Statistical Yearbook for Asia and the Pacific 2011
 
Technical notes - III. Economy PDF format
Macroeconomic trends

Economic growth

Gross Domestic Product in constant prices (billion 2005 US dollars, % change per annum, 2005 US dollars per capita, % change per capita per annum)

The total market value of all final goods and services produced within the national borders in a given period of time, expressed in billions of constant 2005 United States dollars; also known as real GDP. Indicator calculations: Per capita figures are based on population figures (WPP2010). Aggregate calculations: Sum of individual country values (billion 2005 US dollars); and weighted averages using total population as weight (per capita). Average annual growth of aggregate values (% change per annum, % change per capita per annum). Missing data are not imputed.

Gross Domestic Product in constant prices (2005 PPP dollars per capita)

GDP per capita calculated in 2005 PPP dollars are considered better in making comparisons than United States dollar values in assessing purchasing power per person. Indicator calculations: Per capita figures are based on population figures (WPP2010). Aggregate calculations: Weighted averages using total population as weight. Missing data are not imputed.

Gross Domestic Product in current prices (billion US dollars, US dollars per capita)

GDP in the prices of the current reporting period; also known as nominal GDP. Indicator calculations: Per capita figures are based on population figures (WPP2010); Aggregate calculations: Sum of individual country values (billion US dollars); and weighted averages using total population as weight (per capita). Missing data are not imputed.

Gross national income in current prices (billion US dollars, US dollars per capita)

Gross national income (GNI) is GDP less net taxes on production and imports, less compensation of employees and property income payable to the rest of the world, plus the corresponding items receivable from the rest of the world (i.e., GDP less primary incomes payable to non-resident units, plus primary incomes receivable from non-resident units). Indicator calculations: Per capita figures are based on population figures (WPP2010). Aggregate calculations: Sum of individual country values (billion 2005 US dollars); and weighted averages using population as weight (per capita). Missing data are not imputed.

Gross domestic investment rate in current prices (% of GDP; % change in % of GDP per annum)

The sum of gross fixed capital formation and changes in stocks divided by the total GDP. Indicator calculations: Percentages of GDP are based on national accounts data in national currencies (NAMAD). Aggregate calculations: Weighted averages using GDP in current United States dollars as weight (percentage of GDP). Average annual growth of aggregate values (% change per annum). Missing data are not imputed.

Value added in constant prices: agriculture, industry and services (% of value added; % change in % of value added per annum)

Generation of gross value added by the ISIC industrial classification of economic activity. Agriculture includes agriculture, hunting, forestry and fishing. Industry includes construction, mining, manufacturing and utilities. Services include transport, storage and communication; wholesale, retail, restaurants, hotels and other types of enterprises. Indicator calculations: Percentages of total value-added figures are based on national accounts data in national currencies (NAMAD). Percentage change per annum is based on value added components in national currency. Aggregate calculations: Weighted averages using GDP in constant 2005 US dollars as weight (% of GDP). Average annual growth of aggregate values (% change per annum).

Source of economic growth data (other than in PPP): NAMAD. Individual country data are collected from national statistical offices of countries by UNSD in the United Nations – National Account Questionnaire (UN-NAQ); data on countries and years that are missing from UN-NAQ are estimated by UNSD. Data obtained on: 17 February 2011.

Source of GDP in PPP prices: WDI. National accounts data are compiled by the World Bank using OECD national accounts. The World Bank makes some adjustments to the data. Data obtained on: 17 February 2011.

Fiscal balance

Government revenue (% of GDP)

Total current and capital revenues received by the central Government. Aggregate calculations: Weighted averages using GDP as weight. Missing data are not imputed.

Government expenditure (% of GDP)

The sum of current and capital expenditures of the central Government. Aggregate calculations: Weighted averages using GDP as weight. Missing data are not imputed.

Fiscal balance (% of GDP)

The difference between total revenues and total expenditures of the central government. Aggregate calculations: Weighted averages using GDP as weight. Missing data are not imputed.

Source of fiscal balance: Asian Development Bank, Key Indicators for Asia and the Pacific 2010 (Manila, 2010). Data on government expenditures and revenue are mostly taken from country sources. The coverage of budget data is not standard throughout the region. Data provided by many economies refer only to the central government, but in other economies cover provincial and local governments. Data obtained on: 28 September 2010.

