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 | -0.4 | -7.3 | -15.3 | -13.0 | -6.6 |
| Angola | -0.3 | -5.7 | -2.9 | -4.5 | -6.3 |
| Argentina | -1.9 | -2.4 | -3.9 | -5.9 | -5.9 |
| Armenia | -1.6 | -1.9 | -4.8 | -5.5 | -4.8 |
| Australia | -1.2 | -3.0 | -2.3 | -2.4 | -1.9 |
| Austria | -2.0 | -2.7 | -1.0 | -1.6 | -0.8 |
| Azerbaijan | 0.6 | -0.5 | -1.2 | -0.4 | -1.6 |
| Bahrain | -3.3 | -3.6 | -13.0 | -13.4 | -10.1 |
| Bangladesh | -3.4 | -3.1 | -4.0 | -3.4 | -3.3 |
| Belarus | 0.2 | 1.0 | 1.8 | 1.3 | 2.8 |
| Belgium | -3.1 | -3.1 | -2.4 | -2.4 | -0.8 |
| Belize | -0.7 | -2.2 | -6.3 | -5.9 | -5.6 |
| Bolivia | 0.6 | -3.4 | -6.9 | -7.2 | -7.8 |
| Bosnia and Herzegovina | -2.2 | -2.0 | 0.7 | 1.2 | 2.6 |
| Botswana | 5.6 | 3.7 | -4.6 | 0.7 | -1.0 |
| Brazil | -3.0 | -6.0 | -10.2 | -9.0 | -7.8 |
| Brunei | 13.0 | 3.6 | -14.5 | -21.7 | -10.6 |
| Bulgaria | -0.4 | -5.5 | -1.7 | 0.1 | 1.2 |
| Cambodia | -2.6 | -1.6 | -1.3 | -1.4 | -1.1 |
| Canada | -1.9 | 0.2 | -0.1 | -0.4 | -0.3 |
| Chile | -0.6 | -1.6 | -2.1 | -2.7 | -2.7 |
| China | -1.9 | -1.8 | -3.4 | -3.8 | -3.7 |
| Colombia | -2.3 | -2.4 | -3.0 | -4.0 | -3.6 |
| Costa Rica | -5.4 | -5.6 | -5.7 | -5.3 | -6.1 |
| Croatia | -5.3 | -5.1 | -3.2 | -1.0 | 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 | - | - | - | - | - |
| Denmark | -1.2 | 1.1 | -1.3 | -0.1 | 1.4 |
| Dominican Republic | -4.0 | -3.7 | -0.3 | -2.9 | -3.3 |
| Ecuador | -4.6 | -5.2 | -6.0 | -7.3 | -4.5 |
| Egypt | -12.8 | -11.5 | -11.0 | -12.0 | -10.4 |
| El Salvador | -4.0 | -3.8 | -3.3 | -3.0 | -2.3 |
| Estonia | -0.2 | 0.7 | 0.1 | -0.3 | -0.4 |
| Ethiopia | -2.6 | -2.4 | -1.9 | -3.3 | -3.0 |
| Eurozone | -3.1 | -2.5 | -2.0 | -1.6 | -1.0 |
| Finland | -2.6 | -3.2 | -2.8 | -1.7 | -0.8 |
| France | -4.1 | -3.9 | -3.6 | -3.5 | -2.8 |
| Georgia | -2.7 | -3.2 | -3.7 | -4.0 | -3.9 |
| Germany | -0.1 | 0.6 | 0.8 | 0.9 | 1.0 |
| Ghana | -5.8 | -7.4 | -5.3 | -6.9 | -5.0 |
| Greece | -13.2 | -3.6 | -5.6 | 0.5 | 0.7 |
| Guatemala | -2.1 | -1.9 | -1.4 | -1.1 | -1.3 |
| Haiti | -7.2 | -6.4 | -2.6 | -0.1 | -0.5 |
| Honduras | -7.9 | -4.4 | -3.0 | -2.7 | -2.7 |
| Hong Kong | 1.0 | 3.2 | 0.6 | 4.5 | 5.6 |
| Hungary | -2.6 | -2.6 | -1.9 | -1.6 | -2.2 |
| Iceland | -1.8 | -0.1 | -0.8 | 12.4 | 0.5 |
| Indonesia | -2.5 | -2.2 | -2.6 | -2.5 | -2.6 |
| Iran | -0.9 | -1.1 | -1.6 | -1.9 | -1.8 |
| Iraq | -6.1 | -5.6 | -12.8 | -14.3 | -1.6 |
| Ireland | -6.2 | -3.6 | -1.9 | -0.7 | -0.3 |
| Israel | -3.1 | -2.7 | -2.1 | -2.1 | -1.9 |
| Italy | -2.9 | -3.0 | -2.6 | -2.5 | -2.4 |
| Jamaica | 0.1 | -0.5 | -0.3 | -0.2 | 0.5 |
| Japan | -7.9 | -5.6 | -3.8 | -3.7 | -3.2 |
| Jordan | -5.5 | -2.3 | -3.5 | -3.2 | -2.6 |
| Kazakhstan | -1.9 | -2.7 | -2.2 | -1.6 | -2.7 |
| Kenya | -9.3 | -5.8 | -8.1 | -7.7 | -8.8 |
| Korea | 1.0 | 0.5 | 0.0 | 1.0 | 1.3 |
| Kosovo | -3.0 | -2.3 | -1.6 | -1.1 | -1.1 |
| Kuwait | 26.1 | 7.6 | -13.4 | -13.9 | -9.0 |
| Kyrgyzstan | -0.7 | -0.5 | -1.4 | -4.4 | -3.2 |
| Laos | -4.8 | -3.9 | -2.3 | -4.6 | -5.6 |
| Latvia | -1.2 | -1.4 | -1.4 | 0.1 | -0.6 |
| Lebanon | -9.0 | -6.4 | -7.9 | -9.6 | -7.0 |
| Lithuania | -2.6 | -0.6 | -0.3 | 0.2 | 0.5 |
