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Methodological and Statistical Appendix

Author(s):
International Monetary Fund. Fiscal Affairs Dept.
Published Date:
April 2020
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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 2020–21. “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 based on the information available through April 8, 2020.

Data and Conventions

Country-specific data and projections for key fiscal variables are based on the April 2020 World Economic Outlook 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 may 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 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 the membership has increased over time. Data for most European Union member countries have been revised following the adoption of the new European System of National and Regional Accounts (ESA 2010). Low-income developing countries are countries that have per capita income levels below a certain threshold (currently set at $2,700, as of 2016, as measured by the World Bank’s Atlas method), structural features consistent with limited development and structural transformation, and external financial linkages insufficiently open to be considered as emerging market economies. Emerging market and middle-income economies include those not classified as advanced economies or low-income developing countries. See Table A, “Economy Groupings,” for more details.

Most fiscal data refer to the general government for advanced economies, while for emerging market and developing economies, data often refer to the central government or budgetary central government only (for specific details, see Tables B–D). 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. For economies whose fiscal years end before June 30, data are recorded in the previous calendar year. For economies whose fiscal years end on or after June 30, data are recorded in the current calendar year.

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 20 (G20) member aggregate refers to the 19 country members and does not include the European Union.

In the majority of advanced economies, and some large emerging market and middle-income economies, fiscal data follow the IMF’s 2014 Government Finance Statistics Manual (GFSM 2014) or are produced using national accounts methodology that follows the System of National Accounts 2008 (SNA 2008) or ESA 2010, both of which are broadly aligned with the GFSM 2014. Most other countries follow the GFSM 2001, but some countries, including a significant proportion of low-income developing countries, have fiscal data that are based on the 1986 GFSM. 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 GFSM, 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 are sometimes substantial.

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 whose statistical data are maintained on a separate and independent basis.

Australia: For cross-country comparability, gross and net debt levels reported by national statistical agencies for economies that have adopted the 2008 System of National Accounts (2008 SNA—Australia, 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 only from 2003 onward. 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 nonfinancial public sector and central bank debt. The national definition of general government 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 77.2 percent of GDP at the end of 2018.

Canada: For cross-country comparability, gross and net debt levels reported by national statistical agencies for economies that have adopted the 2008 SNA (Australia, Canada, 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 refer to the structural balance, which includes adjustments for output and 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. Deficit numbers do not include some expenditure items, mostly infrastructure investment financed off 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.

Dominican Republic: The fiscal series for the Dominican Republic have the following coverage: the public debt, debt service, and cyclically adjusted or structural balances are for the consolidated public sector (which includes the central government, the rest of the nonfinancial public sector, and the central bank); and the remaining fiscal series are for the central government.

Egypt: Data are on a fiscal year basis.

Ethiopia: 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, Hong Kong Special Administrative Region, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

Iceland: Gross debt excludes insurance technical reserves (including pension liabilities) and other accounts payable.

India: Data are on a fiscal year basis.

Islamic Republic of Iran: Data are on a fiscal year basis.

Ireland: General government balances between 2011 and 2012 reflect the impact of banking sector support. Fiscal balance estimates excluding these measures are -8.6 percent of GDP for 2011 and -7.9 percent of GDP for 2012. For 2015, if the conversion of the government’s remaining preference shares to ordinary shares in one bank is excluded, the fiscal balance is -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.” 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.

Myanmar: Data are on a fiscal year basis.

Nepal: Data are on a fiscal year basis.

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.

Spain: Overall and primary balances include financial sector support measures estimated to be 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, and 0.2 percent of GDP for 2016.

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: The fiscal projections assume a more negative primary and overall balance than envisaged in the authorities’ New Economic Program 2020–22, partly due to recent weak growth and fiscal outturns, and partly due to definitional differences. The basis for the projections in the World Economic Outlook and Fiscal Monitor is the IMF-defined fiscal balance, which excludes some revenue and expenditure items included in the authorities’ headline balance.

United States: Cyclically adjusted balances exclude financial sector support estimated at 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 cross-country 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 expenditures under the 2008 SNA adopted by the United States, but not 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 economies that have adopted the 2008 SNA (Australia, Canada, Hong Kong Special Administrative Region, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

Uruguay: Data are for the nonfinancial public sector (NFPS), which includes the central government, the local government, social security funds, nonfinancial public corporations, and Banco de Seguros del Estado. The coverage of fiscal data was changed from the consolidated public sector to the NFPS with the October 2019 submission. Because of this narrower coverage, central bank balances are not included in the fiscal data.

Venezuela: Fiscal accounts include the budgetary central government; social security; FOGADE (insurance deposit institution); and a sample of public enterprises, including Petróleos de Venezuela, S.A. (PDVSA); and data for 2018–19 are IMF staff estimates.

Fiscal Policy Assumptions

Historical data and projections of key fiscal aggregates are in line with those of the April 2020 World Economic Outlook, unless noted otherwise. For underlying assumptions other than on fiscal policy, see the April 2020 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: Some key fiscal and external debt and financing variables are excluded from publication for 2020–21 as these are to a large extent linked to the ongoing debt restructuring.

Australia: Fiscal projections are based on data from the Australian Bureau of Statistics, the fiscal year 2019/20 midyear reviews of the Commonwealth and States, and IMF staff estimates and projections.

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 2019–21 Stability Programme, the Draft Budgetary Plan 2020, and other available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions.

Brazil: Fiscal projections for 2020 take into account the deficit target proposed in the budget guidance law and reflect policy announcements as of March 31. Those for the medium term assume compliance with the constitutional spending ceiling.

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

Canada: Projections use baseline forecasts in the December 2019 Federal Budget Update and the latest provincial budgets. The IMF staff makes some adjustments to this forecast, including for differences in macroeconomic projections. The IMF staff forecast also incorporates the most recent data releases from Statistics Canada’s National Economic Accounts, including federal, provincial, and territorial budgetary outturns through the first quarter of 2020.

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

China: Fiscal expansion is estimated for 2019 and projected for 2020 owing to a series of tax reforms and expenditure measures in response to the economic slowdown.

Colombia: Projections are based on the authorities’ policies and projections reflected in the Medium-Term Fiscal Framework 2019, adjusted to reflect IMF staff macroeconomic assumptions.

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

Cyprus: Projections are based on IMF staff assessment of authorities’ budget plans and IMF staff macroeconomic assumptions.

Czech Republic: Projections are based on the authorities’ budget forecast for 2018–19, with adjustments for IMF staff macroeconomic projections. Projections for 2019 onward are based on the country’s Convergence Programme and Fiscal Outlook.

Denmark: Estimates for 2019 are aligned with the latest official budget numbers, adjusted where appropriate for IMF staff macroeconomic assumptions. For 2020, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ latest budget.

Estonia: Fiscal projections are on a cash basis and are based on the authorities’ 2019 budget, adjusted for newly available information and for the IMF staff macroeconomic scenario.

Finland: Projections are based on the authorities’ announced policies, adjusted for the IMF staff macroeconomic scenario.

France: Estimates for 2019 and projections for 2020 onward are based on the measures of the 2018, 2019, and 2020 budget laws and the March 2020 amending budget law, adjusted for differences in assumptions on macroeconomic and financial variables, and revenue projections. Historical fiscal data reflect the May 2019 revisions and the update of the historical fiscal accounts, debt data, and national accounts.

Germany: IMF staff estimates and projections for 2020 and beyond are based on the 2020 draft budgetary plan and data updates from the national statistical agency and ministry of finance, 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 European Union support operations.

Greece: Greece’s general government primary balance estimate for 2019 is based on the preliminary budget execution data by the Greek authorities. Historical data since 2011 reflect adjustments in line with the primary balance definition under the enhanced surveillance framework for Greece.

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 fiscal policy plans announced in the 2020 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 one year; 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 are based on a moderate tax policy, administration reforms, 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 2020.

Israel: Historical data are based on Government Finance Statistics data prepared by the Central Bureau of Statistics. Projections assume that a 2020 budget will be approved shortly and that the announced fiscal package will be implemented.

Italy: Fiscal plans included in the government’s 2020 budget and announced measures since the outbreak of COVID-19 inform the IMF staff’s estimates and projections. The IMF staff assumes that the automatic value-added tax hikes for future years will be canceled. The stock of maturing postal savings bonds is included in the debt projections.

Japan: The projections incorporate a stimulus package to be released in early April, whose size and composition are estimated by the IMF staff.

Kazakhstan: Fiscal projections are based on the budget code and IMF staff projections.

Korea: The medium-term forecast incorporates the medium-term path for overall fiscal balance in the 2020 budget and the medium-term fiscal plan announced by the government.

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

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

Malta: Projections are based on the latest Stability Programme Update by the authorities and budget documents, also taking into account other recently adopted fiscal measures, adjusted for IMF staff macroeconomic and other assumptions.

Mexico: Fiscal projections for 2020 are informed by the approved budget but take into account the likely effects of the COVID-19 pandemic on fiscal outturns; projections for 2021 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 estimates.

Netherlands: Fiscal projections for 2019–21 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after adjusting for differences in macroeconomic assumptions. Historical data were revised following the June 2014 Central Bureau of Statistics release of revised macroeconomic data because of the adoption of the European System of National and Regional Accounts (ESA 2010) and the revision of data sources.

New Zealand: Fiscal projections are based on the fiscal year 2019/20 budget, the Half Year Economic and Fiscal Update 2019, and IMF staff estimates.

Nigeria: Fiscal projections assume unchanged policies and differ from the authorities’ active policy scenario.

Norway: Fiscal projections are based on the 2020 budget.

Philippines: Revenue projections reflect IMF staff macroeconomic assumptions and incorporate anticipated improvements in tax administration. Expenditure projections are based on budgeted figures, institutional arrangements, and current data in each year.

Poland: Data are based on ESA 1995 for 2004 and previous years. Data are based on ESA 2010 beginning with 2005 (accrual basis). Projections are based on the 2020 budget and take into account any subsequent legislated fiscal measures. Announced but not legislated fiscal measures are not reflected in the projections.

Portugal: The 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: Projections for 2019 reflect legislated changes up to the end of 2018. Those for 2020 and beyond assume that the government target deficit is achieved by adjusting capital spending.

Russia: Projections for 2019–21 are based on the new oil price rule, with adjustments by the IMF staff.

Saudi Arabia: IMF staff baseline fiscal projections are based on the IMF staff’s understanding of government policies as outlined in the 2020 Budget and recent government measures announced during March 2020 to address the adverse impact of COVID-19 and the sharp decline in oil prices. Exported oil revenues are based on World Economic Outlook (WEO) baseline oil price assumptions and staff’s understanding of Saudi Arabia’s current oil export policy.

Singapore: For fiscal year 2020, projections are based on budget, February 18, 2020, and supplementary budget, March 26, 2020. The IMF staff assumes that support packages in FY2020 are only for one year and assumes unchanged policies for the remainder of the projection period.

