Chapter

Methodological and Statistical Appendix

Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Published Date:
April 2018
Share
  • ShareShare
Show Summary Details

This appendix comprises four sections. “Data and Conventions” provides a general description of the data and conventions used to calculate economy group composites. “Fiscal Policy Assumptions” summarizes the country-specific assumptions underlying the estimates and projections for 2018–19 and the medium-term scenario for 2020–23. “Definition and Coverage of Fiscal Data” summarizes the classification of countries in the various groups presented in the Fiscal Monitor and provides details on the coverage and accounting practices underlying each country’s Fiscal Monitor data. Statistical tables on key fiscal variables complete the appendix. Data in these tables have been compiled on the basis of information available through April 2, 2018.

Data and Conventions

Country-specific data and projections for key fiscal variables are based on the April 2018 World Economic Outlook (WEO) database, unless indicated otherwise, and compiled by the IMF staff. Historical data and projections are based on 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 WEO database are listed in the respective tables and figures.

The country classification in the Fiscal Monitor divides the world into three major groups: 35 advanced economies, 40 emerging market and middle-income economies, and 40 low-income developing countries. The seven largest advanced economies as measured by GDP (Canada, France, Germany, Italy, Japan, United Kingdom, United States) constitute the subgroup of major advanced economies, often referred to as the Group of Seven (G7). The members of the euro area are also distinguished as a subgroup. Composite data shown in the tables for the euro area cover the current members for all years, even though membership has increased over time. Data for most European Union (EU) member countries have been revised after the new European System of National and Regional Accounts (ESA 2010) was adopted. Low-income developing countries are those that have per capita income levels below a certain threshold (currently set at $2,700 in 2016 as measured by the World Bank’s Atlas method), structural features consistent with limited development and structural transformation, and external financial linkages insufficiently close to be widely seen as emerging market economies. Zimbabwe is included in the group. Emerging market and middle-income economies include those that are not classified as advanced economies or low-income developing countries. See Table A, “Economy Groupings,” for more details.

Table A.Economy Groupings

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

Advanced EconomiesEmerging Market and Middle-Income EconomiesLow-Income Developing CountriesG7G201Advanced G201Emerging G20
AustraliaAlgeriaBangladeshCanadaArgentinaAustraliaArgentina
AustriaAngolaBeninFranceAustraliaCanadaBrazil
BelgiumArgentinaBurkina FasoGermanyBrazilFranceChina
CanadaAzerbaijanCambodiaItalyCanadaGermanyIndia
CyprusBelarusCameroonJapanChinaItalyIndonesia
Czech RepublicBrazilChadUnited KingdomFranceJapanMexico
DenmarkChileDemocratic RepublicUnited StatesGermanyKoreaRussia
EstoniaChinaof the CongoIndiaUnited KingdomSaudi Arabia
FinlandColombiaRepublic of CongoIndonesiaUnited StatesSouth Africa
FranceCroatiaCôte d’IvoireItalyTurkey
GermanyDominican RepublicEthiopiaJapan
GreeceEcuadorGhanaKorea
Hong Kong SAREgyptGuineaMexico
IcelandHungaryHaitiRussia
IrelandIndiaHondurasSaudi Arabia
IsraelIndonesiaKyrgyz RepublicSouth Africa
ItalyIranLao P.D.R.Turkey
JapanKazakhstanMadagascarUnited Kingdom
KoreaKuwaitMaliUnited States
LatviaLibyaMoldova
LithuaniaMalaysiaMozambique
LuxembourgMexicoMyanmar
MaltaMoroccoNepal
NetherlandsOmanNicaragua
New ZealandPakistanNiger
NorwayPeruNigeria
PortugalPhilippinesPapua New Guinea
SingaporePolandRwanda
Slovak RepublicQatarSenegal
SloveniaRomaniaSomalia
SpainRussiaSudan
SwedenSaudi ArabiaTajikistan
SwitzerlandSouth AfricaTanzania
United KingdomSri LankaTimor-Leste
United StatesThailandUganda
TurkeyUzbekistan
UkraineVietnam
United Arab EmiratesYemen
UruguayZambia
VenezuelaZimbabwe
Note: Emerging market and developing economies include emerging market and middle-income economies as well as low-income developing countries.
Euro AreaEmerging Market and Middle-Income AsiaEmerging Market and Middle-Income EuropeEmerging Market and Middle-Income Latin AmericaEmerging Market and Middle-Income Middle East and North Africa and PakistanEmerging Market and Middle-Income Africa
AustriaChinaAzerbaijanArgentinaAlgeriaAngola
BelgiumIndiaBelarusBrazilEgyptSouth Africa
CyprusIndonesiaCroatiaChileIran
EstoniaMalaysiaHungaryColombiaKuwait
FinlandPhilippinesKazakhstanDominicanLibya
FranceSri LankaPolandRepublicMorocco
GermanyThailandRomaniaEcuadorOman
GreeceRussiaMexicoPakistan
IrelandTurkeyPeruQatar
ItalyUkraineUruguaySaudi Arabia
LatviaVenezuelaUnited Arab Emirates
Lithuania
Luxembourg
Malta
Netherlands
Portugal
Slovak Republic
Slovenia
Spain
Note: Emerging market and developing economies include emerging market and middle-income economies as well as low-income developing countries.
Low-Income Developing AsiaLow-Income Developing Latin AmericaLow-Income Developing Sub-Saharan AfricaLow-Income Developing OthersLow-Income Oil ProducersOil Producers
BangladeshHaitiBeninKyrgyz RepublicCameroonAlgeria
CambodiaHondurasBurkina FasoMoldovaRepublic of CongoAngola
Lao P.D.R.NicaraguaCameroonSomaliaCôte d’IvoireAzerbaijan
MyanmarChadSudanNigeriaBahrain
NepalDemocratic Republic of the CongoTajikistanPapua New GuineaBrunei Darussalam
Papua New GuineaUzbekistanTimor-LesteCameroon
Timor-LesteRepublic of CongoYemenYemenCanada
VietnamCôte d’IvoireColombia
EthiopiaRepublic of Congo
GhanaCôte d’Ivoire
GuineaEcuador
KenyaEquatorial Guinea
MadagascarGabon
MaliIndonesia
MozambiqueIran
NigerIraq
NigeriaKazakhstan
RwandaKuwait
SenegalLibya
TanzaniaMexico
UgandaNigeria
ZambiaNorway
ZimbabweOman
Papua New Guinea
Qatar
Russia
Saudi Arabia
Syria
Timor-Leste
Trinidad and Tobago
United Arab Emirates
Venezuela
Yemen
Note: Emerging market and developing economies include emerging market and middle-income economies as well as low-income developing countries.

Most fiscal data refer to the general government for advanced economies; for emerging markets and developing economies, data often refer only to the central government or budgetary central government (for specific details, see Tables BD). All fiscal data refer to calendar years, except in the cases of Bangladesh, Egypt, Ethiopia, Haiti, Hong Kong Special Administrative Region, India, the Islamic Republic of Iran, Myanmar, Nepal, Pakistan, Singapore, and Thailand, for which they refer to the fiscal year.

Table B.Advanced Economies: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting PracticeCoverageAccounting PracticeCoverageValuation of Debt2
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
AustraliaGGCG,SG,LG,TGAGGCG,SG,LG,TGAGGCG,SG,LG,TGNominal
AustriaGGCG,SG,LG,SSAGGCG,SG,LG,SSAGGCG,SG,LG,SSFace
BelgiumGGCG,SG,LG,SSAGGCG,SG,LG,SSAGGCG,SG,LG,SSFace
CanadaGGCG,SG,LG,SSAGGCG,SG,LG,SSAGGCG,SG,LG,SSFace
Cyprus3GGCG,LG,SSAGGCG,LG,SSFace
Czech RepublicGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
DenmarkGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
EstoniaGGCG,LG,SSCGGCG,LG,SSNominal
FinlandGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
FranceGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
GermanyGGCG,SG,LG,SSAGGCG,SG,LG,SSAGGCG,SG,LG,SSFace
GreeceGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
Hong Kong SARGGCGCGGCGCGGCGFace
IcelandGGCG,SG,SSAGGCG,SG,SSAGGCG,SG,SSFace
IrelandGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
IsraelGGCG,LG,SSOtherGGCG,LG,SSOtherGGCG,LG,SSNominal
ItalyGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
JapanGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
KoreaCGCGCCGCGCCGCGNominal
LatviaGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSNominal
LithuaniaGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
LuxembourgGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
MaltaGGCG,SSAGGCG,SSAGGCG,SSNominal
NetherlandsGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
New ZealandCGCGACGCGACGCGCurrent market
NorwayGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSCurrent market
PortugalGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
SingaporeGGCGCGGCGCGGCGNominal
Slovak RepublicGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
SloveniaGGCG,SG,LG,SSCGGCG,SG,LG,SSCGGCG,SG,LG,SSFace
SpainGGCG,SG,LG,SSAGGCG,SG,LG,SSAGGCG,SG,LG,SSNominal
SwedenGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
SwitzerlandGGCG,SG,LG,SSAGGCG,SG,LG,SSAGGCG,SG,LG,SSNominal
United KingdomGGCG,LGAGGCG,LGAGGCG,LGNominal
United StatesGGCG,SG,LGAGGCG,SG,LGAGGCG,SG,LGNominal
Note: Coverage: CG = central government; GG = general government; LG = local governments; NFPC = nonfinancial public corporations; PS = public sector; SG = state governments; SS = social security funds; TG = territorial governments. Accounting standard: C = cash; A = accrual.
Table C.Emerging Market and Middle-Income Economies: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting PracticeCoverageAccounting PracticeCoverageValuation of Debt2
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
AlgeriaCGCGCCGCGNominal
AngolaGGCG,LGOtherGGCG,LG,NFPCNominal
ArgentinaGGCG,SG,SSCCGCGcCGCGNominal
AzerbaijanCGCGCCGCGFace
Belarus3GGCG,LG,SSCGGCG,LG,SSNominal
Brazil4NFPSCG,SG,LG,SS, MPC,NFPCCNFPSCG,SG,LG,SS,MPC,NFPCCNFPSCG,SG,LG,SS, MPC,NFPCNominal
ChileGGCG,LGAGGCG,LGAGGCG,LGFace
ChinaGGCG,LGCGGCG,LGcGGCG,LGFace
Colombia5GGCG,SG,LG,SSOtherGGCG,SG,LG,SSOtherGGCG,SG,LG,SSFace
CroatiaGGCG,LGAGGCG,LGAGGCG,LGNominal
Dominican RepublicGGCG,SG,LG,SS, NMPCMixedGGCG,SG,LG,SS,NMPCMixedGGCG,SG,LG,SS, NMPCFace
EcuadorNFPSCG,SG,LG,SS,NFPCCNFPSCG,SG,LG,SS, NFPCCNFPSCG,SG,LG,SS,NFPCFace
EgyptGGCG,LG,SS,MPCCGGCG,LG,SS,MPCCGGCG,LG,SS,MPCNominal
HungaryGGCG,LG,SS,NMPCAGGCG,LG,SS,NMPCAGGCG,LG,SS,NMPCFace
IndiaGGCG,SGCGGCG,SGCGGCG,SGNominal
IndonesiaGGCG,LGCGGCG,LGCGGCG,LGFace
IranCGCGCCGCGNominal
KazakhstanGGCG,LGAGGCG,LGNominal
KuwaitCGCGMixedCGCGNominal
LibyaGGCG,SG,LGCGGCG,SG,LGFace
MalaysiaGGCG,SG,LGCGGCG,SG,LGCGGCG,SG,LGNominal
MexicoPSCG,SS,NMPC,NFPCCPSCG,SS,NMPC,NFPCCPSCG,SS,NMPC,NFPCFace
MoroccoCGCGACGCGFace
OmanCGCGCCGCGNominal
PakistanGGCG,SG,LGCGGCG,SG,LGNominal
PeruGGCG,SG,LG,SSCGGCG,SG,LG,SScGGCG,SG,LG,SSFace
PhilippinesGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSNominal
PolandGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
QatarCGCGCCGCGNominal
RomaniaGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSFace
RussiaGGCG,SG,SSMixedGGCG,SG,SSMixedGGCG,SG,SSCurrent market
Saudi ArabiaCGCGCCGCGNominal
South Africa6GGCG,SG,SSCGGCG,SG,SSCGGCG,SG,SSNominal
Sri LankaCGCGCCGCGNominal
Thailand7PSCG,BCG,LG,SSAPSCG,BCG,LG,SSAPSCG,BCG,LG,SSNominal
TurkeyGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
UkraineGGCG,SG,LG,SSCGGCG,SG,LG,SSCGGCG,SG,LG,SSNominal
United Arab Emirates8GGCG,BCG,SG,SSCGGCG,BCG,SG,SSNominal
UruguayPSCG,LG,SS,MPC, NFPCAPSCG,LG,SS,MPC, NFPCFace
Venezuela9GGBCG,NFPCCGGBCG,NFPCCGGBCG,NFPCNominal
Note: Coverage: BCG = budgetary central government; CG = central government; GG = general government; LG = local governments; MPC = monetary public corporations, including central bank; NFPC = nonfinancial public corporations; NFPS = nonfinancial public sector; NMPC = nonmonetary financial public corporations; PS = public sector; SG = state governments; SS = social security funds. Accounting practice: C = cash; NC = noncash.
Table D.Low-Income Developing Countries: Definition and Coverage of Fiscal Monitor Data
Overall Fiscal Balance1Cyclically Adjusted BalanceGross Debt
CoverageAccounting PracticeCoverageAccounting PracticeCoverageValuation of Debt2
AggregateSubsectorsAggregateSubsectorsAggregateSubsectors
BangladeshCGCGCCGCGCCGCGNominal
BeninCGCGCCGCGNominal
Burkina FasoGGCGCBGGCGFace
CambodiaCGCG,LGACGCG,LGACGCG,LGFace
CameroonNFPSCG,NFPCCNFPSCG,NFPCCurrent market
ChadNFPSCG,NFPCCNFPSCG,NFPCFace
Democratic Republic of the CongoGGCG,LGAGGCG,LGNominal
Republic of CongoCGCGACGCGNominal
Côte d’lvoireCGCGACGCGNominal
EthiopiaCGCG,SG,LG,NFPCCCGCG,SG,LG,NFPCNominal
GhanaCGCGCCGCGFace
GuineaCGCGOtherCGCGNominal
HaitiCGCGCCGCGCCGCGNominal
HondurasCPSCG,LG,SS,NFPCACPSCG,LG,SS,NFPCACPSCG,LG,SS,NFPCNominal
KenyaCGCGACGCGCurrent market
Kyrgyz RepublicGGCG,LG,SSCGGCG,LG,SSFace
Lao P.D.R.3CGCGCCGCGCCGCG
MadagascarCGCG,LGCCGCG,LGNominal
MaliCGCGMixedCGCGNominal
MoldovaGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSNominal
MozambiqueCGCG,SGMixedCGCG,SGMixedCGCG,SGNominal
Myanmar4NFPSCG,NFPCCNFPSCG,NFPCFace
NepalCGCGCCGCGCCGCGFace
NicaraguaGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSNominal
NigerCGCGACGCGNominal
NigeriaGGCG,SG,LGCGGCG,SG,LGCurrent market
Papua New GuineaCGCGCCGCGFace
RwandaGGCG,LGMixedGGCG,LGNominal
SenegalCGCGCCGCGCCGCGNominal
SomaliaCGCGCCGCGCCGCG
SudanCGCGMixedCGCGNominal
TajikistanGGCG,LG,SSCGGCG,LG,SS
TanzaniaCGCG,LGCCGCG,LGNominal
Timor-LesteCGCGCCGCGCCGCG
UgandaCGCGCCGCGNominal
Uzbekistan5GGCG,SG,LG,SSCGGCG,SG,LG,SSNominal
VietnamGGCG,SG,LGCGGCG,SG,LGCGGCG,SG,LGNominal
YemenGGCG,LGCGGCG,LGNominal
ZambiaCGCGCCGCGCurrent market
ZimbabweCGCGCCGCGCurrent market
Note: Coverage: BCG = budgetary central government; CG = central government; CPS = combined public sector; EA = extrabudgetary units; FC = financial public corporations; GG = general government; LG = local governments; MPC = monetary public corporations, including central bank; NC = noncash; NFPC = nonfinancial public corporations; NFPS = nonfinancial public sector; NMPC = nonmonetary financial public corporations; PS = public sector; SG = state governments; SS = social security funds. Accounting standard: C = cash; NC = noncash; CB = commitments basis accounting; Mixed = combination of accrual and cash accounting.

