| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Global Economy Last Updated: Jan 24, 2012 - 3:45 PM


Fiscal Monitor Report Update: Deficits in many advanced economies fell significantly during 2011 says IMF
By Finfacts Team
Jan 24, 2012 - 3:17 PM

Email this article
 Printer friendly page

The IMF (International Monetary Fund) says today in its Fiscal Monitor Report Update that deficits in many advanced economies fell significantly during 2011, and most plan substantial  adjustment this year. The Fund said continued adjustment is necessary for medium-term debt sustainability, but should ideally occur at a pace that supports adequate growth in output and employment.

In advanced economies, fiscal deficits fell in 2011 by about 1% of GDP overall, and by only slightly less after taking into account the narrowing output gap. The headline deficit fell by 2% of GDP (gross domestic product) in the Eurozone, and by a still sizable 1¼% of GDP in cyclically adjusted terms. However, a large share of the improvement within the Eurozone is accounted for by Germany, where the cyclically adjusted deficit fell by 2¼% of GDP, reflecting an unusually strong response of revenues and employment to output.

The IMF says cyclically adjusted (the total budget deficit minus the effects of the business cycle) balance also strengthened substantially in Spain, while France and Italy posted more modest improvements, as measures announced or approved in these countries will not take full effect until next year. Cyclically adjusted deficits also fell substantially in the United Kingdom and the United States, but rose marginally in Japan owing to reconstruction costs related to the natural disaster.

Among European program (bailout) countries, headline deficits were larger than expected in Greece owing in part to a weaker economic outturn. Slippages in the implementation of revenue and spending measures and lower tax compliance suggest that the cyclically adjusted deficit exceeded expectations as well, notwithstanding an improvement of 3 percentage points of GDP relative to 2010.

In Portugal, the fiscal target was met through a one-time partial transfer of banks’ pension fund assets, implying that the underlying adjustment in 2011 was smaller than expected there, although still very sizable (4 percentage points of GDP in cyclically adjusted terms). In Ireland, headline fiscal outturns were on track, and the cyclically adjusted balance improved by 2% of GDP.

Fiscal Monitor Report Update [pdf]

Check out our new subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

It's a simple fact that in the prevailing economic climate, the provision of high quality content cannot be sustained through advertising alone. 

Business executives who put a premium on time and value high quality information, should use our service.


© Copyright 2011 by Finfacts.com

Top of Page

Global Economy
Latest Headlines
Young and jobless? The solution isn’t always university
Most liveable cities are most boring; Dublin at joint 46th in 2014 ahead of London
Recovery in global corporate capex some way off - Part 2
Oil prices dip despite geopolitical tensions; US production at 27-year high
Global fund managers raise cash holdings; Cut European equity holdings
Composite leading indicators point to stable growth momentum in the OECD area
World set for 13 'super-aged' countries by 2020 up from 3 today
Global growth in manufacturing and services accelerated in July
Bad week for Russia; More sanctions and $50bn Yukos bill
French economist hails progress against tax evasion; Swiss banks will continue to cheat
IMF says global recovery continues but it cuts 2014 forecast
Dublin's Grafton Street 23rd most expensive country ranking retail location in world
Governments have collected €37bn from personal tax haven evaders since 2009
Global investors’ love affair with Europe is in question…
Island states dominate global e-trade; Australia, UK & Japan in top 5 of G20 countries
Greasing the wheels of energy and food supply
Composite leading indicators continue to point to stable growth momentum in OECD area
IMF's Lagarde says global "recovery remains modest and fragile"
Global markets euphoria not reflection of economic reality; Warns on ultra-low rates
IMF: Developing economies are victims of corporate tax avoidance
FDI: Ireland not among prospective host sites of top global companies
Global Manufacturing: UK lowest cost location in western Europe; Brazil one of highest-cost countries
Global investors have regained an appetite for risk says survey
Banks no longer seek ‘Swiss solution’
Great Recession impact on potential growth as if German economy vapourised
Global Fraud Survey: Cybercrime a concern for Irish business executives
World Bank cuts global economic growth forecast after ‘bumpy’ 2014 start
Composite leading indicators suggest weakening in most major emerging economies; Stable in OECD area
Emerging markets remain stuck in low gear in May
US heads 2014 FDI Confidence Index; 11 European countries among top 25
Global manufacturing activity improved slightly in May; Pace below Q1 2014
Merchandise trade declines across most major economies in first quarter of 2014
Global travel city survey puts Tokyo on top, Beijing among laggards
Competitiveness 2014: US leads; Europe recovers and big emerging markets struggle
US companies take top 10 positions in global brand ranking
Singapore world's most business-friendly location; Followed by Switzerland & Hong Kong
Germany stands out among countries where immigration rose in 2012
Global growth fears rise as wages stagnate in Eurozone and elsewhere
Fund managers scale back risk-taking in May; German economic sentiment slides
Corporate Tax Avoidance: US may join China in alliance on sharing information