World Economic Outlook (WEO), October 2014

World Economic Outlook (WEO), October 2014
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A1. Summary of World Output1
(Annual percent change)
World
Advanced Economies
United States
Euro Area
Japan
Other Advanced Economies2
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
Memorandum
European Union
Analytical Groups
By Source of Export Earnings
Fuel
Nonfuel
Of Which, Primary Products
By External Financing Source
Net Debtor Economies
Of Which, Official Financing
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2009–13
Memorandum
Median Growth Rate
Advanced Economies
Emerging Market and Developing Economies
Output per Capita
Advanced Economies
Emerging Market and Developing Economies
World Growth Rate Based on Market Exchange
Value of World Output (billions of U.S. dollars)
At Market Exchange Rates
At Purchasing Power Parities
Average
1996–2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
3.9
2.8
3.4
2.1
1.0
3.6
5.2
5.6
3.1
2.7
3.3
1.7
3.9
8.2
5.7
2.8
1.8
3.0
2.2
4.2
8.6
3.0
0.1
–0.3
0.4
–1.0
1.1
5.8
0.0
–3.4
–2.8
–4.5
–5.5
–2.2
3.1
5.4
3.1
2.5
1.9
4.7
4.6
7.5
4.1
1.7
1.6
1.6
–0.5
2.7
6.2
3.4
1.2
2.3
–0.7
1.5
1.6
5.1
3.3
1.4
2.2
–0.4
1.5
2.1
4.7
3.3
1.8
2.2
0.8
0.9
2.9
4.4
3.8
2.3
3.1
1.3
0.8
2.9
5.0
4.0
2.3
2.6
1.6
1.0
2.9
5.2
4.2
6.9
4.0
2.9
8.9
10.1
6.4
5.7
9.0
11.2
5.3
5.8
5.4
7.1
3.2
3.9
–6.2
7.5
–3.6
–1.3
5.0
9.5
4.7
6.0
4.8
7.7
5.5
4.5
3.4
6.7
1.4
2.9
2.2
6.6
2.8
2.7
0.8
6.5
2.7
1.3
1.6
6.6
2.9
2.2
3.0
6.3
3.4
3.3
4.9
5.0
5.4
6.7
6.8
7.0
5.8
5.8
7.9
5.2
5.3
6.3
2.3
2.4
4.1
5.3
5.5
6.9
4.4
4.5
5.1
4.8
4.8
4.4
2.5
2.3
5.1
2.7
2.6
5.1
3.9
3.8
5.8
4.6
4.5
5.5
2.5
3.6
3.4
0.7
–4.4
2.0
1.8
–0.3
0.2
1.4
1.8
2.0
4.6
5.4
4.1
8.0
8.3
5.7
7.4
9.0
6.0
5.4
5.9
4.1
–0.7
4.2
1.5
5.4
8.1
5.2
5.0
6.5
4.5
4.6
5.2
4.5
2.7
5.3
4.4
2.3
5.0
3.4
3.2
5.4
4.2
4.0
5.5
4.4
4.2
4.6
6.7
6.2
6.8
6.2
4.3
5.4
2.0
2.3
6.8
4.0
5.3
5.0
3.7
4.7
3.9
4.7
3.6
4.9
4.3
5.2
5.0
5.7
4.4
7.3
7.1
4.6
2.7
6.3
5.0
2.8
3.6
2.3
3.0
3.9
3.4
4.3
4.0
5.7
4.1
6.2
0.9
5.0
–3.6
1.7
2.3
4.5
1.9
4.4
0.9
3.8
1.2
3.8
2.0
3.5
2.3
4.0
2.2
4.3
2.1
3.8
3.0
2.3
6.8
4.0
2.0
7.1
4.0
–0.6
4.2
1.5
–4.0
1.9
–2.0
2.5
6.3
4.1
1.2
5.1
2.9
0.7
3.9
2.4
0.9
3.5
2.5
1.3
3.4
2.6
1.9
3.8
3.2
1.8
4.2
3.4
35,211
50,552
50,455
71,819
72,688 74,699 77,609 81,544
97,322 101,934 106,998 113,109
101,406
143,446
1Real
2In
56,839 62,308
77,797 81,632
59,063 64,525 71,423
82,013 87,427 92,781
Projections
2015
2019
GDP.
this table, Other Advanced Economies means advanced economies excluding the United States, euro area countries, and Japan.
and Turkmenistan, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
3Georgia
184
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A2. Advanced Economies: Real GDP and Total Domestic Demand1
(Annual percent change)
Average
1996–2005 2006 2007
Real GDP
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Netherlands
Belgium
Austria
Greece
Portugal
Finland
Ireland
Slovak Republic
Slovenia
Luxembourg
Latvia
Estonia
Cyprus3
Malta
Japan
United Kingdom
Canada
Korea
Australia
Taiwan Province of China
Sweden
Hong Kong SAR
Switzerland
Singapore
Czech Republic
Norway
Israel
Denmark
New Zealand
Iceland
San Marino
Memorandum
Major Advanced Economies
Real Total Domestic Demand
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies4
Memorandum
Major Advanced Economies
2008
2011
3.1
2.5
1.9
3.9
2.0
1.7
–0.2
1.1
2.3
1.8
–4.9
1.9
3.0
–0.3
4.4
1.2
3.1
–1.3
2.5
1.3
4.3
4.7
1.7
3.4
6.5
2.2
10.8
6.6
6.8
3.0
15.2
2.5
0.5
5.8
1.4
2.1
–4.1
–5.0
1.7
1.6
1.6
3.4
2.1
0.4
0.1
1.7
1.8
2.8
–7.1
–1.3
2.6
2.8
3.0
0.6
1.9
5.3
8.3
0.4
1.4
–0.5
1.1
2.5
3.7
2.6
4.2
2.9
4.8
1.8
6.1
1.8
1.3
4.2
1.1
1.9
2.7
–8.5
1.2
2.3
–0.7
0.9
0.3
–2.4
–1.6
–1.6
–0.1
0.9
–7.0
–3.2
–1.5
–0.3
1.8
–2.6
–0.2
5.2
4.7
–2.4
1.1
1.5
0.3
1.7
2.3
3.6
1.5
0.9
1.5
1.0
2.5
–1.0
2.9
3.0
–0.4
2.5
1.5
–5.1
1.4
2.2
–0.4
0.5
0.3
–1.9
–1.2
–0.7
0.2
0.3
–3.9
–1.4
–1.2
0.2
0.9
–1.0
2.1
4.1
1.6
–5.4
2.9
1.5
1.7
2.0
3.0
2.3
2.1
1.6
2.9
1.9
3.9
–0.9
0.6
3.2
0.4
2.8
3.3
–3.2
1.8
2.2
0.8
1.4
0.4
–0.2
1.3
0.6
1.0
1.0
0.6
1.0
–0.2
3.6
2.4
1.4
2.7
2.7
1.2
–3.2
2.2
0.9
3.2
2.3
3.7
2.8
3.5
2.1
3.0
1.3
3.0
2.5
1.8
2.5
1.5
3.6
2.9
0.0
2.3
3.1
1.3
1.5
1.0
0.8
1.7
1.4
1.4
1.9
2.9
1.5
0.9
3.0
2.7
1.4
1.9
3.2
2.5
0.4
2.2
0.8
2.7
2.4
4.0
2.9
3.8
2.7
3.3
1.6
3.0
2.5
1.9
2.8
1.8
2.8
3.0
2.2
2.3
2.6
1.6
1.3
1.9
1.0
2.0
2.0
1.2
1.3
3.6
1.8
1.8
2.5
2.9
1.9
2.2
3.9
3.6
2.1
1.7
1.0
2.4
2.0
3.9
3.0
4.5
2.4
3.8
1.8
3.1
2.1
2.1
3.2
2.0
2.5
3.0
2.9
2.2
3.1
0.5
1.4
0.8
–0.9
–0.2
0.7
0.8
0.7
–2.3
1.5
0.1
–1.2
1.6
2.1
3.0
3.6
1.7
–4.9
2.8
2.4
2.7
2.7
3.6
2.6
2.3
3.0
2.9
1.8
4.9
1.1
1.2
3.0
0.7
3.3
3.8
...
1.7
2.1
0.8
1.1
0.3
–0.1
2.0
0.4
0.8
1.2
2.5
1.0
0.0
–2.2
2.4
0.1
2.0
3.3
2.3
...
1.0
0.6
3.5
2.2
3.9
2.2
2.9
2.1
1.0
1.3
2.0
1.0
2.2
2.1
2.1
3.4
3.3
...
2.4
3.0
1.6
1.9
1.3
1.3
1.5
1.9
1.8
1.9
2.7
1.6
1.5
0.5
2.8
3.3
2.0
2.0
3.8
...
2.9
0.5
2.2
2.4
4.2
3.7
4.8
2.3
10.3
1.8
3.3
4.4
1.6
3.3
1.8
2.5
3.5
...
2009 2010
0.1 –3.4
–0.3 –2.8
0.4 –4.5
0.8 –5.1
0.2 –2.9
–1.2 –5.5
0.9 –3.8
2.1 –3.3
1.0 –2.8
1.4 –3.8
–0.2 –3.1
0.0 –2.9
0.7 –8.3
–2.6 –6.4
5.8 –4.9
3.3 –7.8
–0.7 –5.6
–2.8 –17.7
–5.3 –14.7
3.6 –1.9
3.9 –2.8
–1.0 –5.5
–0.8 –5.2
1.2 –2.7
2.8
0.7
2.7
1.5
0.7 –1.8
–0.6 –5.0
2.1 –2.5
2.2 –1.9
1.8 –0.6
3.1 –4.5
0.1 –1.6
3.5
1.9
–0.8 –5.7
–0.8 –1.4
1.2 –6.6
3.4 –9.5
Fourth Quarter2
Projections
2013:Q4 2014:Q4 2015:Q4
Projections
2012 2013 2014 2015 2019
2.8
3.4
2.1
1.2
2.3
1.4
3.7
2.6
2.2
2.4
3.7
2.5
3.7
7.2
4.2
3.9
4.8
6.9
6.9
3.5
...
1.0
3.4
3.3
5.0
3.7
4.4
3.1
3.4
1.7
5.3
3.0
2.9
3.7
2.1
3.5
4.6
...
3.1
2.7
3.3
3.9
2.4
2.2
4.1
3.8
2.7
3.7
5.5
1.4
4.1
5.5
8.3
5.7
4.9
11.0
10.4
4.1
2.6
1.7
2.8
2.6
5.2
2.7
5.4
4.3
7.0
3.8
8.9
7.0
2.3
5.8
3.4
2.8
4.7
3.8
2.8
1.8
3.0
3.4
2.4
1.7
3.5
4.2
2.9
3.7
3.5
2.4
5.2
4.9
10.5
6.9
6.6
10.0
7.9
5.1
4.1
2.2
3.4
2.0
5.5
4.5
6.0
3.3
6.5
3.8
9.1
5.7
2.7
6.3
1.6
3.4
6.0
7.1
2.6
2.6
2.2
–0.3
–3.8
2.9
1.5
1.4
1.5
1.7
2.3
2.1
2.4
1.6
2.2
2.9
3.9
2.1
0.6
2.4
1.8
4.4
0.7
3.8
3.4
3.3
2.8
2.6
3.1
2.8
2.4
2.1
5.2
0.9
2.4
3.9
4.2
2.4
1.1
2.8
2.0
3.1
1.4
4.1
1.1
3.4
3.4
5.0
–0.3
–1.3
0.3
1.0
0.5
–1.2
–0.5
–1.3
–1.6
2.8
1.6
–3.8
–3.8
–3.8
–2.3
–2.5
–4.4
–6.3
–4.0
–6.3
–2.7
–2.8
3.0
2.9
1.2
2.3
2.1
2.1
–0.6
2.9
2.4
5.2
6.5
1.4
1.6
0.7
2.8
2.0
–0.9
–2.0
0.4
–0.1
2.9
2.9
0.9
2.2
–2.2
–0.2
–0.3
–5.0
–4.1
2.3
1.2
2.2
2.1
1.0
1.9
–0.9
0.8
0.2
–2.7
–2.7
1.8
1.8
1.8
1.4
1.7
2.3
0.7
1.6
0.3
–0.4
1.3
0.9
2.9
2.0
2.3
2.3
3.2
1.0
1.4
0.6
0.5
1.2
0.6
2.6
2.2
3.0
2.2
2.6
1.5
1.2
1.7
1.0
1.7
0.9
2.4
1.9
3.4
2.0
2.8
0.3
1.1
0.7
–1.2
–0.6
2.9
2.6
2.3
2.5
1.6
2.5
0.3
1.5
0.1
–0.2
1.4
–0.2
3.1
1.9
1.8
2.5
3.3
1.7
2.1
1.0
1.0
2.0
0.4
1.9
2.2
3.6
2.8
2.4
1.7
–0.8
–3.7
2.8
1.4
1.2
1.4
1.8
2.2
2.0
2.2
1.7
2.3
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.
3Owing to the unusual macroeconomic uncertainty, quarterly real GDP projections are not available.
4In this table, Other Advanced Economies means advanced economies excluding the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
International Monetary Fund | October 2014
185
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A3. Advanced Economies: Components of Real GDP
(Annual percent change)
Averages
1996–2005 2006–15
Private Consumer Expenditure
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Memorandum
Major Advanced Economies
Public Consumption
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Memorandum
Major Advanced Economies
Gross Fixed Capital Formation
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Memorandum
Major Advanced Economies
186
2006
2007
2008
2009
2010
2011
2012
2013
Projections
2014
2015
3.0
3.9
2.0
0.9
2.4
1.6
3.8
1.0
4.1
3.4
3.6
1.4
1.7
0.4
1.0
0.9
–0.5
0.1
0.8
1.0
2.6
2.6
2.6
3.0
2.1
1.6
2.2
1.4
4.0
1.1
1.8
4.1
3.6
2.4
2.2
1.7
–0.2
2.5
1.1
3.5
0.9
2.7
4.2
4.7
0.1
–0.3
0.4
0.7
0.4
–0.8
–0.6
–0.9
–1.0
2.9
1.2
–1.1
–1.6
–1.0
0.3
0.2
–1.6
–3.7
–0.7
–3.6
0.3
0.2
2.0
1.9
1.0
1.0
1.8
1.5
0.2
2.8
1.0
3.4
3.8
1.5
2.3
0.3
2.3
0.5
–0.3
–1.2
0.3
–0.4
2.3
2.9
1.0
1.8
–1.3
0.7
–0.4
–4.0
–2.8
2.0
1.4
1.9
2.1
1.5
2.4
–0.7
1.0
0.2
–2.6
–2.1
2.0
2.2
2.4
2.1
1.6
2.4
0.7
1.1
0.3
0.1
2.0
–0.5
2.6
2.5
2.3
2.2
2.9
1.2
1.3
1.2
0.6
1.6
1.1
3.0
2.2
3.0
2.8
1.3
2.4
1.9
–0.2
–1.2
1.9
1.5
1.2
1.7
1.6
2.2
2.6
2.0
1.8
0.9
1.4
1.8
4.2
2.4
2.8
1.7
2.9
1.0
0.4
1.0
1.4
1.3
–0.2
1.2
1.1
0.9
2.0
2.5
1.7
1.1
2.1
0.9
1.3
0.5
4.6
0.0
2.2
3.1
3.3
1.9
1.4
2.2
1.4
1.8
1.0
5.6
1.1
0.7
2.8
3.1
2.3
2.5
2.3
3.2
1.1
0.6
5.9
–0.1
2.1
4.6
2.9
3.0
3.7
2.6
3.0
2.4
0.8
3.7
2.3
0.7
3.3
3.5
0.9
0.1
0.6
1.3
1.3
–0.4
1.5
1.9
0.5
2.7
2.8
–0.6
–2.7
–0.1
1.0
1.0
–1.3
–0.5
1.2
0.0
0.8
1.6
0.2
–0.6
–0.6
1.0
1.7
–2.6
–4.8
1.7
1.6
1.1
2.0
0.1
–1.3
0.1
0.4
2.0
–0.8
–2.3
2.0
0.7
0.6
2.2
0.4
–0.2
0.4
0.7
0.6
0.3
0.0
0.3
1.2
0.3
1.7
0.4
0.0
0.2
1.2
0.0
–0.3
–0.7
0.5
–0.5
0.9
1.7
1.9
0.7
1.1
1.4
2.0
2.9
0.7
–1.0
0.2
–0.2
0.2
0.2
3.5
5.1
2.7
0.0
3.2
2.6
6.2
–0.8
4.5
5.9
3.5
0.5
0.5
–0.8
1.8
0.2
–2.5
–3.4
–0.2
0.2
2.0
2.8
3.9
2.2
5.6
8.9
3.6
3.4
7.1
1.5
5.6
6.2
5.2
2.5
–1.2
5.2
5.1
5.5
1.8
4.5
0.3
7.5
3.2
6.6
–2.9
–4.8
–1.4
0.7
0.8
–3.7
–4.7
–4.1
–6.9
1.6
0.3
–11.6
–13.1
–12.8
–12.1
–9.1
–11.7
–18.0
–10.6
–16.7
–12.0
–5.4
1.9
1.1
–0.4
5.4
2.1
0.6
–5.5
–0.2
2.8
11.3
6.7
2.6
3.7
1.6
7.0
2.1
–2.2
–5.4
1.4
–2.4
4.2
3.9
1.8
5.3
–4.0
–1.4
0.3
–8.0
–7.0
3.4
0.8
4.3
2.3
0.8
2.7
–2.9
–0.7
–1.0
–4.7
–5.1
2.6
–0.8
0.0
2.2
3.1
3.9
0.7
3.2
–1.6
–1.4
0.3
4.3
9.3
0.0
3.0
4.2
6.9
2.0
3.1
–0.3
1.5
2.4
–0.2
5.6
3.2
3.6
3.3
0.4
3.4
1.2
–3.5
–12.4
2.0
2.8
2.8
1.2
3.3
4.4
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A3. Advanced Economies: Components of Real GDP (concluded)
(Annual percent change)
Averages
1996–2005 2006–15
Final Domestic Demand
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Memorandum
Major Advanced Economies
Stock Building2
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Memorandum
Major Advanced Economies
Foreign Balance2
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Memorandum
Major Advanced Economies
2006
2007
2008
2009
2010
2011
2012
2013
Projections
2014
2015
2.9
3.9
2.1
0.7
2.3
1.9
4.5
0.8
3.9
3.6
3.3
1.1
1.2
0.3
1.2
0.8
–0.8
–0.5
0.6
0.8
2.4
2.6
2.7
2.6
2.9
2.8
2.3
1.6
5.0
1.0
2.5
4.4
3.8
2.3
1.4
2.5
1.2
3.0
1.2
4.1
0.8
3.1
3.7
4.8
–0.2
–0.9
0.4
1.1
0.7
–1.2
–0.7
–1.6
–1.4
2.9
1.2
–2.6
–3.1
–2.8
–1.6
–1.5
–3.2
–6.2
–2.3
–4.8
–1.9
–0.5
1.8
1.5
0.6
1.8
1.8
0.9
–0.9
2.0
1.2
5.0
4.4
1.3
1.7
0.5
2.9
0.9
–0.9
–2.0
0.7
–0.6
2.4
2.8
1.0
2.1
–1.7
0.4
0.3
–4.5
–4.1
2.2
1.4
2.3
2.1
1.1
1.9
–0.9
0.6
0.4
–2.6
–2.7
2.1
1.4
1.4
2.1
1.7
2.3
0.6
1.4
0.0
–0.1
1.3
0.7
3.2
1.5
2.4
2.3
3.2
1.1
1.6
0.6
0.6
1.2
0.7
2.6
2.2
3.0
2.8
1.0
2.4
1.6
–0.5
–2.8
1.7
1.3
1.3
1.3
1.7
2.3
0.0
0.0
0.0
–0.1
0.1
–0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
–0.1
0.0
0.0
0.0
0.1
0.0
0.3
0.1
0.1
0.5
0.3
–0.1
–0.1
–0.1
0.3
0.1
–0.2
0.3
0.8
0.1
0.2
–0.1
0.3
0.3
–0.1
0.2
–0.2
–0.5
–0.1
–0.1
–0.2
0.0
0.2
0.2
–0.2
0.0
0.2
–1.1
–0.8
–1.0
–0.6
–1.1
–1.2
0.0
–1.5
–1.5
–0.8
–2.1
1.2
1.5
0.6
0.5
0.3
1.1
0.0
0.9
1.2
0.2
2.1
0.1
–0.1
0.3
0.0
1.1
–0.1
0.1
–0.2
0.4
0.5
0.1
–0.1
0.2
–0.5
–0.5
–0.6
–0.6
0.0
0.1
–0.2
0.0
–0.1
–0.1
0.1
0.0
0.2
–0.2
–0.1
0.0
–0.3
0.4
0.4
–0.7
0.0
0.1
0.1
0.1
0.3
–0.2
0.0
0.1
–0.2
–0.2
–0.1
0.0
0.0
–0.1
–0.3
0.0
–0.1
0.0
–0.1
0.0
–0.1
0.0
0.0
0.0
0.0
0.1
–0.3
–1.0
1.1
0.0
–0.1
0.0
0.1
0.0
–0.2
–0.6
0.1
0.5
–0.1
–0.3
–0.7
0.2
–0.6
–0.2
0.5
0.3
0.2
0.4
0.3
0.0
0.4
0.9
0.0
0.2
–0.6
0.6
0.2
–0.1
0.2
1.2
0.0
0.1
–1.4
0.8
0.2
–1.4
0.9
0.4
0.6
0.2
1.5
–0.8
0.3
–0.8
1.0
–0.1
–1.5
0.6
0.5
1.1
0.1
–0.1
–0.3
0.0
1.5
0.2
0.9
–1.9
0.4
0.3
1.2
–0.7
–3.0
–0.4
–1.2
2.9
–2.0
0.9
0.0
1.5
0.2
–0.5
0.7
1.7
–0.1
–0.4
0.4
2.0
–0.5
–2.0
0.1
0.3
0.0
0.9
0.7
0.0
1.5
2.1
–0.8
1.2
–0.4
0.5
0.4
0.0
1.5
1.1
0.7
2.6
2.5
–0.7
–0.5
–0.6
0.4
0.3
0.2
0.5
–0.2
0.1
0.8
1.5
–0.2
0.1
0.3
0.7
0.1
–0.2
0.2
–0.1
0.1
0.3
0.1
0.1
0.2
1.0
0.7
0.1
–0.3
0.3
0.2
0.4
0.4
0.5
0.1
0.1
0.3
0.5
–0.3
0.2
0.2
0.5
0.5
0.0
0.1
0.1
0.2
0.1
0.0
0.0
1In
this table, Other Advanced Economies means advanced economies excluding the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
2Changes expressed as percent of GDP in the preceding period.
