Chapter

Statistical Appendix

Author(s):
International Monetary Fund. Research Dept.
Published Date:
April 2016
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The Statistical Appendix presents historical data as well as projections. It comprises seven sections: Assumptions, What’s New, Data and Conventions, Country Notes, Classification of Countries, Key Data Documentation, and Statistical Tables.

The assumptions underlying the estimates and projections for 2016–17 and the medium-term scenario for 2018–21 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 2015 World Economic Outlook (WEO). The third section provides a general description of the data and the conventions used for calculating country group composites. The fourth section summarizes selected key information for each country. The classification of countries in the various groups presented in the WEO is summarized in the fifth section. The sixth 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 through March 25, 2016. The figures for 2016 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 measured during the period February 2 to March 1, 2016. For 2016 and 2017, these assumptions imply average U.S. dollar/special drawing right (SDR) conversion rates of 1.395 and 1.400, U.S. dollar/euro conversion rates of 1.111 and 1.119, and yen/U.S. dollar conversion rates of 114.8 and 113.3, respectively.

It is assumed that the price of oil will average $34.75 a barrel in 2016 and $40.99 a barrel in 2017.

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 0.9 percent in 2016 and 1.5 percent in 2017, that three-month euro deposits will average −0.3 percent in 2016 and −0.4 percent in 2017, and that six-month yen deposits will average −0.1 percent in 2016 and −0.3 percent in 2017.

As a reminder, 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 marks
=15.6466Estonian krooni2
=5.94573Finnish markkaa
=6.55957French francs
=340.750Greek drachmas3
=0.787564Irish pound
=1,936.27Italian lire
=0.702804Latvian lat4
=3.45280Lithuanian litas5
=40.3399Luxembourg francs
=0.42930Maltese lira1
=2.20371Netherlands guilders
=200.482Portuguese escudos
=30.1260Slovak koruna6
=239.640Slovenian tolars7
=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, 2015.

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, 2015.

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

  • Data for Macao Special Administrative Region and the Commonwealth of Puerto Rico are included in data aggregated for the advanced economies. Macao is a Special Administrative Region of China, and Puerto Rico is a territory of the United States, but the WEO maintains statistical data for both economies on a separate and independent basis.
  • Argentina’s and Venezuela’s consumer prices are excluded from all the WEO groups’ aggregates.

Data and Conventions

Data and projections for 191 economies form the statistical basis of 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 sixth edition of the Balance of Payments and International Investment Position Manual (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 SNA 2008.1 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.

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 data on 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 as a share of total world or group GDP.3
  • Unless noted otherwise, composites for all sectors for the euro area are corrected for reporting discrepancies in intra-area transactions. 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 economies with exceptional reporting periods for national accounts and government finance data for each country.

For some countries, the figures for 2015 and earlier are based on estimates rather than actual outturns. Please refer to Table G, which lists the latest actual outturns for the indicators in the national accounts, prices, government finance, and balance of payments indicators for each country.

Country Notes

  • The GDP data for Argentina before 2015 reflect official data, while for 2015 the data reflect IMF staff estimates. On February 1, 2013, the IMF issued a declaration of censure, and in June 2015 called on Argentina to implement additional specified actions to address the quality of its official GDP data according to a specified timetable. The new government that took office in December 2015 has announced its determination to improve the quality of GDP statistics. The Managing Director will report to the Executive Board on this issue again by July 15, 2016. At that time, the Executive Board will review the issue in line with IMF procedures.
  • The consumer price data for Argentina before December 2013 reflect the CPI for the Greater Buenos Aires Area (CPI-GBA), while from December 2013 to October 2015 the data reflect the national CPI (IPCNu). Given the differences in geographical coverage, weights, sampling, and methodology of the two series and the authorities’ decision in December 2015 to discontinue the IPCNu, the average CPI inflation for 2014, 2015, and 2016 and end-period inflation for 2015 are not reported in the April 2016 World Economic Outlook. On February 1, 2013, the IMF issued a declaration of censure and in June 2015 called on Argentina to implement additional specified actions to address the quality of its official CPI data according to a specified timetable. The new government that took office in December 2015 has stated that it considers that the IPCNu is flawed and announced its determination to discontinue it and to improve the quality of CPI statistics. It has temporarily suspended the publication of CPI data to review sources and methodology. The Managing Director will report to the Executive Board on this issue again by July 15, 2016. At that time, the Executive Board will review the issue in line with IMF procedures.
  • The series from which the nominal exchange rate assumptions are calculated are not made public for Egypt because the nominal exchange rate is a market-sensitive issue in Egypt.
  • The 2015 data for Greece are preliminary. Fiscal projections for 2016–21 are not available at this time, given ongoing negotiations with the authorities and European partners on the fiscal targets in a potential new adjustment program.
  • Because of the ongoing IMF program with Pakistan, the series from which nominal exchange rate assumptions are calculated are not made public—the nominal exchange rate is a market-sensitive issue in Pakistan.
  • Data for Syria are excluded from 2011 onward because of the uncertain political situation.
  • Projecting the economic outlook in Venezuela is complicated by the lack of any Article IV consultation since 2004 and delays in the publication of key economic data.

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 purchasing power parity, total exports of goods and services, and population).

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 39 advanced economies are listed in Table B. The seven largest in terms of GDP based on market exchange rates—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 C lists the member countries of the European Union, not all of which are classified as advanced economies in the WEO.

Emerging Market and Developing Economies

The group of emerging market and developing economies (152) 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 a distinction between net creditor and net debtor economies. The detailed composition of emerging market and developing economies in the regional and analytical groups is shown in Tables D and E.

The analytical criterion 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 exceeded 50 percent of total exports on average between 2010 and 2014.

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 latest net international investment position, where available, was less than zero or their current account balance accumulations from 1972 (or earliest available data) to 2014 were negative. Net debtor economies are further differentiated on the basis of experience with debt servicing.5

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 as eligible to use the IMF’s concessional financing resources under the Poverty Reduction and Growth Trust (PRGT) 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 World Bank International Development Association operational threshold, or US$2,390 in 2011 as measured by the World Bank’s Atlas method) and Zimbabwe.

Table A.Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods and Services, and Population, 20151(Percent of total for group or world)
GDPExports of Goods and ServicesPopulation
Number of EconomiesAdvanced EconomiesWorldAdvanced EconomiesWorldAdvanced EconomiesWorld
Advanced Economies39100.042.4100.063.3100.014.6
United States37.215.816.810.630.54.5
Euro Area1928.111.940.325.532.04.7
Germany8.03.411.97.57.81.1
France5.52.35.73.66.10.9
Italy4.51.94.22.65.80.8
Spain3.41.43.01.94.40.6
Japan10.04.35.93.812.01.8
United Kingdom5.62.45.93.76.20.9
Canada3.41.43.72.33.40.5
Other Advanced Economies1615.66.627.417.315.92.3
Memorandum
Major Advanced Economies774.231.554.134.271.710.5

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.

Georgia, 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.

Syria is omitted from the source of export earnings and South Sudan is omitted from the net external position group composites because of insufficient data.

Emerging

Market and

Developing

Economies
WorldEmerging Market

and Developing

Economies
WorldEmerging

Market and

Developing

Economies
World
Emerging Market and Developing Economies152100.057.6100.036.7100.085.4
Regional Groups
Commonwealth of Independent States2128.04.67.62.84.74.0
Russia5.73.35.11.92.42.0
Emerging and Developing Asia2953.230.650.018.457.148.7
China29.717.131.011.422.319.0
India12.27.05.82.121.017.9
Excluding China and India2711.46.513.34.913.811.8
Emerging and Developing Europe125.73.39.53.52.82.4
Latin America and the Caribbean3214.58.313.85.110.08.5
Brazil4.92.82.91.13.32.8
Mexico3.42.05.31.92.11.8
Middle East, North Africa, Afghanistan, and Pakistan2213.27.614.55.310.59.0
Middle East and North Africa2011.76.714.15.27.05.9
Sub-Saharan Africa455.43.14.61.714.912.8
Excluding Nigeria and South Africa432.61.52.61.011.19.5
Analytical Groups3
By Source of Export Earnings
Fuel2920.211.621.88.012.410.6
Nonfuel12279.845.978.228.787.674.8
Of Which, Primary Products294.82.74.51.77.66.5
By External Financing Source
Net Debtor Economies11851.829.848.217.767.657.7
Net Debtor Economies by Debt-Servicing Experience
Economies with Arrears and/or Rescheduling during 2010–14172.91.71.90.74.03.4
Other Groups
Heavily Indebted Poor Countries382.41.41.90.711.29.6
Low-Income Developing Countries597.44.26.52.422.519.2

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.

Georgia, 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.

Syria is omitted from the source of export earnings and South Sudan is omitted from the net external position group composites because of insufficient data.

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.

Georgia, 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.

Syria is omitted from the source of export earnings and South Sudan is omitted from the net external position group composites because of insufficient data.

Table B.Advanced Economies by Subgroup
Major Currency Areas
United States
Euro Area
Japan
Euro Area
AustriaGreeceNetherlands
BelgiumIrelandPortugal
CyprusItalySlovak Republic
EstoniaLatviaSlovenia
FinlandLithuaniaSpain
FranceLuxembourg
GermanyMalta
Major Advanced Economies
CanadaItalyUnited States
FranceJapan
GermanyUnited Kingdom
Other Advanced Economies
AustraliaKoreaSingapore
Czech RepublicMacao SAR2Sweden
DenmarkNew ZealandSwitzerland
Hong Kong SAR1NorwayTaiwan Province of China
IcelandPuerto Rico
IsraelSan Marino

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

On December 20, 1999, Macao was returned to the People’s Republic of China and became a Special Administrative Region of China.

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

On 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
AustriaGermanyPoland
BelgiumGreecePortugal
BulgariaHungaryRomania
CroatiaIrelandSlovak Republic
CyprusItalySlovenia
Czech RepublicLatviaSpain
DenmarkLithuaniaSweden
EstoniaLuxembourgUnited Kingdom
FinlandMalta
FranceNetherlands
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
Turkmenistan1
Emerging and Developing Asia
Brunei DarussalamMarshall Islands
Timor-LesteMongolia
Papua New Guinea
Solomon Islands
Tuvalu
Latin America and the Caribbean
BoliviaArgentina
ColombiaChile
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
GabonCôte d’Ivoire
NigeriaEritrea
South SudanGuinea-Bissau
Liberia
Malawi
Mali
Niger
Sierra Leone
South Africa
Zambia

Turkmenistan, 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.

