Chapter

Methodological and Statistical Appendix

Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Published Date:
April 2013
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This appendix comprises five sections: “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 2013–18. “Definition and Coverage of Fiscal Data” provides details on the coverage and accounting practices underlying each country’s Fiscal Monitor data. “Economy Groupings” summarizes the classification of countries in the various groups presented in the Fiscal Monitor. “Statistical Tables” on key fiscal variables complete the appendix. Data in these tables have been compiled on the basis of information available through the beginning of April 2013.

Data and conventions

Country-specific data and projections for key fiscal variables are based on the April 2013 World Economic Outlook database, unless indicated otherwise, and compiled by IMF staff. Historical data and projections are based on the information gathered by IMF country desk officers in the context of their missions and through their ongoing analysis of the evolving situation in each country. They are updated on a continual basis as more information becomes available. Structural breaks in data may be adjusted to produce smooth series through splicing and other techniques. IMF staff estimates serve as proxies when complete information is unavailable. As a result, Fiscal Monitor data can differ from other sources having official data, including the IMF’s International Financial Statistics.

Sources for fiscal data and projections not covered by the World Economic Outlook are listed in the respective tables and figures.

All fiscal data refer to the general government where available and to calendar years, except in the cases of Côte d’Ivoire, Egypt, Hong Kong Special Administrative Region, Lao P.D.R., Pakistan, Singapore, and Thailand (fiscal year).

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

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.

For most countries, fiscal data follow the IMF’s Government Finance Statistics Manual (GFSM) 2001. The 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.

As used in the Fiscal 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.

Argentina. Total expenditure and the overall balance account for cash interest and the IMF staff’s estimate of accrued interest payments. The GDP and CPI (the Consumer Price Index for Greater Buenos Aires, or CPI-GBA) are officially reported data. The IMF has, however, issued a declaration of censure and called on Argentina to adopt remedial measures to address the quality of the official GDP and CPI-GBA data. Alternative data sources have shown significantly lower real growth and considerably higher inflation rates than the official data since 2008 and 2007, respectively. In this context, the IMF is also using alternative estimates of GDP growth and of CPI inflation for the surveillance of macroeconomic developments in Argentina.

Chile. Cyclically adjusted balances include adjustments for commodity price developments.

China. Fiscal data exclude allocation to the rainy-day fund. Up to 2009, public debt data include only central government debt as reported by the Ministry of Finance. For 2010, debt data include sub-national debt identified in the 2011 National Audit Report. Information on new debt issuance by the local governments and some government agencies in 2011 and 2012 is not yet available, hence debt data reflect only amortization plans as specified in the 2011 National Audit Report. Public debt projections beyond 2012 assume that about 60 percent of sub-national debt will be amortized by 2013, 16 percent over 2014–15, and 24 percent beyond 2016, with no issuance of new debt or rollover of existing debt. Deficit numbers do not include some expenditure items, largely infrastructure investment financed off the budget through land sales and local-government financing vehicles.

Colombia. Gross public debt refers to the combined public sector including Ecopetrol and excluding Banco de la República’s outstanding external debt.

Côte d’Ivoire. Data are on a fiscal year basis.

Greece. General government gross debt includes short-term debt and loans of state-owned enterprises.

Hong Kong SAR. Data are on a fiscal year basis. Cyclically adjusted balances include adjustments for land revenue and investment income.

Hungary. The cyclically adjusted and cyclically adjusted primary balances for 2011 exclude one-time revenues from asset transfers to the general government due to changes to the pension system.

Ireland. The general government balances between 2009 and 2015 reflect the impact of banking support. The fiscal balance estimates excluding these measures are –11.5 percent of GDP for 2009, –10.7 percent of GDP for 2010, –9.1 percent of GDP for 2011, –7.6 percent of GDP for 2012, –6.8 percent of GDP for 2013, –4.4 percent of GDP for 2014, and –2.4 percent of GDP for 2015. Cyclically adjusted balances exclude financial sector support.

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

Lao P.D.R. Data are on a fiscal year basis.

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

Mexico. General government refers to central government, social security, public enterprises, development banks, the national insurance corporation, and the National Infrastructure Fund, but excludes subnational governments.

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 basis.

Peru. Cyclically adjusted balances include adjustments for commodity price developments.

Portugal. The substantial upward revision in the 2012 fiscal outturn by the National Institute of Statistics, owing to reclassification of several large transactions, is not yet reflected in the data.

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

Spain. Overall and primary balances include financial sector support measures estimated at 0.5 percent of GDP for 2011 and 3.3 percent of GDP for 2012.

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 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 include adjustments for extraordinary operations related to the banking sector.

Thailand. Data are on a fiscal year basis.

Turkey. Information on the general government balance, primary balance, and cyclically adjusted primary balance differ from those in the authorities’ official statistics or country reports, which include net lending and privatization receipts.

United States. Cyclically adjusted balances exclude financial sector support estimated at 0.8 percent of GDP in 2008, 2.2 percent of GDP in 2009, 0.2 percent of GDP in 2010, and 0.1 percent of GDP in 2011.

Fiscal policy assumptions

Historical data and projections of key fiscal aggregates are in line with those of the April 2013 World Economic Outlook, unless highlighted. For underlying assumptions, other than on fiscal policy, see the April 2013 World Economic Outlook.

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. Medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. When 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.

Argentina. The 2012 estimates are based on actual data on outturns and IMF staff estimates. 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 the 2012/13 Mid-Year Economic and Fiscal Outlook, Australian Bureau of Statistics, and IMF staff projections.

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 2013 and beyond are based on unchanged policies.

Brazil. 2012 estimates are based on actual data on outturns for the central government and financing needs of subnational governments and public enterprises. 2013 projections are based on the budget as approved in March 2013. In outer years, the IMF staff assumes adherence to the announced primary target.

Burkina Faso. Estimates are based on discussions with the authorities, past trends, and the impact of ongoing structural reforms.

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

Canada. Projections use the baseline forecasts in “Jobs Growth and Long-Term Prosperity” (March 21, 2013; the fiscal year 2013/14 budget). The IMF staff makes adjustments to this forecast for differences in macroeconomic projections. IMF staff forecasts also incorporate 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 fourth quarter of 2012.

China. In 2013, 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 2012–14 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2015–18, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2012 Convergence Programme submitted to the European Union.

Egypt. Fiscal projections are based mainly on budget sector operations and discussions with the authorities.

Estonia. The forecast is cash based and incorporates the authorities’ 2012 budget, adjusted for newly available information and for the IMF staff’s macroeconomic scenario.

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

France. Projections for 2012 and beyond reflect the authorities’ 2012–17 multiyear budget, adjusted for fiscal packages, differences in assumptions on macro and financial variables, and revenue projections. The 2012 fiscal deficit was revised from 4.6 percent of GDP to 4.5 percent on the basis of preliminary data provided by the authorities. The difference in the 2013 fiscal deficit between the IMF staff (3.7 percent of GDP) and the authorities (3.0 percent of GDP) is due to the different growth projection (0.8 percent for the government and –0.1 percent for the IMF staff).

Germany. The estimates for 2012 are preliminary estimates from the Federal Statistical Office. The IMF staff’s projections for 2013 and beyond reflect the authorities’ adopted core federal government budget plan adjusted for the differences in the IMF staff’s macroeconomic framework and staff assumptions about fiscal developments in state and local governments, the social insurance system, and special funds. 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. Fiscal projections for 2012 and the medium term are consistent with the policies discussed with the authorities in the context of the Extended Fund Facility. Public debt projections assume an additional haircut (official sector involvement) to bring the debt ratio to 124 percent of GDP in 2020.

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 the end of January 2013.

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 central government 2012 deficit is estimated at 1.8 percent of GDP, slightly lower than the revised budget estimate of 2.2 percent of GDP. Budget execution still remains a problem that is reflected in a low budget deficit. Fiscal projections for 2013–18 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 increase space for infrastructure development.

Ireland. Fiscal projections are based on the 2013 budget and the “Medium-Term Fiscal Statement” (published in November 2012), which commits to an €8.6 billion consolidation over 2013–15. It also includes the estimated fiscal impact of the February 2013 promissory note transaction. 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 announced fiscal consolidation plan 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 the September 2012 update to the “Documento di Economia e Finanza” and the 2013 budget. Estimates for the 2012 outturn are preliminary. IMF staff projections are based on the authorities’ estimates of the policy scenario, adjusted mainly for differences in macroeconomic assumptions—they do not include the impact of the government’s proposal to clear payment arrears. After 2015, projections are made on the basis of unchanged policies assuming a constant structural primary balance.

Japan. Projections are based on fiscal measures already announced by the government, including consumption tax increases, earthquake reconstruction spending, and the stimulus package. Medium-term projections assume that expenditure and revenue of the general government develop in line with current underlying demographic and economic trends and recent fiscal stimulus.

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

Korea. Fiscal projections assume that fiscal policies will be implemented in 2013 as announced by the government. Expenditure forecasts for 2013 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. Medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2014, consistent with the government’s medium-term goal.

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

Malaysia. Fiscal year 2012 projections are based on preliminary outturn for the first through third quarters and IMF staff projections taking into account original and supplemental budget numbers. For the remainder of the projection period, the IMF staff assumes that the authorities undertake subsidy reform and introduce the goods and services tax in 2015.

Mali. Estimates reflect approved budget and agreed-upon program budget for the current year, authorities’ medium-term fiscal framework, and IMF staff estimates for outer years.

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

Moldova. Fiscal projections are based on the IMF staff’s forecast for GDP, consumption, imports, 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. They account for a lower aid flow, with grants contribution declining. The projections were discussed with the authorities during the Policy Support Instrument review missions in October 2012.

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

Netherlands. Fiscal projections for 2012–18 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after adjustments for differences in macroeconomic assumptions.

New Zealand. Fiscal projections are based on the Half-Year Economic and Fiscal Update and IMF staff projections.

Nigeria. Estimates reflect historical data series, the annual budget, and the medium-term expenditure framework at the general government level and additional data from the authorities.

Norway. Fiscal projections are based on the authorities’ 2013 budget announced in October 2012, supplemented by information from the 2012 budget.

Philippines. Fiscal projections assume that the authorities’ fiscal deficit target will be achieved in 2013 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 a European System of Accounts 1995 (ESA-95) (accrual) basis. Projections are based on the 2013 budget and its execution up to the third quarter of 2012. The projections take into account the 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 2013–14 and the IMF staff’s projections thereafter.

Romania. Fiscal projections are based on discussions with the authorities and the 2013 budget passed by Parliament.

Russian Federation. 2013–18 projections are based on the oil-price-based fiscal rule introduced in December 2012, with adjustments for the IMF staff’s revenue forecast, and for public spending already budgeted for 2013–15.

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 World Economic Outlook baseline oil prices. On the expenditure side, wage bill estimates incorporate 13th-month pay awards every three years in accordance with the lunar calendar, and capital spending over the medium term is in line with the authorities’ priorities established in National Development Plans.

Senegal. Estimates are 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. Projections are based on budget numbers for fiscal year 2012/13 and unchanged policies thereafter.

Slovak Republic. Estimates are 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’ 2013 Budget Review released on February 27, 2013.

