STATISTICAL APPENDIX

T
he Statistical Appendix presents histori- underlying the projections for selected economies are
cal data as well as projections. It comprises described in Box A1.
seven sections: Assumptions, What’s New, With regard to interest rates, it is assumed that the
Data and Conventions, Country Notes, London interbank offered rate (LIBOR) on six-month
Classification of Countries, Key Data Documentation, US dollar deposits will average 2.4 percent in 2018 and
and Statistical Tables. 3.4 percent in 2019, that three-month euro deposits will
The assumptions underlying the estimates and pro- average –0.3 percent in 2018 and 0.0 percent in 2019,
jections for 2018–19 and the medium-term scenario and that six-month yen deposits will average 0.0 percent
for 2020–23 are summarized in the first section. The in 2018 and 0.1 percent in 2019.
second section presents a brief description of the As a reminder, with respect to the introduction of the
changes to the database and statistical tables since the euro, on December 31, 1998, the Council of the Euro-
October 2017 World Economic Outlook (WEO). The pean Union decided that, effective January 1, 1999, the
third section provides a general description of the data irrevocably fixed conversion rates between the euro and
and the conventions used for calculating country group currencies of the member countries adopting the euro
composites. The fourth section summarizes selected are as follows:
key information for each country. The fifth section
summarizes the classification of countries in the vari-
1 euro = 13.7603 Austrian schillings
ous groups presented in the WEO. The sixth section
= 40.3399 Belgian francs
provides information on methods and reporting stan-
= 0.585274 Cyprus pound1
dards for the member countries’ national account and
= 1.95583 Deutsche marks
government finance indicators included in the report.
= 15.6466 Estonian krooni2
The last, and main, section comprises the statistical
= 5.94573 Finnish markkaa
tables. (Statistical Appendix A is included here; Sta-
= 6.55957 French francs
tistical Appendix B is available online.) Data in these
= 340.750 Greek drachmas3
tables have been compiled on the basis of information
= 0.787564 Irish pound
available through April 2, 2018. The figures for 2018
= 1,936.27 Italian lire
and beyond are shown with the same degree of preci-
= 0.702804 Latvian lat4
sion as the historical figures solely for convenience;
= 3.45280 Lithuanian litas5
because they are projections, the same degree of accu-
= 40.3399 Luxembourg francs
racy is not to be inferred.
= 0.42930 Maltese lira1
= 2.20371 Netherlands guilders
Assumptions
= 200.482 Portuguese escudos
Real effective exchange rates for the advanced econo-
= 30.1260 Slovak koruna6
mies are assumed to remain constant at their average
= 239.640 Slovenian tolars7
levels measured during the period January 26 to Febru-
= 166.386 Spanish pesetas
ary 23, 2018. For 2018 and 2019, these assumptions 1Established on January 1, 2008.
imply average US dollar–special drawing right (SDR) 2Established on January 1, 2011.
conversion rates of 1.454 and 1.464, US dollar–euro 3Established on January 1, 2001.
4Established on January 1, 2014.
conversion rates of 1.240 and 1.254, and yen–US dollar 5Established on January 1, 2015.
conversion rates of 107.5 and 105.7, respectively. 6Established on January 1, 2009.

It is assumed that the price of oil will average $62.31 a 7Established on January 1, 2007.

barrel in 2018 and $58.24 a barrel in 2019.

Established policies of national authorities are assumed See Box 5.4 of the October 1998 WEO for details on
to be maintained. The more specific policy assumptions how the conversion rates were established.

International Monetary Fund | October 2017 215

WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

What’s New Although every effort is made to ensure the WEO data are
relevant and internationally comparable, differences in both
No changes have been introduced for the April 2018
sectoral and instrument coverage mean that the data are
WEO database.
not universally comparable. As more information becomes
Data and Conventions available, changes in either data sources or instrument
coverage can give rise to data revisions that can sometimes
Data and projections for 193 economies form the statisti-
be substantial. For clarification on the deviations in sectoral
cal basis of the WEO database. The data are maintained
or instrument coverage, please refer to the metadata for the
jointly by the IMF’s Research Department and regional
online WEO database.
departments, with the latter regularly updating country
Composite data for country groups in the WEO are
projections based on consistent global assumptions.
either sums or weighted averages of data for individual
Although national statistical agencies are the ultimate
countries. Unless noted otherwise, multiyear averages of
providers of historical data and definitions, international
growth rates are expressed as compound annual rates of
organizations are also involved in statistical issues, with the
change.2 Arithmetically weighted averages are used for all
objective of harmonizing methodologies for the compila-
data for the emerging market and developing economies
tion of national statistics, including analytical frameworks,
group—except data on inflation and money growth, for
concepts, definitions, classifications, and valuation proce-
which geometric averages are used. The following conven-
dures used in the production of economic statistics. The
tions apply:
WEO database reflects information from both national
•• Country group composites for exchange rates, interest
source agencies and international organizations. rates, and growth rates of monetary aggregates are
Most countries’ macroeconomic data presented in the weighted by GDP converted to US dollars at market
WEO conform broadly to the 1993 version of the System exchange rates (averaged over the preceding three
of National Accounts (SNA). The IMF’s sector statistical years) as a share of group GDP.
standards—the sixth edition of the Balance of Payments •• Composites for other data relating to the domes-
and International Investment Position Manual (BPM6), the tic economy, whether growth rates or ratios, are
Monetary and Financial Statistics Manual and Compila- weighted by GDP valued at purchasing power parity
tion Guide (MFSMCG), and the Government Finance as a share of total world or group GDP.3 Annual
Statistics Manual 2014 (GFSM 2014)—have been or are inflation rates are simple percentage changes from the
being aligned with the SNA 2008. These standards reflect previous years, except in the case of emerging market
the IMF’s special interest in countries’ external positions, and developing economies, for which the rates are
financial sector stability, and public sector fiscal positions. based on logarithmic differences.
The process of adapting country data to the new standards •• Composites for real GDP per capita in purchasing
begins in earnest when the manuals are released. However, power parity terms are sums of individual country
full concordance with the manuals is ultimately dependent data after conversion to the international dollar in the
on the provision by national statistical compilers of revised years indicated.
country data; hence, the WEO estimates are only partially •• Unless noted otherwise, composites for all sectors for
adapted to these manuals. Nonetheless, for many countries, the euro area are corrected for reporting discrepan-
the impact on major balances and aggregates of conver- cies in intra-area transactions. Unadjusted annual
sion to the updated standards will be small. Many other GDP data are used for the euro area and for the
countries have partially adopted the latest standards and majority of individual countries, with the exception
will continue implementation over a period of years.1 of Cyprus, Germany, Ireland, and Portugal, which
The fiscal gross and net debt data reported in the
WEO are drawn from official data sources and IMF staff 2 Averages for real GDP and its components, employment, infla-

estimates. While attempts are made to align gross and net tion, factor productivity, GDP per capita, trade, and commodity
prices are calculated based on the compound annual rate of change,
debt data with the definitions in the GFSM, as a result of
except in the case of the unemployment rate, which is based on the
data limitations or specific country circumstances, these simple arithmetic average.
data can sometimes deviate from the formal definitions. 3 See “Revised Purchasing Power Parity Weights” in the July 2014

WEO Update for a summary of the revised purchasing-power-parity-

1 Many countries are implementing the SNA 2008 or European based weights, as well as Box A2 of the April 2004 WEO and Annex
System of National and Regional Accounts (ESA) 2010, and a few IV of the May 1993 WEO. See also Anne-Marie Gulde and Marianne
countries use versions of the SNA older than that from 1993. A Schulze-Ghattas, “Purchasing Power Parity Based Weights for the
similar adoption pattern is expected for the BPM6 and GFSM 2014. World Economic Outlook,” in Staff Studies for the World Economic
Please refer to Table G, which lists the statistical standards adhered to Outlook (Washington, DC: International Monetary Fund, December
by each country. 1993), 106–23.

216 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

report calendar adjusted data. For data prior to 1999, •• Argentina’s authorities discontinued the publication of
data aggregations apply 1995 European currency unit labor market data in December 2015 and released new
exchange rates. series starting in the second quarter of 2016.
•• Composites for fiscal data are sums of individual •• Argentina’s and Venezuela’s consumer prices are
country data after conversion to US dollars at the excluded from all WEO group aggregates.
average market exchange rates in the years indicated. •• Greece’s primary balance estimates for 2016 are based
•• Composite unemployment rates and employment on preliminary excessive deficit procedure (EDP)
growth are weighted by labor force as a share of data on an accrual basis (ESA 2010) provided by the
group labor force. National Statistical Service (ELSTAT) as of October
•• Composites relating to external sector statistics are 23, 2017. Fiscal data since 2010 are adjusted in line
sums of individual country data after conversion to with program definitions.
US dollars at the average market exchange rates in the •• India’s real GDP growth rates are calculated as per
years indicated for balance of payments data and at national accounts: for 1998 to 2011, with base year
end-of-year market exchange rates for debt denomi- 2004/05; thereafter, with base year 2011/12.
nated in currencies other than US dollars. •• Against the background of a civil war and weak capaci-
•• Composites of changes in foreign trade volumes and ties, the reliability of Libya’s data, especially medium-
prices, however, are arithmetic averages of percent term projections, is low.
changes for individual countries weighted by the US •• Data for Syria are excluded from 2011 onward because
dollar value of exports or imports as a share of total of the uncertain political situation.
world or group exports or imports (in the preceding •• Projecting the economic outlook in Venezuela, includ-
year). ing assessing past and current economic developments
•• Unless noted otherwise, group composites are com- as the basis for the projections, is complicated by the
puted if 90 percent or more of the share of group lack of discussions with the authorities (the last Article
weights is represented. IV consultation took place in 2004), long intervals
Data refer to calendar years, except in the case of a in receiving data (with information gaps), incomplete
few countries that use fiscal years; Table F lists the econ- provision of information, and difficulties in inter-
omies with exceptional reporting periods for national preting certain reported economic indicators given
accounts and government finance data for each country. economic developments. The fiscal accounts include
For some countries, the figures for 2017 and earlier the budgetary central government and Petróleos de
are based on estimates rather than actual outturns; Table Venezuela, S.A. (PDVSA), and data for 2016–23
G lists the latest actual outturns for the indicators in the are IMF staff estimates. Revenue includes the IMF
national accounts, prices, government finance, and bal- staff’s estimate of foreign exchange profits transferred
ance of payments indicators for each country. from the central bank to the government (buying
US dollars at the most appreciated rate and selling at
Country Notes more depreciated rates in a multitier exchange rate
•• The consumer price data for Argentina before Decem- system) and excludes IMF staff’s estimate of revenue
ber 2013 reflect the consumer price index (CPI) for from PDVSA’s sale of PetroCaribe assets to the central
the Greater Buenos Aires Area (CPI-GBA), while from bank. The effects of hyperinflation and the noted data
December 2013 to October 2015 the data reflect the gaps mean that IMF staff’s projected macroeconomic
national CPI (IPCNu). The government that took indicators need to be interpreted with caution. For
office in December 2015 discontinued the IPCNu, example, nominal GDP is estimated assuming the
stating that it was flawed, and released a new CPI for GDP deflator rises in line with IMF staff’s projection
the Greater Buenos Aires Area on June 15, 2016 (a new of average inflation. Public external debt in relation
national CPI has been disseminated starting in June to GDP is projected using IMF staff’s estimate of the
2017). At its November 9, 2016, meeting, the IMF average exchange rate for the year. Fiscal accounts for
Executive Board considered the new CPI series to be in 2010–23 correspond to the budgetary central govern-
line with international standards and lifted the declara- ment and PDVSA. Fiscal accounts before 2010 cor-
tion of censure issued in 2013. Given the differences in respond to the budgetary central government, public
geographical coverage, weights, sampling, and method- enterprises (including PDVSA), Instituto Venezolano
ology of these series, the average CPI inflation for 2014, de los Seguros Sociales (IVSS - social security), and
2015, and 2016, and end-of-period inflation for 2015 Fondo de Garantía de Depósitos y Protección Bancaria
and 2016 are not reported in the April 2018 WEO. (FOGADE - deposit insurance).
International Monetary Fund | April 2018 217
WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Classification of Countries developing Europe (sometimes also referred to as “central

and eastern Europe”); Latin America and the Caribbean
Summary of the Country Classification
(LAC); the Middle East, North Africa, Afghanistan, and
The country classification in the WEO divides the Pakistan (MENAP); and sub-Saharan Africa (SSA).
world into two major groups: advanced economies Emerging market and developing economies are also
and emerging market and developing economies.4 This classified according to analytical criteria. The analytical
classification is not based on strict criteria, economic criteria reflect the composition of export earnings and a
or otherwise, and it has evolved over time. The objec- distinction between net creditor and net debtor econo-
tive is to facilitate analysis by providing a reasonably mies. The detailed composition of emerging market
meaningful method of organizing data. Table A pro- and developing economies in the regional and analytical
vides an overview of the country classification, showing groups is shown in Tables D and E.
the number of countries in each group by region and The analytical criterion source of export earnings
summarizing some key indicators of their relative size distinguishes between the categories fuel (Standard
(GDP valued at purchasing power parity, total exports International Trade Classification [SITC] 3) and nonfuel
of goods and services, and population). and then focuses on nonfuel primary products (SITCs 0,
Some countries remain outside the country classifica- 1, 2, 4, and 68). Economies are categorized into one of
tion and therefore are not included in the analysis. Cuba these groups when their main source of export earnings
and the Democratic People’s Republic of Korea are exceeded 50 percent of total exports on average between
examples of countries that are not IMF members, and 2012 and 2016.
their economies therefore are not monitored by the IMF. The financial criteria focus on net creditor economies,
net debtor economies, heavily indebted poor countries
General Features and Composition of Groups in (HIPCs), and low-income developing countries (LIDCs).
the World Economic Outlook Classification Economies are categorized as net debtors when their lat-
Advanced Economies est net international investment position, where available,
was less than zero or their current account balance accu-
The 39 advanced economies are listed in Table B.
mulations from 1972 (or earliest available data) to 2016
The seven largest in terms of GDP based on market
were negative. Net debtor economies are further differen-
exchange rates—the United States, Japan, Germany,
tiated on the basis of experience with debt servicing.5
France, Italy, the United Kingdom, and Canada—
The HIPC group comprises the countries that are or
constitute the subgroup of major advanced economies;
have been considered by the IMF and the World Bank
often referred to as the Group of Seven (G7). The
for participation in their debt initiative known as the
members of the euro area are also distinguished as a
HIPC Initiative, which aims to reduce the external debt
subgroup. Composite data shown in the tables for the
burdens of all the eligible HIPCs to a “sustainable” level
euro area cover the current members for all years, even
in a reasonably short period of time.6 Many of these
though the membership has increased over time.
countries have already benefited from debt relief and
Table C lists the member countries of the European
have graduated from the initiative.
Union, not all of which are classified as advanced
The LIDCs are countries that have per capita income
economies in the WEO.
levels below a certain threshold (set at $2,700 in 2016 as
measured by the World Bank’s Atlas method), structural
Emerging Market and Developing Economies
features consistent with limited development and struc-
The group of emerging market and developing econo- tural transformation, and insufficiently close external
mies (154) includes all those that are not classified as financial linkages to be widely seen as emerging market
advanced economies. economies.
The regional breakdowns of emerging market and
developing economies are Commonwealth of Independent 5 During 2012–16, 25 economies incurred external payments
States (CIS); emerging and developing Asia; emerging and arrears or entered into official or commercial bank debt-rescheduling
agreements. This group is referred to as economies with arrears and/or
4 As used here, the terms “country” and “economy” do not always rescheduling during 2012–16.
refer to a territorial entity that is a state as understood by interna- 6 See David Andrews, Anthony R. Boote, Syed S. Rizavi, and Suk-

tional law and practice. Some territorial entities included here are winder Singh, Debt Relief for Low-Income Countries: The Enhanced
not states, although their statistical data are maintained on a separate HIPC Initiative, IMF Pamphlet Series 51 (Washington, DC: Interna-
and independent basis. tional Monetary Fund, November 1999).

218 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A. Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods
and Services, and Population, 20171
(Percent of total for group or world)
Exports of Goods
GDP and Services Population
Number of Advanced Advanced Advanced
Economies Economies World Economies World Economies World
Advanced Economies 39 100.0 41.3 100.0 63.6 100.0 14.4
United States 36.9 15.3 16.2 10.3 30.6 4.4
Euro Area 19 28.1 11.6 41.4 26.3 31.8 4.6
Germany 7.9 3.3 12.1 7.7 7.8 1.1
France 5.4 2.2 5.4 3.4 6.1 0.9
Italy 4.4 1.8 4.2 2.7 5.7 0.8
Spain 3.4 1.4 3.1 2.0 4.4 0.6
Japan 10.3 4.3 6.1 3.9 11.9 1.7
United Kingdom 5.6 2.3 5.6 3.5 6.2 0.9
Canada 3.4 1.4 3.5 2.3 3.4 0.5
Other Advanced Economies 16 15.7 6.5 27.3 17.3 16.0 2.3
Memorandum
Major Advanced Economies 7 74.0 30.6 53.1 33.8 71.7 10.4
Emerging Emerging Emerging
Market and Market and Market and
Developing Developing Developing
Economies World Economies World Economies World
Emerging Market and Developing Economies 154 100.0 58.7 100.0 36.4 100.0 85.6
Regional Groups
Commonwealth of Independent States2 12 7.6 4.5 7.5 2.7 4.5 3.9
Russia 5.4 3.2 5.0 1.8 2.3 2.0
Emerging and Developing Asia 30 55.2 32.4 49.5 18.0 56.6 48.5
China 31.1 18.2 29.4 10.7 22.0 18.8
India 12.7 7.4 6.0 2.2 20.9 17.9
Excluding China and India 28 11.5 6.7 14.1 5.2 13.8 11.8
Emerging and Developing Europe 12 6.1 3.6 9.9 3.6 2.8 2.4
Latin America and the Caribbean 32 13.1 7.7 14.1 5.1 9.8 8.4
Brazil 4.3 2.6 3.1 1.1 3.3 2.8
Mexico 3.3 1.9 5.3 1.9 2.0 1.7
Middle East, North Africa, Afghanistan, and
Pakistan 23 12.8 7.5 14.6 5.3 10.9 9.3
Middle East and North Africa 21 11.3 6.6 14.2 5.2 7.2 6.1
Sub-Saharan Africa 45 5.1 3.0 4.4 1.6 15.3 13.1
Excluding Nigeria and South Africa 43 2.6 1.5 2.6 0.9 11.4 9.8
Analytical Groups3
By Source of Export Earnings
Fuel 28 17.9 10.5 20.8 7.6 11.8 10.1
Nonfuel 125 82.1 48.2 79.2 28.9 88.2 75.5
Of Which, Primary Products 31 4.8 2.8 5.1 1.9 8.4 7.2
By External Financing Source
Net Debtor Economies 121 49.8 29.2 46.5 16.9 67.1 57.4
Net Debtor Economies by Debt-
Servicing Experience
Economies with Arrears and/or Rescheduling
during 2012–16 25 3.3 1.9 2.3 0.8 5.7 4.8
Other Groups
Heavily Indebted Poor Countries 39 2.5 1.4 1.9 0.7 11.5 9.8
Low-Income Developing Countries 59 7.1 4.2 6.7 2.4 22.7 19.4
1The GDP shares are based on the purchasing-power-parity valuation of economies’ GDP. The number of economies comprising each group reflects those

for which data are included in the group aggregates.

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.

3Syria is omitted from the source of export earnings and South Sudan and Syria are omitted from the net external position group composites because of

insufficient data.

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WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table B. Advanced Economies by Subgroup

Major Currency Areas
United States
Euro Area
Japan
Euro Area
Austria Greece Netherlands
Belgium Ireland Portugal
Cyprus Italy Slovak Republic
Estonia Latvia Slovenia
Finland Lithuania Spain
France Luxembourg
Germany Malta
Major Advanced Economies
Canada Italy United States
France Japan
Germany United Kingdom
Other Advanced Economies
Australia Korea Singapore
Czech Republic Macao SAR2 Sweden
Denmark New Zealand Switzerland
Hong Kong SAR1 Norway Taiwan Province of China
Iceland Puerto Rico
Israel San Marino
1On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special
Administrative Region of China.
2On December 20, 1999, Macao was returned to the People’s Republic of China and became a

Special Administrative Region of China.

Table C. European Union

Austria Germany Poland
Belgium Greece Portugal
Bulgaria Hungary Romania
Croatia Ireland Slovak Republic
Cyprus Italy Slovenia
Czech Republic Latvia Spain
Denmark Lithuania Sweden
Estonia Luxembourg United Kingdom
Finland Malta
France Netherlands

220 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table D. Emerging Market and Developing Economies by Region and Main Source of Export Earnings
Fuel Nonfuel Primary Products
Commonwealth of Independent States
Azerbaijan Uzbekistan
Kazakhstan
Russia
Turkmenistan1
Emerging and Developing Asia
Brunei Darussalam Lao P.D.R.
Timor-Leste Marshall Islands
Mongolia
Papua New Guinea
Solomon Islands
Tuvalu
Latin America and the Caribbean
Bolivia Argentina
Ecuador Chile
Trinidad and Tobago Guyana
Venezuela Paraguay
Suriname
Uruguay
Middle East, North Africa, Afghanistan, and Pakistan
Algeria Afghanistan
Bahrain Mauritania
Iran Morocco
Iraq Sudan
Kuwait
Libya
Oman
Qatar
Saudi Arabia
United Arab Emirates
Yemen
Sub-Saharan Africa
Angola Burkina Faso
Chad Burundi
Republic of Congo Central African Republic
Equatorial Guinea Democratic Republic of the Congo
Gabon Côte d’Ivoire
Nigeria Eritrea
South Sudan Guinea
Guinea-Bissau
Liberia
Malawi
Mali
Sierra Leone
South Africa
Zambia
1Turkmenistan, which is not a member of the Commonwealth of Independent States, is included in this group for reasons of geography and similarity in

economic structure.

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 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table E. Emerging Market and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries
and Low-Income Developing Countries
Low-Income Low-Income
Net External Heavily Indebted Developing Net External Heavily Indebted Developing
Position1 Poor Countries2 Countries Position1 Poor Countries2 Countries
Commonwealth of Independent States Emerging and Developing Europe
Armenia * Albania *
Azerbaijan • Bosnia and Herzegovina *
Belarus * Bulgaria *
Georgia3 * Croatia *
Kazakhstan * Hungary *
Kyrgyz Republic * * Kosovo *
Moldova * * FYR Macedonia *
Russia • Montenegro *
Tajikistan * * Poland *
Turkmenistan3 * Romania *
Ukraine3 * Serbia *
Uzbekistan • * Turkey *
Emerging and Developing Asia Latin America and the Caribbean
Bangladesh * * Antigua and Barbuda *
Bhutan * * Argentina •
Brunei Darussalam • The Bahamas *
Cambodia * * Barbados *
China • Belize *
Fiji * Bolivia * •
India * Brazil *
Indonesia * Chile *
Kiribati • * Colombia *
Lao P.D.R. * * Costa Rica *
Malaysia • Dominica *
Maldives * Dominican Republic *
Marshall Islands * Ecuador *
Micronesia • El Salvador *
Mongolia * Grenada *
Myanmar * * Guatemala *
Nauru * Guyana * •
Nepal • * Haiti * • *
Palau • Honduras * • *
Papua New Guinea * * Jamaica *
Philippines * Mexico *
Samoa * Nicaragua * • *
Solomon Islands * * Panama *
Sri Lanka * Paraguay *
Thailand * Peru *
Timor-Leste • * St. Kitts and Nevis *
Tonga * St. Lucia *
Tuvalu * St. Vincent and the
Vanuatu * Grenadines *
Vietnam * * Suriname *
Trinidad and Tobago •
Uruguay *
Venezuela •
222 International Monetary Fund | April 2018
 STATISTICAL APPENDIX

Table E. Emerging Market and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries
and Low-Income Developing Countries (continued)
Low-Income Low-Income
Net External Heavily Indebted Developing Net External Heavily Indebted Developing
Position1 Poor Countries2 Countries Position1 Poor Countries2 Countries
Middle East, North Africa, Afghanistan, and Pakistan Democratic Republic of
the Congo * • *
Afghanistan • • *
Republic of Congo * • *
Algeria •
Côte d’Ivoire * • *
Bahrain •
Equatorial Guinea *
Djibouti * *
Eritrea * * *
Egypt *
Ethiopia * • *
Iran •
Gabon •
Iraq •
The Gambia * • *
Jordan *
Ghana * • *
Kuwait •
Guinea * • *
Lebanon *
Guinea-Bissau * • *
Libya •
Kenya * *
Mauritania * • *
Lesotho * *
Morocco *
Liberia * • *
Oman •
Madagascar * • *
Pakistan *
Malawi * • *
Qatar •
Mali * • *
Saudi Arabia •
Mauritius •
Somalia * * *
Mozambique * • *
Sudan * * *
Namibia *
Syria4 ...
Niger * • *
Tunisia *
Nigeria * *
United Arab Emirates •
Rwanda * • *
Yemen * *
São Tomé and Príncipe * • *
Sub-Saharan Africa
Senegal * • *
Angola •
Seychelles *
Benin * • *
Sierra Leone * • *
Botswana •
South Africa •
Burkina Faso * • *
South Sudan4 ... *
Burundi * • *
Swaziland •
Cabo Verde *
Tanzania * • *
Cameroon * • *
Togo * • *
Central African Republic * • *
Uganda * • *
Chad * • *
Zambia * • *
Comoros * • *
Zimbabwe * *
1Dot (star) indicates that the country is a net creditor (net debtor).
2Dot instead of star indicates that the country has reached the completion point, which allows it to receive the full debt relief committed to at the decision point.
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.
4South Sudan and Syria are omitted from the net external position group composite for lack of a fully developed database.

International Monetary Fund | April 2018 223

WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table F. Economies with Exceptional Reporting Periods1

National Accounts Government Finance
The Bahamas Jul/Jun
Bangladesh Jul/Jun
Barbados Apr/Mar
Belize Apr/Mar
Bhutan Jul/Jun Jul/Jun
Botswana Apr/Mar
Dominica Jul/Jun
Egypt Jul/Jun Jul/Jun
Ethiopia Jul/Jun Jul/Jun
Haiti Oct/Sep Oct/Sep
Hong Kong SAR Apr/Mar
India Apr/Mar Apr/Mar
Iran Apr/Mar Apr/Mar
Jamaica Apr/Mar
Lesotho Apr/Mar Apr/Mar
Malawi Jul/Jun
Marshall Islands Oct/Sep Oct/Sep
Mauritius Jul/Jun
Micronesia Oct/Sep Oct/Sep
Myanmar Oct/Sep Oct/Sep
Nauru Jul/Jun Jul/Jun
Nepal Aug/Jul Aug/Jul
Pakistan Jul/Jun Jul/Jun
Palau Oct/Sep Oct/Sep
Puerto Rico Jul/Jun Jul/Jun
St. Lucia Apr/Mar
Samoa Jul/Jun Jul/Jun
Singapore Apr/Mar
Swaziland Apr/Mar
Thailand Oct/Sep
Trinidad and Tobago Oct/Sep
1Unless noted otherwise, all data refer to calendar years.

224 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table G. Key Data Documentation

National Accounts Prices (CPI)

System of Use of Chain- Latest

Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Afghanistan Afghan afghani NSO 2016 2002/03 SNA 1993 NSO 2017
Albania Albanian lek IMF staff 2016 1996 SNA 1993 From 1996 NSO 2017
Algeria Algerian dinar NSO 2016 2001 SNA 1993 From 2005 NSO 2017
Angola Angolan kwanza MEP 2015 2002 ESA 1995 NSO 2015
Antigua and Eastern Caribbean CB 2016 20066 SNA 1993 NSO 2016
Barbuda dollar
Argentina Argentine peso NSO 2017 2004 SNA 2008 NSO 2017
Armenia Armenian dram NSO 2016 2005 SNA 2008 NSO 2016
Australia Australian dollar NSO 2017 2015/16 SNA 2008 From 1980 NSO 2017
Austria Euro NSO 2016 2010 ESA 2010 From 1995 NSO 2017
Azerbaijan Azerbaijan manat NSO 2016 2005 SNA 1993 From 1994 NSO 2017
The Bahamas Bahamian dollar NSO 2016 2012 SNA 1993 NSO 2017
Bahrain Bahrain dinar NSO 2016 2010 SNA 2008 NSO 2017
Bangladesh Bangladesh taka NSO 2016 2005 SNA 1993 NSO 2016
Barbados Barbados dollar NSO and CB 2014 19746 SNA 1993 NSO 2017
Belarus Belarusian ruble NSO 2016 2014 SNA 2008 From 2005 NSO 2017
Belgium Euro CB 2016 2015 ESA 2010 From 1995 CB 2016
Belize Belize dollar NSO 2016 2000 SNA 1993 NSO 2016
Benin CFA franc NSO 2014 2007 SNA 1993 NSO 2017
Bhutan Bhutanese NSO 2015/16 2000/016 SNA 1993 CB 2015/16
ngultrum
Bolivia Bolivian boliviano NSO 2016 1990 Other NSO 2017
Bosnia and Bosnia convertible NSO 2016 2010 ESA 2010 From 2000 NSO 2016
Herzegovina marka
Botswana Botswana pula NSO 2015 2006 SNA 1993 NSO 2016
Brazil Brazilian real NSO 2017 1995 SNA 2008 NSO 2017
Brunei Darussalam Brunei dollar NSO and GAD 2016 2010 SNA 1993 NSO and GAD 2017
Bulgaria Bulgarian lev NSO 2016 2010 ESA 2010 From 1996 NSO 2017
Burkina Faso CFA franc NSO and MEP 2016 1999 SNA 1993 NSO 2016
Burundi Burundi franc NSO 2015 2005 SNA 1993 NSO 2017
Cabo Verde Cabo Verdean NSO 2016 2007 SNA 2008 From 2011 NSO 2017
escudo
Cambodia Cambodian riel NSO 2016 2000 SNA 1993 NSO 2017
Cameroon CFA franc NSO 2016 2005 SNA 1993 NSO 2017
Canada Canadian dollar NSO 2016 2007 SNA 2008 From 1980 NSO 2017
Central African CFA franc NSO 2012 2005 SNA 1993 NSO 2015
Republic
Chad CFA franc CB 2017 2005 Other NSO 2017
Chile Chilean peso CB 2017 20136 SNA 2008 From 2003 NSO 2017
China Chinese yuan NSO 2017 2015 SNA 2008 NSO 2017
Colombia Colombian peso NSO 2017 2005 Other From 2000 NSO 2017
Comoros Comorian franc MEP 2015 2000 Other NSO 2015
Democratic Republic Congolese franc NSO 2016 2005 SNA 1993 CB 2016
of the Congo
Republic of Congo CFA franc NSO 2016 1990 SNA 1993 NSO 2017
Costa Rica Costa Rican colón CB 2016 2012 SNA 2008 CB 2016

