Chapter

Methodological and Statistical Appendix

Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Published Date:
October 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 October 2013.

Data and conventions

Country-specific data and projections for key fiscal variables are based on the October 2013 World Economic Outlook database, unless indicated otherwise, and compiled by the 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 official data in other sources, 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, India, Lao P.D.R., Pakistan, Singapore, and Thailand, for which they refer to fiscal years.

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 G20 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.

Brazil. Gross debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank.

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 subnational 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 subnational debt will be amortized by 2014, 16 percent over 2015–16, and 24 percent beyond 2017, 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 Special Administrative Region. Data are on a fiscal year basis. Cyclically adjusted balances include adjustments for land revenue and investment income. Since 2011, government debt also includes “insurance technical reserves,” following the GFSM 2001 definition.

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.

India. Data are on a fiscal year basis.

Ireland. The general government balances between 2009 and 2016 reflect the impact of banking support. The fiscal balance estimates excluding these measures are –11.3 percent of GDP for 2009, –10.6 percent of GDP for 2010, –8.9 percent of GDP for 2011, –7.6 percent of GDP for 2012, –7.5 percent of GDP for 2013 (including exchequer outlays for guarantees paid out under the Eligible Liabilities Guarantee scheme in the context of the liquidation of the Irish Bank Resolution Corporation), –4.9 percent of GDP for 2014, –2.9 percent of GDP for 2015, and –2.4 percent of GDP for 2016. Cyclically adjusted balances reported in Statistical Table 2 exclude financial sector support and correct for real output, equity, house prices, and unemployment.

Jordan. 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. 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.

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 3.7 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 differs from that 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 October 2013 World Economic Outlook, unless highlighted. For underlying assumptions, other than on fiscal policy, see the October 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 fiscal balance is projected to remain roughly at the current level.

Australia. Fiscal projections are based on the Pre-election Economic and Fiscal Outlook, Australian Bureau of Statistics data, and IMF staff projections.

Austria. Projections take into account the authorities’ medium-term fiscal framework as well as associated further implementation needs and risks.

Belgium. IMF staff projections for 2013 and beyond are based on unchanged policies.

Brazil. For 2013, the projections are based on the budget approved in March 2013, subsequent revisions to the budget (the last of which was in July 2013), and fiscal outturns up until July 2013. Projections for 2014 take into account the draft budget submitted in August 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 the Economic Action Plan 2013, “Jobs, Growth and Long-Term Prosperity” (March 21, 2013; the fiscal year 2013/14 budget) and 2013 provincial budgets. The IMF staff makes adjustments to these forecasts 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 second quarter of 2013.

Chile. Projections are based on the authorities’ budget projections and include adjustments to reflect the IMF staff’s projections for GDP and copper price.

China. Impulse is likely to be mildly expansionary during 2013.

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’ 2013 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, which is cash and not accrual based, incorporates the authorities’ 2013 budget, adjusted for newly available information and for the IMF staff’s macroeconomic scenario.

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

France. Projections for 2014 and beyond reflect the authorities’ 2012–17 multiyear budget and April 2013 stability plan, adjusted for fiscal packages and differences in assumptions on macro and financial variables, and revenue projections. The fiscal data for 2011 were revised following a May 15, 2013, revision by the statistical institute of both national accounts and fiscal accounts. Fiscal data for 2012 reflect the preliminary outturn published by the statistical institute in May 2013. The underlying assumptions for 2013 remain unchanged, as the 2013 budget has not been revised and thus there is no new fiscal measure announced for 2013. However, projections for 2013 reflect discussion with the authorities on monthly developments on spending and revenue.

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 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 2013 and the medium term are consistent with the policies discussed between the IMF staff and 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 by 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 announced as of end-June 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. IMF projections for 2013−18 are based on a gradual increase in administrative fuel prices, introduction from 2014 of new social protections, and moderate tax policy and administration reforms.

Ireland. Fiscal projections are based on the 2013 budget and the “Medium-Term Fiscal Statement” (November 2012), which commits to a €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 government’s announced fiscal policy, as outlined in the April 2013 update to the government’s “Economic and Financial Document,” adjusted for different growth outlooks. The 2013 deficit also incorporates the impact of repealing the December property tax payment (offsetting financial measures are to be announced with the publication of the 2014 budget). After 2014, the IMF staff projects a constant structural balance in line with Italy’s fiscal rule, which implies small corrective measures in some years, as yet unidentified in the “Economic and Financial Document.”

Japan. Projections are based on fiscal measures already announced by the government, including consumption tax increases, earthquake reconstruction spending, and the stimulus package (the FY2012 supplementary budget). 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 in line with the budget. The medium-term projections assume that the government will continue with fiscal consolidation, coming close to eliminating the budget deficit (excluding social security funds) toward the end of the medium term.

Lithuania. Fiscal projections for 2013 are based on the authorities’ 2013 budget after differences in macroeconomic assumptions, and performance so far, are adjusted for. Projections for 2014 onward are passive projections, as measures to underpin the authorities’ public commitment to further consolidation have not yet been specified.

Malaysia. Fiscal year 2013 projections for the federal government are based on preliminary outturn for the first half and IMF staff projections taking into account original 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. Projections for general government are based on budget numbers and IMF staff projections.

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 2013 are broadly in line with the approved budget; projections for 2014 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, according to data available for the first quarter of 2013.

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 the 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 authorities’ 2013 budget and IMF staff estimates.

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 revised 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 first quarter of 2013, and a budget revision announced in July 2013. The projections also take into account the effects of pension reform announced in September 2013.

Portugal. Projections reflect the authorities’ commitments under the EU/IMF-supported program for 2013–14 and the IMF staff’s projections thereafter.

Romania. The 2013 fiscal projections reflect the authorities’ midterm budget review. The 2014 deficit projection is based on discussions with the authorities.

Russia. Projections for 2013–18 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 2013–14 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 2013/14 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 2013–16, the revised fiscal policy recommendations by the European Council in June 2013, and the 2013 budget approved in December 2012.

Sweden. Fiscal projections are based on the authorities’ 2014 budget bill. The impact of cyclical developments on the fiscal accounts is calculated using the Organisation for Economic Co-operation 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 both current expenditures and capital spending will be in line with the authorities’ 2013–15 Medium-Term Programme, based on current trends and policies.

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. Transfers of profits from the Bank of England’s Asset Purchases Facility affect general government net interest payments. The timing of these payments can create differences between fiscal year primary balances published by the authorities and calendar year balances shown in the Fiscal Monitor.

United States. Fiscal projections are based on the May 2013 Congressional Budget Office baseline, adjusted for the IMF staff’s policy and macroeconomic 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 2015 onward (the sequester is assumed to be in full effect from March 1, 2013, to September 30, 2014). 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 for 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.

Table SA.1.Advanced Economies: Definition and Coverage of Fiscal Monitor Data
CountryOverall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting

practice
CoverageAccounting

practice
CoverageAccounting

practice
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
AustraliaGGCG, LG, SGAGGCG, LG, SGAGGCG, 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, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
Czech RepublicGGCG, LG, SSAGGCG, LG, SSAGGCG, LG, SSA
DenmarkGGCG, SG, LG, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
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, SSAGGCG, SG, LG, SSAGGCG, SG, LG, SSA
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.

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.

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.

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.

Table SA.2.Emerging Market Economies: Definition and Coverage of Fiscal Monitor Data
CountryOverall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting

practice
CoverageAccounting

practice
CoverageAccounting

practice
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
Argentina2GGCG, SG, LG, SSCCGCGCGGCG, SG, LG, SSC
Brazil3NFPSCG, 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
Colombia4NFPSCG, 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
LitduaniaGGSG, EA, SS, LGAGGSG, EA, SS, LGAGGSG, EA, SS, LGA
MalaysiaGGCG, SG, LGCGGCGCGGCG, 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
RomaniaGGCG, SS, NFCCGGCG, SS, NFCCGGCG, SS, NFCC
RussiaGGCG, 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.

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.

Gross public debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank.

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 standard: 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.

Gross public debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank.

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

Table SA.3.Low-Income Countries: Definition and Coverage of Fiscal Monitor Data
CountryOverall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting

practice
CoverageAccounting

practice
CoverageAccounting

practice
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
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.

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 governments 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 standard: 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 governments financed by loans provided by the central bank.

Includes the Fund for Reconstruction and Development.

Definition and coverage of fiscal data

Economy groupings

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

Advanced economiesEmerging market economiesLow-income countriesG7G201Advanced G201Emerging G20
AustraliaArgentinaArmeniaCanadaArgentinaAustraliaArgentina
AustriaBrazilBoliviaFranceAustraliaCanadaBrazil
BelgiumBulgariaBurkina FasoGermanyBrazilFranceChina
CanadaChileCambodiaItalyCanadaGermanyIndia
Czech RepublicChinaCameroonJapanChinaItalyIndonesia
DenmarkColombiaChadUnited KingdomFranceJapanMexico
EstoniaEgyptCongo, Dem. Rep. of theUnited StatesGermanyKoreaRussia
FinlandHungaryCongo, Rep. ofIndiaUnited KingdomSaudi Arabia
FranceIndiaCôte d’IvoireIndonesiaUnited StatesSouth Africa
GermanyIndonesiaEthiopiaItalyTurkey
GreeceJordanGeorgiaJapan
Hong Kong SARKazakhstanGhanaKorea
IcelandKenyaHaitiMexico
IrelandLatviaHondurasRussia
IsraelLithuaniaLao P.D.R.Saudi Arabia
ItalyMalaysiaMadagascarSouth Africa
JapanMexicoMaliTurkey
KoreaMoroccoMoldovaUnited Kingdom
NetherlandsNigeriaMozambiqueUnited States
New ZealandPakistanMyanmar
NorwayPeruNepal
PortugalPhilippinesNicaragua
SingaporePolandSenegal
Slovak RepublicRomaniaSudan
SloveniaRussiaTanzania
SpainSaudi ArabiaUganda
SwedenSouth AfricaUzbekistan
SwitzerlandThailandVietnam
United KingdomTurkeyYemen
United StatesUkraineZambia

Does not include European Union aggregate.

Does not include European Union aggregate.

