Fiscal Balance in United States
The United States experienced significant fiscal shifts from 2013 to 2022. Early in the decade, efforts were made to reduce the post-financial crisis deficit, achieving some success. However, major tax cuts in 2017 reversed this trend, widening the deficit. The COVID-19 pandemic in 2020 led to unprecedented fiscal stimulus, further enlarging the deficit. By 2022, as the economy recovered, there was increased focus on deficit reduction, though the fiscal shortfall remained large.
The fiscal balance in the United States averaged -5.9% of GDP in the decade to 2023, above the major economies average of -4.5% of GDP. The fiscal balance in 2023 was -6.3% of GDP. For more fiscal balance information, visit our dedicated page.
United States Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for United States from 2024 to 2023.
Source: Macrobond.
United States Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -4.6 | -14.7 | -12.1 | -5.4 | -6.2 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects American fiscal balance projections for the next ten years from a panel of 25 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 American fiscal balance.
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