Chapter

Methodological and Statistical Appendix

Editor(s):
Martine Guerguil, and Michael Keen
Published Date:
April 2014
Share
  • ShareShare
Show Summary Details

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 2013–19. 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 April 2014.

Data and Conventions

Country-specific data and projections for key fiscal variables are based on the April 2014 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 database are listed in the respective tables and figures.

The samples of advanced economies, emerging market economies, and low-income countries have been modified. See Economy Groupings for more details. Each income group comprises about 30 countries selected based on the size of economy measured by GDP to maximize the coverage in the global economy while balancing regional representation.

All fiscal data refer to the general government, where available, and to calendar years, except for Bangladesh, Côte d’Ivoire, Egypt, Hong Kong Special Administrative Region, India, Lao P.D.R., Pakistan, Singapore, and Thailand, for which they refer to the 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 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 data for Argentina 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 data. Alternative data sources have shown significantly lower real growth than the official data since 2008. In this context, the IMF is also using alternative estimates of GDP growth for the surveillance of macroeconomic developments in Argentina.

Consumer price data from January 2014 onwards reflect the new national CPI (IPCNu), which differs substantively from the preceding CPI (the CPI for the Greater Buenos Aires Area, CPI-GBA). Because of the differences in geographical coverage, weights, sampling, and methodology, the IPCNu data cannot be directly compared to the earlier CPI-GBA data. Because of this structural break in the data, staff forecasts for CPI inflation are not reported in the April 2014 Fiscal Monitor. Following a declaration of censure by the IMF on February 1, 2013, the public release of a new national CPI by end-March 2014 was one of the specified actions in the IMF Executive Board’s December 2013 decision calling on Argentina to address the quality of its official CPI data. The Executive Board will review this issue again as per the calendar specified in December 2013 and in line with the procedures set forth in the Fund’s legal framework.

Bangladesh. Data are on a fiscal year basis.

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 allocations 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. IMF staff estimated in the 2013 Article IV Staff Report that the augmented debt—expanding the perimeter of government to include local government financing vehicles and other off-budget activity—was around 46.2 percent of GDP as of end-2012. Deficit numbers do not include some expenditure items, mostly 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.

Egypt. 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. 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 resulting from 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 sector support. The fiscal balance estimates excluding these measures are −11.3 percent of GDP for 2009; −10.5 percent of GDP for 2010; −8.9 percent of GDP for 2011; −8.2 percent of GDP for 2012; −7.4 percent of GDP for 2013 (including exchequer outlays for guarantees paid out under the Eligibility Liabilities Guarantee scheme in the context of the liquidation of the Irish Bank Resolution Corporation); −5.1 percent of GDP for 2014; −2.9 percent of GDP for 2015; and −2.3 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.

South Africa. Primary balance reflects, in part, a technical improvement resulting from the inclusion of extraordinary receipts and payments in the definition of the budget deficit (in line with GFSM 2001). For fiscal years 2013/14 and 2014/15, net extraordinary receipts are estimated to improve the budget balance by 0.3 and 0.1 percent of GDP, respectively.

Spain. Overall and primary balances include financial sector support measures estimated to be 0.04 percent of GDP for 2010; 0.5 percent of GDP for 2011; 3.8 percent of GDP for 2012; and 0.5 percent of GDP for 2013.

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 2.4 percent of GDP for 2009; 0.3 percent of GDP for 2010; 0.2 percent of GDP for 2011; and 0.1 percent of GDP for 2012. Data have been revised significantly following the Bureau of Economic Analysis’s recent comprehensive revision of the National Income and Product Accounts (NIPA) along the lines of the 2008 System of National Accounts (SNA). As a result of these methodological changes, the deficit includes several expenditure items not counted as expenditure in other countries which have not yet adopted the 2008 SNA. For cross-country comparability, gross and net debt levels reported by national statistical agencies for countries that have adopted the 2008 SNA (Australia, Canada, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined benefit pension plans. See Box 1.1 for more details.

Fiscal Policy Assumptions

Historical data and projections of key fiscal aggregates are in line with those of the April 2014 World Economic Outlook, unless highlighted. For underlying assumptions other than on fiscal policy, see the April 2014 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 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 2013–14 Mid-Year Economic and Fiscal Outlook, Australian Bureau of Statistics, and IMF staff projections.

Austria. Projections take into account the authorities’ medium-term fiscal framework, as well as associated further implementation needs and risks. For 2014, the creation of a defeasance structure for Hypo Alpe Adria is assumed to increase the general government debt-to-GDP ratio by 5½ percentage points and the deficit by 1.2 percentage points.

Belgium. IMF staff projections for 2014 and beyond are based on unchanged policies.

Brazil. For 2013, preliminary outturn estimates are based on the information available as of January 2014. Projections for 2014 take into account the latest adjustments to the original budget, as per Presidential Decree of February 2014. 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 2014, (the fiscal year 2014/15 budget) and 2014 provincial budgets. 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 2013.

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

China. The pace of fiscal consolidation is likely to be more gradual, reflecting reforms to strengthen social safety nets and the social security system announced at the Third Plenum reform agenda.

Cyprus. Projections are on a cash basis based on the latest budget information, adjusted for the Third Review of the IMF program with Cyprus.

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

Denmark. Projections for 2013–15 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2016–19, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2013 Convergence Program submitted to the European Union.

Egypt. Fiscal projections are based mainly on budget sector operations.

Estonia. The forecast, which is cash and not accrual based, incorporates the authorities’ 2014 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 2014 reflect the budget law. For 2015–17 they are based on the 2013–17 multi-year budget, April 2013 stability plan, medium-term projection annexed to the 2014 budget adjusted for 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 preliminary outturns published by the statistical institute in May 2013. Estimates for 2013 reflect discussions with the authorities on monthly developments on spending and revenue.

Germany. The estimates for 2013 are preliminary estimates from the Federal Statistical Office. The IMF staff’s projections for 2014 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.

Hong Kong SAR. Projections are based on the authorities’ medium-term fiscal projections on expenditures. The FY2015/2016 balance is adjusted to include HK$50 billion for health care reform expenditure.

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 in the 2014 budget.

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 staff projections for 2013–18 are based on a gradual increase in administrative fuel prices, introduction in 2014 of new social protections, and moderate tax policy and administration reforms.

Ireland. Fiscal projections are based on the 2014 budget. 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 Central Bureau of Statistics. 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 2014 Budgetary Plan, adjusted for different growth outlooks and estimated impact of measures. Estimates of the cyclically adjusted balance include the expenditure to clear capital arrears in 2013. After 2014, the IMF staff projects convergence to a structural balance in line with Italy’s fiscal rule, which implies corrective measures in some years, as yet unidentified. Fiscal proposals by the new government were announced after the finalization of the WEO projections and are not included in the figures.

Japan. Projections are based on fiscal measures already announced by the government, including consumption tax increases, earthquake reconstruction spending, and the stimulus packages.

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

Korea. The medium-term forecast reflects both the government’s announced medium-term consolidation path and IMF staff’s judgment.

Lithuania. Fiscal projections for 2013 and 2014 are based on the authorities’ budget after adjusting for differences in macroeconomic assumptions, and performance so far. Projections for 2015 onward are passive projections because measures to underpin the authorities’ public commitment to further consolidation have not yet been specified.

Malaysia. Fiscal year 2013 projections are based on preliminary outturn for 2013:Q1–Q3 and IMF staff projections taking into account the original and supplemental budget numbers. For the remainder of the projection period, the IMF staff assumes that the authorities undertake a gradual subsidy reform starting in 2013 and the introduction of a 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 2014 are in line with the approved budget; projections for 2015 onward assume compliance with the rules established in the Fiscal Responsibility Law.

Moldova. Fiscal projections are based on the 2014 budget, discussions with the authorities, and IMF staff projections.

Mozambique. Fiscal projections assume a moderate increase in revenue as a percentage of GDP and a commensurate increase in domestic primary spending. They account for a lower aid flow, with the grants contribution declining.

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 Half Year Economic and Fiscal Update 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’ 2014 amended budget.

Philippines. Fiscal projections assume that the authorities’ fiscal deficit target will be achieved in 2014 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 (ESA-95) accrual basis. Projections are based on the 2014 budget and its execution up to the third quarter of 2013. The projections also take into account the effects of pension reform announced in early 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 2014 cash deficit projection is based on the promulgated budget for 2014. The 2015 cash deficit projection is consistent with the authorities’ EU commitments.

Russia. Projections for 2013–19 are based on the oil-price-based fiscal rule introduced in December 2012, with adjustments by the IMF staff.

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 the 13th-month pay awards every three years in accordance with the lunar calendar; capital spending estimates over the medium term are in line with the authorities’ priorities established in the 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 expenditures 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’ Medium Term Budget Policy Statement, released October 23, 2013.

Spain. For 2013 and beyond, fiscal projections are based on the measures specified in the Stability Program Update 2013–16, the revised fiscal policy recommendations by the European Council in June 2013, the 2014 budget plan issued in October 2013, and the 2014 budget approved in December 2013.

Sweden. Fiscal projections are broadly in line with the authorities’ projections based on the 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 semi-elasticity.

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. IMF staff projections do not assume implementation of the planned infrastructure investment programs.

Turkey. Fiscal projections assume that both current expenditures and capital spending will be above the authorities’ 2013–15 Medium-Term Program, based on current trends and policies.

United Kingdom. Fiscal projections are based on the Treasury’s 2014 budget, published in March 2014. However, on the revenue side, the authorities’ projections are adjusted for differences between IMF staff forecasts of macroeconomic variables (such as GDP growth) and the forecasts of these variables assumed in the authorities’ fiscal projections. In addition, IMF staff’s projections exclude the temporary effects of financial sector interventions and the effect on public sector net investment during 2012–13 of transferring assets from the Royal Mail Pension Plan to the public sector. Transfers of profits from the Bank of England’s Asset Purchase 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 February 2014 Congressional Budget Office baseline adjusted for the IMF staff’s policy and macroeconomic assumptions. The baseline incorporates the key provisions of the Bipartisan Budget Act of 2013, including a partial rollback of the sequester spending cuts in fiscal years 2014 and 2015. The rollback is fully offset by savings elsewhere in the budget. In fiscal years 2016 through 2021, the IMF staff assumes that the sequester cuts will continue to be partially replaced, in portions similar to those in fiscal years 2014 and 2015, with back-loaded measures generating savings in mandatory programs and additional revenues. 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. Historical data start at 2001 for most series because data compiled according to GFSM 2001 may not be available for the earlier years.

Vietnam. Revenues and financing projections reflect the information and measures in the approved budget and the IMF staff’s macro framework assumptions.

Table A.Advanced Economies: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting PracticeCoverageAccounting PracticeCoverageAccounting Practice
CountryAggregateSubsectorsAggregateSubsectorsAggregateSubsectors
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
CyprusGGCG, LGAGGCG, LGA
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
LatviaGGCG, LG, SS, NFCCGGCG, LG, SS, NFCCGGCG, LG, SS, NFCC
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.
Table B.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
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
KenyaCGCGCCGCGC
LithuaniaGGSG, 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, SG, LGCGGCG, SS, SG, LGCGGCG, SS, SG, LGC
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.
Table C.Low-Income Countries: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting PracticeCoverageAccounting PracticeCoverageAccounting Practice
CountryAggregateSubsectorsAggregateSubsectorsAggregateSubsectors
BangladeshCGCGCCGCGCCGCGC
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
GhanaCGCGCCGCGC
HaitiCGCGCCGCGCCGCGC
HondurasNFPSCG, LG, SS, NFCANFPSCG, LG, SS, NFCANFPSCG, LG, SS, NFCA
Lao P.D.R.2CGCGCCGCGCCGCGC
MadagascarCGCGC
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
TajikistanGGCG, LG, SSCGGCG, LG, SSC
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.