Economy groupings (continued)
Euro areaEmerging AsiaEmerging EuropeEmerging Latin AmericaEmerging Middle East and North AfricaLow-income AsiaLow-income Latin America
AustriaChinaBulgariaArgentinaEgyptCambodiaBolivia
BelgiumIndiaHungaryBrazilJordanLao P.D.R.Haiti
CyprusIndonesiaKazakhstanChileMoroccoMyanmarHonduras
EstoniaMalaysiaLatviaColombiaNepalNicaragua
FinlandPakistanLithuaniaMexicoVietnam
FrancePhilippinesPolandPeru
GermanyThailandRomania
GreeceRussia
IrelandTurkey
ItalyUkraine
Luxembourg
Malta
Netherlands
Portugal
Slovak Republic
Slovenia
Spain
Low-income sub-Saharan AfricaLow-income others ArmeniaLow-income oil producersOil producers
Burkina FasoArmeniaCameroonAlgeria
CameroonGeorgiaChadAngola
ChadMoldovaCongo, Rep. ofAzerbaijan
Congo, Dem. Rep. of theSudanSudanBahrain
Congo, Rep. ofUzbekistanVietnamBrunei Darussalam
Côte d’IvoireYemenYemenCameroon
EthiopiaChad
GhanaCongo, Rep. of
MadagascarEcuador
MaliEquatorial Guinea
MozambiqueGabon
SenegalIndonesia
TanzaniaIran
UgandaKazakhstan
ZambiaKuwait
Libya
Mexico
Nigeria
Norway
Oman
Qatar
Saudi Arabia
Sudan
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
Australia1.81.5−1.1−4.6−5.1−4.5−3.7−3.1−2.3−0.80.30.60.7
Austria−1.7−1.0−1.0−4.1−4.5−2.5−2.5−2.6−2.4−1.9−1.5−1.4−1.4
Belgium0.3−0.1−1.1−5.6−3.9−3.9−4.0−2.8−2.5−1.5−0.50.10.7
Canada1.81.5−0.3−4.5−4.9−3.7−3.4−3.4−2.9−2.3−1.8−1.4−1.4
Czech Republic−2.4−0.7−2.2−5.8−4.8−3.3−4.4−2.9−2.9−2.6−2.4−2.4−2.4
Denmark5.04.83.3−2.8−2.7−2.0−4.2−1.7−2.0−2.9−2.2−1.0−0.4
Estonia3.22.8−2.3−2.00.41.7−0.20.30.20.10.10.10.1
Finland4.15.34.3−2.7−2.8−1.1−2.3−2.8−2.1−1.6−1.3−1.0−0.9
France−2.4−2.8−3.3−7.6−7.1−5.3−4.9−4.0−3.5−2.8−2.0−1.2−0.4
Germany−1.70.2−0.1−3.1−4.2−0.80.1−0.4−0.10.00.10.20.3
Greece−6.0−6.8−9.9−15.6−10.8−9.6−6.3−4.1−3.3−2.1−0.7−0.6−0.8
Hong Kong SAR4.17.80.11.54.23.93.22.63.33.74.74.74.7
Iceland6.35.4−0.5−8.6−6.4−5.0−3.8−2.7−1.8−1.3−0.7−0.10.2
Ireland12.90.1−7.3−13.8−30.5−13.1−7.6−7.6−5.0−2.9−2.4−2.0−1.7
Israel−2.6−1.5−3.7−6.3−4.6−4.2−4.9−5.1−3.3−3.0−3.0−3.0−3.1
Italy−3.4−1.6−2.7−5.4−4.3−3.7−2.9−3.2−2.1−1.8−1.1−0.5−0.2
Japan−3.7−2.1−4.1−10.4−9.3−9.9−10.1−9.5−6.8−5.7−5.0−5.1−5.6
Korea1.12.31.60.01.71.81.91.41.71.92.22.52.7
Netherlands0.50.20.5−5.6−5.1−4.4−4.1−3.0−3.2−4.8−4.9−4.7−4.4
New Zealand4.13.21.5−1.5−5.1−4.9−2.0−1.3−0.40.20.60.90.9
Norway18.317.318.810.511.113.413.812.411.610.29.28.27.4
Portugal−3.8−3.2−3.7−10.2−9.9−4.4−6.4−5.5−4.0−2.5−2.0−1.7−1.4
Singapore7.112.06.5−0.57.49.67.45.34.84.64.64.54.2
Slovak Republic−2.6−1.6−2.0−8.0−7.7−5.1−4.3−3.0−3.8−3.2−3.2−3.2−3.2
Slovenia−0.80.3−0.3−5.5−5.4−5.6−3.2−7.0−3.8−3.9−3.7−3.0−2.4
Spain12.41.9−4.5−11.2−9.7−9.6−10.8−6.7−5.8−5.0−4.0−3.0−2.0
Sweden2.23.52.2−1.00.00.0−0.7−1.4−1.5−0.5−0.20.30.6
Switzerland0.91.31.80.50.20.30.30.20.50.70.90.90.9
United Kingdom−2.8−2.8−5.0−11.3−10.0−7.8−7.9−6.1−5.8−4.9−3.7−2.7−2.0
United States−2.0−2.7−6.5−12.9−10.8−9.7−8.3−5.8−4.6−3.9−3.9−3.8−3.8
Average−1.3−1.1−3.5−8.9−7.7−6.5−5.9−4.5−3.6−2.9−2.5−2.3−2.2
Euro area−1.3−0.7−2.1−6.4−6.2−4.2−3.7−3.1−2.5−2.1−1.6−1.2−0.8
G7−2.2−2.0−4.5−10.0−8.8−7.6−6.9−5.4−4.2−3.5−3.2−3.0−2.9
G20 advanced−2.0−1.8−4.2−9.6−8.4−7.2−6.5−5.1−4.0−3.3−2.9−2.7−2.6
Primary Balance
Australia1.51.3−1.1−4.5−4.8−3.9−3.0−2.4−1.6−0.11.01.21.2
Austria0.51.01.1−1.9−2.3−0.3−0.3−0.6−0.50.10.40.50.5
Belgium4.13.62.5−2.2−0.6−0.6−0.70.40.92.02.83.33.8
Canada2.42.0−0.2−3.7−4.3−3.3−2.8−2.8−2.4−1.9−1.5−1.1−1.0
Czech Republic−1.70.0−1.5−4.8−3.6−2.0−3.1−1.5−1.5−1.1−0.9−0.7−0.7
Denmark5.85.33.4−2.4−2.2−1.5−3.8−1.4−1.8−2.4−1.8−0.8−0.2
Estonia3.32.9−2.4−2.20.31.6−0.20.30.30.30.20.20.2
Finland3.74.73.4−3.3−3.0−1.4−2.3−2.7−2.1−1.8−1.5−1.4−1.2
France0.0−0.3−0.7−5.4−4.8−2.8−2.5−2.0−1.5−0.70.10.91.7
Germany0.82.72.3−0.8−2.01.12.31.71.81.91.92.02.0
Greece−1.3−2.0−4.8−10.5−4.9−2.4−1.30.01.43.04.54.54.2
Hong Kong SAR3.87.6−0.31.34.03.73.02.43.13.64.64.64.6
Iceland6.75.7−0.5−6.5−2.7−0.80.61.12.22.73.23.74.0
Ireland13.70.7−6.6−12.4−27.9−10.4−4.6−3.3−0.71.41.92.42.7
Israel2.73.20.5−2.4−0.6−0.3−1.8−2.4−0.4−0.10.50.50.4
Italy1.03.12.2−1.00.01.02.32.03.13.54.45.05.4
Japan−3.7−2.1−3.8−9.9−8.6−9.1−9.3−8.8−6.1−4.9−3.9−3.5−3.4
Korea2.51.51.2−0.70.91.01.20.51.11.31.52.12.1
Netherlands2.11.82.1−4.1−3.8−3.0−2.9−1.8−2.0−3.3−3.3−3.0−2.6
New Zealand3.73.01.2−2.0−5.5−4.8−1.8−1.3−0.50.20.60.90.9
Norway16.114.415.88.19.011.311.910.59.68.27.16.25.3
Portugal−1.3−0.6−1.0−7.5−7.1−0.6−2.5−1.40.11.62.12.52.8
Singapore5.710.55.0−1.95.98.15.93.83.43.13.13.02.7
Slovak Republic−1.8−0.8−1.2−6.9−6.5−3.7−2.7−1.3−2.0−1.2−1.1−0.9−1.0
Slovenia0.31.20.5−4.7−4.1−4.3−1.5−4.7−0.5−0.50.00.81.5
Spain13.73.0−3.4−9.9−8.3−7.6−8.3−3.7−2.6−1.7−0.60.41.4
Sweden3.04.22.7−0.70.20.3−0.7−1.3−1.4−0.5−0.10.30.6
Switzerland1.92.12.41.10.80.80.70.71.01.21.51.51.6
United Kingdom−1.3−1.3−3.4−9.8−7.4−5.0−5.6−4.7−3.7−2.7−1.10.31.0
United States−0.2−0.8−4.6−11.2−8.9−7.6−6.1−3.6−2.6−1.9−1.9−1.6−1.3
Average0.20.5−1.8−7.3−6.1−4.7−4.1−2.7−1.8−1.1−0.7−0.30.0
Euro area1.21.90.5−3.9−3.7−1.5−0.9−0.40.20.61.21.62.0
G7−0.5−0.2−2.6−8.3−7.0−5.6−4.9−3.4−2.3−1.6−1.2−0.8−0.5
G20 advanced−0.4−0.1−2.4−8.0−6.6−5.3−4.6−3.2−2.1−1.4−1.0−0.6−0.3
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.1.

Including financial sector support, estimated for Spain at 0.5 percent of GDP in 2011 and 3.7 percent of GDP in 2012.

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.

Including financial sector support, estimated for Spain at 0.5 percent of GDP in 2011 and 3.7 percent of GDP in 2012.

