Fiscal balance, sometimes also referred to as the 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). The 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.
This chart displays Fiscal Balance (% of GDP) for Major Economies, Middle East & North Africa, Latin America, Euro Area, South Asia from 2010 to 2022.
Fiscal Balance (% of GDP) Data
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Afghanistan | -0.6 | 1.7 | -1.0 | -2.2 | - |
| Albania | -2.0 | -1.6 | -1.9 | -6.7 | -4.6 |
| Algeria | -8.6 | -6.8 | -9.6 | -11.9 | -7.2 |
| Andorra | 3.3 | 2.7 | 2.3 | -3.0 | -2.3 |
| Angola | -6.6 | 2.3 | 0.8 | -1.9 | 3.8 |
| Antigua and Barbuda | -0.1 | 0.0 | -1.2 | -3.8 | - |
| Argentina | -5.9 | -4.9 | -3.8 | -8.4 | -3.6 |
| Armenia | -4.8 | -1.6 | -0.8 | -5.1 | -4.5 |
| Aruba | 1.4 | 1.9 | 4.1 | -11.0 | -5.3 |
| Australia | -1.9 | -0.6 | 0.0 | -4.3 | -6.5 |
| Austria | -0.8 | 0.2 | 0.6 | -8.0 | -5.8 |
| Azerbaijan | -1.3 | 5.4 | 9.0 | -6.7 | 4.1 |
| Bahamas, The | -5.9 | -0.8 | 0.8 | -4.4 | -9.3 |
| Bahrain | -14.0 | -11.8 | -9.0 | -16.3 | -11.6 |
| Bangladesh | -4.2 | -4.1 | -5.4 | -4.8 | -3.6 |
| Barbados | 3.3 | 3.4 | 6.2 | -0.9 | -0.9 |
| Belarus | 2.9 | 4.0 | 2.6 | -1.7 | 0.5 |
| Belgium | -0.7 | -0.9 | -2.0 | -9.0 | -5.5 |
| Belize | -2.8 | -0.7 | -3.3 | -11.3 | - |
| Benin | -2.8 | -1.4 | 1.1 | -2.7 | -3.5 |
| Bhutan | -3.5 | -0.3 | -0.7 | -1.5 | -5.2 |
| Bolivia | -7.8 | -8.1 | -7.2 | -12.7 | -9.3 |
| Bosnia-Herz. | 1.8 | 1.6 | 1.4 | -4.6 | 0.7 |
| Botswana | -1.1 | -5.0 | -8.5 | -10.9 | -2.4 |
| Brazil | -7.8 | -7.0 | -5.8 | -13.3 | -4.3 |
| Brunei | -10.4 | -3.6 | -9.7 | -15.8 | -8.0 |
| Bulgaria | 1.6 | 1.7 | 2.1 | -3.8 | -3.9 |
| Burkina Faso | -6.0 | -3.3 | -2.1 | -3.8 | -5.7 |
| Burundi | -4.3 | -5.1 | -4.1 | -3.4 | -2.3 |
| Cabo Verde | -0.4 | -0.1 | 0.6 | -6.5 | -5.2 |
| Cambodia | -0.8 | 0.7 | 3.0 | -3.4 | -7.1 |
| Cameroon | -4.7 | -2.4 | -3.2 | -3.2 | -3.0 |
| Canada | -0.1 | 0.4 | 0.0 | -10.9 | -4.4 |
| CdI | -3.3 | -2.9 | -2.2 | -5.4 | -4.8 |
| Central African Republic | -0.7 | -0.6 | 1.8 | -3.1 | -5.7 |
| Chad | 1.3 | 3.0 | 0.8 | 3.0 | -0.4 |
| Chile | -2.8 | -1.7 | -2.9 | -7.3 | -7.7 |
| China | -3.7 | -4.1 | -4.9 | -6.2 | -3.8 |
| Colombia | -3.7 | -3.1 | -2.5 | -7.8 | -7.0 |
| Comoros | 0.0 | -1.3 | -4.1 | -0.3 | -2.5 |
| Congo | 1.6 | 0.4 | -1.8 | -1.2 | - |
| Costa Rica | -5.9 | -5.7 | -6.7 | -8.0 | -5.0 |
| Croatia | 0.6 | -0.1 | 0.2 | -7.3 | -2.5 |