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
AustraliaArgentinaBangladeshCanadaArgentinaAustraliaArgentina
AustriaBrazilBoliviaFranceAustraliaCanadaBrazil
BelgiumBulgariaBurkina FasoGermanyBrazilFranceChina
CanadaChileCambodiaItalyCanadaGermanyIndia
CyprusChinaCameroonJapanChinaItalyIndonesia
Czech RepublicColombiaChadUnited KingdomFranceJapanMexico
DenmarkEgyptCongo, Dem. Rep. of theUnited StatesGermanyKoreaRussia
EstoniaHungaryCongo, Rep. ofIndiaUnited KingdomSaudi Arabia
FinlandIndiaCôte d’IvoireIndonesiaUnited StatesSouth Africa
FranceIndonesiaEthiopiaItalyTurkey
GermanyJordanGhanaJapan
GreeceKazakhstanHaitiKorea
Hong Kong SARKenyaHondurasMexico
IcelandLithuaniaLao P.D.R.Russia
IrelandMalaysiaMadagascarSaudi Arabia
IsraelMexicoMaliSouth Africa
ItalyMoroccoMoldovaTurkey
JapanNigeriaMozambiqueUnited Kingdom
KoreaPakistanMyanmarUnited States
LatviaPeruNepal
NetherlandsPhilippinesNicaragua
New ZealandPolandSenegal
NorwayRomaniaSudan
PortugalRussiaTajikistan
SingaporeSaudi ArabiaTanzania
Slovak RepublicSouth AfricaUganda
SloveniaThailandUzbekistan
SpainTurkeyVietnam
SwedenUkraineYemen
SwitzerlandZambia
United Kingdom
United States
Euro AreaEmerging AsiaEmerging EuropeEmerging Latin AmericaEmerging Middle East and North AfricaLow-Income AsiaLow-Income Latin America
AustriaChinaBulgariaArgentinaEgyptBangladeshBolivia
BelgiumIndiaHungaryBrazilJordanCambodiaHaiti
CyprusIndonesiaKazakhstan ChileMoroccoLao P.D.R.Honduras
EstoniaMalaysiaLithuaniaColombiaPakistanMyanmarNicaragua
FinlandPhilippinesPolandMexicoNepal
FranceThailandRomaniaPeruVietnam
GermanyRussia
GreeceTurkey
IrelandUkraine
Italy
Latvia
Luxembourg
Malta
Netherlands
Portugal
Slovak Republic
Slovenia
Spain
Low-Income Sub-Saharan AfricaLow-Income OthersLow-Income Oil ProducersOil Producers
Burkina FasoMoldovaCameroonAlgeria
CameroonSudanChadAngola
ChadTajikistanCongo, Rep. ofAzerbaijan
Congo, Dem. Rep. of theUzbekistanSudanBahrain
YemenVietnamBrunei Darussalam
Congo, Rep. ofYemenCameroon
Côte d’IvoireChad
EthiopiaCongo, Rep. of
GhanaEcuador
MadagascarEquatorial Guinea
MaliGabon
MozambiqueIndonesia
SenegalIran
TanzaniaKazakhstan
UgandaKuwait
ZambiaLibya
Mexico
Nigeria
Norway
Oman
Qatar
Saudi Arabia
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)
20062007200820092010201120122013201420152016201720182019
Overall Balance
Australia1.81.5−1.1−4.6−5.1−4.4−3.7−3.7−3.4−1.9−1.0−1.4−1.9−1.7
Austria−1.7−1.0−1.0−4.1−4.5−2.5−2.5−1.8−3.0−1.5−1.3−1.1−1.0−1.0
Belgium0.3−0.1−1.1−5.6−3.9−3.9−4.1−2.8−2.4−2.1−1.5−0.9−0.20.5
Canada1.81.5−0.31.5−4.9−3.7−3.4−3.0−2.5−2.0−1.5−1.1−0.9−0.6
Cyprus−1.23.50.9−6.1−5.3−6.3−6.4−4.7−5.2−5.2−2.0−1.0−0.2−0.5
Czech Republic−2.4−0.7−2.2−5.8−4.8−3.3−4.4−2.9−2.8−2.5−2.3−2.3−2.2−1.9
Denmark5.04.83.3−2.8−2.7−2.0−3.9−0.4−1.4−2.7−2.2−1.1−0.7−0.4
Estonia2.52.4−2.9−2.00.21.2−0.2−0.4−0.40.20.60.81.11.3
Finland4.15.34.3−2.7−2.8−1.0−2.2−2.6−2.6−1.9−1.7−1.6−1.6−1.5
France−2.4−2.8−3.3−7.6−7.1−5.3−4.8−4.2−3.7−3.0−2.1−1.3−0.40.0
Germany−1.70.2−0.1−3.1−4.2−0.80.10.00.0−0.10.20.40.40.4
Greece−6.0−6.8−9.9−15.6−10.8−9.6−6.3−2.6−2.7−1.9−0.7−0.7−0.9−0.7
Hong Kong SAR3.97.70.11.54.23.93.20.82.60.52.32.42.92.4
Iceland6.35.4−13.5−10.9−10.3−6.2−3.8−1.9−0.20.00.40.71.01.4
Ireland12.90.1−7.3−13.8−30.5−13.1−8.2−7.4−5.1−3.0−2.4−1.7−1.2−0.7
Israel−2.6−1.5−3.7−6.3−4.6−4.2−3.9−3.2−2.9−2.5−2.0−2.0−2.0−1.5
Italy−3.4−1.6−2.7−5.4−4.4−3.7−2.9−3.0−2.7−1.8−0.8−0.4−0.2−0.2
Japan−3.7−2.1−4.1−10.4−9.3−9.8−8.7−8.4−7.2−6.4−5.4−5.2−5.2−5.4
Korea1.12.31.60.01.71.81.81.01.21.21.61.92.22.4
Latvia−0.50.6−7.5−7.8−7.3−3.20.1−1.3−1.11.3−1.6−0.3−0.5−0.6
Netherlands0.50.20.5−5.6−5.1−4.3−4.0−3.1−3.0−2.0−1.7−1.4−1.0−0.6
New Zealand4.33.41.5−1.5−5.1−4.9−1.6−0.60.31.11.72.63.13.1
Norway18.317.318.810.511.113.613.911.111.29.98.98.07.26.5
Portugal−3.8−3.2−3.7−10.2−9.91.3−6.5−4.9−4.0−2.5−2.0−1.6−1.4−1.2
Singapore7.111.96.5−0.57.39.38.76.96.05.45.14.94.94.9
Slovak Republic−2.6−1.6−2.0−8.0−7.7−5.11.5−3.0−3.8−3.8−3.8−3.7−3.6−3.6
Slovenia−0.80.3−0.3−5.5−5.4−5.6−3.2−14.2−5.5−4.1−4.0−3.6−3.3−3.0
Spain12.42.01.5−11.1−9.6−9.6−10.6−7.2−5.9−4.9−3.9−2.9−2.0−1.0
Sweden2.23.52.2−1.00.00.0−0.7−1.0−1.3−0.50.00.40.81.1
Switzerland0.91.31.80.50.10.30.00.0−0.20.40.70.90.90.9
United Kingdom−2.8−2.9−5.0−11.3−10.0−7.8−8.0−5.8−5.3−4.1−2.9−1.5−0.4−0.2
United States−3.41.0−7.8−14.7−12.5−11.0−9.7−7.3−6.4−5.6−5.6−5.4−5.4−5.7
Average−1.9−1.6−3.9−9.5−8.3−6.9−6.2−4.91.3−3.6−3.1−2.8−2.6−2.6
Euro area−1.3−0.7−2.1−6.4−6.2−4.2−3.7−3.0−2.6−2.0−1.4−0.9−0.5−0.3
G7−2.9−2.7−5.1−10.8−9.6−8.2−7.3−5.9−5.1−4.41.0−3.6−3.4−3.5
G20 advanced−2.7−2.4−4.8−10.4−9.1−7.7−6.9−5.5−4.8−4.1−3.6−3.3−3.2−3.2
Primary Balance
Australia1.51.3−1.11.51.8−3.9−3.0−3.0−2.6−1.1−0.2−0.5−0.8−0.4
Austria0.51.01.1−1.9−2.3−0.3−0.30.2−1.00.60.81.01.01.1
Belgium4.13.62.5−2.2−0.6−0.6−0.70.40.60.81.41.92.53.3
Canada2.42.0−0.2−3.71.3−3.3−2.8−2.6−2.2−1.6−1.2−0.9−0.7−0.5
Cyprus1.55.93.4−3.9−3.61.5−3.6−1.7−2.0−2.11.23.04.04.0
Czech Republic−1.70.0−1.5−4.8−3.6−2.0−3.1−1.5−1.4−1.0−0.7−0.6−0.5−0.2
Denmark5.85.33.4−2.4−2.2−1.5−3.50.0−1.2−2.2−1.8−0.9−0.5−0.2
Estonia2.22.1−3.4−2.20.11.1−0.2−0.4−0.40.20.60.91.21.3
Finland3.74.73.4−3.3−3.0−1.3−2.2−2.6−2.7−2.1−1.9−1.9−1.7−1.6
France0.0−0.3−0.7−5.4−4.8−2.8−2.4−2.2−1.7−1.0−0.20.61.51.9
Germany0.82.72.3−0.8−2.01.11.91.71.61.41.71.91.91.9
Greece−1.3−2.01.8−10.5−4.9−2.4−1.31.51.53.04.54.54.24.2
Hong Kong SAR3.67.4−0.31.34.03.73.00.62.40.32.22.32.82.2
Iceland6.75.7−13.5−8.8−6.6−1.90.21.63.03.43.73.53.84.2
Ireland13.70.7−6.6−12.4−27.9−10.4−5.2−3.4−0.71.62.43.03.43.8
Israel2.73.20.5−2.4−0.6−0.3−1.5−0.3−0.1−0.20.10.00.00.2
Italy1.03.12.2−1.0−0.10.92.32.02.33.34.54.95.25.2
Japan−3.7−2.1−3.8−9.9−8.6−9.0−7.8−7.6−6.4−5.5−4.4−4.0−3.7−3.4
Korea2.51.51.2−0.70.91.01.00.20.50.71.01.61.81.9
Latvia−0.10.9−7.4−7.2−6.5−2.21.3−0.10.42.2−0.60.70.50.5
Netherlands2.11.82.1−4.1−3.8−3.0−2.9−1.9−1.8−0.8−0.6−0.30.10.5
New Zealand3.93.11.2−2.0−5.4−4.8−1.4−0.60.31.11.72.63.13.1
Norway16.114.415.88.19.011.512.09.29.27.96.95.95.14.4
Portugal−1.3−0.6−1.0−7.5−7.1−0.5−2.6−0.70.31.92.42.83.13.3
Singapore5.710.55.0−1.95.87.87.25.54.53.93.73.53.43.4
Slovak Republic−1.8−0.7−1.2−6.9−6.5−3.7−2.9−1.2−2.0−2.0−1.9−1.7−1.6−1.6
Slovenia0.31.20.5−4.7−4.11.3−1.5−11.9−2.0−0.5−0.10.51.01.3
Spain13.73.1−3.4−9.9−8.2−7.6−8.1−4.2−2.8−1.7−0.60.41.42.9
Sweden3.04.22.7−0.70.20.3−0.7−0.8−1.2−0.50.00.40.71.1
Switzerland1.92.12.41.10.70.81.11.10.91.51.81.91.91.8
United Kingdom−1.3−1.3−3.5−9.8−7.4−5.0−5.61.5−3.5−1.9−0.21.42.52.8
United States−0.7−1.2−5.0−11.6−9.3−7.6−6.3−4.1−3.2−2.4−2.2−1.9−1.7−1.8
Average0.10.3−2.0−7.4−6.2−4.6−3.9−2.8−2.1−1.4−0.8−0.4−0.10.0
Euro area1.21.90.5−3.9−3.7−1.5−1.0−0.4−0.10.51.21.72.12.4
G7−0.7−0.4−2.8−8.4−7.1−5.6−4.7−3.4−2.7−1.9−1.3−0.8−0.5−0.4
G20 advanced−0.6−0.3−2.6−8.1−6.8−5.3−4.5−3.3−2.6−1.8−1.2−0.7−0.4−0.3
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see Fiscal Policy Assumptions in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country–specific details, see Data and Conventions in text, and Table A.
Statistical Table 2.Advanced Economies: General Government Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance(Percent of potential GDP)
20062007200820092010201120122013201420152016201720182019
Cyclically Adjusted Balance
Australia1.71.2−1.3−4.5−4.9−4.4−3.8−3.4−3.0−1.8−1.0−1.4−1.9−1.7
Austria−2.4−2.7−2.7−3.2−3.8−2.5−2.3−1.2−2.6−1.3−1.2−1.1−1.0−1.0
Belgium−0.3−1.4−2.1−4.8−3.6−3.9−3.7−2.0−1.7−1.4−0.9−0.40.10.7
Canada0.90.7−0.6−2.9−4.0−3.1−2.7−2.4−2.1−1.7−1.4−1.1−0.9−0.6
Cyprus1
Czech Republic−4.0−3.1−4.5−5.7−4.9−3.4−3.7−1.5−1.7−1.6−1.7−1.9−2.2−2.3
Denmark3.43.11.8−1.1−1.4−0.7−2.00.60.1−1.3−1.1−0.9−0.3−0.2
Estonia
Finland2.32.11.80.4−1.3−1.0−1.5−0.8−0.6−0.4−0.5−0.7−0.8−1.0
France−3.2−4.0−3.9−5.9−5.9−4.8−3.9−3.0−2.5−2.1−1.5−0.9−0.20.0
Germany−2.2−1.1−1.4−1.2−3.5−1.2−0.10.30.2−0.10.20.40.40.4
Greece−8.7−10.8−14.3−19.1−12.3−8.3−2.32.11.51.11.10.4−0.5−0.6
Hong Kong SAR21.63.9−0.6−0.90.91.30.8−1.00.5−1.01.01.31.61.0
Iceland4.93.2−17.9−9.7−7.5−4.9−3.3−2.4−2.0−1.60.0−0.20.11.4
Ireland2−4.2−8.7−11.9−9.9−8.3−7.0−6.1−5.0−4.0−2.3−2.2−1.6−1.2−0.7
Israel−0.5−2.0−4.4−5.8−4.7−4.6−4.1−3.3−2.8−2.4−1.9−1.9−2.0−1.5
Italy−4.9−3.5−3.7−3.6−3.6−3.1−1.5−0.8−0.8−0.50.00.00.10.1
Japan−3.5−2.2−3.5−7.4−7.8−8.3−7.6−7.8−6.9−6.1−5.3−5.1−5.2−5.4
Korea1.12.31.80.71.71.81.81.11.31.21.61.92.22.4
Latvia−1.0−8.9−3.3−3.2−1.30.8−1.1−0.91.3−1.6−0.3−0.5−0.6
Netherlands−0.1−1.4−1.0−4.8−4.4−3.7−2.3−0.20.00.50.30.10.10.1
New Zealand3.12.61.3−0.9−4.5−4.4−1.4−0.40.21.01.62.63.13.0
Norway2−3.5−3.3−3.5−5.5−5.4−4.7−5.2−5.5−6.0−5.9−5.8−5.8−5.7−5.7
Portugal2−3.8−4.1−4.3−9.4−9.7−3.7−4.7−2.8−2.7−1.7−1.6−1.5−1.6−1.7
Singapore7.111.66.61.06.78.88.76.65.85.25.04.84.84.6
Slovak Republic−2.5−2.6−3.0−6.6−7.3−4.7−3.8−1.8−2.5−2.8−3.0−3.2−3.4−3.6
Slovenia−2.0−2.5−3.4−4.4−4.7−3.9−2.1−1.9−2.4−2.7−3.1−3.1−3.1−3.0
Spain21.30.6−5.6−10.0−8.4−8.0−5.2−4.7−4.4−3.7−3.0−2.3−1.6−0.8
Sweden21.31.61.0−0.10.6−0.1−0.7−0.8−1.2−0.6−0.20.30.50.9
Switzerland21.11.01.51.20.30.50.70.50.40.30.80.90.90.9
United Kingdom2−4.6−5.3−6.7−10.2−8.4−5.9−5.7−3.7−3.8−3.1−2.2−1.0−0.2−0.1
United States2−3.3−3.6−5.7−8.8−10.0−8.7−7.7−5.4−5.0−4.6−5.0−5.1−5.4−5.7
Average−2.6−2.5−4.0−6.5−6.9−5.8−5.0−3.8−3.4−3.0−2.8−2.7−2.7−2.7
Euro area−2.3−2.3−3.3−4.8−5.1−3.8−2.8−1.5−1.4−1.1−0.7−0.5−0.2−0.1
G7−3.3−3.1−4.5−7.0−7.8−6.7−5.9−4.4−4.0−3.6−3.5−3.4−3.3−3.5
G20 advanced−3.0−2.8−4.2−6.7−7.4−6.3−5.5−4.2−3.8−3.4−3.2−3.1−3.1−3.2
Cyclically Adjusted Primary Balance
Australia1.41.0−1.4−4.4−4.6−3.8−3.1−2.7−2.3−1.0−0.2−0.5−0.8−0.4
Austria−0.2−0.6−0.6−1.0−1.6−0.3−0.20.7−0.60.80.91.01.11.0
Belgium3.52.41.5−1.4−0.3−0.7−0.41.11.31.41.92.32.93.6
