null  null
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
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
Low-Income Developing Countries
Analytical Groups
By Source of Export Earnings
Fuel
Nonfuel
Of Which, Primary Products
By External Financing Source
Net Debtor Economies
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Memorandum
Median Growth Rate
Advanced Economies
Emerging Market and Developing Economies
Low-Income Developing Countries
Output per Capita4
Advanced Economies
Emerging Market and Developing Economies
Low-Income Developing Countries
World Growth Rate Based on Market Exchange
Rates
Value of World Output (billions of US dollars)
At Market Exchange Rates
At Purchasing Power Parities
Average
1999–2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
4.2
2.5
2.6
2.1
1.0
3.5
6.2
–0.1
–3.4
–2.8
–4.5
–5.4
–2.0
2.8
5.4
3.1
2.5
2.1
4.2
4.6
7.4
4.3
1.7
1.6
1.6
–0.1
2.9
6.4
3.5
1.2
2.2
–0.9
1.5
1.9
5.4
3.5
1.3
1.7
–0.2
2.0
2.3
5.1
3.6
2.1
2.6
1.3
0.3
2.9
4.7
3.4
2.2
2.9
2.0
1.1
2.0
4.3
3.2
1.7
1.5
1.8
1.0
2.0
4.3
3.6
2.2
2.2
2.1
1.5
2.4
4.6
3.7
2.0
2.3
1.9
0.7
2.2
4.9
3.8
1.7
1.7
1.5
0.6
2.2
5.0
7.2
8.0
4.3
3.3
–6.4
7.5
–3.0
–1.8
4.7
9.6
4.6
6.1
5.3
7.9
6.5
4.7
3.6
7.0
2.4
3.0
2.5
6.9
4.9
2.9
1.1
6.8
3.9
1.2
–2.2
6.8
4.7
0.1
0.4
6.4
3.1
–0.9
2.1
6.5
4.5
1.2
2.1
6.5
3.5
1.9
2.4
6.3
3.2
2.7
5.2
5.2
5.6
1.1
1.0
3.9
4.7
4.9
7.0
4.5
4.6
5.1
5.2
5.3
4.4
2.7
2.5
5.3
2.8
2.6
5.1
2.7
2.6
3.4
5.0
5.1
1.4
2.6
2.2
2.6
3.5
3.2
3.4
3.8
3.5
3.9
2.5
6.1
–4.3
5.8
2.1
7.5
1.8
5.2
–0.4
5.2
0.3
6.1
1.8
6.0
2.3
4.7
2.0
3.6
2.3
4.6
2.1
5.2
1.7
5.3
6.2
6.2
3.7
–1.9
4.1
–0.8
5.1
8.1
6.7
5.2
6.7
4.9
5.0
5.5
2.6
2.7
5.8
4.1
2.2
5.3
1.8
0.3
5.2
3.0
1.9
4.9
1.2
1.3
5.4
2.7
2.1
5.4
3.0
2.4
5.5
3.7
5.0
2.2
6.9
5.3
4.4
4.8
4.4
4.1
3.7
4.5
4.7
5.4
5.1
0.1
4.2
2.6
2.3
3.2
1.4
0.6
2.7
3.2
4.0
5.1
3.1
4.7
5.0
–3.8
1.6
3.9
2.3
4.6
6.1
2.0
4.7
5.6
1.0
4.3
5.1
1.6
4.3
5.3
2.5
3.8
4.8
1.8
3.5
4.3
2.0
3.0
4.0
3.0
3.5
4.5
2.5
3.5
5.0
1.8
3.8
5.4
1.8
4.5
3.4
–4.0
1.1
3.5
2.5
5.9
5.2
1.1
4.9
3.7
0.7
3.7
2.4
0.8
3.7
3.8
1.6
3.2
3.7
1.7
2.8
2.2
1.1
2.8
1.2
1.7
3.2
2.2
1.6
3.5
3.0
1.3
3.6
3.1
3.1
–2.1
4.1
3.1
2.5
2.6
2.8
2.7
2.5
3.0
3.1
2.9
43,843
62,820
60,280
83,777
1Real
65,906 73,119 74,489 76,551 78,594 74,311
89,271 94,857 99,664 104,684 110,258 115,108
Projections
2018
2022
75,368
79,281
84,375 103,201
120,197 126,634 133,805 167,782
GDP.
the United States, euro area countries, and Japan.
3Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
4The output per capita is at purchasing power parity.
2Excludes
242
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A2. Advanced Economies: Real GDP and Total Domestic Demand1
(Annual percent change)
Average
1999–2008 2009 2010
Real GDP
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Netherlands
Belgium
Austria
Greece
Portugal
Ireland
Finland
Slovak Republic
Lithuania
Slovenia
Luxembourg
Latvia
Estonia
Cyprus
Malta
Japan
United Kingdom
Korea
Canada
Australia
Taiwan Province of China
Switzerland
Sweden
Singapore
Hong Kong SAR
Norway
Czech Republic
Israel
Denmark
New Zealand
Puerto Rico
Macao SAR
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 Economies3
Memorandum
Major Advanced Economies
Projections
2015 2016 2017 2018 2022
2011
2012 2013
2014
2.1
2.2
2.6
2.9
1.3
2.0
1.9
1.5
0.9
1.1
0.1
0.8
1.4
3.2
1.4
2.3
1.6
1.5
0.6
1.0
0.4 –0.2
0.9
1.6
8.3 25.5
–0.6
0.0
2.6
3.8
3.5
1.8
3.0
2.3
5.6
4.0
2.1
2.7
2.9
1.7
–1.5
1.7
8.2
7.1
0.3
1.1
3.1
2.2
3.3
2.8
2.6
0.9
2.8
2.4
4.0
0.7
2.5
1.2
2.6
4.1
3.6
1.9
2.8
2.4
1.9
1.6
2.7
5.3
3.5
2.6
1.7
1.6
2.8
3.2
–1.2 –1.1
–1.2 –21.5
1.9
4.1
–0.9
0.5
2.5
2.6
2.1
1.6
2.0
1.2
3.6
2.5
2.3
2.4
3.5
1.6
5.4
3.3
5.1
6.1
4.3
4.3
6.6
5.7
4.1
2.2
1.0
2.5
5.7
2.9
3.4
4.6
2.3
3.0
5.9
4.7
2.2
4.0
3.7
1.8
3.4
1.7
...
4.6
...
–3.4
–2.8
–4.5
–5.6
–2.9
–5.5
–3.6
–3.8
–2.3
–3.8
–4.3
–3.0
–4.7
–8.3
–5.4
–14.8
–7.8
–4.4
–14.3
–14.7
–1.8
–2.4
–5.4
–4.3
0.7
–2.9
1.7
–1.6
–2.2
–5.2
–0.6
–2.5
–1.6
–4.8
1.5
–4.9
0.4
–2.0
1.3
–6.9
–12.8
3.1
2.5
2.1
3.9
2.0
1.7
0.0
1.4
2.7
1.9
–5.5
1.9
1.8
3.0
5.0
1.6
1.2
4.9
–3.8
2.3
1.3
3.5
4.2
1.9
6.5
3.1
2.3
10.6
2.9
6.0
15.2
6.8
0.6
2.3
5.5
1.9
2.0
–0.4
25.3
–3.6
–4.6
1.7
1.6
1.6
3.7
2.1
0.6
–1.0
1.7
1.8
2.8
–9.1
–1.8
2.9
2.6
2.8
6.0
0.6
2.5
6.4
7.6
0.3
1.4
–0.1
1.5
3.7
3.1
2.7
3.8
1.8
2.7
6.2
4.8
1.0
1.8
5.2
1.3
1.9
–0.4
21.7
2.0
–9.5
1.2
2.2
–0.9
0.7
0.2
–2.8
–2.9
–1.1
0.1
0.7
–7.3
–4.0
0.0
–1.4
1.7
3.8
–2.7
–0.4
4.0
4.3
–3.2
2.6
1.5
1.3
2.3
1.7
3.6
2.1
1.0
–0.3
3.9
1.7
2.7
–0.8
2.2
0.2
2.5
0.0
9.2
1.2
–7.5
1.3
1.7
–0.2
0.6
0.6
–1.7
–1.7
–0.2
–0.1
0.1
–3.2
–1.1
1.6
–0.8
1.5
3.5
–1.1
4.0
2.6
1.9
–6.0
4.6
2.0
1.9
2.9
2.5
2.1
2.2
1.9
1.2
5.0
3.1
1.0
–0.5
4.2
0.9
2.1
–0.3
11.2
4.4
–3.0
2.1
–3.8
2.8
1.6
1.4
1.4
1.9
2.4
2.7
2.0
0.9
2.4
1.4
4.2
0.6
2.8
3.5
3.7
–3.7
–3.8
–4.0
–3.2
–2.5
–4.1
–6.0
–4.0
–4.9
–3.0
–2.6
2.9
2.9
1.5
2.9
2.1
2.0
–0.5
2.4
2.5
5.1
6.1
1.4
1.6
0.7
3.0
2.0
–0.6
–3.1
0.7
–0.6
3.4
3.1
0.8
2.1
–2.4
–0.8
–0.3
–5.6
–5.1
2.3
2.2
2.0
2.0
1.0
1.3
–0.6
1.0
0.7
–2.6
–3.2
2.4
2.1
2.1
1.5
2.1
–3.7
2.8
1.4
1.1
1.3
Fourth Quarter2
Projections
2016:Q4 2017:Q4 2018:Q4
1.7
1.5
1.8
1.9
1.2
0.9
3.2
2.2
1.2
1.5
0.0
1.4
5.1
1.9
3.3
2.3
3.1
4.2
2.0
2.1
2.8
5.5
1.0
1.8
2.8
1.5
2.5
1.5
1.4
3.2
2.0
2.0
1.1
2.6
4.0
1.7
3.6
–2.6
–2.1
7.2
1.0
2.2
2.2
2.1
2.0
1.6
1.5
3.1
3.1
1.6
2.3
1.8
2.5
4.1
2.8
3.3
3.5
4.0
3.9
3.8
4.0
3.4
5.1
1.5
1.7
3.0
3.0
2.2
2.0
1.0
3.1
2.5
3.5
1.4
3.5
3.1
1.9
3.5
–2.8
13.4
5.5
1.2
2.0
2.3
1.9
1.8
1.8
1.1
2.5
2.6
1.6
1.9
2.6
2.0
3.4
2.3
3.7
3.5
2.5
3.6
3.9
3.7
2.6
4.4
0.7
1.5
3.0
2.1
2.9
1.9
1.3
2.4
2.6
2.7
1.6
2.6
3.4
1.8
3.0
–2.5
7.0
3.3
1.3
1.7
1.7
1.5
1.2
1.8
0.8
1.7
1.8
1.5
1.4
1.0
1.2
2.8
1.5
3.4
3.0
1.8
3.0
3.0
3.0
2.2
3.2
0.6
1.7
2.9
1.8
2.7
2.2
1.7
1.7
2.6
3.3
1.9
2.3
3.0
1.8
2.4
–0.5
4.3
2.7
1.3
2.0
1.8
1.9
1.9
1.2
1.2
3.0
2.7
1.1
2.0
–1.0
2.0
8.9
2.4
2.9
3.5
4.6
3.9
2.3
3.2
2.9
5.9
1.7
1.9
2.4
2.0
2.4
2.7
0.9
2.1
2.9
3.2
2.0
1.8
4.7
2.9
2.8
...
...
10.7
...
2.2
2.3
2.2
2.2
2.1
1.5
3.1
3.4
1.9
1.8
3.6
2.0
0.4
2.5
3.6
2.4
2.2
3.9
4.3
3.0
3.1
3.9
1.4
1.3
3.4
3.0
2.3
1.6
2.1
2.7
2.0
2.6
1.2
3.6
2.7
0.7
4.6
...
...
5.5
...
1.9
2.3
1.7
1.8
1.4
1.0
2.1
1.9
1.5
2.0
1.7
2.3
2.4
2.6
3.7
5.5
3.7
2.9
4.0
4.0
2.6
4.4
0.5
1.5
2.8
2.0
3.2
2.4
0.3
2.6
2.8
3.0
1.8
3.0
3.1
1.8
1.9
...
...
1.8
...
2.1
1.4
2.0
1.9
1.5
1.7
2.1
1.8
2.0
2.7
1.3
1.3
1.4
0.2
1.9
0.4
3.4
1.5
2.6
2.4
3.5
1.9
1.5
1.6
1.3
3.4
0.7
1.9
0.0
2.5
1.7
1.7
2.3
2.4
1.9
1.0
2.9
0.4
1.5
0.8
1.9
2.3
2.3
2.1
2.1
1.9
1.6
2.6
1.1
1.6
4.4
3.1
2.1
2.5
1.9
2.0
1.7
1.1
2.2
0.7
1.2
1.9
2.6
1.7
1.6
1.5
1.5
1.8
0.7
1.5
0.6
1.7
1.7
2.6
2.0
2.1
2.4
2.3
1.5
1.3
2.3
0.5
1.6
1.7
2.0
2.2
2.2
2.4
2.0
1.7
1.4
2.9
1.5
2.0
5.0
2.7
2.1
2.5
0.9
1.7
1.9
1.1
1.8
0.5
1.1
1.6
3.3
1.9
2.3
1.5
2.1
1.9
1.5
1.8
2.1
1.9
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.
3Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
International Monetary Fund | October 2017
243
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A3. Advanced Economies: Components of Real GDP
(Annual percent change)
Averages
1999–2008 2009–18
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
244
2009
2010
2011
2012
2013
2014
2015
2016
Projections
2017
2018
2.6
3.1
1.8
0.9
2.3
1.0
3.4
1.0
3.0
3.6
3.7
1.5
1.9
0.6
1.2
1.0
–0.1
0.0
0.7
1.0
2.3
2.4
–1.2
–1.6
–1.1
0.3
0.2
–1.5
–3.6
–0.7
–3.2
0.0
0.0
1.9
1.9
0.8
0.3
1.8
1.2
0.3
2.4
0.6
3.6
3.7
1.3
2.3
–0.1
1.3
0.5
0.0
–2.4
–0.4
–0.5
2.3
3.0
0.9
1.5
–1.1
1.3
–0.2
–4.0
–3.5
2.0
1.7
1.9
2.1
1.2
1.5
–0.6
0.8
0.5
–2.4
–3.1
2.4
1.6
2.6
2.3
1.8
2.9
0.8
1.0
0.8
0.2
1.6
–0.9
2.2
2.7
2.3
2.4
3.6
1.7
1.6
1.4
1.6
2.9
–0.3
2.4
1.9
2.7
2.2
2.7
2.1
1.9
2.2
1.3
3.2
0.4
2.8
2.3
2.3
2.3
2.7
1.8
2.1
1.2
1.3
2.6
1.5
1.7
3.4
2.4
1.9
2.1
1.7
1.8
1.6
1.1
2.4
0.8
1.1
1.9
2.7
2.3
1.4
–1.2
1.7
1.3
1.1
1.3
1.8
2.4
2.2
2.2
1.7
2.2
2.1
2.0
1.0
1.6
1.4
5.1
1.8
3.1
2.6
2.8
1.0
0.3
0.9
2.0
1.3
–0.3
0.2
1.3
1.0
1.5
2.5
2.9
3.7
2.4
3.0
2.4
0.4
4.1
2.0
1.1
2.7
3.4
1.0
0.1
0.7
1.3
1.3
0.6
1.5
1.9
0.2
2.3
2.8
–0.5
–2.7
–0.1
0.9
1.0
–1.8
–0.3
1.9
0.2
1.3
1.5
0.1
–0.9
–0.3
1.1
1.6
–1.4
–4.7
1.7
1.7
0.7
2.0
–0.3
–2.4
0.3
1.4
1.5
–0.3
–2.1
1.5
0.3
–0.7
2.3
0.6
–0.5
0.7
1.5
1.3
–0.7
–0.3
0.5
2.3
0.8
2.5
1.5
1.3
1.3
2.9
1.1
–0.7
2.0
1.7
1.3
1.5
2.4
1.6
1.0
1.7
3.7
1.3
0.6
0.8
1.3
0.8
2.0
3.4
1.1
0.2
1.2
1.8
1.2
0.9
0.9
0.6
1.4
2.7
2.8
1.9
3.0
0.9
2.1
0.5
–0.4
0.4
–0.2
0.8
2.2
2.4
1.9
0.8
2.9
0.7
–0.9
0.1
–0.7
0.3
1.4
1.3
0.7
1.9
2.3
2.3
2.7
1.0
3.4
2.3
5.3
–1.0
1.8
4.9
3.7
1.1
1.5
0.0
1.5
0.4
–2.2
–2.3
0.6
1.0
0.7
2.3
–11.0
–13.1
–11.2
–9.9
–9.1
–9.9
–16.9
–9.7
–15.2
–11.8
–5.1
1.7
1.1
–0.3
5.0
2.1
–0.5
–4.9
–1.6
5.0
11.4
5.9
2.9
3.7
1.5
7.4
2.1
–1.9
–6.9
1.7
1.9
4.6
4.0
2.4
6.3
–3.4
–0.1
0.2
–9.3
–8.6
3.5
2.3
4.9
2.9
1.5
3.1
–2.5
–1.2
–0.8
–6.6
–3.4
4.9
3.2
1.3
2.5
3.3
4.8
1.7
3.8
0.1
–2.3
3.8
2.9
6.7
0.9
2.1
2.6
3.5
3.1
1.1
1.0
1.6
6.0
0.1
3.4
–4.6
1.9
1.7
0.6
4.4
2.9
2.9
2.9
3.1
0.9
0.5
–3.1
2.2
3.4
3.4
3.9
3.7
2.9
2.1
4.3
2.8
2.2
3.4
3.7
3.0
3.3
3.4
3.2
3.1
2.7
3.5
1.7
1.7
2.2
3.0
1.8
1.0
–11.8
1.8
3.2
3.4
1.9
3.6
2.1
1.0
3.2
2.8
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A3. Advanced Economies: Components of Real GDP (continued)
(Annual percent change)
Averages
1999–2008 2009–18
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
2009
2010
2011
2012
2013
2014
2015
2016
Projections
2017
2018
2.5
2.8
2.0
0.9
2.4
1.3
4.2
0.6
2.8
3.7
3.5
1.3
1.6
0.5
1.4
0.9
–0.6
–0.5
0.8
1.0
1.8
2.4
–2.6
–3.1
–2.7
–1.4
–1.5
–2.9
–5.9
–2.4
–4.4
–2.2
–0.7
1.7
1.5
0.5
1.4
1.8
0.7
–0.7
1.4
1.1
5.0
4.1
1.3
1.7
0.3
2.5
0.9
–0.8
–3.0
0.5
0.0
2.6
2.9
1.1
1.9
–1.5
1.0
0.3
–4.5
–4.8
2.3
1.8
2.4
2.3
1.0
1.2
–0.8
0.5
0.4
–2.8
–3.0
2.8
1.6
1.6
2.3
1.9
2.7
1.0
1.7
0.7
–0.4
1.6
0.2
2.9
1.9
2.3
2.3
3.3
1.9
1.8
1.2
1.1
3.3
0.2
2.3
0.3
2.5
2.1
2.1
2.5
2.5
2.2
1.5
2.7
0.7
2.0
1.0
2.4
2.4
2.5
2.1
2.4
1.6
1.4
2.6
1.8
1.8
3.3
2.9
2.1
2.4
1.9
2.2
1.7
1.1
2.3
0.8
1.1
2.0
2.6
2.2
1.3
–2.7
1.6
1.3
1.4
1.1
1.9
2.2
1.8
2.2
1.9
0.0
–0.1
0.0
–0.1
0.0
0.0
0.0
0.0
–0.1
0.0
0.2
0.0
0.0
–0.1
–0.2
0.1
0.0
0.0
–0.1
0.1
0.1
–0.1
–1.1
–0.8
–1.3
–1.7
–1.1
–1.2
–0.2
–1.6
–0.5
–0.7
–1.9
1.3
1.5
0.9
1.4
0.3
1.3
0.2
1.0
1.5
0.1
1.9
0.1
–0.1
0.5
0.5
1.1
0.2
–0.1
0.2
–0.6
0.7
0.2
–0.2
0.1
–0.9
–1.6
–0.6
–1.1
–0.2
0.0
0.2
–0.3
–0.3
0.0
0.2
0.2
0.5
0.2
0.2
–0.3
–0.4
0.3
0.5
–0.8
0.1
–0.1
0.3
–0.4
0.7
0.6
0.3
0.1
0.7
–0.3
0.2
0.1
0.2
0.0
–0.3
0.3
0.2
0.1
0.6
–0.2
–0.3
0.1
–0.3
–0.4
–0.1
–0.1
–0.1
–0.5
0.1
–0.3
–0.5
–0.3
–0.5
–0.1
–0.2
0.0
–0.2
0.4
0.2
0.0
–0.5
–0.1
1.1
0.1
0.0
0.0
0.0
–0.2
0.0
0.0
0.0
–0.1
0.0
0.8
0.0
0.0
0.0
–1.0
1.2
0.1
–0.2
0.2
0.1
0.2
–0.3
–0.1
0.0
0.0
–0.2
0.1
0.7
–0.3
–0.1
–0.7
0.2
–0.2
–0.7
0.4
0.1
0.0
0.3
0.1
–0.2
0.2
1.0
–0.1
–0.1
0.0
0.3
0.4
1.2
–0.6
–2.6
–0.4
–1.3
2.8
–1.2
0.3
0.0
1.5
0.1
–0.5
0.7
1.1
–0.1
–0.3
0.5
1.6
–0.8
–2.1
0.1
0.3
0.0
0.9
0.9
0.0
1.2
2.1
–0.9
1.4
–0.3
0.5
0.4
0.1
1.5
1.4
0.5
2.8
2.2
–0.8
–0.7
–0.4
0.5
0.3
0.3
0.4
–0.3
–0.1
0.8
1.5
–0.4
–0.8
0.3
0.9
0.1
–0.2
0.1
0.7
–0.5
–0.1
–0.5
0.0
–0.4
1.1
0.5
–0.2
–0.7
0.1
0.1
–0.5
–0.5
–0.1
0.3
0.0
1.0
–0.4
–0.1
–0.2
–0.4
–0.4
–0.8
–0.1
0.5
0.6
–0.4
0.6
0.1
–0.1
–0.2
0.2
0.0
–0.3
–0.1
0.5
0.3
–0.1
–0.5
–0.4
0.0
–0.2
0.1
0.0
0.0
0.0
0.3
–0.1
0.3
0.3
0.1
–0.1
0.0
0.0
–0.1
0.1
0.2
0.0
0.0
–0.3
–0.1
–0.1
–0.1
1Excludes
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 2017
245
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A4. Emerging Market and Developing Economies: Real GDP
(Annual percent change)
Commonwealth of Independent States1,2
Russia
Excluding Russia
Armenia
Azerbaijan
Belarus
Georgia
Kazakhstan
Kyrgyz Republic
Moldova
Tajikistan
Turkmenistan
Ukraine3
Uzbekistan
Emerging and Developing Asia
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China
Fiji
India4
Indonesia
Kiribati
Lao P.D.R.
