bhutan Brunei Darussalam Cambodia China Fiji India Indonesia Kiribati Lao P.D.R. Malaysia Maldives Marshall Islands Micronesia Mongolia Myanmar Nepal Palau Papua New Guinea Philippines Samoa Solomon Islands Sri Lanka Thailand Timor-Leste Tonga Tuvalu Vanuatu Vietnam Emerging and Developing Europe Albania Bosnia and Herzegovina Bulgaria Croatia Hungary Kosovo FYR Macedonia Montenegro Poland Romania Serbia Turkey

2007

2008

2009

2010

2011

2012

2013

2014

2015

Projections 2016

2020

3.8 5.5 –1.5 –8.5 27.3 –6.7 –19.8 –8.0 –6.0 –15.2 –8.6 15.5 –3.5 7.3 6.5 0.7 14.2 43.1 –1.9 10.0 –10.1 –1.3 1.4 –18.3 –13.6 14.9 –15.2 –0.9 –9.5 4.9 –0.7 –0.1 –17.9 3.9 5.4 –13.5 –15.6 –4.3 6.0 40.2 –7.0 –13.0 –7.3 –9.0 –7.9 –10.6 –9.4 –24.3 –7.1 –7.1 –10.2 –6.9 –39.5 –6.3 –13.5 –17.2 –5.8

5.0 6.3 0.8 –15.0 35.5 –8.2 –22.0 4.7 –15.3 –16.1 –7.6 16.5 –6.8 8.7 5.8 1.2 –2.2 43.5 –6.6 9.2 –15.9 –2.3 0.0 –19.3 –19.2 16.5 –28.8 0.9 –16.6 –8.9 –4.2 2.7 –21.3 8.5 0.1 –5.5 –18.2 –9.5 0.7 46.1 –7.3 7.1 –10.8 –11.0 –8.0 –15.8 –14.1 –22.4 –8.8 –7.1 –16.2 –12.8 –49.8 –6.6 –11.5 –21.0 –5.5

2.6 4.1 –1.8 –17.6 23.0 –12.6 –10.5 –3.6 –2.2 –8.2 –5.9 –14.7 –1.4 2.2 3.4 2.4 –2.2 41.6 –6.9 4.8 –4.2 –2.8 1.8 –22.5 –22.1 15.0 –10.4 –14.9 –18.9 –6.9 –1.2 4.2 –7.4 –15.2 5.0 –5.3 –21.9 –0.5 7.8 38.7 –7.6 –1.0 –7.9 –6.5 –3.4 –15.9 –6.6 –8.6 –5.1 –0.8 –9.2 –6.8 –27.9 –4.0 –4.5 –6.2 –2.0

3.4 4.4 0.4 –13.6 28.0 –15.0 –10.2 0.9 –6.1 –7.5 –1.1 –10.6 –2.2 6.2 2.4 0.4 –9.9 44.0 –6.8 3.9 –4.1 –2.8 0.7 –16.3 –20.1 10.1 –8.1 –26.6 –15.1 –13.0 –1.1 –2.4 –7.8 –21.5 3.6 –6.8 –33.3 –2.2 2.9 41.2 –6.3 –42.0 –6.5 –3.8 –5.1 –11.3 –6.2 –1.5 –1.1 0.3 –11.7 –2.0 –22.9 –5.5 –4.6 –6.4 –6.2

4.3 5.1 1.8 –10.4 26.5 –8.5 –12.8 5.4 –9.6 –11.0 –4.8 2.0 –6.3 5.8 0.9 –1.0 –23.5 38.8 –10.2 1.8 –4.9 –4.2 0.2 –31.0 –17.3 10.9 –16.9 –5.3 –17.9 –26.5 –1.9 –1.0 –10.5 –23.6 2.5 –4.0 –8.6 –7.8 2.4 40.6 –7.5 –61.3 –8.4 0.2 –6.4 –13.2 –9.6 0.1 –0.8 0.7 –13.7 –2.5 –17.7 –5.0 –4.6 –8.6 –9.7

2.5 3.5 –0.6 –10.0 21.8 –2.9 –11.7 0.5 –15.6 –7.4 –2.5 0.0 –8.1 1.8 1.0 0.7 –19.0 29.6 –11.0 2.5 –1.1 –4.8 –2.7 –24.5 –30.2 5.2 –7.4 –8.7 –12.6 –27.4 –4.2 4.8 –17.0 –53.6 2.8 –8.7 1.5 –6.7 –0.4 40.2 –5.4 –25.2 –9.4 6.0 –4.5 –10.2 –8.9 –1.1 –0.1 1.8 –7.5 –2.9 –18.7 –3.4 –4.5 –11.5 –6.2

0.7 1.6 –2.3 –7.6 16.4 –10.4 –5.7 0.4 –15.0 –5.0 –2.9 –7.3 –9.2 2.9 0.7 1.2 –22.7 29.4 –12.2 1.6 –20.7 –1.7 –3.2 –21.8 –27.8 3.5 –4.4 –13.4 –10.1 –25.1 –5.2 3.3 –10.3 –31.8 4.2 –2.6 –4.5 –3.8 –0.9 42.7 –1.7 –24.1 –1.4 4.5 –3.8 –10.7 –5.8 2.3 0.8 4.0 –6.4 –1.8 –14.6 –1.3 –0.8 –6.1 –7.9

2.2 3.2 –0.4 –7.3 14.1 –6.7 –9.7 2.1 –16.8 –3.7 –9.2 –5.8 –4.7 1.7 1.4 –0.1 –23.1 28.3 –12.2 2.1 –9.0 –1.3 –3.0 4.1 –27.8 4.3 –6.1 –17.8 4.6 –8.2 –6.1 4.6 –12.7 –4.2 4.4 –8.0 –4.9 –2.7 3.3 21.4 –3.1 –26.1 0.5 4.9 –2.9 –13.0 –7.7 0.0 0.7 4.0 –8.0 –1.3 –15.4 –1.3 –0.4 –6.0 –5.8

2.4 5.0 –3.3 –5.9 3.0 –4.9 –10.7 –3.0 –17.7 –6.2 –7.5 –13.6 –1.7 0.2 2.0 –0.9 –26.8 –3.1 –11.1 3.1 –6.3 –1.4 –2.2 –24.9 –28.3 2.2 –4.6 –1.0 0.2 –8.4 –8.9 5.0 –7.9 7.5 5.0 –6.9 –11.2 –2.0 6.2 15.9 –6.0 –36.8 –13.5 0.7 –2.1 –13.2 –7.7 1.0 1.7 5.0 –8.0 –3.2 –17.0 –0.5 –0.7 –4.0 –4.5

2.5 5.4 –3.5 –6.4 2.7 –4.3 –9.6 –4.1 –15.7 –6.4 –6.1 –12.1 –1.6 0.3 1.8 –1.1 –25.0 –2.1 –10.6 2.8 –6.6 –1.6 –2.1 –26.8 –22.7 2.1 –5.8 –4.0 –0.7 –19.5 –8.3 –2.7 –8.4 7.3 4.5 –5.4 –14.0 –2.0 5.4 15.7 –6.4 –58.0 –13.0 –0.9 –2.4 –13.5 –7.6 0.2 1.5 4.3 –10.5 –4.4 –20.8 –1.0 –1.5 –3.8 –4.7