Canada1.51.3−0.6−2.0−3.4−2.7−2.2−2.0−1.7−1.4−1.1−0.8−0.7−0.5
Cyprus1
Czech Republic−3.3−2.3−3.7−4.7−3.7−2.2−2.5−0.1−0.3−0.2−0.1−0.3−0.5−0.6
Denmark4.13.61.9−0.7−0.9−0.1−1.61.00.3−0.8−0.7−0.7−0.10.0
Estonia
Finland1.91.40.9−0.2−1.5−1.3−1.5−0.8−0.7−0.6−0.7−0.9−1.0−1.2
France−0.8−1.4−1.2−3.8−3.7−2.4−1.6−1.1−0.6−0.10.41.01.71.9
Germany0.31.41.11.0−1.40.71.71.91.71.41.71.81.91.9
Greece−3.7−5.6−8.6−13.6−6.2−1.32.35.85.35.66.15.54.64.3
Hong Kong SAR21.33.7−1.0−1.00.81.10.6−1.10.4−1.10.81.11.50.9
Iceland5.33.6−17.9−7.7−4.0−0.70.71.11.21.83.32.62.84.3
Ireland2−3.4−8.0−11.1−8.5−5.8−4.3−3.2−1.00.32.32.53.13.43.8
Israel4.62.8−0.1−1.9−0.8−0.7−1.7−0.40.0−0.20.20.10.00.2
Italy−0.31.41.20.60.61.53.64.14.04.55.35.35.55.4
Japan−3.6−2.2−3.2−6.9−7.2−7.5−6.7−7.0−6.1−5.3−4.2−3.9−3.6−3.4
Korea2.51.51.40.01.01.01.10.30.60.71.01.61.81.9
Lativa−0.7−8.8−2.7−2.5−0.52.00.10.62.3−0.70.60.50.5
Netherlands1.50.30.6−3.3−3.0−2.4−1.10.91.11.71.41.21.11.2
New Zealand2.72.31.0−1.4−4.8−4.3−1.2−0.40.21.11.62.53.02.9
Norway2−6.4−7.2−7.7−8.5−8.1−7.5−7.7−8.0−8.6−8.4−8.3−8.3−8.2−8.2
Portugal2−1.3−1.4−1.6−6.8−7.00.1−1.01.31.52.62.82.92.92.9
Singapore5.610.15.1−0.45.27.27.15.14.33.73.53.33.33.2
Slovak Republic−1.8−1.7−2.1−5.5−6.2−3.3−2.20.0−0.8−1.0−1.2−1.3−1.5−1.6
Slovenia−0.9−1.5−2.6−3.5−3.5−2.6−0.40.30.90.90.81.01.11.3
Spain22.71.7−4.5−8.7−7.0−6.1−2.8−1.9−1.4−0.60.21.01.83.1
Sweden22.12.41.50.10.80.2−0.7−0.7−1.1−0.5−0.20.30.50.8
Switzerland22.11.82.21.91.01.11.91.71.61.52.02.12.02.0
United Kingdom2−3.1−3.7−5.1−8.8−5.9−3.2−3.4−2.4−2.0−1.00.41.82.82.8
United States2−0.6−0.8−3.0−5.9−7.0−5.5−4.4−2.3−1.9−1.5−1.7−1.6−1.7−1.8
Average−0.6−0.5−2.0−4.5−4.9−3.7−2.9−1.7−1.3−0.9−0.6−0.3−0.1−0.1
Euro area0.30.4−0.6−2.4−2.6−1.2−0.21.01.11.41.82.12.32.5
G7−1.1−0.8−2.2−4.7−5.5−4.2−3.3−2.1−1.6−1.2−0.9−0.6−0.4−0.4
G20 advanced−0.9−0.7−2.1−4.6−5.2−4.0−3.2−2.0−1.6−1.1−0.8−0.5−0.4−0.3
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)
20062007200820092010201120122013201420152016201720182019
Revenue
Australia36.435.834.033.432.032.233.133.634.034.434.835.235.535.9
Austria47.547.648.348.548.348.349.150.049.349.549.549.549.649.6
Belgium48.848.148.748.148.749.651.051.551.451.652.152.352.552.8
Canada44.043.642.442.742.442.141.541.541.741.942.242.442.542.7
Cyprus42.145.043.140.140.939.739.641.741.540.340.741.442.142.3
Czech Republic39.640.338.938.939.140.040.140.540.240.240.140.040.040.2
Denmark56.855.754.955.254.855.555.357.356.253.854.054.354.354.3
Estonia36.136.436.742.840.738.839.338.138.037.837.436.836.335.9
Finland53.352.753.653.453.054.154.456.056.156.256.456.556.556.5
France50.649.949.949.249.550.651.852.953.153.153.153.153.152.7
Germany43.743.744.045.143.644.344.844.744.644.644.644.644.644.6
Greece39.240.740.738.340.642.444.244.843.742.441.441.441.441.4
Hong Kong SAR19.022.217.818.021.123.021.720.920.821.120.920.720.921.0
Iceland48.047.744.141.041.541.843.644.145.244.844.344.344.144.0
Ireland37.336.735.434.534.934.134.535.736.036.135.835.635.535.3
Israel43.142.439.536.737.637.736.437.237.437.637.837.737.737.8
Italy45.046.045.946.546.146.147.647.848.048.148.248.348.348.4
Japan30.831.231.629.629.630.831.231.732.933.634.835.235.635.9
Korea22.724.224.023.022.723.324.223.623.623.623.723.823.923.9
Latvia36.136.335.636.236.035.637.035.935.335.131.731.530.730.7
Netherlands46.145.446.745.245.845.346.147.647.347.947.847.747.647.5
New Zealand38.837.336.935.534.934.934.835.134.634.734.835.135.235.2
Norway58.257.558.456.556.057.256.955.155.054.554.153.953.753.6
Portugal40.641.141.139.641.645.040.943.342.842.842.642.241.741.2
Singapore20.024.024.317.521.423.522.822.322.522.422.422.222.122.1
Slovak Republic27.028.931.633.532.333.333.233.633.832.432.332.332.132.0
Slovenia41.740.541.240.741.741.442.541.743.643.543.543.543.543.5
Spain40.741.136.935.136.736.237.137.938.638.638.838.939.139.1
Sweden54.954.553.954.052.351.551.451.951.251.150.951.051.051.0
Switzerland35.434.733.133.732.933.533.133.332.833.033.133.133.133.1
United Kingdom37.337.037.435.636.236.936.837.737.137.337.337.437.537.6
United States31.531.730.228.428.829.029.030.731.031.731.831.731.631.6
Average36.937.336.835.435.335.935.836.937.137.537.637.737.737.7
Euro area45.345.345.044.944.845.346.346.946.947.047.047.047.046.9
G736.136.436.034.534.435.035.036.236.537.037.237.337.337.3
G20 advanced35.736.035.634.234.034.634.635.736.036.536.636.736.736.7
Expenditure
Australia34.734.435.138.037.136.636.837.337.336.335.936.637.437.6
Austria49.148.649.352.652.850.751.751.952.351.050.750.650.650.5
Belgium48.548.249.853.752.653.555.054.453.953.853.553.252.852.3
Canada42.242.142.747.247.345.844.844.544.243.943.743.543.443.3
Cyprus43.341.542.146.246.246.045.946.446.745.542.842.442.342.8
Czech Republic42.041.041.144.743.843.244.543.443.042.742.442.342.242.1
Denmark51.750.951.658.057.557.559.257.757.656.556.255.555.054.8
Estonia33.634.039.744.840.637.639.538.438.437.636.836.035.234.6
Finland49.247.449.256.155.855.156.658.658.758.158.258.158.057.9
France53.052.653.356.856.655.956.657.156.756.055.254.453.552.7
Germany45.343.544.148.247.745.044.744.744.644.744.444.244.244.2
Greece45.347.550.654.051.452.050.547.346.444.342.042.142.342.1
Hong Kong SAR15.114.617.716.516.919.118.520.218.220.618.618.318.018.7
Iceland41.642.357.751.951.848.047.446.045.344.843.943.643.142.6
Ireland34.436.742.748.365.447.242.743.141.139.138.137.236.636.0
Israel45.744.043.243.142.241.940.340.440.340.139.839.739.739.3
Italy48.547.648.651.950.549.850.550.850.649.849.048.748.548.6
Japan34.533.335.740.038.940.639.940.040.139.940.240.440.841.3
Korea21.521.922.423.021.021.422.422.622.522.422.121.921.721.5
Latvia36.635.743.144.143.438.836.937.336.333.833.331.831.231.3
Netherlands45.545.346.250.850.949.650.250.750.349.949.649.148.648.1
New Zealand34.433.935.437.140.039.736.435.734.333.633.232.532.132.1
Norway39.940.239.645.944.943.643.044.043.844.645.245.946.547.0
Portugal44.344.444.849.851.549.347.448.246.945.344.643.843.142.4
Singapore12.912.117.718.014.114.214.115.416.517.117.217.317.317.2
Slovak Republic29.530.533.641.640.038.437.836.637.636.236.136.035.835.6
Slovenia42.540.241.546.247.047.145.755.949.147.747.547.146.846.5
Spain38.339.241.446.246.345.747.845.144.543.542.741.941.140.1
Sweden52.751.051.754.952.351.552.152.952.551.651.050.650.249.9
Switzerland34.433.431.333.232.833.233.233.333.032.632.332.232.232.2
United Kingdom40.139.842.446.846.244.744.843.542.441.440.239.038.037.8
United States35.035.738.043.141.340.138.738.037.437.437.337.137.137.3
Average38.838.940.844.943.642.842.041.841.441.140.840.540.340.3
Euro area46.646.047.251.251.049.550.049.949.549.048.447.947.547.2
G739.039.141.045.344.043.242.342.041.641.441.240.940.740.8
G20 advanced38.338.440.344.643.142.341.541.240.840.640.340.039.939.9
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 A.
Statistical Table 4.Advanced Economies: General Government Gross Debt and Net Debt(Percent of GDP)
20062007200820092010201120122013201420152016201720182019
Gross Debt
Australia110.09.711.716.720.524.327.228.830.831.831.631.431.431.1
Austria62.360.263.869.272.372.874.174.279.178.277.576.174.873.7
Belgium87.984.089.295.795.798.099.899.799.899.698.696.994.591.4
Canada170.366.571.381.383.183.588.189.187.486.685.484.283.181.9
Cyprus65.458.848.958.561.371.185.5112.0121.5125.8122.5116.1111.6107.9
Czech Republic28.327.928.734.237.941.045.747.949.249.950.350.550.949.9
Denmark32.127.133.440.742.846.445.645.245.646.947.547.046.144.9
Estonia4.43.74.57.16.76.19.811.310.910.39.68.98.27.6
Finland39.635.233.943.548.749.253.657.060.262.162.061.962.162.1
France64.164.268.279.282.485.890.293.995.896.195.393.690.887.7
Germany68.065.266.874.582.580.081.078.174.670.867.063.861.258.7
Greece107.5107.2112.9129.7148.3170.3157.2173.8174.7171.3162.5153.7146.1137.8
Hong Kong SAR231.030.828.731.235.534.834.233.833.132.431.831.230.630.0
Iceland30.128.570.488.090.6100.997.290.291.789.681.178.775.466.7
Ireland24.624.944.264.491.2104.1117.4122.8123.7122.7119.6116.8113.1109.1
Israel81.674.672.975.371.569.768.266.766.365.163.762.361.259.5
Italy106.3103.3106.1116.4119.3120.7127.0132.5134.5133.1130.5127.6124.7121.7
Japan186.0183.0191.8210.2216.0229.8237.3243.2243.5245.1246.7246.1245.4245.0
Korea31.130.730.133.833.434.235.036.738.038.838.838.337.336.1
Latvia9.97.817.232.939.737.536.432.132.729.331.330.528.427.3
Netherlands47.445.358.560.863.465.771.374.975.074.474.173.271.970.1
New Zealand19.317.220.125.731.937.037.535.933.332.132.631.227.323.0
Norway53.750.548.643.343.329.029.529.529.529.529.529.529.529.5
Portugal63.768.471.783.794.0108.2124.1128.8126.7124.8122.6119.1116.6113.8
Singapore86.185.596.3100.798.5102.2107.9103.8102.4100.098.096.094.095.4
Slovak Republic30.529.427.935.641.043.452.454.958.659.860.460.861.161.4
Slovenia26.423.122.035.138.746.954.373.074.977.980.081.582.483.0
Spain39.736.340.254.061.770.585.993.998.8102.0103.7104.3103.9102.4
Sweden45.340.238.842.639.438.638.341.441.540.038.035.733.230.5
Switzerland62.455.650.449.748.549.150.149.448.147.345.444.342.240.2
United Kingdom42.743.751.967.178.584.388.690.191.592.792.590.788.084.6
United States63.664.072.886.194.899.0102.4104.5105.7105.7105.6105.6105.8106.7
Average75.773.180.093.5100.1104.0108.3107.1107.1106.9106.1104.9103.7102.6
Euro area68.766.470.380.185.788.192.895.295.694.592.690.488.185.5
G783.781.790.0104.9113.0118.0122.2120.4119.9119.4118.6117.4116.3115.4
G20 advanced80.278.086.0100.4107.3111.6115.6113.9113.8113.4112.6111.5110.3109.3
Net Debt
Australia1−6.3−7.3−5.3−0.63.98.111.313.516.117.718.318.819.419.7