| Cuba | -8.6 | -8.1 | -6.2 | -17.7 | -11.7 |
| Cyprus | 1.9 | -3.6 | 1.3 | -5.8 | -2.0 |
| Czech Republic | 1.5 | 0.9 | 0.3 | -5.8 | -5.1 |
| Denmark | 1.8 | 0.8 | 4.2 | 0.2 | 3.7 |
| Djibouti | -3.5 | -1.6 | 0.4 | -1.5 | -2.8 |
| Dominica | -1.2 | -16.7 | -6.2 | -5.7 | 7.7 |
| Dominican Republic | -2.8 | -2.3 | -2.3 | -7.6 | -2.5 |
| DR Congo | 1.3 | 0.0 | -2.0 | -1.4 | -0.9 |
| Ecuador | -5.8 | -2.8 | -3.5 | -7.1 | -1.6 |
| Egypt | -10.7 | -8.9 | -7.5 | -7.3 | -6.8 |
| El Salvador | -2.3 | -2.5 | -2.9 | -10.3 | -5.8 |
| Equatorial Guinea | -2.2 | 1.2 | 2.7 | -0.4 | 3.7 |
| Eritrea | -3.9 | 5.7 | 2.4 | -2.8 | -2.6 |
| Estonia | -0.5 | -0.6 | 0.1 | -5.5 | -2.4 |
| Ethiopia | -3.0 | -2.5 | -2.8 | -2.8 | -4.2 |
| Euro Area | -0.9 | -0.4 | -0.6 | -7.1 | -5.3 |
| Fiji | 0.5 | -1.8 | -0.9 | -4.7 | -9.7 |
| Finland | -0.7 | -0.9 | -0.9 | -5.6 | -2.8 |
| France | -3.0 | -2.3 | -3.1 | -9.0 | -6.5 |
| Gabon | 0.8 | 2.2 | 4.4 | 1.2 | 0.9 |
| Gambia, The | 0.0 | -2.7 | 0.6 | 1.0 | -1.6 |
| Georgia | -0.5 | -0.8 | -1.8 | -9.3 | -6.0 |
| Germany | 1.3 | 1.9 | 1.5 | -4.3 | -3.7 |
| Ghana | -4.0 | -6.8 | -7.5 | -17.4 | -12.1 |
| Greece | 0.6 | 0.9 | 0.9 | -9.7 | -7.1 |
| Grenada | 5.7 | 6.6 | 6.8 | 3.2 | 2.1 |
| Guatemala | -1.4 | -1.9 | -2.2 | -4.9 | -1.2 |
| Guinea | -1.2 | -0.3 | 0.2 | -2.4 | -1.2 |
| Guinea-Bissau | -0.8 | -4.1 | -2.8 | -8.1 | -4.0 |
| Guyana | -2.5 | -1.9 | -2.0 | -7.3 | -6.8 |
| Haiti | 0.2 | -1.0 | -2.1 | -2.4 | -2.6 |
| Honduras | -2.7 | -2.1 | -2.5 | -7.0 | -5.1 |
| Hong Kong | 5.6 | 2.4 | -0.4 | -8.7 | 1.0 |
| Hungary | -2.5 | -2.1 | -2.0 | -7.5 | -7.1 |
| Iceland | 1.0 | 0.9 | -1.5 | -9.1 | -8.4 |
| India | -3.6 | -3.5 | -4.7 | -9.6 | -6.6 |
| Indonesia | -2.5 | -1.8 | -2.2 | -6.1 | -4.6 |
| Iran | -1.6 | -1.6 | -4.5 | -5.8 | -4.2 |
| Iraq | -1.5 | 7.8 | 0.8 | -13.9 | -0.4 |
| Ireland | -0.3 | 0.1 | 0.5 | -5.0 | -1.6 |
| Israel | -1.9 | -2.9 | -3.6 | -11.3 | -4.4 |
| Italy | -2.4 | -2.2 | -1.5 | -9.7 | -9.0 |
| Jamaica | 0.5 | 1.2 | 0.9 | -3.1 | 0.9 |
| Japan | -3.4 | -3.0 | -3.6 | -10.0 | -7.2 |
| Jordan | -2.5 | -2.4 | -3.3 | -7.1 | -6.3 |
| Kazakhstan | -2.7 | -1.3 | -1.8 | -4.0 | -3.0 |
| Kenya | -7.4 | -6.9 | -7.4 | -8.1 | -7.1 |
| Kiribati | 40.5 | 6.4 | 13.7 | 4.7 | -11.0 |
| Korea | 1.3 | 1.6 | -0.6 | -3.7 | -1.5 |
| Kosovo | -1.2 | -2.6 | -2.7 | -7.6 | -0.9 |
| Kuwait | -8.9 | -3.2 | -9.6 | -33.3 | - |