2.8 4.5 –1.0 –5.7 5.1 –4.1 –5.4 0.0 –9.9 –3.8 –3.0 –2.6 –2.5 0.5 0.0 –1.5 –6.5 12.5 –6.3 0.6 –7.4 –2.5 –1.7 –13.1 –14.8 1.1 –3.8 –12.1 –4.2 –6.2 –6.7 –0.9 –9.3 4.0 2.5 –4.1 –11.9 –2.0 0.8 3.4 1.2 –16.4 –7.1 2.5 –3.8 –7.3 –5.0 –1.5 –1.3 1.3 –8.7 –3.5 –14.0 –2.9 –3.7 –4.0 –5.5


187


Table A12. Emerging Market and Developing Economies: Balance on Current Account (continued) (Percent of GDP)

Latin America and the Caribbean Antigua and Barbuda Argentina3 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, North Africa, Afghanistan, and Pakistan Afghanistan Algeria Bahrain Djibouti Egypt Iran Iraq Jordan Kuwait Lebanon Libya Mauritania Morocco Oman Pakistan Qatar Saudi Arabia Sudan 4 Syria5 Tunisia United Arab Emirates Yemen

188

2007

2008

2009

2010

2011

2012

2013

2014

2015

Projections 2016

2020

0.2 –29.9 2.0 –11.5 –5.4 –4.0 11.4 0.1 4.1 –2.9 –6.3 –20.6 –5.0 3.7 –6.1 –30.6 –5.2 –9.5 –1.5 –9.1 –15.3 –1.4 –15.7 –8.0 5.7 1.5 –17.4 –29.4 –29.4 11.1 23.9 –0.9 7.2

–0.9 –26.7 1.5 –10.6 –10.6 –10.6 11.9 –1.7 –3.2 –2.6 –9.3 –28.3 –9.4 2.9 –7.1 –29.0 –3.6 –13.7 –3.1 –15.4 –17.7 –1.9 –17.8 –10.9 1.0 –4.3 –26.8 –28.5 –33.1 9.2 30.5 –5.7 11.0

–0.7 –14.0 2.0 –10.3 –6.7 –4.9 4.3 –1.5 2.0 –2.0 –2.0 –22.7 –4.8 0.5 –1.5 –24.3 0.7 –9.1 –1.9 –3.8 –11.0 –0.9 –8.6 –0.7 3.0 –0.5 –25.7 –11.5 –29.2 2.9 8.5 –1.2 1.0

–1.9 –14.7 –0.4 –10.1 –5.8 –2.4 3.9 –3.5 1.7 –3.0 –3.5 –16.2 –7.4 –2.3 –2.5 –23.7 –1.4 –9.6 –1.5 –4.3 –8.0 –0.5 –8.9 –11.4 –0.3 –2.4 –20.8 –16.2 –30.6 14.9 19.8 –1.8 3.2

–1.7 –10.4 –0.7 –15.1 –12.8 –1.1 0.3 –2.8 –1.2 –2.9 –5.4 –13.5 –7.5 –0.3 –4.8 –23.6 –3.4 –13.0 –4.3 –8.0 –12.1 –1.1 –11.8 –15.9 0.5 –1.9 –15.9 –18.8 –29.4 5.7 11.9 –2.7 8.2

–2.4 –14.6 –0.3 –18.3 –9.3 –1.2 7.2 –3.5 –3.6 –3.1 –5.3 –18.8 –6.6 –0.2 –5.4 –21.1 –2.6 –11.6 –5.7 –8.5 –10.7 –1.4 –10.6 –9.8 –0.9 –2.7 –9.8 –13.5 –27.6 3.3 3.4 –5.0 3.7

–2.9 –14.8 –0.8 –17.7 –9.3 –4.4 3.4 –3.8 –3.7 –3.3 –5.0 –13.3 –4.1 –1.0 –6.5 –23.2 –2.5 –13.3 –6.3 –9.5 –8.7 –2.4 –11.1 –12.2 2.2 –4.2 –6.6 –11.2 –30.9 –3.9 7.0 –4.9 2.4

–3.0 –14.5 –1.0 –22.2 –8.5 –7.6 0.0 –4.4 –1.2 –5.2 –4.9 –13.1 –3.2 –0.6 –4.7 –15.5 –2.4 –15.6 –6.3 –7.4 –7.4 –1.9 –7.1 –12.0 0.1 –4.0 –7.6 –6.7 –29.6 –7.4 5.7 –4.4 5.3

–3.3 –10.5 –1.8 –12.9 –4.8 –6.3 –4.5 –4.0 –0.7 –6.2 –3.8 –12.8 –2.4 –2.6 –2.6 –13.7 –1.7 –14.9 –4.3 –6.5 –4.6 –2.4 –6.6 –9.8 –2.0 –3.7 –12.6 –6.6 –26.9 –9.4 0.7 –3.7 –3.0

–3.0 –10.2 –1.6 –8.9 –4.6 –7.1 –5.0 –3.8 –1.6 –5.3 –3.9 –18.9 –2.5 –2.8 –2.9 –13.1 –1.9 –18.9 –3.4 –6.4 –2.9 –2.0 –7.0 –9.6 –1.9 –3.8 –18.6 –7.0 –25.1 –7.8 –0.8 –3.7 –1.9

–2.8 –12.7 –1.1 –5.8 –4.5 –6.5 –2.8 –3.8 –2.2 –3.9 –4.6 –12.2 –4.2 –1.8 –4.5 –15.2 –2.0 –9.1 –4.1 –5.1 –1.9 –2.1 –6.5 –5.7 –1.2 –3.5 –15.8 –8.5 –19.7 –6.4 –1.8 –3.4 2.4

12.5 36.8 22.7 13.4 –21.4 2.1 9.7 0.8 –16.8 36.8 –7.2 44.1 –14.5 –2.5 6.0 –4.5 14.4 22.5 –6.0 –0.2 –2.4 12.5 –7.0

12.7 2.7 20.1 8.8 –24.3 0.5 5.8 15.9 –9.4 40.9 –11.1 42.5 –13.2 –7.1 8.5 –8.1 23.1 25.5 –1.6 –1.3 –3.8 7.1 –4.6

1.8 13.1 0.3 2.4 –9.3 –2.3 2.4 –6.8 –5.2 26.7 –12.5 14.9 –13.4 –5.3 –1.1 –5.5 6.5 4.9 –9.6 –2.9 –2.8 3.1 –10.1

6.2 7.5 7.5 3.0 0.6 –2.0 5.9 3.0 –7.1 31.8 –20.7 19.5 –7.6 –4.4 8.9 –2.2 19.1 12.7 –2.1 –2.8 –4.8 2.5 –3.4

13.0 6.1 9.9 11.2 –13.7 –2.6 10.5 12.0 –10.3 42.7 –15.1 9.1 –6.0 –7.9 13.2 0.1 30.7 23.7 –0.4 ... –7.5 14.7 –3.0