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

For the purpose of data reporting in the Fiscal Monitor, the Group of Twenty (G20) member aggregate refers to the 19 country members and does not include the European Union.

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

The fiscal gross and net debt data reported in the Fiscal Monitor are drawn from official data sources and IMF staff estimates. While attempts are made to align gross and net debt data with the definitions in the IMF’s Government Finance Statistics Manual, as a result of data limitations or specific country circumstances, these data can sometimes deviate from the formal definitions. Although every effort is made to ensure the debt data are relevant and internationally comparable, differences in both sectoral and instrument coverage mean that the data are not universally comparable. As more information becomes available, changes in either data sources or instrument coverage can give rise to data revisions that can sometimes be substantial.

The term “country” as used in the Fiscal Monitor 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 whose statistical data are maintained separately and independently.

Argentina: Total expenditure and the overall balance account for cash interest only. The primary balance excludes profit transfers from the central bank of Argentina. Interest expenditure is net of interest income from the social security administration. For GDP and consumer price index (CPI) data, see the “Country Notes” section in the Statistical Appendix of the April 2018 WEO.

Australia: For cross-country comparability, gross and net debt levels reported by national statistical agencies for countries that have adopted the 2008 System of National Accounts (2008 SNA) (Canada, Hong Kong Special Administrative Region, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

Bangladesh: Data are on a fiscal year basis.

Brazil: General government data refer to the nonfinancial public sector—which includes the federal, state, and local governments, as well as public enterprises (excluding Petrobras and Eletrobras)—and are consolidated with those for the sovereign wealth fund. Revenue and expenditures of federal public enterprises are added in full to the respective aggregates. Transfers and withdrawals from the sovereign wealth fund do not affect the primary balance. Disaggregated data on gross interest payments and interest receipts are available from 2003 only. Before 2003, total revenue of the general government excludes interest receipts; total expenditure of the general government includes net interest payments. Gross public debt includes the Treasury bills on the central bank’s balance sheet, including those not used under repurchase agreements. Net public debt consolidates general government and central bank debt. The national definition of nonfinancial public sector gross debt excludes government securities held by the central bank, except the stock of Treasury securities used for monetary policy purposes by the central bank (those pledged as security reverse repurchase agreement operations). According to this national definition, gross debt amounted to 74.0 percent of GDP at the end of 2017.

Canada: For cross-country comparability, gross and net debt levels reported by national statistical agencies for countries that have adopted the 2008 SNA (Australia, Hong Kong Special Administrative Region, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

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

China: Public debt data include central government debt as reported by the Ministry of Finance, explicit local government debt, and shares—less than 19 percent, according to the National Audit Office estimate—of contingent liabilities the government may incur. IMF staff estimates exclude central government debt issued for the China Railway Corporation. Relative to the authorities’ definition, consolidated general government net borrowing includes (1) transfers to and from stabilization funds, (2) state-administered state-owned enterprise funds and social security contributions and expenses, and (3) off-budget spending by local governments. Defcit numbers do not include some expenditure items, mostly infrastructure investment financed of budget through land sales and local government financing vehicles. Fiscal balances are not consistent with reported debt because no time series of data in line with the National Audit Office debt definition is published officially.

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

Egypt: Data are on a fiscal year basis.

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

Haiti: Data are on a fiscal year basis.

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

India: Data are on a fiscal year basis.

Ireland: General government balances between 2009 and 2012 reflect the impact of banking sector support. Fiscal balance estimates excluding these measures are –11.4 percent of GDP for 2009, –10.9 percent of GDP for 2010, –8.6 percent of GDP for 2011, and –7.9 percent of GDP for 2012. For 2015, if the conversion of government’s remaining preference shares to ordinary shares in one bank were excluded, the fiscal balance would be –1.1 percent of GDP. Cyclically adjusted balances reported in Tables A3 and A4 exclude financial sector support measures. Ireland’s 2015 national accounts were revised as a result of restructuring and relocation of multinational companies, which resulted in a level shift of nominal and real GDP. For more information, see “National Income and Expenditure Annual Results 2015,” at http://www.cso.ie/en/releasesandpublications/er/nie/nationalincomeandexpenditureannualresults2015/.

Japan: Gross debt is on an unconsolidated basis.

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

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

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

Pakistan: Data are on a fiscal year basis.

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

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

Spain: Overall and primary balances include financial sector support measures estimated to be –0.1 percent of GDP for 2010, 0.3 percent of GDP for 2011, 3.7 percent of GDP for 2012, 0.3 percent of GDP for 2013, 0.1 percent of GDP for 2014, 0.1 percent of GDP for 2015, 0.2 percent of GDP for 2016, 0.1 percent of GDP for 2017, and 0.0 percent of GDP for 2018.

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 potential GDP for 2009, 0.3 percent of potential GDP for 2010, 0.2 percent of potential GDP for 2011, 0.1 percent of potential GDP for 2012, and 0.0 percent of potential GDP for 2013. For crosscountry comparability, expenditure and fiscal balances of the United States are adjusted to exclude the imputed interest on unfunded pension liabilities and the imputed compensation of employees, which are counted as expenditure under the 2008 SNA adopted by the United States, but this is not true for countries that have not yet adopted the 2008 SNA. Data for the United States may thus differ from data published by the US Bureau of Economic Analysis (BEA). In addition, gross and net debt levels reported by the BEA and national statistical agencies for other countries that have adopted the 2008 SNA (Australia, Canada, Hong Kong Special Administrative Region) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

Uruguay: Data are for the consolidated public sector, which includes the nonfinancial public sector (as presented in the authorities’ budget documentation), local governments, Banco Central del Uruguay, and Banco de Seguros del Estado. In particular, Uruguay is one of the few countries in the sample for which public debt includes the debt of the central bank, which increases recorded public sector gross debt.

Venezuela: Fiscal accounts for 2010–23 correspond to the budgetary central government and Petróleos de Venezuela S.A. (PDVSA). Fiscal accounts before 2010 correspond to the budgetary central government, public enterprises (including PDVSA), Instituto Venezolano de los Seguros Sociales (IVSS—social security), and Fondo de Garantía de Depósitos y Protección Bancaria (FOGADE—deposit insurance).

Fiscal Policy Assumptions

Historical data and projections of key fiscal aggregates are in line with those of the April 2018 WEO, unless noted otherwise. For underlying assumptions other than on fiscal policy, see the April 2018 WEO.

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: Fiscal projections are based on the available information regarding budget outturn and budget plans for the federal and provincial governments, fiscal measures announced by the authorities, and on IMF staff macroeconomic projections.

Australia: Fiscal projections are based on Australian Bureau of Statistics data, the fiscal year 2017/18 budgets of the Commonwealth and States and Territories; the Commonwealth’s 2017 Mid-Year Economic and Fiscal Outlook and Updates by States and Territories; and the IMF staff’s estimates.

Austria: Fiscal projections are based on data from Statistics Austria, the authorities’ projections, and IMF staff estimates and projections.

Belgium: Projections are based on the 2017–20 Stability Programme and other available information on the authorities’ fiscal plans, with adjustments for the IMF staff’s assumptions.

Brazil: Fiscal projections for the end of 2018 take into account budget performance through January, 2018, and the deficit target approved in the budget law.

Cambodia: Historical fiscal and monetary data are from the Cambodian authorities. Projections are based on the IMF staff’s assumptions after discussions with the authorities.

Canada: Projections use the baseline forecasts in the 2018 federal budget and the latest provincial budget updates as available. The IMF staff makes some adjustments to these forecasts, including for differences in macroeconomic projections. The IMF staff’s forecast also incorporates the most recent data releases from Statistics Canada’s Canadian System of National Economic Accounts, including federal, provincial, and territorial budgetary outturns through the fourth quarter of 2017.

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

China: Projections assume that the pace of fiscal consolidation is likely to be gradual, reflecting reforms to strengthen social safety nets and the social security system announced as part of the Third Plenum reform agenda.

Croatia: Projections are based on the macroeconomic framework and the authorities’ medium-term fiscal guidelines.

Cyprus: Projections are on accrual basis based on the IMF staff’s assessment of budget and fiscal measures and on the IMF staff’s macroeconomic assumptions.

Czech Republic: Projections are based on the authorities’ budget forecast for 2017 with adjustments for the IMF staff’s macroeconomic projections. Projections for 2018 onward are based on the country’s Convergence Programme.

Denmark: Estimates for 2016 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2017–18, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2017 Convergence Programme submitted to the European Union and 2018 budget.

Estonia: Fiscal projections are on an accrual basis and are based on the authorities’ 2017 budget.

Finland: Projections are based on the authorities’ announced policies, adjusted for the IMF staff’s macro-economic scenario.

France: Projections for 2017 reflect the budget law and cancelation of spending taken in July 2017. For 2018–22, they are based on the multiyear budget and the 2018 budget adjusted for differences in assumptions on macro and financial variables, and revenue projections. Historical fiscal data reflect the May and September 2017 revisions and update of the fiscal accounts, debt data, and national accounts for 2014 and 2015.

