Adding the Domestic Private Sector Financial Balance

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Adding the Domestic Private Sector Financial Balance

  1. 1. Adding the Domestic Private Sector Financial Balance Fiscal Surplus DPSFB = CUB - GFB Current Account Current Account Deficit SurplusDomestic Private SectorFinancial Balance = 0 Fiscal Deficit
  2. 2. Portugal Government Surplus 5% 3% Current Account Deficit Current Account Surplus 1%-15% -13% -11% -9% -7% -5% -3% -1% 1% 3% 5% -1% 2000 2003 2001 2005 2004 2008 -3% 2009 1999 1998 2007 2002 1997 Unemployment >= 7.5% 1996 -5% Unemployment < 7.5% 2006 Private Sector Balance = 0 Government Deficit -7% 2011 -9% 2010 -11% -13% -15%
  3. 3. Portugal 4% 2% 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -2%Percent of GDP -4% Government Balance Private Balance -6% -8% -10% -12% Year
  4. 4. Italy 6% Government Surplus 4% 2% 0%-4% -3% -2% -1% 0% 1% 2% 3% 4% Current Account Deficit 2001 Current Account Surplus Unemployment >= 7.5% Unemployment < 7.5% 2008 2000 Private Sector Balance = 0 -2% 2009 1999 1998 2003 2002 2007 Government Deficit 2004 2005 -4% 2006 2011 2010 -6% 1997 1996 -8%
  5. 5. Italy 12% 10% 8% 6% 4%Percent of GDP 2% Government Balance 0% Private Balance 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -2% -4% -6% -8% -10% Year
  6. 6. Ireland 15%Government Surplus 10% 2001 5% 2007 1999 2005 2000 2002 1998 2008 2006 0% 2003 1997-8% -6% -4% -2% 2004 0% 2% 4% 1996 -5% 2009 Unemployment >= 7.5% -10% Unemployment < 7.5% Private Sector Balance = 0 2010Government Deficit -15% -20% -25% -30% 2011 Current Account Deficit -35% Current Account Surplus
  7. 7. Ireland 40% 30% 20% 10%Percent of GDP 0% Government Balance 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Private Balance -10% -20% -30% -40% Year
  8. 8. Greece 0% -16% -14% -12% -10% -8% -6% -4% -2% 0% -2% 2000 2001 1999 -4% 2002 2003 2007 2006 2004 1998 -6%Government Deficit 2008 1997 2005 -8% Unemployment >= 7.5% Private Sector Balance = 0 1996 2009 -10% 2011 -12% -14% 2010 -16% Current Account Deficit
  9. 9. Greece 10% 5% 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Percent of GDP -5% Government Balance Private Balance -10% -15% -20% Year
  10. 10. Spain Government Surplus 2007 2008 2% 2006 2005 2004 0%-12% -10% -8% -6% -4% 2003 2002 -2% 0% 2% 2001 2000 -2% 1999 1998 -4% Unemployment >= 7.5% 2009 1997 Private Sector Balance = 0 Government Deficit Series4 -6% 1996 -8% 2011 -10% 2010 Current Account Deficit -12% Current Account Surplus
  11. 11. Spain 10% 5% 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Percent of GDP Government Balance Private Balance -5% -10% -15% Year
  12. 12. Germany 2% Government Surplus 2001 1% Current Account Deficit Current Account Surplus 2008 0% 2009-4% -2% 0% 2% 4% 6% 8% -1% Unemployment >= 7.5% 2000 2007 Unemployment < 7.5% Private Sector Balance = 0 -2% 1999 1998 Government Deficit 2002 -3% 2010 1997 2006 2003 2005 -4% 2004 2011 -5%
  13. 13. Germany 12% 10% 8% 6%Percent of GDP 4% Government Balance Private Balance 2% 0% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -2% -4% -6% Year
  14. 14. United Kingdom 6% 4% 2001 2% 1999 2002 0% 2000-4% -3% -2% -1% 0% 2003 -2% 2007 2008 1998 2006 2004 Unemployment >= 7.5% 2005 -4% Unemployment < 7.5% 1997 Private Sector Balance = 0 2009 1996 -6% -8% -10% 2011 2010 -12% -14%
  15. 15. United Kingdom 15% 10% 5%Percent of GDP 0% Government Balance 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Private Sector Balance -5% -10% -15% Year
  16. 16. Japan 1%-1% 0% 1% 2% 3% 4% 5% 6% -1% 2007 2008 2009 -3% 1998 Government Deficit 1996 -5% 1997 2002 Unemployment < 7.5% 2005 Private Sector Balance = 0 2006 -7% 2000 2004 2010 2001 2003 2011 -9% -11% 1999 -13% Current Account Surplus
  17. 17. Japan 20% 15% 10% 5%Percent of GDP Government Balance Private Balance 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -5% -10% -15% Year
  18. 18. Government Surplus United States 4% 2% 2001 2000 2002 1999 0%-7% -6% -5% -4% -3% -2% -1% 0% 1998 2008 1997 -2% 2007Government Deficit 2003 1996 2006 Unemployment >= 7.5% -4% Unemployment < 7.5% 2009 2005 Private Sector Balance = 0 2004 -6% -8% -10% 2011 2010 -12% Current Account Deficit
  19. 19. United States 10% 5% 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Percent of GDP Government Balance Private Balance -5% -10% -15% Year
  20. 20. Current Account 1996 4.0% 3.0% 2.0% 1.0%Percent of GDP 0.0% Portugal Italy Ireland Greece Spain Germany France -1.0% -2.0% -3.0% -4.0%
  21. 21. Current Account 1997 4.0% 3.0% 2.0% 1.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0%
  22. 22. Current Account 1998 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0%
  23. 23. Current Account 1999 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany France -2.0%Percent of GDP -4.0% -6.0% -8.0% -10.0%
  24. 24. Current Account 2000 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany France -2.0%Percent of GDP -4.0% -6.0% -8.0% -10.0% -12.0%
  25. 25. Current Account 2001 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany France -2.0%Percent of GDP -4.0% -6.0% -8.0% -10.0% -12.0%
  26. 26. Current Account 2002 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany France -2.0%Percent of GDP -4.0% -6.0% -8.0% -10.0%
  27. 27. Current Account 2003 3.0% 2.0% 1.0% 0.0% Portugal Italy Ireland Greece Spain Germany France -1.0%Percent of GDP -2.0% -3.0% -4.0% -5.0% -6.0% -7.0%
  28. 28. Current Account 2004 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0%
  29. 29. Current Account 2005 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0% -12.0%
  30. 30. Current Account 2006 8.0% 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0%
  31. 31. Current Account 2007 10.0% 5.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -5.0% -10.0% -15.0% -20.0%
  32. 32. Current Account 2008 10.0% 5.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -5.0% -10.0% -15.0% -20.0%
  33. 33. Current Account 2009 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany France -2.0%Percent of GDP -4.0% -6.0% -8.0% -10.0% -12.0% -14.0%
  34. 34. Current Account 2010 8.0% 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0% -12.0%
  35. 35. Current Account 2011 8.0% 6.0% 4.0% 2.0% 0.0% Portugal Italy Ireland Greece Spain Germany FrancePercent of GDP -2.0% -4.0% -6.0% -8.0% -10.0% -12.0%

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