Monetary measures

Inflation rate (% per annum)

The rate of increase of the level of prices during a given period. It is the percentage change in the consumer price index between two points in time. Aggregate calculations: Weighted averages using the household consumption expenditure component of the GDP as weight. Missing data are not imputed.

Central bank discount rate (% per annum)

The rate at which the central bank lends or discounts eligible paper for deposit money to banks, typically reported on an end-of-period basis.

Average exchange rate (national currency per US dollar; % change per annum)

Units of national currency required to purchase one United States dollar, usually representing the period average. For some countries or areas, mid-point rates, or the average of buying and selling rates, are used. The average annual rate of change in the exchange rate of the national currency against the United States dollar for the period indicated. A positive value means that the national currency has weakened; a negative value indicates a stronger national currency.

Source of inflation: International Monetary Fund (IMF), International Financial Statistics (CD-ROM, January 2011). Inflation: The data series are compiled from reported versions of national indices. Variation is wide between countries and over time in the selection of base years, depending upon the availability of comprehensive benchmark data that permit an adequate review of weighting patterns. The series are linked by using ratio splicing at the first annual overlap; the linked series are shifted to a common base period 2005=100. Central bank discount rate: IMF, Special Data Dissemination Standard (SDDS; available from http://dsbb.imf.org/Pages/SDDS/Home.aspx). SDDS subscribers make a commitment to observe the standard and to provide information about their data and data dissemination practices (metadata) for the Dissemination Standards Bulletin Board (DSBB). Data are reported by countries. Data obtained on: 08 April 2011. Average exchange rate: IMF maintains a database of official exchange rates from countries. Rates are normally provided as currency units per United States dollar to the IMF by the issuing central bank. Rates are normally reported for members whose currencies are used in IMF financial transactions. Data obtained on: 26 April 2011.

Labour market

Employment

Total employment (thousands % change per annum)

The number of persons of working age who, during a specified brief period, either one week or one day, were in either paid employment or self-employment. Aggregate calculations: ILO Employment Trends unit. Growth rates are calculated as the average annual rate of change of the regional sums.

Labour productivity growth rate (% change per annum)

Labour productivity per employed person in EKS PPPs (developed by O. Elteto, P. Koves and B. Szulc [Schultz]). EKS is used in computing the nth root of the product of all possible Fisher indexes between n countries; and in obtaining GDP parity. EKS has the properties of base-country invariance and transitivity. Aggregate calculations: ILO Employment Trends unit calculates aggregate labour productivity (using data of the Conference Board; accessible at www.conference-board.org/data/ economy database). Growth rates are calculated as the average annual rate of change of the regional sums.

Employment-to-population ratio: total, female and male (% of population/females/males aged 15 and above)

The proportion of the working-age population that is employed. For most countries, the working-age population is defined as persons aged 15 and above, although that may vary slightly from country to country. Aggregate calculations: ILO Employment Trends unit.

Agriculture/industry/services employment (% of total employment)

Agriculture: Employment in agriculture, hunting, forestry and fishing of total employment. Industry: Employment in mining and quarrying, manufacturing, construction and public utilities (electricity, gas and water). Services: Employment in wholesale and retail trade, restaurants and hotels, transport, storage and communications, finance, insurance, real estate and business services, and community, social and personal services. Aggregate calculations: ILO Employment Trends unit.

Employees/employers/other self-employed (% of total employment)

Employees: Those workers who hold the type of job defined as “paid employment jobs”. Paid employment jobs are those jobs that the incumbents hold with explicit (written or oral) or implicit employment contracts, which give them a basic remuneration that does not directly depend on the revenue of the unit for which they work. (The unit may be a corporation, a non-profit institution, a government unit or a household.) Some or all of the tools, capital equipment, information systems and/or premises used by the incumbents may be owned by others, and the incumbents may work under direct supervision of, or according to strict guidelines set by, the owner(s) or persons in the owners’ employment. (Persons in “paid employment jobs” are typically remunerated by wages and salaries, or may be paid partly by commission from sales or by piece-rates, bonuses or in-kind payments such as food, housing or training.) Employers: Those workers who work on their own account or with one or a few partners, and who have, on a continuous basis (including the reference period), engaged one or more persons to work for them in their business as “employee(s)”. Other self-employed: own-account workers, members of producer’s cooperatives and contributing family members. Aggregate calculations: ILO Employment Trends unit.

Unemployment/youth unemployment rate: total, female, and male (% of labour force)

Unemployment: Persons of working age who, during the reference period, were without work, currently available for work and seeking work. National definitions and coverage of unemployment may vary. Youth unemployment: The number of young persons aged 15-24 unemployed. Aggregate calculations: ILO Employment Trends unit.

