Latest News Stream - Government Budget Value

France recorded a state budget deficit of €159.2 billion in the January-September 2026 period, widening from €155.4 billion a year ago, as spending outpaced revenues. Expenditures rose 4.9% year-on-year to €404.1 billion, primarily due to increases in personnel costs, operating expenses, debt-servicing costs, and investment spending. Meanwhile, revenues rose 4.1% to €275.0 billion, supported by higher tax receipts. Net tax revenue increased 3.9% to €250.5 billion, mainly driven by VAT and income tax collections. Non-tax revenue also climbed 11.6% to €19.5 billion. Meanwhile, the deficit in special Treasury accounts narrowed to €30.1 billion from €34.3 billion a year earlier.

Canada’s federal deficit narrowed sharply to C$223 million in August 2026, down from C$3.28 billion a year earlier, marking its smallest shortfall since June 2017. Revenues rose 7.1% to C$40.07 billion, largely driven by higher income tax and GST receipts. Program expenses, excluding net actuarial losses and gains, increased 3.1% to C$36.98 billion, mainly reflecting higher major transfers to individuals. Public debt charges climbed 16.1% to C$5.12 billion, driven by an actuarial adjustment to pension and employee benefit obligations and higher interest on marketable bonds, partly offset by lower CPI adjustments on Real Return Bonds. Meanwhile, the government recorded net actuarial gains of C$1.8 billion, compared with losses of C$0.7 billion a year earlier, reflecting updated valuations of pension and employee benefit plans.

The Brazilian government posted a nominal budget deficit of BRL 113 billion in September 2026, widening from BRL 102.2 billion in the same month a year earlier. The federal government recorded a BRL 3.5 billion surplus, while regional governments posted a BRL 5.6 billion deficit and state-owned companies registered a BRL 3.4 billion deficit. Despite the wider budget shortfall, the deficit remained relatively stable as a share of the Brazilian GDP at 9.51%, slightly up from 9.48% in August. Meanwhile, gross government debt remained unchanged at 82.9% of GDP in September, standing at the same level as recorded in October 2021. Over the 12 months to September, the nominal public sector deficit narrowed to 0.52% of GDP from 0.62% in the previous month.

India’s fiscal deficit widened to INR 7.1 trillion in April-September 2026-27, up from INR 5.7 trillion a year earlier, reaching 42.1% of the full-year target, compared with 36.5% previously. Total expenditure rose 10.7% year-on-year to INR 25.5 trillion, with capital spending increasing to INR 6.5 trillion from INR 5.8 trillion, reaching 53.6% of the annual target. Total receipts rose 6.1% to INR 18.4 trillion, supported by higher net tax revenue of INR 12.8 trillion, up from INR 12.3 trillion a year earlier. Non-tax revenue also increased to INR 4.8 trillion from INR 4.7 trillion. India is targeting a fiscal deficit of INR 17.0 trillion, or 4.3% of GDP, for 2026-27.

The Philippines’ budget deficit widened to PHP 248.9 billion in September 2026 from PHP 248.1 billion in the corresponding month of the previous year. Total revenues climbed 12.95% year-on-year to PHP 318.2 billion, driven by increases in both tax collections (12.11%) and non-tax revenues (27.22%). Customs receipts rose 14.76% to PHP 92.1 billion, while cumulative collections benefited from higher VAT and duty receipts amid peso depreciation and elevated oil prices. Total expenditures rose 7.04% to PHP 567.1 billion, led by higher disbursements for education, health and social protection services, as well as infrastructure. Primary expenditures rose 7.46%, accounting for 84.91% of total spending, while interest payments grew 4.74%. In the first nine months of the year, the country recorded a budget shortfall of PHP 1,303.2 billion, up from PHP 1,117.3 billion in the same period last year.

UK public sector net borrowing (excluding public sector banks) totaled £24.5 billion in September 2026, slightly above £22.8 billion in the same month a year ago and market expectations of £23.9 billion. This was the second-highest September figure on record, behind only that of 2020 (not adjusted for inflation), as spending growth outpaced the rise in receipts. Total spending increased by £6.7 billion year-on-year to £123.8 billion, with central government expenditure rising by £5.9 billion to £111.3 billion, driven by spending on public services, interest, benefits and other costs. Total receipts rose by £4.9 billion to £99.3 billion, with central government revenues up by £4.5 billion to £90.1 billion on higher tax receipts. Borrowing in the financial year to September was £97.8 billion, down £4.4 billion, or 4.3%, from the previous year but £6.0 billion above the OBR’s forecast. Meanwhile, public sector net debt exceeded £3 trillion for the first time, equivalent to 94% of GDP.

The US government recorded a $27 billion budget deficit in September 2026, reversing a $198 billion surplus a year earlier but coming in narrower than forecasts of a $29 billion shortfall. Government outlays rose to $585 billion from $346 billion, with Social Security ($141 billion), health ($100 billion), Medicare ($93 billion), and national defense ($89 billion) accounting for the largest expenditures. Meanwhile, government receipts increased to $558 billion from $544 billion. Individual income taxes ($298 billion), social insurance and retirement contributions ($149 billion), and corporate income taxes ($87 billion) were the largest sources of revenue. The cumulative deficit for fiscal year 2026 reached $1.992 trillion.

