And the German government s commitment to fiscal consolidation enabled it to achieve a surplus last year by 2018, the fiscal surplus is expected to amount to 1.5 of GDP.

Booming tax receipts have provided the government with a fiscal surplus.

This means that the fiscal authorities have a big responsibility to target a structural fiscal surplus that is high enough to generate the space needed for real exchange rate depreciation.

It had a fiscal surplus before the crisis after the crisis, its deficit increased to more than 11 of GDP.

Whereas Chile, for example, recorded a slight fiscal deficit in 2003, by 2006 it boasted an almost 8 of GDP surplus.

This invariably means that fiscal and monetary stability will become a priority while controlling the trade surplus has become a lower one.

Despite signs of a financial recovery since 1999 and a surplus of 35 million at the end of fiscal year 2001, the Territory's budget ran back into deficit in fiscal year 2003 ( 4.6 million).

Italy, for example, would save up to 4 of its GDP its budget would move into surplus and fiscal stimulus would replace austerity.

With a modest fiscal deficit, record low borrowing costs, and a huge current account surplus, Germany has the financial firepower to unleash a significant stimulus.

Countries can reduce their national debt by narrowing the budget deficit or achieving a primary surplus (the fiscal balance minus interest payments on outstanding debt).

Likewise, thanks to the discovery of gas, Bolivia turned its 8 of GDP fiscal deficit in 2003 into a surplus of 1.2 of GDP in 2006.

Second, China s fiscal surplus, growing foreign exchange reserves, and high savings rate have ensured the financial resources needed to maintain adequate investment and sufficiently rapid growth.

That is how the turnaround of the economy took place by reducing the fiscal deficit and converting the external balance of payments from deficit to surplus.

Slower fiscal retrenchment, space for investment in government budgets, growth friendly fiscal packages, and coordination of national policies with critical contributions from surplus countries can go a long way in helping Europe to overcome its crisis in the medium term.

After emerging from the crisis, indicators show a sustained growth in the economy, and a surplus in the fiscal external accounts, together with a recovery in national reserves.

(h) Surplus

The surplus creating fiscal policies established by Robert Rubin and company in the Clinton administration would have been very good for America had the Clinton administration been followed by a normal successor.

True, the economy was slowing when Bush took office, but he also inherited an enormous fiscal surplus, amounting to 2 of GDP, which he transformed into a yawning deficit, equaling 4.5 of GDP.

China s Shrinking Trade Surplus

The End of China s Surplus

Of eleven of the region s countries the five MERCOSUR economies, the four Andean Community countries, plus Chile and Mexico seven have had a fiscal surplus in 2006 and six will maintain it less easily in 2007.

Increased defense spending, together with the Bush tax cuts, is a key reason why America went from a fiscal surplus of 2 of GDP when Bush was elected to its parlous deficit and debt position today.

The last surplus was in 1974.

(p) Surplus due to Member States

There is an enormous surplus of commanders.

(b) Surplus deficit position of the fund

From 2005 to 2008, China s bilateral surplus with the United States increased by 41 , and its trade surplus with Europe more than doubled.

Europe almost doubled its surplus in 2000 2003.

CAMBRIDGE China s current account surplus the combination of its trade surplus and its net income from foreign investments is the largest in the world.

Saudi Arabia also has a bilateral and multilateral surplus Americans want its oil, and Saudis want fewer US products. Even in absolute value, Saudi Arabia s multilateral merchandise surplus of 212 billion in 2008 dwarfs China s 175 billion surplus as a percentage of GDP, Saudi Arabia s current account surplus, at 11.5 of GDP, is more than twice that of China.

They observed that each province in British India, including Burma, had a surplus of foodgrains, and the annual surplus was 5.16 million tons (Bhatia, 1970).

Clay Shirky How cognitive surplus will change the world

This adds to the surplus by increasing firms profitability.

Germany s enormous current account surplus aggravates their problems further.

But the impact will extend beyond the surplus countries.

Meanwhile, the state lurches from fiscal tragedy to fiscal farce.

It is obvious that Greece cannot pay back all of its debt. But it should also be obvious that Japan will never be able to generate a primary fiscal surplus large enough to repay its government debt in the normal sense of the word repay.

Fiscal consolidation was not, however, the result of formal fiscal rules.

Fiscal Follies

Given that it has been running an investment income deficit, a trade surplus, and current account surplus, it seems that it should be classified as a debtor repayer.

Fiscal stimulus is turning into fiscal austerity and a drag on growth.

The US current account deficit and the Asian surplus will shrink.

With the global economy recovering, China s trade surplus began to grow.

Meanwhile, China s surplus is unlikely to exceed 150 billion this year.

There are still a few million surplus workers in Central Asia.