International Monetary Fund | October 2014
187
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
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
Ukraine
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-Leste3
Tonga
Tuvalu
Vanuatu
Vietnam
Emerging and Developing Europe
Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Hungary
Kosovo
Lithuania
FYR Macedonia
Montenegro
Poland
Romania
Serbia
Turkey
188
Average
1996–2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
4.2
3.8
5.1
8.6
9.5
6.9
6.5
6.4
4.7
2.2
6.0
9.9
2.8
4.6
6.9
5.4
6.9
1.7
8.3
9.2
2.5
6.4
2.6
2.3
6.0
4.7
6.0
...
0.2
4.6
...
4.2
...
1.5
4.1
4.2
0.1
4.3
2.7
...
1.2
...
1.9
7.1
4.0
5.7
...
2.4
3.9
3.6
...
6.2
2.3
...
4.2
2.2
...
4.3
8.9
8.2
11.0
13.2
34.5
10.0
9.4
10.7
3.1
4.8
7.0
11.0
7.3
7.5
10.1
6.5
7.0
4.4
10.8
12.7
1.9
9.3
5.5
–4.5
8.6
5.6
19.6
1.9
–0.2
8.6
13.1
3.4
–1.4
2.3
5.2
1.9
4.0
7.7
5.1
–5.7
–2.8
2.9
8.5
7.0
6.4
5.4
5.7
6.5
4.9
3.9
3.4
7.8
5.0
8.6
6.2
7.9
3.6
6.9
9.0
8.5
10.3
13.7
25.0
8.7
12.3
8.9
8.5
3.0
7.8
11.1
7.9
9.5
11.2
6.3
12.6
0.2
10.2
14.2
–0.9
9.8
6.3
7.5
7.8
6.3
10.2
3.8
–2.1
10.2
12.0
3.4
1.7
7.2
6.6
1.1
6.4
6.8
5.0
11.4
–1.4
6.4
5.2
7.1
5.3
5.9
6.0
6.4
5.1
0.1
8.3
9.8
6.1
10.7
6.8
6.3
5.4
4.7
5.4
5.2
5.6
6.9
10.8
10.3
2.3
3.3
7.6
7.8
7.9
14.7
2.3
9.0
7.1
6.0
10.8
–1.9
6.7
9.6
1.0
3.9
6.0
2.8
7.8
4.8
10.9
–2.0
–2.6
8.9
3.6
6.1
–5.5
6.6
4.2
2.9
7.1
6.0
2.5
14.2
2.6
8.0
6.5
5.7
3.2
7.5
5.6
6.2
2.1
0.9
4.5
2.9
5.0
6.9
5.1
7.3
3.8
0.7
–6.2
–7.8
–2.3
–14.1
9.3
0.1
–3.8
1.2
2.9
–6.0
3.9
6.1
–14.8
8.1
7.5
5.7
5.7
–1.8
0.1
9.2
–1.4
8.5
4.6
–0.7
7.5
–1.5
4.5
–1.8
1.0
–1.3
5.1
4.5
–10.7
6.1
1.1
–6.4
–4.7
3.5
–2.3
13.0
3.3
–4.4
3.3
5.4
–3.6
3.4
–2.7
–5.5
–6.9
–6.8
3.6
–14.8
–0.9
–5.7
1.6
–6.6
–3.5
–4.8
5.0
4.5
6.1
2.2
5.0
7.7
6.3
7.3
–0.5
7.1
6.5
9.2
4.1
8.5
9.5
6.0
9.3
2.6
6.1
10.4
3.0
10.3
6.2
–0.5
8.1
7.4
7.1
5.9
2.5
6.4
5.3
4.8
3.2
7.7
7.6
–1.7
7.8
8.0
7.8
9.4
3.1
–2.7
1.6
6.4
4.7
3.5
0.8
0.4
–2.3
1.1
3.3
1.6
2.9
2.5
3.9
–1.1
1.0
9.2
4.8
4.3
6.1
4.7
0.1
5.5
7.2
7.5
6.0
6.8
7.4
14.7
5.2
8.3
7.7
6.5
10.1
3.4
7.1
9.3
2.7
6.6
6.5
2.7
8.0
5.2
6.5
0.6
2.1
17.5
5.9
3.4
5.2
10.7
3.7
5.2
10.7
8.2
0.1
14.7
1.8
8.5
1.2
6.2
5.5
2.3
1.0
1.8
–0.2
1.6
4.4
6.0
2.8
3.2
4.5
2.3
1.6
8.8
3.4
3.4
3.6
7.1
2.2
1.7
6.2
5.0
–0.9
–0.7
7.5
11.1
0.3
8.2
6.7
6.3
6.5
0.9
7.3
7.7
1.8
4.7
6.3
2.8
7.9
5.6
0.9
3.2
0.4
12.4
7.3
4.8
5.5
8.1
6.8
1.5
3.8
6.3
6.5
7.8
0.5
0.2
1.8
5.2
1.4
1.1
–1.2
0.6
–2.2
–1.7
2.8
3.7
–0.4
–2.5
2.0
0.6
–1.5
2.1
2.2
1.3
4.2
3.5
5.8
0.9
3.2
6.0
10.5
8.9
7.4
10.2
0.0
8.0
6.6
6.1
5.0
–1.8
7.4
7.7
4.6
5.0
5.8
2.9
8.0
4.7
3.7
0.8
0.6
11.7
8.3
3.9
–0.2
5.5
7.2
–1.1
3.0
7.3
2.9
5.4
0.8
1.3
2.2
5.4
2.8
0.4
2.1
0.9
–0.9
1.1
3.4
3.3
2.9
3.5
1.6
3.5
2.5
4.0
0.8
0.2
2.0
3.2
4.5
0.9
5.0
4.6
4.1
1.8
6.0
10.1
–6.5
7.0
6.5
6.2
6.4
5.3
7.2
7.4
3.8
5.6
5.2
3.0
7.4
5.9
4.5
3.2
0.6
9.1
8.5
5.5
1.8
5.8
6.2
2.0
0.1
7.0
1.0
6.6
2.4
2.2
3.5
5.5
2.7
2.1
0.7
1.4
–0.8
2.8
2.7
3.0
3.4
2.3
3.2
2.4
–0.5
3.0
International Monetary Fund | October 2014
Projections
2015
2019
1.6
0.5
4.0
3.5
4.3
1.5
5.0
4.7
4.9
3.5
6.0
11.5
1.0
6.5
6.6
6.4
7.6
3.0
7.3
7.1
2.5
6.4
5.5
2.7
7.2
5.2
4.3
1.7
0.6
8.4
8.5
5.0
2.2
19.6
6.3
2.2
3.5
6.5
4.6
6.8
3.0
2.5
4.0
5.6
2.9
3.3
3.5
2.0
0.5
2.3
3.3
3.3
3.6
3.4
3.3
2.5
1.0
3.0
3.0
2.0
5.0
4.5
4.2
2.7
5.0
5.7
5.3
4.0
5.8
8.1
4.5
5.5
6.3
7.0
8.0
3.3
7.5
6.3
2.7
6.7
6.0
2.1
7.5
5.0
4.0
1.5
0.7
6.8
7.6
4.5
2.2
3.5
6.0
1.6
3.5
6.5
4.3
7.4
2.6
1.9
2.5
6.0
3.4
4.7
4.0
3.0
2.0
1.8
4.0
3.7
4.0
3.0
3.6
3.5
3.0
3.5
STATISTICAL APPENDIX
Table A4. Emerging Market and Developing Economies: Real GDP (continued)
(Annual percent change)
Latin America and the Caribbean
Antigua and Barbuda
Argentina4
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
Sudan5
Syria6
Tunisia
United Arab Emirates
Yemen
Average
1996–2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Projections
2015
2019
2.9
3.9
2.3
4.0
2.0
5.7
3.3
2.4
4.3
2.3
4.5
1.9
5.2
3.0
2.7
5.9
3.3
1.6
1.0
3.8
0.6
3.4
4.1
4.9
1.2
3.6
3.9
1.6
3.8
3.4
7.9
1.2
1.6
5.7
12.7
8.4
2.5
5.7
4.7
4.8
4.0
5.8
6.7
8.8
4.6
10.7
4.4
3.9
–4.0
5.4
5.1
2.2
6.6
2.9
5.0
4.2
8.5
4.8
7.5
4.6
8.7
6.0
5.8
13.2
4.1
9.9
5.8
7.1
8.0
1.4
1.7
1.2
4.6
6.1
5.2
6.9
7.9
6.0
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
–0.4
3.0
5.1
4.8
6.5
8.8
3.9
1.5
3.1
–2.3
0.3
3.8
6.1
5.2
3.2
3.5
2.7
7.8
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
3.4
–0.5
4.1
3.4
7.2
5.3
–1.3
–10.7
0.1
–4.2
–4.1
0.3
3.4
–0.3
–1.0
1.7
–1.0
–1.1
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
0.6
–2.0
3.0
–4.4
2.4
–3.2
6.0
–8.5
9.1
1.5
0.2
3.1
4.1
7.5
5.7
4.0
5.0
1.2
8.3
3.5
1.4
–0.5
2.9
4.4
–5.5
3.7
–1.5
5.1
3.3
7.5
13.1
8.5
–3.8
–0.2
–2.3
4.2
0.2
8.4
–1.5
4.5
–1.9
8.6
1.1
0.8
2.1
5.2
2.7
5.8
6.6
4.5
0.2
2.9
7.8
2.2
0.8
4.2
5.4
5.5
3.8
1.4
4.0
5.7
10.9
4.3
6.5
–1.9
1.3
0.3
5.3
–2.6
7.3
4.2
2.9
3.6
0.9
1.0
0.0
4.0
5.2
1.0
5.5
4.0
5.1
–1.1
2.7
5.1
1.9
–1.8
3.0
4.8
2.9
3.9
–0.5
4.0
5.0
10.8
–1.2
6.0
–0.9
–1.3
1.5
4.8
1.2
3.7
5.6
2.7
1.8
2.9
0.7
–0.3
0.7
6.8
2.5
4.2
4.7
3.5
0.8
4.6
4.5
1.7
1.5
3.7
5.2
4.3
2.6
0.2
1.1
4.6
8.4
13.6
5.8
3.8
–2.3
2.3
4.1
1.6
4.4
1.3
1.3
1.9
–1.7
1.2
–0.6
2.0
5.2
0.3
2.0
4.8
3.6
1.4
5.3
4.0
1.7
1.1
3.4
3.3
3.8
3.0
1.1
2.4
4.0
6.6
4.0
3.6
3.5
–1.1
1.7
3.3
2.3
2.8
–3.0
2.2
1.7
–1.5
2.1
0.5
2.5
5.0
1.4
3.3
4.5
3.6
1.2
4.2
4.0
1.8
1.2
3.7
3.8
3.7
3.1
1.8
3.5
4.0
6.4
4.5
5.1
3.2
1.4
2.6
3.8
2.1
2.8
–1.0
3.3
2.0
0.0
1.5
2.2
2.5
5.0
3.0
4.3
4.5
4.3
1.8
4.0
4.5
2.0
2.5
3.5
3.2
4.0
3.0
2.7
3.8
4.0
5.8
4.5
5.5
3.1
2.2
3.1
4.4
1.7
3.5
1.0
4.9
...
4.3
4.9
1.2
4.8
4.7
...
4.8
5.0
3.5
3.1
3.3
4.4
2.3
4.6
9.7
3.3
15.5
2.7
5.0
5.8
4.7
6.7
5.4
1.7
6.5
4.8
6.8
5.7
10.2
8.1
7.5
1.6
6.5
11.4
7.8
5.4
5.8
26.2
5.6
8.9
5.0
5.7
9.8
3.2
5.8
13.3
3.4
8.3
5.1
7.1
6.4
1.4
8.2
6.0
9.4
6.4
1.0
2.7
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
1.5
6.6
7.2
2.5
9.1
2.7
3.5
5.6
8.2
5.0
17.7
8.4
3.0
4.5
4.5
3.2
3.6
2.3
20.6
1.6
2.5
5.0
4.7
2.3
5.8
5.5
–7.1
10.3
–0.8
–1.2
4.8
6.1
0.4
12.0
1.8
4.7
5.9
3.1
–5.2
3.9
5.3
8.4
3.6
4.3
3.5
5.1
6.6
5.5
2.3
–2.4
8.0
5.0
4.3
3.6
4.8
2.6
16.7
7.4
3.0
3.4
2.6
1.6
7.7
4.4
6.5
2.8
2.1
4.5
1.8
3.9
10.2
2.6
10.2
2.0
–62.1
4.0
5.0
4.1
3.6
13.0
8.6
–1.2
...
–1.9
4.9
–12.7
4.8
14.0
3.3
3.4
4.8
2.2
–6.6
10.3
2.7
8.3
2.5
104.5
7.0
2.7
5.8
3.8
6.1
5.8
–2.7
...
3.7
4.7
2.4
2.5
3.6
2.8
5.3
5.0
2.1
–1.9
4.2
2.9
–0.4
1.5
–13.6
6.7
4.4
4.8
3.7
6.5
4.0
3.3
...
2.3
5.2
4.8
2.7
3.2
3.8
3.9
5.5
2.2
1.5
–2.7
3.5
1.4
1.8
–19.8
6.8
3.5
3.4
4.1
6.5
4.6
3.0
...
2.8
4.3
1.9
3.9
4.5
4.0
2.9
5.5
3.5
2.2
1.5
4.0
1.8
2.5
15.0
6.8
4.7
3.4
4.3
7.7
4.5
3.7
...
3.7
4.5
4.6
4.6
5.6
3.9
3.3
6.5
4.0
2.2
9.1
4.5
3.3
4.0
9.4
10.7
5.4
3.4
5.0
5.3
4.4
5.4
...
4.5
4.6
5.6
International Monetary Fund | October 2014
189
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A4. Emerging Market and Developing Economies: Real GDP (concluded)
(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
Zimbabwe7
Average
1996–2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
5.4
8.2
4.5
5.8
6.6
0.9
7.1
4.2
0.7
8.6
2.1
–0.1
3.2
1.5
38.4
1.8
5.4
0.5
4.4
4.9
3.7
0.2
2.8
3.4
...
3.1
3.2
5.1
4.1
9.1
4.2
4.4
9.6
8.7
2.6
4.4
2.8
0.7
3.3
...
2.5
5.5
1.6
7.0
4.5
...
7.0
20.7
3.8
8.0
6.3
5.4
9.1
3.2
4.8
0.6
1.2
5.3
6.2
1.5
1.3
–1.0
11.5
–1.9
1.1
6.1
2.5
2.3
5.6
4.1
8.2
5.4
2.1
5.3
4.5
8.7
7.1
5.8
8.8
9.2
12.6
2.5
9.4
4.2
5.6
...
3.3
6.7
4.1
7.0
7.9
–3.6
7.9
22.6
4.6
8.7
4.1
3.4
9.2
3.3
4.6
3.3
0.8
6.3
–1.6
1.8
13.1
1.4
11.8
6.3
3.6
6.5
1.8
3.2
8.0
4.9
12.7
6.5
9.5
4.3
5.9
7.3
5.4
3.2
9.6
7.6
2.0
4.9
10.4
8.0
5.5
...
3.5
7.1
2.3
8.1
8.4
–3.3
6.3
13.8
5.0
3.9
5.8
4.9
6.7
2.9
2.1
3.1
0.4
6.2
5.6
2.5
12.3
–9.8
11.2
1.7
5.7
8.4
4.9
3.2
–0.4
5.1
6.0
7.2
8.3
5.0
5.5
6.8
3.4
9.6
8.6
11.2
9.1
3.7
–2.1
5.2
3.6
...
2.4
7.4
2.4
10.4
7.8
–16.4
4.1
2.4
2.7
–7.8
3.0
3.8
–1.3
1.9
1.7
4.2
1.8
2.9
7.5
3.3
–8.1
3.9
10.0
–2.3
6.4
4.0
–0.3
3.3
2.6
4.5
5.1
–3.5
9.0
4.5
3.0
6.3
–1.1
–0.7
9.6
6.2
4.0
2.4
–1.1
3.2
–1.5
...
1.2
6.0
3.5
4.1
9.2
8.2
6.9
3.4
2.6
8.6
8.4
5.1
1.5
3.3
3.0
13.6
2.2
7.1
8.7
2.0
–1.3
2.2
10.6
6.3
6.5
8.0
1.9
4.4
8.6
5.6
6.1
0.1
6.5
5.8
4.1
7.1
6.3
8.4
10.6
6.3
4.5
4.2
5.9
5.3
3.1
...
1.9
7.0
4.1
6.2
10.3
11.4
5.1
3.9
3.3
6.2
5.0
4.2
4.0
4.1
3.3
0.1
2.5
6.9
3.4
–4.4
5.0
8.7
11.4
6.9
–4.3
15.0
3.9
9.0
7.6
4.3
7.5
1.5
4.3
2.7
3.9
7.3
5.7
2.3
4.9
7.5
4.9
1.7
7.9
6.0
3.6
...