International Monetary Fund | April 2018 225

 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Afghanistan MoF 2017 2001 CG C NSO, MoF, and CB 2017 BPM 5
Albania IMF staff 2016 1986 CG,LG,SS,MPC, Other CB 2016 BPM 6
NFPC
Algeria MoF 2016 1986 CG C CB 2016 BPM 6
Angola MoF 2016 2001 CG,LG Other CB 2016 BPM 6
Antigua and MoF 2016 2001 CG C CB 2016 BPM 6
Barbuda
Argentina MEP 2017 1986 CG,SG,SS C NSO 2017 BPM 6
Armenia MoF 2016 2001 CG C CB 2016 BPM 6
Australia MoF 2016 2014 CG,SG,LG,TG A NSO 2017 BPM 6
Austria NSO 2016 2001 CG,SG,LG,SS A CB 2016 BPM 6
Azerbaijan MoF 2015 Other CG C CB 2016 BPM 6
The Bahamas MoF 2016/17 2001 CG C CB 2017 BPM 5
Bahrain MoF 2016 2001 CG C CB 2017 BPM 6
Bangladesh MoF 2015/16 Other CG C CB 2016 BPM 6
Barbados MoF 2016/17 1986 CG C CB 2016 BPM 5
Belarus MoF 2016 2001 CG,LG,SS C CB 2016 BPM 6
Belgium CB 2016 ESA 2010 CG,SG,LG,SS A CB 2016 BPM 6
Belize MoF 2016/17 1986 CG,MPC Mixed CB 2016 BPM 6
Benin MoF 2016 1986 CG C CB 2016 BPM 6
Bhutan MoF 2015/16 1986 CG C CB 2014/15 BPM 6
Bolivia MoF 2016 2001 CG,LG,SS,NMPC, C CB 2016 BPM 6
NFPC
Bosnia and MoF 2015 2001 CG,SG,LG,SS Mixed CB 2016 BPM 6
Herzegovina
Botswana MoF 2015/16 1986 CG C CB 2015 BPM 5
Brazil MoF 2017 2001 CG,SG,LG,SS, C CB 2017 BPM 6
MPC,NFPC
Brunei Darussalam MoF 2016 Other CG, BCG C NSO, MEP, and GAD 2015 BPM 6
Bulgaria MoF 2016 2001 CG,LG,SS C CB 2016 BPM 6
Burkina Faso MoF 2016 2001 CG CB CB 2016 BPM 6
Burundi MoF 2015 2001 CG A CB 2016 BPM 6
Cabo Verde MoF 2016 2001 CG A NSO 2016 BPM 6
Cambodia MoF 2016 1986 CG,LG A CB 2016 BPM 5
Cameroon MoF 2016 2001 CG,NFPC C MoF 2016 BPM 5
Canada MoF 2016 2001 CG,SG,LG,SS A NSO 2016 BPM 6
Central African MoF 2016 2001 CG C CB 2015 BPM 5
Republic
Chad MoF 2017 1986 CG,NFPC C CB 2015 BPM 6
Chile MoF 2016 2001 CG,LG A CB 2017 BPM 6
China MoF 2017 Other CG,LG C GAD 2017 BPM 6
Colombia MoF 2017 2001 CG,SG,LG,SS Other CB and NSO 2017 BPM 6
Comoros MoF 2016 1986 CG Mixed CB and IMF staff 2016 BPM 5
Democratic Republic MoF 2016 2001 CG,LG A CB 2016 BPM 5
of the Congo
Republic of Congo MoF 2017 2001 CG A CB 2015 BPM 6
Costa Rica MoF and CB 2016 1986 CG C CB 2016 BPM 6

226 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table G. Key Data Documentation (continued)

National Accounts Prices (CPI)

System of Use of Chain- Latest

Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Côte d'Ivoire CFA franc NSO 2015 2009 SNA 1993 NSO 2017
Croatia Croatian kuna NSO 2016 2010 ESA 2010 NSO 2017
Cyprus Euro NSO 2016 2005 ESA 2010 From 1995 NSO 2016
Czech Republic Czech koruna NSO 2017 2010 ESA 2010 From 1995 NSO 2017
Denmark Danish krone NSO 2017 2010 ESA 2010 From 1980 NSO 2017
Djibouti Djibouti franc NSO 2013 1990 Other NSO 2017
Dominica Eastern Caribbean NSO 2015 2006 SNA 1993 NSO 2015
dollar
Dominican Republic Dominican peso CB 2016 2007 SNA 2008 From 2007 CB 2017
Ecuador US dollar CB 2016 2007 SNA 1993 NSO and CB 2017
Egypt Egyptian pound MEP 2016/17 2011/12 SNA 1993 NSO 2016/17
El Salvador US dollar CB 2016 1990 Other NSO 2017
Equatorial Guinea CFA franc MEP and CB 2016 2006 SNA 1993 MEP 2017
Eritrea Eritrean nakfa IMF staff 2006 2005 SNA 1993 NSO 2009
Estonia Euro NSO 2017 2010 ESA 2010 From 2010 NSO 2017
Ethiopia Ethiopian birr NSO 2016/17 2015/16 SNA 1993 NSO 2016
Fiji Fijian dollar NSO 2017 20116 SNA 1993 NSO 2017
Finland Euro NSO 2017 2010 ESA 2010 From 1980 NSO 2017
France Euro NSO 2017 2010 ESA 2010 From 1980 NSO 2017
Gabon CFA franc MoF 2016 2001 SNA 1993 NSO 2017
The Gambia Gambian dalasi NSO 2016 2004 SNA 1993 NSO 2016
Georgia Georgian lari NSO 2016 2000 SNA 1993 From 1996 NSO 2017
Germany Euro NSO 2017 2010 ESA 2010 From 1991 NSO 2017
Ghana Ghanaian cedi NSO 2016 2006 SNA 1993 NSO 2017
Greece Euro NSO 2017 2010 ESA 2010 From 1995 NSO 2017
Grenada Eastern Caribbean NSO 2016 2006 SNA 1993 NSO 2017
dollar
Guatemala Guatemalan CB 2016 2001 SNA 1993 From 2001 NSO 2016
quetzal
Guinea Guinean franc NSO 2016 2010 SNA 1993 NSO 2017
Guinea-Bissau CFA franc NSO 2015 2005 SNA 1993 NSO 2017
Guyana Guyanese dollar NSO 2016 20066 SNA 1993 NSO 2016
Haiti Haitian gourde NSO 2016/17 1986/87 SNA 2008 NSO 2016/17
Honduras Honduran lempira CB 2016 2000 SNA 1993 CB 2016
Hong Kong SAR Hong Kong dollar NSO 2017 2014 SNA 2008 From 1980 NSO 2017
Hungary Hungarian forint NSO 2017 2005 ESA 2010 From 2005 IEO 2017
Iceland Icelandic króna NSO 2017 2005 ESA 2010 From 1990 NSO 2017
India Indian rupee NSO 2016/17 2011/12 SNA 2008 NSO 2016/17
Indonesia Indonesian rupiah NSO 2017 2010 SNA 2008 NSO 2017
Iran Iranian rial CB 2016/17 2011/12 SNA 1993 CB 2016/17
Iraq Iraqi dinar NSO 2016 2007 SNA 1968/93 NSO 2016
Ireland Euro NSO 2017 2015 ESA 2010 From 1995 NSO 2017
Israel New Israeli shekel NSO 2017 2015 SNA 2008 From 1995 NSO 2017
Italy Euro NSO 2016 2010 ESA 2010 From 1980 NSO 2017
Jamaica Jamaican dollar NSO 2016 2007 SNA 1993 NSO 2016

International Monetary Fund | April 2018 227

 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Côte d'Ivoire MoF 2016 1986 CG A CB 2015 BPM 6
Croatia MoF 2016 2001 CG,LG A CB 2016 BPM 6
Cyprus NSO 2017 ESA 2010 CG,LG,SS A CB 2016 BPM 6
Czech Republic MoF 2016 2001 CG,LG,SS A NSO 2017 BPM 6
Denmark NSO 2016 2001 CG,LG,SS A NSO 2017 BPM 6
Djibouti MoF 2016 2001 CG A CB 2016 BPM 5
Dominica MoF 2015/16 1986 CG C CB 2015 BPM 6
Dominican Republic MoF 2016 2001 CG,SG,LG,SS, NMPC Mixed CB 2016 BPM 6
Ecuador CB and MoF 2016 1986 CG,SG,LG,SS, NFPC C CB 2016 BPM 6
Egypt MoF 2016/17 2001 CG,LG,SS,MPC C CB 2016/17 BPM 5
El Salvador MoF and CB 2017 1986 CG,LG,SS C CB 2016 BPM 6
Equatorial Guinea MoF 2016 1986 CG C CB 2016 BPM 5
Eritrea MoF 2008 2001 CG C CB 2008 BPM 5
Estonia MoF 2017 1986/2001 CG,LG,SS C CB 2016 BPM 6
Ethiopia MoF 2015/16 1986 CG,SG,LG,NFPC C CB 2015/16 BPM 5
Fiji MoF 2016 1986 CG C CB 2016 BPM 6
Finland MoF 2016 2001 CG,LG,SS A NSO 2017 BPM 6
France NSO 2016 2001 CG,LG,SS A CB 2017 BPM 6
Gabon IMF staff 2017 2001 CG A CB 2016 BPM 5
The Gambia MoF 2016 1986 CG C CB and IMF staff 2016 BPM 5
Georgia MoF 2017 2001 CG,LG C NSO and CB 2016 BPM 5
Germany NSO 2017 2001 CG,SG,LG,SS A CB 2017 BPM 6
Ghana MoF 2016 2001 CG C CB 2016 BPM 5
Greece NSO 2016 2014 CG,LG,SS A CB 2017 BPM 6
Grenada MoF 2017 2001 CG CB CB 2016 BPM 6
Guatemala MoF 2016 2001 CG C CB 2016 BPM 6
Guinea MoF 2016 2001 CG Other CB and MEP 2016 BPM 6
Guinea-Bissau MoF 2014 2001 CG A CB 2015 BPM 6
Guyana MoF 2016 1986 CG,SS,NFPC C CB 2016 BPM 5
Haiti MoF 2016/17 2001 CG C CB 2016/17 BPM 5
Honduras MoF 2016 2014 CG,LG,SS,NFPC A CB 2015 BPM 5
Hong Kong SAR NSO 2016/17 2001 CG C NSO 2016 BPM 6
Hungary MEP and NSO 2016 ESA 2010 CG,LG,SS,NMPC A CB 2017 BPM 6
Iceland NSO 2016 2001 CG,SG,SS A CB 2017 BPM 6
India MoF and IMF staff 2016/17 1986 CG,SG C CB 2016/17 BPM 6
Indonesia MoF 2016 2001 CG,LG C CB 2017 BPM 6
Iran MoF 2016/17 2001 CG C CB 2016/17 BPM 5
Iraq MoF 2016 2001 CG C CB 2016 BPM 5
Ireland MoF and NSO 2016 2001 CG,LG,SS A NSO 2017 BPM 6
Israel MoF and NSO 2017 2001 CG,LG,SS Other NSO 2017 BPM 6
Italy NSO 2016 2001 CG,LG,SS A NSO 2016 BPM 6
Jamaica MoF 2016/17 1986 CG C CB 2016 BPM 5

228 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table G. Key Data Documentation (continued)

National Accounts Prices (CPI)

System of Use of Chain- Latest

Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Japan Japanese yen GAD 2017 2011 SNA 2008 From 1980 GAD 2017
Jordan Jordanian dinar NSO 2016 1994 SNA 1993 NSO 2016
Kazakhstan Kazakhstani tenge NSO 2016 2007 SNA 1993 From 1994 CB 2016
Kenya Kenya shilling NSO 2016 2009 SNA 2008 NSO 2017
Kiribati Australian dollar NSO 2016 2006 SNA 2008 NSO 2016
Korea South Korean won CB 2017 2010 SNA 2008 From 1980 NSO 2017
Kosovo Euro NSO 2016 2015 ESA 2010 NSO 2016
Kuwait Kuwaiti dinar MEP and NSO 2016 2010 SNA 1993 NSO and MEP 2016
Kyrgyz Republic Kyrgyz som NSO 2016 2005 SNA 1993 NSO 2017
Lao P.D.R. Lao kip NSO 2016 2012 SNA 1993 NSO 2016
Latvia Euro NSO 2017 2010 ESA 2010 From 1995 NSO 2017
Lebanon Lebanese pound NSO 2013 2010 SNA 2008 From 2010 NSO 2015/16
Lesotho Lesotho loti NSO 2015/16 2012/13 Other NSO 2017
Liberia US dollar CB 2016 1992 SNA 1993 CB 2016
Libya Libyan dinar MEP 2016 2003 SNA 1993 NSO 2017
Lithuania Euro NSO 2017 2010 ESA 2010 From 2005 NSO 2017
Luxembourg Euro NSO 2016 2010 ESA 2010 From 1995 NSO 2016
Macao SAR Macanese pataca NSO 2016 2015 SNA 2008 From 2001 NSO 2017
FYR Macedonia Macedonian denar NSO 2017 2005 ESA 2010 NSO 2017
Madagascar Malagasy ariary NSO 2015 2000 SNA 1968 NSO 2016
Malawi Malawian kwacha NSO 2011 2010 SNA 2008 NSO 2017
Malaysia Malaysian ringgit NSO 2017 2010 SNA 2008 NSO 2017
Maldives Maldivian rufiyaa MoF and NSO 2016 2014 SNA 1993 CB 2017
Mali CFA franc NSO 2016 1999 SNA 1993 NSO 2016
Malta Euro NSO 2017 2010 ESA 2010 From 2000 NSO 2017
Marshall Islands US dollar NSO 2016/17 2003/04 SNA 1993 NSO 2016/17
Mauritania Mauritanian NSO 2014 2004 SNA 1993 NSO 2017
ouguiya
Mauritius Mauritian rupee NSO 2016 2006 SNA 1993 From 1999 NSO 2017
Mexico Mexican peso NSO 2016 2013 SNA 2008 NSO 2017
Micronesia US dollar NSO 2014/15 2004 SNA 1993 NSO 2014/15
Moldova Moldovan leu NSO 2016 1995 SNA 1993 NSO 2017
Mongolia Mongolian tögrög NSO 2016 2010 SNA 1993 NSO 2016
Montenegro Euro NSO 2016 2006 ESA 1995 NSO 2016
Morocco Moroccan dirham NSO 2016 2007 SNA 1993 From 1998 NSO 2017
Mozambique Mozambican NSO 2016 2009 SNA 1993/ NSO 2017
metical 2008
Myanmar Myanmar kyat MEP 2016/17 2010/11 Other NSO 2016/17
Namibia Namibia dollar NSO 2016 2000 SNA 1993 NSO 2016
Nauru Australian dollar Other 2015/16 2006/07 SNA 1993 NSO 2016/17
Nepal Nepalese rupee NSO 2015/16 2000/01 SNA 1993 CB 2016/17
Netherlands Euro NSO 2017 2010 ESA 2010 From 1980 NSO 2017
New Zealand New Zealand dollar NSO 2017 2009/10 Other From 1987 NSO 2017
Nicaragua Nicaraguan CB 2016 2006 SNA 1993 From 1994 CB 2017
córdoba
Niger CFA franc NSO 2016 2000 SNA 1993 NSO 2017
Nigeria Nigerian naira NSO 2017 2010 SNA 2008 NSO 2017
Norway Norwegian krone NSO 2017 2015 ESA 2010 From 1980 NSO 2017

International Monetary Fund | April 2018 229

 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Japan GAD 2016 2014 CG,LG,SS A MoF 2017 BPM 6
Jordan MoF 2016 2001 CG,NFPC C CB 2016 BPM 5
Kazakhstan NSO 2016 2001 CG,LG A CB 2016 BPM 6
Kenya MoF 2017 2001 CG A CB 2017 BPM 6
Kiribati MoF 2016 1986 CG,LG C NSO 2016 BPM 6
Korea MoF 2017 2001 CG C CB 2017 BPM 6
Kosovo MoF 2016 Other CG,LG C CB 2016 BPM 5
Kuwait MoF 2016 1986 CG Mixed CB 2016 BPM 6
Kyrgyz Republic MoF 2016 Other CG,LG,SS C CB 2016 BPM 5
Lao P.D.R. MoF 2016 2001 CG C CB 2016 BPM 5
Latvia MoF 2017 1986 CG,LG,SS C CB 2017 BPM 6
Lebanon MoF 2015 2001 CG Mixed CB and IMF staff 2015 BPM 5
Lesotho MoF 2016/17 2001 CG,LG C CB 2016/17 BPM 5
Liberia MoF 2016 2001 CG A CB 2016 BPM 5
Libya MoF 2017 1986 CG,SG,LG C CB 2017 BPM 5
Lithuania MoF 2016 2014 CG,LG,SS A CB 2016 BPM 6
Luxembourg MoF 2016 2001 CG,LG,SS A NSO 2016 BPM 6
Macao SAR MoF 2016 2014 CG,SS C NSO 2016 BPM 6
FYR Macedonia MoF 2017 1986 CG,SG,SS C CB 2017 BPM 6
Madagascar MoF 2016 1986 CG,LG C CB 2016 BPM 5
Malawi MoF 2016/17 1986 CG C NSO and GAD 2016 BPM 6
Malaysia MoF 2016 2001 CG,SG,LG C NSO 2017 BPM 6
Maldives MoF 2017 1986 CG C CB 2016 BPM 5
Mali MoF 2016 2001 CG Mixed CB 2016 BPM 6
Malta NSO 2016 2001 CG,SS A NSO 2016 BPM 6
Marshall Islands MoF 2016/17 2001 CG,LG,SS A NSO 2016/17 BPM 6
Mauritania MoF 2017 1986 CG C CB 2016 BPM 5
Mauritius MoF 2016/17 2001 CG,LG,NFPC C CB 2017 BPM 6
Mexico MoF 2017 2014 CG,SS,NMPC,NFPC C CB 2016 BPM 6
Micronesia MoF 2014/15 2001 CG,SG,LG,SS Other NSO 2014/15 Other
Moldova MoF 2016 1986 CG,LG,SS C CB 2016 BPM 5
Mongolia MoF 2016 2001 CG,SG,LG,SS C CB 2016 BPM 6
Montenegro MoF 2016 1986 CG,LG,SS C CB 2016 BPM 6
Morocco MEP 2017 2001 CG A GAD 2017 BPM 6
Mozambique MoF 2016 2001 CG,SG Mixed CB 2017 BPM 6
Myanmar MoF 2016/17 Other CG,NFPC C IMF staff 2016/17 BPM 5
Namibia MoF 2016 2001 CG C CB 2015 BPM 6
Nauru MoF 2016/17 2001 CG Mixed IMF staff 2014/15 BPM 6
Nepal MoF 2015/16 2001 CG C CB 2015/16 BPM 5
Netherlands MoF 2016 2001 CG,LG,SS A CB 2016 BPM 6
New Zealand MoF 2016/17 2001 CG A NSO 2017 BPM 6
Nicaragua MoF 2016 1986 CG,LG,SS C IMF staff 2016 BPM 6
Niger MoF 2017 1986 CG A CB 2017 BPM 6
Nigeria MoF 2017 2001 CG,SG,LG C CB 2016 BPM 6
Norway NSO and MoF 2016 2014 CG,LG,SS A NSO 2017 BPM 6

230 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table G. Key Data Documentation (continued)

National Accounts Prices (CPI)

System of Use of Chain- Latest

Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Oman Omani rial NSO 2015 2010 SNA 1993 NSO 2016
Pakistan Pakistan rupee NSO 2015/16 2005/066 SNA 1968/ NSO 2016/17
1993
Palau US dollar MoF 2015/16 2004/05 SNA 1993 MoF 2015/16
Panama US dollar NSO 2017 2007 SNA 1993 From 2007 NSO 2017
Papua New Guinea Papua New Guinea NSO and MoF 2015 2013 SNA 1993 NSO 2015
kina
Paraguay Paraguayan CB 2016 1994 SNA 1993 CB 2017
guaraní
Peru Peruvian nuevo sol CB 2017 2007 SNA 1993 CB 2017
Philippines Philippine peso NSO 2017 2000 SNA 2008 NSO 2017
Poland Polish zloty NSO 2017 2010 ESA 2010 From 1995 NSO 2017
Portugal Euro NSO 2017 2011 ESA 2010 From 1980 NSO 2017
Puerto Rico US dollar NSO 2014/15 1954 SNA 1968 MEP 2016
Qatar Qatari riyal NSO and MEP 2016 2013 SNA 1993 NSO and MEP 2017
Romania Romanian leu NSO 2016 2010 ESA 2010 From 2000 NSO 2016
Russia Russian ruble NSO 2017 2016 SNA 2008 From 1995 NSO 2017
Rwanda Rwandan franc NSO 2016 2014 SNA 2008 NSO 2017
Samoa Samoa tala NSO 2016/17 2009/10 SNA 1993 NSO 2016/17
San Marino Euro NSO 2016 2007 Other NSO 2017
São Tomé and São Tomé and NSO 2016 2000 SNA 1993 NSO 2016
Príncipe Príncipe dobra
Saudi Arabia Saudi riyal NSO and MEP 2016 2010 SNA 1993 NSO and MEP 2016
Senegal CFA franc NSO 2016 2000 SNA 1993 NSO 2017
Serbia Serbian dinar NSO 2016 2010 ESA 2010 From 2010 NSO 2016
Seychelles Seychellois rupee NSO 2015 2006 SNA 1993 NSO 2016
Sierra Leone Sierra Leonean NSO 2016 2006 SNA 1993 From 2010 NSO 2016
leone
Singapore Singapore dollar NSO 2017 2010 SNA 2008 NSO 2017
Slovak Republic Euro NSO 2017 2010 ESA 2010 From 1997 NSO 2017
Slovenia Euro NSO 2017 2010 ESA 2010 From 2000 NSO 2017
Solomon Islands Solomon Islands CB 2016 2004 SNA 1993 NSO 2016
dollar
Somalia US dollar CB 2016 2012 SNA 1993 CB 2014
South Africa South African rand NSO 2017 2010 SNA 1993 NSO 2017
South Sudan South Sudanese NSO 2016 2010 SNA 1993 NSO 2016
pound
Spain Euro NSO 2017 2010 ESA 2010 From 1995 NSO 2017
Sri Lanka Sri Lankan rupee NSO 2017 2010 SNA 1993 NSO 2017
St. Kitts and Nevis Eastern Caribbean NSO 2016 20066 SNA 1993 NSO 2016
dollar
St. Lucia Eastern Caribbean NSO 2016 2006 SNA 1993 NSO 2016
dollar
St. Vincent and the Eastern Caribbean NSO 2016 20066 SNA 1993 NSO 2016
Grenadines dollar
Sudan Sudanese pound NSO 2015 1996 Other NSO 2015
Suriname Surinamese dollar NSO 2016 2007 SNA 1993 NSO 2017

International Monetary Fund | April 2018 231

 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Oman MoF 2016 2001 CG C CB 2015 BPM 5
Pakistan MoF 2016/17 1986 CG,SG,LG C CB 2016/17 BPM 5
Palau MoF 2015/16 2001 CG Other MoF 2015/16 BPM 6
Panama MoF 2016 1986 CG,SG,LG,SS, NFPC C NSO 2016 BPM 6
Papua New Guinea MoF 2015 1986 CG C CB 2015 BPM 5
Paraguay MoF 2016 2001 CG,SG,LG,SS,MPC, C CB 2016 BPM 5
NFPC
Peru MoF 2017 1986 CG,SG,LG,SS C CB 2017 BPM 5
Philippines MoF 2017 2001 CG,LG,SS C CB 2016 BPM 6
Poland MoF and NSO 2016 ESA 2010 CG,LG,SS A CB 2016 BPM 6
Portugal NSO 2016 2001 CG,LG,SS A CB 2017 BPM 6
Puerto Rico MEP 2015/16 2001 Other A … … …
Qatar MoF 2015 1986 CG C CB and IMF staff 2017 BPM 5
Romania MoF 2016 2001 CG,LG,SS C CB 2016 BPM 6
Russia MoF 2017 2001 CG,SG,SS Mixed CB 2017 BPM 6
Rwanda MoF 2016 1986 CG,LG Mixed CB 2016 BPM 6
Samoa MoF 2016/17 2001 CG A CB 2016/17 BPM 6
San Marino MoF 2016 Other CG Other … … …
São Tomé and MoF and Customs 2016 2001 CG C CB 2016 BPM 6
Príncipe
Saudi Arabia MoF 2016 2014 CG C CB 2016 BPM 6
Senegal MoF 2016 2001 CG C CB and IMF staff 2017 BPM 6
Serbia MoF 2016 1986/2001 CG,SG,LG,SS C CB 2016 BPM 6
Seychelles MoF 2016 1986 CG,SS C CB 2016 BPM 6
Sierra Leone MoF 2017 1986 CG C CB 2016 BPM 5
Singapore MoF 2016/17 2001 CG C NSO 2017 BPM 6
Slovak Republic NSO 2017 2001 CG,LG,SS A CB 2017 BPM 6
Slovenia MoF 2017 1986 CG,SG,LG,SS C NSO 2017 BPM 6
Solomon Islands MoF 2016 1986 CG C CB 2016 BPM 6
Somalia MoF 2016 2001 CG C CB 2016 BPM 5
South Africa MoF 2016 2001 CG,SG,SS C CB 2016 BPM 6
South Sudan MoF and MEP 2016 Other CG C MoF, NSO, and MEP 2016 BPM 5
Spain MoF and NSO 2016 ESA 2010 CG,SG,LG,SS A CB 2016 BPM 6
Sri Lanka MoF 2017 2001 CG C CB 2016 BPM 5
St. Kitts and Nevis MoF 2016 1986 CG, SG C CB 2016 BPM 6
St. Lucia MoF 2015/16 1986 CG C CB 2016 BPM 6
St. Vincent and the MoF 2016 1986 CG C CB 2016 BPM 6
Grenadines
Sudan MoF 2017 2001 CG Mixed CB 2016 BPM 5
Suriname MoF 2016 1986 CG Mixed CB 2016 BPM 5

232 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table G. Key Data Documentation (continued)

National Accounts Prices (CPI)

System of Use of Chain- Latest

Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Swaziland Swazi lilangeni NSO 2015 2011 SNA 1993 NSO 2017
Sweden Swedish krona NSO 2017 2016 ESA 2010 From 1993 NSO 2017
Switzerland Swiss franc NSO 2017 2010 ESA 2010 From 1980 NSO 2017
Syria Syrian pound NSO 2010 2000 SNA 1993 NSO 2011
Taiwan Province of New Taiwan dollar NSO 2016 2011 SNA 2008 NSO 2017
China
Tajikistan Tajik somoni NSO 2017 1995 SNA 1993 NSO 2017
Tanzania Tanzania shilling NSO 2016 2007 SNA 1993 NSO 2017
Thailand Thai baht MEP 2017 2002 SNA 1993 From 1993 MEP 2017
Timor-Leste US dollar MoF 2016 20156 SNA 2008 NSO 2017
Togo CFA franc NSO 2015 2007 SNA 1993 NSO 2016
Tonga Tongan pa’anga CB 2016 2010 SNA 1993 CB 2016
Trinidad and Tobago Trinidad and NSO 2016 2012 SNA 1993 NSO 2016
Tobago dollar
Tunisia Tunisian dinar NSO 2017 2004 SNA 1993 From 2009 NSO 2016
Turkey Turkish lira NSO 2016 2009 ESA 2010 From 2009 NSO 2017
Turkmenistan New Turkmen NSO 2017 2008 SNA 1993 From 2000 NSO 2017
manat
Tuvalu Australian dollar PFTAC advisors 2015 2005 SNA 1993 NSO 2016
Uganda Ugandan shilling NSO 2016 2010 SNA 1993 CB 2016/17
Ukraine Ukrainian hryvnia NSO 2017 2010 SNA 2008 From 2005 NSO 2017
United Arab U.A.E. dirham NSO 2016 2010 SNA 1993 NSO 2016
Emirates
United Kingdom Pound sterling NSO 2017 2015 ESA 2010 From 1980 NSO 2017
United States US dollar NSO 2017 2009 Other From 1980 NSO 2017
Uruguay Uruguayan peso CB 2016 2005 SNA 1993 NSO 2017
Uzbekistan Uzbek sum NSO 2016 1995 SNA 1993 NSO 2016
Vanuatu Vanuatu vatu NSO 2016 2006 SNA 1993 NSO 2016
Venezuela Venezuelan bolívar CB 2016 1997 SNA 2008 CB 2016
fuerte
Vietnam Vietnamese dong NSO 2017 2010 SNA 1993 NSO 2017
Yemen Yemeni rial IMF staff 2008 1990 SNA 1993 NSO,CB, and 2009
IMF staff
Zambia Zambian kwacha NSO 2016 2010 SNA 1993 NSO 2017
Zimbabwe US dollar NSO 2013 2009 Other NSO 2016

International Monetary Fund | April 2018 233

 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Swaziland MoF 2016/17 2001 CG A CB 2017 BPM 6
Sweden MoF 2016 2001 CG,LG,SS A NSO 2017 BPM 6
Switzerland MoF 2016 2001 CG,SG,LG,SS A CB 2017 BPM 6
Syria MoF 2009 1986 CG C CB 2009 BPM 5
Taiwan Province of MoF 2016 1986 CG,LG,SS C CB 2016 BPM 6
China
Tajikistan MoF 2017 1986 CG,LG,SS C CB 2016 BPM 6
Tanzania MoF 2016 1986 CG,LG C CB 2016 BPM 5
Thailand MoF 2016/17 2001 CG,BCG,LG,SS A CB 2017 BPM 6
Timor-Leste MoF 2017 2001 CG C CB 2017 BPM 6
Togo MoF 2016 2001 CG C CB 2016 BPM 6
Tonga MoF 2016 2014 CG C CB and NSO 2016 BPM 6
Trinidad and Tobago MoF 2016/17 1986 CG C CB and NSO 2016 BPM 6
Tunisia MoF 2016 1986 CG C CB 2016 BPM 5
Turkey MoF 2016 2001 CG,LG,SS A CB 2017 BPM 6
Turkmenistan MoF 2015 1986 CG,LG C NSO and IMF staff 2015 BPM 6
Tuvalu MoF 2016 Other CG Mixed IMF staff 2012 BPM 6
Uganda MoF 2016 2001 CG C CB 2016 BPM 6
Ukraine MoF 2016 2001 CG,SG,LG,SS C CB 2016 BPM 6
United Arab MoF 2016 2001 CG,BCG,SG,SS C CB 2016 BPM 5
Emirates
United Kingdom NSO 2017 2001 CG,LG A NSO 2017 BPM 6
United States MEP 2017 2014 CG,SG,LG A NSO 2016 BPM 6
Uruguay MoF 2017 1986 CG,LG,SS,MPC, A CB 2016 BPM 6
NFPC
Uzbekistan MoF 2016 Other CG,SG,LG,SS C MEP 2016 BPM 6
Vanuatu MoF 2016 2001 CG C CB 2016 BPM 5
Venezuela MoF 2013 2001 BCG,NFPC C CB 2016 BPM 5
Vietnam MoF 2015 2001 CG,SG,LG C CB 2016 BPM 5
Yemen MoF 2013 2001 CG,LG C IMF staff 2009 BPM 5
Zambia MoF 2016 1986 CG C CB 2016 BPM 6
Zimbabwe MoF 2014 1986 CG C CB and MoF 2016 BPM 6
Note: BPM = Balance of Payments Manual; CPI = consumer price index; ESA = European System of National Accounts; SNA = System of National Accounts.
1CB = central bank; Customs = Customs Authority; GAD = General Administration Department; IEO = international economic organization; MEP = Ministry of Economy, Planning,

Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre.
2National accounts base year is the period with which other periods are compared and the period for which prices appear in the denominators of the price relationships used to

calculate the index.

3Use of chain-weighted methodology allows countries to measure GDP growth more accurately by reducing or eliminating the downward biases in volume series built on index numbers

that average volume components using weights from a year in the moderately distant past.
4For some countries, the structures of government consist of a broader coverage than specified for the general government. Coverage: BCG = budgetary central government; CG =

central government; EUA = extrabudgetary units/accounts; LG = local government; MPC = monetary public corporation, including central bank; NFPC = nonfinancial public corporation;
NMPC = nonmonetary financial public corporation; SG = state government; SS = social security fund; TG = territorial governments.
5Accounting standard: A = accrual accounting; C = cash accounting; CB = commitments basis accounting; Mixed = combination of accrual and cash accounting.
6Base year is not equal to 100 because the nominal GDP is not measured in the same way as real GDP or the data are seasonally adjusted.