| Kyrgyzstan | -3.7 | -0.6 | -0.1 | -3.3 | -0.8 |
| Laos | -5.5 | -4.7 | -3.3 | -5.6 | -1.3 |
| Latvia | -0.8 | -0.8 | -0.6 | -4.4 | -7.1 |
| Lebanon | -7.1 | -11.4 | -10.9 | -3.5 | 0.8 |
| Lesotho | -0.9 | -2.8 | -3.6 | 1.8 | -3.1 |
| Liberia | -6.7 | -3.9 | -3.9 | -2.6 | -1.5 |
| Libya | -11.1 | 9.4 | 11.9 | -22.3 | 11.3 |
| Lithuania | 0.4 | 0.5 | 0.5 | -6.5 | -1.2 |
| Luxembourg | 1.4 | 3.0 | 2.2 | -3.4 | 0.7 |
| Macao | 13.3 | 13.3 | 14.4 | -21.3 | - |
| Madagascar | -1.4 | -0.6 | -0.7 | -3.2 | -2.2 |
| Malawi | -2.4 | -1.6 | -1.5 | -5.0 | -4.6 |
| Malaysia | -3.0 | -3.7 | -3.4 | -6.2 | -6.4 |
| Maldives | -1.7 | -3.6 | -5.1 | -20.9 | - |
| Mali | -2.0 | -3.9 | -0.7 | -4.2 | -3.5 |
| Malta | 3.3 | 2.0 | 0.5 | -9.7 | -7.8 |
| Marshall Islands | 4.7 | 2.8 | -1.5 | 2.7 | 1.0 |
| Mauritania | 1.4 | 4.4 | 3.5 | 3.7 | 2.9 |
| Mauritius | 0.7 | 0.3 | -5.4 | -7.8 | -1.6 |
| Mexico | -1.1 | -2.1 | -1.6 | -2.9 | -2.9 |
| Micronesia, Federated States of | 14.5 | 24.5 | - | - | - |
| Moldova | -0.7 | -0.9 | -1.5 | -5.3 | -1.9 |
| Mongolia | -3.7 | 2.9 | 1.0 | -9.2 | -3.0 |
| Montenegro | -5.5 | -3.6 | -2.9 | -10.2 | -2.0 |
| Morocco | -3.2 | -3.4 | -3.6 | -7.1 | -5.9 |
| Mozambique | -2.0 | -5.6 | 0.1 | -5.4 | -3.6 |
| Myanmar | -2.9 | -3.4 | -3.9 | -5.6 | -11.0 |
| Namibia | -2.0 | -1.9 | -1.8 | -3.9 | -4.5 |
| Nauru | 18.6 | 32.2 | 28.3 | 32.7 | 40.0 |
| Nepal | -2.4 | -5.4 | -4.5 | -4.7 | -3.3 |
| Netherlands | 1.4 | 1.5 | 1.8 | -3.7 | -2.4 |
| New Zealand | 1.4 | 1.8 | 2.3 | -7.1 | -1.3 |
| Nicaragua | -2.0 | -4.0 | -1.7 | -2.6 | -1.6 |
| Niger | -3.4 | -2.1 | -2.6 | -3.8 | -4.8 |
| Nigeria | -5.4 | -4.3 | -4.7 | -5.6 | -6.0 |
| North Macedonia | -2.7 | -1.8 | -2.0 | -8.2 | -5.4 |
| Norway | 5.0 | 7.8 | 6.5 | -2.6 | 10.6 |
| Oman | -12.1 | -7.5 | -7.8 | -17.2 | -3.6 |
| Pakistan | -5.2 | -5.8 | -7.9 | -7.1 | -6.1 |
| Palau | 4.8 | 6.2 | -0.4 | -9.6 | -16.3 |
| Panama | -1.9 | -2.9 | -2.9 | -10.2 | -6.8 |
| Papua New Guinea | -0.4 | -0.2 | -1.9 | -6.2 | - |
| Paraguay | -1.1 | -1.3 | -2.8 | -6.1 | -3.6 |
| Peru | -3.0 | -2.3 | -1.6 | -8.9 | -2.5 |
| Philippines | -2.1 | -3.1 | -3.4 | -7.6 | -8.6 |
| Poland | -1.5 | -0.2 | -0.7 | -6.9 | -1.8 |
| Portugal | -3.0 | -0.3 | 0.1 | -5.8 | -2.9 |
| Puerto Rico | -68.7 | - | - | - | - |
| Qatar | -7.4 | 2.3 | 1.1 | -2.0 | 0.2 |
| Romania | -2.5 | -2.8 | -4.3 | -9.2 | -7.1 |
| Russia | -1.4 | 2.6 | 1.8 | -3.8 | 0.4 |
| Rwanda | -2.5 | -2.6 | -5.1 | -9.5 | -7.0 |