Spain. For 2013 and beyond, fiscal projections are based on the measures specified in the Stability Programme Update 2012–15, the revised fiscal policy recommendations by the European Council in July 2012, the subsequent fiscal package, the biannual budget plan for 2013–14 announced in August 2012, and the 2013 budget approved in December 2012.

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 Organisation for Economic Cooperation and Development’s latest semielasticity.

Switzerland. Projections for 2012–18 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 the classification method.

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

Ukraine. Projections are based on IMF staff estimates.

United Kingdom. Fiscal projections are based on the Treasury’s 2013 budget, published in March 2013. The authorities’ revenue projections are adjusted for differences in forecasts of macroeconomic variables (such as GDP growth). 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. Real government consumption and investment are part of the real GDP path and may or may not be the same as those projected by the Office for Budget Responsibility. Subsequent to the finalization of these projections, previously unpublished data were provided on the timing of transfers of profits from the Bank of England’s Asset Purchases Facility. Such transfers affect general government net interest payments. Consequently, the overall balance is unchanged, but calendar year primary balances are affected. The new information on timing arithmetically reduces primary deficits in calendar year 2012 and increases them in calendar year 2013. The numbers do not change fiscal year projections.

United States. Fiscal projections are based on the February 2013 Congressional Budget Office baseline adjusted for the IMF staff’s policy and macro-economic assumptions. This baseline incorporates the provisions of the American Taxpayer Relief Act signed into law on January 2, 2013. Key near-term policy assumptions include replacement of automatic spending cuts (sequester) with back-loaded consolidation measures from fiscal year 2014 onward (the sequester is assumed to be in full effect from March 1, 2013, to September 30, 2013). Over the medium term, the IMF staff assumes that Congress will continue to make regular adjustments to Medicare payments (DocFix) and will extend certain traditional programs (such as the research and development tax credit). 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. Revenues and financing projections reflect the information and measures in the approved budget and 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
Overall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting practiceCoverageAccounting practiceCoverageAccounting

practice
CountryAggregateSubsectorsAggregateSubsectorsAggregateSubsectors
AustraliaGGCG, LG, SGCGGCG, LG, SGCGGCG, LG, SGA
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, LG, SSAGGCG, LG, SSAGGCG, 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 ZealandCGCGACGCGACGCGA
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 standard: A = accrual, C = cash.
Table SA.2.Emerging Market Economies: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting practiceCoverageAccounting practiceCoverageAccounting practice
CountryAggregateSubsectorsAggregateSubsectorsAggregateSubsectors
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
JordanCGCGCCGCGCPSCG, LG, NFCC
KazakhstanGGCG, LGAGGCG, LGA
KenyaCGCGACGCGA
LatviaGGCG, LG, SS, NFCCGGCG, LG, SS, NFCCGGCG, 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
NigeriaGGGGCGGGGC
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 standard: A = accrual, C = cash.
Table SA.3.Low-Income Countries: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting practiceCoverageAccounting practiceCoverageAccounting practice
CountryAggregateSubsectorsAggregateSubsectorsAggregateSubsectors
ArmeniaCGCGCCGCGCCGCGC
BoliviaNFPSCG, LG, SS, NFCCNFPSCG, LG, SS, NFCCNFPSCG, LG, SS, NFCC
Burkina FasoCGCGCCGCGC
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
MyanmarNFPSNFPSCNFPSNFPSC
NepalCGCGCCGCGCCGCGC
NicaraguaNFPSCG, SG, LG, SS, NFCCNFPSCG, SG, LG, SS, NFCCNFPSCG, SG, LG, SS, NFCC
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 standard: A = accrual, C = cash.

Economy groupings

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

Advanced

economies
Emerging market

economies
Low-income

countries
G-7G-201Advanced

G-201
Emerging

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
Euro areaEmerging AsiaEmerging

Europe
Emerging Latin

America
Emerging

Middle East

and North Africa
Low-income

Asia
Low-income

Latin America
AustriaChinaBulgariaArgentinaEgyptCambodiaBolivia
BelgiumIndiaHungaryBrazilJordanLao P.D.R.Haiti
CyprusIndonesiaKazakhstanChileMoroccoMyanmarHonduras
EstoniaMalaysiaLatviaColombiaNepalNicaragua
FinlandPakistanLithuaniaMexicoVietnam
FrancePhilippinesPolandPeru
GermanyThailandRomania
GreeceRussian
IrelandFederation
ItalyTurkey
LuxembourgUkraine
Malta
Netherlands
Portugal
Slovak Republic
Slovenia
Spain
Low-income