234 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Box A1. Economic Policy Assumptions Underlying the Projections for Selected Economies

Fiscal Policy Assumptions on the authorities’ fiscal plans, with adjustments for
The short-term fiscal policy assumptions used in the the IMF staff’s assumptions.
World Economic Outlook (WEO) are normally based on Brazil: Fiscal projections for the end of 2018 take
officially announced budgets, adjusted for differences into account budget performance through January
between the national authorities and the IMF staff 2018, and the deficit target approved in the budget law.
regarding macroeconomic assumptions and projected Canada: Projections use the baseline forecasts in the
fiscal outturns. When no official budget has been 2018 federal budget and the latest provincial bud-
announced, projections incorporate policy measures get updates as available. The IMF staff makes some
that are judged likely to be implemented. The medium- adjustments to these forecasts, including for differ-
term fiscal projections are similarly based on a judg- ences in macroeconomic projections. The IMF staff’s
ment about the most likely path of policies. For cases forecast also incorporates the most recent data releases
in which the IMF staff has insufficient information to from Statistics Canada’s Canadian System of National
assess the authorities’ budget intentions and prospects Economic Accounts, including federal, provincial,
for policy implementation, an unchanged structural and territorial budgetary outturns through the fourth
primary balance is assumed unless indicated otherwise. quarter of 2017.
Specific assumptions used in regard to some of the Chile: Projections are based on the authorities’
advanced economies follow. (See also Tables B5 to B9 in budget projections, adjusted to reflect the IMF staff’s
the online section of the Statistical Appendix for data on projections for GDP and copper prices.
fiscal net lending/borrowing and structural balances.)1 China: Projections assume that the pace of fiscal
Argentina: Fiscal projections are based on the avail- consolidation is likely to be more gradual, reflect-
able information regarding budget outturn and budget ing reforms to strengthen social safety nets and the
plans for the federal and provincial governments, fiscal social security system announced as part of the Third
measures announced by the authorities, and the IMF Plenum reform agenda.
staff’s macroeconomic projections. Denmark: Estimates for 2016 are aligned with the
Australia: Fiscal projections are based on Australian latest official budget numbers, adjusted where appro-
Bureau of Statistics data; the fiscal year 2017/18 bud- priate for the IMF staff’s macroeconomic assumptions.
gets of the Commonwealth and States and Territories; For 2017–18, the projections incorporate key features
the Commonwealth’s 2017 Mid-Year Economic and of the medium-term fiscal plan as embodied in the
Fiscal Outlook and Updates by States and Territories; authorities’ Convergence Programme 2017 submitted
and the IMF staff’s estimates. to the European Union.
Austria: Fiscal projections are based on data from France: Projections for 2017 reflect the budget law
Statistics Austria, the authorities’ projections, and the and cancellation of spending taken in July 2017. For
IMF staff’s estimates and projections. 2018–22, they are based on the multiyear budget and
Belgium: Projections are based on the 2017–20 the 2018 budget, adjusted for differences in assumptions
Stability Programme and other available information on macro and financial variables, and revenue projec-
tions. Historical fiscal data reflect the May and Septem-
1 The output gap is actual minus potential output, as a
ber 2017 revisions and update of the fiscal accounts,
percentage of potential output. Structural balances are expressed
debt data, and national accounts for 2014 and 2015.
as a percentage of potential output. The structural balance is the Germany: The IMF staff’s projections for 2018 and
actual net lending/borrowing minus the effects of cyclical output beyond are based on the 2018 Draft Budgetary Plan
from potential output, corrected for one-time and other factors, and data updates from the national statistical agency,
such as asset and commodity prices and output composition adjusted for the differences in the IMF staff’s mac-
effects. Changes in the structural balance consequently include
effects of temporary fiscal measures, the impact of fluctuations
roeconomic framework and assumptions concerning
in interest rates and debt-service costs, and other noncyclical revenue elasticities. The projections do not include
fluctuations in net lending/borrowing. The computations of policy measures in the new government’s coalition
structural balances are based on the IMF staff’s estimates of agreement published in February 2018. The estimate
potential GDP and revenue and expenditure elasticities. (See of gross debt includes portfolios of impaired assets and
Annex I of the October 1993 WEO.) Net debt is calculated as
gross debt minus financial assets corresponding to debt instru-
noncore business transferred to institutions that are
ments. Estimates of the output gap and of the structural balance winding up, as well as other financial sector and EU
are subject to significant margins of uncertainty. support operations.

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WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Box A1 (continued)

Greece: Greece’s primary balance estimates for 2016 Mexico: Fiscal projections for 2018 are broadly in
are based on preliminary excessive deficit procedure line with the approved budget; projections for 2019
(EDP) data on an accrual basis (European System onward assume compliance with rules established in
of National and Regional Accounts [ESA 2010]) the Fiscal Responsibility Law.
provided by the National Statistical Service (ELSTAT) Netherlands: Fiscal projections for 2017–23 are
as of October 23, 2017. Fiscal data since 2010 are based on the authorities’ Bureau for Economic Policy
adjusted in line with program definition. Analysis budget projections, after differences in macro-
Hong Kong Special Administrative Region: Projec- economic assumptions are adjusted for. Historical data
tions are based on the authorities’ medium-term fiscal were revised following the June 2014 Central Bureau
projections on expenditures. of Statistics release of revised macro data because of
Hungary: Fiscal projections include the IMF staff’s the adoption of ESA 2010 and the revisions of data
projections of the macroeconomic framework and of sources.
the impact of recent legislative measures, as well as fis- New Zealand: Fiscal projections are based on
cal policy plans announced in the 2018 budget. the fiscal year 2017/18 budget and 2017 Half-Year
India: Historical data are based on budgetary execu- Economic and Fiscal Update, and the IMF staff’s
tion data. Projections are based on available informa- estimates.
tion on the authorities’ fiscal plans, with adjustments Portugal: The projections for the current year are
for the IMF staff’s assumptions. Subnational data are based on the authorities’ approved budget, adjusted
incorporated with a lag of up to two years; general to reflect the IMF staff’s macroeconomic forecast.
government data are thus finalized well after central Projections thereafter are based on the assumption of
government data. IMF and Indian presentations differ, unchanged policies.
particularly regarding divestment and license auction Puerto Rico: Fiscal projections are based on the
proceeds, net versus gross recording of revenues in cer- Puerto Rico Fiscal and Economic Growth Plan
tain minor categories, and some public sector lending. (FEGP), which was finalized on February 12, 2018,
Indonesia: IMF projections are based on moderate and is pending certification by the Oversight Board.
tax policy and administration reforms, fuel subsidy In line with assumptions of this plan, IMF projec-
pricing reforms introduced since January 2015, and a tions assume federal aid for rebuilding after Hurricane
gradual increase in social and capital spending over the Maria devastated the island in September 2017. The
medium term in line with fiscal space. projections also assume revenue losses from the fol-
Ireland: Fiscal projections are based on the country’s lowing: elimination of federal funding for Puerto Rico
Budget 2018. for the Affordable Care Act starting in 2018; elimina-
Israel: Historical data are based on Government tion of federal tax incentives (starting in 2018) that
Finance Statistics data prepared by the Central Bureau had neutralized the effects of Puerto Rico’s Act 154
of Statistics. The central government deficit is assumed on foreign companies; and the effects of the Tax Cuts
to remain at the current ceiling level of 2.9 percent of and Job Act, which reduces tax advantages for US
GDP throughout the projection period, rather than companies producing in Puerto Rico. Given sizable
declining in line with medium-term fiscal targets, policy uncertainty, some FEGP and IMF assumptions
consistent with long experience of revisions to those may differ, in particular those relating to the effects
targets. of the corporate tax reform, tax compliance, and tax
Italy: The IMF staff’s estimates and projections are adjustments (fees and rates); reduction of subsidies
based on the fiscal plans included in the government’s and expenses, freezing of payroll operational costs, and
2018 draft budget plan and September 2017 Update improvement of mobility; and increasing health care
to the Economic and Financial Document. efficiency. On the expenditure side, measures include
Japan: The projections include fiscal measures extension of Act 66, which freezes much government
already announced by the government, including the spending, through 2020; reduction of operating costs;
consumption tax hike in October 2019. decreases in government subsidies; and spending
Korea: The medium-term forecast incorporates the cuts in education. Although IMF policy assumptions
medium-term path for public spending announced by are similar to those in the FEGP scenario with full
the government. measures, the IMF’s projections of fiscal revenues,

236 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Box A1 (continued)

expenditures, and balance are different from FEGP’s. measures and the IMF staff’s higher inflation forecast.
This stems from two main differences in methodolo- For the medium term, the fiscal projections assume a
gies: first and foremost, while IMF projections are on more gradual fiscal consolidation than envisaged in the
an accrual basis, FEGP’s are on a cash basis. Second, Medium Term Programme.
the IMF and FEGP make very different macroeco- United Kingdom: Fiscal projections are based on
nomic assumptions. the country’s November 2017 Budget and the March
Russia: Projections for 2018–20 are the IMF staff’s 2018 update, with expenditure projections based
estimates, based on the authorities’ budget. Projections on the budgeted nominal values and with revenue
for 2021–23 are based on the new oil price rule, with projections adjusted for differences between the IMF
adjustments by the IMF staff. staff’s forecasts of macroeconomic variables (such as
Saudi Arabia: Staff baseline projections of total GDP growth and inflation) and the forecasts of these
government revenues reflect the impact of announced variables assumed in the authorities’ fiscal projections.
policies in the 2018 Budget. Oil revenues are based on The IMF staff’s data exclude public sector banks and
WEO baseline oil prices and the assumption that Saudi the effect of transferring assets from the Royal Mail
Arabia continues to meet its commitments under the Pension Plan to the public sector in April 2012. Real
OPEC+ agreement. Expenditure projections take the government consumption and investment are part of
2018 budget as a starting point and reflect staff esti- the real GDP path, which, according to the IMF staff,
mates of the effects of the latest changes in policies and may or may not be the same as projected by the UK
economic developments. Expenditures in 2018 include Office for Budget Responsibility.
allowances and other measures announced in the Royal United States: Fiscal projections are based on the June
Decree for one year in January 2018. 2017 Congressional Budget Office baseline, adjusted
Singapore: For fiscal year 2018/19, projections are for the IMF staff’s policy and macroeconomic assump-
based on budget numbers. For the remainder of the tions. Projections incorporate the effects of tax reform
projection period, the IMF staff assumes unchanged (Tax Cuts and Jobs Act, signed into law end of 2017)
policies. as well as the Bipartisan Budget Act of 2018 passed in
South Africa: Fiscal projections are based on the February 2018. Finally, fiscal projections are adjusted to
2018 Budget. Nontax revenue excludes transactions in reflect the IMF staff’s forecasts for key macroeconomic
financial assets and liabilities, as they involve primar- and financial variables and different accounting treat-
ily revenues associated with realized exchange rate ment of financial sector support and defined-benefit
valuation gains from the holding of foreign currency pension plans, and are converted to a general govern-
deposits, sale of assets, and conceptually similar items. ment basis. Data are compiled using SNA 2008, and
Spain: For 2017, fiscal data are the IMF staff’s pro- when translated into government finance statistics, this
jections, reflecting the cash outturn through Novem- is in accordance with GFSM 2014. Because of data
ber. For 2018 and beyond, fiscal projections are based limitations, most series begin in 2001.
on the information specified in the government’s 2018
Budgetary Plan and on the IMF staff’s macroeconomic
projections. Monetary Policy Assumptions
Sweden: Fiscal projections take into account the Monetary policy assumptions are based on the
authorities’ projections based on the 2018 Spring Bud- established policy framework in each country. In most
get. The impact of cyclical developments on the fiscal cases, this implies a nonaccommodative stance over
accounts is calculated using the Organisation for Eco- the business cycle: official interest rates will increase
nomic Co-operation and Development’s 2005 elasticity when economic indicators suggest that inflation
to take into account output and employment gaps. will rise above its acceptable rate or range; they will
Switzerland: The projections assume that fiscal policy decrease when indicators suggest that inflation will
is adjusted as necessary to keep fiscal balances in line not exceed the acceptable rate or range, that out-
with the requirements of Switzerland’s fiscal rules. put growth is below its potential rate, and that the
Turkey: The fiscal projections for 2018 are based on margin of slack in the economy is significant. On this
the authorities’ Medium Term Programme 2018–20, basis, the London interbank offered rate (LIBOR) on
with adjustments for additionally announced fiscal six-month US dollar deposits is assumed to average

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WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Box A1 (continued)

2.4 percent in 2018 and 3.4 percent in 2019 (see Japan: Monetary policy assumptions are in line with
Table 1.1). The rate on three-month euro deposits is market expectations.
assumed to average –0.3 percent in 2018 and 0.0 per- Korea: Monetary policy assumptions are in line with
cent in 2019. The interest rate on six-month Japanese market expectations.
yen deposits is assumed to average 0.0 percent in 2018 Mexico: Monetary policy assumptions are consistent
and 0.1 percent in 2019. with attaining the inflation target.
Australia: Monetary policy assumptions are in line Russia: Monetary projections assume that policy
with market expectations. rates will be falling over the next year or two as infla-
Brazil: Monetary policy assumptions are consistent tion fell below the 4 percent target of the Central
with gradual convergence of inflation toward the Bank of Russia in the context of a tight monetary
middle of the target range. stance, and the output gap is likely to be small.
Canada: Monetary policy assumptions are in line Saudi Arabia: Monetary policy projections are based
with market expectations. on the continuation of the exchange rate peg to the
China: Monetary policy is expected to tighten with US dollar.
a gradual rise in the interest rate. Singapore: Broad money is projected to grow in line
Denmark: The monetary policy is to maintain the with the projected growth in nominal GDP.
peg to the euro. South Africa: Monetary policy will remain neutral.
Euro area: Monetary policy assumptions for euro Sweden: Monetary projections are in line with
area member countries are in line with market Riksbank projections.
expectations. Switzerland: The projections assume no change in
Hong Kong Special Administrative Region: The IMF the policy rate in 2016–17.
staff assumes that the currency board system remains Turkey: The outlook for monetary and financial con-
intact. ditions assumes no changes to the current policy stance.
India: The policy (interest) rate assumption is con- United Kingdom: The short-term interest rate path is
sistent with an inflation rate within the Reserve Bank based on market interest rate expectations.
of India’s targeted band. United States: The IMF staff expects continued
Indonesia: Monetary policy assumptions are in line gradual normalization of the federal funds target rate
with the maintenance of inflation within the central over the medium term, in line with the broader mac-
bank’s targeted band. roeconomic outlook.

238 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

List of Tables

Output
A1. Summary of World Output
A2. Advanced Economies: Real GDP and Total Domestic Demand
A3. Advanced Economies: Components of Real GDP
A4. Emerging Market and Developing Economies: Real GDP

Inflation
A5. Summary of Inflation
A6. Advanced Economies: Consumer Prices
A7. Emerging Market and Developing Economies: Consumer Prices

Financial Policies
A8. Major Advanced Economies: General Government Fiscal Balances and Debt

Foreign Trade
A9. Summary of World Trade Volumes and Prices

Current Account Transactions

A10. Summary of Current Account Balances
A11. Advanced Economies: Balance on Current Account
A12. Emerging Market and Developing Economies: Balance on Current Account

Balance of Payments and External Financing

A13. Summary of Financial Account Balances

Flow of Funds
A14. Summary of Net Lending and Borrowing

Medium-Term Baseline Scenario

A15. Summary of World Medium-Term Baseline Scenario

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 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table A1. Summary of World Output1

(Annual percent change)
Average Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
World 3.9 5.4 4.3 3.5 3.5 3.6 3.5 3.2 3.8 3.9 3.9 3.7
Advanced Economies 1.8 3.0 1.7 1.2 1.3 2.1 2.3 1.7 2.3 2.5 2.2 1.5
United States 1.8 2.5 1.6 2.2 1.7 2.6 2.9 1.5 2.3 2.9 2.7 1.4
Euro Area 1.4 2.1 1.6 –0.9 –0.2 1.3 2.1 1.8 2.3 2.4 2.0 1.4
Japan 0.5 4.2 –0.1 1.5 2.0 0.4 1.4 0.9 1.7 1.2 0.9 0.5
Other Advanced Economies2 2.8 4.6 2.9 2.0 2.4 3.0 2.1 2.1 2.5 2.4 2.3 2.1
Emerging Market and Developing Economies 6.1 7.4 6.4 5.4 5.1 4.7 4.3 4.4 4.8 4.9 5.1 5.0
Regional Groups
Commonwealth of Independent States3 5.9 4.6 5.3 3.7 2.5 1.0 –2.0 0.4 2.1 2.2 2.1 2.3
Emerging and Developing Asia 8.1 9.6 7.9 7.0 6.9 6.8 6.8 6.5 6.5 6.5 6.6 6.2
Emerging and Developing Europe 4.0 4.3 6.6 2.5 4.9 3.9 4.7 3.2 5.8 4.3 3.7 3.2
Latin America and the Caribbean 3.0 6.1 4.6 2.9 2.9 1.3 0.3 –0.6 1.3 2.0 2.8 2.8
Middle East, North Africa, Afghanistan, and
Pakistan 5.2 4.7 4.4 5.0 2.6 2.8 2.5 4.9 2.6 3.4 3.7 3.6
Middle East and North Africa 5.2 4.9 4.4 5.1 2.5 2.6 2.4 4.9 2.2 3.2 3.6 3.4
Sub-Saharan Africa 5.7 7.0 5.1 4.4 5.3 5.1 3.4 1.4 2.8 3.4 3.7 4.0
Memorandum
European Union 1.7 2.0 1.8 –0.3 0.3 1.8 2.4 2.0 2.7 2.5 2.1 1.7
Low-Income Developing Countries 6.2 7.6 5.1 4.9 6.0 6.0 4.5 3.5 4.7 5.0 5.3 5.4
Analytical Groups
By Source of Export Earnings
Fuel 5.8 5.1 5.2 5.0 2.7 2.2 0.3 1.8 1.2 2.0 2.4 2.4
Nonfuel 6.2 8.1 6.7 5.5 5.7 5.3 5.2 4.9 5.5 5.6 5.6 5.5
Of Which, Primary Products 3.7 6.6 4.7 2.2 4.0 2.0 3.0 1.4 3.0 3.0 3.4 3.7
By External Financing Source
Net Debtor Economies 4.9 6.9 5.3 4.3 4.7 4.4 4.2 3.8 4.7 5.0 5.2 5.4
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16 4.8 4.3 2.4 1.8 2.9 1.6 0.4 2.4 3.2 4.2 4.7 5.0
Memorandum
Median Growth Rate
Advanced Economies 2.3 2.3 2.0 1.0 1.6 2.5 2.0 2.1 3.0 2.9 2.4 1.9
Emerging Market and Developing Economies 4.6 4.7 4.8 4.3 4.3 3.8 3.4 3.1 3.2 3.5 3.8 3.8
Low-Income Developing Countries 5.0 6.3 6.1 5.0 5.3 4.7 4.0 3.8 4.1 4.0 4.7 5.0
Output per Capita4
Advanced Economies 1.8 –4.0 2.5 1.1 0.7 0.9 1.6 1.7 1.1 1.9 2.0 1.1
Emerging Market and Developing Economies 4.5 1.1 6.0 4.8 3.7 3.6 3.2 2.8 2.8 3.3 3.6 3.7
Low-Income Developing Countries 3.5 3.1 5.3 3.5 1.9 3.7 3.7 1.9 0.9 2.3 2.8 3.1
World Growth Rate Based on Market Exchange
Rates 2.5 4.1 3.1 2.5 2.6 2.8 2.8 2.5 3.2 3.4 3.3 2.9
Value of World Output (billions of US dollars)
At Market Exchange Rates 46,643 65,960 73,165 74,535 76,596 78,663 74,429 75,485 79,865 87,505 92,734 114,353
At Purchasing Power Parities 66,645 89,346 94,925 99,726 104,749 110,342 115,252 120,367 127,044 134,981 143,283 178,018
1Real GDP.
2Excludes 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.
4Output per capita is in international currency at purchasing power parity.

240 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A2. Advanced Economies: Real GDP and Total Domestic Demand1
(Annual percent change)
Fourth Quarter2
Average Projections Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023 2017:Q4 2018:Q4 2019:Q4
Real GDP
Advanced Economies 1.8 3.0 1.7 1.2 1.3 2.1 2.3 1.7 2.3 2.5 2.2 1.5 2.6 2.4 2.0
United States 1.8 2.5 1.6 2.2 1.7 2.6 2.9 1.5 2.3 2.9 2.7 1.4 2.6 3.0 2.3
Euro Area 1.4 2.1 1.6 –0.9 –0.2 1.3 2.1 1.8 2.3 2.4 2.0 1.4 2.7 2.2 2.0
Germany 0.8 3.9 3.7 0.7 0.6 1.9 1.5 1.9 2.5 2.5 2.0 1.2 2.9 2.5 1.9
France 1.4 2.0 2.1 0.2 0.6 0.9 1.1 1.2 1.8 2.1 2.0 1.6 2.5 1.8 2.0
Italy 0.5 1.7 0.6 –2.8 –1.7 0.1 1.0 0.9 1.5 1.5 1.1 0.8 1.6 1.3 1.1
Spain 2.7 0.0 –1.0 –2.9 –1.7 1.4 3.4 3.3 3.1 2.8 2.2 1.7 3.1 2.5 2.1
Netherlands 1.6 1.4 1.7 –1.1 –0.2 1.4 2.3 2.2 3.1 3.2 2.4 1.9 3.4 2.9 2.3
Belgium 1.7 2.7 1.8 0.2 0.2 1.4 1.4 1.5 1.7 1.9 1.7 1.5 1.9 2.2 1.3
Austria 1.7 1.8 2.9 0.7 0.0 0.8 1.1 1.5 2.9 2.6 1.9 1.5 3.6 2.1 2.0
Greece 2.7 –5.5 –9.1 –7.3 –3.2 0.7 –0.3 –0.2 1.4 2.0 1.8 1.9 1.9 2.7 1.0
Portugal 0.9 1.9 –1.8 –4.0 –1.1 0.9 1.8 1.6 2.7 2.4 1.8 1.2 2.4 2.0 2.4
Ireland 3.9 1.8 2.9 0.0 1.6 8.3 25.5 5.1 7.8 4.5 4.0 2.8 7.8 2.2 2.0
Finland 2.0 3.0 2.6 –1.4 –0.8 –0.6 0.1 2.1 3.0 2.6 2.0 1.2 2.8 2.7 1.6
Slovak Republic 4.5 5.0 2.8 1.7 1.5 2.8 3.9 3.3 3.4 4.0 4.2 3.4 3.5 3.9 4.2
Lithuania 4.6 1.6 6.0 3.8 3.5 3.5 2.0 2.3 3.8 3.2 3.0 2.5 3.7 2.7 3.3
Slovenia 2.9 1.2 0.6 –2.7 –1.1 3.0 2.3 3.1 5.0 4.0 3.2 2.1 6.2 2.4 3.6
Luxembourg 3.0 4.9 2.5 –0.4 3.7 5.8 2.9 3.1 3.5 4.3 3.7 3.0 5.2 1.4 5.1
Latvia 4.7 –3.9 6.4 4.0 2.4 1.9 3.0 2.2 4.5 4.0 3.5 3.0 4.7 4.9 2.6
Estonia 4.1 2.3 7.6 4.3 1.9 2.9 1.7 2.1 4.9 3.9 3.2 2.9 5.3 4.2 3.2
Cyprus 3.5 1.3 0.3 –3.1 –5.9 –1.4 2.0 3.0 3.9 3.6 3.0 2.4 3.9 3.0 3.0
Malta 1.6 3.5 1.3 2.7 4.7 8.1 9.9 5.5 6.6 5.7 4.6 3.2 4.5 6.5 4.1
Japan 0.5 4.2 –0.1 1.5 2.0 0.4 1.4 0.9 1.7 1.2 0.9 0.5 2.1 0.8 –0.1
United Kingdom 1.7 1.7 1.5 1.5 2.1 3.1 2.3 1.9 1.8 1.6 1.5 1.6 1.4 1.6 1.6
Korea 4.7 6.5 3.7 2.3 2.9 3.3 2.8 2.8 3.1 3.0 2.9 2.6 3.0 3.4 2.9
Canada 2.1 3.1 3.1 1.7 2.5 2.9 1.0 1.4 3.0 2.1 2.0 1.6 2.9 2.1 1.9
Australia 3.1 2.4 2.7 3.9 2.2 2.6 2.5 2.6 2.3 3.0 3.1 2.6 2.4 3.0 3.4
Taiwan Province of China 3.8 10.6 3.8 2.1 2.2 4.0 0.8 1.4 2.8 1.9 2.0 2.0 2.9 1.8 1.8
Switzerland 1.9 2.9 1.8 1.0 1.9 2.5 1.2 1.4 1.1 2.3 2.0 1.7 1.9 2.2 1.9
Sweden 2.0 6.0 2.7 –0.3 1.2 2.6 4.5 3.2 2.4 2.6 2.2 1.9 3.3 1.9 2.6
Singapore 5.2 15.2 6.4 4.1 5.1 3.9 2.2 2.4 3.6 2.9 2.7 2.6 3.6 1.6 3.6
Hong Kong SAR 4.2 6.8 4.8 1.7 3.1 2.8 2.4 2.1 3.8 3.6 3.2 3.0 3.4 3.9 2.7
Norway 1.8 0.7 1.0 2.7 1.0 2.0 2.0 1.1 1.8 2.1 2.1 1.9 1.4 2.7 1.7
Czech Republic 3.4 2.3 1.8 –0.8 –0.5 2.7 5.3 2.6 4.3 3.5 3.0 2.5 5.2 3.1 3.2
Israel 3.5 5.5 5.2 2.2 4.2 3.5 2.6 4.0 3.3 3.3 3.5 3.0 3.0 3.1 3.8
Denmark 1.0 1.9 1.3 0.2 0.9 1.6 1.6 2.0 2.1 2.0 1.9 1.7 1.2 2.7 1.9
New Zealand 2.9 2.0 1.9 2.5 2.2 3.2 4.2 4.2 3.0 2.9 2.9 2.4 3.2 2.5 3.3
Puerto Rico 1.0 –0.4 –0.4 0.0 –0.3 –1.2 –1.1 –2.6 –7.7 –3.6 –1.2 –0.8 ... ... ...
Macao SAR ... 25.3 21.7 9.2 11.2 –1.2 –21.6 –0.9 9.3 7.0 6.1 4.3 ... ... ...
Iceland 3.5 –3.6 2.0 1.3 4.3 2.2 4.3 7.5 3.6 3.2 3.0 2.6 1.2 4.0 3.9
San Marino ... –4.8 –9.3 –7.6 –3.2 –0.9 0.6 2.2 1.5 1.3 1.3 1.3 ... ... ...
Memorandum
Major Advanced Economies 1.4 2.8 1.6 1.4 1.4 2.0 2.1 1.4 2.1 2.4 2.1 1.3 2.4 2.3 1.8
Real Total Domestic Demand
Advanced Economies 1.6 2.9 1.4 0.8 1.0 2.0 2.5 1.8 2.3 2.7 2.4 1.4 2.5 2.8 2.0
United States 1.7 2.9 1.6 2.1 1.3 2.7 3.5 1.7 2.4 3.5 3.2 1.0 2.6 3.6 2.8
Euro Area 1.3 1.5 0.7 –2.4 –0.6 1.3 2.0 2.4 2.0 2.2 1.9 1.5 1.5 2.8 1.6
Germany 0.3 2.9 3.0 –0.8 1.0 1.3 1.5 2.4 2.4 2.3 2.0 1.5 2.0 2.7 1.8
France 1.7 2.1 2.0 –0.3 0.7 1.4 1.6 1.9 2.3 1.9 1.8 1.6 2.1 2.3 1.6
Italy 0.7 2.0 –0.6 –5.6 –2.6 0.2 1.5 1.1 1.4 1.6 1.1 0.7 1.2 1.7 0.7
Spain 2.9 –0.5 –3.1 –5.1 –3.2 2.0 4.0 2.6 2.9 2.6 2.1 1.5 3.3 2.4 2.0
Japan 0.2 2.4 0.7 2.3 2.4 0.4 1.0 0.4 1.2 1.1 1.0 0.5 1.8 0.8 –0.2
United Kingdom 1.8 2.5 –0.6 1.8 1.9 3.1 2.3 2.2 1.4 1.4 1.3 1.6 1.9 1.0 1.4
Canada 2.8 5.1 3.4 2.0 2.1 1.8 0.1 0.9 3.8 2.5 1.2 1.4 5.1 1.3 1.2
Other Advanced Economies3 2.9 6.1 3.1 2.0 1.5 2.7 2.5 2.2 3.4 2.9 2.8 2.6 4.3 2.9 2.7
Memorandum
Major Advanced Economies 1.3 2.8 1.4 1.1 1.2 1.9 2.4 1.6 2.1 2.6 2.3 1.1 2.4 2.6 1.9
1Inthis 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.