Malaysia
Maldives
Marshall Islands
Micronesia
Mongolia
Myanmar
Nauru
Nepal
Palau
Papua New Guinea
Philippines
Samoa
Solomon Islands
Sri Lanka
Thailand
Timor-Leste5
Tonga
Tuvalu
Vanuatu
Vietnam
Emerging and Developing Europe
Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Hungary
Kosovo
FYR Macedonia
Montenegro
Poland
Romania
Serbia
Turkey
246
Average
1999–2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
7.2
6.9
8.0
10.5
14.6
7.5
6.6
8.7
4.7
4.9
8.1
15.2
6.2
6.1
8.0
5.8
8.3
1.9
9.5
10.1
1.9
6.9
4.9
1.1
6.7
5.5
7.8
1.9
0.5
6.2
11.7
...
4.1
...
2.3
4.6
3.8
1.6
5.1
4.8
...
1.1
...
3.0
6.8
4.3
6.8
5.4
5.3
3.7
3.4
...
3.6
...
4.1
5.4
4.1
4.0
–6.4
–7.8
–2.4
–14.1
9.3
0.2
–3.7
1.2
2.9
–6.0
3.9
6.1
–15.1
8.1
7.5
5.3
5.7
–1.8
0.1
9.2
–1.4
8.5
4.7
1.1
7.4
–1.5
–6.6
6.5
1.2
–2.1
5.1
8.7
4.5
–9.1
6.8
1.1
–6.1
–4.7
3.5
–0.7
13.0
2.9
–4.4
3.3
5.4
–3.0
3.4
–0.8
–3.6
–7.4
–6.6
3.6
–0.4
–5.7
2.6
–7.1
–3.1
–4.7
4.7
4.5
5.0
2.2
5.0
7.7
6.2
7.3
–0.5
7.1
6.5
9.2
0.3
8.5
9.6
6.0
9.3
2.7
6.0
10.6
3.0
10.3
6.4
–1.6
8.0
7.5
7.1
1.2
3.3
7.3
5.3
13.6
4.8
3.0
10.1
7.6
–2.0
6.8
8.0
7.5
10.2
3.2
–3.1
1.6
6.4
4.6
3.7
0.8
1.3
–1.7
0.7
3.3
3.4
2.5
3.7
–0.8
0.6
8.5
5.3
5.1
6.0
4.7
–1.6
5.5
7.2
7.5
6.0
6.8
7.4
14.7
5.5
8.3
7.9
6.5
9.7
3.7
7.2
9.5
2.7
6.6
6.2
0.6
8.0
5.3
8.4
3.5
1.0
17.3
5.6
11.7
3.4
5.1
1.1
3.7
5.6
13.2
8.4
0.8
7.9
1.8
7.9
1.2
6.2
6.5
2.5
0.9
1.9
–0.3
1.7
4.4
2.3
3.2
5.0
1.1
1.4
11.1
3.6
3.7
3.6
7.1
2.2
1.7
6.4
5.0
–0.1
–0.7
7.5
11.1
0.2
8.2
7.0
6.3
6.4
0.9
7.3
7.9
1.4
5.5
6.0
5.1
7.8
5.5
2.3
2.9
–1.7
12.3
7.3
10.1
4.8
3.9
4.6
6.7
0.4
4.6
9.1
7.2
5.0
–1.1
–3.8
1.8
5.2
2.4
1.4
–0.9
0.0
–2.2
–1.6
2.8
–0.5
–2.7
1.6
0.6
–1.0
4.8
2.5
1.8
4.2
3.3
5.8
1.0
3.4
6.0
10.9
9.4
7.4
10.2
0.0
8.0
6.9
6.0
3.6
–2.1
7.4
7.8
4.7
6.4
5.6
5.0
8.0
4.7
7.1
–0.8
–3.0
11.6
8.4
34.2
4.1
–2.1
3.8
7.1
–1.9
3.0
3.4
2.7
2.7
–0.6
4.6
2.0
5.4
4.9
1.0
2.4
0.9
–1.1
2.1
3.4
2.9
3.5
1.4
3.5
2.6
8.5
1.1
0.7
1.9
3.6
2.7
1.7
4.6
4.3
4.0
4.8
6.7
10.3
–6.6
8.1
6.8
6.3
4.0
–2.5
7.1
7.3
5.6
7.5
5.0
0.4
7.6
6.0
7.6
–0.4
–2.4
7.9
8.0
36.5
6.0
5.4
12.5
6.1
1.2
2.3
5.0
0.9
4.3
2.9
1.3
2.3
6.0
3.9
1.8
1.1
1.3
–0.5
4.0
1.2
3.6
1.8
3.3
3.1
–1.8
5.2
–2.2
–2.8
–0.6
3.3
0.6
–3.8
2.9
1.2
3.5
–0.4
6.0
6.5
–9.8
8.0
6.8
6.8
6.1
–0.4
7.2
6.9
3.8
8.0
4.9
7.5
7.3
5.0
3.3
1.9
3.7
2.4
7.0
2.8
3.3
11.4
9.2
6.1
1.6
2.5
4.8
2.9
4.0
3.5
9.1
1.6
6.7
4.7
2.2
3.0
3.6
2.2
3.1
4.1
3.8
3.4
3.9
3.9
0.8
6.1
0.4
–0.2
1.9
0.2
–3.1
–2.6
2.7
1.1
3.8
4.3
6.9
6.2
2.3
7.8
6.4
7.2
6.2
–2.5
7.0
6.7
0.4
7.1
5.0
4.2
7.0
4.2
3.9
2.0
3.0
1.0
6.1
10.4
0.4
1.9
2.4
6.9
7.1
3.3
4.4
3.2
5.0
3.1
3.0
4.0
6.2
3.1
3.4
2.0
3.4
3.0
2.0
3.4
2.4
2.5
2.6
4.8
2.8
3.2
2.1
1.8
2.9
3.5
–1.0
0.7
4.0
3.3
3.5
4.0
4.5
6.5
2.0
6.0
6.5
7.1
5.9
–1.3
6.9
6.8
3.8
6.7
5.2
2.8
6.9
5.4
4.6
1.9
2.0
2.0
7.2
4.0
7.5
1.0
3.1
6.6
2.1
3.0
4.7
3.7
4.0
3.1
3.2
4.5
6.3
4.5
3.7
2.5
3.6
2.9
3.2
3.5
2.5
3.0
3.8
5.5
3.0
5.1
International Monetary Fund | October 2017
Projections
2018
2022
2.1
1.6
3.3
2.9
1.3
0.7
4.2
2.8
3.8
3.7
4.0
6.3
3.2
6.0
6.5
7.0
11.2
0.6
6.8
6.5
3.5
7.4
5.3
2.3
6.9
4.8
4.7
1.8
1.4
2.5
7.6
–4.0
5.0
5.5
2.9
6.7
0.9
3.1
4.8
3.5
6.0
3.2
2.5
4.0
6.3
3.5
3.7
2.6
3.2
2.7
3.4
3.5
3.2
2.8
3.3
4.4
3.5
3.5
2.4
1.5
4.3
4.0
3.1
2.0
5.5
4.3
5.4
3.9
4.0
5.4
4.0
6.0
6.3
7.0
6.3
5.3
6.0
5.8
3.2
8.2
5.5
1.8
7.0
4.9
5.0
1.5
0.6
8.2
7.5
2.0
3.8
2.0
3.3
6.8
2.1
2.7
5.2
3.0
5.2
1.4
2.0
3.0
6.2
3.2
4.0
3.0
2.5
2.1
2.2
4.0
3.8
3.1
2.6
3.3
4.0
3.6
STATISTICAL APPENDIX
Table A4. Emerging Market and Developing Economies: Real GDP (continued)
(Annual percent change)
Latin America and the Caribbean
Antigua and Barbuda
Argentina
The Bahamas
Barbados
Belize
Bolivia
Brazil
Chile
Colombia
Costa Rica
Dominica
Dominican Republic
Ecuador
El Salvador
Grenada
Guatemala
Guyana
Haiti
Honduras
Jamaica
Mexico
Nicaragua
Panama
Paraguay
Peru
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Suriname
Trinidad and Tobago
Uruguay
Venezuela
Middle East, North Africa, Afghanistan,
and Pakistan
Afghanistan
Algeria
Bahrain
Djibouti
Egypt
Iran
Iraq
Jordan
Kuwait
Lebanon
Libya4
Mauritania
Morocco
Oman
Pakistan
Qatar
Saudi Arabia
Somalia
Sudan6
Syria7
Tunisia
United Arab Emirates
Yemen
Average
1999–2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
3.3
4.6
2.6
2.1
1.8
5.7
3.4
3.4
4.3
3.4
4.7
2.8
4.8
3.3
2.6
3.7
3.6
1.8
0.7
4.5
1.3
2.6
3.9
5.7
2.2
5.1
3.7
2.1
3.5
4.1
7.6
1.5
3.4
–1.8
–12.1
–5.9
–4.2
–4.0
0.8
3.4
–0.1
–1.6
1.7
–1.0
–1.2
0.9
0.6
–3.1
–6.6
0.5
3.3
3.1
–2.4
–3.4
–4.7
–3.3
1.6
–4.0
1.0
–1.0
–0.8
–2.0
3.0
–4.4
4.2
–3.2
6.1
–7.2
10.1
1.5
0.3
3.3
4.1
7.5
5.8
4.0
5.0
0.7
8.3
3.5
1.4
–0.5
2.9
4.4
–5.5
3.7
–1.4
5.1
4.4
5.8
13.1
8.5
–2.9
0.1
–2.3
5.2
3.3
7.8
–1.5
4.7
–2.1
6.0
0.6
0.8
2.1
5.2
4.0
6.1
6.6
4.3
–0.2
3.1
7.9
2.2
0.8
4.2
5.4
5.5
3.8
1.4
4.0
6.3
11.8
4.3
6.5
–0.8
3.4
0.2
5.8
–0.3
5.2
4.2
3.0
3.5
–1.0
3.1
0.3
3.7
5.1
1.9
5.3
4.0
4.8
–1.1
2.8
5.6
1.9
–1.2
3.0
4.8
2.9
4.1
–0.5
4.0
6.5
9.2
–1.2
6.0
–0.8
–0.7
1.3
2.7
1.3
3.5
5.6
2.9
–0.1
2.4
0.0
–0.1
0.7
6.8
3.0
4.0
4.9
2.3
–0.6
4.7
4.9
1.8
2.4
3.7
5.2
4.2
2.8
0.2
1.4
4.9
6.6
14.0
5.8
6.6
0.2
2.5
2.9
2.7
4.6
1.3
1.2
5.1
–2.5
–0.5
0.1
4.1
5.5
0.5
1.9
4.4
3.7
4.4
7.6
4.0
1.4
7.3
4.2
3.8
2.8
3.1
0.5
2.3
4.8
6.1
4.7
2.4
5.1
–0.9
0.3
0.4
–0.6
3.2
–3.9
0.1
4.1
2.6
–1.7
0.9
2.9
4.9
–3.8
2.3
3.1
4.7
–2.5
7.0
0.2
2.3
6.4
4.1
3.1
1.2
3.6
0.9
2.6
4.9
5.8
3.0
3.3
4.9
2.0
0.9
–2.7
–0.6
0.4
–6.2
–0.9
5.3
–2.2
–0.3
1.6
–0.8
4.3
–3.6
1.6
2.0
4.3
2.6
6.6
–1.5
2.4
3.7
3.1
3.3
1.4
3.6
1.3
2.3
4.7
4.9
4.1
4.0
3.1
1.0
0.8
–10.5
–5.4
1.5
–16.5
1.2
2.7
2.5
1.8
0.9
2.5
4.2
0.7
1.4
1.7
3.8
3.9
4.8
0.2
2.3
2.5
3.2
3.5
1.0
4.0
1.7
2.1
4.5
5.3
3.9
2.7
2.7
1.6
2.2
–1.2
–3.2
3.5
–12.0
1.9
3.0
2.5
2.5
0.5
2.3
4.0
1.5
2.5
2.8
3.8
2.8
5.8
0.6
2.1
2.3
3.4
3.6
3.0
3.6
2.3
1.9
4.3
5.6
4.0
3.8
3.5
2.8
2.8
1.2
1.9
3.1
–6.0
2.7
2.0
3.2
1.5
1.6
1.7
3.7
2.0
3.3
3.6
3.9
1.5
5.0
1.6
2.0
2.7
4.0
2.8
3.0
3.8
2.8
2.7
4.5
5.5
3.8
3.8
2.7
1.5
3.0
3.1
1.4
3.0
–1.3
5.2
...
4.0
6.0
3.3
5.1
4.4
13.0
6.3
5.9
3.8
4.5
5.2
4.4
2.9
5.1
11.3
3.2
...
6.2
3.4
4.9
5.9
4.1
1.1
20.6
1.6
2.5
1.6
4.7
0.3
3.4
5.5
–7.1
10.1
–3.0
–1.0
4.2
6.1
0.4
12.0
–2.1
...
4.7
5.9
3.1
–5.2
3.9
4.7
8.4
3.6
4.3
4.1
5.1
5.8
6.4
2.3
–2.4
8.0
3.2
4.8
3.8
4.8
2.6
18.1
4.8
...
2.5
3.4
2.6
1.6
7.7
4.5
6.5
2.8
2.0
7.3
1.8
3.5
7.5
2.6
10.9
0.9
–66.7
4.7
5.2
–1.1
3.6
13.4
10.3
...
–1.2
...
–1.9
6.4
–12.7
5.2
14.0
3.4
3.7
4.8
2.2
–7.7
13.9
2.7
7.9
2.8
124.7
5.8
3.0
9.3
3.8
4.7
5.4
1.2
–3.0
...
3.9
5.1
2.4
2.7
5.7
2.8
5.4
5.0
3.3
–0.3
7.6
2.8
0.4
2.6
–36.8
6.1
4.5
4.4
3.7
4.4
2.7
2.8
5.2
...
2.4
5.8
4.8
2.8
2.7
3.8
4.4
6.0
2.9
3.2
0.7
3.1
0.6
2.0
–53.0
5.6
2.7
2.5
4.1
4.0
3.7
3.6
1.6
...
2.3
3.3
–0.2
2.7
1.3
3.7
2.9
6.5
4.4
–1.6
4.8
2.4
2.1
0.8
–10.3
0.9
4.5
4.2
4.1
3.6
4.1
3.6
4.9
...
1.1
3.8
–28.1
5.0
2.4
3.3
3.0
6.5
4.3
12.5
11.0
2.0
2.5
1.0
–3.0
1.7
1.2
3.0
4.5
2.2
1.7
3.2
3.0
...
1.0
3.0
–9.8
2.6
2.5
1.5
2.5
7.0
4.1
3.5
–0.4
2.3
–2.1
1.5
55.1
3.8
4.8
0.0
5.3
2.5
0.1
2.4
3.7
...
2.3
1.3
–2.0
3.5
3.0
0.8
1.7
7.0
4.5
3.8
2.9
2.5
4.1
2.0
31.2
3.0
3.0
3.7
5.6
3.1
1.1
3.5
3.6
...
3.0
3.4
8.5
3.8
5.0
2.4
2.2
6.0
6.0
4.1
2.1
3.0
3.2
3.0
2.6
4.0
4.6
2.2
5.9
3.2
2.0
3.8
3.5
...
4.3
3.1
5.5
Projections
2018
2022
International Monetary Fund | October 2017
247
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A4. Emerging Market and Developing Economies: Real GDP (continued)
(Annual percent change)
Sub-Saharan Africa
Angola
Benin
Botswana
Burkina Faso
Burundi
Cabo Verde
Cameroon
Central African Republic
Chad
Comoros
Democratic Republic of the Congo
Republic of Congo
Côte d’Ivoire
Equatorial Guinea
Eritrea
Ethiopia
Gabon
The Gambia
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritius
Mozambique
Namibia
Niger
Nigeria
Rwanda
São Tomé and Príncipe
Senegal
Seychelles
Sierra Leone
South Africa
South Sudan
Swaziland
Tanzania
Togo
Uganda
Zambia
Zimbabwe8
Average
1999–2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
5.6
11.2
4.5
5.2
5.7
3.1
7.4
3.6
1.2
7.8
2.0
2.4
3.5
0.5
28.1
–1.1
8.1
–0.1
3.7
5.3
3.5
2.9
3.3
3.5
...
4.0
3.8
5.4
4.3
7.8
4.1
4.4
7.5
8.0
4.3
4.4
2.2
7.5
4.0
...
3.6
6.1
1.6
7.5
6.4
–6.8
3.9
2.4
2.3
–7.7
3.0
3.8
–1.3
1.9
1.7
4.1
1.8
2.9
7.8
3.3
1.3
3.9
10.0
–2.3
6.4
4.8
–1.5
3.4
3.3
4.5
5.1
–4.7
8.3
4.7
3.0
6.4
0.3
–0.7
8.4
6.3
4.0
2.4
–1.1
3.2
–1.5
...
4.5
5.4
3.5
8.1
9.2
7.4
7.0
3.4
2.1
8.6
8.4
5.1
1.5
3.3
3.0
13.6
2.1
7.1
8.7
2.0
–8.9
2.2
10.6
6.3
6.5
7.9
4.2
4.6
8.4
6.9
6.1
0.3
6.9
5.4
4.1
6.7
6.0
8.4
11.3
7.3
4.5
4.3
5.9
5.3
3.0
...
3.5
6.4
4.1
7.7
10.3
15.4
5.1
3.9
3.0
6.0
6.6
4.0
4.0
4.1
3.3
0.1
2.2
6.9
3.4
–4.2
6.5
8.7
11.4
7.1
–4.3
14.0
5.6
8.1
6.1
4.5
7.4
1.5
4.9
3.2
3.9
7.1
5.1
2.2
4.9
7.8
4.8
1.9
5.4
6.3
3.3
...
2.0
7.9
4.8
6.8
5.6
16.3
4.4
5.2
4.8
4.5
6.5
4.4
1.1
4.6
4.1
8.8
3.0
7.1
3.8
10.1
8.3
7.0
8.7
5.3
5.6
9.3
5.9
–1.7
4.6
5.3
8.2
3.0
1.9
–0.8
3.2
7.2
5.1
11.8
4.3
8.8
4.5
4.5
3.7
15.2
2.2
–52.4
3.5
5.1
5.9
2.2
7.6
13.6
5.3
6.8
7.2
11.3
5.7
5.9
0.8
5.6
–36.7
5.8
3.5
8.5
3.3
9.3
–4.1
3.1
9.9
5.5
4.8
7.3
3.9
3.3
5.9
3.6
8.7
2.3
5.2
2.3
3.2
7.1
5.6
5.3
5.4
4.7
4.3
3.6
6.0
20.7
2.5
29.3
4.8
7.3
6.1
4.7
5.1
5.3
5.1
4.8
6.4
4.1
4.2
4.5
0.6
5.9
1.0
6.9
2.0
9.5
6.8
8.8
–0.7
5.0
10.3
4.4
0.9
4.0
3.7
1.0
5.4
3.4
0.7
3.3
5.7
7.0
3.6
7.4
6.4
7.5
6.3
7.6
4.1
4.1
4.5
4.6
1.7
2.9
3.6
7.0
5.4
4.6
4.7
2.8
3.4
3.0
2.1
–1.7
4.0
–4.0
1.0
5.8
4.8
1.8
1.0
6.9
2.6
8.9
–9.1
4.8
10.4
3.9
4.3
3.8
3.5
5.1
5.7
2.5
0.0
3.1
2.9
6.0
3.5
6.6
6.0
4.0
2.7
8.9
4.0
6.5
5.0
–20.5
1.3
–0.2
1.1
7.0
5.3
5.7
2.9
1.4
1.4
–0.7
4.0
4.3
5.9
–1.0
3.8
4.7
4.5
–6.4
2.2
2.4
–2.8
7.7
–9.7
3.7
8.0
2.1
2.2
3.5
6.6
5.1
5.8
2.4
–1.6
4.2
2.3
5.8
3.9
3.8
1.1
5.0
–1.6
5.9
4.1
6.7
4.5
6.1
0.3
–13.8
0.0
7.0
5.0
2.3
3.4
0.7
2.6
1.5
5.4
4.5
6.4
0.0
4.0
4.0
4.7
0.6
3.3
2.8
–3.6
7.6
–7.4
3.3
8.5
1.0
3.0
5.9
6.7
5.0
5.0
4.6
2.6
4.3
4.5
5.3
3.9
4.7
0.8
4.2
0.8
6.2
5.0
6.8
4.1
6.0
0.7
–6.3
0.3
6.5
5.0
4.4
4.0
2.8
Projections
2018
2022
3.4
1.6
6.0
4.8
6.5
0.1
4.1
4.6
5.0
2.4
4.0
3.0
2.8
7.3
–7.8
3.6
8.5
2.7
3.5
8.9
5.8
5.0
5.5
3.1
4.0
5.3
5.0
5.0
4.0
5.3
2.5
4.7
1.9
6.8
5.5
7.0
3.4
6.1
1.1
–3.4
–0.9
6.8
5.3
5.2
4.5
0.8
3.9
1.4
6.2
4.2
6.0
0.5
4.1
5.5
5.6
3.7
4.0
4.7
0.3
6.5
–1.4
4.0
7.5
5.1
4.8
5.4
5.2
5.0
6.5
5.6
6.8
5.0
5.5
4.7
4.1
14.0
3.6
6.2
1.7
7.5
5.5
6.4
4.0
7.4
2.2
3.9
2.2
6.6
5.6
7.3
4.5
–0.9
1Data for some countries refer to real net material product (NMP) or are estimates based on NMP. The figures should be interpreted only as indicative of broad orders of magnitude because
reliable, comparable data are not generally available. In particular, the growth of output of new private enterprises of the informal economy is not fully reflected in the recent figures.
2Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic
structure.
3Data are based on the 2008 System of National Accounts. The revised national accounts data are available beginning in 2000 and exclude Crimea and Sevastopol from 2010 onward.
4See country-specific notes for India and Libya in the “Country Notes” section of the Statistical Appendix.
5In this table only, the data for Timor-Leste are based on non-oil GDP.
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 to 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 US dollars. IMF staff estimates of US dollar values
may differ from authorities’ estimates. Real GDP is in constant 2009 prices.
248
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A5. Summary of Inflation
(Percent)
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 Economies3
Regional Groups
Commonwealth of Independent States4
Emerging and Developing Asia
Emerging and Developing Europe
Latin America and the Caribbean
Middle East, North Africa, Afghanistan, and
Pakistan
Middle East and North Africa
Sub-Saharan Africa
Memorandum
European Union
Low-Income Developing Countries
Analytical Groups
By Source of Export Earnings
Fuel
Nonfuel
Of Which, Primary Products5
By External Financing Source
Net Debtor Economies
Net Debtor Economies by ­­
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Memorandum
Median Inflation Rate
Advanced Economies
Emerging Market and Developing Economies3
Average
1999–2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Projections
2018
2022
1.8
2.3
2.0
–1.2
2.1
0.7
0.8
1.0
–0.6
0.9
0.9
1.2
0.7
–1.9
2.0
1.3
2.1
1.0
–1.7
2.0
1.2
1.8
1.3
–0.8
1.2
1.2
1.6
1.2
–0.3
1.4
1.4
1.8
0.9
1.7
1.3
1.3
1.1
1.4
2.1
1.0
1.0
1.3
0.8
0.3
1.1
1.4
1.7
0.9
–0.2
2.0
1.6
1.9
1.3
0.9
1.6
1.8
1.9
1.8
1.1
2.0
2.2
2.8
2.2
–0.2
2.1
7.6
0.2
–0.3
0.3
–1.3
1.4
5.0
1.5
1.6
1.6
–0.7
2.4
5.6
2.7
3.1
2.7
–0.3
3.3
7.1
2.0
2.1
2.5
–0.1
2.1
5.8
1.4
1.5
1.3
0.3
1.7
5.5
1.4
1.6
0.4
2.8
1.5
4.7
0.3
0.1
0.0
0.8
0.5
4.7
0.8
1.3
0.2
–0.1
1.0
4.3
1.7
2.1
1.5
0.4
1.8
4.2
1.7
2.1
1.4
0.5
1.9
4.4
2.1
2.3
2.0
1.6
2.0
3.9
18.8
4.0
15.4
6.7
11.1
2.8
4.8
4.6
7.2
5.1
5.7
4.2
9.8
6.5
5.5
5.2
6.2
4.6
6.1
4.6
6.5
4.6
4.5
4.6
8.1
3.4
4.1
4.9
15.5
2.7
3.2
5.5
8.3
2.8
3.3
5.6
5.8
2.6
6.0
4.2
5.2
3.2
5.7
3.6
4.6
3.4
4.9
3.4
6.4
6.4
10.5
7.3
6.1
9.8
6.6
6.2
8.1
9.2
8.7
9.4
9.8
9.7
9.3
9.2
9.4
6.6
6.8
6.6
6.3
5.7
5.9
7.0
5.1
5.4
11.3
6.8
7.1
11.0
7.7
8.1
9.5
4.9
4.8
7.8
2.7
9.9
1.0
8.2
2.0
9.2
3.1
11.7
2.6
9.9
1.5
8.1
0.5
7.2
0.0
7.2
0.2
8.9
1.7
9.7
1.7
8.8
2.0
7.2
12.3
6.3
...
7.7
4.3
...
6.7
5.3
...
8.6
6.7
...
8.0
5.3
...
8.1
4.9
...
6.5
4.2
...
8.8
3.8
...
7.3
3.7
...
5.9
3.9
...
6.2
4.1
...
5.1
3.7
...
8.2
7.2
6.7
7.7
7.0
6.3
5.7
5.5
5.1
5.5
5.5
4.7
8.8
12.6
9.8
10.2
7.9
6.8
10.5
15.6
9.6
17.1
15.3
6.5
2.3
5.4
0.8
3.7
1.9
4.1
3.2
5.4
2.6
4.5
1.4
3.9
0.7
3.2
0.1
2.7
0.6
2.8
1.6
3.4
1.5
3.5
2.0
3.1
1Excludes
the United States, euro area countries, and Japan.
on Eurostat’s harmonized index of consumer prices.
3Excludes Argentina and Venezuela. See country-specific notes for Argentina and Venezuela in the “Country Notes” section of the Statistical Appendix.
4Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
5Data are missing because of Argentina, which accounts for more than 30 percent of the weights of the group. See country-specific notes for Argentina in the “Country Notes” section of the Statistical
Appendix.
2Based
International Monetary Fund | October 2017
249
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A6. Advanced Economies: Consumer Prices1
(Annual percent change)
Advanced Economies
United States
Euro Area3
Germany
France
Italy
Spain
Netherlands
Belgium
Austria
Greece
Portugal
Ireland
Finland
Slovak Republic
Lithuania
Slovenia
Luxembourg
Latvia
Estonia
Cyprus
Malta
Japan
United Kingdom3
Korea
Canada
Australia
Taiwan Province of China
Switzerland
Sweden
Singapore
Hong Kong SAR
Norway
Czech Republic
Israel
Denmark
New Zealand
Puerto Rico
Macao SAR
Iceland
San Marino
Memorandum
Major Advanced Economies
Average
1999–2008
2.2
2.8
2.2
1.7
1.9
2.4
3.3
2.4
2.2
1.9
3.3
2.9
3.4
1.8
6.2
2.7
5.4
2.8
5.6
4.7
2.7
2.6
–0.2
1.8
2.9
2.3
3.1
1.1
1.1
1.7
1.4
–0.6
2.1
2.9
2.2
2.2
2.5
2.8
...
5.3
...
2009
0.2
–0.3
0.3
0.2
0.1
0.8
–0.3
1.0
0.0
0.4
1.3
–0.9
–1.7
1.6
0.9
4.2
0.8
0.0
3.3
0.2
0.2
1.8
–1.3
2.2
2.8
0.3
1.8
–0.9
–0.5
1.9
0.6
0.6
2.2
1.0
3.3
1.3
2.1
0.3
1.2
12.0
2.4
2010
1.5
1.6
1.6
1.1
1.7
1.6
1.8
0.9
2.3
1.7
4.7
1.4
–1.6
1.7
0.7
1.2
1.8
2.8
–1.2
2.7
2.6
2.0
–0.7
3.3
2.9
1.8
2.9
1.0
0.7
1.9
2.8
2.3
2.4
1.5
2.7
2.3
2.3
2.5
2.8
5.4
2.6
2011
2.7
3.1
2.7
2.5
2.3
2.9
3.2
2.5
3.4
3.5
3.1
3.6
1.2
3.3
4.1
4.1
1.8
3.7
4.2
5.1
3.5
2.5
–0.3
4.5
4.0
2.9
3.3
1.4
0.2
1.4
5.2
5.3
1.3
1.9
3.5
2.8
4.0
2.9
5.8
4.0
2.0
2012
2.0
2.1
2.5
2.1
2.2
3.3
2.4
2.8
2.6
2.6
1.0
2.8
1.9
3.2
3.7
3.2
2.6
2.9
2.3
4.2
3.1
3.2
–0.1
2.8
2.2
1.5
1.7
1.9
–0.7
0.9
4.6
4.1
0.7
3.3
1.7
2.4
1.1
1.3
6.1
5.2
2.8
2013
1.4
1.5
1.3
1.6
1.0
1.2
1.4
2.6
1.2
2.1
–0.9
0.4
0.5
2.2
1.5
1.2
1.8
1.7
0.0
3.2
0.4
1.0
0.3
2.6
1.3
0.9
2.5
0.8
–0.2
0.4
2.4
4.3
2.1
1.4
1.5
0.8
1.1
1.1
5.5
3.9
1.6
2014
1.4
1.6
0.4
0.8
0.6
0.2
–0.1
0.3
0.5
1.5
–1.4
–0.2
0.3
1.2
–0.1
0.2
0.2
0.7
0.7
0.5
–0.3
0.8
2.8
1.5
1.3
1.9
2.5
1.2
0.0
0.2
1.0
4.4
2.0
0.3
0.5
0.6
1.2
0.6
6.0
2.0
1.1
2015
0.3
0.1
0.0
0.1
0.1
0.1
–0.5
0.2
0.6
0.8
–1.1
0.5
0.0
–0.2
–0.3
–0.7
–0.5
0.1
0.2
0.1
–1.5
1.2
0.8
0.0
0.7
1.1
1.5
–0.3
–1.1
0.7
–0.5
3.0
2.2
0.3
–0.6
0.5
0.3
–0.8
4.6
1.6
0.1
2016
0.8
1.3
0.2
0.4
0.3
–0.1
–0.2
0.1
1.8
1.0
0.0
0.6
–0.2
0.4
–0.5
0.7
–0.1
0.0
0.1
0.8
–1.2
0.9
–0.1
0.7
1.0
1.4
1.3
1.4
–0.4
1.1
–0.5
2.6
3.6
0.7
–0.5
0.3
0.6
–0.3
2.4
1.7
0.6
2.0
–0.1
1.4
2.6
1.9
1.3
1.5
0.3
0.8
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.
250
International Monetary Fund | October 2017
Projections
2017 2018 2022
1.7
1.7
2.1
2.1
2.1
2.3
1.5
1.4
2.0
1.6
1.5
2.5
1.2
1.3
1.8
1.4
1.2
1.4
2.0
1.5
1.9
1.3
1.4
1.6
2.2
1.5
2.0
1.6
1.8
2.2
1.2
1.3
1.7
1.6
2.0
2.4
0.4
1.5
1.9
0.8
1.2
2.0
1.2
1.4
2.0
3.5
2.0
2.5
1.6
1.8
2.0
1.2
1.3
2.0
3.0
3.0
2.3
3.8
3.4
2.5
0.8
0.7
2.0
1.3
1.6
1.8
0.4
0.5
1.6
2.6
2.6
2.0
1.9
1.9
2.0
1.6
1.8
1.9
2.0
2.2
2.5
1.0
1.4
2.0
0.5
0.6
1.0
1.6
1.6
2.0
0.9
1.3
1.9
2.0
2.2
3.0
2.1
2.0
2.5
2.3
1.8
2.0
0.2
0.5
2.0
1.0
1.4
2.0
2.2
2.0
2.0
1.1
0.9
0.8
1.5
2.2
2.8
1.8
2.6
2.5
0.9
1.0
1.2
1.7
1.7
2.1
End of Period2
Projections
2016 2017 2018
1.5
1.5
1.9
2.2
1.8
2.3
1.1
1.1
1.6
1.7
1.1
1.8
0.6
1.1
1.5
0.5
0.9
1.6
1.6
1.2
1.4
0.7
1.4
1.5
2.2
1.4
1.7
1.5
1.7
1.9
0.3
1.0
1.1
0.9
2.3
2.6
–0.2
0.9
1.7
1.1
0.5
1.6
0.2
1.3
1.4
2.0
3.3
2.0
0.5
1.7
2.0
1.6
–1.3
3.7
2.1
3.0
3.0
2.4
4.5
2.5
0.1
0.8
0.7
1.0
1.5
1.7
0.3
0.1
0.6
1.2
2.8
2.6
1.3
1.9
1.9
1.4
1.6
1.9
1.4
2.0
2.3
1.7
1.0
1.4
0.0
0.6
0.8
1.7
1.8
1.5
0.0
1.4
1.4
2.6
2.0
2.2
3.5
1.9
2.1
2.0
2.1
2.0
–0.2
0.2
1.0
0.5
1.2
1.6
1.3
2.4
2.0
0.5
1.1
0.9
1.4
1.5
2.2
1.9
2.0
2.9
0.6
0.9
1.0
1.6
1.4
1.9
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
Ukraine5
Uzbekistan
Emerging and Developing Asia
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China
Fiji
India
Indonesia
Kiribati
Lao P.D.R.
Malaysia
Maldives
Marshall Islands
Micronesia
Mongolia
Myanmar
Nauru
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
Bulgaria6
Croatia
Hungary
Kosovo
FYR Macedonia
Montenegro
Poland
Romania
Serbia
Turkey
Average
1999–2008
2009
2010
2011
2012
2013
2014
2015
18.8
19.8
15.7
3.3
5.9
49.1
8.0
9.3
11.2
15.5
18.1
10.2
13.5
17.4
4.0
5.7
5.0
0.5
4.9
1.8
3.2
4.9
10.0
2.7
17.1
2.4
3.1
...
2.5
8.9
19.9
...
5.4
...
8.3
5.1
4.3
9.2
11.1
2.6
...
8.3
...
2.8
6.3
15.4
2.5
3.2
6.7
3.3
6.7
...
2.6
...
3.9
19.4
23.5
27.2
11.1
11.7
9.6
3.5
1.6
13.0
1.7
7.3
6.8
0.0
6.4
–2.7
15.9
12.3
2.8
4.9
6.3
1.0
–0.7
–0.7
3.7
10.6
5.0
9.8
0.0
0.6
4.5
0.5
7.7
6.3
2.2
22.4
12.6
1.4
6.9
4.2
14.6
7.1
3.4
–0.8
–0.2
1.4
–0.3
4.3
6.7
4.8
2.2
–0.4
2.5
2.4
4.2
–2.4
–0.7
3.6
3.4
5.6
8.1
6.3
7.2
6.9
8.1
7.3
5.7
7.7
7.1
7.1
8.0
7.4
6.5
4.4
9.4
12.3
5.1
9.4
5.7
0.2
4.0
3.3
3.7
9.5
5.1
–3.9
6.0
1.7
6.2
1.8
3.7
10.2
8.2
–2.0
9.6
1.4
5.1
3.8
–0.2
1.0
6.2
3.3
5.2
3.5
–1.9
2.8
9.2
5.7
3.6
2.1
3.0
1.0
4.9
3.5
1.5
0.4
2.6
6.1
6.1
8.6
9.8
8.4
13.3
7.7
7.9
53.2
8.5
8.3
16.6
7.6
12.4
5.3
8.0
12.4
6.5
11.5
7.3
0.1
5.5
5.4
7.3
9.5
5.3
1.5
7.6
3.2
11.3
5.4
4.1
7.7
2.8
–3.4
9.6
4.7
4.4
4.7
2.9
7.4
6.7
3.8
13.2
6.3
0.5
0.9
18.7
5.5
3.4
3.7
3.4
2.3
3.9
7.3
3.9
3.5
4.3
5.8
11.1
6.5
6.2
5.1
9.2
2.5
1.0
59.2
–0.9
5.1
2.8
4.6
5.8
5.3
0.6
11.9
4.6
6.2
9.3
0.1
2.9
2.6
3.4
10.0
4.0
–3.0
4.3
1.7
10.9
4.3
6.3
15.0
2.8
0.3
8.3
3.6
4.5
3.2
6.2
5.9
7.5
3.0
10.9
1.1
1.4
1.3
9.1
6.1
2.0
2.0
2.4
3.4
5.7
2.5
3.3
4.1
3.7
3.3
7.3
8.9
6.5
6.8
5.7
5.8
2.4
18.3
–0.5
5.8
6.6
4.6
5.0
6.8
–0.3
11.7
4.6
7.5
11.3
0.4
3.0
2.6
2.9
9.4
6.4
–1.5
6.4
2.1
4.0
1.9
2.2
8.6
5.7
–1.1
9.9
3.4
5.0
2.9
–0.2
5.4
6.9
2.2
9.5
2.1
2.0
1.5
6.6
4.5
1.9
–0.1
0.4
2.2
1.6
1.8
2.8
2.2
0.9
4.0
7.7
7.5
8.1
7.8
8.8
3.0
1.4
18.1
3.1
6.7
7.5
5.1
6.1
6.0
12.1
9.1
3.4
7.0
9.9
–0.2
3.9
2.0
0.5
5.8
6.4
2.1
4.1
3.1
2.5
1.1
0.7
12.9
5.1
0.3
9.0
4.1
5.2
4.2
–1.2
5.2
2.8
1.9
0.7
1.2
1.1
0.8
4.1
4.1
1.6
–0.9
–1.6
–0.2
–0.2
0.4
–0.3
–0.7
0.0
1.1
2.1
8.9
15.5
15.5
15.6
3.7
4.0
13.5
4.0
6.7
6.5
9.6
5.8
7.4
48.7
8.5
2.7
6.2
6.3
–0.4
1.2
1.4
1.4
4.9
6.4
0.6
1.3
2.1
1.4
–2.2
–0.2
5.9
10.0
9.8
7.2
0.9
6.0
1.4
1.9
–0.6
2.2
–0.9
0.6
–1.1
3.2
2.5
0.6
3.2
1.9
–1.0
–1.1
–0.5
–0.1
–0.5
–0.3
1.5
–0.9
–0.6
1.4
7.7
2016
Projections
2017 2018 2022
End of Period2
Projections
2016 2017 2018
8.3
7.0
11.3
–1.4
12.4
11.8
2.1
14.6
0.4
6.4
5.9
3.6
13.9
8.0
2.8
5.7
3.9
–0.7
3.0
2.0
3.9
4.5
3.5
1.9
2.0
2.1
0.8
–1.5
0.5
0.6
6.8
8.2
9.9
–1.0
6.7
1.8
0.1
0.5
4.0
0.2
–1.3
2.6
3.5
0.9
2.7
3.3
1.3
–1.1
–1.3
–1.1
0.4
0.3
–0.2
–0.3
–0.6
–1.6
1.1
7.8
5.8
4.2
9.6
1.9
12.0
8.0
6.0
7.3
3.8
6.5
8.9
6.0
12.8
13.0
2.6
5.7
3.5
–0.2
3.7
1.8
3.8
3.8
4.0
2.2
2.3
3.8
2.5
0.7
0.9
4.4
6.5
5.1
4.5
1.5
5.7
3.1
1.8
–0.5
6.0
0.6
1.0
7.5
2.9
2.6
4.4
6.0
2.1
1.8
1.1
1.1
2.5
1.4
0.3
2.1
1.9
1.1
3.4
10.9
6.5
5.4
9.3
–1.1
13.3
10.6
1.8
8.5
–0.5
2.4
6.1
6.2
12.4
7.9
2.7
5.7
3.0
–1.6
3.9
2.1
3.9
3.6
3.0
0.7
3.2
1.8
1.8
–1.5
0.5
0.9
7.0
8.2
10.4
0.4
6.6
2.6
2.3
3.5
4.5
1.1
0.0
6.7
2.6
2.1
4.7
4.2
2.2
–0.3
–0.5
0.2
1.8
1.3
–0.3
1.0
0.8
–0.5
1.5
8.5
5.2
3.9
8.2
3.5
8.0
7.5
3.0
6.5
5.1
5.3
8.0
6.2
10.0
12.7
3.2
5.8
4.2
0.0
3.5
2.4
3.5
4.9
3.9
2.5
2.7
2.9
2.1
1.1
2.0
6.0
6.1
2.0
6.0
2.0
5.5
3.0
1.9
1.7
5.0
1.0
2.7
2.7
2.8
2.8
4.0
5.7
2.8
1.2
1.4
1.2
3.2
1.4
2.6
2.6
2.3
3.3
3.0
9.3
4.6
4.0
5.8
4.0
6.0
7.0
3.0
4.0
5.0
5.0
6.0
6.2
5.0
10.0
3.4
5.6
4.7
0.2
3.0
2.6
3.0
5.0
3.5
2.5
3.1
3.0
2.5
2.1
2.0
6.5
5.7
2.0
5.5
2.0
5.0
3.0
3.0
4.0
5.0
2.5
4.0
2.5
2.5
3.0
4.0
4.9
3.0
2.0
2.1
1.9
3.0
2.0
2.0
1.9
2.5
2.5
3.0
7.5
International Monetary Fund | October 2017
5.4
4.0
8.9
2.1
8.0
8.0
6.2
7.0
4.8
7.0
10.0
6.1
10.0
15.7
3.1
6.0
3.3
0.1
3.1
2.3
3.5
4.5
4.0
2.2
2.3
3.8
2.1
0.7
0.9
6.9
6.5
1.6
2.7
1.5
5.5
2.9
1.4
–2.2
5.1
0.6
2.0
6.6
2.9
2.7
4.0
5.7
2.3
2.3
1.3
1.0
2.7
1.0
1.7
1.6
1.9
2.0
3.6
10.0
251
4.9
4.0
7.2
4.0
7.5
7.5
3.4
6.2
5.5
5.2
8.0
6.2
7.0
10.7
3.2
5.8
4.5
0.3
3.4
2.4
3.5
4.8
3.7
2.5
2.6
2.9
2.2
1.1
2.0
6.5
6.1
2.0
5.7
2.0
5.0
3.0
2.4
1.9
5.0
0.7
3.5
2.5
2.4
2.9
4.0
5.9
3.0
1.4
1.6
1.2
3.0
1.8
1.7
2.6
2.6
3.5
3.0
9.5
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A7. Emerging Market and Developing Economies: Consumer Prices1 (continued)
(Annual percent change)
Latin America and the Caribbean7
Antigua and Barbuda
Argentina8
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
Venezuela8
Middle East, North Africa,
Afghanistan, and Pakistan
Afghanistan
Algeria
Bahrain
Djibouti
Egypt
Iran
Iraq
Jordan
Kuwait
Lebanon
Libya8
Mauritania
Morocco
Oman
Pakistan
Qatar
Saudi Arabia
Somalia
Sudan9
Syria10
Tunisia
United Arab Emirates
Yemen
252
Average
1999–2008
2009
2010
2011
2012
2013
2014
2015
2016
End of Period2
Projections
Projections
2017 2018
2022 2016
2017 2018
6.7
2.0
7.6
2.2
3.5
2.5
4.7
6.8
3.7
6.9
11.1
2.1
12.8
19.6
3.5
2.9
7.3
6.6
15.3
8.8
10.6
6.3
9.7
2.3
8.6
2.6
3.6
3.0
2.9
21.0
5.9
8.3
20.5
4.6
–0.6
6.3
1.7
3.6
–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
–0.3
7.0
7.1
27.1
4.2
3.4
10.5
1.6
5.8
0.9
2.5
5.0
1.4
2.3
5.7
2.8
6.3
3.6
1.2
3.4
3.9
4.3
4.1
4.7
12.6
4.2
5.5
3.5
4.7
1.5
0.9
3.3
0.8
6.9
10.5
6.7
28.2
5.2
3.5
9.8
3.1
9.4
1.7
9.9
6.6
3.3
3.4
4.9
1.1
8.5
4.5
5.1
3.0
6.2
4.4
7.4
6.8
7.5
3.4
8.1
5.9
8.3
3.4
5.8
2.8
3.2
17.7
5.1
8.1
26.1
4.6
3.4
10.0
1.9
4.5
1.2
4.5
5.4
3.0
3.2
4.5
1.4
3.7
5.1
1.7
2.4
3.8
2.4
6.8
5.2
6.9
4.1
7.2
5.7
3.7
3.7
0.8
4.2
2.6
5.0
9.3
8.1
21.1
4.6
1.1
10.6
0.4
1.8
0.5
5.7
6.2
1.9
2.0
5.2
0.0
4.8
2.7
0.8
0.0
4.3
1.9
6.8
5.2
9.4
3.8
7.1
4.0
2.7
2.8
1.1
1.5
0.8
1.9
5.2
8.6
43.5
4.9
1.1
...