12.0 6.0 5.9 7.2 –20.3 –3.9 4.0 6.7 –15.2 45.2 –24.3 29.1 –26.6 –9.5 10.3 –2.1 32.6 22.4 –9.3 ... –8.2 21.3 –1.7

10.2 7.4 0.4 7.8 –23.3 –2.4 7.0 1.3 –10.3 41.2 –26.7 13.6 –24.4 –7.9 6.6 –1.1 30.9 18.2 –8.9 ... –8.3 18.4 –3.1

5.6 6.1 –4.5 3.3 –25.6 –0.8 3.8 –2.8 –6.8 31.0 –24.9 –30.1 –28.9 –5.5 2.0 –1.3 26.1 10.3 –7.7 ... –8.8 13.7 –1.7

–3.6 4.7 –17.7 –4.8 –31.4 –3.7 0.4 –12.7 –7.4 9.3 –21.0 –62.2 –18.3 –2.3 –16.9 –0.8 5.0 –3.5 –5.8 ... –8.5 2.9 –5.3

–4.3 2.4 –16.2 –5.9 –26.8 –4.5 1.3 –11.0 –6.5 7.0 –19.3 –49.1 –25.6 –1.6 –24.3 –0.5 –4.5 –4.7 –5.6 ... –7.0 3.1 –5.4

–0.3 –1.0 –9.1 –3.3 –15.4 –4.2 2.8 3.9 –4.9 9.3 –12.9 –13.1 –17.3 –1.5 –16.5 –0.9 0.5 –0.3 –4.7 ... –3.5 7.3 –3.9



Table A12. Emerging Market and Developing Economies: Balance on Current Account (continued) (Percent of GDP)

Sub-Saharan Africa Angola Benin Botswana Burkina Faso Burundi Cabo Verde Cameroon Central African Republic Chad Comoros Democratic Republic of the 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 South Sudan Swaziland Tanzania Togo Uganda Zambia Zimbabwe 6

2007

2008

2009

2010

2011

2012

2013

2014

2015

Projections 2016

2020

1.7 17.5 –10.2 15.1 –8.3 –5.4 –12.9 1.4 –6.2 8.2 –10.1 3.2 –6.5 –0.7 26.6 –6.1 –4.2 14.4 –8.3 –8.7 –10.8 –3.2 –3.2 21.8 –6.2 –12.7 0.8 –8.1 –5.4 –9.5 8.6 –8.2 10.7 –2.3 –29.0 –11.8 –10.8 –7.4 –5.4 ... –1.9 –8.6 –8.6 –4.5 –1.2 –5.4

0.0 8.5 –8.1 –1.1 –11.5 –1.0 –13.7 –1.2 –9.9 3.7 –18.7 –0.8 –0.5 1.9 3.6 –5.5 –6.7 22.0 –12.2 –11.9 –9.7 –2.5 –5.5 21.1 –46.6 –20.6 –7.8 –12.1 –10.1 –11.6 3.0 –12.0 9.0 –5.0 –33.1 –14.2 –19.1 –9.0 –5.5 ... –7.1 –7.8 –7.0 –7.7 –3.3 –16.6

–2.8 –10.0 –8.9 –11.0 –4.5 1.7 –14.6 –3.1 –9.1 –9.2 –15.4 –6.1 –14.1 6.6 –23.1 –7.6 –6.7 4.7 –12.5 –5.4 –7.9 –5.4 –4.6 3.9 –23.2 –21.1 –3.9 –7.3 –7.4 –11.0 –1.5 –24.4 5.1 –7.1 –23.2 –6.8 –14.8 –13.3 –2.7 ... –11.6 –7.6 –5.6 –6.4 6.0 –47.1

–0.9 9.1 –8.7 –6.4 –2.0 –12.2 –12.4 –2.8 –10.2 –9.0 –5.8 –10.5 7.5 1.9 –34.4 –5.6 –1.4 8.7 –16.3 –8.6 –9.7 –8.7 –5.9 –10.0 –32.0 –9.7 –1.0 –12.6 –10.3 –10.6 –3.5 –19.8 3.9 –7.3 –21.7 –4.4 –19.1 –22.7 –1.5 ... –8.6 –7.7 –6.3 –9.1 7.5 –16.0

–0.7 12.6 –7.8 –0.6 –1.5 –13.6 –16.3 –2.7 –7.6 –5.6 –14.0 –5.2 4.7 10.5 –0.1 0.6 –2.5 12.8 –12.3 –9.0 –18.8 –1.5 –9.1 –14.7 –27.5 –6.9 –4.1 –6.1 –13.8 –23.1 –3.0 –22.3 3.0 –7.5 –25.5 –8.2 –21.6 –65.3 –2.2 18.4 –6.8 –10.8 –8.0 –10.8 4.6 –30.9

–1.9 12.0 –8.4 –3.4 –4.5 –17.3 –12.6 –3.6 –4.6 –8.7 –17.6 –6.2 –2.4 –1.2 –2.2 2.3 –6.9 15.9 –7.9 –11.7 –28.7 –8.8 –8.4 –9.8 –21.4 –6.7 –2.4 –2.6 –7.3 –42.3 –5.6 –14.6 4.4 –11.4 –21.3 –10.9 –19.9 –22.0 –5.0 –19.6 3.1 –11.7 –7.5 –8.0 5.5 –24.6

–2.4 6.7 –10.4 8.8 –6.6 –18.4 –4.9 –3.8 –3.0 –9.2 –16.2 –10.6 –4.5 –1.4 –4.0 0.3 –5.9 12.3 –10.2 –11.9 –24.0 –4.4 –8.9 –10.3 –28.2 –5.6 –1.2 –3.4 –6.3 –40.0 –3.9 –15.3 3.6 –7.4 –23.4 –10.4 –11.5 –10.4 –5.8 –1.2 5.2 –10.3 –13.0 –7.2 –0.6 –25.4

–4.1 –1.5 –8.0 16.1 –6.1 –17.6 –7.6 –4.6 –6.1 –8.9 –11.5 –9.2 –9.4 –0.7 –10.0 –0.9 –8.0 8.3 –13.1 –9.6 –24.2 –1.2 –10.4 –7.9 –28.7 –0.2 –3.6 –7.3 –5.6 –34.7 –9.9 –15.2 0.2 –11.9 –27.7 –8.8 –21.0 –9.7 –5.4 2.7 2.9 –9.3 –12.9 –9.7 –1.4 –22.0

–5.7 –7.6 –9.3 2.8 –7.9 –11.3 –9.7 –5.0 –11.8 –10.4 –15.7 –7.6 –15.2 –1.0 –8.7 –2.2 –12.5 –7.0 –13.5 –8.3 –16.7 –3.5 –9.6 –6.3 –41.6 –1.3 –2.6 –3.3 –4.8 –41.0 –12.1 –19.1 –1.8 –10.6 –12.4 –6.1 –15.2 –11.4 –4.3 –4.8 1.1 –8.2 –12.2 –10.5 –1.4 –22.9

