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
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Albania | -4.1 | -1.8 | -2.0 | -1.6 | -1.9 |
| Algeria | -15.3 | -13.1 | -6.6 | -4.5 | -5.1 |
| Angola | -2.9 | -4.5 | -6.3 | 2.2 | - |
| Argentina | -5.1 | -5.8 | -5.9 | -5.0 | -3.8 |
| Armenia | -4.8 | -5.5 | -4.8 | -1.8 | -1.0 |
| Australia | -2.3 | -2.4 | -1.9 | -0.5 | 0.0 |
| Austria | -1.0 | -1.5 | -0.8 | 0.2 | 0.7 |
| Azerbaijan | -1.2 | -0.4 | -1.6 | -0.4 | -0.3 |
| Bahrain | -13.0 | -13.6 | -10.0 | -6.3 | -4.7 |
| Bangladesh | -4.0 | -3.4 | -3.3 | -4.6 | -5.2 |
| Belarus | 1.4 | 1.5 | 3.0 | 4.0 | 2.6 |
| Belgium | -2.4 | -2.4 | -0.7 | -0.8 | -1.9 |
| Belize | -8.0 | -3.4 | -2.8 | -0.7 | -1.8 |
| Bolivia | -6.9 | -6.7 | -7.8 | -8.1 | -7.2 |
| Bosnia and Herzegovina | 0.7 | 1.2 | 2.6 | 2.3 | - |
| Botswana | -4.6 | 0.7 | -1.1 | -4.6 | -6.2 |
| Brazil | -10.2 | -9.0 | -7.8 | -7.1 | -5.9 |
| Brunei | -14.5 | -21.7 | -10.6 | -3.6 | -10.5 |
| Bulgaria | -1.7 | 0.1 | 1.1 | 2.0 | 2.1 |
| Cambodia | -0.6 | -0.3 | -0.8 | 0.7 | - |
| Canada | -0.1 | -0.5 | -0.1 | -0.4 | -0.4 |
| Chile | -2.1 | -2.7 | -2.8 | -1.7 | -2.8 |
| China | -3.4 | -3.8 | -3.7 | -4.1 | -4.9 |
| Colombia | -3.0 | -4.0 | -3.6 | -3.1 | -2.5 |
| Costa Rica | -5.7 | -5.2 | -6.1 | -5.8 | -7.0 |
| Croatia | -3.3 | -1.0 | 0.8 | 0.2 | 0.4 |
| Cyprus | -1.0 | 0.3 | 2.0 | -3.7 | 1.7 |
| Czech Republic | -0.6 | 0.7 | 1.5 | 0.9 | 0.3 |
| DR Congo | - | - | - | - | - |
| Denmark | -1.2 | 0.1 | 1.8 | 0.7 | 3.7 |
| Dominican Republic | -0.4 | -2.8 | -2.9 | -2.4 | -2.3 |
| Ecuador | -6.1 | -8.2 | -4.5 | -3.1 | -2.8 |
| Egypt | -11.0 | -12.0 | -10.7 | -9.5 | -8.0 |
| El Salvador | -3.3 | -3.0 | -2.3 | -2.5 | -2.9 |
| Estonia | 0.1 | -0.5 | -0.8 | -0.6 | -0.3 |
| Ethiopia | -2.3 | -3.2 | -3.0 | -2.5 | - |
| Eurozone | -2.0 | -1.5 | -1.0 | -0.5 | -0.6 |
| Finland | -2.4 | -1.7 | -0.7 | -0.9 | -1.1 |
| France | -3.6 | -3.6 | -2.9 | -2.3 | -3.0 |
| Georgia | -1.2 | -1.5 | -0.5 | -0.8 | -1.8 |
| Germany | 0.9 | 1.2 | 1.2 | 1.9 | 1.4 |
| Ghana | -5.3 | -6.9 | -5.0 | -3.8 | -4.5 |
| Greece | -5.6 | 0.5 | 0.7 | 1.0 | 1.5 |
| Guatemala | -1.5 | -1.1 | -1.4 | -1.9 | -2.3 |
| Haiti | -1.7 | -3.0 | -1.7 | -4.6 | - |
| Honduras | -3.0 | -2.7 | -2.7 | -2.1 | -2.5 |
| Hong Kong | 0.6 | 4.5 | 5.6 | 2.4 | - |
| Hungary | -2.0 | -1.8 | -2.5 | -2.1 | -2.0 |
