Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Research Dept.
Published Date:
April 2014
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The Statistical Appendix presents historical data as well as projections. It comprises six sections: Assumptions, What’s New, Data and Conventions, Classification of Countries, General Features and Composition of Groups in the World Economic Outlook Classification, and Statistical Tables.

The assumptions underlying the estimates and projections for 2014–15 and the medium-term scenario for 2016–19 are summarized in the first section. The second section presents a brief description of the changes to the database and statistical tables since the October 2013 issue of the World Economic Outlook (WEO). The third section provides a general description of the data and the conventions used for calculating country group composites. The classification of countries in the various groups presented in the WEO is summarized in the fourth section. The fifth section provides information on methods and reporting standards for the member countries’ national account and government finance indicators included in the report.

The last, and main, section comprises the statistical tables. (Statistical Appendix A is included here; Statistical Appendix B is available online.) Data in these tables have been compiled on the basis of information available generally through March 24, 2014. The figures for 2014 and beyond are shown with the same degree of precision as the historical figures solely for convenience; because they are projections, the same degree of accuracy is not to be inferred.

Assumptions

Real effective exchange rates for the advanced economies are assumed to remain constant at their average levels during the period January 31 to February 28, 2014. For 2014 and 2015, these assumptions imply average U.S. dollar/special drawing right (SDR) conversion rates of 1.542 and 1.557, U.S. dollar/euro conversion rates of 1.369 and 1.393, and yen/U.S. dollar conversion rates of 101.6 and 100.0, respectively.

It is assumed that the price of oil will average $104.17 a barrel in 2014 and $97.92 a barrel in 2015.

Established policies of national authorities are assumed to be maintained. The more specific policy assumptions underlying the projections for selected economies are described in Box A1.

With regard to interest rates, it is assumed that the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits will average 0.4 percent in 2014 and 0.8 percent in 2015, that three-month euro deposits will average 0.3 percent in 2014 and 0.4 percent in 2015, and that six-month yen deposits will average 0.2 percent in 2014 and 2015.

With respect to introduction of the euro, on December 31, 1998, the Council of the European Union decided that, effective January 1, 1999, the irrevocably fixed conversion rates between the euro and currencies of the member countries adopting the euro are as follows.

1 euro=13.7603Austrian schillings
=40.3399Belgian francs
=0.585274Cyprus pound1
=1.95583Deutsche mark
=15.6466Estonian krooni2
=5.94573Finnish markkaa
=6.55957French francs
=340.750Greek drachmas3
=0.787564Irish pound
=1,936.27Italian lire
=0.702804Latvian lats4
=40.3399Luxembourg francs
=0.42930Maltese lira1
=2.20371Netherlands guilders
=200.482Portuguese escudos
=30.1260Slovak koruna5
=239.640Slovenian tolars6
=166.386Spanish pesetas

Established on January 1, 2008.

Established on January 1, 2011.

Established on January 1, 2001.

Established on January 1, 2014.

Established on January 1, 2009.

Established on January 1, 2007.

Established on January 1, 2008.

Established on January 1, 2011.

Established on January 1, 2001.

Established on January 1, 2014.

Established on January 1, 2009.

Established on January 1, 2007.

See Box 5.4 of the October 1998 WEO for details on how the conversion rates were established.

What’s New

  • On January 1, 2014, Latvia became the 18th country to join the euro area. Data for Latvia are not included in the euro area aggregates, because the database has not yet been converted to euros, but are included in data aggregated for advanced economies.
  • Starting with the April 2014 WEO, the Central and Eastern Europe and Emerging Europe regions have been renamed Emerging and Developing Europe. The Developing Asia region has been renamed Emerging and Developing Asia.
  • Projections for Ukraine are excluded due to the ongoing crisis.
  • The consumer price projections for Argentina are excluded because of a structural break in the data. Please refer to note 6 in Table A7 for further details.
  • Korea’s real GDP series is based on the reference year 2005. This does not reflect the revised national accounts released on March 26, 2014, after the WEO was finalized for publication. These comprehensive revisions include implementing the 2008 System of National Accounts and updating the reference year to 2010. As a result of these revisions, real GDP growth in 2013 was revised up to 3 percent from 2.8 percent (which is the figure included in Tables 2.3 and A2).
  • Cape Verde is now called Cabo Verde.
  • As in the October 2013 WEO, data for Syria are excluded for 2011 onward because of the uncertain political situation.

Data and Conventions

Data and projections for 189 economies form the statistical basis of the World Economic Outlook (the WEO database). The data are maintained jointly by the IMF’s Research Department and regional departments, with the latter regularly updating country projections based on consistent global assumptions.

Although national statistical agencies are the ultimate providers of historical data and definitions, international organizations are also involved in statistical issues, with the objective of harmonizing methodologies for the compilation of national statistics, including analytical frameworks, concepts, definitions, classifications, and valuation procedures used in the production of economic statistics. The WEO database reflects information from both national source agencies and international organizations.

Most countries’ macroeconomic data presented in the WEO conform broadly to the 1993 version of the System of National Accounts (SNA). The IMF’s sector statistical standards—the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6), the Monetary and Financial Statistics Manual (MFSM 2000), and the Government Finance Statistics Manual 2001 (GFSM 2001)—have been or are being aligned with the 2008 SNA.1 These standards reflect the IMF’s special interest in countries’ external positions, financial sector stability, and public sector fiscal positions. The process of adapting country data to the new standards begins in earnest when the manuals are released. However, full concordance with the manuals is ultimately dependent on the provision by national statistical compilers of revised country data; hence, the WEO estimates are only partially adapted to these manuals. Nonetheless, for many countries the impact, on major balances and aggregates, of conversion to the updated standards will be small. Many other countries have partially adopted the latest standards and will continue implementation over a period of years.

Consistent with the recommendations of the 1993 SNA, several countries have phased out their traditional fixed-base-year method of calculating real macroeconomic variable levels and growth by switching to a chain-weighted method of computing aggregate growth. The chain-weighted method frequently updates the weights of price and volume indicators. It 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. Table F indicates which countries use a chain-weighted method.

Composite data for country groups in the WEO are either sums or weighted averages of data for individual countries. Unless noted otherwise, multiyear averages of growth rates are expressed as compound annual rates of change.2 Arithmetically weighted averages are used for all data for the emerging market and developing economies group except inflation and money growth, for which geometric averages are used. The following conventions apply.

  • Country group composites for exchange rates, interest rates, and growth rates of monetary aggregates are weighted by GDP converted to U.S. dollars at market exchange rates (averaged over the preceding three years) as a share of group GDP.
  • Composites for other data relating to the domestic economy, whether growth rates or ratios, are weighted by GDP valued at purchasing power parity (PPP) as a share of total world or group GDP.3
  • Composites for data relating to the domestic economy for the euro area (18 member countries throughout the entire period, unless noted otherwise) are aggregates of national source data using GDP weights. Annual data are not adjusted for calendar-day effects. For data prior to 1999, data aggregations apply 1995 European currency unit exchange rates.
  • Composites for fiscal data are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated.
  • Composite unemployment rates and employment growth are weighted by labor force as a share of group labor force.
  • Composites relating to external sector statistics are sums of individual country data after conversion to U.S. dollars at the average market exchange rates in the years indicated for balance of payments data and at end-of-year market exchange rates for debt denominated in currencies other than U.S. dollars.
  • Composites of changes in foreign trade volumes and prices, however, are arithmetic averages of percent changes for individual countries weighted by the U.S. dollar value of exports or imports as a share of total world or group exports or imports (in the preceding year).
  • Unless noted otherwise, group composites are computed if 90 percent or more of the share of group weights is represented.

Data refer to calendar years, except in the case of a few countries that use fiscal years. Please refer to Table F, which lists the reporting period for each country.

Classification of Countries

Summary of the Country Classification

The country classification in the WEO divides the world into two major groups: advanced economies and emerging market and developing economies.4 This classification is not based on strict criteria, economic or otherwise, and it has evolved over time. The objective is to facilitate analysis by providing a reasonably meaningful method of organizing data. Table A provides an overview of the country classification, showing the number of countries in each group by region and summarizing some key indicators of their relative size (GDP valued by PPP, total exports of goods and services, and population).

Table A.Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20131(Percent of total for group or world)
GDPExports of Goods and ServicesPopulation
Number of EconomiesAdvanced EconomiesWorldAdvanced EconomiesWorldAdvanced EconomiesWorld
Advanced Economies36100.049.6100.061.1100.014.7
United States38.919.316.19.830.54.5
Euro Area21726.413.141.525.331.84.7
Germany7.53.713.18.07.81.1
France5.32.65.73.56.10.9
Italy4.22.14.42.75.80.8
Spain3.21.63.32.04.50.7
Japan10.95.45.93.612.31.8
United Kingdom5.52.75.63.46.20.9
Canada3.51.83.92.43.40.5
Other Advanced Economies1514.77.327.116.615.72.3
Memorandum
Major Advanced Economies775.937.654.733.472.110.6
Emerging Market and Developing EconomiesWorldEmerging Market and Developing EconomiesWorldEmerging Market and Developing EconomiesWorld
Emerging Market and Developing Economies153100.050.4100.038.9100.085.3
Regional Groups
Commonwealth of Independent States3128.34.210.03.94.84.0
Russia5.82.96.62.62.42.0
Emerging and Developing Asia2951.425.944.117.257.449.0
China30.515.426.910.522.719.3
India11.65.85.32.020.717.7
Excluding China and India279.34.711.94.614.011.9
Emerging and Developing Europe136.63.38.63.43.02.5
Latin America and the Caribbean3217.18.614.05.49.98.4
Brazil5.52.83.11.23.32.8
Mexico4.22.14.41.72.01.7
Middle East, North Africa, Afghanistan, and Pakistan2211.45.718.17.110.48.9
Middle East and North Africa2010.05.017.76.96.85.8
Sub-Saharan Africa455.12.65.22.014.612.5
Excluding Nigeria and South Africa432.71.32.91.110.99.3
Analytical Groups4
By Source of Export Earnings
Fuel2817.68.928.411.011.49.7
Nonfuel12582.441.671.627.988.675.5
Of Which, Primary Products283.61.83.51.47.16.1
By External Financing Source
Net Debtor Economies12349.925.141.416.163.754.3
Of Which, Official Financing274.02.03.01.29.78.3
Net Debtor Economies by Debt-Servicing Experience
Economies with Arrears and/or Rescheduling during 2008–12346.43.24.11.610.38.8
Other Net Debtor Economies8943.421.937.414.553.345.5
Other Groups
Heavily Indebted Poor Countries382.51.21.90.711.09.4
Low-Income Developing Countries596.53.35.92.322.419.1

The 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.

Data for Latvia are not included in the euro area aggregates because the database has not yet been converted to euros.

Georgia, 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.

South Sudan is omitted from the net external position groups composite for lack of a fully developed database.

The 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.

Data for Latvia are not included in the euro area aggregates because the database has not yet been converted to euros.

Georgia, 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.

South Sudan is omitted from the net external position groups composite for lack of a fully developed database.

Some countries remain outside the country classification and therefore are not included in the analysis. Anguilla, Cuba, the Democratic People’s Republic of Korea, and Montserrat are examples of countries that are not IMF members, and their economies therefore are not monitored by the IMF. Somalia is omitted from the emerging market and developing economies group composites because of data limitations.

General Features and Composition of Groups in the World Economic Outlook Classification

Advanced Economies

The 36 advanced economies are listed in Table B. The seven largest in terms of GDP—the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada—constitute the subgroup of major advanced economies often referred to as the Group of Seven (G7). The members of the euro area are also distinguished as a subgroup. Composite data shown in the tables for the euro area cover the current members for all years, even though the membership has increased over time.

Table B.Advanced Economies by Subgroup
Major Currency Areas
United States
Euro Area
Japan
Euro Area1
AustriaGermanyNetherlands
BelgiumGreecePortugal
CyprusIrelandSlovak Republic
EstoniaItalySlovenia
FinlandLuxembourgSpain
FranceMalta
Major Advanced Economies
CanadaItalyUnited States
FranceJapan
GermanyUnited Kingdom
Other Advanced Economies
AustraliaIsraelSan Marino
Czech RepublicKoreaSingapore
DenmarkLatviaSweden
Hong Kong SAR2New ZealandSwitzerland
IcelandNorwayTaiwan Province of China

Data for Latvia are not included in the euro area aggregates because the database has not yet been converted to euros.

