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p. 77 of 77 BACK | NEXT Foreword, Acknowledgments, Acronyms and Abbreviations, Definitions I. Developing Asia and the world II. Economic trends and prospects in developing Asia III. Promoting competition for long-term development Statistical appendix

Asian Development Outlook 2005

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Statistical notes and tables

The statistical appendix presents selected economic indicators for 42 developing member countries (DMCs) of the Asian Development Bank (ADB) in a total of 23 tables. These tables can generally be classified into the following accounts, namely: national accounts, both production and demand sides; labor (unemployment); prices; money supply; components of the balance of payments; external debt and debt service; exchange rates; international liquidity (gross international reserves); and government finance. The DMCs are grouped into five subregions: East Asia, Southeast Asia, South Asia, Central Asia, and the Pacific.

These tables contain historical data from 2000 to 2004. Forecasts for 2005 to 2007 are also provided in the following tables: growth rate of GDP (A1), growth rate of per capita GDP (A2), growth rate of value added in agriculture (A3), growth rate of value added in industry (A4), growth rate of value added in services (A5), gross domestic investment (A7), inflation (A8), changes in money supply (A9), growth rate of merchandise exports (A10), growth rate of merchandise imports (A12), trade balance (A13), current account balance (A14), current account balance as percent of GDP (A15), debt service ratio (A18), central government expenditures (A21), central government revenues (A22), and fiscal balance of central government (A23).

As much as possible, efforts were undertaken to standardize the data to allow comparability over time and across DMCs. However, limitations exist because of differences in statistical methodology, definitions, coverage, and practices. A discussion of the sources, definitions, scope, and nature of data in the 23 tables, as well as the methodology for the computation of regional and subregional averages or totals, follows.

Historical data are obtained from official sources, statistical publications, secondary publications, other working papers, and internal documents of the Asian Development Bank (ADB), International Monetary Fund (IMF), and World Bank. Data for 2004 for Afghanistan, Bhutan, and India are staff estimates. Projections for 2005 to 2007 are staff estimates except Papua New Guinea which used official government projections. Data in the tables are reported either on a calendar year or on a fiscal year basis. The DMCs that record most of their accounts on a calendar year basis (except government finance data, which are reported on a fiscal year basis) are: Cook Islands, Hong Kong, China; Lao People's Democratic Republic (Lao PDR); Samoa; Thailand; and Democratic Republic of Timor-Leste. Palau reports government finance and balance-of-payments data on a fiscal year basis. Some countries record the majority of their accounts on a fiscal year basis (see figure), with some of their accounts recorded on a calendar year basis, e.g., GDP data for Bhutan.

Regional and subregional averages/totals for DMCs are provided for nine economic indicator tables. Data for Afghanistan, Myanmar, and Nauru are excluded in the computation of subregional averages/totals due to measurement problems. Out of the nine economic indicator tables, six have regional and subregional averages (A1, A2, A8, A10, A12, and A15). Where there are missing data for a given year, regional and subregional averages are computed on the basis of the available information only. Meanwhile, regional and subregional totals are incorporated in three tables (A11, A13, and A14), except that in Table A11 subregional totals are represented in terms of percentage shares of the subregions' exports to DMCs (excluding the PRC), PRC, Japan, United States (US), and the rest of the world relative to the subregions' total exports to the world.

For four tables, (A1, A2, A8, and A15), levels of gross national income (GNI) in current US$ using the World Bank Atlas method are used as weights to calculate the subregional and regional averages. Tables on growth rates of merchandise exports and imports (A10 and A12) do not incorporate weights in the computation of averages; regional and subregional averages in these two tables are computed on the basis of a consistent sum, which means that if there are missing country data for a given year, the sum of the prior year used for computing the growth rate excludes the corresponding country data.

The GNI data, in current US$, for DMCs from 2000 to 2003 were obtained from the World Bank Group WDI Data Query (http://devdata.worldbank.org/data-query/). The most recent data, 2003, are also used to derive the weights for the computation of regional and subregional averages for 2004-2007. The GNI data, in current US$, for three of the DMCs are unavailable, namely Cook Islands; Taipei,China; and Tuvalu. For these economies, GNI data are estimated.