–0.6
6.4
4.8
6.2
6.4
11.9
4.4
5.2
5.4
4.3
9.0
4.0
1.2
4.6
4.1
8.9
3.0
7.2
3.8
10.7
3.2
7.0
8.8
5.5
5.3
8.8
3.8
–2.2
4.6
6.0
8.3
2.5
1.9
0.0
3.2
7.2
5.0
11.1
4.3
8.8
4.0
3.4
2.8
15.2
2.5
–47.6
1.9
6.9
5.9
2.8
6.8
10.6
5.1
6.8
5.6
5.9
6.6
4.5
0.5
5.5
–36.0
3.9
3.5
8.5
3.3
8.7
–4.8
1.3
9.7
5.6
6.3
7.1
2.3
0.3
4.6
5.7
8.7
2.4
5.2
1.7
3.2
7.1
4.3
4.1
5.4
4.7
4.0
3.5
3.5
20.1
1.9
27.1
2.8
7.0
5.1
5.8
6.7
3.3
5.1
3.9
5.5
4.4
6.7
4.7
1.0
5.1
1.0
9.6
3.9
8.6
6.0
8.5
–2.5
2.0
8.2
5.1
7.4
4.5
2.4
2.6
5.3
4.3
2.5
3.0
5.7
5.9
3.3
8.3
4.3
6.3
7.0
6.0
5.0
4.5
3.7
8.0
1.4
–12.3
2.1
7.2
5.6
5.9
6.5
3.1
Projections
2015
2019
5.8
5.9
5.2
4.2
6.8
4.8
3.0
5.2
5.3
6.7
3.9
8.5
7.5
7.9
–7.9
2.1
8.5
5.4
7.0
4.7
4.1
4.0
6.2
4.7
4.5
4.0
6.0
4.8
3.9
8.2
4.5
4.9
7.3
6.7
5.5
4.6
3.8
9.9
2.3
19.0
2.0
7.0
5.7
6.3
7.2
3.2
5.5
6.2
4.8
3.8
6.6
5.4
4.0
5.3
5.7
3.3
5.4
5.7
1.9
6.0
–9.0
3.6
7.5
6.2
5.5
3.1
4.2
3.7
6.6
5.5
10.4
4.5
5.0
4.7
4.0
7.7
4.7
10.3
6.8
7.5
6.0
5.3
3.4
4.9
2.7
2.2
1.7
6.9
5.1
7.0
6.5
4.4
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 and Turkmenistan, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
3In this table only, the data for Timor-Leste are based on non-oil GDP.
4The 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 6, 2014, the Executive Board recognized the implementation of the
specified actions it had called for by end-March 2014 and the initial steps taken by the Argentine authorities to remedy the inaccurate provision of data. The Executive Board will review this
issue again as per the calendar specified in December 2013 and in line with the procedures set forth in the Fund’s legal framework.
5Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
6Data for Syria are excluded for 2011 onward owing the uncertain political situation.
7The 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.
190
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A5. Summary of Inflation
(Percent)
Average
1996–2005
GDP Deflators
Advanced Economies
United States
Euro Area
Japan
Other Advanced Economies1
Consumer Prices
Advanced Economies
United States
Euro Area2
Japan
Other Advanced Economies1
Emerging Market and Developing Economies
Regional Groups
Commonwealth of Independent States3
Emerging and Developing Asia
Emerging and Developing Europe
Latin America and the Caribbean4
Middle East, North Africa, Afghanistan,
and Pakistan
Middle East and North Africa
Sub-Saharan Africa
Memorandum
European Union
Analytical Groups
By Source of Export Earnings
Fuel
Nonfuel
Of Which, Primary Products
By External Financing Source
Net Debtor Economies
Of Which, Official Financing
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2009–134
Memorandum
Median Inflation Rate
Advanced Economies
Emerging Market and Developing Economies
Projections
2015
2019
2006
2007
2008
2009
2010
2011
2012
2013
2014
1.7
2.0
1.7
–1.0
2.1
2.1
3.1
1.9
–1.1
2.1
2.2
2.7
2.4
–0.9
2.6
1.9
2.0
2.0
–1.3
3.0
0.7
0.8
1.0
–0.5
1.1
1.0
1.2
0.8
–2.2
2.3
1.3
2.1
1.2
–1.9
1.9
1.2
1.8
1.3
–0.9
1.3
1.2
1.5
1.5
–0.6
1.3
1.4
1.7
1.0
1.3
1.5
1.6
1.8
1.2
1.4
1.6
1.8
2.1
1.5
1.3
2.0
2.0
2.5
1.9
–0.1
2.0
10.0
2.4
3.2
2.2
0.2
2.1
6.1
2.2
2.9
2.2
0.1
2.1
6.6
3.4
3.8
3.3
1.4
3.8
9.4
0.1
–0.3
0.3
–1.3
1.3
5.3
1.5
1.6
1.6
–0.7
2.4
5.9
2.7
3.1
2.7
–0.3
3.4
7.3
2.0
2.1
2.5
0.0
2.1
6.1
1.4
1.5
1.3
0.4
1.7
5.9
1.6
2.0
0.5
2.7
1.6
5.5
1.8
2.1
0.9
2.0
2.1
5.6
1.9
2.0
1.5
2.0
2.3
4.7
24.6
4.5
28.3
10.2
9.5
4.7
6.0
5.4
9.7
5.4
6.0
5.5
15.5
7.6
8.0
8.1
11.1
2.9
4.8
6.1
7.1
5.1
5.5
6.2
9.8
6.5
5.4
6.8
6.2
4.7
5.9
6.1
6.4
4.7
4.2
7.1
7.9
4.1
4.0
...
7.9
4.2
3.8
...
4.9
3.9
4.1
...
5.7
5.6
14.2
8.3
8.4
7.5
10.1
10.4
5.4
11.7
11.7
13.0
7.1
6.0
9.8
6.5
6.2
8.3
9.2
8.6
9.5
9.7
9.6
9.3
9.0
9.2
6.6
7.6
7.5
6.7
8.0
8.0
7.0
6.9
7.1
5.9
3.7
2.3
2.4
3.7
0.9
2.0
3.1
2.6
1.5
0.7
1.1
1.7
15.3
8.4
10.3
9.2
5.1
6.3
10.0
5.6
5.2
13.4
8.2
12.6
8.3
4.4
6.8
7.3
5.5
5.4
9.0
6.8
7.3
8.3
5.5
7.8
9.0
5.0
7.3
8.7
4.7
8.1
8.8
4.7
6.7
6.5
4.2
5.1
11.2
5.4
6.7
7.8
6.2
7.7
9.5
12.5
7.3
10.1
6.8
7.8
7.8
12.3
7.2
9.2
6.6
6.7
6.4
7.0
6.3
6.8
5.2
5.6
7.1
8.4
8.6
11.4
9.4
9.4
9.6
9.4
8.8
...
...
...
2.1
5.2
2.3
6.1
2.2
6.0
4.0
10.2
0.7
4.2
1.9
4.2
3.2
5.5
2.5
4.6
1.4
4.0
0.8
3.5
1.6
4.0
2.0
4.0
1In
this table, Other Advanced Economies means advanced economies excluding the United States, euro area countries, and Japan.
on Eurostat’s harmonized index of consumer prices.
3Georgia and Turkmenistan, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
4See note 5 to Table A7.
2Based
International Monetary Fund | October 2014
191
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A6. Advanced Economies: Consumer Prices1
(Annual percent change)
Average
1996–2005
Advanced Economies
United States
Euro Area3
Germany
France
Italy
Spain
Netherlands
Belgium
Austria
Greece
Portugal
Finland
Ireland
Slovak Republic
Slovenia
Luxembourg
Latvia
Estonia
Cyprus3
Malta
Japan
United Kingdom3
Canada
Korea
Australia
Taiwan Province of China
Sweden
Hong Kong SAR
Switzerland
Singapore
Czech Republic
Norway
Israel
Denmark
New Zealand
Iceland
San Marino
Memorandum
Major Advanced Economies
2006
2007
2008
2009
2010
2011
2012
2013
2.0
2.5
1.9
1.3
1.7
2.4
2.9
2.3
1.8
1.6
4.1
2.8
1.5
3.0
7.0
6.8
2.2
5.4
6.6
2.7
2.7
–0.1
1.5
2.0
3.6
2.5
1.0
1.0
0.0
0.8
0.8
4.5
2.0
4.0
2.1
2.0
3.5
...
2.4
3.2
2.2
1.8
1.9
2.2
3.6
1.7
2.3
1.7
3.2
3.0
1.3
2.7
4.3
2.5
3.0
6.6
4.4
2.3
2.6
0.2
2.3
2.0
2.2
3.6
0.6
1.4
2.0
1.1
1.0
2.5
2.3
2.1
1.9
3.4
6.7
2.1
2.2
2.9
2.2
2.3
1.6
2.0
2.8
1.6
1.8
2.2
2.9
2.4
1.6
2.9
1.9
3.6
2.7
10.1
6.7
2.2
0.7
0.1
2.3
2.1
2.5
2.3
1.8
2.2
2.0
0.7
2.1
2.9
0.7
0.5
1.7
2.4
5.1
2.5
3.4
3.8
3.3
2.7
3.2
3.5
4.1
2.2
4.5
3.2
4.2
2.7
3.9
3.1
3.9
5.7
4.1
15.3
10.6
4.4
4.7
1.4
3.6
2.4
4.7
4.4
3.5
3.4
4.3
2.4
6.6
6.3
3.8
4.6
3.4
4.0
12.7
4.1
0.1
–0.3
0.3
0.2
0.1
0.8
–0.2
1.0
0.0
0.4
1.2
–0.9
1.6
–1.7
0.9
0.9
0.0
3.3
0.2
0.2
1.8
–1.3
2.2
0.3
2.8
1.8
–0.9
–0.5
0.6
–0.5
0.6
1.0
2.2
3.3
1.3
2.1
12.0
2.4
1.5
1.6
1.6
1.2
1.7
1.6
2.0
0.9
2.3
1.7
4.7
1.4
1.7
–1.6
0.7
1.8
2.8
–1.2
2.7
2.6
2.0
–0.7
3.3
1.8
2.9
2.9
1.0
1.2
2.3
0.7
2.8
1.5
2.4
2.7
2.3
2.3
5.4
2.6
2.7
3.1
2.7
2.5
2.3
2.9
3.1
2.5
3.4
3.6
3.3
3.6
3.3
1.2
4.1
1.8
3.7
4.2
5.1
3.5
2.5
–0.3
4.5
2.9
4.0
3.3
1.4
3.0
5.3
0.2
5.2
1.9
1.3
3.5
2.8
4.0
4.0
2.0
2.0
2.1
2.5
2.1
2.2
3.3
2.4
2.8
2.6
2.6
1.5
2.8
3.2
1.9
3.7
2.6
2.9
2.3
4.2
3.1
3.2
0.0
2.8
1.5
2.2
1.8
1.9
0.9
4.1
–0.7
4.6
3.3
0.7
1.7
2.4
1.1
5.2
2.8
1.4
1.5
1.3
1.6
1.0
1.3
1.5
2.6
1.2
2.1
–0.9
0.4
2.2
0.5
1.5
1.8
1.7
0.0
3.2
0.4
1.0
0.4
2.6
1.0
1.3
2.4
0.8
0.0
4.3
–0.2
2.4
1.4
2.1
1.5
0.8
1.1
3.9
1.3
1.6
2.0
0.5
0.9
0.7
0.1
0.0
0.5
0.7
1.7
–0.8
0.0
1.2
0.6
0.1
0.5
1.1
0.7
0.8
0.0
1.0
2.7
1.6
1.9
1.6
2.7
1.4
0.1
3.9
0.1
1.4
0.6
2.0
0.8
0.6
1.6
2.5
1.0
1.8
2.1
0.9
1.2
0.9
0.5
0.6
0.7
1.0
1.7
0.3
1.1
1.5
0.9
1.3
1.0
2.1
1.6
1.4
0.7
1.2
2.0
1.8
2.0
2.4
2.6
2.0
1.4
3.8
0.2
2.5
1.9
2.0
1.8
1.6
2.0
3.3
1.2
1.9
2.0
1.5
1.7
1.3
1.5
1.3
1.4
1.3
1.7
1.6
1.5
2.0
1.7
2.0
2.0
1.9
2.2
2.3
1.9
1.7
2.0
2.0
2.0
3.0
2.5
2.0
2.0
3.5
1.0
2.3
2.0
2.5
2.0
2.0
2.0
2.5
1.7
1.2
1.3
0.8
1.2
0.0
0.7
0.3
1.5
1.2
2.0
–1.7
0.2
1.9
1.8
0.4
0.7
1.5
–0.4
2.0
–1.2
1.0
1.4
2.1
1.0
1.1
2.7
0.3
0.1
4.3
0.1
2.0
1.4
2.0
1.8
0.8
1.6
4.1
1.3
1.7
2.4
0.5
0.9
0.7
–0.3
0.0
0.6
0.2
1.7
–0.2
0.5
1.0
0.2
0.7
0.6
1.0
0.8
0.5
0.0
0.7
2.6
1.5
2.2
2.0
2.3
1.4
0.5
3.9
0.1
1.1
1.4
2.0
0.7
0.6
1.5
3.0
1.0
1.9
2.0
1.0
1.2
0.9
0.9
0.8
0.9
1.2
1.7
0.7
0.2
1.5
0.9
1.4
1.2
2.3
2.9
2.0
0.7
1.4
3.0
1.8
2.0
2.8
2.8
2.0
1.8
3.8
0.2
2.9
2.0
2.0
2.0
1.6
2.0
3.0
1.2
1.8
2.4
2.2
3.2
–0.1
1.4
2.6
1.9
1.3
1.7
1.8
1.9
1.2
1.9
1.9
1Movements
in consumer prices are shown as annual averages.
2Monthly year-over-year changes and, for several countries, on a quarterly basis.
3Based on Eurostat’s harmonized index of consumer prices.
192
End of Period2
Projections
2013 2014 2015
Projections
2014 2015 2019
International Monetary Fund | October 2014
STATISTICAL APPENDIX
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
Ukraine
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
Lithuania
FYR Macedonia
Montenegro
Poland
Romania
Serbia
Turkey
Average
1996–2005
24.6
25.5
21.9
5.6
3.7
67.7
9.7
11.7
13.5
16.0
47.6
47.0
18.2
27.8
4.5
4.9
5.7
0.5
4.2
1.6
2.9
5.7
13.5
1.6
28.7
2.4
2.1
...
...
13.7
...
5.7
...
9.8
5.8
4.7
8.8
9.8
3.2
...
6.7
...
2.3
4.2
28.3
7.8
...
46.5
3.5
10.4
...
...
2.1
...
7.6
39.3
...
48.5
2006
9.5
9.7
8.9
3.0
8.4
7.0
9.2
8.6
5.6
12.7
10.0
8.2
9.1
14.2
4.7
6.8
4.9
0.2
6.1
1.5
2.5
7.0
13.1
–1.0
6.8
3.6
3.5
5.3
4.6
4.5
26.3
8.0
4.8
2.4
5.5
3.5
11.2
10.0
4.6
5.2
6.1
4.2
2.0
7.5
6.0
2.4
6.1
7.4
3.2
3.9
0.6
3.8
3.2
2.1
1.0
6.6
10.7
9.6
2007
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
3.3
8.2
30.9
6.2
3.0
0.9
2.9
4.7
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
5.8
2.3
3.5
2.5
4.8
6.0
8.8
2008
15.5
14.1
19.2
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
8.3
26.8
11.5
6.7
10.0
10.8
8.2
6.3
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
11.1
8.4
9.0
4.2
7.8
12.4
10.4
2009
11.1
11.7
9.7
3.5
1.6
13.0
1.7
7.3
6.8
0.0
6.5
–2.7
15.9
14.1
2.9
5.4
7.1
1.0
–0.7
–0.7
3.7
10.6
5.0
9.8
0.0
0.6
4.5
0.5
6.2
6.3
2.2
12.6
4.7
6.9
4.2
14.6
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
4.2
–0.8
3.6
3.4
5.6
8.1
6.3
2010
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
8.1
4.8
0.2
4.0
3.3
3.7
9.5
5.1
–3.9
6.0
1.7
6.1
2.2
3.9
10.2
8.2
9.5
1.1
5.1
3.8
–0.2
0.9
6.2
3.3
5.2
3.9
–1.9
2.7
9.2
5.5
3.5
2.1
3.0
1.0
4.9
3.5
1.2
1.5
0.7
2.6
6.1
6.1
8.6
2011
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
10.7
8.6
0.1
5.5
5.4
7.3
9.5
5.3
1.5
7.6
3.2
11.3
4.9
5.4
7.7
2.8
9.6
2.6
4.4
4.7
2.9
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
4.0
7.3
4.1
3.9
3.1
4.3
5.8
11.1
6.5
2012
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
4.5
4.6
15.0
2.8
8.3
5.4
4.5
3.2
6.2
5.9
7.5
3.0
10.9
2.0
1.4
1.4
9.1
5.9
2.0
2.0
2.4
3.4
5.7
2.5
3.2
3.3
3.6
3.7
3.3
7.3
8.9
2013
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
4.7
7.5
8.7
0.4
3.0
2.6
2.9
9.5
6.4
–1.5
6.4
2.1
4.0
1.5
4.0
8.6
5.7
9.9
2.8
5.0
2.9
–0.2
5.4
6.9
2.2
9.5
1.1
2.0
1.3
6.6
4.2
1.9
–0.1
0.4
2.2
1.7
1.8
1.2
2.8
2.2
0.9
4.0
7.7
7.5
Projections
2014 2015 2019
7.9
7.9
4.9
7.4
7.3
4.0
8.9
9.3
6.8
1.8
3.8
4.0
2.8
3.0
4.0
18.6
16.9 16.5
4.6
4.9
5.0
6.9
6.1
5.9
8.0
8.9
5.5
5.1
5.7
5.0
6.6
8.3
6.0
5.0
5.5
5.0
11.4
14.0
4.3
10.0
11.2 11.0
4.1
4.2
3.9
7.2
6.7
5.7
10.2
8.8
6.7
0.4
0.5
0.6
4.5
3.5
2.9
2.3
2.5
3.0
1.2
3.0
2.9
7.8
7.5
6.0
6.0
6.7
5.0
2.5
2.5
2.5
5.5
5.3
6.0
2.9
4.1
2.9
3.0
3.1
4.3
1.7
1.8
2.2
3.3
2.7
2.0
14.1
12.4
6.5
6.6
6.3
5.8
9.0
7.8
5.8
3.0
3.5
2.0
5.3
5.0
5.0
4.5
3.9
3.5
–1.2
3.5
3.0
7.0
5.5
4.5
3.8
5.4
5.5
2.1
2.0
2.0
2.5
2.4
4.0
1.6
2.3
4.7
3.3
3.1
2.8
1.7
2.2
2.8
5.2
5.2
4.5
4.0
3.8
4.1
1.8
2.7
3.0
1.1
1.5
2.1
–1.2
0.7
2.2
0.2
2.5
–0.3
0.3
2.3
3.0
1.0
1.6
1.8
0.3
1.3
2.3
1.0
1.5
2.3
–0.6
1.3
1.4
0.1
0.8
2.5
1.5
2.9
2.7
2.3
3.4
4.0
9.0
7.0
6.2
International Monetary Fund | October 2014
End of Period2
Projections
2013 2014 2015
6.1
9.2
7.0
6.5
8.3
6.5
5.2
11.2
8.2
5.6
2.4
3.6
3.6
2.0
3.9
16.5
18.4
17.0
2.4
5.0
5.0
4.8
8.4
6.1
4.0
9.8
9.4
5.2
5.0
6.5
3.7
8.4
7.3
4.0
6.0
5.0
0.5
19.0
9.0
10.2
11.0
11.3
4.5
4.0
4.2
7.3
6.8
6.5
10.0
9.6
8.4
0.1
0.4
0.5
4.7
4.2
3.0
2.5
2.3
2.5
3.4
2.7
3.0
8.3
7.6
7.3
8.1
5.2
6.7
0.8
2.5
2.5
6.6
5.0
5.5
3.2
2.9
4.1
3.1
2.7
2.9
1.5
1.7
1.8
4.5
3.3
2.7
11.2
15.8
11.2
6.3
5.9
6.7
7.7
8.1
7.5
3.0
3.5
3.0
2.9
6.3
5.0
4.1
4.3
3.5
–1.7
0.2
2.8
2.5
4.7
2.7
4.7
5.2
5.5
1.7
1.7
2.3
4.0
1.0
3.8
0.7
1.7
2.8
3.1
3.3
3.1
1.5
1.8
2.5
6.0
5.3
5.0
3.5
4.2
4.1
1.9
1.8
3.0
–0.1
1.1
1.5
–0.9
0.0
1.3
0.3
–0.1
0.4
0.4
1.8
2.8
0.5
1.7
1.2
0.5
0.5
1.8
1.4
0.6
2.3
0.3
0.4
1.3
0.7
0.0
1.5
1.6
2.5
3.0
2.2
3.3
4.2
7.4
9.0
7.1
193
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A7. Emerging Market and Developing Economies: Consumer Prices1 (continued)
(Annual percent change)
Latin America and the Caribbean5
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
Iran
Iraq
Jordan
Kuwait
Lebanon
Libya
Mauritania
Morocco
Oman
Pakistan
Qatar
Saudi Arabia
Sudan6
Syria7
Tunisia
United Arab Emirates
Yemen
194
Average
1996–2005
10.2
1.8
4.9
1.6
2.3
1.8
4.7
8.1
3.9
10.9
11.9
1.4
12.2
27.8
3.6
1.6
7.6
5.4
16.5
12.1
11.0
11.8
9.1
1.1
8.7
4.4
3.2
2.3
1.6
25.2
4.4
11.8
31.0
5.7
...
