As an effect of the coronavirus (COVID-19) pandemic, governmental expenditures increased worldwide and so did the fiscal deficits. In 2020, global fiscal deficit made up **** percent of the global GDP. The United States was the world region where the fiscal deficit was the highest relative to GDP, amounting to around **** percent. Estimations for 2021 show that the figures will remain relatively high worldwide, but should decrease in 2022.

The Fiscal Monitor surveys and analyzes the latest public finance developments, it updates fiscal implications of the crisis and medium-term fiscal projections, and assesses policies to put public finances on a sustainable footing.

Country-specific data and projections for key fiscal variables are based on the April 2020 World Economic Outlook database, unless indicated otherwise, and compiled by the IMF staff. Historical data and projections are based on information gathered by IMF country desk officers in the context of their missions and through their ongoing analysis of the evolving situation in each country; they are updated on a continual basis as more information becomes available. Structural breaks in data may be adjusted to produce smooth series through splicing and other techniques. IMF staff estimates serve as proxies when complete information is unavailable. As a result, Fiscal Monitor data can differ from official data in other sources, including the IMF's International Financial Statistics.

The country classification in the Fiscal Monitor divides the world into three major groups: 35 advanced economies, 40 emerging market and middle-income economies, and 40 low-income developing countries. The seven largest advanced economies as measured by GDP (Canada, France, Germany, Italy, Japan, United Kingdom, United States) constitute the subgroup of major advanced economies, often referred to as the Group of Seven (G7). The members of the euro area are also distinguished as a subgroup. Composite data shown in the tables for the euro area cover the current members for all years, even though the membership has increased over time. Data for most European Union member countries have been revised following the adoption of the new European System of National and Regional Accounts (ESA 2010). The low-income developing countries (LIDCs) are countries that have per capita income levels below a certain threshold (currently set at $2,700 in 2016 as measured by the World Bank's Atlas method), structural features consistent with limited development and structural transformation, and external financial linkages insufficiently close to be widely seen as emerging market economies. Zimbabwe is included in the group. Emerging market and middle-income economies include those not classified as advanced economies or low-income developing countries. See Table A, "Economy Groupings," for more details.

Most fiscal data refer to the general government for advanced economies, while for emerging markets and developing economies, data often refer to the central government or budgetary central government only (for specific details, see Tables B-D). All fiscal data refer to the calendar years, except in the cases of Bangladesh, Egypt, Ethiopia, Haiti, Hong Kong Special Administrative Region, India, the Islamic Republic of Iran, Myanmar, Nepal, Pakistan, Singapore, and Thailand, for which they refer to the fiscal year.

Composite data for country groups are weighted averages of individual-country data, unless otherwise specified. Data are weighted by annual nominal GDP converted to U.S. dollars at average market exchange rates as a share of the group GDP.

In many countries, fiscal data follow the IMF's Government Finance Statistics Manual 2014. The overall fiscal balance refers to net lending (+) and borrowing ("") of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

The fiscal gross and net debt data reported in the Fiscal Monitor are drawn from official data sources and IMF staff estimates. While attempts are made to align gross and net debt data with the definitions in the IMF's Government Finance Statistics Manual, as a result of data limitations or specific country circumstances, these data can sometimes deviate from the formal definitions.

Key information about US Consolidated Fiscal Balance: % of GDP

• United States Consolidated Fiscal Balance recorded a deficit equal to 6.3 % of its Nominal GDP in Jun 2025, compared with a deficit equal to 7.0 % in the previous quarter
• US Consolidated Fiscal Balance to GDP data is updated quarterly, available from Sep 1981 to Jun 2025, with an average ratio of -2.8 %
• The data reached an all-time high of 2.5 % in Dec 2000 and a record low of -19.0 % in Mar 2021

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Bureau of the Fiscal Service provides Consolidated Fiscal Balance in USD. The Bureau of Economic Analysis provides Nominal GDP in USD. Consolidated Fiscal Balance covers Central Government only.