Turkey’s central government posted a budget deficit of TRY 532.2 billion in September 2026, widening from the TRY 309.6 billion deficit in the corresponding month of the previous year, as expenditures increased faster than revenues. Total expenditures rose by 34.1% year-on-year to TRY 1,785.4 billion, mainly due to increases in current transfers (48.7%), personnel expenses (24.5%), capital expenditures (34.6%), and expenses for purchases of goods and services (60.8%). Meanwhile, total revenues rose by 22.7% to TRY 1,253.1 billion, driven by a 21.8% increase in tax collections to TRY 1,074.1 billion. Higher receipts from income tax, import VAT, and domestic VAT were among the main contributors. The primary deficit widened sharply to TRY 269.2 billion in September, from TRY 73.0 billion a year earlier.

The Russian federal government recorded a budget deficit of RUB 5.2 trillion in January-September 2026, equivalent to 2.2% of GDP, up from RUB 3.5 trillion in the same period a year earlier, according to preliminary estimates from the Finance Ministry. The shortfall remains below the full-year target of RUB 7.3 trillion, or 3.2% of GDP. Federal expenditures climbed by 14.5% year-on-year to RUB 34.825 trillion, while revenues rose by 10% to RUB 29.639 trillion. Non-oil-and-gas revenues increased by 18.8% to RUB 24.168 trillion, partly offsetting a 17.2% decline in oil and gas revenues to RUB 5.471 trillion. The ministry attributed the drop in energy revenue partly to a lower average dollar exchange rate during the period and higher payments under the fuel price damping mechanism.

France’s state budget deficit widened to EUR 159.6 billion in the January-August period from EUR 157.5 billion a year earlier. Expenditure rose 4.4% year-on-year to EUR 362.97 billion, driven mainly by higher debt-servicing costs amid rising interest rates and inflation, increased military spending, and higher public energy service charges (CSPE). Meanwhile, general budget revenue increased 3.1% to EUR 228.55 billion. Net tax revenue rose to EUR 206 billion, supported by higher net personal income tax, the State’s share of net VAT revenue, net corporate income tax, and other net tax revenue. Non-tax revenue increased to EUR 18.9 billion, mainly due to the return to the State in January 2026 of EUR 6.9 billion in non-consumable endowments allocated under the Future Investment Programs (PIA) in 2010 and 2014, which had reached maturity. Special Treasury accounts posted a EUR 25.2 billion deficit, an improvement of EUR 6.3 billion from the end of August 2025.

The Brazilian government posted a nominal budget deficit of BRL 115.9 billion in August 2026, widening from BRL 91.5 billion in the same month a year earlier and exceeding market expectations of a BRL 109.4 billion shortfall. The federal government recorded a BRL 14.7 billion deficit, while regional governments posted a BRL 2.7 billion surplus and state-owned companies registered a BRL 2 billion surplus. Meanwhile, gross government debt rose to 82.9% of GDP in August, reaching the same level as recorded in October 2021, up from 82.5% in the previous month but falling short of market forecasts of a further increase to 83.1%. Over the 12 months to August, the nominal public sector deficit narrowed to 0.62% of GDP from 0.67% in the previous month.

India’s fiscal deficit widened to INR 7.1 trillion in April-August 2026-27, up from INR 6.0 trillion a year earlier, reaching 41.9% of the full-year target, compared with 38.1% previously. Total expenditure rose 10.5% year-on-year to INR 20.8 trillion, while capital spending increased to INR 5.1 trillion from INR 4.3 trillion, reaching 41.7% of the annual target. Total receipts rose 6.6% to INR 13.7 trillion, supported by higher net tax revenue of INR 8.4 trillion, up from INR 8.1 trillion a year earlier. Non-tax revenue also increased to INR 4.5 trillion from INR 4.4 trillion. India is targeting a fiscal deficit of INR 17.0 trillion, or 4.3% of GDP, for 2026-27.

Canada’s federal deficit widened to C$4.77 billion in July 2026 from C$1.51 billion a year earlier, as fiscal expenditures increased. Program expenses, excluding net actuarial losses, rose 5.1% to C$41.81 billion, largely due to higher direct program expenses and major transfers to persons, partly offset by lower pollution pricing proceeds returned to Canadians. Public debt charges also increased 7.4% to C$5.4 billion, reflecting higher average effective interest rates on a larger stock of marketable bonds. Net actuarial losses rose 23.9% to C$415 million. Meanwhile, revenues rose 7.4% to C$42.8 billion, largely reflecting higher personal income tax revenues, partly offset by lower customs import duties, energy tax revenues and corporate income tax revenues.

