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Last Updated: October 07, 2014
The World Economic Outlook (WEO) database contains selected macroeconomic data series from the statistical appendix of the World Economic Outlook report, which presents the IMF staff’s analysis and projections of economic developments at the global level, in major country groups and in many individual countries. The WEO is released in April and September/October each year.
- The WEO has adopted the sixth edition of the Balance of Payments Manual and International Investment Position Manual (BPM6). Notable changes include the following: (1) Merchanting has been reclassified from services to exports of goods. (2) Manufacturing services on physical inputs owned by others (goods for processing in the BPM5) and maintenance and repair services (repairs on goods in the BPM5) have been reclassified from goods to services. (3) Migrants’ transfers have been removed from capital transfers in the capital account because a change in ownership is no longer imputed. (4) Reverse investment in direct investment has been reclassified so as to present assets and liabilities on a gross basis. (5) A separate financial derivatives category is now included in the financial account, whereas previously it was a subitem under portfolio investment. In addition, the conventional sign for increases in assets (and liabilities) within the financial account is now positive, and balances are now computed as net acquisition of financial assets minus net incurrence of financial liabilities.
- With the adoption of the BPM6, the WEO online database now includes, where available, the current account balance, imports of goods and services, exports of goods and services, financial account balance, net direct investment, net portfolio investment, net financial derivatives, net other investment, and change in reserves series for all country groups. Subsequently, the private financial flows series that were available in the previous versions of the WEO online database have been removed.
- Not all countries have converted to the BPM6 standard and a few still use versions older than the BPM5. Historical data are subject to change when countries adopt the latest standard. During this transition period, some country groups’ aggregates are not available. Please refer to Table G in the WEO’s Statistical Appendix, which lists the Balance of Payments statistical standard for each country.
- Following the recent release of the 2011 International Comparison Program (ICP) survey for new purchasing-power-parity benchmarks, the WEO’s estimates of purchasing-power-parity weights and GDP valued at purchasing power parity have been updated. For more detail, see “Revised Purchasing Power Parity Weights” in the July 2014 WEO Update.
- As in the April 2014 WEO, data for Syria are excluded from 2011 onward because of the uncertain political situation.
- Because of the ongoing IMF program with Pakistan, the series from which the nominal exchange rate assumptions can be calculated are not made public, as the nominal exchange rate is a market-sensitive issue in Pakistan.
- Data for Latvia, which were previously excluded from the euro area aggregates because of data constraints, are now included.
- Projections for Ukraine, which were previously excluded because of the crisis, are once again included.
- As in the April 2014 WEO, the consumer price projections for Argentina are excluded because of a structural break in the data. Please refer to note 5 in Table A7 of the October 2014 WEO Statistical Appendix for further details.
- On January 1, 2014, Latvia became the 18th country to join the euro area. Data for Latvia are not included in the euro area aggregates, because the database has not yet been converted to euros, but are included in data aggregated for advanced economies.
- Starting with the April 2014 WEO, the Central and Eastern Europe and Emerging Europe regions have been renamed Emerging and Developing Europe. The Developing Asia region has been renamed Emerging and Developing Asia.
- Projections for Ukraine are excluded due to the ongoing crisis.
- The consumer price projections for Argentina are excluded because of a structural break in the data. Please refer to note 6 in Table A7 of the April 2014 WEO for further details.
- Korea’s real GDP series is based on the reference year 2005. This does not reflect the revised national accounts released on March 26, 2014, after the WEO was finalized for publication. These comprehensive revisions include implementing the 2008 System of National Accounts and updating the reference year to 2010. As a result of these revisions, real GDP growth in 2013 was revised up to 3 percent from 2.8 percent (which is the figure included in Tables 2.3 and A2 of the April 2014 WEO).
- Cape Verde is now called Cabo Verde.
- As in the October 2013 WEO, data for Syria are excluded for 2011 onward because of the uncertain political situation.
- On July 31, 2013, the U.S. Bureau of Economic Analysis released the Comprehensive Revision of the National Income and Product Accounts (NIPA). The revision includes improvements in methodology and data sources as well as significant changes in definitions and classifications. With this update, the accounts more accurately portray the evolution of the economy. Most notably, expenditures on research and development activities and for the creation of entertainment, literary, and artistic originals are now treated as capital expenditures. Furthermore, the treatment of defined-benefit pension plans is switched from a cash basis to an accrual basis. The revisions increase the level of GDP by 3.4 percent and boost the personal savings rate. The revised data also show that the Great Recession was shallower and the recovery was stronger through the first half of 2012, but also that cyclical weakness was greater during the past year. Overall, the revision does not significantly change the IMF staff’s broad view on the U.S. economic outlook.