sub-Saharan Africa
Low-income

others
Low-income

oil producers
Oil producers
Burkina FasoArmeniaCameroonAlgeria
CameroonGeorgiaChadAngola
ChadMoldovaCongo, Rep. ofAzerbaijan
Congo, Dem. Rep. of theSudanSudanBahrain
UzbekistanVietnamBrunei Darussalam
Congo, Rep. ofYemenYemenCameroon
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)
2006200720082009201020112012201320142015201620172018
Overall Balance
Australia1.81.3–0.8–4.1–4.7–4.2–2.9–1.1–0.20.30.50.70.8
Austria–1.7–1.0–1.0–4.1–4.5–2.5–2.5–2.2–1.5–1.1–1.0–1.0–1.0
Belgium0.3–0.1–1.1–5.6–3.9–3.9–4.0–2.6–2.1–1.7–1.0–0.40.0
Canada1.81.5–0.3–4.8–5.2–4.0–3.2–2.8–2.3–1.7–1.2–0.9–0.8
Czech Republic–2.4–0.7–2.2–5.8–4.8–3.2–5.0–2.9–2.8–2.6–2.6–2.8–2.8
Denmark5.04.83.3–2.8–2.7–2.0–4.4–2.8–2.3–1.9–0.8–0.6–0.2
Estonia3.22.8–2.3–2.10.41.7–0.20.40.40.30.30.30.3
Finland4.15.34.3–2.7–2.8–0.9–1.7–2.0–1.3–0.7–0.4–0.10.1
France–2.4–2.8–3.3–7.6–7.1–5.2–4.6–3.7–3.5–2.6–1.8–1.1–0.6
Germany–1.70.2–0.1–3.1–4.1–0.80.2–0.3–0.10.00.00.00.1
Greece–6.0–6.8–9.9–15.6–10.7–9.4–6.4–4.6–3.4–2.2–0.6–0.7–0.6
Hong Kong SAR4.38.10.11.54.44.00.21.72.61.24.24.44.7
Iceland6.35.4–0.5–8.6–6.4–5.0–3.0–1.3–0.60.60.61.01.7
Ireland12.90.1–7.4–13.9–30.9–13.4–7.7–7.5–4.5–2.4–1.7–1.1–0.7
Israel–2.4–1.3–3.4–6.0–4.6–4.7–4.7–3.6–3.1–2.7–2.5–2.6–2.6
Italy–3.4–1.6–2.7–5.4–4.3–3.7–3.0–2.6–2.3–2.1–1.8–1.4–1.1
Japan–3.7–2.1–4.1–10.4–9.3–9.9–10.2–9.8–7.0–5.8–5.0–5.1–5.4
Korea1.12.31.60.01.71.81.92.42.62.72.72.72.7
Netherlands0.50.20.5–5.6–5.1–4.5–4.1–3.4–3.7–3.3–3.1–2.4–1.8
New Zealand4.13.21.5–1.5–5.1–4.9–2.6–1.9–0.50.30.60.70.7
Norway18.317.318.810.511.113.413.812.311.110.09.08.27.5
Portugal2–3.8–3.2–3.7–10.2–9.8–4.4–4.9–5.5–4.0–2.5–1.9–1.6–1.2
Singapore7.112.06.5–0.77.27.45.65.04.94.74.64.74.7
Slovak Republic–2.6–1.6–2.0–8.0–7.7–4.9–4.9–3.2–3.0–2.9–2.9–2.9–2.9
Slovenia–0.80.3–0.3–5.5–5.3–5.6–3.2–6.9–4.3–4.1–3.8–3.3–2.9
Spain12.41.9–4.5–11.2–9.7–9.4–10.3–6.6–6.9–6.6–6.2–5.9–5.6
Sweden2.23.62.2–1.0–0.10.1–0.4–0.8–0.51.21.81.81.8
Switzerland0.91.31.80.50.20.30.30.20.50.70.90.90.9
United Kingdom–2.7–2.9–5.1–11.4–10.1–7.9–8.3–7.0–6.4–5.6–4.2–3.0–2.6
United States–2.0–2.7–6.7–13.3–11.1–10.0–8.5–6.5–5.4–4.1–4.1–4.2–4.2
Average–1.4–1.1–3.5–9.0–7.8–6.6–5.9–4.7–3.8–2.9–2.6–2.5–2.4
Euro area–1.3–0.7–2.1–6.4–6.2–4.1–3.6–2.9–2.6–2.2–1.8–1.4–1.2
G-7–2.2–2.1–4.5–10.2–9.0–7.7–7.0–5.7–4.7–3.7–3.3–3.3–3.2
G-20 advanced–2.0–1.8–4.2–9.7–8.5–7.3–6.6–5.3–4.2–3.3–3.0–2.9–2.9
Primary Balance
Australia1.51.0–0.9–4.1–4.5–3.9–2.5–0.70.30.70.91.11.1
Austria0.51.01.1–1.9–2.3–0.3–0.5–0.20.50.81.00.90.9
Belgium4.13.62.5–2.2–0.6–0.6–0.70.61.31.72.32.83.1
Canada2.42.0–0.2–3.9–4.6–3.6–2.7–2.4–1.9–1.3–0.8–0.5–0.3
Czech Republic–1.70.0–1.5–4.8–3.6–2.0–3.7–1.6–1.4–1.2–1.0–1.2–1.2
Denmark5.85.33.4–2.4–2.2–1.5–3.9–2.5–2.1–1.4–0.4–0.40.0
Estonia3.32.9–2.4–2.30.31.6–0.20.40.50.40.40.40.4
Finland3.74.73.4–3.3–3.0–1.2–1.9–2.2–1.6–1.5–1.3–0.9–0.7
France0.0–0.3–0.7–5.4–4.8–2.7–2.2–1.4–1.1–0.20.71.41.9
Germany0.82.72.3–0.8–2.01.22.41.81.81.71.61.61.5
Greece–1.3–2.0–4.8–10.4–4.8–2.3–1.20.01.53.04.54.54.3
Hong Kong SAR3.97.9–0.31.44.23.80.11.52.41.14.14.34.5
Iceland6.75.7–0.5–6.5–2.7–0.81.52.53.34.54.54.75.2
Ireland13.70.7–6.6–12.5–28.2–10.6–4.6–3.2–0.12.02.63.23.5
Israel3.03.71.1–1.8–0.4–0.5–1.60.00.50.91.00.80.7
Italy1.03.12.2–1.00.01.02.32.72.93.23.84.34.6
Japan–3.7–2.1–3.8–9.9–8.6–9.1–9.3–9.0–6.2–4.9–3.8–3.5–3.2
Korea2.51.51.2–0.70.91.01.21.41.81.81.81.91.8
Netherlands2.11.82.1–4.1–3.8–3.2–2.9–2.2–2.5–1.9–1.5–0.9–0.2
New Zealand3.73.01.2–2.0–5.5–4.8–2.4–1.8–0.50.30.60.70.7
Norway16.114.415.88.19.011.311.710.18.97.76.75.85.1
Portugal2–1.3–0.6–1.0–7.5–7.1–0.6–0.8–1.4–0.11.52.22.62.9
Singapore5.710.55.0–2.25.75.94.23.53.43.33.23.23.3
Slovak Republic–1.8–0.8–1.2–6.9–6.5–3.5–3.4–1.4–1.2–1.0–0.9–0.7–0.8
Slovenia0.31.20.5–4.6–4.1–4.3–1.5–4.7–1.4–0.9–0.30.30.9
Spain13.73.0–3.4–9.9–8.3–7.5–7.9–3.5–3.6–3.1–2.5–2.0–1.5
Sweden1.93.01.4–1.9–0.8–0.8–1.3–1.8–1.5–0.10.50.60.6
Switzerland1.92.12.41.10.80.80.70.71.01.21.51.61.6
United Kingdom–1.2–1.3–3.5–9.9–7.6–5.1–6.1–5.0–4.4–3.3–1.60.00.0
United States–0.2–0.8–4.8–11.6–9.3–7.9–6.4–4.6–3.4–2.1–1.9–1.7–1.4
Average0.30.5–1.9–7.4–6.2–4.8–4.2–3.0–2.0–1.2–0.7–0.4–0.2
Euro area1.21.90.5–3.9–3.7–1.5–0.80.00.20.71.11.41.7
G-7–0.5–0.2–2.6–8.4–7.1–5.7–5.0–3.8–2.7–1.7–1.2–0.9–0.6
G-20 advanced–0.3–0.1–2.5–8.1–6.8–5.4–4.7–3.5–2.4–1.5–1.0–0.7–0.5
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.
Statistical Table 2.Advanced Economies: General Government Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance(Percent of potential GDP)
2006200720082009201020112012201320142015201620172018
Cyclically Adjusted Balance
Australia1.81.0–1.0–4.0–4.6–4.1–2.9–1.1–0.20.30.50.70.8
Austria–2.3–2.6–2.6–3.1–3.7–2.5–2.2–1.6–1.1–0.9–0.9–1.0–1.0
Belgium0.1–1.0–1.9–4.7–3.7–4.1–3.8–2.1–1.7–1.4–0.8–0.20.1
Canada1.10.8–0.6–3.3–4.4–3.6–2.8–2.1–1.7–1.2–0.9–0.7–0.7
Czech Republic–3.8–3.2–4.9–6.1–5.2–3.8–4.5–2.0–1.8–1.9–2.1–2.60.0
Denmark3.53.32.0–1.1–1.7–1.3–3.2–1.9–1.7–1.5–0.6–0.5–0.2
Estonia
Finland2.52.32.00.2–1.4–0.5–0.6–0.50.10.30.20.10.1
France–2.4–3.1–3.1–5.1–5.1–3.9–3.1–1.9–1.8–1.3–0.9–0.6–0.4
Germany–2.2–1.2–1.3–1.2–3.5–1.00.10.00.10.20.20.20.2
Greece–8.7–10.9–14.2–19.1–12.2–8.2–2.70.20.80.81.20.5–0.2
Hong Kong SAR10.21.4–0.5–2.6–1.8–2.8–3.4–2.2–1.7–3.4–0.30.30.7
Iceland4.93.2–17.9–9.7–7.5–4.9–3.4–1.1–0.80.40.50.91.6
Ireland1–4.0–8.6–11.9–10.3–8.7–7.0–6.0–5.5–3.7–2.2–2.0–1.8–1.7
Israel–1.4–2.2–4.4–6.0–4.8–4.9–4.7–3.6–3.3–3.0–2.8–2.8–2.8
Italy–4.7–3.3–3.6–3.4–3.4–2.8–1.2–0.2–0.2–0.5–0.7–0.8–1.0
Japan–3.6–2.2–3.5–7.5–7.9–8.5–9.3–9.5–6.9–5.7–5.0–5.2–5.4
Korea1.12.31.80.71.71.82.32.72.62.72.72.72.7
Netherlands–0.1–1.4–1.1–4.8–4.4–4.0–2.7–1.2–1.6–1.5–1.6–1.3–1.0
New Zealand3.12.41.3–1.0–4.4–4.3–2.5–1.8–0.50.20.60.70.9
Norway1–3.5–3.3–3.7–5.7–5.5–4.8–5.7–5.7–5.8–5.8–5.8–5.7–5.6
Portugal1–3.8–4.0–4.3–9.4–9.7–3.6–3.0–3.0–2.0–1.1–1.1–1.2–1.2
Singapore7.111.66.50.76.66.85.75.04.84.64.54.64.6
Slovak Republic–2.5–2.6–3.0–6.6–7.3–4.7–4.4–2.4–2.4–2.5–2.7–2.8–2.9
Slovenia–2.2–2.6–3.4–4.4–4.6–3.7–1.3–1.4–2.1–2.6–2.8–2.9–3.0
Spain11.10.3–5.6–10.2–8.3–7.6–5.1–4.2–5.1–5.3–5.4–5.6–5.7
Sweden11.71.91.0–0.71.00.2–0.4–0.9–0.60.71.82.32.4
Switzerland10.90.71.10.80.10.10.30.40.60.80.90.90.9
United Kingdom–4.7–5.2–7.3–9.7–8.6–6.5–5.4–4.3–3.4–2.7–1.5–0.6–0.7
United States1–2.3–2.8–5.1–8.1–8.5–7.7–6.4–4.6–3.9–3.1–3.5–4.0–4.2
Average–2.1–2.1–3.7–6.2–6.3–5.5–4.7–3.6–2.9–2.3–2.2–2.4–2.5
Euro area–2.1–2.1–3.1–4.6–4.8–3.4–2.4–1.3–1.3–1.1–1.1–1.0–1.0
G-7–2.7–2.7–4.1–6.6–7.1–6.2–5.4–4.2–3.4–2.7–2.7–2.9–3.1
G-20 advanced–2.5–2.4–3.9–6.3–6.7–5.9–5.1–3.9–3.0–2.4–2.4–2.6–2.7
Cyclically Adjusted Primary Balance
Australia1.50.8–1.1–4.0–4.4–3.8–2.4–0.60.20.70.91.11.1
Austria–0.1–0.5–0.4–0.9–1.6–0.3–0.30.30.81.01.01.00.9
Belgium3.92.71.7–1.3–0.4–0.8–0.51.01.72.02.53.03.2
Canada1.71.4–0.6–2.5–3.8–3.1–2.2–1.7–1.3–0.9–0.6–0.4–0.3
Czech Republic–3.1–2.4–4.1–5.0–4.1–2.6–3.2–0.7–0.4–0.5–0.6–1.01.6
Denmark4.33.82.1–0.8–1.2–0.9–2.7–1.6–1.5–1.0–0.2–0.30.0
Estonia
Finland2.11.61.1–0.4–1.5–0.8–0.8–0.7–0.2–0.6–0.6–0.7–0.7
France0.0–0.6–0.4–3.0–2.9–1.4–0.70.30.51.01.51.82.1
Germany0.31.41.11.1–1.40.92.32.12.01.91.81.71.6
Greece–3.7–5.6–8.6–13.6–6.1–1.22.14.35.25.66.15.54.6
Hong Kong SAR1–0.21.1–0.9–2.7–2.0–3.0–3.6–2.3–1.9–3.5–0.40.10.6
Iceland5.33.6–17.9–7.7–4.0–0.71.02.63.24.34.44.65.1
Ireland1–3.2–7.9–11.1–8.9–6.2–4.3–2.9–1.30.72.22.32.52.5
Israel4.12.90.1–1.9–0.6–0.7–1.60.00.30.60.70.60.5
Italy–0.21.61.40.80.81.74.04.94.84.74.84.84.8
Japan–3.7–2.2–3.3–7.0–7.3–7.7–8.4–8.7–6.1–4.8–3.8–3.5–3.2
Korea2.51.51.40.01.01.01.61.71.81.81.81.91.8
Netherlands1.50.30.6–3.3–3.1–2.6–1.5–0.1–0.4–0.1–0.10.20.5