Further information about US Consolidated Fiscal Balance: % of GDP

• In the latest reports, US National Government Debt reached 38,040.1 USD bn in Oct 2025
• US Nominal GDP reached 7,621.4 USD bn in Jun 2025

Key information about EU Consolidated Fiscal Balance: % of GDP

• European Union Consolidated Fiscal Balance recorded a deficit equal to 3.1 % of its Nominal GDP in Dec 2024, compared with a deficit equal to 3.4 % in the previous year
• EU Consolidated Fiscal Balance to GDP data is updated yearly, available from Dec 1995 to Dec 2024, with an average ratio of -6.1 %
• The data reached an all-time high of -0.4 % in Dec 2018 and a record low of -7.2 % in Dec 1995

CEIC calculates Consolidated Fiscal Balance as % of Nominal GDP from annual Consolidated Fiscal Balance and quarterly Nominal GDP. Eurostat provides Consolidated Fiscal Balance in EUR and Nominal GDP in EUR. European Union stands for EU27 excluding UK.


Further information about EU Consolidated Fiscal Balance: % of GDP

• In the latest reports, EU National Government Debt reached 17,710.7 USD bn in Jun 2025
• EU Nominal GDP reached 5,301.1 USD bn in Jun 2025

For 2020, the coronavirus outbreak has increased expenditures and caused the projected overall fiscal balance of the advanced economy nations to come to a deficit of **** percent of the collective GDP. Measuring the balance as a percent of GDP shows a nations ability to meet its financial needs. A negative value shows that a country's expenditures will outnumber its revenues, creating a deficit. The 2020 deficit projection for advanced economies is the highest of any economic category, despite having the lowest deficit value for 2019 at *** percent of GDP.

The Global Macro-Financial Policy Effectiveness (2019–2025) dataset provides a structured and comprehensive view of key macroeconomic and financial indicators used to evaluate policy performance across varying global conditions. Covering the pre-pandemic, pandemic, and recovery phases, it captures the dynamic interplay between growth, inflation, interest rates, credit activity, leverage, asset prices, fiscal stance, and systemic stability. The dataset enables exploration of macro-financial linkages, policy impacts, and the evolving effectiveness of fiscal, monetary, and macroprudential measures during periods of economic expansion, contraction, and normalization. Each observation is labeled with a policy effectiveness category reflecting system resilience and recovery strength.

Count: 2,500 records (2019–2025) Features: 12 quantitative indicators + 1 target label

Column Descriptions:

Date: Represents the time period of observation between 2019 and 2025.

GDP_Growth: Annual real GDP growth rate indicating overall economic performance.

Inflation_Rate: Consumer price inflation reflecting price stability and purchasing power.

Interest_Rate: Central bank policy rate showing the stance of monetary policy.

Credit_Growth: Annual growth rate of private sector credit representing financial activity.

Leverage_Ratio: Measure of financial system leverage, calculated as assets-to-equity ratio.

Asset_Price_Index: Composite index tracking movements in stock and real estate prices.

Fiscal_Deficit: Government deficit-to-GDP ratio capturing fiscal expansion or restraint.

CentralBank_Liquidity: Level of liquidity injected or absorbed by the central bank.

Liquidity_Coverage_Ratio: Indicator of banking sector liquidity adequacy and short-term resilience.

NonPerforming_Loans: Ratio of loans in default or close to default to total loans.

Systemic_Risk_Index: Composite index quantifying financial stress and contagion potential.

Policy_Effectiveness_Label: Categorical variable representing overall policy outcome (0: Ineffective, 1: Moderately Effective, 2: Effective, 3: Highly Effective).

Key information about United States Government Debt: % of GDP

• United States Government debt accounted for 120.9 % of the country's Nominal GDP in Jun 2025, compared with the ratio of 122.3 % in the previous quarter.
• US government debt to GDP ratio data is updated quarterly, available from Mar 1969 to Jun 2025.
• The data reached an all-time high of 130.3 % in Mar 2021 and a record low of 31.8 % in Sep 1974.

