Fiscal Balance in Japan
Japan's fiscal deficit from 2013 to 2022 continued to be significant, driven by longstanding economic stagnation and elevated ageing-related spending demands. The government's efforts to stimulate the economy through fiscal measures, including infrastructure spending and social welfare programs, contributed to the persistent deficit. The COVID-19 pandemic further increased government spending.
The fiscal balance of Japan averaged -5.3% of GDP in the decade to 2021, below the average for Major Economies of -4.6% of GDP. The fiscal balance in Japan in 2021 was -6.2% of GDP. For more fiscal balance information, visit our dedicated page.
Japan Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for Japan from 2014 to 2013.
Source: Macrobond.
Japan Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -3.0 | -9.1 | -6.1 | -4.4 | - |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Japanese fiscal balance projections for the next ten years from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Japanese fiscal balance.
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