| Iceland | -0.8 | 12.4 | 0.6 | 0.8 | -1.0 |
| Indonesia | -2.6 | -2.5 | -2.6 | -1.7 | -2.2 |
| Iran | -1.6 | -1.9 | -1.8 | - | - |
| Iraq | -12.8 | -13.9 | -1.6 | 7.9 | - |
| Ireland | -2.0 | -0.7 | -0.3 | 0.1 | 0.4 |
| Israel | -2.1 | -2.1 | -2.0 | -2.9 | -3.7 |
| Italy | -2.6 | -2.4 | -2.4 | -2.2 | -1.6 |
| Jamaica | -0.3 | -0.2 | 0.5 | 1.2 | 0.2 |
| Japan | -3.8 | -3.7 | -3.1 | -2.4 | -2.8 |
| Jordan | -3.4 | -3.2 | -2.6 | -2.4 | -3.4 |
| Kazakhstan | -2.2 | -1.6 | -2.7 | -1.3 | -1.9 |
| Kenya | -8.1 | -7.7 | -9.0 | -7.0 | -7.6 |
| Korea | 0.0 | 1.0 | 1.3 | 1.6 | -0.6 |
| Kosovo | -1.6 | -1.1 | -1.1 | -2.6 | -2.6 |
| Kuwait | -13.4 | -13.9 | -8.9 | -3.0 | - |
| Kyrgyzstan | -2.5 | -5.8 | -3.7 | -0.6 | -0.1 |
| Laos | -5.6 | -5.1 | -5.5 | -4.7 | -5.2 |
| Latvia | -1.4 | 0.2 | -0.8 | -0.8 | -0.2 |
| Lebanon | -7.9 | -9.6 | -7.0 | -11.0 | -10.9 |
| Lithuania | -0.3 | 0.2 | 0.5 | 0.6 | 0.3 |
| Luxembourg | 1.3 | 1.8 | 1.3 | 3.1 | 2.2 |
| Malaysia | -3.2 | -3.1 | -2.9 | -3.7 | -3.4 |
| Malta | -1.0 | 1.0 | 3.3 | 1.9 | 0.5 |
| Mexico | -3.4 | -2.5 | -1.1 | -2.1 | -1.6 |
| Moldova | -2.2 | -1.9 | -0.8 | -0.9 | -1.4 |
| Mongolia | -5.0 | -15.3 | -6.3 | 0.0 | -1.7 |
| Montenegro | -8.0 | -3.4 | -5.5 | -3.6 | -2.9 |
| Morocco | -4.2 | -4.3 | -3.6 | -3.7 | -3.7 |
| Mozambique | -6.7 | -5.5 | -3.2 | -7.1 | -0.2 |
| Myanmar | -2.8 | -3.9 | -2.7 | -3.0 | -3.5 |
| Netherlands | -2.0 | 0.0 | 1.3 | 1.4 | 1.7 |
| New Zealand | 0.2 | 0.7 | 1.5 | 1.9 | 2.5 |
| Nicaragua | -1.6 | -2.0 | -2.0 | -4.0 | - |
| Nigeria | -3.2 | -4.0 | -5.4 | -4.3 | - |
| North Macedonia | -3.5 | -2.7 | -2.7 | -1.8 | -2.0 |
| Norway | 6.0 | 4.1 | 5.0 | 7.8 | 6.4 |
| Oman | -17.6 | -21.1 | -13.9 | -8.7 | -9.1 |
| Pakistan | -5.3 | -4.6 | -5.8 | -6.6 | -8.9 |
| Panama | -2.3 | -1.9 | -1.9 | -2.9 | -3.1 |
| Paraguay | -1.3 | -1.1 | -1.1 | -1.3 | -2.8 |
| Peru | -1.9 | -2.3 | -3.0 | -2.3 | -1.6 |
| Philippines | -0.9 | -2.3 | -2.1 | -3.1 | -3.4 |
| Poland | -2.6 | -2.4 | -1.5 | -0.2 | -0.7 |
| Portugal | -4.4 | -1.9 | -3.0 | -0.4 | 0.2 |
| Puerto Rico | - | - | - | - | - |
| Qatar | -0.7 | -9.2 | -6.6 | 2.2 | 0.9 |
| Romania | -0.6 | -2.6 | -2.6 | -2.9 | -4.3 |
| Russia | -2.4 | -3.5 | -1.4 | 2.6 | 1.8 |
| Saudi Arabia | -15.8 | -12.9 | -9.2 | -5.9 | -4.5 |
| Serbia | -3.5 | -1.2 | 1.1 | 0.6 | -0.2 |
| Singapore | -1.0 | 1.4 | 2.3 | 0.7 | -0.3 |
