⟡World Through Time

Budget balance: deficit or surplus

Government revenue minus spending, as a share of GDP. Negative: a deficit, which the state covers by borrowing. Positive: a surplus.

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World map: Budget balance: deficit or surplus, 2024World map: Budget balance: deficit or surplus, 2024
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Map 2024. Source: FMI, Public Finances in Modern History (Mauro et al.) ; World Economic Outlook.

In 2024, 165 countries have a value. Highest: Kuwait (+23.8 %), Norway (+13.2 %), South Sudan (+11.9 %). Lowest: Timor-Leste (−46.8 %), Libya (−25.9 %), Ukraine (−17.2 %). World (GDP-weighted average): −5.1 %. France: −5.8 % (135th of 165).

Country ranking in 2024

RankCountryValue
1Kuwait+23.8 %
2Norway+13.2 %
3South Sudan+11.9 %
4Lesotho+9 %
5Haiti+7 %
6United Arab Emirates+6.4 %
7Denmark+4.5 %
8Cyprus+4.3 %
9Ireland+4.1 %
10Azerbaijan+4.1 %
11Singapore+3.8 %
12Congo - Brazzaville+3.6 %
13Oman+3.3 %
14Nicaragua+2.5 %
15Laos+2.5 %
16Kyrgyzstan+1.9 %
17Mongolia+1.4 %
18Greece+1.3 %
19Belarus+1 %
20Luxembourg+1 %
21Qatar+0.7 %
22Portugal its history →+0.7 %
23Switzerland its history →+0.6 %
24Argentina its history →+0.5 %
25Taiwan+0.4 %
26Tajikistan+0.3 %
27Jamaica+0.2 %
28Somalia+0.2 %
29Turkmenistan−0.1 %
30Lebanon−0.2 %
31Bhutan−0.2 %
32Puerto Rico−0.5 %
33Zimbabwe−0.5 %
34Afghanistan−0.5 %
35Equatorial Guinea−0.6 %
36Albania−0.7 %
37South Korea−0.8 %
38Slovenia−0.9 %
39Netherlands its history →−0.9 %
40Angola−1 %
41Guatemala−1 %
42Honduras−1.1 %
43Bahamas−1.2 %
44Belize−1.2 %
45Ecuador−1.3 %
46Lithuania−1.3 %
47Thailand−1.3 %
48Eswatini−1.3 %
49Mauritania−1.4 %
50Cameroon−1.5 %
51Japan−1.5 %
52Congo - Kinshasa−1.5 %
53Estonia−1.5 %
54Vietnam−1.5 %
55Nigeria−1.6 %
56Russia−1.6 %
57Sweden its history →−1.7 %
58Serbia−1.7 %
59Latvia−1.8 %
60Bosnia & Herzegovina−1.9 %
61Croatia−2 %
62Ethiopia−2 %
63Czechia−2 %
64Canada−2 %
65Paraguay−2.1 %
66Chad−2.1 %
67Mali−2.2 %
68Australia its history →−2.2 %
69Vanuatu−2.3 %
70Georgia−2.3 %
71Indonesia−2.3 %
72Uzbekistan−2.4 %
73Nepal−2.4 %
74Suriname−2.4 %
75Saudi Arabia−2.5 %
76Liberia−2.5 %
77Madagascar−2.5 %
78Yemen−2.5 %
79Djibouti−2.6 %
80Cambodia−2.7 %
81Germany its history →−2.7 %
82Chile−2.8 %
83Tanzania−3 %
84Bulgaria−3 %
85Benin−3.1 %
86Dominican Republic−3.1 %
87Spain its history →−3.1 %
88Solomon Islands−3.1 %
89Papua New Guinea−3.2 %
90Uruguay−3.2 %
91Montenegro−3.3 %
92Italy−3.4 %
93Malta−3.4 %
94Kazakhstan−3.4 %
95Sudan−3.5 %
96Peru−3.5 %
97Iraq−3.5 %
98Zambia−3.5 %
99Fiji−3.5 %
100Iceland−3.5 %
101New Zealand−3.6 %
102Namibia−3.6 %
103Venezuela−3.6 %
104Bangladesh−3.7 %
105Armenia−3.7 %
106Gabon−3.8 %
107Iran−3.8 %
108Costa Rica−3.8 %
109Philippines−3.8 %
110Malaysia−3.9 %
111Moldova−3.9 %
112Gambia−3.9 %
113Morocco−3.9 %
114Uganda−4 %
115Côte d’Ivoire−4 %
116Niger−4.3 %
117North Macedonia−4.4 %
118Finland−4.4 %
119El Salvador−4.5 %
120Belgium−4.5 %
121Austria−4.6 %
122Türkiye−4.6 %
123Burundi−4.8 %
124Hungary its history →−4.9 %
125Guinea−5 %
126Central African Republic−5.1 %
127Myanmar (Burma)−5.1 %
128Sierra Leone−5.2 %
129Slovakia−5.3 %
130Trinidad & Tobago−5.3 %
131Sri Lanka−5.6 %
132Mexico−5.7 %
133United Kingdom−5.7 %
134South Africa−5.8 %
135France its history →−5.8 %
136Kenya−5.8 %
137Burkina Faso−5.8 %
138Tunisia−5.9 %
139Mozambique−6.2 %
140Brazil−6.2 %
141Colombia−6.2 %
142Poland−6.6 %
143Rwanda−6.6 %
144Pakistan−6.8 %
145Egypt−7.1 %
146Botswana−7.2 %
147Guyana−7.3 %
148Ghana−7.3 %
149Jordan−7.3 %
150Guinea-Bissau−7.3 %
151China−7.3 %
152Togo−7.4 %
153Panama−7.4 %
154India its history →−7.9 %
155United States−8 %
156Israel−8.3 %
157Romania−8.7 %
158Bolivia−10.6 %
159Malawi−11 %
160Brunei−12.9 %
161Senegal−13.4 %
162Algeria−13.8 %
163Ukraine its history →−17.2 %
164Libya−25.9 %
165Timor-Leste−46.8 %