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Table A3. Advanced Economies: Components of Real GDP

(Annual percent change)
Averages Projections
2000–09 2010–19 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Private Consumer Expenditure
Advanced Economies 2.0 1.8 1.9 1.3 0.9 1.2 1.8 2.5 2.2 2.2 2.2 2.0
United States 2.4 2.5 1.9 2.3 1.5 1.5 2.9 3.6 2.7 2.8 2.9 2.6
Euro Area 1.4 0.9 0.8 –0.1 –1.1 –0.6 0.8 1.8 2.0 1.6 1.8 1.6
Germany 0.7 1.4 0.3 1.3 1.3 0.8 1.0 1.6 1.9 2.1 2.0 1.7
France 2.0 1.1 1.8 0.5 –0.2 0.5 0.8 1.4 2.2 1.3 1.4 1.7
Italy 0.6 0.2 1.2 0.0 –4.0 –2.4 0.2 1.9 1.4 1.3 1.3 1.1
Spain 2.5 0.5 0.3 –2.4 –3.5 –3.1 1.5 3.0 3.0 2.4 2.3 2.0
Japan 0.8 0.8 2.4 –0.4 2.0 2.4 –0.9 0.0 0.1 1.1 0.6 0.8
United Kingdom 2.2 1.5 0.6 –0.7 1.6 1.7 2.1 2.6 2.9 1.7 1.0 1.1
Canada 3.2 2.4 3.6 2.3 1.9 2.6 2.6 2.2 2.3 3.4 2.4 1.0
Other Advanced Economies1 3.1 2.7 3.8 3.0 2.2 2.3 2.4 2.7 2.5 2.5 2.8 2.7
Memorandum
Major Advanced Economies 1.8 1.8 1.7 1.3 1.1 1.3 1.8 2.5 2.1 2.2 2.1 1.9
Public Consumption
Advanced Economies 2.3 0.9 1.0 –0.5 0.1 –0.3 0.6 1.5 1.6 0.9 2.1 1.6
United States 2.2 0.1 0.1 –2.7 –0.9 –2.4 –0.5 1.3 1.0 0.1 3.1 1.9
Euro Area 2.0 0.8 0.7 –0.1 –0.3 0.3 0.7 1.3 1.8 1.2 1.4 1.1
Germany 1.2 1.8 1.3 0.9 1.1 1.4 1.5 2.9 3.7 1.6 2.0 1.7
France 1.7 1.2 1.3 1.0 1.6 1.5 1.3 1.1 1.3 1.6 1.0 0.5
Italy 1.3 –0.3 0.6 –1.8 –1.4 –0.3 –0.7 –0.6 0.6 0.1 0.3 0.3
Spain 5.1 0.0 1.5 –0.3 –4.7 –2.1 –0.3 2.1 0.8 1.6 1.0 0.7
Japan 1.7 1.1 1.9 1.9 1.7 1.5 0.5 1.5 1.3 0.1 –0.3 1.1
United Kingdom 2.8 0.8 0.5 0.2 1.3 0.2 2.5 0.6 0.8 0.1 1.0 0.9
Canada 2.6 1.2 2.3 1.3 0.7 –0.7 0.5 1.6 2.2 2.2 1.2 0.6
Other Advanced Economies1 2.9 2.5 2.7 1.6 1.9 2.3 2.4 2.6 3.3 3.0 2.9 2.7
Memorandum
Major Advanced Economies 2.0 0.6 0.7 –0.9 0.1 –0.7 0.3 1.4 1.4 0.5 2.0 1.4
Gross Fixed Capital Formation
Advanced Economies 0.6 2.9 1.7 2.9 2.4 1.5 3.5 2.7 1.9 3.5 4.5 4.3
United States 0.1 3.8 1.1 3.7 6.3 3.1 4.8 3.5 0.6 3.4 5.6 6.5
Euro Area 0.9 1.6 –0.3 1.5 –3.4 –2.5 1.9 3.3 4.6 3.5 4.4 3.5
Germany –0.4 2.9 5.0 7.4 –0.1 –1.2 3.8 1.1 2.9 4.0 3.5 2.9
France 1.6 1.9 2.1 2.1 0.2 –0.8 0.1 1.0 2.9 3.7 4.0 3.7
Italy 0.8 –0.7 –0.5 –1.9 –9.3 –6.6 –2.3 2.1 3.2 3.7 4.0 2.1
Spain 2.4 0.2 –4.9 –6.9 –8.6 –3.4 4.7 6.5 3.3 5.0 4.5 3.6
Japan –2.0 2.2 –1.6 1.7 3.5 4.9 3.1 1.7 1.1 2.5 3.4 1.6
United Kingdom –0.1 3.2 4.5 2.2 2.1 3.4 7.1 2.8 1.8 4.0 2.2 2.5
Canada 3.1 2.4 11.4 4.6 4.9 1.3 2.4 –5.2 –2.9 2.8 3.2 2.2
Other Advanced Economies1 2.8 3.3 5.9 4.1 3.0 2.5 2.5 1.9 2.4 4.0 3.5 3.2
Memorandum
Major Advanced Economies 0.0 3.0 1.8 3.2 3.4 1.9 3.7 2.3 1.2 3.4 4.5 4.5

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Table A3. Advanced Economies: Components of Real GDP (continued)

(Annual percent change)
Averages Projections
2000–09 2010–19 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Final Domestic Demand
Advanced Economies 1.8 1.9 1.7 1.3 1.1 1.0 2.0 2.4 2.1 2.3 2.7 2.4
United States 1.9 2.4 1.5 1.7 1.9 1.2 2.7 3.3 2.1 2.5 3.4 3.2
Euro Area 1.4 1.0 0.5 0.3 –1.5 –0.8 1.0 2.0 2.5 1.9 2.3 1.9
Germany 0.5 1.8 1.4 2.5 1.0 0.5 1.7 1.8 2.5 2.4 2.3 1.9
France 1.8 1.3 1.8 0.9 0.3 0.4 0.7 1.2 2.2 1.9 1.9 1.8
Italy 0.8 –0.1 0.7 –0.8 –4.5 –2.8 –0.4 1.4 1.5 1.5 1.6 1.1
Spain 2.9 0.3 –0.7 –3.0 –4.8 –3.0 1.8 3.5 2.6 2.8 2.5 2.1
Japan 0.3 1.2 1.4 0.5 2.3 2.8 0.2 0.7 0.6 1.2 1.3 1.0
United Kingdom 2.0 1.6 1.2 –0.1 1.6 1.7 3.0 2.2 2.4 1.8 1.2 1.3
Canada 3.0 2.2 5.0 2.6 2.4 1.6 2.1 0.3 1.1 3.0 2.3 1.2
Other Advanced Economies1 3.0 2.8 4.1 3.0 2.3 2.4 2.5 2.5 2.5 3.1 3.0 2.8
Memorandum
Major Advanced Economies 1.5 1.8 1.6 1.3 1.3 1.1 1.9 2.3 1.9 2.2 2.6 2.3
Stock Building2
Advanced Economies –0.1 0.1 1.3 0.1 –0.2 0.0 0.1 0.1 –0.3 0.0 0.0 0.0
United States –0.2 0.1 1.5 –0.1 0.1 0.2 –0.1 0.2 –0.4 –0.1 0.0 0.0
Euro Area –0.1 0.1 0.9 0.5 –0.9 0.2 0.3 0.0 –0.1 0.1 0.0 0.0
Germany –0.2 0.0 1.4 0.5 –1.6 0.5 –0.4 –0.3 –0.1 0.0 0.0 0.0
France –0.1 0.2 0.3 1.1 –0.6 0.2 0.7 0.3 –0.1 0.4 0.0 0.0
Italy –0.1 0.1 1.3 0.2 –1.1 0.2 0.6 0.1 –0.4 –0.1 0.0 0.0
Spain 0.0 0.0 0.2 –0.1 –0.2 –0.3 0.2 0.4 0.0 0.1 0.1 0.0
Japan 0.0 0.1 1.0 0.2 0.0 –0.4 0.1 0.3 –0.2 –0.1 0.0 0.0
United Kingdom –0.2 0.1 1.4 –0.6 0.2 0.1 0.2 0.1 –0.2 –0.4 0.1 0.0
Canada 0.0 0.0 0.1 0.7 –0.3 0.5 –0.4 –0.2 –0.2 –0.4 0.0 0.0
Other Advanced Economies1 –0.1 0.1 1.9 0.2 –0.3 –0.8 0.2 0.0 –0.3 0.3 –0.1 –0.1
Memorandum
Major Advanced Economies –0.1 0.1 1.2 0.1 –0.2 0.2 0.0 0.2 –0.3 –0.1 0.0 0.0
Foreign Balance2
Advanced Economies 0.1 0.0 0.1 0.3 0.4 0.3 0.0 –0.2 –0.2 0.0 –0.1 –0.2
United States 0.0 –0.3 –0.5 0.0 0.1 0.3 –0.2 –0.7 –0.2 –0.2 –0.6 –0.6
Euro Area 0.1 0.4 0.6 0.9 1.5 0.4 0.1 0.1 –0.4 0.4 0.3 0.1
Germany 0.5 0.4 1.1 0.9 1.4 –0.3 0.7 0.1 –0.4 0.2 0.4 0.2
France –0.3 –0.2 –0.1 0.0 0.5 –0.1 –0.5 –0.5 –0.8 –0.4 0.1 0.0
Italy –0.2 0.4 –0.3 1.2 2.8 0.8 –0.1 –0.5 –0.3 0.1 0.0 0.0
Spain –0.2 0.7 0.5 2.1 2.2 1.5 –0.5 –0.4 0.7 0.3 0.3 0.2
Japan 0.1 0.1 1.6 –0.9 –0.8 –0.4 0.0 0.3 0.5 0.5 0.1 –0.1
United Kingdom –0.1 –0.1 –0.7 1.4 –0.7 –0.6 –0.5 –0.1 –0.8 0.6 0.3 0.2
Canada –0.8 0.0 –2.1 –0.3 –0.4 0.3 1.1 0.9 0.7 –0.9 –0.3 0.8
Other Advanced Economies1 0.6 0.1 0.0 0.5 0.5 0.9 0.4 –0.2 –0.1 –0.6 0.0 0.1
Memorandum
Major Advanced Economies 0.0 –0.1 –0.1 0.1 0.2 0.1 0.0 –0.3 –0.2 0.0 –0.2 –0.3
1Excludesthe G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.
2Changes expressed as percent of GDP in the preceding period.

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Table A4. Emerging Market and Developing Economies: Real GDP

(Annual percent change)
Average Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Commonwealth of Independent States1,2 5.9 4.6 5.3 3.7 2.5 1.0 –2.0 0.4 2.1 2.2 2.1 2.3
Russia 5.4 4.5 5.1 3.7 1.8 0.7 –2.5 –0.2 1.5 1.7 1.5 1.5
Excluding Russia 7.5 5.0 6.0 3.6 4.2 1.9 –0.6 1.9 3.6 3.5 3.6 3.9
Armenia 8.5 2.2 4.7 7.1 3.3 3.6 3.3 0.3 7.5 3.4 3.5 4.0
Azerbaijan 14.6 4.6 –1.6 2.1 5.9 2.7 0.6 –3.1 0.1 2.0 3.9 2.6
Belarus 7.2 7.8 5.5 1.7 1.0 1.7 –3.8 –2.5 2.4 2.8 2.4 2.0
Georgia 5.9 6.2 7.2 6.4 3.4 4.6 2.9 2.8 4.8 4.5 4.8 5.2
Kazakhstan 8.5 7.3 7.5 5.0 6.0 4.3 1.2 1.1 4.0 3.2 2.8 3.4
Kyrgyz Republic 4.6 –0.5 6.0 –0.1 10.9 4.0 3.9 3.8 4.5 3.3 4.9 3.3
Moldova 4.6 7.1 6.8 –0.7 9.4 4.8 –0.4 4.3 4.0 3.5 3.8 3.9
Tajikistan 8.2 6.5 7.4 7.5 7.4 6.7 6.0 6.9 7.1 4.0 4.0 4.0
Turkmenistan 14.2 9.2 14.7 11.1 10.2 10.3 6.5 6.2 6.5 6.2 5.6 5.7
Ukraine3 4.5 0.3 5.5 0.2 0.0 –6.6 –9.8 2.4 2.5 3.2 3.3 4.0
Uzbekistan 6.4 8.5 8.3 8.2 8.0 8.0 7.9 7.8 5.3 5.0 5.0 6.0
Emerging and Developing Asia 8.1 9.6 7.9 7.0 6.9 6.8 6.8 6.5 6.5 6.5 6.6 6.2
Bangladesh 5.8 6.0 6.5 6.3 6.0 6.3 6.8 7.2 7.1 7.0 7.0 7.0
Bhutan 8.2 9.3 9.7 6.4 3.6 4.0 6.1 6.3 6.0 7.1 7.6 11.4
Brunei Darussalam 1.4 2.7 3.7 0.9 –2.1 –2.5 –0.4 –2.5 0.5 1.0 8.0 9.1
Cambodia 8.3 6.0 7.2 7.3 7.4 7.1 7.2 7.0 6.9 6.9 6.8 6.0
China 10.3 10.6 9.5 7.9 7.8 7.3 6.9 6.7 6.9 6.6 6.4 5.5
Fiji 0.9 3.0 2.7 1.4 4.7 5.6 3.8 0.4 3.8 3.5 3.4 3.2
India4 6.9 10.3 6.6 5.5 6.4 7.4 8.2 7.1 6.7 7.4 7.8 8.2
Indonesia 5.3 6.4 6.2 6.0 5.6 5.0 4.9 5.0 5.1 5.3 5.5 5.6
Kiribati 1.4 –0.9 1.6 4.6 4.3 –0.6 10.3 1.1 3.1 2.3 2.4 1.8
Lao P.D.R. 7.0 8.0 8.0 7.8 8.0 7.6 7.3 7.0 6.8 6.8 7.0 6.8
Malaysia 4.7 7.5 5.3 5.5 4.7 6.0 5.0 4.2 5.9 5.3 5.0 4.9
Maldives 6.3 7.1 8.4 2.3 7.1 7.6 2.2 4.5 4.8 5.0 5.0 5.4
Marshall Islands 1.9 1.2 3.5 2.9 –0.8 –0.4 1.9 2.0 1.9 1.8 1.7 1.5
Micronesia 0.5 3.3 1.0 –1.7 –3.0 –2.5 3.9 2.9 2.0 1.4 0.9 0.6
Mongolia 5.6 7.3 17.3 12.3 11.6 7.9 2.4 1.2 5.1 5.0 6.3 7.0
Myanmar 11.1 5.3 5.6 7.3 8.4 8.0 7.0 5.9 6.7 6.9 7.0 7.5
Nauru ... 13.6 11.7 10.1 34.2 36.5 2.8 10.4 4.0 –3.0 0.0 2.0
Nepal 4.1 4.8 3.4 4.8 4.1 6.0 3.3 0.4 7.5 5.0 4.0 3.8
Palau ... 3.0 5.1 3.9 –2.1 5.4 11.4 0.5 –1.0 1.0 4.0 2.0
Papua New Guinea 2.8 10.1 1.1 4.6 3.8 12.5 8.0 2.4 2.5 2.9 2.6 3.3
Philippines 4.4 7.6 3.7 6.7 7.1 6.1 6.1 6.9 6.7 6.7 6.8 7.0
Samoa 3.2 –2.0 5.6 0.4 –1.9 1.2 1.6 7.1 2.4 2.5 2.8 2.2
Solomon Islands 1.2 6.8 13.2 4.6 3.0 2.3 2.5 3.5 3.2 3.0 2.9 2.9
Sri Lanka 5.1 8.0 8.4 9.1 3.4 5.0 5.0 4.5 3.1 4.0 4.5 5.0
Thailand 4.3 7.5 0.8 7.2 2.7 1.0 3.0 3.3 3.9 3.9 3.8 3.5
Timor-Leste5 ... 8.5 7.7 5.5 2.5 4.1 4.0 5.3 –0.5 2.8 5.7 5.2
Tonga 1.1 3.2 1.8 –1.1 –0.6 2.9 3.5 3.1 3.1 3.2 2.9 1.4
Tuvalu ... –3.1 7.9 –3.8 4.6 1.3 9.1 3.0 3.2 3.5 3.1 2.0
Vanuatu 3.3 1.6 1.2 1.8 2.0 2.3 0.2 3.5 4.2 3.8 3.5 3.0
Vietnam 6.9 6.4 6.2 5.2 5.4 6.0 6.7 6.2 6.8 6.6 6.5 6.5
Emerging and Developing Europe 4.0 4.3 6.6 2.5 4.9 3.9 4.7 3.2 5.8 4.3 3.7 3.2
Albania 5.9 3.7 2.5 1.4 1.0 1.8 2.2 3.4 3.9 3.7 3.8 4.0
Bosnia and Herzegovina 4.2 0.8 0.9 –0.7 2.4 1.1 3.1 3.2 2.7 3.2 3.5 4.0
Bulgaria 5.0 1.3 1.9 0.0 0.9 1.3 3.6 3.9 3.6 3.8 3.1 2.8
Croatia 3.0 –1.4 –0.3 –2.2 –0.6 –0.1 2.3 3.2 2.8 2.8 2.6 2.2
Hungary 2.4 0.7 1.7 –1.6 2.1 4.2 3.4 2.2 4.0 3.8 3.0 2.2
Kosovo ... 3.3 4.4 2.8 3.4 1.2 4.1 4.1 4.1 4.0 4.0 4.0
FYR Macedonia 3.1 3.4 2.3 –0.5 2.9 3.6 3.9 2.9 0.0 2.8 3.0 3.5
Montenegro ... 2.7 3.2 –2.7 3.5 1.8 3.4 2.9 4.2 3.1 2.4 3.0
Poland 3.9 3.6 5.0 1.6 1.4 3.3 3.8 2.9 4.6 4.1 3.5 2.8
Romania 4.8 –2.8 2.0 1.2 3.5 3.1 4.0 4.8 7.0 5.1 3.5 3.1
Serbia 5.1 0.6 1.4 –1.0 2.6 –1.8 0.8 2.8 1.8 3.5 3.5 4.0
Turkey 3.8 8.5 11.1 4.8 8.5 5.2 6.1 3.2 7.0 4.4 4.0 3.6

244 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A4. Emerging Market and Developing Economies: Real GDP (continued)
(Annual percent change)
Average Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Latin America and the Caribbean 3.0 6.1 4.6 2.9 2.9 1.3 0.3 –0.6 1.3 2.0 2.8 2.8
Antigua and Barbuda 2.8 –7.2 –2.1 3.5 –0.1 5.1 4.1 5.3 2.8 3.5 3.0 2.0
Argentina 2.3 10.1 6.0 –1.0 2.4 –2.5 2.7 –1.8 2.9 2.0 3.2 3.3
The Bahamas 1.0 1.5 0.6 3.1 –0.6 –1.2 –3.1 0.2 1.3 2.5 2.2 1.5
Barbados 1.4 0.3 0.8 0.3 –0.6 0.1 1.0 1.6 0.9 0.5 0.8 1.0
Belize 4.9 3.3 2.1 3.7 0.7 4.0 3.8 –0.5 0.8 1.8 2.0 1.7
Bolivia 3.7 4.1 5.2 5.1 6.8 5.5 4.9 4.3 4.2 4.0 3.8 3.7
Brazil 3.4 7.5 4.0 1.9 3.0 0.5 –3.5 –3.5 1.0 2.3 2.5 2.2
Chile 4.2 5.8 6.1 5.3 4.1 1.8 2.3 1.3 1.5 3.4 3.3 3.0
Colombia 4.0 4.0 6.6 4.0 4.9 4.4 3.1 2.0 1.8 2.7 3.3 3.5
Costa Rica 4.2 5.0 4.3 4.8 2.3 3.5 3.6 4.5 3.2 3.6 3.6 3.5
Dominica 2.6 0.7 –0.2 –1.1 0.8 4.2 –3.7 2.6 –4.2 –16.3 12.2 1.5
Dominican Republic 4.2 8.3 3.1 2.8 4.7 7.6 7.0 6.6 4.6 5.5 5.0 5.0
Ecuador 3.9 3.5 7.9 5.6 4.9 3.8 0.1 –1.6 2.7 2.5 2.2 1.8
El Salvador 2.0 1.4 2.2 1.9 1.8 1.4 2.3 2.4 2.4 2.3 2.3 2.2
Grenada 2.3 –0.5 0.8 –1.2 2.4 7.3 6.4 3.7 3.5 3.6 3.6 2.7
Guatemala 3.3 2.9 4.2 3.0 3.7 4.2 4.1 3.1 2.8 3.2 3.6 3.6
Guyana 1.8 4.4 5.4 4.8 5.2 3.8 3.1 3.3 2.1 3.5 3.7 27.8
Haiti 0.8 –5.5 5.5 2.9 4.2 2.8 1.2 1.5 1.2 2.0 3.0 2.0
Honduras 4.5 3.7 3.8 4.1 2.8 3.1 3.8 3.8 4.8 3.5 3.6 3.8
Jamaica 0.9 –1.4 1.4 –0.5 0.2 0.6 0.8 1.5 1.0 1.5 1.8 2.4
Mexico 1.4 5.1 3.7 3.6 1.4 2.8 3.3 2.9 2.0 2.3 3.0 2.9
Nicaragua 2.9 4.4 6.3 6.5 4.9 4.8 4.9 4.7 4.9 4.7 4.5 4.5
Panama 5.5 5.8 11.8 9.2 6.6 6.0 5.8 5.0 5.4 5.6 5.8 5.5
Paraguay 1.9 13.1 4.3 –1.2 14.0 4.7 3.0 4.0 4.3 4.5 4.1 4.0
Peru 5.0 8.5 6.5 6.0 5.8 2.4 3.3 4.1 2.5 3.7 4.0 3.8
St. Kitts and Nevis 3.2 –2.9 –0.8 –0.8 6.6 5.1 4.9 3.1 2.6 3.5 3.2 2.7
St. Lucia 2.2 –1.6 0.6 0.2 0.3 3.6 –0.9 3.4 3.0 2.5 2.3 1.6
St. Vincent and the Grenadines 3.1 –2.3 0.2 1.3 2.5 0.3 0.9 0.8 1.0 2.1 2.5 2.8
Suriname 4.5 5.2 5.8 2.7 2.9 0.3 –2.6 –5.1 0.0 1.4 2.0 3.0
Trinidad and Tobago 6.3 3.3 –0.3 1.3 1.0 –0.3 1.5 –6.0 –2.6 0.2 0.2 1.9
Uruguay 2.2 7.8 5.2 3.5 4.6 3.2 0.4 1.5 3.1 3.4 3.1 3.0
Venezuela 3.7 –1.5 4.2 5.6 1.3 –3.9 –6.2 –16.5 –14.0 –15.0 –6.0 –1.5
Middle East, North Africa, Afghanistan,
and Pakistan 5.2 4.7 4.4 5.0 2.6 2.8 2.5 4.9 2.6 3.4 3.7 3.6
Afghanistan ... 8.4 6.5 14.0 5.7 2.7 1.3 2.4 2.5 2.5 3.0 5.0
Algeria 3.9 3.6 2.8 3.4 2.8 3.8 3.7 3.3 2.0 3.0 2.7 0.5
Bahrain 5.6 4.3 2.0 3.7 5.4 4.4 2.9 3.2 3.2 3.0 2.3 2.3
Djibouti 3.2 4.1 7.3 4.8 5.0 6.0 6.5 6.5 6.7 6.7 6.7 6.0
Egypt 5.0 5.1 1.8 2.2 3.3 2.9 4.4 4.3 4.2 5.2 5.5 6.0
Iran 4.8 5.7 3.1 –7.7 –0.3 3.2 –1.6 12.5 4.3 4.0 4.0 4.1
Iraq 10.9 6.4 7.5 13.9 7.6 0.7 4.8 11.0 –0.8 3.1 4.9 2.4
Jordan 6.5 2.3 2.6 2.7 2.8 3.1 2.4 2.0 2.3 2.5 2.7 3.0
Kuwait 5.3 –2.4 10.9 7.9 0.4 0.6 –1.0 2.2 –2.5 1.3 3.8 2.9
Lebanon 4.9 8.0 0.9 2.8 2.6 2.0 0.8 1.0 1.2 1.5 1.8 2.8
Libya4 4.2 3.2 –66.7 124.7 –36.8 –53.0 –13.0 –7.4 70.8 16.4 1.4 1.5
Mauritania 4.3 4.8 4.7 5.8 6.1 5.6 0.8 1.6 3.2 2.7 4.5 5.3
Morocco 4.8 3.8 5.2 3.0 4.5 2.7 4.5 1.2 4.2 3.1 4.0 4.6
Oman 3.5 4.8 –1.1 9.3 4.4 2.8 4.7 1.8 –0.3 2.1 4.2 2.3
Pakistan 4.7 2.6 3.6 3.8 3.7 4.1 4.1 4.5 5.3 5.6 4.7 5.0
Qatar 12.1 18.1 13.4 4.7 4.4 4.0 3.6 2.2 2.1 2.6 2.7 2.7
Saudi Arabia 3.4 4.8 10.3 5.4 2.7 3.7 4.1 1.7 –0.7 1.7 1.9 2.3
Somalia ... ... ... 1.2 1.9 2.4 2.5 2.4 1.8 2.5 2.8 3.5
Sudan6 5.5 5.2 –3.7 –10.6 2.2 3.2 3.0 3.5 3.2 3.7 3.5 3.0
Syria7 4.4 3.4 ... ... ... ... ... ... ... ... ... ...
Tunisia 4.6 2.6 –1.9 3.9 2.4 2.3 1.1 1.0 1.9 2.4 2.9 4.2
United Arab Emirates 4.9 1.6 6.4 5.1 5.8 3.3 3.8 3.0 0.5 2.0 3.0 3.1
Yemen 4.1 7.7 –12.7 2.4 4.8 –0.2 –37.1 –34.3 –13.8 –0.5 17.9 6.3

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Table A4. Emerging Market and Developing Economies: Real GDP (continued)
(Annual percent change)
Average Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Sub-Saharan Africa 5.7 7.0 5.1 4.4 5.3 5.1 3.4 1.4 2.8 3.4 3.7 4.0
Angola 11.3 3.5 3.9 5.2 6.8 4.7 3.0 –0.8 0.7 2.2 2.4 4.9
Benin 4.2 2.1 3.0 4.8 7.2 6.4 2.1 4.0 5.6 6.0 6.3 6.1
Botswana 3.4 8.6 6.0 4.5 11.3 4.1 –1.7 4.3 2.2 4.6 4.5 4.2
Burkina Faso 5.3 8.4 6.6 6.5 5.8 4.3 3.9 5.9 6.4 6.0 6.0 5.3
Burundi 3.4 5.1 4.0 4.4 5.9 4.5 –4.0 –1.0 0.0 0.1 0.4 0.5
Cabo Verde 6.0 1.5 4.0 1.1 0.8 0.6 1.0 3.8 4.0 4.3 4.0 4.0
Cameroon 3.9 3.4 4.1 4.5 5.4 5.9 5.7 4.5 3.2 4.0 4.5 5.5
Central African Republic 1.0 3.0 3.3 4.1 –36.7 1.0 4.8 4.5 4.0 4.0 4.0 4.0
Chad 8.3 13.6 0.1 8.8 5.8 6.9 1.8 –6.4 –3.1 3.5 2.8 4.2
Comoros 2.0 2.1 2.2 3.0 3.5 2.0 1.0 2.2 2.5 3.0 3.0 3.0
Democratic Republic of the Congo 3.1 7.1 6.9 7.1 8.5 9.5 6.9 2.4 3.4 3.8 4.0 4.7
Republic of Congo 4.6 8.7 3.4 3.8 3.3 6.8 2.6 –2.8 –4.6 0.7 4.6 0.2
Côte d’Ivoire 0.7 2.0 –4.2 10.1 9.3 8.8 8.8 8.3 7.8 7.4 7.1 6.4
Equatorial Guinea 25.3 –8.9 6.5 8.3 –4.1 –0.7 –9.1 –9.7 –4.4 –8.5 –2.8 1.0
Eritrea –0.9 2.2 8.7 7.0 4.6 2.9 2.6 1.9 5.0 4.2 3.8 4.3
Ethiopia 8.4 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.9 8.5 8.3 8.0
Gabon 0.6 6.3 7.1 5.3 5.5 4.4 3.9 2.1 0.8 2.7 3.7 4.7
The Gambia 3.7 6.5 –4.3 5.6 4.8 0.9 4.3 2.2 3.5 5.4 5.2 4.8
Ghana 5.4 7.9 14.0 9.3 7.3 4.0 3.8 3.7 8.4 6.3 7.6 5.1
Guinea 2.9 4.2 5.6 5.9 3.9 3.7 3.5 6.6 6.7 5.8 5.9 5.0
Guinea-Bissau 2.7 4.6 8.1 –1.7 3.3 1.0 6.1 5.8 5.5 5.5 5.5 5.0
Kenya 3.4 8.4 6.1 4.6 5.9 5.4 5.7 5.8 4.8 5.5 6.0 6.0
Lesotho 3.7 6.3 6.7 4.9 2.2 3.0 2.5 3.1 3.1 1.7 2.6 1.8
Liberia ... 6.4 7.7 8.4 8.8 0.7 0.0 –1.6 2.5 3.2 4.7 5.3
Madagascar 3.0 0.3 1.5 3.0 2.3 3.3 3.1 4.2 4.1 5.1 5.6 5.1
Malawi 4.2 6.9 4.9 1.9 5.2 5.7 2.9 2.3 4.0 3.5 4.5 6.5
Mali 5.2 5.4 3.2 –0.8 2.3 7.0 6.0 5.8 5.3 5.0 4.7 4.7
Mauritius 4.4 4.1 3.9 3.2 3.2 3.6 3.5 3.9 3.9 3.9 4.0 4.0
Mozambique 7.6 6.7 7.1 7.2 7.1 7.4 6.6 3.8 2.9 3.0 2.5 9.9
Namibia 3.8 6.0 5.1 5.1 5.6 6.4 6.0 1.1 –1.2 1.2 3.3 3.5
Niger 4.3 8.4 2.2 11.8 5.3 7.5 4.0 5.0 5.2 5.1 5.4 5.6
Nigeria 8.3 11.3 4.9 4.3 5.4 6.3 2.7 –1.6 0.8 2.1 1.9 2.0
Rwanda 8.3 7.3 7.8 8.8 4.7 7.6 8.9 6.0 6.1 7.2 7.8 7.5
São Tomé and Príncipe 3.9 4.5 4.8 4.5 4.3 4.1 4.0 4.1 4.0 5.0 5.5 5.5
Senegal 4.0 4.3 1.9 4.5 3.6 4.1 6.5 6.7 7.2 7.0 7.0 6.5
Seychelles 1.9 5.9 5.4 3.7 6.0 4.5 5.0 4.5 4.2 3.3 3.3 3.3
Sierra Leone 8.7 5.3 6.3 15.2 20.7 4.6 –20.5 6.3 3.5 3.5 5.6 7.3
South Africa 3.6 3.0 3.3 2.2 2.5 1.8 1.3 0.6 1.3 1.5 1.7 1.8
South Sudan ... ... ... –52.4 29.3 2.9 –0.2 –13.8 –11.1 –3.8 –2.6 –0.7
Swaziland 3.8 3.5 2.0 3.5 4.8 3.6 1.1 0.0 0.2 –0.9 0.2 2.2
Tanzania 6.2 6.4 7.9 5.1 7.3 7.0 7.0 7.0 6.0 6.4 6.6 6.5
Togo 1.5 6.1 6.4 6.5 6.1 5.9 5.7 5.1 4.4 4.9 5.2 5.8
Uganda 7.5 7.7 6.8 2.2 4.7 4.6 5.7 2.3 4.5 5.2 5.8 7.3
Zambia 6.8 10.3 5.6 7.6 5.0 4.7 2.9 3.7 3.6 4.0 4.5 4.5
Zimbabwe8 –6.1 15.4 16.3 13.6 5.3 2.8 1.4 0.7 3.0 2.4 4.2 5.0
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.

246 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A5. Summary of Inflation

(Percent)
Average Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
GDP Deflators
Advanced Economies 1.8 0.9 1.3 1.2 1.2 1.4 1.3 1.0 1.4 1.7 1.8 1.8
United States 2.2 1.2 2.1 1.8 1.6 1.8 1.1 1.3 1.8 2.3 2.2 1.7
Euro Area 2.0 0.7 1.0 1.3 1.2 0.9 1.4 0.8 1.1 1.3 1.6 2.0
Japan –1.1 –1.9 –1.7 –0.8 –0.3 1.7 2.1 0.3 –0.2 0.5 1.1 0.8
Other Advanced Economies1 2.1 2.0 2.0 1.2 1.4 1.3 1.0 1.2 2.0 1.9 1.7 2.0
Consumer Prices
Advanced Economies 2.0 1.5 2.7 2.0 1.4 1.4 0.3 0.8 1.7 2.0 1.9 2.0
United States 2.6 1.6 3.1 2.1 1.5 1.6 0.1 1.3 2.1 2.5 2.4 2.1
Euro Area2 2.1 1.6 2.7 2.5 1.3 0.4 0.0 0.2 1.5 1.5 1.6 2.1
Japan –0.3 –0.7 –0.3 –0.1 0.3 2.8 0.8 –0.1 0.5 1.1 1.1 1.3
Other Advanced Economies1 2.1 2.4 3.3 2.1 1.7 1.5 0.5 1.0 1.8 2.0 1.9 2.0
Emerging Market and Developing Economies3 6.8 5.6 7.1 5.8 5.5 4.7 4.7 4.3 4.0 4.6 4.3 4.1
Regional Groups
Commonwealth of Independent States4 13.7 7.2 9.8 6.2 6.5 8.1 15.5 8.3 5.5 4.6 4.8 4.2
Emerging and Developing Asia 4.0 5.1 6.5 4.6 4.6 3.4 2.7 2.8 2.4 3.3 3.3 3.5
Emerging and Developing Europe 12.7 5.7 5.5 6.1 4.5 4.1 3.2 3.2 6.2 6.8 6.3 5.2
Latin America and the Caribbean 6.2 4.2 5.2 4.6 4.6 4.9 5.5 5.6 4.1 3.6 3.5 3.4
Middle East, North Africa, Afghanistan, and
Pakistan 6.7 6.6 9.3 9.8 9.2 6.7 5.6 4.7 6.3 8.2 6.8 5.7
Middle East and North Africa 6.5 6.2 8.7 9.7 9.4 6.5 5.8 4.9 6.6 8.7 7.1 5.8
Sub-Saharan Africa 10.3 8.1 9.4 9.2 6.6 6.3 7.0 11.3 11.0 9.5 8.9 7.5
Memorandum
European Union 2.5 2.0 3.1 2.6 1.5 0.5 0.0 0.2 1.7 1.9 1.8 2.2
Low-Income Developing Countries 9.6 9.2 11.8 9.9 8.1 7.2 7.4 8.7 9.5 9.3 8.8 7.1
Analytical Groups
By Source of Export Earnings
Fuel 10.2 6.7 8.6 8.0 8.1 6.4 8.8 6.9 5.3 6.1 5.9 5.5
Nonfuel 5.9 5.3 6.7 5.3 4.9 4.2 3.8 3.7 3.7 4.3 4.0 3.8
Of Which, Primary Products5 ... ... ... ... ... ... ... ... ... ... ... ...
By External Financing Source
Net Debtor Economies 7.7 6.7 7.7 7.0 6.3 5.7 5.5 5.1 5.4 5.6 5.2 4.6
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16 8.8 9.7 10.0 7.8 6.7 10.3 15.4 8.7 16.8 15.7 11.5 6.7
Memorandum
Median Inflation Rate
Advanced Economies 2.2 1.9 3.2 2.6 1.4 0.7 0.1 0.6 1.6 1.7 1.8 2.0
Emerging Market and Developing Economies3 5.1 4.1 5.4 4.5 3.8 3.2 2.7 2.7 3.3 3.6 3.4 3.0
1Excludes the United States, euro area countries, and Japan.
2Based 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.