4.6
0.7
2.0
4.7
15.9
...
2.6
1.8
2.4
–0.7
6.1
1.6
0.2
6.3
3.6
–0.3
21.8
2.2
2.8
3.1
12.8
2006
5.4
1.8
10.9
2.1
7.3
4.2
4.3
4.2
3.4
4.3
11.5
2.6
7.6
3.3
4.0
4.3
6.6
6.7
14.2
5.6
8.9
3.6
9.1
2.5
9.6
2.0
8.5
3.6
3.0
11.1
8.3
6.4
13.7
2007
5.5
1.4
8.8
2.5
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
2008
8.1
5.3
8.6
4.7
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
2009
6.1
–0.6
6.3
1.9
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
0.0
7.6
7.1
27.1
2010
6.2
3.4
10.5
1.3
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
3.7
4.1
4.7
12.6
4.2
5.5
3.5
4.7
1.5
0.6
3.3
0.8
6.9
10.5
6.7
28.2
2011
6.8
3.5
9.8
3.2
9.4
1.7
9.9
6.6
3.3
3.4
4.9
1.3
8.5
4.5
5.1
3.0
6.2
5.0
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
2012
6.1
3.4
10.0
2.0
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
2013
7.1
1.1
10.6
0.4
1.8
0.5
5.7
6.2
1.8
2.0
5.2
–0.1
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
0.7
1.5
0.8
1.9
5.2
8.6
40.6
Projections
2014 2015 2019
...
...
...
1.1
2.0
2.5
...
...
...
1.4
1.9
1.4
1.7
2.2
2.8
1.8
2.0
2.0
6.0
5.3
5.0
6.3
5.9
4.5
4.4
3.2
3.0
2.8
2.6
3.0
3.4
4.7
4.0
0.6
1.1
1.9
3.6
4.2
4.0
3.1
3.0
3.0
1.2
2.0
2.0
1.6
1.7
2.3
3.5
4.3
4.0
2.6
4.3
3.8
4.0
6.6
5.0
6.1
5.4
5.0
8.8
8.0
6.2
3.9
3.6
3.0
6.3
7.0
7.0
3.2
3.4
2.5
4.8
5.0
5.0
3.2
2.3
2.0
0.6
1.4
2.2
2.1
2.2
2.3
1.2
1.5
2.0
2.6
3.5
3.0
4.7
3.1
3.1
8.8
8.3
6.5
64.3
62.9
33.1
8.3
6.8
2.3
2.0
3.5
4.2
11.9
53.2
6.3
3.1
5.6
1.5
6.2
3.3
3.2
8.0
11.8
1.9
7.2
10.4
4.1
9.3
10.8
10.1
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
8.0
4.7
3.4
11.1
7.9
11.7
26.4
4.9
3.5
12.0
11.7
25.3
2.7
13.9
6.3
10.8
10.4
7.5
3.9
12.6
10.8
15.2
6.1
14.3
15.2
4.9
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
17.6
–4.9
4.1
11.3
2.8
3.5
1.6
3.7
6.5
2.2
3.9
2.0
4.0
11.7
12.4
2.4
5.0
4.5
5.1
2.5
6.3
1.0
3.3
10.1
–2.4
3.8
13.0
4.4
4.4
0.9
11.2
9.2
11.8
4.5
–0.4
5.1
11.1
21.5
5.6
4.4
4.9
7.2
15.9
5.7
0.9
4.0
13.7
1.9
3.7
18.1
...
3.5
0.9
19.5
9.7
6.4
8.9
2.8
3.7
8.6
30.5
6.1
4.6
3.2
5.9
6.1
4.9
1.3
2.9
11.0
1.9
2.9
35.5
...
5.6
0.7
9.9
9.0
7.4
3.3
3.3
2.4
6.9
34.7
1.9
5.6
2.7
3.2
2.6
4.1
1.9
1.2
7.4
3.1
3.5
36.5
...
6.1
1.1
11.0
7.6
6.1
3.2
2.5
3.2
10.1
19.8
4.7
3.0
3.0
3.5
4.8
3.3
1.1
2.8
8.6
3.4
2.9
38.0
...
5.7
2.2
9.0
International Monetary Fund | October 2014
8.0
5.5
4.0
2.4
4.0
13.5
20.0
6.2
2.6
3.5
4.0
6.3
4.2
2.0
2.8
8.0
3.5
3.2
20.6
...
5.0
2.5
11.4
6.9
5.0
4.0
2.6
3.0
12.0
20.0
3.0
2.0
4.0
2.5
2.5
4.9
2.3
3.7
6.0
3.3
3.3
5.5
...
4.0
4.4
7.3
End of Period2
Projections
2013 2014 2015
7.8
...
...
1.1
1.4
2.0
10.9
...
...
0.8
1.4
4.4
1.1
2.5
2.0
1.6
2.0
2.0
6.5
5.5
5.2
5.9
6.2
6.0
3.0
4.2
3.0
1.9
3.3
3.0
3.7
5.5
4.0
–1.7
2.4
1.0
3.9
4.5
4.0
2.7
3.0
3.0
0.8
2.0
2.0
–1.2
1.7
1.6
4.4
4.0
4.3
0.9
4.3
4.3
4.5
5.8
6.0
4.9
6.8
5.5
9.5
8.1
7.8
4.0
4.0
3.5
5.7
7.0
7.0
3.7
3.0
3.3
3.7
5.1
5.0
2.9
2.9
2.2
0.4
0.9
1.8
–0.7
1.8
2.4
0.0
2.2
1.7
0.6
3.8
3.2
5.6
3.7
2.4
8.5
8.6
8.4
56.2 69.8
55.9
6.9
7.2
1.1
4.0
2.5
9.8
19.7
3.1
3.3
2.7
1.7
1.7
4.5
0.4
0.3
5.9
2.5
3.0
41.9
...
6.0
1.7
8.1
7.7
4.0
4.5
2.6
3.5
8.2
20.0
8.0
2.5
3.0
4.6
7.5
4.1
2.2
2.8
8.2
3.4
3.2
28.7
...
5.5
2.4
13.0
7.9
6.4
4.0
2.2
1.2
15.0
20.0
6.0
2.4
3.5
3.5
5.4
4.4
1.8
2.8
7.5
3.5
3.3
12.4
...
4.5
2.8
9.0
STATISTICAL APPENDIX
Table A7. Emerging Market and Developing Economies: Consumer Prices1 (concluded)
(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
Zimbabwe8
Average
1996–2005
14.2
208.2
3.3
8.1
2.7
12.4
2.6
2.5
1.6
2.9
3.2
137.3
3.7
3.1
5.4
14.2
3.3
1.1
5.8
22.5
8.6
10.7
7.3
7.5
...
10.2
21.9
2.0
5.7
12.5
7.7
2.6
13.8
6.6
22.1
1.5
2.9
13.2
5.9
...
6.5
8.4
2.6
4.8
24.4
...
2006 2007
7.5
5.4
13.3
12.2
3.8
1.3
11.6
7.1
2.4
–0.2
9.0
14.7
4.8
4.4
4.9
1.1
6.7
0.9
7.7
–7.4
3.4
4.5
13.2
16.7
4.7
2.6
2.5
1.9
4.5
2.8
15.1
9.3
13.6
17.2
–1.4
–1.0
2.1
5.4
11.7
10.7
34.7
22.9
0.7
4.6
6.0
4.3
6.1
8.0
9.5
11.4
10.8
10.4
13.9
8.0
1.5
1.5
8.9
8.8
13.2
8.2
5.0
6.5
0.1
0.1
8.2
5.4
8.8
9.1
23.1
18.6
2.1
5.9
–1.9
–8.6
9.5
11.6
4.7
7.1
...
...
5.2
8.1
7.3
7.0
2.2
0.9
7.2
6.1
9.0
10.7
33.0 –72.7
2008
13.0
12.5
7.4
12.6
10.7
25.7
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
9.2
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
2009
9.8
13.7
0.9
8.1
2.6
4.6
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
7.4
7.4
9.0
8.4
2.2
2.5
3.3
9.5
4.3
12.5
10.3
17.0
–2.2
31.7
9.2
7.1
...
7.4
12.1
3.7
13.1
13.4
6.2
2010
8.3
14.5
2.2
6.9
–0.6
4.1
2.1
1.3
1.5
–2.1
3.9
23.5
5.0
1.8
5.3
12.7
8.1
1.4
5.0
6.7
15.5
1.1
4.3
3.6
7.3
9.3
7.4
1.3
2.9
12.7
4.9
–2.8
13.7
2.0
13.3
1.2
–2.4
17.8
4.3
...
4.5
7.2
1.4
4.0
8.5
3.0
2011
9.5
13.5
2.7
8.5
2.8
14.9
4.5
2.9
1.2
1.9
2.2
15.5
1.8
4.4
4.8
13.3
33.2
1.3
4.8
7.7
21.4
5.1
14.0
5.0
8.5
10.0
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
2012
9.3
10.3
6.7
7.5
3.8
11.8
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
6.2
6.8
5.8
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
2013
6.6
8.8
1.0
5.8
0.5
9.0
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
5.3
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
5.0
7.0
1.6
Projections
2014 2015 2019
6.7
7.0
5.9
7.3
7.3
6.3
1.7
2.8
2.8
4.8
5.4
5.3
1.5
2.0
2.0
7.0
5.4
5.1
0.8
2.3
2.5
3.2
2.6
2.2
7.4
5.7
2.4
2.8
3.1
3.0
3.0
2.9
2.9
2.4
4.1
5.5
2.2
2.3
2.5
0.6
2.6
2.5
3.9
3.7
3.0
12.3
12.3
12.3
7.7
9.1
9.0
4.7
2.5
2.5
5.3
5.0
5.0
15.7
16.8
11.1
10.1
7.8
7.1
–1.3
2.9
2.5
7.3
6.0
5.0
5.4
6.5
5.9
11.4
9.7
6.3
7.3
6.6
5.0
19.6
11.5
5.1
1.5
2.6
2.6
3.7
4.3
5.0
4.6
5.6
5.6
5.9
5.7
5.5
–1.1
2.1
2.0
8.3
8.7
7.0
2.6
4.7
5.0
6.7
4.8
3.0
–0.5
1.5
1.4
3.6
2.9
3.0
8.8
10.1
5.4
6.3
5.8
5.3
0.2
12.1
5.0
5.8
5.6
5.2
5.9
4.9
4.9
1.5
2.7
2.5
5.5
5.9
5.0
8.0
7.8
5.0
0.3
1.2
2.5
End of Period2
Projections
2013 2014 2015
6.1
7.3
6.7
7.7
7.4
7.2
–1.8
4.0
2.8
4.1
5.4
5.4
0.1
2.0
2.0
9.0
7.0
5.4
0.1
2.0
2.5
1.7
3.2
2.6
5.9
8.4
1.9
0.9
3.7
3.0
3.5
3.9
3.0
1.0
3.7
4.5
2.1
2.0
2.4
0.4
1.6
1.6
4.9
3.7
3.4
12.3
12.3
12.3
7.7
9.3
9.1
3.3
1.7
2.5
5.6
5.0
5.0
13.5
18.5
15.1
10.5
9.4
7.1
–0.1
1.3
2.0
7.1
7.7
5.2
5.1
6.3
5.8
8.5
13.1
8.1
6.3
8.5
6.0
23.5
14.7
9.6
0.0
1.5
2.6
3.5
4.2
5.0
3.0
6.0
5.6
4.9
5.8
5.7
1.1
–0.3
1.2
7.9
9.0
8.5
3.6
4.5
5.0
7.1
6.0
4.0
–0.1
1.4
1.5
3.4
3.3
3.2
8.5
10.0
9.5
5.4
6.3
5.8
–8.8
7.8
5.0
4.4
6.7
5.6
5.6
5.0
5.0
1.8
2.0
2.7
4.8
6.2
5.7
7.1
8.5
7.0
0.3
1.2
1.7
1Movements
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 and Turkmenistan, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
5Consumer price data from January 2014 onwards reflect the new national CPI (IPCNu), which differs substantively from the preceding CPI (the CPI for the Greater Buenos Aires Area, CPI-GBA).
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, staff forecasts for CPI inflation are not reported in the Fall 2014 World Economic Outlook. Following a declaration of censure by the IMF on February 1, 2013, the public release
of a new national CPI by end-March 2014 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 6, 2014, the Executive Board recognized the implementation of the specified actions it had called for by end-March 2014 and the initial steps taken by the Argentine authorities to remedy
the inaccurate provision of data. The Executive Board will review this issue again as per the calendar specified in December 2013 and in line with the procedures set forth in the Fund’s legal
framework.
6Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
7Data for Syria are excluded for 2011 onward owing the uncertain political situation.
8The 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
International Monetary Fund | October 2014
195
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A8. Major Advanced Economies: General Government Fiscal Balances and Debt1
(Percent of GDP unless noted otherwise)
Major Advanced Economies
Net Lending/Borrowing
Output Gap2
Structural Balance2
United States
Net Lending/Borrowing3
Output Gap2
Structural Balance2
Net Debt
Gross Debt
Euro Area
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 LendingBorrowing
Output Gap2
Structural Balance2
Net Debt
Gross Debt
Italy
Net Lending/Borrowing
Output Gap2
Structural Balance2,4
Net Debt
Gross Debt
Japan
Net Lending/Borrowing
Output Gap2
Structural Balance2
Net Debt
Gross Debt5
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
Average
1998–2007
2008
2009
2010
2011
2012
2013
2014
Projections
2015
2019
–3.4
0.5
–3.7
–4.7
–0.9
–4.3
–10.3
–5.5
–6.3
–9.0
–3.8
–7.3
–7.7
–3.3
–6.3
–6.8
–3.0
–5.2
–5.1
–2.9
–4.0
–4.7
–2.7
–3.5
–3.8
–2.0
–2.9
–2.7
–0.1
–2.6
–3.4
0.5
–3.3
41.7
60.7
–7.0
–2.6
–5.3
50.4
72.8
–13.5
–6.7
–7.2
62.1
86.1
–11.3
–5.4
–9.1
69.7
94.8
–9.9
–4.9
–7.8
76.1
99.0
–8.6
–4.0
–6.3
79.4
102.5
–5.8
–3.8
–4.8
80.4
104.2
–5.5
–3.5
–4.0
80.8
105.6
–4.3
–2.6
–3.3
80.9
105.1
–4.0
0.0
–4.0
80.8
103.7
–1.9
0.9
–2.6
54.3
69.6
–2.1
2.2
–3.3
54.0
70.3
–6.3
–2.9
–4.7
60.0
80.2
–6.2
–1.8
–4.7
64.1
85.9
–4.1
–0.8
–3.7
66.4
88.3
–3.7
–1.9
–2.3
70.1
92.9
–3.0
–2.8
–1.2
72.3
95.2
–2.9
–2.8
–1.1
73.9
96.4
–2.5
–2.4
–0.9
74.0
96.1
–0.7
–0.5
–0.2
68.2
88.2
–2.2
–0.1
–2.4
46.8
63.4
–0.1
2.2
–1.0
50.0
66.8
–3.1
–3.8
–1.1
56.5
74.6
–4.2
–1.5
–2.6
58.3
82.5
–0.8
0.6
–1.2
56.6
80.0
0.1
0.3
–0.1
58.2
81.0
0.2
–0.6
0.6
56.1
78.4
0.3
–0.7
0.5
53.9
75.5
0.2
–0.7
0.5
51.6
72.5
0.4
–0.2
0.4
42.0
60.5
–2.5
1.4
–3.4
53.8
60.9
–3.2
1.0
–3.9
60.3
67.0
–7.2
–3.1
–5.4
70.1
78.0
–6.8
–2.1
–5.6
73.7
80.8
–5.1
–0.9
–4.5
76.4
84.4
–4.9
–1.5
–3.8
81.6
88.7
–4.2
–2.2
–2.8
84.7
91.8
–4.4
–2.8
–2.7
88.1
95.2
–4.3
–3.0
–2.4
90.6
97.7
–1.0
–1.2
–0.5
88.8
95.9
–2.9
1.7
–4.4
91.6
107.3
–2.7
1.9
–4.0
89.3
106.1
–5.4
–3.4
–4.2
97.5
116.4
–4.4
–1.6
–3.8
99.7
119.3
–3.6
–1.3
–3.7
102.0
120.7
–2.9
–2.8
–1.6
106.1
127.0
–3.0
–4.2
–0.6
110.8
132.5
–3.0
–4.3
–0.8
114.3
136.7
–2.3
–3.5
–0.3
114.0
136.4
–0.4
–0.6
0.0
105.0
125.6
–5.8
–1.1
–5.5
70.0
162.4
–4.1
–1.4
–3.5
95.3
191.8
–10.4
–7.1
–7.4
106.2
210.2
–9.3
–3.1
–7.8
113.1
216.0
–9.8
–3.9
–8.3
127.3
229.8
–8.7
–3.1
–7.6
129.5
237.3
–8.2
–2.1
–7.6
134.0
243.2
–7.1
–1.6
–6.7
137.8
245.1
–5.8
–1.1
–5.5
140.0
245.5
–4.7
0.0
–4.7
140.7
241.3
–1.3
1.9
–2.7
36.4
41.1
–5.0
1.7
–6.7
47.5
51.9
–11.3
–2.2
–10.3
61.9
67.1
–10.0
–1.9
–8.4
71.6
78.5
–7.8
–2.5
–6.0
76.2
84.3
–8.0
–3.0
–5.8
80.9
89.1
–5.8
–2.7
–3.8
82.5
90.6
–5.3
–1.2
–4.1
83.9
92.0
–4.1
–0.4
–3.6
85.0
93.1
–0.2
0.0
–0.2
76.8
84.9
1.2
1.4
0.4
41.8
78.4
–0.3
0.9
–0.9
24.3
70.8
–4.5
–3.5
–2.4
29.9
83.0
–4.9
–2.0
–3.6
32.9
84.6
–3.7
–1.4
–2.9
35.1
85.9
–3.4
–1.6
–2.4
36.7
88.1
–3.0
–1.4
–2.2
37.6
88.8
–2.6
–1.0
–2.0
38.6
88.1
–2.1
–0.6
–1.7
39.1
86.8
–0.8
0.0
–0.9
37.5
83.1
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, and United States) are adjusted to exclude unfunded pension liabilities of government employees definedbenefit 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.
4Excludes one-time measures based on the authorities data and, in the absence of the latter, receipts from the sale of assets.
5Includes equity shares.