On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.

Data for Latvia are not included in the euro area aggregates because the database has not yet been converted to euros.

On July 1, 1997, Hong Kong was returned to the People’s Republic of China and became a Special Administrative Region of China.

Table C lists the member countries of the European Union, not all of which are classified as advanced economies in the World Economic Outlook.

Table C.European Union
AustriaGermanyPoland
BelgiumGreecePortugal
BulgariaHungaryRomania
CroatiaIrelandSlovak Republic
CyprusItalySlovenia
Czech RepublicLatviaSpain
DenmarkLithuaniaSweden
EstoniaLuxembourgUnited Kingdom
FinlandMalta
FranceNetherlands

Emerging Market and Developing Economies

The group of emerging market and developing economies (153) includes all those that are not classified as advanced economies.

The regional breakdowns of emerging market and developing economies are Commonwealth of Independent States (CIS); emerging and developing Asia; emerging and developing Europe (sometimes also referred to as central and eastern Europe); Latin America and the Caribbean (LAC); Middle East, North Africa, Afghanistan, and Pakistan (MENAP); and sub-Saharan Africa (SSA).

Emerging market and developing economies are also classified according to analytical criteria. The analytical criteria reflect the composition of export earnings and other income from abroad; a distinction between net creditor and net debtor economies; and, for the net debtors, financial criteria based on external financing sources and experience with external debt servicing. The detailed composition of emerging market and developing economies in the regional and analytical groups is shown in Tables D and E.

Table D.Emerging Market and Developing Economies by Region and Main Source of Export Earnings
FuelNonfuel Primary Products
Commonwealth of Independent States
AzerbaijanUzbekistan
Kazakhstan
Russia
Turkmenistan
Emerging and Developing Asia
Brunei DarussalamMongolia
Timor-LestePapua New Guinea
Solomon Islands
Tuvalu
Latin America and the Caribbean
BoliviaChile
EcuadorGuyana
Trinidad and TobagoParaguay
VenezuelaSuriname
Uruguay
Middle East, North Africa, Afghanistan, and Pakistan
AlgeriaAfghanistan
BahrainMauritania
IranSudan
Iraq
Kuwait
Libya
Oman
Qatar
Saudi Arabia
United Arab Emirates
Yemen
Sub-Saharan Africa
AngolaBurkina Faso
ChadBurundi
Republic of CongoCentral African Republic
Equatorial GuineaDemocratic Republic of the Congo
GabonEritrea
NigeriaGuinea
South SudanGuinea-Bissau
Malawi
Mali
Mozambique
Niger
Sierra Leone
South Africa
Zambia
Zimbabwe
Table E.Emerging Market and Developing Economies by Region, Net External Position, Status as Heavily Indebted Poor Countries, and Low-Income Developing Countries
Net External PositionHeavily Indebted Poor Countries2Low-Income Developing Countries
Net CreditorNet Debtor1
Commonwealth of Independent States3
Armenia*
Azerbaijan*
Belarus*
Georgia*
Kazakhstan*
Kyrgyz Republic*
Moldova**
Russia*
Tajikistan**
Turkmenistan*
Ukraine*
Uzbekistan**
Emerging and Developing Asia
Bangladesh*
Bhutan*
Brunei Darussalam*
Cambodia**
China*
Fiji*
India*
Indonesia*
Kiribati**
Lao P.D.R.**
Malaysia*
Maldives*
Marshall Islands
Micronesia
Mongolia**
Myanmar**
Nepal**
Palau*
Papua New Guinea**
Philippines*
Samoa*
Solomon Islands**
Sri Lanka
Thailand*
Timor-Leste*
Tonga
Tuvalu
Vanuatu*
Vietnam**
Emerging and Developing Europe
Albania*
Bosnia and Herzegovina*
Bulgaria*
Croatia*
Hungary
Kosovo*
Lithuania*
FYR Macedonia*
Montenegro*
Poland*
Romania*
Serbia*
Turkey*
Latin America and the Caribbean
Antigua and Barbuda*
Argentina*
The Bahamas*
Barbados*
Belize*
Bolivia**
Brazil*
Chile*
Colombia*
Costa Rica*
Dominica*
Dominican Republic*
Ecuador
El Salvador*
Grenada*
Guatemala*
Guyana*
Haiti*
Honduras**
Jamaica*
Mexico*
Nicaragua*
Panama*
Paraguay*
Peru*
St. Kitts and Nevis*
St. Lucia*
St. Vincent and the Grenadines*
Suriname
Trinidad and Tobago*
Uruguay*
Venezuela*
Middle East, North Africa, Afghanistan, and Pakistan
Afghanistan**
Algeria*
Bahrain*
Djibouti**
Egypt*
Iran*
Iraq*
Jordan*
Kuwait*
Lebanon*
Libya*
Mauritania**
Morocco*
Oman*
Pakistan
Qatar*
Saudi Arabia*
Sudan**
Syria
Tunisia*
United Arab Emirates*
Yemen**
Sub-Saharan Africa
Angola*
Benin**
Botswana*
Burkina Faso*
Burundi*
Cabo Verde*
Cameroon**
Central African Republic*
Chad***
Comoros*
Democratic Republic of the Congo**
Republic of Congo*
Côte d’Ivoire**
Equatorial Guinea*
Eritrea**
Ethiopia*
Gabon*
The Gambia**
Ghana**
Guinea**
Guinea-Bissau*
Kenya**
Lesotho*
Liberia**
Madagascar**
Malawi**
Mali**
Mauritius*
Mozambique**
Namibia*
Niger**
Nigeria**
Rwanda**
São Tomé and Príncipe*
Senegal**
Seychelles*
Sierra Leone**
South Africa*
South Sudan4*
Swaziland*
Tanzania**
Togo*
Uganda**
Zambia**
Zimbabwe**

Dot instead of star indicates that the net debtor’s main external finance source is official financing.

Dot instead of star indicates that the country has reached the completion point.

Georgia, 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.

South Sudan is omitted from the net external position groups composite for lack of a fully developed database.

Dot instead of star indicates that the net debtor’s main external finance source is official financing.

Dot instead of star indicates that the country has reached the completion point.

Georgia, 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.

South Sudan is omitted from the net external position groups composite for lack of a fully developed database.

