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The chart shows the 15 highest current account surpluses and deficits in 2005 and 2011 in $US billion constant (2009=100).
On the surplus side, Germany leads the pack, where one can find 9 advanced industrialized economies, and 6 oil-gas rich countries. While the surplus represents from 1.9% (China) to 26.7% (Singapore) of GDP for the former group, it extends from 5.1% (Russia) to 40.1% (Kuwait) of GDP for the latter group of countries. As a result of the surplus, these economies collected comfortable cushions of foreign exchange reserves, reaching in 2011 $US billion 3,153.8 for China, 1,255.7 for Japan, 539.3 for Saudi Arabia, or 482.0 for Russia.
On the deficit end of the distribution, the worst case is represented by the United States, with a huge deficit of $US billion 451.5, nevertheless down to 44% of the 2005 deficit, a sizable improvement. As a percent of GDP, it represented 3.1%. Thanks to the special status of the United States as the home of the main international reserve currency, they have been able to finance their current account deficit by an amount of net borrowing of similar magnitude, in plain words by paying their expenditure with US dollar banknotes printed by their central bank, the US Federal Reserve. As an illustration, in 2011 the US current account deficit of $US billion 451.5 , as well as the capital account balance of $US billion -1.2, have been financed by net borrowing (net financial account) amounting to $US billion 539.1, the balance of $US billion 86.4 being accounted for under net errors and omissions.
The situation is altogether different for the other countries in the group of economies showing a current account deficit, since they cannot rely upon such amenities. In fact they must obtain from their international partners the dollars, euros and other foreign currency they need to settle their expenditure, and the only way they can achieve this is by means of a surplus trade balance, or by increasing receipts from their workers abroad, by disposing of their capital assets, or by selling debt securities ... or by drastically tightening the belt, a policy euphemistically named "austerity" that cannot produce anything but limited short-term balance of payments relief.
It seems that Turkey, India, Brazil and South Africa have opted for the first approach, that is increasing their trade balances, maybe because their peoples were already living in a regime of tight belts anyway. Meanwhile other countries such as Italy, Spain, France, Greece and Portugal are being subjected to dramatic belt tightening. After a number of years of this regime, the results, including the evolution of the current account balance, cannot be considered to be conclusive, to say the least, — and the sensible prognosis is that the patients' economic health will deteriorate further, not improve, if belt tightening remains the exclusive treatment administered to them.
Balance of payments current account ¹ | |||||||||||||
Country | Goods and services | Net primary income | Net secondary income | Current account balance | Total reserves | Current account balance (% of GDP) | |||||||
Exports | Imports | ||||||||||||
2005 | 2011 | 2005 | 2011 | 2005 | 2011 | 2005 | 2011 | 2005 | 2011 | 2005 | 2011 | 2011 | |
| Afghanistan | -- | 3.506 | -- | 6.496 | -- | 0.227 | -- | 0.160 | -- | -2.605 | -- | 6.148 | -- |
| Albania | 1.588 | 3.660 | 0.000 | 6.501 | 0.189 | 0.030 | 1.407 | 1.213 | -0.621 | -1.599 | 1.565 | 2.394 | -12.7 |