1.2
1.8
1.2
5.8
6.3
4.4
2.9
4.5
0.8
3.0
3.6
1.1
–1.0
3.4
0.7
3.9
6.1
8.3
4.0
6.0
2.6
5.0
3.2
0.2
3.5
0.2
3.4
5.7
8.9
57.3
5.5
1.0
...
1.9
–1.1
–0.9
4.1
9.0
4.3
5.0
0.8
–0.8
0.8
4.0
–0.7
–0.6
2.4
–0.9
7.5
3.2
3.7
2.7
4.0
0.1
3.1
3.5
–2.3
–1.0
–1.7
6.9
4.7
8.7
111.8
5.6
–0.5
...
0.8
1.3
0.6
3.6
8.7
3.8
7.5
0.0
0.0
1.6
1.7
0.6
1.7
4.4
0.8
13.4
2.7
2.3
2.8
3.5
0.7
4.1
3.6
–0.4
–3.1
–0.2
55.5
3.1
9.6
254.4
4.2
3.6
3.4
4.6
4.2
3.6
2.4
1.2
2.0 –1.1
2.5
2.0
26.9
17.8
8.6
...
22.3
16.7
2.4
2.2
2.2
0.8
2.4
2.2
5.0
5.8
2.7
3.2
6.7
2.4
1.8
2.3
2.0
1.1
2.4
2.3
3.2
5.1
5.0
4.0
4.3
5.0
3.7
4.0
4.0
6.3
3.6
4.0
2.3
2.7
3.0
2.8
2.4
2.9
4.3
3.3
3.0
5.7
4.0
3.1
1.7
2.9
3.0
0.8
2.7
3.0
0.6
1.4
2.0 –0.2
1.4
1.4
3.0
3.3
4.0
1.7
2.9
4.2
0.7
0.7
1.6
1.1
0.8
0.7
0.8
2.2
2.0 –0.9
2.4
2.0
2.6
2.0
1.9
0.9
3.0
1.8
4.4
3.5
4.0
4.2
4.3
4.0
2.3
2.7
3.1
1.5
2.6
2.7
14.7
9.0
5.0 12.5
15.3
5.0
4.0
4.0
4.0
3.3
4.5
4.0
3.4
5.2
5.4
1.7
5.0
5.5
5.9
3.8
3.0
3.4
6.1
3.5
4.0
7.2
7.3
3.1
4.0
7.2
1.6
2.1
2.4
1.5
2.5
2.1
3.5
4.0
4.0
3.9
4.0
4.0
3.2
2.3
2.0
3.2
2.7
2.5
1.2
1.8
2.0
0.9
1.5
2.0
0.2
0.9
1.5 –3.0
1.4
1.2
1.7
1.4
1.5
1.0
1.9
1.5
22.3
9.3
4.1 52.4
9.1
12.3
3.2
3.2
3.2
3.1
3.2
3.2
6.1
6.3
6.1
8.1
6.2
6.7
652.7 2,349.3 4,684.8 302.6 1,133.0 2,529.6
6.4
...
2.9
1.2
3.2
5.8
15.6
...
3.8
2.8
2.3
–0.1
6.4
1.9
2.2
6.2
6.3
1.0
...
9.1
4.1
2.7
5.6
11.4
7.3
–6.8
5.7
2.8
1.7
16.2
10.7
–2.2
–0.7
4.6
1.2
2.4
2.1
1.0
3.5
19.6
–4.9
4.1
...
11.3
2.8
3.7
1.6
3.7
6.6
2.2
3.9
2.0
4.0
11.7
12.4
2.4
4.8
4.5
4.0
2.5
6.3
1.0
3.3
10.1
–2.4
3.8
...
13.0
4.4
3.3
0.9
11.2
9.2
11.8
4.5
–0.4
5.1
11.1
21.2
5.6
4.2
4.9
5.0
15.9
5.7
0.9
4.0
13.7
2.0
3.7
...
18.3
...
3.5
0.9
19.5
9.8
6.4
8.9
2.8
3.7
8.6
30.8
6.1
4.5
3.2
6.6
6.1
4.9
1.3
2.9
11.0
1.8
2.9
...
35.4
...
5.1
0.7
9.9
9.2
7.4
3.3
3.3
2.4
6.9
34.7
1.9
4.8
2.7
4.8
2.6
4.1
1.9
1.2
7.4
3.2
3.5
...
36.5
...
5.8
1.1
11.0
6.8
4.7
2.9
2.7
2.9
10.1
15.6
2.2
2.9
3.1
1.9
2.4
3.8
0.4
1.0
8.6
3.4
2.7
...
36.9
...
4.9
2.3
8.2
5.7
–0.7
4.8
1.8
2.1
11.0
11.9
1.4
–0.9
3.7
–3.7
9.8
0.5
1.5
0.1
4.5
1.8
2.2
...
16.9
...
4.9
4.1
39.4
5.1
4.4
6.4
2.8
2.7
10.2
9.0
0.4
–0.8
3.5
–0.8
27.1
1.5
1.6
1.1
2.9
2.7
3.5
...
17.8
...
3.7
1.8
5.0
International Monetary Fund | October 2017
6.8
6.0
5.5
0.9
3.0
23.5
10.5
2.0
3.3
2.5
3.1
32.8
2.1
0.9
3.2
4.1
0.9
–0.2
...
26.9
...
4.5
2.1
20.0
7.7
6.0
4.4
3.5
3.0
21.3
10.1
2.0
1.5
2.7
2.5
32.1
3.7
1.6
3.2
4.8
4.8
5.0
...
19.0
...
4.4
2.9
29.5
4.9
6.0
4.0
1.6
3.0
7.1
8.7
2.0
2.5
2.7
2.0
23.5
4.0
2.0
3.1
5.0
2.3
2.0
...
14.0
...
3.5
1.9
9.0
6.2
4.6
7.0
2.3
2.4
14.0
11.9
–1.0
0.8
3.5
3.1
29.9
2.8
1.8
1.1
3.2
...
1.7
2.3
30.5
...
4.2
1.8
22.0
7.5
7.2
5.5
1.0
3.0
29.8
10.1
2.0
2.5
2.5
3.0
35.1
1.6
1.1
3.2
3.9
...
–0.2
2.9
21.0
...
4.5
2.1
23.0
6.5
6.0
4.4
3.2
3.0
11.7
9.7
2.0
2.5
2.7
2.0
29.9
4.7
1.6
3.2
5.0
...
5.0
2.7
17.0
...
4.1
2.9
24.0
STATISTICAL APPENDIX
Table A7. Emerging Market and Developing Economies: Consumer Prices1 (continued)
(Annual percent change)
Sub-Saharan Africa
Angola
Benin
Botswana
Burkina Faso
Burundi
Cabo Verde
Cameroon
Central African Republic
Chad
Comoros
Democratic Republic of the Congo
Republic of Congo
Côte d’Ivoire
Equatorial Guinea
Eritrea
Ethiopia
Gabon
The Gambia
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritius
Mozambique
Namibia
Niger
Nigeria
Rwanda
São Tomé and Príncipe
Senegal
Seychelles
Sierra Leone
South Africa
South Sudan
Swaziland
Tanzania
Togo
Uganda
Zambia
Zimbabwe11
Average
1999–2008
2009
2010
2011
2012
2013
2014
2015
2016
10.5
81.6
3.1
8.7
2.6
10.0
2.3
2.4
2.9
1.6
4.0
77.9
2.7
3.0
5.0
16.3
10.2
0.7
6.5
17.7
15.1
3.0
6.8
7.5
...
10.3
17.4
2.2
6.4
10.5
7.6
2.4
11.6
6.8
15.3
2.3
6.3
9.8
5.8
...
7.4
6.1
2.6
5.7
18.5
–7.4
9.8
13.7
0.4
8.1
0.9
10.6
1.0
3.0
3.5
10.1
4.8
46.1
4.3
1.0
5.7
33.0
8.5
1.9
4.6
13.1
4.7
–1.6
10.6
5.8
7.4
9.0
8.4
2.2
2.5
3.3
9.5
4.3
12.5
10.3
17.0
–2.2
31.8
9.2
7.1
...
7.4
12.1
3.7
13.0
13.4
6.2
8.1
14.5
2.2
6.9
–0.6
6.5
2.1
1.3
1.5
–2.1
3.9
23.5
0.4
1.4
5.3
11.2
8.1
1.4
5.0
6.7
15.5
1.1
4.3
3.3
7.3
9.2
7.4
1.3
2.9
12.7
4.9
–2.8
13.7
2.3
13.3
1.2
–2.4
17.8
4.3
...
4.5
7.2
1.4
3.7
8.5
3.0
9.4
13.5
2.7
8.5
2.8
9.6
4.5
2.9
1.2
1.9
2.2
14.9
1.8
4.9
4.8
3.9
33.2
1.3
4.8
7.7
21.4
5.1
14.0
6.0
8.5
9.5
7.6
3.1
6.5
10.4
5.0
2.9
10.8
5.7
14.3
3.4
2.6
18.5
5.0
...
6.1
12.7
3.6
15.0
8.7
3.5
9.3
10.3
6.7
7.5
3.8
18.2
2.5
2.4
5.9
7.7
5.9
0.9
5.0
1.3
3.4
6.0
24.1
2.7
4.6
7.1
15.2
2.1
9.4
5.5
6.8
5.7
21.3
5.3
3.9
2.1
6.7
0.5
12.2
6.3
10.6
1.4
7.1
13.8
5.6
45.1
8.9
16.0
2.6
12.7
6.6
3.7
6.6
8.8
1.0
5.9
0.5
7.9
1.5
2.1
6.6
0.2
1.6
0.9
4.6
2.6
3.2
6.5
8.1
0.5
5.2
11.7
11.9
0.8
5.7
5.0
7.6
5.8
28.3
–0.6
3.5
4.2
5.6
2.3
8.5
4.2
8.1
0.7
4.3
9.8
5.8
0.0
5.6
7.9
1.8
4.9
7.0
1.6
6.3
7.3
–1.1
4.4
–0.3
4.4
–0.2
1.9
11.6
1.7
1.3
1.2
0.9
0.4
4.3
10.0
7.4
4.5
6.3
15.5
9.7
–1.0
6.9
4.6
9.9
6.1
23.8
0.9
3.2
2.3
5.3
–0.9
8.0
1.8
7.0
–1.1
1.4
8.3
6.1
1.7
5.7
6.1
0.2
3.1
7.8
–0.2
7.0
10.3
0.3
3.1
0.9
5.6
0.1
2.7
4.5
6.8
2.0
1.0
2.7
1.2
1.7
9.0
10.1
–0.1
6.8
17.2
8.2
1.5
6.6
4.3
7.7
7.4
21.9
1.4
1.3
2.4
3.4
1.0
9.0
2.5
5.3
0.1
4.0
9.0
4.6
52.8
5.0
5.6
1.8
5.4
10.1
–2.4
11.3
32.4
–0.8
2.8
–0.2
5.5
–1.4
0.9
4.6
–1.1
1.8
18.2
3.6
0.7
1.4
9.0
7.3
2.1
7.2
17.5
8.2
1.5
6.3
6.4
8.8
6.7
21.7
–1.8
1.0
19.2
6.7
0.3
15.7
5.7
5.4
0.9
–1.0
11.5
6.3
379.8
8.0
5.2
0.9
5.5
17.9
–1.6
End of Period2
Projections
2016 2017 2018
Projections
2017 2018 2022
11.0
30.9
2.0
3.7
1.5
18.0
1.0
0.7
3.8
0.2
2.0
41.7
–0.4
1.0
1.7
9.0
8.1
2.5
8.3
11.8
8.5
2.8
8.0
6.6
12.8
7.8
13.0
0.2
4.2
17.5
6.0
1.0
16.3
7.1
4.5
2.1
2.8
16.9
5.4
182.2
7.0
5.4
0.8
5.8
6.8
2.5
9.5
20.6
2.1
3.7
2.0
20.2
1.5
1.1
3.7
1.9
2.0
44.0
–1.1
2.0
1.8
9.0
8.0
2.5
7.1
9.0
8.2
2.5
5.2
6.0
9.9
6.8
9.6
1.2
5.0
10.5
5.8
2.1
14.8
6.0
5.2
2.2
2.3
10.6
5.3
45.0
5.4
5.0
1.2
5.6
7.4
9.5
7.8
9.5
2.0
3.9
2.0
17.7
2.0
2.0
3.0
3.0
2.0
10.0
2.4
2.0
2.1
9.0
7.5
2.5
4.7
6.0
7.9
2.5
5.0
5.0
7.1
5.0
3.9
2.2
3.1
5.5
5.8
2.0
14.5
5.0
3.2
2.2
3.0
7.7
5.5
7.5
5.5
5.0
2.0
5.0
8.0
4.0
12.5
41.9
–2.7
3.0
–1.6
9.5
–0.3
0.3
4.7
–4.9
0.8
23.6
0.8
1.1
1.6
9.0
6.7
4.1
7.9
15.4
8.7
1.6
6.3
4.4
12.5
7.0
20.0
–0.8
2.3
21.1
7.3
–2.4
18.5
7.3
5.1
2.1
–0.2
17.4
6.7
479.7
9.0
5.0
0.5
5.7
7.5
–0.9
10.4
23.4
2.2
4.4
2.0
18.6
1.1
1.2
3.6
0.7
1.9
50.0
–1.3
1.5
1.7
9.0
9.2
2.5
7.6
10.0
8.2
2.5
5.1
6.5
12.4
7.7
11.1
1.0
5.0
14.0
6.0
2.0
16.0
7.0
5.5
2.0
3.0
12.0
5.2
111.4
6.5
5.0
...
5.9
5.8
7.0
1Movements
9.2
17.6
2.0
3.0
2.0
21.5
1.7
1.1
3.6
2.3
2.1
40.0
–0.9
2.0
1.9
9.0
7.5
2.5
6.4
8.0
8.0
2.5
5.2
6.0
9.1
6.8
8.3
1.4
4.0
8.0
5.8
2.0
15.1
5.0
5.0
2.2
3.2
9.5
5.4
25.0
4.4
5.0
...
5.3
8.0
10.0
in consumer prices are shown as annual averages.
year-over-year changes and, for several countries, on a quarterly basis.
3For many countries, inflation for the earlier years is measured on the basis of a retail price index. Consumer price index (CPI) inflation data with broader and more up-to-date coverage are
typically used for more recent years.
4Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in the group for reasons of geography and similarity in economic
structure.
5Starting in 2014 data exclude Crimea and Sevastopol.
6Based on Eurostat’s harmonized index of consumer prices.
7Excludes Argentina and Venezuela.
8See country-specific notes for Argentina, Libya, and Venezuela in the “Country Notes” section of the Statistical Appendix.
9Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
10Data for Syria are excluded for 2011 onward owing to the uncertain political situation.
11The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in US dollars. IMF staff estimates of US dollar values may
differ from authorities’ estimates.
2Monthly
International Monetary Fund | October 2017
253
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
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 Lending/Borrowing
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
1999–2008
2011
2012
2013
2014
2015
2016
2017
Projections
2018
2022
–3.4
0.9
–3.8
–7.3
–2.4
–6.3
–6.3
–2.1
–5.1
–4.2
–1.9
–3.7
–3.6
–1.4
–3.1
–3.0
–0.7
–2.8
–3.5
–0.7
–3.1
–3.4
–0.1
–3.3
–2.9
0.2
–2.9
–2.7
0.3
–2.8
–3.5
1.8
–4.0
43.2
62.6
–9.6
–3.1
–8.2
76.8
100.0
–7.9
–2.2
–6.4
80.2
103.4
–4.4
–1.9
–4.4
81.6
105.4
–4.0
–1.1
–3.8
80.8
105.1
–3.5
0.0
–3.6
80.2
105.2
–4.4
–0.1
–4.1
81.3
107.1
–4.3
0.3
–4.4
82.5
108.1
–3.7
0.7
–4.0
81.1
107.8
–4.3
0.6
–4.5
82.8
109.6
–2.0
0.9
–2.5
54.5
67.9
–4.2
–0.5
–3.9
68.5
86.1
–3.6
–1.9
–2.1
72.2
89.5
–3.0
–2.8
–1.3
74.6
91.4
–2.6
–2.4
–1.1
74.9
91.9
–2.1
–1.9
–0.9
73.9
90.0
–1.5
–1.3
–0.8
73.3
89.0
–1.3
–0.5
–0.9
71.8
87.4
–1.0
0.0
–0.9
70.3
85.6
–0.1
0.6
–0.4
62.7
76.3
–2.1
0.1
–2.2
50.3
62.6
–1.0
1.0
–1.3
58.7
78.7
0.0
0.5
–0.2
58.2
79.9
–0.1
–0.3
0.1
57.0
77.5
0.3
0.1
0.5
53.5
74.7
0.6
0.1
0.6
50.5
70.9
0.8
0.4
0.6
48.3
68.1
0.7
0.8
0.3
45.8
65.0
0.8
1.0
0.2
43.2
61.8
1.1
0.8
0.7
33.7
50.1
–2.6
0.5
–3.0
54.6
63.1
–5.1
–1.1
–4.4
76.9
85.2
–4.8
–1.9
–3.4
80.6
89.5
–4.0
–2.4
–2.4
83.5
92.3
–3.9
–2.5
–2.3
86.1
94.9
–3.6
–2.4
–2.0
86.9
95.6
–3.4
–2.2
–1.9
87.8
96.3
–3.0
–1.8
–1.8
88.5
96.8
–3.0
–1.3
–2.2
88.7
97.0
–0.8
0.3
–1.0
82.9
91.2
–2.9
0.2
–3.6
94.7
102.9
–3.7
–0.5
–4.1
106.8
116.5
–2.9
–2.8
–1.5
111.6
123.4
–2.9
–4.1
–0.6
116.7
129.0
–3.0
–4.1
–1.1
118.8
131.8
–2.7
–3.3
–0.9
119.8
132.1
–2.4
–2.7
–1.1
120.6
132.6
–2.2
–1.6
–1.4
121.2
133.0
–1.3
–1.0
–0.8
119.9
131.4
0.0
0.0
0.0
109.6
120.1
–5.5
–0.8
–5.5
64.2
165.8
–9.1
–4.6
–7.5
117.9
230.6
–8.3
–3.7
–7.1
120.5
236.6
–7.6
–2.2
–7.1
117.4
240.5
–5.4
–2.6
–5.1
119.0
242.1
–3.5
–2.1
–3.9
118.4
238.1
–4.2
–1.8
–3.8
119.8
239.3
–4.1
–0.9
–3.9
120.9
240.3
–3.3
–0.7
–3.2
120.7
240.0
–2.1
–0.7
–2.0
114.6
233.9
–1.9
0.8
–2.5
34.9
39.5
–7.5
–2.6
–5.4
73.2
81.6
–7.7
–2.6
–5.7
76.4
85.1
–5.5
–2.1
–3.9
77.8
86.2
–5.6
–0.7
–4.8
79.7
88.1
–4.3
–0.2
–4.1
80.3
89.0
–2.9
–0.1
–2.8
80.1
89.3
–2.9
–0.1
–2.8
80.5
89.5
–2.3
–0.2
–2.2
80.6
89.7
–1.2
0.0
–1.2
76.6
85.6
1.1
1.6
0.3
34.1
75.6
–3.3
–1.0
–2.8
27.1
81.5
–2.5
–1.3
–1.8
28.2
84.8
–1.5
–0.9
–1.0
29.0
85.8
0.0
–0.5
0.0
27.2
85.4
–1.1
–1.2
–0.5
25.2
91.6
–1.9
–1.5
–1.1
27.4
92.4
–2.2
–0.2
–2.1
24.6
89.6
–1.8
0.4
–2.1
22.7
87.7
–1.1
0.1
–1.2
14.9
79.9
Note: The methodology and specific assumptions for each country are discussed in Box A1. The country group composites for fiscal data are calculated as the sum of the US dollar values
for the relevant individual countries.
