## fmstatapp

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---

### Overview and scope
- Appendix comprises four sections: “Data and Conventions”; “Fiscal Policy Assumptions”; “Definition and Coverage of Fiscal Data”; and Statistical tables A1 to A27. Data in the tables have been compiled on the basis of information available through April 6, 2017.
- Country-specific data and projections for key fiscal variables are based on the April 2017 World Economic Outlook database, unless indicated otherwise, and compiled by the IMF staff.
- Composite data for country groups are weighted averages of individual-country data, weighted by annual nominal GDP converted to U.S. dollars at average market exchange rates as a share of the group GDP.
- For the purpose of data reporting in the Fiscal Monitor, the Group of 20 (G20) member aggregate refers to the 19 country members and does not include the European Union.

### Data and conventions
- Country classification and group sizes:
  - 35 advanced economies
  - 40 emerging market and middle-income economies
  - 40 low-income developing countries
- Major advanced economies (G7): Canada, France, Germany, Italy, Japan, United Kingdom, United States.
- Low-income developing countries defined by PRGT 2013 eligibility review and the PRGT income graduation threshold of $2,390 in 2011 (Atlas method). Zimbabwe is included.
- Most fiscal data refer to the general government for advanced economies; for emerging and developing economies data often refer to the central government or budgetary central government only.
- All fiscal data refer to calendar years except for specified fiscal-year countries (e.g., Bangladesh, India, Pakistan, Thailand, etc.).
- Fiscal accounting conventions: many countries follow GFSM 2001; overall fiscal balance refers to net lending (+) and borrowing (–).

### Selected country-specific definitions, adjustments, and notable figures (examples)
- Argentina:
  - Total expenditure and the overall balance account for cash interest only.
  - Primary balance excludes profit transfers from the central bank of Argentina.
- Brazil:
  - General government data refer to the nonfinancial public sector and are consolidated with those for the sovereign wealth fund; revenue and expenditures of federal public enterprises are added in full.
  - National definition of nonfinancial public sector gross debt excludes government securities held by the central bank except those used for monetary policy purposes.
  - According to this national definition, gross debt amounted to 69.9 percent of GDP at the end of 2016.
- China:
  - Public debt data include central government debt as reported by the Ministry of Finance, explicit local government debt, and shares—less than 19 percent, according to the National Audit Office estimate—of contingent liabilities.
  - IMF staff estimates exclude central government debt issued for the China Railway Corporation.
- Ireland:
  - Fiscal balance estimates excluding financial sector support and other one-off measures are:
    - –10.9 percent of GDP for 2010
    - –8.5 percent of GDP for 2011
    - –7.8 percent of GDP for 2012
    - –5.7 percent of GDP for 2013
    - –3.7 percent of GDP for 2014
    - –1.0 percent of GDP for 2015
- United States:
  - Cyclically adjusted balances exclude financial sector support estimated at:
    - 2.4 percent of potential GDP for 2009
    - 0.3 percent of potential GDP for 2010
    - 0.2 percent of potential GDP for 2011
    - 0.1 percent of potential GDP for 2012
    - 0.0 percent of potential GDP for 2013
  - For cross-country comparability, U.S. expenditure and fiscal balances are adjusted to exclude imputed interest on unfunded pension liabilities and imputed compensation of employees counted as expenditure under the 2008 SNA.

### Fiscal policy assumptions
- Historical data and projections align with the April 2017 World Economic Outlook unless noted otherwise.
- Short-term assumptions: based on officially announced budgets, adjusted for differences between national authorities and IMF staff regarding macroeconomic assumptions and projected fiscal outturns.
- Medium-term projections:
  - Incorporate policy measures judged likely to be implemented.
  - When insufficient information exists, an unchanged structural primary balance is assumed unless indicated otherwise.
- Country examples of projection bases:
  - Argentina: based on available budget outturns and announced measures and IMF staff macro projections.
  - China: projections assume a gradual pace of fiscal consolidation reflecting Third Plenum reform agenda measures.
  - Japan: projections include announced fiscal stimulus for 2017 and the consumption tax hike in October 2019.
  - United States: projections based on the January 2017 CBO baseline adjusted for IMF staff policy and macro assumptions; projections assume corporate and personal income tax cuts during 2017–19, cumulatively worth about 1.8 percent of 2017’s GDP.

### Debt valuation conventions and coverage codes
- Debt valuation definitions:
  - Nominal = debt securities are valued at their nominal values.
  - Face = undiscounted amount of principal to be repaid at (or before) maturity.
  - Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles equivalent to market valuation; all other debt instruments are valued at nominal prices.
- Coverage codes:
  - BCG = budgetary central government; CG = central government; GG = general government; LG = local governments; MPC = monetary public corporations; NFPC = nonfinancial public corporations; NFPS = nonfinancial public sector; NMPC = nonmonetary financial public corporations; PS = public sector; SG = state governments; SS = social security funds.
- Accounting practice codes: C = cash; NC = noncash.

### Coverage, accounting practice, and valuation examples (Advanced economies; selected)
- Australia: Overall Fiscal Balance coverage = GG; CG, SG, LG, TG; Accounting Practice = NC. Gross Debt valuation = Nominal.
- Austria: Overall Fiscal Balance coverage = GG; CG, SG, LG, SS; Accounting Practice = NC. Gross Debt valuation = Face.
- Germany: GG; CG, SG, LG, SS; NC; Gross Debt valuation = Face.
- Japan: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
- Korea: Overall Fiscal Balance coverage = CG; CG; Accounting Practice = C. Gross Debt coverage = GG; CG, LG. Valuation = Nominal.
- New Zealand: Overall Fiscal Balance coverage = CG; CG; Accounting Practice = NC. Gross Debt valuation = Current market.
- United States: GG; CG, SG, LG; NC; Gross Debt valuation = Nominal.
- Table B note: CG = central government; GG = general government; LG = local governments; NFPC = nonfinancial public corporations; PS = public sector; SG = state governments; SS = social security funds; TG = territorial governments. Accounting practice: C = cash; NC = noncash.

### Aggregate fiscal time series highlights (Advanced economies; selected)
- General government overall balance (Average, 2008–2022), Percent of GDP:
  - 2008: –3.5
  - 2009: –8.7
  - 2010: –7.6
  - 2011: –6.2
  - 2012: –5.4
  - 2013: –3.6
  - 2014: –3.1
  - 2015: –2.6
  - 2016: –2.9
  - 2017: –2.7
  - 2018: –2.7
  - 2019: –2.8
  - 2020: –2.7
  - 2021: –2.7
  - 2022: –2.7
- G7 overall balance (2008–2022), Percent of GDP (selected years):
  - 2008: –4.5; 2009: –9.8; 2016: –3.5; 2017: –3.3; 2022: –3.5
- General government primary balance (Average, 2008–2022), Percent of GDP:
  - 2008: –1.9
  - 2009: –7.1
  - 2010: –5.9
  - 2013: –2.0
  - 2016: –1.4
  - 2022: –0.7
- General government gross debt (Average, 2008–2022), Percent of GDP:
  - 2008: 79.2
  - 2009: 92.6
  - 2012: 103.5
  - 2015: 106.3
  - 2017: 105.6
  - 2022: 105.6
- Country examples (Gross debt, Percent of GDP):
  - United States series (2008–2022 highlights): 173.6 (2008), 86.9 (2009), 95.7 (2010), 99.9 (2011), 103.4 (2012), 105.4 (2013), 105.2 (2014), 105.6 (2015), 107.4 (2016), 108.3 (2017), 108.9 (2018), 110.6 (2019), 112.7 (2020), 115.1 (2021), 117.4 (2022).
  - Japan series (2008–2022 highlights): 191.3 (2008), 208.6 (2009), 215.9 (2010), 230.6 (2011), 236.6 (2012), 240.5 (2013), 242.1 (2014), 238.0 (2015), 239.2 (2016), 239.2 (2017), 239.4 (2018), 237.7 (2019), 236.1 (2020), 234.4 (2021), 232.4 (2022).

### Emerging Market and Middle-Income economies: key aggregates (selected)
- General Government Revenue (Average, 2008–2022), Percent of GDP:
  - 2008: 29.5
  - 2009: 26.8
  - 2010: 27.5
  - 2016: 26.8
  - 2017: 26.6
  - 2022: 26.3
- Regional revenue examples (Asia, Europe, Latin America, MENAP, G20 Emerging) include:
  - Asia 2017: 25.8; Europe 2017: 33.3; Latin America 2017: 27.3; MENAP 2017: 23.2; G20 Emerging 2017: 26.8.
- General Government Expenditure (Average, 2008–2022), Percent of GDP:
  - 2008: 28.7
  - 2009: 30.5
  - 2016: 31.7
  - 2017: 31.6
  - 2022: 29.3
- General Government Gross Debt (Average, 2008–2022), Percent of GDP:
  - 2008: 33.6
  - 2009: 39.0
  - 2015: 44.5
  - 2016: 48.4
  - 2017: 47.4
  - 2022: 51.5
- Country examples (Gross debt, Percent of GDP):
  - Brazil: 2008 61.9; 2015 72.5; 2016 78.3; 2017 81.2; 2022 87.8.
  - China: 2008 27.0; 2016 46.2; 2017 49.3; 2022 58.9.

### Low-income developing countries: selected aggregates and dynamics
- General Government Overall Balance (Average, 2008–2022), Percent of GDP:
  - 2008: 1.1
  - 2009: –4.1
  - 2010: –2.8
  - 2016: –4.4
  - 2017: –4.4
  - 2022: –3.2
- General Government Revenue (Average, 2008–2022), Percent of GDP:
  - 2008: 20.7
  - 2009: 16.5
  - 2016: 15.3
  - 2017: 15.9
  - 2022: 16.0
- General Government Expenditure (Average, 2008–2022), Percent of GDP:
  - 2008: 19.7
  - 2009: 20.6
  - 2016: 19.7
  - 2017: 20.3
  - 2022: 19.2
- General Government Gross Debt (Average, 2008–2022), Percent of GDP:
  - 2008: 29.8
  - 2015: 36.1
  - 2016: 40.4
  - 2017: 41.9
  - 2022: 39.7
- Country highlights and extremes:
  - Mozambique: gross debt entries include 41.9 (2009), 115.2 (2015), 106.9 (2016), projected 79.0 (2022).
  - Vietnam: gross debt 39.4 (2008) and 67.2 (2022).
  - Yemen: net debt and debt dynamics reflect conflict and projection caveats.