Table F.Key Data Documentation
CountryCountryNational AccountsCurrencyGovernment FinancePrices (CPI)Balance of Payments
Historical Data Source1Latest Actual DataBase Year2Reporting Period3Use of Chain-Weighted Methodology4Historical Data Source1Latest Actual DataReporting Period3Historical Data Source1Latest Actual DataHistorical Data Source1Latest Actual Data
AfghanistanAfghan AfghaniNSO2011/122002/03AfghanistanMoF2012/13Solar year6NSO2013NSO2012
AlbaniaAlbanian lekIMF staff20121996From 1996AlbaniaIMF staff2012NSO2013CB2012
AlgeriaAlgerian dinarNSO20112001From 2005AlgeriaCB2012NSO2012CB2012
AngolaAngolan kwanzaNSO20112002AngolaMoF2012CB2013CB2012
Antigua and BarbudaEastern Caribbean dollarCB201320065Antigua and BarbudaMoF2013NSO2013CB2013
ArgentinaArgentine pesoMEP20121993ArgentinaMEP2012NSO2012MEP2012
ArmeniaArmenian dramNSO20122005ArmeniaMoF2012NSO2013CB2012
AustraliaAustralian dollarNSO20132011/12From 1980AustraliaMoF2012/13NSO2013NSO2013
AustriaEuroNSO20132005From 1988AustriaNSO2013NSO2013NSO2013
AzerbaijanAzerbaijan manatNSO20132003From 1994AzerbaijanMoF2012NSO2013CB2012
The BahamasBahamian dollarNSO20122006The BahamasMoF2012/13Jul/JunNSO2012CB2012
BahrainBahrain dinarMoF20122010BahrainMoF2012NSO2012CB2012
BangladeshBangladesh takaNSO20122005BangladeshMoF2011/12Jul/JunNSO2013CB2011
BarbadosBarbados dollarNSO and CB201219745BarbadosMoF2012/13Apr/MarCB2012CB2012
BelarusBelarusian rubelNSO20122009From 2005BelarusMoF2013NSO2013CB2012
BelgiumEuroCB20132011From 1995BelgiumCB2012CB2013CB2012
BelizeBelize dollarNSO20122000BelizeMoF2012/13Apr/MarNSO2012CB2012
BeninCFA francNSO20112000BeninMoF2011NSO2011CB2010
BhutanBhutanese ngultrumNSO2006/0720005Jul/JunBhutanMoF2010/11Jul/JunCB2008CB2007/08
BoliviaBolivian bolivianoNSO20121990BoliviaMoF2013NSO2013CB2012
Bosnia and HerzegovinaConvertible markaNSO20122010From 2000Bosnia and HerzegovinaMoF2013NSO2013CB2012
BotswanaBotswana pulaNSO20102006BotswanaMoF2008/09Apr/MarNSO2010CB2009
BrazilBrazilian realNSO20131995BrazilMoF2013NSO2013CB2013
Brunei DarussalamBrunei dollarNSO20122000Brunei DarussalamMoF2013NSO2013MEP2011
BulgariaBulgarian levNSO20132005From 2005BulgariaMoF2012NSO2013CB2013
Burkina FasoCFA francNSO and MEP20111999Burkina FasoMoF2013NSO2013CB2011
BurundiBurundi francNSO20102005BurundiMoF2012NSO2012CB2011
Cabo VerdeCabo Verde escudoNSO20112007From 2011Cabo VerdeMoF2013NSO2013CB2013
CambodiaCambodian rielNSO20122000CambodiaMoF2012NSO2013CB2012
CameroonCFA francNSO20102000CameroonMoF2012NSO2012MoF2010
CanadaCanadian dollarNSO20132007From 1980CanadaNSO and OECD2013NSO2013NSO2013
Central African RepublicCFA francNSO20122005Central African RepublicMoF2012NSO2012CB2012
ChadCFA francCB20102005ChadMoF2012NSO2013CB2010
ChileChilean pesoCB20132008From 2003ChileMoF2013NSO2013CB2013
ChinaChinese yuanNSO201219905ChinaMoF2013NSO2013State Admin. of Foreign Exchange2012
ColombiaColombian pesoNSO20122005From 2000ColombiaMoF2012NSO2012CB and NSO2012
ComorosComorian francNSO20122000ComorosMoF2012NSO2012CB and IMF staff2012
Democratic Republic of the CongoCongo francNSO20062005Democratic Republic of the CongoMoF2013CB2013CB2013
Republic of CongoCFA francNSO20091990Republic of CongoMoF2012NSO2013CB2008
Costa RicaCosta Rican colónCB20121991Costa RicaMoF and CB2012CB2013CB2012
Côte d’IvoireCFA francMEP20112000Côte d’IvoireMoF2011MoF2011CB2009
CroatiaCroatian kunaNSO20122005CroatiaMoF2013NSO2012CB2013
CyprusEuroEurostat20122005From 1995CyprusEurostat2013Eurostat2013Eurostat2012
Czech RepublicCzech korunaNSO20132005From 1995Czech RepublicMoF2013NSO2013NSO2013
DenmarkDanish kroneNSO20132005From 1980DenmarkNSO2013NSO2013NSO2013
DjiboutiDjibouti francNSO19991990DjiboutiMoF2012NSO2012CB2012
DominicaEastern Caribbean dollarNSO20132006DominicaMoF2012/13Jul/JunNSO2013CB2013
Dominican RepublicDominican pesoCB20131991Dominican RepublicMoF2013CB2013CB2013
EcuadorU.S. dollarCB20122007EcuadorCB and MoF2012NSO and CB2012CB2012
EgyptEgyptian poundOther2012/132001/02Jul/JunEgyptMoF2012/13Jul/JunNSO2012/13CB2012/13
El SalvadorU.S. dollarCB20121990El SalvadorMoF2013NSO2013CB2012
Equatorial GuineaCFA francMEP and CB20062006Equatorial GuineaMoF2012MEP2012CB2006
EritreaEritrean nakfaIMF staff20062000EritreaMoF2008NSO2009CB2008
EstoniaEuroNSO20132005From 1995EstoniaMoF2013NSO2013CB2013
EthiopiaEthiopian birrNSO2012/132010/11Jul/JunEthiopiaMoF2012/13Jul/JunNSO2012CB2012/13
FijiFiji dollarNSO201220085FijiMoF2011NSO2013CB2012
FinlandEuroNSO20132000From 1980FinlandMoF2012NSO and Eurostat2013CB2012
FranceEuroNSO20132005From 1980FranceNSO2012NSO2013CB2013
GabonCFA francMoF20102001GabonIMF staff2013MoF2013CB2006
The GambiaGambian dalasiNSO20122004The GambiaMoF2013NSO2013CB and IMF staff2012
GeorgiaGeorgian lariNSO20122000From 1996GeorgiaMoF2013NSO2013NSO and CB2012
GermanyEuroNSO20132005From 1991GermanyNSO and Eurostat2013NSO2013CB2013
GhanaGhanaian cediNSO20112006GhanaMoF2011NSO2011CB2011
GreeceEuroNSO20132005From 2000GreeceMoF2012NSO2013CB2013
GrenadaEastern Caribbean dollarNSO20132006GrenadaMoF2013NSO2013CB2013
GuatemalaGuatemalan quetzalCB20122001From 2001GuatemalaMoF2012NSO2013CB2012
GuineaGuinean francNSO20092003GuineaMoF2012NSO2013CB and MEPIMF staff estimates
Guinea-BissauCFA francNSO20112005Guinea-BissauMoF2011NSO2011CB2011
GuyanaGuyana dollarNSO201220065GuyanaMoF2012NSO2012CB2012
HaitiHaitian gourdeNSO2012/131986/87Oct/SepHaitiMoF2012/13Oct/SepNSO2013CB2013
HondurasHonduran lempiraCB20122000HondurasMoF2012CB2013CB2012
Hong Kong SARHong Kong dollarNSO20132011From 1980Hong Kong SARNSO2012/13Apr/MarNSO2013NSO2011
HungaryHungarian forintNSO20122005From 2005HungaryMEP and Eurostat2012NSO2013CB2012
IcelandIcelandic krónaNSO20132000From 1990IcelandNSO2013NSO2013CB2013
IndiaIndian rupeeNSO2012/132004/05Apr/MarIndiaMoF2012/13Apr/MarNSO2012/13CB2012/13
IndonesiaIndonesian rupiahNSO20132000IndonesiaMoF2013CEIC2013CEIC2013
IranIranian rialCB2011/121997/98Apr/MarIranMoF2011/12Apr/MarCB2013CB2012
IraqIraqi dinarNSO20131988IraqMoF2013NSO2013CB2012
IrelandEuroNSO20122011From 2011IrelandMoF2012NSO2012NSO2012
IsraelIsraeli shekelNSO20122010From 1995IsraelMoF2012Haver Analytics2013Haver Analytics2012
ItalyEuroNSO20122005From 1980ItalyNSO2012NSO2012NSO2012
JamaicaJamaica dollarNSO20122007JamaicaMoF2012/13Apr/MarNSO2013CB2012
JapanJapanese yenNSO and Nomura20132005From 1980JapanCabinet Office of Japan2012NSO and Nomura2013NSO and Nomura2013
JordanJordanian dinarNSO20131994JordanMoF2013NSO2013CB2012
KazakhstanKazakhstani tengeNSO20122007From 1994KazakhstanIMF staff2012CB2012CB2012
KenyaKenya shillingNSO20132000KenyaMoF2013NSO2013CB2013
KiribatiAustralian dollarNSO20092006KiribatiMoF2010NSO2010NSO2009
KoreaKorean wonCB20122005From 1980KoreaMoF2012CB2013CB2013
KosovoEuroNSO20122012KosovoMoF2012NSO2012CB2011
KuwaitKuwaiti dinarMEP and NSO20122000KuwaitMoF2012MEP and NSO2012CB2012
Kyrgyz RepublicKyrgyz somNSO20131995Kyrgyz RepublicMoF2013NSO2013MoF2012
Lao P.D.R.Lao kipNSO20112002Lao P.D.R.MoF2012/13Oct/SepNSO2013CB2011
LatviaLatvian latsNSO20132010From 1995LatviaMoF2013Eurostat2013CB2013
LebanonLebanese poundNSO20112000From 2010LebanonMoF2013NSO2013CB2012
LesothoLesotho lotiNSO20122004LesothoMoF2012/13Apr/MarNSO2013CB2012
LiberiaU.S. dollarCB20111992LiberiaMoF2012CB2013CB2012
LibyaLibyan dinarMEP20092003LibyaMoF2011NSO2009CB2010
LithuaniaLithuanian litasNSO20132005From 2005LithuaniaMoF2013NSO2013CB2013
LuxembourgEuroNSO20122005From 1995LuxembourgMoF2012NSO2013NSO2012
FYR MacedoniaMacedonian denarNSO20132005FYR MacedoniaMoF2012NSO2013CB2013
MadagascarMalagasy ariaryNSO20122000MadagascarMoF2012NSO2012CB2011
MalawiMalawi kwachaNSO20092007MalawiMoF2012/13Jul/JunNSO2013NSO2012
MalaysiaMalaysian ringgitNSO20132005MalaysiaMoF2012NSO2013NSO2013
MaldivesMaldivian rufiyaaMEP20122003MaldivesMoF and Treasury2011CB2010CB2009
MaliCFA francMoF20111987MaliMoF2012MoF2012CB2011
MaltaEuroEurostat20122005From 2000MaltaEurostat2012Eurostat2012NSO2012
Marshall IslandsU.S. dollarNSO2011/122003/04Oct/SepMarshall IslandsMoF2011/12Oct/SepNSO2013NSO2012
MauritaniaMauritanian ouguiyaNSO20091998MauritaniaMoF2012NSO2012CB2009
MauritiusMauritian rupeeNSO20132000From 1999MauritiusMoF2013NSO2013CB2013
MexicoMexican pesoNSO20132008MexicoMoF2013NSO2013CB2013
MicronesiaU.S. dollarNSO20122004Oct/SeptMicronesiaMoF2011/12Oct/SepNSO2012NSO2012
MoldovaMoldovan leuNSO20131995MoldovaMoF2013NSO2013CB2012
MongoliaMongolian togrogNSO20122005MongoliaMoF2013NSO2013CB2013
MontenegroEuroNSO20112006MontenegroMoF2013NSO2013CB2012
MoroccoMoroccan dirhamNSO20131998From 1998MoroccoMEP2013NSO2013Foreign Exchange Office2013
MozambiqueMozambican meticalNSO20122000MozambiqueMoF2012NSO2012CB2011
MyanmarMyanmar kyatMEP2010/112010/11Apr/MarMyanmarMoF2011/12Apr/MarNSO2012IMF staff2012
NamibiaNamibia dollarNSO20092000NamibiaMoF2008/09Apr/MarNSO2009CB2009
NepalNepalese rupeeNSO2011/122000/01Aug/JulNepalMoF2011/12Aug/JulCB2011/12CB2010/11
NetherlandsEuroNSO20132005From 1980NetherlandsMoF2013NSO2013CB2012
New ZealandNew Zealand dollarNSO2011/121995/96From 1987New ZealandMoF2012/13NSO2013NSO2012
NicaraguaNicaraguan córdobaIMF staff20122006From 1994NicaraguaMoF2012CB2012IMF staff2012
NigerCFA francNSO20102000NigerMoF2011NSO2011CB2010
NigeriaNigerian nairaNSO20122000NigeriaMoF2012NSO2013CB2012
NorwayNorwegian kroneNSO20132011From 1980NorwayNSO and MoF2012NSO2013NSO2012
OmanOmani rialNSO20122000OmanMoF2011NSO2012CB2011
PakistanPakistan rupeeMoF2012/132005/06Jul/JunPakistanMoF2012/13Jul/JunMoF2012/13CB2012/13
PalauU.S. dollarMoF20122005Oct/SepPalauMoF2012Oct/SepMoF2011/12MoF2012
PanamaU.S. dollarNSO20121996PanamaMEP2012NSO2012NSO2012
Papua New GuineaPapua New Guinea kinaNSO and MOF20121998Papua New GuineaMoF2012NSO2012CB2012
ParaguayParaguayan guaraníCB20121994ParaguayMoF2012CB2012CB2012
PeruPeruvian nuevo solCB20131994PeruMoF2012CB2013CB2013
PhilippinesPhilippine pesoNSO20132000PhilippinesMoF2013NSO2013CB2012
PolandPolish zlotyNSO20132005From 1995PolandEurostat2013NSO2013CB2013
PortugalEuroNSO20122006From 1980PortugalNSO2012NSO2012CB2012
QatarQatari riyalNSO and MEP20122004QatarMoF2012/13Apr/MarNSO2013CB and IMF staff2012
RomaniaRomanian leuNSO and Eurostat20132005From 2000RomaniaMoF2013NSO2013CB2013
RussiaRussian rubleNSO20132008From 1995RussiaMoF2013NSO2013CB2013
RwandaRwanda francMoF20122006RwandaMoF2012MoF2012CB2012
SamoaSamoa talaNSO2012/132002Jul/JunSamoaMoF2010/11Jul/JunNSO2013CB2011/12
San MarinoEuroNSO20112007San MarinoMoF2012NSO2012
São Tomé and PríncipeSão Tomé and Príncipe dobraNSO20102000São Tomé and PríncipeMoF and Customs2012NSO2013CB2012
Saudi ArabiaSaudi Arabian riyalNSO and MEP20131999Saudi ArabiaMoF2013NSO2013CB2012
SenegalCFA francNSO20112000SenegalMoF2011NSO2011CB and IMF staff2011
SerbiaSerbian dinarNSO20122010From 2010SerbiaMoF2013NSO2013CB2012
SeychellesSeychelles rupeeNSO20112006SeychellesMoF2012NSO2012CB2012
Sierra LeoneSierra Leonean leoneNSO20122006From 2010Sierra LeoneMoF2012NSO2012CB2012
SingaporeSingapore dollarNSO20132005From 2005SingaporeMoF2011/12Apr/MarNSO2013NSO2013
Slovak RepublicEuroHaver Analytics20132005From 1993Slovak RepublicHaver Analytics2013Haver Analytics2013IFS2013
SloveniaEuroNSO20132000From 2000SloveniaMoF2013NSO2013NSO2013
Solomon IslandsSolomon Islands dollarCB20112004Solomon IslandsMoF2012NSO2012CB2012
South AfricaSouth African randCB20122005South AfricaMoF2012/13NSO2013CB2012
South SudanSouth Sudanese poundNSO20112010South SudanMoF2012NSO2013Other2011
SpainEuroNSO20132008From 1995SpainMoF and Eurostat2012NSO2013CB2013
Sri LankaSri Lanka rupeeCB20122002Sri LankaMoF2011NSO2012CB2011
St. Kitts and NevisEastern Caribbean dollarNSO201320065St. Kitts and NevisMoF2013NSO2013CB2013
St. LuciaEastern Caribbean dollarNSO20132006St. LuciaMoF2012/13Apr/MarNSO2013CB2013
St. Vincent and the GrenadinesEastern Caribbean dollarNSO201320065St. Vincent and the GrenadinesMoF2013NSO2013CB2013
SudanSudanese poundNSO20102008SudanMoF2011NSO2010CB2011
SurinameSurinamese dollarNSO20112007SurinameMoF2012NSO2013CB2012
SwazilandSwaziland lilangeniNSO20092000SwazilandMoF2011/12Apr/MarNSO2012CB2010
SwedenSwedish kronaNSO20122012From 1993SwedenMoF2012NSO2013NSO2012
SwitzerlandSwiss francNSO20132005From 1980SwitzerlandMoF2011NSO2013CB2012
SyriaSyrian poundNSO20102000SyriaMoF2009NSO2011CB2009
Taiwan Province of ChinaNew Taiwan dollarNSO20132006Taiwan Province of ChinaMoF2012NSO2013CB2013
TajikistanTajik somoniNSO20121995TajikistanMoF2012NSO2012CB2011
TanzaniaTanzania shillingNSO20122001TanzaniaMoF2012/13Jul/JunNSO2013CB2011
ThailandThai bahtNSO20131988ThailandMoF2012/13Oct/SepNSO2013CB2013
Timor-LesteU.S. dollarMoF201120105Timor-LesteMoF2012NSO2012CB2012
TogoCFA francNSO20122000TogoMoF2013NSO2013CB2012
TongaTongan pa’angaCB20122010/11Jul/JunTongaCB and MoF2012Jul/JunCB2012CB and NSO2012
Trinidad and TobagoTrinidad and Tobago dollarNSO20112000Trinidad and TobagoMoF2012/13Oct/SepNSO2013CB and NSO2011
TunisiaTunisian dinarNSO20122005From 2009TunisiaMoF2012NSO2012CB2012
TurkeyTurkish liraNSO20121998TurkeyMoF2013NSO2013CB2013
TurkmenistanNew Turkmen manatNSO and IMF staff20122005From 2000TurkmenistanMoF2012NSO2012NSO and IMF staff2012
TuvaluAustralian dollarPFTAC advisors20122005TuvaluIMF staff2012NSO2012PFTAC advisors2012
UgandaUganda shillingNSO20132002UgandaMoF2013CB2013/14CB2013
UkraineUkrainian hryvniaState Statistics Committee20132007From 2005UkraineMoF2013NSO2013CB2013
United Arab EmiratesU.A.E. dirhamNSO20122007United Arab EmiratesMoF2012NSO2012CB2012
United KingdomPound sterlingNSO20132010From 1980United KingdomNSO2012NSO2013NSO2013
United StatesU.S. dollarNSO20132009From 1980United StatesBEA2013NSO2013NSO2013
UruguayUruguayan pesoCB20122005UruguayMoF2012NSO2013CB2012
UzbekistanUzbek sumNSO20121995UzbekistanMoF2012NSO2012MEP2012
VanuatuVanuatu vatuNSO20122006VanuatuMoF2012NSO2012CB2012
VenezuelaVenezuelan bolívar fuerteCB20101997VenezuelaMoF2010CB2010CB2012
VietnamVietnamese dongNSO20132010VietnamMoF2013NSO2013CB2012
YemenYemeni rialIMF staff20081990YemenMoF2009NSO and CB2009IMF staff2009
ZambiaZambian kwachaNSO20132000ZambiaMoF2013NSO2013CB2013
ZimbabweU.S. dollarNSO20122009ZimbabweMoF2012NSO2013CB and MoF2012
Source: IMF staff.Note: CPI = consumer price index.

