## fmstatapp

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---

### Data and conventions
- Data and projections for key fiscal variables are based on the October 2017 World Economic Outlook database; data in the appendix are compiled on the basis of information available through September 5, 2017.
- Historical data and projections are based on information gathered by IMF country desk officers; structural breaks 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 US dollars at average market exchange rates as a share of the group GDP.
- Country classification in the Fiscal Monitor divides the world into:
  - 35 advanced economies
  - 40 emerging market and middle-income economies
  - 40 low-income developing countries (LIDCs)
- Group definitions and notable conventions:
  - Group of Seven (G7): Canada, France, Germany, Italy, Japan, United Kingdom, United States.
  - LIDC group membership uses a per capita income threshold currently set at $2,700 in 2016 (World Bank Atlas method); Zimbabwe is included.
  - G20 aggregate refers to the 19 country members and does not include the European Union.
  - 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 the calendar year except for specified fiscal-year countries (Bangladesh, Egypt, Ethiopia, Haiti, Hong Kong SAR, India, Islamic Republic of Iran, Myanmar, Nepal, Pakistan, Singapore, Thailand).
  - Many fiscal data follow IMF’s GFSM 2001; overall fiscal balance refers to net lending (+) and borrowing (–) of the general government (in some cases total revenue and grants minus total expenditure and net lending).

### Debt data, comparability, and limitations
- Gross and net debt data come from official sources and IMF staff estimates; alignment with IMF GFSM definitions is attempted but deviations occur because of data limitations or country circumstances.
- Differences in sectoral and instrument coverage mean debt data are not universally comparable; changes in sources or coverage can give rise to substantial revisions.
- For cross-country comparability, gross and net debt levels reported by national statistical agencies for countries that have adopted the 2008 SNA (Australia, Canada, Hong Kong SAR, United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

### Country-specific methodological and coverage notes (selected examples)
- Argentina: total expenditure and overall balance account for cash interest only; primary balance excludes profit transfers from the Central Bank of Argentina; interest expenditure net of interest income from social security administration.
- Brazil: general government data refer to the nonfinancial public sector (federal, state, local governments, and public enterprises excluding Petrobras and Eletrobras) and are consolidated with the sovereign wealth fund; gross public debt includes Treasury bills on the central bank’s balance sheet; according to national definition nonfinancial public sector gross debt amounted to 69.9 percent of GDP at end-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—of contingent liabilities; IMF staff estimates exclude central government debt issued for the China Railway Corporation; deficit numbers do not include some off‑budget infrastructure investment financed through land sales and local government financing vehicles.
- Ireland: fiscal balance estimates excluding banking sector support measures are:
  - –11.4 percent of GDP for 2009
  - –10.9 percent of GDP for 2010
  - –8.6 percent of GDP for 2011
  - –7.9 percent of GDP for 2012
  - 2015 fiscal balance excluding a conversion would be –1.1 percent of GDP.
- 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 adjusted to exclude imputed interest on unfunded pension liabilities and imputed compensation of employees.

### Fiscal policy assumptions and projection bases
- Historical data and projections align with the October 2017 WEO unless noted otherwise.
- Short-term fiscal policy assumptions are 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 lack sufficient information, an unchanged structural primary balance is assumed unless indicated otherwise.
- Country-level projection bases (selected examples):
  - Japan: projections include fiscal measures already announced including the fiscal stimulus package for 2017 and the consumption tax hike in October 2019.
  - Saudi Arabia: staff oil revenue projections based on WEO baseline oil prices and assumption Saudi Arabia continues to meet OPEC+ commitments; from 2017 wage bill estimates exclude 13th-month wage payment.
  - Thailand: IMF staff assumes an implementation rate of 50 percent for planned infrastructure investment programs during the projection period.
  - United States: projections based on January 2017 CBO baseline adjusted for IMF staff policy and macro assumptions; includes Protecting Americans From Tax Hikes Act of 2015 and assumptions about partial replacement of sequester cuts.

### Cyclically adjusted balances, revenue, expenditure, and debt — key aggregated series (advanced economies, selected tables)
- General Government Cyclically Adjusted Balance, advanced-economy average (percent of potential GDP), 2008–22:
  - Average: –4.0–5.8–6.6–5.5–4.4–3.2–2.7–2.5–2.5–2.8–2.5–2.4–2.2–2.3–2.3
- Selected country cyclically adjusted balance series (percent of potential GDP):
  - United States: –6.0–7.7–9.6–8.2–6.4–4.4–3.8–3.6–4.1–4.4–4.0–4.3–4.3–4.4–4.5
  - Japan: –3.6–6.3–7.5–7.5–7.1–7.1–5.1–3.9–3.8–3.9–3.2–2.8–2.1–2.0–2.0
  - Greece: –13.9–18.7–12.2–8.8–2.7–0.2–1.1–0.4–3.2–0.1–0.2–0.7–0.2–0.1–0.3
- General Government Cyclically Adjusted Primary Balance, advanced-economy average (percent of potential GDP), 2008–22:
  - Average: –2.4–4.2–5.0–3.7–2.6–1.6–1.1–1.0–1.1–1.3–1.0–0.9–0.6–0.6–0.5
- General Government Revenue, advanced-economy average (percent of GDP), 2008–22:
  - Average: 36.4–35.0–34.9–35.5–35.6–36.9–36.9–36.4–36.2–36.3–36.5–36.6–36.7–36.7–36.7
- General Government Expenditure, advanced-economy average (percent of GDP), 2008–22:
  - Average: 39.9–43.7–42.5–41.7–41.0–40.5–40.0–39.1–39.1–39.0–38.8–38.7–38.7–38.7–38.7
- General Government Gross Debt, advanced-economy average (percent of GDP), 2008–22:
  - Average: 79.2–92.5–99.3–103.5–107.7–106.2–105.5–105.1–107.4–106.3–105.2–104.2–102.9–101.9–101.0
- Selected country gross debt trajectories (percent of GDP):
  - Japan: 191.3–208.6–215.9–230.6–236.6–240.5–242.1–238.1–239.3–240.3–240.0–238.5–237.2–235.7–233.9
  - United States: 73.6–87.0–95.7–100.0–103.4–105.4–105.1–105.2–107.1–108.1–107.8–107.9–108.3–108.8–109.6
  - Greece: 109.4–126.7–146.2–172.1–159.6–177.9–180.9–179.4–181.6–180.2–184.5–177.9–171.4–165.4–161.2
- General Government Net Debt, selected country series (percent of GDP):
  - Japan: 84.9–96.2–106.2–117.9–120.5–117.4–119.0–118.4–119.8–120.9–120.7–119.2–117.8–116.3–114.6
  - Italy: 94.1–102.8–104.7–106.8–111.6–116.7–118.8–119.8–120.6–121.2–119.9–117.5–114.7–112.1–109.6
  - Norway (net debt negative reflecting large assets): –48.9–43.8–47.5–48.4–49.9–61.3–76.1–86.8–87.8–88.3–90.2–91.7–93.4–95.5–97.5

### Net debt and aggregates (selected advanced-economy net debt series and aggregates)
- Select country and aggregate net debt series (percent of GDP) — sequence entries shown as in source:
  - Spain: 25.6 36.6 46.1 56.5 71.7 81.1 85.6 86.1 86.8 86.6 85.6 84.6 84.6 83.7 83.0 82.3
  - Sweden: 12.6 13.5 13.2 11.6 11.2 11.3 11.1 10.8 8.0 6.9 5.8 4.2 2.0 1.6 1.2
  - Switzerland: 28.1 26.8 25.6 25.6 25.0 23.8 23.8 23.9 24.1 23.0 22.0 20.9 19.9 18.7 17.5
  - United Kingdom: 44.3 57.7 68.7 73.2 76.4 77.8 79.7 80.3 80.1 80.5 80.6 80.6 79.9 78.6 77.7 76.6
  - United States1: 51.2 62.9 70.4 76.8 80.2 81.6 80.8 80.2 81.3 82.5 81.1 81.0 81.3 81.8 81.8 82.8
  - Advanced-economy Average: 51.0 61.5 67.3 71.9 72.9 72.6 72.4 72.5 73.6 73.5 72.2 71.3 70.4 69.6 69.0
  - Euro Area: 53.8 62.0 66.0 68.5 72.2 74.6 74.9 73.9 73.3 71.8 70.3 68.6 66.7 64.7 64.7 62.7
  - G7: 58.2 69.3 75.8 81.2 84.0 83.4 82.9 82.3 83.5 83.7 82.3 81.5 80.7 80.0 79.6
  - G20 Advanced: 56.2 67.1 73.2 78.2 78.2 77.8 77.5 77.2 78.5 78.4 77.1 76.3 75.5 74.8 74.3

  Note: 1 For cross-country comparability, net debt levels reported by national statistical agencies for countries that have adopted the 2008 SNA (Australia, Canada, Hong Kong SAR, and the United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.

### Emerging Market and Middle-Income Economies — summarized fiscal series (selected aggregates and country examples)
- General Government Overall Balance, selected country values and averages (percent of GDP):
  - Algeria: 9.6 –5.8 0.0 –0.1 –4.4 –0.4 –7.3 –15.3 –13.5 –3.2 –1.1 –0.5 0.1 0.2 0.3
  - Libya: 32.5 –6.5 12.5 –17.2 28.6 –5.1 –73.8 –126.6 –102.7 –43.0 –23.3 –30.6 –34.1 –37.0 –37.4
  - Venezuela: –3.5 –8.7 –9.2 –10.6 –14.6 –14.1 –16.5 –17.7 –17.8 –18.5 –18.7 –19.2 –19.7 –19.8 –19.7
  - Brazil: –1.5 –3.2 –2.7 –2.5 –2.5 –3.0 –5.4 –10.3 –9.0 –9.2 –9.3 –8.8 –8.3 –7.6 –7.3
  - China: 0.0 –1.7 –0.4 –0.1 –0.3 –0.8 –0.9 –2.8 –3.7 –3.7 –3.7 –3.9 –4.0 –4.1 –4.2
  - India: –9.0 –9.5 –8.6 –8.3 –7.5 –7.0 –7.2 –7.1 –6.6 –6.4 –6.2 –5.9 –5.8 –5.6 –5.4
  - Average (EM & Middle-Income): 0.8 –3.7 –2.2 –1.0 –1.0 –1.5 –2.4 –4.4 –4.8 –4.4 –4.2 –4.0 –3.9 –3.8 –3.7
  - Regional aggregates (selected): Asia: –1.7 –3.3 –2.2 –1.6 –1.6 –1.8 –1.9 –3.2 –3.9 –3.9 –3.9 –3.9 –4.0 –4.1 –4.1
- General Government Gross Debt, EM & Middle-Income average (percent of GDP), 2008–22:
  - Average: 33.8, 39.0, 38.3, 37.4, 37.4, 38.6, 40.8, 44.0, 46.8, 48.4, 50.1, 51.7, 52.9, 54.0, 55.0
  - Asia: 36.9, 41.7, 40.3, 39.7, 39.7, 41.4, 43.6, 44.6, 47.2, 49.4, 51.5, 53.4, 55.3, 56.9, 58.4
  - Latin America: 46.7, 49.7, 48.6, 48.6, 48.6, 48.7, 49.4, 51.4, 55.6, 59.3, 61.0, 62.8, 64.3, 65.2, 66.6

### Low-Income Developing Countries — selected fiscal patterns
- General Government Overall Balance, LIDC average (percent of GDP), 2008–22:
  - Average: 1.2, –4.0, –2.8, –0.9, –1.7, –3.3, –3.1, –4.0, –4.4, –4.3, –4.1, –3.9, –3.6, –3.4, –3.4
- Selected country examples (overall balance, percent of GDP):
  - Bangladesh: –4.0, –3.2, –2.7, –3.6, –3.0, –3.4, –3.1, –3.9, –3.4, –4.5, –5.0, –5.0, –5.2, –5.2, –5.2
  - Ghana: –8.0, –7.2, –10.1, –7.4, –11.3, –12.0, –10.9, –5.4, –8.9, –4.5, –3.7, –3.2, –3.1, –2.9, –2.8
  - Kenya: –3.4, –4.3, –4.4, –4.1, –5.0, –5.7, –7.4, –8.1, –8.7, –8.4, –6.6, –5.6, –4.1, –3.1, –3.0
- LIDC aggregates include Oil Producers, Asia, Latin America, Sub-Saharan Africa, Others.

