Fiscal Balance (% of GDP)
Fiscal balance, sometimes also referred to as government budget balance, is calculated as the difference between a government’s revenues (taxes and proceeds from asset sales) and its expenditures. It is often expressed as a ratio of Gross Domestic Product (GDP). If the balance is positive, the government has a surplus (it spends less than it receives). If the balance is negative, the government has a deficit (it spends more than it receives). Fiscal balance as a percentage of GDP is used as an instrument to measure a government’s ability to meet its financing needs and to ensure good management of public finances.
The table below shows the fiscal balance as a percentage of Gross Domestic Product (GDP) in U.S. dollars (USD) by country for the last five years.
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Fiscal Balance Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Albania | -5.2 | -4.1 | -1.8 | -2.0 | - |
| Algeria | -7.3 | -15.3 | -13.0 | -6.6 | - |
| Angola | -5.7 | -2.9 | -4.5 | -6.3 | - |
| Argentina | -2.4 | -3.9 | -5.9 | -5.9 | - |
| Armenia | -1.9 | -4.8 | -5.5 | -4.8 | - |
| Australia | -3.0 | -2.3 | -2.4 | -1.9 | - |
| Austria | -2.7 | -1.0 | -1.6 | -0.8 | - |
| Azerbaijan | -0.5 | -1.2 | -0.4 | -1.6 | - |
| Bahrain | -3.6 | -13.0 | -13.4 | -10.1 | - |
| Bangladesh | -3.1 | -4.0 | -3.4 | -3.3 | - |
| Belarus | 1.0 | 1.8 | 1.3 | 2.8 | - |
| Belgium | -3.1 | -2.4 | -2.4 | -0.8 | - |
| Belize | -2.2 | -6.3 | -5.9 | -5.6 | - |
| Bolivia | -3.4 | -6.9 | -7.2 | -7.8 | - |
| Bosnia and Herzegovina | -2.0 | 0.7 | 1.2 | 2.6 | - |
| Botswana | 3.7 | -4.6 | 0.7 | -1.0 | - |
| Brazil | -6.0 | -10.2 | -9.0 | -7.8 | - |
| Brunei | 3.6 | -14.5 | -21.7 | -10.6 | - |
| Bulgaria | -5.5 | -1.7 | 0.1 | 1.2 | - |
| Cambodia | -1.6 | -1.3 | -1.4 | -1.1 | - |
| Canada | 0.2 | -0.1 | -0.4 | -0.3 | - |
| Chile | -1.6 | -2.1 | -2.7 | -2.7 | - |
| China | -1.8 | -3.4 | -3.8 | -3.7 | - |
| Colombia | -2.4 | -3.0 | -4.0 | -3.6 | - |
| Costa Rica | -5.6 | -5.7 | -5.3 | -6.1 | - |
| Croatia | -5.1 | -3.2 | -1.0 | 0.8 | - |
| Cyprus | -9.0 | -1.3 | 0.3 | 1.8 | - |
| Czech Republic | -2.1 | -0.6 | 0.7 | 1.6 | - |
| DR Congo | - | - | - | - | - |
| Denmark | 1.1 | -1.3 | -0.1 | 1.4 | - |
| Dominican Republic | -3.7 | -0.3 | -2.9 | -3.3 | - |
| Ecuador | -5.2 | -6.0 | -7.3 | -4.5 | - |
| Egypt | -11.5 | -11.0 | -12.0 | -10.4 | - |
| El Salvador | -3.8 | -3.3 | -3.0 | -2.3 | - |
| Estonia | 0.7 | 0.1 | -0.3 | -0.4 | - |
| Ethiopia | -2.4 | -1.9 | -3.3 | -3.0 | - |
| Eurozone | -2.5 | -2.0 | -1.6 | -1.0 | - |