Turkmenistan, 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 E.Emerging Market and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries and Low-Income Developing Countries
Net External Position1Heavily Indebted Poor Countries2Low-Income Developing Countries
Commonwealth of Independent States
Armenia*
Azerbaijan
Belarus*
Georgia3*
Kazakhstan*
Kyrgyz Republic**
Moldova**
Russia
Tajikistan**
Turkmenistan3
Ukraine3*
Uzbekistan*
Emerging and Developing Asia
Bangladesh**
Bhutan**
Brunei Darussalam
Cambodia**
China
Fiji*
India*
Indonesia*
Kiribati*
Lao P.D.R.**
Malaysia*
Maldives*
Marshall Islands*
Micronesia
Mongolia**
Myanmar**
Nepal*
Palau
Papua New Guinea**
Philippines*
Samoa*
Solomon Islands**
Sri Lanka*
Thailand*
Timor-Leste
Tonga*
Tuvalu*
Vanuatu*
Vietnam**
Emerging and Developing Europe
Albania*
Bosnia and Herzegovina*
Bulgaria*
Croatia*
Hungary*
Kosovo*
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 (star) indicates that the country is a net creditor (net debtor).

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

Georgia, 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.

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

Dot (star) indicates that the country is a net creditor (net debtor).

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

Georgia, 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.

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

Table F.Economies with Exceptional Reporting Periods1
National AccountsGovernment Finance
The BahamasJul/Jun
BangladeshJul/Jun
BarbadosApr/Mar
BelizeApr/Mar
BhutanJul/JunJul/Jun
BotswanaApr/Mar
DominicaJul/Jun
EgyptJul/JunJul/Jun
EthiopiaJul/JunJul/Jun
HaitiOct/SepOct/Sep
Hong Kong SARApr/Mar
IndiaApr/MarApr/Mar
IranApr/MarApr/Mar
JamaicaApr/Mar
Lao P.D.R.Oct/Sep
LesothoApr/Mar
MalawiJul/Jun
Marshall IslandsOct/SepOct/Sep
MicronesiaOct/SepOct/Sep
MyanmarApr/MarApr/Mar
NamibiaApr/Mar
NepalAug/JulAug/Jul
PakistanJul/JunJul/Jun
PalauOct/SepOct/Sep
Puerto RicoJul/JunJul/Jun
SamoaJul/JunJul/Jun
SingaporeApr/Mar
St. LuciaApr/Mar
SwazilandApr/Mar
ThailandOct/Sep
Trinidad and TobagoOct/Sep

Unless noted otherwise, all data refer to calendar years.

Unless noted otherwise, all data refer to calendar years.

Table G.Key Data Documentation
National AccountsPrices (CPI)
CountryCurrencyHistorical Data Source1Latest Actual Annual DataBase Year2System of National AccountsUse of Chain-Weighted Methodology3Historical Data Source1Latest Actual Annual Data
AfghanistanAfghan AfghaniNSO20142002SNA 1993NSO2015
AlbaniaAlbanian lekIMF staff20121996SNA 1993From 1996NSO2014
AlgeriaAlgerian dinarNSO20142001SNA 1993From 2005NSO2014
AngolaAngolan kwanzaMEP20142002ESA 1995NSO2015
Antigua and BarbudaEastern Caribbean dollarCB201420066SNA 1993NSO2014
ArgentinaArgentine pesoMEP20142004SNA 2008NSO2015
ArmeniaArmenian dramNSO20142005SNA 1993NSO2015
AustraliaAustralian dollarNSO20152013/14SNA 2008From 1980NSO2015
AustriaEuroNSO20152010ESA 2010From 1995NSO2015
AzerbaijanAzerbaijan manatNSO20142003SNA 1993From 1994NSO2014
The BahamasBahamian dollarNSO20142006SNA 1993NSO2015
BahrainBahrain dinarMoF20142010SNA 2008NSO2015
BangladeshBangladesh takaNSO20132005SNA 1993NSO2014
BarbadosBarbados dollarNSO and CB201319746SNA 1993CB2014
BelarusBelarusian rubelNSO20132009ESA 1995From 2005NSO2014
BelgiumEuroCB20142013ESA 2010From 1995CB2015
BelizeBelize dollarNSO20132000SNA 1993NSO2013
BeninCFA francNSO20122007SNA 1993NSO2013
BhutanBhutanese ngultrumNSO2011/1220006SNA 1993CB2014/15
BoliviaBolivian bolivianoNSO20141990OtherNSO2015
Bosnia and HerzegovinaBosnia convertible markaNSO20152010ESA 2010From 2000NSO2015
BotswanaBotswana pulaNSO20122006SNA 1993NSO2013
BrazilBrazilian realNSO20141995SNA 2008NSO2014
Brunei DarussalamBrunei dollarNSO and PMO20142010SNA 1993NSO and PMO2015
BulgariaBulgarian levNSO20142010ESA 2010From 1996NSO2015
Burkina FasoCFA francNSO and MEP20121999SNA 1993NSO2015
BurundiBurundi francNSO20122005SNA 1993NSO2015
Cabo VerdeCabo Verdean escudoNSO20142007SNA 2008From 2011NSO2014
CambodiaCambodian rielNSO20132000SNA 1993NSO2014
CameroonCFA francNSO20142000SNA 1993NSO2014
CanadaCanadian dollarNSO20142007SNA 2008From 1980NSO2015
Central African RepublicCFA francNSO20122005SNA 1993NSO2014
ChadCFA francCB20132005OtherNSO2014
ChileChilean pesoCB20142008SNA 2008From 2003NSO2015
ChinaChinese yuanNSO20152010SNA 2008NSO2015
ColombiaColombian pesoNSO20142005OtherFrom 2000NSO2014
ComorosComorian francNSO20132000OtherNSO2014
Democratic Republic of the CongoCongolese francNSO20132005SNA 1993CB2015
Republic of CongoCFA francNSO20141990SNA 1993NSO2014
Costa RicaCosta Rican colónCB20152012SNA 1993CB2015
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

Government FinanceBalance of Payments
CountryHistorical Data Source1Latest Actual Annual DataStatistics Manual in Use at SourceSubsectors Coverage4Accounting Practice5Historical Data Source1Latest Actual Annual DataStatistics Manual in Use at Source
AfghanistanMoF20142001CGCNSO2014BPM 5
AlbaniaIMF staff20141986CG,LG,SS,MPC,NFPCOtherCB2014BPM 6
AlgeriaCB20141986CGCCB2015BPM 5
AngolaMoF20142001CG,LGOtherCB2014BPM 5
Antigua and BarbudaMoF20142001CGCCB2014BPM 5
ArgentinaMEP20151986CG,SG,LG,SSCCB2014BPM 5
ArmeniaMoF20142001CGCCB2014BPM 5
AustraliaMoF2014/152001CG,SG,LG,TGANSO2015BPM 6
AustriaNSO20152001CG,SG,LG,SSACB2015BPM 6
AzerbaijanMoF2014OtherCGCCB2014BPM 5
The BahamasMoF2014/152001CGCCB2014BPM 5
BahrainMoF20142001CGCCB2014BPM 6
BangladeshMoF2013/14OtherCGCCB2013BPM 4
BarbadosMoF2014/151986CG,SS,NFPCCCB2014BPM 5
BelarusMoF20132001CG,LG,SSCCB2013BPM 6
BelgiumCB2014ESA 2010CG,SG,LG,SSACB2014BPM 6
BelizeMoF2013/141986CG,MPCC/ACB2013BPM 5
BeninMoF20132001CGCCB2012BPM 5
BhutanMoF2012/131986CGCCB2011/12BPM 6
BoliviaMoF20142001CG,LG,SS,MPC,NMPC,NFPCCCB2014BPM 5
Bosnia and HerzegovinaMoF20142001CG,SG,LG,SSACB2014BPM 6
BotswanaMoF2011/121986CGCCB2012BPM 5
BrazilMoF20142001CG,SG,LG,SS,MPC,NFPCCCB2014BPM 6
Brunei DarussalamMoF2014OtherCG, BCGCMEP2014BPM 6
BulgariaMoF20142001CG,LG,SSCCB2014BPM 6
Burkina FasoMoF20142001CGOtherCB2013BPM 5
BurundiMoF20132001CGACB2012BPM 6
Cabo VerdeMoF20142001CG,SSANSO2014BPM 5
CambodiaMoF20141986CG,LGACB2014BPM 5
CameroonMoF20142001CG,NFPCCMoF2013BPM 5
CanadaMoF20152001CG,SG,LG,SSANSO2015BPM 6
Central African RepublicMoF20142001CGCCB2012BPM 5
ChadMoF20141986CG,NFPCCCB2012BPM 5
ChileMoF20152001CG,LGACB2015BPM 6
ChinaMoF20152001CG,LGCSAFE2015BPM 6
ColombiaMoF20142001CG,SG,LG,SSC/ACB and NSO2014BPM 5
ComorosMoF20141986CGC/ACB and IMF staff2014BPM 5
Democratic Republic of the CongoMoF20152001CG,LGACB2015BPM 5
Republic of CongoMoF20142001CGACB2007BPM 5
Costa RicaMoF and CB20151986CGCCB2015BPM 5
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

