Fiscal balance, sometimes also referred to as the government budget balance, is calculated as the difference between a government’s revenues (taxes and proceeds from asset sales) and its expenditures. It is often expressed as a ratio of Gross Domestic Product (GDP). If the balance is positive, the government has a surplus (it spends less than it receives). If the balance is negative, the government has a deficit (it spends more than it receives). The fiscal balance as a percentage of GDP is used as an instrument to measure a government’s ability to meet its financing needs and to ensure good management of public finances.
This chart displays Fiscal Balance (% of GDP) for Major Economies, Latin America, Euro Area, South Asia, Middle East & North Africa from 2010 to 2023.
Fiscal Balance (% of GDP) Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Afghanistan | -1.0 | -2.2 | -0.5 | -1.0 | -1.2 |
| Albania | -1.8 | -6.7 | -4.6 | -3.6 | -1.3 |
| Algeria | -8.5 | -10.5 | -6.3 | -3.0 | -5.2 |
| Andorra | 2.3 | -1.1 | -1.2 | 4.8 | 2.3 |
| Angola | 0.7 | -1.7 | 3.4 | 0.6 | -1.9 |
| Antigua and Barbuda | -0.9 | -3.7 | -2.3 | -0.3 | 0.4 |
| Argentina | -3.8 | -8.4 | -3.6 | -3.8 | -4.4 |
| Armenia | -0.8 | -5.1 | -4.5 | -2.2 | -1.9 |
| Aruba | 3.5 | -11.1 | -4.8 | 3.4 | 6.3 |
| Australia | 0.0 | -4.3 | -6.4 | -1.4 | 0.9 |
| Austria | 0.5 | -8.2 | -5.7 | -3.3 | -2.6 |
| Azerbaijan | 9.0 | -6.4 | 4.2 | 6.0 | - |
| Bahamas, The | 0.9 | -4.3 | -8.9 | -1.3 | 0.3 |
| Bahrain | -8.6 | -17.3 | -10.6 | -5.1 | -10.6 |
| Bangladesh | -5.4 | -4.8 | -3.6 | -4.1 | -4.6 |
| Barbados | 5.4 | -0.9 | -0.8 | 2.4 | 3.5 |
| Belarus | 0.9 | -2.9 | -0.2 | -2.1 | 0.7 |
| Belgium | -2.0 | -9.0 | -5.4 | -3.6 | -4.2 |
| Belize | -2.9 | -8.6 | -3.3 | -0.5 | - |
| Benin | 1.1 | -2.7 | -3.5 | -3.9 | -2.5 |
| Bhutan | -0.6 | -1.4 | -4.8 | -5.5 | -3.1 |
| Bolivia | -7.2 | -12.7 | -9.3 | -7.1 | - |
| Bosnia-Herz. | 1.4 | -4.6 | 0.6 | 0.9 | -1.7 |
| Botswana | -8.5 | -10.9 | -2.4 | 0.0 | -4.7 |
| Brazil | -5.8 | -13.3 | -4.3 | -4.6 | -8.8 |
| Brunei | -3.7 | -15.8 | -8.2 | 2.5 | -10.8 |
| Bulgaria | 2.2 | -3.8 | -3.9 | -2.9 | -2.0 |
| Burkina Faso | -2.2 | -3.8 | -5.7 | -8.8 | -4.5 |
| Burundi | -4.1 | -3.4 | -2.3 | -8.0 | -5.6 |
| Cabo Verde | 0.6 | -6.7 | -5.3 | -2.0 | - |
| Cambodia | 2.2 | -2.5 | -5.2 | -0.3 | -2.8 |
| Cameroon | -3.2 | -3.2 | -3.0 | -1.1 | - |
| Canada | 0.0 | -10.9 | -2.9 | 0.1 | -0.6 |
| CdI | -2.2 | -5.4 | -4.9 | -6.8 | -5.2 |
| Central African Republic | 1.8 | -3.1 | -5.7 | -4.9 | - |
