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Sources and Technical Notes - Economy
capacity to grow over time. Investment is financed by savings, either national or foreign.
Gross Domesti Product (GDP) GDP is a measure of an economy's total production of final goods and services for domestic consumption and investment, and for export. The value of intermediate (non-final) goods and services is not included as that would represent double-counting. Alternatively, GDP can be thought of as the sum of value added in production at each successive stage of the production-marketing chain. GDP can be used to reflect the state of production, and hence development, in a country.
compiled from the following resources. Population: US Bureau of the Census, International Database, (online) as of June, 2005, Washington, DC. National Accounts: World Economic Outlook 2005, International Monetary Fund (IMF) Washington, DC, 2005; and Intemational Financial Statistics, October 2005 (CD-ROM version), International Monetary Fund (IMF) Washington, DC. Employment and Wages: World Bank, World Development Indicators (online version) as of June, 2005. Prices: International Financial Statistics, October 2005 (CD-ROM version), International Monetary Fund (IMF) Washington, DC. Balance of Payments: Balance of Payments Statistics, October 2005 (CD-ROM version), International Monetary Fund (IMF) Washington, DC. External Debt: World Bank, World Development Indicators (online version) as of November, 2005. Government Finance: Except where noted, Government Finance Statistics Yearbook, October 2005 (CD-ROM version), Interational Monetary Fund (IMF) Washington, DC.
Gross National Income (GNI) Formerly referred to as Gross National Product (GNP), this measure reflects the total value of final goods and services produced by domestically owned factors of production. Whereas GDP measures the total value of production within the geographic boundaries of an economy—that is, by a country's residents—GNI measures the total value that is produced by a country's nationals, whether they are located inside or outside the boundaries of the particular country. Therefore, GNI will be equal to GDP plus income from abroad, minus foreignowned production. GNI is thus used to reflect a country's total sources and uses of income, and thus the total amount of resources available to the citizens of a country.
(noncompulsory transfers from other governments or international organizations). As grants increase the government's net worth, they are recorded as a component of Revenue. Other Revenue is not presented in this publication, but it can be derived by subtracting the sum of the other Revenue components from the Revenue total. Expenses can be classified in two ways: by economic classification and functional classification. Economic classifications describe how (i.e., the method) the government supplies goods and services to society. Compensation of Employees is remuneration in cash or in kind (including social insurance contributions) to employees in return for work performed. Use of Goods and Services is the total value of goods and services purchased by the general government sector for use in production processes (it therefore excludes goods and services not used in production processes). Interest is payments paid by a debtor government on debt instruments. Subsidies are current transfers paid to enterprises including transfers to public corporations. Grants noncompulsory transfers paid to other government units international organizations. Social Benefits are current transfers paid to households (social benefits paid in kind to households are excluded). Other Expenses and Consumption of Fixed Capital make up the remainder of the Expense category—these can be derived by subtracting the presented expense categories from the Expense total. Functional classifications of expense describe why (i.e., for what purpose) an expense was incurred. It is important to note that functional classifications include acquisitions of nonfinancial assets which would not be captured under the economic classification of Expense (because such an acquisition would not affect net worth). А. distinction is drawn, therefore, by the use of the term Outlay for functional categorization. The Classification of Functions of Government (COFOG) was produced by the OECD and is used herein (see Classifications of Expenditure According to Purpose (New York, 2000). United Nations). All outlays for a particular function are collected in one category regardless of the method of implementation (e.g., cash transfers, vs. in kind transfers). Public Debt Transactions is a sub-category of the general functional category General Public Expenses and describes interest payments and outlays for underwriting and floating government loans but excludes administrative costs and public debt management.
PPP Indicates the use of Purchasing Power Parity (PPP) rationale to convert total annual output to international dollars. An international dollar adjusted for PPP has the same purchasing power over GDP as a U.S. dollar in the United States and buys an equivalent amount of goods or services irrespective of the country. PPP rates provide a standard measure allowing comparisons of real price levels between countries, just conventional price indexes allow comparison of real values over time. Values are in current dollars and are not adjusted for inflation. The PPP rates
National Income Source World Bank, World Development Indicators (online version) as of November, 2005. Definitions Gross national income (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. See the entry for GNI in "Selected Definitions" above for further information.
each country are estimated through extrapolation and regression analysis using data from the International Comparison Programme (ICP). Computation of the PPP involves deriving implicit quantities from national accounts expenditure data and specially collected price data and then revaluing the implicit quantities in each country at a single set of average prices. PPP estimates tend to lower per capita GDPs in industrialized countries and raise per capita GDPs in developing countries (more information on ICP is available online at http://www.worldbank.org/data/).
Population Figures are mid-year estimates derived from national census data. Projections are based on information regarding mortality rates, fertility trends, and net external migration.
Gross Domestic Product Estimates Source World Bank, World Development Indicators (online version) as of November, 2005; and Economic Survey of Latin America and the Caribbean 2004-2005, United Nations Economic Commission for Latin America and the Caribbean, Santiago, Chile, 2005. Definitions Gross domestic product at market prices Refer to the definition listed under "Selected Definitions" above. Annual growth (%) is the growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 1995 U.S. dollars. Current PPP US$m is a country's GDP converted to US dollars using the PPP rationale (see definition for PPP above). Constant 1995 US$m is GDP at purchaser's prices to represent the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 1995 U.S. dollars. Dollar figures for GDP are converted from domestic currencies using 1995 official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to
Gross Capital Formation Formerly referred to as Gross Domestic Investment (GDI), this measure consists primarily of outlays on additions to the fixed assets (capital) of an economy, as well as net changes in the level of inventories. Fixed assets cover land improvements, plant, machinery, and equipment purchases, and infrastructure development and maintenance. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales. By adding to capital stock, investment increases an economy's
Public Debt Outstanding Public and publicly guaranteed debt comprising long-term external obligations of public debtors, including the national government, political subdivisions (or an agency of either), and autonomous public bodies, and external obligations of private debtors that are guaranteed for repayment by a public entity. Data are in current U.S. dollars.