National AccountsPrices (CPI)
CountryCurrencyHistorical Data Source1Latest Actual Annual DataBase Year2System of National AccountsUse of Chain-Weighted Methodology3Historical Data Source1Latest Actual Annual Data
Côte d’IvoireCFA francNSO20142009SNA 1993NSO2015
CroatiaCroatian kunaNSO20142010ESA 2010NSO2014
CyprusEuroNSO20152005ESA 2010From 1995NSO2015
Czech RepublicCzech korunaNSO20152010ESA 2010From 1995NSO2015
DenmarkDanish kroneNSO20152010ESA 2010From 1980NSO2015
DjiboutiDjibouti francNSO20141990OtherNSO2015
DominicaEastern Caribbean dollarNSO20142006SNA 1993NSO2014
Dominican RepublicDominican pesoCB20142007SNA 2008From 2007CB2015
EcuadorU.S. dollarCB20142007SNA 1993NSO and CB2015
EgyptEgyptian poundMEP2014/152011/12SNA 1993NSO2014/15
El SalvadorU.S. dollarCB20141990OtherNSO2015
Equatorial GuineaCFA francMEP and CB20132006SNA 1993MEP2014
EritreaEritrean nakfaIMF staff20062005SNA 1993NSO2009
EstoniaEuroNSO20152010ESA 2010From 2010NSO2015
EthiopiaEthiopian birrNSO2013/142010/11SNA 1993NSO2015
FijiFijian dollarNSO201320086SNA 1993/2008NSO2015
FinlandEuroNSO20152010ESA 2010From 1980NSO2015
FranceEuroNSO20152010ESA 2010From 1980NSO2015
GabonCFA francMoF20132001SNA 1993MoF2014
The GambiaGambian dalasiNSO20122004SNA 1993NSO2013
GeorgiaGeorgian lariNSO20142000SNA 1993From 1996NSO2015
GermanyEuroNSO20152010ESA 2010From 1991NSO2015
GhanaGhanaian cediNSO20142006SNA 1993NSO2014
GreeceEuroNSO20152010ESA 2010From 1995NSO2015
GrenadaEastern Caribbean dollarNSO20142006SNA 1993NSO2013
GuatemalaGuatemalan quetzalCB20142001SNA 1993From 2001NSO2014
GuineaGuinean francNSO20092003SNA 1993NSO2015
Guinea-BissauCFA francNSO20132005SNA 1993NSO2015
GuyanaGuyanese dollarNSO201220066SNA 1993NSO2012
HaitiHaitian gourdeNSO2014/151986/87SNA 2008NSO2014/15
HondurasHonduran lempiraCB20152000SNA 1993CB2015
Hong Kong SARHong Kong dollarNSO20152013SNA 2008From 1980NSO2015
HungaryHungarian forintNSO20152005ESA 2010From 2005IEO2015
IcelandIcelandic krónaNSO20152005ESA 2010From 1990NSO2015
IndiaIndian rupeeNSO2014/152011/12SNA 2008NSO2014/15
IndonesiaIndonesian rupiahNSO20142010SNA 2008NSO2015
IranIranian rialCB2014/152004/05SNA 1993CB2014/15
IraqIraqi dinarNSO20142007SNA 1968NSO2014
IrelandEuroNSO20152013ESA 2010From 2012NSO2015
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

Government FinanceBalance of Payments
CountryHistorical Data Source1Latest Actual Annual DataStatistics Manual in Use at SourceSubsectors Coverage4Accounting Practice5Historical Data Source1Latest Actual Annual DataStatistics Manual in Use at Source
Côte d’IvoireMoF20151986CGACB2014BPM 6
CroatiaMoF20142001CG,LGACB2013BPM 6
CyprusNSO2015ESA 2010CG,LG,SSC/ANSO2015BPM 5
Czech RepublicMoF20152001CG,LG,SSANSO2015BPM 6
DenmarkNSO20142001CG,LG,SSANSO2015BPM 6
DjiboutiMoF20152001CGACB2015BPM 5
DominicaMoF2013/141986CGCCB2014BPM 5
Dominican RepublicMoF20142001CG,SG,LG,SSACB2014BPM 6
EcuadorCB and MoF20151986CG,SG,LG,SS,NFPCCCB2014BPM 5
EgyptMoF2014/152001CG,LG,SS,MPCCCB2014/15BPM 5
El SalvadorMoF20151986CG,LG,SSCCB2014BPM 6
Equatorial GuineaMoF20141986CGCCB2013BPM 5
EritreaMoF20082001CGCCB2008BPM 5
EstoniaMoF20151986/2001CG,LG,SSCCB2015BPM 6
EthiopiaMoF2014/151986CG,SG,LG,NFPCCCB2014/15BPM 5
FijiMoF20142001CGCCB2013BPM 5
FinlandMoF20142001CG,LG,SSANSO2015BPM 6
FranceNSO20142001CG,LG,SSACB2015BPM 6
GabonIMF staff20142001CGACB2014BPM 5
The GambiaMoF20132001CGCCB and IMF staff2012BPM 4
GeorgiaMoF20142001CG,LGCNSO and CB2014BPM 5
GermanyNSO20152001CG,SG,LG,SSACB2014BPM 6
GhanaMoF20142001CGCCB2014BPM 5
GreeceMoF20141986CG,LG,SSACB2015BPM 6
GrenadaMoF20142001CGCCB2013BPM 5
GuatemalaMoF20141986CGCCB2014BPM 5
GuineaMoF20152001CGOtherCB and MEP2014BPM 6
Guinea-BissauMoF20142001CGACB2014BPM 6
GuyanaMoF20122001CG,SSCCB2012BPM 5
HaitiMoF2014/152001CGCCB2014/15BPM 5
HondurasMoF20151986CG,LG,SS,NFPCACB2014BPM 5
Hong Kong SARNSO2014/152001CGCNSO2015BPM 6
HungaryMEP and NSO2014ESA 2010CG,LG,SS,NMPCACB2014BPM 6
IcelandNSO20142001CG,LG,SSACB2015BPM 6
IndiaMoF2013/142001CG,SGCCB2014/15BPM 6
IndonesiaMoF20142001CG,LGCCB2014BPM 6
IranMoF2014/152001CGCCB2014/15BPM 5
IraqMoF20142001CGCCB2014BPM 5
IrelandMoF20142001CG,LG,SSANSO2015BPM 6
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

National AccountsPrices (CPI)
CountryCurrencyHistorical Data Source1Latest Actual Annual DataBase Year2System of National AccountsUse of Chain-Weighted Methodology3Historical Data Source1Latest Actual Annual Data
IsraelNew Israeli shekelNSO20152010SNA 2008From 1995Haver Analytics2015
ItalyEuroNSO20152010ESA 2010From 1980NSO2015
JamaicaJamaican dollarNSO20142007SNA 1993NSO2014
JapanJapanese yenGAD20152005SNA 1993From 1980GAD2015
JordanJordanian dinarNSO20141994OtherNSO2015
KazakhstanKazakhstani tengeNSO20142007SNA 1993From 1994CB2014
KenyaKenya shillingNSO20142009SNA 2008NSO2015
KiribatiAustralian dollarNSO20142006SNA 2008NSO2014
KoreaSouth Korean wonCB20142010SNA 2008From 1980MoF2015
KosovoEuroNSO20152013ESA 2010NSO2015
KuwaitKuwaiti dinarMEP and NSO20142010SNA 1993NSO and MEP2014
Kyrgyz RepublicKyrgyz somNSO20151995SNA 1993NSO2015
Lao P.D.R.Lao kipNSO20132002SNA 1993NSO2013
LatviaEuroNSO20152010ESA 2010From 1995NSO2015
LebanonLebanese poundNSO20132010SNA 2008From 2010NSO2015
LesothoLesotho lotiNSO20142004OtherNSO2014
LiberiaU.S. dollarCB20141992SNA 1993CB2015
LibyaLibyan dinarMEP20142003SNA 1993NSO2014
LithuaniaEuroNSO20152010ESA 2010From 2005NSO2015
LuxembourgEuroNSO20142010ESA 2010From 1995NSO2014
Macao SARMacanese patacaNSO20152013SNA 2008From 2001NSO2015
FYR MacedoniaMacedonian denarNSO20142005ESA 2010NSO2014
MadagascarMalagasy ariaryNSO20142000SNA 1968NSO2015
MalawiMalawian kwachaNSO20112010SNA 2008NSO2015
MalaysiaMalaysian ringgitNSO20142010SNA 2008NSO2015
MaldivesMaldivian rufiyaaMoF and NSO201420036SNA 1993CB2014
MaliCFA francMoF20131999SNA 1993MoF2015
MaltaEuroNSO20152010ESA 2010From 2000NSO2015
Marshall IslandsU.S. dollarNSO2012/132003/04OtherNSO2013
MauritaniaMauritanian ouguiyaNSO20142004SNA 1993NSO2014
MauritiusMauritian rupeeNSO20142006SNA 1993From 1999NSO2015
MexicoMexican pesoNSO20152008SNA 2008NSO2015
MicronesiaU.S. dollarNSO20132004OtherNSO2013
MoldovaMoldovan leuNSO20151995SNA 1993NSO2015
MongoliaMongolian tögrögNSO20152010SNA 1993NSO2015
MontenegroEuroNSO20142006ESA 1995NSO2015
MoroccoMoroccan dirhamNSO20142007SNA 1993From 1998NSO2014
MozambiqueMozambican meticalNSO20142009SNA 1993NSO2015
MyanmarMyanmar kyatMEP2014/152010/11OtherNSO2014/15
NamibiaNamibia dollarNSO20142000SNA 1993NSO2014
NepalNepalese rupeeNSO2014/152000/01SNA 1993CB2014/15
NetherlandsEuroNSO20152010ESA 2010From 1980NSO2015
New ZealandNew Zealand dollarNSO20152009/10OtherFrom 1987NSO2015
NicaraguaNicaraguan córdobaIMF staff20142006SNA 1993From 1994CB2015
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

