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Key Data Definitions
Primary Criteria
- Inflation (Period Average) refers to sustained increase in general level of price levels of goods and services.
- Fiscal Deficit/GDP (including grant) is the excess of total expenditure (net lending) less total revenue of government as a percentage of GDP.
- Central Bank Financing of Fiscal Deficit/previous year’s Tax revenue is defined as change in net claims on government on the summary accounts of central bank,
- Gross External Reserves in months of imports refers to foreign exchange reserves divided by the monthly average of current year’s imports of goods and services. The reserves include Central Bank holdings of: Monetary gold, foreign currencies, SDRs, Reserves with the IMF and Foreign securities.
Secondary Criteria
- Inflation (Period Average) Exchange Rate Variation reflects the fluctuations (+/-) in the West African unit of account (WAUA) relative to the national currency. Exchange rate variation should not exceed 10 percent.
- Public Debt/GDP is a ratio of total public debt to Gross Domestic Product (DGP).
| Sector | Data Sets | Tables | Indicators | ||||||||||
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| Convergence Criterial |
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- Gross Domestic Product (GDP) is the sum of gross value added of all resident producer units plus that part (possibly the total) of taxes on products, less subsidies on products, which is not included in the valuation of output.
- Inflation Rate is the sustained rate at which the general price level of goods and services rise in an economy over the period. It is reported through the Consumer Price Index (CPI) which calculates the cost to purchase of a fixed basket of goods, as a way of determining how much inflation is occurring in the broad economy during a given time period.
- Commodity Prices here refers to international prices of the Zone’s major traded commodities.
| Sector | Data sets | Tables | Indicators | Sub-Indicators |
|---|---|---|---|---|
| Real Sector | Gross Domestic Product (GDP) | Output | GDP at Constant Price | |
| Sectoral Output | Agricultural Sector Output | |||
| Industrial Sector Output | ||||
| Services Sector Output | ||||
| Real GDP Growth Rate | ||||
| Sectoral Growth Rate | Agricultural Sector Rate | |||
| Industrial Sector Rate | ||||
| Services Sector Rate | ||||
| Agricultural Sector (%) | ||||
| Industrial Sector (%) | ||||
| Services Sector Rate (%) | ||||
| GDP at Basic Price | ||||
| GDP at Market Price | ||||
| Commodity Prices | Major Commodity Prices | Crude oil | ||
| Gold | ||||
| Diamonds | ||||
| Bauxite | ||||
| Peanuts (Groundnuts) | ||||
| Cocoa | ||||
| Iron ore | ||||
| Inflation | Inflation Rate | End Period Inflation Rate | ||
| Period Average Inflation Rate |
- The Balance of Payments is a statistical statement that summarizes transactions between residents and nonresidents during a specific time period. It consists of the goods and services account, the primary income account, the secondary income account, the capital account, and the financial account. Under the double-entry accounting system that underlies the balance of payments, each transaction is recorded as consisting of two entries and the sum of the credit entries and the sum of the debit entries are the same.
- International Investment Position (IIP) is a statement that shows at a point in time the value of: financial assets of residents of an economy that are claims on nonresidents or are gold bullion held as reserve assets; and the liabilities of residents of an economy to nonresidents.
- International Trade Statistics are statistics on international trade transactions between residents and non-residents of an economy.
- External Debt statistics is the reporting country’s liability to non-residents that requires payments (of principal and/or interest) in the future.
- End Period Exchange Rate reflects the value of a nation's currency in terms of the currency of another nation or economic zone at a particular time period.
- Remittance represents household income from foreign economies arising mainly from the temporary or permanent movement of people to those economies.