CEIC calculates quarterly Government Debt as % of Nominal GDP from monthly Government Debt and rolling sum of quarterly Nominal GDP. The Bureau of the Fiscal Service provides Government Debt in USD. The Bureau of Economic Analysis provides Nominal GDP in USD. Government Debt covers Central Government only.


Related information about United States Government Debt: % of GDP

• In the latest reports, US National Government Debt reached 38,040.1 USD bn in Oct 2025.
• The country's Nominal GDP reached 7,621.4 USD bn in Jun 2025.

Graph and download economic data for General government net lending/borrowing for Poland (GGNLBAPLA188N) from 1995 to 2024 about Poland, budget, Net, and government.

Key information about US Consolidated Fiscal Balance

• United States Consolidated Fiscal Balance recorded a deficit equal to 128.640 USD bn in Jan 2025, compared with a deficit equal to 86.732 USD bn in the previous month.
• US Consolidated Fiscal Balance data is updated monthly, available from Oct 1980 to Jan 2025, with an average ratio of -29.149 USD bn.
• The data reached an all-time high of 308.215 USD bn in Apr 2022 and a record low of -864.074 USD bn in Jun 2020.

The Bureau of the Fiscal Service provides monthly Consolidated Fiscal Balance in USD. Consolidated Fiscal Balance covers Central Government only.

Key information about Hong Kong SAR (China) Consolidated Fiscal Balance: % of GDP

• Hong Kong SAR (China) Consolidated Fiscal Balance registered a surplus equal to 1.3 % of its Nominal GDP in Sep 2025, compared with a deficit equal to 1.7 % in the previous quarter
• Hong Kong SAR (China) Consolidated Fiscal Balance to GDP data is updated quarterly, available from Mar 1997 to Sep 2025, with an average ratio of 4.1 %
• The data reached an all-time high of 8.4 % in Dec 2007 and a record low of -8.6 % in Dec 2020

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Treasury provides Consolidated Fiscal Balance in local currency. Census and Statistics Department provides Nominal GDP in local currency. Consolidated Fiscal Balance as % of Nominal GDP prior to Q2 2015 is calculated from quarterly Consolidated Fiscal Balance.


Further information about Hong Kong SAR (China) Consolidated Fiscal Balance: % of GDP

• In the latest reports, Hong Kong SAR (China) National Government Debt reached 190.1 USD bn in Mar 2024
• Hong Kong SAR (China) Nominal GDP reached 109.2 USD bn in Sep 2025

Key information about Ghana Consolidated Fiscal Balance: % of GDP

• Ghana Consolidated Fiscal Balance recorded a deficit equal to 1.5 % of its Nominal GDP in Jun 2025, compared with a deficit equal to 2.2 % in the previous quarter
• Ghana Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 2008 to Jun 2025, with an average ratio of -4.3 %
• The data reached an all-time high of -0.0 % in Sep 2011 and a record low of -10.5 % in Dec 2020

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Ministry of Finance provides Consolidated Fiscal Balance in local currency. Ghana Statistical Service provides Nominal GDP in local currency. Consolidated Fiscal Balance as % of Nominal GDP covers Central Government only

Key information about Israel Consolidated Fiscal Balance: % of GDP

• Israel Consolidated Fiscal Balance recorded a deficit equal to 4.8 % of its Nominal GDP in Sep 2025, compared with a deficit equal to 5.1 % in the previous quarter
• Israel Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 1999 to Sep 2025, with an average ratio of -3.9 %
• The data reached an all-time high of 0.9 % in Sep 2022 and a record low of -12.0 % in Mar 2021

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Ministry of Finance provides Consolidated Fiscal Balance in local currency. The Central Bureau of Statistics provides Nominal GDP in local currency.


