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GOVERNMENT

FINANCE

STATISTICS

YEARBOOK

©International Monetary Fund. Not for Redistribution

GOVERNMENT FINANCE STATISTICS YEARBOOK Vol. XXXVI, 2012 Prepared by the IMF Statistics Department Adelheid Burgi-Schmelz, Director

For information related to this publication, please: fax the Statistics Department at (202) 623-6460, or write Statistics Department International Monetary Fund Washington, D.C. 20431 or e-mail your query to [email protected] For copyright inquiries, please fax the Editorial Division at (202) 623-6579. For purchases only, please contact Publication Services (see information below).

Copyright © 2013, International Monetary Fund

Address orders to: International Monetary Fund Attention: Publication Services P.O. Box 92780 Washington, D.C. 20090 U.S.A. Telephone: (202) 623-7430 Telefax: (202) 623-7201 E-mail: [email protected] Internet: http://www.imf.org ISSN 0250-7374 ISBN 978-1-61635-405-3


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Yearbook 2012

INTERNATIONAL MONETARY FUND

GovernmentFinance Statistics


SELECTION OF STATISTICAL PUBLICATIONS International Financial Statistics (IFS) Acknowledged as a standard source of statistics on all aspects of international and domestic finance, IFS publishes, for most countries of the world, current data on exchange rates, international liquidity, international banking, money and banking, interest rates, prices, production, international transactions (including balance of payments and international investment position), government finance, and national accounts. Information is presented in tables for specific countries and in tables for area and world aggregates. IFS is published monthly and annually. Price: Subscription price is US$847 a year (US$550 to university faculty and students) for twelve monthly issues and the yearbook. Single copy price is US$109 for a monthly issue and US$172 for a yearbook issue.

Balance of Payments Statistics Yearbook (BOPSY) Issued in two parts, this annual publication contains balance of payments and international investment position data. Part 1 provides detailed tables on balance of payments statistics for approximately 184 countries and international investment position data for 134 countries. Part 2 presents tables of regional and world totals of major balance of payments components, net International Investment Position (IIP), plus Total Assets and Total Liabilities for the IIP. Price: US$153. Direction of Trade Statistics (DOTS) Quarterly issues of this publication provide, for 160 countries, tables with current data (or estimates) on the value of imports from and exports to their most important trading partners. In addition, similar summary tables for the world, industrial countries, and developing countries are included. The yearbook provides, for the most recent seven years, detailed trade data by country for approximately 184 countries, the world, and major areas. Price: Subscription price is US$247 a year (US$212 to university faculty and students) for the quarterly issues and the yearbook. Price for a quarterly issue only is US$41 and the yearbook only is US$110.

Government Finance Statistics Yearbook (GFSY) This annual publication provides detailed data on transactions in revenue, expense, net acquisition of assets and liabilities, other economic flows, and balances of assets and liabilities of general government and its subsectors. The data are compiled according to the framework of the 2001 Government Finance Statistics Manual, which provides for several summary measures of government fiscal performance. Price: US$102.

CD-ROM Subscriptions International Financial Statistics (IFS), Balance of Payments Statistics (BOPS), Direction of Trade Statistics (DOTS), and Government Finance Statistics (GFS) are available on CD-ROM by annual subscription. The CD-ROMs incorporate a Windows-based browser facility, as well as a flat file of the database in scientific notation. Price of each subscription: US$725 a year for single-user PC license (US$125 for university faculty and students). Network and redistribution licenses are negotiated on a case-by-case basis. Please visit www.imfbookstore.org/onlineServicePricing.asp for information.

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Combined Subscription Package The combined subscription package includes all issues of IFS, DOTS, GFS, and BOPSY. Combined subscription price: US$1,349 a year (US$1,017 for university faculty and students). Expedited delivery available at additional cost; please inquire.

Combined Statistical Yearbook Subscription This subscription comprises BOPSY, IFSY, GFSY, and DOTSY at a combined rate of US$537. Because of different publication dates of the three yearbooks, it may take up to one year to service an order. Expedited delivery available at additional cost; please inquire.

IFS, BOPS, DOTS, GFS on the Internet The Statistics Department of the Fund is pleased to make available to subscribers the International Financial Statistics (IFS), Balance of Payments Statistics (BOPS), Direction of Trade Statistics (DOTS), and Government Finance Statistics (GFS) databases through the new, easy-to-use IMF eLibrary Data online service. New features include Data Reports, which provides quick access to predefined tables and charts aimed at satisfying many common data searches. From your data report, you can download to Excel, PDF, and Word. IMF eLibrary Data lets you create a basic custom-built data query in well under a minute, using the Query Builder tool and it offers greater flexibility to create larger and more complex queries. Once you have defined your query, you can structure the table the way you want it, and then convert your data into a chart or download it. A number of personalization options are available in the “My Data” section such as accessing your favorites and saved queries. Free registration for My Data can be obtained by clicking on the Sign In or Register link on the IMF eLibrary Data home page. Single user license price for each of the IFS, BOP, DOTS, GFS Online Service is $725, and $125 for academic users. Dependent on certain criteria, a range of scaled discounts is available. For full details of qualification for these discounts and online payment, please visit http://www.imfbookstore.org/statistical.asp or e-mail us directly at [email protected].

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CONTENTS

“Country” in this publication does not always refer to a territorial entity that is a state as understood by international law and practice; the term also covers the euro area and some nonsovereign territorial entities, for which statistical data are provided internationally on a separate basis. 2012, International Monetary Fund : v

PREFACE ..................................................... vii GUIDE TO COUNTRTY TABLES ..................... viii World Tables Table W1. Main Balances, by Levels of Government ...................................................... 2 Table W2. Other Balances, by Levels of Government .................................................... 11 Table W3. Major Categories, by Levels of Government .................................................... 20 Table W4. Revenue Categories, by Levels of Government .................................................... 28 Table W5. Expense Categories, by Levels of Government .................................................... 36 Table W6. Outlays by Function, by Levels of Government .................................................... 44 Country Tables Afghanistan, Islamic Republic of .................... 54 Albania ............................................................. 57 Algeria .............................................................. 60 Angola .............................................................. 63 Anguilla ............................................................ 66 Antigua and Barbuda ...................................... 68 Armenia, Republic of ...................................... 70 Australia ........................................................... 73 Austria .............................................................. 77 Azerbaijan, Republic of ................................... 81 Bahamas, The .................................................. 84 Bahrain, Kingdom of ....................................... 86 Bangladesh ....................................................... 90 Barbados .......................................................... 93 Belarus ............................................................. 96 Belgium .......................................................... 100 Belize ............................................................. 105 Benin .............................................................. 107 Bhutan ........................................................... 110 Bosnia and Herzegovina ............................... 114 Botswana ....................................................... 116 Brazil .............................................................. 118 Bulgaria .......................................................... 122 Burkina Faso .................................................. 126 Cambodia ...................................................... 128 Canada ........................................................... 130 Cape Verde .................................................... 133 Central African Republic ............................... 136 Chile .............................................................. 139 China, P.R.: Mainland ................................... 142 China, P.R.: Hong Kong ................................ 144 China, P.R.: Macao ....................................... 151 Colombia ....................................................... 154 Congo, Democratic Republic of ................... 160 Costa Rica ...................................................... 162 Côte d'Ivoire .................................................. 166 Croatia ........................................................... 169 Cyprus ........................................................... 172 Czech Republic ............................................. 176 Denmark ........................................................ 180 Dominica ....................................................... 185 Dominican Republic ..................................... 187 Egypt .............................................................. 189 El Salvador ..................................................... 192 Equatorial Guinea .......................................... 199 Estonia ........................................................... 202 Ethiopia .......................................................... 206 Finland ........................................................... 208 France ............................................................. 213 Georgia .......................................................... 217 Germany ........................................................ 221 Ghana ............................................................ 224 Greece ............................................................ 226 Grenada ......................................................... 230 Guatemala ..................................................... 232 Honduras ....................................................... 236 Hungary ......................................................... 239 Iceland ........................................................... 244