| Algeria | 53.093 | 74.145 | 0.003 | 55.583 | -5.531 | -2.048 | 2.247 | 2.564 | 23.024 | 19.078 | 64.318 | 185.437 | 9.9 |
| American Samoa | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Andorra | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Angola | 26.400 | 65.934 | 0.002 | 42.537 | -4.382 | -9.396 | 0.029 | -1.320 | 5.585 | 12.679 | 3.475 | 27.894 | 12.6 |
| Antigua and Barbuda | 0.592 | 0.520 | 0.000 | 0.624 | -0.046 | -0.035 | 0.009 | 0.022 | -0.186 | -0.116 | 0.138 | 0.143 | -10.7 |
| Argentina | 50.975 | 96.275 | 0.004 | 85.646 | -7.941 | -11.627 | 0.526 | -0.522 | 5.733 | -1.519 | 30.527 | 44.832 | -0.4 |
| Armenia | 1.538 | 2.303 | 0.000 | 4.642 | 0.145 | 0.539 | 0.570 | 0.700 | -0.057 | -1.101 | 0.727 | 1.872 | -11.2 |
| Aruba | 6.222 | 6.643 | 0.001 | 6.540 | -0.520 | -0.222 | -0.145 | -0.110 | 0.124 | -0.228 | 0.353 | 0.669 | -9.1 |
| Australia | 149.627 | 313.310 | 0.016 | 293.654 | -30.524 | -50.986 | -0.358 | -1.378 | -45.362 | -32.707 | 47.023 | 45.266 | -2.4 |
| Austria | 172.907 | 222.032 | 0.016 | 213.861 | -2.221 | -0.223 | -1.980 | -2.602 | 6.789 | 5.348 | 12.858 | 24.001 | 1.3 |
| Azerbaijan | 8.849 | 35.891 | 0.001 | 15.220 | -1.789 | -4.709 | 0.526 | 0.652 | 0.182 | 16.614 | 1.281 | 9.956 | 27.0 |
| Bahamas, The | 3.326 | 3.333 | 0.000 | 4.126 | -0.198 | -0.229 | 0.092 | -0.035 | -0.762 | -1.057 | 0.637 | 1.037 | -13.9 |
| Bahrain | 14.563 | 22.235 | 0.001 | 13.454 | -0.448 | -3.647 | -1.329 | -1.986 | 1.602 | 3.146 | 2.231 | 4.626 | -- |
| Bangladesh | 11.327 | 26.153 | 0.002 | 36.707 | -0.863 | -1.467 | 5.190 | 11.863 | -0.191 | -0.157 | 3.071 | 8.891 | -0.1 |
| Barbados | 1.973 | 2.005 | 0.000 | 2.171 | -0.190 | -0.109 | 0.071 | 0.064 | -0.507 | -0.211 | 0.655 | 0.788 | -- |
| Belarus | 19.063 | 45.093 | 0.002 | 46.238 | -0.052 | -1.319 | 0.179 | -2.407 | 0.499 | -4.870 | 1.459 | 7.619 | -7.8 |
| Belgium | 310.161 | 408.141 | 0.030 | 414.029 | 5.896 | 9.390 | -6.924 | -8.987 | 8.374 | -5.486 | 13.040 | 28.212 | -1.1 |
| Belize | 0.669 | 0.915 | 0.000 | 0.920 | -0.124 | -0.095 | 0.055 | 0.081 | -0.164 | -0.019 | 0.077 | 0.230 | -1.4 |
| Benin | 0.839 | 1.607 | 0.000 | 2.219 | -0.020 | -0.051 | 0.178 | 0.150 | -0.246 | -0.514 | 0.712 | 0.860 | -- |
| Bermuda | 1.759 | 1.397 | 0.000 | 1.826 | 1.737 | 1.215 | -0.008 | -0.127 | 1.361 | 0.660 | -- | -- | 12.2 |
| Bhutan | 0.395 | 0.721 | 0.000 | 1.258 | -0.008 | -0.081 | 0.114 | 0.274 | -0.086 | -0.344 | 0.508 | 0.766 | -19.4 |
| Bolivia | 3.564 | 8.840 | 0.000 | 8.505 | -0.409 | -0.955 | 0.635 | 1.141 | 0.676 | 0.520 | 1.951 | 11.623 | 2.2 |
| Bosnia and Herzegovina | 3.853 | 5.545 | 0.001 | 9.854 | 0.511 | 0.220 | 2.209 | 2.414 | -2.005 | -1.675 | 2.770 | 4.116 | -9.5 |
| Botswana | 5.736 | 6.734 | 0.000 | 7.735 | -0.909 | 0.291 | 0.686 | 1.057 | 1.776 | 0.348 | 6.858 | 7.831 | 2.2 |
| Brazil | 144.585 | 285.128 | 0.011 | 293.020 | -28.228 | -45.852 | 3.868 | 2.892 | 15.203 | -50.853 | 58.483 | 341.098 | -2.1 |
| Brunei Darussalam | 7.454 | 7.836 | 0.000 | 3.602 | 0.079 | 0.050 | -0.409 | -0.431 | 4.384 | 3.854 | 0.535 | 2.504 | -- |
| Bulgaria | 17.565 | 34.637 | 0.002 | 34.342 | 0.098 | -2.448 | 1.101 | 2.290 | -3.638 | 0.137 | 9.454 | 16.682 | 0.3 |
| Burkina Faso | 0.592 | 1.830 | 0.000 | 2.478 | -0.023 | -0.006 | 0.255 | 0.478 | -0.689 | -0.175 | 0.476 | 0.927 | -- |
| Burundi | 0.104 | 0.229 | 0.000 | 0.741 | -0.020 | -0.016 | 0.260 | 0.256 | -0.007 | -0.275 | 0.110 | 0.286 | -12.0 |
