STATISTICAL APPENDIX

T
he Statistical Appendix presents histori- Established policies of national authorities are
cal data as well as projections. It comprises assumed to be maintained. The more specific policy
seven sections: Assumptions, What’s New, assumptions underlying the projections for selected
Data and Conventions, Country Notes, economies are described in Box A1.
Classification of Countries, Key Data Documentation, With regard to interest rates, it is assumed that the
and Statistical Tables. London interbank offered rate (LIBOR) on six-month
The assumptions underlying the estimates and pro- US dollar deposits will average 2.3 percent in 2019
jections for 2019–20 and the medium-term scenario and 2.0 percent in 2020, that three-month euro depos-
for 2021–24 are summarized in the first section. The its will average –0.4 percent in 2019 and –0.6 percent
second section presents a brief description of the in 2020, and that six-month yen deposits will average
changes to the database and statistical tables since the 0.0 percent in 2019 and –0.1 percent in 2020.
April 2019 World Economic Outlook (WEO). The third As a reminder, in regard to the introduction of the
section provides a general description of the data and euro, on December 31, 1998, the Council of the
the conventions used for calculating country group European Union decided that, effective January 1, 1999,
composites. The fourth section summarizes selected the irrevocably fixed conversion rates between the euro
key information for each country. The fifth section and currencies of the member countries adopting the
summarizes the classification of countries in the vari- euro are as described in Box 5.4 of the October 1998
ous groups presented in the WEO. The sixth section WEO. See Box 5.4 of the October 1998 WEO for
provides information on methods and reporting stan- details on how the conversion rates were established.
dards for the member countries’ national account and
government finance indicators included in the report. 1 euro = 13.7603 Austrian schillings
The last, and main, section comprises the statistical = 40.3399 Belgian francs
tables. (Statistical Appendix A is included here; = 0.585274 Cyprus pound1
Statistical Appendix B is available online at [Link]​ = 1.95583 Deutsche marks
.org/en/Publications/WEO.) = 15.6466 Estonian krooni2
Data in these tables have been compiled on the basis = 5.94573 Finnish markkaa
of information available through September 30, 2019. = 6.55957 French francs
The figures for 2019 and beyond are shown with the = 340.750 Greek drachmas3
same degree of precision as the historical figures solely = 0.787564 Irish pound
for convenience; because they are projections, the same = 1,936.27 Italian lire
degree of accuracy is not to be inferred. = 0.702804 Latvian lat4
= 3.45280 Lithuanian litas5
= 40.3399 Luxembourg francs
Assumptions = 0.42930 Maltese lira1
= 2.20371 Netherlands guilders
Real effective exchange rates for the advanced economies
= 200.482 Portuguese escudos
are assumed to remain constant at their average levels
= 30.1260 Slovak koruna6
measured during the period July 26 to August 23, 2019.
= 239.640 Slovenian tolars7
For 2019 and 2020, these assumptions imply average
= 166.386 Spanish pesetas
US dollar–special drawing right (SDR) conversion rates 1Established on January 1, 2008.
of 1.382 and 1.377, US dollar–euro conversion rates of 2Established on January 1, 2011.
1.123 and 1.120, and yen–US dollar conversion rates of 3Established on January 1, 2001.
4Established on January 1, 2014.
108.2 and 104.5, respectively. 5Established on January 1, 2015.
It is assumed that the price of oil will average $61.78 6Established on January 1, 2009.

a barrel in 2019 and $57.94 a barrel in 2020. 7Established on January 1, 2007.

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WORLD ECONOMIC OUTLOOK: GLOBAL MANUFAC TURING DOWNTURN, RISING TR ADE BARRIERS

What’s New standards—the sixth edition of the Balance of Payments

and International Investment Position Manual (BPM6),
• Mauritania redenominated its currency in
the Monetary and Financial Statistics Manual and
January 2018 by replacing 10 old Mauritanian
Compilation Guide (MFSMCG), and the Government
ouguiya (MRO) with 1 new Mauritanian ouguiya
Finance Statistics Manual 2014 (GFSM 2014)—have
(MRU). Local currency data for Mauritania are
been or are being aligned with the SNA 2008. These
expressed in the new currency beginning with the
standards reflect the IMF’s special interest in countries’
October 2019 WEO database.
external positions, financial sector stability, and public
• São Tomé and Príncipe redenominated its currency
sector fiscal positions. The process of adapting country
in January 2018 by replacing 1,000 old São Tomé
data to the new standards begins in earnest when the
and Príncipe dobra (STD) with 1 new São Tomé
manuals are released. However, full concordance with
and Príncipe dobra (STN). Local currency data
the manuals is ultimately dependent on the provision
for São Tomé and Príncipe are expressed in the
by national statistical compilers of revised country data;
new currency beginning with the October 2019
hence, the WEO estimates are only partially adapted
WEO database.
to these manuals. Nonetheless, for many countries, the
• Beginning with the October 2019 WEO, the
impact on major balances and aggregates of conversion
regional group Commonwealth of Independent
to the updated standards will be small. Many other
States (CIS) is discontinued. Four of the CIS econo-
countries have partially adopted the latest standards and
mies (Belarus, Moldova, Russia, and Ukraine) are
will continue implementation over a period of years.1
added to the regional group Emerging and Devel-
The fiscal gross and net debt data reported in the
oping Europe. The remaining eight economies—
WEO are drawn from official data sources and IMF
Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz
staff estimates. While attempts are made to align gross
Republic, Tajikistan, Turkmenistan, and Uzbekistan,
and net debt data with the definitions in the GFSM, as
which comprise the regional subgroup Caucasus and
a result of data limitations or specific country circum-
Central Asia (CCA)—are combined with Middle
stances, these data can sometimes deviate from the
East, North Africa, Afghanistan, and Pakistan
formal definitions. Although every effort is made to
(MENAP) to form the new regional group Middle
ensure the WEO data are relevant and internationally
East and Central Asia (MECA).
comparable, differences in both sectoral and instru-
ment coverage mean that the data are not universally
comparable. As more information becomes available,
Data and Conventions changes in either data sources or instrument cover-
Data and projections for 194 economies form the age can give rise to data revisions that can sometimes
statistical basis of the WEO database. The data are be substantial. For clarification on the deviations in
maintained jointly by the IMF’s Research Department sectoral or instrument coverage, please refer to the
and regional departments, with the latter regularly metadata for the online WEO database.
updating country projections based on consistent Composite data for country groups in the WEO are
global assumptions. either sums or weighted averages of data for individual
Although national statistical agencies are the countries. Unless noted otherwise, multiyear averages
ultimate providers of historical data and definitions, of growth rates are expressed as compound annual rates
international organizations are also involved in statisti- of change.2 Arithmetically weighted averages are used
cal issues, with the objective of harmonizing meth-
odologies for the compilation of national statistics, 1 Many countries are implementing the SNA 2008 or European

including analytical frameworks, concepts, definitions, System of National and Regional Accounts (ESA) 2010, and a
classifications, and valuation procedures used in the few countries use versions of the SNA older than that from 1993.
A similar adoption pattern is expected for the BPM6 and GFSM
production of economic statistics. The WEO database 2014. Please refer to Table G, which lists the statistical standards
reflects information from both national source agencies adhered to by each country.
and international organizations. 2 Averages for real GDP and its components, employment,

inflation, factor productivity, GDP per capita, trade, and commodity

Most countries’ macroeconomic data presented in the
prices are calculated based on the compound annual rate of change,
WEO conform broadly to the 2008 version of the System except in the case of the unemployment rate, which is based on the
of National Accounts (SNA). The IMF’s sector statistical simple arithmetic average.

122 International Monetary Fund | October 2019

 STATISTICAL APPENDIX

for all data for the emerging market and developing percent changes for individual countries weighted by
economies group—except data on inflation and money the US dollar value of exports or imports as a share
growth, for which geometric averages are used. The of total world or group exports or imports (in the
following conventions apply: preceding year).
Country group composites for exchange rates, Unless noted otherwise, group composites are
interest rates, and growth rates of monetary aggregates computed if 90 percent or more of the share of group
are weighted by GDP converted to US dollars at market weights is represented.
exchange rates (averaged over the preceding three years) Data refer to calendar years, except in the case of
as a share of group GDP. a few countries that use fiscal years; Table F lists the
Composites for other data relating to the domestic economies with exceptional reporting periods for
economy, whether growth rates or ratios, are weighted national accounts and government finance data for
by GDP valued at purchasing power parity as a share each country.
of total world or group GDP.3 Annual inflation rates For some countries, the figures for 2018 and earlier
are simple percentage changes from the previous are based on estimates rather than actual outturns;
years, except in the case of emerging market and Table G lists the latest actual outturns for the indicators
developing economies, for which the rates are based on in the national accounts, prices, government finance,
logarithmic differences. and balance of payments indicators for each country.
Composites for real GDP per capita in purchasing
power parity terms are sums of individual country
data after conversion to the international dollar in the
Country Notes
years indicated. The consumer price data for Argentina before
Unless noted otherwise, composites for all sectors December 2013 reflect the consumer price index (CPI)
for the euro area are corrected for reporting discrepan- for the Greater Buenos Aires Area (CPI-GBA), while
cies in intra-area transactions. Unadjusted annual GDP from December 2013 to October 2015 the data reflect
data are used for the euro area and for the majority the national CPI (IPCNu). The government that took
of individual countries, except for Cyprus, Ireland, office in December 2015 discontinued the IPCNu,
Portugal, and Spain, which report calendar-adjusted stating that it was flawed, and released a new CPI for
data. For data prior to 1999, data aggregations apply the Greater Buenos Aires Area on June 15, 2016 (a new
1995 European currency unit exchange rates. national CPI has been disseminated starting in June
Composites for fiscal data are sums of individual 2017). At its November 9, 2016, meeting, the IMF
country data after conversion to US dollars at the Executive Board considered the new CPI series to be in
average market exchange rates in the years indicated. line with international standards and lifted the declara-
Composite unemployment rates and employment tion of censure issued in 2013. Given the differences in
growth are weighted by labor force as a share of group geographical coverage, weights, sampling, and method-
labor force. ology of these series, the average CPI inflation for 2014,
Composites relating to external sector statistics 2015, and 2016 and end-of-period inflation for 2015
are sums of individual country data after conversion and 2016 are not reported in the October 2019 WEO.
to US dollars at the average market exchange rates Argentina’s authorities discontinued the publication
in the years indicated for balance of payments data of labor market data in December 2015 and released
and at end-of-year market exchange rates for debt new series starting in the second quarter of 2016.
denominated in currencies other than US dollars. The fiscal series for the Dominican Republic have the
Composites of changes in foreign trade volumes following coverage: public debt, debt service, and the
and prices, however, are arithmetic averages of cyclically adjusted/structural balances are for the con-
solidated public sector (which includes central govern-
3 See “Revised Purchasing Power Parity Weights” in the July 2014