New Zealand2.72.11.0–1.4–4.8–4.2–2.2–1.7–0.50.30.60.70.9
Norway1–6.5–7.2–8.0–8.8–8.2–7.6–8.6–8.6–8.7–8.7–8.7–8.6–8.6
Portugal1–1.3–1.4–1.6–6.8–6.90.11.00.91.82.82.92.92.9
Singapore5.610.15.1–0.75.05.24.23.53.33.13.03.13.2
Slovak Republic–1.8–1.7–2.1–5.5–6.2–3.4–2.9–0.7–0.7–0.6–0.6–0.6–0.8
Slovenia–1.1–1.6–2.6–3.6–3.4–2.40.30.60.60.50.60.70.8
Spain12.51.4–4.5–8.9–6.9–5.7–2.6–1.2–1.8–1.7–1.7–1.7–1.6
Sweden11.41.40.3–1.50.2–0.8–1.4–1.9–1.7–0.80.30.70.8
Switzerland11.81.41.71.50.70.60.80.81.21.31.51.61.5
United Kingdom–3.1–3.6–5.6–8.2–6.0–3.7–3.3–2.4–1.5–0.51.02.31.9
United States1–0.4–0.8–3.2–6.5–6.7–5.7–4.4–2.7–1.9–1.1–1.3–1.5–1.4
Average–0.5–0.5–2.1–4.7–4.8–3.8–3.0–1.9–1.2–0.6–0.4–0.3–0.2
Euro area0.50.6–0.4–2.2–2.4–0.80.31.41.51.61.71.81.9
G-7–0.9–0.8–2.2–4.9–5.3–4.2–3.5–2.3–1.5–0.8–0.6–0.6–0.5
G-20 Advanced–0.8–0.6–2.1–4.8–5.0–4.0–3.3–2.1–1.3–0.6–0.5–0.4–0.3
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.
Statistical Table 3.Advanced Economies: General Government Revenue and Expenditure(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Revenue
Australia36.535.533.733.431.832.033.634.534.634.734.935.235.4
Austria47.547.648.348.548.148.048.649.048.648.648.648.648.6
Belgium48.848.148.748.148.749.550.851.051.251.351.551.751.7
Canada40.640.138.738.737.837.637.738.038.138.438.739.039.0
Czech Republic39.640.338.938.939.039.840.040.640.540.140.039.839.8
Denmark56.855.754.955.254.855.554.054.854.554.755.154.754.7
Estonia37.837.738.945.945.144.244.944.643.543.343.142.541.9
Finland53.352.753.653.453.053.853.354.254.654.755.055.255.3
France50.649.949.949.249.550.852.052.952.852.652.452.452.4
Germany43.743.744.045.143.644.545.244.444.844.744.644.744.9
Greece39.240.740.638.340.642.243.943.042.841.741.341.341.3
Hong Kong SAR20.123.618.518.722.023.921.120.320.921.621.922.222.4
Iceland48.047.744.141.041.541.743.143.843.143.242.542.342.5
Ireland36.936.535.233.834.034.433.934.034.434.334.234.034.1
Israel45.245.042.139.140.139.838.939.439.840.140.340.340.3
Italy45.046.045.946.546.146.147.748.248.248.248.348.448.5
Japan30.831.231.629.629.630.831.131.633.233.834.834.935.0
Korea22.724.224.023.022.723.223.323.323.423.423.423.423.4
Netherlands46.145.446.745.245.645.145.946.846.446.346.246.146.1
New Zealand38.737.336.835.835.035.134.634.635.035.135.135.034.9
Norway58.257.558.456.556.057.157.256.455.955.455.054.654.4
Portugal40.641.141.139.641.444.940.742.642.241.841.341.040.7
Singapore20.124.024.217.721.624.523.322.822.822.822.822.822.8
Slovak Republic27.028.931.633.532.333.232.234.032.932.832.832.832.7
Slovenia41.740.541.240.541.541.442.342.942.742.742.842.942.9
Spain40.741.137.035.136.635.736.337.136.736.736.736.636.6
Sweden52.952.451.851.850.549.649.749.949.850.049.949.749.4
Switzerland35.434.733.133.732.833.433.033.233.233.333.333.333.3
United Kingdom37.737.337.935.836.637.335.238.637.937.737.937.837.5
United States33.833.932.530.831.231.431.832.934.035.035.234.734.9
Average37.738.137.636.236.036.636.637.538.038.438.538.338.3
Euro area45.345.345.044.944.845.446.246.546.546.546.446.446.5
G-737.137.436.935.535.436.036.037.137.838.338.538.338.3
G-20 advanced36.636.936.535.234.935.535.536.637.237.637.837.637.6
Expenditure
Australia34.634.234.537.536.636.236.635.634.834.434.434.534.6
Austria49.148.649.352.652.650.551.151.250.149.749.649.649.6
Belgium48.548.249.853.752.653.454.853.653.453.052.552.151.7
Canada38.838.639.043.543.041.641.040.840.440.139.939.939.8
Czech Republic42.041.041.144.743.743.045.143.543.342.742.642.542.6
Denmark51.750.951.658.057.557.458.457.656.756.655.955.354.9
Estonia34.634.941.247.944.742.545.144.243.143.042.842.241.6
Finland49.247.449.256.155.854.855.056.255.955.455.455.355.3
France53.052.653.356.856.656.056.656.656.255.254.253.553.0
Germany45.343.544.148.247.745.345.044.744.944.744.644.644.8
Greece45.347.550.553.951.451.750.347.546.243.941.941.941.9
Hong Kong SAR15.915.518.417.217.619.820.818.618.420.417.717.717.8
Iceland41.642.344.749.647.946.746.045.043.742.641.941.340.7
Ireland34.036.442.647.764.947.741.641.638.936.835.935.134.8
Israel47.646.245.545.144.744.443.643.042.942.842.842.942.9
Italy48.547.648.651.950.449.850.750.850.550.450.149.849.6
Japan34.533.335.740.038.940.741.341.440.239.639.840.140.4
Korea21.521.922.423.021.021.421.420.920.720.720.720.720.7
Netherlands45.545.346.250.850.749.650.150.350.249.749.248.547.9
New Zealand34.634.135.337.340.139.937.336.535.534.934.434.334.2
Norway39.940.239.645.944.943.743.444.144.845.445.946.446.9
Portugal44.344.444.849.851.249.345.648.146.344.343.242.641.9
Singapore12.912.117.718.414.417.117.617.817.918.018.218.118.1
Slovak Republic29.530.533.641.540.038.237.137.235.935.735.735.735.6
Slovenia42.540.241.546.046.947.045.549.847.146.946.646.245.9
Spain38.439.241.546.346.345.146.743.743.643.242.842.542.2
Sweden50.748.949.652.850.649.550.150.750.348.848.247.947.6
Switzerland34.433.431.333.232.733.132.733.032.732.632.432.432.4
United Kingdom40.540.243.047.246.745.343.545.644.243.342.140.940.1
United States35.936.739.244.242.441.440.239.539.539.139.238.939.1
Average39.139.241.145.243.843.142.542.241.841.341.140.840.7
Euro area46.646.047.251.251.049.549.849.449.248.648.147.847.6
G-739.339.541.545.744.343.843.142.942.542.041.841.541.5
G-20 advanced38.638.740.744.943.442.842.141.841.440.940.840.540.5
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.
Statistical Table 4.Advanced Economies: General Government Gross Debt and Net Debt(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Gross Debt
Australia10.09.711.816.820.524.127.227.626.725.123.621.917.1
Austria62.360.263.869.272.072.473.774.273.772.771.870.669.4
Belgium88.084.089.295.795.597.899.6100.399.899.097.595.392.7
Canada70.366.571.381.483.083.485.687.084.683.081.679.978.2
Czech Republic28.327.928.734.237.840.843.144.846.146.647.047.448.1
Denmark32.127.533.440.742.746.450.151.852.452.751.750.749.3
Estonia4.43.74.57.26.76.18.59.79.18.68.27.77.3
Finland39.635.233.943.548.649.053.356.958.458.758.658.057.3
France64.164.268.279.282.386.090.392.794.094.192.890.788.1
Germany67.965.466.874.582.580.582.080.478.375.772.770.768.7
Greece107.5107.3112.5129.3147.9170.6158.5179.5175.6170.8163.5153.9144.3
Hong Kong SAR32.332.029.932.433.833.132.430.129.228.327.426.625.8
Iceland30.129.170.488.090.6102.399.191.986.384.079.976.271.8
Ireland24.625.044.564.992.2106.5117.1122.0120.2116.4113.3109.6105.8
Israel84.978.577.179.576.074.074.674.473.272.070.769.768.6
Italy106.3103.3106.1116.4119.3120.8127.0130.6130.8129.7127.9125.6123.4
Japan186.0183.0191.8210.2216.0230.3237.9245.4244.6244.6243.9243.2242.8
Korea31.130.730.133.833.434.233.732.530.628.626.824.822.9
Netherlands47.445.358.560.863.165.571.774.575.975.175.775.574.8
New Zealand19.317.220.125.932.037.238.238.337.936.737.136.434.3
Norway58.756.655.249.049.234.134.134.134.134.134.134.134.1
Portugal63.768.371.683.193.2108.0123.0122.3123.7122.5119.9117.2114.2
Singapore86.485.696.3101.599.3105.2111.0108.2104.3101.098.095.292.5
Slovak Republic30.529.427.935.641.043.352.355.356.456.656.756.656.6
Slovenia26.423.122.035.038.646.952.668.871.773.775.075.876.2
Spain39.736.340.253.961.369.184.191.897.6101.6105.1108.0110.6
Sweden45.240.138.842.539.438.338.037.736.533.730.327.023.9
Switzerland62.455.650.549.848.849.049.148.346.745.745.445.044.6
United Kingdom43.043.752.268.179.485.490.393.697.199.7100.7100.298.2
United States66.166.575.589.198.2102.5106.5108.1109.2108.4107.5106.9106.7
Average76.974.281.394.9101.5105.5110.2109.3109.5108.7107.6106.5105.4
Euro area68.666.570.380.085.688.192.995.095.394.693.291.890.0
G-785.383.291.5106.6114.9120.1124.8123.9124.2123.3122.0120.9119.9
