## fmstatapp

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---

### Reported series
- 0.1 percent of GDP for 2014, 0.1 percent of GDP for 2015, 0.2 percent of GDP for 2016, 0.0 percent of GDP for 2017, and 0.0 percent of GDP for 2018.

### Country notes and data caveats
- Sweden: Cyclically adjusted balances take into account output and employment gaps.
- Switzerland: Data submissions at the cantonal and commune levels 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 that in the 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, and 0.0 percent of potential GDP for 2013.
- Uruguay:
  - Data are for the consolidated public sector, which includes the nonfinancial public sector (as presented in the authorities’ budget documentation), local governments, Banco Central del Uruguay, and Banco de Seguros del Estado.
  - Public debt for Uruguay includes the debt of the central bank, which increases recorded public sector gross debt.
- Venezuela:
  - Fiscal accounts for 2010–23 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).
- Libya: Reliability of data and medium-term projections is low given civil war and weak capacities.
- Yemen: Hydrocarbon revenue projections are based on WEO assumptions for oil and gas prices (authorities use $55 a barrel); monetary projections based on assumptions about broad money growth, credit to the private sector, and deposit growth.
- Vietnam: Fiscal data for 2015–17 are the authorities’ estimate; from 2018 onward fiscal data are IMF staff projections.

### Fiscal data adjustments and 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,
  - because these items are counted as expenditure under the 2008 SNA adopted by the United States, while some other countries have not adopted the 2008 SNA.
- Data for the United States may thus differ from data published by the US Bureau of Economic Analysis (BEA).
- Gross and net debt levels reported by the BEA and national statistical agencies for economies that have adopted the 2008 SNA (Australia, Canada, Hong Kong Special Administrative Region) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.
- Venezuela fiscal accounts note: fiscal accounts 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.

### Fiscal policy assumptions and projection approach
- Historical data and projections of key fiscal aggregates align with the October 2018 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.
  - If IMF staff lacks sufficient information on authorities’ intentions and implementation prospects, an unchanged structural primary balance is assumed unless indicated otherwise.
- Projections incorporate IMF staff adjustments for macroeconomic assumptions, accounting treatments, and known policy measures.
- United States-specific projection basis:
  - Based on the April 2018 Congressional Budget Office baseline adjusted for IMF staff policy and macroeconomic assumptions; incorporate effects of the Tax Cuts and Jobs Act and the Bipartisan Budget Act of 2018; converted to a general government basis; data compiled using SNA 2008 and translated into GFS in accordance with GFSM 2014; most series begin with 2001 because of data limitations.

### Country-specific projection bases (selected)
- Argentina: based on available information on federal and provincial budget outturns and plans, announced fiscal measures, and IMF staff macroeconomic projections.
- Australia: Final Budget Outcomes for the Commonwealth, states and territories for 2016, with additional data for FY2018/19.
- Belgium: based on the 2018–21 Stability Programme with IMF staff adjustments.
- Brazil: projections for end-2018 take into account budget performance through May 2018 and the deficit target approved in the budget law.
- Canada: use baseline forecasts in the 2018 federal budget and latest provincial budgets, adjusted by IMF staff; incorporate Statistics Canada releases through 2018:Q1.
- China: assume a gradual pace of fiscal consolidation reflecting social safety net reforms announced as part of the Third Plenum reform agenda.
- Venezuela (projection caveats): projecting the economic outlook is complicated by lack of discussions with authorities, long intervals in receiving data, information gaps, and difficulties interpreting reported indicators.
- Libya and Yemen: noted limitations due to conflict and data gaps.

### Definition, coverage, and accounting practices
- Country groupings used in the Fiscal Monitor are defined (examples: Advanced Economies; Emerging Market and Middle-Income Economies; Low-Income Developing Countries; G7; G20).
- Coverage codes: CG = central government; GG = general government; LG = local governments; SS = social security funds; SG = state governments; TG = territorial governments; NFPC = nonfinancial public corporations; MPC = monetary public corporations; PS = public sector; NMPC = nonmonetary financial public corporations; BCG = budgetary central government; NFPS = nonfinancial public sector.
- Accounting practice codes: A = accrual; C = cash; Mixed = combination of accrual and cash accounting.
- Valuation of debt:
  - Nominal = debt securities valued at their nominal values.
  - 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 market-equivalent principles; other debt instruments at nominal prices where appropriate.
- Tables specify for each economy:
  - Overall Fiscal Balance: aggregate and subsectors coverage and accounting practice.
  - Cyclically Adjusted Balance: coverage and accounting practice.
  - Gross Debt: coverage, subsector coverage, and valuation method (Nominal, Face, Current market).