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

ment, rest of the nonfinancial public sector, and the
parity-based weights, as well as Box A2 of the April 2004 WEO central bank); and the remaining fiscal series are for
and Annex IV of the May 1993 WEO. See also Anne-Marie Gulde the central government.
and Marianne Schulze-Ghattas, “Purchasing Power Parity Based India’s real GDP growth rates are calculated as per
Weights for the World Economic Outlook,” in Staff Studies for the
World Economic Outlook (Washington, DC: International Monetary national accounts: for 1998 to 2011, with base year
Fund, December 1993), 106–23. 2004/05 and, thereafter, with base year 2011/12.

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WORLD ECONOMIC OUTLOOK: GLOBAL MANUFAC TURING DOWNTURN, RISING TR ADE BARRIERS

Against the backdrop of a civil war and weak capacity, developments as the basis for the projections,
the reliability of Libya’s data, especially medium-term is complicated by the lack of discussions with the
projections, is low. authorities (the last Article IV consultation took place
Data for Syria are excluded from 2011 onward in 2004), incomplete understanding of the reported
because of the uncertain political situation. data, and difficulties in interpreting certain reported
Trinidad and Tobago’s growth estimates for 2018 economic indicators given economic developments.
are based on full-year energy sector data from the The fiscal accounts include the budgetary central
Ministry of Energy and Ministry of Finance, prelimi- government; social security; FOGADE (insurance
nary national accounts data for the first three quarters deposit institution); and a sample of public enterprises,
of the year from the Central Statistical Office, and including Petróleos de Venezuela, S.A. (PDVSA); and
staff projections for fourth-quarter nonenergy output data for 2018 are IMF staff estimates. The effects of
based on available information. Growth projections hyperinflation and the paucity of reported data mean
from 2019 are unchanged from the April 2019 WEO that the IMF staff’s estimated macroeconomic indica-
in the absence of updates to published national tors need to be interpreted with caution. For example,
accounts data. nominal GDP is estimated assuming the GDP deflator
Ukraine’s revised national accounts data are available rises in line with the IMF staff’s estimated average
beginning in 2000 and exclude Crimea and Sevastopol inflation. Public external debt in relation to GDP is
from 2010. estimated using the IMF staff’s estimate of the average
Starting from October 2018 Uruguay’s public pen- exchange rate for the year. Wide uncertainty surrounds
sion system has been receiving transfers in the context these projections. Venezuela’s consumer prices are
of a new law that compensates persons affected by the excluded from all WEO group composites.
creation of the mixed pension system. These funds are
recorded as revenues, consistent with the IMF’s meth-
odology. Therefore, data and projections for 2018–22 Classification of Countries
are affected by these transfers, which amounted to Summary of the Country Classification
1.3 percent of GDP in 2018 and are projected to be The country classification in the WEO divides the
1.2 percent of GDP in 2019, 0.9 percent of GDP in world into two major groups: advanced economies
2020, 0.4 percent of GDP in 2021, 0.2 percent of GDP and emerging market and developing economies.4
in 2022, and zero percent of GDP thereafter. Please This classification is not based on strict criteria,
see IMF Country Report 19/64 for further details. The economic or otherwise, and it has evolved over time.
disclaimer about the public pension system applies only The objective is to facilitate analysis by providing
to the revenues and net lending/borrowing series. a reasonably meaningful method of organizing
The coverage of the fiscal data for Uruguay was data. Table A provides an overview of the country
changed from consolidated public sector (CPS) to classification, showing the number of countries in each
nonfinancial public sector (NFPS) with the October group by region and summarizing some key indicators
2019 WEO. In Uruguay, NFPS coverage includes of their relative size (GDP valued at purchasing
central government, local government, social power parity, total exports of goods and services, and
security funds, nonfinancial public corporations, population).
and Banco de Seguros del Estado. Historical data were Some countries remain outside the country
also revised accordingly. Under this narrower fiscal classification and therefore are not included in the
perimeter—which excludes the central bank—assets analysis. Cuba and the Democratic People’s Republic
and liabilities held by the NFPS where the counterpart of Korea are examples of countries that are not IMF
is the central bank are not netted out in debt figures. members, and their economies therefore are not
In this context, capitalization bonds issued in the past monitored by the IMF.
by the government to the central bank are now part of
the NFPS debt. Gross and net debt estimates for the 4 As used here, the terms “country” and “economy” do not always

period 2008–11 are preliminary. refer to a territorial entity that is a state as understood by interna-
tional law and practice. Some territorial entities included here are
Projecting the economic outlook in Venezuela, not states, although their statistical data are maintained on a separate
including assessing past and current economic and independent basis.

124 International Monetary Fund | October 2019

 STATISTICAL APPENDIX

General Features and Composition of Groups in The analytical criterion source of export earnings dis-
the World Economic Outlook Classification tinguishes between the categories fuel (Standard Inter-
national Trade Classification [SITC] 3) and nonfuel
Advanced Economies
and then focuses on nonfuel primary products (SITCs
The 39 advanced economies are listed in Table B. 0, 1, 2, 4, and 68). Economies are categorized into one
The seven largest in terms of GDP based on market of these groups if their main source of export earn-
exchange rates—the United States, Japan, Germany, ings exceeded 50 percent of total exports on average
France, Italy, the United Kingdom, and Canada— between 2014 and 2018.
constitute the subgroup of major advanced econo- The financial criteria focus on net creditor economies,
mies, often referred to as the Group of Seven (G7). net debtor economies, heavily indebted poor countries
The members of the euro area are also distinguished (HIPCs), and low-income developing countries (LIDCs).
as a subgroup. Composite data shown in the tables Economies are categorized as net debtors when their
for the euro area cover the current members for all latest net international investment position, where
years, even though the membership has increased over available, was less than zero or their current account
time. balance accumulations from 1972 (or earliest available
Table C lists the member countries of the European data) to 2018 were negative. Net debtor economies are
Union, not all of which are classified as advanced further differentiated on the basis of experience with
economies in the WEO. debt servicing.5
The HIPC group comprises the countries that are or
have been considered by the IMF and the World Bank
Emerging Market and Developing Economies
for participation in their debt initiative known as the
The group of emerging market and developing econ- HIPC Initiative, which aims to reduce the external debt
omies (155) includes all those that are not classified as burdens of all the eligible HIPCs to a “sustainable” level
advanced economies. in a reasonably short period of time.6 Many of these
The regional breakdowns of emerging market and countries have already benefited from debt relief and
developing economies are emerging and developing have graduated from the initiative.
Asia; emerging and developing Europe (sometimes The LIDCs are countries that have per capita
also referred to as “central and eastern Europe”); Latin income levels below a certain threshold (set at $2,700
America and the Caribbean (LAC); Middle East and in 2016 as measured by the World Bank’s Atlas
Central Asia (MECA, which comprises the regional method), structural features consistent with limited
subgroups Middle East, North Africa, Afghanistan, development and structural transformation, and
and Pakistan; and Caucasus and Central Asia); and external financial linkages insufficiently close for them
sub-Saharan Africa (SSA). to be widely seen as emerging market economies.
Emerging market and developing economies
are also classified according to analytical criteria.
5 During 2014–18, 25 economies incurred external
The analytical criteria reflect the composition of
payments arrears or entered into official or commercial bank
export earnings and a distinction between net creditor debt-rescheduling agreements. This group is referred to as economies
and net debtor economies. The detailed composition with arrears and/or rescheduling during 2014–18.
6 See David Andrews, Anthony R. Boote, Syed S. Rizavi,
of emerging market and developing economies
and Sukwinder Singh, “Debt Relief for Low-Income Countries:
in the regional and analytical groups is shown in The Enhanced HIPC Initiative,” IMF Pamphlet Series 51
Tables D and E. (Washington, DC: International Monetary Fund, November 1999).