G-20 advanced81.679.487.4102.0109.0113.5117.8116.6116.7115.8114.5113.3112.0
Net Debt
Australia–6.3–7.3–5.3–0.64.08.111.612.712.511.610.89.85.6
Austria43.140.942.049.252.652.253.554.053.452.451.650.449.2
Belgium77.073.173.379.579.781.283.384.384.383.882.780.978.7
Canada26.322.922.427.729.732.334.635.936.636.736.335.634.9
Czech Republic
Denmark1.9–3.8–6.1–4.5–1.63.37.610.312.213.714.014.214.0
Estonia–2.5–4.0–4.7–2.3–2.8–0.42.54.13.83.63.43.23.0
Finland–69.4–72.5–52.3–62.8–65.5–54.0–50.9–47.5–44.6–42.3–40.3–38.6–37.1
France59.659.662.372.076.178.884.186.587.887.886.684.581.8
Germany53.050.650.156.756.355.357.256.254.753.551.951.751.4
Greece107.3107.0112.0128.9146.9168.3155.4176.1172.2166.0156.8147.6138.1
Hong Kong SAR
Iceland7.810.841.855.759.966.768.262.259.356.853.951.047.5
Ireland12.411.423.041.874.594.9102.3106.2107.5105.6102.899.496.0
Israel74.869.269.170.869.268.970.170.369.368.367.266.465.6
Italy89.386.988.897.299.299.7103.2105.8106.0105.4104.1102.4100.8
Japan81.080.595.3106.2113.1127.4134.3143.4146.7149.5151.4153.0154.8
Korea29.428.728.832.332.132.932.231.129.327.425.623.822.0
Netherlands24.521.620.622.826.028.332.535.538.440.642.443.543.9
New Zealand8.86.57.411.717.022.226.428.829.830.029.828.726.9
Norway–133.5–138.8–123.7–154.8–163.8–157.8–165.5–175.0–180.8–184.9–187.4–188.2–187.7
Portugal58.663.767.479.088.897.5111.6115.0116.5115.6113.2110.7108.0
Singapore
Slovak Republic
Slovenia
Spain30.726.730.842.549.857.571.979.184.788.691.995.298.2
Sweden–14.0–17.4–12.5–19.6–20.9–18.4–17.6–16.3–15.1–15.6–16.6–17.6–18.5
Switzerland39.732.029.428.728.028.228.327.826.926.326.125.925.7
United Kingdom37.838.048.163.272.977.782.886.189.692.293.292.891.1
United States48.448.054.066.775.182.487.989.089.788.687.686.986.6
Average48.246.351.962.467.572.777.478.179.179.078.678.177.6
Euro area54.352.154.062.365.567.871.973.974.574.473.672.972.0
G-755.554.461.072.778.985.290.491.592.692.491.891.491.0
G-2053.151.858.169.474.880.585.286.186.986.786.085.584.9
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 5.Emerging Market Economies: General Government Overall Balance and Primary Balance(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Overall Balance
Argentina–1.0–2.1–0.9–3.6–1.4–3.5–4.3–2.7–2.4–2.9–2.5–2.2–1.9
Brazil–3.5–2.7–1.4–3.1–2.7–2.5–2.8–1.2–1.7–1.8–1.6–1.5–1.4
Bulgaria3.33.32.9–0.9–3.9–2.0–0.5–1.4–0.60.00.50.80.9
Chile7.47.94.1–4.1–0.31.40.60.1–0.1–0.2–0.20.00.0
China–0.70.9–0.7–3.1–1.5–1.3–2.2–2.1–1.8–1.1–0.60.10.7
Colombia–1.0–0.8–0.3–2.8–3.3–2.00.2–1.0–0.9–0.9–0.7–0.7–0.8
Egypt–9.2–7.5–8.0–6.9–8.3–9.8–10.7–11.3–8.7–7.1–5.8–4.6–3.3
Hungary–9.4–5.1–3.7–4.5–4.54.3–2.5–3.2–3.4–3.3–3.2–3.1–3.0
India–6.4–4.8–8.6–10.1–8.7–8.4–8.3–8.3–8.4–8.3–8.2–8.1–8.2
Indonesia0.2–1.00.0–1.8–1.2–0.6–1.3–2.8–2.2–1.8–1.4–1.1–1.0
Jordan–4.0–4.7–4.3–8.5–5.6–6.8–8.2–4.8–5.3–3.8–3.3–2.7–2.3
Kazakhstan7.75.21.2–1.31.55.94.74.94.54.23.93.83.6
Kenya–2.5–3.2–4.4–5.4–5.5–5.1–5.3–4.6–4.0–3.7–3.6–3.5–3.4
Latvia–0.60.6–7.5–7.8–7.3–3.20.1–1.3–0.8–1.3–1.1–0.9–1.1
Lithuania–0.4–1.0–3.3–9.2–7.1–5.5–3.0–2.6–2.3–2.3–2.1–2.1–1.9
Malaysia–2.7–2.7–3.6–6.2–4.5–3.8–4.3–4.0–3.7–3.5–3.4–3.6–4.0
Mexico–1.0–1.2–1.1–4.7–4.4–3.4–3.7–3.1–3.0–2.8–2.8–2.7–2.7
Morocco–2.0–0.10.7–1.8–4.4–6.8–7.5–5.5–4.2–3.5–3.0–2.7–2.4
Nigeria8.91.66.3–9.4–6.70.70.90.4–0.6–0.7–1.1–1.0–1.6
Pakistan–3.7–5.5–7.3–5.2–5.9–7.0–8.2–7.0–7.1–7.9–8.3–8.5–8.7
Peru1.93.22.2–2.1–0.31.82.01.81.61.61.82.12.0
Philippines0.0–0.30.0–2.6–2.5–0.6–0.9–0.8–0.9–0.9–0.9–1.0–1.0
Poland–3.6–1.9–3.7–7.4–7.9–5.0–3.5–3.4–2.9–2.2–2.0–2.0–1.9
Romania–1.4–3.1–4.8–7.3–6.4–4.3–2.5–2.1–1.7–1.7–1.8–1.8–1.8
Russian Federation8.36.84.9–6.3–3.41.50.4–0.3–1.0–1.4–1.7–1.8–1.7
Saudi Arabia24.415.031.6–4.13.012.415.29.66.43.52.61.4–0.5
South Africa1.21.4–0.4–5.5–5.1–4.0–4.8–4.8–4.2–3.4–3.3–3.2–3.1
Thailand2.20.20.1–3.2–0.8–0.7–1.7–2.7–3.4–1.9–1.9–1.9–1.8
Turkey0.0–1.7–2.3–5.6–2.3–0.4–1.5–2.2–2.3–2.3–2.3–2.2–2.1
Ukraine–1.4–2.0–3.2–6.3–5.8–2.8–4.6–4.5–5.4–4.2–3.5–3.4–3.4
Average0.40.30.0–4.6–3.1–1.7–2.1–2.2–2.2–2.0–1.8–1.5–1.2
Asia–1.8–0.7–2.3–4.3–2.9–2.6–3.2–3.2–3.0–2.4–1.9–1.5–1.0
Europe2.72.00.6–6.1–3.90.0–0.7–1.2–1.5–1.5–1.6–1.7–1.6
Latin America–1.4–1.2–0.8–3.6–2.8–2.4–2.5–1.6–1.8–1.8–1.6–1.5–1.4
Middle East and North Africa–6.3–4.8–4.9–5.5–7.0–8.7–9.7–9.2–7.2–5.8–4.8–3.9–3.0
G-20 emerging0.60.60.4–4.4–2.8–1.6–2.0–2.1–2.2–2.0–1.8–1.4–1.1
Primary Balance
Argentina4.12.52.70.21.6–0.5–0.9–0.6–0.5–0.5–0.5–0.5–0.4
Brazil3.33.54.12.22.53.22.13.33.13.13.13.13.1
Bulgaria4.33.92.8–0.6–3.7–1.7–0.1–0.7–0.10.51.01.31.3
Chile7.67.73.8–4.3–0.31.50.70.20.0–0.10.00.20.3
China–0.21.3–0.3–2.7–1.2–0.4–1.5–1.5–1.2–0.6–0.10.51.1
Colombia1.71.81.9–1.1–1.6–0.11.90.80.90.91.00.90.7
Egypt–4.2–3.0–3.9–3.7–3.8–4.7–5.2–4.2–1.00.51.01.62.0
Hungary–5.7–1.20.0–0.3–0.67.91.50.90.50.60.70.80.7
India–1.50.0–3.9–5.4–4.4–4.2–3.9–3.8–3.7–3.5–3.4–3.5–3.6
Indonesia2.61.01.8–0.10.10.6–0.1–1.4–0.9–0.4–0.10.10.1
Jordan–1.2–1.8–2.0–6.3–3.5–4.7–5.6–1.4–1.4–0.10.10.50.9
Kazakhstan7.24.31.5–1.41.85.94.04.94.23.93.53.23.0
Kenya–0.2–1.0–2.2–3.3–3.2–2.8–2.9–2.4–2.0–1.8–1.6–1.5–1.4
Latvia–0.10.9–7.4–7.2–6.5–2.21.30.10.50.00.10.30.0
Lithuania0.1–0.5–2.8–8.1–5.3–3.8–1.2–0.9–0.6–0.7–0.5–0.3–0.1
Malaysia–1.7–2.0–2.1–5.1–3.0–2.1–3.2–2.1–1.8–1.5–1.1–1.3–1.7
Mexico1.81.51.4–2.0–1.8–1.0–1.1–0.5–0.4–0.20.00.10.1
Morocco1.23.03.30.6–2.1–4.5–5.2–3.0–1.5–0.8–0.3–0.20.0
Nigeria10.02.67.3–8.2–5.62.12.52.10.90.70.20.2–0.5
Pakistan–0.6–1.2–2.6–0.2–1.6–3.1–3.9–2.8–2.6–3.1–2.9–2.8–2.6
Peru3.74.93.7–0.90.82.93.02.72.52.42.52.72.6
Philippines4.83.43.40.70.52.01.71.81.61.51.41.31.1
Poland–1.00.4–1.5–4.8–5.2–2.3–0.5–0.7–0.10.50.60.50.6
Romania–0.7–2.6–4.2–6.2–5.1–2.8–0.7–0.30.10.1–0.10.10.1
Russian Federation8.96.85.1–6.0–3.11.90.80.3–0.4–0.7–1.0–1.1–1.0
Saudi Arabia25.314.831.0–3.93.412.615.39.66.53.52.61.2–1.0
South Africa4.14.02.1–3.0–2.5–1.2–1.8–1.8–1.2–0.4–0.2–0.20.0
Thailand3.51.21.0–2.40.10.2–0.8–2.3–3.0–1.4–1.3–1.3–1.2
Turkey5.13.22.0–1.11.42.31.30.80.50.20.20.30.3
Ukraine–0.7–1.5–2.6–5.1–4.1–0.8–2.9–1.8–2.3–1.4–0.9–0.9–1.0
Average2.92.51.9–2.5–1.10.4–0.2–0.4–0.4–0.20.00.20.4
Asia0.00.9–0.8–2.9–1.6–1.0–1.7–1.8–1.6–1.1–0.6–0.20.2
Europe4.73.62.1–4.3–2.31.40.70.40.0–0.1–0.2–0.3–0.2
Latin America3.02.93.00.20.91.61.01.61.51.61.71.71.7
Middle East and North Africa–2.1–0.9–1.4–2.6–3.3–4.6–5.3–3.7–1.20.10.61.11.4
G-20 emerging3.22.92.4–2.4–0.80.5–0.2–0.4–0.4–0.30.00.20.4
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 Market Economies: General Government Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance(Percent of potential GDP)
2006200720082009201020112012201320142015201620172018
Cyclically Adjusted Balance
Argentina–1.4–2.9–1.5–2.3–1.2–4.7–4.6–2.5–2.3–2.7–2.4–2.1–1.9
Brazil–3.3–3.0–2.1–2.3–3.3–3.0–2.7–1.2–1.7–1.8–1.6–1.5–1.4
Bulgaria2.11.50.80.2–2.7–1.50.4–0.50.20.60.91.00.9
Chile10.80.5–1.3–4.1–2.4–1.0–0.6–0.6–0.8–0.8–0.7–0.5–0.5
China0.01.0–0.5–2.6–0.9–0.2–0.9–0.9–0.7–0.20.10.40.7
Colombia–1.7–1.6–1.8–1.8–2.9–3.4–0.4–1.3–1.1–1.2–1.0–0.8–0.9
Egypt–9.2–7.6–8.3–7.0–8.2–9.6–10.1–10.1–7.4–6.1–5.2–4.4–3.3
Hungary1–11.6–6.7–5.5–2.9–3.3–6.7–1.6–2.1–2.6–2.8–3.1–3.1–3.0
India–6.2–6.5–10.4–10.5–9.5–9.2–8.8–8.8–8.9–8.7–8.6–8.6–6.3
Indonesia0.3–1.1–0.1–1.7–1.2–0.7–1.4–2.8–2.2–1.8–1.4–1.1–1.0
Jordan–3.5–6.4–7.7–10.8–6.6–6.8–6.2–5.1–4.1–3.3–2.7–2.4–2.2
Kazakhstan
Kenya
Latvia–1.0–8.9–3.3–3.3–1.40.8–0.9–0.7–1.4–1.2–1.0–1.2
Lithuania–2.0–3.9–6.4–6.0–4.6–4.5–2.6–2.4–2.3–2.3–2.2–2.1–1.9
Malaysia–3.0–3.4–4.3–5.0–4.1–3.5–4.2–4.0–3.7–3.6–3.4–3.6–4.0
Mexico–1.4–1.5–1.3–3.8–3.9–3.2–3.7–3.1–3.0–2.8–2.8–2.7–2.7
Morocco
Nigeria
Pakistan
Peru10.21.50.9–0.6–0.80.81.41.41.41.61.82.02.0