| Cambodia | 4.377 | 7.202 | 0.000 | 7.784 | -0.319 | -0.673 | 0.565 | 0.566 | -0.334 | -0.690 | 1.259 | 3.936 | -5.5 |
| Cameroon | 4.569 | 5.425 | 0.000 | 6.165 | -0.674 | -0.232 | 0.257 | 0.141 | -0.536 | -0.829 | 1.049 | 3.100 | -- |
| Canada | 467.739 | 528.100 | 0.042 | 549.751 | -24.222 | -26.084 | -1.605 | -3.400 | 23.456 | -51.208 | 35.893 | 63.779 | -3.0 |
| Cape Verde | 0.385 | 0.758 | 0.000 | 1.330 | -0.036 | -0.069 | 0.305 | 0.348 | -0.045 | -0.295 | 0.189 | 0.328 | -16.0 |
| Cayman Islands | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Central African Republic | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.158 | 0.150 | -- |
| Chad | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.251 | 0.922 | -- |
| Channel Islands | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Chile | 52.615 | 91.657 | 0.004 | 83.937 | -11.400 | -13.703 | 1.938 | 2.802 | 1.575 | -3.181 | 18.407 | 40.644 | -1.3 |
| China | 837.536 | 1,928.953 | 0.070 | 1,752.691 | -17.517 | -68.138 | 25.943 | 23.751 | 143.903 | 131.878 | 903.795 | 3,153.784 | 1.9 |
| Colombia | 26.328 | 60.831 | 0.003 | 59.339 | -5.936 | -15.507 | 4.437 | 4.785 | -2.050 | -9.230 | 16.257 | 30.907 | -2.8 |
| Comoros | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.093 | 0.151 | -- |
| Congo, Dem. Rep. | -- | -- | -- | -- | -- | -- | 0.813 | 0.817 | -- | -- | 0.142 | 1.229 | -- |
| Congo, Rep. | 5.398 | -- | 0.000 | -- | -1.715 | -- | 0.033 | -- | 0.757 | -- | 0.802 | 5.466 | -- |
| Costa Rica | 7.314 | 11.236 | 0.001 | 13.116 | -0.227 | -0.549 | 0.294 | 0.313 | -1.066 | -2.117 | 2.515 | 4.611 | -5.3 |
| Cote d'Ivoire | 9.265 | 12.203 | 0.001 | 10.441 | -0.710 | -0.886 | -0.502 | -0.425 | 0.043 | 0.451 | 1.486 | 4.182 | -- |
| Croatia | 20.519 | 25.450 | 0.002 | 25.250 | -1.293 | -2.116 | 1.603 | 1.531 | -2.674 | -0.386 | 9.566 | 14.035 | -0.6 |
| Cuba | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Curacao | -- | -- | -- | -- | -- | -- | 0.040 | -0.047 | -- | -- | -- | -- | -- |
| Cyprus | 8.748 | 10.350 | 0.001 | 11.377 | -0.665 | 0.155 | 0.100 | -0.261 | -1.056 | -1.133 | 4.816 | 1.150 | -4.7 |
| Czech Republic | 84.275 | 148.397 | 0.008 | 140.228 | -5.515 | -13.354 | 0.221 | -0.739 | -1.315 | -5.924 | 32.127 | 39.034 | -2.8 |
| Denmark | 136.814 | 171.815 | 0.012 | 154.442 | 1.737 | 6.619 | -4.561 | -5.690 | 12.071 | 18.302 | 36.991 | 82.322 | 5.7 |
| Djibouti | 0.313 | 0.391 | 0.000 | 0.638 | 0.023 | 0.009 | 0.079 | 0.072 | 0.022 | -0.167 | 0.097 | 0.236 | -13.9 |
| Dominica | 0.140 | 0.161 | 0.000 | 0.253 | -0.032 | -0.010 | 0.022 | 0.019 | -0.083 | -0.082 | 0.053 | 0.078 | -17.8 |
| Dominican Republic | 10.958 | 13.447 | 0.001 | 19.046 | -2.068 | -2.062 | 2.932 | 3.300 | -0.514 | -4.360 | 2.112 | 3.989 | -8.1 |
| Ecuador | 12.479 | 23.905 | 0.001 | 25.590 | -1.974 | -1.185 | 2.893 | 2.639 | 0.515 | -0.232 | 2.335 | 2.866 | -0.3 |
| Egypt, Arab Rep. | 33.390 | 45.594 | 0.004 | 59.478 | -0.038 | -6.179 | 6.248 | 14.749 | 2.286 | -5.314 | 23.760 | 18.060 | -2.3 |
| El Salvador | 3.633 | 5.697 | 0.001 | 9.843 | -0.533 | -0.612 | 3.299 | 3.722 | -0.676 | -1.037 | 2.055 | 2.432 | -4.6 |
| Equatorial Guinea | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 2.285 | 2.959 | -- |
| Eritrea | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.030 | 0.111 | -- |
| Estonia | 11.273 | 19.711 | 0.001 | 18.332 | -0.620 | -1.258 | 0.066 | 0.339 | -1.507 | 0.462 | 2.117 | 0.201 | 2.2 |
| Ethiopia | 2.097 | 5.635 | 0.001 | 11.290 | -0.005 | -0.075 | 1.524 | 4.971 | -1.705 | -0.759 | 1.134 | 1.726 | -2.5 |