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Table A. Classification by World Economic Outlook Groups and Their Shares in Aggregate GDP, Exports of Goods
and Services, and Population, 20181
(Percent of total for group or world)
Exports of Goods
GDP and Services Population
Number of Advanced Advanced Advanced
Economies Economies World Economies World Economies World
Advanced Economies 39 100.0 40.8 100.0 63.0 100.0 14.3
United States 37.2 15.2 16.0 10.1 30.6 4.4
Euro Area 19 27.9 11.4 42.0 26.5 31.7 4.5
Germany 7.9 3.2 11.9 7.5 7.8 1.1
France 5.4 2.2 5.8 3.6 6.1 0.9
Italy 4.3 1.8 4.2 2.7 5.7 0.8
Spain 3.4 1.4 3.1 2.0 4.3 0.6
Japan 10.1 4.1 5.9 3.7 11.8 1.7
United Kingdom 5.5 2.2 5.4 3.4 6.2 0.9
Canada 3.3 1.4 3.5 2.2 3.5 0.5
Other Advanced Economies 16 15.9 6.5 27.2 17.1 16.1 2.3
Memorandum
Major Advanced Economies   7 73.7 30.1 52.7 33.2 71.6 10.2
Emerging Emerging Emerging
Market and Market and Market and
Developing Developing Developing
Economies World Economies World Economies World
Emerging Market and Developing Economies 155 100.0 59.2 100.0 37.0 100.0 85.7
Regional Groups
Emerging and Developing Asia 30 56.2 33.2 48.6 18.0 56.3 48.2
China 31.5 18.7 28.8 10.7 21.8 18.7
India 13.1 7.7 5.9 2.2 20.8 17.9
ASEAN-5   5 9.4 5.5 12.3 4.6 8.8 7.6
Emerging and Developing Europe 16 12.1 7.2 16.5 6.1 5.9 5.1
Russia 5.3 3.1 5.5 2.0 2.3 2.0
Latin America and the Caribbean 33 12.6 7.5 13.7 5.1 9.7 8.4
Brazil 4.2 2.5 3.0 1.1 3.3 2.8
Mexico 3.2 1.9 5.2 1.9 1.9 1.7
Middle East and Central Asia 31 13.9 8.2 16.6 6.2 12.3 10.6
Saudi Arabia 2.3 1.4 3.4 1.3 0.5 0.4
Sub-Saharan Africa 45 5.2 3.0 4.6 1.7 15.7 13.5
Nigeria 1.5 0.9 0.7 0.3 3.1 2.6
South Africa 1.0 0.6 1.2 0.4 0.9 0.8
Analytical Groups2
By Source of Export Earnings
Fuel 27 17.1 10.1 22.1 8.2 11.6 10.0
Nonfuel 127 82.9 49.0 77.9 28.8 88.4 75.7
Of Which, Primary Products 35 5.1 3.0 5.2 1.9 9.0 7.7
By External Financing Source
Net Debtor Economies 122 51.7 30.6 49.7 18.4 68.4 58.6
Net Debtor Economies by Debt-­
Servicing Experience
Economies with Arrears and/or
Rescheduling during 2014–18 25 3.4 2.0 2.8 1.0 5.8 4.9
Other Groups
Heavily Indebted Poor Countries 39 2.5 1.5 2.0 0.7 11.8 10.1
Low-Income Developing Countries 59 7.3 4.3 7.0 2.6 23.0 19.8
1The GDP shares are based on the purchasing-power-parity valuation of economies’ GDP. The number of economies comprising each group reflects those

for which data are included in the group aggregates.

2Syria is omitted from the source of export earnings, and South Sudan and Syria are omitted from the net external position group composites because of

insufficient data.

126 International Monetary Fund | October 2019

 STATISTICAL APPENDIX

Table B. Advanced Economies by Subgroup

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

Administrative Region of China.

2On December 20, 1999, Macao was returned to the People’s Republic of China and became a

Special Administrative Region of China.

Table C. European Union

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

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Table D. Emerging Market and Developing Economies by Region and Main Source of Export Earnings
Fuel Nonfuel Primary Products
Emerging and Developing Asia
Brunei Darussalam Kiribati
Timor-Leste Lao P.D.R.
Marshall Islands
Papua New Guinea
Solomon Islands
Tuvalu
Emerging and Developing Europe
Russia
Latin America and the Caribbean
Ecuador Argentina
Trinidad and Tobago Bolivia
Venezuela Chile
Guyana
Paraguay
Peru
Suriname
Uruguay
Middle East and Central Asia
Algeria Afghanistan
Azerbaijan Mauritania
Bahrain Somalia
Iran Sudan
Iraq Tajikistan
Kazakhstan Uzbekistan
Kuwait
Libya
Oman
Qatar
Saudi Arabia
Turkmenistan
United Arab Emirates
Yemen
Sub-Saharan Africa
Angola Burkina Faso
Chad Burundi
Republic of Congo Central African Republic
Equatorial Guinea Democratic Republic of the Congo
Gabon Côte d’Ivoire
Nigeria Eritrea
South Sudan Guinea
Guinea-Bissau
Liberia
Malawi
Mali
Sierra Leone
South Africa
Zambia
Zimbabwe

128 International Monetary Fund | October 2019

 STATISTICAL APPENDIX

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

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Table E. Emerging Market and Developing Economies by Region, Net External Position, and Status as Heavily Indebted Poor Countries
and Low-Income Developing Countries (continued)
Low-Income Low-Income
Net External Heavily Indebted Developing Net External Heavily Indebted Developing
Position1 Poor Countries2 Countries Position1 Poor Countries2 Countries
Middle East and Central Asia Cameroon * • *
Afghanistan • • * Central African Republic * • *
Algeria • Chad * • *
Armenia * Comoros * • *
Azerbaijan • Democratic Republic of
Bahrain • the Congo * • *
Djibouti * * Republic of Congo * • *
Egypt * Côte d’Ivoire * • *
Georgia * Equatorial Guinea •
Iran • Eritrea * * *
Iraq • Eswatini •
Jordan * Ethiopia * • *
Kazakhstan * Gabon •
Kuwait • The Gambia * • *
Kyrgyz Republic * * Ghana * • *
Lebanon * Guinea * • *
Libya • Guinea-Bissau * • *
Mauritania * • * Kenya * *
Morocco * Lesotho * *
Oman * Liberia * • *
Pakistan * Madagascar * • *
Qatar • Malawi * • *
Saudi Arabia • Mali * • *
Somalia * * * Mauritius •
Sudan * * * Mozambique * • *
Syria3 ... Namibia *
Tajikistan * * Niger * • *
Tunisia * Nigeria * *
Turkmenistan * Rwanda * • *
United Arab Emirates • São Tomé and Príncipe * • *
Uzbekistan • * Senegal * • *
Yemen * * Seychelles *
Sub-Saharan Africa Sierra Leone * • *
Angola * South Africa •
Benin * • * South Sudan3 ... *
Botswana • Tanzania * • *
Burkina Faso * • * Togo * • *
Burundi * • * Uganda * • *
Cabo Verde * Zambia * • *
Zimbabwe * *
1Dot (star) indicates that the country is a net creditor (net debtor).
2Dot instead of star indicates that the country has reached the completion point, which allows it to receive the full debt relief committed to at the decision point.
3South Sudan and Syria are omitted from the net external position group composite for lack of a fully developed database.

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Table F. Economies with Exceptional Reporting Periods1

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

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Table G. Key Data Documentation

National Accounts Prices (CPI)
System of Use of Chain- Latest
Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Afghanistan Afghan afghani NSO 2018 2002/03 SNA 1993 NSO 2018
Albania Albanian lek IMF staff 2018 1996 ESA 2010 From 1996 NSO 2018
Algeria Algerian dinar NSO 2018 2001 SNA 1993 From 2005 NSO 2018
Angola Angolan kwanza NSO and MEP 2018 2002 ESA 1995 NSO 2018
Antigua and Eastern Caribbean CB 2017 20066 SNA 1993 NSO 2018
Barbuda dollar
Argentina Argentine peso NSO 2018 2004 SNA 2008 NSO 2018
Armenia Armenian dram NSO 2018 2005 SNA 2008 NSO 2018
Aruba Aruban Florin NSO 2017 2000 SNA 1993 From 2000 NSO 2018
Australia Australian dollar NSO 2018 2015/16 SNA 2008 From 1980 NSO 2018
Austria Euro NSO 2018 2010 ESA 2010 From 1995 NSO 2018
Azerbaijan Azerbaijan manat NSO 2018 2005 SNA 1993 From 1994 NSO 2018
The Bahamas Bahamian dollar NSO 2018 2012 SNA 1993 NSO 2018
Bahrain Bahrain dinar NSO 2018 2010 SNA 2008 NSO 2018
Bangladesh Bangladesh taka NSO 2018 2005/06 SNA 1993 NSO 2018
Barbados Barbados dollar NSO and CB 2018 2010 SNA 1993 NSO 2018
Belarus Belarusian ruble NSO 2018 2014 SNA 2008 From 2005 NSO 2018
Belgium Euro CB 2018 2016 ESA 2010 From 1995 CB 2018
Belize Belize dollar NSO 2018 2000 SNA 1993 NSO 2018
Benin CFA franc NSO 2018 2015 SNA 1993 NSO 2018
Bhutan Bhutanese NSO 2017/18 2000/016 SNA 1993 CB 2017/18
ngultrum
Bolivia Bolivian boliviano NSO 2017 1990 SNA 2008 NSO 2018
Bosnia and Bosnian convertible NSO 2018 2010 ESA 2010 From 2000 NSO 2018
Herzegovina marka
Botswana Botswana pula NSO 2018 2006 SNA 1993 NSO 2018
Brazil Brazilian real NSO 2018 1995 SNA 2008 NSO 2018
Brunei Darussalam Brunei dollar NSO and GAD 2018 2010 SNA 1993 NSO and GAD 2018
Bulgaria Bulgarian lev NSO 2018 2010 ESA 2010 From 1996 NSO 2018
Burkina Faso CFA franc NSO and MEP 2018 1999 SNA 1993 NSO 2018
Burundi Burundi franc NSO 2015 2005 SNA 1993 NSO 2017
Cabo Verde Cabo Verdean NSO 2018 2007 SNA 2008 From 2011 NSO 2018
escudo
Cambodia Cambodian riel NSO 2018 2000 SNA 1993 NSO 2018
Cameroon CFA franc NSO 2017 2005 SNA 2008 NSO 2018
Canada Canadian dollar NSO 2018 2012 SNA 2008 From 1980 NSO 2018
Central African CFA franc NSO 2017 2005 SNA 1993 NSO 2018
Republic
Chad CFA franc CB 2017 2005 SNA 1993 NSO 2017
Chile Chilean peso CB 2018 20136 SNA 2008 From 2003 NSO 2018
China Chinese yuan NSO 2018 2015 SNA 2008 NSO 2018
Colombia Colombian peso NSO 2018 2015 SNA 1993 From 2005 NSO 2018
Comoros Comorian franc MEP 2016 2007 ... From 2007 NSO 2018
Democratic Republic Congolese franc NSO 2018 2005 SNA 1993 CB 2018
of the Congo
Republic of Congo CFA franc NSO 2017 1990 SNA 1993 NSO 2018
Costa Rica Costa Rican colón CB 2018 2012 SNA 2008 CB 2018

