World Economic Outlook Database, September 2011

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       Shaded cells indicate IMF staff estimates
CountrySubject DescriptorUnitsScaleCountry/Series-specific Notes20092010201120122013201420152016
FranceGross domestic product, constant pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Euros
Data last updated: 08/20111,750.2651,774.4921,803.8101,829.0451,863.1971,902.3051,941.5211,981.931
FranceGross domestic product, constant pricesPercent change See notes for: 
Gross domestic product, constant prices (National currency).-2.6321.3841.6521.3991.8672.0992.0622.081
FranceGross domestic product, current pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Euros
Data last updated: 08/20111,889.6151,931.3841,987.5802,046.6232,120.4862,204.1022,293.2662,389.232
FranceGross domestic product, current pricesU.S. dollarsBillionsSee notes for: 
Gross domestic product, current prices (National currency).2,631.8512,562.7422,808.2652,888.9072,970.2733,062.2203,161.4833,267.606
FranceGeneral government net debtNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: Estimates for the general government in 2010 reflect the actual outturn. Projections for 2011 and beyond reflect the authorities’ 2011–14 multi-year budget, adjusted for differences in assumptions on macro and financial variables, and revenue projections.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 08/20111,360.0001,478.6001,610.8211,711.1161,801.1891,873.1891,924.4451,957.193
FranceGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).71.98776.50080.98583.54584.88084.92483.85681.857
FranceGeneral government gross debtNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: Estimates for the general government in 2010 reflect the actual outturn. Projections for 2011 and beyond reflect the authorities’ 2011–14 multi-year budget, adjusted for differences in assumptions on macro and financial variables, and revenue projections.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 08/20111,492.7001,591.2001,726.6971,830.4341,924.8142,001.6882,058.1422,096.486
FranceGeneral government gross debtPercent of GDP See notes for: 
General government gross debt (National currency).79.01182.32686.81189.37190.70690.75089.68187.683
FranceGross domestic product corresponding to fiscal year, current pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: Estimates for the general government in 2010 reflect the actual outturn. Projections for 2011 and beyond reflect the authorities’ 2011–14 multi-year budget, adjusted for differences in assumptions on macro and financial variables, and revenue projections.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 08/20111,889.2311,932.8021,989.0382,048.1252,122.0422,205.7202,294.9492,390.986
GermanyGross domestic product, constant pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
Notes: Data until 1990 refers to German federation only (West Germany). National accounts data until 1990 do not include FISIM. Data from 1991 refer to United Germany and include FISIM.
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2005
Chain-weighted: Yes, from 1991. From 1991.
Primary domestic currency: Euros
Data last updated: 09/20112,282.7912,364.0922,428.5172,459.4352,496.3862,533.8122,566.6152,599.811
GermanyGross domestic product, constant pricesPercent change See notes for: 
Gross domestic product, constant prices (National currency).-5.0783.5622.7251.2731.5021.4991.2951.293
GermanyGross domestic product, current pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
Notes: Data until 1990 refers to German federation only (West Germany). National accounts data until 1990 do not include FISIM. Data from 1991 refer to United Germany and include FISIM.
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2005
Chain-weighted: Yes, from 1991. From 1991.
Primary domestic currency: Euros
Data last updated: 09/20112,374.5002,476.8002,568.1962,626.7542,683.2802,749.3002,810.8132,872.916
GermanyGross domestic product, current pricesU.S. dollarsBillionsSee notes for: 
Gross domestic product, current prices (National currency).3,307.1973,286.4513,628.6233,707.7903,758.6083,819.6783,874.9703,929.110
GermanyGeneral government net debtNational currencyBillionsSource: National Statistical Office. Data of general government gross debt comes from EUROSTAT
Latest actual data: 2010
Fiscal assumptions: The estimates for 2010 are preliminary estimates from the Federal Statistical Office of Germany. The IMF staff’s projections for 2011 and beyond reflect the authorities’ adopted core federal government budget plan adjusted for the differences in the IMF staff’s macro framework and staff assumptions on the fiscal developments in state and local governments, social insurance system and special funds. The estimate of gross debt at end-2010 includes portfolios of impaired assets and non-core business transferred to winding up institutions.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;Social Security Funds;Other;. other refers to special funds
Valuation of public debt: Face value
Primary domestic currency: Euros
Data last updated: 09/20111,338.6291,425.5281,468.3431,497.1111,518.1911,519.4341,553.4301,587.752
GermanyGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).56.37557.55557.17456.99556.58055.26655.26655.266
GermanyGeneral government gross debtNational currencyBillionsSource: National Statistical Office. Data of general government gross debt comes from EUROSTAT
Latest actual data: 2010
Fiscal assumptions: The estimates for 2010 are preliminary estimates from the Federal Statistical Office of Germany. The IMF staff’s projections for 2011 and beyond reflect the authorities’ adopted core federal government budget plan adjusted for the differences in the IMF staff’s macro framework and staff assumptions on the fiscal developments in state and local governments, social insurance system and special funds. The estimate of gross debt at end-2010 includes portfolios of impaired assets and non-core business transferred to winding up institutions.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;Social Security Funds;Other;. other refers to special funds
Valuation of public debt: Face value
Primary domestic currency: Euros
Data last updated: 09/20111,760.5302,079.6292,122.4442,151.2122,172.2922,173.5352,167.7812,155.709
GermanyGeneral government gross debtPercent of GDP See notes for: 
General government gross debt (National currency).74.14383.96482.64381.89680.95779.05877.12375.036
GermanyGross domestic product corresponding to fiscal year, current pricesNational currencyBillionsSource: National Statistical Office. Data of general government gross debt comes from EUROSTAT
Latest actual data: 2010