Source of employment data (except labour productivity): ILO, Key Indicators of the Labour Market (KILM), Sixth Edition (available from www.ilo.org/empelm/pubs/WCMS_114060/lang–en/ index.htm). The ILO Employment Trends unit has designed and maintains three econometric models that are used in estimating labour market indicators of the countries and years for which no real data exist, disaggregated by sex and age. Employment-topopulation ratio, unemployment rate and employment by sector: Information was derived from a variety of sources, including household or labour force surveys, official estimates and censuses provided by countries to the ILO. In a very few cases, information was derived from insurance records and establishment surveys. Employment by status: Most of the information was gathered from three international repositories of labour market data: (a) ILO Department of Statistics, which publishes the Yearbook of Labour Statistics (accessible at www.ilo.org/stat/Publications/ Yearbook/lang–en/index.htm) and the LABORSTA database (accessible at http://laborsta.ilo.org); (b) Organisation for Economic Co-operation and Development (OECD); and (c) the Labour Market Indicators Library (LMIL). Data obtained from 04 March to 27 April 2011.

Source of labour productivity: The Conference Board Total Economy Database (accessible at www.conferenceboard. org/data/economydatabase). The output measures in the database represent GDP at market prices, which are obtained from national accounts sources from international organizations and national statistical institutes. United States dollar market prices are converted to PPPs using EKS PPPs unpublished estimates from the Center for International Comparisons at the University of Pennsylvania (accessible at http://pwt.econ. upenn.edu) which are benchmarked on 2005 PPPs from the International Comparison Program of the World Bank (accessible at http://siteresources.worldbank.org/ ICPEXT/Resources/ICP_2011.html). Some adjustments have been made by the Conference Board. A consistent and comparable measure of employment for all countries does not currently exist. Data obtained on: 30 March 2011.

International relations

International trade

Imports and exports of merchandise (million US dollars; % of GDP; % change per annum)

The value of all goods which add/subtract to the material resources of a country as a result of their movement into or out of the country. Ordinary commercial transactions, government trade (including foreign aid, war reparations and trade in military goods), postal trade and all kinds of silver (except silver coins after their issue) are therefore included. Monetary gold, and currency and titles of ownership after their issue into circulation, are excluded since their movement affects monetary rather than material resources. Indicator calculations: Percentage of GDP figures are based on GDP in current United States dollars. Aggregate calculations: Sum of individual country values (million United States dollars); weighted averages with GDP in United States dollars as weight (% of GDP); growth rates are calculated as the average annual rate of change of the regional sums. Missing data are not imputed.

Current account balance (% of GDP)

The net difference between credit and debit flows from goods, services and income divided by GDP. It also includes current transfers that cross national borders, but not transactions in financial assets and liabilities that are recorded in the capital account.

Imports/exports of services (million US dollars; % change per annum)

The total value of non-resident to resident (imports) and resident to non-resident (exports) trade in services. While the 1993 System of National Accounts (SNA) defines services as outputs produced to order and which cannot be traded separately from their production, in practice service industries (or activities) are taken to be those in sections G to Q, inclusive, of ISIC, Rev. 3. Aggregate calculations: Sum of individual country values (million United States dollars); growth rates are calculated as the average annual rate of change of the regional sums. Missing data are not imputed.

Imports/exports by service; transport, travel, financial, and computer and information (% of total services imports/exports)

The proportion of each service in services trade. Transport services: Imports and exports take place when a resident in one economy performs transport services for a non-resident that involves the carriage of passengers, the movement of goods (freight), rentals (charters) of carriers with crew, and related supporting and auxiliary services. Excluded are freight insurance (included in insurance services); goods procured in ports by non-resident carriers and repairs of transportation equipment (both are treated as goods, not services); repairs of railway facilities, harbours and airfield facilities (included in construction services); and rentals or charters of carriers without crew (included in operational leasing services). Travel services: Primarily the goods and services acquired in an economy by travellers during visits of less than one year. The goods and services are purchased by, or on behalf of, the traveller; or provided, without a quid pro quo (that is, are provided as a gift), for the traveller to use or give away. Excluded are transportation of travellers within the economies that they are visiting, where such transportation is provided by carriers not resident in the economy being visited, as well as the international carriage of travellers, both of which are covered in passenger services under transportation. Financial services: Financial intermediation and auxiliary services provided by banks, stock exchanges, factoring enterprises, credit card enterprises and other enterprises. Computer and information services: It is subdivided into computer services (hardware and software related services and data processing services), news agency services (provision of news, photographs, and feature articles to the media), and other information provision services (database services and web search portals). Aggregate calculations: Weighted averages using total imports and exports of services as weight. Missing data are not imputed.