Slovak Republic: The current year projections take into consideration both the budget and developments to date. Next year and beyond reflect a no-policy-change scenario.

Spain: For 2020, fiscal projections are IMF staff projections, which assume no policy change except the public wage and pension measures included in the authorities’ draft budgetary plan, as well as the measures adopted as of March 30 in response to the COVID-19 crisis. Fiscal projections for 2021 are IMF staff projections with an unchanged policy stance.

Sri Lanka: Fiscal projections are based on the authorities’ medium-term fiscal strategy.

Sweden: Fiscal estimates for 2019 are based on the budget as official fiscal data for 2019 are not yet released. Projections for 2020 are based on the budget. The IMF staff makes fiscal projections for 2021 assuming convergence to Sweden’s medium-term surplus target of 0.3 percent of GDP. The fiscal impact of cyclical developments is calculated using the 2014 Organisation for Economic Co-operation and Development elasticity1 to take into account output and employment gaps.

Switzerland: The authorities’ announced a discretionary stimulus—as reflected in the fiscal projections for 2020—which is permitted within the context of the debt brake rule in the event of “exceptional circumstances.”

Thailand: For the projection period, the IMF staff assumes an implementation rate of 50 percent for the planned infrastructure investment programs.

Turkey: The basis for the projections in the World Economic Outlook and Fiscal Monitor is the IMF-defined fiscal balance, which excludes some revenues and expenditure items that are included in the authorities’ headline balance.

United Kingdom: Fiscal projections are based on the Budget Statement 2020. Expenditure projections are based on the budgeted nominal values adjusted to account for subsequent announcements of measures to respond to the outbreak of coronavirus. Revenue projections are 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 (which did not incorporate the impact of the outbreak of coronavirus). 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. Fiscal year GDP is different from current year GDP. The fiscal accounts are presented in fiscal year terms. Projections take into account revisions to the accounting (including on student loans) implemented on September 24, 2019.

United States: Fiscal projections are based on the January 2020 Congressional Budget Office baseline adjusted for the IMF staff’s policy and macroeconomic assumptions. Projections then incorporate the effects of the Coronavirus Preparedness and Response Supplemental Appropriations Act; the Families First Coronavirus Response Act; and the Coronavirus Aid, Relief, and Economic Security Act; all signed in March 2020. 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 of defined-benefit pension plans and are converted to a general government basis. Data are compiled using System of National Account 2008, and when translated into government financial statistics this is in accordance with the Government Finance Statistics Manual 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), incomplete understanding of the reported data, and difficulties in interpreting certain reported economic indicators given economic developments. The fiscal accounts include the budgetary central government; social security; FOGADE (insurance deposit institution); and a sample of public enterprises including PDVSA. The data for 2018–21 are IMF staff estimates. The effects of hyperinflation and the lack of reported data mean that IMF staff projected macroeconomic indicators should be interpreted with caution. For example, nominal GDP is estimated assuming that the GDP deflator rises in line with the IMF staff projection of average inflation. Public external debt in relation to GDP is projected using the IMF staff estimate of the average exchange rate for the year. Considerable uncertainty surrounds these projections.

Vietnam: Fiscal data for 2015–17 are the authorities’ estimates. 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. Non-hydrocarbon revenues largely reflect the 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 A.Economy Groupings

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

Advanced EconomiesEmerging Market and Middle-Income EconomiesLow-Income Developing CountriesG7 CountriesG20 Countries1Advanced G20 Countries1Emerging G20 Countries
AustraliaAlgeriaBangladeshCanadaArgentinaAustraliaArgentina
AustriaAngolaBeninFranceAustraliaCanadaBrazil
BelgiumArgentinaBurkina FasoGermanyBrazilFranceChina
CanadaAzerbaijanCambodiaItalyCanadaGermanyIndia
CyprusBelarusCameroonJapanChinaItalyIndonesia
Czech RepublicBrazilChadUnited KingdomFranceJapanMexico
DenmarkChileCongo, DemocraticUnited StatesGermanyKoreaRussia
EstoniaChinaRepublic of theIndiaUnited KingdomSaudi Arabia
FinlandColombiaCongo, Republic ofIndonesiaUnited StatesSouth Africa
FranceCroatiaCôte d’IvoireItalyTurkey
GermanyDominican RepublicEthiopiaJapan
GreeceEcuadorGhanaKorea
Hong Kong SAREgyptGuineaMexico
IcelandHungaryHaitiRussia
IrelandIndiaHondurasSaudi Arabia
IsraelIndonesiaKenyaSouth Africa
ItalyIranKyrgyz RepublicTurkey
JapanKazakhstanLao P.D.R.United Kingdom
KoreaKuwaitMadagascarUnited States
LatviaLibyaMali
LithuaniaMalaysiaMoldova
LuxembourgMexicoMozambique
MaltaMoroccoMyanmar
NetherlandsOmanNepal
New ZealandPakistanNicaragua
NorwayPeruNiger
PortugalPhilippinesNigeria
SingaporePolandPapua New Guinea
Slovak RepublicQatarRwanda
SloveniaRomaniaSenegal
SpainRussiaSomalia
SwedenSaudi ArabiaSudan
SwitzerlandSouth AfricaTajikistan
United KingdomSri LankaTanzania
United StatesThailandTimor-Leste
TurkeyUganda
UkraineUzbekistan
United Arab EmiratesVietnam
UruguayYemen
VenezuelaZambia
Zimbabwe
Note: G7 = Group of Seven; G20 = Group of Twenty.

Does not include European Union aggregate.

Euro AreaEmerging Market and Middle-Income AsiaEmerging Market and Middle-Income EuropeEmerging Market and Middle-Income Latin AmericaEmerging Market and Middle-Income Middle East, North Africa, and PakistanEmerging Market and Middle-Income Africa
AustriaChinaAzerbaijanArgentinaAlgeriaAngola
BelgiumIndiaBelarusBrazilEgyptSouth Africa
CyprusIndonesiaCroatiaChileIran
EstoniaMalaysiaHungaryColombiaKuwait
FinlandPhilippinesKazakhstanDominican RepublicLibya
FranceSri LankaPolandEcuadorMorocco
GermanyThailandRomaniaMexicoOman
GreeceRussiaPeruPakistan
IrelandTurkeyUruguayQatar
ItalyUkraineVenezuelaSaudi Arabia
LatviaUnited Arab Emirates
Lithuania
Luxembourg
Malta
Netherlands
Portugal
Slovak Republic
Slovenia
Spain
Note: G7 = Group of Seven; G20 = Group of Twenty.

Does not include European Union aggregate.

Low-Income Developing AsiaLow-Income Developing Latin AmericaLow-Income Developing Sub-Saharan AfricaLow-Income Developing OthersLow-Income Oil ProducersOil Producers
BangladeshHaitiBeninKyrgyz RepublicCameroonAlgeria
CambodiaHondurasBurkina FasoMoldovaCongo, Republic ofAngola
Lao P.D.R.NicaraguaCameroonSomaliaCôte d’IvoireAzerbaijan
MyanmarChadSudanNigeriaBahrain
NepalCongo, DemocraticTajikistanPapua New GuineaBrunei Darussalam
Papua New GuineaRepublic of theUzbekistanTimor-LesteCameroon
Timor-LesteCongo, Republic ofYemenYemenCanada
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: G7 = Group of Seven; G20 = Group of Twenty.

Does not include European Union aggregate.

Note: G7 = Group of Seven; G20 = Group of Twenty.

Does not include European Union aggregate.

Table B.Advanced Economies: Definition and Coverage of Fiscal Monitor Data

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

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
CyprusGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
Czech RepublicGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
DenmarkGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
EstoniaGGCG,LG,SSC.........GGCG,LG,SSNominal
FinlandGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
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,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
IrelandGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
IsraelGGCG,LG,SSMixedGGCG,LG,SSMixedGGCG,LG,SSNominal
ItalyGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSFace
JapanGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSCurrent market
KoreaCGCG,SSCCGCG,SSCCGCG,SSNominal
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 ZealandCGCG,LGACGCG,LGACGCG,LGCurrent 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,LG,SSAGGCG,LG,SSAGGCG,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: A = accrual; C = cash; Mixed = combination of accrual and cash accounting.

In many economies, fiscal data follow the IMF’s Government Finance Statistics Manual 2014. The concept of 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.

Nominal = debt securities are valued at their nominal values, that is, the nominal value of a debt instrument at any moment in time is the amount that the debtor owes to the creditor. Face = the undiscounted amount of principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approach across all instruments and is not recommended, unless nominal and market values are not available. Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies for their market prices.

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: A = accrual; C = cash; Mixed = combination of accrual and cash accounting.

In many economies, fiscal data follow the IMF’s Government Finance Statistics Manual 2014. The concept of 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.

Nominal = debt securities are valued at their nominal values, that is, the nominal value of a debt instrument at any moment in time is the amount that the debtor owes to the creditor. Face = the undiscounted amount of principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approach across all instruments and is not recommended, unless nominal and market values are not available. Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies for their market prices.

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
AlgeriaCGCGC.........CGCGNominal
AngolaGGCG,LGMixed.........GGCG,LGNominal
ArgentinaGGCG,SG,SSCCGCGCCGCGNominal
AzerbaijanCGCGC.........CGCGFace
Belarus3GGCG,LG,SSC.........GGCG,LG,SSNominal
Brazil4NFPSCG,SG,LG,SS,MPC,NFPCCNFPSCG,SG,LG,SS,MPC,NFPCCNFPSCG,SG,LG,SS,MPC,NFPCNominal
ChileGGCG,LGACGCGAGGCG,LGFace
ChinaGGCG,LGCGGCG,LGcGGCG,LGFace
Colombia5GGCG,SG,LG,SSMixedGGCG,SG,LG,SSMixedGGCG,SG,LG,SSFace
CroatiaGGCG,LGAGGCG,LGAGGCG,LGNominal
Dominican RepublicCGCG,LG,SS,NMPCMixedPSCG,LG,SS,NMPCMixedPSCG,LG,SS,NMPCFace
EcuadorNFPSCG,SG,LG,SS,NFPCCNFPSCG,SG,LG,SS,NFPCCNFPSCG,SG,LG,SS,NFPCFace
EgyptGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSNominal
HungaryGGCG,LG,SS,NMPCAGGCG,LG,SS,NMPCAGGCG,LG,SS,NMPCFace
IndiaGGCG,SGCGGCG,SGCGGCG,SGNominal
IndonesiaGGCG,LGCGGCG,LGCGGCG,LGFace
IranCGCGC.........CGCGNominal
KazakhstanGGCG,LGA.........GGCG,LGNominal
KuwaitGGCG,SSMixed.........GGCG,SSNominal
LibyaGGCG,SG,LGC.........GGCG,SG,LGFace
MalaysiaGGCG,SG,LGCGGCG,SG,LGcGGCG,SG,LGNominal
MexicoPSCG,SS,NMPC,NFPCCPSCG,SS,NMPC,NFPCcPSCG,SS,NMPC,NFPCFace
MoroccoCGCGA.........CGCGFace
OmanCGCGC.........CGCGNominal
PakistanGGCG,SG,LGC.........GGCG,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
QatarCGCGC.........CGCGNominal
RomaniaGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSFace
RussiaGGCG,SG,SSMixedGGCG,SG,SSMixedGGCG,SG,SSCurrent market
Saudi ArabiaCGCGC.........CGCGNominal
South Africa6GGCG,SG,SSCGGCG,SG,SSCGGCG,SG,SSNominal
Sri LankaCGCGC.........CGCGNominal
Thailand7PSCG,BCG,LG,SSAPSCG,BCG,LG,SSAPSCG,BCG,LG,SSNominal
TurkeyGGCG,LG,SSAGGCG,LG,SSAGGCG,LG,SSNominal
UkraineGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSNominal
United Arab Emirates8GGCG,BCG,SG,SSMixed.........GGCG,BCG,SG,SSNominal
UruguayNFPSCG,LG,SS,NMPC,NFPCA.........NFPSCG,LG,SS,NMPC,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 banks; 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: A = accrual; C = cash; Mixed = combination of accrual and cash accounting.