BEA = U.S. Bureau of Economic Analysis; CB = Central Bank; IFS = IMF, International Financial Statistics; MEP = Ministry of Economy and/or Planning; MoC = Ministry of Commerce; MoF = Ministry of Finance; NSO = National Statistics Office; OECD = Organization for Economic Cooperation and Development; PFTAC = Pacific Financial Technical Assistance Centre.

National 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.

Reporting period is calendar year unless a fiscal year is indicated.

Use 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 component using weights from a year in the moderately distant past.

Nominal GDP is not measured in the same way as real GDP.

Before 2012, based on March 21 to March 20; therafter, from December 21 to December 20.

Source: IMF staff.Note: CPI = consumer price index.

BEA = U.S. Bureau of Economic Analysis; CB = Central Bank; IFS = IMF, International Financial Statistics; MEP = Ministry of Economy and/or Planning; MoC = Ministry of Commerce; MoF = Ministry of Finance; NSO = National Statistics Office; OECD = Organization for Economic Cooperation and Development; PFTAC = Pacific Financial Technical Assistance Centre.

National 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.

Reporting period is calendar year unless a fiscal year is indicated.

Use 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 component using weights from a year in the moderately distant past.

Nominal GDP is not measured in the same way as real GDP.

Before 2012, based on March 21 to March 20; therafter, from December 21 to December 20.

The analytical criterion by source of export earnings distinguishes between categories: fuel (Standard International Trade Classification—SITC 3) and nonfuel and then focuses on nonfuel primary products (SITCs 0, 1, 2, 4, and 68). Economies are categorized into one of these groups when their main source of export earnings exceeds 50 percent of total exports on average between 2008 and 2012.

The financial criteria focus on net creditor economies, net debtor economies, heavily indebted poor countries (HIPCs), and low-income developing countries (LIDCs). Economies are categorized as net debtors when their current account balance accumulations from 1972 (or earliest data available) to 2012 are negative. Net debtor economies are further differentiated on the basis of two additional financial criteria: official external financing and experience with debt servicing.5 Net debtors are placed in the official external financing category when 66 percent or more of their total debt, on average, between 2008 and 2012 was financed by official creditors.

The HIPC group comprises the countries that are or have been considered by the IMF and the World Bank for participation in their debt initiative known as the HIPC Initiative, which aims to reduce the external debt burdens of all the eligible HIPCs to a “sustainable” level in a reasonably short period of time.6 Many of these countries have already benefited from debt relief and have graduated from the initiative.

The LIDCs are countries that were designated Poverty Reduction and Growth Trust (PRGT)–eligible in the 2013 PRGT eligibility review and had a level of per capita gross national income less than the PRGT income graduation threshold for non–small states (that is, twice the IDA operational threshold, or US$2,390 in 2011 as measured by the World Bank’s Atlas method); and Zimbabwe.

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

Fiscal Policy Assumptions

The short-term fiscal policy assumptions used in the World Economic Outlook (WEO) are based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions and projected fiscal outturns. The medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. For cases in which the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed unless indicated otherwise. Specific assumptions used in regard to some of the advanced economies follow. (See also Tables B5 to B9 in the online section of the Statistical Appendix for data on fiscal net lending/borrowing and structural balances.1)

Argentina: The 2012 estimates are based on actual data on outturns and IMF staff estimates. For the outer years, the fiscal balance is projected to remain roughly at the current level.

Australia: Fiscal projections are based on the 2013–14 Mid-Year Economic and Fiscal Outlook, Australian Bureau of Statistics, and IMF staff projections.

Austria: Projections take into account the authorities’ medium-term fiscal framework, as well as associated further implementation needs and risks. For 2014, the creation of a defeasance structure for Hypo Alpe Adria is assumed to increase the general government debt-to-GDP ratio by 5½ percentage points and the deficit by 1.2 percentage points.

Belgium: IMF staff projections for 2014 and beyond are based on unchanged policies.

Brazil: For 2013, preliminary outturn estimates are based on the information available as of January 2014. Projections for 2014 take into account the latest adjustments to the original budget, as per the Presidential Decree of February 2014. In outer years, the IMF staff assumes adherence to the announced primary target.

Canada: Projections use the baseline forecasts in the Economic Action Plan 2014 (the fiscal year 2014/15 budget) and 2014 provincial budgets as available. The IMF staff makes some adjustments to this forecast for differences in macroeconomic projections. The IMF staff forecast also incorporates the most recent data releases from Statistics Canada’s Canadian System of National Economic Accounts, including federal, provincial, and territorial budgetary outturns through the end of the fourth quarter of 2013.

Chile: Projections are based on the authorities’ budget projections, adjusted to reflect the IMF staff’s projections for GDP and copper prices.

China: The pace of fiscal consolidation is likely to be more gradual, reflecting reforms to strengthen social safety nets and the social security system announced as part of the Third Plenum reform agenda.

Denmark: Projections for 2013–15 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2016–19, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2013 Convergence Program submitted to the European Union (EU).

France: Projections for 2014 reflect the budget law. For 2015–17, they are based on the 2013–17 multiyear budget, the April 2013 stability plan, and the medium-term projection annexed to the 2014 budget adjusted for differences in assumptions on macro and financial variables, and revenue projections. The fiscal data for 2011 were revised following a May 15, 2013, revision by the statistical institute of both national accounts and fiscal accounts. Fiscal data for 2012 reflect the preliminary outturn published by the statistical institute in May 2013. Projections for 2013 reflect discussion with the authorities on monthly developments on spending and revenue.

Germany: The estimates for 2013 are preliminary estimates from the Federal Statistical Office of Germany. The IMF staff’s projections for 2014 and beyond reflect the authorities’ adopted core federal government budget plan, adjusted for the differences in the IMF staff’s macroeconomic framework and assumptions about fiscal developments in state and local governments, the social insurance system, and special funds. The estimate of gross debt includes portfolios of impaired assets and noncore business transferred to institutions that are winding up, as well as other financial sector and EU support operations.

Greece: Fiscal projections for 2013 and the medium term are consistent with the policies discussed between the IMF staff and the authorities in the context of the Extended Fund Facility.

Hong Kong SAR: Projections are based on the authorities’ medium-term fiscal projections on expenditures. The fiscal year 2015/16 balance is adjusted to include HK$50 billion for health care reform expenditure.

Hungary: Fiscal projections include IMF staff projections of the macroeconomic framework and of the impact of recent legislative measures, as well as fiscal policy plans announced in the 2014 budget.

India: Historical data are based on budgetary execution data. Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions. Subnational data are incorporated with a lag of up to two years; general government data are thus finalized well after central government data. IMF and Indian presentations differ, particularly regarding divestment and license auction proceeds, net versus gross recording of revenues in certain minor categories, and some public sector lending.

Indonesia: IMF projections for 2013–18 are based on a gradual increase in administrative fuel prices, the introduction beginning in 2014 of new social protections, and moderate tax policy and administration reforms.

Ireland: Fiscal projections are based on the 2014 budget. The fiscal projections are adjusted for differences between the IMF staff’s macroeconomic projections and those of the Irish authorities.

Italy: Fiscal projections incorporate the government’s announced fiscal policy, as outlined in the 2014 Budgetary Plan, adjusted for different growth outlooks and estimated impact of measures. Estimates of the cyclically adjusted balance include the expenditure to clear capital arrears in 2013, which are excluded from the structural balance. After 2014, the IMF staff projects convergence to a structural balance in line with Italy’s fiscal rule, which implies corrective measures in some years, as yet unidentified. Fiscal proposals by the new government were announced after the finalization of the WEO projections and are not included in the figures.

Japan: The projections include fiscal measures already announced by the government, including consumption tax increases, earthquake reconstruction spending, and the stimulus package.

Korea: The medium-term forecast incorporates the government’s announced medium-term consolidation path.

Mexico: Fiscal projections for 2014 are broadly in line with the approved budget; projections for 2014 onward assume compliance with rules established in the Fiscal Responsibility Law.

Netherlands: Fiscal projections for the period 2012–18 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after adjusting for differences in macroeconomic assumptions.

New Zealand: Fiscal projections are based on the authorities’ 2013 Half Year Economic and Fiscal Update and on IMF staff estimates.

Portugal: Projections for 2013–14 reflect the authorities’ commitments under the EU- and IMF-supported program; projections thereafter are based on IMF staff estimates.

Russia: Projections for 2013–19 are based on the oil-price-based fiscal price rule introduced in December 2012, with adjustments by the IMF staff.

Saudi Arabia: The authorities base their budget on a conservative assumption for oil prices, with adjustments to expenditure allocations considered in the event that revenues exceed budgeted amounts. IMF staff projections of oil revenues are based on WEO baseline oil prices. On the expenditure side, wage bill estimates incorporate 13th-month pay awards every three years in accordance with the lunar calendar; capital spending estimates over the medium term are in line with the authorities’ priorities established in the National Development Plans.

Singapore: For fiscal year 2013/14, projections are based on budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.

South Africa: Fiscal projections are based on the authorities’ Medium Term Budget Policy Statement, released on October 23, 2013.

Spain: For 2013 and beyond, fiscal projections are based on the measures specified in the Stability Program Update 2013–16; the revised fiscal policy recommendations by the European Council in June 2013; the 2014 budget plan issued in October 2013; and the 2014 budget, approved in December 2013.

Sweden: Fiscal projections are broadly in line with the authorities’ projections based on the 2014 Budget Bill. The impact of cyclical developments on the fiscal accounts is calculated using the Organization for Economic Cooperation and Development’s latest semi-elasticity.

Switzerland: Projections for 2012–18 are based on IMF staff calculations, which incorporate measures to restore balance in the federal accounts and strengthen social security finances.

Turkey: Fiscal projections assume that both current and capital spending will be in line with the authorities’ 2013–15 Medium-Term Program based on current trends and policies.

United Kingdom: Fiscal projections are based on the U.K. Treasury’s 2014 budget, published in March 2014. However, on the revenue side, the authorities’ projections are adjusted for differences between IMF staff forecasts of macroeconomic variables (such as GDP growth) and the forecasts of these variables assumed in the authorities’ fiscal projections. In addition, IMF staff projections exclude the temporary effects of financial sector interventions and the effect on public sector net investment during 2012–13 of transferring assets from the Royal Mail Pension Plan to the public sector. Real government consumption and investment are part of the real GDP path, which, according to the IMF staff, may or may not be the same as that projected by the U.K. Office for Budget Responsibility. Transfers of profits from the Bank of England’s Asset Purchases Facility affect general government net interest payments. The timing of these payments can create differences between fiscal year primary balances published by the authorities and calendar year balances shown in the WEO.

