9 The total imbalances depicted in figure I.8 are smaller than the total (global) sum of current-account balances because
some groups, such as the rest of the world, the EU without Germany, and East Asia without China, include both deficit and
surplus countries.
10 See IMF, World Economic Outlook: Legacies, Clouds, Uncertainties, October 2014, chap. 4.
11 Germany recently undertook a major revision of the national accounts. This has resulted in an upward shift in the level of GDP and, accordingly, in a reduction of the current-account-to-GDP ratio. The number cited here is from the data before the revision.