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Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Afghanistan MoF 2018 2001 CG C NSO, MoF, and CB 2018 BPM 6
Albania IMF staff 2018 1986 CG,LG,SS,MPC, ... CB 2018 BPM 6
NFPC
Algeria MoF 2018 1986 CG C CB 2018 BPM 6
Angola MoF 2018 2001 CG,LG ... CB 2018 BPM 6
Antigua and MoF 2018 2001 CG C CB 2016 BPM 6
Barbuda
Argentina MEP 2018 1986 CG,SG,SS C NSO 2018 BPM 6
Armenia MoF 2018 2001 CG C CB 2018 BPM 6
Aruba MoF 2018 2001 CG Mixed CB 2017 BPM 5
Australia MoF 2017/18 2014 CG,SG,LG,TG A NSO 2018 BPM 6
Austria NSO 2018 2001 CG,SG,LG,SS A CB 2018 BPM 6
Azerbaijan MoF 2018 ... CG C CB 2018 BPM 6
The Bahamas MoF 2017/18 2001 CG C CB 2018 BPM 5
Bahrain MoF 2018 2001 CG C CB 2018 BPM 6
Bangladesh MoF 2018 ... CG C CB 2018 BPM 6
Barbados MoF 2018/19 1986 BCG C CB 2018 BPM 5
Belarus MoF 2018 2001 CG,LG,SS C CB 2018 BPM 6
Belgium CB 2018 ESA 2010 CG,SG,LG,SS A CB 2018 BPM 6
Belize MoF 2018 1986 CG,MPC Mixed CB 2018 BPM 6
Benin MoF 2018 1986 CG C CB 2017 BPM 6
Bhutan MoF 2017/18 1986 CG C CB 2017/18 BPM 6
Bolivia MoF 2017 2001 CG,LG,SS,NMPC, C CB 2017 BPM 6
NFPC
Bosnia and MoF 2018 2001 CG,SG,LG,SS Mixed CB 2018 BPM 6
Herzegovina
Botswana MoF 2018/19 1986 CG C CB 2018 BPM 6
Brazil MoF 2018 2001 CG,SG,LG,SS, C CB 2018 BPM 6
MPC,NFPC
Brunei Darussalam MoF 2018 ... CG, BCG C NSO, MEP, and GAD 2018 BPM 6
Bulgaria MoF 2018 2001 CG,LG,SS C CB 2018 BPM 6
Burkina Faso MoF 2018 2001 CG CB CB 2017 BPM 6
Burundi MoF 2015 2001 CG A CB 2016 BPM 6
Cabo Verde MoF 2018 2001 CG A NSO 2018 BPM 6
Cambodia MoF 2018 1986 CG,LG Mixed CB 2018 BPM 5
Cameroon MoF 2017 2001 CG,NFPC C MoF 2017 BPM 6
Canada MoF 2018 2001 CG,SG,LG,SS,other A NSO 2018 BPM 6
Central African MoF 2018 2001 CG C CB 2017 BPM 5
Republic
Chad MoF 2017 1986 CG,NFPC C CB 2015 BPM 6
Chile MoF 2018 2001 CG,LG A CB 2018 BPM 6
China MoF 2018 ... CG,LG C GAD 2018 BPM 6
Colombia MoF 2018 2001 CG,SG,LG,SS ... CB and NSO 2018 BPM 6
Comoros MoF 2018 1986 CG Mixed CB and IMF staff 2018 BPM 5
Democratic Republic MoF 2018 2001 CG,LG A CB 2018 BPM 5
of the Congo
Republic of Congo MoF 2018 2001 CG A CB 2017 BPM 6
Costa Rica MoF and CB 2018 1986 CG C CB 2018 BPM 6

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Table G. Key Data Documentation (continued)

National Accounts Prices (CPI)
System of Use of Chain- Latest
Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Côte d’Ivoire CFA franc NSO 2016 2009 SNA 1993 NSO 2017
Croatia Croatian kuna NSO 2018 2010 ESA 2010 NSO 2018
Cyprus Euro NSO 2018 2010 ESA 2010 From 1995 NSO 2018
Czech Republic Czech koruna NSO 2018 2010 ESA 2010 From 1995 NSO 2018
Denmark Danish krone NSO 2018 2010 ESA 2010 From 1980 NSO 2018
Djibouti Djibouti franc NSO 2018 2013 SNA 1993 NSO 2018
Dominica Eastern Caribbean NSO 2017 2006 SNA 1993 NSO 2016
dollar
Dominican Republic Dominican peso CB 2018 2007 SNA 2008 From 2007 CB 2018
Ecuador US dollar CB 2018 2007 SNA 1993 NSO and CB 2018
Egypt Egyptian pound MEP 2017/18 2011/12 SNA 2008 NSO 2017/18
El Salvador US dollar CB 2018 2014 SNA 2008 NSO 2018
Equatorial Guinea CFA franc MEP and CB 2017 2006 SNA 1993 MEP 2018
Eritrea Eritrean nakfa IMF staff 2018 2011 SNA 1993 NSO 2018
Estonia Euro NSO 2018 2015 ESA 2010 From 2010 NSO 2018
Eswatini Swazi lilangeni NSO 2017 2011 SNA 1993 NSO 2018
Ethiopia Ethiopian birr NSO 2017/18 2015/16 SNA 1993 NSO 2018
Fiji Fijian dollar NSO 2018 2014 SNA 1993 NSO 2018
Finland Euro NSO 2018 2010 ESA 2010 From 1980 NSO 2018
France Euro NSO 2018 2014 ESA 2010 From 1980 NSO 2018
Gabon CFA franc MoF 2018 2001 SNA 1993 NSO 2018
The Gambia Gambian dalasi NSO 2018 2013 SNA 1993 NSO 2018
Georgia Georgian lari NSO 2018 2010 SNA 1993 From 1996 NSO 2018
Germany Euro NSO 2018 2015 ESA 2010 From 1991 NSO 2018
Ghana Ghanaian cedi NSO 2018 2013 SNA 1993 NSO 2018
Greece Euro NSO 2018 2010 ESA 2010 From 1995 NSO 2018
Grenada Eastern Caribbean NSO 2018 2006 SNA 1993 NSO 2018
dollar
Guatemala Guatemalan CB 2018 2001 SNA 1993 From 2001 NSO 2018
quetzal
Guinea Guinean franc NSO 2018 2010 SNA 1993 NSO 2018
Guinea-Bissau CFA franc NSO 2018 2005 SNA 1993 NSO 2018
Guyana Guyanese dollar NSO 2017 20066 SNA 1993 NSO 2018
Haiti Haitian gourde NSO 2017/18 1986/87 SNA 1993 NSO 2017/18
Honduras Honduran lempira CB 2017 2000 SNA 1993 CB 2018
Hong Kong SAR Hong Kong dollar NSO 2018 2017 SNA 2008 From 1980 NSO 2018
Hungary Hungarian forint NSO 2018 2005 ESA 2010 From 2005 IEO 2018
Iceland Icelandic króna NSO 2018 2005 ESA 2010 From 1990 NSO 2018
India Indian rupee NSO 2017/18 2011/12 SNA 2008 NSO 2017/18
Indonesia Indonesian rupiah NSO 2018 2010 SNA 2008 NSO 2018
Iran Iranian rial CB 2017/18 2011/12 SNA 1993 CB 2017/18
Iraq Iraqi dinar NSO 2017 2007 SNA 1968/93 NSO 2017
Ireland Euro NSO 2018 2017 ESA 2010 From 1995 NSO 2018
Israel New Israeli shekel NSO 2018 2015 SNA 2008 From 1995 NSO 2018
Italy Euro NSO 2018 2010 ESA 2010 From 1980 NSO 2018
Jamaica Jamaican dollar NSO 2018 2007 SNA 1993 NSO 2018