–5.5 –5.6 –9.1 0.1 –7.8 –9.7 –6.6 –5.2 –11.2 –9.3 –17.0 –8.0 –14.6 –1.9 –3.1 –3.0 –9.3 –4.2 –10.2 –7.2 –36.8 –4.6 –9.2 –13.9 –37.1 –2.2 –2.5 –4.2 –4.8 –45.3 –16.3 –23.4 –1.2 –9.6 –15.2 –5.2 –14.7 –14.5 –4.5 –3.6 –2.8 –7.1 –11.5 –11.3 –2.6 –21.8

–4.5 –3.0 –8.9 0.2 –7.2 –9.3 –3.9 –4.2 –6.6 –5.5 –14.7 –12.0 –4.0 –3.3 0.7 –5.4 –6.3 –5.1 –8.9 –4.2 –13.6 –7.9 –6.5 –7.8 –28.4 –4.0 –1.6 –6.4 –5.5 –40.7 –7.1 –9.7 –0.3 –7.9 –11.4 –4.5 –11.5 –9.4 –4.0 –7.2 –1.7 –6.8 –10.2 –11.0 1.8 –22.6

1Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure. 2Starting in 2014 data exclude Crimea and Sevastopol. 3Calculations are based on Argentina’s official GDP data. See note 5 to Table A4. 4Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan. 5Data for Syria are excluded for 2011 onward because of the ongoing conflict and related lack of data. 6The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates.


189


Table A13. Summary of Financial Account Balances (Billions of U.S. dollars)

Advanced Economies Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves United States Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Euro Area1 Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Germany Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves France Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Italy Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves

190


2007

2008

2009

2010

2011

2012

2013

2014

–284.4 529.5 –1,008.5 175.4 –47.8 67.2

–721.8 659.5 –1,200.7 337.2 –594.9 74.2

–4.6 306.6 –367.8 –129.8 –293.6 482.3

–50.4 355.9 –733.0 –87.7 66.7 347.7

–198.6 378.4 –685.6 1.8 –40.1 340.5

–94.4 194.5 –105.4 –71.1 –383.6 270.4

227.9 180.7 –277.2 48.4 123.3 153.7

480.7 364.2 –152.7 –62.6 196.6 135.8

520.6 100.8 137.8 –77.4 243.5 114.2

399.1 215.3 –50.2 –88.6 251.5 70.9

–617.3 192.9 –775.8 –6.2 –28.2 0.1

–730.6 19.0 –808.0 32.9 20.6 4.8

–231.0 159.9 18.5 –44.8 –416.9 52.3

–437.0 95.2 –620.8 –14.1 100.9 1.8

–515.8 183.0 –226.3 –35.0 –453.4 15.9

–441.2 145.9 –508.2 7.1 –90.4 4.5

–395.8 112.0 –25.7 2.2 –481.2 –3.1

–239.6 225.4 –167.0 –54.4 –240.1 –3.6

–198.8 –26.3 119.5 –63.4 –224.5 –4.2

–289.7 111.7 –85.3 –33.0 –283.1 0.0

92.2 107.6 –108.4 8.5 82.4 2.1

–78.1 305.0 –289.8 35.5 –128.5 –0.3

33.2 73.7 –380.7 29.5 250.7 60.0

–86.0 93.5 –126.9 –4.4 –62.5 14.3

–154.1 151.0 –442.7 5.3 118.9 13.4

288.1 8.4 –51.6 43.4 267.7 20.2

544.4 18.2 –14.7 43.5 491.1 6.3

391.5 26.2 125.2 60.3 173.8 6.0

... ... ... ... ... ...

... ... ... ... ... ...

253.4 89.8 –215.4 116.4 261.3 1.2

182.0 67.1 –44.5 44.0 110.6 2.7

184.4 43.0 119.2 –7.5 17.4 12.4

123.7 60.6 154.1 17.6 –110.7 2.1

167.7 10.3 –51.4 39.8 165.1 3.9

202.3 45.6 70.6 31.2 53.1 1.7

276.5 11.1 218.1 32.3 13.9 1.2

323.2 110.3 168.2 42.3 5.8 –3.3

286.3 20.9 148.9 37.4 79.0 0.0

277.9 21.5 144.6 36.3 75.4 0.0

2.3 47.2 166.1 –6.8 –204.9 0.7

–46.6 66.0 –37.8 40.0 –102.3 –12.5

–50.9 70.3 –328.7 –15.5 214.7 8.4

1.6 34.3 –155.0 –4.1 118.7 7.7

–72.9 19.4 –141.7 –19.4 269.9 –7.7

–52.7 14.7 –50.6 –18.4 –3.6 5.2

–23.7 –17.9 –80.5 –22.3 98.9 –1.9

–14.4 27.7 –9.8 –31.8 –1.6 1.0

–2.8 28.0 22.2 –53.3 –1.3 1.7

–6.7 32.9 40.7 –81.2 –1.3 2.3

–40.0 52.5 –7.6 3.8 –90.7 2.1

–49.0 76.2 –110.7 –0.4 –22.3 8.2

–55.3 –0.3 –55.4 –6.9 –1.6 8.8

–116.4 21.3 56.4 6.6 –202.1 1.4

–96.1 17.1 13.5 –10.1 –118.0 1.3

–19.0 6.8 –33.3 7.5 –1.9 1.9

15.0 4.8 –19.3 4.0 23.5 2.0

66.7 12.0 –5.9 –4.8 66.6 –1.3

38.8 10.4 –15.0 0.0 43.4 0.0

44.6 9.6 –9.5 0.0 44.5 0.0



Table A13. Summary of Financial Account Balances (continued) (Billions of U.S. dollars)

Spain Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Japan Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves United Kingdom Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Canada Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Other Advanced Economies 2 Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Emerging Market and Developing Economies Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves

2007

2008

2009

2010

2011

2012

2013

2014


–137.5 72.9 –122.3 5.6 –93.9 0.2

–147.6 –2.3 1.9 10.4 –158.6 0.9

–70.8 2.7 –69.6 8.4 –18.4 6.0

–56.9 –1.9 –46.6 –11.4 1.9 1.1

–41.4 12.8 43.1 2.9 –114.1 13.9

0.3 –29.7 53.7 –10.7 –15.8 2.8

53.9 –15.9 –59.8 1.4 127.5 0.7

35.4 9.1 –1.4 2.2 20.4 5.2

15.8 6.0 –3.8 0.0 13.5 0.0

19.2 5.7 –4.7 0.0 18.2 0.0

224.3 51.7 –68.3 –2.9 207.3 36.5

181.6 89.1 289.0 –24.9 –202.3 30.8

168.8 61.2 211.7 –10.5 –120.9 27.2

247.3 72.5 147.9 –11.9 –5.5 44.3

158.4 117.8 –162.9 –17.1 43.4 177.3

53.9 117.5 28.8 6.7 –61.1 –37.9

–9.6 139.4 –280.6 58.1 34.8 38.7

51.1 110.9 –42.9 32.9 –58.2 8.5

142.4 100.5 32.9 29.9 –30.7 9.8

123.5 95.8 33.3 30.3 –45.4 9.5

–71.2 137.7 –216.4 54.0 –48.8 2.4

–84.1 95.5 –453.3 223.2 53.0 –2.5

–49.0 –70.1 –48.7 –45.4 106.2 9.0

–44.4 –12.3 20.9 –39.4 –23.0 9.4

–23.6 66.0 11.1 4.9 –113.5 7.9

–77.9 –30.5 331.9 –47.6 –343.8 12.1

–102.3 –62.7 –49.1 21.8 –20.1 7.8

–171.7 –126.4 –164.5 –23.0 130.4 11.7

–134.5 –64.4 –101.3 0.0 21.9 9.3

–129.2 –61.9 –130.9 –11.0 64.2 10.4

14.7 –52.2 73.5 ... –10.8 4.3

–2.6 17.7 –40.8 ... 18.9 1.6

–41.0 16.9 –89.7 ... 21.7 10.2

–55.0 6.3 –96.1 ... 30.9 3.9

–54.6 12.5 –83.1 ... 7.8 8.1

–59.2 14.7 –48.4 ... –27.2 1.7

–54.1 –20.0 –13.4 ... –25.4 4.7

–33.6 –0.3 –3.4 ... –35.2 5.3

–57.7 18.0 –34.0 ... –41.7 0.0

–49.0 5.0 –28.0 ... –26.0 0.0

124.6 11.3 180.5 –0.6 –78.3 11.9

66.5 19.3 180.4 –12.6 –163.9 42.6

146.3 16.6 –106.8 19.9 –112.5 331.6

282.0 96.4 –51.7 –17.9 –19.0 274.2

283.0 –10.9 41.7 41.0 96.4 114.9

256.0 –22.7 139.4 –26.3 –106.7 271.6

359.6 9.0 115.2 –24.8 159.5 101.8

351.6 0.8 145.6 –26.8 125.0 107.4

317.1 36.4 68.5 –22.5 137.0 97.4

300.6 33.4 103.8 –22.7 140.1 47.5

582.3 –439.3 –24.4 ... –174.2 1,218.8

610.5 –464.5 136.9 ... 229.2 701.8

75.7 –330.4 –78.9 ... –39.9 524.9

140.2 –430.3 –261.2 ... –6.3 835.6

246.2 –518.1 –158.8 ... 170.2 751.3

143.6 –469.2 –270.2 ... 448.3 439.2

16.0 –495.3 –161.5 ... 102.2 572.6

–72.8 –453.1 –127.0 ... 391.0 113.8

–6.0 –343.9 –54.3 ... 852.1 –459.5

–43.1 –357.3 –109.6 ... 375.7 50.7


191



Regional Groups Commonwealth of Independent States3 Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Emerging and Developing Asia Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Emerging and Developing Europe Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Latin America and the Caribbean Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Middle East, North Africa, Afghanistan, and Pakistan Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Sub-Saharan Africa Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves

192


2007

2008

2009

2010

2011

2012

2013

2014

49.6 –28.3 3.8 ... –93.7 167.8

92.7 –49.4 35.8 ... 131.8 –26.7

23.1 –17.2 –6.3 ... 36.3 7.2

66.0 –9.4 –14.4 ... 35.9 52.0

91.9 –16.1 17.9 ... 65.0 23.9

48.2 –27.8 3.5 ... 44.5 26.6

–1.5 –4.9 –0.1 ... 26.8 –23.8

13.7 18.3 27.7 ... 80.7 –113.1

48.3 –16.4 19.7 ... 90.1 –44.7

47.7 –17.9 5.7 ... 60.4 0.2

412.4 –172.4 –56.4 ... 22.0 619.1

448.6 –151.9 8.1 ... 114.4 476.4

215.6 –115.6 –65.6 ... –63.4 462.4

141.9 –223.0 –99.4 0.4 –102.5 566.7

60.2 –278.2 –59.0 –0.3 –35.7 434.6

3.3 –223.0 –116.9 –3.2 208.5 135.2

21.7 –272.4 –65.6 2.0 –93.5 451.5

44.2 –275.6 –152.1 –5.5 276.2 196.1

317.0 –138.1 –11.1 –0.2 714.9 –248.7

302.5 –124.1 –20.6 –0.2 279.2 167.8

–126.5 –69.9 6.1 1.4 –98.7 35.6

–160.1 –63.7 14.4 2.5 –119.7 5.9

–53.4 –30.6 –10.1 0.9 –41.5 29.6

–89.5 –27.0 –45.4 0.0 –52.8 35.7

–108.1 –40.1 –53.2 1.5 –30.4 14.5

–64.1 –26.5 –70.2 –2.9 7.6 28.0

–67.6 –26.7 –39.8 –1.4 –15.6 18.4

–39.5 –26.2 –19.4 0.1 5.4 –0.1

–15.9 –25.6 2.2 0.1 0.2 7.4

–34.5 –28.1 –12.3 –1.7 6.2 1.5

17.2 –94.6 –44.6 ... 24.8 130.7

–37.4 –101.3 –6.7 ... 28.1 41.3

–24.4 –71.8 –23.8 ... 15.2 55.5

–116.2 –91.9 –131.4 ... 15.8 90.7

–113.8 –132.1 –118.4 ... 23.3 111.0

–164.6 –139.1 –114.6 ... 30.4 59.4

–212.8 –165.2 –105.0 ... 50.6 6.2

–201.0 –137.2 –111.7 ... 6.9 37.6

–171.9 –114.0 –69.9 ... 32.8 –22.3

–147.4 –119.4 –71.9 ... 56.5 –14.1

223.5 –52.0 72.8 ... –35.0 237.7

272.4 –61.9 61.9 ... 85.1 187.3

–35.6 –66.1 35.3 ... 17.5 –22.3

140.0 –45.2 29.4 ... 64.0 91.7

323.4 –21.5 69.7 ... 129.7 145.4

340.7 –22.0 53.7 ... 138.1 171.0

325.7 –5.0 65.8 ... 143.8 121.1

181.5 –10.8 142.1 ... 49.1 1.1

–104.4 –18.3 14.1 ... 39.9 –140.1

–130.1 –29.0 0.3 ... 0.1 –101.5

6.1 –22.0 –6.2 ... 6.4 27.9

–5.6 –36.3 23.6 ... –10.5 17.6

–49.6 –29.1 –8.4 ... –4.0 –7.5

–1.9 –33.8 –0.1 ... 33.4 –1.2

–7.5 –30.2 –15.8 ... 18.3 21.8

–20.0 –30.7 –25.7 ... 19.1 19.0

–49.5 –21.1 –16.8 ... –9.8 –0.9

–71.8 –21.5 –13.4 ... –27.4 –7.7

–79.1 –31.5 –9.3 ... –25.8 –11.0

–81.3 –38.8 –10.9 ... –26.7 –3.2




Analytical Groups By Source of Export Earnings Fuel Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Nonfuel Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves By External Financing Source Net Debtor Economies Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Net Debtor Economies by Debt-Servicing Experience Economies with Arrears and/or Rescheduling during 2010–14 Financial Account Balance Direct Investment, Net Portfolio Investment, Net Financial Derivatives, Net Other Investment, Net Change in Reserves Memorandum World Financial Account Balance