Six tables (A1, A2, A3, A4, A5, and A7) refer to the national income accounts. They show output and sector growth rates, as well as gross domestic investment (GDI) as a percentage of GDP. Definitions relating to output growth, production, and demand, are generally based on the United Nations System of National Accounts.

Sector shares of agriculture, industry, and services for 2003 are, respectively, presented in Tables A3 to A5. For Hong Kong, China, import duties and taxes net of imputed bank service charges are added to the services sector only for the computation of the sector shares to obtain a 100% sum for all sectors. In the case of Korea, the computation of sector shares is based on the share of each sector to the sum of gross value added. To compute the sector shares for Bhutan, Maldives, and Nepal, imputed bank service charges are added to total GDP to obtain a 100% sum for all sectors. In the case of Azerbaijan and Kazakhstan, sums of sector shares do not add up to 100% because of statistical discrepancies and differences in definitions (see below). However, for Azerbaijan and Kazakhstan, where the sum is not equal to 100%, import duties and taxes less imputed bank service charges are excluded in the sector data but are not netted out in the total value of output or GDP.

For Cook Islands, Fiji Islands, Tonga, and Vanuatu, the calculation of sector shares is based on the share of each sector to the sum of gross value added. Data on the sector breakdown of total value of output or GDP in constant prices are not available for Timor-Leste. For Samoa, imputed bank service charges are added to the services sector. For Papua New Guinea, import duties and taxes are excluded in the sector data but are also netted out in the total GDP level so that the sector shares still add up to 100%. For Kiribati, sector breakdown and sector shares are computed based on monetary factor costs, while for Solomon Islands and Tuvalu, sector shares are based on GDP at constant factor costs.

Sector shares are computed based on constant prices except Marshall Islands and Palau where shares are based on current prices. GDP sector breakdown is not available for the Federated States of Micronesia (FSM).

Gross domestic investment (GDI) from the expenditure side of the national income accounts is also presented in Table A7. This represents final expenditures on investment at purchasers' prices. It is presented as a percentage of GDP, valued at current prices.

The following paragraphs examine the tables in more detail.

Table A1: Growth rate of GDP (% per year). This shows annual growth rates of GDP valued at constant market prices, factor costs, or basic prices. GDP at market prices is the aggregation of the value added of all resident producers at producers' prices including taxes less subsidies on imports plus all nondeductible value-added or similar taxes. Factor cost measures differ from market price measures in that they exclude taxes on production and include subsidies. Basic price valuation is the factor cost plus some taxes on production, such as property and payroll taxes, and less some subsidies, such as labor-related subsidies but not product-related subsidies. Most DMCs use constant market price valuation. South Asian countries predominantly use constant factor costs, including Bhutan, India, Nepal, Pakistan, and Sri Lanka, while the Maldives' GDP valuation is at basic prices. Among the Pacific countries, Fiji Islands, Solomon Islands, and Tuvalu employ constant factor cost valuation. For Hong Kong, China, the computations of real GDP and sector growth rates are based on volume indexes.

Table A2: Growth rate of per capita GDP (% per year). The table provides the growth rates of real per capita GDP, which is defined as GDP at constant prices divided by the population. Data on per capita gross national product in US$ terms for 2003, sourced from the World Bank, are also shown.

Table A3: Growth rate of value added in agriculture (% per year). The table shows the growth rates of value added in agriculture and its corresponding share in 2003. The agriculture sector includes agricultural crops, livestock, poultry, fisheries, and forestry.

Table A4: Growth rate of value added in industry (% per year). The table provides the growth rates of value added in industry and its corresponding share in 2003. This sector includes the manufacturing and nonmanufacturing subsectors. Mining and quarrying, construction, and utilities fall under the latter subsector.

Table A5: Growth rate of value added in services (% per year). The table gives the growth rates of value added in services and its corresponding share in 2003. Subsectors include trade, banking, finance, real estate, public administration, and other services. For Uzbekistan, construction is included in services.

Table A6: Unemployment rate (%). The unemployment rate is the percentage of the labor force that actively seeks work but is unable to find work at a given time. The unemployment rates of the PRC and Viet Nam refer to unemployment in urban areas only. For Mongolia, the 2003 unemployment rate was sourced from the latest labor force survey which adopts, for the first time, international practices and standards for unemployment computation. For Sri Lanka, data for 2004 refer to the third quarter only. For the Pacific countries, data are primarily obtained from various national censuses, national poverty assessment reports undertaken by the ADB for the period 2002-2003, and the Secretariat of the Pacific Community's Pacific Regional Information System database.