| Faeroe Islands | 0.800 | 0.985 | 0.000 | 1.076 | 0.078 | 0.080 | 0.143 | 0.141 | 0.034 | 0.131 | -- | -- | -- |
| Fiji | 1.651 | 1.624 | 0.000 | 1.992 | -0.067 | -0.098 | 0.197 | 0.116 | -0.279 | -0.349 | 0.349 | 0.807 | -- |
| Finland | 89.509 | 105.573 | 0.008 | 104.865 | -0.374 | -0.307 | -1.707 | -2.125 | 8.466 | -1.726 | 12.319 | 9.957 | -0.7 |
| France | 599.808 | 779.322 | 0.061 | 845.571 | 31.964 | 62.860 | -29.441 | -49.361 | -11.153 | -52.750 | 80.834 | 163.267 | -2.0 |
| French Polynesia | 1.389 | 1.089 | 0.000 | 2.268 | 0.566 | 0.664 | 0.570 | 0.836 | 0.010 | 0.321 | -- | -- | -- |
| Gabon | 6.090 | -- | 0.000 | -- | -1.041 | -- | -0.292 | -- | 2.156 | -- | 0.734 | 2.090 | -- |
| Gambia, The | 0.203 | 0.305 | 0.000 | 0.353 | -0.035 | -0.016 | 0.078 | 0.128 | -0.047 | 0.065 | 0.107 | 0.216 | 7.5 |
| Georgia | 2.339 | 5.080 | 0.000 | 7.740 | 0.067 | -0.409 | 0.390 | 1.288 | -0.756 | -1.782 | 0.521 | 2.731 | -12.7 |
| Germany | 1,204.835 | 1,734.561 | 0.105 | 1,551.779 | 32.822 | 78.910 | -39.136 | -45.292 | 152.424 | 216.401 | 110.528 | 226.847 | 6.2 |
| Ghana | 4.249 | 14.203 | 0.001 | 18.904 | -0.203 | -1.206 | 1.950 | 2.516 | -1.201 | -3.392 | 2.062 | 5.731 | -8.9 |
| Greece | 56.008 | 66.011 | 0.007 | 82.813 | -7.642 | -11.610 | 4.232 | 0.714 | -19.820 | -27.697 | 2.486 | 6.534 | -9.9 |
| Greenland | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Grenada | 0.162 | 0.178 | 0.000 | 0.380 | -0.030 | -0.035 | 0.089 | 0.026 | -0.210 | -0.210 | 0.102 | 0.117 | -27.8 |
| Guam | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Guatemala | 7.356 | 12.477 | 0.001 | 17.428 | -0.527 | -1.507 | 3.887 | 5.047 | -1.349 | -1.412 | 4.106 | 5.983 | -3.1 |
| Guinea | 1.007 | 1.459 | 0.000 | 2.590 | -0.052 | -0.129 | -0.011 | 0.135 | -0.174 | -1.125 | 0.104 | 0.110 | -22.8 |
| Guinea-Bissau | 0.103 | 0.166 | 0.000 | 0.290 | -0.010 | -0.002 | 0.055 | 0.058 | -0.011 | -0.069 | 0.087 | 0.213 | -- |
| Guyana | 0.753 | 1.098 | 0.000 | 1.592 | -0.042 | -0.019 | 0.182 | 0.359 | -0.104 | -0.155 | 0.274 | 0.777 | -- |
| Haiti | 0.658 | 0.985 | 0.000 | 4.025 | -0.038 | 0.040 | 1.402 | 2.672 | 0.008 | -0.328 | 0.146 | 1.160 | -4.6 |
| Honduras | 3.992 | 5.995 | 0.001 | 9.515 | -0.515 | -0.944 | 2.060 | 3.012 | -0.330 | -1.452 | 2.542 | 2.697 | -8.6 |
| Hong Kong SAR, China | 350.317 | 514.489 | 0.033 | 504.903 | 1.032 | 6.578 | -1.706 | -2.463 | 23.453 | 13.701 | 135.098 | 276.552 | 5.7 |
| Hungary | 76.940 | 117.814 | 0.008 | 108.921 | -6.789 | -8.337 | -0.401 | 0.617 | -8.955 | 1.173 | 20.223 | 47.318 | 0.9 |
| Iceland | 5.593 | 8.056 | 0.001 | 6.893 | -0.676 | -1.930 | -0.029 | -0.071 | -2.879 | -0.837 | 1.162 | 8.283 | -6.1 |
| India | 168.040 | 423.175 | 0.020 | 523.641 | -7.229 | -17.376 | 25.701 | 59.665 | -11.179 | -58.177 | 149.824 | 289.479 | -3.2 |
| Indonesia | 103.518 | 206.352 | 0.009 | 182.949 | -14.052 | -25.849 | 5.210 | 4.080 | 0.302 | 1.633 | 37.755 | 106.723 | 0.2 |
| Iran, Islamic Rep. | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Iraq | 26.147 | 79.948 | 0.003 | 50.110 | -4.921 | -0.195 | 3.518 | -4.250 | -3.625 | 25.395 | 13.263 | 59.141 | 14.5 |
| Ireland | 176.914 | 224.197 | 0.015 | 177.198 | -33.714 | -42.957 | 0.309 | -1.606 | -7.772 | 2.436 | 0.945 | 1.642 | 1.1 |
| Isle of Man | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Israel | 62.233 | 88.202 | 0.006 | 88.600 | -1.624 | -4.787 | 6.525 | 8.461 | 4.395 | 3.277 | 30.502 | 72.553 | 1.4 |