- Starting with the July 2013 WEO Update, India’s data and forecasts are presented on a fiscal year basis.
- On July 1, 2013, Croatia became the 28th member state of the European Union.
- Projections for Cyprus, which were excluded in April 2013 due to the crisis, are once again included.
- As in the April 2013 World Economic Outlook, data for Syria are excluded for 2011 onward due to the uncertain political situation.
- Data for Palau are now included in the Developing Asia region.
- Zambia redenominated its currency by replacing 1,000 old Zambian kwacha notes with 1 new Zambian kwa¬cha note. Local currency data for Zambia are expressed in the new currency starting with the October 2013 WEO database.
- Starting with the October 2013 WEO, the Value of oil imports (TMGO) and Value of oil exports (TXGO) countries’ data will no longer be available in the external WEO Database.
- Projections for Cyprus are excluded due to the ongoing crisis.
- Mongolia is classified as Developing Asia (previously classified as a member of the Commonwealth of Independent States).
- Afghanistan and Pakistan, previously classified as Developing Asia, have been added to the Middle East and North Africa (MENA) to create the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region. The MENA aggregate (excluding Afghanistan and Pakistan) will be maintained.
- Data for the Marshall Islands and Micronesia are now included in the Developing Asia region.
- As in the October 2012 World Economic Outlook, data for Syria are excluded for 2011 onward due to the uncertain political situation.
- Starting with the April 2013 World Economic Outlook, the Newly Industrialized Asian Economies (NIEs) grouping has been eliminated.
- For Cyprus, data reflect a passive scenario based on implementation of approved policies only. It is also assumed that the government will be able to roll over its debt and finance its deficit at a reasonable cost over the medium term and that banks will achieve adequate capitalization without government assistance.
- Data for South Sudan are now included in the Emerging Market and Developing Economies classification and more specifically, in the sub-Saharan Africa.
- Data for San Marino are now included in the advanced economy classification.
- As in the April 2012 World Economic Outlook, data for Syria are excluded for 2011 and later due to the uncertain political situation.
- Starting with the October 2012 World Economic Outlook, the label for the Emerging and Developing Economies group is Emerging Market and Developing Economies. The member countries remain unchanged with the exception of South Sudan as a new member of the group.
- As in the September 2011 World Economic Outlook, fiscal and external debt data for Libya are excluded for 2011 and later due to the uncertain political situation.
- As in the September 2011 World Economic Outlook, Sudan’s data for 2011 exclude South Sudan after July 9. Projections for 2012 and onward pertain to the current Sudan.
- Data for the Syrian Arab Republic are excluded for 2011 and onward due to the uncertain political situation.
- Data for Estonia are now included in the euro area.
- As in the April 2011 World Economic Outlook, WEO aggregated data exclude Libya for the projection years due to the uncertain political situation.
- For Sudan, the projections for 2011 and later exclude South Sudan.
- On January 1, 2011, Estonia became the 17th country to join the euro area. Data for Estonia are not included in the euro area aggregates because the database has not yet been converted to Euros but are included in data aggregated for advanced economies.
- Investment, gross national savings, general government structural balance, export volume of goods are services, export volume of goods, import volume of goods and services, import volume of goods, and the value of exports and imports of oil, where available, are now published for all countries.
- The country group composites for fiscal data are calculated as the sum of the U.S dollar values for the relevant individual countries. This differs from the calculations in the October 2010 and earlier issues of the World Economic Outlook, for which the composites were weighted by GDP valued at purchasing power parities (PPPs) as a share of total world GDP.
- Starting with the April 2011 World Economic Outlook, the data for Tuvalu are included in the emerging and developing economy aggregates.
- WEO aggregated data excludes Libya for projection years due to the uncertain political situation.
- Except for GDP growth and inflation, projections for Côte d’Ivoire are not shown due to the uncertain political situation.
- The emerging and developing economies’ Western Hemisphere region has been renamed Latin America and the Caribbean (LAC).
- Country weights calculated as nominal GDP valued at purchasing-power-parity (PPP) exchange rates as a share of total world GDP have been updated to reflect revisions to countries’ historical GDP data and projections.
- Unless noted otherwise, group composites are computed if 90 percent or more of the share of group weights is represented.