### Gross financing needs and structural fiscal indicators (selected)
- Selected Advanced Economies: Gross Financing Needs, averages:
  - 2017 — Maturing Debt 13.8; Budget Deficit 2.9; Total Financing Need 16.6
  - 2018 — Maturing Debt 15.2; Budget Deficit 2.8; Total Financing Need 18.0
  - 2019 — Maturing Debt 13.6; Budget Deficit 2.9; Total Financing Need 16.5
- Selected country entries (2017 Total Financing Need, Percent of GDP examples):
  - Japan: 40.8 (2017)
  - United States: 19.3 (2017)
  - United Kingdom: 9.2 (2017)
  - Italy: 16.5 (2017)
- Emerging Market and Middle-Income economies: Gross Financing Needs (averages):
  - 2017 — Maturing Debt 6.0; Budget Deficit 4.7; Total Financing Need 10.7
  - 2018 — Maturing Debt 6.7; Budget Deficit 4.1; Total Financing Need 10.8
- Selected emerging-market entries (Total Financing Need, Percent of GDP):
  - Brazil — 17.4 (2017); 20.5 (2018)
  - India — 10.5 (2017); 10.0 (2018)
  - Pakistan — 32.0 (2017); 29.7 (2018)

- Structural fiscal indicators (Table A25, Advanced economies; averages):
  - Pension Spending Change, 2015–30: 0.9 (Percent of GDP)
  - Net Present Value of Pension Spending Change, 2015–50: 22.7
  - Health Care Spending Change, 2015–30: 2.6
  - Net Present Value of Health Care Spending Change, 2015–50: 82.3
  - Gross Financing Need, 2017: 16.7
  - Average Term to Maturity, 2017 (Years): 6.9
  - Debt to Average Maturity, 2017: 16.4
  - Projected Interest Rate–Growth Differential, 2017–22 (Percent): –1.0
  - Precrisis Overall Balance, 2000–07: –2.2
  - Projected Overall Balance, 2017–22: –2.7
  - Nonresident Holding of General Government Debt, 2016 (Percent of total): 37.4
- Selected country examples (Advanced; exact entries):
  - Japan — Pension Spending Change –0.7; Net Present Value of Pension Spending Change –7.7; Gross Financing Need 40.8; Debt to Average Maturity 31.7; Nonresident Holding 10.1
  - United States — Pension Spending Change 1.5; Net Present Value of Pension Spending Change 35.6; Health Care Spending Change 3.9; Gross Financing Need 19.3; Average Term to Maturity 5.8; Debt to Average Maturity 18.4; Nonresident Holding 31.5

- Structural fiscal indicators (Table A26, Emerging/Middle-Income; averages):
  - Pension Spending Change, 2015–30: 1.7
  - Net Present Value of Pension Spending Change, 2015–50: 56.1
  - Health Care Spending Change, 2015–30: 1.1
  - Net Present Value of Health Care Spending Change, 2015–50: 40.4
  - Gross Financing Need, 2017: 11.0
  - Average Term to Maturity, 2017 (Years): 7.0
  - Projected Interest Rate–Growth Differential, 2017–22 (Percent): –4.1
  - Nonresident Holding of General Government Debt, 2016 (Percent of total): 25.0
- Selected country examples (Emerging; exact entries):
  - Brazil — Pension Spending Change 3.4; Net Present Value 135.9; Health Care Spending Change 1.7; Net Present Value 61.8; Gross Financing Need 17.4; Average Term 6.8; Debt to Average Maturity 11.5; Nonresident Holding 8.7
  - India — Gross Financing Need 10.5; Average Term to Maturity 9.7; Debt to Average Maturity 7.2; Projected Interest Rate–Growth Differential –4.1

- Structural fiscal indicators (Table A27, Low-Income developing; averages and examples):
  - Average Pension Spending Change, 2015–30: 0.4
  - Net Present Value of Pension Spending Change, 2015–50: 17.7
  - Health Care Spending Change, 2015–30: 0.5
  - Net Present Value of Health Care Spending Change, 2015–50: 18.8
  - Average Term to Maturity, 2017 (Years): 2.0
  - Projected Interest Rate–Growth Differential, 2017–22 (Percent): –7.5
  - Projected Overall Balance, 2017–22: –3.6
  - Nonresident Holding of General Government Debt, 2016 (Percent of total): 0.0
  - Selected exact entries:
    - Bangladesh — Pension Spending Change 0.4; Net Present Value 17.9; Health Care Spending Change 0.4; Net Present Value 15.5; Average Term to Maturity 4.9; Debt to Average Maturity 6.8; Projected Interest Rate–Growth Differential –5.3
    - Mongolia — Pension Spending Change 6.1; Net Present Value 218.4; Health Care Spending Change 1.4; Net Present Value 51.0; Projected Overall Balance –0.8

### Tables purpose, methodological notes, and use
- Purpose: Tables A1–A27 provide consistent, comparable time series across 2008–2022 for overall balances, primary balances, cyclically adjusted balances, revenue, expenditure, gross and net debt, gross financing needs, and structural fiscal indicators for country samples and aggregates.
- Methodological notes:
  - Primary balance = overall balance excluding net interest payments.
  - Cyclically adjusted values are percent of potential GDP.
  - Cyclically adjusted primary balance = cyclically adjusted balance plus net interest payable/paid (interest expense minus interest revenue) following the World Economic Outlook convention.
  - Where GFSM 2001 or ESA 2010 adoption affects series, historical reporting notes apply and country-specific adjustments are documented.
- Use for policy analysis:
  - Track headline and structural fiscal positions (overall vs. primary balances).
  - Evaluate cyclicality using cyclically adjusted measures when designing fiscal consolidation or stimulus policies.
  - Assess gross financing needs and debt structure metrics (average term to maturity, debt-to-maturity ratios, nonresident holdings) for rollover and market risk analysis.

*Source: fmstatapp (IMF staff estimates and projections; data and methodological notes as presented in fmstatapp).*

### Section 1

### fmstatapp - Section 1

### Overview
- Appendix comprises four sections: “Data and Conventions”; “Fiscal Policy Assumptions”; “Definition and Coverage of Fiscal Data”; and Statistical tables A1 to A27. Data in the tables have been compiled on the basis of information available through April 6, 2017.
- Country-specific data and projections for key fiscal variables are based on the April 2017 World Economic Outlook database, unless indicated otherwise, and compiled by the IMF staff.
- Historical data and projections are based on information gathered by IMF country desk officers; structural breaks in data may be adjusted through splicing and other techniques. IMF staff estimates serve as proxies when complete information is unavailable.
- Composite data for country groups are weighted averages of individual-country data, weighted by annual nominal GDP converted to U.S. dollars at average market exchange rates as a share of the group GDP.
- For the purpose of data reporting in the Fiscal Monitor, the Group of 20 (G20) member aggregate refers to the 19 country members and does not include the European Union.

### Data and Conventions
- Country classification:
  - 35 advanced economies
  - 40 emerging market and middle-income economies
  - 40 low-income developing countries
- Major advanced economies (G7): Canada, France, Germany, Italy, Japan, United Kingdom, United States.
- Euro area composites cover current members for all years.
- Low-income developing countries defined as those designated eligible for the Poverty Reduction and Growth Trust (PRGT) in the 2013 PRGT eligibility review and whose per capita gross national income was less than the PRGT income graduation threshold for “non-small” states—that is, twice the operational threshold of the International Development Association, or $2,390 in 2011, as measured by the World Bank’s Atlas method. Zimbabwe is included in the group.
- Most fiscal data refer to the general government for advanced economies; for emerging market and developing economies, data often refer to the central government or budgetary central government only.
- All fiscal data refer to calendar years, except for the following countries where data refer to the fiscal year: Bangladesh, Egypt, Ethiopia, Haiti, Hong Kong Special Administrative Region, India, the Islamic Republic of Iran, the Lao People’s Democratic Republic, Myanmar, Nepal, Pakistan, Singapore, Thailand.
- In many countries, fiscal data follow the IMF’s 2001 Government Finance Statistics Manual (GFSM 2001). The overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In some cases, the overall balance refers to total revenue and grants minus total expenditure and net lending.
- As used in the Fiscal Monitor, the term “country” can cover some territorial entities that are not states but whose statistical data are maintained on a separate and independent basis.

### Selected country-specific definitions, adjustments, and notable figures
- Argentina:
  - Total expenditure and the overall balance account for cash interest only.
  - Primary balance excludes profit transfers from the central bank of Argentina.
  - Before 2016, interest expenditure is net of interest income from the social security fund.
- Australia, Canada, Hong Kong SAR, United States:
  - For cross-country comparability, gross and net debt levels reported by national statistical agencies for countries that have adopted the 2008 System of National Accounts (2008 SNA) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.
- Bangladesh:
  - Data are on a fiscal year basis.
- Brazil:
  - General government data refer to the nonfinancial public sector and are consolidated with those for the sovereign wealth fund; revenue and expenditures of federal public enterprises are added in full.
  - Gross public debt includes the Treasury bills on the central bank’s balance sheet, including those not used under repurchase agreements.
  - Net public debt consolidates general government and central bank debt.
  - National definition of nonfinancial public sector gross debt excludes government securities held by the central bank except those used for monetary policy purposes.
  - According to this national definition, gross debt amounted to 69.9 percent of GDP at the end of 2016.
- Chile:
  - Cyclically adjusted balances include adjustments for commodity price developments.
- China:
  - Public debt data include central government debt as reported by the Ministry of Finance, explicit local government debt, and shares—less than 19 percent, according to the National Audit Office estimate—of contingent liabilities the government may incur.
  - IMF staff estimates exclude central government debt issued for the China Railway Corporation.
  - Deficit numbers do not include some expenditure items, mostly infrastructure investment financed off budget through land sales and local government financing vehicles.
- Colombia:
  - Gross public debt refers to the combined public sector, including Ecopetrol and excluding Banco de la República’s outstanding external debt.
- Egypt, Haiti, Hong Kong SAR, India, Lao PDR, Pakistan, Singapore, Thailand:
  - Data are on a fiscal year basis.
- Greece:
  - General government gross debt includes short-term debt and debt of state-owned enterprises.
- Ireland:
  - General government balances between 2010 and 2015 reflect the impact of banking sector support and other one-off measures.
  - Fiscal balance estimates excluding these measures are:
    - –10.9 percent of GDP for 2010
    - –8.5 percent of GDP for 2011
    - –7.8 percent of GDP for 2012
    - –5.7 percent of GDP for 2013
    - –3.7 percent of GDP for 2014
    - –1.0 percent of GDP for 2015
  - Cyclically adjusted balances reported in Tables A3 and A4 exclude financial sector support and other one-off measures.
  - Ireland’s 2015 national accounts were revised due to restructuring and relocation of multinational companies, resulting in a level shift of nominal and real GDP.
- Japan:
  - Gross debt is equal to total unconsolidated financial liabilities for the general government. Net debt is calculated by subtracting financial assets from financial liabilities for the general government.
- Latvia:
  - Fiscal deficit includes bank restructuring costs and thus is higher than the deficit in official statistics.
- Libya:
  - Reliability of Libya’s data, especially medium-term projections, is low due to civil war and weak capacities.
- Madagascar:
  - Using latest available data on budget and project grants has led to an upward revision of total central government revenue. From 2016, total revenue plus grants exceeds 14.5 percent of GDP over the forecast horizon.
- Mexico:
  - “General government” refers to the central government, social security, public enterprises, development banks, the national insurance corporation, and the National Infrastructure Fund, but excludes subnational governments.
- Nigeria:
  - Using the latest available data on interest payments, the general government overall balance would increase to 4.7 percent of GDP in 2016.
- Norway:
  - Cyclically adjusted balances correspond to the cyclically adjusted non-oil overall or primary balance. These variables are in percent of non-oil potential GDP.
- Peru:
  - Cyclically adjusted balances include adjustments for commodity price developments.
- Singapore:
  - Historical fiscal data revised to reflect migration to GFSM 2001.
- Spain:
  - Overall and primary balances include financial sector support measures estimated to be:
    - –0.1 percent of GDP for 2010
    - 0.3 percent of GDP for 2011
    - 3.7 percent of GDP for 2012
    - 0.3 percent of GDP for 2013
    - 0.1 percent of GDP for 2014
    - 0.0 percent of GDP for 2015
    - 0.2 percent of GDP for 2016
- Sweden:
  - Cyclically adjusted balances take into account output and employment gaps.
- Switzerland:
  - Cantonal and commune-level data are received with long and variable lag and are subject to sizable revisions. Cyclically adjusted balances include adjustments for extraordinary operations related to the banking sector.
- Turkey:
  - Information on general government balance, primary balance, and cyclically adjusted primary balance differs from authorities’ official statistics or country reports, which include net lending and privatization receipts.
- United States:
  - Cyclically adjusted balances exclude financial sector support estimated at:
    - 2.4 percent of potential GDP for 2009
    - 0.3 percent of potential GDP for 2010
    - 0.2 percent of potential GDP for 2011
    - 0.1 percent of potential GDP for 2012
    - 0.0 percent of potential GDP for 2013
  - For cross-country comparability, U.S. expenditure and fiscal balances are adjusted to exclude imputed interest on unfunded pension liabilities and imputed compensation of employees counted as expenditure under the 2008 SNA.
- Uruguay:
  - Data are for the consolidated public sector, which includes the nonfinancial public sector, local governments, Banco Central del Uruguay, and Banco de Seguros del Estado. Public debt includes the debt of the central bank.
- Venezuela:
  - Fiscal accounts for 2010–22 correspond to the budgetary central government and Petróleos de Venezuela S.A. (PDVSA). Fiscal accounts before 2010 correspond to the budgetary central government, public enterprises (including PDVSA), Instituto Venezolano de los Seguros Sociales (IVSS), and Fondo de Garantía de Depósitos y Protección Bancaria (FOGADE).