India ............................................................... 247 Indonesia ....................................................... 251 Iran, Islamic Republic of ............................... 255 Ireland ............................................................ 258 Israel .............................................................. 262 Italy ................................................................ 265 Jamaica ........................................................... 269 Japan .............................................................. 272 Jordan ............................................................ 276 Kazakhstan .................................................... 280 Kenya ............................................................. 284 Kiribati ........................................................... 287 Korea, Republic of ......................................... 290 Kuwait ........................................................... 293 Kyrgyz Republic ............................................ 296 Lao People's Democratic Republic ............... 299 Latvia ............................................................. 301 Lebanon ......................................................... 305 Lesotho .......................................................... 308 Liberia ............................................................ 311 Lithuania ........................................................ 314 Luxembourg .................................................. 319 Macedonia, FYR ............................................ 324 Madagascar ................................................... 326 Malaysia ........................................................ 329 Maldives ........................................................ 333 Mali ................................................................ 337 Malta .............................................................. 339 Mauritius ....................................................... 344 Moldova ........................................................ 348 Mongolia ....................................................... 352 Morocco ........................................................ 355 Mozambique ................................................. 358 Nepal ............................................................. 360 Netherlands ................................................... 364 New Zealand ................................................. 368 Nicaragua ....................................................... 371 Nigeria ........................................................... 373 Norway .......................................................... 377 Oman ............................................................. 382 Pakistan .......................................................... 385 Paraguay ........................................................ 388 Peru ................................................................ 390 Philippines ..................................................... 394 Poland ............................................................ 397 Portugal .......................................................... 401 Qatar .............................................................. 405 Romania ........................................................ 408 Russian Federation ........................................ 411 Rwanda .......................................................... 417 St. Kitts and Nevis ......................................... 420 St. Lucia ......................................................... 422 St. Vincent and the Grenadines .................... 424 San Marino .................................................... 426 São Tomé and Príncipe ................................. 428 Senegal ........................................................... 430 Serbia, Republic of ........................................ 432 Seychelles ...................................................... 436 Sierra Leone ................................................... 440 Singapore ....................................................... 442 Slovak Republic ............................................. 446 Slovenia ......................................................... 452 South Africa ................................................... 456 Spain .............................................................. 459 Sri Lanka ........................................................ 463 Suriname ........................................................ 466 Sweden .......................................................... 468 Switzerland .................................................... 472 Syrian Arab Republic .................................... 475 Tanzania ........................................................ 478 Thailand ......................................................... 480 Togo .............................................................. 484 Trinidad and Tobago .................................... 486 Tunisia ........................................................... 489 Turkey ........................................................... 493

Uganda .......................................................... 498 Ukraine .......................................................... 502 United Arab Emirates .................................... 506 United Kingdom ........................................... 509 United States ................................................. 513 Uruguay ......................................................... 516 Vanuatu ......................................................... 520 West Bank and Gaza ..................................... 522 Yemen, Republic of ....................................... 525 Zambia .......................................................... 528 Institutional Tables Afghanistan, Islamic Republic of .................. 533 Albania .......................................................... 533 Algeria ............................................................ 533 Angola ........................................................... 534 Anguilla ......................................................... 534 Antigua and Barbuda .................................... 534 Armenia, Republic of .................................... 535 Australia ........................................................ 535 Austria ........................................................... 536 Azerbaijan, Republic of ................................. 536 Bahamas, The ................................................ 537 Bahrain, Kingdom of ..................................... 537 Bangladesh .................................................... 537 Barbados ........................................................ 538 Belarus ........................................................... 538 Belgium ......................................................... 538 Belize ............................................................. 539 Benin .............................................................. 539 Bhutan ........................................................... 540 Bosnia and Herzegovina ............................... 540 Botswana ....................................................... 541 Brazil .............................................................. 541 Bulgaria .......................................................... 542 Burkina Faso .................................................. 542 Cambodia ...................................................... 543 Canada .......................................................... 543 Cape Verde .................................................... 544 Central African Republic .............................. 544 Chile .............................................................. 545 China, P.R.: Mainland ................................... 545 China, P.R.: Hong Kong ............................... 546 China, P.R.: Macao ....................................... 546 Colombia ....................................................... 546 Congo, Democratic Republic of ................... 547 Costa Rica ..................................................... 547 Côte d'Ivoire ................................................. 548 Croatia ........................................................... 548 Cyprus ........................................................... 549 Czech Republic ............................................. 550 Denmark ........................................................ 550 Dominica ....................................................... 550 Dominican Republic ..................................... 551 Egypt .............................................................. 551 El Salvador ..................................................... 552 Equatorial Guinea ......................................... 553 Estonia ........................................................... 553 Ethiopia ......................................................... 554 Finland ........................................................... 554 France ............................................................ 555 Georgia .......................................................... 555 Germany ........................................................ 556 Ghana ............................................................ 556 Greece ............................................................ 557 Grenada ......................................................... 557 Guatemala ..................................................... 557 Honduras ....................................................... 558 Hungary ........................................................ 558 Iceland ........................................................... 559 India ............................................................... 560 Indonesia ....................................................... 560 Iran, Islamic Republic of ............................... 561 Ireland ............................................................ 561

Government Finance Statistics Yearbook©International Monetary Fund. Not for Redistribution

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“Country” in this publication does not always refer to a territorial entity that is a state as understood by international law and practice; the term also covers the euro area and some nonsovereign territorial entities, for which statistical data are provided internationally on a separate basis. vi 2012, International Monetary Fund : Government Finance Statistics Yearbook

Israel .............................................................. 562 Italy ................................................................ 562 Jamaica .......................................................... 563 Japan .............................................................. 563 Jordan ............................................................ 563 Kazakhstan .................................................... 564 Kenya ............................................................ 564 Kiribati ........................................................... 565 Korea, Republic of ........................................ 565 Kuwait ........................................................... 566 Kyrgyz Republic ........................................... 566 Lao People's Democratic Republic ............... 567 Latvia ............................................................. 567 Lebanon ......................................................... 568 Lesotho .......................................................... 568 Liberia ............................................................ 569 Lithuania ........................................................ 569 Luxembourg .................................................. 570 Macedonia, FYR ............................................ 570 Madagascar ................................................... 571 Malaysia ........................................................ 571 Maldives ........................................................ 571 Mali ............................................................... 572 Malta ............................................................. 572 Mauritius ....................................................... 573 Moldova ........................................................ 573 Mongolia ....................................................... 574

Morocco ......................................................... 574 Mozambique .................................................. 575 Nepal .............................................................. 575 Netherlands .................................................... 576 New Zealand ................................................. 576 Nicaragua ....................................................... 578 Nigeria ............................................................ 578 Norway .......................................................... 578 Oman ............................................................. 579 Pakistan .......................................................... 579 Paraguay ......................................................... 580 Peru ................................................................ 580 Philippines ...................................................... 581 Poland ............................................................ 581 Portugal .......................................................... 583 Qatar .............................................................. 584 Romania ......................................................... 584 Russian Federation ......................................... 585 Rwanda .......................................................... 586 St. Kitts and Nevis ......................................... 586 St. Lucia .......................................................... 586 St. Vincent and the Grenadines ..................... 587 San Marino ..................................................... 587 São Tomé and Príncipe .................................. 587 Senegal ........................................................... 588 Serbia, Republic of ......................................... 588 Seychelles ....................................................... 589

Sierra Leone ................................................... 589 Singapore ....................................................... 590 Slovak Republic ............................................. 590 Slovenia .......................................................... 591 South Africa ................................................... 591 Spain .............................................................. 592 Sri Lanka ......................................................... 593 Suriname ........................................................ 593 Sweden ........................................................... 593 Switzerland .................................................... 594 Syrian Arab Republic ..................................... 594 Tanzania ......................................................... 595 Thailand ......................................................... 595 Togo ............................................................... 596 Trinidad and Tobago ..................................... 596 Tunisia ........................................................... 597 Turkey ............................................................ 597 Uganda ........................................................... 598 Ukraine ........................................................... 598 United Arab Emirates .................................... 599 United Kingdom ............................................ 600 United States .................................................. 601 Uruguay ......................................................... 601 Vanuatu .......................................................... 602 West Bank and Gaza ..................................... 602 Yemen, Republic of ....................................... 602 Zambia ........................................................... 603


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2012, International Monetary Fund : Government Finance Statistics Yearbook vii

The 2011 Government Finance Statistics Yearbook (GFS Year-book) contains detailed data on revenue, expense, transactionsin assets and liabilities, and stocks of assets and liabilities ofgeneral government and its subsectors. Data are presented inworld and country tables for all reporting countries in theframework of the Government Finance Statistics Manual, 2001(GFSM 2001).1 Corresponding metadata are provided in coun-try specific institutional tables.