Austria43.140.942.049.252.852.253.353.458.357.456.755.354.052.9
Belgium77.073.173.379.479.781.281.882.082.582.782.280.978.976.2
Canada126.322.922.427.629.732.436.738.539.539.939.839.238.637.6
Cyprus
Czech Republic
Denmark1.9−3.8−6.1−4.6−1.62.67.57.78.911.413.213.914.114.0
Estonia−8.8−8.6−5.7−6.9−5.6−3.8−0.3−0.8−0.4−0.5−1.1−1.8−2.8−3.9
Finland−69.4−72.5−52.3−62.8−65.6−54.3−55.4−52.5−48.6−45.5−42.3−39.2−36.2−33.5
France59.659.662.372.076.178.684.087.689.589.889.087.384.581.4
Germany52.850.050.056.558.256.558.155.752.949.946.844.242.240.2
Greece107.5107.2112.9129.7148.3170.3153.5168.5169.3166.9159.6151.3142.8132.1
Hong Kong SAR
Iceland7.810.841.855.759.966.868.265.364.861.959.155.952.446.2
Ireland11.510.521.238.670.485.192.8100.3103.5103.4101.599.496.493.0
Israel74.869.269.170.869.168.067.464.965.163.962.561.260.258.6
Italy89.687.189.397.9100.0102.5106.1110.7112.4111.2109.0106.6104.2101.7
Japan81.080.595.3106.2113.1127.3129.5134.1137.1140.0142.4143.2143.5143.8
Korea29.428.728.832.332.133.033.036.037.438.238.237.736.835.6
Latvia7.54.711.321.528.229.929.228.928.525.325.223.922.821.9
Netherlands24.521.620.622.826.128.432.435.337.838.839.439.739.438.7
New Zealand8.86.57.411.616.922.125.326.025.324.923.821.918.915.0
Norway−137.6−144.0−129.4−159.3−168.7−162.9−172.4−201.9−205.2−210.6−213.6−214.6−214.0−212.4
Portugal58.663.767.579.789.697.8114.0118.4119.9119.2117.2113.9111.5109.0
Singapore
Slovak Republic
Slovenia
Spain30.726.730.824.733.239.752.760.465.769.471.973.273.572.7
Sweden−13.8−17.4−12.5−19.5−20.7−18.2−21.2−19.7−17.8−16.6−15.7−15.5−15.6−16.0
Switzerland39.732.029.428.627.728.028.628.227.426.925.925.224.122.9
United Kingdom37.938.348.062.472.276.881.483.184.485.785.483.681.077.6
United States44.844.550.462.169.776.280.181.382.382.782.983.183.584.5
Average46.744.950.560.065.170.073.373.574.775.174.974.473.773.0
Euro area54.251.954.160.264.366.570.272.473.272.671.369.667.765.5
G753.652.759.370.476.582.686.086.387.087.287.086.385.685.2
G20 advanced51.450.256.567.372.678.081.381.782.783.082.782.181.480.9
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 A.
Statistical Table 5.Emerging Market Economies: General Government Overall Balance and Primary Balance(Percent of GDP)
20062007200820092010201120122013201420152016201720182019
Overall Balance
Argentina−1.1−2.1−0.9−3.6−1.4−3.5−4.0−3.5−5.3−4.2−3.9−3.7−3.5−3.4
Brazil−3.6−2.8−1.6−3.3−2.8−2.6−2.8−3.3−3.3−2.5−2.6−2.6−2.6−2.5
Bulgaria3.33.32.9−0.9−4.0−2.0−0.5−1.9−1.9−1.7−1.4−1.0−0.50.0
Chile7.47.94.1−4.1−0.41.40.7−0.7−1.1−0.9−0.5−0.2−0.2−0.2
China−0.70.9−0.7−3.1−1.5−1.3−2.2−1.9−2.0−1.6−1.3−1.0−0.8−0.6
Colombia−1.0−0.8−0.3−2.8−3.3−2.00.1−1.0−0.9−0.7−0.7−0.8−0.7−0.6
Egypt−9.2−7.5−8.0−6.9−8.3−9.8−10.5−14.1−11.1−12.2−12.1−12.4−12.1−11.1
Hungary−9.4−5.1−3.7−4.6−4.44.2−2.0−2.4−2.9−2.9−2.9−2.8−2.7−2.7
India−6.2−4.4−10.0−9.8−8.4−8.0−7.4−7.3−7.2−7.0−6.8−6.7−6.6−6.4
Indonesia0.2−1.00.0−1.8−1.2−0.6−1.7−2.1−2.5−2.4−1.9−1.6−1.3−1.3
Jordan−4.0−4.7−4.3−8.5−5.6−6.8−8.2−5.3−4.4−4.1−2.6−2.2−1.9−1.9
Kazakhstan7.75.11.2−1.31.56.04.55.04.33.93.84.03.73.5
Kenya−2.7−3.1−4.1−5.3−5.4−5.0−6.2−6.2−5.5−5.2−4.6−4.1−3.8−3.6
Lithuania−0.4−1.0−3.3−9.4−7.2−5.5−3.3−2.1−1.9−1.8−1.8−1.7−1.6−1.5
Malaysia−2.7−2.7−3.6−6.7−4.7−3.8−3.6−4.6−3.5−2.5−2.1−2.4−2.8−3.3
Mexico−1.0−1.2−1.0−5.1−4.3−3.3−3.7−3.8−4.1−3.6−3.0−2.5−2.5−2.5
Morocco−2.0−0.10.7−1.8−4.4−6.7−7.3−5.4−4.9−4.3−3.5−3.0−3.0−2.7
Nigeria8.91.66.3−9.4−6.70.90.0−4.9−1.8−1.7−2.4−3.5−3.9−5.0
Pakistan−3.4−5.1−7.1−5.0−5.9−6.9−8.4−7.8−5.3−4.2−3.3−3.2−3.2−3.2
Peru1.93.22.6−1.5−0.12.02.10.50.10.20.00.10.20.0
Philippines0.0−0.30.0−2.6−2.4−0.4−0.7−0.1−0.8−0.8−0.8−0.7−0.7−0.8
Poland−3.6−1.9−3.7−7.4−7.9−5.0−3.9−4.5−3.5−3.0−2.2−2.3−2.0−1.8
Romania−1.4−3.1−4.8−7.3−6.4−4.3−2.5−2.5−2.2−1.4−1.4−1.3−1.4−1.5
Russia8.36.84.9−6.3−3.41.50.4−1.3−0.7−0.8−0.5−1.4−1.6−1.5
Saudi Arabia24.415.031.6−4.12.112.014.68.37.14.02.30.8−1.3−2.2
South Africa0.71.3−0.5−4.9−4.9−4.0−4.3−4.3−4.4−4.5−4.4−4.3−4.3−4.3
Thailand2.20.20.1−3.2−0.8−0.6−1.8−0.2−1.6−1.5−1.5−1.4−1.3−1.2
Turkey−0.7−1.9−2.7−6.0−3.4−0.7−1.8−1.5−2.4−2.3−2.3−2.4−2.7−3.1
Ukraine1−1.4−2.0−3.2−6.3−5.8−2.8−4.5−4.5
Average0.30.3−0.1−4.6−3.2−1.7−2.1−2.4−2.5−2.2−2.1−2.0−2.0−2.0
Asia−1.7−0.6−2.4−4.3−2.9−2.4−3.0−2.6−2.8−2.4−2.1−1.9−1.7−1.6
Europe2.61.90.6−6.1−4.20.0−0.8−1.6−1.3−1.3−1.0−1.4−1.6−1.6
Latin America−1.5−1.3−0.8−3.7−2.9−2.4−2.5−2.9−3.2−2.6−2.4−2.2−2.2−2.1
MENAP−5.1−4.9−5.7−5.3−6.6−8.0−9.1−9.9−7.6−7.8−7.3−7.4−7.3−6.9
G20 emerging0.50.50.2−4.5−2.9−1.6−2.0−2.3−2.4−2.2−2.0−2.0−1.9−1.9
Primary Balance
Argentina4.02.52.70.21.6−0.5−0.6−0.9−0.9−0.9−0.9−0.9−0.9−0.9
Brazil3.23.33.92.02.43.12.11.91.93.13.13.13.13.1
Bulgaria4.33.92.8−0.6−3.7−1.7−0.1−1.4−1.5−1.1−0.9−0.50.00.6
Chile7.67.73.8−4.3−0.31.50.8−0.6−0.9−0.6−0.20.20.20.2
China−0.21.3−0.3−2.7−1.2−0.4−1.4−1.1−1.4−1.0−0.8−0.5−0.4−0.2
Colombia1.71.81.9−1.1−1.6−0.11.80.70.61.00.90.91.01.0
Egypt−4.2−3.0−3.9−3.7−3.8−4.7−5.1−6.6−3.0−4.3−4.1−4.2−4.0−3.3
Hungary−5.7−1.20.0−0.5−0.58.02.01.60.80.80.91.11.31.2
India−1.30.4−5.3−5.2−4.2−3.7−3.1−2.6−2.6−2.3−2.2−2.2−2.2−2.1
Indonesia2.61.01.8−0.10.10.6−0.4−0.9−1.2−1.0−0.5−0.20.10.0
Jordan−1.2−1.8−2.0−6.3−3.5−4.7−5.6−1.9−0.10.11.61.92.52.3
Kazakhstan7.24.21.5−1.41.85.83.94.64.03.63.53.73.43.2
Kenya−0.4−0.9−1.9−3.2−3.1−2.7−3.6−3.4−2.9−2.8−2.4−2.1−1.9−1.9
Lithuania0.1−0.5−2.8−8.3−5.5−3.7−1.4−0.10.00.10.00.10.20.3
Malaysia−1.7−2.0−2.1−5.1−3.0−2.1−1.8−2.7−1.6−0.8−0.3−0.7−1.1−1.5
Mexico1.81.51.5−2.4−1.7−1.0−1.1−1.3−1.5−0.9−0.30.40.60.8
Morocco1.23.03.30.6−2.1−4.4−4.9−2.9−2.3−1.6−0.9−0.4−0.4−0.2
Nigeria10.02.67.3−8.2−5.72.41.7−3.1−0.20.0−0.7−2.0−2.4−3.1
Pakistan−0.5−1.1−2.5−0.1−1.6−3.1−4.0−3.5−0.60.50.60.40.20.1
Peru3.74.93.9−0.40.93.03.01.30.90.90.70.90.90.7
Philippines4.83.43.40.70.72.22.02.41.81.61.51.41.31.1
Poland−1.00.4−1.5−4.8−5.2−2.3−1.1−1.8−1.2−0.80.00.00.10.4
Romania−0.7−2.6−4.2−6.2−5.1−2.8−0.7−0.8−0.60.30.30.20.20.1
Russia8.96.85.1−6.0−3.11.90.8−0.8−0.2−0.30.0−0.8−1.0−0.8
Saudi Arabia25.314.831.0−3.92.512.114.58.06.83.72.00.5−1.6−2.5
South Africa3.73.92.1−2.5−2.3−1.3−1.4−1.2−1.1−1.0−0.7−0.4−0.10.2
Thailand3.51.21.0−2.40.10.3−0.90.6−0.7−0.7−0.7−0.6−0.5−0.4
Turkey4.42.91.7−1.50.22.01.01.10.40.40.3−0.1−0.3−0.3
Ukraine1−0.7−1.5−2.6−5.1−4.1−0.8−2.6−2.0
Average2.82.51.8−2.6−1.20.4−0.2−0.6−0.6−0.4−0.2−0.2−0.2−0.2
Asia0.01.0−1.0−2.9−1.6−0.9−1.5−1.3−1.5−1.1−0.9−0.7−0.6−0.5
Europe4.63.52.1−4.3−2.51.30.6−0.30.00.10.3−0.2−0.3−0.2
Latin America2.92.82.90.00.81.51.00.50.41.21.41.61.71.8
MENAP−1.4−1.0−1.8−1.7−2.7−4.1−4.7−4.6−1.9−2.0−1.7−1.8−1.8−1.5
G20 emerging3.22.92.3−2.4−0.90.5−0.1−0.5−0.6−0.4−0.3−0.2−0.2−0.1
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 B. MENAP = Middle East and North Africa and Pakistan.
Statistical Table 6.Emerging Market Economies: General Government Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance(Percent of potential GDP)
20062007200820092010201120122013201420152016201720182019
Cyclically Adjusted Balance
Argentina−1.4−2.8−1.5−2.2−1.1−4.6−4.3−4.2−5.9−4.6−4.3−4.0−3.7−3.4
Brazil−3.3−3.0−2.2−2.4−3.3−3.0−2.7−3.3−3.2−2.4−2.6−2.6−2.6−2.5
Bulgaria2.11.50.80.2−2.8−1.10.2−1.0−1.2−1.3−1.4−1.0−0.50.0
Chile11.10.7−1.5−4.7−2.7−1.1−0.4−0.8−1.0−0.7−0.5−0.2−0.2−0.2
China0.01.0−0.5−2.6−1.0−0.7−1.4−1.0−1.1−0.8−0.8−0.7−0.7−0.6
Colombia−1.1−1.6−0.7−2.4−2.8−2.20.0−1.0−0.9−0.7−0.7−0.7−0.7−0.6
Egypt−9.2−7.6−8.3−7.0−8.2−9.4−10.0−13.4−10.4−11.8−11.9−12.4−12.1−10.4
Hungary1−11.5−6.7−5.5−2.9−3.3−6.6−0.9−1.4−2.1−2.7−2.7−2.8−2.7−2.7
India−6.3−4.8−9.5−9.5−8.9−8.5−7.6−7.1−7.0−6.9−6.7−6.7−6.6−6.4
Indonesia0.3−1.1−0.1−1.7−1.2−0.6−1.7−2.2−2.6−2.4−1.9−1.6−1.3−1.3
Jordan−3.5−6.4−7.7−10.8−6.6−6.8−6.2−5.1−4.1−3.3−2.7−2.4−2.2−2.2
Kazakhstan
Kenya−2.6−3.2−3.8−5.0−5.2−4.8−5.8−5.9−5.5−5.3−4.7−4.2−3.8−3.6
Lithuania−2.0−3.9−6.3−5.9−4.6−4.4−2.9−2.1−1.9−1.7−1.8−1.7−1.6−1.5
Malaysia−3.0−3.3−3.7−5.9−4.5−3.2−3.8−4.6−3.5−2.6−2.1−2.4−2.8−3.2
Mexico−1.2−1.4−1.2−4.5−4.1−3.4−3.8−3.7−4.0−3.5−3.0−2.5−2.5−2.5
Morocco−2.5−1.3−0.3−1.6−4.2−6.6−7.1−5.9−6.0−5.3−4.5−4.0−3.2−2.9
Nigeria
Pakistan
Peru10.21.50.9−0.5−0.70.91.40.50.40.50.30.30.50.0
Philippines−1.4−2.1−1.7−3.4−3.6−1.9−2.4−1.6−2.3−2.3−2.3−2.2−2.1−2.1
Poland−3.4−2.1−4.1−6.7−7.7−5.4−3.8−3.4−2.7−2.7−2.1−2.3−2.0−1.8
Romania−2.7−5.4−8.9−7.9−5.8−3.8−1.7−2.1−1.8−0.9−1.1−1.3−1.6−2.0
Russia8.26.14.5−5.1−2.91.60.1−1.4−0.6−0.7−1.0−1.4−1.7−1.5
Saudi Arabia
South Africa1.61.0−0.8−3.2−3.7−3.8−4.2−4.0−4.1−4.2−4.3−4.3−4.3−4.3
Thailand2.0−0.1−0.6−2.1−1.0−0.7−1.00.0−0.6−0.3−0.1−0.10.20.4
Turkey−1.8−3.3−3.0−3.5−2.8−1.4−2.0−1.9−2.3−2.1−2.2−2.4−2.7−3.2
Ukraine2−2.7−4.3−4.0−2.3−3.9−3.2−4.6−4.0
Average−0.7−0.7−1.5−3.8−3.0−2.2−2.3−2.3−2.3−2.0−1.9−1.9−1.9−1.8
Asia−1.3−0.7−2.2−3.8−2.7−2.1−2.5−2.0−2.1−1.9−1.8−1.7−1.7−1.6
Europe1.80.8−0.2−4.8−3.8−0.9−1.2−1.9−1.4−1.4−1.5−1.8−2.0−2.0
Latin America−1.9−2.0−1.6−3.0−3.2−3.0−2.6−3.0−3.2−2.5−2.4−2.2−2.2−2.1
G20 emerging−0.4−0.3−1.2−3.8−2.9−2.0−2.4−2.3−2.3−2.0−2.0−1.9−1.9−1.9
Cyclically Adjusted Primary Balance
Argentina3.71.82.21.41.8−1.5−0.8−1.7−1.4−1.3−1.3−1.2−1.0−0.9
Brazil3.53.13.42.71.92.72.11.92.03.23.13.13.13.1
Bulgaria3.12.20.70.5−2.5−0.80.5−0.6−0.8−0.7−0.9−0.50.00.6
Chile11.20.6−1.8−4.9−2.6−1.0−0.3−0.7−0.8−0.5−0.20.10.10.2
China0.51.4−0.1−2.2−0.70.1−0.7−0.3−0.5−0.3−0.3−0.3−0.2−0.2
Colombia1.51.11.5−0.7−1.1−0.31.70.70.61.01.00.91.01.0
Egypt−4.2−3.1−4.2−3.8−3.7−4.4−4.8−6.1−2.6−4.0−4.0−4.2−4.0−2.7
Hungary1−7.7−2.7−1.71.10.5−2.83.02.51.61.11.11.21.31.2
India−1.40.0−4.9−5.0−4.6−4.2−3.2−2.5−2.4−2.2−2.1−2.2−2.2−2.1
Indonesia2.60.91.70.00.20.6−0.5−1.0−1.2−1.0−0.5−0.20.10.0
Jordan−1.0−3.8−5.2−8.6−4.5−4.7−3.6−1.70.30.91.51.72.22.2
Kazakhstan
Kenya−0.2−1.0−1.6−2.9−2.9−2.4−3.1−3.2−3.0−2.9−2.6−2.2−2.0−1.9