Fiscal assumptions: The estimates for 2010 are preliminary estimates from the Federal Statistical Office of Germany. The IMF staff’s projections for 2011 and beyond reflect the authorities’ adopted core federal government budget plan adjusted for the differences in the IMF staff’s macro framework and staff assumptions on the fiscal developments in state and local governments, social insurance system and special funds. The estimate of gross debt at end-2010 includes portfolios of impaired assets and non-core business transferred to winding up institutions.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;Social Security Funds;Other;. other refers to special funds
Valuation of public debt: Face value
Primary domestic currency: Euros
Data last updated: 09/20112,374.5002,476.8002,568.1962,626.7542,683.2802,749.3002,810.8132,872.916
ItalyGross domestic product, constant pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
GDP valuation: Gross domestic product, chained
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Euros
Data last updated: 09/20111,205.5371,221.1601,228.9631,232.9311,239.5891,249.5061,263.7501,279.421
ItalyGross domestic product, constant pricesPercent change See notes for: 
Gross domestic product, constant prices (National currency).-5.2171.2960.6390.3230.5400.8001.1401.240
ItalyGross domestic product, current pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
GDP valuation: Gross domestic product, chained
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Euros
Data last updated: 09/20111,519.7021,548.8161,589.4221,620.7051,657.9731,701.3191,753.4071,810.652
ItalyGross domestic product, current pricesU.S. dollarsBillionsSee notes for: 
Gross domestic product, current prices (National currency).2,116.6372,055.1142,245.7062,287.7042,322.4072,363.6892,417.2372,476.318
ItalyGeneral government net debtNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: The fiscal projections incorporate the impact of the July 2010 fiscal adjustment measures for 2011–13 and July-August 2011 fiscal adjustment packages for 2011–14 (the August package is based on the government’s decree approved on August 13, 2011). The estimates for 2010 are the preliminary outturn data from the Italian National Institute of Statistics (Istat). The IMF staff projections are based on the authorities’ estimates of the policy scenario (as derived, in part, by the IMF staff), including the above-mentioned medium-term fiscal consolidation packages, and adjusted mainly for differences in macroeconomic assumptions and for less optimistic assumptions concerning the impact of revenue administration measures. After 2014, a gradually deteriorating cyclically-adjusted primary balance net of one-time items is assumed, with the primary surplus remaining below 5 percent of GDP.
GFS Manual used: 2001
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 09/20111,476.1221,538.7701,596.3981,632.1181,652.0481,674.4461,695.3401,717.127
ItalyGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).97.13299.351100.439100.70499.64398.42096.68894.835
ItalyGeneral government gross debtNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: The fiscal projections incorporate the impact of the July 2010 fiscal adjustment measures for 2011–13 and July-August 2011 fiscal adjustment packages for 2011–14 (the August package is based on the government’s decree approved on August 13, 2011). The estimates for 2010 are the preliminary outturn data from the Italian National Institute of Statistics (Istat). The IMF staff projections are based on the authorities’ estimates of the policy scenario (as derived, in part, by the IMF staff), including the above-mentioned medium-term fiscal consolidation packages, and adjusted mainly for differences in macroeconomic assumptions and for less optimistic assumptions concerning the impact of revenue administration measures. After 2014, a gradually deteriorating cyclically-adjusted primary balance net of one-time items is assumed, with the primary surplus remaining below 5 percent of GDP.
GFS Manual used: 2001
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 09/20111,763.8641,843.0151,924.2371,967.2931,991.3162,014.4142,039.5502,065.760
ItalyGeneral government gross debtPercent of GDP See notes for: 
General government gross debt (National currency).116.066118.995121.065121.385120.105118.403116.319114.089
ItalyGross domestic product corresponding to fiscal year, current pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: The fiscal projections incorporate the impact of the July 2010 fiscal adjustment measures for 2011–13 and July-August 2011 fiscal adjustment packages for 2011–14 (the August package is based on the government’s decree approved on August 13, 2011). The estimates for 2010 are the preliminary outturn data from the Italian National Institute of Statistics (Istat). The IMF staff projections are based on the authorities’ estimates of the policy scenario (as derived, in part, by the IMF staff), including the above-mentioned medium-term fiscal consolidation packages, and adjusted mainly for differences in macroeconomic assumptions and for less optimistic assumptions concerning the impact of revenue administration measures. After 2014, a gradually deteriorating cyclically-adjusted primary balance net of one-time items is assumed, with the primary surplus remaining below 5 percent of GDP.
GFS Manual used: 2001
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 09/20111,519.7021,548.8161,589.4221,620.7051,657.9731,701.3191,753.4071,810.652
JapanGross domestic product, constant pricesNational currencyBillionsSource: Global Insight and Nomura database.
Latest actual data: 2010
National accounts manual used: SNA 1993
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Japanese yen
Data last updated: 09/2011519,299.800539,880.700537,356.105549,728.039560,942.411572,142.472580,527.939588,352.420
JapanGross domestic product, constant pricesPercent change See notes for: 
Gross domestic product, constant prices (National currency).-6.2833.963-0.4682.3022.0401.9971.4661.348
JapanGross domestic product, current pricesNational currencyBillionsSource: Global Insight and Nomura database.
Latest actual data: 2010
National accounts manual used: SNA 1993
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Japanese yen
Data last updated: 09/2011470,936.600479,172.500469,545.267477,818.056485,348.482495,621.017503,688.208512,942.881
JapanGross domestic product, current pricesU.S. dollarsBillionsSee notes for: 
Gross domestic product, current prices (National currency).5,032.9825,458.7975,855.3836,125.8426,248.7776,440.0806,610.8686,782.937
JapanGeneral government net debtNational currencyBillionsSource: Cabinet Office of Japan
Latest actual data: 2009