The GFS Yearbook is supplemented by the presentation ofsubannual GFS according to the GFSM 2001 framework in In-ternational Financial Statistics (IFS). The IFS presents the State-ment of Government Operations and Balance Sheet informa-tion, where available, and/or a Statement of Sources and Usesof Cash. These subannual data, published with quarterly ormonthly periodicity, provide timely indicators of the fiscalstance of the sector(s) reported. The presentation of these datarepresents a significant step forward in the worldwide effort toimprove the comprehensiveness and transparency of the gov-ernment finance statistics (GFS).

The GFSM 2001 analytic framework, though con-ceived from an accrual perspective, can be used to pre-sent data generated by a variety of accounting practices.Data are summarized in the Statement of Government Opera-tions for countries reporting noncash data (e.g., accrual data) ora mixture of cash and noncash data, for some or all subsectorsof general government. Additionally, the Statement of Sourcesand Uses of Cash is presented for countries reporting cash datafor some or all subsectors of general government, as relevant.

The GFS Yearbook also presents balance sheet informationthat integrates transactions with other economic flows andgenerates stock positions for government assets and liabilities,appropriate for fiscal policy analysis (see Box 1). Annex I to thispreface further illustrates the salient features of the GFSM2001. In addition, the concepts and principles set out in theGFSM 2001 are harmonized with the other macroeconomicstatistical standards2 to facilitate consistency of statistical analy-sis, including the Balance Sheet Approach.

The remainder of this preface elaborates on the compositionof the world, country, and institutional tables, the symbols andconventions, and the enhanced GFS Database and Browser onCD-ROM (1990–present in GFSM 2001 format).

World, Country, and Institutional Tables

World tables

The GFS Yearbook world tables provide cross-countrycomparisons of data for general, central, and budgetarycentral government showing the main GFSM 2001

aggregates as a percentage of gross domestic product (GDP).The world tables are supported by a set of detailed countrytables that incorporate an integrated classification codingsystem of stocks and flows.3

Country tables

To facilitate international comparisons, the GFSM 2001emphasizes the presentation of fiscal data for the general gov-ernment sector, which should be uniformly defined acrosscountries consistent with the System of National Accounts 1993definition of the general government sector.

The central and general government sectors are shown foreach country in the hard copy edition of the GFS Yearbook. Inaddition, two other subsectors are shown on the basis of theinstitutional structure of the particular country, that is, basedon the subsectors that exist. Data reported for the latest threeyears are presented in the hard copy of the GFS Yearbook.Data for all reported subsectors, as relevant, are shown on theGFS Database and Browser on CD-ROM (1990–present inGFSM 2001 format).4

If no data are available for the published subsectors for aspecific detailed classification table or summary statement,only the statement or table headings are presented in the hardcopy of the GFS Yearbook.

Table A of the Guide to Country Tables indicates the sec-tors and years for which data are available—hard copy andCD-ROM—for each country. Table B of the Guide to Coun-try Tables indicates the current accounting basis for compilingthe data in the individual country tables for each reportedsubsector of general government. The basis of recording ofthe data in the individual country tables is identified as cashor noncash, where the latter encompasses any recording basisother than cash (including accrual).

For countries that report noncash data for all or some sub-sectors of general government, all statements and detailed tables are presented, where available.5 For countries report-ing data on a cash basis, data are presented only in the State-ment of Sources and Uses of Cash—in summary form—andin the corresponding detailed tables (Tables 1-3 and 6-8), asrelevant. It should be noted that, owing to the non-availabilityof data on the consumption of fixed capital, the net operatingbalance (change in net worth due to transactions includingconsumption of fixed capital) and the change in net worth fromtransactions is not published is not published for some countriesthat report data on a noncash basis.

PREFACE

3 The detailed classification tables are presented in Appendix 4 of the Gov-ernment Finance Statistics Manual 2001.

4 In the GFS database, all historic data from 1990 onward were reclassifiedfrom the GFSM 1986 framework to the GFSM 2001 framework.

5EU country tables reported through Eurostat do not include a Statementof Sources and Uses of Cash because the European System of Accounts 1995source data do not provide this information.

1The text of the GFSM 2001 is on the IMF website: http://www.imf.org/external/np/sta/index.htm.

2System of National Accounts 1993; Balance of Payments Manual, fifth edition,1993; and Monetary and Financial Statistics Manual 2000.


http://www.imf.org/external/np/sta/index.htmhttp://www.imf.org/external/np/sta/index.htm

viii 2012, International Monetary Fund : Government Finance Statistics Yearbook

Box 1. The GFSM 2001 Statements and Core Balances

The Statement of Government Operations (GFS Yearbook) records transactions on a noncash (accrual) basis. The statement distinguishes between the following transactions:

Revenue Transactions that increase net worth.

Expense Transactions that reduce net worth.

Net acquisitions of Transactions that affect the stock of nonfinancial assets, without changing nonfinancial assets net worth (acquisitions minus disposals).

Financing Transactions that affect the stock of financial assets and liabilities, without changing net worth (net acquisition of financial assets minus net incurrence of liabilities).

The analysis of government operations is supported by two key fiscal indicators:

Operating balance Summary measure of the effects of revenue and expense transactions on net worth. Net operating balance (NOB) equals revenue minus expense. The Gross operating balance (GOB) equals revenue minus expense other than consumption of fixed capital. 1/

Net lending/borrowing Financial resources that government absorbs from, or releases to, other sectors of the economy. It is calculated as the NOB minus the net acquisition of nonfinancial assets. Net lending/borrowingis also equal to the net acquisition of financial assets minus net incurrence of liabilities.

The Integrated Balance sheet (GFS CD-ROM), focuses on an assessment of the sustainability of government operations from a fiscal perspective. It shows the government’s net worth at the beginning and end of each fiscal year, as well as the related transactions and other economic flows. The sustainability of fiscal policy depends in part on how the government’s net worth changes over time. Changes in net worth can be explained not only by government transactions but also by other economic flows attributable to gains or losses resulting from changes in the prices of assets and liabilities, as well as other changes in their volume. Key balance sheet measures publishedin the GFS Yearbook, in addition to the stocks of assets and liabilities, comprise:

Net worth The total stock of assets minus liabilities. The net worth in period (t) can also be calculated as the net worth of the previous period (t-1), plus changes in net worth in period (t) due to transactions (the NOB), plus changes in net worth in period (t) due to other economic flows.

Net financial worth The stock of financial assets minus liabilities.

Debt At market, face, nominal, and Maastricht value(s), as relevant.

The Statement of Sources and Uses of Cash (GFS Yearbook) shows cash flows associated with revenue and expense transactions and transactions in nonfinancial assets, which yields the cash surplus/deficit. The assess-ment of the government’s level of cash holdings (liquidity) and its determinants is a key element in analyzing interrelationships with monetary policy.

Cash surplus/deficit Net cash inflow from operating activities minus the net cash outflow from investments in nonfinancial assets.