Philippines–1.4–1.9–1.6–3.3–3.5–1.9–2.4–2.1–2.1–2.1–2.1–2.0–2.0
Poland–3.5–2.5–4.5–7.3–7.8–5.2–3.4–2.9–2.6–2.0–1.9–1.9–1.9
Romania–1.8–4.3–7.5–6.8–5.1–3.4–1.4–1.0–0.8–0.8–1.1–1.3–1.5
Russian Federation8.26.13.9–3.2–1.82.00.5–0.4–1.2–1.6–1.8–1.8–1.7
Saudi Arabia
South Africa0.3–0.2–2.2–5.3–4.8–4.0–4.6–4.5–4.0–3.3–3.3–3.2–3.1
Thailand2.0–0.1–0.6–2.1–0.9–0.8–1.5–2.9–3.7–2.0–1.9–1.9–1.8
Turkey–1.1–3.0–2.7–3.2–1.7–1.1–1.6–2.0–1.9–2.0–2.0–2.1–2.1
Ukraine–2.7–4.2–3.8–2.1–3.7–2.8–4.3–4.2–5.2–4.2–3.5–3.4–3.4
Average–0.7–0.8–1.7–3.7–2.9–2.0–2.1–2.1–2.1–1.8–1.6–1.4–1.1
Asia–1.3–1.0–2.4–3.9–2.6–1.9–2.3–2.4–2.2–1.8–1.5–1.2–0.6
Europe2.00.9–0.3–4.0–3.0–0.5–0.8–1.3–1.7–1.8–1.9–1.9–1.9
Latin America–2.0–2.1–1.6–2.7–3.1–3.0–2.7–1.7–1.9–1.9–1.7–1.5–1.5
G-20 emerging–0.4–0.5–1.4–3.6–2.7–1.8–2.2–2.1–2.1–1.8–1.6–1.4–1.0
Cyclically Adjusted Primary Balance
Argentina3.81.82.11.41.7–1.6–1.2–0.4–0.4–0.4–0.4–0.4–0.4
Brazil3.53.23.52.82.02.82.13.33.13.13.13.13.1
Bulgaria3.12.20.70.5–2.5–1.10.70.20.71.11.41.51.3
Chile11.00.3–1.7–4.3–2.4–0.9–0.5–0.5–0.6–0.7–0.5–0.3–0.2
China0.51.4–0.1–2.2–0.50.6–0.2–0.3–0.10.30.60.81.1
Colombia1.01.10.4–0.1–1.3–1.51.30.50.70.60.70.80.6
Egypt–4.2–3.1–4.2–3.8–3.7–4.5–4.7–3.4–0.11.21.41.82.0
Hungary1–7.8–2.8–1.61.30.4–3.02.41.91.21.10.80.80.7
India–1.3–1.7–5.7–5.8–5.2–4.9–4.4–4.3–4.1–3.9–3.9–3.9–1.7
Indonesia2.61.01.70.00.10.6–0.1–1.4–0.9–0.4–0.10.10.1
Jordan–1.0–3.8–5.2–8.6–4.5–4.7–3.6–1.6–0.20.40.80.91.0
Kazakhstan
Kenya
Latvia–0.7–8.8–2.8–2.5–0.52.00.40.6–0.10.00.2–0.1
Lithuania–1.4–3.4–5.9–5.0–3.0–2.7–0.9–0.7–0.6–0.7–0.5–0.4–0.1
Malaysia–2.0–2.6–2.8–4.0–2.7–1.8–3.1–2.1–1.8–1.5–1.2–1.3–1.7
Mexico1.51.21.3–1.2–1.4–0.8–1.1–0.5–0.4–0.20.00.10.1
Morocco
Nigeria
Pakistan
Peru11.93.22.50.60.31.92.42.32.22.42.52.72.6
Philippines3.51.91.8–0.1–0.50.70.20.50.40.30.30.20.1
Poland–0.9–0.1–2.2–4.6–5.1–2.5–0.5–0.30.10.70.70.60.6
Romania–1.1–3.7–6.8–5.8–3.9–1.90.40.71.00.90.50.50.3
Russian Federation8.76.14.1–2.8–1.52.30.80.2–0.6–1.0–1.1–1.1–1.0
Saudi Arabia
South Africa3.32.40.4–2.8–2.1–1.2–1.7–1.5–1.0–0.3–0.2–0.20.0
Thailand3.30.80.3–1.4–0.10.1–0.5–2.5–3.2–1.5–1.4–1.3–1.2
Turkey4.22.11.71.01.91.71.21.00.80.50.40.30.2
Ukraine–2.0–3.7–3.3–1.1–2.1–0.9–2.5–1.5–2.1–1.4–0.9–0.9–1.1
Average1.91.50.4–1.7–0.90.2–0.2–0.3–0.20.00.10.30.6
Asia0.40.6–1.0–2.6–1.3–0.4–0.9–1.1–0.9–0.5–0.20.00.5
Europe4.12.61.2–2.2–1.40.90.60.3–0.1–0.3–0.4–0.5–0.4
Latin America2.52.12.21.00.61.00.81.51.51.61.61.71.7
G-20 emerging2.31.90.7–1.5–0.70.4–0.2–0.2–0.20.00.10.30.6
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.
Statistical Table 7.Emerging Market Economies: General Government Revenue and Expenditure(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Revenue
Argentina29.931.533.434.337.237.440.341.742.042.342.342.342.4
Brazil34.635.736.934.937.236.637.237.036.937.237.137.237.3
Bulgaria37.038.238.035.332.732.434.435.836.737.638.238.539.0
Chile26.227.325.820.623.524.723.923.923.523.222.923.123.1
China18.219.819.720.221.322.622.622.122.322.723.023.323.6
Colombia27.327.226.426.726.226.928.428.127.627.026.826.726.4
Egypt28.627.728.027.725.122.022.625.827.127.126.225.825.3
Hungary42.845.645.546.945.453.946.547.448.348.248.248.348.2
India20.221.719.919.318.818.819.219.519.619.619.719.719.8
Indonesia20.319.321.316.517.017.817.817.617.517.517.517.617.8
Jordan32.432.330.126.524.926.422.826.025.827.127.127.527.8
Kazakhstan27.529.327.922.123.928.227.927.126.826.426.026.125.8
Kenya22.223.122.922.724.624.025.225.925.525.725.525.425.3
Latvia36.136.335.636.236.035.637.035.233.932.031.030.429.3
Lithuania33.333.834.134.734.932.833.833.533.533.032.432.132.0
Malaysia24.124.424.626.223.424.825.424.023.423.323.223.022.7
Mexico21.921.824.822.422.823.223.623.122.822.221.821.521.1
Morocco27.429.932.529.327.527.827.728.228.428.428.528.328.4
Nigeria32.326.932.017.820.029.928.027.425.925.424.223.122.2
Pakistan14.715.314.914.714.412.812.813.212.912.312.312.312.4
Peru20.120.921.118.720.020.921.721.721.721.822.222.322.5
Philippines19.018.718.717.516.717.317.918.118.318.418.518.518.5
Poland40.240.339.537.237.638.539.839.238.838.638.538.338.1
Romania32.332.332.231.232.232.632.933.734.133.933.733.533.2
Russian Federation39.539.939.235.034.637.437.036.234.934.033.132.532.1
Saudi Arabia53.746.660.536.041.647.548.645.342.440.238.336.735.3
South Africa29.229.829.827.427.328.127.927.827.927.927.927.928.0
Thailand22.321.521.420.822.422.622.421.621.721.721.821.921.9
Turkey32.831.631.732.433.134.534.735.635.435.035.135.235.3
Ukraine43.241.844.342.343.242.944.643.541.540.840.339.438.5
Average27.327.728.425.626.527.627.727.126.826.726.626.526.4
Asia19.120.219.919.820.421.421.521.121.321.621.822.122.3
Europe37.537.637.434.934.937.036.836.535.735.034.534.133.8
Latin America28.229.331.129.631.631.632.231.931.731.731.531.531.4
Middle East and North Africa28.528.829.628.125.823.923.926.527.427.426.926.626.3
G-20 emerging26.727.228.025.326.427.527.627.026.726.626.526.426.4
Expenditure
Argentina30.933.634.337.938.540.944.644.444.445.244.844.544.3
Brazil38.138.438.238.039.939.140.038.238.639.038.738.738.7
Bulgaria33.634.935.236.236.634.434.937.237.437.637.737.738.1
Chile18.719.421.724.723.823.223.323.923.623.423.123.123.1
China18.918.920.423.222.823.924.824.224.023.823.523.222.8
Colombia28.328.026.629.529.528.928.229.128.527.927.527.327.2
Egypt37.835.336.034.633.431.833.437.135.834.232.030.428.6
Hungary52.250.649.251.449.849.648.950.551.751.551.551.451.2
India26.626.528.529.427.527.227.527.828.028.027.827.827.9
Indonesia20.120.321.318.318.218.519.120.519.819.218.918.718.8
Jordan36.437.034.435.030.433.231.030.831.130.930.530.230.1
Kazakhstan19.824.126.723.522.522.323.222.222.422.222.222.322.2
Kenya24.726.327.328.130.129.130.530.529.629.429.128.928.7
Latvia36.735.743.144.143.438.836.936.534.733.332.231.330.4
Lithuania33.734.837.343.941.938.336.836.135.835.334.534.233.9
Malaysia26.827.128.232.427.928.529.728.127.026.826.526.626.7
Mexico22.923.025.927.127.226.627.326.225.725.024.624.123.8
Morocco29.430.131.831.131.934.635.233.732.631.931.431.030.8
Nigeria23.325.325.727.226.729.227.127.026.526.025.324.223.8
Pakistan18.420.822.319.920.319.820.920.220.020.320.620.821.1
Peru18.217.718.920.920.319.119.619.920.120.220.420.220.5
Philippines19.119.018.620.119.217.918.818.919.219.319.519.519.5
Poland43.942.243.244.645.443.643.342.541.640.840.540.340.0
Romania33.735.437.038.538.636.935.435.935.935.635.535.235.0
Russian Federation31.133.134.341.438.035.836.636.535.935.434.834.333.8
Saudi Arabia29.331.629.040.038.635.133.435.735.936.735.735.335.8
South Africa27.928.430.332.932.532.132.732.632.131.331.231.231.1
Thailand20.121.321.224.023.223.424.124.325.123.723.723.723.7
Turkey32.833.334.038.035.434.936.137.837.737.337.337.437.4
Ukraine44.643.847.448.649.045.649.348.046.945.043.842.941.9
Average26.927.428.530.229.629.329.729.429.128.728.328.027.7
Asia20.820.922.224.023.323.924.724.424.224.023.823.523.3
Europe34.835.636.841.038.837.037.537.637.136.636.135.835.4
Latin America29.730.531.933.234.434.034.833.533.533.533.233.032.8
Middle East and North Africa34.733.634.533.632.832.733.635.734.533.331.730.529.3
G-20 emerging26.126.627.629.729.229.029.629.228.928.628.227.927.5
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.2.
Statistical Table 8.Emerging Market Economies: General Government Gross Debt and Net Debt(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Gross Debt
Argentina76.467.458.558.749.244.944.942.441.740.539.037.335.4
Brazil66.765.263.566.965.264.968.567.265.964.562.761.360.4
Bulgaria23.418.615.515.614.915.418.517.820.218.317.714.611.9