Statistical Table 2.Advanced Economies: General Government Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance(Percent of potential GDP)
2006200720082009201020112012201320142015201620172018
Cyclically Adjusted Balance
Australia1.81.2−1.3−4.5−4.9−4.4−3.7−3.1−2.3−0.80.30.60.8
Austria−2.3−2.6−2.6−3.0−3.6−2.3−2.1−1.8−1.8−1.6−1.4−1.4−1.4
Belgium0.1−1.0−1.9−4.7−3.7−4.1−3.8−2.3−2.1−1.1−0.20.30.8
Canada1.00.8−0.6−3.1−4.2−3.4−3.0−2.8−2.3−1.9−1.5−1.3−1.3
Czech Republic−4.0−3.1−4.5−5.7−4.9−3.4−3.6−1.7−1.7−1.7−1.8−2.10.0
Denmark3.43.21.9−1.0−1.5−0.6−2.20.5−0.1−1.3−1.1−0.9−0.3
Estonia
Finland2.32.11.8−0.1−1.7−1.2−1.4−1.1−0.6−0.6−0.7−0.9−0.9
France−3.2−4.0−3.9−5.9−5.9−4.8−4.0−2.8−2.3−1.8−1.3−0.7−0.2
Germany−2.2−1.2−1.3−1.1−3.4−1.10.0−0.10.00.00.10.10.2
Greece−8.7−10.8−14.3−19.1−12.3−8.3−2.60.61.10.91.20.5−0.4
Hong Kong SAR10.21.3−0.6−2.4−1.6−2.5−1.6−0.8−0.5−0.30.70.91.1
Iceland4.93.2−17.8−9.6−7.4−4.8−3.3−2.4−2.0−1.60.0−0.20.1
Ireland1−4.2−8.7−11.9−9.9−8.3−7.0−5.9−5.1−3.6−2.1−2.1−2.0−2.0
Israel−0.5−1.7−3.9−5.3−4.3−4.3−4.8−5.1−3.4−3.0−3.0−3.1−3.1
Italy−4.7−3.3−3.6−3.5−3.4−2.8−1.2−0.70.1−0.10.10.10.1
Japan−3.6−2.2−3.6−7.5−7.9−8.5−9.2−9.2−6.7−5.7−5.0−5.1−5.6
Korea1.12.31.80.71.71.82.21.71.71.92.22.52.7
Netherlands−0.1−1.4−1.1−4.8−4.4−3.7−2.30.10.1−1.9−2.6−3.0−3.1
New Zealand3.12.41.3−1.0−4.5−4.4−1.9−1.2−0.50.20.60.91.0
Norway1−3.5−3.3−3.5−5.5−5.4−4.7−5.2−5.7−5.9−5.8−5.8−5.8−5.7
Portugal1−3.8−4.0−4.3−9.4−9.7−3.6−4.6−3.3−2.2−1.3−1.4−1.5−1.4
Singapore7.111.66.61.06.79.17.55.14.84.44.44.34.0
Slovak Republic−2.5−2.6−3.0−6.6−7.3−4.9−3.9−2.2−3.1−2.7−2.9−3.0−3.2
Slovenia−2.4−2.8−3.6−4.7−4.9−4.0−1.6−0.5−0.7−1.2−1.8−2.0−2.2
Spain11.30.5−5.6−10.0−8.4−7.9−5.4−4.6−4.1−3.5−2.8−2.1−1.4
Sweden11.31.61.0−0.10.6−0.1−0.7−1.2−1.3−0.4−0.10.30.6
Switzerland10.90.71.10.80.10.10.30.40.60.80.90.90.9
United Kingdom−4.6−5.3−6.6−10.3−8.4−6.0−5.8−4.0−3.9−3.2−2.3−1.5−1.2
United States1−2.5−2.9−5.0−7.8−8.0−7.3−6.3−3.9−3.2−2.7−3.2−3.5−3.7
Average−2.2−2.2−3.7−6.2−6.2−5.4−4.8−3.4−2.7−2.3−2.2−2.2−2.2
Euro area−2.2−2.2−3.3−4.8−5.0−3.7−2.7−1.6−1.2−1.1−0.9−0.7−0.5
G7−2.8−2.8−4.1−6.5−6.9−6.0−5.5−4.0−3.1−2.6−2.6−2.7−2.8
G20 advanced−2.6−2.5−3.8−6.3−6.6−5.7−5.2−3.7−2.9−2.4−2.3−2.3−2.4
Cyclically Adjusted Primary Balance
Australia1.41.0−1.4−4.4−4.6−3.9−3.1−2.4−1.6−0.11.01.21.2
Austria−0.1−0.5−0.5−0.9−1.5−0.10.00.10.10.40.60.60.5
Belgium3.92.71.7−1.3−0.4−0.8−0.50.91.32.33.13.53.9
Canada1.61.4−0.6−2.3−3.6−3.0−2.4−2.2−1.8−1.4−1.2−1.0−1.0
Czech Republic−3.3−2.3−3.7−4.7−3.7−2.2−2.4−0.3−0.3−0.3−0.3−0.41.7
Denmark4.23.61.9−0.7−1.0−0.1−1.80.80.1−0.8−0.7−0.7−0.1
Estonia
Finland1.91.40.8−0.7−1.9−1.4−1.3−1.0−0.6−0.8−1.0−1.2−1.2
France−0.8−1.4−1.2−3.8−3.7−2.4−1.6−0.8−0.30.20.81.41.9
Germany0.31.41.11.1−1.30.82.22.02.02.01.91.91.9
Greece−3.7−5.6−8.7−13.6−6.2−1.32.04.25.45.66.15.54.6
Hong Kong SAR1−0.21.0−1.0−2.6−1.8−2.7−1.8−1.0−0.7−0.40.60.81.0
Iceland5.33.6−17.8−7.6−3.9−0.71.11.42.12.53.93.63.8
Ireland1−3.4−8.0−11.1−8.5−5.8−4.3−3.0−1.00.72.22.22.42.4
Israel4.63.10.4−1.4−0.4−0.4−1.7−2.5−0.5−0.10.50.50.3
Italy−0.21.61.40.70.81.73.84.35.05.05.45.55.6
Japan−3.7−2.3−3.3−7.0−7.3−7.7−8.4−8.5−6.0−4.8−3.9−3.5−3.4
Korea2.51.51.40.01.01.01.60.81.11.31.52.12.1
Netherlands1.50.30.6−3.3−3.1−2.4−1.21.21.2−0.4−1.0−1.3−1.4
New Zealand2.72.11.0−1.5−4.8−4.3−1.6−1.2−0.50.20.60.81.0
Norway1−6.5−7.2−7.8−8.5−8.1−7.5−7.6−8.3−8.4−8.3−8.3−8.3−8.2
Portugal1−1.3−1.4−1.6−6.8−7.00.1−0.80.61.72.72.72.82.8
Singapore5.610.15.1−0.45.27.56.03.63.33.03.02.82.6
Slovak Republic−1.8−1.7−2.1−5.5−6.2−3.5−2.3−0.5−1.3−0.8−0.8−0.8−1.0
Slovenia−1.2−1.8−2.8−3.8−3.6−2.60.11.62.42.01.71.71.7
Spain12.61.6−4.5−8.7−7.0−6.0−3.0−1.8−1.0−0.30.51.22.0
Sweden12.12.41.50.10.80.2−0.7−1.1−1.2−0.4−0.10.30.6
Switzerland11.81.41.71.50.70.60.80.81.21.31.51.61.5
United Kingdom−3.1−3.7−5.1−8.8−5.9−3.3−3.5−2.6−1.8−1.10.21.41.8
United States1−0.7−1.0−3.1−6.1−6.3−5.3−4.2−1.9−1.2−0.8−1.2−1.3−1.2
Average
Euro area0.40.5−0.6−2.4−2.6−1.10.01.11.41.61.92.12.3
G7−1.1−0.9−2.2−4.9−5.1−4.1−3.5−2.0−1.2−0.7−0.6−0.5−0.3
G20 advanced−0.9−0.8−2.1−4.7−4.9−3.9−3.3−2.0−1.1−0.6−0.5−0.3−0.2
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 output cycle. 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: Cyclically adjusted primary balance is defined as the cyclically adjusted balance excluding net interest payments.

Including adjustments beyond the output cycle. For country-specific details, see “Data and Conventions” in text and Table SA.1.