Imports/exports of merchandise from/to ASEAN; ASEAN+3; APTA; and SAFTA (% of imports/exports of merchandise)

The share of merchandise imports or exports by each individual trade-group member country to/from other member countries; presented as a share of the total merchandise imports or exports for that country. The indicator reflects aggregate merchandise imports or exports by each individual trade-group member county to/from other member countries. ASEAN: member countries are Brunei Darussalam, Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste and Viet Nam. ASEAN+3: member countries are the ASEAN members plus China, Japan and the Republic of Korea. APTA: member countries are Bangladesh, China, India, Lao People’s Democratic Republic, Republic of Korea and Sri Lanka. SAFTA: member countries are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. Indicator calculations: Aggregate merchandise imports and export by individual trade group member country to/from other member countries. Aggregate calculations: The share of imports/exports of a trade group from/to a trade group divided by the sum of total imports/total exports. Missing data are imputed.

Source of import and export of merchandise trade: World Trade Organization (WTO). Figures for total merchandise trade are largely derived from IMF, International Financial Statistics (CD-ROM, January 2011). WTO obtains data on merchandise trade by origin, destination and product from the Statistical Office of the European Communities (Eurostat) COMEXT database (data available from http://epp.eurostat.ec.europa.eu/newxtweb/mainxtnet.do); World Trade Atlas, the database of Global Trade Information Services, Inc. (accessible at www.gtis.com/english/GTIS_WTA.html); the United Nations Commodity Trade Statistics Database (COMTRADE; accessible at http://comtrade.un.org/db/); and other sources. Some inconsistencies are inevitable between sources in the aggregate export and import data of a particular country or territory, attributable to the use of different systems of recording trade, to the way in which IMF and UNSD have converted data expressed in national currencies into dollars, and to revisions which can be more readily incorporated in the IMF data. Data obtained on: 24 March 2011.

Source of current account balance: IMF, World Economic Outlook Database. IMF staff analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.) and individual countries, form the data. The database focuses on major economic policy issues as well as analysis of economic developments and prospects. It is usually prepared twice a year, as documentation for meetings of the International Monetary and Financial Committee, and is the main instrument of IMF global surveillance activities. Data obtained on: 22 April 2011.

Source of imports and exports of services: Data from World Trade Organization (WTO). Figures for imports and exports of services are mainly drawn from the IMF Balance of Payments Statistics. For economies that do not report to the IMF data are drawn from national sources. Estimations for missing data are mainly based on national statistics. Figures on imports and exports of services by origin and destination are also derived from national statistics. Data obtained on: 23 June 2011.

Source of imports and exports by service: United Nations Service Trade Statistics Database (accessible at http://unstats.un.org/unsd/servicetrade/default.aspx). The main sources of data are national statistical offices, central banks and Eurostat. Data obtained on: 20 June 2011.

Source of imports and exports of merchandise to/ from trade groups: COMTRADE. UNSD receives reports of individual country values from countries and makes no adjustments. Data obtained on: 21 March 2011.

International financing

Foreign direct investment (FDI) defined

FDI includes the three components of equity capital, reinvested earnings and intra-company loans. (1) Equity capital is the foreign direct investor’s purchase of shares of an enterprise in a country other than that of its residence. (2) Reinvested earnings comprise the direct investor’s share (in proportion to direct equity participation) of earnings not distributed as dividends by affiliates or earnings not remitted to the direct investor. Such retained profits by affiliates are reinvested. (3) Intra-company loans or intracompany debt transactions refer to short- or longterm borrowing and lending of funds between direct investors (parent enterprises) and affiliate enterprises. Ownership or control of less than 10% of a business is not considered to be FDI.

FDI inward and outward stock (million US dollars; % of GDP)

Represents the value of the share of capital and reserves (including retained profits) attributable to the parent enterprise, plus the net indebtedness of affiliates to the parent enterprise. Inward stock: The value of the capital and reserves in the economy attributable to a parent enterprise resident in a different economy. Outward stock: The value of capital and reserves in another economy attributable to a parent enterprise resident in the economy. Indicator calculations: Percentage of GDP figures are based on GDP in current United States dollars. Aggregate calculations: Sum of individual country values (million United States dollars); and divided by total GDP in United States dollars (% of GDP). Missing data are not imputed.

