World Economic Outlook Database, April 2012

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5. Report for Selected Countries and Subjects

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       Shaded cells indicate IMF staff estimates
CountrySubject DescriptorUnitsScaleCountry/Series-specific Notes20072008200920102011201220132014201520162017
GreeceGeneral government net debtNational currencyBillionsSource: Ministry of Finance
Latest actual data: 2010
Fiscal assumptions: Macroeconomic, monetary and fiscal projections for 2012 and the medium term are consistent with the policies agreed to between the IMF staff and the authorities in the context of the Extended Fund Facility (EFF). The data include fiscal data revisions for 2006–09. These revisions rectify a number of shortfalls with earlier statistics. First, government-controlled enterprises whose sales cover less than 50 percent of production costs have been reclassified into the general government sector, in line with Eurostat guidelines. A total of 17 such enterprises or entities were identified and included, including a number of large loss-making entities. The inclusion implies that the debt of these entities (7¼ percent of GDP) is now included in headline general government debt data and that their annual losses increase the annual deficit (to the extent their called guarantees were not already reflected). Second, the revisions reflect better information on arrears (including tax refund arrears, arrears on lump sum payments to retiring civil servant pensioners, and arrears to health sector suppliers), as well as corrections of social security balances on account of corrected imputed interest payments, double counting of revenues, and other inaccuracies. Finally, new information on swaps also became available and further helps explain the upward revision in debt data.
Start/end months of reporting year: January/December
GFS Manual used: 1986
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Net debt data, including historical data, are provisional.
Primary domestic currency: Euros
Data last updated: 03/2012239.364262.318298.706328.588355.780332.355339.421334.098331.058327.285322.708
GreeceGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).105.412110.721127.100142.757163.343161.246165.347158.795151.271143.625135.843
GreeceGeneral government gross debtNational currencyBillionsSource: Ministry of Finance
Latest actual data: 2010
Fiscal assumptions: Macroeconomic, monetary and fiscal projections for 2012 and the medium term are consistent with the policies agreed to between the IMF staff and the authorities in the context of the Extended Fund Facility (EFF). The data include fiscal data revisions for 2006–09. These revisions rectify a number of shortfalls with earlier statistics. First, government-controlled enterprises whose sales cover less than 50 percent of production costs have been reclassified into the general government sector, in line with Eurostat guidelines. A total of 17 such enterprises or entities were identified and included, including a number of large loss-making entities. The inclusion implies that the debt of these entities (7¼ percent of GDP) is now included in headline general government debt data and that their annual losses increase the annual deficit (to the extent their called guarantees were not already reflected). Second, the revisions reflect better information on arrears (including tax refund arrears, arrears on lump sum payments to retiring civil servant pensioners, and arrears to health sector suppliers), as well as corrections of social security balances on account of corrected imputed interest payments, double counting of revenues, and other inaccuracies. Finally, new information on swaps also became available and further helps explain the upward revision in debt data.
Start/end months of reporting year: January/December
GFS Manual used: 1986
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Net debt data, including historical data, are provisional.
Primary domestic currency: Euros
Data last updated: 03/2012239.364262.318298.706328.588355.780332.355339.421334.098331.058327.285322.708
SpainGeneral government net debtNational currencyBillionsSource: Ministry of Finance. Eurostat
Latest actual data: 2011. Preliminary
Fiscal assumptions: The 2011 numbers are based on the authorities’ estimated outturns for the general government for the year. For 2012 and beyond, the projections are based on measures implemented during the course of 2012 and the authorities’ deficit target for 2012. The draft budget for 2012 was not available at the time of staff’s forecast.
Start/end months of reporting year: January/December
GFS Manual used: ESA95, consistent with Eurostat dataset
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;State Government;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 03/2012281.191335.048445.333522.401611.265712.215775.350835.163884.586931.416983.022
SpainGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).26.70030.80242.50149.68956.94867.02171.77775.08476.91178.28779.841
SpainGeneral government gross debtNational currencyBillionsSource: Ministry of Finance. Eurostat
Latest actual data: 2011. Preliminary