Statistical Table 3.Advanced Economies: General Government Revenue and Expenditure(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Revenue
Australia36.636.034.133.532.132.333.333.934.434.935.335.435.4
Austria47.547.648.348.548.348.349.149.148.748.748.748.748.7
Belgium48.848.148.748.148.749.550.951.151.151.752.152.152.1
Canada40.640.138.738.838.238.137.837.637.838.138.338.538.4
Czech Republic39.640.338.938.939.140.040.340.240.140.039.939.839.8
Denmark56.855.754.955.254.855.555.156.655.953.954.154.454.4
Estonia37.837.738.945.244.943.543.844.343.142.642.141.340.5
Finland53.352.753.653.453.054.154.355.155.155.255.455.355.3
France50.649.949.949.249.550.651.852.952.952.952.952.952.9
Germany43.743.744.045.143.644.344.844.444.344.144.044.144.1
Greece39.240.740.738.340.642.444.142.943.642.442.042.042.0
Hong Kong SAR19.422.717.818.021.123.021.721.221.622.022.422.422.5
Iceland48.047.744.141.041.541.743.143.843.843.042.942.842.5
Ireland37.336.735.434.534.934.134.535.235.235.034.834.534.4
Israel43.142.439.536.737.637.736.236.337.137.537.537.637.5
Italy45.046.045.946.546.146.247.747.948.048.048.148.248.3
Japan30.831.231.629.629.630.831.131.633.333.935.035.135.1
Korea22.724.224.023.022.723.323.323.223.323.423.623.723.9
Netherlands46.145.446.745.245.845.346.147.446.546.246.045.945.9
New Zealand38.737.336.835.735.035.134.834.434.033.933.833.733.7
Norway58.257.558.456.556.057.156.955.855.354.654.153.753.4
Portugal40.641.141.139.641.645.041.043.142.742.242.241.941.8
Singapore20.124.024.217.721.624.222.421.722.522.522.422.222.1
Slovak Republic27.028.931.633.532.333.333.134.332.732.532.031.931.8
Slovenia41.740.541.240.741.741.442.542.543.843.843.944.044.0
Spain40.741.137.035.136.736.337.137.738.238.338.638.939.2
Sweden54.954.553.954.052.351.551.451.951.251.150.951.051.0
Switzerland35.434.733.133.732.933.533.033.133.133.233.233.233.2
United Kingdom37.337.037.435.536.136.936.938.037.237.437.437.537.6
United States32.632.931.629.930.330.530.432.533.033.833.633.433.3
Average37.237.637.235.835.636.236.237.337.738.038.138.037.9
Euro area45.345.345.144.944.845.446.346.746.646.646.646.746.7
G736.436.836.435.034.935.535.436.837.337.737.837.737.7
G20 advanced36.036.436.034.734.435.035.036.336.737.137.237.137.1
Expenditure
Australia34.834.535.238.137.236.837.137.036.735.735.034.734.7
Austria49.148.649.352.652.850.751.751.851.150.650.250.150.1
Belgium48.548.249.853.752.653.454.953.953.653.252.652.051.4
Canada38.838.639.043.443.141.841.141.040.640.440.139.939.8
Czech Republic42.041.041.144.743.843.244.643.143.042.642.442.242.2
Denmark51.750.951.658.057.557.459.358.357.956.756.255.354.7
Estonia34.634.941.247.244.541.844.143.942.942.542.041.240.5
Finland49.247.449.256.155.855.356.657.957.256.856.656.456.2
France53.052.653.356.856.655.956.656.956.455.754.954.153.3
Germany45.343.544.148.247.745.044.644.844.444.143.943.943.9
Greece45.347.550.654.051.452.050.447.046.944.542.742.642.8
Hong Kong SAR15.314.917.716.516.919.118.518.618.418.317.717.717.8
Iceland41.642.344.749.647.946.746.946.445.644.343.642.942.3
Ireland34.436.742.748.365.447.242.142.840.237.937.336.536.1
Israel45.744.043.243.142.241.941.041.340.440.540.640.640.6
Italy48.547.648.651.950.449.950.651.150.049.849.248.848.5
Japan34.533.335.740.038.940.841.341.140.139.640.040.340.7
Korea21.521.922.423.021.021.421.421.821.621.621.421.221.2
Netherlands45.545.346.250.850.949.650.250.449.751.050.950.650.4
New Zealand34.634.135.337.340.139.936.835.734.533.733.232.932.8
Norway39.940.239.645.944.943.743.143.443.844.444.945.445.9
Portugal44.344.444.849.851.549.447.548.646.744.744.243.643.2
Singapore12.912.117.718.214.214.615.016.417.717.917.817.818.0
Slovak Republic29.530.533.641.640.038.337.437.336.535.735.235.135.0
Slovenia42.540.241.546.247.047.145.749.547.647.747.647.046.4
Spain38.439.241.546.346.445.948.044.444.043.342.641.941.2
Sweden52.751.051.754.952.351.552.153.352.751.751.150.750.4
Switzerland34.433.431.333.232.833.232.832.932.632.532.332.332.3
United Kingdom40.139.842.446.846.144.744.844.143.042.341.240.239.5
United States34.635.538.142.841.140.238.838.337.737.737.537.237.2
Average38.638.740.644.643.342.742.141.841.240.940.640.240.1
Euro area46.646.047.251.251.049.550.049.849.248.748.247.847.5
G738.638.840.945.043.743.142.442.241.541.341.040.740.6
G20 advanced38.038.240.244.342.842.241.541.340.740.440.139.739.7
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.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)
2006200720082009201020112012201320142015201620172018
Gross Debt
Australia10.09.711.816.820.524.427.929.129.128.226.824.721.9
Austria62.360.263.869.272.372.874.174.474.874.273.672.671.8
Belgium88.084.089.295.795.697.899.8100.9101.2100.298.195.492.1
Canada70.366.571.381.383.183.585.387.185.684.984.082.881.7
Czech Republic28.327.928.734.237.941.045.947.648.949.649.950.150.4
Denmark32.127.133.440.742.746.445.647.147.849.249.949.248.0
Estonia4.43.74.57.16.76.09.711.010.49.89.28.68.1
Finland39.635.233.943.548.749.253.658.059.860.559.859.158.9
France64.164.268.279.282.485.890.293.594.894.893.791.788.8
Germany67.965.466.874.582.480.481.980.478.175.271.969.867.7
Greece107.5107.2112.9129.7148.3170.3156.9175.7174.0168.6160.2151.0142.6
Hong Kong SAR131.030.828.731.235.534.834.133.032.031.030.029.028.2
Iceland30.129.170.488.090.6102.399.193.290.987.284.280.777.0
Ireland24.624.944.264.491.2104.1117.4123.3121.0118.3116.2113.6109.8
Israel81.674.672.975.371.569.768.270.469.669.168.467.767.1
Italy106.3103.3106.1116.4119.3120.8127.0132.3133.1131.8129.3126.2123.0
Japan186.0183.0191.8210.2216.0230.3238.0243.5242.3242.4242.3241.4241.1
Korea31.130.730.133.833.434.235.035.735.334.533.431.729.8
Netherlands47.445.358.560.863.465.771.374.475.676.779.281.383.2
New Zealand19.317.220.125.932.037.237.837.235.934.435.134.332.0
Norway58.756.655.249.049.234.134.134.134.134.134.134.134.1
Portugal63.768.471.783.794.0108.4123.8123.6125.3124.2121.6118.8116.0
Singapore86.485.696.3101.599.3105.2111.0107.8106.2103.9101.799.497.3
Slovak Republic30.529.427.935.641.043.352.155.357.558.258.658.859.1
Slovenia26.423.122.035.138.746.952.871.575.377.678.678.577.8
Spain39.736.340.254.061.770.485.993.799.1102.5104.6105.5105.1
Sweden45.340.238.842.639.438.638.342.242.240.538.736.634.2
Switzerland62.455.650.549.848.949.149.248.246.645.645.244.944.5
United Kingdom42.843.751.967.178.584.388.892.195.397.998.598.296.7
United States63.864.473.386.395.299.4102.7106.0107.3107.0106.5106.0105.7
Average75.873.380.493.7100.3104.4108.7108.5109.2108.6107.6106.4105.1
Euro area68.666.570.380.185.788.293.095.796.195.393.892.089.9
G783.881.990.2105.0113.1118.3122.5121.9122.4121.7120.7119.4118.2
G20 advanced80.378.286.2100.5107.5111.9116.0115.4116.1115.3114.2112.8111.5
Net Debt
Australia−6.3−7.3−5.3−0.63.98.111.913.714.514.313.712.210.1
Austria43.140.942.049.252.852.253.353.654.053.452.951.851.0
Belgium77.073.173.379.579.781.182.083.484.183.581.879.676.7
Canada26.322.922.427.629.732.434.736.538.038.838.938.638.4
Czech Republic
Denmark1.9−3.8−6.1−4.5−1.63.33.35.06.89.511.412.011.9
Estonia−2.5−4.0−4.7−2.2−2.8−0.33.95.55.45.04.74.54.2
Finland−69.4−72.5−52.3−62.8−65.6−54.3−55.4−51.6−47.7−44.4−41.3−38.6−36.2
France59.659.662.372.076.178.684.087.288.588.587.585.482.5
Germany53.050.650.156.756.255.357.456.354.653.151.250.850.4
Greece107.3106.9112.4129.3147.4168.0154.8172.6172.6165.5158.2148.2139.9
Hong Kong SAR
Iceland7.810.841.855.759.966.768.264.163.662.460.358.356.2
Ireland11.510.521.238.670.485.192.8105.5107.9107.0105.3103.099.6
Israel74.869.269.170.869.168.067.470.269.669.168.567.967.4
Italy89.687.189.397.9100.0102.6106.1110.5111.2110.1108.0105.4102.8
Japan81.080.595.3106.2113.1127.4133.5139.9141.8144.0145.9147.2147.8
Korea29.428.728.832.332.133.033.032.030.328.626.824.822.9
Netherlands24.521.620.622.826.128.432.435.237.741.745.448.751.6
New Zealand8.86.57.411.717.022.225.927.528.027.827.125.623.6
Norway−133.5−138.8−123.7−154.8−163.8−157.8−167.0−183.2−188.1−192.9−195.8−196.6−195.9
Portugal58.663.767.579.789.697.9112.4117.5119.3118.4116.0113.4110.8
Singapore
Slovak Republic
Slovenia
Spain30.726.730.842.550.158.673.580.885.888.990.891.991.8
Sweden−13.8−17.4−12.5−19.5−20.7−18.2−21.2−19.4−17.2−15.9−15.0−14.7−14.7
Switzerland39.732.029.428.728.128.328.327.726.826.226.025.825.6
United Kingdom38.038.448.062.472.276.881.684.888.090.691.290.989.4
United States46.746.552.464.672.879.984.187.488.387.787.186.686.4
Average47.645.851.461.766.771.976.077.578.778.778.377.877.1
Euro area54.352.154.162.465.668.272.274.975.675.474.473.472.0
G754.653.760.271.677.884.188.490.291.391.290.890.289.6
G20 advanced52.351.257.468.473.879.583.685.386.486.285.785.084.2
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.1.

Since 2011, government debt also includes “insurance technical reserves,” following the GFSM 2001 definition.

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.

Since 2011, government debt also includes “insurance technical reserves,” following the GFSM 2001 definition.