### Fiscal Policy Assumptions
- Historical data and projections of key fiscal aggregates are in line with those of the April 2017 World Economic Outlook, unless noted otherwise.
- Short-term fiscal policy assumptions:
  - Based on officially announced budgets, adjusted for differences between national authorities and IMF staff regarding macroeconomic assumptions and projected fiscal outturns.
- Medium-term fiscal projections:
  - Incorporate policy measures judged likely to be implemented.
  - When IMF staff has insufficient information to assess authorities’ budget intentions and prospects for policy implementation, an unchanged structural primary balance is assumed, unless indicated otherwise.
- Country examples of projection bases (selected):
  - Argentina: Based on available information regarding budget outturn and budget plans for federal and provincial governments, fiscal measures announced by authorities, and IMF staff macroeconomic projections.
  - Australia: Based on Australian Bureau of Statistics data, the Fiscal Year 2016–17 budget, the 2016–17 Mid-year Economic and Fiscal Outlook, and IMF staff estimates.
  - Brazil: Projections for the end of 2017 take into account budget performance through December 31, 2016, and the deficit target approved in the budget law.
  - Canada: Projections use baseline forecasts in the Fall Economic Statement 2016 and provincial budget updates as available, adjusted for IMF staff macroeconomic projections.
  - Chile: Based on authorities’ budget projections, adjusted for IMF staff projections for GDP and copper prices.
  - China: Projections assume a gradual pace of fiscal consolidation reflecting reforms to strengthen social safety nets and the social security system announced as part of the Third Plenum reform agenda.
  - Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, and others: Projections based on authorities’ budgets, medium-term fiscal plans, Convergence Programmes, or equivalent official documents, adjusted where appropriate for IMF staff macroeconomic assumptions.

*Source: fmstatapp - Section 1 (fmstatapp - Section 1).*

### Section 2

### fmstatapp - Section 2

### Country-specific fiscal projection assumptions and data caveats
- General note: The estimate of gross debt includes portfolios of impaired assets and noncore business transferred to institutions that are winding up, as well as other financial sector and EU support operations.
- Greece:
  - Projections reflect IMF staff’s assessment assuming full implementation of the authorities’ fiscal policy package under the European Stability Mechanism–supported program.
  - Primary balance estimates for 2016 are based on preliminary data provided by the Ministry of Finance as of February 15 and are subject to change once data on an accrual basis (ESA 2010) become available on April 21.
  - Medium-term fiscal projections reflect the IMF staff’s assessment based on currently legislated fiscal policies.
- Hong Kong Special Administrative Region:
  - Projections based on the authorities’ medium-term fiscal projections on expenditure.
- Hungary:
  - Fiscal projections include IMF staff projections of the macroeconomic framework and of the impact of recent legislative measures, as well as fiscal policy plans announced in the 2017 budget.
- India:
  - Historical data are based on budgetary execution data.
  - Projections are based on available information on the authorities’ fiscal plans, with adjustments for IMF staff assumptions.
  - Subnational data are incorporated with a lag of up to two years; general government data are thus finalized well after central government data.
  - IMF and Indian presentations differ, particularly regarding divestment and license auction proceeds, net versus gross recording of revenues in certain minor categories, and some public sector lending.
- Indonesia:
  - IMF projections are based on moderate tax policy and administration reforms, fuel subsidy pricing reforms introduced in January 2015, and a gradual increase in social and capital spending over the medium term in line with fiscal space.
- Ireland:
  - Fiscal projections are based on the country’s Budget 2017.
- Israel:
  - Historical data based on Government Finance Statistics data submitted by the Central Bureau of Statistics.
  - Projections for 2017 and 2018 based on the 2017–18 budget, with some allowance for revenue overperformance.
  - In the absence of measures to reduce the fiscal deficit, the central government deficit is assumed to be constant at the current ceiling level of 2.9 percent of GDP in subsequent years.
- Italy:
  - IMF staff estimates and projections based on the fiscal plans included in the government’s 2017 budget and September 2016 Economic and Financial Document.
- Japan:
  - Projections include fiscal measures already announced by the government, including the fiscal stimulus package for 2017 and the consumption tax hike in October 2019.
- Kazakhstan:
  - Fiscal projections based on the Budget Code and IMF staff projections.
- Korea:
  - Medium-term forecast incorporates the government’s announced medium-term consolidation path.
- Libya:
  - Reliability of data, especially medium-term projections, is low due to civil war and weak capacities.
- Malaysia:
  - Projections based on the Fiscal Budget Economic Report, October 2016.
- Malta:
  - Projections based on the authorities’ latest Stability Programme Update and budget documents, adjusted for the IMF staff’s macroeconomic and other assumptions.
- Mexico:
  - Fiscal projections for 2017 broadly in line with the approved budget; projections for 2018 onward assume compliance with rules established in the Fiscal Responsibility Law.
- Moldova:
  - Fiscal projections based on various bases and growth rates for GDP, consumption, imports, wages, and energy prices and on demographic changes.
- Myanmar:
  - Fiscal projections based on budget numbers, discussions with the authorities, and IMF staff adjustments.
- Netherlands:
  - Fiscal projections for 2016–22 based on the authorities’ Bureau for Economic Policy Analysis budget projections, after differences in macroeconomic assumptions are adjusted for.
  - Historical data revised following the June 2014 Central Bureau of Statistics release due to the adoption of ESA 2010 and revisions of data sources.
- New Zealand:
  - Fiscal projections based on the authorities’ 2016–17 budget and on IMF staff estimates.
- Norway:
  - Fiscal projections based on the authorities’ 2017 budget.
- Philippines:
  - Projections assume the authorities’ fiscal deficit target will be achieved in 2016 and beyond.
  - Revenue projections reflect IMF staff macroeconomic assumptions and anticipated improvements in tax administration.
  - Expenditure projections based on budgeted figures, institutional arrangements, current data, and fiscal space in each year.
- Poland:
  - Data on an ESA 2010 basis beginning in 2010; data before 2010 on ESA 95.
  - Projections based on the 2016 budget and take into account the effects of the 2014 pension changes.
- Portugal:
  - Estimates for 2016 reflect the cash outturn and January–September execution data on a national accounts basis.
  - Projections for 2017 based on the authorities’ approved budget, adjusted to reflect the IMF staff’s macroeconomic forecast.
  - Projections thereafter based on the assumption of unchanged policies.
- Romania:
  - Fiscal projections for 2017 reflect the legislated budget as of February 2017 and the 2015 tax code measures that entered into effect in 2017.
  - Projections for 2018 reflect the full effect of the 2017 budget measures.
  - No additional policy changes assumed beyond 2018.
- Russia:
  - Projections for 2016–19 are IMF staff estimates, based on the authorities’ budget.
  - Projections for 2020–22 based on a proposed oil price rule assumed to be introduced in 2017, with adjustments by the IMF staff.
- Saudi Arabia:
  - IMF staff projections of oil revenues based on World Economic Outlook baseline oil prices.
  - Starting in 2017, wage bill estimates incorporate 13th-month pay that used to be awarded every three years in accordance with the lunar calendar.
  - Expenditure projections take the 2017 budget as a starting point and adjust for the budget surplus fund payment and the IMF staff’s estimates of arrears payments.
- Singapore:
  - For fiscal year 2016/17 and 2017/18, projections based on budget numbers.
  - For the remainder of the projection period, IMF staff assumes unchanged policies.
- Slovak Republic:
  - Projections for 2015 take into account developments in the first three quarters of the year and the authorities’ new projections presented in the budget for 2016.
  - Projections for 2016 consider the authorities’ 2016 budget.
  - Projections for 2017 and beyond reflect a no-policy-change scenario.
- Spain:
  - For 2016, fiscal data are IMF staff projections, reflecting the cash outturn through November.
  - For 2017 and beyond, projections based on measures specified in the updated Draft Budgetary Plan from December 2016 and in the Stability Programme Update 2016–19, and on the IMF staff’s macroeconomic projections.
- Sri Lanka:
  - Projections based on the authorities’ medium-term fiscal framework and the revenue measures proposed.
- Sweden:
  - Fiscal projections take into account the authorities’ projections based on the 2016 Spring Budget.
  - The impact of cyclical developments on the fiscal accounts is calculated using the Organisation for Economic Co-operation and Development’s 2005 elasticity to take into account output and employment gaps.
- Switzerland:
  - Projections assume fiscal policy is adjusted as necessary to keep fiscal balances in line with the requirements of the country’s fiscal rules.
- Thailand:
  - For the projection period, IMF staff assumes an implementation rate of 50 percent for the planned infrastructure investment programs.
- Turkey:
  - Fiscal projections assume both current and capital spending will be in line with the authorities’ 2017–19 Medium-Term Programme based on current trends and policies.
- United Kingdom:
  - Fiscal projections based on the country’s Budget 2017, published in March 2017.
  - Expenditure projections based on budgeted nominal values and revenue projections adjusted for differences between IMF staff forecasts of macroeconomic variables and the forecasts assumed in the authorities’ fiscal projections.
  - IMF staff data exclude public sector banks and the effect of transferring assets from the Royal Mail Pension Plan to the public sector in April 2012.
  - Real government consumption and investment are part of the real GDP path, which, according to the IMF staff, may or may not be the same as projected by the U.K. Office for Budget Responsibility.
- United States:
  - Fiscal projections based on the January 2017 Congressional Budget Office baseline adjusted for the IMF staff’s policy and macroeconomic assumptions.
  - Baseline incorporates key provisions of the Bipartisan Budget Act of 2015, including a partial rollback of the sequester spending cuts in fiscal year 2016.
  - In fiscal years 2017 through 2022, IMF staff assumes the sequester cuts will continue to be partially replaced in proportions similar to those already implemented in fiscal years 2014 and 2015, with back-loaded measures generating savings in mandatory programs and additional revenues.
  - Projections incorporate the Protecting Americans From Tax Hikes Act of 2015.
  - Projections assume corporate and personal income tax cuts during 2017–19, cumulatively worth about 1.8 percent of 2017’s GDP.
  - Projections adjusted for IMF staff forecasts for key macroeconomic and financial variables, different accounting treatment of financial sector support and of defined-benefit pension plans, and converted to a general government basis.
  - Historical data start at 2001 for most series because data compiled according to GFSM 2001 may not be available for earlier years.
- Venezuela:
  - Projection complexities due to lack of discussions with the authorities (last Article IV consultation in 2004), long intervals in receiving data with information gaps, incomplete provision of information, and difficulties interpreting certain reported economic indicators.
  - Fiscal accounts include the budgetary central government and Petróleos de Venezuela, S.A. (PDVSA); fiscal accounts data for 2016–22 are IMF staff estimates.
  - Revenue includes IMF staff’s estimated foreign exchange profits transferred from the central bank to the government and excludes IMF staff’s estimated revenue from PDVSA’s sale of Petrocaribe assets to the central bank.
- Vietnam:
  - Fiscal data for 2015 are the authorities’ estimate. From 2016 onward, fiscal data are based on IMF staff projections.
- Yemen:
  - Hydrocarbon revenue projections based on World Economic Outlook assumptions for oil and gas prices (the authorities use $55 a barrel) and authorities’ projections of production of oil and gas.
  - Nonhydrocarbon revenues largely reflect authorities’ projections, as do most expenditure categories, except fuel subsidies which are projected based on the World Economic Outlook price consistent with revenues.
  - Monetary projections based on key macroeconomic assumptions about the growth rate of broad money, credit to the private sector, and deposit growth.