### Gross financing needs and structural fiscal indicators
- Selected Advanced Economies — gross financing need highlights (percent of GDP):
  - Japan (2017): Maturing Debt 25.4; Budget Deficit 4.1; Total Financing Need 29.5.
  - Belgium (2017): Maturing Debt 26.1; Budget Deficit 1.8; Total Financing Need 27.9.
  - Italy (2017): Maturing Debt 7.1; Budget Deficit 2.2; Total Financing Need 9.4.
  - United States (2017): Maturing Debt 11.1; Budget Deficit 4.3; Total Financing Need 15.5.
  - Spain (2017, consolidated): Maturing Debt 15.9; Budget Deficit 3.2; Total Financing Need 19.1.
  - Cross-country averages:
    - Average (2017): Maturing Debt 9.9; Budget Deficit 2.9; Total Financing Need 12.8.
    - Average (2018): Maturing Debt 15.4; Budget Deficit 2.4; Total Financing Need 17.8.
    - Average (2019): Maturing Debt 13.4; Budget Deficit 2.3; Total Financing Need 15.6.
- Selected Emerging Market and Middle-Income economies — gross financing need highlights (percent of GDP):
  - Argentina (2017): Maturing Debt 6.6; Budget Deficit 6.6; Total Financing Need 13.2.
  - Brazil (2017): Maturing Debt 3.4; Budget Deficit 9.2; Total Financing Need 12.6.
  - Egypt (2017): Maturing Debt 33.8; Budget Deficit 9.5; Total Financing Need 43.3.
  - Pakistan (2017): Maturing Debt 27.7; Budget Deficit 5.7; Total Financing Need 33.4.
  - Uruguay (2017): Maturing Debt 11.4; Budget Deficit 3.0; Total Financing Need 14.4.
  - Averages:
    - Average (2017): Maturing Debt 5.6; Budget Deficit 4.6; Total Financing Need 10.2.
    - Average (2018): Maturing Debt 6.0; Budget Deficit 4.4; Total Financing Need 10.4.
- Structural fiscal indicators (selected entries, percent of GDP unless noted):
  - Advanced-economy sample group averages:
    - Pension Spending Change, 2015–30 0.8; Net Present Value 22.2.
    - Health Care Spending Change, 2015–30 2.5; Net Present Value 80.8.
    - Gross Financing Need, 2017 12.9; Average Term to Maturity, 2017 6.9; Debt-to-Average Maturity, 2017 16.4.
    - Projected Interest Rate–Growth Differential, 2017–22 –1.0.
    - Precrisis Overall Balance, 2000–07 –2.2; Projected Overall Balance, 2017–22 –2.2.
    - Nonresident Holding, 2017 34.1 (percent of total).
  - Emerging market and middle-income sample averages:
    - Pension Spending Change, 2015–30 1.9; Net Present Value 60.3.
    - Health Care Spending Change, 2015–30 1.1; Net Present Value 40.6.
    - Gross Financing Need, 2017 10.4; Average Term to Maturity, 2017 7.0.
    - Projected Interest Rate–Growth Differential, 2017–22 –4.1.
    - Precrisis Overall Balance, 2000–07 –1.1; Projected Overall Balance, 2017–22 –4.0.
    - Nonresident Holding, 2017 22.5.
  - Low-Income Developing sample average:
    - Pension Spending Change, 2015–30 0.4; Net Present Value 16.5.
    - Health Care Spending Change, 2015–30 0.5; Net Present Value 17.7.
    - Average Term to Maturity, 2017 (years) 1.0; Debt-to-Average Maturity, 2017 2.7.
    - Projected Interest Rate–Growth Differential, 2017–22 –8.1.
    - Precrisis Overall Balance, 2000–07 0.0; Projected Overall Balance, 2017–22 –3.6; Nonresident Holding, 2017 0.0.

  Notes on methodology:
  - Net present value discount rate = 1 percent a year in excess of GDP growth (table footnote).
  - Gross financing need = projected overall deficit plus maturing government debt in 2017.
  - Average term to maturity refers to central government securities (Bloomberg Finance L.P.); nonresident holdings from JEDH Q4 2016 or latest available.

### Data reliability, valuation, and table coverage conventions
- Debt valuation guidance:
  - Nominal = debt securities valued at nominal values (amount debtor owes).
  - Face = undiscounted amount of principal to be repaid at (or before) maturity.
  - Current market = debt securities valued at market prices; insurance, pension, and standardized guarantee schemes valued on equivalent market principles; other instruments at nominal prices where market equivalents unavailable.
  - Use of face value as a proxy for nominal is not recommended unless nominal and market values are unavailable.
- Accounting practice codes used in tables: C = cash; NC = noncash.
- Table coverage abbreviations: BCG, CG, GG, LG, MPC, NFPC, NFPS, NMPC, PS, SG, SS, CPS.
- Many country entries include special coverage/valuation notes (examples: Brazil aggregate = NFPS; Chile valuation = Face; China valuation = Face; Russia valuation = Current market; Thailand excludes SFIs/NMPC without government guarantee; United Arab Emirates gross debt covers banking system claims only; Venezuela fiscal accounts differ before and after 2010).

_Source: International Monetary Fund | October 2017 — Methodological and Statistical Appendix (fmstatapp)._

### Section 1

### fmstatapp - Section 1

### Data and conventions
- Data and projections for key fiscal variables are based on the October 2017 World Economic Outlook database, unless indicated otherwise, and compiled by IMF staff.
- Data in the appendix are compiled on the basis of information available through September 5, 2017.
- Historical data and projections are based on information gathered by IMF country desk officers; structural breaks 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 US dollars at average market exchange rates as a share of the group GDP.
- The country classification in the Fiscal Monitor divides the world into:
  - 35 advanced economies
  - 40 emerging market and middle-income economies
  - 40 low-income developing countries (LIDCs)
- The seven largest advanced economies by GDP (Canada, France, Germany, Italy, Japan, United Kingdom, United States) constitute the Group of Seven (G7).
- The euro area is distinguished as a subgroup; composite data for the euro area cover the current members for all years.
- The LIDC group membership criteria include a per capita income threshold currently set at $2,700 in 2016 as measured by the World Bank’s Atlas method; Zimbabwe is included in the group.
- For the purpose of Fiscal Monitor reporting, the Group of Twenty (G20) member aggregate refers to the 19 country members and does not include the European Union.
- 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 the calendar year except for the following countries, for which data refer to the fiscal year: Bangladesh, Egypt, Ethiopia, Haiti, Hong Kong Special Administrative Region, India, the Islamic Republic of Iran, Myanmar, Nepal, Pakistan, Singapore, and 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 it refers to total revenue and grants minus total expenditure and net lending.

### Debt data, comparability, and limitations
- Fiscal gross and net debt data come from official sources and IMF staff estimates; attempts are made to align with IMF GFSM definitions but data can deviate because of data limitations or country circumstances.
- Differences in sectoral and instrument coverage mean debt data are not universally comparable; changes in sources or coverage can give rise to substantial revisions.
- 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 (examples noted for Australia, Canada, Hong Kong Special Administrative Region, United States).

### Selected country-specific methodological and coverage notes (examples)
- Argentina:
  - Total expenditure and the overall balance account for cash interest only.
  - The primary balance excludes profit transfers from the Central Bank of Argentina.
  - Interest expenditure is net of interest income from the social security administration.
- Australia: For cross-country comparability, gross and net debt reported by national statistical agencies are adjusted to exclude unfunded pension liabilities where applicable.
- Bangladesh: Data are on a fiscal year basis.
- Brazil:
  - General government data refer to the nonfinancial public sector (federal, state, and local governments, and public enterprises excluding Petrobras and Eletrobras) and are consolidated with the sovereign wealth fund.
  - Revenue and expenditures of federal public enterprises are added in full to the respective aggregates.
  - Gross public debt includes 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.
  - According to the national definition of nonfinancial public sector gross debt, gross debt amounted to 69.9 percent of GDP at the end of 2016.
- Canada: For cross-country comparability, gross and net debt measures are adjusted to exclude unfunded pension liabilities where applicable.
- 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.
  - Consolidated general government net borrowing relative to authorities’ definition includes (1) transfers to and from stabilization funds, (2) state-administered state-owned enterprise funds and social security contributions and expenses, and (3) off-budget spending by local governments.
  - 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: Data are on a fiscal year basis.
- Greece: General government gross debt includes short-term debt and loans of state-owned enterprises.
- Haiti: Data are on a fiscal year basis.
- Hong Kong Special Administrative Region:
  - Data are on a fiscal year basis.
  - Cyclically adjusted balances include adjustments for land revenue and investment income.
  - For cross-country comparability, gross and net debt measures are adjusted to exclude unfunded pension liabilities where applicable.
- India: Data are on a fiscal year basis.
- Ireland:
  - General government balances between 2009 and 2012 reflect the impact of banking sector support.
  - Fiscal balance estimates excluding these measures are:
    - –11.4 percent of GDP for 2009
    - –10.9 percent of GDP for 2010
    - –8.6 percent of GDP for 2011
    - –7.9 percent of GDP for 2012
  - In 2015, if the conversion of the government’s remaining preference shares to ordinary shares in one bank were excluded, the fiscal balance would be –1.1 percent of GDP.
  - Cyclically adjusted balances reported in Tables A3 and A4 exclude financial sector support measures.
- 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.
- Lao People’s Democratic Republic: Data are on a fiscal year basis.
- Latvia: The fiscal deficit includes bank restructuring costs and thus is higher than the deficit in official statistics.
- 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.
- Myanmar: Data are on a fiscal year basis.
- Nepal: Data are on a fiscal year basis.
- Norway: Cyclically adjusted balances correspond to the cyclically adjusted non-oil overall or primary balance and are in percent of non-oil potential GDP.
- Pakistan: Data are on a fiscal year basis.
- Peru: Cyclically adjusted balances include adjustments for commodity price developments.
- Singapore:
  - Data are on a fiscal year basis.
  - Historical fiscal data have been revised to reflect migration to GFSM 2001, entailing some classification changes.
- 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
  - 0.1 percent of GDP for 2017
- Sweden: Cyclically adjusted balances take into account output and employment gaps.
- Switzerland:
  - Data submissions at the cantonal and commune level are received with a long and variable lag and are subject to sizable revisions.
  - Cyclically adjusted balances include adjustments for extraordinary operations related to the banking sector.
- Thailand: Data are on a fiscal year basis.
- Turkey: Information on the 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, expenditure and fiscal balances of the United States are adjusted to exclude the imputed interest on unfunded pension liabilities and the imputed compensation of employees, which are counted as expenditure under the 2008 SNA as adopted by the United States.
- Uruguay: Data are for the consolidated public sector (nonfinancial public sector as presented in the authorities’ budget documentation), 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—social security), and Fondo de Garantía de Depósitos y Protección Bancaria (FOGADE—deposit insurance).

