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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Albania | -5.0 | -5.2 | -4.1 | -1.8 | -2.0 |
| Algeria | -0.9 | -8.0 | -16.9 | -13.5 | - |
| Angola | 0.3 | -6.6 | -3.3 | -4.5 | -5.3 |
| Argentina | -1.9 | -2.4 | -3.9 | -5.9 | -6.0 |
| Armenia | -1.5 | -1.9 | -4.8 | -5.4 | -4.8 |
| Australia | -1.2 | -3.0 | -2.3 | -2.4 | -1.9 |
| Austria | -2.0 | -2.7 | -1.0 | -1.6 | -0.7 |
| Azerbaijan | 0.6 | -0.5 | -1.2 | -0.4 | -1.6 |
| Bahrain | -3.3 | -3.6 | -13.0 | -13.6 | -11.0 |
| Bangladesh | -3.4 | -3.1 | -4.0 | -3.4 | - |
| Belarus | 0.2 | 1.0 | 1.8 | 1.3 | 2.8 |
| Belgium | -3.1 | -3.1 | -2.5 | -2.5 | -1.0 |
| Belize | -1.6 | -2.4 | -7.4 | -3.8 | -4.1 |
| Bolivia | 0.7 | -3.4 | -6.9 | -6.6 | - |
| Bosnia and Herzegovina | -2.2 | -2.0 | 0.7 | 1.2 | - |
| Botswana | 5.6 | 3.7 | -4.6 | -1.1 | 0.4 |
| Brazil | -3.0 | -6.0 | -10.2 | -9.0 | -7.8 |
| Brunei | 13.0 | 3.6 | -14.5 | -21.5 | - |
| Bulgaria | -0.4 | -5.5 | -1.6 | 0.2 | 0.9 |
| Cambodia | -2.1 | -1.1 | -1.6 | -1.7 | -3.6 |
| Canada | -0.9 | 0.0 | 0.4 | -0.9 | -0.8 |
| Chile | -0.6 | -1.6 | -2.1 | -2.7 | -2.8 |
| China | -1.9 | -1.8 | -3.4 | -3.8 | -3.7 |
| Colombia | -2.2 | -2.6 | -3.1 | -3.8 | -3.2 |
| Costa Rica | -5.4 | -5.6 | -5.7 | -5.3 | -6.2 |
| Croatia | -5.3 | -5.1 | -3.4 | -0.9 | 0.8 |
| Cyprus | -5.1 | -9.0 | -1.3 | 0.3 | 1.8 |
| Czech Republic | -1.2 | -2.1 | -0.6 | 0.7 | 1.6 |
| DR Congo | 2.0 | 0.1 | -0.2 | -1.0 | - |
| Denmark | -1.2 | 1.1 | -1.5 | -0.4 | 1.0 |
| Dominican Republic | -3.3 | -2.7 | 0.0 | -2.8 | -3.0 |
| Ecuador | -9.9 | -9.6 | -6.2 | -7.4 | -5.4 |
| Egypt | -12.8 | -11.5 | -11.0 | -12.1 | -10.7 |
| El Salvador | -4.0 | -3.8 | -3.3 | -3.0 | -2.3 |
| Estonia | -0.2 | 0.7 | 0.1 | -0.3 | -0.3 |
| Ethiopia | -2.6 | -1.9 | -2.4 | -3.4 | - |
| Eurozone | -3.0 | -2.6 | -2.1 | -1.5 | -0.9 |
| Finland | -2.6 | -3.2 | -2.8 | -1.8 | -0.6 |
| France | -4.1 | -3.9 | -3.6 | -3.4 | -2.6 |
| Georgia | -1.1 | -2.0 | -1.1 | -1.4 | -0.9 |
| Germany | -0.1 | 0.5 | 0.8 | 1.0 | 1.3 |
| Ghana | -11.1 | -10.1 | -6.9 | -8.7 | -5.9 |
| Greece | -13.2 | -3.6 | -5.7 | 0.6 | 0.8 |
| Guatemala | -2.1 | -1.9 | -1.4 | -1.1 | -1.4 |
| Haiti | -7.2 | -6.4 | -2.5 | -0.1 | -1.0 |
| Honduras | -7.9 | -4.3 | -3.0 | -2.8 | -2.7 |
| Hong Kong | 1.0 | 3.2 | 0.6 | 4.5 | 5.2 |
