Chapter

Methodological and Statistical Appendix

Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Published Date:
October 2012
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This appendix comprises six sections. “What’s New” presents a brief description of the methodological changes to the database and statistical tables since the April 2012 issue of the Fiscal Monitor. “Data and Conventions” provides a general description of the data and of the conventions used for calculating economy group composites. “Fiscal Policy Assumptions” summarizes the country-specific assumptions underlying the estimates and projections for 2012–17. Details on the coverage and accounting practices underlying each country’s Fiscal Monitor data are provided in “Definition and Coverage of Fiscal Data.” The classification of countries in the various groups presented in the Fiscal Monitor is summarized in “Economy Groupings.” “Statistical Tables” on key fiscal variables complete the appendix. Data in these tables have been compiled on the basis of information available through October 2012.

What’s new

  • Egypt has been included in the group of emerging market economies.

  • The sample of low-income countries has been modified. See “Economy Groupings” for more details.

  • The aggregation method used to provide average fiscal data for different country groups has been modified. In this issue, data are weighted by nominal GDP converted to U.S. dollars at average market exchange rates as a share of the group GDP.

  • The methodology used to estimate the illustrative adjustment needs for advanced economies in Statistical Table 13a has been modified to take into account the endogenous (dynamic) impact of debt levels on the interest rate–growth differential (rg). Initial country-specific interest rate–growth differentials (based on Fiscal Monitor projections) converge over time to model-based country-specific levels, with the speed of adjustment derived from empirical estimates of the effect of public debt on the interest rate (see Box 3) and potential growth rates based on Fiscal Monitor projections for 2017. The assumption on the interest rate–growth differential for countries with IMF/EU-supported programs (Greece, Ireland, Portugal) is drawn from their debt sustainability analyses. In the cases of Ireland and Portugal, this differential is assumed to follow the endogenous adjustment path determined by debt levels from 2016 onward. For further details, see Statistical Table 13a.

Data and conventions

Country-specific data and projections for key fiscal variables are based on the October 2012 WEO database, unless indicated otherwise. The data appearing in the Fiscal Monitor are compiled by the IMF staff. The historical data and projections are based on the information gathered by the IMF country desk officers in the context of their missions to IMF member countries and through their ongoing analysis of the evolving situation in each country. Historical data are updated on a continual basis as more information becomes available, and structural breaks in data are often adjusted to produce smooth series with the use of splicing and other techniques. IMF staff estimates continue to serve as proxies for historical series when complete information is unavailable. As a result, Fiscal Monitor data can differ from other sources with official data, including the IMF’s International Financial Statistics.

Where the Fiscal Monitor includes additional fiscal data and projections not covered by the WEO, data sources are listed in the respective tables and figures.

All fiscal data refer to the general government where available and to calendar years, with the exceptions of those for Egypt, Hong Kong SAR, Pakistan, Singapore, and Thailand, for which data refer to the fiscal year.

Composite data for country groups are weighted averages of individual-country data, unless otherwise specified. Data are weighted by nominal GDP converted to U.S. dollars at average market exchange rates as a share of the group GDP. Annual weights are assumed for all years.

For the purpose of data reporting in the Fiscal Monitor, the G-20 member aggregate refers to the 19 country members and does not include the European Union aggregate.

For most countries, fiscal data follow the IMF’s Government Finance Statistics Manual(GFSM)2001. The concept of overall fiscal balance refers to net lending (+)/borrowing (–) of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

Data on the financial sector support measures are based on the database on public interventions in the financial system compiled by the IMF’s Fiscal Affairs and Monetary and Capital Markets Departments, revised following a survey of the G-20 economies. Survey questionnaires were sent to all G-20 members in early December 2009 to review and update IMF staff estimates of financial sector support. This information was later completed using national sources and data provided by national authorities. For each type of support, data were compiled for the amounts actually utilized and recovered to date. The period covered is June 2007 to the latest available.

The following symbols have been used throughout the Monitor:

… to indicate that data are not available;

— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

– between years or months (for example, 2008–09 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (for example, 2008/09) to indicate a fiscal or financial year;

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

“n.a.” means “not applicable.”

Minor discrepancies between sums of constituent figures and totals are due to rounding.

As used in the Monitor, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

Additional country information follows, including for cases in which reported fiscal aggregates in the Monitor differ from those reported in the WEO:

Argentina. Total expenditure and the overall balance account for cash interest and the IMF staff’s estimate of accrued interest payments. Accrued interest corresponds to adjustment on the stock of consumer-price-indexed debt using official inflation, interest capitalization, and interest arrears on defaulted debt. Calculations use Argentina’s official GDP and consumer price index (the Consumer Price Index for Greater Buenos Aires, or CPI-GBA) data. The IMF has called on Argentina to adopt remedial measures to address the quality of the official GDP and CPI-GBA data. The IMF staff is also using alternative measures of GDP growth and inflation for macroeconomic surveillance, including data produced by private analysts, which have shown significantly lower real GDP growth than the official data since 2008, and data produced by provincial statistical offices and private analysts, which have shown considerably higher inflation figures than the official data since 2007.

Chile. Cyclically adjusted balances reflect additional adjustments for commodity price developments.

China. Fiscal data exclude allocation to the stabilization fund. Debt data cover only the central government until 2009 and the general government from 2010 onward. Public debt projections assume that about 60 percent of the stock of local governments’ debt will be amortized over 2011–13, 16 percent over 2014–15, and 24 percent beyond 2016, consistent with the authorities’ plans.

Colombia. Combined public sector including Ecopetrol and excluding Banco de la República’s outstanding external debt reported for gross public debt.

Greece. Revised general government gross debt includes short-term debt and loans of state-owned enterprises in the calculation of overall total debt.

Hong Kong Special Administrative Region. Data are on a fiscal year rather than calendar year basis. Cyclically adjusted balances reflect additional adjustments for land revenue and investment income.

Hungary. The cyclically adjusted and cyclically adjusted primary balances for 2011 exclude one-off revenues as per asset transfer to the general government due to changes to the pension system.

Ireland. The general government balances for 2009 and 2010 reflect the impact of banking support measures. The fiscal balance estimates excluding these measures are –11.5 percent of GDP for 2009 and –10.8 percent of GDP for 2010. Cyclically adjusted balances exclude financial sector support.

Jordan. The general government balances and general government revenues include grants.

Latvia. The fiscal deficit includes bank-restructuring costs and thus is higher than the deficit in official statistics.

Mexico. The general government data reported in the tables cover central government, social security, public enterprises, development banks, the national insurance corporation, and the National Infrastructure Fund but exclude subnational governments.

New Zealand. Overall balance includes balance of state-owned enterprises, excluding privatization receipts.

Norway. Cyclically adjusted balances correspond to the cyclically adjusted non-oil overall or primary balance. Ratios for these variables are in percent of non-oil potential GDP.

Pakistan. Data are on a fiscal year rather than calendar year basis.

Peru. Cyclically adjusted balances reflect additional adjustments for commodity price developments.

Singapore. Data are on a fiscal year rather than calendar year basis. The historical fiscal data have been revised to reflect the migration to GFSM 2001, which entailed some classification changes.

Sudan. Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.

Sweden. Cyclically adjusted balances take into account the output and employment gaps.

Switzerland. Data submissions at the cantonal and commune level are received with a long and variable lag and are subject to sizable revisions. Cyclically adjusted balances reflect additional adjustments for extraordinary operations related to the banking sector.

Thailand. Data are on a fiscal year rather than calendar year basis.

Turkey. Information on general government balance, primary balance, and cyclically adjusted primary balance differ from those published in the authorities’ official statistics or country reports, which still include net lending. An additional difference from the authorities’ official statistics is the exclusion of privatization receipts in staff projections.

United States. Cyclically adjusted balances exclude financial sector support.

Fiscal policy assumptions

The historical data and projections of key fiscal aggregates are in line with those of the October 2012 WEO, unless highlighted. For underlying assumptions, other than on fiscal policy, see the October 2012 WEO.

The short-term fiscal policy assumptions are based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions and projected fiscal outturns. The medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. In cases in which the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed, unless indicated otherwise. The specific assumptions relating to selected economies follow.

Argentina. The 2012 forecasts are based on the 2011 outturn and IMF staff assumptions. For the outer years, the assumed improvement in the fiscal balance is predicated on an assumed growth of revenues in the context of a pickup in economic activity combined with a decline in the growth of expenditures.

Australia. Fiscal projections are based on IMF staff projections and the 2012–13 budget, as well as the Australian Bureau of Statistics.

Austria. Projections take into account the federal financial framework for 2013–16 as well as associated further implementation needs and risks.

Belgium. IMF staff projections for 2012 and beyond are based on unchanged policies, as some reform measures remain under discussion.

Brazil. The 2012 forecast is based on the budget, subsequent updates announced by the authorities, and fiscal outturn up to July 2012. In outer years, the IMF staff assumes adherence to the announced primary surplus target and further increase in public investment in line with the authorities’ intentions.

Burkina Faso. Based on discussion with the authorities, past trends, and impact of ongoing structural reforms.

Cambodia. Historical data are from the Cambodian authorities. Projections are based on the IMF staff’s assumptions given discussion with the authorities.

Canada. Projections use the baseline forecasts in the Economic Action Plan 2012: Jobs, Growth, and Long-Term Prosperity, March 29, 2012 (the fiscal year 2012/13 budget). The IMF staff makes some adjustments to this forecast for differences in macroeconomic projections. The IMF staff forecast also incorporates the most recent data releases from Statistics Canada’s Canadian System of National Economic Accounts, including federal, provincial, and territorial budgetary outturns through the end of the second quarter of 2012.

China. For 2012, the government is assumed to slow the pace of fiscal consolidation; the fiscal impulse is assumed to be neutral.

Czech Republic. Projections are based on the authorities’ budget forecast for 2012–13 with adjustments for macroeconomic projections of the IMF staff. Projections for 2014 onward are based on unchanged policies.

Denmark. Projections for 2012–13 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2014–17, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2012 Convergence Program submitted to the European Union.

Egypt. The estimates for 2012 are preliminary outturns from the Ministry of Finance. The projections for 2013 and beyond reflect an illustrative staff scenario, since the authorities are still in the process of formulating their medium-term fiscal plan.

Estonia. The forecast, which is cash-based and not accrual-based, incorporates the authorities’ 2012 budget, adjusted for newly available information and for the IMF staff’s macroeconomic scenario.

Finland. Based on announced policies by the authorities, adjusted for the IMF staff’s macroeconomic scenario.

France. Estimates for the general government in 2011 reflect the actual outturn. Projections for 2012 and beyond reflect the authorities’ 2011–14 multiyear budget, adjusted for fiscal packages and differences in assumptions on macroeconomic and financial variables and revenue projections.

Germany. The estimates for 2011 are preliminary estimates from the Federal Statistical Office. The IMF staff’s projections for 2012 and beyond reflect the authorities’ adopted core federal government budget plan, adjusted for the differences in the IMF staff’s macroeconomic framework and IMF staff assumptions about fiscal developments in state and local governments, the social insurance system, and special funds. The projections also incorporate the authorities’ plans for a 2013–14 tax reduction. The estimate of gross debt includes portfolios of impaired assets and noncore business transferred to institutions that are winding up as well as other financial sector and EU support operations.

Greece. Macroeconomic, monetary, and fiscal projections for 2012 and the medium term are broadly consistent with the policies agreed to between the IMF staff and the authorities in the context of the Extended Fund Facility.

Hong Kong Special Administrative Region. Projections are based on the authorities’ medium-term fiscal projections.

Hungary. Fiscal projections include IMF staff projections of the macroeconomic framework and of the impact of existing legislated measures, as well as fiscal policy plans as announced at end-July 2012.

India. Historical data are based on budgetary execution data. Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions. Subnational data are incorporated with a lag of up to two years; general government data are thus finalized well after central government data. IMF and Indian presentations differ, particularly regarding divestment and license auction proceeds, net versus gross recording of revenues in certain minor categories, and some public sector lending.

Indonesia. The 2011 central government deficit was lower than expected (1.1 percent of GDP), reflecting underspending, particularly on public investment. The 2012 central government deficit is estimated at 2.0 percent of GDP, lower than the revised budget estimate of 2.2 percent of GDP. It is assumed that subsidized fuel prices will not be adjusted in 2012. The low projected budget deficit also reflects ongoing budget execution problems. Fiscal projections for 2013–17 are built around key policy reforms needed to support economic growth—namely, enhancing budget implementation to ensure fiscal policy effectiveness, reducing energy subsidies through gradual administrative price increases, and continuous revenue mobilization efforts to create room for infrastructure development.

Ireland. Fiscal projections are based on the 2012 budget and the €12.4 billion consolidation effort over 2012–15 committed to in the Medium-Term Fiscal Statement (published November 2011). The fiscal projections are adjusted for differences between the IMF staff’s macroeconomic projections and those of the Irish authorities.

Israel. Historical data are based on Government Finance Statistics submitted by the Ministry of Finance. The historical data, together with the fiscal consolidation plan announced by the authorities, form the basis for the IMF staff’s medium-term fiscal projections.

Italy. Fiscal projections incorporate the impact of the government’s announced fiscal adjustment package, as outlined in its April 2012 Documento di Economia e Finanza, modified for the recent announcement on the government’s spending review. The estimates for the 2011 outturn are preliminary. The IMF staff projections are based on the authorities’ estimates of the policy scenario and adjusted mainly for differences in macroeconomic assumptions. After 2015, a zero overall fiscal balance in cyclically adjusted terms is projected, in line with the authorities’ fiscal rule.

Japan. The projections include fiscal measures already announced by the government, including consumption tax increases and earthquake reconstruction spending. The medium-term projections assume that expenditure and revenue of the general government develop in line with current underlying demographic and economic trends.

Kazakhstan. Fiscal projections are made based on budget numbers, discussions with the authorities, and IMF staff projections.

Korea. Fiscal projections assume that fiscal policies will be implemented in 2012 as announced by the government. Projections of expenditure for 2012 are in line with the budget. Revenue projections reflect the IMF staff’s macroeconomic assumptions, adjusted for discretionary revenue-raising measures already announced by the government. The medium-term projections assume that the government will continue with its fiscal consolidation plans and balance the budget (excluding social security funds) by 2013, consistent with the government’s medium-term goal.

Lithuania. Fiscal projections for 2012 are based on the authorities’ 2012 budget after adjusting for differences in macroeconomic assumptions and performance so far.

Malaysia. Fiscal year 2011 data are based on preliminary outcomes. For fiscal year 2012, projections are IMF staff estimates taking into account the original and supplemental budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.

Mali. IMF staff projections for current and outer years, after consultations with the authorities.

Mexico. Fiscal projections for 2012 are broadly in line with the approved budget, and projections for 2013 onward assume compliance with the balanced-budget rule.

Moldova. Fiscal projections are based on the IMF staff’s forecast for various bases and growth rates for GDP, consumption, import, wages, energy prices, and demographic changes.

Mozambique. Fiscal projections assume a moderate increase in revenue in percent of GDP and a commensurate increase in domestic primary spending and account for a lower aid flow, with grants contribution declining. The projections were discussed with the authorities during the recent Policy Support Instrument review missions in March 2012.

Myanmar. Fiscal projections are made based on budget numbers, discussions with the authorities, and IMF staff adjustments.

Netherlands. Fiscal projections for 2012–17 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after differences in macroeconomic assumptions are adjusted for.

New Zealand. Fiscal projections are based on the authorities’ 2012 budget and IMF staff estimates. The New Zealand fiscal accounts switched to New Zealand International Financial Reporting Standards in the 2007/08 budget. Backdated data have been released back to 1997.

Nigeria. Historical data series, annual budget, and medium-term expenditure framework at the federal government level and additional data from the authorities.

Norway. Fiscal projections are based on the authorities’ 2012 budget announced in October 2011.

Pakistan. Fiscal balances exclude payments for electricity arrears and commodity operations for 2009/10, 2010/11, and 2011/12.

Philippines. Fiscal projections assume that the authorities’ fiscal deficit target will be achieved in 2012 and beyond. Revenue projections reflect the IMF staff’s macroeconomic assumptions and incorporate anticipated improvements in tax administration. Expenditure projections are based on budgeted figures, institutional arrangements, and fiscal space in each year.

