[vc_row][vc_column][vc_column_text]

Fiscal Balance/Government Structural Balance (percent of potential GDP)

The structural or underlying fiscal balance is the difference between government revenues and expenditures adjusted for effects attributed to the economic cycle and one-off events. This identifies trends to assess whether the fiscal policy of a country is expansionary, neutral or restrictive.[/vc_column_text][vc_column_text]

Country	2010	2011	2012	2013	2014	2015	2016	2017	2018
Afghanistan	30.27	26.41	25.34	23.09	17.46	18.48	18.53	17.72	17.08
Albania	31.32	33.46	29.82	27.62	27.35	26.08	24.99	23.51	22.86
Algeria	42.33	38.57	41.30	44.98	47.51	52.86	53.95	50.93	48.88
Angola	32.48	31.52	27.74	24.73	22.41	34.72	25.27	19.74	22.43
Antigua and Barbuda					24.52	24.05	24.48	24.67	25.03
Argentina	16.82	14.58	12.89	13.15	13.12	10.52	12.14	11.96	17.03
Armenia	25.97	26.72	20.19	19.20	20.83	21.16	19.73	20.66	21.61
Australia	21.46	22.63	25.21	24.56	23.89	23.51	22.46	22.95	23.20
Austria	18.78	21.17	21.89	21.97	23.20	24.39	23.55	24.58	24.92
Azerbaijan	18.06	20.27	22.32	25.66	27.51	27.91	25.68	24.15	26.43
Bahamas	27.47	29.99	31.35	29.74	34.83	25.95	25.55	27.13	26.67
Bahrain	27.29	22.40	28.15	25.94	26.85	26.53	29.71	33.32	31.45
Bangladesh	26.87	27.87	28.33	28.49	28.74	29.30	30.11	30.90	31.60
Barbados	6.32	11.85	8.32	6.56	9.21	7.82	10.62	6.66	11.11
Belarus	36.51	33.61	34.93	37.35	34.01	26.56	26.25	28.34	30.85
Belgium	18.88	19.86	19.63	19.14	20.56	21.40	21.87	23.20	22.82
Belize	13.43	15.91	15.02	15.29	18.37	22.41	19.20	17.65	19.87
Benin	23.13	24.14	22.56	27.81	28.57	25.58	21.00	25.52	25.45
Bhutan	66.91	73.00	72.57	48.65	61.38	60.36	62.67	63.12	63.71
Bolivia	17.89	21.04	18.08	19.57	21.28	20.49	21.12	22.06	21.92
Bosnia and Herzegovina	11.36	15.71	16.87	16.38	16.45	16.79	16.89	18.10	18.22
Botswana	41.41	38.58	38.84	29.41	28.20	32.60	28.57	28.25	26.75
Brazil	17.61	17.94	17.72	17.21	13.95	7.62	7.50	8.50	9.74
Brunei Darussalam	41.71	34.32	35.40	39.59	27.44	35.25	34.62	34.81	32.76
Bulgaria	19.06	19.59	21.83	19.93	18.53	18.81	20.84	20.84	19.30
Burkina Faso	18.04	15.43	14.92	18.71	21.48	13.78	16.45	17.33	16.57
Burundi	15.09	14.72	14.29	15.36	15.86	11.00	9.00	7.00	6.00
Côte d'Ivoire	13.44	4.04	16.09	20.71	19.74	20.10	17.69	19.49	21.60
Cabo Verde	47.65	47.51	37.19	31.63	37.00	38.75	37.15	38.16	34.94
Cambodia	17.37	22.00	23.50	23.50	23.20	22.40	22.90	22.20	22.00
Cameroon	28.00	27.95	27.88	28.32	29.32	27.68	28.37	28.13	30.12
Canada	19.66	21.08	22.93	24.05	25.17	24.80	23.67	23.63	22.84
Central African Republic	14.27	12.18	14.97	8.69	17.48	13.92	13.70	13.83	15.94
Chad	34.39	28.42	31.40	27.37	30.39	26.91	16.70	21.11	23.87
Chile	21.28	23.66	26.03	25.20	22.78	24.24	21.31	19.60	21.20
China	47.48	47.94	47.09	46.76	46.31	42.29	40.57	40.71	39.39
China, Hong Kong SAR	24.58	22.51	24.09	19.76	22.63	18.21	20.22	19.78	18.01
China, Macao SAR	13.30	13.82	14.70	14.06	19.62	25.13	21.62	18.97	15.79