Table A7: Gross domestic investment (% of GDP). This table provides the ratio of GDI to GDP. GDI is the sum of gross fixed capital formation plus changes in inventories. Gross fixed capital formation is measured by the total value of a producer's acquisitions, less disposals, of fixed assets in a given accounting period. Additions to the value of nonproduced assets, e.g., land, form part of gross fixed capital formation. Inventories are stocks of goods held by institutional units to meet temporary or unexpected fluctuations in production and sales. For the Lao PDR, investment approvals based on staff estimates are used as the GDI figure.

Table A8: Inflation (% per year). Except India, which reports the wholesale price index; Kiribati and Solomon Islands, which use the retail price index; and FSM, which uses the implicit GDP deflator, annual inflation rates presented are based on a consumer price index (CPI). For most DMCs, the reported inflation rates represent period averages except Bhutan and the Cook Islands, which use end-of-period data. The data for Singapore are on a calendar year basis, yet the base year used for the computation of inflation rates is November 1997-October 1998. For Palau, the figure for 2004 is as of March only, while the figure for Marshall Islands is as of September only. For Sri Lanka, inflation is calculated using the Sri Lanka CPI (replacing the Colombo CPI), which measures all-island price movements and uses an updated basket of goods with 1995-1997 as the base period. The CPIs of the following countries are for a given city or group of consumers only: Afghanistan is for Kabul, Cambodia is for Phnom Penh, Kiribati is for Tarawa, Palau is for Koror state, Marshall Islands is for Majuro, Solomon Islands is for Honiara, and Nepal and Papua New Guinea are for urban consumers.

Table A9: Growth in money supply (% per year). This table tracks the annual percentage change in the end-of-period supply of broad money as represented by M2 (for most DMCs). M2 is defined as the sum of M1 and quasi-money where M1 denotes currency in circulation plus demand deposits and quasi-money consists of time and savings deposits including foreign currency deposits. For Korea, M2 includes transferable savings deposits. For Sri Lanka, money supply (M2b) includes time and savings deposits held by commercial banks' foreign currency banking units. For FSM, broad money consists only of deposits, while for India, Kazakhstan, and Philippines, broad money is represented by M3, defined as M2 plus other assets that are less liquid than what would be classified under M2 and M1. For India, 2004 data refer to April 2004-January 2005 only. For Vanuatu, money supply growth for 2004 is as of end-October 2004. For Timor-Leste, M2 excludes currency holdings by the public, for which data are not available.

Tables A10, A12, A13, A14, A15, A16: Balance of payments. This set of tables primarily contains items from the balance of payments (BOP). These items cover the annual flows recorded in the BOP account. Data for Nepal have been revised based on the new BOP format. The revisions are consistent with the fifth edition of IMF's Balance of Payments Manual. Substantial changes and additions in almost all BOP items have been implemented in the new format. The new format was implemented for FY2003 data, with the data for FY2001 and FY2002 also being converted to the new format.

Tables A10 and A12: Growth rates of merchandise exports and imports (% per year). The annual growth rates of exports and imports, in terms of merchandise goods only, are shown in these tables. Data are in million US$, primarily obtained from the BOP account of each DMC. Exports in general are reported on a free-on-board (f.o.b.) basis. In this case, exports are valued at the customs frontier of the exporting country plus export duties and the costs of loading the goods onto the carrier unless the latter is borne by the carrier. It excludes the cost of freight and insurance beyond the customs frontier. For Cambodia, exports refer to domestic exports. Import data are reported either on an f.o.b. or c.i.f. (cost, insurance, freight) basis. On a c.i.f. basis, the value of imports includes the cost of international freight and insurance up to the customs frontier of the importing country. It excludes the cost of unloading the goods from the carrier unless it is borne by the carrier.