2007

2008

2009

2010

2011

2012

2013

2014

344.8 –53.5 86.2 ... –84.2 396.2

457.9 –84.8 99.3 ... 270.1 172.1

10.7 –62.0 12.0 ... 107.7 –49.8

250.8 –28.3 21.8 ... 142.5 113.2

502.2 –28.5 77.7 ... 254.4 197.4

491.4 –40.7 38.3 ... 240.9 252.1

378.2 4.8 65.4 ... 209.6 98.1

213.9 16.8 162.6 ... 153.3 –119.2

–61.4 –29.8 30.0 ... 172.2 –233.6

–76.3 –39.3 0.8 ... 102.5 –139.5

237.5 –385.8 –110.6 ... –89.9 822.6

152.6 –379.7 37.7 ... –40.9 529.7

65.0 –268.4 –90.9 ... –147.6 574.6

–110.6 –402.0 –283.0 ... –148.9 722.4

–256.0 –489.6 –236.4 ... –84.2 553.9

–347.8 –428.5 –308.5 ... 207.5 187.1

–362.3 –500.1 –227.0 ... –107.4 474.5

–286.7 –469.8 –289.6 ... 237.7 233.0

55.4 –314.2 –84.4 ... 679.9 –225.9

33.2 –318.1 –110.4 ... 273.2 190.2

–156.8 –258.7 –86.0 ... –161.1 347.3

–308.3 –280.2 73.2 ... –159.0 52.2

–159.6 –192.0 –71.3 ... –63.2 170.2

–292.8 –196.3 –266.9 ... –81.4 251.2

–377.5 –262.4 –205.7 ... –81.4 172.0

–485.9 –260.1 –251.8 ... –63.2 95.2

–457.0 –286.5 –176.1 ... –50.6 58.6

–381.5 –275.5 –216.2 ... –8.0 115.9

–316.0 –245.2 –99.7 ... –9.7 38.6

–332.6 –272.7 –137.1 ... –17.5 96.4

–9.4 –28.2 –7.7 ... 9.4 17.0

–14.7 –30.8 4.8 ... 2.3 9.0

–10.4 –16.7 15.4 ... –1.2 –7.8

–1.7 –20.6 –8.1 ... 13.4 13.6

–18.0 –18.3 3.0 ... 6.8 –9.6

–43.7 –22.3 1.2 ... 0.7 –23.4

–45.2 –18.0 –10.7 ... –14.0 –2.5

–24.3 –13.7 –1.1 ... 1.0 –10.6

–29.6 –17.7 0.2 ... –30.0 17.9

–35.9 –22.8 –2.5 ... –18.7 8.2

297.9

–111.3

71.0

89.8

47.5

49.2

243.8

407.9

514.6

356.0

Note: The estimates in this table are based on individual countries’ national accounts and balance of payments statistics. Country group composites are calculated as the sum of the U.S. dollar values for the relevant individual countries. Some group aggregates for the financial derivatives are not shown because of incomplete data. Projections for the euro area are not available because of data constraints. 1Data for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. 2Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries. 3Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.


193


Table A14. Summary of Net Lending and Borrowing (Percent of GDP) Averages 1997–2006 2001–08 Advanced Economies Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance United States Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Euro Area1 Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Germany Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance France Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Italy Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Spain Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Japan Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance United Kingdom Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance

194

Projections 2009

2010

2011

2012

2013

2014

2015

2016

Average 2017–20

–0.6 –0.6 22.6 22.9 0.0

–0.9 –0.9 21.9 22.6 0.0

–0.2 –0.2 19.2 19.6 0.0

0.0 0.0 20.3 20.4 0.0

–0.1 –0.1 20.8 20.9 0.1

0.0 0.0 21.2 20.8 0.1

0.5 0.4 21.4 20.6 0.0

0.4 0.4 21.7 20.8 0.0

0.5 0.5 21.5 20.8 0.0

0.3 0.3 21.2 20.9 0.0

0.1 0.1 21.5 21.5 0.0

–4.0 –4.0 19.3 22.6 0.0

–4.8 –4.8 17.8 22.2 0.0

–2.7 –2.7 14.3 17.5 0.0

–3.0 –3.0 15.0 18.4 0.0

–3.0 –3.0 15.7 18.5 0.0

–2.7 –2.8 17.7 19.4 0.0

–2.3 –2.3 18.2 19.5 0.0

–2.2 –2.2 18.8 19.9 0.0

–2.6 –2.6 18.2 20.3 0.0

–3.0 –2.9 17.7 20.6 0.0

–3.3 –3.3 17.8 21.1 0.0

... –0.4 23.0 22.4 ...

–0.1 –0.2 23.0 22.7 0.1

0.0 –0.2 20.8 20.4 0.1

0.2 0.1 21.5 21.0 0.1

0.2 0.1 22.3 21.5 0.2

1.3 1.2 22.2 20.1 0.1

2.0 1.8 22.3 19.6 0.2

2.3 2.0 22.7 19.4 0.2

... 3.2 22.9 19.1 ...

... 3.0 23.0 19.3 ...

... 2.6 23.1 20.0 ...