Lithuania−1.4−3.4−5.8−4.9−2.9−2.7−0.9−0.1−0.10.20.00.10.20.3
Malaysia−2.0−2.6−2.3−4.3−2.9−1.6−2.0−2.7−1.7−0.8−0.4−0.7−1.0−1.4
Mexico1.61.31.4−1.9−1.6−1.0−1.3−1.2−1.4−0.9−0.30.40.60.8
Morocco0.71.92.40.7−1.9−4.3−4.7−3.4−3.3−2.6−1.8−1.4−0.6−0.3
Nigeria
Pakistan
Peru12.03.32.30.50.31.92.21.31.21.21.01.11.21.0
Philippines3.41.81.7−0.1−0.60.60.20.90.40.20.00.0−0.1−0.2
Poland−1.00.3−1.8−4.1−5.0−2.7−1.0−0.8−0.4−0.50.10.00.10.4
Romania−2.0−4.9−8.2−6.8−4.6−2.40.1−0.4−0.20.70.60.30.0−0.3
Russia8.76.14.7−4.7−2.61.90.5−0.9−0.1−0.2−0.5−0.9−1.1−0.8
Saudi Arabia
South Africa4.53.71.8−0.9−1.0−1.0−1.3−0.9−0.8−0.7−0.6−0.4−0.10.2
Thailand3.30.80.3−1.4−0.10.2−0.10.80.20.50.70.71.01.2
Turkey3.51.81.30.70.81.30.80.70.50.60.40.0−0.3−0.4
Ukraine2−2.0−3.8−3.5−1.2−2.3−1.2−2.7−1.6
Average1.91.70.5−1.8−1.10.0−0.4−0.4−0.4−0.1−0.1−0.1−0.10.0
Asia0.40.9−0.8−2.5−1.4−0.6−1.1−0.7−0.8−0.6−0.5−0.5−0.5−0.5
Europe3.92.61.4−3.1−2.10.60.3−0.40.00.0−0.1−0.4−0.5−0.4
Latin America2.52.12.20.70.51.00.80.40.51.31.41.61.71.8
G20 emerging2.32.11.0−1.7−0.80.2−0.4−0.4−0.4−0.2−0.1−0.1−0.1−0.1
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.
Statistical Table 7.Emerging Market Economies: General Government Revenue and Expenditure(Percent of GDP)
20062007200820092010201120122013201420152016201720182019
Revenue
Argentina29.831.533.434.337.237.440.342.642.642.642.642.642.642.6
Brazil34.435.636.734.837.136.637.737.237.137.137.237.537.537.5
Bulgaria37.038.238.035.332.732.434.035.536.337.037.237.337.537.9
Chile26.227.325.820.623.524.724.423.022.622.622.522.522.522.5
China18.219.819.720.221.322.622.622.922.422.622.622.622.622.6
Colombia27.327.226.426.726.126.728.427.727.327.026.826.726.726.7
Egypt28.627.728.027.725.122.022.123.026.723.823.222.822.221.7
Hungary42.845.645.546.945.654.346.947.948.048.546.546.947.948.6
India20.322.019.718.518.818.719.520.019.719.719.719.819.920.0
Indonesia20.319.321.316.517.017.818.117.917.817.817.717.517.417.3
Jordan32.432.330.126.524.926.423.025.327.427.629.129.530.130.1
Kazakhstan27.528.828.322.123.927.726.926.226.426.225.725.124.724.2
Kenya21.922.922.822.724.623.823.724.825.325.225.325.425.625.7
Lithuania33.333.834.134.734.432.732.332.432.532.432.132.032.032.1
Malaysia24.124.424.625.623.124.725.925.024.324.323.823.623.423.2
Mexico21.621.724.722.122.422.923.523.323.423.222.823.023.123.4
Morocco27.429.932.529.327.527.828.728.027.528.128.228.227.627.6
Nigeria32.326.932.017.820.029.925.318.922.122.320.218.517.917.1
Pakistan13.614.414.414.214.312.613.113.214.915.015.415.415.315.3
Peru20.120.921.319.020.221.321.721.521.121.421.822.222.322.3
Philippines19.018.718.717.516.817.618.218.618.918.919.019.119.119.0
Poland40.240.339.537.237.638.438.437.437.838.038.638.438.839.0
Romania32.332.332.231.232.232.632.931.732.632.732.632.432.232.0
Russia39.539.939.235.034.637.537.935.836.936.837.336.235.835.2
Saudi Arabia53.746.660.536.041.647.550.344.442.640.238.036.334.633.0
South Africa28.929.729.628.127.527.928.328.929.028.928.928.928.929.0
Thailand22.321.521.420.822.422.623.124.122.022.022.022.122.222.3
Turkey32.831.631.832.633.334.634.536.135.334.834.534.334.234.2
Ukraine143.241.844.342.343.242.944.543.7
Average27.227.628.425.526.427.627.727.326.826.626.426.125.925.8
Asia19.320.420.019.720.521.521.822.221.721.921.921.921.921.8
Europe37.537.637.434.934.937.037.036.036.236.136.235.635.435.1
Latin America28.029.231.029.531.431.532.331.931.631.431.231.331.431.4
MENAP22.222.923.823.121.819.819.920.322.721.821.821.621.321.0
G20 emerging26.627.128.025.126.327.527.727.426.826.626.426.226.025.9
Expenditure
Argentina30.933.634.337.938.540.944.346.047.946.746.446.246.146.0
Brazil38.038.438.338.139.939.240.440.540.539.639.840.140.140.0
Bulgaria33.634.935.236.236.734.434.437.438.238.638.538.338.037.9
Chile18.719.421.724.723.923.223.723.623.723.523.022.722.722.7
China18.918.920.423.222.823.924.824.824.424.223.923.723.523.3
Colombia28.328.026.629.529.428.628.328.728.227.727.527.427.427.3
Egypt37.835.336.034.633.431.832.737.137.836.035.335.234.332.7
Hungary52.250.649.251.449.950.048.950.250.951.449.449.750.651.3
India26.526.429.728.327.226.726.927.326.926.726.526.526.526.4
Indonesia20.120.321.318.318.218.519.720.020.320.219.619.118.618.5
Jordan36.437.034.435.030.433.231.230.631.831.731.731.632.032.1
Kazakhstan19.823.727.123.522.521.822.421.322.222.321.921.121.020.7
Kenya24.625.926.928.030.028.829.930.930.830.329.929.529.329.3
Lithuania33.734.837.444.141.638.235.634.534.334.233.933.733.633.5
Malaysia26.827.128.232.427.828.429.529.627.826.825.926.026.226.4
Mexico22.622.825.627.226.726.327.227.227.526.825.825.525.726.0
Morocco29.430.131.831.131.934.536.133.432.432.431.731.230.730.4
Nigeria23.325.325.727.226.829.025.323.823.923.922.522.121.822.1
Pakistan17.119.521.419.220.219.521.521.020.219.318.718.618.618.5
Peru18.217.718.820.520.319.319.621.021.021.221.822.122.122.3
Philippines19.119.018.620.119.218.018.918.719.719.719.719.819.819.8
Poland43.942.243.244.645.443.442.342.041.341.040.840.740.840.8
Romania33.735.437.038.538.636.835.434.234.834.034.033.733.633.5
Russia31.133.134.341.438.035.937.537.137.537.637.837.637.436.7
Saudi Arabia29.331.629.040.039.535.535.736.135.536.235.735.535.935.2
South Africa28.228.430.133.032.431.932.633.233.433.433.333.233.233.2
Thailand20.121.321.224.023.223.224.924.323.523.523.623.523.623.6
Turkey33.533.634.538.636.735.336.337.637.737.136.836.736.937.3
Ukraine144.643.847.448.649.045.649.048.2
Average26.927.428.530.129.629.229.829.729.228.828.428.228.027.8
Asia20.921.022.324.023.423.924.824.824.524.324.023.823.623.5
Europe35.035.636.841.139.037.037.837.737.537.437.237.037.036.7
Latin America29.530.431.833.234.234.034.734.934.834.033.733.633.533.5
MENAP27.327.929.528.428.427.829.030.330.329.529.129.028.627.9
G20 emerging26.126.627.829.629.229.029.729.729.228.828.428.127.927.7
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 B. MENAP = Middle East and North Africa and Pakistan.
Statistical Table 8.Emerging Market Economies: General Government Gross Debt and Net Debt(Percent of GDP)
20062007200820092010201120122013201420152016201720182019
Gross Debt
Argentina76.467.458.558.749.244.947.746.952.958.255.355.854.754.2
Brazil167.065.263.566.865.064.768.266.366.766.466.265.865.264.7
Bulgaria23.418.615.515.614.915.417.517.621.721.122.820.219.819.4
Chile5.03.94.95.88.611.112.012.212.613.513.914.014.114.2
China216.219.617.017.733.528.726.122.420.218.717.616.515.414.4
Colombia36.632.930.536.036.435.232.431.831.730.429.027.626.424.8
Egypt90.380.270.273.073.276.678.989.291.392.792.893.192.991.7
Hungary65.967.073.079.882.182.179.879.279.179.279.178.978.778.4
India77.174.074.572.567.566.866.666.765.364.062.761.860.959.9
Indonesia39.035.133.228.626.124.424.026.126.025.925.424.523.422.4
Jordan76.373.860.264.867.170.780.287.791.393.091.388.285.082.1
Kazakhstan6.75.96.810.210.710.412.413.513.313.714.415.216.117.0
Kenya50.545.048.949.755.152.650.550.451.150.650.049.148.447.3
Lithuania17.916.815.529.538.339.241.039.339.539.138.637.837.036.1
Malaysia41.541.241.252.853.554.356.058.256.354.352.351.050.249.8
Mexico37.837.642.843.942.243.343.346.548.148.448.447.947.647.8
Morocco59.454.648.248.051.354.460.261.962.762.561.560.158.657.3
Nigeria11.812.811.615.215.517.218.419.420.020.520.821.422.025.1
Pakistan54.452.657.959.161.559.563.863.163.762.461.058.956.454.3
Peru33.130.426.827.124.422.420.519.618.116.615.213.912.711.0
Philippines51.644.644.244.343.541.440.638.335.232.830.929.227.626.2
Poland47.745.047.150.954.856.255.657.549.550.149.948.747.445.7
Romania12.612.713.623.831.134.338.239.339.739.038.337.436.736.1
Russia9.08.57.911.011.011.712.713.413.012.812.412.813.513.9
Saudi Arabia25.817.112.114.08.45.43.62.72.62.52.52.42.22.1
South Africa31.028.327.231.635.338.842.145.247.349.652.655.758.661.4
Thailand42.038.337.345.242.642.145.445.346.646.746.746.246.045.7
Turkey46.539.940.046.142.339.136.235.835.936.035.936.036.336.7
Ukraine314.812.320.535.440.536.837.441.0
Average36.935.633.536.040.337.836.534.933.733.032.331.630.930.4
Asia33.934.630.630.940.436.333.931.029.027.626.525.424.423.6
Europe26.523.623.729.529.027.727.027.726.126.526.326.526.826.9
Latin America50.649.650.453.251.651.452.051.452.552.652.051.550.850.3
MENAP68.363.660.662.864.966.270.575.176.677.577.176.475.474.2
G20 emerging36.535.632.934.639.836.835.133.031.831.030.229.528.728.2
Net Debt
Argentina
Brazil47.345.138.041.539.136.435.333.633.332.932.532.532.131.5
Bulgaria−10.4−10.2−13.6−13.9−13.6−11.3−10.3−8.9−7.0−5.9−5.3−5.2−5.5−6.2
Chile−6.6−13.0−19.3−10.6−7.0−8.6−6.8−6.7−5.9−4.7−3.9−3.4−3.0−2.5
China
Colombia26.122.920.627.028.426.825.125.125.224.323.422.421.620.3
Egypt71.464.555.658.760.064.367.878.281.684.385.586.887.587.0
Hungary63.364.564.873.976.775.773.573.573.673.874.074.074.073.9
India
Indonesia
Jordan68.967.654.857.161.165.475.583.587.489.387.985.082.079.2
Kazakhstan−10.9−13.8−13.9−11.0−10.2−13.0−16.2−18.8−26.1−28.0−29.9−32.0−33.7−35.1
Kenya45.840.645.047.252.349.646.846.046.746.245.644.744.042.9
Lithuania11.011.112.723.431.034.834.733.333.833.733.533.132.631.9
Malaysia
Mexico29.829.133.236.336.237.537.840.442.242.642.542.141.741.9
Morocco56.853.147.547.350.854.059.661.462.262.061.059.658.156.7
Nigeria5.35.11.010.514.314.925.319.220.018.016.817.716.318.6
Pakistan50.647.953.255.557.956.260.560.361.260.259.057.254.852.9
Peru22.816.012.511.79.96.94.23.53.22.82.62.31.91.8
Philippines
Poland15.010.29.914.920.526.227.628.821.823.424.224.023.623.0
Romania
Russia
Saudi Arabia1.2−16.5−42.4−45.0−43.4−43.2−52.9−57.2−62.3−64.9−65.2−63.4−59.3−54.3