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Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Côte d’Ivoire MoF 2018 1986 CG A CB 2017 BPM 6
Croatia MoF 2018 2001 CG,LG A CB 2018 BPM 6
Cyprus NSO 2018 ESA 2010 CG,LG,SS A CB 2018 BPM 6
Czech Republic MoF 2018 2001 CG,LG,SS A NSO 2018 BPM 6
Denmark NSO 2018 2001 CG,LG,SS A NSO 2018 BPM 6
Djibouti MoF 2018 2001 CG A CB 2018 BPM 5
Dominica MoF 2018/19 1986 CG C CB 2018 BPM 6
Dominican Republic MoF 2018 2014 CG,LG,SS,NMPC A CB 2018 BPM 6
Ecuador CB and MoF 2018 1986 CG,SG,LG,SS,NFPC Mixed CB 2018 BPM 6
Egypt MoF 2017/18 2001 CG,LG,SS,MPC C CB 2017/18 BPM 5
El Salvador MoF and CB 2018 1986 CG,LG,SS C CB 2018 BPM 6
Equatorial Guinea MoF and MEP 2017 1986 CG C CB 2017 BPM 5
Eritrea MoF 2018 2001 CG C CB 2018 BPM 5
Estonia MoF 2018 1986/2001 CG,LG,SS C CB 2018 BPM 6
Eswatini MoF 2018/19 2001 CG A CB 2018 BPM 6
Ethiopia MoF 2017/18 1986 CG,SG,LG,NFPC C CB 2017/18 BPM 5
Fiji MoF 2018 1986 CG C CB 2018 BPM 6
Finland MoF 2018 2001 CG,LG,SS A NSO 2018 BPM 6
France NSO 2018 2001 CG,LG,SS A CB 2018 BPM 6
Gabon IMF staff 2018 2001 CG A CB 2018 BPM 5
The Gambia MoF 2018 1986 CG C CB and IMF staff 2018 BPM 5
Georgia MoF 2017 2001 CG,LG C NSO and CB 2018 BPM 6
Germany NSO 2018 2001 CG,SG,LG,SS A CB 2018 BPM 6
Ghana MoF 2018 2001 CG C CB 2018 BPM 5
Greece NSO 2018 2014 CG,LG,SS A CB 2018 BPM 6
Grenada MoF 2018 2014 CG CB CB 2018 BPM 6
Guatemala MoF 2018 2001 CG C CB 2018 BPM 6
Guinea MoF 2018 2001 CG C CB and MEP 2018 BPM 6
Guinea-Bissau MoF 2018 2001 CG A CB 2018 BPM 6
Guyana MoF 2018 1986 CG,SS,NFPC C CB 2018 BPM 6
Haiti MoF 2017/18 2001 CG C CB 2017/18 BPM 5
Honduras MoF 2018 2014 CG,LG,SS,other Mixed CB 2018 BPM 6
Hong Kong SAR NSO 2018/19 2001 CG C NSO 2018 BPM 6
Hungary MEP and NSO 2018 ESA 2010 CG,LG,SS,NMPC A CB 2018 BPM 6
Iceland NSO 2018 2001 CG,LG,SS A CB 2018 BPM 6
India MoF and IMF staff 2017/18 1986 CG,SG C CB 2017/18 BPM 6
Indonesia MoF 2018 2001 CG,LG C CB 2018 BPM 6
Iran MoF 2017/18 2001 CG C CB 2017/18 BPM 5
Iraq MoF 2017 2001 CG C CB 2017 BPM 6
Ireland MoF and NSO 2018 2001 CG,LG,SS A NSO 2018 BPM 6
Israel MoF and NSO 2017 2014 CG,LG,SS ... NSO 2018 BPM 6
Italy NSO 2018 2001 CG,LG,SS A NSO 2018 BPM 6
Jamaica MoF 2018/19 1986 CG C CB 2017/18 BPM 5

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Table G. Key Data Documentation (continued)

National Accounts Prices (CPI)
System of Use of Chain- Latest
Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Japan Japanese yen GAD 2018 2011 SNA 2008 From 1980 GAD 2018
Jordan Jordanian dinar NSO 2018 2016 SNA 2008 NSO 2018
Kazakhstan Kazakhstani tenge NSO 2018 2007 SNA 1993 From 1994 CB 2018
Kenya Kenyan shilling NSO 2018 2009 SNA 2008 NSO 2018
Kiribati Australian dollar NSO 2017 2006 SNA 2008 IMF staff 2017
Korea South Korean won CB 2018 2015 SNA 2008 From 1980 NSO 2018
Kosovo Euro NSO 2018 2016 ESA 2010 NSO 2018
Kuwait Kuwaiti dinar MEP and NSO 2017 2010 SNA 1993 NSO and MEP 2018
Kyrgyz Republic Kyrgyz som NSO 2018 2005 SNA 1993 NSO 2018
Lao P.D.R. Lao kip NSO 2018 2012 SNA 1993 NSO 2018
Latvia Euro NSO 2018 2010 ESA 2010 From 1995 NSO 2018
Lebanon Lebanese pound NSO 2017 2010 SNA 2008 From 2010 NSO 2017/18
Lesotho Lesotho loti NSO 2016/17 2012/13 SNA 2008 NSO 2018
Liberia US dollar CB 2018 1992 SNA 1993 CB 2018
Libya Libyan dinar MEP 2017 2007 SNA 1993 NSO 2017
Lithuania Euro NSO 2018 2010 ESA 2010 From 2005 NSO 2018
Luxembourg Euro NSO 2018 2010 ESA 2010 From 1995 NSO 2018
Macao SAR Macanese pataca NSO 2018 2017 SNA 2008 From 2001 NSO 2018
Madagascar Malagasy ariary NSO 2017 2000 SNA 1968 NSO 2018
Malawi Malawian kwacha NSO 2011 2010 SNA 2008 NSO 2018
Malaysia Malaysian ringgit NSO 2018 2015 SNA 2008 NSO 2018
Maldives Maldivian rufiyaa MoF and NSO 2018 2014 SNA 1993 CB 2018
Mali CFA franc NSO 2018 1999 SNA 1993 NSO 2018
Malta Euro NSO 2018 2010 ESA 2010 From 2000 NSO 2018
Marshall Islands US dollar NSO 2016/17 2003/04 SNA 1993 NSO 2016/17
Mauritania New Mauritanian NSO 2014 2004 SNA 1993 NSO 2017
ouguiya
Mauritius Mauritian rupee NSO 2018 2006 SNA 1993 From 1999 NSO 2018
Mexico Mexican peso NSO 2018 2013 SNA 2008 NSO 2018
Micronesia US dollar NSO 2017/18 2003/04 SNA 1993 NSO 2017/18
Moldova Moldovan leu NSO 2018 1995 SNA 2008 NSO 2018
Mongolia Mongolian tögrög NSO 2016 2010 SNA 1993 NSO 2016/17
Montenegro Euro NSO 2018 2006 ESA 2010 NSO 2018
Morocco Moroccan dirham NSO 2018 2007 SNA 1993 From 1998 NSO 2018
Mozambique Mozambican NSO 2018 2009 SNA 1993/ NSO 2018
metical 2008
Myanmar Myanmar kyat MEP 2017/18 2010/11 ... NSO 2017/18
Namibia Namibian dollar NSO 2018 2000 SNA 1993 NSO 2018
Nauru Australian dollar ... 2017/18 2006/07 SNA 1993 NSO 2016/17
Nepal Nepalese rupee NSO 2018/19 2000/01 SNA 1993 CB 2017/18
Netherlands Euro NSO 2018 2015 ESA 2010 From 1980 NSO 2018
New Zealand New Zealand dollar NSO 2018 2009/10 SNA 2008 From 1987 NSO 2018
Nicaragua Nicaraguan CB 2018 2006 SNA 1993 From 1994 CB 2018
córdoba
Niger CFA franc NSO 2018 2000 SNA 1993 NSO 2018
Nigeria Nigerian naira NSO 2018 2010 SNA 2008 NSO 2018
North Macedonia Macedonian denar NSO 2018 2005 ESA 2010 NSO 2018
Norway Norwegian krone NSO 2018 2017 ESA 2010 From 1980 NSO 2018

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Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Japan GAD 2017 2014 CG,LG,SS A MoF 2018 BPM 6
Jordan MoF 2018 2001 CG,NFPC C CB 2018 BPM 6
Kazakhstan NSO 2018 2001 CG,LG A CB 2018 BPM 6
Kenya MoF 2018 2001 CG C CB 2018 BPM 6
Kiribati MoF 2017 1986 CG C NSO 2017 BPM 6
Korea MoF 2017 2001 CG,SS C CB 2018 BPM 6
Kosovo MoF 2018 ... CG,LG C CB 2018 BPM 6
Kuwait MoF 2017 1986 CG Mixed CB 2017 BPM 6
Kyrgyz Republic MoF 2018 ... CG,LG,SS C CB 2018 BPM 5
Lao P.D.R. MoF 2017 2001 CG C CB 2017 BPM 5
Latvia MoF 2018 ESA 2010 CG,LG,SS C CB 2018 BPM 6
Lebanon MoF 2017 2001 CG Mixed CB and IMF staff 2017 BPM 5
Lesotho MoF 2017/18 2001 CG,LG C CB 2017/18 BPM 5
Liberia MoF 2018 2001 CG A CB 2018 BPM 5
Libya MoF 2018 1986 CG,SG,LG C CB 2017 BPM 5
Lithuania MoF 2018 2014 CG,LG,SS A CB 2018 BPM 6
Luxembourg MoF 2018 2001 CG,LG,SS A NSO 2018 BPM 6
Macao SAR MoF 2017 2014 CG,SS C NSO 2017 BPM 6
Madagascar MoF 2018 1986 CG,LG C CB 2018 BPM 5
Malawi MoF 2017/18 1986 CG C NSO and GAD 2017 BPM 6
Malaysia MoF 2018 2001 CG,SG,LG C NSO 2018 BPM 6
Maldives MoF 2018 1986 CG C CB 2018 BPM 6
Mali MoF 2018 2001 CG Mixed CB 2018 BPM 6
Malta NSO 2018 2001 CG,SS A NSO 2018 BPM 6
Marshall Islands MoF 2016/17 2001 CG,LG,SS A NSO 2016/17 BPM 6
Mauritania MoF 2017 1986 CG C CB 2016 BPM 5
Mauritius MoF 2017/18 2001 CG,LG,NFPC C CB 2018 BPM 6
Mexico MoF 2018 2014 CG,SS,NMPC,NFPC C CB 2018 BPM 6
Micronesia MoF 2017/18 2001 CG,SG,LG,SS ... NSO 2017/18 BPM 5
Moldova MoF 2018 1986 CG,LG C CB 2018 BPM 6
Mongolia MoF 2017/18 2001 CG,SG,LG,SS C CB 2016 BPM 6
Montenegro MoF 2018 1986/2001 CG,LG,SS C CB 2018 BPM 6
Morocco MEP 2018 2001 CG A GAD 2018 BPM 6
Mozambique MoF 2018 2001 CG,SG Mixed CB 2018 BPM 6
Myanmar MoF 2017/18 2014 CG,NFPC C IMF staff 2017/18 BPM 6
Namibia MoF 2018/19 2001 CG C CB 2018 BPM 6
Nauru MoF 2016/17 2001 CG Mixed IMF staff 2016/17 BPM 6
Nepal MoF 2017/18 2001 CG C CB 2017/18 BPM 5
Netherlands MoF 2018 2001 CG,LG,SS A CB 2018 BPM 6
New Zealand MoF 2017/18 2001 CG, LG A NSO 2018 BPM 6
Nicaragua MoF 2018 1986 CG,LG,SS C IMF staff 2018 BPM 6
Niger MoF 2017 1986 CG A CB 2018 BPM 6
Nigeria MoF 2018 2001 CG,SG,LG C CB 2018 BPM 6
North Macedonia MoF 2018 1986 CG,SG,SS C CB 2018 BPM 6
Norway NSO and MoF 2018 2014 CG,LG,SS A NSO 2017 BPM 6

