Category: IMF World Economic Outlook (WEO)
Indicator: GGXCNL General government net lending/borrowing. National currency
Country: United States
Unit: National currency
Scale: Billions
Subject Notes: Net lending (+)/ borrowing (-) is calculated as revenue minus total expenditure. This is a core GFS balance that measures the extent to which general government is either putting financial resources at the disposal of other sectors in the economy and nonresidents (net lending), or utilizing the financial resources generated by other sectors and nonresidents (net borrowing). This balance may be viewed as an indicator of the financial impact of general government activity on the rest of the economy and nonresidents (GFSM 2001, paragraph 4.17). Note: Net lending (+)/borrowing (-) is also equal to net acquisition of financial assets minus net incurrence of liabilities.
Country Series Specific Notes: Source: BEA and IMF's Government Finance Statistics Yearbook (revenue, expenditure, and net lending); Flow of Funds (debt) Latest actual data: 2023 Notes: Repatriation tax on foreign earnings (a provision of the 2017 Tax Cuts and Jobs Act), estimated at $250 billion, which accrued at end-2017 and recorded as capital transfer to the government in the GFS, was removed from government revenue. Staff's baseline projection embeds the impact of this tax provision over time to reflect the fact that corporations have eight years to pay off this tax liability. Revenue, expenditure, and net lending data are compiled using SNA 2008, and when translated into GFS this is in accordance with GFSM 2014. Due to data limitations, most series begin 2001. Fiscal assumptions: Fiscal projections are based on the June 2024 Congressional Budget Office baseline and the latest treasury monthly statement, adjusted for the IMF staff s policy and macroeconomic assumptions. Projections incorporate the effects of the Fiscal Responsibility Act. Reporting in calendar year: Yes. Original Federal Government data are in Fiscal year, all else in calendar year. Start/end months of reporting year: January/December GFS Manual used: Government Finance Statistics Manual (GFSM) 2014 Basis of recording: Accrual General government includes: Central Government; State Government; Local Government; Valuation of public debt: Nominal value Instruments included in gross and net debt: Currency and Deposits; Loans; Insurance Technical Reserves; Financial Derivatives; Monetary Gold and SDRs Primary domestic currency: US dollar Data last updated: 10/2024
Administration: Not selected
Economy: Not selected
Data source URL: https://www.imf.org/en/Publications/SPROLLS/world-economic-outlook-databases