Statistical Table 5.Emerging Market Economies: General Government Overall Balance and Primary Balance(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Overall Balance
Argentina−1.1−2.1−0.9−3.6−1.4−3.5−4.3−3.6−4.1−3.0−2.7−2.5−2.3
Brazil−3.5−2.7−1.4−3.1−2.7−2.5−2.7−3.0−3.2−2.3−2.4−2.3−2.2
Bulgaria3.33.32.9−0.9−4.0−2.0−0.5−1.8−1.7−1.2−0.8−0.30.0
Chile7.47.94.1−4.1−0.41.40.6−0.7−0.2−0.3−0.2−0.2−0.1
China−0.70.9−0.7−3.1−1.5−1.3−2.2−2.5−2.1−1.5−0.9−0.30.4
Colombia−1.0−0.8−0.3−2.8−3.3−2.00.2−1.0−0.7−0.7−0.8−0.7−0.8
Egypt−9.2−7.5−8.0−6.9−8.3−9.8−10.7−14.7−13.2−14.3−14.3−14.9−15.0
Hungary−9.4−5.1−3.7−4.6−4.44.2−2.0−2.7−2.8−3.0−3.0−3.0−2.8
India−6.2−4.4−10.0−9.8−8.4−8.5−8.0−8.5−8.5−8.3−8.2−8.1−8.0
Indonesia0.2−1.00.0−1.8−1.2−0.6−1.7−2.2−2.5−2.3−2.0−1.6−1.2
Jordan−3.5−5.7−5.5−8.9−5.6−6.8−8.8−9.1−8.0−5.6−4.0−2.7−2.3
Kazakhstan7.75.21.2−1.31.56.04.54.84.14.03.42.61.8
Kenya−2.5−3.2−4.4−5.4−5.5−5.1−6.3−5.8−4.2−3.7−3.6−3.5−3.4
Latvia−0.50.6−7.5−7.8−7.3−3.20.1−1.4−0.5−0.7−0.5−0.2−0.3
Lithuania−0.4−1.0−3.3−9.4−7.2−5.5−3.3−2.9−2.7−2.6−2.5−2.5−2.3
Malaysia−2.7−2.7−3.6−6.2−4.5−3.8−4.5−4.3−4.4−4.0−3.8−4.1−4.3
Mexico−1.0−1.2−1.0−5.1−4.3−3.4−3.7−3.8−4.1−3.5−3.0−2.5−2.5
Morocco−2.0−0.10.7−1.8−4.4−6.7−7.6−5.5−4.8−4.1−3.5−3.0−2.8
Nigeria8.91.66.3−9.4−6.70.8−1.8−1.8−1.8−2.8−3.6−3.6−4.1
Pakistan−3.4−5.1−7.1−5.0−5.9−6.9−8.4−8.5−5.5−4.4−3.6−3.5−3.5
Peru1.93.22.6−1.5−0.12.02.10.30.30.50.60.70.5
Philippines0.0−0.30.0−2.6−2.5−0.6−0.9−0.8−0.8−0.8−0.8−0.9−0.9
Poland−3.6−1.9−3.7−7.4−7.9−5.0−3.9−4.6−3.4−2.8−2.5−2.7−2.4
Romania−1.4−3.1−4.8−7.3−6.4−4.3−2.5−2.3−2.0−1.8−1.8−1.8−1.8
Russia8.36.84.9−6.3−3.41.50.4−0.7−0.3−0.7−1.4−1.5−1.5
Saudi Arabia24.415.031.6−4.12.112.015.09.68.65.63.92.0−0.8
South Africa1.21.4−0.4−5.5−5.1−4.0−4.8−4.9−4.7−4.1−3.8−3.7−3.5
Thailand2.20.20.1−3.2−0.8−0.7−1.7−2.7−3.2−3.8−3.7−3.6−3.1
Turkey−0.7−1.9−2.7−6.0−3.0−0.7−1.6−2.3−2.3−2.3−2.4−2.3−2.2
Ukraine−1.4−2.0−3.2−6.3−5.8−2.8−4.5−4.3−5.1−4.4−4.1−4.1−4.0
Average0.30.3−0.1−4.6−3.1−1.7−2.1−2.7−2.5−2.2−2.1−1.8−1.6
Asia−1.7−0.7−2.5−4.3−2.9−2.6−3.2−3.4−3.1−2.6−2.1−1.6−1.1
Europe2.51.90.5−6.1−4.10.0−0.7−1.5−1.2−1.2−1.6−1.7−1.7
Latin America−1.4−1.2−0.7−3.6−2.8−2.4−2.5−2.8−3.0−2.3−2.2−2.0−1.9
Middle East and North Africa−6.2−4.9−5.0−5.5−7.0−8.7−9.8−11.8−10.5−10.9−10.7−10.9−10.9
G20 emerging0.60.60.3−4.5−2.9−1.6−2.0−2.6−2.4−2.1−1.9−1.6−1.3
Primary Balance
Argentina4.02.52.70.21.6−0.5−0.9−1.3−1.3−1.3−1.3−1.3−1.3
Brazil3.33.54.12.22.53.22.21.92.03.13.13.13.1
Bulgaria4.33.92.8−0.6−3.7−1.7−0.1−1.1−1.0−0.5−0.10.40.7
Chile7.67.73.8−4.3−0.31.50.7−0.50.00.00.20.20.2
China−0.21.3−0.3−2.7−1.2−0.4−1.4−1.8−1.5−0.9−0.40.20.8
Colombia1.71.81.9−1.1−1.6−0.11.80.71.11.20.91.00.9
Egypt−4.2−3.0−3.9−3.7−3.8−4.7−5.2−7.3−4.8−5.3−5.0−4.9−4.5
Hungary−5.7−1.20.0−0.5−0.58.02.01.21.11.01.01.11.1
India−1.30.4−5.3−5.2−4.2−4.2−3.6−3.8−3.6−3.4−3.4−3.3−3.3
Indonesia2.61.01.8−0.10.10.6−0.4−0.8−0.9−0.7−0.40.00.3
Jordan−0.7−2.9−3.2−6.7−3.5−4.7−6.3−5.7−3.9−1.5−0.20.91.1
Kazakhstan7.24.31.5−1.41.85.83.94.83.93.83.22.31.6
Kenya−0.2−1.0−2.2−3.3−3.2−2.8−3.7−3.1−2.1−1.8−1.6−1.4−1.4
Latvia−0.10.9−7.4−7.2−6.5−2.21.3−0.10.80.50.50.80.6
Lithuania0.1−0.5−2.8−8.3−5.5−3.7−1.4−1.0−0.7−0.6−0.6−0.4−0.3
Malaysia−1.7−2.0−2.1−5.1−3.0−2.1−3.1−3.0−2.2−1.6−1.3−1.5−1.7
Mexico1.81.51.5−2.4−1.7−1.0−1.2−1.2−1.5−0.8−0.10.60.7
Morocco1.23.03.30.6−2.1−4.4−5.2−3.0−2.1−1.3−0.7−0.30.0
Nigeria10.02.67.3−8.2−5.62.20.0−0.1−0.1−1.2−1.9−1.9−2.3
Pakistan−0.5−1.1−2.5−0.1−1.6−3.1−4.0−3.9−0.90.10.70.50.4
Peru3.74.93.9−0.40.93.03.01.11.11.21.31.41.1
Philippines4.83.43.40.70.52.01.71.81.71.61.51.41.3
Poland−1.00.4−1.5−4.8−5.2−2.3−1.1−1.9−1.1−0.7−0.3−0.6−0.2
Romania−0.7−2.6−4.2−6.2−5.1−2.8−0.7−0.6−0.20.0−0.20.00.0
Russia8.96.85.1−6.0−3.11.90.8−0.20.30.0−0.7−0.6−0.5
Saudi Arabia25.314.831.0−3.92.512.114.99.38.35.33.61.7−1.1
South Africa4.14.02.2−3.2−2.7−1.5−2.1−2.1−1.8−1.2−0.9−0.7−0.5
Thailand3.51.21.0−2.40.10.2−0.8−2.2−2.7−3.2−3.1−2.9−2.3
Turkey4.42.91.7−1.50.72.01.20.70.40.20.20.20.2
Ukraine−0.7−1.5−2.6−5.1−4.1−0.8−2.6−1.8−2.2−1.1−0.6−0.5−0.3
Average2.82.51.8−2.6−1.20.4−0.2−0.8−0.6−0.4−0.20.00.2
Asia0.00.9−1.0−2.9−1.6−1.0−1.7−2.0−1.7−1.2−0.8−0.40.1
Europe4.53.52.0−4.4−2.51.30.60.00.20.1−0.1−0.2−0.1
Latin America3.02.93.00.10.91.61.00.50.51.21.31.51.6
Middle East and North Africa−2.0−1.0−1.5−2.7−3.3−4.6−5.3−6.0−4.0−4.0−3.5−3.3−3.0
G20 emerging3.22.92.3−2.4−0.90.5−0.2−0.8−0.6−0.4−0.20.10.4
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.
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−1.4−2.8−1.5−2.3−1.2−4.7−4.6−3.8−4.1−3.0−2.6−2.4−2.3
Brazil−3.3−3.0−2.1−2.3−3.3−3.0−2.7−3.0−3.2−2.3−2.4−2.3−2.2
Bulgaria2.11.50.80.2−2.8−1.00.3−0.8−0.8−0.5−0.3−0.20.0
Chile10.80.5−1.5−4.3−2.5−0.9−0.4−1.2−0.7−0.7−0.6−0.6−0.5
China0.01.0−0.5−2.6−0.9−0.2−0.9−1.2−1.0−0.6−0.20.10.4
Colombia−1.7−1.6−1.8−1.8−2.9−3.4−0.4−1.1−0.8−0.6−0.8−0.6−0.7
Egypt−9.2−7.6−8.3−7.0−8.2−9.4−10.2−13.9−12.4−13.7−14.1−14.9−15.0
Hungary1−11.5−6.7−5.5−2.9−3.4−6.7−0.9−1.6−2.0−2.5−2.8−3.0−2.9
India−6.3−4.8−9.5−9.5−9.0−9.1−8.1−8.2−8.2−8.1−8.1−8.1−8.0
Indonesia0.3−1.1−0.1−1.7−1.2−0.6−1.7−2.2−2.4−2.2−2.0−1.6−1.2
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−1.0−8.9−3.3−3.2−1.30.8−1.2−0.4−0.7−0.5−0.2−0.4
Lithuania−2.0−3.9−6.3−6.0−4.6−4.4−2.8−2.8−2.8−2.7−2.6−2.5−2.4
Malaysia−3.0−3.3−4.2−5.0−4.2−3.5−4.5−4.3−4.3−3.9−3.8−4.0−4.3
Mexico−1.0−1.1−0.8−3.1−2.8−2.3−2.7−2.7−3.0−2.5−2.2−1.8−1.8
Morocco
Nigeria
Pakistan
Peru10.21.50.9−0.5−0.80.81.30.00.20.50.70.70.5
Philippines−1.4−2.0−1.7−3.4−3.6−1.9−2.4−2.1−2.1−2.0−1.9−1.9−1.9
Poland−4.2−2.1−4.0−6.8−7.7−5.4−3.8−3.1−2.5−1.9−1.9−2.4−2.4
Romania−1.8−4.3−7.5−6.8−5.1−3.4−1.5−1.5−1.4−1.3−1.5−1.8−2.0
Russia8.26.13.9−3.2−1.91.90.3−0.5−0.1−0.6−1.4−1.5−1.5
Saudi Arabia
South Africa−0.4−1.2−2.4−3.4−3.6−4.1−4.3−4.3−4.2−3.9−3.8−3.7−3.6
Thailand2.0−0.1−0.6−2.1−1.0−0.9−0.9−2.5−3.0−3.9−3.8−3.5−2.9
Turkey−1.8−3.3−3.1−3.5−2.4−1.5−1.7−2.3−2.1−2.1−2.3−2.3−2.4
Ukraine−2.7−4.2−3.9−2.1−3.6−3.0−4.5−3.9−4.9−4.2−4.1−4.1−4.0
Average−0.7−0.7−1.6−3.5−2.8−2.0−2.1−2.3−2.1−1.8−1.8−1.6−1.4
Asia−1.3−0.7−2.2−3.8−2.6−1.9−2.2−2.4−2.2−1.9−1.6−1.3−1.1
Europe1.70.9−0.4−4.0−3.2−0.7−1.0−1.4−1.2−1.3−1.8−2.0−2.0
Latin America−1.8−1.9−1.5−2.5−2.8−2.8−2.4−2.6−2.7−2.1−2.0−1.8−1.7
G20 emerging−0.4−0.4−1.3−3.5−2.6−1.8−2.1−2.3−2.1−1.8−1.7−1.5−1.3
Cyclically Adjusted Primary Balance
Argentina3.71.82.11.41.7−1.6−1.2−1.5−1.4−1.3−1.2−1.2−1.3
Brazil3.53.23.52.92.02.82.21.92.03.13.13.13.1
Bulgaria3.12.20.70.5−2.5−0.70.6−0.1−0.10.20.40.50.7
Chile11.00.3−1.9−4.5−2.4−0.8−0.3−1.0−0.5−0.4−0.3−0.2−0.1
China0.51.4−0.1−2.2−0.50.6−0.2−0.5−0.40.00.30.60.8
Colombia1.01.10.4−0.1−1.3−1.51.30.61.01.20.91.00.9
Egypt−4.2−3.1−4.2−3.8−3.7−4.4−4.9−6.7−4.3−5.0−4.9−4.9−4.5
Hungary1−7.7−2.7−1.71.10.4−2.93.02.31.81.41.21.11.0
India−1.40.0−4.9−5.0−4.7−4.8−3.7−3.6−3.3−3.3−3.3−3.4−3.3
Indonesia2.60.91.70.00.20.6−0.5−0.8−0.9−0.6−0.40.00.3
Jordan−1.0−3.8−5.2−8.6−4.5−4.7−3.6−1.60.00.81.21.21.2
Kazakhstan
Kenya
Latvia−0.7−8.8−2.7−2.5−0.52.00.10.80.50.50.80.6
Lithuania−1.4−3.4−5.8−4.9−3.0−2.7−0.8−0.9−0.8−0.7−0.6−0.5−0.4
Malaysia−2.0−2.6−2.8−4.0−2.7−1.9−3.1−2.9−2.1−1.5−1.2−1.5−1.7
Mexico1.10.91.0−1.2−1.0−0.6−0.9−0.8−1.1−0.6−0.10.40.5
Morocco
Nigeria
Pakistan
Peru12.03.32.30.60.31.82.20.91.01.31.41.41.1
Philippines3.51.81.8−0.1−0.60.60.30.50.50.40.40.30.2
Poland−1.50.3−1.8−4.2−5.1−2.7−0.9−0.4−0.20.20.2−0.2−0.2
Romania−1.1−3.7−6.8−5.8−3.9−1.90.30.20.40.40.10.0−0.2
Russia8.76.14.1−2.8−1.62.20.70.10.50.1−0.7−0.6−0.5
Saudi Arabia
South Africa2.61.50.2−1.1−1.2−1.6−1.6−1.5−1.4−1.0−0.9−0.7−0.6
Thailand3.30.80.3−1.4−0.10.00.0−2.1−2.5−3.3−3.1−2.8−2.1
Turkey3.51.81.30.61.21.31.10.60.60.30.30.20.1
Ukraine−2.0−3.7−3.4−1.1−2.1−1.0−2.6−1.4−1.9−1.0−0.6−0.5−0.3
Average1.81.60.4−1.6−0.80.1−0.2−0.5−0.4−0.10.00.20.3
Asia0.40.9−0.8−2.5−1.3−0.4−0.8−1.1−0.9−0.6−0.4−0.10.1
Europe3.92.61.2−2.2−1.60.70.40.10.40.1−0.2−0.3−0.3
Latin America2.32.02.11.00.71.10.90.50.51.21.31.51.5
G20 emerging2.22.00.8−1.4−0.60.3−0.2−0.5−0.3−0.10.00.20.4
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance excluding net interest payments.

