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# Table (1.2) Selected Macroeconomic Indicators for Sub-Saharan Africa

|INDICA|TOR|1973-81|1982-85|1986-89|
|---|---|---|---|---|
|Investm|ent to GDP ratio|21.5|18.7|17.1|
|Domes|tic Savings to GDP ratio|13.0|8.8|**9.1**|
|Resour|ce Balance to GDP ratio|-8.3|-9.7|-8.0|
|Imports|to GDP ratio|37.2|37.0|34.5|
|<br>Debt S|<br>ervice to Exports ratio|9.6|18.4|**26.4**|
|<br>REER (|<br>1980=100)**11**|95.5|113.5|89.4|
|Terms|of Trade Index|106.3|91.6|80.8|
|Rate of|change of CPI (inflation)|16.5|17.7|20.5|
|<br>Black m|<br>arket exchange rate premium (%) 2/|128.9|221.9|90.9|
|<br>Fiscai D|<br>eficit to GDP ratio|5.3|7.4|7.8|
|Extern|al Shock 3/|0.1|-5.3|-2.2|
|Extern|al Financing (net flows in 1980 US$mn)||||
||Total 4/|7830**(29%)**|<br>3839(-28%)|4635(250k)|
||Public|7136(28%)|3357**(-3o%)**|4272(310k)|
||Private|694(55%)|482(-13%)|363(.03%)|
|Notes: 1/|Index of the period average exchange rate of the c<br>for the currencies of selected partner countries an|<br>urrency to a weighted<br>d adjusted for relative|<br>geometric average of e<br>price movements in nat|xchange rates<br>ional<sup>price</sup>|
||of the home country and its partners. An increase|in the index reflects a|n appreciation.||
|21|Includes only Ethiopia, Ghana, Kenya. Malawi. Su|dan. Tanzania, Zaire a|nd Zambia.||
|3/|The total effect of external shocks as % of GDP is|computed as the sum|of the real interest rate e|ffect and|
||the terms of trade effect. The interest rate effect Is|calculated as -(r-rbas|e)1(debt/GDP)beg, wh|ere<sup>r is</sup>|
||the real interest rate computed as (i-dp/p)/(1+dp/|p); rbase is the average|real interest rate of bas|e period;|
||it is the ratio of Interest payments to total debt; int|erest payments are cal|culated by adding<sup>publi</sup>|<sup>c interest</sup>|
||payments to private interest payments; private int|erest payments are pro|xied by multiplying priv|ate<sup>debt</sup>|
||by L (L equals three-month annualized LIBOR plu|s one percent); the pri|vate debt is estimated b|y subtracting|
||public and publicly guaranteed debt from total de|bt; dp/p is 'world<br>infl|ation (proxied by the pe|rcentage|
||change of the GNP deflator of the US), and (debt/|GDP)beg is the ratio of|debt to GDP of<sup>the yea</sup>|<sup>r preceding</sup>|
||the beginning the end period. Debt data corresp|ond to total disbursed g|uaranteed and non gua|ranteed<sup>debt.</sup>|
||Theeffectof terms of trade is computed as (((PX/|PXbase)-1) (X/GOP)b|egl-[((PM/PMbase)-l) (|M/GDP)begj. where PX|
||and PM are the average export and import price in|dices deflated by US|GNP deflator.<sup>respectiv</sup>|<sup>ely: PXbase and</sup>|
||PMbase are the average price indices of the base|period: X and M are ex|ports<sup>of GNFS and imp</sup>|<sup>orts of GNFS</sup>|
||<br>respectively: and (XJGDP)beg and (M/GDP)beg ar|<br>e the ratios of X and M|<br>to GOP respectively at t|he year<sup>preceding</sup>|
||the begining of the end period. All the va-iables a|re denominated in cur|rent US dollars.||
|4/|The periods used are 1970-1980, 1983-1985 and<br>to average annual growth rates.|1986-1989 respective|ly. The figures in paren|theses refer|

Source: World Bank (BESD), OECD 1990 Report, Pick's Currency Yearbooks.