Fiscal assumptions: On fiscal policy, the projections assume fiscal measures already announced by the government and gross reconstruction spending of about 1 percent of GDP each in 2011 and 2012 (total of 2 percent of GDP). The medium-term projections assume that expenditure and revenue of the general government are adjusted in line with current underlying demographic and economic trends (excluding fiscal stimulus and reconstruction spending). On monetary policy, the current monetary policy conditions are held for the project period and no further tightening or loosening is assumed.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Gross public debt includes equity shares.
Primary domestic currency: Japanese yen
Data last updated: 09/2011518,238.000561,780.016613,196.547664,095.227710,563.629757,520.196806,082.003856,333.231
JapanGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).110.044117.240130.594138.985146.403152.843160.036166.945
JapanGeneral government gross debtNational currencyBillionsSource: Cabinet Office of Japan
Latest actual data: 2009
Fiscal assumptions: On fiscal policy, the projections assume fiscal measures already announced by the government and gross reconstruction spending of about 1 percent of GDP each in 2011 and 2012 (total of 2 percent of GDP). The medium-term projections assume that expenditure and revenue of the general government are adjusted in line with current underlying demographic and economic trends (excluding fiscal stimulus and reconstruction spending). On monetary policy, the current monetary policy conditions are held for the project period and no further tightening or loosening is assumed.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Gross public debt includes equity shares.
Primary domestic currency: Japanese yen
Data last updated: 09/20111,018,863.6001,054,190.0551,094,511.8551,139,312.7021,179,044.6541,218,503.4681,258,795.0351,299,736.727
JapanGeneral government gross debtPercent of GDP See notes for: 
General government gross debt (National currency).216.348220.002233.100238.441242.927245.854249.916253.388
JapanGross domestic product corresponding to fiscal year, current pricesNational currencyBillionsSource: Cabinet Office of Japan
Latest actual data: 2009
Fiscal assumptions: On fiscal policy, the projections assume fiscal measures already announced by the government and gross reconstruction spending of about 1 percent of GDP each in 2011 and 2012 (total of 2 percent of GDP). The medium-term projections assume that expenditure and revenue of the general government are adjusted in line with current underlying demographic and economic trends (excluding fiscal stimulus and reconstruction spending). On monetary policy, the current monetary policy conditions are held for the project period and no further tightening or loosening is assumed.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Gross public debt includes equity shares.
Primary domestic currency: Japanese yen
Data last updated: 09/2011470,936.600479,172.500469,545.267477,818.056485,348.482495,621.017503,688.208512,942.881
United KingdomGross domestic product, constant pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2006
Chain-weighted: Yes, from 1980
Primary domestic currency: Sterling pounds
Data last updated: 09/20111,296.6891,314.2451,329.1861,350.1401,382.1281,418.2351,455.8281,495.583
United KingdomGross domestic product, constant pricesPercent change See notes for: 
Gross domestic product, constant prices (National currency).-4.8751.3541.1371.5762.3692.6122.6512.731
United KingdomGross domestic product, current pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2010
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2006
Chain-weighted: Yes, from 1980
Primary domestic currency: Sterling pounds
Data last updated: 09/20111,394.9891,455.3971,532.1581,602.6071,686.7911,777.6831,873.7011,976.637
United KingdomGross domestic product, current pricesU.S. dollarsBillionsSee notes for: 
Gross domestic product, current prices (National currency).2,182.4302,250.2092,480.9782,603.8802,742.8612,893.5203,052.8283,223.731
United KingdomGeneral government net debtNational currencyBillionsSource: National Statistical Office
Latest actual data: 2009
Notes: General government variables exclude the effects of temporary effect of financial interventions.
Fiscal assumptions: Fiscal projections are based on the authorities’ 2011 budget announced in March 2011 and Economic and Fiscal Outlook by Office for Budget Responsibility published along with the Budget. These projections incorporate the announced medium-term consolidation plans from 2011 onwards. The projections are adjusted for differences in forecasts of macroeconomic and financial variables. Monetary projections assume unchanged policy rates through end-2012. This assumption is consistent with current market expectations.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: Sterling pounds
Data last updated: 09/2011849.372984.9861,116.2041,232.1941,316.5341,372.6641,408.4411,433.028
United KingdomGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).60.88767.67872.85276.88778.05077.21675.16972.498
United KingdomGeneral government gross debtNational currencyBillionsSource: National Statistical Office
Latest actual data: 2009
Notes: General government variables exclude the effects of temporary effect of financial interventions.
Fiscal assumptions: Fiscal projections are based on the authorities’ 2011 budget announced in March 2011 and Economic and Fiscal Outlook by Office for Budget Responsibility published along with the Budget. These projections incorporate the announced medium-term consolidation plans from 2011 onwards. The projections are adjusted for differences in forecasts of macroeconomic and financial variables. Monetary projections assume unchanged policy rates through end-2012. This assumption is consistent with current market expectations.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: Sterling pounds
Data last updated: 09/2011953.0201,098.8581,237.3951,358.4631,449.7661,512.8241,556.3021,588.946
United KingdomGeneral government gross debtPercent of GDP See notes for: 
General government gross debt (National currency).68.31775.50280.76284.76685.94885.10183.06080.386
United KingdomGross domestic product corresponding to fiscal year, current pricesNational currencyBillionsSource: National Statistical Office
Latest actual data: 2009
Notes: General government variables exclude the effects of temporary effect of financial interventions.
Fiscal assumptions: Fiscal projections are based on the authorities’ 2011 budget announced in March 2011 and Economic and Fiscal Outlook by Office for Budget Responsibility published along with the Budget. These projections incorporate the announced medium-term consolidation plans from 2011 onwards. The projections are adjusted for differences in forecasts of macroeconomic and financial variables. Monetary projections assume unchanged policy rates through end-2012. This assumption is consistent with current market expectations.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: Sterling pounds