1/ The NOB/GOB excludes the net acquisition of nonfinancial assets. The latter does not affect net worth because it represents only an accumulation of assets in exchange for an accumulation of liabilities or use of existing assets.


Users should exercise caution when making coun-try comparisons using the Classification of the Func-tions of Government (Table 7), insofar as the defini-tion of outlays may be different between countries orover time. The GFSM 2001 framework defines outlays byfunction of government (COFOG) as the sum of expense andthe net acquisition of nonfiancial assets. This is a change fromthe definition of outlays under the GFSM 1986, which de-fined outlays as the sum of expense and gross acquisition ofnonfinancial assets. Outlays in Table 7 may be defined in ei-ther way, depending on the reporting country.

Institutional tables

For each country, a standardized institutional table de-scribes the structure of the general government sector andprovides data coverage details and information on accountingpractices. In addition, where countries have introducedGFSM 2001 implementation plans, the institutional table de-scribes them, if reported. Breaks in the comparability of timeseries from 1990 onward are also explained.

Symbols, Conventions, and Statistical Adjustment

The following symbols and conventions are used through-out the GFS Yearbook:

Captions or subheaders identify the units in which dataare expressed.

Billion means one thousand million.

A dash (—) indicates that a figure is zero or less than halfof a significant digit.

An ellipsis (....) indicates the absence of data.

The letter f denotes forecasted or projected data.

The letter p denotes data that are preliminary or provisional.

The symbol † (data cell in blue font on the CD-ROM)marks a break in the comparability of data; that is, data ap-pearing after the symbol do not form a consistent time serieswith those for earlier years. Typically, break symbols will ap-pear in the summary statements or detailed tables when, forexample, changes have occurred in the coverage and classifi-cation of data or when the basis of recording has changedfrom cash to noncash. Break symbols in the time series ofindividual countries are explained in the coverage noteincluded in the institutional table for that country.

For data relating to a fiscal year that does not correspond tothe calendar year, the country and world tables present the datawith reference to the calendar year for which the greatest num-ber of monthly observations exist. Unless otherwise indicated,for fiscal years ending June 30 or later, the tables present thedata in the calendar year when the fiscal year ends. For exam-ple, the fiscal year July 1, 2008–June 30, 2009 is shown as cal-endar year 2009 in the country tables. Conversely, for fiscalyears ending June 29 or earlier, the tables present the data in thecalendar year when the fiscal year begins. Changes in fiscal

years are indicated by the break symbol † (data cell in blue fonton the CD-ROM). Minor differences between published totalsand the sum of components are attributable to rounding.

The GFS Database and Browser on CD-ROM (1990–presentin GFSM 2001 format) contains statistical adjustment lines formost aggregates. However, only three statistical adjustmentlines are in the data presented in the GFS Yearbook: 1) theStatement of Government Operations includes a statistical dis-crepancy between net lending/borrowing and financing; 2) theStatement of Sources and Uses of Cash includes a line for thestatistical discrepancy between the cash surplus/deficit and fi-nancing; and, 3) the Classification of the Functions of Gov-ernment (Table 7) includes a line for the statistical discrepancybetween the reported components and total outlays.

CD-ROM

The Government Finance Statistics Database and Browseron CD-ROM (1990–present in GFSM 2001 format), whichcontains annual time series for all reported subsectors of gen-eral government, is issued quarterly and is updated as newdata are received. Most of the data prior to 2000 reflect reclas-sified data previously reported by member countries using theGFSM 1986 format. Users should exercise caution when com-paring data over time because shortcomings have been identi-fied in the data for the years prior to 2000 that have been re-classified according to the GFSM 2001 framework.

The browser enables users to view and extract data for an-alytical purposes. The browser software is an easy-to-useWindows interface for accessing the database, selecting spe-cific data series, displaying the selected series in a spreadsheetformat, and saving the selected series for transfer to othersoftware systems, such as Microsoft Excel.

Five complementary views are provided for browsing thedatabase contained within the CD-ROM:

• a “table view” corresponding to the tables contained within the GFS Yearbook;

• an “economic concept view” providing access to similar concepts across countries;

• a view/search facility based on the structure of thetime series codes.

• a matrix view for enhanced data analysis; and

• an integrated balance sheet view.

An extensive help facility is incorporated into the browser, including a list of frequently-asked-ques-tions (FAQs).

For users seeking access to historical data, the HistoricalGovernment Finance Statistics Database and Browser on CD-ROM contains time series for 149 countries from 1972 to 1989, presented in the framework of the GFSM 1986. Usersinterested in converting the historical series may refer to thedocument “Classification of GFSM 1986 Data to the GFSM2001 Framework,” available on the IMF’s website:(http://www.imf.org/external/pubs/ft/gfs/manual/comp.htm).

2012, International Monetary Fund : Government Finance Statistics Yearbook ix


http://www.imf.org/external/pubs/ft/gfs/manual/comp.htm


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2012, International Monetary Fund : Government Finance Statistics Yearbook xi

This annex provides a synopsis of the GFS system as it relates to the treatment of stocks and flow data, the four finan-cial statements that comprise the analytical framework of theGFSM 2001, and salient features of coverage, classification,basis of recording, and valuation under the GFSM 2001.

The Treatment of Balance Sheet and Flow Data

The GFSM 2001 is a framework that fully integrates flows(used to report the results of events that occur during the ac-counting period) and stocks (used to compile the BalanceSheet at the beginning and end of the accounting period). Thecomprehensive treatment of flows in the GFS system enablesthe opening and closing stocks to be fully reconciled. In otherwords, the following relationship is valid for each item on theBalance Sheet:

S1 = S0 + F

where S0 and S1 represent the values of an item on the Balance Sheet at two points in time (0,1) and F representsthe cumulative value of all flows between times 0 and 1 thataffect that particular item. More generally, any stock, includ-ing net worth, is the cumulative value of all flows affectingthat stock that have occurred over the lifetime of the item.

The GFSM 2001 framework provides a range of possibili-ties for fiscal analysis, especially concerning fiscal liquidityand policy sustainability issues. The liquidity constraint, mea-sured as the net change in the stock of cash, should prove usefulfor fiscal policy decision makers. This measure is shown inthe Statement of Sources and Uses of Cash, which also con-tains information on the types of aggregate receipts and pay-ments that contribute to the change in the stock of cash.

A major innovation of the GFSM 2001 framework is thatthe Statement of Government Operations parallels a set ofbusiness accounts, allowing a nuanced view of fiscal sustain-ability through the measurement of net worth, as well as an op-erating balance and net lending/borrowing. When compiled usingcomprehensive accrual information, these measures reflectmore accurately the impact of resource flows. The analysis ofnet worth (the stock of assets minus liabilities) should focuspolicy attention on the structure of the government’s balancesheet and the portfolio choice among assets (and liabilities).The net operating balance is a summary measure of the changein net worth owing to transactions that occurred in the period; revenue and expense are the only transactions that affect net worth. Net lending/borrowing shows the extent towhich the government absorbs or provides financial resourcesto the rest of the economy and the rest of the world.

The Four Financial Statements of the GFSM 2001

The core of the analytic framework is a set of four financialstatements. Three of the statements can be combined to

demonstrate that all changes in stocks result from flows (seeFigure 1). These are (1) the Statement of Government Opera-tions, (2) the Statement of Other Economic Flows, and (3) theBalance Sheet. The fourth statement—the Statement of Sourcesand Uses of Cash— provides key information on liquidity.

The Statement of Government Operations summa-rizes all transactions and derives important analytic balancesfrom this information. Revenue minus expense equals the netoperating balance, which is a summary measure of the effect ofthe government’s transactions on net worth. The subsequentdeduction of the net acquisition of nonfinancial assets fromthe net operating balance produces a balance called net lend-ing/borrowing, which measures the extent to which govern-ment either provides financial resources to the other sectorsof the economy and the rest of the world (net lending) or usesfinancial resources generated by the other sectors (net borrow-ing). Net lending/borrowing, also, is equal to the government financing requirement derived as the net of transactions in financial assets and liabilities. It is a measure of the financialimpact of government activity on the rest of the economy.