196
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A9. Summary of World Trade Volumes and Prices
(Annual percent change)
Averages
1996–2005 2006–15
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
2006
2007
2008
2009
2010
2011
2012
2013
Projections
2014
2015
6.7
4.2
9.2
8.1
3.0
–10.6
12.6
6.7
2.9
3.0
3.8
5.0
0.7
1.0
2.6
2.2
5.0
5.4
7.7
3.5
11.4
7.9
–10.4
–8.2
5.7
6.9
11.1
7.4
–1.7
1.3
–0.3
0.4
–0.3
–1.4
–0.5
–0.3
6.0
8.2
3.6
5.5
8.9
10.9
7.1
9.7
2.2
4.5
–11.6
–7.6
12.2
13.5
6.2
7.2
2.0
4.6
2.4
4.4
3.6
3.9
4.5
5.8
6.6
7.8
2.8
7.2
7.9
12.0
5.5
15.4
0.6
9.0
–12.2
–8.0
11.7
14.3
5.3
9.8
1.2
6.0
1.4
5.3
3.7
4.4
4.3
6.1
–0.1
1.5
–0.3
0.9
–1.3
3.1
0.3
1.8
–2.2
3.5
2.5
–5.2
–0.9
2.4
–1.8
3.7
–0.4
0.7
0.9
–0.2
0.2
0.0
–0.2
–0.6
6.8
4.0
9.1
7.3
2.4
–11.9
14.0
6.8
2.7
2.7
3.8
5.1
0.5
0.8
2.8
2.4
5.5
6.0
8.0
3.8
12.5
8.9
–11.5
–9.3
6.7
7.9
12.6
8.9
–1.8
1.2
–0.7
0.1
–0.4
–1.5
–0.7
–0.5
–0.4
12.0
0.0
–0.4
–2.3
–1.8
2.8
1.4
6.4
4.6
4.6
6.0
3.4
5.2
2.4
20.5
23.1
10.2
8.4
8.7
56.2
5.4
10.7
13.9
14.8
13.8
5.0
17.4
6.3
36.4
7.9
24.5
23.3
–0.7
–7.8
–6.4
–36.3
–15.8
–14.8
1.6
–17.1
–19.2
2.3
27.9
26.5
11.9
14.1
33.2
48.2
6.0
31.6
17.9
19.9
16.6
22.7
13.5
0.4
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
–0.2
–1.3
–3.0
–4.1
19.6
2.4
–7.5
–0.5
–3.3
–4.1
–7.9
1.1
0.6
–1.8
–0.1
12.3
0.2
–0.1
–2.1
–1.6
3.1
1.0
6.0
4.2
4.2
5.6
3.1
4.8
2.8
21.0
23.6
10.7
8.8
9.2
56.9
1.3
6.4
9.5
10.3
9.4
0.9
12.8
2.9
32.1
4.5
20.5
19.4
–3.8
–10.7
–4.1
–34.8
–13.7
–12.7
4.1
–15.1
–17.2
3.4
29.3
27.9
13.1
15.4
34.6
49.8
2.4
27.2
13.9
15.8
12.7
18.6
9.7
3.5
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
–1.3
–2.4
–4.1
–5.2
18.3
1.3
–8.5
–0.3
–3.1
–3.9
–7.8
1.3
0.7
–1.6
0.1
12.5
0.5
0.1
–1.8
–1.3
3.3
0.6
5.6
3.8
3.8
5.2
2.7
4.4
1.6
19.5
22.1
9.3
7.5
7.9
55.0
–3.5
1.4
4.3
5.1
4.2
–3.8
7.5
–1.0
27.1
0.5
15.9
14.8
–7.5
–14.1
–1.1
–32.7
–11.0
–9.9
7.3
–12.5
–14.6
7.4
34.3
32.8
17.4
19.8
39.8
55.5
1.0
25.5
12.4
14.3
11.2
17.0
8.3
8.7
9.3
–2.6
5.7
–11.9
–5.5
–10.0
–4.3
–4.1
–4.3
–2.1
–14.7
–1.6
–7.3
–2.1
–3.2
–4.9
–6.0
17.3
0.5
–9.3
0.3
–2.5
–3.3
–7.2
1.9
1.4
–1.0
International Monetary Fund | October 2014
197
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A9. Summary of World Trade Volumes and Prices (concluded)
(Annual percent change)
Averages
1996–2005 2006–15
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 Exporters
Nonfuel Exporters
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
2006
2007
2008
2009
2010
2011
2012
2013
Projections
2014
2015
5.8
8.3
4.8
9.7
3.3
5.4
2.4
6.6
8.9
10.2
4.2
12.9
6.1
9.0
4.3
11.3
1.4
3.8
3.1
4.1
–13.5
–7.8
–6.7
–8.4
14.5
13.5
3.5
17.6
6.0
7.3
5.3
8.2
1.7
5.1
5.8
4.8
1.9
4.3
0.9
5.9
3.6
4.0
0.9
5.3
4.6
5.7
3.7
6.5
6.7
8.1
7.9
8.2
2.5
7.0
7.7
6.9
8.1
11.5
12.8
11.2
4.7
15.2
23.5
13.2
0.1
8.5
14.3
7.0
–13.7
–9.5
–11.9
–8.8
13.5
14.8
7.3
16.8
5.2
10.5
9.1
10.8
0.5
6.0
10.6
5.0
1.3
4.8
4.9
4.7
3.4
4.5
3.3
4.8
4.5
6.2
6.3
6.2
0.0
3.8
8.7
1.8
1.7
4.0
5.9
3.1
3.8
11.2
18.3
7.9
3.3
5.9
8.0
4.9
6.0
14.8
25.6
9.8
–6.6
–13.8
–26.0
–7.6
4.4
14.4
24.3
10.3
6.4
13.2
23.8
8.7
0.2
2.3
3.0
1.9
1.2
–0.8
–1.3
–0.5
–1.0
–2.2
–2.8
–1.9
–0.3
–1.1
–2.2
–0.7
0.2
2.1
1.2
2.3
2.0
2.9
2.8
2.9
5.4
7.2
8.5
6.9
3.1
4.0
3.9
4.1
8.3
10.1
8.2
10.6
–9.7
–8.3
–6.0
–8.9
5.9
11.1
8.4
11.8
8.8
8.6
7.3
8.9
1.0
2.1
1.8
2.1
0.1
–0.6
–0.4
–0.7
–1.1
–2.4
–1.8
–2.6
–0.2
–0.7
–0.7
–0.7
–0.2
1.7
–0.4
1.0
–1.5
3.8
0.2
1.8
–2.1
4.2
3.4
–6.0
–1.4
3.0
–2.3
4.2
–0.8
0.2
1.1
–0.2
0.1
0.2
–0.1
–0.4
5.0
–1.4
0.0
1.5
2.5
–0.3
–0.5
1.9
7.9
–0.6
–1.1
7.4
1.9
0.4
1.7
2.5
15.9
–1.1
–2.7
3.7
–17.4
3.0
3.5
–8.3
12.9
–6.0
–4.1
11.9
11.3
–2.3
–2.0
7.8
0.8
1.2
0.1
–2.4
–0.9
1.0
0.9
–2.0
–2.0
0.9
0.2
0.6
–0.8
0.7
–1.6
–1.0
6.9
7.3
...
2.4
2.6
2.4
6.9
7.1
7.6
3.3
3.2
5.0
12.9
13.6
9.1
–18.2
–18.6
–12.9
12.0
12.0
13.3
14.9
15.2
9.9
–0.6
–0.1
–1.3
–0.4
–0.5
–1.8
–0.1
–0.1
–1.2
–1.9
–1.8
–1.0
7.4
–0.4
3.0
0.2
9.1
1.0
3.9
0.8
16.1
–0.7
–21.2
1.5
14.7
–1.3
15.4
–0.2
1.2
–0.2
–1.0
0.2
–1.0
0.7
–1.5
0.1
8,368
6,728
1.7
26.82
–0.3
20,259
16,312
–0.6
88.85
–0.6
14,703 17,147 19,654
11,848 13,741 15,827
20.5
10.7
36.4
64.27
71.13 97.04
2.4
5.4
6.3
15,737 18,736 22,178 22,446
12,348 15,026 18,035 18,222
–36.3
27.9
31.6
1.0
61.78 79.03 104.01 105.01
–6.4
2.3
6.0
0.4
23,114 23,928 24,948
18,671 19,299 20,107
–0.9
–1.3
–3.3
104.07 102.76
99.36
–1.1
–0.2
–0.5
Note: SDRs = Special Drawing Rights.
of annual percent change for world exports and imports.
2As 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 and Turkmenistan, 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.
1Average
198
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A10. Summary of Current Account Balances
(Billions of U.S. dollars)
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Emerging Market and Developing Economies
Regional Groups
Commonwealth of Independent States2
Russia
Excluding Russia
Emerging and Developing Asia
China
India
ASEAN-53
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
Of Which, Official Financing
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2009–13
Memorandum
World
European Union
Low-Income Developing Countries
Middle East and North Africa
Projections
2015
2006
2007
2008
2009
2010
2011
2012
2013
2014
–446.5
–806.7
–20.6
173.4
–13.0
–27.5
–110.9
174.5
–70.7
17.9
194.0
633.7
–341.9
–718.6
3.3
237.3
–25.9
–27.6
–144.3
212.1
–62.5
11.4
184.2
603.6
–517.5
–686.6
–212.4
217.5
–49.6
–65.9
–154.1
142.6
–25.5
1.8
158.5
670.8
–68.0
–380.8
–16.4
199.4
–35.0
–41.0
–70.4
145.3
–31.4
–40.0
198.8
246.7
–16.7
–443.9
13.0
194.6
–33.8
–70.3
–62.3
217.6
–61.9
–56.7
268.7
323.0
–80.8
–459.3
16.7
228.1
–49.0
–65.6
–54.2
126.5
–36.0
–49.0
247.5
416.9
–45.1
–460.8
171.2
252.3
–57.1
–6.0
–16.0
58.7
–94.6
–62.3
272.9
387.9
181.6
–400.3
302.6
254.9
–36.9
20.5
10.6
33.6
–113.8
–58.5
364.5
231.2
125.2
–430.9
259.0
237.0
–41.3
25.5
1.4
45.4
–120.0
–47.9
346.3
229.9
93.7
–483.6
262.4
228.4
–30.7
25.9
5.2
54.9
–113.1
–47.5
345.9
176.9
95.2
–615.3
288.0
227.3
0.4
–5.9
22.8
76.4
–52.8
–42.6
354.4
163.8
93.9
92.3
1.6
272.7
231.8
–9.6
44.8
–84.1
46.2
13.6
–7.8
65.3
71.3
–6.0
395.7
353.2
–15.7
53.3
–129.7
6.0
1.6
–14.7
108.2
103.9
4.3
425.9
420.6
–27.9
31.1
–154.5
–38.9
–28.2
–20.0
42.8
50.4
–7.6
274.9
243.3
–38.2
65.8
–50.3
–29.8
–24.3
–8.2
69.1
67.5
1.6
237.2
237.8
–45.9
45.2
–84.5
–63.7
–47.3
–3.9
107.9
97.3
10.6
99.7
136.1
–78.2
50.0
–120.0
–81.4
–52.5
–12.6
67.2
71.3
–4.1
122.5
215.4
–88.2
8.0
–82.8
–107.2
–54.2
–15.1
17.0
32.8
–15.7
140.0
182.8
–32.4
–0.3
–74.5
–152.5
–81.1
–25.9
52.8
55.9
–3.1
149.9
185.3
–42.5
14.8
–61.7
–145.2
–79.6
–25.2
58.0
64.6
–6.6
178.3
220.6
–50.2
13.2
–73.5
–159.7
–85.8
–27.7
57.8
58.1
–0.3
357.6
459.0
–81.3
–7.6
–110.4
–194.1
–102.4
–37.6
275.6
29.5
–13.9
256.0
10.3
–19.9
332.4
–2.2
–19.6
39.1
–30.1
–11.5
175.1
–10.2
–7.2
420.3
–9.6
–9.4
418.9
–30.7
–20.0
339.6
–38.5
–20.4
277.5
–43.3
–19.6
231.0
–57.2
–19.9
131.5
–78.6
–19.8
472.7
161.0
–10.7
412.2
191.4
–16.0
578.1
92.7
–31.8
135.7
111.1
–20.9
311.6
11.5
–13.2
628.7
–211.8
–24.7
593.4
–205.5
–59.1
457.0
–225.8
–60.2
411.6
–181.7
–51.4
367.5
–190.5
–49.5
256.7
–92.9
–55.4
–111.8
–13.5
–232.0
–20.4
–370.4
–31.0
–206.8
–13.9
–284.3
–9.8
–399.6
–11.8
–458.0
–18.2
–448.4
–13.1
–422.3
–18.2
–468.6
–20.5
–604.6
–25.5
3.5
–1.2
–7.0
–15.8
–21.2
–28.2
–42.3
–47.5
–42.2
–60.0
–67.3
187.2
–33.1
26.8
280.6
261.7
–71.1
2.9
262.3
153.3
–178.7
–10.2
345.7
178.7
9.6
–24.7
48.2
306.3
5.1
–18.8
178.6
336.1
64.5
–27.1
419.5
342.8
168.6
–40.2
422.7
412.8
295.0
–40.5
341.2
355.2
262.3
–41.9
279.4
270.6
269.9
–51.0
234.5
259.0
353.4
–88.1
139.4
International Monetary Fund | October 2014
199
2019
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A10. Summary of Current Account Balances (continued)
(Percent of GDP)
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Emerging Market and Developing Economies
Regional Groups
Commonwealth of Independent States2
Russia
Excluding Russia
Emerging and Developing Asia
China
India
ASEAN-53
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
Of Which, Official Financing
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2009–13
Memorandum
World
European Union
Low-Income Developing Countries
Middle East and North Africa
200
2006
2007
2008
2009
2010
2011
2012
2013
2014
Projections
2015
2019
–1.2
–5.8
–0.2
6.0
–0.6
–1.5
–9.0
4.0
–2.8
1.4
4.5
4.8
–0.8
–5.0
0.0
7.1
–1.0
–1.3
–10.0
4.9
–2.2
0.8
3.7
3.7
–1.2
–4.7
–1.6
6.0
–1.7
–2.8
–9.6
2.9
–0.9
0.1
3.0
3.5
–0.2
–2.6
–0.1
6.0
–1.3
–1.9
–4.8
2.9
–1.4
–2.9
4.1
1.3
0.0
–3.0
0.1
5.9
–1.3
–3.4
–4.5
4.0
–2.7
–3.5
4.8
1.5
–0.2
–3.0
0.1
6.3
–1.7
–3.0
–3.7
2.1
–1.5
–2.8
3.9
1.6
–0.1
–2.9
1.4
7.4
–2.1
–0.3
–1.2
1.0
–3.8
–3.4
4.3
1.4
0.4
–2.4
2.4
7.0
–1.3
1.0
0.8
0.7
–4.5
–3.2
5.5
0.8
0.3
–2.5
2.0
6.2
–1.4
1.2
0.1
1.0
–4.2
–2.7
5.1
0.8
0.2
–2.6
1.9
5.8
–1.0
1.2
0.4
1.1
–3.8
–2.5
4.8
0.5
0.2
–2.8
1.8
5.0
0.0
–0.2
1.4
1.4
–1.4
–2.0
4.0
0.4
7.2
9.3
0.5
5.6
8.3
–1.0
4.9
–6.5
1.4
1.3
–0.8
3.8
5.5
–1.5
6.6
10.1
–1.3
4.8
–8.1
0.2
0.1
–1.4
5.0
6.3
0.8
5.8
9.2
–2.3
2.4
–8.2
–0.9
–1.7
–1.8
2.6
4.1
–1.8
3.4
4.8
–2.8
5.2
–3.2
–0.7
–1.5
–0.9
3.4
4.4
0.3
2.5
4.0
–2.7
2.8
–4.9
–1.3
–2.2
–0.4
4.3
5.1
1.8
0.9
1.9
–4.2
2.7
–6.4
–1.4
–2.1
–1.1
2.5
3.5
–0.6
1.0
2.6
–4.7
0.4
–4.6
–1.9
–2.4
–1.3
0.6
1.6
–2.2
1.0
1.9
–1.7
0.0
–3.9
–2.7
–3.6
–2.1
1.9
2.7
–0.5
1.0
1.8
–2.1
0.7
–3.2
–2.5
–3.5
–1.9
2.1
3.1
–0.9
1.1
2.0
–2.2
0.6
–3.5
–2.6
–3.6
–2.0
1.6
2.2
0.0
1.6
3.0
–2.6
–0.2
–4.2
–2.6
–3.5
–2.2
15.5
3.7
–5.3
12.3
1.1
–7.0
12.8
–0.2
–7.2
1.7
–3.0
–4.0
6.5
–0.8
–2.0
13.2
–0.7
–2.3
12.7
–2.0
–5.2
10.0
–2.4
–5.8
7.8
–2.6
–5.7
6.2
–3.2
–5.6
2.7
–3.3
–4.6
15.0
1.6
–1.8
10.6
1.6
–2.3
11.7
0.6
–4.4
3.4
0.8
–2.9
6.4
0.1
–1.5
10.5
–1.1
–2.4
9.4
–1.0
–5.7
7.0
–1.0
–5.7
6.2
–0.8
–4.9
5.3
–0.7
–4.4
2.9
–0.3
–3.8
–1.6
–3.7
–2.7
–4.9
–3.8
–6.3
–2.2
–2.8
–2.6
–1.9
–3.2
–2.2
–3.7
–3.2
–3.5
–2.1
–3.2
–2.7
–3.3
–2.8
–3.3
–2.5
0.6
–0.2
–0.8
–1.8
–2.0
–2.4
–3.3
–3.6
–3.2
–4.3
–3.6
0.4
–0.2
3.5
17.2
0.5
–0.4
0.3
13.6
0.2
–1.0
–0.9
14.4
0.3
0.1
–2.3
2.2
0.5
0.0
–1.5
7.1
0.5
0.4
–1.8
14.2
0.5
1.0
–2.5
13.8
0.6
1.7
–2.3
10.9
0.5
1.4
–2.2
8.6
0.3
1.4
–2.4
6.8
0.3
1.6
–3.1
3.2
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A10. Summary of Current Account Balances (concluded)
(Percent of exports of goods and services)
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies1
Emerging Market and Developing Economies
Regional Groups
Commonwealth of Independent States2
Russia
Excluding Russia
Emerging and Developing Asia
China
India
ASEAN-53
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
Of Which, Official Financing
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2009–13
Memorandum
World
European Union
Low-Income Developing Countries
Middle East and North Africa
2006
2007
2008
2009
2010
2011
2012
2013
2014
Projections
2015
2019
–4.5
–55.3
–0.9
14.0
–2.2
–5.3
–33.9
24.0
–9.9
3.9
8.0
13.7
–3.0
–43.5
0.1
16.0
–3.8
–4.5
–36.8
26.4
–8.2
2.3
6.6
10.9
–4.0
–37.3
–6.9
13.3
–6.6
–10.0
–36.0
16.0
–3.2
0.3
5.0
9.9
–0.7
–24.1
–0.7
15.4
–5.3
–8.2
–20.0
21.7
–5.0
–10.3
7.6
4.6
–0.1
–23.9
0.5
13.5
–4.8
–12.9
–16.3
25.1
–8.9
–12.1
8.3
4.8
–0.6
–21.6
0.5
13.6
–6.0
–10.4
–12.1
13.6
–4.6
–9.0
6.5
5.0
–0.3
–20.8
5.2
15.6
–7.4
–1.0
–3.7
6.4
–12.0
–11.4
7.1
4.5
1.3
–17.6
8.8
15.0
–4.6
3.3
2.3
4.1
–14.4
–10.7
9.2
2.6
0.9
–18.4
...
13.4
–5.0
3.9
0.3
5.4
–14.3
–8.5
8.4
2.5
0.6
–19.8
...
12.4
–3.6
3.8
1.0
6.2
–12.8
–8.1
8.0
1.8
0.5
–20.2
...