Data last updated: 09/20111,394.9891,455.3971,532.1581,602.6071,686.7911,777.6831,873.7011,976.637
United StatesGross domestic product, constant pricesNational currencyBillionsSource: Haver Analytics
Latest actual data: 2010
GDP valuation: Real Gross Domestic Product determined by chained Fisher quantity growth rates.
Start/end months of reporting year: January/December
Base year: 2005
Chain-weighted: Yes, from 1980
Primary domestic currency: U.S. dollars
Data last updated: 08/201112,703.12513,087.97513,287.88813,524.72013,868.02914,294.70814,784.30515,286.146
United StatesGross domestic product, constant pricesPercent change See notes for: 
Gross domestic product, constant prices (National currency).-3.4863.0301.5271.7822.5383.0773.4253.394
United StatesGross domestic product, current pricesNational currencyBillionsSource: Haver Analytics
Latest actual data: 2010
GDP valuation: Real Gross Domestic Product determined by chained Fisher quantity growth rates.
Start/end months of reporting year: January/December
Base year: 2005
Chain-weighted: Yes, from 1980
Primary domestic currency: U.S. dollars
Data last updated: 08/201113,938.92514,526.55015,064.81615,495.38915,990.77916,623.43117,398.53618,250.647
United StatesGross domestic product, current pricesU.S. dollarsBillionsSee notes for: 
Gross domestic product, current prices (National currency).13,938.92514,526.55015,064.81615,495.38915,990.77916,623.43117,398.53618,250.647
United StatesGeneral government net debtNational currencyBillionsSource: BEA and IMF's Government Finance Statistics Yearbook (revenue, expenditure, and net lending); Flow of Funds (debt)
Latest actual data: 2009
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: U.S. fiscal policy assumptions:  Fiscal projections are based on the President’s fiscal year 2012 budget proposal adjusted for the final fiscal year 2011 appropriations and the IMF staff’s assessment of likely future policies adopted by Congress. Compared with the President’s budget proposal, the IMF staff assumes deeper and more front-loaded discretionary spending cuts, a further extension of emergency unemployment benefits and the payroll tax cut, and delayed action on the proposed revenue-raising measures. No explicit adjustment has been made for the provisions contained in the August Budget Control Act to the extent that the President’s budget proposal already contained significant deficit-reduction measures. The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables, different accounting treatment of the financial sector support, and are converted to the general government basis.  U.S. monetary policy assumptions:  Given the outlook for sluggish growth and inflation, staff expects the federal funds target to remain at near-zero levels until early 2014. This assumption is broadly consistent with the FOMC’s statement in early August that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 08/20118,451.5739,927.52710,938.42112,145.01413,138.34914,070.84015,080.23116,192.794
United StatesGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).60.63368.34172.60978.37882.16284.64586.67588.724
United StatesGeneral government gross debtNational currencyBillionsSource: BEA and IMF's Government Finance Statistics Yearbook (revenue, expenditure, and net lending); Flow of Funds (debt)
Latest actual data: 2009
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: U.S. fiscal policy assumptions:  Fiscal projections are based on the President’s fiscal year 2012 budget proposal adjusted for the final fiscal year 2011 appropriations and the IMF staff’s assessment of likely future policies adopted by Congress. Compared with the President’s budget proposal, the IMF staff assumes deeper and more front-loaded discretionary spending cuts, a further extension of emergency unemployment benefits and the payroll tax cut, and delayed action on the proposed revenue-raising measures. No explicit adjustment has been made for the provisions contained in the August Budget Control Act to the extent that the President’s budget proposal already contained significant deficit-reduction measures. The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables, different accounting treatment of the financial sector support, and are converted to the general government basis.  U.S. monetary policy assumptions:  Given the outlook for sluggish growth and inflation, staff expects the federal funds target to remain at near-zero levels until early 2014. This assumption is broadly consistent with the FOMC’s statement in early August that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 08/201111,882.22113,706.61515,071.69016,275.00417,418.74218,512.31019,694.35221,060.137
United StatesGeneral government gross debtPercent of GDP See notes for: 
General government gross debt (National currency).85.24594.356100.046105.031108.930111.363113.195115.394
United StatesGross domestic product corresponding to fiscal year, current pricesNational currencyBillionsSource: BEA and IMF's Government Finance Statistics Yearbook (revenue, expenditure, and net lending); Flow of Funds (debt)
Latest actual data: 2009
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: U.S. fiscal policy assumptions:  Fiscal projections are based on the President’s fiscal year 2012 budget proposal adjusted for the final fiscal year 2011 appropriations and the IMF staff’s assessment of likely future policies adopted by Congress. Compared with the President’s budget proposal, the IMF staff assumes deeper and more front-loaded discretionary spending cuts, a further extension of emergency unemployment benefits and the payroll tax cut, and delayed action on the proposed revenue-raising measures. No explicit adjustment has been made for the provisions contained in the August Budget Control Act to the extent that the President’s budget proposal already contained significant deficit-reduction measures. The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables, different accounting treatment of the financial sector support, and are converted to the general government basis.  U.S. monetary policy assumptions:  Given the outlook for sluggish growth and inflation, staff expects the federal funds target to remain at near-zero levels until early 2014. This assumption is broadly consistent with the FOMC’s statement in early August that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 08/201113,938.92514,526.55015,064.81615,495.38915,990.77916,623.43117,398.53618,250.647
Notes
  Country/Series-specific Notes  
  France: Gross domestic product, constant prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Euros
Data last updated: 08/2011


