General government consists of central, state and local governments and the social security funds controlled by these units. General government accounts presents data on fiscal balance, debt, revenues, expenditure, costs and reserves of governments. Central government consists of the institutional units making up the central government plus those non-profit institutions that are controlled and mainly financed by central government. The political authority of central government extends over the entire economy. Central government can impose taxes on all residents and non-resident units engaged in economic activities within the country.
General government deficit
General government deficit is defined as the fiscal position of government after accounting for capital expenditures. "Net lending" means that government is providing financial resources to other sectors, while "net borrowing" means that government requires financial resources from other sectors. General government net lending is calculated as: gross savings plus net capital transfers (receivable minus payable) minus gross capital formation, followed by the subtraction of acquisitions minus disposals of non-produced, non-financial assets. This indicator is measured as a percentage of GDP. Data are internationally comparable by following the System of National Accounts.
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