| Italy | 487.323 | 590.122 | 0.049 | 621.057 | -18.597 | -12.784 | -13.409 | -21.342 | -32.334 | -65.062 | 71.696 | 164.606 | -3.1 |
| Jamaica | 4.342 | 4.153 | 0.001 | 7.584 | -0.735 | -0.502 | 1.715 | 1.934 | -1.164 | -1.999 | 2.359 | 2.211 | -14.3 |
| Japan | 731.531 | 898.555 | 0.066 | 940.130 | 112.450 | 170.345 | -8.232 | -13.396 | 180.217 | 115.373 | 920.629 | 1,255.670 | 2.0 |
| Jordan | 7.213 | 12.738 | 0.001 | 20.641 | 0.365 | -0.174 | 2.844 | 4.715 | -2.470 | -3.362 | 5.936 | 11.720 | -12.0 |
| Kazakhstan | 33.187 | 90.097 | 0.003 | 50.512 | -6.193 | -25.663 | -0.449 | -0.248 | -1.148 | 13.673 | 7.686 | 28.309 | 7.5 |
| Kenya | 5.807 | 9.599 | 0.001 | 15.842 | -0.117 | 0.007 | 1.362 | 3.006 | -0.274 | -3.230 | 1.956 | 4.133 | -9.9 |
| Kiribati | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Korea, Dem. Rep. | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Korea, Rep. | 369.186 | 626.966 | 0.034 | 601.955 | -1.975 | 2.801 | -2.698 | -2.551 | 20.227 | 25.260 | 228.883 | 297.421 | 2.3 |
| Kosovo | 0.449 | 1.293 | 0.000 | 3.706 | 0.188 | 0.138 | 0.947 | 1.279 | -0.335 | -0.996 | 1.035 | 0.719 | -15.9 |
| Kuwait | 54.437 | 110.935 | 0.003 | 38.464 | 7.807 | 10.753 | -3.719 | -14.655 | 32.689 | 68.568 | 11.050 | 28.762 | 40.1 |
| Kyrgyz Republic | 1.028 | 3.283 | 0.000 | 4.917 | -0.096 | -0.636 | 0.544 | 1.782 | -0.040 | -0.486 | 0.665 | 1.774 | -8.1 |
| Lao PDR | 0.823 | 2.329 | 0.000 | 2.669 | -0.084 | -0.077 | 0.073 | 0.216 | -0.189 | -0.200 | 0.336 | 1.141 | -2.5 |
| Latvia | 7.728 | 15.616 | 0.001 | 16.809 | -0.191 | -0.257 | 0.648 | 0.841 | -2.165 | -0.609 | 2.565 | 6.180 | -2.2 |
| Lebanon | 14.376 | 24.413 | 0.002 | 31.308 | -0.202 | -0.172 | 1.156 | 2.354 | -2.987 | -4.715 | 18.065 | 46.375 | -12.1 |
| Lesotho | 0.726 | 1.182 | 0.000 | 2.613 | 0.530 | 0.322 | 0.515 | 0.607 | -0.029 | -0.504 | 0.564 | -- | -20.6 |
| Liberia | 0.376 | 1.211 | 0.000 | 3.208 | -0.160 | 0.085 | 0.847 | 1.180 | -0.200 | -0.733 | 0.027 | 0.497 | -48.9 |
| Libya | 31.941 | 12.613 | 0.001 | 15.150 | -0.305 | 0.485 | -0.689 | 3.419 | 16.246 | 1.366 | 45.526 | 107.112 | -- |
| Liechtenstein | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Lithuania | 15.142 | 31.624 | 0.002 | 32.124 | -0.682 | -1.551 | 0.720 | 1.452 | -1.990 | -0.600 | 4.148 | 7.948 | -1.4 |
| Luxembourg | 59.753 | 87.272 | 0.005 | 65.747 | -7.118 | -16.009 | -1.224 | -1.447 | 4.790 | 4.069 | 0.303 | 0.980 | 7.1 |
| Macao SAR, China | 12.125 | 39.863 | 0.001 | 18.921 | -0.831 | -4.792 | -0.110 | -0.521 | 3.198 | 15.629 | 7.271 | 32.971 | 43.8 |
| Macedonia, FYR | 2.282 | 4.640 | 0.000 | 6.765 | -0.118 | -0.168 | 1.144 | 1.992 | -0.173 | -0.301 | 1.457 | 2.584 | -3.0 |
| Madagascar | 1.011 | -- | 0.000 | -- | -0.087 | -- | 0.257 | -- | -0.602 | -- | 0.523 | 1.239 | -- |
| Malawi | 0.662 | 1.563 | 0.000 | 2.766 | -0.087 | -0.095 | 0.298 | 0.556 | -0.551 | -0.741 | 0.179 | 0.210 | -13.6 |
| Malaysia | 175.401 | 255.448 | 0.014 | 211.058 | -6.868 | -6.961 | -4.867 | -6.644 | 21.720 | 30.785 | 76.592 | 129.431 | 11.0 |
| Maldives | 0.527 | 2.255 | 0.000 | 2.195 | -0.034 | -0.323 | 0.154 | -0.212 | -0.297 | -0.475 | 0.205 | 0.338 | -22.8 |
| Mali | 1.495 | 2.360 | 0.000 | 3.629 | -0.225 | -0.406 | 0.248 | 0.521 | -0.476 | -1.153 | 0.928 | 1.336 | -- |
| Malta | 4.992 | 8.858 | 0.001 | 8.396 | -0.269 | -0.516 | 0.048 | 0.047 | -0.570 | -0.007 | 2.802 | 0.499 | -0.1 |
| Marshall Islands | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Mauritania | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.076 | 0.486 | -- |