| Hungary | -2.6 | -2.6 | -1.9 | -1.7 | -2.0 |
| Iceland | -1.8 | -0.1 | -0.8 | 12.6 | 1.5 |
| Indonesia | -2.2 | -2.1 | -2.6 | -2.5 | -2.6 |
| Iran | -0.9 | -1.1 | -1.7 | -2.2 | - |
| Iraq | -5.8 | -5.4 | -12.3 | -13.9 | - |
| Ireland | -6.1 | -3.6 | -1.9 | -0.5 | -0.3 |
| Israel | -3.1 | -2.7 | -2.1 | -2.1 | -2.0 |
| Italy | -2.9 | -3.0 | -2.6 | -2.5 | -2.3 |
| Jamaica | 0.1 | -0.5 | -0.3 | -0.2 | 0.1 |
| Japan | -7.7 | -5.7 | -4.3 | -5.0 | - |
| Jordan | -5.5 | -2.3 | -3.5 | -3.2 | -2.6 |
| Kazakhstan | -2.0 | -2.7 | -2.2 | -1.6 | -2.6 |
| Kenya | -6.8 | -7.0 | -9.6 | -8.0 | -9.5 |
| Korea | 1.0 | 0.6 | 0.0 | 1.0 | 1.4 |
| Kosovo | -3.1 | -2.4 | -1.8 | -1.2 | - |
| Kuwait | 22.2 | 19.9 | -10.9 | - | - |
| Kyrgyzstan | -0.8 | -0.5 | -1.6 | -4.4 | -3.5 |
| Laos | -5.0 | -4.1 | -2.4 | -4.7 | - |
| Latvia | -1.2 | -1.5 | -1.4 | 0.1 | -0.5 |
| Lebanon | -8.7 | -6.0 | -7.3 | -9.2 | -7.3 |
| Lithuania | -2.6 | -0.6 | -0.2 | 0.3 | 0.5 |
| Luxembourg | 1.0 | 1.3 | 1.4 | 1.6 | 1.5 |
| Macedonia | -3.8 | -4.2 | -3.5 | -2.7 | -2.7 |
| Malaysia | -3.8 | -3.4 | -3.2 | -3.1 | -3.0 |
| Malta | -2.4 | -1.8 | -1.1 | 1.0 | 3.9 |
| Mexico | -2.3 | -3.1 | -3.4 | -2.5 | -1.1 |
| Moldova | -1.9 | -1.9 | -2.3 | -2.1 | - |
| Mongolia | -1.2 | -3.9 | -5.0 | -15.1 | -6.2 |
| Montenegro | -4.8 | -1.3 | -8.3 | -3.5 | -5.4 |
| Morocco | -5.1 | -4.7 | -4.2 | -4.0 | -3.6 |
| Mozambique | -2.7 | -10.7 | -7.2 | -6.2 | - |
| Myanmar | -1.3 | -0.9 | -4.4 | -2.5 | -3.5 |
| Netherlands | -2.4 | -2.3 | -2.1 | 0.4 | 1.1 |
| New Zealand | -2.0 | -1.1 | 0.3 | 0.9 | 1.6 |
| Nicaragua | -1.1 | -1.5 | -1.6 | -2.0 | -1.9 |
| Nigeria | -1.4 | -0.9 | -1.6 | -2.2 | - |
| Norway | 10.8 | 8.7 | 6.1 | 4.0 | 4.4 |
| Oman | -0.3 | -1.2 | -19.0 | -26.0 | -11.7 |
| Pakistan | -8.2 | -5.5 | -5.3 | -4.6 | -5.8 |
| Panama | -2.4 | -3.2 | -2.3 | -1.9 | -1.7 |
| Paraguay | -1.7 | -1.1 | -1.7 | -1.5 | -1.5 |
| Peru | 0.9 | -0.3 | -2.1 | -2.6 | -3.2 |
| Philippines | -1.4 | -0.6 | -0.9 | -2.4 | -2.2 |
| Poland | -4.1 | -3.6 | -2.6 | -2.3 | -1.7 |
| Portugal | -4.8 | -7.2 | -4.4 | -2.0 | -3.0 |
| Puerto Rico | - | - | - | - | - |
| Qatar | 19.3 | 12.3 | -0.9 | -9.2 | -5.8 |
| Romania | -2.1 | -1.3 | -0.8 | -3.0 | -2.9 |
| Russia | -0.5 | -0.4 | -2.4 | -3.5 | -1.5 |