Poland. Data are on an ESA-95 (accrual) basis. Projections are based on the 2011 budget and other fiscal consolidation measures announced as of March 2011, as well as on the planned diversion of contributions from the Pillar II to the Pillar I pension system.

Portugal. Projections reflect the authorities’ commitments under the EU/IMF-supported program for 2012–13 and the IMF staff’s projections thereafter.

Russian Federation. Projections for 2012–14 are based on the non-oil deficit in percent of GDP implied by the 2012–14 medium-term budget and the 2012 supplemental budget and on the IMF staff’s revenue projections. The IMF staff assumes an unchanged non-oil federal government balance in percent of GDP during 2015–17.

Saudi Arabia. The authorities base their budget on a conservative assumption for oil prices, with adjustments to expenditure allocations considered in the event that revenues exceed budgeted amounts. IMF staff projections of oil revenues are based on WEO baseline oil prices. On the expenditure side, wages are assumed to rise at a natural rate of increase in the medium term, with adjustments for recently announced changes in the wage structure. In 2013 and 2016, 13th-month pay is awarded based on the lunar calendar. Capital spending is in line with the priorities established in the authorities’ Ninth Development Plan, and recently announced capital spending on housing is assumed to start in 2012 and continue over the medium term.

Senegal. Based on program targets for 2012–13 and mostly debt sustainability analysis considerations thereafter. Fiscal accounts are shown in accordance with the GFSM 2001 methodology.

Singapore. For fiscal year 2012/13, projections are based on budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.

Slovak Republic. Based on the IMF staff’s revenue projections and on expenditures in the 2012–15 budget, including unbudgeted expenditure in 2012. Projections for 2013 are based on the authorities’ plans to reduce the overall deficit to 2.9 percent of GDP.

South Africa. Fiscal projections are based on the authorities’ 2012 budget and policy intentions stated in the Budget Review, published February 22, 2012.

Spain. For 2012 and beyond, fiscal projections are based on the measures specified in the Stability Program Update 2012–15, the revised fiscal recommendations by the European Council and the subsequent July fiscal package, and the biannual budget plan for 2013–14 announced in August 2012. While the Eurogroup’s commitment of up to €100 billion (9.4 percent of GDP) includes an additional safety margin, the IMF staff, to be prudent, and pending further details on implementation, assumes disbursement of this full amount for its 2012 debt projections. Under the unchanged-policies scenario, no additional structural improvement is assumed for the outer years, after the fiscal deficit reaches 3 percent of GDP.

Sweden. Fiscal projections for 2012 are broadly in line with the authorities’ projections. The impact of cyclical developments on the fiscal accounts is calculated using the OECD’s latest semielasticity.

Switzerland. Projections for 2010–17 are based on IMF staff calculations, which incorporate measures to restore balance in the federal accounts and strengthen social security finances.

Thailand. Fiscal projections are based on IMF staff estimates from the latest Article IV consultation, adjusted for changes in macroeconomic assumptions as well as in classification method.

Turkey. Fiscal projections assume that current expenditures will be in line with the authorities’ 2012–14 Medium-Term Program, but that capital expenditures will be exceeded given that projects initiate in 2011.

Ukraine. Projections based on IMF staff estimates.

United Kingdom. Fiscal projections are based on the authorities’ 2012 budget announced in March 2012 and the Economic and Fiscal Outlook by the Office for Budget Responsibility, published along with the budget. These projections incorporate the announced medium-term consolidation plans from 2012 onward. The projections are adjusted for differences in IMF staff forecasts of macroeconomic and financial variables (such as GDP growth) and the forecasts of these variables assumed in the authorities’ fiscal projections. The IMF staff’s projections also exclude the temporary effects of financial sector interventions and the effect on public sector net investment in 2012–13 of transferring assets from the Royal Mail Pension Plan to the public sector.

United States. Fiscal projections are based on the March 2012 Congressional Budget Office baseline, adjusted for the IMF staff’s policy and macroeconomic assumptions. The key near-term policy assumptions include an extension of all Bush tax cuts and emergency unemployment benefits into 2013 and a replacement of automatic spending cuts (“sequester”) with back-loaded consolidation measures. Over the medium term, the IMF staff assumes that Congress will continue to make regular adjustments to the alternative minimum tax parameters and Medicare payments (“DocFix”), that Congress will extend certain traditional programs (such as the research and development tax credit), and that the Bush tax cuts for the middle class will be extended permanently, but the Bush tax cuts for high-income taxpayers will be allowed to expire from 2014 (one year later than planned by the Obama administration). The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables and different accounting treatment of financial sector support and are converted to a general government basis.

Vietnam. 2010 data are based on the authorities’ budget (for expenditure); for projections on revenues and financing, the IMF staff uses the information and measures in the approved budget but the IMF staff’s macro framework assumptions.

Definition and coverage of fiscal data

Table SA.1.Advanced Economies: Definition and Coverage of Fiscal Monitor Data
CountryOverall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting practiceCoverageAccounting practiceCoverageAccounting practice
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
AustraliaGGCG, LG, SGCGGCG, LG, SGCGGCG, LG, SGC
AustriaGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
BelgiumGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
CanadaGGCG, SG, LG, SS, NFCAGGCG, SG, LG, SS, NFCAGGCG, SG, LG, SS, NFCA
Czech RepublicGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
DenmarkGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
EstoniaGGCG, LG, SSCGGCG, LG, SSC
FinlandGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
FranceGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
GermanyGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
GreeceGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
Hong Kong SARCGCGCCGCGCCGCGC
IcelandGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
IrelandGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
IsraelGGCG, SSAGGCG, SSAGGCG, SSA
ItalyGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
JapanGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
KoreaCGCGCCGCGCGGCG, LGC
NetherlandsGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
New Zealand2CGCGACGCGACGCGA
NorwayGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
PortugalGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
SingaporeCGCGCCGCGCCGCGC
Slovak RepublicGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
SloveniaGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
SpainGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
SwedenGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
SwitzerlandGGCG, SSAGGCG, SSAGGCG, SSA
United KingdomGGCG, LGAGGCG, LGAGGCG, LGA
United StatesGGCG, LG, SGAGGCG, LG, SGAGGCG, LG, SGA
Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

For most countries, fiscal data follow the IMF’s Government Finance Statistics Manual (GFSM) 2001. The concept of overall fiscal balance refers to net lending (+)/ borrowing (–) of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

Overall balance includes balance of state-owned enterprises, excluding privatization receipts.

Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

For most countries, fiscal data follow the IMF’s Government Finance Statistics Manual (GFSM) 2001. The concept of overall fiscal balance refers to net lending (+)/ borrowing (–) of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

Overall balance includes balance of state-owned enterprises, excluding privatization receipts.

Table SA.2.Emerging Markets: Definition and Coverage of Fiscal Monitor Data
CountryOverall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting practiceCoverageAccounting practiceCoverageAccounting practice
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
Argentina2GGCG, SG, LG, SSCCGCGCGGCG, SG, LG, SSC
BrazilNFPSCG, SG, LG, SS, NFCCNFPSCG, SG, LG, SS, NFCCNFPSCG, SG, LG, SS, NFCC
BulgariaGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
ChileGGCG, SG, LG, SSACGCGAGGCG, SG, LG, SSA
ChinaGGCG, SG, LGCGGCG, SG, LGCGGCG, SG, LGC
Colombia3NFPSCG, SG, LG, NFCC/ANFPSCG, SG, LG, NFCC/ANFPSCG, SG, LG, NFCC/A
EgyptGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
HungaryNFPSCG, LG, SS, NFCANFPSCG, LG, SS, NFCANFPSCG, LG, SS, NFCA
IndiaGGCG, SGAGGCG, SGAGGCG, SGA
IndonesiaGGCG, LGCGGCG, LGCGGCG, LGC
JordanCGCGCPSCG, LG, FCC
KazakhstanGGCG, LGAGGCG, LGA
KenyaCGCGACGCGA
LatviaNFPSCG, LG, SS, NFCCNFPSCG, LG, SS, NFCC
LithuaniaGGSG, EA, SS, LGAGGSG, EA, SS, LGAGGSG, EA, SS, LGA
MalaysiaGGCG, SG, LGCCGCGCGGCG, SG, LGC
MexicoPSCG, SS, NFC, FCCCGCGCPSCG, SS, NFC, FCC
MoroccoCGCGACGCGA
NigeriaCGCGCCGCGC
PakistanGGCG, LG, SGCGGCG, LG, SGC
PeruGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
PhilippinesGGCG, LG, SSCCGCGCGGCG, LG, SSC
PolandGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
RomaniaNFPSCG, SS, NFCCNFPSCG, SS, NFCCNFPSCG, SS, NFCC
Russian FederationGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
Saudi ArabiaGGCG, OtherCGGCG, OtherC
South AfricaGGCG, SG, SSCGGCG, SG, SSCGGCG, SG, SSC
ThailandGGCG, LGAGGCG, LGAGGCG, LGA
TurkeyGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
UkraineGGCG, SG, LG, SSCGGCG, SG, LG, SSCGGCG, SG, LG, SSC
Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

For most countries, fiscal data follow the IMF’s Government Finance Statistics Manual (GFSM) 2001. The concept of overall fiscal balance refers to net lending (+) / borrowing (–) of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

Total expenditure and the overall balance account for cash interest and the IMF staff’s estimate of accrued interest payments.

Revenue is recorded on a cash basis and expenditure on an accrual basis.

Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

For most countries, fiscal data follow the IMF’s Government Finance Statistics Manual (GFSM) 2001. The concept of overall fiscal balance refers to net lending (+) / borrowing (–) of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

Total expenditure and the overall balance account for cash interest and the IMF staff’s estimate of accrued interest payments.

Revenue is recorded on a cash basis and expenditure on an accrual basis.

Table SA.3.Low-Income Countries: Defnition and Coverage of Fiscal Monitor Data
CountryOverall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting practiceCoverageAccounting practiceCoverageAccounting practice
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
ArmeniaCGCGCCGCGCCGCGC
BoliviaNFPSCG, LG, SS, NFCCNFPSCG, LG, SS, NFCCNFPSCG, LG, SS, NFCC
Burkina FasoCGCGACGCGA
CambodiaGGCG, LGCGGCG, LGCGGCG, LGC
CameroonNFPSCG, NFCCNFPSCG, NFCC
ChadNFPSCG, NFCCNFPSCG, NFCC
Congo, Dem. Rep. of theCGCGCCGCGC
Congo, Rep. ofCGCGCCGCGC
Côte d’IvoireCGCGACGCGA
EthiopiaCGCGCCGCGC
GeorgiaGGCG, LGCGGCG, LGCGGCG, LGC
GhanaCGCGCCGCGC
HaitiCGCGCCGCGCCGCGC
HondurasNFPSCG, LG, SS, NFCANFPSCG, LG, SS, NFCANFPSCG, LG, SS, NFCA
Lao P.D.R.2CGCGCCGCGCCGCGC
MadagascarCGCGCCGCGC
MaliCGCGC/ACGCGC/A
MoldovaGGCG, LGCGGCG, LGCGGCG, LGC
MozambiqueCGCGCCGCGCCGCGC
MyanmarCGCGCCGCGC
NepalCGCGCCGCGCCGCGC
NicaraguaNFPSCG, SG, LG, SS, NFCANFPSCG, SG, LG, SS, NFCANFPSCG, SG, LG, SS, NFCA
SenegalCGCGCCGCGC
SudanCGCGACGCGA
TanzaniaCGCGCCGCGC
UgandaCGCGCCGCGC
Uzbekistan3GGCG, SG, LG, SS, FCCGGCG, SG, LG, SS, FCCGGCG, SG, LG, SS, FCC
VietnamGGCG, SG, LG, FCCGGCG, SG, LG, FCCGGCG, SG, LG, FCC
YemenGGCG, LGCGGCG, LGCGGCG, LGC
ZambiaCGCGCCGCGC
Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

For most countries, fiscal data follow the IMF’s Government Finance Statistics Manual (GFSM) 2001. The concept of overall fiscal balance refers to net lending (+) / borrowing (–) of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

Lao P.D.R.’s fiscal spending includes capital spending by local government financed by loans provided by the central bank.

Includes the Fund for Reconstruction and Development.

Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

For most countries, fiscal data follow the IMF’s Government Finance Statistics Manual (GFSM) 2001. The concept of overall fiscal balance refers to net lending (+) / borrowing (–) of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

Lao P.D.R.’s fiscal spending includes capital spending by local government financed by loans provided by the central bank.

Includes the Fund for Reconstruction and Development.

Economy groupings

The following groupings of economies are used in the Fiscal Monitor.

Advanced economiesEmerging market economiesLow-income countriesG-7G-201Advanced G-201Emerging G-20
AustraliaArgentinaArmeniaCanadaArgentinaAustraliaArgentina
AustriaBrazilBoliviaFranceAustraliaCanadaBrazil
BelgiumBulgariaBurkina FasoGermanyBrazilFranceChina
CanadaChileCambodiaItalyCanadaGermanyIndia
Czech RepublicChinaCameroonJapanChinaItalyIndonesia
DenmarkColombiaChadUnited KingdomFranceJapanMexico
EstoniaEgyptCongo, Dem. Rep. of theUnited StatesGermanyKoreaRussian Federation
FinlandHungaryCongo, Rep. ofIndiaUnited KingdomSaudi Arabia
FranceIndiaCôte d’IvoireIndonesiaUnited StatesSouth Africa
GermanyIndonesiaEthiopiaItalyTurkey
GreeceJordanGeorgiaJapan
Hong Kong SARKazakhstanGhanaKorea
IcelandKenyaHaitiMexico
IrelandLatviaHondurasRussian Federation
IsraelLithuaniaLao P.D.R.Saudi Arabia
ItalyMalaysiaMadagascarSouth Africa
JapanMexicoMaliTurkey
KoreaMoroccoMoldovaUnited Kingdom
NetherlandsNigeriaMozambiqueUnited States
New ZealandPakistanMyanmar
NorwayPeruNepal
PortugalPhilippinesNicaragua
SingaporePolandSenegal
Slovak RepublicRomaniaSudan
SloveniaRussian FederationTanzania
SpainSaudi ArabiaUganda
SwedenSouth AfricaUzbekistan
SwitzerlandThailandVietnam
United KingdomTurkeyYemen
United StatesUkraineZambia

Does not include European Union aggregate.

Does not include European Union aggregate.

