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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June 19, 2020
On 11 June, the government presented a KES 2.79 trillion (around USD 26 billion) budget for fiscal year 2020–2021, which will start on 1 July and run through to 30 June 2021.
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Italy: Government approves additional budget stimulus to shore up the economy amid strained public finances
May 30, 2020
On 13 May, Italy’s government unveiled a EUR 55 billion stimulus package, largely focused on granting financial support to businesses and preventing job losses in an effort to cushion the economy from the impact of the coronavirus outbreak and associated lockdown measures.
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New Zealand: Government approves massive budget stimulus to buttress economy ahead of September elections
May 21, 2020
On 14 May, the government unveiled an NZD 50 billion (USD 30 billion) stimulus package, largely focused on supporting employment in an effort to kickstart the economy following the impact of the coronavirus outbreak and consequent lockdown.
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