Colombia	18.60	19.41	20.64	19.99	20.87	20.24	22.00	21.44	19.81
Comoros	15.40	14.90	16.82	20.36	18.55	18.62	21.12	21.53	22.44
Congo	22.38	25.88	32.19	34.45	49.88	57.33	50.88	29.64	18.29
Costa Rica	14.60	15.75	15.79	13.47	12.98	12.83	12.99	12.49	11.44
Croatia	17.35	16.39	15.79	16.37	15.92	17.87	20.47	21.73	21.70
Cyprus	18.27	13.69	11.67	11.52	13.13	16.19	17.78	22.06	20.46
Czechia	23.02	24.08	24.84	25.05	25.15	27.52	26.90	27.03	27.48
Dem. Rep. of the Congo	13.75	10.09	14.25	16.79	22.83	20.20	11.77	12.00	12.45
Denmark	16.87	18.43	16.95	17.61	21.49	21.58	21.15	21.44	22.65
Djibouti	21.26	24.67	26.36	41.30	34.92	50.83	47.52	36.15	33.88
Dominica	30.56	23.47	18.91	15.96	14.78	16.19	19.19	26.20	34.54
Dominican Republic	23.07	21.76	17.54	18.88	19.51	18.97	18.69	18.35	20.87
Ecuador	26.92	27.56	26.10	22.67	21.96	20.16	18.20	22.26	23.76
Egypt	12.71	7.44	6.07	1.17	2.29	2.80	2.92	4.59	7.01
El Salvador	12.08	13.27	13.20	12.34	12.36	12.38	12.82	13.79	17.43
Equatorial Guinea	38.06	32.05	41.15	30.31	28.71	24.70	16.70	12.61	10.32
Eritrea	9.30	9.99	9.50	9.32	8.48	8.12	8.11	7.83	7.16
Estonia	22.42	25.83	30.17	27.59	28.11	26.12	25.38	25.91	26.90
Eswatini	14.49	12.90	12.26	12.11	12.32	11.44	12.05	11.70	11.20
Ethiopia	25.52	32.11	37.10	34.08	37.98	39.42	38.00	39.00	39.05
Fiji	18.74	21.00	17.27	27.63	19.17	21.11	19.26	19.55	20.43
Finland	19.77	21.96	20.82	20.19	19.97	20.85	22.04	22.62	22.18
France	15.74	18.03	18.13	18.84	19.40	19.70	19.89	20.85	20.25
Gabon	26.11	23.83	29.12	33.26	35.93	34.82	34.18	30.48	30.40
Gambia	13.13	13.01	18.25	14.04	14.57	13.44	13.01	19.93	19.81
Georgia	20.61	22.82	25.74	21.80	26.27	27.60	29.55	29.55	31.76
Germany	17.22	19.73	19.16	19.67	20.53	20.00	20.61	20.98	22.49
Ghana	51.16	24.71	33.17	26.46	29.35	29.81	27.60	22.00	21.77
Greece	8.16	10.69	14.70	16.39	14.71	13.20	17.08	17.30	16.54
Grenada	-3.18	-4.98	-5.07	-6.27	13.62	16.15	22.25	21.35	23.23
Guatemala	10.83	12.85	12.49	11.82	11.75	12.09	11.76	10.77	10.84
Guinea	5.46	9.09	14.72	11.58	6.39	7.26	24.76	11.94	19.57
Guinea-Bissau	10.79	9.94	6.70	7.22	11.42	8.61	8.81	9.00	10.89
Guyana	12.58	12.86	12.12	11.79	11.68	15.09	12.06	13.31	13.12
Haiti	25.41	27.86	29.55	30.03	30.94	32.40	30.49	28.98	29.01
Honduras	21.88	26.00	24.56	21.76	22.18	25.12	23.38	24.16	25.53
Hungary	16.45	16.16	19.66	20.48	21.59	21.33	18.72	20.21	24.03
Iceland	9.62	11.33	13.69	13.52	15.81	16.97	21.03	20.08	22.19
India	27.47	30.98	30.87	27.20	27.35	24.93	22.91	24.20	24.98
Indonesia	31.43	32.01	33.14	31.28	32.26	31.40	31.40	31.29	32.78
Iran (Islamic Republic of)	40.71	38.61	41.53	41.22	40.40	34.91	33.53	35.70	38.33
Ireland	7.52	10.47	14.61	14.11	18.91	23.04	36.55	24.30	24.11
Israel	14.81	16.91	16.88	15.81	17.50	18.98	19.05	18.66	18.83
Italy	16.83	16.37	16.34	16.38	15.93	16.63	16.22	16.00	16.24
Jamaica	20.21	21.47	19.93	21.26	22.48	21.26	21.29	20.83	19.96
Japan	13.27	14.12	15.06	15.71	18.42	19.71	19.26	20.53	21.33