Note: For tables that list the source as USAID Development Information Services, Eo nic and Social Database, November 2005, data was
Sources and Technical Notes - Economy
actual foreign exchange transactions, the World Bank uses an alternative conversion factor. Notes Figures for 2005 are calculated using ECLAC's estimates of GDP growth. 2006 forecast figures are likewise calculated using ECLAC's published growth forecast. Regional aggregates for 2005 and 2006 are calculated based on ECLAC's estimates and forecasts for each region rather than summations of individual countries.
Reflected departmental capitals until 1999. g/ Due to new measurement methodology starting in 2003, earlier data for this country are not directly comparable. h/ Reflected seven metropolitan areas until 1999; 13 areas thereafter. k/ Until 1999, reflected the urban area total; thereafter reflects Cuenca, Guayaquil and Quito.
Table 7.3 External Debt Source World Bank, World Development Indicators (online version) as of June, 2005. Definitions Total external debt is the sum of public, publicly guaranteed and private nonguaranteed long-term debt, use of IMF credit, and short-term debt. Short-term debt includes all debt having an original maturity of one year or less and interest in arrears on long-term debt. Use of IMF credit denotes repurchase obli ns to the IMF for all uses of IMF resources (excluding those resulting from drawings on the reserve tranche). These obligations, shown for the end of the year specified, comprise purchases outstanding under the credit tranches, including enlarged access resources, and all special facilities (the buffer stock, compensatory financing, extended fund, and oil facilities), trust fund loans, and operations under the structural adjustment and enhanced structural adjustment facilities. Long-term debt is debt that has an original or extended maturity of more than one year. It has three components: public, publicly guaranteed, and private nonguaranteed debt. Total debt service is the sum of principal repayments and interest actually paid in foreign currency, goods, or services on long-term debt, interest paid on short-term debt, and repayments (repurchases and charges) to the IMF.
Real Average Wages Sources Economic Survey of Latin America and Caribbean 2000-2001, Economic Commission for Latin America and the Caribbean (ECLAC), United Nations, Santiago, Chile, 2002; and Economic Survey of Latin America and the Caribbean 20042005, United Nations Economic Commission for Latin America and the Caribbean, Santiago, Chile, 2005. Definition Real average wages reflect average wages relative to the 2000 average which is indexed to 100. Figures greater than 100 for any given year indicate higher average wages than in 2000. Notes 2004 figures are preliminary estimates published by ECLAC. a / Average wages reported by persons enrolled in the social security system. b/ Manufacturing. c/ Private sector in La Paz. d/ Workers covered by social and labor legislation. el General index of hourly wages. fl Nonagricultural enterprises with 10 workers or more. gi Private-sector manual workers in the Lima metropolitan area. Data for 2004 refers to labor income in the Lima Metropolitan area. h/ Private sector employment.
Country Tables (7.6 - 7.29) Ecuador (Table 7.14) Ecuador adopted the US Dollar as legal tender in March 2000. All items in the National Accounts therefore depict US dollars. El Salvador (Table 7.15) El Salvador formally adopted the US Dollar as its national currency in 2001. All items in the National Accounts and Government Finance therefore depict US dollars. Guyana (Table 7.17) Government Finance statistics are drawn from the Central Government Cash Flow Statement: Central Bank of Guyana, as of November 2005.
Urban Unemployment Rates the Caribbean 2004, Economic Commission for Latin America and the Caribbean (ECLAC/CEPAL), United Nations, Santiago, Chile, December 2004; and, Economic Survey of Latin America and Caribbean 2000-2001, Economic Commission for Latin America and the Caribbean (ECLAC), United Nations, Santiago, Chile, 2002.
Definition Unemployment is the share of the urban labor force that is without work but available for and seeking employment. Definitions of labor force and unemployment may vary by country.
Notes al Includes hidden unemployment. b/ Official estimates. c/ Reflected national total until 1999. d/ Reflected metropolitan region until 1999. el Due to new measurement methodology starting in 2003, earlier data for this country are not directly comparable. fl
2000 30 139 289 1,065 306 209 65
2003 21 127 355 1,084 302
2004 21 125 374 1,182 348 152 98 400 4,343
Growth Rate (%) 94-04 03-04 5.0 -2.3 6.8 -1.6 3.2 5.5 5.6 9.0 8.0 15.2 2.8 -24.0 7.6 38.5 57.0 53.5 4.5 3.1 22.1 -56.6
351 815 281 120 63 3 3,977 3 246
Anguilla St. Kitts and Nevis St. LuciaSt. Vincent and Grenadines SurinameTrinidad and Tobago Turks and Caicos Islands Caribbean
4,443 0 19 79 86 159 576 1,378 22
228 70 39 136 663 1,432 29 6 873 60
2,496 1,771 1,877 2,437 443 1,333 10,357
3,132 1,665 2,042 2,565 438 1,408 11,248
3,414 1,824 2,274 2,845 503 1,848 12,707
3,304 1,868 2,548 3,077 592 1,820 13,208
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What term describes an organizations acquisition of goods and services from an outside source in another country?
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