### Definition and coverage of fiscal data; country groupings
- Table A: Economy Groupings
  - Groupings used in the Fiscal Monitor include:
    - Advanced Economies (G7, G20 1, Advanced)
    - Emerging Market and Middle-Income Economies (Emerging, G20 1)
    - Low-Income Developing Countries
  - Lists of countries assigned to each grouping are provided (examples include Australia, Austria, Belgium, Canada, China, India, Indonesia, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and many others).
  - Note: “Emerging market and developing economies” includes emerging market and middle-income economies as well as low-income developing countries.
  - Footnote 1: Does not include European Union aggregate.
- Continued groupings (Table A cont.): regional and income subgroups such as Euro Area; Emerging Market and Middle-Income Asia, Europe, Latin America, Middle East and North Africa and Pakistan, Africa; Low-Income Developing Asia, Latin America, Sub-Saharan Africa, Others; Low-Income Oil Producers; Oil Producers.

### Coverage, accounting practice, and valuation of fiscal aggregates for advanced economies (Table B)
- General information:
  - The concept of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In some cases, the overall balance refers to total revenue and grants minus total expenditure and net lending.
  - In many countries, fiscal data follow the IMF’s Government Finance Statistics Manual 2001.
  - Definitions of valuation: Nominal = debt securities are valued at their nominal values. Face = undiscounted amount of principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value is not recommended unless nominal and market values are not available.
- For each listed advanced economy, Table B specifies:
  - Coverage for Overall Fiscal Balance (Aggregate; Subsectors)
  - Accounting Practice for Overall Fiscal Balance (C = cash; NC = noncash)
  - Coverage for Cyclically Adjusted Balance (Aggregate; Subsectors)
  - Accounting Practice for Cyclically Adjusted Balance
  - Coverage for Gross Debt (Aggregate; Subsectors)
  - Valuation of Debt (Nominal, Face, Current market)
- Examples (preserve entries exactly as presented):
  - Australia: Overall Fiscal Balance coverage = GG; CG, SG, LG, TG; Accounting Practice = NC. Cyclically Adjusted Balance coverage = GG; CG, SG, LG, TG; Accounting Practice = NC. Gross Debt coverage = GG; CG, SG, LG, TG. Valuation = Nominal.
  - Austria: Overall Fiscal Balance coverage = GG; CG, SG, LG, SS; Accounting Practice = NC. Gross Debt valuation = Face.
  - Belgium: GG; CG, SG, LG, SS; NC; Gross Debt valuation = Face.
  - Canada: GG; CG, SG, LG, SS; NC; Gross Debt valuation = Face.
  - Cyprus: GG; CG, LG, SS; Accounting Practice = C/NC; Gross Debt valuation = Face.
  - Czech Republic: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Denmark: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Estonia: GG; CG, LG, SS; Accounting Practice = C; Gross Debt valuation = Nominal.
  - Finland: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - France: GG; CG, LG, SS; NC; Gross Debt valuation = Face.
  - Germany: GG; CG, SG, LG, SS; NC; Gross Debt valuation = Face.
  - Greece: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Hong Kong SAR: GG; CG; Accounting Practice = C; Gross Debt valuation = Face.
  - Iceland: GG; CG, LG, SS; NC; Gross Debt valuation = Face.
  - Ireland: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Israel: GG; CG, LG, SS; Accounting Practice = Other for Overall Fiscal Balance; Cyclically Adjusted Balance: GG; CG, SS, LG; Other; Gross Debt valuation = Nominal.
  - Italy: GG; CG, LG, SS; NC; Gross Debt valuation = Face.
  - Japan: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Korea: Overall Fiscal Balance coverage = CG; CG; Accounting Practice = C. Cyclically Adjusted Balance coverage = CG; CG; C. Gross Debt coverage = GG; CG, LG. Valuation = Nominal.
  - Latvia: GG; CG, LG, SS, NFPC; Accounting Practice = C; Gross Debt valuation = Nominal.
  - Lithuania: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Luxembourg: GG; CG, LG, SS; NC; Gross Debt valuation = Face.
  - Malta: GG; CG, SS; NC; Gross Debt valuation = Nominal.
  - Netherlands: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - New Zealand: Overall Fiscal Balance coverage = CG; CG; Accounting Practice = NC. Gross Debt coverage = CG; CG; Valuation = Current market.
  - Norway: GG; CG, LG, SS; NC; Gross Debt valuation = Current market.
  - Portugal: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Singapore: GG; CG; Accounting Practice = C; Gross Debt valuation = Nominal.
  - Slovak Republic: GG; CG, LG, SS; NC; Gross Debt valuation = Face.
  - Slovenia: GG; CG, SG, LG, SS; Accounting Practice = C; Gross Debt valuation = Face.
  - Spain: GG; CG, SG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Sweden: GG; CG, LG, SS; NC; Gross Debt valuation = Nominal.
  - Switzerland: GG; CG, SG, LG, SS; NC; Gross Debt valuation = Nominal.
  - United Kingdom: GG; CG, LG; NC; Gross Debt valuation = Nominal.
  - United States: GG; CG, SG, LG; NC; Gross Debt valuation = Nominal.
- Table B note: Coverage abbreviations — CG = central government; GG = general government; LG = local governments; NFPC = nonfinancial public corporations; PS = public sector; SG = state governments; SS = social security funds; TG = territorial governments. Accounting practice: C = cash; NC = noncash.

*International Monetary Fund | April 2017*

### Section 3

### fmstatapp - Section 3

### Debt Valuation Conventions
- "Nominal = debt securities are valued at their nominal values, that is, the nominal value of a debt instrument at any moment in time is the amount that the debtor owes to the creditor."
- "Face = undiscounted amount of principal to be repaid at (or before) maturity. The use of face value as a proxy for nominal value in measuring the gross debt position can result in an inconsistent approach across all instruments and is not recommended, unless nominal and market values are not available."
- "Current market = debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes are valued according to principles that are equivalent to market valuation; and all other debt instruments are valued at nominal prices, which are considered to be the best generally available proxies of their market prices."

### Coverage and Accounting Practice (Definitions and Codes)
- Coverage codes and meanings:
  - BCG = budgetary central government
  - CG = central government
  - GG = general government
  - LG = local governments
  - MPC = monetary public corporations, including central bank
  - NFPC = nonfinancial public corporations
  - NFPS = nonfinancial public sector
  - NMPC = nonmonetary financial public corporations
  - PS = public sector
  - SG = state governments
  - SS = social security funds
- Accounting practice codes:
  - C = cash
  - NC = noncash
- Historical reporting note: "Historical data until 2012 are reported on an accrual basis as general government cash data are not available for years that preceded the IMF program."

### Country Coverage Examples (Emerging Market and Middle-Income Economies)
- Algeria: Overall Fiscal Balance coverage = CG; Cyclically Adjusted Balance coverage = . . . ; Gross Debt coverage = CG; Valuation of Debt = Nominal.
- Brazil: Overall Fiscal Balance coverage = NFPS (aggregate); Subsectors = CG, SG, LG, SS, MPC, NFPC; Accounting Practice = C; Gross Debt aggregate = NFPS; Valuation of Debt = Nominal.
- China: Overall Fiscal Balance coverage = GG; Subsectors = CG, LG; Accounting Practice = C; Gross Debt aggregate = GG; Valuation of Debt = Face.
- Russia: Overall Fiscal Balance coverage = GG; Subsectors = CG, SG, SS; Accounting Practice = C/NC; Gross Debt aggregate = GG; Valuation of Debt = Current market.
- Saudi Arabia: Overall Fiscal Balance coverage = GG; Subsectors = CG; Accounting Practice = C; Gross Debt aggregate = GG; Valuation of Debt = Nominal.
- Thailand: Aggregate reporting = PS; Subsectors = CG, BCG, LG, SS; Accounting Practice = NC; Valuation of Debt = Nominal.
- Venezuela: Aggregate = GG; Subsectors = BCG, NFPC; Accounting Practice = C; Gross Debt aggregate = GG; Valuation of Debt = Nominal.
- Notes for select countries:
  - "3 Gross debt refers to general government public debt, including publicly guaranteed debt." (Belarus annotation)
  - "4 Gross debt refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank." (Brazil annotation)
  - "5 Revenue is recorded on a cash basis and expenditure on an accrual basis." (Colombia annotation)
  - "6 Coverage for South Africa is a proxy for general government. It includes the national and provincial governments and certain public entities, while local governments are only partially covered, through the transfers to them."
  - "7 Data for Thailand do not include the debt of specialized financial institutions (SFIs/NMPC) without government guarantee."
  - "8 Gross debt covers banking system claims only."
  - "9 The fiscal accounts for 2010–22 correspond to the budgetary central government and Petróleos de Venezuela S.A. (PDVSA), whereas the fiscal accounts for years before 2010 correspond to the budgetary central government, public enterprises (including PDVSA), Instituto Venezolano de los Seguros Sociales (IVSS—social security), and Fondo de Garantía de Depósitos y Protección Bancaria (FOGADE—deposit insurance)."

### Country Coverage Examples (Low-Income Developing Countries)
- Bangladesh: Overall Fiscal Balance coverage = CG; Accounting Practice = C; Gross Debt coverage = CG; Valuation of Debt = Nominal.
- Bolivia: Aggregate = NFPS; Subsectors = CG, LG, SS, MPC, NMPC, NFPC; Accounting Practice = C; Gross Debt aggregate = NFPS; Valuation of Debt = Nominal.
- Cambodia: Aggregate = GG; Subsectors = CG, LG; Accounting Practice = NC; Valuation of Debt = Face.
- Ghana: Aggregate = CG; Accounting Practice = C; Gross Debt coverage = CG; Valuation of Debt = Face.
- Mongolia: Aggregate = GG; Subsectors = CG, SG, LG, SS; Accounting Practice = C; Gross Debt aggregate = GG; Valuation of Debt = Face.
- Myanmar: Aggregate = NFPS; Subsectors = CG, NFPC; Accounting Practice = C; Gross Debt aggregate = NFPS; Valuation of Debt = Face.
- Notes for select low-income countries:
  - "3 Lao P.D.R.’s fiscal spending includes capital spending by local governments financed by loans provided by the central bank."
  - "4 Mongolia's listing includes the Human Development Fund."
  - "5 Overall and primary balances in 2012 are based on the monetary statistics and are different from the balances calculated from expenditure and revenue data."
  - "6 Uzbekistan’s listing includes the Fund for Reconstruction and Development."