### Fiscal policy assumptions
- Historical data and projections of key fiscal aggregates are in line with the October 2017 World Economic Outlook unless noted otherwise.
- Short-term fiscal policy assumptions are 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 lack sufficient information to assess budget intentions and implementation prospects, an unchanged structural primary balance is assumed, unless indicated otherwise.
- Country-specific projection assumptions (examples):
  - Argentina: Projections based on budget outturn and budget plans for federal and provincial governments, announced fiscal measures, and IMF staff macroeconomic projections.
  - Australia: Projections based on Australian Bureau of Statistics data, the fiscal year 2017/18 budget, and IMF staff estimates.
  - Austria: Projections based on Statistics Austria, the authorities’ projections, and IMF staff estimates and projections.
  - Belgium: Projections reflect IMF staff assessment of policies and measures in the 2017 budget and 2016–19 Stability Programme.
  - Brazil: Fiscal projections for the end of 2017 take into account budget performance through July 31, 2017, and the deficit target approved in the budget law.
  - Cambodia: Historical fiscal and monetary data are from the Cambodian authorities; projections based on IMF staff assumptions following discussions with authorities.
  - Canada: Projections use baseline forecasts in the 2017 federal budget and 2017 provincial budgets, adjusted for IMF staff macroeconomic projections and recent data releases through the second quarter of 2017.
  - Chile: Projections 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.
  - Croatia: Projections based on the macroeconomic framework and authorities’ medium-term fiscal guidelines.
  - Cyprus: Projections are on a cash basis based on the latest budget information and IMF staff macroeconomic assumptions.
  - Czech Republic: Projections based on the authorities’ 2017 budget forecast with IMF staff adjustments; 2018 onward based on the country’s Convergence Programme.
  - Denmark: 2016 estimates aligned with latest official budget estimates and economic projections; 2017–18 projections incorporate features of the authorities’ 2016 Convergence Programme.
  - Estonia: Fiscal projections are on an accrual basis and based on the authorities’ 2017 budget.
  - Finland: Projections based on authorities’ announced policies, adjusted for IMF staff macroeconomic scenario.
  - France: 2017 projections reflect the budget law and cancellation of spending taken in July 2017; 2018–19 projections based on the multiyear budget and preliminary fiscal path announced by the new government in July 2017, adjusted for macro and revenue differences. Historical fiscal data reflect May 2017 revisions and update of fiscal accounts, debt data, and national accounts for 2014 and 2015.

*International Monetary Fund | October 2017 — Methodological and Statistical Appendix, Section 1*

### Section 2

### fmstatapp - Section 2

### Country-specific projection assumptions and bases
- Germany: Projections for 2017 and beyond are based on the 2017 Stability Programme Update, adjusted for differences in the IMF staff’s macroeconomic framework and assumptions concerning revenue elasticities. Gross debt estimate includes portfolios of impaired assets and noncore business transferred to institutions that are winding up, as well as other financial sector and European Union support operations.
- Greece: Fiscal projections reflect the IMF staff’s assessment of implementation of legislated fiscal measures under the IMF and European Stability Mechanism (EMF) program.
- Hong Kong Special Administrative Region: Projections are based on the authorities’ medium-term fiscal projections on expenditures.
- 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, Stability Programme Update 2017, and Summer Economic Statement 2017.
- Israel: Historical data are based on Government Finance Statistics data prepared by the Central Bureau of Statistics. Projections for 2017 and 2018 are based on the 2017–18 budget, adjusted for the fiscal impact of new measures announced in April 2017 (the “Net Family Plan”). The central government deficit is assumed to remain at the current ceiling level of 2.9 percent of GDP in subsequent years, rather than declining in line with medium-term fiscal targets.
- Italy: IMF staff estimates and projections are based on the fiscal plans included in the government’s 2017 budget and April 2017 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 are based on the Budget Code and IMF staff projections.
- Korea: The medium-term forecast incorporates the government’s announced medium-term consolidation path.
- Libya: Data reliability and medium-term projections are low because of civil war and weak capacities.
- Malaysia: Projections are based on the Fiscal Budget Economic Report, October 2016.
- Malta: Projections are based on the authorities’ latest Stability Programme Update and budget documents, adjusted for IMF staff macroeconomic and other assumptions.
- Mexico: Fiscal projections for 2017 are broadly in line with the approved budget; projections for 2018 onward assume compliance with rules established in the Fiscal Responsibility Law.
- Moldova: Fiscal projections are based on various bases and growth rates for GDP, consumption, imports, wages, and energy prices and on demographic changes.
- Myanmar: Fiscal projections are based on budget numbers, discussions with the authorities, and IMF staff adjustments.
- Netherlands: Fiscal projections for 2017–22 are based on the authorities’ Bureau for Economic Policy Analysis budget projections, after differences in macroeconomic assumptions are adjusted for. Historical data were revised following the June 2014 Central Bureau of Statistics release because of adoption of ESA 2010.
- New Zealand: Fiscal projections are based on the authorities’ fiscal year 2017/18 budget and on IMF staff estimates.
- Norway: Fiscal projections are based on the latest 2017 revised budget.
- Philippines: Projections assume the authorities’ fiscal deficit target will be achieved in 2017 and beyond. Revenue projections reflect IMF staff macro assumptions and anticipated improvements in tax administration. Expenditure projections are based on budgeted figures, institutional arrangements, current data, and fiscal space in each year.
- Poland: Data are on an ESA 2010 basis beginning in 2010; data before 2010 are on ESA 95. Projections are based on the 2016 budget and take into account the effects of the 2014 pension changes.
- Portugal: Projections for 2017 are based on the authorities’ approved budget, adjusted to reflect the IMF staff’s macroeconomic forecast. Projections thereafter assume unchanged policies.
- Romania: Fiscal projections for 2017 reflect adopted budget measures as of August 2017 (including amendments to the tax code). Projections for 2018 reflect the full effect of 2017 budget measures, amendments to the tax code effective in 2018, and the impact of the unified wage law. Apart from the unified wage law (gradually implemented until 2022), no additional policy changes are assumed beyond 2018.
- Russia: Projections for 2017–19 are IMF staff estimates based on the authorities’ budget. Projections for 2020–22 are based on an oil price rule to be in effect in 2022, with adjustments by IMF staff.
- Saudi Arabia: IMF staff oil revenue projections are based on WEO baseline oil prices and the assumption that Saudi Arabia continues to meet its commitments under the OPEC+ agreement. Non-oil revenues include staff estimates of the revenue impact of announced policies in the Fiscal Balance Program. Starting in 2017, the wage bill estimates no longer include the 13th-month wage payment. Expenditure projections take the 2017 budget as a starting point and reflect staff estimates of effects of recent policy changes and economic developments.
- Singapore: For fiscal years 2016/17 and 2017/18, projections are based on budget numbers. For the remainder of the projection period, the IMF staff assumes unchanged policies.
- Slovak Republic: Projections for 2017 consider both the budget and developments to date. Projections for 2018 and beyond reflect a no-policy-change scenario.
- Spain: For 2017, fiscal data are IMF staff projections, reflecting cash outturn through May and the 2017 budget passed by Parliament. For 2018 and beyond, projections are based on measures specified in the Stability Programme Update 2017–20 and IMF staff macro projections.
- Sri Lanka: Projections are 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 2017 Spring Budget. The impact of cyclical developments on fiscal accounts is calculated using the OECD’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 country’s fiscal rules.
- Thailand: IMF staff assumes an implementation rate of 50 percent for the planned infrastructure investment programs during the projection period.
- Turkey: Fiscal projections for 2017 are based on the authorities’ Medium Term Programme 2017–19, with adjustments for additional announced fiscal measures and the IMF staff’s higher inflation forecast. Medium-term projections assume a more gradual fiscal consolidation than envisaged in the Medium Term Programme.
- United Kingdom: Fiscal projections are based on Budget 2017, with expenditure projections using budgeted nominal values and revenue projections adjusted for IMF staff macro forecasts. 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.
- United States: Fiscal projections are based on the January 2017 Congressional Budget Office baseline adjusted for IMF staff policy and macro assumptions. Baseline incorporates key provisions of the Bipartisan Budget Act of 2015, including a partial rollback of sequester cuts in fiscal year 2016. In fiscal years 2017 through 2022, IMF staff assumes sequester cuts will continue to be partially replaced in proportions similar to those 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. Fiscal projections are adjusted for IMF staff forecasts for macro and financial variables, different accounting treatment of financial sector support and defined-benefit pension plans, and are converted to a general government basis. Data are compiled using SNA 2008 and, when translated into government finance statistics, in accordance with GFSM 2014. Because of data limitations, most series begin in 2001.
- Venezuela: Projections are complicated by lack of discussions with authorities (last Article IV consultation in 2004), long data intervals, information gaps, incomplete provision of information, and difficulties interpreting reported indicators. Fiscal accounts include 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 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 are based on WEO assumptions for oil and gas prices (the authorities use $55 a barrel) and authorities’ projections of production. Nonhydrocarbon revenues largely reflect authorities’ projections; most expenditure categories do as well, except fuel subsidies, which are projected based on the WEO price consistent with revenues. Monetary projections are based on macro assumptions about growth of broad money, credit to the private sector, and deposit growth.

### Data reliability and methodological notes
- Data revisions and accounting standards:
  - Netherlands: Historical data revised after the June 2014 Central Bureau of Statistics release because of adoption of ESA 2010 and revisions of data sources.
  - Poland: Data on an ESA 2010 basis beginning in 2010; pre-2010 data on ESA 95.
  - United States: Data compiled using SNA 2008 and, when translated into government finance statistics, in accordance with GFSM 2014.
- Treatment of specific items and definitions:
  - Germany: Gross debt includes portfolios of impaired assets and noncore business transferred to winding-up institutions, and other financial sector and EU support operations.
  - Israel: Central government deficit assumed to remain at the ceiling level of 2.9 percent of GDP in subsequent years.
  - Saudi Arabia: From 2017, wage bill estimates exclude the 13th-month wage payment previously awarded every three years.
  - Thailand: Assumed implementation rate of 50 percent for planned infrastructure investment programs.
  - Yemen: Authorities use $55 a barrel for oil price assumptions; IMF staff use WEO assumptions.

### Definition and coverage of fiscal data (groupings and classifications)
- Economy groupings used in the Fiscal Monitor:
  - Advanced Economies
  - Emerging Market and Middle-Income Economies
  - Low-Income Developing Countries
  - G7, G20, Advanced G20, Emerging G20 groupings are listed in the original grouping tables.
- Euro Area and regional groupings are defined (examples shown include members of the Euro Area and Emerging Market and Middle-Income regions such as Asia, Europe, Latin America, Middle East and North Africa and Pakistan, Africa).
- Low-Income Developing country subgroups include Low-Income Developing Asia, Low-Income Developing Latin America, Low-Income Developing Sub-Saharan Africa, Low-Income Developing Others, and Low-Income Oil Producers.
- Note: “Emerging market and developing economies” includes emerging market and middle-income economies as well as low-income developing countries. European Union aggregate is not included for the G20 grouping.