### Selected table excerpts and key statistics (preserved verbatim)
- Advanced economies — Table A1 (General Government Overall Balance, 2009–23, percent of GDP) selected series:
  - Australia: –4.6–5.1–4.4–3.5–2.8–2.9–2.8–2.6–1.9–1.4–1.1–0.5 0.0 0.2 0.1
  - France: –7.2–6.9–5.2–5.0–4.1–3.9–3.6–3.6–2.6–2.6–2.8–2.2–2.5–2.6–2.8
  - Japan: –10.2–9.5–9.4–8.6–7.9–5.6–3.8–3.7–4.3–3.7–2.8–2.1–2.0–1.9–2.0
  - United States: –12.7–10.6–9.3–7.6–4.1–3.7–3.2–3.9–3.8–4.7–5.0–4.8–4.9–4.9–4.5
  - Aggregate Average: –8.6–7.6–6.2–5.4–3.5–3.0–2.5–2.5–2.2–2.5–2.5–2.4–2.4–2.4–2.3
- Advanced economies — Revenue and Expenditure (Table A5–A6 averages, percent of GDP):
  - Average revenue: 35.0 34.9 35.5 35.6 36.8 36.8 36.4 36.3 36.3 36.3 36.2 36.4 36.4 36.5 36.6
  - Average expenditure: 43.6 42.5 41.7 41.0 40.4 39.8 38.9 38.9 38.5 38.8 38.8 38.8 38.8 38.9 38.9
- Advanced economies — Debt (Table A7–A8 averages, percent of GDP):
  - Average gross debt: 91.7 98.3 102.4 106.6 105.2 104.6 104.2 106.7 104.5 103.8 103.6 103.3 103.3 103.4 103.4
  - Average net debt: 64.1 69.5 73.9 76.5 75.6 75.4 75.7 77.5 75.1 74.4 73.8 73.5 73.4 73.4 73.4
- Emerging market and middle-income economies — Selected overall balance series (Table A9, percent of GDP):
  - Brazil: –3.2–2.7–2.5–2.5–3.0–5.4–10.3–9.0–7.8–8.6–8.0–7.8–7.5–7.0–6.7
  - China: –1.7–0.4–0.1–0.3–0.8–0.9–2.8–3.7–3.9–4.1–4.4–4.3–4.2–4.1–4.0
  - Russia: –5.9–3.2–1.4–0.4–1.2–1.1–3.4–3.6–1.5 1.6 1.8 1.3 0.8 0.4 0.0
  - Emerging average: –3.6–2.2–1.0–1.0–1.5–2.4–4.4–4.8–4.4–3.9–3.8–3.7–3.7–3.7–3.6
- Emerging — Revenue, expenditure, debt averages (Tables A13–A16, percent of GDP):
  - Average revenue: 26.9 27.6 28.9 29.4 29.1 28.5 27.1 26.8 27.0 27.5 27.5 27.4 27.2 27.0 26.8
  - Average expenditure: 30.5 29.7 29.9 30.4 30.5 30.9 31.6 31.6 31.4 31.4 31.3 31.1 30.8 30.7 30.4
  - Average gross debt: 39.1 38.3 37.4 37.4 38.7 40.7 44.0 44.0 46.9 48.7 50.7 52.3 55.1 56.4 57.4
  - Average net debt: 26.0 25.9 23.9 22.4 21.6 23.9 28.3 34.3 35.4 37.9 38.9 39.9 40.8 41.6 42.3
- Low-income developing countries — Selected aggregates (Tables A17–A22, percent of GDP):
  - Average overall balance: –4.1–2.9–1.2–1.9–3.5–3.3–4.0–4.0–4.2–4.4–4.2–4.0–3.9–3.8–3.7
  - Average revenue: 15.9 17.2 19.0 18.3 16.9 16.6 15.3 14.9 15.1 16.0 15.8 15.7 15.5 15.5 15.5
  - Average expenditure: 20.0 20.2 20.2 20.2 20.5 20.0 19.4 19.0 19.4 20.4 20.4 20.1 19.8 19.4 19.3
  - Average gross debt: 32.1 30.3 30.3 30.6 31.5 32.6 36.7 40.6 42.8 41.4 42.4 39.4 36.4 34.3 32.6