South Africa26.923.922.826.429.332.336.138.741.544.547.951.354.557.5
Thailand
Turkey39.032.732.537.534.731.127.527.327.227.427.427.628.028.6
Ukraine311.710.118.331.938.434.535.238.8
Average30.526.923.027.827.926.524.924.923.924.224.424.825.125.6
Europe26.922.322.127.928.927.825.725.921.621.921.721.321.020.6
Latin America34.733.231.034.733.832.231.030.931.431.230.930.630.129.7
MENAP59.555.653.055.357.759.664.269.271.472.772.872.772.171.3
G20 emerging33.630.125.128.928.125.922.622.121.421.621.922.423.123.9
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 B. MENAP = Middle East and North Africa and Pakistan.
Statistical Table 9.Low-Income Countries: General Government Overall Balance and Primary Balance(Percent of GDP)
20062007200820092010201120122013201420152016201720182019
Overall Balance
Bangladesh−3.0−2.6−4.6−3.7−3.1−4.1−3.4−4.0−3.8−3.6−3.3−2.8−2.3−1.9
Bolivia4.51.73.60.01.70.81.80.1−0.4−0.5−0.9−1.3−1.4−1.5
Burkina Faso16.1−6.7−4.3−5.3−4.6−2.4−3.2−3.0−3.9−3.7−3.7−3.8−3.6−3.5
Cambodia−0.2−0.70.3−4.2−2.8−4.1−3.8−3.0−2.8−1.7−1.1−0.8−0.4−0.5
Cameroon32.84.72.2−0.1−1.1−2.7−1.7−4.2−3.8−4.1−4.3−4.6−4.7−4.6
Chad2.22.53.6−9.2−4.22.40.5−2.40.30.90.0−0.7−2.3−2.9
Congo, Dem. Rep. of the−2.2−2.3−1.6−1.63.7−1.20.5−1.7−2.1−1.6−1.5−2.9−3.5−3.0
Congo, Rep. of16.69.423.44.816.116.56.46.78.310.39.29.07.65.1
Côte d’Ivoire−1.5−0.5−0.4−1.5−2.0−5.7−3.4−2.5−2.2−2.8−2.8−2.8−2.9−2.9
Ethiopia−3.9−3.6−2.9−0.9−1.3−1.6−1.2−3.4−3.0−2.7−2.5−2.3−2.4−2.6
Ghana−4.7−5.4−8.4−7.0−9.4−6.5−12.1−10.8−7.5−7.3−7.6−5.3−4.6−4.3
Haiti−1.70.2−2.8−4.62.2−3.6−4.8−6.7−6.7−6.5−6.4−6.2−5.9−5.6
Honduras−2.7−1.6−1.7−4.5−2.8−2.8−4.2−7.4−6.3−6.0−5.7−5.8−5.9−6.2
Lao P.D.R.−3.2−2.4−2.6−5.3−4.7−3.0−1.4−4.7−3.8−5.5−4.4−3.8−3.3−3.3
Madagascar−0.5−2.7−1.9−2.5−0.9−1.7−1.3−1.5−2.1−2.5−0.8−2.0−0.2−1.3
Mali31.3−3.2−2.2−4.2−2.9−4.1−1.1−2.7−5.7−3.1−2.9−2.7−2.3−2.1
Moldova−0.30.3−0.9−6.3−2.5−2.4−2.2−1.8−2.5−3.3−3.2−3.2−3.2−3.2
Mozambique−4.1−2.9−2.5−5.5−4.3−5.1−4.0−4.6−12.4−8.1−7.9−6.8−6.0−5.8
Myanmar−3.6−3.3−2.4−4.9−5.4−4.6−3.8−4.9−4.5−5.7−4.7−4.5−4.5−4.5
Nepal0.3−0.8−0.4−2.6−0.8−1.0−0.62.00.30.20.20.10.0−0.4
Nicaragua0.50.8−0.7−2.1−0.80.70.1−0.5−0.10.0−0.50.00.30.3
Senegal−5.4−3.8−4.7−4.9−5.2−6.3−5.6−5.4−4.9−3.9−3.7−3.5−3.2−3.2
Sudan−1.4−3.50.6−5.10.30.2−3.8−2.1−1.3−1.3−0.6−0.10.00.0
Tajikistan1.7−5.5−5.1−5.2−3.0−2.10.6−0.8−0.9−0.9−1.4−2.0−2.2−2.5
Tanzania−4.5−1.9−2.6−6.0−6.5−5.0−5.1−5.6−5.1−4.5−4.0−4.0−4.0−4.0
Uganda−0.8−1.1−2.7−2.3−6.7−3.1−3.5−3.7−2.9−2.6−1.8−1.5−1.2−1.3
Uzbekistan5.45.210.22.84.98.88.51.30.80.70.80.70.70.7
Vietnam0.3−2.0−0.5−6.0−2.8−1.1−4.8−5.7−6.7−6.0−5.9−5.4−4.7−4.1
Yemen1.2−7.2−4.5−10.2−4.0−4.5−6.4−7.1−6.7−6.6−6.7−6.6−6.5−6.5
Zambia20.2−1.3−0.8−2.5−3.0−2.2−3.9−8.6−8.0−6.9−6.5−6.1−5.6−4.7
Average1.6−1.7−0.9−3.9−2.1−1.7−2.8−3.9−3.9−3.6−3.4−3.1−2.9−2.8
Oil producers6.5−0.81.2−5.4−1.7−0.4−3.8−4.9−5.3−4.7−4.8−4.4−4.2−4.0
Asia−1.4−2.3−2.2−4.8−3.3−2.8−3.9−4.5−4.9−4.7−4.4−3.9−3.4−3.1
Latin America0.50.30.3−2.4−0.1−0.8−1.0−2.9−2.7−2.6−2.7−2.7−2.7−2.7
Sub-Saharan Africa5.1−1.3−1.1−3.1−2.7−2.4−3.3−4.3−3.9−3.3−3.2−3.1−3.1−3.1
Others0.9−2.21.4−4.00.41.5−0.2−2.1−1.9−1.9−1.6−1.5−1.4−1.4
Primary Balance
Bangladesh−1.2−0.7−2.2−1.2−0.9−2.2−1.2−1.7−1.6−1.5−1.3−0.8−0.4−0.1
Bolivia7.04.35.51.73.12.12.81.10.50.2−0.2−0.7−0.8−0.9
Burkina Faso16.7−6.3−3.9−4.9−4.2−1.9−2.5−2.5−3.4−3.1−3.0−3.1−3.0−2.8
Cambodia0.0−0.50.5−4.0−2.5−3.8−3.3−2.6−2.4−1.4−0.8−0.40.0−0.2
Cameroon33.85.22.50.3−0.8−2.3−1.3−3.7−3.3−3.5−3.7−3.9−4.0−3.9
Chad2.62.83.8−8.8−3.63.00.9−2.11.01.30.4−0.3−1.8−2.2
Congo, Dem. Rep. of the0.60.91.31.85.10.62.0−0.4−1.0−0.5−0.5−2.0−2.6−2.2
Congo, Rep. of21.111.925.86.117.016.56.57.08.410.39.29.17.65.1
Côte d’Ivoire0.21.31.40.1−0.3−3.1−1.6−0.9−0.9−1.4−1.3−1.3−1.4−1.3
Ethiopia−3.0−2.9−2.5−0.6−0.9−1.2−0.9−3.1−2.6−2.2−2.0−1.7−1.6−1.7
Ghana−2.6−3.5−6.2−4.2−6.2−3.8−8.8−5.7−1.1−1.3−1.90.61.11.0
Haiti−1.21.3−2.1−3.82.8−3.2−4.4−6.2−6.3−5.9−5.7−5.5−5.2−4.8
Honduras−3.1−2.2−2.7−5.4−3.4−3.0−4.3−6.9−5.3−4.6−3.8−3.7−3.6−3.6
Lao P.D.R.−2.5−1.9−2.1−4.9−4.3−2.5−0.7−3.5−2.9−4.2−3.1−2.3−1.9−1.9
Madagascar
Mali31.8−2.8−1.9−3.9−2.5−3.4−0.5−2.1−5.2−2.6−2.3−2.1−1.7−1.5
Moldova0.71.40.2−5.0−1.7−1.6−1.4−1.2−1.8−2.6−2.5−2.3−2.3−2.3
Mozambique−3.3−2.3−2.0−5.0−3.5−4.1−3.0−3.7−11.2−6.8−6.4−5.2−4.3−4.0
Myanmar−3.0−2.7−1.9−4.2−4.5−3.5−2.4−3.4−2.9−4.2−3.4−3.3−3.2−3.2
Nepal0.9−0.10.3−1.90.0−0.10.22.71.21.11.01.00.90.5
Nicaragua2.01.70.2−1.00.41.81.10.71.01.00.51.01.31.2
Senegal−4.5−3.2−4.0−4.2−4.3−4.7−4.1−3.8−3.3−2.0−1.7−1.5−1.2−1.2
Sudan−0.2−2.51.5−4.11.41.4−2.3−0.8−0.20.10.81.41.71.6
Tajikistan2.2−5.1−4.8−4.7−2.5−1.61.10.1−0.4−0.4−0.9−1.5−1.7−2.0
Tanzania−3.3−0.7−1.6−5.1−5.5−4.0−3.8−4.0−3.4−2.9−2.6−2.6−2.6−2.5
Uganda0.40.1−1.5−1.2−5.7−2.0−2.0−2.1−1.3−0.90.00.30.60.4
Uzbekistan5.65.310.32.95.08.98.51.30.90.70.80.70.70.7
Vietnam1.0−1.00.5−4.9−1.60.0−3.4−4.3−5.2−4.6−4.4−3.8−3.1−2.4
Yemen3.5−4.9−2.1−7.7−1.7−0.2−0.9−1.5−1.1−1.1−1.4−1.4−1.6−1.8
Zambia22.10.40.9−0.9−1.3−1.0−2.3−6.7−5.2−3.6−3.1−2.5−1.8−1.0
Average2.9−0.50.3−2.6−0.9−0.4−1.4−2.4−2.3−2.0−1.9−1.5−1.3−1.2
Oil producers7.80.32.4−4.2−0.41.0−2.1−3.2−3.4−2.9−3.0−2.6−2.4−2.2
Asia−0.3−1.0−0.8−3.3−1.9−1.5−2.3−2.9−3.3−3.1−2.8−2.3−1.8−1.5
Latin America1.61.31.0−1.80.6−0.2−0.4−2.1−1.8−1.6−1.7−1.7−1.6−1.6
Sub-Saharan Africa6.80.00.2−1.9−1.5−1.2−2.1−2.9−2.3−1.7−1.7−1.4−1.4−1.4
Others2.1−1.22.4−3.01.43.01.6−0.3−0.2−0.10.00.20.30.2
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 C.
Statistical Table 10.Low-Income Countries: General Government Revenue and Expenditure(Percent of GDP)
20062007200820092010201120122013201420152016201720182019
Revenue
Bangladesh11.110.811.310.811.511.912.912.913.013.313.514.315.015.4
Bolivia34.334.438.935.833.236.237.940.038.937.636.735.834.834.2
Burkina Faso40.820.116.919.619.821.222.723.923.322.722.622.422.622.6
Cambodia12.813.715.915.817.015.616.917.117.418.018.218.618.918.8
Cameroon47.420.320.818.417.418.718.818.819.819.519.319.119.018.9
Chad16.219.722.515.020.224.823.418.820.721.420.820.319.418.9
Congo, Dem. Rep. of the12.010.413.114.921.118.020.117.017.217.918.918.918.718.5
Congo, Rep. of44.439.347.029.537.542.542.649.348.043.342.139.237.836.6
Côte d’Ivoire19.019.720.619.519.720.320.821.822.221.922.122.522.523.1
Ethiopia18.617.316.216.517.516.915.713.913.013.513.513.613.714.0
Ghana17.117.515.916.416.719.119.118.020.820.821.023.424.023.9
Haiti13.515.815.117.823.921.923.420.820.620.520.520.520.620.7
Honduras23.324.526.424.424.123.122.522.424.624.725.625.825.925.9
Lao P.D.R.14.515.615.917.118.318.319.621.620.621.221.120.920.720.7
Madagascar21.016.015.511.512.212.311.611.011.912.112.412.713.013.3
Mali56.221.319.021.720.120.817.421.121.021.421.621.922.122.3
Moldova39.942.940.638.938.336.637.936.937.436.335.635.735.635.6
Mozambique22.925.225.327.128.628.628.631.727.527.627.527.727.427.3
Myanmar12.812.311.610.711.412.023.322.324.123.023.323.523.823.9
Nepal13.014.214.916.818.017.618.619.220.921.021.321.321.421.3
Nicaragua24.925.424.825.525.728.528.028.328.128.929.129.329.429.4
Senegal21.223.621.621.621.822.423.323.723.623.723.823.823.723.7
Sudan22.421.924.015.519.318.09.89.911.712.012.212.612.913.0
Tajikistan23.622.522.123.423.224.925.126.926.426.727.327.227.628.0
Tanzania18.821.321.921.021.021.921.121.222.322.822.822.622.622.7
Uganda16.716.015.014.815.516.815.614.615.615.715.916.216.316.3
Uzbekistan34.435.640.736.737.040.241.534.935.435.335.135.035.034.9
Vietnam26.326.126.625.627.325.922.922.119.519.419.119.219.219.3
Yemen38.633.236.725.026.025.030.224.625.124.423.322.823.122.9
Zambia43.623.023.018.919.621.723.221.321.621.922.323.023.824.5
Average23.621.122.119.821.021.521.720.820.920.920.821.021.121.2
Oil producers32.026.828.524.226.126.024.623.321.821.420.920.820.720.5
Asia17.717.618.117.318.218.119.318.817.917.917.818.218.518.7
Latin America26.026.729.127.927.929.230.030.931.230.930.830.630.330.1
Sub–Saharan Africa26.019.820.118.519.921.020.720.220.620.620.721.021.021.0
Others29.828.531.524.626.326.926.022.824.624.624.524.624.824.7
Expenditure
Bangladesh14.113.415.914.514.616.016.316.916.816.916.817.117.217.4
Bolivia29.832.735.335.831.535.436.140.039.338.237.637.136.235.7
Burkina Faso24.626.821.124.924.423.625.926.927.226.426.226.226.226.1
Cambodia13.014.515.620.019.919.620.720.120.219.719.319.419.319.3
Cameroon14.615.618.618.518.621.420.422.923.623.623.623.623.723.5
Chad14.017.118.924.224.422.423.021.320.420.520.821.021.821.8
Congo, Dem. Rep. of the14.212.714.716.517.519.119.618.719.319.520.521.822.121.4
Congo, Rep. of27.829.923.624.721.426.136.242.639.733.032.930.130.331.5
Côte d’Ivoire20.620.221.021.021.725.924.224.224.424.724.925.325.426.0
Ethiopia22.520.919.117.418.818.516.917.316.116.216.115.916.116.5
Ghana21.822.924.423.526.125.631.228.828.328.228.728.728.628.2
Haiti15.215.617.922.421.725.528.227.527.327.026.826.726.526.3
Honduras26.026.128.128.927.025.926.629.830.930.731.331.631.832.1
Lao P.D.R.17.718.018.622.423.021.321.026.324.526.725.524.723.923.9
Madagascar21.518.717.414.113.114.012.812.514.114.613.214.713.214.6
Mali24.924.521.225.923.024.918.523.726.724.524.524.624.324.4
Moldova40.242.641.645.340.839.040.138.739.939.538.938.938.738.8
Mozambique27.028.127.832.632.933.732.636.339.835.735.434.433.433.1
Myanmar16.415.514.015.616.916.627.227.228.628.828.028.028.328.4
Nepal12.715.015.419.418.818.519.217.220.720.921.121.221.421.6
Nicaragua24.424.625.527.626.527.828.028.828.228.929.729.229.129.1
Senegal26.627.526.326.527.028.628.929.128.627.627.527.326.926.8
Sudan23.825.423.520.619.017.813.612.012.913.212.812.712.813.0
Tajikistan21.928.027.228.626.127.024.627.727.327.728.829.229.930.5