### Advanced Economies: coverage and accounting practice (Table B — key patterns)
- Coverage abbreviations: CG = central government; GG = general government; LG = local governments; NFPC = nonfinancial public corporations; SG = state governments; SS = social security funds; TG = territorial governments.
- Accounting practice abbreviations: C = cash; NC = noncash.
- Valuation of debt definitions:
  - Nominal = debt securities valued at their nominal values (amount the debtor owes to the creditor).
  - Face = undiscounted amount of principal to be repaid at (or before) maturity.
- Selected entries (coverage, accounting practice, valuation) for Advanced Economies (as presented):
  - Australia: Overall Fiscal Balance = GG; Subsections CG, SG, LG, TG; Accounting practice NC. Gross Debt = GG; CG, SG, LG, TG; NC. Valuation = Nominal.
  - Austria: Overall Fiscal Balance = GG; CG, LG, SS; Accounting practice NC. Gross Debt = GG; CG, LG, SS; NC. Valuation = Face.
  - Germany: Overall Fiscal Balance = GG; CG, SG, LG, SS; Accounting practice NC. Gross Debt = GG; CG, SG, LG, SS; NC. Valuation = Face.
  - Hong Kong SAR: Overall Fiscal Balance = GG; CG; Accounting practice C. Gross Debt = GG; CG; C. Valuation = Face.
  - Ireland: Overall Fiscal Balance = GG; CG, LG, SS; NC. Gross Debt = GG; CG, LG, SS; NC. Valuation = Nominal.
  - Japan: Overall Fiscal Balance = GG; CG, LG, SS; NC. Gross Debt = GG; CG, LG, SS; NC. Valuation = Nominal.
  - Korea: Overall Fiscal Balance = CG; CG; Accounting practice C. Gross Debt = CG; CG; C. Gross Debt valuation entry: GG; CG, LG; Nominal.
  - New Zealand: Overall Fiscal Balance = CG; CG; NC. Gross Debt = CG; CG; NC. Valuation = Current market.
  - United Kingdom: Overall Fiscal Balance = GG; CG, LG; NC. Gross Debt = GG; CG, LG; NC. Valuation = Nominal.
  - United States: Overall Fiscal Balance = GG; CG, SG, LG; NC. Gross Debt = GG; CG, SG, LG; NC. Valuation = Nominal.
- Many advanced-economy fiscal data series follow IMF’s Government Finance Statistics Manual 2001; the concept of overall fiscal balance generally 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.

*International Monetary Fund | October 2017*

### Section 3

### fmstatapp - Section 3

### Debt Valuation Guidance
- 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.
- 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.
- 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.

### Accounting and Historical Data Practice
- 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.
- Accounting practice codes used in tables: C = cash; NC = noncash.

### Coverage Conventions Used in Tables C and D
- Coverage abbreviations 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; CPS = combined public sector.
- The concept of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In some cases, however, 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.

### Notable Country-Specific Coverage and Valuation Notes (selected from tables)
- Algeria: Gross debt coverage reported as CG; valuation = Nominal.
- Azerbaijan: Gross debt coverage reported as CG; valuation = Face.
- Brazil: Aggregate = NFPS; aggregate subsectors = CG, SG, LG, SS, MPC, NFPC; valuation = Nominal.
- Chile: Gross debt coverage = GG; subsectors = CG, LG; valuation = Face.
- China: Gross debt coverage = GG; subsectors = CG, LG; valuation = Face.
- Russia: Gross debt coverage = GG; subsectors = CG, SG, SS; valuation = Current market.
- South Africa: 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 partly covered, through the transfers to them.
- Thailand: Data for Thailand do not include the debt of specialized financial institutions (SFIs/NMPC) without government guarantee.
- United Arab Emirates: Gross debt covers banking system claims only.
- Venezuela: 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).

Additional selected notes from Low-Income Developing Countries table:
- Lao P.D.R.’s fiscal spending includes capital spending by local governments financed by loans provided by the central bank.
- Overall and primary balances in 2012 for Myanmar are based on the monetary statistics and are different from the balances calculated from expenditure and revenue data.
- Uzbekistan’s listing includes the Fund for Reconstruction and Development.

### Data Tables Summary (examples and scope)
- The section includes detailed country-by-country tabulations of:
  - Overall Fiscal Balance (coverage and accounting practice)
  - Cyclically Adjusted Balance (coverage and accounting practice)
  - Gross Debt (coverage, subsectors covered, and valuation of debt)
- Tables span groupings including Emerging Market and Middle-Income Economies and Low-Income Developing Countries, and include time series tables such as Table A1. Advanced Economies: General Government Overall Balance, 2008–22 (Percent of GDP) and Table A2. Advanced Economies: General Government Primary Balance, 2008–22 (Percent of GDP).

*Source: IMF staff estimates, projections, and methodological notes from the provided section.*

### Section 4

### fmstatapp - Section 4

### General Government Cyclically Adjusted Balance, 2008–22 (Table A4)
- Advanced-economy average (General Government Cyclically Adjusted Balance, percent of potential GDP), 2008–22:
  - Average: –4.0–5.8–6.6–5.5–4.4–3.2–2.7–2.5–2.5–2.8–2.5–2.4–2.2–2.3–2.3
- Regional/group aggregates (percent of potential GDP), 2008–22:
  - Euro Area: –3.4–4.8–5.0–3.9–2.6–1.3–1.3–1.1–0.9–1.0–1.0–0.8–0.5–0.4–0.4
  - G7: –4.5–6.1–7.4–6.3–5.1–3.7–3.2–2.9–3.1–3.4–3.0–2.9–2.8–2.8–2.8
  - G20 Advanced: –4.2–5.9–7.1–6.0–4.8–3.5–3.0–2.7–2.9–3.1–2.7–2.7–2.5–2.5–2.5
- Notable country-level trajectories (Cyclically Adjusted Balance, percent of potential GDP):
  - United States: –6.0–7.7–9.6–8.2–6.4–4.4–3.8–3.6–4.1–4.4–4.0–4.3–4.3–4.4–4.5
  - Japan: –3.6–6.3–7.5–7.5–7.1–7.1–5.1–3.9–3.8–3.9–3.2–2.8–2.1–2.0–2.0
  - Greece: –13.9–18.7–12.2–8.8–2.7–0.2–1.1–0.4–3.2–0.1–0.2–0.7–0.2–0.1–0.3
- Data and measurement notes included in source:
  - Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).
  - Notes: 1 Data for these countries include adjustments beyond the output cycle. 2 2008 data are IMF staff estimates. 3 U.S. data adjusted for comparability to exclude imputed interest on unfunded pension liabilities and imputed compensation of employees per 2008 SNA differences.

### General Government Cyclically Adjusted Primary Balance, 2008–22 (Table A5)
- Advanced-economy average (Cyclically Adjusted Primary Balance, percent of potential GDP), 2008–22:
  - Average: –2.4–4.2–5.0–3.7–2.6–1.6–1.1–1.0–1.1–1.3–1.0–0.9–0.6–0.6–0.5
- Regional/group aggregates (percent of potential GDP), 2008–22:
  - Euro Area: –0.8–2.4–2.6–1.3–0.0–1.1–1.0–1.0–1.0–0.8–0.7–0.8–1.1–1.2–1.3
  - G7: –2.5–4.3–5.6–4.3–3.1–2.0–1.4–1.3–1.4–1.6–1.3–1.1–0.9–0.8–0.7
  - G20 Advanced: –2.4–4.2–5.3–4.1–3.0–1.9–1.4–1.2–1.3–1.5–1.1–1.0–0.7–0.7–0.6
- Selected country-level series (Cyclically Adjusted Primary Balance, percent of potential GDP):
  - United States: –4.0–5.9–7.6–6.0–4.2–2.4–1.9–1.7–2.0–2.3–1.7–1.8–1.7–1.7–1.6
  - Japan: –3.3–5.8–6.9–6.8–6.3–6.4–4.6–3.5–3.6–3.8–3.2–2.8–2.2–2.0–2.0
  - Greece: –8.6–13.3–6.1–1.7–2.0–3.9–2.7–3.0–6.3–3.4–3.1–4.0–3.6–3.5–3.5
- Note: Cyclically adjusted primary balance is defined as the cyclically adjusted balance plus net interest payable/paid following the World Economic Outlook convention. Data caveats: 1 The data for these countries include adjustments beyond the output cycle. 2 2008 data are IMF staff estimates.

### General Government Revenue, 2008–22 (Table A6)
- Average general government revenue (percent of GDP), 2008–22:
  - Average: 36.4–35.0–34.9–35.5–35.6–36.9–36.9–36.4–36.2–36.3–36.5–36.6–36.7–36.7–36.7
- Regional/group aggregates (percent of GDP), 2008–22:
  - Euro Area: 44.4–44.4–44.3–44.9–46.0–46.7–46.7–46.3–46.1–46.2–46.1–45.9–45.8–45.7–45.6
  - G7: 35.6–34.2–34.1–34.8–34.9–36.4–36.4–36.1–35.8–36.0–36.0–36.2–36.3–36.5–36.5
  - G20 Advanced: 35.1–33.8–33.7–34.2–34.4–35.8–35.8–35.5–35.3–35.4–35.6–35.7–35.9–35.9–35.9
- Selected country revenue levels (percent of GDP) examples:
  - Norway: 57.4–55.4–55.0–56.2–55.8–53.9–53.7–53.9–53.3–53.5–54.7–55.1–55.7–56.1–56.4
  - United States: 30.6–28.4–29.1–29.4–29.4–31.6–31.5–31.6–31.2–31.4–31.7–31.9–32.2–32.3–32.4
  - Hong Kong SAR: 18.9–18.8–20.7–22.4–21.4–21.0–20.8–18.6–22.7–20.6–20.6–20.6–20.7–20.8–20.8
- Note: 1 2008 data are IMF staff estimates.

### General Government Expenditure, 2008–22 (Table A7)
- Average general government expenditure (percent of GDP), 2008–22:
  - Average: 39.9–43.7–42.5–41.7–41.0–40.5–40.0–39.1–39.1–39.0–38.8–38.7–38.7–38.7–38.7
- Regional/group aggregates (percent of GDP), 2008–22:
  - Euro Area: 46.6–50.7–50.5–49.1–49.7–49.7–49.3–48.3–47.7–47.5–47.0–46.6–46.1–45.9–45.7
  - G7: 40.1–44.0–42.0–42.9–42.1–41.2–40.6–40.1–39.2–39.3–39.3–39.1–39.0–39.0–39.1
  - G20 Advanced: 39.4–43.2–41.9–41.4–40.4–39.8–39.2–38.4–38.6–38.6–38.3–38.3–38.2–38.3–38.3
- Selected country expenditure levels (percent of GDP) examples:
  - United States: 37.3–41.6–40.0–38.9–37.3–36.0–35.5–35.2–35.6–35.8–35.5–35.9–36.2–36.5–36.7
  - France: 53.0–56.8–56.4–55.9–56.8–57.0–57.1–56.7–56.4–55.6–55.6–54.8–53.1–52.4–51.7
  - Norway: 38.9–45.0–44.1–43.0–42.2–43.3–45.7–48.1–50.2–49.0–50.0–49.7–49.6–49.5–49.4
- Note: 1 2008 data are IMF staff estimates.