### Structural fiscal indicators and long-run pressures (Tables A23–A25)
- Advanced economies (Table A23) selected averages and metrics:
  - Pension Spending Change, 2015–30 = 0.9
  - Net Present Value of Pension Spending Change, 2015–50 = 21.6
  - Health Care Spending Change, 2015–30 = 2.4
  - Net Present Value of Health Care Spending Change, 2015–50 = 84.7
  - Gross Financing Need, 2018 = 18.2
  - Average Term to Maturity, 2018 = 6.9 (years)
  - Debt-to-Average Maturity, 2018 = 16.1
  - Projected Interest Rate–Growth Differential, 2018–23 (percent) = –1.2
  - Precrisis Overall Balance, 2000–07 = –2.1
  - Projected Overall Balance, 2018–23 = –2.4
  - Nonresident Holding of General Government Debt, 2017 (percent) = 36.5
- Japan (Table A23 excerpt) preserved verbatim:
  - Pension Spending Change, 2015–30 = –1.2
  - Net Present Value = –31.7
  - Health Care Spending Change, 2015–30 = 2.2
  - Net Present Value = 72.0
  - Gross Financing Need, 2018 = 40.8
  - Average Term = 7.7
  - Debt-to-Average Maturity = 31.1
  - Projected Interest Rate–Growth Differential, 2018–23 = –1.1
  - Precrisis Overall Balance, 2000–07 = –6.0
  - Projected Overall Balance, 2018–23 = –2.4
  - Nonresident Holding = 10.5
- Methodological note:
  - Net present value calculations use a discount rate of 1 percent a year in excess of GDP growth for NPV calculations; staff assumptions for health care excess cost growth are applied.

### Definitions and measurement (selected)
- Overall fiscal balance: net lending (+) and borrowing (–) of the general government; alternative definition noted as total revenue and grants minus total expenditure and net lending in some cases.
- Nominal value: debt securities are valued at their nominal values.
- Face value: undiscounted amount of principal to be repaid at (or before) maturity.
- Current market valuation: debt securities are valued at market prices; insurance, pension, and standardized guarantee schemes valued on market-equivalent principles; other debt instruments at nominal prices where appropriate.
- Gross debt: refers to general government public debt, including publicly guaranteed debt.
- Revenue and expenditure recording note: Revenue is recorded on a cash basis and expenditure on an accrual basis (selected footnote).

*Fiscal Monitor: Managing Public Wealth — Methodological and Statistical Appendix (excerpts).*

### 0.1 percent of GDP for 2014, 0.1 percent of GDP for

### fmstatapp - 0.1 percent of GDP for 2014, 0.1 percent of GDP for

### Reported series
- 0.1 percent of GDP for 2014, 0.1 percent of GDP for 2015, 0.2 percent of GDP for 2016, 0.0 percent of GDP for 2017, and 0.0 percent of GDP for 2018.

### Country notes
- Sweden: Cyclically adjusted balances take into account output and employment gaps.
- Switzerland: Data submissions at the cantonal and commune levels 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 that in the 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, and

*Source: fmstatapp - 0.1 percent of GDP for 2014, 0.1 percent of GDP for (fmstatapp.pdf) — IMF Fiscal Monitor appendix content provided.*

