
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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India: 2021–2022 budget seeks to support medium-term growth, while reining in the deficit
February 1, 2021
On 1 February, the government unveiled its union budget for fiscal year 2021, which runs from April 2021 to March 2022.
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Saudi Arabia: Government announces smaller 2021 budget in bid to rein in deficit
January 11, 2021
In mid-December, the government announced the 2021 budget.
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Angola: Parliament approves 2021 draft budget aimed at narrowing fiscal deficit, but risk of default remains
December 15, 2020
In late November, parliament approved the government’s 2021 draft budget, which passed a final vote14 December.
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