Government FinanceBalance of Payments
CountryHistorical Data Source1Latest Actual Annual DataStatistics Manual in Use at SourceSubsectors Coverage4Accounting Practice5Historical Data Source1Latest Actual Annual DataStatistics Manual in Use at Source
IsraelMoF20152001CG,LG,SSOtherHaver Analytics2015BPM 6
ItalyNSO20142001CG,LG,SSANSO2015BPM 6
JamaicaMoF2014/151986CGCCB2014BPM 5
JapanGAD20142001CG,LG,SSAMoF2015BPM 6
JordanMoF20142001CG,NFPCCCB2014BPM 5
KazakhstanIMF staff20152001CG,LGACB2014BPM 6
KenyaMoF20142001CGACB2014BPM 6
KiribatiMoF20131986CG,LGCNSO2014BPM 6
KoreaMoF20142001CGCCB2014BPM 6
KosovoMoF2015OtherCG,LGCCB2015BPM 5
KuwaitMoF20141986CGC/ACB2014BPM 5
Kyrgyz RepublicMoF2014OtherCG,LG,SSCMoF2014BPM 5
Lao P.D.R.MoF2012/132001CGCCB2013BPM 5
LatviaMoF2015OtherCG,LG,SS,NFPCCCB2014BPM 6
LebanonMoF20142001CGCCB and IMF staff2014BPM 5
LesothoMoF2014/152001CG,LGCCB2013BPM 6
LiberiaMoF20132001CGACB2013BPM 5
LibyaMoF20141986CG,SG,LGCCB2014BPM 5
LithuaniaMoF20142014CG,LG,SSACB2015BPM 6
LuxembourgMoF20142001CG,LG,SSANSO2014BPM 6
Macao SARMoF20152001CGCNSO2014BPM 6
FYR MacedoniaMoF20141986CG,SG,SSCCB2014BPM 6
MadagascarMoF20141986CG,LGCCB2014BPM 5
MalawiMoF2014/151986CGCNSO2014BPM 5
MalaysiaMoF20131986CG,SG,LGCNSO2014BPM 6
MaldivesMoF20141986CGCCB2014BPM 5
MaliMoF20152001CGC/ACB2013BPM 5
MaltaNSO20152001CG,SSANSO2015BPM 6
Marshall IslandsMoF2012/132001CG,LG,SSANSO2013Other
MauritaniaMoF20141986CGCCB2013BPM 5
MauritiusMoF20142001CG,LG,NFPCCCB2014BPM 5
MexicoMoF20152001CG,SS,NFPCCCB2015BPM 5
MicronesiaMoF2013/142001CG,SG,LG,SSOtherNSO2013Other
MoldovaMoF20151986CG,LG,SSCCB2014BPM 5
MongoliaMoF20152001CG,SG,LG,SSCCB2015BPM 5
MontenegroMoF20141986CG,LG,SSCCB2014BPM 5
MoroccoMEP20142001CGAFEO2014BPM 5
MozambiqueMoF20152001CG,SGC/ACB2015BPM 6
MyanmarMoF2014/152001CG,NFPCC/AIMF staff2014/15Other
NamibiaMoF2014/152001CGCCB2013BPM 5
NepalMoF2014/152001CGCCB2014/15BPM 5
NetherlandsMoF20152001CG,LG,SSACB2014BPM 6
New ZealandMoF2014/152001CGANSO2015BPM 6
NicaraguaMoF20141986CG,LG,SSCIMF staff2014BPM 6
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

National AccountsPrices (CPI)
CountryCurrencyHistorical Data Source1Latest Actual Annual DataBase Year2System of National AccountsUse of Chain-Weighted Methodology3Historical Data Source1Latest Actual Annual Data
NigerCFA francNSO20142000SNA 1993NSO2015
NigeriaNigerian nairaNSO20152010SNA 2008NSO2015
NorwayNorwegian kroneNSO20152013ESA 2010From 1980NSO2015
OmanOmani rialNSO20122010SNA 1993NSO2014
PakistanPakistan rupeeNSO2014/152005/066SNA 1968/1993NSO2014/15
PalauU.S. dollarMoF2013/142005OtherMoF2013/14
PanamaU.S. dollarNSO20142007SNA 1993From 2007NSO2014
Papua New GuineaPapua New Guinea kinaNSO and MoF20131998SNA 1993NSO2013
ParaguayParaguayan guaraníCB20141994SNA 1993CB2015
PeruPeruvian nuevo solCB20152007SNA 1993CB2015
PhilippinesPhilippine pesoNSO20152000SNA 2008NSO2015
PolandPolish zlotyNSO20152010ESA 2010From 1995NSO2015
PortugalEuroNSO20152011ESA 2010From 1980NSO2015
Puerto RicoU.S. dollarMEP2013/141954SNA 1968MEP2015
QatarQatari riyalNSO and MEP20142013SNA 1993NSO and MEP2015
RomaniaRomanian leuNSO20152010ESA 2010From 2000NSO2015
RussiaRussian rubleNSO20152008SNA 2008From 1995NSO2015
RwandaRwanda francMoF20142011SNA 1993MoF2015
SamoaSamoa talaNSO2014/152009/10SNA 1993NSO2014/15
San MarinoEuroNSO20142007OtherNSO2015
São Tomé and PríncipeSão Tomé and Príncipe dobraNSO20122000SNA 1993NSO2015
Saudi ArabiaSaudi riyalNSO and MEP20152010SNA 1993NSO and MEP2015
SenegalCFA francNSO20132000SNA 1993NSO2011
SerbiaSerbian dinarNSO20152010ESA 2010From 2010NSO2015
SeychellesSeychellois rupeeNSO20132006SNA 1993NSO2014
Sierra LeoneSierra Leonean leoneNSO20142006SNA 1993From 2010NSO2015
SingaporeSingapore dollarNSO20142010SNA 1993From 2010NSO2014
Slovak RepublicEuroNSO20152010ESA 2010From 1997NSO2015
SloveniaEuroNSO20152010ESA 2010From 2000NSO2015
Solomon IslandsSolomon Islands dollarCB20142004SNA 1993NSO2014
South AfricaSouth African randCB20142010SNA 1993NSO2015
South SudanSouth Sudanese poundNSO20142010SNA 1993NSO2014
SpainEuroNSO20152010ESA 2010From 1995NSO2015
Sri LankaSri Lankan rupeeNSO20152002SNA 1993NSO2015
St. Kitts and NevisEastern Caribbean dollarNSO201320066SNA 1993NSO2013
St. LuciaEastern Caribbean dollarNSO20142006SNA 1993NSO2015
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

Government FinanceBalance of Payments
CountryHistorical Data Source1Latest Actual Annual DataStatistics Manual in Use at SourceSubsectors Coverage4Accounting Practice5Historical Data Source1Latest Actual Annual DataStatistics Manual in Use at Source
NigerMoF20151986CGACB2014BPM 6
NigeriaMoF20152001CG,SG,LG,NFPCCCB2015BPM 5
NorwayNSO and MoF20142001CG,LG,SSANSO2015BPM 6
OmanMoF20142001CGCCB2013BPM 5
PakistanMoF2014/151986CG,SG,LGCCB2014/15BPM 5
PalauMoF2013/142001CGOtherMoF2013/14BPM 6
PanamaMEP20141986CG,SG,LG,SS,NFPCCNSO2014BPM 5
Papua New GuineaMoF20131986CGCCB2013BPM 5
ParaguayMoF20152001CG,SG,LG,SS,MPC, NMPC,NFPCCCB2014BPM 5
PeruMoF20151986CG,SG,LG,SSCCB2015BPM 5
PhilippinesMoF20152001CG,LG,SSCCB2015BPM 6
PolandMoF and NSO2014ESA 2010CG,LG,SSACB2014BPM 6
PortugalNSO20142001CG,LG,SSACB2015BPM 6
Puerto RicoMEP2014/152001OtherA
QatarMoF20151986CGCCB and IMF staff2014BPM 5
RomaniaMoF20152001CG,LG,SSCCB2015BPM 6
RussiaMoF20142001CG,SG,SSC/ACB2014BPM 6
RwandaMoF20142001CG,LGC/ACB2014BPM 5
SamoaMoF2014/152001CGACB2014/15BPM 6
San MarinoMoF2014OtherCGOther
São Tomé and PríncipeMoF and Customs20152001CGCCB2015BPM 6
Saudi ArabiaMoF20151986CGCCB2015BPM 5
SenegalMoF20111986CGCCB and IMF staff2011BPM 5
SerbiaMoF2015OtherCG,SG,LG,SSCCB2015BPM 6
SeychellesMoF20151986CG,SSCCB2014BPM 6
Sierra LeoneMoF20141986CGCCB2014BPM 5
SingaporeMoF2013/142001CGCNSO2014BPM 6
Slovak RepublicNSO20152001CG,LG,SSACB2015BPM 6
SloveniaMoF20151986CG,SG,LG,SSCNSO2015BPM 6
Solomon IslandsMoF20141986CGCCB2014BPM 6
South AfricaMoF2014/152001CG,SG,SSCCB2014BPM 6
South SudanMoF and MEP2015OtherCGCMoF, NSO, and MEP2015BPM 5
SpainMoF and NSO20142001CG,SG,LG,SSACB2014BPM 6
Sri LankaMoF20142001CG,SG,LG,SSCCB2012BPM 5
St. Kitts and NevisMoF20132001CGCCB2013BPM 5
St. LuciaMoF2013/141986CGCCB2014BPM 5
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

National AccountsPrices (CPI)
CountryCurrencyHistorical Data Source1Latest Actual Annual DataBase Year2System of National AccountsUse of Chain-Weighted Methodology3Historical Data Source1Latest Actual Annual Data
St. Vincent and the GrenadinesEastern Caribbean dollarNSO201420066SNA 1993NSO2015
SudanSudanese poundNSO20102007OtherNSO2015
SurinameSurinamese dollarNSO20112007SNA 1993NSO2014
SwazilandSwazi lilangeniNSO20142011SNA 1993NSO2014
SwedenSwedish kronaNSO20152014ESA 2010From 1993NSO2015
SwitzerlandSwiss francNSO20152010ESA 2010From 1980NSO2015
SyriaSyrian poundNSO20102000SNA 1993NSO2011
Taiwan Province of ChinaNew Taiwan dollarNSO20152011SNA 2008NSO2015
TajikistanTajik somoniNSO20141995SNA 1993NSO2014
TanzaniaTanzania shillingNSO20142007SNA 1993NSO2015
ThailandThai bahtNESDB20142002SNA 1993From 1993MEP2015
Timor-LesteU.S. dollarMoF201320106OtherNSO2014
TogoCFA francMoF and NSO20102000SNA 1993NSO2015
TongaTongan pa’angaCB20132010SNA 1993CB2013
Trinidad and TobagoTrinidad and Tobago dollarNSO20122000SNA 1993NSO2013
TunisiaTunisian dinarNSO20142004SNA 1993From 2009NSO2014
TurkeyTurkish liraNSO20141998ESA 1995NSO2015
TurkmenistanNew Turkmen manatNSO20142005SNA 1993From 2000NSO2014
TuvaluAustralian dollarPFTAC advisors20122005SNA 1993NSO2013
UgandaUgandan shillingNSO20142010SNA 1993CB2014/15
UkraineUkrainian hryvniaNSO20152010SNA 2008From 2005NSO2015
United Arab EmiratesU.A.E. dirhamNSO20142007SNA 1993NSO2014
United KingdomPound sterlingNSO20152012ESA 2010From 1980NSO2015
United StatesU.S. dollarNSO20152009OtherFrom 1980NSO2015
UruguayUruguayan pesoCB20142005SNA 1993NSO2014
UzbekistanUzbek sumNSO20141995SNA 1993NSO2012
VanuatuVanuatu vatuNSO20142006SNA 1993NSO2015
VenezuelaVenezuelan bolívar fuerteCB20131997SNA 2008CB2013
VietnamVietnamese dongNSO20152010SNA 1993NSO2015
YemenYemeni rialIMF staff20081990SNA 1993NSO and CB2009
ZambiaZambian kwachaNSO20132010SNA 1993NSO2015
ZimbabweU.S. dollarNSO20132009OtherNSO2014
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