### General Government Gross Debt, 2008–22 (Table A8)
- Average gross debt (percent of GDP), 2008–22:
  - Average: 79.2–92.5–99.3–103.5–107.7–106.2–105.5–105.1–107.4–106.3–105.2–104.2–102.9–101.9–101.0
- Regional/group aggregates (percent of GDP), 2008–22:
  - Euro Area: 68.6–78.4–83.8–86.1–89.5–91.4–91.9–90.0–89.0–87.4–85.6–83.5–81.1–78.8–76.3
  - G7: 89.7–104.5–112.9–118.2–122.3–120.1–118.6–117.5–120.3–119.8–118.8–118.0–116.9–116.0–115.3
  - G20 Advanced: 85.7–100.0–107.1–111.7–115.5–113.6–112.5–111.9–114.6–113.9–113.0–112.1–111.0–110.1–109.3
- Selected country gross debt trajectories (percent of GDP):
  - Japan: 191.3–208.6–215.9–230.6–236.6–240.5–242.1–238.1–239.3–240.3–240.0–238.5–237.2–235.7–233.9
  - United States: 73.6–87.0–95.7–100.0–103.4–105.4–105.1–105.2–107.1–108.1–107.8–107.9–108.3–108.8–109.6
  - Greece: 109.4–126.7–146.2–172.1–159.6–177.9–180.9–179.4–181.6–180.2–184.5–177.9–171.4–165.4–161.2
- Data and measurement notes:
  - Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).
  - Note: For cross-country comparability, gross debt levels reported by national statistical agencies for countries that have adopted the 2008 System of National Accounts (Australia, Canada, Hong Kong SAR, and the United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.
  - 2 2008 data are IMF staff estimates.

### General Government Net Debt, 2008–22 (Table A8 continued)
- Select net debt series (percent of GDP) where provided:
  - Average/net aggregates are not fully reported as a single continuous row in the supplied extract; country-level entries include:
    - Japan: 84.9–96.2–106.2–117.9–120.5–117.4–119.0–118.4–119.8–120.9–120.7–119.2–117.8–116.3–114.6
    - Italy: 94.1–102.8–104.7–106.8–111.6–116.7–118.8–119.8–120.6–121.2–119.9–117.5–114.7–112.1–109.6
    - Norway (note negative net-debt reflecting large assets): –48.9–43.8–47.5–48.4–49.9–61.3–76.1–86.8–87.8–88.3–90.2–91.7–93.4–95.5–97.5
- Notes on net-debt table:
  - The supplied extract contains incomplete entries and omitted cells for some countries in the net-debt table (indicated by sequences such as “. . .. . ..” in the source extract).
  - Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).

*Source: IMF staff estimates and projections (from the provided content of fmstatapp - Section 4).*

### Section 5

### fmstatapp - Section 5

### Net debt series (selected countries and aggregates)
- Spain: 25.6 36.6 46.1 56.5 71.7 81.1 85.6 86.1 86.8 86.6 85.6 84.6 84.6 83.7 83.0 82.3
- Sweden: 12.6 13.5 13.2 11.6 11.2 11.3 11.1 10.8 8.0 6.9 5.8 4.2 2.0 1.6 1.2
- Switzerland: 28.1 26.8 25.6 25.6 25.0 23.8 23.8 23.9 24.1 23.0 22.0 20.9 19.9 18.7 17.5
- United Kingdom: 44.3 57.7 68.7 73.2 76.4 77.8 79.7 80.3 80.1 80.5 80.6 80.6 79.9 78.6 77.7 76.6
- United States1: 51.2 62.9 70.4 76.8 80.2 81.6 80.8 80.2 81.3 82.5 81.1 81.0 81.3 81.8 81.8 82.8
- Average: 51.0 61.5 67.3 71.9 72.9 72.6 72.4 72.5 73.6 73.5 72.2 71.3 70.4 69.6 69.0
- Euro Area: 53.8 62.0 66.0 68.5 72.2 74.6 74.9 73.9 73.3 71.8 70.3 68.6 66.7 64.7 64.7 62.7
- G7: 58.2 69.3 75.8 81.2 84.0 83.4 82.9 82.3 83.5 83.7 82.3 81.5 80.7 80.0 79.6
- G20 Advanced: 56.2 67.1 73.2 78.2 78.2 77.8 77.5 77.2 78.5 78.4 77.1 76.3 75.5 74.8 74.3

Note: 1 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, and the United States) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans. Additional country-specific revisions and definitional notes are listed in the source text.

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

### Table A9 — General Government Overall Balance, Emerging Market and Middle-Income Economies (percent of GDP)
- Algeria: 9.6 –5.8 0.0 –0.1 –4.4 –0.4 –7.3 –15.3 –13.5 –3.2 –1.1 –0.5 0.1 0.2 0.3
- Libya: 32.5 –6.5 12.5 –17.2 28.6 –5.1 –73.8 –126.6 –102.7 –43.0 –23.3 –30.6 –34.1 –37.0 –37.4
- Venezuela: –3.5 –8.7 –9.2 –10.6 –14.6 –14.1 –16.5 –17.7 –17.8 –18.5 –18.7 –19.2 –19.7 –19.8 –19.7
- Brazil: –1.5 –3.2 –2.7 –2.5 –2.5 –3.0 –5.4 –10.3 –9.0 –9.2 –9.3 –8.8 –8.3 –7.6 –7.3
- India: –9.0 –9.5 –8.6 –8.3 –7.5 –7.0 –7.2 –7.1 –6.6 –6.4 –6.2 –5.9 –5.8 –5.6 –5.4
- China: 0.0 –1.7 –0.4 –0.1 –0.3 –0.8 –0.9 –2.8 –3.7 –3.7 –3.7 –3.9 –4.0 –4.1 –4.2
- Average (EM & Middle-Income): 0.8 –3.7 –2.2 –1.0 –1.0 –1.5 –2.4 –4.4 –4.8 –4.4 –4.2 –4.0 –3.9 –3.8 –3.7
- Regional aggregates (selected):
  - Asia: –1.7 –3.3 –2.2 –1.6 –1.6 –1.8 –1.9 –3.2 –3.9 –3.9 –3.9 –3.9 –4.0 –4.1 –4.1
  - Europe: 0.5 –5.8 –3.7 –0.2 –0.7 –1.5 –1.4 –2.7 –2.9 –2.8 –2.2 –1.9 –1.6 –1.2 –1.1
  - Latin America: –0.9 –3.9 –3.1 –2.8 –3.1 –3.3 –4.8 –7.3 –6.6 –6.3 –6.4 –5.9 –5.5 –5.1 –5.0
  - MENAP (Middle East, North Africa, and Pakistan): 12.6 –1.3 2.2 4.2 5.7 4.0 –1.4 –8.4 –9.5 –5.7 –4.5 –3.7 –2.7 –2.6 –2.6
- G20 Emerging: 0.5 –3.9 –2.3 –1.1 –1.2 –1.8 –2.5 –4.4 –4.8 –4.5 –4.3 –4.2 –4.1 –4.0 –4.0

_Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies._

### Table A10 — General Government Primary Balance, Emerging Market and Middle-Income Economies (percent of GDP)
- Libya (primary): 32.5 –6.5 12.5 –17.2 28.6 –5.1 –73.8 –126.6 –102.7 –43.0 –23.3 –30.6 –34.1 –37.0 –37.4
- Kuwait (primary): 11.1 18.1 16.9 26.5 25.4 25.8 12.7 –7.5 –13.6 –11.5 –10.7 –10.8 –11.1 –11.1 –10.2
- Saudi Arabia (primary): 29.2 –5.2 4.0 11.2 11.8 5.4 –4.0 –17.7 –20.4 –10.9 –8.6 –6.1 –2.5 –2.2 –1.7
- Venezuela (primary): –2.0 –7.2 –7.4 –8.5 –11.3 –10.6 –12.6 –16.0 –16.9 –18.0 –18.5 –19.1 –19.6 –19.8 –19.7
- Brazil (primary): 3.8 1.9 2.3 2.9 1.9 1.7 0.0 –1.9 –2.5 –2.5 –2.3 –1.8 –0.8 0.2 0.8
- China (primary): 0.4 –1.3 0.1 0.4 0.2 –0.3 –0.4 –2.2 –2.9 –2.8 –2.7 –2.7 –2.9 –2.9 –3.0
- Average (primary): 2.5 –2.0 –0.5 0.7 0.6 0.1 –0.8 –2.7 –3.1 –2.5 –2.2 –1.9 –1.8 –1.6 –1.6
- Regional aggregates (selected):
  - Asia: –0.3 –1.9 –0.8 –0.3 –0.4 –0.6 –0.7 –2.0 –2.4 –2.3 –2.2 –2.2 –2.3 –2.3 –2.3
  - Europe: 2.0 –4.3 –2.3 1.0 0.5 –0.3 –0.2 –1.5 –1.7 –1.5 –0.9 –0.5 –0.1 0.2 0.4
  - Latin America: 2.4 –0.6 0.2 0.7 0.0 –0.1 –1.3 –2.9 –2.8 –2.2 –2.2 –1.6 –1.0 –0.4 –0.1
  - MENAP: 12.6 –1.0 2.7 4.7 6.2 4.6 –0.8 –7.9 –9.3 –5.4 –3.9 –2.8 –1.8 –1.7 –1.6
- G20 Emerging (primary): 2.4 –2.0 –0.5 0.7 0.4 –0.2 –0.8 –2.6 –3.0 –2.5 –2.2 –2.1 –1.9 –1.8 –1.7

_Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies._

### Table A11 — General Government Cyclically Adjusted Balance (percent of potential GDP)
- Brazil (cyclically adjusted): –2.3 –2.7 –3.6 –3.6 –3.4 –4.0 –6.5 –10.0 –7.5 –7.8 –9.6 –10.2 –10.5 –10.4 –10.5
- China (cyclically adjusted): –0.3 –1.8 –0.4 –0.1 –0.1 –0.5 –0.5 –2.5 –3.6 –3.8 –3.8 –3.9 –4.0 –4.1 –4.1
- India (cyclically adjusted): –8.6 –9.3 –9.0 –8.6 –7.5 –6.8 –7.1 –7.0 –6.4 –6.2 –5.9 –5.8 –5.7 –5.5 –5.3
- Average (cyclically adjusted): –1.4 –3.6 –2.8 –2.0 –1.9 –2.2 –2.4 –3.7 –4.0 –4.1 –4.1 –4.1 –4.0 –4.0 –4.0
- Regional aggregates (selected):
  - Asia: –1.8 –3.2 –2.2 –1.6 –1.4 –1.5 –1.5 –3.0 –3.7 –3.9 –3.9 –3.9 –4.0 –4.0 –4.1
  - Europe: 0.2 –4.9 –3.5 –0.8 –1.0 –1.8 –1.0 –2.0 –2.5 –2.7 –2.3 –2.0 –1.8 –1.3 –1.2
  - Latin America: –1.6 –2.8 –3.1 –3.1 –2.9 –3.5 –4.9 –6.6 –5.4 –5.3 –5.8 –5.9 –5.8 –5.8 –5.9
  - MENAP: –1.6 –7.5 –6.8 –6.8 –7.8 –7.7 –9.7 –11.6 –10.7 –6.3 –5.1 –3.9 –2.7 –2.0 –1.6
- G20 Emerging (cyclically adjusted): –1.0 –3.4 –2.6 –1.7 –1.7 –2.1 –2.2 –3.8 –4.2 –4.3 –4.3 –4.3 –4.3 –4.3 –4.3

Note: Many country entries in Table A11 are marked with ". . ." indicating data not available or not reported in this table for those years in the source.

_Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies._

### Table A12 — General Government Cyclically Adjusted Primary Balance (percent of potential GDP)
- Algeria: 7.3 –14.0 –6.0 –3.1 –4.9 1.5 –9.5 –19.1 –15.5 –2.9 –3.5 –2.3 –0.3 0.5 1.5
- Brazil (cyclically adjusted primary): 3.1 2.4 1.6 2.0 1.2 0.9 –0.9 –1.7 –1.3 –1.4 –2.9 –3.2 –3.0 –2.6 –2.5
- China (cyclically adjusted primary): 0.1 –1.4 0.0 0.4 0.4 0.0 0.1 –1.9 –2.8 –2.8 –2.7 –2.8 –2.9 –2.9 –2.9
- Peru (cyclically adjusted primary): 2.4 0.9 0.6 2.2 2.3 1.1 0.7 –0.8 –1.0 –1.5 –2.1 –1.7 –0.8 0.1 0.2
- Philippines (cyclically adjusted primary): 3.0 1.5 0.5 2.6 2.3 2.6 2.9 2.7 1.4 0.9 0.8 0.7 0.6 0.5 0.4
- Average (cyclically adjusted primary): 0.6 –1.7 –0.9 –0.1 –0.1 –0.4 –0.6 –1.8 –2.1 –1.9 –1.9 –1.8 –1.8 –1.7 –1.7
- Regional aggregates (selected):
  - Asia: –0.5 –1.9 –0.9 –0.3 –0.2 –0.3 –0.3 –1.8 –2.3 –2.3 –2.2 –2.3 –2.3 –2.3 –2.3
  - Europe: 1.4 –3.4 –2.0 0.6 0.3 –0.5 0.2 –0.7 –1.2 –1.4 –0.9 –0.5 –0.2 0.2 0.3
  - Latin America: 1.9 0.5 0.2 0.5 0.3 –0.2 –1.3 –2.0 –1.5 –1.1 –1.5 –1.5 –1.2 –0.9 –0.9
  - MENAP: 0.7 –5.6 –4.2 –4.3 –4.9 –3.5 –5.5 –7.3 –5.8 –2.0 –0.9 0.2 0.9 1.1 1.3
- G20 Emerging (cyclically adjusted primary): 1.0 –1.5 –0.6 0.2 0.0 –0.4 –0.5 –1.9 –2.2 –2.1 –2.1 –2.0 –2.1 –2.0 –2.0

Note: 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. Some country rows include adjustments beyond the output cycle (see source notes).

_Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies._

*Source: IMF staff estimates and projections (METHODOLOGICAL AND STATISTICAL APPENDIX, October 2017).*

### Section 6

### fmstatapp - Section 6

### Emerging Market and Middle-Income Economies: General Government Revenue (Table A13)
- Time span: 2008–22 (Percent of GDP)
- Country examples (selected series shown in table): Algeria, Angola, Argentina, Azerbaijan, Belarus, Brazil, Chile, China, Colombia, Croatia, Dominican Republic, Ecuador, Egypt, Hungary, India, Indonesia, Iran, Kazakhstan, Kuwait, Libya, Malaysia, Mexico, Morocco, Oman, Pakistan, Peru, Philippines, Poland, Qatar, Romania, Russia, Saudi Arabia, South Africa, Sri Lanka, Thailand, Turkey, Ukraine, United Arab Emirates, Uruguay, Venezuela.
- Cross-country summary statistics (from table):
  - Average: 29.6, 26.9, 27.6, 28.9, 29.4, 29.1, 28.5, 27.2, 27.2, 26.9, 26.6, 26.5, 26.5, 26.4, 26.3, 26.2
  - Asia: 21.5, 21.9, 22.4, 22.4, 23.4, 23.3, 25.3, 25.6, 25.8, 25.2, 25.2, 25.2, 25.0, 24.9, 24.8
  - Europe: 36.8, 34.2, 34.1, 35.3, 35.1, 34.4, 34.3, 33.4, 33.8, 33.8, 33.7, 33.6, 33.3, 33.3, 33.3
  - Latin America: 30.5, 28.8, 29.9, 30.4, 30.2, 30.2, 29.1, 29.1, 27.6, 27.1, 26.5, 26.5, 26.0, 26.1, 26.4
  - MENAP: 40.5, 31.3, 32.9, 33.8, 36.3, 35.5, 32.7, 32.7, 26.6, 24.0, 25.5, 26.4, 26.7, 27.3, 26.9
  - G20 Emerging: 28.2, 26.0, 26.9, 28.5, 28.9, 28.6, 28.1, 27.3, 27.2, 27.2, 26.7, 26.6, 26.5, 26.4, 26.3
- Note: Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text).
- Note on Egypt: "Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers."

### Emerging Market and Middle-Income Economies: General Government Expenditure (Table A14)
- Time span: 2008–22 (Percent of GDP)
- Country examples: Same country coverage as revenue table; detailed annual series presented in the table for each country.
- Cross-country summary statistics (from table):
  - Average: 28.8, 30.6, 29.7, 29.8, 30.4, 30.6, 30.9, 31.6, 31.7, 31.0, 30.7, 30.5, 30.3, 30.1, 29.9
  - Asia: 23.2, 25.2, 24.6, 26.0, 26.9, 27.1, 27.4, 29.3, 29.7, 29.1, 29.1, 29.1, 29.0, 28.9, 28.9
  - Europe: 36.2, 40.0, 37.8, 35.5, 35.8, 35.9, 35.7, 36.0, 36.7, 36.5, 35.7, 35.2, 34.9, 34.5, 34.4
  - Latin America: 31.4, 32.6, 32.9, 33.3, 33.2, 33.5, 33.9, 33.8, 33.7, 32.9, 32.3, 31.9, 31.6, 31.5, 31.4
  - MENAP: 27.9, 32.6, 30.7, 29.6, 30.7, 30.6, 31.3, 35.0, 33.5, 31.2, 30.9, 30.5, 30.0, 29.5, 29.0
  - G20 Emerging: 27.7, 29.9, 29.3, 29.6, 30.1, 30.4, 30.7, 31.7, 32.0, 31.2, 30.9, 30.8, 30.6, 30.5, 30.3
- Note: Projections are based on staff assessment of current policies.

### Emerging Market and Middle-Income Economies: General Government Gross Debt (Table A15)
- Time span: 2008–22 (Percent of GDP)
- Country examples: As listed in table; includes special notes for selected countries.
- Cross-country summary statistics (from table):
  - Average: 33.8, 39.0, 38.3, 37.4, 37.4, 38.6, 40.8, 44.0, 46.8, 48.4, 50.1, 51.7, 52.9, 54.0, 55.0
  - Asia: 36.9, 41.7, 40.3, 39.7, 39.7, 41.4, 43.6, 44.6, 47.2, 49.4, 51.5, 53.4, 55.3, 56.9, 58.4
  - Europe: 22.9, 28.4, 28.2, 26.8, 25.5, 26.4, 28.5, 30.9, 32.1, 32.3, 32.6, 32.5, 32.2, 31.8, 31.4
  - Latin America: 46.7, 49.7, 48.6, 48.6, 48.6, 48.7, 49.4, 51.4, 55.6, 59.3, 61.0, 62.8, 64.3, 65.2, 66.6
  - MENAP: 20.2, 26.2, 25.1, 21.9, 23.9, 23.8, 24.4, 34.1, 39.8, 38.7, 39.1, 40.2, 39.9, 39.5, 38.8
  - G20 Emerging: 35.7, 40.5, 39.0, 38.0, 37.5, 38.6, 41.2, 44.0, 46.9, 49.2, 51.4, 53.3, 55.3, 55.0, 57.8
- Country footnotes included in table:
  - 1: "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."
  - 2: "In late 2016, the authorities changed the definition of debt to a consolidated basis, which in 2016 was 11.5 percent of GDP lower than the previous aggregate definition. Both the historic and projection numbers are now presented on a consolidated basis."
  - 3: "Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers."

### Emerging Market and Middle-Income Economies: General Government Net Debt (Table A16)
- Time span: 2008–22 (Percent of GDP)
- Table contains net debt series with many entries reported as not available (". . ..").
- Cross-country summary statistics (from table):
  - Average: 22.6, 26.5, 26.5, 24.3, 22.6, 22.6, 24.0, 28.9, 35.0, 37.1, 39.0, 40.5, 41.2, 41.7, 42.1
  - Europe: 30.9, 36.0, 36.3, 34.4, 33.1, 30.6, 28.5, 27.5, 30.6, 31.3, 31.6, 31.6, 31.5, 31.3, 31.3
  - Latin America: 30.6, 33.8, 33.0, 31.0, 31.1, 29.4, 29.5, 35.3, 41.3, 43.8, 46.4, 48.4, 49.7, 50.6, 51.2
  - MENAP: –4.1, 1.1, 0.9, –1.3, –3.3, –4.0, –0.7, 15.3, 25.6, 26.7, 28.4, 30.6, 30.7, 31.0, 31.1
  - G20 Emerging: 25.3, 29.1, 28.3, 25.9, 22.4, 21.9, 23.6, 26.9, 34.1, 37.8, 40.7, 42.9, 44.3, 44.3, (not available)
- Selected country patterns of net debt (examples from table):
  - Algeria: –35.5, –39.6, –33.7, –31.1, –29.0, –29.5, –21.8, –7.6, 13.4, 15.2, 15.4, 14.8, 13.7, 12.5, 11.2
  - Brazil: 37.1, 40.4, 38.0, 34.5, 32.2, 30.5, 32.6, 35.6, 46.2, 53.1, 57.7, 61.3, 64.0, 65.9, 67.4
  - Kazakhstan: –13.9, –11.0, –10.2, –12.7, –15.9, –17.6, –19.2, –30.9, –22.8, –15.5, –12.2, –9.6, –8.0, –6.3, –4.9
  - Saudi Arabia: –38.4, –39.3, –37.8, –37.7, –47.7, –50.9, –47.1, –35.9, –17.1, –7.7, –0.1, 4.9, 6.3, 7.4, 8.1

### Low-Income Developing Countries: General Government Overall Balance (Table A17)
- Time span: 2008–22 (Percent of GDP)
- Country coverage includes Bangladesh, Benin, Burkina Faso, Cambodia, Cameroon, Chad, Congo (DRC), Congo (Republic), Côte d’Ivoire, Ethiopia, Ghana, Guinea, Haiti, Honduras, Kenya, Kyrgyz Republic, Lao P.D.R., Madagascar, Mali, Moldova, Mozambique, Myanmar, Nepal, Nicaragua, Niger, Nigeria, Papua New Guinea, Rwanda, Senegal, Somalia, Sudan, Tajikistan, Tanzania, Timor-Leste, Uganda, Uzbekistan, Vietnam, Yemen, Zambia, Zimbabwe.
- Selected country trajectories (from table):
  - Bangladesh: –4.0, –3.2, –2.7, –3.6, –3.0, –3.4, –3.1, –3.9, –3.4, –4.5, –5.0, –5.0, –5.2, –5.2, –5.2
  - Ghana: –8.0, –7.2, –10.1, –7.4, –11.3, –12.0, –10.9, –5.4, –8.9, –4.5, –3.7, –3.2, –3.1, –2.9, –2.8
  - Kenya: –3.4, –4.3, –4.4, –4.1, –5.0, –5.7, –7.4, –8.1, –8.7, –8.4, –6.6, –5.6, –4.1, –3.1, –3.0
  - Timor-Leste: 44.8, 40.9, 41.1, 43.7, 39.9, 41.7, 22.9, 3.6, –32.6, 1.6, –22.9, –27.1, –21.1, –15.3, –14.7
- Aggregates and averages (from table):
  - Average: 1.2, –4.0, –2.8, –0.9, –1.7, –3.3, –3.1, –4.0, –4.4, –4.3, –4.1, –3.9, –3.6, –3.4, –3.4
  - Oil Producers: 5.3, –4.5, –2.8, 0.7, 0.2, –2.5, –2.5, –4.3, –5.5, –5.0, –4.4, –4.0, –3.5, –3.3, –3.3
  - Asia: –1.0, –4.0, –2.3, –1.6, –3.0, –4.0, –3.7, –4.5, –4.7, –4.8, –5.2, –5.0, –4.9, –4.9, –4.7
  - Latin America: –0.9, –3.5, –2.3, –2.0, –2.8, –4.6, –3.2, –1.3, –0.7, –1.1, –0.9, –0.9, –1.0, –1.3, –1.4
  - Sub-Saharan Africa: 2.4, –4.1, –3.6, –1.0, –1.3, –3.2, –3.3, –4.1, –4.8, –4.6, –4.1, –3.8, –3.4, –3.0, –2.8
  - Others: 0.8, –3.7, –0.2, 0.9, –0.5, –1.8, –0.4, –2.6, –3.1, –2.5, –2.1, –1.8, –1.9, –2.0, –2.4
- Note: Projections are based on staff assessment of current policies.

*Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text). Note: For country-specific details, see “Data and Conventions” in text, and Tables C and D as applicable. 1 Based on nominal GDP series prior to the recent revision; therefore, data in the tables are not comparable to the authorities’ numbers.*

### Section 7

### fmstatapp - Section 7

### General Government Primary Balance, 2008–22 (Percent of GDP)
- Primary balance definition: "Primary balance is defined as the overall balance excluding net interest payments."
- Projections: "Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text)."
- Aggregate and group averages (2008–22, as listed in table):
  - Average: 2.2, –3.0, –1.8, 0.1, –0.5, –2.0, –1.7, –2.4, –2.8, –2.7, –2.4, –2.1, –1.9, –1.7, –1.6
  - Oil Producers: 6.2, –3.7, –2.0, 1.7, 1.4, –1.3, –1.2, –2.8, –3.8, –3.5, –2.8, –2.4, –1.9, –1.6, –1.5
  - Asia: 0.3, –2.6, –1.0, –0.4, –1.6, –2.5, –2.1, –2.7, –2.9, –3.1, –3.3, –3.0, –2.8, –2.7, –2.5
  - Latin America: –1.1, –3.7, –2.4, –1.9, –2.6, –4.3, –2.8, –0.7, –0.1, –0.6, –0.3, –0.2, –0.4, –0.7, –0.7
  - Sub-Saharan Africa: 3.2, –3.2, –2.7, 0.0, –0.2, –2.0, –2.0, –2.7, –3.1, –2.9, –2.3, –2.0, –1.6, –1.3, –1.1
  - Others: 1.8, –2.6, 0.8, 2.4, 1.1, –0.4, 1.2, –0.9, –1.6, –1.3, –1.0, –0.7, –0.8, –1.0, –1.2
- Selected country values (illustrative, exact series shown in table):
  - Timor-Leste primary balance series: 44.8, 40.9, 41.1, 43.7, 39.9, 41.7, 22.9, 3.6, –32.6, 1.6, –22.7, –26.8, –20.7, –14.7, –14.1
  - Congo, Republic of: 30.1, 6.3, 16.6, 16.1, 7.3, –4.2, –11.1, –41.0, –9.9, 1.6, 6.8, 7.0, 6.8, 7.1, 5.5

### General Government Revenue, 2008–22 (Percent of GDP)
- Projections: "Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text)."
- Aggregate and group averages (2008–22, as listed in table):
  - Average: 20.5, 16.3, 17.5, 19.4, 18.4, 17.1, 16.8, 15.8, 15.0, 15.0, 15.1, 15.1, 15.1, 15.2, 15.3
  - Oil Producers: 22.5, 13.2, 15.2, 19.4, 17.1, 14.1, 13.3, 10.0, 8.1, 8.3, 8.8, 9.1, 9.4, 9.8, 9.9
  - Asia: 17.9, 16.9, 17.9, 17.9, 17.9, 16.8, 18.8, 17.4, 17.7, 17.3, 17.1, 17.1, 17.1, 17.2, 17.2
  - Latin America: 22.3, 21.4, 22.2, 22.9, 23.4, 23.1, 23.1, 23.7, 24.9, 24.4, 25.1, 25.0, 24.9, 24.8, 24.7
  - Sub-Saharan Africa: 19.4, 13.9, 15.3, 18.3, 16.3, 14.9, 14.6, 13.0, 12.2, 12.6, 12.8, 12.8, 13.1, 13.5, 13.7
  - Others: 31.5, 25.3, 26.7, 27.4, 26.4, 23.5, 23.5, 23.7, 20.6, 19.1, 17.7, 17.4, 17.2, 16.6, 16.0
- Selected country values (illustrative, exact series shown in table):
  - Timor-Leste revenue series: 63.7, 68.8, 67.9, 68.2, 62.4, 65.5, 63.2, 53.9, 34.8, 56.0, 47.7, 46.4, 42.5, 42.2, 37.3
  - Congo, Republic of revenue: 54.8, 30.3, 36.7, 41.4, 42.7, 45.1, 40.7, 30.4, 32.3, 32.7, 32.9, 33.3, 33.0, 32.6, 32.6

### General Government Expenditure, 2008–22 (Percent of GDP)
- Projections: "Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text)."
- Aggregate and group averages (2008–22, as listed in table):
  - Average: 19.3, 20.2, 20.3, 20.4, 20.2, 20.5, 20.0, 19.6, 19.5, 19.4, 19.3, 19.0, 18.8, 18.7, 18.7
  - Oil Producers: 17.1, 17.7, 18.0, 18.0, 18.7, 16.9, 16.6, 15.7, 14.3, 13.6, 13.3, 13.3, 13.1, 13.0, 13.2
  - Asia: 19.0, 20.9, 20.1, 19.5, 21.6, 22.8, 22.1, 22.1, 21.9, 22.0, 22.3, 22.2, 22.2, 22.1, 21.9
  - Latin America: 23.1, 24.9, 24.5, 24.9, 26.2, 27.7, 26.7, 26.2, 25.0, 25.6, 25.5, 26.0, 26.0, 26.0, 26.1
  - Sub-Saharan Africa: 17.1, 18.0, 18.9, 19.3, 18.3, 18.0, 18.1, 17.8, 17.1, 16.9, 17.2, 16.9, 16.6, 16.4, 16.5
  - Others: 30.7, 29.0, 26.9, 26.7, 26.5, 26.0, 24.7, 23.7, 23.7, 22.7, 20.6, 19.9, 18.3, 18.1, 17.8
- Selected country values (illustrative, exact series shown in table):
  - Timor-Leste expenditure series: 18.9, 27.9, 26.7, 24.5, 22.5, 23.8, 40.3, 50.4, 67.4, 54.4, 70.5, 73.6, 63.7, 57.5, 52.0
  - Congo, Republic of expenditure: 27.6, 25.3, 21.0, 25.4, 35.4, 49.6, 52.0, 72.0, 45.2, 34.4, 29.1, 28.7, 28.1, 27.0, 28.4

### General Government Gross Debt, 2008–22 (Percent of GDP)
- Projections: "Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text)."
- Aggregate and group averages (2008–22, as listed in table):
  - Average: 29.3, 31.8, 30.6, 30.3, 30.8, 31.6, 32.4, 36.5, 40.3, 41.4, 41.4, 40.9, 40.6, 40.5, 40.3
  - Oil Producers: 15.0, 16.5, 15.2, 17.5, 16.9, 17.3, 18.0, 21.0, 26.3, 29.4, 29.3, 28.9, 28.8, 28.9, 29.1
  - Asia: 40.9, 42.9, 41.9, 40.9, 39.9, 40.9, 41.4, 42.9, 44.1, 44.8, 46.0, 46.8, 47.4, 48.0, 48.5
  - Latin America: 27.0, 27.9, 24.6, 23.3, 27.5, 32.7, 33.7, 34.7, 36.8, 38.4, 38.9, 39.4, 38.6, 37.8, 36.3
  - Sub-Saharan Africa: 21.8, 23.7, 22.2, 23.1, 22.7, 24.1, 25.9, 30.6, 36.0, 38.6, 38.6, 38.0, 37.6, 37.3, 37.0
  - Others: 44.6, 48.0, 47.2, 44.8, 51.7, 48.7, 44.8, 49.5, 49.5, 47.4, 51.1, 48.3, 36.8, 35.4, 34.3
- Selected country values (illustrative, exact series shown in table):
  - Congo, Republic of gross debt: 79.3, 63.3, 22.2, 23.8, 28.6, 34.2, 46.8, 96.8, 115.0, 117.7, 116.0, 111.1, 102.4, 88.8, 81.9
  - Timor-Leste gross debt: table entry shows ". . .. . .. . .." (no data entries across 2008–22)
  - Congo, Democratic Republic of the: 73.8, 84.5, 30.9, 24.5, 22.7, 20.0, 17.5, 16.1, 16.8, 17.0, 15.8, 14.5, 13.3, 12.0, 11.2

### General Government Net Debt, 2008–22 (Percent of GDP)
- Projections: "Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text)."
- Table contains many ". . .." (no data) entries for net debt for multiple countries; entries are provided only for selected countries and groups.
- Selected country/aggregate values (as shown in table):
  - Cameroon net debt series: 5.2, 5.7, 6.9, 9.8, 12.9, 16.5, 24.4, 29.6, 33.6, 32.7, 32.0, 31.2, 30.0, 28.1, 26.3
  - Ethiopia net debt series: 36.9, 34.9, 40.2, 39.5, 32.3, 37.3, 42.4, 49.2, 50.1, 56.2, 56.1, 55.8, 54.7, 53.9, 53.4
  - Ghana net debt series: 30.1, 32.6, 43.0, 38.8, 45.8, 53.2, 63.4, 66.7, 69.6, 64.4, 60.8, 58.0, 55.7, 53.6, 51.5
  - Kenya net debt series: 37.1, 36.9, 40.2, 39.1, 40.1, 40.1, 44.4, 46.4, 47.5, 52.0, 50.2, 48.8, 50.2, 49.6, 47.0
  - Niger net debt series: 12.9, 23.2, 20.1, 24.0, 21.9, 20.5, 25.7, 35.6, 39.9, 41.6, 47.2, 48.4, 48.2, 45.5, 42.1
  - Nigeria net debt series: 0.5, 6.0, 8.9, 10.7, 10.0, 11.7, 11.6, 12.4, 16.4, 20.2, 21.8, 23.0, 23.6, 24.1, 24.6
  - Yemen net debt series: 31.4, 43.6, 38.3, 42.3, 45.3, 46.3, 47.4, 68.7, 85.4, 82.8, 70.5, 35.0, 54.8, 45.3, 41.4
  - Zambia net debt series: 16.3, 16.5, 15.9, 16.4, 20.1, 25.2, 31.2, 55.2, 51.2, 50.8, 56.5, 59.8, 62.5, 63.3, 62.4
- Note: many countries in the table show ". . .." indicating no net debt series are provided in this table for those countries.

Notes common to tables:
- "Source: IMF staff estimates and projections. Projections are based on staff assessment of current policies (see “Fiscal Policy Assumptions” in text)."
- For country-specific details and data conventions, tables refer to "Data and Conventions" in text, and Table D.