FDI inflows/outflows (million US dollars; % of GDP)

Capital provided (directly or through other related enterprises) by a foreign direct investor to an enterprise, or capital received by a foreign direct investor from an enterprise. FDI inflows comprise capital provided (directly or through other related enterprises) by a foreign direct investor to an enterprise in the reporting economy. FDI outflows are capital received by a foreign direct investor from entities resident in the reporting economy. Indicator calculations: Percentage of GDP figures are based on GDP in current United States dollars. Aggregate calculations: Sum of individual country values (million United States dollars); and divided by total GDP in United States dollars (percentages of GDP). Missing data are not imputed.

ODA received (million US dollars; % change per annum; % of GDP)

The amount of official development assistance (ODA) received in grants and loans during the reporting period, expressed in million United States dollars; percentage change, and as a percentage of GDP. Indicator calculations: Percentage of GDP figures are based on GDP in current United States dollars. Aggregate calculations: Sum of individual country values. Growth rates are calculated as the average annual rate of change of the regional sums. Missing data are not imputed.

Workers remittances received (million US dollars; % of GDP)

Current transfers from abroad are money transferred by migrants who are employed (or intend to remain employed) for more than a year in an economy (in which they are considered residents) to persons (typically family) in the home country of the migrant. Indicator calculations: Percentage of GDP figures are based on GDP in current United States dollars. Aggregate calculations: Sum of individual country values. Missing data are not imputed.

Debt service (% of exports of goods, services and income from abroad)

The sum of interest payments and repayment of principal on international debt, divided by the value of exports of goods and services and income from abroad. Indicator calculations: The percentage figures are based on total exports of goods, services and income from abroad. Aggregate calculations: Weighted averages using the value in United States dollars of exports of goods, services and net income from abroad as weight. Missing data are imputed.

Net external debt (million US dollars; % of GDP)

The outstanding net amount of those current, and not contingent, liabilities owed to non-residents by residents of an economy that require payments either of principal and/or interest by the debtor at some point in the future. Residents comprise the general government, individuals, private non-profit bodies and enterprises. Indicator calculations: Percentage of GDP figures are based on GDP in current United States dollars. Aggregate calculations: Sum of individual country values (million United States dollars); weighted averages using GDP in United States dollars as weight (% of GDP). Missing data are not imputed.

Source of FDI data: United Nations Conference on Trade and Development (UNCTAD), FDI Statistics (online database, accessible at www.unctad.org/templates/ page.asp?intItemID=3198). UNCTAD collects data through national compilers (such as central banks, various ministries and statistical offices). Data sources of FDI are complemented by corporate reports and information from the press. In the absence of primary sources, UNCTAD uses data from regional and international organizations or research institutions. Data are continually updated, depending on availability and resources. Data obtained on: 09 August 2010.

Source of worker remittances data: IMF, Balance of Payments Statistics (CD-ROM January 2011). IMF balance of payments data are presented in accordance with the standard components of the fifth edition of the Balance of Payments Manual (BPM5; available at www.imf.org/external/pubs/ft/bopman/bopman.pdf). IMF data conversion work has made possible the presentation in the BPM5 format of both historical data and more recent statistics reported by member countries. All balance of payments data are expressed in United States dollars. The database includes IMF country reports with data in national currencies or SDRs in addition to the dollar equivalents. IMF provides estimates in place of missing data. The estimation procedure relies largely on the World Economic Outlook Database. Data obtained on: 11 January 2011.

Source of debt services: MDG Indicators Database, sourced from the World Bank. The World Bank bases its estimates of country-level data on data produced and provided by countries. Adjustments are made to some data for international comparability and compliance with internationally agreed standards, definitions and classifications, such as age group and ISCED. Data obtained on: 21 July 2010.

Source of ODA data: OECD, Development Database on Aid from DAC Members (online database accessible at www.oecd.org/document/33/0,2340,en_2649_344 47_36661793_1_1_1_1,00.html). The Development Assistance Committee (DAC) publishes statistics and reports on aid and other resource flows to developing countries, based principally on reporting by DAC members, multilateral organizations and other donors. Data obtained on: 15 October 2010.

Source of net external debt: WDI. The World Bank compiles country-level debt data. Data obtained on: 21 February 2011.

 
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