For East Asia, all economies report imports on an f.o.b. basis except Mongolia which records them on a c.i.f. basis. Imports are valued on an f.o.b. basis for Indonesia, Malaysia, and Viet Nam while the rest of the Southeast Asian countries' imports are valued on a c.i.f. basis. For the Philippines, import data from 2003 were adjusted to correct an understatement of consigned raw materials for electronics exports. Bhutan records imports on c.i.f. basis while Bangladesh, and India, Maldives, Nepal, Pakistan, and Sri Lanka value them on an f.o.b. basis. For 2004, export and import growth rates for India refer to April-September only. For most of the Central Asian republics, all imports are costs on an f.o.b. basis. Most of the Pacific countries report imports on an f.o.b. basis while imports of Cook Islands, Papua New Guinea, and Samoa are recorded on a c.i.f. basis. For Samoa, exports and imports growth for 2004 are computed based on the levels for the first 3 quarters of 2004 only vis-ą-vis the levels for the same period in 2003.

Table A13: Trade balance (US$ million). The trade balance is the difference between merchandise exports and merchandise imports. Figures on this table are based on the export and import levels used to generate Tables A10 and A12. For the Philippines, the calculation of the trade balance from 2003 includes the understatement adjustment. For Samoa, data for 2004 are as of September only.

Table A14: Current account balance (US$ million). The current account balance is the sum of the balance of trade for merchandise, net trade in services and factor income, and net transfers. In the case of Bangladesh, Cambodia, Lao PDR, Mongolia, and Viet Nam, official transfers are excluded from the current account balance. For the Philippines, the calculation of the current account balance from 2003 includes the consigned raw materials understatement adjustment; inclusion of overseas workers' remittances through informal channels; and revision of trade credits. For Samoa, 2004 data on current account balance include the first 3 quarters only.

Table A15: Current account balance (% of GDP). The values reported in Table 14 are divided by GDP at current prices in US$. In the case of Bhutan, GDP for the previous calendar year is used as the denominator.

Table A16: Foreign direct investment (US$ million). Foreign direct investment refers to equity capital, reinvested earnings, and other capital associated with the transactions of the enterprises, net of repatriations and intercompany loan repayments. For the PRC, foreign direct investment refers to investments of foreign enterprises, economic organizations, and individuals through joint ventures and cooperation; reinvested earnings; and enterprises' borrowings from abroad under approved investment projects. Data on foreign direct investment for Korea comprise equity purchases and long-term, intercompany loans. In the case of Cambodia and the Lao PDR, gross capital flows, instead of net capital flows, are presented. For Bangladesh, only those capital investments passing through banking channels are reported. Data for the Maldives are derived from the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2004 and refer to gross inflows.

Table A17: External debt outstanding (US$ million). For most DMCs, external debt outstanding--public and private--includes long-term debt, short-term debt, and IMF credit. The external debt reported by Cambodia and the Lao PDR also excludes that owed to the Russian Federation and the US. For 2004, the external debt figures for the Philippines and Taipei,China are as of end-September only. Data for the Maldives are for the public sector only. Total external debt outstanding for the Fiji Islands includes external debt of the Government, statutory bodies, and the private sector. The FSM's data on external debt are unadjusted for offsetting assets. For Samoa, the figure for 2004 is as of end-September 2004 only.

Table A18: Debt service ratio (% of exports of goods and services). This table presents the total debt service payments of each DMC as a percentage of exports of goods and services. Total debt service payments comprise principal repayments (excluding on short-term debt) and interest payments on outstanding external debt. For Taipei,China, the debt service refers to external public debt only and its 2004 figure is as of end-September only. Exports of goods are used as the denominator in the calculation of the ratio for PRC, Mongolia, Pakistan, Papua New Guinea, and Viet Nam. For the Philippines, exports of goods and services, income receipts, and workers' remittances under current transfers are used as the denominator in the calculation of the ratio. For Bangladesh, the ratio represents debt service payments on medium- and long-term loans as a percentage of exports of goods, nonfactor services, and workers' remittances. For Azerbaijan, the ratio represents public and publicly guaranteed external debt service payments as a percentage of exports of goods and nonfactor services.

Table A19: Exchange rates to the US dollar (annual average). The ­annual average exchange rates of the DMCs are quoted in local currencies per US dollar. For India, the average is based on data from April 2004-February 2005 only. The data for the Cook Islands are in calendar years during 2000-2004. Data for the Fiji Islands are end-period rates. For Samoa, the exchange rate in 2004 was computed using monthly averages from January to September and end-month rates from October to December.