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 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table A6. Advanced Economies: Consumer Prices1

(Annual percent change)
End of Period2
Average Projections Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023 2017 2018 2019
Advanced Economies 2.0 1.5 2.7 2.0 1.4 1.4 0.3 0.8 1.7 2.0 1.9 2.0 1.7 2.0 2.0
United States 2.6 1.6 3.1 2.1 1.5 1.6 0.1 1.3 2.1 2.5 2.4 2.1 2.1 2.6 2.3
Euro Area3 2.1 1.6 2.7 2.5 1.3 0.4 0.0 0.2 1.5 1.5 1.6 2.1 1.4 1.6 1.8
Germany 1.6 1.2 2.5 2.1 1.6 0.8 0.1 0.4 1.7 1.6 1.7 2.7 1.6 1.6 1.9
France 1.9 1.7 2.3 2.2 1.0 0.6 0.1 0.3 1.2 1.5 1.6 1.9 1.2 1.4 2.0
Italy 2.3 1.6 2.9 3.3 1.2 0.2 0.1 –0.1 1.3 1.1 1.3 1.6 0.7 1.6 1.3
Spain 3.0 1.8 3.2 2.4 1.4 –0.1 –0.5 –0.2 2.0 1.7 1.6 1.8 1.1 1.6 1.6
Netherlands 2.3 0.9 2.5 2.8 2.6 0.3 0.2 0.1 1.3 2.0 2.2 2.4 1.7 2.1 2.2
Belgium 2.1 2.3 3.4 2.6 1.2 0.5 0.6 1.8 2.2 1.6 1.8 2.0 1.6 1.5 2.0
Austria 1.9 1.7 3.5 2.6 2.1 1.5 0.8 1.0 2.2 2.2 2.2 2.1 2.3 2.2 2.2
Greece 3.2 4.7 3.1 1.0 –0.9 –1.4 –1.1 0.0 1.1 0.7 1.1 1.7 1.0 0.9 1.2
Portugal 2.6 1.4 3.6 2.8 0.4 –0.2 0.5 0.6 1.6 1.6 1.6 2.1 1.6 1.8 2.5
Ireland 2.9 –1.6 1.2 1.9 0.6 0.3 0.0 –0.2 0.3 0.9 1.3 1.9 –0.1 1.8 1.4
Finland 1.8 1.7 3.3 3.2 2.2 1.2 –0.2 0.4 0.8 1.2 1.7 2.0 0.5 1.7 1.7
Slovak Republic 5.2 0.7 4.1 3.7 1.5 –0.1 –0.3 –0.5 1.3 1.9 1.9 2.0 2.0 1.9 2.0
Lithuania 3.0 1.2 4.1 3.2 1.2 0.2 –0.7 0.7 3.7 2.2 2.2 2.5 3.8 2.2 2.2
Slovenia 4.9 1.8 1.8 2.6 1.8 0.2 –0.5 –0.1 1.4 1.7 2.0 2.0 1.7 1.7 2.0
Luxembourg 2.7 2.8 3.7 2.9 1.7 0.7 0.1 0.0 2.1 1.4 1.8 2.0 0.9 1.4 3.1
Latvia 5.8 –1.2 4.2 2.3 0.0 0.7 0.2 0.1 2.9 3.0 2.5 2.3 2.2 3.0 2.5
Estonia 4.3 2.7 5.1 4.2 3.2 0.5 0.1 0.9 3.7 3.0 2.5 2.1 3.8 1.8 2.5
Cyprus 2.6 2.6 3.5 3.1 0.4 –0.3 –1.5 –1.2 0.7 0.4 1.6 2.0 –0.5 2.2 2.1
Malta 2.5 2.0 2.5 3.2 1.0 0.8 1.2 0.9 1.3 1.6 1.8 2.0 1.3 1.7 1.8
Japan –0.3 –0.7 –0.3 –0.1 0.3 2.8 0.8 –0.1 0.5 1.1 1.1 1.3 0.6 0.8 2.1
United Kingdom 1.8 3.3 4.5 2.8 2.6 1.5 0.0 0.7 2.7 2.7 2.2 2.0 3.0 2.7 2.0
Korea 3.1 2.9 4.0 2.2 1.3 1.3 0.7 1.0 1.9 1.7 1.9 2.0 1.5 2.1 2.0
Canada 2.1 1.8 2.9 1.5 0.9 1.9 1.1 1.4 1.6 2.2 2.2 2.0 1.8 2.2 2.1
Australia 3.2 2.9 3.3 1.7 2.5 2.5 1.5 1.3 2.0 2.2 2.4 2.5 2.0 2.3 2.4
Taiwan Province of China 1.0 1.0 1.4 1.9 0.8 1.2 –0.3 1.4 0.6 1.3 1.3 2.0 1.2 1.3 1.3
Switzerland 1.0 0.7 0.2 –0.7 –0.2 0.0 –1.1 –0.4 0.5 0.7 1.0 1.0 0.6 0.9 0.9
Sweden 1.9 1.9 1.4 0.9 0.4 0.2 0.7 1.1 1.9 1.5 1.6 2.0 1.8 1.5 1.8
Singapore 1.5 2.8 5.2 4.6 2.4 1.0 –0.5 –0.5 0.6 1.2 1.0 1.0 0.4 1.8 0.4
Hong Kong SAR –0.2 2.3 5.3 4.1 4.3 4.4 3.0 2.4 1.5 2.2 2.1 2.6 1.5 2.2 2.1
Norway 2.1 2.4 1.3 0.7 2.1 2.0 2.2 3.6 1.9 1.9 2.0 2.0 1.6 1.8 2.0
Czech Republic 2.8 1.5 1.9 3.3 1.4 0.3 0.3 0.7 2.4 2.3 2.0 2.0 2.4 2.2 2.0
Israel 2.0 2.7 3.5 1.7 1.5 0.5 –0.6 –0.5 0.2 0.7 1.3 2.0 0.4 1.0 1.5
Denmark 2.1 2.3 2.8 2.4 0.8 0.6 0.5 0.3 1.1 1.4 1.7 2.0 1.0 1.6 1.8
New Zealand 2.7 2.3 4.1 1.0 1.1 1.2 0.3 0.6 1.9 1.7 2.1 2.0 1.6 2.2 2.0
Puerto Rico 2.8 2.5 2.9 1.3 1.1 0.6 –0.8 –0.3 1.9 2.2 0.8 1.6 3.1 2.2 0.8
Macao SAR ... 2.8 5.8 6.1 5.5 6.0 4.6 2.4 1.2 2.2 2.4 2.8 2.0 2.2 2.4
Iceland 6.2 5.4 4.0 5.2 3.9 2.0 1.6 1.7 1.8 2.4 2.3 2.5 1.9 2.7 2.5
San Marino ... 2.6 2.0 2.8 1.6 1.1 0.1 0.6 0.9 1.0 1.1 1.2 0.9 1.0 1.1
Memorandum
Major Advanced Economies 1.9 1.4 2.6 1.9 1.3 1.5 0.3 0.8 1.8 2.1 2.0 2.0 1.7 2.1 2.1
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.

248 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A7. Emerging Market and Developing Economies: Consumer Prices1

(Annual percent change)
End of Period2
Average Projections Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023 2017 2018 2019
Commonwealth of Independent States3,4 13.7 7.2 9.8 6.2 6.5 8.1 15.5 8.3 5.5 4.6 4.8 4.2 4.7 4.9 4.7
Russia 13.9 6.9 8.4 5.1 6.8 7.8 15.5 7.1 3.7 2.8 3.7 4.0 2.5 3.5 4.0
Excluding Russia 13.3 8.1 13.3 9.2 5.7 8.8 15.5 11.3 9.9 9.2 7.2 4.5 10.1 8.3 6.4
Armenia 3.6 7.3 7.7 2.5 5.8 3.0 3.7 –1.4 0.9 3.5 4.0 4.0 2.6 4.0 4.0
Azerbaijan 7.0 5.7 7.8 1.1 2.5 1.5 4.1 12.6 13.0 7.0 6.0 4.0 10.0 7.0 5.0
Belarus 31.6 7.7 53.2 59.2 18.3 18.1 13.5 11.8 6.0 6.0 6.0 5.0 4.6 6.0 6.0
Georgia 6.3 7.1 8.5 –0.9 –0.5 3.1 4.0 2.1 6.0 3.6 3.0 3.0 6.7 3.0 3.0
Kazakhstan 9.2 7.1 8.3 5.1 5.8 6.7 6.7 14.6 7.4 6.4 5.6 2.1 7.1 6.0 5.2
Kyrgyz Republic 8.5 8.0 16.6 2.8 6.6 7.5 6.5 0.4 3.2 4.5 5.0 5.0 3.7 5.5 5.2
Moldova 11.7 7.4 7.6 4.6 4.6 5.1 9.6 6.4 6.6 4.7 5.1 5.1 7.3 4.0 6.0
Tajikistan 16.0 6.5 12.4 5.8 5.0 6.1 5.8 5.9 7.3 6.3 6.0 6.0 6.7 6.3 6.0
Turkmenistan 7.6 4.4 5.3 5.3 6.8 6.0 7.4 3.6 8.0 9.4 8.2 6.0 10.4 9.4 8.2
Ukraine5 12.9 9.4 8.0 0.6 –0.3 12.1 48.7 13.9 14.4 11.0 8.0 5.0 13.7 9.0 6.5
Uzbekistan 15.8 12.3 12.4 11.9 11.7 9.1 8.5 8.0 12.5 19.5 12.9 7.3 18.9 16.9 10.1
Emerging and Developing Asia 4.0 5.1 6.5 4.6 4.6 3.4 2.7 2.8 2.4 3.3 3.3 3.5 2.8 3.5 3.3
Bangladesh 5.6 9.4 11.5 6.2 7.5 7.0 6.2 5.7 5.7 6.0 6.0 5.5 5.9 6.0 6.0
Bhutan 4.8 5.7 7.3 9.3 11.3 9.9 6.3 3.9 3.4 4.1 4.6 4.7 3.5 4.5 4.5
Brunei Darussalam 0.6 0.2 0.1 0.1 0.4 –0.2 –0.4 –0.7 –0.1 0.1 0.3 0.2 0.0 0.3 0.2
Cambodia 4.6 4.0 5.5 2.9 3.0 3.9 1.2 3.0 2.9 3.3 3.2 3.0 2.2 3.3 3.2
China 1.8 3.3 5.4 2.6 2.6 2.0 1.4 2.0 1.6 2.5 2.6 3.0 1.8 2.8 2.6
Fiji 3.4 3.7 7.3 3.4 2.9 0.5 1.4 3.9 3.4 3.3 3.0 3.0 2.8 3.3 3.0
India 5.9 9.5 9.5 10.0 9.4 5.8 4.9 4.5 3.6 5.0 5.0 4.8 4.7 5.2 4.9
Indonesia 8.5 5.1 5.3 4.0 6.4 6.4 6.4 3.5 3.8 3.5 3.4 3.0 3.6 3.5 3.6
Kiribati 3.5 –3.9 1.5 –3.0 –1.5 2.1 0.6 1.9 2.2 2.5 2.5 2.5 2.2 2.5 2.5
Lao P.D.R. 7.8 6.0 7.6 4.3 6.4 4.1 1.3 1.6 0.8 2.3 3.1 3.1 0.1 2.6 2.9
Malaysia 2.2 1.7 3.2 1.7 2.1 3.1 2.1 2.1 3.8 3.2 2.4 2.5 3.5 3.0 2.5
Maldives 3.2 6.2 11.3 10.9 3.8 2.1 1.0 0.5 2.8 1.5 1.7 2.3 0.5 2.3 2.4
Marshall Islands ... 1.8 5.4 4.3 1.9 1.1 –2.2 –1.5 0.7 1.1 1.5 2.1 0.7 1.1 1.5
Micronesia 3.1 3.7 4.1 6.3 2.2 0.7 –0.2 0.5 0.5 2.0 2.0 2.0 0.5 2.0 2.0
Mongolia 8.8 10.2 7.7 15.0 8.6 12.9 5.9 0.6 4.6 6.4 6.8 6.3 7.2 7.8 6.9
Myanmar 18.9 8.2 2.8 2.8 5.7 5.1 10.0 6.8 5.1 5.5 5.8 5.7 5.5 5.8 6.1
Nauru ... –2.0 –3.4 0.3 –1.1 0.3 9.8 8.2 5.1 2.0 2.0 2.0 1.6 2.0 2.0
Nepal 5.5 9.6 9.6 8.3 9.9 9.0 7.2 9.9 4.5 6.0 5.8 5.5 2.7 5.7 5.7
Palau ... 1.4 4.7 3.6 3.4 4.1 0.9 –1.0 0.9 2.0 2.0 2.0 0.9 2.0 2.0
Papua New Guinea 7.5 5.1 4.4 4.5 5.0 5.2 6.0 6.7 5.2 2.9 2.5 2.4 3.9 2.6 2.5
Philippines 4.9 3.8 4.7 3.2 2.9 4.2 1.4 1.8 3.2 4.2 3.8 3.0 3.3 4.1 3.7
Samoa 5.7 –0.2 2.9 6.2 –0.2 –1.2 1.9 0.1 1.3 2.9 2.5 3.0 1.0 2.6 2.5
Solomon Islands 9.1 1.0 7.4 5.9 5.4 5.2 –0.6 0.5 –0.4 1.3 1.4 4.2 –2.2 1.9 5.0
Sri Lanka 9.7 6.2 6.7 7.5 6.9 2.8 2.2 4.0 6.5 4.8 4.8 4.9 7.1 4.7 4.8
Thailand 2.4 3.3 3.8 3.0 2.2 1.9 –0.9 0.2 0.7 1.4 0.7 2.0 0.8 0.8 1.0
Timor-Leste ... 5.2 13.2 10.9 9.5 0.7 0.6 –1.3 0.6 1.8 2.7 4.0 0.8 2.5 2.8
Tonga 8.0 3.5 6.3 1.1 2.1 1.2 –1.1 2.6 8.0 3.0 2.5 2.5 7.5 2.5 2.5
Tuvalu ... –1.9 0.5 1.4 2.0 1.1 3.2 3.5 2.4 2.7 2.5 2.6 2.9 3.4 2.8
Vanuatu 2.9 2.8 0.9 1.3 1.5 0.8 2.5 0.8 3.1 4.8 3.4 3.0 3.8 4.6 3.4
Vietnam 6.5 9.2 18.7 9.1 6.6 4.1 0.6 2.7 3.5 3.8 4.0 4.0 2.6 4.0 4.0
Emerging and Developing Europe 12.7 5.7 5.5 6.1 4.5 4.1 3.2 3.2 6.2 6.8 6.3 5.2 6.8 6.6 6.0
Albania 2.7 3.6 3.4 2.0 1.9 1.6 1.9 1.3 2.0 2.5 2.8 3.0 1.8 2.8 2.9
Bosnia and Herzegovina 2.9 2.1 3.7 2.0 –0.1 –0.9 –1.0 –1.1 1.3 1.5 1.6 2.0 1.6 1.9 1.7
Bulgaria6 6.7 3.0 3.4 2.4 0.4 –1.6 –1.1 –1.3 1.2 2.0 2.1 2.1 1.8 2.1 2.1
Croatia 3.2 1.0 2.3 3.4 2.2 –0.2 –0.5 –1.1 1.1 1.5 1.5 1.8 1.2 1.2 1.4
Hungary 6.1 4.9 3.9 5.7 1.7 –0.2 –0.1 0.4 2.4 2.7 3.3 3.0 2.1 3.2 3.2
Kosovo ... 3.5 7.3 2.5 1.8 0.4 –0.5 0.3 1.5 1.0 1.9 2.2 0.7 1.8 2.0
FYR Macedonia 2.6 1.5 3.9 3.3 2.8 –0.3 –0.3 –0.2 1.4 1.8 1.9 2.0 2.4 1.8 2.0
Montenegro 10.1 0.4 3.5 4.1 2.2 –0.7 1.5 –0.3 2.4 2.8 1.8 2.0 1.9 2.7 1.8
Poland 3.5 2.6 4.3 3.7 0.9 0.0 –0.9 –0.6 2.0 2.5 2.5 2.5 2.1 2.9 2.2
Romania 15.6 6.1 5.8 3.3 4.0 1.1 –0.6 –1.6 1.3 4.7 3.1 3.1 3.3 3.5 3.2
Serbia 20.2 6.1 11.1 7.3 7.7 2.1 1.4 1.1 3.1 2.7 3.0 3.0 3.0 3.0 3.0
Turkey 21.7 8.6 6.5 8.9 7.5 8.9 7.7 7.8 11.1 11.4 10.5 8.0 11.9 10.9 10.0

International Monetary Fund | April 2018 249

 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table A7. Emerging Market and Developing Economies: Consumer Prices1 (continued)
(Annual percent change)
End of Period2
Average Projections Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023 2017 2018 2019
Latin America and the Caribbean7 6.2 4.2 5.2 4.6 4.6 4.9 5.5 5.6 4.1 3.6 3.5 3.4 4.1 3.6 3.5
Antigua and Barbuda 1.8 3.4 3.5 3.4 1.1 1.1 1.0 –0.5 2.5 1.4 2.0 2.0 2.8 2.0 2.0
Argentina8 8.4 10.5 9.8 10.0 10.6 ... ... ... 25.7 22.7 15.4 8.0 24.8 19.2 13.6
The Bahamas 2.3 1.6 3.1 1.9 0.4 1.2 1.9 –0.3 1.4 2.2 2.5 2.1 2.0 2.4 2.6
Barbados 3.7 5.8 9.4 4.5 1.8 1.8 –1.1 1.5 4.4 5.4 2.9 2.7 6.6 2.2 3.5
Belize 2.5 0.9 1.7 1.2 0.5 1.2 –0.9 0.7 1.1 1.3 1.9 1.7 1.1 1.6 2.1
Bolivia 4.8 2.5 9.9 4.5 5.7 5.8 4.1 3.6 2.8 3.5 4.5 4.5 2.7 4.5 4.5
Brazil 6.9 5.0 6.6 5.4 6.2 6.3 9.0 8.7 3.4 3.5 4.2 4.1 2.9 3.9 4.3
Chile 3.5 1.4 3.3 3.0 1.9 4.4 4.3 3.8 2.2 2.4 3.0 3.0 2.3 2.6 3.0
Colombia 6.3 2.3 3.4 3.2 2.0 2.9 5.0 7.5 4.3 3.5 3.4 3.0 4.1 3.4 3.0
Costa Rica 10.9 5.7 4.9 4.5 5.2 4.5 0.8 0.0 1.6 2.8 3.0 3.0 2.6 3.0 3.0
Dominica 2.0 2.8 1.1 1.4 0.0 0.8 –0.8 0.0 0.6 1.4 1.6 1.6 1.4 1.4 1.8
Dominican Republic 12.2 6.3 8.5 3.7 4.8 3.0 0.8 1.6 3.3 4.4 3.5 4.0 4.2 3.7 3.8
Ecuador 15.3 3.6 4.5 5.1 2.7 3.6 4.0 1.7 0.4 1.0 1.4 1.8 –0.2 2.5 1.4
El Salvador 3.5 1.2 5.1 1.7 0.8 1.1 –0.7 0.6 1.0 1.7 1.9 2.0 2.0 2.1 2.0
Grenada 2.8 3.4 3.0 2.4 0.0 –1.0 –0.6 1.7 2.0 2.0 1.8 1.9 0.5 1.8 1.9
Guatemala 7.0 3.9 6.2 3.8 4.3 3.4 2.4 4.4 4.4 4.2 3.7 3.8 5.7 4.2 3.5
Guyana 6.1 4.3 4.4 2.4 1.9 0.7 –0.9 0.8 2.1 2.6 2.9 3.3 2.3 2.8 3.0
Haiti 14.8 4.1 7.4 6.8 6.8 3.9 7.5 13.4 14.7 11.1 6.0 5.0 15.4 8.0 5.0
Honduras 8.2 4.7 6.8 5.2 5.2 6.1 3.2 2.7 3.9 4.7 4.5 4.5 4.7 5.0 4.5
Jamaica 10.9 12.6 7.5 6.9 9.4 8.3 3.7 2.3 4.4 4.9 5.0 5.0 5.2 5.1 5.0
Mexico 5.2 4.2 3.4 4.1 3.8 4.0 2.7 2.8 6.0 4.4 3.1 3.0 6.8 3.6 3.0
Nicaragua 8.9 5.5 8.1 7.2 7.1 6.0 4.0 3.5 3.9 6.2 7.2 7.2 5.7 6.3 7.4
Panama 2.4 3.5 5.9 5.7 4.0 2.6 0.1 0.7 0.9 2.2 2.5 2.3 0.5 2.2 2.5
Paraguay 8.2 4.6 8.2 3.7 2.7 5.0 3.1 4.1 3.6 4.2 4.0 4.0 4.5 4.0 4.0
Peru 2.6 1.5 3.4 3.7 2.8 3.2 3.5 3.6 2.8 1.6 2.0 2.0 1.4 2.3 2.0
St. Kitts and Nevis 3.4 0.9 5.8 0.8 1.1 0.2 –2.3 –0.7 0.1 1.1 2.0 2.0 0.2 2.0 2.0
St. Lucia 2.8 3.3 2.8 4.2 1.5 3.5 –1.0 –3.1 0.1 1.5 1.6 1.5 2.2 1.4 1.5
St. Vincent and the Grenadines 2.9 0.8 3.2 2.6 0.8 0.2 –1.7 –0.2 2.0 1.5 1.5 1.5 2.2 1.5 1.5
Suriname 15.3 6.9 17.7 5.0 1.9 3.4 6.9 55.5 22.0 8.9 9.6 3.9 9.3 11.2 7.8
Trinidad and Tobago 6.3 10.5 5.1 9.3 5.2 5.7 4.7 3.1 1.9 2.7 2.1 3.2 1.3 2.7 2.1
Uruguay 8.5 6.7 8.1 8.1 8.6 8.9 8.7 9.6 6.2 7.0 6.1 6.1 6.6 6.6 6.5
Venezuela8 20.8 28.2 26.1 21.1 43.5 57.3 111.8 254.4 1,087.5 13,864.6 12,874.6 12,874.6 2,818.4 12,874.6 12,874.6
Middle East, North Africa,
Afghanistan, and Pakistan 6.7 6.6 9.3 9.8 9.2 6.7 5.6 4.7 6.3 8.2 6.8 5.7 7.2 7.3 7.4
Afghanistan ... 2.2 11.8 6.4 7.4 4.7 –0.7 4.4 5.0 5.0 5.0 5.0 3.0 5.0 5.0
Algeria 3.2 3.9 4.5 8.9 3.3 2.9 4.8 6.4 5.6 7.4 7.6 13.9 4.9 10.4 6.9
Bahrain 1.6 2.0 –0.4 2.8 3.3 2.7 1.8 2.8 1.4 2.9 4.9 1.5 1.4 2.7 4.7
Djibouti 3.4 4.0 5.1 3.7 2.4 2.9 2.1 2.7 0.7 1.0 2.0 2.5 –1.0 1.0 2.0
Egypt 7.0 11.7 11.1 8.6 6.9 10.1 11.0 10.2 23.5 20.1 13.0 7.0 29.8 10.4 15.2
Iran 14.7 12.3 21.5 30.6 34.7 15.6 11.9 9.1 9.9 12.1 11.5 10.2 10.2 11.2 13.4
Iraq ... 2.4 5.6 6.1 1.9 2.2 1.4 0.4 0.1 2.0 2.0 2.0 0.4 2.0 2.0
Jordan 3.6 4.8 4.2 4.5 4.8 2.9 –0.9 –0.8 3.3 1.5 2.5 2.5 2.5 2.5 2.5
Kuwait 2.9 4.5 4.9 3.2 2.7 3.1 3.7 3.5 1.5 2.5 3.7 2.7 1.5 2.5 3.7
Lebanon 2.4 4.0 5.0 6.6 4.8 1.9 –3.7 –0.8 4.5 4.3 3.0 2.5 5.0 3.5 2.5
Libya8 –0.1 2.5 15.9 6.1 2.6 2.4 9.8 25.9 28.0 24.3 14.4 9.0 30.0 20.0 10.0
Mauritania 6.2 6.3 5.7 4.9 4.1 3.8 0.5 1.5 2.3 3.7 5.0 4.4 1.2 4.7 5.0
Morocco 1.9 1.0 0.9 1.3 1.9 0.4 1.5 1.6 0.8 1.4 2.0 2.0 1.9 2.0 2.0
Oman 2.5 3.3 4.0 2.9 1.2 1.0 0.1 1.1 1.6 2.5 3.5 3.0 1.6 2.5 3.5
Pakistan 7.5 10.1 13.7 11.0 7.4 8.6 4.5 2.9 4.1 5.0 5.2 5.0 3.9 5.4 5.0
Qatar 5.5 –2.4 2.0 1.8 3.2 3.4 1.8 2.7 0.4 3.9 3.5 2.2 ... ... ...
Saudi Arabia 1.6 3.8 3.8 2.9 3.5 2.2 1.3 2.0 –0.9 3.7 2.0 2.1 –0.9 3.7 2.0
Somalia ... ... ... ... ... ... ... ... ... ... ... ... 5.2 2.8 2.6
Sudan9 8.6 13.0 18.3 35.4 36.5 36.9 16.9 17.8 32.4 43.5 39.5 22.5 25.2 42.0 37.0
Syria10 4.8 4.4 ... ... ... ... ... ... ... ... ... ... ... ... ...
Tunisia 2.8 3.3 3.5 5.1 5.8 4.9 4.9 3.7 5.3 7.0 6.1 3.9 6.4 6.5 5.9
United Arab Emirates 5.5 0.9 0.9 0.7 1.1 2.3 4.1 1.6 2.0 4.2 2.5 2.0 2.0 4.2 2.5
Yemen 10.9 11.2 19.5 9.9 11.0 8.2 61.4 –20.3 4.9 23.0 20.0 5.0 16.0 30.0 10.0

250 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A7. Emerging Market and Developing Economies: Consumer Prices1 (continued)
(Annual percent change)
End of Period2
Average Projections Projections
2000–09 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023 2017 2018 2019
Sub-Saharan Africa 10.3 8.1 9.4 9.2 6.6 6.3 7.0 11.3 11.0 9.5 8.9 7.5 10.3 9.6 9.3
Angola 62.4 14.5 13.5 10.3 8.8 7.3 10.3 32.4 31.7 27.9 17.0 6.5 26.3 24.6 15.0
Benin 3.2 2.2 2.7 6.7 1.0 –1.1 0.3 –0.8 0.1 2.9 2.9 2.7 3.0 2.8 3.0
Botswana 8.7 6.9 8.5 7.5 5.9 4.4 3.1 2.8 3.3 3.7 3.8 4.0 2.9 3.5 3.7
Burkina Faso 2.8 –0.6 2.8 3.8 0.5 –0.3 0.9 –0.2 0.4 2.0 2.0 2.0 2.1 2.0 2.0
Burundi 10.7 6.5 9.6 18.2 7.9 4.4 5.6 5.5 16.6 12.7 22.1 14.5 10.5 18.9 24.7
Cabo Verde 2.0 2.1 4.5 2.5 1.5 –0.2 0.1 –1.4 0.8 1.0 1.5 2.0 0.3 1.0 1.5
Cameroon 2.6 1.3 2.9 2.4 2.1 1.9 2.7 0.9 0.6 1.1 1.3 2.0 0.8 1.1 1.3
Central African Republic 3.4 1.5 1.2 5.9 6.6 11.6 4.5 4.6 3.8 3.5 3.2 3.0 3.6 3.6 3.4
Chad 3.5 –2.1 1.9 7.7 0.2 1.7 6.8 –1.1 –0.9 2.1 2.6 3.0 7.2 –2.3 5.4
Comoros 4.4 3.9 2.2 5.9 1.6 1.3 2.0 1.8 1.0 2.0 2.0 2.0 2.9 3.5 2.0
Democratic Republic of the Congo 61.5 23.5 14.9 0.9 0.9 1.2 1.0 18.2 41.5 25.8 13.7 3.5 55.0 29.5 15.8
Republic of Congo 2.9 0.4 1.8 5.0 4.6 0.9 3.2 3.2 0.5 1.5 1.6 3.0 1.8 1.8 1.9
Côte d’Ivoire 3.0 1.4 4.9 1.3 2.6 0.4 1.2 0.7 0.8 1.7 2.0 2.0 1.1 2.0 2.0
Equatorial Guinea 5.6 5.3 4.8 3.4 3.2 4.3 1.7 1.4 0.7 0.6 2.8 2.8 –0.2 1.3 4.0
Eritrea 18.7 11.2 3.9 6.0 6.5 10.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0
Ethiopia 10.3 8.1 33.2 24.1 8.1 7.4 10.1 7.3 9.9 11.2 8.6 8.0 13.6 10.0 8.0
Gabon 1.1 1.4 1.3 2.7 0.5 4.5 –0.1 2.1 3.0 2.8 2.5 2.5 3.0 2.8 2.5
The Gambia 6.6 5.0 4.8 4.6 5.2 6.3 6.8 7.2 8.0 5.8 5.0 4.8 6.9 5.1 4.8
Ghana 17.7 6.7 7.7 7.1 11.7 15.5 17.2 17.5 12.4 8.7 8.0 6.0 11.8 8.0 8.0
Guinea 15.1 15.5 21.4 15.2 11.9 9.7 8.2 8.2 8.9 8.2 8.0 7.8 9.5 8.0 8.0
Guinea-Bissau 3.0 1.1 5.1 2.1 0.8 –1.0 1.5 1.5 1.1 2.0 2.2 3.0 –1.3 2.0 2.3
Kenya 7.3 4.3 14.0 9.4 5.7 6.9 6.6 6.3 8.0 4.8 5.0 5.0 4.5 5.1 5.0
Lesotho 7.3 3.3 6.0 5.5 5.0 4.6 4.3 6.2 5.6 5.5 5.5 5.0 6.0 5.5 5.5
Liberia 9.8 7.3 8.5 6.8 7.6 9.9 7.7 8.8 12.4 11.7 10.5 6.2 13.9 11.0 10.0
Madagascar 10.4 9.2 9.5 5.7 5.8 6.1 7.4 6.7 8.1 7.8 6.8 5.0 8.1 7.9 6.2
Malawi 14.1 7.4 7.6 21.3 28.3 23.8 21.9 21.7 11.5 10.4 7.6 5.0 7.1 9.0 7.5
Mali 2.5 1.3 3.1 5.3 –0.6 0.9 1.4 –1.8 1.8 1.4 1.7 2.2 1.1 1.6 1.7
Mauritius 5.9 2.9 6.5 3.9 3.5 3.2 1.3 1.0 3.7 5.1 4.5 3.7 4.2 5.9 4.7
Mozambique 10.5 12.7 10.4 2.1 4.2 2.3 2.4 19.2 15.3 6.7 5.7 5.5 7.2 6.5 5.5
Namibia 7.6 4.9 5.0 6.7 5.6 5.3 3.4 6.7 6.1 5.8 5.8 5.8 5.2 5.7 5.8
Niger 3.1 –2.8 2.9 0.5 2.3 –0.9 1.0 0.2 2.4 3.9 2.0 2.0 4.8 1.9 2.1
Nigeria 12.3 13.7 10.8 12.2 8.5 8.0 9.0 15.7 16.5 14.0 14.8 14.0 15.4 14.5 16.6
Rwanda 8.1 2.3 5.7 6.3 4.2 1.8 2.5 5.7 4.8 2.8 5.0 5.0 0.7 5.0 5.0
São Tomé and Príncipe 15.9 13.3 14.3 10.6 8.1 7.0 5.3 4.6 5.5 5.4 4.7 3.0 5.8 5.0 4.5
Senegal 2.0 1.2 3.4 1.4 0.7 –1.1 0.1 0.9 1.4 1.5 1.5 1.5 0.3 1.5 1.5
Seychelles 8.6 –2.4 2.6 7.1 4.3 1.4 4.0 –1.0 2.9 3.8 3.0 3.0 3.5 3.8 3.3
Sierra Leone 7.5 17.8 18.5 13.8 9.8 8.3 9.0 11.5 18.0 13.9 11.2 7.2 13.8 13.0 9.9
South Africa 6.0 4.3 5.0 5.6 5.8 6.1 4.6 6.3 5.3 5.3 5.3 5.5 4.7 5.6 5.3
South Sudan ... ... ... 45.1 0.0 1.7 52.8 379.8 187.9 104.1 108.2 39.0 117.7 96.4 125.1
Swaziland 7.5 4.5 6.1 8.9 5.6 5.7 5.0 8.0 6.3 5.4 5.4 5.5 4.7 6.0 4.9
Tanzania 6.5 7.2 12.7 16.0 7.9 6.1 5.6 5.2 5.3 4.8 5.0 5.0 4.0 5.0 5.0
Togo 3.0 1.4 3.6 2.6 1.8 0.2 1.8 0.9 –0.7 0.4 1.2 3.0 –1.6 2.4 0.2
Uganda 6.4 3.7 15.0 12.7 4.9 3.1 5.4 5.5 5.6 3.6 4.3 5.0 3.3 4.0 4.5
Zambia 17.2 8.5 8.7 6.6 7.0 7.8 10.1 17.9 6.6 8.2 8.0 8.0 6.1 8.0 8.0
Zimbabwe11 –5.5 3.0 3.5 3.7 1.6 –0.2 –2.4 –1.6 1.3 5.2 6.3 2.3 3.5 7.9 4.9
1Movements in consumer prices are shown as annual averages.
2Monthly 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.