| Finland | -3.2 | -2.8 | -1.7 | -0.8 | - |
| France | -3.9 | -3.6 | -3.5 | -2.8 | - |
| Georgia | -3.2 | -3.7 | -4.0 | -3.9 | - |
| Germany | 0.6 | 0.8 | 0.9 | 1.0 | - |
| Ghana | -7.4 | -5.3 | -6.9 | -5.0 | - |
| Greece | -3.6 | -5.6 | 0.5 | 0.7 | - |
| Guatemala | -1.9 | -1.4 | -1.1 | -1.3 | - |
| Haiti | -6.4 | -2.6 | -0.1 | -0.5 | - |
| Honduras | -4.4 | -3.0 | -2.7 | -2.7 | - |
| Hong Kong | 3.2 | 0.6 | 4.5 | 5.6 | - |
| Hungary | -2.6 | -1.9 | -1.6 | -2.2 | - |
| Iceland | -0.1 | -0.8 | 12.4 | 0.5 | - |
| Indonesia | -2.2 | -2.6 | -2.5 | -2.6 | - |
| Iran | -1.1 | -1.6 | -1.9 | -1.8 | - |
| Iraq | -5.6 | -12.8 | -14.3 | -1.6 | - |
| Ireland | -3.6 | -1.9 | -0.7 | -0.3 | - |
| Israel | -2.7 | -2.1 | -2.1 | -1.9 | - |
| Italy | -3.0 | -2.6 | -2.5 | -2.4 | - |
| Jamaica | -0.5 | -0.3 | -0.2 | 0.5 | - |
| Japan | -5.6 | -3.8 | -3.7 | -3.2 | - |
| Jordan | -2.3 | -3.5 | -3.2 | -2.6 | - |
| Kazakhstan | -2.7 | -2.2 | -1.6 | -2.7 | - |
| Kenya | -5.8 | -8.1 | -7.7 | -8.8 | - |
| Korea | 0.5 | 0.0 | 1.0 | 1.3 | - |
| Kosovo | -2.3 | -1.6 | -1.1 | -1.1 | - |
| Kuwait | 7.6 | -13.4 | -13.9 | -9.0 | - |
| Kyrgyzstan | -0.5 | -1.4 | -4.4 | -3.2 | - |
| Laos | -3.9 | -2.3 | -4.6 | -5.6 | - |
| Latvia | -1.4 | -1.4 | 0.1 | -0.6 | - |
| Lebanon | -6.4 | -7.9 | -9.6 | -7.0 | - |
| Lithuania | -0.6 | -0.3 | 0.2 | 0.5 | - |
| Luxembourg | 1.3 | 1.4 | 1.9 | 1.4 | - |
| Malaysia | -3.4 | -3.2 | -3.1 | -3.0 | - |
| Malta | -1.7 | -1.0 | 0.9 | 3.4 | - |
| Mexico | -3.1 | -3.4 | -2.5 | -1.1 | - |
| Moldova | -1.7 | -2.2 | -1.9 | -0.8 | - |
| Mongolia | -3.9 | -5.0 | -15.3 | -6.2 | - |
| Montenegro | -3.0 | -8.0 | -3.4 | -5.5 | - |
| Morocco | -4.7 | -4.2 | -4.3 | -3.5 | - |
| Mozambique | -10.7 | -7.2 | -6.3 | -3.4 | - |
| Myanmar | -1.3 | -2.8 | -3.5 | -2.6 | - |
| Netherlands | -2.3 | -2.1 | 0.4 | 1.2 | - |
| New Zealand | -1.2 | 0.2 | 0.7 | 1.5 | - |
| Nicaragua | -1.5 | -1.6 | -2.0 | -2.0 | - |
| Nigeria | -2.1 | -3.5 | -4.0 | -5.4 | - |
| North Macedonia | -4.2 | -3.5 | -2.7 | -2.7 | - |
| Norway | 8.7 | 6.1 | 4.0 | 4.9 | - |
| Oman | -3.4 | -17.5 | -20.9 | -13.8 | - |
| Pakistan | -5.5 | -5.3 | -4.6 | -5.8 | - |
| Panama | -3.2 | -2.3 | -1.9 | -1.9 | - |
| Paraguay | -0.9 | -1.3 | -1.1 | -1.1 | - |
| Peru | -0.2 | -1.9 | -2.3 | -3.0 | - |
| Philippines | -0.6 | -0.9 | -2.4 | -2.2 | - |
| Poland | -3.7 | -2.7 | -2.2 | -1.5 | - |
| Portugal | -7.2 | -4.4 | -2.0 | -3.0 | - |
| Puerto Rico | - | - | - | - | - |
| Qatar | 13.6 | -0.9 | -9.2 | -6.6 | - |
| Romania | -1.3 | -0.7 | -2.7 | -2.7 | - |
| Russia | -0.4 | -2.4 | -3.4 | -1.4 | - |