Further information about Israel Consolidated Fiscal Balance: % of GDP

• In the latest reports, Israel National Government Debt reached 364.3 USD bn in Dec 2024
• Israel Nominal GDP reached 159.2 USD bn in Sep 2025

Key information about Brazil Consolidated Fiscal Balance: % of GDP

• Brazil Consolidated Fiscal Balance recorded a deficit equal to 6.9 % of its Nominal GDP in Sep 2025, compared with a deficit equal to 6.0 % in the previous quarter
• Brazil Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 1997 to Sep 2025, with an average ratio of -2.2 %
• The data reached an all-time high of 0.3 % in Dec 1997 and a record low of -12.7 % in Dec 2020

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and monthly Nominal GDP. The Central Bank of Brazil provides Consolidated Fiscal Balance and Nominal GDP in local currency based on SNA 2008. Consolidated Fiscal Balance covers Central Government only. Consolidated Fiscal Balance prior Q1 2006 is based on SNA 1993.


Further information about Brazil Consolidated Fiscal Balance: % of GDP

• In the latest reports, Brazil National Government Debt reached 1,830.0 USD bn in Oct 2025
• Brazil Nominal GDP reached 587.7 USD bn in Sep 2025

United States Federal Government Surplus or Deficit: Off Budget data was reported at -12.284 USD bn in Oct 2018. This records a decrease from the previous number of 18.020 USD bn for Sep 2018. United States Federal Government Surplus or Deficit: Off Budget data is updated monthly, averaging 2.780 USD bn from Oct 1984 (Median) to Oct 2018, with 409 observations. The data reached an all-time high of 63.168 USD bn in Jun 2008 and a record low of -38.457 USD bn in Aug 2012. United States Federal Government Surplus or Deficit: Off Budget data remains active status in CEIC and is reported by Bureau of the Fiscal Service. The data is categorized under Global Database’s United States – Table US.F001: Federal Government Receipts & Outlays.

State Finances: BE: Punjab: Gross Fiscal Deficit: Net Lending data was reported at 3,218.000 INR mn in 2025. This records a decrease from the previous number of 8,408.000 INR mn for 2024. State Finances: BE: Punjab: Gross Fiscal Deficit: Net Lending data is updated yearly, averaging 2,300.000 INR mn from Mar 2002 (Median) to 2025, with 23 observations. The data reached an all-time high of 21,500.000 INR mn in 2018 and a record low of -148,714.000 INR mn in 2020. State Finances: BE: Punjab: Gross Fiscal Deficit: Net Lending data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Government and Public Finance – Table IN.FE004: State Finances: Decomposition of Gross Fiscal Deficit: Budget Estimates.

Key information about Algeria Consolidated Fiscal Balance: % of GDP

• Algeria Consolidated Fiscal Balance recorded a deficit equal to 2.6 % of its Nominal GDP in Dec 2022, compared with a deficit equal to 6.4 % in the previous year
• Algeria Consolidated Fiscal Balance to GDP data is updated yearly, available from Dec 1994 to Dec 2022, with an average ratio of 7.8 %
• The data reached an all-time high of 13.1 % in Dec 2005 and a record low of -13.9 % in Dec 2015

CEIC calculates Consolidated Fiscal Balance as % of Nominal GDP from annual Consolidated Fiscal Balance and annual Nominal GDP. Consolidated Fiscal Balance is calculated as Revenues and Grants less Expenditures. The Ministry of Finance provides Consolidated Fiscal Balance in local currency. The National Office of Statistics provides Nominal GDP in local currency based on SNA 2008. Consolidated Fiscal Balance as % of Nominal GDP covers Central Administration Budget only. Seasonally adjusted Nominal GDP is used due to unavailability of unadjusted GDP in annual frequency. Nominal GDP prior to 2001 is based on SNA 1993. Consolidated Fiscal Balance prior to 1997 is sourced from the International Monetary Fund.