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Table A8. Major Advanced Economies: General Government Fiscal Balances and Debt1
(Percent of GDP unless noted otherwise)
Average Projections
2000–09 2012 2013 2014 2015 2016 2017 2018 2019 2023
Major Advanced Economies
Net Lending/Borrowing –4.2 –6.4 –4.3 –3.6 –3.0 –3.3 –3.4 –3.5 –3.7 –2.7
Output Gap2 0.4 –2.0 –1.9 –1.3 –0.7 –0.7 –0.1 0.6 1.1 0.7
Structural Balance2 –4.1 –5.2 –3.8 –3.2 –2.8 –3.2 –3.3 –3.6 –4.2 –3.0
United States
Net Lending/Borrowing3 –4.6 –7.9 –4.4 –4.0 –3.5 –4.2 –4.6 –5.3 –5.9 –5.0
Output Gap2 1.0 –2.2 –1.9 –1.1 0.0 –0.2 0.3 1.2 1.8 1.1
Structural Balance2 –4.4 –6.4 –4.4 –3.8 –3.6 –4.3 –4.6 –5.6 –6.8 –5.3
Net Debt 45.2 80.5 81.3 80.8 80.5 81.5 82.3 81.4 82.7 90.2
Gross Debt 65.3 103.5 105.4 105.1 105.3 107.2 107.8 108.0 109.4 116.9
Euro Area
Net Lending/Borrowing –2.4 –3.6 –3.0 –2.6 –2.1 –1.5 –0.9 –0.6 –0.5 0.1
Output Gap2 0.6 –2.0 –2.8 –2.5 –1.9 –1.4 –0.5 0.3 0.6 0.5
Structural Balance2 –2.9 –2.1 –1.2 –1.1 –0.9 –0.7 –0.6 –0.7 –0.8 –0.2
Net Debt 55.2 72.2 74.6 75.0 73.9 73.2 71.0 68.9 66.9 58.6
Gross Debt 68.7 89.4 91.3 91.8 89.9 88.9 86.6 84.2 81.7 71.7
Germany
Net Lending/Borrowing –2.2 0.0 –0.1 0.3 0.6 0.8 1.1 1.5 1.7 1.4
Output Gap2 –0.3 0.5 –0.3 0.1 0.1 0.2 0.9 1.6 1.7 0.8
Structural Balance2 –2.2 –0.2 0.1 0.5 0.6 0.8 0.9 0.6 0.7 1.0
Net Debt 52.3 58.4 57.4 54.2 51.2 48.5 45.1 41.5 38.1 27.2
Gross Debt 63.9 79.8 77.4 74.7 71.0 68.2 64.1 59.8 55.7 42.4
France
Net Lending/Borrowing –3.2 –4.8 –4.0 –3.9 –3.6 –3.4 –2.6 –2.4 –3.1 –0.3
Output Gap2 0.3 –1.9 –2.4 –2.5 –2.5 –2.3 –1.8 –1.1 –0.5 0.1
Structural Balance2 –3.4 –3.5 –2.4 –2.3 –1.9 –1.8 –1.4 –1.5 –2.7 –0.4
Net Debt 56.5 80.0 83.1 85.6 86.5 87.5 87.7 87.0 86.9 79.7
Gross Debt 65.4 90.7 93.5 95.0 95.8 96.6 97.0 96.3 96.2 89.0
Italy
Net Lending/Borrowing –3.2 –2.9 –2.9 –3.0 –2.6 –2.5 –1.9 –1.6 –0.9 0.0
Output Gap2 0.1 –2.8 –4.1 –4.1 –3.2 –2.6 –1.6 –0.7 –0.2 0.2
Structural Balance2,4 –3.9 –1.5 –0.6 –1.0 –0.7 –1.3 –1.5 –1.3 –0.7 –0.1
Net Debt 94.9 111.6 116.7 118.8 119.5 120.2 119.9 118.5 116.5 106.5
Gross Debt 103.2 123.4 129.0 131.8 131.5 132.0 131.5 129.7 127.5 116.6
Japan
Net Lending/Borrowing –6.3 –8.6 –7.9 –5.6 –3.8 –3.7 –4.2 –3.4 –2.8 –2.0
Output Gap2 –1.3 –3.7 –2.3 –2.6 –2.0 –1.8 –0.8 –0.2 0.1 –0.1
Structural Balance2 –5.9 –7.4 –7.3 –5.3 –4.2 –4.1 –4.0 –3.4 –2.8 –1.9
Net Debt 93.6 146.7 146.4 148.5 147.6 152.8 153.0 152.6 150.8 146.3
Gross Debt5 168.9 229.0 232.5 236.1 231.3 235.6 236.4 236.0 234.2 229.6
United Kingdom
Net Lending/Borrowing –3.0 –7.6 –5.4 –5.4 –4.3 –3.0 –2.3 –1.8 –1.5 –0.6
Output Gap2 0.9 –2.2 –2.0 –0.8 –0.3 –0.2 0.0 0.0 0.0 0.0
Structural Balance2 –3.7 –5.9 –3.8 –4.6 –3.9 –2.8 –2.2 –1.8 –1.5 –0.6
Net Debt 36.8 76.0 77.2 79.1 79.6 79.1 78.2 77.4 77.0 73.6
Gross Debt 41.7 84.5 85.6 87.4 88.2 88.2 87.0 86.3 85.9 82.5
Canada
Net Lending/Borrowing 0.5 –2.5 –1.5 0.2 –0.1 –1.1 –1.0 –0.8 –0.8 –0.7
Output Gap2 0.5 –0.2 0.4 1.2 0.1 –0.5 0.4 0.5 0.6 0.0
Structural Balance2 0.2 –2.4 –1.7 –0.7 –0.2 –0.8 –1.2 –1.1 –1.1 –0.7
Net Debt 31.3 28.3 29.3 28.0 27.7 28.5 27.8 27.4 26.6 23.5
Gross Debt 74.6 84.8 85.8 85.0 90.5 91.1 89.7 86.6 83.8 74.3
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.

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Table A9. Summary of World Trade Volumes and Prices

(Annual percent change)
Averages Projections
2000–09 2010–19 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Trade in Goods and Services
World Trade1
Volume 5.0 4.9 12.5 7.1 3.0 3.5 3.8 2.7 2.3 4.9 5.1 4.7
Price Deflator
In US Dollars 3.4 0.5 5.5 11.2 –1.7 –0.7 –1.7 –13.2 –4.1 4.4 6.1 1.2
In SDRs 2.2 1.0 6.6 7.4 1.3 0.1 –1.7 –5.8 –3.4 4.6 1.2 0.6
Volume of Trade
Exports
Advanced Economies 3.9 4.6 12.1 6.0 2.8 3.1 3.9 3.8 2.0 4.2 4.5 3.9
Emerging Market and Developing Economies 7.9 5.4 13.8 8.7 3.5 4.8 3.2 1.5 2.6 6.4 5.1 5.3
Imports
Advanced Economies 3.6 4.5 11.5 5.1 1.7 2.3 3.9 4.6 2.7 4.0 5.1 4.5
Emerging Market and Developing Economies 9.0 5.9 14.3 11.5 5.3 5.2 4.2 –0.9 1.8 6.4 6.0 5.6
Terms of Trade
Advanced Economies –0.2 0.1 –0.9 –1.6 –0.6 0.9 0.3 2.0 0.9 –0.2 0.6 0.2
Emerging Market and Developing Economies 1.5 0.1 1.9 4.1 0.6 –0.6 –0.6 –4.2 –1.4 0.6 1.1 –0.5
Trade in Goods
World Trade1
Volume 4.8 5.0 14.5 7.0 2.3 3.3 3.1 2.2 2.2 5.4 5.3 4.8
Price Deflator
In US Dollars 3.4 0.4 6.4 12.6 –1.4 –1.3 –2.5 –14.3 –5.0 4.8 6.3 1.0
In SDRs 2.1 0.9 7.5 8.8 1.6 –0.5 –2.5 –7.0 –4.3 5.1 1.3 0.4
World Trade Prices in US Dollars2
Manufactures 1.7 0.3 2.3 4.2 2.8 –3.0 –0.5 –2.2 –5.2 1.4 1.9 1.3
Oil 13.1 –0.6 27.9 31.6 1.0 –0.9 –7.5 –47.2 –15.7 23.3 18.0 –6.5
Nonfuel Primary Commodities 5.3 1.6 26.7 18.1 –10.2 –1.5 –3.9 –17.6 –1.5 6.8 5.6 0.5
Food 5.5 1.4 12.3 20.5 –2.9 0.4 –4.1 –17.4 2.7 2.2 2.6 1.8
Beverages 5.2 –0.3 14.1 16.6 –18.6 –11.9 20.7 –3.1 –5.0 –9.3 –3.5 4.9
Agricultural Raw Materials 0.1 2.4 33.2 22.7 –12.7 1.6 2.0 –13.5 –5.7 2.3 3.6 –0.9
Metal 9.4 1.8 48.2 13.5 –16.8 –4.3 –10.1 –23.0 –5.4 22.2 13.0 –1.1
World Trade Prices in SDRs2
Manufactures 0.5 0.8 3.4 0.7 6.0 –2.2 –0.4 6.1 –4.5 1.7 –2.9 0.7
Oil 11.8 –0.1 29.3 27.2 4.1 –0.1 –7.5 –42.7 –15.1 23.6 12.5 –7.1
Nonfuel Primary Commodities 4.1 2.1 28.0 14.2 –7.4 –0.7 –3.9 –10.5 –0.9 7.0 0.6 –0.1
Food 4.2 1.9 13.5 16.5 0.1 1.2 –4.1 –10.3 3.4 2.5 –2.2 1.2
Beverages 4.0 0.3 15.3 12.7 –16.1 –11.2 20.8 5.2 –4.4 –9.0 –8.0 4.2
Agricultural Raw Materials –1.1 2.9 34.6 18.5 –10.0 2.4 2.0 –6.1 –5.1 2.6 –1.3 –1.6
Metal 8.1 2.4 49.8 9.7 –14.3 –3.5 –10.1 –16.4 –4.8 22.5 7.7 –1.7
World Trade Prices in Euros2
Manufactures –1.0 1.3 7.4 –0.7 11.3 –6.1 –0.5 17.1 –4.9 –0.6 –7.2 0.2
Oil 10.2 0.5 34.3 25.5 9.3 –4.1 –7.6 –36.8 –15.4 20.8 7.5 –7.6
Nonfuel Primary Commodities 2.6 2.7 32.9 12.7 –2.8 –4.6 –4.0 –1.3 –1.3 4.6 –3.8 –0.6
Food 2.7 2.4 17.9 14.9 5.1 –2.8 –4.2 –1.1 3.0 0.2 –6.6 0.6
Beverages 2.5 0.8 19.8 11.2 –11.9 –14.7 20.7 16.1 –4.8 –11.1 –12.1 3.7
Agricultural Raw Materials –2.6 3.5 39.8 17.0 –5.5 –1.7 1.9 3.6 –5.5 0.2 –5.7 –2.1
Metal 6.6 2.9 55.5 8.3 –10.0 –7.3 –10.2 –7.8 –5.1 19.8 2.9 –2.2

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Table A9. Summary of World Trade Volumes and Prices (continued)

(Annual percent change)
Averages Projections
2000–09 2010–19 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Trade in Goods
Volume of Trade
Exports
Advanced Economies 3.6 4.6 14.9 6.0 1.9 2.7 3.5 3.1 1.8 4.4 4.7 3.8
Emerging Market and Developing Economies 7.7 5.4 15.3 7.6 3.8 4.7 2.6 1.1 2.6 6.4 5.1 5.3
Fuel Exporters 4.9 2.6 6.8 5.7 2.6 2.2 –0.6 2.8 1.3 0.8 1.9 3.0
Nonfuel Exporters 8.8 6.4 18.7 8.3 4.4 5.8 3.9 0.5 3.0 7.8 5.9 5.9
Imports
Advanced Economies 3.3 4.5 13.2 5.3 0.3 2.1 3.6 3.6 2.3 4.7 5.4 4.8
Emerging Market and Developing Economies 8.8 5.9 15.6 11.1 5.1 4.7 2.5 –0.5 2.3 7.0 6.2 5.8
Fuel Exporters 10.9 3.0 8.2 11.7 8.2 3.9 0.7 –7.3 –5.0 3.1 6.6 1.4
Nonfuel Exporters 8.4 6.5 17.5 10.9 4.4 4.9 2.9 1.0 3.9 7.8 6.1 6.6
Price Deflators in SDRs
Exports
Advanced Economies 1.3 0.7 4.3 6.4 0.3 0.2 –2.2 –6.1 –2.4 4.4 2.0 0.9
Emerging Market and Developing Economies 4.7 1.3 12.5 13.3 3.1 –1.3 –3.1 –8.8 –7.2 6.9 1.2 –0.6
Fuel Exporters 9.2 0.7 21.3 25.6 4.6 –2.6 –6.7 –29.6 –13.3 16.1 8.1 –3.7
Nonfuel Exporters 3.0 1.4 9.0 8.4 2.4 –0.7 –1.6 –0.8 –5.4 4.6 –0.6 0.2
Imports
Advanced Economies 1.7 0.7 6.2 8.7 1.5 –0.6 –2.2 –7.9 –3.5 4.3 1.3 0.8
Emerging Market and Developing Economies 3.0 1.2 10.7 8.5 2.6 –0.7 –2.6 –4.9 –5.8 5.7 0.2 0.0
Fuel Exporters 3.4 1.0 8.0 6.5 3.3 0.2 –2.4 –3.2 –3.8 3.1 –1.5 0.6
Nonfuel Exporters 2.9 1.3 11.3 8.9 2.4 –0.9 –2.7 –5.2 –6.2 6.2 0.6 –0.1
Terms of Trade
Advanced Economies –0.4 0.0 –1.8 –2.1 –1.1 0.8 0.1 1.9 1.2 0.1 0.7 0.1
Emerging Market and Developing Economies 1.7 0.1 1.6 4.4 0.5 –0.6 –0.5 –4.1 –1.5 1.1 0.9 –0.6
Regional Groups
Commonwealth of Independent States3 3.8 0.1 12.6 20.6 1.6 –6.8 –1.5 –19.9 –13.3 10.3 7.7 –3.2
Emerging and Developing Asia –0.7 0.0 –6.0 –2.3 1.3 0.9 2.2 8.6 0.3 –3.4 –1.4 0.7
Emerging and Developing Europe 0.5 –0.3 –3.6 –1.9 –1.1 1.5 1.3 2.4 1.7 –2.1 –1.1 0.3
Latin America and the Caribbean 2.3 0.2 7.1 5.1 –1.7 –1.3 –2.2 –9.1 1.3 4.6 0.1 –1.1
Middle East, North Africa, Afghanistan, and
Pakistan 5.0 –0.7 8.5 12.6 –0.1 –0.1 –4.6 –25.7 –6.2 10.2 8.5 –3.6
Middle East and North Africa 5.3 –0.7 8.5 12.8 0.4 0.0 –4.7 –26.4 –6.7 10.7 8.6 –3.7
Sub-Saharan Africa 3.6 0.8 12.3 12.6 –1.4 –1.2 –3.4 –15.5 –1.4 8.1 3.1 –2.3
Analytical Groups
By Source of Export Earnings
Fuel 5.6 –0.3 12.3 17.9 1.2 –2.7 –4.4 –27.2 –9.8 12.6 9.7 –4.3
Nonfuel 0.2 0.2 –2.1 –0.5 0.0 0.2 1.2 4.6 0.8 –1.5 –1.2 0.3
Memorandum
World Exports in Billions of US Dollars
Goods and Services 12,353 22,699 18,713 22,284 22,596 23,304 23,729 21,070 20,669 22,654 25,273 26,701
Goods 9,792 17,755 14,907 17,931 18,135 18,549 18,635 16,223 15,757 17,422 19,474 20,515
Average Oil Price4 13.1 –0.6 27.9 31.6 1.0 –0.9 –7.5 –47.2 –15.7 23.3 18.0 –6.5
In US Dollars a Barrel 49.17 75.54 79.03 104.01 105.01 104.07 96.25 50.79 42.84 52.81 62.31 58.24
Export Unit Value of Manufactures5 1.7 0.3 2.3 4.2 2.8 –3.0 –0.5 –2.2 –5.2 1.4 1.9 1.3
1Average of annual percent change for world exports and imports.
2As represented, respectively, by the export unit value index for manufactures of the advanced economies and accounting for 83 percent of the advanced economies’ trade (export of goods) weights;
the average of 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.

254 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A10. Summary of Current Account Balances

(Billions of US dollars)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Advanced Economies –16.1 –49.1 5.7 200.6 217.4 295.8 316.7 396.2 345.8 287.2 414.3
United States –430.7 –444.6 –426.2 –349.5 –373.8 –434.6 –451.7 –466.2 –614.7 –727.3 –739.7
Euro Area –7.7 –12.4 174.1 293.1 326.6 371.7 408.2 442.4 460.8 478.1 510.5
Germany 192.3 229.7 248.9 252.5 291.0 301.1 297.5 296.6 346.8 364.1 413.6
France –22.2 –28.3 –32.8 –24.5 –36.2 –10.7 –21.0 –36.8 –39.1 –26.6 –8.2
Italy –72.6 –68.3 –7.0 21.1 41.3 28.4 50.4 56.1 56.1 50.8 23.2
Spain –56.2 –47.4 –3.1 20.7 14.9 13.5 23.8 21.7 23.7 26.2 34.6
Japan 221.0 129.8 59.7 45.9 36.8 134.1 188.1 195.4 194.5 199.0 238.9
United Kingdom –92.3 –62.3 –113.1 –151.8 –161.4 –150.0 –153.9 –106.7 –110.1 –103.2 –101.0
Canada –58.2 –49.6 –65.7 –59.4 –43.2 –55.9 –49.3 –49.3 –57.3 –48.6 –42.1
Other Advanced Economies1 283.0 266.4 272.2 347.8 360.1 365.5 348.5 346.1 393.5 406.4 450.3
Emerging Market and Developing Economies 280.1 379.1 355.7 177.5 168.8 –59.7 –90.6 –25.2 –23.7 –76.0 –345.5
Regional Groups
Commonwealth of Independent States2 68.9 107.3 67.5 18.0 57.8 52.4 –0.3 26.6 63.5 54.2 51.7
Russia 67.5 97.3 71.3 33.4 57.5 68.8 25.5 40.2 76.8 67.3 67.6
Excluding Russia 1.4 10.0 –3.8 –15.4 0.2 –16.4 –25.9 –13.6 –13.3 –13.1 –15.8
Emerging and Developing Asia 233.3 98.2 122.1 99.3 231.1 312.0 226.6 151.0 122.9 131.4 –6.7
China 237.8 136.1 215.4 148.2 236.0 304.2 202.2 164.9 166.7 179.1 132.2
India –47.9 –78.2 –87.8 –32.3 –26.8 –22.1 –15.3 –51.2 –66.6 –67.4 –121.2
ASEAN-53 45.4 49.4 6.3 –3.6 22.4 30.7 43.5 49.3 38.5 36.2 –1.2
Emerging and Developing Europe –86.9 –119.5 –81.9 –72.0 –59.9 –35.3 –32.8 –49.6 –62.2 –63.2 –72.6
Latin America and the Caribbean –95.3 –111.3 –136.6 –162.8 –184.5 –174.0 –96.2 –85.4 –116.9 –133.6 –171.5
Brazil –75.8 –77.0 –74.2 –74.8 –104.2 –59.4 –23.5 –9.8 –33.5 –40.1 –51.1
Mexico –5.0 –12.4 –18.4 –30.9 –23.7 –29.3 –22.8 –18.8 –23.3 –28.5 –31.0
Middle East, North Africa, Afghanistan, and
Pakistan 170.6 413.1 411.4 331.2 188.0 –123.3 –130.3 –28.0 17.8 –9.1 –64.5
Sub-Saharan Africa –10.5 –8.8 –26.9 –36.2 –63.7 –91.5 –57.6 –39.8 –48.7 –55.6 –81.9
South Africa –5.6 –9.2 –20.3 –21.6 –18.7 –14.0 –9.6 –7.9 –10.6 –11.9 –15.4
Analytical Groups
By Source of Export Earnings
Fuel 309.6 619.9 597.1 465.4 311.3 –77.4 –86.2 63.6 145.4 113.0 60.3
Nonfuel –27.8 –240.8 –241.4 –288.0 –142.5 17.7 –4.3 –88.8 –169.1 –189.0 –405.8
Of Which, Primary Products –11.7 –31.0 –68.0 –81.8 –55.4 –54.8 –43.8 –56.0 –61.9 –69.6 –87.0
By External Financing Source
Net Debtor Economies –282.7 –381.4 –433.5 –399.9 –369.6 –309.7 –217.2 –232.3 –310.2 –336.3 –490.5
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16 –21.2 –31.5 –50.5 –50.1 –35.1 –47.7 –52.5 –39.1 –35.4 –38.0 –59.3
Memorandum
World 264.0 330.0 361.4 378.1 386.3 236.1 226.2 371.0 322.2 211.2 68.8
European Union –23.9 62.4 188.4 269.2 286.0 338.0 332.5 417.2 470.7 495.1 529.2
Low-Income Developing Countries –15.5 –19.6 –31.5 –39.6 –45.8 –77.2 –44.4 –30.8 –48.9 –58.8 –89.5
Middle East and North Africa 170.0 408.1 413.9 333.7 190.0 –122.0 –126.8 –15.9 33.4 5.9 –46.5

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Table A10. Summary of Current Account Balances (continued)

(Percent of GDP)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Advanced Economies 0.0 –0.1 0.0 0.4 0.5 0.7 0.7 0.8 0.7 0.5 0.7
United States –2.9 –2.9 –2.6 –2.1 –2.1 –2.4 –2.4 –2.4 –3.0 –3.4 –3.0
Euro Area –0.1 –0.1 1.4 2.2 2.4 3.2 3.4 3.5 3.2 3.2 2.9
Germany 5.6 6.1 7.0 6.7 7.5 8.9 8.5 8.0 8.2 8.2 7.8
France –0.8 –1.0 –1.2 –0.9 –1.3 –0.4 –0.9 –1.4 –1.3 –0.9 –0.2
Italy –3.4 –3.0 –0.3 1.0 1.9 1.5 2.7 2.9 2.6 2.2 0.9
Spain –3.9 –3.2 –0.2 1.5 1.1 1.1 1.9 1.7 1.6 1.7 1.8
Japan 3.9 2.1 1.0 0.9 0.8 3.1 3.8 4.0 3.8 3.7 4.0
United Kingdom –3.8 –2.4 –4.2 –5.5 –5.3 –5.2 –5.8 –4.1 –3.7 –3.4 –2.9
Canada –3.6 –2.8 –3.6 –3.2 –2.4 –3.6 –3.2 –3.0 –3.2 –2.5 –1.7
Other Advanced Economies1 5.0 4.1 4.1 5.1 5.2 5.8 5.4 5.0 5.2 5.1 4.7
Emerging Market and Developing
Economies 1.2 1.4 1.3 0.6 0.5 –0.2 –0.3 –0.1 –0.1 –0.2 –0.7
Regional Groups
Commonwealth of Independent States2 3.2 4.0 2.4 0.6 2.1 2.8 0.0 1.3 2.8 2.3 1.9
Russia 4.1 4.7 3.2 1.5 2.8 5.0 2.0 2.6 4.5 3.8 3.4
Excluding Russia 0.3 1.7 –0.6 –2.2 0.0 –3.1 –5.6 –2.7 –2.5 –2.3 –2.1
Emerging and Developing Asia 2.4 0.8 1.0 0.7 1.5 2.0 1.4 0.9 0.6 0.6 0.0
China 3.9 1.8 2.5 1.5 2.2 2.7 1.8 1.4 1.2 1.2 0.6
India –2.8 –4.3 –4.8 –1.7 –1.3 –1.1 –0.7 –2.0 –2.3 –2.1 –2.6
ASEAN-53 2.7 2.6 0.3 –0.2 1.1 1.5 2.0 2.1 1.5 1.3 0.0
Emerging and Developing Europe –5.0 –6.3 –4.4 –3.6 –2.9 –1.9 –1.8 –2.6 –2.9 –2.7 –2.5
Latin America and the Caribbean –1.9 –1.9 –2.3 –2.7 –3.1 –3.4 –1.9 –1.6 –2.1 –2.3 –2.4
Brazil –3.4 –2.9 –3.0 –3.0 –4.2 –3.3 –1.3 –0.5 –1.6 –1.8 –1.9
Mexico –0.5 –1.0 –1.5 –2.4 –1.8 –2.5 –2.1 –1.6 –1.9 –2.2 –2.0
Middle East, North Africa, Afghanistan,
and Pakistan 6.1 12.7 12.4 9.8 5.4 –4.0 –4.2 –0.9 0.5 –0.3 –1.5
Sub-Saharan Africa –0.8 –0.6 –1.7 –2.2 –3.8 –6.0 –4.1 –2.6 –2.9 –3.1 –3.2
South Africa –1.5 –2.2 –5.1 –5.9 –5.3 –4.4 –3.3 –2.3 –2.9 –3.1 –3.4
Analytical Groups
By Source of Export Earnings
Fuel 6.4 10.5 9.7 7.3 5.1 –1.6 –1.9 1.3 2.7 2.0 0.9
Nonfuel –0.2 –1.2 –1.1 –1.2 –0.6 0.1 0.0 –0.3 –0.6 –0.6 –0.9
Of Which, Primary Products –0.8 –1.9 –3.9 –4.6 –3.2 –3.1 –2.7 –3.1 –3.3 –3.5 –3.5
By External Financing Source
Net Debtor Economies –2.5 –3.0 –3.3 –2.9 –2.6 –2.4 –1.7 –1.7 –2.1 –2.1 –2.3
Net Debtor Economies by ­
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16 –3.2 –4.2 –6.3 –6.0 –4.2 –6.0 –6.8 –5.5 –4.8 –4.8 –5.7
Memorandum
World 0.4 0.5 0.5 0.5 0.5 0.3 0.3 0.5 0.4 0.2 0.1
European Union –0.1 0.3 1.1 1.5 1.5 2.1 2.0 2.4 2.4 2.4 2.2
Low-Income Developing Countries –1.2 –1.3 –1.9 –2.2 –2.4 –4.2 –2.5 –1.7 –2.5 –2.7 –2.8
Middle East and North Africa 6.6 13.5 13.4 10.6 5.9 –4.4 –4.6 –0.6 1.1 0.2 –1.2

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Table A10. Summary of Current Account Balances (continued)

(Percent of exports of goods and services)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Advanced Economies –0.1 –0.3 0.0 1.4 1.5 2.2 2.4 2.8 2.2 1.7 2.0
United States –23.2 –20.9 –19.2 –15.2 –15.7 –19.2 –20.5 –20.0 –24.5 –27.4 –22.6
Euro Area –0.3 –0.4 5.4 8.6 9.2 11.5 12.7 12.6 ... ... ...
Germany 13.3 13.6 15.3 14.8 16.3 19.0 18.5 17.0 17.5 17.3 16.1
France –3.1 –3.4 –4.1 –2.9 –4.2 –1.4 –2.8 –4.7 –4.7 –3.0 –0.8
Italy –13.5 –11.1 –1.2 3.4 6.5 5.2 9.1 9.2 7.9 6.7 2.5
Spain –15.3 –11.0 –0.8 4.7 3.3 3.4 5.8 4.8 4.5 4.7 4.9
Japan 25.4 13.9 6.5 5.5 4.3 17.1 23.2 22.4 20.6 20.3 22.4
United Kingdom –13.4 –7.8 –14.3 –18.7 –18.9 –19.0 –20.5 –13.3 –11.9 –10.9 –10.0
Canada –12.4 –9.1 –11.9 –10.7 –7.6 –11.4 –10.4 –9.7 –10.2 –8.1 –5.7
Other Advanced Economies1 8.6 6.8 6.8 8.4 8.7 9.9 9.6 8.8 9.1 8.9 8.1
Emerging Market and Developing
Economies 4.0 4.5 3.9 2.0 2.1 –0.7 –1.2 –0.3 –0.2 –0.7 –2.9
Regional Groups
Commonwealth of Independent States2 10.3 12.1 7.4 2.0 6.8 8.9 –0.1 4.3 8.9 7.5 6.1
Russia 15.3 17.0 12.1 5.6 10.2 17.5 7.7 9.8 16.1 14.2 12.1
Excluding Russia 0.6 3.2 –1.2 –5.0 0.1 –8.4 –14.9 –6.6 –5.7 –5.4 –5.6
Emerging and Developing Asia 8.3 2.8 3.3 2.6 5.8 8.2 6.2 3.7 2.7 2.7 –0.1
China 14.8 6.8 9.9 6.3 9.6 12.9 9.2 6.8 6.3 6.4 4.0
India –12.6 –17.3 –19.4 –6.9 –5.7 –5.3 –3.5 –10.4 –12.1 –11.1 –13.9
ASEAN-53 6.1 5.5 0.7 –0.4 2.3 3.4 4.8 4.7 3.4 2.9 –0.1
Emerging and Developing Europe –14.8 –17.3 –11.9 –9.7 –7.6 –5.0 –4.6 –6.1 –6.7 –6.3 –5.6
Latin America and the Caribbean –9.6 –9.1 –10.8 –12.9 –14.8 –16.1 –9.2 –7.3 –9.3 –10.2 –10.6
Brazil –32.7 –26.3 –26.4 –26.8 –39.5 –26.5 –10.8 –3.9 –12.5 –14.4 –15.4
Mexico –1.6 –3.4 –4.8 –7.7 –5.7 –7.3 –5.7 –4.3 –5.0 –5.7 –4.9
Middle East, North Africa, Afghanistan, and
Pakistan 13.6 27.0 24.3 20.8 13.4 –9.9 –11.7 –2.4 1.7 –0.3 –3.9
Sub-Saharan Africa –2.7 –1.8 –5.6 –7.5 –14.0 –26.5 –18.4 –11.0 –11.8 –13.0 –16.0
South Africa –5.2 –7.3 –17.3 –19.0 –17.0 –14.5 –10.8 –7.6 –9.5 –10.2 –11.4
Analytical Groups
By Source of Export Earnings
Fuel 16.5 25.3 22.6 18.4 13.7 –4.1 –5.5 3.7 7.7 6.0 3.0
Nonfuel –0.6 –4.1 –4.0 –4.5 –2.2 0.3 –0.1 –1.4 –2.3 –2.5 –4.2
Of Which, Primary Products –3.0 –6.7 –14.9 –18.0 –12.4 –14.2 –11.6 –13.3 –13.3 –14.1 –14.2
By External Financing Source
Net Debtor Economies –9.5 –10.6 –11.8 –10.6 –9.7 –9.1 –6.4 –6.1 –7.3 –7.3 –8.1
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16 –10.2 –12.8 –20.9 –20.8 –15.7 –26.0 –31.4 –20.6 –16.7 –16.5 –20.2
Memorandum
World 1.3 1.5 1.5 1.6 1.7 1.2 1.1 1.6 1.3 0.8 0.2
European Union –0.4 0.8 2.6 3.5 3.6 4.7 4.6 5.3 5.2 5.2 4.5
Low-Income Developing Countries –4.2 –4.1 –6.6 –7.7 –8.6 –16.1 –9.3 –5.6 –7.7 –8.4 –8.7
Middle East and North Africa 13.9 27.3 25.0 21.4 13.8 –10.1 –11.7 –1.4 2.9 0.8 –2.9
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.
3Indonesia, Malaysia, Philippines, Thailand, Vietnam.