| Mauritius | 4.083 | 5.667 | 0.000 | 7.180 | -0.009 | -0.063 | 0.066 | 0.116 | -0.352 | -1.459 | 1.491 | 2.689 | -13.4 |
| Mexico | 250.349 | 353.921 | 0.026 | 368.845 | -15.999 | -16.709 | 24.064 | 22.262 | -6.042 | -9.371 | 80.562 | 144.583 | -0.8 |
| Micronesia, Fed. Sts. | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.054 | 0.073 | -- |
| Moldova | 1.448 | 2.645 | 0.000 | 5.428 | 0.447 | 0.548 | 0.626 | 1.469 | -0.246 | -0.766 | 0.649 | 1.904 | -11.3 |
| Monaco | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Mongolia | 1.612 | 5.269 | 0.000 | 7.356 | -0.055 | -0.819 | 0.245 | 0.231 | 0.091 | -2.674 | 0.362 | 2.372 | -31.5 |
| Montenegro | 1.714 | 1.773 | 0.000 | 2.822 | 0.047 | 0.036 | 0.088 | 0.158 | -1.575 | -0.855 | 0.222 | 0.381 | -19.6 |
| Morocco | 18.037 | 30.858 | 0.002 | 44.484 | -0.417 | -1.988 | 5.843 | 7.863 | 1.132 | -7.752 | 17.992 | 19.972 | -8.1 |
| Mozambique | 2.269 | 3.715 | 0.000 | 6.665 | -0.391 | -0.184 | 0.438 | 0.770 | -0.827 | -2.362 | 1.199 | 2.512 | -19.4 |
| Myanmar | 4.112 | 8.112 | 0.000 | 8.315 | -1.476 | -1.553 | 0.187 | 0.377 | 0.633 | -1.380 | 0.966 | 7.134 | -- |
| Namibia | 2.699 | 5.152 | 0.000 | 6.114 | -0.138 | -0.463 | 0.732 | 1.281 | 0.362 | -0.143 | 0.339 | 1.732 | -1.2 |
| Nepal | 1.395 | 1.804 | 0.000 | 6.247 | 0.052 | 0.142 | 1.666 | 4.580 | 0.166 | 0.280 | 1.701 | 3.518 | 1.5 |
| Netherlands | 452.860 | 631.903 | 0.039 | 557.207 | 4.280 | 21.722 | -12.766 | -14.451 | 50.677 | 81.968 | 22.228 | 48.848 | 10.1 |
| New Caledonia | 1.588 | 2.141 | 0.000 | 4.686 | 0.524 | 0.295 | 0.453 | 0.647 | -0.122 | -1.603 | -- | -- | -- |
| New Zealand | 33.580 | 48.055 | 0.004 | 46.003 | -7.630 | -8.365 | 0.224 | -0.165 | -9.612 | -6.479 | 9.667 | 16.485 | -- |
| Nicaragua | 1.534 | 4.293 | 0.000 | 6.466 | -0.216 | -0.246 | 0.932 | 1.192 | -0.852 | -1.229 | 0.791 | 1.833 | -13.2 |
| Niger | 0.614 | 1.231 | 0.000 | 2.720 | -0.011 | -0.046 | 0.198 | 0.434 | -0.339 | -1.101 | 0.273 | 0.652 | -- |
| Nigeria | 61.956 | 92.919 | 0.004 | 83.553 | -3.251 | -22.078 | 16.471 | 21.133 | 39.709 | 8.420 | 31.125 | 35.140 | 3.6 |
| Northern Mariana Islands | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Norway | 144.816 | 196.321 | 0.009 | 133.331 | 3.536 | 6.559 | -2.861 | -4.923 | 54.317 | 64.627 | 51.077 | 47.866 | 13.6 |
| Oman | 21.340 | 47.715 | 0.001 | 27.679 | -1.111 | -3.100 | -2.454 | -6.991 | 5.629 | 9.945 | 4.737 | 13.921 | 14.3 |
| Pakistan | 20.766 | 30.358 | 0.003 | 45.442 | -2.734 | -3.002 | 9.869 | 15.922 | -3.920 | -2.165 | 12.076 | 17.149 | -1.1 |
| Palau | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Panama | 11.484 | 23.418 | 0.001 | 25.491 | -1.224 | -1.797 | 0.263 | 0.162 | -1.111 | -3.707 | 1.316 | 2.233 | -12.2 |
| Papua New Guinea | 3.938 | 5.867 | 0.000 | 6.091 | -0.585 | -0.574 | 0.282 | 0.184 | 0.586 | -0.613 | 0.815 | 4.218 | -- |
| Paraguay | 4.345 | 11.874 | 0.000 | 12.518 | -0.063 | -0.297 | 0.244 | 0.679 | 0.017 | -0.262 | 1.410 | 4.829 | -1.0 |
| Peru | 21.068 | 48.386 | 0.002 | 41.439 | -5.518 | -13.285 | 1.926 | 3.101 | 1.248 | -3.237 | 15.405 | 47.397 | -1.9 |
| Philippines | 35.975 | 54.394 | 0.005 | 65.722 | -0.324 | 0.271 | 12.383 | 17.810 | 2.152 | 6.754 | 20.082 | 72.794 | 3.1 |
| Poland | 122.461 | 225.550 | 0.013 | 233.664 | -7.439 | -22.171 | 2.128 | 6.038 | -7.873 | -24.247 | 46.266 | 94.683 | -4.9 |
| Portugal | 58.006 | 83.086 | 0.008 | 91.873 | -5.246 | -11.501 | 3.069 | 4.047 | -21.547 | -16.241 | 11.266 | 20.156 | -7.1 |