| Luxembourg | 1.0 | 1.3 | 1.4 | 1.9 | 1.4 |
| Malaysia | -3.8 | -3.4 | -3.2 | -3.1 | -3.0 |
| Malta | -2.4 | -1.7 | -1.0 | 0.9 | 3.4 |
| Mexico | -2.3 | -3.1 | -3.4 | -2.5 | -1.1 |
| Moldova | -1.7 | -1.7 | -2.2 | -1.9 | -0.8 |
| Mongolia | -1.2 | -3.9 | -5.0 | -15.3 | -6.2 |
| Montenegro | -6.0 | -3.0 | -8.0 | -3.4 | -5.5 |
| Morocco | -5.1 | -4.7 | -4.2 | -4.3 | -3.5 |
| Mozambique | -2.7 | -10.7 | -7.2 | -6.3 | -3.4 |
| Myanmar | -1.7 | -1.3 | -2.8 | -3.5 | -2.6 |
| Netherlands | -2.4 | -2.3 | -2.1 | 0.4 | 1.2 |
| New Zealand | -2.0 | -1.2 | 0.2 | 0.7 | 1.5 |
| Nicaragua | -1.1 | -1.5 | -1.6 | -2.0 | -2.0 |
| Nigeria | -2.3 | -2.1 | -3.5 | -4.0 | -5.4 |
| North Macedonia | -3.8 | -4.2 | -3.5 | -2.7 | -2.7 |
| Norway | 10.8 | 8.7 | 6.1 | 4.0 | 4.9 |
| Oman | -0.3 | -3.4 | -17.5 | -20.9 | -13.8 |
| Pakistan | -8.0 | -5.5 | -5.3 | -4.6 | -5.8 |
| Panama | -2.4 | -3.2 | -2.3 | -1.9 | -1.9 |
| Paraguay | -1.3 | -0.9 | -1.3 | -1.1 | -1.1 |
| Peru | 0.9 | -0.2 | -1.9 | -2.3 | -3.0 |
| Philippines | -1.4 | -0.6 | -0.9 | -2.4 | -2.2 |
| Poland | -4.1 | -3.7 | -2.7 | -2.2 | -1.5 |
| Portugal | -4.8 | -7.2 | -4.4 | -2.0 | -3.0 |
| Puerto Rico | - | - | - | - | - |
| Qatar | 16.0 | 13.6 | -0.9 | -9.2 | -6.6 |
| Romania | -2.2 | -1.3 | -0.7 | -2.7 | -2.7 |
| Russia | -0.4 | -0.4 | -2.4 | -3.4 | -1.4 |
| Saudi Arabia | 5.6 | -3.5 | -15.8 | -12.9 | -9.2 |
| Serbia | -5.1 | -6.2 | -3.5 | -1.2 | 1.1 |
| Singapore | 1.3 | 0.1 | -1.0 | 1.4 | 2.3 |
| Slovakia | -2.7 | -2.7 | -2.6 | -2.2 | -0.8 |
| Slovenia | -14.7 | -5.5 | -2.8 | -1.9 | 0.0 |
| South Africa | -4.4 | -4.3 | -4.1 | -3.8 | -4.4 |
| 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 | 0.0 | 1.0 | 1.4 |
| Switzerland | -0.4 | -0.2 | 0.6 | 0.4 | 1.2 |
| Taiwan | -1.4 | -0.8 | 0.1 | -0.3 | -0.1 |
| Tajikistan | 0.3 | 0.3 | 0.8 | -1.7 | -0.3 |
| Tanzania | -3.8 | -2.9 | -3.5 | -1.5 | -1.9 |
| Thailand | -1.9 | -2.9 | -2.9 | -2.7 | -3.5 |
| Trinidad and Tobago | -2.9 | -2.6 | -1.7 | -5.4 | -9.0 |
| 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 | -2.4 | -2.8 |
| USA | -4.1 | -2.8 | -2.4 | -3.7 | -3.4 |
| Uganda | -4.0 | -4.7 | -4.7 | -4.8 | -3.8 |
| Ukraine | -4.3 | -4.5 | -1.6 | -2.3 | -1.4 |
| United Arab Emirates | 8.4 | 1.9 | -3.4 | -2.5 | -1.6 |
| United Kingdom | -5.3 | -5.3 | -4.2 | -2.9 | -1.9 |
| Uruguay | -2.3 | -3.5 | -3.6 | -3.8 | -3.5 |
| Uzbekistan | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 |
| Venezuela | -1.9 | -12.9 | -15.6 | -15.6 | - |
| Vietnam | -7.2 | -5.7 | -6.4 | -5.7 | -3.5 |
| Yemen | -6.9 | -4.1 | -8.7 | -8.4 | -4.8 |
| Zambia | -6.2 | -5.7 | -9.3 | -5.8 | -7.7 |
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July 11, 2019
On 5 July, Prime Minister Modi’s new government unveiled its final budget for the fiscal year 2019, which runs from April this year to March next year.
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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.
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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.
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