9.6
0.0
–0.7
3.3
7.6
–4.5
–6.1
6.6
1.3
19.5
27.7
1.1
15.5
23.8
–4.7
8.4
–18.5
6.0
8.7
–2.9
11.2
18.3
–3.1
18.1
28.1
–6.1
8.7
–22.8
0.7
0.8
–5.1
13.7
19.9
1.6
16.6
28.2
–9.5
4.4
–22.3
–3.9
–12.4
–6.5
8.2
14.7
–4.2
12.5
19.3
–13.7
10.9
–9.1
–3.7
–13.5
–3.3
10.3
15.3
0.7
8.3
14.4
–12.0
6.0
–13.6
–6.4
–20.4
–1.2
12.2
17.0
3.4
2.9
6.8
–17.3
5.5
–16.2
–6.7
–18.0
–3.4
7.4
12.1
–1.3
3.3
9.8
–19.5
0.9
–11.2
–8.6
–19.4
–3.9
1.9
5.5
–5.1
3.6
7.7
–6.9
0.0
–9.4
–12.2
–29.1
–6.5
5.9
9.4
–1.0
3.6
7.4
–8.6
1.5
–7.3
–11.6
–28.4
–6.2
6.4
10.7
–2.2
4.0
8.2
–9.4
1.2
–8.4
–12.4
–30.5
–6.5
5.6
8.8
–0.1
6.1
12.7
–11.5
–0.6
–9.8
–11.9
–27.5
–6.4
31.4
11.1
–17.7
24.9
3.2
–22.1
24.9
–0.6
–20.0
4.0
–10.3
–14.8
14.7
–2.7
–6.9
27.4
–2.0
–7.6
25.5
–6.5
–17.5
20.8
–8.2
–18.7
17.0
–9.0
–18.2
13.9
–11.5
–18.2
6.5
–13.0
–15.1
34.0
5.0
–5.2
25.3
4.9
–6.5
26.7
2.0
–11.8
9.2
2.9
–9.3
16.7
0.2
–4.5
25.1
–3.6
–7.2
22.4
–3.4
–18.2
17.4
–3.6
–18.5
15.7
–2.8
–15.5
13.8
–2.7
–14.1
8.4
–1.0
–12.7
–5.7
–14.3
–9.9
–19.1
–13.3
–23.4
–9.0
–11.9
–10.0
–7.0
–11.7
–8.0
–13.3
–12.0
–12.7
–8.2
–11.6
–10.9
–12.2
–11.6
–12.1
–10.8
2.2
–0.6
–3.0
–7.9
–9.0
–10.3
–15.9
–17.4
–15.2
–21.2
–18.3
1.3
–0.6
11.2
32.8
1.5
–1.1
1.0
26.1
0.8
–2.4
–2.9
26.4
1.1
0.2
–8.2
5.1
1.6
0.1
–4.9
15.4
1.5
0.9
–5.6
28.0
1.5
2.3
–8.1
26.2
1.8
3.9
–7.6
21.3
1.5
3.3
–7.3
17.5
1.1
3.2
–8.2
14.4
0.8
3.4
–10.6
7.1
1In
this table, Other Advanced Economies means advanced economies excluding the United States, euro area countries, and Japan.
and Turkmenistan, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
3Indonesia, Malaysia, Philippines, Thailand, Vietnam.
2Georgia
International Monetary Fund | October 2014
201
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
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
Finland
Ireland
Slovak Republic
Slovenia
Luxembourg
Latvia
Estonia
Cyprus
Malta
Japan
United Kingdom
Canada
Korea
Australia
Taiwan Province of China
Sweden
Hong Kong SAR
Switzerland
Singapore
Czech Republic
Norway
Israel
Denmark
New Zealand
Iceland
San Marino
Memorandum
Major Advanced Economies
Euro Area2
1Corrected
2006
–1.2
–5.8
–0.2
6.0
–0.6
–1.5
–9.0
8.8
1.9
2.8
–11.3
–10.7
5.3
–3.6
–7.8
–1.7
10.4
–22.6
–15.0
–7.0
–9.7
4.0
–2.8
1.4
0.4
–5.8
7.0
8.7
12.7
14.2
25.0
–2.1
16.4
4.5
3.0
–7.2
–25.6
...
2007
–0.8
–5.0
0.0
7.1
–1.0
–1.3
–10.0
6.3
1.9
3.5
–14.6
–10.1
5.2
–5.4
–5.3
–4.0
10.1
–22.4
–15.0
–11.8
–4.0
4.9
–2.2
0.8
1.1
–6.7
8.9
9.4
13.0
9.7
26.0
–4.4
12.6
3.1
1.4
–6.9
–15.7
...
2008
–1.2
–4.7
–1.6
6.0
–1.7
–2.8
–9.6
4.0
–1.3
4.8
–15.0
–12.6
3.1
–5.7
–6.2
–5.2
5.4
–13.2
–8.7
–15.6
–5.0
2.9
–0.9
0.1
0.3
–4.9
6.9
9.2
15.0
1.5
14.4
–2.1
16.1
1.5
2.9
–7.8
–28.4
...
2009
–0.2
–2.6
–0.1
6.0
–1.3
–1.9
–4.8
4.8
–0.6
2.7
–11.2
–10.9
2.7
–3.0
–2.6
–0.4
7.3
8.6
2.5
–10.7
–8.6
2.9
–1.4
–2.9
3.7
–4.6
11.4
6.2
9.9
6.8
16.8
–2.5
11.9
3.8
3.5
–2.3
–11.6
...
2010
0.0
–3.0
0.1
5.9
–1.3
–3.4
–4.5
6.9
1.9
3.5
–10.3
–10.6
2.4
0.6
–3.7
–0.1
7.7
2.9
1.8
–9.8
–6.5
4.0
–2.7
–3.5
2.6
–3.6
9.3
6.3
7.0
14.3
23.7
–3.8
11.9
3.4
5.8
–2.3
–8.0
...
2011
–0.2
–3.0
0.1
6.3
–1.7
–3.0
–3.7
8.5
–1.1
1.6
–9.9
–7.0
–0.6
0.8
–3.8
0.5
6.6
–2.1
0.0
–3.4
–1.9
2.1
–1.5
–2.8
1.6
–3.0
9.0
6.1
5.6
6.7
22.8
–2.9
13.5
1.5
6.0
–2.9
–6.3
...
2012
–0.1
–2.9
1.4
7.4
–2.1
–0.3
–1.2
8.9
–1.9
2.4
–2.5
–2.0
–1.2
1.6
2.2
3.5
5.8
–2.5
–2.1
–6.9
0.9
1.0
–3.8
–3.4
4.2
–4.4
10.6
6.0
1.6
11.2
17.5
–1.3
14.5
0.8
5.9
–4.1
–5.3
...
2013
0.4
–2.4
2.4
7.0
–1.3
1.0
0.8
10.2
–1.9
2.7
0.7
0.5
–0.9
4.4
2.1
6.8
5.2
–0.8
–1.4
–1.9
0.9
0.7
–4.5
–3.2
6.1
–3.3
11.7
6.2
1.9
16.0
18.3
–1.4
11.2
2.0
7.3
–3.4
3.9
...
2014
0.3
–2.5
2.0
6.2
–1.4
1.2
0.1
9.9
–1.3
3.0
0.7
0.6
–0.6
3.3
1.9
5.9
5.1
–0.1
–2.2
–1.1
0.3
1.0
–4.2
–2.7
5.8
–3.7
11.9
5.7
2.1
13.0
17.6
–0.2
10.6
1.9
7.1
–4.2
2.1
...
Projections
2015
0.2
–2.6
1.9
5.8
–1.0
1.2
0.4
9.6
–1.0
3.2
0.1
0.8
–0.5
2.4
2.2
5.8
4.0
–1.5
–2.4
–0.8
0.3
1.1
–3.8
–2.5
5.8
–3.8
11.3
6.1
2.2
12.5
16.6
–0.3
10.2
2.0
7.0
–6.0
2.3
...
2019
0.2
–2.8
1.8
5.0
0.0
–0.2
1.4
8.8
0.2
3.4
1.1
2.0
–0.3
2.5
2.8
2.1
4.0
–2.0
–2.6
–0.2
0.4
1.4
–1.4
–2.0
4.3
–3.7
9.6
5.5
3.7
10.2
14.5
–0.4
8.5
1.8
7.3
–5.9
2.1
...
–1.9
0.4
–1.2
0.3
–1.4
–0.8
–0.6
0.3
–0.8
0.5
–0.9
0.7
–1.1
1.9
–0.9
2.8
–0.9
2.5
–1.0
2.5
–0.9
2.4
for reporting discrepancies in intra-area transactions.
as the sum of the balances of individual euro area countries.
2Calculated
202
International Monetary Fund | October 2014
STATISTICAL APPENDIX
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
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
Lithuania
FYR Macedonia
Montenegro
Poland
Romania
Serbia
Turkey
2006
2007
2008
2009
2010
2011
2012
2013
2014
Projections
2015
2019
7.2
9.3
0.5
–3.9
17.6
–3.9
–15.2
–2.5
–3.1
–11.3
–2.8
15.7
–1.5
9.2
5.6
1.0
–4.4
50.1
–0.6
8.3
–15.4
–1.0
2.6
–23.6
–10.0
16.1
–23.2
–4.3
–13.7
6.5
6.8
2.1
–24.7
–1.7
5.7
–8.8
–9.1
–5.3
1.1
19.2
–5.7
31.9
–6.2
–0.2
–6.5
–5.6
–7.9
–17.6
–6.7
–7.4
–7.2
–10.6
–0.4
–31.3
–3.8
–10.4
–10.1
–6.0
3.8
5.5
–1.5
–8.5
27.3
–6.7
–19.8
–8.0
–6.2
–15.2
–8.6
15.5
–3.7
7.3
6.6
0.7
14.6
47.8
–1.9
10.1
–10.4
–1.3
1.6
–19.4
–15.7
15.4
–17.2
–5.4
–9.2
6.3
–0.7
–0.1
–16.7
3.9
5.4
–13.5
–15.7
–4.3
6.3
39.4
–5.7
–13.0
–7.3
–9.0
–8.1
–10.4
–9.1
–25.2
–7.3
–7.3
–10.2
–14.5
–7.1
–39.5
–6.2
–13.4
–17.8
–5.8
5.0
6.3
0.8
–15.0
35.5
–8.2
–22.0
4.7
–15.6
–16.1
–7.6
16.5
–7.1
8.7
5.8
1.2
–2.2
48.9
–5.7
9.2
–15.9
–2.3
0.0
–20.1
–18.5
17.1
–32.3
–3.5
–16.2
–12.9
–4.2
2.7
–16.8
8.5
0.1
–5.5
–20.5
–9.5
0.8
46.0
–8.2
7.1
–10.8
–11.0
–8.2
–15.6
–14.1
–23.0
–8.9
–7.4
–16.2
–13.3
–12.8
–49.8
–6.6
–11.6
–21.7
–5.5
2.6
4.1
–1.8
–17.6
23.0
–12.6
–10.5
–3.6
–2.5
–8.2
–5.9
–14.7
–1.5
2.2
3.4
2.4
–2.0
40.3
–4.5
4.8
–4.2
–2.8
2.0
–23.3
–21.0
15.5
–11.4
–17.4
–18.3
–8.9
–1.3
4.2
–4.7
–15.2
5.0
–5.3
–21.4
–0.5
8.3
38.9
–6.7
6.9
–7.9
–6.5
–3.2
–14.3
–6.5
–8.9
–5.1
–0.2
–9.2
3.9
–6.8
–27.9
–4.0
–4.1
–6.6
–2.0
3.4
4.4
0.3
–14.2
28.0
–15.0
–10.2
0.9
–6.4
–7.8
–1.2
–10.6
–2.2
6.2
2.5
0.4
–10.3
45.5
–3.9
4.0
–4.5
–2.7
0.7
–16.9
–18.3
10.9
–8.9
–28.8
–14.9
–15.0
–1.2
–2.4
–7.2
–21.5
3.6
–6.7
–30.8
–2.2
3.1
39.8
–3.7
–11.9
–5.4
–3.8
–4.9
–11.2
–6.2
–1.5
–1.1
0.2
–11.7
0.0
–2.0
–22.9
–5.1
–4.4
–6.8
–6.2
4.3
5.1
1.8
–11.1
26.5
–8.5
–12.8
5.4
–9.6
–11.2
–4.8
2.0
–6.3
5.8
0.9
–1.0
–23.7
36.4
–8.1
1.9
–5.3
–4.2
0.2
–32.2
–15.5
11.6
–20.2
–9.0
–17.4
–31.5
–1.9
–1.0
–4.1
–23.6
2.5
–3.5
–6.7
–7.8
2.6
41.1
–4.8
–36.5
–8.1
0.2
–6.4
–13.3
–9.8
0.1
–0.9
0.4
–13.7
–3.7
–2.5
–17.7
–5.0
–4.5
–9.1
–9.7
2.5
3.5
–0.6
–11.1
21.8
–2.9
–11.7
0.5
–15.9
–6.8
–1.5
0.0
–8.1
1.2
1.0
0.7
–17.6
33.5
–8.7
2.6
–1.8
–4.7
–2.8
–26.3
–27.7
5.8
–22.0
–8.1
–12.0
–32.6
–4.3
4.8
–5.0
–53.6
2.8
–7.8
0.2
–6.7
–0.4
47.8
–6.1
25.3
–6.4
6.0
–4.6
–10.0
–9.3
–0.9
–0.1
0.9
–7.5
–0.2
–3.0
–18.7
–3.7
–4.4
–12.3
–6.1
0.6
1.6
–2.2
–8.0
17.0
–10.1
–5.9
–0.1
–14.8
–4.8
–1.4
–2.9
–9.2
0.1
1.0
1.2
–22.1
31.5
–8.5
1.9
–20.7
–1.7
–3.3
–27.4
–27.7
3.9
–20.8
–9.4
–7.1
–27.7
–5.4
3.3
–6.5
–30.8
3.5
–2.0
–8.4
–3.9
–0.6
45.0
–4.4
26.4
–4.5
5.6
–3.9
–10.4
–5.4
1.9
0.9
3.0
–6.4
1.5
–1.9
–14.6
–1.4
–1.1
–6.5
–7.9
1.9
2.7
–0.5
–7.7
14.6
–8.5
–8.4
0.3
–14.2
–6.2
–4.7
–1.9
–2.5
0.1
1.0
0.1
–21.9
31.6
–8.7
1.8
–10.2
–2.1
–3.2
–53.4
–25.4
4.3
–19.6
–20.6
–6.9
–14.1
–5.3
4.6
–5.5
–11.4
3.2
–5.4
–14.7
–3.3
2.9
24.3
–3.1
27.7
–5.8
4.1
–3.2
–11.0
–11.0
–0.2
2.2
2.5
–7.2
0.9
–4.6
–17.8
–1.5
–1.2
–6.1
–5.8
2.1
3.1
–0.9
–7.3
10.4
–7.4
–7.9
–0.7
–14.8
–7.3
–3.6
–0.3
–2.5
0.5
1.1
–0.6
–26.2
30.1
–7.7
2.0
–8.8
–2.2
–2.9
–53.4
–21.2
4.2
–20.6
–10.9
–6.4
–15.0
–5.1
3.2
–5.3
13.5
2.6
–5.2
–15.5
–3.3
2.1
29.6
–4.5
–37.2
–5.9
3.4
–3.5
–12.7
–9.1
–2.3
2.2
2.0
–7.6
0.1
–5.7
–23.7
–2.1
–1.8
–5.1
–6.0
1.6
2.2
0.0
–6.5
7.2
–5.0
–5.0
0.4
–6.6
–7.1
–2.8
4.1
–3.2
1.6
1.6
–0.9
–7.7
33.2
–6.6
3.0
–9.5
–2.6
–2.5
–31.7
–16.1
4.1
–20.3
–11.2
–5.2
–19.7
–4.4
–1.2
–5.6
5.6
0.5
–5.1
–9.9
–2.7
0.8
9.6
–0.9
–10.9
–5.5
–1.9
–4.2
–8.3
–5.5
–3.2
–1.5
–1.7
–6.6
–2.0
–4.7
–17.5
–2.9
–3.3
–6.0
–5.7
International Monetary Fund | October 2014
203
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A12. Emerging Market and Developing Economies: Balance on Current Account (continued)
(Percent of GDP)
Latin America and the Caribbean
Antigua and Barbuda
Argentina2
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 3
Syria4
Tunisia
United Arab Emirates
Yemen
204
2006
2007
2008
2009
2010
2011
2012
2013
2014
Projections
2015
2019
1.4
–25.7
2.7
–17.7
–8.2
–2.1
11.2
1.3
4.6
–1.8
–4.5
–13.0
–3.4
3.7
–4.1
–30.8
–5.0
–13.4
–1.5
–3.7
–10.0
–0.8
–12.6
–3.2
1.6
3.3
–13.5
–29.0
–19.5
8.4
39.6
–2.0
14.9
0.2
–29.9
2.0
–11.5
–5.4
–4.0
11.4
0.1
4.1
–2.9
–6.3
–21.1
–5.0
3.7
–6.1
–29.7
–5.2
–9.5
–1.5
–9.1
–15.3
–1.4
–16.5
–8.0
5.7
1.5
–16.3
–30.1
–28.0
11.1
23.9
–0.9
7.2
–0.9
–26.7
1.5
–10.6
–10.7
–10.6
11.9
–1.7
–3.2
–2.6
–9.3
–28.7
–9.4
2.8
–7.1
–28.0
–3.6
–13.7
–3.1
–15.4
–17.7
–1.8
–17.7
–10.9
1.0
–4.3
–27.5
–29.0
–33.1
9.2
30.5
–5.7
11.0
–0.7
–14.0
2.0
–10.3
–6.8
–4.9
4.3
–1.5
2.0
–2.0
–2.0
–22.7
–4.8
0.5
–1.5
–22.2
0.7
–9.1
–1.9
–3.8
–11.0
–0.9
–9.3
–0.7
3.0
–0.5
–26.6
–11.6
–29.2
2.9
8.5
–1.3
1.0
–1.3
–14.7
–0.3
–10.1
–5.8
–2.4
3.9
–2.2
1.6
–3.0
–3.5
–17.4
–7.4
–2.3
–2.7
–22.1
–1.4
–9.6
–1.5
–4.3
–8.7
–0.4
–9.6
–11.4
–0.3
–2.4
–20.9
–16.3
–30.6
11.4
20.3
–1.9
3.2
–1.4
–10.4
–0.7
–15.2
–12.8
–1.1
0.3
–2.1
–1.2
–2.9
–5.4
–14.5
–7.5
–0.4
–4.9
–21.8
–3.4
–13.1
–4.3
–8.0
–13.4
–1.1
–12.8
–15.9
0.5
–1.9
–15.5
–18.8
–29.4
5.8
12.4
–2.9
8.2
–1.9
–13.8
–0.2
–18.2
–9.5
–1.2
8.3
–2.4
–3.4
–3.1
–5.3
–18.9
–6.6
–0.4
–5.3
–19.2
–2.6
–11.6
–5.7
–8.6
–13.0
–1.3
–12.7
–10.6
–0.9
–3.3
–11.9
–14.0
–27.8
3.4
5.0
–5.4
3.7
–2.7
–14.1
–0.8
–19.4
–10.4
–4.5
3.3
–3.6
–3.4
–3.3
–5.1
–16.6
–4.0
–1.3
–6.5
–27.1
–2.7
–12.8
–6.7
–9.0
–11.1
–2.1
–11.4
–11.9
2.1
–4.5
–9.0
–8.8
–29.2
–3.9
11.8
–5.6
5.0
–2.5
–15.3
–0.8
–16.6
–8.8
–5.4
2.6
–3.5
–1.8
–3.9
–5.2
–16.6
–4.1
–0.8
–6.5
–23.8
–2.0
–14.6
–6.8
–8.0
–8.3
–1.9
–11.3
–10.8
1.0
–5.2
–13.5
–8.9
–32.7
–3.6
11.9
–6.5
7.6
–2.6
–14.1
–1.1
–10.9
–8.0
–6.2
2.8
–3.6
–1.4
–3.8
–5.3
–15.2
–4.6
–2.4
–6.1
–20.6
–2.2
–15.9
–5.9
–7.3
–6.5
–2.0
–11.4
–10.6
–1.1
–5.0
–18.1
–11.0
–30.2
–3.7
11.2
–6.4
6.4
–2.6
–10.8
0.6
–7.4
–6.5
–7.3
0.5
–3.5
–1.7
–3.4
–5.7
–13.5
–3.3
–1.8
–6.1
–17.2
–2.4
–9.1
–4.9
–6.5
–4.5
–2.2
–9.9
–7.0
–0.5
–3.6
–17.2
–12.8
–20.0
1.3
9.9
–4.5
0.8
15.5
–1.1
24.7
11.8
–11.5
1.6
8.5
12.9
–11.5
44.6
–7.3
51.1
–1.3
2.2
15.7
–3.6
15.5
26.3
–8.8
1.4
–1.8
16.3
1.2
12.3
6.0
22.7
13.4
–21.4
2.1
10.6
7.7
–16.8
36.8
–7.2
44.1
–14.4
–0.1
6.0
–4.5
14.4
22.5
–6.0
–0.2
–2.4
6.9
–7.0
12.8
5.2
20.1
8.8
–24.3
0.5
6.5
12.8
–9.3
40.9
–11.1
42.5
–13.7
–5.2
8.5
–8.1
23.1
25.5
–1.6
–1.3
–3.8
7.1
–4.6
1.7
1.9
0.3
2.4
–9.3
–2.3
2.6
–8.0
–3.3
26.7
–12.5
14.9
–16.2
–5.4
–1.3
–5.5
6.5
4.9
–9.6
–2.9
–2.8
3.1
–10.1
6.5
3.1
7.5
3.0
–5.4
–2.0
6.5
3.0
–5.3
32.0
–13.3
19.5
–10.1
–4.1
10.3
–2.2
19.1
12.7
–2.1
–2.8
–4.8
2.5
–3.4
13.2
3.1
9.9
11.2
–13.7
–2.6
11.0
12.0
–12.0
43.6
–12.8
9.1
–6.3
–8.0
15.8
0.1
30.6
23.7
–0.4
...