1.3 1.3 22.6 21.3 0.0

3.7 3.8 23.9 20.2 0.0

5.7 5.7 23.8 18.1 –0.1

5.7 5.6 25.2 19.6 0.0

6.1 6.1 27.2 21.1 0.1

6.9 6.8 26.1 19.3 0.1

6.4 6.4 25.8 19.4 0.0

7.5 7.4 26.7 19.3 0.1

8.5 8.5 27.3 18.8 0.0

8.0 8.0 27.0 19.0 0.0

7.2 7.2 26.5 19.3 0.0

1.7 1.7 23.2 21.5 0.0

0.4 0.3 22.8 22.5 0.0

–0.7 –0.8 20.5 21.3 0.1

–0.8 –0.8 21.1 21.9 0.1

–1.0 –1.0 22.2 23.2 0.1

–1.2 –1.2 21.5 22.6 0.0

–0.7 –0.8 21.5 22.3 0.1

–0.8 –0.9 21.2 22.2 0.1

–0.1 –0.2 21.5 21.7 0.1

–0.3 –0.4 21.2 21.6 0.1

–0.3 –0.4 21.7 22.1 0.1

0.4 0.3 21.0 20.7 0.1

–0.9 –0.9 20.5 21.4 0.1

–1.9 –1.9 17.5 19.4 0.0

–3.5 –3.5 17.1 20.5 0.0

–3.0 –3.1 17.4 20.4 0.1

–0.2 –0.4 17.4 17.8 0.2

0.9 0.9 18.2 17.3 0.0

2.1 1.9 18.4 16.5 0.2

2.1 2.0 18.3 16.3 0.1

2.4 2.3 18.6 16.3 0.1

1.3 1.2 18.6 17.4 0.1

–3.6 –4.4 22.4 26.9 0.8

–5.9 –6.6 22.4 29.0 0.7

–4.0 –4.3 20.3 24.6 0.3

–3.5 –3.9 19.6 23.5 0.5

–2.8 –3.2 18.7 21.9 0.4

0.2 –0.3 19.9 20.2 0.5

2.1 1.4 20.4 19.0 0.7

1.2 0.8 20.3 19.5 0.4

1.3 0.9 20.6 19.8 0.4

1.5 1.1 21.0 19.9 0.4

1.7 1.3 21.3 20.0 0.4

2.9 3.0 27.1 24.1 –0.2

3.3 3.4 26.3 22.8 –0.1

2.8 2.9 22.6 19.7 –0.1

3.9 4.0 23.8 19.8 –0.1

2.2 2.2 22.4 20.2 0.0

1.0 1.0 21.9 20.9 0.0

0.7 0.8 22.0 21.1 –0.2

0.5 0.5 22.4 21.9 0.0

2.9 3.0 24.8 21.8 –0.1

3.0 3.0 24.3 21.3 –0.1

2.8 2.9 24.5 21.6 –0.1

–1.7 –1.7 17.4 19.1 0.0

–2.2 –2.2 16.4 18.6 0.0

–2.7 –2.8 12.3 15.0 0.1

–2.5 –2.6 13.7 16.3 0.1

–1.6 –1.7 14.6 16.3 0.1

–3.7 –3.7 12.6 16.3 0.1

–4.4 –4.5 12.5 17.0 0.0

–5.8 –5.9 11.9 17.8 0.1

–4.7 –4.7 12.8 17.5 0.0

–4.2 –4.3 13.4 17.7 0.0

–2.6 –2.7 15.8 18.4 0.0



Table A14. Summary of Net Lending and Borrowing (continued) (Percent of GDP) Averages 1997–2006 2001–08 Canada Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Other Advanced Economies2 Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Emerging Market and Developing Economies Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Regional Groups Commonwealth of Independent States3 Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Emerging and Developing Asia Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Emerging and Developing Europe Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Latin America and the Caribbean Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Middle East, North Africa, Afghanistan, and Pakistan Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Sub-Saharan Africa Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance

Projections 2009

2010

2011

2012

2013

2014

2015

2016

Average 2017–20

1.0 1.0 22.3 21.3 0.0

1.4 1.4 23.5 22.1 0.0

–3.0 –2.9 18.9 21.8 –0.1

–3.5 –3.5 19.8 23.3 0.0

–2.7 –2.7 21.5 24.1 0.0

–3.3 –3.3 21.6 24.9 0.0

–3.0 –3.0 21.5 24.5 0.0

–2.1 –2.1 21.9 24.0 0.0

–2.9 –2.9 21.0 23.6 0.0

–2.3 –2.3 20.8 22.7 0.0

–2.3 –2.3 20.6 22.6 0.0

3.6 3.6 29.5 26.0 –0.1

3.9 4.0 29.9 25.9 –0.1

4.1 4.1 28.9 24.7 0.0

4.9 4.8 31.0 25.9 0.0

4.0 4.0 30.8 26.7 0.0

4.1 4.1 30.5 26.4 0.0

5.1 5.0 30.6 25.4 0.1

4.8 5.0 30.5 25.5 –0.1

5.1 5.1 30.4 25.3 0.0

4.7 4.7 30.3 25.5 –0.1

4.2 4.3 30.3 26.1 –0.1

1.6 1.5 26.5 25.3 0.2

3.0 2.9 29.7 27.0 0.1

1.4 1.3 31.3 30.1 0.1

1.5 1.2 32.3 31.1 0.3

1.6 1.5 33.0 31.6 0.1

1.4 1.3 32.8 31.6 0.1

0.7 0.6 32.0 31.4 0.1

0.5 0.5 32.1 31.6 0.0

0.0 –0.1 31.9 31.9 0.1

–0.1 –0.2 31.7 31.7 0.1

–0.4 –0.5 30.6 31.0 0.1

6.1 6.4 26.7 20.6 –0.4

5.8 6.7 29.3 22.8 –0.9

1.9 2.6 21.9 19.1 –0.7

3.9 3.4 26.2 22.6 0.4

4.3 4.3 28.9 24.5 0.0

2.4 2.5 26.6 24.0 –0.2

0.7 0.7 23.1 22.3 0.0

0.6 2.2 23.4 21.0 –1.6

2.4 2.4 23.8 21.0 0.0

2.6 2.5 23.3 20.3 0.0

3.1 3.1 24.2 20.8 0.0

2.7 2.6 34.7 32.6 0.1

3.9 3.8 38.4 35.0 0.1

3.5 3.4 43.6 40.2 0.1

2.5 2.4 43.8 41.4 0.1

0.9 0.9 43.0 42.1 0.1

1.0 1.0 42.8 41.8 0.1

0.8 0.7 42.3 41.6 0.1

1.4 1.4 42.7 41.3 0.0

2.1 2.0 42.1 40.0 0.1

1.9 1.8 41.0 39.2 0.1

0.5 0.5 38.0 37.4 0.0

–3.7 –3.9 17.7 21.6 0.2

–4.9 –5.1 16.9 22.1 0.3

–2.7 –3.4 16.1 19.4 0.7

–4.4 –5.1 15.9 21.0 0.7

–5.6 –6.4 16.7 23.1 0.8

–3.5 –4.5 16.5 21.0 1.0

–2.7 –3.8 16.7 20.5 1.2

–1.6 –2.9 17.7 20.5 1.4

–1.1 –2.1 18.8 20.8 1.0

–1.6 –2.4 18.9 21.2 0.8

–2.7 –3.5 18.2 21.6 0.8

–1.0 –1.1 18.8 19.9 0.1

0.1 0.0 20.6 20.6 0.1

–0.7 –0.7 19.6 20.4 0.1

–1.7 –1.9 19.8 21.7 0.2

–1.7 –1.7 20.4 22.1 0.1

–2.4 –2.4 19.3 21.7 0.0

–2.9 –2.9 18.6 21.6 0.0

–3.0 –3.0 18.0 21.2 0.0

–3.2 –3.3 16.8 20.0 0.1

–3.0 –3.0 16.5 19.5 0.0

–2.8 –2.9 17.2 20.1 0.0

6.6 6.4 31.5 24.8 0.3

10.2 9.9 36.0 26.1 0.2

1.6 1.8 32.1 30.7 –0.1

6.4 6.2 34.9 29.1 0.1

13.0 13.0 38.6 25.9 0.0

11.9 12.0 38.3 26.4 –0.1

10.1 10.2 35.5 24.9 –0.1

5.6 5.6 31.5 25.5 0.1

–3.6 –3.6 23.6 25.9 0.0

–4.2 –4.3 23.4 26.1 0.1

–0.8 –1.1 26.2 25.7 0.0

1.1 –0.2 17.6 20.1 1.3

2.3 0.9 19.9 19.3 1.4

–2.0 –2.8 18.7 21.7 0.8

0.8 –0.9 19.7 20.4 1.7

–0.2 –0.7 19.3 20.1 0.5

–1.3 –1.9 18.6 20.4 0.6

–2.0 –2.4 17.5 20.3 0.4

–3.7 –4.1 16.3 20.5 0.3

–5.3 –5.7 15.4 21.3 0.4

–5.1 –5.5 15.8 21.5 0.4

–4.5 –4.8 17.0 21.9 0.4


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Table A14. Summary of Net Lending and Borrowing (continued) (Percent of GDP) Averages 1997–2006 2001–08 Analytical Groups By Source of Export Earnings Fuel Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Nonfuel Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance By External Financing Source Net Debtor Economies Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Net Debtor Economies by Debt-Servicing Experience Economies with Arrears and/or Rescheduling during 2010–14 Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance Memorandum World Net Lending and Borrowing Current Account Balance Savings Investment Capital Account Balance

