Recent Updates

  • New Zealand: GDP (Q2); Australia: Population, Interstate Migration (Q1), Australia: Bank Lending to Business (Q2), Average Weekly Hours Worked, Employment by Industry (Q3)
  • Japan: Flow of Funds (Q2), Government Bond Trading Volume by Category of Investors (Aug)
  • Hong Kong: Centa City Index (July); Malaysia: Motor Vehicle Sales (Aug)
  • US: BOP (Q2), New Residential Construction (Aug)
  • more updates...

Economy in Brief

U.S. Budget Deficit Improves Significantly
by Tom Moeller  April 11, 2013

The Federal Government budget deficit narrowed sharply to $105.5B during March of FY'13 versus a deficit of $198.2B one year earlier. The figure roughly matched expectations. So far this fiscal year the deficit has totaled $600.5B, down from $779.0B during the first six months of FY'12.

Net revenues rose a strong 12.4% so far this fiscal year versus last year. That's been driven by a 14.7% y/y gain in individual income taxes and an 18.6% y/y rise in corporate income tax payments. Social insurance payments jumped an accelerated 9.1% y/y while excise taxes grew 11.7% y/y.

The 2.5% y/y decline in outlays was paced by a 6.3% decline in defense expenditures. Medicare payments rose 5.4% y/y and veterans benefits grew 4.2%. Social security benefits rose 5.7% this fiscal year versus last but income security outlays fell 2.7% y/y with the lower unemployment rate. The gain in health outlays also was a modest 2.8% y/y.

Haver's basic data on Federal Government outlays and receipts, and summary presentations of the Budget from both OMB and CBO are contained in USECON. Considerable detail is given in the separate GOVFIN database. 

US Government Finance Mar FY'12 FY'11 FY'10 FY'09
Budget Balance -- $-106.5B $-1,089B $-1,298.7B $-1,294.2B $-1,415.7B
  As a percent of GDP -- -- 7.0 8.6 8.0 9.5
% of Total YTD FY'13
Net Revenues (Y/Y % Change) 100 12.4% 6.4% 6.5% 2.7% -16.6%
  Individual Income Taxes 47 14.7 3.7 21.5 -1.8 -20.1
  Corporate Income Taxes 8 18.6 33.8 -5.4 38.5 -54.6
  Social Insurance Taxes 36 9.1 3.2 -5.3 -2.9 -1.0
  Excise Taxes 3 11.7 9.2 8.2 7.1 -7.2
Net Outlays (Y/Y % Change) 100 -2.5 -1.7 4.1 -1.8 18.2
  Nat'l Defense 20 -6.3 -3.6 1.7 4.6 7.6
  Health 10 2.8 -7.0 1.0 10.4 19.1
  Medicare 20 5.4 -2.8 7.5 5.0 10.1
  Income Security 17 -2.7 -9.2 -4.1 16.7 24.9
  Social Security 20 5.7 5.8 3.4 3.5 10.7
  Veterans Benefits 4 4.2 -2.0 17.3 13.6 12.7
  Interest 6 -0.6 -2.1 15.8 2.9 -24.6
close
large image