### Advanced Economies: Selected Fiscal Balance Time Series (General Government Overall Balance, 2008–22)
- Average (2008–2022), general government overall balance (Percent of GDP):
  - 2008: –3.5
  - 2009: –8.7
  - 2010: –7.6
  - 2011: –6.2
  - 2012: –5.4
  - 2013: –3.6
  - 2014: –3.1
  - 2015: –2.6
  - 2016: –2.9
  - 2017: –2.7
  - 2018: –2.7
  - 2019: –2.8
  - 2020: –2.7
  - 2021: –2.7
  - 2022: –2.7
- G7 (2008–2022), general government overall balance (Percent of GDP):
  - 2008: –4.5
  - 2009: –9.8
  - 2010: –8.7
  - 2011: –7.3
  - 2012: –6.3
  - 2013: –4.3
  - 2014: –3.6
  - 2015: –3.0
  - 2016: –3.5
  - 2017: –3.3
  - 2018: –3.3
  - 2019: –3.5
  - 2020: –3.4
  - 2021: –3.5
  - 2022: –3.5
- G20 Advanced (2008–2022), general government overall balance (Percent of GDP):
  - 2008: –4.2
  - 2009: –9.4
  - 2010: –8.3
  - 2011: –6.9
  - 2012: –6.0
  - 2013: –4.0
  - 2014: –3.4
  - 2015: –2.9
  - 2016: –3.3
  - 2017: –3.1
  - 2018: –3.1
  - 2019: –3.2
  - 2020: –3.1
  - 2021: –3.2
  - 2022: –3.2

### Advanced Economies: Selected Fiscal Balance Time Series (General Government Primary Balance, 2008–22)
- Average (2008–2022), general government primary balance (Percent of GDP):
  - 2008: –1.9
  - 2009: –7.1
  - 2010: –5.9
  - 2011: –4.4
  - 2012: –3.6
  - 2013: –2.0
  - 2014: –1.5
  - 2015: –1.1
  - 2016: –1.4
  - 2017: –1.3
  - 2018: –1.2
  - 2019: –1.2
  - 2020: –1.0
  - 2021: –0.9
  - 2022: –0.7
- G7 (2008–2022), general government primary balance (Percent of GDP):
  - 2008: –2.6
  - 2009: –8.0
  - 2010: –6.8
  - 2011: –5.2
  - 2012: –4.3
  - 2013: –2.5
  - 2014: –1.8
  - 2015: –1.4
  - 2016: –1.8
  - 2017: –1.6
  - 2018: –1.6
  - 2019: –1.7
  - 2020: –1.5
  - 2021: –1.4
  - 2022: –1.2
- G20 Advanced (2008–2022), general government primary balance (Percent of GDP):
  - 2008: –2.4
  - 2009: –7.7
  - 2010: –6.5
  - 2011: –5.0
  - 2012: –4.1
  - 2013: –2.4
  - 2014: –1.8
  - 2015: –1.3
  - 2016: –1.7
  - 2017: –1.5
  - 2018: –1.5
  - 2019: –1.5
  - 2020: –1.2
  - 2021: –1.2
  - 2022: –1.0

*Source: IMF staff estimates and projections (from fmstatapp - Section 3).*

### Section 4

### fmstatapp - Section 4

### Table A4. Advanced Economies: General Government Cyclically Adjusted Primary Balance, 2008–22 (Percent of potential GDP)
- Average–4.0–5.8–6.6–5.6–4.4–3.2–2.7–2.4–2.6–2.7–2.8–2.9–2.8–2.9–2.9
- Euro Area–3.4–4.8–5.0–3.9–2.6–1.4–1.3–1.0–1.0–1.1–1.0–0.8–0.6–0.5–0.4
- G7–4.5–6.1–7.5–6.3–5.2–3.8–3.2–2.8–3.0–3.2–3.3–3.6–3.5–3.6–3.5
- G20 Advanced–4.2–5.9–7.1–6.0–4.9–3.6–3.0–2.6–2.9–2.9–3.0–3.3–3.1–3.2–3.2
- United States1,2–6.0–7.7–9.6–8.2–6.4–4.3–3.8–3.4–3.9–4.0–4.6–5.4–5.5–5.8–5.8
- Japan–3.6–6.3–7.5–7.5–7.1–7.1–5.1–3.9–3.9–3.7–3.1–2.6–2.0–1.9–1.8
- United Kingdom1–6.1–8.5–7.4–5.9–6.0–4.2–4.9–4.1–3.0–2.8–2.0–1.0–0.7–0.8–0.8
- Germany–1.3–1.1–3.5–1.5–0.30.00.30.70.60.30.20.40.60.80.8
- France–3.7–5.6–5.7–4.6–3.9–2.9–2.7–2.4–2.3–2.4–2.2–1.8–1.4–1.1–0.7

### Table A5. Advanced Economies: General Government Revenue, 2008–22 (Percent of GDP)
- Average36.435.034.935.535.636.936.936.536.135.935.635.435.635.635.7
- Euro Area44.444.444.344.946.046.746.846.446.346.346.346.246.246.246.2
- G735.634.234.134.834.936.436.536.235.635.635.234.935.135.235.3
- G20 Advanced35.133.833.734.234.435.835.835.635.135.034.734.434.634.734.8
- United States30.628.429.129.429.431.631.531.830.931.030.429.930.230.330.5
- Japan30.129.128.829.830.431.232.733.132.632.632.432.433.133.133.1
- Germany43.444.343.043.844.344.544.744.745.145.145.145.145.345.345.3
- France49.849.649.650.852.052.953.453.553.253.353.153.153.153.153.1
- United Kingdom35.734.435.436.136.036.435.435.836.336.436.736.836.736.536.5

### Table A6. Advanced Economies: General Government Expenditure, 2008–22 (Percent of GDP)
- Average39.943.742.641.741.040.540.139.139.038.638.338.238.338.338.4
- Euro Area46.650.750.549.149.749.749.348.548.047.847.447.046.846.646.4
- G740.144.042.942.141.240.640.139.339.138.938.538.538.638.738.8
- G20 Advanced39.443.242.041.240.439.839.338.538.438.137.837.737.837.937.9
- United States37.341.640.038.937.336.035.635.335.235.134.935.235.636.036.3
- Japan34.238.938.038.938.738.938.036.636.836.535.735.235.335.235.1
- Germany43.647.647.344.744.344.744.444.044.344.544.544.444.344.244.1
- France53.056.856.455.956.857.057.357.056.556.556.055.354.854.253.7
- United Kingdom40.944.644.943.643.742.041.140.139.439.238.838.037.637.337.3

### Table A7. Advanced Economies: General Government Gross Debt, 2008–22 (Percent of GDP)
- Average79.292.699.3103.5107.7106.3105.6105.4107.6107.1106.7106.4106.0105.8105.6
- Euro Area68.678.484.086.891.493.794.492.691.390.188.686.684.582.279.9
- G789.7104.5112.9118.2122.3120.1118.8117.8120.4120.2119.9119.9119.9120.1120.3
- G20 Advanced85.6100.0107.1111.7115.5113.6112.6112.2114.8114.3114.1114.0113.8113.9113.8
- United States173.686.995.799.9103.4105.4105.2105.6107.4108.3108.9110.6112.7115.1117.4
- Japan191.3208.6215.9230.6236.6240.5242.1238.0239.2239.2239.4237.7236.1234.4232.4
- Italy102.4112.5115.4116.5123.3129.0131.8132.0132.6132.8131.6129.4126.8124.1121.3
- Germany65.172.681.078.779.977.574.971.267.664.762.059.156.453.650.9
- United Kingdom50.264.576.081.685.186.288.189.089.289.088.787.785.984.583.2

### Table A8. Advanced Economies: General Government Net Debt, 2008–22 (Percent of GDP)
- Average47.757.663.167.670.569.869.670.171.471.471.471.571.772.072.3
- Euro Area46.754.158.062.665.968.168.467.567.066.365.363.962.460.758.9
- G757.368.375.080.583.282.782.381.883.083.183.183.483.884.484.9
- G20 Advanced54.565.271.175.978.578.178.078.079.279.179.179.379.580.080.3
- United States151.262.870.476.880.281.581.080.581.582.483.185.087.390.092.6
- Japan84.996.2106.2117.9120.5117.4119.0118.4119.8119.9120.1118.4116.8115.1113.1
- Italy87.896.398.4100.4105.0109.9111.9112.5113.3113.8113.0111.2109.0106.7104.4
- Germany48.054.557.055.554.853.850.647.845.042.740.638.336.234.031.9
- United Kingdom44.357.768.773.276.477.879.780.480.780.480.279.177.475.974.6

*Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).*

### Section 5

### Section 5 — Fiscal Monitor Statistical Appendix: Tables A9–A12 (Emerging Market and Middle-Income Economies, 2008–22)

### Content overview
- Tables included:
  - Table A9. General Government Overall Balance, 2008–22 (Percent of GDP)
  - Table A10. General Government Primary Balance, 2008–22 (Percent of GDP)
  - Table A11. General Government Cyclically Adjusted Balance, 2008–22 (Percent of potential GDP)
  - Table A12. General Government Cyclically Adjusted Primary Balance, 2008–22 (Percent of potential GDP)
- Coverage: country-level annual series for 2008–2022 for a sample of emerging market and middle-income economies and aggregate groupings (Average, Asia, Europe, Latin America, MENAP, G20 Emerging).
- Projections: staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).

### Key methodological notes
- For cross-country comparability, net debt levels reported by national statistical agencies for countries that have adopted the 2008 System of National Accounts (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.
- Primary balance is defined as the overall balance excluding net interest payments.
- Cyclically adjusted balance values are reported as percent of potential GDP.
- Cyclically adjusted primary balance is defined as the cyclically adjusted balance plus net interest payable/paid (interest expense minus interest revenue) following the World Economic Outlook convention.
- Where present, country-specific footnotes apply:
  - A footnote indicates that some entries (for example, Egypt in select tables) are based on nominal GDP series prior to the recent revision; therefore, the numbers in the Fiscal Monitor’s statistical tables are not comparable to the authorities’ numbers because they employ different denominators.
  - Some country rows in cyclically adjusted tables are omitted or marked “. . .” where data/adjustments are not available or not applicable in the table presentation.

### Analytical content and purpose of the tables
- Provide consistent, comparable time series across 2008–2022 to assess:
  - Overall fiscal positions (overall balance as percent of GDP).
  - Underlying fiscal positions excluding interest costs (primary balance).
  - Cyclically adjusted positions to remove the effects of the output cycle (cyclically adjusted balance and cyclically adjusted primary balance, percent of potential GDP).
- Facilitate cross-country comparisons and aggregate regional/group indicators (e.g., Average, MENAP, G20 Emerging) for historical assessment and forward-looking fiscal surveillance.

### Use for policy analysis
- Policymakers and analysts can use these series to:
  - Track fiscal cyclicality and structural fiscal positions over the global recovery and commodity-price episodes spanning 2008–22.
  - Compare headline (overall) and underlying (primary) fiscal positions to assess the role of interest payments.
  - Evaluate the structural fiscal stance through cyclically adjusted measures when designing fiscal consolidation or stimulus policies.
- Projections reflect current-policy assumptions and are intended to indicate the fiscal trajectory under existing policy settings.