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Table A11. Advanced Economies: Balance on Current Account

(Percent of GDP)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Advanced Economies 0.0 –0.1 0.0 0.4 0.5 0.7 0.7 0.8 0.7 0.5 0.7
United States –2.9 –2.9 –2.6 –2.1 –2.1 –2.4 –2.4 –2.4 –3.0 –3.4 –3.0
Euro Area1 –0.1 –0.1 1.4 2.2 2.4 3.2 3.4 3.5 3.2 3.2 2.9
Germany 5.6 6.1 7.0 6.7 7.5 8.9 8.5 8.0 8.2 8.2 7.8
France –0.8 –1.0 –1.2 –0.9 –1.3 –0.4 –0.9 –1.4 –1.3 –0.9 –0.2
Italy –3.4 –3.0 –0.3 1.0 1.9 1.5 2.7 2.9 2.6 2.2 0.9
Spain –3.9 –3.2 –0.2 1.5 1.1 1.1 1.9 1.7 1.6 1.7 1.8
Netherlands 7.4 9.1 10.8 9.9 8.6 8.7 8.4 9.8 9.6 8.9 7.7
Belgium 1.8 –1.1 –0.1 –0.3 –0.9 –0.1 0.1 0.1 0.3 0.2 0.5
Austria 2.9 1.6 1.5 1.9 2.5 1.9 2.1 2.1 2.5 2.0 1.9
Greece –11.4 –10.0 –3.8 –2.0 –1.6 –0.2 –1.1 –0.8 –0.8 –0.6 0.0
Portugal –10.1 –6.0 –1.8 1.6 0.1 0.1 0.6 0.5 0.2 –0.1 –1.4
Ireland –1.2 –1.6 –2.6 2.1 1.6 10.9 3.3 12.5 9.8 8.7 6.5
Finland 1.2 –1.8 –1.9 –1.6 –1.3 –1.0 –1.4 0.7 1.4 1.9 2.2
Slovak Republic –4.7 –5.0 0.9 1.9 1.1 –1.7 –1.5 –1.5 –0.3 0.5 0.7
Lithuania –1.3 –4.5 –1.4 0.8 3.2 –2.8 –1.1 1.0 –0.1 –0.6 –2.8
Slovenia –0.1 0.2 2.1 4.4 5.8 4.4 5.2 6.5 5.7 5.2 2.8
Luxembourg 6.7 6.0 5.6 5.5 5.2 5.1 4.8 5.5 5.4 5.3 5.0
Latvia 2.0 –3.2 –3.6 –2.7 –1.7 –0.5 1.4 –0.8 –1.9 –2.2 –2.5
Estonia 1.8 1.3 –1.9 0.5 0.3 2.0 1.9 3.2 2.0 0.7 –2.5
Cyprus –11.3 –4.1 –6.0 –4.9 –4.3 –1.5 –4.9 –4.7 –4.1 –4.6 –4.5
Malta –4.7 –0.2 1.7 2.7 8.8 4.5 6.5 10.2 9.9 9.5 9.6
Japan 3.9 2.1 1.0 0.9 0.8 3.1 3.8 4.0 3.8 3.7 4.0
United Kingdom –3.8 –2.4 –4.2 –5.5 –5.3 –5.2 –5.8 –4.1 –3.7 –3.4 –2.9
Korea 2.6 1.6 4.2 6.2 6.0 7.7 7.0 5.1 5.5 5.8 5.6
Canada –3.6 –2.8 –3.6 –3.2 –2.4 –3.6 –3.2 –3.0 –3.2 –2.5 –1.7
Australia –3.7 –3.1 –4.3 –3.4 –3.1 –4.7 –3.1 –2.3 –1.9 –2.3 –2.3
Taiwan Province of China 8.3 7.8 8.9 10.0 11.7 14.3 13.6 13.8 13.6 13.5 13.5
Switzerland 14.8 7.9 10.3 11.3 8.5 10.9 9.4 9.3 9.7 9.4 9.0
Sweden 6.0 5.6 5.6 5.2 4.5 4.5 4.2 3.2 3.1 3.1 3.0
Singapore 23.4 22.1 17.0 16.5 18.7 18.6 19.0 18.8 18.9 18.7 16.0
Hong Kong SAR 7.0 5.6 1.6 1.5 1.4 3.3 4.0 3.0 3.1 3.2 3.5
Norway 10.9 12.4 12.5 10.3 10.5 7.9 3.8 5.1 6.1 6.5 7.0
Czech Republic –3.6 –2.1 –1.6 –0.5 0.2 0.2 1.1 1.1 0.3 0.4 –1.4
Israel 3.7 2.2 0.5 3.1 4.0 4.9 3.5 3.0 2.6 2.7 3.0
Denmark 6.6 6.6 6.3 7.8 8.9 8.8 7.3 7.6 7.6 7.2 6.3
New Zealand –2.3 –2.8 –3.9 –3.2 –3.2 –3.1 –2.3 –2.7 –2.6 –3.0 –2.8
Puerto Rico ... ... ... ... ... ... ... ... ... ... ...
Macao SAR 39.4 40.9 39.3 40.2 34.2 25.3 26.9 30.4 32.1 33.1 34.8
Iceland –6.6 –5.2 –3.9 5.9 4.0 5.3 7.7 3.6 3.3 2.6 3.8
San Marino ... ... ... ... ... ... ... ... ... ... ...
Memorandum
Major Advanced Economies –0.8 –0.8 –1.0 –0.8 –0.7 –0.5 –0.4 –0.3 –0.6 –0.7 –0.5
Euro Area2 0.5 0.8 2.2 2.8 3.0 3.7 3.6 3.8 3.8 3.7 3.4
1Data corrected for reporting discrepancies in intra-area transactions.
2Data calculated as the sum of the balances of individual euro area countries.

258 International Monetary Fund | April 2018

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Table A12. Emerging Market and Developing Economies: Balance on Current Account
(Percent of GDP)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Commonwealth of Independent States1 3.2 4.0 2.4 0.6 2.1 2.8 0.0 1.3 2.8 2.3 1.9
Russia 4.1 4.7 3.2 1.5 2.8 5.0 2.0 2.6 4.5 3.8 3.4
Excluding Russia 0.3 1.7 –0.6 –2.2 0.0 –3.1 –5.6 –2.7 –2.5 –2.3 –2.1
Armenia –13.6 –10.4 –10.0 –7.3 –7.6 –2.6 –2.3 –2.6 –2.8 –2.8 –4.6
Azerbaijan 28.4 26.0 21.4 16.6 13.9 –0.4 –3.6 3.5 5.6 7.0 7.2
Belarus –14.5 –8.2 –2.8 –10.0 –6.6 –3.3 –3.5 –1.8 –2.5 –2.7 –1.7
Georgia –10.3 –12.8 –11.7 –5.8 –10.7 –12.0 –12.8 –9.3 –10.5 –9.5 –7.7
Kazakhstan 0.9 5.3 0.5 0.5 2.8 –2.8 –6.7 –2.9 –1.4 –1.3 –0.3
Kyrgyz Republic –2.2 –2.9 3.7 –13.3 –16.0 –16.0 –12.1 –7.8 –13.6 –12.2 –10.1
Moldova –7.5 –11.7 –6.7 –4.2 –3.9 –5.7 –4.0 –4.7 –3.7 –4.7 –4.0
Tajikistan –9.6 –7.3 –9.2 –7.8 –2.8 –6.0 –3.8 –2.6 –5.2 –4.7 –4.0
Turkmenistan –12.9 –0.8 –0.9 –7.3 –6.1 –15.6 –19.9 –11.5 –9.0 –7.8 –7.6
Ukraine 2 –2.2 –6.3 –8.1 –9.2 –3.9 –0.3 –4.1 –3.7 –3.7 –3.5 –4.0
Uzbekistan 7.1 5.7 1.2 2.8 1.7 0.7 0.7 3.7 0.2 –1.1 –2.3
Emerging and Developing Asia 2.4 0.8 1.0 0.7 1.5 2.0 1.4 0.9 0.6 0.6 0.0
Bangladesh 0.4 –1.0 0.7 1.2 1.2 1.7 0.6 –1.2 –2.0 –2.3 –1.7
Bhutan –22.2 –29.8 –21.4 –25.4 –26.4 –28.3 –29.1 –20.5 –19.6 –15.9 –3.8
Brunei Darussalam 36.6 34.7 29.8 20.9 30.7 16.0 9.6 6.1 5.0 13.1 18.6
Cambodia –9.3 –5.9 –8.2 –13.0 –9.8 –9.3 –8.8 –8.8 –10.7 –9.5 –7.8
China 3.9 1.8 2.5 1.5 2.2 2.7 1.8 1.4 1.2 1.2 0.6
Fiji –4.5 –5.1 –1.4 –9.7 –7.6 –3.6 –5.0 –4.5 –5.2 –4.5 –3.5
India –2.8 –4.3 –4.8 –1.7 –1.3 –1.1 –0.7 –2.0 –2.3 –2.1 –2.6
Indonesia 0.7 0.2 –2.7 –3.2 –3.1 –2.0 –1.8 –1.7 –1.9 –1.9 –2.0
Kiribati –2.2 –13.1 –4.4 8.3 25.0 46.7 19.4 9.0 17.0 7.1 –15.7
Lao P.D.R. –16.5 –15.3 –26.0 –28.4 –20.0 –18.0 –12.0 –13.0 –14.9 –13.7 –9.2
Malaysia 10.1 10.9 5.2 3.5 4.4 3.0 2.4 3.0 2.4 2.2 1.9
Maldives –7.3 –14.8 –6.6 –4.3 –3.2 –7.4 –24.5 –22.1 –18.0 –15.2 –10.5
Marshall Islands –20.9 2.0 0.1 –5.3 1.9 16.5 8.5 5.5 4.5 3.8 –2.3
Micronesia –15.4 –18.8 –13.4 –10.1 1.2 4.2 3.3 3.6 3.2 3.1 3.2
Mongolia –13.0 –26.5 –27.4 –25.4 –11.3 –4.0 –6.3 –8.8 –6.4 –8.3 2.0
Myanmar –1.1 –1.8 –4.0 –4.9 –2.2 –5.1 –3.9 –5.3 –5.4 –5.6 –5.8
Nauru 46.3 26.1 38.1 18.8 –13.5 –9.5 1.7 0.7 –0.7 0.1 2.1
Nepal –2.4 –1.0 4.8 3.3 4.5 5.0 6.3 –0.4 –3.6 –3.1 –2.6
Palau –9.0 –11.8 –11.2 –11.6 –15.0 –7.7 –10.4 –13.6 –13.4 –13.8 –13.4
Papua New Guinea –20.4 –24.0 –36.1 –30.8 1.3 13.3 16.7 16.8 20.2 19.2 15.9
Philippines 3.6 2.5 2.8 4.2 3.8 2.5 –0.3 –0.4 –0.5 –0.6 –1.2
Samoa –7.0 –4.3 –6.3 –0.4 –8.1 –2.8 –4.2 –1.3 –1.8 –3.4 –4.0
Solomon Islands –32.9 –8.3 1.7 –3.4 –4.3 –3.0 –3.9 –4.4 –5.0 –6.4 –5.9
Sri Lanka –1.9 –7.1 –5.8 –3.4 –2.5 –2.4 –2.4 –2.9 –2.7 –2.5 –2.1
Thailand 3.4 2.5 –0.4 –1.2 3.7 8.0 11.7 10.8 9.3 8.6 3.5
Timor-Leste 42.0 41.4 41.0 42.3 27.0 6.4 –21.6 –13.0 –22.6 –24.7 –21.3
Tonga –19.0 –16.8 –12.3 –8.3 –10.7 –14.7 –12.7 –10.9 –12.1 –11.9 –9.7
Tuvalu –42.2 –63.6 –36.4 –17.1 –15.2 –23.8 –32.0 –19.2 –20.5 –29.7 –25.3
Vanuatu –5.4 –8.1 –6.5 –3.3 –0.3 –10.6 –4.1 –9.0 –9.2 –8.6 –7.4
Vietnam –3.8 0.2 6.0 4.5 4.9 –0.1 3.0 4.1 3.0 2.4 0.5
Emerging and Developing Europe –5.0 –6.3 –4.4 –3.6 –2.9 –1.9 –1.8 –2.6 –2.9 –2.7 –2.5
Albania –11.3 –13.2 –10.1 –9.3 –10.8 –8.6 –7.6 –7.2 –6.7 –6.7 –6.1
Bosnia and Herzegovina –6.0 –9.5 –8.7 –5.3 –7.4 –5.7 –5.1 –5.2 –5.9 –6.5 –4.8
Bulgaria –1.7 0.3 –0.9 1.3 0.1 0.0 2.3 4.5 3.0 2.3 0.1
Croatia –1.1 –0.7 –0.1 0.9 2.0 4.5 2.5 3.7 3.0 2.1 0.3
Hungary 0.3 0.7 1.8 3.8 1.5 3.5 6.0 3.6 2.5 2.4 2.0
Kosovo –11.6 –12.7 –5.8 –3.6 –7.0 –8.7 –8.9 –8.7 –8.9 –8.6 –7.7
FYR Macedonia –2.0 –2.5 –3.2 –1.6 –0.5 –2.0 –2.7 –1.3 –1.5 –1.8 –2.7
Montenegro –22.7 –17.6 –18.5 –14.5 –15.2 –13.2 –18.1 –18.9 –19.0 –17.8 –10.2
Poland –5.4 –5.2 –3.7 –1.3 –2.1 –0.6 –0.3 0.0 –0.9 –1.2 –2.1
Romania –5.1 –5.0 –4.8 –1.1 –0.7 –1.2 –2.1 –3.5 –3.7 –3.7 –3.5
Serbia –6.4 –8.6 –11.5 –6.1 –6.0 –4.7 –3.1 –4.6 –4.5 –4.1 –3.8
Turkey –5.8 –8.9 –5.5 –6.7 –4.7 –3.7 –3.8 –5.5 –5.4 –4.8 –3.3

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Table A12. Emerging Market and Developing Economies: Balance on Current Account (continued)
(Percent of GDP)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Latin America and the Caribbean –1.9 –1.9 –2.3 –2.7 –3.1 –3.4 –1.9 –1.6 –2.1 –2.3 –2.4
Antigua and Barbuda ... ... ... ... 2.0 6.8 0.2 –7.0 –12.1 –2.3 –1.0
Argentina –0.4 –1.0 –0.4 –2.1 –1.6 –2.7 –2.7 –4.8 –5.1 –5.5 –5.9
The Bahamas –7.9 –10.9 –14.3 –14.2 –20.2 –14.3 –7.7 –16.4 –13.6 –8.8 –4.7
Barbados –5.6 –11.8 –8.4 –8.4 –9.3 –6.1 –4.4 –3.7 –3.0 –2.9 –2.5
Belize –2.9 –1.1 –1.2 –4.5 –7.8 –9.8 –9.0 –7.7 –6.0 –5.8 –5.0
Bolivia 3.9 0.3 7.2 3.4 1.7 –5.8 –5.7 –5.8 –5.4 –5.2 –4.2
Brazil –3.4 –2.9 –3.0 –3.0 –4.2 –3.3 –1.3 –0.5 –1.6 –1.8 –1.9
Chile 1.4 –1.6 –3.9 –4.0 –1.7 –2.3 –1.4 –1.5 –1.8 –1.9 –2.2
Colombia –3.0 –2.9 –3.1 –3.3 –5.2 –6.4 –4.3 –3.4 –2.6 –2.6 –2.3
Costa Rica –3.2 –5.3 –5.1 –4.8 –4.8 –3.6 –2.6 –3.1 –3.1 –3.0 –3.3
Dominica ... ... ... ... –7.1 –1.9 0.8 –17.8 –37.1 –21.5 –10.4
Dominican Republic –7.5 –7.5 –6.5 –4.1 –3.3 –1.9 –1.1 –0.2 –1.0 –1.4 –2.6
Ecuador –2.3 –0.5 –0.2 –1.0 –0.5 –2.1 1.5 –0.4 –0.1 0.3 0.9
El Salvador –2.5 –4.8 –5.4 –6.5 –4.8 –3.6 –2.0 –2.2 –3.2 –3.1 –3.9
Grenada ... ... ... ... –4.4 –3.8 –3.2 –6.6 –7.1 –6.4 –7.0
Guatemala –1.4 –3.4 –2.6 –2.5 –2.1 –0.2 1.5 1.4 1.1 0.6 –1.3
Guyana –8.4 –12.2 –11.3 –13.3 –9.5 –5.1 0.3 –4.2 –5.2 –4.7 44.1
Haiti –1.5 –4.3 –5.7 –6.6 –8.5 –3.1 –1.0 –2.9 –4.1 –3.0 –3.1
Honduras –4.3 –8.0 –8.5 –9.5 –6.9 –4.7 –2.7 –1.7 –3.9 –4.0 –3.9
Jamaica –8.0 –12.2 –11.1 –9.2 –7.5 –3.2 –2.7 –2.8 –2.9 –2.9 –0.8
Mexico –0.5 –1.0 –1.5 –2.4 –1.8 –2.5 –2.1 –1.6 –1.9 –2.2 –2.0
Nicaragua –8.9 –11.9 –10.7 –10.9 –7.1 –9.0 –8.6 –6.2 –7.8 –7.7 –8.4
Panama –10.3 –12.6 –10.0 –9.4 –13.1 –7.9 –5.5 –6.1 –6.0 –4.3 –3.6
Paraguay 0.2 0.8 –1.2 2.1 –0.2 –1.1 1.5 –1.8 –2.0 –1.2 –0.5
Peru –2.4 –1.8 –2.8 –4.7 –4.4 –4.8 –2.7 –1.3 –0.7 –1.1 –2.0
St. Kitts and Nevis ... ... ... ... –4.9 –9.7 –11.4 –12.6 –13.1 –12.1 –10.2
St. Lucia ... ... ... ... 3.4 6.9 –1.9 0.3 –1.0 –0.6 –0.1
St. Vincent and the Grenadines ... ... ... ... –25.7 –14.9 –15.8 –14.4 –13.5 –13.1 –10.6
Suriname 14.9 9.8 3.3 –3.8 –7.9 –16.5 –3.1 8.9 6.3 5.2 1.8
Trinidad and Tobago 18.9 16.8 13.2 20.4 14.5 3.8 –10.7 –5.6 –3.0 –4.0 –6.5
Uruguay ... ... –4.0 –3.4 –3.0 –0.7 1.6 1.6 0.6 –0.1 –1.5
Venezuela 1.9 4.9 0.8 2.0 2.3 –6.6 –1.6 2.0 2.4 3.6 2.5
Middle East, North Africa, Afghanistan,
and Pakistan 6.1 12.7 12.4 9.8 5.4 –4.0 –4.2 –0.9 0.5 –0.3 –1.5
Afghanistan 29.4 26.6 10.8 0.3 5.5 7.5 7.1 1.6 0.6 –0.2 –1.9
Algeria 7.5 9.9 5.9 0.4 –4.4 –16.5 –16.6 –12.3 –9.3 –9.7 –4.0
Bahrain 3.0 8.8 8.4 7.4 4.6 –2.4 –4.6 –3.9 –3.2 –3.3 –4.3
Djibouti 2.8 –13.1 –18.8 –23.3 –25.1 –31.8 –30.4 –23.2 –19.5 –18.8 –11.5
Egypt –1.9 –2.5 –3.6 –2.2 –0.9 –3.7 –6.0 –6.5 –4.4 –3.9 –3.2
Iran 4.2 10.4 6.0 6.7 3.2 0.3 4.0 4.3 7.0 6.3 6.0
Iraq 1.6 10.9 5.1 1.1 2.6 –6.5 –8.6 0.7 0.2 –1.6 –4.4
Jordan –7.1 –10.3 –15.2 –10.4 –7.3 –9.1 –9.3 –8.7 –8.5 –7.9 –6.4
Kuwait 31.8 42.9 45.5 40.3 33.4 3.5 –4.5 2.0 5.8 3.6 –0.3
Lebanon –20.2 –15.2 –25.7 –29.5 –31.2 –19.6 –23.3 –25.0 –25.8 –25.2 –23.4
Libya 3 21.1 9.9 29.9 0.0 –78.4 –54.4 –24.7 2.2 –10.7 –10.9 –6.0
Mauritania –8.2 –5.0 –24.1 –22.0 –27.3 –19.8 –14.9 –10.0 –9.9 –8.4 1.4
Morocco –4.4 –7.6 –9.3 –7.6 –5.9 –2.1 –4.4 –3.8 –3.6 –3.5 –2.0
Oman 8.3 13.0 10.2 6.6 5.2 –15.9 –18.4 –11.5 –6.2 –6.0 –8.6
Pakistan –2.2 0.1 –2.1 –1.1 –1.3 –1.0 –1.7 –4.1 –4.8 –4.4 –3.8
Qatar 19.1 31.1 33.2 30.4 24.0 8.4 –5.5 1.3 2.5 1.8 1.6
Saudi Arabia 12.7 23.6 22.4 18.1 9.8 –8.7 –3.7 2.7 5.4 3.6 –2.2
Somalia ... ... ... –3.6 –5.3 –4.7 –6.3 –6.7 –7.2 –6.5 –5.3
Sudan4 –1.8 –0.4 –8.6 –10.1 –8.1 –10.2 –8.9 –5.5 –6.2 –6.8 –5.8
Syria5 –2.8 ... ... ... ... ... ... ... ... ... ...
Tunisia –4.8 –7.4 –8.3 –8.4 –9.1 –8.9 –8.8 –10.1 –9.2 –7.8 –5.8
United Arab Emirates 4.2 12.6 19.7 19.0 13.5 4.9 1.4 4.7 5.3 5.1 4.0
Yemen –3.4 –3.0 –1.7 –3.1 –1.7 –6.5 –5.2 –1.0 –6.5 –3.8 –2.7

260 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A12. Emerging Market and Developing Economies: Balance on Current Account (continued)
(Percent of GDP)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2023
Sub-Saharan Africa –0.8 –0.6 –1.7 –2.2 –3.8 –6.0 –4.1 –2.6 –2.9 –3.1 –3.2
Angola 9.1 12.6 12.2 6.7 –3.0 –10.0 –5.1 –4.5 –2.2 –0.1 –2.9
Benin –8.2 –7.3 –7.4 –7.4 –8.6 –9.0 –9.4 –9.4 –8.5 –7.9 –5.1
Botswana –2.8 3.1 0.3 8.9 15.4 7.8 11.7 10.8 8.3 7.5 6.7
Burkina Faso –2.3 –4.0 –6.7 –11.3 –8.1 –8.5 –7.3 –8.3 –7.5 –6.5 –6.7
Burundi –12.2 –14.4 –18.6 –19.3 –18.5 –17.7 –13.1 –12.7 –13.2 –11.9 –9.9
Cabo Verde –12.4 –16.3 –12.6 –4.9 –9.1 –3.2 –2.8 –8.8 –9.5 –10.0 –9.9
Cameroon –2.5 –2.7 –3.3 –3.6 –4.0 –3.8 –3.2 –2.5 –2.5 –2.4 –2.4
Central African Republic –10.2 –7.6 –4.6 –3.0 –5.6 –9.0 –9.1 –10.2 –9.3 –9.2 –5.4
Chad –8.5 –5.8 –7.8 –9.1 –8.9 –13.6 –9.2 –5.2 –4.3 –5.5 –4.0
Comoros –0.4 –6.0 –5.5 –7.0 –6.3 0.0 –7.4 –4.9 –6.9 –8.5 –7.1
Democratic Republic of the Congo –10.5 –5.2 –4.6 –5.0 –4.6 –3.7 –3.1 –0.5 0.3 –0.9 –2.1
Republic of Congo 7.3 14.0 17.7 13.8 1.4 –54.1 –74.1 –12.7 3.0 4.8 –9.2
Côte d’Ivoire 1.9 10.4 –1.2 –1.4 1.4 –0.6 –1.1 –1.2 –1.5 –1.3 –1.5
Equatorial Guinea –20.2 –5.7 –1.1 –2.5 –4.3 –17.7 –11.8 –0.5 –0.9 –13.3 0.1
Eritrea –6.1 3.2 2.7 3.6 4.0 –1.4 –2.1 –2.4 –1.5 –2.1 –2.6
Ethiopia –1.4 –2.5 –6.9 –5.9 –6.4 –10.2 –9.0 –8.1 –6.5 –6.3 –4.1
Gabon 14.9 24.0 17.9 7.3 7.6 –5.6 –10.1 –4.8 –1.5 –1.9 7.4
The Gambia –16.3 –11.7 –7.0 –10.3 –10.8 –15.0 –8.9 –14.3 –18.4 –16.9 –13.6
Ghana –8.6 –9.0 –11.7 –11.9 –9.5 –7.7 –6.7 –4.5 –4.1 –4.0 –4.1
Guinea –6.4 –18.4 –20.0 –12.5 –13.4 –15.4 –31.9 –23.0 –19.1 –10.0 –10.6
Guinea-Bissau –8.3 –1.3 –8.4 –4.6 0.5 2.3 1.3 0.1 –3.3 –2.6 –1.7
Kenya –5.9 –9.2 –8.4 –8.8 –10.4 –6.7 –5.2 –6.4 –6.2 –5.7 –5.2
Lesotho –8.9 –13.4 –8.4 –5.5 –4.9 –4.5 –7.4 –6.9 –12.2 –12.1 –13.8
Liberia –20.7 –17.6 –17.3 –21.6 –26.3 –26.5 –18.5 –22.4 –22.5 –22.4 –19.9
Madagascar –10.2 –7.0 –7.6 –5.9 –0.3 –1.9 0.6 –3.4 –4.0 –4.8 –4.8
Malawi –8.6 –8.6 –9.2 –8.4 –8.3 –9.4 –13.6 –10.0 –8.9 –8.1 –7.6
Mali –10.7 –5.1 –2.2 –2.9 –4.7 –5.3 –7.2 –6.2 –6.9 –6.4 –6.4
Mauritius –10.3 –13.8 –7.3 –6.3 –5.7 –4.9 –4.4 –6.0 –7.4 –8.7 –2.1
Mozambique –16.1 –25.3 –44.7 –42.9 –38.2 –40.3 –39.2 –16.1 –16.9 –44.6 –117.7
Namibia –3.5 –3.0 –5.7 –4.0 –10.8 –12.6 –14.1 –1.4 –3.6 –5.1 –8.3
Niger –19.8 –25.1 –16.1 –16.8 –15.4 –20.5 –15.5 –13.2 –16.1 –16.7 –12.0
Nigeria 3.6 2.6 3.8 3.7 0.2 –3.2 0.7 2.5 0.5 0.4 0.2
Rwanda –7.2 –7.4 –11.2 –8.7 –11.8 –13.3 –14.3 –6.8 –8.4 –9.2 –5.9
São Tomé and Príncipe –22.9 –27.7 –21.9 –13.8 –21.9 –12.6 –6.0 –13.0 –11.3 –9.9 –7.0
Senegal –4.4 –8.0 –10.9 –10.5 –9.0 –7.0 –5.5 –9.4 –7.9 –7.5 –6.4
Seychelles –19.4 –23.0 –21.1 –11.9 –23.1 –18.6 –18.3 –16.0 –14.4 –13.9 –12.1
Sierra Leone –22.7 –65.0 –31.8 –17.5 –18.2 –17.4 –19.4 –21.9 –18.9 –21.6 –19.7
South Africa –1.5 –2.2 –5.1 –5.9 –5.3 –4.4 –3.3 –2.3 –2.9 –3.1 –3.4
South Sudan ... 18.2 –15.9 –3.9 –1.6 –7.2 1.8 –6.0 –6.1 –4.3 –1.8
Swaziland –8.6 1.0 12.7 19.3 21.6 26.7 16.7 14.6 15.4 15.0 15.7
Tanzania –7.7 –10.8 –11.6 –10.6 –10.1 –8.4 –4.5 –3.8 –5.4 –6.0 –4.7
Togo –5.8 –7.8 –7.6 –13.2 –10.0 –11.0 –9.6 –8.2 –7.8 –6.4 –2.5
Uganda –8.0 –9.9 –6.8 –7.2 –7.8 –6.7 –3.4 –4.5 –6.9 –9.5 –3.1
Zambia 7.5 4.7 5.4 –0.6 2.1 –3.9 –4.5 –3.3 –2.6 –1.9 –1.3
Zimbabwe 6 –14.3 –20.1 –13.1 –16.6 –14.2 –9.5 –3.4 –2.6 –2.6 –2.4 –2.5
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.