Projections 2009

2010

2011

2012

2013

2014

2015

2016

Average 2017–20

7.4 7.4 30.8 23.5 0.0

10.0 10.2 34.4 24.5 –0.2

3.0 3.3 28.7 25.6 –0.3

6.6 6.2 31.6 25.4 0.3

10.4 10.4 34.9 24.8 0.0

9.1 9.2 34.1 24.9 –0.1

7.1 7.1 30.6 23.3 0.0

4.0 4.7 28.3 23.4 –0.7

–1.4 –1.4 23.7 23.9 0.0

–1.6 –1.6 23.5 23.8 0.0

1.2 1.0 25.6 23.4 0.0

0.0 –0.2 25.3 25.9 0.2

0.9 0.7 28.3 27.7 0.2

1.0 0.8 32.1 31.3 0.2

0.1 –0.2 32.5 32.6 0.3

–1.0 –1.1 32.4 33.5 0.2

–1.0 –1.1 32.4 33.5 0.2

–1.1 –1.2 32.3 33.6 0.2

–0.4 –0.6 33.1 33.6 0.2

0.3 0.2 33.6 33.4 0.1

0.2 0.1 33.2 33.1 0.1

–0.7 –0.8 31.6 32.4 0.1

–1.1 –1.4 20.5 22.3 0.3

–1.0 –1.3 21.8 23.4 0.3

–1.4 –1.6 22.2 23.9 0.2

–2.0 –2.4 22.8 25.1 0.4

–2.6 –2.8 23.1 25.8 0.2

–3.4 –3.6 21.8 25.3 0.2

–3.0 –3.3 21.2 24.5 0.2

–2.5 –2.7 21.4 24.1 0.3

–2.3 –2.6 21.5 24.0 0.3

–2.4 –2.6 21.6 24.2 0.2

–2.6 –2.8 22.2 25.0 0.2

0.1 –0.3 18.9 22.9 0.4

0.3 0.0 20.6 20.8 0.3

–3.2 –3.0 16.6 19.6 –0.3

–1.3 –2.8 18.2 20.8 1.5

–2.9 –3.5 16.8 20.4 0.6

–5.7 –5.8 14.4 20.2 0.1

–6.0 –5.6 13.1 18.8 –0.4

–3.8 –3.8 13.8 17.5 –0.1

–4.3 –4.3 12.6 17.0 0.0

–4.8 –5.0 12.4 17.5 0.2

–4.8 –5.0 13.0 17.9 0.2

–0.1 –0.1 23.4 23.4 0.1

0.1 0.0 23.8 23.7 0.1

0.3 0.3 23.0 22.8 0.0

0.5 0.4 24.4 24.0 0.1

0.6 0.5 25.3 24.8 0.1

0.5 0.5 25.6 24.9 0.1

0.6 0.5 25.5 24.8 0.1

0.5 0.4 25.7 25.0 0.0

0.3 0.3 25.6 25.2 0.1

0.2 0.1 25.4 25.2 0.1

–0.1 –0.2 25.3 25.4 0.1

Note: The estimates in this table are based on individual countries’ national accounts and balance of payments statistics. Country group composites are calculated as the sum of the U.S. dollar values for the relevant individual countries. This differs from the calculations in the April 2005 and earlier issues of the World Economic Outlook, in which the composites were weighted by GDP valued at purchasing power parities as a share of total world GDP. The estimates of gross national savings and investment (or gross capital formation) are from individual countries’ national accounts statistics. The estimates of the current account balance, the capital account balance, and the financial account balance (or net lending/net borrowing) are from the balance of payments statistics. The link between domestic transactions and transactions with the rest of the world can be expressed as accounting identities. Savings (S ) minus investment (I ) is equal to the current account balance (CAB ) (S – I = CAB ). Also, net lending/net borrowing (NLB ) is the sum of the current account balance and the capital account balance (KAB ) (NLB = CAB + KAB). In practice, these identities do not hold exactly; imbalances result from imperfections in source data and compilation as well as from asymmetries in group composition due to data availability. 1Data for Lithuania are included in the euro area aggregates but were excluded in the April 2015 World Economic Outlook. 2Includes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries. 3Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.

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Table A15. Summary of World Medium-Term Baseline Scenario Projections Averages 1997–2006 2007–16 World Real GDP Advanced Economies Emerging Market and Developing Economies Memorandum Potential Output Major Advanced Economies World Trade, Volume1 Imports Advanced Economies Emerging Market and Developing Economies Exports Advanced Economies Emerging Market and Developing Economies Terms of Trade Advanced Economies Emerging Market and Developing Economies World Prices in U.S. Dollars Manufactures Oil Nonfuel Primary Commodities Consumer Prices Advanced Economies Emerging Market and Developing Economies Interest Rates Real Six-Month LIBOR2 World Real Long-Term Interest Rate3 Current Account Balances Advanced Economies Emerging Market and Developing Economies Total External Debt Emerging Market and Developing Economies Debt Service Emerging Market and Developing Economies

2013

Averages 2013–16 2017–20

2014

2015

2016

4.0 2.8 5.4

Annual Percent Change 3.5 3.3 3.4 1.3 1.1 1.8 5.5 5.0 4.6

3.1 2.0 4.0

3.6 2.2 4.5

3.4 1.8 4.5

3.9 2.1 5.1

2.3 6.8

1.3 3.5

1.2 3.3

1.3 3.3

1.5 3.2

1.6 4.1

1.4 3.5

1.7 4.6

6.6 8.3

2.4 6.0

2.0 5.2

3.4 3.6

4.0 1.3

4.2 4.4

3.4 3.6

4.5 5.2

6.2 8.1

2.9 4.6

2.9 4.4

3.4 2.9

3.1 3.9

3.4 4.8

3.2 4.0

4.1 5.2

–0.2 1.9

0.0 0.1

0.8 –0.3

0.4 –0.5

1.6 –4.7

0.1 –1.0

0.7 –1.6

0.1 –0.7

0.3 12.2 2.2

0.8 –2.4 0.4

–1.1 –0.9 –1.2

–0.6 –7.5 –4.0

–4.1 –46.4 –16.9

–0.7 –2.4 –5.1

–1.6 –16.8 –7.0

0.8 5.7 –0.2

2.0 8.7

1.6 6.2

0.3 5.6

1.2 5.1

1.1 5.4

1.9 4.6

2.0 2.5

–0.2 1.2

–0.6 1.5

–0.3 1.2

–0.8 1.0

1.2 1.4

–0.6 1.5

–0.1 1.4

1.4 1.4 5.8 5.1 Percent –1.1 –1.1 0.8 0.5 Percent of GDP 0.4 0.4 0.6 0.5

0.5 –0.1

0.3 –0.2

0.4 0.2

0.1 –0.5

33.8

26.0

25.9

26.0

27.1

27.5

26.6

26.3

9.3

8.6

8.8

9.2

9.7

9.0

9.2

9.0

1Data

refer to trade in goods and services. interbank offered rate on U.S. dollar deposits minus percent change in U.S. GDP deflator. 3GDP-weighted average of 10-year (or nearest-maturity) government bond rates for Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. 2London


197