| Chad | 0.6 | 2.0 | -0.6 | 5.4 | - |
| Chile | -2.9 | -7.3 | -7.7 | 1.1 | -2.4 |
| China | -4.9 | -6.2 | -3.8 | -4.7 | -4.6 |
| Colombia | -2.5 | -7.8 | -7.0 | -5.3 | -4.3 |
| Comoros | -4.1 | -0.3 | -2.5 | -3.8 | - |
| Congo | -2.3 | -2.9 | -1.3 | -0.2 | - |
| Costa Rica | -6.7 | -8.0 | -5.0 | -2.5 | -3.3 |
| Croatia | 0.2 | -7.2 | -2.6 | 0.1 | -0.9 |
| Cuba | -6.2 | -17.7 | -11.7 | -11.1 | - |
| Cyprus | 1.0 | -5.6 | -1.6 | 2.6 | 2.0 |
| Czech Republic | 0.3 | -5.6 | -5.0 | -3.1 | -3.8 |
| Denmark | 4.3 | 0.4 | 4.1 | 3.5 | 3.4 |
| Djibouti | 0.3 | -1.9 | -2.9 | -0.7 | -3.2 |
| Dominica | -6.2 | -5.4 | -5.6 | -4.3 | 0.2 |
| Dominican Republic | -2.3 | -7.6 | -2.5 | -2.7 | -3.1 |
| DR Congo | -2.5 | -3.1 | -1.6 | -0.5 | - |
| Ecuador | -3.5 | -7.4 | -1.6 | 0.0 | -3.6 |
| Egypt | -7.6 | -7.5 | -7.1 | -6.2 | -6.1 |
| El Salvador | -2.9 | -10.3 | -5.9 | -2.8 | -2.2 |
| Equatorial Guinea | 2.7 | -0.4 | 3.7 | 12.9 | 3.6 |
| Eritrea | 4.5 | - | - | - | - |
| Estonia | -0.1 | -5.4 | -2.6 | -1.1 | -2.8 |
| Ethiopia | -2.8 | -2.8 | -4.2 | -2.6 | - |
| Euro Area | -0.5 | -7.0 | -5.1 | -3.5 | -3.6 |
| Fiji | -0.9 | -4.8 | -9.7 | -8.5 | -3.3 |
| Finland | -0.9 | -5.5 | -2.7 | -0.2 | -3.0 |
| France | -2.4 | -8.9 | -6.6 | -4.7 | -5.5 |
| Gabon | 4.4 | 1.2 | 0.9 | 1.7 | - |
| Gambia, The | 0.4 | 0.8 | -1.8 | -2.8 | -1.6 |
| Georgia | -1.8 | -9.2 | -6.0 | -2.6 | -2.3 |
| Germany | 1.3 | -4.4 | -3.2 | -2.1 | -2.6 |
| Ghana | -7.5 | -17.4 | -12.0 | -11.8 | -3.6 |
| Greece | 0.8 | -9.6 | -6.9 | -2.5 | -1.3 |
| Grenada | 6.8 | -2.6 | 2.1 | 2.5 | 9.5 |
| Guatemala | -2.2 | -4.9 | -1.2 | -1.7 | -1.3 |
| Guinea | 0.2 | -2.4 | -1.1 | 0.1 | -1.2 |
| Guinea-Bissau | -2.8 | -8.1 | -4.3 | -4.7 | - |
| Guyana | -2.0 | -7.3 | -6.8 | -4.9 | -5.4 |
| Haiti | -2.0 | -2.1 | -2.3 | -1.8 | 0.9 |
| Honduras | -2.5 | -7.0 | -5.1 | -1.3 | -3.6 |
| Hong Kong | -0.4 | -8.7 | 1.0 | -4.4 | - |
| Hungary | -2.0 | -7.5 | -7.1 | -6.2 | -6.7 |
| Iceland | -1.6 | -8.9 | -8.3 | -4.0 | -2.0 |
| India | -4.6 | -9.2 | -6.7 | -6.4 | -5.6 |
| Indonesia | -2.2 | -6.1 | -4.6 | 1.8 | -1.6 |
| Iran | -4.5 | -5.2 | -3.2 | -2.8 | -2.8 |
| Iraq | 0.8 | -12.8 | -0.4 | 8.1 | -1.2 |
| Ireland | 0.4 | -4.9 | -1.4 | 1.7 | 1.5 |
| Israel | -3.7 | -11.3 | -4.3 | 0.6 | -4.1 |
| Italy | -1.5 | -9.4 | -8.9 | -8.1 | -7.2 |
| Jamaica | 0.9 | -3.1 | 0.9 | 0.3 | 0.0 |
| Japan | -3.0 | -9.1 | -6.1 | -4.4 | - |
| Jordan | -3.3 | -7.0 | -6.1 | -4.5 | -5.2 |
| Kazakhstan | -1.8 | -4.0 | -3.0 | -2.1 | -2.3 |