France: Gross domestic product, constant prices (Percent change)
See notes for:
Gross domestic product, constant prices (National currency).


France: Gross domestic product, current prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Euros
Data last updated: 08/2011


France: Gross domestic product, current prices (U.S. dollars)
See notes for:
Gross domestic product, current prices (National currency).


France: General government net debt (National currency)
Source: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: Estimates for the general government in 2010 reflect the actual outturn. Projections for 2011 and beyond reflect the authorities’ 2011–14 multi-year budget, adjusted for differences in assumptions on macro and financial variables, and revenue projections.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 08/2011


France: General government net debt (Percent of GDP)
See notes for:
General government net debt (National currency).


France: General government gross debt (National currency)
Source: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: Estimates for the general government in 2010 reflect the actual outturn. Projections for 2011 and beyond reflect the authorities’ 2011–14 multi-year budget, adjusted for differences in assumptions on macro and financial variables, and revenue projections.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 08/2011


France: General government gross debt (Percent of GDP)
See notes for:
General government gross debt (National currency).


France: Gross domestic product corresponding to fiscal year, current prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: Estimates for the general government in 2010 reflect the actual outturn. Projections for 2011 and beyond reflect the authorities’ 2011–14 multi-year budget, adjusted for differences in assumptions on macro and financial variables, and revenue projections.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 08/2011


Germany: Gross domestic product, constant prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
Notes: Data until 1990 refers to German federation only (West Germany). National accounts data until 1990 do not include FISIM. Data from 1991 refer to United Germany and include FISIM.
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2005
Chain-weighted: Yes, from 1991. From 1991.
Primary domestic currency: Euros
Data last updated: 09/2011


Germany: Gross domestic product, constant prices (Percent change)
See notes for:
Gross domestic product, constant prices (National currency).


Germany: Gross domestic product, current prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
Notes: Data until 1990 refers to German federation only (West Germany). National accounts data until 1990 do not include FISIM. Data from 1991 refer to United Germany and include FISIM.
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2005
Chain-weighted: Yes, from 1991. From 1991.
Primary domestic currency: Euros
Data last updated: 09/2011


Germany: Gross domestic product, current prices (U.S. dollars)
See notes for:
Gross domestic product, current prices (National currency).


Germany: General government net debt (National currency)
Source: National Statistical Office. Data of general government gross debt comes from EUROSTAT
Latest actual data: 2010
Fiscal assumptions: The estimates for 2010 are preliminary estimates from the Federal Statistical Office of Germany. The IMF staff’s projections for 2011 and beyond reflect the authorities’ adopted core federal government budget plan adjusted for the differences in the IMF staff’s macro framework and staff assumptions on the fiscal developments in state and local governments, social insurance system and special funds. The estimate of gross debt at end-2010 includes portfolios of impaired assets and non-core business transferred to winding up institutions.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;Social Security Funds;Other;. other refers to special funds
Valuation of public debt: Face value
Primary domestic currency: Euros
Data last updated: 09/2011


Germany: General government net debt (Percent of GDP)
See notes for:
General government net debt (National currency).


