Small States: Economic Review and Basic Statistics, Volume 7

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As in the previous issues, the publication is in two parts. The first part provides a narrative focusing on the recent economic performance of Commonwealth small states. It also contains two feature articles: The first is a commentary on small states in the Lomé Convention and in the New ACP-EU Partnership Agreement, and the second analyzes the implications for small states of the OECD Harmful Tax Competition guidelines. These two items are of considerable interest to small states, in view of the challenges posed to their economies by globalization and the progressive liberalization of world trade. The second part of the publication provides social and economic data on small states. These are presented in 51 tables. In order to maintain the continuity of the statistical series, the “country” coverage and “country groupings based on income” are the same as those used in previous issues of this publication. The publication provides a unique source of information on small states.

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Table of Contents

Foreword I
1. Recent Economic Trends in Commonwealth Small States 1
Global Trends 1
Recent Economic Performance of Commonwealth Small States 4
Recent Trends in African Small States 4
Growth trends 4
Inflation 5
Employment 6
External performance 6
Key policy issues 7
Recent Trends in the Caribbean 7
Growth trends 7
Inflation 9
Employment 9
External performance 10
Key policy issues 11
Recent Trends in the Indian Ocean Islands 12
Growth trends 12
Inflation 12
Employment 12
External performance 13
Key policy issues 14
Recent Trends in the Mediterranean States 14
Growth trends 14
Inflation 14
Employment 15
External performance 15
Key policy issues 15
Recent Trends in the Pacific Island States 16
Growth trends 16
Inflation 17
Employment 18
External performance 18
Key policy issues 19
Select Bibliography 20
2. The Graduation Issue for Small States 21
Introduction 21
The Graduation Process and Experience 21
Current Issues of Graduation 22
Policy Implications of Graduation 23
Main Findings and Conclusion 25
Select Bibliography 26
3. Small States in World Export Trade 27
Introduction 27
Merchandise Exports 27
Exports of Commercial Services 29
Total Exports 30
Performance of Individual Countries 32
Causes of Marginalisation 35
Why is Marginalisation a Cause for Concern? 36
Conclusion 38
References 38
Basic Statistics 40
Technical Notes for Tables 40
Abbreviations 44
List of Charts
1.1 GDP Growth of World and Major Regions, 2000-2001 1
1.2 GDP Growth of African Small States, 1999-2001 5
1.3 Inflation Rates of African Small States, 1999-2001 6
1.4 GDP Growth of Caribbean Countries, 1999-2001 8
1.5 Inflation Rates of Caribbean Countries, 1999-2001 10
1.6 Banana Exports from Selected Caribbean Small States, 1999-2001 11
1.7 GDP Growth of the Indian Ocean Islands, 1999-2001 12
1.8 Inflation Rates of the Indian Ocean Islands, 1999-2001 13
1.9 GDP Growth of Cyprus and Malta, 1999-2001 15
1.10 Inflation Rates of Cyprus and Malta, 1999-2001 15
1.11 GDP Growth of Selected Pacific Islands, 1999-2001 17
1.12 Inflation Rates of Selected Pacific Islands, 1999-2001 18
List of Figures
3.1 Trend Growth Rates of Merchandise Exports 28
3.2 Share of Small States in Global Merchandise Exports, 1950-2000 29
3.3 Growth Rates of Commercial Services Exports 30
3.4 Volume and Share of Small States in Exports of Commercial Services 31
3.5 Declining Importance of Small States in World Exports (Merchandise plus Services) Trade 31
3.6 Average Net Shift in Total Exports of Small States in 1995-2000 as percentage average, 1990-94 Exports 33
3.7 Relationship between Growth of Export Share and Growth of GDP in Small States, 1980-2000 37
List of Tables
1. Selected Size Indicators 46
2. Population Indicators 48
3. Selected Economic Indicators 50
4. Gross Domestic Product 52
5. Sectoral Distribution of GDP 54
6. Growth of Production 56
7. Structure of Demand 58
8. Consumer Prices 60
9. Merchandise Exports and Growth 62
10. Trade Balance 64
11. Merchandise Imports and Growth 66
12. Destination of Merchandise Exports 68
13. Destination of Merchandise Exports to Selected Regions 70
14. Merchandise Trade with Commonwealth Countries 72
15. Main Sources of Merchandise Imports 74
16. Merchandise Imports by Selected Regions 76
17. Share of Major Commodities in Merchandise Exports 78
18. Export Characteristics 80
19. Selected Indicators of Openness and Instability 82
20. Agricultural Production 84
21. Cereal Production and Imports 86
22. Sugar Production, Consumption and Trade 88
23. Livestock Production 90
24. Fish Catches 92
25. Energy Production, Consumption and Trade 94
26. Tourist Arrivals and Earnings 96
27. External Payments: Selected Balances 98
28. International Reserves 100
29. External Debt: Selected Categories 102
30. Official Net Transfers 104
31. Principal Indicators of Debt 106
32. Composition of Debt 108
33. Total Net Financial Flows from All Sources 110
34. Financial Flows by Major Categories 112
35. ODA: Commitments, Disbursements, Per Capita Resource Flows and IMF Credit 114
36. Average Exchange Rates 116
37. Money Supply and Average National Interest Rates 118
38. Distribution of Labour Force 120
39. Urban and Rural Population 122
40. Population Distribution by Age 124
41. Selected Demographic Indicators 126
42. Life Expectancy at Birth 128
43. Health-Related Indicators 130
44. Adult Literacy Rates 132
45. Primary Level Enrolment Ratio 134
46. Secondary Level Enrolment Ratio 136
47. Tertiary Level Enrolment Ratio 138
48. Selected Characteristics of Female Population 140
49. Major Components of Government Expenditure in Selected Countries 142
50. Selected Indicators of Transport 144
51. Main Indicators of Communications 146
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