The Statement of Other Economic Flows presents in-formation on changes in net worth that arise from flows otherthan transactions. These flows are classified as eitherchanges in the value (revaluations, or holding gains orlosses) or the volume of assets and liabilities. The balancingitem of this statement is the change in net worth resulting fromother economic flows.

ANNEX I. HIGHLIGHTS OF THE GFSM 2001 FRAMEWORK

STATEMENT OF GOVERNMENT OPERATIONS

1 Revenue

2 Expense

Net operating balance (1–2=31+32–33)

31 Net acquisition of nonfinancial assets

Net lending/borrowing (1–2–31=32–33)

32 Net acquisition of financial assets

33 Net incurrence of liabilities

STATEMENT OF OTHER ECONOMIC FLOWS

4,5 Change in net worth resulting from other economic flows (41+42–43+51+52–53)

41,51 Change in nonfinancial assets

42,52 Change in financial assets

43,53 Change in liabilities


xii 2012, International Monetary Fund : Government Finance Statistics Yearbook

Revenueminus

Expense

Transactionsin nonfinancial

assets

Stocks

+ +

Networth

Nonfinancial assets

Holding gains andother volume

changesin nonfinancial

assets

Equals

Plus

Change innet worth

due totransactions

Change in networth due to

other economic

flows

Net financialworth

Net lending/

borrowing

Change in netfinancial worth

due to other

economic flows

Equals

Financial assetsTransactions infinancial assets


changes in financial

assets

Liabilit ies

Minus

Transactions in

liabili ties


changes in liabilities

Minus Minus

EqualsEquals

Plus Plus

Equals Equals

Equals

Stocks

=

Networth

Nonfinancial assets

Equals

Plus

Net financialworth

Equals

Financial assets

Liabilit ies

Minus

Opening Balance Sheet

Statement ofGovernmentOperations

Statement of Other

Economic Flows

Closing Balance Sheet

Flows

Changein net financialworth due to

other economic flows

Liabilities

Figure 1: Structure of the GFS Analytical Framework

Networth

Networth

Net financialworth

Net financialworth

Changein net worth

due to transactions

Changein net worth

due to other

economic flows

Net lending/borrowing

Liabilities

Revenueminus

Expense

Nonfinancial assets Nonfinancial assets

Financial assets Financial assets

Holding gains andother volumechanges in

financial assets

Holding gains andother volumechanges in liabilities

StocksStocks

Holding gains andother volumechanges in

nonfinancial assets

Transactions in Financial assets

Transactions in liabilities

Transactions in nonfinancial

assets


The Balance Sheet presents the stocks of assets, liabilities(including debt), and net worth at the end of the accounting pe-riod. The government’s net worth is defined as the difference be-tween total assets and total liabilities. Another balancing itemthat can be derived from the Balance Sheet is net financial worth,which is defined as total financial assets minus total liabilities.

The Statement of Sources and Uses of Cash showsthe amounts of cash generated and used in operations,transactions in nonfinancial assets, and transactions involv-ing financial assets and liabilities, excluding cash itself. Thebalancing item, net change in the stock of cash, is the sum of thenet cash received from these three sources of cash flows.

Coverage of the GFSM 2001 System

The main focus of the coverage of the GFSM 2001 systemis the general government sector as defined in the System ofNational Accounts, 1993 (1993 SNA), which is defined on thebasis of institutional units. The comprehensive conceptualand accounting framework of the GFSM 2001 applies to boththe general government and the broader public sector; how-ever, the coverage of the GFS Yearbook database has not beenextended yet to include the public sector.2

Government units are institutional units3 that carry outthe functions of government as their primary activity. Thatis, they:

• have legislative, judicial, or executive authority over otherinstitutional units within a given area;

• assume responsibility for the provision of goods and ser-vices to the community as a whole or to individual house-holds on a nonmarket basis;

• make transfer payments to redistribute income andwealth; and

• finance their activities, directly or indirectly, mainly bymeans of taxes and other compulsory transfers from unitsin other sectors.

All government units are members of the general govern-ment sector, which also consists of all nonmarket nonprofitinstitutions (NPIs) that are controlled by government units.These are legally nongovernment entities, but they are con-sidered to be carrying out government policies and effectivelyare part of government. The general government sector doesnot include public corporations or quasi-corporations.

Frequently, units of the broader public sector (nonfinancialpublic corporations and financial public corporations) carryout some functions of government. To capture the fiscal trans-actions and activities taking place outside the general govern-ment sector, the GFSM 2001 encourages the identification oftransactions between units of the general government sectorand public corporations in the compilation of statistics on thepublic sector. However, it should be noted that this volume ofthe GFS Yearbook does not yet include these data.

In the GFS system, provision is made for subsectors ofgeneral government: central; state, provincial, or regional, andlocal; plus social security schemes, as relevant.4 Not all coun-tries will have all three levels; some may have only a centralgovernment or a central government and one lower level.Other countries may have more than three levels. In suchcases, the various units should all be classified as one of thethree levels suggested in the GFSM 2001.

The central government subsector is large and complex inmost countries. It is generally composed of a central group ofdepartments or ministries that make up a single institutionalunit plus, in many countries, other units operating under theauthority of the central government with a separate legalidentity and enough autonomy to form additional govern-ment units (extrabudgetary accounts/funds and social secu-rity funds). These units may also exist at the state or local

2012, International Monetary Fund : Government Finance Statistics Yearbook xiii

BALANCE SHEET

6 Net worth (61+62–63)

61 Nonfinancial assets

62 Financial assets

63 Liabilities

STATEMENT OF SOURCES AND USES OF CASH

1 Cash receipts from operating activities

2 Cash payments for operating activities

Net cash inflow from operating activities (1–2)

31 Net cash outflow from investments in nonfinancial assets

Cash surplus/deficit (1–2–31)

32x Net acquisition of financial assets other than cash

33 Net incurrence of liabilities

Net cash inflow from financing activities (–32x+33)

Net change in the stock of cash(1–2–31–32x+33=3212+3222)1

1 Domestic currency and deposits (3212) and foreign currencyand deposits (3222).

2 The general government sector consists of entities that imple-ment public policy through the provision of primarily nonmarketservices and the redistribution of income and wealth, with bothactivities supported mainly by compulsory levies on other sectors.The public sector consists of the general government sector plus

2 (cont.) government-controlled entities, known as public corpora-tions, whose primary activity is to engage in commercial activities.

3 This type of unit can, in its own right, own assets, incur lia-bilities, and engage in economic activities and transactions withother entities.

4 The GFS Yearbook does not separately disclose data on socialsecurity. These data are available on the GFS CD-ROM in the re-spective tables and statements.


xiv 2012, International Monetary Fund : Government Finance Statistics Yearbook

government levels. The GFSM 2001 encourages the creationof subsectors at each level of government based on whetherthe units are financed by the legislative budgets of that levelof government or by extrabudgetary sources.5

The GFSM 2001 ClassificationsClassification codes are used in the GFS system to iden-

tify types of transactions, other economic flows, and stocksof assets and liabilities. The overall organization of the codesis outlined in Figure 2.

Codes beginning with 1 refer to revenue; codes beginningwith 2 refer to expense; and codes beginning with 3 refer totransactions in nonfinancial assets, financial assets, and liabil-ities. For financial assets and liabilities, code 3 also signifiesthat they have been classified by financial instrument.

The first digit of the classification code for an other eco-nomic flow is always 4 or 5. Codes beginning with 4 refer toholding gains or losses and codes beginning with 5 refer toother changes in the volume of assets and liabilities.6 The firstdigit of the classification code for a stock of a type of asset orliability is always 6.