Jordan	22.78	22.15	18.24	17.33	19.12	15.60	15.40	16.25	14.82
Kazakhstan	27.17	28.65	29.47	29.00	28.32	21.58	22.89	22.44	26.78
Kenya	20.74	21.70	21.48	20.11	22.43	21.47	16.20	16.21	17.16
Korea, Republic of	33.53	34.61	32.73	29.99	29.89	29.69	31.21	33.56	33.11
Kuwait	17.66	13.55	12.84	14.35	16.29	25.43	29.96	29.07	23.56
Kyrgyz Republic	27.05	25.17	34.62	33.54	31.28	31.69	24.91	25.01	26.95
Latvia	14.03	22.30	25.77	22.87	21.54	20.87	20.81	21.31	22.84
Lebanon	-12.60	-12.15	-17.26	-13.88	-13.58	-12.12	-11.44	-12.82	-10.54
Lesotho	26.81	25.16	31.40	30.16	30.70	28.65	27.94	23.41	24.11
Libya	41.59	13.48	16.33	29.93	53.46	77.16	68.89	43.27	33.40
Lithuania	13.54	17.56	17.03	17.86	18.19	20.39	18.43	18.49	19.50
Luxembourg	17.36	19.74	20.56	20.39	21.10	19.90	20.39	20.55	19.62
Madagascar	23.42	17.64	17.56	15.86	15.58	16.81	18.55	18.88	19.72
Malawi	22.82	12.43	12.05	12.70	11.99	12.17	10.67	13.36	10.85
Malaysia	19.32	20.27	22.60	22.93	22.55	22.36	23.15	22.98	19.13
Maldives	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00
Mali	24.03	19.72	17.18	19.32	20.16	20.76	22.71	22.07	18.90
Malta	19.98	16.75	14.65	17.70	16.21	23.36	25.01	22.70	19.46
Mauritania	39.19	43.43	58.83	56.02	52.20	38.81	39.90	37.35	40.70
Mauritius	26.85	24.38	25.23	21.43	18.09	16.78	17.07	17.82	17.90
Mexico	19.09	19.37	19.40	18.31	17.16	18.77	19.71	20.57	20.53
Mongolia	42.09	58.15	55.90	53.28	35.18	26.41	25.74	34.55	42.24
Montenegro	21.77	19.33	20.59	19.61	20.22	20.10	26.10	30.22	33.90
Morocco	29.81	28.88	27.33	28.79	26.21	26.16	27.82	28.39	29.24
Mozambique	18.30	25.67	47.38	54.47	55.36	45.33	38.12	39.24	49.18
Myanmar	20.14	26.44	30.13	31.47	32.06	33.55	35.55	35.31	37.17
Namibia	22.87	18.91	25.62	21.24	34.85	32.19	23.72	17.62	16.63
Nepal	38.27	37.99	34.50	37.32	41.17	39.06	33.88	45.74	51.76
Netherlands	15.46	15.66	16.00	17.42	17.39	21.65	21.26	21.86	21.65
New Zealand	15.72	15.92	19.80	21.37	22.56	23.31	24.11	23.99	23.94
Nicaragua	24.84	30.98	31.01	30.91	28.88	32.70	30.71	28.99	25.79
Niger	49.52	43.88	39.50	40.18	39.24	42.43	38.35	39.95	40.22
Nigeria	17.29	16.21	14.91	14.90	15.80	15.49	15.37	15.47	13.70
Norway	20.77	21.92	22.12	23.17	22.60	21.20	21.44	20.76	20.78
Oman	26.13	24.49	24.39	26.60	20.31	30.17	29.34	31.35	31.50
Pakistan	15.81	14.12	15.08	14.96	14.64	15.71	15.69	16.09	16.42
Palau	24.67	28.43	26.15	22.28	28.34	24.19	26.41	28.46	28.80
Panama	35.62	41.27	42.29	42.67	43.31	42.67	42.78	41.79	42.73
Paraguay	24.06	25.91	20.24	21.28	21.75	18.99	19.44	20.26	20.94
Peru	24.29	25.52	25.34	25.69	24.46	22.21	20.34	18.77	19.92
Philippines	18.04	20.49	17.88	20.11	21.18	21.84	24.02	24.77	26.02
Poland	14.29	17.18	17.47	15.47	17.18	18.04	17.38	17.93	18.94
Portugal	12.78	12.46	12.99	12.75	14.71	14.54	14.63	16.33	17.68
Republic of Moldova	23.60	24.05	24.20	24.94	26.22	23.60	21.98	22.78	21.92
Romania	21.47	25.18	25.49	24.30	24.71	24.97	21.43	19.76	19.76
Russian Federation	17.30	25.76	24.63	21.68	22.16	18.75	19.96	22.71	25.87