Germany: The IMF staff’s projections for 2017 and beyond are based on the 2018 Draft Budgetary Plan, adjusted for the differences in the IMF staff’s macroeconomic framework and assumptions concerning revenue elasticities. 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: Greece’s primary balance estimates for 2016 are based on preliminary excessive deficit procedure (EDP) data on an accrual basis (ESA 2010) provided by the National Statistical Service (ELSTAT) as of October 23, 2017. Fiscal data since 2010 are adjusted in line with program definition.

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

Hungary: Fiscal projections include IMF staff projections of the macroeconomic framework and of the impact of recent legislative measures, as well as fiscal policy plans announced in the 2019 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 projections are based on moderate tax policy and administration reforms, fuel subsidy pricing reforms introduced in January 2015, and a gradual increase in social and capital spending over the medium term in line with fiscal space.

Ireland: Fiscal projections are based on the country’s Budget 2018.

Israel: Historical data are based on Government Finance Statistics data prepared by the Central Bureau of Statistics. The central government deficit is assumed to remain at the current ceiling level of 2.9 percent of GDP throughout the projection period, rather than declining in line with medium-term fiscal targets, consistent with long experience of revisions to those targets.

Italy: IMF staff estimates and projections are based on the fiscal plans included in the government’s 2018 draft budget plan and September 2017 Update to the Economic and Financial Document.

Japan: The projections include fiscal measures already announced by the government, including the consumption tax hike in October 2019.

Kazakhstan: Fiscal projections are based on the Budget Code and IMF staff projections.

Korea: The medium-term forecast incorporates the government’s announced medium-term consolidation path. The series on general government debt does not include nonmarket nonprofit institutions.

Libya: Against the background of a civil war and weak capacities, the reliability of Libya’s data, especially medium-term projections, is low.

Malaysia: Projections are based on data provided by the Ministry of Finance for the 2018 Article IV Consultation.

Malta: Projections are based on the authorities’ latest Stability Programme Update and budget documents, adjusted for the IMF staff’s macroeconomic and other assumptions.

Mexico: Fiscal projections for 2018 are broadly in line with the approved budget; projections for 2019 onward assume compliance with rules established in the Fiscal Responsibility Law.

Moldova: Fiscal projections are based on various bases and growth rates for GDP, consumption, imports, wages, and energy prices and on demographic changes.

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

Netherlands: Fiscal projections for the period 2017–23 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after differences in macroeconomic assumptions are adjusted for. Historical data were revised after the Central Bureau of Statistics released revised macro data in June 2014 after adopting the ESA 2010 and revising data sources.

New Zealand: Fiscal projections are based on the authorities’ fiscal year 2017/18 budget and half-year economic and fiscal update, and on IMF staff estimates.

Norway: Fiscal projections are based on the latest 2018 revised budget.

Philippines: Fiscal projections assume that the authorities’ fiscal deficit target for the national government will be achieved in 2018 and beyond. Revenue projections reflect the IMF staff’s macroeconomic assumptions and incorporate anticipated revenue-enhancing tax reforms. Expenditure projections are based on budgeted figures, institutional arrangements, current data, and fiscal space in each year.

Poland: Data are based on ESA 2010 beginning in 2010. Data before 2010 are based on ESA 95. Projections are based on the 2016 budget and take into account the effects of the 2014 pension changes.

Portugal: Projections for the current year are based on the authorities’ approved budget, adjusted to reflect the IMF staff’s macroeconomic forecast. Projections thereafter are based on the assumption of unchanged policies.

Romania: Fiscal projections for 2018 reflect the adopted budget measures as of February 2018 (including the increases in wages and pensions, and changes to labor taxation). Projections for 2019 reflect the full effect of the 2018 budget measures and the impact of the unified wage law. Apart from the impact of the unified wage law which will be gradually implemented until 2022, no additional policy changes are assumed beyond 2019.

Russia: Projections for 2018–2020 are IMF staff estimates based on the authorities’ budget. Projections for 2021–23 are based on the new oil-price rule, with adjustments by IMF staff.

Saudi Arabia: Staff baseline projections of total government revenues reflect the impact of announced policies in the 2018 Budget. Oil revenues are based on WEO baseline oil prices and the assumption that Saudi Arabia continues to meet its commitments under the OPEC+ agreement. Expenditure projections take the 2018 budget as a starting point and reflect IMF staff estimates of the effects of the latest changes in policies and economic developments. Expenditures in 2018 include the allowances and other measures announced in the Royal Decree for one year in January 2018.

Singapore: For fiscal years 2018/19, projections are based on budget numbers. For the remaining projection period, the IMF staff assumes unchanged policies.

Slovak Republic: Projections for 2015 take into account developments in the first three quarters of the year and the authorities’ new projections presented in the budget for 2016. Projections for 2016 consider the authorities’ 2016 budget. Projections for 2017 and beyond reflect a no-policy-change scenario.

Spain: For 2017, fiscal data are IMF staff projections, reflecting the cash outturn through November. For 2018 and beyond, fiscal projections are based on the information specified in the government’s 2018 Budgetary Plan, and on the IMF staff’s macroeconomic projections.

Sri Lanka: Projections are based on the authorities’ medium-term fiscal framework and the revenue measures proposed.

Sweden: Fiscal projections take into account the authorities’ projections based on the 2018 Budget. The effect of cyclical developments on the fiscal accounts is calculated using the Organisation for Economic Co-operation and Development’s 2005 elasticity to take into account output and employment gaps.

Switzerland: The projections assume that fiscal policy is adjusted as necessary to keep fiscal balances in line with the requirements of the country’s fiscal rules.

Thailand: For the projection period, the IMF staff assumes a relatively modest and temporary increase in public infrastructure investment, partly reflecting 50 percent implementation of planned infrastructure by SOEs and low implementation rates by the general government.

Turkey: The fiscal projections for 2018 are based on the authorities’ Medium-Term Plan (MTP) 2018–20, with adjustments for additionally announced fiscal measures and staff’s higher inflation forecast. For the medium term, the fiscal projections assume a more gradual fiscal consolidation than envisaged in the MTP.

United Kingdom: Fiscal projections are based on the country’s November 2017 Budget and the March 2018 update, with expenditure projections based on the budgeted nominal values and with revenue projections adjusted for differences between the IMF staff’s forecasts of macroeconomic variables (such as GDP growth and inflation) and the forecasts of these variables assumed in the authorities’ fiscal projections. The IMF staff’s data exclude public sector banks and the effect of transferring assets from the Royal Mail Pension Plan to the public sector in April 2012. Real government consumption and investment are part of the real GDP path, which, according to the IMF staff, may or may not be the same as projected by the UK Office for Budget Responsibility.

United States: Fiscal projections are based on the June 2017 Congressional Budget Office baseline, adjusted for the IMF staff’s policy and macroeconomic assumptions. Projections incorporate the effects of tax reform (Tax Cuts and Jobs Act, signed into law end of 2017) as well as the Bipartisan Budget Act of 2018 passed in February 2018. Finally, fiscal projections are adjusted to reflect the IMF staff’s forecasts for key macroeconomic and financial variables and different accounting treatment of financial sector support and defined-benefit pension plans, and are converted to a general government basis. Data are compiled using SNA 2008, and when translated into government finance statistics, this is in accordance with GFSM 2014. Because of data limitations, most series begin in 2001.

Venezuela: Projecting the economic outlook in Venezuela, including assessing past and current economic developments as the basis for the projections, is complicated by the lack of discussions with the authorities (the last Article IV consultation took place in 2004), long intervals in receiving data with information gaps, incomplete provision of information, and difficulties in interpreting certain reported economic indicators given economic developments. The fiscal accounts include the budgetary central government and Petróleos de Venezuela, S.A. (PDVSA), and data for 2016–23 are IMF staff estimates. Revenue includes the IMF staff’s estimate of foreign exchange profits transferred from the central bank to the government (buying US dollars at the most appreciated rate and selling at more depreciated rates in a multitier exchange rate system) and excludes IMF staff’s estimate of revenue from PDVSA’s sale of PetroCaribe assets to the central bank. The effects of hyperinflation and the noted data gaps mean that IMF staff’s projected macroeconomic indicators need to be interpreted with caution. For example, nominal GDP is estimated assuming the GDP deflator rises in line with IMF staff’s projection of average inflation. Public external debt in relation to GDP is projected using IMF staff’s estimate of the average exchange rate for the year. Revenue includes the IMF staff’s estimated foreign exchange profits transferred from the central bank to the government (buying US dollars at the most appreciated rate and selling at more depreciated rates in a multitier exchange rate system) and excludes the IMF staff’s estimated revenue from PDVSA’s sale of PetroCaribe assets to the central bank. The effects of hyperinflation and the noted data gaps mean that staff’s projected macroeconomic indicators need to be interpreted with caution. For example, nominal GDP is estimated assuming the GDP deflator rising in line with the staff’s projection of average inflation. Public external debt in relation to GDP is projected using the staff’s estimate of the average exchange rate for the year.

Vietnam: Fiscal data for 2015–17 are the authorities’ estimate. From 2018 onward, fiscal data are based on IMF staff projections.

Yemen: Hydrocarbon revenue projections are based on World Economic Outlook assumptions for oil and gas prices (the authorities use $55 a barrel) and authorities’ projections of production of oil and gas. Nonhydrocarbon revenues largely reflect authorities’ projections, as do most of the expenditure categories, with the exception of fuel subsidies, which are projected based on the World Economic Outlook price consistent with revenues. Monetary projections are based on key macroeconomic assumptions about the growth rate of broad money, credit to the private sector, and deposit growth