### 0.0 percent of potential GDP for 2013. For cross-

### fmstatapp - 0.0 percent of potential GDP for 2013. For cross-

### Fiscal data adjustments and 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,
  - because these items are counted as expenditure under the 2008 SNA adopted by the United States, while some other countries have not adopted the 2008 SNA.
- Data for the United States may thus differ from data published by the US Bureau of Economic Analysis (BEA).
- Gross and net debt levels reported by the BEA and national statistical agencies for economies that have adopted the 2008 SNA (Australia, Canada, Hong Kong Special Administrative Region) are adjusted to exclude unfunded pension liabilities of government employees’ defined-benefit pension plans.
- Uruguay:
  - Data are for the consolidated public sector, which includes the nonfinancial public sector (as presented in the authorities’ budget documentation), local governments, Banco Central del Uruguay, and Banco de Seguros del Estado.
  - Public debt for Uruguay includes the debt of the central bank, which increases recorded public sector gross debt.
- Venezuela:
  - Fiscal accounts for 2010–23 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 Monitor: Managing Public Wealth — Methodological and Statistical Appendix (excerpts).*

### Fiscal policy assumptions and projection approach
- Historical data and projections of key fiscal aggregates align with the October 2018 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.
  - If IMF staff lacks sufficient information on authorities’ intentions and implementation prospects, an unchanged structural primary balance is assumed unless indicated otherwise.
- Projections incorporate IMF staff adjustments for macroeconomic assumptions, accounting treatments, and known policy measures (examples below reflect country-specific bases and adjustments).

### Country-specific projection bases and caveats (selected)
- Argentina: based on available information on federal and provincial budget outturns and plans, announced fiscal measures, and IMF staff macroeconomic projections.
- Australia: Final Budget Outcomes for the Commonwealth, states and territories for 2016, with additional data for FY2018/19.
- Belgium: based on the 2018–21 Stability Programme with IMF staff adjustments.
- Brazil: projections for end-2018 take into account budget performance through May 2018 and the deficit target approved in the budget law.
- Canada: use baseline forecasts in the 2018 federal budget and latest provincial budgets, adjusted by IMF staff; incorporate Statistics Canada releases through 2018:Q1.
- China: assume a gradual pace of fiscal consolidation reflecting social safety net reforms announced as part of the Third Plenum reform agenda.
- European and other country examples: projections generally based on authorities’ budgets, Stability/Convergence Programmes, or IMF staff assessments, with adjustments for IMF macroeconomic assumptions and known policy measures (examples include Austria, Chile, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Mexico, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, Slovak Republic, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Turkey, United Kingdom, United States).
- United States: fiscal projections are based on the April 2018 Congressional Budget Office baseline adjusted for IMF staff policy and macroeconomic assumptions; incorporate effects of the Tax Cuts and Jobs Act and the Bipartisan Budget Act of 2018; converted to a general government basis; data compiled using SNA 2008 and translated into GFS in accordance with GFSM 2014; most series begin with 2001 because of data limitations.
- Venezuela (projection caveats): projecting the economic outlook is complicated by lack of discussions with authorities, long intervals in receiving data, information gaps, and difficulties interpreting reported indicators. Fiscal accounts include the budgetary central government and 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.
- Libya: reliability of data and medium-term projections is low given civil war and weak capacities.
- Yemen: hydrocarbon revenue projections are based on WEO assumptions for oil and gas prices (authorities use $55 a barrel); monetary projections based on assumptions about broad money growth, credit to the private sector, and deposit growth.
- Vietnam: fiscal data for 2015–17 are the authorities’ estimate; from 2018 onward fiscal data are IMF staff projections.