*Source: IMF staff estimates and projections (fmstatapp - Section 7).*

### Section 8

### fmstatapp - Section 8

### Selected Advanced Economies: Gross Financing Need, 2017–19 (Percent of GDP)
- Table entries (maturing debt; budget deficit; total financing need) for 2017, 2018, 2019 for listed countries. Selected highlights:
  - Japan (2017): Maturing Debt 25.4; Budget Deficit 4.1; Total Financing Need 29.5.
  - Belgium (2017): Maturing Debt 26.1; Budget Deficit 1.8; Total Financing Need 27.9.
  - Italy (2017): Maturing Debt 7.1; Budget Deficit 2.2; Total Financing Need 9.4.
  - United States (2017): Maturing Debt 11.1; Budget Deficit 4.3; Total Financing Need 15.5.
  - Spain (2017) (general government, consolidated): Maturing Debt 15.9; Budget Deficit 3.2; Total Financing Need 19.1.
- Cross-country averages:
  - Average (2017): Maturing Debt 9.9; Budget Deficit 2.9; Total Financing Need 12.8.
  - Average (2018): Maturing Debt 15.4; Budget Deficit 2.4; Total Financing Need 17.8.
  - Average (2019): Maturing Debt 13.4; Budget Deficit 2.3; Total Financing Need 15.6.

_Notes from table: For most countries, data on maturing debt refer to central government securities. Assumptions on short-term refinancing and issuance based on maturity structure of debt outstanding at end-2016 are specified. United States data adjusted for cross-country comparability (exclusions noted)._

### Selected Emerging Market and Middle-Income Economies: Gross Financing Need, 2017–18 (Percent of GDP)
- Table entries (maturing debt; budget deficit; total financing need) for 2017 and 2018 for listed countries. Selected highlights:
  - Argentina (2017): Maturing Debt 6.6; Budget Deficit 6.6; Total Financing Need 13.2.
  - Brazil (2017): Maturing Debt 3.4; Budget Deficit 9.2; Total Financing Need 12.6.
  - Egypt (2017): Maturing Debt 33.8; Budget Deficit 9.5; Total Financing Need 43.3.
  - Pakistan (2017): Maturing Debt 27.7; Budget Deficit 5.7; Total Financing Need 33.4.
  - Uruguay (2017): Maturing Debt 11.4; Budget Deficit 3.0; Total Financing Need 14.4.
- Averages:
  - Average (2017): Maturing Debt 5.6; Budget Deficit 4.6; Total Financing Need 10.2.
  - Average (2018): Maturing Debt 6.0; Budget Deficit 4.4; Total Financing Need 10.4.

_Note: Data refer to general government on a consolidated basis._

### Advanced Economies: Structural Fiscal Indicators (Percent of GDP, except where otherwise indicated)
- Core projected fiscal and debt structure indicators, selected columns:
  - Pension Spending Change, 2015–30; Net Present Value of Pension Spending Change, 2015–50.
  - Health Care Spending Change, 2015–30; Net Present Value of Health Care Spending Change, 2015–50.
  - 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, 2017 (percent of total).
- Selected country entries (preserving values exactly):
  - Australia: Pension Spending Change, 2015–30 0.8; Net Present Value 21.7; Health Care Spending Change, 2015–30 1.6; Net Present Value 52.8; Gross Financing Need, 2017 2.5; Average Term to Maturity, 2017 7.4; Debt-to-Average Maturity, 2017 5.7; Projected Interest Rate–Growth Differential, 2017–22 –1.4; Precrisis Overall Balance, 2000–07 1.1; Projected Overall Balance, 2017–22 –0.8; Nonresident Holding, 2017 39.5.
  - Japan: Pension Spending Change, 2015–30 –0.7; Net Present Value –7.7; Health Care Spending Change, 2015–30 2.0; Net Present Value 63.3; Gross Financing Need, 2017 29.5; Average Term to Maturity, 2017 7.7; Debt-to-Average Maturity, 2017 31.4; Projected Interest Rate–Growth Differential, 2017–22 –1.0; Precrisis Overall Balance, 2000–07 –5.6; Projected Overall Balance, 2017–22 –2.8; Nonresident Holding, 2017 9.8.
  - Italy: Pension Spending Change, 2015–30 0.1; Net Present Value –1.8; Health Care Spending Change, 2015–30 1.1; Net Present Value 40.0; Gross Financing Need, 2017 9.4; Average Term to Maturity, 2017 6.9; Debt-to-Average Maturity, 2017 19.4; Projected Interest Rate–Growth Differential, 2017–22 0.8; Precrisis Overall Balance, 2000–07 –3.0; Projected Overall Balance, 2017–22 –0.6; Nonresident Holding, 2017 32.0.
  - United States: Pension Spending Change, 2015–30 1.5; Net Present Value 35.6; Health Care Spending Change, 2015–30 3.9; Net Present Value 118.3; Gross Financing Need, 2017 15.5; Average Term to Maturity, 2017 5.8; Debt-to-Average Maturity, 2017 18.6; Projected Interest Rate–Growth Differential, 2017–22 –0.8; Precrisis Overall Balance, 2000–07 –3.1; Projected Overall Balance, 2017–22 –4.1; Nonresident Holding, 2017 30.0.
- Group averages:
  - Average (Advanced economies): Pension Spending Change, 2015–30 0.8; Net Present Value 22.2; Health Care Spending Change, 2015–30 2.5; Net Present Value 80.8; Gross Financing Need, 2017 12.9; Average Term to Maturity, 2017 6.9; Debt-to-Average Maturity, 2017 16.4; Projected Interest Rate–Growth Differential, 2017–22 –1.0; Precrisis Overall Balance, 2000–07 –2.2; Projected Overall Balance, 2017–22 –2.2; Nonresident Holding, 2017 34.1.
  - G7: Pension Spending Change 0.9; Net Present Value 22.4; Health Care Spending Change 2.7; Net Present Value 84.6; Gross Financing Need, 2017 14.4; Average Term to Maturity, 2017 6.9; Debt-to-Average Maturity, 2017 18.3; Projected Interest Rate–Growth Differential, 2017–22 –0.9; Precrisis Overall Balance, 2000–07 –3.0; Projected Overall Balance, 2017–22 –2.8; Nonresident Holding, 2017 31.8.

_Notes and methodological points included in table footnotes: pension and health care projection methodologies; discount rate for net present value calculations (1 percent a year in excess of GDP growth); gross financing need defined as projected overall deficit and maturing government debt in 2017; average term to maturity refer to central government securities (Bloomberg Finance L.P.); nonresident holdings from JEDH Q4 2016 or latest available._

### Emerging Market and Middle-Income Economies: Structural Fiscal Indicators (Percent of GDP, except where otherwise indicated)
- Selected country entries (preserving values exactly):
  - Brazil: Pension Spending Change, 2015–30 5.9; Net Present Value 203.8; Health Care Spending Change, 2015–30 1.7; Net Present Value 61.8; Gross Financing Need, 2017 12.6; Average Term to Maturity, 2017 6.6; Debt-to-Average Maturity, 2017 12.6; Projected Interest Rate–Growth Differential, 2017–22 3.5; Precrisis Overall Balance, 2000–07 –3.6; Projected Overall Balance, 2017–22 –8.4; Nonresident Holding, 2017 8.7.
  - India: Pension Spending Change, 2015–30 0.0; Net Present Value –5.5; Health Care Spending Change, 2015–30 0.4; Net Present Value 14.3; Gross Financing Need, 2017 10.8; Average Term to Maturity, 2017 9.5; Debt-to-Average Maturity, 2017 7.2; Projected Interest Rate–Growth Differential, 2017–22 –3.8; Precrisis Overall Balance, 2000–07 –8.6; Projected Overall Balance, 2017–22 –5.9; Nonresident Holding, 2017 5.7.
  - Russia: Pension Spending Change, 2015–30 1.8; Net Present Value 58.3; Health Care Spending Change, 2015–30 0.9; Net Present Value 30.5; Gross Financing Need, 2017 3.6; Average Term to Maturity, 2017 7.3; Debt-to-Average Maturity, 2017 2.4; Projected Interest Rate–Growth Differential, 2017–22 0.0; Precrisis Overall Balance, 2000–07 4.2; Projected Overall Balance, 2017–22 –0.7; Nonresident Holding, 2017 18.0.
- Group averages:
  - Average (Emerging market and middle-income): Pension Spending Change, 2015–30 1.9; Net Present Value 60.3; Health Care Spending Change, 2015–30 1.1; Net Present Value 40.6; Gross Financing Need, 2017 10.4; Average Term to Maturity, 2017 7.0; Debt-to-Average Maturity, 2017 7.8; Projected Interest Rate–Growth Differential, 2017–22 –4.1; Precrisis Overall Balance, 2000–07 –1.1; Projected Overall Balance, 2017–22 –4.0; Nonresident Holding, 2017 22.5.
  - G20 Emerging: Pension Spending Change 2.1; Net Present Value 69.3; Health Care Spending Change 1.1; Net Present Value 41.7; Gross Financing Need, 2017 9.0; Average Term to Maturity, 2017 7.2; Debt-to-Average Maturity, 2017 7.1; Projected Interest Rate–Growth Differential, 2017–22 –3.7; Precrisis Overall Balance, 2000–07 –1.9; Projected Overall Balance, 2017–22 –4.2; Nonresident Holding, 2017 18.6.

_Footnotes mirror advanced-economy methodological notes (discount rate, definition of gross financing need, data sources). IMF staff projects an increase in pension spending in Brazil equivalent to 5.9 percent of GDP by 2030 (referenced in table footnote)._

### Low-Income Developing Countries: Structural Fiscal Indicators (Percent of GDP, except where otherwise indicated)
- Selected country entries:
  - Bangladesh: Pension Spending Change, 2015–30 0.4; Net Present Value 17.9; Health Care Spending Change, 2015–30 0.4; Net Present Value 15.5; Average Term to Maturity, 2017 (years) 4.8; Debt-to-Average Maturity, 2017 7.0; Projected Interest Rate–Growth Differential, 2017–22 –5.6; Precrisis Overall Balance, 2000–07 –2.8; Projected Overall Balance, 2017–22 –5.0; Nonresident Holding, 2017 35.6.
  - Madagascar: Pension Spending Change, 2015–30 0.0; Net Present Value 1.4; Health Care Spending Change, 2015–30 0.5; Net Present Value 18.4; Average Term to Maturity, 2017 (years) 3.3; Debt-to-Average Maturity, 2017 26.4; Projected Interest Rate–Growth Differential, 2017–22 –7.8; Precrisis Overall Balance, 2000–07 –3.3; Projected Overall Balance, 2017–22 –5.1; Nonresident Holding, 2017 63.8.
  - Uganda: Pension Spending Change, 2015–30 –0.1; Net Present Value –0.6; Health Care Spending Change, 2015–30 0.3; Net Present Value 11.9; Average Term to Maturity, 2017 (years) 3.3; Debt-to-Average Maturity, 2017 11.7; Projected Interest Rate–Growth Differential, 2017–22 –3.8; Precrisis Overall Balance, 2000–07 –1.0; Projected Overall Balance, 2017–22 –3.3; Nonresident Holding, 2017 . . .
- Average for the sample:
  - Average (Low-Income Developing Countries): Pension Spending Change, 2015–30 0.4; Net Present Value 16.5; Health Care Spending Change, 2015–30 0.5; Net Present Value 17.7; Average Term to Maturity, 2017 (years) 1.0; Debt-to-Average Maturity, 2017 2.7; Projected Interest Rate–Growth Differential, 2017–22 –8.1; Precrisis Overall Balance, 2000–07 0.0; Projected Overall Balance, 2017–22 –3.6; Nonresident Holding, 2017 0.0.

_Footnotes and notes: average term to maturity data refer to government securities (Bloomberg Finance L.P.); nonresident holding data from JEDH Q4 2016 or latest available; pension and health-care projection methodologies described as in other tables._

*Source: IMF staff estimates and projections; Bloomberg Finance L.P.; Joint External Debt Hub; national authorities (as shown in tables).*

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