Transactions in assets and liabilities, other economic flows,and stocks of assets and liabilities all refer to types of assetsand liabilities. Hence, the second and subsequent digits ofeach code are identical for each type of asset or liability. Thatis, 311 refers to transactions in fixed assets, 411 to holdinggains in fixed assets, 511 to other changes in the volume offixed assets, and 611 to the stock of fixed assets.

Expense transactions and transactions in nonfinancial as-sets can also be classified using the Classification of Functions

of Government (COFOG).7 All COFOG classification codesbegin with 7. Transactions in financial assets and liabilities canbe classified according to the sector of the other party to thefinancial instrument as well as according to the type of finan-cial instrument. When classified by sector, the classificationcodes for these transactions begin with 8.

The GFSM 2001 also encourages the recording of memo-randum items to provide supplemental information aboutitems related to, but not included on, the Balance Sheet (e.g.,measures of debt). Where reported, these data have been in-cluded in the GFS Yearbook and on the GFS CD-ROM.

Basis and Time of Recording

In the GFSM 2001 system, flows are recorded on an accrualbasis, which means that flows are recorded at the time eco-nomic value is created, transformed, exchanged, transferred,or extinguished. Using the accrual basis also means that non-monetary transactions are fully integrated in the revised GFSsystem. The GFSM 2001 system also records flows on a cashbasis. These data are reported in the Statement of Sources andUses of Cash in the Country Tables of the GFS Yearbook andon the GFS CD-ROM.

Valuation of Flows and Stocks

Flows as well as stocks of assets, liabilities, and net worth(a balancing item) are valued at current market prices in theGFSM 2001, but with a provision for recording the nominalvalue of debt securities as a memorandum item.8 In particu-lar, flows are to be valued at prices current on the dates forwhich they are recorded, while stocks are to be valued at cur-rent prices on the Balance Sheet date.

5 Separately classifying these units is analytically useful in dis-tinguishing their differing sources of finance and differing types ofpublic oversight of their operations.

6 Where it is not possible to separately compile statistics onholding gains or losses and other changes in the volume of assetsand liabilities, codes beginning with 9 refer to total other eco-nomic flows.

7 Data are collected and published for a selected subset offunctions.

8 The nominal value is the amount that the debtor owes to thecreditor at any moment. Conceptually, the nominal value is equalto the required future payments of principal and interest dis-counted at the existing contractual interest rate. It reflects thevalue of the instrument at creation and subsequent economicflows, such as transactions, valuation changes (excluding marketprice changes) , and other changes such as debt forgiveness.


2012, International Monetary Fund : Government Finance Statistics Yearbook xv

2

Expense

Transactions inNonfinancial Assets

Transactions

1

Revenue

Transactions inFinancial Assets

and Liabilitiesclassified byinstrument

Stock of Assetsand LiabilitiesOther Economic Flows

3 4 5 6

1) Classification of the Functions of Government.

2) By sector of the counterparty to the financial instrument.

Holdinggains/losses in

Nonfinancial andFinancial Assets

and Liabilities

Other volumechanges in


and Liabilities


and Liabilities

COFOG1) Expenseand Transactions inNonfinancial Assets

Transactions inFinancial Assets

and Liabilitiesclassified by

sector2)

7

8

Figure 2: The Classification Coding System for GFS



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2012, International Monetary Fund : Government Finance Statistics Yearbook xvii

All historical data in the GFS database from 1990 onwardhave been reclassified to conform as closely as possible to theGFSM 2001. The main features of the reclassification are de-scribed below and illustrated in broad terms in Figure 3.

Revenue

The GFSM 1986 categories total revenue and grants (A.I),excluding sales of fixed capital assets, stocks, and land and in-tangible assets (A14–16), were classified to the GFSM 2001category revenue (1). In addition, the following explains theclassification of the historical GFSM 1986 revenue items tothe GFSM 2001 categories:

• Other taxes (116): For state and local governments, othertaxes (116) also include taxes on payroll and workforce(112), and taxes on international trade (115), because thesedata were not separately collected in the GFS YearbookQuestionnaire (GFSM 1986 format).

• Grants from abroad (131): For all subsectors of general gov-ernment, this category includes grants from internationalorganizations (132), except grants from supranational or-ganizations, because these data were not separately col-lected in the GFS Yearbook Questionnaire (GFSM 1986 for-mat). Grants from supranational organizations, separatelyavailable in the GFSM 1986 historical data (where applica-ble), are classified in the GFSM 2001 category grants frominternational organizations (132).

• Property income (141): For all subsectors of general govern-ment, this category includes cash operating surpluses ofdepartmental enterprise sales (GFSM 1986 category A8.1).See Operations of market establishments below.

• Voluntary transfers other than grants (144): For all subsectors ofgeneral government, this category excludes current trans-fers from nongovernment sources because these data werenot separately collected in the GFS Yearbook Questionnaire(GFSM 1986 format). These transfers are included in theGFSM 1986 category other nontax revenue (A12), whichhas been reclassified to the GFSM 2001 category miscella-neous and unidentified revenue (145).

• Other revenue (145): For all subsectors of general govern-ment, this category includes current voluntary transfersother than grants because these data were not separatelycollected in the GFS Yearbook Questionnaire (GFSM 1986format). For state and local governments, miscellaneousand unidentified revenue (145) also includes fines, for-feits, and penalties (144) because these data were not sep-arately collected in the GFS Yearbook Questionnaire(GFSM 1986 format).

Expense

The GFSM 1986 categories total current expenditure (C.III)and total capital transfers (C7) were classified to the GFSM

2001 category expense (2). In addition, the following specificcomments relate to the classification of the historical GFSM1986 expenditure items to the GFSM 2001 categories.

• Total expense (2): For state and local governments, onlythree components of expense (wages and salaries, use ofgoods and services, and interest) can be derived from theGFSM 1986 data. Subsidies, grants, social benefits andother expense cannot be derived because these data werenot separately collected in the GFS Yearbook Questionnaire(GFSM 1986 format).

• Wages and salaries (211): For state and local governments,this category includes social contributions by govern-ment as employer (212) because these data were not sep-arately collected in the GFS Yearbook Questionnaire(GFSM 1986 format).

• Use of goods and services (22): For all subsectors of generalgovernment, this category includes property expenseother than interest (281) because these data were not sep-arately collected in the GFS Yearbook Questionnaire(GFSM 1986 format).

• Subsidies (25): For all subsectors of central government,this category includes the GFSM 1986 category cash oper-ating deficits of departmental enterprise sales (C3.1.3). SeeOperations of market establishments below. For state and localgovernments, subsidies (25) cannot be calculated becausethese data were not separately collected in the GFS Year-book Questionnaire (GFSM 1986 format).

• Grants to foreign governments (261): For all subsectors of cen-tral government, this category includes grants to interna-tional organizations (262) because these data were not sep-arately collected in the GFS Yearbook Questionnaire(GFSM 1986 format). For state and local governments,grants (26) cannot be calculated because data other thangrants to other general government units were not sepa-rately collected in the GFS Yearbook Questionnaire (GFSM1986 format).

• Social benefits (27): For all subsectors of central government,the GFSM 1986 category current transfers to nonprofit in-stitutions and households (C3.3–4) was used as a proxy forsocial benefits owing to lack of details. Therefore, socialbenefits (27) may be overstated because it includes other(current) transfers to nonprofit institutions and house-holds, which should be classified to miscellaneous otherexpense (282), if available. For state and local govern-ments, social benefits (27) cannot be calculated becausecurrent transfers to nonprofit institutions and householdswere not separately collected in the GFS Yearbook Ques-tionnaire (GFSM 1986 format).

• Other expense (28): For all subsectors of central government,this category excludes property expense other than interestbecause these data were not separately collected in the

ANNEX II. CLASSIFICATION OF HISTORICAL GFSM 1986 DATA TO THE GFSM 2001 FRAMEWORK


xviii 2012, International Monetary Fund : Government Finance Statistics Yearbook

GFS Yearbook Questionnaire (GFSM 1986 format). See Useof goods and services above.