1Debt data refer to the end of the year and are not always comparable across countries. Gross and net debt levels reported by national statistical agencies for countries that have adopted
the System of National Accounts (SNA) 2008 (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’
defined-benefit pension plans. Fiscal data for the aggregated major advanced economies and the United States start in 2001, and the average for the aggregate and the United States is
therefore for the period 2001–07.
2Percent of potential GDP.
3Figures reported by the national statistical agency are adjusted to exclude items related to the accrual-basis accounting of government employees’ defined-benefit pension plans.
4Excludes one-time measures based on the authorities’ data and, if unavailable, on receipts from the sale of assets.
5Includes equity shares; nonconsolidated basis.
254
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A9. Summary of World Trade Volumes and Prices
(Annual percent change)
Averages
1999–2008 2009–18
Trade in Goods and Services
World Trade1
Volume
Price Deflator
In US 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 US Dollars
In SDRs
World Trade Prices in US 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
2009
2010
2011
2012
2013
2014
2015
2016
Projections
2017
2018
6.6
3.1
–10.5
12.5
7.1
2.7
3.6
3.8
2.8
2.4
4.2
4.0
4.4
2.9
–1.2
0.0
–10.4
–8.2
5.5
6.6
11.2
7.4
–1.6
1.4
–0.7
0.1
–1.8
–1.7
–13.3
–5.9
–4.1
–3.5
3.8
4.2
2.3
0.5
5.6
8.8
2.8
3.8
–11.1
–8.0
12.1
13.7
6.0
8.6
2.3
3.5
3.2
4.8
4.0
3.2
3.8
1.8
2.2
2.5
3.8
4.8
3.6
4.5
5.6
9.9
2.6
4.0
–11.6
–9.3
11.4
14.6
5.1
11.5
1.2
5.2
2.4
5.2
3.8
4.3
4.6
–0.9
2.7
2.0
4.0
4.4
3.8
4.9
–0.5
2.7
0.3
–0.6
2.5
–5.7
–0.9
2.1
–1.6
4.2
–0.7
0.5
0.9
–0.6
0.3
–0.6
1.9
–4.3
0.9
–1.2
–0.4
0.1
0.2
–0.5
6.7
3.0
–11.7
14.5
7.0
2.3
3.3
3.1
2.3
2.3
4.3
4.1
4.5
2.9
–1.4
–0.3
–11.7
–9.5
6.4
7.6
12.6
8.8
–1.7
1.3
–1.2
–0.5
–2.5
–2.4
–14.4
–7.1
–4.8
–4.2
4.3
4.7
2.1
0.4
1.7
22.2
6.2
5.6
2.4
1.9
11.8
–0.1
–6.4
–0.7
–0.5
–0.1
–0.1
–1.4
–1.4
–36.3
–16.0
–15.2
1.6
–17.1
–19.2
2.3
27.9
26.6
12.1
14.1
33.2
48.2
4.2
31.6
18.0
20.3
16.6
22.7
13.5
2.8
1.0
–10.1
–2.6
–18.6
–12.7
–16.8
–3.0
–0.9
–1.4
0.7
–11.9
1.6
–4.3
–0.4
–7.5
–3.9
–4.1
20.7
2.0
–10.1
–2.3
–47.2
–17.5
–17.2
–3.1
–13.5
–23.0
–5.2
–15.7
–1.8
2.1
–5.0
–5.7
–5.4
1.5
17.4
7.1
3.6
–8.7
2.1
20.6
1.0
–0.2
0.5
1.1
0.6
–2.5
1.4
0.2
20.3
4.6
4.0
0.9
0.4
10.1
1.1
–5.3
0.5
0.7
1.1
1.1
–0.3
1.0
–34.8
–13.9
–13.1
4.1
–15.1
–17.2
3.3
29.3
28.0
13.3
15.3
34.6
49.8
0.7
27.2
14.1
16.2
12.7
18.5
9.7
6.0
4.1
–7.3
0.4
–16.1
–10.0
–14.3
–2.2
–0.1
–0.6
1.5
–11.2
2.4
–3.5
–0.4
–7.5
–3.8
–4.0
20.8
2.0
–10.1
6.1
–42.7
–10.4
–10.2
5.2
–6.1
–16.4
–4.5
–15.1
–1.2
2.8
–4.4
–5.1
–4.8
1.9
17.8
7.5
4.0
–8.4
2.4
21.1
–0.7
–1.9
–1.2
–0.6
–1.1
–4.1
–0.3
–1.1
18.8
3.3
2.7
–0.4
–0.9
8.7
2.2
–4.3
1.6
1.8
2.2
2.2
0.8
4.2
–32.7
–11.2
–10.4
7.3
–12.5
–14.6
7.3
34.3
32.9
17.7
19.8
39.8
55.5
–0.6
25.5
12.6
14.7
11.2
17.0
8.3
11.3
9.3
–2.7
5.4
–11.9
–5.5
–10.0
–6.1
–4.1
–4.5
–2.5
–14.7
–1.7
–7.3
–0.5
–7.6
–3.9
–4.1
20.7
1.9
–10.2
17.1
–36.8
–1.2
–0.9
16.1
3.6
–7.8
–4.9
–15.4
–1.6
2.4
–4.8
–5.5
–5.2
–0.4
15.2
5.0
1.7
–10.5
0.1
18.4
–3.2
–4.3
–3.6
–3.1
–3.5
–6.5
–2.8
International Monetary Fund | October 2017
255
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A9. Summary of World Trade Volumes and Prices (continued)
(Annual percent change)
Averages
1999–2008 2009–18
Trade in Goods
Volume of Trade
Exports
Advanced Economies
Emerging Market and Developing Economies
Fuel Exporters
Nonfuel Exporters
Imports
Advanced Economies
Emerging Market and Developing Economies
Fuel Exporters
Nonfuel Exporters
Price Deflators in SDRs
Exports
Advanced Economies
Emerging Market and Developing Economies
Fuel Exporters
Nonfuel Exporters
Imports
Advanced Economies
Emerging Market and Developing Economies
Fuel Exporters
Nonfuel Exporters
Terms of Trade
Advanced Economies
Emerging Market and Developing Economies
Regional Groups
Commonwealth of Independent States3
Emerging and Developing Asia
Emerging and Developing Europe
Latin America and the Caribbean
Middle East, North Africa, Afghanistan, and
Pakistan
Middle East and North Africa
Sub-Saharan Africa
Analytical Groups
By Source of Export Earnings
Fuel
Nonfuel
Memorandum
World Exports in Billions of US Dollars
Goods and Services
Goods
Average Oil Price4
In US Dollars a Barrel
Export Unit Value of Manufactures5
2009
2010
2011
2012
2013
2014
2015
2016
Projections
2017
2018
5.6
8.9
5.7
10.1
2.7
3.7
1.8
4.4
–13.0
–8.3
–6.5
–9.1
14.9
15.1
6.5
18.5
6.0
7.6
5.7
8.4
1.9
3.8
2.7
4.2
2.7
4.7
2.0
5.9
3.4
2.7
–0.6
4.1
3.1
1.5
3.5
0.8
1.9
2.6
1.3
3.0
4.1
4.4
0.1
5.5
3.6
4.3
3.4
4.6
5.7
9.9
11.4
9.6
2.4
3.8
0.5
4.5
–12.7
–10.7
–16.0
–9.4
13.1
15.6
8.0
17.6
5.3
11.1
11.6
11.0
0.3
5.0
8.2
4.3
2.1
4.8
4.0
5.0
3.5
2.6
0.7
3.0
3.7
–0.3
–8.0
1.5
2.3
2.4
–4.4
3.8
4.5
4.4
0.4
5.2
3.9
5.0
3.2
5.3
1.7
6.6
14.6
3.7
–0.3
–0.3
–3.1
0.6
–7.4
–13.1
–25.9
–6.9
4.3
12.7
21.6
9.1
6.4
13.3
25.6
8.4
–0.3
3.1
4.5
2.5
0.3
–1.3
–2.4
–0.8
–2.0
–3.2
–6.7
–1.6
–6.1
–9.1
–30.0
–1.0
–2.2
–7.0
–13.1
–5.4
4.0
5.7
12.8
3.9
1.2
–0.9
–1.2
–0.8
2.5
3.7
3.3
3.8
–0.6
0.4
0.9
0.2
–10.7
–7.2
–2.1
–8.4
6.3
10.8
8.2
11.4
8.7
8.3
6.6
8.7
1.0
2.6
3.5
2.4
–0.5
–0.7
0.0
–0.9
–2.1
–2.7
–2.4
–2.8
–7.9
–5.2
–3.2
–5.6
–3.4
–5.8
–3.9
–6.2
4.1
5.6
3.4
6.1
0.8
–0.4
–0.3
–0.5
–0.8
2.8
0.3
–0.7
3.7
–6.3
–1.9
1.7
–2.1
4.6
–1.2
0.5
0.9
–0.6
0.1
–0.5
1.9
–4.2
1.3
–1.3
0.0
0.1
0.4
–0.4
7.6
–1.6
0.1
3.7
–3.2
0.5
0.1
–0.8
–25.8
2.6
3.6
–5.4
12.8
–6.1
–3.7
8.6
20.7
–2.3
–1.9
5.6
1.8
1.2
–1.1
–1.3
–6.6
0.9
1.5
–1.4
–1.5
2.3
1.3
–2.4
–20.0
8.8
2.7
–9.0
–12.1
0.4
1.6
1.8
9.1
–2.5
–3.6
–0.2
–0.4
0.0
1.4
–2.6
9.5
10.0
5.4
–3.5
–3.6
–1.2
–17.9
–18.3
–11.0
7.6
7.5
12.0
13.5
13.7
11.6
0.3
0.9
–1.9
–0.3
–0.3
–0.2
–4.7
–4.7
–3.3
–26.5
–27.3
–15.9
–6.4
–7.0
–2.2
6.9
7.2
4.1
–0.3
–0.7
–1.4
10.9
–0.1
–4.0
0.4
–24.3
1.6
12.4
–2.1
17.8
–0.3
1.0
0.1
–2.4
0.1
–4.4
1.2
–27.7
4.8
–9.6
0.9
9.1
–2.0
–1.0
–0.3
11,471
9,123
22.2
44.79
1.7
21,362
16,743
–6.4
74.42
–0.1
15,750
12,234
–36.3
61.78
–1.4
18,707
14,908
27.9
79.03
2.3
22,275
17,930
31.6
104.01
4.2
22,505
18,061
1.0
105.01
2.8
23,223
18,489
–0.9
104.07
–3.0
23,647
18,585
–7.5
96.25
–0.4
20,996
16,185
–47.2
50.79
–2.3
20,614
15,756
–15.7
42.84
–5.2
1Average
22,260 23,645
17,122 18,160
17.4
–0.2
50.28 50.17
1.5
1.0
of annual percent change for world exports and imports.
represented, respectively, by the export unit value index for manufactures of the advanced economies and accounting for 83 percent of the advanced economies’ trade (export of goods) weights;
the average of UK Brent, Dubai Fateh, and West Texas Intermediate crude oil prices; and the average of world market prices for nonfuel primary commodities weighted by their 2002–04 shares in
world commodity exports.
3Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic structure.
4Percent change of average of UK Brent, Dubai Fateh, and West Texas Intermediate crude oil prices.
5Percent change for manufactures exported by the advanced economies.
2As
256
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A10. Summary of Current Account Balances
(Billions of US 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
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Memorandum
World
European Union
Low-Income Developing Countries
Middle East and North Africa
Projections
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
–78.5
–372.5
–9.3
196.7
–22.5
–41.4
–64.3
145.3
–70.1
–40.4
206.9
238.8
13.9
–430.7
0.4
192.3
–22.2
–72.7
–56.2
221.0
–66.6
–58.2
287.0
277.6
–29.1
–444.6
–0.8
229.7
–28.3
–68.6
–47.4
129.8
–46.6
–49.6
270.7
374.3
28.3
–426.2
177.1
248.9
–32.7
–7.5
–3.1
59.7
–97.4
–65.7
279.4
357.6
238.5
–349.5
291.3
251.8
–24.6
20.5
20.7
45.9
–119.6
–59.4
354.6
173.2
251.9
–373.8
332.3
289.7
–36.2
40.5
14.9
36.8
–140.0
–43.6
371.9
168.4
325.1
–434.6
373.3
288.5
–10.7
26.3
16.3
134.1
–122.7
–52.8
371.1
–51.1
361.1
–451.7
412.7
290.4
–24.7
47.3
23.8
188.1
–114.5
–50.5
369.8
–96.2
390.6
–462.0
382.7
296.0
–28.9
52.8
24.3
175.0
–91.4
–55.6
373.1
–92.0
368.3
–528.7
402.9
304.3
–21.4
47.5
28.3
191.1
–86.6
–51.2
366.6
–147.2
388.4
–578.5
399.8
307.6
–1.7
16.8
31.9
201.9
–74.0
–43.7
398.9
–387.2
42.9
50.4
–7.4
274.3
243.3
–38.4
66.1
–53.9
–34.5
–26.3
–8.6
68.5
67.5
1.0
233.4
237.8
–47.9
45.4
–86.9
–97.9
–75.8
–5.6
107.3
97.3
10.0
100.2
136.1
–76.4
49.4
–119.5
–114.8
–77.0
–13.2
67.6
71.3
–3.7
122.3
215.4
–87.8
6.4
–81.9
–135.4
–74.2
–15.8
17.3
33.4
–16.1
99.4
148.2
–32.3
–3.6
–72.0
–165.0
–74.8
–31.1
57.0
57.5
–0.5
230.9
236.0
–26.8
22.3
–59.0
–184.1
–104.2
–23.1
53.0
68.8
–15.9
313.1
304.2
–22.1
30.8
–35.8
–172.9
–59.4
–28.8
–0.2
25.5
–25.8
222.7
196.4
–15.2
45.9
–32.6
–99.0
–23.5
–23.0
18.1
41.5
–23.4
155.8
162.5
–33.7
36.9
–45.7
–107.9
–29.0
–19.8
26.8
48.4
–21.5
125.1
152.0
–40.5
27.9
–52.0
–131.4
–39.2
–25.2
56.1
72.6
–16.5
–97.4
28.8
–95.1
–12.1
–70.3
–181.4
–52.9
–34.2
36.0
–26.0
–8.1
170.5
–10.0
–5.6
413.1
–11.9
–9.2
412.1
–27.1
–20.3
331.8
–38.4
–21.6
190.1
–66.6
–18.7
–116.5
–92.0
–14.0
–128.2
–58.9
–9.6
–60.1
–52.2
–9.8
–54.4
–61.4
–11.8
–5.6
–88.6
–15.8
131.3
109.0
–2.5
309.5
–30.1
–9.4
616.8
–242.5
–26.0
597.1
–239.5
–61.3
462.1
–288.9
–76.9
308.4
–140.0
–50.2
–68.5
17.4
–52.8
–85.7
–10.5
–40.5
10.9
–102.9
–48.8
18.2
–165.5
–55.8
99.0
–486.2
–81.6
–165.1
–282.3
–385.3
–430.7
–399.2
–365.9
–301.5
–209.2
–248.5
–295.9
–468.5
–27.0
–19.6
–31.7
–46.4
–48.9
–34.6
–43.3
–49.5
–35.5
–33.6
–55.0
160.3
–19.9
–17.4
40.2
291.5
2.1
–15.2
170.0
345.2
78.0
–21.7
408.1
385.9
203.8
–31.2
414.5
411.7
300.5
–41.2
334.2
420.3
310.2
–48.1
192.1
274.0
359.9
–77.0
–114.4
264.9
359.7
–44.5
–124.7
298.6
404.9
–43.8
–49.0
221.0
432.7
–54.9
–38.6
1.2
431.1
–97.5
8.4
International Monetary Fund | October 2017
257
2022
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
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
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Memorandum
World
European Union
Low-Income Developing Countries
Middle East and North Africa
258
2009
2010
2011
2012
2013
2014
2015
2016
2017
Projections
2018
2022
–0.2
–2.6
–0.1
5.7
–0.8
–1.9
–4.3
2.8
–3.0
–2.9
4.2
0.0
–2.9
0.0
5.6
–0.8
–3.4
–3.9
3.9
–2.7
–3.6
5.0
–0.1
–2.9
0.0
6.1
–1.0
–3.0
–3.2
2.1
–1.8
–2.8
4.1
0.1
–2.6
1.4
7.0
–1.2
–0.4
–0.2
1.0
–3.7
–3.6
4.2
0.5
–2.1
2.2
6.7
–0.9
1.0
1.5
0.9
–4.4
–3.2
5.2
0.5
–2.1
2.5
7.4
–1.3
1.9
1.1
0.8
–4.7
–2.4
5.4
0.7
–2.4
3.2
8.5
–0.4
1.4
1.4
3.1
–4.3
–3.4
5.9
0.8
–2.4
3.5
8.3
–1.0
2.6
1.9
3.8
–4.4
–3.3
5.7
0.8
–2.4
3.1
8.1
–1.1
2.7
1.9
3.6
–3.6
–3.4
5.4
0.7
–2.6
3.0
7.7
–0.8
2.3
2.0
3.8
–3.3
–2.9
5.0
0.7
–2.5
2.6
6.9
–0.1
0.7
2.0
3.7
–2.5
–2.1
4.7
1.3
1.2
1.4
1.3
0.6
0.5
–0.2
–0.3
–0.3
–0.4
–0.9
2.5
3.8
–1.8
3.4
4.7
–2.8
4.9
–3.4
–0.9
–1.6
–1.0
3.2
4.1
0.2
2.4
3.9
–2.8
2.7
–5.0
–1.9
–3.4
–0.5
4.0
4.7
1.7
0.9
1.8
–4.2
2.6
–6.3
–2.0
–2.9
–1.1
2.4
3.2
–0.6
1.0
2.5
–4.8
0.3
–4.4
–2.3
–3.0
–1.3
0.6
1.5
–2.3
0.7
1.5
–1.7
–0.2
–3.6
–2.8
–3.0
–2.5
2.1
2.8
–0.1
1.5
2.2
–1.3
1.1
–2.9
–3.1
–4.2
–1.8
2.8
5.0
–3.0
2.0
2.7
–1.1
1.5
–2.0
–3.4
–3.3
–2.5
0.0
2.0
–5.6
1.4
1.7
–0.7
2.1
–1.8
–2.0
–1.3
–2.2
0.9
2.8
–4.6
0.9
1.4
–1.4
1.6
–2.4
–2.0
–1.4
–1.7
1.3
3.2
–4.0
0.7
1.2
–1.5
1.1
–2.5
–2.3
–1.8
–2.0
2.2
4.0
–2.2
–0.4
0.2
–2.4
–0.3
–2.8
–2.6
–2.0
–2.2
1.5
–2.4
–2.7
6.2
–0.8
–1.5
12.8
–0.8
–2.2
12.4
–1.8
–5.1
9.7
–2.4
–5.9
5.5
–3.9
–5.3
–3.7
–6.1
–4.4
–4.1
–4.2
–3.3
–1.9
–3.4
–2.9
–1.6
–3.6
–3.3
–0.1
–4.1
–3.8
3.3
0.7
–0.2
6.5
–0.2
–0.7
10.5
–1.2
–1.6
9.7
–1.1
–3.7
7.3
–1.2
–4.5
5.0
–0.6
–3.0
–1.4
0.1
–3.2
–1.9
0.0
–2.6
0.2
–0.4
–2.7
0.4
–0.6
–3.0
1.6
–1.2
–3.3
–1.8
–2.5
–3.0
–3.3
–2.9
–2.6
–2.4
–1.6
–1.8
–2.0
–2.4
–4.9
–3.1
–4.5
–6.0
–6.0
–4.3
–5.6
–6.4
–4.9
–4.3
–4.9
0.3
–0.1
–1.6
1.8
0.4
0.0
–1.2
6.6
0.5
0.4
–1.5
13.6
0.5
1.2
–1.9
13.5
0.5
1.7
–2.3
10.6
0.5
1.7
–2.5
6.0
0.4
2.2
–4.2
–4.0
0.4
2.2
–2.5
–4.4
0.4
2.4
–2.3
–1.7
0.3
2.4
–2.6
–1.3
0.0
2.1
–3.3
0.2
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A10. Summary of Current Account Balances (continued)
(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
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Memorandum
World
European Union
Low-Income Developing Countries
Middle East and North Africa
1Excludes
2Georgia,
2009
2010
2011
2012
2013
2014
2015
2016
2017
Projections
2018
2022
–0.8
–23.5
–0.4
15.2
–3.4
–8.4
–18.9
21.7
–11.2
–10.4
7.8
0.1
–23.2
0.0
13.3
–3.1
–13.5
–15.3
25.4
–9.7
–12.4
8.8
–0.2
–20.9
0.0
13.6
–3.4
–11.1
–11.0
13.9
–5.9
–9.1
7.0
0.2
–19.2
5.5
15.3
–4.1
–1.3
–0.8
6.5
–12.3
–11.9
7.1
1.7
–15.2
8.6
14.7
–2.9
3.3
4.7
5.5
–14.8
–10.7
8.7
1.7
–15.7
9.3
16.3
–4.2
6.4
3.3
4.3
–16.6
–7.7
9.1
2.4
–19.2
11.7
18.2
–1.4
4.8
4.1
17.1
–15.5
–10.8
10.2
2.7
–20.5
12.8
18.1
–3.3
8.5
5.8
23.2
–15.4
–10.7
10.3
2.7
–19.7
...
17.2
–3.6
8.9
5.4
20.3
–12.0
–10.6
9.7
2.4
–21.5
...
16.2
–2.6
7.3
5.7
21.3
–11.0
–9.0
9.0
2.1
–19.5
...