Definition and Coverage of Fiscal Data

Table A1.Advanced Economies: General Government Overall Balance, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Australia−4.6−5.1−4.4−3.4−2.8−2.9−2.8−2.6−2.2−1.7−1.1−0.10.20.20.2
Austria−5.4−4.5−2.6−2.2−1.4−2.7−1.1−1.5−0.8−0.3−0.2−0.2−0.2−0.4−0.5
Belgium−5.4−4.0−4.1−4.2−3.1−3.1−2.5−2.5−1.1−1.3−1.3−1.3−1.3−1.3−1.3
Canada−3.9−4.7−3.3−2.5−1.50.2−0.1−1.1−1.0−0.8−0.8−0.7−0.7−0.7−0.7
Cyprus1−5.4−4.7−5.7−5.6−3.3−0.2−0.20.51.92.02.01.81.81.61.7
Czech Republic−5.5−4.2−2.7−3.9−1.2−1.9−0.60.71.31.11.00.50.50.50.5
Denmark−2.8−2.7−2.1−3.5−1.21.1−1.5−0.4−0.1−0.8−0.5−0.30.00.20.4
Estonia−2.20.21.2−0.3−0.20.70.1−0.3−0.1−0.4−0.20.00.00.00.0
Finland−2.5−2.6−1.0−2.2−2.6−3.2−2.7−1.8−1.4−1.4−0.9−0.2−0.1−0.1−0.1
France−7.2−6.8−5.1−4.8−4.0−3.9−3.6−3.4−2.6−2.4−3.1−2.0−1.5−1.0−0.3
Germany−3.2−4.2−1.00.0−0.10.30.60.81.11.51.71.61.51.51.4
Greece−15.1−11.2−10.3−6.6−3.6−4.0−2.90.50.0−0.10.00.10.2−0.1−2.4
Hong Kong SAR1.54.13.83.11.03.60.64.45.12.71.71.71.31.31.2
Iceland−9.6−9.7−5.6−3.7−1.8−0.1−0.812.61.61.21.11.21.31.21.1
Ireland1−13.8−32.1−12.7−8.0−6.1−3.7−1.9−0.7−0.4−0.2−0.10.20.60.81.0
Israel−5.7−3.7−2.9−4.8−4.1−3.3−2.1−2.1−2.2−3.2−3.3−3.4−3.4−3.4−3.4
Italy−5.3−4.2−3.7−2.9−2.9−3.0−2.6−2.5−1.9−1.6−0.9−0.30.00.00.0
Japan−10.2−9.5−9.4−8.6−7.9−5.6−3.8−3.7−4.2−3.4−2.8−2.2−2.1−2.0−2.0
Korea0.01.51.71.60.60.40.61.71.92.01.91.81.81.81.9
Latvia−7.0−6.5−3.20.2−0.6−1.7−1.5−0.40.0−0.5−0.9−0.4−0.2−0.2−0.2
Lithuania−9.3−6.9−8.9−3.1−2.6−0.7−0.20.30.60.70.80.90.70.70.6
Luxembourg−0.7−0.70.50.31.01.31.41.61.40.80.20.50.40.30.2
Malta−3.2−2.4−2.4−3.5−2.4−1.8−1.11.11.91.61.10.70.60.50.5
Netherlands−5.4−5.0−4.3−3.9−2.4−2.3−2.00.40.50.60.70.80.91.01.0
New Zealand−1.2−4.8−4.5−1.7−0.8−0.10.61.31.61.11.12.02.52.62.6
Norway10.310.913.213.510.58.55.93.94.93.73.84.04.04.04.1
Portugal−9.8−11.2−7.4−5.7−4.8−7.2−4.4−2.0−1.2−1.0−0.9−0.8−0.7−0.6−0.6
Singapore0.06.08.67.86.65.43.63.36.02.31.91.72.02.01.9
Slovak Republic−7.8−7.5−4.3−4.3−2.7−2.7−2.7−2.2−1.6−0.9−0.4−0.2−0.2−0.1−0.1
Slovenia−5.4−5.2−5.5−3.1−13.8−5.8−3.3−1.7−0.80.0−0.3−0.4−0.6−0.7−0.8
Spain1−11.0−9.4−9.6−10.5−7.0−6.0−5.3−4.5−3.1−2.5−2.1−2.1−2.1−2.1−2.2
Sweden−0.70.0−0.2−1.0−1.4−1.60.21.21.21.10.70.60.50.40.3
Switzerland0.50.40.70.4−0.4−0.20.60.10.00.40.40.30.30.30.3
United Kingdom−10.1−9.4−7.5−7.6−5.4−5.4−4.3−3.0−2.3−1.8−1.5−1.3−1.1−0.7−0.6
United States2−13.1−10.9−9.6−7.9−4.4−4.0−3.5−4.2−4.6−5.3−5.9−5.5−5.5−5.4−5.0
Average−8.7−7.7−6.3−5.5−3.7−3.1−2.6−2.6−2.6−2.7−2.8−2.4−2.3−2.3−2.0
Euro Area−6.3−6.2−4.2−3.6−3.0−2.6−2.1−1.5−0.9−0.6−0.5−0.2−0.10.00.1
G7−9.9−8.8−7.4−6.4−4.3−3.6−3.0−3.3−3.4−3.5−3.7−3.3−3.2−3.0−2.7
G20 Advanced−9.5−8.4−7.0−6.0−4.1−3.4−2.9−3.1−3.1−3.2−3.3−2.9−2.8−2.7−2.4
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table B; G7 = Group of Seven; G20 = Group of Twenty.
Table A2.Advanced Economies: General Government Primary Balance, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Australia−4.5−4.8−3.9−2.7−2.0−2.0−1.8−1.7−1.3−0.9−0.20.71.01.01.0
Austria−3.2−2.3−0.40.00.8−0.70.80.10.60.91.11.00.90.80.6
Belgium−2.0−0.7−0.9−1.0−0.2−0.20.20.11.10.70.50.50.40.30.2
Canada−2.8−3.9−2.7−1.8−1.00.50.5−0.4−0.6−0.5−0.4−0.3−0.2−0.1−0.1
Cyprus1−3.4−3.2−4.1−2.90.42.82.52.94.44.24.24.03.93.73.7
Czech Republic−4.5−3.2−1.7−2.8−0.2−0.80.31.52.01.81.61.11.01.01.0
Denmark−2.4−2.1−1.4−3.0−0.81.6−0.70.10.3−0.6−0.6−0.20.20.50.8
Estonia−2.50.01.0−0.4−0.30.60.0−0.4−0.2−0.4−0.3−0.10.0−0.1−0.1
Finland−2.9−2.5−1.0−2.0−2.5−3.0−2.5−1.5−1.2−1.3−0.9−0.3−0.2−0.1−0.1
France−4.9−4.5−2.6−2.4−1.9−1.9−1.7−1.5−0.8−0.6−1.20.00.51.21.9
Germany−0.8−2.11.11.81.41.71.81.92.12.32.32.22.12.01.9
Greece−10.1−5.3−3.0−1.50.40.00.73.83.72.93.53.53.53.51.5
Hong Kong SAR−0.42.31.91.3−0.73.60.63.64.31.30.60.60.20.20.2
Iceland−6.6−6.9−2.9−0.41.63.52.915.64.53.53.02.92.72.52.4
Ireland1−12.4−29.7−10.2−4.8−2.6−0.30.51.51.41.51.51.61.92.12.3
Israel−1.90.00.6−1.3−0.9−0.20.80.50.6−0.4−0.5−0.6−0.6−0.5−0.5
Italy−1.0−0.10.82.11.71.41.41.31.71.92.53.23.53.63.6
Japan−9.3−8.6−8.3−7.5−7.0−4.9−3.2−2.9−3.7−3.2−2.7−2.1−2.0−1.9−1.9
Korea−0.70.80.90.8−0.2−0.3−0.30.80.91.10.80.91.01.21.2
Latvia−5.9−5.1−1.81.70.9−0.20.30.81.10.40.00.60.60.60.6
Lithuania−8.2−5.2−7.2−1.2−0.91.01.31.61.92.22.32.42.11.81.6
Luxembourg−1.2−0.90.30.10.81.11.21.41.20.6−0.2−0.2−0.5−0.8−1.1
Malta0.00.70.8−0.50.41.01.33.23.83.42.72.32.12.12.1
Netherlands−4.2−3.8−3.0−2.8−1.3−1.2−1.11.21.31.11.21.31.41.51.6
New Zealand−1.0−4.3−3.9−1.0−0.20.41.01.62.11.81.82.63.13.23.2
Norway8.08.811.111.78.76.43.41.62.61.31.51.71.71.71.8
Portugal−7.1−8.5−3.6−1.4−0.6−2.8−0.11.92.52.32.32.22.22.12.1
Singapore
Slovak Republic−6.7−6.4−2.9−2.8−1.1−1.1−1.3−0.8−0.40.30.80.90.90.80.8
Slovenia−4.6−4.0−4.2−1.4−11.5−2.8−0.61.01.51.91.51.41.31.21.1
Spain1−9.6−7.8−7.7−8.0−4.0−3.0−2.6−2.0−0.8−0.20.20.20.30.20.2
Sweden−0.40.30.1−0.8−1.2−1.50.11.11.00.90.50.40.30.20.2
Switzerland1.00.81.10.8−0.20.00.90.30.20.60.60.50.40.40.4
United Kingdom−8.7−6.9−4.7−5.3−4.1−3.6−2.8−1.4−0.6−0.20.00.30.50.70.8
United States−11.2−8.9−7.3−5.7−2.4−2.0−1.6−2.2−2.5−3.0−3.4−2.7−2.4−2.2−1.6
Average−7.1−6.0−4.5−3.7−2.1−1.5−1.1−1.2−1.1−1.2−1.2−0.8−0.6−0.4−0.1
Euro Area−3.8−3.7−1.6−1.0−0.6−0.20.00.40.91.11.11.41.61.71.8
G7−8.0−6.8−5.2−4.3−2.4−1.8−1.3−1.5−1.6−1.7−1.8−1.3−1.0−0.8−0.4
G20 Advanced−7.7−6.5−5.0−4.1−2.3−1.8−1.3−1.5−1.5−1.6−1.6−1.1−0.9−0.7−0.3
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 B.
Table A3.Advanced Economies: General Government Cyclically Adjusted Balance, 2009–23(Percent of potential GDP)
200920102011201220132014201520162017201820192020202120222023
Australia−4.5−4.9−4.3−3.3−2.5−2.5−2.4−2.3−1.8−1.4−0.9−0.10.20.20.2
Austria−4.6−4.0−3.2−2.5−0.9−2.0−0.2−0.7−0.7−0.7−0.7−0.7−0.6−0.6−0.7
Belgium−4.5−3.8−4.3−4.0−2.5−2.5−2.1−2.2−1.0−1.4−1.5−1.4−1.3−1.3−1.3
Canada−2.6−4.1−3.3−2.5−1.6−0.3−0.2−0.9−1.1−1.0−1.0−0.9−0.8−0.8−0.7
Cyprus−7.2−6.7−7.7−5.9−1.42.12.02.02.52.21.91.61.41.21.7
Czech Republic−5.3−4.1−2.9−3.20.1−1.1−0.80.50.70.40.20.00.10.30.5
Denmark−0.6−1.7−1.4−2.4−0.11.8−0.9−0.3−0.3−1.3−1.1−0.9−0.5−0.20.0
Estonia1.83.82.60.40.50.90.30.0−0.6−0.9−0.6−0.2−0.10.0−0.1
Finland−0.3−1.8−1.5−1.7−1.2−0.90.00.2−0.8−1.1−1.0−0.5−0.4−0.3−0.3
France−5.5−5.7−4.5−3.8−2.8−2.6−2.3−2.2−1.7−1.9−2.8−1.8−1.4−1.0−0.3
Germany−1.2−3.6−1.5−0.30.00.30.60.70.60.60.70.80.91.01.0
Greece−19.4−13.4−8.8−2.11.4−0.7−0.32.71.40.90.70.40.2−0.1−2.7
Hong Kong SAR1−0.81.00.50.4−1.82.6−0.12.43.10.7−0.10.0−0.4−0.3−0.4
Iceland−10.0−7.6−4.7−3.1−1.6−0.1−1.111.20.90.70.81.11.31.21.1
Ireland1−9.4−8.9−6.5−5.4−4.6−2.8−1.2−1.1−1.0−0.8−0.6−0.20.30.60.9
Israel−5.0−3.7−3.5−4.7−4.3−3.4−1.9−2.1−2.2−3.2−3.4−3.4−3.4−3.4−3.4
Italy−3.6−3.6−3.5−1.4−0.8−0.8−0.9−1.1−1.1−1.2−0.8−0.3−0.1−0.1−0.1
Japan−6.7−7.9−7.8−7.4−7.3−5.3−4.2−4.1−4.0−3.4−2.8−2.2−2.0−2.0−1.9
Korea0.51.51.61.70.90.60.82.02.12.22.01.91.81.81.9
Latvia−3.2−3.3−1.40.9−1.0−1.5−1.4−0.1−0.2−0.8−1.0−0.5−0.3−0.2−0.2
Lithuania−6.7−4.2−7.4−2.3−2.1−0.60.00.50.50.50.50.70.60.60.6
Luxembourg0.9−0.60.31.21.50.81.21.71.50.60.00.30.30.20.2
Malta−2.6−2.5−1.9−2.5−1.3−1.4−2.00.81.51.20.90.60.60.50.5
Netherlands−5.0−4.5−4.3−3.1−1.2−1.2−1.40.80.50.00.00.00.00.10.2
New Zealand−1.7−4.5−3.8−1.2−0.50.10.71.31.61.11.22.02.52.62.6
Norway1−4.9−4.9−4.1−4.5−4.9−5.7−6.6−7.5−7.8−7.8−7.9−8.0−8.0−8.0−8.0
Portugal−8.8−11.0−6.4−3.3−2.5−5.1−3.0−1.0−0.8−1.0−1.1−1.1−0.9−0.9−0.9
Singapore0.26.58.67.86.55.43.63.35.62.11.51.61.71.81.8
Slovak Republic−5.4−5.8−3.0−3.1−1.7−2.2−3.1−2.6−2.0−1.3−0.7−0.4−0.4−0.3−0.2
Slovenia−4.5−4.8−4.3−2.0−1.4−2.3−0.9−0.30.2−0.2−1.0−1.3−1.4−1.3−1.1
Spain1−10.6−8.5−7.4−3.3−2.3−1.9−2.4−2.8−2.5−2.5−2.6−2.6−2.5−2.5−2.6
Sweden11.20.5−0.1−0.5−0.6−0.6−0.20.90.90.80.50.50.30.30.3
Switzerland10.80.40.70.6−0.3−0.30.70.10.20.20.30.30.30.30.3
United Kingdom1−8.7−7.4−5.8−5.9−3.8−4.6−3.9−2.8−2.2−1.8−1.5−1.3−1.1−0.7−0.6
United States1,2−7.7−9.6−8.2−6.4−4.4−3.8−3.6−4.3−4.6−5.6−6.8−6.3−6.2−6.0−5.3
Average−5.9−6.7−5.6−4.5−3.2−2.7−2.5−2.6−2.6−2.9−3.3−3.0−2.8−2.7−2.3
Euro Area−4.8−5.1−3.9−2.6−1.4−1.3−1.0−0.8−0.7−0.8−0.9−0.6−0.4−0.3−0.2
G7−6.2−7.6−6.4−5.2−3.8−3.2−2.9−3.2−3.3−3.6−4.2−3.7−3.6−3.4−3.0
G20 Advanced−6.0−7.2−6.1−4.9−3.6−3.1−2.7−3.0−3.0−3.3−3.8−3.4−3.2−3.1−2.6
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.
Table A4.Advanced Economies: General Government Cyclically Adjusted Primary Balance, 2009–23(Percent of potential GDP)
200920102011201220132014201520162017201820192020202120222023