### Definition, coverage, and accounting practices
- Country groupings used in the Fiscal Monitor are defined (examples: Advanced Economies; Emerging Market and Middle-Income Economies; Low-Income Developing Countries; G7; G20).
- Table notes and coverage conventions:
  - Coverage codes: CG = central government; GG = general government; LG = local governments; SS = social security funds; SG = state governments; TG = territorial governments; NFPC = nonfinancial public corporations; MPC = monetary public corporations; PS = public sector; NMPC = nonmonetary financial public corporations; BCG = budgetary central government; NFPS = nonfinancial public sector; etc.
  - Accounting practice codes: A = accrual; C = cash; Mixed = combination of accrual and cash accounting.
  - Valuation of debt:
    - Nominal = debt securities valued at their nominal values.
    - 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 market-equivalent principles; other debt instruments at nominal prices where appropriate.
- Tables (A, B, C) specify for each economy:
  - Overall Fiscal Balance: aggregate and subsectors coverage and accounting practice.
  - Cyclically Adjusted Balance: coverage and accounting practice.
  - Gross Debt: coverage, subsector coverage, and valuation method (Nominal, Face, Current market).
- Examples from Table B (Advanced Economies):
  - Australia: Overall Fiscal Balance coverage = GG; Aggregate subsectors = CG,SG,LG,TG; Accounting Practice = A; Gross Debt valuation = Nominal.
  - Germany: Overall Fiscal Balance coverage = GG; Aggregate subsectors = CG,SG,LG,SS; Accounting Practice = A; Gross Debt valuation = Face.
  - United States: Overall Fiscal Balance coverage = GG; Aggregate subsectors = CG,SG,LG; Accounting Practice = A; Gross Debt valuation = Nominal.
- Examples from Table C (Emerging Market and Middle-Income Economies):
  - Argentina: Overall Fiscal Balance coverage = GG; Aggregate subsectors = CG,SG,SS; Accounting Practice = C; Gross Debt valuation = Nominal.
  - Brazil: Overall Fiscal Balance coverage = NFPS; Aggregate subsectors = CG,SG,LG,SS, MPC,NFPC; Accounting Practice = C; Gross Debt valuation = Nominal.
  - Venezuela: Overall Fiscal Balance coverage = GG; Aggregate subsectors = BCG,NFPC; Accounting Practice = C; Gross Debt valuation = Nominal.

*Fiscal Monitor: Managing Public Wealth — Methodological and Statistical Appendix (excerpts).*

### 2001. The concept of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In so

### 2001. The concept of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In so

### Definitions and Measurement
- Overall fiscal balance: net lending (+) and borrowing (–) of the general government.  
- Alternate overall balance definition: total revenue and grants minus total expenditure and net lending (noted as an alternative in some cases).
- Nominal value (footnote 2): debt securities are valued at their nominal values; the nominal value of a debt instrument at any moment in time is the amount that the debtor owes to the creditor.
- Face value (footnote 2): 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 valuation (footnote 2): 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, considered the best generally available proxies of their market prices.
- Gross debt (footnote 3): refers to general government public debt, including publicly guaranteed debt.
- Alternative gross debt definition (footnote 4): refers to the nonfinancial public sector, excluding Eletrobras and Petrobras, and includes sovereign debt held on the balance sheet of the central bank.

### Accounting and Coverage Notes (selected footnotes)
- Revenue and expenditure recording (footnote 5):
  - Revenue is recorded on a cash basis and expenditure on an accrual basis.
- South Africa coverage (footnote 6):
  - Coverage 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 (footnote 7):
  - Data do not include the debt of specialized financial institutions (SFIs/NMPC) without government guarantee.
- Banking system claims (footnote 8):
  - Gross debt covers banking system claims only.
- Venezuela fiscal accounts (footnote 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).

### Table D: Low-Income Developing Countries — Key structural points
- The table reports three main aggregates: Overall Fiscal Balance, Cyclically Adjusted Balance, and Gross Debt.
- For each aggregate the table records:
  - Coverage (Aggregate and Subsectors).
  - Accounting Practice.
  - Valuation of Debt (for Gross Debt).
- Valuation methods appearing in the table include: Nominal, Face, Current market, and "..." where not indicated.
- Accounting standards in the table are identified as: A = accrual; C = cash; CB = commitments basis accounting; Mixed = combination of accrual and cash accounting.