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Table G. Key Data Documentation (continued)

National Accounts Prices (CPI)
System of Use of Chain- Latest
Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Oman Omani rial NSO 2018 2010 SNA 1993 NSO 2018
Pakistan Pakistan rupee NSO 2017/18 2005/066 ... NSO 2017/18
Palau US dollar MoF 2017/18 2014/15 SNA 1993 MoF 2017/18
Panama US dollar NSO 2018 2007 SNA 1993 From 2007 NSO 2018
Papua New Guinea Papua New Guinea NSO and MoF 2015 2013 SNA 1993 NSO 2015
kina
Paraguay Paraguayan CB 2018 2014 SNA 2008 CB 2018
guaraní
Peru Peruvian nuevo sol CB 2018 2007 SNA 1993 CB 2018
Philippines Philippine peso NSO 2018 2000 SNA 2008 NSO 2018
Poland Polish zloty NSO 2018 2010 ESA 2010 From 1995 NSO 2018
Portugal Euro NSO 2018 2016 ESA 2010 From 1980 NSO 2018
Puerto Rico US dollar NSO 2017/18 1954 SNA 1968 NSO 2017/18
Qatar Qatari riyal NSO and MEP 2018 2013 SNA 1993 NSO and MEP 2018
Romania Romanian leu NSO 2018 2010 ESA 2010 From 2000 NSO 2018
Russia Russian ruble NSO 2018 2016 SNA 2008 From 1995 NSO 2018
Rwanda Rwandan franc NSO 2018 2014 SNA 2008 NSO 2018
Samoa Samoan tala NSO 2017/18 2009/10 SNA 1993 NSO 2017/18
San Marino Euro NSO 2017 2007 ... NSO 2017
São Tomé and São Tomé and NSO 2017 2008 SNA 1993 NSO 2017
Príncipe Príncipe dobra
Saudi Arabia Saudi riyal NSO 2018 2010 SNA 1993 NSO 2018
Senegal CFA franc NSO 2018 2014 SNA 1993 NSO 2018
Serbia Serbian dinar NSO 2018 2010 ESA 2010 From 2010 NSO 2018
Seychelles Seychelles rupee NSO 2017 2006 SNA 1993 NSO 2018
Sierra Leone Sierra Leonean NSO 2017 2006 SNA 1993 From 2010 NSO 2017
leone
Singapore Singapore dollar NSO 2018 2015 SNA 2008 From 2015 NSO 2018
Slovak Republic Euro NSO 2018 2010 ESA 2010 From 1997 NSO 2018
Slovenia Euro NSO 2018 2010 ESA 2010 From 2000 NSO 2018
Solomon Islands Solomon Islands CB 2018 2004 SNA 1993 NSO 2018
dollar
Somalia US dollar CB 2018 2013 SNA 1993 CB 2018
South Africa South African rand NSO 2018 2010 SNA 2008 NSO 2018
South Sudan South Sudanese NSO 2017 2010 SNA 1993 NSO 2018
pound
Spain Euro NSO 2018 2010 ESA 2010 From 1995 NSO 2018
Sri Lanka Sri Lankan rupee NSO 2018 2010 SNA 1993 NSO 2018
St. Kitts and Nevis Eastern Caribbean NSO 2018 2006 SNA 1993 NSO 2018
dollar
St. Lucia Eastern Caribbean NSO 2018 2006 SNA 1993 NSO 2018
dollar
St. Vincent and the Eastern Caribbean NSO 2018 20066 SNA 1993 NSO 2018
Grenadines dollar
Sudan Sudanese pound NSO 2016 1982 SNA 1968 NSO 2018
Suriname Surinamese dollar NSO 2017 2007 SNA 1993 NSO 2018

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Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Oman MoF 2018 2001 CG C CB 2018 BPM 5
Pakistan MoF 2017/18 1986 CG,SG,LG C CB 2017/18 BPM 6
Palau MoF 2017/18 2001 CG ... MoF 2017/18 BPM 6
Panama MoF 2018 1986 CG,SG,LG,SS,NFPC C NSO 2018 BPM 6
Papua New Guinea MoF 2015 1986 CG C CB 2015 BPM 5
Paraguay MoF 2018 2001 CG,SG,LG,SS,MPC, C CB 2018 BPM 6
NFPC
Peru CB and MoF 2018 2001 CG,SG,LG,SS Mixed CB 2018 BPM 5
Philippines MoF 2018 2001 CG,LG,SS C CB 2018 BPM 6
Poland MoF and NSO 2018 ESA 2010 CG,LG,SS A CB 2018 BPM 6
Portugal NSO 2018 2001 CG,LG,SS A CB 2018 BPM 6
Puerto Rico MEP 2015/16 2001 ... A ... ... ...
Qatar MoF 2018 1986 CG C CB and IMF staff 2018 BPM 5
Romania MoF 2018 2001 CG,LG,SS C CB 2018 BPM 6
Russia MoF 2018 2001 CG,SG,SS Mixed CB 2018 BPM 6
Rwanda MoF 2018 1986 CG,LG Mixed CB 2018 BPM 6
Samoa MoF 2017/18 2001 CG A CB 2017/18 BPM 6
San Marino MoF 2017 ... CG ... Other 2017 ...
São Tomé and MoF and Customs 2018 2001 CG C CB 2017 BPM 6
Príncipe
Saudi Arabia MoF 2018 2014 CG C CB 2018 BPM 6
Senegal MoF 2018 2001 CG C CB and IMF staff 2018 BPM 6
Serbia MoF 2018 1986/2001 CG,SG,LG,SS,other C CB 2018 BPM 6
Seychelles MoF 2018 1986 CG,SS C CB 2016 BPM 6
Sierra Leone MoF 2018 1986 CG C CB 2017 BPM 5
Singapore MoF and NSO 2018/19 2014 CG C NSO 2018 BPM 6
Slovak Republic NSO 2018 2001 CG,LG,SS A CB 2018 BPM 6
Slovenia MoF 2018 1986 CG,SG,LG,SS C NSO 2018 BPM 6
Solomon Islands MoF 2017 1986 CG C CB 2018 BPM 6
Somalia MoF 2018 2001 CG C CB 2018 BPM 5
South Africa MoF 2018 2001 CG,SG,SS C CB 2018 BPM 6
South Sudan MoF and MEP 2018 ... CG C MoF, NSO, and MEP 2018 BPM 6
Spain MoF and NSO 2018 ESA 2010 CG,SG,LG,SS A CB 2018 BPM 6
Sri Lanka MoF 2018 2001 CG C CB 2018 BPM 6
St. Kitts and Nevis MoF 2018 1986 CG, SG C CB 2018 BPM 6
St. Lucia MoF 2017/18 1986 CG C CB 2018 BPM 6
St. Vincent and the MoF 2018 1986 CG C CB 2017 BPM 6
Grenadines
Sudan MoF 2018 2001 CG Mixed CB 2018 BPM 6
Suriname MoF 2017 1986 CG Mixed CB 2017 BPM 5

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Table G. Key Data Documentation (continued)

National Accounts Prices (CPI)
System of Use of Chain- Latest
Historical Data Latest Actual National Weighted Historical Data Actual
Country Currency Source1 Annual Data Base Year2 Accounts Methodology3 Source1 Annual Data
Sweden Swedish krona NSO 2018 2018 ESA 2010 From 1993 NSO 2018
Switzerland Swiss franc NSO 2017 2010 ESA 2010 From 1980 NSO 2018
Syria Syrian pound NSO 2010 2000 SNA 1993 NSO 2011
Taiwan Province of New Taiwan dollar NSO 2018 2011 SNA 2008 NSO 2018
China
Tajikistan Tajik somoni NSO 2017 1995 SNA 1993 NSO 2017
Tanzania Tanzanian shilling NSO 2018 2015 SNA 2008 NSO 2018
Thailand Thai baht MEP 2018 2002 SNA 1993 From 1993 MEP 2018
Timor-Leste US dollar MoF 2017 20156 SNA 2008 NSO 2018
Togo CFA franc NSO 2016 2007 SNA 1993 NSO 2018
Tonga Tongan pa’anga CB 2018 2010 SNA 1993 CB 2018
Trinidad and Tobago Trinidad and NSO 2017 2012 SNA 1993 NSO 2018
Tobago dollar
Tunisia Tunisian dinar NSO 2017 2010 SNA 1993 From 2009 NSO 2016
Turkey Turkish lira NSO 2018 2009 ESA 2010 From 2009 NSO 2018
Turkmenistan New Turkmen NSO 2017 2008 SNA 1993 From 2000 NSO 2017
manat
Tuvalu Australian dollar PFTAC advisors 2015 2005 SNA 1993 NSO 2018
Uganda Ugandan shilling NSO 2018 2010 SNA 1993 CB 2018/19
Ukraine Ukrainian hryvnia NSO 2018 2010 SNA 2008 From 2005 NSO 2018
United Arab U.A.E. dirham NSO 2017 2010 SNA 2008 NSO 2018
Emirates
United Kingdom British pound NSO 2018 2016 ESA 2010 From 1980 NSO 2018
United States US dollar NSO 2018 2012 SNA 2008 From 1980 NSO 2018
Uruguay Uruguayan peso CB 2018 2005 SNA 1993 NSO 2018
Uzbekistan Uzbek sum NSO 2018 2015 SNA 1993 NSO and IMF 2018
staff
Vanuatu Vanuatu vatu NSO 2017 2006 SNA 1993 NSO 2017
Venezuela Venezuelan bolívar CB 2018 1997 SNA 2008 CB 2018
soberano
Vietnam Vietnamese dong NSO 2018 2010 SNA 1993 NSO 2018
Yemen Yemeni rial IMF staff 2017 1990 SNA 1993 NSO,CB, and 2017
IMF staff
Zambia Zambian kwacha NSO 2017 2010 SNA 2008 NSO 2018
Zimbabwe RTGS dollar NSO 2015 2012 ... NSO 2018