13.7
–0.2
2.1
5.2
20.2
–9.0
–6.5
8.2
4.3
4.0
4.5
3.9
2.0
2.1
–0.5
–1.2
–1.2
–1.8
–3.7
8.2
14.7
–4.1
12.5
19.5
–13.8
10.9
–10.3
–4.3
–14.6
–3.5
10.2
15.3
0.5
8.3
14.8
–12.6
6.1
–14.8
–9.7
–32.7
–1.8
12.1
17.0
3.2
2.9
6.8
–16.8
5.5
–17.3
–9.2
–26.3
–3.6
7.4
12.1
–1.1
3.3
9.9
–19.4
0.7
–11.9
–10.7
–26.4
–4.1
1.9
5.6
–5.3
2.6
6.3
–6.9
–0.4
–9.7
–13.1
–26.8
–7.8
6.8
10.2
–0.2
5.7
9.6
–5.6
2.3
–7.5
–14.9
–39.5
–5.5
9.0
17.5
–8.2
8.2
12.9
–5.3
3.4
–5.1
–16.1
–26.5
–7.1
0.0
7.7
–14.8
6.1
8.9
–3.4
5.0
–4.5
–9.5
–10.8
–5.8
3.1
10.6
–11.6
3.9
6.9
–6.8
3.7
–5.7
–9.5
–12.2
–4.5
4.3
11.9
–10.1
3.0
6.2
–7.5
2.6
–6.0
–11.1
–16.2
–5.5
7.3
14.6
–6.1
–1.9
1.0
–12.1
–0.9
–6.2
–12.3
–18.5
–5.6
2.9
–8.6
–9.8
13.6
–2.6
–5.2
27.0
–2.4
–7.3
24.3
–5.7
–17.3
20.8
–8.0
–19.0
13.6
–14.7
–17.0
–9.4
–26.6
–14.5
–11.5
–18.8
–10.8
–5.2
–14.9
–10.2
–4.8
–16.5
–12.1
–0.3
–19.1
–14.0
8.7
2.8
–0.8
16.5
–0.6
–2.5
25.2
–4.1
–5.8
22.5
–4.0
–14.3
18.3
–4.6
–18.1
13.6
–2.2
–12.1
–3.6
0.3
–14.8
–5.5
–0.2
–11.7
0.6
–1.6
–13.0
0.8
–2.5
–14.2
4.9
–5.7
–16.6
–6.9
–9.5
–10.7
–11.8
–10.6
–9.6
–8.9
–6.2
–6.6
–7.4
–8.8
–16.8
–9.9
–13.5
–20.2
–21.4
–16.5
–25.3
–31.9
–20.2
–17.3
–21.2
1.0
–0.3
–5.9
3.4
1.5
0.0
–4.1
13.9
1.5
1.0
–4.6
27.3
1.6
2.8
–6.5
25.0
1.8
3.9
–8.0
21.4
1.9
3.9
–9.1
14.0
1.3
5.0
–16.0
–9.4
1.3
5.0
–9.3
–11.5
1.3
5.2
–8.1
–4.3
0.9
5.1
–9.2
–3.6
0.0
4.3
–11.3
0.6
the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic
structure.
3Indonesia, Malaysia, Philippines, Thailand, Vietnam.
International Monetary Fund | October 2017
259
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A11. Advanced Economies: Balance on Current Account
(Percent of GDP)
Advanced Economies
United States
Euro Area1
Germany
France
Italy
Spain
Netherlands
Belgium
Austria
Greece
Portugal
Ireland
Finland
Slovak Republic
Lithuania
Slovenia
Luxembourg
Latvia
Estonia
Cyprus
Malta
Japan
United Kingdom
Korea
Canada
Australia
Taiwan Province of China
Switzerland
Sweden
Singapore
Hong Kong SAR
Norway
Czech Republic
Israel
Denmark
New Zealand
Puerto Rico
Macao SAR
Iceland
San Marino
Memorandum
Major Advanced Economies
Euro Area2
1Data
2Data
2009
2010
2011
2012
2013
2014
2015
2016
2017
Projections
2018
2022
–0.2
–2.6
–0.1
5.7
–0.8
–1.9
–4.3
5.8
–1.1
2.6
–12.3
–10.4
–4.7
1.9
–3.4
2.1
–0.6
7.2
7.8
2.5
–7.7
–6.6
2.8
–3.0
3.7
–2.9
–4.6
10.9
7.4
6.0
16.8
9.9
10.6
–2.3
3.3
3.5
–2.2
...
28.2
–9.6
...
0.0
–2.9
0.0
5.6
–0.8
–3.4
–3.9
7.4
1.8
2.9
–11.4
–10.1
–1.2
1.2
–4.7
–0.3
–0.1
6.7
2.0
1.8
–11.3
–4.7
3.9
–2.7
2.6
–3.6
–3.6
8.9
14.8
6.0
23.4
7.0
10.9
–3.6
3.7
6.6
–2.3
...
39.4
–6.6
...
–0.1
–2.9
0.0
6.1
–1.0
–3.0
–3.2
9.1
–1.1
1.6
–10.0
–6.0
–1.6
–1.8
–5.0
–3.9
0.2
6.0
–3.2
1.3
–4.1
–0.2
2.1
–1.8
1.6
–2.8
–3.0
8.2
8.0
5.5
22.1
5.6
12.4
–2.1
2.2
6.6
–2.8
...
40.9
–5.3
...
0.1
–2.6
1.4
7.0
–1.2
–0.4
–0.2
10.8
–0.1
1.5
–3.8
–1.8
–2.6
–1.9
0.9
–1.2
2.1
5.9
–3.6
–2.4
–6.0
1.7
1.0
–3.7
4.2
–3.6
–4.1
9.5
10.4
5.6
17.4
1.6
12.4
–1.6
0.4
6.3
–3.9
...
39.3
–4.0
...
0.5
–2.1
2.2
6.7
–0.9
1.0
1.5
9.9
–0.3
2.0
–2.0
1.6
2.1
–1.6
1.9
1.5
4.4
5.6
–2.7
–0.1
–4.9
2.8
0.9
–4.4
6.2
–3.2
–3.2
10.4
11.5
5.3
16.9
1.5
10.2
–0.5
3.1
7.8
–3.2
...
40.2
6.0
...
0.5
–2.1
2.5
7.4
–1.3
1.9
1.1
8.9
–0.7
2.4
–1.6
0.1
1.6
–1.3
1.1
3.6
5.8
5.0
–2.0
1.0
–4.3
9.6
0.8
–4.7
6.0
–2.4
–2.9
12.0
8.7
4.6
19.7
1.4
11.0
0.2
4.0
8.9
–3.2
...
34.2
4.0
...
0.7
–2.4
3.2
8.5
–0.4
1.4
1.4
8.6
0.4
1.9
0.1
0.1
10.9
–0.6
0.2
–2.3
4.4
5.1
–0.8
2.3
–2.9
5.3
3.1
–4.3
7.7
–3.4
–4.7
14.5
11.4
4.7
18.1
3.3
8.7
0.2
4.8
9.2
–3.4
...
25.4
5.4
...
0.8
–2.4
3.5
8.3
–1.0
2.6
1.9
8.5
–0.4
1.7
–0.6
0.7
3.3
–1.1
–0.7
–0.9
5.2
4.7
1.5
1.9
–5.3
7.9
3.8
–4.4
7.0
–3.3
–2.6
14.0
10.5
4.5
19.0
4.6
5.0
1.1
3.6
7.9
–2.8
...
27.4
7.9
...
0.8
–2.4
3.1
8.1
–1.1
2.7
1.9
10.0
–0.3
2.1
–0.2
0.4
3.4
0.4
0.3
–1.6
5.0
4.7
–0.3
1.8
–3.8
8.9
3.6
–3.6
5.6
–3.4
–1.6
13.8
9.9
3.9
19.6
3.0
5.5
0.6
4.1
7.3
–3.6
...
33.0
6.2
...
0.7
–2.6
3.0
7.7
–0.8
2.3
2.0
10.0
0.0
2.2
–0.1
0.3
3.5
0.4
0.2
–1.4
4.9
4.9
–1.5
1.4
–2.7
8.8
3.8
–3.3
5.4
–2.9
–2.4
13.9
9.4
3.7
19.5
3.1
5.7
0.1
3.1
7.0
–3.8
...
34.5
6.1
...
0.7
–2.5
2.6
6.9
–0.1
0.7
2.0
9.3
0.8
2.2
0.0
–1.4
4.0
0.4
1.2
–2.6
2.7
5.5
–2.1
–2.0
–3.7
8.4
3.7
–2.5
5.3
–2.1
–2.3
14.6
8.6
3.0
16.9
3.5
6.1
–1.4
3.2
6.2
–3.9
...
37.0
5.1
...
–0.6
0.4
–0.7
0.5
–0.8
0.8
–0.9
2.2
–0.7
2.8
–0.6
3.0
–0.5
3.7
–0.3
3.5
–0.3
3.6
–0.4
3.5
–0.4
3.2
corrected for reporting discrepancies in intra-area transactions.
calculated as the sum of the balances of individual euro area countries.
260
International Monetary Fund | October 2017
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 2
Uzbekistan
Emerging and Developing Asia
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China
Fiji
India
Indonesia
Kiribati
Lao P.D.R.
Malaysia
Maldives
Marshall Islands
Micronesia
Mongolia
Myanmar
Nauru
Nepal
Palau
Papua New Guinea
Philippines
Samoa
Solomon Islands
Sri Lanka
Thailand
Timor-Leste
Tonga
Tuvalu
Vanuatu
Vietnam
Emerging and Developing Europe
Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Hungary
Kosovo
FYR Macedonia
Montenegro
Poland
Romania
Serbia
Turkey
2009
2010
2011
2012
2013
2014
2015
2016
2017
Projections
2018
2022
2.5
3.8
–1.8
–16.5
23.0
–12.5
–10.5
–3.6
0.9
–8.2
–3.6
–16.6
–1.4
2.6
3.4
2.4
–6.3
32.3
–9.9
4.7
–4.0
–2.8
1.8
–13.3
–17.0
15.0
–9.6
–10.3
–19.0
–6.0
–1.2
63.8
4.2
–9.9
–8.3
5.0
–4.9
–21.9
–0.4
7.9
40.4
–19.7
6.9
–7.9
–6.5
–3.4
–15.9
–6.4
–8.3
–5.1
–0.8
–9.2
–6.8
–27.9
–4.1
–4.8
–6.2
–1.8
3.2
4.1
0.2
–13.6
28.0
–14.5
–10.3
0.9
–2.2
–7.5
–9.6
–12.9
–2.2
6.6
2.4
0.4
–22.2
36.6
–9.3
3.9
–4.3
–2.8
0.7
–2.2
–15.6
10.1
–7.3
–20.9
–15.4
–13.0
–1.1
46.3
–2.4
–9.0
–20.4
3.6
–7.0
–32.9
–1.9
3.4
42.0
–19.0
–42.2
–5.4
–3.8
–5.0
–11.3
–6.1
–1.7
–1.1
0.3
–11.6
–2.0
–22.7
–5.4
–5.1
–6.4
–5.8
4.0
4.7
1.7
–10.4
26.5
–8.2
–12.8
5.3
–2.9
–11.7
–7.3
–0.8
–6.3
5.8
0.9
–1.0
–29.8
34.7
–5.9
1.8
–5.1
–4.2
0.2
–13.5
–14.3
10.9
–14.8
2.0
–18.8
–26.5
–1.8
26.1
–1.0
–11.8
–24.0
2.5
–4.3
–8.3
–7.1
2.5
41.4
–16.8
–63.6
–8.1
0.2
–6.3
–13.2
–9.5
0.3
–0.7
0.7
–12.7
–2.5
–17.6
–5.2
–4.9
–8.6
–8.9
2.4
3.2
–0.6
–10.0
21.9
–2.8
–11.7
0.5
3.7
–7.5
–9.2
–0.9
–8.1
1.2
1.0
0.7
–21.5
29.8
–8.2
2.5
–1.4
–4.8
–2.7
–4.5
–24.9
5.2
–6.6
0.1
–13.4
–27.4
–4.0
38.1
4.8
–11.2
–36.1
2.8
–6.3
1.7
–5.8
–0.4
41.0
–12.3
–36.4
–6.5
6.0
–4.4
–10.1
–8.7
–0.9
0.0
1.8
–5.8
–3.2
–18.5
–3.7
–4.8
–11.5
–5.5
0.6
1.5
–2.3
–7.3
16.1
–10.0
–5.8
0.5
–13.3
–5.2
–7.8
–7.3
–9.2
2.9
0.7
1.2
–25.4
20.9
–13.0
1.5
–9.7
–1.7
–3.2
8.4
–26.7
3.5
–4.3
–5.3
–10.1
–25.4
–4.9
18.8
3.3
–11.6
–31.3
4.2
–0.4
–3.4
–3.4
–1.2
42.3
–8.3
–22.3
–3.3
4.5
–3.6
–9.3
–5.3
1.3
1.0
3.8
–3.6
–1.6
–14.5
–1.3
–1.1
–6.1
–6.7
2.1
2.8
–0.1
–7.6
13.3
–6.6
–10.7
2.8
–16.0
–5.3
–2.8
–6.4
–3.9
1.7
1.5
1.2
–26.4
30.7
–9.8
2.2
–7.6
–1.3
–3.1
25.1
–18.3
4.4
–3.2
1.9
1.2
–11.5
–3.3
–13.5
4.5
–15.0
2.9
3.8
–8.1
–4.3
–2.5
3.7
27.0
–10.7
–23.1
–0.3
4.9
–2.9
–10.8
–7.4
0.1
2.1
2.1
–7.0
–0.5
–15.2
–2.1
–0.7
–6.0
–4.7
2.8
5.0
–3.0
–2.6
–0.4
–3.3
–12.0
–2.8
–16.0
–5.0
–6.0
–14.0
–0.3
0.7
2.0
1.6
–28.3
16.0
–9.3
2.7
–1.5
–1.1
–2.0
35.2
–16.5
3.0
–7.3
16.5
4.2
–4.0
–5.2
–9.5
5.0
–7.7
19.8
2.5
–3.0
–3.0
–2.4
8.1
7.7
–14.7
–27.0
–10.5
–0.1
–2.0
–8.6
–5.5
–0.1
4.8
3.4
–8.5
–2.1
–13.3
–0.6
–1.2
–4.7
–3.7
0.0
2.0
–5.6
–2.3
–3.6
–3.6
–13.3
–6.4
–9.7
–3.8
–3.8
–21.0
–4.1
0.7
1.4
0.6
–29.1
9.6
–8.8
1.7
–5.1
–0.7
–1.8
15.4
–10.6
2.4
–19.6
8.5
3.2
–6.3
–5.9
1.7
6.3
–10.3
20.1
0.2
–6.1
–3.9
–2.4
11.5
–19.3
–12.8
–34.0
–3.7
4.1
–1.8
–7.6
–4.5
4.2
2.6
5.5
–9.8
–3.1
–19.0
–0.2
–2.3
–4.0
–3.8
0.9
2.8
–4.6
–3.6
1.9
–5.3
–11.9
–5.3
–11.6
–4.0
–6.3
–15.4
–3.3
0.9
0.9
–0.7
–29.4
4.8
–8.6
1.4
–5.0
–1.4
–1.7
–4.6
–9.6
2.4
–17.2
5.9
3.4
–4.9
–6.6
0.7
–0.4
–12.1
18.6
–0.1
–5.7
–5.0
–2.5
10.1
–5.6
–13.5
–37.7
–14.4
1.3
–2.4
–9.2
–4.3
2.5
3.8
4.8
–11.0
–2.3
–20.2
–1.0
–3.0
–4.0
–4.6
1.3
3.2
–4.0
–3.2
2.5
–4.6
–10.7
–3.8
–12.0
–4.0
–6.2
–14.3
–3.0
0.3
0.7
–1.3
–16.6
–2.1
–8.6
1.2
–4.7
–1.5
–1.8
–5.9
–10.9
2.2
–17.0
4.5
3.0
–8.7
–6.6
–1.3
–0.7
–14.4
17.3
–0.3
–5.0
–5.0
–2.3
8.1
–15.9
–13.6
–39.0
–13.6
1.4
–2.5
–8.2
–4.2
1.9
3.0
4.2
–11.3
–2.5
–21.2
–1.2
–2.9
–3.9
–4.6
2.2
4.0
–2.2
–5.1
5.4
–2.5
–9.1
0.5
–9.7
–5.4
–4.3
–11.9
–3.0
–2.0
–0.4
–2.4
10.0
14.1
–8.0
0.2
–3.3
–2.4
–1.9
–2.9
–4.8
1.8
–10.3
–0.7
2.9
–4.1
–6.4
2.1
–1.9
–12.3
16.5
–1.0
–4.0
–6.0
–2.0
2.9
–17.0
–11.4
–27.8
–4.7
0.0
–2.8
–6.2
–4.9
–0.4
0.5
1.4
–10.0
–3.1
–14.0
–2.2
–2.9
–3.7
–3.8
International Monetary Fund | October 2017
261
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A12. Emerging Market and Developing Economies: Balance on Current Account (continued)
(Percent of GDP)
Latin America and the Caribbean
Antigua and Barbuda
Argentina
The Bahamas
Barbados
Belize
Bolivia
Brazil
Chile
Colombia
Costa Rica
Dominica
Dominican Republic
Ecuador
El Salvador
Grenada
Guatemala
Guyana
Haiti
Honduras
Jamaica
Mexico
Nicaragua
Panama
Paraguay
Peru
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Suriname
Trinidad and Tobago
Uruguay
Venezuela
Middle East, North Africa, Afghanistan,
and Pakistan
Afghanistan
Algeria
Bahrain
Djibouti
Egypt
Iran
Iraq
Jordan
Kuwait
Lebanon
Libya 3
Mauritania
Morocco
Oman
Pakistan
Qatar
Saudi Arabia
Somalia
Sudan4
Syria5
Tunisia
United Arab Emirates
Yemen
262
2009
2010
2011
2012
2013
2014
2015
2016
2017
Projections
2018
2022
–0.9
–13.8
2.2
–10.3
–6.6
–4.9
4.3
–1.6
1.9
–2.0
–1.8
–22.7
–4.8
0.5
–1.5
–24.3
0.7
–9.1
–1.9
–3.8
–11.0
–1.0
–8.5
–0.8
3.0
–0.5
–25.2
–10.8
–29.2
2.9
8.6
–1.2
0.2
–1.9
–14.5
–0.4
–10.1
–5.7
–2.5
3.9
–3.4
1.4
–3.0
–3.2
–15.9
–7.5
–2.3
–2.5
–23.7
–1.4
–9.6
–1.5
–4.3
–8.0
–0.5
–8.9
–10.8
–0.3
–2.4
–20.4
–14.7
–30.6
14.9
18.8
–1.8
1.9
–2.0
–10.3
–1.0
–14.1
–12.6
–1.1
0.3
–2.9
–1.7
–2.9
–5.3
–14.1
–7.5
–0.5
–4.8
–23.6
–3.4
–13.0
–4.3
–8.0
–12.2
–1.1
–11.9
–13.2
0.4
–1.9
–13.0
–16.9
–29.4
9.8
16.8
–2.7
4.9
–2.3
–14.8
–0.4
–17.1
–9.0
–1.2
7.2
–3.0
–4.0
–3.1
–5.1
–17.3
–6.4
–0.2
–5.4
–21.1
–2.6
–11.6
–5.7
–8.6
–11.1
–1.3
–10.7
–10.5
–2.0
–2.7
–7.6
–12.2
–27.6
3.3
13.1
–5.1
0.8
–2.8
–15.1
–2.1
–16.9
–8.9
–4.6
2.4
–3.0
–4.1
–3.3
–4.8
–9.8
–4.1
–1.0
–6.5
–23.2
–2.5
–13.3
–6.6
–9.6
–9.2
–2.5
–10.9
–9.8
1.7
–4.4
–11.1
–9.8
–30.9
–3.8
20.5
–5.0
2.0
–3.1
2.0
–1.5
–21.9
–9.9
–7.5
1.7
–4.2
–1.7
–5.2
–4.9
–7.2
–3.3
–0.5
–4.8
–4.4
–2.1
–9.6
–8.5
–7.0
–7.5
–1.8
–7.1
–13.7
–0.4
–4.4
–4.9
3.3
–25.7
–7.9
15.1
–4.5
2.3
–3.4
6.8
–2.7
–13.6
–6.5
–9.9
–5.7
–3.3
–1.9
–6.4
–4.3
–1.9
–2.0
–2.1
–3.6
–3.8
–0.3
–5.7
–3.1
–5.5
–3.2
–2.5
–9.0
–7.3
–1.1
–4.8
–9.7
6.8
–14.9
–16.4
3.9
–2.1
–6.6
–2.0
0.2
–2.7
–12.9
–4.6
–9.4
–5.7
–1.3
–1.4
–4.3
–3.2
0.8
–1.5
1.4
–2.0
–3.2
1.0
0.4
–0.9
–3.8
–2.2
–2.2
–8.6
–5.7
1.7
–2.7
–11.4
–1.9
–15.8
–2.8
–11.3
–0.1
–1.6
–2.0
1.4
–3.6
–17.8
–3.3
–8.0
–4.7
–1.4
–2.3
–3.8
–3.9
–6.2
–1.6
–0.7
–1.0
–7.1
0.5
–2.0
–1.1
–4.0
–2.7
–1.7
–8.4
–5.1
1.1
–1.5
–12.8
–0.5
–14.7
9.4
–9.0
–0.4
–0.4
–2.3
–0.8
–3.7
–14.0
–3.0
–6.6
–4.8
–1.8
–2.8
–3.6
–4.0
–7.3
–2.6
–1.6
–2.1
–6.3
–0.2
–1.1
–0.9
–4.2
–3.0
–2.0
–8.4
–3.3
0.4
–1.6
–11.1
–3.6
–13.6
6.1
–8.4
–0.8
–1.3
–2.6
–0.1
–4.3
–7.1
–2.7
–4.9
–4.4
–2.0
–3.5
–2.9
–4.1
0.2
–3.6
–1.6
–4.4
–5.0
–2.5
3.6
0.3
–4.4
–3.0
–2.2
–10.2
–2.8
0.5
–2.3
–10.9
–0.2
–11.3
1.1
–7.0
–1.5
–1.6
1.5
41.5
0.3
2.4
–6.6
–3.8
2.2
–11.5
–5.2
26.7
–11.9
18.5
–13.4
–5.4
–1.0
–5.5
6.5
4.9
...