### Abbreviations used in the table (as listed in the source note)
- BCG = budgetary central government
- CG = central government
- CPS = combined public sector
- EA = extrabudgetary units
- FC = financial public corporations
- GG = general government
- LG = local governments
- MPC = monetary public corporations, including central bank
- NC = non-cash
- NFPC = nonfinancial public corporations
- NFPS = nonfinancial public sector
- NMPC = nonmonetary financial public corporations
- PS = public sector
- SG = state governments
- SS = social security funds

*International Monetary Fund | October 2018*

### 2001. The concept of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In so

### fmstatapp - 2001. The concept of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In so

### Definitions and data conventions
- The concept of overall fiscal balance refers to net lending (+) and borrowing (–) of the general government. In some cases, overall balance refers to total revenue and grants minus total expenditure and net lending.
- Nominal = debt securities are valued at their nominal values; Face = undiscounted principal at maturity; Current market = market prices for debt securities; insurance/pension/standardized guarantees valued on market-equivalent principles; other debt instruments valued at nominal prices as best proxies of market prices.
- Notes on special cases and adjustments appearing in the data: Lao P.D.R. fiscal spending includes capital spending by local governments financed by central bank loans; some balances (2012 overall and primary for a listed economy) are based on monetary statistics and differ from expenditure/revenue-based balances; Uzbekistan’s listing includes the Fund for Reconstruction and Development.
- United States data in several tables are adjusted to exclude imputed interest on unfunded pension liabilities and imputed compensation of employees to enhance cross-economy comparability (2008 SNA effects).

### Advanced economies — fiscal positions and projections (tables A1–A8)
- Table A1. General Government Overall Balance, 2009–23 (percent of GDP):
  - Selected economy series (2009 to 2023 excerpts preserved as in source):
    - Australia: –4.6–5.1–4.4–3.5–2.8–2.9–2.8–2.6–1.9–1.4–1.1–0.5 0.0 0.2 0.1
    - France: –7.2–6.9–5.2–5.0–4.1–3.9–3.6–3.6–2.6–2.6–2.8–2.2–2.5–2.6–2.8
    - Japan: –10.2–9.5–9.4–8.6–7.9–5.6–3.8–3.7–4.3–3.7–2.8–2.1–2.0–1.9–2.0
    - United States: –12.7–10.6–9.3–7.6–4.1–3.7–3.2–3.9–3.8–4.7–5.0–4.8–4.9–4.9–4.5
  - Aggregate rows:
    - Average: –8.6–7.6–6.2–5.4–3.5–3.0–2.5–2.5–2.2–2.5–2.5–2.4–2.4–2.4–2.3
    - Euro Area: –6.3–6.2–4.2–3.7–3.0–2.5–2.0–1.5–0.9–0.6–0.6–0.5–0.7–0.8–0.9
    - G7: –9.7–8.7–7.3–6.3–4.1–3.4–2.8–3.1–3.0–3.2–3.3–3.1–3.2–3.1–2.9
- Table A2. General Government Primary Balance, 2009–23 (percent of GDP) — Primary balance defined as overall balance excluding net interest:
  - Average: –7.1–6.1–4.5–3.8–2.1–1.6–1.2–1.2–1.0–1.2–1.2–1.0–1.0–1.0–0.8
  - Selected: Japan primary series: –9.3–8.6–8.3–7.5–7.0–4.9–3.2–2.9–3.8–3.3–2.6–2.0–1.9–1.8–1.8
- Table A3–A4. Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance, 2009–23 (percent of potential GDP):
  - Average cyclically adjusted balance: –5.7–6.6–5.5–4.4–3.1–2.6–2.3–2.5–2.4–2.8–3.0–2.8–2.9–2.8–2.6
  - Average cyclically adjusted primary balance: –4.3–5.1–3.9–2.8–1.7–1.2–1.1–1.2–1.1–1.5–1.7–1.5–1.4–1.3–1.1
- Table A5–A6. Revenue and Expenditure, 2009–23 (percent of GDP):
  - Table A5 Average revenue: 35.0 34.9 35.5 35.6 36.8 36.8 36.4 36.3 36.3 36.3 36.2 36.4 36.4 36.5 36.6
  - Table A6 Average expenditure: 43.6 42.5 41.7 41.0 40.4 39.8 38.9 38.9 38.5 38.8 38.8 38.8 38.8 38.9 38.9
- Table A7–A8. Gross Debt and Net Debt, 2009–23 (percent of GDP):
  - Table A7 Average gross debt: 91.7 98.3 102.4 106.6 105.2 104.6 104.2 106.7 104.5 103.8 103.6 103.3 103.3 103.4 103.4
  - Table A8 Average net debt: 64.1 69.5 73.9 76.5 75.6 75.4 75.7 77.5 75.1 74.4 73.8 73.5 73.4 73.4 73.4
- Source note: Tables present IMF staff estimates and projections; projections based on staff assessment of current policies and economy-specific data/conventions.