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Table G. Key Data Documentation (continued)

Government Finance Balance of Payments
Statistics
Statistics Manual
Historical Data Latest Actual Manual in Subsectors Accounting Historical Data Latest Actual in Use at
Country Source1 Annual Data Use at Source Coverage4 Practice5 Source1 Annual Data Source
Sweden MoF 2018 2001 CG,LG,SS A NSO 2018 BPM 6
Switzerland MoF 2017 2001 CG,SG,LG,SS A CB 2018 BPM 6
Syria MoF 2009 1986 CG C CB 2009 BPM 5
Taiwan Province of MoF 2018 2001 CG,LG,SS C CB 2018 BPM 6
China
Tajikistan MoF 2017 1986 CG,LG,SS C CB 2016 BPM 6
Tanzania MoF 2018 1986 CG,LG C CB 2018 BPM 5
Thailand MoF 2017/18 2001 CG,BCG,LG,SS A CB 2018 BPM 6
Timor-Leste MoF 2017 2001 CG C CB 2017 BPM 6
Togo MoF 2018 2001 CG C CB 2017 BPM 6
Tonga MoF 2017 2014 CG C CB and NSO 2018 BPM 6
Trinidad and Tobago MoF 2017/18 1986 CG C CB 2018 BPM 6
Tunisia MoF 2016 1986 CG C CB 2018 BPM 5
Turkey MoF 2018 2001 CG,LG,SS,other A CB 2018 BPM 6
Turkmenistan MoF 2017 1986 CG,LG C NSO and IMF staff 2015 BPM 6
Tuvalu MoF 2018 ... CG Mixed IMF staff 2012 BPM 6
Uganda MoF 2018 2001 CG C CB 2018 BPM 6
Ukraine MoF 2018 2001 CG,LG,SS C CB 2018 BPM 6
United Arab MoF 2017 2001 CG,BCG,SG,SS C CB 2017 BPM 5
Emirates
United Kingdom NSO 2018 2001 CG,LG A NSO 2018 BPM 6
United States MEP 2018 2014 CG,SG,LG A NSO 2018 BPM 6
Uruguay MoF 2018 1986 CG,LG,SS,NFPC, C CB 2018 BPM 6
NMPC
Uzbekistan MoF 2018 2014 CG,SG,LG,SS C MEP 2018 BPM 6
Vanuatu MoF 2017 2001 CG C CB 2017 BPM 6
Venezuela MoF 2017 2001 BCG,NFPC C CB 2018 BPM 5
Vietnam MoF 2017 2001 CG,SG,LG C CB 2018 BPM 5
Yemen MoF 2017 2001 CG,LG C IMF staff 2017 BPM 5
Zambia MoF 2017 1986 CG C CB 2017 BPM 6
Zimbabwe MoF 2017 1986 CG C CB and MoF 2017 BPM 6
Note: BPM = Balance of Payments Manual; CPI = consumer price index; ESA = European System of National Accounts; SNA = System of National Accounts.
1CB = central bank; Customs = Customs Authority; GAD = General Administration Department; IEO = international economic organization; MEP = Ministry of Economy, Planning,

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

calculate the index.

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

that average volume components using weights from a year in the moderately distant past.
4BCG = budgetary central government; CG = central government; EUA = extrabudgetary units/accounts; LG = local government; MPC = monetary public corporation, including central

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

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

Fiscal Policy Assumptions on the authorities’ fiscal plans, with adjustments for
The short-term fiscal policy assumptions used in the IMF staff’s assumptions.
the World Economic Outlook (WEO) are normally Brazil: Fiscal projections for 2019 take into account
based on officially announced budgets, adjusted for the deficit target approved in the budget law.
differences between the national authorities and the Canada: Projections use the baseline forecasts in the
IMF staff regarding macroeconomic assumptions and 2019 federal budget and the latest provincial budget
projected fiscal outturns. When no official budget has updates as available. The IMF staff makes some adjust-
been announced, projections incorporate policy mea- ments to these forecasts, including for differences in
sures that are judged likely to be implemented. The macroeconomic projections. The IMF staff’s forecast
medium-term fiscal projections are similarly based on also incorporates the most recent data releases from Sta-
a judgment about the most likely path of policies. For tistics Canada’s Canadian System of National Economic
cases in which the IMF staff has insufficient informa- Accounts, including federal, provincial, and territorial
tion to assess the authorities’ budget intentions and budgetary outturns through the first quarter of 2019.
prospects for policy implementation, an unchanged Chile: Projections are based on the authorities’
structural primary balance is assumed unless indicated budget projections, adjusted to reflect the IMF staff’s
otherwise. Specific assumptions used in regard to some projections for GDP and copper prices.
of the advanced economies follow. (See also Tables B5 China: Fiscal expansion is expected for 2019 due
to B9 in the online section of the Statistical Appendix to a series of tax reforms and expenditure measures in
for data on fiscal net lending/borrowing and structural response to the economic slowdown.
balances.)1 Denmark: Estimates for 2018 are aligned with the
Argentina: Fiscal projections are based on the avail- latest official budget numbers, adjusted where appro-
able information regarding budget outturn and budget priate for the IMF staff’s macroeconomic assumptions.
plans for the federal and provincial governments, fiscal For 2019, the projections incorporate key features
measures announced by the authorities, and the IMF of the medium-term fiscal plan as embodied in the
staff’s macroeconomic projections. authorities’ Convergence Programme 2019 submitted
Australia: Fiscal projections are based on data from to the European Union.
the Australian Bureau of Statistics, the fiscal year France: Projections for 2019 and beyond are based
2019/20 budgets of the commonwealth and states, on the measures of the 2018 budget law, the multiyear
and the IMF staff’s estimates and projections. law for 2018–22, and the 2019 budget law, adjusted
Austria: Fiscal projections are based on data from for differences in assumptions on macroeconomic and
Statistics Austria, the authorities’ projections, and the financial variables, and revenue projections. Historical
IMF staff’s estimates and projections. fiscal data reflect the May 2019 revisions and update
Belgium: Projections are based on the 2019–22 of the historical fiscal accounts, debt data, and
Stability Programme and other available information national accounts.
Germany: The IMF staff’s projections for 2019
1 The output gap is actual minus potential output, as a
and beyond are based on the 2019 Stability Program
percentage of potential output. Structural balances are expressed
and data updates from the national statistical agency,
as a percentage of potential output. The structural balance is the adjusted for the differences in the IMF staff’s mac-
actual net lending/borrowing minus the effects of cyclical output roeconomic framework and assumptions concerning
from potential output, corrected for one-time and other factors, revenue elasticities. The estimate of gross debt includes
such as asset and commodity prices and output composition portfolios of impaired assets and noncore business
effects. Changes in the structural balance consequently include
effects of temporary fiscal measures, the impact of fluctuations
transferred to institutions that are winding up, as well
in interest rates and debt-service costs, and other noncyclical as other financial sector and EU support operations.
fluctuations in net lending/borrowing. The computations of Greece: Greece’s general government primary balance
structural balances are based on the IMF staff’s estimates of estimate for 2018 is based on the April 2019 Excessive
potential GDP and revenue and expenditure elasticities. (See Deficit Procedure release by Eurostat. Historical data
Annex I of the October 1993 WEO.) Net debt is calculated as
gross debt minus financial assets corresponding to debt instru-
since 2010 reflect adjustments in line with the primary
ments. Estimates of the output gap and of the structural balance balance definition under the enhanced surveillance
are subject to significant margins of uncertainty. framework for Greece.