_International Monetary Fund staff estimates and projections (data and methodological notes as presented in the source tables)._

### Section 6

### fmstatapp - Section 6

### Emerging Market and Middle-Income Economies: General Government Revenue, 2008–22 (Table A13)
- Algeria: 2008 47.6; 2009 36.8; 2010 37.2; 2011 40.2; 2012 39.1; 2013 35.8; 2014 33.4; 2015 30.8; 2016 29.0; 2017 33.6; 2018 30.4; 2019 30.1; 2020 30.0; 2021 30.0; 2022 29.9
- Angola: 2008 50.9; 2009 34.6; 2010 43.5; 2011 48.8; 2012 45.9; 2013 40.2; 2014 35.3; 2015 27.3; 2016 19.6; 2017 19.8; 2018 19.5; 2019 19.4; 2020 19.4; 2021 19.3; 2022 19.5
- Argentina: 2008 29.3; 2009 30.2; 2010 30.4; 2011 30.6; 2012 32.1; 2013 32.6; 2014 32.4; 2015 33.9; 2016 33.7; 2017 32.3; 2018 32.2; 2019 32.2; 2020 32.1; 2021 32.1; 2022 31.9
- Average: 2008 29.5; 2009 26.8; 2010 27.5; 2011 28.9; 2012 29.4; 2013 29.1; 2014 28.5; 2015 27.3; 2016 26.8; 2017 26.6; 2018 26.6; 2019 26.7; 2020 26.6; 2021 26.4; 2022 26.3
- Regional aggregates (Revenue):
  - Asia: 2008 21.5; 2009 21.9; 2010 22.4; 2011 24.3; 2012 25.3; 2013 25.3; 2014 25.3; 2015 26.2; 2016 26.1; 2017 25.8; 2018 25.1; 2019 25.1; 2020 25.0; 2021 24.8; 2022 24.7
  - Europe: 2008 36.4; 2009 33.9; 2010 33.8; 2011 35.3; 2012 35.2; 2013 34.7; 2014 34.0; 2015 33.0; 2016 33.0; 2017 33.3; 2018 32.9; 2019 33.0; 2020 33.3; 2021 33.3; 2022 33.5
  - Latin America: 2008 30.4; 2009 28.6; 2010 29.8; 2011 30.2; 2012 30.0; 2013 30.0; 2014 29.0; 2015 27.5; 2016 27.6; 2017 27.3; 2018 27.3; 2019 27.3; 2020 27.8; 2021 27.8; 2022 27.8
  - MENAP: 2008 40.7; 2009 31.4; 2010 33.0; 2011 33.9; 2012 36.6; 2013 35.9; 2014 33.1; 2015 26.3; 2016 23.2; 2017 23.2; 2018 25.8; 2019 26.6; 2020 26.9; 2021 26.6; 2022 26.1
  - G20 Emerging: 2008 28.1; 2009 25.9; 2010 26.8; 2011 28.5; 2012 28.9; 2013 28.6; 2014 28.2; 2015 27.5; 2016 27.3; 2017 26.8; 2018 26.8; 2019 26.9; 2020 26.9; 2021 26.7; 2022 26.6
- Source note: "Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see 'Fiscal Policy Assumptions' in text)."

### Emerging Market and Middle-Income Economies: General Government Expenditure, 2008–22 (Table A14)
- Algeria: 2008 37.9; 2009 42.6; 2010 37.3; 2011 40.3; 2012 43.5; 2013 36.2; 2014 40.7; 2015 46.1; 2016 40.6; 2017 35.8; 2018 32.4; 2019 31.0; 2020 30.0; 2021 29.6; 2022 29.1
- Angola: 2008 55.4; 2009 41.9; 2010 40.0; 2011 40.2; 2012 41.3; 2013 40.5; 2014 41.9; 2015 30.6; 2016 23.7; 2017 25.6; 2018 23.5; 2019 22.9; 2020 22.4; 2021 21.9; 2022 21.5
- Argentina: 2008 29.0; 2009 32.6; 2010 31.7; 2011 33.1; 2012 34.9; 2013 35.6; 2014 36.4; 2015 39.5; 2016 39.5; 2017 38.4; 2018 37.3; 2019 36.1; 2020 35.6; 2021 35.3; 2022 35.2
- Average: 2008 28.7; 2009 30.5; 2010 29.6; 2011 29.8; 2012 30.3; 2013 30.6; 2014 30.9; 2015 31.7; 2016 31.7; 2017 31.6; 2018 31.0; 2019 30.5; 2020 30.2; 2021 29.8; 2022 29.3
- Regional aggregates (Expenditure):
  - Asia: 2008 23.2; 2009 25.2; 2010 24.6; 2011 26.0; 2012 26.9; 2013 27.1; 2014 27.7; 2015 29.4; 2016 29.3; 2017 29.7; 2018 29.7; 2019 29.0; 2020 28.8; 2021 28.7; 2022 28.0
  - Europe: 2008 35.8; 2009 39.7; 2010 37.4; 2011 35.4; 2012 35.4; 2013 35.9; 2014 36.2; 2015 35.5; 2016 35.5; 2017 35.7; 2018 36.2; 2019 36.0; 2020 35.2; 2021 34.7; 2022 34.4
  - Latin America: 2008 31.3; 2009 32.5; 2010 32.9; 2011 33.1; 2012 33.1; 2013 33.3; 2014 33.3; 2015 34.1; 2016 34.7; 2017 34.0; 2018 33.8; 2019 33.2; 2020 32.9; 2021 31.7; 2022 31.3
  - MENAP: 2008 27.8; 2009 32.5; 2010 30.7; 2011 29.6; 2012 30.6; 2013 31.6; 2014 34.0; 2015 34.7; 2016 32.7; 2017 31.0; 2018 30.5; 2019 30.0; 2020 29.6; 2021 29.1; 2022 28.6
  - G20 Emerging: 2008 27.6; 2009 29.8; 2010 29.1; 2011 29.6; 2012 30.4; 2013 30.1; 2014 30.4; 2015 31.9; 2016 32.1; 2017 31.9; 2018 32.1; 2019 31.3; 2020 30.9; 2021 30.2; 2022 29.8
- Source note: "Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see 'Fiscal Policy Assumptions' in text)."

### Emerging Market and Middle-Income Economies: General Government Gross Debt, 2008–22 (Table A15)
- Algeria: 2008 8.1; 2009 9.8; 2010 10.5; 2011 9.3; 2012 9.3; 2013 7.6; 2014 7.6; 2015 7.7; 2016 8.8; 2017 20.4; 2018 17.3; 2019 17.8; 2020 17.6; 2021 16.4; 2022 14.9; 201? 13.5 (table lists through 2022)
- Angola: 2008 16.6; 2009 22.7; 2010 44.3; 2011 33.8; 2012 29.5; 2013 32.9; 2014 40.7; 2015 65.4; 2016 71.9; 2017 61.3; 2018 62.4; 2019 62.9; 2020 63.1; 2021 63.2; 2022 61.8
- Argentina: 2008 43.9; 2009 53.8; 2010 42.6; 2011 38.1; 2012 39.4; 2013 42.2; 2014 43.6; 2015 52.0; 2016 51.3; 2017 49.4; 2018 49.2; 2019 47.7; 2020 46.4; 2021 45.3; 2022 44.8
- Brazil (note): 2008 61.9; 2009 64.9; 2010 63.0; 2011 61.2; 2012 62.2; 2013 60.2; 2014 62.3; 2015 72.5; 2016 78.3; 2017 81.2; 2018 82.7; 2019 83.1; 2020 84.0; 2021 86.4; 2022 87.8
- China: 2008 27.0; 2009 34.3; 2010 33.7; 2011 33.6; 2012 34.3; 2013 37.0; 2014 39.9; 2015 42.6; 2016 46.2; 2017 49.3; 2018 52.0; 2019 54.4; 2020 56.3; 2021 57.7; 2022 58.9
- Average (Gross debt): 2008 33.6; 2009 39.0; 2010 38.4; 2011 37.5; 2012 37.5; 2013 38.7; 2014 40.8; 2015 44.5; 2016 48.4; 2017 47.4; 2018 47.4; 2019 48.6; 2020 49.8; 2021 50.8; 2022 51.5
- Regional aggregates (Gross debt):
  - Asia: 2008 36.9; 2009 41.7; 2010 40.3; 2011 39.7; 2012 39.7; 2013 41.4; 2014 43.6; 2015 45.8; 2016 48.5; 2017 48.5; 2018 50.5; 2019 50.5; 2020 52.2; 2021 53.6; 2022 54.6
  - Europe: 2008 22.9; 2009 28.4; 2010 28.2; 2011 26.9; 2012 25.8; 2013 26.8; 2014 28.4; 2015 30.8; 2016 32.8; 2017 30.8; 2018 32.7; 2019 32.2; 2020 32.2; 2021 32.2; 2022 32.0
  - Latin America: 2008 46.0; 2009 49.6; 2010 48.6; 2011 48.6; 2012 48.6; 2013 48.8; 2014 49.4; 2015 51.4; 2016 55.7; 2017 55.8; 2018 58.3; 2019 60.3; 2020 60.1; 2021 61.3; 2022 62.1
  - MENAP: 2008 20.2; 2009 26.2; 2010 25.2; 2011 22.2; 2012 23.5; 2013 24.0; 2014 24.5; 2015 33.8; 2016 38.9; 2017 36.3; 2018 36.3; 2019 36.9; 2020 36.8; 2021 36.2; 2022 35.7
  - G20 Emerging: 2008 35.4; 2009 40.5; 2010 39.0; 2011 38.0; 2012 37.6; 2013 38.8; 2014 41.2; 2015 44.7; 2016 47.9; 2017 47.9; 2018 49.7; 2019 49.8; 2020 51.4; 2021 53.7; 2022 55.1
- Notes from table: country-specific notes and changes in definitions are present for Brazil, Ecuador, Egypt and others in the source table.

### Emerging Market and Middle-Income Economies: General Government Net Debt, 2008–22 (Table A16)
- Algeria: 2008 –30.7; 2009 –33.5; 2010 –29.9; 2011 –27.8; 2012 –25.4; 2013 –25.8; 2014 –17.9; 2015 –3.7; 2016 15.9; 2017 16.9; 2018 17.8; 2019 17.6; 2020 16.4; 2021 14.9; 2022 13.0
- Brazil: 2008 37.1; 2009 40.4; 2010 38.0; 2011 34.5; 2012 32.2; 2013 30.5; 2014 32.6; 2015 35.6; 2016 37.6; 2017 46.2; 2018 51.5; 2019 53.4; 2020 54.0; 2021 55.1; 2022 59.3
- Chile: 2008 –19.3; 2009 –10.5; 2010 –7.0; 2011 –8.6; 2012 –6.8; 2013 –5.6; 2014 –4.3; 2015 –3.5; 2016 –0.9; 2017 1.9; 2018 4.5; 2019 6.5; 2020 7.8; 2021 8.9; 2022 9.6
- Colombia: 2008 22.3; 2009 26.1; 2010 28.4; 2011 27.1; 2012 24.9; 2013 27.0; 2014 33.7; 2015 42.3; 2016 41.2; 2017 40.8; 2018 41.0; 2019 40.4; 2020 39.2; 2021 37.8; 2022 36.1
- Egypt (Net debt): 2008 52.8; 2009 55.9; 2010 57.1; 2011 61.3; 2012 63.5; 2013 73.7; 2014 77.7; 2015 78.8; 2016 88.8; 2017 89.1; 2018 93.6; 2019 89.7; 2020 88.9; 2021 85.9; 2022 76.6
- Qatar (Net debt): 2008 –36.8; 2009 –39.3; 2010 –34.4; 2011 –43.7; 2012 –58.9; 2013 –83.3; 2014 –97.2; 2015 –131.9; 2016 –133.3; 2017 –115.0; 2018 –99.9; 2019 –91.6; 2020 –83.9; 2021 –78.0; 2022 –73.7
- United Arab Emirates (Net debt): 2008 –203.0; 2009 –247.1; 2010 –227.9; 2011 –200.9; 2012 –209.9; 2013 –215.3; 2014 –221.9; 2015 –243.6; 2016 –247.7; 2017 –232.1; 2018 –223.8; 2019 –219.9; 2020 –215.1; 2021 –210.9; 2022 –209.3
- Average (Net debt): 2008 9.9; 2009 13.0; 2010 14.5; 2011 12.8; 2012 9.8; 2013 9.0; 2014 7.6; 2015 11.8; 2016 17.5; 2017 19.9; 2018 21.1; 2019 22.4; 2020 23.1; 2021 23.6; 2022 [table shows up to 2019/2020 series; referenced averages included]
- Regional aggregates (Net debt) where reported:
  - Europe: 2008 22.1; 2009 26.9; 2010 26.8; 2011 24.6; 2012 21.7; 2013 21.3; 2014 19.9; 2015 18.8; 2016 23.9; 2017 18.8; 2018 23.3; 2019 24.9; 2020 25.1; 2021 24.8; 2022 25.1
  - Latin America: 2008 30.7; 2009 33.9; 2010 33.1; 2011 31.2; 2012 29.5; 2013 29.6; 2014 29.6; 2015 32.2; 2016 35.5; 2017 41.7; 2018 44.8; 2019 44.8; 2020 45.9; 2021 46.2; 2022 48.4
  - MENAP: 2008 –36.9; 2009 –35.4; 2010 –32.1; 2011 –31.0; 2012 –37.3; 2013 –41.3; 2014 –40.6; 2015 –33.1; 2016 –25.8; 2017 –25.8; 2018 –23.8; 2019 –21.7; 2020 –20.6; 2021 –19.7; 2022 –19.3
- Source note: "Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see 'Fiscal Policy Assumptions' in text)."