–9.6
–2.9
–2.8
3.1
–10.1
6.2
29.2
7.5
3.0
2.8
–1.9
4.4
1.6
–7.1
31.8
–20.3
21.1
–8.2
–4.4
8.3
–2.2
19.1
12.7
...
–2.1
–2.8
–4.8
4.2
–3.4
12.8
26.7
9.9
8.8
–13.1
–2.5
10.4
10.9
–10.3
42.9
–15.4
9.9
–5.0
–7.6
13.0
0.1
31.1
23.6
...
–0.4
...
–7.4
12.6
–3.0
12.4
10.8
5.9
8.4
–18.8
–3.6
6.0
5.1
–15.2
45.5
–24.0
29.9
–24.1
–9.3
10.1
–2.1
33.2
22.4
...
–9.3
...
–8.3
19.7
–1.7
9.7
0.3
0.4
7.4
–23.3
–2.2
6.7
1.1
–10.4
39.9
–26.7
0.0
–22.0
–7.6
6.6
–1.1
30.4
18.1
–4.8
–8.7
...
–8.4
19.0
–3.1
5.5
5.7
–4.4
4.6
–25.1
–0.8
3.2
2.6
–7.3
33.4
–26.4
–78.4
–27.3
–5.9
5.8
–1.3
24.0
9.8
–6.3
–7.1
...
–9.1
13.3
–1.7
–3.7
3.0
–16.5
–2.4
–31.8
–3.6
2.4
–6.5
–9.1
3.5
–18.7
–52.6
–19.7
–2.1
–15.5
–1.0
8.4
–8.7
–7.2
–8.0
...
–8.9
4.7
–5.5
–4.1
7.1
–16.5
–4.7
–30.4
–6.0
4.1
–8.7
–9.3
–4.5
–18.6
–22.4
–14.9
–4.4
–18.6
–1.7
–4.9
–4.3
–10.1
–5.6
...
–9.0
2.4
–5.6
–1.9
4.7
–13.0
–4.6
–21.0
–5.9
5.1
–6.3
–8.4
–0.6
–18.0
1.8
–14.2
–4.0
–14.3
–4.0
2.3
0.6
–11.1
–1.9
...
–8.7
2.1
–2.3
–1.6
1.6
–10.8
–4.2
–18.2
–3.8
5.9
–6.7
–8.3
–1.4
–16.8
9.8
–9.6
–2.9
–13.2
–4.9
1.0
0.4
–10.7
–2.0
...
–8.4
2.1
–2.4
–0.1
–3.8
–6.7
–3.1
–17.3
–2.2
6.2
–0.6
–6.2
–1.0
–15.6
–0.5
–7.9
–1.0
–6.1
–3.0
1.0
1.6
–10.0
–1.5
...
–6.2
3.7
–3.2
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A12. Emerging Market and Developing Economies: Balance on Current Account (continued)
(Percent of GDP)
Sub-Saharan Africa
Angola
Benin
Botswana
Burkina Faso
Burundi
Cabo Verde
Cameroon
Central African Republic
Chad
Comoros
Democratic Republic of the Congo
Republic of Congo
Côte d’Ivoire
Equatorial Guinea
Eritrea
Ethiopia
Gabon
The Gambia
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritius
Mozambique
Namibia
Niger
Nigeria
Rwanda
São Tomé and Príncipe
Senegal
Seychelles
Sierra Leone
South Africa
South Sudan
Swaziland
Tanzania
Togo
Uganda
Zambia
Zimbabwe 6
2009
2010
2011
2012
2013
2014
2015
2016
2017
Projections
2018
–2.4
–10.0
–8.3
–6.3
–4.7
1.7
–14.6
–3.5
–9.1
–8.2
–6.9
–6.1
–14.1
6.6
–9.7
–7.6
–6.7
4.4
–12.5
–5.5
–5.7
–5.8
–4.4
1.5
–23.2
–21.1
–10.2
–10.8
–7.4
–10.9
–1.5
–24.4
4.7
–7.0
–24.7
–6.7
–14.8
–13.3
–2.7
...
–11.2
–7.6
–5.6
–5.7
6.0
–13.7
–0.8
9.1
–8.2
–2.6
–2.2
–12.2
–12.4
–2.8
–10.2
–8.5
–0.2
–10.5
7.8
1.9
–20.2
–5.6
–1.4
14.9
–0.7
–8.6
–6.4
–8.3
–5.9
–8.4
–32.0
–9.7
–8.6
–10.7
–10.3
–16.1
–3.5
–19.8
3.6
–7.2
–22.9
–4.4
–19.4
–22.7
–1.5
...
–8.6
–7.7
–6.3
–8.0
7.5
–12.5
–0.8
12.6
–7.3
3.1
–1.5
–14.4
–16.3
–3.0
–7.6
–5.8
–4.9
–5.2
–3.2
10.4
–5.7
0.6
–2.5
21.0
–12.3
–9.0
–18.4
–1.3
–9.2
–12.9
–27.4
–6.9
–8.6
–5.1
–13.8
–25.3
–3.0
–22.3
2.6
–7.4
–27.7
–8.0
–23.0
–65.0
–2.2
18.2
–6.9
–10.8
–8.0
–10.0
4.7
–20.1
–1.8
12.0
–7.4
0.3
–7.0
–18.6
–12.6
–3.6
–4.6
–7.8
–7.3
–4.6
17.7
–1.2
–1.1
2.3
–6.9
17.6
–7.9
–11.7
–20.0
–8.4
–8.4
–8.2
–21.5
–6.9
–9.3
–2.2
–7.3
–44.7
–5.7
–14.7
3.8
–11.2
–21.9
–10.9
–21.1
–31.8
–5.1
–15.9
3.3
–11.6
–7.5
–6.8
5.4
–12.9
–2.4
6.7
–7.4
8.9
–11.3
–19.3
–4.9
–3.9
–3.0
–9.1
–8.3
–5.2
1.7
–1.4
–2.5
–0.1
–5.9
7.0
–10.2
–11.9
–12.5
–5.0
–8.8
–5.5
–30.1
–5.9
–8.4
–2.9
–6.3
–42.9
–4.0
–15.0
3.7
–8.7
–13.8
–10.5
–11.9
–17.5
–5.9
–3.9
5.3
–10.6
–13.2
–7.0
–0.6
–15.6
–3.9
–3.0
–8.6
15.4
–8.0
–18.5
–9.1
–4.3
–5.6
–8.9
–8.0
–4.8
–11.6
1.4
–4.3
0.6
–6.4
7.3
–10.8
–9.5
–13.4
0.6
–10.4
–5.2
–26.9
–0.3
–8.4
–4.7
–5.7
–38.2
–10.8
–15.4
0.2
–11.8
–21.9
–9.0
–23.1
–18.2
–5.3
–1.6
3.4
–10.1
–9.9
–8.5
2.1
–15.1
–6.1
–10.0
–8.4
7.8
–8.0
–17.7
–5.0
–4.1
–9.0
–12.3
0.4
–3.9
–42.9
–0.6
–17.7
–2.2
–11.6
–5.7
–15.0
–7.7
–15.4
2.0
–6.8
–4.8
–35.2
–1.9
–9.5
–5.3
–4.9
–40.3
–12.6
–18.0
–3.2
–13.4
–13.0
–7.5
–18.6
–17.4
–4.4
–7.2
10.8
–8.5
–11.1
–7.1
–3.9
–9.3
–4.2
–5.1
–7.2
11.7
–6.8
–13.1
–3.7
–3.6
–9.1
–9.2
–10.1
–3.4
–70.1
–1.1
–10.5
–0.1
–9.9
–10.2
–8.9
–6.7
–31.9
0.9
–5.2
–7.7
–24.7
0.8
–13.5
–7.1
–4.4
–38.2
–14.0
–15.5
0.7
–14.4
–6.2
–5.3
–18.4
–19.7
–3.3
4.7
0.7
–5.6
–9.7
–4.3
–4.4
–4.1
–3.4
–4.8
–8.7
4.5
–7.2
–12.4
–6.1
–3.6
–9.7
–2.0
–9.5
–4.6
–15.9
–2.9
–8.0
0.7
–8.3
–9.3
–9.4
–5.8
–25.0
0.1
–6.1
–8.5
–26.7
–4.7
–9.1
–7.0
–5.8
–25.6
–7.3
–18.6
1.9
–10.2
–10.2
–5.1
–15.6
–21.1
–2.9
1.7
–1.1
–5.6
–8.3
–5.6
–3.6
–3.6
–3.6
–4.5
–7.1
2.8
–7.1
–11.8
–6.0
–3.5
–6.5
–2.8
–11.3
–2.1
2.5
–2.8
–7.4
0.3
–7.4
–6.7
–12.0
–5.4
–21.4
–0.6
–7.0
–9.4
–31.3
–5.3
–8.1
–5.6
–6.2
–45.8
–6.6
–18.3
1.0
–11.2
–9.9
–5.2
–14.6
–18.5
–3.3
–12.7
0.2
–6.5
–7.3
–7.2
–2.8
–0.8
2022
–4.1
–4.1
–6.2
3.9
–6.7
–9.5
–5.4
–1.7
–5.1
–3.1
–13.1
–2.0
–5.0
–2.5
–4.7
–1.2
–6.4
1.5
–12.0
–4.3
–11.8
–1.2
–7.3
–13.2
–22.4
–4.0
–7.4
–5.7
–0.3
–114.1
–6.0
–14.1
0.7
–8.0
–7.8
–5.7
–14.4
–15.1
–3.8
–4.5
1.3
–6.7
–4.3
–3.6
–0.4
–1.9
1Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic
structure.
2Starting in 2014 data exclude Crimea and Sevastopol.
3See country-specific notes for Libya in the “Country Notes” section of the Statistical Appendix.
4Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.
5Data for Syria are excluded for 2011 onward owing to the uncertain political situation.
6The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in US dollars. IMF staff estimates of US dollar
values may differ from authorities’ estimates.
International Monetary Fund | October 2017
263
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A13. Summary of Financial Account Balances
(Billions of US 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
264
Projections
2017
2018
2009
2010
2011
2012
2013
2014
2015
2016
12.8
303.6
–376.4
–94.1
–287.2
469.6
–96.7
341.0
–745.2
–118.2
63.9
352.9
–210.1
358.7
–900.7
0.7
–44.8
349.8
–122.3
112.4
–201.8
–92.2
–215.1
273.2
235.8
165.9
–360.8
33.5
245.1
153.1
380.5
167.3
–152.2
–34.5
263.9
134.9
440.8
74.4
–20.0
–24.2
183.5
226.6
470.5
–180.7
428.9
67.5
55.7
97.8
389.0
204.7
272.0
17.1
–235.9
128.9
367.2
152.7
179.6
26.4
–62.6
72.9
–239.4
151.5
18.5
–44.8
–416.9
52.3
–446.4
85.8
–620.8
–14.1
100.9
1.8
–525.6
173.1
–226.3
–35.0
–453.4
15.9
–448.9
126.9
–498.3
7.1
–89.0
4.5
–404.0
104.7
–30.7
2.2
–477.1
–3.1
–326.8
101.2
–120.8
–54.3
–249.4
–3.6
–333.2
–195.0
–53.6
–25.2
–53.0
–6.3
–377.7
–167.8
–196.7
15.8
–31.0
2.1
–460.6
–17.2
–319.6
–16.2
–107.4
–0.2
–528.7
–109.6
–421.5
–23.8
26.2
0.0
31.6
41.6
–347.0
15.7
262.9
58.4
–20.1
84.3
–66.8
–4.4
–46.9
13.7
–66.0
130.3
–349.6
5.5
133.5
14.3
179.3
58.2
–177.3
38.9
240.6
19.0
437.3
36.8
–169.6
42.1
521.8
6.2
336.2
81.3
43.7
60.8
144.6
5.8
332.4
263.1
135.5
100.3
–178.2
11.7
396.4
199.9
526.4
25.0
–372.0
17.1
...
...
...
...
...
...
...
...
...
...
...
...
184.4
43.0
119.2
–7.5
17.4
12.4
123.7
60.6
154.1
17.6
–110.7
2.1
167.7
10.3
–51.4
39.8
165.1
3.9
194.3
33.6
66.8
30.9
61.1
1.7
300.0
26.0
209.6
31.8
31.4
1.2
316.3
96.6
175.0
42.3
5.6
–3.3
259.6
59.9
217.9
29.2
–45.0
–2.4
260.5
23.8
230.4
36.1
–31.7
1.9
296.0
60.1
224.4
38.0
–26.5
0.0
304.3
53.8
251.0
38.5
–39.0
0.0
–30.7
70.3
–328.7
23.6
212.0
–5.5
–34.2
34.3
–155.0
–34.8
105.1
7.7
–74.6
19.8
–333.7
–19.4
240.3
–7.7
–48.0
19.4
–50.6
–18.4
–3.6
5.2
–19.2
–13.9
–79.3
–22.3
98.2
–1.9
–10.3
47.2
–23.8
–31.8
–2.9
1.0
–13.5
–2.6
51.5
12.0
–82.4
8.0
–22.7
1.4
40.7
15.1
–82.1
2.2
–26.9
5.6
29.6
19.3
–83.7
2.3
–19.3
10.1
31.1
24.3
–87.3
2.5
–51.8
–0.2
–53.1
–6.9
–0.4
8.8
–111.2
21.3
58.4
6.6
–198.9
1.4
–89.6
17.2
15.9
–10.1
–113.9
1.3
–13.1
6.8
–31.3
7.5
2.1
1.9
16.9
0.9
–17.5
4.0
27.5
2.0
58.2
3.1
–4.7
–4.8
65.9
–1.3
30.4
3.0
99.3
3.7
–76.2
0.6
70.7
–6.2
170.3
3.5
–95.7
–1.3
50.9
3.1
42.9
3.4
1.4
0.0
47.5
10.6
40.7
2.5
–6.3
0.0
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A13. Summary of Financial Account Balances (continued)
(Billions of US 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
2009
2010
2011
2012
2013
2014
2015
2016
Projections
2017
2018
–72.8
2.7
–69.6
8.4
–20.4
6.0
–58.9
–1.9
–46.6
–11.4
0.0
1.1
–43.4
12.8
43.1
2.9
–116.2
13.9
0.5
–27.2
53.7
–10.7
–18.2
2.8
41.6
–24.6
–83.6
1.4
147.8
0.7
14.0
10.7
–13.5
0.2
11.6
5.1
24.8
32.6
11.2
–1.4
–23.3
5.6
29.6
23.5
52.3
–3.2
–52.1
9.1
29.9
24.1
–17.2
0.0
23.0
0.0
34.4
25.3
–15.7
0.0
24.8
0.0
168.8
61.2
211.7
–10.5
–120.9
27.2
247.3
72.5
147.9
–11.9
–5.5
44.3
158.4
117.8
–162.9
–17.1
43.4
177.3
53.9
117.5
28.8
6.7
–61.1
–37.9
–4.3
144.7
–280.6
58.1
34.8
38.7
58.9
118.6
–42.2
34.0
–60.1
8.5
178.6
131.0
131.5
17.7
–106.7
5.1
266.7
134.6
282.2
–16.7
–127.7
–5.7
171.6
121.7
198.0
–8.2
–149.9
10.0
187.7
126.0
191.0
–8.5
–131.2
10.5
–45.4
–61.0
–48.5
–45.5
100.6
9.0
–46.8
–10.1
21.3
–39.4
–28.0
9.4
–37.6
53.4
11.4
4.8
–115.1
7.9
–83.7
–34.9
338.3
–58.6
–340.6
12.1
–122.9
–11.2
–86.8
18.1
–50.7
7.8
–129.5
–193.4
–204.4
–1.0
257.5
11.7
–102.7
–115.2
–415.8
–48.6
444.7
32.2
–147.3
–267.5
–256.1
35.9
331.5
8.8
–92.9
5.1
0.0
–8.0
–102.1
12.1
–88.4
0.0
0.0
–0.2
–100.9
12.6
–41.6
16.9
–91.0
...
22.3
10.2
–58.3
6.3
–109.9
...
41.4
3.9
–49.4
12.5
–104.3
...
34.3
8.1
–62.7
12.8
–63.8
...
–13.4
1.7
–56.9
–12.0
–27.1
...
–22.5
4.7
–43.5
1.4
–26.2
...
–24.0
5.3
–53.4
25.5
–35.8
...
–51.6
8.5
–47.8
35.3
–114.6
...
25.9
5.6
–55.6
10.5
–47.3
...
–18.7
0.0
–51.2
11.5
–53.3
...
–9.3
0.0
149.9
21.9
–108.0
17.7
–114.0
332.5
286.5
93.9
–51.4
–17.9
–17.3
279.3
287.5
–6.7
38.9
41.1
89.3
125.1
248.5
–35.1
138.8
–28.8
–101.8
274.7
372.4
25.5
130.9
–28.7
144.2
101.3
368.8
–9.8
185.4
–21.9
108.1
106.3
371.2
–85.5
318.3
–17.4
–21.7
175.9
345.1
–55.4
246.4
–0.2
83.7
69.7
364.0
–91.8
235.9
–14.5
128.7
103.5
357.0
–82.5
239.1
–14.0
170.1
46.1
66.4
–326.4
–85.9
...
–44.3
524.4
135.7
–452.7
–224.4
...
–23.8
835.6
240.4
–531.6
–149.9
...
169.2
748.0
118.7
–484.3
–241.0
...
411.7
431.0
24.1
–482.8
–160.1
...
79.8
589.5
18.9
–412.0
–115.4
...
409.4
128.4
–266.9
–341.0
112.3
...
472.5
–515.8
–419.9
–272.6
–10.0
...
353.0
–479.6
–128.6
–217.5
–71.0
...
283.6
–112.0
–137.5
–189.8
–19.0
...
44.3
39.1
International Monetary Fund | October 2017
265
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A13. Summary of Financial Account Balances (continued)
(Billions of US 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
266
Projections
2017
2018
2009
2010
2011
2012
2013
2014
2015
2016
28.7
–15.5
–6.1
...
36.4
10.6
75.5
–8.5
–14.2
...
36.0
60.5
100.7
–15.2
17.9
...
64.3
31.9
50.1
–27.6
3.5
...
42.6
30.1
–8.4
–3.7
–0.2
...
17.6
–22.5
12.0
19.2
28.8
...
72.8
–114.1
54.2
0.5
12.0
...
41.3
–6.9
0.6
–36.0
–2.1
...
28.0
10.2
22.2
–9.6
–5.8
...
12.4
24.8
30.1
–4.0
–1.9
...
6.2
29.5
214.2
–114.6
–67.0
...
–63.2
461.6
148.4
–225.0
–91.3
0.2
–97.5
563.0
65.2
–277.3
–58.0
–0.3
–28.7
431.3
9.7
–221.9
–115.6
1.5
207.1
139.4
32.9
–273.2
–64.7
–2.0
–78.4
450.7
147.6
–205.2
–123.9
0.4
281.0
195.1
86.7
–141.1
82.7
–1.5
462.5
–316.1
–26.0
–21.9
41.5
–10.2
345.0
–380.3
161.7
7.5
27.1
–10.8
234.3
–95.9
131.8
44.3
41.7
–11.3
54.6
2.9
–51.4
–30.6
–10.1
0.9
–42.5
31.0
–89.1
–26.7
–45.8
0.0
–52.5
35.9
–107.1
–39.8
–53.5
1.6
–30.1
14.6
–65.4
–27.5
–70.0
–2.9
7.3
27.8
–61.7
–25.8
–40.0
–1.4
–13.0
18.5
–42.5
–32.5
–19.3
0.3
9.2
–0.2
–8.8
–34.0
24.7
–1.7
12.6
–10.4
–13.0
–28.0
–5.0
0.1
–3.6
23.6
–39.9
–27.0
–34.0
0.0
9.4
11.7
–36.9
–32.2
–14.1
0.1
–4.6
14.0
–36.0
–73.5
–26.0
–2.5
11.6
54.4
–119.9
–112.3
–96.8
0.6
–2.0
90.7
–127.7
–148.0
–110.5
5.5
15.6
109.8
–148.9
–154.2
–87.6
2.3
31.6
59.0
–192.7
–150.2
–103.3
1.4
47.4
11.9
–201.8
–137.6
–110.0
4.4
2.3
39.2
–189.2
–133.6
–60.0
1.5
32.0
–29.2
–108.4
–140.2
–50.9
–1.3
64.0
19.9
–112.4
–127.6
–51.7
–0.5
54.5
12.8
–124.9
–129.5
–44.0
–0.4
34.0
15.0
–41.5
–63.6
31.7
...
16.1
–25.7
121.8
–48.9
24.1
...
60.5
86.1
319.2
–21.6
73.3
...
129.4
138.1
286.4
–25.6
57.1
...
100.3
154.7
308.0
–8.8
70.4
...
118.0
128.2
180.6
–28.8
131.0
...
62.0
16.0
–130.4
–2.5
67.8
...
–56.9
–139.2
–204.6
–9.5
20.1
...
–72.5
–143.1
–107.7
–20.8
9.3
...
–30.5
–66.0
–81.8
–22.4
7.7
...