Euro areaEmerging AsiaEmerging EuropeEmerging Latin AmericaEmerging Middle East and North AfricaLow-income AsiaLow-income Latin America
AustriaChinaBulgariaArgentinaEgyptCambodiaBolivia
BelgiumIndiaHungaryBrazilJordanLao P.D.R.Haiti
CyprusIndonesiaLatviaChileMoroccoMyanmarHonduras
EstoniaMalaysiaLithuaniaColombiaNepalNicaragua
FinlandPakistanPolandMexicoVietnam
FrancePhilippinesRomaniaPeru
GermanyThailandRussian Federation
Greece
IrelandTurkey
ItalyUkraine
Luxembourg
Malta
Netherlands
Portugal
Slovak Republic
Slovenia
Spain
Low-income Sub-SaharanLow-income othersLow-income oil producersOil producers
Burkina FasoArmeniaCameroonAlgeria
CameroonGeorgiaChadAngola
ChadMoldovaCongo, Rep. ofAzerbaijan
Congo, Dem. Rep. of theSudanVietnamBahrain
UzbekistanYemenBrunei Darussalam
Congo, Rep. ofYemenCameroon
Côte d’IvoireChad
EthiopiaCongo, Rep. of
GhanaEcuador
MadagascarEquatorial Guinea
MaliGabon
MozambiqueIndonesia
SenegalIran
TanzaniaKazakhstan
UgandaKuwait
ZambiaLibya
Mexico
Nigeria
Norway
Oman
Qatar
Saudi Arabia
Syria
Timor-Leste
Trinidad and Tobago
United Arab Emirates
Venezuela
Vietnam
Yemen
Statistical Table 1.Advanced Economies: General Government Overall Balance and Primary Balance

(Percent of GDP)

200620072008200920102011201220132014201520162017
Overall Balance
Australia1.81.3−0.8−4.1−4.8−4.4−2.8−1.0−0.30.10.30.4
Austria–1.7–1.0–1.0–4.1–4.5–2.6–2.9–2.1–1.8–1.1–0.8–0.8
Belgium0.3−0.1−1.1−5.6−3.9−3.9−3.0−2.3−1.5−0.50.00.3
Canada1.61.4–0.4–4.9–5.6–4.4–3.8–3.0–2.2–1.4–1.0–0.7
Czech Republic−2.4−0.7−2.2−5.8−4.8−3.1−3.2−3.0−2.8−2.5−2.4−2.3
Denmark4.94.63.2–2.7–2.7–1.9–3.9–2.0–1.9–1.9–1.1–0.1
Estonia3.22.8−2.3−2.10.41.0−2.0−0.4−0.40.20.60.6
Finland4.05.34.2–2.7–2.9–0.8–1.4–0.9–0.30.00.30.7
France−2.4−2.8−3.3−7.6−7.1−5.2−4.7−3.5−2.8−2.1−1.10.0
Germany–1.60.2–0.1–3.2–4.1–0.8–0.4–0.4–0.3–0.10.00.0
Greece−6.0−6.8−9.9−15.6−10.5−9.1−7.5−4.7−3.4−2.5−1.4−1.4
Hong Kong SAR4.38.20.11.64.54.10.72.13.01.74.74.9
Iceland6.35.4−0.5−8.6−6.4−4.7−2.8−1.6−0.50.61.01.2
Ireland2.90.1–7.3–13.9–30.9–12.8–8.3–7.5–5.0–3.0–2.2–1.8
Israel−2.4−1.3−3.4−6.0−4.6−4.0−3.5−3.3−3.0−2.6−2.2−2.1
Italy–3.4–1.6–2.7–5.4–4.5–3.8–2.7–1.8–1.6–1.4–1.2–0.7
Japan−3.7−2.1−4.1−10.4−9.4−9.8−10.0−9.1−7.2−6.3−5.7−5.8
Korea1.12.31.60.01.71.82.02.72.82.92.92.9
Netherlands0.50.20.5−5.4−5.1−4.7−3.7−3.2−3.6−3.1−3.4−3.5
New Zealand14.02.90.6–3.0–5.2–5.4–4.3–2.7–1.0–0.10.60.8
Norway18.317.318.810.611.213.713.412.511.310.19.08.0
Portugal–3.8–3.2–3.7–10.2–9.8–4.2–5.0–4.5–2.5–1.9–1.9–1.8
Singapore7.112.06.5−0.77.37.35.25.14.84.54.24.1
Slovak Republic–3.2–1.8–2.1–8.0–7.7–4.8–4.8–2.9–2.9–3.0–2.9–3.0
Slovenia−0.80.3−0.3−5.5−5.3−5.6−4.6−4.4−2.8−2.4−2.1−1.8
Spain2.01.9–4.2–11.2–9.4–8.9–7.0–5.7–4.6–3.9–3.2–2.8
Sweden2.23.52.1−1.0−0.10.1−0.2−0.20.21.62.02.4
Switzerland0.91.31.80.50.20.40.50.50.80.80.80.8
United Kingdom−2.7−2.8−5.1−10.4−9.9−8.5−8.2−7.3−5.8−4.3−2.8−1.7
United States–2.0–2.7–6.7–13.3–11.2–10.1–8.7–7.3–5.6–4.6–4.5–4.4
Average–1.4–1.1–3.5–8.9–7.8–6.6–5.9–4.9–3.8–3.0–2.7–2.5
Euro area–1.3–0.7–2.1–6.4–6.2–4.1–3.3–2.6–2.1–1.6–1.2–0.8
G-7–2.3–2.1–4.5–10.1–9.0–7.8–7.2–6.1–4.7–3.9–3.5–3.3
G-20 advanced–2.0–1.8–4.2–9.7–8.5–7.4–6.7–5.6–4.3–3.5–3.1–2.9
Primary Balance
Australia1.51.0−0.9−4.1−4.6−4.0−2.4−0.50.10.50.60.7
Austria0.51.01.1–1.9–2.3–0.4–0.70.20.51.11.41.4
Belgium4.13.62.5−2.2−0.6−0.60.10.20.81.61.81.9
Canada2.32.0–0.3–4.0–4.9–3.9–3.2–2.7–1.9–1.3–0.8–0.4
Czech Republic−1.70.0−1.5−4.8−3.6−1.9−2.0−1.6−1.3−1.1−1.0−0.9
Denmark5.55.13.4–2.3–2.3–1.4–3.5–1.6–1.6–1.3–0.60.6
Estonia3.32.9−2.4−2.20.30.9−2.0−0.4−0.10.40.80.7
Finland3.74.73.3–3.4–3.0–1.0–1.7–1.5–1.0–0.6–0.30.1
France0.0−0.3−0.7−5.4−4.8−2.7−2.2−1.1−0.50.41.32.5
Germany0.82.72.3–0.9–2.00.91.41.31.31.21.21.2
Greece−1.3−2.0−4.8−10.4−4.7−2.2−1.70.01.53.04.54.7
Hong Kong SAR4.07.9–0.31.44.33.90.52.02.91.54.54.8
Iceland6.75.7−0.5−6.5−2.7−1.11.32.33.64.54.74.7
Ireland3.91.0–6.2–12.1–27.9–9.6–4.4–2.20.52.53.03.5
Israel3.03.71.1−1.8−0.40.10.00.30.50.81.21.2
Italy1.03.12.2–1.0–0.30.82.63.63.94.24.65.0
Japan−3.7−2.1−3.8−9.9−8.7−8.9−9.0−7.9−5.7−4.6−3.8−3.7
Korea2.51.51.2–0.70.90.91.21.81.91.91.81.9
Netherlands2.11.82.1−3.8−3.7−3.1−2.4−1.9−2.3−1.6−1.2−1.3
New Zealand4.73.91.4–2.0–5.0–5.2–4.0–2.4–0.80.00.60.9
Norway16.114.415.88.29.011.611.210.28.97.76.65.6
Portugal–1.3–0.6–1.0–7.5–7.1–0.6–0.7–0.12.33.03.03.1
Singapore5.710.65.1−2.25.85.83.73.63.33.02.72.6
Slovak Republic–1.9–0.8–1.1–6.7–6.6–3.4–3.3–1.3–1.3–1.3–1.2–1.3
Slovenia0.31.20.5−4.6−4.1−4.3−2.8−2.3−0.7−0.30.00.2
Spain3.33.0–3.1–9.9–7.9–7.0–4.5–2.2–0.80.11.11.7
Sweden1.93.01.3−1.8−0.8−0.8−1.2−1.2−0.80.30.81.0
Switzerland1.92.12.41.10.70.80.90.91.21.31.31.4
United Kingdom−1.2−1.2−3.4−8.6−7.4−5.7−5.6−4.7−3.0−1.50.11.2
United States–0.1–0.7–4.7–11.5–9.1–7.8–6.5–5.1–3.3–2.2–2.0–1.6
Average0.30.5–1.8–7.3–6.1–4.8–4.1–3.1–1.9–1.0–0.6–0.2
Euro area1.21.90.5–3.9–3.7–1.5–0.50.20.71.21.62.1
G-7–0.5–0.1–2.6–8.3–7.1–5.7–5.1–4.0–2.6–1.7–1.2–0.8
G-20 advanced–0.30.0–2.4–8.0–6.7–5.4–4.8–3.7–2.3–1.4–1.0–0.6
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see “Data and Conventions” in text and Table SA.1.

Overall balance includes balance of state-owned enterprises, excluding privatization receipts.

Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see “Data and Conventions” in text and Table SA.1.

Overall balance includes balance of state-owned enterprises, excluding privatization receipts.

Statistical Table 2.Advanced Economies: General Government Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance

(Percent of potential GDP)

200620072008200920102011201220132014201520162017
Cyclically Adjusted Balance
Australia1.81.0−1.0−4.1−4.6−4.2−2.8−1.0−0.40.10.20.4
Austria−2.6−2.8−2.6−3.0−3.5−2.2−2.2−1.2−1.1−0.8−0.7−0.8
Belgium−0.2−1.0−1.7−4.2−3.2−3.6−2.0−1.6−0.80.00.30.5
Canada1.00.7−0.5−3.2−4.5−3.7−3.1−2.4−1.7−1.1−0.8−0.7
Czech Republic−2.9−1.8−3.2−4.6−3.9−2.4−2.1−1.9−2.0−2.1−2.2−2.3
Denmark2.62.11.6−0.6−0.9−0.2−2.1−0.4−0.8−1.2−0.90.1
Estonia
Finland3.43.23.01.3−0.20.90.91.11.10.90.70.7
France−2.4−3.1−3.1−5.1−5.1−3.9−3.2−2.0−1.5−1.1−0.50.3
Germany−2.2−1.2−1.3−1.3−3.5−1.1−0.5−0.3−0.2−0.10.00.0
Greece−8.7−10.6−13.9−18.6−12.1−8.3−4.5−1.1−0.3−0.4−0.5−0.5
Hong Kong SAR10.51.70.2−2.2−1.3−2.3−2.8−2.1−1.6−3.30.00.5
Iceland4.93.2−17.8−9.8−7.4−4.8−3.5−1.8−0.80.41.01.1
Ireland1−4.5−8.1−11.9−11.0−9.3−7.7−6.1−5.4−3.6−2.3−2.1−2.1
Israel−1.4−1.9−4.0−5.3−4.7−4.6−3.8−3.5−3.3−2.9−2.5−2.3
Italy−4.5−3.1−3.3−3.0−3.1−2.7−0.50.70.70.50.10.1
Japan−3.5−2.2−3.5−7.4−7.9−8.3−9.1−8.6−6.9−6.2−5.7−5.8
Korea1.12.31.80.71.71.82.22.82.82.92.92.9
Netherlands0.1−1.2−1.0−4.3−4.3−4.3−2.4−1.4−2.1−2.0−2.8−3.5
New Zealand3.21.72.1−1.4−2.7−5.4−4.1−4.1−1.7−1.1−0.30.1
Norway1−3.5−3.3−3.7−5.8−5.8−5.6−5.9−5.9−5.9−5.9−5.9−5.9
Portugal−3.8−4.0−4.2−9.3−9.7−3.4−3.1−2.3−1.0−1.2−1.5−1.8
Singapore7.011.56.2−0.36.97.05.35.04.84.54.24.0
Slovak Republic−3.1−3.0−3.1−6.6−7.3−4.6−4.4−2.5−2.6−2.9−2.9−3.0
Slovenia−2.0−2.8−4.1−5.0−4.9−3.7−1.6−0.7−0.9−1.2−1.5−1.8
Spain0.80.3−5.3−9.7−7.6−7.3−4.6−3.2−2.6−2.5−2.3−2.3
Sweden12.02.21.1−0.71.00.2−0.4−0.6−0.10.81.72.4
Switzerland10.70.61.20.80.10.20.50.60.90.90.90.8
United Kingdom−4.7−5.2−7.2−9.7−8.5−6.6−5.4−4.0−2.8−2.0−1.1−0.5
United States1−2.7−3.3−5.5−8.4−8.7−7.9−6.8−5.5−4.2−3.6−3.9−4.2
Average−2.3−2.3−3.8−6.2−6.3−5.5−4.8−3.8−2.9−2.5−2.4−2.5
Euro area−2.2−2.1−3.0−4.5−4.7−3.3−2.0−1.1−0.9−0.7−0.7−0.5
G-7−2.9−2.9−4.3−6.7−7.1−6.3−5.6−4.6−3.6−3.1−3.0−3.1
G-20 advanced−2.7−2.6−4.0−6.4−6.8−5.9−5.3−4.2−3.2−2.7−2.7−2.7
Cyclically Adjusted Primary Balance
Australia1.50.8−1.1−4.1−4.4−3.9−2.4−0.60.00.40.60.7
Austria−0.4−0.7−0.5−0.8−1.40.00.01.01.11.41.51.4
Belgium3.72.72.0−0.90.1−0.41.10.91.52.02.12.1
Canada1.61.3−0.4−2.3−3.9−3.2−2.6−2.0−1.4−1.0−0.6−0.4
Czech Republic−2.2−1.1−2.4−3.5−2.8−1.2−0.8−0.5−0.6−0.7−0.8−0.9
Denmark3.32.61.8−0.2−0.60.2−1.7−0.1−0.5−0.6−0.30.7
Estonia
Finland3.02.62.10.7−0.30.70.50.50.40.30.10.1
France0.0−0.6−0.4−3.0−2.9−1.4−0.80.30.81.31.92.7
Germany0.21.31.10.9−1.40.71.31.51.31.31.21.2
Greece−3.7−5.4−8.3−13.1−6.1−1.50.93.24.34.85.25.6
Hong Kong SAR10.11.4−0.2−2.4−1.5−2.5−2.9−2.2−1.7−3.4−0.20.4
Iceland5.33.6−17.8−7.7−3.9−1.30.52.23.44.44.74.6
Ireland1−3.5−7.0−10.7−9.2−6.3−4.6−2.3−0.21.83.23.13.2
Israel4.03.10.5−1.2−0.5−0.4−0.30.10.20.60.91.0
Italy0.01.71.71.21.01.84.75.96.05.95.75.8
Japan−3.6−2.2−3.2−7.0−7.3−7.4−8.1−7.5−5.5−4.5−3.8−3.7
Korea2.51.51.40.01.00.91.41.91.91.91.81.9
Netherlands1.70.40.6−2.8−2.9−2.7−1.1−0.1−0.8−0.5−0.7−1.3
New Zealand4.73.13.4−0.2−2.4−4.9−3.3−3.3−1.0−0.40.40.8
Norway1−6.4−7.2−7.9−8.8−8.6−8.4−8.8−9.1−9.1−9.1−9.1−9.1
Portugal−1.3−1.4−1.5−6.7−6.90.11.01.93.63.63.33.1
Singapore5.510.04.7−1.75.45.53.83.53.33.02.82.5
Slovak Republic−1.8−1.9−2.1−5.4−6.2−3.2−2.9−0.9−1.0−1.2−1.2−1.3
Slovenia−0.8−1.8−3.3−4.2−3.7−2.40.11.31.10.90.50.2
Spain2.11.4−4.2−8.5−6.2−5.4−2.20.11.01.41.82.2
Sweden11.71.60.3−1.50.3−0.7−1.3−1.6−1.1−0.40.51.0
Switzerland11.61.31.81.50.60.60.91.01.41.31.31.4
United Kingdom−3.1−3.6−5.6−7.9−6.1−3.9−2.8−1.5−0.20.71.72.4
United States1−0.7−1.2−3.5−6.6−6.8−5.7−4.7−3.4−2.0−1.3−1.5−1.4
Average−0.6−0.6−2.1−4.7−4.7−3.7−3.1−2.1−1.1−0.6−0.4−0.2
Euro area0.40.6−0.3−2.1−2.2−0.80.71.61.92.02.22.3
G-7−1.1−0.9−2.3−4.9−5.3−4.2−3.6−2.6−1.5−0.9−0.7−0.5
G-20 advanced−0.9−0.8−2.2−4.8−5.1−4.1−3.4−2.4−1.3−0.7−0.5−0.4
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance excluding net interest payments.

Including adjustments beyond the cycle; for details, see “Data and Conventions” in text and Table SA.1.

Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance excluding net interest payments.

Including adjustments beyond the cycle; for details, see “Data and Conventions” in text and Table SA.1.