- Data for Kosovo are included in the emerging and developing economies aggregates.
- Unemployment rates and general government series for revenue, total expenditure, net lending/borrowing, primary net lending/borrowing, gross debt, and net debt, where available, are now published for all countries.
- The local currency data for Suriname are expressed in the new currency. In 2004, Suriname redenominated its currency by replacing 1,000 Surinamese guilder with 1 Surinamese dollar.
- Algeria, Djibouti, Mauritania, Morocco, Sudan, and Tunisia, previously classified as members of the Africa region, have been added to the former Middle East region to create the Middle East and North Africa (MENA) region. Accordingly, the former Africa region is replaced by Sub-Saharan Africa (SSA).
- Following the IMF’s Government Finance Statistics Manual 2001, the government balance is now called net lending(+)/borrowing(–), which is calculated as revenue minus expenditure. Not all countries have adopted the new presentation; for those, net lending/borrowing is the previous calculation of total revenue and grants minus total expenditure and net lending.
- GDP corresponding to fiscal year has been added to the database.
- Country weights calculated as nominal GDP valued at purchasing-power-parity (PPP) exchange rates as a share of total world GDP are updated to reflect revisions to countries’ GDP data.
- Data for Kosovo are now included for GDP, consumer prices, and current account balance, but are omitted from the country group composites because of data limitations.
- Ghana redenominated its currency in July 2007 by replacing 10,000 cedis with 1 Ghana cedi. Local currency data for Ghana are expressed in the new currency beginning with the April 2010 WEO database.
- Mozambique redenominated its currency in July 2006 by replacing 1,000 old meticais with 1 new metical. Local currency data for Mozambique are expressed in the new currency beginning with the April 2010 WEO database.
- Venezuela redenominated its currency in January 2008 by replacing 1,000 bolívares with 1 bolívar fuerte. Local currency data for Venezuela are expressed in the new currency beginning with the April 2010 WEO database.
- Starting with the October 2009 World Economic Outlook, the Islamic Republic of Afghanistan, Bosnia and Herzegovina, Brunei Darussalam, Eritrea, Iraq, Liberia, Montenegro, Serbia, and Timor-Leste are included in the regional and analytical group compositions.
- Zimbabwe has been returned to the group compositions as a result of recent price stabilization, which facilitates the measurement of macroeconomic variables and allows for cross-country data comparisons.
- The Zimbabwe dollar ceased circulating in early 2009. Data are based on staff estimates of price and exchange rate developments in U.S. dollars.
- Georgia officially withdrew from the Commonwealth of Independent States on August 18, 2009, but is included in the Commonwealth of Independent States group for reasons of geography and similarities in economic structure.
- Singapore now reports chain-weighted national account data.
- Capital flows are now referred to as financial flows.
- Government finance data and the output gap for G7 economies and the euro area group are shown through 2014.
- Country weights, calculated as nominal GDP at purchasing-power-parity exchange rates in percent of the global GDP, have been updated to reflect revisions to nominal GDP.
- On January 1, 2009, Slovak Republic became the sixteenth country to join the euro area. Additionally, Czech Republic and Slovak Republic are now included in the advanced economies group.
- Data for Iraq are now included.
- Guatemala, Israel, Korea, and Slovak Republic now report chain-weighted national accounts data.
- On January 1, 2009, the Central Bank of Turkmenistan redenominated its currency by transforming 5,000 units of old manats into one unit of new manat.
- The following countries now report chain-weighted national accounts data: Bulgaria, Estonia, and Hong Kong SAR.
- Country weights used to construct aggregate data for groups of countries were revised to incorporate updated PPP exchange rates released by the World Bank.
- Data is now available through 2013 for selected indicators.
- On January 1, 2008, Cyprus and Malta joined the euro area. Additionally, Malta is now included in the advanced economies group.
- Data for the Republic of Montenegro are now included.
- Other emerging market and developing countries has been renamed Emerging and developing economies.
- ASEAN-5 replaces ASEAN-4 with the addition of Vietnam.
- Zimbabwe has been excluded from aggregated country group data.
- Commodity price indices have been revised, and are now constructed using updated weights based on 2002-04 world trade data and a new base year of 2005. Please see the Energy and Commodities Surveillance Unit website for more details.
- Given recent trends, except for GDP in constant prices, it is not possible to forecast Zimbabwe’s data with any precision for 2008. For country group consistency, Zimbabwe’s data are excluded from relevant aggregated data.