13 countries or territories have no value that year.

Continent averages

World (GDP-weighted average)−5.1 %
Europe (average)−3.2 %
Africa (average)−5.4 %
Americas (average)−6.7 %
Asia (average)−5.3 %
Oceania (average)−2.4 %

Understanding this map

Deficit and debt

Each year's deficit adds to debt. A debt stable as a % of GDP does not require a balanced budget: with a growing economy, a small deficit is enough to stabilise it. The European 3% deficit rule dates from 1992 (Maastricht Treaty); at the time it roughly matched the deficit that stabilised a debt of 60% of GDP with 5% nominal GDP growth. The primary balance, excluding interest, shows the year's own effort: Greece has run a primary surplus since the late 2010s to cut its debt.

The great waves

Wars bring the biggest deficits (about −14% of GDP on the world average in 1945). In peacetime it is crises: 2009 (−6%), then Covid in 2020 (−9%, −14% in the United States). France has not had a surplus since the mid-1970s: −5.8% in 2024. Germany was in surplus from 2014 to 2019. Oil states such as Norway or Kuwait run large surpluses when oil is expensive, and invest them in sovereign funds.

Limits

Source: IMF, Public Finances in Modern History (revenue and spending, 1800-2024); for countries missing from that database, the World Economic Outlook balance since 1980. The database uses general government (state, local authorities, social security) where available, otherwise central government: for several rich countries the series switches from one to the other between 1960 and 1993 (France in 1978), hence a jump; the curve is cut at that date and the tooltip flags it. Before 1950 few countries are covered. World and continents: GDP-weighted average, shown when available countries make up at least 60% of the zone's GDP.

Sources : FMI, Public Finances in Modern History (Mauro et al.) ; World Economic Outlook

In the same theme : Public finances

TaxesTotal revenueTop tax rateTotalMilitaryEducationHealthSocial protectionResearchDeficit / surplusRate − growth (r − g)% of GDPper personin years of taxesheld abroadinterestinterest / taxesborrowing rate

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Page updated on 2026-11-03.