• Miscellaneous other expense (282): For all subsectors of cen-tral government, this category only includes domestic cap-ital transfers to all units except general government units(GFSM 1986 categories C7.1.2–5). Current transfers tononprofit institutions and households other than socialbenefits are excluded because these data were not sepa-rately collected in the GFS Yearbook Questionnaire (GFSM1986 format). See Social benefits above.

Net acquisition of nonfinancial assets

The GFSM 1986 expenditure categories acquisition offixed capital assets (C4), purchases of stocks (C5), and pur-chases of land and intangible assets (C6) were classified tothe GFSM 2001 category purchases of nonfinancial assets(31.1). The revenue categories sales of fixed capital assets,stocks, and land and intangible assets (A14–16) were classi-fied to the GFSM 2001 category sales of nonfinancial assets(31.2). The net acquisition of nonfinancial assets was calcu-lated as category 31.1 minus 31.2.

Figure 3: Broad Overview of Relationships Between GFSM 1986 and GFSM 2001

Classification Systems

GFSM 1986 GFSM 2001

Total Revenue and

Grants

Total expenditure

Lending minus

Repayments

Financing

Revenue

Expense

Net Acquisition of

Nonfinancial Assets

Net Acquisition of

Financial Assets

Net Incurrence of

Liabilities

Excluding sales of fixed

capital assets, stocks, land,

and intangible assets

Sales of fixed capital

assets, stocks, land,

and intangible assets

Current expenditure

plus capital transfers

Acquisition of fixed capital

assets, purchases of stocks,

land, and intangible assets

Total change in cash,

deposits, and securities

held for liquidity purposes

Total net borrowing


The acquisition and disposal of valuables were not sepa-rately collected in the GFS Yearbook Questionnaire (GFSM1986 format).

For state and local governments, sales of fixed capital assets(311.2) include capital transfers received from nongovernmentsources because these data were not separately collected in theGFS Yearbook Questionnaire (GFSM 1986 format).

Net acquisition of financial assets

The GFSM 1986 categories total lending minus repayments(C.V) and total change in cash, deposits, and securities held forliquidity purposes (E6 and E12) are classified to the GFSM2001 categories net acquisition of financial assets (32, 82).

Owing to lack of detail in the GFSM 1986 classifications,most of the components of the domestic and foreign net ac-quisition of financial assets are not available.

For state and local governments, net acquisition of financialassets excludes change in cash, deposits, and securities heldfor liquidity purposes: abroad (E12) because these data werenot separately collected in the GFS Yearbook Questionnaire(GFSM 1986 format). (See Net incurrence of liabilities below.)

Net incurrence of liabilities

All GFSM 1986 financing categories (Tables D or E), exclud-ing total change in cash, deposits, and securities held for liquidity purposes (E6 and E12), are classified to the GFSM2001 categories net incurrence of liabilities (33, 83).

For state and local governments, net incurrence of liabilitiesincludes change in cash, deposits, and securities held for liq-uidity purposes: abroad (E12) because these data were not sep-arately collected in the GFS Yearbook Questionnaire (GFSM1986 format). (See Net acquisition of financial assets above.)

Liabilities

For all subsectors of general government, domestic, for-eign and total outstanding debt (GFSM 1986 data) were clas-sified to the GFSM 2001 categories domestic (631), foreign(632), and total liabilities (63), respectively.

For the historical GFS Yearbook data (GFSM 1986 format),therefore, liabilities are valued in accordance with the GFSM1986 methodology and not according to their market values(GFSM 2001 methodology).

Total outlays

In the historical GFS Yearbook data (GFSM 1986 format),total outlays (7) represents expense plus the (gross) acquisi-tion of nonfinancial assets because the disposals/sales ofnonfinancial assets were not classified by function of gov-ernment. Only total expenditure (expense plus the acquisi-tion of nonfinancial assets) was classified by function of gov-ernment. In the GFSM 2001, total outlays represent expenseplus the net acquisition of nonfinancial assets (acquisitionsminus disposals).

Outlays on the protection of the environment (705) werenot separately collected in the GFS Yearbook Questionnaire(GFSM 1986 format).

Adjustments to the GFSM 1986 datacategories

The GFS Yearbook Questionnaire (GFSM 1986 format) included several country-specific adjustment lines to the aggregates and/or subcategories of revenue and grants, expenditure and lending minus repayments, and financing.These adjustments were due to imbalances between the aggregates and the sum of their components. To maintainthe balance in the data, these adjustments were included inthe reclassification of the historical GFSM 1986 data to theGFSM 2001 categories. In the hard copy of the GFS Yearbook,published components may not sum to the aggregates as dis-played because the adjustments are not published. These adjustment data are available on the GFS CD-ROM in the respective tables and statements.

Adjustment for the GFSM 1986 consolidationmethod

For each subsector of central government in the Statementof Sources and Uses of Cash, the balancing item net cash inflowfrom operating activities (CIO) includes an adjustment to com-pensate for the GFSM 1986 method of consolidating centralgovernment data. This adjustment line is not shown in thehard copy publication of the GFS Yearbook but is available onthe GFS CD-ROM.

In pre–2003 GFS yearbooks based on the GFSM 1986, bud-getary central government, extrabudgetary accounts/funds,and social security funds were combined to form the consoli-dated central government, where data were available. Data forstate and/or local governments were also published, as avail-able, but no general government data (consolidating centralgovernment, state governments and local governments, as rel-evant) were compiled and published.

In both the GFSM 1986 and the GFSM 2001, consolidationinvolves the elimination of all transactions and debtor-credi-tor relationships that occur among the units that have beenconsolidated (i.e., presenting the statistics of a set of units asif they constituted a single unit). However, the method forconsolidation in the GFSM 2001 differs from that applied inthe GFSM 1986 and in previous GFS yearbooks. The differ-ence can be explained as follows: The operations of centralgovernment’s budgetary accounts (BA), extrabudgetary accounts/funds (EA), and social security funds (SS) are com-bined to form the consolidated central government (CG). Fur-thermore, also assume all transactions between these unitsare X (= Xba + Xea + Xss). In the GFSM 2001, CG = BA + EA+ SS – X. The subsectors are presented on a gross basis andthe consolidation is done separately. In the GFSM 1986, CG= (BA – Xba) + (EA - Xea) + (SS - Xss). The subsectors are pre-sented on a net basis, i.e., after consolidation. This differencemeans that the GFSM 2001 data for each subsector of gov-

2012, International Monetary Fund : Government Finance Statistics Yearbook xix


xx 2012, International Monetary Fund : Government Finance Statistics Yearbook

ernment are presented on a gross basis, while the GFSM 1986data for each subsector of government are presented on a netbasis. The presentation of the GFSM 1986 above-the-linedata for the subsectors of central government on a net basisresulted in a mismatch between the deficit/surplus and fi-nancing data for these subsectors.

The reclassification of the historical GFS yearbook datato the GFSM 2001 Statement of Sources and Uses of Cashhas required an adjustment of budgetary central govern-ment accounts, extrabudgetary accounts/funds, and socialsecurity funds data from a net basis to a gross basis. Thisadjustment was needed so that the respective balancingitems (net cash inflow from operating activities, cash sur-plus/deficit, and net change in the stock of cash) in theStatement of Sources and Uses of Cash are correctly shownon a gross basis. If no financing data were reported for thebudgetary, extrabudgetary, and social security subsectors,this adjustment for consolidation could not be made. As aresult, the Statement of Sources and Uses of Cash showsdata for the balancing items “net cash inflow from operatingactivities” and “cash surplus/deficit” as being not availablefor these subsectors.

Operations of market establishments

In the GFSM 2001, the operations of market establish-ments are recorded on a gross basis. That is, their gross rev-

enues are classified to the appropriate revenue categories, andtheir gross expenses are classified to the appropriate expensecategories. In the GFSM 1986, operations of market establish-ments are recorded on a net basis. Only cash operating sur-pluses or deficits of departmental enterprises were included asrevenue (entrepreneurial and property income) or expenditure(current transfers) in the GFSM 1986 framework. Because ofthis, the use of unadjusted GFSM 1986 data—as in the case ofreclassifying the historical GFSM 1986 data to the GFSM 2001categories—will understate both revenue and expense.