### Emerging market and middle-income economies — fiscal positions and projections (tables A9–A16)
- Table A9. General Government Overall Balance, 2009–23 (percent of GDP) — Selected country examples and aggregates preserved:
  - Brazil: –3.2–2.7–2.5–2.5–3.0–5.4–10.3–9.0–7.8–8.6–8.0–7.8–7.5–7.0–6.7
  - China: –1.7–0.4–0.1–0.3–0.8–0.9–2.8–3.7–3.9–4.1–4.4–4.3–4.2–4.1–4.0
  - Russia: –5.9–3.2–1.4–0.4–1.2–1.1–3.4–3.6–1.5 1.6 1.8 1.3 0.8 0.4 0.0
  - Average (Emerging): –3.6–2.2–1.0–1.0–1.5–2.4–4.4–4.8–4.4–3.9–3.8–3.7–3.7–3.7–3.6
  - Regional aggregates:
    - Asia: –3.3–2.2–1.6–1.6–1.8–1.9–3.3–4.0–4.2–4.2–4.4–4.3–4.2–4.2–4.1
    - Latin America: –3.7–3.1–2.8–3.1–3.2–4.8–7.3–6.6–6.2–5.8–5.1–4.8–4.5–4.2–3.9
- Table A10. Primary Balance, 2009–23 (percent of GDP) — Average and selected:
  - Average: –1.9–0.4–0.8–0.6–0.1–0.8–2.7–3.1–2.5–2.0–1.8–1.7–1.6–1.5–1.5
  - China primary series: –1.3 0.1 0.4 0.2 –0.3 –0.4 –2.2 –2.9 –3.0 –3.1 –3.3 –3.2 –3.0 –2.9 –2.7
- Tables A11–A12. Cyclically Adjusted Balance and Cyclically Adjusted Primary Balance (percent of potential GDP) — averages:
  - Average cyclically adjusted balance: –3.5–2.8–2.0–1.9–2.2–2.4–3.8–4.2–4.1–4.0–4.0–4.0–3.9–3.8–3.7
  - Average cyclically adjusted primary balance: –1.6–0.9–0.0–0.2–0.4–0.6–1.8–2.2–1.9–1.8–1.8–1.7–1.6–1.5–1.4
- Table A13–A14. Revenue and Expenditure, 2009–23 (percent of GDP) — averages:
  - Average revenue: 26.9 27.6 28.9 29.4 29.1 28.5 27.1 26.8 27.0 27.5 27.5 27.4 27.2 27.0 26.8
  - Average expenditure: 30.5 29.7 29.9 30.4 30.5 30.9 31.6 31.6 31.4 31.4 31.3 31.1 30.8 30.7 30.4
- Table A15–A16. Gross Debt and Net Debt, 2009–23 (percent of GDP) — averages:
  - Average gross debt: 39.1 38.3 37.4 37.4 38.7 40.7 44.0 44.0 46.9 48.7 50.7 52.3 55.1 56.4 57.4
  - Average net debt: 26.0 25.9 23.9 22.4 21.6 23.9 28.3 34.3 35.4 37.9 38.9 39.9 40.8 41.6 42.3
- Source note: Country-specific definitions and consolidations (e.g., Uruguay consolidated public sector) are indicated in table notes.