Chile5.03.94.95.88.611.111.211.111.411.812.112.212.3
China116.219.617.017.733.525.522.821.320.018.316.414.211.6
Colombia36.832.730.936.136.535.832.832.031.229.928.527.125.9
Egypt90.380.270.273.073.276.680.285.282.679.375.270.865.5
Hungary65.967.073.079.881.881.479.079.980.380.380.279.879.2
India78.475.073.375.068.566.466.866.466.766.666.266.266.3
Indonesia39.035.133.228.626.824.424.023.623.121.920.919.318.2
Jordan76.373.860.264.867.170.779.683.887.087.285.883.381.0
Kazakhstan6.75.96.710.210.710.712.313.214.114.314.414.414.6
Kenya46.846.045.647.549.948.548.247.947.347.146.546.345.9
Latvia9.97.817.232.939.737.536.441.036.733.133.132.129.8
Lithuania17.916.815.529.337.938.539.640.039.839.739.338.938.4
Malaysia41.541.241.252.853.754.555.556.055.755.154.554.354.5
Mexico38.437.843.144.542.943.743.543.543.944.144.344.344.3
Morocco59.454.648.248.051.354.459.661.261.160.358.856.954.9
Nigeria11.812.811.615.215.517.217.817.918.117.817.316.715.0
Pakistan58.656.060.261.361.760.362.164.164.866.568.770.872.4
Peru33.130.425.028.424.622.019.817.516.716.215.815.314.9
Philippines51.644.644.244.343.541.941.939.738.036.434.933.532.1
Poland47.745.047.150.954.856.455.256.856.255.454.353.252.1
Romania12.612.713.623.831.134.237.036.936.635.935.234.533.8
Russian Federation9.08.57.911.011.011.710.910.411.812.112.713.013.1
Saudi Arabia25.817.112.114.08.55.43.63.53.53.33.23.12.9
South Africa32.628.327.831.335.839.642.342.743.744.444.744.844.8
Thailand42.038.337.345.242.641.744.345.948.249.550.651.552.3
Turkey46.539.940.046.142.439.236.435.535.435.134.834.533.4
Ukraine14.812.320.535.440.536.837.442.243.643.442.942.141.7
Average36.935.433.536.040.336.735.234.333.632.531.329.928.3
Asia34.434.831.431.440.834.432.231.030.028.627.025.223.1
Europe26.423.523.629.529.127.826.125.926.426.326.226.025.5
Latin America50.849.750.553.551.951.752.450.950.349.448.347.346.6
Middle East and North Africa78.471.162.364.966.870.174.978.877.174.871.768.163.9
G-20 emerging36.535.433.034.639.935.533.732.431.630.529.227.726.0
Net Debt
Argentina
Brazil47.045.138.041.539.136.435.233.632.331.330.829.729.0
Bulgaria–10.4–10.2–13.6–13.9–13.6–11.3–9.6–8.4–8.1–8.6–9.6–11.0–12.3
Chile–6.6–13.0–19.3–10.6–7.0–8.6–7.8–7.6–6.9–6.1–5.4–5.0–4.6
China
Colombia26.322.721.027.228.527.224.624.624.123.322.321.320.5
Egypt71.464.555.658.760.064.368.875.073.971.868.765.160.5
Hungary64.965.565.473.476.875.072.873.874.474.774.874.674.2
India
Indonesia
Jordan68.967.654.857.161.165.474.979.683.083.582.480.178.0
Kazakhstan–10.7–14.4–13.7–10.9–10.2–13.1–17.1–20.6–23.5–25.6–27.1–28.3–29.1
Kenya42.141.340.642.644.743.643.242.942.342.041.541.340.9
Latvia7.54.711.321.528.229.926.626.325.525.124.724.023.6
Lithuania11.011.112.723.330.634.035.436.136.136.236.035.835.5
Malaysia
Mexico30.229.333.436.736.837.938.038.038.338.538.738.838.8
Morocco56.853.147.547.350.854.059.160.660.659.758.256.454.3
Nigeria2.94.71.311.014.415.013.310.89.89.39.09.19.0
Pakistan54.551.155.257.658.257.058.860.861.463.165.467.469.1
Peru22.816.012.511.79.97.04.52.30.5–1.2–2.9–4.7–6.5
Philippines
Poland15.010.29.914.920.526.326.724.424.825.024.823.722.6
Romania
Russian Federation
Saudi Arabia1.6–15.9–41.9–44.0–42.6–42.5–52.7–61.0–66.2–67.4–67.3–65.6–61.9
South Africa26.824.023.026.329.432.435.637.939.440.240.340.340.3
Thailand
Turkey39.032.733.437.634.831.327.827.027.026.826.526.225.1
Ukraine11.710.118.331.938.434.535.240.642.742.742.341.541.2
Average30.526.923.227.928.126.724.723.622.922.522.221.721.4
Asia54.551.155.257.658.257.058.860.861.463.165.467.469.1
Europe26.722.122.227.728.928.025.724.824.724.223.622.721.5
Latin America34.833.331.234.833.932.431.130.029.228.528.127.226.7
Middle East and North Africa66.160.952.955.257.661.666.871.671.169.567.164.060.3
G-20 emerging33.730.225.329.128.326.123.121.520.820.520.520.420.4
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 9.Low-Income Countries: General Government Overall Balance and Primary Balance(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Overall Balance
Armenia–2.0–2.3–1.8–7.7–5.0–2.9–1.5–2.8–2.3–2.0–2.0–2.0–2.0
Bolivia4.51.73.60.21.70.81.81.51.41.31.21.11.0
Burkina Faso16.1–6.7–4.3–5.3–4.7–2.5–3.1–2.6–3.0–2.9–2.7–2.3–2.2
Cambodia–0.2–0.70.3–4.2–2.8–4.1–3.2–2.7–2.2–1.5–1.0–0.6–0.6
Cameroon32.84.52.3–0.1–1.1–2.8–0.9–4.0–4.6–4.8–4.9–5.3–5.0
Chad2.63.14.5–9.9–5.22.8–1.4–3.4–1.42.21.71.01.5
Congo, Dem. Rep. of the–3.6–3.8–3.8–2.64.9–1.8–2.4–3.1–4.2–3.8–3.6–3.2–3.3
Congo, Rep. of16.69.423.44.816.116.46.111.05.41.41.71.60.8
Côte d’Ivoire–1.8–0.8–0.6–1.6–2.3–5.7–3.4–2.8–2.7–3.1–2.6–2.2–2.0
Ethiopia–3.8–3.6–2.9–0.9–1.3–1.6–1.2–3.0–2.3–2.1–2.1–1.9–2.0
Georgia3.40.8–2.0–6.5–4.8–0.9–0.8–1.8–1.6–1.3–1.1–1.2–1.2
Ghana–4.7–5.6–8.5–5.8–7.2–4.1–11.5–10.1–8.7–6.6–5.8–6.1–6.0
Haiti–1.70.2–2.8–4.62.4–3.7–5.9–5.3–5.5–4.6–3.4–3.1–3.8
Honduras–2.7–1.6–1.7–4.5–2.8–2.8–4.3–4.6–4.8–5.0–5.2–5.3–5.3
Lao P.D.R.–3.2–2.4–2.6–6.9–4.6–3.0–2.5–2.6–2.6–2.6–2.5–2.5–2.2
Madagascar–0.5–2.7–1.1–3.1–1.5–4.8–3.1–2.9–3.0–3.5–3.5–3.9–3.7
Mali31.3–3.2–2.2–4.2–2.7–3.7–1.1–2.5–3.6–3.2–3.0–3.2–3.1
Moldova0.0–0.2–1.0–6.3–2.5–2.4–2.1–2.1–1.3–1.1–1.0–0.9–0.9
Mozambique–4.1–2.9–2.5–5.5–3.9–4.3–3.0–4.7–6.6–6.1–5.7–5.2–5.1
Myanmar–4.2–3.8–2.4–5.2–5.5–6.0–5.3–5.2–5.0–4.8–4.6–4.4–4.2
Nepal0.3–0.8–0.4–2.6–0.8–1.0–0.63.7–0.6–1.1–1.2–1.3–1.7
Nicaragua0.50.9–0.6–1.4–0.40.4–0.5–0.3–1.2–0.9–0.9–0.8–0.7
Senegal–5.4–3.8–4.7–4.9–5.2–6.3–5.7–4.9–4.3–3.9–3.7–3.6–3.3
Sudan–1.4–3.50.6–5.10.30.2–5.0–4.0–3.7–2.8–2.1–1.6–1.2
Tanzania–4.5–1.9–2.6–6.0–6.5–5.0–5.0–5.3–4.5–3.8–3.2–2.9–2.8
Uganda–0.7–1.1–2.8–2.4–6.7–3.2–3.6–3.1–4.8–4.2–3.5–2.7–2.7
Uzbekistan5.45.210.22.84.98.84.71.82.72.32.12.01.9
Vietnam0.3–2.2–0.5–7.2–3.1–3.2–5.2–4.0–4.0–2.9–2.7–2.5–2.2
Yemen1.2–7.2–4.5–10.2–4.0–4.3–5.5–5.8–3.7–5.1–5.1–4.1–3.9
Zambia20.2–1.3–0.8–2.5–3.0–2.2–4.5–4.6–3.4–3.8–4.9–4.9–4.4
Average2.4–1.6–0.4–4.2–2.0–1.7–3.3–3.2–3.1–2.8–2.6–2.5–2.3
Oil producers6.9–0.91.3–6.0–1.8–1.6–3.9–3.3–3.4–2.9–2.8–2.6–2.4
Asia–0.6–2.2–0.9–6.2–3.5–3.7–4.6–3.5–3.8–3.1–2.9–2.7–2.5
Latin America0.50.30.3–2.20.0–0.9–1.3–1.4–1.6–1.5–1.3–1.3–1.4
Sub-Saharan Africa5.3–1.5–1.1–3.0–2.6–2.3–3.6–3.8–3.9–3.6–3.4–3.3–3.3
Others0.9–1.91.1–4.4–0.21.2–1.6–2.2–1.4–1.4–1.3–1.0–0.8
Primary Balance
Armenia–1.7–2.0–1.5–7.2–4.1–1.9–0.5–1.5–1.1–0.7–0.6–0.6–0.5
Bolivia7.04.35.51.93.12.12.82.62.32.22.01.81.7
Burkina Faso16.7–6.3–3.9–4.9–4.2–1.9–2.6–2.1–2.3–2.3–2.2–1.8–1.8
Cambodia0.0–0.50.5–4.0–2.5–3.8–2.9–2.5–1.9–1.2–0.6–0.2–0.3
Cameroon33.85.02.70.3–0.8–2.4–0.5–3.4–4.1–4.2–4.3–4.6–4.2
Chad3.13.44.7–9.3–4.53.5–0.5–2.8–0.82.82.21.31.7
Congo, Dem. Rep. of the1.01.40.92.97.10.90.0–0.9–2.3–2.1–2.1–1.8–2.0
Congo, Rep. of21.111.925.86.117.016.56.110.65.00.71.01.00.3
Côte d’Ivoire0.01.01.20.0–0.6–3.1–1.6–1.4–1.1–1.4–0.8–0.40.0
Ethiopia–3.0–2.9–2.4–0.6–0.9–1.2–0.9–2.5–1.7–1.4–1.3–1.2–1.3
Georgia4.11.4–1.3–5.6–3.80.30.2–0.7–0.6–0.3–0.1–0.2–0.2
Ghana–2.6–3.7–6.2–3.0–4.1–1.4–8.1–6.3–4.8–2.8–1.9–2.2–2.0
Haiti–1.21.3–2.1–3.83.0–3.3–5.5–4.9–5.1–4.2–3.0–2.6–3.3
Honduras–3.1–2.2–2.7–5.4–3.4–3.0–4.2–3.9–3.9–3.9–3.9–3.9–3.9
Lao P.D.R.–2.5–1.9–2.1–6.6–4.1–2.5–1.9–1.7–2.0–2.0–2.0–2.1–1.9
Madagascar1.9–1.5–0.3–2.3–0.7–4.0–2.3–1.9–1.9–2.4–2.4–2.9–2.7
Mali31.8–2.8–1.9–3.9–2.3–3.0–0.5–1.9–3.0–2.6–2.5–2.7–2.6
Moldova1.31.00.2–5.0–1.7–1.6–1.3–1.3–0.5–0.5–0.4–0.4–0.4
Mozambique–3.3–2.3–2.0–5.0–3.1–3.3–1.8–3.5–5.5–5.0–4.5–3.8–3.7
Myanmar–3.6–3.2–1.8–4.4–4.5–4.8–3.8–3.5–3.2–2.9–2.6–2.3–2.1
Nepal0.9–0.10.3–1.90.0–0.10.24.70.1–0.3–0.4–0.4–0.7
Nicaragua2.01.90.2–0.40.61.50.60.9–0.10.20.20.60.6
Senegal–4.5–3.2–4.0–4.2–4.3–4.7–4.1–3.0–2.6–2.3–2.0–1.8–1.6
Sudan–0.2–2.51.5–4.01.41.5–3.4–2.3–2.2–1.5–1.1–0.7–0.2