Government FinanceBalance of Payments
CountryHistorical Data Source1Latest Actual Annual DataStatistics Manual in Use at SourceSubsectors Coverage4Accounting Practice5Historical Data Source1Latest Actual Annual DataStatistics Manual in Use at Source
St. Vincent and the GrenadinesMoF20141986CGCCB2015BPM 5
SudanMoF20152001CGC/ACB2015BPM 5
SurinameMoF20141986CGCCB2014BPM 5
SwazilandMoF2014/152001CGACB2014BPM 6
SwedenMoF20152001CG,LG,SSANSO2015BPM 6
SwitzerlandMoF20132001CG,SG,LG,SSACB2015BPM 6
SyriaMoF20091986CGCCB2009BPM 5
Taiwan Province of ChinaMoF20141986CG,LG,SSCCB2015BPM 6
TajikistanMoF20151986CG,LG,SSCCB2014BPM 5
TanzaniaMoF20141986CG,LGCCB2014BPM 5
ThailandMoF2013/142001CG,BCG,LG,SSACB2014BPM 6
Timor-LesteMoF20132001CGCCB2014BPM 5
TogoMoF20142001CGCCB2013BPM 5
TongaCB and MoF20122001CGCCB and NSO2015BPM 6
Trinidad and TobagoMoF2012/131986CG,NFPCCCB and NSO2012BPM 5
TunisiaMoF20141986CGCCB2014BPM 5
TurkeyMoF20142001CG,LG,SSACB2014BPM 6
TurkmenistanMoF20141986CG,LGCNSO and IMF staff2013BPM 5
TuvaluIMF staff2013OtherCGC/AIMF staff2013BPM 6
UgandaMoF20142001CGCCB2014BPM 6
UkraineMoF20152001CG,SG,LG,SSCCB2015BPM 6
United Arab EmiratesMoF20142001CG,BCG,SG,SSCCB2014BPM 5
United KingdomNSO20142001CG,LGANSO2015BPM 6
United StatesMEP20142001CG,SG,LGANSO2015BPM 6
UruguayMoF20141986CG,LG,SS,MPC, NFPCACB2014BPM 6
UzbekistanMoF2014OtherCG,SG,LG,SSCMEP2014BPM 5
VanuatuMoF20152001CGCCB2014BPM 5
VenezuelaMoF20102001CG,LG,SS,NFPCCCB2012BPM 5
VietnamMoF20142001CG,SG,LGCCB2014BPM 5
YemenMoF20132001CG,LGCIMF staff2009BPM 5
ZambiaMoF20151986CGCCB2015BPM 6
ZimbabweMoF20141986CGCCB and MoF2013BPM 4
Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

Note: BPM = Balance of Payments Manual (number following abbreviation signifies edition); CPI = consumer price index; ESA = European System of National and Regional Accounts; SNA = System of National Accounts.

CB = Central Bank; FEO = Foreign Exchange Office; GAD = General Administration Department; IEO = International Economic Organization; MEP = Ministry of Economy, Planning, Commerce, and/or Development; MoF = Ministry of Finance and/or Treasury; NESDB = National Economic and Social Development Board; NSO = National Statistics Office; PFTAC = Pacific Financial Technical Assistance Centre; PMO = Prime Minister’s Office; SAFE = State Administration of Foreign Exchange.

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.

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 components using weights from a year in the moderately distant past.

For 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; NMPC = Nonmonetary Financial Public Corporations; NFPC = Nonfinancial Public Corporations; SG = State Government; SS = Social Security Funds; TG = Territorial Governments.

Accounting Standard: A = Accrual; C = Cash.

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

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 macro-economic 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: Fiscal projections are based on the available information regarding budget outturn for the federal government, fiscal measures announced by the authorities, and budget plans for provinces and on IMF staff macroeconomic projections.

Australia: Fiscal projections are based on Australian Bureau of Statistics data, the Mid-Year Economic and Fiscal Outlook 2015–16, and IMF staff estimates.

Austria: For 2014, the creation of a defeasance structure for Hypo Alpe Adria is assumed to increase the general-government-debt-to-GDP ratio by 4.2 percentage points, and the deficit effect arising from Hypo is assumed to be 1.4 percentage points.

Belgium: Projections reflect the IMF staff’s assessment of policies and measures laid out in the 2016 budget and the 2015–18 Stability Programme, incorporated into the IMF staff’s macroeconomic framework.

Brazil: For 2015, outturn estimates are based on the information available as of January 2016. Projections for 2016 take into account budget performance through December 31, 2015, and the 2016 budget law approved by Congress on December 18, 2015. Projections do not include the revised target or the fiscal measures announced by the government on February 19, 2016.

Canada: Projections use the baseline forecasts in the Update of Economic and Fiscal Projections 2015 (November 2015), Backgrounder: Canadian Economic Outlook (February 2016), 2015 provincial budget updates, and 2016 provincial budgets as available. The IMF staff makes adjustments to these forecasts 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 2015.

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 2014–15 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2016–20, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2014 Convergence Programme submitted to the European Union (EU).

France: Projections for 2016 reflect the budget law. For 2017–18, they are based on the multiyear budget and the April 2015 Stability Programme, adjusted for differences in assumptions on macro and financial variables, and revenue projections. Historical fiscal data reflect the statistical institute’s May 2015 revision and update of the fiscal accounts and national accounts.

Germany: The IMF staff’s projections for 2016 and beyond reflect the authorities’ adopted core federal government budget plan and the German Stability Programme: 2015 Update, adjusted for the differences in the IMF staff’s macroeconomic framework. 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: For 2015, data reflect the IMF staff’s preliminary estimates of the fiscal outturn, which are subject to revision, given high uncertainty regarding potentially significant accrual adjustments. Fiscal projections are not available at this time, given ongoing negotiations with the authorities and European partners on the fiscal targets and underlying fiscal measures that could be included in a potential new adjustment program.

Hong Kong SAR: Projections are based on the authorities’ medium-term fiscal projections on expenditures.

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 2016 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 are based on moderate tax policy and administration reforms, fuel subsidy pricing reforms introduced in January 2015, and a gradual increase in social and capital spending over the medium term in line with fiscal space.

Ireland: Fiscal projections are based on the 2015 budget, adjusted for differences between the IMF staff’s macroeconomic projections and those of the Irish authorities.

Italy: IMF staff estimates and projections are based on the fiscal plans included in the government’s 2016 budget. Estimates of the cyclically adjusted balance include the expenditures to clear capital arrears in 2013, which are excluded from the structural balance. After 2016, 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.

Japan: The projections include fiscal measures already announced by the government, including the consumption tax increase with a reduced rate in April 2017, 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 2015 are broadly in line with the approved budget; projections for 2016 onward assume compliance with rules established in the Fiscal Responsibility Law.

Netherlands: Fiscal projections for the period 2016–21 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after differences in macroeconomic assumptions are adjusted for. Historical data were revised following the June 2014 Central Bureau of Statistics release of revised macro data because of the adoption of the European System of National and Regional Accounts (ESA 2010) and the revisions of data sources.

New Zealand: Fiscal projections are based on the authorities’ 2015 Half Year Economic and Fiscal Update and on IMF staff estimates.

Portugal: The estimate for 2015 reflects the cash outturn and January through September data on a national accounts basis; the projection for 2016 reflects the authorities’ draft budget and the IMF staff’s macroeconomic forecast. Projections thereafter are based on the assumption of unchanged policies.

Russia: Projections for 2016–18 are IMF staff estimates. Projections for 2019–21 are based on the oil-price-based fiscal rule introduced in December 2012, with adjustments by the IMF staff.

Saudi Arabia: 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. Expenditure projections take the 2016 budget as a starting point and assume that, to adjust to lower oil prices, capital spending falls as a percentage of GDP over the medium term.

Singapore: For fiscal years 2014/15 and 2015/16, 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’ 2016 Budget Review.

Spain: For 2015 and beyond, fiscal projections are based on the measures specified in the Stability Programme Update 2015–18, other measures included in the 2016 budget approved in October 2015, and the 2015 budget approved in December 2014.

Sweden: Fiscal projections take into account the authorities’ projections based on the Budget Bill for 2016. The impact of cyclical developments on the fiscal accounts is calculated using the Organisation for Economic Co-operation and Development’s 2005 elasticity to take into account output and employment gaps.

Switzerland: The projections assume that fiscal policy is adjusted as necessary to keep fiscal balances in line with the requirements of Switzerland’s fiscal rules.

Turkey: Fiscal projections assume that both current and capital spending will be in line with the authorities’ 2014–16 Medium Term Programme based on current trends and policies.

United Kingdom: Fiscal projections are based on the 2016 budget, published in March 2016. 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. IMF staff data exclude public sector banks and the effect of transferring assets from the Royal Mail Pension Plan to the public sector in April 2012. 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 projected by the U.K. Office for Budget Responsibility.

United States: Fiscal projections are based on the January 2016 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 2015, including a partial rollback of the sequester spending cuts in fiscal year 2016. In fiscal years 2017 through 2021, the IMF staff assumes that the sequester cuts will continue to be partially replaced, in proportions similar to those already implemented in fiscal years 2014 and 2015, with back-loaded measures generating savings in mandatory programs and additional revenues. Projections also incorporate the Protecting Americans from Tax Hikes Act of 2015, which extended some existing tax cuts for the short term and some permanently. Finally, fiscal projections are adjusted to reflect the IMF staff’s forecasts for key macroeconomic and financial variables and different accounting treatment of financial sector support and of defined-benefit pension plans 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 (GFSM 2001) 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 0.9 percent in 2016 and 1.5 percent in 2017 (see Table 1.1). The rate on three-month euro deposits is assumed to average −0.3 percent in 2016 and −0.4 percent in 2017. The interest rate on six-month Japanese yen deposits is assumed to average −0.1 percent in 2016 and −0.3 percent in 2017.

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 consistent with an inflation rate within the Reserve Bank of India’s targeted band.

Indonesia: Monetary policy assumptions are in line with a reduction of inflation to within the central bank’s targeted band by the end of 2015.

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

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

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 Riks-bank projections.