Statistical Table 3.Advanced Economies: General Government Revenue and Expenditure

(Percent of GDP)

200620072008200920102011201220132014201520162017
Revenue
Australia36.535.533.733.431.832.033.634.334.534.634.835.0
Austria47.547.648.348.548.148.048.648.748.548.548.548.5
Belgium48.848.148.748.148.649.449.850.350.850.850.951.0
Canada40.940.739.439.338.438.338.238.639.139.539.839.8
Czech Republic39.640.338.939.139.340.340.341.041.241.241.341.4
Denmark56.655.654.855.053.654.854.354.452.152.151.652.1
Estonia37.837.738.745.645.144.143.342.641.641.340.940.1
Finland53.352.753.653.453.053.953.053.754.254.354.454.5
France50.649.949.949.249.550.851.552.652.652.652.652.7
Germany44.043.744.044.943.644.544.544.444.444.344.144.1
Greece39.240.840.738.239.740.943.544.944.443.242.341.4
Hong Kong SAR20.223.719.019.222.524.421.620.821.422.122.422.7
Iceland48.047.744.141.141.541.741.842.142.242.242.241.7
Ireland36.436.535.233.634.034.134.534.534.834.734.334.1
Israel45.144.842.139.140.140.340.841.241.241.441.841.9
Italy45.046.045.946.546.046.148.348.848.848.848.949.0
Japan30.831.231.629.629.630.631.131.532.833.634.434.5
Korea22.724.224.023.022.723.423.523.523.623.623.623.6
Netherlands46.245.346.545.245.545.346.446.846.246.346.346.4
New Zealand34.333.532.731.329.329.129.529.530.030.230.530.0
Norway58.257.558.457.156.458.057.757.256.555.855.354.8
Portugal40.641.141.139.641.444.741.742.943.143.142.642.2
Singapore20.124.124.418.022.024.922.823.023.022.923.024.0
Slovak Republic33.332.433.033.732.432.632.134.133.833.733.733.7
Slovenia41.740.541.240.541.541.441.541.741.641.541.441.3
Spain40.441.137.134.936.235.535.736.436.336.336.536.8
Sweden52.451.951.351.249.849.148.949.049.049.049.149.0
Switzerland35.434.733.133.732.833.933.933.934.034.134.134.1
United Kingdom37.737.337.936.636.436.837.237.137.437.337.437.5
United States33.833.932.530.931.731.432.033.234.235.035.335.0
Average37.738.137.636.236.236.536.737.337.838.238.338.2
Euro area45.345.345.144.844.745.346.046.546.546.446.446.4
G-737.137.437.035.635.636.036.236.937.638.138.338.2
G-20 advanced36.636.936.535.235.135.435.736.337.037.537.737.5
Expenditure
Australia34.634.234.537.536.636.436.435.334.834.534.534.6
Austria49.148.649.352.652.650.651.550.950.249.649.249.2
Belgium48.548.249.853.752.553.352.852.752.351.350.950.7
Canada39.339.239.844.244.042.742.041.741.340.940.840.5
Czech Republic42.041.041.144.944.143.443.544.043.943.743.743.8
Denmark51.750.951.657.856.356.758.256.354.054.052.752.2
Estonia34.634.941.047.744.743.145.343.042.041.140.339.5
Finland49.247.449.356.255.854.754.454.754.454.354.153.8
France53.052.653.356.856.656.056.256.155.554.753.752.7
Germany45.643.544.048.147.745.344.944.844.744.444.244.1
Greece45.247.650.653.850.250.051.049.647.845.743.742.8
Hong Kong SAR15.915.518.917.618.020.320.918.718.420.417.717.8
Iceland41.642.344.649.747.946.444.643.742.741.641.240.5
Ireland33.536.442.647.565.046.942.842.139.837.736.436.0
Israel47.546.045.445.144.744.344.344.544.244.044.043.9
Italy48.547.648.651.950.549.951.050.650.450.250.149.7
Japan34.533.335.740.039.040.441.140.640.040.040.240.3
Korea21.521.922.423.021.021.621.520.820.820.720.720.7
Netherlands45.745.146.050.650.650.050.149.949.849.449.649.9
New Zealand31.131.032.734.634.634.934.232.831.631.030.729.9
Norway39.940.239.646.445.244.244.344.745.245.846.346.8
Portugal44.344.444.849.851.348.946.747.445.645.044.544.0
Singapore12.912.117.918.714.717.617.717.918.218.518.819.9
Slovak Republic36.534.235.041.740.037.436.937.036.736.736.636.7
Slovenia42.540.241.546.046.947.046.246.144.444.043.543.1
Spain38.339.241.346.145.544.442.742.140.940.239.739.5
Sweden50.248.449.152.249.848.949.249.248.847.447.046.6
Switzerland34.433.431.333.232.633.433.433.433.333.333.333.3
United Kingdom40.540.242.947.046.445.345.544.443.141.640.339.2
United States35.936.739.244.242.941.540.640.539.839.639.739.4
Average39.139.241.145.244.043.142.742.241.641.241.040.7
Euro area46.746.047.251.250.949.449.349.148.648.047.647.2
G-739.439.541.545.744.643.843.443.042.442.041.941.5
G-20 advanced38.738.840.844.943.642.842.441.941.340.940.840.5
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.1.
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.1.
Statistical Table 4.Advanced Economies: General Government Gross Debt and Net Debt

(Percent of GDP)

200620072008200920102011201220132014201520162017
Gross Debt
Australia10.09.711.816.920.524.227.127.226.424.722.921.2
Austria62.360.263.869.271.872.374.374.974.473.071.670.0
Belgium88.084.089.395.795.697.899.099.498.696.593.991.1
Canada70.366.571.383.385.185.487.587.884.682.380.378.1
Czech Republic28.328.028.734.337.640.543.145.045.645.745.745.6
Denmark41.034.141.940.642.944.147.147.647.847.947.345.6
Estonia4.43.74.57.26.76.08.29.79.38.78.27.7
Finland39.635.233.943.548.649.152.653.954.153.652.751.5
France64.164.268.279.282.386.090.092.192.992.390.186.5
Germany67.965.466.974.782.480.683.081.579.677.675.873.7
Greece107.3107.4112.6129.0144.5165.4170.7181.8180.2174.0164.1152.8
Hong Kong SAR33.032.830.633.234.633.833.131.030.429.729.128.4
Iceland30.129.170.388.192.899.294.290.587.484.078.677.0
Ireland24.825.044.564.992.2106.5117.7119.3118.4115.0111.5108.4
Israel84.778.177.079.476.074.173.372.971.870.568.967.2
Italy106.1103.1105.7116.0118.6120.1126.3127.8127.3125.6123.3120.6
Japan186.0183.0191.8210.2215.3229.6236.6245.0246.2247.6248.8250.3
Korea31.130.730.133.833.434.233.531.629.427.225.223.2
Netherlands47.445.358.560.862.965.268.270.271.972.773.875.0
New Zealand19.417.320.226.232.538.238.638.137.936.135.734.7
Norway59.056.854.348.949.649.649.649.649.649.649.649.6
Portugal63.768.371.683.193.3107.8119.1123.7123.6120.8117.6115.1
Singapore86.485.896.9103.3101.2107.6106.2103.4100.897.895.196.4
Slovak Republic30.529.627.935.641.143.346.347.247.648.148.448.7
Slovenia26.423.122.035.038.646.953.257.458.759.259.158.7
Spain39.736.340.253.961.369.190.796.9100.0101.1101.4101.2
Sweden44.839.738.442.038.837.937.135.934.131.027.724.1
Switzerland62.455.650.551.848.046.846.745.643.642.642.341.9
United Kingdom43.043.752.268.075.081.888.793.396.096.695.893.7
United States66.667.276.189.798.6102.9107.2111.7113.8114.2114.2114.0
Average77.274.581.595.2101.4105.5110.7113.6114.2113.7112.8111.7
Euro area68.666.470.280.085.488.093.694.994.793.591.889.5
G-785.583.591.8107.0114.7119.9125.1128.8129.7129.4128.7127.6
G-20 advanced81.979.687.6102.3108.8113.3118.1121.2121.9121.5120.6119.3
Net Debt
Australia−6.3−7.3−5.3−0.64.08.211.612.412.311.310.29.2
Austria43.140.942.049.252.552.154.154.754.152.851.449.8
Belgium77.073.173.479.679.881.482.983.683.181.579.376.9
Canada26.322.922.428.330.433.135.837.538.137.837.136.3
Czech Republic
Denmark1.9−3.8−6.1−4.5−1.70.24.16.07.69.210.09.7
Estonia−4.9−5.7−3.5−1.2−1.8−0.24.35.15.34.83.93.1
Finland−69.4−72.5−52.3−62.8−65.5−54.1−51.1−48.1−45.7−43.8−42.441.4
France59.659.662.372.076.178.883.785.986.786.183.980.2
Germany53.050.550.257.056.255.358.457.556.256.256.256.2
Greece
Hong Kong SAR
Iceland7.810.841.855.862.865.965.764.462.459.355.852.1
Ireland12.111.124.642.074.794.9103.0107.6108.7107.2104.0101.1
Israel74.067.363.668.668.367.567.067.066.365.464.062.6
Italy89.386.988.897.299.199.6103.1103.9103.7102.4100.898.7
Japan81.080.595.3106.2112.8126.4135.4144.7148.7152.4155.6158.7
Korea29.428.728.832.332.132.932.030.328.126.124.222.2
Netherlands24.521.620.623.227.631.735.137.640.242.144.146.2
New Zealand0.2−5.7−4.8−0.83.58.312.113.914.514.314.213.9
Norway−133.7−138.9−123.5−156.7−165.3−168.2−169.3−173.0−178.3−182.1−184.5185.7
Portugal58.663.767.479.088.997.3113.2119.5119.4116.7113.7111.3
Singapore
Slovak Republic
Slovenia
Spain30.726.730.842.549.857.578.684.487.388.388.588.6
Sweden−13.8−17.3−12.4−19.4−20.6−18.2−17.5−16.5−16.0−16.9−18.2−19.8
Switzerland39.732.028.028.725.725.925.825.224.123.623.423.2
United Kingdom37.838.045.860.671.076.683.788.290.991.590.788.7
United States48.648.253.865.873.280.383.887.789.389.589.689.4
Average47.845.951.161.466.070.976.079.180.480.880.780.4
Euro area54.352.054.162.465.568.073.474.874.874.473.371.9
G-755.654.660.872.277.984.189.092.894.394.995.094.7
G-20 advanced53.251.957.968.973.879.483.987.388.689.088.988.5
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.1.
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.1.
Statistical Table 5.Emerging Markets: General Government Overall Balance and Primary Balance

(Percent of GDP)

200620072008200920102011201220132014201520162017
Overall Balance
Argentina−0.9−2.1−0.8−3.6−1.3−3.0−4.6−2.5−1.8−2.2−1.8−1.5
Brazil−3.5−2.6−1.3−3.0−2.7−2.6−2.1−1.6−2.0−1.9−1.8−1.7
Bulgaria3.33.32.9−0.9−3.9−2.0−1.1−1.1−0.50.00.71.4
Chile7.57.94.1−4.1−0.31.4−0.3−0.6−0.2−0.2−0.1−0.2
China−0.70.9−0.7−3.1−1.5−1.2−1.3−1.0−0.6−0.10.30.8
Colombia−0.8−1.00.0−2.5−3.1−1.8−0.8−1.2−1.0−1.2−1.1−1.2
Egypt−9.2−7.5−8.0−6.8−7.8−9.9−11.1−9.8−7.1−5.8−3.3−1.9
Hungary−9.4−5.1−3.7−4.5−4.34.2−2.9−3.7−3.8−3.8−3.8−3.8
India−6.4−4.8−8.7−10.0−9.4−9.0−9.5−9.1−8.9−8.7−8.5−8.4
Indonesia0.2−1.00.0−1.8−1.2−0.8−1.6−2.0−2.0−2.0−2.0−2.0
Jordan−4.0−4.7−4.3−8.5−5.6−6.8−6.5−5.5−4.5−3.5−3.0−3.0
Kazakhstan7.75.21.2−1.21.55.93.63.73.53.53.53.4
Kenya−2.5−3.1−4.3−5.2−5.1−4.3−4.5−3.9−3.3−3.1−3.7−3.9
Latvia−0.60.6−7.5−7.8−7.3−3.1−1.3−1.5−1.2−1.6−1.2−0.8
Lithuania−0.4−1.0−3.3−9.2−7.1−5.6−3.3−2.9−2.9−2.5−2.6−2.4
Malaysia−2.0−2.5−3.1−5.1−3.6−6.9−3.8−4.3−4.4−4.6−4.7−4.9
Mexico−1.0−1.2−1.1−4.7−4.3−3.4−2.4−2.1−2.0−2.0−2.0−2.0
Morocco−2.0−0.10.7−1.8−4.4−6.9−6.1−5.3−4.6−3.8−3.2−2.9
Nigeria8.91.66.3−9.4−6.70.2−0.42.81.81.32.02.1
Pakistan−3.7−5.5−7.3−5.0−5.9−6.4−6.4−7.2−5.8−5.5−5.3−5.2
Peru1.93.22.2−2.1−0.32.51.81.41.31.31.10.9
Philippines0.0−0.30.0−2.7−2.2−0.8−1.9−1.2−1.3−1.3−1.2−1.2
Poland−3.6−1.9−3.7−7.4−7.9−5.1−3.4−3.1−2.6−2.3−2.1−2.1
Romania−1.4−3.1−4.8−7.3−6.4−4.1−2.2−1.8−1.4−1.4−1.3−1.3
Russian Federation8.36.84.9−6.3−3.51.60.50.2−0.6−1.6−2.6−3.5
Saudi Arabia25.816.334.4−4.73.414.016.611.28.96.43.10.6
South Africa0.81.5−0.5−5.3−4.8−4.6−5.0−4.7−4.2−3.3−2.3−1.3
Thailand2.20.20.1−3.2−0.8−1.6−3.0−3.8−4.1−2.6−2.4−2.2
Turkey0.0−1.7−2.4−5.6−2.7−0.2−1.7−1.9−1.7−1.5−1.5−1.3
Ukraine−1.4−2.0−3.2−6.3−5.8−2.7−3.1−3.1−2.9−2.7−2.7−2.5
Average0.40.30.0−4.5−3.2−1.8−1.9−1.8−1.7−1.6−1.5−1.4
Asia−1.7−0.7−2.3−4.2−3.0−2.7−2.9−2.6−2.3−1.9−1.6−1.3
Europe2.51.90.6−6.2−4.3−0.3−0.9−1.1−1.3−1.8−2.3−2.6
Latin America−1.4−1.2−0.7−3.5−2.8−2.4−2.1−1.6−1.7−1.7−1.6−1.5
Middle East and North Africa−6.3−4.8−4.9−5.4−6.7−8.9−9.5−8.3−6.2−5.1−3.3−2.3
G-20 emerging0.60.60.4−4.4−2.9−1.6−1.7−1.6−1.6−1.6−1.5−1.4
Primary Balance
Argentina4.22.52.80.21.7−0.1−1.5−0.50.00.20.20.3
Brazil3.33.54.12.22.53.12.73.23.13.13.13.1
Bulgaria4.33.92.8−0.6−3.7−1.7−0.6−0.30.00.51.31.8
Chile7.67.83.8−4.3−0.31.5−0.3−0.50.00.10.10.1
China−0.21.3−0.3−2.6−1.1−0.7−0.6−0.4−0.10.30.71.1
Colombia1.71.72.2−0.5−1.5−0.30.80.30.30.10.0−0.1
Egypt−3.8−4.7−5.3−4.5−4.3−5.8−6.6−3.70.31.12.42.5
Hungary−5.7−1.20.0−0.2−0.57.80.80.20.30.50.60.6
India−1.50.0−4.0−5.3−5.1−4.8−5.2−4.8−4.5−4.3−4.3−4.2
Indonesia2.61.01.8−0.10.10.5−0.2−0.7−0.7−0.7−0.7−0.7
Jordan−1.2−1.8−2.0−6.3−3.5−4.7−4.0−2.5−1.5−0.50.0−0.1
Kazakhstan7.24.31.5−1.31.95.93.83.93.73.63.43.1
Kenya−0.2−0.9−2.1−3.0−2.7−2.0−2.2−1.6−1.1−1.0−1.6−1.8
Latvia−0.10.9−7.4−7.2−6.5−2.10.1−0.10.30.00.50.8
Lithuania0.1−0.5−2.8−8.1−5.4−3.8−1.5−1.2−1.1−0.8−0.8−0.6
Malaysia−1.0−1.8−1.7−4.1−2.2−5.3−2.3−2.8−2.8−3.0−3.1−3.2
Mexico1.81.51.4−1.9−1.8−1.00.20.50.70.80.90.9
Morocco1.23.03.30.6−2.1−4.7−3.8−2.9−2.2−1.4−0.8−0.5
Nigeria10.02.67.3−8.2−5.61.71.24.13.12.63.23.2
Pakistan−0.6−1.2−2.60.0−1.6−2.5−2.1−3.3−1.4−0.9−0.6−0.7
Peru3.74.93.7−0.90.83.72.82.42.22.11.71.6
Philippines4.83.43.40.60.81.81.11.41.41.31.31.2
Poland−1.00.4−1.5−4.7−5.2−2.4−0.5−0.30.20.50.60.7
Romania−0.7−2.6−4.2−6.2−5.2−2.7−0.40.00.30.30.40.4
Russian Federation8.96.85.1−6.0−3.21.91.10.90.1−1.0−1.9−2.8
Saudi Arabia26.716.033.8−4.53.914.116.711.38.96.43.00.5
South Africa3.74.32.1−2.7−2.4−2.1−2.3−1.9−1.4−0.50.41.3
Thailand3.51.21.0−2.40.1−0.1−2.6−3.2−3.4−1.8−1.6−1.3
Turkey5.13.22.0−1.11.02.31.41.11.21.31.31.4
Ukraine−0.7−1.5−2.6−5.1−4.1−0.8−1.0−0.6−0.30.10.00.9
Average2.92.51.9−2.5−1.20.20.10.10.10.20.20.2
Asia0.00.9−0.8−2.8−1.7−1.4−1.4−1.3−1.0−0.6−0.3−0.1
Europe4.63.52.1−4.4−2.61.10.70.60.3−0.2−0.6−1.0
Latin America3.02.93.00.30.91.51.41.71.81.91.91.9
Middle East and North Africa−1.9−1.9−2.2−3.1−3.6−5.4−5.7−3.4−0.50.31.31.5
G-20 emerging3.22.92.4−2.3−0.90.30.20.20.20.20.20.2
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see “Data and Conventions” in text and Table SA.2.
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see “Data and Conventions” in text and Table SA.2.
Statistical Table 6.Emerging Markets: General Government Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance

(Percent of potential GDP)

200620072008200920102011201220132014201520162017
Cyclically Adjusted Balance
Argentina−1.3−2.9−1.5−2.4−1.1−4.2−4.9−2.3−1.6−2.0−1.7−1.6
Brazil−3.2−3.0−2.1−2.2−3.3−2.9−1.7−1.3−1.9−1.9−1.8−1.7
Bulgaria2.31.81.10.4−2.3−1.0−0.3−0.4−0.20.10.91.5
Chile10.7−0.1−1.1−4.1−2.4−1.1−1.1−1.3−1.0−0.8−0.7−0.7
China0.11.1−0.4−2.4−0.70.00.00.20.30.50.70.8
Colombia−1.0−1.9−1.2−1.2−2.5−1.8−0.7−1.0−1.0−1.2−1.1−1.2
Egypt−9.2−7.6−8.3−6.8−7.8−9.7−10.4−8.8−6.3−5.2−3.0−1.7
Hungary1−11.6−6.8−5.6−2.8−3.3−6.5−1.9−2.6−2.9−2.9−3.1−3.2
India−6.3−6.6−10.6−10.7−10.2−9.9−10.2−9.6−9.4−9.2−9.1−6.5
Indonesia0.2−1.2−0.2−1.7−1.2−0.8−1.6−2.0−2.0−2.0−2.0−2.0
Jordan
Kazakhstan
Kenya
Latvia
Lithuania−1.9−3.9−6.3−6.0−4.7−3.9−2.6−2.1−2.6−2.6−2.8−2.6
Malaysia−3.3−3.6−5.2−5.7−5.3−4.8−4.8−3.9−3.9−3.9−3.9−3.6
Mexico−1.4−1.5−1.3−3.8−3.9−3.2−2.3−2.1−2.0−2.0−2.0−2.0
Morocco
Nigeria
Pakistan
Peru10.21.50.9−0.8−1.11.61.31.11.21.41.20.9
Philippines−1.4−2.1−1.7−3.5−3.4−2.1−2.7−2.1−2.1−2.1−2.0−2.1
Poland−4.1−2.8−4.7−6.9−7.8−5.2−3.2−2.7−2.4−2.1−2.1−2.0
Romania−1.8−4.3−7.5−6.8−4.9−3.0−0.9−0.6−0.4−0.6−0.7−0.8
Russian Federation8.26.13.9−3.2−1.82.00.4−0.1−0.8−1.7−2.7−3.5
Saudi Arabia
South Africa−0.1−0.2−2.3−5.1−4.5−4.2−4.4−4.0−3.7−3.1−2.5−1.7
Thailand1.8−0.1−0.8−2.1−0.4−1.4−2.7−3.7−4.1−2.6−2.4−2.2
Turkey−1.1−3.0−2.8−3.1−2.2−0.9−2.0−1.9−1.6−1.4−1.5−1.5
Ukraine−2.5−3.9−3.5−2.6−3.1−2.3−3.2−3.1−2.9−2.7−2.7−2.5
Average−0.7−0.8−1.7−3.6−2.9−1.9−1.8−1.6−1.7−1.6−1.6−1.4
Asia−1.2−0.9−2.4−3.9−2.6−2.0−2.0−1.8−1.7−1.5−1.4−0.9
Europe1.90.8−0.4−3.9−3.1−0.5−0.9−1.1−1.3−1.7−2.2−2.7
Latin America−1.9−2.1−1.6−2.6−3.1−2.8−1.9−1.5−1.7−1.7−1.6−1.6
G-20 emerging−0.4−0.5−1.4−3.5−2.7−1.8−1.8−1.6−1.6−1.6−1.6−1.3
Cyclically Adjusted Primary Balance
Argentina3.81.82.11.31.8−1.2−1.8−0.30.30.30.30.2
Brazil3.53.13.42.82.02.83.13.43.23.13.13.1
Bulgaria3.22.51.00.7−2.0−0.70.20.40.40.71.42.0
Chile10.8−0.3−1.4−4.3−2.4−1.0−1.0−1.1−0.7−0.5−0.4−0.4
China0.61.50.0−2.0−0.30.50.70.80.81.01.11.1
Colombia1.60.91.00.8−0.9−0.30.80.40.40.10.0−0.1
Egypt−3.8−4.8−5.6−4.5−4.2−5.7−6.1−3.10.81.52.62.6
Hungary1−7.8−2.8−1.71.30.4−2.91.81.21.21.31.21.2
India−1.4−1.7−5.9−6.1−5.9−5.7−5.9−5.2−5.0−4.9−4.8−2.3
Indonesia2.60.91.60.00.20.5−0.2−0.6−0.7−0.7−0.7−0.7
Jordan
Kazakhstan
Kenya
Latvia
Lithuania−1.3−3.3−5.8−5.0−3.1−2.2−0.8−0.5−0.8−0.8−0.9−0.7
Malaysia−2.3−2.9−3.8−4.7−3.9−3.2−3.3−2.4−2.3−2.3−2.3−2.0
Mexico1.51.21.3−1.2−1.4−0.80.20.50.70.80.90.9
Morocco
Nigeria
Pakistan
Peru11.93.22.50.40.02.72.32.12.12.11.81.6
Philippines3.41.71.7−0.2−0.40.50.30.60.60.50.50.4
Poland−1.4−0.4−2.4−4.3−5.1−2.5−0.30.10.40.60.70.7
Romania−1.1−3.7−6.8−5.8−3.7−1.60.91.11.21.11.00.9
Russian Federation8.76.14.1−2.8−1.52.31.00.5−0.2−1.1−2.0−2.8
Saudi Arabia
South Africa2.92.70.4−2.5−2.1−1.7−1.7−1.3−0.9−0.30.30.9
Thailand3.10.90.1−1.40.40.1−2.3−3.1−3.4−1.8−1.6−1.3
Turkey4.22.11.61.11.51.71.21.11.31.41.41.3
Ukraine−1.9−3.4−3.0−1.5−1.6−0.3−1.0−0.6−0.20.10.00.9
Average1.91.50.4−1.6−0.90.10.10.20.20.20.20.3
Asia0.40.6−1.0−2.5−1.3−0.7−0.6−0.5−0.4−0.3−0.20.2
Europe4.12.61.2−2.1−1.40.90.80.60.3−0.1−0.6−1.0
Latin America2.52.12.21.00.71.21.51.81.81.81.81.8
G-20 emerging2.42.00.8−1.5−0.70.20.20.30.30.30.20.4
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance excluding net interest payments.

Including adjustments beyond the cycle; for details, see “Data and Conventions” in the text and Table SA.2.

Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance excluding net interest payments.

Including adjustments beyond the cycle; for details, see “Data and Conventions” in the text and Table SA.2.

Statistical Table 7.Emerging Markets: General Government Revenue and Expenditure

(Percent of GDP)

200620072008200920102011201220132014201520162017
Revenue
Argentina29.931.533.434.337.237.337.938.438.538.638.738.8
Brazil34.634.335.033.935.435.035.135.335.435.535.535.5
Bulgaria37.038.238.035.332.732.434.434.735.035.435.735.9
Chile26.227.325.920.523.324.723.623.022.622.022.122.0
China18.219.819.720.221.322.723.223.323.423.623.723.8
Colombia27.327.226.426.726.226.928.028.227.927.327.026.8
Egypt28.627.727.827.725.122.022.423.425.826.026.025.8
Hungary42.845.645.546.945.252.945.845.145.345.445.445.4
India20.221.820.119.218.718.518.518.518.718.718.818.8
Indonesia20.319.321.316.517.017.818.218.117.817.617.517.5
Jordan32.432.330.126.524.926.425.225.826.627.527.827.6
Kazakhstan27.529.327.922.123.927.826.326.325.725.324.924.5
Kenya22.223.122.922.724.624.926.226.226.825.524.925.1
Latvia36.136.335.636.236.235.938.035.334.132.231.330.8
Lithuania33.333.834.034.735.032.933.933.533.632.932.532.1
Malaysia24.124.424.625.823.921.924.424.123.723.322.822.4
Mexico22.021.824.021.621.722.123.223.123.123.322.822.4
Morocco27.429.932.529.327.527.628.328.127.527.326.726.6
Nigeria32.326.932.017.820.029.526.425.824.323.623.523.0
Pakistan14.715.314.914.914.412.812.813.613.613.914.314.3
Peru20.120.921.118.720.021.621.121.421.521.821.521.4
Philippines19.018.718.717.417.017.317.317.617.617.517.717.7
Poland40.240.339.537.237.538.539.838.938.538.238.137.9
Romania32.332.332.231.232.331.432.332.833.333.232.932.7
Russian Federation39.539.939.235.035.538.437.737.035.634.533.532.7
Saudi Arabia56.750.466.041.048.153.354.151.748.846.444.141.6
South Africa27.729.629.827.827.527.527.327.627.928.328.829.2
Thailand22.321.521.420.822.422.721.020.420.320.220.520.7
Turkey32.831.731.732.433.134.633.633.032.932.932.932.9
Ukraine43.241.844.342.343.242.443.842.341.741.140.339.6
Average27.327.628.325.626.427.527.427.226.926.726.526.2
Asia19.120.219.919.820.421.321.721.821.822.022.022.0
Europe37.937.937.735.435.837.837.336.735.935.234.634.0
Latin America28.328.730.028.930.430.630.830.930.930.930.830.7
Middle East and North Africa28.528.829.528.125.823.924.124.826.326.526.326.1
G-20 emerging26.827.127.825.226.227.427.427.226.926.726.526.2
Expenditure
Argentina30.833.634.237.938.540.342.640.940.340.840.540.2
Brazil38.136.936.336.938.137.637.336.937.437.437.337.3
Bulgaria33.634.935.236.236.634.435.535.835.535.435.034.5
Chile18.719.421.724.623.623.323.923.622.722.222.222.2
China18.918.920.423.222.823.924.524.324.023.723.423.0
Colombia28.128.226.329.329.328.728.729.429.028.528.228.0
Egypt37.835.335.834.533.032.033.633.232.931.829.327.7
Hungary52.250.649.251.449.548.748.748.849.149.149.249.3
India26.626.728.829.228.127.528.027.727.627.427.327.2
Indonesia20.120.321.318.318.318.619.820.119.719.619.519.4
Jordan36.437.034.435.030.433.231.731.331.131.030.830.6
Kazakhstan19.824.126.723.422.421.922.722.622.221.821.421.1
Kenya24.726.227.227.929.729.230.730.130.128.528.528.9
Latvia36.735.743.144.143.539.139.336.835.433.832.531.6
Lithuania33.734.837.343.942.138.537.236.336.535.435.234.5
Malaysia26.126.927.830.927.528.828.228.428.127.827.627.4
Mexico23.023.025.126.226.125.525.625.325.125.324.924.5
Morocco29.430.131.831.131.934.534.433.332.131.029.929.5
Nigeria23.325.325.727.226.729.226.823.022.622.321.520.9
Pakistan18.420.822.319.920.319.219.220.819.519.419.519.5
Peru18.217.718.920.920.319.119.319.920.220.520.420.5
Philippines19.119.018.620.119.218.119.218.818.818.818.918.9
Poland43.942.243.244.545.443.643.242.141.140.440.239.9
Romania33.735.437.038.538.735.534.534.634.734.534.233.9
Russian Federation31.133.134.341.439.036.837.136.836.236.236.136.1
Saudi Arabia31.034.131.645.644.639.337.440.640.040.041.041.1
South Africa26.928.130.233.132.332.132.332.332.031.631.130.5
Thailand20.121.321.224.023.224.224.124.224.422.922.922.9
Turkey32.833.334.138.035.934.835.334.934.634.434.434.2
Ukraine44.643.847.448.649.045.146.945.444.643.843.142.2
Average27.027.328.330.129.529.329.329.028.728.328.027.7
Asia20.821.022.224.023.424.024.624.424.223.923.623.3
Europe35.336.037.141.740.138.138.237.837.236.936.836.7
Latin America29.729.930.732.433.233.032.932.532.632.632.432.2
Middle East and North Africa34.733.634.433.532.532.833.633.132.531.629.628.4
G-20 emerging26.126.527.429.629.229.029.128.828.528.328.027.7
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.2.
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.2.
Statistical Table 8.Emerging Markets: General Government Gross Debt and Net Debt

(Percent of GDP)