Tanzania–3.3–0.7–1.6–5.1–5.5–4.0–3.8–3.8–2.8–2.2–1.6–1.3–1.2
Uganda0.70.1–1.5–1.3–5.7–2.1–2.1–1.5–3.2–2.7–2.1–1.3–1.3
Uzbekistan5.65.310.32.95.08.94.81.92.82.42.22.02.0
Vietnam1.1–1.10.6–5.9–1.8–1.7–3.6–2.7–2.7–1.8–1.6–1.4–1.3
Yemen3.5–4.9–2.1–7.7–1.7–0.10.1–1.40.4–1.5–1.6–0.8–0.9
Zambia22.10.40.9–0.9–1.3–1.0–2.7–2.9–1.8–2.4–3.0–3.0–2.7
Average3.6–0.50.6–3.1–0.9–0.5–1.8–1.8–1.8–1.5–1.3–1.2–1.1
Oil producers8.20.32.5–4.8–0.50.0–1.9–1.8–1.9–1.6–1.6–1.4–1.3
Asia0.2–1.30.0–5.2–2.4–2.5–3.2–2.2–2.5–1.9–1.7–1.5–1.4
Latin America1.61.31.0–1.60.6–0.2–0.6–0.4–0.7–0.5–0.4–0.4–0.5
Sub-Saharan Africa6.9–0.10.2–1.8–1.3–1.0–2.2–2.4–2.5–2.1–1.9–1.8–1.7
Others2.0–0.92.0–3.40.92.60.2–0.60.1–0.1–0.10.20.3
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.3.
Statistical Table 10.Low-Income Countries: General Government Revenue and Expenditure(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Revenue
Armenia18.020.120.520.921.222.122.423.323.523.924.124.223.7
Bolivia34.334.438.935.833.236.237.637.836.735.435.034.734.5
Burkina Faso40.820.116.919.620.121.824.023.323.323.423.724.124.1
Cambodia12.813.715.915.817.015.616.216.617.217.417.618.018.1
Cameroon47.420.320.818.417.418.819.118.518.017.717.517.317.3
Chad19.124.227.919.625.328.626.422.922.424.223.322.821.4
Congo, Dem. Rep. of the19.517.021.124.333.027.430.529.628.328.628.428.728.4
Congo, Rep. of44.439.347.029.537.542.541.948.042.639.639.737.436.1
Côte d’Ivoire19.019.720.619.519.720.320.921.522.423.123.123.223.2
Ethiopia18.417.116.016.317.316.715.915.215.415.415.415.415.4
Georgia26.729.330.729.328.328.228.727.527.127.327.527.627.6
Ghana17.117.516.016.516.819.520.021.223.024.324.524.123.7
Haiti13.515.815.117.928.429.823.324.423.122.221.620.920.3
Honduras23.324.526.424.424.123.223.123.523.222.422.822.822.6
Lao P.D.R.14.515.615.917.118.018.119.519.719.619.619.519.319.2
Madagascar21.016.017.612.312.311.311.912.913.612.412.112.012.2
Mali56.221.319.021.720.121.017.621.321.421.521.521.521.5
Moldova39.941.740.638.938.336.638.237.737.637.437.337.237.2
Mozambique22.925.225.327.129.530.029.728.728.127.928.128.227.9
Myanmar14.714.113.011.713.013.019.319.820.320.821.321.822.0
Nepal13.014.214.916.818.017.718.318.018.217.918.018.318.3
Nicaragua24.925.424.824.925.226.227.027.127.928.328.628.828.8
Senegal21.223.621.621.722.022.423.023.822.522.922.722.923.2
Sudan22.421.924.015.419.318.210.210.810.09.89.69.79.9
Tanzania18.821.321.921.021.021.921.821.421.321.521.721.822.1
Uganda18.317.615.515.315.717.415.616.615.515.715.815.915.9
Uzbekistan34.435.640.736.737.040.238.636.337.337.136.936.736.6
Vietnam28.728.528.927.329.627.725.325.023.924.023.823.923.9
Yemen38.633.236.725.026.024.629.626.928.726.925.424.724.8
Zambia43.623.023.018.919.621.721.321.621.922.122.122.022.2
Average26.523.624.622.023.423.823.523.623.423.323.123.023.0
Oil producers33.928.430.325.527.827.226.325.925.024.724.224.023.9
Asia23.323.123.121.823.322.222.522.622.122.222.322.422.5
Latin America26.026.729.127.828.429.929.930.429.929.129.129.028.9
Sub-Saharan Africa27.120.721.019.320.721.921.622.021.822.022.021.921.7
Others28.928.030.924.826.326.825.525.725.724.924.323.923.9
Expenditure
Armenia20.022.422.228.626.225.023.926.025.825.926.126.325.7
Bolivia29.832.735.335.631.535.435.836.335.334.133.833.633.5
Burkina Faso24.626.821.124.924.924.327.125.926.226.326.426.426.4
Cambodia13.014.515.620.019.919.619.419.419.418.918.618.618.7
Cameroon14.615.718.518.518.621.620.022.522.622.522.422.622.3
Chad16.521.123.429.530.525.827.826.323.822.021.621.820.0
Congo, Dem. Rep. of the23.120.824.926.928.129.132.932.732.532.432.131.931.7
Congo, Rep. of27.829.923.624.721.426.135.837.037.238.238.035.835.3
Côte d’Ivoire20.820.521.121.122.025.924.324.325.126.225.725.525.2
Ethiopia22.220.718.917.218.618.417.118.217.717.517.517.317.4
Georgia23.328.432.735.833.129.129.429.328.728.628.728.728.8
Ghana21.823.124.522.324.023.631.631.331.730.930.330.229.7
Haiti15.215.617.922.526.033.529.329.828.626.725.024.024.0
Honduras26.026.128.128.927.025.927.428.128.127.527.928.127.9
Lao P.D.R.17.718.018.624.122.721.021.922.222.222.222.021.821.4
Madagascar21.518.718.615.313.816.015.015.816.715.915.615.915.9
Mali24.924.521.225.922.824.718.723.825.024.724.524.724.5
Moldova39.842.041.645.240.839.040.339.838.938.638.338.238.1
Mozambique27.028.127.832.633.434.432.733.434.734.033.833.333.0
Myanmar18.917.915.516.918.419.024.625.025.325.625.926.226.3
Nepal12.715.015.419.418.818.618.914.418.819.019.219.620.0
Nicaragua24.424.425.526.325.625.827.527.429.129.229.529.629.5
Senegal26.627.526.326.627.228.628.728.726.826.826.526.526.6
Sudan23.825.423.520.519.017.915.114.813.612.511.711.311.1
Tanzania23.223.124.527.027.526.926.826.825.825.324.924.724.8
Uganda19.018.718.317.722.420.619.219.820.319.819.318.618.6
Uzbekistan29.030.430.533.932.131.433.834.534.534.834.734.734.7
Vietnam28.430.629.434.532.730.930.529.027.926.926.526.326.1
Yemen37.440.341.235.230.128.935.132.732.432.030.528.928.6
Zambia23.524.323.821.322.623.925.826.125.425.927.126.926.6
Average24.125.225.126.225.525.626.826.826.526.125.725.525.3
Oil producers27.029.329.131.529.628.830.229.228.327.627.126.726.4
Asia23.925.324.028.026.825.927.226.125.925.325.225.125.0
Latin America25.526.428.830.128.430.831.331.731.530.630.430.330.3
Sub-Saharan Africa21.822.222.222.423.324.225.225.825.725.625.425.225.0
Others28.029.929.829.226.525.627.227.927.026.425.524.924.7
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.3.
Statistical Table 11.Low-Income Countries: General Government Gross Debt and Net Debt(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Gross Debt
Armenia16.214.214.634.133.735.539.542.645.244.544.843.844.7
Bolivia55.240.537.240.038.534.733.134.233.332.231.129.928.5
Burkina Faso22.622.023.626.127.129.327.725.224.323.823.423.122.9
Cambodia32.730.627.528.929.128.528.528.128.327.827.226.325.7
Cameroon15.912.09.510.612.113.914.917.721.625.328.832.435.3
Chad31.226.023.430.532.836.134.536.134.331.832.031.831.9
Congo, Dem. Rep. of the149.0126.1133.1136.335.129.931.534.436.537.137.036.534.9
Congo, Rep. of98.898.068.157.223.922.521.125.426.122.921.617.715.9
Côte d’Ivoire84.275.675.366.566.494.949.145.442.840.939.237.837.8
Ethiopia39.036.830.525.127.625.921.623.023.824.024.224.324.5
Georgia27.121.527.637.339.233.832.731.231.130.329.227.926.5
Ghana26.231.033.636.246.343.456.556.656.155.054.654.855.0
Haiti39.034.837.828.217.712.215.420.424.226.728.629.731.3
Honduras40.224.622.924.629.732.134.736.240.343.445.948.853.2
Lao P.D.R.71.964.259.561.961.054.453.151.550.349.448.347.045.3
Madagascar37.033.531.936.036.137.438.337.539.337.836.734.232.0
Mali20.421.122.624.728.732.932.031.231.331.431.731.932.1
Moldova30.425.218.826.726.523.123.822.520.819.317.817.417.0
Mozambique53.641.942.151.949.345.146.647.047.647.147.146.846.4
Myanmar100.470.157.057.552.452.947.545.446.647.447.948.147.8
Nepal49.542.841.239.335.433.333.126.826.426.927.628.229.0
Nicaragua87.062.457.761.362.856.152.150.240.639.939.238.437.1
Senegal21.823.523.934.235.740.045.047.248.649.349.749.849.4
Sudan75.070.768.871.873.171.097.6102.987.276.869.965.163.5
Tanzania42.628.429.232.637.740.041.444.946.447.047.046.746.6
Uganda72.523.622.122.227.032.234.537.640.642.243.242.641.3
Uzbekistan21.315.812.711.010.09.18.68.58.68.88.99.29.4
Vietnam41.844.642.951.254.050.852.150.950.850.448.947.545.9
Yemen40.840.436.449.940.943.246.748.548.749.550.450.049.2
Zambia29.826.723.526.925.825.126.928.729.731.133.335.436.9
Average49.643.040.743.642.341.442.542.041.741.240.740.239.8
Oil producers40.841.237.844.743.442.344.344.645.144.944.643.742.9
Asia51.948.645.250.550.748.548.146.446.646.545.644.843.8
Latin America