| Slovakia | -2.7 | -2.5 | -1.0 | -1.0 | -1.3 |
| Slovenia | -2.8 | -1.9 | 0.0 | 0.7 | 0.5 |
| South Africa | -3.7 | -3.6 | -4.1 | -4.0 | -6.3 |
| Spain | -5.2 | -4.3 | -3.0 | -2.5 | -2.8 |
| Sri Lanka | -7.6 | -5.3 | -5.5 | -5.3 | -6.8 |
| Sweden | 0.0 | 1.0 | 1.4 | 0.8 | 0.5 |
| Switzerland | 0.6 | 0.3 | 1.2 | - | - |
| Taiwan | 0.1 | -0.3 | -0.1 | 0.0 | - |
| Tajikistan | -2.0 | -9.0 | -6.0 | -2.8 | -2.1 |
| Tanzania | -3.2 | -2.1 | -1.2 | -1.9 | - |
| Thailand | -2.3 | -2.6 | -3.0 | -2.4 | -1.8 |
| Trinidad and Tobago | -1.7 | -5.3 | -8.9 | -3.6 | -2.4 |
| Tunisia | -4.8 | -6.1 | -6.1 | -4.8 | -3.5 |
| Turkey | -1.0 | -1.1 | -1.5 | -2.0 | -2.9 |
| Turkmenistan | -0.7 | -2.4 | -2.8 | -0.2 | - |
| USA | -2.4 | -3.1 | -3.4 | -3.8 | -4.6 |
| Uganda | -3.9 | -4.1 | -3.2 | -3.8 | -6.7 |
| Ukraine | -1.6 | -2.3 | -1.4 | -2.1 | -2.2 |
| United Arab Emirates | -3.4 | -2.8 | -2.0 | 2.0 | - |
| United Kingdom | -4.6 | -3.3 | -2.5 | -2.2 | -2.1 |
| Uruguay | -3.4 | -3.7 | -3.5 | -2.9 | -3.4 |
| Uzbekistan | 0.1 | 0.0 | 0.1 | -0.2 | -1.1 |
| Venezuela | -15.6 | -16.8 | -18.2 | - | - |
| Vietnam | -6.1 | -3.7 | -1.2 | -3.5 | - |
| Yemen | -10.0 | -9.2 | -5.3 | -6.3 | - |
| Zambia | -9.5 | -6.1 | -7.7 | -8.3 | - |
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Fiscal Balance Economic News
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Italy: Parliament approves growth-enhancing Covid-19 recovery package; raises deficit projections
April 30, 2021
At the end of April, Parliament approved Prime Minister Draghi’s plan for Italy’s post-pandemic recovery.
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Canada: Minister of finance presents loose budget for fiscal year 2021–2022 in April
April 19, 2021
On 19 April, Deputy Prime Minister and Minister of Finance Chrystia Freeland delivered the government’s budget for FY 2021–2022, which began on 1 April.
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Italy: Draghi government unveils fresh stimulus package, while hinting at more to come
March 28, 2021
On 19 March, the recently sworn-in governing coalition approved a EUR 32 billion support package aiming to revive the Italian economy from the blow dealt by the pandemic and associated restrictions, which led to a record contraction of 8.9% in 2020.
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