- Sudan redenominated its currency by transforming 100 units of Sudanese dinar into one unit of Sudanese pound.
- The following countries now report chain-weighted national accounts data: Cyprus, France, and Malta.
- Data for end-of-period Consumer Price Index for all countries and Employment for advanced economies have been added to the WEO database.
- On January 1, 2007, Slovenia became the 13th country to join the euro area, and is now included in the advanced economy group.
- Also on January 1, 2007, Bulgaria and Romania became members of the European Union, enlarging the group to a total of 27 countries.
- Netherlands Antilles has been excluded from the World Economic Outlook database following the decision by its five constituent islands to abandon the federation and will cease to exist in July 2007.
- The purchasing power parity (PPP) weights have been updated to reflect the most up-to-date PPP conversion factor provided by the World Bank.
- All Zimbabwe data in terms of national currency have been redenominated by a rate of 1:1,000.
- Data notes at the country, subject, and series levels are now made available for the WEO online database. These notes can be view by either hovering the mouse over or clicking on the icon.
- Population projections are now included for all countries.
- Data for Liberia are included.
- Following the declaration of independence from Serbia by Montenegro, it has been determined that Serbia is the continuing state of the former state union of “Serbia and Montenegro” and that Montenegro has seceded as a new independent state.
- Azerbaijan redenominated its currency by transforming 5,000 units of old manat (AZM) into one unit of new manat (AZN).
- The country composition of the fuel-exporting group has been revised to reflect the periodic update of the classification criteria.
- The purchasing-power-parity (PPP) weights have been updated to reflect the most up-to-date PPP conversion factor provided by the World Bank.
- The primary commodity indices are included in the WEO database.
- Romania redenominated its currency by transforming 10,000 units of old Lei into one unit of new Leu.
- Turkey revalued its currency by dropping six zeros from the old Lira. The new Turkish Lira (Yeni Türk Lirasi) became the new currency unit of Turkey.
- The country group composites for Savings and Investment are calculated as the sum of the U.S dollar values for the relevant individual countries. This differs from the calculations in the April 2005 and earlier World Economic Outlooks, where the composites were weighted by GDP valued at purchasing power parities (PPPs) as a share of total world GDP.
- The Malagasy franc replaced the ariary as Madagascar’s currency, on January 1, 2005. One Malagasy franc was valued at 0.2 ariarys.
- Data for Afghanistan are included.
- The base year for time series expressed in index form has been re-indexed to 2000.
- El Salvador currency has been changed to dollar.
- London Interbank Offered Rate (LIBOR) series are included for euro area, Japan and the United states.
- The purchasing power parity (PPP) weights have been updated to reflect the most up-to-date PPP conversion factor provided by the World Bank.
The European Union added 10 new member nations on May 1, 2004, enlarging the group to a total of 25 countries. The new members are Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovak Republic, and Slovenia.
- The former three-way split of the world (advanced economies, developing countries, and countries in transition) has been revised to classify countries into two categories: “advanced economies” and “other emerging market and developing countries.” The analytical groups now comprise all countries from the former developing and transition groups. See the introduction to the Statistical Appendix for additional details.
- Turkey and Malta are now included in Central and Eastern Europe.
- Timor-Leste, Dem. Rep. of is now included in the WEO database.
- Current account balance projections are now included for all countries.
- The purchasing power parity (PPP) weights have been updated to reflect the new price surveys using the new benchmark year of 2000. See Box A2 for additional details.
No changes were introduced.
Growth and inflation projections for Serbia and Montenegro are included.
Growth and inflation projections are included for all countries through 2003.
Middle East, Malta, and Turkey is replaced by the title “Middle East and Turkey.” The country composition remains the same.
No changes were introduced.
No changes were introduced.
- Greece is included in the euro area.
- Cyprus is included in Advanced Economies. It was previously included in Middle East and Europe under Developing Countries.
- Asia is replaced by the title Developing Asia. There is no difference in the composition of the group.
- Middle East and Europe is replaced by the title Middle East and Turkey. Cyprus is no longer included in the group.
- Two new subgroups comprise Countries in Transition. Commonwealth of Independent States and Mongolia replaces Trancaucasus and central Asia and the composition of Central and Eastern Europe has changed: the group no longer includes Moldova and Ukraine. Please refer to the introduction to the Statistical Appendix for details on WEO regional and analytical groups.
- Queries about the WEO database should be sent to the e-mail address firstname.lastname@example.org