| Saudi Arabia | -3.5 | -15.8 | -12.9 | -9.2 | - |
| Serbia | -6.2 | -3.5 | -1.2 | 1.1 | - |
| Singapore | 0.1 | -1.0 | 1.4 | 2.3 | - |
| Slovakia | -2.7 | -2.6 | -2.2 | -0.8 | - |
| Slovenia | -5.5 | -2.8 | -1.9 | 0.0 | - |
| South Africa | -4.3 | -4.1 | -3.8 | -4.4 | - |
| Spain | -6.0 | -5.3 | -4.5 | -3.1 | - |
| Sri Lanka | -6.2 | -7.0 | -5.4 | -5.5 | - |
| Sweden | -1.6 | 0.0 | 1.0 | 1.4 | - |
| Switzerland | -0.2 | 0.6 | 0.4 | 1.2 | - |
| Taiwan | -0.8 | 0.1 | -0.3 | -0.1 | - |
| Tajikistan | 0.3 | 0.8 | -1.7 | -0.3 | - |
| Tanzania | -2.9 | -3.5 | -1.5 | -1.9 | - |
| Thailand | -2.9 | -2.9 | -2.7 | -3.5 | - |
| Trinidad and Tobago | -2.6 | -1.7 | -5.4 | -9.0 | - |
| Tunisia | -5.0 | -4.8 | -6.1 | -6.1 | - |
| Turkey | -1.1 | -1.0 | -1.1 | -1.5 | - |
| Turkmenistan | 0.9 | -0.7 | -2.4 | -2.8 | - |
| USA | -2.8 | -2.4 | -3.7 | -3.4 | - |
| Uganda | -4.7 | -4.7 | -4.8 | -3.8 | - |
| Ukraine | -4.5 | -1.6 | -2.3 | -1.4 | - |
| United Arab Emirates | 1.9 | -3.4 | -2.5 | -1.6 | - |
| United Kingdom | -5.3 | -4.2 | -2.9 | -1.9 | - |
| Uruguay | -3.5 | -3.6 | -3.8 | -3.5 | - |
| Uzbekistan | 0.2 | 0.1 | 0.1 | 0.1 | - |
| Venezuela | -12.9 | -15.6 | -15.6 | - | - |
| Vietnam | -5.7 | -6.4 | -5.7 | -3.5 | - |
| Yemen | -4.1 | -8.7 | -8.4 | -4.8 | - |
| Zambia | -5.7 | -9.3 | -5.8 | -7.7 | - |
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In a bid to shore up public finances in accordance with its IMF-program, on 18 October President Lenín Moreno proposed a package of tax reforms, including a new tax on corporations earning more than USD 1.0 million, a tax on plastic bags and cigarettes, along with a simplification of the tax system.
Italy: A patchwork budget and timid fiscal expansion fail to address Italy’s structural problems
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On 15 October, the new government formed by the Democratic Party (PD) and the Five Star Movement (M5S) submitted the draft 2020 budget to the European Commission (EC) for approval.
France: Macron unveils major tax cuts and a lower deficit in 2020 budget
October 18, 2019
On 27 September, the French government presented its draft 2020 budget, which estimates a deficit of 2.2% of GDP. This is well below the 3.1% of GDP projected this year and would mark the lowest deficit since 2001; however, it is still short of the previously planned 2.0% of GDP shortfall, while the marked reduction of the deficit stems from the absence of a one-off accounting cost owing to the transition to a new tax scheme.
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