United States: Fiscal projections are based on the February 2014 Congressional Budget Office baseline adjusted for the IMF staff’s policy and macroeconomic assumptions. The baseline incorporates the key provisions of the Bipartisan Budget Act of 2013, including a partial rollback of the sequester spending cuts in fiscal years 2014 and 2015. The rollback is fully offset by savings elsewhere in the budget. In fiscal years 2016 through 2021, the IMF staff assumes that the sequester cuts will continue to be partially replaced, in portions similar to the case in fiscal years 2014 and 2015, with back-loaded measures generating savings in mandatory programs and additional revenues. Over the medium term, the IMF staff assumes that Congress will continue to make regular adjustments to Medicare payments (“DocFix”) and will extend certain traditional programs (such as the research and development tax credit). The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables and different accounting treatment of financial sector support and are converted to a general government basis. Historical data start at 2001 for most series because data compiled according to the 2001 Government Finance Statistics Manual (GFSM2001) may not be available for earlier years.

Monetary Policy Assumptions

Monetary policy assumptions are based on the established policy framework in each country. In most cases, this implies a nonaccommodative stance over the business cycle: official interest rates will increase when economic indicators suggest that inflation will rise above its acceptable rate or range; they will decrease when indicators suggest that inflation will not exceed the acceptable rate or range, that output growth is below its potential rate, and that the margin of slack in the economy is significant. On this basis, the London interbank offered rate (LIBOR) on six-month U.S. dollar deposits is assumed to average 0.4 percent in 2014 and 0.8 percent in 2015 (see Table 1.1). The rate on three-month euro deposits is assumed to average 0.3 percent in 2014 and 0.4 percent in 2015. The interest rate on six-month Japanese yen deposits is assumed to average 0.2 percent in 2014 and 2015.

Australia: Monetary policy assumptions are in line with market expectations.

Brazil: Monetary policy assumptions are consistent with gradual convergence of inflation toward the middle of the target range over the relevant horizon.

Canada: Monetary policy assumptions are in line with market expectations.

China: Monetary policy will remain broadly unchanged from its current status, consistent with the authorities’ announcement of maintaining stable economic growth.

Denmark: The monetary policy is to maintain the peg to the euro.

Euro area: Monetary policy assumptions for euro area member countries are in line with market expectations.

Hong Kong SAR: The IMF staff assumes that the currency board system remains intact.

India: The policy (interest) rate assumption is based on the average of market forecasts.

Indonesia: Monetary policy assumptions are in line with market expectations and reduction of inflation by 2014 to within the central bank’s targeted band.

Japan: The current monetary policy conditions are maintained for the projection period, and no further tightening or loosening is assumed.

Korea: Normalization is assumed to commence in the second half of 2014, with policy rates rising through 2015.

Mexico: Monetary assumptions are consistent with attaining the inflation target.

Russia: Monetary projections assume increasing exchange rate flexibility as part of the transition to the new full-fledged inflation-targeting regime, as indicated in recent statements by the Central Bank of Russia. Specifically, policy rates are assumed to remain at the current levels, gradually reducing the number of interventions in the foreign exchange markets.

Saudi Arabia: Monetary policy projections are based on the continuation of the exchange rate peg to the U.S. dollar.

Singapore: Broad money is projected to grow in line with the projected growth in nominal GDP.

South Africa: Monetary projections are consistent with South Africa’s 3–6 percent inflation target range.

Sweden: Monetary projections are in line with Riksbank projections.

Switzerland: Monetary policy variables reflect historical data from the national authorities and the market.

Turkey: Broad money and the long-term bond yield are based on IMF staff projections. The short-term deposit rate is projected to evolve with a constant spread against the interest rate of a similar U.S. instrument.

United Kingdom: On monetary policy, the projections assume no changes to the policy rate or the level of asset purchases through 2014.

United States: Given the outlook for sluggish growth and inflation, the IMF staff expects the federal funds target to remain near zero until late 2014. This assumption is consistent with the Federal Open Market Committee’s statement following its January 2013 meeting (and reaffirmed in subsequent meetings) that economic conditions are likely to warrant an exceptionally low federal funds rate at least through late 2014.

1 The output gap is actual minus potential output, as a percent of potential output. Structural balances are expressed as a percent of potential output. The structural balance is the actual net lending/borrowing minus the effects of cyclical output from potential output, corrected for one-time and other factors, such as asset and commodity prices and output composition effects. Changes in the structural balance consequently include effects of temporary fiscal measures, the impact of fluctuations in interest rates and debt service costs, and other noncyclical fluctuations in net lending/borrowing. The computations of structural balances are based on IMF staff estimates of potential GDP and revenue and expenditure elasticities. (See Annex I of the October 1993 WEO.) Net debt is calculated as gross debt minus financial assets corresponding to debt instruments. Estimates of the output gap and of the structural balance are subject to significant margins of uncertainty.

List of Tables

Medium-Term Baseline Scenario

Table A1.Summary of World Output1(Annual percent change)
AverageProjections
1996–200520062007200820092010201120122013201420152019
World3.75.25.32.7−0.45.23.93.23.03.63.93.9
Advanced Economies2.83.02.70.1−3.43.01.71.41.32.22.32.1
United States3.42.71.8−0.3−2.82.51.82.81.92.83.02.2
Euro Area22.13.33.00.4−4.42.01.6−0.7−0.51.21.51.5
Japan1.01.72.2−1.0−5.54.7−0.51.41.51.41.01.1
Other Advanced Economies33.64.04.21.0−2.44.52.71.52.12.92.93.0
Emerging Market and Developing Economies5.28.28.75.93.17.56.35.04.74.95.35.3
Regional Groups
Commonwealth of Independent States44.28.88.95.3−6.44.94.83.42.12.33.13.2
Emerging and Developing Asia7.110.311.57.37.79.77.96.76.56.76.86.5
Emerging and Developing Europe4.06.45.33.3−3.44.75.41.42.82.42.93.4
Latin America and the Caribbean2.95.65.84.3−1.36.04.63.12.72.53.03.6
Middle East, North Africa, Afghanistan, and Pakistan4.96.76.05.12.85.23.94.22.43.24.44.5
Middle East and North Africa4.96.86.05.13.05.53.94.12.23.24.54.4
Sub-Saharan Africa4.76.37.15.72.65.65.54.94.95.45.55.4
Memorandum
European Union2.53.63.40.6−4.42.01.7−0.30.21.61.81.9
Analytical Groups
By Source of Export Earnings
Fuel4.67.97.55.3−1.25.14.84.42.43.03.93.9
Nonfuel5.38.39.06.04.18.16.65.25.25.35.65.6
Of Which, Primary Products4.05.86.04.31.05.24.84.24.14.04.54.5
By External Financing Source
Net Debtor Economies4.16.56.64.31.66.85.13.73.63.84.55.0
Of Which, Official Financing4.75.95.04.91.94.15.04.14.64.44.75.2
Net Debtor Economies by Debt-Servicing Experience
Economies with Arrears and/or Rescheduling during 2008–124.26.96.76.11.95.75.03.03.82.73.44.1
Memorandum
Median Growth Rate
Advanced Economies3.44.04.00.8−3.72.31.90.90.91.92.22.2
Emerging Market and Developing Economies4.35.76.35.11.84.54.44.03.84.14.54.3
Output per Capita
Advanced Economies2.12.32.0−0.6−4.12.51.20.90.81.71.81.6
Emerging Market and Developing Economies3.96.97.44.52.06.45.24.03.63.84.34.3
World Growth Rate Based on Market Exchange3.04.03.91.5−2.14.13.02.52.43.13.33.3
Value of World Output (billions of U.S. dollars)
At Market Exchange Rates35,00250,05956,44061,84858,62364,02070,89672,10673,98276,77681,009100,847
At Purchasing Power Parities44,47262,47467,46670,55870,62775,09979,38183,25886,99591,09396,256121,265

Real GDP.

Excludes Latvia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Latvia.

Georgia, 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.

Real GDP.

Excludes Latvia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Latvia.

Georgia, 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.

Table A2.Advanced Economies: Real GDP and Total Domestic Demand1(Annual percent change)
Fourth Quarter2
AverageProjectionsProjections
1996–2005200620072008200920102011201220132014201520192013:Q42014:Q42015:Q4
Real GDP
Advanced Economies2.83.02.70.1−3.43.01.71.41.32.22.32.12.12.12.4
United States3.42.71.8−0.3−2.82.51.82.81.92.83.02.22.62.73.0
Euro Area32.13.33.00.4−4.42.01.6−0.7−0.51.21.51.50.51.31.5
Germany1.23.93.40.8−5.13.93.40.90.51.71.61.31.41.61.7
France2.22.52.3−0.1−3.11.72.00.00.31.01.51.90.81.21.6
Italy1.42.21.7−1.2−5.51.70.4−2.4−1.90.61.10.9−0.90.71.4
Spain3.74.13.50.9−3.8−0.20.1−1.6−1.20.91.01.3−0.21.10.9
Netherlands2.73.43.91.8−3.71.50.9−1.2−0.80.81.62.10.80.61.7
Belgium2.22.72.91.0−2.82.31.8−0.10.21.21.21.51.01.11.3
Austria2.43.73.71.4−3.81.82.80.90.41.71.71.40.52.31.3
Greece3.75.53.5−0.2−3.1−4.9−7.1−7.0−3.90.62.92.8−2.52.33.2
Portugal2.51.42.40.0−2.91.9−1.3−3.2−1.41.21.51.81.60.72.0
Finland3.74.45.30.3−8.53.42.8−1.0−1.40.31.11.8−0.52.10.0
Ireland7.65.55.0−2.2−6.4−1.12.20.2−0.31.72.52.5−0.6−1.30.5
Slovak Republic4.28.310.55.8−4.94.43.01.80.92.33.03.61.42.93.0
Slovenia4.05.87.03.4−7.91.30.7−2.5−1.10.30.91.91.9−0.91.5
Luxembourg4.84.96.6−0.7−5.63.11.9−0.22.02.11.92.21.82.11.7
Latvia6.911.010.0−2.8−17.7−1.35.35.24.13.84.44.03.94.24.0
Estonia6.910.17.5−4.2−14.12.69.63.90.82.43.23.70.96.13.3
Cyprus43.54.15.13.6−1.91.30.4−2.4−6.0−4.80.91.9
Malta2.64.13.9−2.83.31.70.92.41.81.81.72.92.01.1
Japan1.01.72.2−1.0−5.54.7−0.51.41.51.41.01.12.51.20.5
United Kingdom3.42.83.4−0.8−5.21.71.10.31.82.92.52.42.73.01.9
Canada3.32.62.01.2−2.73.42.51.72.02.32.42.02.72.12.4
Korea54.85.25.12.30.36.33.72.02.83.73.83.84.03.34.1
Australia3.72.74.52.71.52.22.63.62.42.62.73.02.82.43.1
Taiwan Province of China4.45.46.00.7−1.810.84.21.52.13.13.94.52.32.25.9
Sweden3.14.33.3−0.6−5.06.62.90.91.52.82.62.43.12.12.6
Hong Kong SAR3.47.06.52.1−2.56.84.81.52.93.73.84.02.93.93.8
Switzerland1.73.83.82.2−1.93.01.81.02.02.12.21.71.92.62.0
Singapore5.38.99.01.9−0.615.16.01.94.13.63.63.85.52.64.2
Czech Republic3.07.05.73.1−4.52.51.8−1.0−0.91.92.02.41.31.12.0
Norway2.92.32.70.0−1.40.61.12.80.81.81.92.11.32.01.7
Israel3.65.86.94.51.25.74.63.43.33.23.43.53.23.33.3
Denmark2.13.41.6−0.8−5.71.41.1−0.40.41.51.71.80.62.01.8
New Zealand3.52.83.4−0.8−1.42.11.92.62.43.33.02.51.64.71.9
Iceland4.64.76.01.2−6.6−4.12.71.42.92.73.12.32.33.21.9
San Marino3.87.13.4−9.5−5.0−8.5−5.1−3.20.02.22.9
Memorandum
Major Advanced Economies2.62.62.2−0.3−3.82.81.61.71.42.22.31.92.22.12.2
Real Total Domestic Demand
Advanced Economies2.92.82.3−0.4−3.82.91.41.11.02.02.22.01.91.82.3
United States3.92.61.1−1.3−3.82.91.72.61.72.63.12.22.32.83.2
Euro Area2.03.12.80.3−3.71.20.7−2.2−1.00.91.01.40.11.01.1
Germany0.62.82.01.0−2.32.32.8−0.20.51.41.31.30.52.11.3
France2.32.43.20.3−2.61.82.0−0.90.41.01.01.71.20.81.1
Italy1.82.11.4−1.2−4.42.1−0.9−5.1−3.00.50.70.9−1.00.21.1
Spain4.45.24.1−0.5−6.3−0.6−2.0−4.1−2.70.50.30.7−0.60.60.4
Japan0.70.91.1−1.3−4.02.90.42.31.81.50.61.13.00.50.2
United Kingdom3.82.43.4−1.6−6.32.4−0.11.21.92.82.32.32.72.52.0
Canada3.43.93.42.8−2.75.22.92.21.82.02.01.92.31.62.1
Other Advanced Economies63.34.25.01.5−2.95.72.92.01.92.52.73.22.61.43.6
Memorandum
Major Advanced Economies2.82.41.7−0.8−3.82.81.41.51.32.12.21.92.02.02.2

In this and other tables, when countries are not listed alphabetically, they are ordered on the basis of economic size.

