VARIABLE DEFINITIONS

Roads, paved (% of total roads) [roads]

Paved roads are those surfaced with crushed stone (macadam) and hydrocarbon binder or
bituminized agents, with concrete, or with cobblestones, as a percentage of all the country's
roads, measured in length.

Telephone lines (per 100 people) [tele]

Telephone lines are fixed telephone lines that connect a subscriber's terminal equipment to the
public switched telephone network and that have a port on a telephone exchange. Integrated
services digital network channels ands fixed wireless subscribers are included.

Life expectancy at birth, total (years) [lifeexp]

Life expectancy at birth indicates the number of years a newborn infant would live if
prevailing patterns of mortality at the time of its birth were to stay the same throughout its
life.

Central government debt, total (% of GDP)

[govtdebt]
Debt is the entire stock of direct government fixed-term contractual obligations to others
outstanding on a particular date. It includes domestic and foreign liabilities such as currency
and money deposits, securities other than shares, and loans. It is the gross amount of
government liabilities reduced by the amount of equity and financial derivatives held by the
government. Because debt is a stock rather than a flow, it is measured as of a given date,
usually the last day of the fiscal year.

Agriculture, value added (% of GDP) [agric]

Agriculture corresponds to ISIC divisions 1-5 and includes forestry, hunting, and fishing, as well as
cultivation of crops and livestock production. Value added is the net output of a sector after adding
up all outputs and subtracting intermediate inputs. It is calculated without making deductions for
depreciation of fabricated assets or depletion and degradation of natural resources. The origin of
value added is determined by the International Standard Industrial Classification (ISIC), revision 3.
Note: For VAB countries, gross value added at factor cost is used as the denominator.
Bank capital to assets ratio (%) [bankcap]
Bank capital to assets is the ratio of bank capital and reserves to total assets. Capital and reserves
include funds contributed by owners, retained earnings, general and special reserves, provisions,
and valuation adjustments. Capital includes tier 1 capital (paid-up shares and common stock), which
is a common feature in all countries' banking systems, and total regulatory capital, which includes
several specified types of subordinated debt instruments that need not be repaid if the funds are
required to maintain minimum capital levels (these comprise tier 2 and tier 3 capital). Total assets
include all nonfinancial and financial assets.

Bank liquid reserves to bank assets ratio (%)

[liqres]
Ratio of bank liquid reserves to bank assets is the ratio of domestic currency holdings and deposits
with the monetary authorities to claims on other governments, nonfinancial public enterprises, the
private sector, and other banking institutions.

Bank nonperforming loans to total gross loans (%)

[badloans]
Bank nonperforming loans to total gross loans are the value of nonperforming loans divided by the
total value of the loan portfolio (including nonperforming loans before the deduction of specific
loan-loss provisions). The loan amount recorded as nonperforming should be the gross value of the
loan as recorded on the balance sheet, not just the amount that is overdue.

Cash surplus/deficit (% of GDP) [bdeficit]

Cash surplus or deficit is revenue (including grants) minus expense, minus net acquisition of
nonfinancial assets. In the 1986 GFS manual nonfinancial assets were included under revenue and
expenditure in gross terms. This cash surplus or deficit is closest to the earlier overall budget
balance (still missing is lending minus repayments, which are now a financing item under net
acquisition of financial assets). Proxy for fiscal deficit

Claims on central government, etc. (% GDP)

[claims]
Claims on central government (IFS line 52AN or 32AN) include loans to central government
institutions net of deposits. Proxy for net central bank credit to government

Inflation, consumer prices (annual %) [cpi]

Inflation as measured by the consumer price index reflects the annual percentage change in the cost
to the average consumer of acquiring a basket of goods and services that may be fixed or changed at
specified intervals, such as yearly. The Laspeyres formula is generally used.
Current account balance (BoP, current US$) [bop]
Current account balance is the sum of net exports of goods, services, net income, and net current
transfers. Data are in current U.S. dollars.

Deposit interest rate (%) [dint]

Deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings
deposits.

Domestic credit provided by banking sector (% of

GDP) [dcred]
Domestic credit provided by the banking sector includes all credit to various sectors on a gross basis,
with the exception of credit to the central government, which is net. The banking sector includes
monetary authorities and deposit money banks, as well as other banking institutions where data are
available (including institutions that do not accept transferable deposits but do incur such liabilities
as time and savings deposits). Examples of other banking institutions are savings and mortgage loan
institutions and building and loan associations.

Domestic credit to private sector (% of GDP)

[dcpriv]
Domestic credit to private sector refers to financial resources provided to the private sector, such as
through loans, purchases of nonequity securities, and trade credits and other accounts receivable,
that establish a claim for repayment. For some countries these claims include credit to public
enterprises.

Employment to population ratio, 15+, total (%)

[emp]
Employment to population ratio is the proportion of a country's population that is employed. Ages
15 and older are generally considered the working-age population.

