Front Matter Page
Fiscal Affairs Department
Authorized for distribution by Mark Horton
Contents
I. Introduction
II. Background
III. The Fiscal Stance during the 2003–2008 Boom
IV. The Fiscal Stance during the 2009 Downturn
V. Fiscal Policy in OPCs over the Economic Cycle
VI. OPCs Vulnerability to Declines in Oil Prices
VII. Evolution of Fiscal Sustainability Positions
Tables
1. Expenditure Ratios by Income Groups (changes 2003–2008 in percent of non-oil GDP)
2. Expenditure Ratios by Income Groups (changes 2008–2009 in percent of non-oil GDP)
3. Degree of Fiscal Policy Procyclicality
Figures
1. Real Oil Prices
2. World Real GDP and Real Oil Prices
3. Nigeria Fiscal Indicators 2003–09
4. Overall Balances in Percent of GDP by Income Classification
5. Use and Savings of Additional Oil Revenue by Income Level
6. Selected Fiscal Indicators
7. Total, Primary Current and Capital Expenditure
8. Fiscal Response During the boom (2003–08)
9. Fiscal Response During the 2009 Crisis
10. Fiscal Sustainability Simulation
References