Germany: General government gross debt (National currency)
Source: National Statistical Office. Data of general government gross debt comes from EUROSTAT
Latest actual data: 2010
Fiscal assumptions: The estimates for 2010 are preliminary estimates from the Federal Statistical Office of Germany. The IMF staff’s projections for 2011 and beyond reflect the authorities’ adopted core federal government budget plan adjusted for the differences in the IMF staff’s macro framework and staff assumptions on the fiscal developments in state and local governments, social insurance system and special funds. The estimate of gross debt at end-2010 includes portfolios of impaired assets and non-core business transferred to winding up institutions.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;Social Security Funds;Other;. other refers to special funds
Valuation of public debt: Face value
Primary domestic currency: Euros
Data last updated: 09/2011


Germany: General government gross debt (Percent of GDP)
See notes for:
General government gross debt (National currency).


Germany: Gross domestic product corresponding to fiscal year, current prices (National currency)
Source: National Statistical Office. Data of general government gross debt comes from EUROSTAT
Latest actual data: 2010
Fiscal assumptions: The estimates for 2010 are preliminary estimates from the Federal Statistical Office of Germany. The IMF staff’s projections for 2011 and beyond reflect the authorities’ adopted core federal government budget plan adjusted for the differences in the IMF staff’s macro framework and staff assumptions on the fiscal developments in state and local governments, social insurance system and special funds. The estimate of gross debt at end-2010 includes portfolios of impaired assets and non-core business transferred to winding up institutions.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;Social Security Funds;Other;. other refers to special funds
Valuation of public debt: Face value
Primary domestic currency: Euros
Data last updated: 09/2011


Italy: Gross domestic product, constant prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
GDP valuation: Gross domestic product, chained
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Euros
Data last updated: 09/2011


Italy: Gross domestic product, constant prices (Percent change)
See notes for:
Gross domestic product, constant prices (National currency).


Italy: Gross domestic product, current prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
GDP valuation: Gross domestic product, chained
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Euros
Data last updated: 09/2011


Italy: Gross domestic product, current prices (U.S. dollars)
See notes for:
Gross domestic product, current prices (National currency).


Italy: General government net debt (National currency)
Source: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: The fiscal projections incorporate the impact of the July 2010 fiscal adjustment measures for 2011–13 and July-August 2011 fiscal adjustment packages for 2011–14 (the August package is based on the government’s decree approved on August 13, 2011). The estimates for 2010 are the preliminary outturn data from the Italian National Institute of Statistics (Istat). The IMF staff projections are based on the authorities’ estimates of the policy scenario (as derived, in part, by the IMF staff), including the above-mentioned medium-term fiscal consolidation packages, and adjusted mainly for differences in macroeconomic assumptions and for less optimistic assumptions concerning the impact of revenue administration measures. After 2014, a gradually deteriorating cyclically-adjusted primary balance net of one-time items is assumed, with the primary surplus remaining below 5 percent of GDP.
GFS Manual used: 2001
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 09/2011


Italy: General government net debt (Percent of GDP)
See notes for:
General government net debt (National currency).


Italy: General government gross debt (National currency)
Source: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: The fiscal projections incorporate the impact of the July 2010 fiscal adjustment measures for 2011–13 and July-August 2011 fiscal adjustment packages for 2011–14 (the August package is based on the government’s decree approved on August 13, 2011). The estimates for 2010 are the preliminary outturn data from the Italian National Institute of Statistics (Istat). The IMF staff projections are based on the authorities’ estimates of the policy scenario (as derived, in part, by the IMF staff), including the above-mentioned medium-term fiscal consolidation packages, and adjusted mainly for differences in macroeconomic assumptions and for less optimistic assumptions concerning the impact of revenue administration measures. After 2014, a gradually deteriorating cyclically-adjusted primary balance net of one-time items is assumed, with the primary surplus remaining below 5 percent of GDP.
GFS Manual used: 2001
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 09/2011


Italy: General government gross debt (Percent of GDP)
See notes for:
General government gross debt (National currency).


Italy: Gross domestic product corresponding to fiscal year, current prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
Fiscal assumptions: The fiscal projections incorporate the impact of the July 2010 fiscal adjustment measures for 2011–13 and July-August 2011 fiscal adjustment packages for 2011–14 (the August package is based on the government’s decree approved on August 13, 2011). The estimates for 2010 are the preliminary outturn data from the Italian National Institute of Statistics (Istat). The IMF staff projections are based on the authorities’ estimates of the policy scenario (as derived, in part, by the IMF staff), including the above-mentioned medium-term fiscal consolidation packages, and adjusted mainly for differences in macroeconomic assumptions and for less optimistic assumptions concerning the impact of revenue administration measures. After 2014, a gradually deteriorating cyclically-adjusted primary balance net of one-time items is assumed, with the primary surplus remaining below 5 percent of GDP.
GFS Manual used: 2001
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 09/2011


Japan: Gross domestic product, constant prices (National currency)
Source: Global Insight and Nomura database.
Latest actual data: 2010
National accounts manual used: SNA 1993
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Japanese yen
Data last updated: 09/2011


Japan: Gross domestic product, constant prices (Percent change)
See notes for:
Gross domestic product, constant prices (National currency).


