The Different Fiscal Balances

  • Joaquim Miranda Sarmento
Part of the Financial and Monetary Policy Studies book series (FMPS, volume 47)


Fiscal balance refers to the deficit or surplus in the National Accounts. It provides the net increase/reduction in the public debt (without financial operations). Based on the fiscal balance, it is possible to calculate the primary and the current balance. The difference between revenue and expenditure, which is equivalent to the surplus/deficit, is net lending/net borrowing (B.9).


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© Springer Nature Switzerland AG 2018

Authors and Affiliations

  • Joaquim Miranda Sarmento
    • 1
  1. 1.ISEG Lisbon School of Economics and ManagementUniversity of LisbonLisbonPortugal

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