Australia−4.4−4.6−3.7−2.6−1.7−1.6−1.4−1.3−0.9−0.50.00.81.01.01.0
Austria−2.4−1.9−1.0−0.31.20.01.71.00.70.50.50.50.60.60.5
Belgium−1.1−0.6−1.1−0.80.40.30.60.31.20.60.40.40.30.30.2
Canada−1.5−3.3−2.7−1.8−1.10.00.5−0.2−0.8−0.7−0.6−0.5−0.3−0.2−0.1
Cyprus−5.1−5.2−6.0−3.22.14.94.54.35.04.44.13.73.53.33.7
Czech Republic−4.4−3.1−1.9−2.11.10.00.11.31.41.00.90.60.70.80.9
Denmark−0.2−1.1−0.8−1.90.32.2−0.20.30.1−1.1−1.1−0.8−0.30.10.4
Estonia1.53.62.40.30.40.80.2−0.1−0.7−1.0−0.6−0.3−0.1−0.1−0.1
Finland−0.7−1.8−1.5−1.5−1.1−0.70.20.4−0.6−1.0−1.0−0.6−0.5−0.3−0.3
France−3.4−3.5−2.1−1.4−0.7−0.6−0.5−0.30.1−0.1−0.90.10.61.21.9
Germany1.1−1.40.51.61.61.61.81.81.61.41.41.41.41.41.4
Greece−13.9−7.3−1.72.65.03.13.15.84.93.84.13.73.53.51.2
Hong Kong SAR1−2.6−0.8−1.4−1.4−3.52.6−0.11.62.4−0.7−1.2−1.0−1.6−1.4−1.4
Iceland−7.0−5.0−2.00.21.83.52.714.33.83.02.72.82.72.52.4
Ireland1−8.0−6.7−4.0−2.3−1.10.51.11.10.90.91.01.21.72.02.3
Israel−1.30.00.2−1.2−1.0−0.31.00.50.6−0.4−0.6−0.6−0.6−0.6−0.5
Italy0.50.51.03.43.63.42.92.52.42.22.63.13.43.53.5
Japan−5.8−6.9−6.8−6.3−6.4−4.6−3.6−3.4−3.6−3.1−2.7−2.0−1.9−1.8−1.8
Korea−0.20.80.91.00.0−0.1−0.11.01.11.20.90.91.01.21.2
Latvia−2.2−2.0−0.12.40.50.00.41.10.90.2−0.10.50.60.60.6
Lithuania−5.6−2.6−5.8−0.4−0.41.11.51.91.82.02.02.21.91.81.6
Luxembourg0.4−0.80.01.01.30.61.01.51.40.5−0.4−0.3−0.6−0.9−1.1
Malta0.60.61.20.51.51.30.42.93.43.02.52.22.22.12.1
Netherlands−3.8−3.4−3.0−2.0−0.1−0.2−0.51.61.30.60.50.50.60.70.7
New Zealand−1.5−4.0−3.2−0.50.10.61.11.72.11.91.92.73.13.13.2
Norway1−7.9−7.5−6.6−6.7−7.1−8.2−9.5−10.2−10.5−10.6−10.6−10.7−10.7−10.7−10.7
Portugal−6.1−8.3−2.70.81.5−0.91.12.92.82.32.11.92.01.91.9
Singapore
Slovak Republic−4.4−4.7−1.7−1.60.0−0.6−1.6−1.2−0.70.00.50.70.70.70.8
Slovenia−3.7−3.6−3.0−0.40.70.51.82.32.51.70.80.60.50.70.8
Spain1−9.2−6.9−5.5−0.90.40.90.2−0.4−0.2−0.2−0.2−0.2−0.2−0.2−0.1
Sweden11.60.80.2−0.4−0.5−0.5−0.20.80.70.60.30.30.20.20.1
Switzerland11.30.81.10.9−0.1−0.10.90.30.40.40.50.40.40.40.4
United Kingdom1−7.4−5.0−3.1−3.6−2.5−2.8−2.4−1.2−0.5−0.20.10.30.50.70.8
United States1−5.9−7.6−6.0−4.2−2.4−1.9−1.7−2.3−2.5−3.3−4.2−3.5−3.1−2.8−1.9
Average−4.3−5.1−3.8−2.7−1.6−1.2−1.0−1.1−1.2−1.5−1.8−1.3−1.1−0.8−0.4
Euro Area−2.4−2.6−1.30.01.11.01.01.11.20.90.81.11.21.41.5
G7−4.4−5.6−4.3−3.2−2.0−1.4−1.2−1.5−1.6−1.9−2.3−1.7−1.4−1.2−0.7
G20 Advanced−4.3−5.4−4.1−3.0−1.9−1.4−1.2−1.4−1.5−1.7−2.1−1.5−1.2−1.0−0.5
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 plus net interest payable/paid (interest expense minus interest revenue) following the World Economic Outlook convention. For country-specific details, see “Data and Conventions” in text, and Table B.
Table A5.Advanced Economies: General Government Revenue, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Australia33.432.031.933.233.834.034.634.834.935.135.235.535.635.635.6
Austria48.848.448.349.049.749.649.949.048.848.948.948.948.948.948.9
Belgium48.849.350.351.652.752.151.350.751.150.450.149.949.949.949.9
Canada39.638.438.438.538.638.639.839.639.339.439.539.539.539.539.5
Cyprus36.537.336.736.437.739.839.038.840.440.340.540.440.440.340.3
Czech Republic38.739.340.340.541.440.341.140.140.641.341.441.541.641.741.8
Denmark53.754.054.454.554.656.453.353.252.151.350.850.650.450.049.9
Estonia43.940.738.639.038.339.140.340.340.140.340.440.440.240.140.0
Finland52.252.153.354.054.954.954.254.052.751.551.251.451.251.251.2
France49.649.650.852.052.953.253.153.253.953.552.251.751.451.251.1
Germany44.343.043.844.344.544.644.545.045.245.445.545.545.445.345.3
Greece38.941.343.845.847.846.248.150.248.848.848.347.846.846.545.1
Hong Kong SAR18.820.722.421.421.020.818.622.622.621.520.720.620.720.720.6
Iceland38.639.439.941.441.944.941.757.643.142.242.042.041.841.641.7
Ireland33.233.033.633.934.234.027.026.425.325.224.924.624.524.324.2
Israel35.937.137.036.136.536.937.036.738.136.936.736.736.736.736.7
Italy45.945.645.747.848.147.947.746.946.646.747.547.547.547.547.5
Japan29.329.030.030.831.633.334.234.133.233.133.133.833.933.833.8
Korea21.321.021.622.121.521.221.522.523.023.023.023.023.023.023.0
Latvia35.836.535.637.436.736.136.236.437.337.035.936.336.035.935.7
Lithuania34.334.332.632.132.133.434.133.733.835.435.135.134.834.734.6
Luxembourg44.543.542.944.444.343.142.843.843.242.442.041.841.741.541.4
Malta38.638.738.839.239.539.639.038.239.539.238.838.638.638.638.6
Netherlands42.743.242.743.243.943.942.843.843.943.943.943.943.943.943.9
New Zealand35.134.334.134.234.033.934.334.334.134.134.234.234.134.134.1
Norway55.354.956.155.753.853.653.953.954.151.752.252.953.253.553.9
Portugal40.440.642.642.945.144.643.843.043.143.042.842.742.642.542.4
Singapore17.421.123.122.221.421.221.421.023.320.821.221.421.621.822.0
Slovak Republic36.334.736.536.338.739.342.539.339.438.739.439.139.438.838.8
Slovenia39.840.840.641.640.641.240.539.238.839.339.039.039.139.239.3
Spain34.836.236.237.638.638.938.537.738.238.238.037.837.637.537.3
Sweden51.049.749.149.349.648.548.949.749.348.247.948.148.148.148.1
Switzerland32.732.432.732.632.732.533.533.533.533.533.533.533.533.533.5
United Kingdom34.235.336.035.936.335.335.636.036.436.736.736.636.436.536.5
United States28.429.129.429.431.631.531.631.231.130.730.430.831.231.631.8
Average35.034.935.535.736.936.936.536.436.336.336.136.436.536.636.7
Euro Area44.444.344.946.046.746.746.246.146.246.145.945.845.645.545.4
G734.234.234.834.936.436.536.336.036.036.035.836.136.236.436.6
G20 Advanced33.833.734.334.435.835.935.735.535.435.435.335.535.735.836.0
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table B.
Table A6.Advanced Economies: General Government Expenditure, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Australia37.937.136.436.636.636.937.437.437.036.836.335.735.435.435.4
Austria54.152.850.951.251.052.351.050.549.749.249.049.149.249.249.4
Belgium54.253.354.555.955.855.253.853.252.251.751.451.151.151.251.2
Canada43.543.241.741.040.138.539.940.740.340.340.340.240.240.240.2
Cyprus41.942.042.341.941.040.039.238.338.538.338.438.538.538.638.6
Czech Republic44.243.543.044.542.642.241.739.439.340.140.441.041.141.241.3
Denmark56.556.756.458.055.855.254.853.652.252.151.350.950.449.949.5
Estonia46.140.537.439.338.538.440.240.640.340.740.640.440.240.140.0
Finland54.854.854.456.257.558.156.955.754.052.952.051.651.351.351.3
France56.856.455.956.857.057.156.756.656.555.955.353.752.952.151.5
Germany47.647.344.744.344.744.343.944.244.144.043.843.843.943.843.9
Greece54.152.554.152.451.450.250.949.748.848.848.347.746.746.747.5
Hong Kong SAR17.316.618.618.320.017.318.018.317.518.818.918.919.519.519.5
Iceland48.249.145.545.243.745.042.545.041.441.040.940.840.540.440.5
Ireland47.065.146.342.040.337.628.927.125.825.425.024.423.923.523.3
Israel41.640.740.040.940.640.239.138.840.240.140.040.140.140.140.1
Italy51.249.949.450.851.150.950.349.348.648.248.447.847.547.647.6
Japan39.538.539.439.439.538.938.037.837.536.636.036.035.935.835.8
Korea21.319.519.920.620.920.820.920.721.121.021.121.221.221.221.1
Latvia42.843.038.837.237.337.837.836.837.337.536.836.736.236.135.9
Lithuania43.641.241.535.234.734.034.333.533.234.734.334.234.134.034.0
Luxembourg45.144.142.444.143.341.841.542.141.841.741.841.341.341.241.2
Malta41.941.141.242.742.041.340.137.137.637.637.737.938.038.238.2
Netherlands48.248.147.047.146.346.244.943.443.343.443.243.143.042.942.9
New Zealand36.439.138.635.934.834.033.733.032.533.033.132.231.631.531.5
Norway45.044.043.042.243.345.148.050.049.248.048.548.949.249.549.8
Portugal50.251.850.048.549.951.848.244.944.344.043.743.543.343.143.1
Singapore17.315.014.514.414.815.817.817.717.418.519.319.719.619.820.1
Slovak Republic44.142.140.840.641.442.045.241.541.039.639.739.239.638.938.9
Slovenia45.346.046.144.754.447.043.840.939.639.339.339.439.739.940.2
Spain45.845.645.848.145.644.843.842.241.340.740.139.939.739.639.6
Sweden51.749.849.350.351.050.148.748.548.147.147.247.547.647.747.8
Switzerland32.232.032.032.233.132.732.933.533.533.133.133.233.233.233.2
United Kingdom44.344.743.543.541.740.739.839.038.738.538.337.937.537.237.1
United States41.640.038.937.336.035.535.235.435.736.036.336.436.737.036.8
Average43.842.641.841.140.640.139.139.038.939.038.938.838.838.838.7
Euro Area50.750.549.149.749.749.248.347.647.146.846.545.945.745.545.4
G744.143.042.241.340.740.139.339.339.339.439.539.339.439.539.3
G20 Advanced43.342.041.340.439.939.338.538.538.538.638.638.538.538.638.4