Including adjustments beyond the output cycle; for 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: Cyclically adjusted primary balance is defined as the cyclically adjusted balance excluding net interest payments.

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

Statistical Table 7.Emerging Market Economies: General Government Revenue and Expenditure(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Revenue
Argentina29.831.533.434.337.237.440.241.741.841.841.941.841.8
Brazil34.635.736.934.937.236.737.737.037.037.037.037.137.1
Bulgaria37.038.238.035.332.732.434.235.636.337.136.637.037.6
Chile26.227.325.820.623.524.624.022.923.223.022.822.822.8
China18.219.819.720.221.322.622.722.222.422.823.123.423.7
Colombia27.327.226.426.726.126.728.127.827.727.126.626.426.2
Egypt28.627.728.027.725.122.022.623.927.123.322.422.021.5
Hungary42.845.645.546.945.453.846.547.648.748.949.049.149.1
India20.322.019.718.518.818.819.419.619.719.719.819.920.0
Indonesia20.319.321.316.517.017.818.018.118.218.017.917.918.0
Jordan32.432.330.126.524.926.422.826.026.027.427.527.828.0
Kazakhstan27.529.327.922.123.927.727.025.724.424.123.222.021.1
Kenya22.223.122.922.724.623.823.524.525.625.725.525.425.3
Latvia36.136.335.636.236.035.637.035.934.732.831.931.430.5
Lithuania33.333.834.134.734.632.832.432.031.931.530.930.730.5
Malaysia24.124.424.626.223.324.725.325.224.324.123.923.623.4
Mexico21.621.724.722.122.523.123.622.423.123.223.323.323.1
Morocco27.429.932.529.327.527.828.127.528.328.528.428.328.3
Nigeria32.326.932.017.820.029.925.524.523.121.620.018.818.1
Pakistan13.614.414.414.214.312.613.113.214.414.815.315.215.2
Peru20.120.921.319.020.221.121.720.420.220.621.021.121.2
Philippines19.018.718.717.516.717.417.918.118.418.518.618.618.6
Poland40.240.339.537.237.638.438.437.137.537.738.137.737.8
Romania32.332.332.231.232.232.632.933.433.133.133.032.832.6
Russia39.539.939.235.034.637.437.436.136.235.934.633.833.1
Saudi Arabia53.746.660.536.041.647.551.846.644.742.240.138.136.2
South Africa29.229.829.827.427.328.127.927.827.827.827.928.028.1
Thailand22.321.521.420.822.422.623.021.521.721.821.922.022.4
Turkey32.831.631.832.633.334.634.836.035.735.034.734.634.6
Ukraine43.241.844.342.343.242.944.545.244.544.244.544.344.0
Average27.227.728.425.526.527.627.727.027.026.926.826.726.6
Asia19.120.319.919.620.421.421.621.321.621.922.122.322.5
Europe37.537.637.434.934.937.036.836.236.135.835.034.534.0
Latin America28.129.231.129.531.531.632.231.331.331.231.231.231.1
Middle East and North Africa28.528.829.628.125.824.024.025.027.325.024.324.123.7
G20 emerging26.727.128.025.126.327.527.827.027.026.926.826.726.7
Expenditure
Argentina30.933.634.337.938.540.944.545.345.944.844.544.344.1
Brazil38.138.438.238.039.939.240.440.040.239.439.439.339.3
Bulgaria33.634.935.236.236.734.434.637.438.038.237.437.337.6
Chile18.719.421.724.723.923.223.423.723.423.322.923.023.0
China18.918.920.423.222.823.924.924.624.524.324.023.623.3
Colombia28.328.026.629.529.428.627.928.828.427.827.427.127.0
Egypt37.835.336.034.633.431.833.438.640.337.636.736.936.5
Hungary52.250.649.251.449.849.648.550.351.551.852.052.152.0
India26.526.429.728.327.227.327.328.028.228.027.927.928.0
Indonesia20.120.321.318.318.218.519.720.320.720.319.919.519.3
Jordan35.938.035.635.430.433.231.735.134.033.031.530.530.3
Kazakhstan19.824.126.723.522.521.822.520.820.320.019.719.419.2
Kenya24.726.327.328.130.128.929.830.329.929.429.128.928.7
Latvia36.635.743.144.143.438.836.937.335.133.432.431.630.8
Lithuania33.734.837.444.141.838.335.834.934.634.133.433.132.8
Malaysia26.827.128.232.427.828.429.829.628.628.027.727.727.7
Mexico22.622.825.627.226.826.527.326.227.226.726.325.825.6
Morocco29.430.131.831.131.934.535.833.033.132.631.931.331.1
Nigeria23.325.325.727.226.729.127.326.324.924.423.622.522.2
Pakistan17.119.521.419.220.219.521.521.719.919.218.918.718.7
Peru18.217.718.820.520.319.219.620.119.920.120.420.420.7
Philippines19.119.018.620.119.218.018.818.919.219.319.419.419.5
Poland43.942.243.244.645.443.442.341.741.040.540.640.540.2
Romania33.735.437.038.538.636.935.435.835.134.834.934.634.4
Russia31.133.134.341.438.035.837.036.836.536.536.035.334.7
Saudi Arabia29.331.629.040.039.535.536.837.036.136.636.136.137.0
South Africa28.028.430.232.932.532.132.732.732.531.931.731.631.6
Thailand20.121.321.224.023.223.424.724.224.925.625.625.625.5
Turkey33.533.634.538.636.335.336.438.238.037.337.136.936.9
Ukraine44.643.847.448.649.045.649.049.549.648.648.648.448.0
Average26.927.428.630.129.629.329.929.729.529.128.828.528.2
Asia20.821.022.323.923.323.924.824.724.624.424.223.923.6
Europe35.035.736.941.139.037.037.637.737.337.036.636.235.7
Latin America29.530.431.833.234.334.034.734.134.333.633.433.133.0
Middle East and North Africa34.733.734.633.632.832.733.836.937.835.935.035.034.6
G20 emerging26.126.627.729.629.229.129.829.629.429.028.728.328.0
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 Market Economies: General Government Gross Debt and Net Debt(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Gross Debt
Argentina76.467.458.558.749.244.947.747.845.945.442.941.138.9
Brazil167.065.263.566.865.064.768.068.369.068.868.467.566.7
Bulgaria23.418.615.515.614.915.417.616.019.018.319.817.317.2
Chile5.03.94.95.88.611.111.912.913.213.513.713.813.9
China216.219.617.017.733.528.726.122.920.919.317.715.713.5
Colombia36.832.730.936.136.435.432.632.331.630.228.827.526.2
Egypt90.380.270.273.073.276.680.689.591.894.496.298.9100.3
Hungary65.967.073.079.881.881.479.279.880.079.779.379.178.8
India77.174.074.572.567.066.466.767.268.167.867.467.367.3
Indonesia39.035.133.228.626.824.424.526.226.826.426.025.424.3
Jordan76.373.860.264.867.170.779.683.887.087.285.883.381.0
Kazakhstan6.76.26.510.210.710.412.413.213.613.413.613.914.8
Kenya46.846.045.647.549.848.248.749.448.948.647.947.647.0
Latvia9.97.817.232.939.737.536.438.434.628.029.028.426.4
Lithuania17.916.815.529.538.439.441.142.042.342.342.141.941.6
Malaysia41.541.241.252.853.554.355.557.057.356.856.456.356.5
Mexico37.837.642.943.942.443.643.544.045.846.646.946.646.3
Morocco59.454.648.248.051.354.460.561.863.162.962.060.659.0
Nigeria11.812.811.615.215.517.218.319.620.321.522.523.321.0
Pakistan54.452.657.959.161.559.563.866.266.663.560.558.756.9
Peru33.130.426.827.124.422.320.518.617.115.814.613.412.4
Philippines51.644.644.244.343.542.041.941.239.037.035.533.832.4
Poland47.745.047.150.954.856.255.657.650.050.751.150.749.9
Romania12.612.713.623.831.134.438.238.238.137.236.936.636.2
Russia9.08.57.911.011.011.712.514.114.615.115.315.415.5
Saudi Arabia25.817.112.114.08.55.43.73.32.82.41.92.22.4
South Africa32.628.327.831.335.839.642.343.044.746.246.847.047.0
Thailand42.038.337.345.242.642.145.447.148.349.551.152.653.5
Turkey46.539.940.046.142.339.136.236.034.933.532.631.730.7
Ukraine14.812.320.535.440.536.837.442.848.151.454.656.657.0
Average36.935.533.536.040.337.836.535.334.133.432.631.630.3
Asia34.535.131.331.540.836.734.532.030.128.927.626.124.3
Europe26.423.523.629.529.127.726.928.127.527.527.527.326.9
Latin America50.649.550.453.251.751.552.051.551.651.450.850.049.1
Middle East and North Africa78.471.162.364.966.870.175.581.883.885.786.788.088.5
G20 emerging36.535.632.934.639.836.835.133.432.231.330.329.127.6
Net Debt
Argentina
Brazil47.345.138.041.539.136.435.234.034.334.133.833.633.4
Bulgaria−10.4−10.2−13.6−13.9−13.6−11.3−10.3−9.3−7.8−7.1−6.9−7.4−8.0
Chile−6.6−13.0−19.3−10.6−7.0−8.6−6.7−6.1−5.1−4.4−3.8−3.3−2.9
China
Colombia26.322.721.027.228.527.025.225.625.024.023.222.221.4
Egypt71.464.555.658.760.064.369.379.282.786.689.493.195.3
Hungary63.364.564.873.976.475.072.973.774.174.073.973.973.8
India
Indonesia
Jordan68.967.654.857.161.165.474.979.683.083.582.480.178.0
Kazakhstan−10.7−14.2−13.8−10.9−10.2−12.8−16.1−19.4−21.4−23.2−24.2−24.1−23.3
Kenya42.141.340.642.644.643.243.744.443.943.642.942.642.0
Latvia7.54.711.321.528.229.929.227.126.024.923.922.621.5
Lithuania11.011.112.723.431.134.934.936.036.737.037.237.337.2
Malaysia
Mexico29.829.133.236.336.437.838.038.540.241.041.341.040.7
Morocco56.853.147.547.350.854.059.961.362.562.461.460.058.4
Nigeria2.94.71.311.014.415.014.916.515.817.018.720.518.2
Pakistan50.647.953.255.557.956.260.563.464.161.358.556.955.3
Peru22.816.012.511.79.96.84.33.63.12.41.60.80.3
Philippines
Poland15.010.29.914.920.526.227.628.922.324.025.526.026.2
Romania
Russia
Saudi Arabia1.6−15.9−41.9−44.0−42.6−42.5−53.9−63.4−69.9−73.7−75.4−74.0−69.6
South Africa26.924.022.926.329.432.535.638.240.441.942.342.542.4
Thailand
Turkey39.032.732.537.534.731.227.527.826.024.823.923.122.1
Ukraine11.710.118.331.938.434.535.240.145.849.352.554.755.2
Average30.426.823.027.928.026.624.724.423.723.823.924.024.2
Asia
Europe26.622.021.927.828.927.825.826.023.623.423.322.922.3
Latin America34.733.231.134.733.832.331.030.631.231.130.930.530.2
Middle East and North Africa66.160.952.955.257.661.667.474.677.480.181.783.784.8
G20 emerging33.730.225.229.028.226.022.821.520.920.720.620.721.1
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.2.