Tanzania23.223.124.527.027.526.926.326.827.427.326.926.626.626.6
Uganda17.517.117.717.122.219.919.118.318.418.317.817.717.517.6
Uzbekistan29.030.430.533.932.131.433.033.634.634.534.434.434.334.2
Vietnam26.128.127.131.630.026.927.627.826.225.425.024.624.023.4
Yemen37.440.341.235.230.129.536.631.731.831.130.029.429.629.4
Zambia23.524.323.821.322.623.927.129.929.728.728.829.129.329.1
Average22.022.823.023.723.223.324.624.724.824.524.224.224.124.0
Oil producers25.527.627.429.627.826.428.428.327.126.125.725.224.924.5
Asia19.119.820.222.121.520.923.223.322.822.622.222.121.921.7
Latin America25.526.428.930.328.030.031.133.833.833.433.533.333.032.8
Sub–Saharan Africa20.921.121.221.622.523.424.024.524.623.924.024.124.124.1
Others28.930.730.128.726.025.426.224.826.426.526.226.126.226.1
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 C.
Statistical Table 11.Low-Income Countries: General Government Gross Debt and Net Debt(Percent of GDP)
20062007200820092010201120122013201420152016201720182019
Gross Debt
Bangladesh49.947.247.045.141.042.241.839.738.739.038.437.335.934.4
Bolivia55.240.537.240.038.534.733.433.129.527.125.024.123.322.6
Burkina Faso22.625.425.228.629.329.727.333.332.133.935.035.235.435.5
Cambodia32.730.627.528.929.128.528.828.128.928.728.327.727.327.0
Cameroon15.912.09.510.612.113.816.118.621.624.427.129.932.635.0
Chad26.222.220.023.125.631.128.030.223.721.521.621.822.924.0
Congo, Dem. Rep. of the100.083.487.089.827.123.321.021.623.423.723.925.025.225.5
Congo, Rep. of98.898.068.161.622.935.135.830.830.429.127.724.223.724.4
Côte d’Ivoire81.476.073.367.768.498.349.243.240.439.939.739.439.239.5
Ethiopia39.437.230.825.327.926.221.222.223.524.224.725.025.525.9
Ghana26.231.033.636.246.343.751.260.166.569.269.765.562.561.3
Haiti59.034.838.328.017.512.016.421.324.429.434.138.842.746.1
Honduras40.324.723.024.729.832.134.440.244.948.652.055.559.262.8
Lao P.D.R.71.964.260.363.262.155.961.562.063.663.563.259.154.451.8
Madagascar
Mali20.421.122.624.728.729.129.431.531.332.633.835.035.536.3
Moldova30.924.619.329.126.924.124.524.424.525.426.327.528.931.2
Mozambique53.641.942.145.645.839.641.943.347.050.052.653.653.753.6
Myanmar90.362.353.055.049.549.247.342.743.244.344.143.643.243.1
Nepal49.542.841.239.335.433.034.131.029.929.228.127.326.726.4
Nicaragua73.550.347.050.250.145.443.242.440.639.739.338.638.037.3
Senegal21.823.523.934.035.540.543.445.947.448.148.448.448.248.1
Sudan75.070.768.872.173.170.594.590.989.385.981.978.274.071.4
Tajikistan35.334.630.036.236.335.432.329.228.228.028.529.630.830.5
Tanzania42.628.429.232.637.140.240.441.042.042.242.442.742.942.2
Uganda35.521.921.421.426.829.331.133.936.038.139.138.838.340.1
Uzbekistan21.315.812.711.010.09.18.68.68.68.78.99.19.39.6
Vietnam38.440.939.446.951.647.650.055.058.759.861.963.162.962.5
Yemen40.840.436.449.842.245.248.049.951.453.455.757.759.761.2
Zambia29.826.723.524.623.625.430.935.139.341.743.745.346.547.1
Average48.343.341.042.841.440.841.842.642.943.343.543.342.942.6
Oil producers38.638.835.642.142.141.644.247.950.451.553.454.454.955.3
Asia49.045.943.946.746.244.845.646.347.648.348.748.447.546.5
Latin America54.736.534.835.335.032.833.235.134.734.935.035.536.036.3
Sub-Saharan Africa44.839.537.537.633.935.733.535.436.337.338.038.138.338.8
Others51.648.144.347.446.644.351.850.847.746.545.344.443.443.1
Net Debt
Bangladesh
Bolivia41.927.320.623.118.414.411.110.28.67.77.18.29.711.4
Burkina Faso
Cambodia
Cameroon15.912.09.510.612.113.816.118.621.624.427.129.932.635.0
Chad
Congo, Dem. Rep. of the
Congo, Rep. of
Côte d’Ivoire
Ethiopia29.529.225.821.323.720.717.919.521.222.323.023.524.224.8
Ghana21.923.330.132.743.039.949.157.564.267.167.962.758.856.8
Haiti
Honduras
Lao P.D.R.
Madagascar
Mali14.915.216.715.518.520.324.325.027.729.631.332.533.234.0
Moldova30.924.619.329.126.924.124.524.424.525.426.327.528.931.2
Mozambique
Myanmar
Nepal49.542.841.239.335.433.034.131.029.929.228.127.326.726.4
Nicaragua
Senegal
Sudan
Tajikistan
Tanzania
Uganda
Uzbekistan
Vietnam38.440.939.446.951.647.650.055.058.759.861.963.162.962.5
Yemen33.035.231.443.638.141.846.048.450.152.254.756.858.860.5
Zambia25.821.419.919.720.020.124.230.535.037.940.342.443.844.4
Average32.131.330.134.437.135.237.641.243.845.046.346.947.147.2
Oil producers33.534.933.241.043.842.145.349.652.954.456.658.058.558.6
Asia39.741.139.646.049.645.748.252.556.157.158.959.959.759.2
Sub–Saharan Africa22.020.921.621.126.025.128.032.334.536.437.637.838.038.4
Others32.733.429.241.136.338.742.344.446.047.949.951.753.655.3
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 C.
Statistical Table 12a.Advanced Economies: Structural Fiscal Indicators(Percent of GDP, except where otherwise indicated)
Pension spending change, 2014–30 1Net present value of pension spending change, 2014–501,2Health care spending change, 2014–30Net present value of health care spending change, 2014–50 2Gross financing needs, 2014 3Average term to maturity, 2014 (years) 4Debt-to-average maturity, 2014Projected interest rate-growth differential, 2014–19 (percent)Precrisis overall balance, 2000–07Projected overall balance, 2014–19Nonresident holding of general government debt, 2013 (percent of total) 5
Australia0.722.11.962.35.56.25.00.21.1−1.946.3
Austria2.247.21.448.611.57.810.10.0−1.7−1.587.4
Belgium3.899.42.482.215.27.513.30.6−0.3−1.162.6
Canada1.127.11.959.616.06.014.7−0.41.2−1.422.4
Czech Republic0.012.30.514.99.35.49.1−0.2−3.9−2.330.9
Denmark0.31.81.130.27.78.05.70.72.5−1.443.3
Estonia−0.2−11.80.413.111.70.9−5.81.20.671.2
Finland2.961.21.131.08.06.19.8−0.54.1−1.883.5
France0.49.70.623.016.96.714.2−0.8−2.8−1.763.8
Germany1.235.40.826.46.86.511.5−0.2−2.30.261.1
Greece0.520.80.839.915.820.08.7−0.5−5.6−1.385.9
Hong Kong SAR−6.60.22.21.4
Iceland0.35.71.140.04.115.26.0−0.21.50.6
Ireland0.734.80.620.18.712.410.00.71.5−2.365.3
Israel0.310.15.611.9−0.8−5.0−2.214.4
Italy−0.50.00.620.528.46.321.31.8−3.0−1.036.7
Japan−0.33.21.845.257.96.537.4−1.1−5.7−5.87.9
Korea1.862.92.9106.82.56.16.3−1.72.11.712.6
Latvia−2.3−59.80.724.84.47.4−2.0−1.4−0.593.0
Netherlands2.365.73.9139.714.36.711.1−0.5−0.6−1.655.9
New Zealand2.263.13.1101.81.55.75.8−0.43.02.0
Norway2.364.21.856.43.87.7−1.513.48.646.3
Portugal0.310.40.842.520.75.224.40.6−4.12.163.6
Singapore63.231.7−4.77.15.2
Slovak Republic1.347.40.723.011.16.59.1−1.4−3.6−3.754.2
Slovenia1.775.70.722.316.65.513.62.2−1.0−3.949.8
Spain−0.221.81.148.820.75.717.51.80.4−3.440.0
Sweden0.510.80.24.48.15.18.1−1.71.30.147.3
Switzerland1.642.43.3115.03.38.45.7−0.60.20.610.6
United Kingdom0.38.21.867.811.614.66.3−0.4−1.8−2.429.7
United States1.636.64.7159.424.45.519.2−0.5−4.4−5.732.4
Average1.028.52.791.722.36.617.3−0.4−2.6−3.236.1
G71.025.03.098.725.26.619.3−0.4−3.6−4.034.2
G20 advanced1.026.42.997.723.76.618.3−0.4−3.3−3.734.0
Sources: Bloomberg L.R.; Haver Analytics; Joint External Debt Hub, Quarterly External Debt Statistics; national authorities; and IMF staff estimates and projections. Note: All country averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates in the years indicated and based on data availability.
Statistical Table 12b.Emerging Market Economies: Structural Fiscal Indicators(Percent of GDP, except where otherwise indicated)
Pension spending change, 2014–30 1Net present value of pension spending change, 2014–501,2Health care spending change, 2014–30Net present value of health care spending change, 2014–50 2Gross financing needs, 2014 3Average term to maturity, 2014 (years) 4Debt-to-average maturity, 2014Projected interest rate-growth differential, 2014–19 (percent)Precrisis overall balance, 2000–07Projected overall balance, 2014–19Nonresident holding of general government debt, 2013 (percent of total) 5
Argentina0.940.41.449.311.014.03.8−15.4−4.7−4.029.5
Brazil1.375.21.863.319.24.913.54.3−3.6−2.719.4
Bulgaria0.05.80.931.83.53.56.30.41.1−1.144.4
Chile−1.5−33.61.549.72.28.71.50.12.4−0.517.8
China2.472.51.241.26.17.82.6−6.1−1.8−1.2
Colombia−0.7−29.92.173.53.87.34.31.4−1.9−0.729.2
Egypt3.363.90.518.946.82.046.71.4−9.0−11.812.1
Hungary−0.62.41.344.019.94.119.21.2−6.6−2.858.7
India0.0−2.00.413.413.28.97.3−4.1−7.9−6.86.2
Indonesia0.411.60.312.04.010.92.4−4.8−1.0−1.850.0
Jordan2.484.21.970.635.22.045.4−1.8−3.5−2.919.9
Kazakhstan0.620.87.61.7−6.44.53.916.4
Kenya0.415.15.59.3−6.6−1.8−4.4
Lithuania0.218.41.243.14.64.29.4−0.7−1.8−1.776.3
Malaysia1.348.10.622.09.35.79.9−3.6−4.1−2.826.3
Mexico1.110.81.140.810.18.35.8−0.1−2.0−3.147.0
Morocco0.725.914.65.411.7−2.7−3.5−3.622.6
Nigeria0.311.83.06.7−2.13.9−3.0
Pakistan0.15.00.26.735.52.229.2−4.0−2.9−3.7
Peru0.934.71.214.41.3−1.9−0.40.142.3
Philippines0.620.70.413.68.010.53.3−2.3−2.4−0.7
Poland−0.8−36.41.757.99.95.09.8−0.9−4.3−2.550.3
Romania0.731.21.245.39.34.09.8−1.1−2.6−1.554.0
Russia2.070.61.031.42.37.41.8−1.54.6−1.122.1
Saudi Arabia1.256.71.142.611.50.20.210.71.8
South Africa0.310.51.036.712.310.64.5−0.5−0.7−4.433.9
Thailand0.721.21.552.98.78.05.8−3.2−0.4−1.411.7
Turkey4.4100.32.072.09.95.76.3−0.4−5.5−2.529.2
Average1.650.91.138.89.17.75.5−3.3−1.8−2.226.7
G20 emerging2.168.71.242.57.77.74.2−3.9−0.9−1.427.0
Sources: Bloomberg L.P.; Joint External Debt Hub, Quarterly External Debt Statistics; national authorities; and IMF staff estimates and projections.Note: All country averages are weighted by nominal GDP converted to U.S. dollars at average market exchange rates in the years indicated and based on data availability.
Statistical Table 13a.Advanced Economies: Illustrative Adjustment Needs Based on Long–Term Debt Targets(Percent of GDP)
2014Age–Related