Fiscal assumptions: The 2011 numbers are based on the authorities’ estimated outturns for the general government for the year. For 2012 and beyond, the projections are based on measures implemented during the course of 2012 and the authorities’ deficit target for 2012. The draft budget for 2012 was not available at the time of staff’s forecast.
Start/end months of reporting year: January/December
GFS Manual used: ESA95, consistent with Eurostat dataset
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;State Government;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 03/2012382.307436.984565.082643.136734.961839.947907.678972.4781,027.1631,079.3031,130.909
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: 2010
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: Fiscal projections are based on the January 2012 CBO baseline adjusted for the IMF staff's policy and macroeconomic assumptions. The key near-term policy assumptions include a continuation of the payroll tax cut during 2012, an extension of emergency unemployment benefits into 2013 (one year beyond the current law), and an automatic sequestration of spending from 2013 triggered by the failure of the Joint Select Committee on Deficit Reduction. In the medium term, IMF staff assumes that Congress will continue to make regular adjustments to the AMT parameters and Medicare payments (DocFix), will extend certain traditional programs (such as the research and development tax credit), the Bush tax cuts for the middle-class will be extended permanently, but the Bush tax cuts for the higher-income taxpayers will be allowed to expire from 2014 (one year later than planned under the current law). 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.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;State Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 03/20126,755.2057,677.3489,181.53510,619.05812,116.70013,061.62414,068.37314,914.75615,700.18416,541.94117,423.159
United StatesGeneral government net debtPercent of GDP See notes for: 
General government net debt (National currency).48.15353.71965.87073.10180.27583.67686.72788.04288.28588.43688.422
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: 2010
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: Fiscal projections are based on the January 2012 CBO baseline adjusted for the IMF staff's policy and macroeconomic assumptions. The key near-term policy assumptions include a continuation of the payroll tax cut during 2012, an extension of emergency unemployment benefits into 2013 (one year beyond the current law), and an automatic sequestration of spending from 2013 triggered by the failure of the Joint Select Committee on Deficit Reduction. In the medium term, IMF staff assumes that Congress will continue to make regular adjustments to the AMT parameters and Medicare payments (DocFix), will extend certain traditional programs (such as the research and development tax credit), the Bush tax cuts for the middle-class will be extended permanently, but the Bush tax cuts for the higher-income taxpayers will be allowed to expire from 2014 (one year later than planned under the current law). 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.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;State Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 03/20129,421.74810,881.08912,528.12514,312.00215,537.41016,639.72917,871.05918,955.92120,003.13921,108.03822,264.634
Notes
  Country/Series-specific Notes  
  Greece: General government net debt (National currency)
Source: Ministry of Finance
Latest actual data: 2010
Fiscal assumptions: Macroeconomic, monetary and fiscal projections for 2012 and the medium term are consistent with the policies agreed to between the IMF staff and the authorities in the context of the Extended Fund Facility (EFF). The data include fiscal data revisions for 2006–09. These revisions rectify a number of shortfalls with earlier statistics. First, government-controlled enterprises whose sales cover less than 50 percent of production costs have been reclassified into the general government sector, in line with Eurostat guidelines. A total of 17 such enterprises or entities were identified and included, including a number of large loss-making entities. The inclusion implies that the debt of these entities (7¼ percent of GDP) is now included in headline general government debt data and that their annual losses increase the annual deficit (to the extent their called guarantees were not already reflected). Second, the revisions reflect better information on arrears (including tax refund arrears, arrears on lump sum payments to retiring civil servant pensioners, and arrears to health sector suppliers), as well as corrections of social security balances on account of corrected imputed interest payments, double counting of revenues, and other inaccuracies. Finally, new information on swaps also became available and further helps explain the upward revision in debt data.
Start/end months of reporting year: January/December
GFS Manual used: 1986
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Net debt data, including historical data, are provisional.
Primary domestic currency: Euros
Data last updated: 03/2012