Japan: Gross domestic product, current prices (National currency)
Source: Global Insight and Nomura database.
Latest actual data: 2010
National accounts manual used: SNA 1993
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2000
Chain-weighted: Yes, from 1980
Primary domestic currency: Japanese yen
Data last updated: 09/2011


Japan: Gross domestic product, current prices (U.S. dollars)
See notes for:
Gross domestic product, current prices (National currency).


Japan: General government net debt (National currency)
Source: Cabinet Office of Japan
Latest actual data: 2009
Fiscal assumptions: On fiscal policy, the projections assume fiscal measures already announced by the government and gross reconstruction spending of about 1 percent of GDP each in 2011 and 2012 (total of 2 percent of GDP). The medium-term projections assume that expenditure and revenue of the general government are adjusted in line with current underlying demographic and economic trends (excluding fiscal stimulus and reconstruction spending). On monetary policy, the current monetary policy conditions are held for the project period and no further tightening or loosening is assumed.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Gross public debt includes equity shares.
Primary domestic currency: Japanese yen
Data last updated: 09/2011


Japan: General government net debt (Percent of GDP)
See notes for:
General government net debt (National currency).


Japan: General government gross debt (National currency)
Source: Cabinet Office of Japan
Latest actual data: 2009
Fiscal assumptions: On fiscal policy, the projections assume fiscal measures already announced by the government and gross reconstruction spending of about 1 percent of GDP each in 2011 and 2012 (total of 2 percent of GDP). The medium-term projections assume that expenditure and revenue of the general government are adjusted in line with current underlying demographic and economic trends (excluding fiscal stimulus and reconstruction spending). On monetary policy, the current monetary policy conditions are held for the project period and no further tightening or loosening is assumed.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Gross public debt includes equity shares.
Primary domestic currency: Japanese yen
Data last updated: 09/2011


Japan: General government gross debt (Percent of GDP)
See notes for:
General government gross debt (National currency).


Japan: Gross domestic product corresponding to fiscal year, current prices (National currency)
Source: Cabinet Office of Japan
Latest actual data: 2009
Fiscal assumptions: On fiscal policy, the projections assume fiscal measures already announced by the government and gross reconstruction spending of about 1 percent of GDP each in 2011 and 2012 (total of 2 percent of GDP). The medium-term projections assume that expenditure and revenue of the general government are adjusted in line with current underlying demographic and economic trends (excluding fiscal stimulus and reconstruction spending). On monetary policy, the current monetary policy conditions are held for the project period and no further tightening or loosening is assumed.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Gross public debt includes equity shares.
Primary domestic currency: Japanese yen
Data last updated: 09/2011


United Kingdom: Gross domestic product, constant prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2006
Chain-weighted: Yes, from 1980
Primary domestic currency: Sterling pounds
Data last updated: 09/2011


United Kingdom: Gross domestic product, constant prices (Percent change)
See notes for:
Gross domestic product, constant prices (National currency).


United Kingdom: Gross domestic product, current prices (National currency)
Source: National Statistical Office
Latest actual data: 2010
National accounts manual used: ESA 1995
GDP valuation: Market prices
Start/end months of reporting year: January/December
Base year: 2006
Chain-weighted: Yes, from 1980
Primary domestic currency: Sterling pounds
Data last updated: 09/2011


United Kingdom: Gross domestic product, current prices (U.S. dollars)
See notes for:
Gross domestic product, current prices (National currency).


United Kingdom: General government net debt (National currency)
Source: National Statistical Office
Latest actual data: 2009
Notes: General government variables exclude the effects of temporary effect of financial interventions.
Fiscal assumptions: Fiscal projections are based on the authorities’ 2011 budget announced in March 2011 and Economic and Fiscal Outlook by Office for Budget Responsibility published along with the Budget. These projections incorporate the announced medium-term consolidation plans from 2011 onwards. The projections are adjusted for differences in forecasts of macroeconomic and financial variables. Monetary projections assume unchanged policy rates through end-2012. This assumption is consistent with current market expectations.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: Sterling pounds
Data last updated: 09/2011


United Kingdom: General government net debt (Percent of GDP)
See notes for:
General government net debt (National currency).


United Kingdom: General government gross debt (National currency)
Source: National Statistical Office
Latest actual data: 2009
Notes: General government variables exclude the effects of temporary effect of financial interventions.
Fiscal assumptions: Fiscal projections are based on the authorities’ 2011 budget announced in March 2011 and Economic and Fiscal Outlook by Office for Budget Responsibility published along with the Budget. These projections incorporate the announced medium-term consolidation plans from 2011 onwards. The projections are adjusted for differences in forecasts of macroeconomic and financial variables. Monetary projections assume unchanged policy rates through end-2012. This assumption is consistent with current market expectations.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: Sterling pounds
Data last updated: 09/2011


United Kingdom: General government gross debt (Percent of GDP)
See notes for:
General government gross debt (National currency).