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table B.
Table A7.Advanced Economies: General Government Gross Debt, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Australia116.720.524.127.730.634.137.840.641.641.741.038.736.134.232.2
Austria79.682.482.281.681.083.884.383.778.875.472.069.366.864.963.2
Belgium99.599.7102.6104.3105.5106.8106.0105.7103.2101.099.197.495.694.093.0
Canada179.381.181.584.885.885.090.591.189.786.683.881.278.776.474.3
Cyprus52.855.865.279.2102.1107.5107.5107.199.397.089.583.078.873.167.6
Czech Republic33.637.439.844.544.942.240.036.834.732.931.329.427.626.024.5
Denmark40.242.646.144.944.043.939.637.736.435.935.134.132.831.429.8
Estonia7.06.66.19.710.210.710.09.48.88.58.17.67.26.86.4
Finland41.747.148.553.956.560.263.663.061.460.559.657.856.354.653.0
France82.985.187.890.793.595.095.896.697.096.396.295.193.691.689.0
Germany72.680.978.679.877.474.771.068.264.159.855.752.248.745.542.4
Greece126.7146.2172.1159.6177.9180.2178.8183.5181.9191.3181.8177.0172.2168.7165.1
Hong Kong SAR10.70.60.60.50.50.10.10.10.10.10.00.00.00.00.0
Iceland82.387.894.792.184.381.867.652.740.938.434.932.129.225.623.5
Ireland61.586.1110.4119.7119.6104.777.172.968.567.164.961.058.855.652.4
Israel74.670.768.868.467.166.164.262.361.061.661.461.361.261.060.9
Italy112.5115.4116.5123.4129.0131.8131.5132.0131.5129.7127.5124.9122.1119.3116.6
Japan201.0207.9222.1229.0232.5236.1231.3235.6236.4236.0234.2232.3231.4230.7229.6
Korea31.430.831.532.235.437.339.540.039.838.938.337.937.637.337.0
Latvia32.540.337.536.735.838.534.937.434.832.931.930.629.328.126.9
Lithuania29.036.237.239.838.840.542.640.236.534.231.428.926.624.622.7
Luxembourg15.719.818.721.723.722.722.020.823.022.922.822.422.121.821.7
Malta67.667.570.167.868.463.858.756.252.648.645.943.141.240.038.0
Netherlands56.559.361.666.367.868.064.661.856.753.550.949.047.444.942.5
New Zealand21.126.030.831.329.929.128.428.226.424.022.721.519.520.917.4
Norway41.942.328.830.230.428.333.136.736.736.736.736.736.736.736.7
Portugal83.696.2111.4126.2129.0130.6128.8129.9125.6121.2117.5114.1110.8107.7104.7
Singapore99.797.0100.7105.1101.596.6100.5106.8110.9110.2108.8108.1106.8105.8107.2
Slovak Republic35.940.743.252.254.753.552.351.850.449.046.643.942.341.140.3
Slovenia34.538.246.453.870.480.382.678.475.472.169.868.066.565.364.4
Spain52.760.169.585.795.5100.499.499.098.496.795.193.992.891.890.9
Sweden40.338.637.938.140.845.544.242.240.938.034.432.030.629.327.9
Switzerland45.244.044.144.743.843.743.643.342.841.941.139.638.236.935.7
United Kingdom64.175.681.384.585.687.488.288.287.086.385.985.284.583.682.5
United States187.095.7100.0103.5105.4105.1105.3107.2107.8108.0109.4111.3113.1115.2116.9
Average91.898.4102.5106.7105.4104.8104.4106.9105.4103.9103.1102.4101.7101.2100.4
Euro Area78.483.886.189.491.391.889.988.986.684.281.779.376.874.371.7
G7103.6111.8116.9121.1119.0117.7116.6119.7118.6117.3117.0116.6116.4116.3115.9
G20 Advanced99.1106.0110.5114.3112.6111.7111.1114.1112.9111.6111.2110.7110.3110.0109.5
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table B.
Table A8.Advanced Economies: General Government Net Debt, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Australia1−0.63.98.011.213.115.517.819.119.119.218.717.315.613.912.3
Austria56.760.560.360.360.259.058.057.554.351.949.447.545.844.643.6
Belgium288.388.490.891.692.593.793.192.490.388.687.185.784.383.082.4
Canada124.426.827.128.329.328.027.728.527.827.426.625.724.924.123.5
Cyprus44.448.653.067.578.689.591.388.8
Czech Republic20.726.426.828.329.129.428.124.822.9
Denmark11.515.015.118.518.317.816.216.816.316.516.416.115.514.713.8
Estonia−9.7−8.5−6.8−4.9−4.4−3.9−2.2−2.7−0.6−0.20.00.00.00.00.1
Finland3−3.71.43.49.613.214.620.922.022.623.123.122.521.921.320.7
France69.673.576.480.083.185.686.587.587.787.086.985.884.382.379.7
Germany59.460.959.258.457.454.251.248.545.141.538.135.132.329.727.2
Greece
Hong Kong SAR
Iceland465.865.461.463.561.955.448.940.433.331.127.618.816.413.811.1
Ireland536.566.278.686.789.786.165.963.859.858.156.054.852.850.347.8
Israel66.464.263.363.162.062.060.258.657.958.658.658.658.658.658.6
Italy102.8104.7106.8111.6116.7118.8119.5120.2119.9118.5116.5114.1111.6109.0106.5
Japan122.7131.1142.4146.7146.4148.5147.6152.8153.0152.6150.8148.9148.1147.4146.3
Korea30.029.229.9−2.01.93.56.46.86.65.75.14.84.44.13.8
Latvia15.322.425.824.726.127.129.228.026.925.625.024.123.122.221.4
Lithuania20.826.333.133.434.232.735.032.829.727.725.323.121.119.417.8
Luxembourg−20.3−13.4−10.9−10.4−8.8−10.8−12.0−11.8−8.3−6.7−5.2−4.2−3.1−2.2−1.2
Malta57.357.258.158.059.054.350.243.7
Netherlands41.645.748.251.953.554.752.650.446.243.641.540.038.736.634.6
New Zealand−0.62.56.37.97.97.76.46.04.65.26.46.15.44.30.8
Norway6−43.8−47.4−48.3−49.8−61.2−76.0−86.7−87.7−90.5−90.7−92.1−94.0−96.3−98.5−101.0
Portugal76.087.796.1104.8107.3111.9113.1112.3108.1105.2102.6100.097.494.892.1
Singapore
Slovak Republic
Slovenia21.026.632.236.745.546.550.452.1
Spain36.646.056.571.881.185.585.786.586.385.284.083.282.481.881.3
Sweden13.513.611.911.511.711.411.18.89.07.55.13.83.22.72.3
Switzerland26.825.625.625.023.823.823.924.123.122.221.419.918.517.215.9
United Kingdom57.368.472.976.077.279.179.679.178.277.477.076.275.674.773.6
United States162.770.176.580.581.380.880.581.582.381.482.784.486.388.490.2
Average64.269.674.076.675.875.675.777.376.375.074.574.173.773.573.0
Euro Area62.066.168.572.274.675.073.973.271.068.966.964.962.960.758.6
G773.679.985.488.787.586.986.288.187.586.285.985.785.785.985.7
G20 Advanced70.275.780.582.681.681.281.082.982.080.680.480.079.979.979.5
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table B.
Table A9.Emerging Market and Middle-Income Economies: General Government Overall Balance, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Algeria−5.80.0−0.1−4.4−0.4−7.3−15.3−13.1−6.4−7.9−4.6−3.2−2.10.00.0
Angola−7.43.48.74.6−0.3−6.6−3.3−4.8−5.6−1.7−2.2−2.4−2.6−2.3−2.0
Argentina−2.6−1.4−2.7−3.0−3.3−4.3−5.8−6.4−6.5−5.5−4.9−4.0−4.2−4.6−4.8
Azerbaijan5.913.810.93.71.62.7−4.8−1.20.92.42.11.80.6−0.6−1.6
Belarus−7.2−4.2−2.80.4−1.00.1−2.2−3.4−1.7−2.4−3.0−1.2−0.9−0.6−0.5
Brazil−3.2−2.7−2.5−2.5−3.0−5.4−10.3−9.0−7.8−8.3−8.3−7.9−7.6−7.0−6.6
Chile−4.2−0.41.40.7−0.5−1.5−2.1−2.7−2.7−0.9−0.6−0.40.00.00.0
China−1.7−0.4−0.1−0.3−0.8−0.9−2.8−3.7−4.0−4.1−4.3−4.3−4.3−4.4−4.3
Colombia−2.8−3.3−2.00.1−0.9−1.8−3.4−3.0−3.1−2.7−1.9−0.9−0.7−0.7−0.8
Croatia−6.0−6.2−7.8−5.3−5.3−5.4−3.3−0.90.6−0.5−0.30.20.40.60.7
Dominican Republic−3.0−2.7−3.1−6.6−3.5−3.0−0.2−2.8−3.4−3.0−3.2−3.2−3.4−3.7−3.7
Ecuador−3.6−1.4−0.1−0.9−4.6−5.2−5.3−8.3−5.3−5.0−3.7−2.9−2.8−1.8−1.6
Egypt1−6.2−7.4−9.6−10.0−12.9−11.3−10.9−10.7−11.4−10.0−6.6−5.7−3.4−3.3−3.2
Hungary−4.6−4.5−5.4−2.3−2.5−2.1−1.5−1.8−2.0−2.1−1.9−1.9−2.1−2.3−2.3
India−9.5−8.6−8.3−7.5−7.0−7.2−7.0−6.7−6.9−6.5−6.5−6.4−6.2−6.0−5.9
Indonesia−1.6−1.2−0.7−1.6−2.2−2.1−2.6−2.5−2.5−2.5−2.5−2.5−2.5−2.5−2.5
Iran0.82.60.6−0.3−0.9−1.1−1.8−2.3−2.3−1.4−2.7−2.7−2.8−2.9−3.0
Kazakhstan−1.31.55.84.44.92.5−6.3−5.5−6.3−2.3−2.2−1.8−2.0−1.7−1.4
Kuwait27.526.033.332.434.122.45.60.64.07.16.24.32.51.91.3
Libya−6.512.5−17.228.6−5.1−73.8−131.0−113.3−43.2−39.3−35.5−38.0−40.0−42.0−42.6
Malaysia−6.5−4.5−3.6−3.8−4.1−2.7−2.6−2.6−2.9−2.7−2.5−2.3−2.1−1.9−1.7
Mexico−4.9−3.9−3.4−3.7−3.7−4.5−4.0−2.8−1.1−2.5−2.5−2.5−2.5−2.5−2.5
Morocco−1.8−4.3−6.6−7.2−5.1−4.8−4.2−4.1−3.6−3.0−2.8−2.7−2.4−2.2−2.1
Oman−0.35.59.44.64.7−1.1−15.9−21.3−11.4−5.7−4.9−5.5−6.7−7.1−7.2
Pakistan−5.0−6.0−6.7−8.6−8.4−4.9−5.3−4.4−5.7−5.3−5.7−5.7−5.7−5.7−5.7
Peru−1.40.12.02.10.7−0.3−2.2−2.3−3.1−3.3−2.7−1.8−1.0−1.0−1.0
Philippines−2.7−2.4−0.3−0.30.20.90.6−0.4−0.3−0.5−0.6−0.7−0.7−0.8−0.9
Poland−7.3−7.3−4.8−3.7−4.1−3.6−2.6−2.5−1.7−1.9−1.8−1.5−1.4−1.3−1.2
Qatar14.96.77.511.222.715.35.3−4.7−1.62.87.56.85.55.15.0
Romania−6.9−6.3−4.2−2.5−2.5−1.9−1.5−2.4−2.8−3.6−3.5−3.4−3.4−3.3−3.2
Russia−5.9−3.21.40.4−1.2−1.1−3.4−3.7−1.50.00.10.30.50.50.5
Saudi Arabia−5.44.411.611.95.6−3.5−15.8−17.2−9.0−7.3−5.6−5.3−5.0−4.4−4.0
South Africa−5.2−5.0−4.1−4.4−4.3−4.3−4.8−4.1−4.5−4.2−4.1−4.1−4.0−4.1−4.1
Sri Lanka−8.6−7.0−6.2−5.6−5.2−6.2−7.0−5.4−5.5−4.4−3.5−3.5−3.5−3.5−3.5
Thailand−2.2−1.30.0−0.90.5−0.80.10.6−0.6−0.9−0.9−0.9−1.0−1.2−1.3
Turkey−5.9−3.4−0.7−1.8−1.5−1.4−1.3−2.3−2.3−2.9−3.2−2.8−2.4−2.3−2.2
Ukraine−6.0−5.8−2.8−4.3−4.8−4.5−1.2−2.2−2.4−2.5−2.7−2.4−2.3−2.3−2.2
United Arab Emirates−6.10.65.39.08.41.9−3.4−2.5−1.8−1.4−0.8−0.5−0.10.30.7
Uruguay−1.6−1.1−0.9−2.7−2.3−3.5−3.6−3.9−3.5−2.9−2.5−2.5−2.5−2.5−2.5
Venezuela−8.7−9.2−10.6−14.6−14.1−16.5−17.6−17.8−31.8−30.2−30.9−30.8−30.1−29.4−30.3
Average−3.7−2.2−1.0−1.0−1.5−2.4−4.4−4.8−4.4−4.2−4.1−4.0−3.9−3.9−3.8
Asia−3.3−2.2−1.6−1.6−1.8−1.9−3.2−3.9−4.2−4.2−4.3−4.3−4.3−4.3−4.3
Europe−5.8−3.7−0.2−0.7−1.5−1.4−2.7−3.0−2.0−1.4−1.4−1.2−1.1−1.0−1.0
Latin America−3.8−3.1−2.8−3.1−3.3−4.8−7.2−6.6−6.2−5.8−5.6−5.1−4.9−4.6−4.4
MENAP−1.32.44.35.74.0−1.4−8.4−9.3−5.8−4.6−3.5−3.4−3.2−3.0−2.9
G20 Emerging−3.9−2.3−1.1−1.2−1.8−2.5−4.4−4.8−4.4−4.4−4.4−4.3−4.3−4.3−4.2
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table C. MENAP = Middle East, North Africa, and Pakistan.
Table A10.Emerging Market and Middle-Income Economies: General Government Primary Balance, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Algeria−6.3−0.5−1.3−5.3−0.5−7.4−15.9−13.2−6.4−8.1−4.9−3.3−2.2−0.1−0.1
Angola−5.64.69.65.60.5−5.4−1.3−1.8−2.32.52.01.71.51.61.6
Argentina−1.3−0.6−1.6−1.7−2.6−3.5−4.4−4.7−4.5−3.5−2.4−1.3−1.0−1.0−0.9
Azerbaijan6.013.810.93.81.72.9−4.4−0.81.53.23.33.22.11.00.4
Belarus−6.5−3.5−1.71.70.01.1−0.5−1.40.40.0−0.51.41.92.02.0
Brazil1.92.32.91.91.70.0−2.0−2.5−1.7−2.3−1.8−1.1−0.40.10.6
Chile−4.4−0.31.50.8−0.4−1.3−1.9−2.4−2.4−0.5−0.10.10.40.50.5
China−1.30.10.40.2−0.3−0.4−2.2−2.9−3.0−3.1−3.1−3.1−3.1−3.1−3.1
Colombia−1.1−1.6−0.11.61.20.3−0.70.2−0.20.10.81.81.71.71.4
Croatia−4.1−4.1−5.1−2.3−2.2−2.3−0.12.03.32.02.12.42.42.52.5
Dominican Republic−1.2−0.9−1.0−4.2−1.2−0.52.40.1−0.30.40.40.60.60.60.5
Ecuador−3.0−0.80.5−0.2−3.5−4.2−3.9−6.8−3.2−2.9−1.00.20.71.82.2
Egypt1−3.2−3.2−4.8−4.9−5.9−4.2−4.1−3.0−2.8−1.11.31.72.11.81.8
Hungary−0.6−0.7−1.71.91.71.71.81.30.40.00.10.0−0.1−0.10.1
India−5.0−4.4−4.0−3.2−2.4−2.7−2.5−1.9−2.1−1.7−1.8−1.8−1.7−1.6−1.6
Indonesia−0.10.00.5−0.4−1.0−0.9−1.2−1.0−0.9−0.9−0.8−0.8−0.8−0.8−0.8
Iran0.82.60.7−0.2−0.8−1.1−1.7−2.2−2.2−1.02.12.12.32.32.3
Kazakhstan−1.41.85.73.84.42.0−5.9−4.8−6.3−2.1−1.9−1.4−1.5−1.1−0.8
Kuwait18.116.926.525.425.812.7−7.5−13.8−9.8−5.5−6.4−8.1−9.3−9.4−9.4
Libya−6.512.5−17.228.6−5.1−73.8−131.0−113.3−43.2−39.3−35.5−38.0−40.0−42.0−42.6
Malaysia−5.0−2.9−2.0−2.0−2.2−0.8−0.9−0.8−1.1−0.8−0.4−0.20.00.20.4
Mexico−2.2−1.4−1.0−0.6−0.7−1.5−1.00.63.01.00.60.60.80.91.0
Morocco0.6−2.0−4.4−4.7−2.5−2.1−1.4−1.4−1.0−0.6−0.5−0.4−0.2−0.10.0
Oman−1.34.68.93.32.6−2.1−16.1−21.8−11.7−5.3−4.5−5.0−5.8−5.8−5.4
Pakistan−0.2−1.7−2.9−4.2−3.9−0.3−0.5−0.1−1.4−1.3−1.4−1.4−1.3−1.1−1.1
Peru−0.31.23.13.01.70.7−1.3−1.4−2.0−2.2−1.6−0.70.10.20.2
Philippines0.60.72.32.32.73.12.71.51.41.41.21.01.01.00.8
Poland−4.8−4.9−2.3−1.1−1.6−1.6−0.9−0.8−0.1−0.2−0.10.20.30.40.5
Qatar16.07.99.012.724.016.46.8−3.2−0.34.49.28.57.06.56.3
Romania−5.9−5.1−2.8−0.7−0.8−0.4−0.2−1.1−1.7−2.4−2.2−2.0−2.0−1.9−1.9
Russia−6.2−3.11.70.7−0.8−0.7−3.1−3.2−0.90.40.60.91.01.11.1
Saudi Arabia−5.54.711.611.75.2−4.2−17.9−20.2−10.5−8.2−6.2−5.7−5.2−4.5−3.9
South Africa−2.9−2.6−1.5−1.7−1.4−1.3−1.6−0.7−1.0−0.5−0.10.00.00.00.0
Sri Lanka−3.0−1.5−1.3−0.9−0.6−2.0−2.2−0.20.01.02.02.12.22.22.1
Thailand−1.5−0.70.8−0.11.3−0.10.71.0−0.1−0.4−0.4−0.4−0.5−0.6−0.7
Turkey−1.50.11.80.70.80.50.6−1.0−0.9−1.3−1.3−0.7−0.3−0.2−0.2
Ukraine−4.9−4.1−0.8−2.4−2.3−1.23.01.91.41.51.81.81.81.81.8
United Arab Emirates−5.90.95.59.38.82.2−3.2−2.3−1.7−1.3−0.7−0.30.00.40.8
Uruguay1.11.91.9−0.20.4−0.60.0−0.5−0.20.10.60.60.91.00.8
Venezuela−7.2−7.4−8.5−11.3−10.6−12.6−15.9−16.8−31.5−24.2−24.7−24.4−24.0−23.7−25.0
Average−2.0−0.40.70.60.1−0.8−2.7−3.0−2.5−2.2−2.0−1.9−1.8−1.7−1.7
Asia−1.9−0.8−0.3−0.4−0.6−0.7−2.0−2.4−2.5−2.6−2.6−2.6−2.6−2.6−2.5
Europe−4.3−2.31.00.5−0.3−0.3−1.5−1.8−0.9−0.3−0.10.20.30.40.4
Latin America−0.60.20.70.1−0.1−1.3−2.8−2.7−2.2−1.8−1.4−0.7−0.30.10.3
MENAP−1.02.94.86.24.6−0.8−7.9−9.0−5.3−3.9−2.2−2.0−1.9−1.6−1.4
G20 Emerging−2.0−0.50.80.4−0.2−0.8−2.6−3.0−2.4−2.4−2.3−2.2−2.1−2.1−2.0
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see “Data and Conventions” in text, and Table C. MENAP = Middle East, North Africa, and Pakistan.
Table A11.Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Balance, 2009–23(Percent of potential GDP)
200920102011201220132014201520162017201820192020202120222023
Algeria−12.2−4.10.5−3.11.2−10.4−19.3−17.0−8.9−10.5−5.7−3.8−2.11.12.7
Angola
Argentina−0.5−1.4−3.9−3.1−3.9−3.7−6.3−5.7−5.9−4.8−4.3−3.5−3.7−4.2−4.5
Azerbaijan
Belarus
Brazil−2.7−3.7−3.9−3.8−4.4−6.8−10.1−7.4−6.4−7.2−7.6−7.5−7.4−7.0−6.5
Chile1−4.3−2.5−1.10.0−0.9−1.4−2.0−2.4−2.2−2.4−2.8−2.8−2.5−2.5−2.5
China−1.8−0.4−0.1−0.1−0.5−0.5−2.5−3.6−4.0−4.2−4.4−4.4−4.4−4.4−4.3
Colombia−2.3−2.7−2.10.1−1.1−2.1−3.7−2.9−2.6−2.2−1.5−0.6−0.6−0.6−0.8
Croatia−5.4−5.1−6.8−3.5−3.2−3.2−2.0−0.40.5−0.6−0.40.20.40.60.7
Dominican Republic−2.4−3.2−3.1−6.3−3.2−2.9−0.3−3.0−3.4−3.1−3.3−3.3−3.5−3.7−3.7
Ecuador−3.2−2.4−2.4−3.6−8.7−9.4−7.6−7.9−4.6−4.8−3.0−1.5−0.90.00.5
Egypt2−7.1−8.6−9.6−10.0−13.0−11.4−15.3−15.9−20.0−19.8−15.5−14.7−10.5−10.8−11.1
Hungary−3.3−3.1−4.30.1−0.3−1.0−1.0−1.2−2.1−2.7−2.7−2.6−2.8−2.8−2.7
India−9.3−9.0−8.6−7.5−6.8−7.0−7.0−6.5−6.4−6.5−6.5−6.4−6.2−6.0−5.9
Indonesia−1.8−1.5−1.0−1.9−2.5−2.3−2.7−2.5−2.4−2.4−2.5−2.5−2.5−2.5−2.5
Iran
Kazakhstan
Kuwait
Libya
Malaysia−5.5−4.2−2.9−3.8−3.5−2.4−3.0−2.9−3.1−2.7−2.6−2.5−2.2−2.0−1.7
Mexico−4.0−3.6−3.3−3.9−3.7−4.5−4.3−4.1−2.6−2.4−2.5−2.5−2.5−2.5−2.5
Morocco−1.9−4.3−6.9−7.7−5.9−6.3−4.6−4.8−4.2−3.7−3.1−2.8−2.8−2.9−3.1
Oman
Pakistan
Peru1−0.2−0.41.21.40.1−0.2−1.6−1.9−2.8−3.2−2.8−1.8−1.0−1.0−1.0
Philippines−1.8−2.50.0−0.30.10.60.6−0.4−0.3−0.5−0.7−0.7−0.7−0.8−0.8
Poland−6.7−7.2−5.4−3.6−3.2−3.2−2.6−2.5−2.3−2.7−2.6−2.2−1.9−1.6−1.3
Qatar
Romania−8.3−5.8−3.5−1.3−1.5−0.9−0.7−2.1−3.5−4.7−4.5−4.2−4.0−3.7−3.4
Russia−5.0−2.81.40.2−1.30.1−2.4−2.9−1.40.00.10.30.50.50.5
Saudi Arabia
South Africa−3.6−3.8−3.7−4.2−4.1−4.1−4.1−3.8−3.8−3.7−3.6−3.4−3.5−3.6−3.7
Sri Lanka
Thailand−1.4−1.40.0−0.70.3−0.40.60.8−0.6−0.9−0.8−0.9−1.1−1.3−1.3
Turkey−3.3−2.1−1.1−1.7−2.0−1.6−1.5−2.1−2.9−3.6−3.8−3.3−2.9−2.8−2.7
Ukraine−2.1−2.7−3.2−4.5−4.6−3.21.8−1.1−1.7−2.2−2.5−2.3−2.2−2.3−2.2
United Arab Emirates
Uruguay−1.9−2.1−2.1−3.6−3.3−4.4−3.6−3.5−3.4−2.9−2.6−2.5−2.5−2.5−2.6
Venezuela
Average−3.6−2.8−2.0−1.9−2.2−2.4−3.8−4.1−4.1−4.1−4.2−4.1−4.0−4.0−3.9
Asia−3.2−2.2−1.6−1.4−1.5−1.5−3.0−3.7−4.1−4.3−4.4−4.4−4.4−4.4−4.3
Europe−4.9−3.5−0.7−1.0−1.8−1.0−1.9−2.4−2.0−1.7−1.8−1.5−1.3−1.2−1.1
Latin America−2.8−3.2−3.3−3.1−3.6−5.0−6.6−5.5−4.7−4.8−4.9−4.6−4.5−4.4−4.2
MENAP−7.1−6.5−6.4−7.8−7.9−10.1−14.2−13.8−11.4−11.2−7.7−6.3−4.5−3.1−2.7
G20 Emerging−3.4−2.6−1.8−1.8−2.1−2.3−3.8−4.2−4.2−4.3−4.4−4.3−4.3−4.3−4.2
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table C. MENAP = Middle East, North Africa, and Pakistan.
Table A12.Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Primary Balance, 2009–23(Percent of potential GDP)
200920102011201220132014201520162017201820192020202120222023
Algeria−12.9−4.8−1.5−4.51.1−10.5−20.0−17.1−8.8−10.8−6.0−3.9−2.21.02.5
Angola
Argentina0.8−0.6−2.7−1.8−3.3−2.9−4.9−4.0−3.9−2.8−1.9−0.8−0.6−0.7−0.6
Azerbaijan
Belarus
Brazil2.41.51.70.80.5−1.2−1.7−1.2−0.5−1.4−1.3−0.8−0.30.20.6
Chile1−4.5−2.4−1.00.1−0.8−1.2−1.8−2.1−1.9−1.9−2.4−2.4−2.0−2.0−2.0
China−1.40.00.40.40.00.1−1.9−2.8−3.1−3.2−3.2−3.2−3.2−3.2−3.1
Colombia−0.7−1.1−0.21.61.00.0−1.00.20.20.51.12.01.81.71.4
Croatia−3.5−3.0−4.1−0.6−0.3−0.41.12.43.21.92.02.42.42.52.5
Dominican Republic−0.6−1.4−1.1−3.9−0.9−0.52.3−0.1−0.40.30.40.50.50.50.5
Ecuador−2.6−1.8−1.7−2.8−7.7−8.4−6.2−6.3−2.5−2.7−0.41.62.53.74.3
Egypt2−4.0−4.1−4.7−4.9−6.1−4.4−6.3−5.1−5.2−1.23.24.64.84.54.9
Hungary0.60.6−0.74.23.82.82.41.80.3−0.6−0.7−0.7−0.8−0.5−0.2
India−4.8−4.7−4.2−3.1−2.3−2.6−2.4−1.7−1.6−1.6−1.7−1.8−1.7−1.6−1.6
Indonesia−0.2−0.10.2−0.7−1.3−1.1−1.3−1.0−0.8−0.8−0.8−0.8−0.8−0.8−0.8
Iran
Kazakhstan
Kuwait
Libya
Malaysia−4.0−2.7−1.3−2.0−1.7−0.5−1.3−1.0−1.3−0.8−0.5−0.30.00.20.4
Mexico−1.5−1.1−0.9−0.8−0.6−1.5−1.2−0.71.51.10.60.60.80.91.1
Morocco0.4−2.0−4.7−5.2−3.3−3.6−1.9−2.2−1.7−1.2−0.8−0.5−0.6−0.7−0.9
Oman
Pakistan
Peru10.90.62.22.31.10.7−0.8−1.0−1.7−2.1−1.7−0.70.10.10.2
Philippines1.50.52.62.32.62.92.71.41.41.31.11.01.01.00.9
Poland−4.3−4.7−2.9−1.0−0.7−1.3−0.9−0.8−0.7−1.0−0.9−0.5−0.20.10.3
Qatar
Romania−7.3−4.5−2.10.40.10.60.5−0.8−2.3−3.4−3.1−2.8−2.6−2.3−2.1
Russia−5.3−2.71.70.5−1.00.5−2.1−2.4−0.80.40.60.91.01.11.1
Saudi Arabia
South Africa−1.3−1.3−1.2−1.5−1.2−1.1−0.9−0.4−0.30.10.40.60.60.50.5
Sri Lanka
Thailand−0.7−0.80.90.21.10.31.11.2−0.1−0.4−0.4−0.4−0.6−0.7−0.7