Social contributions by government asemployer

In the GFSM 2001, social contributions by govern-ment as employer are “rerouted” so that the government isseen paying its employees, who then make payments of thesame amount to the social insurance scheme. As a result,such contributions are not eliminated in consolidation of thegeneral government subsectors. In the GFSM 1986, socialcontributions by government as employer are eliminated inconsolidation of government data, because these transactionswere considered to be between the contributing level of gov-ernment and the social security fund. Because of this, the useof unadjusted GFSM 1986 data—as in the case of reclassify-ing the historical GFSM 1986 data to the GFSM 2001 cate-gories—will understate both revenue and expense.


2012, International Monetary Fund : Government Finance Statistics Yearbook xxi

GUIDE TO COUNTRY TABLESTable A: Sector and Data Availability

Reported SectorsCountry Country Existing Sectors GFS CD-ROM: 166 Countries GFS Yearbook: 143 CountriesCode Sectors Years Sectors Years

512 Afghanistan, I.R. of BA,EA,SS,CG,LG,GG BA,EA,CG,LG,GG 2003-2011 BA,CG,LG,GG 2009-2011

914 Albania BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1995-2011* GG 2009-2011

612 Algeria BA,EA,SS,CG,LG,GG BA 1994-2011 BA 2009-2011

614 Angola BA,EA,SS,CG,GG BA 1999-2008 BA 2006-2008

312 Anguilla BA,SS,CG,GG BA 2000-2011 BA 2009-2011

311 Antigua and Barbuda BA,EA,SS,CG,LG,GG BA 2000-2011 BA 2009-2011

213 Argentina BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG,LG,GG 1990-2004

911 Armenia, Republic of BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 2003-2011 BA,CG,LG,GG 2009-2011

193 Australia BA,EA,CG,SG,LG,GG CG,SG,LG,GG 1972-2011 CG,SG,LG,GG 2009-2011

122 Austria BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG,LG,GG 1972-2011 CG,SG,LG,GG 2009-2011

912 Azerbaijan, Republic of BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG,LG,GG 1994-2011 BA,CG,LG,GG 2009-2011

313 Bahamas, The BA,SS,CG,GG BA 1973-2011* BA 2009-2011

419 Bahrain, Kingdom of BA,EA,SS,CG,GG BA,EA,SS,CG,GG 1974-2011 BA 2009-2011

513 Bangladesh BA,CG,LG,GG BA,CG 2001-2011 BA,CG 2009-2011

316 Barbados BA,EA,SS,CG,GG BA,EA,SS,CG,GG 1972-2010 BA 2008-2010

913 Belarus BA,SS,CG,LG,GG BA,SS,CG,LG,GG 1992-2011 BA,CG,LG,GG 2009-2011

124 Belgium BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG,LG,GG 1972-2011 CG,SG,LG,GG 2009-2011

339 Belize BA,SS,CG,LG,GG BA 1990-2009 BA 2007-2009

638 Benin BA,EA,SS,CG,LG,GG BA 1977-2011 BA 2009-2011

514 Bhutan BA,CG,GG BA,CG,GG 1982-2009* BA,CG,GG 2007-2009

218 Bolivia BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG,LG,GG 1985-2007

963 Bosnia & Herzegovina BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 2003-2011 BA,CG,LG,GG 2009-2011

616 Botswana BA,EA,CG,LG,GG BA 1990-2011* BA 2009-2011

223 Brazil BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG,LG,GG 1990-2011* CG,SG,LG,GG 2009-2011

918 Bulgaria BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1990-2011 BA,CG,LG,GG 2009-2011

748 Burkina Faso BA,EA,SS,CG,LG,GG BA 1973-2011* BA 2009-2011

618 Burundi BA,EA,SS,CG,LG,GG BA,EA,SS,CG 1973-1999

522 Cambodia BA,CG,LG,GG BA,CG 2002-2011 BA,CG 2009-2011

622 Cameroon BA,EA,SS,CG,LG,GG BA,EA,SS,CG 1975-1999*

Government SectorBA Budgetary Central Government EA Extra-Budgetary Units/EntitiesSS Social Security FundsCG Central Government (consolidated) SG State GovernmentsLG Local GovernmentsGG General Government (consolidated)

* Indicates that gaps exist in the time series

For each country listed:• Existing Sectors corresponds to those described in the Institutional Tables

published in this edition of the GFS Yearbook.• Reported Sectors GFS CD-ROM refers to those sectors for which the country has

actually reported data over the period beginning in 1990 (all reported sectorsmay not be available for each year of the series included on the GFS CD-ROM).

• Reported Sectors GFS Yearbook refers to the most recent three-year period forwhich data on the indicated sector(s) are published in the GFS Yearbook.

• The GFS Yearbook only includes countries that have reported data for 2004 orsubsequent years.

For EU countries listed:In line with the presentation adopted within the European Union, data on BAoperations may include the operations of EA.


xxii 2012, International Monetary Fund : Government Finance Statistics Yearbook

156 Canada BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG,LG,GG 1974-2011 CG,SG,LG,GG 2009-2011

624 Cape Verde BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 2005-2011 BA,CG,LG,GG 2009-2011

626 Central African Rep. BA,EA,SS,CG,LG,GG BA,EA 2004-2011 BA,EA 2009-2011

228 Chile BA,EA,SS,CG,LG,GG BA,EA,CG,LG,GG 1972-2011 BA,CG,LG,GG 2009-2011

924 China, P.R.: Mainland BA,EA,SS,CG,LG,GG BA,EA,LG,GG 1990-2010 BA,CG,LG,GG 2008-2010

532 China, P.R.: Hong Kong CG,GG CG,GG 2002-2010 CG,GG 2008-2010

546 China, P.R.: Macao BA,EA,SS,CG,GG BA,EA,SS,CG,GG 1996-2011 BA,EA,CG,GG 2009-2011

233 Colombia BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG,LG,GG 1990-2011* BA,CG,LG,GG 2009-2011

636 Congo, Dem. Rep. of BA,EA,SS,CG,LG,GG BA,EA,SS,CG 1972-2010 CG 2008-2010

634 Congo, Republic of BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1992-2005

238 Costa Rica BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1972-2011 BA,CG,LG,GG 2009-2011

662 Cote d'Ivoire BA,EA,SS,CG,LG,GG BA,EA,CG,GG 1994-2011 BA 2009-2011

960 Croatia BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1991-2011 BA,CG,LG,GG 2009-2011

423 Cyprus BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1972-2011 BA,CG,LG,GG 2009-2011

935 Czech Republic BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1993-2011 BA,CG,LG,GG 2009-2011

128 Denmark BA,EA,SS,CG,LG,GG BA,SS,CG,LG,GG 1972-2011 BA,CG,LG,GG 2009-2011

321 Dominica BA,EA,SS,CG,GG BA 2000-2011 BA 2009-2011

243 Dominican Republic BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG 1972-2010 BA,EA,CG 2008-2010

248 Ecuador BA,EA,SS,CG,LG,GG BA 1990-1994

469 Egypt BA,EA,SS,CG,GG BA,EA,SS,CG, 1975-2011* BA,EA,CG,GG 2009-2011

253 El Salvador BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1990-2011 BA,CG,LG,GG 2009-2011

642 Equatorial Guinea BA,EA,SS,CG,SG,LG,GG BA 2007-2009 BA 2007-2009

939 Estonia BA,EA,SS,CG,LG,GG BA,EA,SS,CG,LG,GG 1991-2011 BA,CG,LG,GG 2009-2011

644 Ethiopia BA,EA,SS,CG,SG,LG,GG BA,EA,SS,CG,SG 1990-2011 BA 2009-2011

819 Fiji BA,EA,CG,

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