Further information about Algeria Consolidated Fiscal Balance: % of GDP

• In the latest reports, Algeria National Government Debt reached 127.1 USD bn in Dec 2024
• Algeria Nominal GDP reached 71.3 USD bn in Jun 2025

Key information about Panama Consolidated Fiscal Balance: % of GDP

• Panama Consolidated Fiscal Balance recorded a deficit equal to 7.4 % of its Nominal GDP in Dec 2024, compared with a deficit equal to 3.9 % in the previous year
• Panama Consolidated Fiscal Balance to GDP data is updated yearly, available from Dec 2003 to Dec 2024, with an average ratio of -2.4 %
• The data reached an all-time high of 3.2 % in Dec 2007 and a record low of -9.4 % in Dec 2020

CEIC calculates Consolidated Fiscal Balance as % of Nominal GDP from annual Consolidated Fiscal Balance and annual Nominal GDP. The Ministry of Economy and Finance provides Consolidated Fiscal Balance in local currency. The National Institute of Statistics and Census provides Nominal GDP in local currency based on benchmark year 2007. Nominal GDP prior 2018 is based on previous benchmark year. Prior to 2007, it is based on previous benchmark year 1996. Local currency is pegged to the US dollar on a one-on-one parity. Local currency is pegged to the US dollar on a one-on-one parity.


Further information about Panama Consolidated Fiscal Balance: % of GDP

• In the latest reports, Panama National Government Debt reached 53.7 USD bn in Jan 2025
• Panama Nominal GDP reached 18.1 USD bn in Sep 2022

Key information about Vietnam Consolidated Fiscal Balance: % of GDP

• Vietnam Consolidated Fiscal Balance recorded a deficit equal to 5.1 % of its Nominal GDP in Dec 2022, compared with a deficit equal to 5.4 % in the previous year
• Vietnam Consolidated Fiscal Balance to GDP data is updated yearly, available from Dec 2010 to Dec 2022, with an average ratio of -4.7 %
• The data reached an all-time high of -3.2 % in Dec 2011 and a record low of -5.5 % in Dec 2020

CEIC calculates annual Consolidated Fiscal Balance as % of Nominal GDP from annual Consolidated Fiscal Balance and annual Nominal GDP. The Ministry of Finance provides Consolidated Fiscal Balance in local currency. General Statistics Office provides Nominal GDP in local currency.


Further information about Vietnam Consolidated Fiscal Balance: % of GDP

• In the latest reports, Vietnam National Government Debt reached 137.2 USD bn in Dec 2022
• Vietnam Nominal GDP reached 362.6 USD bn in Dec 2021

Key information about Peru Consolidated Fiscal Balance: % of GDP

• Peru Consolidated Fiscal Balance recorded a deficit equal to 2.5 % of its Nominal GDP in Sep 2025, compared with a deficit equal to 2.9 % in the previous quarter
• Peru Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 1990 to Sep 2025, with an average ratio of 2.8 %
• The data reached an all-time high of 3.2 % in Sep 2007 and a record low of -8.2 % in Mar 2021

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from quarterly Consolidated Fiscal Balance and quarterly Nominal GDP. The Central Reserve Bank of Peru provides Consolidated Fiscal Balance in local currency and Nominal GDP in local currency. Consolidated Fiscal Balance includes Central Government Operations (Budgetary and Extra-budgetary), Social Security, Decentralized Institutions and Local Government.


Further information about Peru Consolidated Fiscal Balance: % of GDP

• In the latest reports, Peru National Government Debt reached 105.1 USD bn in Sep 2025
• Peru Nominal GDP reached 86.6 USD bn in Sep 2025

Key information about Georgia Consolidated Fiscal Balance: % of GDP

• Georgia Consolidated Fiscal Balance recorded a deficit equal to 1.9 % of its Nominal GDP in Jun 2025, compared with a deficit equal to 2.6 % in the previous quarter
• Georgia Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 2006 to Jun 2025, with an average ratio of -1.3 %
• The data reached an all-time high of 3.6 % in Sep 2007 and a record low of -9.7 % in Mar 2021

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Ministry of Finance of Georgia provides Consolidated Fiscal Balance in local currency. The National Statistics Office of Georgia provides Nominal GDP in local currency based on SNA 2008. Nominal GDP prior to Q4 2010 is based on SNA 1993.


Further information about Georgia Consolidated Fiscal Balance: % of GDP

• In the latest reports, Georgia National Government Debt reached 13.0 USD bn in Sep 2025
• Georgia Nominal GDP reached 9.3 USD bn in Jun 2025