–41.6
–25.9
–47.6
–28.5
–8.5
–0.2
–2.7
–7.6
–1.0
–31.2
–0.4
–0.2
31.6
–0.5
–9.9
–29.7
–19.2
–1.7
18.8
22.2
–13.2
–27.4
–28.4
–1.7
22.8
19.8
–54.0
–21.0
–22.3
–0.8
–11.8
2.7
–77.1
–27.0
–22.1
–1.5
–18.0
–7.7
–79.3
–30.3
–15.0
–0.4
–19.0
–14.0
–68.5
–37.0
–13.7
0.9
–7.9
–9.9
–52.5
–39.9
–15.9
0.0
3.5
0.6
–55.8
–46.0
–8.3
0.0
–4.3
3.6
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A13. Summary of Financial Account Balances (continued)
(Billions of US dollars)
Analytical Groups
By Source of Export Earnings
Fuel
Financial Account Balance
Direct Investment, Net
Portfolio Investment, Net
Financial Derivatives, Net
Other Investment, Net
Change in Reserves
Nonfuel
Financial Account Balance
Direct Investment, Net
Portfolio Investment, Net
Financial Derivatives, Net
Other Investment, Net
Change in Reserves
By External Financing Source
Net Debtor Economies
Financial Account Balance
Direct Investment, Net
Portfolio Investment, Net
Financial Derivatives, Net
Other Investment, Net
Change in Reserves
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Financial Account Balance
Direct Investment, Net
Portfolio Investment, Net
Financial Derivatives, Net
Other Investment, Net
Change in Reserves
Memorandum
World
Financial Account Balance
Projections
2017
2018
2009
2010
2011
2012
2013
2014
2015
2016
17.3
–53.7
11.0
...
104.9
–48.1
257.2
–25.6
20.3
...
146.5
114.2
516.6
–21.1
87.0
...
254.5
194.9
453.6
–25.7
47.2
...
196.0
234.7
366.7
13.0
78.1
...
175.4
99.8
224.0
10.6
162.4
...
152.8
–107.1
–79.3
7.9
80.1
...
15.4
–190.0
–163.2
–26.1
19.0
...
4.7
–161.2
–43.8
–14.3
12.2
...
8.6
–50.7
–10.0
–8.7
15.7
...
–8.2
–9.0
51.5
–270.1
–97.1
...
–149.3
572.8
–119.9
–424.8
–244.7
0.5
–170.0
720.4
–276.2
–510.5
–236.9
5.8
–85.3
553.1
–335.0
–458.6
–288.1
–1.0
215.7
196.2
–342.7
–495.7
–238.2
–2.7
–95.6
489.7
–205.1
–422.6
–277.8
3.6
256.6
235.5
–187.6
–348.9
32.1
–2.0
457.2
–325.8
–256.7
–246.5
–29.0
–10.5
348.4
–318.4
–84.8
–203.2
–83.3
–11.3
275.0
–61.3
–127.6
–181.0
–34.7
–11.7
52.5
48.1
–187.7
–196.3
–61.4
...
–73.8
149.1
–287.9
–222.9
–212.2
...
–86.0
233.5
–392.2
–283.7
–182.8
...
–63.5
135.1
–427.8
–283.0
–202.3
...
–51.3
109.7
–430.5
–281.3
–179.2
...
–28.3
60.2
–375.8
–289.0
–198.4
...
–10.7
117.3
–282.7
–281.8
–40.3
...
38.4
2.8
–225.4
–297.2
–52.7
...
41.4
95.5
–235.8
–287.7
–103.6
...
70.3
97.1
–265.6
–311.6
–61.7
...
35.8
84.4
–19.9
–20.7
14.1
...
0.1
–13.1
–11.7
–21.6
–11.2
...
9.1
12.2
–25.2
–22.5
1.0
...
6.9
–10.2
–47.4
–25.8
–1.4
...
–0.7
–21.4
–49.5
–25.0
–10.1
...
–11.7
–2.1
–27.7
–18.2
–0.4
...
1.8
–10.5
–39.4
–25.4
1.7
...
–20.9
5.4
–50.3
–25.5
–0.9
...
–21.9
–1.5
–31.1
–23.2
–14.1
...
4.3
2.2
–28.6
–26.5
–7.2
...
–6.7
12.3
79.1
38.9
30.3
–3.7
259.9
399.4
174.0
50.6
260.4
229.7
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 US 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.
1Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
2Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic
structure.
International Monetary Fund | October 2017
267
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A14. Summary of Net Lending and Borrowing
(Percent of GDP)
Averages
1999–2008 2003–10
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
268
Projections
2011
2012
2013
2014
2015
2016
2017
2018
Average
2019–22
–0.8
–0.8
22.4
23.0
0.0
–0.7
–0.7
21.5
22.2
0.0
0.0
–0.1
21.0
21.1
0.1
0.1
0.1
21.4
21.0
0.0
0.5
0.5
21.6
20.9
0.0
0.5
0.5
22.2
21.2
0.0
0.6
0.7
22.5
21.2
–0.1
0.7
0.8
22.0
20.9
0.0
0.8
0.8
22.0
21.1
0.0
0.7
0.7
22.0
21.3
0.0
0.7
0.7
22.3
21.6
0.0
–4.5
–4.5
18.3
22.4
0.0
–4.5
–4.5
16.7
21.2
0.0
–2.9
–2.9
15.7
18.5
0.0
–2.6
–2.6
17.7
19.4
0.0
–2.1
–2.1
18.3
19.8
0.0
–2.1
–2.1
19.3
20.1
0.0
–2.4
–2.4
19.4
20.4
0.0
–2.4
–2.4
18.0
19.7
0.0
–2.4
–2.4
17.5
19.8
0.0
–2.6
–2.6
17.4
20.0
0.0
–2.6
–2.6
17.7
20.3
0.0
–0.1
–0.2
23.1
22.8
0.1
0.1
–0.1
22.6
22.3
0.1
0.1
0.0
22.4
21.5
0.1
1.5
1.4
22.3
20.1
0.1
2.4
2.2
22.4
19.6
0.2
2.6
2.5
22.9
19.9
0.1
3.1
3.2
23.7
20.0
–0.1
3.4
3.5
23.8
20.3
0.0
...
3.1
24.2
20.6
...
...
3.0
24.3
20.8
...
...
2.8
24.6
21.3
...
2.7
2.7
23.5
20.9
0.0
5.0
5.0
24.6
19.6
0.0
6.1
6.1
27.2
21.1
0.0
7.0
7.0
26.3
19.3
0.0
6.7
6.7
26.2
19.5
0.0
7.5
7.4
27.0
19.5
0.1
8.5
8.5
27.7
19.1
0.0
8.4
8.3
27.5
19.2
0.0
8.1
8.1
27.6
19.4
0.0
7.7
7.7
27.3
19.6
0.0
7.1
7.1
27.2
20.1
0.0
1.5
1.5
23.8
22.4
0.0
0.2
0.1
22.6
22.5
0.0
–0.9
–1.0
22.2
23.2
0.1
–1.2
–1.2
21.4
22.6
0.0
–0.8
–0.9
21.4
22.3
0.1
–1.2
–1.3
21.5
22.7
0.1
–0.4
–0.4
22.3
22.8
0.1
–0.9
–1.0
22.0
23.0
0.1
–1.0
–1.1
22.1
23.3
0.1
–0.7
–0.8
22.3
23.0
0.1
–0.1
–0.2
22.9
23.0
0.1
–0.5
–0.6
20.6
21.2
0.1
–1.5
–1.6
19.5
21.1
0.1
–2.9
–3.0
17.5
20.5
0.1
–0.1
–0.4
17.5
17.9
0.2
0.9
1.0
17.9
17.0
0.0
2.1
1.9
18.9
17.0
0.2
1.6
1.4
18.8
17.3
0.2
2.4
2.6
19.6
17.0
–0.1
2.6
2.7
19.6
16.9
–0.1
2.3
2.3
19.6
17.3
0.0
1.5
1.4
19.3
17.9
0.1
–5.3
–6.1
22.3
28.4
0.7
–6.0
–6.6
21.7
28.4
0.6
–2.8
–3.2
18.7
21.9
0.4
0.3
–0.2
19.8
20.0
0.5
2.2
1.5
20.2
18.7
0.6
1.6
1.1
20.5
19.4
0.5
2.0
1.4
21.4
20.1
0.7
2.1
1.9
22.3
20.4
0.2
2.3
1.9
22.5
20.6
0.4
2.4
2.0
22.8
20.8
0.4
2.4
2.0
22.8
20.9
0.4
3.0
3.2
28.5
25.3
–0.1
3.5
3.6
27.3
23.7
–0.1
2.1
2.1
24.2
22.1
0.0
0.9
1.0
23.6
22.7
0.0
0.7
0.9
24.1
23.2
–0.1
0.7
0.8
24.6
23.9
0.0
3.0
3.1
27.0
23.9
–0.1
3.7
3.8
27.2
23.3
–0.1
3.5
3.6
27.0
23.4
–0.1
3.7
3.8
27.3
23.5
–0.1
3.7
3.7
27.6
23.9
–0.1
–2.2
–2.1
15.9
18.1
0.0
–2.3
–2.3
14.9
17.2
0.0
–1.8
–1.8
14.1
15.8
0.0
–3.7
–3.7
12.4
16.0
0.0
–4.4
–4.4
12.0
16.4
0.0
–4.7
–4.7
12.7
17.3
0.0
–4.3
–4.3
13.0
17.2
–0.1
–4.5
–4.4
12.6
17.0
–0.1
–3.6
–3.6
13.4
17.0
–0.1
–3.3
–3.3
13.6
16.8
–0.1
–2.8
–2.7
14.6
17.3
–0.1
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A14. Summary of Net Lending and Borrowing (continued)
(Percent of GDP)
Averages
1999–2008 2003–10
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
Projections
2011
2012
2013
2014
2015
2016
2017
2018
Average
2019–22
1.4
1.4
23.1
21.7
0.0
0.1
0.1
22.9
22.7
0.0
–2.5
–2.8
21.4
24.2
0.3
–3.6
–3.6
21.3
24.9
0.0
–3.2
–3.2
21.7
24.9
0.0
–2.4
–2.4
22.2
24.7
0.0
–3.4
–3.4
20.4
23.8
0.0
–3.3
–3.3
19.6
22.9
0.0
–3.4
–3.4
19.9
23.3
0.0
–2.9
–2.9
20.5
23.4
0.0
–2.3
–2.3
21.2
23.5
0.0
3.7
3.8
29.8
25.8
–0.1
4.1
4.2
30.2
25.8
0.0
4.2
4.1
30.7
26.2
0.1
4.2
4.2
30.4
26.1
0.0
5.3
5.2
30.5
25.2
0.1
5.2
5.4
30.7
25.2
–0.1
5.7
5.9
31.1
24.9
–0.2
5.6
5.7
30.5
24.7
–0.1
5.2
5.4
30.7
25.3
–0.2
4.9
5.0
30.4
25.3
–0.1
4.7
4.8
30.0
25.2
–0.1
2.4
2.4
28.7
26.6
0.2
2.9
2.8
31.4
28.8
0.2
1.5
1.4
33.6
32.2
0.1
1.3
1.3
33.4
32.4
0.1
0.7
0.6
32.8
32.4
0.1
0.6
0.5
33.0
32.6
0.0
0.0
–0.2
32.7
33.0
0.1
–0.2
–0.3
32.0
32.3
0.1
–0.2
–0.3
31.7
32.0
0.1
–0.3
–0.4
31.5
31.9
0.1
–0.6
–0.7
31.4
32.0
0.1
6.6
7.0
27.7
20.9
–0.4
5.0
5.3
26.9
21.5
–0.3
4.1
4.0
28.6
24.5
0.0
2.2
2.4
27.4
25.0
–0.2
0.6
0.6
24.7
24.0
0.0
0.6
2.1
25.0
22.8
–1.5
2.8
2.8
26.3
23.2
0.0
0.0
0.0
26.0
25.5
0.0
0.9
0.9
25.6
24.3
0.0
1.3
1.3
26.5
24.9
0.0
2.0
2.0
26.2
23.8
0.0
3.5
3.4
37.0
34.0
0.1
4.1
4.0
41.5
37.7
0.1
0.9
0.9
43.9
42.9
0.1
1.0
1.0
43.7
42.6
0.1
0.8
0.7
43.0
42.3
0.1
1.6
1.5
43.6
42.1
0.0
2.0
2.0
42.6
40.6
0.0
1.4
1.4
41.1
39.7
0.0
1.0
0.9
40.5
39.6
0.0
0.7
0.7
39.8
39.2
0.0
0.1
0.0
38.5
38.5
0.0
–4.6
–4.9
19.6
24.2
0.3
–5.1
–5.5
19.6
25.1
0.4
–5.5
–6.3
20.4
26.6
0.8
–3.4
–4.4
20.5
24.9
0.9
–2.5
–3.6
21.5
25.0
1.1
–1.6
–2.9
22.1
24.9
1.3
–0.7
–2.0
22.9
24.7
1.3
–1.1
–1.8
22.6
24.2
0.6
–1.7
–2.4
22.5
24.8
0.7
–1.6
–2.5
22.6
25.0
0.9
–2.1
–2.7
22.7
25.3
0.6
–0.4
–0.5
19.9
20.5
0.1
0.2
0.1
20.9
21.0
0.1
–1.9
–2.0
20.3
22.2
0.0
–2.3
–2.3
19.8
22.3
0.0
–2.7
–2.8
19.0
22.3
0.1
–3.1
–3.1
18.0
21.8
0.0
–3.3
–3.4
18.6
22.5
0.0
–2.0
–2.0
17.7
20.0
0.0
–1.9
–2.0
17.7
19.7
0.0
–2.3
–2.3
17.5
19.8
0.0
–2.5
–2.5
18.3
20.8
0.0
8.0
8.3
34.3
26.4
0.2
8.8
9.3
36.4
27.8
0.2
12.8
12.8
39.5
26.7
0.0
11.9
12.4
37.9
25.9
0.0
9.9
9.7
36.1
26.0
0.0
6.2
5.5
32.9
26.8
0.1
–3.5
–3.7
24.8
28.1
0.0
–4.0
–4.1
23.7
27.2
–0.1
–1.8
–1.9
25.2
26.8
0.1
–1.6
–1.6
25.4
26.6
0.1
–0.5
–0.7
27.0
26.7
0.1
1.9
0.7
19.0
18.4
1.2
2.3
0.8
20.3
19.4
1.5
–0.3
–0.8
18.7
19.3
0.6
–0.6
–1.8
18.2
19.9
1.2
–1.8
–2.4
17.5
19.9
0.5
–3.4
–3.9
17.1
20.8
0.5
–5.6
–6.1
14.2
19.9
0.5
–3.7
–4.2
14.8
18.6
0.5
–3.0
–3.4
15.3
18.7
0.5
–3.2
–3.6
15.3
18.9
0.4
–3.6
–4.0
15.8
19.7
0.4
International Monetary Fund | October 2017
269
WORLD ECONOMIC OUTLOOK: SEEKING SUSTAINABLE GROWTH—SHORT-TERM RECOVERY, LONG-TERM CHALLENGES
Table A14. Summary of Net Lending and Borrowing (continued)
(Percent of GDP)
Averages
1999–2008 2003–10
Analytical Groups
By Source of Export Earnings
Fuel
Net Lending and Borrowing
Current Account Balance
Savings
Investment
Capital Account Balance
Nonfuel
Net Lending and Borrowing
Current Account Balance
Savings
Investment
Capital Account Balance
By External Financing Source
Net Debtor Economies
Net Lending and Borrowing
Current Account Balance
Savings
Investment
Capital Account Balance
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Net Lending and Borrowing
Current Account Balance
Savings
Investment
Capital Account Balance
Memorandum
World
Net Lending and Borrowing
Current Account Balance
Savings
Investment
Capital Account Balance
Projections
2011
2012
2013
2014
2015
2016
2017
2018
Average
2019–22
9.3
9.7
33.6
24.4
0.0
9.7
10.0
33.9
24.4
0.0
10.5
10.5
35.8
25.2
0.0
9.3
9.7
34.5
25.3
–0.1
7.3
7.3
31.9
24.9
0.0
4.6
5.0
29.8
25.0
–0.7
–1.3
–1.4
26.0
27.6
–0.1
–1.8
–1.9
24.4
25.9
–0.1
0.3
0.2
25.4
24.7
0.1
0.3
0.4
25.4
24.4
0.1
1.3
1.2
26.2
24.1
0.1
0.6
0.4
27.4
27.2
0.2
1.0
0.8
30.7
30.0
0.2
–1.0
–1.2
33.0
34.0
0.2
–0.9
–1.1
33.2
34.2
0.2
–1.0
–1.2
33.0
34.2
0.2
–0.4
–0.6
33.8
34.3
0.2
0.2
0.1
34.0
34.0
0.2
0.1
0.0
33.3
33.4
0.1
–0.3
–0.4
32.9
33.3
0.1
–0.5
–0.6
32.6
33.2
0.1
–0.9
–1.0
32.2
33.3
0.1
–1.1
–1.4
21.7
23.3
0.3
–1.1
–1.5
23.1
24.7
0.3
–2.8
–3.0
23.4
26.3
0.2
–3.0
–3.3
22.8
26.1
0.3
–2.6
–2.9
22.4
25.2
0.3
–2.3
–2.6
22.5
25.1
0.3
–2.0
–2.4
22.5
24.8
0.3
–1.5
–1.6
22.6
24.2
0.2
–1.6
–1.8
22.5
24.3
0.2
–1.8
–2.0
22.6
24.6
0.2
–2.1
–2.2
23.1
25.4
0.2
–0.4
–0.9
20.7
22.1
0.5
–1.3
–1.9
20.8
22.7
0.6
–3.9
–4.5
16.4
20.5
0.5
–5.3
–6.0
14.8
20.5
0.7
–5.6
–6.0
13.3
19.3
0.4
–3.8
–4.3
14.0
18.2
0.5
–5.1
–5.6
12.2
17.8
0.4
–6.2
–6.4
12.2
18.5
0.1
–4.6
–4.9
13.9
19.0
0.3
–4.0
–4.3
15.4
19.9
0.3
–4.4
–4.7
16.8
21.7
0.2
0.0
0.0
24.0
23.9
0.1
0.3
0.2
24.3
24.1
0.1
0.6
0.5
25.6
25.1
0.1
0.6
0.5
26.0
25.3
0.1
0.6
0.5
26.0
25.3
0.1
0.6
0.5
26.4
25.6
0.0
0.4
0.4
26.5
25.8
0.0
0.4
0.4
25.8
25.3
0.0
0.4
0.4
25.8
25.4
0.0
0.3
0.3
25.8
25.5
0.0
0.1
0.1
26.1
26.0
0.0
Note: The estimates in this table are based on individual countries’ national accounts and balance of payments statistics. Country group composites are calculated as the sum of the US
dollar values for the relevant individual countries. This differs from the calculations in the April 2005 and earlier issues of the World Economic Outlook, in which the composites were
weighted by GDP valued at purchasing power parities as a share of total world GDP. The estimates of gross national savings and investment (or gross capital formation) are from individual
countries’ national accounts statistics. The estimates of the current account balance, the capital account balance, and the financial account balance (or net lending/net borrowing) are
from the balance of payments statistics. The link between domestic transactions and transactions with the rest of the world can be expressed as accounting identities. Savings (S ) minus
investment (I ) is equal to the current account balance (CAB ) (S − I = CAB ). Also, net lending/net borrowing (NLB ) is the sum of the current account balance and the capital account
balance (KAB ) (NLB = CAB + KAB ). In practice, these identities do not hold exactly; imbalances result from imperfections in source data and compilation as well as from asymmetries in
group composition due to data availability.
1Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
2Georgia, Turkmenistan, and Ukraine, which are not members of the Commonwealth of Independent States, are included in this group for reasons of geography and similarity in economic
structure.
270
International Monetary Fund | October 2017
STATISTICAL APPENDIX
Table A15. Summary of World Medium-Term Baseline Scenario
Projections
Averages
1999–2008
2009–18
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 US 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
2015
2016
2017
2018
Averages
2015–18 2019–22
4.2
2.5
6.2
3.4
1.4
5.0
Annual Percent Change
3.4
3.2
3.6
2.2
1.7
2.2
4.3
4.3
4.6
3.7
2.0
4.9
3.5
2.0
4.5
3.7
1.7
5.0
2.1
6.6
1.3
3.1
1.4
2.8
1.4
2.4
1.5
4.2
1.5
4.0
1.4
3.4
1.5
3.9
5.6
9.9
2.6
4.0
4.6
–0.9
2.7
2.0
4.0
4.4
3.8
4.9
3.8
2.6
3.5
5.0
5.6
8.8
2.8
3.8
3.8
1.8
2.2
2.5
3.8
4.8
3.6
4.5
3.4
3.4
3.4
4.4
–0.5
2.7
0.3
–0.6
1.9
–4.3
0.9
–1.2
–0.4
0.1
0.2
–0.5
0.6
–1.5
0.0
0.0
1.7
22.2
6.2
–0.1
–6.4
–0.7
–2.3
–47.2
–17.5
–5.2
–15.7
–1.8
1.5
17.4
7.1
1.0
–0.2
0.5
–1.3
–15.0
–3.4
1.2
1.4
–0.5
2.2
7.6
1.4
5.1
0.3
4.7
1.7
4.4
1.1
4.4
2.0
4.0
1.5
2.1
–0.7
0.8
–0.6
1.3
0.2
0.2
–0.3
0.5
1.1
0.5
–0.8
2.4
0.4
0.5
0.7
–0.2
0.8
1.7
4.3
4.2
Percent
–0.3
–0.3
0.4
–0.1
Percent of GDP
0.8
0.8
–0.3
–0.3
0.7
–0.4
0.8
–0.3
0.7
–0.7
32.3
28.0
28.5
29.7
29.5
28.8
29.1
27.6
9.4
9.9
12.3
10.7
10.2
9.7
10.7
9.5
1Data
refer to trade in goods and services.
interbank offered rate on US dollar deposits minus percent change in US GDP deflator.
3GDP-weighted average of 10-year (or nearest-maturity) government bond rates for Canada, France, Germany, Italy, Japan, the United Kingdom, and the
United States.
2London
International Monetary Fund | October 2017
271
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