Budget Deficit - Ranking 2022
In 2022, Macao SAR, China (-37.04%), Timor-Leste (-29.47%), and Kiribati (-18.31%) ranked highest in budget deficit among all countries. Kuwait ranked lowest at 29.99%.
Data & analysis
- Kuwait — 26.76
- Norway — 12.74
- South Sudan — 6.64
- Micronesia, Federated States of — 6.54
- Tonga — 5.64
The 2025 IMF fiscal data reveals a stark global divide in budgetary health. At the top, Kuwait (26.759% of GDP) and Norway (12.736%) dominate, both being major hydrocarbon exporters whose sovereign wealth funds transform resource windfalls into large surpluses, insulating them from cyclical deficits. This pattern of resource-backed fiscal strength also appears in South Sudan (6.639%), though its surplus reflects minimal spending capacity rather than robust governance. Conversely, the bottom of the ranking is defined by extreme deficits, with Timor-Leste (-50.423%) and Ukraine (-21.335%) suffering from either a collapse in petroleum revenue or the catastrophic fiscal strain of war. Kiribati (-15.143%) illustrates a structural trap for small, remote island states with narrow tax bases and high import dependence. As 2025 progresses, a sustained drop in global energy prices could erode Kuwait and Norway’s surpluses, while a ceasefire in Ukraine or new oil discoveries in Timor-Leste might dramatically alter the deficit landscape.
| Rank | Country | Value | YoY % |
|---|---|---|---|