Rwanda	22.96	23.45	25.79	26.52	25.30	26.46	25.88	23.84	24.35
Saint Kitts and Nevis					23.81	24.53	30.00	30.00	30.00
Saint Lucia					17.39	18.33	20.69	21.66	22.55
Saint Vincent and the Grenadines					25.00	25.33	26.08	26.86	16.93
San Marino	19.61	15.46	18.64	19.62	16.10	12.09	15.77	19.12	19.80
Sao Tome and Principe	55.89	44.65	35.60	28.24	25.16	32.27	27.53	26.88	21.21
Saudi Arabia	30.93	26.97	26.54	26.47	28.75	35.13	30.93	28.86	25.88
Senegal	19.09	20.19	24.97	24.74	25.93	26.09	25.31	27.55	26.26
Serbia	13.47	13.49	13.49	11.89	11.53	15.57	16.71	20.52	23.72
Seychelles	36.62	35.41	38.11	38.46	37.69	33.79	30.22	28.95	26.45
Sierra Leone	31.09	41.93	27.86	12.73	13.14	13.81	12.27	18.78	17.47
Singapore	34.77	35.58	37.61	36.95	35.46	30.15	31.31	34.11	30.79
Slovakia	17.95	21.50	17.75	19.43	19.63	21.64	20.24	21.29	22.40
Slovenia	17.45	17.43	16.70	18.08	17.33	18.46	18.45	20.71	21.70
Solomon Islands	45.51	31.48	17.91	22.01	14.85	17.50	19.11	17.29	17.04
South Africa	15.77	15.98	15.79	17.01	16.39	16.76	15.37	15.06	14.25
South Sudan		5.49	10.73	12.84	20.59	14.58	18.08	8.98	5.85
Spain	15.09	14.50	16.73	16.43	17.59	17.96	17.57	18.50	19.24
Sri Lanka	30.35	33.36	39.06	33.25	32.31	31.18	34.98	36.45	36.70
Suriname	-2.89	-2.79	-5.49	-8.55	-10.05	-9.77	-6.94	-6.96	-6.65
Sweden	23.45	23.75	22.12	21.85	22.62	23.94	25.21	26.78	26.79
Switzerland	24.21	27.42	24.88	22.24	22.90	23.74	23.38	24.39	24.21
Syrian Arab Republic	26.69
Türkiye	24.51	28.52	25.84	26.81	26.91	24.90	24.93	25.93	23.52
Taiwan	19.64	19.32	18.12	18.87	18.91	19.22	18.71	18.31	19.42
Tajikistan	17.71	21.31	17.93	15.32	15.77	17.82	20.61	23.55	19.51
Thailand	23.93	26.80	27.37	27.75	23.51	22.90	20.26	22.11	24.81
Timor-Leste	11.96	14.56	11.40	11.40	16.45	19.07	26.24	16.77	29.82
Togo	21.58	25.72	23.31	29.58	27.92	32.22	26.54	27.73	28.17
Tunisia	24.37	19.74	18.46	16.18	18.31	14.75	12.41	14.20	15.97
Uganda	26.73	28.68	28.32	27.54	25.66	25.40	24.17	25.14	26.52
Ukraine	18.15	19.28	17.22	13.66	10.37	15.52	19.76	18.79	21.25
United Arab Emirates	27.08	23.36	22.02	19.80	21.79	25.76	27.14	21.59	22.65
United Kingdom	8.56	9.84	9.93	12.30	12.66	13.28	14.47	15.34	15.76
United Republic of Tanzania	27.30	33.24	34.85	37.47	37.65	32.76	32.17	34.02	34.59
United States of America	9.49	11.21	13.92	16.40	17.36	17.88	16.37	16.57	16.41
Uruguay	16.98	18.65	20.30	18.73	16.84	15.58	13.78	11.76	11.68
Uzbekistan	25.49	26.39	31.08	30.30	30.14	26.85	25.34	31.85	41.02
Vanuatu	34.66	27.50	23.05	25.92	26.43	33.68	25.57	27.86	30.51
Venezuela (Bolivarian Rep. of)	21.97	23.07	26.60	27.27	24.81	30.87	0.10	-3.74	7.06
Vietnam	35.69	29.75	27.24	26.68	26.83	27.58	26.58	26.58	26.57
Yemen	11.66	5.50	8.70	8.11	7.83	1.64	1.40	2.08	5.09
Zambia	29.88	33.64	31.76	34.04	34.04	42.79	38.21	41.00	42.16
Zimbabwe	18.76	17.40	9.86	9.21	9.64	10.13	12.05	12.46	6.80

[/vc_column_text][vc_column_text]Source: World Economic Outlook Database, April 2019[/vc_column_text][/vc_column][/vc_row]

---