Table A20: Gross international reserves (US$ million). Gross international reserves (GIR) are defined as the US$ value of holdings of special drawing rights (SDR), reserve position in IMF, foreign exchange, and gold at the end of a given period. Most DMCs report GIR without gold. However, for Southeast Asian countries, gold is included in the computation of gross international reserves. For a few countries, GIR data are reported as of the end of the fiscal year as indicated in the figure at the start of these notes. For Taipei,China, GIR refers to foreign exchange reserves only. For India, GIR refers to foreign currency assets, and data for the fiscal year are until 11 March 2005 only. For the Maldives, GIR comprises foreign assets of the Maldives Monetary Authority. For Pakistan, GIR consists of net foreign reserves with the State Bank of Pakistan. For Azerbaijan, GIR includes Oil Fund assets. GIR data for Fiji Islands, Samoa, Solomon Islands, Timor-Leste, Tonga, and Vanuatu refer to gross official foreign exchange reserves. For Kiribati, GIR refers to total official external assets. For Vanuatu, data reported for 2004 cover the period until September 2004 only. In the case of Papua New Guinea, GIR includes the Bank of Papua New Guinea's holdings of gold.

Tables A21, A22, and A23: Government finance. This set of tables refers to the revenue and expenditure transactions as well as the fiscal balance of the central government. For Azerbaijan, PRC, India, Mongolia, Kazakhstan, and Tajikistan, transactions are those reported by the general government. The shares of these major fiscal items as against GDP are calculated for this group of tables. For Bhutan, ratios are calculated relative to the previous calendar year's GDP.

Table A21: Central government expenditures (% of GDP). Central government expenditures comprise all nonrepayable payments to both current and capital expenses, plus net lending. These amounts are computed as a percentage of GDP at current prices. For Singapore, expenditures refer to outlays made from the Consolidated Revenue Account, Development Fund Account and Sinking Fund Account plus net lending minus repayments. For Thailand, expenditures refer to budgetary expenditures excluding externally financed expenditure and corresponding borrowing. For Bangladesh, expenditures include a residual. One-time expenditures are excluded but a statistical discrepancy is included for Pakistan. For Tuvalu, Tuvalu Trust Fund transfers are excluded.

Table A22: Central government revenues (% of GDP). Central government revenues comprise all nonrepayable receipts, both current and capital, plus grants. These amounts are computed as a percentage of GDP at current prices. For Singapore, revenue refers to receipts credited to Consolidated Revenue Account, Development Fund Account and Sinking Fund Account, including investment income, capital receipts, and investment adjustments. In some countries, other revenue items are included or excluded in the reported revenue figures: social security contributions are excluded for Korea; grants are excluded for Cambodia, Lao PDR, Malaysia, Singapore, Thailand, and Viet Nam; capital receipts are excluded but revenues from disinvestment are included for India; only current revenues are included for Bangladesh and Pakistan; privatization proceeds are excluded for Sri Lanka; sales from assets are excluded for the Fiji Islands; the Revenue Equalization Reserve Fund income is included for Kiribati; the Compact Trust Fund is included for the Marshall Islands; and Consolidated Investment Fund drawdowns are included for Tuvalu. The series for Sri Lanka has been revised to include grants.

Table A23: Fiscal balance of central government (% of GDP). Fiscal balance is the difference between central government revenues and expenditures presented in nominal local currency. The difference is also computed as a share of GDP. Data variations may arise due to statistical discrepancies, e.g., balancing items for both central and local governments, and differences in the concept used in the individual computations of revenue and expenditures as compared with the calculation of the fiscal balance. For Hong Kong, China, the fiscal balance excludes the proceeds from bond issuances. For Singapore, the net investment income contribution is included in the computation of the fiscal balance in 2002 and 2003. For Thailand, the fiscal balance is a cash balance composed of the budgetary balance and nonbudgetary balance. The series for Sri Lanka has been revised to include grants. For Kazakhstan, privatization proceeds are treated as financing items rather than revenues in 2002. Some off-budget accounts are included in the computation of the fiscal balance for Turkmenistan. For the Fiji Islands, the computation of the fiscal balance does not include the proceeds from the sale of assets.

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