### Low-Income Developing Countries: General Government Overall Balance, 2008–22 (Table A17)
- Sample country series (Overall balance, percent of GDP):
  - Bangladesh: 2008 –4.0; 2009 –3.2; 2010 –2.7; 2011 –3.6; 2012 –3.0; 2013 –3.4; 2014 –3.1; 2015 –3.9; 2016 –3.4; 2017 –4.7; 2018 –4.2; 2019 –4.1; 2020 –3.9; 2021 –3.5; 2022 –3.4
  - Benin: 2008 –0.1; 2009 –3.1; 2010 –0.4; 2011 –1.3; 2012 –0.3; 2013 –1.9; 2014 –2.3; 2015 –7.6; 2016 –6.1; 2017 –7.9; 2018 –4.0; 2019 –1.9; 2020 –0.8; 2021 –0.2; 2022 0.6
  - Bolivia: 2008 3.6; 2009 0.0; 2010 1.7; 2011 0.8; 2012 1.8; 2013 0.7; 2014 –3.4; 2015 –6.9; 2016 –6.5; 2017 –6.2; 2018 –5.3; 2019 –5.3; 2020 –5.3; 2021 –5.0; 2022 –5.0
  - Burkina Faso: 2008 –4.1; 2009 –4.7; 2010 –3.0; 2011 –1.4; 2012 –3.1; 2013 –4.0; 2014 –2.0; 2015 –2.3; 2016 –2.5; 2017 –3.6; 2018 –3.3; 2019 –3.5; 2020 –3.5; 2021 –3.5; 2022 –3.5
  - Cambodia: 2008 0.5; 2009 –4.1; 2010 –2.8; 2011 –4.1; 2012 –3.8; 2013 –2.1; 2014 –1.3; 2015 –1.6; 2016 –2.9; 2017 –3.2; 2018 –3.6; 2019 –3.7; 2020 –4.4; 2021 –4.4; 2022 –4.3
- Averages and groups:
  - Average (Low-Income Developing): 2008 1.1; 2009 –4.1; 2010 –2.8; 2011 –1.2; 2012 –2.0; 2013 –3.4; 2014 –3.2; 2015 –4.0; 2016 –4.4; 2017 –4.4; 2018 –3.9; 2019 –3.6; 2020 –3.5; 2021 –3.3; 2022 –3.2
  - Oil Producers (Low-income): 2008 5.0; 2009 –4.9; 2010 –3.2; 2011 0.1; 2012 –0.4; 2013 –2.9; 2014 –2.7; 2015 –4.1; 2016 –5.1; 2017 –4.8; 2018 –3.8; 2019 –3.6; 2020 –3.4; 2021 –3.3; 2022 –3.3
  - Asia (Low-income): 2008 –1.8; 2009 –4.5; 2010 –2.7; 2011 –2.3; 2012 –3.8; 2013 –4.7; 2014 –4.1; 2015 –4.6; 2016 –4.8; 2017 –4.9; 2018 –4.6; 2019 –4.4; 2020 –4.2; 2021 –4.0; 2022 –3.8
  - Latin America (Low-income): 2008 0.3; 2009 –2.1; 2010 –0.6; 2011 –0.8; 2012 –1.1; 2013 –2.7; 2014 –3.6; 2015 –3.9; 2016 –3.5; 2017 –3.9; 2018 –3.3; 2019 –3.3; 2020 –3.5; 2021 –3.4; 2022 –3.3
  - Sub-Saharan Africa (Low-income): 2008 2.4; 2009 –4.1; 2010 –3.5; 2011 –1.0; 2012 –1.4; 2013 –3.2; 2014 –3.2; 2015 –3.9; 2016 –4.6; 2017 –4.6; 2018 –3.9; 2019 –3.6; 2020 –3.4; 2021 –3.1; 2022 –3.0
- Source note: "Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see 'Fiscal Policy Assumptions' in text)."

*Italic: Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see "Fiscal Policy Assumptions" in text).*

### Section 7

### fmstatapp - Section 7

### General government primary balance (Table A18)
- Coverage: Low-Income Developing Countries, 2008–22 (Percent of GDP).
- Aggregate averages and groups:
  - Average: 2.0, –3.1, –1.8, –0.1, –0.7, –2.2, –1.8, –2.5, –2.8, –2.7, –2.1, –1.8, –1.6, –1.4, –1.3 (2008–2022).
  - Oil Producers: 5.8, –4.0, –2.4, 1.2, 0.8, –1.7, –1.4, –2.6, –3.6, –3.2, –2.2, –1.7, –1.5, –1.2, –1.1.
  - Asia: –0.5, –3.1, –1.5, –1.1, –2.5, –3.2, –2.4, –2.9, –3.0, –2.9, –2.5, –2.3, –2.0, –1.8, –1.7.
  - Latin America: 0.9, –1.6, –0.1, –0.3, –0.5, –2.0, –2.9, –3.1, –2.7, –2.9, –2.2, –2.1, –2.2, –2.1, –2.2.
  - Sub-Saharan Africa: 3.2, –3.2, –2.7, –0.1, –0.3, –2.0, –1.9, –2.6, –3.1, –3.0, –2.2, –1.7, –1.5, –1.2, –1.0.
  - Others: 1.8, –2.6, 0.8, 2.4, 1.1, –0.4, 0.9, –1.3, –1.6, –1.0, –0.6, –0.7, –0.8, –1.1, –1.0.
- Selected country highlights (2008 then 2017 then 2022 where notable):
  - Republic of Congo: 30.1 (2008), –18.2 (2016), 2.9 (2022).
  - Mongolia: –2.9 (2008), –13.1 (2017), 1.6 (2022).
  - Nigeria: 6.3 (2008), –3.4 (2017), 1.7 (2022).
  - Yemen: –2.1 (2008), –5.3 (2016), 4.6 (2022).
  - Bangladesh trajectory: –1.9 (2008) to –1.4 (2022) with values in-between.

### General government revenue (Table A19)
- Coverage: Low-Income Developing Countries, 2008–22 (Percent of GDP).
- Aggregate averages and groups:
  - Average: 20.7, 16.5, 17.8, 19.7, 18.7, 17.6, 17.3, 16.0, 15.3, 15.9, 15.9, 15.8, 15.8, 15.9, 16.0.
  - Oil Producers: 22.1, 12.8, 14.7, 18.8, 16.5, 13.6, 13.0, 9.7, 7.6, 8.8, 9.1, 9.1, 9.4, 9.8, 10.0.
  - Asia: 17.4, 16.5, 17.6, 17.7, 18.3, 18.6, 18.3, 17.6, 17.2, 17.4, 17.8, 18.0, 18.1, 18.2, 18.2.
  - Latin America: 28.5, 27.0, 26.8, 28.4, 29.4, 30.1, 30.5, 30.1, 28.2, 27.9, 28.6, 28.6, 28.5, 27.9, 27.7.
  - Sub-Saharan Africa: 19.5, 13.9, 15.4, 18.4, 16.4, 15.0, 14.6, 13.0, 12.1, 12.9, 12.7, 12.7, 12.9, 13.3, 13.6.
  - Others: 31.5, 25.3, 26.7, 27.5, 26.4, 24.2, 24.3, 21.4, 19.3, 19.7, 19.5, 18.7, 18.0, 17.1, 16.5.
- Selected country highlights:
  - Republic of Congo: 54.8 (2008), 27.7 (2022).
  - Bolivia: 38.9 (2008), 29.8 (2022).
  - Nigeria: 20.1 (2008), 7.0 (2022) with a low period (4.8, 5.7, 5.9) in 2014–2016.
  - Uzbekistan: 40.7 (2008), 33.0 (2022).
  - Bangladesh: steady increase from 9.8 (2008) to 13.1 (2022).

### General government expenditure (Table A20)
- Coverage: Low-Income Developing Countries, 2008–22 (Percent of GDP).
- Aggregate averages and groups:
  - Average: 19.7, 20.6, 20.6, 20.8, 20.7, 21.0, 20.5, 20.1, 19.7, 20.3, 19.8, 19.4, 19.3, 19.2, 19.2.
  - Oil Producers: 17.1, 17.6, 17.9, 18.7, 16.9, 16.6, 15.7, 13.9, 12.7, 13.6, 13.0, 12.7, 12.9, 13.1, 13.3.
  - Asia: 19.2, 21.0, 20.3, 20.0, 22.2, 23.3, 22.4, 22.3, 22.1, 22.3, 22.4, 22.4, 22.4, 22.2, 22.0.
  - Latin America: 28.1, 29.1, 27.4, 29.4, 29.1, 32.5, 32.8, 34.1, 34.0, 31.8, 31.8, 31.9, 31.8, 31.3, 31.0.
  - Sub-Saharan Africa: 17.1, 18.0, 19.0, 19.0, 19.4, 18.1, 18.2, 17.7, 16.9, 16.7, 17.5, 16.7, 16.2, 16.3, 16.4.
  - Others: 30.7, 29.0, 26.9, 26.9, 26.6, 26.9, 26.0, 25.0, 24.4, 22.4, 22.4, 21.3, 20.6, 19.9, 18.7.
- Selected country highlights:
  - Mozambique: 23.9 (2008), 28.5 (2022) after a peak (115.2 in 2015? — see table value "115.2" in 2015 and subsequent high values noted).
  - Republic of Congo: 27.6 (2008), 25.5 (2022).
  - Moldova: 41.5 (2008), 37.2 (2022).
  - Yemen: 41.2 (2008), 25.2 (2022).
  - Kyrgyz Republic: high and stable in the mid-30s (29.3 in 2008 to 35.4 in 2022).

### General government gross debt (Table A21)
- Coverage: Low-Income Developing Countries, 2008–22 (Percent of GDP).
- Aggregate averages and groups:
  - Average: 29.8, 32.3, 30.8, 30.7, 31.0, 31.8, 32.0, 36.1, 40.4, 41.9, 41.6, 41.0, 40.5, 40.2, 39.7.
  - Oil Producers: 15.0, 16.5, 15.2, 18.1, 17.0, 17.5, 16.7, 19.4, 26.5, 29.9, 29.3, 28.6, 28.3, 28.3, 27.9.
  - Asia: 40.9, 43.0, 41.9, 40.0, 40.0, 40.9, 41.5, 43.2, 44.7, 45.2, 45.8, 46.2, 46.3, 46.2, 45.9.
  - Latin America: 31.0, 32.5, 32.0, 30.5, 32.0, 35.8, 36.9, 39.1, 40.2, 40.8, 41.6, 42.5, 43.5, 43.8, 44.0.
  - Sub-Saharan Africa: 22.4, 24.4, 22.4, 22.3, 23.6, 22.9, 24.3, 29.4, 36.0, 39.2, 39.1, 38.3, 37.9, 37.6, 37.2.
  - Others: 44.4, 47.8, 47.2, 44.7, 51.3, 48.5, 44.8, 44.2, 49.0, 48.2, 45.0, 41.0, 38.3, 36.2, 34.3.
- Selected country highlights and extremes:
  - Democratic Republic of the Congo: 90.5 (2008), 29.9 (2022).
  - Guinea: 90.2 (2008), 37.0 (2022).
  - Republic of Congo: 79.3 (2008), 52.6 (2022).
  - Mozambique: values include 41.9 (2009) and then extremely high entries in mid-2010s (115.2 in 2015; 106.9 in 2016) followed by projected declines to 79.0 (2022).
  - Sudan: 68.8 (2008), 39.2 (2022).
  - Vietnam: 39.4 (2008), 67.2 (2022).
  - Uzbekistan: 12.7 (2008), 9.3 (2022) with a low trend.

