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
Turkey: Government presents more restrictive 2019 budget
November 22, 2018
In late October, Treasury and Finance Minister Berat Albayrak presented the draft 2019 budget to the parliament’s Planning and Budget Commission, ahead of a likely submission to parliament in December.
United Kingdom: Autumn budget sets out more expansionary fiscal stance
November 14, 2018
On 29 October, Chancellor Philip Hammond presented the autumn budget, which marked a notable loosening of the fiscal stance due to tax cuts and spending rises.
Egypt: Draft budget continues slow process of mending public finances, while boosting investment and maintaining social safety net
April 4, 2018
The draft FY 2019 budget approved by cabinet on 18 March aims to further reduce the budget deficit in order to trim the hefty public debt burden.
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