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 STATISTICAL APPENDIX

Box A1 (continued)

Hong Kong Special Administrative Region: Projections macroeconomic assumptions are adjusted for. Histori-
are based on the authorities’ medium-term fiscal projec- cal data were revised following the June 2014 Central
tions on expenditures. Bureau of Statistics release of revised macro data
Hungary: Fiscal projections include the IMF staff’s because of the adoption of the European System of
projections of the macroeconomic framework and of National and Regional Accounts (ESA 2010) and the
the impact of recent legislative measures, as well as fis- revisions of data sources.
cal policy plans announced in the 2018 budget. New Zealand: Fiscal projections are based on the fis-
India: Historical data are based on budgetary execu- cal year 2019/20 budget and the IMF staff’s estimates.
tion data. Projections are based on available information Portugal: The projections for the current year are
on the authorities’ fiscal plans, with adjustments for the based on the authorities’ approved budget, adjusted
IMF staff’s assumptions. Subnational data are incorpo- to reflect the IMF staff’s macroeconomic forecast.
rated with a lag of up to one year; general government Projections thereafter are based on the assumption of
data are thus finalized well after central government unchanged policies.
data. IMF and Indian presentations differ, particularly Puerto Rico: Fiscal projections are based on the
regarding disinvestment and license-auction proceeds, Puerto Rico Fiscal and Economic Growth Plans
net versus gross recording of revenues in certain minor (FEGPs), which were prepared in October 2018, and
categories, and some public-sector lending. are certified by the Oversight Board. In line with this
Indonesia: IMF projections are based on moderate plan’s assumptions, IMF projections assume federal aid
tax policy and administration reforms and a gradual for rebuilding after Hurricane Maria, which devastated
increase in social and capital spending over the the island in September 2017. The projections also
medium term in line with fiscal space. assume revenue losses from the following: elimination
Ireland: Fiscal projections are based on the country’s of federal funding for the Affordable Care Act start-
Budget 2019. ing in 2020 for Puerto Rico; elimination of federal
Israel: Historical data are based on government tax incentives starting in 2018 that had neutralized
finance statistics data prepared by the Central Bureau the effects of Puerto Rico’s Act 154 on foreign firms;
of Statistics. The medium-term fiscal projections are and the effects of the Tax Cuts and Jobs Act, which
not in line with medium-term fiscal targets, consistent reduce the tax advantage of US firms producing in
with long experience of revisions to those targets. Puerto Rico. Given sizable policy uncertainty, some
Italy: The IMF staff’s estimates and projections are FEGP and IMF assumptions may differ, in particu-
informed by the fiscal plans included in the govern- lar those relating to the effects of the corporate tax
ment’s 2019 budget and April 2019 Economic and reform, tax compliance, and tax adjustments (fees and
Financial Document. The IMF staff assumes that the rates); reduction of subsidies and expenses, freez-
automatic value-added tax hikes for future years will ing of payroll operational costs, and improvement of
be canceled. mobility; reduction of expenses; and increased health
Japan: The projections reflect the consumption tax care efficiency. On the expenditure side, measures
rate increase in October 2019, the mitigating measures include extension of Act 66, which freezes much
included in the FY2019 budget and tax reform, government spending, through 2020; reduction of
and other fiscal measures already announced by the operating costs; decreases in government subsidies;
government. and spending cuts in education. Although IMF policy
Korea: The medium-term forecast incorporates the assumptions are similar to those in the FEGP scenario
medium-term path for public spending announced by with full measures, the IMF’s projections of fiscal
the government. revenues, expenditures, and balance are different from
Mexico: Fiscal projections for 2019 are broadly in the FEGPs’. This stems from two main differences in
line with the approved budget; projections for 2020 methodologies: first, while IMF projections are on an
onward assume compliance with rules established in accrual basis, the FEGPs’ are on a cash basis. Second,
the Fiscal Responsibility Law. the IMF and FEGPs make very different macroeco-
Netherlands: Fiscal projections for 2019–24 are nomic assumptions.
based on the authorities’ Bureau for Economic Policy Russia: Projections for 2019–24 are based on the
Analysis budget projections, after differences in new oil price rule, with adjustments by the IMF staff.

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Box A1 (continued)

Saudi Arabia: The IMF staff baseline projections United Kingdom: Fiscal projections are based on
of total government revenues, except exported oil the UK’s Spring Statement 2019, with expenditure
revenues, are based on IMF staff understanding of projections based on the budgeted nominal values, but
government policies as announced in the 2019 Budget adjusted to account for the Spending Round 2019,
and Fiscal Balance Program 2019 Update. Exported and with revenue projections adjusted for differences
oil revenues are based on WEO baseline oil prices and between the IMF staff’s forecasts of macroeconomic vari-
the assumption that Saudi Arabia will overperform ables (such as GDP growth and inflation) and the fore-
the Organization of Petroleum Exporting Countries+ casts of these variables assumed in the authorities’ fiscal
agreement. Expenditure projections take the 2019 projections. The IMF staff’s data exclude public sector
budget and the Fiscal Balance Program 2019 Update banks and the effect of transferring assets from the Royal
as a starting point and reflect IMF staff estimates Mail Pension Plan to the public sector in April 2012.
of the latest changes in policies and economic Real government consumption and investment are part
developments. of the real GDP path, which, according to the IMF
Singapore: For fiscal year 2019, projections are based staff, may or may not be the same as projected by the
on budget numbers. For the rest of the projection UK Office for Budget Responsibility. Fiscal year GDP is
period, the IMF staff assumes unchanged policies. different from current year GDP. The fiscal accounts are
South Africa: Fiscal assumptions are based on the presented in terms of fiscal year. Projections do not take
2019 Budget Review and the special appropriation into account revisions to the accounting (including on
of July 2019 for Eskom. Nontax revenue excludes student loans) implemented on September 24, 2019.
transactions in financial assets and liabilities, as they United States: Fiscal projections are based on the
involve primarily revenues associated with realized August 2019 Congressional Budget Office baseline,
exchange rate valuation gains from the holding of for- adjusted for the IMF staff’s policy and macroeconomic
eign currency deposits, sale of assets, and conceptually assumptions. Projections incorporate the effects of tax
similar items. reform (the Tax Cuts and Jobs Act, signed into law at the
Spain: For 2019, projections assume expenditures end of 2017), the Bipartisan Budget Act of 2018 passed
under the 2018 budget extension scenario and already in February 2018, and the Bipartisan Budget Act of 2019
legislated measures, including pension and public wage passed in July 2019. Finally, fiscal projections are adjusted
increases, and the IMF staff’s projection of revenues. to reflect the IMF staff’s forecasts for key macroeconomic
For 2020 and beyond, fiscal projections are IMF staff and financial variables and different accounting treatment
projections, which assume an unchanged structural of financial sector support and of defined-benefit pension
primary balance. plans and are converted to a general government basis.
Sweden: Fiscal projections take into account the Data is compiled using SNA 2008; when translated into
authorities’ projections based on the 2019 Spring Bud- government finance statistics, this is in accordance with
get. The impact of cyclical developments on the fiscal the Government Finance Statistics Manual 2014. Because
accounts is calculated using the 2014 Organisation for of data limitations, most series begin in 2001.
Economic Co-operation and Development’s elasticity
to take into account output and employment gaps.
Switzerland: The projections assume that fiscal Monetary Policy Assumptions
policy is adjusted as necessary to keep fiscal balances in Monetary policy assumptions are based on the
line with the requirements of Switzerland’s fiscal rules. established policy framework in each country. In
Turkey: The fiscal projections assume a more nega- most cases, this implies a nonaccommodative stance
tive primary and overall balance than envisaged in over the business cycle: official interest rates will
the authorities’ New Economic Program 2019–21, increase when economic indicators suggest that infla-
based partly on recent weak growth and fiscal out- tion will rise above its acceptable rate or range; they
turns and partly on definitional differences: the basis will decrease when indicators suggest inflation will
for the projections in the WEO and Fiscal Monitor is not exceed the acceptable rate or range, that output
the IMF-defined fiscal balance, which excludes some growth is below its potential rate, and that the margin
revenue and expenditure items that are included in the of slack in the economy is significant. On this basis,
authorities’ headline balance. the London interbank offered rate on six-month US

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Box A1 (continued)

dollar deposits is assumed to average 2.3 percent in Indonesia: Monetary policy assumptions are in line
2019 and 2.0 percent in 2020 (see Table 1.1). The rate with the maintenance of inflation within the central
on three-month euro deposits is assumed to average bank’s targeted band.
–0.4 percent in 2019 and –0.6 percent in 2020. Japan: Monetary policy assumptions are in line with
The interest rate on six-month Japanese yen depos- market expectations.
its is assumed to average 0.0 percent in 2019 and Korea: The projections assume no change in the
–0.1 percent in 2020. policy rate in 2019–20.
Argentina: Monetary policy assumptions are con- Mexico: Monetary policy assumptions are consistent
sistent with the current monetary policy framework, with attaining the inflation target.
which targets zero base money growth in seasonally Russia: Monetary projections assume that the
adjusted terms. Central Bank of Russia is moving toward a neutral
Australia: Monetary policy assumptions are in line monetary policy stance.
with market expectations. Saudi Arabia: Monetary policy projections are based
Brazil: Monetary policy assumptions are consistent on the continuation of the exchange rate peg to the
with gradual convergence of inflation toward the US dollar.
middle of the target range. Singapore: Broad money is projected to grow in line
Canada: Monetary policy assumptions are based on with the projected growth in nominal GDP.
the IMF staff’s analysis. South Africa: Monetary policy will be moderately
China: Monetary policy is expected to remain on accommodative.
hold. Sweden: Monetary projections are in line with
Denmark: Monetary policy is to maintain the peg to Riksbank projections.
the euro. Switzerland: The projections assume no change in
Euro area: Monetary policy assumptions for euro the policy rate in 2019–20.
area member countries are in line with market Turkey: The outlook for monetary and financial con-
expectations. ditions assumes further monetary policy easing in 2019.
Hong Kong Special Administrative Region: The IMF United Kingdom: The short-term interest rate path is
staff assumes that the currency board system will based on market interest rate expectations.
remain intact. United States: The IMF staff expects the Federal
India: Monetary policy projections are consistent Open Market Committee to continue to adjust the
with achieving the Reserve Bank of India’s inflation federal funds target rate in line with the broader
target over the medium term. macroeconomic outlook.

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List of Tables

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

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

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

Foreign Trade
A9. Summary of World Trade Volumes and Prices

Current Account Transactions

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

Balance of Payments and External Financing

A13. Summary of Financial Account Balances

Flow of Funds
A14. Summary of Net Lending and Borrowing

Medium-Term Baseline Scenario

A15. Summary of World Medium-Term Baseline Scenario

146 International Monetary Fund | October 2019