From the fourth quarter of the preceding year.

Excludes Latvia.

Owing to the unusually large macroeconomic uncertainty, projections for this variable are not available. The national accounts data for 2013 refer to staff estimates at the time of the third review of the program and are subject to revision.

Korea’s real GDP series is based on the reference year 2005. This does not reflect the revised national accounts released on March 26, 2014, after the WEO was finalized for publication. These comprehensive revisions include implementing the 2008 System of National Accounts and updating of the reference year to 2010. As a result of these revisions, real GDP growth in 2013 was revised up to 3 percent from 2.8 percent.

In this table, Other Advanced Economies means advanced economies excluding the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and Euro Area countries but including Latvia.

In this and other tables, when countries are not listed alphabetically, they are ordered on the basis of economic size.

From the fourth quarter of the preceding year.

Excludes Latvia.

Owing to the unusually large macroeconomic uncertainty, projections for this variable are not available. The national accounts data for 2013 refer to staff estimates at the time of the third review of the program and are subject to revision.

Korea’s real GDP series is based on the reference year 2005. This does not reflect the revised national accounts released on March 26, 2014, after the WEO was finalized for publication. These comprehensive revisions include implementing the 2008 System of National Accounts and updating of the reference year to 2010. As a result of these revisions, real GDP growth in 2013 was revised up to 3 percent from 2.8 percent.

In this table, Other Advanced Economies means advanced economies excluding the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and Euro Area countries but including Latvia.

Table A3.Advanced Economies: Components of Real GDP(Annual percent change)
AveragesProjections
1996–20052006–152006200720082009201020112012201320142015
Private Consumer Expenditure
Advanced Economies3.01.42.62.40.1−1.12.01.51.21.31.92.1
United States3.91.83.02.2−0.4−1.62.02.52.22.02.72.9
Euro Area12.00.42.11.70.4−1.01.00.3−1.4−0.70.61.0
Germany0.90.91.6−0.20.70.31.02.30.71.01.01.1
France2.30.92.22.40.20.31.60.6−0.30.40.91.0
Italy1.6−0.51.41.1−0.8−1.61.5−0.3−4.0−2.6−0.20.5
Spain3.8−0.14.03.5−0.6−3.70.2−1.2−2.8−2.11.20.9
Japan1.00.91.10.9−0.9−0.72.80.32.01.90.70.6
United Kingdom4.10.91.82.7−1.0−3.61.0−0.41.52.32.42.6
Canada3.42.54.14.22.90.33.42.31.92.22.22.1
Other Advanced Economies23.62.63.94.81.10.13.82.82.12.12.62.8
Memorandum
Major Advanced Economies2.81.32.41.9−0.2−1.21.91.71.41.61.92.1
Public Consumption
Advanced Economies2.21.01.71.82.33.10.9−0.70.3−0.10.40.4
United States2.00.41.11.42.53.70.1−2.7−0.2−2.0−0.60.1
Euro Area11.80.92.12.22.32.60.6−0.1−0.50.20.3−0.2
Germany0.91.40.91.43.23.01.31.01.00.70.90.9
France1.41.21.41.51.32.51.80.41.41.70.4−0.1
Italy1.8−0.30.51.00.60.8−0.4−1.3−2.6−0.8−0.1−0.4
Spain4.20.94.65.65.93.71.5−0.5−4.8−2.3−1.7−2.2
Japan2.41.30.01.1−0.12.31.91.21.72.21.71.0
United Kingdom2.80.92.20.72.10.70.50.01.60.91.2−0.5
Canada1.72.13.12.84.63.32.70.81.10.81.01.0
Other Advanced Economies22.82.53.03.02.83.52.51.72.02.42.01.7
Memorandum
Major Advanced Economies2.00.71.11.32.12.90.7−1.10.4−0.50.20.4
Gross Fixed Capital Formation
Advanced Economies3.50.53.92.5−3.0−11.91.82.51.90.93.44.0
United States5.10.52.2−1.2−4.8−13.11.13.45.52.94.06.3
Euro Area12.7−0.65.65.2−1.4−12.8−0.41.6−4.1−3.02.22.6
Germany0.01.78.95.10.7−12.25.47.0−1.4−0.63.22.5
France3.30.54.06.30.4−10.61.53.0−1.2−2.11.92.7
Italy2.6−2.13.41.8−3.7−11.70.6−2.2−8.0−4.71.92.6
Spain6.2−3.57.14.5−4.7−18.0−5.5−5.4−7.0−5.10.61.2
Japan−0.8−0.41.50.3−4.1−10.6−0.21.43.42.62.6−0.2
United Kingdom4.50.05.67.5−6.9−16.72.8−2.40.7−0.57.75.2
Canada5.92.26.23.21.6−12.011.34.24.30.01.63.0
Other Advanced Economies23.42.65.66.30.1−6.36.63.71.92.22.83.2
Memorandum
Major Advanced Economies3.40.43.41.2−3.6−12.61.92.72.91.43.64.3
Final Domestic Demand
Advanced Economies2.91.22.72.3−0.2−2.71.81.41.21.01.92.2
United States3.91.32.61.4−0.9−3.01.51.82.41.62.53.2
Euro Area12.10.32.82.50.4−2.80.60.4−1.7−0.90.81.0
Germany0.71.22.81.21.1−1.61.82.90.40.61.41.3
France2.20.92.43.00.5−1.41.61.0−0.10.30.91.0
Italy1.9−0.81.61.2−1.2−3.20.9−0.9−4.5−2.60.20.7
Spain4.5−0.75.04.1−0.7−6.2−0.9−2.0−4.1−2.70.50.3
Japan0.80.71.00.8−1.6−2.32.00.72.22.11.30.5
United Kingdom3.90.82.53.1−1.4−4.81.2−0.61.41.62.92.3
Canada3.62.44.43.72.9−1.95.02.42.31.41.82.1
Other Advanced Economies23.32.54.04.91.1−0.94.22.82.02.12.62.7
Memorandum
Major Advanced Economies2.81.12.31.6−0.6−2.81.71.41.51.22.02.2
Stock Building3
Advanced Economies0.00.00.10.0−0.2−1.11.10.0−0.10.00.10.0
United States0.00.00.0−0.2−0.5−0.81.5−0.20.20.20.10.0
Euro Area10.00.00.30.3−0.1−1.00.60.3−0.5−0.10.10.0
Germany−0.10.00.10.8−0.1−0.60.50.0−0.5−0.10.00.0
France0.1−0.10.10.2−0.2−1.20.21.1−0.90.10.00.0
Italy−0.10.00.50.20.0−1.21.1−0.1−0.7−0.40.30.0
Spain0.00.00.3−0.10.20.00.00.10.00.00.00.0
Japan0.00.0−0.10.30.2−1.50.9−0.20.1−0.30.10.1
United Kingdom0.00.0−0.10.3−0.2−1.51.20.4−0.20.30.00.0
Canada0.00.0−0.1−0.10.0−0.80.20.50.00.40.0−0.1
Other Advanced Economies20.00.00.10.10.3−1.91.40.10.0−0.2−0.10.0
Memorandum
Major Advanced Economies0.00.00.00.1−0.3−1.01.10.0−0.10.10.10.0
Foreign Balance3
Advanced Economies−0.10.30.20.40.50.30.20.40.40.30.30.2
United States−0.60.2−0.10.61.11.1−0.50.10.10.10.1−0.3
Euro Area10.10.40.20.20.1−0.70.70.91.50.50.40.4
Germany0.50.41.21.5−0.1−3.01.70.71.10.00.40.3
France−0.10.00.0−0.9−0.3−0.5−0.1−0.11.0−0.10.00.5
Italy−0.30.50.10.30.0−1.2−0.41.52.60.80.60.4
Spain−0.71.0−1.4−0.81.52.90.42.12.51.50.40.6
Japan0.20.00.81.00.2−2.02.0−0.8−0.7−0.2−0.20.3
United Kingdom−0.60.20.2−0.10.90.9−0.51.2−0.70.10.00.1
Canada−0.2−0.7−1.4−1.5−1.90.0−2.0−0.4−0.60.30.40.4
Other Advanced Economies20.60.70.90.70.41.60.60.60.20.60.90.8
Memorandum
Major Advanced Economies−0.30.20.20.50.50.00.00.20.20.10.10.0

Excludes Latvia.

In this table, Other Advanced Economies means advanced economies excluding the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and Euro Area countries but including Latvia.

Changes expressed as percent of GDP in the preceding period.

Excludes Latvia.

In this table, Other Advanced Economies means advanced economies excluding the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and Euro Area countries but including Latvia.

Changes expressed as percent of GDP in the preceding period.