Exports of goods and services (% of GDP)

[expgdp]
Exports of goods and services represent the value of all goods and other market services provided to
the rest of the world. They include the value of merchandise, freight, insurance, transport, travel,
royalties, license fees, and other services, such as communication, construction, financial,
information, business, personal, and government services. They exclude compensation of employees
and investment income (formerly called factor services) and transfer payments.
External debt stocks, total (DOD, current US$)
[extdebt]
Total external debt is debt owed to nonresidents repayable in foreign currency, goods, or services.
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. Data are in current U.S.
dollars.

Foreign direct investment, net inflows (BoP,

current US$) [fdi]
Foreign direct investment are the net inflows of investment to acquire a lasting management
interest (10 percent or more of voting stock) in an enterprise operating in an economy other than
that of the investor. It is the sum of equity capital, reinvestment of earnings, other long-term capital,
and short-term capital as shown in the balance of payments. This series shows net inflows (new
investment inflows less disinvestment) in the reporting economy from foreign investors. Data are in
current U.S. dollars.

GDP (current US$) [gdp]

GDP at purchaser's prices is 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 current U.S. dollars. Dollar figures for GDP are
converted from domestic currencies using single year official exchange rates. For a few countries
where the official exchange rate does not reflect the rate effectively applied to actual foreign
exchange transactions, an alternative conversion factor is used.

Inflation, GDP deflator (annual %) [gdpdefla]

Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price
change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local
currency to GDP in constant local currency.

GDP growth (annual %) [gdpgrowth]

Annual percentage growth rate of GDP at market prices based on constant local currency.
Aggregates are based on constant 2000 U.S. dollars. GDP is 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.
GDP per capita (current US$) [gdppc]
GDP per capita is gross domestic product divided by midyear population. GDP is 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
current U.S. dollars.

Revenue, excluding grants (% of GDP) [govtrev]

Revenue is cash receipts from taxes, social contributions, and other revenues such as fines, fees,
rent, and income from property or sales. Grants are also considered as revenue but are excluded
here.

Gross capital formation (% of GDP) [gfcf]

Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the
fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land
improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and
the construction of roads, railways, and the like, including schools, offices, hospitals, private
residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held
by firms to meet temporary or unexpected fluctuations in production or sales, and "work in
progress." According to the 1993 SNA, net acquisitions of valuables are also considered capital
formation.

Gross savings (% of GDP) [savings]

Gross savings are calculated as gross national income less total consumption, plus net transfers.

Imports of goods and services (% of GDP)

[impgdp]
Imports of goods and services represent the value of all goods and other market services received
from the rest of the world. They include the value of merchandise, freight, insurance, transport,
travel, royalties, license fees, and other services, such as communication, construction, financial,
information, business, personal, and government services. They exclude compensation of employees
and investment income (formerly called factor services) and transfer payments.

Industry, value added (% of GDP) [indval]

Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It
comprises value added in mining, manufacturing (also reported as a separate subgroup),
construction, electricity, water, and gas. Value added is the net output of a sector after adding up all
outputs and subtracting intermediate inputs. It is calculated without making deductions for
depreciation of fabricated assets or depletion and degradation of natural resources. The origin of
value added is determined by the International Standard Industrial Classification (ISIC), revision 3.
Note: For VAB countries, gross value added at factor cost is used as the denominator.
Mortality rate, infant (per 1,000 live births)
[infantmort]
Infant mortality rate is the number of infants dying before reaching one year of age, per 1,000 live
births in a given year.

Interest rate spread (lending rate minus deposit

rate, %) [intspread]
Interest rate spread is the interest rate charged by banks on loans to prime customers minus the
interest rate paid by commercial or similar banks for demand, time, or savings deposits.

Labor participation rate, total (% of total

population ages 15+) [lfpr]
Labor force participation rate is the proportion of the population ages 15 and older that is
economically active: all people who supply labor for the production of goods and services during a
specified period.

Lending interest rate (%) [lrate]

Lending interest rate is the rate charged by banks on loans to prime customers.

Maternal mortality ratio (modeled estimate, per

100,000 live births) [maternalmort]
Maternal mortality ratio is the number of women who die during pregnancy and childbirth, per
100,000 live births. The data are estimated with a regression model using information on fertility,
birth attendants, and HIV prevalence.

Money and quasi money (M2) as % of GDP

[m2gdp]
Money and quasi money comprise the sum of currency outside banks, demand deposits other than
those of the central government, and the time, savings, and foreign currency deposits of resident
sectors other than the central government. This definition of money supply is frequently called M2;
it corresponds to lines 34 and 35 in the International Monetary Fund's (IMF) International Financial
Statistics (IFS).
Money and quasi money growth (annual %)
[m2growth]
Average annual growth rate in money and quasi money. Money and quasi money comprise the sum
of currency outside banks, demand deposits other than those of the central government, and the
time, savings, and foreign currency deposits of resident sectors other than the central government.
This definition is frequently called M2; it corresponds to lines 34 and 35 in the International
Monetary Fund's (IMF) International Financial Statistics (IFS). The change in the money supply is
measured as the difference in end-of-year totals relative to the level of M2 in the preceding year.