| Saudi Arabia | 6.4 | -2.3 | -14.8 | -12.9 | -8.9 |
| Serbia | -5.5 | -6.6 | -3.7 | -1.3 | 1.2 |
| Singapore | 1.3 | 0.1 | -1.0 | 1.4 | 2.1 |
| Slovakia | -2.7 | -2.7 | -2.7 | -2.2 | -1.0 |
| Slovenia | -14.7 | -5.5 | -2.9 | -1.9 | 0.0 |
| South Africa | -4.1 | -3.7 | -3.6 | -3.3 | -3.5 |
| Spain | -7.0 | -6.0 | -5.3 | -4.5 | -3.1 |
| Sri Lanka | -5.2 | -6.2 | -7.0 | -5.4 | -5.5 |
| Sweden | -1.4 | -1.6 | 0.2 | 1.2 | 1.3 |
| Switzerland | -0.4 | -0.2 | 0.6 | 0.4 | 1.2 |
| Taiwan | -1.4 | -0.8 | 0.1 | -0.3 | -1.4 |
| Tajikistan | 0.3 | 0.3 | 0.8 | -1.7 | -0.3 |
| Tanzania | -3.9 | -3.0 | -3.3 | -2.2 | - |
| Thailand | -1.9 | -2.9 | -2.9 | -2.8 | -3.5 |
| Trinidad and Tobago | -2.9 | -2.6 | -1.7 | -5.3 | -8.5 |
| Tunisia | -6.9 | -5.0 | -4.8 | -6.1 | -6.1 |
| Turkey | -1.0 | -1.1 | -1.0 | -1.1 | -1.5 |
| Turkmenistan | 1.5 | 0.9 | -0.7 | -2.3 | - |
| USA | -4.1 | -2.8 | -2.4 | -3.1 | -3.4 |
| Uganda | -4.1 | -4.7 | -4.6 | -3.8 | -4.8 |
| Ukraine | -4.3 | -4.5 | -1.6 | -2.3 | -1.4 |
| United Arab Emirates | 8.4 | 1.9 | -3.4 | -2.5 | -1.8 |
| United Kingdom | -5.4 | -5.4 | -4.3 | -3.0 | -1.9 |
| Uruguay | -2.3 | -3.5 | -3.6 | -3.9 | -3.5 |
| Uzbekistan | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 |
| Venezuela | -1.9 | -12.9 | -15.6 | - | - |
| Vietnam | -6.6 | -6.3 | -6.3 | -5.6 | - |
| Yemen | -6.9 | -7.1 | -12.0 | - | - |
| Zambia | -6.2 | -5.7 | -9.3 | -5.8 | - |
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Fiscal Balance Economic News
India: Pre-election budget threatens fiscal sustainability
February 13, 2019
On 1 February the interim budget for fiscal year 2019, which will start in April and run through to March 2020, was unveiled by the government.
Italy: Markets rally as Italy and the EU sign budget truce, but structural weaknesses remain abound
December 20, 2018
The European Commission decided not to launch an excessive deficit procedure against Italy, following an agreement reached with the country’s government over the budget on 19 December.
Saudi Arabia: Government unveils an expansionary budget for 2019 despite the recent fall in oil prices
December 18, 2018
On 18 December Saudi Arabia presented its budget for 2019, which is the Kingdom’s largest ever in a bid to spur faltering economic growth.
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