| Kenya | -7.4 | -8.1 | -7.2 | -6.1 | -5.8 |
| Kiribati | 11.1 | 3.8 | -10.4 | -18.1 | - |
| Korea | -0.6 | -3.5 | -1.4 | -2.8 | -1.5 |
| Kosovo | -2.9 | -7.8 | -1.2 | -0.7 | -0.2 |
| Kuwait | -9.2 | -31.7 | -6.7 | 11.4 | -3.1 |
| Kyrgyzstan | -0.1 | -3.1 | -0.7 | -0.3 | 1.8 |
| Laos | -3.2 | -5.4 | -0.7 | 0.1 | 0.7 |
| Latvia | -0.2 | -4.1 | -7.2 | -4.9 | -2.4 |
| Lebanon | -11.0 | -3.5 | 0.8 | - | - |
| Lesotho | -4.3 | 1.5 | -4.0 | -3.7 | 11.2 |
| Liberia | -3.9 | -2.7 | -1.6 | -4.4 | -6.1 |
| Libya | 11.9 | -22.3 | 14.8 | 23.6 | 8.2 |
| Lithuania | 0.5 | -6.3 | -1.1 | -0.7 | -0.7 |
| Luxembourg | 2.7 | -3.1 | 1.0 | 0.2 | -0.7 |
| Macao | 14.4 | -21.4 | -12.9 | -37.7 | - |
| Madagascar | -0.7 | -3.2 | -2.2 | -5.0 | - |
| Malawi | -1.5 | -4.8 | -4.3 | -4.6 | -4.0 |
| Malaysia | -3.4 | -6.2 | -6.4 | -5.6 | -5.1 |
| Maldives | -5.0 | -21.1 | -11.6 | -7.6 | - |
| Mali | -0.7 | -4.2 | -3.5 | -3.5 | - |
| Malta | 0.7 | -8.7 | -7.0 | -5.2 | -4.5 |
| Marshall Islands | -1.5 | 2.8 | 0.4 | 0.9 | - |
| Mauritania | 3.6 | 3.7 | 3.4 | -2.3 | -1.8 |
| Mauritius | -5.4 | -7.8 | -1.6 | -0.6 | -1.6 |
| Mexico | -1.6 | -2.8 | -2.8 | -3.2 | -3.3 |
| Micronesia, Federated States of | 19.9 | 6.7 | 4.7 | - | - |
| Moldova | -1.5 | -5.3 | -2.6 | -3.2 | -5.2 |
| Mongolia | 1.0 | -9.2 | 7.8 | 0.7 | 2.7 |
| Montenegro | -2.9 | -10.2 | -2.0 | -4.2 | 0.1 |
| Morocco | -3.6 | -7.1 | -6.0 | -5.4 | -4.4 |
| Mozambique | 1.7 | -4.5 | -3.9 | -5.1 | -4.1 |
| Myanmar | -3.9 | -5.9 | -7.0 | -4.6 | -5.7 |
| Namibia | -1.8 | -3.9 | -4.5 | -1.6 | 1.7 |
| Nauru | 31.0 | 42.8 | 44.5 | 23.6 | 19.0 |
| Nepal | -4.5 | -4.7 | -3.2 | -2.3 | -4.5 |
| Netherlands | 1.8 | -3.6 | -2.2 | 0.0 | -0.4 |
| New Zealand | 2.4 | -7.3 | -1.3 | -2.7 | -2.4 |
| Nicaragua | -1.7 | -2.6 | -1.5 | 0.6 | 2.7 |
| Niger | -2.6 | -3.8 | -5.0 | -5.5 | -4.0 |
| Nigeria | -4.7 | -5.6 | -5.5 | -5.4 | -4.2 |
| North Macedonia | -2.0 | -8.0 | -5.3 | -4.4 | -4.6 |
| Norway | 6.5 | -2.6 | 10.3 | 25.5 | 16.6 |
| Oman | -7.8 | -17.2 | -3.6 | 2.8 | 2.3 |
| Pakistan | -2.4 | 2.1 | 2.0 | 2.1 | 2.0 |
| Palau | -0.4 | -13.0 | -7.5 | -0.6 | -2.8 |
| Panama | -2.9 | -10.0 | -6.4 | -4.0 | -3.0 |
| Papua New Guinea | -2.4 | -6.2 | -4.4 | -2.9 | - |
| Paraguay | -2.8 | -6.1 | -3.6 | -2.9 | -4.1 |
| Peru | -1.6 | -8.9 | -2.5 | -1.7 | -2.8 |
| Philippines | -3.4 | -7.6 | -8.6 | -7.3 | -6.2 |
| Poland | -0.7 | -6.9 | -1.7 | -3.4 | -5.3 |
| Portugal | 0.1 | -5.8 | -2.8 | -0.3 | 1.2 |
| Qatar | 1.1 | -2.0 | 0.2 | 10.4 | 5.6 |