United Kingdom: Gross domestic product corresponding to fiscal year, current prices (National currency)
Source: National Statistical Office
Latest actual data: 2009
Notes: General government variables exclude the effects of temporary effect of financial interventions.
Fiscal assumptions: Fiscal projections are based on the authorities’ 2011 budget announced in March 2011 and Economic and Fiscal Outlook by Office for Budget Responsibility published along with the Budget. These projections incorporate the announced medium-term consolidation plans from 2011 onwards. The projections are adjusted for differences in forecasts of macroeconomic and financial variables. Monetary projections assume unchanged policy rates through end-2012. This assumption is consistent with current market expectations.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: Sterling pounds
Data last updated: 09/2011


United States: Gross domestic product, constant prices (National currency)
Source: Haver Analytics
Latest actual data: 2010
GDP valuation: Real Gross Domestic Product determined by chained Fisher quantity growth rates.
Start/end months of reporting year: January/December
Base year: 2005
Chain-weighted: Yes, from 1980
Primary domestic currency: U.S. dollars
Data last updated: 08/2011


United States: Gross domestic product, constant prices (Percent change)
See notes for:
Gross domestic product, constant prices (National currency).


United States: Gross domestic product, current prices (National currency)
Source: Haver Analytics
Latest actual data: 2010
GDP valuation: Real Gross Domestic Product determined by chained Fisher quantity growth rates.
Start/end months of reporting year: January/December
Base year: 2005
Chain-weighted: Yes, from 1980
Primary domestic currency: U.S. dollars
Data last updated: 08/2011


United States: Gross domestic product, current prices (U.S. dollars)
See notes for:
Gross domestic product, current prices (National currency).


United States: General government net debt (National currency)
Source: BEA and IMF's Government Finance Statistics Yearbook (revenue, expenditure, and net lending); Flow of Funds (debt)
Latest actual data: 2009
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: U.S. fiscal policy assumptions: Fiscal projections are based on the President’s fiscal year 2012 budget proposal adjusted for the final fiscal year 2011 appropriations and the IMF staff’s assessment of likely future policies adopted by Congress. Compared with the President’s budget proposal, the IMF staff assumes deeper and more front-loaded discretionary spending cuts, a further extension of emergency unemployment benefits and the payroll tax cut, and delayed action on the proposed revenue-raising measures. No explicit adjustment has been made for the provisions contained in the August Budget Control Act to the extent that the President’s budget proposal already contained significant deficit-reduction measures. The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables, different accounting treatment of the financial sector support, and are converted to the general government basis. U.S. monetary policy assumptions: Given the outlook for sluggish growth and inflation, staff expects the federal funds target to remain at near-zero levels until early 2014. This assumption is broadly consistent with the FOMC’s statement in early August that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 08/2011


United States: General government net debt (Percent of GDP)
See notes for:
General government net debt (National currency).


United States: General government gross debt (National currency)
Source: BEA and IMF's Government Finance Statistics Yearbook (revenue, expenditure, and net lending); Flow of Funds (debt)
Latest actual data: 2009
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: U.S. fiscal policy assumptions: Fiscal projections are based on the President’s fiscal year 2012 budget proposal adjusted for the final fiscal year 2011 appropriations and the IMF staff’s assessment of likely future policies adopted by Congress. Compared with the President’s budget proposal, the IMF staff assumes deeper and more front-loaded discretionary spending cuts, a further extension of emergency unemployment benefits and the payroll tax cut, and delayed action on the proposed revenue-raising measures. No explicit adjustment has been made for the provisions contained in the August Budget Control Act to the extent that the President’s budget proposal already contained significant deficit-reduction measures. The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables, different accounting treatment of the financial sector support, and are converted to the general government basis. U.S. monetary policy assumptions: Given the outlook for sluggish growth and inflation, staff expects the federal funds target to remain at near-zero levels until early 2014. This assumption is broadly consistent with the FOMC’s statement in early August that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 08/2011


United States: General government gross debt (Percent of GDP)
See notes for:
General government gross debt (National currency).


United States: Gross domestic product corresponding to fiscal year, current prices (National currency)
Source: BEA and IMF's Government Finance Statistics Yearbook (revenue, expenditure, and net lending); Flow of Funds (debt)
Latest actual data: 2009
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: U.S. fiscal policy assumptions: Fiscal projections are based on the President’s fiscal year 2012 budget proposal adjusted for the final fiscal year 2011 appropriations and the IMF staff’s assessment of likely future policies adopted by Congress. Compared with the President’s budget proposal, the IMF staff assumes deeper and more front-loaded discretionary spending cuts, a further extension of emergency unemployment benefits and the payroll tax cut, and delayed action on the proposed revenue-raising measures. No explicit adjustment has been made for the provisions contained in the August Budget Control Act to the extent that the President’s budget proposal already contained significant deficit-reduction measures. The fiscal projections are adjusted to reflect the IMF staff’s forecasts of key macroeconomic and financial variables, different accounting treatment of the financial sector support, and are converted to the general government basis. U.S. monetary policy assumptions: Given the outlook for sluggish growth and inflation, staff expects the federal funds target to remain at near-zero levels until early 2014. This assumption is broadly consistent with the FOMC’s statement in early August that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;State Government;Local Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 08/2011


 
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