Gross debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank.

Up to 2009, public debt data include only central government debt as reported by the Ministry of Finance. For 2010, debt data include subnational 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 assume that about 60 percent of subnational debt will be amortized by 2014, 16 percent over 2015–16, and 24 percent beyond 2017, with no issuance of new debt or rollover of existing debt. For more details, see Box 4 of the April 2013 Fiscal Monitor.

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.

Gross debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank.

Up to 2009, public debt data include only central government debt as reported by the Ministry of Finance. For 2010, debt data include subnational 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 assume that about 60 percent of subnational debt will be amortized by 2014, 16 percent over 2015–16, and 24 percent beyond 2017, with no issuance of new debt or rollover of existing debt. For more details, see Box 4 of the April 2013 Fiscal Monitor.

Statistical Table 9.Low-Income Countries: General Government Overall Balance and Primary Balance(Percent of GDP)
2006200720082009201020112012201320142015201620172018
Overall Balance
Armenia−2.0−2.3−1.8−7.7−5.0−2.9−1.6−2.2−2.3−2.0−1.8−1.6−1.5
Bolivia4.51.73.60.01.70.81.81.51.41.21.11.00.9
Burkina Faso16.1−6.7−4.3−5.3−4.6−2.4−3.2−2.3−3.2−3.2−3.2−3.2−3.2
Cambodia−0.2−0.70.3−4.2−2.8−4.1−2.7−2.4−2.0−1.6−1.3−1.1−0.8
Cameroon32.84.72.2−0.1−1.1−2.7−1.1−3.3−3.5−3.7−3.9−4.0−4.0
Chad2.22.53.6−9.2−4.22.40.5−2.4−0.71.70.60.1−1.4
Congo, Dem. Rep. of the−3.6−3.8−3.8−2.64.9−1.8−0.1−2.8−3.4−3.2−3.0−2.9−3.1
Congo, Rep. of16.69.423.44.816.116.46.414.315.511.810.910.78.6
Côte d’Ivoire−1.8−0.8−0.6−1.6−2.3−5.7−3.4−3.1−3.5−3.4−3.3−3.3−3.3
Ethiopia−3.9−3.6−2.9−0.9−1.3−1.6−1.2−2.8−3.1−2.7−2.6−2.4−2.4
Georgia3.40.8−2.0−6.5−4.8−0.9−0.8−2.2−2.0−1.6−1.4−1.1−1.2
Ghana−4.7−5.6−8.4−7.0−9.4−5.5−9.3−7.0−7.3−7.1−7.3−7.4−7.4
Haiti−1.70.2−2.8−4.62.4−3.7−5.1−5.5−6.9−5.4−4.3−3.5−3.1
Honduras−2.7−1.6−1.7−4.5−2.8−2.8−4.2−6.5−6.3−6.6−6.8−6.9−6.9
Lao P.D.R.−3.2−2.4−2.6−5.3−4.7−2.1−2.6−4.5−4.7−5.0−5.0−5.0−4.9
Madagascar−0.5−2.7−1.1−3.1−1.5−4.8−2.9−2.7−3.0−3.5−3.4−3.9−3.7
Mali31.3−3.2−2.2−4.2−2.7−3.7−1.1−2.5−3.0−2.9−2.9−2.7−2.7
Moldova0.0−0.2−1.0−6.3−2.5−2.4−2.1−2.6−2.8−2.8−2.7−2.7−2.5
Mozambique−4.1−2.9−2.5−5.5−4.3−5.0−4.0−4.6−7.2−6.7−6.4−5.8−4.8
Myanmar−3.6−3.3−2.4−4.9−5.4−4.6−3.7−5.1−4.8−4.8−4.8−4.8−4.7
Nepal0.3−0.8−0.4−2.6−0.8−1.0−0.62.7−0.3−0.3−0.2−0.2−0.4
Nicaragua0.50.9−0.6−1.7−0.60.30.0−0.9−1.0−0.7−1.7−0.8−1.0
Senegal−5.4−3.8−4.7−4.9−5.2−6.3−5.6−5.3−4.6−3.9−3.8−3.6−3.6
Sudan−1.4−3.50.6−5.10.30.2−3.8−2.0−0.9−1.4−1.6−2.9−3.2
Tanzania−4.5−1.9−2.6−6.0−6.5−5.0−5.0−5.3−4.5−3.8−3.3−2.9−2.7
Uganda−0.8−1.1−2.7−2.3−6.7−3.1−3.5−1.8−6.0−5.7−5.5−5.5−5.7
Uzbekistan5.45.210.22.84.98.88.51.20.60.30.20.20.2
Vietnam0.3−2.0−0.5−6.6−2.8−2.9−4.8−4.0−4.0−3.4−3.1−2.9−2.6
Yemen1.2−7.2−4.5−10.2−4.0−4.4−6.3−5.8−5.8−5.8−5.7−5.3−6.4
Zambia20.2−1.3−0.8−2.5−3.0−2.2−3.1−7.8−6.6−6.9−7.4−8.3−8.9
Average2.3−1.6−0.4−4.1−2.1−1.7−2.6−3.0−3.2−3.1−3.1−3.1−3.1
Oil producers6.5−0.81.2−5.8−1.7−1.5−3.7−3.1−3.1−2.8−2.7−2.5−2.7
Asia−0.5−2.1−0.9−5.7−3.4−3.2−4.1−3.7−3.8−3.5−3.3−3.1−3.0
Latin America0.50.30.3−2.30.0−0.9−1.1−2.0−2.1−2.0−2.0−1.8−1.7
Sub-Saharan Africa5.2−1.5−1.1−3.2−2.8−2.5−3.1−3.4−3.7−3.6−3.7−3.7−3.8
Others0.9−1.91.1−4.4−0.21.2−0.4−1.9−1.8−1.9−1.9−2.1−2.4
Primary Balance
Armenia−1.7−2.0−1.5−7.2−4.1−1.9−0.6−1.0−1.1−0.7−0.4−0.20.0
Bolivia7.04.35.51.73.12.12.82.62.32.11.91.81.6
Burkina Faso16.7−6.3−3.9−4.9−4.2−1.9−2.5−1.8−2.6−2.6−2.5−2.5−2.5
Cambodia0.0−0.50.5−4.0−2.5−3.8−2.4−2.0−1.6−1.2−0.9−0.7−0.4
Cameroon33.85.22.50.3−0.8−2.3−0.7−3.0−3.0−3.2−3.4−3.4−3.4
Chad2.62.83.8−8.8−3.63.00.9−1.8−0.12.31.00.5−1.1
Congo, Dem. Rep. of the1.01.40.92.97.10.92.3−0.7−1.4−1.4−1.5−1.5−1.8
Congo, Rep. of21.111.925.86.117.016.56.513.915.011.310.410.38.2
Côte d’Ivoire0.01.01.20.0−0.6−3.1−1.6−1.7−2.2−2.0−1.9−1.9−1.9
Ethiopia−3.0−2.9−2.5−0.6−0.9−1.2−0.9−2.5−2.7−2.2−2.0−1.7−1.7
Georgia4.11.4−1.3−5.6−3.80.30.2−1.0−0.9−0.5−0.20.00.0
Ghana−2.6−3.7−6.2−4.2−6.2−2.8−6.0−3.5−3.3−3.1−3.1−3.1−2.8
Haiti−1.21.3−2.1−3.83.0−3.3−4.6−5.0−6.5−4.9−3.8−2.9−2.5
Honduras−3.1−2.2−2.7−5.4−3.4−3.0−4.3−5.9−5.5−5.5−5.5−5.5−5.5
Lao P.D.R.−2.5−1.9−2.1−4.9−4.2−1.6−2.0−3.6−4.1−4.4−4.5−4.5−4.5
Madagascar1.9−1.5−0.3−2.3−0.7−4.0−2.2−1.8−1.8−2.3−2.3−2.8−2.7
Mali31.8−2.8−1.9−3.9−2.3−3.0−0.5−1.9−2.4−2.4−2.4−2.2−2.2
Moldova1.31.00.2−5.0−1.7−1.6−1.3−2.1−1.9−2.0−2.1−2.1−2.0
Mozambique−3.3−2.3−2.0−5.0−3.5−4.1−3.0−3.4−5.9−5.3−4.8−4.1−3.0
Myanmar−3.0−2.7−1.9−4.2−4.5−3.5−2.1−3.5−3.3−3.3−3.2−3.2−3.1
Nepal0.9−0.10.3−1.90.0−0.10.23.50.60.50.60.60.5
Nicaragua2.01.90.2−0.60.51.41.10.30.10.4−0.70.50.3
Senegal−4.5−3.2−4.0−4.2−4.3−4.7−4.1−3.7−2.9−2.2−2.1−1.9−1.9
Sudan−0.2−2.51.5−4.01.41.5−2.4−0.60.4−0.1−0.4−1.6−1.7
Tanzania−3.3−0.7−1.6−5.1−5.5−4.0−3.8−3.7−2.7−2.1−1.6−1.3−1.2
Uganda0.40.1−1.5−1.2−5.7−2.0−2.0−0.2−4.3−3.9−3.8−3.7−4.0
Uzbekistan5.65.310.32.95.08.98.61.30.70.40.30.30.3
Vietnam1.0−1.00.6−5.4−1.7−1.6−3.6−2.8−2.9−2.3−2.0−1.8−1.6
Yemen3.5−4.9−2.1−7.7−1.7−0.1−0.9−1.2−1.5−1.4−1.5−1.3−2.8
Zambia22.10.40.9−0.9−1.3−1.0−1.5−5.8−4.2−4.4−4.6−5.1−5.2
Average3.5−0.50.6−3.1−1.1−0.5−1.3−1.7−1.9−1.7−1.7−1.7−1.7
Oil producers7.80.32.4−4.5−0.50.0−2.1−1.6−1.7−1.4−1.3−1.2−1.5
Asia0.2−1.2−0.1−4.8−2.4−2.1−2.8−2.5−2.7−2.4−2.1−2.0−1.9
Latin America1.61.31.0−1.70.6−0.2−0.5−1.1−1.2−1.0−1.1−0.8−0.8
Sub-Saharan Africa6.8−0.10.2−1.9−1.6−1.2−1.7−2.0−2.2−2.0−2.1−2.0−2.1
Others2.0−0.92.0−3.40.92.71.4−0.3−0.2−0.4−0.5−0.7−1.0
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.
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
Armenia18.020.120.520.921.222.122.423.223.824.224.524.724.9
Bolivia34.334.438.935.833.236.237.937.336.335.334.734.334.0
Burkina Faso40.820.116.919.619.821.222.723.822.322.122.121.621.6