### Low-income developing countries — fiscal positions and projections (tables A17–A22)
- Table A17. General Government Overall Balance, 2009–23 (percent of GDP) — averages and regional aggregates:
  - Average overall balance: –4.1–2.9–1.2–1.9–3.5–3.3–4.0–4.0–4.2–4.4–4.2–4.0–3.9–3.8–3.7
  - Regional aggregates:
    - Oil Producers: –4.8–3.2 0.2–0.3–2.9–2.8–4.3–4.8–5.2–4.8–4.0–3.6–3.7–3.5–3.5
    - Asia: –4.5–2.8–2.3–3.7–4.6–4.0–4.4–3.8–3.8–4.3–4.6–4.4–4.4–4.5–4.4
    - Sub-Saharan Africa: –4.0–3.6–1.0–1.3–3.2–3.4–4.1–4.5–4.9–4.6–4.2–3.9–3.8–3.6–3.4
- Table A18. Primary Balance, 2009–23 (percent of GDP):
  - Average primary balance: –3.1–2.0–0.1–0.7–2.2–2.0–2.5–2.4–2.7–2.6–2.5–2.2–2.1–2.1–1.9
  - Oil Producers primary series: –4.0–2.4 1.2 0.9 –1.6 –1.5 –2.8 –3.2 –3.8 –2.9 –2.5 –2.2 –2.3 –2.1 –2.0
- Tables A19–A20. Revenue and Expenditure, 2009–23 (percent of GDP) — averages:
  - Average revenue: 15.9 17.2 19.0 18.3 16.9 16.6 15.3 14.9 15.1 16.0 15.8 15.7 15.5 15.5 15.5
  - Average expenditure: 20.0 20.2 20.2 20.2 20.5 20.0 19.4 19.0 19.4 20.4 20.4 20.1 19.8 19.4 19.3
- Tables A21–A22. Gross Debt and Net Debt, 2009–23 (percent of GDP):
  - Average gross debt (Table A21): 32.1 30.3 30.3 30.6 31.5 32.6 36.7 40.6 42.8 41.4 42.4 39.4 36.4 34.3 32.6
  - Net debt series: many country entries not available (source displays multiple “. . .” for net debt), where reported: Niger and Zambia examples show series (see tables).

### Structural fiscal indicators and long-run fiscal pressures (tables A23–A25)
- Tables A23 (Advanced economies), A24 (Emerging), and A25 (Low-income): present structural fiscal indicators including:
  - Pension spending change, 2015–30; Net present value of pension spending change, 2015–50 (discount rate convention stated); Health care spending change, 2015–30; Net present value of health care spending change, 2015–50.
  - Gross financing need (2018), average term to maturity (2018, years), debt-to-average maturity (2018), projected interest rate–growth differential (2018–23), precrisis overall balance (2000–07), projected overall balance (2018–23), and nonresident holding of general government debt (2017, percent of total).
- Selected entries preserved exactly as in source (Table A23 excerpt, Advanced economies):
  - Average across advanced economies: Pension Spending Change, 2015–30 = 0.9; Net Present Value of Pension Spending Change, 2015–50 = 21.6; Health Care Spending Change, 2015–30 = 2.4; Net Present Value of Health Care Spending Change, 2015–50 = 84.7; Gross Financing Need, 2018 = 18.2; Average Term to Maturity, 2018 = 6.9 (years); Debt-to-Average Maturity, 2018 = 16.1; Projected Interest Rate–Growth Differential, 2018–23 (percent) = –1.2; Precrisis Overall Balance, 2000–07 = –2.1; Projected Overall Balance, 2018–23 = –2.4; Nonresident Holding of General Government Debt, 2017 (percent) = 36.5.
  - Country examples from Table A23 preserved verbatim where shown (e.g., Japan: Pension Spending Change, 2015–30 = –1.2; Net Present Value = –31.7; Health Care Spending Change, 2015–30 = 2.2; Net Present Value = 72.0; Gross Financing Need, 2018 = 40.8; Average Term = 7.7; Debt-to-Average Maturity = 31.1; Projected Interest Rate–Growth Differential, 2018–23 = –1.1; Precrisis Overall Balance, 2000–07 = –6.0; Projected Overall Balance, 2018–23 = –2.4; Nonresident Holding = 10.5.)
- Emerging and low-income tables (A24–A25) present analogous indicators with country-specific values and notes on methodology (discount rate of 1 percent a year in excess of GDP growth for NPV calculations; staff assumptions for health care excess cost growth).

*Source: IMF staff estimates and projections as presented in the methodological and statistical appendix tables (IMF Fiscal Monitor: Managing Public Wealth, October 2018).*

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_Source: https://www.imf.org/-/media/files/publications/fiscal-monitor/2018/october/pdf/fmstatapp.pdf_