Switzerland: The projections assume no change in the policy rate in 2016–17.

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: Projections assume no change in monetary policy or the level of asset purchases until 2019, consistent with market expectations.

United States: Following the Federal Reserve’s 25 basis point rate hike in mid-December, financial conditions have tightened more than expected, and wage growth has yet to exert significant price pressure. The IMF staff expects the federal funds target rate to increase by 50 basis points in 2016 and rise gradually thereafter.

1 The output gap is actual minus potential output, as a percentage of potential output. Structural balances are expressed as a percentage 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

Balance of Payments and External Financing

Medium-Term Baseline Scenario

Table A1.Summary of World Output1(Annual percent change)
AverageProjections
1998–200720082009201020112012201320142015201620172021
World4.23.0−0.15.44.23.53.33.43.13.23.53.9
Advanced Economies2.80.2−3.43.11.71.21.21.81.91.92.01.8
United States3.0−0.3−2.82.51.62.21.52.42.42.42.52.0
Euro Area2.40.5−4.52.11.6−0.9−0.30.91.61.51.61.5
Japan1.0−1.0−5.54.7−0.51.71.40.00.50.5−0.10.7
Other Advanced Economies23.61.1−2.04.53.01.92.32.81.92.02.32.4
Emerging Market and Developing Economies5.85.83.07.46.35.34.94.64.04.14.65.1
Regional Groups
Commonwealth of Independent States36.25.3−6.44.64.83.52.11.1−2.8−1.11.32.4
Emerging and Developing Asia7.67.27.59.67.86.96.96.86.66.46.36.4
Emerging and Developing Europe4.23.1−3.04.75.41.22.82.83.53.53.33.3
Latin America and the Caribbean3.13.9−1.26.14.93.23.01.3−0.1−0.51.52.8
Middle East, North Africa, Afghanistan, and
Pakistan5.34.81.54.94.55.02.32.82.53.13.53.8
Middle East and North Africa5.34.81.55.24.65.12.12.62.32.93.33.6
Sub-Saharan Africa5.36.04.06.65.04.35.25.13.43.04.05.0
Memorandum
European Union2.70.7−4.32.01.8−0.40.31.42.01.81.91.8
Low-Income Developing Countries6.15.95.97.15.35.26.16.14.54.75.55.8
Analytical Groups
By Source of Export Earnings
Fuel5.65.1−1.45.15.04.82.52.40.10.82.12.8
Nonfuel5.96.04.38.16.65.45.65.25.04.95.25.6
Of Which, Primary Products3.83.81.06.55.63.14.02.52.41.42.93.6
By External Financing Source
Net Debtor Economies4.74.42.16.85.14.24.54.13.73.94.65.3
Net Debtor Economies by
Debt-Servicing Experience
Economies with Arrears and/or
Rescheduling during 2010–145.75.3−0.43.63.11.92.30.91.02.43.24.5
Memorandum
Median Growth Rate
Advanced Economies3.50.8−3.82.32.01.11.42.21.61.82.22.1
Emerging Market and Developing Economies4.65.01.74.54.54.14.03.73.03.23.54.0
Low-Income Developing Countries4.75.63.96.25.85.25.45.34.04.44.85.4
Output per Capita
Advanced Economies2.1−0.6−4.02.51.20.70.61.21.31.21.41.3
Emerging Market and Developing Economies4.44.21.86.35.14.03.83.32.93.03.64.1
Low-Income Developing Countries3.83.83.74.94.12.94.04.02.52.63.53.9
World Growth Rate Based on Market Exchange
Rates3.11.5−2.04.13.02.52.42.72.42.52.93.1
Value of World Output (billions of U.S. dollars)
At Market Exchange Rates40,30563,26859,92165,57172,68174,18675,90577,82573,17173,99477,77996,387
At Purchasing Power Parities58,50683,01483,35188,83094,33799,089103,919109,143113,524118,170123,973155,752

Real GDP.

Excludes the United States, euro area countries, and Japan.

Georgia, 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.

Real GDP.

Excludes the United States, euro area countries, and Japan.

Georgia, 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.

Table A2.Advanced Economies: Real GDP and Total Domestic Demand1(Annual percent change)
Fourth Quarter2
AverageProjectionsProjections
1998–2007200820092010201120122013201420152016201720212015:Q42016:Q42017:Q4
Real GDP
Advanced Economies2.80.2−3.43.11.71.21.21.81.91.92.01.81.82.11.9
United States3.0−0.3−2.82.51.62.21.52.42.42.42.52.02.02.62.4
Euro Area2.40.5−4.52.11.6−0.9−0.30.91.61.51.61.51.61.61.5
Germany1.70.8−5.63.93.70.60.41.61.51.51.61.21.31.61.6
France2.40.2−2.92.02.10.20.70.21.11.11.31.91.41.31.0
Italy1.5−1.1−5.51.70.6−2.8−1.7−0.30.81.01.10.81.01.31.0
Spain3.91.1−3.60.0−1.0−2.6−1.71.43.22.62.31.63.52.12.5
Netherlands2.81.7−3.81.41.7−1.1−0.51.01.91.81.92.11.02.61.2
Belgium2.40.7−2.32.71.80.20.01.31.41.21.41.41.41.21.5
Austria2.61.5−3.81.92.80.80.30.40.91.21.41.11.21.61.3
Greece3.9−0.3−4.3−5.5−9.1−7.3−3.20.7−0.2−0.62.71.5−0.80.53.2
Portugal2.10.2−3.01.9−1.8−4.0−1.10.91.51.41.31.21.31.61.2
Ireland6.8−2.2−5.60.42.60.21.45.27.85.03.62.79.32.15.7
Finland3.80.7−8.33.02.6−1.4−0.8−0.70.40.91.11.60.71.31.0
Slovak Republic4.95.7−5.55.12.81.51.42.53.63.33.43.24.03.43.5
Lithuania6.72.6−14.81.66.03.83.53.01.62.73.13.32.7−0.4−9.5
Slovenia4.33.3−7.81.20.6−2.7−1.13.02.91.92.01.52.61.62.2
Luxembourg5.1−0.8−5.45.72.6−0.84.34.14.53.53.43.01.15.52.2
Latvia7.7−3.6−14.3−3.86.24.03.02.42.73.23.64.02.54.53.5
Estonia6.7−5.4−14.72.57.65.21.62.91.12.22.83.40.82.43.0
Cyprus4.33.7−2.01.40.4−2.4−5.9−2.51.61.62.02.02.71.52.3
Malta2.23.3−2.53.62.02.94.04.15.43.53.02.83.53.62.8
Japan1.0−1.0−5.54.7−0.51.71.40.00.50.5−0.10.70.81.1−0.8
United Kingdom3.0−0.5−4.21.52.01.22.22.92.21.92.22.11.92.02.2
Korea4.82.80.76.53.72.32.93.32.62.72.93.03.02.43.0
Canada3.21.0−2.93.13.11.72.22.51.21.51.92.00.51.72.0
Australia3.62.61.82.32.73.52.02.62.52.53.02.83.02.33.2
Taiwan Province of China5.00.7−1.610.63.82.12.23.90.71.52.22.9−0.11.22.3
Switzerland2.42.2−2.12.91.91.11.81.90.91.21.51.80.31.51.5
Sweden3.5−0.6−5.26.02.7−0.31.22.34.13.72.82.14.52.72.9
Singapore5.51.8−0.615.26.23.74.73.32.01.82.22.81.71.82.2
Hong Kong SAR3.82.1−2.56.84.81.73.12.62.42.22.43.12.02.72.0
Norway2.40.4−1.60.61.02.71.02.21.61.01.52.10.32.01.0
Czech Republic3.72.7−4.82.32.0−0.9−0.52.04.22.52.42.24.03.22.0
Israel3.93.11.35.55.02.93.32.62.62.83.02.92.42.93.2
Denmark2.0−0.7−5.11.61.2−0.1−0.21.31.21.61.82.10.62.61.8
New Zealand3.5−0.40.32.01.82.81.73.03.42.02.52.43.70.82.9
Puerto Rico2.5−1.8−2.0−0.4−0.40.00.0−0.1−1.3−1.3−1.4−0.5
Macao SAR5.03.41.325.321.79.211.2−0.9−20.3−7.20.73.0
Iceland4.61.5−4.7−3.62.01.24.42.04.04.23.22.42.77.62.7
San Marino1.7−12.8−4.6−9.5−7.5−3.0−1.01.01.11.21.3
Memorandum
Major Advanced Economies2.4−0.3−3.82.81.61.41.21.71.81.81.91.71.62.11.7
Real Total Domestic Demand
Advanced Economies2.8−0.3−3.73.01.40.80.91.82.12.02.12.02.12.32.0
United States3.4−1.3−3.82.91.62.11.22.53.02.82.92.22.53.22.7
Euro Area2.40.3−3.91.50.7−2.4−0.70.91.81.71.71.52.21.31.7
Germany1.01.0−3.22.93.0−0.90.91.31.42.11.91.61.82.01.9
France2.70.5−2.52.12.0−0.30.70.61.41.31.41.82.40.51.6
Italy1.8−1.2−4.12.0−0.6−5.6−2.6−0.41.11.11.20.71.91.11.2
Spain4.9−0.4−6.0−0.5−3.1−4.7−3.11.63.82.82.11.24.32.22.2
Japan0.6−1.3−4.02.90.42.61.70.00.00.40.00.60.81.3−0.9
United Kingdom3.5−1.6−4.72.2−0.22.32.63.22.71.92.22.22.71.62.3
Canada3.42.6−3.05.13.42.01.91.30.20.31.82.0−1.21.61.8
Other Advanced Economies33.41.5−2.76.13.11.91.42.42.22.22.52.92.22.22.8
Memorandum
Major Advanced Economies2.5−0.8−3.72.81.41.21.11.72.02.02.11.82.02.31.9

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 the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.

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 the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.