Turkey0.71.21.50.70.30.40.3−0.7−1.5−1.9−1.9−1.2−0.7−0.7−0.7
Ukraine−1.1−1.1−1.2−2.6−2.20.05.72.92.11.71.91.91.81.81.8
United Arab Emirates
Uruguay0.90.90.8−1.0−0.5−1.4−0.1−0.2−0.10.10.60.60.91.00.8
Venezuela
Average−1.7−0.9−0.1−0.2−0.5−0.6−1.8−2.1−1.9−2.0−2.0−1.9−1.8−1.7−1.7
Asia−1.9−0.9−0.3−0.2−0.3−0.3−1.8−2.3−2.5−2.6−2.7−2.7−2.7−2.6−2.5
Europe−3.4−2.00.60.3−0.50.3−0.6−1.2−0.8−0.6−0.4−0.10.10.20.3
Latin America0.50.20.30.1−0.4−1.4−2.0−1.5−0.6−0.9−0.8−0.30.10.30.5
MENAP−5.2−3.8−3.9−4.8−3.6−5.9−9.2−7.9−5.6−5.1−1.8−0.60.11.31.9
G20 Emerging−1.5−0.70.1−0.1−0.5−0.5−1.9−2.2−2.1−2.2−2.2−2.1−2.1−2.0−1.9
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 plus net interest payable/paid (interest expense minus interest revenue) following the World Economic Outlook convention. For country-specific details, see “Data and Conventions” in text, and Table C. MENAP = Middle East, North Africa, and Pakistan.
Table A13.Emerging Market and Middle-Income Economies: General Government Revenue, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Algeria36.837.240.039.135.833.330.628.829.928.726.425.324.624.223.6
Angola34.643.448.846.540.235.327.318.616.518.418.317.717.317.116.8
Argentina31.931.932.233.834.334.635.435.134.134.033.533.232.832.632.5
Azerbaijan40.445.844.640.339.439.133.934.337.038.939.940.439.939.238.9
Belarus44.540.137.539.339.838.941.342.441.741.240.940.740.941.141.1
Brazil34.036.135.134.734.532.528.130.530.129.929.128.929.129.129.0
Chile20.623.024.223.822.622.322.822.622.623.823.923.923.923.923.9
China23.824.626.927.827.728.128.528.227.627.527.427.127.026.826.7
Colombia26.726.126.728.328.127.726.425.125.625.725.926.526.626.426.2
Croatia41.641.240.941.742.842.744.546.347.046.546.546.446.546.546.6
Dominican Republic13.213.112.913.614.414.817.514.815.115.115.015.115.015.015.0
Ecuador29.433.339.339.339.238.433.830.732.033.632.832.131.731.431.2
Egypt126.323.920.920.821.724.422.021.521.320.821.120.620.820.821.1
Hungary45.844.744.046.146.646.748.045.147.747.546.445.443.143.243.3
India18.518.819.319.819.619.220.320.920.921.321.321.321.421.421.5
Indonesia15.415.617.017.216.916.514.914.314.014.214.114.014.114.214.3
Iran20.721.018.913.913.514.316.117.315.718.719.519.519.519.519.2
Kazakhstan22.123.927.026.324.823.716.616.618.619.419.720.119.920.220.3
Kuwait69.770.772.371.272.366.660.053.454.354.354.152.450.448.546.7
Libya65.670.442.474.283.069.351.231.747.141.243.439.035.433.031.2
Malaysia24.822.523.925.024.123.722.520.719.619.019.219.219.219.319.3
Mexico23.222.723.524.524.123.423.524.624.822.122.222.322.422.422.4
Morocco28.726.827.228.027.828.026.526.126.126.626.026.026.226.326.5
Oman37.939.448.748.749.446.334.929.329.534.735.334.132.731.831.2
Pakistan14.214.312.613.013.515.214.515.515.715.815.815.815.816.016.0
Peru20.121.222.022.822.822.320.118.618.218.218.418.718.918.818.7
Philippines17.416.817.618.618.819.019.419.119.619.819.920.020.120.020.1
Poland37.838.539.139.138.538.738.938.739.840.841.140.940.740.740.6
Qatar47.737.436.042.251.048.746.835.230.733.235.734.432.731.330.8
Romania29.731.832.332.431.432.032.829.028.028.429.029.029.229.229.1
Russia32.632.234.634.433.433.831.832.833.333.232.532.332.232.432.4
Saudi Arabia31.737.544.445.141.236.725.021.524.429.129.930.730.730.730.7
South Africa26.526.426.826.927.327.628.128.628.429.029.329.529.729.829.9
Sri Lanka13.113.013.612.212.011.613.314.213.814.415.615.715.816.015.9
Thailand19.520.721.121.322.221.422.322.021.121.421.521.521.521.521.5
Turkey32.532.832.732.632.831.932.232.831.530.730.730.731.031.131.1
Ukraine40.843.442.944.743.340.341.938.440.140.941.441.341.241.141.0
United Arab Emirates28.932.836.538.138.735.029.029.830.329.629.228.327.627.026.4
Uruguay28.129.428.327.829.528.828.829.529.529.730.130.130.430.530.3
Venezuela24.621.027.625.125.930.118.917.19.013.211.912.112.512.911.5
Average26.927.528.929.429.128.527.226.926.626.926.726.526.426.326.2
Asia21.922.424.325.325.325.526.125.825.225.325.325.025.024.924.8
Europe34.134.235.335.134.434.333.333.834.034.033.833.733.633.733.6
Latin America28.829.830.330.330.229.226.627.427.227.026.626.626.726.626.6
MENAP31.132.633.836.335.532.626.624.425.127.127.427.126.726.325.9
G20 Emerging26.026.928.529.028.628.127.327.326.926.926.726.526.426.326.2
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table C. MENAP = Middle East, North Africa, and Pakistan.
Table A14.Emerging Market and Middle-Income Economies: General Government Expenditure, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Algeria42.637.340.143.536.240.645.841.936.336.531.128.526.724.223.6
Angola41.940.040.241.840.541.930.623.422.020.120.420.119.919.418.8
Argentina34.533.434.936.837.638.941.241.440.539.538.437.237.037.137.2
Azerbaijan34.532.033.736.637.836.438.735.436.136.637.838.639.339.840.4
Belarus51.744.340.338.940.838.843.545.843.443.643.941.941.841.741.6
Brazil37.138.837.637.237.537.838.439.537.938.337.436.836.736.135.5
Chile24.923.322.823.123.123.724.925.325.324.724.424.323.923.923.9
China25.525.027.028.128.529.031.331.931.531.631.631.331.331.231.0
Colombia29.529.428.728.329.029.429.828.128.728.427.927.427.427.127.0
Croatia47.647.348.747.048.148.047.947.146.447.046.846.246.146.045.9
Dominican Republic16.215.816.020.117.917.717.717.618.518.118.218.318.518.718.7
Ecuador33.034.739.540.343.743.639.139.137.438.636.535.034.433.232.8
Egypt132.531.430.530.834.635.733.032.232.730.827.726.324.224.124.3
Hungary50.349.249.448.449.148.749.646.949.849.648.247.245.245.445.6
India28.127.427.627.426.626.327.327.527.827.827.827.727.627.527.4
Indonesia17.016.917.718.819.118.617.516.816.516.716.616.516.616.716.8
Iran19.918.418.314.314.415.417.919.518.020.022.222.222.422.422.2
Kazakhstan23.522.521.221.919.821.322.922.124.921.721.921.921.921.921.8
Kuwait42.244.739.138.838.144.354.452.850.447.247.948.147.946.745.3
Libya72.157.959.745.788.1143.1182.2145.190.480.678.977.175.475.073.8
Malaysia31.327.027.528.828.226.325.123.322.521.721.721.621.421.221.1
Mexico28.126.626.928.227.828.027.527.425.924.624.724.824.924.924.9
Morocco30.431.133.835.232.932.930.730.229.729.628.828.728.528.528.6
Oman38.233.939.344.044.847.450.950.640.940.340.239.539.438.838.4
Pakistan19.320.319.321.721.820.119.819.921.321.221.521.521.621.721.7
Peru21.521.120.020.722.022.522.321.021.321.521.120.419.919.719.7
Philippines20.119.217.918.918.718.118.819.519.920.320.520.720.820.821.0
Poland45.045.843.942.942.642.341.641.241.542.742.842.442.142.041.8
Qatar32.930.628.531.028.333.441.539.932.430.428.227.627.226.225.8
Romania36.638.236.534.933.933.934.231.430.832.032.532.432.632.532.3
Russia38.535.433.234.034.634.935.136.534.733.132.331.931.831.931.9
Saudi Arabia37.133.132.833.235.540.240.838.733.436.435.536.035.635.134.7
South Africa31.731.430.931.431.631.932.932.732.933.233.433.633.733.834.0
Sri Lanka21.720.019.917.817.217.920.419.619.418.819.119.219.319.519.4
Thailand21.722.021.122.221.622.222.221.421.722.322.422.422.622.722.8
Turkey38.336.233.434.434.233.333.435.133.833.633.833.533.433.333.3
Ukraine46.849.245.749.048.144.843.040.642.543.444.143.743.543.443.2
United Arab Emirates35.032.231.129.130.333.132.432.332.131.030.128.827.826.725.7
Uruguay29.730.529.230.531.832.332.333.333.132.732.632.632.933.032.9
Venezuela33.330.238.239.740.046.636.434.840.943.442.842.942.742.341.9
Average30.629.729.830.430.530.931.631.731.131.030.830.530.430.230.0
Asia25.224.626.026.927.127.429.329.629.329.629.629.429.329.229.1
Europe39.937.935.535.835.935.736.036.736.035.435.234.934.734.734.6
Latin America32.632.933.133.433.434.033.934.033.432.832.231.731.631.331.0
MENAP32.430.229.530.631.534.135.033.630.931.730.930.629.929.328.8
G20 Emerging29.929.229.630.230.430.731.732.131.331.331.130.830.730.630.4
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For country-specific details, see “Data and Conventions” in text, and Table C. MENAP = Middle East, North Africa, and Pakistan.
Table A15.Emerging Market and Middle-Income Economies: General Government Gross Debt, 2009–23(Percent of GDP)
200920102011201220132014201520162017201820192020202120222023
Algeria9.810.59.39.37.67.78.820.625.833.338.439.438.435.131.5
Angola22.744.333.829.932.940.764.679.865.373.071.668.666.463.260.5
Argentina53.842.037.538.941.743.655.153.352.654.152.752.252.052.553.5
Azerbaijan12.412.511.213.812.614.435.050.754.754.956.456.455.755.456.0
Belarus