1n many countries, fiscal data follow the IMF’s Government Finance Statistics Manual 2014. The concept of 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.

Nominal = debt securities are valued at their nominal values, that is, the nominal value of a debt instrument at any moment in time is the amount that the debtor owes to the creditor. Face = the undiscounted amount of principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approach across all instruments and is not recommended, unless nominal and market values are not available. Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies of their market prices.

Gross debt refers to general government public debt, including publicly guaranteed debt.

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.

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

Coverage for South Africa is a proxy for general government. It includes the national and provincial governments and certain public entities, while local governments are only partly covered, through the transfers to them.

Data for Thailand do not include the debt of specialized financial institutions (SFIs/NMPC) without government guarantee.

Gross debt covers banking system claims only.

The fiscal accounts include the budgetary central government, social security, POGADE (insurance deposite institution); and a sample of public enterprises, including Petroleos de Venezuela, S.A. (PDVSA); and data for 2018–19 are IMF staff estimates.

Note: Coverage: BCG = budgetary central government; CG = central government; GG = general government; LG = local governments; MPC = monetary public corporations, including central banks; 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: A = accrual; C = cash; Mixed = combination of accrual and cash accounting.

1n many countries, fiscal data follow the IMF’s Government Finance Statistics Manual 2014. The concept of 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.

Nominal = debt securities are valued at their nominal values, that is, the nominal value of a debt instrument at any moment in time is the amount that the debtor owes to the creditor. Face = the undiscounted amount of principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approach across all instruments and is not recommended, unless nominal and market values are not available. Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies of their market prices.

Gross debt refers to general government public debt, including publicly guaranteed debt.

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.

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

Coverage for South Africa is a proxy for general government. It includes the national and provincial governments and certain public entities, while local governments are only partly covered, through the transfers to them.

Data for Thailand do not include the debt of specialized financial institutions (SFIs/NMPC) without government guarantee.

Gross debt covers banking system claims only.

The fiscal accounts include the budgetary central government, social security, POGADE (insurance deposite institution); and a sample of public enterprises, including Petroleos de Venezuela, S.A. (PDVSA); and data for 2018–19 are IMF staff estimates.

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
BeninCGCGC.........CGCGNominal
Burkina FasoCGCGCB.........CGCGFace
CambodiaCGCG,LGACGCG,LGACGCG,LGFace
CameroonCGCGC.........CGCGNominal
ChadNFPSCG,NFPCC.........NFPSCG,NFPCFace
Democratic Republic of the CongoGGCG,LGA.........GGCG,LGNominal
Republic of CongoCGCGA.........CGCGNominal
Cote d’lvoireCGCGA.........CGCGNominal
EthiopiaGGCG,SG,LG,NFPCC.........NFPSCG,SG,LG,NFPCNominal
GhanaCGCGC.........CGCGFace
GuineaCGCGC.........CGCGNominal
Haiti3CGCGC.........CGCGNominal
HondurasGGCG,LG,SSMixedGGCG,LG,SSMixedGGCG,LG,SSNominal
KenyaCGCGC.........CGCGCurrent market
Kyrgyz RepublicGGCG,LG,SSC.........GGCG,LG,SSFace
Lao P.D.R.4CGCGCCGCGCCGCG
MadagascarCGCG,LGC.........CGCG,LGNominal
MaliCGCGMixed.........CGCGNominal
MoldovaGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSNominal
MozambiqueCGCG,SGMixedCGCG,SGMixedCGCG,SGNominal
Myanmar5NFPSCG,NFPCC.........NFPSCG,NFPCFace
NepalCGCGCCGCGCCGCGFace
NicaraguaGGCG,LG,SSCGGCG,LG,SSCGGCG,LG,SSNominal
NigerCGCGA.........CGCGNominal
NigeriaGGCG,SG,LGC.........GGCG,SG,LGCurrent market
Papua New GuineaCGCGC.........CGCGFace
RwandaGGCG,LGMixed.........GGCG,LGNominal
SenegalCGCGC.........PSCGNominal
Somalia...........................
SudanCGCGMixed.........CGCGNominal
TajikistanGGCG,LG,SSC.........GGCG,LG,SSNominal
TanzaniaCGCG,LGC.........CGCG,LGNominal
Timor-LesteCGCGCCGCGCCGCG...
UgandaCGCGC.........CGCGNominal
Uzbekistan6GGCG,SG,LG,SSC.........GGCG,SG,LG,SSNominal
VietnamGGCG,SG,LGCGGCG,SG,LGCGGCG,SG,LGNominal
YemenGGCG,LGC.........GGCG,LGNominal
ZambiaCGCGC.........CGCGCurrent market
ZimbabweCGCGC.........CGCGCurrent market
Note: Coverage: CG = central government; GG = general government; LG = local governments; NFPC = nonfinancial public corporations; NFPS = nonfinancial public sector; SG = state governments; SS = social security funds. Accounting practice: A = accrual; C = cash; CB = commitments-based; Mixed = combination of accrual and cash accounting.

In many countries, fiscal data follow the IMF’s Government Finance Statistics Manual2014. The concept of 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.

Nominal = debt securities are valued at their nominal values, that is, the nominal value of a debt instrument at any moment in time is the amount that the debtor owes to the creditor. Face = the undiscounted amount of principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approach across all instruments and is not recommended, unless nominal and market values are not available. Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies of their market prices.

Haiti’s fiscal balance and debt data cover the central government, special funds and programs (Fonds d’Entretien Routier and Programme de Scolarisation Universelle, Gratuite, et Obligatoire), and the state-owned electricity company EDH.

Lao RD.R.’s fiscal spending includes capital spending by local governments financed by loans provided by the central bank.

Overall and primary balances in 2012 are based on monetary statistics and are different from the balances calculated from expenditure and revenue data.

Uzbekistan’s listing includes the Fund for Reconstruction and Development.

Note: Coverage: CG = central government; GG = general government; LG = local governments; NFPC = nonfinancial public corporations; NFPS = nonfinancial public sector; SG = state governments; SS = social security funds. Accounting practice: A = accrual; C = cash; CB = commitments-based; Mixed = combination of accrual and cash accounting.

In many countries, fiscal data follow the IMF’s Government Finance Statistics Manual2014. The concept of 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.

Nominal = debt securities are valued at their nominal values, that is, the nominal value of a debt instrument at any moment in time is the amount that the debtor owes to the creditor. Face = the undiscounted amount of principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approach across all instruments and is not recommended, unless nominal and market values are not available. Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies of their market prices.

Haiti’s fiscal balance and debt data cover the central government, special funds and programs (Fonds d’Entretien Routier and Programme de Scolarisation Universelle, Gratuite, et Obligatoire), and the state-owned electricity company EDH.

Lao RD.R.’s fiscal spending includes capital spending by local governments financed by loans provided by the central bank.

Overall and primary balances in 2012 are based on monetary statistics and are different from the balances calculated from expenditure and revenue data.

Uzbekistan’s listing includes the Fund for Reconstruction and Development.

Table A1.Advanced Economies: General Government Overall Balance, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Australia-4.5-3.5-2.8-2.9-2.8-2.5-1.7-0.9-3.7-9.7-7.3
Austria-2.6-2.2-2.0-2.7-1.0-1.6-0.70.20.4-7.1-1.6
Belgium-4.3-4.3-3.1-3.1-2.4-2.4-0.7-0.7-1.7-8.9-6.0
Canada-3.3-2.5-1.50.2-0.1-0.5-0.1-0.4-0.4-11.8-3.8
Cyprus1-5.7-5.6-5.2-0.20.00.11.7-4.42.7-1.81.9
Czech Republic-2.7-3.9-1.2-2.1-0.60.71.60.90.3-4.7-1.7
Denmark-2.1-3.5-1.21.1-1.3-0.11.50.52.5-7.0-0.3
Estonia1.1-0.3-0.20.70.1-0.3-0.4-0.5-0.4-8.3-3.0
Finland-1.0-2.2-2.5-3.0-2.4-1.7-0.7-0.8-1.4-6.7-3.8
France-5.2-5.0-4.1-3.9-3.6-3.5-2.8-2.3-3.0-9.2-6.2
Germany-0.90.00.00.60.91.21.21.91.4-5.5-1.2
Greece-10.3-6.6-3.6-4.1-2.80.61.00.90.4-9.0-7.9
Hong Kong SAR3.83.11.03.60.64.45.52.3-1.5-6.90.0
Iceland-5.4-3.6-1.8-0.1-0.812.40.60.8-1.0-6.7-4.0
Ireland1-12.8-8.1-6.2-3.7-2.0-0.7-0.30.10.3-5.2-0.8
Israel-2.9-4.3-4.0-2.3-0.9-1.4-1.1-3.6-3.9-10.2-5.9
Italy-3.6-2.9-2.9-3.0-2.6-2.4-2.4-2.2-1.6-8.3-3.5
Japan-9.4-8.6-7.9-5.6-3.8-3.7-3.1-2.4-2.8-7.1-2.1
Korea1.61.50.60.40.51.62.22.60.9-1.8-1.6
Latvia-3.20.2-0.6-1.7-1.5-0.4-0.8-0.7-0.4-5.2-3.7
Lithuania-9.0-3.1-2.6-0.7-0.20.30.50.70.2-7.6-2.5
Luxembourg0.50.31.01.31.41.81.42.72.7-2.80.2
Malta-2.4-3.5-2.4-1.7-1.10.93.41.91.3-7.2-0.4
The Netherlands-4.4-3.9-2.9-2.2-2.00.01.31.51.7-6.2-2.1
New Zealand-4.9-2.2-1.3-0.40.31.01.31.4-1.6-5.2-3.4
Norway13.313.810.78.66.04.15.07.37.90.83.7
Portugal-7.4-5.7-4.8-7.1-4.3-2.0-3.0-0.40.2-7.1-1.9
Singapore8.07.36.04.62.93.75.33.73.8-3.51.8
Slovak Republic-4.5-4.4-2.9-3.1-2.7-2.5-1.0-1.1-1.3-5.9-2.8
Slovenia-6.6-4.0-14.6-5.5-2.8-1.90.00.80.5-6.6-2.1
Spain1-9.7-10.7-7.0-5.9-5.2-4.3-3.0-2.5-2.6-9.5-6.7
Sweden-0.2-1.0-1.4-1.50.01.01.40.80.4-5.3-1.6
Switzerland0.70.4-0.4-0.20.60.31.21.40.9-5.1-1.9
United Kingdom-7.5-7.6-5.5-5.6-4.6-3.3-2.5-2.2-2.1-8.3-5.5
United States2-9.7-8.0-4.6-4.0-3.6-4.3-4.5-5.7-5.8-15.4-8.6
Average-6.3-5.5-3.7-3.1-2.6-2.6-2.3-2.6-3.0-10.7-5.5
Euro Area-4.2-3.7-3.0-2.5-2.0-1.4-0.9-0.5-0.7-7.5-3.6
G7-7.4-6.5-4.3-3.6-3.0-3.3-3.2-3.6-3.8-12.0-6.2
G20 Advanced-7.0-6.1-4.1-3.4-2.9-3.1-2.9-3.2-3.6-11.5-6.1
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 B.

Data include financial sector support. For Cyprus, 2014 and 2015 balances exclude financial sector support.

For cross-economy comparability, the 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

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.

Data include financial sector support. For Cyprus, 2014 and 2015 balances exclude financial sector support.

For cross-economy comparability, the 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

Table A2.Advanced Economies: General Government Primary Balance, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Australia-4.1-2.9-2.1-2.1-1.9-1.6-0.8-0.1-2.9-8.8-6.5
Austria-0.40.00.2-0.70.90.10.81.41.6-6.0-0.6
Belgium-1.2-1.2-0.2-0.20.20.01.31.10.0-7.2-4.6
Canada-2.7-1.8-1.00.50.60.10.0-0.2-0.2-11.5-3.4
Cyprus1-4.1-2.9-1.92.83.02.64.1-2.15.10.64.2
Czech Republic-1.7-2.8-0.2-1.00.31.52.21.50.8-4.2-1.1
Denmark-1.4-3.0-0.81.6-0.60.41.70.42.3-7.4-0.6
Estonia1.0-0.4-0.20.60.0-0.4-0.4-0.5-0.4-8.3-3.0
Finland-1.0-1.9-2.4-2.8-2.3-1.4-0.4-0.7-1.2-6.5-3.7
France-2.7-2.5-1.9-1.8-1.8-1.8-1.1-0.7-1.6-7.9-5.1
Germany1.11.91.51.82.02.12.12.62.0-4.9-0.8
Greece-2.7-1.30.5-0.10.83.74.14.24.0-5.1-4.4
Hong Kong SAR1.91.3-0.73.60.63.64.71.0-2.7-8.2-1.2
Iceland-2.8-0.41.63.52.815.53.73.00.9-4.9-2.0
Ireland1-10.3-4.8-2.6-0.30.41.51.61.61.6-3.90.3
Israel0.6-1.2-1.0-0.20.80.40.8-1.5-1.8-8.1-3.7
Italy0.82.01.81.41.41.31.21.31.6-4.8-0.2
Japan-8.3-7.5-7.0-4.9-3.2-3.0-2.7-2.2-2.6-7.1-2.2
Korea0.91.00.20.00.21.41.82.20.5-2.2-1.8
Latvia-1.81.70.9-0.20.30.80.30.20.5-4.2-2.7
Lithuania-7.9-1.8-1.40.50.81.11.11.00.3-8.2-3.0
Luxembourg0.30.10.81.11.21.61.22.52.5-2.90.0
Malta0.8-0.50.41.01.33.05.23.42.6-5.90.9
The Netherlands-3.0-2.5-1.6-0.8-0.81.12.22.32.3-5.6-1.4
New Zealand-4.1-1.3-0.50.21.01.71.92.1-0.9-4.3-2.6
Norway11.311.98.86.33.51.52.65.15.8-1.31.6
Portugal-3.6-1.4-0.6-2.70.01.90.72.83.2-4.01.0
Singapore. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .
Slovak Republic-3.1-2.8-1.2-1.4-1.2-1.10.30.1-0.1-4.8-1.8
Slovenia-5.2-2.6-12.6-2.70.00.72.12.62.0-5.2-0.8
Spain1-7.8-8.2-4.1-3.0-2.6-1.9-0.7-0.3-0.6-7.2-4.3
Sweden0.1-0.8-1.2-1.40.01.01.40.80.3-5.2-1.5
Switzerland1.10.8-0.20.00.90.51.41.51.0-4.9-1.7
United Kingdom-4.8-5.3-4.2-3.8-3.1-1.8-0.7-0.6-0.7-7.2-4.2
United States2-7.4-5.8-2.6-2.1-1.7-2.3-2.5-3.4-3.6-13.5-6.5
Average-4.5-3.7-2.1-1.5-1.2-1.2-0.9-1.2-1.6-9.4-4.2
Euro Area-1.6-1.0-0.6-0.20.10.50.81.10.8-6.0-2.2
G7-5.3-4.4-2.5-1.8-1.4-1.6-1.5-1.9-2.2-10.5-4.7
G20 Advanced-5.0-4.1-2.4-1.8-1.4-1.5-1.3-1.6-2.1-10.1-4.6
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance, excluding net interest payments. For country-specific details, see “Data and Conventions” in text, and Table B.

Data include financial sector support. For Cyprus, 2014 and 2015 balances exclude financial sector support.

For cross-economy comparability, the 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

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.

Data include financial sector support. For Cyprus, 2014 and 2015 balances exclude financial sector support.

For cross-economy comparability, the 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

Table A3.Advanced Economies: General Government Cyclically Adjusted Balance, 2011–19(Percent of potential GDP)
201120122013201420152016201720182019
Australia-4.5-3.5-2.7-2.8-2.6-2.4-1.6-0.9-3.2
Austria-3.1-2.5-1.6-2.0-0.4-1.2-0.9-0.4-0.1
Belgium-4.3–4.0-2.5-2.6-2.3-2.4-1.2-1.5-2.8
Canada-3.2-2.4-1.5-0.20.0-0.1-0.3-0.6-0.5
Cyprus-5.8–4.3-2.12.11.90.61.11.61.0
Czech Republic-3.0-3.10.4-1.0-0.60.81.20.70.1
Denmark-0.7-1.41.02.9-0.5-1.10.4-1.20.5
Estonia1.90.20.51.20.70.3-0.6-1.2-1.1
Finland-1.8-2.0-1.3-1.1-0.1-0.3-0.7-0.8-1.2
France-5.1–4.6-3.5-3.4-3.3-3.3-3.4-3.4-4.6
Germany-1.6-0.10.50.81.11.10.71.21.2
Greece-4.22.25.13.13.25.85.04.12.5
Hong Kong SAR1-1.4-0.8-3.8-0.8-3.0-0.9-1.9-3.2-5.4
Iceland-4.3-2.6-1.60.8-0.311.7-0.5-0.9-2.4
Ireland1-6.5-5.4–4.6-3.1-1.3-1.3-0.5-0.4-0.2
Israel-3.3–4.2–4.1-2.5-0.7-1.3-1.1-3.6–4.0
Italy-3.4-1.5-0.7-0.8-0.8-1.1-1.8-1.8-1.3
Japan-8.0-7.6-7.5-5.5–4.3–4.1-3.3-2.4-2.7
Korea1.61.70.90.60.81.92.32.81.2
Latvia-2.70.1-1.4-1.7-1.7-0.5-1.1-1.1-0.6
Lithuania-7.3-2.3-2.2-0.60.20.70.50.5-0.2
Luxembourg0.31.31.61.51.31.10.72.12.4
Malta-1.9-2.4-1.1-1.4-2.20.53.31.31.0
The Netherlands-4.4-2.7-1.1-0.5-0.80.81.30.91.0
New Zealand-3.7-1.1-0.30.20.61.01.01.1-1.1
Norway1-4.0–4.5–4.8-5.6-6.6-7.6-7.7-7.1-7.8
Portugal-5.5-1.9-0.6-3.3-1.6-0.2-2.4-0.5-0.1
Singapore2.52.41.50.9-0.71.21.80.61.3
Slovak Republic-3.4-3.3-1.6-2.5-3.2-3.0-1.6-1.8-1.7
Slovenia-6.0-1.9-10.9-3.2-0.8-0.40.60.70.5
Spain1-6.8-2.8-1.8-1.3-2.2-2.6-2.5-2.4-2.8
Sweden1-0.5-0.7-0.8-1.0-0.80.30.5-0.3-0.9
Switzerland10.80.6-0.3-0.30.50.20.80.50.0
United Kingdom1-5.9-6.1–4.3-4.9–4.3-3.3-2.6-2.3-2.0
United States1,2-6.6–4.9-3.0-2.6-2.6-3.5-4.1-5.5-5.9
Average-5.2–4.0-2.8-2.3-2.1-2.4-2.4-2.9-3.3
Euro Area-3.9-2.5-1.3-1.1-0.9-0.9-1.0-0.9-1.1
G7-5.8–4.6-3.2-2.7-2.4-2.9-3.1-3.6-3.9
G20 Advanced-5.5-4.4-3.1-2.5-2.3-2.7-2.8-3.3-3.7
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.

Data for these economies include adjustments beyond the output cycle.

For cross-economy comparability, the 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

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.

Data for these economies include adjustments beyond the output cycle.

For cross-economy comparability, the 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

Table A4.Advanced Economies: General Government Cyclically Adjusted Primary Balance, 2011–19(Percent of potential GDP)
201120122013201420152016201720182019
Australia-4.1-2.8-2.0-1.9-1.7-1.4-0.70.0-2.4
Austria-1.0-0.30.5-0.11.50.40.60.81.0
Belgium-1.2-0.90.40.30.3-0.10.80.3-1.1
Canada-2.6-1.7-1.00.00.60.5-0.1-0.4-0.2
Cyprus-4.6-2.30.34.24.02.53.03.42.8
Czech Republic-1.9-2.01.40.10.31.61.81.30.7
Denmark-0.1-0.91.43.30.2-0.50.6-1.30.3
Estonia1.70.10.41.10.60.2-0.7-1.2-1.1
Finland-1.8-1.7-1.3-1.00.00.0-0.4-0.6-1.1
France-2.6-2.2-1.4-1.4-1.4-1.6-1.7-1.8-3.2
Germany0.41.71.92.02.22.01.52.01.8
Greece2.56.68.56.56.38.67.87.26.0
Hong Kong SAR1-3.3-2.6-5.5-0.8-3.0-1.7-2.7-4.6-6.6
Iceland-1.80.61.74.33.314.82.61.4-0.5
Ireland1-4.1-2.3-1.20.21.00.91.41.11.1
Israel0.2-1.1-1.1-0.41.10.50.8-1.5-1.9
Italy1.13.43.73.43.02.51.71.61.9
Japan-6.9-6.5-6.6-4.7-3.7-3.4-2.9-2.1-2.5
Korea0.81.30.50.20.51.62.02.40.8
Latvia-1.31.60.1-0.20.10.70.0-0.20.3
Lithuania-6.4-0.9-1.00.61.21.61.00.8-0.2
Luxembourg0.11.11.41.21.00.90.62.02.2
Malta1.20.51.61.30.32.75.12.92.3
The Netherlands-2.9-1.40.20.80.41.92.31.81.6
New Zealand-2.9-0.20.50.91.21.61.71.7-0.3
Norway1-6.5-6.6-7.1-8.3-9.6-10.5-10.6-9.6-10.3
Portugal-1.82.13.20.82.53.61.22.72.8
Singapore. . .. . .. . .. . .. . .. . .. . .. . .. . .
Slovak Republic-2.1-1.70.0-0.8-1.7-1.6-0.3-0.7-0.6
Slovenia-4.7-0.5-9.1-0.52.02.12.72.52.0
Spain1-4.9-0.50.91.40.2-0.2-0.2-0.1-0.8
Sweden1-0.1-0.6-0.6-0.9-0.80.30.4-0.3-1.1
Switzerland11.11.00.00.00.80.40.90.60.1
United Kingdom1-3.3-3.9-3.0-3.1-2.9-1.7-0.8-0.6-0.6
United States1,2-4.5-2.8-1.2-0.7-0.8-1.6-2.1-3.3-3.7
Average-3.4-2.2-1.2-0.7-0.7-0.9-1.0-1.4-1.9
Euro Area-1.30.11.11.11.11.00.70.80.4
G7-3.7-2.6-1.5-0.9-0.8-1.2-1.4-1.9-2.3
G20 Advanced-3.6-2.5-1.4-0.9-0.8-1.1-1.2-1.7-2.2
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance plus net interest payable/paid (interest expense minus interest revenue) following the World Economic Outlook convention. For economy-specific details, see “Data and Conventions” in text, and Table B.

The data for these economies include adjustments beyond the output cycle.

For cross-economy 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

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 economy-specific details, see “Data and Conventions” in text, and Table B.

The data for these economies include adjustments beyond the output cycle.

For cross-economy 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

Table A5.Advanced Economies: General Government Revenue, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Australia31.833.133.733.934.534.935.035.834.635.934.5
Austria48.349.049.749.650.048.548.248.848.547.148.2
Belgium51.052.253.052.551.350.751.251.450.349.449.7
Canada38.338.438.538.540.040.340.440.740.834.839.5
Cyprus36.536.437.040.339.737.738.639.242.240.642.3
Czech Republic40.340.541.440.341.140.240.541.542.141.541.8
Denmark54.454.554.656.453.252.452.851.453.649.151.3
Estonia38.238.838.138.339.539.138.638.538.735.137.4
Finland52.653.354.354.354.153.953.052.451.851.552.1
France51.152.153.153.353.253.053.653.652.851.751.9
Germany44.444.945.044.945.045.545.746.446.845.545.9
Greece43.946.348.046.247.949.548.447.848.345.845.3
Hong Kong SAR22.421.421.020.818.622.622.920.719.416.621.4
Iceland38.840.240.643.740.656.943.543.140.938.538.9
Ireland33.834.034.333.927.027.125.825.425.722.824.2
Israel37.036.236.436.636.836.537.736.035.235.135.3
Italy45.647.648.147.947.846.746.346.347.146.947.0
Japan30.030.831.633.334.234.334.235.034.835.136.3
Korea20.721.220.520.220.321.121.823.023.222.922.9
Latvia35.637.336.736.136.136.235.937.537.535.834.3
Lithuania32.632.132.133.434.233.632.833.934.433.734.3
Luxembourg42.944.444.343.342.942.443.244.645.246.545.7
Malta38.839.239.539.338.637.539.338.538.737.037.8
The Netherlands41.542.042.842.841.842.843.743.543.841.042.5
New Zealand37.437.537.337.337.737.637.137.936.737.235.5
Norway56.956.454.454.254.554.854.655.657.853.756.5
Portugal42.742.945.044.643.842.842.442.942.942.943.4
Singapore17.617.216.917.217.318.919.017.718.217.817.7
Slovak Republic37.036.639.440.243.140.240.640.840.241.342.2
Slovenia44.245.445.745.345.944.344.044.343.742.343.7
Spain36.437.938.839.238.738.138.239.239.336.837.5
Sweden48.548.949.348.348.549.849.749.648.747.347.3
Switzerland32.732.632.732.433.533.334.133.833.632.332.0
United Kingdom36.036.036.335.535.736.136.636.636.636.436.8
United States29.229.231.431.431.631.230.829.530.326.030.3
Average35.435.636.836.936.536.336.336.036.233.635.9
Euro Area45.146.246.846.846.346.246.246.546.545.245.7
G734.834.936.436.536.336.136.035.535.832.935.7
G20 Advanced34.234.435.735.835.635.535.435.035.332.635.1
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For economy-specific details, see “Data and Conventions” in text, and Table B.
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For economy-specific details, see “Data and Conventions” in text, and Table B.
Table A6.Advanced Economies: General Government Expenditure, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Australia36.436.636.536.837.437.436.736.738.445.641.8
Austria50.951.251.652.351.050.148.948.648.054.149.8
Belgium55.356.556.155.653.753.151.952.151.958.255.7
Canada41.640.940.038.440.040.840.641.041.246.743.3
Cyprus42.242.042.240.539.637.636.943.639.442.440.4
Czech Republic43.044.542.642.441.739.538.940.641.946.343.5
Denmark56.458.055.855.254.552.551.250.951.156.151.5
Estonia37.139.138.237.639.439.439.039.039.143.440.5
Finland53.755.456.857.356.555.653.753.353.258.256.0
France56.357.157.257.256.856.656.455.855.860.958.1
Germany45.244.944.944.344.044.344.444.645.451.047.1
Greece54.152.851.650.350.749.047.446.947.954.853.2
Hong Kong SAR18.618.320.017.318.018.317.418.420.923.521.4
Iceland44.243.842.443.841.444.542.942.341.945.242.9
Ireland46.742.140.537.629.027.826.125.425.428.025.0
Israel39.840.440.438.937.837.938.839.639.145.341.1
Italy49.250.651.050.950.349.148.848.548.755.250.4
Japan39.439.439.538.938.038.037.337.437.642.138.3
Korea19.119.719.919.819.719.519.620.422.424.824.5
Latvia38.837.137.237.837.636.636.738.237.841.038.0
Lithuania41.635.234.734.034.433.332.233.234.141.436.8
Luxembourg42.444.143.342.041.540.741.841.942.549.245.5
Malta41.242.741.941.139.736.535.936.637.544.338.3
The Netherlands46.045.945.744.943.842.842.442.142.247.244.6
New Zealand42.339.738.637.737.436.635.836.438.342.438.9
Norway43.542.743.745.548.550.749.648.249.952.952.8
Portugal50.048.649.951.748.144.845.443.442.749.945.3
Singapore9.79.810.912.614.415.213.714.014.321.315.9
Slovak Republic41.441.042.343.345.842.741.541.841.547.244.9
Slovenia50.949.460.350.848.746.244.143.543.148.945.8
Spain46.248.745.845.143.942.441.241.741.946.344.2
Sweden48.749.950.749.848.548.848.348.848.352.748.9
Switzerland31.932.233.132.732.832.932.932.432.737.333.9
United Kingdom43.543.641.841.140.339.539.138.838.744.742.2
United States138.937.236.035.535.235.535.235.136.141.438.9
Average41.841.140.540.039.139.038.638.639.244.341.4
Euro Area49.349.949.849.248.347.647.247.047.252.749.3
G742.241.440.740.139.339.439.139.139.644.941.9
G20 Advanced41.240.439.839.238.538.538.338.338.944.141.2
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For economy-specific details, see “Data and Conventions” in text, and Table B.

For cross-economy 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

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

For cross-economy 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 expenditures under the 2008 System of National Accounts (2008 SNA) adopted by the United States, but not in economies that have not yet adopted the 2008 SNA. Data for the United States in this table may thus differ from data published by the US Bureau of Economic Analysis.

Table A7.Advanced Economies: General Government Gross Debt, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Australia124.127.530.534.037.740.541.141.545.059.464.0
Austria82.281.781.083.884.482.678.474.070.884.681.0
Belgium103.5104.8105.5107.0105.2104.9101.8100.099.0114.8114.8
Canada181.885.486.185.691.291.790.589.788.6109.5108.6
Cyprus65.079.4102.9109.2107.5103.493.9100.694.9100.896.7
Czech Republic39.844.544.942.240.036.834.732.630.837.536.6
Denmark46.144.944.044.339.837.135.533.930.339.239.9
Estonia6.19.810.210.49.89.29.28.38.420.021.1
Finland48.253.656.259.863.062.660.859.159.770.071.6
France87.890.693.494.995.698.098.498.498.5115.4116.4
Germany79.881.178.775.772.169.265.361.959.868.765.6
Greece180.6159.6177.9180.2177.8181.1179.3184.8179.2200.8194.8
Hong Kong SAR10.60.50.50.10.10.10.10.10.30.30.3
Iceland92.089.481.878.865.051.243.237.434.540.741.7
Ireland111.1120.0120.0104.576.874.067.863.658.663.360.0
Israel68.868.567.165.963.962.060.560.961.476.278.0
Italy119.7126.5132.4135.3135.3134.8134.1134.8134.8155.5150.4
Japan221.9228.7232.2235.8231.3236.4234.5236.5237.4251.9247.6
Korea30.330.833.735.537.337.636.737.940.746.249.2
Latvia43.341.939.440.936.740.240.336.536.845.044.9
Lithuania37.239.838.740.642.739.939.334.137.751.748.2
Luxembourg18.721.723.722.722.020.122.321.022.023.423.2
Malta70.267.868.463.458.055.550.445.642.851.447.6
The Netherlands61.866.467.868.064.661.956.952.448.358.358.1
New Zealand34.735.734.634.234.333.531.328.530.239.942.9
Norway29.831.131.629.934.538.138.639.941.340.040.0
Portugal114.4129.0131.4132.9131.2131.5126.0121.9117.7135.0128.5
Singapore103.1106.798.297.8102.3106.5108.4110.4111.8113.0114.1
Slovak Republic43.351.654.653.451.851.951.249.248.257.057.4
Slovenia46.553.670.080.382.678.774.170.466.873.273.9
Spain69.986.395.8100.799.399.298.697.695.5113.4114.6
Sweden37.237.640.345.043.942.340.738.834.842.441.1
Switzerland42.943.742.943.043.041.843.241.039.346.446.4
United Kingdom80.183.284.286.286.986.886.285.785.495.795.8
United States199.8103.3104.9104.6104.8106.8105.9106.9109.0131.1131.9
Average102.5106.7105.2104.6104.2106.7104.5103.9105.2122.4121.9
Euro Area87.690.792.692.890.890.087.885.984.197.495.6
G7117.0121.1118.9117.6116.5119.7117.7117.4118.7137.7137.0
G20 Advanced110.4114.2112.3111.4110.8113.9111.7111.6113.3131.8131.3
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For economy-specific details, see “Data and Conventions” in text, and Table B.

For cross-economy comparability, gross debt levels reported by national statistical agencies for economies that have adopted the 2008 System of National Accounts (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

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

For cross-economy comparability, gross debt levels reported by national statistical agencies for economies that have adopted the 2008 System of National Accounts (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

Table A8.Advanced Economies: General Government Net Debt, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Australia18.011.013.015.417.818.918.819.523.235.040.0
Austria60.360.560.459.158.357.055.850.748.260.558.3
Belgium291.692.092.593.392.091.188.286.786.1101.0101.8
Canada127.528.929.728.528.428.727.926.525.940.740.1
Cyprus52.467.278.890.490.785.978.953.3. . .. . .. . .
Czech Republic26.828.329.129.428.325.121.719.916.8. . .. . .
Denmark15.118.518.318.116.216.315.314.411.419.118.1
Estonia-6.7-4.7-4.3-3.9-2.2-2.6-1.6-1.8-2.110.412.4
Finland35.09.412.917.218.521.322.024.325.033.135.3
France76.480.083.085.586.389.289.589.689.8106.7107.6
Germany60.359.658.655.052.149.345.742.941.349.247.3
Greece. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .
Hong Kong SAR1. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .
Iceland459.962.060.553.647.439.735.729.026.535.637.0
Ireland579.687.290.286.265.965.659.755.250.958.254.7
Israel63.263.162.161.759.958.456.857.558.272.874.8
Italy109.8114.6120.0122.3123.2122.4122.1122.9123.1142.7138.3
Japan141.4145.3144.7146.6146.4152.0149.8153.4154.3168.9165.8
Korea28.8-1.91.83.36.06.16.37.510.315.818.7
Latvia31.629.829.629.630.931.031.828.126.233.534.5
Lithuania33.233.534.132.734.832.332.327.531.645.142.2
Luxembourg-11.5-10.7-9.0-10.8-12.1-11.5-11.2-10.7-8.0-7.7-5.7
Malta58.258.059.053.849.643.037.934.4. . .. . .. . .
The Netherlands48.552.153.754.852.851.146.242.541.647.347.1
New Zealand6.68.58.68.07.46.75.64.88.016.420.7
Norway6-47.4-49.0-60.1-74.6-85.6-84.2-79.3-71.9-105.9-105.9-108.5
Portugal103.0115.7118.3120.5121.5120.0116.5116.0112.2129.1123.0
Singapore. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .
Slovak Republic. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .
Slovenia32.336.645.246.550.352.351.945.9. . .. . .. . .
Spain56.471.880.985.285.086.184.582.781.197.799.7
Sweden11.711.311.411.311.28.96.25.93.28.89.8
Switzerland24.423.922.923.123.322.822.121.419.726.726.7
United Kingdom71.874.875.978.078.477.876.775.975.585.985.9
United States176.980.881.681.481.182.182.183.284.1107.0107.3
Average74.176.775.975.775.877.575.976.076.694.293.9
Euro Area69.673.275.775.974.774.372.270.569.181.380.2
G785.788.887.787.186.688.587.287.688.1107.0106.3
G20 Advanced80.782.681.681.381.183.081.682.083.1101.3100.9
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: For economy-specific details, see “Data and Conventions” in text, and Table B.

For cross-economy comparability, net debt levels reported by national statistical agencies for economies that have adopted the 2008 System of National Accounts (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

Belgium’s net debt series has been revised to ensure consistency between liabilities and assets. Net debt is defined as gross debt (Maastricht definition) minus assets in the form of currency and deposits, loans, and debt securities.

Net debt figures were revised to only include categories of assets corresponding to the categories of liabilities covered by the Maastricht definition of gross debt.

Net debt for Iceland is defined as gross debt less currency and deposits.

Net debt for Ireland is defined as gross general debt less debt instrument assets, namely, currency and deposits (F2), debt securities (F3), and loans (F4). It was previously defined as general government debt less currency and deposits.

Norway’s net debt series has been revised because of a change in the net debt calculation by excluding the equity and shares from financial assets and including accounts receivable in the financial assets, following Government Finance Statistics and the Maastricht definition.

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

For cross-economy comparability, net debt levels reported by national statistical agencies for economies that have adopted the 2008 System of National Accounts (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

Belgium’s net debt series has been revised to ensure consistency between liabilities and assets. Net debt is defined as gross debt (Maastricht definition) minus assets in the form of currency and deposits, loans, and debt securities.

Net debt figures were revised to only include categories of assets corresponding to the categories of liabilities covered by the Maastricht definition of gross debt.

Net debt for Iceland is defined as gross debt less currency and deposits.

Net debt for Ireland is defined as gross general debt less debt instrument assets, namely, currency and deposits (F2), debt securities (F3), and loans (F4). It was previously defined as general government debt less currency and deposits.

Norway’s net debt series has been revised because of a change in the net debt calculation by excluding the equity and shares from financial assets and including accounts receivable in the financial assets, following Government Finance Statistics and the Maastricht definition.

Table A9.Emerging Market and Middle-Income Economies: General Government Overall Balance, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Algeria-0.1-4.4-0.4-7.3-15.3-13.1-6.6-4.5-5.1-15.0-10.1
Angola8.14.1-0.3-5.7-2.9-4.5-6.32.20.7-6.0-2.5
Argentina-2.7-3.0-3.3-4.3-6.0-6.7-6.7-5.5-3.9. . .. . .
Azerbaijan10.93.71.62.7-4.8-1.1-1.45.58.4-12.8-9.7
Belarus1-2.80.4-1.00.1-3.0-1.7-0.31.80.6-4.6-3.0
Brazil-2.5-2.5-3.0-6.0-10.3-9.0-7.9-7.2-6.0-9.3-6.1
Chile1.40.7-0.5-1.5-2.1-2.6-2.6-1.5-2.6-6.3-3.5
China-0.1-0.3-0.8-0.9-2.8-3.7-3.8-4.7-6.4-11.2-9.6
Colombia-2.00.2-1.0-1.7-3.5-2.3-2.5-4.7-2.2-2.5-1.3
Croatia-7.9-5.4-5.3-5.3-3.3-1.00.80.20.0-6.5-2.6
Dominican Republic-3.1-6.6-3.5-2.80.0-3.1-3.1-2.2-2.2-4.4-2.9
Ecuador2-0.1-0.9-4.6-5.2-6.1-8.2-4.5-3.1-2.8-7.0-4.4
Egypt3-9.6-10.0-12.9-11.3-10.9-12.5-10.4-9.4-7.4-7.7-6.6
Hungary-5.2-2.3-2.6-2.8-2.0-1.8-2.5-2.1-2.0-3.0-1.6
India-8.3-7.5-7.0-7.1-7.2-7.1-6.4-6.3-7.4-7.4-7.3
Indonesia-0.7-1.6-2.2-2.1-2.6-2.5-2.5-1.8-2.2-5.0-4.0
Iran0.6-0.3-0.9-1.1-1.8-2.3-1.8-1.9-5.6-9.8-7.7
Kazakhstan5.84.44.92.5-6.3-4.5-4.32.6-0.6-5.3-2.7
Kuwait33.332.434.122.45.60.36.39.04.8-11.3-14.1
Libya-17.228.6-5.1-73.8-130.8-113.2-43.5-0.28.8-7.2-19.1
Malaysia4-3.6-3.1-3.5-2.6-2.5-2.6-2.4-3.3-3.2-4.2-3.6
Mexico-3.3-3.7-3.7-4.5-4.0-2.8-1.1-2.2-2.3-4.2-2.2
Morocco-6.6-7.2-5.1-4.8-4.2-4.5-3.5-3.7-4.1-7.1-4.5
Oman9.44.64.7-1.1-15.9-21.3-14.0-7.9-7.0-16.9-14.8
Pakistan-6.7-8.6-8.4-4.9-5.3-4.4-5.8-6.4-8.8-9.2-6.5
Peru2.02.10.7-0.2-2.1-2.3-2.9-2.0-1.4-7.1-2.6
Philippines-0.3-0.30.20.90.6-0.4-0.4-1.6-1.9-3.4-2.7
Poland-4.9-3.7-4.2-3.6-2.6-2.4-1.5-0.2-0.7-6.7-3.5
Qatar7.310.521.614.34.5-5.4-2.95.24.15.21.4
Romania-4.3-2.5-2.5-1.7-1.4-2.4-2.8-2.8-4.6-8.9-7.0
Russia1.40.4-1.2-1.1-3.4-3.7-1.52.91.9-4.8-3.0
Saudi Arabia11.611.95.6-3.5-15.8-17.2-9.2-5.9-4.5-12.6-9.0
South Africa-4.1-4.4-4.3-4.3-4.8-4.1-4.4-4.1-6.3-13.3-12.7
Sri Lanka-6.2-5.6-5.2-6.2-7.0-5.3-5.5-5.3-6.8-9.4-8.3
Thailand0.1-0.90.5-0.80.10.6-0.40.1-0.8-3.4-1.7
Turkey-0.7-1.8-1.5-1.4-1.3-2.4-2.2-3.7-5.3-7.5-6.7
Ukraine-2.8-4.3-4.8-4.5-1.2-2.2-2.2-2.2-2.0-8.2-5.3
United Arab Emirates5.39.08.41.9-3.4-2.8-2.02.0-0.8-11.1-7.1
Uruguay5-0.4-2.4-1.9-2.8-2.2-3.1-2.7-2.0-2.9-4.7-3.8
Venezuela-8.2-10.4-11.3-15.6-10.7-10.8-16.6-31.3-10.0. . .. . .
Average-0.9-0.9-1.5-2.5-4.4-4.8-4.1-3.8-4.8-9.1-7.4
Asia-1.6-1.6-1.8-1.9-3.3-3.9-4.0-4.5-6.0-9.9-8.6
Europe-0.2-0.7-1.5-1.4-2.7-2.9-1.80.4-0.7-6.1-4.2
Latin America-2.7-2.9-3.2-5.0-6.8-6.2-5.4-5.2-4.0-6.7-4.0
MENAP4.35.63.9-1.5-8.5-9.6-5.8-2.9-3.8-9.8-7.7
G20 Emerging-1.1-1.2-1.8-2.6-4.5-4.9-4.3-4.3-5.4-9.7-8.1
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. MENAP = Middle East, North Africa, and Pakistan.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

The general government overall balance in 2019 includes a one-off refund of tax arrears in 2019 of 2.4 percent of GDP.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Segu-ros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

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.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

The general government overall balance in 2019 includes a one-off refund of tax arrears in 2019 of 2.4 percent of GDP.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Segu-ros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

Table A10.Emerging Market and Middle-Income Economies: General Government Primary Balance, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Algeria-1.3-5.3-0.5-7.4-15.8-13.1-6.3-4.7-5.6-15.2-9.9
Angola9.05.00.4-4.7-1.1-1.7-3.06.76.11.84.8
Argentina-1.6-1.7-2.6-3.5-4.4-4.8-4.2-2.3-0.5. . .. . .
Azerbaijan10.93.81.72.9-4.4-0.7-0.86.29.2-11.9-8.8
Belarus1-1.71.70.01.1-1.30.31.63.82.4-2.3-0.7
Brazil2.91.91.7-0.6-1.9-2.5-1.8-1.7-1.0-5.2-2.1
Chile1.50.8-0.4-1.3-1.9-2.4-2.3-1.1-2.3-5.8-3.2
China0.40.2-0.3-0.4-2.3-3.0-3.1-3.8-5.5-10.3-8.6
Colombia0.11.80.9-0.2-1.7-0.4-0.5-2.50.70.61.6
Croatia-5.6-2.6-2.6-2.4-0.21.83.22.31.8-4.5-0.4
Dominican Republic-1.0-4.2-1.2-0.42.3-0.6-0.50.40.6-1.40.2
Ecuador20.5-0.2-3.5-42-4.7-6.7-2.3-0.7-0.1-4.0-1.1
Egypt3-4.8-4.9-5.9-42-4.1-4.3-2.5-0.41.21.41.0
Hungary-1.51.91.71.01.31.20.20.20.2-1.10.1
India-4.0-3.2-2.4-2.6-2.7-2.5-1.6-1.6-2.6-2.3-2.2
Indonesia0.5-0.4-1.0-0.9-1.2-1.0-0.90.0-0.5-3.2-2.2
Iran0.7-0.2-0.8-1.1-1.7-2.2-1.7-1.8-5.3-8.7-5.6
Kazakhstan5.73.84.42.0-5.9-4.3-5.21.8-0.8-5.4-2.8
Kuwait426.525.425.812.7-7.5-14.2-9.4-3.0-8.2-24.9-26.5
Libya-17.228.6-5.1-73.8-130.8-113.2-43.5-0.28.8-7.2-19.1
Malaysia-2.0-2.1-2.1-0.9-0.9-0.8-0.6-1.4-1.2-1.8-1.3
Mexico-0.7-0.9-0.9-1.7-1.20.42.61.61.4-0.41.5
Morocco-4.4-4.7-2.5-2.1-1.4-1.8-0.9-1.3-1.5-4.5-1.9
Oman8.93.32.6-2.1-16.1-21.8-13.4-6.9-5.5-14.9-12.8
Pakistan-2.9-4.2-3.9-0.3-0.5-0.1-1.5-2.1-3.4-2.7-0.3
Peru3.03.01.70.7-1.2-1.3-1.9-0.9-0.2-5.7-1.0
Philippines2.32.32.73.12.71.51.30.1-0.2-1.4-0.8
Poland-2.3-1.1-1.7-1.7-0.9-0.70.11.20.7-5.2-1.9
Qatar8.812.022.815.56.0-3.9-1.66.65.57.23.1
Romania-2.8-0.7-0.8-0.2-0.1-1.1-1.7-1.5-3.5-7.5-5.5
Russia1.70.7-0.8-0.7-3.1-3.2-1.03.42.3-4.4-2.5
Saudi Arabia11.611.75.2-42-17.9-20.2-11.1-6.5-4.5-14.4-8.4
South Africa-1.5-1.7-1.4-1.3-1.6-0.7-0.8-0.4-2.3-8.6-7.5
Sri Lanka-1.3-0.9-0.6-2.0-2.2-0.20.00.6-0.8-3.0-1.4
Thailand0.90.01.3-0.10.71.00.10.6-0.3-3.0-1.2
Turkey1.80.70.80.50.6-1.0-0.9-2.2-3.5-4.7-3.3
Ukraine-0.8-2.4-2.3-1.23.01.91.61.11.0-4.4-1.3
United Arab Emirates5.59.38.82.2-3.2-2.7-1.92.3-0.4-10.6-6.6
Uruguay52.0-0.10.5-0.50.1-0.5-0.10.6-0.5-1.9-0.9
Venezuela-6.1-6.9-8.1-11.9-9.0-10.6-16.6-31.3-10.0. . .. . .
Average0.80.60.1-0.8-2.7-3.1-2.4-2.1-3.0-7.2-5.5
Asia-0.3-0.4-0.6-0.6-2.1-2.6-2.5-3.1-4.5-8.3-6.9
Europe1.00.5-0.3-0.3-1.5-1.7-0.81.40.4-4.7-2.6
Latin America0.90.2-0.1-1.6-2.5-2.4-1.4-1.4-0.3-3.2-0.7
MENAP4.86.14.5-0.9-8.0-9.2-5.5-2.2-2.7-8.5-5.8
G20 Emerging0.80.4-0.2-0.9-2.7-3.1-2.4-2.5-3.6-7.9-6.2
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. MENAP = Middle East, North Africa, and Pakistan.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

Interest revenue is proxied by the IMF staffs estimate of investment income. The country team does not have the breakdown of investment income between interest revenue, and dividends.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Segu-ros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

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.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

Interest revenue is proxied by the IMF staffs estimate of investment income. The country team does not have the breakdown of investment income between interest revenue, and dividends.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Segu-ros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

Table A11.Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Balance, 2011–19(Percent of potential GDP)
201120122013201420152016201720182019
Algeria-0.4-3.12.2-8.8-17.9-14.8-9.4-8.2-11.2
Angola2.9-0.8-2.7-5.70.6-1.5-3.33.11.3
Argentina-3.8-3.0-3.7-3.5-6.3-6.1-7.2-5.1-2.9
Azerbaijan. . .. . .. . .. . .. . .. . .. . .. . .. . .
Belarus1-3.6-0.2-1.5-0.8-2.3-0.10.21.50.2
Brazil-4.0-3.8-4.4-7.5-10.1-7.5-6.6-6.0-5.0
Chile2-1.0-0.4-0.5-0.50.5-1.0-2.0-1.5-2.8
China-0.5-0.4-0.9-0.9-2.5-3.4-4.0-5.0-6.0
Colombia-2.20.1-1.5-2.4-3.9-2.5-2.2-3.9-1.6
Croatia-8.8-6.1-6.3-5.2-2.9-1.00.80.4-0.1
Dominican Republic-3.1-6.3-3.1-4.9-4.6-4.2-4.1-3.8-3.8
Ecuador3-1.5-2.3-6.0-6.4-6.8-7.7-4.1-4.3-4.0
Egypt4-9.6-9.9-13.2-11.6-11.4-12.0-10.7-9.6-7.4
Hungary-4.10.2-0.2-1.4-1.2-1.0-2.3-2.7-3.1
India-8.6-7.4-6.7-6.8-7.1-7.3-6.1-6.7-7.0
Indonesia-1.0-1.9-2.5-2.3-2.7-2.5-2.4-1.7-2.2
Iran. . .. . .. . .. . .. . .. . .. . .. . .. . .
Kazakhstan. . .. . .. . .. . .. . .. . .. . .. . .. . .
Kuwait. . .. . .. . .. . .. . .. . .. . .. . .. . .
Libya. . .. . .. . .. . .. . .. . .. . .. . .. . .
Malaysia-3.3-3.3-3.2-2.5-2.7-2.7-2.6-4.1-2.7
Mexico-3.2-3.7-3.4-4.2-4.0-3.9-2.3-2.0-2.1
Morocco-6.9-7.7-5.9-6.3-4.6-4.8-4.2-3.9-4.1
Oman. . .. . .. . .. . .. . .. . .. . .. . .. . .
Pakistan. . .. . .. . .. . .. . .. . .. . .. . .. . .
Peru21.21.30.1-0.1-1.6-1.9-2.1-1.7-0.7
Philippines0.0-0.30.10.60.7-0.4-0.5-1.7-1.9
Poland-5.3-3.6-3.6-3.1-2.3-2.1-1.7-1.4-2.1
Qatar. . .. . .. . .. . .. . .. . .. . .. . .. . .
Romania-3.2-1.2-1.4-0.7-0.5-2.0-3.4-3.6-5.6
Russia1.50.1-1.6-0.1-3.1-3.2-1.02.92.0
Saudi Arabia. . .. . .. . .. . .. . .. . .. . .. . .. . .
South Africa-3.7-4.2-4.1-4.1-4.2-3.8-3.8-3.5-4.7
Sri Lanka. . .. . .. . .. . .. . .. . .. . .. . .. . .
Thailand0.1-0.60.3-0.40.50.9-0.30.0-0.7
Turkey-1.1-1.6-1.9-1.5-1.5-2.0-3.1-4.6-5.9
Ukraine-3.2-4.5-4.6-3.30.8-1.4-1.6-2.2-1.8
United Arab Emirates. . .. . .. . .. . .. . .. . .. . .. . .. . .
Uruguay5-1.6-3.3-2.9-3.7-2.3-3.0-2.7-2.0-2.5
Venezuela. . .. . .. . .. . .. . .. . .. . .. . .. . .
Average-2.1-2.0-2.4-2.7-3.8-4.0-4.0-4.1-4.7
Asia-1.9-1.6-1.8-1.8-3.0-3.7-4.1-4.9-5.6
Europe-0.8-1.1-2.0-1.1-2.2-2.4-1.8-0.2-1.2
Latin America-3.3-3.0-3.5-5.2-6.4-5.4-4.8-4.1-3.4
MENAP-6.6-7.7-7.7-9.8-11.7-11.3-8.8-7.9-7.6
G20 Emerging-2.0-1.9-2.4-2.6-3.9-4.2-4.2-4.4-5.0
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 C. MENAP = Middle East, North Africa, and Pakistan.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

Data for these countries include adjustments beyond the output cycle.

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Seguros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

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.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

Data for these countries include adjustments beyond the output cycle.

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Seguros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

Table A12.Emerging Market and Middle-Income Economies: General Government Cyclically Adjusted Primary Balance, 2011–19(Percent of potential GDP)
201120122013201420152016201720182019
Algeria-2.4-4.52.1-9.0-18.6-14.9-8.9-8.5-11.9
Angola4.00.2-1.9-4.62.00.8-0.57.36.4
Argentina-2.6-1.7-3.1-2.8-4.7-4.2-4.7-1.90.4
Azerbaijan. . .. . .. . .. . .. . .. . .. . .. . .. . .
Belarus1-2.51.2-0.50.2-0.71.82.13.52.0
Brazil1.70.80.5-1.9-1.8-1.3-0.7-0.7-0.1
Chile2-0.9-0.3-0.4-0.40.7-0.7-1.6-1.1-2.5
China0.00.1-0.4-0.4-2.0-2.7-3.3-4.2-5.1
Colombia-0.11.70.5-0.8-2.1-0.6-0.2-1.71.2
Croatia-6.4-3.3-3.5-2.30.21.83.22.51.8
Dominican Republic-1.1-4.0-0.9-2.5-2.3-1.6-1.5-1.2-0.9
Ecuador3-0.8-1.6-4.9-5.4-5.4-6.1-2.0-1.8-1.2
Egypt4-4.7-4.9-6.1-4.5-4.6-3.9-2.7-0.51.3
Hungary-0.44.23.92.22.11.90.2-0.4-0.8
India-4.2-3.1-2.2-2.4-2.6-2.7-1.4-2.0-2.2
Indonesia0.2-0.7-1.3-1.1-1.3-1.0-0.80.0-0.4
Iran. . .. . .. . .. . .. . .. . .. . .. . .. . .
Kazakhstan. . .. . .. . .. . .. . .. . .. . .. . .. . .
Kuwait. . .. . .. . .. . .. . .. . .. . .. . .. . .
Libya. . .. . .. . .. . .. . .. . .. . .. . .. . .
Malaysia-1.7-2.3-1.9-0.8-1.1-0.9-0.8-2.2-0.7
Mexico-0.6-0.9-0.7-1.5-1.2-0.81.41.81.6
Morocco-4.7-5.2-3.3-3.6-1.9-2.2-1.7-1.5-1.5
Oman. . .. . .. . .. . .. . .. . .. . .. . .. . .
Pakistan. . .. . .. . .. . .. . .. . .. . .. . .. . .
Peru22.22.31.10.8-0.6-0.9-1.1-0.60.4
Philippines2.62.32.62.92.71.41.20.1-0.2
Poland-2.8-0.9-1.1-1.2-0.6-0.4-0.10.1-0.7
Qatar. . .. . .. . .. . .. . .. . .. . .. . .. . .
Romania-1.80.50.20.80.7-0.7-2.3-2.3-4.4
Russia1.80.3-1.20.3-2.8-2.8-0.53.42.4
Saudi Arabia. . .. . .. . .. . .. . .. . .. . .. . .. . .
South Africa-1.2-1.5-1.2-1.1-1.0-0.4-0.20.2-0.7
Sri Lanka. . .. . .. . .. . .. . .. . .. . .. . .. . .
Thailand1.00.31.10.31.11.30.20.6-0.2
Turkey1.50.80.40.50.4-0.7-1.7-3.1-4.1
Ukraine-1.2-2.6-2.20.04.72.62.11.11.2
United Arab Emirates. . .. . .. . .. . .. . .. . .. . .. . .. . .
Uruguay50.9-1.0-0.5-1.40.0-0.4-0.20.6-0.1
Venezuela. . .. . .. . .. . .. . .. . .. . .. . .. . .
Average-0.2-0.3-0.7-0.9-1.8-2.1-2.0-2.2-2.8
Asia-0.6-0.4-0.6-0.6-1.8-2.4-2.6-3.4-4.1
Europe0.60.3-0.70.2-0.9-1.2-0.60.9-0.1
Latin America0.40.1-0.3-1.7-2.0-1.5-0.8-0.30.3
MENAP-4.1-4.8-3.4-5.5-7.3-6.1-4.2-2.9-2.6
G20 Emerging-0.1-0.2-0.7-0.8-2.0-2.3-2.2-2.5-3.2
Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance 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.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

Data for these countries include adjustments beyond the output cycle. For country-specific details, see “Data and Conventions” in text, and Table C.

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Seguros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

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.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

Data for these countries include adjustments beyond the output cycle. For country-specific details, see “Data and Conventions” in text, and Table C.

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Seguros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

Table A13.Emerging Market and Middle-Income Economies: General Government Revenue, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Algeria40.039.135.833.330.528.632.633.732.527.229.1
Angola45.541.336.730.724.117.517.521.920.217.519.4
Argentina32.233.834.334.635.434.934.533.833.9. . .. . .
Azerbaijan44.640.339.439.133.934.334.238.642.230.630.9
Belarus137.539.339.838.938.839.038.739.639.236.036.6
Brazil35.134.734.532.528.230.730.530.931.930.531.3
Chile24.223.822.622.322.822.622.823.923.221.524.5
China27.027.927.728.128.828.227.828.327.625.826.6
Colombia28.229.229.029.527.827.726.830.031.628.529.4
Croatia41.143.042.943.445.346.546.146.246.542.444.7
Dominican Republic12.913.614.214.216.613.914.014.214.413.614.1
Ecuador239.339.339.238.433.630.332.035.133.430.131.0
Egypt320.920.821.724.422.020.321.820.720.120.320.9
Hungary44.147.047.647.448.645.444.544.544.043.542.5
India19.319.819.619.119.920.119.920.219.719.519.5
Indonesia17.017.216.916.514.914.314.114.914.212.412.5
Iran18.913.913.514.316.117.317.515.811.59.410.8
Kazakhstan27.026.324.823.716.617.019.821.419.918.018.0
Kuwait72.371.272.366.660.054.157.758.457.052.948.0
Libya42.474.283.069.351.231.752.485.6103.7163.998.6
Malaysia23.525.424.323.322.220.119.519.420.719.317.8
Mexico24.424.524.123.423.524.624.723.523.322.522.7
Morocco27.228.027.828.026.526.126.626.225.927.626.4
Oman48.748.749.546.334.929.931.837.436.930.632.0
Pakistan12.613.013.515.214.515.515.515.212.814.315.8
Peru21.822.422.322.420.318.818.319.420.018.220.4
Philippines17.618.618.819.019.419.119.620.220.819.720.2
Poland39.039.138.438.739.138.739.841.442.141.141.7
Qatar35.841.549.947.746.834.830.532.934.435.528.8
Romania32.532.531.532.132.828.928.029.129.029.127.8
Russia34.734.533.533.931.932.933.435.435.831.832.5
Saudi Arabia44.445.241.236.725.021.524.130.731.226.128.7
South Africa26.826.927.327.628.228.628.229.029.126.926.7
Sri Lanka13.612.212.011.613.314.113.813.512.69.711.4
Thailand21.221.422.221.422.321.921.121.421.020.320.8
Turkey32.732.632.731.832.132.731.431.329.328.529.2
Ukraine42.944.743.340.341.938.339.339.639.539.239.7
United Arab Emirates36.538.138.735.029.028.929.231.431.226.827.7
Uruguay428.427.829.628.928.929.429.731.230.829.830.2
Venezuela31.129.828.434.619.714.320.014.913.0. . .. . .
Average29.029.529.128.527.326.826.827.627.125.325.9
Asia24.425.325.425.626.225.625.225.825.223.824.5
Europe35.335.234.534.433.433.833.835.235.133.033.4
Latin America30.830.630.329.526.827.427.927.828.126.627.3
MENAP33.836.235.432.626.524.125.628.527.524.625.0
G20 Emerging28.629.028.628.227.427.227.027.627.125.225.9
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 C. MENAP = Middle East, North Africa, and Pakistan.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Segu-ros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

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.

For Belarus the underlying assumption for IMF staff projections is no compensation for the loss of oil-related discounts and transfers due to internal changes in Russia’s taxation system. (Negotiations between Russia and Belarus on this issue are ongoing.)

The data for Ecuador reflect net lending/borrowing for the Non-Financial Public Sector (NFPS). Ecuadorian authorities, in the context of the EFF approved in March of 2019 and with the technical support from the IMF Staff, are undertaking revisions of the historical fiscal data for the net-lending borrowing of the NFSP with the view of correcting recently-identified statistical errors, mostly in the recording of revenues and expenditures of the local governments. Fiscal data reported in the table for 2018 and 2019 reflect the corrected series while the data for earlier years are still under revisions and will be corrected in the subsequent WEO releases as the authorities proceed with the corrections in the earlier years, going as far back as 2012. The authorities are also working on reconciling historical revenue and expenditure data with financing.

Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.

Data are for the nonfinancial public sector (NFPS), which includes central government, local government, social security funds, nonfinancial public corporation, and Banco de Segu-ros del Estado. The coverage of the fiscal data was changed from consolidated public sector to NFPS with the October 2019 submission. With this narrower coverage, the central bank balances are not included in fiscal data. Historical data were also revised accordingly. Starting in October 2018, the public pension system has been receiving transfers in the context of a new law that compensates persons affected by the creation of the mixed pension system. These funds are recorded as revenues, consistent with the IMF’s methodology. Therefore, data and projections for 2018–21 are affected by these transfers.

Table A14.Emerging Market and Middle-Income Economies: General Government Expenditure, 2011–21(Percent of GDP)
20112012201320142015201620172018201920202021
Algeria40.143.536.240.645.841.739.238.237.542.139.2
Angola37.437.237.036.527.122.023.819.719.523.521.9
Argentina34.936.837.638.941.441.541.239.337.7. . .. . .
Azerbaijan33.736.637.836.438.735.435.633.133.743.440.6
Belarus140.338.940.838.841.840.739.037.838.640.639.6
Brazil37.637.237.438.538.539.738.338.137.939.937.5
Chile22.823.123.123.824.925.325.425.425.827.828.0
China27.128.228.629.031.631.931.632.934.037.036.2
Colombia30.229.130.031.331.330.029.334.733.830.930.7
Croatia49.048.348.348.748.647.645.446.046.648.947.3
Dominican Republic15.920.117.717.016.717.017.116.316.618.016.9
Ecuador239.540.343.743.639.738.636.538.236.237.235.4
Egypt330.530.834.635.733.032.732.230.127.527.927.5
Hungary49.449.450.250.250.647.247.046.746.146.444.1
India27.627.426.626.227.127.226.226.527.127.026.8
Indonesia17.718.819.118.617.516.816.616.616.417.416.5
Iran18.314.314.415.417.919.519.317.717.119.218.5
Kazakhstan21.221.919.821.322.921.524.118.820.523.220.7
Kuwait39.138.838.144.354.453.851.449.452.364.262.0
Libya59.745.788.1143.1181.9144.995.985.894.9171.2117.6
Malaysia27.128.527.826.024.722.721.922.723.923.021.4
Mexico27.728.227.828.027.527.425.725.725.726.724.9
Morocco33.83