| Puerto Rico | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Qatar | -- | 117.920 | -- | 42.435 | -- | -12.860 | -- | -12.259 | -- | 50.367 | 4.948 | 16.288 | 30.0 |
| Romania | 26.263 | 65.789 | 0.004 | 75.382 | -3.152 | -2.995 | 4.836 | 4.502 | -9.244 | -8.085 | 23.482 | 46.555 | -4.4 |
| Russian Federation | 292.278 | 555.672 | 0.018 | 397.339 | -20.139 | -58.527 | -1.788 | -5.548 | 91.736 | 94.259 | 198.141 | 481.991 | 5.1 |
| Rwanda | 0.279 | 0.867 | 0.000 | 2.116 | -0.021 | -0.053 | 0.398 | 0.849 | -0.060 | -0.453 | 0.441 | 1.017 | -7.4 |
| Samoa | 0.154 | 0.192 | 0.000 | 0.383 | -0.042 | -0.031 | 0.115 | 0.146 | -0.051 | -0.076 | 0.089 | 0.162 | -12.3 |
| San Marino | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.378 | 0.331 | -- |
| Sao Tome and Principe | 0.017 | 0.028 | 0.000 | 0.142 | -0.003 | 0.000 | 0.003 | 0.012 | -0.039 | -0.103 | 0.029 | 0.049 | -42.6 |
| Saudi Arabia | 208.849 | 364.562 | 0.010 | 191.840 | 0.470 | 9.384 | -16.065 | -28.475 | 97.901 | 153.630 | 171.090 | 539.318 | 27.5 |
| Senegal | 2.560 | 3.103 | 0.000 | 5.040 | -0.098 | -0.145 | 0.820 | 1.502 | -0.735 | -0.581 | 1.289 | 1.886 | -- |
| Serbia | 12.905 | 15.471 | 0.002 | 22.402 | -0.890 | -1.027 | 4.274 | 4.242 | -7.490 | -3.715 | 6.351 | 15.100 | -8.9 |
| Seychelles | 0.783 | 1.058 | 0.000 | 1.262 | -0.043 | -0.049 | 0.034 | 0.034 | -0.189 | -0.219 | 0.061 | 0.281 | -21.4 |
| Sierra Leone | 0.285 | 0.521 | 0.000 | 1.821 | -0.055 | -0.034 | 0.149 | 0.241 | -0.114 | -1.092 | 0.186 | 0.425 | -38.4 |
| Singapore | 313.161 | 533.282 | 0.027 | 462.197 | -9.153 | -2.115 | -1.728 | -5.672 | 29.208 | 63.298 | 128.340 | 236.241 | 26.7 |
| Sint Maarten (Dutch part) | -- | -- | -- | -- | -- | -- | -0.035 | -0.026 | -- | -- | -- | -- | -- |
| Slovak Republic | 39.367 | 82.367 | 0.004 | 79.609 | -2.158 | -2.264 | 0.017 | -0.482 | -4.354 | 0.012 | 16.828 | 2.343 | 0.0 |
| Slovenia | 23.971 | 34.995 | 0.002 | 34.447 | -0.395 | -0.748 | -0.130 | 0.203 | -0.740 | 0.004 | 8.870 | 0.956 | 0.0 |
| Solomon Islands | 0.159 | 0.540 | 0.000 | 0.593 | 0.002 | -0.130 | 0.005 | 0.125 | -0.098 | -0.058 | 0.103 | 0.399 | -7.0 |
| Somalia | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| South Africa | 73.443 | 114.033 | 0.007 | 116.383 | -5.358 | -8.998 | -2.667 | -1.911 | -9.260 | -13.259 | 22.420 | 47.237 | -3.4 |
| South Sudan | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Spain | 312.821 | 432.973 | 0.038 | 443.014 | -23.107 | -34.705 | -4.852 | -8.613 | -90.648 | -53.359 | 18.727 | 45.257 | -3.7 |
| Sri Lanka | 8.574 | 13.220 | 0.001 | 21.564 | -0.326 | -0.627 | 1.987 | 4.499 | -0.707 | -4.472 | 2.973 | 6.530 | -7.8 |
| St. Kitts and Nevis | 0.247 | 0.221 | 0.000 | 0.305 | -0.038 | -0.029 | 0.026 | 0.055 | -0.071 | -0.058 | 0.078 | 0.236 | -8.1 |
| St. Lucia | 0.571 | 0.542 | 0.000 | 0.797 | -0.079 | -0.040 | 0.014 | 0.020 | -0.140 | -0.275 | 0.126 | 0.206 | -23.4 |
| St. Martin (French part) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| St. Vincent and the Grenadines | 0.218 | 0.180 | 0.000 | 0.374 | -0.033 | -0.017 | 0.020 | 0.010 | -0.111 | -0.202 | 0.076 | 0.087 | -30.0 |
| Sudan | 5.444 | 10.113 | 0.001 | 9.962 | -1.602 | -0.541 | 1.411 | 1.078 | -2.777 | 0.688 | 2.032 | 0.187 | 1.1 |
| Suriname | 1.539 | 2.584 | 0.000 | 2.173 | -0.043 | -0.254 | 0.024 | 0.084 | -0.157 | 0.243 | 0.154 | 0.792 | 5.8 |
| Swaziland | 1.962 | 1.999 | 0.000 | 2.544 | 0.193 | -0.219 | 0.105 | 0.388 | -0.112 | -0.376 | 0.265 | 0.582 | -- |