–7.4
14.7
–3.0
12.7
3.9
5.9
7.2
–18.4
–3.9
6.6
6.7
–15.4
45.5
–12.7
29.1
–31.9
–9.7
13.3
–2.1
32.7
22.4
–9.2
...
–8.2
18.5
–1.7
10.0
4.3
0.4
7.8
–23.8
–2.7
7.5
–0.8
–9.8
40.5
–12.9
13.6
–30.1
–7.6
11.9
–1.1
30.9
17.7
–8.6
...
–8.4
16.1
–3.1
7.8
4.8
–3.0
7.0
–31.4
–0.4
4.2
3.0
–10.0
40.8
–12.7
–27.1
–26.8
–6.8
9.9
–1.2
27.1
15.1
–6.3
...
–7.7
11.1
–1.3
6.2
0.1
–2.9
6.4
–35.0
–4.0
1.7
2.4
–6.9
38.6
–12.3
–20.9
–39.4
–5.8
5.6
–1.3
23.2
12.4
–6.3
...
–6.6
11.8
–1.1
2.7
–3.7
–3.7
2.1
–16.7
–4.9
–1.0
1.0
–4.5
32.1
–10.5
–1.1
–6.0
–3.9
–2.8
–1.9
9.6
7.8
–4.5
...
–3.1
5.7
–2.6
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A12. Emerging Market and Developing Economies: Balance on Current Account (concluded)
(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 5
2006
3.7
25.6
–4.9
19.3
–9.3
–21.5
–4.8
1.6
–3.0
4.6
–6.0
0.3
2.8
2.6
16.9
–3.6
–11.9
17.1
–6.9
–8.2
–4.6
–5.3
–2.0
26.3
–18.1
–3.8
–11.2
–3.6
–9.1
–8.6
13.6
–8.6
17.1
–4.5
–32.3
–9.2
–13.2
–5.0
–5.3
...
–6.7
–9.6
–8.0
–4.0
–0.4
–6.5
2007
1.1
17.5
–10.2
15.0
–8.3
–5.4
–12.9
1.4
–6.2
8.2
–5.8
3.2
–6.5
–0.6
16.0
–6.1
–4.3
15.3
–8.3
–8.7
–11.6
–4.5
–3.2
24.6
–12.1
–12.7
1.0
–8.1
–5.4
–10.9
8.5
–8.2
10.9
–2.3
–29.7
–11.6
–18.8
–7.4
–7.0
...
–2.1
–10.9
–8.6
–5.0
–5.4
–5.4
2008
–0.2
8.5
–8.1
0.0
–11.5
–1.0
–13.7
–1.2
–9.9
3.7
–11.7
–0.8
–0.5
2.0
12.3
–5.5
–6.9
23.4
–12.3
–11.9
–10.5
–4.7
–5.4
23.4
–55.1
–20.6
–9.7
–12.1
–10.1
–12.9
2.9
–12.0
9.1
–5.2
–34.9
–14.1
–27.2
–9.0
–7.2
...
–7.6
–10.3
–7.0
–8.5
–5.8
–16.7
2009
–3.0
–10.0
–8.9
–11.2
–4.5
1.7
–14.6
–3.1
–9.2
–9.2
–8.0
–6.2
–5.9
6.3
–7.7
–7.6
–6.9
7.5
–12.3
–5.4
–8.5
–6.7
–4.6
8.9
–28.8
–21.2
–4.8
–7.3
–7.4
–12.2
–1.4
–24.4
5.2
–7.3
–23.6
–6.7
–22.4
–13.3
–4.0
...
–13.0
–9.8
–5.6
–7.1
3.8
–44.6
2010
–0.8
8.1
–8.7
–6.0
–2.0
–12.2
–12.4
–2.8
–10.9
–9.0
–5.5
–10.6
3.9
1.9
–9.6
–5.6
–1.4
8.7
–16.0
–8.6
–10.2
–9.4
–5.9
–4.7
–37.9
–9.7
–1.3
–12.6
–10.3
–11.7
1.0
–19.8
3.9
–7.4
–22.5
–4.4
–22.1
–22.7
–2.0
...
–10.0
–9.3
–6.3
–10.8
5.9
–18.0
2011
–0.7
12.6
–7.8
–0.7
–1.5
–13.6
–16.3
–2.7
–8.3
–5.6
–11.3
–5.4
6.0
11.1
–0.5
0.6
–2.5
13.2
–9.6
–9.0
–19.3
1.0
–8.9
–8.6
–34.5
–6.9
–5.9
–6.2
–13.8
–24.4
–1.2
–22.3
3.0
–7.5
–26.0
–7.9
–26.5
–65.2
–2.3
17.5
–8.2
–14.5
–8.0
–12.3
3.0
–29.8
2012
–2.0
11.6
–7.9
–3.8
–4.5
–17.3
–11.4
–3.6
–5.1
–8.7
–8.3
–6.2
–1.2
–0.2
–4.5
2.3
–7.0
14.0
–15.5
–11.8
–25.9
–5.7
–8.4
–4.2
–27.9
–6.8
–4.5
–2.7
–7.3
–45.4
–2.6
–15.4
4.4
–11.3
–20.9
–10.8
–24.7
–29.1
–5.2
–27.7
3.8
–15.9
–9.5
–9.5
3.1
–24.4
2013
–2.4
5.5
–14.5
10.4
–7.0
–20.7
–4.0
–3.7
–5.5
–9.5
–6.5
–10.2
–3.4
–2.1
–12.1
0.3
–6.0
12.1
–9.3
–11.9
–21.1
–4.6
–8.7
–1.2
–34.7
–5.4
–2.8
–5.3
–9.9
–39.5
–5.1
–17.0
4.0
–7.1
–19.9
–10.4
–16.9
–10.4
–5.8
4.0
5.3
–13.8
–8.5
–8.5
0.7
–27.4
2014
–2.6
4.1
–9.2
5.8
–7.2
–17.4
–5.8
–3.5
–11.8
–7.2
–12.9
–9.3
–3.2
–3.0
–10.5
0.2
–7.1
12.2
–10.7
–9.9
–17.1
1.6
–8.0
–0.8
–36.4
–4.3
–6.0
–8.9
–9.2
–48.4
–7.0
–24.7
3.7
–12.3
–18.0
–9.8
–20.9
–10.9
–5.7
–2.5
0.8
–13.7
–9.0
–10.4
1.9
–28.1
Projections
2015
–3.2
2.0
–7.2
4.4
–7.0
–17.7
–7.0
–3.4
–16.9
–7.1
–11.4
–9.2
–3.2
–3.1
–10.3
–1.2
–7.3
6.0
–11.6
–8.5
–20.1
–0.6
–8.1
–6.8
–40.5
–4.0
–5.2
–9.5
–9.2
–48.2
–4.9
–24.2
2.2
–12.4
–16.5
–9.4
–19.3
–8.2
–5.6
0.9
–1.4
–13.1
–7.7
–10.5
2.3
–26.2
2019
–3.3
–0.4
–6.8
2.6
–7.2
–15.7
–6.1
–3.5
–12.4
–4.7
–13.4
–6.1
0.9
–3.6
–5.4
–3.1
–4.7
1.3
–4.8
–7.1
–54.6
–2.2
–6.1
–10.4
–31.3
–4.4
–4.5
–6.0
–6.2
–47.0
0.2
–10.3
1.1
–7.8
–11.3
–8.2
–16.2
–6.1
–4.6
–4.7
–3.2
–10.7
–6.7
–9.6
1.7
–16.5
1Georgia
and Turkmenistan, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
are based on Argentina’s official GDP data. See note to Table A4.
3Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
4Data for Syria are excluded for 2011 onward owing the uncertain political situation.
5The 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.
2Calculations
International Monetary Fund | October 2014
205
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
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 Area
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
206
Projections
2014
2015
2006
2007
2008
2009
2010
2011
2012
2013
–454.6
214.2
–859.8
...
171.6
102.4
–312.6
609.8
–1,015.5
...
–59.9
66.1
–519.7
645.0
–1,145.0
...
–390.4
76.6
90.9
331.2
–398.3
...
–256.7
472.3
–66.1
353.8
–746.0
...
115.1
346.0
–137.3
371.7
–827.6
...
–17.1
338.3
–57.1
255.3
–137.0
...
–383.7
269.9
295.9
234.3
–304.1
...
147.1
154.2
167.5
391.8
–144.8
...
–241.5
188.7
182.0
362.0
–82.8
...
–247.5
149.6
–809.1
1.8
–633.4
–29.7
–145.5
–2.4
–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
–423.5
157.8
–507.2
7.1
–85.6
4.5
–370.7
113.3
–1.1
2.2
–482.0
–3.1
–387.8
282.9
–317.4
11.5
–363.9
–1.0
–398.5
243.1
–223.7
10.7
–428.5
0.0
5.1
199.6
–232.3
0.7
35.5
1.6
–9.9
122.1
–171.1
91.5
–59.4
7.0
–187.7
320.6
–357.1
124.6
–280.7
4.9
–14.3
90.3
–347.6
–26.5
275.9
–6.4
17.8
102.7
–106.4
–13.6
21.2
14.0
70.9
141.5
–332.0
7.7
239.3
14.3
212.2
92.0
–122.7
–6.8
230.5
19.2
335.8
42.7
–146.4
–23.0
456.7
5.9
...
...
...
...
...
...
...
...
...
...
...
...
223.5
61.1
23.0
5.7
137.5
–3.7
293.2
89.2
–210.8
114.5
299.0
1.3
247.9
63.7
–47.0
40.7
187.6
3.0
207.4
44.9
119.0
–9.5
40.7
12.4
148.7
59.9
149.7
18.0
–81.1
2.1
224.1
20.2
–38.9
37.2
201.6
3.9
274.4
65.4
83.2
32.9
91.2
1.7
326.5
30.5
219.2
24.1
51.6
1.1
237.0
42.0
159.2
17.5
18.3
0.0
228.4
43.0
153.4
16.9
15.1
0.0
–32.0
38.9
135.5
–4.2
–213.7
11.6
–43.0
68.2
166.1
–59.0
–219.0
0.7
–33.4
91.3
–36.8
16.6
–92.9
–11.6
–31.7
83.1
–337.4
22.9
191.3
8.4
–33.5
31.0
–156.6
–34.1
118.5
7.7
–74.3
21.0
–318.0
–19.6
249.5
–7.3
–95.3
12.1
–50.4
–18.5
–43.8
5.3
–21.4
–7.4
–132.2
–21.5
141.7
–2.0
–57.7
–0.6
–176.9
–18.9
139.1
–0.3
–44.3
6.3
–166.7
–16.2
132.5
–0.3
–47.8
1.2
–39.5
...
–9.0
–0.6
–41.7
52.5
–5.6
...
–90.7
2.1
–8.0
78.2
–75.2
...
–19.1
8.2
–46.3
1.2
–55.5
...
8.1
–0.1
–118.8
23.5
56.7
...
–200.3
1.4
–83.6
19.3
12.4
...
–116.7
1.3
–24.5
7.9
–33.3
...
–1.0
1.9
28.8
15.2
–19.4
...
31.0
2.0
25.5
16.2
–31.1
...
40.4
0.0
25.9
16.9
10.3
...
–1.2
0.0
International Monetary Fund | October 2014
STATISTICAL APPENDIX
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 1
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
2006
2007
2008
2009
2010
2011
2012
2013
Projections
2014
2015
–105.0
73.5
–233.4
...
54.3
0.6
–144.1
72.9
–123.2
...
–93.9
0.2
–159.2
–2.3
0.8
...
–158.6
0.9
–80.4
2.7
–70.7
...
–14.5
2.2
–46.0
–2.0
–47.0
...
1.9
1.1
–45.1
12.8
42.3
...
–114.1
13.9
10.5
–29.7
53.1
...
–15.8
2.8
38.0
–13.1
–66.9
...
117.4
0.6
12.1
–6.2
–33.7
...
52.1
0.0
16.1
–5.3
–26.6
...
47.9
0.0
138.2
60.2
–127.3
–2.5
175.8
32.0
224.3
51.7
–68.3
–2.9
207.3
36.5
187.3
89.1
294.7
–24.9
–202.3
30.8
174.8
61.2
217.6
–10.5
–120.9
27.2
253.5
72.5
154.1
–11.9
–5.5
44.3
165.8
117.8
–155.5
–17.1
43.4
177.3
62.9
119.2
38.5
6.7
–63.6
–37.9
–16.7
132.4
–269.8
58.1
23.9
38.7
41.4
94.0
25.5
–17.8
–51.6
–8.6
51.0
95.8
25.8
–15.4
–54.1
–1.1
–68.1
–73.5
–104.8
–38.0
149.0
–0.8
–86.7
125.4
–223.3
54.0
–45.3
2.4
–18.8
94.9
–467.2
225.5
130.5
–2.5
–17.7
–37.2
–72.4
–45.5
128.4
9.0
–49.5
–10.2
–27.9
–50.7
29.9
9.4
–18.4
55.6
43.6
4.7
–130.1
7.9
–102.4
–10.9
295.4
–47.6
–351.5
12.1
–112.4
–42.4
–62.3
23.0
–38.5
7.8
–118.3
–28.4
122.8
–12.8
–210.3
10.6
–111.0
–37.3
28.3
5.9
–117.5
9.5
19.9
–14.1
41.8
...
–8.7
0.9
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
–56.0
12.5
–82.6
...
6.0
8.1
–63.9
12.4
–48.1
...
–29.9
1.7
–56.9
–21.7
–14.8
...
–25.1
4.7
–48.0
–16.0
–30.0
...
–2.0
0.0
–47.0
–14.9
–31.0
...
–1.1
0.0
197.2
21.0
180.6
...
–74.3
71.7
116.6
14.2
183.6
...
–92.0
11.4
77.4
13.4
178.4
...
–145.4
42.6
154.2
31.6
–106.9
...
–123.9
333.9
268.8
91.8
–49.7
...
–28.4
273.1
260.7
–16.7
24.8
...
96.5
115.4
261.7
–15.7
130.0
...
–97.0
271.6
373.6
53.4
96.4
...
126.5
102.1
348.5
36.1
124.8
...
18.4
164.9
345.7
43.0
137.3
...
47.5
110.0
618.7
–297.9
84.4
...
67.9
765.6
571.7
–444.8
–24.7
...
–183.4
1,218.2
612.0
–463.7
136.9
...
232.0
703.8
79.2
–331.2
–76.9
...
–40.8
523.6
176.3
–415.2
–240.4
...
–10.5
835.2
270.5
–515.7
–119.3
...
156.1
745.0
169.5
–459.9
–239.9
...
430.2
441.4
63.7
–469.0
–155.4
...
130.6
557.3
242.8
–425.2
–157.1
...
344.9
479.2
192.4
–439.5
–128.2
...
223.2
536.0
International Monetary Fund | October 2014
207
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A13. Summary of Financial Account Balances (continued)
(Billions of U.S. dollars)
Regional Groups
Commonwealth of Independent States2
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
208
2006
2007
2008
2009
2010
2011
2012
2013
Projections
2014
2015
102.1
–22.1
–6.9
...
3.5
127.5
44.4
–28.3
3.8
...
–98.8
167.7
98.1
–49.4
35.8
...
137.2
–26.7
23.3
–17.2
–6.3
...
36.4
7.2
70.7
–9.4
–14.4
...
40.6
52.1
95.5
–16.1
17.9
...
68.6
23.9
49.0
–27.8
3.5
...
45.6
26.2
–3.5
–4.8
0.2
...
25.4
–24.7
42.3
–0.6
15.7
...
78.5
–51.6
56.8
–9.4
9.6
...
49.5
7.0
270.0
–126.1
45.4
...
–15.8
366.6
410.9
–172.4
–56.4
...
19.9
619.1
446.9
–151.9
8.1
...
112.7
476.5
215.7
–115.6
–65.6
...
–63.7
462.5
142.4
–220.5
–99.3
0.5
–105.2
566.9
63.5
–279.4
–56.8
–0.4
–34.2
434.3
4.1
–222.1
–118.2
–3.1
209.9
135.2
34.2
–245.1
–69.3
3.0
–103.3
450.9
140.7
–217.1
–114.3
0.5
6.3
465.2
172.5
–192.1
–96.4
0.3
–5.6
466.2
–85.6
–60.9
–11.1
...
–41.6
29.0
–131.8
–76.0
5.2
...
–103.6
37.2
–165.2
–65.2
15.9
...
–123.0
7.7
–48.3
–31.8
–12.3
...
–39.0
32.5
–81.8
–28.0
–45.2
...
–48.6
36.3
–106.6
–40.6
–53.1
...
–27.5
13.7
–63.0
–26.5
–72.6
...
10.5
28.1
–55.9
–19.9
–36.6
...
–16.1
17.9
–33.8
–26.9
–28.2
...
19.5
1.8
–54.6
–35.8
–25.4
...
1.9
4.7
48.4
–33.5
5.7
...
21.2
54.6
15.3
–94.1
–44.1
...
23.5
129.2
–36.7
–99.7
–7.5
...
27.4
41.6
–24.1
–70.1
–19.5
...
9.7
54.9
–82.3
–85.9
–103.7
...
16.6
89.7
–94.4
–126.8
–95.8
...
15.3
110.5
–132.1
–131.7
–88.7
...
29.3
59.2
–187.5
–150.6
–92.8
...
49.0
6.2
–145.9
–135.3
–83.1
...
60.6
11.2
–159.7
–144.9
–70.9
...
48.7
6.7
224.0
–47.7
68.3
...
47.3
156.2
224.4
–52.1
72.8
...
–33.4
237.1
269.9
–62.5
60.7
...
84.6
187.0
–40.9
–66.2
35.6
...
13.1
–23.4
133.6
–48.7
31.3
...
59.8
91.3
321.2
–20.5
69.7
...
131.1
141.0
338.3
–25.9
56.4
...
134.8
173.0
330.3
–23.5
60.9
...
181.2
111.8
279.5
–18.5
58.2
...
189.8
50.0
234.1
–23.4
63.2
...
150.7
43.7
59.8
–7.6
–17.0
...
53.2
31.7
8.5
–21.8
–6.0
...
9.0
27.9
–0.8
–35.1
23.9
...
–7.0
17.6
–46.5
–30.2
–8.7
...
2.7
–10.0
–6.4
–22.7
–9.0
...
26.3
–1.0
–8.8
–32.4
–1.1
...
2.9
21.7
–26.7
–25.8
–20.2
...
0.2
19.7
–53.9
–25.0
–17.7
...
–5.6
–4.7
–40.0
–26.8
–5.4
...
–9.8
2.6
–56.7
–33.9
–8.3
...
–21.9
7.6
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A13. Summary of Financial Account Balances (concluded)
(Billions of U.S. dollars)
Analytical Groups
By Source of Export Earnings
Fuel Exporters
Financial Account Balance
Direct Investment, Net
Portfolio Investment, Net
Financial Derivatives, Net
Other Investment, Net
Change in Reserves
Nonfuel Exporters
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
Official Financing
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 2009–13
Financial Account Balance
Direct Investment, Net
Portfolio Investment, Net
Financial Derivatives, Net
Other Investment, Net
Change in Reserves
Memorandum
World
Financial Account Balance
2006
2007
2008
2009
2010
2011
2012
2013
Projections
2014
2015
416.4
–48.4
84.4
...
81.3
299.0
341.3
–53.6
86.6
...