| Romania | -4.3 | -9.2 | -7.1 | -6.4 | -6.5 |
| Russia | 1.8 | -3.8 | 0.4 | -2.1 | -1.9 |
| Rwanda | -5.1 | -9.5 | -7.0 | -5.7 | -5.1 |
| Saint Kitts and Nevis | 0.0 | -1.9 | 6.4 | -3.0 | - |
| Saint Lucia | -0.5 | -7.6 | -1.7 | 1.2 | 0.7 |
| Saint Vincent and the Grenadines | -1.6 | -4.2 | -4.9 | -7.1 | -10.1 |
| Samoa | 1.5 | 5.4 | 1.7 | 5.4 | 3.0 |
| San Marino | 0.2 | -36.6 | -14.5 | 1.7 | - |
| Sao Tome and Principe | 0.7 | 3.3 | -1.3 | -1.7 | 1.8 |
| Saudi Arabia | -4.2 | -10.7 | -2.2 | 2.5 | -2.0 |
| Senegal | -3.9 | -6.4 | -6.3 | -6.6 | -4.9 |
| Serbia | -0.2 | -7.7 | -3.9 | -3.0 | -2.1 |
| Seychelles | 2.5 | -13.2 | -2.9 | 1.2 | 1.7 |
| Sierra Leone | -0.3 | -1.7 | -2.6 | -4.1 | -2.6 |
| Singapore | 0.2 | -10.7 | 0.2 | -0.1 | -1.0 |
| Slovakia | -1.2 | -5.3 | -5.1 | -1.7 | -5.2 |
| Slovenia | 0.7 | -7.7 | -4.6 | -3.0 | -2.6 |
| Solomon Islands | -1.4 | -2.2 | -0.2 | -1.8 | - |
| South Africa | -6.0 | -9.8 | -5.1 | -4.6 | - |
| South Sudan | 1.4 | -4.5 | -9.0 | 4.5 | 7.5 |
| Spain | -3.1 | -9.9 | -6.7 | -4.6 | -3.5 |
| Sri Lanka | -7.5 | -12.2 | -11.7 | -10.2 | -8.3 |
| Sudan | -10.6 | -6.0 | -0.2 | -2.0 | -3.6 |
| Suriname | -17.3 | -8.3 | -0.5 | 1.0 | - |
| Swaziland | -4.6 | -2.4 | -2.7 | -4.1 | 1.5 |
| Sweden | 0.4 | -3.2 | -0.1 | 1.0 | -0.6 |
| Switzerland | 1.3 | -3.0 | -0.3 | 1.2 | 0.2 |
| Taiwan | 0.1 | -1.0 | -0.2 | 0.2 | -0.6 |
| Tajikistan | -2.0 | -4.3 | -0.7 | -0.2 | -1.3 |
| Tanzania | -2.1 | -2.6 | -3.5 | -3.9 | -3.5 |
| Thailand | -3.0 | -5.2 | -4.8 | -3.5 | -3.3 |
| Timor-Leste | -25.1 | -18.8 | -19.4 | -30.2 | -31.2 |
| Togo | 3.8 | -4.7 | -2.5 | -5.9 | -4.0 |
| Tonga | 4.4 | 6.7 | -0.6 | -0.2 | 6.7 |
| Trinidad and Tobago | -3.7 | -11.8 | -8.3 | 0.9 | -1.1 |
| Tunisia | -3.3 | -9.7 | -7.8 | -8.0 | -7.6 |
| Turkey | -2.9 | -3.5 | -2.8 | -1.0 | -5.2 |
| Turkmenistan | -0.3 | -0.1 | 0.5 | 2.5 | 1.2 |
| Tuvalu | -8.0 | 8.2 | -15.8 | 2.7 | 5.3 |
| UAE | 2.6 | -2.5 | 4.0 | 10.0 | 5.0 |
| Uganda | -4.8 | -7.8 | -7.4 | -5.9 | -4.9 |
| Ukraine | -2.2 | -5.3 | -3.4 | -16.1 | -20.4 |
| United Kingdom | -2.5 | -13.2 | -7.7 | -4.6 | -6.1 |
| United States | -4.6 | -14.7 | -12.1 | -5.4 | -6.2 |
| Uruguay | -3.2 | -5.2 | -3.6 | -3.2 | -3.7 |
| Uzbekistan | -0.3 | -2.9 | -4.1 | -3.7 | -4.0 |
| Vanuatu | 3.7 | -1.1 | 3.3 | -5.8 | - |
| Venezuela | -10.9 | -6.6 | -5.9 | -6.8 | -4.2 |
| Vietnam | -0.4 | -2.9 | -1.4 | 0.7 | -2.5 |
| Yemen | -5.9 | -4.5 | -0.9 | -2.7 | -6.1 |
| Zambia | -9.4 | -13.8 | -8.1 | -7.8 | - |
| Zimbabwe | -0.9 | 0.3 | -2.2 | -6.0 | -6.2 |