Net foreign assets (current LCU) [nfa]

Net foreign assets are the sum of foreign assets held by monetary authorities and deposit money
banks, less their foreign liabilities. Data are in current local currency.

Net ODA received (% of GNI) [oda]

Net official development assistance (ODA) consists of disbursements of loans made on concessional
terms (net of repayments of principal) and grants by official agencies of the members of the
Development Assistance Committee (DAC), by multilateral institutions, and by non-DAC countries to
promote economic development and welfare in countries and territories in the DAC list of ODA
recipients. It includes loans with a grant element of at least 25 percent (calculated at a rate of
discount of 10 percent). GNI is gross national product

Official exchange rate (LCU per US$, period

average) [exrate]
Official exchange rate refers to the exchange rate determined by national authorities or to the rate
determined in the legally sanctioned exchange market. It is calculated as an annual average based
on monthly averages (local currency units relative to the U.S. dollar).

PPP conversion factor (GDP) to market exchange

rate ratio [ppp]
Purchasing power parity conversion factor is the number of units of a country's currency required to
buy the same amount of goods and services in the domestic market as a U.S. dollar would buy in the
United States. The ratio of PPP conversion factor to market exchange rate is the result obtained by
dividing the PPP conversion factor by the market exchange rate. The ratio, also referred to as the
national price level, makes it possible to compare the cost of the bundle of goods that make up gross
domestic product (GDP) across countries. It tells how many dollars are needed to buy a dollar's
worth of goods in the country as compared to the United States.
Real effective exchange rate index (2005 = 100)
[reer]
Real effective exchange rate is the nominal effective exchange rate (a measure of the value of a
currency against a weighted average of several foreign currencies) divided by a price deflator or
index of costs.

Real interest rate (%) [rint]

Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator.

Workers' remittances and compensation of

employees, received (% of GDP) [remmitgdp]
Workers' remittances and compensation of employees comprise current transfers by migrant
workers and wages and salaries earned by nonresident workers. Data are the sum of three items
defined in the fifth edition of the IMF's Balance of Payments Manual: workers' remittances,
compensation of employees, and migrants' transfers. Remittances are classified as current private
transfers from migrant workers resident in the host country for more than a year, irrespective of
their immigration status, to recipients in their country of origin. Migrants' transfers are defined as
the net worth of migrants who are expected to remain in the host country for more than one year
that is transferred from one country to another at the time of migration. Compensation of
employees is the income of migrants who have lived in the host country for less than a year.

Workers' remittances and compensation of

employees, received (current US$) [remmita]
Workers' remittances and compensation of employees comprise current transfers by migrant
workers and wages and salaries earned by nonresident workers. Data are the sum of three items
defined in the fifth edition of the IMF's Balance of Payments Manual: workers' remittances,
compensation of employees, and migrants' transfers. Remittances are classified as current private
transfers from migrant workers resident in the host country for more than a year, irrespective of
their immigration status, to recipients in their country of origin. Migrants' transfers are defined as
the net worth of migrants who are expected to remain in the host country for more than one year
that is transferred from one country to another at the time of migration. Compensation of
employees is the income of migrants who have lived in the host country for less than a year. Data
are in current U.S. dollars.

Risk premium on lending (prime rate minus

treasury bill rate, %) [riskprem]
Risk premium on lending is the interest rate charged by banks on loans to prime private sector
customers minus the "risk free" treasury bill interest rate at which short-term government securities
are issued or traded in the market. In some countries this spread may be negative, indicating that
the market considers its best corporate clients to be lower risk than the government.
School enrollment, primary (% gross) [sepri]
Gross enrollment ratio is the ratio of total enrollment, regardless of age, to the population of the age
group that officially corresponds to the level of education shown. Primary education provides
children with basic reading, writing, and mathematics skills along with an elementary understanding
of such subjects as history, geography, natural science, social science, art, and music.

School enrollment, secondary (% gross) [sesec]

Gross enrollment ratio is the ratio of total enrollment, regardless of age, to the population of the age
group that officially corresponds to the level of education shown. Secondary education completes
the provision of basic education that began at the primary level, and aims at laying the foundations
for lifelong learning and human development, by offering more subject- or skill-oriented instruction
using more specialized teachers.

School enrollment, tertiary (% gross) [seter]

Gross enrollment ratio is the ratio of total enrollment, regardless of age, to the population of the age
group that officially corresponds to the level of education shown. Tertiary education, whether or not
to an advanced research qualification, normally requires, as a minimum condition of admission, the
successful completion of education at the secondary level.

Total debt service (% of exports of goods,

services and income) [debtserv]
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.

Total reserves (includes gold, current US$)

[reserves]
Total reserves comprise holdings of monetary gold, special drawing rights, reserves of IMF members
held by the IMF, and holdings of foreign exchange under the control of monetary authorities. The
gold component of these reserves is valued at year-end (December 31) London prices. Data are in
current U.S. dollars.

Trade in services (% of GDP) [tradeserv]

Trade in services is the sum of service exports and imports divided by the value of GDP, all in current
U.S. dollars.