Table A4.Emerging Market and Developing Economies: Real GDP(Annual percent change)
AverageProjections
1996–200520062007200820092010201120122013201420152019
Commonwealth of Independent States1,24.28.88.95.3−6.44.94.83.42.12.33.13.2
Russia3.88.28.55.2−7.84.54.33.41.31.32.32.5
Excluding Russia5.010.69.95.6−3.16.06.13.33.95.35.75.0
Armenia8.613.213.76.9−14.12.24.77.13.24.34.55.0
Azerbaijan9.534.525.010.89.35.00.12.25.85.04.64.2
Belarus6.910.08.710.30.17.75.51.70.91.62.52.8
Georgia6.59.412.32.3−3.86.37.26.23.25.05.05.0
Kazakhstan6.410.78.93.31.27.37.55.06.05.76.15.4
Kyrgyz Republic4.73.18.57.62.9−0.56.0−0.910.54.44.95.2
Moldova2.24.83.07.8−6.07.16.8−0.78.93.54.54.0
Tajikistan6.07.07.87.93.96.57.47.57.46.25.75.8
Turkmenistan9.911.011.114.76.19.214.711.110.210.712.58.3
Ukraine32.87.47.62.3−14.84.15.20.20.0
Uzbekistan4.67.59.59.08.18.58.38.28.07.06.55.5
Emerging and Developing Asia7.110.311.57.37.79.77.96.76.56.76.86.5
Bangladesh5.46.56.36.05.96.46.56.15.86.06.57.0
Bhutan6.97.012.610.85.79.310.16.55.06.47.68.0
Brunei Darussalam1.74.40.2−1.9−1.82.63.40.9−1.25.43.03.5
Cambodia8.310.810.26.70.16.17.17.37.07.27.37.5
China9.212.714.29.69.210.49.37.77.77.57.36.5
Fiji2.51.9−0.91.0−1.43.02.71.73.02.32.32.4
India6.49.39.83.98.510.36.64.74.45.46.46.8
Indonesia2.65.56.36.04.66.26.56.35.85.45.86.0
Kiribati2.3−4.57.52.8−0.7−0.52.72.82.92.72.02.0
Lao P.D.R.6.08.67.87.87.58.18.07.98.27.57.87.5
Malaysia4.75.66.34.8−1.57.45.15.64.75.25.05.0
Maldives6.719.610.612.2−3.67.16.50.93.74.24.54.8
Marshall Islands1.93.8−2.0−1.85.90.63.20.83.21.71.5
Micronesia0.2−0.2−2.1−2.61.02.52.10.40.60.60.60.7
Mongolia4.68.610.28.9−1.36.417.512.411.712.97.78.8
Myanmar13.112.03.65.15.35.97.37.57.87.87.7
Nepal4.23.43.46.14.54.83.44.93.64.54.55.0
Palau−1.41.7−5.5−10.73.25.25.5−0.21.82.22.2
Papua New Guinea1.52.37.26.66.17.710.78.14.66.021.63.7
Philippines4.15.26.64.21.17.63.66.87.26.56.56.0
Samoa4.22.11.84.3−5.10.51.42.9−0.31.61.92.0
Solomon Islands0.14.06.47.1−4.77.810.74.92.94.03.63.6
Sri Lanka4.37.76.86.03.58.08.26.37.37.06.56.5
Thailand2.75.15.02.5−2.37.80.16.52.92.53.84.5
Timor-Leste4−3.211.614.612.89.512.09.38.49.08.89.1
Tonga1.2−2.8−1.42.63.33.11.90.71.01.61.71.7
Tuvalu2.16.48.0−4.4−2.78.50.21.11.61.91.9
Vanuatu1.98.55.26.53.31.61.21.82.83.54.54.0
Vietnam7.17.07.15.75.46.46.25.25.45.65.76.0
Emerging and Developing Europe4.06.45.33.3−3.44.75.41.42.82.42.93.4
Albania5.75.45.97.53.33.83.11.30.72.13.34.7
Bosnia and Herzegovina5.76.05.6−2.70.81.0−1.21.22.03.24.0
Bulgaria2.46.56.46.2−5.50.41.80.60.91.62.53.0
Croatia3.94.95.12.1−6.9−2.3−0.2−1.9−1.0−0.60.42.0
Hungary3.63.90.10.9−6.81.11.6−1.71.12.01.71.7
Kosovo3.48.37.23.53.24.42.52.53.94.54.5
Lithuania6.27.89.82.9−14.81.66.03.73.33.33.53.8
FYR Macedonia2.35.06.15.0−0.92.92.8−0.43.13.23.44.0
Montenegro8.610.76.9−5.72.53.2−2.53.42.82.93.1
Poland4.26.26.85.11.63.94.51.91.63.13.33.6
Romania2.27.96.37.3−6.6−1.12.20.73.52.22.53.5
Serbia3.65.43.8−3.51.01.6−1.52.51.01.54.0
Turkey4.36.94.70.7−4.89.28.82.24.32.33.13.5
Latin America and the Caribbean2.95.65.84.3−1.36.04.63.12.72.53.03.6
Antigua and Barbuda3.912.77.11.5−10.7−8.6−2.12.80.51.61.92.2
Argentina52.38.58.76.80.99.28.91.94.30.51.02.0
The Bahamas4.02.51.4−2.3−4.21.01.71.81.92.32.82.3
Barbados2.05.71.70.3−4.10.20.80.0−0.7−1.20.92.3
Belize5.74.71.23.80.33.12.14.01.62.52.52.5
Bolivia3.34.84.66.13.44.15.25.26.85.15.05.0
Brazil2.44.06.15.2−0.37.52.71.02.31.82.73.5
Chile4.35.85.23.2−0.95.75.75.44.23.64.14.5
Colombia2.36.76.93.51.74.06.64.24.34.54.54.5
Costa Rica4.58.87.92.7−1.05.04.55.13.53.84.14.5
Dominica1.94.66.07.8−1.11.20.2−1.10.81.71.71.9
Dominican Republic5.210.78.55.33.57.84.53.94.14.54.14.0
Ecuador3.04.42.26.40.63.57.85.14.24.23.53.5
El Salvador2.73.93.81.3−3.11.42.21.91.61.61.72.0
Grenada5.9−4.06.10.9−6.6−0.50.8−1.81.51.11.22.5
Guatemala3.35.46.33.30.52.94.23.03.53.53.53.5
Guyana1.65.17.02.03.34.45.44.84.84.34.03.3
Haiti1.02.23.30.83.1−5.55.52.94.34.04.04.0
Honduras3.86.66.24.2−2.43.73.83.92.63.03.13.0
Jamaica0.62.91.4−0.8−3.4−1.41.4−0.50.51.31.72.7
Mexico3.45.03.11.4−4.75.14.03.91.13.03.53.8
Nicaragua4.14.25.04.0−2.23.65.45.24.24.04.04.0
Panama4.98.512.110.13.97.510.910.88.07.26.95.8
Paraguay1.24.85.46.4−4.013.14.3−1.213.04.84.54.5
Peru3.37.78.99.80.98.86.96.35.05.55.85.8
St. Kitts and Nevis3.94.64.83.4−3.8−3.8−1.9−0.91.72.73.03.1
St. Lucia2.07.21.44.7−0.1−0.71.4−1.3−1.50.31.02.2
St. Vincent and the Grenadines3.86.03.0−0.5−2.0−2.30.31.52.12.32.93.3
Suriname3.45.85.14.13.04.25.34.84.74.04.04.3
Trinidad and Tobago7.913.24.83.4−4.40.2−2.61.21.62.22.21.6
Uruguay1.24.16.57.22.28.96.53.94.22.83.03.8
Venezuela1.69.98.85.3−3.2−1.54.25.61.0−0.5−1.01.0
Middle East, North Africa, Afghanistan, and Pakistan4.96.76.05.12.85.23.94.22.43.24.44.5
Afghanistan5.413.33.920.68.46.514.03.63.24.55.6
Algeria4.31.73.42.41.63.62.83.32.74.34.14.3
Bahrain4.96.58.36.22.54.32.13.44.94.73.33.5
Djibouti1.24.85.15.85.03.54.54.85.06.06.55.8
Egypt4.86.87.17.24.75.11.82.22.12.34.14.0
Iran5.16.26.40.63.95.92.7−5.6−1.71.52.32.4
Iraq10.21.46.65.85.510.210.34.25.96.79.2
Jordan4.88.18.27.25.52.32.62.73.33.54.04.5
Kuwait5.07.56.02.5−7.1−2.46.36.20.82.63.03.9
Lebanon3.51.69.49.110.38.02.01.51.01.02.54.0
Libya3.16.56.42.7−0.85.0−62.1104.5−9.4−7.829.83.5
Mauritania3.311.41.03.5−1.24.34.07.06.76.86.510.7
Morocco4.47.82.75.64.83.65.02.74.53.94.95.6
Oman3.15.56.713.23.35.64.55.05.13.43.43.7
Pakistan4.65.85.55.00.42.63.74.43.63.13.75.0
Qatar9.726.218.017.712.016.713.06.26.15.97.16.4
Saudi Arabia3.35.66.08.41.87.48.65.83.84.14.24.3
Sudan615.58.98.53.04.73.0−1.2−3.03.42.74.64.3
Syria72.75.05.74.55.93.4
Tunisia5.05.76.34.53.12.9−1.93.62.73.04.54.5
United Arab Emirates5.89.83.23.2−4.81.73.94.44.84.44.24.2
Yemen4.73.23.33.63.97.7−12.72.44.45.14.44.7
Sub-Saharan Africa4.76.37.15.72.65.65.54.94.95.45.55.4
Angola8.220.722.613.82.43.43.95.24.15.35.56.7
Benin4.53.84.65.02.72.63.35.45.65.55.24.8
Botswana5.88.08.73.9−7.88.66.14.23.94.14.43.8
Burkina Faso6.66.34.15.83.08.45.09.06.86.07.07.0
Burundi0.95.43.44.93.85.14.24.04.54.74.85.4
Cabo Verde7.19.19.26.7−1.31.54.01.00.53.03.54.0
Cameroon4.23.22.83.61.93.34.14.64.64.85.15.4
Central African Republic0.74.84.62.11.73.03.34.1−36.01.55.35.7
Chad8.60.63.33.14.213.60.18.93.610.87.33.5
Comoros2.11.20.51.01.82.12.23.03.54.04.04.0
Democratic Republic of the Congo−0.15.36.36.22.97.16.97.28.58.78.55.6
Republic of Congo3.26.2−1.65.67.58.73.43.84.58.15.82.6
Côte d’Ivoire1.50.71.62.33.72.4−4.79.88.18.27.75.7
Equatorial Guinea38.41.313.112.3−8.1−1.35.03.2−4.9−2.4−8.3−9.4
Eritrea1.8−1.01.4−9.83.92.28.77.01.32.31.93.6
Ethiopia5.411.511.811.210.010.611.48.59.77.57.56.5
Gabon0.5−1.96.31.7−2.36.26.95.55.95.76.35.8
The Gambia4.41.13.65.76.46.5−4.35.36.37.47.05.5
Ghana4.96.16.58.44.08.015.07.95.44.85.43.8
Guinea3.72.51.84.9−0.31.93.93.82.54.55.017.6
Guinea-Bissau0.22.13.23.23.03.55.3−1.50.33.03.94.3
Kenya2.96.37.01.52.75.84.44.65.66.36.36.5
Lesotho3.44.14.95.14.55.64.36.05.85.65.55.1
Liberia8.412.96.05.16.17.98.38.07.08.77.4
Madagascar3.15.46.57.2−3.50.11.52.52.43.04.05.1
Malawi3.22.19.58.39.06.54.31.95.06.16.55.9
Mali5.15.34.35.04.55.82.70.01.76.55.04.4
Mauritius4.14.55.95.53.04.13.83.33.13.74.04.0
Mozambique9.18.77.36.86.37.17.37.27.18.37.97.8
Namibia4.27.15.43.4−1.16.35.75.04.34.34.54.7
Niger4.45.83.29.6−0.78.42.311.13.66.55.98.3
Nigeria7.16.27.06.07.08.07.46.66.37.17.06.7
Rwanda8.79.27.611.26.27.28.28.05.07.57.57.5
São Tomé and Príncipe2.612.62.09.14.04.54.94.04.05.05.56.0
Senegal4.42.54.93.72.44.32.13.54.04.64.85.2
Seychelles2.89.410.4−2.1−1.15.97.92.83.63.73.83.4
Sierra Leone0.74.28.05.23.25.36.015.216.313.910.85.0
South Africa3.35.65.53.6−1.53.13.62.51.92.32.73.0
South Sudan−47.624.47.117.65.8
Swaziland2.53.33.52.41.21.9−0.61.92.82.12.12.1
Tanzania5.56.77.17.46.07.06.46.97.07.27.06.9
Togo1.64.12.32.43.54.14.85.95.66.06.05.2
Uganda7.07.08.110.44.16.26.22.86.06.46.87.4
Zambia3.86.26.25.76.47.66.87.26.07.37.16.0
Zimbabwe8−3.6−3.3−16.48.211.411.910.63.04.24.54.0

Data 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.

Georgia, 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.

Projections for Ukraine are excluded due to the ongoing crisis.

In this table only, the data for Timor-Leste are based on non-oil GDP.

The data for Argentina are officially reported data. The IMF has, however, issued a declaration of censure and called on Argentina to adopt remedial measures to address the quality of the official GDP data. Alternative data sources have shown significantly lower real growth than the official data since 2008. In this context, the Fund is also using alternative estimates of GDP growth for the surveillance of macroeconomic developments in Argentina.

Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.

Data for Syria are excluded for 2011 onward due to the uncertain political situation.

The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates. Real GDP is in constant 2009 prices.

Data 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.

Georgia, 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.

Projections for Ukraine are excluded due to the ongoing crisis.

In this table only, the data for Timor-Leste are based on non-oil GDP.

The data for Argentina are officially reported data. The IMF has, however, issued a declaration of censure and called on Argentina to adopt remedial measures to address the quality of the official GDP data. Alternative data sources have shown significantly lower real growth than the official data since 2008. In this context, the Fund is also using alternative estimates of GDP growth for the surveillance of macroeconomic developments in Argentina.

Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.

Data for Syria are excluded for 2011 onward due to the uncertain political situation.

The Zimbabwe dollar ceased circulating in early 2009. Data are based on IMF staff estimates of price and exchange rate developments in U.S. dollars. IMF staff estimates of U.S. dollar values may differ from authorities’ estimates. Real GDP is in constant 2009 prices.