| Sector | Data sets | Tables | Indicators | Sub-Indicators |
|---|---|---|---|---|
| External Sector | Foreign trade | International trade | Exports | Goods (x) |
| Services (x) | ||||
| Imports | Goods (x) | |||
| Services (x) | ||||
| External Debt | Public External Debt | General Government | ||
| Central Government | ||||
| Non-Financial Public Sector | ||||
| Public Sector | ||||
| Balance of Payments (BoP) | Balance of Payments | Current Account | Balance of Goods | |
| Balance of Services | ||||
| Primary Income (Net) | ||||
| Secondary Income (Net) | ||||
| Capital Account | Capital Account Balance (Net) | |||
| Financial Account | Foreign Direct investment (Net) | |||
| Portfolio Investment (Net) | ||||
| Other Investment (Net) | ||||
| Reserve Assets | ||||
| Net Errors & Omissions | ||||
| Overall Balance | ||||
| Gross Foreign Reserve Position | ||||
| External Reserves in Months of Import cover | ||||
| Current Account Balance Excluding Grants | ||||
| Current Account Balance (% of GDP) | ||||
| Current Account Balance Excluding Grants (% of GDP) | ||||
| Balance of Trade in Goods (% of GDP) | ||||
| Capital Account Balance (% of GDP) | ||||
| Financial Account Balance (% of GDP) | ||||
| Nominal GDP | ||||
| Remittance | Remittance | Inward Remittance | Formal | |
| Informal | ||||
| Outward Remittance | Formal | |||
| Informal | ||||
| Net Inward Remittance | ||||
| Exchange Rate | End Period Exchange Rate | End Period Exchange Rate | ||
| End Period Exchange Rate | ||||
| International Investment Position (IIP) | IIP | Direct Investment | ||
| Portfolio Investment | ||||
| Financial Derivatives and ESQs | ||||
| Other Investment | ||||
| Reserve Assets | Monetary Gold | |||
| SDR | ||||
| Others |
- Government Fiscal Operations reflects government activities in the implementation of budgetary policies, such as revenue and expenditure measures, as well as issuance of public debt instruments and public debt management.
- Public Debt Statistics refers to the public sector liabilities, which requires payment at a later date.
| Sector | Datasets | Tables | Indicators | Sub - Indicators | Sub – Indicators (o/w) |
|---|---|---|---|---|---|
| Fiscal Sector | Fiscal Operations | Fiscal Operations | Revenue | Domestic Revenue | Tax revenue |
| Non-Tax revenue | |||||
| Grants | |||||
| Expenditure | Current Expenditure | Compensation of Employees | |||
| Payments for Goods and Services | |||||
| Interest Payments | |||||
| Subsidies | |||||
| Capital Expenditure | Domestic Capital Investment | ||||
| Primary Balance | |||||
| Budget Deficit(-)/Surplus(+)(Including Grants Commitment Basis) | |||||
| Budget Deficit(-)/Surplus(+)(Excluding Grants Commitment Basis) | |||||
| Overall Balance (Including grant, Commitment Basis) | |||||
| Overall Balance (Including grant, Cash Basis) | |||||
| Net Lending (+)/Borrowing (-) | |||||
| Financing | External | ||||
| Domestic | Central Bank Financing | ||||
| Others Financing | |||||
| Public Debt | Public Debt | Public Debt (Total) | Domestic Public Debt | ||
| External Public Debt |
- The Monetary Survey reflects the aggregated balance sheet of the banking system (all banks). It consolidates the data for the monetary authorities and deposit taking corporations.
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Broad Money
M1 and M2 money have several definitions, ranging from narrow to broad. M1 = coins and currency in circulation + checkable (demand) deposit + traveler's checks. M2 = M1 + savings deposits + money market funds + certificates of deposit + other time deposits.
Thus, Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. - Reserve Money is the value of currency holdings, precious metals, and other highly liquid assets used to redeem national currencies and bank deposits and to meet current and near-term financial obligations by a country’s central bank, government treasury, or other monetary authority.
- The Monetary Policy Rate (MPR) is the rate that is set by the central bank’s monetary policy Committee to signal its policy stance.
- The Lending Rate is the amount charged by lenders for a certain period as a percentage of the amount given out as loan.
| Sector | Datasets | Tables | Indicators | Sub - Indicators | Sub – Indicators (o/w) |
|---|---|---|---|---|---|
| Monetary Sector | Monetary Survey | Monetary Survey | Net Foreign Assets | Foreign Assets | |
| Foreign Liabilities | |||||
| Net Domestic Assets | Domestic Credit | Claims on Government (Net) | |||
| Other Items Net, (Asset +) | |||||
| Broad Money | Narrow Money | Currency with Public | |||
| Demand Deposit | |||||
| Quasi Money | Time & Saving Deposit | ||||
| Foreign Currency Deposit | |||||
| Other Deposit | |||||
| Reserve Money | |||||
| Monetary Policy Rate | Monetary Policy Rate | Monetary Policy Rate (MPR) | |||
| Lending & Deposit Rate | Lending & Deposit Rate | Savings Deposit Rate | |||
| Time Deposit Rate | |||||
| Lending Rate | |||||
| Treasury Bill Rate |