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


Greece: General government gross debt (National currency)
Source: Ministry of Finance
Latest actual data: 2010
Fiscal assumptions: Macroeconomic, monetary and fiscal projections for 2012 and the medium term are consistent with the policies agreed to between the IMF staff and the authorities in the context of the Extended Fund Facility (EFF). The data include fiscal data revisions for 2006–09. These revisions rectify a number of shortfalls with earlier statistics. First, government-controlled enterprises whose sales cover less than 50 percent of production costs have been reclassified into the general government sector, in line with Eurostat guidelines. A total of 17 such enterprises or entities were identified and included, including a number of large loss-making entities. The inclusion implies that the debt of these entities (7¼ percent of GDP) is now included in headline general government debt data and that their annual losses increase the annual deficit (to the extent their called guarantees were not already reflected). Second, the revisions reflect better information on arrears (including tax refund arrears, arrears on lump sum payments to retiring civil servant pensioners, and arrears to health sector suppliers), as well as corrections of social security balances on account of corrected imputed interest payments, double counting of revenues, and other inaccuracies. Finally, new information on swaps also became available and further helps explain the upward revision in debt data.
Start/end months of reporting year: January/December
GFS Manual used: 1986
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;
Valuation of public debt: Nominal value. Net debt data, including historical data, are provisional.
Primary domestic currency: Euros
Data last updated: 03/2012


Spain: General government net debt (National currency)
Source: Ministry of Finance. Eurostat
Latest actual data: 2011. Preliminary
Fiscal assumptions: The 2011 numbers are based on the authorities’ estimated outturns for the general government for the year. For 2012 and beyond, the projections are based on measures implemented during the course of 2012 and the authorities’ deficit target for 2012. The draft budget for 2012 was not available at the time of staff’s forecast.
Start/end months of reporting year: January/December
GFS Manual used: ESA95, consistent with Eurostat dataset
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;State Government;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 03/2012


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


Spain: General government gross debt (National currency)
Source: Ministry of Finance. Eurostat
Latest actual data: 2011. Preliminary
Fiscal assumptions: The 2011 numbers are based on the authorities’ estimated outturns for the general government for the year. For 2012 and beyond, the projections are based on measures implemented during the course of 2012 and the authorities’ deficit target for 2012. The draft budget for 2012 was not available at the time of staff’s forecast.
Start/end months of reporting year: January/December
GFS Manual used: ESA95, consistent with Eurostat dataset
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;Social Security Funds;State Government;
Valuation of public debt: Nominal value
Primary domestic currency: Euros
Data last updated: 03/2012


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: 2010
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: Fiscal projections are based on the January 2012 CBO baseline adjusted for the IMF staff's policy and macroeconomic assumptions. The key near-term policy assumptions include a continuation of the payroll tax cut during 2012, an extension of emergency unemployment benefits into 2013 (one year beyond the current law), and an automatic sequestration of spending from 2013 triggered by the failure of the Joint Select Committee on Deficit Reduction. In the medium term, IMF staff assumes that Congress will continue to make regular adjustments to the AMT parameters and Medicare payments (DocFix), will extend certain traditional programs (such as the research and development tax credit), the Bush tax cuts for the middle-class will be extended permanently, but the Bush tax cuts for the higher-income taxpayers will be allowed to expire from 2014 (one year later than planned under the current law). 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.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;State Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 03/2012


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: 2010
Notes: Revenue, expenditure, and net lending data are compiled according to the GFSM2001 methodology. Due to data limitations, most series begin 2001.
Fiscal assumptions: Fiscal projections are based on the January 2012 CBO baseline adjusted for the IMF staff's policy and macroeconomic assumptions. The key near-term policy assumptions include a continuation of the payroll tax cut during 2012, an extension of emergency unemployment benefits into 2013 (one year beyond the current law), and an automatic sequestration of spending from 2013 triggered by the failure of the Joint Select Committee on Deficit Reduction. In the medium term, IMF staff assumes that Congress will continue to make regular adjustments to the AMT parameters and Medicare payments (DocFix), will extend certain traditional programs (such as the research and development tax credit), the Bush tax cuts for the middle-class will be extended permanently, but the Bush tax cuts for the higher-income taxpayers will be allowed to expire from 2014 (one year later than planned under the current law). 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.
Start/end months of reporting year: January/December
GFS Manual used: 2001
Basis of recording: Noncash (accrual)
General government includes: Central Government;Local Government;State Government;
Valuation of public debt: Nominal value
Primary domestic currency: U.S. dollars
Data last updated: 03/2012


 
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