The Philippines’ budget deficit widened sharply to PHP 161.3 billion in August 2026 from PHP 84.8 billion in the corresponding month of the previous year. Total revenues declined 1.85% year-on-year to PHP 346 billion, driven largely by a 35.59% drop in non-tax revenues, while tax collections increased 0.32%. Total expenditures soared 16.0% to PHP 507.3 billion, mainly due to higher health insurance funding for low-income people, senior citizens, and other eligible patients, as well as larger tax transfers to local governments. Primary expenditures rose 18.03%, accounting for 87.06% of total spending, while interest payments grew 3.98% amid higher debt servicing costs and foreign-exchange fluctuations. In the January–August period, the country recorded a budget shortfall of PHP 1,054.3 billion, up from PHP 869.2 billion in the same period last year.

UK public sector net borrowing (excluding public sector banks) was £18.3 billion in August 2026, higher than the £15.4 billion recorded in the same month last year and market expectations of £15.7 billion. This marked the second-highest August on record (not adjusted for inflation), behind 2020, and was £3.5 billion above the OBR forecast. Total public sector spending rose by £6.7 billion year-on-year to £117.2 billion, with central government spending increasing £4.9 billion to £103.1 billion, driven by higher spending on goods and services and net social benefits. Meanwhile, total receipts rose by £3.7 billion to £99.0 billion, with central government receipts rising £3.3 billion to £89.8 billion, led by higher income-related taxes. Borrowing in the financial year to August stood at £77.3 billion, £2.2 billion, or 2.7%, below a year earlier but £8.1 billion above the OBR forecast. Public sector net debt was 93.8% of GDP at end-August, remaining at levels last seen in the early 1960s.

Turkey’s central government budget posted a surplus of TRY 12.9 billion in August 2026, narrowing sharply from a surplus of TRY 96.7 billion in the same month a year earlier. Total expenditures surged 37.8% year-on-year to TRY 1.6 trillion, driven by higher spending on current transfers (+39.0%), personnel costs (+42.0%), social security contributions (+47.9%), purchases of goods and services (+32.6%), and capital expenditures (+17.3%). Non-interest expenditures increased 42.8% to TRY 1.4 trillion, while interest payments rose 9.7% to TRY 197.1 billion. Meanwhile, revenues jumped 28.5% year-on-year to TRY 1.7 trillion, fueled by a 28.1% increase in tax collections to TRY 1.5 trillion, with income tax, corporate income tax, domestic VAT, and import VAT all recording strong growth. As a result, the primary surplus narrowed to TRY 209.9 billion from TRY 276.4 billion a year earlier.

The US government posted a $167 billion budget deficit in August 2026, narrowing from a $345 billion shortfall a year earlier and well below forecasts for a $404 billion gap. Government outlays fell to $527 billion from $689 billion. Social Security ($141 billion), net interest ($86 billion), health ($81 billion) and national defense ($72 billion) accounted for the largest expenditures. Meanwhile, government receipts rose to $360 billion from $344 billion, led by individual income taxes ($179 billion) and social insurance and retirement receipts ($141 billion). The cumulative deficit for fiscal year 2026 reached $1.966 trillion through August.

The Russian federal government recorded a budget shortfall of RUB 5.8 trillion in January-August 2026, or 2.5% of the GDP, up from RUB 3.9 trillion in the same period a year ago, according to preliminary estimates. The figure remains well above the full-year target of RUB 3.8 trillion, equivalent to 1.6% of GDP. Federal expenditures climbed by 14.7% year-on-year to RUB 31.724 trillion, while revenues rose by just 9.2% to RUB 25.929 trillion. Non-oil-and-gas revenue climbed by 18.1% to RUB 20.9 trillion, partly offsetting a 16.7% decline in oil and gas revenue to RUB 5 trillion. Russia posted a budget surplus of RUB 660 billion in August, its biggest monthly surplus in a year, according to Bloomberg calculations based on Finance Ministry data, driven in part by dividend payments from state-owned banks and companies.

Hungary’s budget deficit widened to a record HUF 2,311 billion in August 2026, up sharply from a HUF 239.1 billion shortfall a year earlier, largely reflecting the pre-financing of projects backed by the European Union, the Finance Ministry said. The ministry expects reimbursements for the pre-financed expenditures to boost government revenues in December. Excluding the impact of these items, the August deficit would have been considerably smaller at HUF 124.3 billion.

France’s state budget deficit widened to EUR 145.9 billion in January-July 2026 from EUR 142 billion in the same period last year, as expenditure growth continued to outpace revenue growth. General budget revenues increased 4.2% year-on-year to EUR 201.2 billion, while expenditures rose 4.6% to EUR 284.2 billion. Excluding tax refunds and rebates, net tax revenues increased to EUR 182.9 billion, supported by higher personal income tax, VAT, corporate income tax, and other tax revenues. Non-tax revenues also rose to EUR 18.3 billion, mainly due to the return of unused investment funds. Meanwhile, higher expenditures reflected rising interest rates and inflation, increased military spending, and higher public service energy charges. Special Treasury accounts posted a EUR 22.5 billion deficit, improving from a EUR 27.1 billion shortfall a year earlier.