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Table A13. Summary of Financial Account Balances

(Billions of US dollars)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Advanced Economies
Financial Account Balance –168.1 –224.1 –130.0 230.6 342.0 322.2 438.4 424.4 335.8 231.8
Direct Investment, Net 340.7 358.9 111.9 155.4 213.5 35.7 –14.5 433.1 315.0 327.3
Portfolio Investment, Net –969.0 –1,111.5 –246.3 –539.9 30.6 176.1 374.4 –126.9 –149.1 –287.5
Financial Derivatives, Net –114.1 –6.4 –98.3 73.9 –12.4 –105.3 45.3 41.3 29.2 51.2
Other Investment, Net 261.5 191.7 –155.0 399.5 –11.7 4.0 –137.2 –70.6 68.0 64.3
Change in Reserves 352.9 349.8 273.2 153.1 134.9 226.8 179.6 170.4 92.9 93.7
United States
Financial Account Balance –446.4 –525.6 –448.9 –404.0 –326.8 –333.2 –377.7 –349.2 –606.4 –763.8
Direct Investment, Net 85.8 173.1 126.9 104.7 101.2 –195.0 –167.8 75.7 –102.7 –95.5
Portfolio Investment, Net –620.8 –226.3 –498.3 –30.7 –120.8 –53.6 –196.7 –247.5 –481.7 –608.1
Financial Derivatives, Net –14.1 –35.0 7.1 2.2 –54.3 –25.2 15.8 26.4 –12.7 9.3
Other Investment, Net 100.9 –453.4 –89.0 –477.1 –249.4 –53.0 –31.0 –202.1 –9.3 –69.5
Change in Reserves 1.8 15.9 4.5 –3.1 –3.6 –6.3 2.1 –1.7 0.0 0.0
Euro Area
Financial Account Balance –16.9 –40.9 184.3 443.7 351.9 314.9 343.3 466.6 ... ...
Direct Investment, Net 82.3 124.9 59.4 23.8 95.6 268.2 246.6 –0.5 ... ...
Portfolio Investment, Net –81.4 –383.3 –175.8 –156.9 35.0 107.0 461.0 432.6 ... ...
Financial Derivatives, Net –4.4 5.5 38.9 42.1 65.5 96.8 20.5 10.5 ... ...
Other Investment, Net –27.1 197.7 242.9 528.5 150.0 –168.7 –402.1 25.5 ... ...
Change in Reserves 13.7 14.3 19.0 6.2 5.8 11.7 17.4 –1.4 ... ...
Germany
Financial Account Balance 123.7 167.7 194.3 300.0 316.3 259.6 269.1 311.4 346.8 364.1
Direct Investment, Net 60.6 10.3 33.6 26.0 96.6 59.9 23.8 47.7 52.7 47.5
Portfolio Investment, Net 154.1 –51.4 66.8 209.6 175.0 217.9 230.4 226.1 278.6 288.7
Financial Derivatives, Net 17.6 39.8 30.9 31.8 42.3 29.2 36.1 10.1 31.1 30.2
Other Investment, Net –110.7 165.1 61.1 31.4 5.6 –45.0 –23.1 28.9 –15.6 –2.3
Change in Reserves 2.1 3.9 1.7 1.2 –3.3 –2.4 1.9 –1.4 0.0 0.0
France
Financial Account Balance –1.6 –78.6 –48.0 –19.2 –10.3 –13.5 –31.8 –36.8 –39.1 –26.6
Direct Investment, Net 34.3 19.8 19.4 –13.9 47.2 –2.6 29.0 33.7 41.6 46.6
Portfolio Investment, Net –155.0 –335.1 –50.6 –79.3 –23.8 51.5 –4.0 –19.3 –32.5 –33.2
Financial Derivatives, Net –4.1 –19.4 –18.4 –22.3 –31.8 12.0 0.7 7.7 16.4 25.1
Other Investment, Net 115.5 263.8 –3.6 98.2 –2.9 –82.4 –60.0 –61.2 –67.2 –68.0
Change in Reserves 7.7 –7.7 5.2 –1.9 1.0 8.0 2.5 2.3 2.6 2.8
Italy
Financial Account Balance –107.1 –79.9 –4.1 29.0 68.5 40.0 73.7 53.4 58.3 53.0
Direct Investment, Net 21.3 17.2 6.8 0.9 3.1 2.7 –3.3 –9.0 0.8 1.0
Portfolio Investment, Net 62.5 25.6 –22.4 –5.4 5.5 109.1 176.6 111.4 79.9 49.3
Financial Derivatives, Net 6.6 –10.1 7.5 4.0 –4.8 2.6 –3.3 –6.6 –2.8 –0.7
Other Investment, Net –198.9 –113.9 2.1 27.5 65.9 –75.0 –95.1 –45.5 –19.5 3.3
Change in Reserves 1.4 1.3 1.9 2.0 –1.3 0.6 –1.3 3.0 0.0 0.0

262 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A13. Summary of Financial Account Balances (continued)

(Billions of US dollars)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Spain
Financial Account Balance –58.9 –43.4 0.5 41.6 14.8 23.1 27.9 24.9 27.3 30.0
Direct Investment, Net –1.9 12.8 –27.2 –24.6 8.6 31.0 18.5 24.1 26.7 28.1
Portfolio Investment, Net –46.6 43.1 53.7 –83.6 –12.1 10.2 55.1 12.5 –3.2 –2.1
Financial Derivatives, Net –11.4 2.9 –10.7 1.4 1.7 –1.1 –2.9 0.0 0.0 0.0
Other Investment, Net 0.0 –116.2 –18.2 147.8 11.5 –22.6 –51.8 –11.7 3.7 4.0
Change in Reserves 1.1 13.9 2.8 0.7 5.1 5.6 9.1 0.0 0.0 0.0
Japan
Financial Account Balance 247.3 158.4 53.9 –4.3 58.9 178.6 266.7 153.1 191.1 195.6
Direct Investment, Net 72.5 117.8 117.5 144.7 118.6 131.0 134.6 146.2 134.0 147.0
Portfolio Investment, Net 147.9 –162.9 28.8 –280.6 –42.2 131.5 282.2 –54.4 –48.9 –46.2
Financial Derivatives, Net –11.9 –17.1 6.7 58.1 34.0 17.7 –16.7 30.4 32.2 33.4
Other Investment, Net –5.5 43.4 –61.1 34.8 –60.1 –106.7 –127.7 7.4 63.3 50.4
Change in Reserves 44.3 177.3 –37.9 38.7 8.5 5.1 –5.7 23.6 10.5 11.0
United Kingdom
Financial Account Balance –112.4 –48.1 –92.5 –132.5 –148.0 –138.9 –143.4 –87.4 –112.4 –105.4
Direct Investment, Net –10.1 53.4 –34.8 –11.2 –176.1 –116.2 –219.5 84.6 67.5 57.4
Portfolio Investment, Net –201.0 –215.5 275.0 –284.3 22.6 –212.3 –193.2 –87.7 0.0 0.0
Financial Derivatives, Net –69.3 7.4 –65.8 63.4 31.2 –128.6 29.3 12.5 1.9 –9.1
Other Investment, Net 158.6 98.6 –279.1 91.8 –37.5 286.1 231.1 –105.6 –194.8 –167.9
Change in Reserves 9.4 7.9 12.1 7.8 11.7 32.2 8.8 8.8 13.0 14.1
Canada
Financial Account Balance –58.3 –49.4 –62.7 –56.9 –42.2 –57.8 –51.5 –49.3 –57.3 –48.6
Direct Investment, Net 6.3 12.5 12.8 –12.0 1.3 22.2 36.3 10.2 21.7 22.5
Portfolio Investment, Net –109.9 –104.3 –63.8 –27.1 –32.9 –44.8 –119.2 –65.7 –83.2 –85.9
Financial Derivatives, Net ... ... ... ... ... ... ... ... ... ...
Other Investment, Net 41.4 34.3 –13.4 –22.5 –15.9 –43.8 25.8 6.2 4.1 14.9
Change in Reserves 3.9 8.1 1.7 4.7 5.3 8.5 5.6 0.0 0.0 0.0
Other Advanced Economies 1
Financial Account Balance 243.6 278.5 240.8 364.1 339.5 287.3 327.7 308.8 371.4 382.2
Direct Investment, Net 93.5 –6.5 –34.8 26.3 –7.5 –109.9 –76.9 –99.0 –78.5 –72.8
Portfolio Investment, Net –57.1 46.8 148.7 138.4 180.1 334.0 273.2 276.7 321.3 341.5
Financial Derivatives, Net –15.2 31.1 –28.3 –33.5 –23.5 –14.2 0.7 –27.9 –35.0 –37.0
Other Investment, Net –16.8 88.5 –104.0 143.1 97.1 –83.4 –10.9 43.7 119.1 104.1
Change in Reserves 279.3 125.1 274.7 101.3 106.3 175.9 151.0 138.3 64.6 63.7
Emerging Market and Developing
Economies
Financial Account Balance 137.1 237.3 113.2 38.7 15.8 –276.2 –431.5 –254.9 4.8 –56.4
Direct Investment, Net –455.9 –530.9 –491.4 –482.9 –415.4 –340.5 –279.9 –375.3 –388.5 –396.4
Portfolio Investment, Net –222.5 –148.0 –237.5 –156.7 –115.3 113.1 –44.7 –163.0 –84.6 –78.1
Financial Derivatives, Net ... ... ... ... ... ... ... ... ... ...
Other Investment, Net –22.9 166.5 408.8 89.5 409.5 461.8 386.2 135.7 343.6 325.1
Change in Reserves 837.2 745.0 432.0 590.8 128.4 –515.5 –482.4 164.6 143.6 102.6

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 WORLD ECONOMIC OUTLOOK: CYCLICAL UPSWING, STRUCTURAL CHANGE

Table A13. Summary of Financial Account Balances (continued)

(Billions of US dollars)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Regional Groups
Commonwealth of Independent States2
Financial Account Balance 75.9 100.9 52.1 2.5 12.2 52.8 2.1 63.1 65.6 56.3
Direct Investment, Net –8.5 –15.2 –27.6 –3.6 19.2 0.9 –34.6 –5.0 –0.3 –1.8
Portfolio Investment, Net –14.2 17.9 3.5 –0.2 28.8 12.0 –2.4 –15.8 –4.8 –4.2
Financial Derivatives, Net ... ... ... ... ... ... ... ... ... ...
Other Investment, Net 36.0 64.3 44.3 27.5 73.0 39.4 28.8 21.9 22.1 27.2
Change in Reserves 60.9 32.0 30.5 –21.5 –114.1 –6.8 9.8 61.7 48.4 35.0
Emerging and Developing Asia
Financial Account Balance 148.4 65.2 9.7 33.0 149.5 86.9 –40.0 –85.0 131.1 137.8
Direct Investment, Net –225.0 –277.3 –221.9 –273.2 –203.4 –139.9 –27.7 –157.8 –153.8 –145.0
Portfolio Investment, Net –91.3 –58.0 –115.6 –64.7 –123.9 82.7 31.9 –50.5 –21.9 –23.9
Financial Derivatives, Net 0.2 –0.3 1.5 –2.0 0.4 –1.5 –10.2 –11.5 –10.0 –10.6
Other Investment, Net –97.5 –28.7 207.4 –78.7 280.8 461.5 346.2 –58.9 244.2 244.9
Change in Reserves 562.9 431.3 139.1 451.1 195.4 –316.0 –379.8 193.8 73.1 73.0
Emerging and Developing Europe
Financial Account Balance –89.1 –107.1 –66.3 –62.3 –43.5 –9.7 –14.1 –42.9 –45.9 –49.6
Direct Investment, Net –26.7 –39.8 –27.6 –26.5 –32.8 –34.8 –30.9 –23.0 –28.5 –32.3
Portfolio Investment, Net –45.8 –53.5 –70.0 –40.0 –19.3 24.6 –4.2 –25.0 –21.2 –18.9
Financial Derivatives, Net 0.0 1.6 –2.9 –1.4 0.3 –1.8 0.1 –0.9 0.8 0.8
Other Investment, Net –52.5 –30.1 6.5 –12.9 8.6 12.7 –2.8 18.7 –3.9 –10.4
Change in Reserves 35.9 14.6 27.8 18.5 –0.2 –10.4 23.6 –12.7 6.9 11.1
Latin America and the Caribbean
Financial Account Balance –114.5 –126.4 –146.7 –187.7 –205.1 –192.5 –103.9 –88.5 –109.6 –131.9
Direct Investment, Net –110.0 –144.6 –153.6 –147.5 –139.4 –134.4 –136.9 –137.9 –137.0 –138.5
Portfolio Investment, Net –96.0 –109.4 –83.9 –101.9 –110.9 –60.5 –49.5 –33.5 –37.0 –45.2
Financial Derivatives, Net 0.7 5.5 2.3 1.7 4.4 1.4 –1.1 4.4 0.6 0.7
Other Investment, Net –0.2 14.1 29.5 48.2 1.8 30.0 62.8 59.2 44.6 42.8
Change in Reserves 90.9 108.0 59.0 11.7 39.0 –29.0 20.8 29.0 19.1 8.3
Middle East, North Africa,
Afghanistan, and Pakistan
Financial Account Balance 122.5 320.3 285.8 306.7 180.3 –133.1 –208.8 –55.4 5.4 –20.2
Direct Investment, Net –48.9 –21.6 –26.1 –8.6 –29.6 –0.3 –7.6 –16.9 –27.8 –29.6
Portfolio Investment, Net 25.2 74.2 56.8 72.1 131.9 69.5 –6.9 –18.0 11.1 18.6
Financial Derivatives, Net ... ... ... ... ... ... ... ... ... ...
Other Investment, Net 60.1 129.5 100.5 114.9 61.6 –63.3 –48.3 101.1 39.7 18.3
Change in Reserves 86.1 138.2 154.7 128.1 16.2 –139.3 –146.4 –121.9 –17.9 –28.0
Sub-Saharan Africa
Financial Account Balance –6.0 –15.6 –21.4 –53.5 –77.5 –80.6 –66.6 –46.3 –41.9 –48.8
Direct Investment, Net –36.8 –32.5 –34.5 –23.5 –29.3 –32.0 –42.2 –34.7 –41.0 –49.2
Portfolio Investment, Net –0.4 –19.3 –28.4 –22.0 –21.8 –15.2 –13.6 –20.3 –10.9 –4.7
Financial Derivatives, Net –0.2 –1.7 –1.7 –0.8 –1.5 –0.4 0.9 1.1 0.0 0.0
Other Investment, Net 31.2 17.5 20.5 –9.4 –16.2 –18.4 –0.5 –6.3 –3.1 2.3
Change in Reserves 0.5 20.7 21.0 2.9 –7.9 –14.1 –10.4 14.7 14.1 3.2

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Table A13. Summary of Financial Account Balances (continued)

(Billions of US dollars)
Projections
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Analytical Groups
By Source of Export Earnings
Fuel
Financial Account Balance 251.8 512.2 445.8 375.9 223.6 –85.7 –165.2 53.7 128.8 101.4
Direct Investment, Net –31.2 –23.8 –33.3 10.8 7.0 7.4 –29.5 –7.3 –12.8 –13.9
Portfolio Investment, Net 20.2 87.0 47.2 78.2 162.8 79.9 –7.2 –25.1 20.6 21.6
Financial Derivatives, Net ... ... ... ... ... ... ... ... ... ...
Other Investment, Net 145.8 253.0 196.0 186.4 155.1 9.2 33.7 147.7 90.3 84.0
Change in Reserves 115.1 194.7 234.5 100.2 –106.5 –189.5 –162.6 –61.9 30.5 9.6
Nonfuel
Financial Account Balance –113.1 –274.9 –332.7 –337.3 –207.9 –190.5 –266.3 –308.6 –124.0 –157.8
Direct Investment, Net –422.4 –507.1 –458.1 –493.7 –422.4 –347.9 –250.3 –367.9 –375.7 –382.4
Portfolio Investment, Net –242.7 –235.0 –284.7 –234.8 –278.1 33.1 –37.5 –137.9 –105.2 –99.8
Financial Derivatives, Net 0.7 5.8 –1.0 –2.4 3.6 –2.2 –10.3 –7.0 –8.6 –9.2
Other Investment, Net –168.3 –86.6 212.8 –96.8 254.4 452.7 352.5 –12.0 253.3 241.1
Change in Reserves 721.0 550.3 197.5 490.6 234.9 –326.0 –319.7 226.5 113.1 93.0
By External Financing Source
Net Debtor Economies
Financial Account Balance –288.2 –393.6 –433.7 –420.0 –382.8 –293.5 –237.9 –231.6 –273.1 –307.2
Direct Investment, Net –228.7 –285.5 –292.5 –284.4 –295.4 –286.1 –299.1 –292.9 –307.6 –329.7
Portfolio Investment, Net –210.1 –181.0 –198.9 –175.9 –198.8 –39.3 –50.9 –110.7 –70.0 –62.6
Financial Derivatives, Net ... ... ... ... ... ... ... ... ... ...
Other Investment, Net –83.9 –65.8 –58.1 –21.1 –11.4 32.7 31.9 65.5 29.0 15.3
Change in Reserves 234.6 135.9 116.6 63.0 117.9 1.3 92.6 124.8 85.0 79.4
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Financial Account Balance –11.7 –25.9 –54.5 –44.0 –29.0 –41.1 –55.1 –35.8 –28.6 –33.8
Direct Investment, Net –21.8 –21.0 –26.9 –24.6 –20.6 –26.5 –27.6 –24.7 –26.4 –31.9
Portfolio Investment, Net –11.2 0.9 –1.5 –10.2 –0.4 1.8 –1.4 –21.1 –16.1 –6.5
Financial Derivatives, Net ... ... ... ... ... ... ... ... ... ...
Other Investment, Net 7.3 6.4 –3.2 –11.8 0.7 –22.2 –23.1 10.2 5.7 4.6
Change in Reserves 14.2 –11.8 –24.7 3.2 –8.3 6.1 –2.5 0.0 8.7 –0.1
Memorandum
World
Financial Account Balance –31.0 13.2 –16.8 269.3 357.8 46.0 6.8 169.4 340.6 175.4
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.

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Table A14. Summary of Net Lending and Borrowing

(Percent of GDP)
Projections
Averages Average
2000–09 2004–11 2012 2013 2014 2015 2016 2017 2018 2019 2020–23
Advanced Economies
Net Lending and Borrowing –0.8 –0.7 0.1 0.5 0.5 0.5 0.7 0.8 0.7 0.5 0.6
Current Account Balance –0.9 –0.7 0.0 0.4 0.5 0.7 0.7 0.8 0.7 0.5 0.6
Savings 21.9 21.4 21.3 21.5 22.1 22.4 21.9 22.0 22.2 22.3 22.6
Investment 22.6 22.0 21.0 20.9 21.2 21.2 21.0 21.2 21.5 21.8 22.1
Capital Account Balance 0.0 0.0 0.0 0.0 0.0 –0.1 0.0 0.0 0.0 0.0 0.0
United States
Net Lending and Borrowing –4.5 –4.3 –2.6 –2.1 –2.1 –2.4 –2.4 –2.3 –3.0 –3.3 –3.3
Current Account Balance –4.5 –4.3 –2.6 –2.1 –2.1 –2.4 –2.4 –2.4 –3.0 –3.4 –3.3
Savings 17.7 16.5 17.7 18.3 19.3 19.4 18.0 17.5 17.2 17.4 17.8
Investment 21.9 20.8 19.4 19.8 20.1 20.4 19.7 19.8 20.2 20.8 21.1
Capital Account Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1
Euro Area
Net Lending and Borrowing –0.1 0.0 1.5 2.4 2.6 3.1 3.4 3.3 ... ... ...
Current Account Balance –0.2 –0.1 1.4 2.2 2.4 3.2 3.4 3.5 3.2 3.2 3.0
Savings 22.8 22.7 22.3 22.4 22.9 23.8 24.0 24.4 24.6 24.8 24.9
Investment 22.5 22.2 20.1 19.6 19.9 20.0 20.4 20.9 21.1 21.3 21.6
Capital Account Balance 0.1 0.1 0.1 0.2 0.1 –0.1 0.0 –0.2 ... ... ...
Germany
Net Lending and Borrowing 3.4 5.5 7.0 6.7 7.5 8.9 8.6 8.0 8.2 8.2 7.9
Current Account Balance 3.4 5.6 7.0 6.7 7.5 8.9 8.5 8.0 8.2 8.2 7.9
Savings 23.7 25.3 26.3 26.2 27.0 28.1 27.7 27.7 28.0 28.2 28.2
Investment 20.3 19.8 19.3 19.5 19.5 19.1 19.2 19.7 19.7 20.0 20.3
Capital Account Balance 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
France
Net Lending and Borrowing 1.0 –0.1 –1.2 –0.8 –1.2 –0.4 –0.9 –1.4 –1.3 –0.9 –0.3
Current Account Balance 1.0 –0.2 –1.2 –0.9 –1.3 –0.4 –0.9 –1.4 –1.3 –0.9 –0.3
Savings 23.3 22.6 21.4 21.4 21.5 22.3 22.1 22.0 21.9 22.2 22.6
Investment 22.4 22.7 22.6 22.3 22.7 22.8 23.0 23.4 23.2 23.1 22.9
Capital Account Balance 0.0 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0
Italy
Net Lending and Borrowing –0.8 –1.8 –0.1 0.9 2.1 1.8 2.6 2.9 2.7 2.3 1.5
Current Account Balance –0.9 –1.9 –0.3 1.0 1.9 1.5 2.7 2.9 2.6 2.2 1.4
Savings 20.2 19.2 17.5 17.9 18.9 18.9 19.8 20.4 20.2 20.1 19.8
Investment 21.1 21.1 17.9 17.0 17.0 17.3 17.1 17.5 17.7 17.9 18.4
Capital Account Balance 0.1 0.1 0.2 0.0 0.2 0.2 –0.2 0.0 0.1 0.1 0.1
Spain
Net Lending and Borrowing –5.5 –6.0 0.3 2.2 1.6 1.8 2.2 1.9 1.8 1.9 2.0
Current Account Balance –6.2 –6.5 –0.2 1.5 1.1 1.1 1.9 1.7 1.6 1.7 1.7
Savings 22.2 21.1 19.8 20.2 20.5 21.5 22.4 22.8 23.1 23.3 23.5
Investment 28.3 27.6 20.0 18.7 19.5 20.4 20.5 21.1 21.5 21.7 21.8
Capital Account Balance 0.7 0.5 0.5 0.6 0.5 0.7 0.2 0.2 0.2 0.2 0.2
Japan
Net Lending and Borrowing 3.1 3.4 0.9 0.7 0.7 3.0 3.7 4.0 3.7 3.6 4.0
Current Account Balance 3.2 3.4 1.0 0.9 0.8 3.1 3.8 4.0 3.8 3.7 4.0
Savings 27.9 26.9 23.6 24.1 24.7 27.1 27.4 28.0 28.3 28.4 28.7
Investment 24.7 23.5 22.7 23.2 23.9 24.0 23.6 24.0 24.6 24.7 24.7
Capital Account Balance –0.1 –0.1 0.0 –0.1 0.0 –0.1 –0.1 –0.1 –0.1 –0.1 –0.1
United Kingdom
Net Lending and Borrowing –2.9 –3.3 –4.3 –5.6 –5.4 –5.3 –5.9 –4.1 –3.8 –3.5 –3.1
Current Account Balance –2.9 –3.3 –4.2 –5.5 –5.3 –5.2 –5.8 –4.1 –3.7 –3.4 –3.1
Savings 14.4 13.3 11.5 10.5 11.8 11.8 11.1 12.8 13.3 13.7 14.4
Investment 17.3 16.6 15.7 16.1 17.1 17.0 16.9 16.9 17.0 17.1 17.5
Capital Account Balance 0.0 0.0 0.0 –0.1 –0.1 –0.1 –0.1 –0.1 –0.1 –0.1 –0.1

266 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A14. Summary of Net Lending and Borrowing (continued)

(Percent of GDP)
Projections
Averages Average
2000–09 2004–11 2012 2013 2014 2015 2016 2017 2018 2019 2020–23
Canada
Net Lending and Borrowing 1.1 –0.4 –3.6 –3.2 –2.4 –3.6 –3.2 –3.0 –3.2 –2.5 –1.8
Current Account Balance 1.1 –0.4 –3.6 –3.2 –2.4 –3.6 –3.2 –3.0 –3.2 –2.5 –1.8
Savings 23.0 22.8 21.3 21.7 22.5 20.5 20.0 20.7 20.8 21.5 22.5
Investment 21.9 23.2 24.9 24.9 24.9 24.1 23.2 23.7 23.9 24.1 24.4
Capital Account Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Advanced Economies1
Net Lending and Borrowing 3.8 4.1 4.1 5.2 5.1 5.4 5.5 4.8 5.1 5.0 4.8
Current Account Balance 3.8 4.1 4.1 5.1 5.2 5.8 5.4 5.0 5.2 5.1 4.9
Savings 29.8 30.4 30.3 30.4 30.5 30.9 30.2 30.2 30.5 30.5 30.2
Investment 25.6 25.9 26.0 25.1 25.2 24.8 24.7 25.3 25.4 25.4 25.5
Capital Account Balance –0.1 0.0 0.0 0.1 –0.1 –0.4 0.1 –0.2 0.0 –0.1 –0.1
Emerging Market and Developing
Economies
Net Lending and Borrowing 2.6 2.9 1.3 0.7 0.6 0.0 –0.2 0.0 0.1 –0.1 –0.4
Current Account Balance 2.5 2.8 1.3 0.6 0.5 –0.2 –0.3 –0.1 –0.1 –0.2 –0.5
Savings 29.5 32.2 33.5 32.8 33.0 32.6 31.8 32.2 32.8 32.9 32.5
Investment 27.3 29.6 32.4 32.4 32.6 32.9 32.1 32.3 32.9 33.0 33.0
Capital Account Balance 0.2 0.2 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Regional Groups
Commonwealth of Independent States2
Net Lending and Borrowing 6.0 4.8 2.2 0.6 0.6 2.8 0.0 1.3 2.8 2.4 1.9
Current Account Balance 6.5 5.1 2.4 0.6 2.1 2.8 0.0 1.3 2.8 2.3 1.9
Savings 27.4 27.1 27.2 24.3 25.1 26.1 24.7 25.9 26.8 26.9 26.4
Investment 21.1 22.0 24.8 23.6 22.9 23.0 24.3 24.4 23.8 24.4 24.3
Capital Account Balance –0.5 –0.3 –0.2 0.0 –1.5 0.0 0.0 0.0 0.0 0.0 0.0
Emerging and Developing Asia
Net Lending and Borrowing 3.7 3.9 1.0 0.8 1.6 2.0 1.4 0.9 0.7 0.6 0.3
Current Account Balance 3.6 3.8 1.0 0.7 1.5 2.0 1.4 0.9 0.6 0.6 0.3
Savings 38.4 42.4 43.7 43.0 43.6 42.4 41.0 40.9 40.9 40.6 39.5
Investment 35.2 38.8 42.6 42.3 42.0 40.4 39.6 40.0 40.2 40.0 39.2
Capital Account Balance 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Emerging and Developing Europe
Net Lending and Borrowing –4.5 –5.3 –3.4 –2.5 –1.7 –0.6 –1.1 –1.9 –1.8 –1.9 –1.9
Current Account Balance –4.8 –5.8 –4.4 –3.6 –2.9 –1.9 –1.8 –2.6 –2.9 –2.7 –2.6
Savings 19.7 19.9 20.5 21.5 22.1 22.9 22.5 23.2 23.1 23.3 23.6
Investment 24.2 25.7 24.9 25.0 25.0 24.7 24.1 25.5 25.9 25.9 26.0
Capital Account Balance 0.3 0.5 0.9 1.1 1.3 1.3 0.6 0.6 1.0 0.9 0.6
Latin America and the Caribbean
Net Lending and Borrowing –0.1 –0.1 –2.3 –2.7 –3.1 –3.3 –1.9 –1.5 –2.1 –2.2 –2.4
Current Account Balance –0.2 –0.2 –2.3 –2.7 –3.1 –3.4 –1.9 –1.6 –2.1 –2.3 –2.4
Savings 20.1 21.2 20.0 19.2 17.9 18.1 17.2 17.5 17.3 17.5 18.2
Investment 20.4 21.3 22.5 22.4 21.7 22.0 19.4 19.1 19.4 19.8 20.6
Capital Account Balance 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East, North Africa, Afghanistan,
and Pakistan
Net Lending and Borrowing 8.0 9.6 11.9 10.0 6.1 –3.6 –4.1 –0.8 0.8 0.0 –1.1
Current Account Balance 8.3 10.1 12.4 9.8 5.4 –4.0 –4.2 –0.9 0.5 –0.3 –1.3
Savings 34.7 37.4 37.9 36.1 33.0 24.9 24.1 26.4 28.6 27.8 26.4
Investment 27.0 28.0 25.9 25.9 26.8 28.4 27.6 27.0 27.4 27.2 26.8
Capital Account Balance 0.2 0.2 0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.1 0.1
Sub-Saharan Africa
Net Lending and Borrowing 2.0 2.4 –0.6 –1.8 –3.4 –5.6 –3.6 –2.2 –2.6 –2.7 –2.9
Current Account Balance 0.7 0.9 –1.7 –2.2 –3.8 –6.0 –4.1 –2.6 –2.9 –3.1 –3.2
Savings 20.3 21.6 19.5 18.7 18.3 16.1 16.1 17.8 17.6 18.1 18.1
Investment 19.7 20.6 21.0 21.0 21.9 21.8 19.8 20.2 20.5 21.1 21.2
Capital Account Balance 1.3 1.5 1.1 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3

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Table A14. Summary of Net Lending and Borrowing (continued)

(Percent of GDP)
Projections
Averages Average
2000–09 2004–11 2012 2013 2014 2015 2016 2017 2018 2019 2020–23
Analytical Groups
By Source of Export Earnings
Fuel
Net Lending and Borrowing 9.3 10.1 9.3 7.4 4.7 –1.5 –1.8 1.2 2.9 2.2 1.2
Current Account Balance 9.6 10.4 9.7 7.3 5.1 –1.6 –1.9 1.3 2.7 2.0 1.1
Savings 33.9 35.0 34.7 32.0 30.2 26.5 24.8 27.1 28.7 28.3 26.6
Investment 24.7 25.0 25.4 24.9 25.4 28.3 26.2 25.5 25.4 25.5 24.8
Capital Account Balance 0.0 0.0 –0.1 0.0 –0.7 –0.1 –0.1 0.0 0.0 0.0 0.0
Nonfuel
Net Lending and Borrowing 0.8 0.8 –0.9 –1.0 –0.4 0.2 0.1 –0.2 –0.4 –0.5 –0.7
Current Account Balance 0.6 0.6 –1.1 –1.2 –0.6 0.1 0.0 –0.3 –0.6 –0.6 –0.8
Savings 28.4 31.4 33.2 33.1 33.7 33.8 33.1 33.2 33.5 33.6 33.4
Investment 28.0 30.9 34.2 34.2 34.3 33.8 33.2 33.5 34.1 34.2 34.2
Capital Account Balance 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1
By External Financing Source
Net Debtor Economies
Net Lending and Borrowing –1.0 –1.4 –3.0 –2.6 –2.3 –2.1 –1.5 –1.5 –1.8 –1.9 –2.0
Current Account Balance –1.3 –1.7 –3.3 –2.9 –2.6 –2.4 –1.7 –1.7 –2.1 –2.1 –2.2
Savings 22.1 23.4 23.0 22.5 22.5 22.1 22.3 22.9 23.0 23.3 24.1
Investment 23.6 25.2 26.2 25.3 25.1 24.5 23.9 24.5 25.0 25.4 26.2
Capital Account Balance 0.3 0.4 0.3 0.3 0.3 0.3 0.2 0.2 0.3 0.2 0.2
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2012–16
Net Lending and Borrowing –0.3 –1.6 –5.7 –5.8 –4.0 –5.8 –6.7 –5.3 –4.5 –4.5 –5.2
Current Account Balance –0.8 –2.1 –6.3 –6.0 –4.2 –6.0 –6.8 –5.5 –4.8 –4.8 –5.4
Savings 20.9 20.7 14.7 13.4 14.3 11.8 12.1 13.8 15.9 16.5 17.4
Investment 22.2 22.7 20.6 19.2 18.3 17.8 18.7 19.1 20.5 21.1 22.7
Capital Account Balance 0.6 0.6 0.6 0.2 0.3 0.3 0.1 0.3 0.2 0.2 0.2
Memorandum
World
Net Lending and Borrowing 0.0 0.3 0.5 0.6 0.5 0.3 0.3 0.5 0.4 0.3 0.2
Current Account Balance 0.0 0.3 0.5 0.5 0.5 0.3 0.3 0.5 0.4 0.2 0.1
Savings 23.9 24.6 26.0 26.0 26.4 26.4 25.8 26.1 26.4 26.6 26.9
Investment 23.8 24.4 25.3 25.3 25.6 25.8 25.2 25.6 26.0 26.4 26.7
Capital Account Balance 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.1
Note: The estimates in this table are based on individual countries’ national accounts and balance of payments statistics. Country group composites are calculated as the sum of the 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.

268 International Monetary Fund | April 2018

 STATISTICAL APPENDIX

Table A15. Summary of World Medium-Term Baseline Scenario

Projections
Averages Averages
2000–09 2010–19 2016 2017 2018 2019 2016–19 2020–23
Annual Percent Change
World Real GDP 3.9 3.9 3.2 3.8 3.9 3.9 3.7 3.7
Advanced Economies 1.8 2.0 1.7 2.3 2.5 2.2 2.2 1.6
Emerging Market and Developing Economies 6.1 5.2 4.4 4.8 4.9 5.1 4.8 5.0
Memorandum
Potential Output
Major Advanced Economies 1.9 1.3 1.4 1.5 1.6 1.7 1.6 1.5
World Trade, Volume1 5.0 4.9 2.3 4.9 5.1 4.7 4.2 3.9
Imports
Advanced Economies 3.6 4.5 2.7 4.0 5.1 4.5 4.1 3.2
Emerging Market and Developing Economies 9.0 5.9 1.8 6.4 6.0 5.6 4.9 5.3
Exports
Advanced Economies 3.9 4.6 2.0 4.2 4.5 3.9 3.7 3.3
Emerging Market and Developing Economies 7.9 5.4 2.6 6.4 5.1 5.3 4.8 4.7
Terms of Trade
Advanced Economies –0.2 0.1 0.9 –0.2 0.6 0.2 0.4 0.0
Emerging Market and Developing Economies 1.5 0.1 –1.4 0.6 1.1 –0.5 0.0 0.0
World Prices in US Dollars
Manufactures 1.7 0.3 –5.2 1.4 1.9 1.3 –0.2 0.8
Oil 13.1 –0.6 –15.7 23.3 18.0 –6.5 3.5 –2.1
Nonfuel Primary Commodities 5.3 1.6 –1.5 6.8 5.6 0.5 2.8 –0.5
Consumer Prices
Advanced Economies 2.0 1.6 0.8 1.7 2.0 1.9 1.6 2.0
Emerging Market and Developing Economies 6.8 5.1 4.3 4.0 4.6 4.3 4.3 4.1
Interest Rates Percent
Real Six-Month LIBOR2 1.1 –0.7 –0.2 –0.3 –0.2 0.9 0.0 1.5
World Real Long-Term Interest Rate3 2.1 0.5 0.4 –0.2 0.0 0.5 0.2 0.9
Current Account Balances Percent of GDP
Advanced Economies –0.9 0.4 0.7 0.8 0.7 0.5 0.7 0.6
Emerging Market and Developing Economies 2.5 0.4 –0.3 –0.1 –0.1 –0.2 –0.2 –0.5
Total External Debt
Emerging Market and Developing Economies 31.0 27.9 29.6 29.7 28.4 27.7 28.9 26.3
Debt Service
Emerging Market and Developing Economies 9.3 9.9 10.7 9.9 9.4 9.4 9.9 9.0
1Data refer to trade in goods and services.
2London 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.

International Monetary Fund | April 2018 269