200620072008200920102011201220132014201520162017
Gross Debt
Argentina76.467.158.558.749.244.945.242.842.541.640.839.8
Brazil66.765.263.566.965.264.964.161.258.957.355.054.0
Bulgaria23.418.615.515.614.915.517.916.418.415.313.611.5
Chile5.03.94.95.88.611.311.412.312.612.913.213.5
China116.219.617.017.733.525.822.219.617.315.012.610.1
Colombia36.832.730.936.136.434.232.230.930.029.328.327.3
Egypt90.380.270.273.073.276.479.781.178.575.069.463.8
Hungary65.967.072.979.781.380.674.074.275.375.976.376.6
India78.575.574.174.268.067.067.666.765.665.164.764.3
Indonesia39.035.133.228.626.924.523.922.220.919.818.918.2
Jordan76.373.860.364.566.870.475.079.679.476.475.474.8
Kazakhstan6.75.96.710.210.710.512.413.012.211.19.98.8
Kenya46.846.045.647.549.948.547.245.345.344.244.645.2
Latvia9.97.817.232.939.937.837.440.638.535.035.733.3
Lithuania17.916.815.529.438.038.540.040.540.840.640.540.2
Malaysia41.541.241.252.851.052.953.053.553.954.455.155.8
Mexico37.937.643.044.542.943.843.143.243.243.143.042.9
Morocco59.454.648.248.051.354.358.158.959.158.557.255.1
Nigeria11.812.811.615.215.517.314.715.415.915.814.913.7
Pakistan58.655.960.561.561.660.262.463.061.659.557.856.4
Peru33.130.425.028.424.620.919.618.317.617.016.716.3
Philippines51.644.644.244.343.541.941.539.738.136.735.334.0
Poland47.745.047.150.954.856.355.155.355.054.653.452.5
Romania12.612.713.623.831.233.034.634.533.732.932.131.3
Russian Federation9.08.57.911.311.812.011.09.910.811.513.012.9
Saudi Arabia27.318.513.215.99.86.15.55.35.25.04.84.6
South Africa32.628.327.431.535.338.841.243.344.945.244.241.9
Thailand42.038.337.345.242.641.744.246.248.849.950.951.4
Turkey46.539.940.046.142.439.337.736.736.336.336.236.1
Ukraine14.812.320.535.440.536.035.235.135.035.235.034.7
Average36.935.533.636.140.537.034.833.131.830.429.027.6
Asia34.434.931.531.340.734.732.130.028.126.324.522.7
Europe27.124.124.230.530.528.926.925.926.126.026.526.2
Latin America50.649.650.553.551.951.650.248.247.146.244.944.1
Middle East and North Africa78.471.162.364.866.769.973.975.473.570.866.762.5
G-20 emerging36.635.533.134.740.236.033.531.329.828.427.025.5
Net Debt
Argentina
Brazil47.045.138.041.539.136.434.432.030.128.727.526.6
Bulgaria−10.4−10.2−13.6−13.9−13.6−11.3−9.7−8.8−8.8−9.4−10.7−12.6
Chile−6.6−13.0−19.3−10.5−7.1−8.7−6.9−5.9−5.3−4.9−4.3−3.8
China
Colombia26.322.721.027.228.426.724.924.523.823.422.822.2
Egypt71.464.555.658.760.064.368.971.770.468.063.358.4
Hungary64.865.465.373.376.378.672.672.974.174.775.275.5
India
Indonesia
Jordan68.867.654.957.161.165.169.273.172.569.067.666.5
Kazakhstan−10.7−14.4−13.7−10.9−10.2−12.9−15.8−18.1−19.7−21.0−22.3−23.3
Kenya42.141.340.642.644.743.541.739.639.638.639.240.1
Latvia7.54.711.321.529.931.130.530.329.729.428.827.8
Lithuania11.011.112.723.330.734.035.836.537.137.237.337.2
Malaysia
Mexico32.632.838.739.139.340.339.839.839.839.839.739.6
Morocco56.853.147.547.350.853.957.758.558.758.156.754.7
Nigeria2.94.71.311.014.410.43.3−3.1−4.0−4.3−5.3−4.8
Pakistan54.551.055.657.758.156.959.159.758.356.254.653.3
Peru22.816.012.511.79.96.34.02.30.8−0.6−1.6−2.5
Philippines
Poland
Romania
Russian Federation
Saudi Arabia1.7−17.1−45.8−50.2−49.2−47.7−60.0−68.9−76.3−80.1−80.2−77.8
South Africa29.724.823.427.431.335.137.340.042.242.842.040.1
Thailand
Turkey39.032.733.437.634.831.329.528.528.227.927.627.3
Ukraine11.710.118.331.938.434.834.734.634.534.834.634.4
Average31.227.724.228.628.827.324.722.921.821.020.319.9
Asia54.551.055.657.758.156.959.159.758.356.254.653.3
Europe29.324.725.130.932.632.631.530.230.330.229.929.4
Latin America35.734.532.935.534.632.931.229.628.527.626.826.1
Middle East and North Africa66.160.952.955.257.661.566.168.567.565.561.958.1
G-20 emerging34.931.527.030.129.427.223.621.520.319.519.119.0
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.2.

For China, data revisions from the authorities indicate that debt at end-2010 was much larger than previously reported, but no revised historical series is yet available for previous years.

Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.2.

For China, data revisions from the authorities indicate that debt at end-2010 was much larger than previously reported, but no revised historical series is yet available for previous years.

Statistical Table 9.Low-Income Countries: General Government Overall Balance and Primary Balance

(Percent of GDP)

200620072008200920102011201220132014201520162017
Overall Balance
Armenia−2.0−2.3−1.8−7.7−4.9−2.8−3.1−2.6−2.3−2.0−2.0−2.0
Bolivia4.52.64.30.61.70.80.80.20.40.50.50.5
Burkina Faso16.1−6.7−4.3−5.3−4.7−2.5−3.8−3.0−2.8−2.9−2.4−2.5
Cambodia−0.2−0.70.3−4.2−2.8−4.1−3.3−2.5−2.0−1.6−1.2−1.0
Cameroon33.14.52.3−0.1−1.1−2.9−3.3−3.7−4.4−4.4−4.3−4.4
Chad2.63.14.5−9.9−5.23.1−0.7−1.6−0.9−1.5−1.5−1.5
Congo, Dem. Rep. of the−3.6−3.8−3.8−2.64.9−1.8−2.6−3.4−3.7−3.4−3.3−2.9
Congo, Rep. of16.69.423.44.816.116.43.73.11.7−0.7−0.6−2.5
Côte d’Ivoire−1.8−0.8−0.6−1.6−2.3−4.3−3.7−1.9−2.0−1.9−1.8−1.8
Ethiopia−3.8−3.6−2.9−0.9−1.3−1.6−2.3−2.9−2.3−2.1−2.1−1.9
Georgia3.40.8−2.0−6.5−4.8−0.9−1.4−2.1−2.1−1.7−1.4−1.3
Ghana−4.7−5.6−8.5−5.8−7.2−4.1−5.6−3.8−2.8−3.1−2.6−2.3
Haiti−1.70.2−2.8−4.62.4−3.7−3.6−4.7−5.2−4.9−4.3−4.6
Honduras−1.9−1.6−1.7−4.7−2.9−2.8−3.4−3.2−2.7−2.4−2.2−2.0
Lao P.D.R.−2.9−2.5−3.7−6.5−4.2−2.8−2.5−2.5−2.5−2.5−2.4−2.3
Madagascar−0.5−2.7−1.1−3.1−0.4−4.8−2.9−2.5−2.6−3.4−3.5−3.9
Mali33.7−0.22.10.51.80.17.88.71.81.81.81.8
Moldova0.0−0.2−1.0−6.3−2.5−2.4−1.3−1.1−1.0−0.9−0.8−0.8
Mozambique−4.1−2.9−2.5−5.5−3.9−5.0−6.3−7.0−6.7−5.8−5.6−5.1
Myanmar−2.3−2.0−0.7−3.5−5.1−5.9−9.2−8.6−7.8−7.9−7.9−7.9
Nepal0.3−0.8−0.4−2.6−0.8−1.01.9−0.8−1.0−1.1−1.4−1.4
Nicaragua0.71.2−0.8−1.9−0.50.5−1.4−0.9−0.9−0.7−0.9−0.7
Senegal−5.4−3.8−4.7−4.9−5.2−6.3−6.5−4.7−4.3−3.9−3.7−3.5
Sudan−2.7−2.5−0.1−4.2−0.4−1.3−4.0−3.9−2.7−2.0−2.0−1.9
Tanzania−4.5−1.9−2.6−6.0−6.5−5.0−4.8−4.9−4.2−3.7−3.2−3.0
Uganda0.60.1−1.6−1.9−6.3−4.8−6.0−2.6−3.5−3.0−2.4−1.6
Uzbekistan5.45.210.22.84.99.03.02.01.81.21.10.9
Vietnam0.3−2.2−0.5−7.2−3.1−3.2−4.6−3.4−3.2−2.6−2.6−2.6
Yemen1.2−7.2−4.5−10.2−4.0−4.3−5.7−6.0−6.3−5.4−5.2−5.1
Zambia20.2−1.3−0.9−2.5−3.1−3.0−5.8−3.8−3.5−3.7−3.7−3.6
Average2.5−1.3−0.3−3.9−2.0−1.9−3.4−3.1−2.9−2.8−2.7−2.6
Oil producers7.0−0.91.3−6.0−1.8−1.7−4.0−3.4−3.5−3.1−3.1−3.1
Asia−0.3−1.9−0.6−5.8−3.4−3.7−5.0−4.3−4.0−3.7−3.6−3.6
Latin America0.80.60.6−2.20.0−0.9−1.3−1.6−1.4−1.2−1.1−1.1
Sub-Saharan Africa5.5−1.3−0.9−2.8−2.3−2.2−3.5−2.9−2.9−2.9−2.7−2.6
Others0.4−1.50.8−4.1−0.50.7−1.9−2.2−1.9−1.6−1.6−1.5
Primary Balance
Armenia−1.7−2.0−1.5−7.2−4.1−1.9−2.0−1.5−1.2−0.8−0.7−0.7
Bolivia7.05.16.32.23.12.12.11.41.41.51.41.4
Burkina Faso16.7−6.3−3.9−4.9−4.2−1.9−3.5−2.6−2.4−2.5−2.1−2.2
Cambodia0.0−0.50.5−4.0−2.5−3.8−3.0−2.2−1.7−1.3−0.9−0.6
Cameroon34.05.02.70.3−0.8−2.5−2.9−3.2−3.8−3.8−3.6−3.7
Chad3.13.44.7−9.3−4.53.9−0.1−1.4−0.6−1.2−1.2−1.1
Congo, Dem. Rep. of the1.01.40.92.97.10.9−0.3−1.3−1.9−1.7−1.7−1.5
Congo, Rep. of21.111.925.86.117.016.53.53.01.3−1.4−1.3−3.1
Côte d’Ivoire0.01.01.20.0−0.6−2.3−2.4−0.4−0.10.20.30.4
Ethiopia−3.0−2.9−2.4−0.6−0.9−1.2−2.0−2.5−1.7−1.4−1.3−1.1
Georgia4.11.4−1.3−5.6−3.80.3−0.2−1.0−1.0−0.6−0.3−0.2
Ghana−2.6−3.7−6.2−3.0−4.1−1.4−2.6−0.40.3−0.6−0.3−0.1
Haiti−1.21.3−2.1−3.83.0−3.3−3.2−4.3−4.9−4.5−3.9−4.1
Honduras−2.3−2.2−2.7−5.5−3.5−3.1−2.9−2.7−2.2−2.0−1.9−1.6
Lao P.D.R.−2.3−2.0−3.2−6.1−3.7−2.2−1.7−1.6−1.8−1.8−1.8−1.8
Madagascar1.9−1.5−0.3−2.30.4−4.0−2.2−1.6−1.6−2.3−2.5−3.0
Mali34.20.22.50.92.20.88.49.42.52.52.52.4
Moldova1.31.00.2−5.0−1.7−1.6−0.5−0.4−0.3−0.4−0.3−0.3
Mozambique−3.3−2.3−2.0−5.0−3.1−4.0−5.2−5.8−5.4−4.4−4.2−3.7
Myanmar−1.6−1.30.0−2.7−4.0−4.6−7.7−7.1−6.3−6.3−6.4−6.4
Nepal0.9−0.10.3−1.90.0−0.12.6−0.1−0.3−0.3−0.5−0.5
Nicaragua2.52.50.3−0.60.81.90.20.60.60.70.41.0
Senegal−4.5−3.2−4.0−4.2−4.3−4.7−5.0−3.1−2.7−2.4−2.2−1.9
Sudan−1.5−1.50.9−3.10.70.0−2.8−2.2−1.0−0.3−0.4−0.3
Tanzania−3.3−0.7−1.6−5.1−5.5−3.9−3.6−3.5−2.8−2.3−1.8−1.6
Uganda2.01.3−0.4−0.7−5.2−3.7−4.5−1.2−2.2−1.7−1.1−0.3
Uzbekistan5.65.310.32.95.09.13.12.11.91.31.11.0
Vietnam1.1−1.10.6−5.9−1.8−1.8−3.0−2.1−1.9−1.5−1.6−1.6
Yemen3.5−4.9−2.1−7.7−1.7−0.1−1.4−2.8−2.9−2.0−2.1−2.1
Zambia22.10.40.8−0.9−1.3−1.8−4.1−1.9−1.5−1.8−1.7−1.6
Average3.7−0.20.8−2.8−0.9−0.6−2.1−1.8−1.6−1.5−1.4−1.4
Oil producers8.30.32.5−4.8−0.5−0.1−2.2−2.0−2.1−1.8−1.8−2.0
Asia0.5−1.00.3−4.8−2.3−2.5−3.6−3.1−2.8−2.5−2.5−2.5
Latin America2.01.71.3−1.50.7−0.2−0.3−0.7−0.6−0.4−0.4−0.3
Sub-Saharan Africa7.10.10.4−1.5−1.1−1.0−2.2−1.5−1.6−1.6−1.4−1.3
Others1.5−0.51.8−3.00.62.2−0.4−0.8−0.5−0.2−0.3−0.3
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see “Data and Conventions” in text and Table SA.3.
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see “Data and Conventions” in text and Table SA.3.
Statistical Table 10.Low-Income Countries: General Government Revenue and Expenditure

(Percent of GDP)

200620072008200920102011201220132014201520162017
Revenue
Armenia18.020.120.520.921.021.921.421.922.122.422.622.7
Bolivia34.334.438.935.833.236.236.635.735.435.635.635.7
Burkina Faso40.820.116.919.620.121.823.923.123.523.624.023.7
Cambodia12.813.715.915.817.017.117.316.816.916.916.916.9
Cameroon47.620.320.818.417.518.918.718.718.218.018.018.0
Chad19.124.227.919.625.332.326.424.124.523.522.822.2
Congo, Dem. Rep. of the19.517.021.124.333.027.330.828.527.928.128.128.2
Congo, Rep. of44.439.347.029.537.542.542.841.941.538.637.235.2
Côte d’Ivoire19.019.720.619.519.715.219.320.921.121.521.721.8
Ethiopia18.417.116.016.317.316.715.514.614.814.814.814.8
Georgia26.729.330.729.328.328.428.227.727.427.126.927.0
Ghana17.117.516.016.516.819.520.819.821.021.121.520.7
Haiti13.515.815.117.928.429.827.927.027.025.423.922.2
Honduras24.124.426.425.124.823.523.524.024.123.522.922.2
Lao P.D.R.14.615.816.017.918.118.419.519.519.419.419.319.1
Madagascar21.016.017.612.312.311.312.013.213.912.412.212.0
Mali58.623.921.424.222.623.322.923.223.623.623.623.6
Moldova39.941.740.638.938.336.738.137.937.437.237.037.0
Mozambique22.925.225.327.129.530.030.128.328.628.929.229.5
Myanmar7.77.37.26.36.95.76.16.77.67.57.57.5
Nepal13.014.214.916.818.017.718.217.718.018.018.118.2
Nicaragua32.333.332.232.632.834.634.233.733.833.833.633.9
Senegal21.223.621.621.722.022.423.623.423.523.523.223.4
Sudan22.122.924.016.519.318.712.914.114.413.913.613.5
Tanzania18.821.321.921.021.022.122.722.522.222.122.322.4
Uganda18.317.615.515.315.714.815.015.615.615.715.916.0
Uzbekistan34.435.640.736.737.040.238.037.136.936.636.436.3
Vietnam28.728.528.927.329.627.726.726.926.426.426.426.3
Yemen38.633.236.725.026.024.629.925.824.022.721.621.0
Zambia43.623.023.018.919.622.520.221.522.523.324.024.2
Average26.423.524.421.923.123.423.223.123.022.922.822.7
Oil producers34.028.430.325.527.827.327.326.625.925.525.224.9
Asia22.321.921.920.621.820.520.420.620.620.620.620.6
Latin America27.528.030.329.329.831.231.230.930.830.530.029.5
Sub-Saharan Africa27.220.821.119.420.821.721.721.321.521.521.621.4
Others28.728.430.925.226.327.126.926.826.626.225.925.8
Expenditure
Armenia20.022.422.228.625.924.724.524.524.424.424.624.7
Bolivia29.831.834.635.231.535.435.835.535.035.135.135.1
Burkina Faso24.626.821.124.924.924.327.826.126.326.426.526.2
Cambodia13.014.515.620.019.921.220.619.218.918.518.117.9
Cameroon14.515.718.518.418.621.721.922.422.522.422.322.4
Chad16.521.123.429.530.529.227.225.725.425.024.323.7
Congo, Dem. Rep. of the23.120.824.926.928.129.133.431.831.631.631.431.1
Congo, Rep. of27.829.923.624.721.426.139.138.839.839.337.837.7
Côte d’Ivoire20.820.521.121.122.019.423.122.823.123.523.523.6
Ethiopia22.220.718.917.218.618.417.817.517.016.916.916.7
Georgia23.328.432.735.833.129.229.629.929.528.928.328.2
Ghana21.823.124.522.324.023.626.323.623.724.224.123.0
Haiti15.215.617.922.526.033.531.531.732.230.328.226.8
Honduras26.026.028.129.727.726.326.927.226.825.925.124.2
Lao P.D.R.17.518.319.724.422.321.222.022.022.021.921.721.4
Madagascar21.518.718.615.312.716.014.815.716.615.815.615.9
Mali24.924.119.323.720.823.215.114.521.821.821.821.8
Moldova39.842.041.645.240.839.139.439.138.438.137.937.7
Mozambique27.028.127.832.633.435.136.435.335.334.634.834.5
Myanmar10.09.37.99.812.011.615.315.315.315.415.415.4
Nepal12.715.015.419.418.818.616.318.619.019.219.519.6
Nicaragua31.732.133.034.533.434.135.634.634.634.534.534.7
Senegal26.627.526.326.627.228.630.128.127.727.327.026.8
Sudan24.825.424.120.719.620.016.918.017.115.815.615.4
Tanzania23.223.124.527.027.527.127.527.426.425.825.525.4
Uganda17.817.517.117.221.919.621.018.119.118.618.217.6
Uzbekistan29.030.430.533.932.131.234.935.235.035.435.435.4
Vietnam28.430.629.434.532.730.931.330.329.629.029.128.9
Yemen37.440.341.235.230.128.935.631.830.328.126.826.1
Zambia23.524.323.921.322.625.526.025.326.027.027.627.8
Average23.924.924.725.825.125.326.726.126.025.625.525.3
Oil producers27.029.329.131.529.629.031.330.029.428.628.328.1
Asia22.523.822.526.425.224.225.424.924.624.224.324.2
Latin America26.727.429.831.529.832.232.532.432.231.731.230.6
Sub-Saharan Africa21.822.122.022.223.123.925.224.224.424.424.324.0
Others28.429.930.129.326.726.428.829.028.527.827.527.3
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.3.
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.3.
Statistical Table 11.Low-Income Countries: General Government Gross Debt and Net Debt