| Sweden | 187.994 | 255.170 | 0.016 | 225.076 | 3.208 | 13.459 | -5.082 | -6.763 | 28.723 | 36.792 | 27.033 | 48.657 | 7.0 |
| Switzerland | 218.641 | 406.895 | 0.019 | 360.545 | 37.085 | 1.129 | -11.851 | -12.692 | 57.776 | 34.787 | 62.588 | 320.338 | 5.4 |
| Syrian Arab Republic | 12.514 | 18.998 | 0.001 | 18.807 | -0.938 | -1.467 | 0.816 | 0.920 | 0.325 | -0.356 | 19.321 | 19.992 | -- |
| Tajikistan | 1.363 | 1.121 | 0.000 | 4.686 | -0.045 | -0.056 | 0.489 | 2.859 | -0.021 | -0.763 | 0.205 | 0.503 | -12.1 |
| Tanzania | 3.231 | 7.229 | 0.000 | 11.621 | -0.386 | -0.349 | 0.539 | 0.912 | -1.188 | -3.829 | 2.227 | 3.611 | -16.6 |
| Thailand | 140.547 | 252.611 | 0.014 | 246.382 | -9.087 | -10.993 | 4.566 | 10.499 | -8.313 | 5.735 | 56.610 | 169.470 | 1.7 |
| Timor-Leste | 0.047 | 0.097 | 0.000 | 1.804 | 0.701 | 3.509 | 0.201 | 0.511 | 0.588 | 2.311 | 0.166 | 0.448 | 218.6 |
| Togo | 0.882 | 1.256 | 0.000 | 1.771 | -0.038 | -0.022 | 0.204 | 0.345 | -0.222 | -0.194 | 0.209 | 0.750 | -- |
| Tonga | 0.055 | 0.041 | 0.000 | 0.181 | 0.007 | 0.004 | 0.084 | 0.084 | -0.023 | -0.052 | 0.051 | 0.139 | -- |
| Trinidad and Tobago | 11.826 | 11.719 | 0.001 | 6.658 | -0.862 | -1.047 | 0.054 | 0.028 | 4.219 | 4.043 | 5.427 | 10.175 | -- |
| Tunisia | 15.836 | 21.798 | 0.002 | 25.001 | -1.608 | -1.918 | 1.426 | 1.840 | -0.325 | -3.281 | 4.944 | 7.544 | -7.3 |
| Turkey | 115.588 | 178.753 | 0.013 | 245.623 | -6.347 | -7.598 | 1.581 | 1.704 | -23.316 | -72.764 | 57.064 | 85.211 | -9.7 |
| Turkmenistan | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Turks and Caicos Islands | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Tuvalu | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Uganda | 1.675 | 4.109 | 0.000 | 7.197 | -0.271 | -0.390 | 1.127 | 1.380 | -0.028 | -2.099 | 1.461 | 2.536 | -12.9 |
| Ukraine | 46.337 | 81.059 | 0.005 | 90.889 | -1.071 | -3.678 | 3.093 | 3.593 | 2.755 | -9.916 | 21.076 | 30.804 | -6.3 |
| United Arab Emirates | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 22.839 | 36.114 | -- |
| United Kingdom | 643.533 | 749.517 | 0.073 | 795.108 | 45.776 | 47.852 | -23.516 | -34.010 | -64.578 | -31.749 | 47.388 | 91.613 | -1.3 |
| United States | 1,400.344 | 2,039.652 | 0.217 | 2,582.137 | 74.559 | 219.970 | -114.978 | -128.966 | -810.708 | -451.480 | 204.649 | 520.613 | -3.1 |
| Uruguay | 5.528 | 12.308 | 0.001 | 12.310 | -0.537 | -1.516 | 0.157 | 0.122 | 0.046 | -1.397 | 3.346 | 9.983 | -3.1 |
| Uzbekistan | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Vanuatu | 0.192 | 0.343 | 0.000 | 0.441 | -0.028 | -0.026 | 0.022 | 0.013 | -0.037 | -0.112 | 0.073 | 0.169 | -14.7 |
| Venezuela, RB | 62.026 | 91.865 | 0.003 | 60.566 | -2.822 | -6.903 | -0.067 | -0.766 | 27.234 | 23.631 | 32.398 | 27.069 | 7.7 |
| Vietnam | 39.812 | 102.506 | 0.004 | 105.830 | -1.310 | -4.863 | 3.674 | 8.416 | -0.609 | 0.229 | 9.839 | 13.119 | 0.2 |
| Virgin Islands (U.S.) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| West Bank and Gaza | 0.779 | 1.451 | 0.000 | 5.293 | 0.624 | 1.064 | 1.277 | 2.109 | -1.252 | -0.670 | -- | -- | -- |
| Yemen, Rep. | 7.376 | 9.603 | 0.001 | 10.196 | -1.752 | -2.473 | 1.528 | 2.068 | 0.678 | -0.997 | 6.676 | 4.385 | -3.2 |
| Zambia | 2.739 | 8.767 | 0.000 | 7.410 | -0.647 | -1.514 | 0.116 | 0.366 | -0.652 | 0.208 | 0.609 | 2.252 | 1.1 |
| Zimbabwe | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.105 | 0.639 | -- |
| ¹ Billion US dollars constant (2009=100) | 0.000 less than 1 million | -- not available. | |||||||||||||
Sources: World DataBank and BEA.