Table A3.Advanced Economies: Components of Real GDP(Annual percent change)
AveragesProjections
1998–20072008–172008200920102011201220132014201520162017
Private Consumer Expenditure
Advanced Economies2.91.20.1−1.21.91.40.91.21.72.22.12.1
United States3.71.7−0.3−1.61.92.31.51.72.73.12.92.7
Euro Area2.10.40.3−1.10.80.0−1.2−0.60.81.71.61.6
Germany0.91.00.50.30.31.30.90.81.01.91.61.7
France2.70.80.40.21.80.5−0.20.40.61.41.51.5
Italy1.4−0.4−1.1−1.51.20.0−4.0−2.40.60.91.01.1
Spain3.9−0.4−0.7−3.60.3−2.4−3.5−3.11.23.13.02.3
Japan0.90.3−0.9−0.72.80.32.31.7−0.9−1.30.3−0.2
United Kingdom3.71.0−0.7−3.20.00.11.81.92.52.92.42.3
Canada3.52.12.90.03.62.31.92.42.51.91.41.9
Other Advanced Economies13.52.21.10.03.73.02.12.32.32.62.52.7
Memorandum
Major Advanced Economies2.71.2−0.2−1.21.71.41.11.31.72.12.12.0
Public Consumption
Advanced Economies2.21.02.33.00.9−0.60.2−0.30.61.21.41.0
United States2.00.32.53.70.1−2.7−0.9−2.5−0.50.41.31.2
Euro Area1.90.92.42.40.8−0.1−0.20.20.81.31.10.7
Germany0.91.93.43.01.30.91.30.81.72.42.51.6
France1.41.41.12.41.31.01.61.71.51.60.90.4
Italy1.4−0.31.00.40.6−1.8−1.4−0.3−1.0−0.70.8−0.1
Spain4.90.75.94.11.5−0.3−4.5−2.80.02.70.60.3
Japan2.11.0−0.12.31.91.21.71.90.11.11.2−1.1
United Kingdom3.01.12.21.20.20.11.80.52.51.70.10.6
Canada2.41.53.82.72.31.30.70.30.31.41.11.4
Other Advanced Economies12.82.42.93.42.81.52.02.22.22.52.32.2
Memorandum
Major Advanced Economies1.90.72.12.90.7−1.00.1−0.70.20.91.30.8
Gross Fixed Capital Formation
Advanced Economies3.10.4−2.7−11.11.92.92.30.92.82.52.53.2
United States3.71.0−4.8−13.11.13.76.32.44.13.73.64.4
Euro Area3.3−0.8−0.7−11.2−0.31.6−3.3−2.61.32.72.62.8
Germany1.31.10.8−9.95.07.40.1−1.33.51.72.22.3
France3.9−0.30.8−9.12.12.10.2−0.6−1.2−0.21.12.1
Italy3.0−3.0−3.1−9.9−0.5−1.9−9.3−6.6−3.40.81.92.6
Spain6.9−2.7−3.9−16.9−4.9−6.9−7.1−2.53.56.44.52.9
Japan−1.1−0.5−4.1−10.6−0.21.43.42.51.3−0.10.80.9
United Kingdom3.20.7−5.9−14.45.02.01.52.67.34.22.53.9
Canada5.10.61.5−11.811.44.64.9−0.40.7−3.6−1.91.8
Other Advanced Economies13.71.70.0−5.26.04.02.92.31.91.11.62.7
Memorandum
Major Advanced Economies2.70.4−3.4−11.92.03.23.31.12.92.22.53.3
Final Domestic Demand
Advanced Economies2.81.0−0.2−2.61.71.31.00.91.72.12.12.1
United States3.41.3−0.9−3.11.51.71.91.22.52.82.82.8
Euro Area2.30.20.5−2.70.50.3−1.5−0.90.91.81.71.6
Germany1.01.21.1−1.41.42.50.80.31.71.91.91.8
France2.60.70.7−1.51.80.90.30.50.51.11.31.4
Italy1.8−0.9−1.2−2.90.7−0.8−4.5−2.7−0.40.61.11.1
Spain4.9−0.8−0.5−5.9−0.7−3.0−4.5−2.91.43.72.92.0
Japan0.60.3−1.6−2.32.00.72.41.9−0.3−0.50.6−0.2
United Kingdom3.50.9−1.1−4.20.80.41.81.73.22.92.02.2
Canada3.71.62.8−2.25.02.62.41.31.60.50.61.8
Other Advanced Economies13.32.11.1−0.74.32.92.22.22.22.32.32.6
Memorandum
Major Advanced Economies2.61.0−0.5−2.71.61.41.30.91.71.92.02.0
Stock Building2
Advanced Economies0.00.0−0.2−1.11.30.1−0.20.00.10.10.00.0
United States0.00.1−0.5−0.81.5−0.10.10.10.10.20.00.0
Euro Area0.0−0.1−0.2−1.20.90.4−0.90.20.00.00.00.0
Germany0.0−0.2−0.1−1.71.40.5−1.60.5−0.3−0.50.20.1
France0.10.0−0.2−1.10.31.1−0.60.20.20.30.00.0
Italy0.00.0−0.1−1.21.30.2−1.10.20.00.5−0.10.0
Spain0.00.00.1−0.20.2−0.1−0.3−0.30.30.1−0.10.0
Japan0.00.00.2−1.50.9−0.20.2−0.20.20.5−0.10.1
United Kingdom0.00.1−0.5−0.51.5−0.60.40.70.2−0.40.20.0
Canada0.00.00.0−0.70.10.7−0.30.5−0.4−0.2−0.30.1
Other Advanced Economies10.10.00.3−1.91.90.2−0.3−0.80.30.00.0−0.1
Memorandum
Major Advanced Economies0.00.0−0.3−1.01.20.0−0.20.20.00.10.00.1
Foreign Balance2
Advanced Economies−0.10.10.50.30.10.30.40.30.0−0.3−0.2−0.2
United States−0.50.01.11.2−0.50.00.10.2−0.2−0.6−0.5−0.5
Euro Area0.10.30.1−0.60.60.91.50.40.0−0.1−0.20.0
Germany0.60.0−0.1−2.61.10.91.5−0.40.40.1−0.5−0.2
France−0.3−0.1−0.3−0.4−0.10.00.50.0−0.5−0.2−0.2−0.1
Italy−0.30.30.2−1.3−0.31.22.80.80.1−0.3−0.10.0
Spain−0.91.01.62.80.52.12.11.4−0.2−0.5−0.10.2
Japan0.4−0.10.2−2.02.0−0.8−0.8−0.20.30.40.00.0
United Kingdom−0.5−0.10.90.3−0.91.5−0.7−0.5−0.4−0.5−0.30.0
Canada−0.3−0.1−1.90.0−2.1−0.3−0.40.41.10.91.10.1
Other Advanced Economies10.60.40.31.50.10.50.50.80.4−0.20.00.1
Memorandum
Major Advanced Economies−0.20.00.5−0.10.00.20.20.00.0−0.3−0.3−0.3

Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.

Changes expressed as percent of GDP in the preceding period.

Excludes the G7 (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro area countries.

Changes expressed as percent of GDP in the preceding period.