spending,

2014–303
Illustrative Fiscal Adjustment Strategy to Achieve Debt Target in 2030
Gross debt1CAPB2CAPB in 2020–304Required adjustment between 2014 and 2020Required Adjustment and age–related spending, 2014–30
(1)(2)(3)(4)(4) − (2)(4) + (3) − (2)
Australia16.1−2.32.60.83.05.6
Austria79.1−0.22.12.12.36.0
Austria Belgium99.81.56.23.72.28.4
Canada39.5−1.83.00.62.45.4
Czech Republic49.2−0.10.50.40.51.0
Denmark45.61.81.40.3−1.5−0.1
Finland60.20.84.00.6−0.13.8
France95.8−0.51.03.03.44.4
Germany74.62.22.01.1−1.10.9
Iceland91.72.41.42.1−0.31.1
Ireland123.70.81.45.74.96.3
Israel66.30.70.4−0.3
Italy134.54.30.17.02.72.8
Japan137.1−6.21.55.811.913.4
Korea38.02.64.7−0.5−3.11.6
Netherlands75.01.76.21.5−0.16.1
New Zealand25.30.25.20.1−0.15.1
Portugal126.71.61.15.74.15.2
Slovak Republic58.6−0.82.00.41.23.2
Slovenia74.91.12.42.41.33.7
Spain98.8−0.90.94.85.76.6
Sweden41.5−0.20.7−0.10.00.8
Switzerland48.11.44.9−0.2−1.63.2
United Kingdom91.5−0.92.13.24.16.2
United States105.7−1.46.33.95.311.7
Average94.5−0.93.73.34.28.0
G20 advanced97.7−1.13.93.54.68.5
Source: IMF staff estimates and projections.Note: The cyclically adjusted primary balance (CAPB) required to reduce debt and its comparison to the 2014 CAPB is a standardized calculation, and policy recommendations for individual countries would require a case–by–case assessment. The adjustment is calculated with respect to the projected 2014 levels for countries’ fiscal deficits, age–related spending, and debt. As such, announced or legislated policies that are expected to come into effect after 2014 are not taken into account in the calculations.
Statistical Table 13b.Advanced Economies: Illustrative Adjustment Needs Based on Medium-Term Structural Balance Targets(Percent of GDP)
2014Illustrative Fiscal

Adjustment Strategy
2030
Gross

Debt
Structural

Balance
Structural

Balance

Target
Primary Balance

Adjustment

2014–20
Average Primary

Balance

2021–30
Gross Debt
(1)(2)(3)(4)(5)(6)
Australia16.1−3.0