(Percent of GDP)

200620072008200920102011201220132014201520162017
Gross Debt
Armenia16.214.214.634.133.335.134.231.329.327.526.425.0
Bolivia55.240.537.240.038.534.734.833.732.631.630.629.4
Burkina Faso22.622.023.626.127.129.328.126.525.424.724.224.4
Cambodia32.730.627.528.929.128.528.528.128.327.827.126.2
Cameroon15.912.09.510.612.113.717.820.523.927.029.732.2
Chad29.626.023.630.525.827.023.424.224.926.327.628.8
Congo, Dem. Rep. of the149.0126.1133.1136.335.129.932.334.736.737.337.436.5
Congo, Rep. of98.898.068.157.223.922.523.021.619.616.615.013.2
Côte d’Ivoire84.275.675.366.566.467.962.661.660.356.452.348.6
Ethiopia39.036.830.525.127.625.922.223.223.823.924.124.2
Georgia27.321.527.637.339.233.933.832.131.630.128.626.8
Ghana26.231.033.636.246.343.444.941.138.036.935.536.1
Haiti39.034.837.827.717.311.716.620.123.526.228.630.1
Honduras31.719.719.823.926.328.131.132.332.332.131.430.3
Lao P.D.R.68.863.359.063.559.453.852.550.749.648.647.446.0
Madagascar45.544.545.262.264.459.158.757.255.553.049.144.1
Mali20.321.721.624.229.530.630.127.928.228.829.527.2
Moldova30.024.018.828.626.223.222.420.719.017.516.115.7
Mozambique53.641.942.141.641.136.842.046.248.949.249.549.1
Myanmar72.166.554.155.553.053.543.540.338.637.636.836.1
Nepal49.542.841.239.335.432.928.327.426.626.426.426.5
Nicaragua114.984.276.682.179.970.763.558.354.850.947.545.0
Senegal21.823.523.934.235.740.846.147.648.348.548.648.5
Sudan80.876.769.472.574.074.1112.1116.3115.1112.5110.2106.7
Tanzania49.836.336.039.042.745.446.848.850.350.350.149.4
Uganda72.523.622.122.227.033.336.238.941.944.045.244.1
Uzbekistan21.315.812.711.010.09.18.88.68.68.78.89.0
Vietnam41.844.642.951.254.050.450.450.650.850.550.249.9
Yemen40.840.436.449.840.942.444.945.147.448.850.351.5
Zambia29.826.723.526.925.826.028.028.528.628.829.029.1
Average49.344.041.144.142.841.142.541.841.541.040.539.9
Oil producers40.841.237.844.743.041.543.043.844.744.945.345.5
Asia47.447.944.650.150.848.445.745.144.744.243.843.3
Latin America54.639.337.539.037.434.335.034.734.233.532.731.7
Sub-Saharan Africa49.241.539.539.735.935.136.236.637.036.836.436.0
Others49.745.840.946.345.643.551.548.947.846.846.045.0
Net Debt
Armenia
Bolivia41.927.320.623.118.414.412.211.09.88.47.26.1
Burkina Faso
Cambodia
Cameroon
Chad
Congo, Dem. Rep. of the
Congo, Rep. of
Côte d’Ivoire
Ethiopia
Georgia
Ghana
Haiti
Honduras
Lao P.D.R.
Madagascar
Mali14.915.815.114.120.122.824.822.923.524.425.323.2
Moldova30.024.018.828.626.223.222.420.719.017.516.115.7
Mozambique
Myanmar
Nepal
Nicaragua
Senegal
Sudan
Tanzania
Uganda
Uzbekistan
Vietnam35.236.736.147.751.147.748.148.649.048.848.748.6
Yemen33.035.231.443.736.839.141.842.545.146.748.449.8
Zambia25.821.419.922.022.122.324.625.626.427.227.928.4
Average33.632.230.335.135.934.134.834.935.135.235.235.3
Oil producers36.236.533.742.141.440.041.942.843.844.244.644.9
Asia
Latin America
Sub-Saharan Africa29.528.026.324.326.125.126.426.126.026.226.326.7
Others32.533.329.141.035.236.438.538.940.741.742.743.6
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.3.
Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text and Table SA.3.
Statistical Table 12a.Advanced Economies: Structural Fiscal Indicators

(Percent of GDP, except where otherwise indicated)

Pension spending change, 2011–301Net present value of pension spending change, 2011–501,2Health care spending change, 2011–303Net present value of health care spending change, 2011–502-3Gross financing needs, 20124Average term to maturity, 2012 (years)5Debt-to-average maturity, 2012Projected interest rate-growth differential, 2012–17 (percent)Precrisis overall balance, 2000–07Projected overall balance, 2012–17Nonresident holding of marketable central government debt, 2012 (percent of total)6Nonresident holding of general government debt, 2012 (percent of total)7
Australia0.823.72.167.05.35.15.3−0.91.6−0.676.151.2
Austria0.920.33.2104.68.57.79.70.3−1.7−1.671.283.0
Belgium2.873.32.064.319.46.714.70.1−0.3−1.257.9
Canada1.943.32.061.116.55.117.20.01.1−2.020.720.9
Czech Republic0.021.00.617.512.35.57.90.0−3.9−2.727.833.9
Denmark−0.9−29.40.821.511.77.66.2−0.12.3−1.842.941.4
Estonia−2.5−67.61.137.310.60.8−1.91.5−0.252.4
Finland2.150.02.576.48.66.08.7−1.24.1−0.395.390.6
France0.1−0.71.543.818.56.913.00.0−2.8−2.462.964.1
Germany1.130.40.928.18.56.512.9−0.1−2.2−0.257.361.7
Greece0.321.03.2106.928.911.115.33.5−5.6−3.555.9
Hong Kong SAR−6.30.02.81.7
Iceland0.46.93.2105.010.27.412.70.51.5−0.328.1
Ireland0.835.70.723.215.96.418.31.01.4−4.676.560.5
Israel5.313.80.6−5.0−2.811.017.1
Italy−1.6−33.70.618.830.16.619.13.0−3.0−1.643.135.2
Japan−0.26.51.027.559.46.039.1−0.5−5.8−7.47.5
Korea4.5152.53.2111.91.35.36.3−2.62.12.714.4
Netherlands2.458.52.679.314.16.810.10.4−0.6−3.456.0
New Zealand2.366.33.095.99.04.68.40.13.1−1.136.4
Norway2.363.71.752.0−9.32.420.4−3.413.410.737.825.6
Portugal0.721.43.5116.527.45.720.92.6−4.1−2.954.2
Singapore83.332.0−5.17.14.6
Slovak Republic0.725.51.237.112.35.19.1−1.2−5.0−3.335.241.1
Slovenia2.9101.60.722.27.96.18.71.2−1.0−3.060.950.3
Spain0.533.61.651.522.65.715.82.90.3−4.543.828.0
Sweden−1.0−30.80.411.74.75.56.8−1.21.31.043.345.8
Switzerland2.258.43.9127.72.87.86.0−0.40.20.710.8
United Kingdom0.412.73.3113.315.114.46.2−0.7−1.7−5.030.731.1
United States1.737.95.1164.526.35.420.0−1.4−3.1−5.847.930.2
Average1.129.53.097.324.76.318.7−0.7−2.1−3.848.233.5
G-70.923.93.2103.728.76.420.9−0.7−3.0−4.846.831.8
G-20 advanced1.128.63.2102.526.86.319.8−0.8−2.7−4.448.432.1
Sources: Bloomberg L.P.; national authorities; Haver Analytics; Organisation for Economic Co-operation and Development, OECD. Stat; Joint External Debt Hub; and IMF staff estimates and projections.Note: All country averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates In the years Indicated and based on data availability.

Pension projections are based on IMF (2011a). Projections do not take into account reforms enacted after December 2011.

For net present value calculations, a discount rate of 1 percent a year Is used in excess of GDP growth for each country.

Health care spending projections are based on IMF (2010b). Projections do not take into account recent reforms (or plans for reforms) in the following countries: France, Germany, Greece, Ireland, Italy, Portugal, Spain, and the United Kingdom.

Gross financing needs are defined as the projected overall balance and maturing government debt in 2012; for more details on the assumptions, see note 1 In Table 8. Data are from Bloomberg and IMF staff projections.

For most countries, average term to maturity data refer to central government securities; source is Bloomberg.

Nonresident holding of central government debt (marketable securities) data are from national authorities and the OECD, OECD. Stat for 2012:Q1 or latest available. General government for Germany, Greece, Italy, Portugal, and Spain.

Nonresident holding of general government debt data are 2012:Q1 or latest available from the Joint External Debt Hub (JEDH), Quarterly External Debt Statistics, which include marketable and nonmarketable debt. For some countries, tradable instruments in the JEDH are reported at market value. External debt in U.S. dollars is converted to local currency, then taken as a percentage of 2012 gross general government debt.

Singapore’s general government debt is covered by financial assets and issued to develop the bond market.

Sources: Bloomberg L.P.; national authorities; Haver Analytics; Organisation for Economic Co-operation and Development, OECD. Stat; Joint External Debt Hub; and IMF staff estimates and projections.Note: All country averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates In the years Indicated and based on data availability.

Pension projections are based on IMF (2011a). Projections do not take into account reforms enacted after December 2011.

For net present value calculations, a discount rate of 1 percent a year Is used in excess of GDP growth for each country.

Health care spending projections are based on IMF (2010b). Projections do not take into account recent reforms (or plans for reforms) in the following countries: France, Germany, Greece, Ireland, Italy, Portugal, Spain, and the United Kingdom.

Gross financing needs are defined as the projected overall balance and maturing government debt in 2012; for more details on the assumptions, see note 1 In Table 8. Data are from Bloomberg and IMF staff projections.

For most countries, average term to maturity data refer to central government securities; source is Bloomberg.

Nonresident holding of central government debt (marketable securities) data are from national authorities and the OECD, OECD. Stat for 2012:Q1 or latest available. General government for Germany, Greece, Italy, Portugal, and Spain.

Nonresident holding of general government debt data are 2012:Q1 or latest available from the Joint External Debt Hub (JEDH), Quarterly External Debt Statistics, which include marketable and nonmarketable debt. For some countries, tradable instruments in the JEDH are reported at market value. External debt in U.S. dollars is converted to local currency, then taken as a percentage of 2012 gross general government debt.

Singapore’s general government debt is covered by financial assets and issued to develop the bond market.

Statistical Table 12b.Emerging Markets: Structural Fiscal Indicators

(Percent of GDP, except where otherwise indicated)

Pension spending change, 2011–301Net present value of pension spending change, 2011–501-2Health care spending change, 2011–303Net present value of health care spending change, 2011–502-3Gross financing needs, 20124Average term to maturity, 2012 (years)5Debt-to-average maturity, 2012Projected interest rate-growth differential, 2012–17 (percent)Precrisis overall balance, 2000–07Projected overall balance, 2012–17Nonresident holding of general government debt, 2012 (percent of total)6
Argentina1.555.81.551.88.114.13.2−9.2−4.7−2.432.5
Brazil1.371.01.652.017.95.112.61.4−3.5−1.93.8
Bulgaria−1.2−19.11.344.62.74.04.50.31.1−0.140.2
Chile−1.9−43.61.550.51.27.81.50.22.4−0.315.7
China3.394.70.827.88.28.42.6−7.2−1.8−0.3
Colombia5.47.14.61.9−1.8−1.128.1
Egypt4.185.21.746.81.9−8.6−6.512.5
Hungary−3.0−78.91.651.916.75.014.81.7−6.6−3.667.5
India0.0−1.90.412.613.99.17.5−5.9−8.3−8.96.2
Indonesia0.413.10.515.62.910.22.3−6.6−1.0−1.952.6
Jordan3.2115.87.21.647.2−3.7−3.5−4.325.1
Kazakhstan−2.37.51.7−5.94.63.518.3
Kenya5.58.6−6.3−1.9−3.70.0
Latvia1.021.01.034.75.64.38.8−1.2−1.4−1.393.4
Lithuania0.824.71.549.49.04.88.4−1.6−1.8−2.889.3
Malaysia1.960.40.825.87.35.59.7−3.2−3.7−4.53.3
Mexico1.316.71.137.711.27.85.5−0.2−2.2−2.130.0
Morocco11.64.911.9−3.0−3.5−4.321.0
Nigeria3.74.0−2.13.91.6
Pakistan0.16.10.28.330.22.525.2−6.1−3.2−5.9
Peru−0.914.71.3−3.0−0.41.350.0
Philippines0.931.20.515.69.910.24.1−1.5−2.4−1.3
Poland−2.1−61.31.858.711.55.210.6−0.2−4.3−2.650.1
Romania1.545.81.343.010.94.77.4−0.7−2.6−1.653.7
Russian Federation3.1104.01.136.70.77.21.5−1.84.6−1.316.9
Saudi Arabia2.786.71.035.511.40.51.511.27.8
South Africa0.925.91.136.56.49.14.6−1.7−0.6−3.528.1
Thailand0.719.61.136.59.36.56.8−5.5−0.4−3.07.5
Turkey4.4150.11.344.09.44.19.20.6−5.0−1.629.0
Ukraine1.784.61.238.810.43.99.1−1.9−2.4−2.937.7
Average2.166.41.031.79.27.75.7−4.1−1.8−1.721.1
G-20 advanced2.787.01.032.98.57.84.5−4.6−0.8−0.719.6
Sources: Bloomberg L.R; Joint External Debt Hub; and IMF staff estimates and projections.Note: All country averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates in the years indicated and based on data availability.

Pension projections are based on IMF (2011a). Projections do not take into account reforms enacted after December 2011.

For net present value calculations, a discount rate of 1 percent a year is used in excess of GDP growth for each country.

Health care spending projections are based on IMF (2010b).

Gross financing needs are defined as the projected overall balance and maturing government debt in 2012. Data are from IMF staff projections. See Table 9.

Average term to maturity data refer to central government securities; source is Bloomberg.

Nonresident holding of general government debt data are 2012:Q1 or latest available from the Joint External Debt Hub (JEDH), Quarterly External Debt Statistics, which include marketable and nonmarketable debt. For some countries, tradable instruments in the JEDH are reported at market value. External debt in U.S. dollars is converted to local currency, then taken as a percentage of 2012 gross general government debt.

