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

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.

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

Source: World Economic Outlook Database, April 2019

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