Cambodia12.813.715.915.817.015.617.217.317.818.018.218.318.4
Cameroon47.420.320.818.417.418.718.819.019.018.818.618.618.6
Chad16.219.722.515.020.224.823.419.919.721.520.519.818.6
Congo, Dem. Rep. of the19.517.021.124.333.027.231.131.129.729.429.128.928.5
Congo, Rep. of44.439.347.029.537.542.542.646.747.942.642.039.237.7
Côte d’Ivoire19.019.720.619.519.720.320.821.521.821.922.422.722.7
Ethiopia18.617.316.216.517.516.915.715.214.514.914.914.914.9
Georgia26.729.330.729.328.328.228.827.427.127.227.327.427.4
Ghana17.117.515.916.416.719.119.120.220.921.221.421.522.2
Haiti13.515.815.117.928.429.823.320.719.919.419.118.920.1
Honduras23.324.526.424.424.123.122.522.422.522.722.622.722.5
Lao P.D.R.14.515.615.917.118.318.319.620.319.819.619.619.319.0
Madagascar21.016.017.612.312.311.312.013.013.712.412.212.012.3
Mali56.221.319.021.720.121.017.621.522.523.123.623.023.1
Moldova39.941.740.638.938.336.638.138.138.137.837.537.237.0
Mozambique22.925.225.327.128.628.628.931.728.328.128.028.027.8
Myanmar12.812.311.610.711.412.023.023.423.924.525.125.526.0
Nepal13.014.214.916.818.017.618.619.919.920.120.220.320.4
Nicaragua24.925.424.825.525.728.228.028.227.928.328.628.628.6
Senegal21.223.621.621.722.022.423.323.422.922.922.722.822.9
Sudan22.421.924.015.419.318.110.011.212.913.213.012.012.3
Tanzania18.821.321.921.021.021.921.923.023.523.123.323.523.7
Uganda16.716.015.014.815.516.815.616.115.615.816.116.216.2
Uzbekistan34.435.640.736.737.040.241.636.335.735.835.735.635.6
Vietnam26.326.126.625.027.225.222.922.221.721.721.621.621.7
Yemen38.633.236.725.026.025.029.927.226.925.924.824.723.4
Zambia43.623.023.018.919.621.723.220.922.222.222.622.823.2
Average25.923.024.021.522.823.223.423.323.223.123.123.023.1
Oil producers32.026.828.523.926.125.624.623.923.323.022.622.422.2
Asia21.621.321.420.321.620.622.122.021.821.922.022.122.3
Latin America26.026.729.127.928.530.230.029.729.228.928.728.628.7
Sub-Saharan Africa26.820.420.819.120.521.621.421.921.721.621.621.521.5
Others28.928.030.924.826.326.926.325.625.925.925.825.625.6
Expenditure
Armenia20.022.422.228.626.225.024.025.426.126.226.426.326.4
Bolivia29.832.735.335.831.535.436.135.834.934.133.633.333.1
Burkina Faso24.626.821.124.924.423.625.926.125.425.325.224.824.7
Cambodia13.014.515.620.019.919.620.019.719.819.619.519.419.2
Cameroon14.615.618.618.518.621.419.922.422.522.522.522.622.6
Chad14.017.118.924.224.422.423.022.220.419.820.019.620.0
Congo, Dem. Rep. of the23.120.824.926.928.129.031.233.933.132.632.131.831.6
Congo, Rep. of27.829.923.624.721.426.136.232.432.430.931.028.529.1
Côte d’Ivoire20.820.521.121.122.025.924.224.725.425.325.825.926.0
Ethiopia22.520.919.117.418.818.516.918.017.617.717.517.317.3
Georgia23.328.432.735.833.129.129.629.629.128.928.728.528.5
Ghana21.823.124.423.426.124.628.427.228.228.328.628.929.6
Haiti15.215.617.922.526.033.528.426.226.724.823.422.423.2
Honduras26.026.128.128.927.025.926.629.028.829.329.429.629.4
Lao P.D.R.17.718.018.622.423.020.422.224.824.524.624.624.323.9
Madagascar21.518.718.615.313.816.014.915.816.715.915.615.915.9
Mali24.924.521.225.922.824.718.724.125.526.026.525.725.7
Moldova39.842.041.645.240.839.040.340.840.940.540.239.839.5
Mozambique27.028.127.832.632.933.632.936.335.534.834.433.832.6
Myanmar16.415.514.015.616.916.626.628.528.829.329.930.330.7
Nepal12.715.015.419.418.818.519.217.220.320.320.520.520.8
Nicaragua24.424.425.527.226.328.028.029.129.029.130.329.429.6
Senegal26.627.526.326.627.228.628.828.727.526.826.526.426.5
Sudan23.825.423.520.519.017.913.813.213.914.614.614.915.6
Tanzania23.223.124.527.027.526.926.928.428.026.926.626.426.4
Uganda17.517.117.717.122.219.919.117.921.621.521.621.621.9
Uzbekistan29.030.430.533.932.131.433.035.035.135.435.435.435.4
Vietnam26.128.127.131.630.028.127.726.225.725.124.724.524.4
Yemen37.440.341.235.230.129.436.233.032.731.730.530.029.8
Zambia23.524.323.821.322.623.926.328.728.929.130.031.132.1
Average23.524.624.525.625.024.926.026.426.426.226.226.126.2
Oil producers25.527.627.429.627.827.128.327.026.425.725.325.024.9
Asia22.123.422.326.025.023.826.225.625.625.425.325.325.3
Latin America25.526.428.830.328.531.131.131.631.330.930.730.430.4
Sub-Saharan Africa21.621.922.022.323.324.124.525.225.425.225.325.225.4
Others28.029.929.829.226.525.726.727.527.627.827.727.828.0
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.
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
Armenia16.214.214.634.133.735.538.941.744.142.942.841.140.8
Bolivia55.240.537.240.038.534.733.430.829.227.626.024.522.9
Burkina Faso22.625.425.228.629.329.727.331.431.732.633.734.334.8
Cambodia32.730.627.528.929.128.528.828.228.427.927.326.525.9
Cameroon15.912.09.510.612.113.816.219.321.924.527.029.431.7
Chad26.521.118.923.326.331.327.828.126.223.523.322.923.1
Congo, Dem. Rep. of the162.0136.3143.0146.442.635.535.438.138.637.636.435.333.1
Congo, Rep. of98.898.068.161.622.930.226.221.821.719.818.014.512.7
Côte d’Ivoire84.275.675.366.566.494.945.841.539.838.637.536.435.3
Ethiopia39.437.230.825.327.926.221.222.524.124.725.325.626.2
Georgia27.121.627.637.339.233.832.332.933.633.032.030.829.6
Ghana26.231.033.636.246.343.750.251.653.855.056.559.760.3
Haiti39.034.837.828.217.712.215.420.424.527.629.430.331.1
Honduras40.224.622.924.629.732.134.440.044.449.454.660.167.4
Lao P.D.R.71.964.260.363.262.156.152.854.053.151.249.547.644.9
Madagascar37.033.531.936.036.137.438.137.239.037.536.433.931.8
Mali20.421.122.624.728.729.229.729.830.731.532.232.733.2
Moldova30.425.218.826.726.523.123.923.523.322.421.720.620.2
Mozambique53.641.942.145.646.139.342.245.749.150.351.652.251.5
Myanmar90.362.353.055.049.549.248.042.642.943.243.443.743.9
Nepal49.542.841.239.335.433.133.630.029.829.929.228.928.6
Nicaragua74.251.047.450.750.145.742.741.339.537.936.735.834.4
Senegal21.823.523.934.235.740.041.745.547.348.949.449.750.1
Sudan75.070.768.871.873.170.995.7100.099.297.497.197.998.1