| Saint Kitts and Nevis | 1.9 | 2.5 | 0.5 | -1.7 | 6.8 |
| Saint Lucia | 0.8 | 1.9 | -0.5 | -7.8 | -1.9 |
| Saint Vincent and the Grenadines | 1.4 | 1.6 | -0.2 | -2.9 | -5.0 |
| Samoa | -2.0 | 0.1 | 1.5 | 5.4 | 1.7 |
| San Marino | -3.2 | -1.2 | 0.2 | -36.6 | -15.4 |
| Sao Tome and Principe | -2.2 | -1.5 | 0.6 | 6.3 | - |
| Saudi Arabia | -4.5 | -5.5 | -4.2 | -10.7 | -2.3 |
| Senegal | -3.0 | -3.7 | -3.9 | -6.4 | -6.3 |
| Serbia | 1.1 | 0.6 | -0.2 | -8.0 | -4.1 |
| Seychelles | 3.4 | 2.5 | 3.7 | -13.5 | -2.6 |
| Sierra Leone | -6.6 | -2.8 | -0.4 | -2.7 | -4.5 |
| Singapore | 2.3 | 0.7 | 0.2 | -10.7 | 0.2 |
| Slovakia | -1.0 | -1.0 | -1.2 | -5.4 | -5.4 |
| Slovenia | -0.1 | 0.7 | 0.7 | -7.7 | -4.6 |
| Solomon Islands | -0.8 | 1.6 | -1.4 | -2.2 | -3.4 |
| South Africa | -3.8 | -4.1 | -6.1 | -9.8 | -5.1 |
| South Sudan | 6.8 | -0.2 | 1.4 | -4.6 | -9.1 |
| Spain | -3.1 | -2.6 | -3.1 | -10.1 | -6.9 |
| Sri Lanka | -5.5 | -5.3 | -9.6 | -11.1 | -12.2 |
| Sudan | -5.6 | -7.7 | -10.6 | -5.9 | -0.2 |
| Suriname | -4.6 | -2.5 | -15.7 | -7.5 | -1.3 |
| Swaziland | -5.7 | -8.2 | -4.6 | -2.4 | -2.8 |
| Sweden | 1.4 | 0.8 | 0.6 | -2.8 | 0.0 |
| Switzerland | 1.1 | 1.3 | 1.3 | -3.1 | -0.4 |
| Taiwan | -0.1 | 0.0 | 0.1 | -1.0 | -0.2 |
| Tajikistan | -5.7 | -2.7 | -2.1 | -4.3 | -0.7 |
| Tanzania | -1.2 | -1.9 | -2.0 | -2.5 | -3.4 |
| Thailand | -3.5 | -2.5 | -1.9 | -6.8 | -5.5 |
| Timor-Leste | -33.5 | -26.6 | -25.3 | - | - |
| Togo | 1.1 | 1.2 | 3.6 | -4.6 | -2.5 |
| Tonga | 4.4 | 3.7 | 3.9 | 6.1 | -0.6 |
| Trinidad and Tobago | -10.5 | -5.8 | -3.7 | -11.7 | -8.3 |
| Tunisia | -5.9 | -4.5 | -3.3 | -9.7 | -7.9 |
| Turkey | -1.5 | -1.9 | -2.9 | -3.4 | -2.7 |
| Turkmenistan | -2.3 | -0.2 | -0.3 | -0.1 | 0.4 |
| Tuvalu | -1.5 | 28.4 | -8.1 | 8.3 | -16.4 |
| UAE | -0.2 | 3.8 | 2.6 | -2.5 | 4.0 |
| Uganda | -3.6 | -3.0 | -4.8 | -7.5 | -7.5 |
| Ukraine | -1.4 | -1.9 | -2.2 | -5.3 | -3.4 |
| United Kingdom | -2.5 | -2.2 | -2.5 | -13.1 | -8.0 |
| United States | -3.5 | -3.9 | -4.7 | -15.4 | -12.3 |
| Uruguay | -3.2 | -2.7 | -3.2 | -5.2 | -3.5 |
| Uzbekistan | 1.1 | 2.0 | -0.3 | -3.3 | -4.6 |
| Vanuatu | -0.8 | 7.2 | 3.7 | -1.1 | - |
| Venezuela | -13.3 | -30.3 | -10.0 | -5.0 | -4.6 |
| Vietnam | -2.0 | -1.0 | -0.4 | -2.9 | -3.4 |
| Yemen | -4.9 | -7.8 | -5.9 | -4.9 | -1.0 |
| Zambia | -7.5 | -8.3 | -9.4 | -13.8 | -8.1 |
| Zimbabwe | -10.6 | -5.4 | -0.9 | 0.8 | -2.2 |