–86.0
394.3
464.3
–83.9
98.4
...
277.1
171.5
11.7
–62.6
16.7
...
104.8
–50.3
252.2
–34.3
23.8
...
147.4
113.4
504.4
–27.5
83.2
...
251.9
195.5
488.3
–45.9
44.7
...
236.0
252.0
390.0
–12.1
62.9
...
251.1
87.6
391.4
–10.1
82.8
...
319.2
–0.7
360.3
–23.5
72.8
...
273.5
37.4
202.4
–249.4
0.0
...
–13.4
466.7
230.4
–391.1
–111.3
...
–97.4
823.9
147.7
–379.8
38.5
...
–45.1
532.3
67.4
–268.5
–93.6
...
–145.7
574.0
–75.9
–380.9
–264.2
...
–157.9
721.8
–233.9
–488.3
–202.5
...
–95.8
549.5
–318.8
–414.0
–284.6
...
194.2
189.4
–326.2
–456.9
–218.3
...
–120.5
469.7
–148.6
–415.1
–239.8
...
25.7
479.9
–167.8
–416.0
–201.1
...
–50.2
498.6
–74.1
–153.6
–50.4
...
–38.7
169.7
–208.8
–266.4
–92.9
...
–180.3
324.6
–347.8
–292.0
54.3
...
–146.1
35.8
–205.5
–201.6
–68.4
...
–76.4
137.9
–279.7
–201.8
–219.3
...
–72.7
209.3
–406.0
–275.4
–155.2
...
–97.5
118.7
–471.7
–279.0
–192.3
...
–77.7
80.2
–468.5
–285.3
–160.3
...
–60.2
38.5
–389.0
–282.5
–173.6
...
–11.9
78.7
–445.8
–316.9
–144.9
...
–79.5
94.8
–8.4
–13.6
–1.1
...
–0.2
6.5
–15.0
–16.5
–3.5
...
–4.3
9.3
–21.5
–17.3
0.4
...
–6.3
1.8
–12.2
–13.0
0.8
...
–8.4
8.3
–5.8
–12.1
–1.8
...
–0.8
8.8
–12.7
–12.6
–1.9
...
–1.5
3.2
–16.9
–9.1
–1.4
...
–3.4
–3.1
–7.7
–12.0
1.0
...
–2.2
5.5
–12.5
–13.2
–3.4
...
–6.6
10.7
–19.3
–15.3
–2.0
...
–12.4
10.4
9.9
–18.7
–8.7
...
26.8
10.4
7.1
–27.1
–10.2
...
19.9
24.4
4.5
–33.5
11.2
...
16.8
10.0
–2.1
–21.1
17.1
...
–1.2
3.2
–16.5
–29.8
–18.2
...
19.7
11.8
–29.6
–28.2
7.0
...
5.9
–14.3
–49.3
–35.7
8.4
...
–6.7
–15.3
–54.4
–33.3
–0.7
...
–11.1
–9.3
–43.1
–29.2
–7.7
...
–5.5
–0.7
–55.9
–35.6
–0.6
...
–18.5
–1.2
164.2
259.2
92.3
170.0
110.2
133.2
112.3
359.6
410.4
374.5
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.
1In this table, Other Advanced Economies means advanced economies excluding the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries. Group
aggregates for financial derivatives are not shown because of incomplete data.
2Georgia and Turkmenistan, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
International Monetary Fund | October 2014
209
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A14. Summary of Net Lending and Borrowing
(Percent of GDP)
Projections
Averages
1992–99 2000–07
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 Area
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
210
2008
2009
2010
2011
2012
2013
2014
2015
Average
2016–19
0.0
0.0
22.6
23.0
0.0
–0.9
–0.9
21.6
22.4
0.0
–1.2
–1.2
20.8
22.3
0.0
–0.2
–0.2
18.6
19.1
0.0
0.0
0.0
19.5
19.9
0.0
–0.1
–0.2
20.0
20.3
0.0
–0.1
–0.1
20.0
20.3
0.0
0.5
0.4
20.1
20.0
0.1
0.3
0.3
20.4
20.3
0.0
0.2
0.2
20.6
20.6
0.0
0.2
0.1
21.5
21.5
0.0
–1.7
–1.7
19.2
21.6
0.0
–4.7
–4.8
18.4
22.5
0.0
–4.6
–4.7
15.4
20.8
0.0
–2.6
–2.6
14.4
17.5
0.0
–3.0
–3.0
15.1
18.4
0.0
–3.0
–3.0
15.7
18.5
0.0
–2.8
–2.9
16.3
19.2
0.0
–2.4
–2.4
17.0
19.3
0.0
–2.5
–2.5
17.3
19.8
0.0
–2.6
–2.6
17.8
20.5
0.0
–2.8
–2.8
19.0
21.8
0.0
...
...
22.4
21.3
...
0.1
0.0
22.6
21.3
0.1
–1.4
–1.6
22.4
22.2
0.1
0.0
–0.1
20.2
18.8
0.1
0.2
0.1
20.8
19.2
0.1
0.2
0.1
21.4
19.6
0.1
1.5
1.4
21.6
18.4
0.1
2.6
2.4
21.6
17.8
0.2
...
2.0
21.6
18.0
...
...
1.9
21.7
18.1
...
...
1.9
22.2
18.8
...
–1.1
–1.0
21.1
22.1
–0.1
3.0
3.0
21.8
18.9
0.0
5.9
6.0
25.2
19.3
0.0
6.0
6.0
22.4
16.4
–0.1
5.9
5.9
23.2
17.3
0.0
6.3
6.3
24.5
18.3
0.1
7.4
7.4
24.6
17.3
0.0
7.1
7.0
24.0
17.0
0.1
6.2
6.2
23.9
17.7
0.0
5.8
5.8
23.7
17.8
0.0
5.2
5.2
23.6
18.4
0.0
1.4
1.4
21.7
20.3
0.0
0.4
0.4
22.7
22.3
0.0
–1.7
–1.7
22.4
24.1
0.0
–1.3
–1.3
20.0
21.3
0.0
–1.3
–1.3
20.6
21.9
0.0
–1.7
–1.7
21.5
23.2
0.0
–2.1
–2.1
20.6
22.7
0.0
–1.2
–1.3
20.7
22.0
0.1
–1.3
–1.4
20.7
22.1
0.1
–1.0
–1.0
20.7
21.8
0.1
–0.3
–0.3
21.6
22.0
0.1
1.5
1.3
21.2
20.0
0.2
–0.5
–0.6
20.6
21.2
0.1
–2.9
–2.8
18.8
21.6
0.0
–1.9
–1.9
16.9
18.9
0.0
–3.4
–3.4
16.6
20.1
0.0
–2.9
–3.0
16.8
19.8
0.1
0.0
–0.3
17.7
18.0
0.2
1.0
1.0
18.2
17.2
0.0
1.2
1.2
18.6
17.4
0.0
1.2
1.2
18.8
17.6
0.0
0.3
0.3
19.4
19.0
0.0
–0.4
–1.3
21.1
22.4
0.9
–4.9
–5.8
22.5
28.3
0.8
–9.1
–9.6
19.5
29.1
0.5
–4.4
–4.8
19.1
23.9
0.4
–3.9
–4.5
18.3
22.8
0.6
–3.2
–3.7
17.5
21.2
0.5
–0.6
–1.2
18.5
19.8
0.6
1.5
0.8
19.0
18.2
0.8
0.9
0.1
18.1
18.0
0.8
1.1
0.4
18.4
18.1
0.8
1.8
1.0
19.0
18.0
0.8
2.3
2.5
30.3
27.9
–0.1
3.3
3.4
26.5
23.1
–0.1
2.8
2.9
25.9
23.0
–0.1
2.8
2.9
22.6
19.7
–0.1
3.9
4.0
23.8
19.8
–0.1
2.1
2.1
22.3
20.2
0.0
1.0
1.0
21.8
20.8
0.0
0.5
0.7
21.7
21.0
–0.2
0.9
1.0
23.1
22.2
–0.1
1.0
1.1
23.1
21.9
–0.1
1.2
1.3
23.7
22.4
–0.1
–1.0
–1.0
16.2
17.2
0.0
–2.2
–2.2
15.3
17.5
0.0
–0.9
–0.9
16.1
17.1
0.1
–1.4
–1.4
12.7
14.1
0.1
–2.6
–2.7
12.3
15.0
0.1
–1.4
–1.5
13.5
14.9
0.1
–3.8
–3.8
10.9
14.7
0.1
–4.4
–4.5
10.0
14.5
0.1
–4.2
–4.2
10.8
15.0
0.1
–3.7
–3.8
11.8
15.5
0.1
–2.4
–2.4
14.5
16.9
0.1
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A14. Summary of Net Lending and Borrowing (continued)
(Percent of GDP)
Projections
Averages
1992–99 2000–07
Canada
Net Lending and Borrowing
Current Account Balance
Savings
Investment
Capital Account Balance
Other Advanced Economies1
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 States2
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
2008
2009
2010
2011
2012
2013
2014
2015
Average
2016–19
–1.3
–1.6
17.8
19.8
0.3
1.7
1.7
23.4
21.7
0.0
0.1
0.1
24.1
24.0
0.0
–3.0
–2.9
18.9
21.8
–0.1
–3.5
–3.5
19.8
23.3
0.0
–2.8
–2.8
21.1
23.8
0.0
–3.4
–3.4
21.2
24.7
0.0
–3.2
–3.2
21.1
24.3
0.0
–2.7
–2.7
21.2
23.8
0.0
–2.5
–2.5
21.4
24.0
0.0
–2.2
–2.2
22.1
24.3
0.0
1.3
1.4
...
26.3
0.0
3.9
4.0
28.3
24.8
–0.1
3.0
3.0
29.5
26.1
–0.1
4.1
4.1
27.2
23.0
0.0
4.8
4.8
29.0
24.7
0.0
3.9
3.9
29.1
25.2
0.0
4.2
4.3
29.3
25.4
0.0
5.6
5.5
29.2
24.4
0.1
5.1
5.1
29.0
24.4
0.0
4.9
4.8
28.9
24.5
0.0
4.3
4.3
28.8
24.9
0.0
...
...
23.4
24.4
...
2.7
2.6
28.7
25.9
0.2
3.6
3.5
33.4
29.8
0.1
1.4
1.3
31.7
30.2
0.1
1.7
1.5
32.6
31.0
0.3
1.7
1.6
33.2
31.4
0.1
1.5
1.4
32.9
31.5
0.1
0.9
0.8
32.4
31.6
0.1
0.9
0.8
32.6
31.9
0.1
0.7
0.5
32.6
32.0
0.1
0.5
0.4
32.8
32.4
0.1
0.7
0.7
25.6
25.1
0.0
7.3
7.8
29.7
22.0
–0.5
5.0
5.0
30.0
25.1
0.0
1.9
2.6
22.0
19.2
–0.7
3.8
3.4
26.1
22.5
0.4
4.3
4.3
28.8
24.5
0.0
2.3
2.5
26.4
23.8
–0.2
0.6
0.6
23.8
23.1
0.0
1.6
1.9
23.4
21.4
–0.4
2.1
2.1
23.2
21.1
0.0
1.8
1.8
23.6
21.9
0.0
...
...
32.3
32.8
...
3.5
3.4
37.5
34.2
0.1
5.9
5.8
44.3
38.5
0.1
3.5
3.4
44.6
41.2
0.1
2.6
2.5
44.6
42.0
0.1
0.9
0.9
43.3
42.3
0.1
1.0
1.0
43.4
42.4
0.0
1.1
1.0
43.3
42.3
0.0
1.0
1.0
43.4
42.3
0.0
1.1
1.1
43.3
42.2
0.0
1.4
1.4
43.1
41.7
0.0
–2.0
–2.6
19.3
21.6
0.5
–4.6
–4.9
16.9
21.4
0.3
–7.7
–8.2
16.7
24.9
0.5
–2.4
–3.2
15.7
18.9
0.7
–4.2
–4.9
15.7
20.6
0.7
–5.6
–6.4
16.5
22.8
0.9
–3.6
–4.6
16.1
20.6
1.0
–2.7
–3.9
16.1
20.0
1.2
–1.8
–3.2
17.3
20.4
1.3
–2.4
–3.5
17.2
20.7
1.2
–3.0
–4.0
17.3
21.2
1.0
–2.7
–2.7
18.1
19.4
0.1
–0.1
–0.2
19.9
19.8
0.1
–0.9
–0.9
21.9
22.9
0.0
–0.7
–0.7
19.2
19.9
0.0
–1.1
–1.3
19.8
21.1
0.2
–1.4
–1.4
19.8
21.3
0.0
–1.9
–1.9
18.7
20.6
0.0
–2.6
–2.7
17.7
20.4
0.0
–2.5
–2.5
17.3
20.0
0.0
–2.6
–2.6
17.3
20.1
0.0
–2.6
–2.6
18.3
20.9
0.0
–1.2
–1.3
23.0
22.6
0.0
9.5
9.3
34.3
23.6
0.2
12.9
12.8
42.3
28.2
0.1
1.7
1.7
32.6
29.8
0.0
6.8
6.5
35.9
28.4
0.3
13.3
13.2
40.2
26.1
0.0
12.7
12.7
38.5
24.9
0.0
10.0
10.0
36.4
26.0
0.0
8.0
7.8
35.1
26.8
0.1
6.3
6.2
33.6
26.9
0.0
3.9
3.8
31.9
27.5
0.0
–1.1
–2.0
13.5
16.8
1.0
2.2
0.8
19.2
18.4
1.4
0.5
–0.2
20.5
20.4
0.7
–2.1
–3.0
18.4
21.1
0.8
0.9
–0.8
19.6
20.2
1.7
–0.2
–0.7
19.5
20.0
0.5
–1.7
–2.0
18.7
20.4
0.4
–2.1
–2.4
17.7
19.8
0.4
–2.2
–2.6
17.2
19.8
0.4
–2.7
–3.2
16.9
20.1
0.4
–2.9
–3.3
17.0
20.3
0.4
International Monetary Fund | October 2014
211
WORLD ECONOMIC OUTLOOK: LEGACIES, CLOUDS, UNCERTAINTIES
Table A14. Summary of Net Lending and Borrowing (concluded)
(Percent of GDP)
Projections
Averages
1992–99 2000–07
Analytical Groups
By Source of Export Earnings
Fuel Exporters
Net Lending and Borrowing
Current Account Balance
Savings
Investment
Capital Account Balance
Nonfuel Exporters
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
Official Financing
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 2009–13
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
2008
2009
2010
2011
2012
2013
2014
2015
Average
2016–19
–0.2
–0.1
23.7
23.2
0.0
10.2
10.3
33.8
22.8
0.0
11.7
11.7
37.8
25.5
0.0
3.0
3.4
29.3
25.2
–0.3
6.7
6.4
32.2
25.1
0.4
10.5
10.5
35.9
24.9
0.0
9.3
9.4
34.0
24.2
–0.1
7.0
7.0
31.6
24.4
0.0
6.0
6.2
30.6
24.2
–0.2
5.3
5.3
29.5
24.1
0.0
3.7
3.7
28.4
24.4
0.0
...
...
23.4
24.6
...
0.7
0.5
27.4
26.8
0.2
0.8
0.6
31.9
31.2
0.2
1.0
0.8
32.4
31.6
0.2
0.3
0.1
32.8
32.6
0.3
–0.9
–1.1
32.4
33.3
0.2
–0.8
–1.0
32.6
33.5
0.2
–0.8
–1.0
32.7
33.6
0.2
–0.6
–0.8
33.2
33.9
0.2
–0.6
–0.7
33.4
34.1
0.2
–0.3
–0.4
33.9
34.4
0.1
–2.3
–2.6
18.8
20.7
0.2
–1.3
–1.5
20.7
22.0
0.3
–3.6
–3.8
21.7
25.5
0.2
–2.0
–2.2
21.3
23.5
0.3
–2.1
–2.6
22.1
24.6
0.5
–3.0
–3.2
21.7
24.7
0.2
–3.4
–3.7
20.5
24.1
0.2
–3.2
–3.5
20.0
23.4
0.3
–2.9
–3.2
20.2
23.4
0.3
–3.1
–3.3
20.4
23.7
0.3
–3.1
–3.3
21.4
24.7
0.2
–2.0
–3.3
15.9
19.1
1.3
–1.0
–2.1
19.0
20.6
1.1
–5.6
–6.3
17.8
23.7
0.7
–2.0
–2.8
18.9
21.4
0.8
–0.3
–1.9
19.4
21.1
1.5
–1.7
–2.2
19.2
20.6
0.5
–2.6
–3.2
18.6
21.5
0.6
–1.5
–2.1
19.6
21.5
0.7
–1.9
–2.7
19.2
21.6
0.8
–2.3
–2.8
19.7
22.5
0.5
–2.2
–2.6
20.3
24.2
0.4
–2.6
–3.0
14.4
17.4
0.4
0.7
0.0
18.4
18.3
0.7
–0.3
–0.8
21.2
21.6
0.5
–1.3
–1.8
17.0
18.5
0.5
–1.0
–2.0
18.6
20.1
1.0
–2.1
–2.4
18.5
20.2
0.2
–3.1
–3.3
15.7
19.0
0.2
–3.4
–3.6
15.7
19.3
0.2
–2.9
–3.2
16.2
19.4
0.3
–4.1
–4.3
15.1
19.4
0.2
–3.7
–3.9
16.1
20.0
0.2
–0.2
–0.3
22.8
23.3
0.0
0.0
–0.1
23.3
23.2
0.1
0.3
0.2
24.7
24.6
0.1
0.3
0.3
22.8
22.5
0.0
0.6
0.5
24.1
23.7
0.1
0.5
0.5
24.8
24.3
0.1
0.5
0.5
24.9
24.5
0.1
0.6
0.6
25.0
24.5
0.1
0.5
0.5
25.2
24.8
0.1
0.4
0.3
25.5
25.2
0.1
0.3
0.3
26.2
26.0
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 WEO, 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.
1In this table, Other Advanced Economies means advanced economies excluding the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
2Georgia and Turkmenistan, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
212
International Monetary Fund | October 2014
STATISTICAL APPENDIX
Table A15. Summary of World Medium-Term Baseline Scenario
Projections
Averages
1996–2003 2004–11
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
2012
Averages
2012–15 2016–19
2013
2014
2015
Annual Percent Change
3.4
3.3
1.2
1.4
5.1
4.7
3.3
1.8
4.4
3.8
2.3
5.0
3.5
1.7
4.8
4.1
2.4
5.2
3.6
2.8
4.6
4.3
1.6
6.8
2.5
6.1
1.6
5.7
1.0
2.9
1.4
3.0
1.4
3.8
1.6
5.0
1.4
3.7
1.7
5.6
6.2
6.3
4.1
9.8
1.2
6.0
1.4
5.3
3.7
4.4
4.3
6.1
2.6
5.5
5.2
6.3
5.5
7.2
4.9
7.6
2.0
4.6
2.4
4.4
3.6
3.9
4.5
5.8
3.1
4.7
5.1
6.1
0.1
0.8
–0.7
2.2
–0.4
0.7
0.9
–0.2
0.2
0.0
–0.2
–0.6
0.1
0.0
0.0
–0.4
–1.3
6.7
–2.5
2.8
17.4
11.1
0.4
1.0
–10.0
–1.1
–0.9
–1.2
–0.2
–1.3
–3.0
–0.5
–3.3
–4.1
–0.3
–1.1
–4.6
0.4
–1.6
–0.7
1.9
11.0
2.1
6.6
1.6
5.5
1.8
5.6
1.7
5.8
2.0
4.9
2.7
3.0
0.4
1.5
–1.3
0.6
–1.2
0.9
–1.2
0.6
1.0
2.0
–0.4
...
–0.7
2.8
2.0
1.4
6.1
5.9
Percent
–1.1
–1.1
0.1
0.8
Percent of GDP
–0.1
0.4
1.4
0.8
0.3
0.8
0.2
0.5
0.2
0.9
0.1
0.4
36.2
27.1
25.1
25.7
26.1
26.1
25.8
25.5
9.5
8.8
8.5
8.9
9.3
9.1
9.0
8.9
1Data
refer to trade in goods and services.
2London 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, United Kingdom, and United States.
International Monetary Fund | October 2014
213
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertisement