Methodological and Statistical Appendix
Author: International Monetary Fund. Fiscal Affairs Dept.
Language:
English
Keywords:
FM; def; country abbreviation; term; budgetary objective; interest rate; potential GDP; interest rate-growth differential; IMF country desk officers; budget intention; Fiscal stance; Pension spending; Asia and Pacific; Africa; Middle East; authorities' budget; estimates of the policy scenario
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Abstract

This appendix comprises six sections. “What’s New” presents a brief description of the methodological changes to the database and statistical tables since the April 2012 issue of the Fiscal Monitor. “Data and Conventions” provides a general description of the data and of the conventions used for calculating economy group composites. “Fiscal Policy Assumptions” summarizes the country-specific assumptions underlying the estimates and projections for 2012–17. Details on the coverage and accounting practices underlying each country’s Fiscal Monitor data are provided in “Definition and Coverage of Fiscal Data.” The classification of countries in the various groups presented in the Fiscal Monitor is summarized in “Economy Groupings.” “Statistical Tables” on key fiscal variables complete the appendix. Data in these tables have been compiled on the basis of information available through October 2012.

This appendix comprises six sections. “What’s New” presents a brief description of the methodological changes to the database and statistical tables since the April 2012 issue of the Fiscal Monitor. “Data and Conventions” provides a general description of the data and of the conventions used for calculating economy group composites. “Fiscal Policy Assumptions” summarizes the country-specific assumptions underlying the estimates and projections for 2012–17. Details on the coverage and accounting practices underlying each country’s Fiscal Monitor data are provided in “Definition and Coverage of Fiscal Data.” The classification of countries in the various groups presented in the Fiscal Monitor is summarized in “Economy Groupings.” “Statistical Tables” on key fiscal variables complete the appendix. Data in these tables have been compiled on the basis of information available through October 2012.

What’s new

  • Egypt has been included in the group of emerging market economies.

  • The sample of low-income countries has been modified. See “Economy Groupings” for more details.

  • The aggregation method used to provide average fiscal data for different country groups has been modified. In this issue, data are weighted by nominal GDP converted to U.S. dollars at average market exchange rates as a share of the group GDP.

  • The methodology used to estimate the illustrative adjustment needs for advanced economies in Statistical Table 13a has been modified to take into account the endogenous (dynamic) impact of debt levels on the interest rate–growth differential (r – g). Initial country-specific interest rate–growth differentials (based on Fiscal Monitor projections) converge over time to model-based country-specific levels, with the speed of adjustment derived from empirical estimates of the effect of public debt on the interest rate (see Box 3) and potential growth rates based on Fiscal Monitor projections for 2017. The assumption on the interest rate–growth differential for countries with IMF/EU-supported programs (Greece, Ireland, Portugal) is drawn from their debt sustainability analyses. In the cases of Ireland and Portugal, this differential is assumed to follow the endogenous adjustment path determined by debt levels from 2016 onward. For further details, see Statistical Table 13a.

Data and conventions

Country-specific data and projections for key fiscal variables are based on the October 2012 WEO database, unless indicated otherwise. The data appearing in the Fiscal Monitor are compiled by the IMF staff. The historical data and projections are based on the information gathered by the IMF country desk officers in the context of their missions to IMF member countries and through their ongoing analysis of the evolving situation in each country. Historical data are updated on a continual basis as more information becomes available, and structural breaks in data are often adjusted to produce smooth series with the use of splicing and other techniques. IMF staff estimates continue to serve as proxies for historical series when complete information is unavailable. As a result, Fiscal Monitor data can differ from other sources with official data, including the IMF’s International Financial Statistics.

Where the Fiscal Monitor includes additional fiscal data and projections not covered by the WEO, data sources are listed in the respective tables and figures.

All fiscal data refer to the general government where available and to calendar years, with the exceptions of those for Egypt, Hong Kong SAR, Pakistan, Singapore, and Thailand, for which data refer to the fiscal year.

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

For the purpose of data reporting in the Fiscal Monitor, the G-20 member aggregate refers to the 19 country members and does not include the European Union aggregate.

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

Data on the financial sector support measures are based on the database on public interventions in the financial system compiled by the IMF’s Fiscal Affairs and Monetary and Capital Markets Departments, revised following a survey of the G-20 economies. Survey questionnaires were sent to all G-20 members in early December 2009 to review and update IMF staff estimates of financial sector support. This information was later completed using national sources and data provided by national authorities. For each type of support, data were compiled for the amounts actually utilized and recovered to date. The period covered is June 2007 to the latest available.

The following symbols have been used throughout the Monitor:

… to indicate that data are not available;

— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

– between years or months (for example, 2008–09 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (for example, 2008/09) to indicate a fiscal or financial year;

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

“n.a.” means “not applicable.”

Minor discrepancies between sums of constituent figures and totals are due to rounding.

As used in the Monitor, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

Additional country information follows, including for cases in which reported fiscal aggregates in the Monitor differ from those reported in the WEO:

Argentina. Total expenditure and the overall balance account for cash interest and the IMF staff’s estimate of accrued interest payments. Accrued interest corresponds to adjustment on the stock of consumer-price-indexed debt using official inflation, interest capitalization, and interest arrears on defaulted debt. Calculations use Argentina’s official GDP and consumer price index (the Consumer Price Index for Greater Buenos Aires, or CPI-GBA) data. The IMF has called on Argentina to adopt remedial measures to address the quality of the official GDP and CPI-GBA data. The IMF staff is also using alternative measures of GDP growth and inflation for macroeconomic surveillance, including data produced by private analysts, which have shown significantly lower real GDP growth than the official data since 2008, and data produced by provincial statistical offices and private analysts, which have shown considerably higher inflation figures than the official data since 2007.

Chile. Cyclically adjusted balances reflect additional adjustments for commodity price developments.

China. Fiscal data exclude allocation to the stabilization fund. Debt data cover only the central government until 2009 and the general government from 2010 onward. Public debt projections assume that about 60 percent of the stock of local governments’ debt will be amortized over 2011–13, 16 percent over 2014–15, and 24 percent beyond 2016, consistent with the authorities’ plans.

Colombia. Combined public sector including Ecopetrol and excluding Banco de la República’s outstanding external debt reported for gross public debt.

Greece. Revised general government gross debt includes short-term debt and loans of state-owned enterprises in the calculation of overall total debt.

Hong Kong Special Administrative Region. Data are on a fiscal year rather than calendar year basis. Cyclically adjusted balances reflect additional adjustments for land revenue and investment income.

Hungary. The cyclically adjusted and cyclically adjusted primary balances for 2011 exclude one-off revenues as per asset transfer to the general government due to changes to the pension system.

Ireland. The general government balances for 2009 and 2010 reflect the impact of banking support measures. The fiscal balance estimates excluding these measures are –11.5 percent of GDP for 2009 and –10.8 percent of GDP for 2010. Cyclically adjusted balances exclude financial sector support.

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

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

Mexico. The general government data reported in the tables cover central government, social security, public enterprises, development banks, the national insurance corporation, and the National Infrastructure Fund but exclude subnational governments.

New Zealand. Overall balance includes balance of state-owned enterprises, excluding privatization receipts.

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

Pakistan. Data are on a fiscal year rather than calendar year basis.

Peru. Cyclically adjusted balances reflect additional adjustments for commodity price developments.

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

Sudan. Data for 2011 exclude South Sudan after July 9. Data for 2012 and onward pertain to the current Sudan.

Sweden. Cyclically adjusted balances take into account the 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 reflect additional adjustments for extraordinary operations related to the banking sector.

Thailand. Data are on a fiscal year rather than calendar year basis.

Turkey. Information on general government balance, primary balance, and cyclically adjusted primary balance differ from those published in the authorities’ official statistics or country reports, which still include net lending. An additional difference from the authorities’ official statistics is the exclusion of privatization receipts in staff projections.

United States. Cyclically adjusted balances exclude financial sector support.

Fiscal policy assumptions

The historical data and projections of key fiscal aggregates are in line with those of the October 2012 WEO, unless highlighted. For underlying assumptions, other than on fiscal policy, see the October 2012 WEO.

The 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. The medium-term fiscal projections incorporate policy measures that are judged likely to be implemented. In cases in which 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. The specific assumptions relating to selected economies follow.

Argentina. The 2012 forecasts are based on the 2011 outturn and IMF staff assumptions. For the outer years, the assumed improvement in the fiscal balance is predicated on an assumed growth of revenues in the context of a pickup in economic activity combined with a decline in the growth of expenditures.

Australia. Fiscal projections are based on IMF staff projections and the 2012–13 budget, as well as the Australian Bureau of Statistics.

Austria. Projections take into account the federal financial framework for 2013–16 as well as associated further implementation needs and risks.

Belgium. IMF staff projections for 2012 and beyond are based on unchanged policies, as some reform measures remain under discussion.

Brazil. The 2012 forecast is based on the budget, subsequent updates announced by the authorities, and fiscal outturn up to July 2012. In outer years, the IMF staff assumes adherence to the announced primary surplus target and further increase in public investment in line with the authorities’ intentions.

Burkina Faso. Based on discussion with the authorities, past trends, and impact of ongoing structural reforms.

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

Canada. Projections use the baseline forecasts in the Economic Action Plan 2012: Jobs, Growth, and Long-Term Prosperity, March 29, 2012 (the fiscal year 2012/13 budget). The IMF staff makes some adjustments to this forecast for differences in macroeconomic projections. The IMF staff forecast also incorporates the most recent data releases from Statistics Canada’s Canadian System of National Economic Accounts, including federal, provincial, and territorial budgetary outturns through the end of the second quarter of 2012.

China. For 2012, the government is assumed to slow the pace of fiscal consolidation; the fiscal impulse is assumed to be neutral.

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

Denmark. Projections for 2012–13 are aligned with the latest official budget estimates and the underlying economic projections, adjusted where appropriate for the IMF staff’s macroeconomic assumptions. For 2014–17, the projections incorporate key features of the medium-term fiscal plan as embodied in the authorities’ 2012 Convergence Program submitted to the European Union.

Egypt. The estimates for 2012 are preliminary outturns from the Ministry of Finance. The projections for 2013 and beyond reflect an illustrative staff scenario, since the authorities are still in the process of formulating their medium-term fiscal plan.

Estonia. The forecast, which is cash-based and not accrual-based, incorporates the authorities’ 2012 budget, adjusted for newly available information and for the IMF staff’s macroeconomic scenario.

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

France. Estimates for the general government in 2011 reflect the actual outturn. Projections for 2012 and beyond reflect the authorities’ 2011–14 multiyear budget, adjusted for fiscal packages and differences in assumptions on macroeconomic and financial variables and revenue projections.

Germany. The estimates for 2011 are preliminary estimates from the Federal Statistical Office. The IMF staff’s projections for 2012 and beyond reflect the authorities’ adopted core federal government budget plan, adjusted for the differences in the IMF staff’s macroeconomic framework and IMF staff assumptions about fiscal developments in state and local governments, the social insurance system, and special funds. The projections also incorporate the authorities’ plans for a 2013–14 tax reduction. The estimate of gross debt includes portfolios of impaired assets and noncore business transferred to institutions that are winding up as well as other financial sector and EU support operations.

Greece. Macroeconomic, monetary, and fiscal projections for 2012 and the medium term are broadly consistent with the policies agreed to between the IMF staff and the authorities in the context of the Extended Fund Facility.

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

Hungary. Fiscal projections include IMF staff projections of the macroeconomic framework and of the impact of existing legislated measures, as well as fiscal policy plans as announced at end-July 2012.

India. Historical data are based on budgetary execution data. Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions. Subnational data are incorporated with a lag of up to two years; general government data are thus finalized well after central government data. IMF and Indian presentations differ, particularly regarding divestment and license auction proceeds, net versus gross recording of revenues in certain minor categories, and some public sector lending.

Indonesia. The 2011 central government deficit was lower than expected (1.1 percent of GDP), reflecting underspending, particularly on public investment. The 2012 central government deficit is estimated at 2.0 percent of GDP, lower than the revised budget estimate of 2.2 percent of GDP. It is assumed that subsidized fuel prices will not be adjusted in 2012. The low projected budget deficit also reflects ongoing budget execution problems. Fiscal projections for 2013–17 are built around key policy reforms needed to support economic growth—namely, enhancing budget implementation to ensure fiscal policy effectiveness, reducing energy subsidies through gradual administrative price increases, and continuous revenue mobilization efforts to create room for infrastructure development.

Ireland. Fiscal projections are based on the 2012 budget and the €12.4 billion consolidation effort over 2012–15 committed to in the Medium-Term Fiscal Statement (published November 2011). The fiscal projections are adjusted for differences between the IMF staff’s macroeconomic projections and those of the Irish authorities.

Israel. Historical data are based on Government Finance Statistics submitted by the Ministry of Finance. The historical data, together with the fiscal consolidation plan announced by the authorities, form the basis for the IMF staff’s medium-term fiscal projections.

Italy. Fiscal projections incorporate the impact of the government’s announced fiscal adjustment package, as outlined in its April 2012 Documento di Economia e Finanza, modified for the recent announcement on the government’s spending review. The estimates for the 2011 outturn are preliminary. The IMF staff projections are based on the authorities’ estimates of the policy scenario and adjusted mainly for differences in macroeconomic assumptions. After 2015, a zero overall fiscal balance in cyclically adjusted terms is projected, in line with the authorities’ fiscal rule.

Japan. The projections include fiscal measures already announced by the government, including consumption tax increases and earthquake reconstruction spending. The medium-term projections assume that expenditure and revenue of the general government develop in line with current underlying demographic and economic trends.

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

Korea. Fiscal projections assume that fiscal policies will be implemented in 2012 as announced by the government. Projections of expenditure for 2012 are in line with the budget. Revenue projections reflect the IMF staff’s macroeconomic assumptions, adjusted for discretionary revenue-raising measures already announced by the government. The medium-term projections assume that the government will continue with its fiscal consolidation plans and balance the budget (excluding social security funds) by 2013, consistent with the government’s medium-term goal.

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

Malaysia. Fiscal year 2011 data are based on preliminary outcomes. For fiscal year 2012, projections are IMF staff estimates taking into account the original and supplemental budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.

Mali. IMF staff projections for current and outer years, after consultations with the authorities.

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

Moldova. Fiscal projections are based on the IMF staff’s forecast for various bases and growth rates for GDP, consumption, import, wages, energy prices, and demographic changes.

Mozambique. Fiscal projections assume a moderate increase in revenue in percent of GDP and a commensurate increase in domestic primary spending and account for a lower aid flow, with grants contribution declining. The projections were discussed with the authorities during the recent Policy Support Instrument review missions in March 2012.

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

Netherlands. Fiscal projections for 2012–17 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after differences in macroeconomic assumptions are adjusted for.

New Zealand. Fiscal projections are based on the authorities’ 2012 budget and IMF staff estimates. The New Zealand fiscal accounts switched to New Zealand International Financial Reporting Standards in the 2007/08 budget. Backdated data have been released back to 1997.

Nigeria. Historical data series, annual budget, and medium-term expenditure framework at the federal government level and additional data from the authorities.

Norway. Fiscal projections are based on the authorities’ 2012 budget announced in October 2011.

Pakistan. Fiscal balances exclude payments for electricity arrears and commodity operations for 2009/10, 2010/11, and 2011/12.

Philippines. Fiscal projections assume that the authorities’ fiscal deficit target will be achieved in 2012 and beyond. Revenue projections reflect the IMF staff’s macroeconomic assumptions and incorporate anticipated improvements in tax administration. Expenditure projections are based on budgeted figures, institutional arrangements, and fiscal space in each year.

Poland. Data are on an ESA-95 (accrual) basis. Projections are based on the 2011 budget and other fiscal consolidation measures announced as of March 2011, as well as on the planned diversion of contributions from the Pillar II to the Pillar I pension system.

Portugal. Projections reflect the authorities’ commitments under the EU/IMF-supported program for 2012–13 and the IMF staff’s projections thereafter.

Russian Federation. Projections for 2012–14 are based on the non-oil deficit in percent of GDP implied by the 2012–14 medium-term budget and the 2012 supplemental budget and on the IMF staff’s revenue projections. The IMF staff assumes an unchanged non-oil federal government balance in percent of GDP during 2015–17.

Saudi Arabia. The authorities base their budget on a conservative assumption for oil prices, with adjustments to expenditure allocations considered in the event that revenues exceed budgeted amounts. IMF staff projections of oil revenues are based on WEO baseline oil prices. On the expenditure side, wages are assumed to rise at a natural rate of increase in the medium term, with adjustments for recently announced changes in the wage structure. In 2013 and 2016, 13th-month pay is awarded based on the lunar calendar. Capital spending is in line with the priorities established in the authorities’ Ninth Development Plan, and recently announced capital spending on housing is assumed to start in 2012 and continue over the medium term.

Senegal. Based on program targets for 2012–13 and mostly debt sustainability analysis considerations thereafter. Fiscal accounts are shown in accordance with the GFSM 2001 methodology.

Singapore. For fiscal year 2012/13, projections are based on budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.

Slovak Republic. Based on the IMF staff’s revenue projections and on expenditures in the 2012–15 budget, including unbudgeted expenditure in 2012. Projections for 2013 are based on the authorities’ plans to reduce the overall deficit to 2.9 percent of GDP.

South Africa. Fiscal projections are based on the authorities’ 2012 budget and policy intentions stated in the Budget Review, published February 22, 2012.

Spain. For 2012 and beyond, fiscal projections are based on the measures specified in the Stability Program Update 2012–15, the revised fiscal recommendations by the European Council and the subsequent July fiscal package, and the biannual budget plan for 2013–14 announced in August 2012. While the Eurogroup’s commitment of up to €100 billion (9.4 percent of GDP) includes an additional safety margin, the IMF staff, to be prudent, and pending further details on implementation, assumes disbursement of this full amount for its 2012 debt projections. Under the unchanged-policies scenario, no additional structural improvement is assumed for the outer years, after the fiscal deficit reaches 3 percent of GDP.

Sweden. Fiscal projections for 2012 are broadly in line with the authorities’ projections. The impact of cyclical developments on the fiscal accounts is calculated using the OECD’s latest semielasticity.

Switzerland. Projections for 2010–17 are based on IMF staff calculations, which incorporate measures to restore balance in the federal accounts and strengthen social security finances.

Thailand. Fiscal projections are based on IMF staff estimates from the latest Article IV consultation, adjusted for changes in macroeconomic assumptions as well as in classification method.

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

Ukraine. Projections based on IMF staff estimates.

United Kingdom. Fiscal projections are based on the authorities’ 2012 budget announced in March 2012 and the Economic and Fiscal Outlook by the Office for Budget Responsibility, published along with the budget. These projections incorporate the announced medium-term consolidation plans from 2012 onward. The projections are adjusted for differences in IMF staff forecasts of macroeconomic and financial variables (such as GDP growth) and the forecasts of these variables assumed in the authorities’ fiscal projections. The IMF staff’s projections also exclude the temporary effects of financial sector interventions and the effect on public sector net investment in 2012–13 of transferring assets from the Royal Mail Pension Plan to the public sector.

United States. Fiscal projections are based on the March 2012 Congressional Budget Office baseline, adjusted for the IMF staff’s policy and macroeconomic assumptions. The key near-term policy assumptions include an extension of all Bush tax cuts and emergency unemployment benefits into 2013 and a replacement of automatic spending cuts (“sequester”) with back-loaded consolidation measures. Over the medium term, the IMF staff assumes that Congress will continue to make regular adjustments to the alternative minimum tax parameters and Medicare payments (“DocFix”), that Congress will extend certain traditional programs (such as the research and development tax credit), and that the Bush tax cuts for the middle class will be extended permanently, but the Bush tax cuts for high-income taxpayers will be allowed to expire from 2014 (one year later than planned by the Obama administration). The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables and different accounting treatment of financial sector support and are converted to a general government basis.

Vietnam. 2010 data are based on the authorities’ budget (for expenditure); for projections on revenues and financing, the IMF staff uses the information and measures in the approved budget but the IMF staff’s macro framework assumptions.

Definition and coverage of fiscal data

Table SA.1.

Advanced Economies: Definition and Coverage of Fiscal Monitor Data

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Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

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

Overall balance includes balance of state-owned enterprises, excluding privatization receipts.

Table SA.2.

Emerging Markets: Definition and Coverage of Fiscal Monitor Data

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Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

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

Total expenditure and the overall balance account for cash interest and the IMF staff’s estimate of accrued interest payments.

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

Table SA.3.

Low-Income Countries: Defnition and Coverage of Fiscal Monitor Data

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Note: Coverage: BA = budgetary central government, CG = central government, EA = extrabudgetary units, FC = financial public corporations, GG = general government, LG = local governments, NFC = nonfinancial public corporations, NFPS = nonfinancial public sector, PS = public sector, SG = state governments, SS = social security funds. Accounting practice: A = accrual, C = cash.

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

Lao P.D.R.’s fiscal spending includes capital spending by local government financed by loans provided by the central bank.

Includes the Fund for Reconstruction and Development.

Economy groupings

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

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Does not include European Union aggregate.

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Statistical Table 1.

Advanced Economies: General Government Overall Balance and Primary Balance

(Percent of GDP)

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Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Primary balance is defined as the overall balance excluding net interest payments. For country-specific details, see “Data and Conventions” in text and Table SA.1.

Overall balance includes balance of state-owned enterprises, excluding privatization receipts.

Statistical Table 2.

Advanced Economies: General Government Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance

(Percent of potential GDP)

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Sources: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance excluding net interest payments.

Including adjustments beyond the cycle; for details, see “Data and Conventions” in text and Table SA.1.