Sources: Bloomberg L.R; Joint External Debt Hub; and IMF staff estimates and projections.Note: All country averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates in the years indicated and based on data availability.

Pension projections are based on IMF (2011a). Projections do not take into account reforms enacted after December 2011.

For net present value calculations, a discount rate of 1 percent a year is used in excess of GDP growth for each country.

Health care spending projections are based on IMF (2010b).

Gross financing needs are defined as the projected overall balance and maturing government debt in 2012. Data are from IMF staff projections. See Table 9.

Average term to maturity data refer to central government securities; source is Bloomberg.

Nonresident holding of general government debt data are 2012:Q1 or latest available from the Joint External Debt Hub (JEDH), Quarterly External Debt Statistics, which include marketable and nonmarketable debt. For some countries, tradable instruments in the JEDH are reported at market value. External debt in U.S. dollars is converted to local currency, then taken as a percentage of 2012 gross general government debt.

Statistical Table 13a.Advanced Economies: Illustrative Adjustment Needs

(Percent of GDP)

2011Age-related spending, 2011–303Illustrative Fiscal Adjustment Strategy to Achieve Debt Target in 2030
Gross debt1CAPB2CAPB in 2020–304Required adjustment between 2011 and 2020Required adjustment and age-related spending, 2011–30
(1)(2)(3)(4)(4) - (2)(4) + (3) - (2)
Australia8.2−3.92.90.44.37.2
Austria72.30.44.22.11.85.9
Belgium97.8−0.24.85.05.210.1
Canada33.1−3.33.91.14.38.2
Czech Republic40.5−1.10.61.02.12.7
Denmark44.11.5−0.10.8−0.7−0.8
Finland49.12.34.60.9−1.43.2
France86.0−1.31.64.55.87.4
Germany80.61.62.02.60.93.0
Greece165.4−1.53.49.010.513.9
Iceland99.20.33.53.53.16.7
Ireland106.5−4.61.56.811.412.9
Israel74.10.32.32.0
Italy120.12.0−1.07.65.64.6
Japan126.4−7.70.812.620.321.1
Korea34.23.07.8−0.4−3.44.3
Netherlands65.2−2.35.02.14.59.5
New Zealand8.3−4.95.31.06.011.3
Portugal107.80.44.26.66.210.4
Slovak Republic43.3−3.11.81.04.15.9
Slovenia46.9−2.33.61.43.77.3
Spain69.1−5.12.15.510.612.7
Sweden37.91.4−0.60.3−1.0−1.6
Switzerland46.81.16.10.0−1.15.0
United Kingdom81.8−3.73.85.79.413.1
United States102.9−5.36.87.512.819.6
Average89.7−3.43.96.19.513.3
G-20 advanced93.5−3.74.06.610.414.4
Sources: IMF staff estimates and projections.Note: The cyclically adjusted primary balance (CAPB) required to reduce debt and its comparison to the 2011 CAPB is a standardized calculation, and policy recommendations for individual countries would require a case-by-case assessment. For countries with debt above 60 percent of GDP in 2011, calculations show the CAPB required to reduce debt to 60 percent of GDP by 2030 (no shading). For countries with debt to GDP below 60 percent of GDP in 2011, calculations show the CAPB required to stabilize debt at the end-2011 level by 2030 (shaded entries).

Gross general government debt, except in the cases of Australia, Canada, Japan, and New Zealand, for which net debt ratios are used.

CAPB is reported in percent of nominal GDP (in contrast to the conventional definition in percent of potential GDP). CAPB is defined as cyclically adjusted balance (CAB) plus gross interest expenditure (this differs from the definition in Statistical Table 2), except in the cases of Australia, Canada, Japan, and New Zealand, for which CAPB is defined as CAB plus net interest payments (as in Statistical Table 2). Structural balances are used instead of CAB for Sweden and the United States. For details, see “Data and Conventions” in text.

See Statistical Table 12a.

CAPB needed to bring the debt ratio down to 60 percent in 2030 (no shading, “higher debt”), or to stabilize debt at the end-2012 level by 2030, if the respective debt-to-GDP ratio is less than 60 percent (shaded entries, “lower debt”). For Japan, a net debt target of 80 percent of GDP is assumed, which corresponds to a target of 200 percent of GDP for gross debt. The CAPB is assumed to change in line with Fiscal Monitor projections in 2011–13 and adjust gradually from 2014 until 2020 (except in the cases of Ireland and Portugal, for which adjustment starts in 2015); thereafter it is maintained constant until 2030. Calculations take into account the endogenous (dynamic) impact of debt levels on the interest rate–growth differential (r – g). Initial country-specific interest rate–growth differentials (based on Fiscal Monitor projections) converge over time to model-based country-specific levels with the speed of adjustment derived from empirical estimates of the effect of public debt on the interest rate (Poghosyan, 2012) and potential growth rates based on Fiscal Monitor projections up to 2017 and model-based growth rates based on empirical estimates of the effect of public debt on economic growth (Kumar and Woo, 2010) after 2017. The assumption on r– g for countries with IMF/EU-supported programs (Greece, Ireland, Portugal) is drawn from their debt sustainability analyses. From 2016 onward, in the cases of Ireland and Portugal, r – g is assumed to follow the endogenous adjustment path determined by debt levels.

Sources: IMF staff estimates and projections.Note: The cyclically adjusted primary balance (CAPB) required to reduce debt and its comparison to the 2011 CAPB is a standardized calculation, and policy recommendations for individual countries would require a case-by-case assessment. For countries with debt above 60 percent of GDP in 2011, calculations show the CAPB required to reduce debt to 60 percent of GDP by 2030 (no shading). For countries with debt to GDP below 60 percent of GDP in 2011, calculations show the CAPB required to stabilize debt at the end-2011 level by 2030 (shaded entries).

Gross general government debt, except in the cases of Australia, Canada, Japan, and New Zealand, for which net debt ratios are used.

CAPB is reported in percent of nominal GDP (in contrast to the conventional definition in percent of potential GDP). CAPB is defined as cyclically adjusted balance (CAB) plus gross interest expenditure (this differs from the definition in Statistical Table 2), except in the cases of Australia, Canada, Japan, and New Zealand, for which CAPB is defined as CAB plus net interest payments (as in Statistical Table 2). Structural balances are used instead of CAB for Sweden and the United States. For details, see “Data and Conventions” in text.

See Statistical Table 12a.

CAPB needed to bring the debt ratio down to 60 percent in 2030 (no shading, “higher debt”), or to stabilize debt at the end-2012 level by 2030, if the respective debt-to-GDP ratio is less than 60 percent (shaded entries, “lower debt”). For Japan, a net debt target of 80 percent of GDP is assumed, which corresponds to a target of 200 percent of GDP for gross debt. The CAPB is assumed to change in line with Fiscal Monitor projections in 2011–13 and adjust gradually from 2014 until 2020 (except in the cases of Ireland and Portugal, for which adjustment starts in 2015); thereafter it is maintained constant until 2030. Calculations take into account the endogenous (dynamic) impact of debt levels on the interest rate–growth differential (r – g). Initial country-specific interest rate–growth differentials (based on Fiscal Monitor projections) converge over time to model-based country-specific levels with the speed of adjustment derived from empirical estimates of the effect of public debt on the interest rate (Poghosyan, 2012) and potential growth rates based on Fiscal Monitor projections up to 2017 and model-based growth rates based on empirical estimates of the effect of public debt on economic growth (Kumar and Woo, 2010) after 2017. The assumption on r– g for countries with IMF/EU-supported programs (Greece, Ireland, Portugal) is drawn from their debt sustainability analyses. From 2016 onward, in the cases of Ireland and Portugal, r – g is assumed to follow the endogenous adjustment path determined by debt levels.

Statistical Table 13b.Emerging Markets: Illustrative Adjustment Needs

(Percent of GDP)

2011Age-related spending, 2011–303Illustrative Fiscal Adjustment Strategy to Achieve Debt Target in 2030
Gross debt1CAPB2CAPB in 2020–304Required adjustment between 2011 and 2020Required adjustment and age-related spending, 2011–30
(1)(2)(3)(4)(4) - (2)(4) + (3) - (2)
Argentina44.9−1.13.00.71.84.8
Brazil64.94.12.91.1−3.0−0.1
Bulgaria15.5−0.30.20.10.40.6
Chile11.3−0.5−0.40.10.60.3
China25.80.54.1−0.3−0.83.4
Colombia34.21.0−0.3−1.3
Hungary80.6−2.4−1.42.95.33.9
India67.0−5.40.43.69.09.4
Indonesia24.50.50.90.2−0.30.6
Jordan70.4−4.64.08.6
Kazakhstan10.55.1−0.6−5.7
Kenya48.5−1.50.92.4
Latvia37.80.52.00.0−0.51.5
Lithuania38.5−2.12.30.52.64.9
Malaysia52.9−2.82.62.14.87.5
Mexico43.8−0.82.40.51.33.7
Morocco54.3−2.72.34.9
Nigeria17.31.9−1.2−3.0
Pakistan60.2−2.40.42.95.35.7
Peru20.92.7−0.5−3.2
Philippines41.90.51.4−0.2−0.70.7
Poland56.3−2.5−0.31.64.13.7
Romania33.0−1.52.80.41.94.7
Russia12.02.64.3−0.2−2.91.4
South Africa38.8−1.72.00.92.74.7
Thailand41.70.41.81.51.12.9
Turkey39.32.55.7−0.2−2.63.1
Ukraine36.0−0.30.40.8
Average37.50.42.80.50.23.9
G-20 emerging37.00.53.30.50.03.2
Sources: IMF staff estimates and projections.Note: The cyclically adjusted primary balance (CAPB) required to reduce debt and its comparison to the 2011 CAPB is a standardized calculation, and policy recommendations for individual countries would require a case-by-case assessment. For countries with debt above 40 percent of GDP in 2011, calculations show the CAPB required to reduce debt to 40 percent of GDP by 2030 (no shading). For countries with debt to GDP below 40 percent of GDP in 2011, calculations show the CAPB required to stabilize debt at the end-2011 level by 2030 (shaded entries).

Gross general government debt.

CAPB is reported in percent of nominal GDP (in contrast to the conventional definition in percent of potential GDP). CAPB is defined as cyclically adjusted balance (CAB) plus gross interest expenditure (this differs from the definition in Statistical Table 6). Structural balances are used instead of CAB for Chile and Peru. For countries not reporting CAB in Statistical Table 6, a Hodrick-Prescott filter is used to estimate potential output, and the CAB is estimated assuming growth elasticities of one and zero for revenues and expenditure, respectively. For details, see “Data and Conventions” in text.

See Statistical Table 12b.

CAPB needed to bring the debt ratio down to 40 percent in 2030 (no shading, “higher debt”), or to stabilize debt at the end-2012 level by 2030 if the respective debt-to-GDP ratio is less than 40 percent (shaded entries, “lower debt”). The CAPB is assumed to change in line with Fiscal Monitor projections in 2011–13 and adjust gradually from 2014 until 2020; thereafter it is maintained constant until 2030. The analysis makes some simplifying assumptions: in particular, up to 2016, an interest rate–growth differential of 0 percentage points is assumed (broadly in line with Fiscal Monitor projections), and of 1 percentage point afterward, regardless of country-specific circumstances. For large commodity-producing countries, even larger fiscal balances might be called for in the medium term than shown in the illustrative scenario, given the high volatility of revenues and the exhaustibility of natural resources.

Sources: IMF staff estimates and projections.Note: The cyclically adjusted primary balance (CAPB) required to reduce debt and its comparison to the 2011 CAPB is a standardized calculation, and policy recommendations for individual countries would require a case-by-case assessment. For countries with debt above 40 percent of GDP in 2011, calculations show the CAPB required to reduce debt to 40 percent of GDP by 2030 (no shading). For countries with debt to GDP below 40 percent of GDP in 2011, calculations show the CAPB required to stabilize debt at the end-2011 level by 2030 (shaded entries).

Gross general government debt.

CAPB is reported in percent of nominal GDP (in contrast to the conventional definition in percent of potential GDP). CAPB is defined as cyclically adjusted balance (CAB) plus gross interest expenditure (this differs from the definition in Statistical Table 6). Structural balances are used instead of CAB for Chile and Peru. For countries not reporting CAB in Statistical Table 6, a Hodrick-Prescott filter is used to estimate potential output, and the CAB is estimated assuming growth elasticities of one and zero for revenues and expenditure, respectively. For details, see “Data and Conventions” in text.

See Statistical Table 12b.

CAPB needed to bring the debt ratio down to 40 percent in 2030 (no shading, “higher debt”), or to stabilize debt at the end-2012 level by 2030 if the respective debt-to-GDP ratio is less than 40 percent (shaded entries, “lower debt”). The CAPB is assumed to change in line with Fiscal Monitor projections in 2011–13 and adjust gradually from 2014 until 2020; thereafter it is maintained constant until 2030. The analysis makes some simplifying assumptions: in particular, up to 2016, an interest rate–growth differential of 0 percentage points is assumed (broadly in line with Fiscal Monitor projections), and of 1 percentage point afterward, regardless of country-specific circumstances. For large commodity-producing countries, even larger fiscal balances might be called for in the medium term than shown in the illustrative scenario, given the high volatility of revenues and the exhaustibility of natural resources.

Statistical Table 14.General Government Nonfinancial Assets

(Percent of GDP)

Latest Available DataTotal Nonfinancial AssetsProduced AssetsNonproduced Assets
Total produced assetsFixed assetsInventoriesValuablesTotal non-produced assetsLandSubsoil assetsOther naturally occurringIntangible non-produced
Total fixed assetsBuildings and structuresMachinery and equipmentOther fixed assets
Australia201069.746.944.841.92.50.40.61.622.822.40.4
Barbados1201033.717.317.313.71.71.90.00.016.516.40.1
Belgium201037.937.936.41.30.2
Bolivia120075.73.33.22.80.30.00.10.02.42.4
Canada201044.234.734.732.22.50.00.09.5
Colombia201035.727.426.322.62.80.91.00.18.34.44.0
Costa Rica1201048.70.90.90.60.347.847.8
Czech Republic2010160.3140.5134.5130.53.75.90.119.817.72.0
Dominican Republic1200611.010.810.89.31.50.20.2
El Salvador20101.51.00.90.40.30.30.10.50.5
Estonia20094.0
Finland201048.548.545.52.7
France201085.451.350.448.71.20.934.134.0
Germany201044.244.242.81.3
Hong Kong SAR201018.318.318.115.00.62.50.1
Hungary2009117.9117.9111.85.8
Italy20093.5
Japan2010120.294.393.991.42.20.30.426.026.0
Korea2009128.1
Latvia2009167.1165.1160.24.22.00.0
Lithuania201064.264.260.23.6
Luxembourg201086.586.583.23.0
Netherlands201063.163.059.82.90.19.227.4
New Zealand201098.6
Norway201046.546.546.543.03.50.00.0
Poland20094.6
Russian Federation201046.343.738.817.15.016.75.02.60.12.5
Slovak Republic20102.52.22.22.00.10.30.3
Slovenia201048.348.343.53.9
Sweden20090.3
Switzerland200923.220.520.419.11.10.10.13.43.3
United Kingdom201049.349.249.245.51.4
United States201072.665.065.061.62.9
Sources: IMF, Government Finance Statistics, Eurostat; Organisation for Economic Co-operation and Development; and IMF staff estimates.

Central government.

Sources: IMF, Government Finance Statistics, Eurostat; Organisation for Economic Co-operation and Development; and IMF staff estimates.

Central government.

Statistical Table 15a.Advanced Economies: Taxation of Public Pension Benefits
Average income tax rate on public pension benefits1(percent) 0.1Spending on public pensions (percent of GDP)Tax reliefNotes
GrossNet2NoneFull
Australia0.14.74.6Tax credit for those above pensionable age, phased out once income reaches 70 percent of the average wage. Tax offset for those who depend fully on public pensions.
Austria22.614.511.2No special treatment for pensions.
Belgium11.910.99.6Full exemption for those who receive income only from public pensions and under 30 percent of the average wage