Table A5.Summary of Inflation(Percent)
AverageProjections
1996–200520062007200820092010201120122013201420152019
GDP Deflators
Advanced Economies1.72.12.21.90.81.01.31.21.21.51.51.8
United States2.03.12.72.00.81.22.01.71.51.51.82.0
Euro Area11.71.82.42.01.00.81.21.31.41.21.41.6
Japan−1.0−1.1−0.9−1.3−0.5−2.2−1.9−0.9−0.61.61.01.3
Other Advanced Economies22.12.22.63.11.12.42.01.41.51.61.62.0
Consumer Prices
Advanced Economies2.02.42.23.40.11.52.72.01.41.51.62.0
United States2.53.22.93.8−0.31.63.12.11.51.41.62.0
Euro Area1,31.92.22.23.30.31.62.72.51.30.91.21.6
Japan−0.10.20.11.4−1.3−0.7−0.30.00.42.81.72.0
Other Advanced Economies22.02.12.23.91.42.43.42.11.71.72.22.3
Emerging Market and Developing Economies10.05.86.59.25.45.97.36.05.85.55.24.6
Regional Groups
Commonwealth of Independent States424.89.59.715.611.27.210.16.56.46.66.15.8
Emerging and Developing Asia4.14.35.37.43.25.36.54.64.54.54.33.9
Emerging and Developing Europe27.05.96.07.94.75.45.45.84.14.04.14.0
Latin America and the Caribbean510.15.35.47.95.96.06.65.96.8
Middle East, North Africa, Afghanistan, and Pakistan6.08.210.212.27.46.99.810.610.18.58.37.4
Middle East and North Africa5.98.210.612.36.36.59.310.510.58.48.37.6
Sub-Saharan Africa14.27.26.213.09.77.59.49.06.36.15.95.5
Memorandum
European Union3.52.32.43.70.92.03.12.61.51.11.41.8
Analytical Groups
By Source of Export Earnings
Fuel17.09.410.414.39.07.89.89.010.29.08.17.2
Nonfuel8.44.95.58.04.55.56.75.34.84.74.64.1
Of Which, Primary Products10.46.26.212.17.05.47.07.26.86.55.95.1
By External Financing Source
Net Debtor Economies10.96.46.09.17.46.77.67.16.35.95.75.0
Of Which, Official Financing8.97.28.112.59.17.511.310.27.56.86.95.3
Net Debtor Economies by Debt-Servicing
Experience
Economies with Arrears and/or Rescheduling during 2008–1258.87.57.611.210.99.212.612.08.8
Memorandum
Median Inflation Rate
Advanced Economies2.12.32.24.00.71.93.22.51.41.41.72.0
Emerging Market and Developing Economies5.26.16.110.34.24.25.74.63.93.94.04.0

Excludes Latvia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Latvia.

Based on Eurostat’s harmonized index of consumer prices.

Georgia, 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.

See note 6 to Table A7.

Excludes Latvia.

In this table, Other Advanced Economies means advanced economies excluding the United States, Euro Area countries, and Japan but including Latvia.

Based on Eurostat’s harmonized index of consumer prices.

Georgia, 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.

See note 6 to Table A7.

Table A6.Advanced Economies: Consumer Prices1(Annual percent change)
End of Period2
AverageProjectionsProjections
1996–200520062007200820092010201120122013201420152019201320142015
Advanced Economies2.02.42.23.40.11.52.72.01.41.51.62.01.21.61.7
United States2.53.22.93.8−0.31.63.12.11.51.41.62.01.21.51.7
Euro Area3,41.92.22.23.30.31.62.72.51.30.91.21.60.81.01.1
Germany1.31.82.32.70.21.22.52.11.61.41.41.71.21.41.4
France1.71.91.63.20.11.72.32.21.01.01.21.60.01.01.2
Italy2.42.22.03.50.81.62.93.31.30.71.01.60.70.71.0
Spain2.93.62.84.1−0.22.03.12.41.50.30.81.10.30.50.8
Netherlands2.31.71.62.21.00.92.52.82.60.81.01.51.70.91.1
Belgium1.82.31.84.50.02.33.42.61.21.01.11.41.20.81.1
Austria1.61.72.23.20.41.73.62.62.11.81.71.72.01.81.7
Greece4.13.22.94.21.24.73.31.5−0.9−0.40.31.6−1.70.00.7
Portugal2.83.02.42.7−0.91.43.62.80.40.71.21.50.22.5−1.9
Finland1.51.31.63.91.61.73.33.22.21.71.52.01.91.41.5
Ireland3.02.72.93.1−1.7−1.61.21.90.50.61.11.71.80.20.9
Slovak Republic7.04.31.93.90.90.74.13.71.50.71.62.20.41.61.6
Slovenia6.82.53.65.70.91.81.82.61.61.21.62.00.71.31.8
Luxembourg2.23.02.74.10.02.83.72.91.71.61.81.91.51.71.8
Latvia5.46.610.115.33.3−1.24.22.30.01.52.52.3−0.42.42.5
Estonia6.64.46.710.60.22.75.14.23.53.22.82.23.22.82.5
Cyprus42.72.32.24.40.22.63.53.10.40.41.41.9−1.20.41.4
Malta2.72.60.74.71.82.02.53.21.01.22.61.81.04.11.2
Japan−0.10.20.11.4−1.3−0.7−0.30.00.42.81.72.01.42.91.9
United Kingdom41.52.32.33.62.23.34.52.82.61.91.92.02.11.91.9
Canada2.02.02.12.40.31.82.91.51.01.51.92.01.01.82.0
Korea3.62.22.54.72.82.94.02.21.31.83.03.01.12.53.0
Australia2.53.62.34.41.82.93.31.82.42.32.42.52.71.82.5
Taiwan Province of China1.00.61.83.5−0.91.01.41.90.81.42.02.00.31.72.0
Sweden1.01.42.23.4−0.51.23.00.90.00.41.62.00.10.82.0
Hong Kong SAR0.02.02.04.30.62.35.34.14.34.03.83.54.34.03.8
Switzerland0.81.10.72.4−0.50.70.2−0.7−0.20.20.51.00.01.01.0
Singapore0.81.02.16.60.62.85.24.62.42.32.62.42.02.32.7
Czech Republic4.52.52.96.31.01.51.93.31.41.01.92.01.41.22.0
Norway2.02.30.73.82.22.41.30.72.12.02.02.52.02.02.0
Israel4.02.10.54.63.32.73.51.71.51.62.02.01.81.72.0
Denmark2.11.91.73.41.32.32.82.40.81.51.82.20.81.62.2
New Zealand2.03.42.44.02.12.34.01.11.12.22.22.01.62.52.1
Iceland3.56.75.112.712.05.44.05.23.92.93.42.53.33.33.1
San Marino2.12.54.12.42.62.02.81.31.01.21.71.31.01.2
Memorandum
Major Advanced Economies1.82.42.23.2−0.11.42.61.91.31.61.61.91.21.71.6

Movements in consumer prices are shown as annual averages.

Monthly year-over-year changes and, for several countries, on a quarterly basis.

Excludes Latvia.

Based on Eurostat’s harmonized index of consumer prices.

Movements in consumer prices are shown as annual averages.

Monthly year-over-year changes and, for several countries, on a quarterly basis.

Excludes Latvia.

Based on Eurostat’s harmonized index of consumer prices.

Table A7.Emerging Market and Developing Economies: Consumer Prices1(Annual percent change)
End of Period2
AverageProjectionsProjections
1996–200520062007200820092010201120122013201420152019201320142015
Commonwealth of Independent States3,424.89.59.715.611.27.210.16.56.46.66.15.86.26.36.1
Russia25.59.79.014.111.76.98.45.16.85.85.35.06.55.35.3
Excluding Russia22.98.911.619.410.27.914.19.95.69.38.68.05.49.58.8
Armenia5.63.04.69.03.57.37.72.55.85.04.04.05.64.04.0
Azerbaijan3.78.416.620.81.65.77.91.02.43.54.04.93.63.44.5
Belarus67.77.08.414.813.07.753.259.218.316.815.816.516.516.315.4
Georgia9.79.29.210.01.77.18.5−0.9−0.54.04.65.02.34.05.0
Kazakhstan11.78.610.817.17.37.18.35.15.89.27.55.44.810.17.5
Kyrgyz Republic13.55.610.224.56.87.816.62.86.66.16.65.54.07.06.0
Moldova16.012.712.412.70.07.47.64.64.65.55.95.05.25.26.5
Tajikistan47.610.013.220.46.56.512.45.85.05.45.96.03.75.36.5
Turkmenistan47.08.26.314.5−2.74.45.35.36.65.76.06.05.56.06.0
Ukraine518.29.112.825.215.99.48.00.6−0.30.5
Uzbekistan27.814.212.312.714.19.412.812.111.211.011.011.010.211.511.6
Emerging and Developing Asia4.14.35.37.43.25.36.54.64.54.54.33.94.34.44.3
Bangladesh4.96.89.18.95.48.110.76.27.57.36.75.77.37.06.4
Bhutan5.74.95.26.37.14.88.610.18.710.28.86.710.09.68.4
Brunei Darussalam0.50.21.02.11.00.20.10.10.40.50.50.60.10.50.5
Cambodia4.26.17.725.0−0.74.05.52.93.03.83.23.04.63.03.0
China1.61.54.85.9−0.73.35.42.62.63.03.03.02.53.03.0
Fiji2.92.54.87.73.73.77.33.42.93.03.02.93.43.03.0
India5.77.36.18.913.010.59.610.29.58.07.56.18.18.07.4
Indonesia13.513.16.79.85.05.15.34.06.46.35.55.08.15.55.4
Kiribati1.6−1.03.613.79.8−3.91.5−3.02.02.52.52.52.02.52.5
Lao P.D.R.28.76.84.57.60.06.07.64.36.47.57.55.76.67.77.3
Malaysia2.43.62.05.40.61.73.21.72.13.33.92.73.23.33.9
Maldives2.13.56.812.04.56.111.310.94.03.34.44.43.14.44.4
Marshall Islands5.32.614.70.52.24.94.51.41.61.82.21.41.61.8
Micronesia4.63.38.36.23.95.44.64.03.32.72.04.53.32.7
Mongolia13.74.58.226.86.310.27.715.09.612.011.06.512.313.38.1
Myanmar26.330.911.52.28.22.82.85.86.66.94.76.77.06.7
Nepal5.78.06.26.712.69.59.68.39.99.87.05.57.79.37.3
Palau4.83.010.04.71.12.65.42.83.03.52.03.03.53.0
Papua New Guinea9.82.40.910.86.96.08.42.23.86.05.05.05.56.05.0
Philippines5.85.52.98.24.23.84.73.22.94.43.63.54.14.03.5
Samoa4.73.54.76.314.6−0.22.96.2−0.2−1.03.02.5−1.71.03.5
Solomon Islands8.811.27.717.37.10.97.45.96.15.95.65.56.36.05.6
Sri Lanka9.810.015.822.43.56.26.77.56.94.76.45.54.76.06.2
Thailand3.24.62.25.5−0.93.33.83.02.22.32.12.01.72.42.3
Timor-Leste4.19.07.60.14.511.713.110.69.58.16.010.48.57.6
Tonga6.76.17.47.53.53.94.63.13.23.94.65.93.54.44.9
Tuvalu4.22.310.4−0.3−1.90.51.42.62.62.82.62.72.72.7
Vanuatu2.32.03.84.25.22.70.71.41.31.82.42.71.52.02.7
Vietnam4.27.58.323.16.79.218.79.16.66.36.25.16.06.36.1
Emerging and Developing Europe27.05.96.07.94.75.45.45.84.14.04.14.03.44.63.9
Albania7.82.42.93.42.33.53.42.01.92.72.83.01.92.63.0
Bosnia and Herzegovina6.11.57.4−0.42.13.72.0−0.11.11.52.1−0.11.11.5
Bulgaria46.57.47.612.02.53.03.42.40.4−0.40.92.2−0.90.51.3
Croatia3.53.22.96.12.41.02.33.42.20.51.12.50.31.01.4
Hungary10.43.97.96.14.24.94.05.71.70.93.03.00.42.93.0
Kosovo0.64.49.4−2.43.57.32.51.91.81.51.51.51.51.5
Lithuania3.85.811.14.21.24.13.21.21.01.82.20.51.71.8
FYR Macedonia2.13.22.38.4−0.81.53.93.32.81.82.32.31.42.32.3
Montenegro2.13.59.03.60.73.13.62.20.21.11.40.30.91.1
Poland7.61.02.54.23.42.64.33.70.91.52.42.50.72.12.5
Romania39.36.64.87.85.66.15.83.34.02.23.12.71.63.53.1
Serbia10.76.912.48.16.211.17.37.74.04.04.02.25.34.0
Turkey48.59.68.810.46.38.66.58.97.57.86.56.07.48.06.0
Latin America and the Caribbean6