### General government net debt (Table A22)
- Coverage: Low-Income Developing Countries, 2008–22 (Percent of GDP). Many entries are not available (". . .." placeholders).
- Selected available series:
  - Bolivia: 20.6, 23.1, 17.7, 14.3, 11.6, 12.1, 16.7, 24.0, 29.4, 32.2, 34.9, 37.8, 40.7, 42.5, 44.0.
  - Ethiopia: 34.7, 32.0, 35.5, 39.5, 32.2, 37.3, 42.2, 49.1, 49.5, 51.8, 54.3, 54.4, 53.6, 52.7, 51.7.
  - Ghana: 30.1, 32.6, 43.0, 38.8, 45.8, 53.2, 63.4, 66.1, 65.5, 66.8, 62.3, 59.6, 57.7, 54.8, 52.1.
  - Kenya: 37.1, 36.9, 40.2, 39.1, 37.1, 40.4, 48.6, 52.4, 54.4, 57.4, 52.1, 52.4, 51.0, 49.3, 47.4.
  - Mali: 14.6, 12.4, 16.9, 17.1, 21.2, 20.5, 19.9, 24.9, 27.3, 29.9, 31.3, 32.1, 33.2, 34.1, 35.1.
  - Niger: 1.6, 0.9, 4.3, 2.6, 2.2, 2.9, 3.6, 5.0, 4.1, 3.7, 3.3, 3.0, 2.7, 2.6, 2.6.
  - Nigeria: 0.5, 6.0, 6.0, 8.9, 11.2, 10.0, 11.9, 9.7, 11.3, 17.3, 22.1, 23.0, 24.4, 24.2, 24.3.
  - Yemen: 31.4, 43.6, 38.3, 42.4, 45.3, 46.7, 47.7, 68.7, 68.4, 72.6, 58.4, 51.4, 46.1, 42.3, 39.5.
  - Zambia: 16.3, 16.5, 15.9, 16.4, 19.5, 24.0, 28.9, 51.3, 44.8, 51.6, 57.9, 61.6, 62.7, 62.4, 61.2.
- Note: Net debt table contains many unavailable entries indicated by ". . ..".

### Notes on methodology and projections
- Source: IMF staff estimates and projections.
- Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).
- Note: Primary balance is defined as the overall balance excluding net interest payments.
- For country-specific details, refer to “Data and Conventions” in text, and Table D.

*Source: IMF staff estimates and projections (tables A18–A22 from the provided content).*

### Section 8

### fmstatapp - Section 8

### Selected Advanced Economies: Gross Financing Needs, 2017–19 (Percent of GDP)
- Table scope: Maturing Debt; Budget Deficit; Total Financing Need for 2017, 2018, 2019.
- Averages (table):  
  - 2017 — Maturing Debt 13.8; Budget Deficit 2.9; Total Financing Need 16.6  
  - 2018 — Maturing Debt 15.2; Budget Deficit 2.8; Total Financing Need 18.0  
  - 2019 — Maturing Debt 13.6; Budget Deficit 2.9; Total Financing Need 16.5
- Selected country entries (Percent of GDP):  
  - Australia — 2017: 1.0 2.2 3.2; 2018: 2.3 1.3 3.6; 2019: 2.5 0.4 3.0  
  - Belgium — 2017: 15.4 2.1 17.5; 2018: 14.4 2.2 16.6; 2019: 12.9 2.3 15.2  
  - Italy — 2017: 14.1 2.4 16.5; 2018: 15.8 1.4 17.3; 2019: 14.8 0.7 15.5  
  - Japan — 2017: 36.8 4.0 40.8; 2018: 39.5 3.3 42.8; 2019: 34.0 2.8 36.8  
  - United Kingdom — 2017: 6.3 2.8 9.2; 2018: 6.8 2.1 8.9; 2019: 8.3 1.2 9.5  
  - United States — 2017: 15.3 4.0 19.3; 2018: 16.6 4.5 21.1; 2019: 14.8 5.3 20.1
- Notes attached in table: data refer mostly to central government securities; some countries report general government deficits on accrual basis; methodological assumptions about short-term debt refinancing and issuance are specified in footnotes.

### Selected Emerging Market and Middle-Income Economies: Gross Financing Needs, 2017–18 (Percent of GDP)
- Table scope: Maturing Debt; Budget Deficit; Total Financing Need for 2017 and 2018 (general government).
- Averages (table):  
  - 2017 — Maturing Debt 6.0; Budget Deficit 4.7; Total Financing Need 10.7  
  - 2018 — Maturing Debt 6.7; Budget Deficit 4.1; Total Financing Need 10.8
- Selected country entries (Percent of GDP):  
  - Brazil — 2017: 8.3 9.1 17.4; 2018: 13.0 7.5 20.5  
  - India — 2017: 4.1 6.4 10.5; 2018: 3.8 6.3 10.0  
  - Indonesia — 2017: 1.9 2.4 4.3; 2018: 2.3 2.5 4.8  
  - Pakistan — 2017: 27.7 4.3 32.0; 2018: 25.9 3.8 29.7  
  - Turkey — 2017: 5.1 3.0 8.1; 2018: 5.7 2.0 7.8

### Table A25 — Advanced Economies: Structural Fiscal Indicators (Percent of GDP, except where indicated otherwise)
- Table scope: Pension Spending Change, Net Present Value of Pension Spending Change, Health Care Spending Change, Net Present Value of Health Care Spending Change, Gross Financing Need 2017, Average Term to Maturity 2017 (Years), Debt to Average Maturity 2017, Projected Interest Rate–Growth Differential 2017–22 (Percent), Precrisis Overall Balance 2000–07, Projected Overall Balance 2017–22, Nonresident Holding of General Government Debt 2016 (Percent of total).
- Average (table):  
  - Pension Spending Change, 2015–30: 0.9  
  - Net Present Value of Pension Spending Change, 2015–50: 22.7  
  - Health Care Spending Change, 2015–30: 2.6  
  - Net Present Value of Health Care Spending Change, 2015–50: 82.3  
  - Gross Financing Need, 2017: 16.7  
  - Average Term to Maturity, 2017 (Years): 6.9  
  - Debt to Average Maturity, 2017: 16.4  
  - Projected Interest Rate–Growth Differential, 2017–22 (Percent): –1.0  
  - Precrisis Overall Balance, 2000–07: –2.2  
  - Projected Overall Balance, 2017–22: –2.7  
  - Nonresident Holding of General Government Debt, 2016 (Percent of total): 37.4
- Selected country highlights (exact entries as in table):  
  - Belgium — Gross Financing Need 17.5; Average Term to Maturity 9.0; Debt to Average Maturity 11.7; Nonresident Holding 66.7  
  - Japan — Pension Spending Change –0.7; Net Present Value of Pension Spending Change –7.7; Gross Financing Need 40.8; Debt to Average Maturity 31.7; Nonresident Holding 10.1  
  - United States — Pension Spending Change 1.5; Net Present Value of Pension Spending Change 35.6; Health Care Spending Change 3.9; Gross Financing Need 19.3; Average Term to Maturity 5.8; Debt to Average Maturity 18.4; Nonresident Holding 31.5

### Table A26 — Emerging Market and Middle-Income Economies: Structural Fiscal Indicators (Percent of GDP, except where indicated otherwise)
- Table scope: same indicator set as Table A25 for emerging and middle-income economies.
- Average (table):  
  - Pension Spending Change, 2015–30: 1.7  
  - Net Present Value of Pension Spending Change, 2015–50: 56.1  
  - Health Care Spending Change, 2015–30: 1.1  
  - Net Present Value of Health Care Spending Change, 2015–50: 40.4  
  - Gross Financing Need, 2017: 11.0  
  - Average Term to Maturity, 2017 (Years): 7.0  
  - Debt to Average Maturity, 2017: 7.8  
  - Projected Interest Rate–Growth Differential, 2017–22 (Percent): –4.1  
  - Precrisis Overall Balance, 2000–07: –1.1  
  - Projected Overall Balance, 2017–22: –3.5  
  - Nonresident Holding of General Government Debt, 2016 (Percent of total): 25.0
- Selected country highlights (exact entries as in table):  
  - Brazil — Pension Spending Change 3.4; Net Present Value 135.9; Health Care Spending Change 1.7; Net Present Value 61.8; Gross Financing Need 17.4; Average Term 6.8; Debt to Average Maturity 11.5; Nonresident Holding 8.7  
  - China — Pension Spending Change 2.7; Net Present Value 83.7; Health Care Spending Change 1.3; Net Present Value 47.1; Precrisis Overall Balance –1.8; Projected Overall Balance –3.4  
  - India — Gross Financing Need 10.5; Average Term to Maturity 9.7; Debt to Average Maturity 7.2; Projected Interest Rate–Growth Differential –4.1

### Table A27 — Low-Income Developing Countries: Structural Fiscal Indicators (Percent of GDP, except where indicated otherwise)
- Table scope: same indicator set as Tables A25–A26 for low-income developing countries.
- Average (table):  
  - Pension Spending Change, 2015–30: 0.4  
  - Net Present Value of Pension Spending Change, 2015–50: 17.7  
  - Health Care Spending Change, 2015–30: 0.5  
  - Net Present Value of Health Care Spending Change, 2015–50: 18.8  
  - Average Term to Maturity, 2017 (Years): 2.0  
  - Debt to Average Maturity, 2017: 5.1  
  - Projected Interest Rate–Growth Differential, 2017–22 (Percent): –7.5  
  - Precrisis Overall Balance, 2000–07: –0.2  
  - Projected Overall Balance, 2017–22: –3.6  
  - Nonresident Holding of General Government Debt, 2016 (Percent of total): 0.0
- Selected country highlights (exact entries as in table):  
  - Bangladesh — Pension Spending Change 0.4; Net Present Value 17.9; Health Care Spending Change 0.4; Net Present Value 15.5; Average Term to Maturity 4.9; Debt to Average Maturity 6.8; Projected Interest Rate–Growth Differential –5.3  
  - Moldova — Pension Spending Change 1.1; Net Present Value 49.8; Health Care Spending Change 1.7; Net Present Value 61.3; Average Term to Maturity 0.2; Debt to Average Maturity 173.8; Projected Interest Rate–Growth Differential –5.2  
  - Mongolia — Pension Spending Change 6.1; Net Present Value 218.4; Health Care Spending Change 1.4; Net Present Value 51.0; Precrisis Overall Balance 0.0; Projected Overall Balance –0.8

*Sources: Bloomberg L.P.; Joint External Debt Hub, Quarterly External Debt Statistics; national authorities; IMF staff estimates and projections.*

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_Source: https://www.imf.org/-/media/files/publications/fiscal-monitor/2017/april/pdf/fmstatapp.pdf_