About PWT Mark 6.1
What is Different, What is New? (February 21, 2003)
Main Differences between PWT6.1 and Previous Versions
users of PWT should check the description of the variables in
- Users of preliminary PWT6: Originally, PWT6 was to be issued
in a final form in this site. Users provided many helpful comments. Tony
Swan and Steve Dowrick of Australian National University deserve special
mention for catching some important errors. By the time corrections were
made we were able to update to 2000 (see National Accounts below). To avoid possible confusion we are
calling this version PWT6.1.
- For users of PWT 5.6 or earlier versions, we list
below some of the major differences.
Year: In PWT 6.1, the base year is 1996, so all constant price series
will be substantially higher than PWT 5.6
Accounts: Many of the underlying national accounts of countries
will have been revised since 1995 and these changes have been incorporated
in the new version. PWT6.0 was mainly based on the World Development
Indicators (WDI) 2000 disk, while PWT6.1 uses the WDI
2002 national accounts for non-OECD countries, and the OECD
2002 (see Electronic Publications and National
Accounts of OECD countries: Main Aggregates 1970/2000 2002 Edition Volume 1)
national accounts for 30 OECD countries. Data for
years not in the WDI or OECD disks are obtained from previous national
accounts files used in PWT5.6 and earlier versions. The underlying National
Accounts files for PWT6.1 (current and constant 1996 series in local
currencies for GDP components) is now provided as a file (see Downloads)
with the permission of the World Bank and the OECD.
- The base year international prices of
Consumption, Investment and Government are based on information in the
1996 benchmark estimates as well as earlier benchmark or short-cut estimates.
Many countries in previous versions that were estimated by short-cut estimates
are now based on benchmark estimates that we consider more reliable.
These new international prices may also change the growth rates of countries
from previous versions of PWT.
- Physical Capital Stock Estimates: A new
set of capital stock estimates are being developed for PWT 6.1, and these
will be added as they become available. Initially we will just include
the OECD countries. As in PWT 5.6 there will be detailed estimates
for about 60 countries. We also plan to extend physical capital
stock estimates to a larger number of countries at an aggregate level.
- Terms of Trade: In place of the terms of trade
variable in PWT 5.6 we will provide a measure of Gross Domestic Income of
each country per capita. This variable will adjust constant price
GDP for trading gains and losses, following the 1993 System of National
Accounts. This adjustment computes Gross Domestic Income as Domestic
Absorption in 1996 prices plus current exports minus imports deflated by the
national accounts deflator and the 1996 PPP of Domestic Absorption.
- China: Because estimates of PPPs and growth
rates for China are very important for understanding the world economy,
but also subject to error, we have described our estimates in a separate China
- Taking Account of Earlier Base Year Estimates:
In previous versions of PWT we have estimated base-year international prices
taking account of information from earlier benchmarks. In this version
a similar procedure was carried out for both benchmark and non-benchmark
countries as described in the data Appendix.
- Non-Benchmark Countries: The treatment
of non-benchmark countries is slightly different than earlier versions of
PWT. These are described in the data Appendix.
- Additional Variables: We have included
a national accounts definition of saving on an international basis, but
the user should understand that it does not necessarily measure effort of
countries to sacrifice current consumption.
- Country Grades: As in some earlier
versions, we have assigned grades to the quality of our estimates based
on the extent of benchmark participation by countries and other variable
described in the data Appendix.
The basic inputs into our judgment
are provided so that users may come up with alternative measures of data
- Geographic Code: In previous versions,
countries were presented alphabetically by continent. While these
could be easily sorted in other ways, in PWT 6 we have chosen to present
all countries alphabetically by ISO. That code is itself not always transparent
so we have also presented an alphabetical list of countries in English with
the corresponding ISO 3-digit code. We have also classified countries
by 15 geographical regions of the world that may be an aid to users (see
Country Codes in Downloads).
Penn World Tables Home|
Copyright © 2001-2003 CHASS. All rights reserved.