Table A4.Emerging Market and Developing Economies: Real GDP(Annual percent change)
AverageProjections
1998–200720082009201020112012201320142015201620172021
Commonwealth of Independent States1,26.25.3−6.44.64.83.52.11.1−2.8−1.11.32.4
Russia5.85.2−7.84.54.33.51.30.7−3.7−1.80.81.5
Excluding Russia7.55.6−2.55.06.23.64.21.9−0.60.92.34.2
Armenia10.46.9−14.12.24.77.13.33.53.01.92.54.0
Azerbaijan14.110.89.35.00.12.25.82.81.1−3.01.01.8
Belarus7.310.30.17.75.51.71.01.6−3.9−2.70.41.2
Georgia6.62.4−3.76.27.26.43.44.62.82.54.55.0
Kazakhstan8.13.31.27.37.55.06.04.31.20.11.04.9
Kyrgyz Republic4.27.62.9−0.56.0−0.910.53.63.53.52.74.5
Moldova3.47.8−6.07.16.8−0.79.44.8−1.10.52.53.8
Tajikistan7.97.93.96.57.47.57.46.73.03.03.54.5
Turkmenistan14.414.76.19.214.711.110.210.36.54.34.56.2
Ukraine35.82.2−15.10.35.50.20.0−6.6−9.91.52.54.0
Uzbekistan5.69.08.18.58.38.28.08.18.05.05.56.0
Emerging and Developing Asia7.67.27.59.67.86.96.96.86.66.46.36.4
Bangladesh5.75.55.36.06.56.36.06.36.46.66.96.5
Bhutan7.710.85.79.310.16.44.96.47.78.48.67.5
Brunei Darussalam2.0−2.0−1.82.73.70.9−2.1−2.3−0.2−2.03.06.8
Cambodia9.36.70.16.07.17.37.47.16.97.07.06.7
China9.99.69.210.69.57.77.77.36.96.56.26.0
Fiji2.31.0−1.43.02.71.44.75.34.32.53.93.6
India7.13.98.510.36.65.66.67.27.37.57.57.8
Indonesia2.77.44.76.46.26.05.65.04.84.95.36.0
Kiribati1.9−1.80.3−1.60.55.25.82.44.22.72.52.0
Lao P.D.R.6.37.87.58.18.07.98.07.47.07.47.47.3
Malaysia4.24.8−1.57.55.35.54.76.05.04.44.85.0
Maldives8.812.7−5.37.28.72.54.76.51.93.53.94.7
Marshall Islands1.8−1.76.21.34.01.9−1.11.01.61.81.81.3
Micronesia1.0−2.21.03.51.8−0.5−3.6−3.4−0.21.10.70.6
Mongolia5.77.8−2.17.317.312.311.67.92.30.42.57.2
Myanmar12.03.65.15.35.67.38.48.77.08.67.77.7
Nepal3.86.14.54.83.44.84.15.43.40.54.53.8
Palau−5.6−9.13.35.03.2−2.44.29.42.05.03.0
Papua New Guinea2.46.66.17.710.78.15.58.59.03.14.43.3
Philippines4.24.21.17.63.76.77.16.15.86.06.26.5
Samoa3.72.9−6.4−1.45.40.4−1.91.21.71.2−0.11.9
Solomon Islands1.17.1−4.76.912.94.73.02.03.33.03.33.2
Sri Lanka4.36.03.58.08.49.13.44.55.25.05.05.0
Thailand3.81.7−0.77.50.87.22.70.82.83.03.23.0
Timor-Leste414.213.09.49.56.42.85.54.35.05.55.5
Tonga1.22.73.03.21.8−1.1−0.62.02.62.82.61.8
Tuvalu8.0−4.4−2.78.50.21.32.22.63.91.91.7
Vanuatu2.56.53.31.61.21.82.02.3−0.84.54.02.5
Vietnam6.85.75.46.46.25.25.46.06.76.36.26.2
Emerging and Developing Europe4.23.1−3.04.75.41.22.82.83.53.53.33.3
Albania7.07.53.43.72.51.41.12.02.63.43.84.1
Bosnia and Herzegovina6.25.6−0.80.80.9−0.92.41.12.83.03.24.0
Bulgaria5.35.6−4.20.11.60.21.31.53.02.32.32.6
Croatia3.82.1−7.4−1.7−0.3−2.2−1.1−0.41.61.92.12.0
Hungary3.70.8−6.60.71.8−1.71.93.72.92.32.52.1
Kosovo4.53.63.34.42.83.41.23.33.44.34.0
FYR Macedonia3.45.5−0.43.42.3−0.52.93.53.73.63.63.8
Montenegro6.9−5.72.53.2−2.73.51.84.14.72.54.2
Poland4.23.92.63.75.01.61.33.33.63.63.63.5
Romania4.08.5−7.1−0.81.10.63.53.03.74.23.63.3
Serbia3.85.4−3.10.61.4−1.02.6−1.80.71.82.34.0
Turkey4.00.7−4.89.28.82.14.22.93.83.83.43.5
Latin America and the Caribbean3.13.9−1.26.14.93.23.01.3−0.1−0.51.52.8
Antigua and Barbuda4.61.5−10.7−8.5−1.93.61.54.22.22.02.42.7
Argentina52.53.10.19.58.40.82.90.51.2−1.02.82.9
The Bahamas2.8−2.3−4.21.50.62.20.01.00.51.51.51.5
Barbados2.20.4−4.00.30.80.30.00.20.52.12.32.0
Belize5.73.20.73.32.13.81.53.61.52.52.72.0
Bolivia3.36.13.44.15.25.16.85.54.83.83.53.5
Brazil3.05.1−0.17.53.91.93.00.1−3.8−3.80.02.0
Chile4.03.2−1.15.75.85.54.01.82.11.52.13.4
Colombia3.13.51.74.06.64.04.94.43.12.53.04.0
Costa Rica5.52.7−1.05.04.55.21.83.03.74.24.24.0
Dominica2.47.1−1.20.7−0.1−1.30.63.9−4.34.93.51.7
Dominican Republic5.63.10.98.32.82.64.87.37.05.44.54.5
Ecuador3.06.40.63.57.95.64.63.70.0−4.5−4.31.0
El Salvador2.91.3−3.11.42.21.91.82.02.42.52.62.0
Grenada4.80.9−6.6−0.50.8−1.22.45.74.63.02.52.5
Guatemala3.83.30.52.94.23.03.74.24.04.03.94.0
Guyana1.42.03.34.45.44.85.23.83.03.43.53.3
Haiti0.90.83.1−5.55.52.94.22.71.02.33.33.5
Honduras4.44.2−2.43.73.84.12.83.13.63.53.74.0
Jamaica1.3−0.8−3.4−1.51.4−0.50.20.51.12.22.52.7
Mexico2.91.4−4.75.14.04.01.32.32.52.42.63.1
Nicaragua4.02.9−2.83.26.25.14.54.74.54.54.34.0
Panama5.68.61.65.811.89.26.66.15.86.16.46.0
Paraguay1.66.4−4.013.14.3−1.214.04.73.02.93.24.0
Peru4.19.11.08.56.56.05.92.43.33.74.13.5
St. Kitts and Nevis3.53.4−3.8−3.8−1.9−0.96.26.16.64.72.82.5
St. Lucia2.52.8−0.5−1.70.7−1.10.10.51.61.41.92.1
St. Vincent and the Grenadines4.0−0.5−2.0−2.30.21.32.3−0.21.62.23.13.1
Suriname3.94.13.05.15.33.12.81.80.1−2.02.53.0
Trinidad and Tobago8.23.4−4.43.3−0.31.32.3−1.0−1.8−1.11.81.3
Uruguay1.27.24.27.85.23.35.13.51.51.42.63.1
Venezuela2.95.3−3.2−1.54.25.61.3−3.9−5.7−8.0−4.50.0
Middle East, North Africa, Afghanistan, and Pakistan5.34.81.54.94.55.02.32.82.53.13.53.8
Afghanistan3.920.68.46.514.03.91.31.52.03.04.0
Algeria4.32.41.63.62.83.32.83.83.73.42.93.4
Bahrain5.86.22.54.32.13.65.44.53.22.22.02.2
Djibouti2.85.81.64.17.34.85.06.06.56.57.06.0
Egypt5.17.24.75.11.82.22.12.24.23.34.35.0
Iran65.20.92.36.63.7−6.6−1.94.30.04.03.74.1
Iraq8.23.46.47.513.96.6−2.12.47.23.34.8
Jordan5.97.25.52.32.62.72.83.12.53.23.74.0
Kuwait6.02.5−7.1−2.410.67.71.00.00.92.42.62.8
Lebanon3.29.110.38.00.92.82.52.01.01.02.03.0
Libya4.22.7−0.85.0−62.1104.5−13.6−24.0−6.4−2.012.24.8
Mauritania5.41.1−1.04.84.75.86.46.61.94.13.93.2
Morocco4.65.94.23.85.23.04.72.44.52.34.14.8
Oman2.48.26.14.84.15.84.72.94.11.81.72.1
Pakistan4.95.00.42.63.63.83.74.04.24.54.75.5
Qatar10.717.712.019.613.44.94.64.03.33.43.41.7
Saudi Arabia2.96.2−2.14.810.05.42.73.63.41.21.92.1
Sudan711.23.04.73.0−1.3−3.43.93.33.53.74.04.1
Syria83.64.55.93.4
Tunisia4.94.53.12.6−1.93.92.42.30.82.03.04.5
United Arab Emirates5.73.2−5.21.64.97.24.34.63.92.42.63.4
Yemen4.33.63.97.7−12.72.44.8−0.2−28.10.711.93.5
Sub-Saharan Africa5.36.04.06.65.04.35.25.13.43.04.05.0
Angola10.313.82.43.43.95.26.84.83.02.52.74.3
Benin4.44.92.32.13.04.66.96.55.25.05.25.6
Botswana4.76.2−7.78.66.04.59.93.2−0.33.74.34.0
Burkina Faso5.95.83.08.46.66.56.64.04.05.05.76.0
Burundi3.14.93.85.14.04.44.54.7−4.13.43.95.4
Cabo Verde7.56.7−1.31.54.01.11.01.81.82.93.54.0
Cameroon3.82.91.93.34.14.65.65.95.94.94.64.6
Central African Republic1.42.11.73.03.34.1−36.01.04.35.75.93.5
Chad8.23.14.213.60.18.95.76.91.8−0.41.63.5
Comoros2.01.01.82.12.23.03.52.01.02.23.34.0
Democratic Republic of the Congo1.46.22.97.16.97.18.59.27.74.95.15.7
Republic of Congo3.35.67.58.73.43.83.36.82.54.44.32.4
Côte d’Ivoire0.82.53.32.0−4.410.78.77.98.68.58.06.8
Equatorial Guinea27.39.9−4.5−3.82.05.7−6.5−0.3−12.2−7.4−1.9−1.1
Eritrea0.7−9.83.92.28.77.03.15.04.83.73.23.9
Ethiopia6.511.210.010.611.48.79.910.310.24.57.07.3
Gabon0.11.7−2.36.37.15.35.64.34.03.24.54.9
The Gambia3.85.76.46.5−4.35.64.8−0.24.42.33.35.5
Ghana4.99.14.87.914.09.37.34.03.54.57.74.6
Guinea3.04.9−0.31.93.93.82.31.10.14.15.46.0
Guinea-Bissau0.63.23.34.49.4−1.80.82.54.84.85.05.0
Kenya3.60.23.38.46.14.65.75.35.66.06.16.5
Lesotho3.25.14.56.94.55.33.63.42.52.64.13.8
Liberia6.05.16.17.48.28.70.70.02.54.76.4
Madagascar3.77.2−4.70.31.53.02.33.33.04.14.55.0
Malawi3.17.68.36.94.91.95.25.72.93.04.05.5
Mali5.14.84.75.43.2−0.82.37.56.15.05.24.5
Mauritius4.45.53.04.13.93.23.23.63.43.83.94.0
Mozambique8.46.96.46.77.17.27.17.46.36.06.838.9
Namibia4.22.60.36.05.15.15.76.44.54.25.84.5
Niger4.79.6−0.78.42.211.85.37.04.04.96.95.4
Nigeria7.68.09.010.04.94.35.46.32.72.33.54.0
Rwanda7.711.16.37.37.88.84.77.06.96.36.77.5
São Tomé and Príncipe3.88.14.04.54.84.54.04.54.05.05.56.0
Senegal4.63.72.44.31.94.53.64.36.56.66.87.0
Seychelles2.6−2.1−1.15.95.43.75.06.24.43.33.53.3
Sierra Leone12.05.43.25.36.015.220.74.6−21.55.3−0.75.6
South Africa3.73.2−1.53.03.22.22.21.51.30.61.22.4
South Sudan−52.429.32.9−0.2−7.88.20.9
Swaziland3.54.31.91.41.23.02.92.51.70.51.11.3
Tanzania5.95.65.46.47.95.17.37.07.06.96.86.5
Togo1.12.43.54.14.85.95.45.45.35.25.25.4
Uganda7.010.48.17.76.82.64.04.95.05.35.76.4
Zambia5.57.89.210.35.67.65.15.03.63.44.85.5
Zimbabwe9−16.67.511.411.910.64.53.81.52.73.54.2

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, 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.

Data 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.

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

See country-specific notes for Argentina in the “Country Notes” section of the Statistical Appendix.

For Iran, data are based on GDP at market prices. Corresponding data used by the IMF staff for GDP growth at factor prices are −6.8 percent for 2012/13, −1.9 percent for 2013/14, 3.0 percent for 2014/15, 0.0 percent for 2015/16, 4.0 percent for 2016/17, and 3.7 percent for 2017/18.

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 owing 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, 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.

Data 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.

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

See country-specific notes for Argentina in the “Country Notes” section of the Statistical Appendix.

For Iran, data are based on GDP at market prices. Corresponding data used by the IMF staff for GDP growth at factor prices are −6.8 percent for 2012/13, −1.9 percent for 2013/14, 3.0 percent for 2014/15, 0.0 percent for 2015/16, 4.0 percent for 2016/17, and 3.7 percent for 2017/18.

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 owing 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)
Average